Вы находитесь на странице: 1из 64

d^

d
WZ&

$8/$$XGLWRULD,QWHUQDH([WHUQD3DSpLV
6805,2 3*,1$
$SUHVHQWDomR 
)XQo}HVGD$XGLWRULD([WHUQD 
$XGLWRULD,QWHUQD;([WHUQD 
/LVWDGDVTXHVW}HVFRPHQWDGDVGXUDQWHDDXOD 
5HIHUrQFLDVELEOLRJUiILFDV 

2EVHUYDomRLPSRUWDQWHHVWHFXUVRpSURWHJLGRSRUGLUHLWRVDXWRUDLV FRS\ULJKW QRV


WHUPRV GD /HL  TXH DOWHUD DWXDOL]D H FRQVROLGD D OHJLVODomR VREUH GLUHLWRV
DXWRUDLVHGiRXWUDVSURYLGrQFLDV

*UXSRVGHUDWHLRHSLUDWDULDVmRFODQGHVWLQRVYLRODPDOHLHSUHMXGLFDPRVSURIHVVRUHV
TXH HODERUDP RV FXUVRV 9DORUL]H R WUDEDOKR GH QRVVD HTXLSH DGTXLULQGR RV FXUVRV
KRQHVWDPHQWHDWUDYpVGRVLWH(VWUDWpJLD&RQFXUVRV

2Oi3HVVRDO

6HYRFrVHVWmROHQGRHVWDDXODpSRUTXHDFUHGLWDUDPQRFXUVRUD]mRSHOD
TXDOSULPHLUDPHQWHDJUDGHoR

+RMHYHUHPRVDVSULQFLSDLVGLIHUHQoDVHQWUHDXGLWRULDH[WHUQDHLQWHUQDMi
TXHpDIRUPDXVXDOGHFREUDQoDGDVSULQFLSDLVEDQFDV

4XDOTXHUG~YLGDHPUHODomRjPDWpULDGLQkPLFDGRFXUVRRXFRPHQWiULR
HVWRXjGLVSRVLomRQRIyUXPGR(VWUDWpJLD

&XUWDP PLQKD SiJLQD QR )DFHERRN H FRQWLQXHP DFRPSDQKDQGR QRWtFLDV


VREUH FXUVRV FRQFXUVRV GLFDV GH DXGLWRULD DOpP GD SDUWLFLSDomR HP
GLYHUVRVVRUWHLRV

:::)$&(%22.&20352)52'5,*2)217(1(//(

3DUD DTXHOHV TXH WLYHUHP 3HULVFRSH GRX GLFDV GH DXGLWRULD WRGDV DV
VHJXQGDVHTXDUWDVjQRLWH0HDGLFLRQHP#SURIURGULJRIRQWH

(PHVLJDPQR<RX7XEH
ZZZ\RXWXEHFRPURGULJRIRQWHQHOOHSURIDXGLWRULD

WZ& 

d^

d
WZ&


3ULQFLSDLVQRUPDVDERUGDGDVQDDXODGHKRMH
 
 1%&7$H1%&7,
 



)XQo}HVGD$XGLWRULD([WHUQD ,QGHSHQGHQWH 

'HILQLo}HVLPSRUWDQWHVSDUDRWHPD

(VWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHOpDHVWUXWXUDGHUHODWyULRILQDQFHLUR
DGRWDGD SHOD DGPLQLVWUDomR H TXDQGR DSURSULDGR SHORV UHVSRQViYHLV SHOD
JRYHUQDQoDQDHODERUDomRGDVGHPRQVWUDo}HVFRQWiEHLVTXHpDFHLWiYHOHPYLVWD
GDQDWXUH]DGDHQWLGDGHHGRREMHWLYRGDVGHPRQVWUDo}HVFRQWiEHLVRXTXHVHMD
H[LJLGDSRUOHLRXUHJXODPHQWR

'LVWRUo}HV VmR D GLIHUHQoD HQWUH R YDORU D FODVVLILFDomR D DSUHVHQWDomR RX D
GLYXOJDomR GH XPD GHPRQVWUDomR FRQWiELO UHODWDGD H R YDORU D FODVVLILFDomR D
DSUHVHQWDomRRXDGLYXOJDomRTXHpH[LJLGDSDUDTXHRLWHPHVWHMDGHDFRUGRFRP
D HVWUXWXUD GH UHODWyULR ILQDQFHLUR DSOLFiYHO RX VHMD D GLIHUHQoD HQWUH R TXH p
SDUDRTXHGHYHULDVHU $VGLVWRUo}HVSRGHPRULJLQDUVHGHHUURRXIUDXGH8PD
GLVWRUomRpUHOHYDQWHTXDQGRSRGHYLUDPRGLILFDUDRSLQLmRGRXVXiULR

3RGHPRVUHVXPLUDILQDOLGDGHGD$XGLWRULD([WHUQD WDPEpPFKDPDGDGH
LQGHSHQGHQWH RX SULYDGD  FRP D DILUPDomR GH TXH EXVFD FRQIHULU
FUHGLELOLGDGH jV GHPRQVWUDo}HV FRQWiEHLV YLVWR TXH SDUD RV
LQWHUHVVDGRV QHVVDV LQIRUPDo}HV QmR EDVWD XPD RSLQLmR LQWHUQD VHQGR
LQGLVSHQViYHODRSLQLmRLQGHSHQGHQWHGD$XGLWRULD([WHUQD

1mRpDWULEXLomRGRDXGLWRULQGHSHQGHQWHJDUDQWLUDYLDELOLGDGHIXWXUDGD
HQWLGDGH RX IRUQHFHU TXDOTXHU WLSR GH DWHVWDGR GH HILFiFLD GD
DGPLQLVWUDomRQDJHVWmRGRVQHJyFLRV

'H DFRUGR D 1%& 7$  DR FRQGX]LU D DXGLWRULD GH GHPRQVWUDo}HV
FRQWiEHLVRVREMHWLYRVJHUDLVGRDXGLWRUVmR

D  REWHU VHJXUDQoD UD]RiYHO GH TXH DV GHPRQVWUDo}HV
FRQWiEHLV FRPR XP WRGR HVWmR OLYUHV GH GLVWRUomR UHOHYDQWH
LQGHSHQGHQWHPHQWHVHFDXVDGDVSRUIUDXGHRXHUURSRVVLELOLWDQGR
DVVLP TXH R DXGLWRU H[SUHVVH VXD RSLQLmR VREUH VH DV

1
 6HJXQGR R ,QVWLWXWR GRV $XGLWRUHV ,QGHSHQGHQWHV GR %UDVLO  ,%5$&21 D H[SUHVVmR
GHPRQVWUDo}HV ILQDQFHLUDV WHP H[DWDPHQWH R VHQWLGR GD H[SUHVVmR GHPRQVWUDo}HV
FRQWiEHLVHYLFHYHUVD
WZ& 



d^

d
WZ&
GHPRQVWUDo}HV FRQWiEHLV IRUDP HODERUDGDV HP WRGRV RV
DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP D HVWUXWXUD GH
UHODWyULRILQDQFHLURDSOLFiYHOH

E DSUHVHQWDUUHODWyULRVREUHDVGHPRQVWUDo}HVFRQWiEHLVH
FRPXQLFDUVHFRPRH[LJLGRSHODV1%&7$VHPFRQIRUPLGDGHFRP
DVFRQVWDWDo}HVGRDXGLWRU *ULIHL 

2XVHMD

9 2EWHUVHJXUDQoDUD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLV
HVWmROLYUHVGHGLVWRUo}HVUHOHYDQWHV
9 ([SUHVVDU VXD RSLQLmR VREUH VH DV GHPRQVWUDo}HV IRUDP
HODERUDGDV FRQIRUPH D HVWUXWXUD GH UHODWyULR ILQDQFHLUR
DSOLFiYHO
9 $SUHVHQWDUUHODWyULRVREUHDVGHPRQVWUDo}HVFRQWiEHLV

(PWRGRVRVFDVRVHPTXHQmRIRUSRVVtYHOREWHUVHJXUDQoDUD]RiYHOHD
RSLQLmR FRP UHVVDOYD QR UHODWyULR GR DXGLWRU IRU LQVXILFLHQWH QDV
FLUFXQVWkQFLDV SDUD DWHQGHU DRV XVXiULRV SUHYLVWRV GDV GHPRQVWUDo}HV
FRQWiEHLVDV1%&7$VUHTXHUHPTXHRDXGLWRUVHDEVWHQKDGHHPLWLUVXD
RSLQLmRRXUHQXQFLHDRWUDEDOKRTXDQGRDUHQ~QFLDIRUSRVVtYHOGHDFRUGR
FRPOHLRXUHJXODPHQWDomRDSOLFiYHO

$VSHFWRV*HUDLVGD$XGLWRULD,QGHSHQGHQWH

$OJXQVFRQFHLWRVGHDXGLWRULDLQGHSHQGHQWHHQFRQWUDGRVQDGRXWULQDPXLWDV
YH]HVVmRFREUDGRVHPVXDOLWHUDOLGDGH6HJXHPDOJXQVH[HPSORV

&UHSDOGL  

/HYDQWDPHQWR HVWXGR H DYDOLDomR VLVWHPiWLFD GDV WUDQVDo}HV
SURFHGLPHQWRV RSHUDo}HV URWLQDV H GDV GHPRQVWUDo}HV
ILQDQFHLUDV GH XPD HQWLGDGH $ DXGLWRULD GDV GHPRQVWUDo}HV
FRQWiEHLVFRQVWLWXLRFRQMXQWRGHSURFHGLPHQWRVWpFQLFRVTXHWHP
SRU REMHWLYR D HPLVVmR GH SDUHFHU VREUH VXD DGHTXDomR
FRQVRDQWHRVSULQFtSLRV)XQGDPHQWDLVGH&RQWDELOLGDGHHSHUWLQHQWH
jOHJLVODomRHVSHFtILFD *ULIHL 

)UDQFRH0DUUD  

$ DXGLWRULD FRPSUHHQGH R H[DPH GH GRFXPHQWRV OLYURV H
UHJLVWURV LQVSHo}HV H REWHQomR GH LQIRUPDo}HV H FRQILUPDo}HV
LQWHUQDV H H[WHUQDV UHODFLRQDGDV FRP R FRQWUROH GR SDWULP{QLR
REMHWLYDQGR PHQVXUDU D H[DWLGmR GHVVHV UHJLVWURV H GDV
GHPRQVWUDo}HVFRQWiEHLVGHOHVGHFRUUHQWHV *ULIHL 


WZ& 



d^

d
WZ&
$SHVDUGDLPSRUWkQFLDGHVVDVGHILQLo}HVDVEDQFDVJHUDOPHQWHSUHIHUHP
H[SORUDU RV FRQFHLWRV DSUHVHQWDGRV SHODV QRUPDV GH DXGLWRULD 'HVVD
IRUPDVHJXQGRD1%&7$TXHWUDWDGRVREMHWLYRVJHUDLVGRDXGLWRU
LQGHSHQGHQWHHDFRQGXomRGDDXGLWRULDHPFRQIRUPLGDGHFRPQRUPDVGH
DXGLWRULDRREMHWLYRGD$XGLWRULDGDV'HPRQVWUDo}HV&RQWiEHLV([WHUQD
p

$XPHQWDURJUDXGHFRQILDQoDQDVGHPRQVWUDo}HVFRQWiEHLVSRU
SDUWHGRVXVXiULRV,VVRpDOFDQoDGRPHGLDQWHDH[SUHVVmRGHXPD
RSLQLmR SHOR DXGLWRU VREUH VH DV GHPRQVWUDo}HV FRQWiEHLV IRUDP
HODERUDGDVHP WRGRVRVDVSHFWRVUHOHYDQWHVHPFRQIRUPLGDGH
FRPXPDHVWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHO *ULIHL 

&RPR SRGHPRV REVHUYDU D HPLVVmR GH XPD RSLQLmR LQGHSHQGHQWH p R
SULQFLSDO REMHWLYR GD DXGLWRULD SDVVDQGR SHOR H[DPH GR REMHWR D VHU
DXGLWDGRSDUWLFXODUPHQWHDVGHPRQVWUDo}HVFRQWiEHLV

$ ILQDOLGDGH GD HPLVVmR GHVVD RSLQLmR p GDU D PDLRU FUHGLELOLGDGH
SRVVtYHO jV GHPRQVWUDo}HV FRQWiEHLV HODERUDGDV SHOR VHWRU GH
FRQWDELOLGDGH H GLYXOJDGDV DR FRQKHFLPHQWR GRV LQWHUHVVDGRV QR
FRQKHFLPHQWRGDVD~GHILQDQFHLUDGD&RPSDQKLD

$VVLPXPDDXGLWRULDLQGHSHQGHQWHHQYROYHDDSOLFDomRGHWpFQLFDVH
SURFHGLPHQWRV HVSHFLDOL]DGRV HP EXVFD GH HYLGrQFLDV TXH GLJDP
UHVSHLWRDRVYDORUHVGLYXOJDGRVQDVGHPRQVWUDo}HVFRQWiEHLVLQFOXLQGRD
DYDOLDomR GDV SUiWLFDV FRQWiEHLV XWLOL]DGDV H GD UD]RDELOLGDGH GDV
HVWLPDWLYDV DSUHVHQWDGDV SHOD DGPLQLVWUDomR PHQVXUDomR GH LWHQV TXH
QmRSRGHPVHUGHILQLGRVFRPSUHFLVmR 



2 REMHWLYR SULQFLSDO GD DXGLWRULD LQGHSHQGHQWH i D HPLVVmR GH XPD
RSLQLmRVREUHDDGHTXDomRGDVGHPRQVWUDo}HVFRQWiEHLVjHVWUXWXUDGH
5HODWyULR)LQDQFHLUR$SOLFiYHO

'H DFRUGR FRP )UDQFR H 0DUUD   HVVD ILVFDOL]DomR Gi PDLRU
FRQVLVWrQFLDHYHUDFLGDGHDRVUHJLVWURVHGHPRQVWUDo}HVFRQWiEHLVSHODV
VHJXLQWHVUD]}HVGHQWUHRXWUDV

9 2 SURILVVLRQDO TXH H[HFXWD RV UHJLVWURV FRQWiEHLV R ID] FRP
PDLRU DWHQomR H ULJRU SHOR VLPSOHV IDWR GH VDEHU TXH VHX
WUDEDOKRVHUiH[DPLQDGRHVHXVHUURVDSRQWDGRV

WZ& 



d^

d
WZ&
9 (PSUHJDGRVHDGPLQLVWUDGRUHVWHPHPHUURVHIUDXGHVQD
FHUWH]D GH TXH HVWHV SRGHUmR VHU DSRQWDGRV DRV SRGHUHV
VXSHULRUHV
9 2V WLWXODUHV GR SDWULP{QLR SRU VXD YH] SUHVWDP FRQWDV
DWUDYpVGDDXGLWRULDDVHXVFUHGRUHVHDRILVFR

&RPSOHPHQWDUPHQWHDLQGDVHJXQGRRVDXWRUHVDDXGLWRULDLQGHSHQGHQWH
DSUHVHQWD DV VHJXLQWHV YDQWDJHQV DRV XVXiULRV GDV GHPRQVWUDo}HV
FRQWiEHLV

9 &RQWULEXL SDUD PDLRU H[DWLGmR GDV GHPRQVWUDo}HV
FRQWiEHLV
9 3RVVLELOLWD PHOKRUHV LQIRUPDo}HV VREUH D UHDO VLWXDomR
HFRQ{PLFDSDWULPRQLDOHILQDQFHLUDGDVHPSUHVDV
9 $VVHJXUDPDLRUH[DWLGmRGRVUHVXOWDGRVDSXUDGRV

(QWUHWDQWR D DXGLWRULD LQGHSHQGHQWH FRPR TXDOTXHU RXWUD DWLYLGDGH
DSUHVHQWDDOJXPDVOLPLWDo}HVTXHGHYHPVHUFRQKHFLGDVSHORDXGLWRUD
ILP GH TXH SRVVD UHGX]LODV D XP QtYHO FRHUHQWH FRP R FXPSULPHQWR GH
VHXVREMHWLYRV(VVDVOLPLWDo}HVGL]HPUHVSHLWRSULQFLSDOPHQWHDRIDWRGH
TXH D DXGLWRULD QmR SRGH VHU LQWHUSUHWDGD FRPR VXEVWLWXWD GD
DGPLQLVWUDomRQRFXPSULPHQWRGHVHXVREMHWLYRVGHJHVWmR

&RPRYHUHPRVQRSUy[LPRLWHPDDGPLQLVWUDomRFRQWDFRPXPD$XGLWRULD
,QWHUQD SDUD H[HFXWDU XP WUDEDOKR GH DVVHVVRUDPHQWR DX[LOLDQGR QR
FXPSULPHQWRGRVREMHWLYRVRSHUDFLRQDLVGDHPSUHVD

$ DXGLWRULD LQGHSHQGHQWH SRU VXD YH] QmR GLVS}H GH PHLRV VXILFLHQWHV
SHVVRDO WHPSR UHFXUVRV  SDUD XPD DQiOLVH DSURIXQGDGD GH WRGRV RV
DVSHFWRV GDV GHPRQVWUDo}HV ILQDQFHLUDV OLPLWDQGRVH DRV PDLV
UHOHYDQWHV DTXHOHV TXH WrP SRVVLELOLGDGH GH LQIOXHQFLDU D RSLQLmR GR
XVXiULR TXDQWR jV GHPRQVWUDo}HV  $OpP GLVVR R DXGLWRU WUDEDOKD SRU
DPRVWUDJHPHGHVVDIRUPDLUUHJXODULGDGHVSRGHPSDVVDUGHVSHUFHELGDV
SRUHOHRTXHQmRTXHUGL]HUTXHVHXWUDEDOKRQmRWHQKDVLGREHPIHLWR

2 SURILVVLRQDO UHVSRQViYHO SHOR WUDEDOKR GH DXGLWRULD p GHQRPLQDGR
DXGLWRU LQGHSHQGHQWH QRUPDOPHQWH LQWHJUDQWH GH XPD ILUPD GH
DXGLWRULDFRQWUDWDGDSHODHPSUHVDDVHUDXGLWDGDSDUDDHPLVVmRGDRSLQLmR
VREUHDVGHPRQVWUDo}HVFRQWiEHLV

6HRREMHWLYRSULQFLSDOGRDXGLWRULQGHSHQGHQWHpDHPLVVmRGHVXDRSLQLmR
TXDOVHULDXPGRVREMHWLYRVVHFXQGiULRVPDLVLPSRUWDQWHV"

&RORTXHPVHQDFRQGLomRGHXPSURILVVLRQDOTXHGHYDHPLWLUXPDRSLQLmR
HTXHSDUDLVVRpFRQWUDWDGRDQXDOPHQWH,PDJLQHPDLQGDTXHKiXPD
FRQFRUUrQFLDHQWUHDVILUPDVGHDXGLWRULDHTXHVXDRSLQLmRVHUYLUiGHEDVH
WZ& 



d^

d
WZ&
SDUD FHQWHQDV DWp PLOKDUHV GH SHVVRDV GHFLGLUHP RV UXPRV GH VHXV
LQYHVWLPHQWRV SDUD R SUy[LPR DQR 4XDO VHULD R DWULEXWR HVVHQFLDO D VHU
SHUVHJXLGRSHORDXGLWRUQRLQWXLWRGHVHPDQWHUQRPHUFDGR"

$FHUWRX TXHP SHQVRX HP FUHGLELOLGDGH 2 DXGLWRU TXH QmR WHP
FUHGLELOLGDGHpLQFDSD]GHHPLWLUXPUHODWyULRTXHFXPSUDRSDSHOGHDWHVWDU
DV FRQGLo}HV GD VLWXDomR HFRQ{PLFRILQDQFHLUD GH XPD HPSUHVD
DSUHVHQWDGD QDV GHPRQVWUDo}HV FRQWiEHLV ( SURYDYHOPHQWH QmR VHULD
QRYDPHQWHFRQWUDWDGRSDUDQRYRVWUDEDOKRV

3DUD TXH D RSLQLmR HPLWLGD SHOR DXGLWRU SRVVXD FUHGLELOLGDGH DOpP GD
TXDOLGDGHLQGLVSHQViYHODTXDOTXHUWUDEDOKRSURILVVLRQDODLQGDPDLVFRPD
UHVSRQVDELOLGDGHLQHUHQWHjDXGLWRULDID]VHQHFHVViULDXPDSDGURQL]DomR
GDV WpFQLFDV H SURFHGLPHQWRV XWLOL]DGRV DVVLP FRPR GD HODERUDomR GH
UHODWyULRV3DUDWDQWRVmRHODERUDGDVDV1RUPDVGH$XGLWRULD$WXDOPHQWH
QR%UDVLODVPDLVLPSRUWDQWHVVmRDV1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH
7pFQLFDVGH$XGLWRULD 1%&7$ H1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH
3URILVVLRQDLVGH$XGLWRULD 1%&3$ DVTXDLVVHUmRDEDVHGRQRVVRFXUVR

2DXGLWRUWDPEpPSRGHWHURXWUDVUHVSRQVDELOLGDGHVGHFRPXQLFDomRHGH
UHODWyULR SHUDQWH RV XVXiULRV D DGPLQLVWUDomR RV UHVSRQViYHLV SHOD
JRYHUQDQoDRXSDUWHVIRUDGDHQWLGDGHDUHVSHLWRGRVDVVXQWRVGHFRUUHQWHV
GDDXGLWRULDFRPRSRUH[HPSORGHFRPXQLFDomRFRPRVUHVSRQViYHLVSHOD
*RYHUQDQoDUHVSRQVDELOLGDGHVHPUHODomRDIUDXGHVGHQWUHRXWUDVGHVGH
TXHHVWDEHOHFLGDVSRUOHLUHJXODPHQWRRXQRUPDVGR&)&


48(67(6&20(17$'$6

  (6$)6()$=63   6REUH D DXGLWRULD LQGHSHQGHQWH p
FRUUHWRDILUPDUTXHWHPSRUREMHWLYR
$ DX[LOLDUDDGPLQLVWUDomRGDHQWLGDGHQRFXPSULPHQWRGHVHXVREMHWLYRV
% DSUHVHQWDUVXEVtGLRVSDUDRDSHUIHLoRDPHQWRGDJHVWmRHGRVFRQWUROHV
LQWHUQRV
& HPLWLUSDUHFHUVREUHDDGHTXDomRGDVGHPRQVWUDo}HVFRQWiEHLV
' OHYDUjLQVWkQFLDGHFLVyULDHOHPHQWRVGHSURYDQHFHVViULRVDVXEVLGLDUD
MXVWDVROXomRGROLWtJLR
(  UHFRPHQGDU VROXo}HV SDUD DV QmRFRQIRUPLGDGHV DSRQWDGDV QRV
UHODWyULRV

&RPHQWiULRV
4XHVWmREDVWDQWHFRPXPHPSURYDVGHDXGLWRULD3DUDUHVSRQGrOD
EDVWDVDEHURREMHWLYRGHXPDDXGLWRULDLQGHSHQGHQWHTXHpVHJXQGRD
1%&7$DXPHQWDURJUDXGHFRQILDQoDQDVGHPRQVWUDo}HVFRQWiEHLV
SRUSDUWHGRVXVXiULRV,VVRpDOFDQoDGRPHGLDQWHDH[SUHVVmRGHXPD

WZ& 



d^

d
WZ&
RSLQLmR SHOR DXGLWRU VREUH VH DV GHPRQVWUDo}HV FRQWiEHLV IRUDP
HODERUDGDVHPWRGRVRVDVSHFWRVUHOHYDQWHVHPFRQIRUPLGDGHFRPXPD
HVWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHO *ULIHL 
'HYHVH UHVVDOWDU TXH D TXHVWmR DLQGD WUD] D RSLQLmR GR DXGLWRU
LQGHSHQGHQWH FRP D QRPHQFODWXUD DQWLJD 3DUHFHU  SRLV IRL HODERUDGD
DQWHVGDQRYDQRUPDWL]DomR$SDUWLUGDHGLomRGD1%&7$RSURGXWR
GR DXGLWRU LQGHSHQGHQWH SRU PHLR GR TXDO HOH PDQLIHVWD VXD RSLQLmR
SDVVRXDFKDPDU5HODWyULRGR$XGLWRU,QGHSHQGHQWH
$VOHWUDV$%'H(VmRFDUDFWHUtVWLFDVHRXREMHWLYRVGD$XGLWRULD
,QWHUQD
5HVSRVWD&

 (6$),665HFLIH $RSomRTXHUHSUHVHQWDRREMHWLYRGD
DXGLWRULDH[WHUQDp
$ $HODERUDomRGDVQRUPDVHSURFHGLPHQWRVHFRQ{PLFRVILQDQFHLURVHGH
DXGLWRULDGDHPSUHVDDXGLWDGD
%  ([SUHVVDU XP SDOSLWH VREUH D SRVLomR SDWULPRQLDO H ILQDQFHLUD GD
HPSUHVD VHP DVVHJXUDU TXH HODV UHSUHVHQWHP DGHTXDGDPHQWH DV
RSHUDo}HVGDHPSUHVD
& $VVHJXUDUTXHDVGHPRQVWUDo}HVILQDQFHLUDVLUUHOHYDQWHVUHSUHVHQWHPD
VLWXDomRFRQWiELOILQDQFHLUDGDHPSUHVDGHIRUPDILGHGLJQD
'  2 SURFHVVR SHOR TXDO R DXGLWRU VH FHUWLILFD GH TXH DV GHPRQVWUDo}HV
ILQDQFHLUDVUHSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHV
DSRVLomRSDWULPRQLDOHILQDQFHLUDGDHPSUHVD
(  *DUDQWLU TXH WRGRV RV ODQoDPHQWRV FRQWiEHLV IRUDP HIHWXDGRV
FRUUHWDPHQWHQRVOLYURVGDHPSUHVD

&RPHQWiULRV
$DOWHUQDWLYD$HVWiLQFRUUHWDSRLVDHODERUDomRGHQRUPDVLQWHUQDV
FDEHHPJHUDOjDGPLQLVWUDomR
$OHWUD%WDPEpPHVWiHUUDGDSRLVD RSLQLmR QmRSDOSLWH VREUHD
SRVLomR SDWULPRQLDO H ILQDQFHLUD GD HPSUHVD GHYH LQFOXLU VH HODV
UHSUHVHQWDPDGHTXDGDPHQWHDVRSHUDo}HVGDHPSUHVD
$DOWHUQDWLYD&HVWiLQFRUUHWDSRLVRVDVSHFWRVDVHUHPREVHUYDGRV
VmRRVUHOHYDQWHVHQmRRVLUUHOHYDQWHV
$OHWUD'UHSUHVHQWDH[DWDPHQWHRREMHWLYRGDDXGLWRULDH[WHUQDH
SRUWDQWRpRJDEDULWRGDTXHVWmR
3RU ILP D DOWHUQDWLYD ( HVWi LQFRUUHWD SRLV R WUDEDOKR GR DXGLWRU
LQGHSHQGHQWH QmR FRQVHJXH DOFDQoDU WRGRV RV ODQoDPHQWRV FRQWiEHLV
GHYLGR D OLPLWDo}HV GH WHPSR H UHFXUVRV IRFDQGR DSHQDV QRV PDLV
UHOHYDQWHV/HPEUHPVHRDXGLWRUH[WHUQRWUDEDOKDSRUDPRVWUDJHP
5HVSRVWD'

 )&&&103 $HPSUHVD3ODQWLRGHUYRUHVGR1RUWH6$
FRQWUDWRX D ILUPD GH DXGLWRULD $VSHFWRV  &RQVXOWRULD SDUD
H[DPLQDU DV GHPRQVWUDo}HV FRQWiEHLV GR H[HUFtFLR GH  2
WZ& 



d^

d
WZ&
REMHWLYR GD DXGLWRULD p DXPHQWDU R JUDX GH FRQILDQoD QDV
GHPRQVWUDo}HVFRQWiEHLVSRUSDUWHGRVXVXiULRV,VVRpDOFDQoDGR
PHGLDQWHD
$  H[SUHVVmR GH XPD RSLQLmR SHOR DXGLWRU VREUH VH DV GHPRQVWUDo}HV
FRQWiEHLV IRUDP HODERUDGDV HP WRGRV RV DVSHFWRV UHOHYDQWHV HP
FRQIRUPLGDGHFRPXPDHVWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHO
% QDWXUH]DDRSRUWXQLGDGHHDH[WHQVmRGRVSURFHGLPHQWRVGHDXGLWRULD
UHDOL]DGRVSHORDXGLWRUDOLQKDGRVFRPRREMHWLYRGDDXGLWRULD
&  REWHQomR SHOR DXGLWRU GH VHJXUDQoD UD]RiYHO GH TXH DV
GHPRQVWUDo}HVFRQWiEHLVFRPRXPWRGRHVWmROLYUHVGHGLVWRUomRUHOHYDQWH
LQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHVRXHUURVGHFRQKHFLPHQWRRX
QmRGRVUHVSRQViYHLVSHODJRYHUQDQoD
' UHDOL]DomRSHORDXGLWRUGHH[DPHVQDViUHDVDWLYLGDGHVSURGXWRVH
SURFHVVRV GH IRUPD D DOFDQoDU HYLGrQFLDV DGHTXDGDV H VXILFLHQWHV SDUD
HODERUDomRGRUHODWyULRGHDXGLWRULD
( HODERUDomRGRVSURJUDPDVGHWUDEDOKRGHIRUPDDVHUYLUFRPRJXLDH
PHLR GH FRQWUROH GH H[HFXomR GR WUDEDOKR GHYHQGR VHU UHYLVDGRV H
DWXDOL]DGRVVHPSUHTXHDVFLUFXQVWkQFLDVRH[LJLUHP

&RPHQWiULRV
 6HJXQGRRLWHPGD1%&7$RREMHWLYRGDDXGLWRULDpDXPHQWDU
RJUDXGHFRQILDQoDQDVGHPRQVWUDo}HVFRQWiEHLVSRUSDUWHGRVXVXiULRV
,VVRpDOFDQoDGRPHGLDQWH D H[SUHVVmRGHXPDRSLQLmRSHORDXGLWRU
VREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDVHPWRGRV
RV DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP XPD HVWUXWXUD GH
UHODWyULRILQDQFHLURDSOLFiYHO
5HVSRVWD$

 )&&6()$=3( &RQWUDWDGRSDUDUHDOL]DUDXGLWRULDQDV
GHPRQVWUDo}HVFRQWiEHLVGDHPSUHVD4XHLMRV&RDOKR6$RDXGLWRU
SDUDREWHUVHJXUDQoDUD]RiYHOHUHGX]LURULVFRGHDXGLWRULDDXP
QtYHOEDL[RDFHLWiYHOHSRVVLELOLWDUDOFDQoDUFRQFOXV}HVUD]RiYHLVH
QHODVEDVHDUDVXDRSLQLmRGHYH
$  HODERUDU RV SDSHLV GH WUDEDOKR GH DFRUGR FRP RV SURFHGLPHQWRV GH
DXGLWRULD
% REWHUHYLGrQFLDGHDXGLWRULDDSURSULDGDHVXILFLHQWH
&  SODQHMDU RV WUDEDOKRV GH DXGLWRULD WRPDQGR SRU EDVH R UHVXOWDGR GH
DXGLWRULDVDQWHULRUHV
' UHDOL]DUDDXGLWRULDGHDFRUGRFRPRVSURFHGLPHQWRVGHILQLGRV
( DYDOLDURFRQWUROHLQWHUQR

&RPHQWiULRV
 6HJXQGR D 1%& 7$  SDUD REWHU VHJXUDQoD UD]RiYHO R DXGLWRU
GHYHREWHUHYLGrQFLDGHDXGLWRULDDSURSULDGDHVXILFLHQWHSDUDUHGX]LU
RULVFRGHDXGLWRULDDXPQtYHOEDL[RDFHLWiYHOHFRPLVVRSRVVLELOLWDUDHOH
REWHUFRQFOXV}HVUD]RiYHLVHQHODVEDVHDUDVXDRSLQLmR
WZ& 



d^

d
WZ&
5HVSRVWD%

  )&&7&(56   2V PDQXDLV GH XPD PDQHLUD JHUDO
GHILQHP DXGLWRULD FRPR XP H[DPH DQDOtWLFR H SHULFLDO GDV
RSHUDo}HVFRQWiEHLVGHVGHRLQtFLRDWpREDODQoR1RVWHUPRVGD
1%&7$RREMHWLYRGDDXGLWRULDp
$ OHYDQWDULQIRUPDo}HVVXILFLHQWHVHDGHTXDGDVTXHSHUPLWDPFRPSDUDU
DVPHWDVIL[DGDVFRPRVUHVXOWDGRVDOFDQoDGRV
% FRQWURODURVSURFHGLPHQWRVFRQWiEHLVSDUDHYLWDUTXHLQIRUPDo}HVGH
LQWHUHVVHGDLQVWLWXLomRDXGLWDGDVHMDPGLYXOJDGRV
& DXPHQWDURJUDXGHFRQILDQoDGDVGHPRQVWUDo}HVFRQWiEHLVSRUSDUWH
GRVXVXiULRV
'  HVWDEHOHFHU PHWRGRORJLD SDUD DomR LQWHJUDGD GH WRGRV RV VHWRUHV GD
LQVWLWXLomRDXGLWDGD
(  DSXUDU H FRQVROLGDU LUUHJXODULGDGHV FRQWiEHLV HP UHODWyULR SDUD
VXEVLGLDUHYHQWXDOLQYHVWLJDomRGHLOtFLWRVDGPLQLVWUDWLYRVHSHQDLV

&RPHQWiULRV
6HJXQGRRLWHPGD1%&7$RREMHWLYRGDDXGLWRULDpDXPHQWDU
RJUDXGHFRQILDQoDQDVGHPRQVWUDo}HVFRQWiEHLVSRUSDUWHGRVXVXiULRV
,VVRpDOFDQoDGRPHGLDQWHDH[SUHVVmRGHXPDRSLQLmRSHORDXGLWRUVREUH
VH DV GHPRQVWUDo}HV FRQWiEHLV IRUDP HODERUDGDV HP WRGRV RV DVSHFWRV
UHOHYDQWHV HP FRQIRUPLGDGH FRP XPD HVWUXWXUD GH UHODWyULR ILQDQFHLUR
DSOLFiYHO
5HVSRVWD&

  )&&  75)  5HJLmR     2 DXGLWRU LQGHSHQGHQWH RX
H[WHUQR
$  WHP FRPR REMHWLYR SULQFLSDO D SUHYHQomR H D GHWHFomR GH IDOKDV QR
VLVWHPDGHFRQWUROHLQWHUQRGDHQWLGDGH
%  GHYH SURGX]LU UHODWyULRV TXH YLVDP DWHQGHU HP OLQKDV JHUDLV D DOWD
DGPLQLVWUDomRGDHQWLGDGHRXGLUHWRULDVHJHUrQFLDV
& WHPTXHID]HU DQiOLVH FRPDOWRQtYHOGHGHWDOKHVLQGHSHQGHQWHPHQWH
GDUHODomRFXVWREHQHItFLRSDUDPLQLPL]DURULVFRGHGHWHFomR
' GHYHSURGX]LUXPUHODWyULRRXSDUHFHUVREUHDVGHPRQVWUDo}HVFRQWiEHLV
GDHQWLGDGHDXGLWDGD
( WHPPHQRUJUDXGHLQGHSHQGrQFLDHPUHODomRjHQWLGDGHDXGLWDGDGR
TXHRDXGLWRULQWHUQR

&RPHQWiULRV
 $ OHWUD $ HVWi HUUDGD SRLV R REMHWLYR SULQFLSDO GR DXGLWRU
LQGHSHQGHQWHpHPLWLU XPD RSLQLmR VREUHVH DV GHPRQVWUDo}HV FRQWiEHLV
IRUDPHODERUDGDVHPWRGRVRVDVSHFWRVUHOHYDQWHVHPFRQIRUPLGDGHFRP
DHVWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHO
 (P UHODomR j DOWHUQDWLYD % WUDWDVH GH DXGLWRULD LQWHUQD H QmR
H[WHUQD
WZ& 



d^

d
WZ&
 $ OHWUD & WDPEpP HVWi LQFRUUHWD SRLV R FXVWREHQHItFLR GHYH VHU
OHYDGRHPFRQWDHPTXDOTXHUWLSRGHDXGLWRULD
 3RU ILP IRL YLVWR TXH TXHP WHP PHQRU JUDX GH LQGHSHQGrQFLD pD
DXGLWRULDLQWHUQDHQmRDH[WHUQD3RUWDQWRDDOWHUQDWLYD(HVWiHUUDGD
5HVSRVWD'

  )&&757   $R FRQGX]LU XPD DXGLWRULD GH
GHPRQVWUDo}HV FRQWiEHLV VmR REMHWLYRV JHUDLV GR DXGLWRU REWHU
VHJXUDQoD
$ UD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVFRPRXPWRGRHVWmROLYUHV
GHGLVWRUomRUHOHYDQWHGHYLGRjIUDXGHRXHUURSRVVLELOLWDQGRTXHRDXGLWRU
H[SUHVVHRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDV
HP WRGRV RV DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP D HVWUXWXUD GH
UHODWyULRILQDQFHLURDSOLFiYHO
% UD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVFRPRXPWRGRHVWmROLYUHV
GH GLVWRUomR LUUHOHYDQWH GHYLGR D HUURV SRVVLELOLWDQGR TXH R DXGLWRU
H[SUHVVHRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDV
HP WRGRV RV DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP D HVWUXWXUD GH
SDUHFHUILQDQFHLUR
&  WRWDO GH TXH DV GHPRQVWUDo}HV FRQWiEHLV HP SDUWH HVWmR OLYUHV GH
GLVWRUomRUHOHYDQWHGHYLGRjIUDXGHRXHUURSRVVLELOLWDQGRTXHRDXGLWRU
H[SUHVVHRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDV
HP WRGRV RV DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP D HVWUXWXUD GH
UHODWyULRILQDQFHLURDSOLFiYHO
'  WRWDO GH TXH DV GHPRQVWUDo}HV FRQWiEHLV HP SDUWH HVWmR OLYUHV GH
GLVWRUomRLUUHOHYDQWHGHYLGRjIUDXGHSRVVLELOLWDQGRTXHRDXGLWRUH[SUHVVH
RSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDVHPWRGRV
RV DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP D HVWUXWXUD GH UHODWyULR
ILQDQFHLURDSOLFiYHO
( UD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVHPSDUWHHVWmROLYUHVGH
GLVWRUomRLUUHOHYDQWHGHYLGRjIUDXGHRXHUURSRVVLELOLWDQGRTXHRDXGLWRU
H[SUHVVHRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDV
HPWRGRVRVDVSHFWRVFRQVLGHUDGRVHPFRQIRUPLGDGHFRPDHVWUXWXUDGH
SDUHFHUILQDQFHLURFRQVROLGDGRGRDXGLWRULQGHSHQGHQWH

&RPHQWiULRV
'HDFRUGRD1%&7$DRFRQGX]LUDDXGLWRULDGHGHPRQVWUDo}HV
FRQWiEHLVXPGRVREMHWLYRVJHUDLVGRDXGLWRUp
>@ REWHU VHJXUDQoD UD]RiYHO GH TXH DV GHPRQVWUDo}HV
FRQWiEHLVFRPRXPWRGRHVWmROLYUHVGHGLVWRUomRUHOHYDQWH
LQGHSHQGHQWHPHQWH VH FDXVDGDV SRU IUDXGH RX HUUR
SRVVLELOLWDQGRDVVLPTXHRDXGLWRUH[SUHVVHVXDRSLQLmRVREUH
VHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDVHPWRGRV
RVDVSHFWRVUHOHYDQWHVHPFRQIRUPLGDGHFRPDHVWUXWXUDGH
UHODWyULRILQDQFHLURDSOLFiYHO

WZ& 



d^

d
WZ&
$VVLPD~QLFDDOWHUQDWLYD TXHDWHQGHDRSHGLGRpDGHOHWUD $$V
DOWHUQDWLYDV&H'IDODPGHVHJXUDQoDWRWDOTXHQmRVHDSOLFD$VOHWUDV%
H(IDODPGHGLVWRUomRLUUHOHYDQWHTXDQGRRFRUUHWRVHULDUHOHYDQWHV
5HVSRVWD$

 )*9,665HFLIH 2DXGLWRUDRH[SUHVVDURSLQLmRGHTXH
DV GHPRQVWUDo}HV FRQWiEHLV IRUDP HODERUDGDV HP WRGRV RV
DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP XPD HVWUXWXUD GH
UHODWyULRILQDQFHLURDSOLFiYHOSURGX]RVHJXLQWHHIHLWR
$ UHYHODDVGLVWRUo}HVGRSODQHMDPHQWRGDDXGLWRULDGDVGHPRQVWUDo}HV
FRQWiEHLV
% UHGX]RVULVFRVGHDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLVRTXHJHUD
VHJXUDQoDSDUDRVXVXiULRV
& SURSRUFLRQDRDXPHQWRGHHYLGrQFLDVGHDXGLWRULDGDVGHPRQVWUDo}HV
FRQWiEHLV
' DXPHQWDRJUDXGHFRQILDQoDQDVGHPRQVWUDo}HVFRQWiEHLVSRUSDUWH
GRVXVXiULRV
( DVVHJXUDTXHRVREMHWLYRVRSHUDFLRQDLVGHVHMDGRVSHODDGPLQLVWUDomR
IRUDPDOFDQoDGRV

&RPHQWiULRV
 6HJXQGRD1%&7$RREMHWLYRGDDXGLWRULDpDXPHQWDURJUDXGH
FRQILDQoDQDVGHPRQVWUDo}HVFRQWiEHLVSRUSDUWHGRVXVXiULRV
5HVSRVWD'

 &(6*5$15,2/,48,*6$XGLWRU 6mRREMHWLYRVJHUDLV
GRDXGLWRUDRFRQGX]LUDDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLV
$  REWHU VHJXUDQoD UD]RiYHO GH TXH DV GHPRQVWUDo}HV FRQWiEHLV HVWmR
OLYUHVGHGLVWRUomRUHOHYDQWHFDXVDGDSRUIUDXGHRXHUURSHUPLWLQGRTXHR
DXGLWRU H[SUHVVH VXD RSLQLmR VREUH D HODERUDomR GHVVDV GHPRQVWUDo}HV
FRQVRDQWHDHVWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHO
% UDVWUHDUIUDXGHVHLGHQWLILFDUVHDDSOLFDomRGRVUHFXUVRVILQDQFHLURVGD
HPSUHVD HVWi GH DFRUGR FRP DV QRUPDV LPSRVWDV SHORV yUJmRV GH
ILVFDOL]DomRHUHJXODPHQWDomR
&  DSUHVHQWDU UHODWyULR VREUH D DGPLQLVWUDomR H FRPXQLFDUVH FRQIRUPH
H[LJLGRSHODV1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH
'  LGHQWLILFDU VH D HPSUHVD DSUHVHQWD LQIRUPDo}HV QDV GHPRQVWUDo}HV
FRQWiEHLVGHDFRUGRFRPDVQRUPDVLPSRVWDVSHOR0LQLVWpULR3~EOLFR
(  FRPSURYDU VH RV DWLYRV H SDVVLYRV VRIUHUDP YDULDo}HV FRQIRUPH
HVWLSXODGRQRSODQHMDPHQWRHVWUDWpJLFRGDHPSUHVD

&RPHQWiULRV
 4XHVWmRSUDWLFDPHQWHOLWHUDOHPTXHDRSomRFRUUHWDpDOHWUD$
 1mR p XP REMHWLYR JHUDO GR DXGLWRU LQGHSHQGHQWH UDVWUHDU IUDXGHV
QHP DSUHVHQWDU UHODWyULR VREUH D DGPLQLVWUDomR $OpP GLVVR QmR p R

WZ& 



d^

d
WZ&
0LQLVWpULR3~EOLFRTXHLPS}HQRUPDVDFHUFDGDVGHPRQVWUDo}HVFRQWiEHLV
PDVVLPOHLVQRUPDVHPLWLGDVSHOR&)&&90HWF
 3RU ILP QmR p REMHWLYR GR DXGLWRU LQGHSHQGHQWH YHULILFDU YDULDo}HV
QRSODQHMDPHQWRHVWUDWpJLFRGDHPSUHVD
5HVSRVWD$


$XGLWRULD,QWHUQD;$XGLWRULD([WHUQD

&RQFHLWRV

-iYLPRVTXHD$XGLWRULDVXUJLXSHODQHFHVVLGDGHGHIRUPDomRGHRSLQLmR
LQGHSHQGHQWH TXDQWR j IRUPD SHOD TXDO GHWHUPLQDGR SDWULP{QLR HVWDYD
VHQGRJHUHQFLDGR

3RLVEHP(VVDRSLQLmRSRGHYLUGHGHQWURGDSUySULDHPSUHVDGHVGHTXH
LQGHSHQGHQWHRXGHIRUDGDPHVPDSRUSURILVVLRQDLVTXHQmRID]HPSDUWH
GDRUJDQL]DomR

$VVLP SRGHPRV GHILQLU $XGLWRULD ,QWHUQD FRPR XPD DWLYLGDGH GH
DYDOLDomR LQGHSHQGHQWH GHQWUR GD HPSUHVD SDUD YHULILFDU DV
RSHUDo}HV H HPLWLU XPD RSLQLmR VREUH HODV VHQGR FRQVLGHUDGD FRPR XP
VHUYLoRSUHVWDGRjDGPLQLVWUDomR

'H DFRUGR FRP &UHSDOGL   p H[HFXWDGD SRU SURILVVLRQDO OLJDGR j
HPSUHVD RX SRU XPD VHomR SUySULD SDUD HVVH ILP VHPSUH HP OLQKD GH
GHSHQGrQFLDGDGLUHomRHPSUHVDULDO

9DPRV YHU XP H[HPSOR GH RUJDQRJUDPD VLPSOLILFDGR GH XPD HPSUHVD
2EVHUYHP TXH D $XGLWRULD ,QWHUQD HVWi OLJDGD DR &RQVHOKR GH
$GPLQLVWUDomRQmRHVWDQGRVXERUGLQDGDDQHQKXPD'LUHWRULDHVSHFtILFDH
FRQIRUPHGHWHUPLQDDVERDVSUiWLFDVQHVVHFDVR














WZ& 



d^

d
WZ&

2UJDQRJUDPD6LPSOLILFDGR




(PUHODomRDRRUJDQRJUDPDHDQWHVGHFRQWLQXDUPRVDIDODUGD$XGLWRULD
,QWHUQDFDEHOHPEUDUTXH$VVHPEOHLD*HUDO&RQVHOKR)LVFDOH&RQVHOKRGH
$GPLQLVWUDomR VmR RV SULQFLSDLV 5HVSRQViYHLV SHOD *RYHUQDQoD GD
HPSUHVD

(VVD OLJDomR FRP D $OWD $GPLQLVWUDomR GD HPSUHVD p TXH Gi D
QHFHVViULD DXWRQRPLD DRV WUDEDOKRV GD $XGLWRULD ,QWHUQD SRLV QmR p
GHSHQGHQWHGHTXDOTXHUVHWRUGDHQWLGDGH

1HVVH SRQWR R DOXQR SRGHULD WHU DOJXPD G~YLGD TXDQWR DR IDWR GH
DILUPDUPRV VHU XPD RSLQLmR LQGHSHQGHQWH &RPR XPD RSLQLmR
LQGHSHQGHQWHVHULDHPLWLGDSRUDOJXpPTXHHVWiHPOLQKDGHGHSHQGrQFLD
GDGLUHomR"

%RPYDPRVHQWHQGHURVHJXLQWHVHD$XGLWRULD,QWHUQDSUHVWDXPVHUYLoR
j SUySULD DGPLQLVWUDomR FRP TXH REMHWLYR R DXGLWRU LULD DOWHUDU XP
UHVXOWDGRPRGLILFDUXPDRSLQLmRSDUDHQFREULUXPIDWR"1HQKXPRXYRFrV
LPDJLQDP TXH R DGPLQLVWUDGRU SHGLULD SDUD VHU HQJDQDGR SHOD $XGLWRULD
,QWHUQD"

2 IDWR p TXH D $XGLWRULD ,QWHUQD WHP FRPR REMHWLYR DX[LOLDU D
DGPLQLVWUDomR GD HQWLGDGH QR FXPSULPHQWR GH VHXV REMHWLYRV $
$XGLWRULD,QWHUQDQmRWHPSRUREMHWLYRSULQFLSDODLGHQWLILFDomRGHIUDXGHV

2
 Responsveis pela governana so as pessoas ou organizaes com responsabilidade pela
superviso geral da direo estratgica da entidade e das obrigaes relacionadas responsabilidade
da entidade. Isso inclui a superviso geral do processo de relatrios contbeis. (NBC TA 260)
WZ& 



d^

d
WZ&
HHUURVWDPSRXFRDSXQLomRGHJHVWRUHVTXHFRPHWDPDVLPSURSULHGDGHV
RXLUUHJXODULGDGHV

2XVHMDVHD$XGLWRULD,QWHUQDQmRSXGHUHPLWLUXPDRSLQLmRLQGHSHQGHQWH
DXW{QRPDQmRFXPSULUiVHXSDSHOQDHVWUXWXUDRUJDQL]DFLRQDO(HVVDLGHLD
pPXLWRLPSRUWDQWHSDUDDSURYDGHYRFrV



6H D EDQFD IL]HU XPD FRPSDUDomR HQWUH D LQGHSHQGrQFLD GD DXGLWRULD
LQWHUQD H GD DXGLWRULD H[WHUQD p FODUR TXH QyV YDPRV GL]HU TXH D
DXGLWRULDH[WHUQDpPDLVLQGHSHQGHQWHTXHDLQWHUQD

9DPRVWUDWDUDJRUDGHXPDQRUPDPXLWRLPSRUWDQWHTXDQGRRDVVXQWRp
D$XGLWRULD,QWHUQDD1%&7,'D$XGLWRULD,QWHUQDDSURYDGDSHOD
5HVROXomRQGR&RQVHOKR)HGHUDOGH&RQWDELOLGDGHHDOWHUDGDSHOD
5HVROXomR&)&Q

&RPUHODomRDRFRQFHLWRGH$XGLWRULD,QWHUQDDQRUPDHVWDEHOHFH

$$XGLWRULD,QWHUQDFRPSUHHQGHRVH[DPHVDQiOLVHVDYDOLDo}HV
OHYDQWDPHQWRVHFRPSURYDo}HVPHWRGRORJLFDPHQWHHVWUXWXUDGRV
SDUD D DYDOLDomR GD LQWHJULGDGH DGHTXDomR HILFiFLD HILFLrQFLD H
HFRQRPLFLGDGHGRVSURFHVVRVGRVVLVWHPDVGHLQIRUPDo}HVHGH
FRQWUROHVLQWHUQRVLQWHJUDGRVDRDPELHQWHHGHJHUHQFLDPHQWR
GHULVFRVFRPYLVWDVDDVVLVWLUjDGPLQLVWUDomRGDHQWLGDGHQR
FXPSULPHQWRGHVHXVREMHWLYRV *ULIHL 

&RPR VH Yr R &)& GHL[D FODUR TXH D $XGLWRULD ,QWHUQD GHYH DYDOLDU
SURFHVVRVVLVWHPDVHFRQWUROHDILPGHDX[LOLDUDDGPLQLVWUDomRQR
FXPSULPHQWR GRV REMHWLYRV GD HQWLGDGH ( HVVD GHILQLomR p PXLWR
LPSRUWDQWH

4XDQWRj$XGLWRULD([WHUQDpUHDOL]DGDSRUDXGLWRUHVTXHQmRID]HP
SDUWH GD HVWUXWXUD GD HPSUHVD e H[HFXWDGD SRU SURILVVLRQDO
LQGHSHQGHQWHVHPOLJDomRFRPRVTXDGURVGDHPSUHVDWHQGRVXDDWXDomR
UHJXODGDSRUFRQWUDWRGHVHUYLoRV

&RPR YLPRV VHX REMHWLYR p GDU FUHGLELOLGDGH jV GHPRQVWUDo}HV
FRQWiEHLVH[DPLQDGDVGHQWURGRVSDUkPHWURVGHQRUPDVGHDXGLWRULDH
SULQFtSLRVFRQWiEHLV3RGHPRVFRQFOXLUWDPEpPTXHWHPFRPRFOLHQWHVR
S~EOLFRH[WHUQRjHPSUHVDXVXiULRILQDOGHVVDLQIRUPDomR

WZ& 



d^

d
WZ&
$ $XGLWRULD ([WHUQD RX ,QGHSHQGHQWH p
UHDOL]DGD SRU DXGLWRUHV TXH QmR ID]HP
SDUWH GD HVWUXWXUD GD HPSUHVD e
H[HFXWDGD SRU SURILVVLRQDO LQGHSHQGHQWH
WHQGRVXDDWXDomRUHJXODGDSRUFRQWUDWRGH
VHUYLoRV

6HX REMHWLYR p GDU FUHGLELOLGDGH jV
 GHPRQVWUDo}HV FRQWiEHLV H[DPLQDGDV
GHQWUR GRV SDUkPHWURV GH QRUPDV GH
DXGLWRULDHSULQFtSLRVFRQWiEHLVHWHPFRPR
SULQFLSDO FOLHQWH R S~EOLFR H[WHUQR
XVXiULRILQDOGHVVDLQIRUPDomR

3DUD ILFDU EDVWDQWH FODUR YDPRV QRV FRORFDU QD VLWXDomR GR LQWHUHVVDGR
QHVVD LQIRUPDomR SURGX]LGD SHOD $XGLWRULD 2V LQYHVWLGRUHV VH
FRQWHQWDULDPHPUHFHEHUGDGRVJHUHQFLDLVGDSUySULDHPSUHVDDLQGDTXH
GD$XGLWRULD,QWHUQDVDEHQGRTXHVHXVLQWHJUDQWHVID]HPSDUWHGDIROKD
GH SDJDPHQWRV GD DXGLWDGD" /HPEUHPVH GR TXH GLVVH VH IRU SDUD
FRPSDUDU VHPSUH GHYHPRV GL]HU TXH D $XGLWRULD ,QWHUQD p PHQRV
LQGHSHQGHQWHTXHD$XGLWRULD([WHUQD

$VVLPD$XGLWRULD([WHUQDFXPSUHHVVHREMHWLYRGHHPLWLURSLQLmR
VREUH DV GHPRQVWUDo}HV FRQWiEHLV D ILP GH SHUPLWLU D GLYHUVRV
LQWHUHVVDGRVXPDWRPDGDGHGHFLVmRPDLVUDFLRQDOVREUHRVLQYHVWLPHQWRV
IHLWRVQDRUJDQL]DomR

3HODVQRUPDVDQWLJDVDVGHPRQVWUDo}HVFRQWiEHLVGHYHULDPVHUHODERUDGDV
FRQIRUPH RV 3ULQFtSLRV )XQGDPHQWDLV GH &RQWDELOLGDGH H DV 1RUPDV
%UDVLOHLUDVGH&RQWDELOLGDGHHQRTXHIRUSHUWLQHQWHDOHJLVODomRHVSHFtILFD
3HODV QRYDV QRUPDV 1%& 7$   FRQIRUPH XPD HVWUXWXUD GH UHODWyULR
ILQDQFHLURDSOLFiYHO

3DUD HVFODUHFHU GH DFRUGR FRP D 1%& 7$  HVWUXWXUD GH UHODWyULR
ILQDQFHLURDSOLFiYHOpDTXHODTXHpDFHLWiYHOHPYLVWDGDQDWXUH]DGD
HQWLGDGHHGRREMHWLYRGDVGHPRQVWUDo}HVFRQWiEHLVRXTXHVHMDH[LJLGD
SRUOHLRXUHJXODPHQWR

([SOLFDQGR PHOKRU e D UHJUD GR MRJR D VHU DSOLFDGD SDUD DTXHOD
HPSUHVDTXHHVWiHODERUDQGRDVGHPRQVWUDo}HV

6HPHOKDQoDVHGLIHUHQoDVHQWUHD$XGLWRULD,QWHUQDH([WHUQD

$ SULQFLSDO VHPHOKDQoD HQWUH D $XGLWRULD ,QWHUQD H D ([WHUQD HVWi
UHODFLRQDGD DRV PpWRGRV GH WUDEDOKR TXH YLD GH UHJUD VmR EDVWDQWH
SDUHFLGRV WDQWR TXDQWR jV FDUDFWHUtVWLFDV GHVHMiYHLV j SHVVRD GR
WZ& 



d^

d
WZ&
DXGLWRUTXDQWRDRVDVSHFWRVGHSODQHMDPHQWRH[HFXomRHHPLVVmRGH
UHODWyULRV

4XDQWRjVGLIHUHQoDVYDPRVREVHUYDURTXDGURDEDL[RUHWLUDGRGDREUD
GH&UHSDOGL  VHQGRTXHPXLWDVMiIRUDPFRPHQWDGDVQHVWDDXOD

'LIHUHQoDVHQWUH$XGLWRULD,QWHUQDH([WHUQD

(OHPHQWRV $XGLWRULD,QWHUQD $XGLWRULD([WHUQD
)XQFLRQiULRGD
6XMHLWR 3URILVVLRQDOLQGHSHQGHQWH
HPSUHVD
([DPHGRVFRQWUROHV ([DPHGDVGHPRQVWUDo}HV
$omRHREMHWLYR
RSHUDFLRQDLV ILQDQFHLUDV
3URPRYHUPHOKRULDV
2SLQDUVREUHDV
)LQDOLGDGH QRVFRQWUROHV
GHPRQVWUDo}HVILQDQFHLUDV
RSHUDFLRQDLV
&RQWpP
5HODWyULRSULQFLSDO 5HODWyULR
5HFRPHQGDo}HV
*UDXGHLQGHSHQGrQFLD 0HQRVDPSOR 0DLVDPSOR
,QWHUHVVDGRVQR
(PSUHVD (PSUHVDHS~EOLFRHPJHUDO
WUDEDOKR
5HVSRQVDELOLGDGH 7UDEDOKLVWD 3URILVVLRQDOFLYLOHFULPLQDO
&RQWLQXLGDGHGR
&RQWtQXR 3HULyGLFR SRQWXDO 
WUDEDOKR
)RQWH$XGLWRULD&RQWiELOWHRULDHSUiWLFD&UHSDOGL  $GDSWDGR

(QWHQGHQGR HVVH TXDGUR YRFrV DFHUWDUmR ERD SDUWH GDV TXHVW}HV
UHODFLRQDGDVDRWHPD

&DEH H[SOLFDU HP UHODomR DR HOHPHQWR 5HODWyULR 3ULQFLSDO TXH R DXGLWRU
LQWHUQRHPLWHUHFRPHQGDo}HVjHPSUHVDDXGLWDGD GDTXDOFRPRYLPRV
ID] SDUWH  -i R DXGLWRU H[WHUQR Gi XP SDUHFHU QR VHQWLGR GH XP MXt]R
WpFQLFR  2 GRFXPHQWR SRU PHLR GR TXDO R DXGLWRU LQWHUQR HPLWH VXDV
UHFRPHQGDo}HVEHPFRPRRDXGLWRULQGHSHQGHQWHH[SULPHVXDRSLQLmRp
FKDPDGRDWXDOPHQWHGH5HODWyULR

$OpP GLVVR GHYHVH UHVVDOWDU TXH WDQWR R DXGLWRU LQWHUQR TXDQWR R
H[WHUQR DYDOLDP RV FRQWUROHV LQWHUQRV GD HPSUHVD (QWUHWDQWR R
DXGLWRU H[WHUQR DSHQDV DYDOLD DTXHOHV FRQWUROHV UHODFLRQDGRV FRP DV
GHPRQVWUDo}HV FRQWiEHLV H QmR SDUD ILQV GH HPLWLU XPD RSLQLmR VREUH
HVVHVFRQWUROHVPDVSDUDPHOKRUDX[LOLiORQDGHILQLomRGRVWHVWHVDVHUHP
DSOLFDGRVSRUHOH

)XQo}HVGD$XGLWRULD,QWHUQD

&RPRYLPRVRSDSHOGD$XGLWRULD,QWHUQDpDX[LOLDUDDGPLQLVWUDomRGD
HQWLGDGHQRFXPSULPHQWRGHVHXVREMHWLYRV3DUDWDQWRWHPH[HUFLGR
WZ& 



d^

d
WZ&
D LPSRUWDQWH IXQomR GH LGHQWLILFDU RSRUWXQLGDGHV H HVWUDWpJLDV SDUD
PLQLPL]DURVULVFRVLQHUHQWHVjDWLYLGDGHGDRUJDQL]DomRDTXDOID]SDUWH

eHOHPHQWRFKDYHQDDYDOLDomRHQDVXJHVWmRGHPHOKRULDVQRVSURFHVVRV
VHQGRHILFLHQWHVXSRUWHQDJHVWmRHPSUHVDULDO

2XWUR SRQWR GH GHVWDTXH QD 1%& 7,  p TXH D QRUPD DILUPD TXH $
$XGLWRULD,QWHUQDpH[HUFLGDQDVSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFR
LQWHUQRRXH[WHUQRHGHGLUHLWRSULYDGR'HVVDIRUPDGHL[DFODURTXH
QmRVHOLPLWDDGLVFXWLUFRQFHLWRVH[FOXVLYRVGRVHWRUSULYDGRLQFOXLQGRDV
SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR ([ DXGLWRULD LQWHUQD GR %DQFR
&HQWUDO 

6REUH D ILQDOLGDGH GD $XGLWRULD ,QWHUQD D 1%& 7,  D FRORFD GD
VHJXLQWH IRUPD DJUHJDU YDORU DR UHVXOWDGR GD RUJDQL]DomR
DSUHVHQWDQGR VXEVtGLRV SDUD R DSHUIHLoRDPHQWR GRV SURFHVVRV GD
JHVWmR H GRV FRQWUROHV LQWHUQRV SRU PHLR GD UHFRPHQGDomR GH
VROXo}HVSDUDDVQmRFRQIRUPLGDGHVDSRQWDGDVQRVUHODWyULRV

3DSHOGD$XGLWRULD,QWHUQD


WZK^^K^

'Z'Zs>KZ WZ&/KDEdK '^dK

KEdZK>^
/EdZEK^


2XWURSRQWRTXHPHUHFHGHVWDTXHTXDQWRjVIXQo}HVGD$XGLWRULD,QWHUQD
pRUHODFLRQDGRjSUHYHQomRGHIUDXGHVHHUURV

'HDFRUGRFRPDQRUPDpDWULEXLomRGD$XGLWRULD,QWHUQDDVVHVVRUDU
D DGPLQLVWUDomR GD HQWLGDGH QHVVH VHQWLGR LQIRUPDQGRD VHPSUH SRU
HVFULWRHGHPDQHLUDUHVHUYDGDTXDLVTXHULQGtFLRVGHLUUHJXODULGDGHV
GHWHFWDGDVQRGHFRUUHUGRWUDEDOKR

$GLIHUHQoDHQWUHIUDXGHHHUURpEDVWDQWHVLPSOHVHQTXDQWRDIUDXGH
UHVXOWD GH XP DWR LQWHQFLRQDO R HUUR p FRQVHTXrQFLD GH XP DWR QmR
LQWHQFLRQDO RIDPRVRIRLVHPTXHUHU 

2 TXH PDLV QRV LQWHUHVVD QHVVH DVVXQWR p VDEHU TXH D SUHYHQomR GH
IUDXGHVHHUURVQmRpDWULEXLomRSULQFLSDOILQDOLGDGHSUHFtSXDREMHWLYR
PDLRUHRXWUDVDILUPDo}HVGHVVHWLSRGD$XGLWRULD,QWHUQD6HDTXHVWmR
WZ& 



d^

d
WZ&
IDODU TXH p SRGHPRV FRQVLGHUDU (55$'2 VHP PHGR SRLV D
UHVSRQVDELOLGDGHSULPiULDSRUHVVDGHWHFomRpDSUySULDDGPLQLVWUDomRGD
HQWLGDGH'HTXDOTXHUIRUPDSDUDDVVHVVRUDUDDGPLQLVWUDomRDSUHYHQomR
GH IUDXGHV RX HUURV DFDEDUi ID]HQGR SDUWH GRV REMHWLYRV GD DXGLWRULD
LQWHUQDQmRVHQGRHQWUHWDQWRRSULQFLSDOSUHFtSXRPDLRUHWF

'HYHPRVUHVVDOWDUDFRRSHUDomRTXHGHYHH[LVWLUHQWUHRDXGLWRULQWHUQR
HRLQGHSHQGHQWH2DXGLWRULQWHUQRTXDQGRSUHYLDPHQWHHVWDEHOHFLGR
FRP D DGPLQLVWUDomR GD HQWLGDGH HP TXH DWXD H QR kPELWR GH
SODQHMDPHQWR FRQMXQWR GR WUDEDOKR D UHDOL]DU GHYH DSUHVHQWDU RV VHXV
SDSpLVGHWUDEDOKRDRDXGLWRULQGHSHQGHQWHHHQWUHJDUOKHFySLDVTXDQGR
HVWHHQWHQGHUQHFHVViULR

 3URFHGLPHQWRV 7HVWHV GH$XGLWRULD,QWHUQD

(VWHLWHPVHUiDERUGDGRGHPDQHLUDPDLVDSURIXQGDGDQDDXODTXHWUDWDUi
GHIRUPDHVSHFtILFDGHWHVWHVHSURFHGLPHQWRVGHDXGLWRULD

7HQGR HP YLVWD OLPLWDo}HV GLYHUVDV R WUDEDOKR GH DXGLWRULD p
GHVHQYROYLGRHPUHJUDSRUPHLRGDUHDOL]DomRGHWHVWHVGHDXGLWRULD
MiTXHQmRpSRVVtYHOYHULILFDUDWRWDOLGDGHGRVREMHWRVSRVVtYHLV

3RU PHLR GRV WHVWHV R DXGLWRU p FDSD] GH REWHU DV HYLGrQFLDV
LQGLVSHQViYHLV j IRUPDomR GH VXD RSLQLmR $ DSOLFDomR GRV
SURFHGLPHQWRVFRPRVDEHPRVSUHFLVDHVWDUDWUHODGDDRREMHWLYRTXHVH
TXHU DWLQJLU 'HYHP QD PHGLGD GR SRVVtYHO VHU GHWDOKDGRV HP WDUHIDV
GHVFULWDV GH IRUPD FODUD GH PRGR D QmR JHUDU G~YLGDV DR H[HFXWRU H
HVFODUHFHQGRRVDVSHFWRVDVHUHPDERUGDGRVEHPFRPRH[SUHVVDQGRDV
WpFQLFDVDVHUHPXWLOL]DGDV

2V WHVWHV SURFHGLPHQWRV  GD $XGLWRULD ,QWHUQD FRQVWLWXHP H[DPHV H
LQYHVWLJDo}HVLQFOXLQGRWHVWHVGHREVHUYkQFLDHWHVWHVVXEVWDQWLYRV
TXH SHUPLWHP DR DXGLWRU LQWHUQR REWHU VXEVtGLRV VXILFLHQWHV SDUD
IXQGDPHQWDU VXDV FRQFOXV}HV H UHFRPHQGDo}HV j DGPLQLVWUDomR GD
HQWLGDGH

2V WHVWHV GH REVHUYkQFLD YLVDP j REWHQomR GH UD]RiYHO VHJXUDQoD GH
TXH RV FRQWUROHV LQWHUQRV HVWDEHOHFLGRV SHOD DGPLQLVWUDomR HVWmR HP
HIHWLYR IXQFLRQDPHQWR LQFOXVLYH TXDQWR DR VHX FXPSULPHQWR SHORV
IXQFLRQiULRVHDGPLQLVWUDGRUHVGDHQWLGDGH






WZ& 



d^

d
WZ&



&XLGDGR
6HPSUHTXHDTXHVWmRIDODUTXHRREMHWLYRGRDXGLWRUpDYDOLDURFRQWUROH
LQWHUQR QHFHVVDULDPHQWH R WHVWH TXH HOH HVWi DSOLFDQGR p R GH
REVHUYkQFLD

1DVXDDSOLFDomRGHYHPVHUFRQVLGHUDGRVRVVHJXLQWHVSURFHGLPHQWRV

D ,QVSHomR  YHULILFDomR GH UHJLVWURV GRFXPHQWRV H DWLYRV
WDQJtYHLV
([HPSOR LQVSHomR GH UHJLVWURV HP EXVFD GH HYLGrQFLD GH
DXWRUL]DomRGHXPDWUDQVDomR

E 2EVHUYDomRDFRPSDQKDPHQWRGHSURFHVVRRXSURFHGLPHQWR
TXDQGRGHVXDH[HFXomR
([HPSOR REVHUYDomR SHOR DXGLWRU GD FRQWDJHP GR HVWRTXH SHORV
HPSUHJDGRVGDHQWLGDGHRXGDH[HFXomRGHDWLYLGDGHVGHFRQWUROH

F ,QYHVWLJDomR H FRQILUPDomR  REWHQomR GH LQIRUPDo}HV
SHUDQWHSHVVRDVItVLFDVRXMXUtGLFDVFRQKHFHGRUDVGDVWUDQVDo}HVH
GDVRSHUDo}HVGHQWURRXIRUDGDHQWLGDGH
([HPSOR VROLFLWDomR D XP %DQFR QR TXDO D HPSUHVD WHP FRQWD
FRUUHQWHGHFRQILUPDomRDFHUFDGHVDOGRHPGHWHUPLQDGDGDWD

2V WHVWHV VXEVWDQWLYRV YLVDP j REWHQomR GH HYLGrQFLD TXDQWR j
VXILFLrQFLD H[DWLGmR H YDOLGDGH GRV GDGRV SURGX]LGRV SHORV VLVWHPDV GH
LQIRUPDomRGDHQWLGDGH

3RU ILP DV LQIRUPDo}HV TXH IXQGDPHQWDP RV UHVXOWDGRV GD $XGLWRULD
,QWHUQD VmR GHQRPLQDGDV GH HYLGrQFLDV TXH GHYHP VHU VXILFLHQWHV
ILGHGLJQDVUHOHYDQWHVH~WHLVGHPRGRDIRUQHFHUEDVHVyOLGDSDUDDV
FRQFOXV}HVHUHFRPHQGDo}HVjDGPLQLVWUDomRGDHQWLGDGH

5HODWyULRGH$XGLWRULD,QWHUQD

(PUHODomRjIRUPDGHRSLQLmRGRDXGLWRULQWHUQRRUHODWyULRGD$XGLWRULD
,QWHUQDGHYHVHUDSUHVHQWDGRDTXHPWHQKDVROLFLWDGRRWUDEDOKRRX
DTXHPHVWHDXWRUL]DU GHYHQGR VHU SUHVHUYDGD D FRQILGHQFLDOLGDGH GR
VHXFRQWH~GR

2 UHODWyULR p R GRFXPHQWR SHOR TXDO D $XGLWRULD ,QWHUQD DSUHVHQWD R
UHVXOWDGR GRV VHXV WUDEDOKRV GHYHQGR VHU UHGLJLGR FRP REMHWLYLGDGH H
WZ& 



d^

d
WZ&
LPSDUFLDOLGDGH GH IRUPD D H[SUHVVDU FODUDPHQWH VXDV FRQFOXV}HV
UHFRPHQGDo}HV H SURYLGrQFLDV D VHUHP WRPDGDV SHOD DGPLQLVWUDomR GD
HQWLGDGH'HYHDERUGDUQRPtQLPRRVVHJXLQWHVDVSHFWRV

D RREMHWLYRHDH[WHQVmRGRVWUDEDOKRV
E DPHWRGRORJLDDGRWDGD
F RVSULQFLSDLVSURFHGLPHQWRVGHDXGLWRULDDSOLFDGRVHVXDH[WHQVmR
G HYHQWXDLVOLPLWDo}HVDRDOFDQFHGRVSURFHGLPHQWRVGHDXGLWRULD
H DGHVFULomRGRVIDWRVFRQVWDWDGRVHDVHYLGrQFLDVHQFRQWUDGDV
I RVULVFRVDVVRFLDGRVDRVIDWRVFRQVWDWDGRVH
J DV FRQFOXV}HV H DV UHFRPHQGDo}HV UHVXOWDQWHV GRV IDWRV
FRQVWDWDGRV

$OpPGLVVRD$XGLWRULD,QWHUQDGHYHDYDOLDUDQHFHVVLGDGHGHHPLVVmRGH
UHODWyULR SDUFLDO QD KLSyWHVH GH FRQVWDWDU LPSURSULHGDGHV 
LUUHJXODULGDGHV  LOHJDOLGDGHV TXH QHFHVVLWHP SURYLGrQFLDV LPHGLDWDV GD
DGPLQLVWUDomRGDHQWLGDGHHTXHQmRSRVVDPDJXDUGDURILQDOGRVH[DPHV
1HVVHDVSHFWRFDEHOHPEUDUTXHRDXGLWRULQGHSHQGHQWHQmRHPLWHUHODWyULR
SDUFLDO

3DUDILQDOL]DUYDPRVWUDWDUGHXPWHPDSROrPLFR

9LPRVTXHRDXGLWRULQGHSHQGHQWHGHYHVHUEDFKDUHOHPFLrQFLDVFRQWiEHLV
FRPUHJLVWURQR&RQVHOKR5HJLRQDOGH&RQWDELOLGDGH&5&0DVHRDXGLWRU
LQWHUQR"

6HJXQGR D 5HVROXomR &)& Q  DLQGD YLJHQWH DXGLWRULD LQWHUQD
WDPEpPpXPDDWULEXLomRSULYDWLYDGHFRQWDGRUHV

(QWUHWDQWRDQRUPDTXHWUDWDGHDXGLWRULDLQWHUQD 1%&7, SDVVRXSRU
XPD DOWHUDomR HP VXD UHGDomR GHL[DQGR FODUR TXH GHYH VHU XWLOL]DGD
DSHQDV SDUD DXGLWRULD LQWHUQD FRQWiELO ,VVR SRUTXH FRPR Mi GHYHP
LPDJLQDURDXGLWRULQWHUQRSRGHH[HFXWDUGLYHUVRVRXWURVWLSRVGH
DXGLWRULDFRPRRSHUDFLRQDOGH7,DPELHQWDOHWF

'HVVDIRUPDYDPRVHQWHQGHURVHJXLQWH


$ SULQFtSLR DSHQDV TXDQGR R


DXGLWRULQWHUQRHVWLYHUUHDOL]DQGR
DXGLWRULD FRQWiELO VHUi H[LJLGD
DIRUPDomRHPFLrQFLDVFRQWiEHLV
H FRQVHTXHQWH UHJLVWUR QR &5&
RN"



WZ& 



d^

d
WZ&

48(67(6&20(17$'$6

(P UHODomR j QDWXUH]D FDPSR GH DWXDomR H QRo}HV EiVLFDV GH
DXGLWRULDLQWHUQDHH[WHUQDMXOJXHRVLWHQVVXEVHTXHQWHV

  &(63(  $13     2 HVFRSR GRV WUDEDOKRV GR DXGLWRU
LQWHUQRGHYHVHUIL[DGRSHODJHUrQFLDFRQWXGRRWUDEDOKRGRDXGLWRU
H[WHUQRpSUHGHILQLGRQRFRQWUDWR

&RPHQWiULRV
 2 HVFRSR GR WUDEDOKR GR DXGLWRU p GHILQLGR SHOD SUySULD DXGLWRULD
LQWHUQDVHJXLQGRDVGLUHWUL]HVHPDQDGDVSHODDGPLQLVWUDomRGDHQWLGDGH
 6H D JHUrQFLD TXH p D SDUWH DXGLWDGD  GHILQLVVH R HVFRSR D
LQGHSHQGrQFLDQHFHVViULDDRWUDEDOKRGHDXGLWRULDVHULDDIHWDGD
5HVSRVWD(

(P UHODomR j QDWXUH]D FDPSR GH DWXDomR H QRo}HV EiVLFDV GH
DXGLWRULDLQWHUQDHH[WHUQDMXOJXHRVLWHQVVXEVHTXHQWHV

 &(63($13 4XDQWRjQDWXUH]DGRVSURFHGLPHQWRV
UHDOL]DGRV GXUDQWH D DXGLWRULD R DXGLWRU p OLPLWDGR HP VXD
LQYHVWLJDomR SHOD SRVVLELOLGDGH GH GLVWRUomR QDV LQIRUPDo}HV
IRUQHFLGDVSHODDGPLQLVWUDomRGDDXGLWDGD

&RPHQWiULRV
 6HPSUH SRGHUi KDYHU GLVWRUo}HV QDV LQIRUPDo}HV IRUQHFLGDV SHOD
DGPLQLVWUDomRGDHPSUHVDpHVVDpXPDOLPLWDomRGRWUDEDOKRGHDXGLWRULD
 eFODURTXHRDXGLWRUGHYHUiGLPLQXLURULVFRGHDXGLWRULDDXPQtYHO
DFHLWDYHOPHQWHEDL[RPDVHVWHQXQFDVHUiQXORUD]mRSHODTXDODTXHVWmR
IRLFRQVLGHUDGDFRUUHWD
5HVSRVWD&

'HDFRUGRFRPDV1RUPDV%UDVLOHLUDVSDUDR([HUFtFLRGD$XGLWRULD
,QWHUQDHFRPD5HVROXomR&)&QMXOJXHRVLWHQVTXH
VHVHJXHP

 &(63()8%') 2VDXGLWRUHVLQWHUQRVDSHVDUGHVXD
VXERUGLQDomR j DGPLQLVWUDomR GD HPSUHVD H GR kPELWR GH VHX
WUDEDOKRGHYHPDGRWDUHQWUHVHXVSURFHGLPHQWRVDLQYHVWLJDomR
H D FRQILUPDomR TXH HQYROYHP SHVVRDV ItVLFDV RX MXUtGLFDV GH
GHQWURRXGHIRUDGDHQWLGDGH

&RPHQWiULRV
2 DXGLWRU LQWHUQR GHQWUH DV WpFQLFDV TXH XWLOL]D SDUD FROHWDU
HYLGrQFLDVGHDXGLWRULDHVWmRDLQYHVWLJDomRHFRQILUPDomRTXHFRQIRUPH
WZ& 



d^

d
WZ&
GHILQLomR GD QRUPD GH DXGLWRULD LQWHUQD SRGH HQYROYHU SHVVRD ItVLFD RX
MXUtGLFDGHGHQWURRXIRUDGDHQWLGDGH,VVRSRGHDFRQWHFHULQGHSHQGHQWH
GHVVD VXERUGLQDomR H[LVWHQWH HQWUH R DXGLWRU LQWHUQR H D DOWD
DGPLQLVWUDomR
5HVSRVWD&

  &(63()8%')   1R FDVR GH D DXGLWRULD LQWHUQD
GHWHFWDULQGtFLRVGHLUUHJXODULGDGHVQRGHFRUUHUGHVHXVWUDEDOKRV
HDYDOLDUTXHDDGPLQLVWUDomRGDHQWLGDGHGHYHDGRWDUSURYLGrQFLDV
LPHGLDWDV D DXGLWRULD GHYH ID]HU D FRPXQLFDomR SRU HVFULWR HP
FDUiWHUUHVHUYDGR

&RPHQWiULRV
 4XHVWmR FRUUHWD (VVD FRPXQLFDomR GHYH VHU IHLWD SRU HVFULWR HP
FDUiWHUUHVHUYDGRH[DWDPHQWHFRPRHVWiGHVFULWRQDTXHVWmR
5HVSRVWD&

'HDFRUGRFRPDV1RUPDV%UDVLOHLUDVSDUDR([HUFtFLRGD$XGLWRULD
,QWHUQD H FRP D 5HVROXomR &)& Q  MXOJXH RV LWHQV
VHJXLQWHV

  &(63()8%')   $ DXGLWRULD LQWHUQD DOpP GH VXDV
IXQo}HV FRQYHQFLRQDLV SRGH VHU LQFXPELGD GH DYDOLDU R SURFHVVR
GHJRYHUQDQoDQRTXHGL]UHVSHLWRjUHDOL]DomRGHVHXVREMHWLYRV
GH pWLFD H YDORUHV DVVLP FRPR DWXDU QD LGHQWLILFDomR H DYDOLDomR
GDVYXOQHUDELOLGDGHVUHOHYDQWHVDULVFRV

&RPHQWiULRV
6HJXQGRD1%&7$DSURYDGDSHODUHVROXomRTXHFRQVWDQRFDSXW
GD TXHVWmR D IXQomR GH DXGLWRULD LQWHUQD SRGH DYDOLDU R SURFHVVR GH
JRYHUQDQoD TXDQWR j UHDOL]DomR GH VHXV REMHWLYRV GH pWLFD H YDORUHV
DGPLQLVWUDomR GH GHVHPSHQKR H SUHVWDomR GH FRQWDV FRPXQLFDQGR
LQIRUPDo}HV VREUH ULVFR H FRQWUROH SDUD DV iUHDV DSURSULDGDV GD
RUJDQL]DomRHGDHILFiFLDGDFRPXQLFDomRHQWUHDVSHVVRDVUHVSRQViYHLV
SHODJRYHUQDQoDRVDXGLWRUHVLQWHUQRVHLQGHSHQGHQWHVHDDGPLQLVWUDomR
3RUWDQWRTXHVWmRSUDWLFDPHQWHOLWHUDO
5HVSRVWD&

  &(63($)7   8P GRV UHTXLVLWRV SDUD DVVHJXUDU D
QHFHVViULD LQGHSHQGrQFLD WpFQLFD DRV DXGLWRUHV LQWHUQRV p D
JDUDQWLDGHTXHQRSODQHMDPHQWRGHVHXWUDEDOKRHOHVQmRVHUmR
LQIOXHQFLDGRV SHODV RULHQWDo}HV HPDQDGDV GD DGPLQLVWUDomR GD
HQWLGDGHHHYHQWXDOPHQWHSRUVXDVH[SHFWDWLYDV

&RPHQWiULRV

WZ& 



d^

d
WZ&
 6HJXQGR D 1%& 7,  R SODQHMDPHQWR GR WUDEDOKR GD $XGLWRULD
,QWHUQD FRPSUHHQGH RV H[DPHV SUHOLPLQDUHV GDV iUHDV DWLYLGDGHV
SURGXWRVHSURFHVVRVSDUDGHILQLUDDPSOLWXGHHDpSRFDGRWUDEDOKRDVHU
UHDOL]DGR GH DFRUGR FRP DV GLUHWUL]HV HVWDEHOHFLGDV SHOD
DGPLQLVWUDomRGDHQWLGDGH *ULIHL 
5HVSRVWD(

 &(63(7&8 $VDWULEXLo}HVGRVDXGLWRUHVLQWHUQRVH
H[WHUQRVGLIHUHPSRLVQRSULPHLURFDVRHVWmRIL[DGDVQRFRQWUDWR
GH WUDEDOKR FRPR HPSUHJDGR GD HPSUHVD H QR VHJXQGR QR
FRQWUDWRGHSUHVWDomRGHVHUYLoRVFRPRSURILVVLRQDORXHPSUHVD
2DXGLWRULQWHUQRWHPUHVSRQVDELOLGDGHHVVHQFLDOPHQWHWUDEDOKLVWD
RH[WHUQRUHVSRQVDELOLGDGHSURILVVLRQDOFLYLOHFULPLQDO

&RPHQWiULRV
 5HDOPHQWH R DXGLWRU LQWHUQR p XP HPSUHJDGR GD HPSUHVD RX XP
VHUYLGRU GR yUJmRHQWLGDGH H GH PDQHLUD JHUDO VXD UHVSRQVDELOLGDGH p
SULPRUGLDOPHQWHWUDEDOKLVWD-iRDXGLWRULQGHSHQGHQWHpXPWHUFHLURTXH
SUHVWDVHUYLoRSURILVVLRQDOHTXDOLILFDGRSDUDDHPSUHVDDXGLWDGDHGHVVD
IRUPDHVWiVXMHLWRQmRDSHQDVjUHVSRQVDELOLGDGHSURILVVLRQDOFRPRFLYLOH
FULPLQDO
5HVSRVWD&

 &(63(%$&(1 $RVXVSHLWDUGDRFRUUrQFLDGHIUDXGH
QDHQWLGDGHVREVHXFRQWUROHRDXGLWRULQWHUQRGHYHOHYDURIDWRDR
FRQKHFLPHQWR GD DGPLQLVWUDomR GD HQWLGDGH UHDOL]DQGR HVVD
FRPXQLFDomRHPFRQYHUVDUHVHUYDGD

&RPHQWiULRV
6HJXQGR D 1%& 7,  D $XGLWRULD ,QWHUQD GHYH DVVHVVRUDU D
DGPLQLVWUDomR GD HQWLGDGH QR WUDEDOKR GH SUHYHQomR GH IUDXGHV H HUURV
REULJDQGRVH D LQIRUPiOD VHPSUH SRU HVFULWR GH PDQHLUD UHVHUYDGD
VREUHTXDLVTXHULQGtFLRVRXFRQILUPDo}HVGHLUUHJXODULGDGHVGHWHFWDGDVQR
GHFRUUHUGHVHXWUDEDOKR *ULIHL 
'HVVDIRUPDDTXHVWmRHVWiHUUDGDSRLVDFRPXQLFDomRGHVXVSHLWD
GHIUDXGHQmRGHYHVHUSRUPHLRGHXPDFRQYHUVDHVLPSRUHVFULWR
5HVSRVWD(

 &(63(%$&(1 2VDXGLWRUHVLQWHUQRVGHGHWHUPLQDGD
HQWLGDGH GHVREULJDPVH GH SUHVWDU DMXGD RX DVVHVVRUDPHQWR D
HTXLSH GH DXGLWRULD LQGHSHQGHQWH FRQWUDWDGD SDUD H[DPLQDU DV
GHPRQVWUDo}HVFRQWiEHLVGDUHIHULGDHQWLGDGH

&RPHQWiULRV
6HJXQGRD1%&3, YLJHQWHjpSRFDRDXGLWRU LQWHUQRTXDQGR
SUHYLDPHQWHHVWDEHOHFLGRFRPDDGPLQLVWUDomRGDHQWLGDGHHPTXHDWXD
WZ& 



d^

d
WZ&
H QR kPELWR GH SODQHMDPHQWR FRQMXQWR GR WUDEDOKR D UHDOL]DU GHYH
DSUHVHQWDURVVHXVSDSpLVGHWUDEDOKRDRDXGLWRULQGHSHQGHQWHHHQWUHJDU
OKHFySLDVTXDQGRHVWHHQWHQGHUQHFHVViULR
'HVVDIRUPDDSHQDVVH DDGPLQLVWUDomRGDHQWLGDGHHQWHQGHU TXH
HOHGHYHSUHVWDUDMXGDVHMDQRIRUQHFLPHQWRGRVVHXVSDSpLVGHWUDEDOKR
VHMD GH DOJXPD RXWUD IRUPD R DXGLWRU LQWHUQR HVWDUi REULJDGR D HVVH
DVVHVVRUDPHQWR3RUWDQWRGHPDQHLUDJHUDOHOHQmRpREULJDGRDSUHVWDU
DMXGD
5HVSRVWD&

 (6$),665- $UHVSHLWRGRVREMHWLYRVGDDXGLWRULD
LQWHUQDHGDDXGLWRULDLQGHSHQGHQWHpFRUUHWRDILUPDUTXH
$ RREMHWLYRGDDXGLWRULDLQWHUQDpDSRLDUDDGPLQLVWUDomRGDHQWLGDGHQR
FXPSULPHQWRGRVVHXVREMHWLYRVHQTXDQWRRGDDXGLWRULDLQGHSHQGHQWHp
DHPLVVmRGHSDUHFHUVREUHDVGHPRQVWUDo}HVFRQWiEHLV
%  D DXGLWRULD LQWHUQD VH SUHRFXSD HP DYDOLDU RV PpWRGRV H DV WpFQLFDV
XWLOL]DGDVSHODFRQWDELOLGDGHHQTXDQWRDDXGLWRULDH[WHUQDFXLGDGHUHYLVDU
RVODQoDPHQWRVHGHPRQVWUDo}HVFRQWiEHLV
& DDWXDomRGHDPEDVQmRGLIHUHQDHVVrQFLDXPDYH]TXHRVREMHWLYRVGD
DYDOLDomRpVHPSUHDFRQWDELOLGDGH
'  D DXGLWRULD LQWHUQD FXLGD HP YHULILFDU RV DVSHFWRV ILQDQFHLURV GD
HQWLGDGH HQTXDQWR D DXGLWRULD H[WHUQD VH SUHRFXSD FRP RV SDUHFHUHV D
UHVSHLWRGDVGHPRQVWUDo}HVFRQWiEHLV
(  R REMHWLYR GD DXGLWRULD LQWHUQD p SURGX]LU UHODWyULRV GHPRQVWUDQGR DV
IDOKDV H GHILFLrQFLDV GRV SURFHVVRV DGPLQLVWUDWLYRV H RV GD DXGLWRULD
H[WHUQDpHPLWLUSDUHFHUVREUHDH[HFXomRFRQWiELOHILQDQFHLUDGDHQWLGDGH

&RPHQWiULRV
 3HVVRDOHVVDpXPDWtSLFDTXHVWmRGHSURYDTXDQGRRDVVXQWRpD
GLIHUHQFLDomRHQWUHDXGLWRULDLQWHUQDHH[WHUQD3DUDUHVSRQGrODQmRHUD
QHFHVViULRXPFRQKHFLPHQWRPDLVSURIXQGRGDVSULQFLSDLVGLIHUHQoDVHQWUH
HVVHV GRLV WLSRV GH DXGLWRULD PDV DSHQDV R HQWHQGLPHQWR GRV VHXV
REMHWLYRV
 6HJXQGRD1%&7$RREMHWLYRGDDXGLWRULDpDXPHQWDURJUDXGH
FRQILDQoD QDV GHPRQVWUDo}HV FRQWiEHLV SRU SDUWH GRV XVXiULRV ,VVR p
DOFDQoDGRPHGLDQWHDH[SUHVVmRGHXPDRSLQLmRSHORDXGLWRUVREUHVH
DV GHPRQVWUDo}HV FRQWiEHLV IRUDP HODERUDGDV HP WRGRV RV DVSHFWRV
UHOHYDQWHV HP FRQIRUPLGDGH FRP XPD HVWUXWXUD GH UHODWyULR ILQDQFHLUR
DSOLFiYHO
 -iDDXGLWRULDLQWHUQD 1%&7, FRPSUHHQGHRVH[DPHVDQiOLVHV
DYDOLDo}HV OHYDQWDPHQWRV H FRPSURYDo}HV PHWRGRORJLFDPHQWH
HVWUXWXUDGRV SDUD D DYDOLDomR GD LQWHJULGDGH DGHTXDomR HILFiFLD
HILFLrQFLDHHFRQRPLFLGDGHGRVSURFHVVRVGRVVLVWHPDVGHLQIRUPDo}HVH
GH FRQWUROHV LQWHUQRV LQWHJUDGRV DR DPELHQWH H GH JHUHQFLDPHQWR GH
ULVFRV FRP YLVWDV D DVVLVWLU j DGPLQLVWUDomR GD HQWLGDGH QR
FXPSULPHQWRGHVHXVREMHWLYRV
WZ& 



d^

d
WZ&
 3RUWDQWRSHVVRDODSDUWLUGHDJRUDQmRGiSUDHUUDU


$XGLWRULD,QWHUQD $VVHVVRUDDDGPLQLVWUDomR

2SLQDVREUHDVGHPRQVWUDo}HV
$XGLWRULD([WHUQD
FRQWiEHLV


 'HVVDIRUPDD~QLFDDOWHUQDWLYDTXHGHPRQVWUDGDIRUPDFRUUHWDH
FRPSOHWD RV SULQFLSDLV REMHWLYRV GHVVDV GXDV DXGLWRULDV p D OHWUD D
UHVVDOYDQGRDSHQDVTXHRSURGXWRILQDOGRDXGLWRULQGHSHQGHQWHDJRUDp
FKDPDGRGH5HODWyULRHQmRPDLVGH3DUHFHU
 $DOWHUQDWLYDEHVWiHUUDGDSRLVDDXGLWRULDH[WHUQDQmRUHYLVDRV
ODQoDPHQWRVGDVGHPRQVWUDo}HVFRQWiEHLVDSHQDVHPLWHXPDRSLQLmRHD
DXGLWRULD LQWHUQD WHP XPD IXQomR PXLWR PDLV DPSOD GR TXH DYDOLDU DV
WpFQLFDVXWLOL]DGDVSHODFRQWDELOLGDGH
 $ OHWUD F HVWi LQFRUUHWD SRLV RV REMHWLYRV GHVVHV GRLV WLSRV GH
DXGLWRULDVmREHPGLVWLQWRV
 $ DXGLWRULD LQWHUQD QmR FXLGD DSHQDV GRV DVSHFWRV ILQDQFHLURV GD
HQWLGDGHFRQIRUPHYHULILFDPRVDSDUWLUGHVXDGHILQLomR3RUWDQWRDOHWUD
GWDPEpPHVWiHUUDGD
 3RUILPDOHWUDHHVWiLQFRUUHWDSRLVRUHVSRQViYHOSULPiULRSHOD
SUHYHQomRHGHWHFomRGHHUURVIDOKDVHIUDXGHVpDSUySULDDGPLQLVWUDomR
H QmR D DXGLWRULD LQWHUQD 'HVVD IRUPD VHX REMHWLYR QmR p HPLWLU XP
UHODWyULR DSRQWDQGR DV IDOKDV H GHILFLrQFLDV H VLP HPLWLU XP UHODWyULR
DYDOLDQGR RV SURFHVVRV DGPLQLVWUDWLYRV H RSHUDFLRQDLV GD HPSUHVD TXH
SRGHPRXQmRDSUHVHQWDUHUURV
5HVSRVWD$

 (6$)5(&(,7$)('(5$/ &RPUHODomRDRVUHODWyULRV
GHDXGLWRULDLQWHUQDSRGHVHDILUPDUTXH
$  SRGHP FRQVLGHUDU SRVLo}HV GH LQWHUHVVH GD DGPLQLVWUDomR H GRV
JHVWRUHVVHQGRFRQGX]LGRVDRVLQWHUHVVHVGHVVHV
%  GHYHP HVWDU GLVSRQtYHLV D TXDOTXHU DGPLQLVWUDGRU GD HPSUHVD VHP
UHVWULomR
& SRGHPUHODWDUSDUFLDOPHQWHRVULVFRVDVVRFLDGRVDRVSRVVtYHLVSRQWRVD
VHUHPOHYDQWDGRVSHODDXGLWRULDH[WHUQD
'  VRPHQWH GHYHP VHU HPLWLGRV DQWHV GR ILQDO GRV WUDEDOKRV TXDQGR
KRXYHULUUHJXODULGDGHVTXHUHTXHLUDPDo}HVLPHGLDWDV
( QmRGHYHPVHUHPLWLGRVDQWHVGRILQDOGRVWUDEDOKRVSRUQmRSRVVXtUHP
LQIRUPDo}HVFRPSOHWDV

&RPHQWiULRV

WZ& 



d^

d
WZ&
 6HJXQGRRLWHPGD1%&7,RUHODWyULRpRGRFXPHQWRSHOR
TXDOD$XGLWRULD,QWHUQDDSUHVHQWDRUHVXOWDGRGRVVHXVWUDEDOKRVGHYHQGR
VHU UHGLJLGR FRP REMHWLYLGDGH H LPSDUFLDOLGDGH GH IRUPD D H[SUHVVDU
FODUDPHQWH VXDV FRQFOXV}HV UHFRPHQGDo}HV H SURYLGrQFLDV D VHUHP
WRPDGDV SHOD DGPLQLVWUDomR GD HQWLGDGH *ULIHL  'HVVD IRUPD D
DOWHUQDWLYD D HVWi HUUDGD SRLV R DXGLWRU LQWHUQR GHYH VHU LPSDUFLDO HP
VHXWUDEDOKR
 $PHVPDQRUPDGHWHUPLQDTXHRUHODWyULRGD$XGLWRULD,QWHUQDGHYH
VHU DSUHVHQWDGR D TXHP WHQKD VROLFLWDGR R WUDEDOKR RX D TXHP HVWH
DXWRUL]DU GHYHQGR VHU SUHVHUYDGD D FRQILGHQFLDOLGDGH GR VHX FRQWH~GR
GHYHQGRSRUWDQWRDOHWUDEVHUFRQVLGHUDGDLQFRUUHWD
 3RU ILP D QRUPD VXSUDFLWDGD LQGLFD TXH D $XGLWRULD ,QWHUQD GHYH
DYDOLDU D QHFHVVLGDGH GH HPLVVmR GH UHODWyULR SDUFLDO QD KLSyWHVH GH
FRQVWDWDU LPSURSULHGDGHVLUUHJXODULGDGHV LOHJDOLGDGHV TXH QHFHVVLWHP
SURYLGrQFLDV LPHGLDWDV GD DGPLQLVWUDomR GD HQWLGDGH H TXH QmRSRVVDP
DJXDUGDU R ILQDO GRV H[DPHV 'HVWH PRGR D DOWHUQDWLYD F H H HVWmR
HUUDGDVHDOHWUDGFRUUHVSRQGHH[DWDPHQWHjRSRUWXQLGDGHHPTXHGHYH
VHUHPLWLGRRUHODWyULRSDUFLDO
5HVSRVWD'

  (6$)  $1$     (QWUH DV 1RUPDV %UDVLOHLUDV GH
&RQWDELOLGDGHD1%&7WUDWDGDDWLYLGDGHHGRVSURFHGLPHQWRV
GD$XGLWRULD,QWHUQD1HVVHFRQWH[WRpFRUUHWRDILUPDU
$  R UHODWyULR GR DXGLWRU LQWHUQR GHYH VHU UHGLJLGR FRP REMHWLYLGDGH H
LPSDUFLDOLGDGH
% RWHUPRHUURDSOLFDVHDDWRVYROXQWiULRVGHRPLVVmRHPDQLSXODomRGH
WUDQVDo}HVHRSHUDo}HVDGXOWHUDomRGHGRFXPHQWRVUHJLVWURVUHODWyULRVH
GHPRQVWUDo}HVFRQWiEHLV
& SDUDGDUVXSRUWHDRVUHVXOWDGRVGHVHXWUDEDOKRRDXGLWRULQWHUQRGHYH
VHYDOHUXQLFDPHQWHGDDQiOLVHHLQWHUSUHWDomRGDVLQIRUPDo}HVFRQWiEHLV
' RWHUPRIUDXGHDSOLFDVHDDWRVLQYROXQWiULRVGHRPLVVmRGHVDWHQomR
GHVFRQKHFLPHQWRRXPiLQWHUSUHWDomRGHIDWRVQDHODERUDomRGHUHJLVWURV
HGHPRQVWUDo}HVFRQWiEHLV
(  R XVR GH WpFQLFDV GH DPRVWUDJHP HVWDWtVWLFD p YHGDGR QD DXGLWRULD
LQWHUQD

&RPHQWiULRV
 2UHODWyULRpRGRFXPHQWRSHORTXDOD$XGLWRULD,QWHUQDDSUHVHQWDR
UHVXOWDGR GRV VHXV WUDEDOKRV GHYHQGR VHU UHGLJLGR FRP REMHWLYLGDGH H
LPSDUFLDOLGDGH GH IRUPD D H[SUHVVDU FODUDPHQWH VXDV FRQFOXV}HV
UHFRPHQGDo}HV H SURYLGrQFLDV D VHUHP WRPDGDV SHOD DGPLQLVWUDomR GD
HQWLGDGH3RUWDQWRRJDEDULWRGDTXHVWmRpDOHWUDD
 $OHWUDEHGDSUHVHQWDUDPDVGHILQLo}HVGHHUURHIUDXGHGHIRUPD
LQYHUVD$VVLPSDUDWRUQiODVFRUUHWDVEDVWDVXEVWLWXLUDSDODYUDHUURSRU
IUDXGHQDOHWUDEHIUDXGHSRUHUURQDOHWUDG

WZ& 



d^

d
WZ&
 $ OHWUD F HVWi LQFRUUHWD SRLV R IRFR GR DXGLWRU LQWHUQR QmR p D
DQiOLVHGDVGHPRQVWUDo}HVFRQWiEHLVPDVDDYDOLDomRGRFRQWUROHLQWHUQR
SURFHVVRV VLVWHPDV HWF GD HQWLGDGH 3RUWDQWR LUi VH YDOHU GH WRGD D
GRFXPHQWDomR XWLOL]DGD SDUD DQDOLVDU HVVHV LWHQV SDUD GDU VXSRUWH DRV
UHVXOWDGRVGRVHXWUDEDOKR
 3RUILPDOHWUDHHVWiFRPSOHWDPHQWHHUUDGDSRLVDVVLPFRPRR
DXGLWRU H[WHUQR R DXGLWRU LQWHUQR SRGH XWLOL]DU WDQWR D DPRVWUDJHP
HVWDWtVWLFDTXDQWRDQmRHVWDWtVWLFD
5HVSRVWD$

 (6$)7&8$&( (PUHODomRjDXGLWRULDLQWHUQDSRGH
VHDILUPDUTXH
$ FRPUHODomRjVSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRQmRpVXDDWULEXLomR
DYDOLDUDHFRQRPLFLGDGHGRVSURFHVVRVYLVWRTXHRREMHWLYRGRJRYHUQRp
GHFRQWUROHLQGHSHQGHQWHGRYDORU
% pVXDDWULEXLomRDSHUIHLoRDULPSODQWDUHID]HUFXPSULUDVQRUPDVSRU
HODFULDGDVHPVXDSOHQLWXGH
& GHYHUHODWDUDVQmRFRQIRUPLGDGHVVHPHPLWLURSLQLmRRXVXJHVW}HVSDUD
TXHVHMDPIHLWDVDVFRUUHo}HVRXPHOKRULDVQHFHVViULDV
' pVHXREMHWLYRSUHYHQLUIUDXGHVRXURXERVVHQGRTXHVHPSUHTXHWLYHU
TXDLVTXHU LQGtFLRV RX FRQVWDWDo}HV GHYHUi LQIRUPDU D DGPLQLVWUDomR GH
IRUPDUHVHUYDGDHSRUHVFULWR
(  VXD IXQomR p H[FOXVLYDPHQWH GH YDOLGDU RV SURFHVVRV H WUDQVDo}HV
UHDOL]DGDVVHPWHUFRPRREMHWLYRDVVLVWLUjDGPLQLVWUDomRGDHQWLGDGHQR
FXPSULPHQWRGHVXDVDWULEXLo}HV

&RPHQWiULRV
 $DOWHUQDWLYD$HVWiLQFRUUHWDSRLVD1%&7,DILUPDTXHD$XGLWRULD
,QWHUQD p H[HUFLGD QDV SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR LQWHUQR RX
H[WHUQRHGHGLUHLWRSULYDGR GHL[DQGRFODURTXHQmRVH OLPLWDDGLVFXWLU
FRQFHLWRV H[FOXVLYRV GR VHWRU SULYDGR PDV LQFOXL DV SHVVRDV MXUtGLFDV GH
GLUHLWR S~EOLFR QmR ID]HQGR H[FOXVmR GD DQiOLVH GD HFRQRPLFLGDGH HP
UHODomRDRVHWRUS~EOLFR
 $ DOWHUQDWLYD % HVWi LQFRUUHWD SRLV DSHUIHLoRDU LPSODQWDU H ID]HU
FXPSULUDVQRUPDVLQWHUQDVGDHPSUHVDpDWULEXLomRGDDGPLQLVWUDomR
 $ DOWHUQDWLYD & HVWi LQFRUUHWD SRLV GHQWUR GH VXD ILQDOLGDGH GH
DX[LOLDU D DGPLQLVWUDomR QR FXPSULPHQWR GH VHXV REMHWLYRV D DXGLWRULD
LQWHUQDGHYHHPLWLURSLQLmRRXVXJHVW}HVSDUDTXHVHMDPIHLWDVDVFRUUHo}HV
RXPHOKRULDVQHFHVViULDVDRGHVHPSHQKRGDDGPLQLVWUDomR
 $ DOWHUQDWLYD ' HVWi FRUUHWD SRLV XP SRQWR TXH PHUHFH GHVWDTXH
TXDQWR jV IXQo}HV GD $XGLWRULD ,QWHUQD p R UHODFLRQDGR j SUHYHQomR GH
IUDXGHV H HUURV 'H DFRUGR FRP D 1%& 7,  p DWULEXLomR GD $XGLWRULD
,QWHUQDDVVHVVRUDUDDGPLQLVWUDomRGDHQWLGDGHQHVVHVHQWLGRLQIRUPDQGR
D VHPSUH SRU HVFULWR H GH PDQHLUD UHVHUYDGD TXDLVTXHU LQGtFLRV GH
LUUHJXODULGDGHV GHWHFWDGDV QR GHFRUUHU GR WUDEDOKR 2 TXH PDLV QRV

WZ& 



d^

d
WZ&
LQWHUHVVDQHVVHDVVXQWRpVDEHUTXHDSUHYHQomRGHIUDXGHVHHUURVQmRp
DWULEXLomRSULQFLSDOGD$XGLWRULD,QWHUQD
 $DOWHUQDWLYD(HVWiLQFRUUHWDSRLVpXPREMHWLYRGDDXGLWRULDLQWHUQD
DVVLVWLUjDGPLQLVWUDomRGDHQWLGDGHQRFXPSULPHQWRGHVXDVDWULEXLo}HV
5HVSRVWD'

 )&&7&(*2  2UHODWyULRpRGRFXPHQWRSHORTXDOD
$XGLWRULD ,QWHUQD DSUHVHQWD R UHVXOWDGR GRV VHXV WUDEDOKRV 1RV
WHUPRVGD1%&7,HQWUHRVLWHQVTXHGHYHPVHUDERUGDGRVQR
UHODWyULRHVWmR
,RVSULQFLSDLVSURFHGLPHQWRVGHDXGLWRULDDSOLFDGRVHVXDH[WHQVmR
,,RVUHVSRQViYHLVSRUHYHQWXDLVSUHMXt]RVFDXVDGRVjHQWLGDGH
,,,DFDSDFLGDGHILQDQFHLUDGDHQWLGDGHSDUDKRQUDUVHXVFRPSURPLVVRV
,9RREMHWLYRHDH[WHQVmRGRVWUDEDOKRV
9RVULVFRVDVVRFLDGRVDRVIDWRVFRQVWDWDGRV
(VWiFRUUHWRRTXHFRQVWD$3(1$6HP
$ ,,,,H,9
% ,,9H9
& ,9H9
' ,,,,H9
( ,,,H,9

&RPHQWiULRV
 6HJXQGRD1%&7,QRUHODWyULRGHDXGLWRULDLQWHUQDGHYHFRQVWDU
QRPtQLPRRVVHJXLQWHVDVSHFWRV JULIHL 
D RREMHWLYRHDH[WHQVmRGRVWUDEDOKRV
E DPHWRGRORJLDDGRWDGD
F RVSULQFLSDLVSURFHGLPHQWRVGHDXGLWRULDDSOLFDGRV
HVXDH[WHQVmR
G  HYHQWXDLV OLPLWDo}HV DR DOFDQFH GRV SURFHGLPHQWRV GH
DXGLWRULD
H  D GHVFULomR GRV IDWRV FRQVWDWDGRV H DV HYLGrQFLDV
HQFRQWUDGDV
I RVULVFRVDVVRFLDGRVDRVIDWRVFRQVWDWDGRVH
J DVFRQFOXV}HVHDVUHFRPHQGDo}HVUHVXOWDQWHVGRVIDWRV
FRQVWDWDGRV
3RUWDQWRTXHVWmROLWHUDO
5HVSRVWD%

  )&&6()$=3(   $JUHJDU YDORU DR UHVXOWDGR GD
RUJDQL]DomR DSUHVHQWDQGR VXEVtGLRV SDUD R DSHUIHLoRDPHQWR GRV
SURFHVVRV GD JHVWmR H GRV FRQWUROHV LQWHUQRV SRU PHLR GD
UHFRPHQGDomR GH VROXo}HV SDUD DV QmR FRQIRUPLGDGHV DSRQWDGDV
QRVUHODWyULRVpILQDOLGDGHGHFRUUHQWHGDDWLYLGDGH
$ GRFRQVHOKRILVFDO
% GDDXGLWRULDH[WHUQD
WZ& 



d^

d
WZ&
& GRFRQVHOKRGHDGPLQLVWUDomR
' GRFRQWUROHLQWHUQR
( GDDXGLWRULDLQWHUQD

&RPHQWiULRV
 $TXHVWmRFREURXRFRQKHFLPHQWRGDGHILQLomRGH$XGLWRULD,QWHUQD
6HJXQGR D 1%& 7,  D DWLYLGDGH GD $XGLWRULD ,QWHUQD HVWi
HVWUXWXUDGDHPSURFHGLPHQWRVFRPHQIRTXHWpFQLFRREMHWLYRVLVWHPiWLFR
H GLVFLSOLQDGR H WHP SRU ILQDOLGDGH DJUHJDU YDORU DR UHVXOWDGR GD
RUJDQL]DomR DSUHVHQWDQGR VXEVtGLRV SDUD R DSHUIHLoRDPHQWR GRV
SURFHVVRVGDJHVWmRHGRVFRQWUROHVLQWHUQRVSRUPHLRGDUHFRPHQGDomR
GHVROXo}HVSDUDDVQmRFRQIRUPLGDGHVDSRQWDGDVQRVUHODWyULRV
5HVSRVWD(

 )&&7&(56 $DWLYLGDGHTXHFRPSUHHQGHRVH[DPHV
DQiOLVHV DYDOLDo}HV OHYDQWDPHQWRV H FRPSURYDo}HV
PHWRGRORJLFDPHQWHHVWUXWXUDGRVSDUDDDYDOLDomRGDLQWHJULGDGH
DGHTXDomRHILFiFLDHILFLrQFLDHHFRQRPLFLGDGHGRVSURFHVVRVGRV
VLVWHPDV GH LQIRUPDo}HV H GH FRQWUROHV LQWHUQRV LQWHJUDGRV DR
DPELHQWH H GH JHUHQFLDPHQWR GH ULVFRV FRP YLVWDV D DVVLVWLU D
DGPLQLVWUDomR GD HQWLGDGH QR FXPSULPHQWR GH VHXV REMHWLYRV
IRUPDRFRQFHLWRGHDXGLWRULD
$ DPELHQWDO
% LQWHUQD
& FRQWiELO
' GHJHVWmR
( GHSURJUDPD

&RPHQWiULRV
 6HJXQGR R LWHP  GD 1%& 7,  D $XGLWRULD ,QWHUQD
FRPSUHHQGH RV H[DPHV DQiOLVHV DYDOLDo}HV OHYDQWDPHQWRV H
FRPSURYDo}HV PHWRGRORJLFDPHQWH HVWUXWXUDGRV SDUD D DYDOLDomR GD
LQWHJULGDGH DGHTXDomR HILFiFLD HILFLrQFLD H HFRQRPLFLGDGH GRV
SURFHVVRVGRVVLVWHPDVGHLQIRUPDo}HVHGHFRQWUROHVLQWHUQRVLQWHJUDGRV
DR DPELHQWH H GH JHUHQFLDPHQWR GH ULVFRV FRP YLVWDV D DVVLVWLU j
DGPLQLVWUDomRGDHQWLGDGHQRFXPSULPHQWRGHVHXVREMHWLYRV
5HVSRVWD%

 )&&7575HJLmR 2UHODWyULRpRGRFXPHQWRSHOR
TXDODDXGLWRULDLQWHUQDDSUHVHQWDRUHVXOWDGRGRVVHXVWUDEDOKRV
eQRUPDDWLQHQWHDRUHODWyULRTXH
$ VHMDDSUHVHQWDGRVRPHQWHjTXHOHTXHVROLFLWRX
% VHMDFRQILGHQFLDOTXDQWRjDXWRULDPDVQmRHPUHODomRDRFRQWH~GR
& VHMDPLQXFLRVRHLPSDUFLDO
'  FRQWHQKD HYHQWXDLV OLPLWDo}HV DR DOFDQFH GRV SURFHGLPHQWRV GH
DXGLWRULD
WZ& 



d^

d
WZ&
( FRQWHQKDDSHQDVDFRQFOXVmRGHYHQGRDVUHFRPHQGDo}HVVHUHPIHLWDV
HPVHSDUDGR

&RPHQWiULRV
 2UHODWyULRpRGRFXPHQWRSHORTXDOD$XGLWRULD,QWHUQDDSUHVHQWDR
UHVXOWDGRGRVVHXVWUDEDOKRVGHYHQGRVHUUHGLJLGRFRPREMHWLYLGDGH HUUR
GD OHWUD &  H LPSDUFLDOLGDGH GH IRUPD D H[SUHVVDU FODUDPHQWH VXDV
FRQFOXV}HV UHFRPHQGDo}HV H SURYLGrQFLDV HUUR GD OHWUD (  D VHUHP
WRPDGDVSHODDGPLQLVWUDomRGDHQWLGDGH
 $OpPGLVVRRUHODWyULRGD$XGLWRULD,QWHUQDGHYHVHUDSUHVHQWDGRD
TXHPWHQKDVROLFLWDGRRWUDEDOKRRXDTXHPHVWHDXWRUL]DU HUURGDOHWUD
$ GHYHQGRVHUSUHVHUYDGDDFRQILGHQFLDOLGDGHGRVHXFRQWH~GR HUUR
GDOHWUD% 
5HVSRVWD'

 )&&7&(3, $DXGLWRULDLQWHUQD
$ pH[HUFLGDSRUSURILVVLRQDOLQGHSHQGHQWH
% pUHDOL]DGDGHIRUPDSHULyGLFD
& HPLWH3DUHFHU
' RSLQDVREUHDVGHPRQVWUDo}HV&RQWiEHLV
( HPLWHUHFRPHQGDo}HVDHQWLGDGHDXGLWDGD

&RPHQWiULRV
 $VOHWUDV$%H'WUDWDPGHDWULEXWRVGDDXGLWRULDLQGHSHQGHQWH
 $ OHWUD & WDPEpP HVWi HUUDGD Mi TXH R GRFXPHQWR HPLWLGR SHOR
$XGLWRU,QWHUQRFKDPD5HODWyULR QmRp3DUHFHU 
'H TXDOTXHU IRUPD R JDEDULWR p PHVPR D OHWUD ( Mi TXH
UHFRPHQGDo}HV j HQWLGDGH DXGLWDGD QR UHODWyULR GH DXGLWRULD p XPD
FDUDFWHUtVWLFDGRDXGLWRULQWHUQR
5HVSRVWD(

 )&&75)5HJLmR 1RVWHUPRVGD5HVROXomR&)&
 D DXGLWRULD LQWHUQD p H[HUFLGD QDV SHVVRDV MXUtGLFDV GH
GLUHLWR S~EOLFR LQWHUQR H H[WHUQR H GH GLUHLWR SULYDGR e UHJUD
DWLQHQWHjDXGLWRULDLQWHUQDTXH
$  GHYHP VHU REWLGDV H DYDOLDGDV LQIRUPDo}HV FRQVLGHUDGDV DGHTXDGDV
TXH VmR DTXHODV FRQYLQFHQWHV H IDFWXDLV GH WDO IRUPD TXH XPD SHVVRD
SUXGHQWH H LQIRUPDGD SRVVD HQWHQGrOD GD PHVPD IRUPD TXH R DXGLWRU
LQWHUQR
%  R UHODWyULR p R GRFXPHQWR SHOR TXDO D DXGLWRULD LQWHUQD DSUHVHQWD R
UHVXOWDGRGRVVHXVWUDEDOKRVQmRSRGHQGRVHUSDUFLDO
& GHYHDVVHVVRUDUDDGPLQLVWUDomRGDHQWLGDGHQRWUDEDOKRGDSUHYHQomR
GHIUDXGHVHHUURVREULJDQGRVHDLQIRUPiODDLQGDTXHYHUEDOPHQWHHGH
PDQHLUDUHVHUYDGDVREUHTXDLVTXHULQGLFDo}HVGHLUUHJXODULGDGHV

WZ& 



d^

d
WZ&
'  D REWHQomR GH LQIRUPDo}HV SHUDQWH SHVVRDV ItVLFDV RX MXUtGLFDV
FRQKHFHGRUDVGDVWUDQVDo}HVHGDVRSHUDo}HVGHQWURHIRUDGDHQWLGDGH
pGHQRPLQDGDLQYHVWLJDomRHFRQILUPDomR
( DYHULILFDomRGHUHJLVWURVGRFXPHQWRVHDWRVWDQJtYHLVpSURFHGLPHQWR
GHQRPLQDGRREVHUYDomR

&RPHQWiULRV
9DPRVDRVHUURV
$$LQIRUPDomRDGHTXDGDpDTXHODTXHVHQGRFRQILiYHOSURSLFLDD
PHOKRUHYLGrQFLDDOFDQoiYHOSRUPHLRGRXVRDSURSULDGRGDVWpFQLFDVGH
$XGLWRULD ,QWHUQD $ GHILQLomR FRQVWDQWH QHVVD OHWUD p GH LQIRUPDomR
VXILFLHQWH0DVQmRVHSUHRFXSHPHVVHWHPDpDVVXQWRGHRXWUDDXOD
%$$XGLWRULD,QWHUQDGHYHDYDOLDUDQHFHVVLGDGHGHHPLVVmRGH
UHODWyULR SDUFLDO QD KLSyWHVH GH FRQVWDWDU
LPSURSULHGDGHVLUUHJXODULGDGHVLOHJDOLGDGHVTXHQHFHVVLWHPSURYLGrQFLDV
LPHGLDWDVGDDGPLQLVWUDomRGDHQWLGDGHHTXHQmRSRVVDPDJXDUGDURILQDO
GRVH[DPHV
&$$XGLWRULD,QWHUQDGHYHDVVHVVRUDUDDGPLQLVWUDomRGDHQWLGDGH
QRWUDEDOKRGH SUHYHQomRGHIUDXGHVHHUURVREULJDQGRVHDLQIRUPiOD
VHPSUHSRU HVFULWRGHPDQHLUDUHVHUYDGDVREUHTXDLVTXHU LQGtFLRVRX
FRQILUPDo}HVGHLUUHJXODULGDGHVGHWHFWDGDVQRGHFRUUHUGHVHXWUDEDOKR
'*DEDULWRGDTXHVWmRUHWLUDGRGHIRUPDOLWHUDOGRLWHP
GDQRUPD
((VVDGHILQLomRpGH,QVSHomR2EVHUYDomRpRDFRPSDQKDPHQWR
GHSURFHVVRRXSURFHGLPHQWRTXDQGRGHVXDH[HFXomR
5HVSRVWD'

 )&&75)5HJLmR 2VSURFHGLPHQWRVGHDXGLWRULD
LQWHUQD FRQVWLWXHP H[DPHV H LQYHVWLJDo}HV TXH SHUPLWHP DR
DXGLWRULQWHUQRREWHUVXEVtGLRVVXILFLHQWHVSDUDIXQGDPHQWDUVXDV
FRQFOXV}HV H UHFRPHQGDo}HV j DGPLQLVWUDomR GD HQWLGDGH 3DUD
WDQWRSRGHDSOLFDUWHVWHVTXHYLVDPWDQWRDREWHQomRGHUD]RiYHO
VHJXUDQoD GH TXH RV FRQWUROHV LQWHUQRV HVWDEHOHFLGRV SHOD
DGPLQLVWUDomR HVWmR HP HIHWLYR IXQFLRQDPHQWR FRPR D REWHQomR
GH HYLGrQFLD TXDQWR j VXILFLrQFLD H[DWLGmR H YDOLGDGH GRV GDGRV
SURGX]LGRV SHOR VLVWHPD GH LQIRUPDomR GD HQWLGDGH (VVHV WHVWHV
VmRGHQRPLQDGRVUHVSHFWLYDPHQWH
$ VXEVWDQWLYRHGHREVHUYkQFLD
% GHREVHUYkQFLDHYLVWRULD
& YLVWRULDHVXEVWDQWLYR
' VXEVWDQWLYRHYLVWRULD
( GHREVHUYkQFLDHVXEVWDQWLYR

&RPHQWiULRV
6HJXQGRD1%&7,RVWHVWHVGHREVHUYkQFLDYLVDPjREWHQomR
GH UD]RiYHO VHJXUDQoD GH TXH RV FRQWUROHV LQWHUQRV HVWDEHOHFLGRV SHOD
WZ& 



d^

d
WZ&
DGPLQLVWUDomR HVWmR HP HIHWLYR IXQFLRQDPHQWR LQFOXVLYH TXDQWR DR VHX
FXPSULPHQWR SHORV IXQFLRQiULRV H DGPLQLVWUDGRUHV GD HQWLGDGH -i RV
WHVWHVVXEVWDQWLYRVYLVDPjREWHQomRGHHYLGrQFLDTXDQWRjVXILFLrQFLD
H[DWLGmRHYDOLGDGHGRVGDGRVSURGX]LGRVSHORVVLVWHPDVGHLQIRUPDomRGD
HQWLGDGH
5HVSRVWD(

  )&&757    1RV WHUPRV GD 5HVROXomR &)& QR
 TXH WUDWD GDV QRUPDV EUDVLOHLUDV GH FRQWDELOLGDGH
UHODFLRQDGDVjDXGLWRULDLQWHUQD
$ DDQiOLVHGRVULVFRVGHDXGLWRULDLQWHUQDGHYHVHUIHLWDDSyVDHPLVVmR
GR UHODWyULR ILQDO H VHUYH FRPR UHWRUQR GH LQIRUPDo}HV SDUD LQVSHo}HV
IXWXUDV
%  DV DQiOLVHV TXH YLVDP j REWHQomR GH HYLGrQFLDV TXDQWR j VXILFLrQFLD
H[DWLGmRHYDOLGDGHGRVGDGRVSURGX]LGRVSHORVVLVWHPDVGHLQIRUPDo}HV
GDHQWLGDGHVmRFKDPDGDVGHWHVWHVGHREVHUYkQFLD
& RUHODWyULRGHDXGLWRULD LQWHUQDGHYHDERUGDUGHQWUHRXWURVSRQWRVD
PHWRGRORJLD DGRWDGD H DV OLPLWDo}HV DR DOFDQFH GRV SURFHGLPHQWRV GH
DXGLWRULD
' HPUD]mRGRVSULQFtSLRVGRVLJLORpWLFDH]HORSURILVVLRQDO QmRFDEHD
HPLVVmRGHUHODWyULRSDUFLDOGHDXGLWRULD
(  D DXGLWRULD GH SURFHVVDPHQWR HOHWU{QLFR GH GDGRV p IHLWD
LQGHSHQGHQWHPHQWH GH H[LVWLU QD HTXLSH GH DXGLWRULD LQWHUQD SURILVVLRQDO
FRPFRQKHFLPHQWRVUHODWLYRVjWHFQRORJLDGDLQIRUPDomR

&RPHQWiULRV
 $ DQiOLVH GRV ULVFRV GD $XGLWRULD ,QWHUQD GHYH VHU IHLWD QD IDVH GH
SODQHMDPHQWR GRV WUDEDOKRV H HVVHV ULVFRV HVWmR UHODFLRQDGRV j
SRVVLELOLGDGH GH QmR VH DWLQJLU GH IRUPD VDWLVIDWyULD R REMHWLYR GRV
WUDEDOKRV'HVVDIRUPDDOHWUD$HVWiHUUDGD
 -iDOHWUD%HVWiLQFRUUHWDSRLVDGHILQLomRDSUHVHQWDGDVHUHIHUHDRV
WHVWHVVXEVWDQWLYRVHQmRGHREVHUYkQFLD
 $OHWUD&pRJDEDULWRGDTXHVWmRMiTXHHVVHVVmRDOJXQVSRQWRVTXH
GHYHPVHUDERUGDGRVQRUHODWyULRILQDOGHDXGLWRULDLQWHUQD
 $ OHWUD ' WDPEpP HVWi HUUDGD SRLV XPD GDV FDUDFWHUtVWLFDV GD
DXGLWRULDLQWHUQDpDSRVVLELOLGDGHGHVHHPLWLUXPUHODWyULRSDUFLDOTXDQGR
FRQVWDWDU LPSURSULHGDGHVLUUHJXODULGDGHV LOHJDOLGDGHV TXH QHFHVVLWHP
SURYLGrQFLDV LPHGLDWDV GD DGPLQLVWUDomR GD HQWLGDGH H TXH QmRSRVVDP
DJXDUGDURILQDOGRVH[DPHV
 3RU ILP D OHWUD ( HVWi LQFRUUHWD SRLV VH R DXGLWRU QmR WHP
FRQKHFLPHQWRVHP7,QmRWHPFRPRHOHUHDOL]DUXPDDXGLWRULDGHVVHWLSR
Mi TXH XP GRV SULQFtSLRV pWLFRV p D QHFHVVLGDGH GH FRPSHWrQFLD
SURILVVLRQDO
5HVSRVWD&


WZ& 



d^

d
WZ&
 )&&'3(63 $DXGLWRULDLQWHUQDGHYHHVWDUYLQFXODGD
DRVPDLVDOWRVQtYHLVKLHUiUTXLFRVGHXPDHQWLGDGHFRPYLVWDVD
$ DWXDUHVWULWDPHQWHFRPRyUJmRILVFDOL]DGRU
%  HPLWLU SDUHFHU VREUH DV GHPRQVWUDo}HV FRQWiEHLV SDUD RV XVXiULRV
H[WHUQRV
& JDUDQWLUDXWRQRPLDHLQGHSHQGrQFLD
' SXQLURVUHVSRQViYHLVSRUHUURVQDVGHPRQVWUDo}HVFRQWiEHLV
( DSXUDUIUDXGHVHSXQLURVVXERUGLQDGRVFRPPDLRULVHQomR

&RPHQWiULRV
 2 SULQFLSDO REMHWLYR GHVVD YLQFXODomR JHUDOPHQWH DR &RQVHOKR GH
$GPLQLVWUDomR p JDUDQWLU DDXWRQRPLDHLQGHSHQGrQFLDQHFHVViULDVSDUD
UHDOL]DomRGRVWUDEDOKRVGHDXGLWRULDLQWHUQD
 $DXGLWRULDLQWHUQDQmRWHPDSHQDVIXQomRILVFDOL]DGRUDPDVWDPEpP
GH DVVHVVRUDPHQWR OHWUD $  $OpP GLVVR QmR HPLWH SDUHFHU VREUH DV
GHPRQVWUDo}HVFRQWiEHLV OHWUD% 3RUILPQmRWHPIXQomRSXQLWLYD OHWUDV
'H( 
5HVSRVWD&

  )&&  ,6663     12 p XPD DWLYLGDGH GD IXQomR GD
DXGLWRULDLQWHUQD
$ DDYDOLDomRGRSURFHVVRGHJRYHUQDQoD
% DJHVWmRGHULVFR
& RPRQLWRUDPHQWRGRFRQWUROHLQWHUQR
' RH[DPHGDVLQIRUPDo}HVFRQWiEHLVHRSHUDFLRQDLV
( DDSURYDomRGRUHODWyULRGHDXGLWRULDH[WHUQD

&RPHQWiULRV
 $ OHWUD ( JDEDULWR GD TXHVWmR QmR ID] VHQWLGR 9HMDPRV 6H D
DXGLWRULD H[WHUQD p FRQWUDWDGD SDUD HPLWLU XPD RSLQLmR LQGHSHQGHQWH
DFHUFDGDVGHPRQVWUDo}HVFRQWiEHLVQmRIDULDVHQWLGRHPWHUTXHSDVVDU
SRUDOJXPDDSURYDomRGDHPSUHVDDXGLWDGDVHMDGDDXGLWRULDLQWHUQDVHMD
GHTXDOTXHUVHWRUGDDGPLQLVWUDomR
$VRXWUDVTXDWURDOWHUQDWLYDVVHHQFDL[DPSHUIHLWDPHQWHQRTXHIRL
YLVWR FRPR IXQo}HV GH DXGLWRULD LQWHUQD QD SDUWH WHyULFD GHVWD DXOD H
IRUDPUHWLUDGDVGHIRUPDOLWHUDOGD1%&7$
5HVSRVWD(

  )&&  7&(63     (P UHODomR jV GLIHUHQoDV HQWUH D
DXGLWRULDLQWHUQDHH[WHUQDGDVGHPRQVWUDo}HVFRQWiEHLVpFRUUHWR
DILUPDU
$ $DXGLWRULDH[WHUQDpGHFRPSHWrQFLDH[FOXVLYDGHFRQWDGRUUHJLVWUDGR
QR&RQVHOKR)HGHUDOGH&RQWDELOLGDGHHQTXDQWRDDXGLWRULDLQWHUQDSRGH
VHU UHDOL]DGD SRU XP IXQFLRQiULR TXDOLILFDGR TXH UHFHED WUHLQDPHQWR
DGHTXDGRSDUDWDOILP

WZ& 



d^

d
WZ&
% 2JUDXGHDXWRQRPLDGRDXGLWRULQWHUQRpPDLRUTXHRGRDXGLWRUH[WHUQR
LQGHSHQGHQWH HP YLUWXGH GH VH UHSRUWDU GLUHWDPHQWH j FRQWURODGRULD GD
HQWLGDGH
& 2DXGLWRUH[WHUQRH[HFXWDDVDXGLWRULDVRSHUDFLRQDOHFRQWiELOHRDXGLWRU
LQWHUQRDSHQDVDFRQWiELO
'  2 DXGLWRU H[WHUQR p UHVSRQViYHO SHOR H[DPH H DYDOLDomR GR FRQWUROH
LQWHUQR GD HQWLGDGH FDEHQGR DR DXGLWRU LQWHUQR DSHQDV LPSOHPHQWDU DV
PRGLILFDo}HVMXOJDGDVQHFHVViULDVSHORDXGLWRUH[WHUQRSDUDRVHXFRUUHWR
IXQFLRQDPHQWR
(  5HJUD JHUDO RV UHODWyULRV GR DXGLWRU LQWHUQR VmR GH XVR H[FOXVLYR GD
DGPLQLVWUDomR GD HQWLGDGH HQTXDQWR RV HODERUDGRV SHOR DXGLWRU
LQGHSHQGHQWHVmRGHVWLQDGRVWDPEpPDRVXVXiULRVH[WHUQRVGDLQIRUPDomR
FRQWiELO

&RPHQWiULRV
 $OHWUD $HVWiLQFRUUHWDSRLVRUHJLVWURGRFRQWDGRUp QR&RQVHOKR
5(*,21$/ GH &RQWDELOLGDGH H QmR QR )('(5$/ &XLGDGR FRP HVVDV
SHJDGLQKDV &DVR QmR WLYHVVH HVVH HUUR D VHJXQGD SDUWH GD TXHVWmR Gi
PDUJHP SDUD TXHVWLRQDPHQWRV Mi TXH D SULQFtSLR R DXGLWRU LQWHUQR Vy
SUHFLVDVHUFRQWDGRUVHHVWLYHUUHDOL]DQGRDXGLWRULDFRQWiELO
 $ DOWHUQDWLYD % WDPEpP HVWi HUUDGD SRLV R JUDX GH DXWRQRPLD GR
DXGLWRU LQWHUQR p PHQRU GR TXH D GR DXGLWRU H[WHUQR $OpP GLVVR D
DXGLWRULD LQWHUQD GHYH HVWDU OLJDGD j DOWD DGPLQLVWUDomR H QmR j
FRQWURODGRULD
 &RQIRUPH YLVWR QR TXDGUR FRPSDUDWLYR R DXGLWRU H[WHUQR H[HFXWD
DXGLWRULDFRQWiELOHRDXGLWRULQWHUQRFRQWiELOHRSHUDFLRQDOGHQWUHRXWUDV
 (PERUD R DXGLWRU H[WHUQR IDoD DYDOLDomR GR FRQWUROH LQWHUQR SDUD
GHILQLURYROXPHGHVHXVSURFHGLPHQWRVVXEVWDQWLYRVpRDXGLWRULQWHUQR
TXH WHP HVVD UHVSRQVDELOLGDGH $OpP GLVVR TXHP LPSOHPHQWD DV
UHFRPHQGDo}HVIHLWDVSHORDXGLWRULQWHUQRpDSUySULDHPSUHVD
5HVSRVWD(

  )&&  75(&(     e FRUUHWR DILUPDU FRP UHODomR DRV
REMHWLYRVGDDXGLWRULDLQWHUQDTXH
$ RVREMHWLYRVQmRYDULDPHLQGHSHQGHQWHGRWDPDQKRGDHPSUHVDRXGR
TXDGURIXQFLRQDOGHYHPFREULUWRWDOPHQWHDVDWLYLGDGHV
% pWRWDOPHQWHUHVSRQViYHOSHODJHVWmRGHULVFRVJDUDQWLQGRjJHVWmRH
JRYHUQDQoDGDHPSUHVDDPLWLJDomRRXHOLPLQDomRGRVPHVPRV
& HVWiVXERUGLQDGDDRVyUJmRVGHJRYHUQDQoDGDHPSUHVDVHQGROLPLWDGD
VREUH D SRVVLELOLGDGH GH DYDOLDU DV TXHVW}HV GH RUGHP pWLFD YDORUHV H
FXPSULPHQWRGHVXDVIXQo}HV
'  HOD SRGH VHU UHVSRQViYHO SRU UHYLVDU D HFRQRPLD HILFLrQFLDH HILFiFLD
GDVDWLYLGDGHVRSHUDFLRQDLVLQFOXLQGRDVDWLYLGDGHVQmRILQDQFHLUDVGHXPD
HQWLGDGH

WZ& 



d^

d
WZ&
( VXDVDWULEXLo}HVFRPUHODomRDRFXPSULPHQWRGHOHLVHQRUPDVOLPLWDP
VH D DTXHODV SHUWLQHQWHV j iUHD FRQWiELO H ILQDQFHLUD ILFDQGR DV GHPDLV
QRUPDVHOHLVVREUHVSRQVDELOLGDGHGDViUHDVHVSHFtILFDV

&RPHQWiULRV
 $ FDSDFLGDGH RSHUDFLRQDO GH WUDEDOKR GD DXGLWRULD LQWHUQD LUi
GHSHQGHUGRVHXTXDGURIXQFLRQDOSRUWDQWRDOHWUD$HVWiLQFRUUHWD
 2UHVSRQViYHOSULPiULRSHODJHVWmRGHULVFRVpRSUySULRJHVWRU&DEH
DRDXGLWRULQWHUQRDYDOLDUHVVDJHVWmR3RULVVRDDOWHUQDWLYD%HVWiHUUDGD
 $ OHWUD & HVWi LQFRUUHWD SRLV R DXGLWRU LQWHUQR SRGH DYDOLDU DV
TXHVW}HV GH RUGHP pWLFD YDORUHV H FXPSULPHQWR GH VXDV IXQo}HV
LQGHSHQGHQWHPHQWHGHHVWDUOLJDGRjDOWDDGPLQLVWUDomR
 3RU ILP D OHWUD ( WDPEpP HVWi HUUDGD SRLV YLPRV TXH DOpP GH
DXGLWRULDFRQWiELORDXGLWRULQWHUQRWDPEpPUHDOL]DDXGLWRULDVRSHUDFLRQDLV
GHQWUHRXWUDV
5HVSRVWD'

 )&&6()$=63 2WUDEDOKRGDDXGLWRULDLQWHUQD
$ WHPPDLRULQGHSHQGrQFLDTXHRGHDXGLWRULDH[WHUQD
%  p UHVSRQViYHO SHOD LPSODQWDomR H SHOR FXPSULPHQWR GRV FRQWUROHV
LQWHUQRV
& GHYHHVWDUVXERUGLQDGRDRGD&RQWURODGRULDGDHPSUHVD
'  GHYH HPLWLU SDUHFHU TXH VHUi SXEOLFDGR FRP DV GHPRQVWUDo}HV
FRQWiEHLV
( GHYHHIHWXDUDUHYLVmRHRDSHUIHLoRDPHQWRGRVFRQWUROHVLQWHUQRV

&RPHQWiULRV
 $ )XQGDomR &DUORV &KDJDV SURFXURX YHULILFDU R FRQKHFLPHQWR GR
FDQGLGDWRDFHUFDGDDXGLWRULDLQWHUQDPDVWDPEpP GDV GLIHUHQoDVHQWUH
HVWDHDDXGLWRULDLQGHSHQGHQWH
 $OHWUDDHVWiLQFRUUHWDSRLVDPEDVWrPLQGHSHQGrQFLDHPERUDD
GD DXGLWRULD LQGHSHQGHQWH VHMD FRQVLGHUDGD PDLRU SRU QmR WHU YtQFXOR
HPSUHJDWtFLRFRPDHQWLGDGHDXGLWDGD
 $ DOWHUQDWLYD E WDPEpP HVWi HUUDGD Mi TXH D LPSODQWDomR H
FXPSULPHQWR GRV FRQWUROHV LQWHUQRV VmR GH UHVSRQVDELOLGDGH GD SUySULD
DGPLQLVWUDomRHQmRGDDXGLWRULDLQWHUQD
 $ OHWUD F p IDOVD SRUTXH D DXGLWRULD LQWHUQD GHYH HVWDU OLJDGD
GLUHWDPHQWHjPDLVDOWDDGPLQLVWUDomRGDHQWLGDGHHQmRj&RQWURODGRULD
SDUD TXH QmR KDMD QHQKXPD LQIOXrQFLD QRV UHVXOWDGRV GRV WUDEDOKRV GH
DXGLWRULDLQWHUQD
 4XHP GHYH HPLWLU 3DUHFHU DWXDOPHQWH 5HODWyULR GH $XGLWRULD
,QGHSHQGHQWH  p R DXGLWRU LQGHSHQGHQWH H QmR R DXGLWRU LQWHUQR 'HVVD
IRUPDDDOWHUQDWLYDGHVWiLQFRUUHWD
 3RUILPDOHWUDHpDUHVSRVWDFHUWDMiTXHpUHVSRQVDELOLGDGHGR
DXGLWRU LQWHUQR D UHYLVmR H R DSHUIHLoRDPHQWR GRV FRQWUROHV LQWHUQRV SRU
PHLRGDVUHFRPHQGDo}HVFRQWLGDVQRUHODWyULRGRDXGLWRULQWHUQR
WZ& 



d^

d
WZ&
5HVSRVWD(

 )&&$32)363 $VDXGLWRULDVLQWHUQDVHH[WHUQDV
DWXDP HP GLIHUHQWHV JUDXV GH SURIXQGLGDGH H GH H[WHQVmR QDV
WDUHIDVGHDXGLWRULD(PERUDH[LVWDXPDFRQH[mRQRVWUDEDOKRVGH
DPEDVpIXQomRGDDXGLWRULDH[WHUQD
$  DFRPSDQKDU R FXPSULPHQWR GH QRUPDV WpFQLFDV H D SROtWLFD GH
DGPLQLVWUDomRGDHPSUHVDQDFRQVHFXomRGRVVHXVREMHWLYRV
% DYDOLDUHWHVWDURVVLVWHPDVGHFRQWUROHVLQWHUQRVHFRQWiELOHPEXVFD
GDUD]RiYHOILGHGLJQLGDGHGDVGHPRQVWUDo}HVILQDQFHLUDV
&  GHVHQYROYHU FRQWLQXDPHQWH R WUDEDOKR GH DXGLWRULD QD HPSUHVD
FRQFOXLQGRDVWDUHIDVFRPDHODERUDomRGHUHODWyULRV
'  VHJXLU DV QRUPDV H SURFHGLPHQWRV GH DXGLWRULD QD H[HFXomR GRV
WUDEDOKRVFRPJUDXGHLQGHSHQGrQFLDOLPLWDGR
( SUHYHQLUHUURVHIUDXGHVVXJHULQGRDRVDGPLQLVWUDGRUHVGDHPSUHVDRV
DMXVWHVQHFHVViULRV

&RPHQWiULRV
 1RYDPHQWH H[LJHVH GR FRQFXUVHLUR D GLVWLQomR HQWUH DXGLWRULD
LQWHUQDHH[WHUQD2VSURFHGLPHQWRVDSUHVHQWDGRVQDVDOWHUQDWLYDVDF
G H H UHIHUHPVH D IXQo}HV GD DXGLWRULD LQWHUQD $ ~QLFD RSomR TXH
DERUGDSURFHGLPHQWRVDGRWDGRVSHORVDXGLWRUHVH[WHUQRVpDOHWUDEMi
TXHRREMHWLYRGHVWHVDXGLWRUHVpH[SUHVVDURSLQLmRVREUHDILGHGLJQLGDGH
GDVGHPRQVWUDo}HVFRQWiEHLV
 &DEHUHVVDOWDUTXHD)&&WUD]QDOHWUDGRWHUPRLQGHSHQGrQFLD
OLPLWDGD $OJXPDV EDQFDV FRQVLGHUDP D DXGLWRULD LQWHUQD PHQRV
LQGHSHQGHQWH TXH D H[WHUQD RXWUDV WUDWDP HVVD LQGHSHQGrQFLD FRPR
OLPLWDGDHKiWDPEpPDTXHODVTXHSUHIHUHPXWLOL]DURWHUPRDXWRQRPLDH
QmR LQGHSHQGrQFLD TXDQGR VH UHIHUHP j DXGLWRULD LQWHUQD 3RUWDQWR
DWHQomRQDIRUPDGHFREUDQoDSHODVGLYHUVDVEDQFDV
5HVSRVWD%

 )*9,66&XLDEi 6REUHDDXGLWRULDLQWHUQDGHDFRUGR
FRP D 1%& 7,   GD $XGLWRULD ,QWHUQD DVVLQDOH D DILUPDWLYD
LQFRUUHWD
$ 'HYHVHUGRFXPHQWDGDSRUPHLRGHSDSpLVGHWUDEDOKRHODERUDGRVHP
PHLRItVLFRRXHOHWU{QLFRTXHGHYHPVHURUJDQL]DGRVHDUTXLYDGRVGHIRUPD
VLVWHPiWLFDHUDFLRQDO
% 'HYHLQFOXLUWHVWHVGHREVHUYkQFLDHWHVWHVVXEVWDQWLYRVTXHSHUPLWDP
DR DXGLWRU LQWHUQR REWHU VXEVtGLRV VXILFLHQWHV SDUD IXQGDPHQWDU VXDV
FRQFOXV}HVHUHFRPHQGDo}HVSDUDDDGPLQLVWUDomRGDHQWLGDGH
&  'HYH HPSUHJDU UHFXUVRV WHFQROyJLFRV GH SURFHVVDPHQWR GH
LQIRUPDo}HV R TXH UHTXHU SURILVVLRQDLV FRP FRQKHFLPHQWRV VXILFLHQWHV
SDUDLPSOHPHQWDURVSURFHGLPHQWRVRXRULHQWDUVXSHUYLVLRQDUHUHYLVDURV
WUDEDOKRVGHHVSHFLDOLVWDV

WZ& 



d^

d
WZ&
' 'HYHDYDOLDUDQHFHVVLGDGHGHHPLVVmRGHUHODWyULRSDUFLDOQDKLSyWHVH
GH FRQVWDWDU LPSURSULHGDGHV LUUHJXODULGDGHV RX LOHJDOLGDGHV TXH H[LMDP
SURYLGrQFLDV LPHGLDWDV GD DGPLQLVWUDomR GD HQWLGDGH H TXH QmR SRVVDP
DJXDUGDURILQDOGRVH[DPHV
( 'HYHDVVHVVRUDUDDGPLQLVWUDomRGDHQWLGDGHQRWUDEDOKRGHSUHYHQomR
GH IUDXGHV H HUURV REULJDQGRVH D GLYXOJDU SDUD RV IXQFLRQiULRV GD
HPSUHVD SRU PHLR HOHWU{QLFR TXDLVTXHU LQGtFLRV RX FRQILUPDo}HV GH
LUUHJXODULGDGHVGHWHFWDGDVQRGHFRUUHUGHVHXWUDEDOKR

&RPHQWiULRV
  6HJXQGR D 1%& 7,  D $XGLWRULD ,QWHUQD GHYH DVVHVVRUDU D
DGPLQLVWUDomRGDHQWLGDGHQRWUDEDOKRGHSUHYHQomRGHIUDXGHVHHUURV
REULJDQGRVHDLQIRUPiODVHPSUHSRUHVFULWRGHPDQHLUDUHVHUYDGD
VREUHTXDLVTXHULQGtFLRVRXFRQILUPDo}HVGHLUUHJXODULGDGHVGHWHFWDGDVQR
GHFRUUHUGHVHXWUDEDOKR
5HVSRVWD(

 )*9'3(5- 6REUHRUHODFLRQDPHQWRSURILVVLRQDOGR
DXGLWRULQWHUQRFRPSURILVVLRQDLVGHRXWUDViUHDVpFRUUHWRDILUPDU
TXH
$ RDXGLWRU LQWHUQRSRGHUHDOL]DUWUDEDOKRVGHIRUPDFRPSDUWLOKDGDFRP
SURILVVLRQDLVGHRXWUDViUHDVVLWXDomRHPTXHDHTXLSHIDUiDGLYLVmRGH
WDUHIDVVHJXQGRDKDELOLWDomRWpFQLFDHOHJDOGRVVHXVSDUWLFLSDQWHV
% RDXGLWRULQWHUQRVHPSUHGHYHUHDOL]DUWUDEDOKRVFRPHTXLSHVGLVWLQWDV
GHIRUPDDDPSOLDUDRPi[LPRRHVFRSRGRVWUDEDOKRVHDVVLPGLPLQXLUD
SRVVLELOLGDGHGHIUDXGHV
& RDXGLWRULQWHUQRHPQHQKXPDKLSyWHVHSRGHVHHQYROYHUHPWUDEDOKRV
FRQMXQWRVFRPRXWUDVHTXLSHVHiUHDVSRLVGHYHUHVJXDUGDUDVWpFQLFDVH
SURFHGLPHQWRV GRV WUDEDOKRV GH IRUPD D PDQWHU RV WHVWHV UHDOL]DGRV
HILFD]HVFRQWUDIUDXGHV
'  WRGRV RV WUDEDOKRV GD DXGLWRULD LQWHUQD HODERUDGRV FRP RXWUDV iUHDV
GHYHP VHU REULJDWRULDPHQWH FRRUGHQDGRV SHORV DXGLWRUHV LQWHUQRV H R
UHODWyULRILQDOGHYHILFDUUHVWULWRjiUHDGHDXGLWRULDLQWHUQDHDR&RQVHOKR
GH$GPLQLVWUDomRGDHQWLGDGH
( RVDXGLWRUHVVyUHDOL]DPWUDEDOKRVFRQMXQWRVFRPRXWUDViUHDVTXDQGR
VmRFRQYLGDGRVHVRERULHQWDomRGR&RPLWrGH$XGLWRULD

&RPHQWiULRV
 9DPRVDRVHUURV
 %$UHDOL]DomRGHWUDEDOKRVFRPHTXLSHVGLVWLQWDVDOpPGHQmRVHU
REULJDWyULD QmR LQGLFD QHFHVVDULDPHQWH XPD DPSOLDomR QR HVFRSR GRV
WUDEDOKRVQHPGLPLQXLDSRVVLELOLGDGHGHIUDXGHV
 &  &RQIRUPH YLVWR QD OHWUD $ JDEDULWR GD TXHVWmR HOH SRGH VLP
WUDEDOKDUHPFRQMXQWRFRPRXWUDVHTXLSHV
 '  2 UHODWyULR ILQDO WDPEpP p HQYLDGR j iUHD DXGLWDGD SDUD DV
PHGLGDVFRUUHWLYDVFDEtYHLV
WZ& 



d^

d
WZ&
 (1mR3RGHSDUWLUGHLQLFLDWLYDGDSUySULDDXGLWRULDLQWHUQD
5HVSRVWD$

  )*968'(1(   4XDQWR j DXGLWRULD DQDOLVH DV
DILUPDWLYDVDVHJXLU
, $ DXGLWRULD LQWHUQD DSUHVHQWD FRPR XP GH VHXV REMHWLYRV DYDOLDU D
QHFHVVLGDGHGHQRYDVQRUPDVLQWHUQDVRXGHPRGLILFDomRGDVMiH[LVWHQWHV
,, 2 FRQWUROH LQWHUQR QmR DSUHVHQWD OLPLWDo}HV RX UHVWULo}HV SDUD D
H[HFXomRGHVXDVDWLYLGDGHVSRUID]HUSDUWHGRFRUSRIXQFLRQDOGRSUySULR
yUJmRFRQWURODGR
,,,0HVPRTXHDHQWLGDGHWHQKDXPH[FHOHQWHFRQWUROHLQWHUQRRDXGLWRU
LQGHSHQGHQWHGHYHH[HFXWDUSURFHGLPHQWRVPtQLPRVGHDXGLWRULD
$VVLQDOH
$ VHVRPHQWHDDILUPDWLYD,HVWLYHUFRUUHWD
% VHVRPHQWHDVDILUPDWLYDV,H,,HVWLYHUHPFRUUHWDV
& VHVRPHQWHDVDILUPDWLYDV,H,,,HVWLYHUHPFRUUHWDV
' VHVRPHQWHDVDILUPDWLYDV,,H,,,HVWLYHUHPFRUUHWDV
( VHWRGDVDVDILUPDWLYDVHVWLYHUHPFRUUHWDV

&RPHQWiULRV
 2LWHP,,HVWiHUUDGRSRLVKiOLPLWDo}HVQRFRQWUROHLQWHUQRXPDYH]
TXH p LPSOHPHQWDGR H H[HFXWDGR SRU SHVVRDV 'HVVD IRUPD TXDOTXHU
TXHVWmRTXHGLVVHUTXHRVFRQWUROHVLQWHUQRVVmRLQIDOtYHLVRXDOJRSDUHFLGR
HVWDUi LQFRUUHWD 2V FRQWUROHV SRU PHOKRUHV TXH VHMDP Vy IRUQHFHP
VHJXUDQoDUD]RiYHO
5HVSRVWD&

 )*97&(%$ $ILQDOLGDGHGHFRPXQLFDURULVFRHR
FRQWUROH SDUD DV iUHDV DSURSULDGDV GD RUJDQL]DomR j DOWD
DGPLQLVWUDomRH[DPLQDQGRDYDOLDQGRHPRQLWRUDQGRDDGHTXDomR
H HIHWLYLGDGH GR FRQWUROH LQWHUQR GH IRUPD FRQWtQXD H FRP PDLRU
YROXPHGHWHVWHVpFRPSHWrQFLDGD
$ $XGLWRULD,QGHSHQGHQWH
% $XGLWRULD,QWHUQD
& $XGLWRULD2SHUDFLRQDO
' $XGLWRULD&RQWiELO
( $XGLWRULDGH*HVWmR

&RPHQWiULRV
 $OJXPDV SDODYUDV QR FDSXW GD TXHVWmR Mi QRV GmR D LGHLD GH TXH
HVWDPRVIDODQGRGHDXGLWRULDLQWHUQDWDLVFRPRDYDOLDQGRDHIHWLYLGDGHGR
FRQWUROHLQWHUQRIRUPDFRQWtQXDPDLRUYROXPHGHWHVWHV
5HVSRVWD%

 )*9,1($5- $VVLQDOHDDOWHUQDWLYDTXHLQGLFDXPD
FDUDFWHUtVWLFDGDDXGLWRULDLQWHUQDGHXPDRUJDQL]DomR
WZ& 



d^

d
WZ&
$  0RVWUD PDLRU JUDX GH LQGHSHQGrQFLD IXQFLRQDO VREUH DV DWLYLGDGHV
RSHUDFLRQDLV
%  (PLWH XP SDUHFHU RX RSLQLmR VREUH DV GHPRQVWUDo}HV FRQWiEHLV
DXGLWDGDV
& $WHQGHH[FOXVLYDPHQWHjVQRUPDVGHFRQWDELOLGDGHHPYLJRU
'  5HDOL]D PDLRU YROXPH GH WHVWHV VREUH RV WUDEDOKRV GH DXGLWRULDV
RSHUDFLRQDOHFRQWiELO
( 3URFXUDDSHQDVHUURVVXEVWDQFLDLVQDVGHPRQVWUDo}HVFRQWiEHLV

&RPHQWiULRV
 (P TXHVW}HV GHVVH WLSR HPERUD D EDQFD QmR GHL[H FODUR KDYHUi
VHPSUHXPDFRPSDUDomRHQWUHDXGLWRULDLQWHUQDHH[WHUQD1HVVHVHQWLGR
YDPRVDRVFRPHQWiULRV
 $2DXGLWRULQWHUQRWHPJUDXGHLQGHSHQGrQFLDIXQFLRQDOPHQRUGR
TXHRDXGLWRULQGHSHQGHQWHMiTXHpXPIXQFLRQiULRGDHPSUHVD
 %(VVHpRDXGLWRULQGHSHQGHQWH
 &  2 DXGLWRU LQWHUQR ID] GLYHUVRV RXWURV WUDEDOKRV QmR DSHQDV
DXGLWRULDFRQWiELOUD]mRSHODTXDOGHYHDWHQGHUDGLYHUVDVRXWUDVQRUPDV
 '(VVDVVmRDVGXDVSULQFLSDLViUHDVDXGLWDGDVSHORDXGLWRULQWHUQR
RTXHID]FRPTXHDDOWHUQDWLYDHVWHMDFRUUHWD
 (  'LVWRUo}HV UHOHYDQWHV VmR REMHWR GH YHULILFDomR GR DXGLWRU
LQGHSHQGHQWH
5HVSRVWD'

 )*96()$=5-)LVFDOGH5HQGDV 'HDFRUGRFRP
D 5HVROXomR &)& Q  DV DWLYLGDGHV LQHUHQWHV D DXGLWRULD
LQWHUQDHVWmRUHODFLRQDGDVQDVDOWHUQDWLYDVDVHJXLUjH[FHomRGH
XPD$VVLQDOHD
$ 5HYLVmRGDFRQIRUPLGDGHFRPOHLVHUHJXODPHQWRV
% 0RQLWRUDPHQWRGDDXGLWRULDH[WHUQD
& ([DPHGDVLQIRUPDo}HVFRQWiEHLVHRSHUDFLRQDLV
' 5HYLVmRGDVDWLYLGDGHVRSHUDFLRQDLV
( *HVWmRGHULVFR

&RPHQWiULRV
 1HVWDTXHVWmRD)*9FREURXH[SOLFLWDPHQWHD1%&7$TXHWUDWD
GD XWLOL]DomR GR WUDEDOKR GH DXGLWRULD LQWHUQD 6HJXQGR R LWHP $ GHVVD
QRUPDDVDWLYLGDGHVGDIXQomRGHDXGLWRULDLQWHUQDSRGHPLQFOXLUXPRX
PDLVGRVLWHQVDVHJXLU
x 0RQLWRUDPHQWRGRFRQWUROHLQWHUQR
x ([DPHGDVLQIRUPDo}HVFRQWiEHLVHRSHUDFLRQDLV
x 5HYLVmRGDVDWLYLGDGHVRSHUDFLRQDLV
x 5HYLVmRGDFRQIRUPLGDGHFRPOHLVHUHJXODPHQWRV
x *HVWmRGHULVFR
x *RYHUQDQoD

WZ& 



d^

d
WZ&
 'HVVH PRGR D ~QLFD RSomR TXH QmR p FRQVLGHUDGD XPD DWLYLGDGH
LQHUHQWHjDXGLWRULDLQWHUQDpD OHWUDE MiTXHRPRQLWRUDPHQWRTXHp
UHDOL]DGR SHOR DXGLWRU LQWHUQR p R GR FRQWUROH LQWHUQR H QmR GD DXGLWRULD
H[WHUQD
5HVSRVWD%

 )*96()$=5-)LVFDOGH5HQGDV &RPUHODomRj
5HVROXomRTXHHVWDEHOHFHRVSURFHGLPHQWRVUHODFLRQDGRV
j$XGLWRULD,QWHUQDDQDOLVHDVDILUPDWLYDVDVHJXLU
, 7HP SRU ILQDOLGDGH DJUHJDU YDORU DR UHVXOWDGR GD RUJDQL]DomR
DSUHVHQWDQGRVXEVtGLRVSDUDRDSHUIHLoRDPHQWRGRVSURFHVVRVGDJHVWmR
HGRVFRQWUROHVLQWHUQRVSRUPHLRGDUHFRPHQGDomRGHVROXo}HVSDUDDV
QmRFRQIRUPLGDGHVDSRQWDGDVQRVUHODWyULRV
,,'HYHVHUGRFXPHQWDGDSRUPHLRGHSDSpLVGHWUDEDOKRHODERUDGRVHP
PHLRItVLFRRXHOHWU{QLFRTXHGHYHPVHURUJDQL]DGRVHDUTXLYDGRVGHIRUPD
VLVWHPiWLFDHUDFLRQDO
,,,'HYHDVVHVVRUDUDDGPLQLVWUDomRGDHQWLGDGHQRWUDEDOKRGHSUHYHQomR
GH IUDXGHV H HUURV REULJDQGRVH D LQIRUPiOD VHPSUH SRU HVFULWR GH
PDQHLUD UHVHUYDGD VREUH TXDLVTXHU LQGtFLRV RX FRQILUPDo}HV GH
LUUHJXODULGDGHVGHWHFWDGDVQRGHFRUUHUGHVHXWUDEDOKR
$VVLQDOH
$ VHVRPHQWHDDILUPDWLYD,,HVWLYHUFRUUHWD
% VHVRPHQWHDVDILUPDWLYDV,H,,HVWLYHUHPFRUUHWDV
& VHVRPHQWHDVDILUPDWLYDV,H,,,HVWLYHUHPFRUUHWDV
' VHVRPHQWHDVDILUPDWLYDV,,H,,,HVWLYHUHPFRUUHWDV
( VHWRGDVDVDILUPDWLYDVHVWLYHUHPFRUUHWDV

&RPHQWiULRV
 2VLWHQVGHVWDTXHVWmRIRUDPUHWLUDGRVQDtQWHJUDGD1%&7,
 2LWHP,HVWiH[DWDPHQWHFRPRGHVFULWRQRLWHPGDQRUPD
TXHHVWDEHOHFH TXHDDXGLWRULDLQWHUQDWHPSRU ILQDOLGDGHDJUHJDUYDORU
DR UHVXOWDGR GD RUJDQL]DomR DSUHVHQWDQGR VXEVtGLRV SDUD R
DSHUIHLoRDPHQWR GRV SURFHVVRV GD JHVWmR H GRV FRQWUROHV LQWHUQRV SRU
PHLRGDUHFRPHQGDomRGHVROXo}HVSDUDDVQmRFRQIRUPLGDGHVDSRQWDGDV
QRVUHODWyULRV
2LWHP,,IRLUHWLUDGRGRLWHP$$XGLWRULD,QWHUQDGHYHVHU
 GRFXPHQWDGDSRU PHLRGHSDSpLVGHWUDEDOKRHODERUDGRVHPPHLR
ItVLFR RX HOHWU{QLFR TXH GHYHP VHU RUJDQL]DGRV H DUTXLYDGRV GH IRUPD
VLVWHPiWLFDHUDFLRQDO
 3RUILPRLWHP,,,IRLWUDQVFULWRGRLWHPTXHGHWHUPLQDTXH
D DXGLWRULD LQWHUQD GHYH DVVHVVRUDU D DGPLQLVWUDomR GD HQWLGDGH QR
WUDEDOKR GH SUHYHQomR GH IUDXGHV H HUURV REULJDQGRVH D LQIRUPiOD
VHPSUH SRU HVFULWR GH PDQHLUD UHVHUYDGD VREUH TXDLVTXHU LQGtFLRV RX
FRQILUPDo}HVGHLUUHJXODULGDGHVGHWHFWDGDVQRGHFRUUHUGHVHXWUDEDOKR
5HVSRVWD(

WZ& 



d^

d
WZ&
 )*96($'$3 $QRUPDEUDVLOHLUDGHFRQWDELOLGDGH
UHODWLYDjDXGLWRULDLQWHUQD 1%&7 HVWDEHOHFHTXHDDWLYLGDGH
GD $XGLWRULD ,QWHUQD GHYH HVWDU HVWUXWXUDGD HP SURFHGLPHQWRV
WpFQLFRV REMHWLYRV VLVWHPiWLFRV H GLVFLSOLQDGRV FRP D ILQDOLGDGH
GH
$  DYDOLDU D ILGHOLGDGH IXQFLRQDO GH WRGRV TXDQWRV WHQKDP VRE VXD
UHVSRQVDELOLGDGHDJXDUGDHJHUHQFLDPHQWRGHEHQVFUpGLWRVHYDORUHVGD
HPSUHVD VHJXLQGR DV RULHQWDo}HV GRV yUJmRV JRYHUQDPHQWDLV
UHVSRQViYHLVSHODILVFDOL]DomRGHRSHUDo}HVILQDQFHLUDV
% DJUHJDUYDORUDRUHVXOWDGRGDRUJDQL]DomRDSUHVHQWDQGRVXEVtGLRVSDUD
RDSHUIHLoRDPHQWRGRVSURFHVVRVGDJHVWmRHGRVFRQWUROHVLQWHUQRVSRU
PHLRGDUHFRPHQGDomRGHVROXo}HVSDUDDVQmRFRQIRUPLGDGHVDSRQWDGDV
QRVUHODWyULRV
& YHULILFDUDVFRQIRUPLGDGHVGDVRSHUDo}HVGDHPSUHVDHPUHODomRDRV
PDQXDLVGHSURFHGLPHQWRVH[WHUQRVGDVDJrQFLDVS~EOLFDVUHJXODGRUDVGDV
DWLYLGDGHVHPSUHVDULDLV
' DYDOLDUDJHVWmRDGPLQLVWUDWLYDVRERVDVSHFWRVGDTXDOLGDGHGDVDo}HV
GD HPSUHVD HP UHODomR DR PHUFDGR SDUD FRQILUPDU D HIHWLYLGDGH GDV
SUiWLFDVDGRWDGDV
( UHVJXDUGDUDDGPLQLVWUDomRTXDQWRjVSUiWLFDVOHVLYDVDGRWDGDVSHODV
HPSUHVDVFRQFRUUHQWHVHGHQXQFLDURVDEXVRVYHULILFDGRVQRVSURFHVVRVGD
JHVWmR

&RPHQWiULRV
 $QRUPDHPYLJRUpD1%&7,TXHHVWDEHOHFHTXHDDWLYLGDGHGD
$XGLWRULD ,QWHUQD HVWi HVWUXWXUDGD HP SURFHGLPHQWRV FRP HQIRTXH
WpFQLFRREMHWLYRVLVWHPiWLFRHGLVFLSOLQDGRHWHPSRUILQDOLGDGHDJUHJDU
YDORUDRUHVXOWDGRGDRUJDQL]DomRDSUHVHQWDQGRVXEVtGLRVSDUDR
DSHUIHLoRDPHQWRGRVSURFHVVRVGDJHVWmRHGRVFRQWUROHVLQWHUQRV
SRUPHLRGDUHFRPHQGDomRGHVROXo}HVSDUDDVQmRFRQIRUPLGDGHV
DSRQWDGDVQRVUHODWyULRV
 'HVVDIRUPDTXHVWmROLWHUDO
5HVSRVWD%

 )*903(06 2DXGLWRUDRYHULILFDUVHDVQRUPDV
LQWHUQDV HVWmR VHQGR FRUUHWDPHQWH VHJXLGDV SHORV FRODERUDGRUHV
GDHPSUHVDHVWiUHDOL]DQGRXPGRVREMHWLYRVGDDXGLWRULD
$ LQWHUQD
% H[WHUQD
& RSHUDFLRQDO
' LQGHSHQGHQWH
( GHJHVWmR

&RPHQWiULRV
 eDDXGLWRULDLQWHUQDTXHWHPHVVDSUHRFXSDomRHFRPSHWrQFLDGH
YHULILFDUVHKiQRUPDVVXILFLHQWHVQDHPSUHVDSDUDRDWLQJLPHQWRGRVVHXV
WZ& 



d^

d
WZ&
REMHWLYRVHVWUDWpJLFRVWiWLFRVHRSHUDFLRQDLVEHPFRPRVHHVVDVQRUPDV
HVWmRVHQGRDSOLFDGDV
5HVSRVWD$

  &(6*5$15,2  3(752%56     &RP D FUHVFHQWH
H[SDQVmR GRV QHJyFLRV DV DGPLQLVWUDo}HV GDV HPSUHVDV
LQVWLWXtUDP R yUJmR GH DXGLWRULD LQWHUQD TXH HP PXLWRV UDPRV
WRUQRXVHXPVHWRUREULJDWyULRSRUIRUoDGHOHL$DXGLWRULDLQWHUQD
DX[LOLD D RUJDQL]DomR D DOFDQoDU VHXV REMHWLYRV DGRWDQGR XPD
DERUGDJHPVLVWHPiWLFDSDUDD
$  DYDOLDomR H PHOKRULD GD HILFiFLD GRV SURFHVVRV GH JHUHQFLDPHQWR GH
ULVFRVGHFRQWUROHHJRYHUQDQoDFRUSRUDWLYD
% DYDOLDomRGRVtQGLFHVGHOLTXLGH]HILQDQFHLURVDILPGHDVVHJXUDUDERD
VD~GHILQDQFHLUDGDHPSUHVD
& HODERUDomRGRPDSHDPHQWRRUJDQL]DFLRQDOSRUPHLRGHHQWUHYLVWDVFRP
WRGRVRVIXQFLRQiULRV
' HPLVVmRGRSDUHFHUVREUHDVGHPRQVWUDo}HVFRQWiEHLVHSXEOLFDomRHP
MRUQDOGHJUDQGHFLUFXODomR
( UHYLVmRGDVFRQWDVFRQWiEHLVSDUDHODERUDomRGREDODQoR

&RPHQWiULRV
 &RQIRUPH YLVWR DQWHULRUPHQWH VHJXQGR D 1%& 7,  D DXGLWRULD
LQWHUQD FRPSUHHQGH RV H[DPHV DQiOLVHV DYDOLDo}HV OHYDQWDPHQWRV H
FRPSURYDo}HV PHWRGRORJLFDPHQWH HVWUXWXUDGRV SDUD D DYDOLDomR GD
LQWHJULGDGH DGHTXDomR HILFiFLD HILFLrQFLD H HFRQRPLFLGDGH GRV
SURFHVVRV GRV VLVWHPDV GH LQIRUPDo}HV H GH FRQWUROHV LQWHUQRV
LQWHJUDGRV DR DPELHQWH H GH JHUHQFLDPHQWR GH ULVFRV FRP YLVWDV D
DVVLVWLU j DGPLQLVWUDomR GD HQWLGDGH QR FXPSULPHQWR GH VHXV
REMHWLYRV *ULIHL 
 'HVVD IRUPD D OHWUD D DERUGD H[DWDPHQWH DV FDUDFWHUtVWLFDV GD
DXGLWRULDLQWHUQD$VDOWHUQDWLYDVEFHHDSUHVHQWDPSURFHGLPHQWRV
TXH VmR GH UHVSRQVDELOLGDGH GD SUySULD DGPLQLVWUDomR H QmR GR DXGLWRU
LQWHUQR-iDHPLVVmRGRSDUHFHU VREUHDVGHPRQVWUDo}HVFRQWiEHLVpGH
UHVSRQVDELOLGDGHGRDXGLWRULQGHSHQGHQWH&DEHUHVVDOWDUPDLVXPDYH]
TXHD&(6*5$15,2FRQWLQXDDGRWDQGRDQRPHQFODWXUD3DUHFHUDSHVDUGH
HVVHWHUPRMiWHUVLGRVXEVWLWXtGRGHVGHTXDQGRGDHGLomRGD1%&
7$SHOR5HODWyULRGR$XGLWRU,QGHSHQGHQWH3RUWDQWRDWHQomR
5HVSRVWD$

  &(6*5$15,2  3(752%56     2 JHUHQFLDPHQWR GH
ULVFRVGHQWURGDHPSUHVDpXPDDWLYLGDGHIXQGDPHQWDOTXHVHUYLUi
GH DSRLR SDUD GLYHUVDV RXWUDV DWLYLGDGHV FRPR SODQHMDPHQWR
HVWUDWpJLFR DXGLWRULD LQWHUQD HWF 1HVVH FRQWH[WR GXUDQWH XPD
DXGLWRULDRDXGLWRULQWHUQRGHYH
$ SUHSDUDUWRGDDHVWUXWXUDGDJHVWmRGHULVFRVUHDOL]DQGRRPDSHDPHQWR
GHWRGDVDVDWLYLGDGHVFKDYHVUHODFLRQDGDVDRSURFHVVRDXGLWDGR
WZ& 



d^

d
WZ&
%  MXVWLILFDU j DOWD DGPLQLVWUDomR GD HPSUHVD RV SRQWRV OHYDQWDGRV HP
FRQVHTXrQFLDGHIDOKDVQDJHVWmRGHULVFRVGRVSURFHVVRVDXGLWDGRV
& LGHQWLILFDURWLSRGHULVFRDVVRFLDGRDRVSURFHVVRVDXGLWDGRVYHULILFDQGR
VHHVWmRFODVVLILFDGRVDGHTXDGDPHQWHTXDQWRjVXDQDWXUH]DHYLWDQGRD
RFRUUrQFLDGHGXSOLFLGDGHQRVWHVWHVGHDXGLWRULD
' DYDOLDUDDSOLFDomRGHIHUUDPHQWDVGHDOWDWHFQRORJLDTXHVmRHILFD]HV
SDUDDUHDOL]DomRGDJHVWmRGRVULVFRVDVVRFLDGRVDRVSURFHVVRVDXGLWDGRV
(  DYDOLDU H PRQLWRUDU RV ULVFRV GRV SURFHVVRV DXGLWDGRV YHULILFDQGR DV
FRQVHTXrQFLDV TXDQGR RV REMHWLYRV QmR VmR DWLQJLGRV H VH RV FRQWUROHV
DVVRFLDGRVPLWLJDPRVULVFRVH[LVWHQWHV

&RPHQWiULRV
 $ TXHVWmR WHQWD FRQIXQGLU R FDQGLGDWR FRPELQDQGR SURFHGLPHQWRV
TXHVmRGHUHVSRQVDELOLGDGHGDSUySULDDGPLQLVWUDomRGRSUySULRFRQWUROH
LQWHUQRGDHPSUHVDFRPUHVSRQVDELOLGDGHVTXHVmRGRDXGLWRULQWHUQR
 $ DOWHUQDWLYD D HVWi LQFRUUHWD SRLV TXHP HODERUD D HVWUXWXUD GH
JHVWmRGHULVFRVGRVSURFHVVRVGDHPSUHVDVmRRVJHUHQWHVGLUHWRUHVHWF
H QmR R DXGLWRU LQWHUQR R TXH QmR LPSHGH TXH R DXGLWRU LQWHUQR XWLOL]H
JHVWmR GH ULVFRV H DXGLWRULD EDVHDGD HP ULVFRV SDUD WUDoDU VHX
SODQHMDPHQWRGHDXGLWRULD
 $ OHWUD E WDPEpP HVWi HUUDGD SRLV WDPEpP VmR RV JHUHQWHV
GLUHWRUHV HWF RV UHVSRQViYHLV SRU MXVWLILFDWLYDV j DOWD DGPLQLVWUDomR GH
DOJXPDIDOKDQDJHVWmRGHULVFRV
 $ FODVVLILFDomR GH ULVFR GRV SURFHVVRV QmR WHP UHODomR FRP D
RFRUUrQFLD RX QmR GH GXSOLFLGDGH QRV WHVWHV GH DXGLWRULD $OpP GLVVR D
DYDOLDomRUHDOL]DGDSHORDXGLWRULQWHUQRpGDJHVWmRGHULVFRVGDHPSUHVD
H QmR GDV IHUUDPHQWDV GH DOWD WHFQRORJLD 3RUWDQWR DV RSo}HV F H G
HVWmRLQFRUUHWDV
 3RU ILP D DOWHUQDWLYD H DERUGD H[DWDPHQWH D PDQHLUD FRPR R
DXGLWRULQWHUQRGHYHDJLUHPUHODomRDRVULVFRVGRVSURFHVVRVDXGLWDGRV
TXHpPRQLWRUDUHVVHVULVFRVDYDOLDQGRRFRQWUROHLQWHUQRHRVUHVXOWDGRV
DOFDQoDGRV
5HVSRVWD(

 )81'$7(&&$*(56 &RPUHODomRjVIXQo}HVGH
DXGLWRULQWHUQRHDXGLWRUH[WHUQRDQDOLVHDVDOWHUQDWLYDVDEDL[RH
PDUTXHDRSomRFRUUHWD
$  2 DXGLWRU LQWHUQR HPLWH UHODWyULR SDUD D DOWD DGPLQLVWUDomR H SDUD
WHUFHLURVLQWHUHVVDGRVHQTXDQWRRDXGLWRU H[WHUQRHPLWHUHODWyULRSDUDD
DOWDDGPLQLVWUDomRGDHPSUHVDDXGLWDGD
% 7DQWRRDXGLWRULQWHUQRTXDQWRRDXGLWRUH[WHUQRVmRVXERUGLQDGRVjDOWD
DGPLQLVWUDomRGDHPSUHVDDXGLWDGD
&  7DQWR R DXGLWRU LQWHUQR TXDQWR R DXGLWRU H[WHUQR GHYHP DYDOLDU RV
FRQWUROHVLQWHUQRVHDSRVVLELOLGDGHGHRFRUUrQFLDGHIUDXGHVHHUURVTXH
DIHWHPDVGHPRQVWUDo}HVFRQWiEHLV

WZ& 



d^

d
WZ&
' $UHVSRQVDELOLGDGHSULPiULDQDGHWHFomRGHIUDXGHVHHUURVpGRDXGLWRU
H[WHUQR Mi TXH VHX UHODWyULR SRGH VHU GLUHFLRQDGR QmR Vy SDUD D DOWD
DGPLQLVWUDomRPDVWDPEpPSDUDWHUFHLURVLQWHUHVVDGRV
( 2DXGLWRUH[WHUQRSRGHVHUWHUFHLURRXIXQFLRQiULRGDHPSUHVDHQTXDQWR
RDXGLWRULQWHUQRQHFHVVDULDPHQWHSUHFLVDVHUHPSUHJDGR

&RPHQWiULRV
5HDOPHQWH WDQWR DXGLWRU LQWHUQR TXDQWR H[WHUQR GHYHP DYDOLDU RV
FRQWUROHVLQWHUQRVHDSRVVLELOLGDGHGHRFRUUrQFLDGHIUDXGHVHHUURVTXH
DIHWHPDVGHPRQVWUDo}HVFRQWiEHLV,VVRQmRTXHUGL]HU TXHHOHVVmRRV
UHVSRQViYHLVSULPiULRVSHODSUHYHQomRHLGHQWLILFDomRGH IUDXGHVHHUURV
OHWUD' 
2 UHODWyULR GR DXGLWRU LQWHUQR D SULQFtSLR p DSHQDV SDUD D SUySULD
HPSUHVDTXHHOHID]SDUWH2GRDXGLWRUH[WHUQRpSDUDDHPSUHVDHSDUD
RVXVXiULRVGDLQIRUPDomR3RUWDQWROHWUD$HVWiHUUDGD
2 DXGLWRU H[WHUQR QmR WHP QHQKXPD VXERUGLQDomR OHWUD %  H QmR
SRGHVHUIXQFLRQiULRGDHPSUHVD OHWUD( 
5HVSRVWD&

 )81'$7(&&$*(56 6HJXQGRD5HVROXomR&)&Q
 GH  TXH DSURYRX D 1%& 7,   $XGLWRULD ,QWHUQD RV
REMHWLYRVGDDXGLWRULDLQWHUQDFRPSUHHQGHP
,  $SUHVHQWDU VXEVtGLRV SDUD R DSHUIHLoRDPHQWR GRV SURFHVVRV GD
JHVWmRHGRVFRQWUROHVLQWHUQRVGDHQWLGDGHDXGLWDGD
,,  $SRQWDU DV QmR FRQIRUPLGDGHV GLDJQRVWLFDGDV H IRUQHFHU
UHFRPHQGDo}HVGHVROXo}HVSDUDHVVDVQmRFRQIRUPLGDGHV
,,,(PLWLURSLQLmRVREUHDILGHGLJQLGDGHGDVGHPRQVWUDo}HVFRQWiEHLV
4XDLVHVWmRFRUUHWDV"
$ $SHQDV,
% $SHQDV,,
& $SHQDV,H,,
' $SHQDV,H,,,
( ,,,H,,,

&RPHQWiULRV
 (PLWLU RSLQLmR VREUH D ILGHGLJQLGDGH GDV GHPRQVWUDo}HV FRQWiEHLV
QmRpIXQomRGDDXGLWRULDLQWHUQDHVLPGDH[WHUQD'HVVDIRUPDRLWHP,,,
HVWiHUUDGR
 2VLWHQV,H,,FRUUHVSRQGHPDREMHWLYRVGDDXGLWRULDLQWHUQD
5HVSRVWD&

 )81'$7(&&$*(56 'HDFRUGRFRPD1%&7*
2EMHWLYRVJHUDLVGRDXGLWRULQGHSHQGHQWHHD&RQGXomRGHXPD
DXGLWRULD HP FRQIRUPLGDGH FRP DV QRUPDV GH DXGLWRULD VmR
UHVSRQVDELOLGDGHVGRDXGLWRULQGHSHQGHQWH

WZ& 



d^

d
WZ&
,(ODERUDUDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDHVWUXWXUDGH
UHODWyULRILQDQFHLURDSOLFiYHOLQFOXLQGRTXDQGRUHOHYDQWHVXDDGHTXDGD
DSUHVHQWDomR
,,(PLWLUXPDRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVHPDQiOLVH
IRUDPRXQmRHODERUDGDVHPWRGRVRVDVSHFWRVUHOHYDQWHVGHDFRUGR
FRPDHVWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHO3DUDWDQWRGHYHREWHU
VHJXUDQoDUD]RiYHOGHTXHHVWDVGHPRQVWUDo}HVFRQWiEHLVHVWmROLYUHV
GHGLVWRUo}HVUHOHYDQWHVTXHUVHMDPSRUIUDXGHRXSRUHUUR
,,,  0DQWHU R VLVWHPD GH FRQWUROH LQWHUQR QHFHVViULR SDUD SHUPLWLU D
HODERUDomRGHGHPRQVWUDo}HVFRQWiEHLVOLYUHVGHGLVWRUo}HVUHOHYDQWHV
LQGHSHQGHQWHVHFDXVDGDVSRUIUDXGHRXHUUR
4XDLVHVWmRFRUUHWDV"
$ $SHQDV,
% $SHQDV,,
& $SHQDV,H,,
' $SHQDV,H,,,
( ,,,H,,,

&RPHQWiULRV
 $SHVDUGHRFDSXWFKDPDUD1%&7$GH1%&7*RUHVWRGD
TXHVWmRHVWiFRUUHWR
2V LWHQV , H ,,, HVWmR HUUDGRV SRLV HVVD UHVSRQVDELOLGDGH p GD
$GPLQLVWUDomRHQmRGRDXGLWRULQGHSHQGHQWH
5HVSRVWD%

  )81'$7(&  &$*(56     $FHUFD GR TXH GLVFLSOLQD D
1%& 7,   $XGLWRULD ,QWHUQD DQDOLVH DV DILUPDWLYDV DEDL[R
DVVLQDODQGR9SDUDYHUGDGHLURH)SDUDIDOVR
 $$XGLWRULD,QWHUQDpH[HUFLGDQDVSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFR
LQWHUQRHH[WHUQRHGHGLUHLWRSULYDGR
    $ $XGLWRULD ,QWHUQD GHYH VHU GRFXPHQWDGD SRU PHLR GH SDSpLV GH
WUDEDOKR HODERUDGRV HP PHLR ItVLFR RX HOHWU{QLFR TXH GHYHP VHU
RUJDQL]DGRVHDUTXLYDGRVGHIRUPDVLVWHPiWLFDHUDFLRQDO
    9LVWR TXH D DXGLWRULD LQWHUQD p DSOLFDGD GH IRUPD SHUPDQHQWH QD
HQWLGDGHQmRH[LVWHH[LJrQFLDSDUDDGRFXPHQWDomRGHXPSODQHMDPHQWR
GHDXGLWRULD
    $XGLWRULD ,QWHUQD GHYH DVVHVVRUDU D DGPLQLVWUDomR GD HQWLGDGH QR
WUDEDOKR GH SUHYHQomR GH IUDXGHV H HUURV REULJDQGRVH D LQIRUPDOD
VHPSUH SRU HVFULWR VREUH TXDLVTXHU LQGtFLRV RX FRQILUPDo}HV GH
LUUHJXODULGDGHVGHWHFWDGDVQRGHFRUUHUGHVHXWUDEDOKR
 $DQiOLVHGDVOLPLWDo}HVDRDOFDQFHGRVSURFHGLPHQWRVGHDXGLWRULD
EHPFRPRDH[WHQVmRGDUHVSRQVDELOLGDGHGRDXGLWRUQRXVRGRVWUDEDOKRV
GHHVSHFLDOLVWDVpXPDVSHFWRDVHUFRQVLGHUDGRQDDQiOLVHGHULVFRVGRV
WUDEDOKRV GR DXGLWRU H[WHUQR QmR VHQGR DSOLFiYHLV HP XP WUDEDOKR GH
DXGLWRULDLQWHUQD
$RUGHPFRUUHWDGHSUHHQFKLPHQWRGRVSDUrQWHVHVGHFLPDSDUDEDL[Rp
WZ& 



d^

d
WZ&
$ 9)99)
% 99))9
& ))999
' 99)9)
( )99))

&RPHQWiULRV
 2VLWHQV,,,H9HVWmRLQFRUUHWRVSRLVRDXGLWRULQWHUQRWDPEpPGHYH
GRFXPHQWDU VHX SODQHMDPHQWR H DV OLPLWDo}HV LQHUHQWHV DR WUDEDOKR GR
DXGLWRU LQWHUQR DVVLP FRPR DV GR DXGLWRU H[WHUQR WDPEpP GHYHP VHU
FRQVLGHUDGRVQDDQiOLVHGHULVFR
5HVSRVWD'



%RPSHVVRDOSRUKRMHpLVVR

9HMRYRFrVQDDXODHQRIyUXPGHG~YLGDV

6HJXHDSDUWLUGHDJRUDDUHODomRGHTXHVW}HVFRPHQWDGDVGXUDQWH
DDXODDILPGHTXHSRVVDPUHVROYHUFRPRXPVLPXODGR2JDEDULWR
HVWiDRILQDO

$WpDSUy[LPDDXODHERQVHVWXGRV


 

WZ& 



d^

d
WZ&





  (6$)6()$=63   6REUH D DXGLWRULD LQGHSHQGHQWH p
FRUUHWRDILUPDUTXHWHPSRUREMHWLYR
$ DX[LOLDUDDGPLQLVWUDomRGDHQWLGDGHQRFXPSULPHQWRGHVHXVREMHWLYRV
% DSUHVHQWDUVXEVtGLRVSDUDRDSHUIHLoRDPHQWRGDJHVWmRHGRVFRQWUROHV
LQWHUQRV
& HPLWLUSDUHFHUVREUHDDGHTXDomRGDVGHPRQVWUDo}HVFRQWiEHLV
' OHYDUjLQVWkQFLDGHFLVyULDHOHPHQWRVGHSURYDQHFHVViULRVDVXEVLGLDUD
MXVWDVROXomRGROLWtJLR
(  UHFRPHQGDU VROXo}HV SDUD DV QmRFRQIRUPLGDGHV DSRQWDGDV QRV
UHODWyULRV

 (6$),665HFLIH $RSomRTXHUHSUHVHQWDRREMHWLYRGD
DXGLWRULDH[WHUQDp
$ $HODERUDomRGDVQRUPDVHSURFHGLPHQWRVHFRQ{PLFRVILQDQFHLURVHGH
DXGLWRULDGDHPSUHVDDXGLWDGD
%  ([SUHVVDU XP SDOSLWH VREUH D SRVLomR SDWULPRQLDO H ILQDQFHLUD GD
HPSUHVD VHP DVVHJXUDU TXH HODV UHSUHVHQWHP DGHTXDGDPHQWH DV
RSHUDo}HVGDHPSUHVD
& $VVHJXUDUTXHDVGHPRQVWUDo}HVILQDQFHLUDVLUUHOHYDQWHVUHSUHVHQWHPD
VLWXDomRFRQWiELOILQDQFHLUDGDHPSUHVDGHIRUPDILGHGLJQD
'  2 SURFHVVR SHOR TXDO R DXGLWRU VH FHUWLILFD GH TXH DV GHPRQVWUDo}HV
ILQDQFHLUDVUHSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHV
DSRVLomRSDWULPRQLDOHILQDQFHLUDGDHPSUHVD
(  *DUDQWLU TXH WRGRV RV ODQoDPHQWRV FRQWiEHLV IRUDP HIHWXDGRV
FRUUHWDPHQWHQRVOLYURVGDHPSUHVD

 )&&&103 $HPSUHVD3ODQWLRGHUYRUHVGR1RUWH6$
FRQWUDWRX D ILUPD GH DXGLWRULD $VSHFWRV  &RQVXOWRULD SDUD
H[DPLQDU DV GHPRQVWUDo}HV FRQWiEHLV GR H[HUFtFLR GH  2
REMHWLYR GD DXGLWRULD p DXPHQWDU R JUDX GH FRQILDQoD QDV
GHPRQVWUDo}HVFRQWiEHLVSRUSDUWHGRVXVXiULRV,VVRpDOFDQoDGR
PHGLDQWHD
$  H[SUHVVmR GH XPD RSLQLmR SHOR DXGLWRU VREUH VH DV GHPRQVWUDo}HV
FRQWiEHLV IRUDP HODERUDGDV HP WRGRV RV DVSHFWRV UHOHYDQWHV HP
FRQIRUPLGDGHFRPXPDHVWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHO

WZ& 



d^

d
WZ&
% QDWXUH]DDRSRUWXQLGDGHHDH[WHQVmRGRVSURFHGLPHQWRVGHDXGLWRULD
UHDOL]DGRVSHORDXGLWRUDOLQKDGRVFRPRREMHWLYRGDDXGLWRULD
&  REWHQomR SHOR DXGLWRU GH VHJXUDQoD UD]RiYHO GH TXH DV
GHPRQVWUDo}HVFRQWiEHLVFRPRXPWRGRHVWmROLYUHVGHGLVWRUomRUHOHYDQWH
LQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHVRXHUURVGHFRQKHFLPHQWRRX
QmRGRVUHVSRQViYHLVSHODJRYHUQDQoD
' UHDOL]DomRSHORDXGLWRUGHH[DPHVQDViUHDVDWLYLGDGHVSURGXWRVH
SURFHVVRV GH IRUPD D DOFDQoDU HYLGrQFLDV DGHTXDGDV H VXILFLHQWHV SDUD
HODERUDomRGRUHODWyULRGHDXGLWRULD
( HODERUDomRGRVSURJUDPDVGHWUDEDOKRGHIRUPDDVHUYLUFRPRJXLDH
PHLR GH FRQWUROH GH H[HFXomR GR WUDEDOKR GHYHQGR VHU UHYLVDGRV H
DWXDOL]DGRVVHPSUHTXHDVFLUFXQVWkQFLDVRH[LJLUHP

 )&&6()$=3( &RQWUDWDGRSDUDUHDOL]DUDXGLWRULDQDV
GHPRQVWUDo}HVFRQWiEHLVGDHPSUHVD4XHLMRV&RDOKR6$RDXGLWRU
SDUDREWHUVHJXUDQoDUD]RiYHOHUHGX]LURULVFRGHDXGLWRULDDXP
QtYHOEDL[RDFHLWiYHOHSRVVLELOLWDUDOFDQoDUFRQFOXV}HVUD]RiYHLVH
QHODVEDVHDUDVXDRSLQLmRGHYH
$  HODERUDU RV SDSHLV GH WUDEDOKR GH DFRUGR FRP RV SURFHGLPHQWRV GH
DXGLWRULD
% REWHUHYLGrQFLDGHDXGLWRULDDSURSULDGDHVXILFLHQWH
&  SODQHMDU RV WUDEDOKRV GH DXGLWRULD WRPDQGR SRU EDVH R UHVXOWDGR GH
DXGLWRULDVDQWHULRUHV
' UHDOL]DUDDXGLWRULDGHDFRUGRFRPRVSURFHGLPHQWRVGHILQLGRV
( DYDOLDURFRQWUROHLQWHUQR

  )&&7&(56   2V PDQXDLV GH XPD PDQHLUD JHUDO
GHILQHP DXGLWRULD FRPR XP H[DPH DQDOtWLFR H SHULFLDO GDV
RSHUDo}HVFRQWiEHLVGHVGHRLQtFLRDWpREDODQoR1RVWHUPRVGD
1%&7$RREMHWLYRGDDXGLWRULDp
$ OHYDQWDULQIRUPDo}HVVXILFLHQWHVHDGHTXDGDVTXHSHUPLWDPFRPSDUDU
DVPHWDVIL[DGDVFRPRVUHVXOWDGRVDOFDQoDGRV
% FRQWURODURVSURFHGLPHQWRVFRQWiEHLVSDUDHYLWDUTXHLQIRUPDo}HVGH
LQWHUHVVHGDLQVWLWXLomRDXGLWDGDVHMDPGLYXOJDGRV
& DXPHQWDURJUDXGHFRQILDQoDGDVGHPRQVWUDo}HVFRQWiEHLVSRUSDUWH
GRVXVXiULRV
'  HVWDEHOHFHU PHWRGRORJLD SDUD DomR LQWHJUDGD GH WRGRV RV VHWRUHV GD
LQVWLWXLomRDXGLWDGD
(  DSXUDU H FRQVROLGDU LUUHJXODULGDGHV FRQWiEHLV HP UHODWyULR SDUD
VXEVLGLDUHYHQWXDOLQYHVWLJDomRGHLOtFLWRVDGPLQLVWUDWLYRVHSHQDLV

  )&&  75)  5HJLmR     2 DXGLWRU LQGHSHQGHQWH RX
H[WHUQR
$  WHP FRPR REMHWLYR SULQFLSDO D SUHYHQomR H D GHWHFomR GH IDOKDV QR
VLVWHPDGHFRQWUROHLQWHUQRGDHQWLGDGH

WZ& 



d^

d
WZ&
%  GHYH SURGX]LU UHODWyULRV TXH YLVDP DWHQGHU HP OLQKDV JHUDLV D DOWD
DGPLQLVWUDomRGDHQWLGDGHRXGLUHWRULDVHJHUrQFLDV
& WHPTXHID]HU DQiOLVH FRPDOWRQtYHOGHGHWDOKHVLQGHSHQGHQWHPHQWH
GDUHODomRFXVWREHQHItFLRSDUDPLQLPL]DURULVFRGHGHWHFomR
' GHYHSURGX]LUXPUHODWyULRRXSDUHFHUVREUHDVGHPRQVWUDo}HVFRQWiEHLV
GDHQWLGDGHDXGLWDGD
( WHPPHQRUJUDXGHLQGHSHQGrQFLDHPUHODomRjHQWLGDGHDXGLWDGDGR
TXHRDXGLWRULQWHUQR

  )&&757   $R FRQGX]LU XPD DXGLWRULD GH
GHPRQVWUDo}HV FRQWiEHLV VmR REMHWLYRV JHUDLV GR DXGLWRU REWHU
VHJXUDQoD
$ UD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVFRPRXPWRGRHVWmROLYUHV
GHGLVWRUomRUHOHYDQWHGHYLGRjIUDXGHRXHUURSRVVLELOLWDQGRTXHRDXGLWRU
H[SUHVVHRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDV
HP WRGRV RV DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP D HVWUXWXUD GH
UHODWyULRILQDQFHLURDSOLFiYHO
% UD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVFRPRXPWRGRHVWmROLYUHV
GH GLVWRUomR LUUHOHYDQWH GHYLGR D HUURV SRVVLELOLWDQGR TXH R DXGLWRU
H[SUHVVHRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDV
HP WRGRV RV DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP D HVWUXWXUD GH
SDUHFHUILQDQFHLUR
&  WRWDO GH TXH DV GHPRQVWUDo}HV FRQWiEHLV HP SDUWH HVWmR OLYUHV GH
GLVWRUomRUHOHYDQWHGHYLGRjIUDXGHRXHUURSRVVLELOLWDQGRTXHRDXGLWRU
H[SUHVVHRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDV
HP WRGRV RV DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP D HVWUXWXUD GH
UHODWyULRILQDQFHLURDSOLFiYHO
'  WRWDO GH TXH DV GHPRQVWUDo}HV FRQWiEHLV HP SDUWH HVWmR OLYUHV GH
GLVWRUomRLUUHOHYDQWHGHYLGRjIUDXGHSRVVLELOLWDQGRTXHRDXGLWRUH[SUHVVH
RSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDVHPWRGRV
RV DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP D HVWUXWXUD GH UHODWyULR
ILQDQFHLURDSOLFiYHO
( UD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVHPSDUWHHVWmROLYUHVGH
GLVWRUomRLUUHOHYDQWHGHYLGRjIUDXGHRXHUURSRVVLELOLWDQGRTXHRDXGLWRU
H[SUHVVHRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDV
HPWRGRVRVDVSHFWRVFRQVLGHUDGRVHPFRQIRUPLGDGHFRPDHVWUXWXUDGH
SDUHFHUILQDQFHLURFRQVROLGDGRGRDXGLWRULQGHSHQGHQWH

 )*9,665HFLIH 2DXGLWRUDRH[SUHVVDURSLQLmRGHTXH
DV GHPRQVWUDo}HV FRQWiEHLV IRUDP HODERUDGDV HP WRGRV RV
DVSHFWRV UHOHYDQWHV HP FRQIRUPLGDGH FRP XPD HVWUXWXUD GH
UHODWyULRILQDQFHLURDSOLFiYHOSURGX]RVHJXLQWHHIHLWR
$ UHYHODDVGLVWRUo}HVGRSODQHMDPHQWRGDDXGLWRULDGDVGHPRQVWUDo}HV
FRQWiEHLV
% UHGX]RVULVFRVGHDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLVRTXHJHUD
VHJXUDQoDSDUDRVXVXiULRV
WZ& 



d^

d
WZ&
& SURSRUFLRQDRDXPHQWRGHHYLGrQFLDVGHDXGLWRULDGDVGHPRQVWUDo}HV
FRQWiEHLV
' DXPHQWDRJUDXGHFRQILDQoDQDVGHPRQVWUDo}HVFRQWiEHLVSRUSDUWH
GRVXVXiULRV
( DVVHJXUDTXHRVREMHWLYRVRSHUDFLRQDLVGHVHMDGRVSHODDGPLQLVWUDomR
IRUDPDOFDQoDGRV

 &(6*5$15,2/,48,*6$XGLWRU 6mRREMHWLYRVJHUDLV
GRDXGLWRUDRFRQGX]LUDDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLV
$  REWHU VHJXUDQoD UD]RiYHO GH TXH DV GHPRQVWUDo}HV FRQWiEHLV HVWmR
OLYUHVGHGLVWRUomRUHOHYDQWHFDXVDGDSRUIUDXGHRXHUURSHUPLWLQGRTXHR
DXGLWRU H[SUHVVH VXD RSLQLmR VREUH D HODERUDomR GHVVDV GHPRQVWUDo}HV
FRQVRDQWHDHVWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHO
% UDVWUHDUIUDXGHVHLGHQWLILFDUVHDDSOLFDomRGRVUHFXUVRVILQDQFHLURVGD
HPSUHVD HVWi GH DFRUGR FRP DV QRUPDV LPSRVWDV SHORV yUJmRV GH
ILVFDOL]DomRHUHJXODPHQWDomR
&  DSUHVHQWDU UHODWyULR VREUH D DGPLQLVWUDomR H FRPXQLFDUVH FRQIRUPH
H[LJLGRSHODV1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH
'  LGHQWLILFDU VH D HPSUHVD DSUHVHQWD LQIRUPDo}HV QDV GHPRQVWUDo}HV
FRQWiEHLVGHDFRUGRFRPDVQRUPDVLPSRVWDVSHOR0LQLVWpULR3~EOLFR
(  FRPSURYDU VH RV DWLYRV H SDVVLYRV VRIUHUDP YDULDo}HV FRQIRUPH
HVWLSXODGRQRSODQHMDPHQWRHVWUDWpJLFRGDHPSUHVD

(P UHODomR j QDWXUH]D FDPSR GH DWXDomR H QRo}HV EiVLFDV GH
DXGLWRULDLQWHUQDHH[WHUQDMXOJXHRVLWHQVVXEVHTXHQWHV

  &(63(  $13     2 HVFRSR GRV WUDEDOKRV GR DXGLWRU
LQWHUQRGHYHVHUIL[DGRSHODJHUrQFLDFRQWXGRRWUDEDOKRGRDXGLWRU
H[WHUQRpSUHGHILQLGRQRFRQWUDWR

(P UHODomR j QDWXUH]D FDPSR GH DWXDomR H QRo}HV EiVLFDV GH
DXGLWRULDLQWHUQDHH[WHUQDMXOJXHRVLWHQVVXEVHTXHQWHV

 &(63($13 4XDQWRjQDWXUH]DGRVSURFHGLPHQWRV
UHDOL]DGRV GXUDQWH D DXGLWRULD R DXGLWRU p OLPLWDGR HP VXD
LQYHVWLJDomR SHOD SRVVLELOLGDGH GH GLVWRUomR QDV LQIRUPDo}HV
IRUQHFLGDVSHODDGPLQLVWUDomRGDDXGLWDGD

'HDFRUGRFRPDV1RUPDV%UDVLOHLUDVSDUDR([HUFtFLRGD$XGLWRULD
,QWHUQDHFRPD5HVROXomR&)&QMXOJXHRVLWHQVTXH
VHVHJXHP

 &(63()8%') 2VDXGLWRUHVLQWHUQRVDSHVDUGHVXD
VXERUGLQDomR j DGPLQLVWUDomR GD HPSUHVD H GR kPELWR GH VHX
WUDEDOKRGHYHPDGRWDUHQWUHVHXVSURFHGLPHQWRVDLQYHVWLJDomR

WZ& 



d^

d
WZ&
H D FRQILUPDomR TXH HQYROYHP SHVVRDV ItVLFDV RX MXUtGLFDV GH
GHQWURRXGHIRUDGDHQWLGDGH

  &(63()8%')   1R FDVR GH D DXGLWRULD LQWHUQD
GHWHFWDULQGtFLRVGHLUUHJXODULGDGHVQRGHFRUUHUGHVHXVWUDEDOKRV
HDYDOLDUTXHDDGPLQLVWUDomRGDHQWLGDGHGHYHDGRWDUSURYLGrQFLDV
LPHGLDWDV D DXGLWRULD GHYH ID]HU D FRPXQLFDomR SRU HVFULWR HP
FDUiWHUUHVHUYDGR

'HDFRUGRFRPDV1RUPDV%UDVLOHLUDVSDUDR([HUFtFLRGD$XGLWRULD
,QWHUQD H FRP D 5HVROXomR &)& Q  MXOJXH RV LWHQV
VHJXLQWHV

  &(63()8%')   $ DXGLWRULD LQWHUQD DOpP GH VXDV
IXQo}HV FRQYHQFLRQDLV SRGH VHU LQFXPELGD GH DYDOLDU R SURFHVVR
GHJRYHUQDQoDQRTXHGL]UHVSHLWRjUHDOL]DomRGHVHXVREMHWLYRV
GH pWLFD H YDORUHV DVVLP FRPR DWXDU QD LGHQWLILFDomR H DYDOLDomR
GDVYXOQHUDELOLGDGHVUHOHYDQWHVDULVFRV

  &(63($)7   8P GRV UHTXLVLWRV SDUD DVVHJXUDU D
QHFHVViULD LQGHSHQGrQFLD WpFQLFD DRV DXGLWRUHV LQWHUQRV p D
JDUDQWLDGHTXHQRSODQHMDPHQWRGHVHXWUDEDOKRHOHVQmRVHUmR
LQIOXHQFLDGRV SHODV RULHQWDo}HV HPDQDGDV GD DGPLQLVWUDomR GD
HQWLGDGHHHYHQWXDOPHQWHSRUVXDVH[SHFWDWLYDV

 &(63(7&8 $VDWULEXLo}HVGRVDXGLWRUHVLQWHUQRVH
H[WHUQRVGLIHUHPSRLVQRSULPHLURFDVRHVWmRIL[DGDVQRFRQWUDWR
GH WUDEDOKR FRPR HPSUHJDGR GD HPSUHVD H QR VHJXQGR QR
FRQWUDWRGHSUHVWDomRGHVHUYLoRVFRPRSURILVVLRQDORXHPSUHVD
2DXGLWRULQWHUQRWHPUHVSRQVDELOLGDGHHVVHQFLDOPHQWHWUDEDOKLVWD
RH[WHUQRUHVSRQVDELOLGDGHSURILVVLRQDOFLYLOHFULPLQDO

 &(63(%$&(1 $RVXVSHLWDUGDRFRUUrQFLDGHIUDXGH
QDHQWLGDGHVREVHXFRQWUROHRDXGLWRULQWHUQRGHYHOHYDURIDWRDR
FRQKHFLPHQWR GD DGPLQLVWUDomR GD HQWLGDGH UHDOL]DQGR HVVD
FRPXQLFDomRHPFRQYHUVDUHVHUYDGD

 &(63(%$&(1 2VDXGLWRUHVLQWHUQRVGHGHWHUPLQDGD
HQWLGDGH GHVREULJDPVH GH SUHVWDU DMXGD RX DVVHVVRUDPHQWR D
HTXLSH GH DXGLWRULD LQGHSHQGHQWH FRQWUDWDGD SDUD H[DPLQDU DV
GHPRQVWUDo}HVFRQWiEHLVGDUHIHULGDHQWLGDGH

 (6$),665- $UHVSHLWRGRVREMHWLYRVGDDXGLWRULD
LQWHUQDHGDDXGLWRULDLQGHSHQGHQWHpFRUUHWRDILUPDUTXH

WZ& 



d^

d
WZ&
$ RREMHWLYRGDDXGLWRULDLQWHUQDpDSRLDUDDGPLQLVWUDomRGDHQWLGDGHQR
FXPSULPHQWRGRVVHXVREMHWLYRVHQTXDQWRRGDDXGLWRULDLQGHSHQGHQWHp
DHPLVVmRGHSDUHFHUVREUHDVGHPRQVWUDo}HVFRQWiEHLV
%  D DXGLWRULD LQWHUQD VH SUHRFXSD HP DYDOLDU RV PpWRGRV H DV WpFQLFDV
XWLOL]DGDVSHODFRQWDELOLGDGHHQTXDQWRDDXGLWRULDH[WHUQDFXLGDGHUHYLVDU
RVODQoDPHQWRVHGHPRQVWUDo}HVFRQWiEHLV
& DDWXDomRGHDPEDVQmRGLIHUHQDHVVrQFLDXPDYH]TXHRVREMHWLYRVGD
DYDOLDomRpVHPSUHDFRQWDELOLGDGH
'  D DXGLWRULD LQWHUQD FXLGD HP YHULILFDU RV DVSHFWRV ILQDQFHLURV GD
HQWLGDGH HQTXDQWR D DXGLWRULD H[WHUQD VH SUHRFXSD FRP RV SDUHFHUHV D
UHVSHLWRGDVGHPRQVWUDo}HVFRQWiEHLV
(  R REMHWLYR GD DXGLWRULD LQWHUQD p SURGX]LU UHODWyULRV GHPRQVWUDQGR DV
IDOKDV H GHILFLrQFLDV GRV SURFHVVRV DGPLQLVWUDWLYRV H RV GD DXGLWRULD
H[WHUQDpHPLWLUSDUHFHUVREUHDH[HFXomRFRQWiELOHILQDQFHLUDGDHQWLGDGH

 (6$)5(&(,7$)('(5$/ &RPUHODomRDRVUHODWyULRV
GHDXGLWRULDLQWHUQDSRGHVHDILUPDUTXH
$  SRGHP FRQVLGHUDU SRVLo}HV GH LQWHUHVVH GD DGPLQLVWUDomR H GRV
JHVWRUHVVHQGRFRQGX]LGRVDRVLQWHUHVVHVGHVVHV
%  GHYHP HVWDU GLVSRQtYHLV D TXDOTXHU DGPLQLVWUDGRU GD HPSUHVD VHP
UHVWULomR
& SRGHPUHODWDUSDUFLDOPHQWHRVULVFRVDVVRFLDGRVDRVSRVVtYHLVSRQWRVD
VHUHPOHYDQWDGRVSHODDXGLWRULDH[WHUQD
'  VRPHQWH GHYHP VHU HPLWLGRV DQWHV GR ILQDO GRV WUDEDOKRV TXDQGR
KRXYHULUUHJXODULGDGHVTXHUHTXHLUDPDo}HVLPHGLDWDV
( QmRGHYHPVHUHPLWLGRVDQWHVGRILQDOGRVWUDEDOKRVSRUQmRSRVVXtUHP
LQIRUPDo}HVFRPSOHWDV

  (6$)  $1$     (QWUH DV 1RUPDV %UDVLOHLUDV GH
&RQWDELOLGDGHD1%&7WUDWDGDDWLYLGDGHHGRVSURFHGLPHQWRV
GD$XGLWRULD,QWHUQD1HVVHFRQWH[WRpFRUUHWRDILUPDU
$  R UHODWyULR GR DXGLWRU LQWHUQR GHYH VHU UHGLJLGR FRP REMHWLYLGDGH H
LPSDUFLDOLGDGH
% RWHUPRHUURDSOLFDVHDDWRVYROXQWiULRVGHRPLVVmRHPDQLSXODomRGH
WUDQVDo}HVHRSHUDo}HVDGXOWHUDomRGHGRFXPHQWRVUHJLVWURVUHODWyULRVH
GHPRQVWUDo}HVFRQWiEHLV
& SDUDGDUVXSRUWHDRVUHVXOWDGRVGHVHXWUDEDOKRRDXGLWRULQWHUQRGHYH
VHYDOHUXQLFDPHQWHGDDQiOLVHHLQWHUSUHWDomRGDVLQIRUPDo}HVFRQWiEHLV
' RWHUPRIUDXGHDSOLFDVHDDWRVLQYROXQWiULRVGHRPLVVmRGHVDWHQomR
GHVFRQKHFLPHQWRRXPiLQWHUSUHWDomRGHIDWRVQDHODERUDomRGHUHJLVWURV
HGHPRQVWUDo}HVFRQWiEHLV
(  R XVR GH WpFQLFDV GH DPRVWUDJHP HVWDWtVWLFD p YHGDGR QD DXGLWRULD
LQWHUQD

 (6$)7&8$&( (PUHODomRjDXGLWRULDLQWHUQDSRGH
VHDILUPDUTXH
WZ& 



d^

d
WZ&
$ FRPUHODomRjVSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRQmRpVXDDWULEXLomR
DYDOLDUDHFRQRPLFLGDGHGRVSURFHVVRVYLVWRTXHRREMHWLYRGRJRYHUQRp
GHFRQWUROHLQGHSHQGHQWHGRYDORU
% pVXDDWULEXLomRDSHUIHLoRDULPSODQWDUHID]HUFXPSULUDVQRUPDVSRU
HODFULDGDVHPVXDSOHQLWXGH
& GHYHUHODWDUDVQmRFRQIRUPLGDGHVVHPHPLWLURSLQLmRRXVXJHVW}HVSDUD
TXHVHMDPIHLWDVDVFRUUHo}HVRXPHOKRULDVQHFHVViULDV
' pVHXREMHWLYRSUHYHQLUIUDXGHVRXURXERVVHQGRTXHVHPSUHTXHWLYHU
TXDLVTXHU LQGtFLRV RX FRQVWDWDo}HV GHYHUi LQIRUPDU D DGPLQLVWUDomR GH
IRUPDUHVHUYDGDHSRUHVFULWR
(  VXD IXQomR p H[FOXVLYDPHQWH GH YDOLGDU RV SURFHVVRV H WUDQVDo}HV
UHDOL]DGDVVHPWHUFRPRREMHWLYRDVVLVWLUjDGPLQLVWUDomRGDHQWLGDGHQR
FXPSULPHQWRGHVXDVDWULEXLo}HV

 )&&7&(*2  2UHODWyULRpRGRFXPHQWRSHORTXDOD
$XGLWRULD ,QWHUQD DSUHVHQWD R UHVXOWDGR GRV VHXV WUDEDOKRV 1RV
WHUPRVGD1%&7,HQWUHRVLWHQVTXHGHYHPVHUDERUGDGRVQR
UHODWyULRHVWmR
,RVSULQFLSDLVSURFHGLPHQWRVGHDXGLWRULDDSOLFDGRVHVXDH[WHQVmR
,,RVUHVSRQViYHLVSRUHYHQWXDLVSUHMXt]RVFDXVDGRVjHQWLGDGH
,,,DFDSDFLGDGHILQDQFHLUDGDHQWLGDGHSDUDKRQUDUVHXVFRPSURPLVVRV
,9RREMHWLYRHDH[WHQVmRGRVWUDEDOKRV
9RVULVFRVDVVRFLDGRVDRVIDWRVFRQVWDWDGRV
(VWiFRUUHWRRTXHFRQVWD$3(1$6HP
$ ,,,,H,9
% ,,9H9
& ,9H9
' ,,,,H9
( ,,,H,9

  )&&6()$=3(   $JUHJDU YDORU DR UHVXOWDGR GD
RUJDQL]DomR DSUHVHQWDQGR VXEVtGLRV SDUD R DSHUIHLoRDPHQWR GRV
SURFHVVRV GD JHVWmR H GRV FRQWUROHV LQWHUQRV SRU PHLR GD
UHFRPHQGDomR GH VROXo}HV SDUD DV QmR FRQIRUPLGDGHV DSRQWDGDV
QRVUHODWyULRVpILQDOLGDGHGHFRUUHQWHGDDWLYLGDGH
$ GRFRQVHOKRILVFDO
% GDDXGLWRULDH[WHUQD
& GRFRQVHOKRGHDGPLQLVWUDomR
' GRFRQWUROHLQWHUQR
( GDDXGLWRULDLQWHUQD

 )&&7&(56 $DWLYLGDGHTXHFRPSUHHQGHRVH[DPHV
DQiOLVHV DYDOLDo}HV OHYDQWDPHQWRV H FRPSURYDo}HV
PHWRGRORJLFDPHQWHHVWUXWXUDGRVSDUDDDYDOLDomRGDLQWHJULGDGH
DGHTXDomRHILFiFLDHILFLrQFLDHHFRQRPLFLGDGHGRVSURFHVVRVGRV
VLVWHPDV GH LQIRUPDo}HV H GH FRQWUROHV LQWHUQRV LQWHJUDGRV DR
WZ& 



d^

d
WZ&
DPELHQWH H GH JHUHQFLDPHQWR GH ULVFRV FRP YLVWDV D DVVLVWLU D
DGPLQLVWUDomR GD HQWLGDGH QR FXPSULPHQWR GH VHXV REMHWLYRV
IRUPDRFRQFHLWRGHDXGLWRULD
$ DPELHQWDO
% LQWHUQD
& FRQWiELO
' GHJHVWmR
( GHSURJUDPD

 )&&7575HJLmR 2UHODWyULRpRGRFXPHQWRSHOR
TXDODDXGLWRULDLQWHUQDDSUHVHQWDRUHVXOWDGRGRVVHXVWUDEDOKRV
eQRUPDDWLQHQWHDRUHODWyULRTXH
$ VHMDDSUHVHQWDGRVRPHQWHjTXHOHTXHVROLFLWRX
% VHMDFRQILGHQFLDOTXDQWRjDXWRULDPDVQmRHPUHODomRDRFRQWH~GR
& VHMDPLQXFLRVRHLPSDUFLDO
'  FRQWHQKD HYHQWXDLV OLPLWDo}HV DR DOFDQFH GRV SURFHGLPHQWRV GH
DXGLWRULD
( FRQWHQKDDSHQDVDFRQFOXVmRGHYHQGRDVUHFRPHQGDo}HVVHUHPIHLWDV
HPVHSDUDGR

 )&&7&(3, $DXGLWRULDLQWHUQD
$ pH[HUFLGDSRUSURILVVLRQDOLQGHSHQGHQWH
% pUHDOL]DGDGHIRUPDSHULyGLFD
& HPLWH3DUHFHU
' RSLQDVREUHDVGHPRQVWUDo}HV&RQWiEHLV
( HPLWHUHFRPHQGDo}HVDHQWLGDGHDXGLWDGD

 )&&75)5HJLmR 1RVWHUPRVGD5HVROXomR&)&
 D DXGLWRULD LQWHUQD p H[HUFLGD QDV SHVVRDV MXUtGLFDV GH
GLUHLWR S~EOLFR LQWHUQR H H[WHUQR H GH GLUHLWR SULYDGR e UHJUD
DWLQHQWHjDXGLWRULDLQWHUQDTXH
$  GHYHP VHU REWLGDV H DYDOLDGDV LQIRUPDo}HV FRQVLGHUDGDV DGHTXDGDV
TXH VmR DTXHODV FRQYLQFHQWHV H IDFWXDLV GH WDO IRUPD TXH XPD SHVVRD
SUXGHQWH H LQIRUPDGD SRVVD HQWHQGrOD GD PHVPD IRUPD TXH R DXGLWRU
LQWHUQR
%  R UHODWyULR p R GRFXPHQWR SHOR TXDO D DXGLWRULD LQWHUQD DSUHVHQWD R
UHVXOWDGRGRVVHXVWUDEDOKRVQmRSRGHQGRVHUSDUFLDO
& GHYHDVVHVVRUDUDDGPLQLVWUDomRGDHQWLGDGHQRWUDEDOKRGDSUHYHQomR
GHIUDXGHVHHUURVREULJDQGRVHDLQIRUPiODDLQGDTXHYHUEDOPHQWHHGH
PDQHLUDUHVHUYDGDVREUHTXDLVTXHULQGLFDo}HVGHLUUHJXODULGDGHV
'  D REWHQomR GH LQIRUPDo}HV SHUDQWH SHVVRDV ItVLFDV RX MXUtGLFDV
FRQKHFHGRUDVGDVWUDQVDo}HVHGDVRSHUDo}HVGHQWURHIRUDGDHQWLGDGH
pGHQRPLQDGDLQYHVWLJDomRHFRQILUPDomR
( DYHULILFDomRGHUHJLVWURVGRFXPHQWRVHDWRVWDQJtYHLVpSURFHGLPHQWR
GHQRPLQDGRREVHUYDomR

WZ& 



d^

d
WZ&
 )&&75)5HJLmR 2VSURFHGLPHQWRVGHDXGLWRULD
LQWHUQD FRQVWLWXHP H[DPHV H LQYHVWLJDo}HV TXH SHUPLWHP DR
DXGLWRULQWHUQRREWHUVXEVtGLRVVXILFLHQWHVSDUDIXQGDPHQWDUVXDV
FRQFOXV}HV H UHFRPHQGDo}HV j DGPLQLVWUDomR GD HQWLGDGH 3DUD
WDQWRSRGHDSOLFDUWHVWHVTXHYLVDPWDQWRDREWHQomRGHUD]RiYHO
VHJXUDQoD GH TXH RV FRQWUROHV LQWHUQRV HVWDEHOHFLGRV SHOD
DGPLQLVWUDomR HVWmR HP HIHWLYR IXQFLRQDPHQWR FRPR D REWHQomR
GH HYLGrQFLD TXDQWR j VXILFLrQFLD H[DWLGmR H YDOLGDGH GRV GDGRV
SURGX]LGRV SHOR VLVWHPD GH LQIRUPDomR GD HQWLGDGH (VVHV WHVWHV
VmRGHQRPLQDGRVUHVSHFWLYDPHQWH
$ VXEVWDQWLYRHGHREVHUYkQFLD
% GHREVHUYkQFLDHYLVWRULD
& YLVWRULDHVXEVWDQWLYR
' VXEVWDQWLYRHYLVWRULD
( GHREVHUYkQFLDHVXEVWDQWLYR

  )&&757    1RV WHUPRV GD 5HVROXomR &)& QR
 TXH WUDWD GDV QRUPDV EUDVLOHLUDV GH FRQWDELOLGDGH
UHODFLRQDGDVjDXGLWRULDLQWHUQD
$ DDQiOLVHGRVULVFRVGHDXGLWRULDLQWHUQDGHYHVHUIHLWDDSyVDHPLVVmR
GR UHODWyULR ILQDO H VHUYH FRPR UHWRUQR GH LQIRUPDo}HV SDUD LQVSHo}HV
IXWXUDV
%  DV DQiOLVHV TXH YLVDP j REWHQomR GH HYLGrQFLDV TXDQWR j VXILFLrQFLD
H[DWLGmRHYDOLGDGHGRVGDGRVSURGX]LGRVSHORVVLVWHPDVGHLQIRUPDo}HV
GDHQWLGDGHVmRFKDPDGDVGHWHVWHVGHREVHUYkQFLD
& RUHODWyULRGHDXGLWRULD LQWHUQDGHYHDERUGDUGHQWUHRXWURVSRQWRVD
PHWRGRORJLD DGRWDGD H DV OLPLWDo}HV DR DOFDQFH GRV SURFHGLPHQWRV GH
DXGLWRULD
' HPUD]mRGRVSULQFtSLRVGRVLJLORpWLFDH]HORSURILVVLRQDOQmRFDEHD
HPLVVmRGHUHODWyULRSDUFLDOGHDXGLWRULD
(  D DXGLWRULD GH SURFHVVDPHQWR HOHWU{QLFR GH GDGRV p IHLWD
LQGHSHQGHQWHPHQWH GH H[LVWLU QD HTXLSH GH DXGLWRULD LQWHUQD SURILVVLRQDO
FRPFRQKHFLPHQWRVUHODWLYRVjWHFQRORJLDGDLQIRUPDomR

 )&&'3(63 $DXGLWRULDLQWHUQDGHYHHVWDUYLQFXODGD
DRVPDLVDOWRVQtYHLVKLHUiUTXLFRVGHXPDHQWLGDGHFRPYLVWDVD
$ DWXDUHVWULWDPHQWHFRPRyUJmRILVFDOL]DGRU
%  HPLWLU SDUHFHU VREUH DV GHPRQVWUDo}HV FRQWiEHLV SDUD RV XVXiULRV
H[WHUQRV
& JDUDQWLUDXWRQRPLDHLQGHSHQGrQFLD
' SXQLURVUHVSRQViYHLVSRUHUURVQDVGHPRQVWUDo}HVFRQWiEHLV
( DSXUDUIUDXGHVHSXQLURVVXERUGLQDGRVFRPPDLRULVHQomR

  )&&  ,6663     12 p XPD DWLYLGDGH GD IXQomR GD
DXGLWRULDLQWHUQD
$ DDYDOLDomRGRSURFHVVRGHJRYHUQDQoD
WZ& 



d^

d
WZ&
% DJHVWmRGHULVFR
& RPRQLWRUDPHQWRGRFRQWUROHLQWHUQR
' RH[DPHGDVLQIRUPDo}HVFRQWiEHLVHRSHUDFLRQDLV
( DDSURYDomRGRUHODWyULRGHDXGLWRULDH[WHUQD

  )&&  7&(63     (P UHODomR jV GLIHUHQoDV HQWUH D
DXGLWRULDLQWHUQDHH[WHUQDGDVGHPRQVWUDo}HVFRQWiEHLVpFRUUHWR
DILUPDU
$ $DXGLWRULDH[WHUQDpGHFRPSHWrQFLDH[FOXVLYDGHFRQWDGRUUHJLVWUDGR
QR&RQVHOKR)HGHUDOGH&RQWDELOLGDGHHQTXDQWRDDXGLWRULDLQWHUQDSRGH
VHU UHDOL]DGD SRU XP IXQFLRQiULR TXDOLILFDGR TXH UHFHED WUHLQDPHQWR
DGHTXDGRSDUDWDOILP
% 2JUDXGHDXWRQRPLDGRDXGLWRULQWHUQRpPDLRUTXHRGRDXGLWRUH[WHUQR
LQGHSHQGHQWH HP YLUWXGH GH VH UHSRUWDU GLUHWDPHQWH j FRQWURODGRULD GD
HQWLGDGH
& 2DXGLWRUH[WHUQRH[HFXWDDVDXGLWRULDVRSHUDFLRQDOHFRQWiELOHRDXGLWRU
LQWHUQRDSHQDVDFRQWiELO
'  2 DXGLWRU H[WHUQR p UHVSRQViYHO SHOR H[DPH H DYDOLDomR GR FRQWUROH
LQWHUQR GD HQWLGDGH FDEHQGR DR DXGLWRU LQWHUQR DSHQDV LPSOHPHQWDU DV
PRGLILFDo}HVMXOJDGDVQHFHVViULDVSHORDXGLWRUH[WHUQRSDUDRVHXFRUUHWR
IXQFLRQDPHQWR
(  5HJUD JHUDO RV UHODWyULRV GR DXGLWRU LQWHUQR VmR GH XVR H[FOXVLYR GD
DGPLQLVWUDomR GD HQWLGDGH HQTXDQWR RV HODERUDGRV SHOR DXGLWRU
LQGHSHQGHQWHVmRGHVWLQDGRVWDPEpPDRVXVXiULRVH[WHUQRVGDLQIRUPDomR
FRQWiELO

  )&&  75(&(     e FRUUHWR DILUPDU FRP UHODomR DRV
REMHWLYRVGDDXGLWRULDLQWHUQDTXH
$ RVREMHWLYRVQmRYDULDPHLQGHSHQGHQWHGRWDPDQKRGDHPSUHVDRXGR
TXDGURIXQFLRQDOGHYHPFREULUWRWDOPHQWHDVDWLYLGDGHV
% pWRWDOPHQWHUHVSRQViYHOSHODJHVWmRGHULVFRVJDUDQWLQGRjJHVWmRH
JRYHUQDQoDGDHPSUHVDDPLWLJDomRRXHOLPLQDomRGRVPHVPRV
& HVWiVXERUGLQDGDDRVyUJmRVGHJRYHUQDQoDGDHPSUHVDVHQGROLPLWDGD
VREUH D SRVVLELOLGDGH GH DYDOLDU DV TXHVW}HV GH RUGHP pWLFD YDORUHV H
FXPSULPHQWRGHVXDVIXQo}HV
'  HOD SRGH VHU UHVSRQViYHO SRU UHYLVDU D HFRQRPLD HILFLrQFLDH HILFiFLD
GDVDWLYLGDGHVRSHUDFLRQDLVLQFOXLQGRDVDWLYLGDGHVQmRILQDQFHLUDVGHXPD
HQWLGDGH
( VXDVDWULEXLo}HVFRPUHODomRDRFXPSULPHQWRGHOHLVHQRUPDVOLPLWDP
VH D DTXHODV SHUWLQHQWHV j iUHD FRQWiELO H ILQDQFHLUD ILFDQGR DV GHPDLV
QRUPDVHOHLVVREUHVSRQVDELOLGDGHGDViUHDVHVSHFtILFDV

 )&&6()$=63 2WUDEDOKRGDDXGLWRULDLQWHUQD
$ WHPPDLRULQGHSHQGrQFLDTXHRGHDXGLWRULDH[WHUQD
%  p UHVSRQViYHO SHOD LPSODQWDomR H SHOR FXPSULPHQWR GRV FRQWUROHV
LQWHUQRV
WZ& 



d^

d
WZ&
& GHYHHVWDUVXERUGLQDGRDRGD&RQWURODGRULDGDHPSUHVD
'  GHYH HPLWLU SDUHFHU TXH VHUi SXEOLFDGR FRP DV GHPRQVWUDo}HV
FRQWiEHLV
( GHYHHIHWXDUDUHYLVmRHRDSHUIHLoRDPHQWRGRVFRQWUROHVLQWHUQRV

 )&&$32)363 $VDXGLWRULDVLQWHUQDVHH[WHUQDV
DWXDP HP GLIHUHQWHV JUDXV GH SURIXQGLGDGH H GH H[WHQVmR QDV
WDUHIDVGHDXGLWRULD(PERUDH[LVWDXPDFRQH[mRQRVWUDEDOKRVGH
DPEDVpIXQomRGDDXGLWRULDH[WHUQD
$  DFRPSDQKDU R FXPSULPHQWR GH QRUPDV WpFQLFDV H D SROtWLFD GH
DGPLQLVWUDomRGDHPSUHVDQDFRQVHFXomRGRVVHXVREMHWLYRV
% DYDOLDUHWHVWDURVVLVWHPDVGHFRQWUROHVLQWHUQRVHFRQWiELOHPEXVFD
GDUD]RiYHOILGHGLJQLGDGHGDVGHPRQVWUDo}HVILQDQFHLUDV
&  GHVHQYROYHU FRQWLQXDPHQWH R WUDEDOKR GH DXGLWRULD QD HPSUHVD
FRQFOXLQGRDVWDUHIDVFRPDHODERUDomRGHUHODWyULRV
'  VHJXLU DV QRUPDV H SURFHGLPHQWRV GH DXGLWRULD QD H[HFXomR GRV
WUDEDOKRVFRPJUDXGHLQGHSHQGrQFLDOLPLWDGR
( SUHYHQLUHUURVHIUDXGHVVXJHULQGRDRVDGPLQLVWUDGRUHVGDHPSUHVDRV
DMXVWHVQHFHVViULRV

 )*9,66&XLDEi 6REUHDDXGLWRULDLQWHUQDGHDFRUGR
FRP D 1%& 7,   GD $XGLWRULD ,QWHUQD DVVLQDOH D DILUPDWLYD
LQFRUUHWD
$ 'HYHVHUGRFXPHQWDGDSRUPHLRGHSDSpLVGHWUDEDOKRHODERUDGRVHP
PHLRItVLFRRXHOHWU{QLFRTXHGHYHPVHURUJDQL]DGRVHDUTXLYDGRVGHIRUPD
VLVWHPiWLFDHUDFLRQDO
% 'HYHLQFOXLUWHVWHVGHREVHUYkQFLDHWHVWHVVXEVWDQWLYRVTXHSHUPLWDP
DR DXGLWRU LQWHUQR REWHU VXEVtGLRV VXILFLHQWHV SDUD IXQGDPHQWDU VXDV
FRQFOXV}HVHUHFRPHQGDo}HVSDUDDDGPLQLVWUDomRGDHQWLGDGH
&  'HYH HPSUHJDU UHFXUVRV WHFQROyJLFRV GH SURFHVVDPHQWR GH
LQIRUPDo}HV R TXH UHTXHU SURILVVLRQDLV FRP FRQKHFLPHQWRV VXILFLHQWHV
SDUDLPSOHPHQWDURVSURFHGLPHQWRVRXRULHQWDUVXSHUYLVLRQDUHUHYLVDURV
WUDEDOKRVGHHVSHFLDOLVWDV
' 'HYHDYDOLDUDQHFHVVLGDGHGHHPLVVmRGHUHODWyULRSDUFLDOQDKLSyWHVH
GH FRQVWDWDU LPSURSULHGDGHV LUUHJXODULGDGHV RX LOHJDOLGDGHV TXH H[LMDP
SURYLGrQFLDV LPHGLDWDV GD DGPLQLVWUDomR GD HQWLGDGH H TXH QmR SRVVDP
DJXDUGDURILQDOGRVH[DPHV
( 'HYHDVVHVVRUDUDDGPLQLVWUDomRGDHQWLGDGHQRWUDEDOKRGHSUHYHQomR
GH IUDXGHV H HUURV REULJDQGRVH D GLYXOJDU SDUD RV IXQFLRQiULRV GD
HPSUHVD SRU PHLR HOHWU{QLFR TXDLVTXHU LQGtFLRV RX FRQILUPDo}HV GH
LUUHJXODULGDGHVGHWHFWDGDVQRGHFRUUHUGHVHXWUDEDOKR

 )*9'3(5- 6REUHRUHODFLRQDPHQWRSURILVVLRQDOGR
DXGLWRULQWHUQRFRPSURILVVLRQDLVGHRXWUDViUHDVpFRUUHWRDILUPDU
TXH

WZ& 



d^

d
WZ&
$ RDXGLWRU LQWHUQRSRGHUHDOL]DUWUDEDOKRVGHIRUPDFRPSDUWLOKDGDFRP
SURILVVLRQDLVGHRXWUDViUHDVVLWXDomRHPTXHDHTXLSHIDUiDGLYLVmRGH
WDUHIDVVHJXQGRDKDELOLWDomRWpFQLFDHOHJDOGRVVHXVSDUWLFLSDQWHV
% RDXGLWRULQWHUQRVHPSUHGHYHUHDOL]DUWUDEDOKRVFRPHTXLSHVGLVWLQWDV
GHIRUPDDDPSOLDUDRPi[LPRRHVFRSRGRVWUDEDOKRVHDVVLPGLPLQXLUD
SRVVLELOLGDGHGHIUDXGHV
& RDXGLWRULQWHUQRHPQHQKXPDKLSyWHVHSRGHVHHQYROYHUHPWUDEDOKRV
FRQMXQWRVFRPRXWUDVHTXLSHVHiUHDVSRLVGHYHUHVJXDUGDUDVWpFQLFDVH
SURFHGLPHQWRV GRV WUDEDOKRV GH IRUPD D PDQWHU RV WHVWHV UHDOL]DGRV
HILFD]HVFRQWUDIUDXGHV
'  WRGRV RV WUDEDOKRV GD DXGLWRULD LQWHUQD HODERUDGRV FRP RXWUDV iUHDV
GHYHP VHU REULJDWRULDPHQWH FRRUGHQDGRV SHORV DXGLWRUHV LQWHUQRV H R
UHODWyULRILQDOGHYHILFDUUHVWULWRjiUHDGHDXGLWRULDLQWHUQDHDR&RQVHOKR
GH$GPLQLVWUDomRGDHQWLGDGH
( RVDXGLWRUHVVyUHDOL]DPWUDEDOKRVFRQMXQWRVFRPRXWUDViUHDVTXDQGR
VmRFRQYLGDGRVHVRERULHQWDomRGR&RPLWrGH$XGLWRULD

  )*968'(1(   4XDQWR j DXGLWRULD DQDOLVH DV
DILUPDWLYDVDVHJXLU
, $ DXGLWRULD LQWHUQD DSUHVHQWD FRPR XP GH VHXV REMHWLYRV DYDOLDU D
QHFHVVLGDGHGHQRYDVQRUPDVLQWHUQDVRXGHPRGLILFDomRGDVMiH[LVWHQWHV
,, 2 FRQWUROH LQWHUQR QmR DSUHVHQWD OLPLWDo}HV RX UHVWULo}HV SDUD D
H[HFXomRGHVXDVDWLYLGDGHVSRUID]HUSDUWHGRFRUSRIXQFLRQDOGRSUySULR
yUJmRFRQWURODGR
,,,0HVPRTXHDHQWLGDGHWHQKDXPH[FHOHQWHFRQWUROHLQWHUQRRDXGLWRU
LQGHSHQGHQWHGHYHH[HFXWDUSURFHGLPHQWRVPtQLPRVGHDXGLWRULD
$VVLQDOH
$ VHVRPHQWHDDILUPDWLYD,HVWLYHUFRUUHWD
% VHVRPHQWHDVDILUPDWLYDV,H,,HVWLYHUHPFRUUHWDV
& VHVRPHQWHDVDILUPDWLYDV,H,,,HVWLYHUHPFRUUHWDV
' VHVRPHQWHDVDILUPDWLYDV,,H,,,HVWLYHUHPFRUUHWDV
( VHWRGDVDVDILUPDWLYDVHVWLYHUHPFRUUHWDV

 )*97&(%$ $ILQDOLGDGHGHFRPXQLFDURULVFRHR
FRQWUROH SDUD DV iUHDV DSURSULDGDV GD RUJDQL]DomR j DOWD
DGPLQLVWUDomRH[DPLQDQGRDYDOLDQGRHPRQLWRUDQGRDDGHTXDomR
H HIHWLYLGDGH GR FRQWUROH LQWHUQR GH IRUPD FRQWtQXD H FRP PDLRU
YROXPHGHWHVWHVpFRPSHWrQFLDGD
$ $XGLWRULD,QGHSHQGHQWH
% $XGLWRULD,QWHUQD
& $XGLWRULD2SHUDFLRQDO
' $XGLWRULD&RQWiELO
( $XGLWRULDGH*HVWmR

 )*9,1($5- $VVLQDOHDDOWHUQDWLYDTXHLQGLFDXPD
FDUDFWHUtVWLFDGDDXGLWRULDLQWHUQDGHXPDRUJDQL]DomR
WZ& 



d^

d
WZ&
$  0RVWUD PDLRU JUDX GH LQGHSHQGrQFLD IXQFLRQDO VREUH DV DWLYLGDGHV
RSHUDFLRQDLV
%  (PLWH XP SDUHFHU RX RSLQLmR VREUH DV GHPRQVWUDo}HV FRQWiEHLV
DXGLWDGDV
& $WHQGHH[FOXVLYDPHQWHjVQRUPDVGHFRQWDELOLGDGHHPYLJRU
'  5HDOL]D PDLRU YROXPH GH WHVWHV VREUH RV WUDEDOKRV GH DXGLWRULDV
RSHUDFLRQDOHFRQWiELO
( 3URFXUDDSHQDVHUURVVXEVWDQFLDLVQDVGHPRQVWUDo}HVFRQWiEHLV

 )*96()$=5-)LVFDOGH5HQGDV 'HDFRUGRFRP
D 5HVROXomR &)& Q  DV DWLYLGDGHV LQHUHQWHV D DXGLWRULD
LQWHUQDHVWmRUHODFLRQDGDVQDVDOWHUQDWLYDVDVHJXLUjH[FHomRGH
XPD$VVLQDOHD
$ 5HYLVmRGDFRQIRUPLGDGHFRPOHLVHUHJXODPHQWRV
% 0RQLWRUDPHQWRGDDXGLWRULDH[WHUQD
& ([DPHGDVLQIRUPDo}HVFRQWiEHLVHRSHUDFLRQDLV
' 5HYLVmRGDVDWLYLGDGHVRSHUDFLRQDLV
( *HVWmRGHULVFR

 )*96()$=5-)LVFDOGH5HQGDV &RPUHODomRj
5HVROXomRTXHHVWDEHOHFHRVSURFHGLPHQWRVUHODFLRQDGRV
j$XGLWRULD,QWHUQDDQDOLVHDVDILUPDWLYDVDVHJXLU
, 7HP SRU ILQDOLGDGH DJUHJDU YDORU DR UHVXOWDGR GD RUJDQL]DomR
DSUHVHQWDQGRVXEVtGLRVSDUDRDSHUIHLoRDPHQWRGRVSURFHVVRVGDJHVWmR
HGRVFRQWUROHVLQWHUQRVSRUPHLRGDUHFRPHQGDomRGHVROXo}HVSDUDDV
QmRFRQIRUPLGDGHVDSRQWDGDVQRVUHODWyULRV
,,'HYHVHUGRFXPHQWDGDSRUPHLRGHSDSpLVGHWUDEDOKRHODERUDGRVHP
PHLRItVLFRRXHOHWU{QLFRTXHGHYHPVHURUJDQL]DGRVHDUTXLYDGRVGHIRUPD
VLVWHPiWLFDHUDFLRQDO
,,,'HYHDVVHVVRUDUDDGPLQLVWUDomRGDHQWLGDGHQRWUDEDOKRGHSUHYHQomR
GH IUDXGHV H HUURV REULJDQGRVH D LQIRUPiOD VHPSUH SRU HVFULWR GH
PDQHLUD UHVHUYDGD VREUH TXDLVTXHU LQGtFLRV RX FRQILUPDo}HV GH
LUUHJXODULGDGHVGHWHFWDGDVQRGHFRUUHUGHVHXWUDEDOKR
$VVLQDOH
$ VHVRPHQWHDDILUPDWLYD,,HVWLYHUFRUUHWD
% VHVRPHQWHDVDILUPDWLYDV,H,,HVWLYHUHPFRUUHWDV
& VHVRPHQWHDVDILUPDWLYDV,H,,,HVWLYHUHPFRUUHWDV
' VHVRPHQWHDVDILUPDWLYDV,,H,,,HVWLYHUHPFRUUHWDV
( VHWRGDVDVDILUPDWLYDVHVWLYHUHPFRUUHWDV

 )*96($'$3 $QRUPDEUDVLOHLUDGHFRQWDELOLGDGH
UHODWLYDjDXGLWRULDLQWHUQD 1%&7 HVWDEHOHFHTXHDDWLYLGDGH
GD $XGLWRULD ,QWHUQD GHYH HVWDU HVWUXWXUDGD HP SURFHGLPHQWRV
WpFQLFRV REMHWLYRV VLVWHPiWLFRV H GLVFLSOLQDGRV FRP D ILQDOLGDGH
GH

WZ& 



d^

d
WZ&
$  DYDOLDU D ILGHOLGDGH IXQFLRQDO GH WRGRV TXDQWRV WHQKDP VRE VXD
UHVSRQVDELOLGDGHDJXDUGDHJHUHQFLDPHQWRGHEHQVFUpGLWRVHYDORUHVGD
HPSUHVD VHJXLQGR DV RULHQWDo}HV GRV yUJmRV JRYHUQDPHQWDLV
UHVSRQViYHLVSHODILVFDOL]DomRGHRSHUDo}HVILQDQFHLUDV
% DJUHJDUYDORUDRUHVXOWDGRGDRUJDQL]DomRDSUHVHQWDQGRVXEVtGLRVSDUD
RDSHUIHLoRDPHQWRGRVSURFHVVRVGDJHVWmRHGRVFRQWUROHVLQWHUQRVSRU
PHLRGDUHFRPHQGDomRGHVROXo}HVSDUDDVQmRFRQIRUPLGDGHVDSRQWDGDV
QRVUHODWyULRV
& YHULILFDUDVFRQIRUPLGDGHVGDVRSHUDo}HVGDHPSUHVDHPUHODomRDRV
PDQXDLVGHSURFHGLPHQWRVH[WHUQRVGDVDJrQFLDVS~EOLFDVUHJXODGRUDVGDV
DWLYLGDGHVHPSUHVDULDLV
' DYDOLDUDJHVWmRDGPLQLVWUDWLYDVRERVDVSHFWRVGDTXDOLGDGHGDVDo}HV
GD HPSUHVD HP UHODomR DR PHUFDGR SDUD FRQILUPDU D HIHWLYLGDGH GDV
SUiWLFDVDGRWDGDV
( UHVJXDUGDUDDGPLQLVWUDomRTXDQWRjVSUiWLFDVOHVLYDVDGRWDGDVSHODV
HPSUHVDVFRQFRUUHQWHVHGHQXQFLDURVDEXVRVYHULILFDGRVQRVSURFHVVRVGD
JHVWmR

 )*903(06 2DXGLWRUDRYHULILFDUVHDVQRUPDV
LQWHUQDV HVWmR VHQGR FRUUHWDPHQWH VHJXLGDV SHORV FRODERUDGRUHV
GDHPSUHVDHVWiUHDOL]DQGRXPGRVREMHWLYRVGDDXGLWRULD
$ LQWHUQD
% H[WHUQD
& RSHUDFLRQDO
' LQGHSHQGHQWH
( GHJHVWmR

  &(6*5$15,2  3(752%56     &RP D FUHVFHQWH
H[SDQVmR GRV QHJyFLRV DV DGPLQLVWUDo}HV GDV HPSUHVDV
LQVWLWXtUDP R yUJmR GH DXGLWRULD LQWHUQD TXH HP PXLWRV UDPRV
WRUQRXVHXPVHWRUREULJDWyULRSRUIRUoDGHOHL$DXGLWRULDLQWHUQD
DX[LOLD D RUJDQL]DomR D DOFDQoDU VHXV REMHWLYRV DGRWDQGR XPD
DERUGDJHPVLVWHPiWLFDSDUDD
$  DYDOLDomR H PHOKRULD GD HILFiFLD GRV SURFHVVRV GH JHUHQFLDPHQWR GH
ULVFRVGHFRQWUROHHJRYHUQDQoDFRUSRUDWLYD
% DYDOLDomRGRVtQGLFHVGHOLTXLGH]HILQDQFHLURVDILPGHDVVHJXUDUDERD
VD~GHILQDQFHLUDGDHPSUHVD
& HODERUDomRGRPDSHDPHQWRRUJDQL]DFLRQDOSRUPHLRGHHQWUHYLVWDVFRP
WRGRVRVIXQFLRQiULRV
' HPLVVmRGRSDUHFHUVREUHDVGHPRQVWUDo}HVFRQWiEHLVHSXEOLFDomRHP
MRUQDOGHJUDQGHFLUFXODomR
( UHYLVmRGDVFRQWDVFRQWiEHLVSDUDHODERUDomRGREDODQoR

  &(6*5$15,2  3(752%56     2 JHUHQFLDPHQWR GH
ULVFRVGHQWURGDHPSUHVDpXPDDWLYLGDGHIXQGDPHQWDOTXHVHUYLUi
GH DSRLR SDUD GLYHUVDV RXWUDV DWLYLGDGHV FRPR SODQHMDPHQWR
WZ& 



d^

d
WZ&
HVWUDWpJLFR DXGLWRULD LQWHUQD HWF 1HVVH FRQWH[WR GXUDQWH XPD
DXGLWRULDRDXGLWRULQWHUQRGHYH
$ SUHSDUDUWRGDDHVWUXWXUDGDJHVWmRGHULVFRVUHDOL]DQGRRPDSHDPHQWR
GHWRGDVDVDWLYLGDGHVFKDYHVUHODFLRQDGDVDRSURFHVVRDXGLWDGR
%  MXVWLILFDU j DOWD DGPLQLVWUDomR GD HPSUHVD RV SRQWRV OHYDQWDGRV HP
FRQVHTXrQFLDGHIDOKDVQDJHVWmRGHULVFRVGRVSURFHVVRVDXGLWDGRV
& LGHQWLILFDURWLSRGHULVFRDVVRFLDGRDRVSURFHVVRVDXGLWDGRVYHULILFDQGR
VHHVWmRFODVVLILFDGRVDGHTXDGDPHQWHTXDQWRjVXDQDWXUH]DHYLWDQGRD
RFRUUrQFLDGHGXSOLFLGDGHQRVWHVWHVGHDXGLWRULD
' DYDOLDUDDSOLFDomRGHIHUUDPHQWDVGHDOWDWHFQRORJLDTXHVmRHILFD]HV
SDUDDUHDOL]DomRGDJHVWmRGRVULVFRVDVVRFLDGRVDRVSURFHVVRVDXGLWDGRV
(  DYDOLDU H PRQLWRUDU RV ULVFRV GRV SURFHVVRV DXGLWDGRV YHULILFDQGR DV
FRQVHTXrQFLDV TXDQGR RV REMHWLYRV QmR VmR DWLQJLGRV H VH RV FRQWUROHV
DVVRFLDGRVPLWLJDPRVULVFRVH[LVWHQWHV

 )81'$7(&&$*(56 &RPUHODomRjVIXQo}HVGH
DXGLWRULQWHUQRHDXGLWRUH[WHUQRDQDOLVHDVDOWHUQDWLYDVDEDL[RH
PDUTXHDRSomRFRUUHWD
$  2 DXGLWRU LQWHUQR HPLWH UHODWyULR SDUD D DOWD DGPLQLVWUDomR H SDUD
WHUFHLURVLQWHUHVVDGRVHQTXDQWRRDXGLWRUH[WHUQRHPLWHUHODWyULRSDUDD
DOWDDGPLQLVWUDomRGDHPSUHVDDXGLWDGD
% 7DQWRRDXGLWRULQWHUQRTXDQWRRDXGLWRUH[WHUQRVmRVXERUGLQDGRVjDOWD
DGPLQLVWUDomRGDHPSUHVDDXGLWDGD
&  7DQWR R DXGLWRU LQWHUQR TXDQWR R DXGLWRU H[WHUQR GHYHP DYDOLDU RV
FRQWUROHVLQWHUQRVHDSRVVLELOLGDGHGHRFRUUrQFLDGHIUDXGHVHHUURVTXH
DIHWHPDVGHPRQVWUDo}HVFRQWiEHLV
' $UHVSRQVDELOLGDGHSULPiULDQDGHWHFomRGHIUDXGHVHHUURVpGRDXGLWRU
H[WHUQR Mi TXH VHX UHODWyULR SRGH VHU GLUHFLRQDGR QmR Vy SDUD D DOWD
DGPLQLVWUDomRPDVWDPEpPSDUDWHUFHLURVLQWHUHVVDGRV
( 2DXGLWRUH[WHUQRSRGHVHUWHUFHLURRXIXQFLRQiULRGDHPSUHVDHQTXDQWR
RDXGLWRULQWHUQRQHFHVVDULDPHQWHSUHFLVDVHUHPSUHJDGR

 )81'$7(&&$*(56 6HJXQGRD5HVROXomR&)&Q
 GH  TXH DSURYRX D 1%& 7,   $XGLWRULD ,QWHUQD RV
REMHWLYRVGDDXGLWRULDLQWHUQDFRPSUHHQGHP
,  $SUHVHQWDU VXEVtGLRV SDUD R DSHUIHLoRDPHQWR GRV SURFHVVRV GD
JHVWmRHGRVFRQWUROHVLQWHUQRVGDHQWLGDGHDXGLWDGD
,,  $SRQWDU DV QmR FRQIRUPLGDGHV GLDJQRVWLFDGDV H IRUQHFHU
UHFRPHQGDo}HVGHVROXo}HVSDUDHVVDVQmRFRQIRUPLGDGHV
,,,(PLWLURSLQLmRVREUHDILGHGLJQLGDGHGDVGHPRQVWUDo}HVFRQWiEHLV
4XDLVHVWmRFRUUHWDV"
$ $SHQDV,
% $SHQDV,,
& $SHQDV,H,,
' $SHQDV,H,,,
( ,,,H,,,
WZ& 



d^

d
WZ&

 )81'$7(&&$*(56 'HDFRUGRFRPD1%&7*
2EMHWLYRVJHUDLVGRDXGLWRULQGHSHQGHQWH HD&RQGXomRGHXPD
DXGLWRULD HP FRQIRUPLGDGH FRP DV QRUPDV GH DXGLWRULD VmR
UHVSRQVDELOLGDGHVGRDXGLWRULQGHSHQGHQWH
,(ODERUDUDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDHVWUXWXUDGH
UHODWyULRILQDQFHLURDSOLFiYHOLQFOXLQGRTXDQGRUHOHYDQWHVXDDGHTXDGD
DSUHVHQWDomR
,,(PLWLUXPDRSLQLmRVREUHVHDVGHPRQVWUDo}HVFRQWiEHLVHPDQiOLVH
IRUDPRXQmRHODERUDGDVHPWRGRVRVDVSHFWRVUHOHYDQWHVGHDFRUGR
FRPDHVWUXWXUDGHUHODWyULRILQDQFHLURDSOLFiYHO3DUDWDQWRGHYHREWHU
VHJXUDQoDUD]RiYHOGHTXHHVWDVGHPRQVWUDo}HVFRQWiEHLVHVWmROLYUHV
GHGLVWRUo}HVUHOHYDQWHVTXHUVHMDPSRUIUDXGHRXSRUHUUR
,,,  0DQWHU R VLVWHPD GH FRQWUROH LQWHUQR QHFHVViULR SDUD SHUPLWLU D
HODERUDomRGHGHPRQVWUDo}HVFRQWiEHLVOLYUHVGHGLVWRUo}HVUHOHYDQWHV
LQGHSHQGHQWHVHFDXVDGDVSRUIUDXGHRXHUUR
4XDLVHVWmRFRUUHWDV"
$ $SHQDV,
% $SHQDV,,
& $SHQDV,H,,
' $SHQDV,H,,,
( ,,,H,,,

  )81'$7(&  &$*(56     $FHUFD GR TXH GLVFLSOLQD D
1%& 7,   $XGLWRULD ,QWHUQD DQDOLVH DV DILUPDWLYDV DEDL[R
DVVLQDODQGR9SDUDYHUGDGHLURH)SDUDIDOVR
 $$XGLWRULD,QWHUQDpH[HUFLGDQDVSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFR
LQWHUQRHH[WHUQRHGHGLUHLWRSULYDGR
    $ $XGLWRULD ,QWHUQD GHYH VHU GRFXPHQWDGD SRU PHLR GH SDSpLV GH
WUDEDOKR HODERUDGRV HP PHLR ItVLFR RX HOHWU{QLFR TXH GHYHP VHU
RUJDQL]DGRVHDUTXLYDGRVGHIRUPDVLVWHPiWLFDHUDFLRQDO
    9LVWR TXH D DXGLWRULD LQWHUQD p DSOLFDGD GH IRUPD SHUPDQHQWH QD
HQWLGDGHQmRH[LVWHH[LJrQFLDSDUDDGRFXPHQWDomRGHXPSODQHMDPHQWR
GHDXGLWRULD
    $XGLWRULD ,QWHUQD GHYH DVVHVVRUDU D DGPLQLVWUDomR GD HQWLGDGH QR
WUDEDOKR GH SUHYHQomR GH IUDXGHV H HUURV REULJDQGRVH D LQIRUPDOD
VHPSUH SRU HVFULWR VREUH TXDLVTXHU LQGtFLRV RX FRQILUPDo}HV GH
LUUHJXODULGDGHVGHWHFWDGDVQRGHFRUUHUGHVHXWUDEDOKR
 $DQiOLVHGDVOLPLWDo}HVDRDOFDQFHGRVSURFHGLPHQWRVGHDXGLWRULD
EHPFRPRDH[WHQVmRGDUHVSRQVDELOLGDGHGRDXGLWRUQRXVRGRVWUDEDOKRV
GHHVSHFLDOLVWDVpXPDVSHFWRDVHUFRQVLGHUDGRQDDQiOLVHGHULVFRVGRV
WUDEDOKRV GR DXGLWRU H[WHUQR QmR VHQGR DSOLFiYHLV HP XP WUDEDOKR GH
DXGLWRULDLQWHUQD
$RUGHPFRUUHWDGHSUHHQFKLPHQWRGRVSDUrQWHVHVGHFLPDSDUDEDL[Rp
$ 9)99)
% 99))9
WZ& 



d^

d
WZ&
& ))999
' 99)9)
( )99))




*$%$5,72

         
& ' $ % & ' $ ' $ (
         
& & & & ( & ( & $ '
         
$ ' % ( % ' ( ' ( &
         
& ( ( ' ( % ( $ & %
         
' % ( % $ $ ( & & %
         
'         


 

WZ& 



d^
d
WZ&

5HIHUrQFLDVXWLOL]DGDVQDHODERUDomRGDVDXODV

$/0(,'$0DUFHOR&DYDOFDQWL$XGLWRULDXPFXUVRPRGHUQRHFRPSOHWR
HG6mR3DXOR$WODV

$77,(:LOOLDP$XGLWRULDFRQFHLWRVHDSOLFDo}HVHG6mR3DXOR$WODV


BBBBBBBB$XGLWRULD,QWHUQDHG6mR3DXOR$WODV

%5,72 &ODXGHQLU )217(1(//( 5RGULJR $XGLWRULD SULYDGD H


JRYHUQDPHQWDO 7HRULD GH IRUPD REMHWLYD H PDLV GH  TXHVW}HV
FRPHQWDGDV1LWHUyL,PSHWXVHG

&216(/+2 )('(5$/ '( &217$%,/,'$'( 1RUPDV %UDVLOHLUDV GH


&RQWDELOLGDGH

&5(3$/',6tOYLR$SDUHFLGR$XGLWRULDFRQWiELOWHRULDHSUiWLFDHG6mR
3DXOR$WODV

)217(1(//( 5RGULJR $XGLWRULD PDLV GH  TXHVW}HV GH


FRQFXUVRVFRPJDEDULWRFRPHQWDGR5LRGH-DQHLUR(OVHYLHUHG


)5$1&2 +LOiULR H 0$55$ (UQHVWR $XGLWRULD FRQWiELO  HG 6mR 3DXOR
$WODV

WZ& 


Вам также может понравиться