3. TXH D FXOWXUD
RUJDQL]DFLRQDO SRGH WUD]HU DR PRGHOR GH JHVWmR
ͳǤ ”‰ƒ‹œƒ ‘
(P VHQWLGR JHUDO RUJDQL]DomR p R PRGR HP TXH VH RUJDQL]D XP VLVWHPD
IDFLOLWDQGR R DOFDQFH GH XP REMHWLYR e D IRUPD HVFROKLGD SDUD DUUDQMDU GLVSRU RX
FODVVLILFDU REMHWRV GRFXPHQWRV H LQIRUPDo}HV 6HJXQGR 0RQWDQD S
4. RUJDQL]DU p R SURFHVVR GH UHXQLU UHFXUVRV ItVLFRV H KXPDQRV HVVHQFLDLV j FRQVHFXomR GRV
REMHWLYRV GH XPD HPSUHVD $ HVWUXWXUD GH XPD RUJDQL]DomR p UHSUHVHQWDGD DWUDYpV GR
VHX RUJDQRJUDPD (P $GPLQLVWUDomR RUJDQL]DomR WHP GRLV VHQWLGRV
x RPELQDomR GH HVIRUoRV LQGLYLGXDLV TXH WHP SRU ILQDOLGDGH UHDOL]DU SURSyVLWRV
FROHWLYRV ([HPSOR HPSUHVDV DVVRFLDo}HV yUJmRV GR JRYHUQR RX VHMD TXDOTXHU
HQWLGDGH S~EOLFD RX SULYDGD 2X VHMD D RUJDQL]DomR HP XPD HPSUHVD GHWHUPLQD
R TXH IDUi FDGD LQWHJUDQWH SDUD DOFDQoDU R REMHWLYR FROHWLYR GR JUXSR
x 0RGR FRPR IRL HVWUXWXUDGR GLYLGLGR H VHTXHQFLDGR R WUDEDOKR 2X VHMD XP
FRQMXQWR EHP GHWHUPLQDGR GH SURFHGLPHQWRV GLYLGLGRV H VHTHQFLDGRV
JHUDOPHQWH HP XP RUJDQRJUDPD
9. D RUJDQL]DomR p XPD HQWLGDGH VRFLDO FRQVFLHQWHPHQWH FRRUGHQDGD
JR]DQGR GH IURQWHLUDV GHOLPLWDGDV TXH IXQFLRQDP QXPD EDVH UHODWLYDPHQWH FRQWtQXD
WHQGR HP YLVWD D UHDOL]DomR GH REMHWLYRV FRPXQV 6REUHYLYrQFLD H FUHVFLPHQWR PHWDV H
REMHWLYRV
10. p R TXH D PDLRULD DPELFLRQD 2EMHWLYRV TXH H[LJHP JUXSRV GH GXDV RX PDLV
SHVVRDV TXH HVWDEHOHFHP HQWUH HOHV UHODo}HV GH FRRSHUDomR Do}HV IRUPDOPHQWH
FRRUGHQDGDV H IXQo}HV GLIHUHQFLDGDV KLHUDUTXLFDPHQWH
2UJDQRJUDPD p XP JUiILFR TXH UHSUHVHQWD D HVWUXWXUD IRUPDO GH XPD
RUJDQL]DomR UHGLWDVH D FULDomR GRV SULPHLURV RUJDQRJUDPDV DR QRUWHDPHULFDQR
'DQLHO 0FDOOXP DGPLQLVWUDGRU GH IHUURYLDV QR DQR GH
2V RUJDQRJUDPDV PRVWUDP FRPR HVWmR GLVSRVWDV XQLGDGHV IXQFLRQDLV D
KLHUDUTXLD H DV UHODo}HV GH FRPXQLFDomR H[LVWHQWHV HQWUH HVWHV
2V yUJmRV RX GHSDUWDPHQWRV VmR XQLGDGHV DGPLQLVWUDWLYDV FRP IXQo}HV EHP
GHILQLGDV ([HPSORV GH yUJmRV 7HVRXUDULD 'HSDUWDPHQWR GH RPSUDV 3RUWDULD
%LEOLRWHFD 6HWRU GH 3URGXomR *HUrQFLD $GPLQLVWUDWLYD 'LUHWRULD 7pFQLFD 6HFUHWDULD
HWF 2V yUJmRV SRVVXHP XP UHVSRQViYHO FXMR FDUJR SRGH VHU FKHIH VXSHUYLVRU JHUHQWH
FRRUGHQDGRU GLUHWRU VHFUHWiULR JRYHUQDGRU SUHVLGHQWH HWF 1RUPDOPHQWH WHP
FRODERUDGRUHV IXQFLRQiULRV
11. H HVSDoR ItVLFR GHILQLGR
$ GHSDUWDPHQWDOL]DomR H RV RUJDQRJUDPDV TXH UHSUHVHQWDP JUDILFDPHQWH RV
FRQFHLWRV GH GLYLVmR GR WUDEDOKR H VXDV UHODo}HV OHYDP HP FRQWD DV VHJXLQWHV
FDUDFWHUtVWLFDV
x D GLYLVmR GR WUDEDOKR PHGLDQWH R IUDFLRQDPHQWR GD RUJDQL]DomR HP XQLGDGHV
GH GLUHomR Q~FOHRV FRQVHOKRV FRPLVV}HV JHUrQFLDV VXSHULQWHQGrQFLDV
GHSDUWDPHQWRV VHo}HV VHUYLoRV VHWRUHV HWF
x D UHODomR VXSHULRUVXERUGLQDGR R TXH GHL[D LPSOtFLWR RV SURFHGLPHQWRV
UHODWLYRV j GHOHJDomR GH DXWRULGDGH H UHVSRQVDELOLGDGH
x R WUDEDOKR GHVHQYROYLGR SHODV IUDo}HV RUJDQL]DFLRQDLV 'HSHQGHQGR GD
WpFQLFD GH HODERUDomR DSOLFDGD R RUJDQRJUDPD SRGH HYLGHQFLDU DOpP GR WLSR GH
WUDEDOKR GHVHQYROYLGR D
35. ʹ Ȃ ‘…‹‡†ƒ†‡ †‘ …‘Š‡…‹‡–‘
„Œ‡–‹˜‘• †ƒ ƒ—Žƒǣ
$R WpUPLQR YRFr GHYHUi VHU FDSD] GH
3HUFHEHU D FRUUHODomR HQWUH D HYROXomR GRV VLVWHPDV GH LQIRUPDomR H GRV
PRGHORV GH JHVWmR HPSUHVDULDO
'LVWLQJXLU RV FRQFHLWRV GH 'DGRV ,QIRUPDomR H RQKHFLPHQWR 7LSRV GH
FRQKHFLPHQWR
,PSRUWkQFLD GDV IHUUDPHQWDV FRPSXWDFLRQDLV GH JHVWmR GR FRQKHFLPHQWR SDUD
D JHUDomR GH YDQWDJHP FRPSHWLWLYD
ʹǤ ‘…‹‡†ƒ†‡ †‘ ‘Š‡…‹‡–‘
(VWH FDStWXOR H[SOLFD SRU TXH DWXDOPHQWH R FRQKHFLPHQWR p R SULQFLSDO LQVXPR
GDV RUJDQL]Do}HV QD VRFLHGDGH DWXDO GH IRUPD TXH D VXD JHVWmR WRUQRXVH XPD YDQWDJHP
FRPSHWLWLYD GHVWDFDQGR D LPSRUWkQFLD GD HYROXomR GD WHFQRORJLD GD LQIRUPDomR SDUD R
GHVHQYROYLPHQWR GH QRYDV SUiWLFDV JHUHQFLDLV
8PD YH] HVWDEHOHFLGD D LPSRUWkQFLD GR FRQKHFLPHQWR SDUD DV RUJDQL]Do}HV
FRQWHPSRUkQHDV VmR DSUHVHQWDGRV RV FRQFHLWRV EiVLFRV GH FRQKHFLPHQWR VHXV WLSRV R
H[SOtFLWR H R WiFLWR $ UHDOL]DomR GH WDUHIDV H SURMHWRV LPS}H D LQWHUDomR HQWUH HVVDV GXDV
HVIHUDV GH FRQKHFLPHQWR TXH SRGH VH GDU DWUDYpV GH TXDWUR SURFHVVRV VRFLDOL]DomR
FRPELQDomR LQWHUQDOL]DomR H H[WHUQDOL]DomR
ʹǤͳǤ ‘–‡š–‘ Š‹•–×”‹…‘
$V ~OWLPDV GXDV GpFDGDV GR VpFXOR ;; H RV DQRV VHJXLQWHV H[SHULPHQWDUDP XPD
WUDQVIRUPDomR HP QtYHO PXQGLDO HP PXLWRV VHWRUHV GD VRFLHGDGH $YDQoRV FLHQWtILFRV H
WHFQROyJLFRV IRUDP REWLGRV RV PHLRV GH WUDQVSRUWH H GH FRPXQLFDomR HYROXtUDP H D
FRQVHTXHQWH GLPLQXLomR GDV GLVWkQFLDV FRQVROLGRX R IHQ{PHQR GD JOREDOL]DomR +RMH p
SRVVtYHO FRQYHUVDU FRP XP DPLJR VHMD HOH XP YL]LQKR VHMD HOH XP PRUDGRU GR
KHPLVIpULR RSRVWR 2V HIHLWRV GH XPD FULVH HFRQ{PLFD QD 5~VVLD VHQVLELOL]DP RV FLQFR
FRQWLQHQWHV 2V SURGXWRV VmR YHQGLGRV HP XPD FLGDGH H HQWUHJXHV HP RXWUD
$V PXGDQoDV RFRUULGDV QR SHUtRGR VmR IDFLOPHQWH SHUFHELGDV HQWUHWDQWR D
SULQFLSDO PRGLILFDomR GR SDQRUDPD VRFLDO FXOWXUDO SROtWLFR H HFRQ{PLFR QD YLUDGD GR
VpFXOR ;;, UHODFLRQDVH j LPSRUWkQFLD H j GLPHQVmR TXH R FRQKHFLPHQWR DWLQJLX IDWR
TXH p FDXVD H FRQVHTXrQFLD GR GHVHQYROYLPHQWR GD WHFQRORJLD GD LQIRUPDomR IRUPDQGR
XPD HVSpFLH GH FtUFXOR YLFLRVR
3RU XP ODGR D IOH[LELOLGDGH H R SRGHULR GDV QRYDV WHFQRORJLDV GD LQIRUPDomR
7,
36. WRUQDP R FRQKHFLPHQWR XPD GDV SULRULGDGHV HVWUDWpJLFDV GD RUJDQL]DomR 2V
SURGXWRV GDV QRYDV LQG~VWULDV GH 7, VmR GLVSRVLWLYRV GH SURFHVVDPHQWR GH LQIRUPDomR
RX R SUySULR SURFHVVDPHQWR 2 DYDQoR GD 7, DVVLP SHUPLWH TXH D LQIRUPDomR VH
WUDQVIRUPH QR FHQWUR GR SURFHVVR SURGXWLYR
$ JOREDOL]DomR WDPEpP JHURX XP QRYR FRQWH[WR SROtWLFR H HFRQ{PLFR HP TXH
DV RUJDQL]Do}HV FRPSHWHP FRRSHUDP H VH FRPXQLFDP HP HVFDOD PXQGLDO DPSOLILFDQGR
D FRQFRUUrQFLD H DV SRVVLELOLGDGHV DOpP GRV OLPLWHV JHRJUiILFRV $ LQRYDomR FRQWtQXD
WRUQRXVH XP DVSHFWR YLWDO SDUD R VXFHVVR H D PDQXWHQomR GD HPSUHVD /RJR R PDLRU
GHVDILR GDV RUJDQL]Do}HV p DGTXLULU D FRPSHWrQFLD QHFHVViULD SDUD WUDQVIRUPDU D
$67(//6
37. LQIRUPDomR H R FRQKHFLPHQWR HP XP UHFXUVR HFRQ{PLFR HVWUDWpJLFR DWUDYpV GH
LQRYDo}HV TXH GHYHP VHU DSUHVHQWDGDV HP LQWHUYDORV GH WHPSR FDGD YH] PHQRUHV
2 FtUFXOR YLFLRVR VH IHFKD TXDQGR R FRQKHFLPHQWR FHQWUR HVWUDWpJLFR GDV
RUJDQL]Do}HV MXVWLILFD R DSULPRUDPHQWR GDV WHFQRORJLDV $V UHGHV IXQFLRQDP FRPR
FDQDLV GH WUDQVPLVVmR GH LQIRUPDo}HV 2V OLPLWHV GH YROXPH GRV VLVWHPDV GH
DUPD]HQDPHQWR DXPHQWDP UDSLGDPHQWH 2V EDQFRV GH GDGRV LQFRUSRUDP QRYDV
IXQFLRQDOLGDGHV H DGTXLUHP PDLRU UREXVWH] H VHJXUDQoD DR ORQJR GR WHPSR $ HYROXomR
WpFQLFD SUHFLVD DFRPSDQKDU D QHFHVVLGDGH GD JHUDomR PDQXWHQomR H GLVVHPLQDomR GR
FRQKHFLPHQWR RUJDQL]DFLRQDO 1mR p j WRD TXH DWXDOPHQWH FRPSXWDGRUHV H UHGHV
GLVSRQLELOL]DP YiULRV UHFXUVRV FRPR R FRUUHLR HOHWU{QLFR JURXSZDUH LQWUDQHWV H D
LQWHUQHW DSWRV D LQGLFDU SHVVRDV FRP FRQKHFLPHQWR H LQWHUOLJDU LQGLYtGXRV TXH SUHFLVHP
FRPSDUWLOKDU FRQKHFLPHQWR j GLVWkQFLD
+i YiULRV LQGLFDGRUHV HFRQ{PLFRV GH TXH D VRFLHGDGH KRMH SRGH VHU
FODVVLILFDGD FRPR XPD ³6RFLHGDGH GR RQKHFLPHQWR´
x $ LPSRUWkQFLD GD LQRYDomR WHFQROyJLFD SDUD R FUHVFLPHQWR HFRQ{PLFR H D
FRPSHWLWLYLGDGH HPSUHVDULDO 1RV DQRV D LQRYDomR WHFQROyJLFD WHP VLGR
UHVSRQViYHO SRU FHUFD GH GR FUHVFLPHQWR HFRQ{PLFR H SRU HQWUH H
GRV JDQKRV GH SURGXWLYLGDGH 1R ILP GD GpFDGD R VHWRU GH DOWD WHFQRORJLD IRL
UHVSRQViYHO SRU GR FUHVFLPHQWR GR 3,% QRUWHDPHULFDQR
x 4XHGD GH SUHoRV H GD SDUWLFLSDomR QD HFRQRPLD GRV 5HFXUVRV 1DWXUDLV H
$JULFXOWXUD (VWLPDVH TXH RV SUHoRV GRV UHFXUVRV QDWXUDLV WHQKDP FDtGR TXDVH
HQWUH RV DQRV H RV H FHUFD GH DR DQR GHVGH DWp RV GLDV GH
KRMH 1RV SDtVHV GHVHQYROYLGRV D SDUWLFLSDomR GD DJULFXOWXUD JLUD HP WRUQR GH
D GR 3,%
x (YROXomR GRV VHWRUHV GH LQIRUPiWLFD H WHOHFRPXQLFDo}HV (P KDYLD
PDLV GH PLOK}HV GH FRPSXWDGRUHV H PDLV GH ELOK}HV GH FKLSV LQVWDODGRV
HP GLYHUVRV WLSRV GH PiTXLQDV H HTXLSDPHQWRV (P QRV (8$ RV
LQYHVWLPHQWRV HP WHOHFRPXQLFDo}HV H LQIRUPiWLFD FRUUHVSRQGLDP j PHWDGH GR
LQYHVWLGR HP VHWRUHV WUDGLFLRQDLV 'H] DQRV GHSRLV RV YDORUHV VH LJXDODUDP (P
R SDQRUDPD LQYHUWHXVH RV LQYHVWLPHQWRV QRV VHWRUHV GH LQIRUPiWLFD
FKHJDUDP D FHUFD GH ELOK}HV GH GyODUHV FRUUHVSRQGHQGR DR GREUR GRV
LQYHVWLPHQWRV QRV VHWRUHV WUDGLFLRQDLV
x 2V LPSDFWRV HFRQ{PLFRV H VRFLDLV GRV QtYHLV GH HGXFDomR H TXDOLILFDomR
SURILVVLRQDO (P RV RSHUiULRV GH SURGXomR GRV (8$ UHSUHVHQWDYDP
GRV WUDEDOKDGRUHV FRQWUD TXH HUDP DGPLQLVWUDWLYRV WpFQLFRV H
SURILVVLRQDLV OLEHUDLV RQGH VH HQTXDGUDP RV IXQFLRQiULRV FXMR UHVXOWDGR GH VHX
WUDEDOKR WHP YDORU VHJXQGR VHX FRQWH~GR LQIRUPDWLYR (P HVWD FDWHJRULD
UHSUHVHQWDYD GRV WUDEDOKDGRUHV DPHULFDQRV FRQWUD TXH HUDP
RSHUiULRV (VWLPDVH TXH HP PHWDGH GD SRSXODomR DPHULFDQD HVWHMD
HPSUHJDGD QD LQG~VWULD GD LQIRUPiWLFD RX HP VHWRUHV TXH XWLOL]DP LQWHQVDPHQWH
D LQIRUPiWLFD
7$.$+$6+,
'$9(13257 3586$.
%HQV 7DQJtYHLV 3URGXWRV FRQFUHWRV SURGX]LGRV DWUDYpV GH LQG~VWULDV DJULFXOWXUD SHFXiULD RX H[WUDWLYLVPR
%HQV ,QWDQJtYHLV %HQV QmRItVLFRV iUHD GH VHUYLoR LQG~VWULD GH HQWUHWHQLPHQWR SURSULHGDGH LQWHOHFWXDO HWF
38. 8P RXWUR LPSRUWDQWH LQGLFDGRU GD LPSRUWkQFLD GR FRQ
GHVHQYROYLPHQWR GH SURGXWRV H VXFHVVR RUJDQL]DFLRQD
PRGHOR GH YDQWDJHP FRPSHWLWLYD EDVHDGR HP FLQFR ³REMHWLYRV GH GHVH
TXH RULHQWDP R JHVWRU QD DGRomR GH Do}HV FRQWULEXL
FRPSHWLWLYLGDGH GD HPSUHVD
)D]HQGR XPD DQiOLVH KLV
SHUFHEHPRV TXH Ki XP SDGUmR HP WRUQR GDV JUDQGHV RQ
GR WHPSR (P SOHQD HUD GR GHVHQYROYLPHQWR LQGXVWULD
HPSUHVDV FRQVHJXLDP VHU FRPSHWLWLYDV
SURGXomR 5HGX]LU FXVWRV SURGXWLYRV
VLJQLILFDYD UHGXomR GR SUHoR ILQDO DR FOLHQWH DXPH
FRQFRUUrQFLD 1HVVD pSRFD SRSXODUL]DUDP
H RWLPL]DomR GD OLQKD GH SURGXomR FRP FRQWUROHV GR
PDWHULDLV H IOX[RV RSHUDFLRQDLV
RP R DXPHQWR GD RIHUWD H D DPSOD GLVVHPLQDomR GDV
HPSUHVDV FRQFOXtUDP QD GpFDGD VHJX
PDLV FRPSHWLWLYDV 2V JDQKRV GH FXVWRV SURSLFLDGRV
GD ³SURGXomR HQ[XWD´ Mi QmR UHSUHVHQWDYDP PHOKRULD
FRQVXPLGRU 4XDQGR R FOLHQWH WHP PDLV
XP GLIHUHQFLDO TXH JHUDOPHQWH HVWi QD TXDOLGDGH GR
SHUtRGR FDSLWDQHDGDV SHODV LQG~VWULDV MDSRQHVDV R
PRPHQWR GH DSRJHX VREUHWXGR QD ILJXUD GH JUDQG
PHOKRULD GD TXDOLGDGH D EXVFD GD H[FHOrQFLD RV FR
Ϭ
ϮϬ
ϰϬ
ϲϬ
ϴϬ
ϭϬϬ
ϭϵϵϰ ϭϵϵϲ
8P RXWUR LPSRUWDQWH LQGLFDGRU GD LPSRUWkQFLD GR FRQKHFLPHQWR SDUD R
GHVHQYROYLPHQWR GH SURGXWRV H VXFHVVR RUJDQL]DFLRQDO SRGH VHU SHUFHELGR DWUDYpV
JHP FRPSHWLWLYD EDVHDGR HP FLQFR ³REMHWLYRV GH GHVHPSHQKR´ EiVLFRV
TXH RULHQWDP R JHVWRU QD DGRomR GH Do}HV FRQWULEXLQGR SDUD R DXPHQWR GD
FRPSHWLWLYLGDGH GD HPSUHVD
)LJXUD $V RQGDV GH FRPSHWLWLYLGDGH
)D]HQGR XPD DQiOLVH KLVWyULFD GD H[SORUDomR GHVVHV REMHWLYRV GH GHVHPSHQKR
SHUFHEHPRV TXH Ki XP SDGUmR HP WRUQR GDV JUDQGHV RQGDV GH FRPSHWLWLYLGDGH DR ORQJR
GR WHPSR (P SOHQD HUD GR GHVHQYROYLPHQWR LQGXVWULDO GXUDQWH D GpFDGD GH DV
HPSUHVDV FRQVHJXLDP VHU FRPSHWLWLYDV TXDQGR IRFDYDP VXD DWHQomR QR FXVWR GD
SURGXomR 5HGX]LU FXVWRV SURGXWLYRV ± PmRGHREUD SURFHVVRV PDWpULD
VLJQLILFDYD UHGXomR GR SUHoR ILQDO DR FOLHQWH DXPHQWDQGR VXDV YDQWDJHQV VREUH D
FRQFRUUrQFLD 1HVVD pSRFD SRSXODUL]DUDPVH DV SULQFLSDLV WpFQLFDV GH JHVWmR GH FXVWRV
H RWLPL]DomR GD OLQKD GH SURGXomR FRP FRQWUROHV GR SURFHVVR JHVWmR GH HVWRTXHV H
PDWHULDLV H IOX[RV RSHUDFLRQDLV
RP R DXPHQWR GD RIHUWD H D DPSOD GLVVHPLQDomR GDV WpFQLFDV GH SURGXomR DV
HPSUHVDV FRQFOXtUDP QD GpFDGD VHJXLQWH TXH DSHQDV UHGX]LU FXVWRV QmR DV WRUQDYDP
PDLV FRPSHWLWLYDV 2V JDQKRV GH FXVWRV SURSLFLDGRV SRU DOWRV LQYHVWLPHQWRV QD EXVFD
GD ³SURGXomR HQ[XWD´ Mi QmR UHSUHVHQWDYDP PHOKRULDV VLJQLILFDWLYDV QR SUHoR ILQDO DR
FRQVXPLGRU 4XDQGR R FOLHQWH WHP PDLV RSo}HV FRP SRXFD YDULDomR GH FXVWR HOH EXVFD
XP GLIHUHQFLDO TXH JHUDOPHQWH HVWi QD TXDOLGDGH GR SURGXWR RX GR VHUYLoR 1HVVH
SHUtRGR FDSLWDQHDGDV SHODV LQG~VWULDV MDSRQHVDV R ³ERRP´ GD 4XDOLGDGH WHYH VHX
PRPHQWR GH DSRJHX VREUHWXGR QD ILJXUD GH JUDQGHV WpFQLFDV H PHWRGRORJLDV GH
PHOKRULD GD TXDOLGDGH D EXVFD GD H[FHOrQFLD RV FRQWUROHV HVWDWtVWLFRV D SROtWLFD GH ]HUR
)LJXUD ([SRUWDo}HV QRV (8$
ϭϵϵϲ ϭϵϵϴ ϮϬϬϬ ϮϬϬϮ ϮϬϬϰ
dĂŶŐşǀĞŝƐ
/ŶƚĂŶŐşǀĞŝƐ
8P RXWUR LPSRUWDQWH LQGLFDGRU GD LPSRUWkQFLD GR FRQKHFLPHQWR SDUD R
O SRGH VHU SHUFHELGR DWUDYpV GR
JHP FRPSHWLWLYD EDVHDGR HP FLQFR ³REMHWLYRV GH GHVHPSHQKR´ EiVLFRV
QGR SDUD R DXPHQWR GD
WyULFD GD H[SORUDomR GHVVHV REMHWLYRV GH GHVHPSHQKR
GDV GH FRPSHWLWLYLGDGH DR ORQJR
O GXUDQWH D GpFDGD GH DV
TXDQGR IRFDYDP VXD DWHQomR QR FXVWR GD
REUD SURFHVVRV PDWpULDSULPD ±
QWDQGR VXDV YDQWDJHQV VREUH D
WpFQLFDV GH JHVWmR GH FXVWRV
SURFHVVR JHVWmR GH HVWRTXHV H
WpFQLFDV GH SURGXomR DV
LQWH TXH DSHQDV UHGX]LU FXVWRV QmR DV WRUQDYDP
SRU DOWRV LQYHVWLPHQWRV QD EXVFD
V VLJQLILFDWLYDV QR SUHoR ILQDO DR
RSo}HV FRP SRXFD YDULDomR GH FXVWR HOH EXVFD
SURGXWR RX GR VHUYLoR 1HVVH
³ERRP´ GD 4XDOLGDGH WHYH VHX
HV WpFQLFDV H PHWRGRORJLDV GH
QWUROHV HVWDWtVWLFRV D SROtWLFD GH ]HUR
dĂŶŐşǀĞŝƐ
/ŶƚĂŶŐşǀĞŝƐ
39. HUUR D SDGURQL]DomR GH SURFHVVRV SUHFRQL]DGD SRU QRUPDV FRPR D ,62 H VLPLODUHV
PHOKRUDUDP QmR Vy D HILFiFLD GRV SURFHVVRV LQWHUQRV PDV SULQFLSDOPHQWH SURSLFLDUDP
PHOKRULD H FRQILDELOLGDGH DRV SURGXWRV H VHUYLoRV GH IRUPD SHUFHSWtYHO DR FRQVXPLGRU
ILQDO
/RJR D 4XDOLGDGH VH WRUQRX XPD SUiWLFD FRQVWDQWH H FRPXP HP WRGDV DV
HPSUHVDV SHUGHQGR HQWmR R VHX FDUiWHU GLIHUHQFLDGRU SDUD VH WRUQDU FRQGLomR PtQLPD
SDUD VH LQJUHVVDU HP GHWHUPLQDGRV PHUFDGRV DOWDPHQWH FRPSHWLWLYRV 2V FRQVXPLGRUHV
Mi QmR VH FRQWHQWDYDP HP WHU R PHOKRU SUHoR H D PHOKRU TXDOLGDGH R GLIHUHQFLDO
FRPSHWLWLYR H[LJLD RXWUD GLPHQVmR TXH QmR SRGHULD PDLV VH DWHU DRV DVSHFWRV
SURGXWLYRV 2 DGYHQWR GD WHFQRORJLD VREUHWXGR GH FRPXQLFDomR H GH LQIRUPDomR
IRPHQWRX XPD QRYD SRVVLELOLGDGH GH H[SORUDomR GH GLIHUHQFLDO FRPSHWLWLYR R 7HPSR
$V HPSUHVDV TXH EXVFDYDP VH GLIHUHQFLDU GD FRQFRUUrQFLD SDVVDUDP D VH YDOHU GD
WHFQRORJLD SDUD DWUDLU FOLHQWHV TXH WHQGR j GLVSRVLomR SURGXWRV H VHUYLoRV FRP R PHVPR
SDGUmR GH SUHoRV H QtYHLV GH TXDOLGDGH DFHLWiYHLV HVFROKLDP DTXHODV HPSUHVDV TXH
SXGHVVHP HQWUHJDU H[HFXWDU GHVHQYROYHU H LPSOHPHQWDU PDLV UiSLGR $ WHFQRORJLD
SHUPLWLX D UHGXomR GRV FLFORV SURGXWLYRV GR WHPSR HQWUH D FULDomR H R ODQoDPHQWR GH
SURGXWRV QR PHUFDGR H R FLFOR JHUDO HQWUH D SURGXomR H R FRQVXPR (VVD IRL D W{QLFD
TXH PRYLPHQWRX DV HPSUHVDV GXUDQWH D GpFDGD GH 0XLWDV HPSUHVDV SXGHUDP
UHGX]LU RX HOLPLQDU LQWHUPHGLiULRV SHUPLWLQGR R DFHVVR FDGD YH] PDLV GLUHWR DR
FRQVXPLGRU $ LQIRUPDomR VH WRUQRX HQWmR IRUWH HOHPHQWR GH FRPSHWLWLYLGDGH WDQWR
SDUD PHOKRUDU D HILFiFLD LQWHUQD TXDQWR SDUD SURPRYHU QRYRV VHUYLoRV SDUD R FOLHQWH
RP R WHPSR R DFHVVR j WHFQRORJLD IRL VH WRUQDQGR FDGD YH] PDLV IiFLO
QHXWUDOL]DQGR D YDQWDJHP GR WHPSR GDV HPSUHVDV GH SRQWD 0DV HOD QmR Vy FRQWLQXRX
WHQGR SDSHO IXQGDPHQWDO FRPR HOHPHQWR GH WUDQVIRUPDomR GDV RUJDQL]Do}HV FRPR
WURX[H XPD QRYD IRUPD GH H[SORUDomR TXH YLYHQFLRX R VHX iSLFH FRP R DGYHQWR H R
FUHVFLPHQWR GD ,QWHUQHW TXH SRU VXD YH] SURSLFLRX R FUHVFLPHQWR GH HPSUHVDV FRP RX
VHP EDVH WHFQROyJLFD IRFDGDV HP VHUYLoRV $VVLP D GpFDGD GH YHP VH
FDUDFWHUL]DQGR FRPR D GpFDGD GRV VHUYLoRV *UDQGHV RUJDQL]Do}HV HVWmR DSUHQGHQGR D
DWHQGHU jV QHFHVVLGDGHV HVSHFtILFDV GH VHXV FOLHQWHV SRU PHLR GD SUHVWDomR GH VHUYLoRV
HVSHFLDOL]DGRV (VWD p D GpFDGD GD )OH[LELOLGDGH GD FDSDFLGDGH GH DGHTXDU D
RUJDQL]DomR j UHDOLGDGH PXWiYHO H GLQkPLFD GR PHUFDGR H GH XVDU D WHFQRORJLD SDUD
FRQKHFHU PHOKRU FDGD FOLHQWH RX VHJPHQWR HVSHFtILFR GH IRUPD D DWHQGHU jV VXDV
QHFHVVLGDGHV SDUWLFXODUHV H ~QLFDV RP D WHFQRORJLD GH 50
SRU H[HPSOR SRGHVH
SUDWLFDU R FKDPDGR PDUNHWLQJ RQHWRRQH HVSHFtILFDV 6HU FRPSHWLWLYR HP )OH[LELOLGDGH
DLQGD VLJQLILFD VHU FRPSHWLWLYR HP WHFQRORJLD
2 TXH HVSHUDPRV SDUD D SUy[LPD GpFDGD 3DUWLQGR GR SUHVVXSRVWR TXH D
WHFQRORJLD QmR GLIHUHQFLDUi PDLV DV RUJDQL]Do}HV SRLV UDSLGDPHQWH HOD HVWi VH WRUQDQGR
XPD FRPPRGLW H TXH R PHUFDGR WHUi VXDV GHPDQGDV VDWLVIHLWDV VHUi FRPSHWLWLYD D
HPSUHVD TXH SXGHU VH DQWHFLSDU jV QHFHVVLGDGHV GR PHUFDGR H VH SRVVtYHO FULDU DV
QHFHVVLGDGHV IXWXUDV GH VHXV FRQVXPLGRUHV 3DUD LVVR R IXQGDPHQWR EiVLFR QmR HVWi
PDLV QD WHFQRORJLD QDV ILQDQoDV RX QD SURGXomR $ FDSDFLGDGH FULDWLYD H LQRYDGRUD HVWi
QDV SHVVRDV $ SUy[LPD RQGD TXH Mi FRPHoRX HQFRQWUDUi QDV SHVVRDV R JUDQGH
HOHPHQWR GH FRPSHWLWLYLGDGH $V KDELOLGDGHV GH LPDJLQDU R TXH QmR H[LVWH FULDU R TXH
QLQJXpP WHP HQFRQWUDU H H[SORUDU QLFKRV GH RSRUWXQLGDGH D RXVDGLD HP SURSRU QRYRV
SDUDGLJPDV D GHWHUPLQDomR HP HVWDEHOHFHU QRYRV SDGU}HV H D YLVmR SDUD GHWHFWDU
WHQGrQFLDV VmR FDUDFWHUtVWLFDV LQHUHQWHPHQWH KXPDQDV
XVWRPHU 5HODWLRQVKLS 0DQDJHPHQW *HVWmR GH 5HODFLRQDPHQWR FRP R OLHQWH
40. 3RUWDQWR DV RUJDQL]Do}HV QmR SRGHP PDLV HVSHUDU TXH RV SURGXWRV H SUiWLFDV TXH
IL]HUDP VXFHVVR QR SDVVDGR SRVVDP PDQWrODV YLiYHLV QR IXWXUR 2 FLFOR GH
GHVHQYROYLPHQWR GH SURGXWRV H VXD LQWURGXomR QR PHUFDGR GXUD FDGD YH] PHQRV WHPSR
+RMH DWLYLGDGHV EDVHDGDV QR FRQKHFLPHQWR FRPR R LQFUHPHQWR GD TXDOLGDGH YDORU
ERP DWHQGLPHQWR LQRYDomR H YHORFLGDGH GH FKHJDGD QR PHUFDGR VmR PXLWR PDLV
LPSRUWDQWHV TXH R WUDEDOKR GH SURGXomR HP VL
6mR PXLWRV RV VLQDLV GH FRPR R FRQKHFLPHQWR YHP JDQKDQGR LPSRUWkQFLD
HFRQ{PLFD H HVWUDWpJLFD QR PXQGR JOREDOL]DGR /RJR DV SUiWLFDV GH *HVWmR GR
RQKHFLPHQWR VmR IXQGDPHQWDLV SDUD R DXPHQWR GD FRPSHWLWLYLGDGH H GD SURGXWLYLGDGH
GDV RUJDQL]Do}HV (QWUHWDQWR DQWHV GH DSUHVHQWDU DOJXQV FRQFHLWRV UHODFLRQDGRV j
*HVWmR GR RQKHFLPHQWR FRQYpP GHILQLU FRP PDLV FODUH]D R TXH p FRQKHFLPHQWR
ʹǤʹǤ ˜‘Ž— ‘ †‘• ‹•–‡ƒ• †‡
41. ˆ‘”ƒ ‘ ‡ †‘• ‘†‡Ž‘• †‡
‡•– ‘
’”‡•ƒ”‹ƒŽ
2 LQtFLR GD LPSODQWDomR GRV VLVWHPDV GH LQIRUPDomR LQIRUPDWL]DGRV IRL PDUFDGR
SHOD VLPSOLFLGDGH GRV GDGRV LQIRUPDo}HV PpWRGRV H WpFQLFDV WDPEpP SHOD OLPLWDomR
GR VLVWHPD H LQHILFLrQFLD $ SULPHLUD JHUDomR GRV 6LVWHPDV GH ,QIRUPDomR HUD RULHQWDGD
j RSHUDomR DXWRPDWL]DGD DWUDYpV GH JUDQGHV FRPSXWDGRUHV H GHSRLV PLJUDGD SDUD
PLFURFRPSXWDGRUHV 1DV HPSUHVDV VXUJLUDP VLVWHPDV HVSHFLDOLVWDV GHVWLQDGRV D
H[HFXWDUHP XPD GHWHUPLQDGD WDUHID FRPR SRU H[HPSOR XP VLVWHPD GH IROKD GH
SDJDPHQWR 2V VLVWHPDV IRUQHFLDP LQIRUPDo}HV SDUD XP GHWHUPLQDGR VHWRU GD HPSUHVD
H LVVR UHSUHVHQWDYD XP JUDQGH DYDQoR
2 DSULPRUDPHQWR GRV VLVWHPDV GH LQIRUPDomR RFRUUHX SDUDOHODPHQWH DR
GHVHQYROYLPHQWR GDV WHFQRORJLDV GH LQIRUPiWLFD H WHOHFRPXQLFDo}HV RP R DGYHQWR
GDV UHGHV H GD HYROXomR GD FDSDFLGDGH GH SURFHVVDPHQWR H DUPD]HQDPHQWR
FRPSXWDFLRQDO QRYRV VLVWHPDV TXH SHUPLWLDP XPD PDLRU LQWHJUDomR GDV iUHDV
HPSUHVDULDLV H GLVSRQLELOLGDGH GH GDGRV DWp HQWmR GLVSHUVRV HQWUH RV YiULRV VLVWHPDV
HVSHFLDOLVWDV
RP R DYDQoR H GLVVHPLQDomR GRV VLVWHPDV GH LQIRUPDomR DV RUJDQL]Do}HV
HQWUDUDP HP XPD HUD GLJLWDO RQGH R WUDEDOKR FRODERUDWLYR H HP HTXLSH SDVVRX D
SUHYDOHFHU GHYLGR j IDFLOLGDGH GH FRPXQLFDomR H WURFD GH LQIRUPDo}HV 2 HPSRZHUPHQW
RX GHOHJDomR GH DXWRULGDGH
42. SDVVRX D YLJRUDU GDQGR D XVXiULRV GH VLVWHPDV PDLRUHV
LQIRUPDo}HV H FRQVHTXHQWHPHQWH SRQWRV GH YLVWDV GLIHUHQFLDGRV SDUD WRPDU GHFLV}HV
2 DFKDWDPHQWR p RXWUR IDWRU LPSRUWDQWH TXH RFRUUH GHYLGR j UHGXomR GH FDUJRV Mi TXH
DOJXQV VLVWHPDV FRQVHJXHP H[HFXWDU WDUHIDV GH PDQHLUD PDLV UiSLGD H HILFD]
2 JUDQGH Q~PHUR GH LQIRUPDo}HV OHYRX DLQGD D XPD GHVFHQWUDOL]DomR H PDLRU
IOH[LELOLGDGH GH Do}HV H DWp PHVPR D ORFDOL]DomR DWUDYpV SRU H[HPSOR GDV UHGHV TXH
SHUPLWLDP FRQH[mR H IOX[R FRQWtQXR GH LQIRUPDo}HV HP SRQWRV GLVWDQWHV
45. x 'HVFHQWUDOL]DomR GR FRQKHFLPHQWR
x )OH[LELOLGDGH QDV DWLYLGDGHV
x ,QGHSHQGrQFLD GH ORFDOL]DomR
x %DL[RV FXVWRV GH WUDQVDomR H FRRUGHQDomR
x 'HOHJDomR GH SRGHU (PSRZHUPHQW
46. H
x 7UDEDOKR FRODERUDWLYR H HP HTXLSH
$WXDOPHQWH RV VLVWHPDV GH LQIRUPDomR HVWmR LPSXOVLRQDQGR WDQWR DV RSHUDo}HV
GLiULDV EHP FRPR D HVWUDWpJLD RUJDQL]DFLRQDO 3RGHURVRV FRPSXWDGRUHV VRIWZDUHV H
UHGHV LQFOXVLYH D ,QWHUQHW WrP DMXGDGR DV RUJDQL]Do}HV D VH WRUQDUHP PDLV IOH[tYHLV
HOLPLQDU QtYHLV GH JHUrQFLD GHVYLQFXODU R WUDEDOKR GD ORFDOL]DomR FRRUGHQDUVH FRP
FOLHQWHV 50 p XP H[HPSOR
55. SURSRUFLRQDP XPD PDLRU GLQkPLFD GR IXQFLRQDPHQWR GD
RUJDQL]DomR R TXH p GH H[WUHPD LPSRUWkQFLD QR DWXDO PHUFDGR FRPSHWLWLYR $OpP GH
DX[LOLDUHP H DJLOL]DUHP D WRPDGD GH GHFLV}HV HVWUDWpJLFDV GD RUJDQL]DomR
ʹǤ͵Ǥ ‘˜‘• ‘†‡Ž‘• †‡
‡•– ‘ ‡ ƒ•
56. ˆ‘”ƒÙ‡•
8P QRYR SDUDGLJPD SURGXWLYR GHFRUUHQWH GDV WUDQVIRUPDo}HV VyFLRWpFQLFDV GDV
HPSUHVDV SHOD LQWHUFHVVmR GR QRYR SDGUmR WHFQROyJLFR EDVHDGR QD PLFURHOHWU{QLFD H QDV
WHFQRORJLDV GD LQIRUPDomR FRP R QRYR SDGUmR GH JHVWmR EDVHDGR QDV H[SHULrQFLDV
MDSRQHVDV VXHFDV H DOHPmV FXMR PRGHOR FRQFUHWR PDLV DYDQoDGR p R GR WRRWLVPR
RP R WRRWLVPR GHVHQYROYHUDPVH HPSUHVDV FRP HQRUPH FDSDFLGDGH GH
DEVRUYHU LQRYDo}HV WDQWR DV UHVXOWDQWHV GR HVIRUoR LQWHUQR HP SHVTXLVD H
GHVHQYROYLPHQWR FRPR DV DGTXLULGDV GH WHUFHLURV 0DV RQGH UHVLGLULD D GLIHUHQoD
HVSHFtILFD HQWUH HVVDV HPSUHVDV H DV GHPDLV 3URFHGLPHQWRV RUJDQL]DFLRQDLV H
FRQKHFLPHQWRV FLHQWtILFRV DSOLFiYHLV DRV SURFHVVRV SURGXWLYRV VHPSUH IRUDP IRUWHPHQWH
GHVHQYROYLGRV QDV XQLYHUVLGDGHV H HPSUHVDV GRV SDtVHV RFLGHQWDLV $GPLQLVWUDGRUHV
HQJHQKHLURV H FDSLWDOLVWDV MDSRQHVHV QmR VmR H QmR IRUDP
57. PDLV FRPSHWHQWHV GR TXH RV
VHXV KRPyORJRV DWXDQGR HP HPSUHVDV QR 2FLGHQWH %UHYH H LQGR ORJR DR SRQWR
DSDUHQWHPHQWH XP SHFXOLDU DPELHQWH GH FRRSHUDomR HQWUH FDSLWDO H WUDEDOKR D TXH
7RRWLVPR PRGR GH RUJDQL]DomR SURGXWLYD EDVHDGR HP
x $ PHFDQL]DomR IOH[tYHO SURGX]LU VRPHQWH R QHFHVViULR FRQWUDULDQGR R IRUGLVPR TXH SURGX]LD
R Pi[LPR SRVVtYHO H HVWRFDYD R H[FHGHQWH
x 3URFHVVR GH PXOWLIXQFLRQDOL]DomR GH VXD PmRGHREUD QmR SRGLD VHU HVSHFLDOL]DGD HP IXQo}HV
~QLFDV H UHVWULWDV FRPR D IRUGLVWD
x RQWUROH GH TXDOLGDGH WRWDO FRQWUROH GH TXDOLGDGH SRU WRGRV RV SRQWRV GR SURFHVVR SURGXWLYR
x 6LVWHPD MXVW LQ WLPH SURGX]LU R QHFHVViULR QD TXDQWLGDGH QHFHVViULD H QR PRPHQWR
QHFHVViULR
x 3HUVRQDOL]DomR GRV SURGXWRV RQWUROH YLVXDO VXSHUYLVRU GH HWDSDV SURGXWLYDV
58. GHVLJQDPRV ³HQJDMDPHQWR SURDWLYR´ GR FRQMXQWR H HP WRGRV RV QtYHLV GR FRUSR GH
SURILVVLRQDLV DOL HPSUHJDGRV TXH FRQVWLWXL D HVVrQFLD H[SOLFDWLYD GLIHUHQFLDGRUD
1DTXHODV VLWXDo}HV FRQWH[WXDLV GH FRRSHUDWLYDV UHODo}HV VyFLRWpFQLFDV IRUDP
DGDSWDWLYDPHQWH DSOLFDGRV PpWRGRV H WHFQRORJLDV LQLFLDOPHQWH GHVHQYROYLGRV HP
HPSUHVDV RFLGHQWDLV RV TXDLV DOL SURGX]LUDP UHVXOWDGRV WmR PDLV HOHYDGRV GR TXH RV
DOFDQoDGRV QDV HPSUHVDV RQGH HVVHV PpWRGRV H WHFQRORJLDV KDYLDP VLGR FULDGRV ODUR
TXH DV RXWUDV QRWiYHLV FDUDFWHUtVWLFDV JHUDLV GR SRYR MDSRQrV QmR GHYHP VHU
QHJOLJHQFLDGDV H WDPSRXFR R IDWR GH TXH VRXEHUDP XWLOL]DU DV YDQWDJHQV TXH R SUySULR
VXFHVVR LQLFLDO p FDSD] GH SURGX]LU GLQDPLFDPHQWH
0DV D TXHVWmR GDV LQIRUPDo}HV QmR VH UHVWULQJH D HVVHV XVRV LQWHUQDOL]DGRV SRLV
FRPR DV HPSUHVDV DWXDP QXP PHUFDGR FRP RXWURV FRQFRUUHQWHV D LQWHOLJrQFLD
LQIRUPDFLRQDO p HOHPHQWR FUXFLDO SDUD R HVWDEHOHFLPHQWR GH VXDV HVWUDWpJLDV GHIHQVLYDV H
RIHQVLYDV TXH REMHWLYDP FUHVFHU H VH SHUHQL]DU $OpP GLVVR DV HPSUHVDV ID]HP SDUWH GR
VLVWHPD SURGXWLYR H D VXD FRPSHWLWLYLGDGH GHSHQGH VLVWHPLFDPHQWH GD SHUIRUPDQFH GRV
GHPDLV DJHQWHV ² RXWUDV HPSUHVDV RUJDQLVPRV S~EOLFRV QmRJRYHUQDPHQWDLV H GRV
FLGDGmRV ² FXMDV PRELOL]Do}HV H HVWDEHOHFLPHQWR H DFHVVLELOLGDGH GH EDVHV GH GDGRV
JHQpULFRV p WDPEpP HVVHQFLDO SDUD R GHVHPSHQKR FRQMXQWR GD VRFLHGDGH
59. $XOD ,QWURGXomR j JHVWmR GR FRQKHFLPHQWRSGI
š‡”…À…‹‘•
'LJD FRP VXDV SDODYUDV TXDLV DV SULQFLSDLV GLIHUHQoDV HQWUH D VRFLHGDGH GR
FRQKHFLPHQWR H D VRFLHGDGH LQGXVWULDO
LWH FDVRV HP TXH RV LQGLFDGRUHV GD VRFLHGDGH GR FRQKHFLPHQWR VH WRUQDUDP
HYLGHQWHV SDUD D VRFLHGDGH EUDVLOHLUD
6XSRQKD TXH XP DPLJR VHX ± QmR DOXQR GD DVWHOR %UDQFR ± TXHLUD HQWHQGHU D
UHODomR HQWUH D HYROXomR GD WHFQRORJLD GH LQIRUPDomR H D FRPSHWLWLYLGDGH GH
HPSUHVDV 5HGLMD DOJXPDV OLQKDV WUDoDQGR XP SDUDOHOR HQWUH D HYROXomR GD
WHFQRORJLD H GRV PRGHORV GH JHVWmR
([SOLTXH GH TXH IRUPD D DXWRPDWL]DomR GRV VLVWHPDV GH LQIRUPDomR LPSOLFDUDP
HP
D $FKDWDPHQWR 'RZQVL]LQJ
60. GDV HVWUXWXUDV RUJDQL]DFLRQDLV
E 'HVFHQWUDOL]DomR GR FRQKHFLPHQWR
F )OH[LELOLGDGH QDV DWLYLGDGHV
G ,QGHSHQGrQFLD GH ORFDOL]DomR
H %DL[RV FXVWRV GH WUDQVDomR H FRRUGHQDomR
I 'HOHJDomR GH SRGHU (PSRZHUPHQW
61. J 7UDEDOKR FRODERUDWLYR H HP HTXLSH
([SOLTXH RV TXDWUR SURFHVVRV GH WUDQVIRUPDomR GH LQIRUPDomR HP FRQKHFLPHQWR ±
FRPSDUDomR FRQVHTrQFLDV FRQH[}HV H FRQYHUVDomR
LWH XP H[HPSOR GH SURGXWR LQRYDGRU SHUFHELGR FRPR QRYR SHOR PHUFDGR
63. ͵ Ȃ
‡•– ‘ †‘ ‘Š‡…‹‡–‘
„Œ‡–‹˜‘• †ƒ ƒ—Žƒǣ
$R WpUPLQR YRFr GHYHUi VHU FDSD] GH
3HUFHEHU D LPSRUWkQFLD GR FRQKHFLPHQWR SDUD D JHUDomR GH YDORUHV
RUJDQL]DFLRQDLV
RPSUHHQGHU GH TXH IRUPDV R FRQKHFLPHQWR HVWi GLIXVR QDV HPSUHVDV H FRPR
HOH SHUPHLD RV SURFHVVRV GH QHJyFLR
,PSRUWkQFLD GDV IHUUDPHQWDV FRPSXWDFLRQDLV GH JHVWmR GR FRQKHFLPHQWR SDUD
D GLVVHPLQDomR GH FRQKHFLPHQWR H SRWHQFLDOL]DomR GH DWLYRV LQWDQJtYHLV
͵Ǥ
‡•– ‘ †‘ ‘Š‡…‹‡–‘
$ FUHVFHQWH LPSRUWkQFLD GR FRQKHFLPHQWR QR GLDDGLD GDV RUJDQL]Do}HV OHYRX
DV HPSUHVDV D GHVHQYROYHUHP UHFXUVRV TXH IDFLOLWHP H HVWLPXOHP D JHVWmR GHVVH LQVXPR
$VVLP SDVVRX D VHU DGRWDGR HP ODUJD HVFDOD R WHUPR *HVWmR GR RQKHFLPHQWR *
64. (PERUD VXD IXQomR VHMD LQWXLWLYD LVWR p DGPLQLVWUDU R FRQKHFLPHQWR GD RUJDQL]DomR QD
SUiWLFD R FRQMXQWR GH DWLYLGDGHV TXH FRPSUHHQGH D * p WmR FRPSOH[D TXH VH
HQFRQWUDP QD OLWHUDWXUD GLYHUVDV GHILQLo}HV SDUD D H[SUHVVmR
RQIRUPH UHODWDGR XP FKHIH GD iUHD GH ,QWHOLJrQFLD $UWLILFLDO GH XPD
LQVWLWXLomR QRUWHDPHULFDQD FRPHQWRX DWUDYpV GH HPDLO HVFULWR HP D IRUPD SHOD
TXDO VHX JUXSR FRPHoRX D OHYDU HP FRQWD D TXHVWmR GR FRQKHFLPHQWR
RPHoDPRV D SHQVDU HP WHUPRV GH FULDomR DSUHQGL]DGR FRPSDUWLOKDPHQWR
WUDQVIHUrQFLD
65. H R XVR RX D DODYDQFDJHP GR FRQKHFLPHQWR FRPR XP FRQMXQWR
GH SURFHVVRV H GLQkPLFDV VRFLDLV TXH SUHFLVDYD VHU DGPLQLVWUDGR @ 'HSRLV
YLPRV TXH QmR SRGHUtDPRV GHVFUHYHU WXGR DTXLOR GH XPD PDQHLUD PHOKRU TXH
*HVWmR GR RQKHFLPHQWR 69(,% S
66. 'HVWD IRUPD SRGHVH GL]HU TXH VmR DWLYLGDGHV EiVLFDV GH * D LGHQWLILFDomR
DTXLVLomR GHVHQYROYLPHQWR GLVVHPLQDomR XWLOL]DomR H SUHVHUYDomR GR FRQKHFLPHQWR
'DV GHILQLo}HV H[LVWHQWHV QD OLWHUDWXUD VREUH * WRGDV DEDUFDP VHPSUH D
GLVVHPLQDomR GR FRQKHFLPHQWR SRU WRGD D RUJDQL]DomR R TXH SUHVVXS}H R HQYROYLPHQWR
GRV SURFHVVRV GH FDSWXUD H GH DUPD]HQDPHQWR $VVLP XPD GHILQLomR VDWLVIDWyULD SDUD D
* TXH UHIOHWH EHP R IRFR GHVWH WUDEDOKR p HVWD
*HVWmR GR RQKHFLPHQWR p D GLVFLSOLQD TXH DGPLQLVWUD R FRQMXQWR GH
SURFHGLPHQWRV SUiWLFDV H IHUUDPHQWDV TXH YLVDP FDSWXUDU DUPD]HQDU H
GLVVHPLQDU R FRQKHFLPHQWR GHQWUH RV IXQFLRQiULRV GD RUJDQL]DomR
DSURYHLWDQGR RV UHFXUVRV WHFQROyJLFRV H[LVWHQWHV
$ GLVVHPLQDomR GR FRQKHFLPHQWR GHYH RFRUUHU SRU HQWUH RV GLIHUHQWHV QtYHLV
KLHUiUTXLFRV GD RUJDQL]DomR (VWH FRQKHFLPHQWR TXH SHUPHLD D RUJDQL]DomR HQFRQWUDVH
VRE GXDV IRUPDV GLVWLQWDV FRQKHFLPHQWR WiFLWR H FRQKHFLPHQWR H[SOtFLWR
͵ǤͳǤ ƒ†‘ǡ
67. ˆ‘”ƒ ‘ ‡ ‘Š‡…‹‡–‘
(P FRQYHUVDV LQIRUPDLV p PXLWR FRPXP XVDU H[SUHVV}HV FRPR GDGR
LQIRUPDomR H VDEHGRULD FRPR VLQ{QLPRV GH FRQKHFLPHQWR 1R HQWDQWR YiULRV DXWRUHV
GLVWLQJXHP R VLJQLILFDGR GH FDGD XP GHVVHV WHUPRV
'H WRGRV RV WHUPRV FRP TXH WUDEDOKDP 'DYHQSRUW H 3UXVDN
68. DILUPDP TXH
FRQKHFLPHQWR SRGH LQFOXLU RV FRQFHLWRV GH VDEHGRULD H LQVLJKW PDV GLIHUHQFLDVH GH
GDGRV H LQIRUPDo}HV 'DGRV VmR XP FRQMXQWR GH IDWRV GLVWLQWRV H REMHWLYRV UHODWLYRV D
HYHQWRV 2 H[HPSOR GRV DXWRUHV EDVHLDVH QR DEDVWHFLPHQWR GH XP DXWRPyYHO IHLWR SRU
69. XP FRQVXPLGRU $ GDWD GD FRPSUD RV OLWURV GH JDVROLQD FRQVXPLGRV H R YDORU SDJR VmR
GDGRV UHODWLYRV j YHQGD
$V LQIRUPDo}HV VmR GDGRV GRWDGRV GH UHOHYkQFLD H SURSyVLWR FDSD]HV GH H[HUFHU
DOJXP LPSDFWR VREUH R MXOJDPHQWR RX FRPSRUWDPHQWR GH TXHP DV UHFHEH (P UHVXPR
GDGRV WRUQDPVH LQIRUPDo}HV TXDQGR R VHX FULDGRU OKHV DFUHVFHQWD VLJQLILFDGR 1R
H[HPSOR DQWHULRU XPD WDEHOD FRP D TXDQWLGDGH GH OLWURV GH JDVROLQD YHQGLGDV QXP DQR
GLYLGLGD PrV D PrV LQIRUPD TXDO R SHUtRGR HP TXH R FRQVXPR GH FRPEXVWtYHO IRL PDLV
DOWR H DTXHOH HP TXH IRL PDLV EDL[R
-i R FRQKHFLPHQWR
p XPD PLVWXUD IOXLGD GH H[SHULrQFLD FRQGHQVDGD YDORUHV LQIRUPDomR
FRQWH[WXDO H LQVLJKW H[SHULPHQWDGR D TXDO SURSRUFLRQD XPD HVWUXWXUD SDUD D
DYDOLDomR H LQFRUSRUDomR GH QRYDV H[SHULrQFLDV H LQIRUPDo}HV (OH WHP RULJHP
H p DSOLFDGR QD PHQWH GRV FRQKHFHGRUHV 1DV RUJDQL]Do}HV HOH FRVWXPD HVWDU
HPEXWLGR QmR Vy HP GRFXPHQWRV RX UHSRVLWyULRV PDV WDPEpP HP URWLQDV
SURFHVVRV SUiWLFDV H QRUPDV RUJDQL]DFLRQDLV '$9(13257 3586$.
S
70. 2 FRQKHFLPHQWR p XPD LQIRUPDomR WUDQVIRUPDGD DWUDYpV GH TXDWUR SURFHVVRV
x RPSDUDomR GH TXH IRUPD DV LQIRUPDo}HV UHODWLYDV D HVWD VLWXDomR VH
FRPSDUDP D RXWUDV VLWXDo}HV FRQKHFLGDV
x RQVHTXrQFLDV TXH LPSOLFDo}HV HVWDV LQIRUPDo}HV WUD]HP SDUD DV GHFLV}HV H
WRPDGDV GH DomR
x RQH[}HV TXDLV DV UHODo}HV GHVWH QRYR FRQKHFLPHQWR FRP R FRQKHFLPHQWR Mi
DFXPXODGR
x RQYHUVDomR R TXH DV RXWUDV SHVVRDV SHQVDP GHVWD LQIRUPDomR
2V FRQFHLWRV GH GDGRV LQIRUPDomR H FRQKHFLPHQWR HVWmR HP XPD HVSpFLH GH
³HVFDOD GR VDEHU´ R GDGR VHULD R HOHPHQWR XQLWiULR D LQIRUPDomR p XP GDGR FRP
UHOHYkQFLD H SURSyVLWR H R FRQKHFLPHQWR p XP MXt]R GH YDORU IRUPDGR HP FRQMXQWR SHOD
LQIRUPDomR H SHOD H[SHULrQFLD GR LQGLYtGXR
'DGRV LQIRUPDomR H FRQKHFLPHQWR WDPEpP SRGHP VHU YLVXDOL]DGRV HP XPD
³KLHUDUTXLD GR HQWHQGLPHQWR´ FXMD RUGHP p VHPHOKDQWH jTXHOD GHILQLGD SHOD ³HVFDOD GR
VDEHU´ PDV FRP D SUHVHQoD GH XPD QRYD FDWHJRULD D VDEHGRULD DFLPD GR
FRQKHFLPHQWR (VVD KLHUDUTXLD IRL GHVHQYROYLGD GHSRLV TXH IRUDP DQDOLVDGDV RXWUDV
FRQFHLWXDo}HV GH FRQKHFLPHQWR WDPEpP PXLWR VLPLODUHV HQWUH VL SULQFLSDOPHQWH QR TXH
WDQJH j GLIHUHQFLDomR HQWUH GDGRV LQIRUPDomR H FRQKHFLPHQWR
6RE D DQiOLVH GD VDEHGRULD HQYROYLGD GDGRV VmR VtPERORV VHP VLJQLILFDGR H VHP
FRQWH[WR LQIRUPDo}HV VmR GDGRV FRP VLJQLILFDGR HVWDEHOHFLGR SRU FRQH[}HV UHODFLRQDLV
HQWUH VL R FRQKHFLPHQWR p XP FRQMXQWR GH LQIRUPDo}HV RUJDQL]DGR VRE SDGU}HV GH
VLJQLILFDGR GHILQLGRV SRU SURFHVVRV UHSHWLGRV VXJHULQGR SUHYLVLELOLGDGH H SRU LVVR
SRGH IRUQHFHU UHVSRVWDV D SHUJXQWDV VREUH FRPR UHDOL]DU GHWHUPLQDGRV SURFHGLPHQWRV
SRU ILP D VDEHGRULD p UHSUHVHQWDGD SHORV SULQFtSLRV IXQGDPHQWDLV DRV TXDLV HVWmR
HQUDL]DGRV RV SDGU}HV TXH GHILQHP R FRQKHFLPHQWR H[HPSOLILFDVH SHORV YDORUHV PRUDO
H LQVLJKWV GR LQGLYtGXR HQYROYH D FULDWLYLGDGH H R SRGHU LQRYDWLYR H GLIHUHVH GRV RXWURV
HOHPHQWRV GD ³KLHUDUTXLD GR HQWHQGLPHQWR´ SRU VHU PDLV HILFD] RX VHMD DR VHU XVDGD
VXEHQWHQGHVH TXH D GHFLVmR WRPDGD p D PHOKRU FRLVD D VH ID]HU HQTXDQWR D XWLOL]DomR
GH GDGRV LQIRUPDo}HV H FRQKHFLPHQWR LPSOLFD DSHQDV XPD DMXGD j GHFLVmR FRUUHWD
$ HVFDOD GD ³KLHUDUTXLD GR HQWHQGLPHQWR´ SRGH VHU DQDOLVDGD VRE WUrV DVSHFWRV
71. x 3HUFHSomR H GLVFHUQLPHQWR TXDQWR PDLRU R QtYHO QD KLHUDUTXLD PDLV
HVWUXWXUDGR p R HQWHQGLPHQWR QHFHVViULR SDUD UHFRQKHFrOR
x RQWH[WR TXDQWR PDLRU R QtYHO QD KLHUDUTXLD PHQRU D LQGHSHQGrQFLD GR
FRQWH[WR SDUD R HQWHQGLPHQWR GDGRV GHVFRQWH[WXDOL]DGRV QmR WrP R PHQRU
VLJQLILFDGR RX LPSRUWkQFLD
72. x 'HWHFomR GH UXtGR TXDQWR PDLRU R QtYHO QD KLHUDUTXLD PDLV GLItFLO p D GHWHFomR
GH UXtGR GDGRV VmR PXLWR PHQRV FRPSOH[RV TXH LQIRUPDo}HV FRQKHFLPHQWR H
VDEHGRULD GDt D IDFLOLGDGH GH VH FRUULJLUHP HUURV H IDOKDV
73. ͵ǤʹǤ ‘Š‡…‹‡–‘ ž…‹–‘ ‡ ‘Š‡…‹‡–‘ š’ŽÀ…‹–‘
2 FRQKHFLPHQWR H[SOtFLWR p IiFLO GH VH DUWLFXODU H GH VH H[SUHVVDU HP WHUPRV
FODURV 3RGH VHU UHSUHVHQWDGR DWUDYpV GH GRFXPHQWRV WH[WRV UHODWyULRV WDEHODV
SURJUDPDV GH FRPSXWDGRU H SRUWDQWR p GH VLPSOHV FRPSDUWLOKDPHQWR
(P FRQWUDSDUWLGD R FRQKHFLPHQWR WiFLWR FRQVLVWH GH KDELOLGDGHV WpFQLFDV R WLSR
GH GHVWUH]D LQIRUPDO H GH GLItFLO HVSHFLILFDomR LQFRUSRUDGD DR WHUPR NQRZKRZ H
WDPEpP DEUDQJH PRGHORV PHQWDLV FUHQoDV H SHUVSHFWLYDV WmR DUUDLJDGDV TXH VmR WLGDV
FRPR DOJR FHUWR QmR VXMHLWDV D IiFLO PDQLIHVWDomR 5HIHUHVH j H[SHULrQFLD LQGLYLGXDO GH
VH OLGDU FRP FHUWDV VLWXDo}HV H p GLItFLO GH VHU FRPSDUWLOKDGR e DSUHQGLGR SRU SHUtRGRV
H[WHQVRV GH H[SHULrQFLDV H FXPSULPHQWR GH WDUHIDV GXUDQWH RV TXDLV R LQGLYtGXR
GHVHQYROYH XP VHQWLGR H XPD FDSDFLGDGH GH ID]HU MXOJDPHQWRV LQWXLWLYRV
2 FRQKHFLPHQWR WiFLWR FRUUHVSRQGH FODUDPHQWH j ³PLVWXUD IOXLGD GH H[SHULrQFLD
FRQGHQVDGD YDORUHV LQIRUPDomR FRQWH[WXDO H LQVLJKW H[SHULPHQWDGR´ HQTXDQWR R
H[SOtFLWR UHIHUHVH DRV ³GRFXPHQWRV´ ³UHSRVLWyULRV´ H QR FDVR GH LQVWLWXLo}HV ³URWLQDV
SURFHVVRV SUiWLFDV H QRUPDV RUJDQL]DFLRQDLV´
͵Ǥ͵Ǥ • ”²• ‹Žƒ”‡• †ƒ
‡•– ‘ †‘ ‘Š‡…‹‡–‘
*HVWmR GR FRQKHFLPHQWR WHP WUrV SLODUHV RX FRPR FRVWXPR IDODU WUrV ¶V TXH
FRPSUHHQGHP RQVXOWDU RPSDUWLOKDU H RODERUDU (VVHV WUrV SLODUHV DWXDP GH PDQHLUD
WUDQVYHUVDO H[LJLQGR D DWXDomR HP WUrV GLPHQV}HV )HUUDPHQWDV RX PHFDQLVPRV
74. XOWXUD H DSLWDO +XPDQR
,QIRUPDomR p XP EHP GLQkPLFR TXH SRVVXL XP YDORU DVVRFLDGR 7RGD
LQIRUPDomR SRVVXL XP FLFOR GH YLGD GHVGH R LQVWDQWH HP IRL JHUDGD SDVVDQGR SRU VXD
RUJDQL]DomR DUPD]HQDPHQWR GLVWULEXLomR H XWLOL]DomR DWp R LQVWDQWH QR TXDO
HYHQWXDOPHQWH SHUGH VHX YDORU H SRGH VHU GHVFDUWDGD TXDQGR HQWmR VH ILQDOL]D FLFOR
8P IDWRU FUtWLFR SDUD R VXFHVVR GH HPSUHVDV p VXD KDELOLGDGH GH PDQLSXODU H XWLOL]DU
WRGR DUWHIDWR GH LQIRUPDomR GLVSRQtYHO 'H DFRUGR FRP SHVTXLVD GR *DUWQHU *URXS
³(QWHUSULVH RQWHQW 0DQDJHPHQW (0
103. HVWi DFLPD GH WXGR EDVHDGD QR SULQFtSLR GH TXH D JHVWmR GR FRQKHFLPHQWR JHUDUi
GHPDQGDV DOJXPDV DLQGD GHVFRQKHFLGDV
104. Vy DWHQGLGDV SRU XPD IXQomR GR PDUNHWLQJ
$FUHGLWDVH TXH PXLWR HP EUHYH DQWHV PHVPR GH QRV HVSHFLDOL]DUPRV QR DVVXQWR
HVWDUHPRV RXYLQGR IDODU HP QRVVDV FRPSDQKLDV VREUH R PDUNHWLQJ GR FRQKHFLPHQWR
PHVPR TXH HOH FRQTXLVWH RXWUR QRPH
105. ƒ• ‘ “—‡ ˜‡ ƒ •‡” ƒ”‡–‹‰ †‘ …‘Š‡…‹‡–‘ǫ
2 PDUNHWLQJ GR FRQKHFLPHQWR p DWLYLGDGH TXH FRQVLGHUD D YHQGD QmR Vy GR
UHVXOWDGR GR VDEHU SURGXWRV H VHUYLoRV
106. PDV D YHQGD GR SUySULR FRQKHFLPHQWR H GR
PRGR FRPR HOH p FULDGR DODYDQFDGR SURGX]LGR FRPSDUWLOKDGR XWLOL]DGR HPEDODGR H
HQWUHJXH SHODV HPSUHVDV H[WUDLQGR SURYHLWR GRV SRVVtYHLV GLIHUHQFLDLV TXH FHUFDP VXD
JHVWmR H GR PRGR FRPR HOHV VmR SHUFHELGRV H YDORUL]DGRV SHOR PHUFDGR
(VWH PDUNHWLQJ GH FRPSHWrQFLDV VH SUHIHULU
107. DFLPD GH WXGR VHJXLUi D WHQGrQFLD
GH YDORU GR VDEHU $R FRQWUiULR GRV SURGXWRV H VHUYLoRV R PDUNHWLQJ GR FRQKHFLPHQWR
HP VHXV WUDEDOKRV FRQVLGHUDUi H HQIDWL]DUi R FRQKHFLPHQWR H R FDSLWDO LQWHOHFWXDO H VH
HPSHQKDUi HP WRUQi±ORV HYLGHQWHV H WUDQVSDUHQWHV DR S~EOLFR DOYR GH LQWHUHVVH
'HQWUR GHVVHV YiULRV FDVRV DLQGD TXH VXWLV S{GHVH LGHQWLILFDU D VtQWHVH GHVWD
WHQGrQFLD TXH GHVDEURFKD $ 5HQDXOW SRU H[HPSOR HP XPD GH VXDV FDPSDQKDV
UHFHQWHV YHLFXORX HP DOJXPDV UHYLVWDV R VHJXLQWH DQ~QFLR IiEULFDV HP DQRV 1mR p
Vy QDV HVWUDGDV TXH R GHVHPSHQKR GD 5HQDXOW LPSUHVVLRQD 2 DQ~QFLR H[LEH XP FDUUR
5HQDXOW HP SHUVSHFWLYD FRP DOJXQV URE{V GD IiEULFD
108. $ 8QLWHG HQIDWL]DQGR D YDVWD
H[SHULrQFLD GH VHXV SLORWRV YHLFXORX WDPEpP UHFHQWHPHQWH D VHJXLQWH PHQVDJHP
3LORWRV FRP PXLWD TXLORPHWUDJHP DYL}HV FRP SRXFD $ 6HPS 7RVKLED SRVVXL YiULRV
H[HPSORV 1RWHERRNV 7RVKLED 2 ~QLFR ODQoDPHQWR QRVVR TXH D FRQFRUUrQFLD FRQVHJXH
S{U QR EROVR 2X 2V QRVVRV MDSRQHVHV VmR PHOKRUHV TXH RV GD FRQFRUUrQFLD
$ PDLRULD GDV HPSUHVDV DSOLFD R PDUNHWLQJ IRFDGR HP VHXV SURGXWRV H VHUYLoRV
8P QRYR PL[ GH PDUNHWLQJ GHYH HPHUJLU IRFDQGR WDPEpP R FRQKHFLPHQWR H R FDSLWDO
LQWHOHFWXDO (VWH PL[ GH PDUNHWLQJ DWp HQWmR FRPSRVWR SRU TXDWUR 3V 3URGXWR 3UHoR
3UDoD 3URPRomR
109. SRGHULD LQFRUSRUDU XP QRYR 3 2 3 GH 3RWHQFLDO ,QWHOHFWXDO
)D]HQGR RX QmR SDUWH GR IDPRVR PL[ HVWH TXLQWR 3 FRQTXLVWDUi D DWHQomR GR
PDUNHWLQJ QRV SUy[LPRV DQRV H VREUH HOH FRQFHQWUDUmR DV SURPHVVDV GH VXFHVVR
DGD YH] PDLV REVHUYDPVH DQ~QFLRV GDV HPSUHVDV QD WHQWDWLYD GH LGHQWLILFDU
VLQDLV RX HYLGrQFLDV GR PDUNHWLQJ GR FRQKHFLPHQWR (PERUD WXGR TXH WHQKD FRQVHJXLGR
VHMDP LQLFLDWLYDV LVRODGDV VXWLV H HPEULRQiULDV HODV UHYHODP XPD FHUWD HVSRQWDQHLGDGH
HP GLUHomR DR WHPD $LQGD TXH VXWLOPHQWH LQWHQFLRQDO RX QmR HPSUHVDV FRPR D +3
7RVKLED %UDVWHPS 5HQDXOW 6HPS 7RVKLED H DOJXPDV RXWUDV DWUDYpV GH VXDV DJrQFLDV
GH SXEOLFLGDGH VH DQWHFLSDP UHYHODQGR R PDUNHWLQJ GR FRQKHFLPHQWR FRPR XPD
WHQGrQFLD
2 PDUNHWLQJ GR FRQKHFLPHQWR GHYHUi DVVLP DLQGD TXH OHQWDPHQWH VH FRQFHQWUDU
HP WRUQDU WUDQVSDUHQWH H UHYHODU DWUDYpV GH FDPSDQKDV H LQLFLDWLYDV RV FRQKHFLPHQWRV
GH YDORU H R SRWHQFLDO LQWHOHFWXDO GD HPSUHVD DWUDLQGR FOLHQWHV LQYHVWLGRUHV SDUFHLURV
WDOHQWRV LQYHVWLGRUHV H SURJUHVVR FRPR FRQVHTXrQFLD
)LJXHLUHGR
110. DSRQWD DOJXPDV IXQo}HV GR PDUNHWLQJ GR FRQKHFLPHQWR
$QDOLVDU H PRQLWRUDU FRQVWDQWHPHQWH R PHUFDGR HP EXVFD GH RSRUWXQLGDGHV
SDUD DSOLFDomR GR FRQKHFLPHQWR
2 PDUNHWLQJ GR FRQKHFLPHQWR EDVHDGR HP VHXV DWLYRV LQWHOHFWXDLV H QD VXD
FDSDFLGDGH GH DWXDomR H GH HQWUHJD GR VHX SRWHQFLDO LQWHOHFWXDO GHYH DQDOLVDU H
111. PRQLWRUDU FRQVWDQWHPHQWH R PHUFDGR HP EXVFD GH RSRUWXQLGDGHV SDUD DSOLFDomR H XVR
GH VXDV FRPSHWrQFLDV H GH VHXV DWLYRV LQWDQJtYHLV $ GLVSRQLELOL]DomR GHVVHV DWLYRV DR
PHUFDGR DWUDYpV GRV SURGXWRV H VHUYLoRV FULDGRV D SDUWLU GHOHV GHSHQGH
IXQGDPHQWDOPHQWH GHVVD FDSDFLGDGH GH DQiOLVH H LGHQWLILFDomR GDV RSRUWXQLGDGHV TXH
WDPEpP p XPD IXQomR GR PDUNHWLQJ
4XDQGR DV RSRUWXQLGDGHV HQFRQWUDGDV HVWmR YLQFXODGDV j JHUDomR GH UHFHLWDV H
VmR FRHUHQWHV FRP DV FRPSHWrQFLDV HVVHQFLDLV GD FRPSDQKLD FRP VXD SURSRVLomR GH
YDORU H YLVmR D HPSUHVD HQWUD HP DomR H VH GLVS}H D FRPELQDU XPD VpULH GH DWLYRV
LQWHOHFWXDLV HVSHFtILFRV FRQKHFLPHQWRV
112. SDUD DWHQGHU D HVWDV GHPDQGDV HVWUDWpJLFDV
IUHTXHQWHPHQWH YLQFXODGDV j PRELOL]DomR HPEDODJHP H HQWUHJD GH FRQKHFLPHQWRV
ODVVLILFDU H TXDOLILFDU RV DWLYRV LQWDQJtYHLV
4XDOTXHU TXH VHMD R DWLYR LQWDQJtYHO LGHQWLILFDGR HOH SUHFLVD VHU FODVVLILFDGR
TXDOLILFDGR H DYDOLDGR j OX] GD HVWUDWpJLD GD RUJDQL]DomR $ HPSUHVD HQWUH RXWUDV
FRLVDV GHYH DYDOLDU VH RV DWLYRV LQWDQJtYHLV VRPDP H DJUHJDP YDORU j SURGXomR GH EHQV
VHUYLoRV H SURGXWRV VH DSyLDP D SURSRVLomR GH YDORU GD FRPSDQKLD VH VmR SRVLWLYRV j
DWXDomR HPSUHVDULDO VH VmR SHUFHELGRV H YDORUL]DGRV SHORV FOLHQWHV VH JHUDP RX
SRGHULDP JHUDU QRYRV SURGXWRV H UHVXOWDGRV VH FRQWULEXHP RX SRGHULDP FRQWULEXLU
HIHWLYDPHQWH DRV UHVXOWDGRV HWF $ SDUWLU GHVWD DQiOLVH D HPSUHVD GHVFREUH D UHOHYkQFLD
GRV DWLYRV LQWDQJtYHLV SURPRYH VHX DOLQKDPHQWR HVWUDWpJLFR H SODQHMD XPD DomR HIHWLYD
SDUD VXD XWLOL]DomR HP EHQHItFLR GRV QHJyFLRV H GD HPSUHVD
$OLQKDPHQWR PHUFDGROyJLFR GR FDSLWDO LQWHOHFWXDO
$ FULDomR DSHQDV GRV DWLYRV LQWDQJtYHLV SRGH QmR VHU VXILFLHQWH SDUD JHUDU RV
UHWRUQRV HVSHUDGRV (P DPELHQWHV GH KLSHUFRPSHWLWLYLGDGH FRPR R QRVVR p QHFHVViULR
GDUOKHV IRFR H SRVLFLRQDPHQWR PHUFDGROyJLFR SDUD TXH VHMDP SHUFHELGRV UHFRQKHFLGRV
H YDORUL]DGRV H[WHUQDPHQWH R TXH FKDPR GH DOLQKDPHQWR PHUFDGROyJLFR GR FDSLWDO
LQWHOHFWXDO $ HPSUHVD WHP DVVLP TXH GHVFREULU D PHOKRU PDQHLUD GH LGHQWLILFDU H
FRPXQLFDU D FRQWULEXLomR TXH VH WHP D RIHUHFHU DR S~EOLFR H PHUFDGR DOYRV D SDUWLU GRV
VHXV DWLYRV LQWDQJtYHLV SURGX]LQGR FRHUrQFLD HQWUH D RIHUWD GH VXD FDSDFLGDGH
LQWHOHFWXDO H R TXH p SURFXUDGR RX YDORUL]DGR SHOR PHUFDGR GHPDQGD
113. 3RVLFLRQDPHQWR GRV DWLYRV LQWHOHFWXDLV SDUD D HQWUHJD GH SURGXWRV H VHUYLoRV
LQRYDGRUHV
$ PDWHULDOL]DomR UHVXOWDQWH GRV DWLYRV LQWDQJtYHLV p FDUDFWHUL]DGD SHOD SURGXomR
GH YDORU DRV FRQVXPLGRUHV H UHVXOWD QD HQWUHJD GH SURGXWRV H VHUYLoRV LQRYDGRUHV $
HPSUHVD GHYH SRVLFLRQDU DGHTXDGDPHQWH VHXV DWLYRV H GLIHUHQFLDLV LQWHOHFWXDLV QR
PHUFDGR FRPXQLFDQGR DR PXQGR H[WHUQR WRGR R SRWHQFLDO DVVRFLDGR D HOHV H
HYLGHQFLDQGR FRPR HVWHV DWLYRV D WRUQDP XPD HPSUHVD GLIHUHQWHPHQWH H[FOXVLYD $
FRPXQLFDomR FRP R PHUFDGR p SRUWDQWR IXQGDPHQWDO H[LVWLQGR PXLWDV PDQHLUDV
GLIHUHQWHV GH GL]HU R TXH VDEH GH FRPXQLFDU R SRWHQFLDO LQWHOHFWXDO GH FRPSDUWLOKDU D
YLVmR GH IXWXUR GH LQIRUPDU R FRPSURPLVVR FRP D YDQJXDUGD H WRGD FDSDFLGDGH
LQWHOHFWXDO FDSD] GH FULDU YDORU DR PHUFDGR
( PDLV
x 7RUQDU WUDQVSDUHQWHV DR S~EOLFRDOYR RV DWLYRV LQWHOHFWXDLV PDLV YDORUL]DGRV SHOR
PHUFDGR H FOLHQWHV RX TXH IDULDP D GLIHUHQoD HQWUH HOHV
x 'LYXOJDU RV GLIHUHQFLDLV FRPSHWLWLYRV EDVHDGRV QD FRPSHWrQFLD H QR FRQKHFLPHQWR
GRV WDOHQWRV GD HPSUHVD
x 3XEOLFDU GLIHUHQFLDLV LQWHOHFWXDLV TXH SRGHULDP DWUDLU WDOHQWRV LQYHVWLGRUHV FOLHQWHV
SDUFHLURV H GHVSHUWDU DWHQomR GR PHUFDGR
114. x 7RUQDU YLVtYHO DR PHUFDGR R YDORU DVVRFLDGR jV FRPSHWrQFLDV HVVHQFLDLV GD
HPSUHVD
x (QIDWL]DU R FRQKHFLPHQWR FROHWLYR RUJDQL]DFLRQDO DGPLUiYHO H GH DOWR YDORU
UHTXHULGR SHOR PHUFDGR
x (YLGHQFLDU DR PHUFDGR D FRQWULEXLomR GR FDSLWDO LQWHOHFWXDO GDV SHVVRDV DR VXFHVVR
GD HPSUHVD
x 9LQFXODU H FRPXQLFDU DR S~EOLFR H[WHUQR D UHDO FRQWULEXLomR GRV DWLYRV LQWDQJtYHLV
QR DOFDQFH GRV UHVXOWDGRV ILQDQFHLURV QD REWHQomR GDV PHOKRULDV GH SURFHVVRV QD
VDWLVIDomR H ILGHOL]DomR GH FOLHQWHV QR GHVHQYROYLPHQWR GH VROXo}HV GH YDQJXDUGD H
GD LQRYDomR QD REWHQomR GD FULDWLYLGDGH QD UHWHQomR H DWUDomR GRV UHFXUVRV
KXPDQRV HWF
x 0RVWUDU DRV FRPSUDGRUHV SRWHQFLDLV LQYHVWLGRUHV H WDOHQWRV TXH VH TXHUHP DWUDLU
LQGLFDGRUHV UHODFLRQDGRV j TXDOLGDGH GR FDSLWDO LQWHOHFWXDO GD HPSUHVD H FRPR HOHV
UHVXOWDP HP HILFLrQFLD FRPSHWrQFLD FUHVFLPHQWR DOFDQFH GH UHVXOWDGRV
FDSDFLGDGH GH LQYHQomR H FULDWLYLGDGH VDWLVIDomR GRV FOLHQWHV WUDQVIHUrQFLD H XVR
GR FRQKHFLPHQWR TXDOLGDGH GDV VROXo}HV LQWHQVLGDGH GH UHODFLRQDPHQWRV UHJLVWUR
GH SDWHQWHV LQWHQVLGDGH GH SHVTXLVDV H DSOLFDomR HILFiFLD GHVHQYROYLPHQWR
WpFQLFR DGDSWDomR TXDOLGDGH GH SURGXWRV H VHUYLoRV FDSDFLGDGH GH DSUHQGL]DGR H
LQRYDomR FULDomR GH QRYRV SURGXWRV YDORUL]DomR GD FRPSDQKLD QR PHUFDGR
FDSDFLGDGH OXFUDWLYD H GH QHJyFLRV HQWUH RXWURV
x 'LYXOJDU RV GLIHUHQFLDLV EDVHDGRV QRV DWLYRV LQWHOHFWXDLV H VXD SURSRVLomR GH YDORU
H
x RQVWUXLU FDPSDQKDV TXH HYLGHQFLHP D TXDOLGDGH GRV DWLYRV LQWHOHFWXDLV LQWDQJtYHLV
PDLV HVWUDWpJLFRV GD HPSUHVD FRQVLGHUDQGR DV SUHWHQV}HV FRPSHWLWLYDV GH
LQRYDomR GH HYROXomR SDUWLFLSDomR QR PHUFDGR SURGXomR H FULDomR GH SURGXWRV
SUHVWDomR GH VHUYLoRV HWF
͵ǤͷǤ ‡×”‹ƒ ”‰ƒ‹œƒ…‹‘ƒŽ
1DV RUJDQL]Do}HV R FRQKHFLPHQWR QmR HVWi HPEXWLGR DSHQDV HP GRFXPHQWRV RX
UHSRVLWyULRV PDV WDPEpP HP URWLQDV SURFHVVRV SUiWLFDV H QRUPDV RUJDQL]DFLRQDLV (VWD
REVHUYDomR GHVFUHYH GH IRUPD VXFLQWD XP GRV JUDQGHV SUREOHPDV GDV RUJDQL]Do}HV
DWXDLV
(P XP FRQWH[WR GLQkPLFR TXH SULRUL]D D SURGXWLYLGDGH PXLWDV GDV YH]HV DV
RUJDQL]Do}HV FKHJDP D UHFRQKHFHU R YDORU GD FULDomR H GLVVHPLQDomR GR FRQKHFLPHQWR
PDV QmR SHUFHEHP TXH VHXV REMHWLYRV YDORUHV H HVWUDWpJLDV LPSHGHP D DSOLFDomR GD
*HVWmR GR RQKHFLPHQWR (VWXGRV LQGLFDP D LPSRUWkQFLD GH XP DPELHQWH TXH SHUPLWD R
FRPSDUWLOKDPHQWR GH LQIRUPDo}HV FRQKHFLPHQWRV H YLYrQFLDV FRPR DSRLR j VROXomR GH
SUREOHPDV FDGD YH] PDLV FRPSOH[RV H TXH SRVVLELOLWH D UHXWLOL]DomR GH FRQKHFLPHQWRV
DUWHIDWRV H SURGXWRV DQWHULRUPHQWH JHUDGRV
0DLV TXH GLVVHPLQDU R FRQKHFLPHQWR JHUDGR DV RUJDQL]Do}HV QHFHVVLWDP GH
UHGHV VRFLDLV SDUWLQGR GH XP PDSHDPHQWR GDV FRPSHWrQFLDV RQKHFHQGR DV
KDELOLGDGHV GD RUJDQL]DomR R VHJXQGR SDVVR p VDEHU FRPR DERUGiODV HQYROYrODV QDV
UHVROXo}HV GRV SUREOHPDV (VWH HQYROYLPHQWR GHVGH TXH DVVXPLGR SRU DPEDV DV SDUWHV
SRVVLELOLWD j RUJDQL]DomR UHVSRVWDV PDLV UiSLGDV jV PXGDQoDV H SUREOHPDV DOpP GH
SURYHU R DSUHQGL]DGR RUJDQL]DFLRQDO H HVWLPXODU D FULDWLYLGDGH GRV HQYROYLGRV
(PERUD QRV ~OWLPRV DQRV WHQKD FUHVFLGR R LQYHVWLPHQWR QR DSRLR j *HVWmR GR
RQKHFLPHQWR DWUDYpV GH VLVWHPDV GH LQIRUPDomR H QRYDV PHWRGRORJLDV D DSOLFDomR
GHVWH IHUUDPHQWDO DLQGD p SUREOHPiWLFD (QWH DV GLILFXOGDGHV DSUHVHQWDGDV HVWmR R
LPSDFWR VREUH D SURGXWLYLGDGH GRV HQYROYLGRV D GLILFXOGDGH GDV RUJDQL]Do}HV HP
115. LQWHJUDU VXDV HVWUDWpJLDV jV SUiWLFDV GH *HVWmR GR RQKHFLPHQWR $ IDOWD GH
HVFODUHFLPHQWR VREUH D IRUPD FRPR HVWDV HVWUDWpJLDV VHUmR DWHQGLGDV SHORV VLVWHPDV GH
*HVWmR GR RQKHFLPHQWR H D IDOWD GH PDWHULDLV TXH PRVWUHP FRPR VH DSOLFDP QD
SUiWLFD RV FRQFHLWRV WDPEpP LQWHUIHUHP QD DSOLFDomR GH WDLV VLVWHPDV QDV RUJDQL]Do}HV
$V RUJDQL]Do}HV LQWHQVLYDV HP FRQKHFLPHQWR FRPR DV HPSUHVDV GH
GHVHQYROYLPHQWR GH VRIWZDUH PHUHFHP XPD SURIXQGD DQiOLVH SRU VRIUHUHP FRQVWDQWHV
PXGDQoDV OLJDGDV DR QHJyFLR HQYROYHQGR GLIHUHQWHV SHVVRDV H DIHWDQGR jV GLYHUVDV
IDVHV GR GHVHQYROYLPHQWR H VREUHWXGR HQYROYHQGR GLIHUHQWHV REMHWLYRV H WLSRV GH
FRQKHFLPHQWR $ *HVWmR GR RQKHFLPHQWR QHVWDV RUJDQL]Do}HV OHYDULD j UHGXomR GH
WHPSR GH FXVWRV H DR DXPHQWR GD TXDOLGDGH UHGX]LQGR HUURV H R UHWUDEDOKR DOFDQoDQGR
R VXFHVVR D SDUWLU GH LQIRUPDo}HV GRV SURMHWRV DQWHULRUHV
(QWUHWDQWR QR FHQiULR DWXDO REVHUYDVH TXH DV HTXLSHV GH 7, DGTXLUHP YDORUHV
LQGLYLGXDLV QmR FRPSDUWLOKDP H UHSHWHP RV PHVPRV HUURV GH SURMHWRV DQWHULRUHV $V
DERUGDJHQV XWLOL]DGDV SDUD PHOKRULD GH SURFHVVR FRPR R 00 QmR GHILQHP
H[SOLFLWDPHQWH FRPR LPSODQWDU HIHWLYDPHQWH D JHVWmR GR FRQKHFLPHQWR HPERUD VXJLUD
HVWD DWLYLGDGH FRPR XPD ERD SUiWLFD 2 DSUHQGL]DGR DWUDYpV GD SUiWLFD VHP VH DWHU D
H[SHULrQFLDV DQWHULRUHV SRGH VHU XP ULVFR SDUD R SURMHWR OHYDQGR D HUURV H UHWUDEDOKR
(QWUHWDQWR LVVR p FRPXP HQWUH HVWDV RUJDQL]Do}HV $ IDOWD GH XP KLVWyULFR GR SURMHWR R
IDWR GH SDUWLFLSDQWHV GR SURMHWR SRVVXtUHP FRQKHFLPHQWR LQGLYLGXDO H QmR R H[SOLFLWDUHP
WDPEpP VmR SUREOHPiWLFRV
3DUD REWHU ERQV UHVXOWDGRV DV RUJDQL]Do}HV GHYHP ID]HU XPD DQiOLVH SURIXQGD
HP VHXV SUREOHPDV HVWDEHOHFHU VHXV REMHWLYRV H HVWUDWpJLDV DQWHV GH LPSOHPHQWDU VHX
VLVWHPD GH *HVWmR GR RQKHFLPHQWR
$ 0HPyULD 2UJDQL]DFLRQDO 02