Está en la página 1de 37

3/$12'(0$5.

(7,1*

3/$12'(0$5.(7,1*
(148$'5$0(172

2 3URJUDPD GH 9LVLWDomR H &RPXQLFDomR QD 5HGH 1DFLRQDO GH ÉUHDV 3URWHJLGDV TXH R ,QVWLWXWR GD
&RQVHUYDomR GD 1DWXUH]D ,&1  SUHWHQGH FRQFUHWL]DU WHP FRPR SULQFLSDO REMHFWLYR PHOKRUDU DV
FRQGLo}HV GH YLVLWDELOLGDGH GH IRUPD LQWHJUDGD H VXVWHQWDGD SDUD UHFUHLR H VHQVLELOL]DomR DPELHQWDO
DSHUIHLoRDQGR R PRGHOR DFWXDO GH DWHQGLPHQWR GDV $3 VHP SURYRFDU XP H[FHVVLYR IOX[R GH YLVLWDQWHV
TXH SRVVD FRPSURPHWHU R HTXLOtEULR GD HVWUXWXUD WHUULWRULDO H D FRQVHUYDomR GRV KDELWDWV GDV HVSpFLHV
SURWHJLGDVHGDELRGLYHUVLGDGH

23ODQRGH0DUNHWLQJpXPLQVWUXPHQWRIXQGDPHQWDOGR3URJUDPDGH9LVLWDomRH&RPXQLFDomRQD5HGH
1DFLRQDOGHÉUHDV3URWHJLGDVSRUTXDQWRDVXDLPSOHPHQWDomRpDWRGRVRVWtWXORVGHWHUPLQDQWHSDUDR
VXFHVVR GR UHIHULGR 3URJUDPD GHVLJQDGDPHQWH HP WHUPRV GH LQIRUPDomR DWUDFomR H FDSWDomR GH
YLVLWDQWHVHUHVSHFWLYDFRQWULEXLomRSDUDDVHQVLELOL]DomRHHGXFDomRDPELHQWDO

$SURSRVWDGH3ODQRGH0DUNHWLQJpIRUWHPHQWHLQIOXHQFLDGDSHORVUHVXOWDGRVHFRQFOXV}HVGRHVWXGRGH
PHUFDGR H GR GLDJQyVWLFR GD VLWXDomR GDV $3 DSUHVHQWDGDV QR UHODWyULR GD SULPHLUD IDVH GR UHIHULGR
3URJUDPD

&RPRTXDOTXHU3ODQRGH0DUNHWLQJHVWHYLVDGHILQLUXPDHVWUDWpJLDHSURSRUDUHDOL]DomRGHXPFRQMXQWR
GHDFo}HVGHFDUDFWHUL]DomRHFRQKHFLPHQWRGRFRPSRUWDPHQWRGDSURFXUDHGHSURPRomRFRPXQLFDomR
H DQLPDomR HYHQWRV  DV TXDLV GHSHQGHP QmR Vy GR PHUFDGR D TXH VH GLULJHP PHUFDGR LQWHUQR RX
PHUFDGRLQWHUQDFLRQDO FRPRWDPEpPGRS~EOLFRDOYRTXHSUHWHQGHPDWLQJLU SURILVVLRQDLVRSHUDGRUHV
WXUtVWLFRV HVSHFLDOL]DGRV S~EOLFR LQWHUHVVDGR RX SRWHQFLDOPHQWH VHQVtYHO DR WXULVPR GH QDWXUH]D RX
S~EOLFRFRQVXPLGRUGHWXULVPRHPJHUDO 

$HVWUDWpJLDGHPDUNHWLQJTXHVHSUHFRQL]DSDUDWRUQDUPDLVFRQKHFLGDVDV$3HGLQDPL]DUDYLVLWDomRGD
5HGH 1DFLRQDO GH ÉUHDV 3URWHJLGDV LQVWLWXL XP QRYR SDUDGLJPD GH DFWXDomR H REULJD D XPD QRYD
DERUGDJHP&RPHIHLWRRGHVHQYROYLPHQWRVLPXOWkQHRHRXGHIRUPDIDVHDGDQRWHPSRGHXPFRQMXQWR
GHLQWHUYHQo}HVHVWUXWXUDQWHVFRPYLVWDjFULDomRGDVLQIUDHVWUXWXUDVHHTXLSDPHQWRVGHDSRLRjYLVLWDomR
jUHHQJHQKDULDGDRIHUWDGHSURGXWRVHSURJUDPDVGHYLVLWDomRQDV$3jFRQVWUXomRGHDWUDFo}HVWXUtVWLFDV
QDQDWXUH]DjTXDOLILFDomRGRVVHUYLoRVHGRVUHFXUVRVKXPDQRVjLGHQWLILFDomRGRVSULQFLSDLVPHUFDGRVH
S~EOLFRVDOYR GH YLVLWDomR H R UHFXUVR j XWLOL]DomR GH XP FRQMXQWR GH PHLRV SURPRFLRQDLV H GH
FRPXQLFDomR SDUD LQFHQWLYR H FRQYLWH j YLVLWDomR FRQVWLWXHP RV SLODUHV IXQGDPHQWDLV GH XPD QRYD
DERUGDJHPTXHVHSUHWHQGHVHMDGHYLGDPHQWHFRRUGHQDGDSDUDVHUHILFD]HPWHUPRVGHLPSOHPHQWDomR
6y p SRVVtYHO WLUDU SDUWLGR H REWHU UHVXOWDGRV GDV LQWHUYHQo}HV ´GLWDVµ HVWUXWXUDQWHV VH UHDOL]DUPRV HP
SDUDOHOR LQYHVWLPHQWRV HP PDUNHWLQJ H FRPXQLFDomR VH RV IL]HUPRV VHP FULDU HRX GLVSRQLELOL]DU DV
LQIUDHVWUXWXUDV HTXLSDPHQWRV H VHUYLoRV GH DSRLR j YLVLWDomR GH TXH DV $3 FDUHFHP FRP XUJrQFLD QmR
WHUHPRVTXDOTXHUEHQHItFLRGLUHFWRRXLQGLUHFWRGHVVHVLQYHVWLPHQWRV 

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

8PD DFWXDomR SODQHDGD H FRQWLQXDGD QDV YHUWHQWHV DFLPD UHIHULGDV p DEVROXWDPHQWH IXQGDPHQWDO SDUDD
SURVVHFXomR H FRQTXLVWD GR REMHFWLYR HVWUDWpJLFRVXEMDFHQWH j HODERUDomR GHVWH3ODQR GH 0DUNHWLQJ ² D
DWUDFomR H FDSWDomR GH XPD SURFXUD LQWHUQDFLRQDO GH HFRWXULVPR H WXULVPR GH QDWXUH]D H D
FULDomRGHXPDSURFXUDLQWHUQDHGHXPPHUFDGRSDUDRWXULVPRGHQDWXUH]DHP3RUWXJDOWHQGR
FRPRIDFWRUHVVHQFLDODGLQDPL]DomRGDYLVLWDomRQD5HGH1DFLRQDOGHÉUHDV3URWHJLGDV

$HVWUDWpJLDGHPDUNHWLQJTXHGHILQLPRVHSURSRPRVVHMDFRQFUHWL]DGDFRPDVVXDVGLIHUHQWHV
OLQKDV GH LQWHUYHQomR YLVD QXPD SULPHLUD IDVH   LQIRUPDU VHQVLELOL]DU H HGXFDU RV
VXMHLWRVj GDWDGLUHFWDRX LQGLUHFWDPHQWH HQYROYLGRV QDRUJDQL]DomRGDV FRQGLo}HV GH YLVLWDomR
GDV$3SRUWXJXHVDVRVDFWXDLVHSRWHQFLDLVYLVLWDQWHVHDVHQWLGDGHVHDJHQWHVLQVWLWXFLRQDLVH
HPSUHVDULDLV FRPXQLFDQGR H GHPRQVWUDQGR R SRWHQFLDO H R LQWHUHVVH GHVVD YLVLWDomR H D
SRVVLELOLGDGHGHFRQKHFLPHQWRHXVXIUXWRGRVYDORUHVHDWULEXWRVGDQDWXUH]DHGDSDLVDJHPHP
HVSHFLDODELRGLYHUVLGDGHREMHFWRGHFXLGDGDSUHVHUYDomRQDV$3

1XPD VHJXQGD IDVH   D HVWUDWpJLD GH PDUNHWLQJ GHYHUi VHU UHGLUHFFLRQDGD HPERUD
WHQGR VHPSUH FRPR SRQWR GH SDUWLGD D UHDILUPDomR GRV YDORUHV GH SUHVHUYDomR GD QDWXUH]D H
FRQVHUYDomRGDELRGLYHUVLGDGHFRORFDQGRDSULRULGDGHHrQIDVHGDFRPXQLFDomRQDSURPRomRH
GLYXOJDomR WXUtVWLFD GLULJLGDV DRV VHJPHQWRV H QLFKRV GH SURFXUD LGHQWLILFDGRV QRV PHUFDGRV
SULRULWiULRVFRPYLVWDjDWUDFomRHILGHOL]DomRGHXPFUHVFHQWHQ~PHURGHYLVLWDQWHVQDFLRQDLVH
HVWUDQJHLURV j YDORUL]DomR GDV VXDV H[SHULrQFLDV H DR LQFUHPHQWR GD QRWRULHGDGH GDV $3
HQTXDQWRGHVWLQRVGHOD]HUHWXULVPRQDQDWXUH]DMXQWRGRVSRWHQFLDLVFRQVXPLGRUHV WXULVWDVGD
QDWXUH]D QDFLRQDLVHHVWUDQJHLURV

(VWH SRQWR GR UHODWyULR GD VHJXQGD IDVH TXH FRQVXEVWDQFLD D SURSRVWD GH 3ODQR GH 0DUNHWLQJ HVWi
VLVWHPDWL]DGR HP FLQFR VHFo}HV SDUD DOpP GHVWD $ VHFomR  FRQVLVWH QR UHVXPR GDV SULQFLSDLV
FDUDFWHUtVWLFDVGDSURFXUDHGDRIHUWDGRVVHJPHQWRVGHHFRWXULVPRHWXULVPRGHQDWXUH]DGDDQiOLVHGR
SRVLFLRQDPHQWR GH 3RUWXJDO HQTXDQWR GHVWLQR FRQFRUUHQWH QRV UHIHULGRV VHJPHQWRV H GD DYDOLDomR GDV
DFWXDLV FRQGLo}HV H SRWHQFLDO GH YLVLWDomR GDV $3 UHWRPDQGR SDUD R HIHLWR DV SULQFLSDLV FRQFOXV}HV GR
HVWXGRGHPHUFDGRHGRGLDJQyVWLFRHIHFWXDGRjV$31DVHFomRVmRUHVXPLGRVRVSRQWRVIRUWHVH
IUDFRVEHPFRPRDVRSRUWXQLGDGHVHDPHDoDVLGHQWLILFDGRVLJXDOPHQWHDSDUWLUGRGLDJQyVWLFRHIHFWXDGR
HGDDYDOLDomRGDVXDVLWXDomRDFWXDO1DVHFomRpGHILQLGDXPDYLVmRHVWUDWpJLFDHVmRHVWDEHOHFLGRVRV
REMHFWLYRV JHUDLV H HVWUDWpJLFRV GR3ODQR GH0DUNHWLQJ 1D VHFomR  VmR GHOLPLWDGRV RV PHUFDGRV RV
VHJPHQWRVHRVS~EOLFRVDOYRGDVDFo}HVGHPDUNHWLQJHFRPXQLFDomR$VHFomRDSUHVHQWDDVGLIHUHQWHV
OLQKDVGHHVWUDWpJLDHGHLQWHUYHQomREHPFRPRXPDSURSRVWDGHSODQRGHDFo}HVHLQLFLDWLYDVDVVRFLDGDVH
UHVSHFWLYDFDOHQGDUL]DomR$SURSRVWDGH3ODQRGH0DUNHWLQJpVLQWHWL]DGDQRVTXDGURVILQDLV

6,78$d®2$&78$/

,QWURGXomR

3DUD UHVXPLU D VLWXDomR DFWXDO GDV $3 HP SDUWLFXODU QR TXH UHVSHLWD j FDUDFWHUL]DomR GR SHUILO H
TXDQWLILFDomRGDSURFXUDDVVRFLDGDDRVVHJPHQWRVGHHFRWXULVPRHWXULVPRGHQDWXUH]DjFDUDFWHUL]DomR

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

GD RIHUWD GD RSHUDomR WXUtVWLFD GLULJLGD jV $3 j DQiOLVH GD FRQFRUUrQFLD H j DYDOLDomR GDV FRQGLo}HV GH
YLVLWDomR LPSRUWD UHFXSHUDU DV SULQFLSDLV FRQFOXV}HV GR UHODWyULR GD SULPHLUD IDVH GHVLJQDGDPHQWH QR
kPELWRGRHVWXGRGHPHUFDGRHGRGLDJQyVWLFRHIHFWXDGRjVGLIHUHQWHV$3

&DUDFWHUL]DomRHTXDQWLILFDomRGDSURFXUDGHHFRWXULVPRHWXULVPRGHQDWXUH]D
− )RUDPLGHQWLILFDGRVFRPRSULQFLSDLVPHUFDGRVHPLVVRUHVGHSURFXUDLQWHUQDFLRQDOQRVVHJPHQWRVGH
HFRWXULVPRHWXULVPRGHQDWXUH]DRVVHJXLQWHVSDtVHVQD(XURSDR5HLQR8QLGRD$OHPDQKDD,WiOLD
D(VSDQKDD)UDQoDRVSDtVHVGD(VFDQGLQiYLDHD+RODQGDQD$PpULFDGR1RUWHRV(VWDGRV8QLGRV
GD$PpULFDHR&DQDGi

− 1RTXHFRQFHUQHjTXDQWLILFDomRGDSURFXUDSRWHQFLDOHDFWXDOGHHFRWXULVPRHWXULVPRGHQDWXUH]DR
HVWXGRGHPHUFDGRWRPRXFRPREDVHRVUHVXOWDGRVREWLGRVHPDOJXQVWUDEDOKRVLQWHUQDFLRQDLVVHQGR
GHGHVWDFDUFRPRH[HPSORTXH
ƒ (PWHUPRVGHSURFXUDSRWHQFLDOGRVSRWHQFLDLVWXULVWDVLQTXLULGRVQR5HLQR8QLGRHFHUFDGH
XPWHUoRGRVWXULVWDVDOHPmHVUHIHULUDPPRWLYDo}HVDVVRFLDGDVDRHFRWXULVPRWXULVPRGHQDWXUH]D
HDFWLYLGDGHVUHODFLRQDGDVFRPRIDFWRUGHFLVLYRQDHVFROKDGRVGHVWLQRVGHIpULDVHOD]HU
ƒ (PWHUPRVGHSURFXUDDFWXDOQRPHUFDGRHVSDQKRODSURFXUDDFWXDOHVWiFRPSUHHQGLGDHQWUH
HGRWRWDOGHWXULVWDVHVSDQKyLVHQRPHUFDGRDOHPmRSRGHVHUWUDGX]LGDHPFHUFDGHGR
WRWDOGHWXULVWDVDOHPmHV ´RXWERXQGµ 

(VWHVHRXWURVUHVXOWDGRVDWUiVDSUHVHQWDGRVSHUPLWLUDPSURFHGHUjHVWLPDomRGHXPLQWHUYDORGHSURFXUD
LQWHUQDFLRQDOGHHFRWXULVPRHWXULVPRGHQDWXUH]D TXDGUR 

4XDGUR3URFXUDLQWHUQDFLRQDO (VWLPDWLYDGHHQWUDGDGHWXULVWDVHPPLOK}HV 
   
$FWXDO >@  
3URFXUD3ULPiULD 
 >@  
3URFXUD6HFXQGiULD >@  
3RWHQFLDO >@ >@ >@


3DUDHIHLWRVGRHVWXGRGHPHUFDGRDSURFXUDSRWHQFLDOHDSURFXUDDFWXDOVmRHQWHQGLGDVFRPR

3URFXUDSRWHQFLDOFRUUHVSRQGHDRQ~PHURGHLQGLYtGXRVTXHYDORUL]DPFRPRPRWLYDo}HVRFRQKHFLPHQWRGH
GLIHUHQWHV SDLVDJHQV H FHQiULRV D GHVFREHUWD GH QRYDV FXOWXUDV D REVHUYDomR H GHVIUXWH GD YLGD VHOYDJHP H D
H[SHULrQFLDGDDYHQWXUDHGHVSRUWRQDQDWXUH]D
3URFXUDDFWXDOFRUUHVSRQGHDRQ~PHURGHFRQVXPLGRUHVHIHFWLYRVGHHFRWXULVPRHWXULVPRGHQDWXUH]D1HVWH
VHQWLGRDSURFXUDDFWXDOHVWiFRPSUHHQGLGDQDSURFXUDSRWHQFLDO
1RHVWXGRGHPHUFDGRHQWHQGHVHTXHD3URFXUD3ULPiULDpFRQVWLWXtGDSHORVLQGLYtGXRVTXHVHGHVORFDPREMHFWLYD

HSULRULWDULDPHQWHHPIXQomRGHPRWLYDo}HVGHHFRWXULVPRHWXULVPRGHQDWXUH]D1RHVWXGRGHPHUFDGRHQWHQGHVH
TXHD3URFXUD6HFXQGiULDpFRQVWLWXtGDSHORVLQGLYtGXRVSDUDRVTXDLVRHFRWXULVPRHWXULVPRGHQDWXUH]DpDSHQDV
XPDGDVFRPSRQHQWHVRXpFRPSOHPHQWDUGDYLDJHPHYLVLWDDVTXDLVVHGLULJHPRXRULHQWDPSDUDRXWURVLQWHUHVVHV
RXPRWLYDo}HVSULQFLSDLVFRPRR6ROHD3UDLDD&XOWXUDR*ROIHDV7HUPDVD*DVWURQRPLDHRV9LQKRVHWF

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

− $GPLWLQGR TXH 3RUWXJDO SRGHULD DPELFLRQDUQRV VHJPHQWRV GH HFRWXULVPR H WXULVPR GH QDWXUH]D D
REWHQomR GH XPD TXRWD GH PHUFDGR LGrQWLFD jTXHOD TXH GHWpP QR WRWDO GR PHUFDGR PXQGLDO GH
WXULVPRHOD]HUHPRSDtVSRGHULDWHUVLGRORFDOGHYLVLWDomRDVVRFLDGDDRHFRWXULVPRH
WXULVPRGHQDWXUH]DSDUDXPDSURFXUDLQWHUQDFLRQDOSRWHQFLDOHVWLPDGDHQWUHHPLOK}HV
GH HQWUDGDV GH WXULVWDV &RQVLGHUDQGR TXH DSHQDV FHUFD GH  GHVWD SURFXUD SRWHQFLDO JOREDO
GHYHUi WHU VLGR FRQFUHWL]DGD DWUDYpV GH HQWUDGDV HIHFWLYDV GH WXULVWDV HP 3RUWXJDO HQWUH  H
HQWUDGDVGHWXULVWDV pSRVVtYHOFRQVWDWDUDH[LVWrQFLDGHXPLPSRUWDQWHVHJPHQWRGRPHUFDGR
JOREDO TXH GHYLGDPHQWH ´WUDEDOKDGRµ SRGH SHUPLWLU D DWUDFomR H FRQTXLVWD GH XP Q~PHUR
VLJQLILFDWLYRGH´QRYRVWXULVWDVµTXHGHRXWURPRGRQXQFDYLVLWDULDPRQRVVRSDtV

− 5HODWLYDPHQWHDRPHUFDGRLQWHUQRGHHFRWXULVPRHWXULVPRGHQDWXUH]DRHVWXGRGHPHUFDGR
FRQFOXL TXH R VHX SRWHQFLDO p HVWLPDGR HP DSUR[LPDGDPHQWH XP WHUoR GD SRSXODomR
SRUWXJXHVD  PLOK}HV GH LQGLYtGXRV  HQTXDQWR D SURFXUD LQWHUQD DFWXDO GH HFRWXULVPR H
WXULVPRGHQDWXUH]DpHVWLPDGDHPFHUFDGHPLOLQGLYtGXRVDGXOWRV

− $ 2UJDQL]DomR 0XQGLDO GH 7XULVPR 207  H RXWURV RUJDQLVPRV LQWHUQDFLRQDLV SURMHFWDP SDUD RV
SUy[LPRV DQRV D QtYHO PXQGLDO XP FUHVFLPHQWR VLJQLILFDWLYR H VXVWHQWDGR GRV VHJPHQWRV GR
HFRWXULVPRHWXULVPRGHQDWXUH]D$FUHVFHTXHRUHGX]LGR´JUDXGHUHDOL]DomRµGDSURFXUDDFWXDOIDFHj
SURFXUD SRWHQFLDO TXHU HP WHUPRV GH SURFXUD LQWHUQDFLRQDO TXHU HP WHUPRV GH SURFXUD LQWHUQD
FRQILUPDRVLJQLILFDWLYRSRWHQFLDOGHFUHVFLPHQWRGRWXULVPRTXHHVWHVVHJPHQWRVSRGHUmRLQGX]LUVHD
RIHUWDQDFLRQDOIRUGHYLGDPHQWHHVWUXWXUDGDRUJDQL]DGDHFRPXQLFDGD

− 'H XPD IRUPD JHUDO RV WXULVWDV QDFLRQDLV H LQWHUQDFLRQDLV PRWLYDGRV SHOR HFRWXULVPR H WXULVPR GH
QDWXUH]D VmR LQGLYtGXRV FRP LGDGHV FRPSUHHQGLGDV HQWUH RV  H RV  DQRV HP PDLRU Q~PHUR GH
PXOKHUHV GR TXH KRPHQV TXH GLVS}HP GH QtYHLV GH UHQGLPHQWR PpGLRV H PpGLRVDOWRV H SRVVXHP
QtYHLV GH HVFRODULGDGH H IRUPDomR HOHYDGRV e GH VDOLHQWDU DLQGD R FUHVFLPHQWR H[WUDRUGLQiULR TXH
UHFHQWHPHQWHWHPYLQGRDYHULILFDUVHQRQ~PHURGHWXULVWDVGDQDWXUH]DFRPLGDGHVFRPSUHHQGLGDV
HQWUHRVHRVDQRVRVTXDLVVmRSDUWLFXODUPHQWHVHQVLELOL]DGRVSHORGLVFXUVRDPELHQWDOLVWDHSHOD
HGXFDomRDPELHQWDOPDQLIHVWDQGRYHUGDGHLURLQWHUHVVHQDDVVXPSomRHLGHQWLILFDomRFRPRVYDORUHVGD
SURWHFomRHSUHVHUYDomRGDQDWXUH]D

− 1R TXH VH UHIHUH DRV GHVWLQRV SUHIHULGRV 3RUWXJDO QmR p UHIHUHQFLDGR FRPR SDtV GH YLVLWDomR SHORV
WXULVWDV LQWHUHVVDGRV RX PRWLYDGRV SHOR HFRWXULVPR H WXULVPR GH QDWXUH]D TXH Mi FRQVWLWXHP XP
LPSRUWDQWHVHJPHQWRGDSURFXUDQRVSULQFLSDLVPHUFDGRVHPLVVRUHVLQWHUQDFLRQDLV(VWHIDFWRGHQRWD
QmR Vy SRXFD GLYXOJDomR GDV $3 H GDV UHJL}HV SRUWXJXHVDV FRP PHOKRUHV UHFXUVRV GD QDWXUH]D QRV
SULQFLSDLV PHUFDGRV D LQVXILFLrQFLD RX DV GHILFLHQWHV FRQGLo}HV GH RIHUWD GH LQIUDHVWUXWXUDV GH
DWHQGLPHQWR j YLVLWDomR H GH HQWUHWHQLPHQWR H DLQGD DV GHILFLrQFLDV GH RUJDQL]DomR GD RSHUDomR
WXUtVWLFDHVSHFLDOL]DGDQRVHJPHQWRGHWXULVPRGHQDWXUH]D


$SUR[LPDGDPHQWHGRQ~PHURWRWDOGHHQWUDGDVGHYLVLWDQWHVHVWUDQJHLURV

$SOLFDQGRHVWDSURSRUomRDRVPLOK}HVGHSRUWXJXHVHVFRPPDLVGHDQRVUHVLGHQWHVHP3RUWXJDO&RQWLQHQWDO

REWpPVHXPDSURFXUDSRWHQFLDOLQWHUQDGHHFRWXULVPRHWXULVPRGHQDWXUH]DGHPLOK}HVGHLQGLYtGXRV

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

− 4XHU SDUD RV WXULVWDV QDFLRQDLV TXHU SDUD RV LQWHUQDFLRQDLV R ´SDVVDDSDODYUDµ ´ZRUG RI PRXWKµ 
WUDGX]VHQXPDIRUPDLPSRUWDQWHGHVHQVLELOL]DomRHQRWRULHGDGHSDUDTXDOTXHUGHVWLQRGHQDWXUH]D
3DUD REWHU LQIRUPDomR PDLV GHWDOKDGD H SUHFLVD RV SRWHQFLDLV WXULVWDV UHFRUUHP SULQFLSDOPHQWH j
SHVTXLVD QD LQWHUQHW j OHLWXUD GH DUWLJRV HP UHYLVWDV HVSHFLDOL]DGDV H j LQIRUPDomR HVSHFtILFD HP
EURFKXUDVHSXEOLFDo}HVJHQpULFDVRXHVSHFLDOL]DGDV

  &DUDFWHUL]DomR GD RIHUWD GH RSHUDomR GH HFRWXULVPR H WXULVPR GH QDWXUH]D GLULJLGD jV
ÉUHDV3URWHJLGDV
− $ RIHUWD H GLYXOJDomR GH SURJUDPDVSDUD YLVLWDomR XVXIUXWR H SUiWLFD GH DFWLYLGDGHV QDV $3 HVWi GH
IRUPD DLQGD LQFLSLHQWH SUHVHQWH QR QHJyFLR GH DOJXQV GRV RSHUDGRUHV DJrQFLDV H HPSUHVDV GH
DQLPDomRWXUtVWLFDQDFLRQDLVHVSHFLDOL]DGDVHFRPDFWLYLGDGHGLULJLGDDSHTXHQRV´QLFKRVµGRPHUFDGR
LQWHUQR PDV WRWDOPHQWH DXVHQWH GD RIHUWD GRV JUDQGHV RSHUDGRUHV QDFLRQDLV H SULQFLSDLV DJrQFLDV
WXUtVWLFDVRXGHYLDJHQVFXMRVSURJUDPDVVmRGLUHFFLRQDGRVSDUDRS~EOLFRHPJHUDO

− $GLFLRQDOPHQWHSRXFDVVmRDVSURSRVWDVRVSURJUDPDVDVRIHUWDVHDVUHIHUrQFLDVjSRVVLELOLGDGHGH
YLVLWDUHSUDWLFDUDFWLYLGDGHVQDQDWXUH]DHP3RUWXJDOHQDV$3SRUSDUWHGRVRSHUDGRUHVHDJrQFLDVGH
YLDJHQVHVWUDQJHLURVWDQWRJHQHUDOLVWDVFRPRHVSHFLDOL]DGRV EURFKXUDVH´ZHEVLWHVµ 

− 2 PHVPR VH SRGHUi GL]HU GD SUHVHQoD GH LQIRUPDomR VREUH DV $3 QRV SULQFLSDLV SRUWDLV H ZHEVLWHV
WHPiWLFRVHGHLQIRUPDomRHVSHFLDOL]DGRVHPWXULVPRRXHPHFRWXULVPRHWXULVPRGHQDWXUH]D

− (VWHV GDGRV FRQILUPDP D IUDFD YLVLELOLGDGH GDV $3 D QtYHO QDFLRQDO H LQWHUQDFLRQDO H
FRQVHTXHQWHPHQWHRGpILFHGHFDSDFLGDGHGHDWUDFomRGRVS~EOLFRVSRWHQFLDLVGHHFRWXULVPRHWXULVPR
GHQDWXUH]DWDQWRQRSDtVFRPRQRVSULQFLSDLVPHUFDGRVLQWHUQDFLRQDLVHPLVVRUHVGHSURFXUDGHVWHV
VHJPHQWRV QD (XURSD H QD $PpULFD GR 1RUWH (VWD UHGX]LGD FDSDFLGDGH GH FDSWDomR HVWi WDPEpP
DVVRFLDGD j IDOWD GH FRQGLo}HV GH FRPSHWLWLYLGDGH SDUD FRQFRUUHU SHOD DWUDFomR GHVWHV VHJPHQWRV RX
QLFKRVGHSURFXUDWDQWRJHQpULFRVFRPRPDLVHVSHFLDOL]DGRV DFWLYLGDGHVQDQDWXUH]D TXHUDRQtYHOGD
LQH[LVWrQFLD RX LQFDSDFLGDGH GH HYLGrQFLD GH DWULEXWRV H YDORUHV QDWXUDLV TXHU DR QtYHO GD GHILFLHQWH
GLVSRQLELOL]DomR GH LQIUDHVWUXWXUDV EiVLFDV H GH HTXLSDPHQWRVGH DSRLR j YLVLWDomR H HQWUHWHQLPHQWR
GRVYLVLWDQWHV

(P FRQFOXVmR QRV PHUFDGRV WXUtVWLFRV QDFLRQDO H LQWHUQDFLRQDO DFWXDOPHQWH QmR p RIHUHFLGR
HRX FRPHUFLDOL]DGR TXDOTXHU WLSR GH SURGXWR RX SURJUDPD RUJDQL]DGR H HVWUXWXUDGR GH
YLVLWDomR H WXULVPR FRP DOJXPD GLPHQVmR HRX VLJQLILFDWLYD FDSDFLGDGH GH JHUDU YDORU TXH
GHVWDTXHRXSULYLOHJLHRWHUULWyULRRVUHFXUVRVDWULEXWRVHSDLVDJHPGDV$3FRPRPRWLYDomRSDUD
IpULDVHOD]HU

$QiOLVHGHEHQFKPDUNLQJ
− &RP YLVWD j UHDOL]DomR GH XPD DQiOLVH GH EHQFKPDUNLQJ H QD VHTXrQFLD GD GHILQLomR GH FULWpULRV GH
SUR[LPLGDGH HP WHUPRV JHRJUiILFRV H GH SHUILO H WLSRORJLD GH SURFXUD QRV PHUFDGRV HPLVVRUHV
SULRULWiULRV IRUDP LGHQWLILFDGRV H HVWXGDGRV RV VHJXLQWHV 3DUTXHV 1DWXUDLV RX ÉUHDV 3URWHJLGDV QD

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

(XURSD
ƒ (P)UDQoDRV3DUTXHV1DWXUDLV1DFLRQDLVGH/HV&pYHQQHV/HV3\UHQpHVH3RUW&URVHRV3DUTXHV
1DWXUDLV5HJLRQDLVGH$UPRULTXHH&DPDUJXH
ƒ (P ,WiOLD RV TXDWUR PDLRUHV 3DUTXHV 1DWXUDLV 1DFLRQDLV D VDEHU 3DUFR 1D]LRQDOH GHOO· $EUX]]R
/D]LRH0ROLVH3DUFR1D]LRQDOHGHOO*UDQ6DVVRH0RQWLGHO/DJD3DUFR1D]LRQDOH*UDQ3DUDGLVRH3DUFR
1D]LRQDOHGHOOR6WHOYLR
ƒ (P(VSDQKDRV3DUTXHV1DWXUDLVGRV3LFRVGD(XURSD'RxDQDH2UGHVD<0RQWH3HUGLGR
ƒ 1R 5HLQR 8QLGR R 3HDN 1DWLRQDO 3DUN H R /DNH 'LVWULFW 1DWLRQDO 3DUN H QD ,UODQGD R :LFNORZ
0RXQWDLQV1DWLRQDO3DUN

− $ DQiOLVH GH EHQFKPDUNLQJ HYLGHQFLRX HVVHQFLDOPHQWH TXH QR TXH UHVSHLWD jV UHVSHFWLYDV YDOrQFLDV GH
YLVLWDomRHWXULVPRHVWHV3DUTXHVHÉUHDV3URWHJLGDVFHQWUDPHPJHUDOWRGDDVXDDWHQomRQDDWUDFomR
H ILGHOL]DomR GRV YLVLWDQWHV WHQWDQGR SURSRUFLRQDUOKHV H[SHULrQFLDV LQWHJUDGDV H ´~QLFDVµ
GLYHUVLILFDQGR D RIHUWD GH DFWLYLGDGHV UHFUHDWLYDV H GH OD]HU H SUHRFXSDQGRVH HP UHVSRQGHU jV
QHFHVVLGDGHVGHLQIRUPDomRGHDORMDPHQWRGHHQWUHWHQLPHQWRHDQLPDomRHjHGXFDomRDPELHQWDOGRV
PHVPRV &RQILUPD HVWD SUHRFXSDomR R Q~PHUR HOHYDGR GH FHQWURV WHPiWLFRV GH LQWHUSUHWDomR H RV
SRVWRVGHLQIRUPDomRGLVWULEXtGRVSHORWHUULWyULRHHQYROYHQWHGRV3DUTXHVDGLYHUVLGDGHGHLQLFLDWLYDV
GHHGXFDomRDPELHQWDODYDULHGDGHGHHVWUXWXUDVHHTXLSDPHQWRVGHOD]HUDVSURSRVWDVGLYHUVLILFDGDV
GH DFWLYLGDGHV UHFUHDWLYDV H GH DQLPDomR H R WLSR H TXDOLGDGH GH LQIUDHVWUXWXUDV GH DORMDPHQWR
WXUtVWLFRORFDOL]DGDVSRUIRUPDDSHUPLWLUHPIiFLODFHVVRDSURJUDPDVHDFWLYLGDGHVHPFRQWDFWRGLUHFWR
FRPDQDWXUH]D

9LVLWDomRGDVÉUHDV3URWHJLGDV
− 1DV HVWLPDWLYDV DSXUDGDV SDUD R Q~PHUR DFWXDO GH YLVLWDQWHV GDV $3 HVWHV IRUDP GLIHUHQFLDGRV
VHJXQGRDPRWLYDomRGDYLVLWD1HVWHVHQWLGRQRHVWXGRTXHHIHFWXiPRVRVDFWXDLVYLVLWDQWHVIRUDP
GLYLGLGRV H FODVVLILFDGRV FRPR YLVLWDQWHV ´HVSRQWkQHRVµ YLVLWDQWHV ´RUJDQL]DGRVHVWUXWXUDGRVµ H
YLVLWDQWHV TXH ´SHGHP LQIRUPDomRµ 2V YLVLWDQWHV ´HVSRQWkQHRVµ HQWUDP FLUFXODP QR WHUULWyULR H
YLVLWDP DV $3 HPERUD WDO DFRQWHoD VHP TXDOTXHU PRWLYDomR DVVRFLDGD DR WXULVPR GH QDWXUH]D QmR
LQWHULRUL]DQGR WDO IDFWR HP WHUPRV GH FRPSRUWDPHQWR 2V YLVLWDQWHV ´RUJDQL]DGRVHVWUXWXUDGRVµ
YLVLWDP DV ÉUHDV 3URWHJLGDV Mi GH DFRUGR FRP XP LQWHUHVVH RX PRWLYDomR HVSHFtILFD DLQGD TXH
VLPSOHVPHQWH QmR SHoDP RX Mi GLVSRQKDP GH LQIRUPDomR VREUH DV PHVPDV SURYDYHOPHQWH QD
VHTXrQFLD GH P~OWLSODV YLVLWDV DQWHULRUPHQWH UHDOL]DGDV 2V YLVLWDQWHV TXH ´SHGHP LQIRUPDomRµ
UHFRUUHPDSRVWRVRXFHQWURVGHLQIRUPDomRRXDLQGDjVVHGHVGDV$3DtREWHQGRRVHOHPHQWRVTXH
QHFHVVLWDP SDUD GHFLGLU R SURJUDPD H FRQFUHWL]DU D UHVSHFWLYD YLVLWD $V HVWLPDWLYDV FDOFXODGDV
LQGLFDPTXHHPDV$3GHYHPWHUVLGRGHVWLQRGHXPWRWDODSUR[LPDGRGHPLOK}HVGH
YLVLWDVSRU´HVSRQWkQHRVµ P~OWLSODVYLVLWDVYLVLWDQWH HIHFWLYDPHQWHYLVLWDGDVSRUFHUFDGH
PLOK}HV GH WXULVWDV GLWRV ´RUJDQL]DGRVµ H UHFHEHUDP DLQGD PDLV GH  PLO YLVLWDQWHV TXH
SDUDRHIHLWR´SHGLUDPLQIRUPDomRµQRVUHVSHFWLYRVVHUYLoRV

− 1R TXH UHVSHLWD j QDFLRQDOLGDGH GRV YLVLWDQWHV GDV $3 H DFHLWDQGR TXH DTXHOHV TXH VROLFLWDUDP

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

LQIRUPDomRHRXSDUWLFLSDUDPQDVYLVLWDVJXLDGDVFRQVWLWXHPXPDDPRVWUDUHSUHVHQWDWLYDGRXQLYHUVR
pSRVVtYHOHVWLPDUTXHGRVPHVPRVVmRGHQDFLRQDOLGDGHSRUWXJXHVDHVmRHVWUDQJHLURV

− 5HODWLYDPHQWHjRSomRGHDORMDPHQWRHKRVSHGDJHPpGHUHIHULUTXHDVLQIUDHVWUXWXUDVGHDORMDPHQWR
H KRVSHGDJHP H[LVWHQWHV QR WHUULWyULR GDV $3 FDVDVUHWLUR FDVDVDEULJR FHQWURV GH DFROKLPHQWR H
FDVDV GD QDWXUH]D  WrP YLQGR D UHJLVWDU DR ORQJR GRV DQRV XPD UHGX]LGD RFXSDomR SRU SDUWH GRV
YLVLWDQWHVWDQWRQDFLRQDLVFRPRHVWUDQJHLURV

− 'HDFRUGRFRPRVGDGRVIRUQHFLGRVSHOR,&1HWRPDQGRFRPRUHIHUrQFLDRDQRGHSRGHPVHU
LGHQWLILFDGDV DOJXPDV UXEULFDV GH UHFHLWD UHJLVWDGDV SHORV VHUYLoRV UHVSRQViYHLV GDV $3 FRPR
WHQGHQFLDOPHQWHDVVRFLDGDVjYLVLWDomRDVDEHU
ƒ 9HQGDV GH SURGXWRV DJUtFRODV H SHFXiULRV TXH DVFHQGHUDP D ʖ H UHSUHVHQWDUDP  GR
WRWDOGHUHFHLWDV
ƒ 9HQGDVGHSURGXWRVGHPHUFKDQGLVLQJ SLQ·VHPEOHPDVSRUWDFKDYHVVDFRVHWF TXHDWLQJLUDPXP
YDORUGHʖHFRQWULEXtUDPFRPSDUDRWRWDOGHUHFHLWDV
ƒ 9HQGDV GH OLYURV H GRFXPHQWDomR WpFQLFD TXH RULJLQDUDP ʖ GH UHFHLWDV H UHSUHVHQWDUDP
GRWRWDOGDVPHVPDV
ƒ $OXJXHUGHHVSDoRVHHTXLSDPHQWRV FDVDVGHDEULJRDQILWHDWURVSDUTXHVGHFDPSLVPRHWF TXH
RULJLQRXʖHPUHFHLWDVFRUUHVSRQGHQGRDGRWRWDOGDVPHVPDV
ƒ 2XWURV VHUYLoRV YLVLWDV JXLDGDV IRWRFySLDV HPLVVmR GH SDUHFHUHV HWF  TXH DVFHQGHUDP D
ʖHUHSUHVHQWDUDPGDVUHFHLWDVWRWDLV

7DLVYDORUHVGHPRQVWUDPRUHGX]LGRFRQWULEXWRGDVUHFHLWDVHYHQWXDOPHQWHDVVRFLDGDVjYLVLWDomRHOD]HU
QDV$3SDUDRVXSRUWHGDVGHVSHVDVLQHUHQWHVjJHVWmRHPDQXWHQomRGRVVHUYLoRVSDUDRFXPSULPHQWRGRV
REMHFWLYRVSDUDTXHDV$3IRUDPFULDGDV

$1É/,6(6:27

$ DQiOLVH 6:27 6WUHQJWKV :HDNQHVVHV 2SSRUWXQLWLHV DQG 7KUHDWV  TXH DSUHVHQWDPRV VLQWHWL]D RV SRQWRV
IRUWHVHIUDFRVEHPFRPRDVRSRUWXQLGDGHVHDPHDoDVLGHQWLILFDGDVQDIDVHGHGLDJQyVWLFRGDV$3HGH
DYDOLDomRGRUHVSHFWLYRSRWHQFLDOHPWHUPRVGHDWUDFomRSDUDYLVLWDomRHGHVHQYROYLPHQWRWXUtVWLFR

2V SRQWRV IRUWHV H IUDFRV H DV RSRUWXQLGDGHV H DPHDoDV UHFRQKHFLGDV UHVSHLWDP QmR Vy DR FRQWH[WR
OLPLWDGRGDDFWXDOYLVLWDomRGDV$3PDVWDPEpPjVFRQGLFLRQDQWHVH[WHUQDVTXHSRGHPQRIXWXURYLUD
LQIOXHQFLDUDGHFLVmRGHFRQFUHWL]DUXPDYLVLWD

1HVWHVHQWLGRIRUDPLGHQWLILFDGRVFRPRSULQFLSDLVSRQWRVIRUWHVGDV$3RVVHJXLQWHVDVSHFWRV

− $OJXPDV FDUDFWHUtVWLFDV ~QLFDV GR SDWULPyQLR QDWXUDO H SDLVDJtVWLFR FRQVWLWXLQGR XPD RIHUWD GH
UHFXUVRVQDWXUDLVSRWHQFLDOPHQWHLQWHUHVVDQWHHPXLWRGLYHUVLILFDGD

− 3UR[LPLGDGH JHRJUiILFD HQWUH DV GLIHUHQWHV $3 FDUDFWHUtVWLFD TXH FRQWULEXL SDUD D H[LVWrQFLD QXP

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

WHUULWyULR GH iUHD OLPLWDGD GH XPD GLYHUVLGDGH GH UHFXUVRV QDWXUDLV H HVSpFLHV H KDELWDWV SURWHJLGRV
WRUQDQGRSRVVtYHORIiFLODFHVVRDXPDPXOWLSOLFLGDGHGHORFDLVGHLQWHUHVVHTXHSRGHPHIHFWLYDPHQWH
VDWLVID]HUGLIHUHQWHVPRWLYDo}HVGHYLVLWD

− 5HODWLYDSUR[LPLGDGHJHRJUiILFDGDV$3jVSULQFLSDLVFLGDGHVDRVDHURSRUWRVLQWHUQDFLRQDLVHRXWURV
SRQWRV GH HQWUDGD QR SDtV IURQWHLUDV  H IDFLOLGDGH GH DFHVVR H FLUFXODomR HQWUH HODV DWUDYpV GD UHGH
URGRYLiULDH[LVWHQWH

− 3RVVLELOLGDGHGHYLVLWDUYiULDV$3QXPUHGX]LGRSHUtRGRGHWHPSR SURJUDPDVSRVVtYHLVSDUDXPGRLV
RXWUrVGLDV 

− 1DWXUH]D ´UD]RDYHOPHQWHµ SUHVHUYDGD H FRP YDORUHV GH LQHJiYHO LQWHUHVVH DSHVDU GH QmR DSUHVHQWDU
UHFXUVRVSDUWLFXODUPHQWH´H[yWLFRVRXH[XEHUDQWHVµ

− &RQGLo}HVTXHFRQYLGDPjUHDOL]DomRGHDFWLYLGDGHVO~GLFDVHGHVSRUWLYDVHPFRQWDFWRGLUHFWRFRPD
QDWXUH]DDRORQJRGHWRGRRDQRJUDoDVDRFOLPDHPJHUDODPHQRHPSUDWLFDPHQWHWRGDVDVUHJL}HVGR
SDtV

− ,PDJHPHQRWRULHGDGHGH3RUWXJDOSDtVLQWHUQDFLRQDOPHQWHUHFRQKHFLGRFRPRXPGHVWLQRWXUtVWLFRGH
H[FHOrQFLD VHJXUR WUDQTXLOR KRVSLWDOHLUR H QmR SROXtGR H SRVLomR QR UDQNLQJ GRV GHVWLQRV PDLV
YLVLWDGRV RVWXULVWDVHVWUDQJHLURV žDQtYHOPXQGLDO 

− )DFLOLGDGHGRVSRUWXJXHVHVHPFRPXQLFDUHPHPOtQJXDVHVWUDQJHLUDV HVSDQKROIUDQFrVLQJOrV 

− 3DWULPyQLRKLVWyULFRDUTXLWHFWyQLFRHFXOWXUDOLQWHUHVVDQWHHHPJHUDOLQVHULGRHP]RQDVTXHWDPEpP
VH FRQVWLWXHP FRPR SDWULPyQLR QDWXUDO H SDLVDJtVWLFR GLYHUVLGDGH GH WUDGLo}HV DOGHLDV U~VWLFDV FRP
LQWHUHVVHDUWHVDQDWRWtSLFRHTXDOLGDGHYDULHGDGHHWLSLFLGDGHGDJDVWURQRPLDHYLQKRVHWF 

2VDVSHFWRVDSUHVHQWDGRVHPVHJXLGDUHVXPHPRVSULQFLSDLVSRQWRVIUDFRVREVHUYDGRV

− $LQVXILFLHQWHRXGHILFLHQWHVLQDOL]DomRHLQIRUPDomRURGRYLiULDQDVYLDVGHDFHVVRHGHFLUFXODomRQR
WHUULWyULRGDV$3

− $V GLILFXOGDGHV SRQWXDLV GH DFHVVR D ORFDLV GH H[FHSomR H GH JUDQGH LQWHUHVVH SDUD D YLVLWDomR HP
DOJXPDV$3GHYLGRDRPDXHVWDGRGHFRQVHUYDomRGDVYLDVSHUFXUVRVHWULOKRVQDQDWXUH]D

− $XVrQFLD GH HVWUXWXUDV HILFLHQWHV GH DWHQGLPHQWR UHFHSomR LQIRUPDomR DVVLVWrQFLD H


DFRPSDQKDPHQWRGRVYLVLWDQWHVTXHUGDUHVSRQVDELOLGDGHGRVVHUYLoRVGDV$3HGDVDXWDUTXLDVjTXDO
SHUWHQFHPRVUHVSHFWLYRVWHUULWyULRVTXHUGHRSHUDGRUHVWXUtVWLFRVHVSHFLDOL]DGRV

− $LQH[LVWrQFLDGHDFo}HVGHSURPRomRFRPXQLFDomRHPDUNHWLQJGDV$3FRPRSRVVtYHLVGHVWLQRVGH
WXULVPRHOD]HUQRPHUFDGRLQWHUQRPDVVREUHWXGRQRVSULQFLSDLVPHUFDGRVLQWHUQDFLRQDLVHPLVVRUHV
GHSURFXUDGHHFRWXULVPRHWXULVPRGHQDWXUH]D

− $GHILFLHQWHTXDOLILFDomRGRVUHFXUVRVKXPDQRVTXHWUDEDOKDPQRVVHUYLoRVUHVSRQViYHLVSHODJHVWmR
GDV$3QRPHDGDPHQWHHPPDWpULDVUHODWLYDVDRDWHQGLPHQWRGHYLVLWDQWHVHRUJDQL]DomRGDYLVLWDomRH
HQWUHWHQLPHQWR

− $UHGX]LGDRIHUWDGHHTXLSDPHQWRVHGHLQIUDHVWUXWXUDVGHLQIRUPDomRLQWHUSUHWDomRDQLPDomRHDSRLR
jYLVLWDomR

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

− $ UHGX]LGD RIHUWD GH DWUDFo}HV HTXLSDPHQWRV H DFWLYLGDGHV GH OD]HU QDV $3 VREUHWXGR TXDQGR
FRPSDUDGRV FRP RV TXH VmR RIHUHFLGRV H GLVSRQLELOL]DGRV QDV $3 H 3DUTXHV 1DWXUDLV GRV SDtVHV
FRQFRUUHQWHVHPWHUPRVWXUtVWLFRVQR6XOGD(XURSD

− 2VHIHLWRVQHJDWLYRVGDVD]RQDOLGDGHDVVRFLDGDjYLVLWDomRGDV$3HP3RUWXJDO IRUWHFRQFHQWUDomRGD
YLVLWDomRQRVPHVHVGHIpULDVGH9HUmRHQRFDVRH[FHSFLRQDOGR3DUTXH1DWXUDOGD6HUUDGD(VWUHOD
GXUDQWHRVPHVHVGH,QYHUQR 

− $UHGX]LGDRIHUWDGHDORMDPHQWRTXHSHUPLWDRFRQWDFWRGLUHFWRFRPDQDWXUH]DHDIUDFDTXDOLGDGH
PpGLDGDRIHUWDGHKRWHODULDH[LVWHQWHQRWHUULWyULRHHQYROYHQWHGDVSULQFLSDLV$3HPHVSHFLDOQDV$3
ORFDOL]DGDVHP]RQDVGRLQWHULRUGRSDtV

− $ QmR FRPHUFLDOL]DomRRUJDQL]DomR GD YLVLWDomR GDV $3 SHORV DJHQWHV GH YLDJHQV H RSHUDGRUHV
WXUtVWLFRVHVSHFLDOL]DGRVHVWUDQJHLURV

− 2IUDFRGHVHQYROYLPHQWRGDDFWLYLGDGHGHUHFHSWLYRHDQLPDomRWXUtVWLFDOLJDGDDRWXULVPRGDQDWXUH]D
HjYLVLWDomRGDV$3HP3RUWXJDO

&RPRSULQFLSDLVRSRUWXQLGDGHVHPWHUPRVGHYLVLWDomRGDV$3IRUDPFRQVLGHUDGRVRVVHJXLQWHVDVSHFWRV

− $2UJDQL]DomR0XQGLDOGR7XULVPRSUHYrSDUDRVSUy[LPRVDQRVDFRQWLQXDomRGHXPFUHVFLPHQWR
VLJQLILFDWLYRGDSURFXUDLQWHUQDFLRQDOQRVVHJPHQWRVGHHFRWXULVPRHWXULVPRGHQDWXUH]D

− 2GLPLQXWRJUDXGHUHDOL]DomRGDSURFXUDDFWXDOIDFHjSURFXUDSRWHQFLDOGHHFRWXULVPRHWXULVPRGH
QDWXUH]DWDQWRHPWHUPRVGHSURFXUDLQWHUQDFLRQDOFRPRGHSURFXUDLQWHUQD

− 2VQRYRVSDGU}HVHH[LJrQFLDVGRVFRQVXPLGRUHVTXHQDVXDGHFLVmRSDUDIpULDVHOD]HUSULYLOHJLDPRV
GHVWLQRVFRPPDLVHOHYDGDHUHFRQKHFLGDTXDOLGDGHDPELHQWDO

− $ GLVSRQLELOLGDGH Mi PDQLIHVWDGD SHODV HQWLGDGHV S~EOLFDV QDFLRQDLV SDUD LQYHVWLU QD FULDomR GH
FRQGLo}HVSDUDXPDQRYDUHDOLGDGHHLPDJHPGRSDtVFRPRGHVWLQRGHWXULVPRGHQDWXUH]DXWLOL]DQGR
FRPR IDFWRU HVVHQFLDO GH DWUDFomR D SDLVDJHP QDWXUDO H KXPDQD QDV $3 H RV VHXV UHFXUVRV QDWXUDLV
KDELWDWVHHVSpFLHVSUHVHUYDGDV

− $HIHFWLYDSRVVLELOLGDGHGHFULDomRGHPDLVURWDVSHUFXUVRVWHPiWLFRVHFLUFXLWRVGHYLVLWDomRQDV$3H
HP´UHGHµHQWUHGLIHUHQWHV$3FRPELQDQGRSURGXWRVHDFWLYLGDGH

− $SRVVLELOLGDGHGHFULDomRGHSDUTXHVWHPiWLFRVQDQDWXUH]DHGHSDUTXHVSDUDDFWLYLGDGHVGHOD]HUH
WXULVPRDFWLYRHPGLIHUHQWHVORFDOL]Do}HVGHGLYHUVDV$3

− 2 LQWHUHVVH H D GLVSRQLELOLGDGH GHPRQVWUDGD GH UHFXSHUDomRUHDELOLWDomR GH DOJXQV HTXLSDPHQWRV H


LQIUDHVWUXWXUDVH[LVWHQWHVPDVGHJUDGDGRVRXDEDQGRQDGRVHRVHXFRQVHTXHQWHDSURYHLWDPHQWRSDUD
DLQVWDODomRGHFHQWURVGHDSRLRLQWHUSUHWDomRHLQIRUPDomRDRVYLVLWDQWHV

− $ SRVVLELOLGDGH GH FHUWLILFDomR GH SURGXWRV DJUtFRODV GH TXDOLGDGH GLWRV ELROyJLFRV  FRP RULJHP
´JDUDQWLGDµHPiUHDVLGHQWLILFDGDVGRWHUULWyULRGDV$3HHQYROYHQWHSUy[LPDFRPSOHWDQGRDRIHUWDGH
DFWLYLGDGHV QD QDWXUH]D H GH FRPHUFLDOL]DomR GRV PHVPRV XWLOL]DQGR XPD GHQRPLQDomR GH RULJHP
DVVRFLDGDjPDUFD´3DUTXHVGH3RUWXJDOµ

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

5HODWLYDPHQWHjVSULQFLSDLVDPHDoDVLPSRUWDGHVWDFDURVVHJXLQWHVDVSHFWRV

− $H[LVWrQFLDFRPPDLRUQRWRULHGDGHHFRQVHTXHQWHFDSDFLGDGHGHFRQFRUUrQFLDDFUHVFLGDGHGHVWLQRV
H SDtVHV FRP XP SHUILO GH QDWXUH]D PDLV ´H[yWLFRµ H FRP DWULEXWRV PDLV ´H[XEHUDQWHVµ GR TXH RV
GLVSRQtYHLV SDUD RIHUWD HP WHUPRV GH YLVLWDomR HP 3RUWXJDO RV TXDLV VmR KRMH Mi REMHFWR GH LQWHQVD
SURFXUDHGHVHQYROYLPHQWRWXUtVWLFR

− 2 FRQWtQXR LQYHVWLPHQWR QD FULDomR H SURPRomR GH QRYRV SURGXWRV H SURJUDPDV GH HFRWXULVPR H
WXULVPRGHQDWXUH]DSRUSDUWHGHVWHVGHVWLQRVHSDtVHV

− 2V HUURV YHULILFDGRV HP WHUPRV GH RUGHQDPHQWR GR WHUULWyULR H XUEDQLVPR HP DOJXPDV $3 TXH
SURYRFDUDP XP GHVDGHTXDGR H GHVHTXLOLEUDGR FRQVXPR GH UHFXUVRV QDWXUDLV H XPD VLJQLILFDWLYD
GHJUDGDomR GD SDLVDJHP FRQWULEXLQGR SDUD XPD GHVYDORUL]DomR GR SRWHQFLDO GH DSURYHLWDPHQWR GRV
SURGXWRVGHWXULVPRGHQDWXUH]D

− 2DEDQGRQRHHQYHOKHFLPHQWRGDVSRSXODo}HVHFRQVHTXHQWHGHVHUWLILFDomRGHDOJXPDV]RQDVGRSDtV
VREUHWXGRQRLQWHULRUWRUQDQGRFDGDYH]PDLVGLItFLOLQWHUHVVDUDVPHVPDVSDUDRVHXFRQWULEXWRSDUDD
SUHVHUYDomR GRV DWULEXWRV H YDORUHVQD QDWXUH]D HQFRQWUDU TXDGURV H WUDEDOKDGRUHV TXDOLILFDGRVSDUD
LQWHJUDUHPRVVHUYLoRVGDV$3HVDWLVID]HUDVQHFHVVLGDGHVHPSHVVRDOTXDOLILFDGRGDVHPSUHVDVFRP
DFWLYLGDGHSURGXWLYDQHVVDVUHJL}HV

9,6®2(675$7e*,&$(2%-(&7,926

3UHVVXSRVWRV

(PERUDVDEHQGRVHTXHR3ODQRGH0DUNHWLQJGHYHIXQGDPHQWDOPHQWHSHUPLWLULQWHUYLUHDFWXDUDRQtYHO
GDVHVWUDWpJLDVHDFo}HVGHFRPXQLFDomRHGRFRQKHFLPHQWRGRFRPSRUWDPHQWRGDSURFXUD YLVLWDQWHV H
GD VDWLVIDomR H ILGHOL]DomR GRV FOLHQWHVYLVLWDQWHV GDV $3 LPSRUWD HVWDEHOHFHU XP FRQMXQWR GH
SUHVVXSRVWRVVREUHRGHVHQYROYLPHQWRGHGLIHUHQWHVFRPSRQHQWHVGDRIHUWDVHPRTXDOWRGRRHVIRUoRH
LQYHVWLPHQWRHPPDUNHWLQJHFRPXQLFDomRVHUiGHVSHUGLoDGRRXQmRWUDUiRVHVSHUDGRVEHQHItFLRV

$ VLWXDomR DFWXDO QR TXH UHVSHLWD jV FDUDFWHUtVWLFDV H RIHUWD SDUD YLVLWDomR GDV $3 SRUWXJXHVDV p
FRQVLGHUDGD D SULQFLSDO FRQGLFLRQDQWH D WHU HP FRQWD QD H[HFXomR GR 3URJUDPD GH 9LVLWDomR H
&RPXQLFDomR QD 51$3 (P FRQVHTXrQFLD D LPHGLDWD H HIFWLYD DOWHUDomR GD PHVPD p WLGD FRPR R
SULPHLURSUHVVXSRVWRSDUDDLPSOHPHQWDomRGHVWDSURSRVWDGH3ODQRGH0DUNHWLQJ'HIDFWRRFRQMXQWR
GRV DWULEXWRV YDORUHV QDWXUDLV H HVSpFLHV H KDELWDWV SURWHJLGRV H[LVWHQWHV QDV $3 SRUWXJXHVDV QmR FULD
DFWXDOPHQWH H Vy SRU VL XP SURGXWR GH HFRWXULVPR H WXULVPR GH QDWXUH]D VXVFHSWtYHO GH FRQVWLWXLU XP
PRWLYRSULQFLSDOGHDWUDFomRGHWXULVWDVHVWUDQJHLURV HYHQWXDOPHQWHFRPDOJXPDVH[FHSo}HVDRQtYHOGH
DOJXQV SURGXWRV HVSHFtILFRV GH YLVLWDomR  $GLFLRQDOPHQWH DV SULQFLSDLV FRQFOXV}HV UHODWLYDV DR
SRVLFLRQDPHQWR DFWXDO GR SDtV H GDV VXDV $3 QR FRQWH[WR GR PHUFDGR GH HFRWXULVPR H WXULVPR GH
QDWXUH]D UHYHODP D IDOWD GH FRQGLo}HV GH FRPSHWLWLYLGDGH SDUD FRQFRUUHU SHOD DWUDFomR GRV SULQFLSDLV
VHJPHQWRV RX QLFKRV GH SURFXUD WDQWR JHQpULFRV FRPR PDLV HVSHFLDOL]DGRV GHVLJQDGDPHQWH GHYLGR j
GHILFLHQWH YDORUL]DomR GRV DWULEXWRV QDWXUDLV H[LVWHQWHV j SRXFD GLYXOJDomR GH 3RUWXJDO QRV SULQFLSDLV
PHUFDGRV H DR LQVXILFLHQWH QtYHO GH GLVSRQLELOL]DomR GH LQIUDHVWUXWXUDV EiVLFDV H GH HTXLSDPHQWRV

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

QHFHVViULRVSDUDDSRLRjYLVLWDomRHOD]HUHPLQWHUDFomRFRPDQDWXUH]D

8PDYH]GLDJQRVWLFDGDVDVSULQFLSDLVFRQGLFLRQDQWHVHOLPLWDo}HVDSURSRVWDGH3ODQRGH0DUNHWLQJTXH
DSUHVHQWDPRV SUHVVXS}H R HIHFWLYR GHVHQYROYLPHQWR HP SDUDOHOR GH XP SURJUDPD GH LQWHUYHQo}HV QR
FXUWRSUD]R DWp FRPYLVWDjFULDomRGHVVDVLQIUDHVWUXWXUDVEiVLFDV WDLVFRPR´SRUWDVµSRVWRVGH
LQIRUPDomR FHQWURV GH DWHQGLPHQWR H GH YLVLWDomR FHQWURV GH LQWHUSUHWDomR SDUTXHV WHPiWLFRV H GH
DYHQWXUDHiUHDVGHHQWUHWHQLPHQWRQDQDWXUH]DHQWUHRXWURV (VWHSURJUDPDGHLQWHUYHQo}HVREMHFWRGH
SURSRVWD FRQFUHWD HP SRQWR DQWHULRU GHYH LJXDOPHQWH DEUDQJHU DOJXPDV DOWHUDo}HV QR PRGHOR GH
RUJDQL]DomRGRVVHUYLoRVUHVSRQViYHLVSHODJHVWmRGDV$3HGDVUHVSHFWLYDVHVWUXWXUDVGHDWHQGLPHQWRH
HTXLSDPHQWRVGHDSRLRjYLVLWDomR

&RPRWHUFHLURSUHVVXSRVWRDSURSRVWDGH3ODQRGH0DUNHWLQJDVVXPHTXHWDPEpPQXPSHUtRGRGHFXUWR
SUD]R DWp RVGLIHUHQWHVRSHUDGRUHVWXUtVWLFRVHHPSUHVDVGHRUJDQL]DomRGHDFWLYLGDGHVQDQDWXUH]D
SRGHUmR GLVSRU Mi GH FRQGLo}HV DGHTXDGDV H GH DOJXQV LQFHQWLYRV SDUD R UHODQoDPHQWR HRX
GHVHQYROYLPHQWRGDVXDSUHVWDomRGHVHUYLoRVHPSDUWLFXODUQRTXHVHUHIHUHjFRQVWUXomRGHSURGXWRVH
SURJUDPDVGHWXULVPRGHQDWXUH]DQD51$3HVSHFtILFRVRXHPUHGHjRIHUWDHGLVSRQLELOL]DomRGHVVHV
SURGXWRVGHIRUPDHVWUXWXUDGDHjRUJDQL]DomRGRDFRPSDQKDPHQWRGRVYLVLWDQWHVQDV$3

$VVLP DVVXPLQGR TXH QR ILQDO GH  DV $3 LUmR GLVS{U H WHU HP IXQFLRQDPHQWR XP FRQMXQWR GH
LQIUDHVWUXWXUDV H HTXLSDPHQWRV GH DSRLR j YLVLWDomR H DR OD]HU H HQWUHWHQLPHQWR QD QDWXUH]D H
FRQVLGHUDQGRTXHHVWDUmRFULDGDVDVFRQGLo}HVSDUDXPDDFWXDomRHIHFWLYDGRVRSHUDGRUHVWXUtVWLFRVHGDV
HPSUHVDVGHDQLPDomRFRPDFWLYLGDGHGLULJLGDDRWXULVPRDFWLYRHVWDSURSRVWDGH3ODQRGH0DUNHWLQJp
HODERUDGDWHQGRSUHVHQWHXPDYLVmRHVWUDWpJLFDTXHREHGHFHDXPGHVGREUDPHQWRWHPSRUDO

9LVmR(VWUDWpJLFD

 $Wp 'H]HPEUR GH  DV DFo}HV H LQLFLDWLYDV GH PDUNHWLQJ H FRPXQLFDomR GHYHP GDU
SULRULGDGHjLQIRUPDomRHVHQVLELOL]DomRGRPDLRUQ~PHURSRVVtYHOGHSRUWXJXHVHVHHVWUDQJHLURV
UHVLGHQWHVVREUHDVSRVVLELOLGDGHVHFRQGLo}HVGHYLVLWDomRHXVXIUXWRGRVDWULEXWRVGDQDWXUH]D
QDV$37UDWDVHHVVHQFLDOPHQWHGHDOWHUDUDSHUFHSomRGRVUHVLGHQWHVFULDQGRDVEDVHVSDUDR
GHVHQYROYLPHQWR GH XPD SURFXUD HIHFWLYD GH WXULVPR GH QDWXUH]D QDV $3 H FRQVWUXLQGR HP
SDUDOHORXPDLPDJHPGDV$3FRPRSRWHQFLDLVORFDLVHGHVWLQRVGHWXULVPRHOD]HUDOWHUQDWLYRVQR
QRVVR SDtV (P VLPXOWkQHR GHVHQYROYHUVHmR WDPEpP DFo}HV H LQLFLDWLYDV GH SURPRomR H
GLYXOJDomR GDV $3 FRPR GHVWLQRV UHDLV GH YLVLWDomR MXQWR GRV WXULVWDV HVWUDQJHLURV TXH Mi VH
HQFRQWUHP D SDVVDU IpULDV HP 3RUWXJDO LQGHSHQGHQWHPHQWH GDV PRWLYDo}HV TXH FRQGX]LUDP j
UHVSHFWLYDHVFROKDHGHFLVmR

(PWHUPRVGHYLVmRHVWUDWpJLFDHP'H]HPEURGHDV$3QDFLRQDLVQDVHTXrQFLDGDFRPELQDomRH
DUWLFXODomRGHDFo}HVHVWUXWXUDQWHVFRPDFo}HVHLQLFLDWLYDVGHPDUNHWLQJHFRPXQLFDomRGHYHUmRMiHVWDU
HP FRQGLo}HV SDUD FRPHoDU D FRPSHWLU HP LJXDOGDGH GH FRQGLo}HV H FLUFXQVWkQFLDV SHOD DWUDFomR
FRQTXLVWD H ILGHOL]DomR GH XPD SURFXUD LQWHUQD H LQWHUQDFLRQDO GH HFRWXULVPR H WXULVPR GH QDWXUH]D
FRQWULEXLQGRDVVLPGHIRUPDHILFD]HHILFLHQWHSDUDTXH3RUWXJDOVHDSUHVHQWHQRVPHUFDGRVHPLVVRUHV

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

FRPRXPGHVWLQRFRPXPSURGXWRWXUtVWLFRHVWUDWpJLFRGHWXULVPRGHQDWXUH]DDOWHUQDWLYRDRVSURGXWRV
FRP TXH KDELWXDOPHQWH p LGHQWLILFDGR VRO H SUDLD JROIH WXUtVWLFR ´FLW\  VKRUW EUHDNVµ WXULVPR FXOWXUDO
HWF 

 $ SDUWLU GH  H VHP SUHMXt]R GD HYHQWXDO GHFLVmR GH FRQWLQXDomR GH XPD FDPSDQKD GH
FRPXQLFDomR SDUD D VHQVLELOL]DomR H SURPRomR MXQWR GH VHJPHQWRV H WDUJHWV GHILQLGRV H GH
VHTXrQFLD GR SURJUDPD DQXDO GH HYHQWRV TXH YLQKD VHQGR FRQFUHWL]DGR DV SULQFLSDLV DFo}HV H
LQLFLDWLYDV GH PDUNHWLQJ H FRPXQLFDomR SDUD GLYXOJDU D YLVLWDomR QDV $3 GHYHP
IXQGDPHQWDOPHQWH REHGHFHU j OyJLFD KDELWXDO GD SURPRomR WXUtVWLFD VDOYDJXDUGDQGR QRV
UHVSHFWLYRVFRQWH~GRVHIRUPDWRVDrQIDVHTXHGHYHVHUGDGDjVSUHRFXSDo}HVGHSUHVHUYDomRGD
QDWXUH]D H FRQVHUYDomR GD ELRGLYHUVLGDGH REMHFWLYR SULRULWiULR VXEMDFHQWH j FRQVWLWXLomR H
PDQXWHQomR GDV $3 H jV SURSRVWDV GH YLVLWDomR HP UHGH TXH WLYHPRV RFDVLmR GH DSUHVHQWDU
IRUPDHIHFWLYDGHYDORUL]DUHJDQKDUFDSDFLGDGHFRPSHWLWLYD

 (P  FDVR WHQKD VLGR PDQWLGR R HVIRUoR H R LQYHVWLPHQWR DQXDO QD FULDomR H UHDELOLWDomR GH
LQIUDHVWUXWXUDVHHTXLSDPHQWRVHQDSURPRomRHGLYXOJDomRDQtYHOQDFLRQDOHLQWHUQDFLRQDOGDV$3FRPR
ORFDLV GH H[FHSomR SDUD YLVLWDomR H XVXIUXWR GRV SURGXWRV GH HFRWXULVPR H WXULVPR GH QDWXUH]D HP
3RUWXJDO DGPLWLPRV TXH D YLVLWDomR GDV $3 GHYHUi Mi SURSRUFLRQDU UHFHLWDV GLUHFWDV H LQGLUHFWDV TXH
SHUPLWDPQmRVyHTXLOLEUDUDVGHVSHVDVHRVLQYHVWLPHQWRVGHPDQXWHQomRQHFHVViULRVSDUDDVVHJXUDUDV
FRQGLo}HVHPTXHDPHVPDpFRQFUHWL]DGDPDVWDPEpPJDUDQWLUDSUySULDVXVWHQWDELOLGDGHDPELHQWDO7DO
VLWXDomRGHHTXLOtEULRVHUiGHFLVLYDSDUDID]HUFXPSULURREMHFWLYRHVWUDWpJLFRGHPHOKRULDGDVFRQGLo}HV
GHYLGDGDVSRSXODo}HVGDVFRPXQLGDGHVORFDLVHGDVUHJL}HVHQYROYHQWHVDWUDYpVGDFULDomRGHHPSUHJRH
ULTXH]DTXHDYLVLWDomRGHYHUiGLUHFWDRXLQGLUHFWDPHQWHJHUDU

2EMHFWLYRVGH0DUNHWLQJ

1mR HVTXHFHQGR RV SUHVVXSRVWRV DQWHULRUPHQWH H[SOLFLWDGRV D SURSRVWD GH 3ODQR GH 0DUNHWLQJ YLVD D
SURVVHFXomRGRVVHJXLQWHVREMHFWLYRVHVSHFtILFRV

− 'HVHQYROYHU XPD DERUGDJHP FRRUGHQDGD GH FRPXQLFDomR SURPRomR H GLYXOJDomR GDV $3 FRPR
GHVWLQRVGHYLVLWDomROD]HUHWXULVPR

− $ILUPDUHWRUQDUSUHVHQWHVDV$3MXQWRGRVGLYHUVRVS~EOLFRVFRQVXPLGRUHVGHWXULVPRGHQDWXUH]DQR
PHUFDGRLQWHUQRHQRPHUFDGRLQWHUQDFLRQDO

− &RQWULEXLU SDUD R SRVLFLRQDPHQWR GDV $3 SRUWXJXHVDV FRPR HOHPHQWRV IXQGDPHQWDLV GH DWUDFomR H
FRPSHWLWLYLGDGHGDVUHJL}HVHGHVWLQRVWXUtVWLFRVRQGHVHLQVHUHP

− (VWLPXODU H IDFLOLWDU R UHFRQKHFLPHQWR GDV $3 H GDV UHJL}HV RQGH VH ORFDOL]DP FRPR GHVWLQRV GH
WXULVPR H OD]HU QRV PHUFDGRV HPLVVRUHV FRQVLGHUDGRV SULRULWiULRV  H MXQWR GH QLFKRVVHJPHQWRV GH
SURFXUDLGHQWLILFDGRV

− 6HQVLELOL]DUHHQYROYHUDVHQWLGDGHVRSHUDGRUHVHPSUHVDVHPJHUDOHFRPXQLGDGHVORFDLVHPWRUQRGD
FRQTXLVWDGHVWHVREMHFWLYRV

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

(VWHVREMHFWLYRVGHPDUNHWLQJFRQFRUUHPQDSUiWLFDSDUDDSURVVHFXomRGRREMHFWLYRHVWUDWpJLFR
GHDWUDFomRHFDSWDomRGHXPDTXRWDSDUWHGDSURFXUDLQWHUQDFLRQDOGHHFRWXULVPRHWXULVPRGH
QDWXUH]DHSDUDDFULDomRGHXPDSURFXUDLQWHUQDHFRQVWUXomRGHXPPHUFDGRSDUDRWXULVPRGH
QDWXUH]DHP3RUWXJDOWHQGRFRPRIDFWRUHVVHQFLDODGLQDPL]DomRGDYLVLWDomRQD5HGH1DFLRQDO
GHÉUHDV3URWHJLGDV

7HQGR SUHVHQWH D YLVmR HVWUDWpJLFD H RV REMHFWLYRV DWUiV GHILQLGRV R 3ODQR GH 0DUNHWLQJ GHYHUi VHU
LPSOHPHQWDGRHPGXDVIDVHVWHPSRUDLVGLVWLQWDVHGHDFRUGRFRPDVOLQKDVGHHVWUDWpJLDHSODQRVGHDFomR
HLQWHUYHQomRHPVHJXLGDSURSRVWRV

$SULPHLUDIDVHQRFXUWRSUD]R D YLVDLQIRUPDUHVHQVLELOL]DURVDFWXDLVHSRWHQFLDLVYLVLWDQWHV


HRVXWHQWHVGDV$3HPJHUDOVXVFLWDQGRXPQRYRLQWHUHVVHHDSHWrQFLDGRVLQGLYtGXRVHGDVIDPtOLDVHP
3RUWXJDO SHOD YLVLWDomR ´SODQHDGD H RUJDQL]DGDµ QD 5HGH 1DFLRQDO GH ÉUHDV 3URWHJLGDV
FRQVFLHQFLDOL]DQGRRV SDUD D QHFHVVLGDGH GH SUHVHUYDomR GRV YDORUHV QDWXUDLV H GHVHQYROYHQGR XPD
SHGDJRJLD HVSHFtILFD SRU HVWDV PDWpULDV FRQGLomR HVVHQFLDO GH FRQWLQXLGDGH GD H[LVWrQFLD H PDQXWHQomR
GDV$3QRWHUULWyULR

$VHJXQGDIDVHGHPpGLRHORQJRSUD]R DSDUWLUGH DSRVWDQDGLYXOJDomRHSURPRomRGDRIHUWDGD


5HGH1DFLRQDOGHÉUHDV3URWHJLGDVHGDV$3FRPRSURGXWRVGHVWLQRVHIHFWLYRVGHWXULVPRGHQDWXUH]D
QRPHUFDGRLQWHUQRHQRVPHUFDGRVLQWHUQDFLRQDLVSULRULWiULRV

3DUD R HIHLWR FRQVLGHUDPRV TXH D SOHQD FRQFUHWL]DomR GRV REMHFWLYRV DWUiV UHIHULGRV LPSOLFDUi R
FXPSULPHQWRGDVVHJXLQWHVPHWDVGHVGHMiTXDQWLILFDGDV

− 1RSUD]RGHDQRV QRILPGDSULPHLUDIDVH SHORPHQRVGRVSRUWXJXHVHVHHVWUDQJHLURV


UHVLGHQWHV GHYHP GHPRQVWUDU DWUDYpV GD UHVSRVWD D LQTXpULWR SRU DPRVWUDJHP R FRQKHFLPHQWR GD
SRVVLELOLGDGHGHYLVLWDomRGDV$3HLGHQWLILFDUHPWHUPRVJHUDLVRVSULQFLSDLVREMHFWLYRVHVWUDWpJLFRV
VXEMDFHQWHV DR GHVHQYROYLPHQWR GH XPD OyJLFD GH YLVLWDomR QD 5HGH 1DFLRQDO GH ÉUHDV 3URWHJLGDV
GHVWHVGHYHPPDQLIHVWDURGHVHMRGHDVYLVLWDURXGHFODUDUTXHDVYLVLWDUDPQR~OWLPRDQRSRU
PRWLYDomR DVVRFLDGD DR OD]HU WXULVPR H XVXIUXWR GD QDWXUH]D RX HP DOWHUQDWLYD TXH DLQGD R
SUHWHQGHPID]HUQRSUD]RPi[LPRGHXPDQR

− 1R SUD]R GH  DQRV QR ILP GD SULPHLUD IDVH  SHOR PHQRV  GRV WXULVWDV HVWUDQJHLURV TXH
FKHJDPDQXDOPHQWHD3RUWXJDOSDUDJR]RGHIpULDVGHYHPGHFODUDUTXHDSyVDFKHJDGDDRSDtVIRUDP
LQIRUPDGRVHWrPFRQKHFLPHQWRGDSRVVLELOLGDGHGHYLVLWDomRGD5HGH1DFLRQDOGHÉUHDV3URWHJLGDV
RX DLQGD TXH Mi YLVLWDUDP RX SUHWHQGHP YLVLWDU GXUDQWH D UHVSHFWLYD HVWDGLD DOJXPDV GDV $3 SRU
PRWLYDomRDVVRFLDGDDROD]HUHXVXIUXWRGDQDWXUH]D

− 1R SUD]R GH  DQRV QR ILP GD SULPHLUD IDVH  SHOR PHQRV  D  GR WRWDO GRV WXULVWDV
HVWUDQJHLURV TXH HQWUDP DQXDOPHQWH HP 3RUWXJDO GHYHP GHFODUDU TXH D PRWLYDomR SULQFLSDO GHVVD
YLVLWD SUHQGHVH FRP D SRVVLELOLGDGH GH XVXIUXWR GH DOJXQV SURGXWRV RX SURJUDPDV GH YLVLWDomR
HVSHFtILFRVRUJDQL]DGRVQRWHUULWyULRGDV$3 WDLVFRPRREVHUYDomRGHDYLIDXQDPHUJXOKRGHVSRUWRV
QiXWLFRV²VXUIHZLQGVXUI²HFLFORWXULVPRPRXQWDLQELNHHWF 

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

− 1R SUD]R GH  DQRV QR ILP GD SULPHLUD IDVH  GHYH Mi HVWDU HP IXQFLRQDPHQWR XP FDOOFHQWUH
´3DUTXHVGH3RUWXJDOµHGLVSRQtYHOXPSRUWDOZZZSDUTXHVGHSRUWXJDOSWSDUDIRUQHFLPHQWRGH
LQIRUPDomR´RQOLQHRQWLPHµVREUHRVUHFXUVRVGLVSRQtYHLVHSRVVLELOLGDGHVGHYLVLWD HVSHFtILFDVRXHP
UHGH HVWDGLDHXVXIUXWRGDV$3SDUDWXULVPRGHQDWXUH]DHOD]HUHPJHUDO

− 1R SUD]R GH  DQRV QR ILP GD SULPHLUD IDVH  SHOR PHQRV  GRV RSHUDGRUHV WXUtVWLFRV
QDFLRQDLVJHQpULFRVRXHVSHFLDOL]DGRVHPWXULVPRGHQDWXUH]DGHYHPGLYXOJDURIHUHFHUHFRQFUHWL]DU
GHIRUPDWUDGLFLRQDORXYLD,QWHUQHWSURGXWRVRXSURJUDPDVHVWUXWXUDGRVGHHFRWXULVPRHWXULVPRGH
QDWXUH]DQDVGLIHUHQWHVÉUHDVGH9LVLWDomRRVTXDLVGHYHPWHUFRPRVXSRUWHDYLVLWDjV$3

− )LQDOPHQWHWDPEpPQRSUD]RGHDQRV QRILPGDSULPHLUDIDVH GRVSULQFLSDLVRSHUDGRUHV


GH WXULVPR GH QDWXUH]D HP FDGD PHUFDGR LQWHUQDFLRQDO FRQVLGHUDGR SULRULWiULR SHOR PHQRV 
GHYHUmRMiRIHUHFHUHFRPHUFLDOL]DUSRUYLDWUDGLFLRQDORXDWUDYpVGH,QWHUQHWSURJUDPDVTXHLQFOXDP
3RUWXJDOHDV$3QDFLRQDLVFRPRGHVWLQRVGHWXULVPRQDQDWXUH]D

− (P ILPGDVHJXQGDIDVH SHORPHQRVGRWRWDOGRVSRUWXJXHVHVHHVWUDQJHLURVUHVLGHQWHV


HP3RUWXJDOGHYHPGHFODUDUDWUDYpVGHUHVSRVWDDLQTXpULWRSRUDPRVWUDJHPTXHQHVVHDQRYLVLWDUDP
RX SUHWHQGHP DLQGD YLVLWDU GLIHUHQWHV ORFDLV QD 5HGH 1DFLRQDO GH ÉUHDV 3URWHJLGDV SRU LQWHUHVVH H
PRWLYDo}HV HVSHFLILFDPHQWH DVVRFLDGDV j EHOH]D GD SDLVDJHP DR  FRQWDFWR H FRQKHFLPHQWR VREUH
KDELWDWVHHVSpFLHVSURWHJLGDVHDRGHVSRUWROD]HUHVLPSOHVXVXIUXWRGDQDWXUH]D

− (P ILPGDVHJXQGDIDVH SHORPHQRVGRVWXULVWDVHVWUDQJHLURVTXHYHQKDPDHVFROKHU


3RUWXJDOFRPRGHVWLQRGHIpULDVHOD]HUGHYHPWrORIHLWRSRUPRWLYDo}HVDVVRFLDGDVDRHFRWXULVPRH
WXULVPRGHQDWXUH]DDSyVWHUHPFRQKHFLPHQWRGDUHDOLGDGHGDV$3HPPDWpULDGHKDELWDWVHVSpFLHV
SUHVHUYDGDV H FRQVHUYDomR GD ELRGLYHUVLGDGH H GDV VXDV SRWHQFLDOLGDGHV HP WHUPRV GH WHUULWyULR H
SDLVDJHPFRPRGHVWLQRVSDUDGHVSRUWROD]HUHXVXIUXWRGDQDWXUH]D

− (P ILPGDVHJXQGDIDVH SHORPHQRVGRVWXULVWDVHVWUDQJHLURVTXHFKHJDPDQXDOPHQWH


D3RUWXJDOGHYHPUHSRUWDUDWUDYpVGHUHVSRVWDDLQTXpULWRSRUDPRVWUDJHPTXHGXUDQWHDVXDHVWDGLD
YLVLWDUDP RX SUHWHQGHP YLVLWDU D 5HGH 1DFLRQDO GH ÉUHDV 3URWHJLGDV H RXWUDV UHJL}HV GR SDtV SRU
PRWLYDomRHVSHFtILFDRXLQWHUHVVHJHQpULFRGHOD]HUHXVXIUXWRGDQDWXUH]D
3DUD DOpP GRV IDFWRUHV Mi DWUiV UHIHULGRV D FRQFUHWL]DomR GD SURSRVWD GH 3ODQR GH 0DUNHWLQJ TXH
DSUHVHQWDPRVQXPKRUL]RQWHWHPSRUDOWmRDODUJDGR ²DQRV VyVHUiSRVVtYHOVH

− )RU FRQIHULGR DR 3URJUDPD GH 9LVLWDomR H &RPXQLFDomR QD 51$3 R GHYLGR UHFRQKHFLPHQWR
LPSRUWkQFLD H SULRULGDGH JDUDQWLQGR DWUDYpV GH H[SUHVVR FRPSURPLVVR S~EOLFR HQWUH DV GLYHUVDV
HQWLGDGHVHHPSUHVDVLQWHUHVVDGDVHHQYROYLGDVTXHRPHVPRVHMDFRQFUHWL]DGR

− 6HMDP DIHFWRV RV UHFXUVRV KXPDQRV PDWHULDLV H ILQDQFHLURV QHFHVViULRV jV WDUHIDV GH ODQoDPHQWR
JHVWmRDFRPSDQKDPHQWRHDYDOLDomRGRSURJUDPDGHH[HFXomR

− 6HMDPHVWDEHOHFLGDVDVQHFHVViULDVSDUFHULDVHQWUHHQWLGDGHVS~EOLFDV ,&1$XWDUTXLDV&RPLVV}HVGH
&RRUGHQDomR H 'HVHQYROYLPHQWR 5HJLRQDO 7XULVPR GH 3RUWXJDO ,3 ÐUJmRV 5HJLRQDLV H /RFDLV GH
7XULVPRHWF HFRPRVJUXSRVHHPSUHVDVSULYDGDVLQWHUHVVDGRVSDUDRUHVSHFWLYRHQYROYLPHQWRQD

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

GLQDPL]DomRHFRQFUHWL]DomRGRVSURJUDPDVSURMHFWRVDFo}HVHLQLFLDWLYDVSUHYLVWDVQR3ODQR

0(5&$'266(*0(1726(3Ó%/,&26$/92

1D SULPHLUD IDVH GR 3ODQRGH 0DUNHWLQJ  DV DFo}HV GH PDUNHWLQJ H FRPXQLFDomR SURSRVWDV
GHYHUmR VHU SULRULWDULDPHQWH GLULJLGDV DR PHUFDGR LQWHUQR YLVDQGR HP SDUWLFXODU RV SRUWXJXHVHV H RV
HVWUDQJHLURV TXH VH HQFRQWUDP HP 3RUWXJDO D UHVLGLU SHUPDQHQWH RX WHPSRUDULDPHQWH H WDPEpP RV
WXULVWDVTXHVHGHVORFDPDRQRVVRSDtVSDUDSDVVDUIpULDVRULXQGRVGRVSULQFLSDLVPHUFDGRVLQWHUQDFLRQDLV
HPLVVRUHVGHSURFXUDWXUtVWLFD

1DVHJXQGDIDVHGR3ODQRGH0DUNHWLQJ DSDUWLUGH DVDFo}HVGHPDUNHWLQJHFRPXQLFDomRGHYHUmR


VHUSULRULWDULDPHQWHGLULJLGDVDRVSULQFLSDLVPHUFDGRVLQWHUQDFLRQDLVHPLVVRUHVGHSURFXUDGHWXULVPRGH
QDWXUH]D D VDEHU (VSDQKD 5HLQR 8QLGR $OHPDQKD )UDQoD H ,WiOLD SDtVHV GD (VFDQGLQiYLD +RODQGD
&DQDGiH(VWDGRV8QLGRVGD$PpULFD

1RTXHUHVSHLWDjFDUDFWHUL]DomRGRVVHJPHQWRVHS~EOLFRVDVDFo}HVGHPDUNHWLQJHFRPXQLFDomRGHYHUmR
WHUFRPRDOYRSUHIHUHQFLDORVJUXSRVHWiULRVFRPSUHHQGLGRVHQWUHRVHRVDQRVGHLGDGHFRPrQIDVH
HSULRULGDGHQRVVHJPHQWRVDOYRGRVLQGLYtGXRVHFDVDLVMRYHQVHQWUHRVHDQRVHQRVLQGLYtGXRVH
IDPtOLDVGRVDRVDQRVQHVWHFDVRFRPQtYHLVGHUHQGLPHQWRFRUUHVSRQGHQWHVjVFODVVHV$%H&
$VVLPHVWDVDFo}HVGHYHUmRWHUUHSHUFXVVmRGLUHFWDRXLQGLUHFWDQRVJUXSRVGHMRYHQVHPLGDGHHVFRODU
QRVMRYHQVFDVDLVFRPRXVHPILOKRVHQRVQ~FOHRVIDPLOLDUHVFRPXPRXGRLVLQGLYtGXRVFRPHPSUHJR
RXDFWLYLGDGHSURGXWLYDHVWDELOL]DGDRTXHSHUPLWHRJR]RGHYiULRVSHUtRGRVGHIpULDVUHSDUWLGRVDRORQJR
GRDQR

/,1+$6'((675$7e*,$(3/$126'($&d®2

7HQGRSUHVHQWHDYLVmRHVWUDWpJLFDDWUiVSUHFRQL]DGDHRVREMHFWLYRVHPHWDVHVWDEHOHFLGRVLPSRUWDGHILQLU
XP FRQMXQWR GH OLQKDV GH HVWUDWpJLD H GH LQWHUYHQomR SDUD DV GXDV IDVHV WHPSRUDLV SUHYLVWDV GH
LPSOHPHQWDomRGR3ODQRGH0DUNHWLQJ

3DUDDSULPHLUDIDVH  VmRGHILQLGDVDVVHJXLQWHVSULQFLSDLVOLQKDVGHHVWUDWpJLDHGHLQWHUYHQomR

$ &RQKHFLPHQWR H DYDOLDomR SHULyGLFD GR FRPSRUWDPHQWR GD SURFXUD LQWHUQD H LQWHUQDFLRQDO


PRWLYDo}HVLQWHUHVVHVHJUDXGHVDWLVIDomRGDYLVLWDomRGDV$3

7UDWDVH GH FRQKHFHU PDLV DSURIXQGDGDPHQWH DWUDYpV GH LQTXpULWR SRU DPRVWUDJHP FRP FDUiFWHU
SHULyGLFR R FRPSRUWDPHQWR GD SURFXUD LQWHUQD H LQWHUQDFLRQDO H GH DYDOLDU D UHVSRVWD jV VXDV
QHFHVVLGDGHVHH[LJrQFLDVHPWHUPRVGRIXQFLRQDPHQWRGDVLQIUDHVWUXWXUDVHVHUYLoRVHHPWHUPRVGH
DSHWrQFLDSHORVSURGXWRVHSURJUDPDVRIHUHFLGRVSDUDYLVLWDomRHVSHFtILFDRXHPUHGHQDV$3

% $Fo}HVGHLQIRUPDomRVHQVLELOL]DomRSDUDDYLVLWDomRHHGXFDomRGRS~EOLFRSRWHQFLDOPHQWH

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

FRQVXPLGRU GH WXULVPR GH QDWXUH]D H GR S~EOLFR SRUWXJXrV H HVWUDQJHLUR UHVLGHQWH HP
3RUWXJDO

2 REMHFWLYR p GLYXOJDU H GDU D FRQKHFHU D SRVVLELOLGDGH GH YLVLWDomR GD 5HGH 1DFLRQDO GH ÉUHDV
3URWHJLGDV VHQVLELOL]DQGR RV LQGLYtGXRV RV FDVDLV H DV IDPtOLDV SDUD D LPSRUWkQFLD H QHFHVVLGDGH GH
FRQVHUYDomR H SURWHFomR GRV YDORUHV GD QDWXUH]D PRWLYDQGRRV SDUD XPD YLVLWDomR SODQHDGD H
RUJDQL]DGDjV$3(P~OWLPDLQVWkQFLDHVWDOLQKDGHHVWUDWpJLDSURS}HVHVXVFLWDURLQWHUHVVHGLUHFWRH
LPHGLDWRSDUDDYLVLWDHFRQWULEXLUSDUDWUDQVIRUPDURV´SRWHQFLDLVµYLVLWDQWHVHPYLVLWDQWHV´UHDLVµH
RVDFWXDLVYLVLWDQWHV´HVSRQWkQHRVµHPYLVLWDQWHV´RUJDQL]DGRVHLQIRUPDGRVµ

(VWD OLQKD GH HVWUDWpJLD GHYHUi FHQWUDUVH QD UHDOL]DomR GH SURJUDPDV H LQLFLDWLYDV GH LQIRUPDomR H
VHQVLELOL]DomRFRPXQLFDomRGLULJLGRVDR´JUDQGHS~EOLFRµUHVLGHQWHHP3RUWXJDO

& $Fo}HVGHLQIRUPDomRHVHQVLELOL]DomRGRVVWDNHKROGHUVHGDVFRPXQLGDGHVORFDLV

2SULQFLSDOREMHFWLYRGHVWDOLQKDGHHVWUDWpJLDpFRQVFLHQFLDOL]DUHVHQVLELOL]DURVGLIHUHQWHVVWDNHKROGHUV
²DVHTXLSDVGR,&1QDVGLIHUHQWHV$3RVUHVSRQViYHLVGRVGLIHUHQWHVRUJDQLVPRVGDV6HFUHWDULDVGH
(VWDGR GR 2UGHQDPHQWR GR 7HUULWyULR $GPLQLVWUDomR ,QWHUQD $PELHQWH &XOWXUD 7XULVPR H
7UDQVSRUWHVH2EUDV3~EOLFDVFRPLQWHUYHQomRQRWHUULWyULRGDV$3GDV&RPLVV}HVGH&RRUGHQDomRH
'HVHQYROYLPHQWR 5HJLRQDO GRV *RYHUQRV &LYLV H GDV $XWDUTXLDV GRV WHUULWyULRV HP TXH HVWmR
LQVHULGDVRXORFDOL]DGDVDV$3GR7XULVPRGH3RUWXJDO,3GHRXWUDVHQWLGDGHVHRUJDQL]Do}HVS~EOLFDV
GRV VHFWRUHV GR $PELHQWH H GR 7XULVPR GH )XQGDo}HV H 21*·6 GD iUHD GR $PELHQWH ² SDUD D
LPSRUWkQFLD GH VHUHP FULDGDV DV QHFHVViULDV FRQGLo}HV SDUD SURPRYHU H GLQDPL]DU D YLVLWDomR jV $3
SRUWXJXHVDVHGHVHQYROYHURWXULVPRGHQDWXUH]DQDVUHVSHFWLYDVUHJL}HV

2 WXULVPR GH QDWXUH]D SRGH H GHYH FRQWULEXLU SDUD D VXVWHQWDomR DPELHQWDO HFRQyPLFD H VRFLDO QR
WHUULWyULRHHQYROYHQWHGDV$3HWDPEpPSDUDDPHOKRULDGDVFRQGLo}HVGHYLGDHSDUDREHPHVWDUGDV
FRPXQLGDGHVDtUHVLGHQWHV

'HLJXDOIRUPDDVFRPXQLGDGHVORFDLVHRVUHVLGHQWHVGDV]RQDVPDLVSUy[LPDVGRWHUULWyULRGDV$3
GHYHPVHUVHQVLELOL]DGRVHHQYROYLGRVHPWRUQRGRGHVtJQLRGHGLQDPL]DomRGRWXULVPRGHQDWXUH]DH
GDYLVLWDomRjV$3SRUIRUPDDWRUQDUSRVVtYHODPD[LPL]DomRGRVHVSHUDGRVEHQHItFLRVHFRQyPLFRVH
VRFLDLVGLUHFWRVHLQGLUHFWRV

' 6HQVLELOL]DomRGRVJUXSRVHPSUHVDULDLVHSRWHQFLDLVLQYHVWLGRUHV

7UDWDVH GH ´JDQKDUµ RV JUXSRV HPSUHVDULDLV DV HPSUHVDV HP JHUDO H DOJXQV HPSUHViULRV SRWHQFLDLV
LQYHVWLGRUHVSDUDDSDUWLFLSDomRQRHVIRUoRGHYDORUL]DomRGDV$3GHFULDomRGHFRQGLo}HVGHYLVLWDomR
HUHDOL]DomRGRVHXSRWHQFLDOWXUtVWLFRSRUIRUPDDTXHSRVVDPFRQWULEXLUPDLVSRVLWLYDPHQWHSDUDR
GHVHQYROYLPHQWRUHJLRQDOHFRQyPLFRHVRFLDOGDVUHJL}HVHPTXHVHLQVHUHP

( (GXFDomRDPELHQWDOSDUDFULDQoDVHMRYHQVHVWXGDQWHV

(VWD OLQKD GH HVWUDWpJLD WHP FRPR SULQFLSDO REMHFWLYR D VHQVLELOL]DomR H HGXFDomR SDUD RV YDORUHV
DPELHQWDLVHGDFRQVHUYDomRGDQDWXUH]DQDV$3GDVFULDQoDVHMRYHQVHPLGDGHHVFRODULQFHQWLYDQGR

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

RV D YLVLWDU DV PHVPDV H D SDUWLFLSDU QDV DFo}HV H LQLFLDWLYDV TXH QHODV YHQKDP D WHU OXJDU
,QGLUHFWDPHQWHSUHWHQGHVHTXHSDLVRXHQFDUUHJDGRVGHHGXFDomRHRVIDPLOLDUHVHDPLJRVDGXOWRVHP
JHUDOSRVVDPWDPEpPVHUVHQVLELOL]DGRVSDUDDWUDYpVGDYLVLWDomRYDORUL]DUHPDSURWHFomRGDQDWXUH]D
HDFRQVHUYDomRGDELRGLYHUVLGDGH

) 6HQVLELOL]DomRGRVRSHUDGRUHVHVSHFLDOL]DGRVHPWXULVPRGHQDWXUH]D

$VDFo}HVDUHDOL]DUQRkPELWRGHVWDOLQKDGHHVWUDWpJLDSUHWHQGHPLQFHQWLYDURVRSHUDGRUHVGHWXULVPR
GHQDWXUH]DHGHWXULVPRDFWLYRQDQDWXUH]DSDUDXPDDSRVWDVpULDHFRQWLQXDGDQDFULDomRHRIHUWDGH
QRYRV SURJUDPDV H SURGXWRV RV TXDLV GHYHP WHU FRPR EDVH D YLVLWDomR j 5HGH 1DFLRQDO GH ÉUHDV
3URWHJLGDV

* $Fo}HVHVSHFLILFDPHQWHGLULJLGDVjDWUDFomRGHYLVLWDQWHVSDUDDVÉUHDV3URWHJLGDV

(VWD OLQKD GH HVWUDWpJLD FRQFRUUH GH IRUPD PDLV GLULJLGD GR TXH DV DQWHULRUHV SDUD D WHQWDWLYD GH
DXPHQWR GD QRWRULHGDGH GR WXULVPR GH QDWXUH]D HP 3RUWXJDO H HP FRQVHTXrQFLD GD YLVLWDomR HP
DOJXPDV $3 FXMRV UHFXUVRV KDELWDWV H HVSpFLHV SURWHJLGDV H HVWUXWXUDV H HTXLSDPHQWRV VXSRUWDP Mi
VHPJUDQGHGLILFXOGDGHXPDXPHQWRVLJQLILFDWLYRGHYLVLWDomRGHVGHTXHDPHVPDVHMDGHYLGDPHQWH
SODQHDGDRUGHQDGDHRUJDQL]DGDHPWHUPRVGHSUHVWDomRGHVHUYLoRV

$V DFo}HV D UHDOL]DU GHVWLQDPVH D SURPRYHU H GLYXOJDU D RIHUWD GH XP FRQMXQWR VHOHFFLRQDGR GH
SURSRVWDV GH YLVLWDomR HVSHFtILFDV TXH j SDUWLGD FRQVLGHUDPRV WHUHP GHVGH Mi FRQGLo}HV SDUD
PRWLYDUHPHVXVFLWDUHPRLQWHUHVVHGLULJLGRGHYLVLWDomRHPDOJXPDVGDV$3

3DUDFDGDXPGDVOLQKDVGHHVWUDWpJLDDWUiVUHIHULGDVSDVVDPRVDDSUHVHQWDUXPDSURSRVWDGHWLSRORJLDGH
DFo}HV H LQLFLDWLYDV D GHVHQYROYHU QRV SHUtRGRV FRUUHVSRQGHQWHV j SULPHLUD H VHJXQGD IDVHV GH
LPSOHPHQWDomRGR3ODQRGH0DUNHWLQJ

$V DFo}HV H LQLFLDWLYDV TXH SURSRPRV REHGHFHP D GLIHUHQWHV QtYHLV GH SULRULGDGH H D UHVSHFWLYD
FRQFUHWL]DomRFRPSHULRGLFLGDGHHFDUiFWHUDQXDOFRQILJXUDULDXPDVLWXDomRSUy[LPDGDLGHDOHPWHUPRV
GHPDUNHWLQJHFRPXQLFDomR

&RQWXGRWHPRVDQRomRSUHFLVDGHTXHRLQYHVWLPHQWRJOREDOQHFHVViULRSDUDTXHHVWDVLWXDomRLGHDOVH
PDWHULDOL]DVVHVHULDREMHFWLYDPHQWHLQFRPSRUWiYHOVHWLYHVVHTXHVHUUHDOL]DGDXQLFDPHQWHFRPRUHFXUVR
DR RUoDPHQWR GH HQWLGDGHV S~EOLFDV PHVPR FRP R DSRLR GH IXQGRV FRP RULJHP HP SURJUDPDV
FRPXQLWiULRV 1HVWH VHQWLGR FRQVLGHUDPRV VHU QHFHVViULR H PHVPR GHVHMiYHO QmR Vy TXH R ,&1
FRQFUHWL]HSDUFHULDVFRPRXWUDVHQWLGDGHVS~EOLFDVQRPHDGDPHQWHFRPDVDXWDUTXLDVHRVRUJDQLVPRVGD
6HFUHWDULDGH(VWDGRGR7XULVPRSDUDRFRILQDQFLDPHQWRGHVWHSURJUDPDGHDFo}HVPDVTXHRVJUXSRV
HPSUHVDULDLV H HPSUHVDV SULYDGDV FRP LQWHUHVVH QDV UHJL}HV HP TXH DV $3 HVWmR ORFDOL]DGDV RX TXH
PDQWHQKDP DJHQGDV DPELHQWDLV H DWLWXGHV GH H[SUHVVD UHVSRQVDELOLGDGH VRFLDO VHMDP VHQVLELOL]DGRV H
FRQYHQFLGRV HYHQWXDOPHQWH FRP R UHFXUVR j FRQFHVVmR GH FRQWUDSDUWLGDV QHJRFLDGDV D VXSRUWDU XPD
SDUWH VXEVWDQFLDO GR YROXPH GH LQYHVWLPHQWR JOREDO TXH DQXDOPHQWH GHYH VHU UHDOL]DGR HP PDUNHWLQJ H
FRPXQLFDomRSDUDLQFHQWLYRjYLVLWDomRQDV$3

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

$ &RQKHFLPHQWR H DYDOLDomR SHULyGLFD GR FRPSRUWDPHQWR GD SURFXUD LQWHUQD H LQWHUQDFLRQDO


PRWLYDo}HVLQWHUHVVHVHJUDXGHVDWLVIDomRGDYLVLWDomRGDV$3
$,QTXpULWR VHPHVWUDO MXQWR GH DPRVWUD GH SRUWXJXHVHV H HVWUDQJHLURV UHVLGHQWHV FRP rQIDVH QDV
PRWLYDo}HVDFWLYLGDGHVQ~PHURGHYLVLWDVHUHFHLWDVGHVSHVDVJHUDGDV>3ULRULGDGH@
$,QTXpULWR VHPHVWUDO MXQWR GH DPRVWUD GH HVWUDQJHLURV HP IpULDV QR SDtV D UHDOL]DU QRV KRWpLV H
RXWUDVXQLGDGHVGHDORMDPHQWRWXUtVWLFRRXQRVDHURSRUWRV >3ULRULGDGH@
$,QTXpULWR DQXDO MXQWR GRV RSHUDGRUHV WXUtVWLFRV HVSHFLDOL]DGRV HP WXULVPR GH QDWXUH]D HP
3RUWXJDOHQRVSULQFLSDLVPHUFDGRVHPLVVRUHV >3ULRULGDGH@
$,QTXpULWRVHPHVWUDOSRUDPRVWUDJHPDRVYLVLWDQWHVGDV$3 SRVWRVGHDWHQGLPHQWRHLQIRUPDomRH
QDVIXWXUDV´SRUWDVµRXHVWUXWXUDVGHDFROKLPHQWRGHYLVLWDQWHV >3ULRULGDGH@

% $Fo}HVGHLQIRUPDomRVHQVLELOL]DomRSDUDDYLVLWDomRHHGXFDomRGRS~EOLFRSRWHQFLDOPHQWH
FRQVXPLGRU GH WXULVPR GH QDWXUH]D H GR S~EOLFR SRUWXJXrV H HVWUDQJHLUR UHVLGHQWH HP
3RUWXJDO
%3URJUDPD GH LGHQWLILFDomR H FODVVLILFDomR GD ´5HGH 1DFLRQDO GH (VWUDGDV 9HUGHVµ H UHVSHFWLYD
VLQDOL]DomR URGRYLiULD FODVVLILFDomR GH DOJXPDV HVWUDGDV GH DFHVVR jV GLIHUHQWHV $3 EHP FRPR
DOJXQVSHUFXUVRVQRLQWHULRUGHVVDVÉUHDVFRPR´(VWUDGDV9HUGHVµ >3ULRULGDGH@
%3URJUDPDGHLQVWDODomRGH´4XLRVTXHV9HUGHVGH,QIRUPDomRµQDVSULQFLSDLViUHDVGHVHUYLoRGDV
DXWRHVWUDGDV H GDV ´(VWUDGDV 9HUGHVµ FRP GLVSRQLELOL]DomR GH TXLRVTXHVPXOWLPpGLD DFHVVR j
,QWHUQHWSRUWDO ´ZZZSDUTXHVGHSRUWXJDOSWµ SRUWDO ´,&1µ H SRUWDO ZZZYLVLWSRUWXJDOSW H
]RQDVGHLQIRUPDomRH[SRVLomRFRPSDLQpLVLQIRUPDWLYRV>3ULRULGDGH@
%3URJUDPD GH FRORFDomR GH SDLQpLVRXWGRRUV LQIRUPDWLYRV H SXEOLFLWiULRV P [ P  QDV
>3ULRULGDGH@
ƒ 3ULQFLSDLVYLDVGHDFHVVRURGRYLiULRjV$3 SRVLo}HVDNPHQWUDGDHVDtGD 
ƒ 3ULQFLSDOYLDURGRYLiULDjVDtGDGDVFLGDGHVJHRJUDILFDPHQWHPDLVSUy[LPDVGDV$3
ƒ 3ULQFLSDLVYLDVURGRYLiULDVGHHQWUDGDQRSDtVORJRDSyVDIURQWHLUDFRP(VSDQKD
ƒ 3ULQFLSDLV YLDV URGRYLiULDV GH OLJDomR GRV DHURSRUWRV LQWHUQDFLRQDLV jV FLGDGHV PDLV
SUy[LPDVGDV$3
ƒ 3ULQFLSDLVYLDVURGRYLiULDVGHDFHVVRjVSUDLDVORFDOL]DGDVHPWHUULWyULRGDV$3 9HUmR 
ƒ 3ULQFLSDLVYLDVURGRYLiULDVGHDFHVVRDR3DUTXH1DWXUDOGD6HUUDGD(VWUHOD ,QYHUQR 
%&DPSDQKDGHFRPXQLFDomRSDUDLQIRUPDomRVHQVLELOL]DomRSDUDDYLVLWDjV$3>3ULRULGDGH@

([HPSORVGHDFo}HVHLQLFLDWLYDSRVVtYHLVGHFRQFUHWL]DU
ƒ &DPSDQKD GH SXEOLFLGDGH ´9LVLWH H FRQKHoD RV 3DUTXHV GH 3RUWXJDOµ D UHDOL]DU QD
WHOHYLVmR FLQHPDV UiGLR H LPSUHQVD JHQHUDOLVWD RX HVSHFLDOL]DGD DQ~QFLRVVSRWV QD
WHOHYLVmRHQDUiGLRXWLOL]DQGRWHPSRVGHDQWHQDGHGLFDGRVDRVHUYLoRS~EOLFRHQRVHFUmV
GHFLQHPD 

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

ƒ 3URGXomR H HGLomR GH EURFKXUD JHUDO VREUH RV ´3DUTXHV GH 3RUWXJDOµ HP  RX 
LGLRPDV HGHOLQKDGHEURFKXUDVHVSHFtILFDVGHDSRLRjYLVLWDomRGDV$3 XPDEURFKXUD
SDUD FDGD $3  GH DFRUGR FRP R PHVPR ´OD\RXWµ H LPDJHP GHILQLGD SDUD WRGRV RV
´3DUTXHVGH3RUWXJDOµ
ƒ 3URGXomRGHVpULHWHOHYLVLYDGRFXPHQWDOVREUHRV´3DUTXHVGH3RUWXJDOµ²YLVLWDomRGDV
$3´JXLDGDµSRUDUWLVWDVGHVSRUWLVWDVRXSHUVRQDOLGDGHVFRQKHFLGDVGR´JUDQGHS~EOLFRµ
HPLVVmR HP WHPSRV GH DQWHQD GHGLFDGRV DR VHUYLoR S~EOLFR GH WHOHYLVmR H QRV FDQDLV
WHPiWLFRVFDERFRPRR1DWLRQDO*HRJUDSKLF'LVFRYHU\&KDQQHOHWF 
ƒ $SRLRORJtVWLFRHWpFQLFRjUHDOL]DomRGHWHOHQRYHODTXHDERUGHDGLVFXVVmRGHWHPiWLFDV
GD SURWHFomR GD QDWXUH]DFRQVHUYDomR GD ELRGLYHUVLGDGH FRP SDUWH GDV ILOPDJHQV GH
H[WHULRUHVDUHDOL]DUQDV$3
ƒ 3URJUDPDWHOHYLVLYRHPGLUHFWR WLSR´3UyVH&RQWUDVµ SDUDVHQVLELOL]DomRHGHEDWHGDV
FRQGLo}HVGHYLVLWDomRQDV$3
ƒ 3XEOLFDomR GH GRVVLHU HP IDVFtFXORV ´9LVLWDU H FRQKHFHU RV 3DUTXHV GH 3RUWXJDOµ H
GLVWULEXLomRDWUDYpVGHMRUQDOGHJUDQGHWLUDJHP ([SUHVVR'13~EOLFR-1HWF 
ƒ ,QVHUomRGHDQ~QFLRVGHVHQVLELOL]DomRHGHFRQYLWHjYLVLWDomRQRVHFUmVGDVPiTXLQDVGR
VLVWHPD0XOWLEDQFR
ƒ $Fo}HV GH ´PHGLD UHODWLRQVµ MXQWR GH MRUQDLV UHYLVWDV GH JUDQGH S~EOLFR H GH YLDJHQV H
WXULVPRSDUDSURGXomRGHDUWLJRVHUHGDFFLRQDLVVREUHDYLVLWDomRQDV$3 FRQYLWHSDUD
SURJUDPDVGHYLVLWDDGLDV²HSDUWLFLSDomRHPSURJUDPDVHVSHFtILFRVHPGLYHUVDV
$3 
ƒ 'LVWULEXLomRGHLQIRUPDomRVREUHDYLVLWDomRQDV$3QRVSRVWRVGHLQIRUPDomRWXUtVWLFD
GRV DHURSRUWRV QDFLRQDLV HVWDo}HV IHUURYLiULDV H SRVWRV GH LQIRUPDomR WXUtVWLFD GDV
5HJL}HVGH7XULVPRHGDV$XWDUTXLDV HPDUWLFXODomRFRPR7XULVPRGH3RUWXJDO,3H
FRPDV5HJL}HVGH7XULVPR 
ƒ &RQFHSomR H SURGXomR GHXPD OLQKD YDULDGD GH SURGXWRV GHPHUFKDQGLVLQJ H[FOXVLYD GDV
$3 PDVFRWHSHOXFKHFRPH[SUHVVmRFDULQKRVDRXFyPLFDWVKLUWVVZHDWVKLUWVERQpVH
RXWUDVSHoDVGHYHVWXiULRPRFKLODVVDFRVFDUWHLUDVHDUWLJRVGHYLDJHPPDWHULDOHVFRODUH
DUWLJRV GH SDSHODULD MRJRV EULQTXHGRV H SUHVHQWHV HGXFDWLYRV OLYURV GYG·V SRVWHUV H
SRVWDLVDUWLJRVSDUDFDVDFRPRFDQHFDVHEDVHVGHFRSRVDUWLJRVSDUDDFWLYLGDGHVRXWGRRU
FRPRODQWHUQDVHFHVWRVGHSLTXHQLTXHHQWUHPXLWRVRXWURV 
ƒ &ULDomRGHXPDOLQKDGHDUWLJRVGHYHVWXiULRXWLOL]iYHLVQDSUiWLFDGHWXULVPRDFWLYRQD
QDWXUH]D H DSRLR j FULDomR GH XP EUDQGQDPH LQWHUQDFLRQDO SDUD D FRPHUFLDOL]DomR GHVWH
SURGXWR

127$ $ HVFROKD GXUDomR H LQWHQVLGDGH GDV DFo}HV H LQLFLDWLYDV GH FRPXQLFDomR DFLPD
OLVWDGDVHTXHSRGHUmRVHUDQXDOPHQWHUHDOL]DGDVVHUiVHPSUHFRQGLFLRQDGDSHORRUoDPHQWR
GH PDUNHWLQJ H FRPXQLFDomR GLVSRQtYHO H SHODV FRQWUDSDUWLGDV TXH SRVVDP VHU QHJRFLDGDV
QRPHDGDPHQWHHPWHUPRVGHLQVHUomRGHSXEOLFLGDGHQRVGLIHUHQWHV´PHLRVµ

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

%3DYLOKmR GH ([SRVLomR H,QIRUPDomR VWDQG  VREUH D RIHUWD WXUtVWLFD QDV $3 QD %7/ ² %ROVD GH
7XULVPRGH/LVERD>3ULRULGDGH@HVXDDSUHVHQWDomRHPIHLUDVHFHUWDPHVWXUtVWLFRVGHFDUiFWHU
UHJLRQDO>3ULRULGDGH@
%([SRVLomR LWLQHUDQWH VREUH DV SRVVLELOLGDGHV GH YLVLWDomR GDV GLIHUHQWHV $3 SRU H[HPSOR
XWLOL]DQGRXPFDPLmR[´3DUTXHVGH3RUWXJDOµTXHRIHUHoDSHTXHQRVDUWLJRVDOXVLYRVjV$3 
2V FRQWH~GRV GD H[SRVLomR LWLQHUDQWH SRGHUmR YDULDU VHJXQGR DV GLIHUHQWHV ÉUHDV GH 9LVLWDomR
>3ULRULGDGH@
%,QVWDODomRGHFDOOFHQWUHSDUD UHVSRVWDDSHGLGRVGHLQIRUPDomRVREUHRV´3DUTXHVGH3RUWXJDOµ
LQIRUPDo}HV D SUHVWDU HP YiULRV LGLRPDV  GHVLJQDGDPHQWH VREUH RV DFHVVRV jV $3 SRQWRV GH
LQWHUHVVHRSo}HVGHRIHUWDGHDORMDPHQWRHQWUHWHQLPHQWRHOD]HUQDQDWXUH]DWXULVPRDFWLYRHWF
>3ULRULGDGH@
%&ULDomR H ODQoDPHQWR GR SRUWDO ZZZSDUTXHVGHSRUWXJDOSW HVSHFLILFDPHQWH RULHQWDGR SDUD D
YLVLWDomR FRP XP HVWLOR GH OLQJXDJHP HIHFWLYDPHQWH LQIRUPDWLYD PDLV SURPRFLRQDO H PHQRV
WpFQLFDFRPPDLVFRQWH~GRVDRQtYHOGHUHFXUVRVFRPLQWHUHVVHSDUDRWXULVPRHOD]HUFRPXP
JUDILVPRPDLVDSHODWLYRHJUDQGHHQIRTXHHPLPDJHQVGHH[FHSomRFRPGLVSRQLELOL]DomRLPHGLDWD
GH YHUV}HV HP SRUWXJXrV LQJOrV HVSDQKRO IUDQFrV LWDOLDQR H SRVWHULRUPHQWH HP DOJXQV RXWURV
LGLRPDVHFRPIXQFLRQDOLGDGHVQRYDVHXVHUIULHQGO\>3ULRULGDGH@
ƒ &RQVXOWD GH LQIRUPDomR VREUH SURJUDPDV GH YLVLWDomR VXJHULGRV H VREUH LWLQHUiULRV
UHFRPHQGDGRV
ƒ ,QLFLDWLYDV GH ZHEPDUNHWLQJ LQFOXLQGR R HQYLR PHQVDO RX WULPHVWUDO GH PHQVDJHQV
JHQpULFDV H QHZVOHWWHUV HOHFWUyQLFDV D XWLOL]DGRUHV UHJLVWDGRV GH PHQVDJHQV GLULJLGDV D
S~EOLFRVDOYRHVSHFtILFRV HGHHPDUNHWSODFH SDUDDSRLRjVDFWLYLGDGHVGRVRSHUDGRUHV 
ƒ /LQNV SDUD RV VLWHV GR ,&1 GR 7XULVPR GH 3RUWXJDO ,3 9LVLW3RUWXJDO GH KRWpLV H
DORMDPHQWR WXUtVWLFR FRPSDQKLDV DpUHDV RSHUDGRUHV GH WXULVPR GH QDWXUH]D LPSUHQVD
HVSHFLDOL]DGDHPWXULVPRHDPELHQWHHWF
ƒ %DQQHUVSXEOLFLWiULRVFRPSURSRVWDVFRPHUFLDLVFRQFUHWDVSDUDYLVLWDomRQDV$3
ƒ 9LVLWDVJXLDGDVRQOLQHDDOJXQVORFDLVGHH[FHSomRQDV$3
ƒ 1DWXUH]D´DRYLYRµ LPDJHQVOLYHGHFHQWURVGHUHFXSHUDomRGHIDXQDKDELWDWVGHHVSpFLHV
SURWHJLGDVHWF 
ƒ &KDW)yUXP ´$PLJRV GRV 3DUTXHV GH 3RUWXJDOµ SDUD GLVFXVVmR WHPiWLFD FDL[D GH
VXJHVW}HV H RSLQL}HV LQTXpULWRV RQOLQH VREUH DV PRWLYDo}HV SURGXWRV H VHUYLoRV
RIHUHFLGRVHWF
%3URJUDPDWULPHVWUDOGHHYHQWRVQDQDWXUH]D3ULRULGDGHVDGHILQLUGHDFRUGRFRPDWLSRORJLD
GHHYHQWRVHDFDSDFLGDGHGHJHUDUSDWURFtQLRVTXHSRVVLELOLWHPDUHVSHFWLYDRUJDQL]DomR
VHPFXVWRVHFRPUHFHLWDVSDUDR,&1HVHUYLoRVGDV$3
ƒ *HQpULFRV )HVWLYDO $QXDO GDV ÉUHDV 3URWHJLGDV (FR&KDOOHQJH 7URSK\ DPELHQWH
FXOWXUDSDWULPyQLRDFWLYLGDGHHGHVSRUWRDRDUOLYUH 

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

ƒ 'HVSRUWLYRV0HLD 0DUDWRQD ´3DUTXHV GH3RUWXJDOµ&LUFXLWR 6XUI:LQGVXUI´3UDLDV


GRV3DUTXHVGH3RUWXJDOµ&LUFXLWR0RXQWDLQ%LNH´3DUTXHVGH3RUWXJDOµ&LUFXLWRGH
5DLGV(TXHVWUHV´3DUTXHVGH3RUWXJDOµ7ULDWOR,QWHUQDFLRQDO´3DUTXHVGH3RUWXJDOµ
)HVWLYDOGH&DQRDJHPH'HVFLGDGH5LRV´3DUTXHVGH3RUWXJDOµ
ƒ &XOWXUDLV3URJUDPDGHFRQFHUWRVPXVLFDLVDRDUOLYUH 3ULPDYHUD9HUmR QDV$3)HVWLYDO
GH 7HDWURµ0DULRQHWWHVµ DR DU OLYUH QDV $3 )HVWLYDO GH JDVWURQRPLD H SURYDV GH
SURGXWRVELROyJLFRVFRPGHQRPLQDomRGHRULJHP´3DUTXHVGH3RUWXJDOµ

& $Fo}HVGHLQIRUPDomRHVHQVLELOL]DomRGRVVWDNHKROGHUVHGDVFRPXQLGDGHVORFDLV
&$Fo}HV GH UHODo}HV S~EOLFDV SDUD LQIRUPDomR H VHQVLELOL]DomR GDV HQWLGDGHV H LQVWLWXLo}HV FRP
DFWLYLGDGHVGLUHFWDRXLQGLUHFWDPHQWHGLULJLGDVRXFRPLPSDFWHQDV$3>3ULRULGDGH@
&(QFRQWUR DQXDO GRV $XWDUFDV UHVSRQViYHLV SHOR WXULVPR H DPELHQWH GRV PXQLFtSLRV HP FXMR
WHUULWyULRHVWmRLQVHULGDVDV$3FRPIRFRQDVDFHVVLELOLGDGHVQDGLVSRQLELOL]DomRGHLQIRUPDomRH
DWHQGLPHQWRQRLQYHVWLPHQWRHUHDELOLWDomRGHLQIUDHVWUXWXUDVHHTXLSDPHQWRVQDPDQXWHQomRH
JHVWmR ERDV SUiWLFDV  QD IRUPDomR GH TXDGURV H JXLDV GD QDWXUH]D H QRV VHUYLoRV GH DSRLR j
YLVLWDomRSUHVWDGRVQDV$3>3ULRULGDGH@
&,QFHQWLYR H DSRLR j UHDOL]DomR SHODV HQWLGDGHV RSHUDGRUHV H DJrQFLDV WXUtVWLFDV GH XPD
&RQIHUrQFLD $QXDO VREUH R WXULVPR GH QDWXUH]D HP 3RUWXJDO FDGD DQR QXPD GLIHUHQWH ÉUHD GH
9LVLWDomR >3ULRULGDGH@
&/DQoDPHQWRGHXPSURJUDPDGHIRUPDomRHHVSHFLDOL]DomRGHTXDGURVGHHQWLGDGHVS~EOLFDVHGH
HPSUHVDVSULYDGDVQDJHVWmRGDYLVLWDomRQDV$3>3ULRULGDGH@
&&RQFXUVR DQXDO SDUD D HOHLomR GD V  $3 V  FRP PHOKRU DSURYHLWDPHQWR GRV UHFXUVRV  PHOKRUHV
SUiWLFDV PHOKRUHV SURGXWRVSURJUDPDV H PHOKRUHV VHUYLoRV SUHVWDGRV SRU HQWLGDGHV S~EOLFDV H
HPSUHVDVSDUDYLVLWDomRHXVXIUXWRGDQDWXUH]DFRPDSUHVHQWDomRGDV$3SUHPLDGDVHPSURJUDPD
GHWHOHYLVmRWUDQVPLWLGRHPGLUHFWRGHXPD$3>3ULRULGDGH@

' 6HQVLELOL]DomRGRVJUXSRVHPSUHVDULDLVHSRWHQFLDLVLQYHVWLGRUHV
'&RQIHUrQFLD ,QWHUQDFLRQDO FRP SHULRGLFLGDGH ELHQDO VREUH D WHPiWLFD ´9LVLWDomR QDV ÉUHDV
3URWHJLGDV 6XVWHQWDELOLGDGH $PELHQWDO H 5HVSRQVDELOLGDGH 6RFLDOµ HQYROYHQGR HQWUH RXWURV
SDUFHLURVR%XVLQHVV&RXQFLOIRU6XVWDLQDEOH'HYHORSPHQW %&6' >3ULRULGDGH@
'1HJRFLDomR H DSUHVHQWDomR GH SURSRVWD GH DOWHUDo}HV DR HQTXDGUDPHQWR ILVFDO GR PHFHQDWR
DPELHQWDO QR VHQWLGR GD SRVVLELOLGDGH GH REWHQomR GH PDLRUHV EHQHItFLRV ILVFDLVSDUD RV JUXSRV
HPSUHVDULDLV RX HPSUHVDV TXH VH SURSRQKDP LQYHVWLU HRX SDWURFLQDU GH IRUPD UHJXODU H
FRQWLQXDGD SURJUDPDV EL RX WULHQDLV FRQWUDWXDOL]DGRV  LQLFLDWLYDV GH FRPXQLFDomR SURPRomR H
GLYXOJDomRSDUDYLVLWDomRGDV$3HDFo}HVGHYDORUL]DomRGRVUHFXUVRVQDWXUDLVHGHFRQVWUXomRRX
UHDELOLWDomRGHLQIUDHVWUXWXUDVHHTXLSDPHQWRVGHDSRLRjYLVLWDomR>3ULRULGDGH@
'$Fo}HV GH VHQVLELOL]DomR UHODo}HV S~EOLFDV  SDUD LQYHVWLPHQWR HP LQIUDHVWUXWXUDV GH DORMDPHQWR
KRWpLV GH FKDUPH ´HFRORGJHVµ HWF  H GH HQWUHWHQLPHQWR QD QDWXUH]D SDUTXHV WHPiWLFRV H GH
DYHQWXUD >3ULRULGDGH@

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

ƒ 3UHSDUDomR GH GRVVLHUV GH LQIRUPDomR VREUH ORFDOL]Do}HV SRVVtYHLV WLSRORJLDV


DFRQVHOKDGDV H  FRQGLo}HV GH LQYHVWLPHQWR JHVWmR H H[SORUDomR GH LQIUDHVWUXWXUDV GH
DORMDPHQWRHHTXLSDPHQWRVGHOD]HUQDVGLIHUHQWHV$3
'&ULDomRGHXP´FREUDQGHGFDUGµFRPXPDLQVWLWXLomRILQDQFHLUDTXHDSRVWHQXPDDJHQGDDPELHQWDO
H QXP SURJUDPD GH ´LQLFLDWLYDV YHUGHVµ SRU H[HPSOR 9,6$%DQFRµ3DUTXHV GH 3RUWXJDOµ 
3RU FDGD GHVSHVD HIHFWXDGD FRP HVWH FDUWmR D LQVWLWXLomR ILQDQFHLUD HQYROYLGD HQFDPLQKD XPD
FRQWULEXLomRGHILQLGD HPSHUFHQWDJHPGDFRPSUD SDUDRLQYHVWLPHQWRHPSURMHFWRVHVSHFtILFRV
GH SURWHFomR RX UHFXSHUDomR GH KDELWDWV GH HVSpFLHV DQLPDLV H YHJHWDLV HRX UHDELOLWDomR GH
VLWXDo}HV GH GHJUDGDomR GR WHUULWyULR H GD SDLVDJHP QRV ´3DUTXHV GH 3RUWXJDOµ (VWH FDUWmR
SRGHULDDGLFLRQDOPHQWHFRQIHULU>3ULRULGDGH@
ƒ 5HJDOLDV QD UHVHUYD H DTXLVLomR GH VHUYLoRV HP DORMDPHQWR H HTXLSDPHQWRV GH OD]HU
ORFDOL]DGRVQDV$3RXGHXPDFDGHLDHVSHFtILFDGHDORMDPHQWRHVHUYLoRVWXUtVWLFRV
ƒ $FHVVR D SURJUDPDV UHVWULWRV H H[FOXVLYRV GH DFWLYLGDGHV QD QDWXUH]D  FRQWDFWR FRP
IDXQDSHUFXUVRVQDQDWXUH]DHWF 
ƒ &RQYLWHSDUDLQLFLDWLYDVHHYHQWRVDUHDOL]DUQDV$3
ƒ &RPXQLFDomRHVSHFLDOL]DGDHGLULJLGD QHZVOHWWHUDHQYLDUSRUHPDLO 
ƒ 6LVWHPD GH EyQXV SRU SRQWRV DFXPXODGRV QD VHTXrQFLD GH GHVSHVDV HIHFWXDGDV FRP R
FDUWmR RV TXDLVSRGHULDP FRQIHULU R GLUHLWR D SUpPLRVD FRQFHGHU SRU RSHUDGRUHVFRP
DFWLYLGDGHVQDV$3
ƒ 2IHUWD GH FDUWmR GH YLVLWDQWH IUHTXHQWH GRV ´3DUTXHVGH 3RUWXJDOµ FRP EHQHItFLRV H
GHVFRQWRV DGLFLRQDLV HP SURGXWRV H VHUYLoRV IRUQHFLGRV SRU HPSUHVDV TXH GHVHMDP
FRODERUDUHWRUQDUYLVtYHOXPDDJHQGDDPELHQWDOHXPDOyJLFDGHUHVSRQVDELOLGDGHVRFLDO

( (GXFDomRDPELHQWDOSDUDFULDQoDVHMRYHQVHVWXGDQWHV
(&RQFXUVRQDFLRQDOSDUDDFULDomRGDPDVFRWHVtPERORGDV$3SDUDLOXVWUDUDYLVLWDomRQDV$3D
YLJRUDUGXUDQWHXPSHUtRGRGHDDQRV1HVWHFRQFXUVRGHYHPSDUWLFLSDURVDOXQRVGDV(VFRODV
6HFXQGiULDVGHWRGRRSDtV DWpDQRV >3ULRULGDGH@
($SRLRjUHDOL]DomRGHXPDVpULHILOPHGHGHVHQKRVDQLPDGRVTXHDERUGHDVWHPiWLFDVGDSURWHFomR
GD QDWXUH]DFRQVHUYDomR GD ELRGLYHUVLGDGH FRP D SDUWLFLSDomR GD PDVFRWHVtPEROR GDV $3
>3ULRULGDGH@
(&RQFXUVRDQXDOGHGHVHQKRFDULFDWXUDIRWRJUDILDHFRPSRVLomRJUiILFDVREUHDYLVLWDomRQDV$3H
H[SRVLomRS~EOLFDGRVWUDEDOKRVSUHPLDGRV>3ULRULGDGH@
(3URJUDPD ´-RYHQV *XLDVGD 1DWXUH]Dµ IRUPDomR H FDSDFLWDomR GH MRYHQV GHVHPSUHJDGRV FRPR
JXLDVGDQDWXUH]D >3ULRULGDGH@
(3URJUDPD5HGHGH$PLJRVGD1DWXUH]D>3ULRULGDGH@
(3URJUDPDGHRFXSDomRGHWHPSRVOLYUHVHIpULDVHVFRODUHVSDUDMRYHQVHVWXGDQWHVFRPVHVV}HVGH
HGXFDomR DPELHQWDO GH FRQWDFWR FRP HQHUJLDV DOWHUQDWLYDV GH DVWURQRPLD REVHUYDomR GR FpX H
GDV HVWUHODV QXP DPELHQWH QDWXUDO H DR DU OLYUH DSRLDGR H DFRPSDQKDGR FRP HVSHFLDOLVWDV  GH

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

ELRORJLD KDELWDWVHHVSpFLHVSURWHJLGDV HJHRORJLD IyVVHLV HFXUVRVWHPiWLFRV FRPRMDUGLQDJHP


HUYDV PHGLFLQDLV HWF  (VWDV DFo}HV SRGHULDP VHU LQWHJUDGDV QR kPELWR GR 3URJUDPD ´&LrQFLD
9LYDµ>3ULRULGDGH@
(3URJUDPD ´)LPGHVHPDQD QDV $3µ HP TXH FDGD $3 HP DUWLFXODomR FRP DV HVFRODV ORFDLV
SURSRUFLRQD  RX  GLDV GH DFWLYLGDGHV O~GLFDV H GH LQIRUPDomR H HGXFDomR DPELHQWDO VREUH D
QDWXUH]D>3ULRULGDGH@

) 6HQVLELOL]DomRGRVRSHUDGRUHVHVSHFLDOL]DGRVHPWXULVPRGHQDWXUH]D
) (QFRQWURDQXDOGRVRSHUDGRUHVWXUtVWLFRVGHWXULVPRGHQDWXUH]DHGDVHPSUHVDVGHRUJDQL]DomRGH
HYHQWRVHDFWLYLGDGHVQDQDWXUH]D>3ULRULGDGH@
) 3URJUDPDGHZRUNVKRSVSRUÉUHDVGH9LVLWDomRSDUDVHQVLELOL]DomRHLQIRUPDomRVREUHSRWHQFLDLV
RSRUWXQLGDGHVGHQHJyFLRHRUJDQL]DomRHFRPHUFLDOL]DomRGHSURJUDPDVHSURGXWRVWXUtVWLFRVGH
YLVLWDomRQDV$3>3ULRULGDGH@
) 9LVLWDGHHVWXGRDQXDOD3DUTXHV1DWXUDLVH$3SDUDFRQKHFLPHQWRHGHEDWHVREUHERDVSUiWLFDV
HP PDWpULD GH RUJDQL]DomR FRPHUFLDOL]DomR H GLYXOJDomR GH SURJUDPDV GH YLVLWDomR D UHDOL]DU
DQXDOPHQWH SDUD JUXSRV GH  UHVSRQViYHLV GH RSHUDGRUHV WXUtVWLFRV H HPSUHVDV GH WXULVPR
DFWLYRHDFWLYLGDGHVQDV$3 >3ULRULGDGH@
) 9LVLWDRUJDQL]DGDGHUHSUHVHQWDQWHVGHRSHUDGRUHVWXUtVWLFRVHHPSUHVDVGHDFWLYLGDGHVQDQDWXUH]D
jV SULQFLSDLV IHLUDV LQWHUQDFLRQDLV GR VHFWRU GR WXULVPR ),785 ² 0DGULG ,7%  %HUOLP 
>3ULRULGDGH@

* $Fo}HVHVSHFLILFDPHQWHGLULJLGDVjDWUDFomRGHYLVLWDQWHVSDUDDVÉUHDV3URWHJLGDV
*3DUFHULD FRP D 7$33RUWXJDO RX FRP RXWUDV FRPSDQKLDV GH DYLDomR SURPRYHQGR RV SULQFLSDLV
´3DUTXHVGH3RUWXJDOµQDVUHYLVWDVHILOPHVGHERUGRHQRVUHVSHFWLYRVZHEVLWHV>3ULRULGDGH@
* &RORFDomR GH SDLQpLV´PXSLVµ VREUH RV ´3DUTXHV GH 3RUWXJDOµ QDV iUHDV GH FKHJDGDV GRV
WHUPLQDLVGRVDHURSRUWRVLQWHUQDFLRQDLV>3ULRULGDGH@
*(VWDEHOHFLPHQWRGHDFRUGRFRPDVHPSUHVDVRSHUDGRUDVGHWHOHIRQHVPyYHLVFRPYLVWDDRHQYLR
DXWRPiWLFRGHPHQVDJHQVHVFULWDVDTXDQGRGDHQWUDGDQRSDtVGDQGRDVERDVYLQGDVHFRQYLGDQGR
jYLVLWDomRGRV´3DUTXHVGH3RUWXJDOµ>3ULRULGDGH@
* &ULDomR GH ´WRWHPµ GH LQIRUPDomR H GLVWULEXLomR GH EURFKXUDV QR iWULRKDOO GH HQWUDGD GRV
SULQFLSDLVKRWpLVHXQLGDGHVGHDORMDPHQWRQDVSULQFLSDLVFLGDGHVGRSDtVHGDVUHJL}HVSUy[LPDV
GDV GLIHUHQWHV $3 FRP LQIRUPDomR HVSHFtILFD VREUH RV ´3DUTXHV GH 3RUWXJDOµ (P SDUDOHOR
GHYHPVHUSURGX]LGRVPDSDVGDVÉUHDVGH9LVLWDomRHPRXLGLRPDVSDUDGLVWULEXLomRJUDWXLWD
QRVKRWpLVHSRVWRVGHLQIRUPDomRWXUtVWLFD>3ULRULGDGH@
*&DPSDQKDGHSURPRomRHGLYXOJDomRGHSURGXWRVGHYLVLWDomRHVSHFtILFRVFRPRDREVHUYDomRGH
DYLIDXQDPHUJXOKRGHVSRUWRVQiXWLFRV VXUIHZLQGVXUI FLFORWXULVPRHPRXQWDLQELNHHSDUDSHQWH
QRVSULQFLSDLVPHUFDGRVHXURSHXVHPLVVRUHVGHSURFXUDQRVVHJPHQWRVGHHFRWXULVPRHWXULVPR
GHQDWXUH]D (VSDQKD5HLQR8QLGRH3DtVHV1yUGLFRV GHVLJQDGDPHQWHDWUDYpVGH>3ULRULGDGH@
ƒ (VWDEHOHFLPHQWR GH SDUFHULDV FRP R 7XULVPR GH 3RUWXJDO ,3 H FRP DV $JrQFLDV

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

5HJLRQDLVGH3URPRomR7XUtVWLFD
ƒ 3URPRomR GH FRQWDFWRV HQWUH RV FOXEHV H DVVRFLDo}HV SRUWXJXHVDV OLJDGDV D HVWDV
DFWLYLGDGHVFRPDVVXDVFRQJpQHUHVGH(VSDQKD5HLQR8QLGRH3DtVHV1yUGLFRV
ƒ 5HDOL]DomR GH IDP WULSV FRQYLGDQGR RV WUrV SULQFLSDLV RSHUDGRUHV WXUtVWLFRV GHVWHV
SURGXWRVHPFDGDPHUFDGRLQWHUQDFLRQDOFRQVLGHUDQGRSULRULWiULRSDUDYLVLWDUDV$3TXH
SRVVDPRIHUHFHUHVWHVSURGXWRVHSURJUDPDVGHYLVLWDomRHVSHFtILFD
ƒ &RQYLWH SDUD YLVLWD jV $3 GH MRUQDOLVWDV GH ´PHGLDµ WHOHYLVmR LPSUHQVD HVFULWD H UiGLR
LQWHUQHW HWF  HVSHFLDOL]DGRV HP HFRWXULVPR H WXULVPR GH QDWXUH]D GRV SULQFLSDLV
PHUFDGRVLQWHUQDFLRQDLVHPLVVRUHVGHWXULVPR

(VWD FDPSDQKD GHYHUi VHU UHDOL]DGD SHOR 7XULVPR GH 3RUWXJDO ,3 H $JrQFLDV 5HJLRQDLV GH
3URPRomR 7XUtVWLFD HQYROYHQGR WDPEpP WDQWR TXDQWR SRVVtYHO RV JUXSRV KRWHOHLURV H
RSHUDGRUHVWXUtVWLFRVFRPLQYHVWLPHQWRVHDFWLYLGDGHGLULJLGDQRWHUULWyULRGDV$3

$VHJXQGDIDVHGHPpGLRHORQJRSUD]R DSDUWLUGH GHYHUiFRQVLVWLUQXPDDSRVWDQDSURPRomR


H GLYXOJDomR GD 5HGH 1DFLRQDO GH ÉUHDV 3URWHJLGDV FRPR XP FRQMXQWR GH GHVWLQRV GH WXULVPR GH
QDWXUH]DQRPHUFDGRLQWHUQRHQRVPHUFDGRVLQWHUQDFLRQDLVFRPDFRQVHTXHQWHHVLPXOWkQHDRIHUWDGH
SURGXWRVHSURJUDPDVGHYLVLWDomRHVSHFtILFRVHHPUHGHQDV$3

$V OLQKDV GH HVWUDWpJLD H GH LQWHUYHQomR SUHYLVWDV QHVWH kPELWR GHYHP DSRQWDU HVVHQFLDOPHQWH SDUD R
DXPHQWRGDQRWRULHGDGHGDV$3HGRWXULVPRGHQDWXUH]DEDVHDGRQDYLVLWDomRGDV$3SDUDDDWUDFomRH
ILGHOL]DomRGHXPQ~PHURFUHVFHQWHGHYLVLWDQWHVQDFLRQDLVHHVWUDQJHLURVGDV$3SDUDDPHOKRULDGRQtYHO
GH VDWLVIDomR GRV YLVLWDQWHV SDUD R DFUpVFLPR GR Q~PHUR GH YLVLWDV RUJDQL]DGDV HP JUXSR H HP
FRQVHTXrQFLDSDUDRFUHVFLPHQWRVXVWHQWDGRGDVUHFHLWDVGLUHFWDVHLQGLUHFWDVJHUDGDVSHODYLVLWDomRGDV
$3QDFLRQDLV

6HPSUHMXt]RGHDOJXPDVGDVDFo}HVTXHSURSRPRVSDUDRSHUtRGRSRVVDPWHUFRQWLQXLGDGH
QRV DQRV VHJXLQWHV HP SDUWLFXODU FDVR VH FRQILUPH D VXD SRVLWLYD FRQWULEXLomR SDUD TXH DV PHWDV
DSRQWDGDV SDUD 'H]HPEUR GH  WHQKDP VLGR DOFDQoDGDV VHUmR IXQGDPHQWDOPHQWH GH FRQVLGHUDU DV
VHJXLQWHVOLQKDVGHHVWUDWpJLDFRPSOHPHQWDUHV

+ 3URPRomRHGLYXOJDomRGD5HGH1DFLRQDOGHÉUHDV3URWHJLGDVQRPHUFDGRLQWHUQR
(VWD OLQKD GH HVWUDWpJLD GHYHUi FRQVLVWLU QD UHDOL]DomR GH XP SURJUDPD HVSHFtILFR GH FRPXQLFDomR
SURPRomR H GLYXOJDomR GDV $3 QR PHUFDGR LQWHUQR (VWH SURJUDPD GHYHUi VHU GLULJLGR j SURFXUD
LQWHUQDSRWHQFLDOHHQJOREDUiDHIHFWLYDomRGHXPDFDPSDQKDGHFRPXQLFDomRTXHDSUHVHQWHD5HGH
1DFLRQDO GH ÉUHDV 3URWHJLGDV H DV $3 FRPR XP FRQMXQWR HP ´UHGHµGH GHVWLQRV GH WXULVPR GH
QDWXUH]D

, 3URPRomR H GLYXOJDomR GD 5HGH 1DFLRQDO GH ÉUHDV 3URWHJLGDV QRV SULQFLSDLV PHUFDGRV
SULRULWiULRVLQWHUQDFLRQDLVHPLVVRUHVGHSURFXUDGHHFRWXULVPRHWXULVPRGHQDWXUH]D

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

(VWD OLQKD GH HVWUDWpJLD GHYHUi FRQVLVWLU QD UHDOL]DomR GH XP SURJUDPD HVSHFtILFR GH SURPRomR H
GLYXOJDomRGDV$3GLULJLGRDRVSULQFLSDLVPHUFDGRVLQWHUQDFLRQDLVHPLVVRUHVGHSURFXUDGHHFRWXULVPR
H WXULVPR GH QDWXUH]D D VDEHU (VSDQKD 5HLQR 8QLGR $OHPDQKD )UDQoD H ,WiOLD SDtVHV GD
(VFDQGLQiYLD+RODQGD&DQDGiH(VWDGRV8QLGRVGD$PpULFDHPHVWUHLWDDUWLFXODomRFRPDVDFo}HV
GLULJLGDVGHSURPRomRHGLYXOJDomRUHDOL]DGDVSHOR7XULVPRGH3RUWXJDO,3HSHODV$JrQFLDV5HJLRQDLV
GH3URPRomR7XUtVWLFDVREUHRVSURGXWRVHVWUDWpJLFRVGRVSULQFLSDLVGHVWLQRVWXUtVWLFRVUHJLRQDLVGR
SDtV
(VWH SURJUDPD GHYHUi HYLGHQFLDU DV H[FHSFLRQDLV FRQGLo}HV GDV $3SDUD VDWLVID]HU DV QHFHVVLGDGHV H
H[LJrQFLDV GHVVD SURFXUD LQWHUQDFLRQDO H HQIDWL]DU RV SURGXWRV H SURJUDPDV RIHUHFLGRV SHORV
RSHUDGRUHV WXUtVWLFRV SDUD DTXHOHV TXH WrP R WXULVPR GH QDWXUH]D H R HFRWXULVPR FRPR PRWLYDomR
SULQFLSDOQDHVFROKDGRVHXGHVWLQRGHIpULDVHOD]HU
1RVPHUFDGRVHVWHVSURJUDPDVGHYHUmRVHUHVVHQFLDOPHQWHFRQFUHWL]DGRVSHOR7XULVPRGH3RUWXJDO,3
$JrQFLDV5HJLRQDLVGH3URPRomR7XUtVWLFDHÐUJmRV5HJLRQDLVH/RFDLVGH7XULVPR 5HJL}HVGH7XULVPR
H -XQWDV GH 7XULVPR  HPERUD FRP R HQYROYLPHQWR GR ,&1 H GH JUXSRV KRWHOHLURV H RSHUDGRUHV FRP
LQYHVWLPHQWRVHDFWLYLGDGHQRWHUULWyULRGDV$3

3DUD FRQFUHWL]DU HVWDV OLQKDV GH HVWUDWpJLD GHYH VHU LPSOHPHQWDGR R VHJXLQWH 3ODQR FRP GLIHUHQWHV
WLSRORJLDVGHDFo}HV

+ 3URPRomRHGLYXOJDomRGD5HGH1DFLRQDOGHÉUHDV3URWHJLGDVQRPHUFDGRLQWHUQR
+&DPSDQKDGHFRPXQLFDomR´3RUWXJDO9HUGH9LVLWHRV3DUTXHVGH3RUWXJDOµSDUDLQFHQWLYDUD
YLVLWD R FRQKHFLPHQWR H R XVXIUXWR SDUD WXULVPR H OD]HU GRV ´3DUTXHV GH 3RUWXJDOµ (VWD
FDPSDQKD GHYHUi VHU GLULJLGD DR PHUFDGR LQWHUQR FRP SURSRVWDV H SURJUDPDV FRQFUHWRV GH
WXULVPR OD]HU H DFWLYLGDGHV JHQpULFDV FXOWXUDLV H GHVSRUWLYDV QD 5HGH 1DFLRQDO GH ÉUHDV
3URWHJLGDV>3ULRULGDGH@
+0DQXWHQomRGRSURJUDPDGHFRORFDomRGHSDLQpLVRXWGRRUVLQIRUPDWLYRVHSXEOLFLWiULRV P[P 
>3ULRULGDGH@
+$FWXDOL]DomRGRSRUWDOZZZSDUTXHVGHSRUWXJDOSW>3ULRULGDGH@
+0DQXWHQomRGRFDOOFHQWUH>3ULRULGDGH@
+3URJUDPDWULPHVWUDOGHHYHQWRVQDQDWXUH]D>3ULRULGDGH@
ƒ *HQpULFRV )HVWLYDO $QXDO GDV ÉUHDV 3URWHJLGDV (FR&KDOOHQJH 7URSK\ DPELHQWH
FXOWXUDSDWULPyQLRDFWLYLGDGHHGHVSRUWRDRDUOLYUH 
ƒ 'HVSRUWLYRV 0HLD 0DUDWRQD ´3DUTXHV GH 3RUWXJDOµ &LUFXLWR 6XUI:LQGVXUI ´3UDLDV
GRV 3DUTXHV GH 3RUWXJDOµ &LUFXLWR 0RXQWDLQ %LNH ´3DUTXHV GH 3RUWXJDOµ &LUFXLWR GH
5DLGV(TXHVWUHV´3DUTXHVGH3RUWXJDOµ7ULDWOR,QWHUQDFLRQDO´3DUTXHVGH3RUWXJDOµ
)HVWLYDOGH&DQRDJHPH'HVFLGDGH5LRV´3DUTXHVGH3RUWXJDOµ
ƒ &XOWXUDLV3URJUDPDGHFRQFHUWRVPXVLFDLVDRDUOLYUH SULPDYHUDYHUmR QDV$3)HVWLYDO
GH 7HDWURµ0DULRQHWWHVµ DR DU OLYUH QDV $3 )HVWLYDO GH JDVWURQRPLD H SURYDV GH
SURGXWRVELROyJLFRVFRPGHQRPLQDomRGHRULJHP´3DUTXHVGH3RUWXJDOµ

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

, 3URPRomR H GLYXOJDomR GD 5HGH 1DFLRQDO GH ÉUHDV 3URWHJLGDV QRV SULQFLSDLV PHUFDGRV
LQWHUQDFLRQDLVHPLVVRUHVGHSURFXUDGHHFRWXULVPRHWXULVPRGHQDWXUH]D
, &DPSDQKDGHFRPXQLFDomR´3RUWXJDO9HUGH²9LVLWHRV3DUTXHVGH3RUWXJDOµ QRVGLIHUHQWHV
LGLRPDV (VWDFDPSDQKDGHYHUiVHUGLULJLGDDRVSULQFLSDLVPHUFDGRVHPLVVRUHVLQWHUQDFLRQDLVGH
WXULVPR GH QDWXUH]D (VSDQKD 5HLQR 8QLGR $OHPDQKD )UDQoD H ,WiOLD SDtVHV GD (VFDQGLQiYLD
+RODQGD&DQDGiH(VWDGRV8QLGRVGD$PpULFD FRQYLGDQGRRVSRWHQFLDLVFRQVXPLGRUHVGHVWHV
SURGXWRV WXUtVWLFRV D YLVLWDU FRQKHFHU XVXIUXLU H SUDWLFDU GLYHUVDV DFWLYLGDGHV QRV ´3DUTXHV GH
3RUWXJDOµ H DSUHVHQWDQGR SURSRVWDV H SURJUDPDV FRQFUHWRV GH WXULVPR OD]HU H DFWLYLGDGHV QD
5HGH1DFLRQDOGHÉUHDV3URWHJLGDV(VWDSURPRomRGHYHVHU WDQWRTXDQWRSRVVtYHO DVVRFLDGDj
GLYXOJDomR GH RXWURV SURGXWRV WXUtVWLFRV GLWRV WUDGLFLRQDLV H Mi UHFRQKHFLGRV QHVWHV PHUFDGRV
LQWHUQDFLRQDLV GHVLJQDGDPHQWH DWUDYpV GR HVWDEHOHFLPHQWR GH SDUFHULDV FRP R 7XULVPR GH
3RUWXJDO,3HFRPDV$JrQFLDV5HJLRQDLVGH3URPRomR7XUtVWLFD>3ULRULGDGH@
, 3URJUDPDV GH PHGLD H SXEOLF UHODWLRQV D GHVHQYROYHU QRV SULQFLSDLV PHUFDGRV HPLVVRUHV FRP R
UHFXUVRDDJrQFLDVHVSHFLDOL]DGDVORFDLVFRPRREMHFWLYRGHVXVFLWDUDSURGXomRGHDUWLJRVGRVVLHUV
UHGDFFLRQDLV H HQWUHYLVWDV H SURJUDPDV GH WHOHYLVmR H ´OLYH LQWHUQHWµ HODERUDGRV SRU MRUQDOLVWDV H
SURGXWRUHV GH WHOHYLVmR FRQYLGDGRV H JDUDQWLU R UHFRQKHFLPHQWR S~EOLFR H H[SRVLomR PHGLiWLFD
DWUDYpVGR´HQGHUHoDPHQWRµSRU´OLGHUHVGHRSLQLmR>3ULRULGDGH@
, &DPSDQKD GH PRWLYDomR GRV RSHUDGRUHV WXUtVWLFRV HVSHFLDOL]DGRV QRV SULQFLSDLV PHUFDGRV
HPLVVRUHVLQWHUQDFLRQDLVDWUDYpVGDUHDOL]DomRGHIDPWULSV>3ULRULGDGH@
, 3URGXomR GH XP SURJUDPDWHOHYLVLYR VREUH WXULVPR GH QDWXUH]D QDV $3 QDFLRQDLVSDUD HPLVVmR
QRVFDQDLVWHPiWLFRV 'LVFRYHU\&KDQQHO1DWLRQDO*HRJUDSKLFHQWUHRXWURV >3ULRULGDGH@

,PSRUWDDLQGDVXEOLQKDUTXHVHQGRDFRPXQLFDomRXPDGDVFRPSRQHQWHVGHWHUPLQDQWHVGHVWH3ODQRGH
0DUNHWLQJWRGDVDVDFo}HVGHFRPXQLFDomRDGHVHQYROYHUGHYHPVHUSODQHDGDVHRUJDQL]DGDVGHDFRUGR
FRP XP 3ODQR GH $Fo}HV GH &RPXQLFDomR ~QLFR H LQWHJUDGR $ HVWUDWpJLD H R SODQR GH DFo}HV GH
FRPXQLFDomR GHYHUmR VHU HODERUDGRV SURSRVWRV H H[HFXWDGRV SRU XPD DJrQFLD HVSHFLDOL]DGD HP
FRPXQLFDomR WHQGR SUHVHQWH R HQTXDGUDPHQWR GR SUHVHQWH 3ODQR GH 0DUNHWLQJ H VREUHWXGR HP
FRQIRUPLGDGHFRPDVGLUHFWUL]HVHVWDEHOHFLGDVQD(VWUDWpJLDGH&RPXQLFDomRDVTXDLVVmRGHILQLGDVHP
SRQWRVHJXLQWHGHVWHUHODWyULRHH[SUHVVDVHPVtQWHVHQDSURSRVWDGH´EULHILQJµHPDQH[R

$H[HFXomRGDWRWDOLGDGHGDVDFo}HVGHPDUNHWLQJHFRPXQLFDomRDFLPDOLVWDGDVQRVHQWLGRGHLQFHQWLYDUD
YLVLWDomRjV$3HJDUDQWLUTXHDVPHWDVLQGLFDGDVVmRDOFDQoDGDVQRVSHUtRGRVGHWHPSRUHIHULGRVSRGHUi
REULJDU D XP LQYHVWLPHQWR JOREDO TXH SRGHPRV HVWLPDU HP DSUR[LPDGDPHQWH TXDWUR PLOK}HV GH
HXURVDQR $GPLWLPRV TXH GHVWH LQYHVWLPHQWR JOREDO FHUFD GH  PLOK}HV GH HXURV SRGHP VHU
VXSRUWDGRVSHOR,&1$XWDUTXLDV&RPLVV}HVGH&RRUGHQDomRH'HVHQYROYLPHQWR5HJLRQDO7XULVPRGH
3RUWXJDO,3HÐUJmRV5HJLRQDLVH/RFDLVGH7XULVPRYLDUHVSHFWLYRVRUoDPHQWRVQRVXSRUWHGLUHFWRGH
GHVSHVDV RX FRPR FRQWUDSDUWLGD QDFLRQDO SDUD D REWHQomR GH RXWURV  PLOK}HV GH HXURVDQXDLV FRP
RULJHPHPFDQGLGDWXUDVEHPVXFHGLGDVDIXQGRVFRPXQLWiULRV$GLFLRQDOPHQWHRVUHVWDQWHVPLOK}HVGH
HXURVSRGHULDPVHUREWLGRVDWUDYpVGHSDWURFtQLRVHDSRLRVSULYDGRVQDVHTXrQFLDGRHVWDEHOHFLPHQWRGH
SDUFHULDVFRPJUXSRVHPSUHVDULDLVHRXIXQGDo}HVLQWHUHVVDGDVHPLQYHVWLUQXPDDJHQGDDPELHQWDOHHP
LQLFLDWLYDVTXHGHPRQVWUHPSXEOLFDPHQWHDrQIDVHFRORFDGDHPWHUPRVGHUHVSRQVDELOLGDGHVRFLDO

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

$VOLQKDVGHHVWUDWpJLDDVUHVSHFWLYDVDFo}HVHRVPHUFDGRVHS~EOLFRVDOYRDDWLQJLUHVWmRVLQWHWL]DGRVQR
TXDGURHPVHJXLGDDSUHVHQWDGRGHDFRUGRFRPXPHVTXHPDGHSULRULGDGHVGHILQLGDVHGHSURJUDPDomR
WHPSRUDOFDOHQGDUL]DomRUHFRPHQGDGD

352*5$0$'(9,6,7$d®2(&2081,&$d®21$51$3
6tQWHVHGDVDFo}HVHFDOHQGDUL]DomRGR3ODQRGH0DUNHWLQJ

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
)DVH     
² 
$ &RQKHFLPHQWRH $,QTXpULWR 3RUWXJXHVHVH ž7ULPHVWUHGH 3URPRWRUHV 0.7$
DYDOLDomRSHULyGLFD VHPHVWUDOMXQWRGH HVWUDQJHLURV  ,&1,1(7XULVPR
GRFRPSRUWDPHQWR DPRVWUDGH UHVLGHQWHV GH3RUWXJDO
VHPHVWUDO 
GDSURFXUDLQWHUQDH SRUWXJXHVHVH ,325/7V
LQWHUQDFLRQDO HVWUDQJHLURV
3DWURFLQDGRUHVD
PRWLYDo}HV UHVLGHQWHV
GHILQLU
LQWHUHVVHVHJUDXGH >3ULRULGDGH@
VDWLVIDomRGD ([HFXWDQWHHPSUHVD
YLVLWDomRGDV$3 HVSHFLDOL]DGD
$,QTXpULWR (VWUDQJHLURVHP ž7ULPHVWUHGH 3URPRWRUHV 0.7$
VHPHVWUDOMXQWRGH IpULDVQRSDtV  ,&1,1(7XULVPR
DPRVWUDGH GH3RUWXJDO
VHPHVWUDO 
HVWUDQJHLURVHPIpULDV ,325/7V
QRSDtV>3ULRULGDGH
3DWURFLQDGRUHVD
@
GHILQLU
([HFXWDQWHHPSUHVD
HVSHFLDOL]DGD
$,QTXpULWRDQXDO 2SHUDGRUHV ž7ULPHVWUHGH 3URPRWRUHV 0.7$
MXQWRGRVRSHUDGRUHV HVSHFLDOL]DGRVHP  ,&1,1(7XULVPR
WXUtVWLFRV WXULVPRGHQDWXUH]D GH3RUWXJDO
DQXDO 
HVSHFLDOL]DGRVHP ,325/7V
WXULVPRGHQDWXUH]D
3DWURFLQDGRUHVD
>3ULRULGDGH@
GHILQLU
([HFXWDQWHHPSUHVD
HVSHFLDOL]DGD


(VWDV UHIHUrQFLDV SHUPLWHP XPD PHOKRU LGHQWLILFDomR GDV DFo}HV GH PDUNHWLQJ H FRPXQLFDomR QR SURJUDPD
WHPSRUDOGHH[HFXomR

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 $,QTXpULWR 9LVLWDQWHVGDV$3 ž7ULPHVWUHGH 3URPRWRUHV 0.7$
VHPHVWUDODRV  ,&1,1(7XULVPR
YLVLWDQWHVGDV$3 GH3RUWXJDO
VHPHVWUDO 
>3ULRULGDGH@ ,325/7V
3DWURFLQDGRUHVD
GHILQLU
([HFXWDQWHHPSUHVD
HVSHFLDOL]DGD
% $Fo}HVGH %3URJUDPDGH 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7%
LQIRUPDomR LGHQWLILFDomRH SRWHQFLDOPHQWH  ,&1(VWUDGDVGH
VHQVLELOL]DomRSDUDD FODVVLILFDomRGD FRQVXPLGRUGH 3RUWXJDO'*
DGHFRUUHU
YLVLWDomRHHGXFDomR ´5HGH1DFLRQDOGH WXULVPRGHQDWXUH]D 9LDomR$XWDUTXLDV
GXUDQWHRDQRGH
GRS~EOLFR (VWUDGDV9HUGHVµ
  3DWURFLQDGRUHVD
SRWHQFLDOPHQWH >3ULRULGDGH@
GHILQLU
FRQVXPLGRUGH
WXULVPRGHQDWXUH]D ([HFXWDQWHV
HGRS~EOLFR (VWUDGDVGH3RUWXJDO
SRUWXJXrVH ,3'*9LDomR
HVWUDQJHLUR
UHVLGHQWHHP %3URJUDPDGH 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7%
3RUWXJDO LQVWDODomRGH SRWHQFLDOPHQWH  ,&1(VWUDGDVGH
´4XLRVTXHV9HUGHV FRQVXPLGRUGH 3RUWXJDO'*
 DGHFRUUHUDWpDR
GH,QIRUPDomRµQDV WXULVPRGHQDWXUH]D 9LDomR$XWDUTXLDV
ž7ULPHVWUHGH
SULQFLSDLViUHDVGH
  3DWURFLQDGRUHVD
VHUYLoRGDVDXWR
GHILQLU
HVWUDGDVHGDV
´HVWUDGDVYHUGHVµ ([HFXWDQWHV
>3ULRULGDGH@ ,&1HPSUHVD
HVSHFLDOL]DGD
%3URJUDPDGH 3~EOLFR ž7ULPHVWUHGH 3URPRWRU 0.7%
FRORFDomRGH SRWHQFLDOPHQWH ²WRGRVRV ,&1$XWDUTXLDV
SDLQpLVRXWGRRUV FRQVXPLGRUGH RXWGRRUVGHYHP
3DWURFLQDGRUHVD
LQIRUPDWLYRVH WXULVPRGHQDWXUH]D HVWDUFRORFDGRV
GHILQLU
SXEOLFLWiULRV P[ QRILQDOGRž
P >3ULRULGDGH@ 7ULPHVWUHGH ([HFXWDQWHHPSUHVD
 HVSHFLDOL]DGD
&RORFDomRGRV
SDLQHLVRXWGRRUV
GHYHUiVHU
DQXDOPHQWH
YHULILFDGD D
GHJUDGDomR H
HYHQWXDOPHQWH
UHYLVWD

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 %&DPSDQKDGH 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7%
FRPXQLFDomRSDUD SRWHQFLDOPHQWH  ,&17XULVPRGH
LQIRUPDomR FRQVXPLGRUGH 3RUWXJDO,325/7V
DQXDO 
VHQVLELOL]DomRSDUDD WXULVPRGHQDWXUH]D
3DWURFLQDGRUHVD
YLVLWDjV$3
GHILQLU
>3ULRULGDGH@
([HFXWDQWHHPSUHVD
HVSHFLDOL]DGDHP
FRPXQLFDomR
%3DYLOKmRGH 3~EOLFR -DQHLURGH 3URPRWRUHV 0.7%
H[SRVLomRH SRWHQFLDOPHQWH  ,&17XULVPRGH
LQIRUPDomR VWDQG  FRQVXPLGRUGH 3RUWXJDO,325/7V
DQXDO 
VREUHDRIHUWD WXULVPRGHQDWXUH]D
3DWURFLQDGRUHVD
WXUtVWLFDGDV$3QD
GHILQLU
%7/²%ROVDGH
7XULVPRGH/LVERD ([HFXWDQWHHPSUHVD
>3ULRULGDGH@HHP HVSHFLDOL]DGD
IHLUDVHFHUWDPHV
WXUtVWLFRVGHFDUiFWHU
UHJLRQDO>3ULRULGDGH
@
%([SRVLomR 3~EOLFR ž7ULPHVWUHGH 3URPRWRU 0.7%
LWLQHUDQWHVREUHDV SRWHQFLDOPHQWH  ,&1$XWDUTXLDV25
SRVVLELOLGDGHVGH FRQVXPLGRUGH /7V
DQXDO 
YLVLWDomRGDV WXULVPRGHQDWXUH]D
3DWURFLQDGRUHVD
GLIHUHQWHV$3
GHILQLU
>3ULRULGDGH@
([HFXWDQWHHPSUHVD
HVSHFLDOL]DGDHP
DUWLFXODomRFRP
VHUYLoRVGDV$3H
DXWDUTXLDV
%,QVWDODomRGHFDOO 3~EOLFR ž7ULPHVWUHGH 3URPRWRU 0.7%
FHQWUHSDUDUHVSRVWDD SRWHQFLDOPHQWH  ,&17XULVPRGH
SHGLGRVGH FRQVXPLGRUGH 3RUWXJDO,3
LQIRUPDomRVREUHRV WXULVPRGHQDWXUH]D
3DWURFLQDGRUHVD
´3DUTXHVGH
GHILQLU
3RUWXJDOµ
>3ULRULGDGH@ ([HFXWDQWH
,&1HPSUHVD
HVSHFLDOL]DGD


$PDLRULDGDVDFo}HVLQWHJUDGDVQDFDPSDQKDGHFRPXQLFDomRGHYHUiWHUSHULRGLFLGDGHDQXDO(PDOJXPDVDFo}HV

HVSHFtILFDVFRPRSRUH[HPSORDSURGXomRGHEURFKXUDVDSHULRGLFLGDGHGHYHUiVHUPDLVDODUJDGDWULHQDORXRXWUD
FRQVLGHUDGDPDLVDGHTXDGD

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 %&ULDomRH 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7%
ODQoDPHQWRGRSRUWDO SRWHQFLDOPHQWH  ,&17XULVPRGH
ZZZSDUTXHVGHSRU FRQVXPLGRUGH 3RUWXJDO,3
WXJDOSW>3ULRULGDGH WXULVPRGHQDWXUH]D
3DWURFLQDGRUHVD
@
GHILQLU
([HFXWDQWHHPSUHVD
HVSHFLDOL]DGD
%3URJUDPD 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV,&1H 0.7%
WULPHVWUDOGHHYHQWRV SRWHQFLDOPHQWH  YiULRV25/7V
QDQDWXUH]D FRQVXPLGRUGH DXWDUTXLDV
DQXDO 
>3ULRULGDGHVD WXULVPRGHQDWXUH]D SURPRWRUHVSULYDGRV 
GHILQLUGHDFRUGR
3DWURFLQDGRUHV
FRPDWLSRORJLDGH
YiULRV
HYHQWRVHD
FDSDFLGDGHGH ([HFXWDQWHHPSUHVDV
JHUDUSDWURFtQLRV HVSHFLDOL]DGDV
SDUDDUHVSHFWLYD
RUJDQL]DomR@
& $Fo}HVGH &$Fo}HVGH 6WDNHKROGHUVH ž7ULPHVWUHGH 3URPRWRU,&1 0.7&
LQIRUPDomRH UHODo}HVS~EOLFDV FRPXQLGDGHVORFDLV 
([HFXWDQWHHPSUHVD
VHQVLELOL]DomRGRV >3ULRULGDGH@
DQXDO  HVSHFLDOL]DGD
VWDNHKROGHUVHGDV
FRPXQLGDGHVORFDLV &(QFRQWURDQXDO 6WDNHKROGHUVH ž7ULPHVWUHGH 3URPRWRUHV 0.7&
GRV$XWDUFDV FRPXQLGDGHVORFDLV  ,&1$10XQLFtSLRV
UHVSRQViYHLVSHORV
DQXDO  3DWURFLQDGRUHVD
PXQLFtSLRVHPFXMR
GHILQLU
WHUULWyULRHVWmR
LQVHULGDVDV$3 ([HFXWDQWHV
>3ULRULGDGH@ ,&1$10XQLFtSLRV
&&RQIHUrQFLD 6WDNHKROGHUVH ž7ULPHVWUHGH 3URPRWRUHV 0.7&
$QXDOVREUHR FRPXQLGDGHVORFDLV  ,&17XULVPRGH
WXULVPRGHQDWXUH]D 3RUWXJDO,3
DQXDO 
HP3RUWXJDO
3DWURFLQDGRUHVD
>3ULRULGDGH@
GHILQLU
([HFXWDQWHV
,&17XULVPRGH
3RUWXJDO,3

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 &3URJUDPDGH 6WDNHKROGHUVH ž7ULPHVWUHGH 3URPRWRUHV 0.7&
IRUPDomRH FRPXQLGDGHVORFDLV  ,&17XULVPRGH
HVSHFLDOL]DomRGH 3RUWXJDO
DQXDO 
TXDGURVGHHQWLGDGHV ,3$XWDUTXLDV5HJL}
S~EOLFDVHGH HVGH7XULVPR
HPSUHVDVSULYDGDVQD
3DWURFLQDGRUHVD
JHVWmRGDYLVLWDomR
GHILQLU
QDV$3>3ULRULGDGH
@ ([HFXWDQWHV(VFRODV
6XSHULRUHVGH
+RWHODULDH
7XULVPR8QLYHUVLGD
GHVH,QVWLWXWRV
3ROLWpFQLFRV
&&RQFXUVRDQXDO 6WDNHKROGHUVH ž7ULPHVWUHGH 3URPRWRU 0.7&
SDUDDHOHLomRGD V  FRPXQLGDGHVORFDLV  ,&17XULVPRGH
$3 V FRPPHOKRU 3RUWXJDO,3
DQXDO 
DSURYHLWDPHQWRGRV
3DWURFLQDGRUHVD
UHFXUVRVPHOKRUHV
GHILQLU
SUiWLFDVPHOKRUHV
SURGXWRVSURJUDPDV ([HFXWDQWH
HPHOKRUHVVHUYLoRV ,&1HPSUHVD
SUHVWDGRVSRU HVSHFLDOL]DGD
HQWLGDGHVS~EOLFDVH
HPSUHVDVSDUD
YLVLWDomRHXVXIUXWR
GDQDWXUH]DFRP
DSUHVHQWDomRGDV$3
SUHPLDGDVHP
SURJUDPDGHWHOHYLVmR
WUDQVPLWLGRHP
GLUHFWRGHXPD$3
>3ULRULGDGH@
' 6HQVLELOL]DomR '&RQIHUrQFLD *UXSRVHPSUHVDULDLV -XQKRGH 3URPRWRUHV 0.7'
GRVJUXSRV ,QWHUQDFLRQDOVREUHD HSRWHQFLDLV ,&1%&6'
ELHQDO 
HPSUHVDULDLVH WHPiWLFD´9LVLWDomR LQYHVWLGRUHV
3DWURFLQDGRUHVD
SRWHQFLDLV QDVÉUHDV3URWHJLGDV
GHILQLU
LQYHVWLGRUHV 6XVWHQWDELOLGDGH
$PELHQWDOH ([HFXWDQWHV
5HVSRQVDELOLGDGH ,&1%&6'
6RFLDOµHQYROYHQGR
R%&6'>3ULRULGDGH
@
'3URSRVWDGH *UXSRVHPSUHVDULDLV -XQKRGH 3URPRWRU,&16( 0.7'
DOWHUDo}HVDR HSRWHQFLDLV $PELHQWH6(
HQTXDGUDPHQWRILVFDO LQYHVWLGRUHV $VVXQWRV)LVFDLV
GRPHFHQDWR
([HFXWDQWH,&1
DPELHQWDO
>3ULRULGDGH@

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 '$Fo}HVGH *UXSRVHPSUHVDULDLV ž7ULPHVWUHGH 3URPRWRU 0.7'
VHQVLELOL]DomRSDUD HSRWHQFLDLV  ,&17XULVPRGH
LQYHVWLPHQWRQDV LQYHVWLGRUHV 3RUWXJDO
LQIUDHVWUXWXUDVGH ,3&73$VVRFLDo}HV
DORMDPHQWRHGH HPSUHVDULDLV
HQWUHWHQLPHQWRQD
([HFXWDQWH,&1
QDWXUH]DSUHSDUDomR
GHGRVVLHUVGH
LQIRUPDomRVREUHDV
FRQGLo}HVGH
LQYHVWLPHQWRQDV
GLIHUHQWHV$3
>3ULRULGDGH@
'&ULDomRGHXP *UXSRVHPSUHVDULDLV ž7ULPHVWUHGH 3URPRWRUHV 0.7'
´FREUDQGHGFDUGµFRP HSRWHQFLDLV  ,&1%DQFR
XPDLQVWLWXLomR LQYHVWLGRUHV
3DWURFLQDGRUHV
ILQDQFHLUD SRU
%DQFRHPSUHVDV
H[HPSOR
9,6$%DQFRµ3DUTX ([HFXWDQWH%DQFR
HVGH3RUWXJDOµ 
>3ULRULGDGH@
( (GXFDomR (&RQFXUVR &ULDQoDVHMRYHQVHP ž7ULPHVWUHGH 3URPRWRUHV 0.7(
DPELHQWDOSDUD QDFLRQDOSDUDD LGDGHHVFRODU  ,&10LQLVWpULRGD
FULDQoDVHMRYHQV FULDomRGD (GXFDomR
WULHQDO 
HVWXGDQWHV PDVFRWHVtPERORGDV
([HFXWDQWHHPSUHVD
$3>3ULRULGDGH@
 HVSHFLDOL]DGD
($SRLRj &ULDQoDVHMRYHQVHP ž7ULPHVWUHGH 3URPRWRUHV 0.7(
UHDOL]DomRGHXPD LGDGHHVFRODU  ,&10LQLVWpULRGD
VpULHGHGHVHQKRV (GXFDomR
DQLPDGRVTXHDERUGH
([HFXWDQWHHPSUHVD
DVWHPiWLFDVGD
HVSHFLDOL]DGD
SURWHFomRGD
QDWXUH]DFRQVHUYDom
RGDELRGLYHUVLGDGH
FRPDSDUWLFLSDomRGD
PDVFRWHVtPERORGDV
$3>3ULRULGDGH@
&ULDQoDVHMRYHQVHP ž7ULPHVWUHGH 3URPRWRU 0.7(
(&RQFXUVRDQXDO
LGDGHHVFRODU  ,&10LQ(GXFDomR
GHGHVHQKR
FDULFDWXUDIRWRJUDILD DQXDO  ([HFXWDQWH,&1
HFRPSRVLomRJUiILFD
VREUHDYLVLWDomRQDV
$3HH[SRVLomR
S~EOLFDGRVWUDEDOKRV
SUHPLDGRV
>3ULRULGDGH@


39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 (3URJUDPD &ULDQoDVHMRYHQVHP ž7ULPHVWUHGH 3URPRWRU 0.7(
´-RYHQV*XLDVGD LGDGHHVFRODU  ,&10LQ(GXFDomR
1DWXUH]Dµ
DQXDO  ([HFXWDQWH,&1
>3ULRULGDGH@
(3URJUDPD5HGH &ULDQoDVHMRYHQVHP ž7ULPHVWUHGH 3URPRWRU 0.7(
GH$PLJRVGD LGDGHHVFRODU  ,&121*·6
1DWXUH]D $PELHQWH
DQXDO 
>3ULRULGDGH@
3DWURFLQDGRUHVD
GHILQLU
([HFXWDQWH,&1
(3URJUDPDGH &ULDQoDVHMRYHQVHP ž7ULPHVWUHGH 3URPRWRUHV 0.7(
RFXSDomRGHWHPSRV LGDGHHVFRODU  ,&10LQLVWpULRVGD
OLYUHVHIpULDV (GXFDomRHGR
DQXDO 
HVFRODUHVSDUDMRYHQV 7UDEDOKRH
HVWXGDQWHV 6ROLGDULHGDGH6RFLDO
>3ULRULGDGH@
3DWURFLQDGRUHVD
GHILQLU
([HFXWDQWH,&1
(3URJUDPD´)LP &ULDQoDVHMRYHQVHP ž7ULPHVWUHGH 3URPRWRUHV 0.7(
GHVHPDQDQDV$3µ LGDGHHVFRODU  ,&17XULVPRGH
>3ULRULGDGH@ 3RUWXJDO,3
DQXDO 
3DWURFLQDGRUHVD
GHILQLU
([HFXWDQWH,&1
) 6HQVLELOL]DomR )(QFRQWURDQXDO 2SHUDGRUHV ž7ULPHVWUHGH 3URPRWRUHV 0.7)
GRVRSHUDGRUHV GRVRSHUDGRUHV HVSHFLDOL]DGRVHP  ,&17XULVPRGH
HVSHFLDOL]DGRVHP WXUtVWLFRVGHWXULVPR WXULVPRGHQDWXUH]D 3RUWXJDO,3
DQXDO 
WXULVPRGHQDWXUH]D GHQDWXUH]DHGDV
3DWURFLQDGRUHVD
HPSUHVDVGH
 GHILQLU
RUJDQL]DomRGH
HYHQWRVHDFWLYLGDGHV ([HFXWDQWHV
QDQDWXUH]D ,&17XULVPRGH
>3ULRULGDGH@ 3RUWXJDO,3
)3URJUDPDGH 2SHUDGRUHV ž7ULPHVWUHGH 3URPRWRUHV 0.7)
ZRUNVKRSVSRUÉUHDV HVSHFLDOL]DGRVHP  ,&17XULVPRGH
GH9LVLWDomR WXULVPRGHQDWXUH]D 3RUWXJDO,3$JrQFLDV
WULPHVWUDO 
>3ULRULGDGH@ 5HJLRQDLVGH
3URPRomR7XUtVWLFD
3DWURFLQDGRUHVD
GHILQLU
([HFXWDQWHV
,&17XULVPRGH
3RUWXJDO,3$JrQFLDV
5HJLRQDLVGH
3URPRomR7XULVWLFD

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 )9LVLWDGHHVWXGR 2SHUDGRUHV ž6HPHVWUHGH 3URPRWRUHV 0.7)
DQXDOD3DUTXHV HVSHFLDOL]DGRVHP  ,&17XULVPRGH
1DWXUDLVH$3 WXULVPRGHQDWXUH]D 3RUWXJDO,3
DQXDO 
>3ULRULGDGH@
3DWURFLQDGRUHVD
GHILQLU
([HFXWDQWHV
,&17XULVPRGH
3RUWXJDO,3
)9LVLWDRUJDQL]DGD 2SHUDGRUHV 'XUDQWHRDQRGH 3URPRWRUHV 0.7)
GHUHSUHVHQWDQWHVGH HVSHFLDOL]DGRVHP  ,&17XULVPRGH
RSHUDGRUHVWXUtVWLFRV WXULVPRGHQDWXUH]D 3RUWXJDO,3
DQXDO 
HHPSUHVDVGH
3DWURFLQDGRUHVD
DFWLYLGDGHVQD
GHILQLU
QDWXUH]DjVSULQFLSDLV
IHLUDVLQWHUQDFLRQDLV ([HFXWDQWHV
GRVHFWRUGRWXULVPR ,&17XULVPRGH
>3ULRULGDGH@ 3RUWXJDO,3
* $Fo}HV *3DUFHULDFRPD 3~EOLFR ž7ULPHVWUHGH 3URPRWRU,&1 0.7*
HVSHFLILFDPHQWH 7$33RUWXJDORX SRWHQFLDOPHQWH 
3DWURFLQDGRU7$3
GLULJLGDVjDWUDFomR FRPRXWUDV FRQVXPLGRUGH
VHPHVWUDO  FRPSDQKLDVGH
GHYLVLWDQWHVSDUDDV FRPSDQKLDVGH WXULVPRGHQDWXUH]D
DYLDomR
ÉUHDV3URWHJLGDV DYLDomR>3ULRULGDGH
@ ([HFXWDQWH7$3
FRPSDQKLDVGH
DYLDomR
*&RORFDomRGH 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7*
SDLQpLV´PXSLVµ SRWHQFLDOPHQWH  ,&1$1$
VREUHRV´3DUTXHV FRQVXPLGRUGH
VHPHVWUDO  3DWURFLQDGRU$1$
GH3RUWXJDOµQDV WXULVPRGHQDWXUH]D
iUHDVGHFKHJDGDVGRV ([HFXWDQWHHPSUHVD
WHUPLQDLVGRV HVSHFLDOL]DGD
DHURSRUWRV
LQWHUQDFLRQDLV
>3ULRULGDGH@
*(VWDEHOHFLPHQWR 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7*
GHDFRUGRFRPDV SRWHQFLDOPHQWH  ,&1HPSUHVDVGH
HPSUHVDVRSHUDGRUDV FRQVXPLGRUGH RSHUDomRGDUHGH
GHWHOHIRQHVPyYHLV WXULVPRGHQDWXUH]D WHOHIRQHVPyYHLV
>3ULRULGDGH@
([HFXWDQWHHPSUHVDV
GHRSHUDomRGDUHGH
WHOHIRQHVPyYHLV

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 *&ULDomRGH 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7*
´WRWHPµGH SRWHQFLDOPHQWH  ,&17XULVPRGH
LQIRUPDomRH FRQVXPLGRUGH 3RUWXJDO,3$JrQFLDV
GLVWULEXLomRGH WXULVPRGHQDWXUH]D 5HJLRQDLVGH
EURFKXUDVQR 3URPRomR7XUtVWLFDH
iWULRKDOOGHHQWUDGD 5HJL}HVGH7XULVPR
GRVSULQFLSDLVKRWpLV
([HFXWDQWHHPSUHVD
HXQLGDGHVGH
HVSHFLDOL]DGD
DORMDPHQWRFRP
LQIRUPDomRHVSHFtILFD
VREUHRV3DUTXHVGH
3RUWXJDO>3ULRULGDGH
@
*&DPSDQKDGH 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7*
SURPRomRH SRWHQFLDOPHQWH  ,&17XULVPRGH
GLYXOJDomRGH FRQVXPLGRUGH 3RUWXJDO,3
DQXDO 
SURGXWRVGHYLVLWDomR WXULVPRGHQDWXUH]D $JrQFLDV5HJLRQDLV
HVSHFtILFRV GH3URPRomR
>3ULRULGDGH@ 7XUtVWLFD
([HFXWDQWHV
7XULVPRGH3RUWXJDO
,3$JrQFLDV
5HJLRQDLVGH
3URPRomR7XUtVLWLFD
)DVH DSDUWLU     
GH 
+ 3URPRomRH +&DPSDQKDGH 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7+
GLYXOJDomRGD5HGH FRPXQLFDomR SRWHQFLDOPHQWH  ,&17XULVPRGH
1DFLRQDOGHÉUHDV ´3RUWXJDO9HUGH² FRQVXPLGRUGH 3RUWXJDO,3
DQXDO 
3URWHJLGDVQR 9LVLWHRV3DUTXHV WXULVPRGHQDWXUH]D $JrQFLDV5HJLRQDLV
PHUFDGRLQWHUQR GH3RUWXJDOµ GH3URPRomR
>3ULRULGDGH@ WXUtVWLFD
([HFXWDQWHV
7XULVPRGH3RUWXJDO
,3$JrQFLDV
5HJLRQDLVGH
3URPRomR7XUtVLWLFD
+0DQXWHQomRGR 3~EOLFR ž7ULPHVWUHGH 3URPRWRU 0.7+
SURJUDPDGH SRWHQFLDOPHQWH  ,&1$XWDUTXLDV
FRORFDomRGH FRQVXPLGRUGH
DQXDO  ([HFXWDQWHHPSUHVD
SDLQpLVRXWGRRUV WXULVPRGHQDWXUH]D
HVSHFLDOL]DGD
LQIRUPDWLYRVH
SXEOLFLWiULRV P[
P >3ULRULGDGH@

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 +$FWXDOL]DomRGR 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7+
SRUWDO SRWHQFLDOPHQWH  ,&17XULVPRGH
ZZZSDUTXHVGHSRUWX FRQVXPLGRUGH 3RUWXJDO,3
JDOSW>3ULRULGDGH@ WXULVPRGHQDWXUH]D
([HFXWDQWHHPSUHVD
HVSHFLDOL]DGD
+0DQXWHQomRGR 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7+
FDOOFHQWUH>3ULRULGDGH SRWHQFLDOPHQWH  ,&17XULVPRGH
@ FRQVXPLGRUGH 3RUWXJDO,3
WXULVPRGHQDWXUH]D
([HFXWDQWHHPSUHVD
HVSHFLDOL]DGD
+3URJUDPD 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7+
WULPHVWUDOGHHYHQWRV SRWHQFLDOPHQWH  ,&1HPSUHVD
QDQDWXUH]D FRQVXPLGRUGH HVSHFLDOL]DGD
>3ULRULGDGH@ WXULVPRGHQDWXUH]D
([HFXWDQWHHPSUHVD
HVSHFLDOL]DGD
, 3URPRomRH ,&DPSDQKDGH 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7,
GLYXOJDomRGD5HGH FRPXQLFDomR SRWHQFLDOPHQWH  ,&17XULVPRGH
1DFLRQDOGHÉUHDV ´3RUWXJDO9HUGH² FRQVXPLGRUGH 3RUWXJDO,3
DQXDO 
3URWHJLGDVQRV 9LVLWHRV3DUTXHV WXULVPRGHQDWXUH]D $JrQFLDV5HJLRQDLV
SULQFLSDLVPHUFDGRV GH3RUWXJDOµ GH3URPRomR
LQWHUQDFLRQDLV >3ULRULGDGH@ WXUtVWLFD
HPLVVRUHVGH
([HFXWDQWHV
SURFXUDGH
7XULVPRGH3RUWXJDO
HFRWXULVPRH
,3$JrQFLDV
WXULVPRGHQDWXUH]D
5HJLRQDLVGH
3URPRomR7XUtVLWLFD
,'RVVLHUVHDUWLJRV 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7,
HVFULWRVHODERUDGRV SRWHQFLDOPHQWH  ,&17XULVPRGH
SRUMRUQDOLVWDVH FRQVXPLGRUGH 3RUWXJDO,3
SURGXWRUHVGH WXULVPRGHQDWXUH]D $JrQFLDV5HJLRQDLV
WHOHYLVmRFRQYLGDGRV GH3URPRomR
>3ULRULGDGH@ WXUtVWLFD
([HFXWDQWHV
,&17XULVPRGH
3RUWXJDO,3
,&DPSDQKDGH 2SHUDGRUHV ž7ULPHVWUHGH 3URPRWRUHV 0.7,
PRWLYDomRGRV HVSHFLDOL]DGRVHP  ,&17XULVPRGH
RSHUDGRUHVWXUtVWLFRV WXULVPRGHQDWXUH]D 3RUWXJDO,3
WULPHVWUDO 
HVSHFLDOL]DGRV $JrQFLDV5HJLRQDLV
DWUDYpVGDUHDOL]DomR GH3URPRomR
GHIDPWULSV WXUtVWLFD
>3ULRULGDGH@ ([HFXWDQWHV
,&17XULVPRGH
3RUWXJDO,3

39&51$35&DSGRF 
3/$12'(0$5.(7,1*

/LQKDVGH $Fo}HV 3~EOLFR$OYR 'DWDGH$UUDQTXH (QWLGDGHV 5HIHUrQFLD


(VWUDWpJLD H3HULRGLFLGDGH 3URPRWRUDVH 

([HFXWDQWHV
 ,3URGXomRGHXP 3~EOLFR ž7ULPHVWUHGH 3URPRWRUHV 0.7,
SURJUDPDWHOHYLVLYR SRWHQFLDOPHQWH  ,&17XULVPRGH
VREUHWXULVPRGH FRQVXPLGRUGH 3RUWXJDO,3
DQXDO 
QDWXUH]DQDV$3 WXULVPRGHQDWXUH]D
([HFXWDQWHHPSUHVD
QDFLRQDLVSDUD
HVSHFLDOL]DGD
HPLVVmRQRVFDQDLV
WHPiWLFRV
>3ULRULGDGH@

39&51$35&DSGRF 

También podría gustarte