Академический Документы
Профессиональный Документы
Культура Документы
&RQVHOKR1DFLRQDOGH6D~GH
2'HVHQYROYLPHQWRGR
6LVWHPDQLFRGH6D~GH
DYDQoRVGHVDRVHUHDUPDomR
GRVVHXVSULQFtSLRVHGLUHWUL]HV
6pULH%7H[WRV%iVLFRVGH6D~GH
HGLomR
UHLPSUHVVmR
%UDVtOLD')
0LQLVWpULRGD6D~GH
eSHUPLWLGDDUHSURGXomRSDUFLDORXWRWDOGHVWDREUDGHVGHTXHFLWDGDDIRQWH
6pULH%7H[WRV%iVLFRVGH6D~GH
7LUDJHPHGLomRUHLPSUHVVmRH[HPSODUHV
(ODERUDomRGLVWULEXLomRHLQIRUPDo}HV
0,1,67e5,2'$6$'(
&RQVHOKR1DFLRQDOGH6D~GH
(VSODQDGDGRV0LQLVWpULRVEORFR*HGLItFLRDQH[RDOD%DQGDUVDOD
&(3%UDVtOLD')
7HOV
)D[
(PDLOFQV#VDXGHJRYEU
+RPHSDJHFRQVHOKRVDXGHJRYEU
$FRPSDQKDPHQWRHGLWRULDO3DXOR+HQULTXHGH6RX]D
&DSD5HLQDOGR3DOPHLUD
3URMHWRJUiFRHHGLWRUDomR6pUJLR/LPDH-RmR0iULR'LDV
,PSUHVVRQR%UDVLO3ULQWHGLQ%UD]LO
)LFKD&DWDORJUiFD
%UDVLO0LQLVWpULRGD6D~GH&RQVHOKR1DFLRQDOGH6D~GH
2 'HVHQYROYLPHQWR GR 6LVWHPD QLFR GH 6D~GH DYDQoRV GHVDRV H
UHDUPDomR GRV VHXV SULQFtSLRV H GLUHWUL]HV 0LQLVWpULR GD 6D~GH &RQVHOKR
1DFLRQDOGH6D~GHHGUHLPSU%UDVtOLD0LQLVWpULRGD6D~GH
S6pULH%7H[WRV%iVLFRVGH6D~GH
5HODWyULRDSURYDGRSHORSOHQiULR
,6%1
686%5$GPLQLVWUDomRHP6D~GH3~EOLFD,%UDVLO0LQLVWpULRGD
6D~GH,,%UDVLO&RQVHOKR1DFLRQDOGH6D~GH,,,7tWXOR,96pULH
1/0:$
&DWDORJDomRQDIRQWH(GLWRUD06
(',725$06
'RFXPHQWDomRH,QIRUPDomR
6,$7UHFKR/RWHV
&(3%UDVtOLD')
7HOV)D[
(PDLOHGLWRUDPV#VDXGHJRYEU
+RPH3DJHKWWSZZZVDXGHJRYEUHGLWRUD
6805,2
(6&/$5(&,0(172,1,&,$/
, ,1752'8d2
,, &217(;78$/,=$d2&21',d(662&,266$1,75,$6126
$126'(&216758d2'2686
,,,$9$1d261$&216758d2'26,67(0$1,&2'(6$'(
,9'(6$),26(5($),50$d2'2635,1&3,26(
',5(75,=(6'2686
'(6$),26
&RQVWUXomRGD(TLGDGH
$GHTXDomRGD2IHUWDGH6HUYLoRVGH6D~GHDR3HUOGDV
1HFHVVLGDGHVH3ULRULGDGHVGD3RSXODomR
5HVSRQVDELOLGDGHVH$WULEXLo}HVQD'HQLomRGDV
1HFHVVLGDGHVGD3RSXODomRSRU6HUYLoRVGR686
5HRUGHQDPHQWR2UJDQL]DFLRQDOH3URJUDPiWLFRGRV6HUYLoRV
GH0pGLD&RPSOH[LGDGHVHJXQGRD5DFLRQDOLGDGHGR686
,QYHVWLPHQWR(VWUDWpJLFRH8WLOL]DomRGD&DSDFLGDGH
,QVWDODGD([LVWHQWH
5HHVWUXWXUDomRGRV3URJUDPDVH3URMHWRV)HGHUDLV(VSHFLDLV
(IHWLYDomRGR&DUiWHUGH3RUWDGH(QWUDGDGRV6HUYLoRVGH
$WHQomR%iVLFDj6D~GH
9 $*(1'$3$5$()(7,9$d2'2686('2&21752/(62&,$/
5(/$75,2'$&21)(51&,$1$&,21$/'(6$'(
$1(;26
$1(;2,
$1(;2,,
$1(;2,,,
$1(;2,9
5()(51&,$6%,%/,2*5),&$6
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
(6&/$5(&,0(172,1,&,$/
2JUDQGHLQWHUHVVHGHVSHUWDGRFRPDUHPHVVDGHFySLDVUHSURJUiFDVH
SHORFRUUHLRHOHWU{QLFRDVVLPFRPRRFUHVFLPHQWRGHSHGLGRVGHWpFQLFRVH
JHVWRUHVGD6D~GHSDUODPHQWDUHVHHQWLGDGHVGDVRFLHGDGHFLYLORUJDQL]DGD
MXVWLFDUDPDSXEOLFDomRGHVWHWH[WR2'HVHQYROYLPHQWRGR686QR%UDVLO
DYDQoRVGHVDRVHUHDUPDomRGHSULQFtSLRVHGLUHWUL]HV
5HIRUoDPRV FRQWXGR R TXH Mi HVWi UHJLVWUDGR QD ,QWURGXomR TXH R
FDUiWHUGLQkPLFRHSUHOLPLQDUGHVWDDYDOLDomRGRVDQRVGR6LVWHPDQLFR
GH6D~GHVHJXUDPHQWHHQWUDUiQDHWDSDGHFRUUHo}HVHDSULPRUDPHQWR
FRPDSUySULDGLYXOJDomR
$6HFUHWDULD([HFXWLYDGR&RQVHOKR1DFLRQDOGH6D~GHDJXDUGDGHVGH
MiFRQWULEXLo}HVHUHSDURVYLVDQGRDXPDVHJXQGDHGLomR
1HOVRQ5RGULJXHVGRV6DQWRV
&RRUGHQDGRU*HUDOGR&RQVHOKR1DFLRQDOGH6D~GH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
, ,1752'8d2
2 3OHQiULR GR &RQVHOKR 1DFLRQDO GH 6D~GH &16 HQTXDQWR yUJmR
FROHJLDGRGHOLEHUDWLYRGD'LUHomR1DFLRQDOGR686TXHLQFOXLHDUWLFXOD
D GLYHUVLGDGH GRV VHJPHQWRV GD VRFLHGDGH RUJDQL]DGD H GR *RYHUQR
SUHWHQGHDWUDYpVGHVWDDYDOLDomRHUHDUPDomRGRVSULQFtSLRVHGLUHWUL]HV
GR6LVWHPDQLFRGH6D~GH686GDUFRQVHTrQFLDjFRQVWDWDomRXQkQLPH
TXHUHDOL]RXHPGH]HPEURGHGDLQDGLDELOLGDGHGHXPDDYDOLDomRPDLV
DSURIXQGDGDHSHUPDQHQWHGRGHVHQYROYLPHQWRGR686
2EYLDPHQWH RV SULQFtSLRV H GLUHWUL]HV GD 8QLYHUVDOLGDGH (TLGDGH
,QWHJUDOLGDGH 'HVFHQWUDOL]DomR +LHUDUTXL]DomR5HJLRQDOL]DomR H
3DUWLFLSDomRWDQWRQDVXDFRPSUHHQVmRTXDQWRQDVXDUHDOL]DomRSUiWLFDH
HVWUDWpJLFDEDOL]DUDPHVWDDYDOLDomR2GHVHQYROYLPHQWRGR6LVWHPDQLFR
GH6D~GHIRLGLVFXWLGRSHOR&16GXUDQWHVHWHUHXQL}HVRUGLQiULDVPHQVDLVGH
IHYHUHLURDDJRVWRGHDSDUWLUGHVXEVtGLRVHYHUV}HVSDUFLDLVIRUPXODGDV
SRU*UXSRGH7UDEDOKR(VSHFLDOGH&RQVHOKHLURVHPSURFHVVRH[WUHPDPHQWH
ULFR TXH REWHYH D SDUWLFLSDomR FUHVFHQWH GH WRGRV RV FRQVHOKHLURV H D
DSURYDomRXQkQLPHQD5HXQLmR2UGLQiULDGH$JRVWR
2VDYDQoRVHGHVDRVUHODFLRQDGRVQHVWHGRFXPHQWRGHYHPVHUGHELWDGRV
HH[LJLGRVVLPXOWDQHDPHQWHDRVJHVWRUHVH[HFXWLYRVHDRVFRQVHOKRVGH
VD~GHDPERVFRPSHOLGRVDFRQVWUXLUFRQMXQWDPHQWHDJHVWmRSDUWLFLSDWLYD
FRQIRUPH GLVS}HP DV /HLV QRV H 9DOH OHPEUDU TXH R
FHQiULRGHFRQVWUXomRGR686EDVHGHVWHGRFXPHQWRVmRRVTXDVHDQRV
GHHVIRUoRVHDSUHQGL]DGRVLQWHQVRVHSHUPDQHQWHVGXUDQWHVWUrVJHVW}HVGR
*RYHUQR)HGHUDOHUHVSHFWLYDVJHVW}HVGRV*RYHUQRV(VWDGXDLV0XQLFLSDLV
HGR'LVWULWR)HGHUDO9DOHWDPEpPUHFRQKHFHUTXHHVWDDYDOLDomRFRQWpP
OLPLWDo}HVHHTXtYRFRVLQHYLWiYHLVHPYLVWDGDYDULHGDGHHFRPSOH[LGDGH
GRVDVSHFWRVDERUGDGRVRTXHFRQUPDRFDUiWHUSHUPDQHQWHHLQQGiYHO
GRSURFHVVRGHDYDOLDomRHIRUPXODomRGHHVWUDWpJLDVGRVLVWHPDGHVD~GH
HQTXDQWRSROtWLFDS~EOLFD
(VWHGRFXPHQWRWHPGRLVREMHWLYRVXPLPHGLDWRYLVDQGRDFRQWULEXLU
FRP RV FDQGLGDWRV H SURJUDPDV SDUWLGiULRV QR SURFHVVR VXFHVVyULR GH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
HGHOHVREWHUFRPSURPLVVRVS~EOLFRVHRRXWURQDVHTrQFLDYLVDQGR
DHVWDEHOHFHUXPSRQWRGHSDUWLGDSDUDDHODERUDomRGHLQGLFDGRUHVGH
DFRPSDQKDPHQWR GR GHVHQYROYLPHQWR GR 686 SHORV &RQVHOKRV GH
6D~GH
1R FXPSULPHQWR GR SULPHLUR REMHWLYR $QH[R ,9 p XPD DGDSWDomR GR
FDStWXOR,9GHVDRVYLVDQGRDIDFLOLWDUDRVFDQGLGDWRVXPDREMHWLYDomR
SDUDRVVHXVSRVLFLRQDPHQWRV,QFOXVLYHHVWHGRFXPHQWRIRLHQFDPLQKDGR
DFDGDXPGHOHVQRSHUtRGRSUpHOHLWRUDO
2V FDStWXORV ,,, H ,9 UHIHUHQWHV DRV DYDQoRV H DRV GHVDRV GR 686
FRQVWLWXHPRQ~FOHRFHQWUDOGRGRFXPHQWRPDVWRUQDVHLPSUHVFLQGtYHOSDUD
DVXDFRPSUHHQVmRHUHH[mRDFRQWH[WXDOL]DomRH[SUHVVDQRFDStWXOR,,
1RFXPSULPHQWRGRVHJXQGRREMHWLYRPXGDQoDVFRQMXQWXUDLVSRGHUmR
MXVWLFDUHODERUDomRGHQRYDVYHUV}HVTXHVHJXLUmRRPHVPRSURFHVVRGH
GLVFXVVmRHDSURYDomR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
*7GH$YDOLDomRGR'HVHQYROYLPHQWRGR686
$UWXU&XVWyGLR0GH6RXVD
&DUORV$OEHUWR*HEULP3UHWR
&DUO\OH*XHUUDGH0DFHGR&RQVXOWRU
(OLDQH$SDUHFLGD&UX]
*LOVRQ&DQWDULQR2'Z\HU
-RVp&DUYDOKRGH1RURQKD
0DULD1DWLYLGDGH*676DQWDQD
1HOVRQ5RGULJXHVGRV6DQWRV&RQVXOWRU
6pUJLR)UDQFLVFR3LROD&RRUGHQDGRU
,QVWLWXLo}HVH(QWLGDGHVGH1tYHO1DFLRQDO
UHSUHVHQWDGDVSHORV&RQVHOKHLURVQR&16
$VVRFLDomR%UDVLOHLUDGH0HGLFLQDGH*UXSR$%5$0*(
$VVRFLDomR0pGLFD%UDVLOHLUD$0%
&HQWUDOQLFDGRV7UDEDOKDGRUHV&87
&RPXQLGDGH&LHQWtFDHGD6RFLHGDGH&LYLO
&RQIHGHUDomR%UDVLOHLUDGH$SRVHQWDGRVH3HQVLRQLVWDV&2%$3
&RQIHGHUDomRGDV0LVHULFyUGLDVGR%UDVLO&0%
&RQIHGHUDomR1DFLRQDOGD$JULFXOWXUD&1$
&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
&RQIHGHUDomR1DFLRQDOGH(VWDEHOHFLPHQWRVH6HUYLoRVGH6D~GH&16
&RQIHGHUDomR1DFLRQDOGR&RPpUFLR&1&
&RQIHGHUDomR1DFLRQDOGRV%LVSRVGR%UDVLO&1%%
&RQIHGHUDomR1DFLRQDOGRV7UDEDOKDGRUHVQD$JULFXOWXUD&217$*
&RQVHOKR)HGHUDOGH0HGLFLQD&)0
&RQVHOKR1DFLRQDOGDV$VVRFLDo}HVGH0RUDGRUHV&21$0
&RQVHOKR1DFLRQDOGH6HFUHWiULRVGH6D~GH&21$66
&RQVHOKR1DFLRQDOGH6HFUHWiULRV0XQLFLSDLVGH6D~GH&21$6(06
(QWLGDGHVGH3RUWDGRUHVGH3DWRORJLDVH'HFLrQFLDV
(QWLGDGHV1DFGH5HSGH2XWURV3URVVLRQDLVGDUHDGD6D~GH
)HGHUDomR%UDVLOHLUDGH+RVSLWDLV)%+
'DGRVGHVHWHPEURGH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
)HGHUDomR1DFLRQDOGDV6HJXUDGRUDV)(1$63
)HGHUDomR1DFLRQDOGRV0pGLFRV)(1$0
)RUoD6LQGLFDO)6
0LQLVWpULRGD$JULFXOWXUDGR$EDVWHFLPHQWRHGD5HIRUPD$JUiULD
0LQLVWpULRGD(GXFDomRHGR'HVSRUWR
0LQLVWpULRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO
0LQLVWpULRGD6D~GH
0LQLVWpULRGR3ODQHMDPHQWRH2UoDPHQWR
0LQLVWpULRGR7UDEDOKR
6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD6%3&
8QLPHGGR%UDVLO
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
,,&217(;78$/,=$d2&21',d(662&,266$1,75,$6
126$126'(&216758d2'2686
2V GDGRV GH HPSUHJR H UHQGD QD GpFDGD GH H[SUHVVDP
XPDUHWUDomRQDRIHUWDGHSRVWRVGHWUDEDOKRGHFRUUHQWHVGHFRQGLo}HV
HVWUXWXUDLV UHODFLRQDGDV jV PXGDQoDV WHFQROyJLFDV GRV SURFHVVRV
SURGXWLYRVPDVVREUHWXGRGHIDWRUHVUHFHVVLYRVDVVRFLDGRVjVSROtWLFDV
GHDMXVWHHFRQ{PLFR(VWDVIRUDPFDUDFWHUL]DGDVSRUMXURVHOHYDGRVEDL[D
SULRULGDGHjH[SDQVmRGRPHUFDGRLQWHUQREDL[DUHPXQHUDomRGRWUDEDOKR
DVVDODULDGR H FUHVFLPHQWR GR WUDEDOKR LQIRUPDO FRP SUHFDUL]DomR GDV
UHODo}HVGHWUDEDOKRVHJXQGRR,%*(PDLVGHGDIRUoDGHWUDEDOKR
HPSUHJDGDQmRWHPFDUWHLUDGHWUDEDOKRVXSHUDQGRDPpGLDGRV~OWLPRV
DQRV$OpPGLVVRDSURIXQGRXVHDGHVLJXDOGDGHVRFLDOPDQLIHVWDGDSHOD
HOHYDomRFUHVFHQWHGDFRQFHQWUDomRGDUHQGDFRPUHSHUFXVV}HVVREUH
RDJUDYDPHQWRGDVVLWXDo}HVGHSREUH]DHH[FOXVmRVRFLDOWDQWRGRVTXH
HVWmRIRUDGRPHUFDGRGHWUDEDOKRTXDQWRGRVDVVDODULDGRVFRPSUHFiULDV
FRQGLo}HVGHWUDEDOKRHGHUHPXQHUDomR
$SHUVLVWrQFLDGHLPSRUWDQWHVEROV}HVGHIRPHHPLVpULDHDFUHVFHQWH
YLROrQFLDQRFDPSRHQDFLGDGHDLQGDFRPS}HPXPTXDGURGUDPiWLFRTXH
HQYHUJRQKD D QDomR SULQFLSDOPHQWH TXDQGR FRPSDUDGRV RV LQGLFDGRUHV
GHFUHVFLPHQWRHFRQ{PLFRHQDQFHLURFRPRVtQGLFHVGHGHVHQYROYLPHQWR
KXPDQR
3ROtWLFDV IXQGDPHQWDLV SDUD D VD~GH GD SRSXODomR FRPR DV GH
VDQHDPHQWREiVLFRQmRVHH[SDQGLUDPQRULWPRGHVHMiYHOSDUDDWHQGHU
jVQHFHVVLGDGHVGHDEDVWHFLPHQWRGHiJXDHGHHVJRWDPHQWRVDQLWiULR
0XOWLSOLFDPVHDVDJUHVV}HVDRDPELHQWH
2V LPSDFWRV GHVWH FHQiULR VREUH D VLWXDomR GH YLGD H VD~GH GD
SRSXODomR VmR HYLGHQWHV (VWXGRV VREUH R SHUO QXWULFLRQDO GH UHFpP
QDWRVHFULDQoDVQRVSULPHLURVDQRVGHYLGDVmRUHYHODGRUHVGHSURIXQGDV
GHVLJXDOGDGHVGHFULDQoDVFRPEDL[RSHVRDRQDVFHUSURYrPGHUHJL}HV
GHVHQYROYLGDVFRPR5LRGH-DQHLUR6mR3DXORH'LVWULWR)HGHUDOHDOpP
GLVVRFRQVLGHUDQGRVHDPpGLDSDUDR3DtVGDVFULDQoDVGHDQRV
DSUHVHQWDPGpFLWSRQGHUDO
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$H[SDQVmRGRVVHUYLoRVPXQLFLSDLVGHVD~GHDLPSODQWDomRH[LWRVDGR
3URJUDPD6D~GHGD)DPtOLDHDDPSOLDomRGRVTXDGURVWpFQLFRVYLQFXODGRV
jV 6HFUHWDULDV 0XQLFLSDLV GH 6D~GH OHYDUDP D XP UHODWLYR DXPHQWR QD
RIHUWDGHFXLGDGRVEiVLFRVHPERUDDLQGDSHUVLVWDPJUDQGHVODFXQDVGH
FREHUWXUDDVHUHPSUHHQFKLGDV$FRQIRUPDomRGHVLVWHPDVPXQLFLSDLV
PLFURUUHJLRQDLV H UHJLRQDLV GH VD~GH TXH JDUDQWDP D ,QWHJUDOLGDGH GRV
FXLGDGRVDLQGDHVWiSRUVHUFRQVWUXtGD$VGLVWRUo}HVHFDUrQFLDVDLQGD
SHUVLVWHPQRVQtYHLVPDLVFRPSOH[RVGHDVVLVWrQFLD
$VGHVSHVDVS~EOLFDVFRPDVVLVWrQFLDPpGLFDPRVWUDPXPDWHQGrQFLD
IDYRUiYHOjH[SDQVmRGRVFXLGDGRVEiVLFRVHDPEXODWRULDLVHPERUDXPD
SDUFHODVLJQLFDWLYDGRLQFUHPHQWRGHJDVWRVHGHYDDRGHVORFDPHQWRGRV
SURFHGLPHQWRVGHDOWDFRPSOH[LGDGHHDOWRFXVWRGHKRVSLWDLVSDUDVHUYLoRV
DPEXODWRULDLVQmRHYLGHQFLDQGRXPDXPHQWRVLJQLFDWLYRHPLQYHVWLPHQWR
HHPFXVWHLRSDUDRVHWRU
$EXVFDGD(TLGDGHpWtPLGDSHUVLVWLQGRDFRQFHQWUDomRGHUHFXUVRV
QR 6XO H 6XGHVWH HPERUD VHMD SURSRVWD D LQWHULRUL]DomR GH SHVVRDO GH
VD~GHFRPEDVHQDHVWUDWpJLDGDIDPtOLDHQDVDUWLFXODo}HVGR0LQLVWpULR
GD6D~GHFRP6HFUHWDULDVGH6D~GHH8QLYHUVLGDGHV
3RURXWURODGRRVGDGRVQDFLRQDLVHUHJLRQDLVGHFREHUWXUDHDFHVVR
GDVSHVVRDVDRVVHUYLoRVGHVD~GHQmRSHUPLWHPHYLGHQFLDURFXPSULPHQWR
GRV SUHFHLWRV FRQVWLWXFLRQDLV GH 8QLYHUVDOLGDGH H (TLGDGH 4XDQGR VH
WHQWD DYDOLDU D TXDOLGDGH H D UHVROXELOLGDGH GRV VHUYLoRV HVVD GLVWkQFLD
DXPHQWD
$FRH[LVWrQFLDGHUHJL}HVFRPHOHYDGDVWD[DVGHPRUWDOLGDGHLQIDQWLO
H PDWHUQD D SHUVLVWrQFLD GD GHVQXWULomR H GD SREUH]D DV DPHDoDV
UHFRUUHQWHVGHVXUWRVHSLGrPLFRVDFURQLFLGDGHGDVHQGHPLDVDVVRFLDGD
DXPSDGUmRGHPRJUiFRFDUDFWHUL]DGRSRUXPDXPHQWRGDSRSXODomRGH
MRYHQVHVSHFLDOPHQWHQDVUHJL}HV6XOH6XGHVWHHGHLGRVRVHDLQGDD
EUXWDOH[SDQVmRGHDFLGHQWHVHGDYLROrQFLDXUEDQDDSRQWDPPDLVGHVDRV
SDUDR686
2VSDUiJUDIRVFRPDVSDVUHIHUHPVHDRGRFXPHQWRGD$%5$6&2DSUHVHQWDGRQD&RQIHUrQFLD1DFLRQDOGHVD~GH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
/HLQ
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
VRFLDLVGHWRGRR3DtVUHVXOWRXQDDPSODOHJLWLPDomRGRVSULQFtSLRVHGD
GRXWULQDGR0RYLPHQWRGD5HIRUPD6DQLWiULD&RPRFRQVHTrQFLDGHVVH
IRUWDOHFLPHQWRSROtWLFRR0RYLPHQWRFRQTXLVWRXDLQFRUSRUDomR GHVVHV
SULQFtSLRVDRWH[WRFRQVWLWXFLRQDOGHEHPFRPRDGHWHUPLQDomRGD
UHVSRQVDELOLGDGHGR(VWDGRQDSURYLVmRGDVDo}HVHVHUYLoRVQHFHVViULRV
j JDUDQWLD GHVVH GLUHLWR PHGLDQWH SROtWLFDV VRFLDLV H HFRQ{PLFDV TXH
YLVHPjUHGXomRGRULVFRGHGRHQoDHGHRXWURVDJUDYRVHDVVHJXUHP
R DFHVVR XQLYHUVDO H LJXDOLWiULR jV Do}HV H VHUYLoRV SDUD D SURPRomR
SURWHomRHUHFXSHUDomRGDVD~GHDUW&)
3DUD DVVHJXUDU HVVH GLUHLWR D &RQVWLWXLomR GH FULRX R 6LVWHPD
QLFRGH6D~GH686VLVWHPDS~EOLFRGHVFHQWUDOL]DGRLQWHJUDGRSHODV
WUrVHVIHUDVGHJRYHUQRTXHIRLUHJXODPHQWDGRSHODV/HLV2UJkQLFDVGD
6D~GH/HLVQHQ
2VLVWHPDS~EOLFRH[LVWHQWHQDpSRFDTXHRIHUHFLDDVVLVWrQFLDDSHQDV
jSDUFHODGDSRSXODomRTXHHUDLQWHJUDGDDRPHUFDGRGHWUDEDOKRIRUPDO
SDVVRX D DWHQGHU D GHPDQGD GH WRGRV RV FLGDGmRV EUDVLOHLURV QXP
FRQWH[WRHFRQ{PLFRGHVIDYRUiYHOTXHLQFOXtDDUHVWULomRGRJDVWRS~EOLFR
6HPLQYHVWLPHQWRVTXHSHUPLWLVVHPDPSOLDUDVFRQGLo}HVGDRIHUWDHFRP
D FRPSUHVVmR GRV YDORUHV GH UHPXQHUDomR DRV SUHVWDGRUHV S~EOLFRV H
SULYDGRVRUHVXOWDGRIRLDSURJUHVVLYDGHJUDGDomRGDTXDOLGDGHGRVVHUYLoRV
RIHUHFLGRV
(VVHSHUtRGRFRUUHVSRQGHFRPRFRQWUDSDUWLGDjFULVHGRVLVWHPDS~EOLFR
jIRUWHH[SDQVmRGRVLVWHPDGHSODQRVHVHJXURVSULYDGRVGHVD~GHSDUD
RTXDOPLJUDUDPRVWUDEDOKDGRUHVGRPHUFDGRIRUPDOGHWUDEDOKRHPJHUDO
VXEYHQFLRQDGRV SHORV HPSUHJDGRUHV $ FREHUWXUD GR VLVWHPD VXSOHWLYR
SULYDGR DOFDQoDYD HP PLOK}HV GH SHVVRDV (VVD FREHUWXUD
EHQHFLDSDUWLFXODUPHQWHRVHVWUDWRVGHPDLRUUHQGDTXHFRUUHVSRQGHP
WDPEpPDRVVHJPHQWRVPDLVKtJLGRVQDIDL[DGHUHQGDIDPLOLDUPHQVDO
VXSHULRUDVDOiULRVPtQLPRVRSHUFHQWXDOGHSRSXODomRFREHUWDDOFDQoDYD
HQTXDQWRQRHVWUDWRFRPUHQGDDWpXPVDOiULRPtQLPRHVVDFREHUWXUD
HUDGHDSHQDV$PDLRUSDUWHGDSRSXODomRGHPHQRUUHQGDGHSHQGH
GRVLVWHPDS~EOLFRGHVD~GHQDIDL[DGHUHQGDGHDWpVDOiULRVPtQLPRV
RSHUFHQWXDOGHQmRFREHUWRVSRUSODQRVGHVD~GHpVXSHULRUDQD
IDL[DGHDVDOiULRVPtQLPRVpGH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$SHVDUGHVVDVGLFXOGDGHVDLPSOHPHQWDomRGRGLVSRVLWLYRFRQVWLWXFLRQDO
TXHFULRXR686JDQKRXFUHVFHQWHDSRLRSROtWLFRQDGpFDGDGHRTXH
YLDELOL]RX PXGDQoDV LQVWLWXFLRQDLV H D GHVFHQWUDOL]DomR GR VLVWHPD GH
VD~GH
2V UHVXOWDGRV GHVVH HVIRUoR FRPHoDP D VHU SHUFHELGRV (P
GRVPXQLFtSLRVEUDVLOHLURVMiDVVXPLDPUHVSRQVDELOLGDGHVQDJHVWmR
GRVLVWHPDGHVD~GHHHUDPUHVSRQViYHLVSHODRSHUDomRGHTXDVH
GRV HVWDEHOHFLPHQWRV GH VD~GH H[LVWHQWHV QR 3DtV SUHGRPLQDQWHPHQWH
GLUHFLRQDGRV j SURYLVmR GH VHUYLoRV GH DWHQomR EiVLFD (VVD PDLRU
SUR[LPLGDGHHQWUHRVEHQHFLiULRVGDSROtWLFDGHVD~GHHRORFXVGHGHFLVmR
WHPSHUPLWLGRUHVSRQGHUPHOKRUDTXDGURVHSLGHPLROyJLFRVORFRUHJLRQDLV
DGHTXDUDVDo}HVjVQHFHVVLGDGHVGDSRSXODomRDPSOLDUDFREHUWXUDH
GLVSRQLELOL]DUVHUYLoRVDiUHDVDQWHVGHVSURYLGDV
2HVWDGRGDVD~GHGDSRSXODomRHDUHVSRQVDELOLGDGHGHLQWHUYLUFRP
HFiFLDQDHOHYDomRGRVVHXVEDL[RVSDWDPDUHVFRQVWLWXHPD~QLFDUD]mR
GDFRQFHSomRHGRGHVHQYROYLPHQWRGR686
2VPDLRUHVGHVDRVDWXDLVHVWmROLJDGRVjHVWUXWXUDomRGRQRYRPRGHOR
GHDWHQomRjVD~GHTXHDSDUWLUGDVJUDQGHVIXQo}HVGD6D~GH3~EOLFD
VXERUGLQHRVFRQFHLWRVHSURJUDPDVGDDVVLVWrQFLDPpGLFDLQGLYLGXDODRV
SUHFHLWRV H SURJUDPDV GRV LQWHUHVVHV FROHWLYRV H GLUHLWRV GD FLGDGDQLD
H UHDOL]H HIHWLYDPHQWH DV DWLYLGDGHV GH SURPRomR H SURWHomR j VD~GH
VRERV3ULQFtSLRVeWLFRVGD8QLYHUVDOLGDGH(TLGDGHH,QWHJUDOLGDGH(P
GHFRUUrQFLDRVGHVDRVUHIHUHPVHjPHOKRULDGDTXDOLGDGHGDDWHQomR
HOHYDomRGDUHVROXWLYLGDGHGDUHGHGH8QLGDGHV%iVLFDVGH6D~GHHGR
VHXSDSHOGHSRUWDGHHQWUDGDGR686HjJDUDQWLDGHDFHVVRDRVVHUYLoRV
GHPpGLDHDOWDFRPSOH[LGDGHFXMDHVFDODGHRSHUDomRLPS}HFREHUWXUD
DRVFRQWLQJHQWHVGHSRSXODomRTXHIUHTHQWHPHQWHXOWUDSDVVDPDHVIHUD
PXQLFLSDORXPLFURUUHJLRQDOFRPRREMHWLYRGHJUDGXDOPHQWHVXSHUDUDV
GHVLJXDOGDGHVGHDFHVVRH[LVWHQWHV
,%*(3HVTXLVD1DFLRQDOSRU$PRVWUDGH'RPLFtOLRV31$'
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
,,,$9$1d261$&216758d2'2
6,67(0$1,&2'(6$'(
$ SDUWLU GD SURPXOJDomR GDV /HLV Q H Q PXLWRV
DYDQoRVUHLWHUDGRVQDH&RQIHUrQFLDV1DFLRQDLVGH6D~GH
IRUDPFRQTXLVWDGRVSDOPRDSDOPRSHODVJHVW}HVPXQLFLSDLVHVWDGXDLV
HIHGHUDO(QWUHHVVHVDYDQoRVGHVWDFDPVH
&ULDomRHGHVHQYROYLPHQWRGRV)XQGRVGH6D~GH1DFLRQDO(VWDGXDLV
H0XQLFLSDLV
&ULDomRHFUHVFLPHQWRGDPRGDOLGDGHGHUHSDVVHIXQGRDIXQGR
&ULDomRHIXQFLRQDPHQWRGH&RQVHOKRVGH6D~GHHPWRGRVRV(VWDGRV
'LVWULWR)HGHUDOHQDJUDQGHPDLRULDGRV0XQLFtSLRVHPSURFHVVRGH
SOHQRGHVHQYROYLPHQWRHFDSDFLWDomRQRH[HUFtFLRGRFRQWUROHVRFLDO
HGDJHVWmRSDUWLFLSDWLYD
)RUWDOHFLPHQWR GD UHGH S~EOLFD GH VHUYLoRV GH VD~GH HP WRGRV RV
QtYHLVGHFRPSOH[LGDGHSULQFLSDOPHQWHRVGH$WHQomR%iVLFD
$XPHQWR GD FREHUWXUD GRV VHUYLoRV HP WRGRV RV QtYHLV GH
FRPSOH[LGDGH FRP rQIDVH HVSHFLDO QD $WHQomR %iVLFD SRU
LQWHUPpGLR GR 3URJUDPD GH $JHQWHV &RPXQLWiULRV GH 6D~GH
3$&6HGR3URJUDPD6D~GHGD)DPtOLD36)DEULQGRPDLVXP
HVSDoRGHPXGDQoDGHPRGHORGHDWHQomRTXHSRVVLELOLWDSDVVDUGR
DWHQGLPHQWRGHGHPDQGDSDUDRDWHQGLPHQWRSRUUHVSRQVDELOLGDGH
VDQLWiULD
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
,PSOHPHQWDomRGHPDQHLUDVLVWHPiWLFDGHDUWLFXODo}HVHGHDo}HV
LQWHUVHWRULDLVYLVDQGRjSURPRomRHSURWHomRGDVD~GHLQFOXLQGRR
FRQFHLWRHDSUiWLFDGDSROtWLFDGH0XQLFtSLRV6DXGiYHLV
$XPHQWRGDFREHUWXUDHLQtFLRGRSURFHVVRGHUHJXODPHQWDomRGRV
WUDQVSODQWHVGHyUJmRVHWHFLGRV
&RQWLQXLGDGHGRGHVHQYROYLPHQWRGRFRQWUROHGD$LGVSROtWLFDPRGHODU
HQWUHRVSDtVHVQmRGHVHQYROYLGRV
$PSOLDomRGDFREHUWXUDYDFLQDOHPSDUWHSHODHVWUDWpJLDGRVGLDVQDFLRQDLV
GHYDFLQDomRHHPSDUWHSHODH[SDQVmRGDUHGHGHVHUYLoRV
,QFUHPHQWRGDFREHUWXUDjVJHVWDQWHVHjLQIkQFLDFRPGLPLQXLomR
UHJLRQDOGDPRUWDOLGDGHPDWHUQDHLQIDQWLODLQGDTXHSHUVLVWDPQtYHLV
EDVWDQWHLQVDWLVIDWyULRV
(OHYDomRGDFDSDFLGDGHGHJHVWmRS~EOLFDHVSHFLDOPHQWHHQWUHRV
PXQLFtSLRV $ JUDQGH PDLRULD DVVXPLX D *HVWmR 3OHQD GD $WHQomR
%iVLFDj6D~GHHYiULDVFHQWHQDVGHOHVD*HVWmR3OHQDGR6LVWHPD
0XQLFLSDOGH6D~GH
&ULDomRGR6LVWHPD1DFLRQDOGH9LJLOkQFLD(SLGHPLROyJLFD
&ULDomRGRV'LVWULWRV6DQLWiULRV(VSHFLDLV,QGtJHQDV
)DFLOLWDomRGRDFHVVRjVLQIRUPDo}HVGHVD~GHYLDLQWHUQHW
$EVRUomRSHODVWUrVHVIHUDVGH*RYHUQRGDVIXQo}HVHVHUYLoRVGR
H[WLQWR,1$036
&UHVFLPHQWR GH SDUD GD SDUWLFLSDomR GRV (VWDGRV H
0XQLFtSLRVQRQDQFLDPHQWRGR686QRVDQRVYHU$QH[R,,
5HVLVWrQFLD j SROtWLFD GH FRUWHV FRQWLQJHQFLDPHQWRV H jV EDL[DV
H[HFXo}HVRUoDPHQWiULDVDWUDYpVGDFRQTXLVWDGHVXSOHPHQWDo}HVGD
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
PRELOL]DomRSHODVDSURYDo}HVGD&30)GD(PHQGD&RQVWLWXFLRQDOQ
/XWDFRQWtQXDSHODPDQXWHQomRGRVDYDQoRVREWLGRVFRQJXUDGD
QDV PRELOL]Do}HV SHOD TXHGD GR SDUHFHU GD $GYRFDFLD*HUDO GD
8QLmR GH GH]HPEUR GH SHOD UHJXODPHQWDomR GD DSOLFDomR
GD (& Q H FRQWUD RV IXWXURV FRQVWUDQJLPHQWRV RUoDPHQWiULR
QDQFHLURVTXHDSROtWLFDHFRQ{PLFDYLJHQWHFRQWLQXDLPSLQJLQGRDR
6LVWHPDQLFRGH6D~GH
,QtFLRGDLPSOHPHQWDomRGDGLUHWUL]FRQVWLWXFLRQDOGDKLHUDUTXL]DomR
UHJLRQDOL]DomR GD DVVLVWrQFLD j VD~GH DWUDYpV GR DYDQoR GD
UHSDFWXDomRGRVSDSpLVGDVWUrVHVIHUDVGH*RYHUQRDRQtYHOGDV
&RPLVV}HV ,QWHUJHVWRUHV 7ULSDUWLWH %LSDUWLWHV H GRV &RQVHOKRV GH
6D~GH HP WRUQR GD 1RUPD 2SHUDFLRQDO GD $VVLVWrQFLD j 6D~GH
12$6
&ULDomR H LQtFLR GH IXQFLRQDPHQWR GR %DQFR GH 3UHoRV QD UHD
+RVSLWDODU
&ULDomRHLQtFLRGHIXQFLRQDPHQWRGR5HJLVWUR1DFLRQDOGH3UHoRVGH
0HGLFDPHQWRV%iVLFRV
,QtFLRGDDSOLFDomRGDSROtWLFDGHPHGLFDPHQWRVJHQpULFRV
,QtFLRGDLPSODQWDomRGR&DUWmR686FRPRLQVWUXPHQWRGHIDFLOLWDomR
GRDFHVVRGHSODQHMDPHQWRDYDOLDomRHFRQWUROHGRVVHUYLoRVPpGLFR
VDQLWiULRVXQLYHUVDLVHGHGHVHQYROYLPHQWRGR6LVWHPD1DFLRQDOGH
,QIRUPDo}HVGH6D~GH
$PSOR UHFRQKHFLPHQWR H OHJLWLPDomR SHOD 6RFLHGDGH *RYHUQR H
3DUWLGRVGRV3ULQFtSLRVH'LUHWUL]HVGR686
,QFRUSRUDomRGD9LJLOkQFLD6DQLWiULDQD$JHQGD3ULRULWiULDGR686
DVVLPFRPRRVXUJLPHQWRGRVSULPHLURVUHH[RVSRVLWLYRVSRUPHLRGD
GHVFHQWUDOL]DomRSDUDDVJHVW}HVHVWDGXDLVHPXQLFLSDLVHGHQLomRGD
SROtWLFDGHVVHVHWRUFRPEDVHQRVUHVXOWDGRVGD&RQIHUrQFLD1DFLRQDO
GH9LJLOkQFLD6DQLWiULD
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
5HFRQKHFLPHQWRGRVDFHUWRVLQLFLDLVGDUHJXODomRGRVSODQRVSULYDGRV
GHVD~GH
2 JUDQGH GHVWDTXH p TXH R FRQMXQWR GH DYDQoRV FRPSURYD
LQVRVPDYHOPHQWHDDGHTXDomRGRVSULQFtSLRVHGLUHWUL]HVFRQVWLWXFLRQDLV
GR686HTXHDVXDFRQVWUXomRQDSUiWLFDpXPSURFHVVRSRVLWLYRHP
DQGDPHQWRQmRGHYHQGRVHUDGPLWLGRTXDOTXHUWLSRGHUHWURFHVVRDSHVDU
GDV FRQMXQWXUDV DGYHUVDV TXH FRQWLQXDP HQYROYHQGR VXD FRQVWUXomR
5HTXHU SRU LVVR DOpP GD JUDQGH GHGLFDomR H HVIRUoR GH GLULJHQWHV
H WpFQLFRV GRV 0XQLFtSLRV GRV (VWDGRV H GD 8QLmR DVVLP FRPR GRV
SURVVLRQDLVHUHSUHVHQWDo}HVGDVRFLHGDGHFLYLOWDPEpPRDSURIXQGDPHQWR
GDVHVWUDWpJLDVIRUPXODGDVFRPSOHQDSDUWLFLSDomRGRV&RQVHOKRVGH6D~GH
YLVDQGRDDWLQJLUDVHVWUXWXUDVGRVLVWHPDRULHQWDQGRHIHWLYDPHQWHRPRGHOR
GHDWHQomRjVD~GHQDGLUHomRGD(TLGDGH8QLYHUVDOLGDGH,QWHJUDOLGDGH
'HVFHQWUDOL]DomR5HJLRQDOL]DomRH3DUWLFLSDomR6RFLDO
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
,9'(6$),26(5($),50$d2'26
35,1&3,26(',5(75,=(6'2686
1RVDQRVGHYLJrQFLDGDV/HLVQRVHDVGLFXOGDGHV
SDUDDFRQVWUXomRGR686GHFRUUHPQmRVyGDVUHVLVWrQFLDVDRVDYDQoRV
UHDOL]DGRVDWpRPRPHQWRTXHWHQWDPPDQWHULQWHUHVVHVHHVWUXWXUDVGR
PRGHORDQWHULRUGHDWHQomRjVD~GHFRPRWDPEpPGDVPHGLGDVHPFXUVR
GHUHIRUPDGR(VWDGRGHFRUWHQHROLEHUDOTXHDJULGHPSURIXQGDPHQWHDV
SROtWLFDVS~EOLFDVVRFLDLVHRGHVHQYROYLPHQWRGHUHFXUVRVKXPDQRVSDUD
DHIHWLYDomRGHVVDVSROtWLFDV$VGLFXOGDGHVGL]HPUHVSHLWRQmRVRPHQWH
jV DJHQGDV LQFRQFOXVDV GD FRQVWUXomR GR 686 GHYLGR j LQVXFLrQFLD
GH UHFXUVRV PDV PXLWDV YH]HV j EDL[D H[SHULrQFLD GD JHVWmR S~EOLFD
'L]HPUHVSHLWRWDPEpPDHQWHQGLPHQWRVHTXLYRFDGRVVHQmRGHVYLDQWHV
GHDOJXQVVHWRUHVGDJHVWmRS~EOLFDVREUHDOJXPDVGDVGLUHWUL]HVGR686
WUDoDGDVSHOD&RQVWLWXLomR)HGHUDOHSHOD/HL2UJkQLFDGD6D~GH
&RQVLGHUDQGR D JUDQGH FRPSOH[LGDGH GH VH LGHQWLILFDU DV FDXVDV
GDV GLFXOGDGHV H GRV GHVYLRV GH UXPRV RSWRXVH SRU GHQRPLQiORV
JHQHULFDPHQWHGHGHVDRV'HVDRVFRORFDGRVSDUDRV*HVWRUHVHSDUD
RV&RQVHOKHLURVGH6D~GHQDYLVmRGH*HVWmR3DUWLFLSDWLYD
2V GHVDRV DTXL DSUHVHQWDGRV FRORFDP D FRQVWUXomR GR 686 VRE
R kQJXOR GD HVWUXWXUDomR GR QRYR PRGHOR GH DWHQomR j VD~GH H QmR
VRPHQWHGRDXPHQWRGDHFLrQFLDGHHVWUXWXUDVGRPRGHORDQWHULRUTXH
DSHVDU GH FRPSRUWDUHP GHVHMiYHLV DYDQoRV QR $FHVVR &REHUWXUD
(TLGDGH,QWHJUDOLGDGH'HVFHQWUDOL]DomR H 3DUWLFLSDomR VmR DYDQoRV
HVWUXWXUDOPHQWHOLPLWDGRVHFRP FXVWRVFDGDYH]PHQRVVXVWHQWiYHLV$
FRQGXomRHVWUDWpJLFDGHVVHVDYDQoRVSRGHVHUHVWUXWXUDQWHURPSHQGRR
YHOKRPRGHORRXHQJDQRVDUHSURGX]LQGRRVHUHIRUoDQGRRVFRPQRYRV
YLVXDLV
2&RQVHOKR1DFLRQDOGH6D~GHUHFRQKHFHDVLQFRQFOXVLYLGDGHVGHVYLRV
GHUXPRVIUDJLOLGDGHVGDJHVWmRHGRSUySULRFRQWUROHVRFLDOVHPRTXHVH
GLVWDQFLDULDGDVLPSUHVFLQGtYHLVFRUUHo}HV5HFRQKHFHSRURXWURODGRTXH
RVSULQFtSLRVHGLUHWUL]HVGR686HVXDWHQWDWLYDGHFRQFUHWL]DomRQRV~OWLPRV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
DQRVHQFRQWUDPVHLQHTXLYRFDPHQWHGLFXOWDGRVSHODSROtWLFDHFRQ{PLFD
YLJHQWHQHVWHV~OWLPRVDQRVTXHSULYLOHJLDRVLVWHPDQDQFHLURRPHUFDGRH
XPSDUDGLJPDGH(VWDGRGHEDL[tVVLPRFRPSURPLVVRFRPSROtWLFDVS~EOLFDV
UHGLVWULEXWLYLVWDV GHVHQYROYLPHQWLVWDV GH SOHQR HPSUHJR H GH Do}HV
LQWHUVHWRULDLVYLVDQGRjTXDOLGDGHGHYLGDHDRVGLUHLWRVGHFLGDGDQLDQR
TXHWDQJHjDOLPHQWDomRHVHJXUDQoDDOLPHQWDUVDQHDPHQWRPHLRDPELHQWH
HGXFDomRWUDEDOKRXUEDQRHUXUDOHPSUHJRUHQGDKDELWDomRVHJXUDQoD
S~EOLFDFXOWXUDOD]HUHWDPEpPDVD~GH2686QHVVHFRQWH[WRpXP
FRQMXQWRGHDWRUHVVRFLDLVHLQVWLWXFLRQDLVTXHYHPVHGHVHQYROYHQGRQD
FRQWUDPmRGHVVDVSROtWLFDVFRQWURYHUVDVKRMHUHVSRQViYHLVSHODVPDLRUHV
FDXVDVGDVGLFXOGDGHVjVXDLPSODQWDomRHTXHGHYHUmRVHUVXSHUDGDV
SHODSUySULDVRFLHGDGH
'HVDRV
&RQVWUXomRGD(TLGDGH
$FRQVWUXomRGD(TLGDGHQDiUHDGDVD~GHFRQVLVWHEDVLFDPHQWHHP
LQYHVWLU QD RIHUWD GH VHUYLoRV SDUD JUXSRV SRSXODFLRQDLV FRP DFHVVR H
XWLOL]DomRLQVXFLHQWHVHQWUHRXWURVPHFDQLVPRVVHPUHSULPLUDGHPDQGD
GH VHUYLoRV QHFHVViULRV D VHJPHQWRV H JUXSRV TXH Mi WrP R DFHVVR
JDUDQWLGR
(VWH GHVDR WHP SUHFHGrQFLD VREUH RV GHPDLV SRU VH FRQVWLWXLU QR
SULQFtSLRHQRREMHWLYRHVWUDWpJLFRFHQWUDOTXHSHUSDVVDRVRXWURVGHVDRV
WRUQDQGRVH HVWUDWpJLD SDUD D 8QLYHUVDOLGDGH H DXPHQWR GD HFiFLD GR
VLVWHPD3RULVVRRGHVDRGD(TLGDGHH[S}HDLPSHULRVLGDGHGRSOHQR
H[HUFtFLR GR FRQWUROH VRFLDO SHORV &RQVHOKRV GH 6D~GH H R GHFLGLGR
UHFRQKHFLPHQWRHFRQVWUXomRGRVHXFDUiWHUGHOLEHUDWLYR
$OJXPDVFRQVLGHUDo}HVVREUHRDOFDQFHGD(TLGDGH
2VLQGLFDGRUHVSDUDDFRPSDQKDPHQWRGDFRQVWUXomRGD(TLGDGHQmR
SRGHPHQmRGHYHPVHUUHGX]LGRVGHIRUPDVLPSOLVWDjGLPLQXLomR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
GDVGHIDVDJHQVRXXQLIRUPL]DomRGRVSHUFDSLWDQDQFHLURVHVWDGXDLV
H UHJLRQDLV SDUD VD~GH (VWD VLPSOLFDomR VH DJUDYD TXDQGR VmR
FRQVLGHUDGRVVRPHQWHRVSHUFDSLWDSDUDFXVWHLRGRVVHUYLoRVQmR
VH DWHQWDQGR SDUD D QHFHVVLGDGH GH UHFXUVRV SDUD LQYHVWLPHQWRV
HVWUDWpJLFRVHSDUD[DomRGHSURVVLRQDLVFDSDFLWDGRV
2V LQGLFDGRUHV GH DIHULomR GD (TLGDGH GHYHP DEUDQJHU D
TXDOLGDGHGHYLGDDH[SRVLomRHVSHFtFDDRVULVFRVSDUDDVD~GHD
PRUELPRUWDOLGDGHSRUHVWUDWRVGDSRSXODomRDFDSDFLGDGHLQVWDODGD
HDUHVROXWLYLGDGHGDDWHQomREiVLFDjVD~GHHGDDWHQomRGHPpGLD
FRPSOH[LGDGHRJUDXGHXWLOL]DomRGHVVHVVHUYLoRVHRXWUDVYDULiYHLV
DOpPGRVSHUFDSLWDQDQFHLURVSDUDFXVWHLRHLQYHVWLPHQWR
2V UHSDVVHV GH UHFXUVRV IHGHUDLV VmR DOWDPHQWH LQGXWRUHV
HVSHFLDOPHQWH QDV UHJL}HV PDLV DWUDVDGDV PDV QmR GHYHP VHU
DYDOLDGRVLVRODGDPHQWHGRVDSRUWHVGHUHFXUVRVHVWDGXDLVHPXQLFLSDLV
/HPEUDVHTXHRV(VWDGRV')H0XQLFtSLRVSDUWLFLSDPKRMHFRP
GRQDQFLDPHQWRGR686
$ DQiOLVH GDV GHVLJXDOGDGHV TXDQGR UHVWULWD DRV HVSDoRV GDV
PDFURUUHJL}HV RX GRV (VWDGRV p LQVXILFLHQWH SDUD RULHQWDU D
FRQVWUXomRGD(TLGDGH$VGHVLJXDOGDGHVGHYHPVHUDQDOLVDGDVQR
kPELWRGHFDGD(VWDGRHQWUHRV0XQLFtSLRVHDWpPHVPRQRkPELWR
GH PLFURWHUULWyULRV EDLUURV H YLODV XUEDQDV YLODV UXUDLV EROV}HV GH
IDYHODVEDUUDFRVHDVYiULDVIRUPDVGHLQYDV}HVXPDYH]TXHVH
QmRIRUHPFRUULJLGDVDVGHVLJXDOGDGHVQHVVHVQtYHLVVHUiLQHYLWiYHO
DUHSURGXomRGDVGHVLJXDOGDGHVDSHVDUGRDXPHQWRGDDSOLFDomRGH
UHFXUVRV
$GHPDLVGHYHVHUOHYDGRHPFRQWDTXHXPGRVIDWRUHVTXHFRQWULEXHP
SDUD R UHIRUoR GDV GHVLJXDOGDGHV p D DXVrQFLD GH PRGHORV GH
LQWHUYHQomR SDUD D DWHQomR j VD~GH GRV JUXSRV SRSXODFLRQDLV HP
GHVYDQWDJHPVRFLDOGHYHQGRVHUGHVHQFDGHDGDXPDGLVFULPLQDomR
SRVLWLYDFRPDSRUWHGHUHFXUVRVHDo}HVGLIHUHQFLDGDV
6RERSRQWRGHYLVWDGDVFRQGLo}HVGDVD~GHGDSRSXODomREUDVLOHLUD
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$GHTXDomRGD2IHUWDGH6HUYLoRVGH6D~GHDR
3HUOGDV1HFHVVLGDGHVH3ULRULGDGHVGD3RSXODomR
$ 3URJUDPDomR 3DFWXDGD H ,QWHJUDGD 33, H D LPSOHPHQWDomR GD
1RUPD2SHUDFLRQDOGH$VVLVWrQFLDj6D~GH12$6FRPRV3ODQRV
'LUHWRUHV 5HJLRQDLV 3'5V QmR FRQVHJXLUDP DWp DJRUD RIHUHFHU
UHIHUHQFLDLVUHJLRQDLVVHJXURVSDUDRULHQWDU
F RQ~PHURRSHUOHGLVWULEXLomRGRVSURVVLRQDLVGHVD~GHHGRV
VHXVSURFHVVRVGHWUDEDOKR
2SHUOGDVQHFHVVLGDGHVHSULRULGDGHVGHVD~GHGDSRSXODomRGHYH
VHUGHWHUPLQDGRDSDUWLUGHLQIRUPDo}HVHSLGHPLROyJLFDVVLWXDo}HVGH
ULVFRHPRUELPRUWDOLGDGHYLVDYLVjVLQIRUPDo}HVHGHPDQGDVWUD]LGDV
SHODVHQWLGDGHVUHSUHVHQWDQWHVGRVXVXiULRVQRV&RQVHOKRVGH6D~GH
HQmRVRPHQWHSHORVSUHVWDGRUHVGHVHUYLoRVHSHORVSURVVLRQDLV
(VWHSHUOVHUiUHIHUrQFLDSDUDRSODQHMDPHQWRGDRIHUWDGHVHUYLoRV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
HPQtYHOUHJLRQDOHPXLWDVYH]HVPLFURUUHJLRQDOGHYLGRjPDUFDQWH
GLYHUVLGDGH VRFLRHFRQ{PLFD H HSLGHPLROyJLFD HQWUH DV UHJL}HV QR
3DtV
2SODQHMDPHQWRGDRIHUWDGHVHUYLoRVGHYHFRQWHPSODUDVVHJXLQWHV
PRGDOLGDGHVGHDo}HV
D LQWHUVHWRULDLVGHSURPRomRGDVD~GH
E GHSURWHomRHVSHFtFDDVHJPHQWRVSRSXODFLRQDLVH[SRVWRVDULVFRV
GHWHUPLQDGRVH
F GHUHFXSHUDomRGDVD~GHHPWRGRVRVQtYHLVGHFRPSOH[LGDGH
(VWH SHUILO FRQILJXUDGR HP QtYHO UHJLRQDO H VH QHFHVViULR
PLFURUUHJLRQDOGHYHFRQVWLWXLUVHQDEDVHGRVSODQRVPXQLFLSDLVH
UHJLRQDLVGHVD~GHFRQWHQGRREULJDWRULDPHQWHPHWDVGHSURGXomR
TXDOLGDGHHUHVXOWDGRVVREDpJLGHGDVGLUHWUL]HVGD8QLYHUVDOLGDGH
,QWHJUDOLGDGHH(TLGDGH
(VWHGHVDRFRORFDDHVWUDWpJLDGD5HJLRQDOL]DomRFRPRLPSUHVFLQGtYHO
QDUHDOL]DomRGRVSUy[LPRVTXDWURGHVDRV
5HVSRQVDELOLGDGHVH$WULEXLo}HVQD'HQLomRGDV
1HFHVVLGDGHVGD3RSXODomRSRU6HUYLoRVGR686
$HQFRPHQGDGDSURYLVmRGHVHUYLoRVGHYHVHUIHLWDSHORV*HVWRUHV
DRV 3UHVWDGRUHV S~EOLFRV H SULYDGRV FRPSOHPHQWDUHV VHJXQGR
DV PHWDV SDFWXDGDV QD 33, QR 3'5 H QRV 3ODQRV 0XQLFLSDLV GH
6D~GH $ SURYLVmR GRV VHUYLoRV GHYH VHU UHJXODGD SHOR JHVWRU SRU
PHLRGH&HQWUDLVGH5HJXODomRHVXEPHWLGDDFRQWUROHVGHTXDOLGDGH
DYDOLDomRGRVUHVXOWDGRVHDFRPSDQKDGDSHORVUHVSHFWLYRV&RQVHOKRV
GH6D~GH
$V XQLGDGHV SUHVWDGRUDV GH VHUYLoRV JRYHUQDPHQWDLV H SULYDGDV
FRQYHQLDGDVFRQWUDWDGDV GHYHP SDUWLFLSDU QD GHILQLomR GDV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
(IHWLYDomRGR&DUiWHUGH3RUWDGH(QWUDGD
GRV6HUYLoRVGH$WHQomR%iVLFDj6D~GH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
L LQWHUVHWRULDLVGH3URPRomRGD6D~GHSODQHMDGDVHH[HFXWDGDV
GHIRUPDDUWLFXODGDGHVGHRQtYHOGDVSHTXHQDVFRPXQLGDGHVH
GDVIDPtOLDVDWpRQtYHOGRV*RYHUQRV0XQLFLSDLV(VWDGXDLVH
1DFLRQDOFRPSULRULGDGHjHGXFDomRVDQHDPHQWRDOLPHQWDomR
KDELWDomR PHLR DPELHQWH VHJXUDQoD OD]HU WUDEDOKR UXUDO H
XUEDQR HPSUHJR H UHQGD $ LPDJHPREMHWLYR GH PXQLFtSLRV
VDXGiYHLVpQHVVHVHQWLGRXPLPSRUWDQWHHL[RSDUDDJHVWmR
S~EOLFDGDFLGDGDQLDLQFOXVLYHDFRQVWUXomRGDFXOWXUDSHODSD]
QRERMRGDFRQVWUXomRGDSROtWLFDS~EOLFDGHFLGDGDQLD
LLL GLDJQyVWLFRHWUDWDPHQWRSUHFRFHV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
LY DWHQGLPHQWRGHXUJrQFLDVGHEDL[DFRPSOH[LGDGH
Y FXLGDGRVEiVLFRVDGRHQWHVFU{QLFRVHJUHVVRVGHLQWHUQDo}HVH
SRUWDGRUHVGHGHFLrQFLDV
E FRQVROLGDomRGRYtQFXORSURVVLRQDOHIXQFLRQDOGDHTXLSHGH6D~GH
GH)DPtOLDH$JHQWHV&RPXQLWiULRVGH6D~GHDXPD8%6FRPYLVWDV
jDPSOLDomRGDDGVFULomRGHIDPtOLDVHSHVVRDVGDFRPXQLGDGHH
DUWLFXODomRFRPRVGHPDLVPHPEURVGDHTXLSHGD8%6
F UHDOL]DomRGHLQYHVWLPHQWRVHVWUDWpJLFRVHPFDGDPLFURUUHJLmRH
ORFDOLGDGH YLVDQGR D RIHUHFHU VHUYLoRV EiVLFRV GH DFHVVR IiFLO
XQLYHUVDOHLJXDOLWiULRSDUDWRGDDSRSXODomR
G HOHYDomRGRJUDXGHUHVROXWLYLGDGHGD$WHQomR%iVLFDj6D~GHQmR
VRPHQWHTXDQWRDRVHXFRPSRQHQWHDVVLVWHQFLDOPDVLJXDOPHQWH
jVDo}HVGHSURPRomRHSURWHomRGDVD~GH
H FDSWDomRPDVVLYDGRVXVXiULRVTXHQHFHVVLWDPGHVHUYLoRVEiVLFRV
TXHDLQGDKRMHXWLOL]DPRVVHUYLoRVGHPpGLDFRPSOH[LGDGHFRPR
SRUWDGHHQWUDGDFRQJHVWLRQDQGRRVHGHVYLDQGRRVGHVXDIXQomR
SULPRUGLDOGHUHIHUrQFLDHVXSRUWHGDUHGHGH8%6V
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
5HRUGHQDPHQWR2UJDQL]DFLRQDOH3URJUDPiWLFR
GRV6HUYLoRVGH0pGLD&RPSOH[LGDGHVHJXQGRD
5DFLRQDOLGDGHGR686
(VWHVVHUYLoRVHPUHJUDFRQVWLWXHPDLQGDDSRUWDGHHQWUDGDUHDODR
VLVWHPDDEVRUYHQGRGLUHWDPHQWHDPDLRUSDUWHGDGHPDQGDTXHSRUVXD
EDL[DFRPSOH[LGDGHGHYHULDVHUUHVROYLGDQDUHGHGH8%6V
2V DPEXODWyULRV GH HVSHFLDOLGDGHV VHUYLoRV GH DSRLR GLDJQyVWLFR H
WHUDSrXWLFR KRVSLWDLV JHUDLV H VHUYLoRV GH XUJrQFLD GHYHP LQVHULUVH QR
VLVWHPDGHPDQHLUDFRPSDWtYHOFRPDVQHFHVVLGDGHVPLFURUUHJLRQDLV
(VVHSURFHGLPHQWRLPSOLFDHP
(IHWLYDomR GD WUDQVLomR GR SHUO SRUWD GH HQWUDGD GH GHPDQGD
HOHWLYDSDUDRSHUOUHIHUrQFLDHVXSRUWHGDDWHQomREiVLFD
,QFRUSRUDomRQDFXOWXUDDVVLVWHQFLDOHQDURWLQDGRDWHQGLPHQWRGD
0pGLD&RPSOH[LGDGHGH
3DUWLFLSDomRHPDWLYLGDGHVSHUPDQHQWHVGHFDSDFLWDomRHDWXDOL]DomR
GRVSURVVLRQDLVGDV8%6V
3ODQHMDPHQWR H SUHSDUDomR GRV VHUYLoRV GH PpGLD FRPSOH[LGDGH
SDUDDWHQGHURVHQFDPLQKDPHQWRVGD5HGHGH8%6VUHIHUHQWHVjV
GHPDQGDVDQWHVUHSULPLGDV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
,QYHVWLPHQWR(VWUDWpJLFRH8WLOL]DomRGD
&DSDFLGDGH,QVWDODGD([LVWHQWH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
5HHVWUXWXUDomRGRV3URJUDPDVH
3URMHWRV)HGHUDLV(VSHFLDLV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$LQVHUomRSDFWXDGDGHVVHVSURJUDPDVHSURMHWRVGHYHVHUQHJRFLDGD
QDV&RPLVV}HV,QWHUJHVWRUHVREHGHFHQGRDRVSUHFHLWRVGD*HVWmR
'HVFHQWUDOL]DGDGR686HGHVXDLQFRUSRUDomRjURWLQDGD5HGHGH
8%6V 1D VXD RSHUDFLRQDOL]DomR p LPSUHVFLQGtYHO D DGHTXDomR jV
UHDOLGDGHVORFRUHJLRQDLVDWUDYpVGRSODQHMDPHQWRDVFHQGHQWH3ODQR
0XQLFLSDOH3ODQR'LUHWRU5HJLRQDODFRPSDQKDGRSHORV&RQVHOKRVGH
6D~GHDWpVXDH[HFXomR2VUHIRUoRVWpFQLFRVHGHUHFXUVRVGHYHP
VHUSHUPDQHQWHVYLVDQGRDHOHYDUDUHVROXWLYLGDGHJHUDOGDDWHQomR
EiVLFDHGDUHGHVXSRUWHGH0&
3URJUDPDV H 3URMHWRV 1DFLRQDLV GH 6D~GH UHIHUHQWHV D iUHDV
FRPSOH[DV H SROrPLFDV GHYHP VHU REULJDWRULDPHQWH GLVFXWLGRV
FRPDQHFHVViULDDQWHFHGrQFLDQD&,7QDV&,%VQRV&RQVHOKRV
GH6D~GHHQR3RGHU/HJLVODWLYR([3URMHWRGH/HLQTXH
WUDWD GR 6DQHDPHQWR %iVLFR HP WRGR R 3DtV 3URMHWR $OYRUDGD
TXH ILQDQFLD R VDQHDPHQWR DWUDYpV GD )XQDVD06 0HGLGD
3URYLVyULDTXHDOWHUDDUHJXODomRGRV3ODQRV3ULYDGRVGH6D~GH
UHWLUDGD3URMHWRGH/HLGD$%,)$50$DSUHVHQWDGRQD&kPDUD
)HGHUDOVREUH$VVLVWrQFLD)DUPDFrXWLFD0HGLGD3URYLVyULDVREUH
$VVLVWrQFLD)DUPDFrXWLFDHPGLVFXVVmRLQWHUQDQR060HGLGD
3URYLVyULDTXHFULDD$JrQFLD)HGHUDOGH3UHYHQomRH&RQWUROHGH
'RHQoDVHRXWUDV
3ODQHMDPHQWRGD2IHUWDH5HPXQHUDomRGRVVHUYLoRV
&DGDPRGDOLGDGHGHUHSDVVHGHUHFXUVRVIHGHUDLVD(VWDGRV'LVWULWR
)HGHUDOH0XQLFtSLRVSRVVXLHVWtPXORVGLIHUHQWHVQDLQGXomRGRPRGHOR
SUHVWDGRUGHVHUYLoRVRUHSDVVHSRUFRQYrQLRHRUHSDVVHIXQGRD
IXQGR 2V REMHWLYRV HVWUDWpJLFRV GH XWLOL]DomR GHVVDV PRGDOLGDGHV
FRQWXGRQmRYrPVHQGRDGHTXDGDPHQWHGLVFXWLGRVHIRUPXODGRVQD
&,7QDV&,%VHQRV&RQVHOKRVGH6D~GH0HQRVDLQGDRVFULWpULRVFRP
TXHRV*HVWRUHV(VWDGXDLVH0XQLFLSDLVXWLOL]DPRVUHSDVVHV)XQGRD
)XQGRSDUDUHPXQHUDURVSUHVWDGRUHVGHVHUYLoRVHRVSURVVLRQDLV
QRVHWRUS~EOLFRHQRSULYDGRFRPSOHPHQWDU
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
F &RPSDUWLOKDPHQWRGHULVFRVHQWUHJHVWRUHVHSURYHGRUHVFRPR
HVWDEHOHFLPHQWRGHYDORUSHUFDSLWDSDUDDUHPXQHUDomRGHVHUYLoRV
GHQLGRVDFOLHQWHODVWDPEpPGHQLGDV
G &RPELQDo}HVGHGXDVRXPDLVDOWHUQDWLYDVDQWHULRUHVDGHSHQGHU
GRVHUYLoRTXHHVWHMDVHQGRSUHVWDGRKRVSLWDOL]DomRDWHQGLPHQWR
DPEXODWRULDOJHUDORXHVSHFLDOL]DGR
2GHVGREUDPHQWRGHVVDVDOWHUQDWLYDVOHYDGRjV~OWLPDVFRQVHTrQFLDV
H[S}HRHORQDOGDFDGHLDSURGXWRUDGRVVHUYLoRVTXHVmRDVFRQGXWDV
HDo}HVGHFDGDSURVVLRQDOSHUDQWHDRXVXiULRRXJUXSRVGHXVXiULRV$
GHVHMiYHOPDUJHPGHDXWRQRPLDLQLFLDWLYDHFULDWLYLGDGHGHFDGDSURVVLRQDO
GHYHSURSRUFLRQDURGLUHLWRGHFLGDGDQLDDTXDOLGDGHDUHVROXWLYLGDGHR
DFROKLPHQWRVROLGiULRHDKXPDQL]DomReQRkPELWRGDJHVWmRGRSURFHVVR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
GHWUDEDOKRFXMRGHVHQYROYLPHQWRMiVHLQLFLDHPYiULRVPXQLFtSLRVTXH
GHYHPVHULQFRUSRUDGRVQRYRVFRPSRUWDPHQWRVVRESHQDGHVHUHSURGX]LU
QHVVHQtYHORPRGHORSULYDWLYLVWDHH[FOXGHQWH
)LQDQFLDPHQWRH2UoDPHQWDomR
$ JUDQGH FRQTXLVWD GD (PHQGD &RQVWLWXFLRQDO Q TXH YLQFXOD
PRQWDQWHV PtQLPRV GRV RUoDPHQWRV PXQLFLSDLV HVWDGXDLV H GD
8QLmRDR686WHYHDVXDDSOLFDomRRIXVFDGDSRUPDLVGHXPDQR
SHORVSDUHFHUHVGR0LQLVWpULRGD)D]HQGDHGD$GYRFDFLD*HUDOGD
8QLmRVXSHUDGRVVRPHQWHHPMDQHLURGHFRPJUDQGHHVIRUoR
GR&RQVHOKR1DFLRQDOGH6D~GHHQWLGDGHVTXHRLQWHJUDP7&8H
67) $SHVDU GRV SDUHFHUHV GR 7&8 H 67) UHVJDWDQGR R SUHFHLWR
FRQVWLWXFLRQDOGD(&QHDQXODQGRRVHIHLWRVGRSDUHFHUGD$*8DWp
RSUHVHQWHPRPHQWRR0LQLVWpULRGR3ODQHMDPHQWRPDQWpPSDUDFiOFXOR
GR2UoDPHQWRGR06HPDEDVH[DGRRUoDPHQWRGH$
5HVROXomRGR&16QGHDEULOGHIUXWRGHHQWHQGLPHQWRV
FRPRV7ULEXQDLVGH&RQWDV0LQLVWpULR3~EOLFR)HGHUDO&RQVXOWRULDV
/HJLVODWLYDVGR6HQDGR)HGHUDOH&kPDUDGRV'HSXWDGRV&21$66
&21$6(06H06UHFRORFDDDSOLFDomRGH(&QQRREMHWLYRGD
VXDDSURYDomRQR&RQJUHVVR1DFLRQDOHVXEVLGLDDGLVFXVVmRGH/HL
&RPSOHPHQWDUFRUUHVSRQGHQWHYHU$QH[R,,,
2V PRQWDQWHV RUoDPHQWiULRV GHVWLQDGRV DR 686 PHVPR DSyV
R SOHQR FXPSULPHQWR GD (& Q VmR FRQVWLWXFLRQDOPHQWH RV
PRQWDQWHV PtQLPRV $WXDOPHQWH HVVHV PRQWDQWHV VmR PXLWR
EDL[RVUHVXOWDQGRHPTXHRVJHVWRUHVGDV6HFUHWDULDV(VWDGXDLV
H0XQLFLSDLVGH6D~GHHVSHFLDOPHQWHRV0XQLFtSLRV3yORVRIUDP
SUHVV}HVGRVSUHVWDGRUHVGRVSURVVLRQDLVHGDSRSXODomRXVXiULD
SDUD URPSHUHP SULRULGDGHV GHILQLGDV QRV SODQRV GH VD~GH H
DSOLFDUHPRVUHFXUVRVHPGHPDQGDVSUHPHQWHVHPTXDOTXHUQtYHO
GHFRPSOH[LGDGHHDGDUSULRULGDGHDRPXQLFtSLRSyORHPGHWULPHQWR
GD GHPDQGD UHIHULGD GH RXWURV PXQLFtSLRV 2 SUySULR DYDQoR GD
5HJLRQDOL]DomRHVWiDVVLPUHVWULQJLGR$OpPGRVPRQWDQWHVPtQLPRV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
JDUDQWLGRVSHOD(&QGHYHKDYHUFRPSURPLVVRGRJRYHUQRH
GD VRFLHGDGH SDUD R 3DtV HOHYDU RV UHFXUVRV SDUD D VD~GH KRMH
EDVWDQWHLQIHULRUHVDRSDWDPDUPtQLPRSUDWLFDGRHPERQVVLVWHPDV
GHVD~GHHLQIHULRUDWpPHVPRDYiULRVSDtVHVODWLQRDPHULFDQRV
2VJDVWRVS~EOLFRVGDVWUrVHVIHUDVGHJRYHUQRFRPVD~GHFDtUDP
DSUR[LPDGDPHQWHGHGR3,%HPSDUDHP
$SDUWLFLSDomRGRRUoDPHQWRS~EOLFRQRJDVWRQDFLRQDOFRPVD~GH
pHTXLYDOHQWHDPHQRVGHSHUFHQWXDOEHPLQIHULRUDRDSOLFDGR
SHOR 3RGHU 3~EOLFR QD JUDQGH PDLRULD GRV SDtVHV GHVHQYROYLGRV
&DQDGiHSDtVHVHXURSHXVSRUH[HPSOR
eLPSRVVtYHOQmRDVVRFLDUREDL[RJDVWRS~EOLFRFRPVD~GHQR3DtV
DRYROXPHHDRFUHVFLPHQWRLUUHIUHiYHOGDFDQDOL]DomRGRVUHFXUVRV
S~EOLFRV SDUD VXVWHQWDU D 'tYLGD &RQVROLGDGD GD 8QLmR VXDV
DPRUWL]Do}HVHVHXVMXURVVHJXQGRGDGRVGD6HFUHWDULDGR7HVRXUR
1DFLRQDO0)GHDHVVDGtYLGDVDOWRXGH5SDUD5
ELOK}HVHQRPHVPRSHUtRGRDVDPRUWL]Do}HVHMXURVVDOWDUDP
GH5SDUD5ELOK}HVSURVVHJXLQGRXPTXDGURTXHYHP
VHDJUDYDQGRGHVGHYHU$QH[R,
$GHQLomRGHSULRULGDGHVHHVWUDWpJLDVFRHUHQWHVFRPRVSULQFtSLRV
GR 686 p PLVVmR IXQGDPHQWDO SDUD RV *HVWRUHV H &RQVHOKRV GH
6D~GH H D SDUWLU GLVVR GHYHP DQDOLVDU RV LWHQV RUoDPHQWiULRV
GH FXVWHLR H GH LQYHVWLPHQWR e IXQGDPHQWDO WDPEpP FRPSDUDU
R FRQMXQWR GRV LWHQV TXH VH UHIHUHP j $WHQomR %iVLFD GD 6D~GH
LQFOXLQGR Do}HV H VHUYLoRV GH SURPRomR H SURWHomR j VD~GH H RV
FRQMXQWRVGHLWHQVUHIHUHQWHVjVDo}HVHVHUYLoRVGH0pGLDH$OWD
&RPSOH[LGDGH$VVLVWHQFLDOSDUDIRUPXODUHVWUDWpJLDVHSULRULGDGHV
HPFDGDUHDOLGDGHORFDOHUHJLRQDO
1DV SODQLOKDV RFLDLV DSUHVHQWDGDV DRV &RQVHOKRV JHUDOPHQWH Ki
EDL[DYLVLELOLGDGHGRVLWHQVUHIHUHQWHVDRFXVWHLRDRLQYHVWLPHQWRH
DFDGDQtYHOGHFRPSOH[LGDGHGRVVHUYLoRVDVHUHPRIHUWDGRVRTXH
GLFXOWDRXLPSRVVLELOLWDRVJHVWRUHVWpFQLFRVH&RQVHOKRVGH6D~GH
H[HUFHUHPVXDVDWULEXLo}HVTXDQWRDRVSODQRVGHVD~GHVXDVPHWDV
RVRUoDPHQWRVHDH[HFXomRRUoDPHQWiULD
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
5HRULHQWDomRGD3ROtWLFDGH5HFXUVRV
+XPDQRVQR686
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$VQRYDVUHODo}HVGHWUDEDOKRGHYHUmRSURSLFLDU
E VDWLVIDomRFRPRWUDEDOKR[DomRHFRQWLQXLGDGHGRVSURVVLRQDLV
SULRULWiULRVHEiVLFRVFRPTXHGDHIHWLYDGDGHVDVWURVDURWDWLYLGDGH
KRMHH[LVWHQWH
F DSHUIHLoRDPHQWRGDJHVWmRGRVUHFXUVRVKXPDQRVHPUHODomRDR
SURFHVVRGHWUDEDOKRQRkPELWRGDUHODomRSHVVRDOHSURVVLRQDO
GRVSURVVLRQDLVGHVD~GHFRPRXVXiULR
G UHFRQKHFLPHQWRGDUHVSRQVDELOLGDGHVRFLDOGRSHVVRDOGHVD~GHH
GRVHWRU6D~GHFRPRXWLOL]DGRUGHPmRGHREUDLQWHQVLYD
I YDORUL]DomRQRV3&&6GR686GRVSHUVSURVVLRQDLVJHQHUDOLVWDV
HGRWUDEDOKRHPHTXLSHPHGLDQWHDGLFLRQDLVGHGHVHPSHQKRHGH
UHVXOWDGRVSDUDDVD~GHGDSRSXODomR
&RQVWUXomRGR686FRPR([SUHVVmRGH6D~GH3~EOLFD
HVXD5HVSRQVDELOLGDGH5HJXODWyULD
26LVWHPDQLFRGH6D~GHGHYHVHUHQWHQGLGRFRPRH[SUHVVmRGD6D~GH
3~EOLFDHUHVSRQVDELOLGDGHPDLRUGR(VWDGRHSRULVVRDVD~GHGDSRSXODomR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
pRFULWpULRFHQWUDOSDUDDRUJDQL]DomRJHVWmRGRVLVWHPD'HQWUHDVIXQo}HV
HVVHQFLDLVGD6D~GH3~EOLFDHVWHGHVDRUHIHUHVHHVWUDWHJLFDPHQWHDGXDV
UHVSRQVDELOLGDGHVLQWUDQVIHUtYHLVGR686
,QIRUPDomRHP6D~GH
,QIRUPDomRSDUD*HVWmR
,QIRUPDomRSDUD&DSDFLWDomRGH5HFXUVRV+XPDQRV
,QIRUPDomRSDUDR&RQWUROH6RFLDO
5HVSRQVDELOLGDGH5HJXODWyULD
1R kPELWR GR GLVSRVWR QR LWHP DQWHULRU WRUQDVH LPSRUWDQWH R
UHFRQKHFLPHQWRGDVWDUHIDVUHJXODWyULDVFRPRSDUWHLQWHJUDQWH
GDV HVWUDWpJLDV GH HVWUXWXUDomR H IXQFLRQDPHQWR GR 686 QR
FRQWH[WR GH QRYRV PRGHORV GH JHVWmR GH VLVWHPD H JHUrQFLD
GH XQLGDGHV GH VD~GH GDV PDLV VLPSOHV jV PDLV FRPSOH[DV
$EUHVHDTXLDUHOHYDQWHTXHVWmRGDUHODomRHQWUHRVJHVWRUHV
QDQFLDGRUHV GR 686 8QLmR (VWDGR ') H 0XQLFtSLRV H RV
SURYHGRUHVSUHVWDGRUHV GR VHXV VHUYLoRV XQLGDGHV GH VD~GH
HVWDWDLV FRP DXWRQRPLD DGPLQLVWUDWLYD H SULYDGDV FRQWUDWDGDV
FRQYHQLDGDV$PRGHUQL]DomRGHVHMiYHOGHVWDUHODomRLPSOLFDGH
XPODGRQRHVWDEHOHFLPHQWRGHPHWDVGHSURGXomRGHTXDOLGDGH
FRPKXPDQL]DomRHUHVROXWLYLGDGHHPIXQomRGDVQHFHVVLGDGHV
SULRULGDGHVGDSRSXODomRH[SOLFLWDGDVGLVFXWLGDVHDSURYDGDVQRV
&RQVHOKRVGH6D~GHHGHRXWURQDSDFWXDomRFRPRVSURYHGRUHV
GRVVHUYLoRVH[SOLFLWDGDHPWHUPRVGHFRPSURPLVVRVHFRQWUDWRV
GHJHVWmRGRJHVWRUQDQFLDGRUFRPFDGDSURYHGRUSUHVWDGRU$
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
UHJXODomRWDUHIDGRJHVWRUGHYHDEUDQJHUDHFiFLDRVFXVWRV
DHFLrQFLDDTXDOLGDGHDUHVROXWLYLGDGHHDFREHUWXUDWRGDV
SUHYLDPHQWHSDFWXDGDV
$DFHLWDomRGRFRQWUROHGDVRFLHGDGHSHORV&RQVHOKRVGH6D~GH
QRVPDUFRVGD/HLQHQTXDQWRPDFURUUHJXODomRQR
kPELWR GH XPD GHVHMiYHO UHODomR (VWDGR6RFLHGDGH GHYH VH
HVWHQGHUDWRGDVDVDo}HVHLQVWLWXLo}HVYLQFXODGDVDRVLVWHPD
(VWDUHVSRQVDELOLGDGHpH[HUFLWDGDQRkPELWRGDIRUPXODomRGH
HVWUDWpJLDVHGLUHWUL]HVHQRFRQWUROHGDH[HFXomRGDVSROtWLFDV
$V $JrQFLDV 5HJXODGRUDV QD iUHD GD 6D~GH VmR $XWDUTXLDV
(VSHFLDLVTXHFRPRTXDOTXHURXWUDPRGDOLGDGHGHDGPLQLVWUDomR
S~EOLFDLQGLUHWDGHYHPHVWDUVXERUGLQDGDVjVLQVWkQFLDVJHVWRUDV
S~EOLFDV PDLRUHV FRPR R 0LQLVWpULR GD 6D~GH R &RQVHOKR
1DFLRQDOGH6D~GHHD7ULSDUWLWHQRkPELWRGDVUHVSRQVDELOLGDGHV
LQWUDQVIHUtYHLVGH(VWDGR
D 8QLGDGHVS~EOLFDVFRPRXVHPDXWRQRPLDJHUHQFLDO
G 2SDSHOGRVyUJmRVGH$YDOLDomR&RQWUROHH$XGLWRULDV
H$6D~GH6XSOHWLYD2SHUDGRUDVSULYDGDVGHSODQRVGHVD~GH
SUHVWDGRUHVGHVHUYLoRVGDVRSHUDGRUDVSURVVLRQDLVGHVD~GH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
HFRQVXPLGRUHV$VFRPSHWrQFLDVOHJDLVGD'LUHomRGR686
QD VXD UHJXODomR HQFRQWUDPVH H[SUHVVDV QR DUW GD
&RQVWLWXLomR)HGHUDOUHOHYkQFLDS~EOLFDQRDUWGD/HLQ
DWULEXLomRGDVWUrVHVIHUDVGHJRYHUQRQDUHJXODomR
HQRDUWGD/HLQ1RUPDVGD'LUHomRGR686
GHYHQGRVHUUHJXODPHQWDGDVHHIHWLYDGDVDVSUHUURJDWLYDVGR
&RQWUROH6RFLDO
I $V&HQWUDLVGH5HJXODomRVHXSDSHOQRFRQMXQWRGRSURFHVVR
UHJXODWyULR
$UHJXODomRGRVLVWHPDHPFDGDXPDGDVWUrVHVIHUDVGH*RYHUQR
QDVD~GHGHYHGHL[DUFODUR
D 2SDSHOGRV&RQVHOKRVGH6D~GH
F 2SDSHOGRV7ULEXQDLVGH&RQWDVGR0LQLVWpULR3~EOLFRHGR
3RGHU/HJLVODWLYR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
9$*(1'$3$5$()(7,9$d2'2686('2
&21752/(62&,$/5(/$75,2'$
&21)(51&,$1$&,21$/'(6$'(
$&RQIHUrQFLD1DFLRQDOGH6D~GHUHDOL]DGDHPGH]HPEURGH
UHXQLXHP%UDVtOLDGHOHJDGRVYLQGRVGHWRGRR3DtVTXHDQDOLVDUDPH
GHOLEHUDUDPVREUHSURSRVLo}HVUHODWLYDVDRWHPD(IHWLYDQGRR686$FHVVR
4XDOLGDGHH+XPDQL]DomRQD$WHQomRj6D~GHFRP&RQWUROH6RFLDO6XDV
UHFRPHQGDo}HVFRUUHVSRQGHPjVH[SHFWDWLYDVGDVRFLHGDGHHPUHODomR
jV SROtWLFDV HVWDWDLV QD iUHD GD 6D~GH 6XDV SULQFLSDLV UHFRPHQGDo}HV
IRUDP
0HOKRULDGDVFRQGLo}HVGHVD~GHPHGLDQWHDFRQVWUXomRGHSROtWLFDV
VRFLDLV LQWHUVHWRULDLV H GH XP FRPSURPLVVR LUUHVWULWR FRP D YLGD H D
GLJQLGDGHKXPDQDFDSD]GHUHYHUWHURVDWXDLVLQGLFDGRUHVGHVD~GH
FRQWULEXLQGRDVVLPSDUDDPHOKRULDGDTXDOLGDGHGHYLGDGDSRSXODomR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
QDPXOWLSURVVLRQDOLGDGHQRDSULPRUDPHQWRFRQWLQXDGRQRFRPSURPLVVR
KXPDQR H VRFLDO H HP FRQGLo}HV GLJQDV GH WUDEDOKR H VDOiULR
1HVWD SHUVSHFWLYD p LPSUHVFLQGtYHO D HIHWLYD LPSODQWDomR GD 1RUPD
2SHUDFLRQDO %iVLFD GH 5HFXUVRV +XPDQRV H GDV 0HVDV 1DFLRQDO
(VWDGXDLVH0XQLFLSDLVGH1HJRFLDomRGR686
3URSLFLDURDFHVVRXQLYHUVDOjDWHQomRLQWHJUDOHTXkQLPHHKXPDQL]DGD
JDUDQWLQGRRQDQFLDPHQWRGHWRGRVRVQtYHLVGDVD~GHFRPDXWRQRPLD
GRV0XQLFtSLRVH(VWDGRVQDHODERUDomRHH[HFXomRGHVHXVSODQRV
FRPDSURYDomRGRVUHVSHFWLYRV&RQVHOKRVGH6D~GH
2UJDQL]DUDSRUWDGHHQWUDGDGRVLVWHPDDWUDYpVGHGLVWLQWDVLQLFLDWLYDV
GH HVWUXWXUDomR GD DWHQomR EiVLFD WDLV FRPR 6D~GH GD )DPtOLD
6LVWHPDV/RFDLVGH6D~GHHRXWUDVHVWUDWpJLDVTXHGHYHPJDUDQWLUD
WHUULWRULDOL]DomRDJHVWmRS~EOLFDDUHVSRQVDELOLGDGHVDQLWiULDHTXLSH
PXOWLSURVVLRQDOHPGHGLFDomRLQWHJUDOEHPFRPRDDUWLFXODomRHD
LQWHJUDomRFRPRVGHPDLVQtYHLVGHDWHQomRjVD~GH
$1(;26
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$1(;2,
$o}HVGDV$XWRULGDGHVGDUHD(FRQ{PLFD
FRP5HSHUFXVV}HVVREUHR)LQDQFLDPHQWRGR
686
2SRVLomR IUDQFD j YRWDomR H DSURYDomR GD (& Q H D VHJXLU
GD(&QTXHYLQFXORXUHFXUVRVPtQLPRVIHGHUDLVHVWDGXDLVH
PXQLFLSDLVDRQDQFLDPHQWRGR686
&DQDOL]DomRSULRULWiULDGRVUHVXOWDGRVGRHVIRUoRDUUHFDGDWyULRSDUD
RSDJDPHQWRGRVHUYLoRGDGtYLGDVXEWUDtQGRRVGHVHWRUHVGHFLVLYRV
GRGHVHQYROYLPHQWRVRFLDOHQWUHHDDUUHFDGDomRIHGHUDO
FUHVFHXHPVHHVVHFUHVFLPHQWRIRVVHXWLOL]DGRHPQR
RUoDPHQWRGR0LQLVWpULRGD6D~GHUHVXOWDULDHP5ELOK}HVHQmR
RV5ELOK}HVGRWDGRV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
,QWHUSUHWDomRH[SOLFLWDPHQWHFDSFLRVDGDDSOLFDomRGD(&QORJR
DSyVDVXDDSURYDomRQR&RQJUHVVR1DFLRQDODWUDYpVGHSDUHFHUGD
$GYRFDFLD*HUDOGD8QLmR$*8QGHGH]HPEUR
TXH QHXWUDOL]DYD QD SUiWLFD R SUHWHQGLGR H YRWDGR DXPHQWR GD
FRQWUDSDUWLGDGD8QLmRQRQDQFLDPHQWRGR686&RPDDSOLFDomR
GHVVH SDUHFHU R SDWDPDU RUoDPHQWiULR Mi GR DQR ILFDYD
UHEDL[DGRHP5ELOKmRHPLOK}HV
(ODERUDomRHPDQGDPHQWRGHDOWHUQDWLYDVGRLQWHUHVVHGDSROtWLFD
HFRQ{PLFDDSyVDQHXWUDOL]DomRGRSDUHFHULQLFLDOGD$GYRFDFLD*HUDO
GD8QLmRGH]HPEURSRUPHLRGH'HFLVmRGR7&8H$omR'LUHWD
GH,QFRQVWLWXFLRQDOLGDGH$',1GH
0DQXWHQomRGRQDQFLDPHQWR)HGHUDOGR686VREFRQWUROHGR3URMHWR
GH/HLGH'LUHWUL]HV2UoDPHQWiULDV/'2HQYLDGRDQXDOPHQWHSHOR
3RGHU ([HFXWLYR DR &RQJUHVVR 1DFLRQDO H GDV VROLFLWDo}HV GH
VXSOHPHQWDo}HVGR0LQLVWURGD6D~GHGXUDQWHRVHJXQGRVHPHVWUH
GHFDGDDQR
5HFHQWHYHWRGR3UHVLGHQWHGD5HS~EOLFDDRDUWLJRGD/'2GHTXH
UDWLFDYDDGHFLVmRXQkQLPHGR7ULEXQDOGH&RQWDVGD8QLmR7&8Q
WRUQDQGRVHPHIHLWRRSDUHFHUGD$*8Q/HPEUH
VHTXHSHUDQWHDWUDPLWDomRGD$omR'LUHWDGH,QFRQVWLWXFLRQDOLGDGH
$',1QFRQWUDRSDUHFHU$*8QRSUySULR
3UHVLGHQWH GD 5HS~EOLFD GHVSDFKRX HP WRUQDQGR R
3DUHFHUGD$*8QVHPHIHLWR&RPRFLWDGRYHWRIRLUHVVXFLWDGR
QDSUiWLFDRSDUHFHUGD$*8RTXHLPSHGHDDSOLFDomRGD&RQVWLWXLomR
QRTXHWDQJHDRQDQFLDPHQWRGR686DWpHPDSUR[LPDGDPHQWH
5ELOK}HV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$1(;2,,
3RUFHQWDJHPGRV5HFXUVRV3UySULRVGRV
(VWDGRVH')'HVWLQDGDDR686HP
2EVHUYDo}HV
2JUDXGHGHVHPSHQKRGD*HVWmR(VWDGXDOQR6LVWHPDQLFRGH6D~GH
JXDUGDXPDGLVWULEXLomRLQGHSHQGHQWHGRJUDXGHSDUWLFLSDomRGRVVHXV
UHFXUVRVSUySULRVQRQDQFLDPHQWRGR686(VWH~OWLPRVHHQFRQWUD
SURYDYHOPHQWHPDLVGHSHQGHQWHGDKLVWyULDGDSROtWLFDHFRQ{PLFDH
RUoDPHQWiULDGHFDGD(VWDGR
8PQ~PHURLPSRUWDQWHGH6HFUHWDULDV(VWDGXDLVGH6D~GHFDUHFHP
GH XP VDOWR QR VHX GHVHQYROYLPHQWR LQVWLWXFLRQDO H QD VXD JHVWmR
S~EOLFDFRPYLVWDVDRFXPSULPHQWRGHQRYDVIXQo}HVFRPRDGYHQWR
GR686
0pGLD1DFLRQDOGRV(VWDGRVHGRV0XQLFtSLRV'DGRVGR6,236
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$1(;2,,,
&RQVHOKR1DFLRQDOGH6D~GH
5HVROXomRQGHGHDEULOGH
2 3OHQiULR GR &RQVHOKR 1DFLRQDO GH 6D~GH HP VXD 5HXQLmR
2UGLQiULD UHDOL]DGD QRV GLDV H GH DEULO GH QR XVR GH VXDV
FRPSHWrQFLDV UHJLPHQWDLV H DWULEXLo}HV FRQIHULGDV SHOD /HL Q
GHGHVHWHPEURGHHSHOD/HLQGHGHGH]HPEURGH
HFRQIRUPHHVWDEHOHFLGRQRDUWLJRGR$WRGDV'LVSRVLo}HV
&RQVWLWXFLRQDLV7UDQVLWyULDV$'&7
&RQVLGHUDQGR
DSURPXOJDomRGD(PHQGD&RQVWLWXFLRQDOQHPGHVHWHPEUR
GHYLQFXODQGRRVUHFXUVRVRUoDPHQWiULRVGD8QLmR(VWDGRV
'LVWULWR)HGHUDOH0XQLFtSLRVDVHUHPDSOLFDGRVREULJDWRULDPHQWHHP
Do}HVHVHUYLoRVS~EOLFRVGHVD~GH
DQHFHVVLGDGHGHHVFODUHFLPHQWRFRQFHLWXDOHRSHUDFLRQDOGRWH[WR
FRQVWLWXFLRQDOGHPRGRDOKHJDUDQWLUHFiFLDHYLDELOL]DUVXDSHUIHLWD
DSOLFDomRSHORVDJHQWHVS~EOLFRVDWpDDSURYDomRGD/HL&RPSOHPHQWDU
DTXHVHUHIHUHRGRDUWLJRGD&RQVWLWXLomR)HGHUDO
DQHFHVVLGDGHGHKDYHUDPSODGLVFXVVmRS~EOLFDSDUDDHODERUDomR
GD/HL&RPSOHPHQWDUSUHYLVWDQRGRDUWLJRGD&RQVWLWXLomR
)HGHUDOGHIRUPDDGLVFLSOLQDURVGLVSRVLWLYRVGD(PHQGD&RQVWLWXFLRQDO
Q
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
RVHVIRUoRVHQYLGDGRVSHORVJHVWRUHVGR686FRPDUHDOL]DomRGH
DPSODV GLVFXVV}HV H GHEDWHV VREUH D LPSOHPHQWDomR GD (PHQGD
&RQVWLWXFLRQDOQFRPRLQWXLWRGHSURPRYHUDDSOLFDomRXQLIRUPH
HKDUP{QLFDGRVGLWDPHVFRQVWLWXFLRQDLV
RVVXEVtGLRVFROKLGRVQRVVHPLQiULRVVREUHD2SHUDFLRQDOL]DomRGD
(PHQGD&RQVWLWXFLRQDOQUHDOL]DGRVHPVHWHPEURHGH]HPEUR
GHFRPDSDUWLFLSDomRGHUHSUHVHQWDQWHVGRV7ULEXQDLVGH&RQWDV
GRV(VWDGRVGRV0XQLFtSLRVHGD8QLmRGR0LQLVWpULRGD6D~GHGR
&RQVHOKR1DFLRQDOGH6D~GHHGR&RQVHOKR1DFLRQDOGH6HFUHWiULRV
0XQLFLSDLVGH6D~GH&21$6(06
5HVROYH
$SURYDU DV VHJXLQWHV GLUHWUL]HV DFHUFD GD DSOLFDomR GD (PHQGD
&RQVWLWXFLRQDOQGHGHVHWHPEURGH
'$%$6('(&/&8/23$5$'(),1,d2'265(&8562601,026
$6(5(0$3/,&$'26(06$'(
3ULPHLUD'LUHWUL]$DSXUDomRGRVYDORUHVPtQLPRVDVHUHPDSOLFDGRV
HPDo}HVHVHUYLoRVS~EOLFRVGHVD~GHGHTXHWUDWDPRDUWGD
&RQVWLWXLomR)HGHUDOHRDUWGR$'&7GDUVHiDSDUWLUGDVVHJXLQWHV
EDVHVGHFiOFXOR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
,, 3DUDRV(VWDGRV
7RWDOGDVUHFHLWDVGHLPSRVWRVGHQDWXUH]DHVWDGXDO
,&06,39$,7&0'
5HFHLWDVGHWUDQVIHUrQFLDVGD8QLmR
4XRWD3DUWHGR)3(
4XRWD3DUWHGR,3,([SRUWDomR
7UDQVIHUrQFLDVGD/HL&RPSOHPHQWDUQ/HL.DQGLU
,PSRVWRGH5HQGD5HWLGRQD)RQWH,55)
2XWUDVUHFHLWDVFRUUHQWHV
5HFHLWDGD'tYLGD$WLYD7ULEXWiULDGH,PSRVWRV0XOWDV-XURV
GH0RUDH&RUUHomR0RQHWiULD
,&06
,39$
,3,([SRUWDomR
%DVHGH&iOFXOR(VWDGXDO
,,, 3DUDRV0XQLFtSLRV
7RWDOGDVUHFHLWDVGHLPSRVWRVPXQLFLSDLV
,66,378,7%,
5HFHLWDVGHWUDQVIHUrQFLDVGD8QLmR
4XRWD3DUWHGR)30
4XRWD3DUWHGR,75
4XRWD3DUWHGD/HL&RPSOHPHQWDUQ/HL.DQGLU
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
,PSRVWRGH5HQGD5HWLGRQD)RQWH,55)
5HFHLWDVGHWUDQVIHUrQFLDVGR(VWDGR
4XRWD3DUWHGR,&06
4XRWD3DUWHGR,39$
4XRWD3DUWHGR,3,([SRUWDomR
2XWUDV5HFHLWDV&RUUHQWHV
5HFHLWDGD'tYLGD$WLYD7ULEXWiULDGH,PSRVWRV0XOWDV-XURV
GH0RUDH&RUUHomR0RQHWiULD
%DVHGH&iOFXOR0XQLFLSDO
!.!,'/0.'0,%$%.!)
!/%$%5)#1),/0!$1!)
'*-)%/
*-,/0,$%%+$!%0'$,+! ,+0%
1,0! -!.0%
1,0! -!.0% $, 4 %3-,.0!76,
.!+/&%.8+#'!
4 %'!+$'.
92'$!0'2!.'"105.'!$% *-,/0,/
1)0!/ (1.,/ $% *,.! % #,..%76,
*,+%05.'!
!/%$%5)#1),1+'#'-!)
'RV5HFXUVRV0tQLPRVD6HUHP$SOLFDGRVHP6D~GH
6HJXQGD'LUHWUL]3DUDD8QLmRDDSOLFDomRGRVUHFXUVRVPtQLPRV
HPDo}HVHVHUYLoRVS~EOLFRVGHVD~GHQRSHUtRGRGRDQRGHDWp
DTXHVHUHIHUHRDUW,,EGR$'&7GHYHUiVHUREVHUYDGRR
VHJXLQWH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
, DH[SUHVVmRRYDORUDSXUDGRQRDQRDQWHULRUSUHYLVWRQRDUW
,,EGR$'&7pRPRQWDQWHHIHWLYDPHQWHHPSHQKDGRSHOD8QLmR
HP Do}HV H VHUYLoRV S~EOLFRV GH VD~GH QR DQR LPHGLDWDPHQWH
DQWHULRUGHVGHTXHJDUDQWLGRRPtQLPRDVVHJXUDGRSHOD(PHQGD
&RQVWLWXFLRQDOSDUDRDQRDQWHULRU
,, HPFDGDDQRDWpRYDORUDSXUDGRGHYHUiVHUFRUULJLGRSHOD
YDULDomRQRPLQDOGR3URGXWR,QWHUQR%UXWR3,%GRDQRHPTXHVH
HODERUDDSURSRVWDRUoDPHQWiULDDVHULGHQWLFDGDQRDQRHPTXH
VHH[HFXWDRRUoDPHQWR
7HUFHLUD'LUHWUL]3DUDRV(VWDGRVHRV0XQLFtSLRVDWpRH[HUFtFLRQDQFHLUR
GHGHYHUiVHUREVHUYDGDDUHJUDGHHYROXomRSURJUHVVLYDGHDSOLFDomR
GRVSHUFHQWXDLVPtQLPRVGHYLQFXODomRSUHYLVWDQRDUWGR$'&7
2VHQWHVIHGHUDGRVFXMRSHUFHQWXDODSOLFDGRHPWLYHUVLGRQmR
VXSHULRUDVHWHSRUFHQWRGHYHUmRDXPHQWiORGHPRGRDDWLQJLURPtQLPR
SUHYLVWRSDUDRVDQRVVXEVHTHQWHVFRQIRUPHRTXDGURDEDL[R
#
"!
#
2VHQWHVIHGHUDGRVTXHHPMiDSOLFDYDPSHUFHQWXDLVVXSHULRUHV
DVHWHSRUFHQWRQmRSRGHUmRUHGX]LORUHWRUQDQGRDRVVHWHSRUFHQWR$
GLIHUHQoDHQWUHRHIHWLYDPHQWHDSOLFDGRHRSHUFHQWXDOQDOHVWLSXODGRQR
WH[WRFRQVWLWXFLRQDOGHYHUiVHUDEDWLGDQDUD]mRPtQLPDGHXPTXLQWRDR
DQRDWpVHQGRTXHHPGHYHUiVHUQRPtQLPRRSUHYLVWRQR
DUWGR$'&7
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
#"!
3DUiJUDIR ~QLFR $SOLFDVH DR 'LVWULWR )HGHUDO R GLVSRVWR QR GD
7HUFHLUD'LUHWUL]
'DV$o}HVH6HUYLoRV3~EOLFRVGH6D~GH
4XLQWD 'LUHWUL] 3DUD HIHLWR GD DSOLFDomR GD (PHQGD &RQVWLWXFLRQDO
QFRQVLGHUDPVHGHVSHVDVFRPDo}HVHVHUYLoRVS~EOLFRVGHVD~GH
DTXHODV FRP SHVVRDO DWLYR H RXWUDV GHVSHVDV GH FXVWHLR H GH FDSLWDO
QDQFLDGDVSHODVWUrVHVIHUDVGHJRYHUQRFRQIRUPHRGLVSRVWRQRVDUWLJRV
HGD&RQVWLWXLomR)HGHUDOHQD/HLQUHODFLRQDGDV
DSURJUDPDVQDOtVWLFRVHGHDSRLRLQFOXVLYHDGPLQLVWUDWLYRVTXHDWHQGDP
VLPXOWDQHDPHQWHDRVVHJXLQWHVFULWpULRV
,, HVWHMDPHPFRQIRUPLGDGHFRPREMHWLYRVHPHWDVH[SOLFLWDGRVQRV
SODQRVGHVD~GHGHFDGDHQWHIHGHUDWLYR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
,,, VHMDPGHUHVSRQVDELOLGDGHHVSHFtFDGRVHWRUGH6D~GHQmRVH
FRQIXQGLQGRFRPGHVSHVDVUHODFLRQDGDVDRXWUDVSROtWLFDVS~EOLFDV
TXHDWXDPVREUHGHWHUPLQDQWHVVRFLDLVHHFRQ{PLFRVDLQGDTXH
FRPUHH[RVVREUHDVFRQGLo}HVGHVD~GH
3DUiJUDIR~QLFR$OpPGHDWHQGHUDRVFULWpULRVHVWDEHOHFLGRVQRFDSXW
DVGHVSHVDVFRPDo}HVHVHUYLoRVGHVD~GHUHDOL]DGDVSHORV(VWDGRV
'LVWULWR)HGHUDOH0XQLFtSLRVGHYHUmRVHUQDQFLDGDVFRPUHFXUVRVDORFDGRV
SRUPHLRGRVUHVSHFWLYRV)XQGRVGH6D~GHQRVWHUPRVGRDUWGR
$'&7
6H[WD'LUHWUL]$WHQGLGRDRGLVSRVWRQD/HLQDRVFULWpULRVGD
4XLQWD'LUHWUL]HSDUDHIHLWRGDDSOLFDomRGD(&FRQVLGHUDPVHGHVSHVDV
FRPDo}HVHVHUYLoRVS~EOLFRVGHVD~GHDVUHODWLYDVjSURPRomRSURWHomR
UHFXSHUDomRHUHDELOLWDomRGDVD~GHLQFOXLQGR
, YLJLOkQFLDHSLGHPLROyJLFDHFRQWUROHGHGRHQoDV
,, YLJLOkQFLDVDQLWiULD
,9 HGXFDomRSDUDDVD~GH
9 VD~GHGRWUDEDOKDGRU
9, DVVLVWrQFLDjVD~GHHPWRGRVRVQtYHLVGHFRPSOH[LGDGH
9,, DVVLVWrQFLDIDUPDFrXWLFD
9,,, DWHQomRjVD~GHGRVSRYRVLQGtJHQDV
,; FDSDFLWDomRGHUHFXUVRVKXPDQRVGR686
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
;, SURGXomRDTXLVLomRHGLVWULEXLomRGHLQVXPRVVHWRULDLVHVSHFtFRV
WDLVFRPRPHGLFDPHQWRVLPXQRELROyJLFRVVDQJXHHKHPRGHULYDGRV
HHTXLSDPHQWRV
;,,, VHUYLoRV GH VD~GH SHQLWHQFLiULRV GHVGH TXH UPDGR 7HUPR GH
&RRSHUDomR HVSHFtFR HQWUH RV yUJmRV GH VD~GH H RV yUJmRV
UHVSRQViYHLVSHODSUHVWDomRGRVUHIHULGRVVHUYLoRV
;,9 DWHQomRHVSHFLDODRVSRUWDGRUHVGHGHFLrQFLD
;9 Do}HVDGPLQLVWUDWLYDVUHDOL]DGDVSHORVyUJmRVGHVD~GHQRkPELWR
GR686HLQGLVSHQViYHLVSDUDDH[HFXomRGDVDo}HVLQGLFDGDVQRV
LWHQVDQWHULRUHV
1RFDVRGD8QLmRH[FHSFLRQDOPHQWHDVGHVSHVDVFRPDo}HV
HVHUYLoRVS~EOLFRVGHVD~GHGD8QLmRQDQFLDGDVFRPUHFHLWDVRULXQGDV
GH RSHUDo}HV GH FUpGLWR FRQWUDWDGDV SDUD HVVD ILQDOLGDGH SRGHUmR
LQWHJUDU R PRQWDQWH FRQVLGHUDGR SDUD R FiOFXOR GR SHUFHQWXDO PtQLPR
FRQVWLWXFLRQDOPHQWHH[LJLGRQRH[HUFtFLRHPTXHRFRUUHUHP
1R FDVR GRV (VWDGRV 'LVWULWR )HGHUDO H 0XQLFtSLRV RV
SDJDPHQWRVGHMXURVHDPRUWL]Do}HVGHFRUUHQWHVGHRSHUDo}HVGHFUpGLWR
FRQWUDWDGDVDSDUWLUGHSDUDFXVWHDUDo}HVHVHUYLoRVS~EOLFRV
GHVD~GHH[FHSFLRQDOPHQWHSRGHUmRLQWHJUDURPRQWDQWHFRQVLGHUDGRSDUD
RFiOFXORGRSHUFHQWXDOPtQLPRFRQVWLWXFLRQDOPHQWHH[LJLGR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
6pWLPD'LUHWUL](PFRQIRUPLGDGHFRPRGLVSRVWRQD/HLQ
FRPRVFULWpULRVGD4XLQWD'LUHWUL]HSDUDHIHLWRGDDSOLFDomRGD(&Q
QmRVmRFRQVLGHUDGDVFRPRGHVSHVDVFRPDo}HVHVHUYLoRVS~EOLFRVGH
VD~GHDVUHODWLYDVD
, SDJDPHQWRGHDSRVHQWDGRULDVHSHQV}HV
,, DVVLVWrQFLDjVD~GHTXHQmRDWHQGDDRSULQFtSLRGD8QLYHUVDOLGDGH
FOLHQWHODIHFKDGD
,,, PHUHQGDHVFRODU
,9 VDQHDPHQWR EiVLFR PHVPR R SUHYLVWR QR LQFLVR ;,, GD 6H[WD
'LUHWUL]UHDOL]DGRFRPUHFXUVRVSURYHQLHQWHVGHWD[DVRXWDULIDV
H GR )XQGR GH &RPEDWH H (UUDGLFDomR GD 3REUH]D DLQGD TXH
H[FHSFLRQDOPHQWH H[HFXWDGR SHOR 0LQLVWpULR GD 6D~GH SHOD
6HFUHWDULDGH6D~GHRXSRUHQWHVDHODYLQFXODGRV
9,, Do}HVGHDVVLVWrQFLDVRFLDOQmRYLQFXODGDVGLUHWDPHQWHDH[HFXomR
GDVDo}HVHVHUYLoRVUHIHULGRVQD6H[WD'LUHWUL]HQmRSURPRYLGDV
SHORVyUJmRVGH6D~GHGR686
9,,, Do}HVHVHUYLoRVS~EOLFRVGHVD~GHFXVWHDGRVFRPUHFXUVRVTXHQmR
RVHVSHFLFDGRVQDEDVHGHFiOFXORGHQLGDQD3ULPHLUD'LUHWUL]
1R FDVR GD 8QLmR RV SDJDPHQWRV GH MXURV H DPRUWL]Do}HV
GHFRUUHQWHV GH RSHUDo}HV GH FUpGLWR FRQWUDWDGDV SDUD FXVWHDU Do}HV H
VHUYLoRVS~EOLFRVGHVD~GHQmRLQWHJUDUmRRPRQWDQWHFRQVLGHUDGRSDUDR
FiOFXORGRSHUFHQWXDOPtQLPRFRQVWLWXFLRQDOPHQWHH[LJLGR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
1RFDVRGRV(VWDGRV'LVWULWR)HGHUDOH0XQLFtSLRVDVGHVSHVDV
FRP Do}HV H VHUYLoRV S~EOLFRV GH VD~GH ILQDQFLDGRV FRP UHFHLWDV
RULXQGDV GH RSHUDo}HV GH FUpGLWR FRQWUDWDGDV SDUD HVVD QDOLGDGH QmR
LQWHJUDUmR R PRQWDQWH FRQVLGHUDGR SDUD R FiOFXOR GR SHUFHQWXDOPtQLPR
FRQVWLWXFLRQDOPHQWHH[LJLGRQRH[HUFtFLRHPTXHRFRUUHUHP
'RV,QVWUXPHQWRVGH$FRPSDQKDPHQWR)LVFDOL]DomRH
&RQWUROH
2LWDYD 'LUHWUL] 2V GDGRV FRQVWDQWHV QR 6LVWHPD GH ,QIRUPDo}HV
VREUH 2UoDPHQWRV 3~EOLFRV HP 6D~GH GR 0LQLVWpULR GD 6D~GH 6,236
VHUmRXWLOL]DGRVFRPRUHIHUrQFLDSDUDRDFRPSDQKDPHQWRDVFDOL]DomR
H R FRQWUROH GD DSOLFDomR GRV UHFXUVRV YLQFXODGRV HP Do}HV H VHUYLoRV
S~EOLFRVGHVD~GH
3DUiJUDIR ~QLFR 2V 7ULEXQDLV GH &RQWDV QR H[HUFtFLR GH VXDV
DWULEXLo}HV FRQVWLWXFLRQDLV SRGHUmR D TXDOTXHU WHPSR VROLFLWDU DRV
yUJmRVUHVSRQViYHLVSHODDOLPHQWDomRGRVLVWHPDUHWLFDo}HVQRVGDGRV
UHJLVWUDGRVSHOR6,236
1RQD'LUHWUL]26LVWHPDGH,QIRUPDomR6REUH2UoDPHQWRV3~EOLFRV
HP 6D~GH 6,236 FULDGR SHOD 3RUWDULD ,QWHUPLQLVWHULDO Q GH
RXWXEUR GH GR 0LQLVWpULR GD 6D~GH H GD 3URFXUDGRULD*HUDO GD
5HS~EOLFDGLYXOJDUiDVLQIRUPDo}HVUHODWLYDVDRFXPSULPHQWRGD(PHQGD
&RQVWLWXFLRQDO Q DRV GHPDLV yUJmRV GH VFDOL]DomR H FRQWUROH WDLV
FRPRR&RQVHOKR1DFLRQDOGH6D~GHRV&RQVHOKRV(VWDGXDLVH0XQLFLSDLV
GH6D~GHR0LQLVWpULR3~EOLFR)HGHUDOH(VWDGXDORV7ULEXQDLVGH&RQWDV
GD 8QLmR GRV (VWDGRV H 0XQLFtSLRV R 6HQDGR )HGHUDO D &kPDUD GRV
'HSXWDGRVDV$VVHPEOpLDV/HJLVODWLYDVD&kPDUD/HJLVODWLYDGR'LVWULWR
)HGHUDOHDV&kPDUDV0XQLFLSDLV
'pFLPD 'LUHWUL] 1D KLSyWHVH GH GHVFXPSULPHQWR GD (& Q D
GHQLomRGRVYDORUHVGRH[HUFtFLRVHJXLQWHQmRVHUiDIHWDGDRXVHMDRV
YDORUHVPtQLPRVVHUmRGHQLGRVWRPDQGRVHFRPRUHIHUrQFLDRVYDORUHVTXH
WHULDPDVVHJXUDGRRSOHQRFXPSULPHQWRGD(&QQRH[HUFtFLRDQWHULRU
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$OpPGLVVRGHYHUiKDYHUXPDVXSOHPHQWDomRRUoDPHQWiULDQRH[HUFtFLR
VHJXLQWHSDUDFRPSHQVDUDSHUGDLGHQWLFDGDVHPSUHMXt]RGDVVDQo}HV
SUHYLVWDVQD&RQVWLWXLomRHQDOHJLVODomR
5HVROXomRDSURYDGDSRUXQDQLPLGDGHSHOR3OHQiULRGR&16QD
5HXQLmR2UGLQiULDHPGHDEULOGHFRPDVDOWHUDo}HVVXJHULGDV
HLQFRUSRUDGDVQD5HXQLmR2UGLQiULDVHPGHMXQKRGH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
$1(;2,9
&RPSURPLVVRVFRPD&LGDGDQLDH
FRPD(IHWLYDomRGD3ROtWLFD3~EOLFD
GH6D~GH6LVWHPDQLFRGH6D~GH
&RPSURPLVVR
&RQVWUXomRGD(TLGDGH
&RPQRYDUHODomR(VWDGRVRFLHGDGHTXHSHUPLWDDUHWRPDGDGHSROtWLFDV
S~EOLFDVGHFRQVWUXomRGDFLGDGDQLDHPHVSHFLDOFRPUHODomRjGLVWULEXLomR
GDUHQGDHGDWHUUDDRWUDEDOKRHHPSUHJRKDELWDomRVHJXUDQoDDOLPHQWDU
'RFXPHQWRHQFDPLQKDGRSHOR&16DRVFDQGLGDWRVj3UHVLGrQFLDGD5HS~EOLFDQDVHOHLo}HV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
&RPSURPLVVR
$GHTXDomRGD2IHUWDGH6HUYLoRVGH6D~GHjV
1HFHVVLGDGHVH3ULRULGDGHVGD3RSXODomR
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
'LVWULWR)HGHUDO(VWHFRPSURPLVVRFRORFDDHVWUDWpJLDGD5HJLRQDOL]DomR
FRPRLPSUHVFLQGtYHOQDUHDOL]DomRGRVSUy[LPRVTXDWURFRPSURPLVVRV
&RPSURPLVVR
5HVSRQVDELOLGDGHVH$WULEXLo}HVQD'HQLomRGDV
1HFHVVLGDGHVGD3RSXODomRSRU6HUYLoRVGR686
$DGHTXDomRGRVSDUkPHWURVDVVLVWHQFLDLVQDFLRQDLVDVHUIHLWDSHORV
JHVWRUHV GR 686 GHYH DWHQGHU j GLYHUVLGDGH UHJLRQDO H PLFURUUHJLRQDO
$ RIHUWD GH VHUYLoRV GHYH VHU GHILQLGD VHJXQGR PHWDV SDFWXDGDV QD
3URJUDPDomR3DFWXDGD,QWHJUDGD33,QR3ODQR'LUHWRU5HJLRQDO3'5H
QRV3ODQRV0XQLFLSDLVGH6D~GHHVXDGLVSRQLELOLGDGHVHUiUHJXODGDDWUDYpV
GH&HQWUDLVGH5HJXODomRyUJmRVGHJHVWmRHVXEPHWLGDDFRQWUROHVGH
TXDOLGDGHGHUHVXOWDGRVHDFRPSDQKDGDSHORVUHVSHFWLYRV&RQVHOKRVGH
6D~GH
&RPSURPLVVR
,PSOHPHQWDomRGR&DUiWHUGH3RUWDGH(QWUDGDGRV
6HUYLoRVGH$WHQomR%iVLFDj6D~GH
(IHWLYDomRGD$WHQomR%iVLFDj6D~GHFRPRLQVWUXPHQWRIXQGDPHQWDO
QmRVySDUDJDUDQWLURDFHVVRXQLYHUVDODRSULPHLURQtYHOGHDWHQGLPHQWR
PDVWDPEpPFRPRIRUPDIDFLOLWDGRUDGRDFHVVRDRVVHUYLoRVGHPDLRU
FRPSOH[LGDGHHFXVWRYLQGRDVHUDSRUWDGHHQWUDGDSULQFLSDOGR6LVWHPD
QLFRGH6D~GHH[HFXWDQGRRVHJXLQWHOHTXHGHDo}HV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
F 'LDJQyVWLFRHWUDWDPHQWRSUHFRFHV
G $WHQGLPHQWRGHXUJrQFLDVGHEDL[DFRPSOH[LGDGH
H &XLGDGRVEiVLFRVDGRHQWHVFU{QLFRVHJUHVVRVGHLQWHUQDo}HVH
SRUWDGRUHVGHGHFLrQFLDV
&RPSURPLVVR
5HRUGHQDPHQWR2UJDQL]DFLRQDOH3URJUDPiWLFR
GRV6HUYLoRVGH0pGLD&RPSOH[LGDGHVHJXQGRD
5DFLRQDOLGDGHGR686
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
&RPSURPLVVR
,QYHVWLPHQWRV(VWUDWpJLFRVH8WLOL]DomRGD
&DSDFLGDGH,QVWDODGD
D 'DUSULRULGDGHjUHDOL]DomRGHLQYHVWLPHQWRVHVWUDWpJLFRVH[SDQGLQGR
D FDSDFLGDGH LQVWDODGD GH VHUYLoRV GH IRUPD SODQHMDGD IDWRU
IXQGDPHQWDOSDUDJDUDQWLURDFHVVRXQLYHUVDOHHTLWDWLYRGHWRGDD
SRSXODomRQRORFDOSDUDDDWHQomREiVLFDQDPLFURUUHJLmRUHJLmR
SDUDRVVHUYLoRVGHPpGLDFRPSOH[LGDGHHQDUHJLmRPDFURUUHJLmR
SDUDRVGHDOWDFRPSOH[LGDGH(VVHVLQYHVWLPHQWRVVmRKRMHR
PDLVLPSRUWDQWHIDWRUSDUDDFRQVWUXomRGD(TLGDGHHGHYHPVHU
RULHQWDGRVSHORV3ODQRV5HJLRQDLVGH,QYHVWLPHQWRDSURYDGRVQDV
%LSDUWLWHVHQRV&RQVHOKRV(VWDGXDLVGH6D~GH
&RPSURPLVVR
5HHVWUXWXUDomRGRV3URJUDPDVH
3URMHWRV)HGHUDLV(VSHFLDLV
5HFRQKHFLPHQWRHSULRUL]DomRGRSDSHOGRV&RQVHOKRVGH6D~GHSDUD
GHOLEHUDUHGDV&RPLVV}HV,QWHUJHVWRUHV7ULSDUWLWH&,7H%LSDUWLWHV&,%V
SDUDDUWLFXODUHSDFWXDUVREUHDVSULRULGDGHVGHFRQWUROHGHHQGHPLDVGH
DVVLVWrQFLDjVD~GHGHDWHQGLPHQWRGHGHPDQGDVUHSULPLGDVGHSURYLVmR
GHUHFXUVRVGHDGPLVVmRHTXDOLFDomRGHSURVVLRQDLVWDQWRQRkPELWR
QDFLRQDOFRPRQRHVWDGXDOHUHJLRQDOLQFOXVLYHQDUHVSRQVDELOL]DomRGDV
WUrV HVIHUDV GH JRYHUQR SHOD SURYLVmR GRV UHFXUVRV QHFHVViULRV SDUD
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
&RPSURPLVVR
3ODQHMDPHQWRGD2IHUWDHGD5HPXQHUDomRGRV6HUYLoRV
$EULUGLVFXVVmRWUDQVSDUHQWHREMHWLYDHFRQFOXVLYDHQWUHRVJHVWRUHVGR
686GDVWUrVHVIHUDVQD7ULSDUWLWH%LSDUWLWHVHFRPRV&RQVHOKRVGH6D~GH
YLVDQGRjIRUPXODomRGHHVWUDWpJLDVHPHFDQLVPRVFRHUHQWHVFRPDOyJLFD
GR686TXDQWRD
D 0RGDOLGDGHVGDVWUDQVIHUrQFLDVLQWHUJRYHUQDPHQWDLVGHUHFXUVRV
QDQFHLURVDWXDOPHQWHSRUFRQYrQLRHIXQGRDIXQGRH
&RPSURPLVVR
)LQDQFLDPHQWRH2UoDPHQWDomR
D 3URVVHJXLUFRPDGLVFXVVmRQRV&RQVHOKRVGH6D~GHYLVDQGRj
GHWHUPLQDomRGHSDUkPHWURVSDUDDHODERUDomRGHSODQLOKDGHLWHQV
RUoDPHQWiULRV FRP D QDOLGDGH GH SURSRUFLRQDU D LQGLVSHQViYHO
YLVLELOLGDGH VHP VXSHUSRVLo}HV GRV VHJXLQWHV FRQMXQWRV GH
LWHQVLFXVWHLRLLLQYHVWLPHQWRVLLLDWHQomREiVLFDLYPpGLD
FRPSOH[LGDGHHYDOWDFRPSOH[LGDGH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
G $WXDUYLJRURVDPHQWHQDGHIHVDGDUHWRPDGDGRGHVHQYROYLPHQWR
VRFLRHFRQ{PLFR H GD HOHYDomR GD DWXDO SRUFHQWDJHP GR 3,%
GHVWLQDGDjVD~GHLQFUHPHQWDQGRSULQFLSDOPHQWHDSDUWLFLSDomR
GRRUoDPHQWRS~EOLFRQRQDQFLDPHQWRGRVHWRU6D~GHSDUDDOpP
GRVDWXDLVTXDVHGRJDVWRQDFLRQDOHPVD~GHPXLWRDTXpP
GRVPDLVGHQR&DQDGiHQDPDLRULDGRVSDtVHVHXURSHXV(VWH
FRPSURPLVVRGHYHHVWDUH[SOLFLWDGRQDHODERUDomRHDSURYDomRGD
/HL&RPSOHPHQWDUGHQLGDSHOD(&Q6HPHVVDSHUVSHFWLYD
GHDXPHQWRGRJDVWRS~EOLFRFRPVD~GHQmRKiFRPRDOFDQoDU
XPD$WHQomR%iVLFDj6D~GHXQLYHUVDOHHIHWLYDUHVROYHQGRFHUFD
GHGRVSUREOHPDVGHVD~GHVREUHVSRQVDELOLGDGHGR686
QHPDWLQJLURQRYRSDSHOSDUDRVVHUYLoRVGHPpGLDFRPSOH[LGDGH
QHP WDPEpP UHDOL]DU RV LQYHVWLPHQWRV HVWUDWpJLFRV D SRQWR GH
GLUHFLRQDUDFRQVWUXomRGR686SDUDD(TLGDGHQHPIRUQHFHUR
VXSRUWHLPSUHVFLQGtYHODXPDQRYDSROtWLFDGHUHFXUVRVKXPDQRV
SDUDDVD~GHHPEDVDGDQDOyJLFDGR686
&RPSURPLVVR
5HRULHQWDomRGD3ROtWLFDGH5HFXUVRV+XPDQRVGR686
,PSODQWDURVSULQFtSLRVHGLUHWUL]HVSDUDD1RUPD2SHUDFLRQDO%iVLFDGH
5HFXUVRV+XPDQRVSDUDR686DSURYDGRVQD&RQIHUrQFLD1DFLRQDO
GH6D~GHHGHOLEHUDGRVSHOR&RQVHOKR1DFLRQDOGH6D~GH(VVHVSULQFtSLRV
H GLUHWUL]HV 12%5+686 WrP SRU QDOLGDGH SULPRUGLDO HVWDEHOHFHU
SDUkPHWURVJHUDLVSDUDD*HVWmRGR7UDEDOKRQR686$RFRPSDWLELOL]iORV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
FRPDVGLIHUHQWHVUHDOLGDGHVHVLWXDo}HVLQVWLWXFLRQDLVEXVFDVHVXSHUDU
RVGHVDRVGDLPSOHPHQWDomRGHXPDSROtWLFDGH5HFXUVRV+XPDQRVSDUD
R6862V5HFXUVRV+XPDQRVQRVHWRU6D~GHFRQVWLWXHPDEDVHSDUDD
YLDELOL]DomRHLPSOHPHQWDomRGRVSURMHWRVGDVDo}HVHVHUYLoRVGHVD~GH
GLVSRQtYHLVSDUDDSRSXODomR$XWLOL]DomRGRVDYDQoRVWHFQROyJLFRVHGD
DOWDWHFQRORJLDQmRVXEVWLWXLUiDDWXDomRGHXPSURVVLRQDOGHVD~GHQD
IXQomRHVVHQFLDOGHDWHQGLPHQWR
6DEHVH TXH R LQYHVWLPHQWR QRV 5HFXUVRV +XPDQRV LUi LQXHQFLDU
GHFLVLYDPHQWHQDPHOKRULDGRVVHUYLoRVGHVD~GHSUHVWDGRVjSRSXODomR
$VVHJXUDU TXH WUDEDOKDGRUHV HP VD~GH HVWHMDP VDWLVIHLWRV FRP R VHX
SURFHVVR GH WUDEDOKR H FRP R UHVXOWDGR GH VHX WUDEDOKR p XP FDPLQKR
SUiWLFRHFHUWRSDUDRDYDQoRQDLPSOHPHQWDomRGRVLVWHPD
2 TXDGUR DWXDO p GH SURIXQGD GHVUHJXODomR ,VVR VH HYLGHQFLD SRU
GLVSDULGDGHGHVDOiULRVHQWUHDVGLYHUVDVLQVWkQFLDVGHJHVWmRFRQWUDWDo}HV
TXHQmRUHVSHLWDPDOHJLVODomRYLJHQWHEXUODGRFRQFXUVRS~EOLFRFRPR
~QLFDIRUPDGHDFHVVRDRVHUYLoRS~EOLFRIDOWDGHUHSRVLomRGHSHVVRDO
LQFHQWLYR D GHPLVV}HV YROXQWiULDV SURPRYLGDV SHOR *RYHUQR )HGHUDO H
DOJXQV*RYHUQRV(VWDGXDLVFDXVDQGRGHVDWLYDomRGHVHUYLoRVHIDOWDGH
DVVLVWrQFLDjSRSXODomR$/HLGH5HVSRQVDELOLGDGH)LVFDODRLPSRUOLPLWHV
GHJDVWRVFRPIROKDGHSDJDPHQWRWHPUHVWULQJLGRFRQWUDWDo}HVHPiUHDV
HVVHQFLDLVGDDVVLVWrQFLDjSRSXODomR
2VSULQFLSDLVWHPDVDVHUHPLPSOHPHQWDGRVVmRRVVHJXLQWHV
*HVWmRGR7UDEDOKRQR686
D 3DUWLFLSDomRQD*HVWmRGR7UDEDOKR
E 2UGHQDomRGR7UDEDOKR
F &RPSHWrQFLDH5HVSRQVDELOLGDGHGH&RQWUDWDomR
G (ODERUDomR GRV 3ODQRV GH &DUUHLUD &DUJRV H 6DOiULRV
3&&6V
3ROtWLFDGH'HVHQYROYLPHQWRGR7UDEDOKDGRUGR686
D (GXFDomR3HUPDQHQWHSDUDR3URFHVVRGH7UDEDOKRQR686
E $YDOLDomRGR'HVHQYROYLPHQWRGR7UDEDOKDGRUGR686
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
3ROtWLFDGH6D~GH2FXSDFLRQDOSDUDR7UDEDOKDGRUGR686
&RQWUROH6RFLDOGD*HVWmRGR7UDEDOKRQR686
D *HVWmR3DUWLFLSDWLYDHFRP&RQWUROH6RFLDO
E )yUXQVGH'HOLEHUDomRVREUHD3ROtWLFDGH*HVWmRGR7UDEDOKR
QR686
F ,PSDFWRQD4XDOLGDGHGDV$o}HVH6HUYLoRVGH6D~GH
$VQRYDVUHODo}HVGHWUDEDOKRFRPEDVHQXPQRYRPRGHORGHJHVWmR
GHYHPSURSLFLDU
D 6DWLVIDomRFRPRWUDEDOKR[DomRHFRQWLQXLGDGHGRVSURVVLRQDLV
SULRULWiULRVHEiVLFRVFRPTXHGDHIHWLYDGDGHVDVWURVDURWDWLYLGDGH
KRMHH[LVWHQWH
E $SURIXQGDPHQWRGDJHVWmRDRQtYHOGRPLFURSURFHVVRGHWUDEDOKR
QRkPELWRGDUHODomRSHVVRDOHSURVVLRQDOGRVSURVVLRQDLVGH
VD~GHFRPRXVXiULR
F 5HFRQKHFLPHQWRGRFDUiWHUHVWUDWpJLFRHGHFLVLYRGRVUHFXUVRV
KXPDQRVQRGHVHQYROYLPHQWRHUHDOL]DomRGR686
G 5HFRQKHFLPHQWRGDUHVSRQVDELOLGDGHVRFLDOGRSHVVRDOGHVD~GH
HGRVHWRU6D~GHFRPRXWLOL]DGRUGHPmRGHREUDLQWHQVLYD
H &RQFXUVR3~EOLFRH3ODQRGH&DUJRV&DUUHLUDVH6DOiULRV
J &DSDFLWDomRSHUPDQHQWHYLVDQGRDRVSHUVSURVVLRQDLVRULHQWDGRV
SHODV QHFHVVLGDGHV GD SRSXODomR HP FDGD UHDOLGDGH UHJLRQDO H
QtYHOGHFRPSOH[LGDGH
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
&RPSURPLVVR
&RQVWUXomRGR686FRPR([SUHVVmRGD6D~GH3~EOLFD
HVXD5HVSRQVDELOLGDGH5HJXODWyULDGR686
26LVWHPDQLFRGH6D~GHGHYHVHUHQWHQGLGRFRPRH[SUHVVmRGD6D~GH
3~EOLFDHUHVSRQVDELOLGDGHPDLRUGR(VWDGRHSRULVVRDVD~GHGDSRSXODomR
pRFULWpULRFHQWUDOSDUDDRUJDQL]DomRJHVWmRGRVLVWHPD'HQWUHDVIXQo}HV
HVVHQFLDLVGD6D~GH3~EOLFDHVWHGHVDRUHIHUHVHHVWUDWHJLFDPHQWHDWUrV
UHVSRQVDELOLGDGHVLQWUDQVIHUtYHLVGR686
D ,QIRUPDomRHP6D~GHSDUDDJHVWmRSDUDDFDSDFLWDomRGHUHFXUVRV
KXPDQRVHSDUDRFRQWUROHVRFLDO
E 5HJXODPHQWDomRGDOHJLVODomRYLJHQWHLQFOXVLYHQRTXHGL]UHVSHLWR
jDGHTXDomRGRVDWRVOHJDLVTXHFULDUDPDJrQFLDVH[HFXWLYDVH
UHJXODGRUDVQDiUHDGD6D~GHj/HL2UJkQLFDGD6D~GH/HLVQRV
HYLQFXODQGRWRGRVHVVHVGLVSRVLWLYRVOHJDLVj
UHDOL]DomRGRVSULQFtSLRVHGLUHWUL]HVGD8QLYHUVDOLGDGH(TLGDGH
,QWHJUDOLGDGH 'HVFHQWUDOL]DomR +LHUDUTXL]DomR H 3DUWLFLSDomR
6RFLDO
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
5()(51&,$6%,%/,2*5),&$6
$662&,$d2 %5$6,/(,5$ '( 36*5$'8$d2 (0 6$'(
&2/(7,9$ $%5$6&2 $WXDOL]DQGR GD DJHQGD GD UHIRUPD VDQLWiULD
EUDVLOHLUD&RQWULEXLomRj&RQIHUrQFLD1DFLRQDOGH6D~GH
&(1(3, )81$6$ &ULWpULRV HSLGHPLROyJLFRV SDUD GHILQLomR GH
SULRULGDGHV
&16'LUHWUL]HVHVWUDWpJLDVSDUDRUoDPHQWDomRHH[HFXomRRUoDPHQWiULD
GDGLUHomRGR686QD/yJLFDGR686GLUHomRQDFLRQDO
&16 (QFDPLQKDPHQWR GH SURFHGLPHQWRV FRQMXQWRV GR 0LQLVWpULR GD
6D~GHH&RQVHOKR1DFLRQDOGH6D~GH
&16(VWUXWXUDGRVJDVWRVGRV686DRQtYHOQDFLRQDOYLVDYLVGLUHWUL]HV
GDXQLYHUVDOLGDGHHTLGDGHLQWHJUDOLGDGHHGHVFHQWUDOL]DomR
&16,QIRUPDo}HVHPHFDQLVPRVSDUDRDFRPSDQKDPHQWRGR686SHOR
&16
,068(5-$FHVVRHXWLOL]DomRGHVHUYLoRVGHVD~GH
,068(5-$YDOLDomRGDJHVWmRSOHQDGRVLVWHPDPXQLFLSDO
,1',&$'25(6 H GDGRV EiVLFRV SDUD D VD~GH QR %UDVLO ,'% 5HGH
,QWHUDJHQFLDO GH ,QIRUPDo}HV SDUD D 6D~GH 5,36$ DQRV H
1((3 81,&$03 $YDOLDomR GD GHVFHQWUDOL]DomR GRV UHFXUVRV GR
0LQLVWpULRGD6D~GHSDUDJHVWmRSOHQDGDDWHQomREiVLFD
1(*5, %DUMDV ', *,29$1, *HUDOGR 2UJV %UDVLO UDGLRJUDD GD
VD~GH,QVWLWXWRGH(FRQRPLDH1~FOHRGH3ROtWLFDV3~EOLFDVGD8QLFDPS
&ROHWkQHDGHSHVTXLVDVHWH[WRV
2'HVHQYROYLPHQWRGR6LVWHPDQLFRGH6D~GH
181(6$QGUp6$1726-DPHV56%$5$7$5LWD%9,$11$
6yORQ00HGLQGRDVGHVLJXDOGDGHVHPVD~GHQR%UDVLO,3($23$6206
25*$1,=$d23$1$0(5,&$1$'$6$'()XQo}HVHVVHQFLDLV
GDVD~GHS~EOLFD
3,2/$6pUJLR)UDQFLVFR7HQGrQFLDVGR6LVWHPDGH6D~GH%UDVLOHLUR
(VWXGR'(/3+,,3($
325726LOYLD$ORFDomRHTLWDWLYDGHUHFXUVRVQR686>VO@(163
),2&58=QRY
35,1&,3$,6DYDQoRVHSUREOHPDVGR686DSRQWDGRVSRUGHEDWHGRUHV
FRQYLGDGRV6HPLQiULR2UJDQL]DGRSHOD6$606MDQ
5(/$75,26GD&RPLVVmRH2UoDPHQWRH)LQDQoDVGR&16
6,2366,606 %ROHWLQV H 5HODWyULRV GH H 6LVWHPD GH
$FRPSDQKDPHQWRGRV2UoDPHQWRV3~EOLFRVGH6D~GH
7$%8/$d2GHGDGRVGDSHVTXLVDVREUHRSHUOGRHQGLYLGDPHQWR
GRVKRVSLWDLVQR%UDVLO)+%
',402$"
002'(/$=<0(2$-'(0&5.(/4$=<0(/)02.$=<0""
"#:!";
!(,.12(33<0($&$%$.(/40
"#2(&+004(3
9
#(-()0/(
$8
(',402$.33$5'(*06%2
+4417773$5'(*06%2(',402$
2$3>-,$9$*0340'(
"