3Uhvlgrqfldgd5Hs Eolfd: &Dvd&Lylo
3Uhvlgrqfldgd5Hs Eolfd: &Dvd&Lylo
3Uhvlgrqfldgd5Hs Eolfd: &Dvd&Lylo
3UHVLGrQFLDGD5HS~EOLFD
&DVD&LYLO
6XEFKHILDSDUD$VVXQWRV-XUtGLFRV
/(,1'('('(=(0%52'(
9LGH'HFUHWR/HLQGH
5HJXODRH[HUFtFLRGDVSURILVV}HVGH(QJHQKHLUR
9LGH'HFUHWRGH
$UTXLWHWRH(QJHQKHLUR$JU{QRPRHGiRXWUDV
9LGH/HLQGH
SURYLGrQFLDV
9LGH/HLQGH
2&21*5(6621$&,21$/'(&5(7$
7Ë78/2,
'R([HUFtFLR3URILVVLRQDOGD(QJHQKDULDGD$UTXLWHWXUDHGD$JURQRPLD
&$3Ë78/2,
'DV$WLYLGDGHV3URILVVLRQDLV
6(d2,
&DUDFWHUL]DomRH([HUFtFLRGDV3URILVV}HV
$UW$VSURILVV}HVGHHQJHQKHLURDUTXLWHWRHHQJHQKHLURDJU{QRPRVmRFDUDFWHUL]DGDVSHODVUHDOL]Do}HV
GHLQWHUrVVHVRFLDOHKXPDQRTXHLPSRUWHPQDUHDOL]DomRGRVVHJXLQWHVHPSUHHQGLPHQWRV
D DSURYHLWDPHQWRHXWLOL]DomRGHUHFXUVRVQDWXUDLV
E PHLRVGHORFRPRomRHFRPXQLFDo}HV
F HGLILFDo}HV VHUYLoRV H HTXLSDPHQWRV XUEDQRV UXUDLV H UHJLRQDLV QRV VHXV DVSHFWRV WpFQLFRV H
DUWtVWLFRV
G LQVWDODo}HVHPHLRVGHDFHVVRDFRVWDVFXUVRVHPDVVDVGHiJXDHH[WHQV}HVWHUUHVWUHV
H GHVHQYROYLPHQWRLQGXVWULDOHDJURSHFXiULR
$UW2H[HUFtFLRQR3DtVGDSURILVVmRGHHQJHQKHLURDUTXLWHWRRXHQJHQKHLURDJU{QRPRREVHUYDGDVDV
FRQGLo}HVGHFDSDFLGDGHHGHPDLVH[LJrQFLDVOHJDLVpDVVHJXUDGR
D DRV TXH SRVVXDP GHYLGDPHQWH UHJLVWUDGR GLSORPD GH IDFXOGDGH RX HVFROD VXSHULRU GH HQJHQKDULD
DUTXLWHWXUDRXDJURQRPLDRILFLDLVRXUHFRQKHFLGDVH[LVWHQWHVQR3DtV
E DRV TXH SRVVXDP GHYLGDPHQWH UHYDOLGDGR H UHJLVWUDGR QR 3DtV GLSORPD GH IDFXOGDGH RX HVFROD
HVWUDQJHLUD GH HQVLQR VXSHULRU GH HQJHQKDULD DUTXLWHWXUD RX DJURQRPLD EHP FRPR RV TXH WHQKDP rVVH
H[HUFtFLRDPSDUDGRSRUFRQYrQLRVLQWHUQDFLRQDLVGHLQWHUFkPELR
F DRV HVWUDQJHLURV FRQWUDWDGRV TXH D FULWpULR GRV &RQVHOKRV )HGHUDO H 5HJLRQDLV GH (QJHQKDULD
$UTXLWHWXUDH$JURQRPLDFRQVLGHUDGRVDHVFDVVH]GHSURILVVLRQDLVGHGHWHUPLQDGDHVSHFLDOLGDGHHRLQWHUrVVH
QDFLRQDOWHQKDPVHXVWtWXORVUHJLVWUDGRVWHPSRUjULDPHQWH
3DUiJUDIR ~QLFR 2 H[HUFtFLR GDV DWLYLGDGHV GH HQJHQKHLUR DUTXLWHWR H HQJHQKHLURDJU{QRPR p JDUDQWLGR
REHGHFLGRV RV OLPLWHV GDV UHVSHFWLYDV OLFHQoDV H H[FOXtGDV DV H[SHGLGDV D WtWXOR SUHFiULR DWp D SXEOLFDomR
GHVWD/HLDRVTXHQHVWDGDWDHVWHMDPUHJLVWUDGRVQRV&RQVHOKRV5HJLRQDLV
6(d2,,
'RXVRGR7tWXOR3URILVVLRQDO
$UW 6mR UHVHUYDGDV H[FOXVLYDPHQWH DRV SURILVVLRQDLV UHIHULGRV QHVWD /HL DV GHQRPLQDo}HV GH
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
HQJHQKHLUR DUTXLWHWR RX HQJHQKHLURDJU{QRPR DFUHVFLGDV REULJDWzULDPHQWH GDV FDUDFWHUtVWLFDV GH VXD
IRUPDomREiVLFD
3DUiJUDIR ~QLFR $V TXDOLILFDo}HV GH TXH WUDWD rVWH DUWLJR SRGHUmR VHU DFRPSDQKDGDV GH GHVLJQDo}HV
RXWUDVUHIHUHQWHVDFXUVRVGHHVSHFLDOL]DomRDSHUIHLoRDPHQWRHSyVJUDGXDomR
$UW $V TXDOLILFDo}HV GH HQJHQKHLUR DUTXLWHWR RX HQJHQKHLURDJU{QRPR Vy SRGHP VHU DFUHVFLGDV j
GHQRPLQDomRGHSHVVRDMXUtGLFDFRPSRVWDH[FOXVLYDPHQWHGHSURILVVLRQDLVTXHSRVVXDPWDLVWtWXORV
$UW 6y SRGHUi WHU HP VXD GHQRPLQDomR DV SDODYUDV HQJHQKDULD DUTXLWHWXUD RX DJURQRPLD D ILUPD
FRPHUFLDO RX LQGXVWULDO FXMD GLUHWRULD I{U FRPSRVWD HP VXD PDLRULD GH SURILVVLRQDLV UHJLVWUDGRV QRV &RQVHOKRV
5HJLRQDLV
6(d2,,,
'RH[HUFtFLRLOHJDOGDSURILVVmR
$UW([HUFHLOHJDOPHQWHDSURILVVmRGHHQJHQKHLURDUTXLWHWRRXHQJHQKHLURDJU{QRPR
D D SHVVRD ItVLFD RX MXUtGLFD TXH UHDOL]DU DWRV RX SUHVWDU VHUYLoRV S~EOLFR RX SULYDGR UHVHUYDGRV DRV
SURILVVLRQDLVGHTXHWUDWDHVWDOHLHTXHQmRSRVVXDUHJLVWURQRV&RQVHOKRV5HJLRQDLV
E RSURILVVLRQDOTXHVHLQFXPELUGHDWLYLGDGHVHVWUDQKDVjVDWULEXLo}HVGLVFULPLQDGDVHPVHXUHJLVWUR
F R SURILVVLRQDO TXH HPSUHVWDU VHX QRPH D SHVVRDV ILUPDV RUJDQL]Do}HV RX HPSUrVDV H[HFXWRUDV GH
REUDVHVHUYLoRVVHPVXDUHDOSDUWLFLSDomRQRVWUDEDOKRVGHODV
G RSURILVVLRQDOTXHVXVSHQVRGHVHXH[HUFtFLRFRQWLQXHHPDWLYLGDGH
H DILUPDRUJDQL]DomRRXVRFLHGDGHTXHQDTXDOLGDGHGHSHVVRDMXUtGLFDH[HUFHUDWULEXLo}HVUHVHUYDGDV
DRVSURILVVLRQDLVGDHQJHQKDULDGDDUTXLWHWXUDHGDDJURQRPLDFRPLQIULQJrQFLDGRGLVSRVWRQRSDUiJUDIR~QLFR
GR(GH[WUDGHVWDOHL
6(d2,9
$WULEXLo}HVSURILVVLRQDLVHFRRUGHQDomRGHVXDVDWLYLGDGHV
$UW $V DWLYLGDGHV H DWULEXLo}HV SURILVVLRQDLV GR HQJHQKHLUR GR DUTXLWHWR H GR HQJHQKHLURDJU{QRPR
FRQVLVWHPHP
D GHVHPSHQKR GH FDUJRV IXQo}HV H FRPLVV}HV HP HQWLGDGHV HVWDWDLV SDUDHVWDWDLV DXWiUTXLFDV GH
HFRQRPLDPLVWDHSULYDGD
E SODQHMDPHQWR RX SURMHWR HP JHUDO GH UHJL}HV ]RQDV FLGDGHV REUDV HVWUXWXUDV WUDQVSRUWHV
H[SORUDo}HVGHUHFXUVRVQDWXUDLVHGHVHQYROYLPHQWRGDSURGXomRLQGXVWULDOHDJURSHFXiULD
F HVWXGRVSURMHWRVDQiOLVHVDYDOLDo}HVYLVWRULDVSHUtFLDVSDUHFHUHVHGLYXOJDomRWpFQLFD
G HQVLQRSHVTXLVDVH[SHULPHQWDomRHHQVDLRV
H ILVFDOL]DomRGHREUDVHVHUYLoRVWpFQLFRV
I GLUHomRGHREUDVHVHUYLoRVWpFQLFRV
J H[HFXomRGHREUDVHVHUYLoRVWpFQLFRV
K SURGXomRWpFQLFDHVSHFLDOL]DGDLQGXVWULDORXDJURSHFXiULD
3DUiJUDIR ~QLFR 2V HQJHQKHLURV DUTXLWHWRV H HQJHQKHLURVDJU{QRPRV SRGHUmR H[HUFHU TXDOTXHU RXWUD
DWLYLGDGHTXHSRUVXDQDWXUH]DVHLQFOXDQRkPELWRGHVXDVSURILVV}HV
$UW $V DWLYLGDGHV H DWULEXLo}HV HQXQFLDGDV QDV DOtQHDV D E F G H H I GR DUWLJR DQWHULRU VmR GD
FRPSHWrQFLDGHSHVVRDVItVLFDVSDUDWDQWROHJDOPHQWHKDELOLWDGDV
3DUiJUDIR ~QLFR $V SHVVRDV MXUtGLFDV H RUJDQL]Do}HV HVWDWDLV Vy SRGHUmR H[HUFHU DV DWLYLGDGHV
GLVFULPLQDGDVQRV(GH[WUDFRPH[FHVVmRGDVFRQWLGDVQDDOtQHDDFRPDSDUWLFLSDomRHIHWLYDHDXWRULD
GHFODUDGDGHSURILVVLRQDOOHJDOPHQWHKDELOLWDGRHUHJLVWUDGRSHOR&RQVHOKR5HJLRQDODVVHJXUDGRVRVGLUHLWRVTXH
HVWDOHL,KHFRQIHUH
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
$UW $V DWLYLGDGHV HQXQFLDGDV QDV DOtQHDV J H K GR (G H[WUD REVHUYDGRV RV SUHFHLWRV GHVWD OHL
SRGHUmRVHUH[HUFLGDVLQGLVWLQWDPHQWHSRUSURILVVLRQDLVRXSRUSHVVRDVMXUtGLFDV
$UW &DEH jV &RQJUHJDo}HV GDV HVFRODV H IDFXOGDGHV GH HQJHQKDULD DUTXLWHWXUD H DJURQRPLD LQGLFDU
DR&RQVHOKR)HGHUDOHPIXQomRGRVWtWXORVDSUHFLDGRVDWUDYpVGDIRUPDomRSURILVVLRQDOHPWrUPRVJHQpULFRV
DVFDUDFWHUtVWLFDVGRVSURILVVLRQDLVSRUHODGLSORPDGRV
$UW 2 &RQVHOKR )HGHUDO RUJDQL]DUi H PDQWHUi DWXDOL]DGD D UHODomR GRV WtWXORV FRQFHGLGRV SHODV
HVFRODVHIDFXOGDGHVEHPFRPRVHXVFXUVRVHFXUUtFXORVFRPDLQGLFDomRGDVVXDVFDUDFWHUtVWLFDV
$UW1D8QLmRQRV(VWDGRVHQRV0XQLFtSLRVQDVHQWLGDGHVDXWiUTXLFDVSDUDHVWDWDLVHGHHFRQRPLD
PLVWD RV FDUJRV H IXQo}HV TXH H[LMDP FRQKHFLPHQWRV GH HQJHQKDULD DUTXLWHWXUD H DJURQRPLD UHODFLRQDGRV
FRQIRUPHRGLVSRVWRQDDOtQHDJGR(GH[WUDVzPHQWHSRGHUmRVHUH[HUFLGRVSRUSURILVVLRQDLVKDELOLWDGRV
GHDF{UGRFRPHVWDOHL
$UW2VHVWXGRVSODQWDVSURMHWRVODXGRVHTXDOTXHURXWURWUDEDOKRGHHQJHQKDULDGHDUTXLWHWXUDHGH
DJURQRPLD TXHU S~EOLFR TXHU SDUWLFXODU VzPHQWH SRGHUmR VHU VXEPHWLGRV DR MXOJDPHQWR GDV DXWRULGDGHV
FRPSHWHQWHV H Vy WHUmR YDORU MXUtGLFR TXDQGR VHXV DXWRUHV IRUHP SURILVVLRQDLV KDELOLWDGRV GH DF{UGR FRP HVWD
OHL
$UW 1RV WUDEDOKRV JUiILFRV HVSHFLILFDo}HV RUoDPHQWRV SDUHFHUHV ODXGRV H DWRV MXGLFLDLV RX
DGPLQLVWUDWLYRVpREULJDWyULDDOpPGDDVVLQDWXUDSUHFHGLGDGRQRPHGDHPSUrVDVRFLHGDGHLQVWLWXLomRRXILUPD
D TXH LQWHUHVVDUHP D PHQomR H[SOtFLWD GR WtWXOR GR SURILVVLRQDO TXH RV VXEVFUHYHU H GR Q~PHUR GD FDUWHLUD
UHIHULGDQR(GH[WUD
$UW6mRQXORVGHSOHQRGLUHLWRRVFRQWUDWRVUHIHUHQWHVDTXDOTXHUUDPRGDHQJHQKDULDDUTXLWHWXUDRXGD
DJURQRPLD LQFOXVLYH D HODERUDomR GH SURMHWR GLUHomR RX H[HFXomR GH REUDV TXDQGR ILUPDGRV SRU HQWLGDGH
S~EOLFD RX SDUWLFXODU FRP SHVVRD ItVLFD RX MXUtGLFD QmR OHJDOPHQWH KDELOLWDGD D SUDWLFDU D DWLYLGDGH QRV WrUPRV
GHVWDOHL
$UW(QTXDQWRGXUDUDH[HFXomRGHREUDVLQVWDODo}HVHVHUYLoRVGHTXDOTXHUQDWXUH]DpREULJDWyULDD
FRORFDomR H PDQXWHQomR GH SODFDV YLVtYHLV H OHJtYHLV DR S~EOLFR FRQWHQGR R QRPH GR DXWRU H FRDXWRUHV GR
SURMHWRHPWRGRVRVVHXVDVSHFWRVWpFQLFRVHDUWtVWLFRVDVVLPFRPRRVGRVUHVSRQViYHLVSHODH[HFXomRGRV
WUDEDOKRV
&$3Ë78/2,,
'DUHVSRQVDELOLGDGHHDXWRULD
$UW2VGLUHLWRVGHDXWRULDGHXPSODQRRXSURMHWRGHHQJHQKDULDDUTXLWHWXUDRXDJURQRPLDUHVSHLWDGDV
DVUHODo}HVFRQWUDWXDLVH[SUHVVDVHQWUHRDXWRUHRXWURVLQWHUHVVDGRVVmRGRSURILVVLRQDOTXHRVHODERUDU
3DUiJUDIR ~QLFR &DEHP DR SURILVVLRQDO TXH RV WHQKD HODERUDGR RV SUrPLRV RX GLVWLQo}HV KRQRUtILFDV
FRQFHGLGDVDSURMHWRVSODQRVREUDVRXVHUYLoRVWpFQLFRV
$UW $V DOWHUDo}HV GR SURMHWR RX SODQR RULJLQDO Vy SRGHUmR VHU IHLWDV SHOR SURILVVLRQDO TXH R WHQKD
HODERUDGR
3DUiJUDIR ~QLFR (VWDQGR LPSHGLGR RX UHFXVDQGRVH R DXWRU GR SURMHWR RX SODQR RULJLQDO D SUHVWDU VXD
FRODERUDomRSURILVVLRQDOFRPSURYDGDDVROLFLWDomRDVDOWHUDo}HVRXPRGLILFDo}HVGrOHVSRGHUmRVHUIHLWDVSRU
RXWURSURILVVLRQDOKDELOLWDGRDTXHPFDEHUiDUHVSRQVDELOLGDGHSHORSURMHWRRXSODQRPRGLILFDGR
$UW 4XDQGR D FRQFHSomR JHUDO TXH FDUDFWHUL]D XP SODQR RX SURMHWR I{U HODERUDGD HP FRQMXQWR SRU
SURILVVLRQDLVOHJDOPHQWHKDELOLWDGRVWRGRVVHUmRFRQVLGHUDGRVFRDXWRUHVGRSURMHWRFRPRVGLUHLWRVHGHYHUHV
FRUUHVSRQGHQWHV
$UW 2V SURILVVLRQDLV RX RUJDQL]Do}HV GH WpFQLFRV HVSHFLDOL]DGRV TXH FRODERUDUHP QXPD SDUWH GR
SURMHWRGHYHUmRVHUPHQFLRQDGRVH[SOLFLWDPHQWHFRPRDXWRUHVGDSDUWHTXHOKHVWLYHUVLGRFRQILDGDWRUQDQGRVH
PLVWHU TXH WRGRV RV GRFXPHQWRV FRPR SODQWDV GHVHQKRV FiOFXORV SDUHFHUHV UHODWyULRV DQiOLVHV QRUPDV
HVSHFLILFDo}HVHRXWURVGRFXPHQWRVUHODWLYRVDRSURMHWRVHMDPSRUrOHVDVVLQDGRV
3DUiJUDIR ~QLFR $ UHVSRQVDELOLGDGH WpFQLFD SHOD DPSOLDomR SURVVHJXLPHQWR RX FRQFOXVmR GH TXDOTXHU
HPSUHHQGLPHQWR GH HQJHQKDULD DUTXLWHWXUD RX DJURQRPLD FDEHUi DR SURILVVLRQDO RX HQWLGDGH UHJLVWUDGD TXH
DFHLWDUrVVHHQFDUJRVHQGROKHWDPEpPDWULEXtGDDUHVSRQVDELOLGDGHGDVREUDVGHYHQGRR&RQVHOKR)HGHUDO
GRWDUUHVROXomRTXDQWRjVUHVSRQVDELOLGDGHVGDVSDUWHVMiH[HFXWDGDVRXFRQFOXtGDVSRURXWURVSURILVVLRQDLV
$UW 6HPSUH TXH R DXWRU GR SURMHWR FRQYRFDU SDUD R GHVHPSHQKR GR VHX HQFDUJR R FRQFXUVR GH
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
SURILVVLRQDLV GD RUJDQL]DomR GH SURILVVLRQDLV HVSHFLDOL]DGRV H OHJDOPHQWH KDELOLWDGRV VHUmR rVWHV KDYLGRV
FRPRFRUHVSRQViYHLVQDSDUWHTXHOKHVGLJDUHVSHLWR
$UW $R DXWRU GR SURMHWR RX D VHXV SUHSRVWRV p DVVHJXUDGR R GLUHLWR GH DFRPSDQKDU D H[HFXomR GD
REUD GH PRGR D JDUDQWLU D VXD UHDOL]DomR GH DF{UGR FRP DV FRQGLo}HV HVSHFLILFDo}HV H GHPDLV SRUPHQRUHV
WpFQLFRVQrOHHVWDEHOHFLGRV
3DUiJUDIR ~QLFR 7HUmR R GLUHLWR DVVHJXUDGR QHVWH DUWLJR DR DXWRU GR SURMHWR QD SDUWH TXH OKHV GLJD
UHVSHLWRRVSURILVVLRQDLVHVSHFLDOL]DGRVTXHSDUWLFLSDUHPFRPRFRUHVSRQViYHLVQDVXDHODERUDomR
$UW 2V &RQVHOKRV 5HJLRQDLV FULDUmR UHJLVWURV GH DXWRULD GH SODQRV H SURMHWRV SDUD VDOYDJXDUGD GRV
GLUHLWRVDXWRUDLVGRVSURILVVLRQDLVTXHRGHVHMDUHP
7Ë78/2,,
'DILVFDOL]DomRGRH[HUFtFLRGDVSURILVV}HV
&$3Ë78/2,
'RVyUJmRVILVFDOL]DGRUHV
$UW $ DSOLFDomR GR TXH GLVS}H HVWD OHL D YHULILFDomR H ILVFDOL]DomR GR H[HUFtFLR H DWLYLGDGHV GDV
SURILVV}HV QHOD UHJXODGDV VHUmR H[HUFLGDV SRU XP &RQVHOKR )HGHUDO GH (QJHQKDULD $UTXLWHWXUD H $JURQRPLD
&21)($ H &RQVHOKRV 5HJLRQDLV GH (QJHQKDULD $UTXLWHWXUD H $JURQRPLD &5($ RUJDQL]DGRV GH IRUPD D
DVVHJXUDUHPXQLGDGHGHDomR
$UW $ DSOLFDomR GR TXH GLVS}H HVWD OHL H D ILVFDOL]DomR GR H[HUFtFLR GDV SURILVV}HV QHOD UHIHULGDV
VHUmR SDUD D QHFHVViULD KDUPRQLD H XQLGDGH GH DomR UHJXODGDV SHOR &RQVHOKR )HGHUDO GH (QJHQKDULD
$UTXLWHWXUDH$JURQRPLD &21)($ 5HGDomRGDGDSHOR'HFUHWR/HLQGH
$UW $ DSOLFDomR GR TXH GLVS}H HVWD OHL D YHULILFDomR H ILVFDOL]DomR GR H[HUFtFLR H DWLYLGDGHV GDV
SURILVV}HV QHOD UHJXODGDV VHUmR H[HUFLGDV SRU XP &RQVHOKR )HGHUDO GH (QJHQKDULD $UTXLWHWXUD H $JURQRPLD
&21)($ H &RQVHOKRV 5HJLRQDLV GH (QJHQKDULD $UTXLWHWXUD H $JURQRPLD &5($ RUJDQL]DGRV GH IRUPD D
DVVHJXUDUHPXQLGDGHGHDomR 5HYLJRUDGRSHOR'HFUHWR/HLQGH
$UW0DQWLGRVRVMiH[LVWHQWHVR&RQVHOKR)HGHUDOGH(QJHQKDULD$UTXLWHWXUDH$JURQRPLDSURPRYHUi
D LQVWDODomR QRV (VWDGRV 'LVWULWR )HGHUDO H 7HUULWyULRV )HGHUDLV GRV &RQVHOKRV 5HJLRQDLV QHFHVViULRV j
H[HFXomRGHVWDOHLSRGHQGRDDomRGHTXDOTXHUGrOHVHVWHQGHUVHDPDLVGHXP(VWDGR
$SURSRVWDGHFULDomRGHQRYRV&RQVHOKRV5HJLRQDLVVHUiIHLWDSHODPDLRULDGDVHQWLGDGHVGHFODVVH
H HVFRODV RX IDFXOGDGHV FRP VHGH QD QRYD 5HJLmR FDEHQGR DRV &RQVHOKRV DWLQJLGRV SHOD LQLFLDWLYD RSLQDU H
HQFDPLQKDUDSURSRVWDjDSURYDomRGR&RQVHOKR)HGHUDO
&DGDXQLGDGHGD)HGHUDomRVySRGHUiILFDUQDMXULVGLomRGHXP&RQVHOKR5HJLRQDO
$ VHGH GRV &RQVHOKRV 5HJLRQDLV VHUi QR 'LVWULWR )HGHUDO HP FDSLWDO GH (VWDGR RX GH 7HUULWyULR
)HGHUDO
&$3Ë78/2,,
'R&RQVHOKR)HGHUDOGH(QJHQKDULD$UTXLWHWXUDH$JURQRPLD
6(d2,
'DLQVWLWXLomRGR&RQVHOKRHVXDVDWULEXLo}HV
$UW6mRDWULEXLo}HVGR&RQVHOKR)HGHUDO
D RUJDQL]DU R VHX UHJLPHQWR LQWHUQR H HVWDEHOHFHU QRUPDV JHUDLV SDUD RV UHJLPHQWRV GRV &RQVHOKRV
5HJLRQDLV
E KRPRORJDURVUHJLPHQWRVLQWHUQRVRUJDQL]DGRVSHORV&RQVHOKRV5HJLRQDLV
F H[DPLQDUHGHFLGLUHP~OWLPDLQVWkQFLDRVDVVXQWRVUHODWLYRVQRH[HUFtFLRGDVSURILVV}HVGHHQJHQKDULD
DUTXLWHWXUDHDJURQRPLDSRGHQGRDQXODUTXDOTXHUDWRTXHQmRHVWLYHUGHDF{UFORFRPDSUHVHQWHOHL
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
G WRPDUFRQKHFLPHQWRHGLULPLUTXDLVTXHUG~YLGDVVXVFLWDGDVQRV&RQVHOKRV5HJLRQDLV
H MXOJDU HP ~OWLPD LQVWkQFLD RV UHFXUVRV V{EUH UHJLVWURV GHFLV}HV H SHQDOLGDGHV LPSRVWDV SHORV
&RQVHOKRV5HJLRQDLV
I EDL[DU H ID]HU SXEOLFDU DV UHVROXo}HV SUHYLVWDV SDUD UHJXODPHQWDomR H H[HFXomR GD SUHVHQWH OHL H
RXYLGRVRV&RQVHOKRV5HJLRQDLVUHVROYHURVFDVRVRPLVVRV
J UHODFLRQDU RV FDUJRV H IXQo}HV GRV VHUYLoRV HVWDWDLV SDUDHVWDWDLV DXWiUTXLFRV H GH HFRQRPLD PLVWD
SDUDFXMRH[HUFtFLRVHMDQHFHVViULRRWtWXORGHHQJHQKHLURDUTXLWHWRRXHQJHQKHLURDJU{QRPR
K LQFRUSRUDUDRVHXEDODQFHWHGHUHFHLWDHGHVSHVDRVGRV&RQVHOKRV5HJLRQDLV
L HQYLDUDRV&RQVHOKRV5HJLRQDLVFySLDGRH[SHGLHQWHHQFDPLQKDGRDR7ULEXQDOGH&RQWDVDWp WULQWD
GLDVDSyVDUHPHVVD
M SXEOLFDU DQXDOPHQWH D UHODomR GH WtWXORV FXUVRV H HVFRODV GH HQVLQR VXSHULRU DVVLP FRPR
SHULzGLFDPHQWHUHODomRGHSURILVVLRQDLVKDELOLWDGRV
N IL[DU RXYLGR R UHVSHFWLYR &RQVHOKR 5HJLRQDO DV FRQGLo}HV SDUD TXH DV HQWLGDGHV GH FODVVH GD UHJLmR
WHQKDPQrOHGLUHLWRDUHSUHVHQWDomR
O SURPRYHU SHOR PHQRV XPD YH] SRU DQR DV UHXQL}HV GH UHSUHVHQWDQWHV GRV &RQVHOKRV )HGHUDO H
5HJLRQDLVSUHYLVWDVQR(GH[WUDGHVWDOHL
P H[DPLQDUHDSURYDUDSURSRUomRGDVUHSUHVHQWDo}HVGRVJUXSRVSURILVVLRQDLVQRV&RQVHOKRV5HJLRQDLV
Q MXOJDU HP JUDX GH UHFXUVR DV LQIUDo}HV GR &yGLJR GH eWLFD 3URILVVLRQDO GR HQJHQKHLUR DUTXLWHWR H
HQJHQKHLURDJU{QRPRHODERUDGRSHODVHQWLGDGHVGHFODVVH
R DSURYDURXQmRDVSURSRVWDVGHFULDomRGHQRYRV&RQVHOKRV5HJLRQDLV
S IL[DU H DOWHUDU DV DQXLGDGHV HPROXPHQWRV H WD[DV D SDJDU SHORV SURILVVLRQDLV H SHVVRDV MXUtGLFDV
UHIHULGRVQR(GH[WUD
T SURPRYHUDXGLWRULDHRXWUDVGLOLJrQFLDVLQTXpULWRVRXYHULILFDo}HVV{EUHRIXQFLRQDPHQWRGRV&RQVHOKRV
5HJLRQDLVHDGRWDUPHGLGDVSDUDVXDHILFLrQFLDHUHJXODULGDGH ,QFOXtGDSHOR'HFUHWR/HLQGH
T SURPRYHUDXGLWRULDHRXWUDVGLOLJrQFLDVLQTXpULWRVRXYHULILFDo}HVV{EUHRIXQFLRQDPHQWRGRV&RQVHOKRV
5HJLRQDLVHDGRWDUPHGLGDVSDUDVXDHILFLrQFLDHUHJXODULGDGH 5HYLJRUDGRSHOR'HFUHWR/HLQGH
T DXWRUL]DURSUHVLGHQWHDDGTXLULURQHUDURXPHGLDQWHOLFLWDomRDOLHQDUEHQVLPyYHLV 5HGDomRGDGDSHOD
/HLQGH
3DUiJUDIR ~QLFR 1DV TXHVW}HV UHODWLYDV D DWULEXLo}HV SURILVVLRQDLV GHFLVmR GR &RQVHOKR )HGHUDO Vy VHUi
WRPDGDFRPPtQLPRGH GR]H YRWRVIDYRUiYHLV
$UW&RQVWLWXHPUHQGDGR&RQVHOKR)HGHUDO
D XPGpFLPRGDUHQGDEUXWDGRV&RQVHOKRV5HJLRQDLV
D DSDUFHODDTXHVHUHIHUHDUWGDUHQGDEUXWDDUUHFDGDGDSHORV&RQVHOKRV5HJLRQDLV 5HGDomR GDGD
SHOR'HFUHWR/HLQGH
D XPGpFLPRGDUHQGDEUXWDGRV&RQVHOKRV5HJLRQDLV 5HYLJRUDGRSHOR'HFUHWR/HLQGH
E GRDo}HVOHJDGRVMXURVHUHFHLWDVSDWULPRQLDLV
F VXEYHQo}HV
$UW&RQVWLWXHPUHQGDGR&RQVHOKR)HGHUDO 5HGDomRGDGDSHOD/HLQGH
, TXLQ]H SRU FHQWR GR SURGXWR GD DUUHFDGDomR SUHYLVWD QRV LWHQV , D 9 GR DUW ,QFOXtGR SHOD /HL Q
GH
,,GRDo}HVOHJDGRVMXURVHUHFHLWDVSDWULPRQLDLV ,QFOXtGRSHOD/HLQGH
,,,VXEYHQo}HV ,QFOXtGRSHOD/HLQGH
,9RXWURVUHQGLPHQWRVHYHQWXDLV ,QFOXtGRSHOD/HLQGH
6(d2,,
'DFRPSRVLomRHRUJDQL]DomR
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
$UW 2 &RQVHOKR )HGHUDO VHUi FRQVWLWXtGR SRU GH]RLWR PHPEURV EUDVLOHLURV GLSORPDGRV HP
(QJHQKDULD$UTXLWHWXUDRX$JURQRPLDKDELOLWDGRVGHDF{UGRFRPHVWDOHLREHGHFLGDDVHJXLQWHFRPSRVLomR
D TXLQ]H UHSUHVHQWDQWHV GH JUXSRV SURILVVLRQDLV VHQGR QRYH HQJHQKHLURV UHSUHVHQWDQWHV GH
PRGDOLGDGHV GH HQJHQKDULD HVWDEHOHFLGD HP WrUPRV JHQpULFRV SHOR &RQVHOKR )HGHUDO QR PtQLPR GH WUrV
PRGDOLGDGHV GH PDQHLUD D FRUUHVSRQGHUHP jV IRUPDo}HV WpFQLFDV FRQVWDQWHV GRV UHJLVWURV QrOH H[LVWHQWHV
WUrV DUTXLWHWRVH WUrV HQJHQKHLURVDJU{QRPRV
E XP UHSUHVHQWDQWH GDV HVFRODV GH HQJHQKDULD XP UHSHVHQWDQWH GDV HVFRODV GH DUTXLWHWXUD H
XP UHSUHVHQWDQWHGDVHVFRODVGHDJURQRPLD
&DGDPHPEURGR&RQVHOKR)HGHUDOWHUi XP VXSOHQWH
2SUHVLGHQWHGR&RQVHOKR)HGHUDOVHUiHOHLWRSRUPDLRULDDEVROXWDGHQWUHRVVHXVPHPEURV
$YDJDGRUHSUHVHQWDQWHQRPHDGRSUHVLGHQWHGR&RQVHOKRVHUiSUHHQFKLGDSRUVHXVXSOHQWH
$U 2V UHSUHVHQWDQWHV GRV JUXSRV SURILVVLRQDLV UHIHULGRV QD DOtQHD D GR (G H[WUD H VHXV
VXSOHQWHV VHUmR HOHLWRV SHODV UHVSHFWLYDV HQWLGDGHV GH FODVVH UHJLVWUDGDV QDV UHJL}HV HP DVVHPEOpLDV
HVSHFLDOPHQWH FRQYRFDGDV SDUD rVWH ILP SHORV &RQVHOKRV 5HJLRQDLV FDEHQGR D FDGD UHJLmR LQGLFDU HP IRUPD
GHURGt]LRXPPHPEURGR&RQVHOKR)HGHUDO
3DUiJUDIR~QLFR2VUHSUHVHQWDQWHVGDVHQWLGDGHVGHFODVVHQDVDVVHPEOpLDVUHIHULGDVQHVWHDUWLJRVHUmR
SRUHODVHOHLWRVQDIRUPDGRVUHVSHFWLYRVHVWDWXWRV
$UW2VUHSUHVHQWDQWHVGDVHVFRODVRXIDFXOGDGHVHVHXVVXSOHQWHVVHUmRHOHLWRVSRUPDLRULDDEVROXWD
GHYRWRVHPDVVHPEOpLDGRVGHOHJDGRVGHFDGDJUXSRSURILVVLRQDOGHVLJQDGRVSHODVUHVSHFWLYDV&RQJUHJDo}HV
3DUiJUDIR~QLFR2&RQVHOKR)HGHUDOVHUHQRYDUiDQXDOPHQWHSHORWrUoRGHVHXVPHPEURV
&$3Ë78/2,,,
'RV&RQVHOKRV5HJLRQDLVGH(QJHQKDULD$UTXLWHWXUDH$JURQRPLD
6(d2,
'DLQVWLWXLomRGRV&RQVHOKRV5HJLRQDLVHVXDVDWULEXLo}HV
$UW 2V &RQVHOKRV 5HJLRQDLV GH (QJHQKDULD $UTXLWHWXUD H $JURQRPLD &5($ VmR yUJmRV GH
ILVFDOL]DomRGRH[HUFtFLRGDVSURILVV}HVGHHQJHQKDULDDUTXLWHWXUDHDJURQRPLDHPVXDVUHJL}HV
$UW6mRDWULEXLo}HVGRV&RQVHOKRV5HJLRQDLV
D HODERUDUHDOWHUDUVHXUHJLPHQWRLQWHUQRVXEPHWHQGRRjKRPRORJDomRGR&RQVHOKR)HGHUDO
E FULDU DV &kPDUDV (VSHFLDOL]DGDV DWHQGHQGR jV FRQGLo}HV GH PDLRU HILFLrQFLD GD ILVFDOL]DomR
HVWDEHOHFLGDQDSUHVHQWHOHL
F H[DPLQDUUHFODPDo}HVHUHSUHVHQWDo}HVDFrUFDGHUHJLVWURV
G MXOJDU H GHFLGLU HP JUDX GH UHFXUVR RV SURFHVVRV GH LQIUDomR GD SUHVHQWH OHL H GR &yGLJR GH eWLFD
HQYLDGRVSHODV&kPDUDV(VSHFLDOL]DGDV
H MXOJDUHPJUDXGHUHFXUVRRVSURFHVVRVGHLPSRVLomRGHSHQDOLGDGHVHPXOWDV
I RUJDQL]DURVLVWHPDGHILVFDOL]DomRGRH[HUFtFLRGDVSURILVV}HVUHJXODGDVSHODSUHVHQWHOHL
J SXEOLFDUUHODWyULRVGHVHXVWUDEDOKRVHUHODo}HVGRVSURILVVLRQDLVHILUPDVUHJLVWUDGRV
K H[DPLQDU RV UHTXHULPHQWRV H SURFHVVRV GH UHJLVWUR HP JHUDO H[SHGLQGR DV FDUWHLUDV SURILVVLRQDLV RX
GRFXPHQWRVGHUHJLVWUR
L VXJHULU DR &RQVHOKR )HGHUDO PpGLDV QHFHVViULDV j UHJXODULGDGH GRV VHUYLoRV H j ILVFDOL]DomR GR
H[HUFtFLRGDVSURILVV}HVUHJXODGDVQHVWDOHL
M DJLU FRP D FRODERUDomR GDV VRFLHGDGHV GH FODVVH H GDV HVFRODV RX IDFXOGDGHV GH HQJHQKDULD
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
DUTXLWHWXUDHDJURQRPLDQRVDVVXQWRVUHODFLRQDGRVFRPDSUHVHQWHOHL
N FXPSULU H ID]HU FXPSULU D SUHVHQWH OHL DV UHVROXo}HV EDL[DGDV SHOR &RQVHOKR )HGHUDO EHP FRPR
H[SHGLUDWRVTXHSDUDLVVRMXOJXHPQHFHVViULRV
O FULDULQVSHWRULDVHQRPHDULQVSHWRUHVHVSHFLDLVSDUDPDLRUHILFLrQFLDGDILVFDOL]DomR
P GHOLEHUDUV{EUHDVVXQWRVGHLQWHUrVVHJHUDOHDGPLQLVWUDWLYRHV{EUHRVFDVRVFRPXQVDGXDVRXPDLV
HVSHFLDOL]Do}HVSURILVVLRQDLV
Q MXOJDU GHFLGLU RX GLULPLU DV TXHVW}HV GD DWULEXLomR RX FRPSHWrQFLD GDV &kPDUDV (VSHFLDOL]DGDV
UHIHULGDV QR DUWLJR TXDQGR QmR SRVVXLU R &RQVHOKR 5HJLRQDO Q~PHUR VXILFLHQWH GH SURILVVLRQDLV GR PHVPR
JUXSRSDUDFRQVWLWXLUDUHVSHFWLYD&kPDUDFRPRHVWDEHOHFHRDUWLJR
R RUJDQL]DU GLVFLSOLQDU H PDQWHU DWXDOL]DGR R UHJLVWUR GRV SURILVVLRQDLV H SHVVRDV MXUtGLFDV TXH QRV
WrUPRVGHVWDOHLVHLQVFUHYDPSDUDH[HUFHUDWLYLGDGHVGHHQJHQKDULDDUTXLWHWXUDRXDJURQRPLDQD5HJLmR
S RUJDQL]DUHPDQWHUDWXDOL]DGRRUHJLVWURGDVHQWLGDGHVGHFODVVHUHIHULGDVQRDUWLJRHGDVHVFRODVH
IDFXOGDGHV TXH GH DF{UGR FRP HVWD OHL GHYDP SDUWLFLSDU GD HOHLomR GH UHSUHVHQWDQWHV GHVWLQDGD D FRPSRU R
&RQVHOKR5HJLRQDOHR&RQVHOKR)HGHUDO
T RUJDQL]DUUHJXODPHQWDUHPDQWHURUHJLVWURGHSURMHWRVHSODQRVDTXHVHUHIHUHRDUWLJR
U UHJLVWUDUDVWDEHODVEiVLFDVGHKRQRUiULRVSURILVVLRQDLVHODERUDGDVSHORVyUJmRVGHFODVVH
V DXWRUL]DURSUHVLGHQWHDDGTXLULURQHUDURXPHGLDQWHOLFLWDomRDOLHQDUEHQVLPyYHLV ,QFOXtGDSHOD/HLQ
GH
$UW&RQVWLWXHPUHQGDGRV&RQVHOKRV5HJLRQDLV
D DVWD[DVGHH[SHGLomRGDVFDUWHLUDVSURILVVLRQDLVHGHUHJLVWURV 9LGH'HOGH
E DVPXOWDVDSOLFDGDVGHFRQIRUPLGDGHFRPDSUHVHQWHOHL 9LGH'HOGH
F GRDo}HVOHJDGRVMXURVHUHFHLWDVSDWULPRQLDLV
G VXEYHQo}HV
$UW&RQVWLWXHPUHQGDGRV&RQVHOKRV5HJLRQDLV 5HGDomRGDGDSHOD/HLQGH
,DQXLGDGHVFREUDGDVGHSURILVVLRQDLVHSHVVRDVMXUtGLFDV ,QFOXtGRSHOD/HLQGH
,, WD[DV GH H[SHGLomR GH FDUWHLUDV SURILVVLRQDLV H GRFXPHQWRV GLYHUVRV ,QFOXtGR SHOD /HL Q GH
,,,HPROXPHQWRVVREUHUHJLVWURVYLVWRVHRXWURVSURFHGLPHQWRV ,QFOXtGRSHOD/HLQGH
,9 TXDWUR TXLQWRV GD DUUHFDGDomR GD WD[D LQVWLWXtGD SHOD /HL Q GH GH GH]HPEUR GH
,QFOXtGRSHOD/HLQGH
9 PXOWDV DSOLFDGDV GH FRQIRUPLGDGH FRP HVWD /HL H FRP D /HL Q GH GH GH]HPEUR GH
,QFOXtGRSHOD/HLQGH
9,GRDo}HVOHJDGRVMXURVHUHFHLWDVSDWULPRQLDLV ,QFOXtGRSHOD/HLQGH
9,,VXEYHQo}HV ,QFOXtGRSHOD/HLQGH
9,,,RXWURVUHQGLPHQWRVHYHQWXDLV ,QFOXtGRSHOD/HLQGH
$UW'DUHQGDEUXWDSURYHQLHQWHGDDUUHFDGDomRGDVWD[DVHPXOWDVUHIHULGDVQDVDOtQHDVDHE
GRDUWLJRDQWHULRUR&RQVHOKR5HJLRQDOUHFROKHUiXPGpFLPRDR&RQVHOKR)HGHUDOGHDF{UGRFRPRDUWLJR
3DUiJUDIR~QLFR2V&RQVHOKRV5HJLRQDLVGHVWLQDUmRDQXDOPHQWHDUHQGDOtTXLGDSURYLQGDGDDUUHFDGDomR
GDV PXOWDV D PHGLGDV TXH REMHWLYHP R DSHUIHLoRDPHQWR WpFQLFR H FXOWXUDO GR HQJHQKHLUR GR DUTXLWHWR H GR
HQJHQKHLURDJU{QRPR
$UW &DGD &RQVHOKR 5HJLRQDO UHFROKHUi DR &RQVHOKR )HGHUDO D SDUFHOD GH TXLQ]H SRU FHQWR GD
UHQGD EUXWD SURYHQLHQWH GD DUUHFDGDomR GDV WD[DV H PXOWDV UHIHULGDV QDV DOtQHDV D H E GR DUWLJR DQWHULRU
5HGDomRGDGDSHOR'HFUHWR/HLQGH
$UW'DUHQGDEUXWDSURYHQLHQWHGDDUUHFDGDomRGDVWD[DVHPXOWDVUHIHULGDVQDVDOtQHDVDHE
GR DUWLJR DQWHULRU R &RQVHOKR 5HJLRQDO UHFROKHUi XP GpFLPR DR &RQVHOKR )HGHUDO GH DF{UGR FRP R DUWLJR
5HYLJRUDGRSHOR'HFUHWR/HLQGH
$UW2V&RQVHOKRV5HJLRQDLVUHFROKHUmRDR&RQVHOKR)HGHUDODWpRGLDWULQWDGRPrVVXEVHTXHQWHDR
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
3DUiJUDIR ~QLFR 2V &RQVHOKRV 5HJLRQDLV SRGHUmR GHVWLQDU SDUWH GH VXD UHQGD OtTXLGD SURYHQLHQWH GD
DUUHFDGDomR GDV PXOWDV D PHGLGDV TXH REMHWLYHP R DSHUIHLoRDPHQWR WpFQLFR H FXOWXUD GR HQJHQKHLUR GR
DUTXLWHWRHGRHQJHQKHLURDJU{QRPR ,QFOXtGRSHOD/HLQGH
6(d2,,
'DFRPSRVLomRHRUJDQL]DomR
$UW 2V &RQVHOKRV 5HJLRQDLV VHUmR FRQVWLWXtGRV GH EUDVLOHLURV GLSORPDGRV HP FXUVR VXSHULRU
OHJDOPHQWHKDELOLWDGRVGHDF{UGRFRPDSUHVHQWHOHLREHGHFLGDDVHJXLQWHFRPSRVLomR
E XP UHSUHVHQWDQWH GH FDGD HVFROD RX IDFXOGDGH GH HQJHQKDULD DUTXLWHWXUD H DJURQRPLD FRP VHGH QD
5HJLmR
F UHSUHVHQWDQWHV GLUHWRV GDV HQWLGDGHV GH FODVVH GH HQJHQKHLUR DUTXLWHWR H HQJHQKHLURDJU{QRPR
UHJLVWUDGDVQD5HJLmRGHFRQIRUPLGDGHFRPRDUWLJR
3DUiJUDIR~QLFR&DGDPHPEURGR&RQVHOKRWHUiXPVXSOHQWH
$UW 2V UHSUHVHQWDQWHV GDV HVFRODV H IDFXOGDGHV H VHXV UHVSHFWLYRV VXSOHQWHV VHUmR LQGLFDGRV SRU
VXDVFRQJUHJDo}HV
$UW 2V UHSUHVHQWDQWHV GDV HQWLGDGHV GH FODVVH H UHVSHFWLYRV VXSOHQWHV VHUmR HOHLWRV SRU DTXHODV
HQWLGDGHVQDIRUPDGHVHXV(VWDWXWRV
$UW 2 Q~PHUR GH FRQVHOKHLURV UHSUHVHQWDWLYRV GDV HQWLGDGHV GH FODVVH VHUi IL[DGR QRV UHVSHFWLYRV
&RQVHOKRV5HJLRQDLVDVVHJXUDGRVRPtQLPRGHXPUHSUHVHQWDQWHSRUHQWLGDGHGHFODVVHHDSURSRUFLRQDOLGDGH
HQWUHRVUHSUHVHQWDQWHVGDVGLIHUHQWHVFDWHJRULDVSURILVVLRQDLV
$UW$SURSRUFLRQDOLGDGHGRVUHSUHVHQWDQWHVGHFDGDFDWHJRULDSURILVVLRQDOVHUiHVWDEHOHFLGDHPIDFH
GRVQ~PHURVWRWDLVGRVUHJLVWURVQR&RQVHOKR5HJLRQDOGHHQJHQKHLURVGDVPRGDOLGDGHVJHQpULFDVSUHYLVWDVQD
DOtQHDDGRDUWLJRGHDUTXLWHWRVHGHHQJHQKHLURVDJU{QRPRVTXHKRXYHUHPFDGDUHJLmRFDEHQGRDFDGD
HQWLGDGHGHFODVVHUHJLVWUDGDQR&RQVHOKR5HJLRQDOXPQ~PHURGHUHSUHVHQWDQWHVSURSRUFLRQDOjTXDQWLGDGHGH
VHXVDVVRFLDGRVDVVHJXUDQGRRPtQLPRGHXPUHSUHVHQWDQWHSRUHQWLGDGH
3DUiJUDIR ~QLFR $ SURSRUFLRQDOLGDGH GH TXH WUDWD rVWH DUWLJR VHUi VXEPHWLGD j SUpYLD DSURYDomR GR
&RQVHOKR)HGHUDO
$UW2V&RQVHOKRV5HJLRQDLVIXQFLRQDUmRHPSOHQRHSDUDRVDVVXQWRVHVSHFtILFRVRUJDQL]DGRVHP
&kPDUDV (VSHFLDOL]DGDV FRUUHVSRQGHQWHV jV VHJXLQWHV FDWHJRULDV SURILVVLRQDLV HQJHQKDULD QDV PRGDOLGDGHV
FRUUHVSRQGHQWHVjVIRUPDo}HVWpFQLFDVUHIHULGDVQDDOtQHDDGR(GH[WUDDUTXLWHWXUDHDJURQRPLD
$UW&DGD&RQVHOKR5HJLRQDOWHUiLQVSHWRULDVSDUDILQVGHILVFDOL]DomRQDVFLGDGHVRX]RQDVRQGHVH
IL]HUHPQHFHVViULDV
&$3Ë78/2,9
'DV&kPDUDV(VSHFLDOL]DGDV
6(d2,
'D,QVWLWXLomRGDV&kPDUDVHVXDVDWULEXLo}HV
$UW $V &kPDUDV (VSHFLDOL]DGDV VmR RV yUJmRV GRV &RQVHOKRV 5HJLRQDLV HQFDUUHJDGRV GH MXOJDU H
GHFLGLUV{EUHRVDVVXQWRVGHILVFDOL]DomRSHUWLQHQWHVjVUHVSHFWLYDVHVSHFLDOL]Do}HVSURILVVLRQDLVHLQIUDo}HVGR
&yGLJRGHeWLFD
$UW6mRDWULEXLo}HVGDV&kPDUDV(VSHFLDOL]DGDV
D MXOJDURVFDVRVGHLQIUDomRGDSUHVHQWHOHLQRkPELWRGHVXDFRPSHWrQFLDSURILVVLRQDOHVSHFtILFD
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
E MXOJDUDVLQIUDo}HVGR&yGLJRGHeWLFD
F DSOLFDUDVSHQDOLGDGHVHPXOWDVSUHYLVWDV
G DSUHFLDU H MXOJDU RV SHGLGRV GH UHJLVWUR GH SURILVVLRQDLV GDV ILUPDV GDV HQWLGDGHV GH GLUHLWR S~EOLFR
GDVHQWLGDGHVGHFODVVHHGDVHVFRODVRXIDFXOGDGHVQD5HJLmR
H HODERUDUDVQRUPDVSDUDDILVFDOL]DomRGDVUHVSHFWLYDVHVSHFLDOL]Do}HVSURILVVLRQDLV
I RSLQDU V{EUH RV DVVXQWRV GH LQWHUrVVH FRPXP GH GXDV RX PDLV HVSHFLDOL]Do}HV SURILVVLRQDLV
HQFDPLQKDQGRRVDR&RQVHOKR5HJLRQDO
6(d2,,
'D&RPSRVLomRHRUJDQL]DomR
$UW$V&kPDUDV(VSHFLDOL]DGDVVHUmRFRQVWLWXtGDVSHORVFRQVHOKHLURVUHJLRQDLV
3DUiJUDIR ~QLFR (P FDGD &kPDUD (VSHFLDOL]DGD KDYHUi XP PHPEUR HOHLWR SHOR &RQVHOKR 5HJLRQDO
UHSUHVHQWDQGRDVGHPDLVFDWHJRULDVSURILVVLRQDLV
$UW 6HUi FRQVWLWXtGD &kPDUD (VSHFLDOL]DGD GHVGH TXH HQWUH RV FRQVHOKHLURV UHJLRQDLV KDMD XP
PtQLPRGH WUrV GRPHVPRSURILVVLRQDO
&$3Ë78/29
*HQHUDOLGDGHV
$UW $RV 3UHVLGHQWHV GRV &RQVHOKRV )HGHUDO H 5HJLRQDLV FRPSHWH DOpP GD GLUHomR GR UHVSHFWLYR
&RQVHOKRVXDUHSUHVHQWDomRHPMXt]R
$UW 2 FRQVHOKHLUR IHGHUDO RX UHJLRQDO TXH GXUDQWH XP DQR IDOWDU VHP OLFHQoD SUpYLD D VHLV
VHVV}HV FRQVHFXWLYDV RX QmR SHUGHUi DXWRPjWLFDPHQWH R PDQGDWR SDVVDQGR HVWH D VHU H[HUFLGR HP FDUiWHU
HIHWLYRSHORUHVSHFWLYRVXSOHQWH
$UW2PDQGDWRGRV3UHVLGHQWHVHGRVFRQVHOKHLURVVHUiKRQRUtILFR
$UW2H[HUFtFLRGDIXQomRGHPHPEURGRV&RQVHOKRVSRUHVSDoRGHWHPSRQmRLQIHULRUDGRLVWrUoRV
GRUHVSHFWLYRPDQGDWRVHUiFRQVLGHUDGRVHUYLoRUHOHYDQWHSUHVWDGRj1DomR
2 &RQVHOKR )HGHUDO FRQFHGHUi DRV TXH VH DFKDUHP QDV FRQGLo}HV GrVVH DUWLJR R FHUWLILFDGR GH
VHUYLoR UHOHYDQWH LQGHSHQGHQWHPHQWH GH UHTXHULPHQWR GR LQWHUHVVDGR GHQWUR GH GR]H PHVHV FRQWDGRV D
SDUWLUGDFRPXQLFDomRGRV&RQVHOKRV
9(7$'2
6HUi FRQVLGHUDGR FRPR VHUYLoR S~EOLFR HIHWLYR SDUD HIHLWR GH DSRVHQWDGRULD H GLVSRQLELOLGDGH R
WHPSRGHVHUYLoRFRPR3UHVLGHQWHRX&RQVHOKHLURYHGDGDSRUpPDFRQWDJHPFRPXWDWLYDFRPWHPSRH[HUFLGR
HPFDUJRS~EOLFR PDQWLGRSHOR&1
(GH[WUD2VUHSUHVHQWDQWHVGRV&RQVHOKRV)HGHUDOH5HJLRQDLVUHXQLUVHmRSHORPHQRVXPDYH]SRU
DQR SDUD FRQMXQWDPHQWH HVWXGDU H HVWDEHOHFHU SURYLGrQFLDV TXH DVVHJXUHP RX DSHUIHLoRHP D DSOLFDomR GD
SUHVHQWH OHL GHYHQGR R &RQVHOKR )HGHUDO UHPHWHU DRV &RQVHOKRV 5HJLRQDLV FRP D GHYLGD DQWHFHGrQFLD R
WHPiULRUHVSHFWLYR
$UW $RV &RQVHOKRV 5HJLRQDLV p FRPHWLGR R HQFDUJR GH GLULPLU TXDOTXHU G~YLGD RX RPLVVmR V{EUH D
DSOLFDomRGHVWDOHLFRPUHFXUVRH[RIItFLRGHHIHLWRVXVSHQVLYRSDUDR&RQVHOKR)HGHUDODRTXDOFRPSHWH
GHFLGLUHP~OWLPDLQVWkQFLDHPFDUiWHUJHUDO 5HYRJDGRSHOR'HFUHWR/HLQGH
$UW $RV &RQVHOKRV 5HJLRQDLV p FRPHWLGR R HQFDUJR GH GLULPLU TXDOTXHU G~YLGD RX RPLVVmR V{EUH D
DSOLFDomRGHVWDOHLFRPUHFXUVRH[RIItFLRGHHIHLWRVXVSHQVLYRSDUDR&RQVHOKR)HGHUDODRTXDOFRPSHWH
GHFLGLUHP~OWLPDLQVWkQFLDHPFDUiWHUJHUDO 5HYLJRUDGRSHOR'HFUHWR/HLQGH
7Ë78/2,,,
'RUHJLVWURHILVFDOL]DomRSURILVVLRQDO
&$3Ë78/2,
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
'RUHJLVWURGRVSURILVVLRQDLV
$UW2VSURILVVLRQDLVKDELOLWDGRVQDIRUPDHVWDEHOHFLGDQHVWDOHLVySRGHUmRH[HUFHUDSURILVVmRDSyVR
UHJLVWURQR&RQVHOKR5HJLRQDOVREFXMDMXULVGLomRVHDFKDURORFDOGHVXDDWLYLGDGH
$UW$RVSURILVVLRQDLVUHJLVWUDGRVGHDF{UGRFRPHVWDOHLVHUiIRUQHFLGDFDUWHLUDSURILVVLRQDOFRQIRUPH
PRGHORDGRWDGRSHOR&RQVHOKR)HGHUDOFRQWHQGRRQ~PHURGRUHJLVWURDQDWXUH]DGRWtWXORHVSHFLDOL]Do}HVH
WRGRVRVHOHPHQWRVQHFHVViULRVjVXDLGHQWLILFDomR
$ H[SHGLomR GD FDUWHLUD D TXH VH UHIHUH R SUHVHQWH DUWLJR ILFD VXMHLWD j WD[D TXH I{U DUELWUDGD SHOR
&RQVHOKR)HGHUDO
$ FDUWHLUD SURILVVLRQDO SDUD RV HIHLWRV GHVWD OHL VXEVWLWXLUi R GLSORPD YDOHUi FRPR GRFXPHQWR GH
LGHQWLGDGHHWHUiIpS~EOLFD
3DUD HPLVVmR GD FDUWHLUD SURILVVLRQDO RV &RQVHOKRV 5HJLRQDLV GHYHUmR H[LJLU GR LQWHUHVVDGR D SURYD
GH KDELOLWDomR SURILVVLRQDO H GH LGHQWLGDGH EHP FRPR RXWURV HOHPHQWRV MXOJDGRV FRQYHQLHQWHV GH DF{UGR FRP
LQVWUXo}HVEDL[DGDVSHOR&RQVHOKR)HGHUDO
$UW 2V GLSORPDGRV SRU HVFRODV RX IDFXOGDGHV GH HQJHQKDULD DUTXLWHWXUD RX DJURQRPLD RILFLDLV RX
UHFRQKHFLGDV FXMRV GLSORPDV QmR WHQKDP VLGR UHJLVWUDGRV PDV HVWHMDP HP SURFHVVDPHQWR QD UHSDUWLomR
IHGHUDO FRPSHWHQWH SRGHUmR H[HUFHU DV UHVSHFWLYDV SURILVV}HV PHGLDQWH UHJLVWUR SURYLVyULR QR &RQVHOKR
5HJLRQDO
$UW 6H R SURILVVLRQDO ILUPD RX RUJDQL]DomR UHJLVWUDGR HP TXDOTXHU &RQVHOKR 5HJLRQDO H[HUFHU
DWLYLGDGHHPRXWUD5HJLmRILFDUiREULJDGRDYLVDUQHODRVHXUHJLVWUR
&$3Ë78/2,,
'RUHJLVWURGHILUPDVHHQWLGDGHV
$UW $V ILUPDV VRFLHGDGHV DVVRFLDo}HV FRPSDQKLDV FRRSHUDWLYDV H HPSUHVDV HP JHUDO TXH VH
RUJDQL]HPSDUDH[HFXWDUREUDVRXVHUYLoRVUHODFLRQDGRVQDIRUPDHVWDEHOHFLGDQHVWDOHLVySRGHUmRLQLFLDUVXDV
DWLYLGDGHV GHSRLV GH SURPRYHUHP R FRPSHWHQWH UHJLVWUR QRV &RQVHOKRV 5HJLRQDLV EHP FRPR R GRV
SURILVVLRQDLVGRVHXTXDGURWpFQLFR
2 UHJLVWUR GH ILUPDV VRFLHGDGHV DVVRFLDo}HV FRPSDQKLDV FRRSHUDWLYDV H HPSUrVDV HP JHUDO Vy
VHUi FRQFHGLGR VH VXD GHQRPLQDomR I{U UHDOPHQWH FRQGL]HQWH FRP VXD ILQDOLGDGH H TXDOLILFDomR GH VHXV
FRPSRQHQWHV
$V HQWLGDGHV HVWDWDLV SDUDHVWDWDLV DXWiUTXLFDV H GH HFRQRPLD PLVWD TXH WHQKDP DWLYLGDGH QD
HQJHQKDULDQDDUTXLWHWXUDRXQDDJURQRPLDRXVHXWLOL]HPGRVWUDEDOKRVGHSURILVVLRQDLVGHVVDVFDWHJRULDVVmR
REULJDGDV VHP TXDLVTXHU {QXV D IRUQHFHU DRV &RQVHOKRV 5HJLRQDLV WRGRV RV HOHPHQWRV QHFHVViULRV j
YHULILFDomRHILVFDOL]DomRGDSUHVHQWHOHL
2 &RQVHOKR )HGHUDO HVWDEHOHFHUi HP UHVROXo}HV RV UHTXLVLWRV TXH DV ILUPDV RX GHPDLV
RUJDQL]Do}HVSUHYLVWDVQHVWHDUWLJRGHYHUmRSUHHQFKHUSDUDRVHXUHJLVWUR
$UW7RGDHTXDOTXHUILUPDRXRUJDQL]DomRTXHHPERUDQmRHQTXDGUDGDQRDUWLJRDQWHULRUWHQKDDOJXPD
VHomROLJDGDDRH[HUFtFLRSURILVVLRQDOGDHQJHQKDULDDUTXLWHWXUDHDJURQRPLDQDIRUPDHVWDEHOHFLGDQHVWDOHLp
REULJDGDDUHTXHUHURVHXUHJLVWURHDDQRWDomRGRVSURILVVLRQDLVOHJDOPHQWHKDELOLWDGRVGHODVHQFDUUHJDGRV
$UW 4XDQGR RV VHUYLoRV IRUHP H[HFXWDGRV HP OXJDUHV GLVWDQWHV GD VHGH GD HQWLGDGH GHYHUi HVWD
PDQWHUMXQWRDFDGDXPGRVVHUYLoRVXPSURILVVLRQDOGHYLGDPHQWHKDELOLWDGRQDTXHODMXULVGLomR
$UW 2V PHPEURV GRV &RQVHOKRV 5HJLRQDLV Vy SRGHUmR VHU HOHLWRV SHODV HQWLGDGHV GH FODVVH TXH
HVWLYHUHPSUqYLDPHQWHUHJLVWUDGDVQR&RQVHOKRHPFXMDMXULVGLomRWHQKDPVHGH
3DUD REWHUHP UHJLVWUR DV HQWLGDGHV UHIHULGDV QHVWH DUWLJR GHYHUmR HVWDU OHJDOL]DGDV WHU REMHWLYR
GHILQLGR SHUPDQHQWH FRQWDU QR PtQLPR WULQWD DVVRFLDGRV HQJHQKHLURV DUTXLWHWRV RX HQJHQKHLURVDJU{QRPRV H
VDWLVID]HUDVH[LJrQFLDVTXHIRUHPHVWDEHOHFLGDVSHOR&RQVHOKR5HJLRQDO
4XDQGRDHQWLGDGHUHXQLUDVVRFLDGRVHQJHQKHLURVDUTXLWHWRVHHQJHQKHLURVDJU{QRPRVHPFRQMXQWR
ROLPLWHPtQLPRUHIHULGRQRSDUiJUDIRDQWHULRUGHYHUiVHUGHVHVVHQWD
&$3Ë78/2,,,
'DVDQXLGDGHVHPROXPHQWRVHWD[DV
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
$UW2VSURILVVLRQDLVHSHVVRDVMXUtGLFDVUHJLVWUDGRVGHFRQIRUPLGDGHFRPRTXHSUHFHLWXDDSUHVHQWH
OHLVmRREULJDGRVDRSDJDPHQWRGHXPDDQXLGDGHDR&RQVHOKR5HJLRQDODFXMDMXULVGLomRSHUWHQFHUHP
$DQXLGDGHDTXHVHUHIHUHrVWHDUWLJRVHUiSDJDDWpGHPDUoRGHFDGDDQR
2 SDJDPHQWR GD DQXLGDGH IRUD GrVVH SUD]R WHUi R DFUpVFLPR GH GH] SRU FHQWR D WtWXOR GH
PRUD
2SDJDPHQWRGDDQXLGDGHLQLFLDOVHUiIHLWRSRURFDVLmRGRUHJLVWUR
$DQXLGDGHDTXHVHUHIHUHHVWHDUWLJRVHUiGHYLGDDSDUWLUGHGHMDQHLURGHFDGDDQR 5HGDomR
GDGDSHOD/HLQGH
2SDJDPHQWRGDDQXLGDGHDSyVGHPDUoRWHUiRDFUpVFLPRGHYLQWHSRUFHQWRDWtWXORGHPRUD
TXDQGRHIHWXDGRQRPHVPRH[HUFtFLR 5HGDomRGDGDSHOD/HLQGH
$DQXLGDGHSDJDDSyVRH[HUFtFLRUHVSHFWLYRWHUiRVHXYDORUDWXDOL]DGRSDUDRYLJHQWHjpSRFDGR
SDJDPHQWRDFUHVFLGRGHYLQWHSRUFHQWRDWtWXORGHPRUD 5HGDomRGDGDSHOD/HLQGH
$UW 6HUi DXWRPjWLFDPHQWH FDQFHODGR R UHJLVWUR GR SURILVVLRQDO RX GD SHVVRD MXUtGLFD TXH GHL[DU GH
HIHWXDU R SDJDPHQWR GD DQXLGDGH D TXH HVWLYHU VXMHLWR GXUDQWH GRLV DQRV FRQVHFXWLYRV VHP SUHMXt]R GD
REULJDWRULHGDGHGRSDJDPHQWRGDGtYLGD
3DUiJUDIR ~QLFR 2 SURILVVLRQDO RX SHVVRD MXUtGLFD TXH WLYHU VHX UHJLVWUR FDQFHODGR QRV WrUPRV GrVWH
DUWLJRVHGHVHQYROYHUTXDOTXHUDWLYLGDGHUHJXODGDQHVWDOHLHVWDUiH[HUFHQGRLOHJDOPHQWHDSURILVVmRSRGHQGR
UHDELOLWDUVH PHGLDQWH QRYR UHJLVWUR VDWLVIHLWDV DOpP GDV DQXLGDGHV HP GpELWR DV PXOWDV TXH OKH WHQKDP VLGR
LPSRVWDVHRVGHPDLVHPROXPHQWRVHWD[DVUHJXODPHQWDUHV
$UW 7{GD YH] TXH R SURILVVLRQDO GLSORPDGR DSUHVHQWDU D XP &RQVHOKR 5HJLRQDO VXD FDUWHLUD SDUD R
FRPSHWHQWH YLVWR H UHJLVWUR GHYHUi ID]HU SURYD GH WHU SDJR D VXD DQXLGDGH QD 5HJLmR GH RULJHP RX QDTXHOD
RQGHSDVVDUDUHVLGLU
$UW 2 SDJDPHQWR GD DQXLGDGH GHYLGD SRU SURILVVLRQDO RX SHVVRD MXUtGLFD VzPHQWH VHUi DFHLWR DSyV
YHULILFDGD D DXVrQFLD GH TXDLVTXHU GpELWRV FRQFHUQHQWHV D PXOWDV HPROXPHQWRV WD[DV RX DQXLGDGHV GH
H[HUFtFLRVDQWHULRUHV
$UW(PERUDOHJDOPHQWHUHJLVWUDGRVyVHUiFRQVLGHUDGRQROHJtWLPRH[HUFtFLRGDSURILVVmRHDWLYLGDGHV
GH TXH WUDWD D SUHVHQWH OHL R SURILVVLRQDO RX SHVVRD MXUtGLFD TXH HVWHMD HP GLD FRP R SDJDPHQWR GD UHVSHFWLYD
DQXLGDGH
$UW $V DXWRULGDGHV DGPLQLVWUDWLYDV H MXGLFLiULDV DV UHSDUWLo}HV HVWDWDLV SDUDHVWDWDLV DXWiUTXLFDV RX
GH HFRQRPLD PLVWD QmR UHFHEHUmR HVWXGRV SURMHWRV ODXGRV SHUtFLDV DUELWUDPHQWRV H TXDLVTXHU RXWURV
WUDEDOKRV VHP TXH RV DXWRUHV SURILVVLRQDLV RX SHVVRDV MXUtGLFDV IDoDP SURYD GH HVWDU HP GLD FRP R
SDJDPHQWRGDUHVSHFWLYDDQXLGDGH
$UW 6y SRGHUmR VHU DGPLWLGRV QDV FRQFRUUrQFLDV S~EOLFDV SDUD REUDV RX VHUYLoRV WpFQLFRV H SDUD
FRQFXUVRVGHSURMHWRVSURILVVLRQDLVHSHVVRDVMXUtGLFDVTXHDSUHVHQWDUHPSURYDGHTXLWDomRGHGpELWRRXYLVWR
GR&RQVHOKR5HJLRQDOGDMXULVGLomRRQGHDREUDRVHUYLoRWpFQLFRRXSURMHWRGHYDVHUH[HFXWDGR
$UW2&RQVHOKR)HGHUDOEDL[DUiUHVROXo}HVHVWDEHOHFHQGRR5HJLPHQWRGH&XVWDVHSHULzGLFDPHQWH
TXDQGRMXOJDURSRUWXQRSURPRYHUiVXDUHYLVmR
7Ë78/2,9
'DVSHQDOLGDGHV
$UW $V SHQDOLGDGHV DSOLFiYHLV SRU LQIUDomR GD SUHVHQWH OHL VmR DV VHJXLQWHV GH DF{UGR FRP D
JUDYLGDGHGDIDOWD
D DGYHUWrQFLDUHVHUYDGD
E FHQVXUDS~EOLFD
F PXOWD
G VXVSHQVmRWHPSRUiULDGRH[HUFtFLRSURILVVLRQDO
H FDQFHODPHQWRGHILQLWLYRGRUHJLVWUR
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
3DUiJUDIR ~QLFR $V SHQDOLGDGHV SDUD FDGD JUXSR SURILVVLRQDO VHUmR LPSRVWDV SHODV UHVSHFWLYDV &kPDUDV
(VSHFLDOL]DGDVRXQDIDOWDGHVWDVSHORV&RQVHOKRV5HJLRQDLV
$UW $V SHQDV GH DGYHUWrQFLD UHVHUYDGD H GH FHQVXUD S~EOLFD VmR DSOLFiYHLV DRV SURILVVLRQDLV TXH
GHL[DUHP GH FXPSULU GLVSRVLo}HV GR &yGLJR GH eWLFD WHQGR HP YLVWD D JUDYLGDGH GD IDOWD H RV FDVRV GH
UHLQFLGrQFLDDFULWpULRGDVUHVSHFWLYDV&kPDUDV(VSHFLDOL]DV
$UW $V PXOWDV VmR HVWDEHOHFLGDV HP IXQomR GR PDLRU VDOiULRPtQLPR YLJHQWH QR 3DtV H WHUmR RV
VHJXLQWHVYDO{UHVGHVSUH]DGDVDVIUDo}HVGHPLOFUX]HLURV
D PXOWDV GH XP D WUrV GpFLPRV GR VDOiUtRPtPLQR DRV LQIUDWRUHV GRV DUWLJRV H H GDV GLVSRVLo}HV
SDUDDVTXDLVQmRKDMDLQGLFDomRH[SUHVVDGHSHQDOLGDGH
E PXOWDV GH WUrV D VHLV GpFLPRV GR VDOiULRPtQLPR jV SHVVRDV ItVLFDV SRU LQIUDomR GD DOtQHD E GR
DUWLJRGRVDUWLJRVHRXGRSDUiJUDIR~QLFRGRDUWLJR
F PXOWDV GH PHLR D XP VDOiULRPtQLPR jV SHVVRDV MXUtGLFDV SRU LQIUDomR GRV DUWLJRV H
SDUiJUDIR~QLFRGRDUWLJR
G PXOWD GH PHLR D XP VDOiULRPtQLPR jV SHVVRD ItVLFDV SRU LQIUDomR GDV DOtQHDV D F H G GR
DUWLJR
H PXOWDVGHPHLRDWUrVVDOiULRVPtQLPRVjVSHVVRDVMXUtGLFDVSRULQIUDomRGRDUWLJR
$UW$VPXOWDVVmRHVWLSXODGDVHPIXQomRGRPDLRUYDORUGHUHIHUrQFLDIL[DGRSHOR3RGHU([HFXWLYRH
WHUmRRVVHJXLQWHVYDORUHVGHVSUH]DGDVDVIUDo}HVGHXPFUX]HLUR 5HGDomRGDGDSHOD/HLQGH
D GHXPDWUrVGpFLPRVGRYDORUGHUHIHUrQFLDDRVLQIUDWRUHVGRVDUWVHHGDVGLVSRVLo}HVSDUDDV
TXDLVQmRKDMDLQGLFDomRH[SUHVVDGHSHQDOLGDGH 5HGDomRGDGDSHOD/HLQGH 9LGH/HLQ
GH
E GH WUrV D VHLV GpFLPRV GR YDORU GH UHIHUrQFLD jV SHVVRDV ItVLFDV SRU LQIUDomR GD DOtQHD E GR DUW
GRVDUWVHRXGRSDUiJUDIR~QLFRGRDUW 5HGDomRGDGDSHOD/HLQGH
F GH PHLR D XP YDORU GH UHIHUrQFLD jV SHVVRDV MXUtGLFDV SRU LQIUDomR GRV DUWV H H
SDUiJUDIR~QLFRGRDUW 5HGDomRGDGDSHOD/HLQGH
G GH PHLR D XP YDORU GH UHIHUrQFLD jV SHVVRDV ItVLFDV SRU LQIUDomR GDV DOtQHDV D F H G GR DUW
5HGDomRGDGDSHOD/HLQGH
3DUiJUDIR~QLFR$VPXOWDVUHIHULGDVQHVWHDUWLJRVHUmRDSOLFDGDVHPG{EURQRVFDVRVGHUHLQFLGrQFLD
$UW1RVFDVRVGHQRYDUHLQFLGrQFLDGDVLQIUDo}HVSUHYLVWDVQRDUWLJRDQWHULRUDOtQHDVFGHH
VHUiLPSRVWDDFULWpULRGDV&kPDUDV(VSHFLDOL]DGDVVXVSHQVmRWHPSRUiULDGRH[HUFtFLRSURILVVLRQDOSRUSUD]RV
YDULiYHLVGH VHLV PHVHVD GRLV DQRVHSHORV&RQVHOKRV5HJLRQDLVHPSOHQRGH GRLV D FLQFR DQRV
$UW 2 FDQFHODPHQWR GR UHJLVWUR VHUi HIHWXDGR SRU Pi FRQGXWD S~EOLFD H HVFkQGDORV SUDWLFDGRV SHOR
SURILVVLRQDORXVXDFRQGHQDomRGHILQLWLYDSRUFULPHFRQVLGHUDGRLQIDPDQWH
$UW$VSHVVRDVQmRKDELOLWDGDVTXHH[HUFHUHPDVSURILVV}HVUHJXODGDVQHVWDOHLLQGHSHQGHQWHPHQWH
GDPXOWDHVWDEHOHFLGDHVWmRVXMHLWDVjVSHQDOLGDGHVSUHYLVWDVQD/HLGH&RQWUDYHQo}HV3HQDLV
$UW6mRFRPSHWHQWHVSDUDODYUDUDXWRVGHLQIUDomRGDVGLVSRVLo}HVDTXHVHUHIHUHDSUHVHQWHOHLRV
IXQFLRQiULRV GHVLJQDGRV SDUD rVVH ILP SHORV &RQVHOKRV 5HJLRQDLV GH (QJHQKDULD $UTXLWHWXUD H $JURQRPLD QDV
UHVSHFWLYDV5HJL}HV
$UW 'DV SHQDOLGDGHV LPSRVWDV SHODV &kPDUDV HVSHFLDOL]DGDV SRGHUi R LQWHUHVVDGR GHQWUR GR SUD]R
GH VHVVHQWD GLDV FRQWDGRV GD GDWD GD QRWLILFDomR LQWHUSRU UHFXUVR TXH WHUi HIHLWR VXVSHQVLYR SDUD R
&RQVHOKR5HJLRQDOHQRPHVPRSUD]RGrVWHSDUDR&RQVHOKR)HGHUDO
1mRVHHIHWXDQGRRSDJDPHQWRGDVPXOWDVDPLJjYHOPHQWHHVWDVVHUmRFREUDGDVSRUYLDH[HFXWLYD
2V DXWURV GH LQIUDomR GHSRLV GH MXOJDGRV GHILQLWLYDPHQWH FRQWUD R LQIUDWRU FRQVWLWXHP WtWXORV GH
GtYLGDOtTXLGDHFHUWD
$UW 2 SURILVVLRQDO SXQLGR SRU IDOWD GH UHJLVWUR QmR SRGHUi REWHU D FDUWHLUD SURILVVLRQDO VHP DQWHV
HIHWXDURSDJDPHQWRGDVPXOWDVHPTXHKRXYHULQFRUULGR
7Ë78/29
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
'DVGLVSRVLo}HVJHUDLV
$UW2V&RQVHOKRV)HGHUDOH5HJLRQDLVGH(QJHQKDULD$UTXLWHWXUDH$JURQRPLDDXWDUTXLDVGRWDGDVGH
SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR S~EOLFR FRQVWLWXHP VHUYLoR S~EOLFR IHGHUDO JR]DQGR RV VHXV EHQV UHQGDV H
VHUYLoRVGHLPXQLGDGHWULEXWiULDWRWDO (GH[WUDLQFLVR9DOtQHDDGD&RQVWLWXLomR)HGHUDO HIUDQTXLDSRVWDOH
WHOHJUiILFD
$UW 2 &RQVHOKR )HGHUDO GH (QJHQKDULD H $UTXLWHWXUD H $JURQRPLD FRQVWLWXL VHUYLoR S~EOLFR IHGHUDO
GHVFHQWUDOL]DGRVREIRUPDDXWiUTXLFDJR]DQGRRVVHXVEHQVUHQGDVHVHUYLoRVEHPFRPRRVGRV&5($VTXH
OKHVmRVXERUGLQDGRVGHLPXQLGDGHWULEXWiULD DUWLQFLVR,,,DOtQHDDHVHXGD&RQVWLWXLomRGR%UDVLO
5HGDomRGDGDSHOR'HFUHWR/HLQGH
$UW2V&RQVHOKRV)HGHUDOH5HJLRQDLVGH(QJHQKDULD$UTXLWHWXUDH$JURQRPLDDXWDUTXLDVGRWDGDVGH
SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR S~EOLFR FRQVWLWXHP VHUYLoR S~EOLFR IHGHUDO JR]DQGR RV VHXV EHQV UHQGDV H
VHUYLoRVGHLPXQLGDGHWULEXWiULDWRWDO (GH[WUDLQFLVR9DOtQHDDGD&RQVWLWXLomR)HGHUDO HIUDQTXLDSRVWDOH
WHOHJUiILFD 5HYLJRUDGRSHOR'HFUHWR/HLQGH
$UW 1HQKXP SURILVVLRQDO SRGHUi H[HUFHU IXQo}HV HOHWLYDV HP &RQVHOKRV SRU PDLV GH GRLV SHUtRGRV
VXFHVVLYRV
$UW9(7$'2
$UW$VUHPXQHUDo}HVLQLFLDLVGRVHQJHQKHLURVDUTXLWHWRVHHQJHQKHLURVDJU{QRPRVTXDOTXHUTXHVHMD
D IRQWH SDJDGRUD QmR SRGHUmR VHU LQIHULRUHV D VHLV Yr]HV R VDOiULRPtQLPR GD UHVSHFWLYD UHJLmR PDQWLGR
SHOR&1
$UW 2V WUDEDOKRV SURILVVLRQDLV UHODWLYRV D SURMHWRV QmR SRGHUmR VHU VXMHLWRV D FRQFRUUrQFLD GH SUHoR
GHYHQGRTXDQGRI{URFDVRVHUREMHWRGHFRQFXUVR 5HYRJDGRSHOD/HLQGH
$UW 2 JUDGXDGR SRU HVWDEHOHFLPHQWR GH HQVLQR DJUtFROD RX LQGXVWULDO GH JUDX PpGLR RILFLDO RX
UHFRQKHFLGRFXMRGLSORPDRXFHUWLILFDGRHVWHMDUHJLVWUDGRQDVUHSDUWLo}HVFRPSHWHQWHVVySRGHUiH[HUFHUVXDV
IXQo}HVRXDWLYLGDGHVDSyVUHJLVWURQRV&RQVHOKRV5HJLRQDLV
3DUiJUDIR ~QLFR $V DWULEXLo}HV GR JUDGXDGR UHIHULGR QHVWH DUWLJR VHUmR UHJXODPHQWDGDV SHOR &RQVHOKR
)HGHUDOWHQGRHPYLVWDVHXVFXUUtFXORVHJUDXVGHHVFRODULGDGH
$UW$VHQWLGDGHVTXHFRQWUDWDUHPSURILVVLRQDLVQRVWrUPRVGDDOtQHDFGRDUWLJRVmRREULJDGDVD
PDQWHUMXQWRDrOHVXPDVVLVWHQWHEUDVLOHLURGRUDPRSURILVVLRQDOUHVSHFWLYR
7Ë78/29,
'DVGLVSRVLo}HVWUDQVLWyULDV
$UW 6mR DVVHJXUDGRV DRV DWXDLV SURILVVLRQDLV GH HQJHQKDULD DUTXLWHWXUD H DJURQRPLD H DRV TXH VH
HQFRQWUHP PDWULFXODGRV QDV HVFRODV UHVSHFWLYDV QD GDWD GD SXEOLFDomR GHVWD OHL RV GLUHLWRV DWp HQWmR
XVXIUXtGRVHTXHYHQKDPGHTXDOTXHUIRUPDDVHUDWLQJLGRVSRUVXDVGLVSRVLo}HV
$UW 2V PHPEURV DWXDLV GRV &RQVHOKRV )HGHUDO H 5HJLRQDLV FRPSOHWDUmR RV PDQGDWRV SDUD RV TXDLV
IRUDPHOHLWRV
3DUiJUDIR ~QLFR 2V DWXDLV SUHVLGHQWHV GRV &RQVHOKRV )HGHUDO H 5HJLRQDLV FRPSOHWDUmR VHXV PDQGDWRV
ILFDQGRRSUHVLGHQWHGRSULPHLURGrVVHV&RQVHOKRVFRPRFDUiWHUGHPHPEURGRPHVPR
$UW 1D FRQVWLWXLomR GR SULPHLUR &RQVHOKR )HGHUDO DSyV D SXEOLFDomR GHVWD OHL VHUmR HVFROKLGRV SRU
PHLRGHVRUWHLRDV5HJL}HVHRVJUXSRVSURILVVLRQDLVTXHDVUHSUHVHQWDUmR
$UW2V&RQVHOKRV)HGHUDOH5HJLRQDLVFRPSOHWDGRVQDIRUPDGHVWDOHLWHUmRRSUD]RGH FHQWRH
RLWHQWD GLDVDSyVDSRVVHSDUDHODERUDUVHXVUHJLPHQWRVLQWHUQRVYLJRUDQGRDWpDH[SLUDomRGrVWHSUD]RRV
UHJXODPHQWRVHUHVROXo}HVYLJHQWHVQRTXHQmRFROLGDPFRPRVGLVSRVLWLYRVGDSUHVHQWHOHL
$UW(VWD/HLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
$UW5HYRJDPVHDVGLVSRVLo}HVHPFRQWUiULR
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP
/
%UDVtOLDGHGH]HPEURGHGD,QGHSHQGrQFLDHGD5HS~EOLFD
+&$67(//2%5$1&2
/*GR1DVFLPHQWRH6LOYD
(VWHWH[WRQmRVXEVWLWXLRSXEOLFDGRQR'28GHHUHWLILFDGRQR'28GH
3UHVLGrQFLDGD5HS~EOLFD
&DVD&LYLO
6XEFKHILDSDUD$VVXQWRV-XUtGLFRV
/(,1'('('(=(0%52'(
235(6,'(17('$5(3Ò%/,&$
)DoRVDEHUTXHR&21*5(6621$&,21$/PDQWHYHHHXSURPXOJRQRVWrUPRVGDSDUWHILQDOGRGR
DUWLJRGD&RQVWLWXLomR)HGHUDORVVHJXLQWHVGLVSRVLWLYRVGD/HLGHGHGH]HPEURGH
$UW
6HUi FRQVLGHUDGR FRPR VHUYLoR S~EOLFR HIHWLYR SDUD HIHLWR GH DSRVHQWDGRULD H
GLVSRQLELOLGDGHRWHPSRGHVHUYLoRFRPR3UHVLGHQWHRX&RQVHOKHLURYHGDGDSRUpP
DFRQWDJHPFRPXWDWLYDFRPWHPSRH[HUFLGRHPFDUJRS~EOLFR
%UDVtOLDGHDEULOGHGD,QGHSHQGrQFLDHGD5HS~EOLFD
$&267$(6,/9$
(VWHWH[WRQmRVXEVWLWXLRSXEOLFDGRQR'28GH
KWWSZZZSODQDOWRJRYEUFFLYLOB/HLV/KWP