/LJDomRHOpFWULFDGHYHVHUHIHFWXDGDDSHQDVSRUXPWpFQLFR
HVSHFLDOLVWDDXWRUL]DGRHGHDFRUGRFRPDVGLVSRVLo}HVGD
FRPSDQKLDGHIRUQHFLPHQWRHOpFWULFRGD]RQD
2 DSDUHOKR WHP GH HVWDU OLJDGR D XPD LQVWDODomR IL[D H GH DFRUGR
FRPRVUHJXODPHQWRVGHLQVWDODomRGHYHPVHULQVWDODGRV
LQWHUUXSWRUHVVHFFLRQDGRUHV
7LSRGHOLJDomRRDSDUHOKRSHUWHQFHjFODVVHGHSURWHFomR ,H
DSHQDVSRGHVHUXWLOL]DGRHPFRPELQDomRFRPXPDOLJDomRFRP
FRQGXWRUGHWRPDGDGHWHUUD
2 IDEULFDQWH QmR VH UHVSRQVDELOL]D SHOR IXQFLRQDPHQWR LQFRUUHFWR
HSRUSRVVtYHLVGDQRVSURYRFDGRVSRULQVWDODo}HVHOpFWULFDV
LQDGHTXDGDV
&DER GH UHGH R FDER GH UHGH DSHQDV SRGH VHU LQVWDODGR SRU XP
WpFQLFRDXWRUL]DGRRXSRUXPWpFQLFRGRVHUYLoRGHDVVLVWrQFLD
WpFQLFDFRPIRUPDomRHVSHFtILFD2VGDGRVGHOLJDomR
QHFHVViULRVHQFRQWUDPVHQDSODFDGHFDUDFWHUtVWLFDVHQRV
HVTXHPDVGHOLJDomR
0RQWDJHPSRUEDL[RGDEDQFDGDGHWUDEDOKR$SODFDGH
LQGXomR DSHQDV SRGH VHU LQVWDODGD SRU FLPD GH JDYHWDV RX IRUQRV
FRPYHQWLODGRU3RUEDL[RGDSODFDGHFR]LQKDUQmRSRGHPVHU
LQFRUSRUDGRVIULJRUtILFRVPiTXLQDVGHODYDUORXoDIRUQRVVHP
YHQWLODomRQHPPiTXLQDVGHODYDUURXSD
([DXVWRUDGLVWkQFLDHQWUHRH[DXVWRUHDSODFDGHFR]LQKDUWHP
GH FRUUHVSRQGHU SHOR PHQRV j GLVWkQFLD LQGLFDGD QDV LQVWUXo}HV
GHPRQWDJHPGRH[DXVWRU
%DQFDGDSODQDKRUL]RQWDOHVWiYHO6LJDDVLQVWUXo}HVGR
IDEULFDQWHGDEDQFDGD
2DSDUHOKRSRGHVHUPRQWDGRHPEDQFDGDVGHWUDEDOKR
UHVLVWHQWHVDRFDORUHjiJXD
■ %DQFDGDVGHWUDEDOKRHPPiUPRUHSHGUDQDWXUDO
■ %DQFDGDVGHWUDEDOKRVLQWpWLFDV
■ %DQFDGDV GH WUDEDOKR HP PDGHLUD PDFLoD DSHQDV DSyV DFRUGR
GR IDEULFDQWH GD EDQFDGD GH WUDEDOKR DUHVWDV GH FRUWH VHODGDV
■ 0RQWDJHPGHRXWURVWLSRVGHEDQFDGDVGHWUDEDOKRDSHQDV
DSyVDFRUGRGRIDEULFDQWHGDEDQFDGDGHWUDEDOKR
6HDHVSHVVXUDGDEDQFDGDGHWUDEDOKRQDTXDOpLQFRUSRUDGDD
SODFDGHFR]LQKDUQmRFRUUHVSRQGHUDRVUHTXLVLWRVUHIRUFHD
EDQFDGD GH WUDEDOKR FRP PDWHULDO UHVLVWHQWH DR IRJR H j iJXD DWp
VHUDWLQJLGDDHVSHVVXUDPtQLPDUHFRPHQGDGD&DVRFRQWUiULR
QmRWHUiHVWDELOLGDGHVXILFLHQWH
■ $EDQFDGDGHWUDEDOKRQDTXDODSODFDGHFR]LQKDUp
LQFRUSRUDGDGHYHUHVLVWLUDFDUJDVGHDSUR[ NJ
■ 9HULILTXHRQLYHODPHQWRGDSODFDGHFR]LQKDUDSHQDVTXDQGR
HVWDHVWLYHUPRQWDGD
1RWDV
■ 3DUDQLYHODURDSDUHOKRQmRXWLOL]HDSRLRVHPORFDLVLQGLYLGXDLV
■ $VDGDSWDo}HVQDVXSHUItFLHGHWUDEDOKRWrPGHVHUHIHWXDGDV
SRUXPSUHVWDGRUGHVHUYLoRVHVSHFLDOL]DGRHPFRQIRUPLGDGH
FRP R HVERoR GH HQFDVWUDPHQWR $ DUHVWD GH FRUWH WHP GH HVWDU
OLPSD H SUHFLVD SRLV R UHERUGR GD VXSHUItFLH HVWi YLVtYHO /LPSH
HOXEULILTXHDVDUHVWDVGHFRUWHFRPXPSURGXWRGHOLPSH]D
FRUUHVSRQGHQWH
*DUDQWLDXPDLQVWDODomROLJDomRRXPRQWDJHPLQDGHTXDGD
LPSOLFDDDQXODomRGDJDUDQWLDGRSURGXWR
1RWD 4XDOTXHUPDQLSXODomRQRLQWHULRUGRDSDUHOKRLQFOXLQGRD
PXGDQoDGRFDERGHDOLPHQWDomRGHYHVHUUHDOL]DGD
H[FOXVLYDPHQWHSRUSHVVRDOWpFQLFRGR6HUYLoRGH$VVLVWrQFLD
FRPIRUPDomRHVSHFtILFD
3UHSDUDomRGRPyYHOILJXUD
0yYHLVHQFDVWUDGRVUHVLVWHQWHVDXPDWHPSHUDWXUDPtQLPDGH
&
&DYLGDGHUHPRYHUDVDSDUDVGHPDGHLUDDSyVRVWUDEDOKRVGH
FRUWH
6XSHUItFLHVGHFRUWHYHGDUFRPPDWHULDOUHVLVWHQWHDRFDORU
0RQWDJHPVREUHDJDYHWDILJXUD D
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP
$GLVWkQFLDHQWUHDSDUWHVXSHULRUGDEDQFDGDHDSDUWHVXSHULRU
GDJDYHWDGHYHVHUGH PP
1RWD &DVRVHMDPJXDUGDGRVQHVWDJDYHWDSHTXHQRVREMHWRV
PHWiOLFRVFRPRSH[HVSHWRVRXFDVRRVREMHWRVPHWiOLFRV
JXDUGDGRVQDJDYHWDDTXHoDPGHYLGRjFLUFXODomRGRDUGXUDQWH
DYHQWLODomRGDSODFDGHFR]LQKDUXWLOL]HXPIXQGRLQWHUPpGLRGH
PDGHLUD ILJXUD
$SODFDGHFR]LQKDUSRVVXLXPYHQWLODGRUQRODGRLQIHULRU6HP
IXQGRLQWHUPpGLRQmRVHSRGHJXDUGDUREMHWRVSHTXHQRVRX
SRQWLDJXGRV SDSHO RX SDQRV GH FR]LQKD QD JDYHWD $ UHIULJHUDomR
SRGH ILFDU DIHWDGD RX R YHQWLODGRU GDQLILFDGR DWUDYpV GD DVSLUDomR
(QWUH R FRQWH~GR GD JDYHWD H D HQWUDGD GR YHQWLODGRU p QHFHVViULR
UHVSHLWDUXPDGLVWkQFLDPtQLPDGHFP
0RQWDJHPVREUHRIRUQRILJXUDE
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP
1RWD &RQVXOWHDVLQVWUXo}HVGHPRQWDJHPGRIRUQRFDVRVHMD
QHFHVViULRDXPHQWDUDGLVWkQFLDHQWUHDSODFDGHFR]LQKDUHR
IRUQR
9HQWLODomRDGLVWkQFLDHQWUHRIRUQRHDSODFDGHFR]LQKDUGHYH
VHUQRPtQLPRGHPP
1RWD 6HDSODFDGHFR]LQKDUHVWLYHUPRQWDGDSRUFLPDGHXP
IRUQRGHXPDRXWUDPDUFDGHYHVHUXVDGRXPIXQGRLQWHUPpGLR
HPPDGHLUD ILJXUD
9HQWLODomRILJXUD
3DUD JDUDQWLU XP IXQFLRQDPHQWR FRUUHWR GR DSDUHOKR p QHFHVViULR
YHQWLODUDSODFDGHFR]LQKDUDGHTXDGDPHQWH
&RPR D YHQWLODomR QD SDUWH LQIHULRU GR DSDUHOKR QHFHVVLWD GH XPD
DOLPHQWDomRVXILFLHQWHGHDUIUHVFRRVPyYHLVWrPGHVHU
GLPHQVLRQDGRVHPFRQIRUPLGDGH3DUDLVVRpQHFHVViULRR
VHJXLQWH
■ XPD GLVWkQFLD PtQLPD HQWUH D SDUWH GH WUiV GR PyYHO H D SDUHGH
GD FR]LQKD H HQWUH D VXSHUItFLH GD EDQFDGD GH WUDEDOKR H D SDUWH
VXSHULRUGDJDYHWD ILJXUD D
■ XPDDEHUWXUDHPFLPDQDSDUWHGHWUiVGRPyYHO ILJXUD E
■ FDVRDGLVWkQFLDPtQLPDGH PPQDSDUWHGHWUiVGRPyYHO
QmRHVWHMDDVVHJXUDGDpQHFHVViULRFULDUXPDDEHUWXUDQD
SDUWHLQIHULRU ILJXUD F
■ FDVRDODUJXUDLQWHULRUGRPyYHOQmRVHMDVXSHULRUD PP
HIHWXDULQFLV}HVQDVSDUHGHVODWHUDLV ILJXUD G
1RWDV
■ 6HRDSDUHOKRIRULQFRUSRUDGRQXPDLOKDRXQXPRXWURORFDO
GLIHUHQWHQmRGHVFULWRGHYHSURYLGHQFLDUVHXPDYHQWLODomR
DGHTXDGDGDSODFDGHFR]LQKDU
■ 1mRILQDOL]HRFDVTXLOKRLQIHULRUGHIRUPDKHUPpWLFD
0RQWDURDSDUHOKRILJXUDV
1RWD 8WLOL]HOXYDVGHSURWHomRSDUDPRQWDUDSODFDGHFR]LQKDU
$VVXSHUItFLHVTXHQmRVmRYLVtYHLVSRGHPDSUHVHQWDUDUHVWDV
YLYDV
1RFDVRGHDSDUHOKRVVHPFDERSUpLQVWDODGRLQWURGX]DR
FDERGHUHGHQDWRPDGDGHOLJDomR
9LUH D SODFD GH FR]LQKDU H SRXVHD VREUH R IXQGR GD HPEDODJHP
XPSDQRRXXPDRXWUDVXSHUItFLHGHIRUPDDHYLWDUULVFRV
/HYDQWHDWDPSDGDWRPDGDGHOLJDomRFRPDDMXGDGHXPD
FKDYHGHIHQGDV ILJXUD
6ROWH R SDUDIXVR GH IL[DomR H OHYDQWH D EUDoDGHLUD GD PDQJXHLUD
FRPDDMXGDGHXPDFKDYHGHIHQGDV ILJXUD
/LJXHDWRPDGDGHOLJDomRDSHQDVGHDFRUGRFRPDILJXUD
ILJXUD
%1FDVWDQKR
%8D]XO
*1<(DPDUHORHYHUGH
%.SUHWR
*<FLQ]HQWR
1RWDV
■ 6HDOLJDomRIRUUHDOL]DGDGHDFRUGRFRPRHVTXHPDGH
OLJDo}HV1aXVHFDERVGHILRV
■ 6HDOLJDomRIRUUHDOL]DGDGHDFRUGRFRPRHVTXHPDGH
OLJDo}HV1aXVHFDERVGHILRV$VSRQWHVWrPGHVHU
GLVSRVWDVGHDFRUGRFRPRHVTXHPDGHOLJDo}HV
■ 6HDOLJDomRIRUUHDOL]DGDGHDFRUGRFRPRHVTXHPDGH
OLJDo}HV/1aGHYHVHUXVDGRXPFDER+99)FRP
XPFRUWHWUDQVYHUVDOPtQLPRGH PPò*$VSRQWHV
WrPGHVHUGLVSRVWDVGHDFRUGRFRPRHVTXHPDGHOLJDo}HV
■ 3UHVWHDWHQomRSDUDTXHRVSDUDIXVRVHVWHMDPEHP
DSHUWDGRVQDWRPDGDGHOLJDomRGHSRLVGDOLJDomRGRV
FDERV
)L[HRFDERGHUHGHFRPDEUDoDGHLUDGDPDQJXHLUDHDSHUWHR
SDUDIXVRGHIL[DomR ILJXUD D
)HFKHDWDPSDGDWRPDGDGHOLJDomR
1RWD $UUXPHRVFDERVQRFHQWURGDWRPDGDGHOLJDomRSDUD
IDFLOLWDURIHFKR
6H R FDER GH UHGH LQIHULU FRP D JDYHWD HVWH GHYH VH IL[DGR FRP
RDJUXSDGRUGHFDERVIRUQHFLGRQDSDUWHLQIHULRUGDSODFDGH
FR]LQKDU ILJXUD E
1RWD 6HIRUQHFHVViULRXPFDERPDLVFRPSULGRFRQWDFWHR
VHUYLoRGHDVVLVWrQFLD