$57,*2 7®&1,&2 &20(5&,$/
UHYLVWD W¹FQLFR SURILVVLRQDO
R HOHFWULFLVWD ,QIDLPRQ 6 /
,1)$,021
^$6 &Ø0$5$6 ,5 7®50,&$6 5(62/9(0 $3/,&$ÂÔ(6 '( 9,6Ó2 $57,),&,$/`
0HOKRUHV SUHVWD¸ÆHV SUH¸R PDLV EDL[R H QRYRV LQWHUIDFHV DEUHP RS¸ÆHV GH FRQWUROR GH SURFHVVRV $V F´PDUDV GH LQIUDYHUPHOKRV IUHTXHQWHPHQWH GHQRPLQDGDV F´PDUDV GH LPDJHQV W¹UPLFDV V¶R GHVGH K² DOJXP WHPSR XPD QRYD RS¸¶R D WHU HP FRQWD HP YLV¶R DUWLILFLDO SDUD FRQWUROR GH SURFHVVRV LQGXVWULDLV H FRQWUROR GH TXDOLGDGH HP FRQW½QXR 2 DSDUHFL PHQWR GH F´PDUDV W¹UPLFDV GH PDLV EDL[R FXVWR EDVHDGDV HP PLFURERORPHWURV )3$ )RFDO 3ODQH $UUD\ SHUPLWLX ID]HU FKHJDU HVWD WHFQRORJLD ³ LQGÇVWULD GD YLV¶R DUWLILFLDO 2V VLVWHPDV ÂSWLFRV XWLOL]DGRV QHVWD WHFQRORJLD V¶R XP GRV SULQFLSDLV FRQIOLWRV D UHVROYHU HVSHFLDOPHQWH SHOR VHX HOHYDGR FXVWR M² TXH HVWDV V¶R IDEULFDGDV FRP PDWHULDLV SRXFR FRPXQV FRPR R JHUP´QLR RX IOXRUHWR GH F²OFLR 1R HQWDQWR RV QRYRV GHVHQYROYLPHQWRV QD WHFQRORJLD GRV VHQVRUHV ÂSWLFDV H FRQH[ÆHV GLJLWDLV SHUPLWLUDP D HQWUDGD GDV F´PDUDV W¹UPLFDV QR PXQGR GD YLV¶R DUWLILFLDO DEULQGR QRYDV DSOLFD¸ÆHV TXH V¶R LPSRVV½YHLV GH UHVROYHU XWLOL]DQGR F´PDUDV &&' FRQYHQFLRQDLV $LQGD TXH D GHVFLGD GH SUH¸RV GHVWDV F´PDUDV VHMD LPSRUWDQWH SDUD D VXD XWLOL]D¸¶R WDPE¹P R V¶R DV VXDV SUHVWD¸ÆHV $ UHVROX¸¶R TXH VH PHGH SHOR QÇPHUR GH S½[HOV WHP DXPHQWDGR DR PHVPR WHPSR TXH EDL[DYD R VHX SUH¸R DFWXDOPHQWH GLVSÆH VH GH F´PDUDV W¹UPLFDV FRP UHVROX¸¶R GH [ S½[HOV DR SUH¸R TXH WLQKDP DV GH [ S½[HOV K² W¶R VRPHQWH DOJXQV DQRV DXPHQWDQGR GHVWD PDQHLUD R QÇPHUR GH SRWHQFLDLV DSOLFD¸ÆHV 8P FODUR H[HPSOR GLVVR ¹ D DFWXDO SRVVLELOLGDGH GH XWLOL]DU F´PDUDV W¹UPLFDV QD SUR GX¸¶R GH FLUFXLWRV HOHFWUÂQLFRV $R WHU PDLV UHVROX¸¶R SRGHP LQVSHFFLRQDU DV SODFDV GH FLUFXLWRV LQWHJUDGRV GHWHUPLQDQGR DV GLIHUHQ¸DV GH WHPSHUDWXUDV GRV GLVWLQWRV FRPSRQHQWHV
0(','$6 '( 7(03(5$785$ 5(/$7,9$6 ( $%62/87$6 $ XWLOL]D¸¶R GDV F´PDUDV ,5 W¹UPLFDV ¹ PXLWR YDULDGD H R QÇPHUR GH DSOLFD¸ÆHV DXPHQWD FRQVWDQWHPHQWH (P OLQKDV JHUDLV SRGHP VH GLIHUHQFLDU GRLV WLSRV GH DSOLFD¸ÆHV DV TXH Q¶R HVW¶R EDVHDGDV QR FRQKHFLPHQWR GD WHPSHUDWXUD H DV TXH PHGHP D WHPSHUDWXUD $V DSOLFD¸ÆHV RQGH Q¶R ¹ QHFHVV²ULR FRQKHFHU D WHPSHUDWXUD H[DFWD V¶R DTXHODV HP TXH ¹ VRPHQWH QHFHVV²ULR FRQKHFHU D GLIHUHQ¸D UHODWLYD GH WHPSHUDWXUD GR REMHFWR FRP UHVSHLWR DRV REMHFWRV GR PHLR RX DR EDFNJURXQG $V DSOLFD¸ÆHV RQGH VH PHGH D WHPSHUDWXUD
UHTXHUHP XPD FDOLEUD¸¶R U²GLR P¹WULFD SU¹YLD GD F´PDUD ,5 H DVVLP SRGH VH GHWHUPLQDU D WHPSHUDWXUD GR REMHFWR D DQDOLVDU H VH HVWDEHOHFH XPD UHIHU»QFLD TXH FRPSHQVD D WHPSHUDWXUD DPELHQWH D TXDO SRGH DOWHUDU D PHGLGD GR REMHFWR 8PD SRVV½YHO DSOLFD¸¶R RQGH Q¶R ¹ SUHFLVR PHGLU D WHPSHUDWXUD H[DFWD ¹ XP VLVWHPD GHVHQYROYLGR SDUD ID]HU R WHVWH GD OXQHWD W¹UPLFD GRV IDUÂLV WUDVHLURV GRV DXWRPÂYHLV +DELWXDOPHQWH HVWDV JUHOKDV W¹UPLFDV V¶R LQVSHFFLRQDGDV PHGLDQWH WHUPRSDUHV R TXH JHUD UHVXO WDGRV LQFRQVLVWHQWHV RX HUUÂQHRV 8WLOL]DQGR LPDJHP W¹UPLFD H WUDWDQGR D FRP XP SURJUDPD GH YLV¶R DUWLILFLDO R VLVWHPD SRGH GHWHFWDU OLQKDV GHVFRQW½QXDV RX OLQKDV PDLV ILQDV RX GLIHUHQ¸DV GH WHPSHUDWXUDV HQWUH GLVWLQWDV OLQKDV H GHVWD IRUPD VH SRGH DFHLWDU RX UHMHLWDU XPD MDQHOD FRP PDLRU JDUDQWLD