18. D HQWLGDGH SDVVD D
HQFRQWUDU VXD FRQVLVWrQFLD HVVHQFLDO QXP FDPSR SUREOHPiWLFR 9LUWXDOL]DU
XPDHQWLGDGHTXDOTXHUFRQVLVWHHPGHVFREULUXPDTXHVWmRJHUDOjTXDOHODVH
UHODFLRQD HP ID]HU PXWDU D HQWLGDGH HP GLUHomR D HVVD LQWHUURJDomR H HP
UHGHILQLUDDWXDOLGDGHGHSDUWLGDFRPRUHVSRVWDDXPDTXHVWmRSDUWLFXODU
7RUQHPRVRFDVRPXLWRFRQWHPSRUkQHRGD´YLUWXDOL]DomRµGHXPD
HPSUHVD$RUJDQL]DomRFOiVVLFDUH~QHVHXVHPSUHJDGRVQRPHVPRSUpGLRRX
QXP FRQMXQWR GH GHSDUWDPHQWRV DGD HPSUHJDGR RFXSD XP SRVWR GH
WUDEDOKRSUHFLVDPHQWHVLWXDGRHVHXOLYURGHSRQWRHVSHFLILFDRVKRUiULRVGH
WUDEDOKR 8PD HPSUHVD YLUWXDO HP WURFD VHUYHVH SULQFLSDOPHQWH GR
WHOHWUDEDOKR WHQGH D VXEVWLWXLU D SUHVHQoD ItVLFD GH VHXV HPSUHJDGRV QRV
PHVPRVORFDLVSHODSDUWLFLSDomRQXPDUHGHGHFRPXQLFDomRHOHWU{QLFDHSHOR
XVR GH UHFXUVRV H SURJUDPDV TXH IDYRUHoDP D FRRSHUDomR $VVLP D
YLUWXDOL]DomR GD HPSUHVD FRQVLVWH VREUHWXGR HP ID]HU GDV FRRUGHQDGDV
HVSDoRWHPSRUDLV GR WUDEDOKR XP SUREOHPD VHPSUH UHSHQVDGR H QmR XPD
VROXomR HVWiYHO 2 FHQWUR GH JUDYLGDGH GD RUJDQL]DomR QmR p PDLV XP
FRQMXQWRGHGHSDUWDPHQWRVGHSRVWRVGHWUDEDOKRHGHOLYURVGHSRQWRPDV
XP SURFHVVR GH FRRUGHQDomR TXH UHGLVWULEXL VHPSUH GLIHUHQWHPHQWH DV
FRRUGHQDGDVHVSDoRWHPSRUDLVGDFROHWLYLGDGHGHWUDEDOKRHGHFDGDXPGH
VHXVPHPEURVHPIXQomRGHGLYHUVDVH[LJrQFLDV
$DWXDOL]DomRLDGHXPSUREOHPDDXPDVROXomR$YLUWXDOL]DomRSDVVD
GH XPD VROXomR GDGD D XP RXWUR
19. SUREOHPD (OD WUDQVIRUPD D DWXDOLGDGH
LQLFLDOHPFDVRSDUWLFXODUGHXPDSUREOHPiWLFDPDLVJHUDOVREUHDTXDOSDVVDD
VHU FRORFDGD D rQIDVH RQWROyJLFD RP LVVR D YLUWXDOL]DomR IOXLGLILFD DV
GLVWLQo}HVLQVWLWXtGDVDXPHQWDRVJUDXVGHOLEHUGDGHFULDXPYD]LRPRWRU6H
DYLUWXDOL]DomRIRVVHDSHQDVDSDVVDJHPGHXPDUHDOLGDGHDXPFRQMXQWRGH
SRVVtYHLV VHULD GHVUHDOL]DQWH 0DV HOD LPSOLFD D PHVPD TXDQWLGDGH GH
LUUHYHUVLELOLGDGH HP VHXV HIHLWRV GH LQGHWHUPLQDomR HP VHX SURFHVVR H GH
LQYHQomR HP VHX HVIRUoR TXDQWR D DWXDOL]DomR $ YLUWXDOL]DomR p XP GRV
SULQFLSDLVYHWDUHVGDFULDomRGHUHDOLGDGH
1®2(67$535(6(17($9,578$/,=$d®2202È;2'2
$SyVWHUGHILQLGRDYLUWXDOL]DomRQRTXHHODWHPGHPDLVJHUDOYDPRV
DERUGDUDJRUDXPDGHVXDVSULQFLSDLVPRGDOLGDGHVRGHVSUHQGLPHQWRGRDTXL
H DJRUD RPR DVVLQDODPRV QR FRPHoR R VHQVR FRPXP ID] GR YLUWXDO
20. LQDSUHHQVtYHORFRPSOHPHQWDUGRUHDOWDQJtYHO(VVDDERUGDJHPFRQWpPXPD
LQGLFDomRTXHQmRVHGHYHQHJOLJHQFLDURYLUWXDOFRPPXLWDIUHTrQFLD´QmR
HVWiSUHVHQWHµ
$ HPSUHVD YLUWXDO QmR SRGH PDLV VHU VLWXDGD SUHFLVDPHQWH 6HXV
HOHPHQWRVVmRQ{PDGHVGLVSHUVRVHDSHUWLQrQFLDGHVXDSRVLomRJHRJUiILFD
GHFUHVFHXPXLWR
(VWDUi R WH[WR DTXL QR SDSHO RFXSDQGR XPD SRUomR GHILQLGD GR
HVSDoR ItVLFR RX HP DOJXPD RUJDQL]DomR DEVWUDWD TXH VH DWXDOL]D QXPD
SOXUDOLGDGHGHOtQJXDVGHYHUV}HVGHHGLo}HVGHWLSRJUDILDV2UDXPWH[WR
HPSDUWLFXODUSDVVDDDSUHVHQWDUVHFRPRDDWXDOL]DomRGHXPKLSHUWH[WRGH
VXSRUWH LQIRUPiWLFR (VWH ~OWLPR RFXSD ´YLUWXDOPHQWHµWRGRV RV SRQWRV GD
UHGHDRTXDOHVWiFRQHFWDGDDPHPyULDGLJLWDORQGHVHLQVFUHYHVHXFyGLJR(OH
VH HVWHQGH DWp FDGD LQVWDODomR GH RQGH SRGHULD VHU FRSLDGR HP DOJXQV
VHJXQGRV ODUR TXH p SRVVtYHO DWULEXLU XP HQGHUHoR D XP DUTXLYR GLJLWDO
0DVQHVVDHUDGHLQIRUPDo}HVRQOLQHHVVHHQGHUHoRVHULDGHTXDOTXHUPRGR
WUDQVLWyULR HGH SRXFD LPSRUWkQFLD 'HVWHUULWRULDOL]DGR SUHVHQWHSRU LQWHLUR
HPFDGDXPDGHVXDVYHUV}HVGHVXDVFySLDVHGHVXDVSURMHo}HVGHVSURYLGR
GH LQpUFLD KDELWDQWH XEtTXR GR FLEHUHVSDoR R KLSHUWH[WR FRQWULEXL SDUD
SURGX]LUDTXLHDFROiDFRQWHFLPHQWRVGHDWXDOL]DomRWH[WXDOGHQDYHJDomRHGH
OHLWXUD6RPHQWHHVWHVDFRQWHFLPHQWRVVmRYHUGDGHLUDPHQWHVLWXDGRV(PERUD
QHFHVVLWH GH VXSRUWHV ItVLFRV SHVDGRV SDUD VXEVLVWLU H DWXDOL]DUVH R
LPSRQGHUiYHOKLSHUWH[WRQmRSRVVXLXPOXJDU
2OLYURGH0LFKHO6HUUHV$WODVLOXVWUDRWHPDGRYLUWXDOFRPR´QmR
SUHVHQoDµ$LPDJLQDomRDPHPyULDRFRQKHFLPHQWRDUHOLJLmRVmRYHWRUHV
GH YLUWXDOL]DomR TXH QRV IL]HUDP DEDQGRQDU D SUHVHQoD PXLWR DQWHV GD
LQIRUPDWL]DomRHGDVUHGHVGLJLWDLV$RGHVHQYROYHUHVVHWHPDRDXWRUGH$WODV
OHYDDGLDQWHLQGLUHWDPHQWH XPD SROrPLFD FRP D ILORVRILD KHLGHJJHULDQD GR
´VHUDLµ· ´6HUDL· p D WUDGXomR OLWHUDO GR DOHPmR 'DVHLQ TXH VLJQLILFD HP
SDUWLFXODU H[LVWrQFLD QR DOHPmR ILORVyILFR FOiVVLFR H H[LVWrQFLD SURSULDPHQWH
KXPDQD²VHUXPVHUKXPDQR²HP+HLGHJJHU0DVSUHFLVDPHQWHRIDWRGH
QmRSHUWHQFHUDQHQKXPOXJDUGHIUHTHQWDUXPHVSDoRQmRGHVLJQiYHORQGH
RFRUUHDFRQYHUVDomRWHOHI{QLFD
85. FKHJDUHPRV D FHUFD GH
PHWDGHGDDWLYLGDGHHFRQ{PLFDPXQGLDODVHUYLoRGRWUDQVSRUWH2FRPpUFLRH
D GLVWULEXLomR SRU VXD YH] ID]HP YLDMDU VLJQRV H FRLVDV 2V PHLRV GH
FRPXQLFDomRHOHWU{QLFRVHGLJLWDLVQmRVXEVWLWXtUDPRWUDQVSRUWHItVLFRPXLWR
SHORFRQWUiULRFRPXQLFDomRHWUDQVSRUWHFRPRMiVXEOLQKDPRVID]HPSDUWH
GD PHVPD RQGD GH YLUWXDOL]DomR JHUDO 3RLV DR VHWRU GD GHVWHUULWRULDOL]DomR
ItVLFDFXPSUHHYLGHQWHPHQWHDFUHVFHQWDUDVWHOHFRPXQLFDo}HVDLQIRUPiWLFD
RVPHLRVGHFRPXQLFDomRTXHVmRRXWURVVHWRUHVDVFHQGHQWHVGDHFRQRPLDGR
YLUWXDO 2 HQVLQR H D IRUPDomR EHP FRPR DV LQG~VWULDV GD GLYHUVmR
WUDEDOKDQGR SDUD D KHWHURJrQHVH GRV HVStULWRV QmR SURGX]HP RXWUD FRLVD
VHQmRRYLUWXDO4XDQWRDRSRGHURVRVHWRUGDVD~GH²PHGLFLQDHIDUPiFLD²
FRPRYLPRVQXPFDStWXORSUHFHGHQWHHOHYLUWXDOL]DRVFRUSRV
2$62'$6),1$1d$6
2 VHWRU ILQDQFHLUR FRUDomR SXOVDQWH GD HFRQRPLD PXQGLDO p VHP
G~YLGDXPDGDVDWLYLGDGHVPDLVFDUDFWHUtVWLFDVGDHVFDODGDGDYLUWXDOL]DomR
$PRHGDTXHpDEDVHGDVILQDQoDVGHVVLQFURQL]RXHGHVORFDOL]RXHP
JUDQGHHVFDODRWUDEDOKRDWUDQVDomRFRPHUFLDOHRFRQVXPRTXHSRUPXLWR
WHPSR LQWHUYLHUDP QDV PHVPDV XQLGDGHV GH WHPSR H GH OXJDU (QTXDQWR
REMHWRYLUWXDODPRHGDpHYLGHQWHPHQWHPDLVIiFLOGHWURFDUGHSDUWLOKDUHGH
H[LVWLU HP FRPXP TXH HQWLGDGHV PDLV FRQFUHWDV FRPR WHUUD RX VHUYLoRV
5HHQFRQWUDPRV QD LQYHQomR H QR GHVHQYROYLPHQWR GD PRHGD H GRV
LQVWUXPHQWRV ILQDQFHLURV PDLV FRPSOH[RV
86. RV WUDoRV GLVWLQWLYRV GD
YLUWXDOL]DomR TXH VmR QmR DSHQDV R DUUDQFDUVH DR DTXL H DJRUD RX D
GHVWHUULWRULDOL]DomR PDV LJXDOPHQWH D SDVVDJHP DR S~EOLFR DR DQ{QLPR D
SRVVLELOLGDGHGHSDUWLOKDHGHWURFDDVXEVWLWXLomRSDUFLDOGRMRJRLQFHVVDQWH
GDV QHJRFLDo}HV H GDV UHODo}HV GH IRUoD LQGLYLGXDLV SRU XP PHFDQLVPR
87. LPSHVVRDO $ OHWUD GH FkPELRID] FLUFXODU XPUHFRQKHFLPHQWR GH GtYLGD GH
XPDPRHGDDRXWUDHGHXPDSHVVRDDRXWUDRFRQWUDWRGHVHJXURPXWXDOL]D
RV ULVFRV D VRFLHGDGH SRU Do}HV HODERUD D SURSULHGDGH H R LQYHVWLPHQWR
FROHWLYR2XWUDVWDQWDVLQYHQo}HVTXHSURORQJDPDVGDPRHGDHTXHDFHQWXDP
DYLUWXDOL]DomRGDHFRQRPLD
$WXDOPHQWHDVILQDQoDVEDQFRVVHJXUDGRUDV
89. 2V IOX[RV
ILQDQFHLURV PXQGLDLV VmR VXSHULRUHV DRV GR FRPpUFLR LQWHUQDFLRQDO H QR
LQWHULRU PHVPR GR VHWRU ILQDQFHLUR R FUHVFLPHQWR GRV SURGXWRV GHULYDGRV
HVSpFLHVGHVHJXURVVREUHRVSURGXWRVFOiVVLFRVHYLUWXDLVSRUH[FHOrQFLD
90. p
PDLVDFHQWXDGRTXHDPpGLD'HPDQHLUDPDLVJHUDODSULPD]LDFUHVFHQWHGD
HFRQRPLDPRQHWiULDHGRVLPSHUDWLYRVILQDQFHLURVpXPDGDVPDQLIHVWDo}HV
PDLV QRWiYHLV GD YLUWXDOL]DomR HP FXUVR (P Q~PHURV DEVROXWRV R PDLRU
PHUFDGR GR PXQGR p R GD SUySULD PRHGD R PHUFDGR FDPELDO PDLV
LPSRUWDQWHTXHRGRVWtWXORVHRGDVDo}HV
RPR IXQFLRQDP RV PHUFDGRV ILQDQFHLURV 2V UDFLRFtQLRV GRV
RSHUDGRUHV ILQDQFHLURV EDVHLDPVH HVVHQFLDOPHQWH QR UDFLRFtQLR GRV RXWURV
RSHUDGRUHVILQDQFHLURVFRPRQXPDPXOWLGmRHPTXHFDGDPHPEURSUDWLFDVVH
DSVLFRORJLDGDVPXOWLG}HV2V´DUJXPHQWRVµGHVVHVUDFLRFtQLRVVmRVREUHWXGR
RVLQGLFDGRUHVHFRQ{PLFRVSXEOLFDGRVSHORVJRYHUQRVHSHORVRUJDQLVPRVGH
HVWDWtVWLFDVEHPFRPRRVSUHoRVFRWDo}HVHWD[DVGRVGLIHUHQWHVSDSpLVDo}HV
H LQVWUXPHQWRV ILQDQFHLURV 2UD HVVHV SUHoRV FRWDo}HV H WD[DV VmR HOHV
SUySULRV´FRQFOXV}HVµDTXHFKHJDRPHUFDGRDSyVXPUDFLRFtQLRFROHWLYR
SDUDOHORHGLVWULEXtGR2PHUFDGRILQDQFHLURFHUWDPHQWHOHYDHPFRQWDGDGRV
´H[WHULRUHVµDVHXSUySULRIXQFLRQDPHQWRJXHUUDVHOHLo}HVHWF
91. PDVWUDEDOKD
DQWHVGHWXGRGHXPPRGRUHFXUVLYRDSDUWLUGRVUHVXOWDGRVGHVXDVSUySULDV
RSHUDo}HV 0DLV FRQIRUPH YLPRV FDGD XP GH VHXV ´SURFHVVDGRUHVµ
HOHPHQWDUHVVLPXODJURVVHLUDPHQWHRIXQFLRQDPHQWRGRFRQMXQWR
3RGHUtDPRV DUULVFDU XP SDUDOHOR FRP ERD SDUWH GD DUWH
FRQWHPSRUkQHD TXH ID] PXLWR PDLV UHIHUrQFLD D VL PHVPD H j VXD SUySULD
KLVWyULD TXH D TXDOTXHU RXWUD FRLVD FLWDo}HV GHUULV}HV GLIHUHQFLDo}HV
WUDEDOKRVVREUHROLPLWHRXDLGHQWLGDGHGDDUWHHWF'RPHVPRPRGRTXHQDV
ILQDQoDV DV SULQFLSDLV RSHUDo}HV GD DUWH FRQWHPSRUkQHD LQFLGHP VREUH R
MXOJDPHQWRGRVRXWURVDREUDLQWHUYLQGRFRPRYHWDULQGLFDGRURXFRPXWDGRU
QDGLQkPLFDUHFXUVLYDGRMXOJDPHQWRFROHWLYR
3DUDYROWDUjYLUWXDOL]DomRGDHFRQRPLDRVEDQFRVGHGDGRVRQOLQH
VLVWHPDV HVSHFLDOLVWDV H RXWURV LQVWUXPHQWRV LQIRUPiWLFRV WRUQDP FDGD YH]
PDLV WUDQVSDUHQWHV D VL PHVPRV RV ´UDFLRFtQLRV GR PHUFDGRµ $V ILQDQoDV
LQWHUQDFLRQDLV GHVHQYROYHPVH HP HVWUHLWD VLPELRVH FRP DV UHGHV H DV
WHFQRORJLDV GH VXSRUWH GLJLWDO (ODV WHQGHP D XPD HVSpFLH GH LQWHOLJrQFLD
FROHWLYDGLVWULEXtGDSDUDDTXDORGLQKHLURHDLQIRUPDomRSURJUHVVLYDPHQWHVH
100. H R WHUULWyULR p ODUJDPHQWH
FRQVWLWXtGRGHXPDDGLomRLQGHILQLGDGHXPDDUWLFXODomRGLQkPLFDGHXPD
UHGHGHPDSDVHPH[SDQVmR'LWRGHRXWURPRGRWXGRRTXHpGDRUGHPGR
DFRQWHFLPHQWRWHPDYHUFRPXPDGLQkPLFDGDDWXDOL]DomRWHUULWRULDOL]DomR
LQVWDQFLDokR DTXL H DJRUD VROXomR SDUWLFXODU