$WHQomR
$XWLOL]DomRGHXPVLOLFRQHGHVDGHTXDGRSRGHSURYRFDU
DOWHUDo}HVSHUPDQHQWHVQDFRUGDVEDQFDGDVHPPiUPRUH
QDWXUDO
1RIXQFLRQDPHQWRGHFLUFXODomRGHDULQVLUDDSODFDGH
FR]LQKDU H FULH D WXEDJHP HQWUH R DSDUHOKR H D SDUHGH WUDVHLUD
GRPyYHO)LJG
$WHQomR
1mRLQVWDOHRDSDUHOKRHPSDUHGHVVHPLVRODPHQWR
$SOLTXH D ILWD DGHVLYD IRUQHFLGD QR UHERUGR GD EDQFDGD )LJ D
,QVLUDRDGDSWDGRUQDDEHUWXUDGHVDtGDQDSDUWHWUDVHLUDGD
SODFDGHFR]LQKDU
1mRXWLOL]HVLOLFRQHFRPRYHGDQWH
5HPRYDDSHOtFXODGHSURWHomRGDILWDDGHVLYDGRDGDSWDGRU
,QVLUDRDSDUHOKRFXLGDGRVDPHQWHQRUHFRUWHGRPyYHO
)L[HRVJUDPSRVGHIL[DomRIRUQHFLGRVQDEDQFDGDH
FXLGDGRVDPHQWHQRDSDUHOKR3UHVWHDWHQomRSDUDTXHDSODFD
GHFR]LQKDUILTXHjPHVPDDOWXUDGDEDQFDGDHSDUDTXHR
DSDUHOKRQmRUHVYDOH
1RWD 1mRXWLOL]HDSDUDIXVDGRUDVHOpWULFDV
1RDUPiULRLQIHULRUSUHVVLRQHRDGDSWDGRUSHORVVXSRUWHV
ODWHUDLVFRQWUDDSDUHGHWUDVHLUDGRPyYHOHFROHR1HVVH
PRPHQWRVHJXUHRDGDSWDGRUSHORVXSRUWHFHQWUDO6H
QHFHVViULRIL[HDGLFLRQDOPHQWHFRPSDUDIXVRV )LJ
$QWHVGDVHODJHPGRVYHGDQWHVH[HFXWHXPWHVWHGH
IXQFLRQDPHQWRFRUUHVSRQGHQWH )LJ F
6HOHDIROJDHPUHGRUFRPVLOLFRQHDGHTXDGRHUHVLVWHQWHDR
FDORU SRU H[ 1RYDVLO 6 2WWRVHDO 6 $OLVH R YHGDQWH FRP
RSURGXWRGHDOLVDPHQWRUHFRPHQGDGRSHORIDEULFDQWH6LJDDV
LQVWUXo}HVGRSURGXWRGHVLOLFRQH$SHQDVFRORTXHRDSDUHOKR
HPIXQFLRQDPHQWRTXDQGRRVLOLFRQHHVWLYHUFRPSOHWDPHQWH
VHFR SHORV PHQRV KRUDV FRQIRUPH D WHPSHUDWXUD DPELHQWH
3RGHUi DGTXLULU XP VLOLFRQH DGHTXDGR DWUDYpV GR QRVVR 6HUYLoR
GH$VVLVWrQFLD7pFQLFD
$WHQomR
$XWLOL]DomRGHXPVLOLFRQHGHVDGHTXDGRSRGHSURYRFDU
DOWHUDo}HVSHUPDQHQWHVQDFRUGDVEDQFDGDVHPPiUPRUH
QDWXUDO
1R PRGR GH IXQFLRQDPHQWR GD FLUFXODomR GH DU GLULJLGR LQVLUD
DSODFDGHFR]LQKDUHDVFRQGXWDVGHH[WUDomRGHDUFRPR
GLIXVRU)LJH
$SOLTXH D ILWD DGHVLYD IRUQHFLGD QR UHERUGR GD EDQFDGD )LJ D
(PFDVRGHXWLOL]DomRGDFRQGXWDGHUHFLUFXODomRGHDUIL[HR
YHGDQWHjFRQGXWDGHUHFLUFXODomRGHDU)L[HRYHGDQWHDQR
Pi[LPR PPGRERUGR
1mRXWLOL]HVLOLFRQHFRPRYHGDQWH
,QVLUDRDSDUHOKRFXLGDGRVDPHQWHQRUHFRUWHGRPyYHO
)L[HRVJUDPSRVGHIL[DomRIRUQHFLGRVQDEDQFDGDH
FXLGDGRVDPHQWHQRDSDUHOKR3UHVWHDWHQomRSDUDTXHDSODFD
GHFR]LQKDUILTXHjPHVPDDOWXUDGDEDQFDGDHSDUDTXHR
DSDUHOKRQmRUHVYDOH
1RWD 1mRXWLOL]HDSDUDIXVDGRUDVHOpWULFDV
8QDRVFRPSRQHQWHVGDFRQGXWDGHUHFLUFXODomRGHDUHLQVLUD
RV QD DEHUWXUD GH VDtGD QD SDUWH WUDVHLUD GD SODFD GH FR]LQKDU
8QDRGLIXVRUjFRQGXWDGHUHFLUFXODomRGHDU
$QWHVGDVHODJHPGRVYHGDQWHVH[HFXWHXPWHVWHGH
IXQFLRQDPHQWRFRUUHVSRQGHQWH )LJ F
6HOHDIROJDHPUHGRUFRPVLOLFRQHDGHTXDGRHUHVLVWHQWHDR
FDORU SRU H[ 1RYDVLO 6 2WWRVHDO 6 $OLVH R YHGDQWH FRP
RSURGXWRGHDOLVDPHQWRUHFRPHQGDGRSHORIDEULFDQWH6LJDDV
LQVWUXo}HVGRSURGXWRGHVLOLFRQH$SHQDVFRORTXHRDSDUHOKR
HPIXQFLRQDPHQWRTXDQGRRVLOLFRQHHVWLYHUFRPSOHWDPHQWH
VHFR SHORV PHQRV KRUDV FRQIRUPH D WHPSHUDWXUD DPELHQWH
3RGHUi DGTXLULU XP VLOLFRQH DGHTXDGR DWUDYpV GR QRVVR 6HUYLoR
GH$VVLVWrQFLD7pFQLFD
$WHQomR
$XWLOL]DomRGHXPVLOLFRQHGHVDGHTXDGRSRGHSURYRFDU
DOWHUDo}HVSHUPDQHQWHVQDFRUGDVEDQFDGDVHPPiUPRUH
QDWXUDO
/LJDURDSDUHOKR
1RWDV
■3DUDRPRGRGHIXQFLRQDPHQWRHPUHFLUFXODomRGHDUGHYHVHU
PRQWDGDXPDWDPSDGHUHIOX[RFRPXPDSUHVVmRPi[LPDGH
DEHUWXUDGH 3D6HRDSDUHOKRQmRIRUIRUQHFLGRFRPWDPSD
GHUHIOX[RSRGHUiDGTXLULODQRFRPpUFLRHVSHFLDOL]DGR
■6HRDUHYDFXDGRIRUHQFDPLQKDGRDWUDYpVGDSDUHGHH[WHULRU
GHYHVHUXWLOL]DGDXPDFDL[DPXUDOWHOHVFySLFD
&RQVWUXLUDOLJDomRGHH[DXVWmRGHDU
)L[HRWXERGHH[DXVWmRQDFXUYDGRFDQDOSODQR
(VWDEHOHoDDOLJDomRjVDtGDGHH[DXVWmRGHDU
9HGHFRQYHQLHQWHPHQWHRVSRQWRVGHOLJDomR
&RORFDURILOWUR
&RORTXHGRLVGRVILOWURVGRVODGRVHVTXHUGRHGLUHLWRQR
DSDUHOKRHHPSXUUHRVSDUDDIUHQWH )LJ D
&RORTXHRVRXWURVILOWURVGRVODGRVHVTXHUGRHGLUHLWRQR
DSDUHOKR
,QVLUDRILOWURPHWiOLFRGHJRUGXUDV )LJ E
(IHWXDUDOLJDomRHOpWULFD
■7HQVmRYHUSODFDGHFDUDFWHUtVWLFDV
■/LJXHDSHQDVGHDFRUGRFRPRHVTXHPDGHOLJDo}HV )LJ
%1FDVWDQKR
%8D]XO
*1<(DPDUHORHYHUGH
%.SUHWR
*<FLQ]HQWR
■'HSHQGHQGRGRWLSRGHOLJDomRpSRVVtYHOTXHVHWHQKDGH
DOWHUDUDGLVSRVLomRGDVSRQWHLUDVIRUQHFLGDVSHODIiEULFD3DUD
LVVRSRGHUiVHUQHFHVViULRHQFXUWDURVILRVHUHPRYHUR
LVRODPHQWRSDUDFRORFDUXPDSRQWHLUDTXHXQDGRLVFDERV
6HVXUJLU —…‹‹ “‹†‚„ RX “QRYLVRUGRDSDUHOKRLVVR
VLJQLILFD TXH R DSDUHOKR QmR HVWi OLJDGR FRUUHWDPHQWH 'HVOLJXH
R DSDUHOKR GD FRUUHQWH H YHULILTXH VH D OLJDomR DR DSDUHOKR )LJ
H D OLJDomR GD HVWUXWXUD )LJ FRUUHVSRQGHP DR HVTXHPD GH
OLJDo}HVFRQVWDQWHGHVWDVLQVWUXo}HVGHPRQWDJHP
6HQmRVXUJLUTXDOTXHUIDOKDQRYLVRUGRDSDUHOKRYHULILTXHR
IXQFLRQDPHQWR GD YHQWLODomR FRP EDVH QR PDQXDO GH LQVWUXo}HV
0XGH D LQGLFDomR SDUD R PRGR IXQFLRQDPHQWR SRU
UHFLUFXODomRGHDURXFLUFXODomRGHDU
3DUDRPRGRIXQFLRQDPHQWRSRUUHFLUFXODomRGHDUHSRU
FLUFXODomRGHDUPXGHVHQHFHVViULRDLQGLFDomRGRFRQWUROR
HOHWUyQLFRSDUDDVUHJXODo}HVEDVH
3DUDLVVRUHVSHLWHRFDStWXOR 5HJXODo}HVEDVH QRPDQXDOGH
LQVWUXo}HV
'HVPRQWDURDSDUHOKR
'HVOLJXHRDSDUHOKRGDIRQWHGHDOLPHQWDomR
5HPRYD R FDQDO GH H[DXVWmR RX VROWH DV OLJDo}HV GH FLUFXODomR
GHDU
3UHVVLRQHSRUEDL[RSDUDUHWLUDURDSDUHOKR
$WHQomR
'DQLILFDomRGRDSDUHOKR 1mRUHWLUHRDSDUHOKRSRUFLPD
no
ê0RQWHULQJVYHLOHGQLQJ
: 9LNWLJHVLNNHUKHWVDQYLVQLQJHU
/HV GHQQH EUXNVDQYLVQLQJHQ Q¡\H 'HW HU HQ IRUXWVHWQLQJ IRU DW GX
VNDO NXQQH EUXNH DSSDUDWHW Sn HQ VLNNHU RJ ULNWLJ PnWH 7D YDUH Sn
EUXNVRJPRQWHULQJVDQYLVQLQJHQVOLNDWGXNDQEUXNHGHQLJMHQ
VHQHUHHOOHUJLGHQYLGHUHWLOHYHQWXHOOHNRPPHQGHHLHUHDY
DSSDUDWHW
6LNNHUKHWHQXQGHUEUXNHQHUNXQJDUDQWHUWGHUVRPPRQWHULQJHQ
IRUHWDVIRUVNULIWVPHVVLJLKHQKROGWLOPRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
3URGXVHQWHQRYHUWDULNNHDQVYDUIRUGULIWVIHLOHOOHUPXOLJHVNDGHU
JUXQQHWPDQJHOIXOOHOHNWULVNLQVWDOODVMRQ
6WU¡POHGQLQJ'HQQHHUPXOLJHQVDOOHUHGHNREOHWWLO
WLONREOLQJVERNVHQIRUSODWHWRSSHQHOOHUGHQI¡OJHUPHG
DSSDUDWHW RJ Pn GD NXQ LQVWDOOHUHV DY HQ HOHNWULNHU HOOHU NYDOLILVHUW
SHUVRQHOO IUD NXQGHVHUYLFH 'H Q¡GYHQGLJH WLONREOLQJVGDWDHQH VWnU
RSSJLWWSnW\SHVNLOWHWRJLNREOLQJVVNMHPDHW
%UXN NXQ GHQ OHGQLQJHQ VRP I¡OJHU PHG DSSDUDWHW HOOHU HQ OHGQLQJ
OHYHUWDYWHNQLVNNXQGHVHUYLFH
)¡UDOOHDUEHLGHUPnVWU¡PWLOI¡UVHOHQEU\WHV
)RULQVWDOODVMRQHQPnGHWWDVKHQV\QWLOGHDNWXHOOHJ\OGLJH
E\JJHIRUVNULIWHURJIRUVNULIWHQHIUDVWU¡PRJJDVVIRUV\QLQJHQSn
VWHGHW