Professional Documents
Culture Documents
&2175,%8,d2'266,67(0$6'(*(672(035(6$5,$/(53
3$5$$720$'$'('(&,62
(VWXGRVGHFDVRVP~OWLSORVHPRUJDQL]Do}HVEUDVLOHLUDV
%HOR+RUL]RQWH0*
81,9(56,'$'()80(&±)$&(
0$852&e6$59,(,5$
&2175,%8,d2'266,67(0$6'(*(672(035(6$5,$/(53
3$5$$720$'$'('(&,62
(VWXGRVGHFDVRVP~OWLSORVHPRUJDQL]Do}HVEUDVLOHLUDV
'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH &LrQFLDV
(PSUHVDULDLV GD 8QLYHUVLGDGH )80(& FRPR UHTXLVLWR
SDUFLDODREWHQomRGRWtWXORGH0HVWUHHP$GPLQLVWUDomR
ÈUHD GH &RQFHQWUDomR *HVWmR (VWUDWpJLFD GH
2UJDQL]Do}HV
2ULHQWDGRU3URIHVVRU'U5RGULJR%DURQLGH&DUYDOKR
%HOR+RUL]RQWH0*
81,9(56,'$'()80(&±)$&(
),&+$&$7$/2*5È),&$
9LHLUD0DXUR&pVDU
&RQWULEXLomR GRV VLVWHPDV GH JHVWmR HPSUHVDULDO (53
9F SDUD D WRPDGD GH GHFLVmR HVWXGRV GH FDVRV P~OWLSORV HP
RUJDQL]Do}HV EUDVLOHLUDV 0DXUR &pVDU 9LHLUD %HOR
+RUL]RQWH
ILO
2ULHQWDGRU3URI'U5RGULJR%DURQLGH&DUYDOKR
'LVVHUWDomR0HVWUDGR±8QLYHUVLGDGH)80(&±)$&(
)DFXOGDGHGH&LrQFLDV(PSUHVDULDV0HVWUDGRHP$GPLQLVWUDomR
%LEOLRJUDILD
6LVWHPDVGHLQIRUPDomRJHUHQFLDO3ODQHMDPHQWR
HPSUHVDULDO&XOWXUDRUJDQL]DFLRQDO,&DUYDOKR5RGULJR
%DURQL,,8QLYHUVLGDGH)80(&)DFXOGDGHGH&LrQFLDV
(PSUHVDULDLV0HVWUDGRHP$GPLQLVWUDomR,,,7tWXOR
&'8
(ODERUDGDSHODELEOLRWHFiULD(ULFD)UXN*XHOIL±&5%0*
2FRQKHFLPHQWRQRYRUHSUHVHQWDGRSHORHVWDGRGDDUWHVREUHXPFHUWRDVVXQWRWHP
HYROXtGRVHPSUHVHQGRWUDQVPLWLGRGHXQVSDUDRXWURV0RGHUQDPHQWHQDVHVFRODV
SURFXUDVHWUDQVPLWLURFRQKHFLPHQWRDRVTXHWHPYRQWDGHGHDSUHQGHUHjVYH]HVPHVPR
DRVTXHQmRWHP*22'( +$77
$*5$'(&,0(1726
$'HXVSHODSRVVLELOLGDGHGHUHDOL]DUHVWHWUDEDOKRHWrORFRQFOXtGR
$R SURIHVVRU 'U 5RGULJR %DURQL GH &DUYDOKR PHX RULHQWDGRU XP DJUDGHFLPHQWR
HVSHFLDO SHOR DFRPSDQKDPHQWR GXUDQWH R FXUVR GH 0HVWUDGR H SHOD RULHQWDomR H
DSRLRQRGHVHQYROYLPHQWRGHVWDGLVVHUWDomR±GDFRQFHSomRDWpDFRQFOXVmR
$R 0DUFHOR 6RDUHV *HUHQWH GH 7HFQRORJLD HP ,QIRUPiWLFD TXH IDFLOLWRX H
LQWHUPHGLRXGLYHUVRVFRQWDWRVFRPDVHPSUHVDVHRVSURILVVLRQDLVHQWUHYLVWDGRV
$V HPSUHVDV H RV SURILVVLRQDLV HQWUHYLVWDGRV TXH JHQWLOPHQWH QRV DWHQGHUDP FRP
SUHVWH]DHILFLrQFLDHLQIRUPDo}HVREMHWLYDV
$6DUDPLQKDHVSRVDPHXVILOKRV7KLDJR5DTXHOH&DPLODTXHVXSRUWDUDPIDVHV
GH FRPSOHWR DEDQGRQR YLUWXDO H DLQGD VRXEHUDP LQFHQWLYDUPH D EXVFDU QRYRV
FRQKHFLPHQWRVSRUPHLRGHVWHFXUVR
5(6802
7KHVHDUFKIRUWRROVWKDWKHOSWRVXVWDLQFRPSHWLWLYHDGYDQWDJHKDVEHFRPHDPDMRU
IRFXV RI RUJDQL]DWLRQV WKDW SUHVV IRU WKH GHYHORSPHQW RI LQQRYDWLYH VROXWLRQV 7R
WUDFN FKDQJHV DQG VXSSRUW WKH VWUDWHJLHV WKH RUJDQL]DWLRQV EHJDQ WR LQYHVW LQ
LQIRUPDWLRQ V\VWHPV 7KLV ZRUN KDV DV PDLQ REMHFWLYH WR DVVHVV WKH VFRSH RI
VXVWDLQLQJ WKH FRPSHWLWLYH VWUDWHJLHV DQG GHFLVLRQ PDNLQJ WKURXJK WKH DGRSWLRQ RI
(QWHUSULVH 5HVRXUFH 3ODQQLQJ (53 $ PXOWLSOH FDVH VWXG\ DSSURDFK FRPELQLQJ
WHFKQLTXHVRITXDOLWDWLYHUHVHDUFKDQDO\VLVRIVSHHFKDQGTXDQWLWDWLYHVXUYH\ZDV
DGRSWHG7KHVDPSOHZDVVHOHFWHGE\FULWHULDRIFRQYHQLHQFHDQGLWZDVFRPSRVHG
RIPHGLXPDQGODUJHVL]HRUJDQL]DWLRQVLQGXVWULHVDQGFDUULHU7KHLQWHUYLHZV
ZHUH FRQGXFWHG ZLWK H[HFXWLYHV RI WKH WDFWLFDOVWUDWHJLF OHYHO 7KH UHVXOWV VKRZHG
WKDW WKH PDLQ FRQWULEXWLRQV RI WKH (53 DUH DVVRFLDWHG ZLWK JUHDWHU LQIRUPDWLRQ
LQWHJUDWLRQ UHGXFWLRQ RI UHGXQGDQW WDVNV FKDQJH IURP VLOR GHSDUWPHQW YLHZ WR D
FRUSRUDWH YLVLRQ UHVWUXFWXULQJ RI RSWLPL]HG EXVLQHVV SURFHVVHV DQG ILQDOO\ D EHWWHU
LQIRUPDWLRQTXDOLW\+RZHYHULW ZDVREVHUYHGWKDWWKH(53V\VWHPVDOVRKDYHOLWWOH
XVHIRUWDFWLFDOVWUDWHJLFOHYHO
.H\ ZRUGV (QWHUSULVH 5HVRXUFH 3ODQQLQJ (53 'HFLVLRQ 0DNLQJ 6WUDWHJLF
$OLJQPHQWRILW
/,67$'(,/8675$d®(6
),*85$±)RUPDomRGDHVWUDWpJLDFRPRXPSURFHVVRUDFLRQDO
),*85$±)RUPDomRGDHVWUDWpJLDFRPRXPSURFHVVRQHJRFLDGR
),*85$±(53(VWUXWXUDGHIXQFLRQDPHQWR
),*85$±(WDSDVGHLPSOHPHQWDomR
),*85$±ÈUHDVHQYROYLGDVQDLPSOHPHQWDomRGR(53
),*85$±0yGXORVGRVLVWHPD(53
*5È),&2±3HUFHQWXDOGHLQYHVWLPHQWRHP7,[5HFHLWDV
48$'52±'HILQLo}HVGHHVWUDWpJLD
48$'52±*ULGHVWUDWpJLFRLPSDFWRHVWUDWpJLFRGHDSOLFDo}HVGH7,
48$'52±&DUDFWHUtVWLFDVGDVSHUVSHFWLYDVGHDOLQKDPHQWRHVWUDWpJLFR
48$'52±%HQHItFLRVSURFXUDGRVHSRWHQFLDLVSUREOHPDV3DFRWHFRPHUFLDO
48$'52±%HQHItFLRVSURFXUDGRVHSRWHQFLDLVSUREOHPDV,QWHJUDomR
48$'52 ± %HQHItFLRV SURFXUDGRV H SRWHQFLDLV SUREOHPDV $EUDQJrQFLD
)XQFLRQDO
48$'52±&DUDFWHUtVWLFDVGDTXDOLGDGHGHVRIWZDUHVHJXQGRD,62,(&
48$'52±6XSRUWHSyVLPSOHPHQWDomR(53
48$'52±&RQGX]LQGRHVWXGRVGHFDVRFROHWDHHYLGrQFLD
48$'52±9DULiYHLVGHSHVTXLVDHVHXVXSRUWHWHyULFRQDOLWHUDWXUD
/,67$'(7$%(/$6
7$%(/$ ± 6HJPHQWDomR GR PHUFDGR GH IRUQHFHGRUHV (53 GDV PDLRUHV
HPSUHVDVEUDVLOHLUDV
7$%(/$ ± &RQVROLGDomR GRV GDGRV TXDQWLWDWLYRV (53 H HWDSDV GD WRPDGD GH
GHFLVmR
7$%(/$±%HQHItFLRVGLUHWRVGR6,*(53SDUDWRPDGDGHGHFLVmR
7$%(/$±9DULiYHLVGRSURFHVVRGHLPSODQWDomRGR(53
7$%(/$±%HQHItFLRVGR(53
/,67$'($%5(9,$785$6
$05 $GYDQFHG0DQXIDFWXULQJ5HVHDUFK
$3/ $3URJUDPPLQJ/DQJXDJH
%, %XVLQHVV,QWHOOLJHQFH
&)2 &KLHI)LQDQFLDO2IILFHU
&/0 &RXQFLORI/RJLVWLF0DQDJHPHQW
&50 &XVWRPHU5HODWLRQVKLS0DQDJHPHQW
'0 'DWD0DUW
': 'DWD:DUHKRXVH
(53 (QWHUSULVH5HVRXUFH3ODQQLQJ
(8$ (VWDGRV8QLGRVGD$PpULFD
(9$ (FRQRPLF9DOXH$GGHG
,'& ,QWHUQDFLRQDO'DWD&RUSRUDWLRQ
,62 ,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ
0'$ 0XOWLGLPHQVLRQDO$QDO\VLV
036 0DVWHU3ODQ6FKHGXOLQJ
053 0DQXIDFWXULQJ5HVRXUFHV3ODQQLQJ
3&3 3ODQHMDPHQWRGH&RPSUDVH3URGXomR
3(1 3ODQR(VWUDWpJLFRGH1HJyFLR
3(7, 3ODQR(VWUDWpJLFRGH7HFQRORJLDGD,QIRUPDomR
30( 3HTXHQDVH0pGLDV(PSUHVDV
6$3 6\VWHPDQDO\VHXQG3URJUDPPHQWZLFNOXQJ
6&0 6XSSO\&KDLQ0DQDJHPHQW
6,* 6LVWHPDVGH,QIRUPDo}HV*HUHQFLDLV
68'(1( 6XSHULQWHQGrQFLDGH'HVHQYROYLPHQWRGR1RUGHVWH
7, 7HFQRORJLDGH,QIRUPDomR
680È5,2
,1752'8d2
-XVWLILFDWLYD
2EMHWLYRV
5()(5(1&,$/7(Ï5,&2
$OLQKDPHQWRHVWUDWpJLFRGH7,
(VWUDWpJLDRUJDQL]DFLRQDO
5HODo}HVHQWUH7HFQRORJLDGD,QIRUPDomR7,H(VWUDWpJLD2UJDQL]DFLRQDO
(ILFLrQFLDHHILFiFLDGD7,
2PRGHORGRDOLQKDPHQWRHVWUDWpJLFRGH+HQGHUVRQH9HQNDWUDPDQ
2PRGHORGRDOLQKDPHQWRHVWUDWpJLFRGH%URGEHFN
+LVWyULFRHGHILQLo}HVVREUH(53
&RQVLGHUDo}HVVREUHEHQHItFLRVHSRWHQFLDLVSUREOHPDVGRVVLVWHPDV(53
&DUDFWHUtVWLFDVGRVVLVWHPDV(53
,PSOHPHQWDomRGHVLVWHPDV(53
6LWXDomRHWHQGrQFLDGHPHUFDGR(53QR%UDVLO
6LVWHPDV&RUUHODWRVDR(53
7RPDGDGHGHFLVmR
$GHFLVmRHILFD]
6LVWHPDV(53HVHXLPSDFWRVREUHYDULiYHLVHVWUDWpJLFDV
8WLOL]DomRGHLQGLFDGRUHVGHGHVHPSHQKR
352&(',0(17260(72'2/Ï*,&26
0HWRGRORJLDGHSHVTXLVD
&RQVWUXomRGRLQVWUXPHQWRGHFROHWDGHGDGRV
$35(6(17$d2'265(68/7$'26
$SUHVHQWDomRGDVHPSUHVDV
(PSUHVD
(PSUHVD
(PSUHVD
(PSUHVD
3HUILOGRVSURILVVLRQDLVHQWUHYLVWDGRV
$QiOLVHGRVGDGRVFROHWDGRV
$1È/,6((',6&8662'265(68/7$'2648$17,7$7,926
$QiOLVHGDFRQWULEXLomRGR(53SDUDDVHWDSDVGDWRPDGDGHGHFLVmR
$QiOLVHGDTXDOLGDGHGDVLQIRUPDo}HVDEUDQJrQFLDRUJDQL]DFLRQDO
$QiOLVHGRSURFHVVRGHLPSODQWDomRGR(53
$QiOLVHGRVEHQHItFLRVREWLGRVGR(53
&21&/862
3ULQFLSDLVFRQWULEXLo}HVGHVVHWUDEDOKR
/LPLWDo}HVHVXJHVW}HVSDUDRXWURVHVWXGRV
5()(5Ç1&,$6
$3Ç1',&($±5RWHLURGDVHQWUHYLVWDV
,1752'8d2
-XVWLILFDWLYD
)DFHjFRPSHWLWLYLGDGHFUHVFHQWHGRPHUFDGRJOREDODVRUJDQL]Do}HVWrPEXVFDGR
LPSODQWDU SROtWLFDV GH TXDOLGDGH UDFLRQDOL]DU R SURFHVVR GH SURGXomR UHGX]LU
FXVWRV LQWURGX]LU QRYDV WHFQRORJLDV LQYHVWLU HP HTXLSDPHQWRV HP PDUNHWLQJ H QR
VHU KXPDQR DPSOLDU VXDV UHGHV GH GLVWULEXLomR H WUDEDOKDU D LQIRUPDomR GH IRUPD
PDLV HILFLHQWHH GLQkPLFD &RP LVWRD LQIRUPDomR SDVVRXD VHUXP UHFXUVR YDOLRVR
SDUD DVRUJDQL]Do}HV 6HJXQGR 0FJHH H 3UXVDN S ³1XPDHFRQRPLD GH
LQIRUPDomRDFRQFRUUrQFLDHQWUHDVRUJDQL]Do}HVEDVHLDVHQDVXDFDSDFLGDGHGH
DGTXLULUWUDWDULQWHUSUHWDUHXWLOL]DULQIRUPDomRGHIRUPDHILFD]´
3DUDDFRPSDQKDUHVVDVWUDQVIRUPDo}HVDLQWHJUDomRHPWRGRVRVQtYHLVH[WUDSROD
DV IURQWHLUDV GD RUJDQL]DomR H DWLQJH WDPEpP RV EDQFRV RV IRUQHFHGRUHV H RV
FOLHQWHVORFDLVHLQWHUQDFLRQDLVUHTXHUHQGRVLVWHPDVGHLQIRUPDo}HVGHVHQYROYLGRH
LQWHJUDGR SRU XP FRQMXQWR GH DSOLFDWLYRV FDSD]HV GH LQWHUFRQHFWDU WRGDV DV
WUDQVDo}HVGDRUJDQL]DomR
$ EXVFD SRU HVWDV IHUUDPHQWDV TXH FRQWULEXDP SDUD D VXVWHQWDomR GH YDQWDJHQV
FRPSHWLWLYDVWRUQRXVHXPGRVSULQFLSDLVIRFRVGDVRUJDQL]Do}HVTXHSULPDPSHOR
GHVHQYROYLPHQWR GH VROXo}HV LQRYDGRUDV UHGXomR GH FXVWRV H D FULDomR GH YDORU
SDUD RV VHXV FRODERUDGRUHV H FOLHQWHV 3DUD DFRPSDQKDU DV WUDQVIRUPDo}HV H
VXVWHQWDUDVHVWUDWpJLDVDGRWDGDVDVRUJDQL]Do}HVSDVVDUDPDLQYHVWLUHPVLVWHPDV
GHLQIRUPDo}HVTXHH[HUFHVVHPXPSDSHOIXQGDPHQWDOQRFXPSULPHQWRGDVPHWDV
HVWDEHOHFLGDV XPD YH] TXH SHUPLWH D RWLPL]DomR H UDFLRQDOL]DomR GH HVIRUoRV
TXDQGRSODQHMDGRFRPEDVHQDHVWUDWpJLDGDRUJDQL]DomR%52'%(&.
(QWUHDVRQGDVWHFQROyJLFDVGDV~OWLPDVGpFDGDVUDUDPHQWHXPPRYLPHQWRYDUUHX
WmRUiSLGRHDPSODPHQWHRFRQMXQWRGHGLIHUHQWHVSRUWHVHQDWXUH]DVGHHPSUHVDV
FRPR RV VLVWHPDV LQWHJUDGRV GH JHVWmR HPSUHVDULDO (53 (QWHUSULVH 5HVRXUFH
3ODQQLQJ 6HJXQGR 'DYHQSRUW S R VLVWHPD (53IRL R PDLV LPSRUWDQWH
XVRFRUSRUDWLYRGDWHFQRORJLDGDLQIRUPDomRQRVDQRV.DZDOHNH+DUSHU
S FRQFRUGDP TXH R FUHVFLPHQWR GH XWLOL]DomR GRV (53 FRPR VROXomR
WHFQROyJLFD SDUD LQIRUPDomR QDV LQG~VWULDV WHP VLGR XPD IRUWH WHQGrQFLD QRV DQRV
UHFHQWHV 2V ULVFRV H D LQVHJXUDQoD FRP R EXJ GR PLOrQLR WDPEpP SRGHP WHU
LQIODGRDWpFHUWRSRQWRGHPDQHLUDDUWLILFLDOHVVHPHUFDGRRTXHSURYRFRXJUDQGHV
PXGDQoDVDSyVDSDVVDJHPSDUDRDQR
1R FDVR SDUWLFXODU GHVVH WUDEDOKR R VLVWHPD (53 VHUi R IRFR GD SHVTXLVD $
TXHVWmR VHUi LGHQWLILFDU SULPHLUDPHQWH VH RV VLVWHPDV (53 VmR FDSD]HV GH JHUDU
LQIRUPDo}HV TXH VXEVLGLHP D WRPDGD GH GHFLV}HV HPSUHVDULDLV 1R HQWDQWR FDVR
QmR VHMD DGHTXDGDPHQWH LPSODQWDGR R (53 SRGH VHU VXEXWLOL]DGR RX UHOHJDGR DR
QtYHO RSHUDFLRQDO PLQLPL]DQGR R VHX SRWHQFLDO FRPR DSRLR j WRPDGD GH GHFLV}HV
7DO FHQiULR SRGH VHU DLQGD DJUDYDGR HP RUJDQL]Do}HV HP TXH D 7HFQRORJLD GD
,QIRUPDomR7,QmRVHHQFRQWUDHVWUDWHJLFDPHQWHDOLQKDGDFRPDVQHFHVVLGDGHVGR
QHJyFLR
'DYHQSRUW DSRQWD TXH XP GRV WySLFRV PHQRV YLVDGRV VREUH (53 FRQVLVWH
MXVWDPHQWH HP DQDOLVDU DV LPSOLFDo}HV GD XWLOL]DomR GHVVH VLVWHPD QD HVWUDWpJLD
RUJDQL]DFLRQDODOpPGHVHXLPSDFWRVREUHDHVWUXWXUDHDFXOWXUDRUJDQL]DFLRQDOe
H[DWDPHQWHQHVWHTXHVLWRTXHVHEDVHLDHVWDGLVVHUWDomRRXVHMDWHQWDUTXDQWLILFDU
D LPSRUWkQFLD GRV VLVWHPDV (53 QD WRPDGD GH GHFLVmR JHUDGD SHOD HVWUDWpJLD
RUJDQL]DFLRQDO
$GHPDLV DV HVWUDWpJLDV GHILQLGDV SHODV RUJDQL]Do}HV WrP FRPR SULQFLSDO REMHWLYR
FULDUGLUHWUL]HVTXHDVOHYHPDRDOFDQFHGHVXDVPHWDV
3DUD TXH LVVR RFRUUD p LPSUHVFLQGtYHO TXH KDMD D FULDomR GH FRPSDWLELOLGDGH H
LQWHJUDomRHQWUHDVDWLYLGDGHVGHWRGDVDViUHDVTXHFRPS}HPDFDGHLDGHYDORUGD
HPSUHVD3257(5(QWHQGHVHFRPLVVRTXHXPHVWXGRVREUHRLPSDFWRGD
DGRomRGHXPVLVWHPD(53DSUHVHQWDVHFRPRXPDH[FHOHQWHRSRUWXQLGDGHSDUDR
HQWHQGLPHQWRGRkPELWRGHLQIOXrQFLDGHXPVLVWHPDGHLQIRUPDomRQDFDSDFLGDGH
GD RUJDQL]DomR HP WRPDU GHFLV}HV H RULHQWDU VXD HVWUDWpJLD 3RUWDQWR R SUREOHPD
GHSHVTXLVDSRGHVHUPHOKRUH[SUHVVRQDVHJXLQWHTXHVWmR&RPRRVVLVWHPDV(53
FRQWULEXHPSDUDRSURFHVVRGHWRPDGDGHGHFLVmR"
2EMHWLYRV
3DUD &ROkQJHOR )LOKR R HVWXGR GH YLDELOLGDGH WDPEpP FRQKHFLGR FRPR
EXVLQHVV FDVH FRQVLVWH HP XPD SURSRVWD GH LPSODQWDomR GH XP VLVWHPD (53 HP
TXHVmRDQDOLVDGDVTXDWURGLPHQV}HV
)LQDQFHLUDTXHGHWHUPLQDRVFXVWRVHEHQHItFLRVGRSURMHWRH[SUHVVDQGRRVHP
WHUPRV GH PHGLGDV GH GHVHPSHQKR REWLGRV FRP D LPSODQWDomR GR VRIWZDUH
(53
3RU PHLR GHVWH FRQMXQWR GH LQIRUPDo}HV ILFDP FODURV RV REMHWLYRV H EHQHItFLRV
HVSHUDGRVFRPDLPSODQWDomRGHXPVLVWHPD(532HVWXGRGHYLDELOLGDGHpHQWmR
XP LQVWUXPHQWR TXH EXVFD DOLQKDU D HVWUDWpJLD GH 7HFQRORJLD GH ,QIRUPDomR 7,
FRPDHVWUDWpJLDGHQHJyFLRVGDHPSUHVD
3RUWDQWRRREMHWLYRJHUDOGHVWHWUDEDOKRpDYDOLDUDFRQWULEXLomRGRVVLVWHPDV(53
QRSURFHVVRGHWRPDGDGHGHFLV}HVHPRUJDQL]Do}HVEUDVLOHLUDV
3RGHVHHQWmRGHILQLURVREMHWLYRVHVSHFtILFRVGDVHJXLQWHIRUPD
$QDOLVDURQtYHOGHFRQWULEXLomRGR(53SDUDDVHWDSDVGRSURFHVVRGHWRPDGD
GHGHFLVmR
5()(5(1&,$/7(Ï5,&2
2SUHVHQWHWUDEDOKRWHPFRPRREMHWLYRSULQFLSDODYDOLDURkPELWRGHVXVWHQWDomRGH
HVWUDWpJLDV FRPSHWLWLYDV H D WRPDGD GH GHFLV}HV PHGLDQWH D DGRomR GH VLVWHPDV
(53 1R FRQWH[WR GHVVH WUDEDOKR D WRPDGD GH GHFLVmR p HQWHQGLGD FRPR D
LPSOHPHQWDomRGDHVWUDWpJLD$VVLPDRORQJRGRUHIHUHQFLDOWHyULFRDSUHVHQWDPVH
DV QRo}HV VREUH DOLQKDPHQWR HVWUDWpJLFR GD 7HFQRORJLD GD ,QIRUPDomR 7, FRPR
PHFDQLVPR GH HQWHQGLPHQWR GD PDWHULDOL]DomR GH HVWUDWpJLDV FRPSHWLWLYDV HP
WRPDGDVGHGHFLVmRPHGLDGDVSHODLQVHUomRGHXPVLVWHPDGHLQIRUPDomR
$OLQKDPHQWRHVWUDWpJLFRGH7,
3RGHVH GHILQLU FRPR DOLQKDPHQWR HVWUDWpJLFR R HOR HQWUH R SODQR GH QHJyFLR H R
SODQRGH7,GDVRUJDQL]Do}HVGHYHQGRVHUDPERVSURGXWRVGHXPSODQRFRUSRUDWLYR
35(0.80$5 H .,1* 3DUD +HQGHUVRQ H 9HQNDWUDPDQ ³R
DOLQKDPHQWR HVWUDWpJLFR FRUUHVSRQGH j DGHTXDomR H LQWHJUDomR IXQFLRQDO HQWUH
DPELHQWH H[WHUQR PHUFDGR H LQWHUQR HVWUXWXUD DGPLQLVWUDWLYD H UHFXUVRV
ILQDQFHLURV WHFQROyJLFRV H KXPDQRV SDUD GHVHQYROYHU DV FRPSHWrQFLDV H
PD[LPL]DU R GHVHPSHQKR RUJDQL]DFLRQDO´ 6HQGR DVVLP R DOLQKDPHQWR HQWUH R
3ODQR (VWUDWpJLFR GH 1HJyFLR 3(1 H R 3ODQR (VWUDWpJLFR GH 7HFQRORJLD GD
,QIRUPDomR3(7,VyVHUiDOFDQoDGRTXDQGRRFRQMXQWRGHHVWUDWpJLDVGHVLVWHPDV
REMHWLYR REULJDo}HV H IXQFLRQDOLGDGHV IRU GHULYDGR GR FRQMXQWR HVWUDWpJLFR
RUJDQL]DFLRQDOPLVVmRREMHWLYRVHHVWUDWpJLDV
(VWUDWpJLDRUJDQL]DFLRQDO
'HILQLo}HVSDUDHVWUDWpJLD
&RQIRUPH 0LQW]EHUJ HW DO R WHPD GD HVWUDWpJLD WRUQRXVH XPD GLVFLSOLQD
DFDGrPLFDDVVLPFRPRPDUNHWLQJHILQDQoDV(PVXDVYiULDVIDFHVUHFRQKHFHVHR
FDPSR GD DGPLQLVWUDomR HVWUDWpJLFD QDV RUJDQL]Do}HV FRPR R DVVXQWR PDLV
GHEDWLGRHGRPLQDQWHQRVPHLRVDFDGrPLFRV
7DOYH]HVVHVHMDRTXDGURPDLVFRPXPQDVHPSUHVDVEUDVLOHLUDVRQGHDVSULQFLSDLV
GHFLV}HVVmRWRPDGDVSHORH[HFXWLYRFKHIHHHVSHUDGDVSRUWRGRVRVPHPEURVGD
RUJDQL]DomR(VVDSRVWXUDSRGHJHUDUEDUUHLUDGHRSRVLomRLQpUFLDRXDFRPRGDomR
GRV GHPDLV HP IXQomR GR OtGHU SURPRYHU D YLVmR H FRQGXomR SHVVRDO GDV
HVWUDWpJLDVGHIRUPDGHFLGLGD
&RP D XWLOL]DomR GD IHUUDPHQWD GR (53 D WRPDGD GH GHFLVmR LQLFLRXVH GH IRUPD
GLIHUHQWH DEULQGR R SURFHVVR GH IRUPXODomR GH HVWUDWpJLD SDUD DOpP GR LQGLYtGXR
LQFOXLQGR RXWURV DJHQWHV H IRUoDV (VVH PRGHOR PRVWURX TXH R PXQGR p
GHPDVLDGDPHQWHFRPSOH[RSDUDTXHDVHVWUDWpJLDVVHMDPGHVHQYROYLGDVGHXPDVy
YH] FRP SODQRV RX YLV}HV SHUIHLWDPHQWH GHILQLGDV 1HVWD QRYD YLVmR SDVVRX D VH
FRQVLGHUDU D IRUPXODomR GD HVWUDWpJLD FRPR XP SURFHVVR HPHUJHQWH H GH
DSUHQGL]DGRWDQWRLQGLYLGXDOTXDQWRFROHWLYR
48$'52±'HILQLo}HVGHHVWUDWpJLD
'HILQLomRGHHVWUDWpJLD $XWRUHV
&+$1'/(5
(VWUDWpJLD p D GHWHUPLQDomR GRV REMHWLYRV EiVLFRV GH ORQJR SUD]R GH XPD
HPSUHVDHDGRomRGDVDo}HVDGHTXDGDVHDIHFWDomRGHUHFXUVRVSDUDDWLQJLU
HVVHVREMHWLYRV
/($51('
(VWUDWpJLDpRSDGUmRGHREMHWLYRVILQVRXPHWDVHSULQFLSDLVSROtWLFDVHSODQRV &+5,67(16(1
SDUDDWLQJLUHVVHVREMHWLYRVHVWDEHOHFLGRVGHIRUPDDGHILQLUTXDORQHJyFLRHP *87+
TXHDHPSUHVDHVWiHRWLSRGHHPSUHVDTXHpRXYDLVHU $1'5(:6
$162))
(VWUDWpJLD p XP FRQMXQWR GH UHJUDV GH WRPDGD GH GHFLVmR HP FRQGLo}HV GH
GHVFRQKHFLPHQWR SDUFLDO $V GHFLV}HV HVWUDWpJLFDV GL]HP UHVSHLWR j UHODomR
HQWUHDHPSUHVDHRVHXHFRVVLVWHPDSURGXWRPHUFDGR
.$7=
(VWUDWpJLD UHIHUHVH j UHODomR HQWUH D HPSUHVD H R VHX PHLR HQYROYHQWH
UHODomRDWXDOVLWXDomRHVWUDWpJLFDHDUHODomRIXWXUDSODQRHVWUDWpJLFRTXHp
XPFRQMXQWRGHREMHWLYRVHDo}HVDWRPDUSDUDDWLQJLUHVVHVREMHWLYRV
67(,1(5H
(VWUDWpJLD p R IRUMDU GH PLVV}HV GD HPSUHVD HVWDEHOHFLPHQWR GH REMHWLYRV j 0,1(5
OX] GDV IRUoDV LQWHUQDV H H[WHUQDV IRUPXODomR GH SROtWLFDV HVSHFtILFDV H
HVWUDWpJLDV SDUD DWLQJLU REMHWLYRV H DVVHJXUDU D DGHTXDGD LPSODQWDomR GH
IRUPDDTXHRVILQVHREMHWLYRVVHMDPDWLQJLGRV
+2)(5
(VWUDWpJLD p R HVWDEHOHFLPHQWR GRV PHLRV IXQGDPHQWDLV SDUD DWLQJLU RV 6&+$1'(/
REMHWLYRVVXMHLWRDXPFRQMXQWRGHUHVWULo}HVGRPHLRHQYROYHQWH
3257(5
(VWUDWpJLD FRPSHWLWLYD VmR Do}HV RIHQVLYDV RX GHIHQVLYDV SDUD FULDU XPD
SRVLomR GHIHQViYHO QXPD LQG~VWULD SDUD HQIUHQWDU FRP VXFHVVR DV IRUoDV
FRPSHWLWLYDVHDVVLPREWHUXPUHWRUQRPDLRUVREUHRLQYHVWLPHQWR
48,11
(VWUDWpJLD p XP PRGHOR RX SODQR TXH LQWHJUD RV REMHWLYRV DV SROtWLFDV H D
VHTrQFLDGHDo}HVQXPWRGRFRHUHQWH
7+,(7$57
(VWUDWpJLDpRFRQMXQWRGHGHFLV}HVHDo}HVUHODWLYDVjHVFROKDGRVPHLRVHj
DUWLFXODomRGHUHFXUVRVFRPYLVWDDDWLQJLUXPREMHWLYR
0$57,1(7
(VWUDWpJLD GHVLJQD R FRQMXQWR GH FULWpULRV GH GHFLVmR HVFROKLGR SHOR Q~FOHR
HVWUDWpJLFR SDUD RULHQWDU GH IRUPD GHWHUPLQDQWH H GXUiYHO DV DWLYLGDGHV H D
FRQILJXUDomRGDHPSUHVD
0,17=%(5*
(VWUDWpJLD p XPD IRUoD PHGLDGRUD HQWUH D RUJDQL]DomR H R VHX PHLR
HQYROYHQWH
)RQWH,QVWLWXWRSDUD'HVHQYROYLPHQWRGD*HVWmR(PSUHVDULDO
0XLWRV SRQWRV HP FRPXQV SRGHP VHU REVHUYDGRV QDV GHILQLo}HV DFLPD FRPR SRU
H[HPSOR D TXHVWmR GH ³ORQJR SUD]R´ SRLV Ki XP FRQVHQVR TXH HVWUDWpJLD p XP
FRQMXQWR GH REMHWLYRV D VHUHP DOFDQoDGRV HP XP SUD]R PDLRU GH WHPSR FRP
GHILQLo}HVGHSULRULGDGHHUHFXUVRV
$IRUPDomRGDHVWUDWpJLD
$ IRUPD FRPR DV HVWUDWpJLDV VXUJHP H VmR LPSOHPHQWDGDV QmR p XP SURFHVVR
LGrQWLFRHPWRGDVDVRUJDQL]Do}HVVHQGRUHVXOWDGRGHXPDFRQMXJDomRGHIDWRUHV
H[WHUQRV FDUDFWHUtVWLFDV H FRQGLo}HV GR PHLR HQYROYHQWH H GH FRQGLo}HV LQWHUQDV
GLPHQVmR FDSDFLGDGHV PDWHULDLV H KXPDQDV RUJDQL]DFLRQDLV TXH FRQILJXUDP
FDGD VLWXDomR SDUWLFXODU $SHVDU GR FDUiWHU FRQWLQJHQFLDO GR SUREOHPD TXH WHP
RULJLQDGR XPD VXEVWDQFLDO SUROLIHUDomR GH DERUGDJHQV RV DXWRUHV SHVTXLVDGRV
FRQVLGHUDPWUrVOLQKDVEiVLFDV
$IRUPDomRGDHVWUDWpJLDFRPRXPSURFHVVRUDFLRQDOHIRUPDO
$IRUPDomRGDHVWUDWpJLDFRPRXPSURFHVVRQHJRFLDGR
$IRUPDomRGDHVWUDWpJLDFRPRXPSURFHVVRHPFRQVWUXomRSHUPDQHQWH
$ FULDomR GD HVWUDWpJLD RUJDQL]DFLRQDO HVWi GLUHWDPHQWH OLJDGD DR SURFHVVR GH
HVFROKDGRVFDPSRVRQGHDRUJDQL]DomRLUiFRPSHWLU2VFDPSRVVmRRVSRQWRVTXH
D HPSUHVD LUi IRFDU SDUD DWUDLU RV VHXV FOLHQWHV VHJXQGR D SHUVSHFWLYD GH 6RUGL H
&RQWDGRU &RP EDVH QDV GHILQLo}HV GRV GLYHUVRV DXWRUHV DFLPD SRGHPRV
GL]HU TXH D HVWUDWpJLD SRGH VHU GHILQLGD FRPR XPD DUWH GH SODQHMDU H H[HFXWDU
PRYLPHQWRVHRSHUDo}HVTXHHQYROYDPSHVVRDVSDUDDOFDQoDURXPDQWHUSRVLo}HV
UHODWLYDVHSRWHQFLDLVIDYRUiYHLVDIXWXUDVDo}HVWiWLFDVRUJDQL]DFLRQDLV
$),*GHPRQVWUDDVHWDSDVGHVWHSURFHVVR
(QYROYHQWHV 6LVWHPDVGH
2SRUWXQLGDGH 9DORUHV
H$PHDoDV ([WHUQRV
(VWUDWpJLDV 3URFHVVRGH
(VWUDWpJLD
(FRQ{PLFDV 7RPDGDGH
(VFROKLGD
3RVVtYHLV 'HFLVmR
2UJDQL]DomR 6LVWHPDVGH
&DSDFLGDGHH 9DORUHV
5HFXUVRV ,QWHUQRV
),*85$±)RUPDomRGDHVWUDWpJLDFRPRXPSURFHVVRUDFLRQDO
)RQWH+2))(5H6&+(1'(/
$IRUPDomRGDHVWUDWpJLDFRPRXPSURFHVVRQHJRFLDGR
&RQFHEHQGR D HPSUHVD PDLV FRPR XP FRUSR VRFLDO GR TXH XPD XQLGDGH GH
QHJyFLR RQGH TXH Vy DV SHVVRDV WrP REMHWLYRV D IRUPDomR GD HVWUDWpJLD p XP
SURFHVVR GH QHJRFLDomR HQWUH JUXSRV VRFLDLV LQWHUQRV j HPSUHVD R TXH FRQVWLWXL
XPDUHVWULomRjUDFLRQDOLGDGHHFRQ{PLFD&<(57H0$5&+6,021
6HPQHJDURSURFHVVRUDFLRQDO7KLHWDUWH0DUWLQHWYDORUL]DPWDPEpP
R SDSHO GRV DWRUHV LQWHUYHQLHQWHV DFHQWXDQGR D LPSRUWkQFLD GD LQFOXVmR GD
GLPHQVmR VRFLDO H SROtWLFD QR SURFHVVR GH IRUPDomR GD HVWUDWpJLD 2 SODQR VHUi
DVVLP XP LQVWUXPHQWR DX[LOLDU PDV VHFXQGiULR 2 SURFHVVR GH QHJRFLDomR H VXD
DFHLWDomR SHOD HVWUXWXUD RUJDQL]DFLRQDO VmR RV DVSHFWRV PDLV LPSRUWDQWHV D
FRQVLGHUDU QD IRUPDomR GD HVWUDWpJLD 7+,(7$57 $V GLIHUHQoDV HVVHQFLDLV
HQWUH D FRQFHSomR GD HVWUDWpJLD FRPR XP SURFHVVR UDFLRQDO H D FRQFHSomR FRPR
XPSURFHVVRVRFLDOHSROtWLFRVmRHYLGHQFLDGDVSHORHVTXHPDSURSRVWRSRU+RIIHUH
6FKHQGHO 1R SULPHLUR FDVR p GDGR HVSHFLDO UHOHYR j DQiOLVH REMHWLYD GR
PHLRHQYROYHQWHHGRVUHFXUVRVHFDSDFLGDGHVLQWHUQDVGHFXMRFRQIURQWRUHVXOWDUi
DVHVWUDWpJLDVSRVVtYHLV2VVLVWHPDVGHYDORUHVVmRIDWRUHVTXHGHYHPVHUOHYDGRV
HP FRQWD QD HVFROKD HQWUH DV DOWHUQDWLYDV SURSRVWDV ,QYHUVDPHQWH QR VHJXQGR
FDVR RV VLVWHPDV GH YDORUHV LQWHUQRV H H[WHUQRV VmR IDWRUHV GHWHUPLQDQWHV QD
GHILQLomRGDVHVWUDWpJLDVGHVHMiYHLVHDVFRQGLo}HVGRPHLRHQYROYHQWHEHPFRPR
RV UHFXUVRV H D FDSDFLGDGH LQWHUQD VmR IDWRUHV FRQGLFLRQDQWHV GD HVFROKD ILQDO $
),*LOXVWUDRIOX[RGHLQIRUPDo}HVQHVWHSURFHVVR
6LVWHPDVGH (QYROYHQWH
9DORUHV 2SRUWXQLGDGHV
([WHUQRV $PHDoDV
3URFHVVRGH
(VWUDWpJLDV (VWUDWpJLD
7RPDGDGH
GHVHMDGDV (VFROKLGD
'HFLVmR
6LVWHPDVGH 2UJDQL]DomR
9DORUHV &DSDFLGDGHH
,QWHUQRV 5HFXUVRV
),*85$±)RUPDomRGDHVWUDWpJLDFRPRXPSURFHVVRQHJRFLDGR
)RQWH+2))(5H6&+(1'(/
$ IRUPDomR GD HVWUDWpJLD FRPR XP SURFHVVR HP FRQVWUXomR
SHUPDQHQWH
$ IRUPDomR GD HVWUDWpJLD p XP SURFHVVR FRPSOH[R TXH DV SHUVSHFWLYDV DQWHULRUHV
QmR GHVFUHYHP HP WRGDV DV VXDV GLPHQV}HV 2 VLVWHPD GH SODQHMDPHQWR IRUPDO
FHQWUDVH HP IDWRUHV TXDQWLWDWLYRV H VXEYDORUL]D RV DVSHFWRV TXDOLWDWLYRV
FRPSRUWDPHQWDLV H RUJDQL]DFLRQDLV HQTXDQWR D DERUGDJHP FRPSRUWDPHQWDO
DSURIXQGDDVUHODo}HVSVLFRVRFLROyJLFDVGHSRGHUHFRPSRUWDPHQWRQRSURFHVVRGH
IRUPDomRGDHVWUDWpJLD
&RQWXGR HP FHUWDV RUJDQL]Do}HV RX HP GHWHUPLQDGRV FRQWH[WRV GH DOWHUDo}HV
SURIXQGDV H LPSUHYLVtYHLV GR PHLR HQYROYHQWH D HVWUDWpJLD QmR VH GHVHQYROYH SRU
SURFHVVRVFODURVRUGHQDGRVHFRQWURODGRVQHPVHHQFRQWUDH[SOLFLWDGDHPTXDOTXHU
GRFXPHQWR(ODVHIRUPDSRUPHLRGDDSUHQGL]DJHPVREUHDHQYROYHQWHFDSDFLGDGH
LQWHUQDGDRUJDQL]DomRHDIRUPDDSURSULDGDGHHVWDEHOHFHUXPDUHODomRHQWUHHODV
5HODo}HVHQWUH7HFQRORJLDGD,QIRUPDomR7,H(VWUDWpJLD2UJDQL]DFLRQDO
&RQFHLWRVHDSOLFDomR
2 FRQFHLWR GH 7HFQRORJLD GD ,QIRUPDomR p PDLV DEUDQJHQWH GR TXH RV GH
SURFHVVDPHQWR GH GDGRV VLVWHPDV GH LQIRUPDomR HQJHQKDULD GH VRIWZDUH
LQIRUPiWLFD RX R FRQMXQWR GH KDUGZDUH H VRIWZDUH SRLV WDPEpP HQYROYH DVSHFWRV
KXPDQRV DGPLQLVWUDWLYRV H RUJDQL]DFLRQDLV .((1 1RV ~OWLPRV DQRV WrP
FUHVFLGR D H[SHFWDWLYD H R TXHVWLRQDPHQWR DFHUFD GR SDSHO GD 7, WDQWR QDV
SXEOLFDo}HV DFDGrPLFDV FRPR QDTXHODV YROWDGDV DRV H[HFXWLYRV H HPSUHViULRV H
PHVPRQDTXHODV YROWDGDV DR S~EOLFR HP JHUDO 3RU RXWUR ODGR Ki XPDHVSpFLH GH
³HQFDQWDPHQWR´ FRP DV DSOLFDo}HV GH 7, TXH YLDELOL]DP PHFDQLVPRV GD FKDPDGD
³HFRQRPLD JOREDOL]DGD´ HP HVSHFLDO RV FKDPDGRV HFRPPHUFH H HEXVLQHVV
3257(5
2DOLQKDPHQWRHVWUDWpJLFRSRGHVHUHQFRQWUDGRHPGLYHUVRVQtYHLVRXHVWiJLRV3DUD
DTXHODV RUJDQL]Do}HV TXH HVSHUDP GHVHQYROYHU R DOLQKDPHQWR HVWUDWpJLFR GRLV
QtYHLVVHGHVWDFDP
E 2 VHJXQGR QtYHO p D ,QWHJUDomR HP 1tYHO +LHUiUTXLFR PDLV DOWR RQGH D
LQWHJUDomR RFRUUH SRU PHLR GD DGHTXDomR GDV LQIRUPDo}HV FRP DV HVWUDWpJLDV
REMHWLYRVHFRPSHWrQFLDVIXQGDPHQWDLVGHQHJyFLRV
2JUDQGHFRQIURQWR
7DQWD UHYROXomR H IDFLOLGDGHV HP EHQHItFLRV GR VHU KXPDQR WDPEpP WUD]HP PDLRU
FRPSOH[LGDGH SDUD JHVWmR GRV QHJyFLRV VREUHWXGR UHODFLRQDGRV DRV SURFHVVRV
SDUDJHUHQFLDPHQWRHGHVHQYROYLPHQWRGHVRIWZDUH1RFDVRHVSHFtILFRGHSURMHWRV
RULHQWDGRVDHVWUDWpJLDFRPSDUDVHRVEHQHItFLRVWUD]LGRVSHODFRPELQDomRGHXVR
GH QRYDV WHFQRORJLDV WpFQLFDV H IHUUDPHQWDV FRP D FRPSOH[LGDGH SDUD VXD
DSOLFDomR JHUHQFLDPHQWR FRQILJXUDomR H GLIXVmR 6HJXQGR 'UXFNHU ³p
PRWLYR VXILFLHQWH SDUD QRYDPHQWH FRORFDU D iUHD GH 7, FRPR SHoDFKDYH HP
TXDOTXHURUJDQL]DomRQRVGLDVGHKRMH´MXVWLILFDQGRDQHFHVVLGDGHGHLQYHVWLPHQWRV
FRPRXPDDOWHUQDWLYDSDUDJDUDQWLUDFRQGLomRGHVREUHYLYrQFLDDRVQRYRVGHVDILRV
(ILFLrQFLDHHILFiFLDGD7,
2VFRQFHLWRVGHHILFLrQFLDHGHHILFiFLDVmRPXLWR~WHLVSDUDFRPSUHHQVmRGRSDSHO
GD7,QDVRUJDQL]Do}HV'HPDQHLUDJHUDOHILFLrQFLDVLJQLILFDID]HUEHPDVFRLVDV
HQTXDQWRTXHHILFiFLDVLJQLILFDID]HUDVFRLVDVFHUWDV$HILFLrQFLDHVWiDVVRFLDGDDR
XVR GRV UHFXUVRV HQTXDQWR D HILFiFLD HVWi DVVRFLDGD FRP D VDWLVIDomR GH PHWDV
REMHWLYRV H UHTXLVLWRV $ HILFLrQFLD HVWi UHODFLRQDGD FRP DVSHFWRV LQWHUQRV j
DWLYLGDGHGH7,HFRPDDGHTXDGDXWLOL]DomRGRVUHFXUVRVHQTXDQWRTXHDHILFiFLD
FRQIURQWD RV UHVXOWDGRV GDV DSOLFDo}HV GH 7, FRP RV UHVXOWDGRV QR QHJyFLR GD
HPSUHVD H RV SRVVtYHLV LPSDFWRV QD VXD RSHUDomR H HVWUXWXUD 6HU HILFD] HP 7,
VLJQLILFD XWLOL]iOD SDUD DODYDQFDU R QHJyFLR GD HPSUHVD WRUQDQGRD PDLV
FRPSHWLWLYD
2JULGHVWUDWpJLFRGH0F)DUODQ
6XSRUWH D 7, WHP SHTXHQD LQIOXrQFLD QDV HVWUDWpJLDV DWXDLV H IXWXUDV GD
HPSUHVD1mRKiQHFHVVLGDGHGHSRVLFLRQDPHQWRGHGHVWDTXHGDiUHDGH7,QD
KLHUDUTXLDGDHPSUHVD
)iEULFDDVDSOLFDo}HVGH7,H[LVWHQWHVFRQWULEXHPGHFLVLYDPHQWHSDUDRVXFHVVR
GD HPSUHVD PDV QmR HVWmR SUHYLVWDV QRYDV DSOLFDo}HV TXH WHQKDP LPSDFWR
HVWUDWpJLFR $ iUHD GH 7, GHYH HVWDU SRVLFLRQDGD HP DOWR QtYHO KLHUiUTXLFR 2
H[HPSOR FOiVVLFR p R FDVR GDV FRPSDQKLDV DpUHDV TXH GHSHQGHP GH VHXV
VLVWHPDV GH UHVHUYDV GH SDVVDJHQV PDV QRYRV GHVHQYROYLPHQWRV DSHQDV
DWXDOL]DPHVWDVDSOLFDo}HV
7UDQVLomR $ 7, SDVVD GH XPD VLWXDomR PDLV GLVFUHWD TXDGUDQWHVXSHULRU SDUD
XPDGHPDLRUGHVWDTXHQDHVWUDWpJLDGDHPSUHVD$iUHDGH7,WHQGHSDUDXPD
SRVLomR GH PDLRU LPSRUWkQFLD QD KLHUDUTXLD GD HPSUHVD 2 H[HPSOR FLWDGR p D
HGLWRUDomRHOHWU{QLFD+RMHRHFRPPHUFHDSUHVHQWDRPHVPRSHUILOSRLVGHXP
SDSHO GH VXSRUWH QD RSHUDomR GH XPD HPSUHVD FRPHUFLDO SDVVD D VHU DJHQWH
WUDQVIRUPDGRUGRQHJyFLR
(VWUDWpJLFR $ 7, WHP XPD JUDQGH LQIOXrQFLD QD HVWUDWpJLD JHUDO GD HPSUHVD
7DQWR DV DSOLFDo}HV DWXDLV FRPR IXWXUDV VmR HVWUDWpJLFDV 1HVVH FDVR p
LPSRUWDQWHTXHD7,HVWHMDSRVLFLRQDGDHPDOWRQtYHOGHVXDHVWUXWXUDKLHUiUTXLFD
1HVVH TXDGUDQWH RV VLVWHPDV (53 SRGHP FRQWULEXLU GLUHWDPHQWH QR SURFHVVR
HVWUDWpJLFRGDVRUJDQL]Do}HVRXVHMDQDWRPDGDGHGHFLV}HV
1R 48$'52 SRGHVH YLVXDOL]DU D UHODomR GR LPSDFWR HP FDGD TXDGUDQWH GD
RUJDQL]DomR0&)$5/$1
48$'52±*ULGHVWUDWpJLFRLPSDFWRHVWUDWpJLFRGHDSOLFDo}HVGH7,
,PSDFWRIXWXUR
%DL[R $OWR
)È%5,&$ (675$7e*,&2
$OWR
,PSDFWR ([&LDV$pUHDV ([%DQFRVH6HJXUDGRUDV
3UHVHQWH 683257( 75$16,d2
%DL[R
([,QG~VWULDV ([(GLWRUDVHFRPPHUFH
)RQWH$GDSWDGRGH0F)$5/$1
e LQWHUHVVDQWH REVHUYDU TXH GHSHQGHQGR GR WLSR GD RUJDQL]DomR R LPSDFWR GH
DSOLFDo}HV GH 7, WRUQDVH LPSRUWDQWH QR PRPHQWR SUHVHQWH SRUpP SHUGH HVWD
LPSRUWkQFLD HP ORQJR SUD]R 3RU H[HPSOR DV HPSUHVDV DpUHDV SRVVXHP
H[DWDPHQWHHVWDVFDUDFWHUtVWLFDVRXVHMDD7,WHPJUDQGHLPSRUWkQFLDQRPRPHQWR
GDFULDomRGDRUJDQL]DomRSRUpPXPDYH]LPSOHPHQWDGRVRVSURFHVVRVGH7,DR
ORQJR GR WHPSR D LPSRUWkQFLD SDVVD SDUD RXWUDV DWLYLGDGHV GR QHJyFLR FRPR SRU
H[HPSORDGHILQLomRGHURWDV
2PRGHORGRDOLQKDPHQWRHVWUDWpJLFRGH+HQGHUVRQH9HQNDWUDPDQ
48$'52±&DUDFWHUtVWLFDVGDVSHUVSHFWLYDVGHDOLQKDPHQWRHVWUDWpJLFR
3DSHOGDDOWD
3DSHOGD &ULWpULRGH
3HUVSHFWLYD ,PSXOVLRQDGRUD GLUHomRGD
GLUHomRGH7, GHVHPSHQKR
HPSUHVD
([HFXomRGD (VWUDWpJLDGH )RUPXODGRUGH ,PSODQWDGRUGH &XVWRV&HQWURV
HVWUDWpJLD QHJyFLRV HVWUDWpJLD (VWUDWpJLD GHVHUYLoR
7UDQVIRUPDomR (VWUDWpJLDGH )RUQHFHGRUYLVmR $UTXLWHWRGH /LGHUDQoD
WHFQROyJLFD QHJyFLRV GHWHFQRORJLD WHFQRORJLD WHFQROyJLFD
/LGHUDQoD 6DWLVIDomRGR
1tYHO6HUYLoR (VWUDWpJLDGH7, 3ULRUL]DGRU
H[HFXWLYD FOLHQWH
)RQWH+(1'(5621H9(1.$75$0$1
2PRGHORGRDOLQKDPHQWRHVWUDWpJLFRGH%URGEHFN
3DUDDHODERUDomRHFRQVWUXomRGRPRGHORGHDOLQKDPHQWRHVWUDWpJLFRSURSRVWRSRU
%URGEHFNWrPVHFRPRUHIHUrQFLDGRLVRXWURVPRGHORV
LQWHJUDomR IXQFLRQDO -i R PRGHOR GH 5HLFK R IRFR VH FRQFHQWUD QR
SURFHVVRGRDOLQKDPHQWRFRPRpIHLWRHQmRQRSURGXWRUHVXOWDGRV
2 PRGHOR VRE R TXDO VH IXQGDPHQWD R HVWXGR GH %URGEHFN WUD] FRPR
SULQFtSLRTXHRDOLQKDPHQWRHVWUDWpJLFRQmRpXPHYHQWRLVRODGRPDVXPSURFHVVR
FRQWtQXR GH DGDSWDomR H PXGDQoD UHVVDOWDQGR D LPSRUWkQFLD GRV SURFHVVRV GH
UHYLVmR FRQWtQXD DYDOLDomR SDUD D SURPRomR GR DOLQKDPHQWR H GHILQLomR GH VXDV
GXDV GLPHQV}HV 3ODQHMDPHQWR (VWUDWpJLFR 3( H $OLQKDPHQWR (VWUDWpJLFR $(
3DUD D GLPHQVmR 3ODQHMDPHQWR (VWUDWpJLFR 3( VmR REVHUYDGRV GRLV JUDQGHV
HOHPHQWRV
E(WDSDVGRSURFHVVRGH3(GLDJQRVWLFRIRUPXODomRLPSOHPHQWDomRHDYDOLDomR
HKRUL]RQWHGHSODQHMDPHQWRGHFXUWRPpGLRHORQJRSUD]R
2DOLQKDPHQWRHVWUDWpJLFRWHPFRPRIRFRDFRPSHWLWLYLGDGHRXWDPEpPDFKDPDGD
YDQWDJHP FRPSHWLWLYD 2 FRQFHLWR GH FRPSHWLWLYLGDGH p GHILQLGR FRPR VHQGR D
FDSDFLGDGH GD HPSUHVD GH IRUPXODU H LPSOHPHQWDU HVWUDWpJLDV TXH EXVTXHP R
FUHVFLPHQWRRXDPDQXWHQomRVXVWHQWiYHOGHVXDVSRVLo}HVRXVHMDDREWHQomRGH
PDLRU SURGXWLYLGDGH TXH RV FRQFRUUHQWHV UHGXomR GH FXVWRV D OXFUDWLYLGDGH D
FRQWLQXLGDGH DR ORQJR GR WHPSR D VDWLVIDomR GRV FOLHQWHV LQWHUQRV H H[WHUQRV D
HILFLrQFLDRUJDQL]DFLRQDOHQWUHRXWURV3257(5$FRPSHWLWLYLGDGHpHQWmR
RUHVXOWDGRGDDGHTXDomRGDVHVWUDWpJLDVFRPSHWLWLYDVDGRWDGDVSHODVHPSUHVDVDR
SDGUmRGHFRQFRUUrQFLDSUHYDOHFHQWHHPFDGDPHUFDGRRXVHJPHQWR2SDGUmRGH
FRQFRUUrQFLD p D YDULiYHO LQGHSHQGHQWH HQTXDQWR D FRPSHWLWLYLGDGH p D YDULiYHO
GHSHQGHQWH
DOLQKDPHQWR UHTXHU TXH RV H[HFXWLYRV GH QHJyFLR H GH 7, DVVXPDP DV
UHVSRQVDELOLGDGHV GH GLVWULEXLU RV EHQHItFLRV H LQYHVWLPHQWRV HQWUH DV iUHDV
FRUSRUDWLYDV
2 LPSDFWR GD 7, QD SHUIRUPDQFH GRV QHJyFLRV WDPEpP WHP VLGR GLVFXWLGR GXUDQWH
HVWD ~OWLPD GpFDGD 3HVTXLVDGRUHV GH DPEDV DV iUHDV GH QHJyFLR H 7, WrP
UHDOL]DGR GLYHUVRV HVWXGRV H[DPLQDQGR DV QHFHVVLGDGHV H EHQHItFLRV GR
DOLQKDPHQWR GD 7, FRP R UHVWDQWH GRV QHJyFLRV 9(1.$75$0$1 &+$1 H
+8))/8)70$1HWDO
'HVGHHQWmRYiULRVHVWXGRVYHPVHQGRGHVHQYROYLGRVWDQWRQRH[WHULRU52&.$57
+(1'(5621 H 9(1.$75$0$1 %2$5 FRPR QR %UDVLO
0(,5(//(6 )85/$1 12*8(,5$ H 025(,5$ DYDOLDQGR VH
DV HVWUDWpJLDV H REMHWLYRV GH 7, GHYHP VHU SDUDOHORV RX HP FRQMXQWR FRP DV
HVWUDWpJLDVHRVREMHWLYRVGRQHJyFLR,QLFLDOPHQWHSODQHMDGDVHIRUPXODGDVGHPRGR
LVRODGR FRP UHODomR DR QHJyFLR GD RUJDQL]DomR QRV GLDV DWXDLV SDVVDUDP D VHU
FRPSRQHQWHFKDYHGHLQWHJUDomRGDPDLRULDGRVQHJyFLRV
+LVWyULFRHGHILQLo}HVVREUH(53
$VLJOD(53IRLFXQKDGDSRUXPDHPSUHVDDPHULFDQDGHSHVTXLVDR*DUWQHU*URXS
$LQWHQomRHUDGHILQLUHVVHVVLVWHPDVLQWHJUDGRVFRPRXPDHYROXomRGRVVLVWHPDV
053 ,, 0DQXIDFWXULQJ 5HVRXUFH 3ODQQLQJ RX SODQHMDPHQWR GRV UHFXUVRV GD
SURGXomR'HDFRUGRFRP&RUUrDH*LDQHVL³RSULQFtSLREiVLFRGR053,,pR
SULQFtSLR GDQHFHVVLGDGHXPD WpFQLFDGH JHVWmR TXH SHUPLWH R FiOFXOR YLDELOL]DGR
SHOR FRPSXWDGRU GDV TXDQWLGDGHV H GRV PRPHQWRV TXH VmR QHFHVViULRV RV
UHFXUVRV´
1R LQtFLR GD GpFDGD GH D H[SDQVmR HFRQ{PLFD H D PDLRU GLVVHPLQDomR
FRPSXWDFLRQDO JHUDUDP R DQWHFHVVRU GRV (53 R 0DWHULDO 5HTXLUHPHQW 3ODQQLQJ
053 RX 6LVWHPD GH *HVWmR (PSUHVDULDO(OHV VXUJLUDP Mi QDIRUPD GH FRQMXQWRV
GH VLVWHPDV WDPEpP FKDPDGRV GH SDFRWHV TXH FRQYHUVDYDP HQWUH VL H
SRVVLELOLWDYDP R SODQHMDPHQWR GR XVR GRV LQVXPRV H D DGPLQLVWUDomR GDV PDLV
GLYHUVDVHWDSDVGRVSURFHVVRVSURGXWLYRV
(P VXUJLD D HPSUHVD DOHPm ± XP VtPEROR GR VHWRU ± 6\VWHPDQDO\VH XQG
3URJUDPPHQWZLFNOXQJ 6$3 TXH HP WUDGXomR OLWHUDO VHULD $QiOLVH GH 6LVWHPDV H
'HVHQYROYLPHQWRGH3URJUDPDV&RPRODQoDPHQWRGRVRIWZDUH5HODHQWURXSDUD
DKLVWyULDGDiUHDGH(53
6HJXLQGR D OLQKD HYROXWLYD D GpFDGD GH PDUFRX R LQtFLR GDV UHGHV GH
FRPSXWDGRUHVOLJDGDVDVHUYLGRUHV±PDLVEDUDWRVHIiFHLVGHXVDUTXHPDLQIUDPHV
± H D UHYROXomR QDV DWLYLGDGHV GH JHUHQFLDPHQWR GH SURGXomR H ORJtVWLFD 2 053
WUDQVIRUPRXVHHP0DQXIDFWXULQJ5HVRXUFH3ODQQLQJRXSODQHMDPHQWRGRVUHFXUVRV
GHPDQXIDWXUD053,,TXHDJRUDWDPEpPFRQWURODYDRXWUDVDWLYLGDGHVFRPRPmR
GHREUDHPDTXLQiULR
2 SUy[LPR SDVVR Mi QD GpFDGD GH VHUYLX WDQWR SDUD DJLOL]DU RV SURFHVVRV
TXDQWRSDUDHVWDEHOHFHUDFRPXQLFDomRHQWUHDVLOKDVGHSDUWDPHQWDLV)RUDPHQWmR
DJUHJDGRVDR(53QRYRVVLVWHPDVWDPEpPFRQKHFLGRVFRPRPyGXORVGHSDFRWHV
GH JHVWmR $V iUHDV FRQWHPSODGDV IRUDP DV GH )LQDQoDV &RPSUDV 9HQGDV H
5HFXUVRV +XPDQRV RX VHMD FRP XPD FRQRWDomR DGPLQLVWUDWLYD H GH DSRLR j
SURGXomR
$QRPHQFODWXUD(53JDQKRXPXLWDIRUoDQDGpFDGDGHHQWUHRXWUDVUD]}HVSHOD
HYROXomR GDV UHGHV GH FRPXQLFDomR HQWUH FRPSXWDGRUHV H D GLVVHPLQDomR GD
DUTXLWHWXUD FOLHQWHVHUYLGRU ± PLFUR FRPSXWDGRUHV OLJDGRV D VHUYLGRUHV FRP SUHoRV
PDLV FRPSHWLWLYRV ± H QmRPDLV PDLQIUDPHV 2(53 SDVVRX D VHU SHUFHELGR FRPR
XPDIHUUDPHQWDLPSRUWDQWHSDUDFRQWUROHHJHVWmRGRVVHWRUHVFRUSRUDWLYRV
1R ILQDO GD GpFDGD GH D XWLOL]DomR GH VLVWHPDV (53 Mi HVWDYD FRQVROLGDGD
FRPR VROXomR SDUD FRQVWUXomR GD LQIUDHVWUXWXUD WHFQROyJLFD GDV HPSUHVDV H
GLILFLOPHQWH R GHVHQYROYLPHQWR LQWHUQR GH XP VLVWHPD TXH DWHQGD jV PHVPDV
IXQo}HVMiFRQWHPSODGDVSHOHVLVWHPD(53VHULDQRYDPHQWHFRQWHPSODGD
'H DFRUGR FRP &RODQJHOR )LOKR 'DYHQSRUW H 6RUGL RV
VLVWHPDV (53 LQLFLDOPHQWH DWHQGLDP DSHQDV DV iUHDV EiVLFDV LQWHUQDV GDV
RUJDQL]Do}HVEDFNRIILFHPDVDRORQJRGRWHPSRHVVHVVLVWHPDVVHDSUR[LPDUDP
WDPEpP GD OLQKD GHIUHQWH GRV QHJyFLRV IURQW RIILFH GHYLGR jV QHFHVVLGDGHV GDV
SUySULDV HPSUHVDV QDV TXDLV QRYDV IXQo}HV WrP VLGR DFRSODGDV SRU PHLR GH
GHVHQYROYLPHQWRDGLFLRQDLVSHORVSUySULRVIRUQHFHGRUHV
9iULRV DXWRUHV FRUURERUDP WDO VLWXDomR DR GLVFRUUHU TXH DV HPSUHVDV HP JHUDO
SRVVXHP DOWD H[SHFWDWLYD HP UHODomR D XP VLVWHPD (53 (ODV HVSHUDP TXH R
DSOLFDWLYR LPSXOVLRQH R GHVHPSHQKR GDV DWLYLGDGHV GR VLVWHPD DGPLQLVWUDWLYR GDV
HPSUHVDV FRPR XP WRGR (P FRQWUDSDUWLGD 'DYHQSRUW HQWHQGH TXH DV
HPSUHVDV RULHQWDGDV jV LQRYDo}HV HP SURGXWRV QmR VmR DV PDLV DSWDV D
GHVHQYROYHUXPDYDQWDJHPFRPSHWLWLYDSRUPHLRGDXWLOL]DomRGHXPVLVWHPD(53
3DUDDVHPSUHVDVGHLQRYDomRHPSURGXWRVVHULDLQGLFDGRTXHWHQWDVVHPPLQLPL]DU
RVFXVWRVGRVDSOLFDWLYRVUHODFLRQDGRVjDGPLQLVWUDomRHSRULVVRDDGRomRGHXP
(53 SRGH VH FRQVWLWXLU XPD HVWUDWpJLD UD]RiYHO SDUD D FRQVHFXomR GHVVD PHWD
1HVVDOLQKDHQWHQGHVHTXHDLPSODQWDomRGHXP(53H[LJHDFLPDGHWXGRDOWRV
LQYHVWLPHQWRVPXGDQoDVUDGLFDLVTXHSRGHPLPSDFWDUQRGLDDGLDGDRUJDQL]DomR
1HVVHSRQWRRVDXWRUHVGLYHUJHPTXDQWRDRUHVXOWDGRQDLPSOHPHQWDomRGH(53
'HPRGRJHUDOR(53(QWHUSULVH5HVRXUFH3ODQQLQJ±3ODQLILFDomRGRV5HFXUVRV
&RUSRUDWLYRV p XP FRQMXQWR GH VLVWHPDV TXH WHP FRPR REMHWLYR DJUHJDU H
HVWDEHOHFHU UHODo}HV GH LQIRUPDomR HQWUH WRGDV DV iUHDV GH XPD HPSUHVD 2V
VLVWHPDV (53 VmR FRPSRVWRV SRU XPD EDVH GH GDGRV ~QLFD H SRU PyGXORV TXH
VXSRUWDPGLYHUVDVDWLYLGDGHVGDVHPSUHVDVFRQIRUPHLOXVWUDGRQD),*
),*85$±(53(VWUXWXUDGHIXQFLRQDPHQWR
)RQWH81,&$03&(6(7
2V VLVWHPDV (53 SRGHP WDPEpP VHU GHILQLGRV FRPR VLVWHPDV GH LQIRUPDomR
LQWHJUDGDDGTXLULGRVQDIRUPDGHXPSDFRWHGHVRIWZDUHFRPHUFLDOFRPDILQDOLGDGH
GHGDUVXSRUWHjPDLRULDGDVRSHUDo}HVGHXPDHPSUHVD6mRJHUDOPHQWHGLYLGLGRV
HPPyGXORVTXHVHFRPXQLFDPHDWXDOL]DPXPDPHVPDEDVHGHGDGRVFHQWUDOGH
PRGR TXH DV LQIRUPDo}HV DOLPHQWDGDV HP XP PyGXOR VmR LQVWDQWDQHDPHQWH
GLVSRQLELOL]DGDVSDUDRVGHPDLVPyGXORVTXHGHODVGHSHQGDP
6HJXQGR &RODQJHOR )LOKR (53 p XP VRIWZDUH TXH SHUPLWH jV HPSUHVDV
DXWRPDWL]DU H LQWHJUDU SDUFHOD VXEVWDQFLDO GH VHXV SURFHVVRV GH QHJyFLRV
DEUDQJHQGR ILQDQoDV FRQWUROHV ORJtVWLFD H UHFXUVRV KXPDQRV DOpP GH
FRPSDUWLOKDUHP GDGRV H XQLIRUPL]DUHP SURFHVVRV GH QHJyFLRV HP WHPSR UHDO +i
XPFRQVHQVRHQWUHYiULRVDXWRUHVTXHRVVLVWHPDV(53SRVVXHPXPDHVWUXWXUDQD
TXDO DV ERDV SUiWLFDV GR PHUFDGR IRUDP DSOLFDGDV DRV SULQFLSDLV SURFHVVRV GH
QHJyFLRGDHPSUHVD
'H DFRUGR FRP +LFNV RV VLVWHPDV LQWHJUDGRV GH JHVWmR HPSUHVDULDO (53
FRQVWLWXHP XPD DUTXLWHWXUD GH VRIWZDUH FULDGD SDUDIDFLOLWDU RIOX[R GH LQIRUPDo}HV
HQWUHDVSULQFLSDLVIXQo}HVGHQWURGHXPDFRPSDQKLDWDLVFRPRORJtVWLFDILQDQoDVH
UHFXUVRVKXPDQRV2(53pFRQVWLWXtGRSRUXPEDQFRGHGDGRV~QLFRTXHLQWHUDJH
FRP R FRQMXQWR LQWHJUDGR GH DSOLFDo}HV FRQVROLGDQGR WRGDV DV RSHUDo}HV GR
QHJyFLRHPXPVLPSOHVDPELHQWHRSHUDFLRQDO6HXSULQFLSDOGLIHUHQFLDOFRQVLVWHHP
UHGX]LU R UHWUDEDOKR SRLV DV LQIRUPDo}HV VmR LQWURGX]LGDV XPD YH] QR VLVWHPD
ILFDQGR GLVSRQtYHLV SDUD WRGDV DV iUHDV DILQV GD HPSUHVD &RODQJHOR )LOKR
FRPSOHPHQWD D GHILQLomR GH +LFNV UHVVDOWDQGR D LPSRUWkQFLD GR VLVWHPD
SHUPLWLU XWLOL]DU DV LQIRUPDo}HV HP WHPSR UHDO 6RX]D H 6DFFRO FRORFDP
DLQGDR(53HPWHUPRVGRVREMHWLYRVDTXHVHUYHP
2 REMHWLYR ILQDO GD LQWHJUDomR GD HPSUHVD SRU PHLR GH VLVWHPDV
LQIRUPDWL]DGRV QmR p LQWHUOLJDU RV VLVWHPDV LQIRUPDWL]DGRV H[LVWHQWHV RX
TXHVHUmRLPSOHPHQWDGRVQRIXWXURPDVVLPFRQVWUXLUXPWRGRHPSUHVDULDO
FRHUHQWHDSDUWLUGDVYiULDVIXQo}HVTXHVHRULJLQDPGDGLYLVmRGRWUDEDOKR
QDVHPSUHVDV628=$H6$&&2/S
$ JUDQGH G~YLGD GH PHUFDGR FRQVLVWH HP TXDQWLILFDU RV EHQHItFLRV QD DGRomR GH
VLVWHPDV(53QDHPSUHVDV1HVVDOLQKDGHH[SHFWDWLYDVTXDQWRDRUHVXOWDGRFRPD
LPSODQWDomRGR(536LOYDH3HVVRDDILUPDPTXHRVLVWHPD(53SRGHWUD]HU
YDQWDJHQVFRPSHWLWLYDVQHFHVViULDVSDUDDVHPSUHVDVTXHHPFRQMXQWRFRPRXWURV
IDWRUHVSRGHUmRJDUDQWLUDVREUHYLYrQFLDDTXDOLGDGHHDSURGXWLYLGDGHGDPHVPD
(VVDV YDQWDJHQV WRUQDP DV HPSUHVDV PDLV FRPSHWLWLYDV VHP FRQWXGR GHWHUPLQDU
RVLPSDFWRVGRVVLVWHPDV(53QDFRPSHWLWLYLGDGHHPSUHVDULDOTXDQWRDVHPSUHVDV
WRUQDPVHPDLVFRPSHWLWLYDVHPUHODomRjVGHPDLV&217$'25H1$1,1,
6RX]D H =ZLFNHU DSUHVHQWDP XP PRGHOR LOXVWUDGR QRV 48$'526 H
TXHUHODFLRQDSRVVtYHLVEHQHItFLRVHSRWHQFLDLVSUREOHPDVGRVVLVWHPDV(53
48$'52±%HQHItFLRVSURFXUDGRVHSRWHQFLDLVSUREOHPDV3DFRWHFRPHUFLDO
3DFRWH
$VSHFWRVRUJDQL]DFLRQDLV $VSHFWRVWHFQROyJLFRV
FRPHUFLDO
)RQWH628=$H=:,&.(5
48$'52±%HQHItFLRVSURFXUDGRVHSRWHQFLDLVSUREOHPDV,QWHJUDomR
)RQWH628=$H=:,&.(5
48$'52±%HQHItFLRVSURFXUDGRVHSRWHQFLDLVSUREOHPDV$EUDQJrQFLD)XQFLRQDO
$EUDQJrQFLD
$VSHFWRVRUJDQL]DFLRQDLV $VSHFWRVWHFQROyJLFRV
IXQFLRQDO
%HQHItFLRV 3DGURQL]DomR GH SURFHVVRV H 8P ~QLFR VLVWHPD SDUD WRGD D
3URFXUDGRV SURFHGLPHQWRV HPSUHVD
5HGXomRGHFXVWRVGHWUHLQDPHQWR ,QWHUIDFH GH DFHVVR XQLILFDGR SDUD
WRGDDHPSUHVD
ÒQLFRIRUQHFHGRUSDUDFRQWDWR
5HGXomRGRVFXVWRVGHRSHUDomR
3UREOHPDV 'HSHQGrQFLD GH XP ~QLFR 0DLRU SUHRFXSDomR VREUH D
3RWHQFLDLV IRUQHFHGRU HP XP VLVWHPD FUtWLFR GLVSRQLELOLGDGH GR VLVWHPD SRLV D
SDUDDPLVVmRGDHPSUHVD HPSUHVDLQWHLUDGHSHQGHGHXP~QLFR
VLVWHPD
)RQWH628=$H=:,&.(5
%HQHItFLRV
$R WRPDU D GHFLVmR GH XWLOL]DU RV VLVWHPDV (53 DV HPSUHVDV HVSHUDP REWHU
GLYHUVRV EHQHItFLRV (QWUH RV DSUHVHQWDGRV SHODV HPSUHVDV IRUQHFHGRUDV HVWmR
SULQFLSDOPHQWHDLQWHJUDomRGRVVLVWHPDVTXHSHUPLWHRFRQWUROHGDHPSUHVDFRPR
XP WRGR D DWXDOL]DomR WHFQROyJLFD D UHGXomR GH FXVWRV GH LQIRUPiWLFD H D
GLVSRVLomRGHLQIRUPDomRGHTXDOLGDGHHPWHPSRUHDOSDUDDWRPDGDGHGHFLVmR
/R]LQVN\ FLWD SRU H[HPSOR D UHGXomR GH FXVWRV H GR TXDGUR IXQFLRQDO GD
iUHDGH7,DGLVSRQLELOL]DomRGDVLQIRUPDo}HVHPWHPSRUHDODUHGXomRGHPmRGH
REUD GHFRUUHQWH GD VLPSOLILFDomR GH SURFHVVRV DGPLQLVWUDWLYRV H D JHUDomR GH
UHODWyULRV JHUHQFLDLV D HOLPLQDomR GH GXSOLFLGDGH HVIRUoRV D GLVSRQLELOL]DomR GH
LQGLFDGRUHV TXH SHUPLWDP DYDOLDU R UHDO GHVHPSHQKR GR QHJyFLR H D DWXDOL]DomR
WHFQROyJLFD
%DQFURIWHWDOFLWDPDLQWHJUDomRGRVGLIHUHQWHVPyGXORVDDPSODFREHUWXUD
IXQFLRQDO TXH SHUPLWH D XWLOL]DomR GH XP ~QLFR VLVWHPD SDUD D HPSUHVD FRPR XP
WRGR H D GLVSRQLELOL]DomR GH PHOKRUHV SUiWLFDV SDUD UHGHVHQKR GRV SURFHVVRV GD
HPSUHVD 2V DXWRUHV WDPEpP DSUHVHQWDP FRPR EHQHItFLR DV PHOKRUHV TXDOLGDGHV
GD LQIRUPDomR IRUQHFLGD SHOR VLVWHPD XWLOL]DQGRVH GH XP ~QLFR EDQFR GH GDGRV
FRUSRUDWLYR
UHODFLRQDGRV j IDOWD GH FRRUGHQDomR HQWUH DV GLYHUVDV DWLYLGDGHV GD HPSUHVD WDLV
FRPRYHQGDVSURGXomRHVXSULPHQWRV$IDOWDGHFRRUGHQDomRSRGHHQWUHRXWUDV
FRLVDVDFDUUHWDUSUREOHPDVQDVUHVSRVWDVjVQHFHVVLGDGHVGRFOLHQWHHHQYROYHUD
XWLOL]DomR GH UHODWyULRV LQFRQVLVWHQWHV 'DYHQSRUW FRPSOHPHQWD DILUPDQGR
³XP VLVWHPD HPSUHVDULDO WRUQD PDLV HILFLHQWH R IOX[R GH LQIRUPDo}HV GH XPD
HPSUHVDHGLVSRQLELOL]DjGLUHomRDFHVVRGLUHWRDXPDDPSODJDPDGHLQIRUPDo}HV
RSHUDFLRQDLVHPWHPSRUHDO´
3RWHQFLDLVSUREOHPDV
&DUDFWHUtVWLFDVGRVVLVWHPDV(53
2VVLVWHPDV(53SRVVXHPXPDVpULHGHFDUDFWHUtVWLFDVTXHWRPDGDVHPFRQMXQWR
RVGLVWLQJXHPFODUDPHQWHGRVVLVWHPDVGHVHQYROYLGRVLQWHUQDPHQWHQDVHPSUHVDV
H GH RXWURV WLSRV GH SDFRWHV FRPHUFLDLV (VVDV FDUDFWHUtVWLFDV LPSRUWDQWHV SDUD D
DQiOLVHGRVSRVVtYHLVEHQHItFLRVHGLILFXOGDGHVUHODFLRQDGRVFRPDVXDXWLOL]DomRH
FRPRVDVSHFWRVSHUWLQHQWHVjVXDXWLOL]DomRVmR
2VVLVWHPDV(53VmRSDFRWHVFRPHUFLDLVGHVRIWZDUH
2VVLVWHPDV(53VmRGHVHQYROYLGRVDSDUWLUGHPRGHORVSDGUmRGHSURFHVVR
2VVLVWHPDV(53VmRLQWHJUDGRV
2VVLVWHPDV(53WrPJUDQGHDEUDQJrQFLDIXQFLRQDO
2VVLVWHPDV(53XWLOL]DPXPEDQFRGHGDGRVFRUSRUDWLYR
2VVLVWHPDV(53UHTXHUHPSURFHGLPHQWRVGHDMXVWH
$ LGpLD EiVLFD GD XWLOL]DomR GH SDFRWHV FRPHUFLDLV p UHVROYHU GRLV JUDQGHV
SUREOHPDV TXH RFRUUHP QD FRQVWUXomR GH VLVWHPD SHORV PpWRGRV WUDGLFLRQDLV GH
DQiOLVHHSURJUDPDomRRQmRFXPSULPHQWRGHSUD]RVHRRUoDPHQWR$FRQVWUXomR
GH VLVWHPDV WRPD PXLWR WHPSR H R VHX FXVWR p PXLWR DOWR 6HJXQGR *LEEV
³HP PpGLD RV SURMHWRV GH GHVHQYROYLPHQWR GH VRIWZDUH XOWUDSDVVDP R FURQRJUDPD
HP3URMHWRVPDLRUHVXOWUDSDVVDPPDLV´
3URFHVVRV GH QHJyFLRV SRGHP VHU GHILQLGRV FRPR XP FRQMXQWR GH WDUHIDV H
SURFHGLPHQWRVLQWHUGHSHQGHQWHVUHDOL]DGRVSDUDDOFDQoDUXPGHWHUPLQDGRUHVXOWDGR
HPSUHVDULDO 2 GHVHQYROYLPHQWR GH XP QRYR SURGXWR R DWHQGLPHQWR GH XPD
VROLFLWDomR GH FOLHQWH RX D FRPSUD GH PDWHULDLV VmR H[HPSORV GH SURFHVVRV
6HJXQGR 'DYHQSRUW H 6KRUW XPD GDV FDUDFWHUtVWLFDV GH SURFHVVRV GH
QHJyFLRV p TXH HOHV QRUPDOPHQWH FUX]DP IURQWHLUDV RUJDQL]DFLRQDLV LVWR p DV
WDUHIDV GH XP PHVPR SURFHVVR JHUDOPHQWH SRGHP VHU UHDOL]DGDV SRU GLIHUHQWHV
GHSDUWDPHQWRVQDPHVPDHPSUHVD
2VVLVWHPDV(53VmRFRQVWUXtGRVFRPRXP~QLFRVLVWHPDHPSUHVDULDOTXHDWHQGH
DRVGLYHUVRVGHSDUWDPHQWRVGDHPSUHVDHPRSRVLomRDXPFRQMXQWRGHVLVWHPDV
TXHDWHQGHPLVRODGDPHQWHDFDGDXPGHOHV(QWUHDVSRVVLELOLGDGHVGHLQWHJUDomR
RIHUHFLGDV SHORV VLVWHPDV (53 HVWi R FRPSDUWLOKDPHQWR GH LQIRUPDo}HV FRPXQV
HQWUH RV GLYHUVRV PyGXORV GH PDQHLUD TXH FDGD LQIRUPDomR VHMD DOLPHQWDGD XPD
~QLFDYH]8PH[HPSORpDYHULILFDomRGHQRWDVILVFDLVGHHQWUDGDQRUHFHELPHQWR
FRPSDUDQGRDV FRP RV GDGRV GH SHGLGRV GH FRPSUD H JDUDQWLQGR R UHFHELPHQWR
DSHQDVFRPSUHoRVHTXDQWLGDGHVFRUUHWRV
1RFDVRGHVLVWHPDV(53KiXPDDPSODJDPDGHIXQo}HVHPSUHVDULDLVDWHQGLGDV
2REMHWLYRGRVLVWHPD(53pFREULURPi[LPRSRVVtYHOGHIXQFLRQDOLGDGHDWHQGHQGR
DR PDLRU Q~PHUR SRVVtYHO GH DWLYLGDGHV GHQWUR GD FDGHLD GH YDORU $LQGD DVVLP
H[LVWHP SDFRWHV HVSHFLDOPHQWH GHVHQYROYLGRV SDUD DWHQGHU GHWHUPLQDGDV
QHFHVVLGDGHV TXH VXSHUDP RV VLVWHPDV (53 QR DWHQGLPHQWR D HVVDV IXQo}HV $
QHFHVVLGDGH GH XWLOL]DomR GHVVHV VLVWHPDV REULJD R WUDEDOKR GH FULDomR GH
LQWHUIDFHVGHFRPXQLFDomRHQWUHR(53HRXWURVVLVWHPDV
8PD GDV SULQFLSDLV FDUDFWHUtVWLFDV GH VH GHVHQYROYHU XP VLVWHPD WRWDOPHQWH
LQWHJUDGR p D XWLOL]DomR GH XP EDQFR GH GDGRV FRUSRUDWLYR ,VWR LQWHUS}H GHVDILRV
$ DGDSWDomR p R SURFHVVR SRU PHLR GR TXDO R VLVWHPD (53 p SUHSDUDGR SDUD VHU
XWLOL]DGR HP XPD GHWHUPLQDGD HPSUHVD 6HJXQGR /XFDV ³p LPSURYiYHO TXH
XP SDFRWH Yi DWHQGHU H[DWDPHQWH DRV UHTXLVLWRV GD HPSUHVD R TXH JHUD
GLVFUHSkQFLDHQWUHRVGRLVRSDFRWHHDHPSUHVD´248$'52DSUHVHQWDRXWUDV
FDUDFWHUtVWLFDVFRQVLGHUDGDVQDHVFROKDGHXP(53
48$'52±&DUDFWHUtVWLFDVGDTXDOLGDGHGHVRIWZDUHVHJXQGRD,62,(&
&DUDFWHUtVWLFDV 'HVFULomR
&RQMXQWRGHIXQo}HVHVSHFLILFDGDVHVXDVSURSULHGDGHV$VIXQo}HVGHYHP
VDWLVID]HUDVQHFHVVLGDGHVLPSOtFLWDVHH[SOtFLWDVGR XVXiULR (VVHFRQMXQWR
)XQFLRQDOLGDGH
GH DWULEXWRV FDUDFWHUL]D R 48( R VRIWZDUH ID] SDUD VDWLVID]HU DV
QHFHVVLGDGHVHQTXDQWRDVGHPDLVFDUDFWHUL]DP&202H48$1'2HOHID]
0HGLGD GD FDSDFLGDGH GR VRIWZDUH GH PDQWHU VHX QtYHO GH GHVHPSHQKR
&RQILDELOLGDGH
GHQWURGHFRQGLo}HVHVWDEHOHFLGDVSRUXPGDGRSHUtRGRGHWHPSR
0HGLGDGRHVIRUoRQHFHVViULRSDUDXVRGRVRIWZDUHSRUXPXVXiULRGHSHUILO
8VDELOLGDGH
GHWHUPLQDGRH[SOtFLWDRXLPSOLFLWDPHQWH
5HODomR HQWUH R QtYHO GH GHVHPSHQKR GR VRIWZDUH H D TXDQWLGDGH GH
(ILFLrQFLD
UHFXUVRVXWLOL]DGDVREFRQGLo}HVGHXVRSUHHVWDEHOHFLGR
0DQXWHQLELOLGDGH 0HGLGDGRHVIRUoRQHFHVViULRSDUDID]HUDOWHUDo}HVQRSURGXWRGHVRIWZDUH
0HGLGD GD IDFLOLGDGH GR SURGXWR GH VRIWZDUH D VHU WUDQVIHULGR SDUD RXWUR
3RUWDELOLGDGH
DPELHQWHRSHUDFLRQDO
)RQWH&Ð57(6H&+,266,
,PSOHPHQWDomRGHVLVWHPDV(53
$HWDSDGHLPSOHPHQWDomR
SDUDPHWUL]DGR FXVWRPL]DGR VH QHFHVViULR TXH RV GDGRV LQLFLDLV WHQKDP VLGR
LQVHULGRVQRVLVWHPDQRUPDOPHQWHVmRPLJUDGRVGRVLVWHPDDQWHULRURVSURFHVVRV
GHQHJyFLRDOWHUDGRVSDUDVHDGDSWDUHPjXWLOL]DomRGRVLVWHPDVHQHFHVViULRTXH
RHTXLSDPHQWRHVRIWZDUHSDUDRSURFHVVDPHQWRVHUYLGRUHVVLVWHPDVRSHUDFLRQDLV
EDQFR GH GDGRV UHGHV PLFURFRPSXWDGRUHV WHQKDP VLGR DGHTXDGDPHQWH
LQVWDODGRV H FRQILJXUDGRV TXH RV IXQFLRQiULRV TXH LUmR RSHUDU R VLVWHPD H RV
VXSHUYLVRUHV H JHUHQWHV TXH LUmR VXSHUYLVLRQiORV HH[WUDLU LQIRUPDo}HVGR VLVWHPD
HVWHMDP WUHLQDGRV H TXH DV FRQGLo}HV SDUD VH REWHU VXSRUWH RX DX[tOLR VH
QHFHVViULRWHQKDPVLGRGLVSRQLELOL]DGRVGHPDQHLUDDGHTXDGD
,PSOHPHQWDomRGH6LVWHPDV(53
$QiOLVHGRVSURFHVVRVGHQHJyFLRVDWXDLV
7UHLQDPHQWRGDHTXLSHVQRSURMHWRGRSDFRWH
/HYDQWDPHQWRGHDVSHFWRVHVSHFtILFRVQRQHJRFLRGDHPSUHVD
3ODQHMDPHQWRGDFRQYHUVmRGHGDGRV
)DVH±'HILQLomRGDVLWXDomRGHVHMDGD
3UHSDUDomRGRDPELHQWHSDUDSURWRWLSDomR
3URWRWLSDomR
/HYDQWDPHQWRGDVGLVFUHSkQFLDVHGHFLV}HVDUHVSHLWRGHFRPRVHUmRHOLPLQDGDV
SRU PHLR GH PXGDQoD QR SDFRWH SRU SDUDPHWUL]DomR RX FXVWRPL]DomR RX
PXGDQoDVHPSURFHGLPHQWRVHFRQWUROHVGDRUJDQL]DomR
,GHQWLILFDomRGDVLQWHUIDFHVFRPRXWURVVLVWHPDVRXFRPVLVWHPDVDWXDLVFDVR
VHMDPQHFHVViULDV
'HILQLo}HVGHQtYHLVGHDFHVVRVHJXUDQoDHFRQWUROH
)DVH±&RQILJXUDomRFXVWRPL]DomRHWHVWHV
3URJUDPDomRGDVFXVWRPL]Do}HVGHVHMDGDV
3URJUDPDomRGDVLQWHUIDFHVHSURJUDPDVGHFRQYHUVmR
'HVHQYROYLPHQWRGHQRYRVSURFHGLPHQWRVHFRQWUROHV
7HVWHVSRUPyGXORVHWHVWHVLQWHJUDGRV
7UHLQDPHQWRGRVXVXiULRVILQDLV
)DVH±,QtFLRGDRSHUDomR
3UHSDUDomRGRDPELHQWHGHSURFHVVDPHQWRILQDO
'HILQLomRGRSODQRSDUDLQLFLRGDRSHUDomR
0LJUDomRGHGDGRV
,QtFLRGDRSHUDomR
/R]LQVN\ UHDOoD TXH DV IDVHV H H VXDV VXEHWDSDV QmR SRGHP VHU
FRQVLGHUDGDV FRPR VHTrQFLD UtJLGD H SUpGHILQLGD GH HWDSDV TXH RFRUUHP DSHQDV
XPDYH]MiTXHDQDWXUH]DGHVVHSURMHWRpHVVHQFLDOPHQWHLQWHUDWLYD(VVDVIDVHV
SRGHP RFRUUHU VLPXOWDQHDPHQWH HP XPD PHVPD RX HP GLIHUHQWHV HTXLSHV GR
SURMHWR H RV UHVXOWDGRV GH FDGD XPD GDV HWDSDV DOLPHQWDP TXDLVTXHU XPDV GDV
GHPDLVHWDSDVGDPHVPDHTXLSHRXGHRXWUDVHTXLSHV
$ SURWRWLSDomR p QRPH GDGR DR SURFHVVR SHOR TXDO RV XVXiULRV PRGHODP VHXV
SURFHVVRV QR VLVWHPD H UHDOL]DP WHVWHV GD PDQHLUD PDLV FRPSOHWD SRVVtYHO
LGHQWLILFDQGR SUREOHPDV QmR SUHYLVWRV QHFHVVLGDGHV GH FRQILJXUDomR HP RXWURV
2 SODQR SDUD LQtFLR GD RSHUDomR GHYH GHILQLU D HVWUDWpJLD TXH VHUi XWLOL]DGD SDUD
GHVOLJDU XP VLVWHPD H OLJDU R RXWUR /R]LQVN\ DSUHVHQWD DV VHJXLQWHV
HVWUDWpJLDV EiVLFDV FRQYHUVmR GLUHWD H SURFHVVDPHQWR SDUDOHOR 1D FRQYHUVmR
GLUHWDGHVOLJDVHRVLVWHPDDQWHULRUHOLJDVHRVLVWHPDDWXDOQRPHVPRPRPHQWR2
ULVFR SULQFLSDO GHVVD HVWUDWpJLD p SDUDU D HPSUHVD HP FDVR GH SUREOHPDV 2
SURFHVVDPHQWR SDUDOHOR SUHVVXS}H TXH DV LQIRUPDo}HV VHMDP HQWUDGDV SRU XP
SHUtRGR GH WHPSR QRV GRLV VLVWHPDV DWp TXH KDMD VHJXUDQoD QD XWLOL]DomR GR
VLVWHPDQRYR(PERUDRULVFRVHMDPHQRUH[LVWHXPDJUDQGHGLILFXOGDGHHPPDQWHU
RV GRLV VLVWHPDV IXQFLRQDQGR WDQWR SHOR WUDEDOKR GREUDGR LPSRVWR DRV XVXiULRV
FRPRSHODGLIHUHQoDVHQWUHRVGRLVVLVWHPDV
$),*LOXVWUDRIOX[RGRVSURFHVVRVGHLPSOHPHQWDomRGR(53
0yGXOR 7UHLQDPHQWR
&RQYHUVmR
,QtFLRRSHUDomR
7UHLQDPHQWR
3ODQRGHWDOKDGR
0yGXOR
,PSOHPHQWDomR
&RQYHUVmR
,QtFLRRSHUDomR
7UHLQDPHQWR
0yGXOR &RQYHUVmR
³1´
,QtFLRRSHUDomR
),*85$±(WDSDVGHLPSOHPHQWDomR
)RQWH'DGRVGDSHVTXLVD
)DWRUHVFUtWLFRVGHVXFHVVRQDHWDSDGDLPSOHPHQWDomR
$ SULQFLSDO GLILFXOGDGH GHVVD HWDSD p R IDWR GH TXH VH WUDWD GH XP SURFHVVR GH
PXGDQoD RUJDQL]DFLRQDO TXH HQYROYH DR PHVPR WHPSR PXGDQoD QDV WDUHIDV GRV
LQGLYtGXRVQDVWDUHIDVHUHVSRQVDELOLGDGHVGHGHSDUWDPHQWRVHQDVUHODo}HVHQWUH
RV GLYHUVRV GHSDUWDPHQWRV e XPD PXGDQoD TXH RFRUUH VLPXOWDQHDPHQWH HP WUrV
QtYHLV LQGLYLGXDO GHSDUWDPHQWDO H RUJDQL]DFLRQDO 'R SRUWH H GD FRPSOH[LGDGH
GHVVD PXGDQoD H GRV FRQIOLWRV TXH HOD FHUWDPHQWH FDXVDUi HQWUH RV HQYROYLGRV
GHFRUUH D QHFHVVLGDGH GH XPD LQWHQVD SDUWLFLSDomR H FRPSURPHWLPHQWR GD DOWD
GLUHomRFRQVLGHUDGRIXQGDPHQWDOSRUJUDQGHSDUWHGRVDXWRUHV
:DJOH DSUHVHQWD FRPRIDOKD FRPXP QD LPSOHPHQWDomR GH VLVWHPDV (53D
IDOWDGHGHILQLomRFODUDGDVUHVSRQVDELOLGDGHVGRVJHUHQWHVGHQHJyFLRGRSURFHVVR
GH LPSOHPHQWDomR (VVHV JHUHQWHV HVWmR QD SRVLomR GH LPSHGLU TXH RXWUDV
DWLYLGDGHV FRQIOLWDQWHV FRP R WHPSR QHFHVViULR j LPSOHPHQWDomR SUHMXGLTXHP R
SURFHVVR 6HJXQGR R DXWRU HVVHV JHUHQWHV GHYHP VHU SOHQDPHQWH
UHVSRQVDELOL]DGRV HP FDVR GH DWUDVRV QR FURQRJUDPD H HVWRXUR QR RUoDPHQWR GH
LPSOHPHQWDomRGRVLVWHPDHPVXDViUHDV
2XWURV DVSHFWRV FUtWLFRV VmR RV LQ~PHURV SURFHVVRV GH WRPDGD GH GHFLVmR TXH
RFRUUHP SDUD HOLPLQDomR GDV GLVFUHSkQFLDV H VXD FRPXQLFDomR SDUD WRGRV RV
HQYROYLGRV &RPR HVVDV GHFLV}HV RFRUUHP PXLWDV YH]HV HP HTXLSHV GLIHUHQWHV H
SRU WUDWDUHPVH GH VLVWHPDV LQWHJUDGRV p LPSRUWDQWH TXH VHMDP FRPXQLFDGDV jV
GHPDLV HTXLSHV DQWHV PHVPR GH VHUHP HIHWLYDGDV DV PHGLGDV &DVR FRQWUiULR
FRUUHVH R ULVFR TXH DV GHFLV}HV WRPDGDV ORFDOPHQWH FRQVLGHUDQGR DSHQDV XP
PyGXORRXSURFHVVRLQWHUILUDPGHPDQHLUDLQDGHTXDGDHPRXWURVPyGXORV%DQFURIW
HWDOVDOLHQWDPDLPSRUWkQFLDGDFRPXQLFDomRHQWUHWRGRVRVHQYROYLGRVGDV
GHFLV}HVTXHVmRWRPDGDVHPFDGDXPDGDVHWDSDVHSRUWRGDVGLIHUHQWHVHTXLSHV
$LQGDVHJXQGRRVDXWRUHVRSURFHVVRGHFRPXQLFDomRTXHVHUiXWLOL]DGRGHYHVHU
SODQHMDGR H SRVWR HP IXQFLRQDPHQWR ORJR QR LQtFLR GR SURMHWR H PDQWLGRV HP
RSHUDomR FRQWLQXD SRLV DV SHVVRDV SUHFLVDP VHU LQIRUPDGDV GLYHUVDV YH]HV D
UHVSHLWR GH PXGDQoDV %DQFURIW HW DO DILUPDP DLQGD TXH ³D FKDYH SDUD R
VXFHVVR >GR HVIRUoR GH FRPXQLFDomR@ p D UHSHWLomR H R HVWDEHOHFLPHQWRV GH
H[SHFWDWLYDVDGHTXDGDV´
)LQDOPHQWHpLPSURYiYHOTXHWXGRVDLDFRPRSODQHMDGR$HVVHUHVSHLWR%DQFURIWHW
DODILUPDP³7HQKDFHUWH]DGHTXHRFRUUHUmRSUREOHPDVFRPSURPHWDVHFRP
DPXGDQoD´
(VWUXWXUDRUJDQL]DFLRQDOGHSURMHWRGHLPSOHPHQWDomR(53
$ LPSODQWDomR GH XP VLVWHPD (53 QDV RUJDQL]Do}HV UHTXHU XP VLVWHPD UtJLGR
KLHUiUTXLFR RQGH FDGD LQGLYtGXR WHP FODUDPHQWH GHILQLGR D VXD UHVSRQVDELOLGDGH
FRQKHFHQGR FODUDPHQWH R VHX OLPLWH GH GHFLVmR SDUD TXH RV SURFHGLPHQWRV
RSHUDFLRQDLV QmR VRIUDP LQWHUUXSo}HV GHVQHFHVViULDV H DWUDVHP R FURQRJUDPD
$QWHVGRLQtFLRGHTXDOTXHUSURMHWRGHLPSODQWDomRGHXPVLVWHPD(53pHVVHQFLDO
TXH R JUXSR GH WUDEDOKR HVWHMD GHILQLGR %DQFURIW HW DO VXJHUHP DOJXQV
SDVVRVSDUDHVVHSODQHMDPHQWRHQWUHRVTXDLVHVWmRDGHILQLomRGROtGHUGRSURMHWR
DIRUPDomRGRFRPLWrH[HFXWLYRHDGHILQLomRGRSODQRJHUDOGHLPSOHPHQWDomRHD
HVWUXWXUDomRGDVHTXLSHVGRSURMHWR
2OtGHUGRSURMHWRGHYHVHUXPLQGLYtGXRFRPXPDVpULHGHFDUDFWHUtVWLFDVWpFQLFDVH
KDELOLGDGHV LQWHUSHVVRDLV TXH WHQKD H[SHULrQFLD SUpYLD QD LPSOHPHQWDomR
eFRPXPUHIHULUVHDRVXVXiULRVFKDPDGRVDSDUWLFLSDUHPGRSURMHWRFRPRXVXiULRV
FKDYHVNH\XVHUV6HJXQGR/R]LQVN\RVXVXiULRVFKDYHVVmRSHVVRDVTXH
YmRGHILQLUFRPRRVLVWHPDYDLIXQFLRQDUHPWRGRVVHXVGHWDOKHV
2DXWRULQFOXLWDPEpPGXDVHTXLSHVDGLFLRQDLVjHVWUXWXUDRUJDQL]DFLRQDOGRSURMHWR
8PD HTXLSH GH VXSRUWH WHFQROyJLFR TXH FXLGD GRV DVSHFWRV WpFQLFRV GD
LPSOHPHQWDomRWDLVFRPRDLQVWDODomRGHFRPSXWDGRUHVHSURJUDPDV
8PDHTXLSHGHVXSRUWHDGPLQLVWUDWLYRTXHGHYHGDUDSRLRjJHUrQFLDGRSURMHWR
HP WUDEDOKRV GH VHFUHWDULD WDLV FRPR GHILQLomR GH DJHQGDV GH UHXQLmR
SUHSDUDomRHGLVWULEXLomRGHPDWHULDOHWF
8P PRGHOR RUJDQL]DFLRQDO p DSUHVHQWDGR SRU &RODQJHOR )LOKR GHILQLQGR DV
SRVLo}HVKLHUiUTXLFDVGHFDGDiUHDQRSURFHVVRGHLPSOHPHQWDomRGR(53),*
&RPLWrGH
GLUHomR
4XDOLGDGH
*HUrQFLDGH
3URMHWR
4XDOLGDGH 6XSRUWH
/RJtVWLFD 3URJUDPDomR
5+XPDQRV
),*85$±ÈUHDVHQYROYLGDVQDLPSOHPHQWDomRGR(53
)RQWH&2/Æ1*(/2),/+2
'H DFRUGR FRP %DQFURIW HW DO RV IDWRUHV FUtWLFRV GH VXFHVVR GD HWDSD GH
GHFLVmR H VHOHomR TXH WDPEpP LQFOXL D HWDSD GH SODQHMDPHQWR GR SURFHVVR GH
LPSOHPHQWDomRSRGHPVHUGHILQLGRVFRPR
&RPSURPHWLPHQWRGDDOWDGLUHomRFRPRSURFHVVRGHVGHRLQtFLR
(QWHQGLPHQWRGHTXHSURYDYHOPHQWHVHUiQHFHVViULRPXGDUDRUJDQL]DomR
(VFROKD GH XP OtGHU GH SURMHWRV TXH SRVVXD KDELOLGDGHV GH QHJRFLDomR H
JHUHQFLDPHQWR GH SURMHWRV H H[SHULrQFLD HP UHDOL]DomR GH PXGDQoDV
RUJDQL]DFLRQDLV
&RODQJHOR )LOKR GHILQLX DV iUHDV GH VXSRUWH SyVLPSODQWDomR GH VLVWHPDV
(53FRPRREMHWLYRGHVXVWHQWDURUHVXOWDGRHVSHUDGRPLQLPL]DQGRRVHIHLWRVGH
DGDSWDomRDRQRYRVLVWHPDLPSODQWDGR48$'52
48$'52±6XSRUWHSyVLPSOHPHQWDomR(53
ÈUHDGHVXSRUWH 7DUHIDVWtSLFDV
)RQWH&2/Æ1*(/2),/+2
0yGXORVPDLVFRPXPHQWHLPSOHPHQWDGRVQRVVLVWHPDV(53
2V PyGXORV VmR RV PHQRUHV FRQMXQWRV GH IXQo}HV TXH SRGHP VHU DGTXLULGRV H
LPSOHPHQWDGRV VHSDUDGDPHQWH HP XP VLVWHPD (53 1RUPDOPHQWH WDLV FRQMXQWRV
GH IXQo}HV FRUUHVSRQGHP D GLYLV}HV GHSDUWDPHQWDLV GH HPSUHVDV YHQGDV
ILQDQFHLUR SURGXomR HWF 7rPVH RV VHJXLQWHV H[HPSORV GH PyGXORV VmR
&RQWDELOLGDGH&RQWDVDSDJDU&RQWDVD5HFHEHU3HGLGRV)DWXUDPHQWR3URGXomR
2PyGXORGH&RQWDVD3DJDUSRUH[HPSORFRPSUHHQGHDVIXQo}HVGHFRQWUROHVGH
FRPSURPLVVRV GH SDJDPHQWRV HPLVVmR GH FKHTXHV EDL[DV HP FRPSURPLVVR H
GHPDLV IXQo}HV QHFHVViULDV DR SURFHVVDPHQWR GDV DWLYLGDGHV UHODWLYDV DR
'HSDUWDPHQWRGH&RQWDVD3DJDUGHXPD(PSUHVD
2V VLVWHPDV (53 VmR GLYLGLGRV HP PyGXORV SDUD IDFLOLWDU TXH XPD HPSUHVD
LPSOHPHQWH DSHQDV DTXHOD SDUWH GR VLVWHPD TXH VHMD GH VHX LQWHUHVVH H PHVPR
TXH D HPSUHVD GHVHMH LPSOHPHQWDU WRGR R VLVWHPD SRVVD ID]rOR HP HWDSDV SDUD
VLPSOLILFDU R VLVWHPD $OpP GLVVR D YLVmR FRQFHLWXDO GH XP VLVWHPD (53 HP
PyGXORV IDFLOLWD D FRPSUHHQVmR GR VHX IXQFLRQDPHQWR H D GLYLVmR GH
PyGXORV IDFLOLWD D FRPSUHHQVmR GR VHX IXQFLRQDPHQWR H D GLYLVmR GH
UHVSRQVDELOLGDGHHQWUHRVXVXiULRV
6HJXQGR 6DFFRO HW DO RV PyGXORV FRPXPHQWH PDLV LPSODQWDGRV QDV
RUJDQL]Do}HVHVWmRLOXVWUDGRVQD),*85$
),*85$±0yGXORVGRVLVWHPD(53
)RQWH6$&&2/HWDO
%HQHItFLRVREWLGRVFRPDLPSOHPHQWDomRGHVLVWHPDV(53
$R WRPDU D GHFLVmR SHOD XWLOL]DomR GH VLVWHPDV (53 DV HPSUHVDV HVSHUDP REWHU
GLYHUVRV EHQHItFLRV (QWUH RV DSUHVHQWDGRV SHODV HPSUHVDV IRUQHFHGRUDV HVWmR
SULQFLSDOPHQWH D LQWHJUDomR GR VLVWHPD TXH SHUPLWH R FRQWUROH GD HPSUHVD FRPR
XP WRGR D DWXDOL]DomR WHFQROyJLFD D UHGXomR GH FXVWRV GH LQIRUPiWLFD H D
GLVSRQLELOL]DomR GD LQIRUPDomR GH TXDOLGDGH HP WHPSR UHDO SDUD WRPDGD GH
GHFLV}HVVREUHWRGDDFDGHLDSURGXWLYD
3RU PHLR GD XWLOL]DomR GH XP ~QLFR VLVWHPD LQWHJUDGR p SRVVtYHO UHGX]LU FXVWRV GH
PDQXWHQomR GH LQ~PHURV VLVWHPDV GLVSHUVRV H REVROHWRV H HOLPLQDU FXVWRV GH
WUDQVIHUrQFLDGDVLQIRUPDo}HVGHXPVLVWHPDSDUDRXWUR0DVRVSULQFLSDLVJDQKRV
VHJXQGR 'DYHQSRUW VmR REWLGRV SHOD UHGXomR GH FXVWRV LQGLUHWRV
UHODFLRQDGRV j IDOWD GH FRRUGHQDomR HQWUH DV GLYHUVDV DWLYLGDGHV GD HPSUHVD WDLV
FRPR YHQGDV SURGXomR H VXSULPHQWRV $ IDOWD GH FRRUGHQDomR SRGH HQWUH RXWUDV
FRLVDV DFDUUHWDU SUREOHPDV FRP FRQVHTrQFLDV GLUHWDV QR UHVXOWDGR 6HJXQGR
'DYHQSRUW D ILP GH FRPSUHHQGHU D DWUDomR GRV VLVWHPDV HPSUHVDULDLV p
QHFHVViULR SULPHLUR HQWHQGHU TXDO SUREOHPD HOHV VH GHVWLQDP D UHVROYHU D
IUDJPHQWDomRGDLQIRUPDomRHPJUDQGHVHPSUHVDV´
/R]LQVN\ FLWD FRPR EHQHItFLRV GR (53 D UHGXomR GRV FXVWRV H GR TXDGUR
IXQFLRQDOGDiUHDGH7,DGLVSRQLELOLGDGHGHLQIRUPDo}HVHPWHPSRUHDODUHGXomR
GHPmRGHREUDUHVXOWDQWHGDVLPSOLILFDomRGHSURFHVVRVDGPLQLVWUDWLYRVHJHUDomR
GHUHODWyULRVJHUHQFLDLVDHOLPLQDomRGHGXSOLFLGDGHGHHVIRUoRVDGLVSRQLELOL]DomR
GHLQGLFDGRUHVTXHSHUPLWDPDYDOLDURUHDOGHVHPSHQKRGRQHJyFLRHDDWXDOL]DomR
WHFQROyJLFD
6LWXDomRHWHQGrQFLDGHPHUFDGR(53QR%UDVLO
(VWXGRVUHFHQWHVLQGLFDPTXHR%UDVLODLQGDLQYHVWHEHPDEDL[RGDPpGLDJOREDOHP
7, 'H DFRUGR FRP XPD SHVTXLVD GD )XQGDomR *HW~OLR 9DUJDV R %UDVLO
DYDQoRX SRQWRV SHUFHQWXDLV QD UHODomR GR LQYHVWLPHQWR HP 7, FRP D UHFHLWD
OtTXLGDGDVHPSUHVDVSDUD2Q~PHURHVWiDLQGDDEDL[RGDPpGLDJOREDOHP
WRUQRGHHEHPDEDL[RGDVHPSUHVDVGRVSDtVHVGHVHQYROYLGRVTXHFKHJDPD
JDVWDUGRIDWXUDPHQWRHP7HFQRORJLDGD,QIRUPDomR
2 VHJPHQWR PHOKRU SRVLFLRQDGR QR SDtV p R GH VHUYLoRV FRP YROWDGRV D
WHFQRORJLD FRP GHVWDTXH SDUD R VHWRU ILQDQFHLUR TXH FKHJD D XP SHUFHQWXDO GH
1HVVD iUHD R %UDVLO WHP QtYHO LQWHUQDFLRQDO 1RV RXWURV VHJPHQWRV D
VLWXDomRpLQYHUVD$LQG~VWULDDORFDDHVVDGHVSHVDHXPVHJPHQWRUHOHYDQWH
FRPRRSHWURTXtPLFRSX[DDPpGLDSDUDEDL[RFRP6LWXDomRVLPLODURFRUUHQR
FRPpUFLR TXH WHP SHUFHQWXDO GH H IDWLD PDLV LPSRUWDQWH R YDUHMR WHP
GHVHPSHQKRDLQGDSLRUFRP
$SHVDUGHUHIOHWLUXPDWHQGrQFLDFRPXPHPTXDVHWRGRVRVSDtVHVHPTXHVHUYLoR
JDVWDPDLVFRPLQRYDomRHFRPpUFLRPHQRVRVSHUFHQWXDLVEUDVLOHLURVHVWmRDLQGD
GLVWDQWHVGRVSDtVHVGHVHQYROYLGRVRTXHDPHDoDDFRPSHWLWLYLGDGHGDVHPSUHVDV
ORFDLV(P3HWURTXtPLFDSRUH[HPSORDIDOWDGHLQYHVWLPHQWRHP7,UHIOHWHRSHUILO
GDLQG~VWULDTXHYHQGHSURGXWRVGHEDL[RYDORUDJUHJDGRHWHPUHQWDELOLGDGHEDL[D
2 *5È) DSUHVHQWD DQiOLVHV GRV LQYHVWLPHQWRV HP 7, HP UHODomR jV UHFHLWDV
OtTXLGDGDVHPSUHVDV
%DQFRV
6HUYLoRV
,QG~VWULD
3HWURTXtPLFD
&RPpUFLR
9DUHMR
*5È),&2±3HUFHQWXDOGHLQYHVWLPHQWRHP7,[5HFHLWDV
)RQWH)XQGDomR*HW~OLR9DUJDV
6LWXDomRDWXDOGHHPSUHVDVEUDVLOHLUDVQRUDPRGH(53
'HDFRUGRFRPD)XQGDomR*HW~OLR9DUJDVD72796pDOtGHUGRPHUFDGRQDFLRQDO
HP SDFRWHV (53 $ HPSUHVD QDFLRQDO p UHVSRQViYHO SRU GR PHUFDGR (P
VHJXQGROXJDUHVWmRD6$3FRPGD2UDFOHHGD'DWDVXO2UHVWDQWH
HVWiGLYLGLGRHPRXWUDVHPSUHVDV
$ 72796 TXH VH FKDPDYD 0LFURVLJD DEULX VHX FDSLWDO QR QRYR PHUFDGR GD
%RYHVSD HP PDUoR GH H IH] FRPSUDV GH ULYDLV LPSRUWDQWHV FRPR D
/RJRFHQWHU H D 50 6LVWHPDV DOpP GH RXWUDV PHQRUHV (P D 72796 6$
UHJLVWURXXPDUHFHLWDGHPLOK}HVGHUHDLVHQTXDQWRD'DWDVXODWLQJLXDUHFHLWD
GHPLOK}HVGHUHDLVQHVWHPHVPRDQR
&RP D WUDQVDomR HVWLPDGD HP PLOK}HV GH UHDLV D 72796 6$ DGTXLULX D
'DWDVXO HP GH MXOKR GH $SyV D DTXLVLomR GR PHUFDGR EUDVLOHLUR GH
(53VHUiFRQFHQWUDGRQRJUXSR2JUDQGHGHVDILRDSDUWLUGHVWDDTXLVLomRVHJXQGR
R SURIHVVRU 0HLUHOOHV GD )*9 VHUi JHUHQFLDU D PDUFD H PDQWHU RV PLOKDUHV GH
FOLHQWHVGD'DWDVXO
,QIRUPDo}HVFRQVWDQWHVQD3HVTXLVD$GPLQLVWUDomRGH5HFXUVRVGH,QIRUPiWLFD)XQGDomR*HW~OLR9DUJDV
63DSOLFDGDSHOR3URIHVVRU)HUQDQGR0HLUHOOHVHGLYXOJDGDHP
$727966$DWXDQRGHVHQYROYLPHQWRGHFRPHUFLDOL]DomRGHVRIWZDUHGHJHVWmR
HPSUHVDULDO LQWHJUDGD H QD SUHVWDomR GH VHUYLoRV UHODFLRQDGRV 1HVVH UDPR GH
DWLYLGDGHFRQTXLVWRXDSRVLomRGHOLGHUDQoDSDUDRVHJPHQWRGH3HTXHQDVH0pGLDV
(PSUHVDV 30( QR %UDVLO H QD $PpULFD /DWLQD PDV WDPEpP HVWi SUHVHQWH QR
PHUFDGRGHHPSUHVDVGHJUDQGHSRUWHQHVVDVUHJL}HV6HJXQGR6RDUHVRSUy[LPR
SDVVR GD SODWDIRUPD (53 VHUi PHOKRUDU D VLQHUJLD GHQWUR GD FDGHLD GH
IRUQHFLPHQWR &DGD YH] PDLV R VRIWZDUH WHQGH D FRQHFWDU RV HORV GD FDGHLD
SURGXWLYD LQWHJUDQGR LQIRUPDo}HV HQWUH HPSUHVDV LVWR SDUD IDFLOLWDU DLQGD PDLV D
YLGDGHQRVVRVFOLHQWHVHIRUQHFHGRUHV
6LWXDomRDWXDOGHHPSUHVDVPXOWLQDFLRQDLVQRUDPRGH(53
$FRQVXOWRULD/%DUURVDFRPSDQKDDHYROXomRGRPHUFDGRQDFLRQDOGH(53SRUPHLR
GHXPHVWXGRMXQWRjVPLOPDLRUHVHPSUHVDVHPRSHUDomRQR%UDVLO'HDFRUGRFRP
RUHODWyULRGHDDOHPm6$3GRPLQDHQWUHDVPDLRUHVVHJXLGDSHOD2UDFOH
2FHQiULRPXGDTXDQGRDQDOLVDGDVGDDPLO2GRFXPHQWRUHJLVWUDTXHQHVWH
QLFKRTXHPFRPDQGDpDEUDVLOHLUD72796
1RXQLYHUVRGHJUDQGHVHPSUHVDVTXHSHUPDQHFHXWLOL]DQGR(53GHVHQYROYLGRV
LQWHUQDPHQWH*XLPDUmHV OLVWD HVWDWDLVVHWH GD YHUWLFDO DJURQHJyFLR H FLQFR GR
YDUHMR
6HP Q~PHURV FRQVROLGDGRV HP PmRV &DUYDOKR FODVVLILFD FRPR ³EHP SURYiYHO´
TXHRPHUFDGRQDFLRQDOGH(53WHQKDXOWUDSDVVDGRDPDUFDGH86PLOK}HV
HP&LQFRIRUQHFHGRUHVGHWrPGDVUHFHLWDVGRVHWRUTXHGHYHUHJLVWUDU
XPFUHVFLPHQWRDQXDOFRPSRVWRGHDWp3HODVHVWLPDWLYDVGDFRQVXOWRULD
DV PpGLDV HPSUHVDV EUDVLOHLUDV HQWUH FHP H IXQFLRQiULRV VRPDP GRV
JDVWRVHPWHFQRORJLD7$%
:LOVRQGH*RGR\6RDUHVpRDWXDOYLFHSUHVLGHQWHGHJHVWmRGHGHVHQYROYLPHQWRGD72796
/HRSROGR*XLPDUmHVpVyFLRGLUHWRUGDFRQVXOWRULD/%DUURV
6DPXHO&DUYDOKRpDQDOLVWDGD,'&
7$%(/$±6HJPHQWDomRGRPHUFDGRGHIRUQHFHGRUHV(53GDVPDLRUHV
HPSUHVDVEUDVLOHLUDV
&RQWLQXD
$QR
(PSUHVDV
,QLFLDOPHQWHRVVLVWHPDV(53SDUDJHVWmRHPSUHVDULDOHIHUUDPHQWDQDWRPDGDGH
GHFLVmR VXEVWLWXtUDP FRP YDQWDJHQV XP FRQMXQWR GH VLVWHPDV GHVLQWHJUDGRV
(QWUHWDQWRQRDVSHFWRJHUHQFLDOFRPIRFRQDWRPDGDGHGHFLVmRPXLWDVDOWHUQDWLYDV
VXUJLUDP PDV VRPHQWH D SDUWLU GRV DQRV H LQtFLR GR QRYR VpFXOR KRXYH R
DPDGXUHFLPHQWR GH QRYDV WHFQRORJLDV TXH RIHUHFLDP UHFXUVRV DYDQoDGRV GD
LQFRUSRUDomR GR FRQFHLWR GH DQiOLVH PXOWLGLPHQVLRQDO (VVDV QRYDV WHFQRORJLDV
ILFDUDPFRQKHFLGDVFRPRVLVWHPDVFRUUHODWRV
6LVWHPDVFRUUHODWRVVmRIXQGDPHQWDLVQDRSHUDFLRQDOL]DomRGDVRUJDQL]Do}HVHVmR
D EDVH GH LQIRUPDo}HV SDUD RV VLVWHPDV GH LQIRUPDomR GH DSRLR D GHFLVmR &RP
FHUWH]D HVWH QmR IRL XP SURFHVVR IiFLO WHQGR VLGR HP PXLWRV FDVRV DOWDPHQWH
GRORURVR H GHVJDVWDQWH $SHVDU GDV GLILFXOGDGHV R UHVXOWDGR REWLGR SHOD LPHQVD
PDLRULD GDV RUJDQL]Do}HV IRL XP DPELHQWH GH VLVWHPDV H GDGRV LQWHJUDGRV TXH
SDYLPHQWDRFDPLQKRHPGLUHomRDVLVWHPDVGHLQIRUPDomRTXHDSyLHPDWRPDGDGH
GHFLVmRGHIRUPDLQWHJUDGDHPWRGDRUJDQL]DomR
&RQVROLGRXVH HQWmR D WHFQRORJLD GH GDWD ZDUHKRXVH ': FRPR XP LQVWUXPHQWR
SDUD HVWUXWXUDomR H XQLILFDomR GH EDVHV H[WHUQDV 3DUD H[SDQGLU VXDV iUHDV GH
DWXDomR DV HPSUHVDV TXH IRUQHFHP VRIWZDUH GH JHVWmR LQWHJUDGD (53 HQWUDUDP
QRPHUFDGRGHGDWDZDUHKRXVHHSDVVDUDPDRIHUHFHUVROXo}HVFRPSOHWDVSDUDRV
QtYHLV WiWLFRV H HVWUDWpJLFRV $V HPSUHVDV IRUQHFHGRUDV HQWHQGHUDP TXH R ':
FRQVWLWXLDSODWDIRUPDRXIXQGDomRSDUDDFRQVWUXomRGHGLYHUVDVRXWUDVDSOLFDo}HV
GHQHJyFLRVFLWDQGRFRPRH[HPSORV
,QWHJUDomR D SURFHVVRV GH RWLPL]DomR GD FDGHLD GH VXSULPHQWR FRQKHFLGRV QR
PHUFDGRFRPR6XSSO\&KDLQ0DQDJHPHQW6&0
'LYHUVDV DSOLFDo}HV DQDOtWLFDV SDUD LPSOHPHQWDU LQWHOLJrQFLD QRV QHJyFLRV
FRQKHFLGDVQRPHUFDGRFRPR%XVLQHVV,QWHOOLJHQFH
*HUHQFLDPHQWRGDUHODomRFRPRFOLHQWH
UHODFLRQDLVGHVXFHVVR1HVWHFRQWH[WRVXUJHD7HFQRORJLDGD,QIRUPDomR7,FRPR
VXVWHQWiFXORGRPDUNHWLQJGHUHODFLRQDPHQWRSDUDDVHPSUHVDV
6ZLIW DERUGD R FRQFHLWR QmR FRPR XPD HVWUDWpJLD PDV FRPR XPD
³IHUUDPHQWDDGPLQLVWUDWLYDSDUDHQWHQGHUHLQIOXHQFLDURFRPSRUWDPHQWRGRVFOLHQWHV
SRU PHLR GH FRPXQLFDo}HV VLJQLILFDWLYDV SDUD PHOKRUDU DOpP GD UHWHQomR DV
FRPSUDVOHDOGDGHHDOXFUDWLYLGDGH´
'H DFRUGR FRP GDGRV GD ,'& %UDVLO ± (PSUHVD PXOWLQDFLRQDO GH &RQVXOWRULD H
,QWHOLJrQFLDGHPHUFDGRFRPIRFRHP7,HPRPHUFDGREUDVLOHLURGHVRIWZDUH
GH &50 PRYLPHQWRX PLOK}HV GH GyODUHV (P DV HPSUHVDV GH VRIWZDUH
IDWXUDUDP 86 ELOKmR QR PHUFDGR EUDVLOHLUR FRP D FRPHUFLDOL]DomR GH
GLIHUHQWHVVROXo}HVHQWUHDVTXDLVDVGH&50%XVLQHVV,QWHOOLJHQFH6XSSO\&KDLQ
3KLOOLS.RWOHUpRDXWRUGROLYURGH$GPLQLVWUDomRGH0DUNHWLQJFRQVLGHUDGREHVWVHOOHUGDiUHD
5REHUW.DSODQH'DYLG1RUWRQDXWRUHVGROLYUR%DODQFHG6FRUHFDUG
3DWUtFLD6H\EROGDXWRUDGROLYUR&OLHQWHFRP
'RQ 3HSSHUV H 0DUWKD 5RJHUV DXWRUHV GH YiULDV REUDV VREUH R RQHWRRQH 0DUNHWLQJ RX 0DUNHWLQJ GH
5HODFLRQDPHQWR
.RWOHU GHILQH VHJPHQWDomR FRPR ³XP HVIRUoR SDUD DXPHQWDU D SUHFLVmR GD
HVWUDWpJLD GR PDUNHWLQJ´ 2 HVVHQFLDO SDUD LGHQWLILFDU RV FOLHQWHV RX FOXVWHUV PDLV
OXFUDWLYRVpHQWHQGHUTXDLVFDUDFWHUtVWLFDVVmRPDLVUHOHYDQWHVDRPHUFDGRGHFDGD
HPSUHVD
2VPHUFDGRVYHUWLFDLVTXHVHPRVWUDPPDLVSURSHQVRDDGRWDUIHUUDPHQWDVGH&50
VmRILQDQFHLURFRPREDQFRVVHJXUDGRUDVRSHUDGRUDVGHFDUWmRGHFUpGLWRXWLOLWLHV
HPSUHVDV IRUQHFHGRUDV H GLVWULEXLGRUDV GH HQHUJLD HOpWULFD H VDQHDPHQWR EiVLFR
WHOHFRPXQLFDo}HVYDUHMRJRYHUQRWHFQRORJLDPDQXIDWXUDHHPSUHVDVGRVHWRUGH
SHWUyOHRHJiV3RUHPEXWLUHPPDLVYDORUDJUHJDGRHVVDVVROXo}HVYROWDGDVSDUDR
PHUFDGRYHUWLFDOVmRPDLVFDUDVTXHDIHUUDPHQWDSDGUmRGH&50PDVQDSUiWLFDR
LQYHVWLPHQWR SRGH FRPSHQVDU QD PHGLGD HP TXH UHGX] D QHFHVVLGDGH GH
DGDSWDomRHIDFLOLWDDWXDOL]Do}HVSRVWHULRUHV
2&50pXPDHVWUDWpJLDGHQDWXUH]DRUJDQL]DFLRQDOSRULVWRQmRSRGHHQmRGHYH
3HSSHUV 5RJHUVFRQVXOWRULDHVSHFLDOL]DGDHPRULHQWDURVHWRUFRUSRUDWLYRTXDQWRjVHVWUDWpJLDVGH&50
VHUFRQGX]LGRSRUXPGHSDUWDPHQWRDSHQDVPDVHQYROYHUDHPSUHVDFRPXPWRGR
(VVDWDOYH]VHMDDSDUWHPDLVFRPSOH[DSRLVUHTXHUDPXGDQoDGHFXOWXUDGHQWURGD
RUJDQL]DomR2&50GHYHVHUYLVWRSHORVIXQFLRQiULRVFRPRDOJRTXHLUiFRQWULEXLU
SDUD DJLOL]DU H PHOKRUDU R VHX WUDEDOKR GH IRUPD D DFHLWDUHP DV PXGDQoDV
QHFHVViULDVSDUDRVXFHVVRGRSURMHWR
2 JUDQGH GHVDILR GDV HPSUHVDV p FRQVHJXLU UHXQLU WRGRV RV GDGRV REWLGRV SRU
GLYHUVRV FDQDLV FRQFHQWUiORV HP XPD EDVH ~QLFD H PDQWrORV DWXDOL]DGRV H
GLVSRQtYHLVSDUDWRGRVRVGHSDUWDPHQWRVHUHVSHFWLYRVIXQFLRQiULRV$VIHUUDPHQWDV
GH &50 SUHFLVDP WHU DFHVVR WDQWR D GDGRV KLVWyULFRV FRPR WDPEpP DRV GDGRV
WUDQVDFLRQDLVFROKLGRVSRUPHLRGRVGLIHUHQWHVFDQDLVGHFRPXQLFDomRFRPRFOLHQWH
2 TXH VH SDUHFH IiFLO QD WHRULD QD SUiWLFD WHP VH PRVWUDGR EDVWDQWH FRPSOH[R
SRUTXH DV LQWHUIDFHV VmR PXLWR GLIHUHQWHV RX VLPSOHVPHQWH QmR H[LVWHP *UDQGH
SDUWHGDVLPSOHPHQWDo}HVLPSOLFDQDH[WUDomRGHGDGRVGRVGLIHUHQWHVVLVWHPDVRV
TXDLV GHYHP VHU FRQVROLGDGRV H DGHTXDGRV DR PRGHOR SURSRVWR e XPD WDUHID
FRPSOLFDGDHTXHGHYHVHUIHLWDHPHWDSDVSDUDWUD]HURVUHVXOWDGRVHVSHUDGRV$V
RUJDQL]Do}HV TXH Mi FRQWDP FRP XP VLVWHPD GH (53 LPSOHPHQWDGR GLVS}HP GH
VLVWHPDVWUDQVDFLRQDLVLQWHJUDGRVHTXHWHRULFDPHQWHIDFLOLWDRDFHVVRDRVGDGRV
3RU RXWUR ODGR R FRQFHLWR GH JHVWmR GD FDGHLD GH VXSULPHQWRV SUHVVXS}H D
LQWHJUDomRGHWRGDV DV DWLYLGDGHVPHGLDQWH PHOKRULD QRV UHODFLRQDPHQWRV HQWUH RV
GLYHUVRVHORVRXDJHQWHV±RUJDQL]Do}HVGHGLIHUHQWHVWLSRVLQWHUDJLQGR±HPEXVFD
GDFRQVWUXomRGHYDQWDJHQVFRPSHWLWLYDVVXVWHQWiYHLVSDUDDFDGHLDFRPRXPWRGR
$ FDGHLD GH VXSULPHQWRV GHYH VHU YLVWD FRPR XPD UHGH GH HPSUHVDV
LQGHSHQGHQWHVTXHDJHPHPVLQWRQLDGHIRUPDDFULDUYDORUSDUDRXVXiULRILQDOSRU
PHLR GD GLVWULEXLomR GH SURGXWRV (VVD VLQWRQLD p H[DWDPHQWH R TXH D JHVWmR GH
FDGHLDVGHVXSULPHQWRV±6XSSO\&KDLQ0DQDJHPHQW±REMHWLYD%$7$/+$
2 FDPLQKR WUDGLFLRQDO GH GHPDQGD SRU SURGXWRV H VHUYLoRV GD FDGHLD GH
VXSULPHQWRVpRSHGLGRRUGHPGHFRPSUD8VXDOPHQWHRVFOLHQWHVGHFDGDHORGD
FDGHLD PDQWrP VXDV LQIRUPDo}HV UHIHUHQWHV DRV QtYHLV GH HVWRTXHV SDGUmR GH
YHQGDVHSODQHMDPHQWRGHHQWUHJDVDSHQDVGHQWURGHVXDVRUJDQL]Do}HV3RUWDQWR
DJHVWmRGDVFDGHLDVGHSURGXomRRXUHGHGHYDORUGDVFRUSRUDo}HVSDVVDDVHU
IDWRUGHWHUPLQDQWHQDYLGDGDVRUJDQL]Do}HV
6XSSO\ &KDLQ p PXLWR PDLV TXH XP VLQ{QLPR GH /RJtVWLFD 2 &RXQFLO RI /RJLVWLF
0DQDJHPHQW &/0 DVVRFLDomR LQWHUQDFLRQDO FRP PDLV GH PLO
SDUWLFLSDQWHV GDV iUHDV GH ORJtVWLFDV H 6&0 DSUHVHQWD GHILQLomR GLVWLQWD SDUD RV
GRLV WHUPRV *HUHQFLDPHQWR GD FDGHLD GH VXSULPHQWRV VHJXQGR R &/0 HQJORED
SODQHMDPHQWR H D JHVWmR GH WRGDV DV DWLYLGDGHV HQYROYLGDV HP LGHQWLILFDU
IRUQHFHGRUHVFRPSUDUIDEULFDUHJHUHQFLDUDVDWLYLGDGHVORJtVWLFDV,QFOXLWDPEpPD
FRRUGHQDomR H D FRODERUDomR HQWUH RV SDUFHLURV GR FDQDO TXH SRGHP VHU
IRUQHFHGRUHV LQWHUPHGLiULRV SURYHGRUHV GH VHUYLoRV H FOLHQWHV ³(P HVVrQFLD´
GHVWDFD R &/0 JHUHQFLDPHQWR GD FDGHLD GH VXSULPHQWRV LQWHJUD D JHVWmR GD
GHPDQGDHGRVXSULPHQWRGHQWURHSRUPHLRGDVHPSUHVDV
7UDWDVH GH XPD WHFQRORJLD GH DGPLQLVWUDomR RULHQWDGD SDUD D LQWHJUDomR HQWUH RV
SULQFLSDLV SURFHVVRV GH QHJyFLRV H[LVWHQWHV HQWUH RV HOHPHQWRV GH XPD FDGHLD
ORJtVWLFDGHVGHRVIRUQHFHGRUHVLQLFLDLVDWpRVFRQVXPLGRUHVILQDLVHPXPPRGHOR
GHQHJyFLRKDUP{QLFRHDOWRGHVHPSHQKR-iDORJtVWLFDGHILQHR&/0
>@pDSDUFHODGRSURFHVVRGDFDGHLDGHVXSULPHQWRVTXHSODQHMDLPSODQWD
H FRQWUROD R IOX[R HILFLHQWH H HILFD] GH PDWpULDV SULPDV HVWRTXH HP
SURFHVVR SURGXWRV DFDEDGRV H LQIRUPDo}HV UHODFLRQDGDV GHVGH R VHX
SRQWR GH RULJHP DWp R SRQWR GH FRQVXPR /RJtVWLFD p D SDUWH GR 6XSSO\
&KDLQ0DQDJHPHQW
2V SULPHLURV VLVWHPDV FRPHUFLDLV SDUD FRQWUROH GH HVWRTXH VXUJLUDP QR ILQDO GD
GpFDGDGH6XDIXQomREiVLFDHUDFRQWURODURFRQVXPRGHPDWHULDLVHEDVHDGRV
QHVVHV KLVWyULFRV SUHYHU DV QHFHVVLGDGHV IXWXUDV 1RV DQRV D SUHYLVmR GH
FRQVXPR SDVVRX D VHU DIHWDGD GLUHWDPHQWH SHODV QHFHVVLGDGHV GD iUHD GH
SURGXomRGDHPSUHVDHFRQVLGHUDYDDVFRPSUDVHPDQGDPHQWRSDUDDWHQGHUSDUWH
GHVVDV QHFHVVLGDGHV 2 053 IRL XPD IHUUDPHQWD IXQGDPHQWDO SDUD HVVH
SODQHMDPHQWR 1DGpFDGDGH R FRQFHLWR HYROXLX H VRE RQRPH GH 053 ,, TXH
LQFOXL R SODQHMDPHQWR PHVWUH VLQFURQL]DGR ± 0DVWHU 3ODQ 6FKHGXOLQJ 036 ± TXH
LQWHJUD DV iUHDV GH HVWRTXH FRP DV GH FRPSUDV YHQGDV H DOJXPDV IXQo}HV
ILQDQFHLUDV
1R %UDVLO DOpP GDV PXOWLQDFLRQDLV DSDUHFHP DV SULPHLUDV HPSUHVDV QDFLRQDLV
GHVHQYROYHQGRVRIWZDUHGH053,,FRPRD0LFURVLJD'DWDVXOH/RJRFHQWHU
$WLYRV VmR HVSHFtILFRV VH R UHWRUQR DVVRFLDGR D HOHV GHSHQGH GD FRQWLQXLGDGH GH
XPDWUDQVDomRHVSHFtILFD4XDQWRPDLRUDHVSHFLILFLGDGHGRVDWLYRVPDLRUDSHUGD
DVVRFLDGDDXPDDomRRSRUWXQLVWDGHULYDGDGHXPDUHODomRGHEDUJDQKDGHSUHoRV
HQWUH FOLHQWHV H IRUQHFHGRUHV H FRQVHTXHQWHPHQWH PDLRUHV VHUmR RV FXVWRV GH
WUDQVDomR$=(9('2
6mR JUDQGHV RV GHVDILRV QHVVD OLQKD VLVWHPDV JHRJUDILFDPHQWH GLVWDQWHV FRP
KDUGZDUHV GLYHUVRV QHFHVVLGDGH LQWHQVLYD GH WHOHFRPXQLFDo}HV EDVH GH GDGRV
GLYHUVRVRSHUDQGRHPHVWUXWXUDVRUJDQL]DFLRQDLVHHPFXOWXUDVGLYHUVDVFRPSRVWD
SRU UHFXUVRV KXPDQRV GH SHUILV GLIHUHQFLDGRV HPSUHVDV QRUWHDGDV SRU HVWUDWpJLD
GLIHUHQFLDGDVUHIOHWLGDVHPGLIHUHQWHVSRVLFLRQDPHQWRVFRPSHWLWLYRVFRPP~OWLSORV
FDQDLV GH GLVWULEXLomR H PHUFDGRV UHJLRQDLV FRP FDUDFWHUtVWLFDV HVSHFtILFDV
GLIHUHQWHV JHUrQFLDV ILQDQFHLUD PDWHULDO FRQWiELO HWF QmR QHFHVVDULDPHQWH
FRPSDWtYHLV DOpP GH DVSHFWRV GHFRUUHQWHV HYHQWXDOPHQWH GD ORFDOL]DomR HP
SDLVHV GLIHUHQWHV FRP OHLV H FXOWXUDV GLIHUHQFLDGDV HQWUH RXWURV DYROXPDP R
FRQMXQWR GH GHVDILRV D VHUHP YHQFLGRV QHFHVViULRV TXDQGR VDEHVH TXH RV
SURFHVVRV GLYHUVRV GH FDGD XP GRV DWRUHV GD FDGHLD GHYHUmR REULJDWRULDPHQWH
LQWHUDJLUHVHLQWHJUDUHPXPQmRWULYLDOLQWHUUHODFLRQDPHQWR
1R OLPLWH GHVVD LQWHJUDomR D RUJDQL]DomR VHUi FDSD] GH SRVVXLU DGDSWDELOLGDGH
Pi[LPDjVYDULDo}HVDPELHQWDLVHVXDVIURQWHLUDVVHUmRGLIXVDV6RPDPVHLVVRDV
TXHVW}HVUHODWLYDVjWRPDGDGHGHFLVmRTXHSDVVDDVHUUHTXHULGDHPXPDPELHQWH
GH XPD ³EDVH JOREDO´ $ GLVSRQLELOLGDGH GD LQIRUPDomR FDVDGD j VRILVWLFDomR GRV
PRGHORVGHJHVWmRTXHDJRUDYrPVHQGRLQFRUSRUDGRVDRVVLVWHPDVSRUH[HPSOR
%DODQFHG 6FRUHFDUG .DSODQ H 1RUWRQ DEUH D SHUVSHFWLYD GH TXH SRVVD D YLU
RFRUUHUDUHDOL]DomRGDJHUrQFLDHIHWLYDPHQWHQRUWHDGDSHORVREMHWLYRVHVWUDWpJLFRV
DOFDQoDQGR WRGRV RV QtYHLV FKHJDQGR DR RSHUDFLRQDO UHDOL]DQGR R OLQN HQWUH R
HVWUDWpJLFRHRRSHUDFLRQDO
$WUDQVLomRGR053,,SDUDRFHQiULRGHLQWHJUDomRWRWDOSURSRUFLRQDGRSHOR6XSSO\
&KDLQ 0DQDJHPHQW RFRUUHX SRU IRUoD GD RWLPL]DomR GH UHFXUVRV $ H[SORVmR GD
WHFQRORJLDGHFRPXQLFDomRHPHVSHFLDOGD,QWHUQHWIRLRXWURIDWRUIXQGDPHQWDOSDUD
DLQWHJUDomRGHSURFHVVRVGHQHJyFLRVLQWHUQRVHH[WHUQRVjHPSUHVD
$V IHUUDPHQWDV GH 6XSSO\ &KDLQ 0DQDJHPHW VH GLIHUHQFLDP GDV IHUUDPHQWDV SDUD
LPSODQWDomRGHXP(QWHUSULVH5HVRXUFHV3ODQQLQJ(53HPERUDQmRVHMDSRVVtYHO
FRQWURODUXPHVWRTXHVHPXP(533RUWDQWRQmRpVySDUDLQFHQWLYDUDVYHQGDVGD
SODWDIRUPD (53 TXH RV IRUQHFHGRUHV GHVVHV VRIWZDUHV ± 6$3 3HRSOHVRIW 2UDFOH
%DDQHRXWURV±LQYHVWHPQRGHVHQYROYLPHQWRGHDSOLFDomRGR6XSSO\&KDLQ
$ JOREDOL]DomR H R 6XSSO\ &KDLQ WUD]HP QRYRV GHVDILRV SDUD R VRIWZDUH GH (53
PDVQmRKiFRPRQHJDURSDSHOTXHRVVLVWHPDVGHJHVWmRHPSUHVDULDODVVXPHP
KRMHFRPRGLIHUHQFLDOFRPSHWLWLYR
FRPIRUQHFHGRUHVHGLVWULEXLGRUHVSDUDFULDUXPDFDGHLDGHVXSULPHQWRVDLQGDPDLV
GLQkPLFDHQ[XWDHREWHUYDQWDJHQVFRPSHWLWLYDV
2 6&0 WDPEpP LQWURGX] XPD LPSRUWDQWH PXGDQoD QR SDUDGLJPD FRPSHWLWLYR QD
PHGLGDHPTXHFRQVLGHUDTXHDFRPSHWLomRQRPHUFDGRRFRUUHGHIDWRQRQtYHOGH
FDGHLDV SURGXWLYDV H QmR DSHQDV QR QtYHO GDV XQLGDGHV GH QHJyFLRV LVRODGDV
VHJXQGR3RUWHU(VVDPXGDQoDUHVXOWDQXPPRGHORFRPSHWLWLYREDVHDGRQR
IXQGDPHQWR GH TXH DWXDOPHQWH D FRPSHWLomR VH Gi UHDOPHQWH HQWUH ³YLUWXDLV
XQLGDGHVGHQHJyFLRV´RXVHMDHQWUHFDGHLDVSURGXWLYDV
$JHUrQFLDGRIOX[RGHEHQVGHXPDHPSUHVDSHOR6XSSO\&KDLQ0DQDJHPHQWSRGH
VHUIHLWDSRUPHLRGHGLYHUVRVVRIWZDUHVTXHDMXGDPDVHPSUHVDVDSODQHMDUHDORFDU
VHXVUHFXUVRVHQTXDQWRDXPHQWDPRFRQWUROHHDYLVLELOLGDGHSRUPHLRGDFDGHLDGH
VXSULPHQWRV $V LPSODQWDo}HV GHVWHV VLVWHPDV GHPDQGDP DOWRV FXVWRV H ORQJRV
SHUtRGRV GH WHPSR SRUpP WrP DOWDV SUREDELOLGDGHV GH VXFHVVR H LQWHJUDomR GDV
DWLYLGDGHVGDHPSUHVDWUDQVIRUPDQGRDVIXQo}HVGHQHJyFLRVHPQtYHLVXQLIRUPHV
2XVRGD,QWHUQHWpXPIDFLOLWDGRUSDUDXPDERDJHUrQFLDHDFRPXQLFDomRGRIOX[R
GH LQIRUPDo}HV 2 EDL[R FXVWR GD WUDQVPLVVmR GH LQIRUPDomR H DV IDFLOLGDGHV GH
DFHVVRKDELOLWDPDVHPSUHVDVSDUDDFRPXQLFDomRGHLQIRUPDo}HVHPWHPSRUHDO$
LQWHUQHW WRUQRXVH XP PHLR LGHDO SDUD SURPRomR FRPSUDV SURSDJDQGDV
GLVWULEXLomR FRORFDomR GH SHGLGRV H WURFD GH LQIRUPDo}HV 6HJXUDPHQWH XPD
HPSUHVD TXH FRQWD FRP WHFQRORJLD DSURSULDGD REWpP IiFLO DFHVVR j JUDQGH
TXDQWLGDGHGHGDGRVSURGX]LGDFDSWDGDHGLVWULEXtGDHPWHPSRUHDOSRVVLELOLWDQGR
XPPHOKRUJHUHQFLDPHQWRGHVHXVSURFHVVRVLQWHUQRVHH[WHUQRV
26XSSO\&KDLQ0DQDJHPHQWQmRH[HUFHDLQGDVREUHDVHPSUHVDVRPHVPRSRGHU
GHDWUDomRGHVIUXWDGRDWpEHPSRXFRWHPSRSHORVVLVWHPDVGHJHVWmRHPSUHVDULDO
RV VRIWZDUHV GH (53 0DV WHP XP IXWXUR SURPLVVRU $V HPSUHVDV LQYHVWLUDP
EDVWDQWH HP VHXV VLVWHPDV WUDQVDFLRQDLV FRPR RV (53 FULDUDP DPELHQWHV
SHVDGRVGHWHFQRORJLDGDLQIRUPDomRSDUDDSRLDUJUDQGHVSURMHWRVPDVQHPDVVLP
DOFDQoDUDPFRPSOHWDPHQWHVHXVREMHWLYRV0XLWDVUHFXDUDPHPVXDVHVWUDWpJLDVGH
7,
$JRUD GLDQWH GD JOREDOL]DomR H GDV UHGHV GH FRPpUFLR HOHWU{QLFR VH LPS}H D
QHFHVVLGDGH GH FULDU QRYRV SDGU}HV GH QHJyFLRV GH XVDU D LQIRUPDomR GD PHOKRU
PDQHLUD SRVVtYHO SDUD REWHU JDQKRV QD FDGHLD SURGXWLYD LQFOXLQGRVH Dt R
UHODFLRQDPHQWRFRPIRUQHFHGRUHVSDUFHLURVHFOLHQWHV
%XVLQHVV,QWHOOLJHQFH%,
8P GRV SULQFLSDLV FRQFHLWRV GLVSRQtYHLV DWXDOPHQWH QR TXH GL] UHVSHLWR j JHVWmR
HPSUHVDULD p R %XVLQHVV ,QWHOOLJHQFH %, 2 FRQFHLWR GH %, GH IRUPD PDLV DPSOD
SRGH VHU HQWHQGLGR FRPR D XWLOL]DomR GH YDULDGDV IRQWHV GH LQIRUPDomR SDUD VH
GHILQLU HVWUDWpJLDVGHFRPSHWLWLYLGDGH QRV QHJyFLRV GD HPSUHVD %$5%,(5,
%,pRUHVXOWDGRGHXPSURFHVVRTXHFRPHoDFRPDFROHWDGHGDGRV(VVHVGDGRV
VmR RUJDQL]DGRV H WUDQVIRUPDGRV HP LQIRUPDomR TXH GHSRLV GH DQDOLVDGD H
FRQWH[WXDOL]DGDWUDQVIRUPDVHHPLQWHOLJrQFLD(VVDSRUVXDYH]TXDQGRDSOLFDGDD
SURFHVVRVGHGHFLVmRJHUDYDQWDJHPFRPSHWLWLYDSDUDDRUJDQL]DomR
$SOLFDo}HV GH %, LQFOXHP VLVWHPDV GH VXSRUWH j WRPDGD GH GHFLV}HV 2 SULQFLSDO
REMHWLYR GH XP %, p FRQKHFHU RV LQGLFDGRUHV LQWHUQRV H SRGHU FRPSDUiORV QR
DPELHQWH H[WHUQR EHQFKPDUNLQJ YLVDQGR R FRQKHFLPHQWR GR SRVLFLRQDPHQWR
FRPSHWLWLYRGDHPSUHVDRTXHLPSXOVLRQDUiPXGDQoDVLQWHUQDVHIDFLOLWDUiGHFLV}HV
HVWUDWpJLFDV3DUDR%,VmRXWLOL]DGRVYiULRVWLSRVGHWHFQRORJLDV'DWD:DUHKRXVH
'DWD 0DUW H 2/$3 2 'DWD :DUHKRXVH ': FRQVLVWH HP RUJDQL]DU RV GDGRV
FRUSRUDWLYRV GD PHOKRU PDQHLUD SDUD SRGHU GDU VXEVtGLR GH LQIRUPDo}HV DRV
JHUHQWHV H GLUHWRUHV GDV HPSUHVDV SDUD WRPDGD GH GHFLVmR 7XGR LVVR HP XP
EDQFR GH GDGRV VHSDUDGR GR EDQFR GH GDGRV GRV VLVWHPDV WUDQVDFLRQDLV GD
HPSUHVD 2 'DWD 0DUW '0 p XP VXEFRQMXQWR GR 'DWD :DUHKRXVH YiULRV 'DWD
0DUWV SRGHP IRUPDU XP 'DWD :DUHKRXVH FRQVWUXtGR FRP XP HVFRSR PHQRU GH
LQIRUPDo}HV VHJPHQWDGR SDUD XPD GHWHUPLQDGD iUHD RX DVVXQWR 3RU VHU PHQRU
SRVVLELOLWD D DQiOLVH PXOWLGLPHQVLRQDO FRP RV FUX]DPHQWRV H YLV}HV SUHYLDPHQWH
FDOFXODGDVYLVDQGRDXPHQWDUDYHORFLGDGHQDFRQVXOWDGDVLQIRUPDo}HV
2VVLVWHPDVGHDSRLRjWRPDGDGHGHFLVmRRQGHVHWHPR'DWD:DUHKRXVHFRPR
IRQWHGHGDGRVSULQFLSDOSURFHVVDPRVGDGRVGRVVLVWHPDVWUDQVDFLRQDLVUHOHYDQWHV
jV DQiOLVHV TXH VHUmR QHFHVViULDV DR SURFHVVR DQDOtWLFR 6HJXLQGR R H[HPSOR
DFLPDRVGDGRVGDQRWDILVFDOVHUmRDUPD]HQDGRVQR':GHIRUPDPDLVDJUHJDGD
H PXLWR GLIHUHQWH GD IRUPD RULJLQDO SDUD IDFLOLWDU R WUDEDOKR GDV IHUUDPHQWDV
DQDOtWLFDV 2V VLVWHPDV WUDQVDFLRQDLV VmR SUHYLVtYHLV H VXDV IXQo}HV XVDGDV FRP
IUHTrQFLDUHJXODU(PVXDVFRQVXOWDVVmRDFHVVDGRVSHTXHQRVYROXPHVGHGDGRV
VREUHWXGR GDGRV FRUUHQWHV H[LELGRV SRU OLQKD 3RU RXWUR ODGR DV IXQo}HV GRV
VLVWHPDV DQDOtWLFRV WrP XVR PHQRV IUHTHQWHV H LPSUHYLVtYHLV 6XDV FRQVXOWDV
DFHVVDPJUDQGHTXDQWLGDGHGHGDGRVKLVWyULFRVDWXDLVHSUHYLV}HVH[LELQGRGDGRV
GHULYDGRVFRPSOH[RVHXVXDOPHQWHUHVXPLGRV7+206(1
,QPRQ IRL R SULPHLUR D FXQKDU R WHUPR 'DWD :DUHKRXVH RX DUPD]pP GH
GDGRVSDUDHVVHVUHSRVLWyULRVHDQDOtWLFRVFRUSRUDWLYRVHVXDGHILQLomRFOiVVLFDpGH
³XPDFROHomRGHGDGRVRULHQWDGDSRUDVVXQWRLQWHJUDGDYDULDQWHHQmRYROiWLOTXH
WHPSRUREMHWLYRGDUVXSRUWHDRVSURFHVVRVGHWRPDGDGHGHFLVmR´'HDFRUGRFRP
%DUELHUL R FRQFHLWR ': REMHWLYD D GHILQLomR GH XPD EDVH GH GDGRV
SUHSDUDGD HP YiULRV QtYHLV GH JUDQXODULGDGH H REWLGD D SDUWLU GRV VLVWHPDV
HVWUXWXUDGRV
2V'DWD0DUWVVmRYROWDGRVVRPHQWHSDUDXPDGHWHUPLQDGDiUHDUHIHUHQFLDQGRXP
HVFRSR PHQRU D XPD XQLGDGH GH QHJyFLR HQTXDQWR R 'DWD :DUHKRXVH p YROWDGR
SDUD DVVXQWRV GH WRGD D HPSUHVD $PERV VmR XWLOL]DGRV FRPR GHSyVLWRV
GLPHQVLRQDLVGHGDGRV$VIDVHVEiVLFDVSDUDVHFULDUHDWXDOL]DUXP'DWD0DUWVmR
H[WUDomRWUDQVIRUPDomRHFDUJDGRVGDGRV
2 SURFHVVR GH H[WUDomR HQYROYH D OHLWXUD H FRPSUHHQVmR GRV GDGRV GH RULJHP H
FySLDGHVWHVGDGRVSDUDVHUHPPDQLSXODGRVSRVWHULRUPHQWHHSRGHVHUUHDOL]DGRGH
IRUPDDXWRPDWL]DGDXWLOL]DQGRGHIHUUDPHQWDVSUySULDV
1DIDVHGHWUDQVIRUPDomRPRGLILFDVHDHVWUXWXUDGRDUPD]HQDPHQWRGHGDGRVFRP
DSOLFDomRGHILOWURVFRUULJLQGRHUURVGHGLJLWDomRVROXFLRQDQGRFRQIOLWRVGHGRPtQLR
FDQFHODQGR GDGRV HP GXSOLFDomR H DWULEXLQGR FKDYHV 1HVWD IDVH WDPEpP SRGHP
VHU DSOLFDGRV QtYHLV GH GHVQRUPDOL]DomR H UHQRUPDOL]Do}HV FRPELQDomR DXGLWRULD
QRFRQFHLWRGHGDGRVHDJUHJDo}HVSDUDPHOKRUDURGHVHPSHQKRGDVFRQVXOWDVGR
XVXiULR
$ IDVH GH FDUJD p XP SURFHVVR LQWHUDWLYR SRLV R 'DWD 0DUW WHP TXH VHU SRYRDGR
FRQWLQXDPHQWH H UHIOHWLU GH IRUPD LQFUHPHQWDO DV PXGDQoDV GRV VLVWHPDV
RSHUDFLRQDLV
%XVLQHVV ,QWHOOLJHQFH p WUDEDOKDU FRP GDGRV GH IRUPD D VHUHP WUDQVIRUPDGRV HP
LQIRUPDo}HV GDGRV FRP DOJXP VLJQLILFDGR QD YLVmR GD FLrQFLD GD DGPLQLVWUDomR
5REELQV FLWD TXH D WHFQRORJLD GD LQIRUPDomR SRGH PHOKRUDU DV HVWUDWpJLDV
FRPSHWLWLYDVGHWUrVIRUPDV
3HUVRQDOL]DQGRRDWHQGLPHQWRDQWHVSDGURQL]DGR
3HUPLWLQGR D RUJDQL]DomR VH UHQRYDU FRP EDVH HP LQIRUPDo}HV REWLGDV QD
SUySULDRUJDQL]DomR
3HSSHUV H 5RJHUV HQIDWL]DP TXH FDGD YH] PDLV DV RUJDQL]Do}HV
WUDQVIRUPDP RV GDGRV UHIHUHQWHV D FRPSUDV WURFDV RX PHVPR GHPRQVWUDomR GH
LQWHUHVVHVHPLQIRUPDo}HVTXHVmRRIHUHFLGDVDRXWUDVRUJDQL]Do}HVFRPRIRQWHGH
OXFURV2XVHMDDOJXPDVHPSUHVDVMiGHVFREULUDPDLPSRUWkQFLDGDLQIRUPDomRSDUD
HVWDEHOHFHUHVWUDWpJLDVFRPSHWLWLYDV5LFRHQIDWL]DTXHQmRVHSRGHFRQGX]LU
RTXHQmRVHFRQKHFHHVHGHYHDPSOLDURVFRQWDWRVLQWHUQRVGHPRGRDVHREWHUDV
LQIRUPDo}HVQHFHVViULDVSDUDXPDPHOKRUDSUHQGL]DJHPGRVHXSUySULRQHJyFLR
6LHPHQV HVFODUHFH TXH ³DV YDQWDJHQV FRPSDUDWLYDV WUDGLFLRQDLV GH FDSLWDO
PDWpULDSULPD H PmR GH REUD GmR OXJDU DV YDQWDJHQV FRUUHODFLRQDGDV FRP R
FRQKHFLPHQWR´ H DYDQoDQGR LQIRUPD TXH ³D FRPSHWLomR HP SUHoR YDL FHGHQGR
HVSDoR SDUD D FRPSHWLomR WHFQROyJLFD EDVHDGD HP FRQKHFLPHQWR WHFQRORJLD H
LQRYDomR´ 3DUD WDQWR GHYHVH WUDEDOKDU QXP FRQFHLWR GH LQWHOLJrQFLD WHFQROyJLFD
GHILQLGR FRPR R SURFHVVR GH PRQLWRUDU R PHLR DPELHQWH FRPSHWLWLYR YLVDQGR
KDELOLWDUJHUHQWHVHPHPSUHVDVGHGDGRVRVWDPDQKRVDWRPDUGHFLVmRLQIRUPDGRV
VREUH WRGDV DV FRLVDV GR PDUNHWLQJ SHVTXLVD H GHVHQYROYLPHQWR H LQYHVWLPHQWRV
WiWLFRVSDUDHVWUDWpJLDVGHORQJRSUD]R
+i FHUFD GH DQRV XP FKLQrV FKDPDGR 6XQ 7]X UHJLVWURX WRGD D VXD
VDEHGRULD QR OLYUR $ $UWH GD *XHUUD 8P OLYUR FOiVVLFR VREUH HVWUDWpJLD H WiWLFDV
PLOLWDUHVRQGHRDXWRUGLVFXWHWRGRVRVDVSHFWRVHVWUDWpJLFRVWiWLFRVHKXPDQRVGD
JXHUUD FXMRV FRQFHLWRV EiVLFRV SRGHP VHU FRPSDUDGRV SRU DQDORJLD FRP D YLGD
HPSUHVDULDO PRGHUQD (QWUH RV GLYHUVRV H LQWHUHVVDQWHV HQVLQDPHQWRV GH 6XQ 7]X
SRGHVHGHVWDFDURTXH/XQGHODILUPDVREUHRFRQKHFLPHQWRGRLQLPLJR³VH
YRFr FRQKHFH R LQLPLJR H FRQKHFH D VL PHVPR QmR SUHFLVD WHPHU R UHVXOWDGR GH
FHP EDWDOKDV´ $ RUJDQL]DomR TXH QmR FRQKHFH R DPELHQWH H[WHUQR RQGH HVWi
LQVHULGD H VXD SRWHQFLDOLGDGH HVWi IDGDGD DR LQVXFHVVR SRU GHVSHQGHU HVIRUoRV
UHGXQGDQWHV H PXLWDV YH]HV GH EDL[D HILFiFLD HP VXDV DWLYLGDGHV URWLQHLUDV H
LPSUHYLVWDV$GLVSRQLELOLGDGHGHLQIRUPDo}HVVREUHRVFRQWH[WRVLQWHUQRVHH[WHUQRV
VmRUHVXOWDGRVGHHVIRUoRVHPXLWDPRELOL]DomRSRUSDUWHGHWRGRVRVSDUWLFLSDQWHV
GDRUJDQL]DomRGHVHQYROYHQGRXPDFXOWXUDGHLQIRUPDomRHLQWHOLJrQFLD
%DWWDJOLD FRORFD TXH R VLVWHPD GH LQWHOLJrQFLD p XP SURFHVVR GH GHFLV}HV
HVWUDWpJLFDV WiWLFDV H RSHUDFLRQDLV )LFD HYLGHQWH TXH WRGRV HVWHV WySLFRV
DFUHVFLGRV GD SUySULD IHUUDPHQWD GH LQIRUPiWLFD R FRPSXWDGRU HVWmR DFHVVtYHLV D
WRGDVDVRUJDQL]Do}HVHPERUDQmRVHYHULILTXHTXHLVWRRFRUUDGHPRGRJHUDO1D
YHUGDGH HP HVWXGRV DQWHULRUHV 1LFKHOH HVFODUHFH TXH HVWD FRQGLomR Vy p
FODUDHPHPSUHVDVGHPpGLRSDUDJUDQGHSRUWH
([LVWH XPD GHPDQGD IRUWH H XPD RIHUWD SDUD D VROXomR GH QHFHVVLGDGHV GH
FRQWUROHV JHUHQFLDLV DOJXPDV YH]HV QHJOLJHQFLDGDV SHORV HPSUHViULRV DSHVDU GH
VXD LPSRUWkQFLD *RPHV H 6DODV H[SOLFDP TXH R FRQWUROH GH JHVWmR p XP
³PHFDQLVPRGHUHIRUoRGRFRPSRUWDPHQWRSRVLWLYRHFRUUHomRGHUXPRQRFDVRGH
UHVXOWDGRV QmR GHVHMDGRV´ 2 JUDQGH SUREOHPD p TXH QHP WRGDV DV HPSUHVDV
SRGHP VH YDOHU GHVWHV FRQWUROHV GH JHVWmR SRU QmR GLVSRUHP GH GDGRV SDUD
DOLPHQWDUHVWHVVLVWHPDV6WRQHUH)UHHPDQGHVWDFDPDQHFHVVLGDGHGHVH
REWHU LQIRUPDo}HV WDQWR LQWHUQDV FRPR H[WHUQDV SHOD SUySULD QDWXUH]D HPSUHVDULDO
2V FRQWUROHV JHUHQFLDLV SHUPLWHP TXH RV DGPLQLVWUDGRUHV YHMDP D RUJDQL]DomR
FRPRXPWRGRHFRPRSDUWHGHXPVLVWHPDPDLRURDPELHQWHH[WHUQR
0XLWDVHPSUHVDVSRVVXHPVLVWHPDVTXHSURYrHPDRVJHVWRUHVDVLQIRUPDo}HVTXH
QHFHVVLWDP FRPR p R FDVR GRV 6LVWHPDV GH ,QIRUPDo}HV *HUHQFLDLV 6,*
&RQIRUPH6WRQHUH)UHHPDQR´6,*pRVLVWHPDGHLQIRUPDo}HVEDVHDGRHP
FRPSXWDGRU GHVWLQDGR D WRUQDU PDLV HILFD] R SODQHMDPHQWR DV GHFLV}HV H R
FRQWUROH´ $VVLP R 6,* DWXD QDV RUJDQL]Do}HV FRPR DX[LOLDU GRV JHVWRUHV GDQGR
VXSRUWH j WRPDGD GH GHFLVmR H DR SURFHVVR GH FRQWUROH GH JHVWmR 1HVWD YLVmR
$WNLQVRQ HW DO WUDWDP R FRQWUROH GH JHVWmR FRPR ³R FRQMXQWR GH PpWRGRV H
IHUUDPHQWDV TXH RV PHPEURV GD HPSUHVD XVDP SDUD PDQWrOD QD WUDMHWyULD SDUD
DOFDQoDU VHXV REMHWLYRV´ 7RGD HVWD DXWRPDWL]DomR JHUDGD SHOD LQIRUPiWLFD
FRPSXWDGRUHV VRIWZDUHV H D ,QWHUQHW SRUpP QmR VREUHYLYH VHP XPD FXOWXUD
RUJDQL]DFLRQDO TXH DSyLH HVWH WUDEDOKR 6HJXQGR &DUGRVR ³QHQKXP
LQVWUXPHQWRGHFRQWUROHIXQFLRQDVR]LQKR'HSHQGHGDLQWHUYHQomRGHSHVVRDVSDUD
VXD RSHUDomR DQiOLVH H LQWHUSUHWDomR´ $VVLP XP FRQMXQWR GH LQVWUXPHQWRV TXH
DWHQGDP jV QHFHVVLGDGHV GH XPD HPSUHVD QmR QHFHVVDULDPHQWH LUi VDWLVID]HU DV
GHRXWUD
7RPDGDGHGHFLVmR
$GHFLVmRHILFD]
([HFXWLYRV HILFD]HV QmR WRPDP PXLWDV GHFLV}HV HOHV FRQFHQWUDPVH QR TXH p
LPSRUWDQWH ([HFXWLYRV HILFD]HV VDEHP TXDQGR XPD GHFLVmR GHYH EDVHDUVH HP
SULQFtSLRV H TXDQGR GHYH VHU WRPDGD SUDJPDWLFDPHQWH FRQIRUPH R PpULWR GD
TXHVWmR6DEHPTXHDGHFLVmRDUGLORVDpDTXHODTXHVHVLWXDQRPHLRWHUPRHQWUHD
GHFLVmRFRUUHWDHDHUUDGDHMiDSUHQGHPGLVWLQJXLUXPDGDRXWUD7RGDGHFLVmRp
XP MXOJDPHQWR TXH HQYROYH ULVFR $ VHJXLU D VHTrQFLD GH HWDSDV HQYROYLGDV QR
SURFHVVRGHWRPDGDGHGHFLVmR'58&.(5
&ODVVLILFDURSUREOHPD±HOHpJHQpULFRRXH[FHSFLRQDOH~QLFR"
'HILQLURSUREOHPD±FRPRTXHHVWDPRVOLGDQGR"
(VSHFLILFDUDUHVSRVWDQRSUREOHPD±TXDLVVmRDVFRQGLo}HVOLPLWH"
'HFLGLU
$UDFLRQDOLGDGHUHTXHUXPFRQKHFLPHQWRWRWDOHSUHYLVmRGDVFRQVHTrQFLDVGH
FDGD HVFROKD 1D YHUGDGH R FRQKHFLPHQWR GDV FRQVHTrQFLDV p VHPSUH
IUDJPHQWiULR
&RPRFRQVHTrQFLDVSHUWHQFHPDRIXWXURHDLPDJLQDomRGHYHVXSULUDIDOWDGH
H[SHULrQFLDSDUDDYDOLiODVPDVDSUHYLVmRGHYDORUHVpVHPSUHLPSHUIHLWD
(P WHUPRV JHUDLV DV SHVVRDV EXVFDP XP UHVXOWDGR VDWLVIDWyULR H QmR R PHOKRU
UHVXOWDGRQDWRPDGDGHGHFLV}HVRXVHMDHVFROKHPXPDDOWHUQDWLYDTXHVDWLVIDoD
DOJXQV FULWpULRV H QmR D PHOKRU DOWHUQDWLYD (ODV WDPEpP VHJXHP SURJUDPDV RX
URWLQDVTXHVLPSOLILFDPRSURFHVVRGHWRPDGDGHGHFLV}HVUHGX]LQGRDQHFHVVLGDGH
GH EXVFD GH HVFROKD RX GH VROXomR GRV SUREOHPDV 6HJXQGR &KRR D
VROXomRyWLPDpVXEVWLWXtGDSHODVROXomRVDWLVIDWyULDDVDOWHUQDWLYDVSDUDDomRHDV
FRQVHTrQFLDV GD DomR VmR GHVFREHUWDV JUDGXDOPHQWH SRU PHLR GH SURFHVVRV GH
EXVFD RV SURJUDPDV GH DomR VmR GHVHQYROYLGRV SHODV RUJDQL]Do}HV H SHORV
LQGLYtGXRV H VHUYHP GH RSo}HV DOWHUQDWLYDV HP VLWXDo}HV UHFRUUHQWHV &DGD
SURJUDPD HVSHFtILFR GH DomR OLGD FRP XP Q~PHUR UHVWULWR GH VLWXDo}HV H GH
FRQVHTrQFLDV H FDGD SURJUDPD GH DomR SRGH VHU H[HFXWDGR FRP XPD UHODWLYD
LQGHSHQGrQFLDGRVRXWURV
(P FRQVHTrQFLD GD UDFLRQDOLGDGH OLPLWDGD D GHFLVmR p RULHQWDGD SHOD EXVFD GH
DOWHUQDWLYDV VXILFLHQWHPHQWH ERDV H QmR SHOD EXVFD GDV PHOKRUHV DOWHUQDWLYDV
SRVVtYHLV8PDDOWHUQDWLYDpFRQVLGHUDGDVDWLVIDWyULDTXDQGRVDWLVID]RVFULWpULRVTXH
GHILQHPDV³DOWHUQDWLYDVPLQLPDPHQWHVDWLVIDWyULDV´&+22
&RPRGHVWDFDGRQRSULQFtSLRRWHPSRGRVH[HFXWLYRVpHVFDVVRHDFLPDGHWXGR
GH HQHUJLD LQWHOHFWXDO SDUD LGHQWLILFDU DV DOWHUQDWLYDV SUHYHU DV FRQVHTrQFLDV H
HVFODUHFHUDVSUHIHUrQFLDVDDWHQomRWRUQDVHXPUHFXUVRHVFDVVRTXHLQIOXHQFLDD
GHFLVmR DVVLP FRPR D TXDQWLGDGH H D TXDOLGDGH GD LQIRUPDomR QD TXDO HOD VH
EDVHLD
1mRVyQDWRPDGDGHGHFLV}HVPDVWDPEpPQDEXVFDGDLQIRUPDomRDEXVFDGD
VROXomRVDWLVIDWyULDpXPDUHJUD$EXVFDpVHPSUHLQGX]LGDSHORIUDFDVVRRXVHMD
HOD FRPHoD TXDQGR R GHVHPSHQKR FDL DEDL[R GH XP QtYHO DFHLWiYHO H SDUD RX
GHFUHVFHTXDQGRRGHVHPSHQKRDWLQJHRQtYHOGHVHMDGR
8PD GDV SULQFLSDLV FRQWULEXLo}HV GH VLVWHPDV GH LQIRUPDomR WHP VLGR PHOKRUDU D
WRPDGD GH GHFLVmR VHMD QR FDVR GH LQGLYtGXRV RX GH JUXSRV 2V VLVWHPDV GH
JHVWmRSRUPHLRGDGLVSRQLELOL]DomRGHLQIRUPDo}HVSHUPLWLUDPXPHQYROYLPHQWRGH
YiULRV QtYHLV GH SHVVRDV QD HPSUHVD GHQWUR SURFHVVR GH WRPDGD GH GHFLVmR TXH
DQWHV VH FRVWXPDYD OLPLWDUVH j GLUHWRULD &RQIRUPH /DXQGRQ H /DXGRQ DV
GHFLV}HV SRGHP VHU FODVVLILFDGDV HP HVWUXWXUDGDV H VHPLHVWUXWXUDGDV H QmR
HVWUXWXUDGDV
'HFLV}HV QmR HVWUXWXUDGDV VmR DTXHODV HP TXH R UHVSRQViYHO SHOD WRPDGD GH
GHFLVmRGHYHXVDUVHXERPVHQVRVXDFDSDFLGDGHGHDYDOLDomRHVXDSHUVSLFiFLD
QD GHILQLomR GR SUREOHPD 6mR GHFLV}HV LQXVLWDGDV H QmR URWLQHLUDV H QmR Ki
SURFHGLPHQWRVEHPFRPSUHHQGLGRVRXSUHGHILQLGRVSDUDWRPiODV
JHUHQFLDLVIRUPDLVHVmRLQDGHTXDGRVSDUDGHVFUHYHURTXHRVJHUHQWHVUHDOPHQWH
ID]HP
7RPDUGHFLVmRJHUDOPHQWHpRSDSHOPDLVGHVDILDGRUSDUDXPJHUHQWH2VVLVWHPDV
GH LQIRUPDomR WrP DX[LOLDGR RV JHUHQWHV D FRPXQLFDU H GLVWULEXLU LQIRUPDo}HV 1R
HQWDQWR HVVHV VLVWHPDV DSHQDV RIHUHFHP DVVLVWrQFLD OLPLWDGD DR SURFHVVR
GHFLVyULRJHUHQFLDO
2 SURFHVVR GH WRPDGD GH GHFLV}HV SRGH VHU FODVVLILFDGR SRU QtYHO RUJDQL]DFLRQDO
FRUUHVSRQGHQGR DRV QtYHLV HVWUDWpJLFRV JHUHQFLDO GH FRQKHFLPHQWR H RSHUDFLRQDO
GDRUJDQL]DomRHGHWHUPLQDRVREMHWLYRVRVUHFXUVRVHDVSROtWLFDVGDRUJDQL]DomR
$ WRPDGD GH GHFLVmR SDUD R FRQWUROH GD JHVWmR SUHRFXSDVH SULQFLSDOPHQWH FRPR
JUDXGHHILFLrQFLDHHILFiFLDFRPTXHRVUHFXUVRVVmRXWLOL]DGRVHFRPDTXDOLGDGH
GR GHVHPSHQKR GDV XQLGDGHV GH RSHUDomR 2 SURFHVVR GHFLVyULR RSHUDFLRQDO
GHWHUPLQD FRPR UHDOL]DU DV WDUHIDV HVSHFtILFDV DSUHVHQWDGDV SHORV WRPDGRUHV GH
GHFLV}HV GDV JHUrQFLDV HVWUDWpJLFD H PpGLD 2 SURFHVVR GHFLVyULR GR QtYHO GR
FRQKHFLPHQWRWUDWDGDDYDOLDomRGHQRYDVLGpLDVSDUDSURGXWRVHVHUYLoRVPDQHLUDV
GH FRPXQLFDU QRYRV FRQKHFLPHQWRV H PRGRV GH GLVWULEXLU D LQIRUPDomR SRU WRGD D
RUJDQL]DomR
6LPRQ GHVFUHYHX TXDWUR GLIHUHQWHV HVWiJLRV QR SURFHVVR GH GHFLVmR
LQWHOLJrQFLD FRQFHSomR VHOHomR H LPSOHPHQWDomR $ LQWHOLJrQFLD FRQVLVWH HP
GHVFREULULGHQWLILFDUHHQWHQGHURVSUREOHPDVTXHHVWmRRFRUUHQGRQDRUJDQL]DomR±
SRUTXH H[LVWH XP SUREOHPD RQGH HOH HVWi H TXDO R VHX HIHLWR 2V VLVWHPDV GH
LQIRUPDomR JHUHQFLDLV WUDGLFLRQDLV TXH SURYrHP XPD DPSOD YDULHGDGH GH
LQIRUPDo}HV GHWDOKDGDV SRGHP DMXGDU D LGHQWLILFDU SUREOHPDV HVSHFLDOPHQWH VH R
VLVWHPDHPLWHUHODWyULRVGHH[FHomR
$ VHOHomR FRQVLVWH HP HVFROKHU XPD GDV DOWHUQDWLYDV GH VROXomR 1HVVH SRQWR R
UHVSRQViYHO SHOD GHFLVmR SRGHUi SUHFLVDU GH XP VLVWHPD GH JUDQGH SRUWH SDUD
WUDEDOKDUXPDPDLRUTXDQWLGDGHGHGDGRVIUHQWHDXPDYDULHGDGHGHDOWHUQDWLYDVH
PRGHORV FRPSOH[RV RX IHUUDPHQWDV GH DQiOLVH GH GDGRV SDUD YHULILFDU WRGRV RV
FXVWRVDVFRQVHTrQFLDVHDVRSRUWXQLGDGHV
'LYHUVRV PRGHORV SURFXUDP GHVFUHYHU FRPR DV SHVVRDV WRPDP GHFLV}HV DOJXQV
GHOHVIRFDPDGHFLVmRLQGLYLGXDOHRXWURVDGHFLVmRHPJUXSR0RGHORVLQGLYLGXDLV
GH WRPDGD GH GHFLV}HV SUHVVXS}HP TXH RV VHUHV KXPDQRV VmR GH FHUWR PRGR
UDFLRQDLV
6HJXQGR/DXGRQH/DXGRQR0RGHOR5DFLRQDOGHFRPSRUWDPHQWREDVHLDVH
QD LGpLD GH TXH DV SHVVRDV HPSHQKDPVH HP FiOFXORV FRQVLVWHQWHV UDFLRQDLV H
PD[LPL]DGRUHV GH YDORU 6HJXQGR HVVH PRGHOR R LQGLYtGXR LGHQWLILFD XP REMHWLYR
RUGHQDWRGDVDVDo}HVSRVVtYHLVTXHSRVVDPDMXGDUDDWLQJLURREMHWLYRHHVFROKHD
TXH PDLV FRQWULEXL 2V FUtWLFRV GHVVH PRGHOR GL]HP TXH QD UHDOLGDGH DV SHVVRDV
QmRSRGHPHVSHFLILFDUWRGDVDVDOWHUQDWLYDVHTXHDPDLRULDGHODVQmRWHPREMHWLYRV
VLQJXODUHVHpLQFDSD]GHRUGHQDUWRGDVDVDOWHUQDWLYDV
1HQKXP HVWLOR p FRQVLGHUDGR VXSHULRU DR RXWUR H FDGD XP SRGH VHU YDQWDMRVR HP
GHWHUPLQDGDV VLWXDo}HV (QTXDQWR SUREOHPDV HVWUXWXUDGRV FRP TXHVW}HV EHP
GHWHUPLQDGDVHSUHFLVDVSRGHPVHUPDLVEHPDWDFDGRV³SHQVDQGRVHSULPHLUR´QRV
HVWiJLRV OyJLFRV RXWURV TXH UHTXHUHP VROXo}HV LQXVLWDGDV H FULDWLYDV SRGHP VHU
PHOKRUUHVROYLGRVSRUXPODPSHMRGHLQWXLomRRXH[SHULPHQWDQGRGLYHUVRVFXUVRVGH
DomRHYHULILFDQGRTXDOGHOHVIXQFLRQD0,17=%(5*H:(67/(<
$ WRPDGD GH GHFLV}HV QHP VHPSUH p UHDOL]DGD SRU XP ~QLFR LQGLYtGXR PDV SRU
JUXSRV RX RUJDQL]Do}HV LQWHLUDV 0RGHORV RUJDQL]DFLRQDLV GH WRPDGD GH GHFLV}HV
OHYDP HP FRQWD DV FDUDFWHUtVWLFDV EXURFUiWLFDV H SROtWLFDV GH XPD RUJDQL]DomR
$OJXPDV Do}HV SRGHP VHU EDVHDGDV QRV SURFHGLPHQWRV RSHUDFLRQDLV SDGUmR GD
RUJDQL]DomR SRUTXH DIDVWDUVH UDGLFDOPHQWH GDV SROtWLFDV YLJHQWHV HQYROYH XPD
LQFHUWH]D PXLWR JUDQGH 2 TXH DV RUJDQL]Do}HV SRGHP ID]HU UHVXOWD GH EDUJDQKDV
SROtWLFDVDFHUWDGDVHQWUHOtGHUHVHJUXSRVGHLQWHUHVVH
(QWHQGLPHQWRGRVVLVWHPDVGHLQIRUPDomRQDWRPDGDGHGHFLVmR
3DUDSURSRUFLRQDUUHDLVEHQHItFLRVRVVLVWHPDVGHLQIRUPDomRGHYHPVHUPRQWDGRV
FRPXPFODURHQWHQGLPHQWRGDRUJDQL]DomRQDTXDOUHVLGHPHGHFRPRH[DWDPHQWH
SRGHP FRQWULEXLU SDUD WRPDGDGHGHFLV}HV JHUHQFLDLV 6HJXQGR/DXGRQ H /DXGRQ
RV IDWRUHV FHQWUDLV GD RUJDQL]DomR TXH GHYHP VHU FRQVLGHUDGRV QR
SODQHMDPHQWRGHXPQRYRVLVWHPDVmR
2DPELHQWHHPTXHDRUJDQL]DomRGHYHIXQFLRQDU
$FXOWXUDHDVSROtWLFDVGDRUJDQL]DomR
2WLSRGHRUJDQL]DomRHVHXHVWLORGHOLGHUDQoD
2V SULQFLSDLV JUXSRV GH LQWHUHVVH DIHWDGRV SHOR VLVWHPD H DV DWLWXGHV GRV
WUDEDOKDGRUHVTXHRXWLOL]DUmR
2VWLSRVGHWDUHIDVGHFLV}HVHSURFHVVRVTXHRVLVWHPDGHLQIRUPDomRSURMHWDGR
GHYHUiDSRLDU
2V VLVWHPDV GHYHP VHU PRQWDGRV WDQWR SDUD GDU VXSRUWH j WRPDGD GH GHFLV}HV
LQGLYLGXDO TXDQWR j WRPDGD GH GHFLV}HV HP JUXSR 2V SURMHWLVWDV GHYHP FULDU
VLVWHPDV GH LQIRUPDomR TXH WHQKDP DV VHJXLQWHV FDUDFWHUtVWLFDV VHMDP IOH[tYHLV H
SURSRUFLRQHP PXLWDV RSo}HV SDUD R PDQXVHLR GH GDGRV H SDUD D DYDOLDomR GD
LQIRUPDomR VHMDP FDSD]HV GH DSRLDU XPD YDULHGDGH GH HVWLORV KDELOLGDGHV H
FRQKHFLPHQWRV EHP FRPR DFRPSDQKDU R DQGDPHQWR GH PXLWDV DOWHUQDWLYDV H
FRQVHTrQFLDV VHMDP VHQVtYHLV jV H[LJrQFLDV SROtWLFDV H EXURFUiWLFDV GD
RUJDQL]DomR 'HQWUR GH WRGDV HVWDV FDUDFWHUtVWLFDV RV VLVWHPDV (53 (QWUHSULVH
5HVRXUFH 3ODQQLQJ IL]HUDP XPD YHUGDGHLUD UHYROXomR WHFQROyJLFD GHQWUR GDV
HPSUHVDV QDV ~OWLPDV GpFDGDV HP WHUPRV GH SURYHU LQIRUPDo}HV SDUD WRPDGD GH
GHFLV}HV QDV RUJDQL]Do}HV 1R SUy[LPR FDStWXOR SUHWHQGHVH DYDOLDU FRPR RV
VLVWHPDV(53LPSDFWDPQDIRUPDomRGHYDULiYHLVHVWUDWpJLFDVQDRUJDQL]DomR
6LVWHPDV(53HVHXLPSDFWRVREUHYDULiYHLVHVWUDWpJLFDV
&HUWRV WLSRV GH VLVWHPDV GH LQIRUPDomR WRUQDUDPVH HVSHFLDOPHQWH FUtWLFRV SDUD D
SURVSHULGDGHHDVREUHYLYrQFLDGDHPSUHVDQRORQJRSUD]R7DLVVLVWHPDVTXHVmR
SRGHURVDVIHUUDPHQWDV SDUD SHUPDQHFHU jIUHQWH GRV FRQFRUUHQWHV VmR FKDPDGRV
GHVLVWHPDVHVWUDWpJLFRVGHLQIRUPDomR
2V VLVWHPDV HVWUDWpJLFRV GH LQIRUPDomR DOWHUDP PHWDV RSHUDo}HV SURGXWRV RX
UHODFLRQDPHQWRVFRPRDPELHQWHGDVRUJDQL]Do}HVSDUDDMXGiODVDFRQTXLVWDUXPD
YDQWDJHP VREUH RV FRQFRUUHQWHV (OHV SRGHP DWp PHVPR PXGDU R QHJyFLR GDV
RUJDQL]Do}HV 3RU H[HPSOR R 6WDWH 6WUHHW %DQN DQG 7UXVW &R GH %RVWRQ (8$
WUDQVIRUPRX VHX QHJyFLR FHQWUDO GH VHUYLoRV EDQFiULRV WUDGLFLRQDLV FRPR FRQWDV
FRUUHQWHV H GH SRXSDQoD H HPSUpVWLPRV SDUD SHVVRDV ItVLFDV HP VHUYLoRV
HOHWU{QLFRV GH FRQWDELOLGDGH H GH LQIRUPDo}HV ILQDQFHLUDV IRUQHFHQGR VHUYLoRV GH
SURFHVVDPHQWR GH GDGRV SDUD IXQGRV GH YDORUHV PRELOLiULRV H IXQGRV P~WXRV H
VHUYLoRVGHPRQLWRUDomRGHJHUHQWHVILQDQFHLURVSDUDIXQGRVGHSHQVmR
2VVLVWHPDVHVWUDWpJLFRVSRGHPVHUXVDGRVHPWRGRVRVQtYHLVRUJDQL]DFLRQDLVVHX
DOFDQFH p PXLWR PDLV DPSOR H WHP UDt]HV PDLV SURIXQGDV GR TXH RXWURV VLVWHPDV
(OHV DOWHUDP SURIXQGDPHQWH R PRGR FRPR D HPSUHVD FRQGX] VXD RSHUDo}HV
LQWHUQDVH VHXV UHODFLRQDPHQWRV FRP FOLHQWHV HIRUQHFHGRUHV SDUD WLUDU SURYHLWR GD
QRYDWHFQRORJLDGHVLVWHPDVGHLQIRUPDomR
3URFHVVRV GH QHJyFLRV SRGHP VHU GHILQLGRV FRPR XP FRQMXQWR GH WDUHIDV H
SURFHGLPHQWRVLQWHUGHSHQGHQWHVUHDOL]DGRVSDUDDOFDQoDUXPGHWHUPLQDGRUHVXOWDGR
HPSUHVDULDO2GHVHQYROYLPHQWRGHXPQRYRSURGXWRRDWHQGLPHQWRDVROLFLWDomRGH
XPFOLHQWHVmRH[HPSORVGHSURFHVVR6HJXQGR'DYHQSRUWH6KRUWXPDGDV
FDUDFWHUtVWLFDVGRVSURFHVVRVGHQHJyFLRVpRIDWRGHTXHHOHVQRUPDOPHQWHFUX]DP
IURQWHLUDV RUJDQL]DFLRQDLV LVWR p DV WDUHIDV GH XP PHVPR SURFHVVR SRGHP VHU
UHDOL]DGDVSRUGLIHUHQWHVGHSDUWDPHQWRVHPXPDHPSUHVD
$VVLPFRPRRVGHPDLVSDFRWHVFRPHUFLDLVRVVLVWHPDV(53QmRVmRGHVHQYROYLGRV
SDUD FOLHQWHV HVSHFtILFRV SURFXUDQGR DWHQGHU D UHTXLVLWRV JHQpULFRV GR PDLRU
Q~PHURSRVVtYHOGHHPSUHVDVMXVWDPHQWHSDUDH[SORUDURJDQKRGHHVFDODHPVHX
GHVHQYROYLPHQWR 3RUWDQWR SDUD TXH SRVVDP VHU FRQVWUXtGRV p QHFHVViULR TXH
LQFRUSRUHP PRGHORV GH SURFHVVRV GH QHJyFLR REWLGRV SRU PHLR GD H[SHULrQFLD
DFXPXODGD SHODV HPSUHVDV IRUQHFHGRUDV HP UHSHWLGRV SURFHVVRV GH
LPSOHPHQWDomR RX HODERUDGRV SRU HPSUHVDV GH FRQVXOWRULD HP SHVTXLVD GH
SURFHVVRVGHEHQFKPDUNLQJ'HQWURGHVWHFRQFHLWRRWHUPRPHOKRUHVSUiWLFDVEHVW
SUDFWLFHV p XVDGR SDUD UHSUHVHQWDU R VXFHVVR GRV SURFHVVRV GH QHJyFLR
SDGURQL]DGRVLPSOHPHQWDGRV
2WHUPREHVWSUDFWLFHVpXWLOL]DGRSRUIRUQHFHGRUHVGHVLVWHPDV(53HFRQVXOWRUHV
SDUD GHVLJQDU HVVHV PRGHORVSDGUmR PDV p SUHFLVR FHUWR FXLGDGR TXDQWR DR VHX
UHDO VLJQLILFDGR 2 *DUWQHU *URXS SRU H[HPSOR UHIHUHVHD HVVHV PRGHORV
SDGUmR GH SURFHVVRV FRPR DYHUDJH SUDFWLFHV SUiWLFDV FRPXQV 'DYHQSRUW
DILUPDTXH³>QRFDVRGRVVLVWHPDV(53@pRIRUQHFHGRUHQmRRFOLHQWHTXHGHILQHR
TXHPHOKRUTXHUGL]HUHTXHHPDOJXQVFDVRVRVSUHVVXSRVWRVGRVLVWHPDSRGHPLU
UHDOPHQWHGHHQFRQWURDRVLQWHUHVVHVGDHPSUHVD´
2V VLVWHPDV (53 UHDOPHQWH LQWHJUDGRV VmR FRQVWUXtGRV FRPR XP ~QLFR VLVWHPD
HPSUHVDULDOTXHDWHQGHDRVGLYHUVRVGHSDUWDPHQWRVGDHPSUHVDHPRSRVLomRDXP
FRQMXQWR GH VLVWHPDV TXH DWHQGHP LVRODGDPHQWH D FDGD XP GHOHV (QWUH DV
SRVVLELOLGDGHVGHLQWHJUDomRRIHUHFLGDVSRUVLVWHPDV(53HVWiRFRPSDUWLOKDPHQWR
GHLQIRUPDo}HVFRPXQVHQWUHRVGLYHUVRVPyGXORVGHPDQHLUDTXHFDGDLQIRUPDomR
VHMDDOLPHQWDGDQRVLVWHPDXPD~QLFDYH]HDYHULILFDomRFUX]DGDGHLQIRUPDo}HV
HQWUHGLIHUHQWHVSDUWHVGRVLVWHPD8PH[HPSORpDYHULILFDomRGHQRWDVILVFDLVGH
HQWUDGD QR UHFHELPHQWR FRPSDUDQGRDV FRP RV GDGRV GH SHGLGRV GH FRPSUD H
JDUDQWLQGRRUHFHELPHQWRDSHQDVFRPSUHoRVHTXDQWLGDGHVFRUUHWRV
e LPSRUWDQWH WDPEpP GLIHUHQFLDU R WHUPR ³LQWHJUDomR GR VLVWHPD (53´ GR WHUPR
³LQWHJUDomR GH DSOLFDo}HV´ 2 WHUPR LQWHJUDomR GH DSOLFDo}HV UHSUHVHQWD SRVVtYHLV
FXVWRPL]Do}HV GHVHQYROYLPHQWRV H XWLOL]DomR GH RXWURV SDFRWHV SDUD UHDOL]DU D
FRPXQLFDomRHQWUHRVVLVWHPDV(53HRXWURVVLVWHPDVXWLOL]DGRVSHODHPSUHVDWDLV
FRPRVLVWHPDVGHVXSRUWHjGHFLVmR
%DQFR GH GDGRV FRUSRUDWLYRV QD YHUGDGH VmR EDQFRV GH GDGRV FHQWUDOL]DGRV GH
XVRFRPXPWRWDOPHQWHLQWHJUDGRjVXDXWLOL]DomR,VWRHQWUHWDQWRLQWHUS}HGHVDILRV
RUJDQL]DFLRQDLVVLJQLILFDWLYRVSDUDDHPSUHVDGXUDQWHRSURFHVVRGHLPSOHPHQWDomR
SRUpP SOHQDPHQWH FRPSHQVDGRV SHODV YDQWDJHQV TXH HVWD VROXomR WUD] FRQVLJR
(VWDSUiWLFDHPJHUDOpSUHFRQL]DGDSHORVVLVWHPDV(53
$EUDQJrQFLD IXQFLRQDO GHYH VHU FRPSUHHQGLGD FRPR D DPSOD JDPD GH IXQo}HV
HPSUHVDULDLV DWHQGLGDV SHORV VLVWHPDV (53 $ LGpLD GR VLVWHPD (53 p FREULU R
Pi[LPRSRVVtYHOGHIXQFLRQDOLGDGHDWHQGHQGRDRPDLRUQ~PHURGHDWLYLGDGHVGHQWUR
GD FDGHLD GH YDORU ([LVWHP SDFRWHV HVSHFLDOPHQWH GHVHQYROYLGRV SDUD R
DWHQGLPHQWRGHGHWHUPLQDGDVIXQo}HVHPSUHVDULDLVTXHVXSHUDPRVVLVWHPDV(53
QR DWHQGLPHQWR D HVVDV IXQo}HV $ QHFHVVLGDGH GH XWLOL]DomR GHVVHV VLVWHPDV
REULJDSRUYH]HVRWUDEDOKRGHFULDomRGHLQWHUIDFHVGHFRPXQLFDomRHQWUHRV(53
HRXWURVVLVWHPDV
6HJXQGR /XFDV ³p LPSURYiYHO TXH XP SDFRWH Yi DWHQGHU H[DWDPHQWH DRV
UHTXLVLWRV GD HPSUHVD R TXH JHUD GLVFUHSkQFLD HQWUH DV SDUWHV´ WRUQDVH HQWmR
3ULQFLSDLVFRQFHLWRVUHODFLRQDGRVDR(53IXQFLRQDOLGDGHPyGXORVSDUDPHWUL]DomR
FRQILJXUDomRFXVWRPL]DomRORFDOL]DomRHDWXDOL]DomRGHYHUV}HV)XQFLRQDOLGDGHp
R FRQMXQWR WRWDO GH IXQo}HV HPEXWLGDV HP XP VLVWHPD (53 VXDV FDUDFWHUtVWLFDV H
VXDV GLIHUHQWHV SRVVLELOLGDGHV GH XVR $ FRPSRVLomR GHVWDV IXQo}HV IRUPD R
VLVWHPD GH LQIRUPDo}HV WUDQVDFLRQDO TXH Gi VXSRUWH DRV SURFHVVRV GH QHJyFLRV
0DLVJHQHULFDPHQWHRWHUPRIXQFLRQDOLGDGHpXWLOL]DGRSDUDUHSUHVHQWDURFRQMXQWR
WRWDO GH GLIHUHQWHV VLWXDo}HV TXH SRGHP VHU FRQWHPSODGRV H GLIHUHQWHV SURFHVVRV
TXHSRGHPVHUH[HFXWDGRVDRVLVWHPD([HPSORVHXPDHPSUHVDGHVHMDFRQWURODU
RV GHVFRQWRV FRQFHGLGRV SRU YHQGHGRU 3DUD TXH LVVR IRVVH SRVVtYHO WDO VLWXDomR
GHYHULDHVWDULQFOXtGDQRFRQMXQWRGHIXQFLRQDOLGDGHGRVLVWHPD
0yGXORV VmR RV PHQRUHV FRQMXQWRV GH IXQo}HV TXH SRGHP VHU DGTXLULGRV H
LPSOHPHQWDGRV VHSDUDGDPHQWH 1RUPDOPHQWH WDLV FRQMXQWRV GH IXQo}HV
FRUUHVSRQGHPDGLYLV}HVGHSDUWDPHQWDLVGDHPSUHVDYHQGDVILQDQFHLURSURGXomR
HWF3DUDPHWUL]DomRpRSURFHVVRGHDGHTXDomRGDIXQFLRQDOLGDGHGHXPVLVWHPD
(53DXPDGHWHUPLQDGDHPSUHVDSRUPHLRGDGHILQLomRGRVYDORUHVGHSDUkPHWURV
MiGLVSRQLELOL]DGRVQRSUySULRVLVWHPD6HJXQGR0DUWLQH0F&OXUH³XPDERD
SRVVLELOLGDGH GH SDUDPHWUL]DomR p D FKDYH SDUD ID]HU SDFRWHV VH DGDSWDUHP jV
RUJDQL]Do}HV FRP XP PtQLPR GH QHFHVVLGDGHV GH PXGDQoDV H HYLWDU FXVWRV GH
PDQXWHQomR´ &RQILJXUDomR p R QRPH GDGR DR FRQMXQWR WRWDO GRV SDUkPHWURV DSyV
VXDGHILQLomRUHSUHVHQWDQGRRFRQMXQWRGDVRSo}HVGHIXQFLRQDPHQWRGDVGLYHUVDV
IXQo}HVGHXPVLVWHPD(53
&XVWRPL]DomRpDPRGLILFDomRGHXPVLVWHPD(53SDUDTXHHVWHSRVVDVHDGHTXDU
D XPD GHWHUPLQDGD VLWXDomR HPSUHVDULDO LPSRVVtYHO GH VHU UHSURGX]LGD SHORV
SDUkPHWURV Mi H[LVWHQWHV (VWD PRGLILFDomR QRUPDOPHQWH p IHLWD SHOR SUySULR
IRUQHFHGRUDOWHUDQGRRFyGLJRGRVSURJUDPDVSDGUmRGRVLVWHPD(53eLPSRUWDQWH
VDOLHQWDU TXH TXDQWR PDLRU IRU D TXDQWLGDGH GH FXVWRPL]Do}HV UHDOL]DGDV PDLV R
VLVWHPD XWLOL]DGR VH DIDVWD GR PRGHOR GH VLVWHPD (53 H PDLV VH DSUR[LPD GR
PRGHOR GH GHVHQYROYLPHQWR LQWHUQR GH DSOLFDo}HV &RPR FRQVHTrQFLD RV FXVWRV
GHPDQXWHQomR FUHVFHPSRLVPXLWDV YH]HV RVIRUQHFHGRUHVQmRGmR VXSRUWH SDUD
URWLQDV DOWDPHQWH FXVWRPL]DGDV /RFDOL]DomR p DGDSWDomR GH VLVWHPDV (53 SRU
PHLRGHFXVWRPL]Do}HVHSDUDPHWUL]Do}HVGHVHQYROYLGRVHPXPGHWHUPLQDGRSDtV
SDUD XWLOL]DomR HP RXWUR FRQVLGHUDQGR DVSHFWRV FRPR LPSRVWRV WD[DV OHLV H
SURFHGLPHQWRVFRPHUFLDLV$WXDOL]Do}HVGHYHUV}HVRXXSJUDGLQJpRSURFHVVRSHOR
TXDO R IRUQHFHGRU GLVSRQLELOL]D DXPHQWRV QD IXQFLRQDOLGDGH RX FRUUHo}HV GH
SUREOHPDVHHUURVSDUDLQVWDODomRQDHPSUHVD
'H DFRUGR FRP D 'HORLWWH &RQVXOWLQJ PXLWDV HPSUHVDV FRQVLGHUDP RV
VLVWHPDV (53 FRPR XP EDFNERQH RX HVSLQKD GRUVDO VREUH R TXDO QRYDV
IXQFLRQDOLGDGHV SRGHP VHU REWLGDV SHOD LQWHJUDomR GH RXWURV VRIWZDUHV H
FRPSRQHQWHVGHRXWURVIRUQHFHGRUHV$UHVSHLWRGLVVR7DXULRPDILUPDTXH
³RV (53 GHYHP VHU YLVWRV UHDOLVWLFDPHQWH FRPR ³FRUH DSSOLFDWLRQV´ DSOLFDo}HV
FHQWUDLV H SUDWLFDPHQWH WRGDV DV RUJDQL]Do}HV WHUmR VXDV DSOLFDo}HV EiVLFDV
EDVHDGDV QHOHV´ (QWUHWDQWR R DXWRU UHVVDOWD TXH HPERUD D DXVrQFLD GH XP (53
SRVVDVHUSUHMXGLFLDODRQHJyFLRVXDSUHVHQoDQmRVHUiGLIHUHQFLDGRUDHPUHODomRj
FRQFRUUrQFLD
1R QtYHO HPSUHVDULDO D IHUUDPHQWD DQDOtWLFD PDLV FRPXP j DQiOLVH GD FDGHLD GH
YDORU 2 PRGHOR GH FDGHLD GH YDORU GHVWDFD DV DWLYLGDGHV HVSHFtILFDV GD HPSUHVD
HPTXHDVHVWUDWpJLDVFRPSHWLWLYDVSRGHPVHUPHOKRUDSOLFDGDV3257(5H
HPTXHRVVLVWHPDVGHLQIRUPDomRSURYDYHOPHQWHFDXVDUmRPDLRULPSDFWR$FDGHLD
GH YDORU LGHQWLILFD RV SRQWRV GH DODYDQFDJHP HVSHFtILFRV H FUtWLFRV QRV TXDLV D
HPSUHVDSRGHXVDUDWHFQRORJLDGHLQIRUPDomRPDLVHIHWLYDPHQWHSDUDUHDOoDUVXD
SRVLomR FRPSHWLWLYD ([DWDPHQWH RQGH HOD SRGH REWHU R PDLRU EHQHILFLR GRV
VLVWHPDVHVWUDWpJLFRVGHLQIRUPDomR±TXHDWLYLGDGHVHVSHFtILFDVSRGHPVHUXVDGDV
SDUD±FULDUQRYRVSURGXWRVHVHUYLoRVPHOKRUDUDSHQHWUDomRQRPHUFDGRSUHQGHU
FOLHQWHV H IRUQHFHGRUHV H UHGX]LU FXVWRV RSHUDFLRQDLV (VVH PRGHOR GH FDGHLD GH
YDORUSRGHVHUFODVVLILFDGRFRPRDWLYLGDGHVSULPiULDVRXDWLYLGDGHVGHVXSRUWH
(ODVLQFOXHPORJtVWLFDGHVXSULPHQWRVRSHUDo}HVORJtVWLFDGHGLVWULEXLomRYHQGDVH
PDUNHWLQJ H VHUYLoR $V DWLYLGDGHV GH VXSRUWH SRVVLELOLWDP j HPSUHVD D UHDOL]DomR
GDV DWLYLGDGHV SULPiULDV H FRQVLVWHP QD LQIUDHVWUXWXUD GD RUJDQL]DomR
DGPLQLVWUDomR H JHUHQFLDPHQWR UHFXUVRV KXPDQRV UHFUXWDPHQWR FRQWUDWDomR H
WUHLQDPHQWR GH IXQFLRQiULRV WHFQRORJLD PHOKRULD GH SURGXWRV H GR SURFHVVR GH
SURGXomRHVHOHomRGHIRUQHFHGRUHVFRPSUDGHLQVXPRV
3RU PHLR GHVVH PRGHOR D REWHQomR GH EHQHItFLRV H SRVVLYHOPHQWH GH YDQWDJHQV
FRPSHWLWLYDV FRP R XVR GH VLVWHPDV (53 GHSHQGH GH D HPSUHVD XWLOL]iORV SDUD
FRRUGHQDUPHOKRUDVOLJDo}HVHQWUHDVVXDVGLYHUVDVDWLYLGDGHVeHVWHH[DWDPHQWH
RWHPDSULQFLSDOGHVWHWUDEDOKRWHQWDULGHQWLILFDUDFRQWULEXLomRGRVVLVWHPDV(53QD
WRPDGDGHGHFLVmR
3HOR IDWR GH RV VLVWHPDV (53 VHUHP LQWHJUDGRV HOHV LPS}HP XPD YLVmR GH
SURFHVVRV jTXHODV HPSUHVDV TXH RV LPSOHPHQWDP REULJDQGRDV D FRPSUHHQGHU H
WUDQVSRUVXDVEDUUHLUDVGHSDUWDPHQWDLV$LPSOHPHQWDomRGHVVHVVLVWHPDVWUDWDVH
SRUWDQWR GH XPD JUDQGH RSRUWXQLGDGH SDUD TXH DV HPSUHVDV UHYHMDP VHXV
SURFHGLPHQWRV H EXVTXHP DV YDQWDJHQV GD YLVmR GH SURFHVVRV DSUHVHQWDGDV SRU
'$9(13257H6+257
$OpPGLVVRSHORIDWRGHRVVLVWHPDV(53VHUHPFRQVWUXtGRVDSDUWLUGHPRGHORVGH
SURFHVVRVDVFKDPDGDVPHOKRUHVSUiWLFDVHOHVSHUPLWHPTXHDVHPSUHVDVIDoDP
XPD UHYLVmR GH SURFHVVRV D SDUWLU GR TXH WHRULFDPHQWH VmR ERQV PRGHORV LVWR p
WHVWDGRVHHPIXQFLRQDPHQWRHPGLYHUVDVRXWUDVHPSUHVDV
$ UHYLVmR GH SURFHVVRV QmR p IHLWD HQWmR D SDUWLU GH XP SDSHO HP EUDQFR PDV
SDUWHP GH FHUWDV SUHPLVVDV H PRGHORV TXH SRGHP SHOR PHQRV D SULQFLSLR FRQWHU
ERDVLGpLDVHSRVVLELOLGDGHV
8WLOL]DomRGHLQGLFDGRUHVGHGHVHPSHQKR
$VHVWDWtVWLFDVPRVWUDPTXHRVH[HFXWLYRVXWLOL]DPDPDLRUSDUWHGHVHXWHPSRHP
UHXQL}HVGHWUDEDOKRHQTXDQWRDRXWUDSDUWHpGHGLFDGDDYLDJHQVHUHODFLRQDPHQWR
GH QHJyFLRV 3RXFR WHPSR p UHVHUYDGR j YHULILFDomR GH UHVXOWDGRV EDVHDGR HP
LQGLFDGRUHV FKDYHV GH GHVHPSHQKR TXH GLWDP WHQGrQFLDV H EDVHV WpFQLFDV SDUD
WRPDGDV GH GHFLV}HV RX HQWmR FRQWLQXDP D XVDU LQGLFDGRUHV GH FXUWR SUD]R TXH
SUHYDOHFHUDPGXUDQWHGpFDGDVQmRDGRWDQGRQRYDVIRUPDVGHPHQVXUDomRSDUDR
PRQLWRUDPHQWRGDVQRYDVPHWDVHSURFHVVRV
&RP R DYDQoR GD FRPSHWLomR XPD GDV WHQGrQFLDV IXQGDPHQWDLV QR FDPSR
HPSUHVDULDOpDQHFHVVLGDGHGRH[HFXWLYRjIUHQWHGDHPSUHVDDGRWDUXPDSRVWXUD
HVWUDWpJLFD3DUDWDQWRHOHGHYHFRPSUHHQGHURTXHVHSDVVDQDHPSUHVDHHPVHX
HQWRUQR 'H XPD pSRFD HP TXH R SHQVDPHQWR JHUHQFLDO VH RULHQWDYD SDUD
DWLYLGDGHVIXQFLRQDLVHSDUWLFXODUHVFRPRPDUNHWLQJSURGXomRHILQDQoDVGHVSRQWD
R FRQFHLWR GH HVWUDWpJLD FRUSRUDWLYD TXH D YLUDP FRPR XPD LGpLD XQLILFDGRUD GDV
iUHDVIXQFLRQDLVUHODFLRQDQGRVXDVDWLYLGDGHVFRPRDPELHQWHH[WHUQRHDGRWDQGR
D QRomR GH DGHTXDomR HQWUH DV FDSDFLGDGHV ~QLFDV GH XPD HPSUHVD H DV
H[LJrQFLDV FRPSHWLWLYDV GR VHWRU GH DWXDomR $ SDUWLU GHVVHV DXWRUHV 3257(5 H
0,//$5 +$0(/ H 35$+$/' HVVH FRQFHLWR HYROXLX SDUD XP
SRVLFLRQDPHQWRGDVHPSUHVDVHPEXVFDGHYDQWDJHQVFRPSHWLWLYDV
$ PDLRULD GDV RUJDQL]Do}HV SURFXUD XVDU DOJXP WLSR GH SODQHMDPHQWR HVWUDWpJLFR
GHQWUR GR TXDO VH GHILQHP REMHWLYRV H PHWDV D VHUHP DWLQJLGRV XWLOL]DQGR HQWUH
RXWUDV RV LQGLFDGRUHV GH GHVHPSHQKR 3RUpP GH DFRUGR FRP )LVFKPDQQ
DV HVWUDWpJLDV GHILQLGDV SDUD WDQWR HQFRQWUDP EDUUHLUDV H GLILFXOGDGHV QD IDVH GH
LPSOHPHQWDomR H PHVPR R VHX FRQWUROH H[LJH VLVWHPDV TXH SRVVDP SHUPLWLU D
HILFiFLDHDHIHWLYLGDGHGHVHWRPDUPHGLGDVGHDMXVWHRXTXHJHUHPPXGDQoDVGH
VHQWLGRHGLUHomRSHODDOWDDGPLQLVWUDomRGHQWURGHXPSHUtRGRGHWHPSRDGHTXDGR
SDUDDSURYHLWDURSRUWXQLGDGHVRXSDUDHYLWDUSHUGDVHPSUHVDULDLV
6LVWHPDV GH PHGLGDV GH GHVHPSHQKR VmR XPD SDUWH LQWHJUDO GR FRQWUROH GD
DGPLQLVWUDomR 2 VLVWHPD UHIOHWH D ILORVRILD H FXOWXUD RUJDQL]DFLRQDO H GHVFUHYH R
TXDQWRRWUDEDOKRpEHPIHLWRHPWHUPRVGHFXVWRWHPSRHTXDOLGDGH3DUDVHUHP
HIHWLYDV DV PHGLGDV GH GHVHPSHQKR SRU PHLR GH LQGLFDGRUHV QHFHVVLWDP UHIOHWLU
YDULDo}HVRFRUULGDVQDFRPSHWLWLYLGDGH7$7,.21'$H7$7,.21'$
+i QR PRPHQWR XPD EXVFD GH LQVWUXPHQWRV TXH SHUPLWHP GDU D LQGLFDomR GR
FRPSRUWDPHQWRGDHPSUHVDDYDOLDGRVRERVPDLVYDULDGRVkQJXORVDLQGDTXHQD
YHUGDGH R HL[R QR TXDO VH FRQFHQWUD D DQiOLVH GH GHVHPSHQKR p EDVHDGR QD
WUDGLFLRQDOHXVXDOiUHDILQDQFHLUDFRPRpRFDVRGR(FRQRPLF9DOXH$GGHG(9$
9DORU (FRQ{PLFR $GLFLRQDGR $ GHILQLomR GH (9$ p FRQIRUPH 6WHSKHQV H
%DUWXQHFN R EDODQoR FRPSDUDWLYR HQWUH D UHQWDELOLGDGH GDFRPSDQKLDIUHQWH
DRFDSLWDOTXHDSOLFRXSDUDJHUDUHVVDUHQWDELOLGDGH'LHUNVH3DWHOGHVWDFDP
DOpP GR (9$ R YDORU OtTXLGR D WD[D GH UHWRUQR FDOFXODGD SHOD GLYLVmR GR IOX[R GH
LQYHVWLPHQWRV DMXVWDGRV SHOD LQIODomR GLYLGLGR SHORV PRQWDQWHV DMXVWDGRV GRV
3HUFHEHVH QD OHLWXUD OHYDQWDGD TXH HQWUH SURILVVLRQDLV H DXWRUHV OLJDGRV j iUHD
ILQDQFHLUD H FRQWiELO Ki XPD WHQGrQFLD GH SUHRFXSDomR HP DYDOLDU R TXH VH
GHVHQYROYH HP UHODomR D VXDV DWLYLGDGHV QHVVD IXQomR EXVFDQGR H[SOLFDo}HV
EDVHDGDV HP RXWUDV YDULiYHLV SULQFLSDOPHQWH DTXHODV UHODFLRQDGDV DR FRQWH[WR
JOREDO GD RUJDQL]DomR 1HVVH VHQWLGR FRQIRUPH /HLWQHU FRQWUROOHUV
SURILVVLRQDLV QDV HPSUHVDV UHVSRQViYHLV SHOR PRQLWRUDPHQWR DSXUDomR H DQiOLVH
GDV RSHUDo}HV WHVRXUHLURV H &KLHI )LQDQFLDO 2IILFHUV &)2 9LFH3UHVLGHQWHV
)LQDQFHLURVSDVVDUDPDH[DPLQDUVXDVFRPSDQKLDVjOX]GHVHLVHOHPHQWRV2
QHJyFLR SULQFLSDO 0HUFDGR &RPSHWLomR 2SHUDo}HV 'HVHPSHQKR
SDVVDGRH4XDOLGDGHGDDGPLQLVWUDomR
8PD FRPSURYDomR GD SUHRFXSDomR HP UHODomR j YLVmR KROtVWLFD GD TXHVWmR GR
GHVHPSHQKRVmRRVUHVXOWDGRVGHXPHVWXGROHYDGRDHIHLWRSHOD(UQHVW <RXQJ
&HQWHUVIRU%XVLQHVV,QQRYDWLRQFRQIRUPHDSUHVHQWDGRSRU/RZH6LHVIHOG
$ REWHQomR GDV LQIRUPDo}HV SRGH VHU XPD GLILFXOGDGH D VHU WUDQVSRVWD SDUD
HIHWLYDomRGHXPVLVWHPDGHLQGLFDGRUHVGHGHVHPSHQKR&RPRDILUPDP7DNDVKLQD
H )ORUHV Ki D QHFHVVLGDGH GH GLVSRQLELOLGDGH GDV LQIRUPDo}HV 2 VLVWHPD
GHYH VHU HVFROKLGR GH IRUPD D SHUPLWLU j DGPLQLVWUDomR HVWUDWpJLFD WRPDU GHFLV}HV
TXH H[HUoDP QR WHPSR D IXQomR GH UHVROYHU SUREOHPDV UHDGHTXDU SURFHGLPHQWR
SHUFHEHU VROXo}HV VHMD GH SODQHMDPHQWR RX GH FRQWUROH 4XHVW}HV UHODWLYDV DRV
SUySULRV VLVWHPDV GH SURGXomR GDV LQIRUPDo}HV QDV HPSUHVDV PXLWDV YH]HV
LPSHGHPQRPtQLPRDVXDGLVSRQLELOLGDGHHDVVLPWDPEpPDHILFiFLDGHTXDOTXHU
VLVWHPDGHLQGLFDGRUHV
%HQFKPDUNLQJpDSURFXUDFRQWtQXDGHPHOKRUHVPpWRGRVTXHSURGX]HPXPPDLRU
GHVHPSHQKR TXDQGR DGDSWDGRV H LPSOHPHQWDGRV QD SUySULD RUJDQL]DomR 1R
EHQFKPDUNLQJ GHYH VHU GHVWDFDGR R DVSHFWR GH DWLYLGDGH H[SDQVmR FRQWtQXD 2
REMHWLYR GD H[SDQVmR p D LGHQWLILFDomR GRV PHOKRUHV PpWRGRV RSHUDFLRQDLV TXH
TXDQGRLPSOHPHQWDGRVSURGX]HPXPGHVHPSHQKRVXSHULRU
e XP VLVWHPD JHUHQFLDO FDSD] GH PRWLYDU PHOKRULDV GUiVWLFDV HP iUHDV FUtWLFDV
FRPRSURGXWRVSURFHVVRVFOLHQWHVHPHUFDGRV2EDODQFHGVFRUHFDUGRIHUHFHDRV
H[HFXWLYRV XP UHIHUHQFLDO DEUDQJHQWH SDUD WUDGX]LU RV REMHWLYRV HVWUDWpJLFRV GD
HPSUHVDQXPFRQMXQWRFRHUHQWHGHLQGLFDGRUHVGHGHVHPSHQKR
2 PRGHOR %DODQFHG 6FRUHFDUG %6& SRGH PHGLU R TXH VH TXLVHU UHIOHWLQGR D
QDWXUH]D GR QHJyFLR H VXD HVWUDWpJLD FRQIRUPH SURSRVWD SRU .DSODQ H 1RUWRQ
$OJXQV WLSRV GH EDODQFHG VFRUHFDUG SRGHULDP SRU H[HPSOR FRQWHU
LQGLFDGRUHV DEUDQJHQGR DOpP GD iUHD ILQDQFHLUD RXWURV UHODWLYRV D VHUYLoRV DR
FRQVXPLGRU UHFXUVRV KXPDQRV GHVHQYROYLPHQWR GH SURGXWR SURFHVVDPHQWR GH
RUGHQV GH HQWUHJD HVWRTXHV WXUQRYHU GH HPSUHJDGRV HWF 2 VLVWHPD SURYr
UHVSRVWDVDTXDWURTXHVW}HVEiVLFDVVREUHRGHVHPSHQKRFRUSRUDWLYR
4XDODSHUVSHFWLYDGRFRQVXPLGRUHFRPRHOHSHUFHEHDHPSUHVD"
2 TXH D HPSUHVD GHYH ID]HU SDUD FRQWLQXDPHQWH LQRYDU H DJUHJDU YDORU DR
FRQMXQWRGDVRSHUDo}HV"
4XDLV DV H[SHFWDWLYDV GRV DFLRQLVWDV HP WHUPRV GRV UHWRUQRV ILQDQFHLURV H
YLDELOLGDGHGHORQJRSUD]RGDHPSUHVD"
2EDODQFHGVFRUHFDUGIRLSURSRVWRSHODSULPHLUDYH]QD+DUYDUG%XVLQHVV5HYLHZHGLomRGHMDQIHY
(DRIRUoDURVJHUHQWHVDVHOHFLRQDUHPXPQ~PHUROLPLWDGRGHLQGLFDGRUHVFUtWLFRV
GHQWURGHFDGDXPDGDVTXDWURSHUVSHFWLYDVRVFRUHFDUGDMXGDDFRQFHQWUDUDYLVmR
HVWUDWpJLFD $OpP GLVVR HQTXDQWR RV LQGLFDGRUHV ILQDQFHLURV WUDGLFLRQDLV UHODWDP R
TXH RFRUUHXQR SHUtRGR DQWHULRU VHP PRVWUDU FRPR RV JHUHQWHVVHUmR FDSD]HV GH
PHOKRUDU R GHVHPSHQKR QR SHUtRGR VHJXLQWH R VFRUHFDG IXQFLRQD FRPR D SHGUD
DQJXODUGRVXFHVVRGDHPSUHVDQRSUHVHQWHHQRIXWXUR
$GHPDLVDRFRQWUiULRGDVPHGLGDVFRQYHQFLRQDLVDVLQIRUPDo}HVGHFRUUHQWHVGDV
TXDWUR SHUVSHFWLYDV DVVHJXUDP R HTXLOtEULR HQWUH LQGLFDGRUHV H[WHUQRV FRPR OXFUR
RSHUDFLRQDOHLQGLFDGRUHVLQWHUQRVFRPRGHVHQYROYLPHQWRGHQRYRVSURGXWRV(VVH
FRQMXQWREDODQFHDGRUHYHODRVWUDGHRIIVMiH[HUFLGRVSHORVJHUHQWHVHQWUHGLIHUHQWHV
LQGLFDGRUHV GH GHVHPSHQKR H RV HQFRUDMD D DWLQJLU VXDV PHWDV QR IXWXUR VHP D
QHFHVVLGDGHGHQRYDVRSo}HVH[FOXGHQWHVHQWUHRVIDWRUHVFUtWLFRVGHVXFHVVR
352&(',0(17260(72'2/Ï*,&26
0HWRGRORJLDGHSHVTXLVD
2VWLSRVGHSHVTXLVDSRGHPVHUFODVVLILFDGRVGHYiULDVIRUPDV$1'5$'(S
FRPR SRU H[HPSOR HP UHODomR D VHXV REMHWLYRV 1HVWH FDVR HOD VHULD
H[SORUDWyULDGHVFULWLYDRXH[SOLFDWLYD2WLSRH[SORUDWyULRVHFDUDFWHUL]DUSRUVHUXPD
IRUPD GH HVWXGR SUHOLPLQDU YROWDGR SDUD SURSRUFLRQDU PDLRUHV LQIRUPDo}HV VREUH
XPGHWHUPLQDGRDVVXQWRTXHVHYDLHVWXGDUSDUDFRQWULEXLUXPDIRUPXODomRRXQD
GHOLPLWDomRGHXPWHPDRXSDUDDHODERUDomRGHKLSyWHVHVSDUDIXWXUDDYDOLDomR$
SHVTXLVDGHVFULWLYDVHHQFDUUHJDULDGDREVHUYDomRUHJLVWURDQiOLVHFODVVLILFDomRH
LQWHUSUHWDomR GH IDWRV HVSHFtILFRV VHP TXH R LQYHVWLJDGRU LQWHUILUD VREUH HOHV 3RU
ILP R WLSR H[SOLFDWLYR DOpP GH LQFOXLU WRGRV RV DWULEXWRV GD SHVTXLVD GHVFULWLYD
WDPEpP LQFOXLULD D GHWHUPLQDomR GRV IDWRUHV GHWHUPLQDQWHV GR IHQ{PHQR D VHU
HVWXGDGR$1'5$'(S
$ SHVTXLVD WDPEpP SRGHULD VHU FODVVLILFDGD GH DFRUGR FRP RV SURFHGLPHQWRV SRU
HODXWLOL]DGRV$VVLPHODVVHULDPGHFDPSRRXGHIRQWHGHSDSHO$1'5$'(
S$SULPHLUDVHULDFDUDFWHUL]DGDSHODFROHWDGHGDGRVGLUHWDPHQWHQRORFDOGH
RFRUUrQFLDGRVIHQ{PHQRVDHVWXGDU$VHJXQGDSRUVXDYH]LQFOXLULDDVSHVTXLVDV
GRFXPHQWDO H ELEOLRJUiILFD $1'5$'( S 8PD ~OWLPD FODVVLILFDomR
SHUWLQHQWHPDVTXHQmRVLJQLILFDD~OWLPDFODVVLILFDomRH[LVWHQWHVHULDDTXHGLYLGH
RVWLSRVGHSHVTXLVDGHDFRUGRFRPRVVHXVREMHWLYRV'HDFRUGRFRPHVWDWLSRORJLD
HODV VHULDP GLYLGLGDV HP SHVTXLVD ELEOLRJUiILFD GH ODERUDWyULR H GH FDPSR
$1'5$'( S $ SHVTXLVD ELEOLRJUiILFD VHULD WDQWR XP WUDEDOKR HP VL
PHVPR TXDQWR FRQVWLWXLUVH HP SURFHGLPHQWR SUHSDUDWyULR SDUD D UHDOL]DomR GH
RXWUDSHVTXLVD$GHODERUDWyULRVHULDXPTXDVHVLQ{QLPRGHSHVTXLVDH[SHULPHQWDO
$ SHVTXLVD GH FDPSR SRU ILP SRGHULD VHU HQWHQGLGD GD PHVPD IRUPD TXH QD
FODVVLILFDomR GRV WLSRV GH SHVTXLVD SRU SURFHGLPHQWRV DSUHVHQWDGD PDLV DFLPD
$1'5$'(S
(VWH WUDEDOKR YLVD SURSRU XP HVWXGR GH P~OWLSORV FDVRV TXH DGRWDQGRVH D
FODVVLILFDomR GH SHVTXLVD TXDQWR D VXD DERUGDJHP VHUi FDUDFWHUL]DGR SRU XPD
SHVTXLVD SUHGRPLQDQWHPHQWH TXDOLWDWLYD TXDQWRV DRV ILQV SRGHUi VHU FODVVLILFDGD
FRPR H[SORUDWyULD H GHVFULWLYD TXH LUi DGRWDU WpFQLFDV GH REVHUYDomR H[WHQVLYD
REVHUYDomR HQWUHYLVWD H TXHVWLRQiULR $ SHVTXLVD VHUi GHVFULWLYD SRLV LUi
SUHRFXSDUVH HP REVHUYDU UHJLVWUDU FODVVLILFDU H LQWHUSUHWDU IDWRUHV SRWHQFLDOPHQWH
DVVRFLDGRV j TXDOLGDGH GH VLVWHPDV (53 LPSOHPHQWDGRV XWLOL]DGRV QRV GLYHUVRV
QtYHLV GH SURFHVVRV GH WRPDGD GH GHFLVmR WiWLFR RSHUDFLRQDO H HVWUDWpJLFR (OD
DGRWDUi DV WpFQLFDV GH GRFXPHQWDomR GLUHWD H[WHQVLYD SRLV VH SURS}H D H[SORUDU
VHXVUHVXOWDGRVHPXPJUXSRGHWHUPLQDGRGHRUJDQL]Do}HV
2 HVWXGR GH FDVRV HP SHVTXLVD WHP VLGR DSUHVHQWDGR GH YiULDV IRUPDV SRUpP D
GHILQLomRGH<LQGHTXH³HVWXGRGHFDVRVpXPDIRUPDGHVHID]HUSHVTXLVD
VRFLDOHPStULFDDRLQYHVWLJDUXPIHQ{PHQRDWXDOGHQWURGHVHXFRQWH[WRGHYLGDUHDO´
SDUHFHVHUGDVPDLVDGHTXDGDV
6HJXQGR <LQ S SHVVRDV TXH FULWLFDP RV HVWXGRV GH FDVR JHUDOPHQWH
DSRQWDP R IDWR GH TXH XP SHVTXLVDGRU GH HVWXGR GH FDVR QmR FRQVHJXH
GHVHQYROYHU XP FRQMXQWR VXILFLHQWHPHQWH RSHUDFLRQDO GH PHGLGDV H GH TXH VmR
XWLOL]DGRVMXOJDPHQWRVVXEMHWLYRVSDUDFROHWDUGDGRV
$LQGD VHJXQGR <LQ S D YDOLGDGH LQWHUQD p WDPEpP XPD SUHRFXSDomR
DSHQDV SDUD HVWXGR GH FDVRV FDXVDLV RX H[SODQDWyULRV QRV TXDLV R SHVTXLVDGRU
HVWiWHQWDQGRGHWHUPLQDUVHRHYHQWR[OHYRXDRHYHQWR\6HRSHVTXLVDGRUFRQFOXL
HTXLYRFDGDPHQWH TXH Ki XPD UHODomR FDXVDO HQWUH [ H \ VHP VDEHU TXH WHUFHLUR
IDWRU ± ] ± SRGH QD YHUGDGH WHU FDXVDGR \ R SURMHWR GH SHVTXLVD QmR IRL EHP
VXFHGLGR DR WUDWDU FRP DOJXPD DPHDoD j YDOLGDGH LQWHUQD 6HJXQGR <LQ D
SUHRFXSDomRFRPDYDOLGDGHLQWHUQDSDUDDSHVTXLVDGHHVWXGRGHFDVRSRGHVHU
HVWHQGLGDDRSUREOHPDPDLVDPSORGHID]HULQIHUrQFLD%DVLFDPHQWHXPHVWXGRGH
FDVR HQYROYH XPD LQIHUrQFLD WRGD YH] TXH XP HYHQWR QmR SRGH VHU GLUHWDPHQWH
REVHUYDGRDVVLPRSHVTXLVDGRULQIHULUiTXHXPHYHQWRHPSDUWLFXODUIRLRUHVXOWDGR
GH DOJXPD RFRUUrQFLD DQWHULRU 2XWUR DVSHFWR D FRQVLGHUDU UHODFLRQDVH D YDOLGDGH
H[WHUQDGDSHVTXLVDRXVHMDVHDVGHVFREHUWDVVmRJHQHUDOL]iYHLV$JHQHUDOL]DomR
QmR SRGH VHU DXWRPiWLFD 'HYHVH WHVWDU D WHRULD SRU PHLR GD UHSOLFDomR GDV
FRQVWDWDo}HVHPXPVHJXQGRRXPHVPRHPXPWHUFHLURHVWXGRGHFDVR<,1
S
$FRQILDELOLGDGHpRXWURFRQVWUXFWRLPSRUWDQWHQDSHVTXLVDDVHUDGRWDGD2SULQFLSDO
REMHWLYR p FHUWLILFDU TXH R SHVTXLVDGRU VHJXLX H[DWDPHQWH RV PHVPRV
SURFHGLPHQWRV GHVFULWRV R TXH SHUPLWLUD XP RXWUR SHVTXLVDGRU UHSHWLU R PHVPR
HVWXGR FRP EDVH QRV GRFXPHQWRV REWLGRV $ PDQHLUD JHUDO GH VH DSUR[LPDU GR
SUREOHPD GD FRQILDELOLGDGH p WRUQDU DV HWDSDV GR SURFHVVR DV PDLV RSHUDFLRQDLV
SRVVtYHLV H FRQGX]LU D SHVTXLVD FRPR VH DOJXpP HVWLYHVVH VHPSUH ROKDQGR SRU
48$'52±&RQGX]LQGRHVWXGRVGHFDVRFROHWDHHYLGrQFLD
)RQWHVGH
3RQWRVIRUWHV 3RQWRV)UDFRV
HYLGrQFLDV
'RFXPHQWDomR (VWiYHO ± SRGH VHU UHYLVDGD &DSDFLGDGHGHUHFXSHUDUVHSRGH
LQ~PHUDVYH]HV VHUEDL[D
'LVFUHWD ± QmR IRL FULDGD FRPR 6HOHWLYLGDGHWHQGHQFLRVDVHDFROHWD
UHVXOWDGRGRHVWXGRGHFDVR QmRHVWLYHUFRPSOHWD
([DWD±FRQWHPQRPHVUHIHUHQFLDV 5HODWRGHYLHVHV±UHIOHWHDVLGpLDV
HGHWDOKHVH[DWRVGHXPHYHQWR SUHFRQFHELGDVGHVFRQKHFLGDVGR
$PSODFREHUWXUD±ORQJRHVSDoRGH DXWRU
WHPSR PXLWRV HYHQWRV H PXLWRV $FHVVR±SRGHVHUGHOLEHUDGDPHQWH
DPELHQWHVGLVWLQWRV QHJDGR
5HJLVWURVHP >RV PHVPRV PHQFLRQDGRV SDUD >RVPHVPRPHQFLRQDGRVSDUD
DUTXLYRV GRFXPHQWDomR@ GRFXPHQWDomR@
$FHVVLELOLGDGHDRVORFDLVGHYLGRD
UD]}HVSDUWLFXODUHV
(QWUHYLVWDV 'LUHFLRQDGDV ± HQIRFDP GLUHWD 9LHVHVGHYLGRDTXHVW}HVPDO
PHQWHRWySLFRGRHVWXGRGHFDVR HODERUDGDV
3HUFHSWLYDV ± IRUQHFHP LQIHUrQFLDV 5HVSRVWDVHQYLHVDGDV
FDXVDLVSHUFHELGDV 2FRUUHPLPSUHFLV}HVGHYLGRj
PHPyULDIUDFDGRHQWUHYLVWDGR
5HIOH[LELOLGDGH±RHQWUHYLVWDGRGiDR
HQWUHYLVWDGRURTXHHOHTXHURXYLU
2EVHUYDo}HV 5HDOLGDGH ± WUDWDP GH DFRQ &RQVRPHPPXLWRWHPSR
GLUHWDV WHFLPHQWRVHPWHPSRUHDO 6HOHWLYLGDGH±VDOYRDPSODFREHUWXUD
&RQWH[WXDLV ± WUDWDP GR FRQWH[WR 5HIOH[LELOLGDGH±RDFRQWHFLPHQWR
GRHYHQWR SRGHRFRUUHUGHIRUPDGLIHUHQFLDGD
SRUTXHHVWiVHQGRREVHUYDGR
&XVWR±KRUDVQHFHVViULDVSHORV
REVHUYDGRUHVKXPDQRV
2EVHUYDomR 2V PHVPRV PHQFLRQDGRV SDUD >2VPHVPRPHQFLRQDGRVSDUD
SDUWLFLSDQWH REVHUYDomRGLUHWD REVHUYDomRGLUHWD@
3HUFHSWLYD HP UHODomR D FRPSRU 9LHVVHVGHYLGRjPDQLSXODomRGRV
WDPHQWRHUD]}HVLQWHUSHVVRDLV HYHQWRVSRUSDUWHGRSHVTXLVDGR
$UWHIDWRV &DSDFLGDGH GH SHUFHSomR HP 6HOHWLYLGDGH
ItVLFRV UHODomRDDVSHFWRVFXOWXUDLV 'LVSRQLELOLGDGH
&DSDFLGDGH GH SHUFHSomR HP
UHODomRDRSHUDo}HVWpFQLFDV
)RQWH<,1
2V GRFXPHQWRV GHYHP VHU FXLGDGRVDPHQWH XWLOL]DGRV QmR VH GHYHQGR WRPiORV
FRPRUHJLVWURVOLWHUDLVGHHYHQWRVTXHRFRUUHUDP3DUDRHVWXGRGHFDVRRXVRPDLV
LPSRUWDQWHGHGRFXPHQWRVpFRUURERUDUHYDORUL]DUDVHYLGrQFLDVRULXQGDVGHRXWUDV
IRQWHVSULQFLSDOPHQWHQDKRUDGHYHULILFDUDJUDILDFRUUHWDHRVFDUJRVRXQRPHVGH
RUJDQL]Do}HV TXH SRGHP WHU VLGR PHQFLRQDGRV QD HQWUHYLVWD 6H XPD SURYD
GRFXPHQWDOIRUFRQWUDGLWyULDHPYH]GHFRUURERUDQWHGHYHVHSHUVHJXLURSUREOHPD
LQYHVWLJDQGR PDLV SURIXQGDPHQWH R WySLFR 2 UHJLVWUR HP DUTXLYR JHUDOPHQWH
DVVXPLGR D IRUPD GH DUTXLYRV H UHJLVWURV HP FRPSXWDGRU 4XDQGR VH MXOJD DV
HYLGrQFLDV GH DUTXLYR R SHVTXLVDGRU GHYH WRPDU FXLGDGR DR DYHULJXDU VRE TXDLV
FRQGLo}HVHODVIRUDPSURGX]LGDVHTXDOVHXJUDXGHSUHFLVmR¬VYH]HVRVUHJLVWURV
HPDUTXLYR SRGHP VHU DOWDPHQWH TXDQWLWDWLYRV R TXH QmR FDUDFWHUL]D GH LPHGLDWR
FRPRXPLQGtFLRGHSUHFLVmR
$HQWUHYLVWDSDUDHVWXGRGHFDVRSRGHVHUFRQGX]LGDGHIRUPDHVSRQWkQHDDVVLP
p SRVVtYHO LQGDJDU GRV UHVSRQGHQWHVFKDYH WDQWR RV IDWRV UHODFLRQDGRV D XP
DVVXQWR TXDQWR SHGLU RSLQLmR GHOHV VREUH GHWHUPLQDGRV HYHQWRV (P DOJXPDV
VLWXDo}HV SRGHVH DWp PHVPR SHGLU TXH R UHVSRQGHQWH DSUHVHQWH VXDV SUySULDV
LQWHUSUHWDo}HV$RUHDOL]DUXPDYLVLWDGHFDPSRDRORFDOHVFROKLGRSDUDRHVWXGRGH
FDVR HVWiVH FULDQGR RSRUWXQLGDGH GH ID]HU REVHUYDo}HV GLUHWDV $V REVHUYDo}HV
SRGHPYDULDUGHDWLYLGDGHVIRUPDLVjDWLYLGDGHVLQIRUPDLVGHFROHWDGHGDGRV0DLV
IRUPDOPHQWH SRGHPVH GHVHQYROYHU SURWRFRORV GH REVHUYDomR ,QFOXHPVH DTXL
REVHUYDo}HVGHUHXQL}HVDWLYLGDGHVGHSDVVHLRWUDEDOKRGHIiEULFDVDODVGHDXODH
RXWUDVDWLYLGDGHVVHPHOKDQWHV
SURGX]LGRV RX VHMD WHU GH DVVXPLU SRVLo}HV RX DGYRJDU IXQo}HV FRQWUiULDV DRV
LQWHUHVVHV GDV ERDV SUiWLFDV FLHQWLILFDV 2V DUWHIDWRV ItVLFRV WrP XPD LPSRUWkQFLD
SRWHQFLDOPHQWH PHQRU QD PDLRULD GRV H[HPSORV WtSLFRV GH HVWXGR GH FDVR 3RU
DUWHIDWRItVLFRVXEHQWHQGHVHFRPRXPDSDUHOKRGHDOWDWHFQRORJLDXPDIHUUDPHQWD
RXLQVWUXPHQWRXPDREUDGHDUWHRXDOJXPDHYLGHQFLDItVLFD
1R FDVR HVSHFtILFR GHVVH WUDEDOKR IRL XWLOL]DGD D WpFQLFD GH DQiOLVH GH FRQWH~GR
SDUD LQWHUSUHWDU DV HQWUHYLVWDV VHPLHVWUXWXUDGDV TXHVW}HV DEHUWDV H IHFKDGDV GH
HVWXGRVGHP~OWLSORVFDVRV
$DQiOLVHGHFRQWH~GRFRPRVHXSUySULRQRPHLQGLFDQmRWUDWDGDOtQJXDQmRWUDWD
GDJUDPiWLFDHPERUDWRGDVHVVDVFRLVDVOKHLQWHUHVVDP(ODWUDWDGRGLVFXUVRHD
SDODYUD GLVFXUVR HWLPRORJLFDPHQWH WHP HP VL D LGpLD GH FXUVR GH SHUFXUVR GH
FRUUHU SRU GH PRYLPHQWR 2 GLVFXUVR p DVVLP SDODYUD HP PRYLPHQWR H SUiWLFD GH
OLQJXDJHPSRLVFRPRHVWXGRGRGLVFXUVRREVHUYDVHRKRPHPIDODQGR25/$1',
6HJXQGR2UODQGL³RGLVFXUVRSRUSULQFtSLRQmRVHIHFKDeXPSURFHVVRHP
FXUVR(OHQmRpXPFRQMXQWRGHWH[WRVPDVXPDSUiWLFD´'LVFXUVRpXPDGLVSHUVmR
GH WH[WRV FXMR PRGR GH LQVFULomR KLVWyULFD SHUPLWH GHILQLU FRPR XP HVSDoR GH
UHJXODULGDGHV HQXQFLDWLYDV GLUtDPRV HQXQFLDWLYRGLVFXUVLYDV 0$,1*8(1($8
2VXMHLWRGLVFXUVLYRQmRUHDOL]DDSHQDVDWRVSRLVDRGL]HUQRVVLJQLILFDPRVH
VLJQLILFDPRV R SUySULR PXQGR DR PHVPR WHPSR D UHDOLGDGH VH FRQVWLWXL QRV
VHQWLGRV TXH HQTXDQWR VXMHLWRV SUDWLFDPRV e FRQVLGHUDGD GHVVD PDQHLUD TXH D
OLQJXDJHP p XPD SUiWLFD QmR QR VHQWLGR GH HIHWXDU DWRV PDV SRUTXH SUDWLFD
VHQWLGRVHLQWHUYpPQRUHDO2VXMHLWRGRGLVFXUVRVHID]VHVLJQLILFD$VVLPSRGHVH
FRPSUHHQGHU TXH DVSDODYUDV QmRHVWmR OLJDGDVjV FRLVDVGLUHWDPHQWHQHP VmR R
UHIOH[RGHXPDHYLGHQFLDeDLGHRORJLDTXHWRUQDSRVVtYHODUHODomRSDODYUDFRLVD
$VVLP SRGHVH FRQFOXLU TXH VHJXQGR 2UODQGL D ³7pFQLFD GH $QiOLVH GH
'LVFXUVR´ DEUH XPD SHUVSHFWLYD GH WUDEDOKR HP TXH D OLQJXDJHP QmR VH Gi FRPR
HYLGrQFLDPDVVHRIHUHFHFRPROXJDUGHGHVFREHUWDLQGRSRUWDQWRGHDFRUGRFRP
RVREMHWLYRVGHXPDSHVTXLVDGHQDWXUH]DH[SORUDWyULDHGHVFULWLYD
1HVWH WUDEDOKR WUDWDVH GH XP HVWXGR GH FDVRV P~OWLSORV FRP SHVTXLVD GH
FDUDFWHUtVWLFDVTXDOLWDWLYDDRPHVPRWHPSRHPStULFDHH[SORUDWyULDSRUTXHDYDQoRX
VREUH XP WHUUHQR SRXFR FRQKHFLGR SURFXUDQGR PDSHiOR H HPStULFD SRUTXH
SUHWHQGHX ID]rOR SHOR HVWXGR GH FDVRV UHDLV $GLFLRQDOPHQWH IRUDP HPSUHJDGDV
WpFQLFDV TXDQWLWDWLYDV EiVLFDV SDUD WDEXODomR GRV TXHVWLRQiULRV $ SHVTXLVD IRL
UHDOL]DGDHPHWDSDV
3HVTXLVDELEOLRJUiILFD
(ODERUDomRGHXPUHODWyULRGHSHVTXLVD
3HVTXLVDGHFDPSRFRPHQWUHYLVWDVHTXHVWLRQiULRV
$QiOLVHGHGDGRV
&RQVWUXomRGRLQVWUXPHQWRGHFROHWDGHGDGRV
1R 48$'52 LGHQWLILFRXVH RV SULQFLSDLV DXWRUHV UHIHUHQFLDGRV QHVWH WUDEDOKR
HPUHODomRDVYDULiYHLVHVWUDWpJLFDVGHXPDRUJDQL]DomR
48$'52±9DULiYHLVGHSHVTXLVDHVHXVXSRUWHWHyULFRQDOLWHUDWXUD
&RQWLQXD
2 XVR GR (53 DX[LOLD D LGHQWLILFDomR GRV SUREOHPDV /2=,16.<5,&2
GDHPSUHVD '$9(13257
2 XVR GR (53 DMXGD D LQYHVWLJDU VROXo}HV SDUD RV /2=,16.<3257(5
SUREOHPDV '$9(13257
2 XVR GR (53 FRQWULEXL SDUD D HVFROKD GH XPD /2=,16.<3257(5
DOWHUQDWLYDGHVROXomR '$9(13257
2 XVR GR (53 DMXGD DFRPSDQKDU PRQLWRUDU R %52'%(&.3257(5
LPSDFWRGDGHFLVmRWRPDGD '$9(13257
2 (53 SRVVXL UHFXUVRV GH VLPXODomR TXH DSyLDP D /2=,16.<+(7&+
EXVFDGHXPDVROXomRSRUWHQWDWLYDHHUUR '$9(13257
2 (53 DX[LOLD QD WRPDGD GH GHFLV}HV HP VLWXDo}HV 3257(5&2/Æ1*(/2
GLIHUHQWHVHLQHVSHUDGDV ),/+2'$9(13257
625',
2 XVR GR (53 DFHOHUD R SURFHVVR GH WRPDGD GH /2=,16.<'$9(13257
GHFLVmR 3257(5
$SyV R XVR GR (53 DV GHFLV}HV HVWmR PDLV %52'%(&.5,&2
VXEVLGLDGDVHEHPIXQGDPHQWDGDV '$9(13257/2=,16.<
2 XVR GR (53 DX[LOLD D LGHQWLILFDomR GH UHODo}HV GH 3257(5&2/Æ1*(/2
FDXVDHIHLWR ),/+2'$9(13257
625',
$ DGRomR GR (53 JHUD LQGLFDGRUHV JHUHQFLDLV SDUD /2=,16.<3$50(17(5
DFRPSDQKDURGHVHPSHQKRGDHPSUHVD $7.,1621
48$'52±9DULiYHLVGHSHVTXLVDHVHXVXSRUWHWHyULFRQDOLWHUDWXUD
&RQWLQXD
2 XVR GR VLVWHPD (53 JHUD LQIRUPDo}HV PDLV 3257(5&2/Æ1*(/2
FRQILiYHLV ),/+2/2=,16.<
'$9(13257
2 XVR GR (53 SRGH VHU FRQVLGHUDGR FRPR XPD .27/(5'$9(13257H
IHUUDPHQWDSDUDHQIUHQWDUDFRQFRUUrQFLD 6+2573257(5
/8)70$1/(:,6H2/'$&+
3257(5H0,//$5
2 6,* XWLOL]DGR DEUDQJH WRGDV DV iUHDV GD /2=,16.<
RUJDQL]DomR
2 XVR GR 6,* SHUPLWH XPD PHOKRU FRRUGHQDomR GDV 025*$1H+817
DWLYLGDGHVFRPFOLHQWHVHIRUQHFHGRUHV )(55(,5$%5(7=.(
6721(5H)5((0$1
'$9(13257H6+257
2 XVR GR 6,* FRQWULEXL SDUD PHOKRUHV FRQWUROHV VREUH 025*$1H+817
DVSROtWLFDVGHFUpGLWRHILQDQFLDPHQWRDFOLHQWHV )(55(,5$%5(7=.(
&2/$1*(/2),/+2
'$9(13257
625',&2/Æ1*(/2
),/+2
2 XVR GH 6,* DMXGD D SURYHU VXSRUWH DGPLQLVWUDWLYR 025*$1H+817
DRVFOLHQWHV )(55(,5$%5(7=.(
/2=,16.<
&2/Æ1*(/2),/+2
2 XVR GR 6,* FRQWULEXL SDUD XPD PDLRU SUHFLVmR QD /2=,16.<6721(5(
SUHYLVmRGHYHQGDVGDHPSUHVD )5((0$1&2/Æ1*(/2
),/+2
2 XVR GR 6,* SHUPLWH XPD PHOKRU FRRUGHQDomR HQWUH /2=,16.<'$9(13257H
DViUHDVIXQFLRQDLVGDHPSUHVD 6+257&2/Æ1*(/2
),/+2
48$'52±9DULiYHLVGHSHVTXLVDHVHXVXSRUWHWHyULFRQDOLWHUDWXUD
&RQWLQXD
2FRUUHX WRWDO FRPSURPHWLPHQWR GRV XVXiULRV FRP D :$*/(%$1&52)7HWDO
PXGDQoDJHUDGDSHORVLVWHPD(53 &2/$1*(/2),/+2
2FRUUHXWRWDOFRPSURPHWLPHQWRGDDOWDGLUHomRFRPR '$9(13257H6+257
SURFHVVRGHLPSODQWDomRGR(53 :$*/(&2/$1*(/2
),/+2
2 VLVWHPD HVFROKLGR DSUHVHQWRX DGHUrQFLD WRWDO DR /8&$60$57,1(
IXQFLRQDPHQWR GD HPSUHVD VHP QHFHVVLGDGH GH
0&&/85(:$*/(
DGDSWDomR
2 XVR GR (53 SHUPLWLX D UHGXomR GH FXVWRV GH
/2=,16.<
LQIRUPiWLFD
2 XVR GR (53 SHUPLWLX D DEHUWXUD GR FRPpUFLR 3257(5
HOHWU{QLFR
2 XVR GR (53 UHGX] R FXVWR GH SURMHWDU QRYRV 3257(5H0,//$5
SURGXWRVRXVHUYLoRV
2 XVR GR (53 UHGX] R FXVWR GH PRGLILFDU RX DGLFLRQDU 3257(5H0,//$5
FDUDFWHUtVWLFDVDRVSURGXWRVVHUYLoRVH[LVWHQWHV
2 XVR GR (53 SHUPLWLX D PHOKRULD GD JHUrQFLD &2/Æ1*(/2),/+2
ILQDQFHLUD
)RQWH'DGRVGDSHVTXLVD
$35(6(17$d2'265(68/7$'26
$VHQWUHYLVWDVIRUDPUHDOL]DGDVGXUDQWHRPrVGHDEULOGHFRPGXUDomRPpGLD
GH PLQXWRV SRU HQWUHYLVWD QR SUySULR ORFDO GH WUDEDOKR GRV SURILVVLRQDLV
HQWUHYLVWDGRV SUDWLFDPHQWH VHP QHQKXPD LQWHUUXSomR GH WHUFHLURV SRLV IRUDP
SUHYLDPHQWH PDUFDGDV 6RPHQWH QR FDVR GD HPSUHVD GH WUDQVSRUWH QmR KRXYH
DXWRUL]DomRSDUDGLYXOJDomRGRQRPHRILFLDOGDHPSUHVD7RGDVDVHQWUHYLVWDVIRUDP
JUDYDGDV H SRVWHULRUPHQWH WUDQVFULWDV SDUD HPSUHJR GD WpFQLFD GH DQiOLVH GH
FRQWH~GR
$ DPRVWUD IRL HVFROKLGD SRU FULWpULRV GH FRQYHQLrQFLD VHQGR FRPSRVWD SRU
RUJDQL]Do}HVGHSHTXHQRHPpGLRSRUWHVHQGRLQG~VWULDVHWUDQVSRUWDGRUD3DUD
WHU VLGR HVFROKLGD D RUJDQL]DomR SUHFLVDYD SRVVXLU XP (53 LPSODQWDGR HP kPELWR
FRUSRUDWLYR(YLWDUDPVHDVVLPHPSUHVDVHPTXHR(53HVWLYHVVHLPSODQWDGRFRP
SRXFRV PyGXORV HP UHGX]LGRV GHSDUWDPHQWRV YLVWR TXH R DOFDQFH GH REMHWLYRV
HVWUDWpJLFRVDVVRFLDGRVDR(53VHULDPLQLPL]DGRHPWDLVFRQWH[WRV
(P IXQomR GRV REMHWLYRV GD SHVTXLVD R SHUILO GR UHVSRQGHQWH p XP H[HFXWLYR GR
QtYHO WiWLFRHVWUDWpJLFR YDULDQGR GH JHUHQWHV GH 7HFQRORJLD GD ,QIRUPDomR D
GLUHWRUHV1HFHVVDULDPHQWHRUHVSRQGHQWHGHYHULDVHUXPXVXiULRFKDYHGRVLVWHPD
(53 (P GXDV HPSUHVDV IRL SRVVtYHO FRQGX]LU HQWUHYLVWDV FRP GRLV H[HFXWLYRV H
QDVRXWUDVGXDVRUJDQL]Do}HVFRPDSHQDVXPDSHVVRD
$SUHVHQWDomRGDVHPSUHVDV
(PSUHVD
(PSUHVD)iEULFD0LQHLUDGH(OHWURGRVH6ROGDV'HQYHU6$
5DPRGH$WLYLGDGH)DEULFDomRGH(OHWURGRVSDUD6ROGD(OpWULFD
1~PHURDSUR[LPDGRGHIXQFLRQiULRV
1~PHURGHIXQFLRQiULRVTXHXVDPRVLVWHPD(53
$ IDPtOLD 'HQYHU FRPHUFLDOL]DYD IHUUDJHQV LQLFLDOPHQWH HP 6mR 3DXOR HP VHJXLGD
QR 5LR GH -DQHLUR H PDLV WDUGH IRL DEHUWD XPD ILOLDO HP %HOR +RUL]RQWH 1RV LWHQV
FRPHUFLDOL]DGRV R HOHWURGR WLQKD XPD LPSRUWkQFLD VLJQLILFDWLYD (P FRP D
FULDomRGD6XSHULQWHQGrQFLDGH'HVHQYROYLPHQWRGR1RUGHVWH68'(1(DIDPtOLD
'HQYHUUHVROYHXFULDUHP0RQWHV&ODURVXPDXQLGDGHGHIDEULFDomRGHHOHWURGRV
FRPUHFXUVRVSUySULRVHWDPEpPRULXQGRVGR)XQGRTXHSHUPLWLDDGHVWLQDomR
GH SDUWH GR ,PSRVWR GH 5HQGD GH SHVVRD ItVLFD SDUD LQYHVWLPHQWRV HP SURMHWRV
LQFHQWLYDGRV
$VVLPIRLIXQGDGDDHPSUHVDTXHHPFRPSOHWRXDQRVGHH[LVWrQFLDRTXH
pPRWLYRGHJUDQGHRUJXOKRSRUSDUWHGDGLUHWRULD6HJXQGRR'LUHWRU3UHVLGHQWHD
HPSUHVD SRVVXL DWXDOPHQWH HP WRUQR GH DFLRQLVWDV VHQGR SHVVRDV
MXUtGLFD RX VHMD LQFOXVLYH %DQFRV GD pSRFD TXH KRMH IRUDP DGTXLULGRV RX
VLPSOHVPHQWH GHL[DUDP GH H[LVWLU H[HPSOR %DQFR 1DFLRQDO DGTXLULGR SHOR
8QLEDQFR6HJXQGRRHQWUHYLVWDGRD'HQYHUpKRMHDVHJXQGDHPSUHVDQR%UDVLOQR
UDPRGDIDEULFDomRGHHOHWURGRVGHUHYHVWLPHQWRSDUDVROGDHOpWULFD
(PSUHVD
(PSUHVD(/%5$6±(OHWURGRVGR%UDVLO/WGD
5DPRGH$WLYLGDGH,QG~VWULD0HWDO~UJLFD
1~PHURDSUR[LPDGRGHIXQFLRQiULRV
1~PHURGHIXQFLRQiULRVTXHXVDPRVLVWHPD(53
$(OEUiVpXPDHPSUHVDJHQXLQDPHQWHEUDVLOHLUDGRUDPRGHVROGDVFRPPHQRVGH
DQRVGHIXQGDomRHVSHFLDOL]DGDQDIDEULFDomRGHHOHWURGRVSDUDVROGDHOpWULFD
FHUWLILFDGD SHOD ,62 FRP XP PL[ GH SURGXWRV GH VROGDV FDSD] GH DWHQGHU D
YiULRV VHJPHQWRV $ (OEUiV SRVVXL GLYHUVDV SDUFHULDV SDUD R GHVHQYROYLPHQWR GH
QRYRV SURGXWRV HQWUH HODV FRP D 8)0* 5HFHQWHPHQWH DGTXLULX XP WHUUHQR GH
P QD FLGDGH GH &RQWDJHP 0* FRP D ILQDOLGDGH GH H[SDQVmR GR DWXDO
QtYHO GH SURGXomR H YHUWLFDOL]DomR GH VXD OLQKD GH SURGXWRV$WXDOPHQWH FRQWD FRP
HPSUHJDGRV H VHXV SULQFLSDLV WpFQLFRV SRVVXHP DOWD TXDOLILFDomR QR UDPR
LQFOXVLYHFRPWUHLQDPHQWRVQRH[WHULRU
(PSUHVD
(PSUHVD([SUHVVR7UDQVSRUWH
5DPRGH$WLYLGDGH7UDQVSRUWHGH3DVVDJHLURVH&DUJDV
1~PHURDSUR[LPDGRGHIXQFLRQiULRV
1~PHURGHIXQFLRQiULRVTXHXVDPRVLVWHPD(53
)XQGDGDHPD([SUHVVR7UDQVSRUWHDWXDQRWUDQVSRUWHURGRYLiULRHVWDGXDOH
LQWHUHVWDGXDOGHSDVVDJHLURVDOpPGHDWXDUFRPWXULVPRIUHWDPHQWRVHRWUDQVSRUWH
GH FDUJD $WXDOPHQWH HVWi SUHVHQWH HP FLGDGHV WUDQVSRUWDQGR PDLV GH
PLOK}HV GH SHVVRDV SRU DQR DOpP GH XP JUDQGH YROXPH GH HQFRPHQGDV $
HPSUHVD WDPEpP UHDOL]D R WUDQVSRUWH GH FDUJDV IUDFLRQDGDV H IHFKDGDV SHOD
7UDQVSRUWH ([SUHVV $WXDOPHQWH D ([SUHVVR 7UDQVSRUWH SRVVXL XPD IURWD GH
DSUR[LPDGDPHQWH{QLEXVHHPSUHJDGRV
(PSUHVD
(PSUHVD,QG~VWULDGH&HUkPLFD$VWHFD
5DPRGH$WLYLGDGH,QG~VWULDGH7HOKDVH&HUkPLFDV
1~PHURDSUR[LPDGRGHIXQFLRQiULRV
1~PHURGHIXQFLRQiULRVTXHXVDPRVLVWHPD(53
7UDWDVH GH XPD HPSUHVD GHIDEULFDomRGHWHOKDVIXQGDGD HP HVWDEHOHFLGD
QD FLGDGH GH 0RQWH &DUPHOR 0LQDV *HUDLV GLVWDQWH NP GH %HOR +RUL]RQWH $
SURGXomR DWHQGH D WRGR R PHUFDGR EUDVLOHLUR FRP XPD IRUWH FRQFRUUrQFLD e XPD
HPSUHVD FRP FDUDFWHUtVWLFD IDPLOLDU RX VHMD HP VHX TXDGUR DV SHVVRDV GH
FRQILDQoD VmR DQWLJDV QD RUJDQL]DomR FRP UDPLILFDo}HV HP GLYHUVDV iUHDV
SULQFLSDOPHQWH QR DJURQHJyFLRV 7RGDV DV UDPLILFDo}HV VmR FRQWURODGDV SHOR
PHVPRVLVWHPD(53HRJUXSRSRVVXLDWXDOPHQWHHPSUHJDGRV
1RPHILFWtFLRSDUDSUHVHUYDUDLGHQWLGDGHGDHPSUHVD
3HUILOGRVSURILVVLRQDLVHQWUHYLVWDGRV
)È%5,&$0,1(,5$'((/(752'26(62/'$6'(19(56$
&DUORV$OEHUWR6REUDO)HUUHLUD'LUHWRU3UHVLGHQWH
0DUFHOR6RDUHV*HUHQWHGH7HFQRORJLDH,QIRUPDomR
5HVSRQViYHO SHOR GHVHQYROYLPHQWR GRV SURFHVVRV GH WHFQRORJLD Ki PDLV GH
DQRVQDHPSUHVDFRPHVSHFLDOL]DomRHPGHVHQYROYLPHQWRGH(53
(/%5È6±(/(752'26'2%5$6,//7'$
/HLI*URQVWHG±'LUHWRU$GPLQLVWUDWLYRH)LQDQFHLUR
6XHFRQDWXUDOL]DGREUDVLOHLURIRUPDGRHP(FRQRPLDFKHJRXDR%UDVLOKi
DQRV FRPR GLUHWRU GH XPD HPSUHVD PXOWLQDFLRQDO H RFXSD R DWXDO FDUJR Ki
DQRV
$XUHF\O'DOOD%HUQDGLQD±'LUHWRU,QGXVWULDO
(;35(66275$163257(
/HRQDUGRGH6RX]D±*HUHQWHGH7HFQRORJLDH&XVWRV
+i DQRV WUDEDOKDQGR QD HPSUHVD RFXSDQGR UHFHQWHPHQWH R FDUJR GH
FRQWUROH GH FXVWRV QD iUHD GH 7HFQRORJLD GD LQIRUPDomR -RYHP FRP
IRUPDomR HP FXUVR VXSHULRU EDVWDQWH SUyDWLYR QDV Do}HV H HQWXVLDVPDGR
FRPRVLVWHPD(53HPXVR
1RPHILFWtFLR
1RPHILFWtFLRSDUDSUHVHUYDUDLGHQWLGDGHGRHQWUHYLVWDGR
,1'Ò675,$'(&(5Æ0,&$$67(&$
$QW{QLR&DUORV&URFKHOD±*HUHQWH)LQDQFHLUR
*UDQGH H[SHULrQFLD QD iUHD IXQFLRQiULR GH WRWDO FRQILDQoD GD GLUHWRULD HP
UD]mRGHVHXWHPSRQDHPSUHVDHDVIXQo}HVH[HUFLGDV&RQKHFHEDVWDQWHR
VLVWHPD(53LPSOHPHQWDGRVHQGRXPGRVVHXVSULQFLSDLVXVXiULRV
$QiOLVHGRVGDGRVFROHWDGRV
)iEULFD0LQHLUDGH(OHWURGRVH6ROGDV'HQYHU6$(PSUHVD
(QWUHYLVWDGR&DUORV$OEHUWR6REUDO)HUUHLUD
&DUJR6HWRU'LUHWRU3UHVLGHQWH
7HPSRGHHPSUHVDDQRV
$WXDQWHQDiUHDDQRV
'DWDGDHQWUHYLVWD
&RPUHODomRDRVLVWHPD(53SHUJXQWRXVHLQLFLDOPHQWHDR'LUHWRU3UHVLGHQWHTXDLV
VHULDPDVPDLRUHVGLILFXOGDGHVQDLPSOHPHQWDomRGRVLVWHPD(53KRMHXWLOL]DGR2
HQWUHYLVWDGR FRPHoRX ID]HQGR XPD H[SODQDomR GRV FRPSXWDGRUHV XWLOL]DGRV SHODV
HPSUHVDV H IH] XPD FRPSDUDomR GD HYROXomR GRV FRPSXWDGRUHV FRP RV
DXWRPyYHLVPRVWUDQGRTXHDUHYROXomRQDLQIRUPiWLFDIRLXPDFRLVDIDQWiVWLFD1R
FDVRHVSHFtILFRGD'HQYHUVHJXQGRR'LUHWRU3UHVLGHQWHDHPSUHVDYHPLQYHVWLQGR
DRORQJRGRWHPSRHPPXGDQoDVWHFQROyJLFDVLQFOXLQGRSULQFLSDOPHQWHRFDPSRGD
LQIRUPiWLFD DILQDO GLVVH HOH VmR DQRV GH H[LVWrQFLD $VVLP HOH H[SOLFD TXH QD
'HQYHU QmR KRXYH XPD PXGDQoD EUXVFD $OpP GR PDLV D 'LUHWRULD VHPSUH
FRPSURX D LGpLD GH QRYDV DWXDOL]Do}HV R TXH OHYD D HPSUHVD jV FRQVWDQWHV
PXGDQoDVPDVDRPHVPRWHPSRID]FRPTXHGLPLQXDEDVWDQWHDVUHVLVWrQFLDVGRV
XVXiULRV $ GHFLVmR p VHPSUH GH FLPD SDUD EDL[R 3DUD UDWLILFDU R 'LUHWRU
3UHVLGHQWHOHPEURXTXHDHPSUHVDYHPWUDEDOKDQGRFRPDLPSOHPHQWDomRGD,62
SURMHWRHVWHFRPWRWDODSRLRGD'LUHWRULD
(P VHJXLGD IRL SHUJXQWDGR DR 'LUHWRU 3UHVLGHQWH FRPR HOH Yr DV SULQFLSDLV
YDQWDJHQV REWLGDV SHOD LPSODQWDomR GH XP (53 2 'LUHWRU 3UHVLGHQWH WUD] XP
2 'LUHWRU QmR GHVWDFD XP SURFHVVR FRPR PDLV RX PHQRV EHQpILFR DSyV D
LPSOHPHQWDomRGR(533DUDHOHKRXYHXPJDQKRJHUDOHPIXQomRGDFRQILDELOLGDGH
GDVLQIRUPDo}HVJHUDGDV6HJXQGRR'LUHWRU3UHVLGHQWHDHPSUHVDFRPRXPWRGR
IRL EHQHILFLDGD FRPR SRU H[HPSOR R SODQHMDPHQWR LQGHSHQGHQWH GR SURFHVVR
WRUQRXVH XPD IHUUDPHQWD JHUHQFLDO TXH SHUPLWH DWLQJLU RV REMHWLYRV +RXYH JDQKR
HP WRGRV RV VHJPHQWRV FRPHoDQGR SHOR FRQWUROH GR FXVWR HIHWLYR GH SHVVRDO R
FRQWUROH GH HVWRTXH LGHQWLILFDomR GH SUD]RV GH IDWXUDPHQWR YHUVXV SUD]R GH
FRPSUDV &RPR FRQVHTrQFLD R FiOFXOR HIHWLYR GD QHFHVVLGDGHGH FDSLWDO GH JLUR
UHGXomRGHSUD]RVQDDSXUDomRGRUHVXOWDGRHIHWLYRGDHPSUHVDFRPLQIRUPDo}HV
HP WHPSR UHDO PHOKRU FRQWUROH GRV SUD]RV GH HQWUHJDV GRV SURGXWRV DRV FOLHQWHV
SRU PHLR GH FRQWUROH HIHWLYR GRV SURFHVVRV SURGXWLYRV FRP LVVR XPD UHGXomR GR
OHDGWLPH 6HJXQGR R 'LUHWRU WXGR LVVR SRGH VHU WUDGX]LGR HP XPD ~QLFD SDODYUD
SURGXWLYLGDGH
)RL SHUJXQWDGR DR 'LUHWRU 3UHVLGHQWH FRPR HVSHFLILFDPHQWH R (53 FRQWULEXL QDV
YDULiYHLV GH WRPDGD GH GHFLVmR 2 HQWUHYLVWDGR IH] D VHJXLQWH DILUPDWLYD ³1mR p
SRVVtYHOWRPDUGHFLVmRVHPDLQIRUPDomR´6HJXQGRHOHDLQIRUPDomRRULJLQDVHGH
RXWUD SHVVRD RX HQWmR SURFHVVDGD 1R FDVR GDV LQIRUPDo}HV SURFHVVDGDV R
HQWUHYLVWDGR GHX XP H[HPSOR GH XP UHODWyULR ILQDQFHLUR GLiULR EDVH SDUD DYDOLDU
IXWXUDV QHFHVVLGDGHV GH FDSLWDO GH JLUR RQGH R UHVXOWDGR SRGHUi VHU XP VXSHUiYLW
RXXPGpILFLWVHQGRTXHTXDOTXHUTXHVHMDRUHVXOWDGRGHYHUiSURGX]LUXPDDomR
RXPHOKRUXPDGHFLVmR
( QR SODQR HVWUDWpJLFR IRL SHUJXQWDGR DR 'LUHWRU 3UHVLGHQWH FRPR R (53 SRGHUi
DMXGDUDWRPDUGHFLVmR1HVWHPRPHQWRRHQWUHYLVWDGRYROWRXDVXDDQiOLVHSDUDR
IXWXUR FRPHoRX D SHQVDU QD HPSUHVD SDUD RV SUy[LPRV FLQFR DQRV
SHUJXQWDQGRDVLPHVPRTXDORWLSRGHSURGXWRLUiDWHQGHUDRPHUFDGRTXDLVVHUmR
DV H[LJrQFLDV HP WHUPRV GH TXDOLGDGH SUD]RV H TXHP VHUmR RV FOLHQWHV 2 (53
VHJXQGR R HQWUHYLVWDGR IRUQHFH DWXDOPHQWH XPD DQiOLVH VHWRULDO VHJPHQWDGD SRU
SURGXWR HQJOREDQGR UHQWDELOLGDGH R TXH SHUPLWH XPD SURMHomR GDV UHFHLWDV FRP
PD[LPL]DomRGRVOXFURV2XWURSRQWRVDOLHQWDGRSHORHQWUHYLVWDGRIRLDFRQVLGHUDomR
GH QtYHO GH SUHoR SHOR IDWR GRV PHVPRV VHUHP EDVWDQWH GLIHUHQFLDGRV SRU UHJLmR
HP IXQomR GD FRQFRUUrQFLD H DWp PHVPR GR WLSR GH SURGXWR XWLOL]DGR VHQGR XPD
YDULiYHO FRQVLGHUiYHO TXH p D HODVWLFLGDGH GR SUySULR PHUFDGR UHODWLYD DR
GHVHQYROYLPHQWRGDUHJLmRHDRGHQtYHOTXDOLILFDomRGRVSURGXWRV
6HJXQGRR'LUHWRU3UHVLGHQWHRJUDXGHFRQILDELOLGDGHGDVLQIRUPDo}HVQDHPSUHVD
KRMH p PXLWR ERP HPERUD DV H[LJrQFLDV WDPEpP D FDGD GLD WRUQDPVH FDGD YH]
PDLRUHV Dt HQWUD D FULDWLYLGDGH EXVFDU QD PHVPD EDVH GDGRV LQIRUPDo}HV PDLV
DSXUDGDVHPDLVUiSLGDVHQWHQGHHOHTXHDUDSLGH]WDPEpPpTXDOLGDGH
(QWUHYLVWDGR0DUFHOR6RDUHV
&DUJR6HWRU*HUHQWHGH7HFQRORJLDGD,QIRUPDomR
7HPSRGHHPSUHVDDQRV
$WXDQWHQDiUHDDQRV
'DWDGDHQWUHYLVWD
26U0DUFHORDWXDO*HUHQWHGH7,GDHPSUHVD'HQYHUIRUQHFHXEDVWDQWHVGHWDOKHV
WpFQLFRVHPIDFHGHVXDODUJDH[SHULrQFLDQDiUHDGH7HFQRORJLDGD,QIRUPDomR2
VLVWHPDDWXDOPHQWHXWLOL]DGRGHQRPLQDVH(FHQWHUIDEULFDGRSHOD,QWUDFH6\VWHP
6HJXQGR R JHUHQWH GH 7, RV PyGXORV LPSODQWDGRV IRUDP RV GH 2UoDPHQWR H
9HQGDVRPyGXOR)LQDQFHLURTXHpFRPSRVWRSHOR)DWXUDPHQWR&RQWDVD5HFHEHU
&RQWDVD3DJDUH7HVRXUDULDRPyGXORGH(VWRTXHRPyGXORGH&50RPyGXORGH
&RPSUDVRPyGXOR&RQWiELOTXHHQJOREDDiUHD)LVFDOHRPyGXOR*HUHQFLDOTXH
HVWi HVSHFLDOPHQWH GLUHFLRQDGR DR XVR GD DOWD JHUrQFLD SRLV FRPSUHHQGH DV
DQiOLVHV HP UHODWyULRV H DQiOLVHV JUiILFDV UHIHUHQWH jV LQIRUPDo}HV RULXQGDV GRV
PyGXORVLPSODQWDGRV
2 SURFHVVR GH HVFROKD GR (53 FRQIRUPH R HQWUHYLVWDGR HQYROYHX HPSUHVDV
IRUQHFHGRUDV GR VRIWZDUH 2 WUHLQDPHQWR IRL SODQHMDGR H H[HFXWDGR SHOR SUySULR
GHSDUWDPHQWR GH 7, GD RUJDQL]DomR JHUDQGR FRP LVWR XPD PDLRU UHVLVWrQFLD SRU
SDUWHGRVXVXiULRVHPUD]mRGHQmRKDYHUVLGRHVWLSXODGRXPSUD]RILUPHHQWUHRV
DJHQWHV UHVSRQViYHLV H RV XVXiULRV 6HJXQGR SDUHFHU GR HQWUHYLVWDGR SRGHVH
FRQVLGHUDU FRPR XP HUUR HVWUDWpJLFR DQmRFRQWUDWDomR GH VXSRUWHV H[WHUQRVXPD
YH] TXH R WHPSR GRV IXQFLRQiULRV HUD GLYLGLGR HQWUH DV WDUHIDV RSHUDFLRQDLV H R
WUHLQDPHQWR HQWUHWDQWR VHP XP FRPSURPHWLPHQWR IRUPDO SHOR IDWR GH QmR H[LVWLU
XP FXVWR GLUHWR GHELWDGR SHOR DWUDVR QD LPSODQWDomR &RP LVWR R *HUHQWH GH 7,
FODVVLILFD FRPR D PDLRU GLILFXOGDGH HQFRQWUDGD QR SURFHVVR GH LPSODQWDomR D
UHVLVWrQFLD GRV XVXiULRV H FRPR FRQVHTrQFLD KRXYH D IDOWD GH FRPSURPHWLPHQWR
FRPSUD]RVHPXGDQoDV
&RQWLQXDQGR D HQWUHYLVWD IRL SHUJXQWDGR DR *HUHQWH GH 7, VREUH RV JDQKRV H RV
EHQHItFLRVREWLGRVFRPDLPSODQWDomRGRVLVWHPD(536HJXQGRHOHRVEHQHItFLRV
FRPHoDUDP D VXUJLU GH LPHGLDWR SRGHQGR GHVWDFDUHPSULPHLUR OXJDU D LQWHJUDomR
GDV LQIRUPDo}HV RX VHMD FRP XPD ~QLFD LQVHUomR D LQIRUPDomR SDVVD D H[LVWLU
SDUDWRGRRDPELHQWHGHWUDEDOKR(PVHJXQGROXJDUIRLUHVVDOWDGDDHOLPLQDomRGH
UHWUDEDOKR FRP D XWLOL]DomR GD PHVPD LQIRUPDomR SDUD WRGD D HPSUHVD H HP
WHUFHLUROXJDUGHVWDFDVHDPHOKRULDGDTXDOLGDGHGDLQIRUPDomRHPWRGDHVWUXWXUD
HSURFHVVR$UHGXomRGHFXVWRVQDiUHDGH7,QmRIRLPHQFLRQDGDSHOR*HUHQWH
(P WHUPRV GH EHQHItFLRV DRV SURFHVVRV GD RUJDQL]DomR R HQWUHYLVWDGR DYDOLD GH
XPDIRUPDJHUDORVJDQKRV3DUDH[HPSOLILFDUIH]XPDDQiOLVHGDHPSUHVDDSyVD
LPSOHPHQWDomRGR(53FRPHoDQGRSHORVHWRUILQDQFHLURTXHSDVVRXDFRQWDUFRP
LQIRUPDo}HV DQDOtWLFDV UHJLVWUDQGR WRGD D RULJHP H DSOLFDomR GRV UHFXUVRV SRU
EDQFRVWD[DVXWLOL]DGDVSUD]RVPpGLRVGHIDWXUDPHQWRDWUDVRVSRUUHJLmRFOLHQWH
(PWHUPRVGHWRPDGDGHGHFLVmRR*HUHQWHLGHQWLILFDFRPRSRVLWLYDDSDUWLFLSDomR
GRVLVWHPD(FHQWHULPSODQWDGR&LWRXFRPRH[HPSORRFiOFXORGHQHFHVVLGDGHVGH
FDSLWDO GH JLUR IXWXUR SHUPLWLQGR j HPSUHVD FRQKHFHU SUHYLDPHQWH R PRQWDQWH
QHFHVViULRSDUDFREULUVXDVQHFHVVLGDGHVRXDLGHQWLILFDomRGHVXSHUiYLWGLVSRQtYHO
SDUD XP GHWHUPLQDGR SHUtRGR R TXH SHUPLWH FRQWDWDU D LQVWLWXLomR ILQDQFHLUD
SRGHQGRREWHUXPDPHOKRUHVFROKDGDVWD[DVQDDSOLFDomRRXFDSWDomRGHUHFXUVRV
1D SDUWH FRPHUFLDO VHJXQGR R HQWUHYLVWDGR R (53 SHUPLWH LGHQWLILFDU QtYHLV GH
SRQWXDOLGDGHGHFDGDFOLHQWHKLVWyULFRGHYHQGDVHGHILQLomRGHOLPLWHVGHFUpGLWRV
UHGX]LQGRGHVWDIRUPDRULVFRGRQHJyFLR
1R SODQR HVWUDWpJLFR R *HUHQWH GH 7, SHUFHEH D FRQWULEXLomR GR (53 GH IRUPD
GLUHWD FLWDQGR FRPR H[HPSOR D UHFHQWH GHFLVmR GD GLUHWRULD TXH QHFHVVLWDYD
DXPHQWDU D UHQWDELOLGDGH GRV QHJyFLRV H SRU PHLR GH LQIRUPDo}HV REWLGDV SHOR
(53 LGHQWLILFRXVH WRGDV DV RSHUDo}HV FRPHUFLDLV TXH SURGX]LDP EDL[D
UHQWDELOLGDGHRXPHVPRUHVXOWDGRQHJDWLYR&RPDHOLPLQDomRGHVVDVRSHUDo}HVD
HPSUHVD UHGX]LX HP SDUWH VXDV UHFHLWDV HOLPLQDQGR jTXHODV TXH DSUHVHQWDYDP
EDL[DUHQWDELOLGDGHHDXPHQWDQGRSRURXWURODGRRUHVXOWDGRRSHUDFLRQDO
3DUD HQFHUUDU R HQWUHYLVWDGR SHUFHEHX XPD QHFHVVLGDGH FRUUHQWH GH PHOKRULD GR
VLVWHPDQRWRFDQWHDJDUDQWLUVHPSUHDTXDOLGDGHGDLQIRUPDomR&RPR*HUHQWHGH
7, HOH HQWHQGH TXH FDGD YH] PDLV R XVXiULR SDVVDUi D ID]HU XPD WDUHID PDLV
TXDOLILFDGDHPGHWULPHQWRGHDWLYLGDGHVUHSHWLWLYDVQRSURFHVVRRUJDQL]DFLRQDO
(OEUiV±(OHWURGRVGR%UDVLO/WGD(PSUHVD
(QWUHYLVWDGR/HLI*URQVWHGW
&DUJR6HWRU'LUHWRU$GPLQLVWUDWLYRH)LQDQFHLUR
7HPSRGHHPSUHVDDQRV
$WXDQWHQDiUHDDQRV
'DWDGDHQWUHYLVWD
$ JUDQGH QRYLGDGH DSUHVHQWDGD LQLFLDOPHQWH SHOR HQWUHYLVWDGR VH UHIHUH j JUDQGH
PXGDQoD LQWHUQD RFRUULGD SRU FRQWD GD LPSODQWDomR GR (53 HVFROKLGR SRGHQGR
PHVPRFKDPDUGHXPDYHUGDGHLUDUHHQJHQKDULDGHSURFHVVRV,VWRVHGHXVHJXQGR
R'LUHWRU$GPLQLVWUDWLYRH)LQDQFHLURSRUTXHDHPSUHVDSRVVXtDSHTXHQRVVLVWHPDV
QmRLQWHJUDGRVHWDPEpPQmRKDYLDDFXOWXUDGHXWLOL]DomRGHXPVLVWHPDFRPXPD
EDVH~QLFDGHGDGRV,VWRJHURXXPDTXDQWLGDGHHQRUPHGHHUURVQRLQtFLRGRXVR
GHVWHVLVWHPDSULQFLSDOPHQWHHPFRQVHTrQFLDGDDSOLFDomRGHXPDUHHQJHQKDULD
GH SURFHVVRV 2XWUR SRQWR GHVWDFDGR QD HQWUHYLVWD VH UHODFLRQD FRP D GLILFXOGDGH
QDDORFDomRGHSHVVRDOSUySULRSDUDVHGHGLFDUDWUHLQDPHQWRVHDSUHQGL]DJHPGR
VLVWHPDHDRPHVPRWHPSRFRQWLQXDUFRPDVDWLYLGDGHVRSHUDFLRQDLVGDHPSUHVD
2'LUHWRU$GPLQLVWUDWLYRGHVWDFDFRPRSULQFLSDLVSRQWRVSRVLWLYRVDLQWHJUDomRHD
TXDOLGDGH GDV LQIRUPDo}HV DSyV D LPSOHPHQWDomR GR (53 H RV DMXVWHV QRV
SURFHVVRVGHXWLOL]DomRGRVLVWHPDSULQFLSDOPHQWHQRFRQWUROHGHSUHoRVGHYHQGDV
RQGH IRL SRVVtYHO LGHQWLILFDU H FRQWURODU SUHoRV SUDWLFDGRV SHORV YHQGHGRUHV
JDUDQWLQGR GHVVD IRUPD D UHQWDELOLGDGH GRV SURGXWRV SDJDPHQWR GH E{QXV DRV
YHQGHGRUHV GH IRUPD GLIHUHQFLDGD LQFOXLQGR D YDULiYHO SUHoR QR FiOFXOR 2 TXH D
SULQFtSLR SDUHFLD XPD LGpLD PXLWR VLPSOHV WURX[H H[FHOHQWHV UHVXOWDGRV FRP D
LQVWLWXLomRGDUHPXQHUDomRYDULiYHOFRPRIRUPDGHSUHPLDURVERQVYHQGHGRUHV
$YLVmRGR'LUHWRU$GPLQLVWUDWLYRH)LQDQFHLURVREUHDXWLOL]DomRGR(53HPDOJXQV
SRQWRVFRQWUDGL]DYLVmRGR'LUHWRU,QGXVWULDOSRLVRSULPHLURFRQVLGHUDRVSURFHVVRV
GH&RQWDVD3DJDUHD5HFHEHUFRPRRVSULQFLSDLVEHQHILFLDGRVFRPDLPSODQWDomR
GR (53 HQTXDQWR R 'LUHWRU ,QGXVWULDO UHODFLRQD R (53 SRVLWLYDPHQWH j DWLYLGDGH
SURGXWLYDHDRFRQWUROHGHHVWRTXH3RUWDQWRILFDHYLGHQFLDGRRLQWHUHVVHGHFDGD
'LUHWRUQDIRUPDFRPRSHUFHEHURVSULQFLSDLVJDQKRVFRPDLPSOHPHQWDomRGR(53
HPVXDGLUHWRULD
'H DFRUGR FRP R HQWUHYLVWDGR R (53 DIHWD GHFLV}HV HP QtYHO HVWUDWpJLFR DSHQDV
QDV iUHDV ILQDQFHLUDV H HVWRTXH 1mR Ki D XWLOL]DomR GR (53 SDUD R
GHVHQYROYLPHQWR GH QRYRV SURGXWRV H QD LGHQWLILFDomR GH QRYRV PHUFDGRV
UHVXOWDQGR HP XPD EDL[D XWLOL]DomR GR (53 D QtYHO HVWUDWpJLFR RSLQLmR HVVD
FRUURERUDGDSHOR'LUHWRU,QGXVWULDO
(QWUHYLVWDGR$XUHF\O'DOOD%HUQDGLQD-XQLRU
&DUJR6HWRU'LUHWRU,QGXVWULDO
7HPSRGHHPSUHVDDQRV
$WXDQWHQDiUHDDQRV
'DWDGDHQWUHYLVWD
2 'LUHWRU ,QGXVWULDO H[HUFH WDPEpP D IXQomR GH *HUHQWH GH 4XDOLGDGH SRLV R
PHVPR p UHVSRQViYHO SHOD TXDOLGDGH GH IDEULFDomR H GHVHQYROYLPHQWR GH QRYRV
SURGXWRV 3DUWLFLSRX GLUHWDPHQWH QD LPSOHPHQWDomR GR VLVWHPD (53 ±
(035(6È5,2±IDEULFDGRSHOD3URPLV\VTXHRFRUUHXHQWUHRVPHVHVGHDEULOD
QRYHPEUR GH 6HJXQGR R 'LUHWRU ,QGXVWULDO D HVFROKD GR VLVWHPD VH GHX
SULQFLSDOPHQWH SRU LQGLFDomR GH RXWUDV HPSUHVDV TXH Mi XWLOL]DYDP HVWH PHVPR
PRGHOR GH (53 2 SURFHVVR GH HVFROKD IRL UiSLGR HP WRUQR GH PHVHV $
FRQVXOWRULDIRLLQGLFDGDSHORSUySULRIDEULFDQWH
$WXDOPHQWH R VLVWHPD p XWLOL]DGR SRU SHVVRDV HQWUH DV iUHDV DGPLQLVWUDWLYD
ILQDQFHLUD ORJtVWLFD H SURGXomR 2V PyGXORV LPSODQWDGRV IRUDP R )LQDQFHLUR
)DWXUDPHQWR &RQWDELOLGDGH H 3&3 3ODQHMDPHQWR H &RQWUROH GD 3URGXomR $
JUDQGH FRQWULEXLomR GR VLVWHPD (53 VHJXQGR R 'LUHWRU ,QGXVWULDO HQFRQWUDVH QD
iUHDGHFRQWUROHGHHVWRTXHRQGHH[LVWHXPJUDQGHQ~PHURGHPDWpULDVSULPDVHD
HPSUHVD SUHFLVD PDQWHU XP H[FHOHQWH QtYHO GH LQIRUPDomR VREUH RV SHGLGRV GH
FRPSUDV FRQVXPR H R QtYHO GH HVWRTXH 6HJXQGR R 'LUHWRU ,QGXVWULDO D (OEUiV
WUDEDOKD FRP SURGXomR VREUH HQFRPHQGD H QmR SRGH WHU IDOKDV QR SURFHVVR SRU
IDOWD GH PDWpULDV SULPDV )LFRX FODUR QD HQWUHYLVWD TXH SDUWH GDV PDWpULDV SULPDV
VmRIRUQHFLGDVSHORFOLHQWHHRXWUDSDUWHDGTXLULGDSHORSUySULRIDEULFDQWH$VVLPR
VLVWHPD(53IDFLOLWDRIOX[RGHSURGXomRFRPJDUDQWLDGHLQIRUPDomRVREUHHVWRTXHV
PtQLPRV VXILFLHQWHV SDUD DWHQGHU D GHPDQGD GH SURGXomR FRP LQIRUPDo}HV
SUHFLVDVGHUHSRVLo}HVQRPRPHQWRRSRUWXQR
$FRQWULEXLomRGR(53SDUDHVWDHPSUHVDVHJXQGRRHQWUHYLVWDGRHVWiPXLWRPDLV
YROWDGD DR FDPSR RSHUDFLRQDO H FRP PHQRU XWLOL]DomR QR SODQR HVWUDWpJLFR 2XWUR
DVSHFWR LQWHUHVVDQWH DSXUDGR QD HQWUHYLVWD p FRP UHODomR DR PyGXOR GH UHODWyULRV
GR VLVWHPD (53 LPSODQWDGR $ (OEUiV DGTXLULX HVWH PyGXOR H WRGRV RV UHODWyULRV
JHUHQFLDLV VmR SUHSDUDGRV SHORV SUySULRV XVXiULRV GD HPSUHVD 2V GDGRV VmR
H[SRUWDGRVGREDQFRGHGDGRVSDUDHPJHUDOSODQLOKDVHOHWU{QLFDV
([SUHVVR7UDQVSRUWH(PSUHVD
(QWUHYLVWDGR/HRQDUGRGH6RX]D
&DUJR6HWRU6XSHUYLVRUGH7HFQRORJLDGD,QIRUPDomRH&XVWRV
7HPSRGHHPSUHVDDQRV
$WXDQWHQDiUHDDQRV
'DWDGDHQWUHYLVWD
4XDQWRDRVPyGXORVLPSODQWDGRVRHQWUHYLVWDGRDILUPDTXHRSURFHVVRHVWiDLQGD
HP DQGDPHQWR HVWDQGR Mi ILQDOL]DGRV RV PyGXORV GH &RQWUROH GH (VWRTXH
0DQXWHQomR$EDVWHFLPHQWR&RPSUDV0HUFDGRQDUHGH&RQWUROHGHFDUJDV$WLYR
LPRELOL]DGR &RQWDELOLGDGH H D SDUWH ILVFDO &RQWDV D SDJDU &RQWDV D UHFHEHU
&RQWUROH GH HVFDOD URGRYLiULD H XUEDQD &RQWUROH GH DFLGHQWHV &RQWUROH GH IURWD
5HFXUVRV +XPDQRV 3DVVLYR FRQWLQJHQWH 1HVWH JUDQGH Q~PHUR GH PyGXORV R
HQWUHYLVWDGR HQIDWL]D R FRQWUROH GH )ROKD GH SDJDPHQWR HP IXQomR GR EDQFR GH
KRUDVGRVPRWRULVWDVGH{QLEXV
)RL SHUJXQWDGR DR HQWUHYLVWDGR FRPR RFRUUHX D HVFROKD GR VLVWHPD 6HJXQGR R
VXSHUYLVRU GH 7, H FXVWRV KRXYH XPD HVFROKD LQLFLDO GH VLVWHPD (53 SRUpP HP
UD]mR GR PHVPR QmR DWHQGHU D WRGDV DV QHFHVVLGDGHV D LPSODQWDomR IRL
LQWHUURPSLGDHXPQRYRVLVWHPDIRLHVFROKLGR1HVWHVHJXQGRSURFHVVRGHHVFROKD
D SDUWLFLSDomR GRV JHUHQWHV IRL FUXFLDO VHJXQGR R HQWUHYLVWDGR $ LPSODQWDomR GR
VLVWHPDDWXDOGHXLQtFLRHPMXOKRGHFRPDSUHYLVmRGHHQFHUUDPHQWRSDUDR
ILQDOGH
)DODQGR XP SRXFR GD HVFROKD GR VLVWHPD R HQWUHYLVWDGR GHPRQVWURX WHU VLGR XP
SURFHVVRFUtWLFRFRPRHQYROYLPHQWRGHYiULRVJHUHQWHVGHGLYHUVRVGHSDUWDPHQWRV
XPDYH]TXHDSULPHLUDHVFROKDQmRKDYLDVLGREHPVXFHGLGD1DDWXDOHVFROKDGR
SURFHVVR FULRXVH XP JUXSR GH XVXiULRV FKDYHV NH\ XVHUV VHQGR TXH FDGD XP
GHOHV ILFRX UHVSRQViYHO HP YLVLWDU H FRQKHFHU SUDWLFDPHQWH WRGRV RV VLVWHPDV
GLVSRQtYHLVQRPHUFDGRTXHDWHQGHVVHPXPDHPSUHVDGHWUDQVSRUWH&DGDJHUHQWH
GHYHULD DSUHVHQWDU XP UHODWyULR TXH DSUHVHQWDVVH DV VHJXLQWHV FDUDFWHUtVWLFDV SRU
VLVWHPDYLVLWDGRFRPJUDXGHDYDOLDomRIXQFLRQDOLGDGHFRQILDELOLGDGHXVDELOLGDGHH
HILFLrQFLD ,VWR WURX[H XPD UHVSRQVDELOLGDGH GLUHWD GR JHUHQWH FRP R VLVWHPD QR
SURFHVVRGHLPSOHPHQWDomRHXWLOL]DomRHOLPLQDQGRGHVWDIRUPDUHVLVWrQFLDVIXWXUDV
LQWHUQDV
0HVPR DSyV D HVFROKD GR VLVWHPD (53 D VHU LPSODQWDGR R SURFHVVR ILQDO DLQGD
DEVRUYHX PDLV PHVHV &RP UHODomR j FRQVXOWRULD H[WHUQD VHJXQGR R
HQWUHYLVWDGR VRPHQWH R PyGXOR GH &RQWDELOLGDGH IRL DFRPSDQKDGR SRU FRQVXOWRU
H[WHUQR QRV GHPDLV FRXEH DR GHSDUWDPHQWR GH 7, D UHVSRQVDELOLGDGH GD
LPSODQWDomR
)RL SHUJXQWDGR DR *HUHQWH VREUH RV EHQHItFLRV DOFDQoDGRV RX PHVPR D DWLQJLU QR
ILQDO GD LPSOHPHQWDomR GR (53 2 SULPHLUR JUDQGH EHQHItFLR VHJXQGR R
HQWUHYLVWDGRIRLDYLVmRTXHDQWHVHUDGHSDUWDPHQWDOL]DGDHIRLVXEVWLWXtGDSRUXPD
YLVmRPDFURGHQWURGDHPSUHVD&RPDSHQDVXPDLQVHUomRGHGDGRVDLQIRUPDomR
SDVVRX D HVWDU GLVSRQtYHO SDUD WRGD D HPSUHVD 1HVWH SDUkPHWUR R HQWUHYLVWDGR
H[HPSOLILFRX FRP R UHODWyULR GH FHQWUR GH FXVWR SHOR TXDO RV JHUHQWHV DXWRUL]DGRV
SRGHP D TXDOTXHU PRPHQWR HP WHPSR UHDO FRQKHFHU RV JDVWRV SRU QDWXUH]D H
FHQWURGHFXVWRFRQIURQWDQGRFRPDVPHWDVSUpHVWDEHOHFLGDV6HJXQGRR*HUHQWH
R UHODWyULR SHUPLWH DYDOLDU JDVWRV SRU FDUUR XWLOL]DGR R PHFkQLFR TXH FRQVHUWRX
DTXHOH YHtFXOR WHPSR JDVWR SRU PHFkQLFR HWF &ULDUDPVH DVVLP LQGLFDGRUHV GH
DFRPSDQKDPHQWR 2XWUR DVSHFWR PXLWR LPSRUWDQWH DERUGDGR SHOR HQWUHYLVWDGR VH
UHODFLRQD FRP D DJLOLGDGH GDV LQIRUPDo}HV $ SUHYLVmR p TXH HP FDGD ORFDO GH
GHVWLQRGRV{QLEXVVHMDPLQVWDODGRVVLVWHPDVGHHQWUDGDVGHGDGRVSDUDRUHJLVWUR
GDVLQIRUPDo}HVHDVVLPVHQHFHVViULRWRPDUPHGLGDVFRUUHWLYDVHPFXUWRSUD]R
FRPRUHVXOWDGRGHVVDVUHXQL}HV6HJXQGRHOHSRUPHLRGHFRQWUROHVGRVVLVWHPDV
(53IRLLGHQWLILFDGRXPYROXPHPDLRUGHTXHEUDVGHYHtFXORVHPXPDGHWHUPLQDGD
VHPDQDHSRUFRQVHTrQFLDRPRWLYRGHVWDVTXHEUDVTXHVHJXQGRRVPHFkQLFRV
VHULDP HOpWULFRV PDV RV LQGLFDGRUHV PRVWUDUDP TXH DV PDLRUHV TXHEUDV IRUDP GH
RULJHP PHFkQLFD ,GHQWLILFRXVH WDPEpP R UHWUDEDOKR QD PDQXWHQomR JHUDQGR
PDLRUHV FXVWRV SDUD D HPSUHVD &RP LVWR FULRXVH WUHLQDPHQWR HVSHFtILFR DRV
PHFkQLFRVGLUHFLRQDQGRDPmRREUDSDUDDDSOLFDomRFRUUHWD
1RkPELWRHVWUDWpJLFRR*HUHQWHGHPRQVWUDTXHDLQIRUPDomRREWLGDSHOR(53SRGH
LGHQWLILFDU OLQKDV TXH JHUDP PDLRUHV SUREOHPDV GH PDQXWHQomR H GHVWD IRUPD
GLUHFLRQDUFDUURVPDLVDSURSULDGRVSDUDDTXHOHDWHQGLPHQWR(PUHVXPRFRQVWDWRX
VH XP yWLPR QtYHO GH XWLOL]DomR GR (53 GHQWUR GD HPSUHVD WDQWR HP QtYHO
RSHUDFLRQDOFRPRHVWUDWpJLFR
,QG~VWULDGH&HUkPLFD$VWHFD(PSUHVD
(QWUHYLVWDGR$QWRQLR&DUORV&URFKHOD
&DUJR6HWRU*HUHQWH)LQDQFHLUR
7HPSRGHHPSUHVDDQRV
$WXDQWHQDiUHDDQRV
'DWDGDHQWUHYLVWD
$ HQWUHYLVWD IRL UHDOL]DGD QD SUySULD IiEULFD GD HPSUHVD QD FLGDGH GH 0RQWH
&DUPHOR GLVWDQWH NP GD FLGDGH GH %HOR +RUL]RQWH 2 *HUHQWH LQLFLRX D
HQWUHYLVWD LQIRUPDQGR TXH D HPSUHVD DGRWD R VLVWHPD 3HUVLVW 6HJXQGR R *HUHQWH
)LQDQFHLURIRUDPLPSODQWDGRVWRGRVRVPyGXORVLQFOXLQGRSURGXomRDGPLQLVWUDomR
H SHVVRDO H WDPEpP D IROKD GH SDJDPHQWR 2V PyGXORV GH SURGXomR HQYROYHP R
3ODQHMDPHQWRGH&RPSUDVH3URGXomR3&3HRFRQWUROHGHHVWRTXH2VPyGXORV
DGPLQLVWUDWLYRVFRPSUHHQGHPWRGRRVHWRUILQDQFHLURGDHPSUHVDLQFOXLQGRFRQWDVD
UHFHEHUHDSDJDUDWHVRXUDULDDFRQWDELOLGDGHHRDWLYRIL[R
$ LPSODQWDomR GR VLVWHPD (53 WHYH LQtFLR HP H FRQIRUPH LQIRUPDomR GR
*HUHQWH)LQDQFHLURDHPSUHVDFRQWLQXDLQYHVWLQGRHPQRYRVPyGXORVDWXDOL]Do}HV
( FRP LVWR HQWHQGH TXH HVWH p XP SURFHVVR TXH QXQFD WHUPLQD VHPSUH HP
GHVHQYROYLPHQWR
(PVHJXLGDIRLSHUJXQWDGRDRHQWUHYLVWDGRFRPRVHGHXRSURFHVVRGHHVFROKDGR
(53 +RXYH XPD SHVTXLVD GH PHUFDGR FRP YLVLWDV HP RXWUDV HPSUHVDV PDV R
VLVWHPD HVFROKLGR Mi HUD XWLOL]DGR HP HPSUHVD GH SDUHQWHV GRV SURSULHWiULRV GD
&HUkPLFD $VWHFD 3RUWDQWR D HVFROKD IRL SRU LQGLFDomR )RL FRQWUDWDGD XPD
FRQVXOWRULDH[WHUQDTXHDFRPSDQKRXWRGRRSURFHVVRGHLPSODQWDomR$UHVLVWrQFLD
SRU SDUWH GRV XVXiULRV IRL EDL[D VHJXQGR R HQWUHYLVWDGR +DYLD XP HQWXVLDVPR
PXLWR JUDQGH HQWUH HOHV SHOR IDWR GH VHU XPD QRYLGDGH WHFQROyJLFD TXH VH
DSUHVHQWDYDDFUHGLWDQGRVHLQFOXVLYHVHUXPGLIHUHQFLDOFRPSHWLWLYRQDpSRFD
1R FDPSR GH EHQHItFLRV REWLGRV FRP D LPSODQWDomR GR (53 R HQWUHYLVWDGR
GHPRQVWURXEDVWDQWHHQWXVLDVPRGLVFRUUHQGRSULPHLUDPHQWHDUHVSHLWRGDDJLOLGDGH
QDREWHQomRGDVLQIRUPDo}HV(PVHJXLGDDFDUDFWHUtVWLFDXVDELOLGDGHWDPEpPIRL
UHDOoDGD SHOR *HUHQWH ( SRU ~OWLPR HOH UHVVDOWRX D VHJXUDQoD GDV LQIRUPDo}HV
SULQFLSDOPHQWHFRPRFRQWUROHGDVIyUPXODVGHIDEULFDomR
3DVVRXVHHPVHJXLGDDFRPHQWDUVREUHDFRQWULEXLomRGR(53QDVYDULiYHLVSDUD
WRPDGD GH GHFLVmR 1HVWH FDPSR R *HUHQWH )LQDQFHLUR IRFD SULQFLSDOPHQWH DV
iUHDV GH DWHQGLPHQWR D FOLHQWH H D IRUQHFHGRUHV EHP FRPR R SURFHVVR SURGXWLYR
3HGLXVH DR *HUHQWH TXH IRUQHFHVVH XP H[HPSOR GH FRPR R XVR GR (53 DMXGD
QHVWH SURFHVVR 'LDULDPHQWH R (53 IRUQHFH XP UHODWyULR GH SHUGDV QD SURGXomR
FRPLQIRUPDo}HVWpFQLFDVTXHSHUPLWHPLGHQWLILFDUHUURVGHDSOLFDomRGHIyUPXODV
PDWpULDVSULPDVIRUDGHHVSHFLILFDomRRXPHVPRPmRGHREUDQmRTXDOLILFDGD$SyV
HVWD DYDOLDomR GLiULD D *HUrQFLD LPHGLDWDPHQWH SURFXUD LGHQWLILFDU DV VROXo}HV GR
SUREOHPDDSUHVHQWDGR
3RU~OWLPRR*HUHQWHUHVVDOWRXDLPSRUWkQFLDGR(53QRFRQWUROHGDVODYRXUDVSRLV
R PHVPR VLVWHPD WDPEpP p HPSUHJDGR QR FRQWUROH GD GLYLVmR GH DJURQHJyFLRV
SHUWHQFHQWH DR PHVPR JUXSR VHP FRQWXGR IRUQHFHU PDLRUHV GHWDOKHV 1R SODQR
HVWUDWpJLFRQmRIRLSRVVtYHOLGHQWLILFDUXPDFRQWULEXLomRHIHWLYDGRVLVWHPD(53
$1È/,6((',6&8662'265(68/7$'2648$17,7$7,926
$ VHJXLU p DSUHVHQWDGD XPD DQiOLVH TXDQWLWDWLYD GRV GDGRV FROHWDGRV GXUDQWH DV
HQWUHYLVWDV UHDOL]DGDV MXQWR DRV SURILVVLRQDLV 9DOH UHVVDOWDU TXH R SUHHQFKLPHQWR
GHVWDVLQIRUPDo}HVRFRUUHXVHPSUHDSyVDHQWUHYLVWDDEHUWDFRPRVPHVPRV1mR
KRXYHGLILFXOGDGHQHVWHSURFHGLPHQWRXPDYH]TXHRDVVXQWRHPSDXWDKDYLDVLGR
GLVFXWLGR DPSODPHQWH SRU PHLR GH HQWUHYLVWD FRP RV HQYROYLGRV )RL XWLOL]DGD XPD
HVFDOD WLSR /LNHUW GH SRQWRV FRP RV H[WUHPRV GLVFRUGR WRWDOPHQWH H
FRQFRUGR WRWDOPHQWH (P IXQomR GR WDPDQKR GD DPRVWUD D DQiOLVH TXDQWLWDWLYD
QmR WHP D ILQDOLGDGH GH JHQHUDOL]DU RV UHVXOWDGRV PDV DSHQDV SHUPLWLU XPD
FRPSDUDomRPDLVREMHWLYDHQWUHRVFDVRVHVWXGDGRV
2XVRGR(53FRPRIHUUDPHQWDJHUHQFLDOPyGXOR6,*±6LVWHPDGH,QIRUPDomR
*HUHQFLDO QR SURFHVVR GH WRPDGD GH GHFLVmR DEUDQJHQGR DV TXHVW}HV
FRPSUHHQGLGDVHQWUHRVQ~PHURVD
,PSDFWR ILQDQFHLURFXVWRV HP UD]mR GR XVR GR (53 QDV RUJDQL]Do}HV
DEUDQJHQGRDVTXHVW}HVFRPSUHHQGLGDVHQWUHRVQ~PHURVD
GHFLVmR
WDWLYRV(53HHWDSDVGDWRPDGDGHGHFLVmR
&RQWLQXD
(PSUHVD
7UDQV
'HQYHU (OEUDV &HUkPLFD
SRUWH
'HVYLR
UHV *HU7, 'LU)LQ 'LU,QG *HU7, *HU)LQ 0pGLD
SDGUmR
$QiOLVHGDFRQWULEXLomRGR(53SDVHWDSDVGDWRPDGDGHG
1D7$%DVTXHVW}HVGHQ~PHURVD
7$%(/$±&RQVROLGDomRGRVGDGRVTXDQWL
WDWLYRV(53HHWDSDVGDWRPDGDGHGHFLVmR
&RQWLQXD
(PSUHVD
7UDQV
'HQYHU (OEUDV &HUkPLFD
SRUWH
'HVYLR
UHV *HU7, 'LU)LQ 'LU,QG *HU7, *HU)LQ 0pGLD
SDGUmR
7$%(/$±&RQVROLGDomRGRVGDGRVTXDQWLW
WDWLYRV(53HHWDSDVGDWRPDGDGHGHFLVmR
&RQFOXVmR
(PSUHVD
7UDQV
'HQYHU (OEUDV &HUkPLFD
SRUWH
7$%(/$±&RQVROLGDomRGRVGDGRVTXDQWLW
&RPRXVRGHVLVWHPD(53RDFHVVRjVLQIRUPDo}HVVHGiGH
IRUPDPDLViJLO
2XVRGRVLVWHPD(53JHUDLQIRUPDo}HVPDLVFRQILiYHLV
2XVRGR(53SRGHVHUFRQVLGHUDGRFRPRXPDIHUUDPHQWDSDUD
HQIUHQWDUDFRQFRUUrQFLD
'H PDQHLUD JHUDO RV VHLV UHVSRQGHQWHV GH TXDWUR HPSUHVDV GLIHUHQWHV
DSUHVHQWDUDPSDGU}HVVHPHOKDQWHVGHUHVSRVWDVFRQIRUPHGHPRQVWUDGRSHOREDL[R
GHVYLR SDGUmR GDPDLRULD GDV YDULiYHLV (P DOJXPDV YDULiYHLV R JHUHQWH GH7, GD
'HQYHUDSUHVHQWRXXPDSRVWXUDPDLVFUtWLFDHPUHODomRDRVGHPDLVUHVSRQGHQWHV
$ VHJXLU DSUHVHQWDVH XPD DQiOLVH GDV SULQFLSDLV YDULiYHLV DVVRFLDGDV j
SHUVSHFWLYD GD FRQWULEXLomR GR (53 SDUD DV HWDSDV GR SURFHVVR GH WRPDGD GH
GHFLVmR
,GHQWLILFDomRGHVROXo}HV±%DVLFDPHQWHHVWDTXHVWmRpDFRQWLQXDomRGRLWHP
DQWHULRU8PDYH]LGHQWLILFDGRRSUREOHPDR(53FRQWULEXLWDPEpPQDEXVFDGH
VROXo}HVFRQIRUPHHQWUHYLVWDVHTXHVWLRQiULRV&RQWLQXDQGRRH[HPSORDQWHULRU
DHPSUHVDGHWUDQVSRUWHDSyVLGHQWLILFDURSUREOHPDGHH[FHVVRGHPDQXWHQomR
HPXPYHtFXORDSUHVHQWRXGLYHUVDVDOWHUQDWLYDVFRPRWUHLQDPHQWRGRPRWRULVWD
SDUD VLWXDo}HV DGYHUVDV HVFROKD GR YHtFXOR PHOKRU DSURSULDGR SDUD DTXHOH
DPELHQWHHWF
(VFROKD GH XPD DOWHUQDWLYD SDUD D VROXomR ± 2 XVR GR (53 VHJXQGR RV
HQWUHYLVWDGRV SHUPLWH ID]HU VLPXODo}HV QD EXVFD GD PHOKRU DOWHUQDWLYD D VHU
XWLOL]DGD (VWH H[HPSOR p FRPHQWDGR SHORV HQWUHYLVWDGRV SRU H[HPSOR TXDQGR
QHFHVVLWDPEXVFDURPHOKRUUHVXOWDGRGHYHQGDVSRUPHLRGDHVFROKDGHXPPL[
GHSURGXWRVLGHDO
5HFXUVRVGHVLPXODomR±2(53VHJXQGRRVHQWUHYLVWDGRVQmRRIHUHFHHVWHV
UHFXUVRV GH IRUPD DPLJiYHO R TXH GLILFXOWD R XVR GR PHVPR SRU SDUWH GRV
XVXiULRV 3DUD HVWH REMHWLYR RV GDGRV VmR PLJUDGRV SDUD SODQLOKDV HOHWU{QLFDV
HPJHUDORQGHHQWmRVmRIHLWDVDVVLPXODo}HV5HVVDOWDVHTXHHVVDYDULiYHOIRL
D TXHDSUHVHQWRXDSLRU PpGLD QR JUXSR UHSUHVHQWDQGRDVVLP DV OLPLWDo}HVGR
XVR GH (53 QD VLPXODomR GH FHQiULRV $ YDULiYHO WDPEpP DSUHVHQWRX GHVYLR
SDGUmR PDLRU GR TXH LQGLFDQGR PDLRU GLYHUJrQFLD HQWUH DV RSLQL}HV GRV
UHVSRQGHQWHV
7RPDGD GH GHFLV}HV HP VLWXDo}HV LQHVSHUDGDV ± (VWH TXHVLWR SRGH VHU
IDFLOPHQWHLGHQWLILFDGRQDHQWUHYLVWDQRYDPHQWHQRPyGXORGHJHVWmRILQDQFHLUD
(53 HVSHFLILFDPHQWH SDUD D DGPLQLVWUDomR GR FRQWDV D UHFHEHU &RQWUROH GH
DWUDVRV OLPLWHV GH FUpGLWRV H FREUDQoD GH MXURV VmR RSHUDo}HV GR GLDDGLD
SRUpPSRGHPVHUFODVVLILFDGDVFRPRQmRURWLQHLUDVXPDYH]TXHDVROXomRQHP
VHPSUH SRGH VHU SDGURQL]DGD &RQYpP UHVVDOWDU TXH HVWD YDULiYHO PpGLD
DSUHVHQWRX XP UHVXOWDGR OLJHLUDPHQWH LQIHULRU HP UHODomR jV GHFLV}HV URWLQHLUDV
PpGLD
$FHOHUD R SURFHVVR GH WRPDGD GH GHFLVmR ± 1mR Ki G~YLGD TXH XPDV GDV
JUDQGHVTXDOLGDGHVLGHQWLILFDGDVQDVHQWUHYLVWDVTXDQWRDRXVRGR(53WUDWDVH
GD GLVSRQLELOL]DomR GD LQIRUPDomR HP WHPSR UHDO SRU FRQVHTrQFLD JHUDQGR
PDLRU IDFLOLGDGH H UDSLGH] GDV VROXo}HV SURSRVWDV SHORV DGPLQLVWUDGRUHV 2
GHVYLR SDGUmR PDLRU GR TXH QHVVD YDULiYHO IRL SURYRFDGR SHOD RSLQLmR
GLVVRQDQWHGRJHUHQWHGH7,GD'HQYHUHPUHODomRDRVGHPDLVHQWUHYLVWDGRV
5HWDUGDRSURFHVVRGHWRPDGDGHGHFLVmR±(VWHTXHVLWRIRLQHJDGRSRUWRGRV
RV SURILVVLRQDLV TXH SDUWLFLSDUDP GD HQWUHYLVWD EHP FRPR QDV TXHVW}HV
IHFKDGDV
$GRomR GR (53 ± &RP H[FHomR GH XP GRV HQWUHYLVWDGRV RV GHPDLV
FRQFRUGDUDPTXHRXVR(53IDFLOLWDDWRPDGDGHGHFLVmR
,QIRUPDo}HVEHPIXQGDPHQWDGDV±2TXHVWLRQDPHQWRTXDQWRjTXDOLGDGHGDV
LQIRUPDo}HV JHUDGDV SHOR XVR GR (53 IRL VHPSUH DERUGDGR QDV HQWUHYLVWDV H
WRGRV FRQFRUGDUDP TXH D TXDOLGDGH p XP SURFHVVR GLQkPLFR PDV TXH R QtYHO
DWXDOGHLQIRUPDo}HVGLVSRQtYHLVQDVHPSUHVDVpPXLWRERP
$FHVVRiJLOjVLQIRUPDo}HV±$HPSUHVDGHWUDQVSRUWHFRORFRXHTXLSDPHQWRV
SDUD HQWUDGD GH GDGRV QR ILQDO GH FDGD OLQKD &RP LVVR FDEH DR PRWRULVWD DR
ILQDO GD MRUQDGD GDU HQWUDGD HP XPD VpULH GH LQIRUPDo}HV UHIHUHQWH jTXHOD
YLDJHP5DSLGH]WDPEpPpTXDOLGDGHSRVLomRXQkQLPHGRVHQWUHYLVWDGRV
,QIRUPDo}HV PDLV FRQILiYHLV ± 2 SULQFtSLR EiVLFR GR (53 FRQVLVWH HP XPD
~QLFDHQWUDGDGHGDGRVRTXHIDFLOLWDRFRQWUROHDLGHQWLILFDomRGDLQIRUPDomRH
D RULJHP GD PHVPD $R PHVPR WHPSR R (53 PLQLPL]D D SRVVLELOLGDGH HUURV
3HORTXHVWLRQiULRWRGRVRVHQWUHYLVWDGRVFRQILUPDUDPHVWHHQWHQGLPHQWR
$QiOLVHGDTXDOLGDGHGDVLQIRUPDo}HVDEUDQJrQFLDRUJDQL]DFLRQDO
6,*(53SDUDWRPDGDGHGHFLVmR
(PSUHVD
'HVYLR
HV *HU7, 'LU)LQ 'LU,QG *HU7, *HU)LQ 0pGLD
SDGUmR
7$%(/$±%HQHItFLRVGLUHWRVGR
'
2(53XWLOL]DGRDEUDQJHWRGDVDViUHDVGDRUJDQL]DomR
2XVRGR(53SHUPLWHXPDPHOKRUFRRUGHQDomRGDVDWLYLGDGHV
FRPFOLHQWHVHIRUQHFHGRUHV
2 XVR GR (53 FRQWULEXL SDUD PHOKRUHV FRQWUROHV VREUH DV
SROtWLFDVGHFUpGLWRHILQDQFLDPHQWRDFOLHQWHV
2 XVR GH 6,* DMXGD D SURYHU VXSRUWH DGPLQLVWUDWLYR DRV
FOLHQWHV
2 XVR GR 6,* FRQWULEXL SDUD XPD PDLRU SUHFLVmR QD SUHYLVmR
GHYHQGDVGDHPSUHVD
2XVRGR6,*FRQWULEXLSDUDXPDPHOKRUSUHFLVmRQDVGHFLV}HV
VREUHDVQHFHVVLGDGHVGHFRPSUDVHSURGXomR
2 XVR GR 6,* FRQWULEXL SDUD PHOKRUHV FRQWUROHV VREUH RV
LQYHQWiULRV
2XVRGR6,*SHUPLWHXPDPHOKRUFRRUGHQDomRHQWUHDViUHDV
IXQFLRQDLVGDHPSUHVD
2XVRGR6,*DMXGDDUHGX]LUDLQFHUWH]DGROHDGWLPH
26,*DWHQGHWRGDVDVH[SHFWDWLYDVHVSHUDGDVSHODHPSUHVD
)RQWH'DGRVGDSHVTXLVD
2VLVWHPDGHLQIRUPDo}HVJHUHQFLDODEUDQJHWRGDVDViUHDVGDRUJDQL]DomR
± $ YLVmR GRV SURILVVLRQDLV HQWUHYLVWDGRV HVWi GLUHWDPHQWH VLQFURQL]DGD FRP D
VXDiUHDGHDWXDomRHWDPEpPFRPRVWLSRVPyGXORVLPSODQWDGRVQDHPSUHVD
$VVLP QD YLVmR JHUHQFLDO GD PDLRULD GRV HQWUHYLVWDGRV GHVGH TXH R VLVWHPD
DWHQGD jV VXDV SUySULDV QHFHVVLGDGHV HQWHQGD D H[SUHVVmR ³SUySULDV
QHFHVVLGDGHV´FRPRjTXHODGHOLPLWDGDSHODVXDiUHDGHDWXDomRDUHVSRVWDVHUi
DILUPDWLYD 2 HQWUHYLVWDGRU LGHQWLILFRX TXH QHVWH TXHVLWR D YLVmR GRV
UHVSRQViYHLVSHODiUHDGH7,pEHPPDLVFRQVLVWHQWH
3UHFLVmR GD SUHYLVmR GH YHQGDV ± &RP EDVH QDV HQWUHYLVWDV ILFD FODUR TXH
DWLYLGDGHVGHVWDQDWXUH]DVmRGHWRWDOUHVSRQVDELOLGDGHGDDOWDJHUrQFLDRQGHR
(53 DLQGD QmR SRVVXL DOWR JUDX GH XWLOL]DomR 0HVPR HP DOJXQV FDVRV FRP
DILUPDo}HV SRVLWLYDV SHUFHEHXVH TXH HP TXDVH WRGRV RV SURILVVLRQDLV
HQWUHYLVWDGRV Ki XP GHVFRQKHFLPHQWR GH XWLOL]DU GR (53 QXP WUDEDOKR GH
SUHYLVmRGHYHQGDV)RLLGHQWLILFDGRSHORHQWUHYLVWDGRTXHDDOWDJHUHQFLDUHFHEH
3UHFLVmRGHQHFHVVLGDGHVGHFRPSUDHSUHYLVmR± 3HUFHEHVHQRYDPHQWHD
YLVmR GR HQWUHYLVWDGR LQIOXHQFLDGD SHOD DWLYLGDGH H[HUFLGD (QTXDQWR
SURILVVLRQDLV GD iUHD LQGXVWULDO HQFRQWUDUDP QR (53 WRWDO VXSRUWH SDUD HVWD
DWLYLGDGHRXWURVQmRLGHQWLILFDUDPYDQWDJHQVWmRSRVLWLYDV
&RQWUROHV GH LQYHQWiULR ± $ DQiOLVH GHVWH TXHVLWR HVWi QD PHVPD OLQKD GR
DQWHULRU RX VHMD VRPHQWH R SURILVVLRQDO HQYROYLGR WHP HOHPHQWRV SDUD HVWD
DYDOLDomR
,QWHJUDomRHQWUHiUHDVIXQFLRQDLVGDHPSUHVD± $VHQWUHYLVWDVPRVWUDPFRP
FODUH]D D GLIHUHQoDGH XVR GR(53 QDVGLYHUVDV iUHDV GDRUJDQL]DomR 2QtYHO
GRV XVXiULRV RV PyGXORV LPSODQWDGRV RV WUHLQDPHQWRV DSOLFDGRV WXGR LVVR
UHIOHWH GLUHWDPHQWH QD LQWHJUDomR GDV iUHDV IXQFLRQDLV QD HPSUHVD 3HOD
HQWUHYLVWD GRV SURILVVLRQDLV SHUFHEHXVH FRQKHFLPHQWRV EDVWDQWH KHWHURJrQHRV
TXDQWRDXWLOL]DomRGR(53
,QFHUWH]D GR OHDGWLPH ± 2 WHUPR OHDGWLPH GHQWUR GR (53 QmR IRL EHP
FRPSUHHQGLGR SRU WRGRV RV HQWUHYLVWDGRV 2EYLDPHQWH WRGRV RV SURILVVLRQDLV
HQWUHYLVWDGRVFRQKHFHPRWHUPRDSOLFDGRSRUpPQmRVRXEHUDPLGHQWLILFDUFRPR
R(53SRGHULDLQIOXHQFLDUQHVWDDYDOLDomR1HVWHTXHVLWRRHQWUHYLVWDGRUSHUFHEH
DPHVPDOLPLWDomRLGHQWLILFDGDQRLWHPDQWHULRURXVHMDDIDOWDGHKDELOLGDGHQR
XVR GR VLVWHPD (53 R TXH OLPLWD D VXD SUySULD XWLOL]DomR SDUD GHWHUPLQDGRV
REMHWLYRV
PDLRUGRTXHLQGLFDQGRTXHH[LVWHPGLIHUHQoDVVLJQLILFDWLYDVQD
HV DQDOLVDGDV (P SDUWLFXODU QD HPSUHVD 'HQYHU R SURFHVVR GH
HVW}HVGHQ~PHURVD
SURFHVVRGHLPSODQWDomRGR(53
&RQWLQXD
(PSUHVD
'HVYLR
UHV *HU7, 'LU)LQ 'LU,QG *HU7, *HU)LQ 0pGLD
SDGUmR
$QiOLVHGRSURFHVVRGHLPSODQWDomRGR(53
7RGDVDVYDULiYHLVGHVVHJUXSRDSUHVHQWDUDPGHVYLRSDGUmR
IRUPD HP TXH R (53 IRL LPSODQWDGR QDV TXDWUR RUJDQL]Do}H
LPSODQWDomRSDUHFHWHUVLGRPDLVFRPSOLFDGR1D7$%DVTXH
7$%(/$±9DULiYHLVGRS
$LPSODQWDomRIRLEHPSODQHMDGD
2WUHLQDPHQWRGDGRDRVXVXiULRVIRLEHPFRQGX]LGR
2VFRRUGHQDGRUHVIRUDPKDELOLGRVRV
2VFRQVXOWRUHVH[WHUQRVIRUDPFRPSHWHQWHV
2VSULQFLSDLVPyGXORVIRUDPLPSODQWDGRV
2FRUUHX WRWDO FRPSURPHWLPHQWR GRV XVXiULRV FRP D
PXGDQoDJHUDGDSHORVLVWHPD(53
SURFHVVRGHLPSODQWDomRGR(53
&RQFOXVmR
(PSUHVD
'HVYLR
UHV *HU7, 'LU)LQ 'LU,QG *HU7, *HU)LQ 0pGLD
SDGUmR
7$%(/$±9DULiYHLVGRS
'H XP PRGR JHUDO RV SURILVVLRQDLV HQWUHYLVWDGRV UHFODPDP GD IRUPD DGRWDGD QD
LPSODQWDomR DOHJDQGR WHPSR LQDGHTXDGR SDUD WUHLQDPHQWR GRV XVXiULRV H
FRQKHFLPHQWR GR VLVWHPD LQFRPSHWrQFLD GRV FRQVXOWRUHV H[WHUQRV SDUD WUDQVPLWLU
FRQKHFLPHQWR DRV XVXiULRV 2XWUR SRQWR GH FUtWLFD IRL R PRPHQWR GD PLJUDomR GR
VLVWHPD DQWLJR SDUD R QRYR VHPSUHIHLWD GH XPDIRUPD GHVRUGHQDGD JHUDQGR XP
FOLPDGHGHVFRQIRUWRHQWUHRVIXQFLRQiULRVSRUFDXVDGRFXPSULPHQWRGRVSUD]RVHP
IXQomRGRVDOWRVFXVWRVHQYROYLGRV2EVHUYDUDPVHDVVLPODFXQDVQRSODQHMDPHQWR
HFDSDFLWDomRGHUHFXUVRVKXPDQRVSDUDDLPSODQWDomRGR(53
4XDQWRDRDSRLRDRQRYRVLVWHPDRVHQWUHYLVWDGRVIRUDPXQkQLPHVHPUHFRQKHFHU
TXH VRPHQWH FRPDOWD JHUrQFLD HQYROYLGD VHULD SRVVtYHO DOFDQoDU R VXFHVVR QHVWH
SURFHVVRGHLPSOHPHQWDomRGR(53
(P WRGDV DV HPSUHVDV VHOHFLRQDGDV QHVWH WUDEDOKR ILFRX FODUR TXH QmR KRXYH
DGHUrQFLDWRWDOGRVLVWHPD(53LPSODQWDGRDRVSURFHVVRVDWXDLV7RGRXPWUDEDOKR
GH FXVWRPL]DomR YHP RFRUUHQGR SRU H[HPSOR QD HPSUHVD GH 7UDQVSRUWH HP
YLUWXGH GR DOWR JUDX GH LQIRUPDo}HV HVSHUDGDV SHUFHEHVH WRGR XP SURFHVVR GH
FXVWRPL]DomRHPFXUVRHPRXWUDVHPSUHVDVSRUH[HPSORDVLQG~VWULDVGHVROGDR
DMXVWHQHFHVViULRIRLPHQRU
$QiOLVHGRVEHQHItFLRVREWLGRVGR(53
1D7$%DVTXHVW}HVGHQ~PHURVD
QHItFLRVGR(53
(PSUHVD
'HVYLR
V *HU7, 'LU)LQ 'LU,QG *HU7, *HU)LQ 0pGLD
SDGUmR
7$%(/$±%HQ
'H
2XVRGR(53SHUPLWLXDUHGXomRGHFXVWRVGHLQIRUPiWLFD
2XVRGR(53SHUPLWLXDDEHUWXUDGRFRPpUFLRHOHWU{QLFR
2 XVR GR (53 UHGX] R FXVWR GH SURMHWDU QRYRV SURGXWRV RX
VHUYLoRV
2 XVR GR (53 UHGX] R FXVWR GH PRGLILFDU RX DGLFLRQDU
FDUDFWHUtVWLFDVDRVSURGXWRVVHUYLoRVH[LVWHQWHV
2XVRGR(53SHUPLWLXDPHOKRULDGDJHUrQFLDILQDQFHLUD
)RQWH'DGRVGDSHVTXLVD
5HGXomR GH FXVWRV GH LQIRUPiWLFD ± 1mR IRL LGHQWLILFDGD SRU SDUWH GRV
HQWUHYLVWDGRV XPD UHGXomR GRV FXVWRV GH LQIRUPiWLFD QDV RUJDQL]Do}HV
6HJXQGRHOHVDQRYDIHUUDPHQWDWUD]EHQHItFLRVJHUDLQIRUPDo}HVPDLVUiSLGDV
HSUHFLVDV3RUWDQWRKiJDQKRVGLUHWRVHPWRGDVDViUHDVFRPRUHVXOWDGRGHXP
PHOKRUFRQWUROHSRUpPVHPUHGXomRQRVFXVWRVGHLQIRUPiWLFD
5HGX] R FXVWR GH SURMHWDU QRYRV SURGXWRV ± 3DUD PHOKRU FDUDFWHUL]DU HVWD
TXHVWmR FRQFHQWURXVH D DWHQomR QD HQWUHYLVWD IRUQHFLGD SHOR 'LUHWRU ,QGXVWULDO
GD HPSUHVD (OEUDV TXH WDPEpP H[HUFH D IXQomR GH *HUHQWH GH 4XDOLGDGH
6HJXQGRHVVHUHVSRQGHQWHDFRQWULEXLomRGRVVLVWHPDV(53pLQVLJQLILFDQWHHP
WHUPRVGHUHGXomRGHFXVWRVQRSURMHWRGHQRYRVSURGXWRVFRQVLGHUDQGRTXHR
PDLRU LQYHVWLPHQWR SDUD HVWH REMHWLYR HVWi QD PmR GH REUD HVSHFLDOL]DGD
XWLOL]DQGRRVHTXLSDPHQWRVHVSHFtILFRV
0HOKRULD GD JHUrQFLD ILQDQFHLUD ± 2 XVR GR (53 WUD] EHQHItFLRV GLUHWRV j
JHUrQFLDILQDQFHLUDGDVRUJDQL]Do}HVSRUPHLRGHFRQWUROHVHIHWLYRV(VWDYLVmRp
FRPXP D WRGRV RV SURILVVLRQDLV HQWUHYLVWDGRV LQFOXVLYH SURILVVLRQDLV GH RXWUDV
iUHDV
&21&/862
3ULQFLSDLVFRQWULEXLo}HVGHVVHWUDEDOKR
&RP H[FHomR GD HPSUHVD ([SUHVVR 7UDQVSRUWH QDV WUrV RUJDQL]Do}HV DQDOLVDGDV
YHULILFRXVHTXHDDGRomRGR(53WURX[HFRQWULEXLomRVLJQLILFDWLYDSDUDDWRPDGDGH
GHFLVmRDSHQDVQRQtYHORSHUDFLRQDO(PkPELWRHVWUDWpJLFRRVEHQHItFLRVDGYLQGRV
GDLPSODQWDomRGR(53IRUDPEDVWDQWHOLPLWDGRV
8P GRV FDPLQKRV LGHQWLILFDGRV QHVWH WUDEDOKR UHIHUHVH j DYDOLDomR GH LPSDFWR GR
DOLQKDPHQWR HVWUDWpJLFR HQWUH QHJyFLRV H 7, QD SHUIRUPDQFH RUJDQL]DFLRQDO
/8)70$1 HW DO SDUD REWHQomR GH YDQWDJHQV FRPSHWLWLYDV 3257(5 H
0,//$5 9(1.$75$0$1 &RP EDVH QDV HQWUHYLVWDV UHDOL]DGDV
LGHQWLILFRXVH TXH RV SURFHVVRV SHORV TXDLV R DOLQKDPHQWR p HIHWLYDGR QDV
RUJDQL]Do}HV SHUPDQHFHP DLQGD QmR PXLWR EHP FRPSUHHQGLGRV PRVWUDQGR TXH
DOJXQV H[HFXWLYRV QmR HVWmR YDORUL]DQGR DGHTXDGDPHQWH D 7, FRPR VXSRUWH
LQHVWLPiYHOjRSHUDomRGRVQHJyFLRV5(,&+H%(1%$6$7
(QWUHRVPHLRVSDUDDWLQJLUHVWHREMHWLYRYLXVHTXHpIDFWtYHODGRWDUXPFRQMXQWRGH
WpFQLFDVHIHUUDPHQWDVDGHTXDGDVSDUDDJHVWmRRVFKDPDGRVVLVWHPDV(53REWHU
FRPSURPHWLPHQWR HP WRGRV RV HVFDO}HV GD HPSUHVD WHU D PmR ILUPH GH XP
H[HFXWLYR FKHIH UHYLVDU FRP RV HVSHFLDOLVWDV R FRQKHFLPHQWR GR QHJyFLR FULDU
FHQiULRVGHVLPXODomRSDUDFRUULJLUHYHQWXDLVGHVYLRVGHSHUFXUVRRXUHDJLUDIDWRUHV
GH ULVFRV SUHYLVWRV H HP SDUWLFXODU WUDGX]LU RV UHFXUVRV REWLGRV SHOR VLVWHPD (53
HPHVWUDWpJLDV SDUD QtYHLV WiWLFRV H RSHUDFLRQDLVWUDQVIRUPDQGRVXD H[HFXomRHP
XPDWDUHIDREVWLQDGDHFRWLGLDQDGHWRGRV
$ DQiOLVH GRV UHVXOWDGRV TXDOLWDWLYRV H TXDQWLWDWLYRV WURX[H HYLGrQFLDV GH TXH DV
SULQFLSDLV FRQWULEXLo}HV GR (53 HVWmR DVVRFLDGDV D XPD PDLRU LQWHJUDomR GDV
LQIRUPDo}HV j UHGXomR GH WDUHIDV UHGXQGDQWHV j PXGDQoD GH XPD YLVmR
³GHSDUWDPHQWDOL]DGD´ GD LQIRUPDomR SDUD XPD YLVmR FRUSRUDWLYD D XPD
UHHVWUXWXUDomR RWLPL]DGD GRV SURFHVVRV GH QHJyFLRV H ILQDOPHQWH D XPD PHOKRU
TXDOLGDGH GH LQIRUPDo}HV &RQYpP UHVVDOWDU TXH WDLV UHVXOWDGRV HVWmR FRHUHQWHV
FRP RV EHQHItFLRV GR (53 SUHYLVWRV QD OLWHUDWXUD GD iUHD GH $GPLQLVWUDomR GH
6LVWHPDVGH,QIRUPDomR
)RL SRVVtYHO FRQFOXLU TXH DV HPSUHVDV SUHFLVDP GHVHQYROYHU PDLV VXD FDSDFLGDGH
DQDOtWLFD UHFRQKHFHQGR TXH p SUHFLVR ID]HU PDLV GR TXH DSHQDV FROHWDU H
DUPD]HQDU GDGRV SDUD JHUDomR GH UHODWyULRV &RP D XWLOL]DomR GR (53 p SUXGHQWH
ID]HU R XVR HILFLHQWH GRV GDGRV WUDQVIRUPDQGRRV HP LQIRUPDomR ~WLO TXH OHYH DR
FRQKHFLPHQWR H DXPHQWH FRQVWDQWHPHQWH D LQWHOLJrQFLD HPSUHVDULDO R TXH
FHUWDPHQWHWUDUiIOXLGRVSDUDXPDPHOKRUWRPDGDGHGHFLVmR
)LFDHYLGHQFLDGRTXHSDUDDOFDQoDUERQVUHVXOWDGRVpSUHFLVRLQYHVWLUHPVLVWHPDV
TXHSHUPLWDPDJLUGHIRUPDSUHYLVtYHODRVPRGHORVFRQILJXUDGRVGHJHVWmRTXHVmR
SHUPDQHQWHPHQWH PHQVXUDGRV DYDOLDGRV H UHYLVWRV WRPDQGR FRPR EDVH RV
LQGLFDGRUHV FKDYHV GH GHVHPSHQKRHIHFKDQGR XP FLFOR GH DSUHQGL]DGR FRQWtQXR
&RQYpP UHVVDOWDU TXH RV LQGLFDGRUHV FKDYHV GH XPD RUJDQL]DomR VRPHQWH SRGHP
VHU PHGLGRV H DYDOLDGRV GH IRUPD FRQVLVWHQWH VH HVWLYHUHP LQWHJUDGRV FRP VHXV
VLVWHPDV DSOLFDWLYRV GH RULJHP H TXH VH HQFRQWUDP GLVWULEXtGRV SRU WRGD D
RUJDQL]DomR
1HVWH WUDEDOKR ILFRX HYLGHQFLDGR TXH RV VLVWHPDV (53 VH DSUHVHQWDP FRPR XPD
IHUUDPHQWD FDSD] GH RIHUHFHU jV RUJDQL]Do}HV LQIRUPDo}HV SDGURQL]DGDV H
FRQVLVWHQWHVHPXP~QLFREDQFRGHGDGRVTXHSHUPLWHPXPDDSURSULDomRHILFLHQWH
GH GDGRV GHWDOKDGRV FRQWULEXLQGR QD GHILQLomR GH YDULiYHLV HVWUDWpJLFDV GD
RUJDQL]DomR
(VSHUDVH TXH HVVHV ODPSHMRV GH XVR PDLV HVWUDWpJLFR GR (53 DX[LOLHP DV
RUJDQL]Do}HVDQDOLVDGDVDYLVOXPEUDUSRWHQFLDOLGDGHVPDLVDPSODVGDXWLOL]DomRGH
VLVWHPDV (53 3DUD TXH LVVR RFRUUD ID]VH QHFHVViULR XPD PXGDQoD GH SRVWXUD
SULQFLSDOPHQWH GDTXHOHV H[HFXWLYRV TXH H[LJHP TXHRV VHXV VXERUGLQDGRV XVHP R
VLVWHPD (53 PDV TXH SHVVRDOPHQWH GHVFRQKHFHP RX ID]HP XVR OLPLWDGR GRV
PyGXORV JHUHQFLDLV H UHODWyULRV JHUDGRV SHOR (53 )HOL]PHQWH D LQWHJUDomR
WHFQROyJLFDGRVVLVWHPDV(53HIHUUDPHQWDVGH%XVLQHVV,QWHOOLJHQFHWHPFRQGLo}HV
GHFDWDOLVDUXPXVRPDLVHVWUDWpJLFRGR(53
/LPLWDo}HVHVXJHVW}HVSDUDRXWURVHVWXGRV
'HXPPRGRJHUDOSRGHVHGL]HUTXHHPVHQGRXPHVWXGRGHFDVRVP~OWLSORVFRP
SHVTXLVD GH QDWXUH]D H[SORUDWyULD FRP FDUDFWHUtVWLFDV TXDQWLWDWLYDV R FRQMXQWR
SURSRVWRGHFULWpULRVGHYHVHJXLUVHQGRYDOLGDGRHH[SDQGLGR
5()(5Ç1&,$6
$$.(5'DYLG$$GPLQLVWUDomRHVWUDWpJLFDGHPHUFDGR3RUWR$OHJUH%RRNPDQ
S
$/6(1( eULFD 7KH &RPSXWHU ,QWHJUDWLRQ RI WKH (QWHUSULVH ,(((
7UDQVDFWLRQVRQ(QJLQHHULQJ0DQDJHPHQWYQRS
$055(6($5&+$055HVHDUFK3UHGLFWV(530DUNHWZLOO5HDFK%LOOLRQE\
%RVWRQ $05 5HVHDUFK 3UHVV 5HOHDVHV PD\ 'LVSRQtYHO HP
KWWSZZZDPUUHVHDUFKFRP&RQWHQWYLHZSUHVVDVS"LG GRFLG !
$FHVVRHPPDU
$1'5$'( 0 0 &RPR SUHSDUDU WUDEDOKRV SDUD FXUVRV GH SyVJUDGXDomR
1Ro}HVSUiWLFDVHG6mR3DXOR$WODV
%$1&52)7 1DQF\ + HW DO ,PSOHPHQWLQJ 6$35 +RZ WR LQWURGXFH D ODUJH
V\VWHP LQWR D ODUJH RUJDQL]DWLRQ HG 8SSHU 6DGOHU 5LYHU 1- 3UHQWLFH +DOO
S
%$5%,(5,&%,%XVLQHVV,QWHOOLJHQFH0RGHODJHPH7HFQRORJLD5LRGH-DQHLUR
$[FHO%RRNVGR%UDVLO
%2$5%+$OLJQLQJ,QIRUPDWLRQ7HFKQRORJ\ZLWK%XVLQHVV6WUDWHJLHV-RKQ:LOH\
6RQV ,QF 86$ %2*$1 & (1*/,6+ - 0 %HQFKPDUNLQJ ± $SOLFDo}HV
SUiWLFDVHPHOKRULDFRQWtQXD6mR3DXOR0DNURQ%RRNV
%52:16WDQOH\$&50±&XVWRPHU5HODWLRQVKLS0DQDJHPHQW8PDIHUUDPHQWD
HVWUDWpJLFDSDUDRPXQGR(%XVLQHHV%85&+-RKQ*H*58',1,6.-DUU\
,QIRUPDWLRQ6\VWHP7KHRU\DQG3UDWLFHHG1HZ<RUN-RKQ:LOOH\ 6RQV
&+22 &KXQ :HL $ RUJDQL]DomR GR FRQKHFLPHQWR 6mR 3DXOR 6HQDF
1&77
&2/$1*(/2 ),/+2 /XFLR ,PSODQWDomR GH VLVWHPDV (53 6mR 3DXOR $WODV
&/0&RXQFLORI/RJLVWLFV0DQDJHPHQW5HXVH$QG5HF\FOLQJ5HYHUVH/RJLVWLFV
2SSRUWXQLWLHV,OOLQRLV&RXQFLORI/RJLVWLFV0DQDJHPHQW
&257(60/&+,266,7&60RGHORVGHTXDOLGDGHGHVRIWZDUH&DPSLQDV
8QLFDPS
&<(57500$5&+-*$EHKDYLRUDOWKHRU\RIWKHILUP,Q'$7(&-
,QWURGXomRDVLVWHPDGHEDQFRGHGDGRV5LRGH-DQHLUR&DPSXV
'$9(13257 7KRPDV + 3XWWLQJ WKH HQWHUSULVH LQWR WKH HQWHUSULVH V\VWHP
+DUYDUG%XVLQHVV5HYLHZYQS-XO$XJ
'$9(132577KRPDV+0LVVLRQ&ULWLFDO±5HDOL]LQJWKH3URPLVHRI(QWHUSULVH
6\VWHPV%RVWRQ+DUYDUG%XVLQHVV6FKROO3UHVV
'$9(13257 7 + 6+257 - ( 7KH 1HZ ,QGXVWULDO (QJLQHHULQJ ,QIRUPDWLRQ
7HFKQRORJ\DQG%XVLQHVV3URFHVVUHGHVLJQ6ORDQ0DQDJHPHQW5HYLHZ6XPPHU
SS
',(5.6 3DXO 3$7(/ $MD\ :KDW LV (9$ DQG KRZ FDQ LW KHOS \RXU FRPSDQ\"
0DQDJHPHQW$FFRXQWLQJYQSSQRY
'58&.(5 3HWHU )HUGLQDQG $ SURILVVmR GR DGPLQLVWUDGRU 6mR 3DXOR 3LRQHLUD
7KRPVRQ/HDUQLQJ
)$5,1$ ( 0 0 4 $=(9('2 3 ) 6$(6 0 6 0 &RPSHWLWLYLGDGH
PHUFDGRHVWDGRHRUJDQL]Do}HV6mR3DXOR)DULQD
)(<2 0LJXHO $ GH 1RURQKD &50 ± ,PSDFWRV QD FXOWXUD RUJDQL]DFLRQDO VXD
HPSUHVDQmRVHUiDPHVPD,Q=(121(/&&50FRQFHLWRVHHVWUDWpJLDV6mR
3DXOR$WODV
)81'$d2*(7Ò/,29$5*$67,&HQiULRHWHQGrQFLDVSHVTXLVDDQXDOJDVWRV
H LQYHVWLPHQWRV HP LQIRUPiWLFD 6mR 3DXOR )XQGDomR *HW~OLR 9DUJDV
'LVSRQtYHOHPKWWSZZZIJYVSEUSHVTXLVD!$FHVVRHPGH])ROKD
±DQR
)85/$1-'0RGHODJHPGHQHJyFLR6mR3DXOR0DNURQ%RRNV
*,%%60XUUD\6SHFLDODQGGLIIHUHQWLDOWUHDWPHQWLQWKHFRQWH[WRIJOREDOL]DWLRQ
81&7$'
*20(6-RVLU6$/$6-RDQ&RQWUROHGHJHVWmRHG6mR3DXOR$WODV
*22'( :LOOLDQ - +$77 3DXO 0pWRGRV HP SHVTXLVD VRFLDO 6mR 3DXOR &LD
(GLWRUD1DFLRQDO
+$0(/ *DU\ 35$+$/$' & . &RPSHWLQJ IRU WKH IXWXUH %RVWRQ +DUYDUG
%XVLQHVV 6FKRRO 3UHVV 7UDG &RPSHWLQGR SHOR IXWXUR 5LR GH -DQHLUR
&DPSXV
+(&+7%UDGOH\&KRRVHWKHULJKW(53VRIWZDUH'DWDPDWLRQ0DU
,1021 : + &50 DQDOtWLFR ,Q (QFRQWUR FRP %LOO ,PQRQ 6mR 3DXOR
7HOHEXVLQHVVDJR
,62,(&,QWHUQDWLRQDO6WDQGDUG,QIRUPDWLRQ7HFKQRORJ\±6RIWZDUHSURGXFW
TXDOLW\3DUW4XDOLW\PRGHOMXQ&'
.$3/$1 5REHUW 6 H 125721 'DYLG 3 $ HVWUDWpJLD HP DomR ± EDODQFHG
VFRUHFDUG5LRGH-DQHLUR&DPSXV
.((13*:,QIRUPDWLRQ7HFKRQRORJ\$QG7KH0DQDJHPHQW7KHRU\7KH)XVLRQ
0DS,%06\VWHP-RXUQDO
.,1* : 5 +RZ HIIHFWLYH LV \RXUV ,6 SODQQLQJ" /RQJ 5DQJH 3ODQQLQJ 86$
SS
.27/(5 3KLOLS $GPLQLVWUDomR GH PDUNHWLQJ D HGLomR GR QRYR PLOrQLR 6mR
3DXOR3UHQWLFH+DOO
.27/(5 3KLOLS 0DUNHWLQJ HVVHQFLDO HG 6mR 3DXOR 3UHQWLFH +DOO GR %UDVLO
/$.$726 ( 0 H 0$5&21, 0 $ 0HWRGRORJLD GR WUDEDOKR FLHQWtILFR
3URFHGLPHQWRV EiVLFR SHVTXLVD ELEOLRJUiILFD SURMHWRV H UHODWyULR SXEOLFDo}HV H
WUDEDOKRVFLHQWtILFRVHG6mR3DXOR$WODV
/(,71(53HWHU-%H\RQGWKHQXPEHUV0DQDJHPHQW$FFRXQWLQJ9ROQ
SS0D\
/2:-RQDWKDQ6,(6)(/'7RQ\0HDVXUHVWKDWPDWWHU:DOO6WUHHWFRQVLGHUVQRQ
ILQDQFLDOSHUIRUPDQFHPRUHWKDQ\RXWKLQN6WUDWHJ\DQG/HDGHUVKLSYQSS
0DU$SU
/2=,16.<66RIWZDUHWHFQRORJLDGRQHJyFLR5LRGH-DQHLUR,PDJR
/8&$6 +HQU\ & -U 7KH DQDO\VLV GHVLJQ DQG LPSOHPHQWDWLRQ RI LQIRUPDWLRQ
V\VWHPHG1HZ<RUN0F*URZ+LOO
/8)70$1 - 1 /(:,6 35 H 2/'$&+ 6+ 7UDQVIRUPLQJ WKH HQWHUSULVH 7KH
DOLJQPHQWRIEXVLQHVVDQGLQIRUPDWLRQWHFKQRORJ\VWUDWHJLHV,%0 6\VWHP-RXUQDO
S
/81'(// 'HDP 6XQ 7]X $ $UWH GD *XHUUD ± 3DUD PXOKHUHV H KRPHQV GH
QHJyFLRVHLQYHVWLGRUHV6mR3DXOR)XWXUD
0$&.(11(< - / .((1 3 * : +RZ PDQDJHU¶V PLQGV ZRUN +DUYDUG
%XVLQHVV5HYLHZPD\MXQH
0$,1*8(1($8'1RXYHOOHV7HQGDQFHVHP$QDO\VHGH'LVFRXUV+DFKHWWH3DULV
1RYDV WHQGrQFLDV HP DQiOLVH GR GLVFXUVR 7UDGXomR GH )UHGD ,QGXUVN\
&DPSLQDV3RQWHV
0$57,1 -DPHV H 0F&/85( &DUPD %X\LQJ VRIWZDUH RII WKH UDFN +DUYDUG
%XVLQHVV5HYLHZQRYGH]S
0F*((-93586$./*HUHQFLDPHQWRHVWUDWpJLFRGDLQIRUPDomRHG5LR
GH-DQHLUR&DPSXVS
0,17=%(5*+7KHULVHDQGIDOORIVWUDWHJLFSODQQLQJ7KH)UHH3UHVV'LYLVLRQ
RI0DFPLOODQLQF86$
0,17=%(5*+HQU\$+/675$1'%UXFH/$03(/-RVHSK6DIiULGHHVWUDWpJLD
XPURWHLURSHODVHOYDGRSODQHMDPHQWRHVWUDWpJLFR3RUWR$OHJUH%RRNDPDQ
0,17=%(5*+H:(67/(<)'HFLVLRQPDNLQJ,W¶VQRWZKDW\RXWKLQN0LW6ORDQ
0DQDJHPHQWH5HYLHZ6SULQJ
025*$15REHUWR0+8176KHOE\'7KHFRPPLWPHQWWUXVWWKHRU\RIUHODWLRQVKLS
PDUNHWLQJ-RXUQDORI0DUNHWLQJYSMXO
12*8(,5$ $ 5 5 H 025(,5$ 3 & $ 2 DOLQKDPHQWR HVWUDWpJLFR H D
FRQVWUXomRGRIXWXURXPHVWXGRH[SORUDWyULR5$&0DL$JRSS
25/$1',(QL3XFFLQHOOL$DQiOLVHGRGLVFXUVRSULQFtSLRVHSURFHGLPHQWRVHG
&DPSLQDV3RQWHV
3$50(17(5'DYLG.H\SHUIRUPDQFHLQGLFDWRUV&KDUWHUHG$FFRXQWDQWV-RXUQDO
RI1HZ=HDODQGS2FW
3(33(56'RQ52*(560DUWKD(PSUHVD±,QVWUXPHQWRVSDUDFRPSHWLUQD
HUDGDLQWHUDWLYLGDGH5LRGH-DQHLUR&DPSXV
3(33(56 DQG 52*(56 *5283 '2 %5$6,/ &50 VHULHV ± PDUNHWLQJ WR
3(33(56IH
3257(5 0 ( 0,//$5 9 ( +RZ LQIRUPDWLRQ JLYHV \RX FRPSHWLWLYH DGYDQWDJH
+DUYDUG%XVLQHVV5HYLHZMXODXJ
3257(50LFKDHO(&RPSHWLWLYHVWUDWHJ\1HZ<RUN)UHH3UHVV9DQWDJHP
FRPSHWLWLYD5LRGH-DQHLUR&DPSXV
3257(50LFKDHO(9DQWDJHPFRPSHWLWLYD5LRGH-DQHLUR&DPSRV
3257(5 0 ( &RPSHWLWLYH VWUDWHJ\ 7KH )UHH 3UHVV 1HZ <RUN .DSLWHO
3257(5 0 ( &RPSHWLomR (VWUDWpJLDV FRPSHWLWLYDV HVVHQFLDLV HG 5LR GH
-DQHLUR&DPSXV
3257(5 0 ( 6WUDWHJ\ DQG WKH ,QWHUQHW +DUYDUG %XVLQHVV 5HYLHZ S
0DUFK
3257(5 0 ( &RPSHWLWLYH 6WUDWHJ\ WHFKQLTXHV IRU DQDO\VLQJ LQGXVWULHV DQG
FRPSHWLWRU1HZ<RUN)UHH3UHVV
5,&2 5XEHQ 5REHUWR 7RWDO TXDOLW\ PDQDJHPHQW HG %XHQRV $LUHV 3HDUVRQ
(GXFDFLRQ 5HYLVWD ([DPH 'LVSRQtYHO HP KWWSZZZH[DPHFRPEU!
$FHVVRHPMDQ
52&.$57-)&KLHI([HFXWLYH'HILQHWKHLU2ZQ'DWD1HHGV+DUYDUG%XVLQHVV
5HYLHZ0DU$SU
6$&&2/$ = HW DO6LVWHPDV (53 H VHX LPSDFWR VREUH YDULiYHLV HVWUDWpJLFDV GH
JUDQGHV HPSUHVDV QR %UDVLO ,Q 628=$ & $ 6$&&2/ $ = 2UJV 6LVWHPDV
(53QR%UDVLOWHRULDHFDVRV6mR3DXOR$WODV
6,(0(167HFQRORJLD(VWUDWpJLDSDUDDFRPSHWLWLYLGDGH6mR3DXOR1REHO
6,/9$/*3(662$0638PDYLVmRGRVVLVWHPDV(536mR3DXOR81,3
6,021 + $ 7KH QHZ VFLHQFH RI PDQDJHPHQW GHFLVLRQ 1HZ <RUN +DUSHU
5RZ3XEOLVKHUV
625',-27HFQRORJLDGDLQIRUPDomRDSOLFDGDDRVQHJyFLRV6mR3DXOR$WODV
625',-2&217$'25-&*HVWmRGR&RQKHFLPHQWR$SOLFDGDj*HVWmRSRU
3URFHVVRV ,GHQWLILFDomR GH )XQFLRQDOLGDGHV 5HTXHULGDV jV 6ROXo}HV GH %XVLQHVV
3URFHVV 0DQDJHPHQWH 6\VWHP %306 5$,±5HYLVWD GH $GPLQLVWUDomR H
,QRYDomR6mR3DXORYQS
67(3+(16 . 5 %$5781(. 5 5 :KDW LV HFRQRPLF YDOXH DGGHG" %XVLQHVV
&UHGLWYROQS$SU
6721(5 - $ ) )5((0$1 5 (GZDUG $GPLQLVWUDomR HG 5LR GH -DQHLUR
/7&
7$.$6+,1$ 1 7 )/25(6 0 & ; ,QGLFDGRUHV GD TXDOLGDGH H GR
GHVHPSHQKR FRPR HVWDEHOHFHU PHWDV H PHGLU UHVXOWDGRV 5LR GH -DQHLUR
4XDOLW\PDUN
7$7,.21'$ / 9 7$7,.21'$ 5 - :H QHHG G\QDPLF SHUIRUPDQFH PHDVXUHV
0DQDJHPHQW$FFRXQWLQJYQSSVHS
7+,(7$575$/D6WUDWpJLHG¶HQWUHSULVH0F*UDZ+LOO
<,1 5REHUW . &DVH 6WXG\ UHVHDUFK GHVLJQ DQG PHWKRGV 1HZEXU\ 3DUN
&DOLIRUQLD(8$6DJH3XEOLFDWLRQV
<,1 5 . (VWXGR GH FDVR 3ODQHMDPHQWR H PpWRGR HG 6mR 3DXOR %RRNPDQ
:$*/( 'LOLS 7KH FDVH IRU (53 6\VWHP 7KH 0FNLQVH\ 4XDUWHUO\ Q
S
$3Ç1',&(6
$3Ç1',&($±5RWHLURGDVHQWUHYLVWDV
3DUWH,±4XHVW}HV$EHUWDV±*UDYDGDVHPHQWUHYLVWDVFRPXVXiULRV
4XDOpR6LVWHPD(53DGRWDGRSHODHPSUHVDHTXHPpRIDEULFDQWH"
4XDLVPyGXORVIRUDPLPSODQWDGRVGR(53"0yGXORV
4XDQGRIRLRLQtFLRGDLPSODQWDomR"4XDQGRHODIRLILQDOL]DGD"
&RPRVHGHXRSURFHVVRGHVHOHomRGR(53"9iULRVIRUQHFHGRUHVIRUDPDYDOLDGRVRX
Mi KRXYH XPD UHFRPHQGDomR SUpYLD GH XP IRUQHFHGRU" $OJXPDV HPSUHVDV IRUDP
YLVLWDGDV"'HVFUHYHQRVEUHYHPHQWHHVVHSURFHVVR
+RXYHXPDFRQVXOWRULDTXHDSRLRXDLPSODQWDomR"&RPRIRLDLPSODQWDomR"
+RXYH XP WUHLQDPHQWR DGHTXDGR GRV XVXiULRV" 4XDQWDV SHVVRDV IRUDP WUHLQDGDV H
TXDQWDVSHVVRDVXVDPRVLVWHPD(53DWXDOPHQWH"
(QXPHUHDVSULQFLSDLVEDUUHLUDVGLILFXOGDGHVHQFRQWUDGDVQRXVRGR(53QDHPSUHVD
-XVWLILTXHEUHYHPHQWH
(QXPHUHRVSULQFLSDLVEHQHItFLRVRULXQGRVGRXVRGR(53
4XDLVIRUDPRVSULQFLSDLVSURFHVVRVGDHPSUHVDEHQHILFLDGRVSHORXVRGR(53"
4XDLVVHULDPDVSULQFLSDLVFRQWULEXLo}HVGRXVRGR(53SDUDDWRPDGDGHGHFLVmR"
9RFr FRQVHJXLULD LOXVWUDU DOJXPDV VLWXDomR}HV HP TXH R XVR GR (53 RX GH DOJXP
UHODWyULRJHUDGRSHOR(53LQIOXHQFLRXVXDGHFLVmR"
9RFrSHUFHEHDOJXPDFRQWULEXLomRRSHUDFLRQDOGRXVRGR(53"
9RFrSHUFHEHDOJXPDFRQWULEXLomRHVWUDWpJLFDGRXVRGR(53"
&RPRYRFrDYDOLDDTXDOLGDGHGDVLQIRUPDo}HVJHUDGDVSHOR(53"
3$57(,,±4XHVW}HVIHFKDGDV
*UDXGH&RQFRUGkQFLD
'H±'LVFRUGRWRWDOPHQWH
1$720$'$'('(&,6®(6
$Wp±&RQFRUGRWRWDOPHQWH
2 XVR GR (53 DX[LOLD D LGHQWLILFDomR GRV SUREOHPDV GD
HPSUHVD
2 XVR GR (53 DMXGD D LQYHVWLJDU VROXo}HV SDUD RV
SUREOHPDV
2 XVR GR (53 FRQWULEXL SDUD D HVFROKD GH XPD DOWHUQDWLYD
GHVROXomR
2XVRGR(53DMXGDDFRPSDQKDUPRQLWRUDURLPSDFWRGD
GHFLVmRWRPDGD
2 (53 SRVVXL UHFXUVRV GH VLPXODomR TXH DSyLDP D EXVFD
GHXPDVROXomRSRUWHQWDWLYDHHUUR
2(53DX[LOLDQDWRPDGDGHGHFLV}HVURWLQHLUDV
2 (53 DX[LOLD QD WRPDGD GH GHFLV}HV HP VLWXDo}HV
GLIHUHQWHVHLQHVSHUDGDV
2 XVR GR (53 FRQWULEXL QD WRPDGD GH GHFLVmR GH XPD
PDQHLUDPDLVFRODERUDWLYDGHFLV}HVHPJUXSR
2XVRGR(53DFHOHUDRSURFHVVRGHWRPDGDGHGHFLVmR
2XVRGR(53UHWDUGDRSURFHVVRGHWRPDGDGHGHFLVmRSRU
FDXVD GD FRPSOH[LGDGH GDV TXHVW}HV HQYROYLGDV TXHVWmR
FRPDILUPDWLYDHPVHQWLGRQHJDWLYR
$SyVDDGRomRGR(53ILFRXPDLVIiFLOWRPDUGHFLVmR
$SyV R XVR GR (53 DV GHFLV}HV HVWmR PDLV VXEVLGLDGDV H
EHPIXQGDPHQWDGDV
2 XVR GR (53 DX[LOLD D LGHQWLILFDomR GH UHODo}HV GH
FDXVDHIHLWR
&RP R XVR GH VLVWHPD (53 R DFHVVR jV LQIRUPDo}HV VH Gi
GHIRUPDPDLViJLO
2XVRGRVLVWHPD(53JHUDLQIRUPDo}HVPDLVFRQILiYHLV
2 XVR GR (53 SRGH VHU FRQVLGHUDGR FRPR XPD IHUUDPHQWD
SDUDHQIUHQWDUDFRQFRUUrQFLD
2(53XWLOL]DGRDEUDQJHWRGDVDViUHDVGDRUJDQL]DomR
2 6,* DWHQGH WRGDV DV H[SHFWDWLYDV HVSHUDGDV SHOD
HPSUHVD
6,*±6,67(0$6'(,1)250$d®(6*(5(1&,$,6±2%7,'26&20$'2d2'((53
$,03/$17$d2'26,67(0$(53
$LPSODQWDomRIRLEHPSODQHMDGD
2WUHLQDPHQWRGDGRDRVXVXiULRVIRLEHPFRQGX]LGR
2VFRRUGHQDGRUHVIRUDPKDELOLGRVRV
2VFRQVXOWRUHVH[WHUQRVIRUDPFRPSHWHQWHV
2VSULQFLSDLVPyGXORVIRUDPLPSODQWDGRV
,03$&72),1$1&(,52&867261$25*$1,=$d23(/$$'2d2'2(53
2XVRGR(53SHUPLWLXDUHGXomRGHFXVWRVGHLQIRUPiWLFD
2XVRGR(53SHUPLWLXDDEHUWXUDGRFRPpUFLRHOHWU{QLFR
2XVRGR(53UHGX]RFXVWRGHSURMHWDUQRYRVSURGXWRVRX
VHUYLoRV
2 XVR GR (53 UHGX] R FXVWR GH PRGLILFDU RX DGLFLRQDU
FDUDFWHUtVWLFDVDRVSURGXWRVVHUYLoRVH[LVWHQWHV
2XVRGR(53SHUPLWLXDPHOKRULDGDJHUrQFLDILQDQFHLUD
(PSUHVD
5DPRGH$WLYLGDGH
1~PHURGHIXQFLRQiULRVDSUR[LPDGR
1~PHURGHIXQFLRQiULRVTXHXVDPRVLVWHPD(53
(QWUHYLVWDGR1RPHRSFLRQDO
&DUJR6HWRU
7HPSRGHHPSUHVD
+iTXDQWRVDQRVYRFrDWXDQHVVDiUHD"BBBBBBBBBBBB$QRV
&RQVLGHUHDH[SHULrQFLDSUpYLDHPRXWUDVHPSUHVDV