‡&DStWXOR‡

%RWkQLFD

-RmR&DHWDQR)LRUDYDQoR
4XDOpDFODVVLILFDomRERWkQLFDGDSHUHLUD"
4XDLVVmRRVSULQFLSDLVyUJmRVTXHIRUPDPDSHUHLUD"
4XDLVVmRDVSULQFLSDLVFDUDFWHUtVWLFDVGRVLVWHPDUDGLFXODUGD
SHUHLUD"
4XDLVVmRDVSULQFLSDLVIXQo}HVGRVLVWHPDUDGLFXODU"
$HVWUXWXUDGRVLVWHPDUDGLFXODUGHSHQGHGDIRUPDGHSURSDJDomRGR
SRUWDHQ[HUWR"
4XDLVVmRRVRXWURVIDWRUHVTXHSRGHPLQIOXHQFLDUQR
GHVHQYROYLPHQWRGDVUDt]HVGDSHUHLUD"
4XDLVVmRDVSULQFLSDLVHVWUXWXUDVGHIUXWLILFDomRGDSHUHLUD"
&RPRVHGHQRPLQDDLQIORUHVFrQFLDGDSHUHLUD"
&RPRpDIORUGDSHUHLUD"
&RPRRFRUUHDIRUPDomRGDVIORUHVGDSHUHLUD"
4XDLVRVIDWRUHVTXHSRGHPDIHWDURSURFHVVRGHIRUPDomRGDV
IORUHVGDSHUHLUD"
4XDQWRWHPSRGXUDDIORUDomRGDSHUHLUD"
4XDLVVmRDVFRQGLo}HVQHFHVViULDVSDUDDIUXWLILFDomRGDSHUHLUD"
$TXHGDGHIUXWRVpXPSURFHVVRQRUPDOQDSHUHLUD"
&RPRVHGHQRPLQDRIUXWRGDSHUHLUD"
4XDLVVmRDVSULQFLSDLVFDUDFWHUtVWLFDVGRIUXWRGDSHUHLUD"
4XDLVVmRRVSULQFLSDLVSLJPHQWRVUHVSRQViYHLVSHODFRORUDomRGD
FDVFDGDSHUD"


 4XHIDWRUHVDPELHQWDLVHGHPDQHMRGHSRPDUHVSRGHPLQIOXHQFLDUR
GHVHQYROYLPHQWRGDFRUGDFDVFDGDSHUD"
&RPRVHFDUDFWHUL]DRFUHVFLPHQWRGRIUXWRGDSHUHLUD"

‡‡‡

4XDOpDFODVVLILFDomRERWkQLFDGDSHUHLUD"

$SHUHLUDSHUWHQFHjIDPtOLD5RVDFHDHjVXEIDPtOLD0DORLGHDHH
DRJrQHUR3\UXV(VVHJrQHURHQJOREDGH]HQDVGHHVSpFLHVFRPR
3 FRPPXQLV 3 S\ULIROLD 3 XVVXULHQVLV 3 FDOOHU\DQD H 3
EHWXOLIROLD

¬ IDPtOLD 5RVDFHDH WDPEpP SHUWHQFHP RXWUDV IUXWtIHUDV

LPSRUWDQWHV FRPR D PDFLHLUD R SHVVHJXHLUR D DPHL[HLUD D
FHUHMHLUD D QHFWDULQHLUD D DPHQGRHLUD R PDUPHOHLUR R
GDPDVTXHLURHDQHVSHUHLUD

‡‡‡

4XDLVVmRRVSULQFLSDLVyUJmRVTXHIRUPDPD
SHUHLUD"

1RUPDOPHQWHDHVWUXWXUDYHJHWDWLYDGDSHUHLUDpFRPSRVWDSRU
VLVWHPD UDGLFXODU WURQFR SLmR RX OtGHU FHQWUDO UDPRV SULPiULRV
UDPRVVHFXQGiULRVIROKDVLQIORUHVFrQFLDVIORUHVHIUXWRV

‡‡‡

4XDLVVmRDVSULQFLSDLVFDUDFWHUtVWLFDVGRVLVWHPD
UDGLFXODUGDSHUHLUD"

2VLVWHPDUDGLFXODUpRFRQMXQWRGHWRGDVDVUDt]HVHPLWLGDVSHOD


SHUHLUD (OH p IRUPDGR SRU UDt]HV GH GLIHUHQWHV LGDGHV H
HVSHVVXUDV $V UDt]HV PDLV YHOKDV H JURVVDV GHQRPLQDGDV
SULQFLSDLV VmR UHVSRQViYHLV SHOD VXVWHQWDomR GD SODQWD H SHOR
WUDQVSRUWH GH VXEVWkQFLDV $V UDt]HV PDLV ILQDV H QRYDV TXH
UHSUHVHQWDPHPWRUQRGHDGRVLVWHPDUDGLFXODUDWXDP
SULQFLSDOPHQWH QD DEVRUomR H QD FRQGXomR GH VXEVWkQFLDV $
VXSHUItFLH GH DEVRUomR GHVVDV UDt]HV p FRQVLGHUDYHOPHQWH
DXPHQWDGDSHODSUHVHQoDGRVSHORVDEVRUYHQWHVTXHVHRULJLQDP
QDVFpOXODVHSLGpUPLFDV

‡‡‡

4XDLVVmRDVSULQFLSDLVIXQo}HVGRVLVWHPD
UDGLFXODU"

$V SULQFLSDLV IXQo}HV GR VLVWHPD UDGLFXODU VmR D IL[DomR GD

SODQWD DR VROR E DEVRUomR H WUDQVSRUWH GH iJXD H HOHPHQWRV
PLQHUDLV F DF~PXOR H DUPD]HQDPHQWR GH VXEVWkQFLDV GH
UHVHUYDVHGIXQo}HVPHWDEyOLFDVEiVLFDV

‡‡‡

$HVWUXWXUDGRVLVWHPDUDGLFXODUGHSHQGHGD
IRUPDGHSURSDJDomRGRSRUWDHQ[HUWR"

6LP $ HVWUXWXUD GR VLVWHPD UDGLFXODU GHSHQGH PXLWR GR WLSR GH

SURSDJDomR DGRWDGR SDUD D IRUPDomR GD PXGD 4XDQGR D
PXOWLSOLFDomR p IHLWD SRU VHPHQWHV R VLVWHPD UDGLFXODU QR LQtFLR p
SLYRWDQWH RX VHMD IRUPDVH XPD UDL] SULQFLSDO FRP UDPLILFDo}HV
ODWHUDLV4XDQGRDSURSDJDomRpIHLWDYHJHWDWLYDPHQWHRXVHMDSRU
HVWDTXLD RX PHUJXOKLD GH FHSD DV UDt]HV LQVHUHPVH QD EDVH GD
PXGD H GLVWULEXHPVH XQLIRUPHPHQWH DR UHGRU GHOD
SRVWHULRUPHQWHFRPRDYDQoRGRFUHVFLPHQWRGDSODQWDIRUPDVH
XPDUDL]SULQFLSDOPDLVYLJRURVD


 ‡‡‡

4XDLVVmRRVRXWURVIDWRUHVTXHSRGHPLQIOXHQFLDU
QRGHVHQYROYLPHQWRGDVUDt]HVGDSHUHLUD"

$ IRUPDomR H D FDUDFWHUtVWLFD GR VLVWHPD UDGLFXODU GD SHUHLUD

WDPEpPSRGHPVHULQIOXHQFLDGDVSHORYLJRUGRSRUWDHQ[HUWRSHODV
FDUDFWHUtVWLFDVGRVRORFRPSRVLomRHVWUXWXUDSURIXQGLGDGHSHOD
GLVSRQLELOLGDGH GH iJXD H QXWULHQWHV SHOD WHPSHUDWXUD GR VROR H
SHOD UHJXODomR KRUPRQDO $V IROKDV DR IRUQHFHUHP LPSRUWDQWHV
PHWDEyOLWRVHKRUP{QLRVSDUDRVLVWHPDUDGLFXODUWDPEpPH[HUFHP
LQIOXrQFLDVREUHRGHVHQYROYLPHQWRGDSHUHLUD

‡‡‡

4XDLVVmRDVSULQFLSDLVHVWUXWXUDVGHIUXWLILFDomR
GDSHUHLUD"

$VSULQFLSDLVHVWUXWXUDVVmR

%ULQGLOD p XP UDPR MRYHP GH XP DQR UHODWLYDPHQWH FXUWR

FRPFRPSULPHQWRHQWUHFPHFPSRGHQGRDSUHVHQWDURX
QmRXPDJHPDIORUtIHUDQRiSLFH
'DUGR p XPD HVWUXWXUD FXUWD FRP FRPSULPHQWR TXH YDULD GH
 FP RX  FP D  FP RX  FP SRQWLDJXGR H QmR UDPLILFDGR
3RGH VH GLIHUHQFLDU HP JHPD GH IORU RX QmR GHSHQGHQGR GR
PDQHMRTXHpGDGRDRUDPR
/DPEXUGD p XP GDUGR GH  RX PDLV DQRV GH LGDGH
SURORQJDGR  FP D  FP GH FRPSULPHQWR QR TXDO D JHPD
WHUPLQDOVHWUDQVIRUPDHPJHPDIORUtIHUD
%ROVD p XPD HVWUXWXUD JORERVD HP FRQVHTXrQFLD GR
HQJURVVDPHQWR SURSRUFLRQDGR SHOR DF~PXOR GH UHVHUYDV e


 XPDHVWUXWXUDHVSHFLDOL]DGDHPIUXWLILFDomR
(VSRUmR p XPD HVWUXWXUD FXUWD UDPLILFDGD IRUPDGD SRU XP
FRQMXQWR GH GDUGRV ODPEXUGDV H EROVDV 3RVVXL  RX PDLV
DQRV e XPD HVWUXWXUD FDUDFWHUtVWLFD GD SHUHLUD WDPEpP
FKDPDGDGH³HVSRUmRGHJDOR´

‡‡‡

&RPRVHGHQRPLQDDLQIORUHVFrQFLDGDSHUHLUD"

$LQIORUHVFrQFLDFDFKRIORUDOGDSHUHLUDGHQRPLQDVH³FRULPER´

(OD p IRUPDGD SRU VHWH RX RLWR IORUHV LQGLYLGXDLV H p GH KiELWR
LQGHWHUPLQDGR RX VHMD DV IORUHV ODWHUDLV DEUHP DQWHV GD IORU
FHQWUDO

‡‡‡

&RPRpDIORUGDSHUHLUD"


 $SHUHLUDSURGX]IORUHVKHUPDIURGLWDVRXVHMDTXHSRVVXHPRV
yUJmRVUHSURGXWRUHVPDVFXOLQRVHIHPLQLQRV(ODpFRQVWLWXtGDSRU
FLQFR VpSDODV FLQFR SpWDODV GH  D  HVWDPHV FRP DQWHUDV
YHUPHOKDV 2V HVWLOHWHV VmR GH GRLV D FLQFR HVWUHLWDPHQWH XQLGRV
QD EDVH 2 RYiULR p tQIHUR H SRVVXL FLQFR OyFXORV FDGD XP GHOHV
FRQWHQGRGRLVyYXORV*HUDOPHQWHDVIORUHVVmREUDQFDV

‡‡‡

&RPRRFRUUHDIRUPDomRGDVIORUHVGDSHUHLUD"


 $VIORUHVGDSHUHLUDVmRIRUPDGDVHPGXDVHWDSDV1DSULPHLUD
HP XP PHULVWHPD QmR GLIHUHQFLDGR RFRUUH D LQGXomR ILVLROyJLFD
SDUD D IRUPDomR GD JHPD IORUtIHUD 1D VHJXQGD Ki D IRUPDomR
PRUIROyJLFDGDIORURXVHMDGDVSDUWHVTXHDFRPS}HP

‡‡‡

4XDLVRVIDWRUHVTXHSRGHPDIHWDURSURFHVVRGH
IRUPDomRGDVIORUHVGDSHUHLUD"

9iULRVIDWRUHVDIHWDPDIRUPDomRGDVJHPDVHQWUHRVTXDLVVH
GHVWDFDPDYLJRUGDSODQWDEORFDOL]DomRGDJHPDQDSODQWDF
kQJXORGHLQVHUomRGRUDPRGSURGXomRGRFLFORDQWHULRUHWHRU
GHUHVHUYDVGHFDUERLGUDWRVIQXWULomRJGLVSRQLELOLGDGHKtGULFDH
K H[SRVLomR j OX] (VVHV IDWRUHV WDPEpP HVWmR DVVRFLDGRV DR
EDODQoRKRUPRQDOSULQFLSDOPHQWHGHFLWRFLQLQDVHJLEHUHOLQDV

$OpP GLVVR GHYHVH VDOLHQWDU TXH DV SODQWDV RULJLQDGDV GH

VHPHQWHV LPSRUWDQWHV SDUD R PHOKRUDPHQWR JHQpWLFR GHYHP
VXSHUDURSHUtRGRGHMXYHQLOLGDGHHDOFDQoDUDIDVHDGXOWDSDUDTXH
DIORUDomRFRUUD

‡‡‡

4XDQWRWHPSRGXUDDIORUDomRGDSHUHLUD"

$ GXUDomR GD IORUDomR GD SHUHLUD GHSHQGH GD FXOWLYDU GDV

FRQGLo}HVFOLPiWLFDVTXHFRQFRUUHUDPSDUDDTXHEUDGDGRUPrQFLD
GD DSOLFDomR GH SURGXWRV SDUD D TXHEUD GD GRUPrQFLD H GDV
FRQGLo}HVFOLPiWLFDVYLJHQWHVGXUDQWHRIORUHVFLPHQWRHQWUHRXWURV
IDWRUHV 'H XP PRGR JHUDO SRGHVH FRQVLGHUDU XP SHUtRGR GH
IORUDomRYDULiYHOTXHYDLGHDGLDV

‡‡‡


 4XDLVVmRDVFRQGLo}HVQHFHVViULDVSDUDD
IUXWLILFDomRGDSHUHLUD"

$IUXWLILFDomRGDSHUHLUDRXVHMDDWUDQVLomRGRRYiULRGDIORUD
IUXWRUHTXHUWUrVFRQGLo}HVEiVLFDVDH[LVWrQFLDGHJHPDVIORUDLV
PDGXUDV EHP IRUPDGDV H QXWULGDV E WHPSHUDWXUDV DGHTXDGDV
GXUDQWH D DQWHVH H LPHGLDWDPHQWH DSyV FDSD]HV GH DVVHJXUDU
XPD ERD SROLQL]DomR R GHVHQYROYLPHQWR GR WXER SROtQLFR H D
IHFXQGDomR RX TXH IDYRUHoDP D SDUWHQRFDUSLD H F DSRUWH
DGHTXDGR GH IRWRVVLQWDWRV GHVGH R LQtFLR GR GHVHQYROYLPHQWR GR
RYiULR2VIUXWRVTXHQmRWrPDOJXPDGHVVDVFRQGLo}HVVDWLVIHLWDV


QmRVHGHVHQYROYHPFRPSOHWDPHQWHHWHQGHPDFDLU

‡‡‡

$TXHGDGHIUXWRVpXPSURFHVVRQRUPDOQD
SHUHLUD"

$ TXHGD RX DEVFLVmR GH IUXWRV RFRUUH HP WRGDV DV HVSpFLHV
IUXWtIHUDVLQFOXLQGRSRUWDQWRDSHUHLUD'HXPPRGRJHUDOKiWUrV
TXHGDV GH IUXWRV D SULPHLUD HQWUH D SUpDQWHVH H D TXHGD GDV
SpWDODV D VHJXQGD GH IUXWRV SHTXHQRV QR SHUtRGR LQLFLDO GH
GHVHQYROYLPHQWR H D WHUFHLUD DR ILQDO GD IDVH GH GLYLVmR FHOXODU
GHQRPLQDGD TXHGD ILVLROyJLFD GH IUXWRV RX TXHGD GH MXQKR QRV
SDtVHVGR+HPLVIpULR1RUWH

0XLWDVYH]HVpGLItFLOLGHQWLILFDUFODUDPHQWHTXDQGRWHUPLQDXPD
H FRPHoD RXWUD SRLV HODV WHQGHP D VH VREUHSRU DR ORQJR GR
WHPSR

‡‡‡

&RPRVHGHQRPLQDRIUXWRGDSHUHLUD"


 2IUXWRGDSHUHLUDpXPSVHXGRIUXWRGHQRPLQDGR³SRPR´(OHVH
IRUPD D SDUWLU GR GHVHQYROYLPHQWR GR UHFHSWiFXOR IORUDO H GDV
SDUHGHVGRRYiULR

‡‡‡

4XDLVVmRDVSULQFLSDLVFDUDFWHUtVWLFDVGRIUXWRGD
SHUHLUD"

2 IUXWR GD SHUHLUD DSUHVHQWD WDPDQKR H IRUPDWR TXH YDULDP GH

DFRUGR FRP D FXOWLYDU $ SROSD p GH FRU EUDQFD RX FUHPH
JHUDOPHQWH FRP FpOXODV SpWUHDV H WHP HOHYDGR WHRU GH iJXD $
FDVFD SRGH VHU YHUGH YHUGHDPDUHODGD YHUPHOKD RX UR[D (P


DOJXPDV YDULHGDGHV D FRORUDomR GD FDVFD SRGH DSUHVHQWDU GXDV
WRQDOLGDGHV VHQGR SRU LVVR GHQRPLQDGD ³ELFRORU´ 2 SHG~QFXOR
GH WDPDQKR H HVSHVVXUD YDULiYHLV HVWi LQVHULGR QD FDYLGDGH
SHGXQFXODUHQTXDQWRRFiOLFHVLWXDVHQRODGRRSRVWRQDFDYLGDGH
FDOLFLQDU(PFDGDIUXWRSRGHPVHUHQFRQWUDGDVDWpGH]VHPHQWHV
UHODWLYDPHQWH SHTXHQDV LQLFLDOPHQWH GH FRORUDomR FODUD H
SRVWHULRUPHQWHHVFXUD

‡‡‡

4XDLVVmRRVSULQFLSDLVSLJPHQWRVUHVSRQViYHLV
SHODFRORUDomRGDFDVFDGDSHUD"

$ FRORUDomR YHUGH GD FDVFD VH GHYH j SUHVHQoD GDV FORURILODV

FRQWLGDV QRV FORURSODVWRV $V RXWUDV FRUHV FRPR DPDUHOR H
YHUPHOKR VmR GHYLGDV D RXWURV SLJPHQWRV HVSHFLDOPHQWH
FDURWHQRLGHVHDQWRFLDQLQDV'XUDQWHDPDWXUDomRDVFORURILODVVmR
GHJUDGDGDVHRVFDURWHQRLGHVHDVDQWRFLDQLQDVVmRVLQWHWL]DGRVH
UHYHODGRVH[LELQGRDFRUILQDOGRVIUXWRV

‡‡‡

4XHIDWRUHVDPELHQWDLVHGHPDQHMRGHSRPDUHV
SRGHPLQIOXHQFLDURGHVHQYROYLPHQWRGDFRUGDFDVFD
GDSHUD"

(QWUHRVIDWRUHVTXHSRGHPLQIOXHQFLDURGHVHQYROYLPHQWRGDFRU
GD FDVFD GD SHUD GHVWDFDPVH D OX] D WHPSHUDWXUD D
GLVSRQLELOLGDGHGHiJXDHDDSOLFDomRGHIHUWLOL]DQWHV$OpPGHVVHV
RSODQWLRHPHVSDoDPHQWRVUHGX]LGRVHDIRUPDomRGHSODQWDVFRP
FRSDV GHQVDV SRGHP DIHWDU D FRORUDomR GRV IUXWRV SRU FDXVD GR
VRPEUHDPHQWR SURSRUFLRQDGR TXH LPSHGH D VXD H[SRVLomR j OX]
VRODU


 ‡‡‡

&RPRVHFDUDFWHUL]DRFUHVFLPHQWRGRIUXWRGD
SHUHLUD"

2 FUHVFLPHQWR DFXPXODGR GD SHUD HP YROXPH SHVR RX

GLkPHWUR WHQGH D VHJXLU XPD FXUYD VLJPRLGH VLPSOHV D H[HPSOR
GR TXH VH YHULILFD HP RXWUDV SRPiFHDV 1HVVH SHUtRGR GH
FUHVFLPHQWRGLVWLQJXHPVHWUrVIDVHV

)DVH,±3HUtRGRLQLFLDOGRFUHVFLPHQWRGRIUXWRFDUDFWHUL]DGR
SHODLQWHQVDGLYLVmRFHOXODU
)DVH ,, ± 3HUtRGR LQWHUPHGLiULR FDUDFWHUL]DGR SHOR
DORQJDPHQWR H SHOR DXPHQWR GR YROXPH GDV FpOXODV 1HVVD
IDVHRIUXWRDGTXLUHHPPpGLDDWpGRWDPDQKRILQDO
)DVH ,,, ± 3HUtRGR ILQDO GR FUHVFLPHQWR QR TXDO R IUXWR
SUDWLFDPHQWHSDUDGHFUHVFHUHDPDGXUHFH

‡‡‡