Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Ùmero e Cíngulo MMSS
Ùmero e Cíngulo MMSS
PHURH&QJXORGR0HPEUR6XSHULRU
&2/$%25$2'(
'DQ/+REEV0656575&705
&2/$%25$'25(6'$6(',(6$17(5,25(6
/LQGD6/LQJDU0(G5750H'RQQD'DYLV0(G575&9
6805,2
$QDWRPLD5DGLRJU¡ILFD
PHUR
&QJXORGRPHPEURVXSHULRU
([HUFFLRVGHUHYLV£RFRPUDGLRJUDILDV
&ODVVLILFD§£RGDVDUWLFXOD§µHV
3RVLFLRQDPHQWR5DGLRJU¡ILFR
5RWD§£RGDUHJL£RSUR[LPDOGRºPHUR
3RVLFLRQDPHQWRHFRQVLGHUD§µHVW©FQLFDV
3URWH§£RFRQWUDUDGLD§£R
$SOLFD§µHVSHGL¡WULFDVHJHUL¡WULFDV
&RQVLGHUD§µHVVREUHUDGLRORJLDGLJLWDO
0RGDOLGDGHVHSURFHGLPHQWRVDOWHUQDWLYRV
,QGLFD§µHVFOQLFDV
,QFLGªQFLDVGH5RWLQDH(VSHFLDLV
PHUR
ߧ$3
ߧ/DWHUDLVURWDFLRQDLVߙODWHURPHGLDOHPHGLRODWHUDO
ߧ7UDXPDWLVPRSHUILOFRPUDLRVKRUL]RQWDLV
ߧ7UDQVWRU¡FLFDODWHUDO
&QJXORGRPHPEURVXSHULRUߙVHPWUDXPDWLVPR
ߧ$3ߙURWD§£RH[WHUQD
ߧ$3ߙURWD§£RLQWHUQD
ߧ$[LDOLQIHURVVXSHULRUߙP©WRGRGH/DZUHQFH
ߧ3$ߙWUDQVD[LODUߙ+REEVPRGLILFDGR
ߧ2EOTXDSRVWHULRUߙP©WRGRGH&OHPHQWV
ߧ6XOFRLQWHUWXEHUFXODUELFLSLWDOߙ)LVNPRGLILFDGR
&QJXORGRPHPEURVXSHULRUߙWUDXPDWLVPR
ߧ$3ߙURWD§£RQHXWUD
ߧ3HUILOWUDQVWRU¡FLFRߙP©WRGRGH/DZUHQFH
ߧ3HUILOHVFDSXODUߡ<ߢ
ߧ7DQJHQFLDOߙVDGDGRVXSUDHVSLQDOߙP©WRGRGH1HHU
ߧ$3DSLFDOREOTXDD[LDOߙP©WRGRGH*DUWK
&ODYFXODHDUWLFXOD§µHV$&
ߧ$3
ߧ$3D[LDO
ߧ&RPFDUJDHVHPFDUJDDUWLFXOD§µHV$&
(VF¡SXOD
ߧ$3
ߧ3HUILOߙHUHWR
ߧ3HUILOߙGHFºELWR
5DGLRJUDILDVSDUD$Q¡OLVH
$QDWRPLDUDGLRJU¡ILFD
0HPEUR6XSHULRU([WUHPLGDGH
0£R SXOVRH FRWRYHORGR PHPEURVXSHULRUIRUDPGHVFULWRVQR &DSWXOR (VWHFDSWXORGHVFUHYHR
ºPHURHRFQJXORGRPHPEURVXSHULRUTXHLQFOXLDFODYFXODHDHVF¡SXOD
PHUR
1R PHPEUR VXSHULRU R ºPHUR © R RVVR PDLRU H PDLV ORQJR 2 VHX FRPSULPHQWR QR DGXOWR HTXLYDOH D
DSUR[LPDGDPHQWHXPTXLQWRGDDOWXUDFRUSRUDO2ºPHURVHDUWLFXODFRPDHVF¡SXODO¢PLQDGRRPEUR
QDDUWLFXOD§£RGRRPEUR$DQDWRPLDGDUHJL£RGLVWDOGRºPHURHGDDUWLFXOD§£RGRFRWRYHORIRLGHVFULWD
QR&DSWXOR
5HJL£R3UR[LPDOGRPHUR
$UHJL£RSUR[LPDOGRºPHUR©DSDUWHGREUD§RTXHVHDUWLFXODFRPDHVF¡SXODHIRUPDDDUWLFXOD§£RGR
RPEUR$SDUWHPDLVSUR[LPDO©DFDEH§DGRºPHURTXHWHPFRQILJXUD§£RDUUHGRQGDGD$¡UHDOHYHPHQWH
HVWUHLWDGD GLUHWDPHQWH DEDL[R H ODWHUDO FDEH§D © R FROR DQDW´PLFR TXH DSDUHFH FRPR XPD OLQKD GH
GHPDUFD§£RHQWUHDFDEH§DDUUHGRQGDGDHRVWXE©UFXORVPDLRUHPHQRU
2 SURFHVVR GLUHWDPHQWH DEDL[R GR FROR DQDW´PLFR QD VXSHUIFLH DQWHULRU © R WXE©UFXOR PHQRU 2
SURFHVVRODWHUDOPDLRU©RWXE©UFXORPDLRURQGHVHLQVHUHPRVPºVFXORVSHLWRUDOPDLRUHVXSUDHVSLQDO
2VXOFRSURIXQGRHQWUHHVVHVGRLVWXE©UFXORV©RVXOFRLQWHUWXEHUFXODUVXOFRELFLSLWDO$¡UHDDILODGD
DEDL[R GD FDEH§D H WXE©UFXORV © R FRORFLUºUJLFR H GLVWDO DR FROR FLUºUJLFR RQGH VH HQFRQWUD R ORQJR
FRUSRGL¡ILVHGRºPHUR
2 FROR FLUºUJLFR UHFHEH HVVH QRPH SRUTXH © XP ORFDO GH IUDWXUDV IUHTXHQWHV TXH QHFHVVLWDP GH
FLUXUJLDV$VIUDWXUDVQRFRORDQDW´PLFRRTXDO©HVSHVVRV£RPDLVUDUDV
$ WXEHURVLGDGH GR PºVFXOR GHOWRLGH © XPD HOHYD§£R WULDQJXODU ¡VSHUD DR ORQJR GD VXSHUIFLH
DQWHURODWHUDOGRFRUSRGL¡ILVHRQGHVHLQVHUHRPºVFXORGHOWRLGH
),* &QJXORGRPHPEURVXSHULRU
$QDWRPLDGD5HJL£R3UR[LPDOGRPHURQD5DGLRJUDILD
$ )LJXUD © XPD UDGLRJUDILD DQWHURSRVWHULRU $3 GR RPEUR UHDOL]DGD HP URWD§£R H[WHUQD TXH
FRORFDRºPHURHPXPDSRVL§£R$3YHUGDGHLUDRXIURQWDO$)LJXUDUHSUHVHQWDXPDURWD§£RQHXWUD
SRVL§£RQDWXUDOGREUD§RVHPURWD§£RLQWHUQDRXH[WHUQDTXHVLWXDRºPHURHPXPDSRVL§£RREOTXDD
PHLRFDPLQKRHQWUHXPDLPDJHP$3URWD§£RH[WHUQDHRXWUDODWHUDOURWD§£RLQWHUQD
),* 9LVWDIURQWDOGDUHJL£RSUR[LPDOGRºPHURߙURWD§£RQHXWUDSRVL§£RREOTXD
$OJXPDV UHJLµHV DQDW´PLFDV V£R PDLV GLIFHLV GH YLVXDOL]DU QDV UDGLRJUDILDV TXH QRV GHVHQKRV
(QWUHWDQWR XPD ERD FRPSUHHQV£R GD ORFDOL]D§£R H UHOD§£R HQWUH DV Y¡ULDV SDUWHV DMXGD QHVWD
LGHQWLILFD§£R$VVHJXLQWHVUHJLµHVV£RDSUHVHQWDGDVQD)LJXUD
),* $3GRRPEURߙURWD§£RH[WHUQD
$ &DEH§DGRºPHUR
% 7XE©UFXORPDLRU
& 6XOFRLQWHUWXEHUFXODU
' 7XE©UFXORPHQRU
( &RORDQDW´PLFR
) &RORFLUºUJLFR
* &RUSR
$ORFDOL]D§£RUHODWLYDGRVWXE©UFXORVPDLRUHPHQRU©LPSRUWDQWHQDGHWHUPLQD§£RGHXPDLQFLGªQFLD
IURQWDOYHUGDGHLUDRXXPDLQFLGªQFLD$3YHUGDGHLUDGDUHJL£RSUR[LPDOGRºPHUR2WXE©UFXORPHQRU
HVW¡VLWXDGRDQWHULRUPHQWHHRPDLRUODWHUDOPHQWHHPXPDLQFLGªQFLD$3YHUGDGHLUD
&QJXORGRPHPEURVXSHULRU
2FQJXORGRPHPEURVXSHULRUFRQVLVWHHPGRLVRVVRVDFODYFXODHDHVF¡SXOD$IXQ§£RGDFODYFXODH
GD HVF¡SXOD © VHUYLU FRPR XP HOR HQWUH FDGD PHPEUR VXSHULRU H R WURQFR RX HVTXHOHWR D[LDO
$QWHULRUPHQWH R FQJXOR GR PHPEUR VXSHULRU VH FRQHFWD DR WURQFR QD SRU§£R VXSHULRU GR HVWHUQR
HQWUHWDQWRSRVWHULRUPHQWHHVVDFRQH[£R©LQFRPSOHWDSRUTXHDHVF¡SXODHVW¡OLJDGDDRWURQFRVRPHQWH
SRUPºVFXORV
&DGDFQJXORGRPHPEURVXSHULRUHFDGDPHPEURVXSHULRUVHXQHPQDDUWLFXOD§£RGRRPEURHQWUHD
HVF¡SXOD H R ºPHUR &DGD FODYFXOD VH ORFDOL]D DFLPD GRV DUFRV FRVWDLV DQWHULRUHV H VXSHULRUHV &DGD
HVF¡SXODVHVLWXDDFLPDGRVDUFRVFRVWDLVSRVWHULRUHVHVXSHULRUHV
$ PDUJHP VXSHULRU GD HVF¡SXOD HVW¡ ORFDOL]DGD QR QYHO GD VHJXQGD FRVWHOD SRVWHULRU H D PDUJHP
LQIHULRU QR QYHO GD V©WLPD FRVWHOD SRVWHULRU 7 $ PDUJHP LQIHULRU GD HVF¡SXOD FRUUHVSRQGH D 7
WDPE©P XWLOL]DGD FRPR XPD UHIHUªQFLD SDUD D ORFDOL]D§£R GR UDLR FHQWUDO 5& QR SRVLFLRQDPHQWR GR
W³UD[&DS
&ODYFXOD
$FODYFXOD©XPRVVRORQJRFRPXPDFXUYDWXUDGXSODTXHWHPWUªVSDUWHVSULQFLSDLVGXDVH[WUHPLGDGHVH
XPDSRU§£RFHQWUDOORQJD$H[WUHPLGDGHODWHUDORXDFURPLDOGDFODYFXODVHDUWLFXODFRPRDFU´PLRGD
HVF¡SXOD(VVDDUWLFXOD§£R©FKDPDGDDFURPLRFODYLFXODUHJHUDOPHQWHSRGHVHUSDOSDGDFRPIDFLOLGDGH
$H[WUHPLGDGHPHGLDORXHVWHUQDODUWLFXODVHFRPRPDQºEULRTXH©DSDUWHVXSHULRUGRHVWHUQR(VVD
DUWLFXOD§£R©FKDPDGDHVWHUQRFODYLFXODUHWDPE©P©IDFLOPHQWHSDOSDGD$FRPELQD§£RGDVDUWLFXOD§µHV
HVWHUQRFODYLFXODUHVGHFDGDODGRGRPDQºEULRDMXGDDFRQVWLWXLUXPDLPSRUWDQWHUHIHUªQFLDDQDW´PLFDGH
SRVLFLRQDPHQWRFKDPDGDLQFLVXUDMXJXODU
2 FRUSR GL¡ILVH GD FODYFXOD © D SRU§£R DORQJDGD HQWUH DV GXDV H[WUHPLGDGHV $ H[WUHPLGDGH
DFURPLDO GD FODYFXOD © DFKDWDGD H WHP XPD FXUYDWXUD SDUD EDL[R HP VXD IL[D§£R QR DFU´PLR $
H[WUHPLGDGH HVWHUQDO WHP IRUPDWR PDLV WULDQJXODU H © GLUHFLRQDGD SDUD EDL[R SDUD DUWLFXODUVH FRP R
HVWHUQR
(P JHUDO R WDPDQKRH RIRUPDWR GD FODYFXODGLIHUHP HPKRPHQV HPXOKHUHV $ FODYFXODIHPLQLQD
JHUDOPHQWH©PDLVFXUWDHPHQRVFXUYDTXHDPDVFXOLQD$FODYFXODQRKRPHPWHQGHDVHUPDLVHVSHVVD
HPDLVFXUYD*HUDOPHQWHHVWDºOWLPDFDUDFWHUVWLFD©PDLVHYLGHQWHHPKRPHQVPXLWRPXVFXORVRV
),* &ODYFXOD
5DGLRJUDILDGDFODYFXOD
$UDGLRJUDILD$3GDFODYFXODQD)LJXUDUHYHODDVGXDVDUWLFXOD§µHVHDVWUªVSDUWHVGDFODYFXOD
),* 5DGLRJUDILD$3GDFODYFXOD
$ $UWLFXOD§£RHVWHUQRFODYLFXODU
% ([WUHPLGDGHHVWHUQDO
& &RUSR
' ([WUHPLGDGHDFURPLDO
( $UWLFXOD§£RDFURPLRFODYLFXODU
(VF¡SXOD
$HVF¡SXODO¢PLQDGRRPEURTXHIRUPDDSDUWHSRVWHULRUGRFQJXORGRPHPEURVXSHULRU©XPRVVR
WULDQJXODU SODQR FRP WUªV PDUJHQV WUªV ¢QJXORV H GXDV IDFHV $V WUªV PDUJHQV V£R D PDUJHP PHGLDO
YHUWHEUDO TXH © D PDLV ORQJD RX D PDLV SU³[LPD V Y©UWHEUDV D PDUJHPVXSHULRU GD HVF¡SXOD H D
PDUJHPODWHUDOD[LODURXDPDUJHPPDLVSU³[LPD IRVVDD[LODU)LJ
),* (VF¡SXODߙWUªVPDUJHQVHDDUWLFXOD§£RGRRPEUR
9LVWDDQWHULRU
2V WUªV FDQWRV GD HVF¡SXOD WULDQJXODU V£R FKDPDGRV ߡ¢QJXORVߢ )LJ 2 ¢QJXOR ODWHUDO DOJXPDV
YH]HV FKDPDGRFDEH§D GD HVF¡SXOD © D SDUWH PDLV HVSHVVD H WHUPLQD ODWHUDOPHQWH HP XPD GHSUHVV£R
UDVDFKDPDGDFDYLGDGHIRVVDJOHQRLGDO
),* (VF¡SXODߙYLVWDDQWHULRU
$ FDEH§D XPHUDO VH DUWLFXOD FRP D FDYLGDGH JOHQRLGDO GD HVF¡SXOD SDUD IRUPDU D DUWLFXOD§£R
HVFDSXORXPHUDOWDPE©PFRQKHFLGDFRPRDUWLFXOD§£RGRRPEUR
$ ¡UHD HVWUHLWDGD HQWUH D FDEH§D H R FRUSR GD HVF¡SXOD © R FROR 2V ¢QJXORV VXSHULRU H LQIHULRU
FRUUHVSRQGHP VH[WUHPLGDGHVVXSHULRUHLQIHULRUGDPDUJHPPHGLDORXYHUWHEUDO2FRUSRO¢PLQDGD
HVF¡SXOD©DUTXHDGRSDUDILQVGHPDLRUUHVLVWªQFLD$SDUWHLQIHULRUGRFRUSR©ILQDHSODQDHDOJXPDV
YH]HV©GHQRPLQDGDDVDGDHVF¡SXODHPERUDHVWHVQ£RVHMDPWHUPRVDQDW´PLFRVGHXVRSUHIHUHQFLDO
$ VXSHUIFLH DQWHULRU GD HVF¡SXOD ©GHQRPLQDGD IDFHFRVWDOGDGD DSUR[LPLGDGHFRP DVFRVWHODV$
¡UHD P©GLD GD IDFH FRVWDO UHSUHVHQWD XPD JUDQGH FRQFDYLGDGH RX GHSUHVV£R FRQKHFLGD FRPR IRVVD
VXEHVFDSXODU
2 DFU´PLR © XP SURFHVVR ORQJR H FXUYR TXH VH HVWHQGH ODWHUDOPHQWH VREUH D FDEH§D GR ºPHUR 2
SURFHVVRFRUDFRLGH©XPSURFHVVRHVSHVVRVHPHOKDQWHDXPELFRTXHID]LQFLGªQFLDDQWHULRUSRUEDL[R
GDFODYFXOD$LQFLVXUDGDHVF¡SXOD©XPVXOFRQDPDUJHPVXSHULRUIRUPDGRSDUFLDOPHQWHSHODEDVHGR
SURFHVVRFRUDFRLGH
9LVWDSRVWHULRU
$ )LJXUD GHPRQVWUD XPD HVWUXWXUD SURHPLQHQWH QD IDFH GRUVDO RX SRVWHULRU GD HVF¡SXOD FKDPDGD
HVSLQKD $ SRU§£R HOHYDGD GD HVSLQKD GD HVF¡SXOD FRPH§D QD PDUJHP YHUWHEUDO FRPR XPD ¡UHD
WULDQJXODUOLVDHHVWHQGHVHODWHUDOPHQWHSDUDWHUPLQDUQRDFU´PLRTXHSDVVDSRUFLPDGDDUWLFXOD§£RGR
RPEURSRVWHULRUPHQWH
),* (VF¡SXODߙYLVWDSRVWHULRU
$ PDUJHP SRVWHULRU RX SRQWD GD HVSLQKD © XP WDQWR HVSHVVD H GHQRPLQDVH FULVWD GD HVSLQKD $
HVSLQKD VHSDUD D VXSHUIFLH SRVWHULRU HP IRVVDVLQIUDH VXSUDHVSLQDO (VVDV GXDV IRVVDV VHUYHP FRPR
VXSHUIFLHVGHIL[D§£RSDUDRVPºVFXORVGRRPEUR2VQRPHVGHVVHVPºVFXORVHVW£RDVVRFLDGRVDVXDV
UHVSHFWLYDVIRVVDV
9LVWDODWHUDO
$YLVWDODWHUDOGDHVF¡SXODGHPRQVWUDDVSRVL§µHVUHODWLYDVGDVY¡ULDVSDUWHVGDHVF¡SXOD)LJ$
HVF¡SXOD © GHOJDGD H DVVHPHOKDVH D XPD OHWUD ߡ<ߢ QHVWD SRVL§£R $V SDUWHV VXSHULRUHV GR ߡ<ߢ V£R R
DFU´PLRHRSURFHVVRFRUDFRLGH2DFU´PLR©DH[WUHPLGDGHGLVWDOH[SDQGLGDGDHVSLQKDTXHVHHVWHQGH
VXSHULRU H SRVWHULRUPHQWH HP GLUH§£R FDYLGDGH IRVVD JOHQRLGDO 2 SURFHVVRFRUDFRLGH VH ORFDOL]D
PDLVDQWHULRUPHQWHHPUHOD§£R FDYLGDGHJOHQRLGDORXDUWLFXOD§£RGRRPEUR
),* (VF¡SXODߙYLVWDODWHUDO
$SDUWHLQIHULRUGRߡ<ߢ©RFRUSRGDHVF¡SXOD$VXSHUIFLHSRVWHULRUGRFRUSRGDHVF¡SXOD©DIDFH
GRUVDO$HVSLQKDVHHVWHQGHGDIDFHGRUVDOHPVXDPDUJHPVXSHULRU$VXSHUIFLHDQWHULRUGRFRUSR©D
IDFH YHQWUDO FRVWDO $ PDUJHP ODWHUDO D[LODU © XPD PDUJHP PDLV HVSHVVD RX PDLV ODUJD TXH VH
HVWHQGHGDFDYLGDGHJOHQRLGDOSDUDR¢QJXORLQIHULRUFRPRGHPRQVWUDGRQHVVDYLVWDODWHUDO
([HUFFLRVGHUHYLV£RFRPUDGLRJUDILDVGDHVF¡SXOD
,QFLGªQFLD$3
$)LJXUD©XPDLQFLGªQFLD$3GDHVF¡SXODUHDOL]DGDFRPREUD§RDEGX]LGRSDUDQ£RVHVREUHSRU
HVF¡SXOD 2 FRQKHFLPHQWR GRV IRUPDWRV H UHOD§µHV GDV SDUWHV DQDW´PLFDV DMXGD QD LGHQWLILFD§£R GDV
VHJXLQWHVUHJLµHV
),* ,QFLGªQFLD$3GDHVF¡SXOD
$ $FU´PLR
% &RORGDHVF¡SXODDSUR[LPDGDPHQWHFPDEDL[RGRSURFHVVRFRUDFRLGH
& ,QFLVXUDHVFDSXODU
' QJXORVXSHULRU
( 0DUJHPPHGLDOYHUWHEUDO
) QJXORLQIHULRU
* 0DUJHPODWHUDOD[LODU
+ &DYLGDGHIRVVDJOHQRLGDORXDUWLFXOD§£RGRRPEUR
,QFLGªQFLD/DWHUDO
(VWDLQFLGªQFLDHPߡ<ߢGDHVF¡SXOD©UHDOL]DGDFRPRSDFLHQWHHPXPDSRVL§£RREOTXDDQWHULRUHFRPR
WURQFR VXSHULRU URGDGR DW© TXH D HVF¡SXOD VH GLVVRFLH GRV DUFRV FRVWDLV HP XPD LQFLGªQFLD ODWHUDO
YHUGDGHLUD)LJ1HVWDYLVWDODWHUDODHVF¡SXODDSUHVHQWDRIRUPDWRGHXPߡ<ߢHPTXHRDFU´PLR
HRSURFHVVRFRUDFRLGHIRUPDPDVSHUQDVVXSHULRUHVGRߡ<ߢHRFRUSRDSHUQDLQIHULRU$SRVL§£RGR
ߡ<ߢHVFDSXODUUHFHEHHVWHQRPHSRUFDXVDGHVHXIRUPDWR
),* ,QFLGªQFLDODWHUDOHVFDSXODUߡ<ߢ
$VSDUWHVLGHQWLILFDGDVREVHUYDGDVV£R
$ $FU´PLR
% 3URFHVVRFRUDFRLGH
& QJXORLQIHULRU
' (VSLQKDGDHVF¡SXOD
( &RUSRGDHVF¡SXOD
5HJL£R3UR[LPDOGRPHURH(VF¡SXOD
,QFLGªQFLDLQIHURVVXSHULRUD[LRODWHUDO
(VWDLQFLGªQFLD)LJUHVXOWDHPXPDYLVWDODWHUDOGDFDEH§DHFRORGRºPHUR'HPRQVWUDWDPE©PD
UHOD§£RHQWUHRºPHURHDFDYLGDGHJOHQRLGDOTXHIRUPDDDUWLFXOD§£RGRRPEUR
$DQDWRPLDGDHVF¡SXODSRGHSDUHFHUFRQIXVDQHVVDSRVL§£RPDVDFRPSUHHQV£RGDVUHOD§µHVHQWUHDV
Y¡ULDVSDUWHVIDFLOLWDDLGHQWLILFD§£R
$SDUWH$GD)LJXUD©DSRQWDGRSURFHVVRFRUDFRLGHTXHVHORFDOL]DDQWHULRUPHQWH DUWLFXOD§£R
GRRPEURSRUWDQWR©YLVWDVXSHULRUPHQWHFRPRSDFLHQWHHPGHFºELWRGRUVDOFRPRPRVWUDGRQD
)LJXUD
),* ,QFLGªQFLDLQIHURVVXSHULRUD[LDO
$SDUWH%©DFDYLGDGHJOHQRLGDOTXH©DVXSHUIFLHGHDUWLFXOD§£RGR¢QJXORODWHUDORXFDEH§DGD
HVF¡SXOD
$SDUWH&©DHVSLQKDGDHVF¡SXODTXHVHORFDOL]DSRVWHULRUPHQWHFRPRSDFLHQWHHPGHFºELWRGRUVDO
FRPRH[LELGRQD)LJXUD
),* ,QFLGªQFLDLQIHURVVXSHULRUD[LDO
3DUWH'©RDFU´PLRTXH©DSRU§£RHVWHQGLGDGDHVSLQKDTXHILFDVREUHSRVWDDRºPHURQHVVDSRVL§£R
&ODVVLILFD§£RGDVDUWLFXOD§µHV
7UªV DUWLFXOD§µHVHVW£R HQYROYLGDVQRFQJXORGRPHPEUR VXSHULRUD DUWLFXOD§£R HVWHUQRFODYLFXODU D
DUWLFXOD§£RDFURPLRFODYLFXODUHDUWLFXOD§£RGRRPEUR)LJ
),* $UWLFXOD§µHVGRFQJXORGRPHPEURVXSHULRU
&ODVVLILFD§£R
$VWUªVDUWLFXOD§µHVGRFQJXORGRPHPEURVXSHULRUV£RFODVVLILFDGDVFRPRDUWLFXOD§µHVVLQRYLDLVH VH
FDUDFWHUL]DPSRUXPDF¡SVXODILEURVDTXHFRQW©POTXLGRVLQRYLDO
7LSRGH0RELOLGDGH
2 WLSR GH PRELOLGDGH GH WRGDV HVVDV WUªV DUWLFXOD§µHV © OLYUHPHQWH P³YHO RX GLDUWURGLDO 7RGDV DV
DUWLFXOD§µHVVLQRYLDLVV£RSRUQDWXUH]DOLYUHPHQWHP³YHLVRTXHDVGLIHUH©RWLSRGHPRYLPHQWR
7LSRGH0RYLPHQWR
$DUWLFXOD§£RGRRPEURHQYROYHDMXQ§£RHQWUHDFDEH§DGRºPHURHDFDYLGDGHJOHQRLGDOGDHVF¡SXOD2
WLSR GH PRYLPHQWR © HVIHURLGDO R TXH SHUPLWH JUDQGH OLEHUGDGH GH PRYLPHQWR (VVHV PRYLPHQWRV
LQFOXHP D IOH[£R H[WHQV£R DEGX§£R DGX§£R FLUFXQGXQ§£R H URWD§£R PHGLDO LQWHUQD H ODWHUDO
H[WHUQD
$ FDYLGDGH JOHQRLGDO © PXLWR UDVD R TXH SHUPLWH D PDLRU DPSOLWXGH GH PRYLPHQWR GHQWUH WRGDV DV
DUWLFXOD§µHV GR FRUSR KXPDQR PDV FRP SUHMX]R GD HVWDELOLGDGH H GD IRU§D $ HVWDELOLGDGH ©
SRVVLELOLWDGD SRU OLJDPHQWRV WHQGµHV H PºVFXORV IRUWHV TXH FLUFXQGDP D DUWLFXOD§£R (QWUHWDQWR R
HVWLUDPHQWRGHVVHVPºVFXORVHWHQGµHVSRGHFDXVDUDVHSDUD§£RRXOX[D§£RGDFDEH§DXPHUDOHPUHOD§£R
FDYLGDGHJOHQRLGDO$VOX[D§µHVQDDUWLFXOD§£RGRRPEURV£RPDLVIUHTXHQWHVTXHHPTXDOTXHURXWUD
DUWLFXOD§£R R TXH MXVWLILFD D DOWD GHPDQGD GH H[DPHV UDGLRO³JLFRV GR RPEUR SDUD DYDOLD§£R GH GDQR
HVWUXWXUDO 2 FQJXOR GR PHPEUR VXSHULRU WDPE©P LQFOXL GXDV DUWLFXOD§µHV TXH HQYROYHP DPEDV DV
H[WUHPLGDGHVGDFODYFXODHVWHUQRFODYLFXODUHDFURPLRFODYLFXODU
$DUWLFXOD§£RHVWHUQRFODYLFXODU©XPDDUWLFXOD§£RGHSODQRGXSORGHVOL]DQWHSRUTXHDH[WUHPLGDGH
GLVWDOGDFODYFXODVHDUWLFXODFRPRPDQºEULRHDFDUWLODJHPGDSULPHLUDFRVWHOD2FRUUHXPDTXDQWLGDGH
OLPLWDGDGHPRYLPHQWRGHVOL]DQWHHPTXDVHWRGDVDVGLUH§µHV
$ DUWLFXOD§£R DFURPLRFODYLFXODU WDPE©P © XPD SHTXHQD DUWLFXOD§£R VLQRYLDO FRP PRYLPHQWR WLSR
SODQRRXGHVOL]DQWHHQWUHDH[WUHPLGDGHDFURPLDOGDFODYFXODHDIDFHPHGLDOGRDFU´PLRGDHVF¡SXOD
2FRUUHPGRLVWLSRVGHPRYLPHQWRQHVVDDUWLFXOD§£R2PRYLPHQWRSULP¡ULR©XPDD§£RGHGHVOL]DPHQWR
HQWUH D H[WUHPLGDGH GD FODYFXOD H R DFU´PLR 8P PRYLPHQWR URWDFLRQDO VHFXQG¡ULR WDPE©P RFRUUH
HQTXDQWRDHVF¡SXODVHPRYHSDUDDIUHQWHHSDUDWU¡VHPUHOD§£R FODYFXOD(VVHPRYLPHQWRSHUPLWH
TXH D HVF¡SXOD DMXVWH VXD SRVL§£R H SHUPDQH§D HP FRQWDWR QWLPR FRP D SDUHGH WRU¡FLFD SRVWHULRU
(QWUHWDQWRRPRYLPHQWRURWDFLRQDO©OLPLWDGRHHVVDDUWLFXOD§£RJHUDOPHQWH©GHQRPLQDGDGRWLSRSODQR
RXGHVOL]DQWH
5 H VXPR GD VD UW LF XOD § µ H VGD F QJ XOR GR PH PEUR VXSH ULR U
&ODVVLILFD§£R
6LQRYLDOF¡SVXODDUWLFXODUFRQWHQGROTXLGRVLQRYLDO
7LSRGH0RELOLGDGH
'LDUWURGLDOOLYUHPHQWHP³YHO
7LSRVGH0RYLPHQWRV
$UWLFXOD§£RGRRPEUR (VIHURLGDO
$UWLFXOD§£RHVWHUQRFODYLFXODU 3ODQRRXGHVOL]DPHQWR
$UWLFXOD§£RDFURPLRFODYLFXODU 3ODQRRXGHVOL]DPHQWR
3RVLFLRQDPHQWRUDGLRJU¡ILFR
5HJL£R3UR[LPDOGRPHURHP5RWD§£R
5DGLRJUDILDVGDUHJL£RSUR[LPDOGRºPHUR
,QFLGªQFLDV URWDFLRQDLV GR ºPHUR RX GR FQJXOR GR PHPEUR VXSHULRU FRPXPHQWH V£R UHDOL]DGDV HP
SDFLHQWHV TXH Q£R VRIUHUDP WUDXPDWLVPR TXDQGR IUDWXUDV HYLGHQWHV RX OX[D§µHV GR ºPHUR M¡ IRUDP
GHVFDUWDGDV (VVDV LQFLGªQFLDV URWDFLRQDLV HP $3 GHOLQHLDP EHP D DUWLFXOD§£R GR RPEUR H SRGHP
PRVWUDUGHS³VLWRVGHF¡OFLRRXRXWUDVFRQGL§µHV'HYHPVHREVHUYDUHVSHFLILFDPHQWHDORFDOL]D§£RHRV
IRUPDWRVGRVWXE©UFXORVPDLRU$HPHQRU%QHVWDVUDGLRJUDILDVHPURWD§£RH[WHUQDLQWHUQDHQHXWUD
)LJVH
&RPRHVWXGRGDSRVL§£RHGDVUHOD§µHVGRVWXE©UFXORVPDLRUHPHQRUHPXPDUDGLRJUDILDGRRPEUR
SRGHVH GHWHUPLQDU D SRVL§£R URWDFLRQDO GR EUD§R (VWD FRPSUHHQV£R SHUPLWH TXH VH VDLED TXDO
LQFLGªQFLD URWDFLRQDO © QHFHVV¡ULD SDUD D YLVXDOL]D§£R GH SDUWHV HVSHFILFDV GD UHJL£R SUR[LPDO GR
ºPHUR
5RWD§£R([WHUQD
$SRVL§£RHPURWD§£RH[WHUQDUHSUHVHQWDXPDLQFLGªQFLD$3YHUGDGHLUDGRºPHURQDSRVL§£RDQDW´PLFD
FRPRGHWHUPLQDGRSHORVHSLF´QGLORVGDUHJL£RGLVWDOGRºPHUR2SRVLFLRQDPHQWRUHTXHUDVXSLQD§£RGD
P£RHDURWD§£RH[WHUQDGRFRWRYHORGHPRGRTXHDOLQKDHSLFRQGLODUILTXHHPSDUDOHORDRUHFHSWRUGH
LPDJHP5,)LJ
),* 5RWD§£RH[WHUQDLQFLGªQFLD$3GRºPHUR
2EVHUYD§£R
9RFªSRGHQRWDUHPVLPHVPRDRGHL[DUREUD§RSHQGHQWHDRODGRGRFRUSRHURGDUH[WHUQDPHQWHDP£R
HEUD§RHQTXDQWRSDOSDRVHSLF´QGLORVGDUHJL£RGLVWDOGRºPHUR
5RWD§£R,QWHUQD
3DUDDSRVL§£RHPURWD§£RLQWHUQDDP£RHREUD§RV£RURGDGRVLQWHUQDPHQWHDW©TXHRVHSLF´QGLORVGD
UHJL£RGLVWDOGRºPHURHVWHMDPSHUSHQGLFXODUHVDR5,RTXHFRORFDRºPHURHPXPDLQFLGªQFLDODWHUDO
YHUGDGHLUD $ P£R GHYH HVWDU SURQDGD H R FRWRYHOR DMXVWDGR GH IRUPD TXH RV HSLF´QGLORV HVWHMDP
SHUSHQGLFXODUHVDR5,)LJ
),* 5RWD§£RLQWHUQDLQFLGªQFLDODWHUDOGRºPHUR
$LQFLGªQFLD$3GRRPEURUHDOL]DGDHPURWD§£RLQWHUQD©SRUWDQWRXPDLQFLGªQFLDODWHUDOGDUHJL£R
SUR[LPDOGRºPHURQDTXDORWXE©UFXORPDLRU$DJRUDHVW¡URGDGRDQWHULRUHPHGLDOPHQWH2WXE©UFXOR
PHQRU%WDPE©P©DQWHULRUPDVPHGLDODRWXE©UFXORPDLRU
5RWD§£R1HXWUD
(VVDLQFLGªQFLD©DSURSULDGDSDUDXPSDFLHQWHWUDXPDWL]DGRTXDQGRQ£R©DFRQVHOK¡YHOUHDOL]DUURWD§£R
2VHSLF´QGLORVGDUHJL£RGLVWDOGRºPHURDSDUHFHPHPXP¢QJXORDSUR[LPDGRGHRHPUHOD§£RDR5,
$ SDOPD GD P£R YROWDGD SDUD GHQWUR QD GLUH§£R GD FR[D UHVXOWD QXPD SRVL§£R REOTXD HP R GR
ºPHUR $ SRVL§£R QHXWUD ILFD DSUR[LPDGDPHQWH D PHLR FDPLQKR HQWUH DV SRVL§µHV GH URWD§£R LQWHUQD H
H[WHUQD 2 WXE©UFXOR PDLRU © DQWHULRU PDV DLQGD ODWHUDO DR WXE©UFXOR PHQRU FRPR SRGH VHU YLVWR QD
)LJXUD
),* 5RWD§£RQHXWUDLQFLGªQFLDREOTXDGRºPHUR
&RQVLGHUD§µHVVREUH3RVLFLRQDPHQWRH([SRVL§£R
$VFRQVLGHUD§µHVJHUDLVVREUHRSRVLFLRQDPHQWRSDUDRºPHURHFQJXORGRPHPEURVXSHULRUFODYFXODH
HVF¡SXODV£RVLPLODUHV VGHRXWURVSURFHGLPHQWRVHPPHPEURVVXSHULRUHVHLQIHULRUHV
&RQVLGHUD§µHV7©FQLFDV
'HSHQGHQGRGDHVSHVVXUDGRPHPEURRºPHURSRGHVHUUDGLRJUDIDGRFRPRXVHPXPDJUDGH$VJUDGHV
JHUDOPHQWHV£RXWLOL]DGDVFRPRSDFLHQWHHPRUWRVWDVHSRUPHLRGHXP%XFN\(QWUHWDQWRRPEURVDGXOWRV
JHUDOPHQWHPHGHPGHDFPHRXVRGDJUDGH©SRUWDQWRQHFHVV¡ULR2XWUDVFRQVLGHUD§µHVW©FQLFDV
VHU£RUHODFLRQDGDVDVHJXLU&ULDQ§DVHDGXOWRVPDJURVSRGHPWHURPEURVFRPPHQRVGHFPRTXH
GHPDQGD DMXVWHV GRIDWRUGH H[SRVL§£RVHPR HPSUHJRGHJUDGHV $V DUWLFXOD§µHVDFURPLRFODYLFXODUHV
$&JHUDOPHQWHWDPE©PPHGHPPHQRVGHFPHQHFHVVLWDPGHPHQRUN9DN9VHPJUDGHVQR
PRGR DQDO³JLFR ߙ FRP VLVWHPDV GLJLWDLV R N9 © PDLRU (QWUHWDQWR HVVD SU¡WLFD SRGH YDULDU QD
GHSHQGªQFLD GR SURWRFROR GR GHSDUWDPHQWR H DV JUDGHV JHUDOPHQWH V£R XWLOL]DGDV SDUD DV DUWLFXOD§µHV
$&SRUVHUYLUHPDRGXSORSURS³VLWRGHVXVWHQWDUR5,HHOLPLQDUDGLVSHUV£RGDUDGLD§£R2XVRGHXPD
JUDGHUHVXOWDHPUDGLD§£RDGLFLRQDOSDUDRSDFLHQWHFDXVDGDSHODQHFHVVLGDGHGHDXPHQWRGRVIDWRUHVGH
H[SRVL§£R
PHURHRPEURGHXPDGXOWRP©GLR
1YHLVP©GLRVGHN9DFRPJUDGHVHWLYHUPDLVGHFPVHFPDN9VHPJUDGH
XVRGHDN9DPDLVSDUDVLVWHPDVGLJLWDLV©FRPXPSDUDDPDLRULDGRVSURFHGLPHQWRV
1YHLVPDLVHOHYDGRVGHP$FRPPHQRUHVWHPSRVGHH[SRVL§£R
3RQWRIRFDOSHTXHQR
&HQWUDOL]DUDF©OXODSDUDRFRQWUROHDXWRP¡WLFRGHH[SRVL§£R&$(VHXWLOL]DGRSDUDRPEURW©FQLFDV
PDQXDLVSRGHPVHUUHFRPHQGDGDVFRPFHUWDVLQFLGªQFLDVFRPRGRºPHURHDUWLFXOD§£R$&
1YHLVGHP$VDGHTXDGRVSDUDGHQVLGDGHEULOKRVXILFLHQWHSDUDDYLVXDOL]D§£RGDVSDUWHVPROHV
PDUJHQV³VVHDVHPDUFDVWUDEHFXODUHVGHWRGRVRVRVVRV
'LVW¢QFLDHQWUHDIRQWHHRUHFHSWRUGHLPDJHP')5GHDFPH[FHWRSDUDDDUWLFXOD§£R$&
TXHQHFHVVLWDGHXPD')5GHFPSDUDXPDPHQRUGLYHUJªQFLDGRIHL[H
3URWH§£R
*´QDGDV
*HUDOPHQWHDSURWH§£RJRQDGDO©LPSRUWDQWHTXDQGRVHUHDOL]DPUDGLRJUDILDVQDSRVL§£RVXSLQDSRU
FDXVD GD SUR[LPLGDGH GDV SDUWHV GR PHPEUR VXSHULRU ߙ P£RV H SXOVRV ߙ FRP DV J´QDGDV 4XDQGR R
SDFLHQWH HVW¡ VHQWDGR H HUHWR D UHOD§£R GRV IHL[HV GLYHUJHQWHV GH 5; FRP D UHJL£R S©OYLFD WDPE©P
GHPDQGDSURWH§£RJRQDGDO$SURWH§£RGHUHJLµHVUDGLRVVHQVYHLVGRFRUSRVHPSUHTXHSRVVYHO©XPD
ERDSU¡WLFDHWUDQVPLWHFRQILDQ§DDRSDFLHQWH
7LUHRLGHSXOPµHVHPDPDV
$UDGLRJUDILDGRRPEURSRGHJHUDUGRVHVGHUDGLD§£RSRWHQFLDOPHQWHVLJQLILFDWLYDVSDUDDWLUHRLGHRV
SXOPµHV H DV PDPDV ³UJ£RV UDGLRVVHQVYHLV FRP ULVFR UHODWLYR GH VH WRUQDUHP FDQFHURVRV HP
FRPSDUD§£R VGRVHVGHFRUSRWRWDO&DSSLPSRUWDQWHFROLPDUEHPD¡UHDGHLQWHUHVVHEHP
FRPR IRUQHFHU SURWH§£R GH FRQWDWR VREUH DV UHJLµHV GRV SXOPµHV PDPDV H WLUHRLGH GHVGH TXH Q£R
REVFXUH§DPD¡UHDGHLQWHUHVVH
$SOLFD§µHV3HGL¡WULFDV
$V URWLQDV XWLOL]DGDV SDUD RV H[DPHV UDGLRO³JLFRV GR ºPHUR H FQJXOR GR PHPEUR VXSHULRU JHUDOPHQWH
Q£R YDULDP GH PRGR VLJQLILFDWLYR GH SDFLHQWHV DGXOWRV SDUD SHGL¡WULFRV DSHVDU GH VHU HVVHQFLDO TXH D
W©FQLFDGHH[SRVL§£RVHMDUHGX]LGDSDUDFRPSHQVDUDPHQRUTXDQWLGDGHHGHQVLGDGHGRVWHFLGRVEULOKR
2VDUWHIDWRVGHPRYLPHQWRLQIOXHQFLDPGHPRGRLPSRUWDQWHDTXDOLGDGHGDUDGLRJUDILD$LPRELOL]D§£R
JHUDOPHQWH©QHFHVV¡ULDSDUDDPDQXWHQ§£RGDFULDQ§DQXPDSRVL§£RDGHTXDGD(VSRQMDVHILWDVV£RPXLWR
ºWHLVPDV©QHFHVV¡ULRFXLGDGRTXDQGRVHXWLOL]DPFR[LQVSRUFDXVDGRSHVR
2V SDLV IUHTXHQWHPHQWH V£R VROLFLWDGRV D DX[LOLDU GXUDQWH R H[DPH UDGLRO³JLFR 3URWH§£R DGHTXDGD
GHYH VHU IRUQHFLGD VH RV SDLV SHUPDQHFHUHP QD VDOD GH H[DPH GXUDQWH D H[SRVL§£R 2 W©FQLFR GHYH
FRQYHUVDUFRPDFULDQ§DGHIRUPDFDOPDHXWLOL]DUSDODYUDVTXHHODSRVVDHQWHQGHUFRPIDFLOLGDGH
$SOLFD§µHV*HUL¡WULFDV
HVVHQFLDORULHQWDUSDFLHQWHVLGRVRVFRPLQVWUX§µHVFODUDVHFRPSOHWDV2VH[DPHVURWLQHLURVGRºPHUR
H GR FQJXOR GR PHPEUR VXSHULRU SRGHP VHU DOWHUDGRV SDUD FRPSDWLELOL]DUVH FRQGL§£R IVLFD GH XP
SDFLHQWH LGRVR (P GHFRUUªQFLD GH GRHQ§DVGHJHQHUDWLYDVFRPXPHQWH HQFRQWUDGDV HPLGRVRV SRGH VHU
QHFHVV¡ULDXPDUHGX§£RGDLQWHQVLGDGHGRVSDU¢PHWURVGDW©FQLFDUDGLRJU¡ILFD
&RQVLGHUD§µHVVREUH5DGLRORJLD'LJLWDO
'LUHWUL]HV HVSHFILFDV GHYHP VHU VHJXLGDV DR VHUHP XWLOL]DGRV VLVWHPDV GH LPDJHQV GLJLWDLV SDUD D
UHDOL]D§£RGHUDGLRJUDILDVGRºPHURHGRFQJXORGRPHPEURVXSHULRU(VVDVGLUHWUL]HVSDUDRPHPEUR
VXSHULRUIRUDPGHVFULWDVFRPPDLVGHWDOKHVQR&DSWXORHHVW£RUHVXPLGDVDVHJXLU
&ROLPD§£RLPSRUWDQWHXPDERDFROLPD§£RSDUDDVVHJXUDUTXHDTXDOLGDGHGDLPDJHPILQDODS³VR
SURFHVVDPHQWRVHMDLGHDO
&HQWUDOL]D§£RDFXUDGD3RUFDXVDGRPRGRFRPRROHLWRUGDSODFDGHOHLWXUDGDLPDJHPGLJLWDO
HVFDQHLDDSODFDGHLPDJHPH[SRVWD©LPSRUWDQWHTXHDSDUWHFRUSRUDOHR5&HVWHMDPSUHFLVDPHQWH
FHQWUDOL]DGRVQR5,
)DWRUHVGHH[SRVL§£R(PUHOD§£R H[SRVL§£RGRSDFLHQWHRSULQFSLR$/$5$RXVHMDH[SRUR
SDFLHQWHRPQLPRSRVVYHO UDGLD§£RGHYHVHUVHJXLGRXWLOL]DURVPHQRUHVIDWRUHVGHH[SRVL§£R
QHFHVV¡ULRVSDUDREWHUXPDLPDJHPGLDJQ³VWLFD,VVRHQYROYHRXVRGHQYHLVGHN9PDLVHOHYDGRVH
GHP$VPDLVEDL[RVTXHUHVXOWHHPXPDLPDJHPILQDOGHERDTXDOLGDGHGLDJQ³VWLFD
$YDOLD§£RS³VSURFHVVDPHQWRHQGLFHGHH[SRVL§£R$S³VRSURFHVVDPHQWRGDLPDJHPTXHILFD
SURQWDSDUDYLVXDOL]D§£RRW©FQLFRGHYHDYDOLDURQGLFHGHH[SRVL§£RSDUDYHULILFDUVHRVIDWRUHVGH
H[SRVL§£RXWLOL]DGRVHVW£RGHQWURGRVSDGUµHV$/$5$HSURGX]HPXPDLPDJHPGHERDTXDOLGDGH
0RGDOLGDGHVRX3URFHGLPHQWRV$OWHUQDWLYRV
$UWURJUDILD
3RUYH]HVDDUWURJUDILD©XWLOL]DGDQRH[DPHGHSDWRORJLDGDVSDUWHVPROHVFRPRUXSWXUDVGRPDQJXLWR
URWDGRU (VVH SURFHGLPHQWR GHVFULWR FRP PDLV GHWDOKHV QR &DSWXOR UHTXHU R XVR GH PHLR GH
FRQWUDVWH UDGLRO³JLFR LQMHWDGR GH IRUPD HVW©ULO DWUDY©V GD F¡SVXOD DUWLFXODU VRE D RULHQWD§£R GD
IOXRURVFRSLD
7RPRJUDILD&RPSXWDGRUL]DGDH5HVVRQ¢QFLD0DJQ©WLFD
$ 7& WRPRJUDILD FRPSXWDGRUL]DGD H D 50 UHVVRQ¢QFLD PDJQ©WLFD JHUDOPHQWH V£R XWLOL]DGDV SDUD
DYDOLDURHQYROYLPHQWRGDVSDUWHVPROHVH³VVHDVGRRPEUR,PDJHQVGH7&WDPE©PV£RH[FHOHQWHVSDUD
DYDOLDU D H[WHQV£R GH IUDWXUDV $ 50 FRP RX VHP XVR GH PHLR GH FRQWUDVWH © ºWLO QR GLDJQ³VWLFR GDV
OHVµHVGRPDQJXLWRURWDGRU$DUWURWRPRJUDILDFRPR©GHVFULWDQR&DSWXORSRGHVHUUHDOL]DGDDS³VD
DUWURJUDILDFRQYHQFLRQDO
0HGLFLQDQXFOHDU
$VLPDJHQVGHFLQWLORJUDILD³VVHDV£RºWHLVQDGHPRQVWUD§£RGHRVWHRPLHOLWHOHVµHVPHWDVW¡WLFDVGRRVVR
HFHOXOLWH$VGRHQ§DVV£RGHPRQVWUDGDVKRUDVDS³VDDGPLQLVWUD§£RGRUDGLRWUD§DGRU$FLQWLORJUDILD
©PDLVVHQVYHOTXHDUDGLRJUDILDSRUTXHDYDOLDRVDVSHFWRVILVLRO³JLFRVHPYH]GRVDQDW´PLFRV
8OWUDVVRQRJUDILD
2XOWUDVVRP©ºWLOSDUDDUWLFXOD§µHVFRPRDGRRPEURSRUTXHSHVTXLVDSRVVYHLVUXSWXUDVGRPDQJXLWR
URWDGRU H OHVµHV GD EROVD QHUYRV WHQGµHV RX OLJDPHQWRV (VVHV HVWXGRV SRGHP VHU FRPSOHPHQWDUHV D
RXWURVPDLVFDURVFRPRD502XOWUDVVRPWDPE©PSHUPLWHDDYDOLD§£RGLQ¢PLFDGDDUWLFXOD§£R
,QGLFD§µHV&OQLFDV
$VLQGLFD§µHVFOQLFDVTXHHQYROYHPRFQJXORGRPHPEURVXSHULRUFRPDVTXDLVWRGRWHFQ³ORJRGHYH
VHIDPLOLDUL]DULQFOXHPDVVHJXLQWHV
$UWULWHUHXPDWRLGH©XPDGRHQ§DVLVWªPLFDFU´QLFDFDUDFWHUL]DGDSRUDOWHUD§µHVLQIODPDW³ULDVTXH
RFRUUHPQRVWHFLGRVFRQMXQWLYRVGRFRUSR
%XUVLWH©XPDLQIODPD§£RGDVEROVDVVDFRVSUHHQFKLGRVSRUOTXLGRTXHHQYROYHDVDUWLFXOD§µHV
*HUDOPHQWHHVW¡DVVRFLDGD FDOFLILFD§£RQRVWHQGµHVRTXHFDXVDGRUHOLPLWD§£RGHPRYLPHQWRV
&DSVXOLWHDGHVLYDFU´QLFDLGLRS¡WLFDRPEURFRQJHODGR©XPDOLPLWD§£RGRRPEURFDXVDGDSHOD
LQIODPD§£RFU´QLFDGHQWURHDRUHGRUGDDUWLFXOD§£R&DUDFWHUL]DVHSRUGRUHOLPLWD§£RGH
PRYLPHQWRLGLRS¡WLFDVLJQLILFDߡGHFDXVDGHVFRQKHFLGDߢ
'HIHLWRGH+LOO6DFKV©XPDIUDWXUDSRUFRPSUHVV£RGDVXSHUIFLHDUWLFXODUGDIDFHSRVWHURODWHUDOGD
FDEH§DXPHUDOTXHJHUDOPHQWHHVW¡DVVRFLDGD OX[D§£RDQWHULRUGDFDEH§DXPHUDO
'L¡VWDVHGDDUWLFXOD§£R$&©RWUDXPDWLVPRGDUHJL£RVXSHULRUGRRPEURTXHUHVXOWDQDUXSWXUDSDUFLDO
RXFRPSOHWDGRVOLJDPHQWRV$&HRXFRUDFRFODYLFXODU&&
/HV£RGH%DQNDUW©XPDOHV£RGDIDFHDQWHURLQIHULRUGRO¡ELRGDFDYLGDGHJOHQRLGDO$FDXVDXVXDO
DGY©PGHXPDOX[D§£RDQWHULRUGDUHJL£RSUR[LPDOGRºPHUR$VOX[D§µHVUHSHWLGDVSRGHPUHVXOWDU
HPXPDSHTXHQDIUDWXUDSRUDYXOV£RQDUHJL£RDQWHURLQIHULRUGDPDUJHPGDFDYLGDGHJOHQRLGDO
/X[D§£RDFURPLRFODYLFXODU$&©XPDOHV£RQDTXDODUHJL£RGLVWDOGDFODYFXODJHUDOPHQWH©
GHVORFDGDSDUDFLPD$TXHGD©DFDXVDPDLVFRPXPGHVVDOHV£R
/X[D§£RGRRPEURVHFDUDFWHUL]DSHORGHVORFDPHQWRWUDXP¡WLFRGDFDEH§DXPHUDOSDUDIRUDGD
FDYLGDGHJOHQRLGDO'DVOX[D§µHVGRRPEURV£RDQWHULRUHVQDVTXDLVDFDEH§DXPHUDO©
SURMHWDGDDQWHULRUPHQWH FDYLGDGHJOHQRLGDO
0DQJXLWRURWDGRUGL]UHVSHLWR OHV£RDJXGDRXFU´QLFDHWUDXP¡WLFDHPXPRXPDLVPºVFXORVTXH
IRUPDPRPDQJXLWRURWDGRUߙUHGRQGRPHQRUVXSUDHVSLQDOLQIUDHVSLQDOHVXEHVFDSXODU$VOHVµHVGR
PDQJXLWRURWDGRUOLPLWDPRDUFRGHPRYLPHQWRVGRRPEUR$OHV£RPDLVFRPXPGRPDQJXLWRURWDGRU
©RLPSDFWRGRPºVFXORVXSUDHVSLQDOHPVXDSDVVDJHPDEDL[RGRDFU´PLRFDXVDGDSRUXPHVSRU£R
³VVHRVXEDFURPLDO$LUULWD§£RUHSHWLGDJHUDGDSHORHVSRU£RSRGHOHYDUDXPDUXSWXUDSDUFLDORX
FRPSOHWDGRWHQG£RVXSUDHVSLQDOHYLGHQFLDGDHPH[DPHVXOWUDVVRQRJU¡ILFRVGRRPEUR)LJ
(;$0(5$',2/*,&20$,6 $-867('2)$725
&21',228'2(1$ 32669(/$3$51&,$5$',2/*,&$
&2080 '((;326,2
,QFLGªQFLDVGH5RWLQDH(VSHFLDLV
&HUWDVLQFLGªQFLDVGHURWLQDHHVSHFLDLVSDUDºPHURRPEURFODYFXODDUWLFXOD§µHV$&HHVF¡SXODV£R
GHPRQVWUDGDV H GHVFULWDV QDV S¡JLQDV D VHJXLU GH DFRUGR FRP URWLQDV RX SURFHGLPHQWRV E¡VLFRV RX
HVSHFLDLVGRVGHSDUWDPHQWRVGHUDGLRORJLD
PHUR5RWLQDVHP7UDXPDWLVPRHFRP7UDXPDWLVPR
%¡VLFDV
ߧ$3
ߧ$3URWDFLRQDOODWHUDO
ߧ/DWHUDOUDLRVKRUL]RQWDLV
(VSHFLDO
ߧ7UDQVWRU¡FLFDODWHUDO
2PEUR5RWLQDVHP7UDXPDWLVPR
%¡VLFDV
ߧ$3URWD§£RH[WHUQD$3
ߧ$3URWD§£RLQWHUQDODWHUDO
(VSHFLDO
ߧ$[LDOLQIHURVVXSHULRUP©WRGRGH/DZUHQFH
ߧ3$WUDQVD[LODU+REEVPRGLILFDGR
ߧ$[LDOLQIHURVVXSHULRU&OHPHQWVPRGLILFDGR
ߧ2EOTXDSRVWHULRUߙFDYLGDGHJOHQRLGDOP©WRGRGH*UDVKH\
ߧ,QFLGªQFLDWDQJHQFLDOߙVXOFRLQWHUWXEHUFXODU)LVNPRGLILFDGR
2PEUR5RWLQDGH7UDXPDWLVPR
%¡VLFDV
ߧ$3URWD§£RQHXWUD$3
ߧ7UDQVWRU¡FLFDODWHUDOP©WRGRGH/DZUHQFHRX
ߧ(VFDSXODUODWHUDOߡ<ߢ
(VSHFLDO
ߧ,QFLGªQFLDWDQJHQFLDOߙVDGDGRVXSUDHVSLQDOP©WRGRGH1HHU
ߧ$3DSLFDOREOLTXDD[LDOP©WRGRGH*DUWK
&ODYFXOD
%¡VLFDV
ߧ$3H$3D[LDO
$UWLFXOD§µHV$&
%¡VLFDV
ߧ$3ELODWHUDOFRPFDUJDH$3ELODWHUDOVHPFDUJD
(VF¡SXOD
%¡VLFDV
ߧ$3
ߧ/DWHUDO
ߧ(UHWD
ߧ(PGHFºELWR
$WHQ§£R
1£RWHQWDUURGDUREUD§RTXDQGRKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£R
PHUR
%¡VLFDV
ߧ$3
ߧ5RWDFLRQDOODWHUDO
ߧ3HUILOFRPUDLRVKRUL]RQWDLV
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDHOX[D§£RGRºPHUR
ߧ3URFHVVRVSDWRO³JLFRVLQFOXLQGRRVWHRSRURVH
),* $3HPGHFºELWRGRUVDO
),* $3ߙHUHWR
),* ,QFLGªQFLD$3
),* ,QFLGªQFLDDQWHURSRVWHULRU
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙQRFRPSULPHQWRVXILFLHQWHSDUDLQFOXLUWRGRRºPHUR
ߧ3DUDSDFLHQWHVPDLRUHVFPSRGHVHUQHFHVV¡ULRRSRVLFLRQDPHQWRGLDJRQDOGRFKDVVLSDUD
LQFOXLUDPEDVDVDUWLFXOD§µHV
ߧ3DUDSDFLHQWHVPHQRUHVFP
ߧ*UDGHVHPJUDGH©FUDQGHGHWDOKHSDUDSDFLHQWHVPHQRUHV
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
3RVLFLRQDU R SDFLHQWH HUHWR RX HP GHFºELWR GRUVDO $MXVWDU D DOWXUD GR FKDVVL GH PRGR TXH DV
DUWLFXOD§µHVGRRPEURHGRFRWRYHORHVWHMDPHTXLGLVWDQWHV VH[WUHPLGDGHVGR5,
3RVL§£RGD3DUWH
5RGDURFRUSRSDUDRODGRDIHWDGRDILPGHFRORFDURRPEURHDUHJL£RSUR[LPDOGRºPHURHPFRQWDWR
FRPRFKDVVL
ߧ$OLQKDURºPHURFRPRHL[RORQJLWXGLQDOGR5,DPHQRVTXHVHMDQHFHVV¡ULRXPSRVLFLRQDPHQWR
GLDJRQDOSDUDLQFOXLUDVDUWLFXOD§µHVGRRPEURHGRFRWRYHOR
ߧ(VWHQGHUDP£RHRDQWHEUD§RDW©RSRQWRHPTXHRSDFLHQWHSRVVDWROHUDU
ߧ$EGX]LUOHYHPHQWHREUD§RHVXSLQDUFRPFXLGDGRDP£RGHPRGRTXHRVHSLF´QGLORVGRFRWRYHOR
ILTXHPSDUDOHORVHHTXLGLVWDQWHVHPUHOD§£RDR5,
5&
ߧ5&SHUSHQGLFXODUDR5,GLUHFLRQDGRSDUDRSRQWRP©GLRGRºPHUR
&ROLPD§£R5HFRPHQGDGD
&ROLPDUDPERVRVODGRVSDUDDVPDUJHQVGDVSDUWHVPROHVGRºPHURHRPEUR$PDUJHPLQIHULRUGR
FDPSR GH FROLPD§£R GHYH LQFOXLU D DUWLFXOD§£R GR FRWRYHOR H DSUR[LPDGDPHQWH FP GD UHJL£R
SUR[LPDOGRDQWHEUD§R
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
/D W H UD LVUR W D F LR QD LVߙ LQF LGª QF LD VOD W H UR PH GLD LVR XPH GLR OD W H UD LV
ºPH UR
$WHQ§£R
1£RWHQWDUURGDUREUD§RTXDQGRKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£RYHUVH§£R3HUILOFRP5DLRV
+RUL]RQWDLVSDUD7UDXPDWLVPRQDS
PHUR
%¡VLFDV
ߧ$3
ߧ5RWDFLRQDOODWHUDO
ߧ3HUILOFRPUDLRVKRUL]RQWDLV
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDVHOX[D§µHVGRºPHUR
ߧ3URFHVVRVSDWRO³JLFRVLQFOXLQGRRVWHRSRURVH
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙORQJLWXGLQDOPHQWHJUDQGHRVXILFLHQWHSDUDLQFOXLUWRGRRºPHUR
ߧ3DUDSDFLHQWHVPDLRUHVFP
ߧ3DUDSDFLHQWHVPHQRUHVFP
ߧ*UDGHVHPJUDGH©FUDQGHGHWDOKHVSDUDSDFLHQWHVPHQRUHV
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
),* /DWHUDOHUHWDߙLQFLGªQFLDODWHURPHGLDOGHFRVWDVSDUDR5,
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWHHGD3DUWH
ߧ3RVLFLRQDURSDFLHQWHHUHWRRXHPGHFºELWRGRUVDOSDUDDVLQFLGªQFLDVODWHURPHGLDORXPHGLRODWHUDO
ߧ/DWHURPHGLDO3RVLFLRQDURSDFLHQWHHUHWRFRPRGRUVRSDUDR5,HRFRWRYHORSDUFLDOPHQWH
IOH[LRQDGRRFRUSRURGDGRSDUDRODGRDIHWDGRGHIRUPDTXHRºPHURHRRPEURHVWHMDPHPFRQWDWR
FRPRFKDVVL5RGDULQWHUQDPHQWHREUD§RSDUDTXHILTXHHPLQFLGªQFLDODWHUDOHSLF´QGLORV
SHUSHQGLFXODUHVDR5,
ߧ0HGLRODWHUDO&RORFDURSDFLHQWHGHIUHQWHSDUDR5,)LJHREOLTX¡ORRDRHPUHOD§£R
DR3$SDUDSHUPLWLURFRQWDWRGRºPHURFRPR5,GRPRGRGHPRQVWUDGRIOH[LRQDURFRWRYHORHP
R
),* /DWHUDOHUHWDߙLQFLGªQFLDPHGLRODWHUDOGHIUHQWHSDUDR5,
ߧ$MXVWDUDDOWXUDGRFKDVVLGHPRGRTXHDVDUWLFXOD§µHVGRRPEURHFRWRYHORHVWHMDPHTXLGLVWDQWHVGDV
H[WUHPLGDGHVGRFKDVVL
5&
ߧ5&SHUSHQGLFXODUDR5,GLUHFLRQDGRSDUDRSRQWRP©GLRGRºPHUR
),* ,QFLGªQFLDODWHURPHGLDOFRPRSDFLHQWHHPGHFºELWRGRUVDO
),* ,QFLGªQFLDPHGLRODWHUDOFRPRSDFLHQWHHPS©
),* ,QFLGªQFLDPHGLRODWHUDO
&ROLPD§£R5HFRPHQGDGD
&ROLPDURVTXDWURODGRVSDUDDVPDUJHQVGHSDUWHVPROHVGRºPHURGHPRGRDLQFOXLUDVDUWLFXOD§µHV
GRRPEURHFRWRYHOR
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
$WHQ§£R
1£RWHQWDUURGDUREUD§RTXDQGRKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£R
5HJL£R3UR[LPDOGRPHUR
9HUVH§£R3HUILO7UDQVWRU¡FLFRQDS
PHUR
%¡VLFDV
ߧ$3
ߧ5RWDFLRQDOODWHUDO
ߧ3HUILOFRPUDLRVKRUL]RQWDLV
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDVHOX[D§µHVGRVWHU§RVP©GLRHGLVWDOGRºPHUR
ߧ3URFHVVRVSDWRO³JLFRVLQFOXLQGRRVWHRSRURVH
),* ,QFLGªQFLDODWHURPHGLDO
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙORQJLWXGLQDOPHQWHJUDQGHRVXILFLHQWHSDUDLQFOXLUWRGRRºPHUR
ߧ3DUDSDFLHQWHVPDLRUHVFP
ߧ3DUDSDFLHQWHVPHQRUHVFP
ߧ6HPJUDGHVHRVLVWHPDIRUDQDO³JLFR
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHURVWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWHHGD3DUWH
ߧ&RPRSDFLHQWHGHLWDGRUHDOL]DUDUDGLRJUDILDFRPUDLRVKRUL]RQWDLVODWHUDLVFRPRVXSRUWHVRER
EUD§R
ߧ)OH[LRQDURFRWRYHORVHSRVVYHOPDVQ£RWHQWDUURGDUREUD§RDLQFLGªQFLDGHYHHVWDUDRGD$3
ߧ&RORFDUFRPFXLGDGRRFKDVVLHQWUHREUD§RHRW³UD[WRSRGR5,GLUHFLRQDGRSDUDDIRVVDD[LODU
5&
ߧ5&SHUSHQGLFXODUDRSRQWRP©GLRGRVGRLVWHU§RVGLVWDLVGRºPHUR
&ROLPD§£R5HFRPHQGDGD
&ROLPDUSDUDDVPDUJHQVGHSDUWHVPROHV
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R(VWDHWDSD©LPSRUWDQWHSDUDLPSHGLUDPRYLPHQWD§£RGR
UHFHSWRUGHLPDJHPGXUDQWHDH[SRVL§£R
),* )UDWXUDGDUHJL£RSUR[LPDOGRºPHURURWD§£RQHXWUD(VWD©XPDLQFLGªQFLDQHFHVV¡ULD
SDUDRFDVRGHWUDXPDWLVPRDO©PGHXPDLQFLGªQFLDSHUILOWUDQVWRU¡FLFR
PHURVHPWUDXPDWLVPR
%¡VLFDV
ߧ$3
ߧ5RWDFLRQDOODWHUDO
ߧ3HUILOFRPUDLRVKRUL]RQWDLV
(VSHFLDOWUDXPDWLVPR
ߧ3HUILOWUDQVWRU¡FLFR
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ*UDGHYHUWLFDO5&QDOLQKDFHQWUDO
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
ߧ6HUHDOL]DGDDW©FQLFDODWHUDORUWRVW¡WLFDUHVSLUD§£RߙPQLPRGHVHJXQGRVGHH[SRVL§£RD
VHJXQGRVV£RGHVHM¡YHLV
3URWH§£R
3URWHJHURVWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
&RORFDURSDFLHQWHQDSRVL§£RHUHWDRXHPGHFºELWRGRUVDODSRVL§£RHUHWD©UHFRPHQGDGDFDVRVHMD
PDLVFRQIRUW¡YHO&RORFDURSDFLHQWHQDLQFLGªQFLDODWHUDOFRPRODGRDVHUH[DPLQDGRPDLVSU³[LPR
GR 5, )LJ &RP R SDFLHQWH HP GHFºELWR GRUVDO SRVLFLRQDU DV OLQKDV GD JUDGH SRUW¡WLO
KRUL]RQWDOPHQWHHFHQWUDOL]DUR5&QDOLQKDFHQWUDOSDUDHYLWDURFRUWHGDJUDGH)LJGHWDOKH
3RVL§£RGD3DUWH
ߧ&RORFDUREUD§RDIHWDGRDRODGRGRSDFLHQWHHPURWD§£RQHXWUDDEDL[DURRPEURVHSRVVYHO
ߧ/HYDQWDUREUD§RRSRVWRHFRORFDUDP£RVREUHDFDEH§DHOHYDURRPEURWDQWRTXDQWRSRVVYHOSDUD
HYLWDUVREUHSRVL§£RGRVHJPHQWRDIHWDGR
ߧ&HQWUDOL]DUR5& SRU§£RP©GLDGDGL¡ILVHGRºPHURDIHWDGRHDRFHQWURGR5,DRFRQIRUPHHOHVH
SURMHWDDWUDYHVVDGRQRW³UD[
ߧ$VVHJXUDUTXHRW³UD[HVWHMDHPXPDLQFLGªQFLDODWHUDOYHUGDGHLUDRXTXHRRPEURQ£RDIHWDGRWHQKD
XPDOHYHURWD§£RDQWHULRUSDUDPLQLPL]DUDVREUHSRVL§£RGRºPHURSHODVY©UWHEUDVWRU¡FLFDV
5&
ߧ5&SHUSHQGLFXODUDR5,GLUHFLRQDGRSDUDDSRU§£RP©GLDGDGL¡ILVHDWUDYHVVDGRQRW³UD[YHU
1RWD
),* ,QFLGªQFLDSHUILOWUDQVWRU¡FLFRFRPRSDFLHQWHHPGHFºELWRGRUVDO
&ROLPD§£R5HFRPHQGDGD
&ROLPDURVTXDWURODGRVGD¡UHDGHLQWHUHVVH
5HVSLUD§£R
$W©FQLFDRUWRVW¡WLFDFRPUHVSLUD§£R©SUHIHULGDVHRSDFLHQWHSXGHUFRRSHUDU2SDFLHQWHGHYH
VHURULHQWDGRDUHVSLUDUOHQWDPHQWH
$WHQ§£R
1£RWHQWDUURGDUREUD§RVHKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£RYHUURWLQDGHWUDXPDWLVPR
2PEURVHPWUDXPDWLVPR
%¡VLFDV
ߧ$3URWD§£RH[WHUQD$3
ߧ$3URWD§£RLQWHUQDSHUILO
),* $3ߙURWD§£RH[WHUQD
),* 5RWD§£RH[WHUQD
),* 5RWD§£RH[WHUQD
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDVHOX[D§µHVGDUHJL£RSUR[LPDOGRºPHURHFQJXORGRPHPEURVXSHULRU
ߧ'HS³VLWRVGHF¡OFLRQRVPºVFXORVWHQGµHVRXHVWUXWXUDVGDVEROVDV
ߧ&RQGL§µHVGHJHQHUDWLYDVLQFOXLQGRRVWHRSRURVHHRVWHRDUWULWH
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPWUDQVYHUVDOPHQWHRXORQJLWXGLQDOPHQWHSDUDPRVWUDUPDLVRºPHURVH
DOHV£RLQFOXLUDPHWDGHSUR[LPDOGHVWH
ߧ$QDO³JLFRߙYDULD§£RDN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDURSDFLHQWHHPS©RXHPGHFºELWRGRUVDO$SRVL§£RHUHWDJHUDOPHQWH©PHQRVGRORURVD
SDUD R SDFLHQWH VH D FRQGL§£R GHOH SHUPLWLU 5RGDU OHYHPHQWH R FRUSR SDUD R ODGR DIHWDGR VH
QHFHVV¡ULRSDUDFRORFDURRPEURHPFRQWDWRFRPR5,RXDPHVDGHH[DPHV
3RVL§£RGD3DUWH
ߧ3RVLFLRQDURSDFLHQWHGHIRUPDTXHDDUWLFXOD§£RGRRPEURHVWHMDFHQWUDOL]DGDFRPRFHQWURGR5,
ߧ$EGX]LUOHYHPHQWHREUD§RHVWHQGLGRURGDUH[WHUQDPHQWHREUD§RVXSLQDUDP£RDW©TXHRV
HSLF´QGLORVUHJL£RGLVWDOGRºPHURHVWHMDPSDUDOHORVDR5,
5&
ߧ5&SHUSHQGLFXODUDR5,GLUHFLRQDGRFPDEDL[RGRSURFHVVRFRUDFRLGHYHU2EVHUYD§£R
&ROLPD§£R5HFRPHQGDGD
&ROLPDURVTXDWURODGRVFRPDVPDUJHQVODWHUDOHVXSHULRUDMXVWDGDV VPDUJHQVGHSDUWHVPROHV
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
2EVHUYD§£R
3RGH VHU GLIFLO D SDOSD§£R GLUHWD GR SURFHVVR FRUDFRLGH QD PDLRULD GRV SDFLHQWHV PDV REW©PVH
DOJRDSUR[LPDGRDFPDEDL[RGDSRU§£RODWHUDOGDFODYFXODTXH©PDLVDFHVVYHO
,QF LGª QF LD $3ߙ UR W D § £ R LQW H UQD R PEUR VH PW UD XPD W LVPR
3 H UI LOGD UH J L£ R SUR [LPD OGR ºPH UR
$WHQ§£R
1£RWHQWDUURGDUREUD§RVHKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£RYHUURWLQDGHWUDXPDWLVPR
2PEURVHPWUDXPDWLVPR
%¡VLFDV
ߧ$3URWD§£RH[WHUQD$3
ߧ$3URWD§£RLQWHUQDSHUILO
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDVHOX[D§µHVGDUHJL£RSUR[LPDOHFQJXORGRPHPEURVXSHULRU
ߧ'HS³VLWRVGHF¡OFLRQRVPºVFXORVWHQGµHVRXHVWUXWXUDVGDVEROVDV
ߧ&RQGL§µHVGHJHQHUDWLYDVLQFOXLQGRRVWHRSRURVHHRVWHRDUWULWH
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPWUDQVYHUVDOPHQWHRXORQJLWXGLQDOPHQWHSDUDGHPRQVWUDURºPHUR
LQWHLURVHDOHV£RLQFOXLUDPHWDGHSUR[LPDO
ߧ*UDGH
ߧ$QDO³JLFRߙYDULD§£RDN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
),* 5RWD§£RLQWHUQDߙSHUILO
),* 5RWD§£RLQWHUQDߙSHUILO
),* 5RWD§£RLQWHUQDߙSHUILO
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDURSDFLHQWHHPS©RXGHFºELWRGRUVDO$SRVL§£RHUHWDJHUDOPHQWH©PHQRVGRORURVDSDUD
RSDFLHQWHVHDFRQGL§£RGHOHSHUPLWLU5RGDUOHYHPHQWHRFRUSRSDUDRODGRDIHWDGRVHQHFHVV¡ULR
SDUDFRORFDURRPEURHPFRQWDWRFRPR5,RXDPHVDGHH[DPHV
3RVL§£RGD3DUWH
ߧ3RVLFLRQDURSDFLHQWHGHIRUPDTXHDDUWLFXOD§£RGRRPEURHVWHMDFHQWUDOL]DGDFRPFHQWURGR5,
ߧ$EGX]LUOHYHPHQWHREUD§RHVWHQGLGRURGDULQWHUQDPHQWHREUD§RSURQDUDP£RDW©TXHRV
HSLF´QGLORVGDUHJL£RGLVWDOGRºPHURHVWHMDPSHUSHQGLFXODUHVDR5,
5&
ߧ5&SHUSHQGLFXODUDR5,GLUHFLRQDGRFPDEDL[RGRSURFHVVRFRUDFRLGHYHU2EVHUYD§£R
DQWHULRU
&ROLPD§£R5HFRPHQGDGD
&ROLPDURVTXDWURODGRVFRPDVPDUJHQVODWHUDOHVXSHULRUDMXVWDGDV VPDUJHQVGHSDUWHVPROHV
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
,QF LGª QF LD D [LD OLQI H UR VVXSH ULR U R PEUR VH PW UD XPD W LVPR
0 © W R GR GH OD Z UH QF H
$WHQ§Dµ
1£RWHQWDUURGDUREUD§RVHKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£RYHUURWLQDGHWUDXPDWLVPR
2PEURVHPWUDXPDWLVPR
(VSHFLDO
ߧ$[LDOLQIHURVVXSHULRU
),* $[LDOLQIHURVVXSHULRU
),* $[LDOLQIHURVVXSHULRU
,QGLFD§µHV&OQLFDV
ߧ&RQGL§µHVGHJHQHUDWLYDVLQFOXLQGRRVWHRSRURVHHRVWHRDUWULWH
ߧ'HIHLWRGH+LOO6DFKVFRPURWD§£RH[DJHUDGDGRPHPEURDIHWDGR
)DWRUHV7©FQLFRV
ߧ')5'),PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPWUDQVYHUVDOPHQWH
ߧ*UDGH5&QDOLQKDGRFHQWURGDJUDGHWUDQVYHUVDOPHQWHSDUDHYLWDURFRUWHGDJUDGHFDXVDGRSHOR
¢QJXOR5&SRGHVHUUHDOL]DGRVHPJUDGHHPRPEURVPHQRUHV
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
&RORFDU R SDFLHQWH HP GHFºELWR GRUVDO FRP R RPEUR HOHYDGR DSUR[LPDGDPHQWH FP HP UHOD§£R
PHVDXWLOL]DQGRXPDSRLRVREREUD§RHRPEURDILPGHSRVLFLRQDURVHJPHQWRSDUDPDLVSU³[LPRGR
FHQWURGR5,
3RVL§£RGD3DUWH
ߧ0RYHURSDFLHQWHHPGLUH§£R H[WUHPLGDGHIURQWDOGDPHVDGHH[DPHHFRORFDUXPDSRLRGHEUD§R
FRQWUDDH[WUHPLGDGHIURQWDOGDPHVDSDUDVXVWHQWDUREUD§RDEGX]LGR
ߧ5RGDUDFDEH§DSDUDRODGRRSRVWRFRORFDUXPFKDVVLYHUWLFDOVREUHDPHVDRPDLVSU³[LPRSRVVYHO
GRSHVFR§RHDSRLDUFRPVDFRVGHDUHLD
ߧ$EGX]LUREUD§RRGRFRUSRVHSRVVYHOPDQWHUHPURWD§£RH[WHUQDSDOPDGDP£RSDUDFLPD
FRPDSRLRVREREUD§RHP£R
5&
ߧ'LUHFLRQDUR5&PHGLDOPHQWHHPRDRFHQWUDOL]DGRKRUL]RQWDOPHQWHQDIRVVDD[LODUHQD
FDEH§DXPHUDO6HDDEGX§£RGREUD§RIRULQIHULRUDRR¢QJXORPHGLDOGR5&GHYHVHUUHGX]LGR
SDUDRDRVHSRVVYHO
&ROLPD§£R5HFRPHQGDGD
&ROLPDUEHPRVTXDWURODGRV
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
8PD SRVL§£R DOWHUQDWLYD © D URWD§£R H[WHUQD H[DJHUDGD
$ OX[D§£R DQWHULRU GD FDEH§D XPHUDO
SRGH UHVXOWDU HP XPD IUDWXUD GH FRPSUHVV£R GD VXSHUIFLH DUWLFXODU GD FDEH§D XPHUDO FKDPDGD GH
GHIHLWR GH +LOO6DFKV (VWD FRQGL§£R © PDLV EHP GHPRQVWUDGD SRU XPD URWD§£R H[WHUQD H[DJHUDGD
RQGHRSROHJDU©DSRQWDGRSDUDEDL[RHSRVWHULRUPHQWHHPR
& ULW © ULR VGH $YD OLD § £ R
$QDWRPLD'HPRQVWUDGD
ߧ9LVWDODWHUDOGDUHJL£RSUR[LPDOGRºPHURUHODFLRQDGDFRPDDUWLFXOD§£RGRRPEURߧ2SURFHVVR
FRUDFRLGHGDHVF¡SXODHRWXE©UFXORPHQRUGRºPHURV£RYLVWRVHPSHUILOߧ$HVSLQKDGDHVF¡SXOD©
YLVWDDEDL[RGDDUWLFXOD§£RGRRPEUR
3RVLFLRQDPHQWR
ߧ 2 EUD§R © YLVWR HP DEGX§£R GH R HP UHOD§£R DR FRUSR ߧ $V PDUJHQV VXSHULRU H LQIHULRU GD
FDYLGDGHJOHQRLGDOGHYHPHVWDUVREUHSRVWDVLQGLFDQGRDDQJXOD§£RFRUUHWDGR5&ߧ&ROLPD§£RGD
¡UHDGHLQWHUHVVH
([SRVL§£R
ߧ 'HQVLGDGH EULOKR H FRQWUDVWH DGHTXDGRV VHP DUWHIDWRV GH PRYLPHQWR SRVVLELOLWDP D
YLVXDOL]D§£R FODUD H EHP GHILQLGD GDV SDUWHV PROHV H GR WUDEHFXODGR ³VVHR ߧ 2V FRQWRUQRV GR
DFU´PLRHGDUHJL£RGLVWDOGDFODYFXODV£RYLVYHLVDWUDY©VGDFDEH§DXPHUDO
5DIHUW-$/RQJ%:+HUQDQGH](0HWDO$[LOODU\VKRXOGHUZLWKH[DJJHUDWHGURWDWLRQWKH+LOO6DFKVGHIHFW5DGLRO7HFKQRO
,QF LGª QF LD W UD QVD [LOD UH P3$ R PEUR VH PW UD XPD W LVPR
+R EEVPR GLI LF D GR
$WHQ§£R
1£RWHQWDUURGDUIRU§DUDH[WHQV£RRXDEGX]LUREUD§RVHKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£R
2PEURVHPWUDXPDWLVPR
(VSHFLDO
ߧ7UDQVD[LODUHP3$
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDVRXOX[D§µHVGDUHJL£RSUR[LPDOGRºPHUR
ߧ%XUVLWHVQGURPHGRLPSDFWRGRRPEURRVWHRSRURVHRVWHRDUWULWHHWHQGLQLWH
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ*UDGH5&FHQWUDOL]DGRQDJUDGH
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDURSDFLHQWHHPSRVL§£RHUHWD)LJRXGHLWDURSDFLHQWHVREUHDH[WUHPLGDGHGDPHVD
GHUDLRV;)LJ2SDFLHQWH©SRVLFLRQDGRHPXPDOHYHSRVL§£RREOTXDGHRDR
),* ,QFLGªQFLDWUDQVD[LODUHP3$FRPRSDFLHQWHHUHWR
),* ,QFLGªQFLDWUDQVD[LODUHP3$FRPRSDFLHQWHHPGHFºELWR+REEVPRGLILFDGR
),* ,QFLGªQFLDWUDQVD[LODUHP3$
3RVLFLRQDPHQWRGDSDUWH
ߧ2EUD§R©HOHYDGRVXSHULRUPHQWHDW©RP¡[LPRTXHRSDFLHQWHWROHUDU
ߧ$FDEH§D©JLUDGDSDUDRODGRRSRVWRDREUD§RDIHWDGR
5&
ߧ'LUHFLRQDUR5&SHUSHQGLFXODUPHQWH IRVVDD[LODUH FDEH§DXPHUDODILPGHSDVVDUDWUDY©VGD
DUWLFXOD§£RGRRPEUR
&ROLPD§£R5HFRPHQGDGD
&ROLPDUEHPRVTXDWURODGRV
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
+REEV'/$OWHUQDWHD[LDOO\VKRXOGHUSURMHFWLRQ5DGLRO7HFKQRO
,QF LGª QF LD D [LD OLQI H UR VVXSH ULR U R PEUR VH PW UD XPD W LVPR
& OH PH QW VPR GLI LF D GR
$WHQ§£R
1£RWHQWDUURGDUREUD§RRXIRU§DUDDEGX§£RVHKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£R
2PEURVHPWUDXPDWLVPR
(VSHFLDO
ߧ$[LDOLQIHURVVXSHULRU&OHPHQWVPRGLILFDGR
,QGLFD§µHV&OQLFDV
ߧ&RQGL§µHVGHJHQHUDWLYDVLQFOXLQGRRVWHRSRURVHHRVWHRDUWULWH
ߧ'HIHLWRGH+LOO6DFKVFRPURWD§£RH[DJHUDGDGRPHPEURDIHWDGR
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ6HPJUDGHSRGHXWLOL]DUJUDGHVHR5&IRUSHUSHQGLFXODU
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
&RORFDURSDFLHQWHHPGHFºELWRODWHUDOFRPREUD§RDIHWDGRSDUDFLPD
3RVL§£RGD3DUWH
ߧ$EGX]LUREUD§RRGRFRUSRVHSRVVYHO
5&
ߧ'LUHFLRQDUR5&KRUL]RQWDOSHUSHQGLFXODUPHQWHDR5,
ߧ6HRSDFLHQWHQ£RFRQVHJXHDEGX]LUREUD§RRDQJXODUDDPSRODHPRDRQDGLUH§£RGDIRVVD
D[LODU
&ROLPD§£R5HFRPHQGDGD
&ROLPDUEHPRVTXDWURODGRV
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
),* $,QFLGªQFLDD[LDOLQIHURVVXSHULRU%,QFLGªQFLDDOWHUQDWLYDDQJXOD§£RPHGLDOGHRDR
),* ,QFLGªQFLDD[LDOLQIHURVVXSHULRU&OHPHQWVPRGLILFDGR'H)UDQN('/RQJ%:6PLWK%-0HUULOߞV
DWODVRI5DGLRJUDSKLFSRVLWLRQLQJDQGSURFHGXUHVHG6W/RXLV0RVE\
&OHPHQWV5:$GDSWDWLRQRIWKHWHFKQLTXHIRUUDGLRJUDSK\RIWKHJOHQRKXPHUDOMRLQWLQWKHODWHUDOSRVLWLRQ5DGLRO7HFKQRO
2PEURVHPWUDXPDWLVPR
(VSHFLDO
ߧ2EOTXDSRVWHULRUP©WRGRGH*UDVKH\
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPWUDQVYHUVDOPHQWH
ߧ*UDGH
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDURSDFLHQWHQDSRVL§£RHUHWDRXHPGHFºELWRGRUVDO$SRVL§£RHUHWDJHUDOPHQWH©PHQRV
GRORURVDSDUDRSDFLHQWHVHDFRQGL§£RGHOHSHUPLWLU
3RVL§£RGD3DUWH
ߧ5RGDURFRUSRHQWUHRHRQDGLUH§£RGRODGRDIHWDGRYHU2EVHUYD§£R6HDUDGLRJUDILDIRU
UHDOL]DGDFRPRSDFLHQWHHPGHFºELWRGRUVDOFRORFDUDSRLRVVRERRPEURHTXDGULOHOHYDGRVSDUD
PDQWHUHVWDSRVL§£R
ߧ&HQWUDOL]DUR5&QDSRU§£RP©GLDGDDUWLFXOD§£RGRRPEURHQRFHQWURGR5,
ߧ$MXVWDURFKDVVLGHPRGRTXHRWRSRGR5,ILTXHDSUR[LPDGDPHQWHFPDFLPDGRRPEURHTXHR5,
HVWHMDDFHUFDGHFPGDPDUJHPODWHUDOGRºPHUR
ߧ$EGX]LUOHYHPHQWHREUD§RHPURWD§£RQHXWUD
5&
ߧ2UDLRFHQWUDOGHYHHVWDUSHUSHQGLFXODUDR5,FHQWUDOL]DGRQDDUWLFXOD§£RGRRPEURTXHGHIRUPD
DSUR[LPDGDHVW¡FPLQIHULRUHPHGLDO PDUJHPVXSHURODWHUDOGRRPEUR
),* ,QFLGªQFLDREOTXDߙ23'
),* 9LVWDVXSHULRUGDLQFLGªQFLDREOTXD
),* 2EOTXDSRVWHULRU
&ROLPD§£R5HFRPHQGDGD
&ROLPDUGHIRUPDTXHDVPDUJHQVODWHUDOHVXSHULRUGRFDPSRHVWHMDPQDVPDUJHQVGDVSDUWHVPROHV
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
2EVHUYD§£R
2 JUDX GH URWD§£R YDULD GH DFRUGR FRP D FRQIRUPD§£R GR RPEUR GR SDFLHQWH SODQR RX
DUUHGRQGDGR 2V SDFLHQWHV FRP RPEURV DUUHGRQGDGRV RX FXUYRV QHFHVVLWDP GH XP JUDX PDLRU GH
URWD§£RSDUDSRVLFLRQDURFRUSRGDHVF¡SXODHPSDUDOHORDR5,
& ULW © ULR VGH $YD OLD § £ R
$QDWRPLD'HPRQVWUDGD
ߧ$FDYLGDGHJOHQRLGDOGHYHVHUYLVWDHPSHUILOVHPVREUHSRVL§£RGDFDEH§DXPHUDO
3RVLFLRQDPHQWR
ߧ2HVSD§RGDDUWLFXOD§£RGRRPEURGHYHHVWDUDEHUWRߧ$VPDUJHQVDQWHULRUHSRVWHULRUGDFDYLGDGH
JOHQRLGDOGHYHPHVWDUVREUHSRVWDVߧ&ROLPD§£RGD¡UHDGHLQWHUHVVH
([SRVL§£R
ߧ 'HQVLGDGH EULOKR H FRQWUDVWH DGHTXDGRV VHP DUWHIDWRV GH PRYLPHQWR SRVVLELOLWDP D
YLVXDOL]D§£R FODUD H EHP GHILQLGD GDV SDUWHV PROHV H GR WUDEHFXODGR ³VVHR ߧ 'HWDOKHV GH SDUWHV
PROHVGRHVSD§RDUWLFXODUHGDUHJL£RD[LODUGHYHPHVWDUHYLGHQWHV
,QF LGª QF LD W D QJ H QF LD Oߙ VXOF R LQW H UW XEH UF XOD U ELF LSLW D O R PEUR VH P
W UD XPD W LVPR
) LVNPR GLI LF D GR
,QGLFD§µHV&OQLFDV
ߧ3DWRORJLDGRVXOFRLQWHUWXEHUFXODULQFOXVLYHHVSRUµHV³VVHRVGRVWXE©UFXORVXPHUDLV
2PEURVHPWUDXPDWLVPR
(VSHFLDO
ߧ,QFLGªQFLDWDQJHQFLDO)LVNPRGLILFDGR
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPWUDQVYHUVDOPHQWH
ߧ6HPJUDGH
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWHHGD3DUWH
3DFLHQWH(UHWR)LVNPRGLILFDGR
ߧ3DFLHQWHHPS©LQFOLQDGRVREUHDH[WUHPLGDGHGDPHVDFRPRFRWRYHORIOH[LRQDGRHDVXSHUIFLH
SRVWHULRUGRDQWHEUD§RDSRLDGDQDPHVDP£RVXSLQDGDVHJXUDQGRRFKDVVLFDEH§DJLUDGDSDUDRODGR
RSRVWRDRDIHWDGRSURWH§£RGHFKXPERFRORFDGDHQWUHDSDUWHSRVWHULRUGRFKDVVLHRDQWHEUD§R
UHGX]DGLVSHUV£RGR5,
ߧ3DFLHQWHLQFOLQDGROHYHPHQWHSDUDDIUHQWHDILPGHTXHKDMDDQJXOD§£RGHRDRGRºPHURHP
UHOD§£RDRSODQRYHUWLFDO
'HFºELWR'RUVDO
ߧ3DFLHQWHHPGHFºELWRGRUVDOEUD§RDRODGRGRFRUSRP£RVXSLQDGD
ߧ&KDVVLYHUWLFDOSRVLFLRQDGRQDPHVDFRQWUDDSDUWHGHFLPDGRRPEURHSHVFR§RFDEH§DJLUDGDSDUD
RODGRRSRVWRDRDIHWDGR
ߧ5&GHRDRSRVWHULRUDRSODQRKRUL]RQWDOGLUHFLRQDGRSDUDRVXOFRQDPDUJHPDQWHULRUP©GLD
GDFDEH§DXPHUDO
5&
ߧ25&GHYHHVWDUSHUSHQGLFXODUDR5,YROWDGRSDUDD¡UHDGRVXOFRQDPDUJHPDQWHULRUP©GLDGD
FDEH§DXPHUDORVXOFRSRGHVHUORFDOL]DGRDS³VSDOSD§£RFXLGDGRVD
),* ,QFLGªQFLDWDQJHQFLDOVXSHURLQIHULRUHUHWD
),* ,QFLGªQFLDWDQJHQFLDOVXSHURLQIHULRUHPGHFºELWRGRUVDO
),* 7DQJHQFLDOHUHWD
$WHQ§£R
1£R WHQWDU URGDU R EUD§R VH KRXYHU VXVSHLWD GH IUDWXUD RX OX[D§£R UHDOL]DU R H[DPH HP URWD§£R
QHXWUDTXHJHUDOPHQWHFRORFDRºPHURHPXPDSRVL§£RREOTXD
2PEUR7UDXPDWLVPR
%¡VLFDV
ߧ$3URWD§£RQHXWUD
ߧ7UDQVWRU¡FLFDODWHUDO
RX
ߧ(VFDSXODUߡ<ߢODWHUDO
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDVRXOX[D§µHVGDUHJL£RSUR[LPDOGRºPHURHFQJXORGRPHPEURVXSHULRU
ߧ'HS³VLWRVGHF¡OFLRHPPºVFXORVWHQGµHVRXHVWUXWXUDVGDVEROVDVSRGHPVHUHYLGHQWHVMXQWDPHQWH
FRPGRHQ§DVGHJHQHUDWLYDV
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPWUDQVYHUVDOPHQWHRXORQJLWXGLQDOPHQWHSDUDGHPRQVWUDUXPDSRU§£R
PDLRUGRºPHURVHDOHV£RLQFOXLUDPHWDGHSUR[LPDO
ߧ*UDGH
ߧ$QDO³JLFRߙYDULD§£RDN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
)D]HU D UDGLRJUDILD FRP R SDFLHQWH QD SRVL§£R HUHWD RX GH GHFºELWR GRUVDO $ SRVL§£R HUHWD
JHUDOPHQWH © PHQRV GRORURVD SDUD R SDFLHQWH VH D FRQGL§£R GHOH SHUPLWLU 5RGDU OLJHLUDPHQWH R
FRUSRQDGLUH§£RGRODGRDIHWDGRFDVRVHMDQHFHVV¡ULRFRORFDURRPEURHPFRQWDWRFRPR5,RXPHVD
3RVL§£RGD3DUWH
ߧ&HQWUDOL]DUDDUWLFXOD§£RGRRPEURQR5,
ߧ&RORFDUREUD§RGRSDFLHQWHDRODGRHPURWD§£RQHXWUD(SLF´QGLORVJHUDOPHQWHDRHPUHOD§£RDR
SODQRGR5,
5&
ߧ5&SHUSHQGLFXODUDR5,GLUHFLRQDGRSDUDDSRU§£RP©GLDGDDUWLFXOD§£RGRRPEURTXHHVW¡
DSUR[LPDGDPHQWHFPLQIHULRUHOHYHPHQWHODWHUDODRSURFHVVRFRUDFRLGHYHU2EVHUYD§£R
&ROLPD§£R5HFRPHQGDGD
&ROLPDURVTXDWURODGRVFRPPDUJHQVODWHUDOHVXSHULRUDMXVWDGDVSDUDDVPDUJHQVGHSDUWHVPROHV
),* $3HUHWDߙURWD§£RQHXWUD
),* $3HPGHFºELWRGRUVDOߙURWD§£RQHXWUD
),* ,QFLGªQFLD$3ߙURWD§£RQHXWUD
),* ,QFLGªQFLD$3ߙURWD§£RQHXWUD
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
2EVHUYD§£R
1D PDLRULD GRV SDFLHQWHV D SDOSD§£R GLUHWD GR SURFHVVR FRUDFRLGH SRGH VHU GLIFLO PDV SRGHVH
LGHQWLILFDU XP SRQWR DSUR[LPDGR FP DEDL[R GD SRU§£R ODWHUDO GD FODYFXOD $O©P GLVVR D
DUWLFXOD§£RGRRPEURJHUDOPHQWH©HQFRQWUDGDQDEDVHRXQRIXQGRGDGHSUHVV£RF´QFDYDPHGLDO
FDEH§DXPHUDO
,QF LGª QF LD SH UI LOW UD QVW R U¡ F LF R UH J L£ R SUR [LPD OGR ºPH UR
W UD XPD W LVPR
0 © W R GR GH OD Z UH QF H
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDVRXOX[D§µHVGDUHJL£RSUR[LPDOGRºPHUR
2PEUR7UDXPDWLVPR
%¡VLFDV
ߧ$3URWD§£RQHXWUD
ߧ3HUILOWUDQVWRU¡FLFD
RX
ߧ3HUILOHVFDSXODUߡ<ߢ
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ*UDGHYHUWLFDO5&QDOLQKDFHQWUDO
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
ߧ7HPSRGHH[SRVL§£RGHQRPQLPRVHJXQGRVFRPW©FQLFDRUWRVW¡WLFDGHUHVSLUD§£RRX
VHJXQGRVV£RGHVHM¡YHLV
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDURSDFLHQWHQDSRVL§£RHUHWDRXHPGHFºELWRGRUVDO$SRVL§£RHUHWDJHUDOPHQWH©PHQRV
GRORURVDSDUDRSDFLHQWHVHDFRQGL§£RGHOHSHUPLWLU'LVSRURSDFLHQWHQDLQFLGªQFLDGHSHUILOFRPR
ODGR GH LQWHUHVVH FRQWUD R 5, &RP R SDFLHQWH HP GHFºELWR GRUVDO FRORFDU DV OLQKDV GD JUDGH
YHUWLFDOPHQWHHDMXVWDUR5&QDOLQKDFHQWUDOSDUDHYLWDURFRUWHGDJUDGH
3RVL§£RGD3DUWH
ߧ&RORFDUREUD§RDIHWDGRGRSDFLHQWHDRODGRGRFRUSRHPURWD§£RQHXWUD$EDL[DURRPEURVH
SRVVYHO
ߧ(OHYDUREUD§RRSRVWRHFRORFDUDP£RVREUHRWRSRGDFDEH§D(OHYDURRPEURWDQWRTXDQWRSRVVYHO
SDUDHYLWDUDVREUHSRVL§£RGRRPEURDIHWDGR
ߧ25&GHYHVHUFRORFDGRDWUDYHVVDGRQRW³UD[SHORFHQWURGRFRORFLUºUJLFRGR5,
ߧ$VVHJXUDUTXHRW³UD[HVWHMDHPXPDLQFLGªQFLDODWHUDOYHUGDGHLUDRXTXHDSUHVHQWHXPDOHYHURWD§£R
DQWHULRUGRRPEURQ£RDIHWDGRSDUDPLQLPL]DUDVREUHSRVL§£RGRºPHURSHODVY©UWHEUDVWRU¡FLFDV
5&
ߧ5&SHUSHQGLFXODUDR5,GLUHFLRQDGRDRFRORFLUºUJLFRDIHWDGRDWUDYHVVDGRQRW³UD[YHU
2EVHUYD§£R
),* 3HUILOWUDQVWRU¡FLFR
),* 3HUILOWUDQVWRU¡FLFRP©WRGRGH/DZUHQFH
&ROLPD§£R5HFRPHQGDGD
&ROLPDURVTXDWURODGRVGD¡UHDGHLQWHUHVVH
5HVSLUD§£R
$ W©FQLFD RUWRVW¡WLFD UHVSLUD§£R © SUHIHULGD VH R SDFLHQWH SXGHU FRRSHUDU 2 SDFLHQWH GHYH VHU
RULHQWDGRDUHVSLUDUOHQWDPHQWHVHPPRYHUREUD§RRXRPEURDIHWDGR2ERUUDPHQWRGDVFRVWHODVH
HVWUXWXUDVSXOPRQDUHVSHUPLWLU¡XPDPHOKRULGHQWLILFD§£RGDUHJL£RSUR[LPDOGRºPHUR
2EVHUYD§£R
$QJXODU R 5& FHIDOLFDPHQWH GH R D R D ILP GH HYLWDU D VREUHSRVL§£R GRV RPEURV FDVR R
SDFLHQWHHVWHMDFRPPXLWDGRUHQ£RWROHUHDEDL[DURRPEUROHVLRQDGRDVVLPFRPRHOHYDUREUD§RH
RPEURQ£RDIHWDGRV
$WHQ§£R
1£RWHQWDUURGDUREUD§RVHKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£R
2PEUR7UDXPDWLVPR
%¡VLFDV
ߧ$3URWD§£RQHXWUD
ߧ3HUILOWUDQVWRU¡FLFR
RX
ߧ3HUILOHVFDSXODUߡ<ߢ
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDVRXOX[D§µHVGDUHJL£RSUR[LPDOGRºPHURHHVF¡SXOD
ߧ$FDEH§DXPHUDO©GHPRQVWUDGDDEDL[RGRSURFHVVRFRUDFRLGHQDVOX[D§µHVDQWHULRUHVQRFDVRGDV
OX[D§µHVSRVWHULRUHVߙPHQRVFRPXQV࠺DFDEH§DXPHUDO©GHPRQVWUDGDDEDL[RGRDFU´PLR
ߧ([FHOHQWHLQFLGªQFLDSDUDGHPRQVWUDURSHUILOGRSURFHVVRFRUDFRLGHHDHVSLQKDGDHVF¡SXOD
)DWRUHV7©FQLFRV
ߧ')5'),PQLPDߙFPSROHJDGDV
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ*UDGHYHUWLFDO5&QDOLQKDFHQWUDO
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDU R SDFLHQWH QD SRVL§£R HUHWD RX HP GHFºELWR GRUVDO $ SRVL§£R HUHWD JHUDOPHQWH © PDLV
FRQIRUW¡YHOSDUDRSDFLHQWH
3RVL§£RGD3DUWH
ߧ5RGDUSDUDXPDSRVL§£RREOTXDDQWHULRUFRPRXPDODWHUDOGDHVF¡SXODFRPRSDFLHQWHGHIUHQWHSDUD
R5,3DOSDUR¢QJXORVXSHULRUGDHVF¡SXODHDDUWLFXOD§£R$&5RGDURSDFLHQWHDW©TXHXPDOLQKD
LPDJLQ¡ULDHQWUHHVVHVGRLVSRQWRVHVWHMDSHUSHQGLFXODUDR5,'DGDVDVGLIHUHQ§DVHQWUHRV
SDFLHQWHVRJUDXGHREOLTXLGDGHGRFRUSRSRGHYDULDUGHRDR&HQWUDOL]DUDDUWLFXOD§£RGR
RPEURDR5&HDRFHQWURGR5,
ߧ$EGX]LUOHYHPHQWHREUD§RVHSRVVYHOSDUDQ£RVREUHSRUDUHJL£RSUR[LPDOGRºPHUR VFRVWHODV
Q£RWHQWDUURGDUREUD§R
5&
ߧ5&SHUSHQGLFXODUDR5,GLUHFLRQDGRSDUDDDUWLFXOD§£RGRRPEURDFPDEDL[RGRWRSRGR
RPEURYHU2EVHUYD§£R
),* 3HUILOHVFDSXODUߡ<ߢFRP5&SHUSHQGLFXODU
),* 3HUILOHVFDSXODUߡ<ߢVHPOX[D§£R
),* 3HUILOHVFDSXODUߡ<ߢFRPOX[D§£RDQWHULRU
),* 3HUILOHVFDSXODUߡ<ߢ
&ROLPD§£R5HFRPHQGDGD
&ROLPDURVTXDWURODGRVGD¡UHDGHLQWHUHVVH
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
2EVHUYD§£R
6HQHFHVV¡ULRGDGDDFRQGL§£RGRSDFLHQWHDLQFLGªQFLDSHUILOHVFDSXODUߡ<ߢSRGHVHUUHDOL]DGDHP
GHFºELWRQDSRVL§£RREOTXDSRVWHULRURSRVWDFRPRRPEUROHVLRQDGRHOHYDGRYHUVH§£R3HUILOSDUD
(VF¡SXOD3RVL§£RHP'HFºELWRQDS
,QF LGª QF LD W D QJ H QF LD Oߙ VD GD GR VXSUD H VSLQD O R PEUR W UD XPD W LVPR
0 © W R GR GH QH H U
$WHQ§£R
1£RWHQWHURGDUREUD§RVHKRXYHUVXVSHLWDGHIUDWXUDRXOX[D§£R
2PEUR7UDXPDWLVPR
(VSHFLDO
ߧ6DGDGRVXSUDHVSLQDOP©WRGRGH1HHU
,QGLFD§µHV&OQLFDV
ߧ)UDWXUDVRXOX[D§µHVGDUHJL£RSUR[LPDOGRºPHURHHVF¡SXOD
ߧ'HPRQVWUDVHHVSHFLILFDPHQWHRDUFRFRUDFRDFURPLDOGDUHJL£RGHVDGDGRVXSUDHVSLQDOSDUD
SRVVYHOLPSDFWRGRRPEUR
ߥ
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFPSROHJDGDV
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ*UDGHYHUWLFDO5&QDOLQKDFHQWUDO
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
ߧ1£R©UHFRPHQGDGR&$(
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDURSDFLHQWHQDSRVL§£RHUHWDRXHPGHFºELWRGRUVDO$SRVL§£RHUHWDJHUDOPHQWH©PHQRV
GRORURVDSDUDRSDFLHQWH
3RVL§£RGD3DUWH
ߧ&RPRSDFLHQWHGHIUHQWHSDUDR5,URGHSDUDXPDSRVL§£RREOTXDDQWHULRUFRPRQXPSHUILOGD
HVF¡SXOD
ߧ3DOSDUR¢QJXORVXSHULRUGDHVF¡SXODHDUWLFXOD§£R$&5RGDURSDFLHQWHDW©TXHXPDOLQKD
LPDJLQ¡ULDHQWUHHVWHVGRLVSRQWRVHVWHMDSHUSHQGLFXODUDR5,'DGDVDVGLIHUHQ§DVHQWUHRVSDFLHQWHV
RJUDXGHREOLTXLGDGHGRFRUSRSRGHYDULDUGHRDR&HQWUDOL]DUDDUWLFXOD§£RGRRPEURDR5&H
DRFHQWURGR5,
ߧ$EGX]LUOHYHPHQWHREUD§RGHPRGRDQ£RVREUHSRUDUHJL£RSUR[LPDOGRºPHUR VFRVWHODVQ£R
WHQWDUURGDUREUD§R
5&
ߧ5HTXHUGHRDRGHDQJXOD§£RFDXGDOGR5&FHQWUDOL]DGRSRVWHULRUPHQWHSDUDSDVVDUDWUDY©VGD
PDUJHPVXSHULRUGDFDEH§DXPHUDO
),* ,QFLGªQFLDWDQJHQFLDOߙP©WRGRGH1HHUFRPDQJXOD§£RFDXGDOGR5&GHRDR
&ROLPD§£R5HFRPHQGDGD
&ROLPDURVTXDWURODGRVGD¡UHDGHLQWHUHVVH
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
),* ,QFLGªQFLDWDQJHQFLDOߙP©WRGRGH1HHU
([SRVL§£R
ߧ'HQVLGDGHEULOKRHFRQWUDVWHDGHTXDGRVLGHDLVV£RGHPRQVWUDGRVSHORDVSHFWRHPߡ<ߢGDUHJL£R
VXSHURODWHUDO GD HVF¡SXOD VREUHSRVWD SHOD FDEH§D XPHUDO FRP R FRQWRUQR GR FRUSR GD HVF¡SXOD
YLVYHO DWUDY©V GR ºPHUR ߧ 2 FRQWRUQR ³VVHR FODUR H EHP GHILQLGR © LQGLFDWLYR GH DXVªQFLD GH
DUWHIDWRVGHPRYLPHQWR
1HHU&6,,$FURPLRSODVW\IRUWKHFKURQLFLPSLQJHPHQWV\QGURPHLQWKHVKRXOGHUDSUHOLPLQDUUHSRUW-%RQH-RLQW6XUJ$P
ߥ
1HHU&6,,6XSUDVSLQDWXVRXWOHW2UWKRS7UDQV
,QF LGª QF LD $3D SLF D OR EOTXD D [LD O R PEUR W UD XPD W LVPR
0 © W R GR GH J D UW K
,QGLFD§µHV&OQLFDV
ߧ,QFLGªQFLDLGHDOSDUDSHVTXLVDGHSRVVYHLVOX[D§µHVHVFDSXORXPHUDLVHVSHFLDOPHQWHOX[D§µHV
SRVWHULRUHV
ߧ)UDWXUDVGDFDYLGDGHJOHQRLGDOOHVµHVGH+LOO6DFKVHFDOFLILFD§µHVGHSDUWHVPROHV
ߥ
2PEUR7UDXPDWLVPR
(VSHFLDO
ߧ6DGDGRVXSUDHVSLQDOP©WRGRGH1HHU
ߧ$3DSLFDOREOTXDD[LDOP©WRGRGH*DUWK
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFPSROHJDGDV
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ*UDGH
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDURSDFLHQWHQDSRVL§£RHUHWDRXHPGHFºELWRGRUVDO$SRVL§£RHUHWDJHUDOPHQWH©PHQRV
GRORURVDSDUDRSDFLHQWHVHDFRQGL§£RGHOHSHUPLWLU5RGDURFRUSRRQDGLUH§£RGRODGRDIHWDGR
VXSHUIFLHSRVWHULRUGRRPEURDIHWDGRFRQWUDR5,
3RVL§£RGD3DUWH
ߧ&HQWUDOL]DUDDUWLFXOD§£RGRRPEURDR5&HDRPHLRGR5,
ߧ$MXVWDUR5,GHPRGRTXHR5&DRSURMHWHDDUWLFXOD§£RGRRPEURDRFHQWURGR5,
ߧ)OH[LRQDURFRWRYHORHFRORFDUREUD§RDWUDYHVVDGRQRW³UD[RXTXDQGRKRXYHUWUDXPDWLVPRFRORFDU
REUD§RDRODGR
5&
ߧ$QJXOD§£RFDXGDOGHRGR5&FHQWUDOL]DGRQDDUWLFXOD§£RGRRPEUR
),* ,QFLGªQFLDREOTXDDSLFDOD[LDOFRPRSDFLHQWHHUHWRߙRREOTXDSRVWHULRU5&RFDXGDO
&ROLPD§£R5HFRPHQGDGD
&ROLPDUEHPD¡UHDGHLQWHUHVVH
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
6ORWK&/XQGJUHQ-67KHDSLFDOREOLTXHUDGLRJUDSKLQH[DPLQDWLRQRILQVWDELOLW\RIWKHVKRXOGHU(XU-5DGLRO
ߥ
*DUWK:3-U6ODSSH\&(2FKV&:5RHQWJHQRJUDSKLFGHPRQVWUDWLRQRILQVWDELOLW\RIWKHVKRXOGHUWKHDSLFDOREOLTXHSURMHFWLRQ-%RQH
-RLQW6XUJ$0
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFP
ߧ7DPDQKRGR5,ߙFPWUDQVYHUVDOPHQWH
ߧ*UDGH
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
ߧ&$(Q£RUHFRPHQGDGR
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDU R SDFLHQWH QD SRVL§£R HUHWD RX HP GHFºELWR GRUVDO FRP RV EUD§RV DR ODGR GR WURQFR
TXHL[R HOHYDGR H ROKDQGR GLUHWDPHQWH SDUD D IUHQWH $ UHJL£R SRVWHULRU GR RPEUR GHYH HVWDU HP
FRQWDWRFRPR5,RXPHVDVHPURWD§£RGRFRUSR
3RVL§£RGD3DUWH
ߧ&HQWUDOL]DUDFODYFXODHR5,DR5&$FODYFXODSRGHVHUSDOSDGDPHGLDOPHQWH LQFLVXUDMXJXODUH
SRU§£RODWHUDOGDDUWLFXOD§£R$&DFLPDGRRPEUR
5&
$3
ߧ5&SHUSHQGLFXODU SRU§£RP©GLDGDFODYFXOD
$3$[LDO
ߧ5&FRPLQFOLQD§£RFHI¡OLFDGHRDRHPGLUH§£R SRU§£RP©GLDGDFODYFXODYHU2EVHUYD§£R
),* $3ߙ5&GHR
),* $3D[LDOߙ5&GHRDRFHIDOLFDPHQWH
),* $$3ߙ5&GHR%$3D[LDOFODYFXODߙR
&ROLPD§£R5HFRPHQGDGD
&ROLPDUD¡UHDGDFODYFXOD$VVHJXUDUTXHDVDUWLFXOD§µHV$&HHVWHUQRFODYLFXODUHVWHMDPLQFOXGDV
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RDRILQDOGDLQVSLUD§£RDMXGDDHOHYDUDVFODYFXODV
3$$OWHUQDWLYD
$VUDGLRJUDILDVWDPE©PSRGHPVHUIHLWDVFRPRXPDLQFLGªQFLD3$RX3$D[LDOFRPLQFOLQD§£RFDXGDO
GHRDR
2EVHUYD§£R
3DFLHQWHV PDJURV DVWªQLFRV UHTXHUHP XPD DQJXOD§£R DFLPD GH R D R HP FRPSDUD§£R D
SDFLHQWHVFRPRPEURVHW³UD[YROXPRVRVKLSHUHVWªQLFRV
$WHQ§£R
$V LQFLGªQFLDV GR RPEUR HRX FODYFXOD GHYHP VHU IHLWDV LQLFLDOPHQWH SDUD GHVFDUWDU IUDWXUDV
SRGHQGRVHUUHDOL]DGDSULPHLURVHPFDUJDSDUDYHULILFD§£RHGHSRLVFRPFDUJD
$UWLFXOD§µHV$&
%¡VLFDV
ߧ$3ELODWHUDOFRPFDUJDH
ߧ$3ELODWHUDOVHPFDUJD
,QGLFD§µHV&OQLFDV
ߧ3RVVYHOGL¡VWDVHGDDUWLFXOD§£R$&
ߧ$ODUJDPHQWRGRHVSD§RDUWLFXODUHPFRPSDUD§£RFRPRXWUDLQFLGªQFLDFRPFDUJDJHUDOPHQWHLQGLFD
GL¡VWDVHGDDUWLFXOD§£R$&
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFPSRGHODGDV
ߧ7DPDQKRGR5,ߙFPWUDQVYHUVDOPHQWHRXFPWUDQVYHUVDOPHQWHSDUDH[SRVL§µHV
XQLODWHUDLV
ߧ3DUDSDFLHQWHVFRPRPEURVODUJRVGRLV5,VGHFPWUDQVYHUVDOPHQWHSRVLFLRQDGRVODGRD
ODGRHH[SRVWRVVLPXOWDQHDPHQWHSDUDLQFOXLUDPEDVDVDUWLFXOD§µHV$&HPXPDºQLFDH[SRVL§£R
ߧ0DUFDGRUHVߡFRPFDUJDߢHߡVHPFDUJDߢ
ߧ&RPRXVHPJUDGHGHSHQGHQGRGRWDPDQKRGRRPEUR
ߧ$QDO³JLFRߙYDULD§£RqN9DN9FRPJUDGHHPSDFLHQWHVGHHVWUXWXUDFRUSRUDOJUDQGH
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
ߧ&$(Q£RUHFRPHQGDGR
3URWH§£R
3UHQGHUSURWHWRUJRQDGDODRUHGRUGDFLQWXUD
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDURSDFLHQWHQDSRVL§£RHUHWDFRPUHJLµHVSRVWHULRUHVGRVRPEURVFRQWUDRFKDVVLHLJXDO
SHVR VREUH DPERV RV S©V EUD§RV DR ODGR GR WURQFR VHP URWD§£R GRV RPEURV RX GD SHOYH SDFLHQWH
ROKDQGR SDUD D IUHQWH SRGH VHU UHDOL]DGD FRP R SDFLHQWH VHQWDGR VH QHFHVV¡ULR 'XDV V©ULHV GH
DPEDVDVDUWLFXOD§µHVDFURPLRFODYLFXODUHVV£RUHDOL]DGDVQDPHVPDSRVL§£RXPDVHPFDUJDHRXWUD
FRPFDUJD
3RVL§£RGD3DUWH
ߧ3RVLFLRQDURSDFLHQWHSDUDGLUHFLRQDUR5&DXPSRQWRP©GLRHQWUHDVDUWLFXOD§µHV$&
ߧ&HQWUDOL]DUR5&QDOLQKDP©GLDGR5,WRSRGR5,GHYHHVWDUDSUR[LPDGDPHQWHFPDFLPDGRV
RPEURV
5&
ߧ5&SHUSHQGLFXODUDRSRQWRP©GLRHQWUHDVDUWLFXOD§µHV$&FPDFLPDGDLQFLVXUDMXJXODUYHU
2EVHUYD§£R
&ROLPD§£R5HFRPHQGDGD
8VDU XP FDPSR ORQJLWXGLQDO H HVWUHLWR D PDUJHP VXSHULRU GHYH VH ORFDOL]DU QDV PDUJHQV VXSHULRUHV
GDVSDUWHVPROHVGRRPEUR
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
&DUJD
$S³V D UHDOL]D§£R GD SULPHLUD H[SRVL§£R VHP FDUJD H D WURFD GR FKDVVL SDUD SDFLHQWHV DGXOWRV GH
HVWUXWXUD FRUSRUDO JUDQGH SUHQGHU QR PQLPR GH D NJ HP FDGD SXOVR H FRP RV RPEURV
UHOD[DGRV SRVVLELOLWDU FXLGDGRVDPHQWH TXH RV SHVRV ILTXHP SHQGXUDGRV QRV SXOVRV HQTXDQWR ©
SX[DGRSDUDEDL[RFDGDEUD§RHSXOVR$PHVPDTXDQWLGDGHGHSHVRGHYHVHUXWLOL]DGDHPFDGDSXOVR
8PDFDUJDPHQRUDNJSRGHVHUXWLOL]DGDHPSDFLHQWHVDVWªQLFRVHPDLVSHVRSRGHVHUXVDGRHP
SDFLHQWHVKLSHUHVWªQLFRV9HULILFDURSURWRFRORGRGHSDUWDPHQWRVREUHDFDUJDDVHUXWLOL]DGD
),* $UWLFXOD§µHV$&PDUFDGDVSHODVVHWDV
),* ,QFLGªQFLDDOWHUQDWLYDGHGHFºELWRGRUVDO
2EVHUYD§£R
12 VH GHYH SHGLU DRV SDFLHQWHV SDUD VHJXUDUHP RV SHVRV FRP DV P£RV HP YH] GLVVR RV SHVRV
GHYHPVHUIL[DGRVQRVSXOVRVGHPRGRTXHP£RVEUD§RVHRPEURVILTXHPUHOD[DGRVSRVVLELOLWDQGR
DSRVVYHOGL¡VWDVHGDDUWLFXOD§£R$&6HJXUDURVSHVRVSRGHOHYDUDUDGLRJUDILDVIDOVRQHJDWLYDV
SRLVDWHQGªQFLD©SX[DURVSHVRVUHVXOWDQGRHPFRQWUD§£RHQ£RQRUHOD[DPHQWRGRVPºVFXORVGRV
RPEURV
,QFLGªQFLD$3DOWHUQDWLYDHPGHFºELWRGRUVDOP©WRGRGH$OH[DQGHU
8PD DQJXOD§£R FHI¡OLFD GH R FHQWUDOL]DGD QR QYHO GDV DUWLFXOD§µHV $& SURMHWD D DUWLFXOD§£R $&
VXSHULRUPHQWHDRDFU´PLRSURGX]LQGRYLVXDOL]D§£RLGHDO
,QFLGªQFLDDOWHUQDWLYDHPGHFºELWRGRUVDO
6H D FRQGL§£R GR SDFLHQWH H[LJLU D UDGLRJUDILD SRGH VHU UHDOL]DGD HP GHFºELWR GRUVDO DPDUUDQGR
DPEDVDVH[WUHPLGDGHVDXPDORQJDIDL[DGHDWDGXUDHSDVVDQGRDIDL[DDRUHGRUGRVS©VGRSDFLHQWH
FRPRVMRHOKRVIOH[LRQDGRVVHJXLGDGDH[WHQV£ROHQWDHVXDYHGDVSHUQDVSX[DQGRRVRPEURVSDUD
EDL[R $O©P GLVVR XP DVVLVWHQWH DGHTXDGDPHQWH SURWHJLGR SRGH SX[DU VXDYHPHQWH RV EUD§RV H
RPEURVSDUDEDL[R
$YLVR
2 P©WRGR GHYH VHU XWLOL]DGR DSHQDV SRU SHVVRDV H[SHULHQWHV H TXDOLILFDGDV SDUD HYLWDU OHVµHV
DGLFLRQDLV
),* $UWLFXOD§µHVDFURPLRFODYLFXODUHVHP$3FRPHVHPFDUJD
(VF¡SXOD
%¡VLFDV
ߧ$3
ߧ3HUILO
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFPSROHJDGDV
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ*UDGH
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
ߧ7HPSRGHH[SRVL§£RPQLPRGHVHJXQGRVFRPW©FQLFDRSFLRQDOGHUHVSLUD§£RRXVHJXQGRVV£R
GHVHM¡YHLV
ߧ)DWRUGHH[SRVL§£RPDQXDO&$(Q£RUHFRPHQGDGR
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDU R SDFLHQWH QD SRVL§£R HUHWD RX HP GHFºELWR GRUVDO $ SRVL§£R HUHWD SRGH VHU PDLV
FRQIRUW¡YHOSDUDRSDFLHQWH$VXSHUIFLHSRVWHULRUGRRPEURGHYHHVWDUHPFRQWDWRGLUHWRFRPDPHVD
RX5,VHPKDYHUURWD§£RGRW³UD[$URWD§£RQDGLUH§£RGRODGRDIHWDGRFRORFDDHVF¡SXODHPXPD
SRVL§£R SRVWHULRU PDLV ILGHGLJQD PDV HVWD WDPE©P UHVXOWD HP PDLRU VREUHSRVL§£R FRP R JUDGLO
FRVWDO
3RVL§£RGD3DUWH
ߧ3RVLFLRQDURSDFLHQWHGHPRGRTXHDSRU§£RP©GLDGDHVF¡SXODHVWHMDFHQWUDOL]DGDDR5&
ߧ$MXVWDURFKDVVLDRFHQWURGR5&2WRSRGR5,GHYHHVWDUDSUR[LPDGDPHQWHFPDFLPDGRRPEURH
DPDUJHPODWHUDOGR5,GHYHHVWDUDFHUFDGHDSUR[LPDGDPHQWHFPGDPDUJHPODWHUDOGRJUDGLO
FRVWDO
ߧ/HYHPHQWHDEGX]LUREUD§RRHVXSLQDUDP£R$DEGX§£RPRYHDHVF¡SXODODWHUDOPHQWHSDUDVH
DIDVWDUPDLVGDVHVWUXWXUDVWRU¡FLFDV
5&
ߧ5&SHUSHQGLFXODU SRU§£RP©GLDGDHVF¡SXODFPDEDL[RGRSURFHVVRFRUDFRLGHRXQRQYHOGD
UHJL£RD[LODUDSUR[LPDGDPHQWHFPPHGLDOGDPDUJHPODWHUDOGRSDFLHQWH
&ROLPD§£R5HFRPHQGDGD
&ROLPDUEHPRVTXDWURODGRVQD¡UHDGDHVF¡SXOD
5HVSLUD§£R
$ W©FQLFD RUWRVW¡WLFD UHVSLUD§£R © SUHIHULGD VH R SDFLHQWH SXGHU FRRSHUDU 2 SDFLHQWH GHYH VHU
RULHQWDGRDUHVSLUDUVXDYHPHQWHVHPPRYHURRPEURRXEUD§RDIHWDGR
),* $3HUHWD
),* $3HPGHFºELWRGRUVDO
),* $3GDHVF¡SXOD
),* $3GDHVF¡SXOD
(VF¡SXOD
%¡VLFDV
ߧ$3
ߧ3HUILO
ߧ(UHWR
ߧ(PGHFºELWR
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFPSROHJDGDV
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ*UDGH
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
ߧ)DWRUHVGHH[SRVL§£RPDQXDO&$(Q£RUHFRPHQGDGR
3URWH§£R
3UHQGHUSURWH§£RJRQDGDODRUHGRUGDFLQWXUD
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDU R SDFLHQWH QD SRVL§£R HUHWD RX HP GHFºELWR GRUVDO $ SRVL§£R HUHWD SRGH VHU PDLV
FRQIRUW¡YHO SDUD R SDFLHQWH 3RVLFLRQDU R SDFLHQWH GH IUHQWH SDUD R 5, HP XPD SRVL§£R REOTXD
DQWHULRU
3RVL§£RGD3DUWH
ߧ3HGLUDRSDFLHQWHSDUDFUX]DUREUD§R IUHQWHGRWURQFRSDUDVHJXUDUQRRPEURRSRVWR(VVDSRVL§£R
GHPRQVWUDEHPRFRUSRGDHVF¡SXOD)LJH
RX
ߧ3HGLUDRSDFLHQWHSDUDDEDL[DUREUD§RDIHWDGRIOH[LRQDURFRWRYHORHFRORFDUREUD§RSDUFLDOPHQWH
DEGX]LGRDWU¡VGDUHJL£RORPEDURXGHL[¡ORSHQGHQWHDRODGR(VVDSRVL§£RGHPRQVWUDPHOKRUR
DFU´PLRHRSURFHVVRFRUDFRLGH)LJVH
ߧ3DOSDUR¢QJXORVXSHULRUGDHVF¡SXODHDDUWLFXOD§£R$&5RGDURSDFLHQWHDW©TXHXPDOLQKD
LPDJLQ¡ULDHQWUHRVGRLVSRQWRVHVWHMDSHUSHQGLFXODUDR5,LVVRUHVXOWDHPXPSRVLFLRQDPHQWRODWHUDO
GRFRUSRGDHVF¡SXOD$SRVL§£RGRºPHURSDUDEDL[RHDRODGRRXSDUDFLPDDRORQJRGDUHJL£R
DQWHULRUGRW³UD[LQIOXHQFLDRJUDXGHURWD§£RQHFHVV¡ULR&DVRREUD§RHVWHMDDWUDYHVVDGRQRW³UD[
XPDURWD§£RPHQRU©QHFHVV¡ULD$VXSHUIFLHSRVWHULRUGRFRUSRGDHVF¡SXODGHYHHVWDU
SHUSHQGLFXODUDR5,
ߧ$OLQKDURSDFLHQWHGHPRGRDFHQWUDOL]DUDPDUJHPPHGLDOGDHVF¡SXODDR5&H5,
5&
ߧ5&QRPHLRGDPDUJHPPHGLDOGDHVF¡SXOD
&ROLPD§£R5HFRPHQGDGD
&ROLPDUEHPD¡UHDGDHVF¡SXOD
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
(VF¡SXOD
%¡VLFDV
ߧ$3
ߧ3HUILO
2EVHUYD§£R
(VWD SRVL§£R UHVXOWD HP XPD LPDJHP DPSOLDGD GDGR R DXPHQWR GD GLVW¢QFLD REMHWRUHFHSWRU GH
LPDJHP'25
)DWRUHV7©FQLFRV
ߧ')5PQLPDߙFPSROHJDGDV
ߧ7DPDQKRGR5,ߙFPORQJLWXGLQDOPHQWH
ߧ*UDGH
ߧ$QDO³JLFRߙYDULD§£RqN9
ߧ6LVWHPDVGLJLWDLVߙYDULD§£RDN9
ߧ)DWRUHVGHH[SRVL§£RPDQXDO&$(Q£RUHFRPHQGDGR
3URWH§£R
3URWHJHUWHFLGRVUDGLRVVHQVYHLVIRUDGD¡UHDGHLQWHUHVVH
3RVLFLRQDPHQWRGR3DFLHQWH
5DGLRJUDIDURSDFLHQWHGHLWDGRHFRORFDUREUD§RDIHWDGRDWUDYHVVDGRQRW³UD[3DOSDUDDUWLFXOD§£R
$&HDPDUJHPGDHVF¡SXODURGDQGRRSDFLHQWHDW©TXHXPDOLQKDLPDJLQ¡ULDHQWUHHVWHVGRLVSRQWRV
HVWHMD SHUSHQGLFXODU DR 5, LVVR HOHYD R RPEUR DIHWDGR DW© TXH R FRUSR GD HVF¡SXOD HVWHMD HP XPD
LQFLGªQFLD ODWHUDO YHUGDGHLUD )OH[LRQDU R MRHOKR GR ODGR DIHWDGR DMXGD D PDQWHU R SDFLHQWH QHVWD
SRVL§£RREOTXD
3RVL§£RGD3DUWH
ߧ3DOSDUDVPDUJHQVGDHVF¡SXODDVPDUJHQVPHGLDOHODWHUDOGRFRUSRGHYHPHVWDUHQWUHRVGHGRVHR
SROHJDU)LJGHWDOKH$MXVWDUDURWD§£RGRSDFLHQWHGHIRUPDTXHRFRUSRHVFDSXODUHVWHMD
SHUSHQGLFXODUDR5,
),* 3RVL§£RHPGHFºELWRSHUILOSDUDHVF¡SXOD
ߧ$OLQKDURSDFLHQWHVREUHDPHVDGHPRGRTXHRFHQWURGDPDUJHPODWHUDOGDHVF¡SXODHVWHMD
FHQWUDOL]DGRDR5&H5,
5&
ߧ5&QDPDUJHPODWHUDOGDSRU§£RP©GLDGDHVF¡SXOD
),* 3HUILOGHHVF¡SXOD
&ROLPD§£R5HFRPHQGDGD
&ROLPDUEHPD¡UHDGDHVF¡SXOD
5HVSLUD§£R
6XVSHQGHUDUHVSLUD§£RGXUDQWHDH[SRVL§£R
5DGLRJUDILDVSDUDDQ¡OLVH
2V HVWXGDQWHV GHYHP DQDOLVDU FDGD XPD GHVVDV UDGLRJUDILDV EDVHDQGRVH QDV FDWHJRULDV GHVFULWDV QHVWH
OLYURWH[WRHVTXHPDWL]DGDVQDWDEHOD&RPRXPH[HUFFLRGHDQ¡OLVHLQLFLDOPDUTXHFDGDFDWHJRULDTXH
GHPRQVWUDXPHUURSDVVYHOGHUHSHWL§£RSDUDDTXHODUDGLRJUDILD
$VUHVSRVWDVDRVHUURVSDVVYHLVGHUHSHWL§£RV£RIRUQHFLGDVQR$SªQGLFHQRILQDOGHVWHOLYUR
5$',2*5$),$6
$ % & ' (
),*& $3GDFODYFXOD
),*& $3GRRPEURߙURWD§£RH[WHUQD
),*& $3GDHVF¡SXOD
),*& $3GRºPHUR
0DQDVWHU%-+DQGERRNVLQUDGLRORJ\HG&KLFDJR<HDU%RRN0HGLFDO3XEOLVKHUV