THIAGO STRAUSS MARCELO LEITE
Otimizando o aprendizado e a memorização, com a revisão esquematizada da matéria
DIREITO ADMINISTRATIVO EM
MAPAS MENTAIS 7XUPD Edição revista e atualizada
SUMĂ RIO
VisĂŁo Geral ................................................................................................ 3 1. Introdução ao Direito Administrativo .................................................... 4 2. Administração PĂşblica ........................................................................... 6 Administração S~EOLFD Âą QRo}HV JHUDLV 'HVFHQWUDOL]DomR DGPLQLVWUDWLYD Ă?UJmR (QWLGDGHV HP HVSpFLH (QWLGDGHV HP HVSpFLH Âą $XWDUTXLD 7HUFHLUR 6HWRU Âą (QWLGDGHV 3DUDHVWDWDLV &RQWUDWR GH JHVWmR 3. PrincĂpios Fundamentais ....................................................................... 18 4. Poderes Administrativos ........................................................................ 20 5. Atos Administrativos ............................................................................. 23 1Ro}HV LQWURGXWyULDV &ODVVLILFDomR GRV $WRV $GPLQLVWUDWLYRV 5HTXLVLWRV GR $WR $GPLQLVWUDWLYR $WULEXWRV GRV $WRV $GPLQLVWUDWLYRV (VSpFLHV GH $WRV $GPLQLVWUDWLYRV $WRV GLVFULFLRQiULRV H YLQFXODGRV )RUPDV GH H[WLQomR H YtFLRV GR DWR DGPLQLVWUDWLYR 6. Licitaçþes .............................................................................................. 32 1Ro}HV JHUDLV 3ULQFtSLRV GD /LFLWDomR $OLHQDomR GH EHQV SHOD $GPLQLVWUDomR 3~EOLFD &RQWUDWDomR GLUHWD 0RGDOLGDGHV GH /LFLWDomR 7LSRV GH /LFLWDomR 3URFHGLPHQWRV GH /LFLWDomR 7. Contratos Administrativos ..................................................................... 42 &RQFHLWR H IRUPDOL]DomR &OiXVXODV H[RUELWDQWHV 0XWDELOLGDGH GRV FRQWUDWRV DGPLQLVWUDWLYRV ([WLQomR GRV FRQWUDWRV DGPLQLVWUDWLYRV 8. Servidores PĂşblicos ............................................................................... 47 $JHQWHV S~EOLFRV 1RUPDV FRQVWLWXFLRQDLV /HL 3URFHVVR $GPLQLVWUDWLYR 'LVFLSOLQDU Âą 3$' 9. Serviços PĂşblicos ................................................................................... 56 &RQFHLWR &RQVLGHUDo}HV JHUDLV &ODVVLILFDomR GRV VHUYLoRV S~EOLFRV 'HOHJDomR GH VHUYLoRV S~EOLFRV 'HOHJDomR FRPXP Âą 'LVSRVLo}HV GD /HL 3DUFHULDV 3~EOLFR 3ULYDGDV Âą 333 10. Responsabilidade Civil do Estado ......................................................... 63 11. Controle da Administração PĂşblica ...................................................... 65 12. Improbidade Administrativa ................................................................ 66 13. Processo Administrativo – Lei 9.784/99 .............................................. 68 14. Bens PĂşblicos ...................................................................................... 70
ZZZ SRQWRGRVFRQFXUVRV FRP EU
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
',5(,72 $'0,1,675$7,92 9,6Â2 *(5$/
&RQFHLWR H IRUPDOL]DomR
,QWURGXomR DR 'LUHLWR $GPLQLVWUDWLYR
&RQWUDWRV DGPLQLVWUDWLYRV
&OiXVXODV H[RUELWDQWHV 0XWDELOLGDGH H H[WLQomR
1RUPDV FRQVWLWXFLRQDLV
5HJLPH MXUtGLFR DGPLQLVWUDWLYR
'HVFRQFHQWUDomR H yUJmR
6HUYLGRUHV S~EOLFRV
/HL 3URFHVVR $GPLQLVWUDWLYR 'LVFLSOLQDU 3$'
$XWDUTXLD
$GPLQLVWUDomR 3~EOLFD
&RQFHLWR FODVVLILFDomR IRUPDV GH SUHVWDomR 'HOHJDomR 3DUFHULDV 3~EOLFR 3ULYDGDV
6LVWHPDV DGPLQLVWUDWLYRV
$GPLQLVWUDomR 3~EOLFD H GHVFHQWUDOL]DomR DGPLQLVWUDWLYD
$JHQWHV S~EOLFRV
&RPXP
&RQFHLWR REMHWR IRQWHV
&RQFHVVmR
(QWLGDGHV HP HVSpFLH
(PSUHVD S~EOLFD 6RFLHGDGH GH HFRQRPLD PLVWD 6LVWHPD 6
(QWLGDGHV 3DUDHVWDWDLV
26 26&,3
6HUYLoRV S~EOLFRV
3HUPLVVmR
)XQGDo}HV S~EOLFDV
6XSUHPDFLD GR LQWHUHVVH S~EOLFR
$XWRUL]DomR 'LVSRVLo}HV GD /HL
,QGLVSRQLELOLGDGH GR LQWHUHVVH S~EOLFR
3DUFHULDV 3~EOLFR 3ULYDGDV 333
/HJDOLGDGH ,PSHVVRDOLGDGH
&RQFHLWR (YROXomR KLVWyULFD 5HVSRQVDELOLGDGH H[WUDFRQWUDWXDO QD &)
5HVSRQVDELOLGDGH FLYLO GR (VWDGR
$omR GH UHSDUDomR &RQFHLWR &ODVVLILFDomR
3ULQFtSLRV IXQGDPHQWDLV
',5(,72 $'0,1,675$7,92
3URFHGLPHQWRV DGPLQLVWUDWLYRV H Do}HV MXGLFLDLV
&RQWLQXLGDGH 1Ro}HV LQWURGXWyULDV 3RGHU YLQFXODGR 3RGHU GLVFULFLRQiULR
,PSURELGDGH DGPLQLVWUDWLYD
3RGHUHV DGPLQLVWUDWLYRV
)RUPD WHPSR H OXJDU GRV DWRV
3RGHU GLVFLSOLQDU 3RGHU GH SROtFLD &RQFHLWR H DWULEXWRV &ODVVLILFDomR
3ULQFtSLRV
,PSHGLPHQWR H VXVSHLomR
3RGHU KLHUiUTXLFR 3RGHU UHJXODPHQWDU
$EUDQJrQFLD H DSOLFDomR ,QtFLR GR SURFHVVR H OHJLWLPDGRV
(ILFLrQFLD
$XWRWXWHOD
$VSHFWRV JHUDLV
6DQo}HV
3XEOLFLGDGH 5D]RDELOLGDGH H SURSRUFLRQDOLGDGH
&RQWUROH GD $GPLQLVWUDomR 3~EOLFD
'HVFULomR GRV DWRV GH LPSURELGDGH
0RUDOLGDGH
5HTXLVLWRV
3URFHVVR DGPLQLVWUDWLYR
$WRV DGPLQLVWUDWLYRV
&RQFHLWR ILQDOLGDGH H DEUDQJrQFLD
&RQFHLWR FODVVLILFDomR H FDUDFWHUtVWLFDV
3ULQFtSLRV
$IHWDomR H GHVDIHWDomR
8VR SULYDWLYR GH EHQV S~EOLFRV
$WRV GLVFULFLRQiULRV H YLQFXODGRV )RUPDV GH H[WLQomR H YtFLRV
5HFXUVR DGPLQLVWUDWLYR H SUD]RV
3ULQFLSDLV HVSpFLHV GH EHQV S~EOLFRV
(VSpFLHV
%HQV S~EOLFRV
/LFLWDomR
&RQWUDWDomR GLUHWD
,QH[LJLELOLGDGH 'LVSHQVD
0RGDOLGDGHV 7LSRV GH OLFLWDomR )DVHV DQXODomR H UHYRJDomR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
,1752'8d2 $2 ',5(,72 $'0,1,675$7,92 ,
$GPLQLVWUDomR 3~EOLFD HP VHQWLGR 68%-(7,92
L &RQMXQWR GH yUJmRV DJHQWHV H SHVVRDV MXUtGLFDV DGPLQLVWUDWLYDV e R UDPR GR GLUHLWR S~EOLFR TXH WHP SRU REMHWR
LL )XQomR DGPLQLVWUDWLYD
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$WLYLGDGH MXUtGLFD QmR FRQWHQFLRVD
$GPLQLVWUDomR 3~EOLFD HP VHQWLGR 2%-(7,92
LLL *HVWmR GRV EHQV S~EOLFRV 6HJXQGR HVVH FULWpULR R 'LUHLWR $GPLQLVWUDWLYR DEUDQJH R FRQMXQWR GH SULQFtSLRV TXH UHJHP D $'0,1,675$d2 3Ò%/,&$ &ULWpULR GD $GPLQLVWUDomR 3~EOLFD
&RQMXQWR GH yUJmRV H SHVVRDV MXUtGLFDV
6HQWLGR VXEMHWLYR
$GPLQLVWUDomR 3~EOLFD
$WLYLGDGHV GR (VWDGR GHVWLQDGDV j VDWLVIDomR FRQFUHWD H LPHGLDWD GRV LQWHUHVVHV S~EOLFRV
6HQWLGR REMHWLYR
&ULWpULR PDLV DFHLWR
+HO\ /RSHV
L 2V yUJmRV DJHQWHV H SHVVRDV MXUtGLFDV DGPLQLVWUDWLYDV TXH LQWHJUDP D $GPLQLVWUDomR 3~EOLFD
5DPR GR GLUHLWR S~EOLFR TXH WHP SRU REMHWR
0DULD 6\OYLD
$WLYLGDGH MXUtGLFD QmR FRQWHQFLRVD
LL $ DWLYLGDGH MXUtGLFD QmR FRQWHQFLRVD TXH H[HUFH H
LLL 2V EHQV GH TXH VH XWLOL]D SDUD FRQVHFXomR GH VHXV ILQV GH QDWXUH]D S~EOLFD
&RQMXQWR KDUP{QLFR GH SULQFtSLRV MXUtGLFRV TXH UHJHP RV yUJmRV RV DJHQWHV H DV DWLYLGDGHV S~EOLFDV WHQGHQWHV D UHDOL]DU FRQFUHWD GLUHWD H LPHGLDWDPHQWH RV ILQV GHVHMDGRV SHOR (VWDGR 6HJXQGR HVWH FULWpULR R 'LUHLWR $GPLQLVWUDWLYR DEUDQJHULD R FRQMXQWR GH OHLV DGPLQLVWUDWLYDV YLJHQWHV OHLV GHFUHWRV UHJXODPHQWRV
&RQFHLWR UHVWULWLYR
&ULWpULR OHJDOLVWD &UtWLFD
&UHWHOOD
&RQFHLWR &ULWpULR GR 3RGHU ([HFXWLYR
'LUHLWR $GPLQLVWUDWLYR
'HVFRQVLGHUD GHPDLV IRQWHV GR 'LUHLWR $GPLQLVWUDWLYR ([ 3ULQFtSLRV MXUtGLFRV
$ FLrQFLD MXUtGLFD p XP FRQMXQWR GH SULQFtSLRV H QmR SRGH FRQVLVWLU HP FRPHQWiULRV GD OHJLVODomR SRVLWLYD
6HJXQGR HVWH FULWpULR R 'LUHLWR $GPLQLVWUDWLYR DEUDQJHULD R FRQMXQWR GH SULQFtSLRV MXUtGLFRV TXH GLVFLSOLQDP D RUJDQL]DomR H D DWLYLGDGH GR 3RGHU ([HFXWLYR &UtWLFD
'HPDLV 3RGHUHV WDPEpP H[HUFHP D DWLYLGDGH DGPLQLVWUDWLYD
6HJXQGR HVWH FULWpULR R 'LUHLWR $GPLQLVWUDWLYR DEUDQJHULD R FRQMXQWR GH QRUPDV TXH UHJHP DV UHODo}HV HQWUH &ULWpULR GD UHODomR MXUtGLFD &ULWpULRV QmR DGRWDGRV
$GPLQLVWUDomR $GPLQLVWUDGR
2XWURV UDPRV GR 'LUHLWR WDPEpP GLVFLSOLQDP WDLV UHODo}HV MXUtGLFDV &UtWLFD
&ULWpULR LQVXILFLHQWH
'LUHLWR $GPLQLVWUDWLYR DEUDQJH DLQGD D RUJDQL]DomR LQWHUQD GD $GPLQLVWUDomR 3~EOLFD
6HJXQGR HVWH FULWpULR R 'LUHLWR $GPLQLVWUDWLYR DEUDQJHULD D GLVFLSOLQD MXUtGLFD TXH UHJXOD D LQVWLWXLomR D RUJDQL]DomR H R IXQFLRQDPHQWR GRV VHUYLoRV S~EOLFRV &ULWpULR GR VHUYLoR S~EOLFR
,QVSLUDGR QD MXULVSUXGrQFLD GR &RQVHOKR GH (VWDGR IUDQFrV IL[DomR GD FRPSHWrQFLD GRV WULEXQDLV DGPLQLVWUDWLYRV HP IXQomR GD H[HFXomR GH VHUYLoRV S~EOLFRV
&ULWpULR UHVWULWLYR &UtWLFD
$ ORFXomR VHUYLoR S~EOLFR LQWHJUD R FRQFHLWR VHP HVWDU GHILQLGD 1mR GLVWLQJXH R UHJLPH MXUtGLFR D TXH VH VXMHLWD D DWLYLGDGH
&ULWpULR WHOHROyJLFR
6HJXQGR HVWH FULWpULR R 'LUHLWR $GPLQLVWUDWLYR DEUDQJHULD R VLVWHPD GRV SULQFtSLRV MXUtGLFRV TXH UHJXODP D DWLYLGDGH GR (VWDGR SDUD FXPSULPHQWR GH VHXV ILQV &UtWLFD
&ULWpULR QHJDWLYLVWD RX UHVLGXDO
$WLYLGDGH GR (VWDGR
)LQV GR (VWDGR
6HJXQGR HVWH FULWpULR R 'LUHLWR $GPLQLVWUDWLYR VHULD R UDPR GR 'LUHLWR TXH UHJXOD WRGD D DWLYLGDGH HVWDWDO TXH QmR VHMD OHJLVODWLYD H MXULVGLFLRQDO &UtWLFD
L 5HODo}HV LQWHUQDV j $GPLQLVWUDomR 3~EOLFD
2EMHWR
2IHUHFH H[SUHVV}HV QmR GHILQLGDV
&RQFHLWR SRXFR DJUHJD
(QWUH RV yUJmRV H HQWLGDGHV DGPLQLVWUDWLYDV XQV FRP RV RXWURV H HQWUH D DGPLQLVWUDomR H VHXV DJHQWHV HVWDWXWiULRV H FHOHWLVWDV
LL 5HODo}HV HQWUH D DGPLQLVWUDomR H RV DGPLQLVWUDGRV
LLL $WLYLGDGHV GH DGPLQLVWUDomR S~EOLFD HP VHQWLGR PDWHULDO H[HUFLGDV SRU SDUWLFXODUHV VRE UHJLPH GR GLUHLWR S~EOLFR
([ 3UHVWDomR GH VHUYLoRV S~EOLFRV PHGLDQWH FRQWUDWRV GH FRQFHVVmR RX GH SHUPLVVmR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
,1752'8d2 $2 ',5(,72 $'0,1,675$7,92 ,,
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
e R UHJLPH DGRWDGR SHOR (VWDGR SDUD R FRQWUROH GH OHJDOLGDGH H OHJLWLPLGDGH GRV DWRV DGPLQLVWUDWLYRV
D &RQFHLWR
&RQWHQFLRVR DGPLQLVWUDWLYR 3RGHU -XGLFLiULR
L -XULVGLomR FRPXP 'XDOLGDGH GH MXULVGLomR
E 6LVWHPD IUDQFrV
-XULVGLomR HVSHFLDO GR FRQWHQFLRVR DGPLQLVWUDWLYR 5HVROYH OLWtJLRV QRV TXDLV D DGPLQLVWUDomR p SDUWH LL -XULVGLomR DGPLQLVWUDWLYD
6LVWHPDV $GPLQLVWUDWLYRV
7ULEXQDLV $GPLQLVWUDWLYRV H &RQVHOKR GH (VWDGR ,QGHSHQGrQFLD GRV 3RGHUHV H GHVFRQILDQoD FRP UHODomR DR -XGLFLiULR
6LVWHPD MXGLFLiULR RX GH MXULVGLomR XQD 8QLFLGDGH GH MXULVGLomR
F 6LVWHPD LQJOrV
L 3RGHU MXGLFLiULR
$SUHFLD WRGDV KLSyWHVHV GH OLWtJLR UHVROXomR GH FRQIOLWRV
LL $GPLQLVWUDomR 3~EOLFD
6LVWHPD DGPLQLVWUDWLYR XWLOL]DGR QR %5$6,/
'HFLGH MXOJD VHP MXULVGLomR 6HP GHILQLWLYLGDGH
3ULQFtSLR GD LQDIDVWDELOLGDGH GH MXULVGLomR &) DUW LQF ;;;9
)RQWH SULPiULD D /HL
6HQWLGR DPSOR LQFOXLQGR PHGLGDV SURYLVyULDV H UHJXODPHQWRV )RQWH VHFXQGiULD 5HLWHUDGDV GHFLV}HV MXGLFLDLV SURIHULGDV QR PHVPR VHQWLGR
E -XULVSUXGrQFLD
(P UHJUD QmR SRVVXHP IRUoD FRHUFLWLYD SDUD D DGPLQLVWUDomR ([FHWR
L &RQWUROH GH FRQVWLWXFLRQDOLGDGH H LL 6~PXOD YLQFXODQWH GR 67)
)RQWH VHFXQGiULD F 'RXWULQD
)RUPD R VLVWHPD WHyULFR GH SULQFtSLRV DSOLFiYHLV DR GLUHLWR SRVLWLYR
)RQWHV
)RQWH VHFXQGiULD
'LUHLWR $GPLQLVWUDWLYR
5HLWHUDomR XQLIRUPH GH XP FRPSRUWDPHQWR WLGR FRPR REULJDomR OHJDO 3UHVHQoD GH HOHPHQWRV G &RVWXPHV
(OHPHQWR REMHWLYR VXEVWDQFLDO
8VR FRQWLQXDGR GD SUiWLFD QR WHPSR
(OHPHQWR VXEMHWLYR UHODFLRQDO
&RQYLFomR GD REULJDWRULHGDGH GD SUiWLFD FRPR QHFHVVLGDGH VRFLDO
6RPHQWH DGPLWLGRV TXDQGR QmR IRUHP FRQWUiULRV jV OHLV FRQWUD OHJHP
1mR SRVVXL R HOHPHQWR VXEMHWLYR FRQYLFomR JHUDO GD FRUUHomR GR FRPSRUWDPHQWR
1mR VH FRQIXQGH FRP D 35$;( $'0,1,675$7,9$ URWLQD DGPLQLVWUDWLYD
5HJLPH GH GLUHLWR S~EOLFR DSOLFiYHO
D &RQFHLWR
'LRJHQHV *DVSDULQL DILUPD TXH QD RSLQLmR GD PDLRULD GRV DXWRUHV QmR p IRQWH GR 'LUHLWR $GPLQLVWUDWLYR DRV yUJmRV H HQWLGDGHV TXH FRPS}HP D $GPLQLVWUDomR 3~EOLFD H j DWXDomR GRV DJHQWHV DGPLQLVWUDWLYRV
&RQMXQWR VLVWHPDWL]DGR GH SULQFtSLRV H UHJUDV TXH GmR LGHQWLGDGH DR 'LUHLWR $GPLQLVWUDWLYR GLIHUHQFLDQGR R GRV GHPDLV UDPRV GR 'LUHLWR $R PHVPR WHPSR TXH DV 35(552*$7,9$6 FRORFDP D DGPLQLVWUDomR HP SRVLomR GH VXSUHPDFLD SHUDQWH R SDUWLFXODU DV UHVWULo}HV 68-(,d®(6
OLPLWDP VXD DWLYLGDGH D GHWHUPLQDGRV ILQV H SULQFtSLRV 35(552*$7,9$6 RX SRGHUHV HVSHFLDLV GD $GPLQLVWUDomR 3~EOLFD 6mR EHQHItFLRV FRQFHGLGRV SHOD RUGHP MXUtGLFD
5HJLPH -XUtGLFR $GPLQLVWUDWLYR
E 6XSUHPDFLD GR LQWHUHVVH S~EOLFR
L 3RVLomR SUHYLOHJLDGD
9LVDP JDUDQWLU D FRQVHFXomR GRV LQWHUHVVHV S~EOLFRV ([ 3UD]RV PDLRUHV HP SURFHVVRV MXGLFLDLV 9HUWLFDOLGDGH QDV UHODo}HV DGPLQLVWUDomR SDUWLFXODU
LL 3RVLomR GH VXSUHPDFLD
'HYHUHV 3RGHUHV
&DUiWHU LQVWUXPHQWDO
([ &OiXVXODV H[RUELWDQWHV GRV FRQWUDWRV DGPLQLVWUDWLYRV
,QGLVSRQLELOLGDGH SHOD DGPLQLVWUDomR GRV LQWHUHVVHV S~EOLFRV
F ,QGLVSRQLELOLGDGH GR LQWHUHVVH S~EOLFR
L 3ULQFtSLR GD OHJDOLGDGH
68-(,d®(6
$GPLQLVWUDU p DSOLFDU D OHL GH RItFLR
%HQV H LQWHUHVVHV S~EOLFRV QmR VH HQFRQWUDP j OLYUH GLVSRVLomR GR DGPLQLVWUDGRU LL 6XMHLo}HV
e D RUGHP OHJDO TXH GLVS}H VREUH D ILQDOLGDGH
([ 1HFHVVLGDGH GH UHDOL]DomR GH OLFLWDo}HV SDUD FHOHEUDomR GH FRQWUDWRV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$'0,1,675$d2 3Ò%/,&$ , (OHPHQWR ItVLFR
L 7HUULWyULR
(VWDGR
LL 3RYR
D (OHPHQWRV GR (VWDGR
(OHPHQWR KXPDQR
LLL *RYHUQR VREHUDQR
2UJDQL]DomR GR (VWDGR RFRUUH FRQIRUPH VXD OLYUH H VREHUDQD YRQWDGH
3DUD R 'LUHLWR R (VWDGR p SHVVRD MXUtGLFD WHUULWRULDO VREHUDQD UHJLGD SHOR GLUHLWR S~EOLFR E $FHSomR MXUtGLFD
3RVVXL SHUVRQDOLGDGH MXUtGLFD
$SWLGmR JHQpULFD SDUD DGTXLULU GLUHLWRV H FRQWUDLU REULJDo}HV $WULEXWR QHFHVViULR SDUD VHU VXMHLWR QDV UHODo}HV MXUtGLFDV (ODERUDU QRUPDV JHUDLV H DEVWUDWDV
)XQomR /HJLVODWLYD ,GHQWLILFRX IXQo}HV GLVWLQWDV H[HUFLGDV SHOR SRGHU VREHUDQR
)XQomR ([HFXWLYD
$SOLFDU DV QRUPDV JHUDLV DRV FDVRV FRQFUHWRV
)XQomR -XGLFDQWH
$SOLFDU DV QRUPDV JHUDLV SDUD GLULPLU HYHQWXDLV FRQIOLWRV RFRUULGRV
$ULVWyWHOHV
3ULQFtSLR GD VHSDUDomR GRV SRGHUHV
D 1Ro}HV KLVWyULFDV 0RQWHVTXLHX
3URS{V TXH DV IXQo}HV QmR SRGHULDP VHU H[HUFLGDV SHOR PHVPR yUJmR
3DUD HYLWDU DEXVR QR H[HUFtFLR GR SRGHU DV IXQo}HV GHYHULDP VHU GLVWULEXtGDV SRU FHQWURV LQGHSHQGHQWHV HQWUH VL GH IRUPD D SRVVLELOLWDU D OLPLWDomR GR SRGHU SHOR SRGHU 'LYLVmR IOH[tYHO GDV IXQo}HV HVWDWDLV
6LVWHPD DWXDO
$GPLQLVWUDomR 3~EOLFD
3RGHUHV GR (VWDGR
&DGD SRGHU H[HUFH
8PD IXQomR SUHFtSXD WtSLFD H 2XWUDV IXQo}HV GH QDWXUH]D DFHVVyULD DWtSLFDV
0HFDQLVPR GH FRQWUROHV UHFtSURFRV HQWUH RV 3RGHUHV
6LVWHPD GH IUHLRV H FRQWUDSHVRV
5HSUHVHQWDP XPD GLYLVmR HVWUXWXUDO LQWHUQD FRP ILQDOLGDGH GH HVWDEHOHFHU R HTXLOtEULR H R FRQWUROH GR H[HUFtFLR GR SRGHU GH VREHUDQLD E &RQFHLWR
)UHLRV H FRQWUDSUHVRV 6mR VHJPHQWRV HVWUXWXUDLV HP TXH VH GLYLGH R SRGHU JHUDO H DEVWUDWR GD VREHUDQLD
&DGD 3RGHU H[HUFH XPD IXQomR SUHFtSXD )XQo}HV 7Ë3,&$6
3RGHU /HJLVODWLYR
([HUFH D IXQomR OHJLVODWLYD H GH FRQWUROH ([HUFH D IXQomR DGPLQLVWUDWLYD
3RGHU ([HFXWLYR
([HUFH D IXQomR MXULVGLFLRQDO
3RGHU -XGLFLiULR
1mR Ki H[FOXVLYLGDGH QR H[HUFtFLR GDV IXQo}HV -XOJD RV FULPHV GH UHVSRQVDELOLGDGH 3RGHU /HJLVODWLYR
F 'LVWULEXLomR GDV IXQo}HV QD &) )XQo}HV $7Ë3,&$6
$GPLQLVWUD
&ULPHV GH QDWXUH]D SROtWLFD
&) DUW
2UJDQL]D VHXV VHUYLoRV LQWHUQRV &) DUWV H
([HUFH R SRGHU UHJXODPHQWDU 3RGHU ([HFXWLYR
&) DUW
1mR p GHILQLWLYR QmR ID] FRLVD MXOJDGD
3ULQFtSLR GD LQDIDVWDELOLGDGH GD MXULVGLomR &) DUW ;;;9
-XOJD
6HP MXULVGLomR ([HUFH D IXQomR QRUPDWLYD HODERUD UHJLPHQWRV LQWHUQRV &) DUW , D
3RGHU -XGLFLiULR
$GPLQLVWUD
2UJDQL]D VHXV VHUYLoRV LQWHUQRV &) DUW
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$'0,1,675$d2 3Ò%/,&$ ,, $ $GPLQLVWUDomR 3~EOLFD HP VHQWLGR $03/2 DEUDQJH
L *RYHUQR LL $GPLQLVWUDomR 3~EOLFD VHQWLGR HVWULWR
(VWDEHOHFH RV SODQRV GH DomR
3ODQHMDU $WLYLGDGH GH &RPSUHHQGH D )81d2 32/Ë7,&$
'LULJLU
'HILQH DV GLUHWUL]HV
&RPDQGDU 6DQomR H YHWR
D 6HQWLGR REMHWLYR
1RPHDomR GH PLQLVWUR
$WRV GH JRYHUQR SROtWLFRV
*XHUUD H SD] (VWDGR GH VtWLR
'HFODUDomR
(VWDGR GH HPHUJrQFLD
*RYHUQR
(QYROYH RV 3RGHUHV H yUJmRV FRQVWLWXFLRQDLV UHVSRQViYHLV SHOD IXQomR SROtWLFD 7UDoD GLUHWUL]HV 'LULJH H FRPDQGD D $GPLQLVWUDomR 3~EOLFD
3RGHU ([HFXWLYR E 6HQWLGR VXEMHWLYR
(ODERUD SODQRV GH JRYHUQR 3DUWLFLSD FRP PHQRU SUHGRPLQkQFLD
3RGHU /HJLVODWLYR $JHQWHV SROtWLFRV
$WLYLGDGH GH DSURYDomR H FRQWUROH ([HUFHP FRPSHWrQFLDV FRQVWLWXFLRQDLV 0DQLIHVWDomR GD VREHUDQLD
3RVVXHP FRQGXWD LQGHSHQGHQWH
7DPEpP FKDPDGR GH VHQWLGR PDWHULDO RX IXQFLRQDO &RPSUHHQGH D )81d2 $'0,1,675$7,9$
([HFXWDU
$WLYLGDGH GH
3UHVWDU VHUYLoR $WLYLGDGH FRQFUHWD H LPHGLDWD TXH R (VWDGR H[HUFH
&RQFHLWR
6RE UHJLPH MXUtGLFR GH GLUHLWR S~EOLFR 3DUD FRQVHFXomR GH LQWHUHVVHV FROHWLYR
$GPLQLVWUDomR 3~EOLFD
L 6HUYLoR 3~EOLFR
$WLYLGDGH TXH SRU VXD HVVHQFLDOLGDGH RX UHOHYkQFLD IRUDP DVVXPLGDV SHOR (VWDGR FRP RX VHP H[FOXVLYLGDGH 3RGHU GH SROtFLD
LL 3ROtFLD $GPLQLVWUDWLYD D 6HQWLGR REMHWLYR LLL )RPHQWR $EUDQJH
$GPLQLVWUDomR 3~EOLFD HP VHQWLGR HVWULWR
$GPLQLVWUDomR 3~EOLFD SRGH FRQGLFLRQDU RX UHVWULQJLU R XVR H R JR]R GH EHQV GLUHLWRV H DWLYLGDGHV LQGLYLGXDLV HP EHQHItFLR GD FROHWLYLGDGH RX GR (VWDGR
,QFHQWLYR j LQLFLDWLYD SULYDGD GH LQWHUHVVH S~EOLFR
,QWHUYHQomR GR (VWDGR QR VHWRU SULYDGR
,QWHUYHQomR QD SURSULHGDGH SULYDGD &) DUW ;;,9
,QWHUYHQomR LQGLUHWD QR GRPtQLR HFRQ{PLFR &) DUW
0DULD 6\OYLD QmR FRQVLGHUD D DWXDomR GLUHWD GR (VWDGR QR GRPtQLR HFRQ{PLFR FRPR IXQomR DGPLQLVWUDWLYD
LY ,QWHUYHQomR
2EV
1HVVH FDVR R (VWDGR VXEPHWH VH DR UHJLPH MXUtGLFR GH GLUHLWR SULYDGR &) DUW
7DPEpP FKDPDGR GH VHQWLGR IRUPDO RX RUJkQLFR $EUDQJH R FRQMXQWR GH yUJmRV SHVVRDV MXUtGLFDV H DJHQWHV LQWHJUDQWHV GD $GPLQLVWUDomR 3~EOLFD 2 %UDVLO DGRWD R FULWpULR IRUPDO GH $GPLQLVWUDomR 3~EOLFD E 6HQWLGR VXEMHWLYR
$V HQWLGDGHV SULYDGDV TXH SUHVWDP VHUYLoR S~EOLFR PHGLDQWH GHOHJDomR FRQFHVVLRQiULDV H SHUPLVVLRQiULDV DSHVDU GH H[HUFHUHP DWLYLGDGHV SUySULDV GD IXQomR DGPLQLVWUDWLYD QmR LQWHJUDP D $GPLQLVWUDomR 3~EOLFD L ÏUJmRV GD DGPLQLVWUDomR GLUHWD ,QWHJUDGD SRU
LL (QWLGDGHV GD DGPLQLVWUDomR LQGLUHWD LLL $JHQWHV DGPLQLVWUDWLYRV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$'0,1,675$d2 3Ò%/,&$ ,,,
&HQWUDOL]DomR $GPLQLVWUDWLYD
D &RQFHLWR
)RUPD GH RUJDQL]DomR H DWXDomR DGPLQLVWUDWLYD QD TXDO R (VWDGR H[HFXWD VXDV WDUHIDV GLUHWDPHQWH SRU PHLR GRV yUJmRV H DJHQWHV LQWHJUDQWHV GD $'0,1,675$d2 ',5(7$ )RUPD GLUHWD H LPHGLDWD
E ([HFXomR GD DWLYLGDGH SUHVWDomR GR VHUYLoR
)RUPD GH RUJDQL]DomR H DWXDomR DGPLQLVWUDWLYD QD TXDO R (VWDGR GHVHPSHQKD VXDV DWULEXLo}HV SRU PHLR GH RXWUDV SHVVRDV D &RQFHLWR
e D GLVWULEXLomR GH FRPSHWrQFLDV GH XPD SDUD RXWUD SHVVRD ItVLFD RX MXUtGLFD )RUPD LQGLUHWD H PHGLDWD
E ([HFXomR GD DWLYLGDGH SUHVWDomR GR VHUYLoR
'HVFHQWUDOL]DomR SRU VHUYLoRV
L 2XWRUJD
3RGHU 3~EOLFR FULD XPD SHVVRD MXUtGLFD H D HOD DWULEXL D 7,78/$5,'$'( H D (;(&8d2 GH VHUYLoR S~EOLFR
2FRUUH PHGLDQWH /(, 3UHVVXS}H REULJDWRULDPHQWH D HGLomR GH XPD OHL TXH LQVWLWXD D HQWLGDGH RX DXWRUL]H VXD FULDomR
'HVFHQWUDOL]DomR $GPLQLVWUDWLYD
'HVFHQWUDOL]DomR SRU FRODERUDomR
F )RUPDV GH GHVFHQWUDOL]DomR
LL 'HOHJDomR
3RGHU 3~EOLFR DWULEXL D XPD SHVVRD MXUtGLFD GH GLUHLWR SULYDGR D (;(&8d2 GH VHUYLoR S~EOLFR 2FRUUH PHGLDQWH
&2175$72 RX $72 81,/$7(5$/
'HVFHQWUDOL]DomR JHRJUiILFD 7HUULWyULRV IHGHUDLV
$GPLQLVWUDomR 3~EOLFD
LLL 7HUULWRULDO
(QWLGDGH ORFDO JHRJUDILFDPHQWH GHOLPLWDGD GRWDGD GH SHUVRQDOLGDGH MXUtGLFD SUySULD GH GLUHLWR S~EOLFR FRP FDSDFLGDGH DGPLQLVWUDWLYD JHQpULFD $XWDUTXLD WHUULWRULDO RX JHRJUiILFD
&) DUW &) DUW
9HU 0DSD 0HQWDO GH 'HVFHQWUDOL]DomR $GPLQLVWUDWLYD
7pFQLFD DGPLQLVWUDWLYD GH GLVWULEXLomR LQWHUQD GH FRPSHWrQFLDV GH XPD SHVVRD MXUtGLFD 5HSDUWLomR GH IXQo}HV HQWUH YiULRV yUJmRV GHVSHUVRQDOL]DGRV VHP TXHEUD GD KLHUDUTXLD D &RQFHLWR
'HVFRQFHQWUDomR HQYROYH REULJDWRULDPHQWH XPD Vy SHVVRD MXUtGLFD ([ 8QLmR GLVWULEXL FRPSHWrQFLDV HQWUH GLYHUVRV yUJmRV GH VXD SUySULD HVWUXWXUD FRPR RV PLQLVWpULRV
E ([HFXomR GD DWLYLGDGH SUHVWDomR GR VHUYLoR
'HVFRQFHQWUDomR $GPLQLVWUDWLYD
)RUPD GLUHWD H LPHGLDWD
F &RQWUROH H[HUFLGR &21752/( +,(5È548,&2
2FRUUH QDV UHODo}HV GH KLHUDUTXLD H GH VXERUGLQDomR H[LVWHQWHV HQWUH RV yUJmRV UHVXOWDQWHV GD GHVFRQFHQWUDomR
5(/$d2 '( 68%25',1$d2 $872787(/$
'H FDUiWHU LQWHUQR
/HJDOLGDGH $EUDQJrQFLD
9HULILFD
([ 5HFXUVR KLHUiUTXLFR
0pULWR
&RQYHQLrQFLD 2SRUWXQLGDGH
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$'0,1,675$d2 3Ò%/,&$ ,9 '(6&(175$/,=$d2 $'0,1,675$7,9$ )RUPD GH DWXDomR HP TXH R (VWDGR GHVHPSHQKD VXDV DWULEXLo}HV SRU PHLR GH RXWUDV SHVVRDV e D GLVWULEXLomR GH FRPSHWrQFLDV GH XPD SDUD RXWUD SHVVRD ItVLFD RX MXUtGLFD ([HFXomR GD DWLYLGDGH SUHVWDomR GR VHUYLoR
&RQFHLWR
)RUPD LQGLUHWD H PHGLDWD 1mR Ki KLHUDUTXLD QDV IRUPDV GH GHVFHQWUDOL]DomR
L 2XWRUJD LL 'HOHJDomR
)RUPDV GH GHVFHQWUDOL]DomR
(QWUH D DGPLQLVWUDomR GLUHWD H LQGLUHWD
2EV
LLL 7HUULWRULDO JHRJUiILFD
俶 +i 9,1&8/$d2 1mR Ki VXERUGLQDomR
'HVFHQWUDOL]DomR SRU VHUYLoRV 7,78/$5,'$'( H
3RGHU 3~EOLFR FULD XPD SHVVRD MXUtGLFD H D HOD DWULEXL D 3UHVVXS}H REULJDWRULDPHQWH D HGLomR GH XPD /(, TXH
$XWRUL]H VXD FULDomR 3HVVRD MXUtGLFD GH GLUHLWR S~EOLFR
3HVVRD MXUtGLFD GH GLUHLWR SULYDGR
/HL $8725,=$ D FULDomR GD HQWLGDGH
&DUDFWHUtVWLFDV
(QWH SROtWLFR
2XWRUJD
,QVWLWXD D HQWLGDGH RX
/HL &5,$ D HQWLGDGH
7UDQVIHUrQFLD SRU PHLR GH OHL &) DUW ;,;
GH VHUYLoR S~EOLFR
D (;(&8d2
$XWDUTXLD )XQGDomR S~EOLFD GH GLUHLWR 3Ò%/,&2 )XQGDomR S~EOLFD GH GLUHLWR 35,9$'2 (PSUHVD S~EOLFD 6RFLHGDGH GH HFRQRPLD PLVWD
3HUGH D GLVSRQLELOLGDGH GR VHUYLoR 3DUD UHWRPi OR GHSHQGHUi GH OHL
&RQWUROH H[HUFLGR 'HSHQGH GH SUHYLVmR OHJDO TXH HVWDEHOHoD PHLRV DVSHFWRV H RFDVL}HV GH FRQWUROH DWRV GH WXWHOD
&21752/( ),1$/Ë67,&2
'HVFHQWUDOL]DomR $GPLQLVWUDWLYD 787(/$ $'0,1,675$7,9$
5(/$d2 '( 9,1&8/$d2
$EUDQJrQFLD
9LVD D DVVHJXUDU D UHDOL]DomR GRV REMHWLYRV IL[DGRV QRV DWRV GH FRQVWLWXLomR GD HQWLGDGH
1mR Ki WXWHOD VHP OHL TXH D SUHYHMD
9HULILFDomR GRV UHVXOWDGRV
+DUPRQL]DomR FRP DV SROtWLFDV JRYHUQDPHQWDLV
([HUFLGR SHOD DGPLQLVWUDomR GLUHWD VREUH DGPLQLVWUDomR LQGLUHWD
'H FDUiWHU H[WHUQR 6XSHUYLVmR PLQLVWHULDO
([HUFLGR SHOR 0LQLVWpULR DR TXDO D HQWLGDGH HVWHMD YLQFXODGD
9HULILFD R DOFDQFH GRV REMHWLYRV GD HQWLGDGH IL[DGRV QD OHL 'HYH SUHVHUYDU D DXWRQRPLD GD HQWLGDGH GHVFHQWUDOL]DGD
([ &RQWUROHV SUpYLRV 1RPHDomR GH GLULJHQWHV 'HVFHQWUDOL]DomR SRU FRODERUDomR 3RGHU 3~EOLFR DWULEXL D XPD SHVVRD MXUtGLFD GH GLUHLWR SULYDGR D (;(&8d2 GH VHUYLoR S~EOLFR 2FRUUH PHGLDQWH &2175$72 RX $72 81,/$7(5$/ (IHWLYDGD SRU SUD]R GHWHUPLQDGR L 3RU FRQWUDWR
'HOHJDomR
0RGDOLGDGHV
&) DUW
3HUPLVVmR
(P UHJUD QmR Ki SUD]R FHUWR HP UD]mR GD SUHFDULHGDGH
(VSpFLHV
3RVVLELOLGDGH GH UHYRJDomR D TXDOTXHU WHPSR LL 3RU DWR DGPLQLVWUDWLYR
0RGDOLGDGH 2EV
7HUULWyULRV )HGHUDLV
&RQFHVVmR
$XWRUL]DomR GH VHUYLoR S~EOLFR &) DUW ;, H ;,,
$ WUDQVIHUrQFLD QmR p GD SUHVWDomR PDV VLP GD H[SORUDomR GH GHWHUPLQDGR VHUYLoR S~EOLFR
(QWLGDGH ORFDO JHRJUDILFDPHQWH GHOLPLWDGD GRWDGD GH SHUVRQDOLGDGH MXUtGLFD SUySULD GH GLUHLWR S~EOLFR FRP FDSDFLGDGH DGPLQLVWUDWLYD JHQpULFD $XWDUTXLD WHUULWRULDO RX JHRJUiILFD &) DUWV H
L 3HUVRQDOLGDGH MXUtGLFD GH GLUHLWR S~EOLFR
7HUULWRULDO JHRJUiILFD
LL &DSDFLGDGH GH DXWRDGPLQLVWUDomR &DUDFWHUtVWLFDV
LLL 'HOLPLWDomR JHRJUiILFD LY &DSDFLGDGH DGPLQLVWUDWLYD JHQpULFD Y 6XMHLomR DR FRQWUROH SHOR SRGHU FHQWUDO
$WXDomR HP GLYHUVDV iUHDV GR VHWRU S~EOLFR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$'0,1,675$d2 3Ò%/,&$ Ï5*2 8QLGDGH GH DWXDomR LQWHJUDQWH GD HVWUXWXUD GD DGPLQLVWUDomR GLUHWD RX DGPLQLVWUDomR LQGLUHWD
&RQFHLWR
/HL DUW 1mR WHP SHUVRQDOLGDGH MXUtGLFD
&HQWURV GH FRPSHWrQFLD LQVWLWXtGRV SDUD R GHVHPSHQKR GH IXQo}HV HVWDWDLV SRU PHLR GH VHXV DJHQWHV FXMD DWXDomR p LPSXWDGD j SHVVRD MXUtGLFD D TXH SHUWHQFHP 6mR WHRULDV TXH VXUJLUDP SDUD H[SOLFDU DV UHODo}HV GR (VWDGR SHVVRD MXUtGLFD FRP VHXV DJHQWHV 7HRULD DGRWDGD SHOD GRXWULQD H MXULVSUXGrQFLD $ SHVVRD MXUtGLFD PDQLIHVWD VXD YRQWDGH SRU PHLR GRV yUJmRV GH IRUPD TXH TXDQGR RV DJHQWHV TXH RV FRPS}H PDQLIHVWDP D VXD YRQWDGH p FRPR VH R SUySULR (VWDGR R IL]HVVH $ YRQWDGH GD SHVVRD MXUtGLFD GHYH VHU DWULEXtGD DRV yUJmRV TXH D FRPS}HP VHQGR HVWHV FRPSRVWRV GH DJHQWHV
俶 7HRULD GR yUJmR
3ULQFtSLR GD LPSXWDomR YROLWLYD
$SOLFDomR FRQFUHWD
-XVWLILFD D YDOLGDGH GRV DWRV SUDWLFDGRV SRU IXQFLRQiULR GH IDWR 3HVVRD SUDWLFD DWR HVWDQGR LUUHJXODUPHQWH LQYHVWLGD QR FDUJR
)XQomR GH )DWR
0DV FRP DSDUrQFLD GH OHJDOLGDGH
2 DJHQWH S~EOLFR VHULD UHSUHVHQWDQWH GR (VWDGR
7HRULDV
$JHQWH S~EOLFR VHULD HTXLSDUDGR DR UHSUHVHQWDQWH WXWRU RX FXUDGRU GH SHVVRDV LQFDSD]HV
俺 7HRULD GD
(TXLSDUD D SHVVRD MXUtGLFD (VWDGR DR LQFDSD]
UHSUHVHQWDomR
&ULWtFD
3UREOHPDV TXDQWR j UHVSRQVDELOL]DomR GD SHVVRD MXUtGLFD SDUD RV FDVRV QRV TXDLV R UHSUHVHQWDQWH XOWUDSDVVDVVH RV SRGHUHV GD UHSUHVHQWDomR
2 DJHQWH S~EOLFR VHULD PDQGDWiULR GR (VWDGR
俺䢢7HRULD GR
0DQGDWR
PDQGDWR
&RQWUDWR PHGLDQWH R TXDO XPD SHVVRD PDQGDQWH RXWRUJD SRGHUHV D RXWUD PDQGDWiULR SDUD TXH HVWH H[HFXWH GHWHUPLQDGRV DWRV HP QRPH GR PDQGDQWH H VRE UHVSRQVDELOLGDGH GHVWH ,QVWUXPHQWR GR FRQWUDWR GH PDQGDWR
3URFXUDomR
(VWDGR TXH QmR SRVVXL YRQWDGH SUySULD QmR SRGH RXWRUJDU PDQGDWR &UtWLFD
ÏUJmR
3UREOHPDV TXDQWR j UHVSRQVDELOL]DomR GD SHVVRD MXUtGLFD SDUD RV FDVRV QRV TXDLV R PDQGDWiULR H[RUELWDVVH RV OLPLWHV GD SURFXUDomR
L 6LPSOHV
D 4XDQWR j HVWUXWXUD
&RQVWLWXtGRV SRU XP Vy FHQWUR GH FRPSHWrQFLD
'HVFRQFHQWUDomR LQWHUQD 5H~QHP HP VXD HVWUXWXUD GLYHUVRV yUJmRV
LL &RPSRVWR
([ e R TXH RFRUUH FRP RV 0LQLVWpULRV H DV 6HFUHWDULDV E 4XDQWR j DWXDomR IXQFLRQDO
L 6LQJXODU
0RQRFUiWLFR GHFLV}HV VmR DWULEXLomR GH XP ~QLFR DJHQWH
LL &ROHJLDGR
$WXDP H GHFLGHP PHGLDQWH PDQLIHVWDomR FRQMXQWD GH VHXV PHPEURV 2ULJLQiULRV GD &RQVWLWXLomR )HGHUDO 5HSUHVHQWDWLYRV GRV 3RGHUHV GR (VWDGR
L ,QGHSHQGHQWHV &DUDFWHUtVWLFDV
&ODVVLILFDomR
ÏUJmRV SULPiULRV
6HP VXERUGLQDomR KLHUiUTXLFD RX IXQFLRQDO
6XMHLWRV VRPHQWH DRV FRQWUROHV FRQVWLWXFLRQDLV GH XP 3RGHU VREUH R RXWUR
6XERUGLQDGRV DRV FKHIHV GRV yUJmRV LQGHSHQGHQWHV )LQDQFHLUD $XWRQRPLD LL $XW{QRPRV
$GPLQLVWUDWLYD 2SHUDFLRQDO
([HUFHP IXQo}HV SUHFtSXDV GH SODQHMDPHQWR VXSHUYLVmR FRRUGHQDomR H FRQWUROH GDV DWLYLGDGHV
F 4XDQWR j SRVLomR HVWDWDO
([ 0LQLVWpULRV 6HFUHWDULDV GH (VWDGR $GYRFDFLD *HUDO GD 8QLmR 6XMHLWRV j VXERUGLQDomR H DR FRQWUROH KLHUiUTXLFR
LLL 6XSHULRUHV
'HWrP SRGHU GH
'LUHomR
&RQWUROH 'HFLVmR &RPDQGR
1mR JR]DP GH DXWRQRPLD ILQDQFHLUD DGPLQLVWUDWLYD H RSHUDFLRQDO ([ 6HFUHWDULD GR 7HVRXUR 1DFLRQDO 671
LY 6XEDOWHUQRV
([HUFHP DWULEXLo}HV GH PHUD H[HFXomR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$'0,1,675$d2 3Ò%/,&$ (17,'$'(6 (0 (63e&,( , 3HVVRD MXUtGLFD GH ',5(,72 3Ò%/,&2 GH FDSDFLGDGH H[FOXVLYDPHQWH DGPLQLVWUDWLYD
D &RQFHLWR
6HUYLoR DXW{QRPR FULDGR SRU OHL FRP SHUVRQDOLGDGH MXUtGLFD SDWULP{QLR H UHFHLWD SUySULRV SDUD H[HFXWDU $7,9,'$'(6 7Ë3,&$6 GD $GPLQLVWUDomR 3~EOLFD TXH UHTXHLUDP SDUD VHX PHOKRU IXQFLRQDPHQWR JHVWmR DGPLQLVWUDWLYD H ILQDQFHLUD GHVFHQWUDOL]DGD ([ %DQFR FHQWUDO &RPLVVmR GH 9DORUHV 0RELOLiULRV &90 ,EDPD L $XWDUTXLD FRPXP LL $XWDUTXLD IXQGDFLRQDO
$XWDUTXLD
e D GLYLVmR JHRJUiILFD FRP SHUVRQDOLGDGH MXUtGLFD SUySULD FULDGD SDUD SUHVWDU VHUYLoRV JHQpULFRV j VRFLHGDGH
LLL $XWDUTXLD WHUULWRULDO E (VSpFLHV
)XQGDomR S~EOLFD GH GLUHLWR S~EOLFR
7HUULWyULRV IHGHUDLV
LY $XWDUTXLD SURILVVLRQDO FRUSRUDWLYD
&RQVHOKRV GH ILVFDOL]DomR GH SURILVV}HV
1D IRUPD GH DVVRFLDomR S~EOLFD
Y $XWDUTXLD LQWHUIHGHUDWLYD
&RQVyUFLRV S~EOLFRV
,QWHJUD D DGPLQLVWUDomR LQGLUHWD GH PDLV GH XP HQWH IHGHUDGR
9HU 0DSDV 0HQWDLV GH $XWDUTXLDV , H $XWDUTXLDV ,, 'RWDGR GH SHUVRQDOLGDGH MXUtGLFD GH ',5(,72 3Ò%/,&2 RX GH ',5(,72 35,9$'2 3DWULP{QLR
(QWLGDGHV HP (VSpFLH
D &RQFHLWR
'HVWLQDGR SRU OHL j SUHVWDomR GH DWLYLGDGHV S~EOLFDV QD iUHD VRFLDO
$WULEXLomR GH SHUVRQDOLGDGH MXUtGLFD D GHWHUPLQDGR SDWULP{QLR GHVWLQDGR D ILP HVSHFtILFR ÈUHD GH DWXDomR
/HL FRPSOHPHQWDU
&) DUW ;,;
L )XQGDomR S~EOLFD GH GLUHLWR 3Ò%/,&2 &ULDomR
&ULDGD SRU /(, HVSHFtILFD &) DUW ;,; 5HJLPH MXUtGLFR GH ',5(,72 3Ò%/,&2
5HJLPH MXUtGLFR
)XQGDomR 3~EOLFD
6XEPHWH VH jV PHVPDV VXMHLo}HV H SUHUURJDWLYDV TXH FDUDFWHUL]DP R UHJLPH MXUtGLFR GH GLUHLWR S~EOLFR (VSpFLH GR JrQHUR DXWDUTXLD
)XQGDomR DXWiUTXLFD
([ )XQDL E 1DWXUH]D -XUtGLFD
LL )XQGDomR S~EOLFD GH GLUHLWR 35,9$'2
&ULDomR
&ULDGD SRU $72 GR 3RGHU 3~EOLFR PHGLDQWH DXWRUL]DomR HP OHL HVSHFtILFD &) DUW ;,; 5HJLPH MXUtGLFR GH ',5(,72 35,9$'2 FRP GHUURJDo}HV GH QRUPDV GH ',5(,72 3Ò%/,&2
5HJLPH MXUtGLFR +Ë%5,'2
([HPSORV GH LQFLGrQFLD GR GLUHLWR S~EOLFR
3UHUURJDWLYDV
,PXQLGDGH UHFtSURFD &) DUW
/LFLWDomR 6XMHLo}HV
&RQFXUVR S~EOLFR 9HGDomR GH DFXPXODomR GH FDUJR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$'0,1,675$d2 3Ò%/,&$ (17,'$'(6 (0 (63e&,( ,,
D &RQFHLWR
3HVVRD MXUtGLFD GH ',5(,72 35,9$'2 LQWHJUDQWH GD DGPLQLVWUDomR LQGLUHWD LQVWLWXtGD SHOR 3RGHU 3~EOLFR PHGLDQWH DXWRUL]DomR HP OHL HVSHFtILFD VRE TXDOTXHU IRUPD MXUtGLFD H FRP FDSLWDO H[FOXVLYDPHQWH S~EOLFR
$72 GR 3RGHU 3~EOLFR
E &ULDomR
&ULDomR GH 6XEVLGLiULD
,QVFULomR GR DWR FRQVWLWXWLYR QR UHJLVWUR FRPSHWHQWH
&& DUW &) DUW ;,;
$SyV DXWRUL]DomR HP OHL HVSHFtILFD
&) DUW ;;
1HFHVViULD DXWRUL]DomR OHJLVODWLYD SDUD FULDomR
5HJLPH MXUtGLFR GH GLUHLWR SULYDGR
L ([SORUD DWLYLGDGH HFRQ{PLFD
(PSUHVD 3~EOLFD
俺 1mR SUHFLVD VHU DXWRUL]DomR HVSHFtILFD 3RGH FRQVWDU GD SUySULD OHL TXH DXWRUL]RX D LQVWLWXLomR GD HVWDWDO
'HUURJDGR VRPHQWH QR TXH GLVS}H D &) &) DUW ,, 5HJLPH MXUtGLFR GH GLUHLWR SULYDGR
F 5HJLPH MXUtGLFR
LL 3UHVWD VHUYLoR S~EOLFR
'HUURJDGR SRU
&)
5HVSRQVDELOLGDGH FLYLO REMHWLYD VXMHLomR
([
&) DUW
/HL &) DUW L )RUPD GH RUJDQL]DomR G 7UDoRV GLVWLQWRV
LL &RPSRVLomR GR FDSLWDO
H 5HJLPH GH SHVVRDO
D &RQFHLWR
(PSUHJR 3~EOLFR
-XVWLoD )HGHUDO
([FHWR FDXVDV WUDEDOKLVWDV &) DUW ,
&/7 2EULJDWRULHGDGH GH FRQFXUVR S~EOLFR
3HVVRD MXUtGLFD GH ',5(,72 35,9$'2 LQWHJUDQWH GD DGPLQLVWUDomR LQGLUHWD LQVWLWXtGD SHOR 3RGHU 3~EOLFR PHGLDQWH DXWRUL]DomR HP OHL HVSHFtILFD VRE D IRUPD GH VRFLHGDGH DQ{QLPD H FRP FDSLWDO S~EOLFR H SULYDGR
$72 GR 3RGHU 3~EOLFR
E &ULDomR
([FOXVLYDPHQWH S~EOLFR
(PSUHVD 3~EOLFD )HGHUDO
LLL )RUR SURFHVVXDO
(QWLGDGHV HP (VSpFLH
4XDOTXHU GDV IRUPDV DGPLWLGDV QR 'LUHLWR
,QVFULomR GR DWR FRQVWLWXWLYR QR UHJLVWUR FRPSHWHQWH
&& DUW
$SyV DXWRUL]DomR HP OHL HVSHFtILFD
&ULDomR GH 6XEVLGLiULD
&) DUW ;;
1HFHVViULD DXWRUL]DomR OHJLVODWLYD SDUD FULDomR
L ([SORUD DWLYLGDGH HFRQ{PLFD
6RFLHGDGH GH (FRQRPLD 0LVWD
&) DUW ;,;
俺 1mR SUHFLVD VHU HVSHFtILFD 3RGH FRQVWDU GD SUySULD OHL TXH DXWRUL]RX D LQVWLWXLomR GD HVWDWDO
5HJLPH MXUtGLFR GH GLUHLWR SULYDGR 'HUURJDGR VRPHQWH QR TXH GLVS}H D &) &) DUW ,, 5HJLPH MXUtGLFR GH GLUHLWR SULYDGR
F 5HJLPH MXUtGLFR
LL 3UHVWD VHUYLoR S~EOLFR
'HUURJDGR SRU
&)
([
5HVSRQVDELOLGDGH FLYLO REMHWLYD VXMHLomR
&) DUW
/HL &) DUW L )RUPD GH RUJDQL]DomR G 7UDoRV GLVWLQWRV
LL &RPSRVLomR GR FDSLWDO LLL )RUR SURFHVVXDO
H 5HJLPH GH SHVVRDO
6RFLHGDGH DQ{QLPD FDSLWDO DEHUWR RX IHFKDGR
&DSLWDO S~EOLFR H SULYDGR
-XVWLoD HVWDGXDO
(PSUHJR 3~EOLFR
&/7 2EULJDWRULHGDGH GH FRQFXUVR S~EOLFR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$'0,1,675$d2 3Ò%/,&$ (17,'$'(6 (0 (63e&,( $87$548,$ , 6XUJH D SDUWLU GD GHVFHQWUDOL]DomR DGPLQLVWUDWLYD SRU RXWRUJD SRU VHUYLoRV IXQFLRQDO RX WpFQLFD
3HVVRD MXUtGLFD GH ',5(,72 3Ò%/,&2 GH FDSDFLGDGH H[FOXVLYDPHQWH DGPLQLVWUDWLYD
&RQFHLWR
e FULDGD SDUD GHVHPSHQKDU $7,9,'$'(6 7Ë3,&$6 GD $GPLQLVWUDomR 3~EOLFD TXH UHTXHLUDP SDUD VHX PHOKRU IXQFLRQDPHQWR JHVWmR DGPLQLVWUDWLYD H ILQDQFHLUD GHVFHQWUDOL]DGD '/ DUW ,
([ %DQFR FHQWUDO &RPLVVmR GH 9DORUHV 0RELOLiULRV &90 ,EDPD &) DUW ;,;
D &ULDomR SRU OHL HVSHFtILFD
&RP LQtFLR GD YLJrQFLD GD OHL D DXWDUTXLD DGTXLUH SHUVRQDOLGDGH MXUtGLFD H HVWi LQVWLWXtGD 3RU SRVVXLU SHUVRQDOLGDGH MXUtGLFD p WLWXODU GH GLUHLWRV H REULJDo}HV
E 3HUVRQDOLGDGH MXUtGLFD GH GLUHLWR S~EOLFR
6XMHLo}HV
5HJLPH MXUtGLFR GH ',5(,72 3Ò%/,&2
3UHUURJDWLYDV
1mR SRVVXL FDSDFLGDGH SROtWLFD $XWDUTXLD JHRJUiILFD RX WHUULWRULDO
俶 3RVVXL
L *HQpULFD
FDSDFLGDGH DGPLQLVWUDWLYD
F &DSDFLGDGH GH DXWRDGPLQLVWUDomR
([HUFH P~OWLSORV VHUYLoRV QR kPELWR GH VHX WHUULWyULR
LL (VSHFtILFD
$XWDUTXLD GH VHUYLoR RX LQVWLWXFLRQDO ([HUFH R VHUYLoR TXH OKH p DWULEXtGR SRU OHL
&DUDFWHUtVWLFD GD GHVFHQWUDOL]DomR DGPLQLVWUDWLYD SRU VHUYLoRV RX IXQFLRQDO 3ULQFtSLR GD HVSHFLDOL]DomR
G (VSHFLDOL]DomR GRV ILQV RX DWLYLGDGHV
&DGD DXWDUTXLD p HVSHFLDOL]DGD QD PDWpULD TXH D OHL OKH DWULEXLX 2V VHUYLoRV SUHVWDGRV UHTXHUHP PDLRU JUDX GH HVSHFLDOL]DomR
2EV (VVD FDUDFWHUtVWLFD QmR VH DSOLFD j DXWDUTXLD JHRJUiILFD RX WHUULWRULDO 6XMHLWD D FRQWUROH GD SHVVRD SROtWLFD TXH D FULRX j TXDO p YLQFXODGD
&DUDFWHUtVWLFDV
5HODomR GH YLQFXODomR &RQWUROH ILQDOtVWLFR
H 6XMHLomR DR FRQWUROH RX WXWHOD 5HVSRQVDELOLGDGH REMHWLYD
I 5HVSRQVDELOLGDGH FLYLO
/LWtJLRV FRPXQV GDV DXWDUTXLDV IHGHUDLV
J -Xt]R FRPSHWHQWH
$XWDUTXLD
9HGDGR LQVWLWXLomR GH LPSRVWRV VREUH SDWULP{QLR UHQGD H VHUYLoRV GDV DXWDUTXLDV
K ,PXQLGDGH WULEXWiULD
&) DUW L )RUPD GH LQYHVWLGXUD
&RQIRUPH SUHYLVmR QD OHL RX HVWDWXWR GD DXWDUTXLD
&RPSHWrQFLD L 'LULJHQWHV
-XVWLoD )HGHUDO &) DUW ,
LL 1RPHDomR
&KHIH GR ([HFXWLYR &) DUW ;;9
3RGHUi VHU H[LJLGD QD &) RX QD OHL D DSURYDomR SUpYLD GR 6HQDGR )HGHUDO
&) DUW ;,9 ([ %DFHQ
1mR SRGH D OHL HVWDEHOHFHU KLSyWHVHV GH H[LJrQFLD GH DSURYDomR OHJLVODWLYD SUpYLD LLL ([RQHUDomR
2IHQVD DR SULQFtSLR GD VHSDUDomR GRV SRGHUHV 67)
D $XWDUTXLD FRPXP E $XWDUTXLD IXQGDFLRQDO
)XQGDomR S~EOLFD LQVWLWXtGD GLUHWDPHQWH SRU OHL HVSHFtILFD FRP SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR S~EOLFR
e D GLYLVmR JHRJUiILFD FRP SHUVRQDOLGDGH MXUtGLFD SUySULD FULDGD SDUD SUHVWDU VHUYLoRV JHQpULFRV j VRFLHGDGH e XPD H[FHomR DR SULQFtSLR GD HVSHFLDOL]DomR F $XWDUTXLD WHUULWRULDO
7HUULWyULRV IHGHUDLV
,QWHJUDP D 8QLmR &ULDomR SRU OHL FRPSOHPHQWDU 3UHVWDomR GH FRQWDV GH JRYHUQR
(VSpFLHV
&RQVHOKRV GH ILVFDOL]DomR GH SURILVV}HV G $XWDUTXLD SURILVVLRQDO FRUSRUDWLYD
H $XWDUTXLD LQWHUIHGHUDWLYD
&RQJUHVVR 1DFLRQDO FRP SDUHFHU SUpYLR GR 7&8
(IHWXD RV VHUYLoRV GH ILVFDOL]DomR GH SURILVV}HV UHJXODPHQWDGDV ([HUFH QR TXH WDQJH jV DWLYLGDGHV SURILVVLRQDLV UHJXODPHQWDGDV
3RGHU GH SROtFLD 3RGHU GH WULEXWDU 3RGHU GH SXQLU
67)
1mR HVWi QD DGPLQLVWUDomR LQGLUHWD
0DV SRVVXL QDWXUH]D MXUtGLFD GH GLUHLWR S~EOLFR
1mR LQFOXL 2$%
1D IRUPD GH DVVRFLDomR S~EOLFD
&RQVyUFLRV S~EOLFRV &) DUW F F && DUW ,9
,QWHJUD D DGPLQLVWUDomR LQGLUHWD GH PDLV GH XP HQWH IHGHUDGR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$87$548,$ ,, $*Ç1&,$6 5(*8/$'25$6 L &ULVH ILQDQFHLUD ILVFDO
5HIRUPD GD $GPLQLVWUDomR 3~EOLFD
&RQWH[WR GH VXUJLPHQWR
D 3UREOHPDV
L *HVWmR SULYDGD GH VHUYLoRV S~EOLFRV 3ULYDWL]DomR HP VHQWLGR DPSOR
E 6ROXomR SURSRVWD
$XWDUTXLD VRE UHJLPH HVSHFLDO FRP D DWULEXLomR GH H[HUFHU D 5(*8/$d2
'HILQLomR
LL ,QHILFLrQFLD QD SUHVWDomR GRV VHUYLoRV S~EOLFRV
2EV
LLL 'HVUHJXODomR
GH VHUYLoRV S~EOLFRV HFRQ{PLFRV FRPHUFLDLV H LQGXVWULDLV
3ULYDWL]DomR HP VHQWLGR HVWULWR
5HGXomR GD LQWHUYHQomR QD DWLYLGDGH HFRQ{PLFD
&RQFHVV}HV H SHUPLVV}HV GH VHUYLoRV S~EOLFRV
&) DUW
([ $QDWHO
(VWDGR FRPR DJHQWH UHJXODGRU GD DWLYLGDGH HFRQ{PLFD
GH DWLYLGDGHV HFRQ{PLFDV
([LVWHP DLQGD DTXHODV TXH H[HUFHP IXQomR GH SROtFLD DGPLQLVWUDWLYD
LL 'HVHVWDWL]DomR
&) DUW
([ $13
,PS}HP OLPLWDo}HV DGPLQLVWUDWLYDV SUHYLVWDV HP OHL ILVFDOL]DP UHSULPHP DSOLFDP SHQDOLGDGHV ([ $1$ $QYLVD $16
1mR Ki REULJDWRULHGDGH H[SUHVVD QR RUGHQDPHQWR MXUtGLFR GH TXH DV DJrQFLDV UHJXODGRUDV VH FRQVWLWXDP QD IRUPD GH DXWDUTXLDV 1R HQWDQWR GHYHP HP UD]mR GD QDWXUH]D GD DWLYLGDGH TXH GHVHPSHQKDP WHU SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR S~EOLFR 'H QDWXUH]D WpFQLFD L )XQomR QRUPDWLYD
5HJXODPHQWDomR VREUH PDWpULD GH RUGHP WpFQLFD FRP EDVH QRV SDUkPHWURV H QDV GLUHWUL]HV GD OHL 5HDOL]D SURFHGLPHQWRV OLFLWDWyULRV SDUD HVFROKD GH FRQFHVVLRQiULR RX SHUPLVVLRQiULR GH VHUYLoR S~EOLFR
D ([HUFH
$JrQFLD 5HJXODGRUD
&HOHEUD FRQWUDWRV GH FRQFHVVmR H SHUPLVVmR GH VHUYLoR S~EOLFR
LL )XQomR DGPLQLVWUDWLYD
3UDWLFD DWR XQLODWHUDO GH RXWRUJD GD DXWRUL]DomR )LVFDOL]D D H[HFXomR GH DWLYLGDGHV VRE VXD FRPSHWrQFLD
$SOLFD VDQo}HV DGPLQLVWUDWLYDV 5HVROXomR GH FRQIOLWRV DIHWRV j iUHD UHJXODGD
LLL )XQomR TXDVH MXGLFLDO
,QVWkQFLD DGPLQLVWUDWLYD &DUiWHU ILQDO GH VXDV GHFLV}HV
L $XWRQRPLD GHFLVyULD
&DUDFWHUtVWLFDV
E 3RVVXL
1mR SDVVtYHLV GH DSUHFLDomR SRU RXWURV yUJmRV RX HQWLGDGHV GD $GPLQLVWUDomR 3~EOLFD 5HODWLYD HVWDELOLGDGH GH VHXV GLULJHQWHV
LL $XWRQRPLD DGPLQLVWUDWLYD
,QYHVWLGXUD D WHUPR PDQGDWR IL[R
9HGDGD H[RQHUDomR DG QXWXP
3RVVXL UHFXUVRV SUySULRV
LLL $XWRQRPLD ILQDQFHLUD
,QVWLWXLomR GH WD[DV GH UHJXODomR 6HXV DWRV QRUPDWLYRV QmR SRGHP FRQIOLWDU FRP QRUPDV FRQVWLWXFLRQDLV H OHJDLV
L &RQWUROH GR /HJLVODWLYR
F &RQWUROH
6XMHLWD DR FRQWUROH H j ILVFDOL]DomR GR &RQJUHVVR 1DFLRQDO 6XMHLWD DR FRQWUROH ILQDQFHLUR FRQWiELO H RUoDPHQWiULR
&) DUW ; &) DUW
7XWHOD DGPLQLVWUDWLYD RX FRQWUROH ILQDOtVWLFR LL &RQWUROH GR ([HFXWLYR
([HUFLGR SHOR 0LQLVWpULR D TXH VH DFKD YLQFXODGD
6XSHUYLVmR PLQLVWHULDO &) DUW LQF ,
6XMHLWD DR FRQWUROH MXULVGLFLRQDO LLL &RQWUROH GR -XGLFLiULR
)LQDOLGDGH
([HUFHU R FRQWUROH H D ILVFDOL]DomR
L 'RV VHUYLoRV S~EOLFRV
3ULQFtSLR GD LQDIDVWDELOLGDGH GD MXULVGLomR
&) DUW LQF ;;;9 'HOHJDGRV /LYUHV
LL 'H DWLYLGDGHV GH LQWHUHVVH S~EOLFR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
5()250$ $'0,1,675$7,9$ ( 7(5&(,52 6(725 (17,'$'(6 3$5$(67$7$,6 ,
'HILQLomR
3HVVRDV SULYDGDV VHP ILQV OXFUDWLYRV TXH H[HUFHP DWLYLGDGHV GH LQWHUHVVH S~EOLFR PDV QmR H[FOXVLYDV GR (VWDGR UHFHEHQGR IRPHQWR GR 3RGHU 3~EOLFR H TXH QmR LQWHJUDP D $GPLQLVWUDomR 3~EOLFD HP VHQWLGR IRUPDO
L (QWLGDGHV SULYDGDV VHP ILQDOLGDGH OXFUDWLYD LL ([HUFHP DWLYLGDGH GH LQWHUHVVH S~EOLFR
6HUYLoRV QmR H[FOXVLYRV GR (VWDGR DRV TXDLV R 3RGHU 3~EOLFR GLVSHQVD HVSHFLDO SURWHomR
LLL 5HFHEHP LQFHQWLYR GR 3RGHU 3~EOLFR
)RPHQWR
&DUDFWHUtVWLFDV
6HJXQGR 0DULD 6\OYLD SRU HVVD UD]mR VXMHLWDP VH DR FRQWUROH SHOD $GPLQLVWUDomR 3~EOLFD H SHOR 7&8
6HWRU 3~EOLFR 1mR (VWDWDO LY ,QWHJUDP R 7HUFHLUR 6HWRU
1mR DEUDQJHP DV HQWLGDGHV GD $GPLQLVWUDomR ,QGLUHWD 2EV
3ULPHLUR 6HWRU
&RPSRVWR SHOR (VWDGR
6HJXQGR 6HWRU
&RPSRVWR SHOR PHUFDGR
6mR SHVVRDV MXUtGLFDV SULYDGDV FULDGDV HP UHJUD SRU HQWLGDGHV SULYDGDV UHSUHVHQWDWLYDV GH FDWHJRULDV HFRQ{PLFDV &RQIHGHUDomR 1DFLRQDO GD ,QG~VWULD &RQIHGHUDomR 1DFLRQDO GR &RPpUFLR HWF DSyV DXWRUL]DomR HP OHL PDQWLGDV SRU FRQWULEXLo}HV SDUDILVFDLV 6HVF 6HUYLoR 6RFLDO GR &RPpUFLR
D 'HILQLomR
([
6HQDF 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP &RPHUFLDO
6HVL 6HUYLoR 6RFLDO GD ,QG~VWULD
6HQDL 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO
(QWLGDGHV 3DUDHVWDWDLV
/HL DXWRUL]DGRUD
E &ULDomR
6HUYLoRV 6RFLDLV $XW{QRPRV
F )LQDOLGDGH
$WR GD UHVSHFWLYD HQWLGDGH UHSUHVHQWDWLYD
,QLFLDOPHQWH VXD FULDomR p SUHYLVWD HP OHL $ DTXLVLomR GH SHUVRQDOLGDGH MXUtGLFD RFRUUH TXDQGR D HQWLGDGH SULYDGD LQVWLWXLGRUD LQVFUHYH R UHVSHFWLYR DWR FRQVWLWXWLYR QR UHJLVWUR FLYLO GDV SHVVRDV MXUtGLFDV &yGLJR &LYLO DUW
3RVVXHP SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR SULYDGR
3UHVWDP DWLYLGDGH VRFLDO FRPR DVVLVWrQFLD H HQVLQR SURILVVLRQDOL]DQWH DRV UHVSHFWLYRV JUXSRV VRFLDLV RX SURILVVLRQDLV L 3HVVRDV MXUtGLFDV GH GLUHLWR SULYDGR VHP ILQV OXFUDWLYRV LL 0DQWLGRV SRU FRQWULEXLo}HV SDUDILVFDLV
7ULEXWR 1DWXUH]D FRPSXOVyULD &) DUW
LLL &RODERUDP FRP R 3RGHU 3~EOLFR
3UHVWDP DWLYLGDGH VRFLDO 1RUPDOPHQWH GLUHFLRQDGD SDUD SUHVWDomR GH XP VHUYLoR GH XWLOLGDGH S~EOLFD 1RPHDomR GH GLULJHQWHV
G &DUDFWHUtVWLFDV 5HJXODPHQWR LY &RQWUROH SHOR 3RGHU 3~EOLFR
1RUPDOPHQWH DSURYDGRV SRU GHFUHWRV
6XSHUYLVmR 0LQLVWHULDO 6XMHLWRV j MXULVGLomR GR 7&8
'/ DUW $GPLQLVWUDP UHFXUVRV S~EOLFRV
1mR VH VXMHLWDP j /HL -XULVSUXGrQFLD 7&8
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
5()250$ $'0,1,675$7,9$ ( 7(5&(,52 6(725 (17,'$'(6 3$5$(67$7$,6 ,, $ SHVVRDV MXUtGLFDV GH GLUHLWR SULYDGR
4XDOLILFDomR FRQFHGLGD SHOR 3RGHU ([HFXWLYR
6HP ILQV OXFUDWLYRV 3DUD SUHVWDU DWLYLGDGH GH LQWHUHVVH FROHWLYR
L 3HVTXLVD &LHQWtILFD LL (QVLQR
ÈUHD GH DWXDomR 3(7&X0$6
LLL 'HVHQYROYLPHQWR 7HFQROyJLFR LY &XOWXUD Y 0HLR $PELHQWH
D 'HILQLomR
YL 6D~GH 3URJUDPD 1DFLRQDO GH 3XEOLFL]DomR (VWDEHOHFHU GLUHWUL]HV H FULWpULRV SDUD D TXDOLILFDomR GH 26
2EMHWLYR
313
$EVRUomR GH DWLYLGDGHV GHVHQYROYLGDV SRU HQWLGDGHV H yUJmRV S~EOLFRV GD 8QLmR TXH DWXHP QDV iUHDV FLWDGDV 3(7&X0$6
)LQDOLGDGH
'HYHP WHU SHUVRQDOLGDGH MXUtGLFD GH GLUHLWR SULYDGR 1mR SRGHP WHU ILQDOLGDGH OXFUDWLYD
E 5HTXLVLWRV GH KDELOLWDomR
'HYHP DWXDU HP DWLYLGDGHV UHODFLRQDGDV jV iUHDV FLWDGDV 3(7&X0$6
1mR VmR GHOHJDWiULDV GH VHUYLoRV S~EOLFRV
2EV
2UJDQL]Do}HV 6RFLDLV 26
'HYHP LQYHVWLU RV H[FHGHQWHV ILQDQFHLURV QR GHVHQYROYLPHQWR GDV SUySULDV DWLYLGDGHV
$WR GH TXDOLILFDomR F 4XDOLILFDomR 0RWLYR
G 'HVTXDOLILFDomR
)RUPD
1mR H[HUFHP DWLYLGDGHV S~EOLFDV HP QRPH GR (VWDGR 'LVFULFLRQiULR &RPSHWrQFLD
LL 7LWXODU GR yUJmR
3URFHVVR DGPLQLVWUDWLYR 5HYHUVmR
9tQFXOR GH SDUFHULD TXH HQYROYH 'HILQLomR
L 0LQLVWUR
'HVFXPSULPHQWR GDV GLVSRVLo}HV FRQWLGDV QR FRQWUDWR GH JHVWmR
&RQVHTXrQFLD
(QWLGDGHV 3DUDHVWDWDLV
6HJXQGR FULWpULRV GH FRQYHQLrQFLD H RSRUWXQLGDGH
$VVHJXUDGD D DPSOD GHIHVD
'RV EHQV SHUPLWLGRV 'RV YDORUHV HQWUHJXHV j XWLOL]DomR GD 26 )RPHQWR GR 3RGHU 3~EOLFR ([HFXomR GH DWLYLGDGHV SHOD 26 UHODFLRQDGDV jV iUHDV FLWDGDV 3(7&X0$6
,QVWUXPHQWR ILUPDGR HQWUH R 3RGHU 3~EOLFR H D HQWLGDGH TXDOLILFDGD FRPR 26 YLVDQGR D IRUPDomR GH SDUFHULD HQWUH DV SDUWHV SDUD IRPHQWR H H[HFXomR GH DWLYLGDGHV UHODWLYDV jV iUHDV FLWDGDV 3(7&X0$6 /HL
3URJUDPD GH WUDEDOKR SURSRVWR SHOD 26
H &RQWUDWR GH JHVWmR
0HWDV D VHUHP DWLQJLGDV
$EUDQJH
3UD]RV GH H[HFXomR
([HFXomR
&ULWpULRV REMHWLYRV GH DYDOLDomR GH GHVHPSHQKR 2EV $ H[HFXomR VHUi ILVFDOL]DGD SHOR yUJmR RX HQWLGDGH VXSHUYLVRUD GD UHVSHFWLYD iUHD GH DWXDomR L 5HFXUVRV RUoDPHQWiULRV $EUDQJH
)RPHQWR
LL %HQV S~EOLFRV
'LVSHQVDGD OLFLWDomR 3HUPLVVmR GH XVR
LLL &HVVmR HVSHFLDO GH VHUYLGRU 4XDOLILFDomR MXUtGLFD DWULEXtGD D DOJXPDV SHVVRDV GH GLUHLWR SULYDGR HP UD]mR GDV DWLYLGDGHV TXH YHQKDP D GHVHQYROYHU HP UHJLPH GH SDUFHULD FRP R 3RGHU 3~EOLFR D 'HILQLomR
3HVVRDV MXUtGLFDV GH GLUHLWR SULYDGR VHP ILQV OXFUDWLYRV LQVWLWXtGDV SRU SDUWLFXODUHV SDUD GHVHPSHQKDU VHUYLoRV VRFLDLV QmR H[FOXVLYRV GR (VWDGR FRP LQFHQWLYR H ILVFDOL]DomR GR 3RGHU 3~EOLFR PHGLDQWH YtQFXOR MXUtGLFR LQVWLWXtGR SRU WHUPR GH SDUFHULD /HL
'HVHPSHQKDP DWLYLGDGHV GH LQWHUHVVH S~EOLFR SRU PHLR GH WHUPR GH SDUFHULD 6RFLHGDGHV VHP ILQV OXFUDWLYRV
26&,3 E &DUDFWHUtVWLFDV
$WR GH TXDOLILFDomR
1mR GLVWULEXHP HQWUH VyFLRV DVVRFLDGRV FRQVHOKHLURV GLUHWRUHV RX HPSUHJDGRV OXFURV GLYLGHQGRV ERQLILFDo}HV SDUWLFLSDo}HV RX SDUFHODV GR SDWULP{QLR
9LQFXODGR
$WHQGLGRV RV UHTXLVLWRV SUHYLVWRV QD OHL p H[SHGLGR FHUWLILFDGR GH TXDOLILFDomR
&RPSHWrQFLD 7HUPR GH SDUFHULD
0LQLVWUR GD -XVWLoD
9tQFXOR MXUtGLFR (VWDEHOHFH XP YtQFXOR GH FRRSHUDomR HQWUH D 26 H R 3RGHU 3~EOLFR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
&2175$72 '( *(672 ,QVWUXPHQWR LQVHULGR QR 'LUHLWR $GPLQLVWUDWLYR D SDUWLU GD UHIRUPD DGPLQLVWUDWLYD WDPEpP FKDPDGR SHOD GRXWULQD GH $FRUGR 3URJUDPD
L ÏUJmR RX HQWLGDGH GD $GPLQLVWUDomR 3~EOLFD $MXVWH ILUPDGR HQWUH D DGPLQLVWUDomR GLUHWD H
&RQFHLWR
&) DUW LQFOXtGR SHOD (&
/HL
LL $XWDUTXLD RX IXQGDomR S~EOLFD
/HL
LLL 2UJDQL]DomR VRFLDO
1mR SRVVXL FDUDFWHUtVWLFDV GH FRQWUDWR 2EV
,QVWUXPHQWR GH FRQWUROH SRU UHVXOWDGR &RQWH[WR
$GPLQLVWUDomR JHUHQFLDO
$ (& LQVHULX QR GR DUW D EDVH FRQVWLWXFLRQDO SDUD FHOHEUDomR GR FRQWUDWR GH JHVWmR FRP D DGPLQLVWUDomR GLUHWD H D LQGLUHWD D ÏUJmR RX HQWLGDGH GD $GPLQLVWUDomR 3~EOLFD
/LJDGR DR SULQFtSLR GD HILFLrQFLD HVWDEHOHFH XP PHLR SDUD R FRQWUROH GH UHVXOWDGRV GD $GPLQLVWUDomR 3~EOLFD DGPLQLVWUDomR JHUHQFLDO
(VWDEHOHFHU R FRQWUROH GH UHVXOWDGRV PHGLDQWH 2EMHWLYR
)L[DomR GH PHWDV GH GHVHPSHQKR &RQWUROHV H FULWpULRV GH DYDOLDomR GH GHVHPSHQKR
$PSOLDU D DXWRQRPLD JHUHQFLDO RUoDPHQWiULD H ILQDQFHLUD GRV yUJmRV H HQWLGDGHV
$ /HL DXWRUL]RX R 3RGHU ([HFXWLYR D TXDOLILFDU FRPR $*Ç1&,$ (;(&87,9$ D DXWDUTXLD RX D IXQGDomR S~EOLFD TXH DWHQGHQGR D GHWHUPLQDGRV UHTXLVLWRV FHOHEUH FRQWUDWR GH JHVWmR FRP R PLQLVWpULR VXSHUYLVRU 1mR VH WUDWD GH QRYR WLSR GH SHVVRD MXUtGLFD $JrQFLD ([HFXWLYD
俶 7UDWD VH GH 48$/,),&$d2 FRQFHGLGD
jV DXWDUTXLDV H jV IXQGDo}HV S~EOLFDV
(VWDEHOHFHU R FRQWUROH GH UHVXOWDGRV 2EMHWLYR
&RQWUDWR GH *HVWmR
$PSOLDU D DXWRQRPLD JHUHQFLDO RUoDPHQWiULD H ILQDQFHLUD GDV HQWLGDGHV TXDOLILFDGDV L 7HU XP SODQR HVWUDWpJLFR GH UHHVWUXWXUDomR H GH GHVHQYROYLPHQWR LQVWLWXFLRQDO HP DQGDPHQWR
E $XWDUTXLD RX IXQGDomR S~EOLFD
&HOHEUDGR FRP
5HTXLVLWRV GH TXDOLILFDomR
4XDOLILFDomR
2EMHWLYD D PHOKRULD GD TXDOLGDGH GD JHVWmR H D UHGXomR GH FXVWRV LL 7HU FHOHEUDGR &RQWUDWR GH *HVWmR FRP R UHVSHFWLYR 0LQLVWpULR VXSHUYLVRU &RQFHGLGD SRU GHFUHWR GR 3UHVLGHQWH GD 5HS~EOLFD &HOHEUDGR FRP SHULRGLFLGDGH PtQLPD GH XP DQR
&RQWUDWR GH *HVWmR
2EMHWLYRV PHWDV H LQGLFDGRUHV GH GHVHPSHQKR GD HQWLGDGH
(VWDEHOHFH
5HFXUVRV QHFHVViULRV H RV FULWpULRV H LQVWUXPHQWRV SDUD DYDOLDomR GR VHX FXPSULPHQWR
(VWDEHOHFHU XPD UHODomR GH SDUFHULD FRP HQWLGDGHV VHP ILQV OXFUDWLYRV SXEOLFL]DomR
5HVWULQJLU D DXWRQRPLD GD SHVVRD SULYDGD 2EMHWLYR
(OD SDVVD D VXMHLWDU VH jV H[LJrQFLDV FRQWLGDV QR FRQWUDWR DR DWLQJLPHQWR GRV UHVXOWDGRV SDFWXDGRV H DR FRQWUROH UHODWLYR j JHVWmR GRV EHQV H GRV UHFXUVRV S~EOLFRV D HOD FRQFHGLGRV 2 3RGHU 3~EOLFR GHVWLQD UHFXUVRV H FREUD R DWLQJLPHQWR GH PHWDV QD SUHVWDomR GH VHUYLoRV GH LQWHUHVVH S~EOLFR
(VWDEHOHFH XP YtQFXOR GH SDUFHULD F 2UJDQL]DomR VRFLDO
3URJUDPD GH WUDEDOKR L ([HFXomR FRPSHWH j 26
&RQWUDWR GH *HVWmR
(QYROYH
0HWDV 3UD]RV GH H[HFXomR &ULWpULRV REMHWLYRV GH DYDOLDomR GH GHVHPSHQKR
LL )RPHQWR FRPSHWH DR 3RGHU 3~EOLFR
5HFXUVRV RUoDPHQWiULRV %HQV S~EOLFRV
'LVSHQVDGD OLFLWDomR 3HUPLVVmR GH XVR
&HVVmR HVSHFLDO GH VHUYLGRU
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
35,1&Ë3,26 $'0,1,675$7,926 , 3ULQFtSLR LPSOtFLWR
1DV UHODo}HV MXUtGLFDV HP TXH R (VWDGR DWXH FRPR UHSUHVHQWDQWH GD VRFLHGDGH VHXV LQWHUHVVHV SUHYDOHFHP FRQWUD LQWHUHVVHV SDUWLFXODUHV 'HFODUD D VXSHULRULGDGH GR LQWHUHVVH GD FROHWLYLGDGH GHWHUPLQDQGR D SUHYDOrQFLD GHOH VREUH R SDUWLFXODU
D &RQFHLWR
L ,QWHUHVVH SULPiULR GR (VWDGR E 'HYH VH GLVWLQJXLU
6XSUHPDFLD GR LQWHUHVVH S~EOLFR
LL ,QWHUHVVH VHFXQGiULR GR (VWDGR
,QWHUHVVH S~EOLFR SURSULDPHQWH GLWR 'LPHQVmR S~EOLFD GRV LQWHUHVVHV LQGLYLGXDLV
,QWHUHVVHV ,QGLYLGXDLV GR (VWDGR 6RPHQWH YiOLGRV TXDQGR LQVWUXPHQWDLV DR LQWHUHVVH S~EOLFR 3UHVXQomR GH OHJLWLPLGDGH H YHUDFLGDGH GRV DWRV DGPLQLVWUDWLYRV
F &RQVHTXrQFLDV GR SULQFtSLR
3RGHU GH LPSpULR RX H[WURYHUVR
35(552*$7,9$6
$XWRH[HFXWRULHGDGH GRV DWRV DGPLQLVWUDWLYRV 2XWUDV
3ULQFtSLR LPSOtFLWR 2 LQWHUHVVH S~EOLFR TXDOLILFDGR FRPR SUySULR GD FROHWLYLGDGH p LQGLVSRQtYHO LQDSURSULiYHO 1D $GPLQLVWUDomR 3~EOLFD RV EHQV H LQWHUHVVHV QmR HVWmR j OLYUH GLVSRVLomR GD YRQWDGH GR DGPLQLVWUDGRU
D &RQFHLWR
e D RUGHP OHJDO TXH GLVS}H VREUH D ILQDOLGDGH D TXH HVWmR DGVWULWRV
,QGLVSRQLELOLGDGH GR LQWHUHVVH S~EOLFR
3ULQFtSLR GD OHJDOLGDGH 2EULJDWRULHGDGH GR GHVHPSHQKR GD DWLYLGDGH S~EOLFD E &RQVHTXrQFLDV GR SULQFtSLR
68-(,d®(6
,QDOLHQDELOLGDGH GRV GLUHLWRV FRQFHUQHQWHV D LQWHUHVVHV S~EOLFRV 2XWUDV
3ULQFtSLR FRQVWLWXFLRQDO H[SUHVVR &) DUW FDSXW
3ULQFtSLRV $GPLQLVWUDWLYRV
3DUD R SDUWLFXODU
0DULD 6\OYLD
6LJQLILFD DXWRQRPLD GD YRQWDGH
3RGH ID]HU WXGR R TXH D OHL QmR SURtEH &) ,,
1LQJXpP VHUi REULJDGR D ID]HU RX GHL[DU GH ID]HU DOJXPD FRLVD VHQmR HP YLUWXGH GH OHL
6LJQLILFD YRQWDGH OHJDO
3DUD $GPLQLVWUDomR 3~EOLFD
$ $GPLQLVWUDomR 3~EOLFD Vy SRGH ID]HU R TXH D OHL SHUPLWH
1D $GPLQLVWUDomR 3~EOLFD QmR Ki OLEHUGDGH QHP YRQWDGH SHVVRDO
/HJDOLGDGH +HO\ /RSHV
(QTXDQWR QD DGPLQLVWUDomR SDUWLFXODU p OtFLWR ID]HU WXGR DTXLOR TXH D OHL QmR SURtEH QD $GPLQLVWUDomR 3~EOLFD Vy p SHUPLWLGR ID]HU R TXH D OHL DXWRUL]D e SULQFtSLR HVSHFtILFR GR (VWDGR GH 'LUHLWR
&HOVR $QW{QLR
)UXWR GD VXEPLVVmR GR (VWDGR j OHL
2V LQWHUHVVHV S~EOLFRV VmR GHILQLGRV SHOR /HJLVODWLYR TXH UHSUHVHQWD R SRYR
6XUJH FRPR GHFRUUrQFLD QDWXUDO GD LQGLVSRQLELOLGDGH GR LQWHUHVVH S~EOLFR
6XEPLVVmR GD IXQomR DGPLQLVWUDWLYD DWRV FRQFUHWRV j IXQomR OHJLVODWLYD DWRV JHUDLV LPSHVVRDLV H DEVWUDWRV
3ULQFtSLR FRQVWLWXFLRQDO H[SUHVVR &) DUW FDSXW
2V DWRV H SURYLPHQWRV DGPLQLVWUDWLYRV VmR LPSXWDGRV DR yUJmR RX j HQWLGDGH D TXH VH YLQFXOD R DJHQWH S~EOLFR QmR D HOH SUySULR
0DULD 6\OYLD
D &RP UHODomR j $GPLQLVWUDomR 3~EOLFD
7HRULD GR yUJmR
俶 5HODomR GH
,0387$d2
,PSHVVRDOLGDGH E &RP UHODomR DRV DGPLQLVWUDGRV e R PHVPR SULQFtSLR GD ILQDOLGDGH +HO\ /RSHV
$V SHVVRDV MXUtGLFDV H[SUHVVDP VXD YRQWDGH SRU PHLR GRV VHXV yUJmRV
(VWi HQWUHODoDGR FRP R SULQFtSLR GD LJXDOGDGH
5HODFLRQDGR DR SULQFtSLR GD ILQDOLGDGH
$ DWLYLGDGH GRV yUJmRV LGHQWLILFD VH H UHODFLRQD VH FRP D GD HQWLGDGH
e VHPSUH R LQWHUHVVH S~EOLFR TXH GHYH QRUWHDU R FRPSRUWDPHQWR GD DGPLQLVWUDomR 4XDOTXHU DWR GD $GPLQLVWUDomR 3~EOLFD GHYH ]HODU SHOR LQWHUHVVH S~EOLFR QmR SHVVRDO
,PS}H DR DGPLQLVWUDGRU S~EOLFR TXH Vy SUDWLTXH R DWR SDUD R VHX ILP OHJDO $ ILQDOLGDGH WHP VHPSUH FRPR REMHWLYR FHUWR H LQDIDVWiYHO R LQWHUHVVH S~EOLFR ,PS}H j $GPLQLVWUDomR WUDWDU LJXDOPHQWH D WRGRV TXH HVWHMDP QD PHVPD VLWXDomR IiWLFD H MXUtGLFD
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
35,1&Ë3,26 $'0,1,675$7,926 ,, 3ULQFtSLR FRQVWLWXFLRQDO H[SUHVVR &) DUW FDSXW
1mR VH WUDWD GD PRUDO FRPXP
$FHSomR VXEMHWLYD
$FHSomR REMHWLYD 7UDWD VH GD PRUDO MXUtGLFD
D &RQFHLWR
0RUDOLGDGH
&RQMXQWR GH UHJUDV GH FRQGXWD WLUDGDV GD GLVFLSOLQD LQWHULRU GD $GPLQLVWUDomR 3~EOLFD 0RUDO LQWHUQD GD LQVWLWXLomR FRPSOHPHQWDU j OHL 2V DWRV GHYHP VHU DOpP GH OHJDLV KRQHVWRV H VHJXLU RV ERQV FRVWXPHV H D ERD DGPLQLVWUDomR
E 7HRULD GRV FtUFXORV FRQFrQWULFRV
$QWLJD p D GLVWLQomR HQWUH PRUDO H GLUHLWR DPERV UHSUHVHQWDGRV SRU FtUFXORV FRQFrQWULFRV VHQGR R PDLRU FRUUHVSRQGHQWH j PRUDO H R PHQRU DR GLUHLWR
3ULQFtSLR FRQVWLWXFLRQDO H[SUHVVR &) DUW FDSXW
5HJUD
7RGRV RV DWRV GHYHP VHU S~EOLFRV JDUDQWLQGR D WUDQVSDUrQFLD HVWDWDO 'HYHP VHU OHJDOPHQWH SUHYLVWDV H WDPEpP DWHQGHUHP DR LQWHUHVVH S~EOLFR
([FHo}HV DR SULQFtSLR
3XEOLFLGDGH
2EV
&) DUW ;;;,,,
6HJXUDQoD 1DFLRQDO ([
'HIHVD GD LQWLPLGDGH
&) DUW /;
3XEOLFDomR RILFLDO GRV DWRV H[WHUQRV GD DGPLQLVWUDomR S~EOLFD
e UHTXLVLWR GH HILFiFLD 1mR p SUHVVXSRVWR GH YDOLGDGH
3ULQFtSLR FRQVWLWXFLRQDO H[SUHVVR &) DUW FDSXW LQVHULGR SHOD (&
(ILFLrQFLD
3UHJD D PD[LPL]DomR GH UHVXOWDGRV QD DWXDomR GD $GPLQLVWUDomR 3~EOLFD TXH GHYH VHU UiSLGD ~WLO HFRQ{PLFD 3ULQFtSLR FRQVWLWXFLRQDO LPSOtFLWR &) DUW /,9
L $GHTXDomR 2 SULQFtSLR FRQGX] jV LGHLDV GH
3ULQFtSLRV $GPLQLVWUDWLYRV
&RQGXWD DSWD D SURGX]LU RV HIHLWRV GHVHMDGRV &RQGXWD GHQWUR GRV SDGU}HV QRUPDLV GH DFHLWDELOLGDGH
LL 1HFHVVLGDGH
,QH[LVWrQFLD GH RXWUR PHLR PHQRV JUDYRVR SDUD DOFDQoDU R ILP GHVHMDGR
D &RQFHLWR
5D]RDELOLGDGH H SURSRUFLRQDOLGDGH
3RQGHUDomR HQWUH
LLL 3URSRUFLRQDOLGDGH
0HLRV HPSUHJDGRV )LQV DOFDQoDGRV
/LPLWDomR j GLVFULFLRQDULHGDGH DGPLQLVWUDWLYD $PSOLDomR GR kPELWR GH DSUHFLDomR GR DWR DGPLQLVWUDWLYR SHOR 3RGHU -XGLFLiULR
E $SOLFDomR
3RGHU -XGLFLiULR DSUHFLD VH DV UHVWULo}HV VmR
$GHTXDGDV -XVWLILFDGDV SHOR LQWHUHVVH S~EOLFR
)RUPD GH FRQWUROH GR H[FHVVR GH SRGHU &DEH j $GPLQLVWUDomR 3~EOLFD UHYHU VHXV SUySULRV DWRV DQXODQGR RV LOHJDLV H UHYRJDQGR RV LQFRQYHQLHQWHV RX LQRSRUWXQRV e FRQWUROH LQWHUQR D &RQFHLWR
'LIHUHQWH GD WXWHOD TXH p FRQWUROH H[WHUQR VXMHLomR H[HUFLGD SRU RXWUD SHVVRD
e R SRGHU TXH WHP D $GPLQLVWUDomR SDUD UHYHU VHXV SUySULRV DWRV
L $VSHFWR GH OHJDOLGDGH H OHJLWLPLGDGH
$XWRWXWHOD
E $EUDQJrQFLD
6~PXOD 67)
LL $VSHFWR GH PpULWR
&RQGX] D
$QXODomR &RQYDOLGDomR
$QiOLVH GH FRQYHQLrQFLD H GH RSRUWXQLGDGH
&RQGX] D
5HYRJDomR
$ $GPLQLVWUDomR SRGH DQXODU VHXV SUySULRV DWRV TXDQGR HLYDGRV GH YtFLRV TXH RV WRUQHP LOHJDLV SRUTXH GHOHV QmR VH RULJLQDP GLUHLWRV RX SRGH UHYRJi ORV SRU PRWLYR GH FRQYHQLrQFLD RX RSRUWXQLGDGH UHVSHLWDGRV RV GLUHLWRV DGTXLULGRV H UHVVDOYDGD HP WRGRV RV FDVRV D DSUHFLDomR MXGLFLDO
3ULQFtSLR FRQVWLWXFLRQDO LPSOtFLWR &) DUW ,9
&RQWLQXLGDGH
(VWDEHOHFH D QHFHVVLGDGH GH TXH D $GPLQLVWUDomR 3~EOLFD QmR LQWHUURPSD D SUHVWDomR GH VHXV VHUYLoRV SRLV VmR IXQGDPHQWDLV H HVVHQFLDLV j FROHWLYLGDGH &RQFHLWR
3DUD D /HL VHUYLoR DGHTXDGR p DTXHOH TXH VDWLVID] HQWUH RXWUDV DV FRQGLo}HV GH FRQWLQXLGDGH
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
32'(5(6 $'0,1,675$7,926 ,
3UHUURJDWLYDV FRQFHGLGDV SHOR RUGHQDPHQWR MXUtGLFR j $GPLQLVWUDomR 3~EOLFD SDUD FRQVHFXomR GRV ILQV S~EOLFRV D &RQFHLWR
'HFRUUrQFLD GLUHWD GR SULQFtSLR GD VXSUHPDFLD GR LQWHUHVVH S~EOLFR L 8VR GR SRGHU
&RQFHLWR
2FRUUH TXDQGR Ki H[HUFtFLR LOHJtWLPR GHVVDV SUHUURJDWLYDV
LL $EXVR GH SRGHU
1Ro}HV LQWURGXWyULDV E $EXVR GH SRGHU
3UHUURJDWLYD HVSHFLDO FRQFHGLGD SHOR 'LUHLWR 3~EOLFR SDUD FRQVHFXomR GRV ILQV S~EOLFRV
$JHQWH DWXD IRUD GRV OLPLWHV GD VXD FRPSHWrQFLD
L ([FHVVR GH SRGHU
9tFLR QR HOHPHQWR FRPSHWrQFLD /HL DUW D
0RGDOLGDGHV GH $%862 '( 32'(5
$JHQWH HPERUD GHQWUR GH VXD yUELWD GH FRPSHWrQFLDV DIDVWD VH GR LQWHUHVVH S~EOLFR LL 'HVYLR GH SRGHU
%XVFD DOFDQoDU ILP GLYHUVR GDTXHOH TXH D OHL OKH SHUPLWLX H[SOtFLWD RX LPSOLFLWDPHQWH 9tFLR QR HOHPHQWR ILQDOLGDGH
'HVYLR GH ILQDOLGDGH
/HL DUW H e R SRGHU GH TXH GLVS}H D $GPLQLVWUDomR 3~EOLFD SDUD SUiWLFD GH DWRV YLQFXODGRV D &RQFHLWR
$ OHL GHWHUPLQD WRGRV RV HOHPHQWRV QHFHVViULRV j SUiWLFD GR DWR
3RGHU YLQFXODGR
3RGHUHV $GPLQLVWUDWLYRV
7UDWD VH PDLV GH XP GHYHU GR TXH SURSULDPHQWH GH XP SRGHU &RPSHWrQFLD )LQDOLGDGH )RUPD 0RWLYR
E $WR YLQFXODGR
2EMHWR 1mR Ki PDUJHP GH OLEHUGDGH DR DGPLQLVWUDGRU FRQYHQLrQFLD H RSRUWXQLGDGH
e R SRGHU GH TXH GLVS}H D $GPLQLVWUDomR 3~EOLFD SDUD SUiWLFD GH DWRV GLVFULFLRQiULRV
D &RQFHLWR
2 'LUHLWR FRQFHGH j $GPLQLVWUDomR GH PRGR H[SOtFLWR RX LPSOtFLWR R SRGHU SDUD SUiWLFD GH DWRV DGPLQLVWUDWLYRV FRP OLEHUGDGH GH HVFROKD 0pULWR DGPLQLVWUDWLYR
/LEHUGDGH GH HVFROKD
&RQYHQLrQFLD 2SRUWXQLGDGH
&RPSHWrQFLD E (OHPHQWRV YLQFXODGRV
)LQDOLGDGH )RUPD
0RWLYR F (OHPHQWRV GLVFULFLRQiULRV
2EMHWR $EUDQJH HOHPHQWRV YLQFXODGRV
3RGHU GLVFULFLRQiULR
&RQWUROH GH /(*$/,'$'( H /(*,7,0,'$'( G &RQWUROH H[HUFLGR SHOR 3RGHU -XGLFLiULR
$EUDQJH HOHPHQWRV GLVFULFLRQiULRV
)XQGDPHQWR
/LPLWDo}HV LPSRVWDV SHORV SULQFtSLRV JHUDLV GR GLUHLWR 3ULQFtSLR GD LQDIDVWDELOLGDGH GD MXULVGLomR &) DUW ;;;9
1mR Ki FRQWUROH GH 0e5,72 $EUDQJH HOHPHQWRV YLQFXODGRV
H &RQWUROH H[HUFLGR SHOD $GPLQLVWUDomR 3~EOLFD
&RQWUROH GH /(*$/,'$'( H /(*,7,0,'$'(
$EUDQJH HOHPHQWRV GLVFULFLRQiULRV )XQGDPHQWR
&RQWUROH GH 0e5,72
3ULQFtSLR GD UD]RDELOLGDGH H GD SURSRUFLRQDOLGDGH FRQWUROH GH OHJLWLPLGDGH
3ULQFtSLR GD DXWRWXWHOD
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
32'(5(6 $'0,1,675$7,926 ,, 3RGHU GH TXH GLVS}H D $GPLQLVWUDomR 3~EOLFD SDUD
L 'LVWULEXLU H HVFDORQDU IXQo}HV LL 2UGHQDU H UHYHU DWXDomR GH VHXV DJHQWHV
(VWi UHODFLRQDGR j SUySULD IRUPD GH RUJDQL]DomR GD IXQomR DGPLQLVWUDWLYD e D UHODomR GH VXERUGLQDomR H[LVWHQWH HQWUH yUJmRV H DJHQWHV GD $GPLQLVWUDomR 3~EOLFD +LHUDUTXLD D &RQFHLWR
5HODomR GH VXERUGLQDomR FRQVLVWH HP
'LVWULEXLomR GH IXQo}HV *UDGXDomR GD DXWRULGDGH GRV DJHQWHV
1mR Ki KLHUDUTXLD HQWUH GLIHUHQWHV SHVVRDV MXUtGLFDV 1mR Ki KLHUDUTXLD QR -XGLFLiULR H /HJLVODWLYR QDV VXDV IXQo}HV SUySULDV 2EV
)XQomR MXULVGLFLRQDO OLYUH FRQYLFomR GR MXL]
)XQomR OHJLVODWLYD
$ UHODomR H[LVWHQWH HQWUH D DGPLQLVWUDomR GLUHWD H DV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD p D UHODomR GH 9,1&8/$d2
7XWHOD DGPLQLVWUDWLYD &RQWUROH ILQDOtVWLFR 6XSHUYLVmR
'HYHU GH REHGLrQFLD
&RQVHTXrQFLD
L 2UGHQDU
$V GHWHUPLQDo}HV VXSHULRUHV GHYHP VHU ILHOPHQWH FXPSULGDV D PHQRV TXH VHMDP PDQLIHVWDPHQWH LOHJDLV 0DQXWHQomR GH DWRV YiOLGRV FRQYHQLHQWHV H RSRUWXQRV
3RGHU +LHUiUTXLFR
5HYRJDomR GH DWRV GLVFULFLRQiULRV LQFRQYHQLHQWHV RX LQRSRUWXQRV
&RQVHTXrQFLD
LL &RQWURODU
$QXODomR GH DWRV LOHJDLV &RQYDOLGDomR GH DWRV FRP GHIHLWRV VDQiYHLV
E )DFXOGDGHV GHFRUUHQWHV GR 3RGHU +LHUiUTXLFR
$WR GLVFULFLRQiULR UHYRJiYHO D TXDOTXHU WHPSR QR TXDO R DJHQWH RULJLQDOPHQWH FRPSHWHQWH GHOHJDQWH FRQIHUH D RXWUR DJHQWH GHOHJDGR R H[HUFtFLR WHPSRUiULR GH DOJXPDV DWULEXLo}HV LLL 'HOHJDU
$JHQWH GHOHJDGR
1mR SUHFLVD VHU KLHUDUTXLFDPHQWH VXERUGLQDGR /HL DUW
$WR GLVFULFLRQiULR QR TXDO R VXSHULRU KLHUiUTXLFR WUD] SDUD VL R H[HUFtFLR WHPSRUiULR GH DWULEXLomR GH XP VXERUGLQDGR LY $YRFDU
3RGHUHV $GPLQLVWUDWLYRV
$JHQWH GHOHJDGR
L 6XERUGLQDomR DGPLQLVWUDWLYD
1mR FRQIXQGLU
LL 9LQFXODomR DGPLQLVWUDWLYD
D &RQFHLWR
e D IDFXOGDGH GH
3UHFLVD VHU KLHUDUTXLFDPHQWH VXERUGLQDGR /HL DUW (VWDEHOHFLGR HQWUH yUJmRV GH XPD PHVPD SHVVRD DGPLQLVWUDWLYD
&DUiWHU LQWHUQR
'HFRUUH GD $872787(/$ &DUiWHU H[WHUQR
5HVXOWD GR FRQWUROH TXH SHVVRDV IHGHUDWLYDV H[HUFHP VREUH SHVVRDV SHUWHQFHQWHV j DGPLQLVWUDomR LQGLUHWD
'HFRUUH GD 787(/$
L 3XQLU LQWHUQDPHQWH LQIUDo}HV IXQFLRQDLV GRV VHXV VHUYLGRUHV LL 3XQLU LQIUDo}HV DGPLQLVWUDWLYDV FRPHWLGDV SRU SHVVRDV VXMHLWDV j GLVFLSOLQD GRV yUJmRV H VHUYLoRV GD $GPLQLVWUDomR 3~EOLFD 3RGHU GLVFLSOLQDU p FRUUHODWR DR SRGHU KLHUiUTXLFR PDV FRP HOH QmR VH FRQIXQGH
6DQomR GLVFLSOLQDU HP DJHQWH L 5HODomR FRP SRGHU S~EOLFR LQIUDomR IXQFLRQDO
KLHUiUTXLFR 6DQomR SRU GHVFXPSULPHQWR GH FRQWUDWR DGPLQLVWUDWLYR LQIUDomR DGPLQLVWUDWLYD
3RGHU 'LVFLSOLQDU
LL 'HFRUUH GD VXSUHPDFLD HVSHFLDO E &DUDFWHUtVWLFDV
'HFRUUrQFLD GLUHWD GR SRGHU GLVFLSOLQDU 'HFRUUrQFLD LQGLUHWD GR SRGHU KLHUiUTXLFR +i H[HUFtFLR GR SRGHU GLVFLSOLQDU 1mR H[LVWH UHODomR KLHUiUTXLFD
$ $GPLQLVWUDomR 3~EOLFD H[HUFH VXSUHPDFLD HVSHFLDO VREUH WRGRV DTXHOHV TXH D HOD VH YLQFXODP SRU UHODo}HV GH TXDOTXHU QDWXUH]D VXERUGLQDQGR VH jV QRUPDV GH IXQFLRQDPHQWR GR VHUYLoR RX GR HVWDEHOHFLPHQWR TXH SDVVDP D LQWHJUDU GHILQLWLYD H WUDQVLWRULDPHQWH 'HFRUUH GD VXSUHPDFLD HVSHFLDO
LLL 1mR VH FRQIXQGH FRP R SRGHU SXQLWLYR GR (VWDGR
)XQomR MXULVGLFLRQDO
LY 'LVFULFLRQDULHGDGH
4XDQWR
9tQFXOR MXUtGLFR HVSHFtILFR
5HSUHVVmR GH FULPHV H FRQWUDYHQo}HV SHQDLV
'HFRUUH GD VXSUHPDFLD JHUDO
4XDQWR j Y 9LQFXODomR 0RWLYDomR
¬ JUDGXDomR GD SHQDOLGDGH GLVFLSOLQDU $R HQTXDGUDPHQWR GD FRQGXWD GHQWUH DV KLSyWHVHV SUHYLVWDV QD OHL FRQFHLWRV MXUtGLFRV LQGHWHUPLQDGRV
$SXUDomR GD UHVSRQVDELOLGDGH /HL DUWV H
$SOLFDomR GD SHQD FDEtYHO 2 DWR GH DSOLFDomR GH SHQDOLGDGH GHYH VHU PRWLYDGR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
32'(5(6 $'0,1,675$7,926 ,,,
3UHUURJDWLYD FRQIHULGD DR FKHIH GR 3RGHU ([HFXWLYR SDUD HGLWDU GHFUHWRV H UHJXODPHQWRV SDUD D ILHO H[HFXomR GDV OHLV &) DUW ,9
$ FRPSHWrQFLD SDUD H[SHGLomR GRV GHFUHWRV RX UHJXODPHQWRV GH H[HFXomR QmR p SDVVtYHO GH GHOHJDomR &) DUW S ~QLFR
e HVSpFLH GR JrQHUR SRGHU QRUPDWLYR
D &RQFHLWR 2EV
3RGHU QRUPDWLYR
3UHUURJDWLYD FRQIHULGD j $GPLQLVWUDomR 3~EOLFD SDUD HGLWDU DWRV QRUPDWLYRV JHUDLV H DEVWUDWRV SDUD FRPSOHPHQWDU DV OHLV H SHUPLWLU VXD HIHWLYD DSOLFDomR 5HJXODPHQWDomR WpFQLFD
&RPSHWrQFLD SDUD 3RGHU UHJXODGRU
3RGHU 5HJXODPHQWDU
ÆPELWR
L &RQWUROH OHJLVODWLYR
E )RUPDV GH FRQWUROH
$WLYLGDGHV DGPLQLVWUDWLYDV GH DOWD FRPSOH[LGDGH WpFQLFD
3RGHUHV $GPLQLVWUDWLYRV
e DWR QRUPDWLYR GHULYDGR
([LVWrQFLD GH OHL
'R GHFUHWR UHJXODPHQWDU
&RQWUROH GH OHJDOLGDGH H OHJLWLPLGDGH e DWR QRUPDWLYR RULJLQiULR
,QH[LVWrQFLD GH OHL
LL &RQWUROH MXULVGLFLRQDO
1mR SRGH FULDU GLUHLWRV H REULJDo}HV
D &RQFHLWR
6XVWD DWRV QRUPDWLYRV GR 3RGHU ([HFXWLYR TXH H[RUELWHP GR SRGHU UHJXODPHQWDU &) DUW 9
'HFUHWR /HJLVODWLYR
'R GHFUHWR DXW{QRPR
F /LPLWHV
0HGLDQWH SDUkPHWURV SUHYLDPHQWH HVWDEHOHFLGRV QD OHL
&RQWUROH GH FRQVWLWXFLRQDOLGDGH
&DUiWHU 1RUPDWLYR
67)
3UHVVXSRVWRV
&DUiWHU $XW{QRPR
$WR QRUPDWLYR H[WUDSROD RV OLPLWHV GD OHL 3ULQFtSLR GD OHJDOLGDGH &) DUW ,,
1mR SRGH FRQWUDULDU RV FRPDQGRV OHJDLV
)DFXOGDGH GH TXH GLVS}H D $GPLQLVWUDomR 3~EOLFD SDUD FRQGLFLRQDU RX UHVWULQJLU R XVR H R JR]R GH EHQV GLUHLWRV H DWLYLGDGHV LQGLYLGXDLV HP EHQHItFLR GD FROHWLYLGDGH RX GR (VWDGR %HQV ,QFLGH VREUH
'LUHLWRV $WLYLGDGHV
1mR LQFLGH VREUH 3(662$6
ÏUJmRV DGPLQLVWUDWLYRV
E ,QFLGrQFLD 2EV
3ROtFLD
,QFLGH VREUH EHQV GLUHLWRV H DWLYLGDGHV ,QFLGH QR kPELWR GDV LQIUDo}HV DGPLQLVWUDWLYDV
3ROtFLD GH PDQXWHQomR GD RUGHP S~EOLFD ÏUJmRV GH VHJXUDQoD FRUSRUDo}HV HVSHFLDOL]DGDV
3RGHU GH 3ROtFLD
3ROtFLD DGPLQLVWUDWLYD
3ROtFLD MXGLFLiULD
,QFLGH GLUHWDPHQWH VREUH SHVVRDV
,QFLGH QR kPELWR GRV LOtFLWRV SHQDLV
俺1mR VH WUDWD GR SRGHU GH SROtFLD HVWXGDGR QR 'LUHLWR $GPLQLVWUDWLYR
L 'LVFULFLRQDULHGDGH F $WULEXWRV
LL $XWRH[HFXWRULHGDGH LLL &RHUFLELOLGDGH
L ([SHGLomR GH QRUPDV OLPLWDGRUDV H VDQFLRQDGRUDV GD FRQGXWD G 0HLRV GH DWXDomR
([FHWR QD FREUDQoD GH PXOWDV
1mR VH DSOLFD D WRGRV RV FDVRV 3RGHU /HJLVODWLYR HVWDEHOHFH SRU OHL DV OLPLWDo}HV DGPLQLVWUDWLYDV
&RQGLo}HV 5HTXLVLWRV
$ $GPLQLVWUDomR 3~EOLFD H[SHGH DWRV QRUPDWLYRV UHJXODPHQWDUHV jV OHLV $ $GPLQLVWUDomR 3~EOLFD H[SHGH DWRV QHJRFLDLV GH FRQVHQWLPHQWR
LL )LVFDOL]DomR GDV DWLYLGDGH H EHQV VXMHLWRV DR FRQWUROH GD $GPLQLVWUDomR 3~EOLFD H &RPSHWrQFLD
)L[D
2XWRUJD R $/9$5È
$OYDUi GH OLFHQoD $OYDUi GH DXWRUL]DomR
'HILQLWLYR H YLQFXODQWH
3UHFiULR H GLVFULFLRQiULR
([SHGLomR GH DWRV SXQLWLYRV VDQFLRQDWyULRV
0XOWD
7HP FRPSHWrQFLD SDUD SROLFLDU D HQWLGDGH TXH GLVS}H GR SRGHU GH UHJXODU D PDWpULD
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
$726 $'0,1,675$7,926 12d®(6 ,1752'87Ï5,$6
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
2V DWRV DGPLQLVWUDWLYRV VmR HVSpFLH GR JrQHUR DWR MXUtGLFR $72 -85Ë',&2
0DQLIHVWDomR XQLODWHUDO GH YRQWDGH VHP FRQWH~GR QHJRFLDO TXH GHWHUPLQD D SURGXomR GH HIHLWRV OHJDOPHQWH SUHYLVWRV
$WR DGPLQLVWUDWLYR p WRGD PDQLIHVWDomR XQLODWHUDO GH YRQWDGH GD $GPLQLVWUDomR 3~EOLFD TXH DJLQGR QHVWD TXDOLGDGH WHQKD SRU ILP LPHGLDWR DGTXLULU UHVJXDUGDU WUDQVIHULU PRGLILFDU H[WLQJXLU H GHFODUDU GLUHLWRV RX LPSRU REULJDo}HV DRV DGPLQLVWUDGRV RX D VL SUySULR
+HO\ /RSHV
'HFODUDomR GR (VWDGR RX GH TXHP R UHSUHVHQWH TXH SURGX] HIHLWRV MXUtGLFRV LPHGLDWRV FRP REVHUYkQFLD GD OHL VRE UHJLPH MXUtGLFR GH GLUHLWR S~EOLFR H VXMHLWD D FRQWUROH SHOR 3RGHU -XGLFLiULR
0DULD 6\OYLD
, $JHQWHV GD $GPLQLVWUDomR 3~EOLFD
&RQFHLWR
L 6XEMHWLYR
,, 'HOHJDWiULRV
(OHPHQWRV LL 2EMHWLYR
$WRV $GPLQLVWUDWLYRV
([ 6HUYLGRUHV S~EOLFRV
&RQFHVVLRQiULRV H SHUPLVVLRQiULRV GH VHUYLoR S~EOLFR ([ 3URPRomR H[SURSULDWyULD
3URGXomR GH HIHLWRV MXUtGLFRV FRP ILP S~EOLFR
LLL 5HJLPH MXUtGLFR
'LUHLWR S~EOLFR
L $WRV /HJLVODWLYRV &DWHJRULDV GH DWRV H[LVWHQWHV QR H[HUFtFLR GD DWLYLGDGH S~EOLFD
LL $WRV -XGLFLDLV
(ODERUDomR GH QRUPDV SULPiULDV $SOLFDomR GDV QRUPDV QD VROXomR GH FRQIOLWRV GH LQWHUHVVH
LLL $WRV DGPLQLVWUDWLYRV
$SOLFDomR GDV QRUPDV QR FDVR FRQFUHWR QD JHVWmR GRV LQWHUHVVHV FROHWLYRV
1D VXD DFHSomR PDLV DPSOD DWRV GD DGPLQLVWUDomR VH UHIHUHP D WRGRV RV DWRV SUDWLFDGRV SHOD $GPLQLVWUDomR 3~EOLFD L $WRV MXUtGLFRV
$WRV GD $GPLQLVWUDomR
$EUDQJHP
LL $WRV DMXUtGLFRV
, 'H GLUHLWR SULYDGR ,, 'H GLUHLWR S~EOLFR
, $WRV PDWHULDLV
$WRV DGPLQLVWUDWLYRV
6mR DWRV GH PHUD H[HFXomR GH GHWHUPLQDo}HV DGPLQLVWUDWLYDV 1mR WrP FRPR FRQWH~GR XPD PDQLIHVWDomR GH YRQWDGH ([ &RQVWUXomR GH XPD HVFROD
,, $WRV GH FRQKHFLPHQWR RSLQLmR MXt]R H YDORU
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
&/$66,),&$d2 '26 $726 $'0,1,675$7,926 4XDQWR j LPSHUDWLYLGDGH
D $WRV GH LPSpULR
,PSRVWRV DR SDUWLFXODU LQGHSHQGHQWHPHQWH GH VHX FRQVHQWLPHQWR 5HVXOWDP GR FRQVHQWLPHQWR GH DPEDV DV SDUWHV $GPLQLVWUDomR 3~EOLFD H SDUWLFXODU
E $WRV QHJRFLDLV
([ /LFHQoD DXWRUL]DomR QRPHDomR H[RQHUDomR D SHGLGR
'HFODUDomR GH YRQWDGH GH XP ~QLFR yUJmR
D 6LPSOHV
0DQLIHVWDomR GH YRQWDGH GH GRLV RX PDLV yUJmRV
4XDQWR j IRUPDomR GD YRQWDGH
9RQWDGHV VH IXQGHP SDUD IRUPDU ~QLFR DWR UHTXLVLWR GH SHUIHLomR
E &RPSOH[RV
9RQWDGHV DXW{QRPDV
&RQMXJDomR GH YRQWDGHV
0DQLIHVWDomR GH YRQWDGH GH GRLV RX PDLV yUJmRV $XW{QRPR GHWHUPLQD R FRQWH~GR GR DWR
3ULQFLSDO
F &RPSRVWRV
'RLV DWRV
$FHVVyULR
,QVWUXPHQWDO DXWRUL]D R DWR RX OKH FRQIHUH HILFiFLD
,QFHUWRV
'HVWLQDWiULRV
,QGHWHUPLQDGRV
$WLQJHP TXDQWLGDGH LQGHWHUPLQDGD GH SHVVRDV TXH VH HQFRQWUDP QD PHVPD VLWXDomR IiWLFD
D *HUDLV
([ 5HJXODPHQWRV SRUWDULDV
$WRV QRUPDWLYRV
4XDQWR DRV GHVWLQDWiULRV
&HUWRV
'HVWLQDWiULRV
'HWHUPLQDGRV
$WLQJH GHVWLQDWiULRV LQGLYLGXDOL]DGRV GHILQLGRV PHVPR FROHWLYDPHQWH 3URGX]HP HIHLWR MXUtGLFR QR FDVR FRQFUHWR
E ,QGLYLGXDLV
1RPHDomR
$WRV FRQFUHWRV
([
/LFHQoD $XWRUL]DomR
&RPSOHWRX FLFOR GH IRUPDomR
&ODVVLILFDomR GRV $WRV $GPLQLVWUDWLYRV
D 3HUIHLWR
(VWi HP FRQGLo}HV GH SURGX]LU HIHLWRV 1mR FRPSOHWRX FLFOR GH IRUPDomR
4XDQWR j H[HTXLELOLGDGH
E ,PSHUIHLWR F 3HQGHQWH
([ $XVrQFLD GH KRPRORJDomR 3HUIHLWR PDV VXMHLWR D FRQGLomR RX WHUPR SDUD TXH SURGX]D HIHLWRV
G &RQVXPDGR
-i H[DXULX VHXV HIHLWRV
e DTXHOH HP TXH D $GPLQLVWUDomR FULD PRGLILFD RX H[WLQJXH GLUHLWRV D &RQVWLWXWLYR
4XDQWR DRV HIHLWRV
([ 3HUPLVVmR DXWRUL]DomR e DTXHOH HP TXH D $GPLQLVWUDomR DSHQDV UHFRQKHFH GLUHLWR H[LVWHQWH
E 'HFODUDWyULR
([ /LFHQoD $WHVWD RX UHFRQKHFH VLWXDomR GH IDWR RX GH GLUHLWR
F (QXQFLDWLYR
D 9iOLGR
(QFHUUD MXt]R FRQKHFLPHQWR RSLQLmR 0HURV DWRV DGPLQLVWUDWLYRV
e R TXH HVWi HP WRWDO FRQIRUPLGDGH FRP R RUGHQDPHQWR MXUtGLFR $IHWDGR GH YtFLR LQVDQiYHO
,QIULQJrQFLD j OHL ,QIULQJrQFLD DRV SULQFtSLRV GR GLUHLWR S~EOLFR
6LVWHPD GLFRW{PLFR WHRULD GXDOLVWD
4XDQWR j YDOLGDGH H H[LVWrQFLD
E 1XOR
L $WRV QXORV
1XOLGDGH DEVROXWD 9tFLR LQVDQiYHO
7HRULD GDV QXOLGDGHV
1mR SRGH VHU FRQYDOLGDGR
1XOLGDGH UHODWLYD 3RGH VHU FRQYDOLGDGR LL $WRV DQXOiYHLV
9tFLR VDQiYHO
&RPSHWrQFLD QmR H[FOXVLYD )RUPD QmR HVVHQFLDO
$SHQDV WHP DSDUrQFLD GH PDQLIHVWDomR UHJXODU GD $GPLQLVWUDomR 1mR FKHJD D VH DSHUIHLoRDU FRPR DWR DGPLQLVWUDWLYR F ,QH[LVWHQWH
(TXLSDUD VH DRV DWRV QXORV H VH VXERUGLQD jV PHVPDV UHJUDV GH LQYDOLGDomR ([ $WR SUDWLFDGR SRU XVXUSDGRU GH IXQomR S~EOLFD
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
5(48,6,726 '26 $726 $'0,1,675$7,926 ,
D &RQFHLWR
3RGHU OHJDO SDUD SUiWLFD GR DWR
'RWDGRV GH SHUVRQDOLGDGH MXUtGLFD L (QWHV SROtWLFRV
&RQVWLWXLomR )HGHUDO &)
6mR WLWXODUHV GH GLUHLWRV H REULJDo}HV
'HILQH DV FRPSHWrQFLDV GH FDGD HQWH SROtWLFR &) DUW
6mR FHQWURV GH FRPSHWrQFLD LQVWLWXtGRV SDUD R GHVHPSHQKR GH IXQo}HV HVWDWDLV
E 'LVWULEXLomR GH FRPSHWrQFLD LL ÏUJmRV DGPLQLVWUDWLYRV
LLL $JHQWHV
([HUFHP DV IXQo}HV TXH FRPSHWHP DRV HQWHV SROtWLFRV /HL
'HWHUPLQD D FRPSHWrQFLD &) DUW ,, F F DUW 9, D
1RUPDV DGPLQLVWUDWLYDV GH FDUiWHU LQWHUQR GLVWULEXHP D FRPSHWrQFLD IL[DGD LQLFLDOPHQWH SDUD R yUJmR QR TXDO DWXDP
L 'HFRUUH VHPSUH GH OHL LL ,QWUDQVIHUtYHO
&RPSHWrQFLD
LLL ,PRGLILFiYHO SHOD YRQWDGH GR DJHQWH LY ,PSUHVFULWtYHO
Y ,UUHQXQFLiYHO
5HTXLVLWRV GR $WR $GPLQLVWUDWLYR
2 QmR H[HUFtFLR GD FRPSHWrQFLD QmR LPSRUWDQGR SRU TXDQWR WHPSR QmR D H[WLQJXH 6DOYR DXWRUL]DomR OHJDO /HL DUW SDUiJUDIR ~QLFR ,,
3ULQFtSLR GD DGPLQLVWUDomR S~EOLFD 3DUD yUJmR KLHUDUTXLFDPHQWH VXERUGLQDGR RX QmR 5HYRJiYHO D TXDOTXHU WHPSR SHOD DXWRULGDGH GHOHJDQWH
F &DUDFWHUtVWLFDV YL 'HOHJDomR
9HGDGD D GHOHJDomR
, $WRV QRUPDWLYRV ,, 'HFLVmR GH UHFXUVRV DGPLQLVWUDWLYRV ,,, &RPSHWrQFLD H[FOXVLYD
/HL DUWV &DUiWHU H[FHSFLRQDO H PRWLYRV UHOHYDQWHV GHYLGDPHQWH MXVWLILFDGRV YLL $YRFDomR
6RPHQWH SDUD yUJmR KLHUDUTXLFDPHQWH VXERUGLQDGR /HL DUW
,QWHUHVVH S~EOLFR D 6HQWLGR DPSOR
)LQDOLGDGH
0RWLYR 2EMHWR
'HVYLR GH ILQDOLGDGH JHQpULFR
)LP OHJDO HVSHFLILFDGR QD OHL E 6HQWLGR HVWULWR
)RUPD
'HIHLWR
'HIHLWR
'HVYLR GH ILQDOLGDGH HVSHFtILFR
([ 5HPRomR FRPR IRUPD GH SXQLomR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
5(48,6,726 '26 $726 $'0,1,675$7,926 ,, &RPSHWrQFLD )LQDOLGDGH D &RQFHLWR
5HYHVWLPHQWR H[WHULRUL]DGRU GR DWR DGPLQLVWUDWLYR 5HYHVWLPHQWR PDWHULDO GR DWR
)RUPD +HO\ /RSHV
'LVWLQJXH
&RQMXQWR GH RSHUDo}HV H[LJLGDV SDUD SHUIHLomR GR DWR
3URFHGLPHQWR
0RGR SHOR TXDO D GHFODUDomR VH H[WHULRUL]D
([WHULRUL]DomR GR DWR
&RQFHSomR UHVWULWLYD
([ (VFULWD YHUEDO GHFUHWR SRUWDULD L ([WHULRUL]DomR GR DWR )RUPDOLGDGHV TXH GHYHP VHU REVHUYDGDV GXUDQWH R SURFHVVR GH IRUPDomR GD YRQWDGH GD DGPLQLVWUDomR
$EUDQJH
&RQFHSomR DPSOD
LL 3URFHGLPHQWR
LLL 3XEOLFLGDGH
E 'RXWULQD
2 DVSHFWR IRUPDO FRQVWLWXL JDUDQWLD MXUtGLFD SDUD R DGPLQLVWUDGR H SDUD D SUySULD $GPLQLVWUDomR SRLV SRVVLELOLWD R FRQWUROH GR DWR
0DULD 6\OYLD 2EV
2EVHUYkQFLD
$VSHFWR IRUPDO
)RUPD
)RUPD 3URFHGLPHQWR
2EVHUYkQFLD REULJDWyULD L (VVHQFLDO
&ODVVLILFDomR
5HTXLVLWRV GR $WR $GPLQLVWUDWLYR
$IHWD D YDOLGDGH GR DWR
,QREVHUYkQFLD WRUQD R DWR QXOR *DUDQWLD GH UHVSHLWR DRV GLUHLWRV LQGLYLGXDLV
([ 'HFUHWR TXH GHFODUD LPyYHO FRPR GH LQWHUHVVH VRFLDO &) DUW
LL 1mR HVVHQFLDO
5HIHUHQWH j H[SRVLomR GRV PRWLYRV GR DWR DGPLQLVWUDWLYR
'HILQLomR
$ PRWLYDomR p HOHPHQWR IRUPDOtVWLFR GR DWR DGPLQLVWUDWLYR L 5HJUD GH 'LUHLWR
F 0RWLYDomR
'HYH FRQWHU
5HTXLVLWRV
LL )DWRV
3UHVVXSRVWRV GH 'LUHLWR )XQGDPHQWR MXUtGLFR
3UHVVXSRVWRV GH IDWR
LLL 5HODomR GH SHUWLQrQFLD OyJLFD
0RGDOLGDGHV
0RWLYR FRQWLGR QR SUySULR DWR
L &RQWH[WXDO LL $OLXQGH
0RWLYR H[SUHVVR IRUD GR DWR
/HL DUW e R SUHVVXSRVWR GH IDWR TXH DXWRUL]D RX H[LJH D SUiWLFD GR DWR
& $ %DQGHLUD GH 0HOOR D 'HILQLomR 'LRJHQHV *DVSDULQL
3RGH VHU SUHYLVWR HP OHL RX QmR &LUFXQVWkQFLD GH IDWR RX GH GLUHLWR TXH DXWRUL]D RX LPS}H DR DJHQWH S~EOLFR D SUiWLFD GR DWR DGPLQLVWUDWLYR
6LWXDomR REMHWLYD UHDO HPStULFD
0RWLYR
E 0RWLYR GH IDWR
0XQGR GRV IDWRV SODQR GD H[LVWrQFLD
([ &RQVWUXomR LUUHJXODU SRGH HQVHMDU D HGLomR GH XP DWR DGPLQLVWUDWLYR HPEDUJR
3UHYLVmR DEVWUDWD GH XPD VLWXDomR IiWLFD QRUPD MXUtGLFD
2 PRWLYR SRGH HVWDU RX QmR QD OHL F 0RWLYR GH GLUHLWR
'LRJHQHV *DVSDULQL
6H R PRWLYR GH GLUHLWR IRU FRQVWDQWH GD OHL D SUiWLFD GR DWR GHSHQGHUi GD HIHWLYD RFRUUrQFLD GD VLWXDomR SUHYLVWD
([ 'HPLVVmR GH VHUYLGRU SRU DFXPXODomR LOHJDO GH FDUJRV /HL DUW
G 7HRULD GRV PRWLYRV GHWHUPLQDQWHV
2EMHWR
2V IDWRV TXH VHUYLUDP GH VXSRUWH j VXD GHFLVmR LQWHJUDP D YDOLGDGH GR DWR 2 DWR VRPHQWH VHUi YiOLGR VH RV PRWLYRV HQXQFLDGRV HIHWLYDPHQWH DFRQWHFHUDP
e R ()(,72 -85Ë',&2 ,0(',$72 TXH R DWR SURGX]
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$75,%8726 '26 $726 $'0,1,675$7,926
6H D DWXDomR DGPLQLVWUDWLYD RFRUUH VRPHQWH TXDQGR DXWRUL]DGD SRU OHL Ki GH VH SUHVXPLU VHUHP OHJtWLPRV VHXV DWRV
'HFRUUrQFLD GR SULQFtSLR GD OHJDOLGDGH
$72 5HIHUH VH DR SUySULR DWR
D 3UHVXQomR GH OHJLWLPLGDGH HP VHQWLGR HVWULWR
&RQIRUPLGDGH FRP D OHL LQWHUHVVH S~EOLFR
)$72 5HIHUH VH DRV IDWRV DOHJDGRV SHOD $GPLQLVWUDomR 3~EOLFD 3UHVXPHP VH YHUGDGHLURV L (QTXDQWR QmR GHFUHWDGD LQYDOLGDGH R DWR SURGX]LUi HIHLWRV H GHYH VHU FXPSULGR
3UHVXQomR GH /HJLWLPLGDGH
$ $GPLQLVWUDomR 3~EOLFD QmR QHFHVVLWD FRPSURYDU D YDOLGDGH FRQIRUPLGDGH GR DWR FRP R 'LUHLWR
E 3UHVXQomR GH YHUDFLGDGH
LL 3UHVXQomR UHODWLYD MXULV WDQWXP
(IHLWRV
5HJUD
&DEH DR DGPLQLVWUDGR R {QXV GD SURYD ,QYHUVmR GR {QXV GD SURYD /HL DUW
([FHomR
$WULEXWRV GRV $WRV $GPLQLVWUDWLYRV
5HODWLYDPHQWH DRV yUJmRV GH FRQWUROH &DEH j $GPLQLVWUDomR 3~EOLFD D FRPSURYDomR GD OHJDOLGDGH H GD UHJXODULGDGH GD GHVSHVD
4XDOLGDGH GH VH LPSRU D WHUFHLURV LQGHSHQGHQWHPHQWH GD YRQWDGH GR DGPLQLVWUDGR ,PSRU
&ULD XPD REULJDomR 3RGHU H[WURYHUVR
,PSHUDWLYLGDGH 1mR p DEVROXWD
1mR H[LVWH HP DWRV TXH RXWRUJXHP GLUHLWRV
([
3HUPLVVmR $XWRUL]DomR
4XDOLGDGH GH FRPSHOLU PDWHULDOPHQWH R DGPLQLVWUDGR LQGHSHQGHQWHPHQWH GH RUGHP MXGLFLDO ([HFXWDU
L $XWRUL]DomR H[SUHVVD
$XWRH[HFXWRULHGDGH 'HFRUUH
4XDOLGDGH GH H[LJLU
([LJLELOLGDGH
0HLRV GLUHWRV GH FRHUomR
LL $XWRUL]DomR LPSOtFLWD
/HL
6LWXDomR LQGLVSHQViYHO D JDUDQWLD GR LQWHUHVVH S~EOLFR
8UJrQFLD
([ $WR GH GHPROLomR GH SUpGLR TXH DPHDoD UXLU
,PSHOH R GHVWLQDWiULR j REHGLrQFLD GH REULJDo}HV LPSRVWDV
0HLRV LQGLUHWRV GH FRHUomR ([LJLU
'HVFXPSULPHQWR
6DQomR ([ 0XOWD
$WULEXWR SHOR TXDO R DWR GHYH FRUUHVSRQGHU D ILJXUDV SUHYLDPHQWH GHILQLGDV HP OHL
7LSLFLGDGH
'HFRUUrQFLD GR SULQFtSLR GD OHJDOLGDGH
$GPLQLVWUDomR 3~EOLFD 3DUWLFXODU
9RQWDGH OHJDO DXWRUL]DGD
$XWRQRPLD GD YRQWDGH
5HSUHVHQWD XPD JDUDQWLD SDUD R DGPLQLVWUDGR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
(63e&,(6 '( $726 $'0,1,675$7,926 ,
2V DWRV QRUPDWLYRV FRQWrP GHWHUPLQDo}HV JHUDLV LPSHVVRDLV H DEVWUDWDV , ,QGHSHQGHQWH RX DXW{QRPR L 1RUPDWLYR *HUDO
D 'HFUHWR
,, 5HJXODPHQWDU RX GH H[HFXomR
&) DUW 9, &) DUW ,9
1mR p DWR QRUPDWLYR LL (VSHFtILFR ,QGLYLGXDO
1RUPDWLYRV
$WR GH HIHLWR FRQFUHWR SRLV SURYr VLWXDo}HV SDUWLFXODUHV 1RPHDomR H H[RQHUDomR
([
'HVDSURSULDomR
$WRV DGPLQLVWUDWLYRV QRUPDWLYRV GH DWXDomR LQWHUQD 6H GHVWLQDP D UHJHU R IXQFLRQDPHQWR GH yUJmRV H FRUSRUDo}HV OHJLVODWLYDV
E 5HJLPHQWR
([SHGLGRV SRU 0LQLVWURV GH (VWDGR SDUD H[HFXomR GDV OHLV UHJXODPHQWRV H GHFUHWRV F ,QVWUXomR QRUPDWLYD
2EV
&) DUW ,,
2XWURV H[HPSORV 5HVROXo}HV GHOLEHUDo}HV H SRUWDULDV
'LVFLSOLQDP R IXQFLRQDPHQWR GD $GPLQLVWUDomR H D FRQGXWD IXQFLRQDO GH VHXV DJHQWHV
(VSpFLHV GH $WRV $GPLQLVWUDWLYRV
2UGLQDWyULRV
([
(PDQDP GR SRGHU KLHUiUTXLFR $EUDQJrQFLD LQWHUQD
,QVWUXo}HV FLUFXODUHV DYLVRV SRUWDULDV RUGHQV GH VHUYLoR GHVSDFKR
6mR DTXHOHV SHOR TXDO D $GPLQLVWUDomR DSHQDV DWHVWD RX UHFRQKHFH GHWHUPLQDGD VLWXDomR GH IDWR RX GH GLUHLWR GHFODUD R TXH Mi H[LVWH
6ROLFLWDomR D FULWpULR GD $GPLQLVWUDomR L )DFXOWDWLYR
&DUiWHU RSLQDWLYR
$XWRULGDGH QmR HVWi YLQFXODGD DR VHX WHRU 俺QmR p DWR DGPLQLVWUDWLYR
/HL H[LJH FRPR SUHVVXSRVWR SDUD SUiWLFD GR DWR 2EULJDWRULHGDGH TXDQWR j VROLFLWDomR LL 2EULJDWyULR D 3DUHFHU
&DUiWHU RSLQDWLYR
$XWRULGDGH QmR HVWi YLQFXODGD DR VHX WHRU QmR p DWR DGPLQLVWUDWLYR
$GPLQLVWUDomR p REULJDGD D VROLFLWi OR H D DFDWDU VXD GHFLVmR 3HUGHP R FDUiWHU RSLQDWLYR
(QXQFLDWLYRV
LLL 9LQFXODQWH ([
E &HUWLGmR F $SRVWLOD
e DWR DGPLQLVWUDWLYR
-XQWD PpGLFD RILFLDO /HL DUW ,
'HFODUDomR GH FRQKHFLPHQWR (QXQFLDP RX GHFODUDP VLWXDomR DQWHULRU FULDGD SRU OHL
2EV 'RXWULQD
2V DWRV HQXQFLDWLYRV GH FDUiWHU RSLQDWLYR VmR PHURV DWRV DGPLQLVWUDWLYRV SRLV HQFHUUDP MXt]R FRQKHFLPHQWR RX RSLQLmR H QmR PDQLIHVWDomR GH YRQWDGH SURGXWRUD GH HIHLWRV MXUtGLFRV 1mR VmR DWRV DGPLQLVWUDWLYRV SURSULDPHQWH GLWRV H SXURV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
(63e&,(6 '( $726 $'0,1,675$7,926 ,,
'HFODUDomR GD YRQWDGH GR 3RGHU 3~EOLFR FRLQFLGHQWH FRP D SUHWHQVmR GR SDUWLFXODU ,QWHUHVVH UHFtSURFR GD $GPLQLVWUDomR H GR DGPLQLVWUDGR
1mR SRVVXHP R $75,%872 '( ,03(5$7,9,'$'( $WR DGPLQLVWUDWLYR YLQFXODGR H GHILQLWLYR SHOR TXDO R 3RGHU 3~EOLFR YHULILFDQGR TXH R LQWHUHVVDGR DWHQGHX WRGDV DV H[LJrQFLDV OHJDLV IDFXOWD OKH
L 2 GHVHPSHQKR GH DWLYLGDGHV LL $ UHDOL]DomR GH IDWRV PDWHULDLV DQWHV YHGDGRV DR SDUWLFXODU
/HL HVWDEHOHFH RV UHTXLVLWRV SDUD VXD IRUPDomR D /LFHQoD
'LUHLWR LQGLYLGXDO GR UHTXHUHQWH
L 9LQFXODGR
&DUDFWHUtVWLFDV
$WR GHFODUDWyULR GH GLUHLWR
3UDWLFDGR HP IDFH GH XP GLUHLWR LQGLYLGXDO GR UHTXHUHQWH
LL 'HILQLWLYR
([ /LFHQoD SDUD R H[HUFtFLR GH SURILVVmR DOYDUi SDUD FRQVWUXomR GH XPD REUD
L $ UHDOL]DomR GH FHUWD DWLYLGDGH VHUYLoR
$WR DGPLQLVWUDWLYR GLVFULFLRQiULR H SUHFiULR SRU PHLR GR TXDO R 3RGHU 3~EOLFR WRUQD SRVVtYHO DR SUHWHQGHQWH
LL $ XWLOL]DomR GH GHWHUPLQDGRV EHQV SDUWLFXODUHV RX S~EOLFRV ,QWHUHVVH
([FOXVLYR RX SUHGRPLQDQWH LQWHUHVVH GR SUHWHQGHQWH
&RQIRUPH FULWpULRV GH FRQYHQLrQFLD H RSRUWXQLGDGH
1HJRFLDLV
(VSpFLHV GH $WRV $GPLQLVWUDWLYRV
&DUDFWHUtVWLFDV
6XUJH GH XPD OLEHUDOLGDGH GD $GPLQLVWUDomR 3~EOLFD L 'LVFULFLRQiULR
1mR Ki GLUHLWR VXEMHWLYR D VXD REWHQomR $WR FRQVWLWXWLYR
LL 3UHFiULR
3RGHP VHU UHYRJDGRV D TXDOTXHU WHPSR
E $XWRUL]DomR
$WLYLGDGH SULYDGD TXH QHFHVVLWD GH FRQVHQWLPHQWR S~EOLFR
3RUWH GH DUPD
L $WR GH SROtFLD DGPLQLVWUDWLYD
([
3URGXomR H FRPpUFLR GH PDWHULDO EpOLFR
)DFXOWD DR SDUWLFXODU D XWLOL]DomR GH XP EHP S~EOLFR
+LSyWHVHV LL 'H XVR GH EHP S~EOLFR
([ 8WLOL]DomR GH YLDV S~EOLFDV SDUD IHLUDV OLYUHV
'HOHJD DR SDUWLFXODU D H[SORUDomR GH VHUYLoR S~EOLFR D WtWXOR SUHFiULR LLL 'H VHUYLoR S~EOLFR
([ $XWRUL]DomR SDUD SUHVWDomR GH VHUYLoR GH Wi[L
$WR DGPLQLVWUDWLYR GLVFULFLRQiULR H SUHFiULR JUDWXLWR RX RQHURVR SHOR TXDO D $GPLQLVWUDomR IDFXOWD DR SDUWLFXODU D XWLOL]DomR SULYDWLYD GH EHP S~EOLFR F 3HUPLVVmR
8VR GH EHP S~EOLFR
,QWHUHVVHV FRQFRUUHQWHV GR SHUPLWHQWH GR SHUPLVVLRQiULR H GR S~EOLFR
3HUPLVVmR GH VHUYLoRV S~EOLFRV
1mR p DWR DGPLQLVWUDWLYR &RQWUDWR DGPLQLVWUDWLYR /HL
9LVDP SXQLU H UHSULPLU LQIUDo}HV DGPLQLVWUDWLYDV L 0XOWD
3XQLWLYRV
D 'H DWXDomR H[WHUQD
LL ,QWHUGLomR GH DWLYLGDGH LLL 'HVWUXLomR GH FRLVD 9LVDP j GLVFLSOLQD GRV VHUYLGRUHV
E 'H DWXDomR LQWHUQD
&RQIRUPH HVWDEHOHFLGR QR UHJLPH MXUtGLFR D TXH HVWmR VXMHLWRV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$726 ',6&5,&,21È5,26 ( 9,1&8/$'26 /LEHUGDGH GHQWUR GD OHL
D 'LVFULFLRQDULHGDGH
3RGHU FRQIHULGR SHOD OHL DR DJHQWH S~EOLFR SDUD TXH HOH GHFLGD VREUH D FRQYHQLrQFLD H RSRUWXQLGDGH GH SUDWLFDU GHWHUPLQDGR DWR GLVFULFLRQiULR
9DORUDomR GRV PRWLYRV (VFROKD GR REMHWR
5HODFLRQDGD j XWLOLGDGH GR DWR
E 0pULWR DGPLQLVWUDWLYR
L &RQYHQLrQFLD
,QWHUHVVH S~EOLFR 5HODFLRQDGD DR PRPHQWR
LL 2SRUWXQLGDGH
, &RPSHWrQFLD ,, )LQDOLGDGH 4XDQGR H[LJLGD SRU OHL L 9LQFXODGRV
([ 'HFODUDomR GH LPyYHO GH LQWHUHVVH VRFLDO SDUD ILQV GH UHIRUPD DJUiULD
,,, )RUPD
, /HL QmR GHILQH R PRWLYR
F (OHPHQWRV
)RUPD 'HFUHWR &) DUW
([ ([RQHUDomR DG QXWXP
,, 8WLOL]DomR GH FRQFHLWRV MXUtGLFRV LQGHWHUPLQDGRV
$WR 'LVFULFLRQiULR
,QVXERUGLQDomR JUDYH H FRQGXWD HVFDQGDORVD
([ 3HQDV H[SXOVLYDV
, 0RWLYR
LL 'LVFULFLRQiULRV
2EV &DUYDOKR )LOKR HQWHQGH TXH D GLVFULFLRQDULHGDGH QmR SUHVVXS}H LPSUHFLVmR GH VHQWLGR ,, 2EMHWR L ([SUHVVR QD OHL
$WRV 'LVFULFLRQiULRV H 9LQFXODGRV
5HYHUVmR QR LQWHUHVVH GD $GPLQLVWUDomR /HL DUW
([
5HPRomR H[ RIILFLR H D FULWpULR GD $GPLQLVWUDomR
LL /HL p RPLVVD
G +LSyWHVHV
LLL /HL SUHY r GHWHUPLQDGD FRPSHWrQFLD PDV QmR HVWDEHOHFH D FRQGXWD &RQWUROH GH OHJDOLGDGH
9HULILFD D FRQIRUPLGDGH FRP D OHL GRV HOHPHQWRV FRPSHWrQFLD ILQDOLGDGH H IRUPD
&RQWUROH GH OHJLWLPLGDGH
9HULILFD VH R PRWLYR H R REMHWR GR DWR HVWmR HP FRQIRUPLGDGH FRP RV SULQFtSLRV GR 'LUHLWR $GPLQLVWUDWLYR HP HVSHFLDO R GD UD]RDELOLGDGH H GD SURSRUFLRQDOLGDGH
L 3RGHU -XGLFLiULR H &RQWUROH GRV DWRV GLVFULFLRQiULRV
&RQWUROH GH OHJDOLGDGH LL $GPLQLVWUDomR 3~EOLFD
&RQWUROH DPSOR
&RQWUROH GH OHJLWLPLGDGH &RQWUROH GH PpULWR
7LSLILFDomR OHJDO
6LWXDomR GH IDWR GHOLQHDGD QD QRUPD OHJDO
1mR H[LVWH DSUHFLDomR VXEMHWLYD 1mR Ki PDUJHP GH OLEHUGDGH SDUD GHFLGLU RX DJLU
D 9LQFXODomR
$WR 9LQFXODGR
([ 0DWpULDV DIHWDV DR SRGHU GH SROtFLD
/HL GHILQH WRGRV RV HOHPHQWRV
E (OHPHQWRV F &RQVHTXrQFLD
'LUHLWR VXEMHWLYR GR DGPLQLVWUDGR
([ 2XWRUJD GH OLFHQoD SDUD FRQVWUXLU $WR FRPSOHWR RX IRUPDGR D 3HUIHLWR
3HUIHLomR YDOLGDGH H HILFiFLD
E 9iOLGR
&RPSOHWRX VHX FLFOR GH IRUPDomR &RQIRUPLGDGH FRP R RUGHQDPHQWR MXUtGLFR $SWR D SURGX]LU HIHLWRV MXUtGLFRV &RQGLomR
F (ILFD]
1mR VXMHLWR D
7HUPR
(YHQWR IXWXUR H LQFHUWR TXH VXERUGLQD D HILFiFLD GR DWR (YHQWR IXWXUR H FHUWR TXH VXERUGLQD D HILFiFLD GR DWR
$WR GH &RQWUROH
$SURYDomR KRPRORJDomR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
)250$6 '( (;7,1d2 ( 9Ë&,26 '26 $726 $'0,1,675$7,926 ([ *R]R GH IpULDV
L (VJRWDPHQWR GR HIHLWR MXUtGLFR D &XPSULPHQWR GRV HIHLWRV
LLL ,PSOHPHQWR GH FRQGLomR UHVROXWLYD RX WHUPR ILQDO ([ 0RUWH GH VHUYLGRU H[WLQJXH D QRPHDomR
L 6XMHLWR E 'HVDSDUHFLPHQWR
([ ([HFXomR GH RUGHP GH GHPROLomR GH FDVD
LL ([HFXomR PDWHULDO
LL 2EMHWR
3RGHU S~EOLFR HPLWH DWR FRP HIHLWR H[WLQWLYR 'HVID]LPHQWR GH DWR DGPLQLVWUDWLYR GLVFULFLRQiULR H YiOLGR SRU UD]}HV GH RSRUWXQLGDGH H FRQYHQLrQFLD
&RQFHLWR L 5HYRJDomR
'HFRUUH GD DXWRWXWHOD
1mR UHWURDWLYR H[ QXQF
(IHLWR
'HVID]LPHQWR GR DWR DGPLQLVWUDWLYR SRU UD]}HV GH LOHJDOLGDGH
&RQFHLWR
)RUPDV GH H[WLQomR
'HFRUUH GD DXWRWXWHOD 3ULQFtSLR GD OHJDOLGDGH HVWULWD
0RWLYR
'HYHU GH DQXODU DWRV LOHJDLV
5HWURDWLYR H[ WXQF
(IHLWR F 5HWLUDGD
$WR WRUQRX VH LQFRQYHQLHQWH H LQRSRUWXQR
,QWHUHVVH S~EOLFR
0RWLYR
7HRULD GXDOLVWD
LL $QXODomR
, $WR QXOR 7HRULD GDV QXOLGDGHV
1XOLGDGH DEVROXWD 'HIHLWR LQVDQiYHO 1XOLGDGH UHODWLYD
,, $WR DQXOiYHO
3RGH VHU FRQYDOLGDGR 'HIHLWR VDQiYHO
'HVWLQDWiULR GR DWR DGPLQLVWUDWLYR GHVFXPSULX FRQGLo}HV LLL &DVVDomR
,OHJDOLGDGH QD H[HFXomR 5HWLUDGD DWR DGPLQLVWUDWLYR SRUTXH VREUHYHLR QRUPD MXUtGLFD
LY &DGXFLGDGH
)RUPDV GH ([WLQomR H 9tFLRV
(PLVVmR GH DWR FRQWUDSRVWR DWR SRVWHULRU FRQWUiULR DR DWR LQLFLDO
Y &RQWUDSRVLomR
([ 1RPHDomR H H[RQHUDomR &ULPH , 8VXUSDomR GH IXQomR
L ,QFRPSHWrQFLD
,, ([FHVVR GH SRGHU ,,, )XQomR GH IDWR
D &RPSHWrQFLD
, ,PSHGLPHQWR LL ,QFDSDFLGDGH
3UiWLFD GH DWR VHP LQYHVWLGXUD QR FDUJR HPSUHJR RX IXQomR (VSpFLH GH DEXVR GH SRGHU $JHQWH H[FHGH OLPLWHV GD FRPSHWrQFLD
,QYHVWLGXUD LUUHJXODU QR FDUJR HPSUHJR RX IXQomR $SDUrQFLD GH OHJDOLGDGH
$XWRULGDGH WHP GHYHU GH FRPXQLFDU 3UHVXQomR UHODWLYD GH LQFDSDFLGDGH
,, 6XVSHLomR
/HL DUW
3UHVXQomR DEVROXWD GH LQFDSDFLGDGH
'HYH VHU DUJXLGD SHOR LQWHUHVVDGR
/HL DUW
(VSpFLH GH DEXVR GH SRGHU
9tFLRV GR DWR
E )LQDOLGDGH
'HVYLR GH ILQDOLGDGH
L $PSOR LL 5HVWULWR
,QWHUHVVH S~EOLFR /HL ([ 5HPRomR H[ RIItFLR FRP REMHWLYR GH SXQLU
F )RUPD L ,QH[LVWrQFLD IDOVLGDGH GR PRWLYR G 0RWLYR
LL )DOWD GH FRQJUXrQFLD HQWUH L /tFLWR
H 2EMHWR
'HYH VHU
LL 3RVVtYHO LLL 0RUDO
5HVXOWDGR GR DWR
9tFLR LOLFLWXGH 9tFLR LPSRVVLELOLGDGH 9tFLR LPRUDOLGDGH
LY 'HWHUPLQDGR /HL DUW
0RWLYR
9tFLR LQFHUWH]D
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
/,&,7$d®(6 /LFLWDomR p XP SURFHGLPHQWR DGPLQLVWUDWLYR PHGLDQWH R TXDO D $GPLQLVWUDomR 3~EOLFD VHOHFLRQD D SURSRVWD PDLV YDQWDMRVD SDUD R FRQWUDWR
&RQFHLWR
'HFRUUH GLUHWDPHQWH GR
L 3ULQFtSLR GD OHJDOLGDGH
L 6HOHFLRQDU D SURSRVWD PDLV YDQWDMRVD SDUD D $GPLQLVWUDomR
)LQDOLGDGH GD OLFLWDomR
6XMHLo}HV
LL 3ULQFtSLR GD LQGLVSRQLELOLGDGH GR LQWHUHVVH S~EOLFR &XVWR
PHOKRU UHODomR
2QHURVLGDGH
%HQHItFLR
LL $VVHJXUDU D REVHUYkQFLD GR SULQFtSLR FRQVWLWXFLRQDO GD LVRQRPLD
4XDOLGDGH /HL DUW
&RPSHWLomR
LLL 3URPRYHU R GHVHQYROYLPHQWR QDFLRQDO VXVWHQWiYHO 5HIHUH VH D TXHP VH VXEPHWH j OHJLVODomR GH OLFLWDomR S~EOLFD DEUDQJrQFLD VXEMHWLYD H SDUD TXDLV KLSyWHVHV DEUDQJrQFLD REMHWLYD
&RPSUDV & $ 6 2
$OLHQDo}HV
&) DUW LQF ;;,
6HUYLoRV 2EUDV
/RFDo}HV
/HL DUW
D 2EMHWLYD R TXH
L 'H XVR GH EHQV S~EOLFRV &RQFHVV}HV H SHUPLVV}HV LL 'H VHUYLoR S~EOLFR
/LFLWDo}HV E 6XEMHWLYD TXHP
$SOLFDomR VXEVLGLiULD GD /HL FDVRV TXH QmR FRQIOLWHP FRP D OHJLVODomR HVSHFtILFD
/HJLVODomR HVSHFtILFD
/HL DUW /HL /HL
L $GPLQLVWUDomR GLUHWD
LL $GPLQLVWUDomR LQGLUHWD , 5HSDUWLo}HV VHGLDGDV QR H[WHULRU GHYHP REVHUYDU
3HFXOLDULGDGHV ORFDLV H 2V SULQFtSLRV EiVLFRV GD /HL QD IRUPD GH UHJXODPHQWDomR HVSHFtILFD
/HL DUW
$EUDQJrQFLD ,, (PSUHVD S~EOLFD H VRFLHGDGH GH HFRQRPLD PLVWD 7&8 H[SORUDGRUDV GH DWLYLGDGH HFRQ{PLFD 2EV
67)
5HJUD
6XEPHWHP VH j /HL HQTXDQWR QmR HGLWDGR R HVWDWXWR MXUtGLFR SUHYLVWR QR DUW GD &)
5HVVDOYD 3RGHP SUHVFLQGLU GD /HL
3HWUREUiV
3DUD FRQWUDWDo}HV GH EHQV H VHUYLoRV TXH FRQVWLWXDP VXD DWLYLGDGH ILP 1RV FDVRV HP TXH D OHL FRQVWLWXD yELFH LQWUDQVSRQtYHO j DWLYLGDGH QHJRFLDO GD HVWDWDO
8WLOL]D R 5HJXODPHQWR GH 3URFHGLPHQWR /LFLWDWyULR 6LPSOLILFDGR
'HFUHWR F F DUW GD /HL ,,, (QWLGDGHV SDUDHVWDWDLV
&) DUW ;;9,, &) DUW ;;,
F 1RUPDV
&) DUW ,,, /HL /HL
1mR LQWHJUDP D $GPLQLVWUDomR 3~EOLFD HP VHQWLGR IRUPDO 1mR VH VXMHLWDP j /HL 0DV GHYHP VHJXLU RV SULQFtSLRV GD $GPLQLVWUDomR 3~EOLFD SDUD D FRQWUDWDomR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
35,1&Ë3,26 '$ /,&,7$d2 1D $GPLQLVWUDomR 3~EOLFD QmR Ki OLEHUGDGH QHP YRQWDGH SHVVRDO +HO\ /RSHV
/HJDOLGDGH
(QTXDQWR QD DGPLQLVWUDomR SDUWLFXODU p OtFLWR ID]HU WXGR DTXLOR TXH D OHL QmR SURtEH QD DGPLQLVWUDomR S~EOLFD Vy p SHUPLWLGR ID]HU R TXH D OHL DXWRUL]D
3DUWLFXODU
0DULD 6\OYLD
$XWRQRPLD GD YRQWDGH
3RGH ID]HU WXGR R TXH D OHL QmR SURtEH 1LQJXpP VHUi REULJDGR D ID]HU RX GHL[DU GH ID]HU DOJXPD FRLVD VHQmR HP YLUWXGH GH OHL &) DUW ,,
$ $GPLQLVWUDomR 3~EOLFD Vy SRGH ID]HU R TXH D OHL SHUPLWH &) DUW FDSXW
9RQWDGH OHJDO
$GPLQLVWUDomR S~EOLFD
2 SULQFtSLR LPS}H DR DGPLQLVWUDGRU D EXVFD GR LQWHUHVVH S~EOLFR
,PSHVVRDOLGDGH
,QWLPDPHQWH OLJDGR DRV SULQFtSLRV GD LVRQRPLD H GR MXOJDPHQWR REMHWLYR
7RGRV RV OLFLWDQWHV GHYHP VHU WUDWDGRV LJXDOPHQWH HP WHUPRV GH GLUHLWRV H REULJDo}HV
3ULQFtSLR FRQVWLWXFLRQDO H[SUHVVR &) DUW ;;,
9HGD R HVWDEHOHFLPHQWR GH FRQGLo}HV TXH LPSOLTXHP SUHIHUrQFLD HP IDYRU GH OLFLWDQWHV HP GHWULPHQWR GRV GHPDLV
$GPLVVLELOLGDGH GH FULWpULRV GH KDELOLWDomR TXH YLVHP D JDUDQWLU D DGHTXDGD H[HFXomR GR REMHWR OLFLWDGR
L (P LJXDOGDGH GH FRQGLo}HV FRPR FULWpULR GH GHVHPSDWH p DVVHJXUDGD D SUHIHUrQFLD /HL DUW
2EV
7UDWDPHQWR LJXDOLWiULR DRV VHPHOKDQWHV
e YHGDGR FOiXVXODV H FRQGLo}HV TXH IUXVWUHP R FDUiWHU FRPSHWLWLYR GD OLFLWDomR
,PSOtFLWR DR SULQFtSLR GD FRPSHWLWLYLGDGH
,JXDOGDGH LVRQRPLD
9HGDomR D GLVFULPLQDo}HV LQMXVWLILFDGDV
LL 3URFHGLPHQWRV OLFLWDWyULRV QRV TXDLV SRGH VH HVWDEHOHFHU PDUJHQV GH SUHIHUrQFLD
L %HQV H VHUYLoRV SURGX]LGRV QR SDtV LL %HQV H VHUYLoRV SURGX]LGRV RX SUHVWDGRV SRU HPSUHVDV EUDVLOHLUDV LLL %HQV H VHUYLoRV SURGX]LGRV RX SUHVWDGRV SRU HPSUHVDV TXH LQYLVWDP HP SHVTXLVD H QR GHVHQYROYLPHQWR GH WHFQRORJLD QR SDtV
, 0DUJHP EiVLFD
,, 0DUJHP DGLFLRQDO
3ULQFtSLRV GD /LFLWDomR
3DUD SURGXWRV PDQXIDWXUDGRV H SDUD VHUYLoRV QDFLRQDLV TXH DWHQGDP D QRUPDV WpFQLFDV EUDVLOHLUDV
2EV $ PDUJHP EiVLFD p H[WHQVtYHO DRV EHQV H VHUYLoRV RULJLQiULRV GRV (VWDGRV 3DUWHV GR 0HUFRVXO 3DUD SURGXWRV PDQXIDWXUDGRV H VHUYLoRV QDFLRQDLV UHVXOWDQWHV GH GHVHQYROYLPHQWR H LQRYDomR WHFQROyJLFD UHDOL]DGRV QR SDtV
7DLV PDUJHQV QmR SRGHP XOWUDSDVVDU R PRQWDQWH GH VREUH R SUHoR GRV UHVSHFWLYRV SURGXWRV RX VHUYLoRV
2EV
/HL DUW D
LLL 3UHIHUrQFLD QD FRQWUDWDomR GH PLFURHPSUHVDV H HPSUHVDV GH SHTXHQR SRUWH /& DUW
&RQGXWD SDXWDGD QD PRUDO MXUtGLFD
0RUDOLGDGH
&RQMXQWR GH UHJUDV GH FRQGXWD WLUDGDV GD GLVFLSOLQD LQWHULRU GD $GPLQLVWUDomR
([LJrQFLD GH DWXDomR pWLFD GRV DJHQWHV GD $GPLQLVWUDomR GXUDQWH WRGR R SURFHGLPHQWR OLFLWDWyULR 2V DWRV GR SURFHGLPHQWR OLFLWDWyULR VHUmR S~EOLFRV
3XEOLFLGDGH
6DOYR TXDQWR DR 6,*,/2 '$6 3523267$6 DWp D UHVSHFWLYD DEHUWXUD
5HTXLVLWR GH HILFiFLD GR FRQWUDWR /HL DUW
&RQFHLWR
$GMXGLFDU VLJQLILFD HQWUHJDU R REMHWR GD OLFLWDomR DR YHQFHGRU 2 SULQFtSLR LPSHGH TXH D $GPLQLVWUDomR FRQFOXtGR R SURFHGLPHQWR DWULEXD R REMHWR GD OLFLWDomR D RXWUHP TXH QmR R YHQFHGRU 2 SULQFtSLR QmR REULJD D $GPLQLVWUDomR D FRQYRFDU R YHQFHGRU SDUD FHOHEUDU R FRQWUDWR
$GMXGLFDomR FRPSXOVyULD
&XLGDGR
3RVVtYHLV FRQVHTXrQFLDV GD OLFLWDomR
L 5HYRJDomR GR FHUWDPH
([LVWrQFLD GH MXVWD FDXVD VXSHUYHQLHQWH ([LVWrQFLD GH YtFLR GH OHJDOLGDGH
LL $QXODomR GR FHUWDPH LLL &HOHEUDomR GR FRQWUDWR
9LQFXODomR DR LQVWUXPHQWR FRQYRFDWyULR
-XOJDPHQWR REMHWLYR
,QVWUXPHQWR FRQYRFDWyULR GD OLFLWDomR
(GLWDO RX FDUWD FRQYLWH e D OHL LQWHUQD GD OLFLWDomR
9LQFXOD DRV VHXV WHUPRV WDQWR RV OLFLWDQWHV FRPR D DGPLQLVWUDomR TXH R H[SHGLX
$ DSUHFLDomR GDV SURSRVWDV RFRUUH VHJXQGR FULWpULRV REMHWLYRV FODURV H GHILQLGRV QR LQVWUXPHQWR FRQYRFDWyULR
2 SULQFtSLR LPS}H R GHYHU GH DPSOLDomR GR DFHVVR GRV LQWHUHVVDGRV DR FHUWDPH
&RPSHWLomR
e YHGDGR FOiXVXODV H FRQGLo}HV TXH IUXVWUHP R FDUiWHU FRPSHWLWLYR GD OLFLWDomR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$/,(1$d2 '( %(16 3(/$ $'0,1,675$d2 3Ò%/,&$
L ,QWHUHVVH S~EOLFR GHYLGDPHQWH MXVWLILFDGR 5HTXLVLWRV D $GPLQLVWUDomR GLUHWD DXWDUTXLDV H IXQGDo}HV S~EOLFDV
LL $YDOLDomR SUpYLD LLL $XWRUL]DomR OHJLVODWLYD &RQFRUUrQFLD
0RGDOLGDGH
5HVVDOYDGDV DV KLSyWHVHV GH OLFLWDomR GLVSHQVDGD
/HL DUW ,
L ,QWHUHVVH S~EOLFR GHYLGDPHQWH MXVWLILFDGR 5HTXLVLWRV
%HQV LPyYHLV
LL $YDOLDomR SUpYLD 2EV
E (PSUHVDV S~EOLFDV H VRFLHGDGHV GH HFRQRPLD PLVWD
1mR Ki H[LJrQFLD GH DXWRUL]DomR OHJLVODWLYD
&RQFRUUrQFLD 0RGDOLGDGH
5HVVDOYDGDV DV KLSyWHVHV GH OLFLWDomR GLVSHQVDGD
/HL DUW ,
(QYROYH EHQV LPyYHLV GH TXDOTXHU yUJmR RX HQWLGDGH GD $GPLQLVWUDomR 3~EOLFD DGTXLULGRV SRU
$OLHQDomR GH %HQV
L 3URFHGLPHQWRV MXGLFLDLV
LL 'DomR HP SDJDPHQWR
L $YDOLDomR GRV EHQV DOLHQiYHLV F %HQV DGTXLULGRV GH SURFHGLPHQWRV MXGLFLDLV RX GH GDomR HP SDJDPHQWR
5HTXLVLWRV
LL &RPSURYDomR GD QHFHVVLGDGH RX XWLOLGDGH GD DOLHQDomR 2EV
0RGDOLGDGH
1mR Ki H[LJrQFLD GH DXWRUL]DomR OHJLVODWLYD
&RQFRUUrQFLD RX /HLOmR
/HL DUW
D $EUDQJrQFLD
(QYROYH EHQV PyYHLV GH TXDOTXHU yUJmR RX HQWLGDGH GD $GPLQLVWUDomR 3~EOLFD L ,QWHUHVVH S~EOLFR GHYLGDPHQWH MXVWLILFDGR LL $YDOLDomR SUpYLD
E 5HTXLVLWRV
%HQV PyYHLV
2EV
1mR Ki H[LJrQFLD GH DXWRUL]DomR OHJLVODWLYD
L 3DUD YHQGD GH EHQV PyYHLV DYDOLDGRV HP TXDQWLD QmR VXSHULRU D 5 /HLOmR
F 0RGDOLGDGH
LL 3DUD RV GHPDLV FDVRV
$ OHL QmR HVWDEHOHFH PRGDOLGDGH HVSHFtILFD GH OLFLWDomR
5HVVDOYDGDV DV KLSyWHVHV GH OLFLWDomR GLVSHQVDGD
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
&2175$7$d2 ',5(7$ 5HJUD JHUDO
([LJH VH OLFLWDomR SUpYLD SDUD FRQWUDWDo}HV GD $GPLQLVWUDomR 3~EOLFD
'HFRUUrQFLD GR SULQFtSLR GD LQGLVSRQLELOLGDGH GR LQWHUHVVH S~EOLFR
([FHomR
1Ro}HV JHUDLV
+i VLWXDo}HV HP TXH D OLFLWDomR WRUQD VH LPSRVVtYHO RX LQDGHTXDGD SDUD D UHDOL]DomR GDV IXQo}HV HVWDWDLV 3DUD HVVHV FDVRV D &) SUHYr DUW ;;, D SRVVLELOLGDGH GH FRQWUDWDomR GLUHWD KLSyWHVHV HP TXH D OLFLWDomR QmR RFRUUHUi RX SRGHUi QmR RFRUUHU
L ,QH[LJLELOLGDGH
(VSpFLHV GH FRQWUDWDo}HV GLUHWD
, /LFLWDomR ',63(16$'$
LL 'LVSHQVD
,, /LFLWDomR ',63(16È9(/
$V KLSyWHVHV GH FRQWUDWDomR GLUHWD QmR VH DSOLFDP jV &21&(66®(6 H 3(50,66®(6 GH VHUYLoR S~EOLFR $ OLFLWDomR p ,1(;,*Ë9(/ QDV KLSyWHVHV HP TXH KDMD ,19,$%,/,'$'( MXUtGLFD GH FRPSHWLomR OLFLWDomR p MXULGLFDPHQWH LPSRVVtYHO
5RO H[HPSOLILFDWLYR
/HL DUW )RUQHFHGRU H[FOXVLYR
L $TXLVLo}HV
9HGDGD SUHIHUrQFLD GH 0$5&$ L 6HUYLoR WpFQLFR SURILVVLRQDO HVSHFLDOL]DGR 673(
,QH[LJLELOLGDGH
LL &RQWUDWDomR GH VHUYLoR WpFQLFR SURILVVLRQDO HVSHFLDOL]DGR 673(
+LSyWHVHV
LL 1DWXUH]D VLQJXODU GR REMHWR
5HTXLVLWRV
LLL 1RWyULD HVSHFLDOL]DomR GR FRQWUDWDGR 9HGDGR SDUD VHUYLoRV GH 38%/,&,'$'( H ',98/*$d2
&RQWUDWDomR 'LUHWD
'LUHWDPHQWH RX SRU PHLR GH HPSUHViULR H[FOXVLYR
LLL &RQWUDWDomR GH SURILVVLRQDO GR VHWRU DUWtVWLFR
'HYH VHU DUWLVWD FRQVDJUDGR
3HOD FUtWLFD HVSHFLDOL]DGD RX
3HOD RSLQLmR S~EOLFD
$ ',63(16$ GH OLFLWDomR RFRUUH QDV KLSyWHVHV SUHYLVWDV QD OHL TXDQGR KDMD 9,$%,/,'$'( MXUtGLFD GH FRPSHWLomR OLFLWDomR p MXULGLFDPHQWH SRVVtYHO
D /LFLWDomR ',63(16$'$
6mR KLSyWHVHV YLQFXODGDV
2 DGPLQLVWUDGRU '(9( GLVSHQVDU
7UDWD VH GH GLVSHQVD GH OLFLWDomR SDUD DOLHQDo}HV
5RO H[DXVWLYR /HL DUW
$OLHQDomR
'LVSHQVD
e D WUDQVIHUrQFLD YROXQWiULD GR GRPtQLR GH XP EHP RX GLUHLWR
6mR KLSyWHVHV GLVFULFLRQiULDV
E /LFLWDomR ',63(16È9(/
5RO H[DXVWLYR
2 DGPLQLVWUDGRU 32'( GLVSHQVDU &RQIRUPH FULWpULRV GH FRQYHQLrQFLD H RSRUWXQLGDGH /HL DUW
9HU 0DSD 0HQWDO 3ULQFLSDLV &DVRV GH /LFLWDomR 'LVSHQViYHO L &DUDFWHUL]DomR GD VLWXDomR HPHUJHQFLDO RX FDODPLWRVD TXH MXVWLILTXH D GLVSHQVD TXDQGR IRU R FDVR
5HTXLVLWRV
2V SURFHVVRV GH GLVSHQVD H LQH[LJLELOLGDGH GHYHP FRQWHU
LL 5D]mR GD HVFROKD GR IRUQHFHGRU RX H[HFXWDQWH
/HL DUW
LY 'RFXPHQWR GH DSURYDomR GRV SURMHWRV GH SHVTXLVD DRV TXDLV RV EHQV VHUmR DORFDGRV
LLL -XVWLILFDWLYD GR SUHoR
e REULJDWyULD D PRWLYDomR GR DWR DGPLQLVWUDWLYR TXH GHFLGD VREUH D GLVSHQVD RX D LQH[LJLELOLGDGH GH OLFLWDomR
/HL DUW ,9
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
35,1&,3$,6 &$626 '( /,&,7$d2 ',63(16È9(/
2EUDV VHUYLoRV H FRPSUDV GH SHTXHQR YDORU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
L 2EUDV H VHUYLoRV GH HQJHQKDULD
9DORU DWp FRQYLWH PLO UHDLV
LL 2XWURV VHUYLoRV H FRPSUDV
9DORU DWp GR FRQYLWH PLO UHDLV
&RQVyUFLR S~EOLFR
/LPLWH GH GR FRQYLWH
6RFLHGDGH GH HFRQRPLD PLVWD (PSUHVD S~EOLFD
/HL DUW SDUiJUDIR ~QLFR
$JrQFLD H[HFXWLYD 9HGDGR IUDFLRQDPHQWR GH GHVSHVD
&RQILJXUD IDOWD GH SODQHMDPHQWR D GLVSHQVD GH OLFLWDomR SDUD FRQWUDWDo}HV DTXLVLo}HV GH PHVPD QDWXUH]D HP LGrQWLFR H[HUFtFLR ILQDQFHLUR FXMRV YDORUHV JOREDLV H[FHGDP R OLPLWH SUHYLVWR
*XHUUD RX JUDYH SHUWXUEDomR GD RUGHP %HQV QHFHVViULRV DR DWHQGLPHQWR GD VLWXDomR
3DUFHODV GH REUDV VHUYLoRV FRQFOXtGDV QR SUD]R Pi[LPR GH GLDV FRQVHFXWLYRV FRQWDGRV GD RFRUUrQFLD GD HPHUJrQFLD FDODPLGDGH
$EUDQJrQFLD
(PHUJrQFLD RX FDODPLGDGH S~EOLFD
3UHVVXSRVWRV SDUD D GLVSHQVD
L (PHUJrQFLD RX FDODPLGDGH S~EOLFD LL 8UJrQFLD GH DWHQGLPHQWR
2FDVLRQDU SUHMXt]R &RPSURPHWHU VHJXUDQoD
9HGDGD SURUURJDomR GRV UHVSHFWLYRV FRQWUDWRV
/LFLWDomR 'LVSHQViYHO
2FRUUH TXDQGR D OLFLWDomR p FRQYRFDGD PDV QmR DSDUHFHP LQWHUHVVDGRV
/LFLWDomR GHVHUWD
3UHVVXSRVWRV SDUD D GLVSHQVD
L 'HPRQVWUDomR GH TXH D UHSHWLomR GD OLFLWDomR FDXVDUi SUHMXt]R SDUD D $GPLQLVWUDomR LL 0DQXWHQomR QD FRQWUDWDomR GLUHWD GH WRGDV DV FRQGLo}HV SUHHVWDEHOHFLGDV
$ OLFLWDomR IUDFDVVDGD RFRUUH TXDQGR DSDUHFHP LQWHUHVVDGRV PDV QHQKXP p VHOHFLRQDGR HP UD]mR GH
,QDELOLWDomR GRV OLFLWDQWHV 'HVFODVVLILFDomR GDV SURSRVWDV
$ OLFLWDomR IUDFDVVDGD SRGHUi UHVXOWDU HP FRQWUDWDomR GLUHWD HVSHFLILFDPHQWH TXDQGR WRGRV RV OLFLWDQWHV IRUHP GHVFODVVLILFDGRV SRU DSUHVHQWDUHP SURSRVWDV FRP
/LFLWDomR IUDFDVVDGD
6RPHQWH GLVSHQVDUi DSyV IL[DU DRV OLFLWDQWHV 3UHVVXSRVWRV SDUD D GLVSHQVD
3HUVLVWLQGR D VLWXDomR
3UHoRV PDQLIHVWDPHQWH VXSHULRUHV DRV SUDWLFDGRV QR PHUFDGR QDFLRQDO 3UHoRV LQFRPSDWtYHLV FRP RV IL[DGRV SRU yUJmRV RILFLDLV FRPSHWHQWHV 3UD]R GH GLDV ~WHLV SDUD QRYD SURSRVWD &RQYLWH
3UD]R GH GLDV ~WHLV
6HUi DGPLWLGD D DGMXGLFDomR GLUHWD GRV EHQV RX VHUYLoRV SRU YDORU QmR VXSHULRU DR FRQVWDQWH GR UHJLVWUR GH SUHoRV RX GRV VHUYLoRV
/HL DUW 9,, F F DUW &RQWUDWDomR GH UHPDQHVFHQWH GH REUD VHUYLoR RX IRUQHFLPHQWR HP FRQVHTXrQFLD GH UHVFLVmR FRQWUDWXDO
5HPDQHVFHQWH
3UHVVXSRVWRV SDUD D GLVSHQVD
L $WHQGLGD D RUGHP GH FODVVLILFDomR GD OLFLWDomR DQWHULRU LL $FHLWDV DV PHVPDV FRQGLo}HV GR YHQFHGRU LQFOXVLYH TXDQWR DR SUHoR FRUULJLGR PRQHWDULDPHQWH
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
02'$/,'$'(6 '( /,&,7$d2 ,
3URFHGLPHQWR OLFLWDWyULR DGRWDGR HP UD]mR GD HVWLPDWLYD GD FRQWUDWDomR 4XDOTXHU LQWHUHVVDGR TXH FRPSURYH UHTXLVLWRV PtQLPRV
6XMHLWR
([LJH KDELOLWDomR SUHOLPLQDU
L 2EUDV H VHUYLoRV GH HQJHQKDULD DFLPD GH 5
&RQFRUUrQFLD
$EUDQJrQFLD
LL &RPSUDV H VHUYLoRV TXH QmR VHMDP GH HQJHQKDULD DFLPD GH 5
2EMHWR
LLL &RPSUD H DOLHQDomR GH EHQV LPyYHLV LY &RQFHVV}HV GH GLUHLWR UHDO GH XVR Y /LFLWDo}HV LQWHUQDFLRQDLV
$ FRQFRUUrQFLD VH DSOLFD DRV FDVRV HP TXH FRXEHU WRPDGD GH SUHoRV H FRQYLWH
2EV
3URFHGLPHQWR OLFLWDWyULR DGRWDGR HP UD]mR GD HVWLPDWLYD GD FRQWUDWDomR L ,QWHUHVVDGRV GHYLGDPHQWH FDGDVWUDGRV ([LJH FDGDVWUDPHQWR
6XMHLWR
7RPDGD GH SUHoRV
&RUUHVSRQGH j IDVH GH +DELOLWDomR e SUpYLR
LL ,QWHUHVVDGRV QmR FDGDVWUDGRV TXH DWHQGHUHP FRQGLo}HV H[LJLGDV SDUD R FDGDVWUDPHQWR
$EUDQJrQFLD
L 2EUDV H VHUYLoRV GH HQJHQKDULD DWp 5 LL &RPSUDV H VHUYLoRV TXH QmR VHMDP GH HQJHQKDULD DWp 5
2EMHWR
LLL /LFLWDo}HV LQWHUQDFLRQDLV 2EV
0RGDOLGDGHV GH OLFLWDomR
$Wp R GLD DQWHULRU j GDWD GR UHFHELPHQWR GDV SURSRVWDV
6H D $GPLQLVWUDomR SRVVXLU FDGDVWUR LQWHUQDFLRQDO
$ WRPDGD GH SUHoR VH DSOLFD DRV FDVRV HP TXH FRXEHU FRQYLWH
3URFHGLPHQWR OLFLWDWyULR DGRWDGR HP UD]mR GD HVWLPDWLYD GD FRQWUDWDomR L &RQYLGDGRV LQWHUHVVDGRV GR UDPR SHUWLQHQWH DR VHX REMHWR 6XMHLWR D $EUDQJrQFLD
LL &RPSUDV H VHUYLoRV TXH QmR VHMDP GH HQJHQKDULD DWp 5 LLL /LFLWDomR LQWHUQDFLRQDO TXDQGR QmR KRXYHU IRUQHFHGRU GR EHP RX VHUYLoR QR SDtV
5HJUD JHUDO E 1~PHUR GH SURSRVWDV
F 3XEOLFLGDGH
$Wp KRUDV DQWHV GR SUD]R SDUD HQWUHJD GDV SURSRVWDV
L 2EUDV H VHUYLoRV GH HQJHQKDULD DWp 5 2EMHWR
&RQYLWH
LL &DGDVWUDGRV TXH PDQLIHVWDUHP LQWHUHVVH
&DGDVWUDGRV RX QmR 1R Q~PHUR PtQLPR GH SDUWLFLSDQWHV
([FHomR
6H QmR KRXYHU SHOR PHQRV SURSRVWDV UHSHWH VH R FRQYLWH /LPLWDo}HV GH PHUFDGR 0DQLIHVWR GHVLQWHUHVVH GRV FRQYLGDGRV
)HLWD GLUHWDPHQWH DRV FRQYLGDGRV &DUWD FRQYLWH
G ,QVWUXPHQWR FRQYRFDWyULR 2EV
1mR Ki HGLWDO
6H FRXEHU FRQYLWH D $GPLQLVWUDomR SRGHUi XWLOL]DU D WRPDGD GH SUHoRV H HP TXDOTXHU FDVR D FRQFRUUrQFLD
e SULQFtSLR GHYH VHU REVHUYDGR
2EV
3DUFHODPHQWR GR REMHWR
2EMHWR GH QDWXUH]D GLYLVtYHO
/HL DUW
2EULJDWyULD D DGMXGLFDomR SRU LWHP H QmR SRU SUHoR JOREDO 'HVGH TXH WpFQLFD H HFRQRPLFDPHQWH YLiYHO 6~PXOD GR 7&8
e YHGDGR )UDFLRQDPHQWR GD GHVSHVD
/HL DUW
4XDQGR SDUFHODGR GHYH VHU HVFROKLGD D PRGDOLGDGH SHUWLQHQWH DR REMHWR WRGR RX VHMD R VRPDWyULR GDV SDUFHODV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
02'$/,'$'(6 '( /,&,7$d2 ,,
3URFHGLPHQWR OLFLWDWyULR DGRWDGR HP UD]mR GD QDWXUH]D GR REMHWR D &RQFHLWR
$GRWDGR SDUD DOLHQDo}HV ,QVHUYtYHLV SDUD D $GPLQLVWUDomR
L %HQV PyYHLV
/HLOmR
E 2EMHWR GR OHLOmR
$Wp R YDORU GH 5 &XMD DTXLVLomR KDMD GHULYDGR GH
LL %HQV LPyYHLV LLL 3URGXWRV
3URFHGLPHQWRV MXGLFLDLV 'DomR HP SDJDPHQWR
/HJDOPHQWH DSUHHQGLGRV RX SHQKRUDGRV
3HUPLWH D SDUWLFLSDomR GH TXDOTXHU LQWHUHVVDGR 1mR Ki H[LJrQFLD GH KDELOLWDomR
F &DUDFWHUtVWLFDV
e YHQFHGRU GR OHLOmR DTXHOH TXH RIHUHFHU R PDLRU ODQFH LJXDO RX VXSHULRU DR YDORU GD DYDOLDomR 3URFHGLPHQWR OLFLWDWyULR DGRWDGR HP UD]mR GD QDWXUH]D GR REMHWR L 7UDEDOKR WpFQLFR FLHQWtILFR RX DUWtVWLFR
8WLOL]DGR SDUD HVFROKD GH
D &RQFHLWR
6HOHFLRQDGRV SUHIHUHQFLDOPHQWH PHGLDQWH FRQFXUVR
LL 6HUYLoRV WpFQLFRV SURILVVLRQDLV HVSHFLDOL]DGRV 673(
&RQVWLWXLomR GH FRPLVVmR HVSHFLDO LQWHJUDGD SRU SHVVRDV GH UHSXWDomR LOLEDGD H UHFRQKHFLGR FRQKHFLPHQWR GD PDWpULD HP H[DPH /HL DUW
&RQFXUVR
1mR XWLOL]D RV WLSRV GH OLFLWDomR E 3URFHGLPHQWR
-XOJDPHQWR
/HL DUW 5HDOL]DGR SHOD FRPLVVmR HVSHFLDO FRQIRUPH GHILQLGR QR UHJXODPHQWR SUySULR GR FRQFXUVR
3URFHGLPHQWR OLFLWDWyULR DGRWDGR HP UD]mR GD QDWXUH]D GR REMHWR
0RGDOLGDGHV GH /LFLWDomR
D &RQFHLWR
8WLOL]DGR SDUD DTXLVLomR GH EHQV H VHUYLoRV FRPXQV /HL DUW
%HQV H VHUYLoRV FRPXQV E 2EMHWR GR SUHJmR
6mR DTXHOHV FXMRV SDGU}HV GH GHVHPSHQKR H TXDOLGDGH SRVVDP VHU
2EMHWLYDPHQWH GHILQLGRV SHOR HGLWDO 6HJXQGR HVSHFLILFDo}HV XVXDLV GH PHUFDGR
1mR VH DSOLFD D FRQWUDWDomR GH REUDV GH HQJHQKDULD ORFDo}HV LPRELOLiULDV H DOLHQDo}HV HP JHUDO 'HFUHWR DUW
3RGH VHU XWLOL]DGR SDUD TXDOTXHU YDORU GH FRQWUDWR 2EULJDWyULR
3UHJmR
F $GRomR GR SUHJmR
G 7LSR GH OLFLWDomR
)DFXOWDWLYR 0HQRU SUHoR
8QLmR
'HFUHWR DUW (VWDGRV ') H 0XQLFtSLRV /HL DUW /HL DUW ;
3UHVHQFLDO H 0RGDOLGDGHV GH SUHJmR
(OHWU{QLFD
,QYHUVmR GDV IDVHV I 3HFXOLDULGDGHV GR SUHJmR
+RPRORJDomR RFRUUH GHSRLV GD DGMXGLFDomR
$ KDELOLWDomR GRV OLFLWDQWHV p IDVH SRVWHULRU j GH MXOJDPHQWR GDV SURSRVWDV
俶 5HJUD
([FHomR
3UHJRHLUR DGMXGLFD $XWRULGDGH FRPSHWHQWH KRPRORJD 4XDQGR Ki LQWHUSRVLomR GH UHFXUVRV D DXWRULGDGH FRPSHWHQWH DGMXGLFD H KRPRORJD /HL DUW ;;, H ;;,,
0RGDOLGDGH GH OLFLWDomR DSOLFiYHO H[FOXVLYDPHQWH jV DJrQFLDV UHJXODGRUDV
&RQVXOWD
8WLOL]DGD SDUD DTXLVLomR GH EHQV H VHUYLoRV QmR FRPXQV
([FHWXDGRV REUDV H VHUYLoRV GH HQJHQKDULD FLYLO
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
7,326 '( /,&,7$d2 e R FULWpULR XWLOL]DGR SDUD MXOJDPHQWR GDV SURSRVWDV 6RPHQWH DGPLWHP VH RV WLSRV SUHYLVWRV QD OHJLVODomR SHUWLQHQWH j OLFLWDomR S~EOLFD
&RQFHLWR
'HYH VHU
2EV
/LVWD H[DXVWLYD /HL DUW
2EMHWLYR 3UHYLDPHQWH HVWDEHOHFLGR QR ,167580(172 &2192&$7Ï5,2 L &RQFXUVR
1mR VH DSOLFD D
9HQFHGRU D 0HQRU SUHoR
LL &RQFHVVmR H SHUPLVVmR GH VHUYLoR S~EOLFR
$TXHOH TXH DSUHVHQWDU D SURSRVWD GH DFRUGR FRP DV HVSHFLILFDo}HV GR HGLWDO RX FRQYLWH H RIHUWDU R PHQRU SUHoR -XOJDPHQWR FRQFHQWUDGR HP TXHVW}HV HFRQ{PLFR ILQDQFHLUDV
2EV 3UHJmR
6RPHQWH DGPLWH R WLSR PHQRU SUHoR
7LSR XWLOL]DGR H[FOXVLYDPHQWH SDUD VHUYLoRV GH QDWXUH]D SUHGRPLQDQWHPHQWH LQWHOHFWXDO L ,QVWUXPHQWR FRQYRFDWyULR IL[D R SUHoR Pi[LPR LL $EHUWXUD GDV SURSRVWDV WpFQLFDV GRV OLFLWDQWHV SUHYLDPHQWH TXDOLILFDGRV
E 0HOKRU WpFQLFD
3URFHGLPHQWR
7LSRV GH /LFLWDomR
$YDOLDomR H FODVVLILFDomR
6RPHQWH GRV OLFLWDQWHV TXH DWLQJLUDP YDORUDomR PtQLPD LLL $EHUWXUD GDV SURSRVWDV GH SUHoR
5HIHUrQFLD 1HJRFLDomR 2UGHP
3URSRVWD GH PHQRU SUHoR
$ SDUWLU GD SURSRQHQWH PHOKRU FODVVLILFDGD
/HL DUW ,, F F DUW 7LSR XWLOL]DGR H[FOXVLYDPHQWH SDUD VHUYLoRV GH QDWXUH]D SUHGRPLQDQWHPHQWH LQWHOHFWXDO L $EHUWXUD GDV SURSRVWDV WpFQLFDV GRV OLFLWDQWHV SUHYLDPHQWH TXDOLILFDGRV
7LSRV
3URFHGLPHQWR
$YDOLDomR H FODVVLILFDomR GDV SURSRVWDV WpFQLFDV
LL $EHUWXUD GDV SURSRVWDV GH SUHoR $YDOLDomR H YDORUDomR GDV SURSRVWDV GH SUHoR
LLL 5HVXOWDGR
0pGLD SRQGHUDGD GDV YDORUDo}HV GDV SURSRVWDV GH WpFQLFD H SUHoR
/HL DUW ,,, F F DUW F 7pFQLFD H SUHoR
2EV %HQV H VHUYLoRV GH ,1)250È7,&$ %HQV H VHUYLoRV GH LQIRUPiWLFD FRPXQV L 3DGURQL]DGRV
6mR DTXHOHV FXMRV SDGU}HV GH GHVHPSHQKR H TXDOLGDGH SRVVDP VHU REMHWLYDPHQWH GHILQLGRV QR HGLWDO
3HUPLWHP D XWLOL]DomR GD PRGDOLGDGH SUHJmR 7LSR PHQRU SUHoR %HQV H VHUYLoRV GH LQIRUPiWLFD HVSHFtILFRV
LL 1mR SDGURQL]DGRV
8WLOL]D VH R WLSR WpFQLFD H SUHoR
/HL DUW
&DVRV GH DOLHQDomR GH EHQV RX FRQFHVVmR GH GLUHLWR UHDO GH XVR G 0DLRU ODQFH RX RIHUWD
/HL DUW ,9
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
352&(',0(1726 '( /,&,7$d2 ,
,QLFLD VH QD UHSDUWLomR LQWHUHVVDGD FRP D DEHUWXUD GR SURFHVVR D ,QtFLR
e GHILQLGR R REMHWR GD OLFLWDomR H R UHFXUVR SUySULR SDUD D GHVSHVD /HL DUW
E (ODERUDomR GR HGLWDO
(GLWDO
e D OHL LQWHUQD GD /LFLWDomR
9LQFXOD D $GPLQLVWUDomR H RV SURSRQHQWHV DRV VHXV WHUPRV
1mR p XWLOL]DGR QD PRGDOLGDGH &219,7(
&DUWD FRQYLWH
&RQFXUVR 5HJLPH GH HPSUHLWDGD LQWHJUDO
GLDV
&RQFRUUrQFLD
7LSR PHOKRU WpFQLFD 7LSR WpFQLFD H SUHoR
3UD]R PtQLPR HQWUH D SXEOLFDomR GR UHVXPR GR HGLWDO H R UHFHELPHQWR GDV SURSRVWDV
&RQFRUUrQFLD
'HPDLV FDVRV QmR HVSHFLILFDGRV DFLPD
GLDV 7RPDGD GH SUHoRV
F 3UD]RV 7RPDGD GH SUHoRV
GLDV
7LSR PHOKRU WpFQLFD
7LSR WpFQLFD H SUHoR 'HPDLV FDVRV QmR HVSHFLILFDGRV DFLPD
/HLOmR
)DVH LQWHUQD
3URFHGLPHQWRV GH /LFLWDomR
)RUPDV GH H[HFXomR
GLDV ~WHLV
&RQYLWH
GLDV ~WHLV
3UHJmR
L 'LUHWD
LL ,QGLUHWD
e DTXHOD IHLWD GLUHWDPHQWH SHOD $GPLQLVWUDomR 3~EOLFD e DTXHOD IHLWD SRU WHUFHLURV PHGLDQWH FRQWUDWR FHOHEUDGR FRP D $GPLQLVWUDomR 3~EOLFD
6mR UHJLPHV HVSpFLHV GH H[HFXomR LQGLUHWD
L (PSUHLWDGD SRU SUHoR JOREDO
1mR FRQIXQGLU
5HJLPHV GH H[HFXomR
LL (PSUHLWDGD SRU SUHoR XQLWiULR
LY 7DUHID
$QXODomR H UHYRJDomR
&RQWUDWD D H[HFXomR GD REUD RX GR VHUYLoR SRU SUHoR FHUWR GH XQLGDGHV GHWHUPLQDGDV
(PSUHHQGLPHQWR HP VXD LQWHJUDOLGDGH LLL (PSUHLWDGD LQWHJUDO
)DVH H[WHUQD
&RQWUDWD D H[HFXomR GD REUD RX GR VHUYLoR SRU SUHoR FHUWR H WRWDO
&RQWUDWD XP
(QWUHJD DR FRQWUDWDQWH HP FRQGLo}HV GH HQWUDGD HP RSHUDomR
0mR GH REUD SDUD SHTXHQRV WUDEDOKRV SRU SUHoR FHUWR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
352&(',0(1726 '( /,&,7$d2 ,, )DVH LQWHUQD /HL JHUDO GDV OLFLWDo}HV
(WDSD UHODFLRQDGD j DYDOLDomR GDV TXDOLGDGHV GRV OLFLWDQWHV $ DGPLQLVWUDomR YHULILFD D DSWLGmR GR FDQGLGDWR SDUD D IXWXUD FRQWUDWDomR 3UHFOXVmR GR GLUHLWR GH SDUWLFLSDU
2 OLFLWDQWH LQDELOLWDGR QmR SRGHUi SDUWLFLSDU GRV DWRV VXEVHTXHQWHV
2EV
L +DELOLWDomR MXUtGLFD LL 4XDOLILFDomR WpFQLFD
([LJrQFLD GH GRFXPHQWDomR UHODWLYD D
LLL 4XDOLILFDomR HFRQ{PLFR ILQDQFHLUD LY 5HJXODULGDGH ILVFDO H WUDEDOKLVWD Y &XPSULPHQWR GD &) DUW ;;;,,,
L +DELOLWDomR TXDOLILFDomR
5HVWULo}HV H SURLELo}HV DR WUDEDOKR GRV PHQRUHV
1DV PRGDOLGDGHV FRQYLWH OHLOmR H FRQFXUVR 3DUD IRUQHFLPHQWR GH EHQV SDUD SURQWD HQWUHJD
3RGH VHU ',63(16$'$ /HL
/HL DUW
2EV 3RGH VHU 68%67,78Ë'$
$ UHJXODULGDGH ILVFDO UHIHUHQWH j VHJXULGDGH VRFLDO QmR SRGH VHU GLVSHQVDGD HP QHQKXP FDVR &) DUW
1R FDVR GR FHUWLILFDGR GH UHJLVWUR FDGDVWUDO /HL DUW
(WDSD UHODFLRQDGD j DYDOLDomR GDV SURSRVWDV
)DVH H[WHUQD
, $QiOLVH GD DGPLVVLELOLGDGH GD SURSRVWD
LL -XOJDPHQWR FODVVLILFDomR
3URFHGLPHQWRV GH /LFLWDomR
)DVHV
$QiOLVH IRUPDO
$GHTXDomR DR HGLWDO
$QiOLVH PDWHULDO
([HTXLELOLGDGH
,, $QiOLVH GD YDQWDMRVLGDGH GD SURSRVWD
$GHTXDomR DRV UHTXLVLWRV OHJDLV 4XDOLGDGH
5HODFLRQDGD DRV WLSRV GH OLFLWDomR
$XWRULGDGH FRPSHWHQWH DSURYD R SURFHGLPHQWR
LLL +RPRORJDomR
LY $GMXGLFDomR
&RQWUROH GH OHJDOLGDGH GR SURFHGLPHQWR OLFLWDWyULR /LFLWDQWH DGTXLUH TXDOLGDGH GH YHQFHGRU H GH WLWXODU GD SUHIHUrQFLD SDUD FHOHEUDomR GR FRQWUDWR
/HL GR 3UHJmR /LFLWDQWHV RIHUWDP ODQFHV
L )DVH FRPSHWLWLYD
5HDOL]DGD FRP R OLFLWDQWH TXH DSUHVHQWRX PHOKRU SURSRVWD QD IDVH FRPSHWLWLYD LL )DVH GH KDELOLWDomR
/HL
LLL $GMXGLFDomR
/HL DUW ;,,
3UHJRHLUR DGMXGLFD $XWRULGDGH FRPSHWHQWH KRPRORJD
LY +RPRORJDomR
([FHomR
&RQWUROH GH /(*$/,'$'(
D $QXODomR
$QXODomR H 5HYRJDomR
1mR JHUD REULJDomR GH LQGHQL]DU
4XDQGR OLFLWDQWH LPSHWUD UHFXUVR D DXWRULGDGH FRPSHWHQWH DGMXGLFD H KRPRORJD /HL DUW ;;, H ;;,, 'H RItFLR 3RU SURYRFDomR GH WHUFHLURV
(QWUHWDQWR D QXOLGDGH GR FRQWUDWR QmR H[RQHUD D DGPLQLVWUDomR GR GHYHU GH LQGHQL]DU R FRQWUDWDGR SHOR TXH HVWH KRXYHU H[HFXWDGR
&RQWUROH GH 0e5,72 E 5HYRJDomR
3RU UD]}HV GH LQWHUHVVH S~EOLFR GHFRUUHQWH GH IDWR VXSHUYHQLHQWH GHYLGDPHQWH FRPSURYDGR 2 VHX IXQGDPHQWR GHYH VHU SRVWHULRU j DEHUWXUD GD OLFLWDomR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
&2175$726 $'0,1,675$7,926
$MXVWH TXH D $GPLQLVWUDomR 3~EOLFD DJLQGR QHVVD TXDOLGDGH ILUPD FRP SDUWLFXODU RX FRP RXWUD HQWLGDGH DGPLQLVWUDWLYD SDUD FRQVHFXomR GH REMHWLYRV GH LQWHUHVVH S~EOLFR QDV FRQGLo}HV GHVHMDGDV SHOD SUySULD $GPLQLVWUDomR
&RQFHLWR GH &RQWUDWR $GPLQLVWUDWLYR +HO\ /RSHV
L $FRUGR GH YRQWDGHV ELODWHUDOLGDGH
&DUDFWHUtVWLFDV
LL 5HJLPH MXUtGLFR GH GLUHLWR S~EOLFR
,QFLGrQFLD GH SUHUURJDWLYDV HVSHFLDLV
$FHSomR DPSOD DEUDQJHQGR WRGRV RV DMXVWHV GRV TXDLV D $GPLQLVWUDomR 3~EOLFD VHMD SDUWH L 3ULQFtSLR GD LJXDOGDGH HQWUH DV SDUWHV LL $XWRQRPLD GD YRQWDGH &DUDFWHUtVWLFDV
D 6RE UHJLPH GH GLUHLWR 35,9$'2
3DFWD VXQW VHUYDQGD ([ &RQWUDWR GH ORFDomR QR TXDO D $GPLQLVWUDomR 3~EOLFD ILJXUH FRPR ORFDWiULD
&RQFHLWR
0DULD 6\OYLD
6mR GHQRPLQDGRV FRQWUDWRV DGPLQLVWUDWLYRV
&RQWUDWRV GD DGPLQLVWUDomR
L 3ULQFtSLR GD VXSUHPDFLD GD DGPLQLVWUDomR S~EOLFD HP UHODomR DR SDUWLFXODU &OiXVXODV H[RUELWDQWHV
E 6RE UHJLPH GH GLUHLWR 3Ã’%/,&2
LL 3ULQFtSLR GD OHJDOLGDGH &DUDFWHUtVWLFDV
&RQWUDWRV $GPLQLVWUDWLYRV
$WXDomR DGPLQLVWUDWLYD QRV OLPLWHV DXWRUL]DGRV SRU OHL LLL 0XWDELOLGDGH GDV FOiXVXODV UHJXODPHQWDUHV
$MXVWHV TXH D $GPLQLVWUDomR QHVVD TXDOLGDGH FHOHEUD FRP SHVVRD ItVLFD RX MXUtGLFD S~EOLFDV RX SULYDGDV SDUD FRQVHFXomR GH ILQV S~EOLFRV VHJXQGR UHJLPH MXUtGLFR GH GLUHLWR S~EOLFR
&RQFHLWR GH &RQWUDWR $GPLQLVWUDWLYR
&RQWUDWRV DGPLQLVWUDWLYRV
6mR VHPSUH IRUPDLV H HVFULWRV
e DTXHOH ODYUDGR QDV UHSDUWLo}HV LQWHUHVVDGDV
&RQWUDWR HVFULWR 5HJUD &RQWUDWR VROHQH
)RUPDOL]DomR
LLL )RUoD REULJDWyULD GDV FRQYHQo}HV
([FHomR
&RQWUDWR YHUEDO
5HODWLYR D GLUHLWRV UHDLV VREUH EHQV LPyYHLV
e DTXHOH ODYUDGR QR FDUWyULR GH QRWDV
3HTXHQDV FRPSUDV GH SURQWR SDJDPHQWR
/HL DUW 9DORU QmR VXSHULRU D 5 6RE UHJLPH GH DGLDQWDPHQWR
/HL DUW SDUiJUDIR ~QLFR
$ SXEOLFDomR GR UHVXPR GR LQVWUXPHQWR GH FRQWUDWR RX GH VHXV DGLWDPHQWRV p FRQGLomR LQGLVSHQViYHO j HILFiFLD GR FRQWUDWR /HL DUW SDUiJUDIR ~QLFR 3RWHQFLDOLGDGH GH SURGXomR GH HIHLWRV MXUtGLFRV 3XEOLFLGDGH
1mR FRQIXQGLU
(ILFiFLD
9LJrQFLD
$SWLGmR SDUD SURGXomR FRQFUHWD GH HIHLWRV 3HUtRGR QR TXDO R DGLPSOHPHQWR GR FRQWUDWR SHUPDQHFH REULJDWyULR HQWUH DV SDUWHV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
&2175$726 $'0,1,675$7,926 &/È868/$6 (;25%,7$17(6 , 6mR SUHUURJDWLYDV GH GLUHLWR S~EOLFR FRQIHULGDV SRU OHL j $GPLQLVWUDomR 3~EOLFD TXH D FRORFDP HP VLWXDomR GH VXSHULRULGDGH IUHQWH DR FRQWUDWDGR
&RQFHLWR
([RUELWDP GDV FOiXVXODV FRPXQV GR GLUHLWR SULYDGR 6mR GHFRUUHQWHV GR UHJLPH MXUtGLFR GRV FRQWUDWRV DGPLQLVWUDWLYRV
'HULYDP GR SULQFtSLR GD VXSUHPDFLD GR LQWHUHVVH S~EOLFR
$ FULWpULR GD DXWRULGDGH FRPSHWHQWH GHVGH TXH SUHYLVWD QR LQVWUXPHQWR FRQYRFDWyULR SRGH VHU H[LJLGD SUHVWDomR GH JDUDQWLD QDV FRQWUDWDo}HV GH REUDV VHUYLoRV H FRPSUDV
D &RQFHLWR
$ FULWpULR GD DXWRULGDGH FRPSHWHQWH
'LVFULFLRQiULD E &DUDFWHUtVWLFDV
'HYH VHU SUHYLVWD QR LQVWUXPHQWR FRQYRFDWyULR /HL DUW
HP GLQKHLUR
L &DXomR
HP WtWXORV GD GtYLGD S~EOLFD
LL 6HJXUR JDUDQWLD
F 0RGDOLGDGHV
LLL )LDQoD EDQFiULD $V PRGDOLGDGHV HVWmR SUHYLVWDV QD OHL UHODomR H[DXVWLYD
2EV
&DEH DR FRQWUDWDGR D HVFROKD GD PRGDOLGDGH /HL DUW
([LJrQFLD GH JDUDQWLD
1mR H[FHGHUi D GR YDORU GR FRQWUDWR
5HJUD JHUDO
*UDQGH YXOWR HQYROYHQGR DOWD FRPSOH[LGDGH WpFQLFD H ULVFRV ILQDQFHLURV FRQVLGHUiYHLV
(OHYDomR GR OLPLWH DWp
([LJrQFLD GH JDUDQWLD DGLFLRQDO
G 3HUFHQWXDLV 5HJUDV HVSHFtILFDV
$ JDUDQWLD VHUi DFUHVFLGD GR YDORU GHVVHV EHQV
/HL DUW
([LJrQFLD GH JDUDQWLD SDUD SURSRVWDV GH EDL[R YDORU
&OiXVXODV ([RUELWDQWHV
2 FRQWUDWDGR ILFDUi FRPR GHSRVLWiULR
3DUD RV FRQWUDWRV TXH LPSRUWHP QD HQWUHJD GH EHQV SHOD $GPLQLVWUDomR 3~EOLFD
2EUDV 6HUYLoRV GH (QJHQKDULD
7LSR PHQRU SUHoR
6LWXDomR GH ULVFR
3URSRVWD GR OLPLWH SUHYLVWR QD OHL
/HL DUW 3UHUURJDWLYD FRQFHGLGD j $GPLQLVWUDomR 3~EOLFD SDUD XQLODWHUDOPHQWH DOWHUDU RV FRQWUDWRV DGPLQLVWUDWLYRV /HL DUW ,
$RV FRQWUDWRV DGPLQLVWUDWLYRV QmR VH DSOLFD LQWHJUDOPHQWH R SULQFtSLR GR SDFWD VXQW VHUYDQGD D &RQFHLWR 3DFWD VXQW VHUYDQGD
2EULJDomR TXH WrP DV SDUWHV GH FXPSULU ILHOPHQWH R TXH IRL HQWUH HODV DYHQoDGR
&OiXVXODV UHJXODPHQWDUHV RX GH VHUYLoR $OFDQoD 1mR DOFDQoD /HL DUW H
E $EUDQJrQFLD
&OiXVXODV (FRQ{PLFDV
7DLV FOiXVXODV HVWDEHOHFHP D UHODomR HQWUH
5HPXQHUDomR GR FRQWUDWDGR (QFDUJRV DVVXPLGRV
1mR SRGHP VHU DOWHUDGDV VHP SUpYLD FRQFRUGkQFLD GR FRQWUDWDGR
*DUDQWLD DR HTXLOtEULR HFRQ{PLFR ILQDQFHLUR
7UDWD VH GH DOWHUDomR FRQWUDWXDO TXH DIHWD R HTXLOtEULR HFRQ{PLFR ILQDQFHLUR
$OWHUDomR XQLODWHUDO GR FRQWUDWR
1mR FRQIXQGLU
5HYLVmR
$ UHYLVmR FDUDFWHUL]D DOWHUDomR GR FRQWUDWR H YLVD R UHHVWDEHOHFLPHQWR GR HTXLOtEULR HFRQ{PLFR ILQDQFHLUR 7UDWD GD SUHYLVmR DQWHFLSDGD GD RFRUUrQFLD GD LQIODomR H GD DGRomR GH VROXomR SDUD QHXWUDOL]DU VHXV HIHLWRV
5HDMXVWH
1mR FDUDFWHUL]D DOWHUDomR GR FRQWUDWR PDV VLP DWXDOL]DomR GR YDORU SDJR IUHQWH j LQIODomR
0RGLILFDomR GR SURMHWR RX GDV HVSHFLILFDo}HV L 4XDOLWDWLYDV
LL 4XDQWLWDWLYDV
9DORU LQLFLDO DWXDOL]DGR GR FRQWUDWR 5HIRUPD
/HL DUW ,,, H DUW
0HOKRU DGHTXDomR WpFQLFD DRV VHXV REMHWLYRV
1mR VXMHLWD D OLPLWHV REMHWLYRV
F 7LSRV
/HL DUW H DUW G H
, (GLItFLR ,, (TXLSDPHQWR
1mR Ki OLPLWH SDUD 6835(66®(6
'HVGH TXH UHVXOWDQWH GH DFRUGR HQWUH RV FRQWUDWDQWHV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
&2175$726 $'0,1,675$7,926 &/È868/$6 (;25%,7$17(6 ,, /HL DUW , D ;,, H ;9,, 3UHUURJDWLYD FRQFHGLGD j $GPLQLVWUDomR 3~EOLFD SDUD H[WLQJXLU XQLODWHUDOPHQWH R FRQWUDWR DQWHV GR SUD]R VHP D QHFHVVLGDGH GH UHFRUUHU DR 3RGHU -XGLFLiULR
D &RQFHLWR
L ,QDGLPSOHPHQWR GR FRQWUDWDGR
5HVFLVmR XQLODWHUDO GR FRQWUDWR
LL 'HVDSDUHFLPHQWR GR VXMHLWR
E &DVRV
'H DOWD UHOHYkQFLD H DPSOR FRQKHFLPHQWR
LLL ,QWHUHVVH S~EOLFR
-XVWLILFDGDV H GHWHUPLQDGDV SHOD Pi[LPD DXWRULGDGH GD HVIHUD DGPLQLVWUDWLYD D TXH HVWi VXERUGLQDGR R FRQWUDWDQWH H H[DUDGDV QR SURFHVVR DGPLQLVWUDWLYR
LY &DVR IRUWXLWR RX IRUoD PDLRU
5HSUHVHQWDQWH GD $GPLQLVWUDomR ILVFDOL]D D H[HFXomR GR FRQWUDWR
)LVFDOL]DomR
1mR H[FOXL RX UHGX] D UHVSRQVDELOLGDGH GR FRQWUDWDGR SHORV GDQRV TXH SRU FXOSD RX GROR D H[HFXomR YHQKD D FDXVDU D WHUFHLURV
D $GYHUWrQFLD
LL ,QH[HFXomR E 0XOWD 2EV
&OiXVXODV ([RUELWDQWHV
/HL DUW
/HL DUW , /HL DUW
L $WUDVR LQMXVWLILFDGR
$SOLFDomR GH SHQDOLGDGHV
/HL DUW
/HL DUW ,,
$V PXOWDV SRGHP VHU GLUHWDPHQWH GHVFRQWDGDV GD JDUDQWLD GR FRQWUDWR 7UDWD VH GH H[FHSFLRQDO DXWRH[HFXWRULHGDGH GD FREUDQoD GH PXOWD 6XVSHQVmR WHPSRUiULD HP SDUWLFLSDU GH OLFLWDomR
$EUDQJH
F 6XVSHQVmR WHPSRUiULD
0RWLYR
,PSHGLPHQWR GH FRQWUDWDU FRP D $GPLQLVWUDomR 3~EOLFD ,QH[HFXomR WRWDO RX SDUFLDO GR FRQWUDWR
'XUDomR
0i[LPR DQRV
$XWRULGDGH FRPSHWHQWH
&RPSHWrQFLD
6XVSHQVmR WHPSRUiULD HP SDUWLFLSDU GH OLFLWDomR $EUDQJH
G 'HFODUDomR GH LQLGRQHLGDGH
0RWLYR 'XUDomR
,PSHGLPHQWR GH FRQWUDWDU FRP D $GPLQLVWUDomR 3~EOLFD ,QH[HFXomR WRWDO RX SDUFLDO GR FRQWUDWR
0tQLPR DQRV
&RPSHWrQFLD
([FOXVLYD GH 0LQLVWUR GH (VWDGR RX 6HFUHWiULR (VWDGXDO 0XQLFLSDO
/HL DUW 9
D &RQFHLWR
3DUD RV VHUYLoRV HVVHQFLDLV D $GPLQLVWUDomR 3~EOLFD SRVVXL D SUHUURJDWLYD GH RFXSDU SURYLVRULDPHQWH EHQV PyYHLV LPyYHLV SHVVRDO H VHUYLoRV YLQFXODGRV DR REMHWR GR FRQWUDWR L &RPR PHGLGD DFDXWHODWyULD SDUD DSXUDomR DGPLQLVWUDWLYD GH LUUHJXODULGDGHV QD H[HFXomR GR FRQWUDWR
2FXSDomR WHPSRUiULD E +LSyWHVHV
LL ,PHGLDWDPHQWH DSyV D UHVFLVmR XQLODWHUDO GR FRQWUDWR DGPLQLVWUDWLYR
2EMHWLYD DSXUDU D LUUHJXODULGDGH
2EMHWLYD DVVHJXUDU D FRQWLQXLGDGH GD SUHVWDomR GR VHUYLoR S~EOLFR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
087$%,/,'$'( '26 &2175$726 $'0,1,675$7,926
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
俶 &OiXVXODV UHJXODPHQWDUHV
$EUDQJH
$ PXWDELOLGDGH QmR GHFRUUHQWH GH DF RUGR QmR DOFDQoD DV FOiXVXODV HFRQ{PLFR ILQDQFHLUDV
$EUDQJrQFLD
1mR DEUDQJH
&OiXVXODV HFRQ{PLFR ILQDQFHLUDV
e GLUHLWR GR FRQWUDWDGR D PDQXWHQomR GR HTXLOtEULR HFRQ{PLFR ILQDQFHLUR /HL DUW ,, G
(TXLOtEULR HFRQ{PLFR ILQDQFHLUR
(TXLOtEULR HQWUH R HQFDUJR DVVXPLGR SHOR FRQWUDWDGR H D FRQWUDSUHVWDomR SHFXQLiULD DVVHJXUDGD SHOD $GPLQLVWUDomR
7HRULD HODERUDGD FRP YLVWDV D DQDOLVDU RV GLYHUVRV HOHPHQWRV GH LQVHJXUDQoD ULVFRV TXH FDUDFWHUL]DP D PXWDELOLGDGH GRV FRQWUDWRV DGPLQLVWUDWLYRV H VXDV UHVSHFWLYDV FRQVHTXrQFLDV
D &RQFHLWR
6mR RV ULVFRV TXH R SDUWLFXODU HQIUHQWD DR FRQWUDWDU FRP D $GPLQLVWUDomR E ÈOHDV ULVFRV
'LYLGLGRV HP
L ÈOHD RUGLQiULD HPSUHVDULDO
LL ÈOHD H[WUDRUGLQiULD
5LVFR LQHUHQWH DR QHJyFLR
L ÈOHD RUGLQiULD HPSUHVDULDO
5HVXOWDGR GD SUySULD IOXWXDomR GR PHUFDGR 7RGR FRQWUDWR SRVVXL GHWHUPLQDGR ULVFR HFRQ{PLFR GHQRPLQDGR iOHD FRQWUDWXDO RUGLQiULD
&RQVHTXrQFLD
3RU VHU SUHYLVtYHO R SDUWLFXODU UHVSRQGH SHOR ULVFR
L $OWHUDomR XQLODWHUDO GR FRQWUDWR
0XWDELOLGDGH GRV &RQWUDWRV $GPLQLVWUDWLYRV
, $GPLQLVWUDWLYD
(TXLOtEULR HFRQ{PLFR GRV FRQWUDWRV DGPLQLVWUDWLYRV
LL )DWR GR SUtQFLSH
4XDOLWDWLYD 4XDQWLWDWLYD
0HGLGDV GH RUGHP JHUDO QmR GLUHWDPHQWH UHODFLRQDGDV DR FRQWUDWR PDV TXH QHOH UHSHUFXWHP FDXVDQGR GHVHTXLOtEULR HFRQ{PLFR ILQDQFHLUR
LLL )DWR GD DGPLQLVWUDomR
&RQGXWD GD $GPLQLVWUDomR TXH FRPR SDUWH FRQWUDWXDO WRUQH LPSRVVtYHO D H[HFXomR GR FRQWUDWR RX SURYRTXH VHX GHVHTXLOtEULR HFRQ{PLFR
$ DGPLQLVWUDomR UHVSRQGH SHOR UHHVWDEHOHFLPHQWR GR HTXLOtEULR URPSLGR &RQVHTXrQFLD
'LUHLWR GR FRQWUDWDGR j PDQXWHQomR GR HTXLOtEULR HFRQ{PLFR ILQDQFHLUR
/HL DUW ,, G LL ÈOHD H[WUDRUGLQiULD
$FRQWHFLPHQWR H[WHUQR DR FRQWUDWR LPSUHYLVtYHO HVWUDQKR j YRQWDGH GDV SDUWHV &DXVD GHVHTXLOtEULR PXLWR JUDQGH H[FHVVLYDPHQWH RQHURVR SDUD R FRQWUDWDGR $SOLFDomR GD UHJUD UHEXV VLF VWDQWLEXV
&RQYHQomR QmR SHUPDQHFH HP YLJRU VH DV FRLVDV QmR SHUPDQHFHUHP FRPR HUDP QR PRPHQWR GD FHOHEUDomR ,, (FRQ{PLFD 7HRULD GD LPSUHYLVmR
6H GH XP ODGR D RFRUUrQFLD GH FLUFXQVWkQFLDV H[FHSFLRQDLV QmR OLEHUD R SDUWLFXODU GD REULJDomR FRQWUDWXDO SRU RXWUR QmR p MXVWR TXH HOH UHVSRQGD VR]LQKR SHORV SUHMXt]RV VRIULGRV
&DVR IRUWXLWR &DXVDV
)RUoD PDLRU
,QWHUIHUrQFLDV LPSUHYLVWDV &RQVHTXrQFLD
(P SULQFtSLR UHSDUWHP VH RV SUHMXt]RV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
(;7,1d2 '26 &2175$726 $'0,1,675$7,926
'HFRUUH GR DGLPSOHPHQWR GR FRQWUDWR
7pUPLQR QRUPDO GR YtQFXOR REULJDFLRQDO
2UGLQiULD
3RGH GHFRUUHU GH
L &RQFOXVmR GR REMHWR GR FRQWUDWR LL 7pUPLQR GR SUD]R GR FRQWUDWR
L ,OHJDOLGDGH QD FHOHEUDomR
([WLQomR GR FRQWUDWR GHFRUUHQWH GH
LL 9tFLR LQVDQiYHO QD OLFLWDomR
/HL DUW 'HVFRQVWLWXL RV HIHLWRV MXUtGLFRV Mi SURGX]LGRV
$ GHFODUDomR GH QXOLGDGH RSHUD UHWURDWLYDPHQWH
D $QXODomR &RQVHTXrQFLDV
,PSHGH RV HIHLWRV TXH R FRQWUDWR GHYHULD SURGX]LU
$ GHFODUDomR GH QXOLGDGH QmR H[RQHUD D $GPLQLVWUDomR GR GHYHU GH LQGHQL]DU R FRQWUDWDGR SHOR TXH HOH KRXYHU H[HFXWDGR DWp D GDWD GD GHFODUDomR /HL DUW
'HVID]LPHQWR GR FRQWUDWR DGPLQLVWUDWLYR GXUDQWH VXD H[HFXomR /HL DUW
e FOiXVXOD H[RUELWDQWH
$WR XQLODWHUDO GD DGPLQLVWUDomR
L 5HVFLVmR XQLODWHUDO DGPLQLVWUDWLYD
([WLQomR GRV &RQWUDWRV $GPLQLVWUDWLYRV
)DOWDV FRQWUDWXDLV
, 3RU FXOSD GR FRQWUDWDGR ,, 6HP FXOSD GR FRQWUDWDGR
LL 5HVFLVmR DPLJiYHO
,QWHUHVVH S~EOLFR &DVR IRUWXLWR RX IRUoD PDLRU
6LWXDo}HV HP TXH Ki GHVFXPSULPHQWR FRQWUDWXDO SRU SDUWH GD $GPLQLVWUDomR
ÒQLFR PRGR j GLVSRVLomR GR FRQWUDWDGR
([WUDRUGLQiULD
LLL 5HVFLVmR MXGLFLDO
2 FRQWUDWDGR VRPHQWH SRGH SOHLWHDU D UHVFLVmR GR FRQWUDWR SHOD YLD MXGLFLDO ([FHSWLR QRQ DGLPSOHWL FRQWUDFWXV 'HILQLomR
e D VXVSHQVmR GD H[HFXomR GR FRQWUDWR SHOD SDUWH SUHMXGLFDGD SRU PRWLYR GH LQDGLPSOrQFLD GR RXWUR FRQWUDWDQWH && DUW
E 5HVFLVmR
5HJUD JHUDO
,QRSRQLELOLGDGH GR SULQFtSLR FRQWUD D $GPLQLVWUDomR 3~EOLFD 3ULQFtSLR GD VXSUHPDFLD H GD FRQWLQXLGDGH GR VHUYLoR S~EOLFR
([FHomR GR FRQWUDWR QmR FXPSULGR
$WUDVR GH SDJDPHQWR VXSHULRU D GLDV &RQWUDWDGR SRGH SOHLWHDU D UHVFLVmR MXGLFLDO
$SOLFDELOLGDGH QRV FRQWUDWRV DGPLQLVWUDWLYRV
&DODPLGDGH S~EOLFD
$EUDQGDPHQWR
([FHWR
*UDYH SHUWXUEDomR GD RUGHP *XHUUD
/HL DUW ;9
LY 5HVFLVmR GH SOHQR GLUHLWR
'HFRUUH GH IDWR H[WLQWLYR
2EMHWR 6XMHLWR
,QGHSHQGH GH PDQLIHVWDomR GH YRQWDGH
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,'25(6 3Ã’%/,&26 $*(17(6 3Ã’%/,&26
&RQFHLWR
$JHQWHV S~EOLFRV VmR WRGRV DTXHOHV TXH H[HUFHP IXQomR S~EOLFD FRPR SUHSRVWRV GR (VWDGR
6mR DTXHOHV YLQFXODGRV DR (VWDGR SRU XPD UHODomR SHUPDQHQWH GH WUDEDOKR D &RQFHLWR
([HUFHP FRP FDUiWHU GH SHUPDQrQFLD XPD IXQomR S~EOLFD 6mR RV XVXDOPHQWH FRQKHFLGRV FRPR 6(59,'25(6 3Ã’%/,&26 ([HUFHP HIHWLYD SURILVVmR TXDQGR QR GHVHPSHQKR GH VXDV IXQo}HV
L 3URILVVLRQDOLGDGH E &DUDFWHUtVWLFDV
LL 'HILQLWLYLGDGH
5HJUD JHUDO R VHUYLGRU H[HUFH VXD IXQomR FRP FXQKR GH SHUPDQrQFLD )XQomR GH FDUiWHU WHPSRUiULR
([FHomR
LLL 5HODomR MXUtGLFD GH WUDEDOKR 0HPEURV GR 3RGHU -XGLFLiULR
, 9LWDOtFLR 2FXSDP FDUJR S~EOLFR
$JHQWH DGPLQLVWUDWLYR L 6HUYLGRU HVWDWXWiULR
0HPEURV GRV 7ULEXQDLV GH &RQWDV
3DUWH GD GRXWULQD FODVVLILFD RV RFXSDQWHV GH FDUJRV YLWDOtFLRV FRPR DJHQWHV SROtWLFRV
,, (IHWLYR
2FXSDQWH GH FDUJRV
,VRODGRV RX 2UJDQL]DGRV HP FDUUHLUD
,,, (P FRPLVVmR
F 7LSRV
$JHQWHV 3~EOLFRV
0HPEURV GR 0LQLVWpULR 3~EOLFR
5HJLPH OHJDO
(VWDWXWR MXUtGLFR HVWDWXWiULR
2FXSDP HPSUHJR S~EOLFR LL (PSUHJDGR S~EOLFR
5HJLPH FRQWUDWXDO
&/7
([HUFHP IXQomR S~EOLFD LLL 6HUYLGRU WHPSRUiULR
1HFHVVLGDGH WHPSRUiULD GH H[FHSFLRQDO LQWHUHVVH S~EOLFR 5HJLPH MXUtGLFR HVSHFLDO PLVWR
&) DUW ,;
D &RQFHLWR
6mR RV DJHQWHV S~EOLFRV TXH H[HUFHP D IXQomR SROtWLFD
$JHQWH SROtWLFR
3RVVXHP VWDWXV FRQVWLWXFLRQDO E &DUDFWHUtVWLFDV
俶 6XMHLWRV jV UHJUDV GD &RQVWLWXLomR )HGHUDO 俺1mR VXMHLWRV jV UHJUDV GRV VHUYLGRUHV S~EOLFRV
1mR HVWmR HP UHJUD VXMHLWRV j KLHUDUTXLD
5HFHEHP GR (VWDGR D FRPSHWrQFLD SDUD H[HFXWDU GHWHUPLQDGD DWLYLGDGH S~EOLFD
$JHQWH HP GHOHJDomR $JHQWH KRQRUtILFR
([
/HLORHLURV SHULWRV VHUYLoRV QRWDULDLV &RQFHVVLRQiULRV SHUPLVVLRQiULRV H DXWRUL]DWiULRV
&RODERUDP FRP R (VWDGR WHPSRUDULDPHQWH 1mR SRVVXHP YtQFXOR SURILVVLRQDO FRP D $GPLQLVWUDomR 3~EOLFD ([ -XUDGRV PHViULRV HWF
$JHQWH FUHGHQFLDGR
5HFHEHP D LQFXPErQFLD GH UHSUHVHQWDU D $GPLQLVWUDomR 3~EOLFD HP GHWHUPLQDGDV DWLYLGDGHV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,'25(6 3Ò%/,&26 1250$6 &2167,78&,21$,6 ,
1RUPD GH HILFiFLD FRQWLGD
'HYH SUHHQFKHU RV UHTXLVLWRV HVWDEHOHFLGRV QD OHL
5HTXLVLWRV SDUD DFHVVR D FDUJRV H HPSUHJRV S~EOLFRV
L %UDVLOHLUR
俺 (GLWDO QmR SRGH HVWDEHOHFHU
, 'HYHP VHU SUHYLVWRV HP OHL
UHTXLVLWRV RX UHVWULo}HV DR DFHVVR
,, 'HYHP REVHUYDU R SULQFtSLR GD UD]RDELOLGDGH H HVWDU UHODFLRQDGRV j QDWXUH]D GDV DWULEXLo}HV GR FDUJR RX HPSUHJR ,,, 'HYHP VH SDXWDU HP FULWpULRV REMHWLYRV
D &DUJR HPSUHJR H IXQomR S~EOLFD
&) DUW , 1D IRUPD GD OHL
LL (VWUDQJHLUR
1RUPD FRQVWLWXFLRQDO GH HILFiFLD OLPLWDGD
&) DUW , , 3UHVLGHQWH H 9LFH 3UHVLGHQWH GD 5HS~EOLFD
$FHVVR
,, 3UHVLGHQWH GD &kPDUD GRV 'HSXWDGRV H GR 6HQDGR )HGHUDO
LLL &DUJRV SULYDWLYRV GH EUDVLOHLUR QDWR
,,, 0LQLVWUR GR 6XSUHPR 7ULEXQDO )HGHUDO ,9 0LQLVWUR GH (VWDGR GD 'HIHVD
&) DUW
9 2ILFLDO GDV )RUoDV $UPDGDV 9, &DUUHLUD GLSORPiWLFD (IHWLYR
2EULJDWyULR
L &DUJR S~EOLFR
LL E &RQFXUVR S~EOLFR
3UD]R GH YDOLGDGH
俺 &RPLVVmR
/LYUH QRPHDomR H H[RQHUDomR 1mR SUHFLVD GH FRQFXUVR
(PSUHJR S~EOLFR
$Wp DQRV
3URUURJiYHO
YH] SRU LJXDO SHUtRGR
&) DUW ,,,
'XUDQWH R SUD]R LPSURUURJiYHO R DSURYDGR VHUi FRQYRFDGR FRP SULRULGDGH VREUH QRYRV FRQFXUVDGRV
&) DUW ,9 6~PXOD 67)
e XPD JDUDQWLD GH RUGHP FRQVWLWXFLRQDO
6HUYLGRUHV 3~EOLFRV
D &RQFHLWR
&RQIHULGD D RFXSDQWHV GH FDUJR S~EOLFR ()(7,92 9LVD DVVHJXUDU VXD SHUPDQrQFLD QR FDUJR HQTXDQWR DWHQGLGRV RV UHTXLVLWRV OHJDLV L $SURYDomR HP FRQFXUVR S~EOLFR SDUD FDUJR S~EOLFR GH SURYLPHQWR HIHWLYR
E 5HTXLVLWRV
LL 7UrV DQRV GH HIHWLYR H[HUFtFLR LLL $YDOLDomR HVSHFLDO GH GHVHPSHQKR SRU FRPLVVmR LQVWLWXtGD SDUD HVVD ILQDOLGDGH L 6HQWHQoD MXGLFLDO WUDQVLWDGD HP MXOJDGR
(VWDELOLGDGH
LL 3URFHVVR DGPLQLVWUDWLYR DVVHJXUDGD DPSOD GHIHVD F +LSyWHVHV GH SHUGD GR FDUJR DSyV D HVWDELOLGDGH
LLL 3URFHGLPHQWR GH DYDOLDomR SHULyGLFD GH GHVHPSHQKR
1RUPD FRQVWLWXFLRQDO GH HILFiFLD OLPLWDGD 1D IRUPD GD OHL FRPSOHPHQWDU &) DUW
LY &XPSULPHQWR GRV OLPLWHV FRP D GHVSHVD FRP SHVVRDO DWLYR H LQDWLYR
俺 9HGDGD
1RUPD FRQVWLWXFLRQDO GH HILFiFLD OLPLWDGD &) DUW
$FXPXODomR UHPXQHUDGD GH FDUJRV HPSUHJRV RX IXQo}HV &) DUW ;9, H ;9,, FDUJRV GH SURIHVVRU &DUJR GH SURIHVVRU FDUJR WpFQLFR RX FLHQWtILFR +DYHQGR FRPSDWLELOLGDGH GH KRUiULRV
([FHWR
$FXPXODomR
FDUJRV SULYDWLYRV GD iUHD GH VD~GH 0DQGDWR GH YHUHDGRU 3HUPLVVmR SDUD MXt]HV H[HUFHUHP R PDJLVWpULR
&) DUW ,,, &) DUW S ~QLFR ,
3HUPLVVmR SDUD PHPEURV GR 0LQLVWpULR 3~EOLFR H[HUFHUHP R PDJLVWpULR
俺 9HGDGD
DFXPXODomR
$FXPXODomR GH UHPXQHUDomR FRP SURYHQWRV GH DSRVHQWDGRULD GR UHJLPH GH SUHYLGrQFLD SUySULR GRV VHUYLGRUHV 5336
&) DUW ,, G
3URYHQWRV GH DSRVHQWDGRULD GR 5336 FRP 5HPXQHUDomR GH FDUJR HPSUHJR RX IXQomR &DUJRV DFXPXOiYHLV QD IRUPD GD &RQVWLWXLomR
([FHWR SDUD &) DUW
&DUJRV HOHWLYRV &DUJRV HP FRPLVVmR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,'25(6 3Ò%/,&26 1250$6 &2167,78&,21$,6 ,,
$R VHUYLGRU S~EOLFR FLYLO p JDUDQWLGR R GLUHLWR j OLYUH DVVRFLDomR VLQGLFDO
'LUHLWR D $VVRFLDomR 6LQGLFDO
1RUPD FRQVWLWXFLRQDO GH HILFiFLD SOHQD )L[DomR GH YHQFLPHQWRV GRV VHUYLGRUHV S~EOLFRV
俺1mR SRGH VHU REMHWR GH FRQYHQomR FROHWLYD 6~PXOD 67)
)L[DGD HP SDUFHOD ~QLFD
0RGDOLGDGH GH UHPXQHUDomR FRQIHULGD D FHUWRV FDUJRV
9HGDGR R DFUpVFLPR GH JUDWLILFDomR DGLFLRQDO DERQR SUrPLR YHUED GH UHSUHVHQWDomR RX RXWUD HVSpFLH UHPXQHUDWyULD
&KHIHV GR 3RGHU ([HFXWLYR
0LQLVWURV GH (VWDGR 2EULJDWyULR SDUD
D 6XEVtGLR
6HFUHWiULRV (VWDGXDLV H 0XQLFLSDLV 3RGHU /HJLVODWLYR 3RGHU -XGLFLiULR
0HPEURV GR
0LQLVWpULR 3~EOLFR 7ULEXQDLV GH &RQWDV
3RGHP DGRWDU
6HUYLGRUHV S~EOLFRV RUJDQL]DGRV HP FDUUHLUD
E 9HQFLPHQWRV UHPXQHUDomR HP VHQWLGR HVWULWR
$SOLFDGR DRV VHUYLGRUHV HVWDWXWiULRV
5HWULEXLomR SHFXQLiULD SHOR H[HUFtFLR GR FDUJR S~EOLFR &RPSRVLomR
9HQFLPHQWRV
9HQFLPHQWR EiVLFR GR FDUJR
9DQWDJHQV SHFXQLiULDV SHUPDQHQWHV
2 YHQFLPHQWR GR FDUJR HIHWLYR DFUHVFLGR GH YDQWDJHQV SHUPDQHQWHV p LUUHGXWtYHO
6HUYLGRUHV 3~EOLFRV
F 6DOiULR
&RQWUDSUHVWDomR SHFXQLiULD SDJD DRV HPSUHJDGRV S~EOLFRV 6XEVtGLR GR 0LQLVWUR GR 67) L 8QLmR
6LVWHPD 5HPXQHUDWyULR
)L[DGR SRU OHL GH LQLFLDWLYD GR 67)
e R WHWR JHUDO SDUD WRGRV RV 3RGHUHV HP WRGDV DV HVIHUDV GD )HGHUDomR 3RGHU ([HFXWLYR
3RGHU /HJLVODWLYR
6XEVtGLR GR *RYHUQDGRU 6XEVtGLR GRV 'HSXWDGRV (VWDGXDLV 'LVWULWDLV
6XEVtGLR GRV 'HVHPEDUJDGRUHV GR 7ULEXQDO GH -XVWLoD OLPLWDGR D GR VXEVtGLR GR 0LQLVWUR GR 67) LL (VWDGRV ')
3RGHU -XGLFLiULR
/LPLWH DSOLFiYHO WDPEpP DRV
, 0HPEURV GR 0LQLVWpULR 3~EOLFR
,, 3URFXUDGRUHV ,,, 'HIHQVRUHV 3~EOLFRV
G /LPLWHV
)DFXOWDGR DRV (VWDGRV ') IL[DU FRPR OLPLWH ~QLFR R VXEVtGLR GRV 'HVHPEDUJDGRUHV GR 72EV
LLL 0XQLFtSLRV
0HGLDQWH HPHQGD j &RQVWLWXLomR (VWDGXDO
1mR VH DSOLFD R OLPLWH DR VXEVtGLR GRV 'HSXWDGRV (VWDGXDLV 'LVWULWDLV QHP GRV 9HUHDGRUHV
6XEVtGLR GR 3UHIHLWR
&) DUW LY 6DOiULR GRV HPSUHJDGRV S~EOLFRV
$SOLFDELOLGDGH GR WHWR VRPHQWH jV HVWDWDLV TXH UHFHEHUHP UHFXUVRV GR HQWH SROtWLFR SDUD SDJDPHQWR GH GHVSHVDV GH SHVVRDO RX GH FXVWHLR HP JHUDO
Y 3DUFHODV GH FDUiWHU LQGHQL]DWyULR SUHYLVWDV HP OHL
1mR VmR FRPSXWDGDV QD DSOLFDomR GR WHWR &) DUW
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,'25(6 3Ã’%/,&26 1250$6 &2167,78&,21$,6 ,,, ([HUFLGR QRV WHUPRV H QRV OLPLWHV GHILQLGRV HP OHL HVSHFtILFD
'LUHLWR GH *UHYH
67)
1RUPD FRQVWLWXFLRQDO GH HILFiFLD OLPLWDGD &) DUW 9,,
$SOLFDomR HQTXDQWR QmR HGLWDGD D OHL TXH UHJXODPHQWD R LQFLVR 9,, GR DUW GD &) QR TXH FRXEHU GD OHL GH JUHYH YLJHQWH QR VHWRU SULYDGR
6HUYLGRUHV S~EOLFRV WLWXODUHV GH FDUJR HIHWLYR D $EUDQJrQFLD
$SOLFD VH R 5HJLPH *HUDO GH 3UHYLGrQFLD 6RFLDO &) DUW †
&DUJR HP FRPLVVmR
俺 1mR VH DSOLFD
DR RFXSDQWH GH
(PSUHJR S~EOLFR &DUJR WHPSRUiULR
3DUD FRQFHVVmR GH DSRVHQWDGRULD R TXH LPSRUWD p R WHPSR GH FRQWULEXLomR H QmR R WHPSR GH VHUYLoR 俺
L 5HJLPH FRQWULEXWLYR E &DUDFWHUtVWLFDV
LL 5HJLPH VROLGiULR
/HJLWLPRX D H[LJrQFLD GH FRQWULEXLomR GRV DSRVHQWDGRV H SHQVLRQLVWDV &) DUW †
&DOFXODGRV D SDUWLU GDV UHPXQHUDo}HV XWLOL]DGDV FRPR EDVH SDUD FRQWULEXLomR GR VHUYLGRU QD IRUPD GD OHL F 3URYHQWRV GH DSRVHQWDGRULD
5HSUHVHQWRX R ILP GDV DSRVHQWDGRULDV FRP SURYHQWRV LQWHJUDLV SDUD RV VHUYLGRUHV TXH LQJUHVVDUDP QR VHUYLoR S~EOLFR GHSRLV GD (& $ (& VXSULPLX D UHJUD TXH DVVHJXUDYD SDULGDGH HQWUH RV SURYHQWRV GH DSRVHQWDGRULD H SHQVmR H D UHPXQHUDomR GRV VHUYLGRUHV DWLYRV 3URYHQWRV SURSRUFLRQDLV DR WHPSR GH FRQWULEXLomR L $FLGHQWH HP VHUYLoR LL 0ROpVWLD SURILVVLRQDO
LLL 'RHQoD JUDYH FRQWDJLRVD RX LQFXUiYHO L ,QYDOLGH] SHUPDQHQWH
6HUYLGRUHV 3~EOLFRV
俺 ([FHWR
LY 6HUYLGRUHV DSRVHQWDGRV SRU LQYDOLGH] TXH WHQKDP LQJUHVVDGR QR VHUYLoR S~EOLFR DWp (&
2V SURYHQWRV VHUmR FDOFXODGRV FRP EDVH QR YDORU GD UHPXQHUDomR GR FDUJR HIHWLYR HP TXH VH GHU D DSRVHQWDGRULD DVVHJXUDGD D SDULGDGH GH UHDMXVWH FRP RV DWLYRV
5HJLPH GH 3UHYLGrQFLD 3UySULR GRV 6HUYLGRUHV 3~EOLFRV
3URYHQWRV SURSRUFLRQDLV DR WHPSR GH FRQWULEXLomR LL &RPSXOVyULD
DQRV 5HTXLVLWR GH WHPSR PtQLPR SDUD RV GRLV FDVRV
LLL 9ROXQWiULD G +LSyWHVHV GH DSRVHQWDGRULD
, 3URYHQWRV QmR SURSRUFLRQDLV DR WHPSR GH FRQWULEXLomR
DQRV GH HIHWLYR H[HUFtFLR QR VHUYLoR S~EOLFR DQRV QR FDUJR HIHWLYR HP TXH VH GDUi D DSRVHQWDGRULD
3URYHQWRV FDOFXODGRV D SDUWLU GDV UHPXQHUDo}HV XWLOL]DGDV FRPR EDVH SDUD DV FRQWULEXLo}HV GR VHUYLGRU ,GDGH PtQLPD +RPHP
0XOKHU
&DVRV
DQRV
7HPSR GH FRQWULEXLomR
DQRV
,GDGH PtQLPD
DQRV
7HPSR GH FRQWULEXLomR
DQRV
2EV 3URIHVVRU H[FOXVLYR GD HGXFDomR LQIDQWLO H GR HQVLQR IXQGDPHQWDO H PpGLR 7HPSR GH FRQWULEXLomR H LGDGH UHGX]LGRV HP DQRV 1mR YDOH SDUD SURIHVVRUHV XQLYHUVLWiULRV ,, 3URYHQWRV SURSRUFLRQDLV DR WHPSR GH FRQWULEXLomR
+RPHP 0XOKHU
DQRV
,GDGH PtQLPD
,GDGH PtQLPD
DQRV
%HQHItFLR FRQFHGLGR DR VHUYLGRU TXH SHUPDQHFH WUDEDOKDQGR DSyV WHU FXPSULGR WRGRV RV UHTXLVLWRV SDUD D DSRVHQWDGRULD YROXQWiULD QmR SURSRUFLRQDO DR WHPSR GH FRQWULEXLomR H $ERQR GH SHUPDQrQFLD
6HUYLGRU ILFD GLVSHQVDGR GR SDJDPHQWR GD FRQWULEXLomR SUHYLGHQFLiULD DWp FRPSOHWDU DV H[LJrQFLDV SDUD D DSRVHQWDGRULD FRPSXOVyULD
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,'25(6 3Ò%/,&26 /(, , $WR DGPLQLVWUDWLYR SHOR TXDO VH SUHHQFKH R FDUJR YDJR L 2ULJLQiULR D &RQFHLWR
9tQFXOR LQLFLDO GR VHUYLGRU DR FDUJR 1RPHDomR 'HSHQGH GH YtQFXOR DQWHULRU FRP D $GPLQLVWUDomR 3~EOLFD
3RGH VHU LL 'HULYDGR
9HGDGRV
$&(662 RX $6&(162 H D 75$16)(5Ç1&,$
'HFODUDGRV LQFRQVWLWXFLRQDLV
)RUPD GH SURYLPHQWR RULJLQiULR L 1RPHDomR
&DUJR HIHWLYR PHGLDQWH FRQFXUVR S~EOLFR &DUJR HP FRPLVVmR
1mR H[LJH FRQFXUVR S~EOLFR
)RUPD GH SURYLPHQWR GHULYDGR LL 3URPRomR
)RUPD GH YDFkQFLD GR FDUJR DQWHULRU (P FDUJR HIHWLYR RUJDQL]DGR HP FDUUHLUD )RUPD GH SURYLPHQWR GHULYDGR ,QYHVWLGXUD GR VHUYLGRU HP FDUJR GH DWULEXLo}HV FRPSDWtYHLV FRP D OLPLWDomR TXH WHQKD VRIULGR HP VXD FDSDFLGDGH ItVLFD RX PHQWDO
LLL 5HDGDSWDomR
9HULILFDGD HP LQVSHomR PpGLFD &DVR QmR KDMD FDUJR YDJR R VHUYLGRU ILFDUi FRPR H[FHGHQWH )RUPD GH SURYLPHQWR GHULYDGR -XQWD PpGLFD RILFLDO GHFODUD LQVXEVLVWHQWHV RV PRWLYRV GD DSRVHQWDGRULD
, 3RU LQYDOLGH]
LY 5HYHUVmR
3URYLPHQWR
(QFRQWUDQGR VH SURYLGR R FDUJR R VHUYLGRU ILFDUi FRPR H[FHGHQWH 1R LQWHUHVVH GD $GPLQLVWUDomR 3~EOLFD
5HWRUQR j DWLYLGDGH GR DSRVHQWDGR
L 7HQKD VROLFLWDGR D UHYHUVmR ,, 9ROXQWiULR
LL $ DSRVHQWDGRULD WHQKD VLGR YROXQWiULD 5HTXLVLWRV
LLL (VWiYHO TXDQGR QD DWLYLGDGH LY $SRVHQWDGRULD RFRUULGD QRV DQRV DQWHULRUHV j VROLFLWDomR
E )RUPDV
Y +DMD FDUJR YDJR
/HL
)RUPD GH SURYLPHQWR GHULYDGR 5HWRUQR j DWLYLGDGH GR VHUYLGRU HP GLVSRQLELOLGDGH Y $SURYHLWDPHQWR
(QTXDQWR HP GLVSRQLELOLGDGH p UHPXQHUDGR SURSRUFLRQDOPHQWH DR WHPSR GH VHUYLoR H QmR DR WHPSR GH FRQWULEXLomR ([FOXVLYR SDUD VHUYLGRU HVWiYHO )RUPD GH SURYLPHQWR GHULYDGR 5HWRUQR j DWLYLGDGH GR LOHJDOPHQWH GHPLWLGR 5HVVDUFLPHQWR GH WRGRV RV SUHMXt]RV VRIULGRV 2 VHUYLGRU VHUi DSURYHLWDGR HP RXWUR FDUJR RX ([WLQWR R FDUJR
YL 5HLQWHJUDomR (YHQWXDO RFXSDQWH GR FDUJR SRGHUi VHU
)LFDUi HP GLVSRQLELOLGDGH FRP UHPXQHUDomR SURSRUFLRQDO DR WHPSR GH VHUYLoR , 5HFRQGX]LGR DR FDUJR GH RULJHP VHP GLUHLWR j LQGHQL]DomR ,, $SURYHLWDGR HP RXWUR FDUJR ,,, 3RVWR HP GLVSRQLELOLGDGH FRP UHPXQHUDomR SURSRUFLRQDO DR WHPSR GH VHUYLoR
([FOXVLYR SDUD VHUYLGRU HVWiYHO )RUPD GH SURYLPHQWR GHULYDGR
YLL 5HFRQGXomR
, (VWiJLR SUREDWyULR UHODWLYR D RXWUR FDUJR &DVRV
,QDELOLWDomR 'HVLVWrQFLD 6~PXOD $*8
,, 5HLQWHJUDomR GR DQWHULRU RFXSDQWH
([FOXVLYR SDUD VHUYLGRU HVWiYHO $WR ELODWHUDO HQWUH R DSURYDGR HP FRQFXUVR S~EOLFR H D $GPLQLVWUDomR 3~EOLFD D &RQFHLWR
3RVVH
1mR FRQIXQGLU FRP 120($d2 3UD]R SDUD 3266(
E 3UD]R
$WR XQLODWHUDO GD $GPLQLVWUDomR 3~EOLFD IRUPD GH SURYLPHQWR RULJLQiULR GR FDUJR
GLDV FRQWDGRV GD SXEOLFDomR GR DWR GH SURYLPHQWR 2EV
3UD]R SDUD R (;(5&Ë&,2
6HUi WRUQDGR VHP HIHLWR R DWR GH SURYLPHQWR VH D SRVVH QmR RFRUUHU QR SUD]R SUHYLVWR GLDV FRQWDGRV GD GDWD GD SRVVH
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,'25(6 3Ò%/,&26 /(, ,, 6mR DV KLSyWHVHV SUHYLVWDV QD OHL QDV TXDLV R VHUYLGRU GHVRFXSD R FDUJR WRUQDQGR R SDVVtYHO GH VHU SUHHQFKLGR SRU RXWUD SHVVRD
, 5HSURYDomR HP HVWiJLR SUREDWyULR &DUJR HIHWLYR
'H RItFLR
,, 7RPD SRVVH H QmR HQWUD HP H[HUFtFLR QR SUD]R OHJDO
$ SHGLGR
/HL DUW $ MXt]R GD DXWRULGDGH FRPSHWHQWH &DUJR HP FRPLVVmR
L ([RQHUDomR
$ SHGLGR /HL DUW
([FHVVR GH GHVSHVDV FRP SHVVRDO DWLYR H LQDWLYR 2EV
)RUPDV
&) DUW
1mR p VDQomR
e VDQomR SHQDOLGDGH GLVFLSOLQDU D VHU DSOLFDGD QRV FDVRV OHJDOPHQWH SUHYLVWRV
9DFkQFLD
LL 'HPLVVmR
/HL DUW
LLL 3URPRomR LY 5HDGDSWDomR
Y $SRVHQWDGRULD
3DVVDJHP GR VHUYLGRU GD DWLYLGDGH SDUD D LQDWLYLGDGH VHJXQGR DV UHJUDV SUySULDV
YL )DOHFLPHQWR
YLL 3RVVH HP RXWUR FDUJR LQDFXPXOiYHO 2 HVWDWXWR QmR LQFOXL QR URO GH YDFkQFLDV D UHFRQGXomR &RQWXGR QD SUiWLFD TXDQGR GH VXD RFRUUrQFLD Ki SURYLPHQWR GH XP FDUJR H DR PHVPR WHPSR RXWUR ILFD YDJR 2EV
/HL
)RUPDV GH SURYLPHQWR H YDFkQFLD
3URPRomR H UHDGDSWDomR
/HL 'RXWULQD
3URPRomR UHDGDSWDomR H UHFRQGXomR
3HUtRGR GH H[HUFtFLR GR VHUYLGRU GXUDQWH R TXDO p REVHUYDGD H DSXUDGD SHOD $GPLQLVWUDomR D FRQYHQLrQFLD RX QmR GH VXD SHUPDQrQFLD QR VHUYLoR S~EOLFR PHGLDQWH D YHULILFDomR GRV UHTXLVLWRV HVWDEHOHFLGRV HP OHL SDUD D DTXLVLomR GD HVWDELOLGDGH DQRV
3UD]R
L $VVLGXLGDGH
(VWiJLR 3UREDWyULR
LL 'LVFLSOLQD
LLL &DSDFLGDGH GH LQLFLDWLYD
&ULWpULRV
/HL DUW
LY 3URGXWLYLGDGH Y 5HVSRQVDELOLGDGH 'HVORFDPHQWR GR 6(59,'25 QR kPELWR GR PHVPR TXDGUR FRP RX VHP PXGDQoD GH VHGH /HL DUW
5HPRomR
)RUPDV
L $ SHGLGR
, $ FULWpULR GD $GPLQLVWUDomR 3~EOLFD ,, ,QGHSHQGHQWHPHQWH GR LQWHUHVVH GD $GPLQLVWUDomR 3~EOLFD
LL 'H RItFLR 2EV
1mR p IRUPD GH SURYLPHQWR RX YDFkQFLD
'HVORFDPHQWR GR &$5*2 GH SURYLPHQWR HIHWLYR RFXSDGR RX YDJR QR kPELWR GR TXDGUR JHUDO GH SHVVRDO SDUD RXWUR yUJmR RX HQWLGDGH GR PHVPR 3RGHU
5HGLVWULEXLomR
/HL DUW 2EV
1mR p IRUPD GH SURYLPHQWR RX YDFkQFLD
6HUYLGRUHV LQYHVWLGRV HP FDUJR RX IXQomR GH GLUHomR RX FKHILD H RV RFXSDQWHV GH FDUJR GH 1DWXUH]D (VSHFLDO WHUmR VXEVWLWXWRV LQGLFDGRV QR UHJLPHQWR LQWHUQR RX QR FDVR GH RPLVVmR SUHYLDPHQWH GHVLJQDGRV SHOR GLULJHQWH Pi[LPR GR yUJmR RX HQWLGDGH
6XEVWLWXLomR
/HL DUWV H
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,'25(6 3Ã’%/,&26 352&(662 $'0,1,675$7,92 ',6&,3/,1$5 3$' ,OtFLWR DVVRFLDGR DR H[HUFtFLR GR FDUJR
,OtFLWRV DGPLQLVWUDWLYRV GLVFLSOLQDUHV
$SXUD IDWRV UHODFLRQDGRV j GLVFLSOLQD GRV VHUYLGRUHV
L 2EMHWLYD
D $EUDQJrQFLD
6HUYLGRUHV HVWDWXWiULRV LL 6XEMHWLYD
(IHWLYR
2FXSDQWHV GH FDUJR
&RPLVVmR
$XWRULGDGH TXH WLYHU FLrQFLD GH LUUHJXODULGDGH QR VHUYLoR S~EOLFR p REULJDGD D SURPRYHU D VXD DSXUDomR PHGLDQWH
,QWURGXomR
E &LrQFLD GH LUUHJXODULGDGH
3$'
'HYHU GH DSXUDomR /HL DUW 1mR SRGH VHU DQ{QLPD
L ,GHQWLILFDomR H HQGHUHoR GR GHQXQFLDQWH 5HTXLVLWRV GH DGPLVVLELOLGDGH
F 'HQ~QFLD
6LQGLFkQFLD
LL )RUPXODGD SRU HVFULWR
)RUPDO
LLL 2 REMHWR GD GHQ~QFLD GHYH FRQILJXUDU LQIUDomR GLVFLSOLQDU 'HYHU GR VHUYLGRU
/HL DUW 9, H ;,,
(QFDPLQKDGD SHOD YLD KLHUiUTXLFD H DSUHFLDGD SHOD DXWRULGDGH VXSHULRU jTXHOD FRQWUD D TXDO p IRUPXODGD
G 5HSUHVHQWDomR
3$' 3URFHGLPHQWR DGPLQLVWUDWLYR TXH YLVD j DSXUDomR GH LUUHJXODULGDGH
6LQGLFkQFLD HP VHQWLGR DPSOR
3URFHGLPHQWR DGPLQLVWUDWLYR LQYHVWLJDWLYR GLVFULFLRQiULR H GH QDWXUH]D LQTXLVLWRULDO
L 6LQGLFkQFLD LQTXLVLWRULDO
D &RQFHLWR 7LSRORJLD
LL 6LQGLFkQFLD FRQWUDGLWyULD
3URFHGLPHQWR FpOHUH GHVWLQDGR D DSXUDU UHVSRQVDELOLGDGH GH PHQRU JUDYLGDGH /HL
RX VHUYLGRUHV HVWiYHLV
E &RPLVVmR
$ /HL QmR HVWDEHOHFH QHQKXPD IDVH
6LQGLFkQFLD
F )DVHV
5HFRPHQGD PHVPR UHJUDPHQWR GR 3$' 5LWR 2UGLQiULR
'RXWULQD
L $UTXLYDPHQWR GR SURFHVVR G &RQVHTXrQFLDV
LL $SOLFDomR GH SHQDOLGDGH GH
$GYHUWrQFLD 6XVSHQVmR GH DWp GLDV
LLL ,QVWDXUDomR GH 3$' L $GYHUWrQFLD H 3HQDOLGDGHV
I 3UD]RV
LL 6XVSHQVmR SRU DWp GLDV
&RQFOXVmR
$Wp GLDV 3URUURJDomR
3RU LJXDO SUD]R
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
6(59,'25(6 3Ò%/,&26 3$' 5,72 25',1È5,2
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
L 1R H[HUFtFLR GH VXDV DWULEXLo}HV 28
,QVWUXPHQWR GHVWLQDGR D DSXUDU UHVSRQVDELOLGDGH GH VHUYLGRU SRU LQIUDomR SUDWLFDGD
LL 4XH WHQKD UHODomR FRP DV DWULEXLo}HV GR FDUJR HP TXH VH HQFRQWUH LQYHVWLGR
L 6XVSHQVmR SRU PDLV GH GLDV 2EULJDWyULR TXDQGR LOtFLWR SUDWLFDGR HQVHMDU SHQDOLGDGH GH
&RQFHLWR
LL 2XWUDV PDLV JUDYHV
, 'HPLVVmR
$SRVHQWDGRULD
,, &DVVDomR GH
'LVSRQLELOLGDGH
,,, 'HVWLWXLomR GH FDUJR HP FRPLVVmR )RUPDGD SRU WUrV VHUYLGRUHV HVWiYHLV 2 SUHVLGHQWH GD FRPLVVmR GHYH WHU
&RPLVVmR
3UD]RV
L &DUJR HIHWLYR GH PHVPR QtYHO RX VXSHULRU H RX LL 1tYHO GH HVFRODULGDGH LJXDO RX VXSHULRU DR GR LQGLFLDGR 1mR H[FHGHUi GLDV FRQWDGRV GD SXEOLFDomR GR DWR FRQVWLWXWLYR GD FRPLVVmR
&RQFOXVmR GR 3$'
3URUURJiYHO SRU LJXDO SHUtRGR
,QLFLD FRP D SXEOLFDomR GR DWR TXH FRQVWLWXLU D FRPLVVmR D ,QVWDXUDomR
$QiOLVH SUpYLD HP TXH D DXWRULGDGH FRPSHWHQWH GHFLGH VH GHWHUPLQD RX QmR D LQVWDXUDomR GR 3$'
'HYH VHU SUHFHGLGD GH H[DPH GH DGPLVVLELOLGDGH
'HYH KDYHU LQGtFLRV GH
L 0DWHULDOLGDGH IDWR H RX LL $XWRULD VXMHLWR
%XVFD HOHPHQWRV SDUD DPSDUDU D IRUPDomR GH FRQYLFomR GD FRPLVVmR H GD DXWRULGDGH MXOJDGRUD 2EMHWLYD D FROHWD GH SURYDV $WRV GH LQVWUXomR SUREDWyULD URO H[HPSOLILFDWLYR
'LOLJrQFLDV 3HUtFLDV 'HSRLPHQWRV GH WHVWHPXQKDV ,QWHUURJDWyULR GR DFXVDGR
Ã’OWLPR DWR GD LQVWUXomR ,QVWUXPHQWR GH DFXVDomR IRUPDO GR VHUYLGRU
L ,QVWUXomR
3$' 5LWR 2UGLQiULR
6HUYLGRU SDVVD GH DFXVDGR SDUD ,1',&,$'2
,QGLFLDomR
)DVHV
$ LQGLFLDomR GHOLPLWD D DFXVDomR TXDQWR D
L $XWRULD
4XDOLILFD R VHUYLGRU
&RQWUDGLWyULR 'HVFUHYH RV IDWRV
LL 0DWHULDOLGDGH E ,QTXpULWR DGPLQLVWUDWLYR
'LUHLWR GH FLrQFLD 'LUHLWR GH FRQWHVWDomR
$SRQWD DV SURYDV )RUPD
)RUPD HVFULWD 3ULQFtSLR GR IRUPDOLVPR PRGHUDGR LQVWUXPHQWDOLGDGH GDV IRUPDV
1mR DSUHVHQWDomR GD GHIHVD QR SUD]R
LL 'HIHVD
5HYHOLD
(IHLWRV GD UHYHOLD
L 'HVLJQDomR GH GHIHQVRU GDWLYR
6HUYLGRU HVWiYHO RX QmR 5HTXLVLWRV
LL &RPSHWrQFLD SDUD GHVLJQDU R GHIHQVRU GDWLYR
&DUJR H RX (VFRODULGDGH
$XWRULGDGH LQVWDXUDGRUD
'LULJLGR j DXWRULGDGH LQVWDXUDGRUD 0HQomR jV SURYDV
LLL 5HODWyULR
'HYH VHU FRQFOXVLYR TXDQWR j
'HYH FRQWHU JUDX GH FRQYLFomR
, ,QRFrQFLD 'LVSRVLWLYR OHJDO WUDQVJUHGLGR
,, 5HVSRQVDELOLGDGH
&LUFXQVWkQFLDV
F -XOJDPHQWR 'HYHP VHU FRQFHGLGRV D SDUWLU GD IDVH GR LQTXpULWR DGPLQLVWUDWLYR
&RQWUDGLWyULR H DPSOD GHIHVD
/HL DUW
&DEtYHO
$IDVWDPHQWR SUHYHQWLYR
0HGLGD FDXWHODU 3UD]R
3DUD TXH VHUYLGRU QmR YHQKD LQIOXLU QD DSXUDomR 1mR p SHQDOLGDGH
$Wp GLDV 3URUURJiYHO SRU LJXDO SHUtRGR
$JUDYDQWHV $WHQXDQWHV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,'25(6 3Ò%/,&26 3$' 5,72 680È5,2 ( 35$=26 &DUJRV L $FXPXODomR LOHJDO GH
(PSUHJRV RX )XQo}HV S~EOLFDV
LL $EDQGRQR GH FDUJR
D +LSyWHVHV
$XVrQFLD LQWHQFLRQDO SRU PDLV GH GLDV /HL DUW )DOWD LQMXVWLILFDGD SRU GLDV
LLL ,QDVVLGXLGDGH KDELWXDO
,QWHUSRODGDPHQWH HP SHUtRGR GH PHVHV
5LWR 6XPiULR
/HL DUW VHUYLGRUHV HVWiYHLV
E &RPLVVmR
L ,QVWDXUDomR
F )DVHV
,QGLFDomR
$XWRULD 0DWHULDOLGDGH GD WUDQVJUHVVmR
, ,QGLFLDomR LL ,QVWUXomR VXPiULD
,, 'HIHVD
,,, 5HODWyULR
3$' 5LWR 6XPiULR H 3UD]RV
LLL -XOJDPHQWR
3UD]R SDUD FRQFOXVmR PDLV SUD]R SDUD MXOJDPHQWR
L 6LQGLFkQFLD D 3UD]R GR SURFHVVR
GLDV
LL 3$' 5LWR RUGLQiULR LLL 3$' 5LWR VXPiULR
GLDV
GLDV
L 3HQDV H[SXOVLYDV FDSLWDLV
3UD]RV
LL 6XVSHQVmR LLL $GYHUWrQFLD E 3UHVFULomR
DQRV GLDV , &RPHoD D FRUUHU
PRPHQWRV
DQRV
,, ,QWHUURPSH
,,, 5HFRPHoD
$ SDUWLU GH TXDQGR R IDWR VH WRUQRX FRQKHFLGR $EHUWXUD VLQGLFkQFLD ,QVWDXUDomR 3$' $SyV SUD]R GHFLVmR ILQDO SUD]R SURFHVVR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
&21&(,72 '( 6(59,d2 3Ã’%/,&2
,QWURGXomR
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
$WXDOPHQWH DOJXQV DXWRUHV DGRWDP XP FRQFHLWR DPSOR SDUD VHUYLoR S~EOLFR HQTXDQWR RXWURV DGRWDP XP FRQFHLWR UHVWULWR QmR VH SRGHQGR DILUPDU FRQWXGR TXH XP VHMD PDLV FRUUHWR TXH R RXWUR
2V VHUYLoRV S~EOLFRV LQFOXLULDP WRGDV DV DWLYLGDGHV GR (VWDGR IXQomR S~EOLFD
/HJLVODomR
俶 ,QFOXL 0DLV DPSOR
-XULVGLomR
([HFXomR
2EV
2 &HVSH DGRWRX HVVH FRQFHLWR 7&8 DR FRQVLGHUDU HUUDGD D DILUPDWLYD VHJXQGR D TXDO R ') GHYHULD SUHVWDU RV VHUYLoRV S~EOLFRV SUHYLVWRV FRPR GH FRPSHWrQFLD GRV (VWDGRV H GRV 0XQLFtSLRV FXPXODWLYDPHQWH
2V VHUYLoRV S~EOLFRV DEUDQJHULDP DV DWLYLGDGHV GH DGPLQLVWUDomR S~EOLFD HP VHQWLGR PDWHULDO ([FOXL
/HJLVODomR -XULVGLomR 6HUYLoR S~EOLFR HP VHQWLGR HVWULWR 6HUYLoR S~EOLFR
$PSOR
俶 ,QFOXL
([HFXomR
6HUYLoRV DGPLQLVWUDWLYRV GD $GPLQLVWUDomR 3~EOLFD
3ROtFLD DGPLQLVWUDWLYD )RPHQWR ,QWHUYHQomR LQGLUHWD QR GRPtQLR HFRQ{PLFR
&RQFHLWR GH 6HUYLoR 3~EOLFR
2V VHUYLoRV S~EOLFRV DEUDQJHULDP
L 6HUYLoR S~EOLFR HP VHQWLGR HVWULWR
3UHVWDo}HV GH XWLOLGDGHV RX FRPRGLGDGHV PDWHULDLV HIHWXDGDV ',5(7$0(17( j SRSXODomR SHOD $GPLQLVWUDomR 3~EOLFD RX VHXV GHOHJDWiULRV
LL 6HUYLoRV DGPLQLVWUDWLYRV GD $GPLQLVWUDomR 3~EOLFD
$WLYLGDGHV LQWHUQDV DWLYLGDGHV PHLR
GD $GPLQLVWUDomR 3~EOLFD YROWDGDV ,1',5(7$0(17( DRV LQWHUHVVHV RX QHFHVVLGDGHV GRV DGPLQLVWUDGRV
/HJLVODomR
5HVWULWR
-XULVGLomR 3ROtFLD DGPLQLVWUDWLYD
([FOXL ([HFXomR
)RPHQWR ,QWHUYHQomR LQGLUHWD QR GRPtQLR HFRQ{PLFR
,QFOXL 2EV
6HUYLoR S~EOLFR
6HUYLoR S~EOLFR HP VHQWLGR HVWULWR 6HUYLoRV DGPLQLVWUDWLYRV GD $GPLQLVWUDomR 3~EOLFD
&RQFHLWR DGRWDGR SRU 0DULD 6\OYLD 'L 3LHWUR
2V VHUYLoRV S~EOLFRV DEUDQJHULDP VRPHQWH DV SUHVWDo}HV GH XWLOLGDGHV RX FRPRGLGDGHV PDWHULDLV HIHWXDGDV ',5(7$0(17( j SRSXODomR SHOD $GPLQLVWUDomR 3~EOLFD RX VHXV GHOHJDWiULRV
6HUYLoR S~EOLFR HP VHQWLGR HVWULWR
/HJLVODomR -XULVGLomR
0DLV UHVWULWR
6HUYLoRV DGPLQLVWUDWLYRV GD $GPLQLVWUDomR 3~EOLFD
([FOXL ([HFXomR
3ROtFLD DGPLQLVWUDWLYD )RPHQWR ,QWHUYHQomR LQGLUHWD QR GRPtQLR HFRQ{PLFR
俶 ,QFOXL
6RPHQWH R VHUYLoR S~EOLFR HP VHQWLGR HVWULWR
2EV &RQFHLWR DGRWDGR SRU &HOVR $QW{QLR 0DUFHOR $OH[DQGULQR H 9LFHQWH 3DXOR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
6(59,d26 3Ò%/,&26 &216,'(5$d®(6 *(5$,6
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
(P VXDV RULJHQV RV DXWRUHV DGRWDYDP &5,7e5,26 SDUD FRQFHLWXDU VHUYLoR S~EOLFR 6HUYLoRV S~EOLFRV VHULDP VRPHQWH DTXHOHV SUHVWDGRV GLUHWDPHQWH SHOR (67$'2 PHGLDQWH VHXV yUJmRV RX HQWLGDGHV HVWDWDLV D &ULWpULR RUJkQLFR VXEMHWLYR
&UtWLFD
(VVH FULWpULR HQWURX HP GHFOtQLR FRP R VXUJLPHQWR GH IRUPDV GH SUHVWDomR LQGLUHWD GH VHUYLoRV S~EOLFRV GHOHJDomR D SHVVRDV SULYDGDV
$GRWDGR SHOD HVFROD RX FRUUHQWH HVVHQFLDOLVWD 8WLOL]D FRPR FULWpULR SDUD GHILQLomR GH VHUYLoR S~EOLFR D QDWXUH]D GD DWLYLGDGH UHOHYkQFLD
6HUYLoRV S~EOLFRV VHULDP DTXHOHV UHODFLRQDGRV j VDWLVIDomR GH 1(&(66,'$'(6 (66(1&,$,6 GD FROHWLYLGDGH LQWHUHVVHV FROHWLYRV SULPiULRV
E &ULWpULR PDWHULDO REMHWLYR
6HUYLoRV HVVHQFLDLV
1HP VHPSUH RV VHUYLoRV S~EOLFRV FRQVWLWXHP DWLYLGDGHV HVVHQFLDLV j FROHWLYLGDGH &UtWLFD
&ULWpULRV
([LVWHP DWLYLGDGHV SUHVWDGDV SHOR (VWDGR HP UD]mR GD VXD FRQYHQLrQFLD LQWHUHVVHV FROHWLYRV QmR HVVHQFLDLV 6HUYLoRV ~WHLV
$GRWDGR SHOD HVFROD RX FRUUHQWH IRUPDOLVWD OHJDOLVWD
'HIHQGH D WHVH GH TXH QmR p SRVVtYHO LGHQWLILFDU XP Q~FOHR UHODWLYR j QDWXUH]D GD DWLYLGDGH TXH D OHYH D VHU FODVVLILFDGD FRPR VHUYLoR S~EOLFR 8WLOL]D FRPR FULWpULR SDUD GHILQLomR GH VHUYLoR S~EOLFR R UHJLPH MXUtGLFR VRE R TXDO D DWLYLGDGH p GHVHQYROYLGD F &ULWpULR IRUPDO
6HUYLoRV S~EOLFRV VHULDP DV DWLYLGDGHV HVWDWDLV H[HUFLGDV VRE UHJLPH MXUtGLFR GH ',5(,72 3Ò%/,&2
6XSUHPDFLD GR LQWHUHVVH S~EOLFR ,QGLVSRQLELOLGDGH GR LQWHUHVVH S~EOLFR
&RQFHLWR PXLWR DPSOR TXH DEUDQJHULD DOpP GD IXQomR DGPLQLVWUDWLYD D MXULVGLFLRQDO H D OHJLVODWLYD &UtWLFD
(P DOJXQV FDVRV LQFLGHP UHJUDV GH GLUHLWR SULYDGR UHJLPH MXUtGLFR KtEULGR SULQFLSDOPHQWH TXDQGR R VHUYLoR S~EOLFR p H[HFXWDGR SRU SHVVRDV SULYDGDV
2 VHUYLoR p SUHVWDGR SHOD DGPLQLVWUDomR GLUHWD
D &HQWUDOL]DGD
6HUYLoRV 3~EOLFRV
2 VHUYLoR p SUHVWDGR SRU SHVVRD GLIHUHQWH GR HQWH IHGHUDGR D TXH D &RQVWLWXLomR DWULEXL D WLWXODULGDGH
2 VHUYLoR p SUHVWDGR SRU HQWLGDGH GD DGPLQLVWUDomR LQGLUHWD j TXDO D OHL WUDQVIHUH D VXD WLWXODULGDGH
)RUPDV GH SUHVWDomR
L 3RU VHUYLoRV
'HVFHQWUDOL]DomR PHGLDQWH RXWRUJD OHJDO
E 'HVFHQWUDOL]DGD
2 VHUYLoR p SUHVWDGR SRU SDUWLFXODUHV DRV TXDLV PHGLDQWH GHOHJDomR GR 3RGHU 3~EOLFR p DWULEXtGD D VXD PHUD H[HFXomR LL 3RU FRODERUDomR
'HVFHQWUDOL]DomR PHGLDQWH GHOHJDomR
,QFXPEH DR 3RGHU 3~EOLFR GLUHWDPHQWH RX VRE UHJLPH GH FRQFHVVmR RX SHUPLVVmR VHPSUH DWUDYpV GH OLFLWDomR D SUHVWDomR GH VHUYLoRV S~EOLFRV 'LVSRVLo}HV FRQVWLWXFLRQDLV &) DUW
$ OHL GLVSRUi VREUH
&) DUW
6HUYLoRV S~EOLFRV HFRQ{PLFRV
L 5HJLPH GDV HPSUHVDV FRQFHVVLRQiULDV H SHUPLVVLRQiULDV FRQWUDWR H FRQGLo}HV GH FDGXFLGDGH ILVFDOL]DomR H UHVFLVmR GD FRQFHVVmR RX SHUPLVVmR LL 'LUHLWRV GRV XVXiULRV LLL 3ROtWLFD WDULIiULD LY 2EULJDomR GH PDQWHU VHUYLoR DGHTXDGR
, 6HUYLoR S~EOLFR L &RPXP
'HOHJDomR GH VHUYLoR S~EOLFR
/HL
D &RQFHVVmR (VSpFLHV
,, 6HUYLoR S~EOLFR SUHFHGLGR GD H[HFXomR GH REUD S~EOLFD , &RQFHVVmR SDWURFLQDGD
LL 3DUFHULDV 3~EOLFR 3ULYDGDV
E 3HUPLVVmR
,, &RQFHVVmR DGPLQLVWUDWLYD /HL 9HU PDSD 3DUFHULDV 3~EOLFR 3ULYDGDV
/HL
F $XWRUL]DomR 9HU PDSDV 'HOHJDomR H 'LVSRVLo}HV GD /HL
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
&/$66,),&$d2 '26 6(59,d26 3Ò%/,&26 ,QGLYLVtYHLV
4XDQWR DR XVXiULR
D *HUDLV XWL XQLYHUVL
E ,QGLYLGXDLV XWL VLQJXOL
4XDQWR j SUHVWDomR
D 'HOHJiYHLV QmR H[FOXVLYRV
E ,QGHOHJiYHLV H[FOXVLYRV
3UHVWDGRV D WRGD D FROHWLYLGDGH LQGLVWLQWDPHQWH 6mR XVXIUXtGRV DSHQDV LQGLUHWDPHQWH SHORV LQGLYtGXRV
8VXiULRV VmR LQGHWHUPLQDGRV H LQGHWHUPLQiYHLV ([ 'HIHVD S~EOLFD VHUYLoRV DGPLQLVWUDWLYRV LOXPLQDomR S~EOLFD OLPSH]D XUEDQD (VSHFtILFRV
9LVDP j VDWLVIDomR LQGLYLGXDO H GLUHWD GDV QHFHVVLGDGHV GRV FLGDGmRV
3RGHP VHU UHPXQHUDGRV PHGLDQWH WD[D UHJLPH OHJDO RX WDULIDV UHJLPH FRQWUDWXDO
([ )RUQHFLPHQWR GH iJXD HQFDQDGD JiV FDQDOL]DGR HQHUJLD HOpWULFD 3RGHP VHU SUHVWDGRV SHOR (VWDGR RX DOWHUQDWLYDPHQWH VHUHP GHOHJDGRV D SDUWLFXODUHV
俶 $GPLWHP GHOHJDomR 6RPHQWH SRGHP VHU SUHVWDGRV SHOR (VWDGR 1mR DGPLWHP GHOHJDomR $WHQGHP D QHFHVVLGDGHV LQWHUQDV GD $GPLQLVWUDomR 3~EOLFD 1mR VmR XVXIUXtGRV GLUHWDPHQWH SHOD FRPXQLGDGH
D $GPLQLVWUDWLYRV
([ ,PSUHQVD RILFLDO $WHQGHP DRV GLUHLWRV VRFLDLV GD SRSXODomR
$WHQGHP D QHFHVVLGDGHV FROHWLYDV HP TXH D DWLYLGDGH GR (VWDGR p HVVHQFLDO 3RVVXHP QDWXUH]D 62&,$/ E 6RFLDLV
&) DUW H 7tWXOR 9,,,
2 3RGHU 3~EOLFR RV SUHVWD VHP LQWXLWR GH OXFUR
4XDQGR H[HUFLGR 1mR VmR GH WLWXODULGDGH SRU SDUWLFXODUHV H[FOXVLYD GR 3RGHU 3~EOLFR
1mR p VHUYLoR S~EOLFR
俶 e VHUYLoR SULYDGR
([ 6D~GH HGXFDomR SUHYLGrQFLD FXOWXUD
&ODVVLILFDomR GRV 6HUYLoRV 3~EOLFRV
$WHQGHP D QHFHVVLGDGHV FROHWLYDV GH RUGHP HFRQ{PLFD &) DUW
4XDQWR DR REMHWR
([SORUDGRV FRP D SRVVLELOLGDGH GH OXFUR
3RVVXHP QDWXUH]D (&21Ð0,&$
俶 6mR GH F (FRQ{PLFRV FRPHUFLDLV RX LQGXVWULDLV
WLWXODULGDGH )RUPD GH H[FOXVLYD GR SUHVWDomR 3RGHU 3~EOLFR
3UHVWDGR SRU SDUWLFXODUHV PHGLDQWH GHOHJDomR GH VHUYLoR S~EOLFR
5HJLPH GH FRQFRUUrQFLD 5HJLPH GH PRQRSyOLR
([SORUDomR GLUHWD GH DWLYLGDGH HFRQ{PLFD &) DUW ([FOXVLYRV GD 8QLmR &) DUW
6mR DTXHOHV TXH DWHQGHQGR D QHFHVVLGDGHV FROHWLYDV R (VWDGR DVVXPH FRPR VHXV H RV H[HFXWD GLUHWDPHQWH SRU PHLR GH VHXV DJHQWHV RX LQGLUHWDPHQWH PHGLDQWH FRQFHVVLRQiULRV H SHUPLVVLRQiULRV
D 6HUYLoR S~EOLFR SUySULR
6mR DWLYLGDGHV SULYDGDV H[HUFLGDV SRU SDUWLFXODUHV PDV TXH SRU DWHQGHUHP D QHFHVVLGDGHV FROHWLYDV GHSHQGHP GH DXWRUL]DomR GR 3RGHU 3~EOLFR VHQGR SRU HOH UHJXODPHQWDGDV H ILVFDOL]DGDV E 6HUYLoR S~EOLFR LPSUySULR
3UySULRV H LPSUySULRV
,QGLUHWD
3UHVWDGR SHOR 3RGHU 3~EOLFR
([ 7UDQVSRUWH HQHUJLD HOpWULFD WHOHFRPXQLFDo}HV 1mR VH FRQIXQGHP FRP DWXDomR GLUHWD GR (VWDGR QR GRPtQLR HFRQ{PLFR
0DULD 6\OYLD
'LUHWD
1mR p UHDOPHQWH VHUYLoR S~EOLFR HP VHQWLGR MXUtGLFR ([ 6HUYLoRV GH VHJXUR H GH SUHYLGrQFLD SULYDGD 6mR DTXHOHV UHODFLRQDGRV jV DWULEXLo}HV GR 3RGHU 3~EOLFR H SDUD RV TXDLV D $GPLQLVWUDomR XVD GH 6835(0$&,$
D 6HUYLoR S~EOLFR SUySULR
6y GHYHP VHU SUHVWDGRV SRU yUJmRV H HQWLGDGHV S~EOLFDV VHP GHOHJDomR D SDUWLFXODUHV 6mR DTXHOHV TXH QmR DIHWDP VXEVWDQFLDOPHQWH DV QHFHVVLGDGHV GD FRPXQLGDGH PDV VDWLVID]HP D LQWHUHVVHV FRPXQV
+HO\ /RSHV E 6HUYLoR S~EOLFR LPSUySULR
$ DGPLQLVWUDomR RV SUHVWD UHPXQHUDGDPHQWH SRU LQWHUPpGLR GH
6HXV yUJmRV $GPLQLVWUDomR LQGLUHWD &RQFHVVLRQiULRV SHUPLVVLRQiULRV DXWRUL]DWiULRV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
6(59,d26 3Ò%/,&26 '(/(*$d2
0HGLDQWH OLFLWDomR QD PRGDOLGDGH FRQFRUUrQFLD
'HOHJDomR GD SUHVWDomR
L &RQFHVVmR GH VHUYLoR S~EOLFR
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
)HLWD D SHVVRD MXUtGLFD RX D FRQVyUFLR GH HPSUHVDV 3RU SUD]R GHWHUPLQDGR /LFLWDomR QD PRGDOLGDGH FRQFRUUrQFLD
D &RQFHLWR LL &RQFHVVmR GH VHUYLoR S~EOLFR SUHFHGLGD GD H[HFXomR GH REUD S~EOLFD
&RQVWUXomR GHOHJDGD
)HLWD D SHVVRD MXUtGLFD RX D FRQVyUFLR GH HPSUHVDV ,QYHVWLPHQWR UHPXQHUDGR DPRUWL]DGR PHGLDQWH D H[SORUDomR GR VHUYLoR RX GD REUD 3RU SUD]R GHWHUPLQDGR
L 3UHVWDomR GH VHUYLoR SUHFHGLGD RX QmR GH REUD 5HJUD JHUDO
&RQFRUUrQFLD
1RV FDVRV GH SULYDWL]DomR VLPXOWDQHDPHQWH FRP RXWRUJD GH FRQFHVVmR GH VHUYLoR S~EOLFR SUHVWDGR SRU SHVVRDV MXUtGLFDV VRE FRQWUROH GD 8QLmR
&RQFHVVmR &RPXP
LL 0RGDOLGDGH GH OLFLWDomR
([FHWR SDUD VHUYLoRV GH WHOHFRPXQLFDomR /HL DUW /HLOmR
E &DUDFWHUtVWLFDV
5HJUD DSOLFiYHO WDPEpP QRV FDVRV HP TXH R WLWXODU GD FRQFHVVmR GH FRPSHWrQFLD GD 8QLmR IRU HPSUHVD VRE FRQWUROH GRV (VWDGRV ') RX GRV 0XQLFtSLRV GHVGH TXH DV SDUWHV DFRUGHP TXDQWR jV UHJUDV HVWDEHOHFLGDV /HL DUW
3HVVRD MXUtGLFD
LLL &RQFHVVLRQiULR
&RQVyUFLR GH HPSUHVDV
LY 3RU SUD]R GHWHUPLQDGR Y 1mR p FDEtYHO UHYRJDomR GR FRQWUDWR
2EV
'HOHJDomR
3ULYDWL]DomR VLPXOWDQHDPHQWH FRP RXWRUJD GH FRQFHVVmR GH VHUYLoR S~EOLFR SUHVWDGR SHODV HVWDWDLV
/LFLWDomR QD PRGDOLGDGH OHLOmR
([FHWR VHUYLoRV GH 7HOHFRP
/HL DUW 9HU PDSD GH 'LVSRVLo}HV GD /HL $ WtWXOR SUHFiULR
'HOHJDomR GD SUHVWDomR GH VHUYLoRV S~EOLFRV
0HGLDQWH OLFLWDomR )HLWD D SHVVRD ItVLFD RX SHVVRD MXUtGLFD
D &RQFHLWR
L 3UHVWDomR GH VHUYLoR S~EOLFR LL 0RGDOLGDGH GH OLFLWDomR
3HUPLVVmR E &DUDFWHUtVWLFDV
LLL 3HUPLVVLRQiULR LY $ WtWXOR SUHFiULR
&DEtYHO FRQIRUPH R FDVR
3HVVRD ItVLFD 3HVVRD MXUtGLFD
(PERUD D /HL QmR HVWDEHOHoD H[SUHVVDPHQWH RV FRQWUDWRV GH SHUPLVVmR GH VHUYLoR S~EOLFR GHYHP VHU FHOHEUDGRV SRU SUD]R GHWHUPLQDGR
9HU PDSD GH 'LVSRVLo}HV GD /HL 6HUYLoR GH LQWHUHVVH SUHGRPLQDQWH RX H[FOXVLYR GR SDUWLFXODU 1mR Ki R FDUiWHU GH JHQHUDOLGDGH XQLYHUVDOLGDGH
5HJUD JHUDO R VHUYLoR p SUHVWDGR D XVXiULRV UHVWULWRV VHQGR R EHQHILFLiULR SUySULR SDUWLFXODU DXWRUL]DGR
1mR Ki OLFLWDomR SUpYLD 8QLODWHUDO 'HSHQGH GR FRQWUROH GH PpULWR GD $GPLQLVWUDomR 3~EOLFD FRQYHQLrQFLD H RSRUWXQLGDGH
'LVFULFLRQiULR
$XWRUL]DomR e DWR DGPLQLVWUDWLYR
2EV $ /HL *HUDO GH 7HOHFRPXQLFDo}HV GHILQH DXWRUL]DomR FRPR DWR YLQFXODGR
1HVVH FDVR QmR FDEHUi D DQiOLVH GH PpULWR $WR GHFODUDWyULR
'LUHLWR VXEMHWLYR GR SDUWLFXODU TXH SUHHQFKHU RV UHTXLVLWRV OHJDLV H UHJXODPHQWDUHV
5HJUD JHUDO p RXWRUJDGD VHP SUD]R GHWHUPLQDGR ,QH[LVWrQFLD GH GLUHLWR j LQGHQL]DomR QR FDVR GH UHYRJDomR 3UHFiULR 2EV
([FHSFLRQDOPHQWH QRV FDVRV HP TXH D DXWRUL]DomR WHQKD VLGR RXWRUJDGD SRU SUD]R FHUWR D VXD UHYRJDomR DQWHV GR WHUPR ILQDO HVWLSXODGR SRGH JHUDU GLUHLWR j LQGHQL]DomR GRV SUHMXt]RV TXH R SDUWLFXODU WHQKD VRIULGR GDQRV HPHUJHQWHV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,d26 3Ò%/,&26 '(/(*$d2 &2080 /(,
/HL GH QRUPDV JHUDLV VREUH RV UHJLPHV GH FRQFHVVmR H GH SHUPLVVmR GH VHUYLoRV S~EOLFRV
/HL
L 5HJXODULGDGH
6HUYLoR DGHTXDGR
6HUYLoR DGHTXDGR p R TXH VDWLVID] DV FRQGLo}HV GH
,QWHUUXSomR HP VLWXDomR GH HPHUJrQFLD 1mR FDUDFWHUL]D 2UGHP WpFQLFD , 0RWLYDGD SRU GHVFRQWLQXLGDGH $SyV UD]}HV GH 6HJXUDQoD GDV GR VHUYLoR SUpYLR LQVWDODo}HV DYLVR ,, 3RU LQDGLPSOHPHQWR GR XVXiULR FRQVLGHUDGR R LQWHUHVVH GD FROHWLYLGDGH
LL &RQWLQXLGDGH
LLL (ILFLrQFLD LY 6HJXUDQoD Y $WXDOLGDGH
&RPSUHHQGH
, 0RGHUQLGDGH
'DV WpFQLFDV HTXLSDPHQWRV LQVWDODo}HV H FRQVHUYDomR
,, 0HOKRULD H H[SDQVmR GR VHUYLoR
YL *HQHUDOLGDGH YLL &RUWHVLD QD VXD SUHVWDomR YLLL 0RGLFLGDGH GDV WDULIDV 3UHoR S~EOLFR TXH UHSUHVHQWD D FRQWUDSUHVWDomR SHFXQLiULD GH XP VHUYLoR S~EOLFR SDJR GLUHWDPHQWH SHOR XVXiULR DR UHVSHFWLYR SUHVWDGRU D 7DULID
)L[DGD SHOR SUHoR GD SURSRVWD YHQFHGRUD GD OLFLWDomR $OWHUDo}HV SRQWXDLV QR YDORU GD WDULID SDUD 5(67$%(/(&(5 R HTXLOtEULR HFRQ{PLFR ILQDQFHLUR 'HFRUUH GH IDWRUHV TXH DOWHUDP GH PRGR H[WUDRUGLQiULR DV FRQGLo}HV H[LVWHQWHV QR PRPHQWR GD FHOHEUDomR GR FRQWUDWR
3ROtWLFD WDULIiULD
&ULDomR DOWHUDomR RX H[WLQomR GH WULEXWRV RX HQFDUJRV OHJDLV DSyV D DSUHVHQWDomR GD SURSRVWD TXDQGR FRPSURYDGR VHX LPSDFWR
)DWR GR 3UtQFLSH
E 5HYLVmR
5HVVDOYDGRV RV LPSRVWRV VREUH D UHQGD
/HL DUW
&DVRV
)DWR GD $GPLQLVWUDomR
'LVSRVLo}HV GD /HL
ÈOHD H[WUDFRQWUDWXDO H H[WUDRUGLQiULD
$OWHUDomR XQLODWHUDO GR FRQWUDWR TXH DIHWH R VHX LQLFLDO HTXLOtEULR HFRQ{PLFR ILQDQFHLUR /HL DUW
$OWHUDo}HV SHULyGLFDV QR YDORU GD WDULID SDUD DWXDOL]i OD HP UHODomR D SHUGDV LQIODFLRQiULDV 2EMHWLYD D 0$187(1d2 GR HTXLOtEULR HFRQ{PLFR ILQDQFHLUR
F 5HDMXVWH
%DVHDGR HP tQGLFHV TXH UHIOLWDP D YDULDomR GRV SUHoRV GRV LQVXPRV L &RQFHVVmR
D 0RGDOLGDGH
LL 3HUPLVVmR
&RQFRUUrQFLD /HLOmR
/HL
&DEtYHO
0HQRU YDORU GD WDULID
/LFLWDomR
0DLRU RIHUWD E 7LSR
1RV FDVRV GH SDJDPHQWR DR SRGHU FRQFHGHQWH SHOD RXWRUJD GD FRQFHVVmR
0HOKRU SURSRVWD WpFQLFD FRP SUHoR IL[R 0HOKRU RIHUWD GH SDJDPHQWR SHOD RXWRUJD DSyV TXDOLILFDomR GH SURSRVWDV WpFQLFDV &RPELQDomR GH WLSRV QRV WHUPRV GD /HL
2 HGLWDO SRGHUi SUHYHU D LQYHUVmR GD RUGHP GDV IDVHV GH KDELOLWDomR H MXOJDPHQWR L $OWHUDomR XQLODWHUDO GDV FOiXVXODV GH H[HFXomR
/HL DUW $
'HYH DVVHJXUDU D PDQXWHQomR GR HTXLOtEULR HFRQ{PLFR ILQDQFHLUR GR FRQWUDWR
LL ([WLQomR XQLODWHUDO GD FRQFHVVmR RX GD SHUPLVVmR DQWHV GR WpUPLQR GR SUD]R HVWDEHOHFLGR LLL ,QVSHomR H ILVFDOL]DomR LY $SOLFDomR GH SHQDOLGDGHV FRQWUDWXDLV H DGPLQLVWUDWLYDV 3URFHGLPHQWR DFDXWHODWyULR DGRWDGR QR FDVR GH SUHVWDomR LQDGHTXDGD GR VHUYLoR
3ULQFLSDLV SUHUURJDWLYDV GR SRGHU FRQFHGHQWH
)LQDOLGDGH
$VVHJXUDU D DGHTXDomR QD SUHVWDomR GR VHUYLoR EHP FRPR R ILHO FXPSULPHQWR GDV QRUPDV $SXUDU HYHQWXDLV LUUHJXODULGDGHV KDYLGDV QD SUHVWDomR GR VHUYLoR )HLWD PHGLDQWH '(&5(72 GR SRGHU FRQFHGHQWH TXH FRQWHUi
'HVLJQDomR GR LQWHUYHQWRU 3UD]R GD LQWHUYHQomR 2EMHWLYRV H OLPLWHV GD PHGLGD
Y ,QWHUYHQomR GLDV SDUD LQVWDXUDU SURFHGLPHQWR DGPLQLVWUDWLYR SDUD
3URFHGLPHQWR 3UD]RV
&RPSURYDU DV FDXVDV GHWHUPLQDQWHV GD LQWHUYHQomR $SXUDU UHVSRQVDELOLGDGHV $VVHJXUDU R GLUHLWR GH DPSOD GHIHVD
'H DWp GLDV SDUD FRQFOXVmR GR SURFHGLPHQWR DGPLQLVWUDWLYR &HVVDGD D LQWHUYHQomR VH QmR IRU H[WLQWD D FRQFHVVmR VHUi GHYROYLGD j FRQFHVVLRQiULD SUHFHGLGD GH SUHVWDomR GH FRQWDV SHOR LQWHUYHQWRU
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,d26 3Ò%/,&26 '(/(*$d2 &2080 /(,
2 FRQWUDWR SRGHUi SUHYHU PHFDQLVPRV SULYDGRV SDUD UHVROXomR GH GLVSXWDV UHODFLRQDGDV DR FRQWUDWR LQFOXVLYH DUELWUDJHP GHYH VHU UHDOL]DGD QR %UDVLO H HP OLQJXD SRUWXJXHVD
D $UELWUDJHP
俶 2 FRQFHVVLRQiULR SRGHUi FRQWUDWDU FRP WHUFHLURV
L 'HVHQYROYLPHQWR GH DWLYLGDGHV LQHUHQWHV DFHVVyULDV RX FRPSOHPHQWDUHV DR VHUYLoR FRQFHGLGR LL ,PSOHPHQWDomR GH SURMHWRV DVVRFLDGRV
1mR VH WUDWD GD FRQWUDWDomR GH WHUFHLURV SDUD SUHVWDomR GR VHUYLoR S~EOLFR FRQFHGLGR
E &RQWUDWDomR GH WHUFHLURV
1DWXUH]D MXUtGLFD GH ',5(,72 35,9$'2 VHP TXDOTXHU UHODomR MXUtGLFD HQWUH WHUFHLURV H R SRGHU FRQFHGHQWH
&RQWUDWR SULYDGR
e D WUDQVIHUrQFLD SDUFLDO GD H[HFXomR GR SUySULR VHUYLoR S~EOLFR FRQFHGLGR $ VXEFRQFHVVmR WHP D PHVPD QDWXUH]D S~EOLFD GR FRQWUDWR GH FRQFHVVmR F 6XEFRQFHVVmR
&RQWUDWR GH FRQFHVVmR
'HYH HVWDU SUHYLVWD QR FRQWUDWR GH FRQFHVVmR 'HYH VHU H[SUHVVDPHQWH DXWRUL]DGD SHOR SRGHU FRQFHGHQWH 5HTXLVLWRV
'HYH VHU SUHFHGLGD GH FRQFRUUrQFLD $ VXEFRQFHVVLRQiULD VH VXE URJDUi DVVXPLUi WRGRV RV GLUHLWRV H DV REULJDo}HV GD FRQFHVVLRQiULD GHQWUR GRV OLPLWHV GD VXEFRQFHVVmR
e D HQWUHJD GR REMHWR GD FRQFHVVmR D RXWUD SHVVRD 'HYH WHU D SUpYLD DQXrQFLD GR SRGHU FRQFHGHQWH G 7UDQVIHUrQFLD GD FRQFHVVmR
5HTXLVLWRV
3UHWHQGHQWH GHYH
$WHQGHU jV H[LJrQFLDV GH FDSDFLGDGH WpFQLFD ILQDQFHLUD H UHJXODULGDGH MXUtGLFD H ILVFDO QHFHVViULDV j DVVXQomR GR VHUYLoR &RPSURPHWHU VH FRP WRGDV DV FOiXVXODV GR FRQWUDWR HP YLJRU
e D WUDQVIHUrQFLD GR FRQWUROH VRFLHWiULR GD FRQFHVVLRQiULD QmR VH DOWHUDQGR D SHVVRD MXUtGLFD XPD YH] TXH RV VyFLRV SRVVXHP SHUVRQDOLGDGH MXUtGLFD GLVWLQWD GD HQWLGDGH H 7UDQVIHUrQFLD GR FRQWUROH DFLRQiULR
2EV
5HTXLVLWRV
'HYH WHU D SUpYLD DQXrQFLD GR SRGHU FRQFHGHQWH $WHQGHU jV H[LJrQFLDV GH FDSDFLGDGH WpFQLFD ILQDQFHLUD H 3UHWHQGHQWH UHJXODULGDGH MXUtGLFD H ILVFDO QHFHVViULDV j DVVXQomR GR VHUYLoR GHYH &RPSURPHWHU VH FRP WRGDV DV FOiXVXODV GR FRQWUDWR HP YLJRU
$ WUDQVIHUrQFLD GD FRQFHVVmR RX GR FRQWUROH VRFLHWiULR GD FRQFHVVLRQiULD VHP SUpYLD DQXrQFLD GR SRGHU FRQFHGHQWH LPSOLFD D FDGXFLGDGH GD FRQFHVVmR e R DGYHQWR GR WHUPR FRQWUDWXDO WpUPLQR GR SUD]R HVWDEHOHFLGR QR FRQWUDWR
'LVSRVLo}HV GD /HL
([WLQWD D FRQFHVVmR RV EHQV UHYHUVtYHLV HVSHFLILFDGRV QR FRQWUDWR DUW ; SDVVDP j SURSULHGDGH GR SRGHU FRQFHGHQWH D 5HYHUVmR
3URFHGLPHQWR
%HQV UHYHUVtYHLV
6mR DTXHOHV GHVFULWRV QR FRQWUDWR TXH SDVVDP DXWRPDWLFDPHQWH j SURSULHGDGH GR SRGHU FRQFHGHQWH FRP D H[WLQomR GD FRQFHVVmR
$ UHYHUVmR p IHLWD FRP D LQGHQL]DomR GRV LQYHVWLPHQWRV YLQFXODGRV D EHQV UHYHUVtYHLV DLQGD QmR DPRUWL]DGRV RX GHSUHFLDGRV
9LVD JDUDQWLU D FRQWLQXLGDGH H DWXDOLGDGH GR VHUYLoR
5HWRPDGD GR VHUYLoR DQWHV GR WpUPLQR GR SUD]R GD FRQFHVVmR SRU PRWLYR GH LQWHUHVVH S~EOLFR $GRWDGD PHGLDQWH OHL DXWRUL]DWLYD HVSHFtILFD DSyV SUpYLR SDJDPHQWR GD LQGHQL]DomR E (QFDPSDomR
&RQGLo}HV SDUD HQFDPSDomR
,QWHUHVVH S~EOLFR /HL DXWRUL]DWLYD HVSHFtILFD 3DJDPHQWR SUpYLR GD LQGHQL]DomR
([WLQomR GD FRQFHVVmR HP UD]mR GH LQH[HFXomR WRWDO RX SDUFLDO GR FRQWUDWR SRU SDUWH GD FRQFHVVLRQiULD
([WLQomR GD FRQFHVVmR
7LSRV
L 9LQFXODGD
7UDQVIHUrQFLD GD FRQFHVVmR RX GR FRQWUROH DFLRQiULR VHP SUpYLD DQXrQFLD GR SRGHU FRQFHGHQWH
LL 'LVFULFLRQiULD
'HFRUUH GH LQH[HFXomR WRWDO RX SDUFLDO GR FRQWUDWR
L &RPXQLFDomR j FRQFHVVLRQiULD GRV GHVFXPSULPHQWRV FRQWUDWXDLV GDQGR OKH XP SUD]R SDUD FRUULJLU DV IDOKDV H WUDQVJUHVV}HV DSRQWDGDV
F &DGXFLGDGH
LL ,QVWDXUDomR GH 3URFHVVR $GPLQLVWUDWLYR RQGH 3URFHGLPHQWR LLL 'HFODUDomR GD FDGXFLGDGH
9HULILFD VH D LQDGLPSOrQFLD $VVHJXUD VH R GLUHLWR D DPSOD GHIHVD
0HGLDQWH '(&5(72 ,QGHSHQGHQWH GH LQGHQL]DomR SUpYLD $ LQGHQL]DomR VHUi FDOFXODGD QR GHFRUUHU GR SURFHVVR
)RUPD MXGLFLDO GH H[WLQomR GD FRQFHVVmR SRU LQLFLDWLYD GD FRQFHVVLRQiULD 'HFRUUH GH GHVFXPSULPHQWR GDV QRUPDV FRQWUDWXDLV SHOR SRGHU FRQFHGHQWH G 5HVFLVmR
H $QXODomR
$GRWDGD H[FOXVLYDPHQWH SRU DomR MXGLFLDO 6HUYLoRV SUHVWDGRV QmR SRGHUmR VHU LQWHUURPSLGRV RX SDUDOLVDGRV DWp D GHFLVmR MXGLFLDO WUDQVLWDGD HP MXOJDGR LQDSOLFDELOLGDGH SOHQD GR H[FHSWLRQ QRP DGLPSOHWL FRQWUDWR
([WLQomR GR FRQWUDWR HP GHFRUUrQFLD GH YtFLR PRWLYR GH LOHJDOLGDGH RX OHJLWLPLGDGH
I )DOrQFLD H[WLQomR GD FRQFHVVLRQiULD
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
6(59,d26 3Ã’%/,&26 &21&(66Â2 3$5&(5,$6 3Ã’%/,&2 35,9$'$6 $V 3DUFHULDV 3~EOLFR 3ULYDGDV 333 VmR PRGDOLGDGHV HVSHFtILFDV GH FRQWUDWRV GH FRQFHVVmR GLVSRVWDV QD /HL
7UDWD VH GH FRQFHVVmR GH VHUYLoR S~EOLFR TXDQGR HQYROYHU DGLFLRQDOPHQWH j WDULID FREUDGD GRV XVXiULRV FRQWUDSUHVWDomR SHFXQLiULD GR SDUFHLUR S~EOLFR DR SDUFHLUR SULYDGR
L &RQFHVVmR 3DWURFLQDGD 0RGDOLGDGHV GH 333
&RQFHLWR
e R FRQWUDWR GH SUHVWDomR GH VHUYLoRV GH TXH D $GPLQLVWUDomR 3~EOLFD VHMD D XVXiULD GLUHWD RX LQGLUHWD DLQGD TXH HQYROYD H[HFXomR GH REUD RX IRUQHFLPHQWR H LQVWDODomR
LL &RQFHVVmR $GPLQLVWUDWLYD
1mR FRQVWLWXL 333 D FRQFHVVmR FRPXP SRLV HVWD QmR HQYROYH FRQWUDSUHVWDomR SHFXQLiULD GR SDUFHLUR S~EOLFR DR SDUFHLUR SULYDGR 9HGDo}HV j 333
0RGDOLGDGH &RQGLo}HV S DEHUWXUD GR SURFHVVR
L 9DORU GR FRQWUDWR VHMD LQIHULRU D PLOK}HV GH UHDLV LL 3HUtRGR GH SUHVWDomR LQIHULRU D DQRV LLL 7HQKD FRPR REMHWR ~QLFR IRUQHFLPHQWR GH PmR GH REUD GH HTXLSDPHQWRV RX D H[HFXomR GH REUD S~EOLFD &RQFRUUrQFLD $V GHVSHVDV FULDGDV RX DXPHQWDGDV QmR SRGHUmR DIHWDU DV PHWDV GH UHVXOWDGRV ILVFDLV (VWLPDWLYD GR LPSDFWR RUoDPHQWiULR ILQDQFHLUR QRV H[HUFtFLRV HP TXH GHYD YLJRUDU D 333 6HX REMHWR HVWDU SUHYLVWR QR 33$ HP YLJRU 3DUD DV FRQFHVV}HV SDWURFLQDGDV HP TXH PDLV GH GD UHPXQHUDomR GR SDUFHLUR SULYDGR IRU SDJD SHOD $GP 3~EOLFD
$XWRUL]DomR OHJLVODWLYD HVSHFtILFD 2 HGLWDO SRGHUi SUHYHU
([LJrQFLD GH JDUDQWLD GH SURSRVWD GR OLFLWDQWH (PSUHJR GRV PHFDQLVPRV SULYDGRV SDUD UHVROXomR GH GLVSXWDV LQFOXVLYH DUELWUDJHP 2 MXOJDPHQWR SRGHUi VHU SUHFHGLGR GH HWDSD GH TXDOLILFDomR GH SURSRVWDV WpFQLFDV GHVFODVVLILFDQGR VH RV OLFLWDQWHV TXH QmR DOFDQoDUHP D SRQWXDomR PtQLPD L 0HQRU YDORU GD WDULID
/LFLWDomR
3DUFHULDV 3~EOLFR 3ULYDGD
&ULWpULRV GH MXOJDPHQWR
LL 0HOKRU SURSRVWD HP UD]mR GD FRPELQDomR GR FULWpULR GH PHQRU YDORU GD WDULID FRP R GH PHOKRU WpFQLFD LLL 0HQRU YDORU GD FRQWUDSUHVWDomR D VHU SDJD SHOD $GPLQLVWUDomR 3~EOLFD LY 0HOKRU SURSRVWD HP UD]mR GD FRPE LQDomR GR FULWpULR GH PHQRU YDORU GD FRQWUDSUHVWDomR D VHU SDJD SHOD $GP 3~EOLFD FRP R GH PHOKRU WpFQLFD
3URFHGLPHQWR
L 3URSRVWDV HVFULWDV HP HQYHORSHV ODFUDGRV $SUHVHQWDomR GDV SURSRVWDV HFRQ{PLFDV
LL 3URSRVWDV HVFULWDV VHJXLGDV GH ODQFHV HP YLYD YR]
)HLWRV QD RUGHP LQYHUVD GD FODVVLILFDomR GDV SURSRVWDV HVFULWDV VHQGR YHGDGR DR HGLWDO OLPLWDU D TXDQWLGDGH GH ODQFHV 3RGHUi KDYHU UHVWULomR DRV OLFLWDQWHV FXMD SURSRVWD HVFULWD IRU QR Pi[LPR PDLRU TXH D PHOKRU SURSRVWD
2 HGLWDO SRGHUi SUHYHU D LQYHUVmR GD RUGHP GDV IDVHV GH KDELOLWDomR H MXOJDPHQWR $V FOiXVXODV GRV FRQWUDWRV GH 333 DWHQGHUmR QR TXH FRXEHU jV GR FRQWUDWR GH FRQFHVVmR FRPXP 3UD]R GH YLJrQFLD
&RQWUDWR GH 333
'HYH VHU FRPSDWtYHO FRP D DPRUWL]DomR GRV LQYHVWLPHQWRV UHDOL]DGRV 1mR SRGH VHU LQIHULRU D DQRV QHP VXSHULRU D DQRV LQFOXLQGR HYHQWXDO SURUURJDomR
&RQWUDSUHVWDomR GD $GPLQLVWUDomR 3~EOLFD
$ FRQWUDSUHVWDomR SRGH VHU IHLWD SRU
L 2UGHP EDQFiULD LL &HVVmR GH FUpGLWRV 1Â2 WULEXWiULRV LLL 2XWRUJD GH GLUHLWRV HP IDFH GD $GPLQLVWUDomR 3~EOLFD LY 2XWRUJD GH GLUHLWRV VREUH EHQV S~EOLFRV GRPLQLFDLV
$ UHPXQHUDomR SRGHUi VHU YDULiYHO FRQIRUPH R GHVHPSHQKR GR SDUFHLUR SULYDGR $ FRQWUDSUHVWDomR GD $GP 3~EOLFD VHUi REULJDWRULDPHQWH SUHFHGLGD GD GLVSRQLELOL]DomR GR VHUYLoR REMHWR GD 333
5HDMXVWH
3RGHUi KDYHU FOiXVXODV GH DWXDOL]DomR DXWRPiWLFD
$QWHV GD FHOHEUDomR GR FRQWUDWR GHYHUi VHU FRQVWLWXtGD XPD 63(
2 SDJDPHQWR SRGHUi VHU SDUFHODGR
$SOLFDGDV VHP QHFHVVLGDGH GH KRPRORJDomR SHOD $GP 3~EOLFD ([FHWR SRU UD]}HV IXQGDPHQWDGDV SDUD D UHMHLomR GR UHDMXVWH ,QFXPELGD GH LPSODQWDU H JHULU R REMHWR GD SDUFHULD 3RGHUi DVVXPLU D IRUPD GH FRPSDQKLD GH FDSLWDO DEHUWR
$ WUDQVIHUrQFLD GR FRQWUROH GD 63( p FRQGLFLRQDGD j DXWRUL]DomR H[SUHVVD GD $GPLQLVWUDomR 3~EOLFD
6RFLHGDGH GH SURSyVLWR HVSHFtILFR 63(
2 SUHWHQGHQWH j DTXLVLomR GR FRQWUROH GHYHUi
$WHQGHU jV H[LJrQFLDV GH FDSDFLGDGH WpFQLFD LGRQHLGDGH ILQDQFHLUD H UHJXODULGDGH MXUtGLFD H ILVFDO QHFHVViULDV j DVVXQomR GR VHUYLoR &RPSURPHWHU VH D FXPSULU WRGDV DV FOiXVXODV GR FRQWUDWR HP YLJRU
e YHGDGR j $GP 3~EOLFD VHU WLWXODU GD PDLRULD GR FDSLWDO YRWDQWH GDV 63(
([FHWR SRU LQVWLWXLomR ILQDQFHLUD FRQWURODGD SHOR 3RGHU 3~EOLFR HP FDVR GH LQDGLPSOHPHQWR GR ILQDQFLDPHQWR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
5(63216$%,/,'$'( &,9,/ '2 (67$'2 , 7DPEpP FKDPDGD GH 5HVSRQVDELOLGDGH ([WUDFRQWUDWXDO GR (VWDGR
&RQFHLWR
2EULJDomR GH UHSDUDU GDQRV SDWULPRQLDLV
L 5HVSRQVDELOLGDGH FLYLO LL ([WUDFRQWUDWXDO
1mR GHFRUUH GH GHVFXPSULPHQWR GH FRQWUDWR
2EULJDomR TXH WHP R (VWDGR GH LQGHQL]DU RV GDQRV SDWULPRQLDLV RX PRUDLV TXH VHXV DJHQWHV DWXDQGR HP VHX QRPH RX VHMD QD TXDOLGDGH GH DJHQWHV S~EOLFRV FDXVHP j HVIHUD MXULGLFDPHQWH WXWHODGD GRV SDUWLFXODUHV
D 7HRULD GD LUUHVSRQVDELOLGDGH
(VWDGRV QmR SRGLDP VHU UHVSRQVDELOL]DGRV SRLV HUDP SHUVRQLILFDGRV SHOD ILJXUD GR UHL 7KH NLQJ FDQ GR QR ZURQJ 7HRULD GD FXOSD FLYLO FRPXP GR (VWDGR 3UHWHQGLD HTXLSDUDU R (VWDGR DR LQGLYtGXR
E 7HRULDV FLYLOLVWDV
7HRULD GD UHVSRQVDELOLGDGH VXEMHWLYD GR DJHQWH S~EOLFR
5HTXLVLWRV
L &XOSD RX GROR GR DJHQWH S~EOLFR LL 'DQR
7HRULD GD FXOSD GR VHUYLoR FXOSD DQ{QLPD GR VHUYLoR S~EOLFR
7UDQVLomR HQWUH D WHRULD GD UHVSRQVDELOLGDGH VXEMHWLYD H D WHRULD GR ULVFR DGPLQLVWUDWLYR UHVSRQVDELOLGDGH REMHWLYD
$ UHVSRQVDELOLGDGH SRU LQGHQL]DU SDVVD D VHU GR (VWDGR H QmR PDLV GR DJHQWH DQ{QLPD
F 7HRULD GD FXOSD DGPLQLVWUDWLYD
$ REULJDomR GH LQGHQL]DU VXUJH GH XPD GDV IRUPDV GD IDOWD GR VHUYLoR
L ,QH[LVWrQFLD GR VHUYLoR LL 0DX IXQFLRQDPHQWR GR VHUYLoR LLL 5HWDUGDPHQWR GR VHUYLoR
5HVSRQVDELOLGDGH &LYLO GR (VWDGR
5HTXLVLWRV
'HYH VHU FRPSURYDGD
L )DOWD GR VHUYLoR LL 'DQR
7HRULD GD UHVSRQVDELOLGDGH 2%-(7,9$
$ REULJDomR GH UHSDUDU R GDQR RFRUUH LQGHSHQGHQWHPHQWH GD H[LVWrQFLD GD IDOWD GR VHUYLoR RX GD FXOSD GR DJHQWH S~EOLFR
(YROXomR KLVWyULFD
, )DWR GR VHUYLoR
1mR VH H[LJH D FRPSURYDomR GH FXOSD
,, 'DQR 5HTXLVLWRV
L 5LVFR DGPLQLVWUDWLYR G 7HRULD GR ULVFR
5HODomR GH FDXVDOLGDGH HQWUH D SUHVWDomR GH VHUYLoR S~EOLFR H R GDQR ,,, 1H[R GH FDXVDOLGDGH FDXVDGR D WHUFHLUR
([FOXGHQWHV GH UHVSRQVDELOLGDGH
, &XOSD H[FOXVLYD GD YtWLPD ,, &XOSD GH WHUFHLURV
,,, )RUoD PDLRU ÐQXV GD SURYD GH FXOSD GR SDUWLFXODU VH H[LVWHQWH FDEH VHPSUH j $GPLQLVWUDomR $ YtWLPD ILFD GLVSHQVDGD GH FRPSURYDU D FXOSD GD $GPLQLVWUDomR &) DUW 1mR Ki H[FOXGHQWHV GH UHVSRQVDELOLGDGH
LL 5LVFR LQWHJUDO
$ REULJDomR GH LQGHQL]DU RFRUUH PHVPR TXH R GDQR GHFRUUD GH FXOSD H[FOXVLYD GR SDUWLFXODU %DVWD D H[LVWrQFLD GH HYHQWR GDQRVR H QH[R FDXVDO 3DUD +HO\ /RSHV HVVD WHRULD MDPDLV IRL DGRWDGD HP QRVVR RUGHQDPHQWR MXUtGLFR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
5(63216$%,/,'$'( &,9,/ '2 (67$'2 ,,
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
5(63216$%,/,'$'( 2%-(7,9$ GR (VWDGR &) DUW
7HRULD GR ULVFR DGPLQLVWUDWLYR
&RQGXWD FRPLVVLYD
L 3HVVRD MXUtGLFD GH GLUHLWR S~EOLFR
$GPLQLVWUDomR 'LUHWD $XWDUTXLDV H IXQGDo}HV S~EOLFDV (PSUHVDV S~EOLFDV SUHVWDGRUDV GH VHUYLoR S~EOLFR
$EUDQJrQFLD
LL 3HVVRD MXUtGLFD GH GLUHLWR SULYDGR
5HVSRQVDELOLGDGH ([WUDFRQWUDWXDO QD &)
6RFLHGDGHV GH HFRQRPLD PLVWD SUHVWDGRUDV GH VHUYLoR S~EOLFR )XQGDo}HV S~EOLFDV GH GLUHLWR SULYDGR TXH SUHVWHP VHUYLoR S~EOLFR &RQFHVVLRQiULDV
'HOHJDWiULDV GH VHUYLoRV S~EOLFRV
3HUPLVVLRQiULDV
$XWRUL]DGDV 1mR LQFOXL DV HPSUHVDV S~EOLFDV H VRFLHGDGHV GH HFRQRPLD PLVWD (;3/25$'25$6 '( $7,9,'$'( (&21Ð0,&$
2EV
(VWDV VmR UHJLGDV SHOR 'LUHLWR &LYLO H RX SHOR 'LUHLWR &RPHUFLDO
$ UHVSRQVDELOLGDGH FLYLO REMHWLYD GDV SUHVWDGRUDV GH VHUYLoR S~EOLFR DEUDQJH RV GDQRV FDXVDGRV DRV XVXiULRV GR VHUYLoR S~EOLFR H WDPEpP D WHUFHLURV QmR XVXiULRV GR VHUYLoR S~EOLFR
$JHQWH HVWDWDO GHYH HVWDU H[HUFHQGR VHX RItFLR RX IXQomR RX SURFHGHU FRPR VH D HVWLYHVVH H[HUFHQGR 7HRULD GD FXOSD DGPLQLVWUDWLYD $ &) QmR WUD] UHJUDV UHODWLYDV D UHVSRQVDELOLGDGH FLYLO SRU HYHQWXDLV GDQRV FDXVDGRV SRU RPLVV}HV GR 3RGHU 3~EOLFR 0DV D MXULVSUXGrQFLD FRQVWUXLX R HQWHQGLPHQWR TXH HVWD p SRVVtYHO
5HVSRQVDELOLGDGH &LYLO GR (VWDGR
5HVSRQVDELOLGDGH 6XEMHWLYD GD $GPLQLVWUDomR
&XOSD DQ{QLPD RX FXOSD GR VHUYLoR &RQGXWD RPLVVLYD GR 3RGHU 3~EOLFR
([FOXGHQWHV GH UHVSRQVDELOLGDGH
2PLVVmR FXOSRVD 'HYH VHU FRPSURYDGD D IDOWD GR VHUYLoR
2 {QXV GD SURYD p GR SDUWLFXODU
L ([FOXVLYDPHQWH DWRV GH WHUFHLURV LL )RUoD PDLRU IHQ{PHQRV GD QDWXUH]D
(P UHJUD QmR DFDUUHWDP UHVSRQVDELOLGDGH H[WUDFRQWUDWXDO GR (VWDGR
$WRV /HJLVODWLYRV
([FHomR
L (GLomR GH OHLV LQFRQVWLWXFLRQDLV LL (GLomR GH OHLV GH HIHLWRV FRQFUHWRV
$ UHJUD JHUDO p D LUUHVSRQVDELOLGDGH GR (VWDGR SHORV DWRV MXULVGLFLRQDLV
$WRV -XULVGLFLRQDLV
ÈUHD FULPLQDO
D $FRUGR DGPLQLVWUDWLYR
2 (VWDGR LQGHQL]DUi R FRQGHQDGR SRU HUUR MXGLFLiULR &) DUW /;;9
1mR DOFDQoD D HVIHUD FtYHO 5HFRQKHFLGR R GDQR SHOR 3RGHU 3~EOLFR H KDYHQGR DFRUGR HQWUH DV SDUWHV SRGH KDYHU LQGHQL]DomR GLUHWDPHQWH SHOD YLD DGPLQLVWUDWLYD 5HSDUDomR GR GDQR DPLJDYHOPHQWH &RQWUD D $GPLQLVWUDomR VRPHQWH
E $omR MXGLFLDO
&RQWUD D $GPLQLVWUDomR H R DJHQWH S~EOLFR HP OLWLVFRQVyUFLR &RQWUD R DJHQWH S~EOLFR VRPHQWH
$omR GH 5HSDUDomR GR GDQR
67) p FRQWUiULR D HVVD SRVVLELOLGDGH 67) p FRQWUiULR D HVVD SRVVLELOLGDGH -XULVSUXGrQFLD 67-
3UD]R GH SUHVFULomR GD DomR GH UHSDUDomR
DQRV
'HFUHWR DUW /HL DUW &
2 (VWDGR LQGHQL]D R WHUFHLUR H R DJHQWH S~EOLFR LQGHQL]D R (VWDGR F $omR UHJUHVVLYD
L 4XH D $GPLQLVWUDomR Mi WHQKD VLGR FRQGHQDGD D LQGHQL]DU D YtWLPD SHOR GDQR H
5HTXLVLWRV
LL 4XH WHQKD KDYLGR FXOSD RX GROR SRU SDUWH GR DJHQWH FXMD DWXDomR RFDVLRQRX R GDQR
&) DUW
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
&21752/( '$ $'0,1,675$d2 3Ò%/,&$
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
2 FRQWUROH GD $GPLQLVWUDomR 3~EOLFD HVWi HPEDVDGR QR SULQFtSLR GD OHJDOLGDGH
&RQFHLWR
&RQMXQWR GH LQVWUXPHQWRV SHORV TXDLV D SUySULD $GPLQLVWUDomR 3~EOLFD RV 3RGHUHV -XGLFLiULR H /HJLVODWLYR H DLQGD R SRYR GLUHWDPHQWH RX SRU PHLR GH VHXV yUJmRV HVSHFLDOL]DGRV SRVVDP H[HUFHU R SRGHU GH ILVFDOL]DomR RULHQWDomR H UHYLVmR GD DWXDomR DGPLQLVWUDWLYD GH WRGRV RV yUJmRV HQWLGDGHV H DJHQWHV S~EOLFRV HP WRGDV DV HVIHUDV GR 3RGHU ([HUFLGR QR kPELWR LQWHUQR GR PHVPR 3RGHU SRU yUJmRV SUHVHQWHV HP VXD HVWUXWXUD L ,QWHUQR D &RQIRUPH D RULJHP
'i VH VREUH OHJDOLGDGH HILFLrQFLD H PpULWR GRV VHXV DWRV &) DUW
([HUFLGR GH XP 3RGHU VREUH RXWUR UHODWLYDPHQWH D DWRV DGPLQLVWUDWLYRV 7DPEpP p H[WHUQR R FRQWUROH GD DGPLQLVWUDomR GLUHWD VREUH D LQGLUHWD
LL ([WHUQR
([ $XGLWRULD UHDOL]DGD SHOR 7&8 VREUH GHVSHVDV UHDOL]DGDV SHOR 3 ([HFXWLYR 7UDWD VH GD SRVVLELOLGDGH GH D FROHWLYLGDGH ILVFDOL]DU D $GPLQLVWUDomR 3~EOLFD
LLL 3RSXODU
([ 3URSRVLomR GH DomR SRSXODU &) DUW /;;,,,
&KDPD VH SUHYHQWLYR SUpYLR RX D SULRUL
L 3UpYLR E &RQIRUPH R PRPHQWR GH H[HUFtFLR
2FRUUH TXDQGR p HIHWLYDGR DQWHV GR LQtFLR RX GD FRQFOXVmR GR DWR &RQWUROH GXUDQWH D UHDOL]DomR GR DWR
LL &RQFRPLWDQWH
([ $XGLWRULD GXUDQWH D H[HFXomR GR RUoDPHQWR
&KDPDGR FRQWUROH SRVWHULRU VXEVHTXHQWH RX FRUUHWLYR 2FRUUH DSyV D ILQDOL]DomR GR DWR
LLL 3RVWHULRU
6HX REMHWLYR p GHVID]r OR VH LOHJDO RX LQFRQYHQLHQWH H LQRSRUWXQR FRUULJL OR RX DLQGD FRQILUPi OR 9HULILFD VH VH R DWR IRL SUDWLFDGR HP FRQIRUPLGDGH FRP D RUGHP MXUtGLFD
L /HJDOLGDGH OHJLWLPLGDGH
&RQWUROH GD $GPLQLVWUDomR 3~EOLFD
)D] VH R FRQIURQWR HQWUH XPD FRQGXWD DGPLQLVWUDWLYD H XPD QRUPD MXUtGLFD 5HVXOWD QD YDOLGDGH DQXODomR RX FRQYDOLGDomR GR DWR FRQWURODGR
9LVD YHULILFDU D RSRUWXQLGDGH H D FRQYHQLrQFLD DGPLQLVWUDWLYDV GR DWR FRQWURODGR
F 4XDQWR DR DVSHFWR FRQWURODGR
7UDWD VH GH DWXDomR GLVFULFLRQiULD H[HUFLGD VREUH DWRV GLVFULFLRQiULRV (P UHJUD FRPSHWH H[FOXVLYDPHQWH DR SUySULR 3RGHU TXH HGLWRX R DWR DGPLQLVWUDWLYR LL 0pULWR
5HVXOWD QD UHYRJDomR SHOD DGPLQLVWUDomR GH DWRV GLVFULFLRQiULRV SRU HOD SUySULD HGLWDGRV 3RGHU -XGLFLiULR H[HUFH FRQWUROH GH /(*$/,'$'( H /(*,7,0,'$'( VREUH RV OLPLWHV GD DWXDomR GLVFULFLRQiULD GD DGPLQLVWUDomR
&ODVVLILFDomR
1XQFD UHDOL]D FRQWUROH GH PpULWR GH DWR SUDWLFDGR SRU RXWUR 3RGHU 'HFRUUH GR HVFDORQDPHQWR YHUWLFDO GH yUJmRV GD PHVPD SHVVRD MXUtGLFD GD DGPLQLVWUDomR S~EOLFD L +LHUiUTXLFR
e VHPSUH XP FRQWUROH LQWHUQR
5HODomR GH 68%25',1$d2 HQWUH FRQWURODGR H FRQWURODGRU
([ 0LQLVWpULRV H[HUFHP FRQWUROH KLHUiUTXLFR VREUH VXDV VHFUHWDULDV
G 4XDQWR j DPSOLWXGH
([HUFLGR SHOD DGPLQLVWUDomR GLUHWD VREUH DV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD LL )LQDOtVWLFR
5HVXOWD GD GHVFHQWUDOL]DomR DGPLQLVWUDWLYD
5HODomR GH 9,1&8/$d2 HQWUH DV SHVVRDV
'HSHQGH GH QRUPD OHJDO TXH HVWDEHOHoD PHLRV H RFDVL}HV GH FRQWUROH 7DPEpP GHQRPLQDGR WXWHOD DGPLQLVWUDWLYD RX VXSHUYLVmR PLQLVWHULDO $VSHFWRV GH OHJDOLGDGH H GH PpULWR GH IRUPD SURYRFDGD RX SRU LQLFLDWLYD SUySULD H[ RIILFLR
L $GPLQLVWUDWLYR
e R FRQWUROH LQWHUQR IXQGDGR QR SRGHU GH DXWRWXWHOD OHJDOLGDGH H PpULWR
$ $GPLQLVWUDomR SRGH DQXODU VHXV SUySULRV DWRV TXDQGR HLYDGRV GH YtFLRV TXH RV WRUQDP LOHJDLV RX UHYRJi ORV SRU PRWLYR GH FRQYHQLrQFLD RX RSRUWXQLGDGH UHVSHLWDGRV RV GLUHLWRV DGTXLULGRV ([HUFLGR VRE RV DVSHFWRV SROtWLFR H ILQDQFHLUR
H 4XDQWR DR yUJmR TXH R H[HUFH
, &3, ,, &RQYRFDomR GH DXWRULGDGHV H SHGLGR GH LQIRUPDomR LL /HJLVODWLYR RX 3DUODPHQWDU
0HLRV
,,, 3DUWLFLSDomR QD IXQomR DGPLQLVWUDWLYD ,9 )XQomR MXULVGLFLRQDO 9 )LVFDOL]DomR FRQWiELO ILQDQFHLUD H RUoDPHQWiULD 9, 6XVWDomR GH DWRV QRUPDWLYRV
([HUFLGR SHOR -XGLFLiULR VREUH DWRV DGPLQLVWUDWLYRV HPDQDGRV GH TXDOTXHU GRV 3RGHUHV LLL -XGLFLiULR
9HULILFD H[FOXVLYDPHQWH D OHJDOLGDGH RX OHJLWLPLGDGH GRV DWRV DGPLQLVWUDWLYRV QXQFD R PpULWR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
,0352%,'$'( $'0,1,675$7,9$ , &) DUW
D %DVH FRQVWLWXFLRQDO
2V DWRV GH LPSURELGDGH DGPLQLVWUDWLYD LPSRUWDUmR HP
L 6XVSHQVmR GRV GLUHLWRV SROtWLFRV LL 3HUGD GD IXQomR S~EOLFD
LLL ,QGLVSRQLELOLGDGH GRV EHQV LY 5HVVDUFLPHQWR DR HUiULR
/HL
5HJXODPHQWDomR OHJDO
L $GPLQLVWUDomR 3~EOLFD GLUHWD H LQGLUHWD GH TXDOTXHU GR 3RGHUHV GD 8QLmR GRV (VWDGRV GR ') H GRV 0XQLFtSLRV
E 6XMHLWRV SDVVLYRV
$VSHFWRV JHUDLV
F 6XMHLWRV DWLYRV
LL (PSUHVD HVWDWDO RX HQWLGDGH SDUD FXMD FULDomR RX FXVWHLR R HUiULR FRQFRUUD FRP PDLV GH FLQTXHQWD SRU FHQWR GR SDWULP{QLR RX GD UHFHLWD DQXDO LLL (QWLGDGH TXH UHFHED VXEYHQomR EHQHItFLR RX LQFHQWLYR ILVFDO RX FUHGLWtFLR GH yUJmR S~EOLFR EHP FRPR DTXHODV SDUD FXMD FULDomR RX FXVWHLR R HUiULR KDMD FRQFRUULGR RX FRQFRUUD FRP PHQRV GH GR SDWULP{QLR RX GD UHFHLWD DQXDO OLPLWDQGR VH D VDQomR SDWULPRQLDO j UHSHUFXVVmR GR LOtFLWR VREUH D FRQWULEXLomR GRV FRIUHV S~EOLFRV L ([HUoD PDQGDWR FDUJR HP FRPLVVmR RX IXQomR GH FRQILDQoD
$JHQWHV S~EOLFRV HP VHQWLGR DPSOR
LL ([HUoD FDUJR HIHWLYR RX HPSUHJR S~EOLFR
/HL DUW 3HUGD GD IXQomR S~EOLFD
L $GPLQLVWUDWLYD
3URLELomR GH FRQWUDWDU FRP R 3RGHU 3~EOLFR
5HVVDUFLPHQWR DR HUiULR
,PSURELGDGH $GPLQLVWUDWLYD
G 1DWXUH]D GDV VDQo}HV
LL &LYLO
3HUGD GRV EHQV H YDORUHV LOtFLWRV 0XOWD FLYLO
LLL 3ROtWLFD
6XVSHQVmR GRV GLUHLWRV SROtWLFRV
$ /HL QmR HVWDEHOHFH 6$1d®(6 3(1$,6 SHOD SUiWLFD GH DWRV GH LPSURELGDGH
9DQWDJHP SDWULPRQLDO LQGHYLGD HP UD]mR GR H[HUFtFLR GH
&DUJR 0DQGDWR
3~EOLFRV
)XQomR (PSUHJR
D (QULTXHFLPHQWR LOtFLWR
$WLYLGDGHV /HL DUW
'HVFULomR GRV DWRV GH LPSURELGDGH
$omR RX RPLVVmR GRORVD RX FXOSRVD TXH HQVHMH
3HUGD SDWULPRQLDO GRV EHQV RX KDYHUHV GR 3RGHU 3~EOLFR
'HVYLR $SURSULDomR 0DOEDUDWHDPHQWR
E 3UHMXt]R DR HUiULR
'LODSLGDomR /HL DUW 6DQo}HV $omR RX RPLVVmR TXH YLROH RV GHYHUHV GH
F $WHQWDP FRQWUD RV SULQFtSLRV GD $GP 3~EOLFD
+RQHVWLGDGH
,PSDUFLDOLGDGH /HJDOLGDGH /HDOGDGH
/HL DUW 6DQo}HV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
,0352%,'$'( $'0,1,675$7,9$ ,,
L 6XVSHQVmR GRV GLUHLWRV SROtWLFRV GH 2,72 D '(= DQRV LL 3HUGD GD IXQomR S~EOLFD
LLL 3HUGD GRV EHQV RX YDORUHV DFUHVFLGRV LOLFLWDPHQWH DR SDWULP{QLR LY 5HVVDUFLPHQWR LQWHJUDO GR GDQR TXDQGR KRXYHU D (QULTXHFLPHQWR LOtFLWR
Y 3URLELomR GH FRQWUDWDU FRP R 3RGHU 3~EOLFR RX UHFHEHU EHQHItFLRV RX LQFHQWLYRV ILVFDLV RX FUHGLWtFLRV GLUHWD RX LQGLUHWDPHQWH DLQGD TXH SRU LQWHUPpGLR GH SHVVRD MXUtGLFD GD TXDO VHMD VyFLR PDMRULWiULR SHOR SUD]R GH '(= DQRV YL 3DJDPHQWR GH PXOWD FLYLO GH DWp 75Ç6 YH]HV R YDORU GR DFUpVFLPR SDWULPRQLDO
L 6XVSHQVmR GRV GLUHLWRV SROtWLFRV GH &,1&2 D 2,72 DQRV LL 3HUGD GD IXQomR S~EOLFD
6DQo}HV
LLL 3HUGD GRV EHQV RX YDORUHV DFUHVFLGRV LOLFLWDPHQWH DR SDWULP{QLR VH FRQFRUUHU HVWD FLUFXQVWkQFLD
E 3UHMXt]R DR HUiULR
LY 5HVVDUFLPHQWR LQWHJUDO GR GDQR Y 3URLELomR GH FRQWUDWDU FRP R 3RGHU 3~EOLFR RX UHFHEHU EHQHItFLRV RX LQFHQWLYRV ILVFDLV RX FUHGLWtFLRV GLUHWD RX LQGLUHWDPHQWH DLQGD TXH SRU LQWHUPpGLR GH SHVVRD MXUtGLFD GD TXDO VHMD VyFLR PDMRULWiULR SHOR SUD]R GH &,1&2 DQRV YL 3DJDPHQWR GH PXOWD FLYLO GH DWp '8$6 YH]HV R YDORU GR GDQR L 6XVSHQVmR GRV GLUHLWRV SROtWLFRV GH 75Ç6 D &,1&2 DQRV LL 3HUGD GD IXQomR S~EOLFD LLL 5HVVDUFLPHQWR LQWHJUDO GR GDQR TXDQGR KRXYHU
F $WHQWDP FRQWUD RV SULQFtSLRV GD $GP 3~EOLFD
LY 3URLELomR GH FRQWUDWDU FRP R 3RGHU 3~EOLFR RX UHFHEHU EHQHItFLRV RX LQFHQWLYRV ILVFDLV RX FUHGLWtFLRV GLUHWD RX LQGLUHWDPHQWH DLQGD TXH SRU LQWHUPpGLR GH SHVVRD MXUtGLFD GD TXDO VHMD VyFLR PDMRULWiULR SHOR SUD]R GH 75Ç6 DQRV Y 3DJDPHQWR GH PXOWD FLYLO GH DWp &(0 YH]HV R YDORU GD UHPXQHUDomR SHUFHELGD SHOR DJHQWH
,PSURELGDGH $GPLQLVWUDWLYD
4XDOTXHU SHVVRD SRGH UHSUHVHQWDU j DXWRULGDGH DGPLQLVWUDWLYD FRPSHWHQWH SDUD TXH VHMD LQVWDXUDGD LQYHVWLJDomR /HL DUW
/HL DUW /HJLWLPDGRV DG FDXVDP SDUD SURSRU D DomR
3URFHGLPHQWRV DGPLQLVWUDWLYRV H Do}HV MXGLFLDLV
L 0LQLVWpULR 3~EOLFR
4XDQGR QmR IRU SDUWH QR SURFHVVR DWXDUi FRPR ILVFDO GD OHL
LL 3HVVRD MXUtGLFD LQWHUHVVDGD TXH WHQKD VRIULGR OHVmR SDWULPRQLDO
e YHGDGD D WUDQVDomR DFRUGR RX FRQFLOLDomR QDV Do}HV SRU DWRV GH LPSURELGDGH DGPLQLVWUDWLYD $ SHUGD GD IXQomR S~EOLFD H D VXVSHQVmR GRV GLUHLWRV SROtWLFRV Vy VH HIHWLYDP FRP R WUkQVLWR HP MXOJDGR GD VHQWHQoD FRQGHQDWyULD /HL DUW $XWRULGDGH MXGLFLDO RX DGPLQLVWUDWLYD SRGHUi WRGDYLD GHWHUPLQDU R DIDVWDPHQWR WHPSRUiULR GR DJHQWH S~EOLFR 1mR Ki IRUR HVSHFLDO QD DomR GH LPSURELGDGH DGPLQLVWUDWLYD
-Xt]R FRPSHWHQWH
1DWXUH]D FtYHO
/HL DUW D 0DQGDWR FDUJR HP FRPLVVmR IXQomR GH FRQILDQoD
3UHVFULomR
E &DUJR HIHWLYR RX HPSUHJR S~EOLFR
3UHVFUHYHP HP DWp FLQFR DQRV DSyV R WpUPLQR
(VWDEHOHFLGR HP OHL HVSHFtILFD SDUD IDOWDV GLVFLSOLQDUHV SXQtYHLV FRP GHPLVVmR
,PSUHVFULWtYHLV F 5HVVDUFLPHQWR DR HUiULR
&) DUW
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
352&(662 $'0,1,675$7,92 , 'LVFLSOLQD R SURFHVVR DGPLQLVWUDWLYR QR kPELWR GD DGPLQLVWUDomR S~EOLFD )('(5$/
/HL
$EUDQJrQFLD H DSOLFDomR
$SOLFiYHO j $GPLQLVWUDomR 3~EOLFD IHGHUDO GLUHWD H LQGLUHWD LQFOXVLYH yUJmRV GR /HJLVODWLYR H -XGLFLiULR
/HL DGPLQLVWUDWLYD )('(5$/
1mR REULJD (VWDGRV H 0XQLFtSLRV
1mR p OHL QDFLRQDO
7HP FDUiWHU VXSOHWLYR RX VXEVLGLiULR
6H KRXYHU OHL HVSHFtILFD D /HL UHJXOD VRPHQWH HYHQWXDO RPLVVmR ([ 3URFHVVR DGPLQLVWUDWLYR GLVFLSOLQDU 3$' /HL OHL HVSHFtILFD
/HJDOLGDGH )LQDOLGDGH 0RWLYDomR 5D]RDELOLGDGH
$ $GPLQLVWUDomR 3~EOLFD REHGHFHUi GHQWUH RXWURV DRV SULQFtSLRV GD
3URSRUFLRQDOLGDGH 0RUDOLGDGH
/HL DUW
$PSOD GHIHVD
D 3ULQFtSLRV H[SUHVVRV
&RQWUDGLWyULR 6HJXUDQoD MXUtGLFD ,QWHUHVVH S~EOLFR
3ULQFtSLRV
(ILFLrQFLD
L ,QIRUPDOLVPR
E 3ULQFtSLRV LPSOtFLWRV
LL 2ILFLDOLGDGH
6y VmR H[LJLGDV IRUPDV GHWHUPLQDGDV SDUD RV DWRV SURFHVVXDLV VH D OHL DVVLP HVWDEHOHFHU ,QLFLDGR R SURFHVVR SHOR DGPLQLVWUDGR FRPSHWH j $GPLQLVWUDomR PRYLPHQWi OR DWp D GHFLVmR ILQDO
LLL 9HUGDGH PDWHULDO
3URFHVVR $GPLQLVWUDWLYR
LY *UDWXLGDGH
'HYH VH EXVFDU R FRQKHFLPHQWR GRV IDWRV HIHWLYDPHQWH RFRUULGRV
1mR H[LVWHP {QXV FRPR VXFXPErQFLD FXVWDV RX KRQRUiULRV
/HL DUW L 'H RItFLR
'HFRUUrQFLD GR SULQFtSLR GD RILFLDOLGDGH 0HGLDQWH SURYRFDomR GR LQWHUHVVDGR
D ,QtFLR GR SURFHVVR LL $ SHGLGR
,QtFLR GR SURFHVVR H OHJLWLPDGRV
'HYHUi DSUHVHQWDU j $GPLQLVWUDomR UHTXHULPHQWR HVFULWR
e YHGDGD D VLPSOHV 5(&86$ ,027,9$'$ /HL DUW L 7LWXODUHV GH GLUHLWRV RX LQWHUHVVHV LQGLYLGXDLV RX QR H[HUFtFLR GR GLUHLWR GH UHSUHVHQWDomR E /HJLWLPDGRV
LL 3RVVXL GLUHLWR RX LQWHUHVVHV DIHWDGRV SHOD GHFLVmR GR SURFHVVR
LLL 2UJDQL]Do}HV H DVVRFLDo}HV UHSUHVHQWDWLYDV GLUHLWRV H LQWHUHVVHV FROHWLYRV
LY 3HVVRDV RX DVVRFLDo}HV TXDQWR D GLUHLWRV RX LQWHUHVVHV GLIXVRV
/HL DUW L 7HQKD LQWHUHVVH GLUHWR RX LQGLUHWR QD PDWpULD
D ,PSHGLPHQWR
e LPSHGLGR GH DWXDU QR SURFHVVR DGPLQLVWUDWLYR R VHUYLGRU RX DXWRULGDGH TXH
,PSHGLPHQWR H 6XVSHLomR
LL 3DUWLFLSDGR FRPR SHULWR WHVWHPXQKD RX UHSUHVHQWDQWH
LLL 2FRUUHP VLWXDo}HV TXDQWR DR F{QMXJH FRPSDQKHLUR RX SDUHQWH H DILQV DWp R WHUFHLUR JUDX LY (VWHMD OLWLJDQGR MXGLFLDO RX DGPLQLVWUDWLYDPHQWH FRP R LQWHUHVVDGR RX UHVSHFWLYR F{QMXJH RX FRPSDQKHLUR
/HL DUW E 6XVSHLomR
$XWRULGDGH RX VHUYLGRU TXH WHQKD DPL]DGH tQWLPD RX LQLPL]DGH QRWyULD FRP DOJXP GRV LQWHUHVVDGRV RX UHVSHFWLYRV F{QMXJHV RX SDUHQWHV DWp WHUFHLUR JUDX $OHJDomR GH VXVSHLomR p IDFXOGDGH GR LQWHUHVVDGR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
352&(662 $'0,1,675$7,92 ,,
3ULQFtSLR GR LQIRUPDOLVPR
)RUPD WHPSR H OXJDU GRV DWRV
D )RUPD
/HL DUW
2V DWRV GR SURFHVVR QmR GHSHQGHP GH IRUPD GHWHUPLQDGD VHQmR TXDQGR D OHL H[SUHVVDPHQWH D H[LJLU /HL DUW
E 7HPSR H OXJDU
D ,QWLPDU
$ UHDOL]DomR GRV DWRV GR SURFHVVR VH Gi HP GLDV ~WHLV QR KRUiULR GH IXQFLRQDPHQWR GD UHSDUWLomR QD TXDO WUDPLWDU
'DU FLrQFLD DR LQWHUHVVDGR GH
DOJXP DWR SUDWLFDGR QR SURFHVVR RX
GHSHQGD RX QmR GR FRPSDUHFLPHQWR GR LQWHUHVVDGR j UHSDUWLomR
GH DOJXPD SURYLGrQFLD TXH GHYD VHU DGRWDGD
/HL DUW
,QWLPDomR GR LQWHUHVVDGR
E $WRV TXH QHFHVVLWDP VHU LQWLPDGRV
L 5HVXOWHP DR LQWHUHVVDGR LPSRVLomR GH GHYHUHV LL ÐQXV VDQo}HV RX UHVWULomR DR H[HUFtFLR GH GLUHLWRV H DWLYLGDGHV H RV DWRV GH RXWUD QDWXUH]D GH VHX LQWHUHVVH
L 3HVVRDO SURYDGD D FLrQFLD GR LQWHUHVVDGR LL 9LD SRVWDO FRP DYLVR GH UHFHELPHQWR
3URFHVVR $GPLQLVWUDWLYR
F )RUPDV
LLL 2XWURV PHLRV GHVGH TXH DVVHJXUHP D FHUWH]D GD FLrQFLD GR LQWHUHVVDGR LY 3RU PHLR GH SXEOLFDomR RILFLDO HP FDVR GH LQWHUHVVDGRV LQGHWHUPLQDGRV RX FRP GRPLFtOLR LQGHILQLGR
/HL DUW 'HVWLQD VH j DYHULJXDomR H FRPSURYDomR GRV GDGRV QHFHVViULRV j WRPDGD GH XPD GHFLVmR IXQGDPHQWDGD D ,QVWUXomR
,QVWUXomR H GHFLVmR
ÐQXV GD SURYD p GR LQWHUHVVDGR LVWR p FDEH D HOH SURYDU RV IDWRV DOHJDGRV
/HL DUW
(QFHUUDGD D LQVWUXomR DEUH VH XP SUD]R GH GLDV SDUD PDQLIHVWDomR GR LQWHUHVVDGR &RQFOXtGD D LQVWUXomR D DGPLQLVWUDomR WHP R SUD]R GH DWp GLDV SDUD HPLWLU D GHFLVmR E 'HFLVmR
$ HGLomR GH XPD GHFLVmR H[SOtFLWD p REULJDWyULD SDUD D DGPLQLVWUDomR
/HL DUW
$ /HL FRQVDJUD R GLUHLWR DR GXSOR JUDX GH MXULVGLomR DGPLQLVWUDGD
5HFXUVR DGPLQLVWUDWLYR
7UDWD VH GH UHFXUVR KLHUiUTXLFR H RFRUUH SRU UD]}HV GH OHJDOLGDGH H GH PpULWR DGPLQLVWUDWLYR (P UHJUD RFRUUH D LQH[LJLELOLGDGH GH JDUDQWLD GH LQVWkQFLD FDXomR SDUD LQWHUSRVLomR GH UHFXUVRV VDOYR H[LJrQFLD OHJDO 5HFXUVRV VDOYR GLVSRVLomR OHJDO QmR WrP HIHLWR VXVSHQVLYR
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
%(16 3Ã’%/,&26 ,
6mR S~EOLFRV RV EHQV GR GRPtQLR QDFLRQDO SHUWHQFHQWHV jV SHVVRDV MXUtGLFDV GH GLUHLWR 3Ã’%/,&2 LQWHUQR WRGRV RV RXWURV VmR SDUWLFXODUHV 8QLmR 3HVVRDV MXUtGLFDV GH GLUHLWR 3Ã’%/,&2
D &RQFHLWR
(VWDGRV 'LVWULWR )HGHUDO 0XQLFtSLRV $XWDUTXLDV H IXQGDo}HV S~EOLFDV GH QDWXUH]D DXWiUTXLFD
1Ro}HV JHUDLV
&RQFHLWR UHODFLRQDGR DR DVSHFWR IRUPDO &yGLJR &LYLO DUW 2V EHQV GDV SHVVRDV MXUtGLFDV GH GLUHLWR 35,9$'2 LQWHJUDQWHV GD DGPLQLVWUDomR S~EOLFD 1Â2 6Â2 %(16 3Ã’%/,&26 (PSUHVDV HVWDWDLV 35(67$'25$6 '( 6(59,d2 3Ã’%/,&2
3RGHP HVWDU VXMHLWDV D UHJUDV SUySULDV GR UHJLPH MXUtGLFR GRV EHQV S~EOLFRV
6mR DTXHOHV TXH SRGHP VHU XWLOL]DGRV VHP TXDOTXHU IRUPDOLGDGH (P UHJUD VmR FRORFDGRV j GLVSRVLomR GD SRSXODomR JUDWXLWDPHQWH
D 8VR FRPXP GR SRYR
&ODVVLILFDomR TXDQWR j GHVWLQDomR
([ 5LRV PDUHV HVWUDGDV UXDV H SUDoDV 'HVWLQDGRV HVSHFLILFDPHQWH j H[HFXomR GH GHWHUPLQDGR VHUYLoR S~EOLFR
E 8VR HVSHFLDO
([ (GLItFLRV GD DGPLQLVWUDomR S~EOLFD HP JHUDO &RQVWLWXHP R SDWULP{QLR GLVSRQtYHO GDV SHVVRDV MXUtGLFDV GH GLUHLWR S~EOLFR LQWHUQR 1mR HVWmR DIHWDGRV D TXDOTXHU ILQDOLGDGH S~EOLFD
F 'RPLQLFDLV
([ 7HUUHQRV S~EOLFRV EDOGLRV WHUUDV GHYROXWDV
%HQV S~EOLFRV GH XVR FRPXP GR SRYR H GH XVR HVSHFLDO QmR SRGHP VHU YHQGLGRV && DUW
%HQV 3~EOLFRV
%HQV GRPLQLFDLV H GHVDIHWDGRV SRGHP VHU DOLHQDGRV REVHUYDGDV DV H[LJrQFLDV OHJDLV D ,QDOLHQDELOLGDGH
([FHomR
([LJrQFLDV OHJDLV DUW /HL
'HPRQVWUDomR GR LQWHUHVVH S~EOLFR 3UpYLD DYDOLDomR /LFLWDomR $XWRUL]DomR OHJLVODWLYD HP FDVR GH EHP LPyYHO
&DUDFWHUtVWLFDV
1mR VH VXMHLWDP j SHQKRUD ,PSDVVtYHLV GH H[HFXomR MXGLFLDO E ,PSHQKRUDELOLGDGH
'pELWRV GD )D]HQGD 3~EOLFD VHUmR SDJRV SRU SUHFDWyULRV &) DUW 3URLELGD DTXLVLomR GH EHQV S~EOLFRV SRU 868&$3,Â2
F ,PSUHVFULWLELOLGDGH
8VXFDSLmR
3UHVFULomR DTXLVLWLYD GR GLUHLWR GH SURSULHGDGH
&) DUW SDUiJUDIR ~QLFR %HQV S~EOLFRV QmR SRGHP VHU JUDYDGRV SRU GLUHLWRV UHDLV GH JDUDQWLD
G 1mR RQHUDomR
'LUHLWRV UHDLV GH JDUDQWLD
3HQKRU $QWLFUHVH +LSRWHFD
'L] UHVSHLWR j XWLOL]DomR GR EHP S~EOLFR 2FRUUH TXDQGR GHWHUPLQDGR EHP S~EOLFR HVWHMD VHQGR XWLOL]DGR SDUD XPD ILQDOLGDGH S~EOLFD D $IHWDomR
([ 8P SUpGLR HP TXH IXQFLRQH XPD UHSDUWLomR S~EOLFD HVWD DIHWDGR DR ILP S~EOLFR %HQV DIHWDGRV QmR SRGHP HQTXDQWR SHUPDQHFHUHP QHVVD VLWXDomR VHU DOLHQDGRV
$IHWDomR H GHVDIHWDomR
2FRUUH TXDQGR XP EHP S~EOLFR QmR HVWi VHQGR XWLOL]DGR SDUD TXDOTXHU ILP S~EOLFR ([ ,PyYHO GD 8QLmR TXH QmR HVWHMD VHQGR XVDGR SDUD TXDOTXHU ILP S~EOLFR E 'HVDIHWDomR
6RPHQWH RV EHQV GHVDIHWDGRV SRGHP VHU DOLHQDGRV &DVR RV EHQV GH XVR FRPXP GR SRYR H RV EHQV GH XVR HVSHFLDO YHQKDP D VHU GHVDIHWDGRV FRQYHUWHU VH mR HP EHQV GRPLQLFDLV
7KLDJR 6WUDXVV 0DUFHOR /HLWH
ZZZ SRQWRGRVFRQFXUVRV FRP EU
'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV S
%(16 3Ò%/,&26 ,, (QTXDGUDP VH FRPR EHQV GRPLQLFDLV D 7HUUDV GHYROXWDV
6mR WRGDV DTXHODV TXH SHUWHQFHQWHV DR GRPtQLR S~EOLFR GH TXDOTXHU GDV HQWLGDGHV HVWDWDLV QmR VH DFKDP GHVWLQDGDV D TXDOTXHU ILP S~EOLFR HVSHFtILFR 3HUWHQFHP j 8QLmR &) DUW 9,,
E 7HUUHQRV GD PDULQKD
3HUWHQFHP j 8QLmR &) DUW ;,
6mR DV KDELWDGDV SRU tQGLRV HP FDUiWHU SHUPDQHQWH DV XWLOL]DGDV SDUD VXDV DWLYLGDGHV SURGXWLYDV DV LPSUHVFLQGtYHLV j SUHVHUYDomR GRV UHFXUVRV DPELHQWDLV QHFHVViULRV D VHX EHP HVWDU H DV QHFHVViULDV D VXD UHSURGXomR ItVLFD H FXOWXUDO &) DUW
F 7HUUDV WUDGLFLRQDOPHQWH RFXSDGDV SHORV tQGLRV
3ULQFLSDLV HVSpFLHV GH EHQV S~EOLFRV
(QTXDGUDP VH FRPR EHQV GH XVR HVSHFLDO
3HUWHQFHP j 8QLmR &) DUW 9
G 3ODWDIRUPD FRQWLQHQWDO
e D H[WHQVmR GDV iUHDV FRQWLQHQWDLV VRE R PDU DWp D SURIXQGLGDGH GH FHUFD GH PHWURV
3RGHP VHU ODFXVWUHV IOXYLDLV H PDUtWLPDV FRVWHLUDV H RFHkQLFDV
(P UHJUD SHUWHQFHP j 8QLmR
,OKDV PDUtWLPDV H ,OKDV
0DV RV (VWDGRV SRGHUmR WHU iUHDV GDV LOKDV FRVWHLUDV H RFHkQLFDV &) DUW ,9
,OKDV IOXYLDLV H ODFXVWUHV
(P UHJUD SHUWHQFHP DRV (VWDGRV PHPEURV ([FHWR VH HVWLYHUHP HP
=RQDV OLPtWURIHV FRP RXWURV SDtVHV 5LRV TXH EDQKDP PDLV GH XP (VWDGR
3HUWHQFHP j 8QLmR &) DUW ,,,
ÈUHD GH DWp NP GH ODUJXUD SDUDOHOD j GLYLVD FRP RXWURV SDtVHV I )DL[D GH IURQWHLUD
3HUWHQFHP j 8QLmR &) DUW
'LVFULFLRQiULR 7UDWD VH GH DWR DGPLQLVWUDWLYR
%HQV 3~EOLFRV
D $XWRUL]DomR GH XVR GH EHP S~EOLFR
8QLODWHUDO 5HYRJiYHLV D TXDOTXHU WHPSR VHP LQGHQL]DomR 3UHFiULR
&DEH LQGHQL]DomR VH RXWRUJDGD FRP SUD]R RX FRQGLFLRQDGD
6HP SUHYLVmR GH SUD]R GH GXUDomR 1mR Ki OLFLWDomR SUpYLD j RXWRUJD GH DXWRUL]DomR GH XVR 3UHGRPtQLR GR LQWHUHVVH SDUWLFXODU ([ )HFKDPHQWR GH XPD UXD SDUD UHDOL]DomR GH IHVWD SRSXODU 'LVFULFLRQiULR 7UDWD VH GH DWR DGPLQLVWUDWLYR
E 3HUPLVVmR GH XVR GH EHP S~EOLFR
8QLODWHUDO 5HYRJiYHLV D TXDOTXHU WHPSR VHP LQGHQL]DomR 3UHFiULR
&DEH LQGHQL]DomR VH RXWRUJDGD FRP SUD]R RX FRQGLFLRQDGD
6HP SUHYLVmR GH SUD]R GH GXUDomR (P UHJUD GHYH VHU SUHFHGLGD GH OLFLWDomR ,QWHUHVVHV GR SDUWLFXODU H FROHWLYLGDGH ([ 2FXSDomR GH iUHD S~EOLFD SDUD LQVWDODomR GH EDQFD GH UHYLVWD
8VR SULYDWLYR GH EHQV S~EOLFRV
7UDWD VH GH FRQWUDWR DGPLQLVWUDWLYR
3UHFHGLGR SRU DXWRUL]DomR OHJLVODWLYD H RX OLFLWDomR 5HVFLVmR QDV KLSyWHVHV SUHYLVWDV HP OHL
1mR Ki SUHFDULHGDGH
&DEH LQGHQL]DomR VH D FDXVD QmR IRU LPSXWiYHO DR FRQFHVVLRQiULR
'HYH WHU SUD]R GHWHUPLQDGR F &RQFHVVmR GH XVR GH EHP S~EOLFR
,QWHUHVVHV GR SDUWLFXODU H FROHWLYLGDGH 7UDWD VH GH GLUHLWR SHVVRDO
1mR p GLUHLWR UHDO 1mR SRGH VHU WUDQVIHULGR VHP D SUHYLVmR FRQWUDWXDO RX DQXrQFLD GD $GPLQLVWUDomR 3~EOLFD
([ 5HVWDXUDQWH ODQFKRQHWH HP UHSDUWLomR S~EOLFD 7UDWD VH GH FRQWUDWR DGPLQLVWUDWLYR
7UDQVIHUrQFLD DR SDUWLFXODU GR XVR GH XP WHUUHQR S~EOLFR RX GR UHVSHFWLYR HVSDoR DpUHR 3RU SUD]R FHUWR RX LQGHWHUPLQDGR 'H IRUPD UHPXQHUDGD RX JUDWXLWD (P UHJUD GHYH VHU SUHFHGLGD GH OLFLWDomR
G &RQFHVVmR GH GLUHLWR UHDO GH XVR GH EHP S~EOLFR
7UDWD VH GH GLUHLWR UHDO
1mR p GH GLUHLWR SHVVRDO 7UDQVIHUH VH SRU DWR LQWHU YLYRV RX SRU VXFHVVmR
&RQIHUH DR SDUWLFXODU XP ',5(,72 5($/ 5(62/Ò9(/
3RGH VH H[WLQJXLU QDV KLSyWHVHV SUHYLVWDV QD OHL RX QR FRQWUDWR