O Manual de Unified Sports da Special Olympics

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O Manual de Unified Sports da Special Olympics
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VLJQL¿FDWLYDWRGRVRVDWOHWDV(PJHUDOHVVDVRSRUWXQLGDGHV
OHYDPjPHOKRUDGDVKDELOLGDGHVHVSRUWLYDVDXPHQWRGDDXWR
HVWLPDLJXDOGDGHGHSRVLomRHQWUHSDUHVHDQRYDVDPL]DGHV
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8QL¿HG6SRUWVWrPDRSRUWXQLGDGHGHGHVHQYROYHUHPHOKRUDU
KDELOLGDGHVHVSRUWLYDVHVSHFt¿FDV
([SHULrQFLDGH&RPSHWLomR2VDWOHWDVTXHSDUWLFLSDPGH
XPDH[SHULrQFLDGH8QL¿HG6SRUWVYLYHQFLDPQRYRVGHVD¿RV
ItVLFRVHPHQWDLVHWRUQDPVHPDLVEHPSUHSDUDGRVSDUDFRP
SHWLUHPXPDHTXLSHHVSRUWLYDGDHVFRODRXGDFRPXQLGDGH
DOpPGHQD6SHFLDO2O\PSLFV
,QFOXVmR6LJQL¿FDWLYD$VUHJUDVHGLUHWUL]HVGH8QL¿HG
6SRUWVUHODWLYDVDRDJUXSDPHQWRSRULGDGHHKDELOLGDGHFRPR
HVSHFL¿FDPHQWHGH¿QLGRFRPEDVHHPFDGDHVSRUWHJDUDQWHP
TXHWRGRVRVPHPEURVGDHTXLSHGHVHPSHQKHPXPSDSHO
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3DUWLFLSDomR%DVHDGDQD&RPXQLGDGH2VSURJUDPDVGH8QL
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SDUTXHVHUHFUHDomRHVFRODVRUJDQL]Do}HVGHMRYHQVHDGXOWRV
HGHPXLWDVRXWUDVRUJDQL]Do}HVHVSRUWLYDVFRPXQLWiULDV(VVDV
SDUFHULDVRIHUHFHPjVSHVVRDVSRUWDGRUDVGHGH¿FLrQFLDPHQWDO
XPDRSRUWXQLGDGHDGLFLRQDOSDUDSDUWLFLSDUGDYLGDFRPXQL
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7UDQVLomRH(VFROKD$WUDYpVGR8QL¿HG6SRUWVRVDWOHWDVGD
6SHFLDO2O\PSLFVWrPDRSRUWXQLGDGHGHVHMXQWDUjFRUUHQWH
SULQFLSDOGHDWLYLGDGHVHVSRUWLYDVHFRPXQLWiULDV2VSURJUDP
DVGR8QL¿HG6SRUWVDMXGDPDVHVFRODVDFXPSULURVPDQGDWRV
GHWUDQVLomRHLQFOXVmRHRIHUHFHPHVFROKDVDOWHUQDWLYDVSDUD
DWOHWDVDWXDOPHQWHLQVFULWRVQD6SHFLDO2O\PSLFVHWDPEpP
SDUDQRYRVDWOHWDV
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(QYROYLPHQWRGD)DPtOLD2VLUPmRVGRVDWOHWDVGD6SHFLDO
2O\PSLFVWrPXPDRSRUWXQLGDGHYDOLRVDGHSDUWLFLSDUFRPR
SDUFHLURVRXWUHLQDGRUHV'HYHVHWRPDUFXLGDGRDRHVFROKHU
SDLVSDUDSDUWLFLSDUHPFRPRSDUFHLURVHPXPDHTXLSHGH8QL
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GHXPDHVWUXWXUDGHDSUHQGL]DGRGHVHUYLoRGDXQLYHUVLGDGH
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SRUWDPHQWRGRVWUHLQDGRUHVHRVXFHVVRGRDWOHWDSDUWLFLSDQWH
2&HQWURSDUD'HVHQYROYLPHQWR6RFLDOH(GXFDomRGD8QLYHU
VLGDGHGH0DVVDFKXVHWWV±%RVWRQHR'HSDUWDPHQWRGH(GXFD
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FRQMXQWRLQWLWXODGR³$YDOLDomR1RUWH$PHULFDQDGR3URJUDPD
GH8QL¿HG6SRUWVGD6SHFLDO2O\PSLFV´2REMHWLYR
GHVVDDYDOLDomRQDFLRQDOIRLDQDOLVDUDVSHUFHSo}HVGRVSULQFLSDLV
SDUWLFLSDQWHVGLUHWRUHVHVWDGXDLVDWOHWDVPHPEURVIDPLOLDUHV
SDUFHLURVHWUHLQDGRUHVHPUHODomRDRVHXFRPSURPLVVRFRPR
FRQFHLWRGH8QL¿HG6SRUWVHVXDVDWLVIDomRJHUDOFRPR3URJUDPD
GH8QL¿HG6SRUWV
5HVXPRGDV&RQFOXV}HVGRVGRLV3URMHWRVGH3HVTXLVD
3ULPHLUDPHQWHSRGHVHGHFODUDUVHPQHQKXPDG~YLGDTXHR
SURJUDPDGH8QL¿HG6SRUWVWHPXPLPSDFWRSRVLWLYRVREUHWRGRV
RVSDUWLFLSDQWHV
2VDWOHWDVHSDUFHLURVGHXPSURJUDPDGH8QL¿HG6SRUWVVmRFD
SD]HVGHPHOKRUDUVLJQL¿FDWLYDPHQWHVXDVKDELOLGDGHVHVSRUWLYDV
TXDQGRDHVWUXWXUDGRSURJUDPDHDFRPELQDomRGRVSDUWLFLSDQWHV
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2VDWOHWDVHQYROYLGRVQR8QL¿HG6SRUWVJRVWDPGRSUR
JUDPDHWrPDWHQGrQFLDGHSHUPDQHFHUHQYROYLGRVQHOH$V
SULQFLSDLVUD]}HVSDUDVHXFRPSURPLVVRVmRIDWRUHVTXHFRQ
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H[LVWHQWHVXPDDPHDoDDRVSURJUDPDVWUDGLFLRQDLVHQmR
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7RGRVRVGDGRVDSRQWDPSDUDRIDWRGHTXHRFRQFHLWRGH
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QtYHLVHVWDGXDOPXQLFLSDOHORFDO(PERUDD³GLQkPLFDGRV
SDUHV´HQWUHRVDWOHWDVHSDUFHLURVVHMDFRQVLGHUDGDHVVHQFLDO
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GRTXHjHVWULWDDGHVmRDRVFULWpULRVGHHOHJLELOLGDGH
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FDPSRGHWDOKDGRVGHPRQVWUDUDPTXHDVHTXLSHVGH8QL¿HG
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SURJUDPDTXDQGRRVVHJXLQWHVFULWpULRVVmRFXPSULGRV
8PHVSRUWHDSURSULDGRpHVFROKLGR9iULRVIDWRUHVLQ
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GDHTXLSHWHQKDDKDELOLGDGHHDRSRUWXQLGDGHGHFRQWULEXLU
SDUDRVXFHVVRGDHTXLSH2VPHPEURVGDHTXLSHGHYHPWHU
DVKDELOLGDGHVQHFHVViULDVSDUDSDUWLFLSDUGHXPDHTXLSHGH
8QL¿HG6SRUWVVHPFDXVDUULVFRVGHVQHFHVViULRVGHOHV}HVSDUD
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7UHLQDPHQWRGHTXDOLGDGHOHYDjFRPSHWLomR7RGRVRV
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HFRPSHWLomRGHOLJDVDQWHVGRHYHQWRFXOPLQDQWHGRFDPSH
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SLFVLQFOXLQGRDFRORFDomRGDVHTXLSHVGH8QL¿HG6SRUWVHP
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7RGRVRVGLUHLWRVUHVHUYDGRV
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2SULPHLURSDVVRQRGHVHQYROYLPHQWRGHXPSURJUDPDGH
8QL¿HG6SRUWVpDHVFROKDGRHVSRUWH+iPXLWRVIDWRUHVTXH
SRGHPLQÀXHQFLDUDGHFLVmRVREUHTXHHVSRUWHRIHUHFHUQRVHX
SURJUDPDGH8QL¿HG6SRUWV(VVHVLQFOXHP
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‡RQtYHOGHKDELOLGDGHGRVSRWHQFLDLVDWOHWDVHSDUFHLURVH
‡RSRUWXQLGDGHVSDUDFRPSHWLomRORFDOGHiUHDHHVWDGXDOPX
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XPVLJQL¿FDGRLPSRUWDQWHVREUHRWLSRGHDWOHWDVHSDUFHLURV
QHFHVViULRVSDUDFRQGX]LUXPSURJUDPDEHPVXFHGLGR
&RQVLGHUDo}HVVREUH,GDGH
H+DELOLGDGH
(PERUDDPHOKRUH[SHULrQFLDGRSURJUDPDGH8QL¿HG6SRUWV
VHMDREWLGDTXDQGRDWOHWDVHSDUFHLURVWrPLGDGHVHKDELOLGDGHV
VLPLODUHVKiXPDFHUWDÀH[LELOLGDGHGHSHQGHQGRGRHVSRUWH
HVFROKLGR&RPEDVHQDQDWXUH]DFDUDFWHUtVWLFDVHGLQkPLFDGD
HTXLSHRVHVSRUWHVIRUDPVHSDUDGRVQRVGRLVJUXSRVDEDL[R
FDGDXPGHOHVFRPXPSDGUmRH[FOXVLYRSDUDDFRPELQDomRGH
LGDGHHKDELOLGDGH
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DRIHUHFHURSRUWXQLGDGHVGHWUHLQDPHQWRHFRPSHWLomRTXH
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DWOHWDVHSDUFHLURV
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HVSRUWLYDVDXPHQWRGDDXWRHVWLPDHLJXDOGDGHGHVWDWXVHQWUH
RVSDUHVHDQRYDVDPL]DGHV
$V6Ho}HV&RPSRVLomRGD5HODomRH6HOHomRGRV
0HPEURVGD(TXLSHIRUQHFHPPDLVGHWDOKHVVREUHDFRP
ELQDomRDSURSULDGDGHDWOHWDVHSDUFHLURVFRPEDVHQDLGDGH
HKDELOLGDGH&RQVXOWHDSiJLQDSDUDLQIRUPDo}HVVREUHD
SURSRUomRDWOHWDSDUFHLURQRFDPSRGHMRJR
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GH,QYHUQRH9HUmRGD6SHFLDO2O\PSLFVSDUDLGHQWL¿FDURV
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ERO6RIWEDOO7rQLVGH0HVD+DQGHEROHP(TXLSH7rQLV
9ROHLERO
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HKDELOLGDGHVLPLODUHVpHVVHQFLDOSDUDRWUHLQDPHQWRH
FRPSHWLomRQHVVHVHVSRUWHVQRSURJUDPDGH8QL¿HG6SRUWV
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DVH[SHULrQFLDVLQDGHTXDGDVGHFRPSHWLomRHXPDXPHQWR
GRULVFRGHOHVmRRFRUUHPHPHTXLSHVFRPXPDFRPELQDomR
LQVDWLVIDWyULDGHDWOHWDV
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KDELOLGDGHVVLPLODUHVpSUHIHUHQFLDOPDVQmRHVVHQFLDOSDUDR
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HVHVSRUWHVHODSRGHDXPHQWDUDTXDOLGDGHGDH[SHULrQFLDGH
WUHLQDPHQWRHFRPSHWLomR'HYLGRjQDWXUH]DGRDPELHQWH
FRPSHWLWLYRGHVVHVHVSRUWHVKiXPULVFRDGLFLRQDOPtQLPR
GHOHVmRTXDQGRDWOHWDVHSDUFHLURVQmRVmRFRPELQDGRVFRP
EDVHQDKDELOLGDGH
6HomR%
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GHFRQWULEXLUSDUDRGHVHPSHQKRGDHTXLSH7RGRVRV
PHPEURVGDHTXLSHFRPPHQRUQtYHOGHKDELOLGDGHGH
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FRQGLo}HVGHFRPSHWLomRSDUDHVVHHVSRUWH$VHJXUDQoDp
XPDFRQVLGHUDomRSDUDDWOHWDVVHPDVKDELOLGDGHVQH
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6SRUWV7RGRVRVSDUWLFLSDQWHVSDUFHLURVHDWOHWDVSRVVXHP
KDELOLGDGHVVLPLODUHVRXFRPSOHPHQWDUHV6HDOJXpPREVHU
YDVVHHVVDHTXLSHFRPSHWLQGRVHULDGLItFLOGLVWLQJXLUHQWUH
SDUFHLURVHDWOHWDVGD6SHFLDO2O\PSLFV
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SDUFHLURVHQVLQDDVKDELOLGDGHVHWiWLFDVQHFHVViULDVSDUDRHVSRUWHHVSHFt¿FR
HHVVHQFLDOPHQWHGHYHVHUHVSRQVDELOL]DUSRUXPSDGUmRPDLVDOWRGRTXHRV
RXWURV8PWUHLQDGRUEHPVXFHGLGRGRSURJUDPDGH8QL¿HG6SRUWVIDUiWXGR
LVVR´
-DQ6DUWDLQ7UHLQDGRUGH8QL¿HG6SRUWVGD6SHFLDO2O\PSLFV
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
HVStULWRGHHTXLSHGHPRQVWUDUHVStULWRHVSRUWLYRGHQWURHIRUDGR
FDPSRHDMXGDUDLQVWLODUYDORUHVSRVLWLYRVHPWRGRVRVPHPEURV
GDHTXLSH2WUHLQDGRUWDPEpPGHVHPSHQKDXPSDSHOFUtWLFR
QDFXLGDGRVDHVFROKDGRVDWOHWDVTXHVmRFRPELQDGRVGHIRUPD
DGHTXDGDHPUHODomRjLGDGHHKDELOLGDGHFRPRHVSHFL¿FDPHQWH
GH¿QLGRSHORHVSRUWH
0RGHORGH7UHLQDPHQWR
0DLVDOWR
1tYHOGH+DELOLGDGH
3
33 1RUPDV1RUWH$PHULFDQDVSDUD
7UHLQDGRUHVGH$WOHWLVPR
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0DLVEDL[R
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(VVDHTXLSHQmRpDSURSULDGDSDUDXPDFRPSHWLomRGH
8QL¿HG6SRUWV7RGRVRVSDUFHLURVWrPKDELOLGDGHVVXSH
ULRUHVjVGRVDWOHWDVGD6SHFLDO2O\PSLFV(OHVSUHFLVDP
ID]HUDFRPRGDo}HVVLJQL¿FDWLYDVSDUDLQFOXtORVQDFRP
SHWLomR$VHJXUDQoDpXPDFRQVLGHUDomRSDUDDWOHWDVVHP
DVKDELOLGDGHVQHFHVViULDVSDUDSDUWLFLSDU
(VVHPRGHORSRGHVHUXWLOL]DGRSDUDHVWDEHOHFHUXPSUR
JUDPDGHWUHLQDPHQWRTXHLUiEHQH¿FLDURVDWOHWDVGD6SH
FLDO2O\PSLFVSUHSDUDQGRRVPHOKRUSDUDDVFRPSHWLo}HV
WUDGLFLRQDLVGD6SHFLDO2O\PSLFV$VPHGDOKDVHIDL[DV
R¿FLDLVGD6SHFLDO2O\PSLFVQmRVmRFRQFHGLGDVTXDQGR
HVVDVHTXLSHV³GHWUHLQDPHQWR´UHDOL]DPMRJRVDPLVWRVRV
RXSDUWLFLSDPGHMRJRVPRGL¿FDGRV$6SHFLDO2O\PSLFV
UHFRQKHFHTXHRVSURJUDPDVSRGHPWHUGHGHVHQYROYHU
RSRUWXQLGDGHVQmRFRPSHWLWLYDVSDUDHTXLSHVTXHQmR
FXPSUHPDVFRQGLo}HVGHFRPELQDomRSRULGDGHHKDEL
OLGDGH(VVDVRSRUWXQLGDGHVGHYHPVHUHODERUDGDVSDUD
PHOKRUDURGHVHQYROYLPHQWRGDVKDELOLGDGHVHVSRUWLYDVH
SURPRYHUDSDUWLFLSDomRIXWXUDHPHYHQWRVWUDGLFLRQDLVGH
8QL¿HG6SRUWV
27UHLQDGRUGH8QLÀHG6SRUWVGD
6SHFLDO2O\PSLFV
$VQRUPDVQRUWHDPHULFDQDVSDUDWUHLQDGRUHVGHDWOHWLVPRIRUDP
GHVHQYROYLGDVFRPRXPUHVXOWDGRGHXPSURMHWRQDFLRQDOTXH
HQYROYHXRUJDQL]Do}HVHVSRUWLYDVHWHYHRDSRLRGD$VVRFLDomR
1RUWH$PHULFDQDGH(VSRUWHVH(GXFDomR)tVLFD1$63($V
RUJDQL]Do}HVHVSRUWLYDVLQFOXtUDPyUJmRVGHUHJXODPHQWDomR
QRUWHDPHULFDQRVRUJDQL]Do}HVGHMRYHQVHSURYHGRUHVGHIRU
PDomRGHWUHLQDPHQWR(VVDVQRUPDVVmRGLYLGLGDVHPRLWRiUHDV
TXHLQFOXHPRTXHRWUHLQDGRUGHYHFRQKHFHUHGHPRQVWUDU
)LORVR¿DHeWLFDGHPRQVWUDUHGHIHQGHUXPHVStULWRHVSRUWL
YRDGHTXDGRHDPLVVmRGD6SHFLDO2O\PSLFV
&UHVFLPHQWRH'HVHQYROYLPHQWRLGHQWL¿FDUHSODQHMDUGH
IRUPDDSURSULDGDSDUDDVGLIHUHQoDVLQGLYLGXDLVQRVHVWiJLRV
ItVLFRVFRJQLWLYRVHHPRFLRQDLVGRGHVHQYROYLPHQWR
(QVLQRH&RPXQLFDomRXWLOL]DUHVWLORVHSURJUHVV}HVGH
LQVWUXo}HVTXHPD[LPL]HPRVXFHVVRGHFDGDDWOHWDHSDUFHLUR
+DELOLGDGHVH7iWLFDVFRQKHFHURHVSRUWHKDELOLGDGHVLQGL
YLGXDLVWiWLFDVGHHTXLSHUHJUDVWUDGLo}HV
2UJDQL]DomRH$GPLQLVWUDomRFRQKHFHUHFXPSULUWRGRVRV
GHYHUHVOHJDLVGHXPWUHLQDGRUHVSHFLDOPHQWHDTXHOHVUHODFLRQD
GRVDSULPHLURVVRFRUURVHFXLGDGRVGHHPHUJrQFLD
6HJXUDQoDGR(VSRUWHH3UHYHQomRGH/HV}HVUHFRQKHFHU
H[LJLUHPRQLWRUDUFRPSRUWDPHQWRVLQVWDODo}HVHHTXLSDPHQWRV
VHJXURVHWULDJHQVSUHYHQWLYDV
3UHSDUDomR)tVLFDXWLOL]DUFRQGLFLRQDPHQWRDSURSULDGRSDUD
ERDIRUPDItVLFDHGHVHPSHQKRHVSRUWLYR
$YDOLDomRDYDOLDURMRJDGRUWUHLQDGRUHTXLSHDOpPGRVSRQ
WRVIRUWHVHIUDFRVGRRSRQHQWH
$SHVVRDPDLVLPSRUWDQWHSDUDRVXFHVVRGHXPDHTXLSHGH
8QL¿HG6SRUWVpRWUHLQDGRU8PWUHLQDGRUH¿FLHQWHHEHP
VXFHGLGRQmRpDSHQDVDTXHOHTXHDMXGDDHTXLSHDYHQFHU
,JXDOPHQWHLPSRUWDQWHpDVXDFRQWULEXLomRSDUDHQVLQDU
PHOKRUDUHDSOLFDUDVKDELOLGDGHVHVSRUWLYDVFRQVWUXLUR
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
)LORVR¿DHeWLFD
2WUHLQDGRUGHSULPHLUDOLQKDGH8QL¿HG6SRUWV
(PYH]GH
‡$FUHGLWDTXHWRGRVRVDWOHWDVHSDUFHLURVWHQKDPRGLUHLWRHD
UHVSRQVDELOLGDGHGHFRQWULEXLUSDUDDHTXLSH
‡&ULDXPDPELHQWHVHJXURSHUPLWLQGRDRVDWOHWDVHSDUFHLURV
DWXDUVHPPHGRGHIDOKDURXGHVHUHPKXPLOKDGRV
‡0RWLYDDHTXLSHFRPEDVHQRVXFHVVRLQGLYLGXDOHHVIRUoR
SHVVRDO
‡'HVHQYROYHUUHJUDVSDUDDFRQGXWDGDHTXLSHID]HQGRDR
PHVPRWHPSRH[FHo}HVSDUDDWOHWDVHSDUFHLURVFRPQtYHLV
PDLVDOWRVGHKDELOLGDGH
‡3UHJDURHVStULWRHVSRUWLYRPDVIDOKDUHPDGHULUDRHVStULWRH
FXPSULUDVUHJUDVGD6SHFLDO2O\PSLFV
‡8WLOL]DURPHGRRXHPRo}HVDOWHUDGDVSDUDPRWLYDURVDWOHWDV
HSDUFHLURV
&UHVFLPHQWRH'HVHQYROYLPHQWR
2WUHLQDGRUGH8QL¿HG6SRUWVGHSULPHLUDOLQKD
(PYH]GH
‡$JHGHIRUPDDFRPELQDUFRPSURPLVVRFRPHQYROYLPHQWR
VLJQL¿FDWLYR
‡8WLOL]DSURJUHVV}HVGHKDELOLGDGHTXHDXPHQWDPDFRQ¿DQoD
HOHYDPDXPGHVHPSHQKRHVSRUWLYRPHOKRU
‡2IHUHFHRSRUWXQLGDGHVSDUDRVDWOHWDVHSDUFHLURVFRQVWUXLU
OLJDo}HVHQWUHRHVSRUWHHRXWUDVDWLYLGDGHV
‡3HGLUDRSLQLmRGRVDWOHWDVHSDUFHLURVPDVQXQFDDJLUGH
DFRUGRFRPHODV
‡0RGL¿FDUDWiWLFDRXKDELOLGDGHSDUDJDUDQWLURVXFHVVRLPH
GLDWRGRDWOHWDHSDUFHLUR
‡(VSHUDUTXHRVDWOHWDVHSDUFHLURVIRUPHPDPL]DGHVDSHQDV
FRPEDVHQDH[SHULrQFLDHVSRUWLYD
(QVLQRH&RPXQLFDomR
2WUHLQDGRUGH8QL¿HG6SRUWVGHSULPHLUDOLQKD
(PYH]GH
‡,GHQWL¿FDPHWDVGHUHVXOWDGRVSDUDFDGDSUiWLFDHVFRO
KHQGRDVHJXLUDWLYLGDGHVTXHOHYDUmRDRFXPSULPHQWR
‡'iUHIRUoRHVSHFt¿FRSDUDFRPSRUWDPHQWRSRVLWLYRHIHHG
EDFNLQVWUXFLRQDODSyVHUURV
‡'HVHQKDH[HUFtFLRVSDUDGHVD¿DURVDWOHWDVHSDUFHLURVD
VHUHPPHOKRUHVGRTXHDQWHV
‡8WLOL]DRVDWOHWDVHSDUFHLURVSDUDGHPRQVWUDUDVWpFQLFDV
‡&RPSUHHQGHDVQHFHVVLGDGHVGRVDWOHWDVHSDUFHLURVTXHQmR
IRUDPDWHQGLGDVTXDQGRRFRUUHPSUREOHPDVGHFRPSRUWD
PHQWR
‡8WLOL]DDGLVFLSOLQDGHFRQVHTrQFLDVOyJLFDVHSURPRYHR
DXWRFRQWUROH
‡*DUDQWHTXHRVDWOHWDVHSDUFHLURVSDUWLFLSHPDWLYDPHQWHGH
QRPtQLPRSRUFHQWRGRWHPSRGHWUHLQR
‡8WLOL]DLQVWUXo}HVHVFULWDVHYHUEDLVSDUDH[SOLFDURVH[HUFt
FLRVLGHQWL¿FDQGRSDODYUDVFKDYHSDUDXWLOL]DUFRPRVXJ
HVW}HVGHGHVHPSHQKR
‡3UpGHWHUPLQDFRPRLUGHXPH[HUFtFLRSDUDRXWURPD[LPL
]DQGRRWHPSRHRVUHFXUVRV
‡8WLOL]DUHSHWLomRGHH[HUFtFLRVFRPRSUHSDUDomRGHQRYDV
KDELOLGDGHV
‡3ODQHMDSDUDXPDQRYDHTXLSHTXHXPDQRYDWiWLFDLQGLYLGX
DOVHMDLQWURGX]LGDHPFDGDWUHLQR
‡&RPELQDWHPSRGHMRJRFRPH[HUFtFLRVWLSRMRJRTXHHVWUX
WXUDPDPHOKRULD
‡3ODQHMDU³DWLYLGDGHV´SUiWLFDVVHPQHQKXPREMHWLYR
‡'DUXPJUDQGHHQFRUDMDPHQWRjHTXLSHHPJHUDO
‡(VSHUDUTXHWRGRVRVDWOHWDVHSDUFHLURVIDoDPRPHVPR
H[HUFtFLRFRPRPHVPRQtYHOGHVXFHVVR±SRUFHQWR
‡'HPRQVWUDUSHVVRDOPHQWHWRGDVDVKDELOLGDGHV
‡8WLOL]DUDDERUGDJHPGHWROHUkQFLD]HURQRFDVRGHFRPSRU
WDPHQWRLQDGHTXDGRHIDOWDGHGLVFLSOLQD
‡8WLOL]DUSXQLo}HVItVLFDVHHPRFLRQDLVSDUDFRQWURODURFRP
SRUWDPHQWR
‡)RUQHFHUDRVDWOHWDVHSDUFHLURVLQVWUXo}HVHQTXDQWRHOHV
HVSHUDPVXDYH]SDUDID]HURVH[HUFtFLRV
‡'L]HUDRVDWOHWDVHSDUFHLURVRTXHID]HUHQIDWL]DQGRTXDQWDV
UHSHWLo}HVVmRHVSHUDGDV
‡'HFLGLURSUy[LPRH[HUFtFLRDID]HUFRPEDVHQRWHPSR
UHVWDQWHGDVHVVmR
‡5HSHWLURVPHVPRVH[HUFtFLRVHPFDGDWUHLQR
‡,QWURGX]LUQRYDVKDELOLGDGHVWRGDVDRPHVPRWHPSR
‡*DVWDUPDLVGHSRUFHQWRGRWHPSRGHWUHLQRHPMRJRV
DPLVWRVRV
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
+DELOLGDGHVH7iWLFDV
2WUHLQDGRUGH8QL¿HG6SRUWVGHSULPHLUDOLQKD
(PYH]GH
‡&RPELQDDKDELOLGDGHGRMRJDGRUDRVHXSDSHOQDHTXLSHH
DRMRJRVLWXDFLRQDO
‡(VFROKHRDWDTXHHDGHIHVDFRPEDVHQDSDUWLFLSDomRVLJQL¿
FDWLYDHGHVHPSHQKRGDHTXLSH
‡$YDOLDHPRGL¿FDRVH[HUFtFLRVSDUDPD[LPL]DURWHPSRGH
WUHLQRHDVUHDOL]Do}HVGRDWOHWD
‡3HUPLWHDUHSHWLomRPi[LPDSDUDVXSHUDSUHQGHUHUHWHUDV
KDELOLGDGHV
‡'L]DRVDWOHWDVHSDUFHLURVRTXHID]HUSDUDFRUULJLURVHUURV
‡,GHQWL¿FDUHURWXODUDVUHVSRQVDELOLGDGHVGRDWOHWDHSDUFHLUR
HPFDGDMRJR
‡3RVLFLRQDURVPHOKRUHVDWOHWDVHSDUFHLURVQRDWDTXHRX
GHIHVDHVFROKLGRV
‡3DVVDUSDUDXPQRYRH[HUFtFLRVHRVDWOHWDVRXSDUFHLURVQmR
IRUDPEHPVXFHGLGRVQDUHDOL]DomRGDWDUHID
‡3DVVDUSDUDRSUy[LPRH[HUFtFLRWmRORJRRVMRJDGRUHVWHQ
KDPVXFHVVR
‡'L]HUDRVDWOHWDVHSDUFHLURVRTXHHOHV¿]HUDPGHHUUDGR
2UJDQL]DomRH$GPLQLVWUDomR
2WUHLQDGRUGH8QL¿HG6SRUWVGHSULPHLUDOLQKD
(PYH]GH
‡5H~QHVHFRPRVSDLVDWOHWDVHSDUFHLURVDQWHVGDSDUWLFLSD
omRSDUDH[SOLFDUDQHFHVVLGDGHGRDWHVWDGRPpGLFR
‡&RQKHFHFRPSUHHQGHHYDORUL]DDVUHVSRQVDELOLGDGHVOHJDLV
GHXPWUHLQDGRU
‡'HVHQYROYHXHSUDWLFRXXPSODQRPpGLFRHPHUJHQFLDOFRP
DWOHWDVHSDUFHLURV
‡&KHFDUDSHQDVSDUDYHUL¿FDUTXHPWHPDXWRUL]DomRPpGLFD
SDUDMRJRGHWRUQHLR
‡&RPSUHHQGHUDSHQDVRFRPSURPLVVRGHWHPSRQHFHVViULR
SDUDVHUXPWUHLQDGRU
‡7HUDSHQDVXPNLWGHSULPHLURVVRFRUURVHXPWHOHIRQHQR
ORFDOSDUDHPHUJrQFLDV
6HJXUDQoDGR(VSRUWHH3UHYHQomRGH/HV}HV
2WUHLQDGRUGH8QL¿HG6SRUWVGHSULPHLUDOLQKD
(PYH]GH
‡&RQWURODRGRPtQLRGRMRJDGRUPD[LPL]DQGRDIRUoDGRV
DWOHWDVFRPEDL[RQtYHOGHKDELOLGDGHFRPWiWLFDVHHVWUDWpJLDV
GHHTXLSH
‡7UDEDOKDFRPRVDWOHWDVHSDUFHLURVSDUDH[DPLQDUDiUHDGH
MRJRHPEXVFDGHSHULJRVDQWHVGRLQtFLRGRWUHLQR
‡0DQWpP¿FKDVPpGLFDVjPmRMXQWDPHQWHFRPUHJLVWURVGR
SURJUHVVRGDVKDELOLGDGHVGRDWOHWDHSDUFHLUR
‡&RQWURODURGRPtQLRGRMRJDGRUUHVWULQJLQGRRMRJRGRV
MRJDGRUHVFRPDOWRQtYHOGHKDELOLGDGH
‡$WXDUSDUDUHPRYHURVSHULJRVDSHQDVTXDQGRVmRQRWDGRV
‡0DQWHURUHJLVWURGHSUHVHQoDGRVDWOHWDVHSDUFHLURVHDV
HVWDWtVWLFDVGRVMRJRV
3UHSDUDomR)tVLFD
2WUHLQDGRUGH8QL¿HG6SRUWVGHSULPHLUDOLQKD
(PYH]GH
‡3ODQHMDHLPSOHPHQWDXPFRQGLFLRQDPHQWRTXHPHOKRUDD
DSWLGmRItVLFDGRVDWOHWDVHSDUFHLURV
‡,GHQWL¿FDDWLYLGDGHVFRQWUDLQGLFDGDV
‡'LVFXWHDQHFHVVLGDGHGHXPDERDDOLPHQWDomRHGHVHVWLPXOD
RXVRGHiOFRROHGHRXWUDVGURJDV
‡3ODQHMDUSDUDIRUoDHFRQGLFLRQDPHQWRGXUDQWHDHVWDomR
‡'HPRQVWUDUDSHQDVH[HUFtFLRVURWLQHLURVGHFRQGLFLRQD
PHQWR
‡&HUWL¿FDUVHDSHQDVGHTXHKDMDiJXDVX¿FLHQWHGLVSRQtYHO
SDUDRVDWOHWDVHSDUFHLURV
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
$YDOLDomR
2WUHLQDGRUGH8QL¿HG6SRUWVGHSULPHLUDOLQKD
(PYH]GH
‡8WLOL]DWHVWHVGHKDELOLGDGHVURWLQHLUDPHQWHGXUDQWHWRGDD
HVWDomRSDUDPHQVXUDURSURJUHVVRGRVDWOHWDVHSDUFHLURVHD
FRPSRVLomRGDHTXLSH
‡'H¿QHPHWDVGHHTXLSHHLQGLYLGXDLVHPOLQKDFRPDVH[SHF
WDWLYDVGRVDWOHWDVHSDUFHLURV
‡6ROLFLWDIHHGEDFNIRUPDOHLQIRUPDOGRVDWOHWDVSDUFHLURVH
SDLV
‡'iIHHGEDFNSDUDWUHLQDGRUHVDVVLVWHQWHVHYROXQWiULRV
‡8WLOL]DUDSHQDVWHVWHVGHKDELOLGDGHVTXDQGRQHFHVViULRSDUD
DGLYLVmR
‡(VWDEHOHFHUUHJLVWURVGHYLWyULDVSHUGDVFRPRPHWDGD
HTXLSH
‡'L]HUURWLQHLUDPHQWHDWRGRVTXHHOHVHVWmRID]HQGRXPERP
WUDEDOKR
‡(QYLDUDSHQDVXPDQRWDGHDJUDGHFLPHQWRSDUDWRGRVRV
YROXQWiULRVHWUHLQDGRUHV
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
'LUHWUL]HVGR7UHLQDGRUGH
8QLÀHG6SRUWV
$VGLUHWUL]HVSDUDVHUXPWUHLQDGRUH¿FLHQWHLQFOXHP
7HUR&RQKHFLPHQWR1HFHVViULR
(VSRUWHV2VWUHLQDGRUHVGHYHPSRVVXLUXPFRQKHFL
PHQWRSURIXQGRGRHVSRUWHHGDVVXDVUHJUDV$GLFLRQDO
PHQWHRVWUHLQDGRUHVGHYHPVHUFDSD]HVGHDSOLFDUHVVH
FRQKHFLPHQWRQRVFHQiULRVGHWUHLQRHFRPSHWLomR(OHV
GHYHPSDUWLFLSDUGHFXUVRVGHIRUPDomRGHWUHLQDGRUHV
DSURYDGRVSDUDDWXDOL]DURFRQKHFLPHQWRGRHVSRUWHGH
QRYDVDWLYLGDGHVSUiWLFDVHHVWUDWpJLDVGHMRJRHFRPSDU
WLOKDULGpLDVFRPRXWURVWUHLQDGRUHV
6SHFLDO2O\PSLFV2VSURJUDPDVGD6SHFLDO2O\PSLFV
SRGHPRIHUHFHUWUHLQDPHQWRHP8QL¿HG6SRUWVFRPR
XPDVHVVmRLQGLYLGXDORXFRPRSDUWHGHXPDHVFRODGH
WUHLQDPHQWRSDUDWUHLQDGRUHVHPHVSRUWHVHVSHFt¿FRV
%HQH¿FLHVHGRVFXUVRVGHWUHLQDPHQWRGLVSRQtYHLVHGH
VHQYROYDXPDUHGHFRPRVRXWURVWUHLQDGRUHVGD6SHFLDO
2O\PSLFV
(VFROKDRV0HPEURVGD(TXLSH&RUUHWRV7RGRVRV
FRPSDQKHLURVGHHTXLSHGHYHPVHUHVFROKLGRVFRPEDVH
QDFRPELQDomRDSURSULDGDGHLGDGHHKDELOLGDGHFRPR
HVSHFL¿FDPHQWHGH¿QLGRSHORHVSRUWH$GLFLRQDOPHQWH
pQHFHVViULRTXHHOHVFRPSUHHQGDPHDFHLWHPVHXV
SDSpLVFRPRFROHJDVGHHTXLSHVLJDPD¿ORVR¿DGR
SURJUDPDGH8QL¿HG6SRUWVHFRPSURPHWDPVHFRPD
SDUWLFLSDomRSOHQDFRPHVStULWRHVSRUWLYR
1mR-RJXH2VHVSRUWHVGHHTXLSHSRUH[EDVTXHWH
VRIWEDOOIXWHEROYROHLEROKRFNH\VREUHSLVRKDQGH
EROGHHTXLSHUHTXHUHPXPWUHLQDGRUSULQFLSDOTXH
QmRMRJXH1HVVHVHVSRUWHVDSULRULGDGHGRWUHLQDGRUp
DGPLQLVWUDUDLQWHUDomRHQWUHRVPHPEURVGDHTXLSH$
SUHVHQoDGHWUHLQDGRUHVQmRMRJDGRUHVDMXGDDLPSHGLU
TXHRWUHLQDGRUSHUFDGHYLVWDHVVDLPSRUWDQWtVVLPD
SHUVSHFWLYD
&RPSURPLVVRFRPD3UiWLFD&DGDWUHLQDGRUGHYH
HVWLPXODURFRPSDUHFLPHQWRUHJXODUjVVHVV}HVGHWUHLQ
DPHQWRGHWRGRVRVFRPSDQKHLURVGHHTXLSH,VVROHYD
jPHOKRULDGDVKDELOLGDGHVHVSRUWLYDVLQWHQVL¿FDomRGR
WUDEDOKRHPHTXLSHHFDPDUDGDJHPHDXPPHOKRUGH
VHPSHQKRGXUDQWHRVMRJRVHFRPSHWLo}HV2WUHLQDGRU
GHYHGHVHQYROYHUXPSODQRGHWUHLQRVTXHLQFOXLDTXHFL
PHQWRDORQJDPHQWRGHVHQYROYLPHQWRGHKDELOLGDGHV
HVSRUWLYDVHVWUDWpJLDVXPDH[SHULrQFLDGHFRPSHWLomR
HFRPSRQHQWHVGHHVIULDPHQWR7RGRVRVMRJDGRUHV
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
GHYHPWUHLQDUQRPtQLPRXPDKRUDHPHLDSRUVHPDQDVRED
RULHQWDomRGHXPWUHLQDGRUTXDOL¿FDGR2EYLDPHQWHSUDWL
FDUPDLVGHXPDYH]SRUVHPDQDpDLQGDPHOKRU$VQRUPDV
PtQLPDVUHODWLYDVDRQ~PHURGHWUHLQRVTXHFDGDPHPEURGD
HTXLSHGHYHWHUSDUDSDUWLFLSDUGDVFRPSHWLo}HVGHYHPVHU
GHVHQYROYLGDV
7UHLQH7RGRVQD(TXLSH7RGRVRVPHPEURVGDHTXLSH
DWOHWDVHSDUFHLURVLUmRVHEHQH¿FLDUGDRULHQWDomRGHXP
WUHLQDGRUTXDOL¿FDGR(QFRQWUHPDQHLUDVGHHQYROYHUWRGRVRV
PHPEURVGDHTXLSHQRFRQGLFLRQDPHQWRGHVHQYROYLPHQWRGH
KDELOLGDGHVHWUDEDOKRHPHTXLSH
([LMD7UDEDOKRHP(TXLSH3DUDSURPRYHUXPHQYROYLP
HQWRVLJQL¿FDWLYRGHWRGRVRVPHPEURVGDHTXLSHQHQKXP
GHOHVGHYHGRPLQDUDFRPSHWLomRLVVRYLRODD¿ORVR¿DGR
SURJUDPD8QL¿HG6SRUWV8PDVyOLGDDERUGDJHPGHWUDEDOKR
HPHTXLSHGHYHHVWDUSUHVHQWHGHVGHRSULPHLURWUHLQRDWpD
FRPSHWLomR¿QDO
9DORUL]H0DLVGRTXHR7UHLQRHD&RPSHWLomR'rVXSRUWH
DRVHVIRUoRVGDVXDHTXLSHSDUDHVWHQGHUVHXUHODFLRQDPHQWR
SDUDDOpPGDDUHQDGHFRPSHWLomR2VORJDQGRSURJUDPD
8QL¿HG6SRUWVp³'XUDQWHRVMRJRVQyVVRPRVFROHJDVGH
HTXLSHDSyVRVMRJRVQyVVRPRVDPLJRV´
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
7pFQLFDVGH7UHLQDPHQWRSDUD
3URPRYHUD&RHVmRGD(TXLSH
(PTXDOTXHUHTXLSHHVSRUWLYDRHVStULWRGHHTXLSHHDFRHVmR
HQWUHRVMRJDGRUHVVmRSDUWHVFUtWLFDVGRVXFHVVRGDHTXLSH$V
LQWHUDo}HVSRVLWLYDVHQWUHRVMRJDGRUHVQHPVHPSUHDFRQWHFHP
VR]LQKDV$WDUHIDGRWUHLQDGRUpSURPRYHUHVVDVLQWHUDo}HV
1RSURJUDPDGH8QL¿HG6SRUWVHHPWRGRVRVQtYHLVGHSDU
WLFLSDomRHPHVSRUWHVRWUDEDOKRHPHTXLSHEHPVXFHGLGRQmR
pDSHQDVGHVHMiYHOGRSRQWRGHYLVWD¿ORVy¿FRPDVWDPEpP
OHYDDXPPHOKRUGHVHPSHQKRGDHTXLSH
'LFDVGH7UHLQDPHQWR
$SULPHLUDUHXQLmRGDHTXLSHpH[WUHPDPHQWHLPSRUWDQWH
&RQVWUXLUDFRHVmRGDHTXLSHGHYHVHURSRQWRFHQWUDOGDVHV
VmRLQLFLDOGHWUHLQDPHQWR8PSODQREHPHODERUDGRGHYHVHU
GHVHQYROYLGRHLPSOHPHQWDGR
2VSDUFHLURVHVWmRQDHTXLSHSDUDMRJDUHQmRSDUDWUHLQDU1R
SURJUDPDGH8QL¿HG6SRUWVpHVVHQFLDOWHUXPRXPDLVWUHL
QDGRUHVDVVLVWHQWHV&DVRFRQWUiULRRVWUHLQDGRUHVSRGHPVHU
REULJDGRVDXWLOL]DUSDUFHLURVSDUDGDULQVWUXo}HV
(GXTXHWRGRVRVMRJDGRUHVVREUHD¿ORVR¿DHDVPHWDVGR8QL
¿HG6SRUWV1mRSUHVVXSRQKDTXHRVMRJDGRUHVLUmRHQWHQGHUR
REMHWLYRGRSURJUDPDeGHFLVmRGRWUHLQDGRUFRQGX]LURXQmR
XPDVHVVmRGHRULHQWDomRVHSDUDGDSDUDRVSDUFHLURVGHIRUPD
TXHHOHVVLQWDPVHPDLVFRQIRUWiYHLVSDUDID]HUSHUJXQWDV
7UDWHWRGRVRVMRJDGRUHVGDPHVPDPDQHLUD4XDQGRIDODU
FRPRVPHPEURVGDHTXLSHQmRURWXOH³DWOHWDV´H³SDUFHLURV´
WRGRVVmRMRJDGRUHVRXFROHJDVGHHTXLSH4XDQGRSUHSDUDU
XPWUHLQRFRPSDUWLOKHDVUHVSRQVDELOLGDGHVFRPWRGRVRV
MRJDGRUHV
7UHLQHWRGRVRVPHPEURVGDHTXLSH7RGRVRVMRJDGRUHVGH
YHPVHQWLUTXHHVWmRPHOKRUDQGRVXDVKDELOLGDGHDFDGDWUHLQR
(QYROYDWRGRVRVPHPEURVGDHTXLSHQRWUHLQR8WLOL]HGLIH
UHQWHVMRJDGRUHVSDUDOLGHUDUH[HUFtFLRVGHDORQJDPHQWRLQWUR
GX]DH[HUFtFLRVGLYHUWLGRVHPGXSODSDUDHVWLPXODUDLQWHUDomR
HFHUWL¿TXHVHGHWURFDURVSDUFHLURVFRPIUHTrQFLDSDUDTXH
WRGRVSRVVDPVHFRQKHFHU
&ULHH[HUFtFLRVGHVD¿DGRUHV0LVWXUHDFRPELQDomRGHMRJD
GRUHVTXHWUDEDOKDPHPFRQMXQWR&ULHDWLYLGDGHVTXHRIHU
HoDPGHVD¿RVSDUDWRGRVVHPGLPLQXLURSDSHOGRVMRJDGRUHV
FRPPHQRUQtYHOGHKDELOLGDGH
8WLOL]HMRJRVDPLVWRVRVHPHTXLSHSDUDHVWDEHOHFHUFDQDLVGH
FRPXQLFDomR2IHUHoDDRVDWOHWDVHSDUFHLURVRSRUWXQLGDGHVGH
VHUHPFDSLWmHV(VWLPXOHDFRPXQLFDomR(VWDEHOHoDRPRGHOR
SDUDXPDFRPXQLFDomRDSURSULDGD3HoDIHHGEDFNGHWRGRVRV
MRJDGRUHV
7UHLQHWRGRVQDVFRPSHWLo}HV(YLWHFRPHQWiULRVGLUHWRVGH
WUHLQDPHQWRDSHQDVSDUDRVDWOHWDV&RORTXHRVSDUFHLURVHP
SRVLo}HVFRPSOHPHQWDUHVjVGRVDWOHWDVFRPRQRWUHLQR
6RFLDOL]HDSyVDVFRPSHWLo}HV3ODQHMHDOJXPWHPSRVRFLDO
DSyVDVFRPSHWLo}HVRQGHDLQWHUDomRHQWUHRVPHPEURVGD
HTXLSHVHMDHVWLPXODGD
³1yVQmRVRPRVLGrQWLFRV2XWUDVSHVVRDVSRGHPVHUPDLVKiEHLVGRTXH
YRFrHODVSRGHPVHUPDLRUHVPDLVUiSLGDVPDLVIRUWHVHVXSHULRUHVHP
RXWURVDWULEXWRVItVLFRVPDVQHQKXPDGHODVGHYHVHUPDLRUGRTXHYRFr
QDTXHODVTXDOLGDGHVHFDUDFWHUtVWLFDVWmRLPSRUWDQWHVFRPRHVStULWRGH
HTXLSHHQWXVLDVPRGLOLJrQFLDFRRSHUDomROHDOGDGHGHWHUPLQDomRKRQHV
WLGDGHVLQFHULGDGHFRQ¿DELOLGDGHHLQWHJULGDGH$GTXLUDHPDQWHQKDHVVDV
FDUDFWHUtVWLFDVHRVXFHVVRHVWiJDUDQWLGR´
-RKQ:RRGHH[WUHLQDGRUGHEDVTXHWHGD8&/$
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
³1RVVDHTXLSHHVWiPHOKRUDQGR
1yVHVWDPRVSURJUHGLQGRSRUTXH
HVWDPRVFRQVHJXLQGRRHQYROYLP
HQWRGHWRGRV´
%ULDQ*HRUJL3DUFHLURGH8QL¿HG6SRUWV
(VFROKDGRV0HPEURVGD(TXLSH
$FKDYHSDUDRGHVHQYROYLPHQWREHPVXFHGLGRGHXPD
HTXLSHGH8QL¿HG6SRUWVpDHVFROKDDGHTXDGDGRV
PHPEURVGDHTXLSHXPQ~PHURSURSRUFLRQDOGHDWOHWDVH
SDUFHLURV$TXLHVWmRDVSULQFLSDLVFRQVLGHUDo}HV
3URQWLGmR7RGRVRVFROHJDVGHHTXLSHGHYHPSRVVXLUDV
KDELOLGDGHVQHFHVViULDVSDUDFRPSHWLUQRHVSRUWH1HPWRGR
DWOHWDHVWiSURQWRSDUDSDUWLFLSDUGRSURJUDPD8QL¿HG6SRUWV
GD6SHFLDO2O\PSLFV$SDUWLFLSDomRHPHVSRUWHVGHHTXLSH
UHTXHUXPDFRPSUHHQVmRGRWUDEDOKRHPHTXLSHGDHVWUDWp
JLDGHHTXLSHHGDVUHJUDVDOpPGDVKDELOLGDGHVQHFHVViULDV
SDUDFRPSHWLUFRPVXFHVVRQHVWHHVSRUWH6HXPDWOHWDQmR
HVWLYHUSURQWRSDUDR8QL¿HG6SRUWVD6SHFLDO2O\PSLFVRIH
UHFHYiULDVHVFROKDVDOWHUQDWLYDVTXHIRUQHFHPWUHLQDPHQWR
IXQFLRQDOGHKDELOLGDGHVHVSRUWLYDVHH[SHULrQFLDVVLJQL¿FDWL
YDVGHFRPSHWLomR
$OFDQFH2VSDUWLFLSDQWHVSRGHPVHUQRYRVDWOHWDVRXDWOHWDV
H[LVWHQWHVGD6SHFLDO2O\PSLFV8QL¿HG6SRUWVpXPSUR
JUDPDHVSHFLDOPHQWHDWUDHQWHSDUDHVFRODVHDJrQFLDVGHVHU
YLoRTXHHQIDWL]DPDLQFOXVmRHSRGHPUHVLVWLUDRVSURJUDPDV
WUDGLFLRQDLVGD6SHFLDO2O\PSLFV$GLFLRQDOPHQWH8QL¿HG
6SRUWVpXPSURJUDPDDGHTXDGRSDUDDWOHWDVFRPQtYHOPDLV
DOWRGHKDELOLGDGHTXHSRGHPWHUHYLWDGRD6SHFLDO2O\PSLFV
GHYLGRDXPHVWLJPDSHUFHELGR8WLOL]HRSURJUDPD8QL¿HG
6SRUWVSDUDFRQTXLVWDUDWOHWDVTXHDLQGDQmRHVWmRHQYROYLGRV
FRPD6SHFLDO2O\PSLFV
$JUXSDPHQWRSRU+DELOLGDGH$VHTXLSHVGH8QL
¿HG6SRUWVWUDEDOKDPGDPHOKRUIRUPDTXDQGRWRGRV
RVPHPEURVGDHTXLSHSRVVXHPKDELOLGDGHVHVSRUWLYDV
VLPLODUHV3DUFHLURVFRPKDELOLGDGHVPXLWRVXSHULRUHVjV
GRVRXWURVPHPEURVGDHTXLSHFRQWURODUmRDFRPSHWLomR
RXIDUmRDFRPRGDo}HVQmRFRPSHWLQGRGHDFRUGRFRPVHX
SRWHQFLDO(PDPEDVDVVLWXDo}HVDVPHWDVGHLQWHUDomR
HWUDEDOKRHPHTXLSHVmRSUHMXGLFDGDVHXPDYHUGDGHLUD
H[SHULrQFLDGHFRPSHWLomRQmRpDWLQJLGDYHUSiJLQDV
HP³&RPSRVLomRGD(TXLSH$V$YDOLDo}HVGH+DELOL
GDGHV(VSRUWLYDVGD6SHFLDO2O\PSLFVVmRPXLWR~WHLV
QDGHWHUPLQDomRGRVQtYHLVGHKDELOLGDGHVGHWRGRVRV
SDUWLFLSDQWHVHVSHFLDOPHQWHQRFDVRGHHTXLSHVUHFpP
IRUPDGDV(QWUHWDQWRDVDYDOLDo}HVGHKDELOLGDGHVGHYHP
VHUXWLOL]DGDVHPFRQMXQWRFRPDDYDOLDomRGRVMRJDGRUHV
HPFHQiULRVGHFRPSHWLomRFRPRMRJRVDPLVWRVRV
$JUXSDPHQWRSRU,GDGH7RGRVRVPHPEURVGDHTXLSH
GHYHPWHULGDGHVVLPLODUHVFRPXPDGLIHUHQoDGHWUrV
DFLQFRSDUDRVSDUWLFLSDQWHVFRPDQRVGHLGDGHRX
PHQRVHGHDDQRVQRFDVRGHDWOHWDVFRPDQRV
RXPDLVFRPEDVHQRULVFRRIHUHFLGRSHORHVSRUWH3RU
H[HPSORQRIXWHEROXPDFULDQoDGHDQRVQmRGHYH
FRPSHWLUFRQWUDXPDWOHWDGHDQRV1RHQWDQWRHPXP
HVSRUWHLQGLYLGXDOFRPRRJROIHXPDPDLRUGLVSDULGDGH
GHLGDGHSRGHVHUDFHLWiYHO
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
3ULQFtSLRGR(QYROYLPHQWR
6LJQLÀFDWLYR
2SURJUDPD8QL¿HG6SRUWVDGRWDD¿ORVR¿DHRVSULQFtSLRVGD
6SHFLDO2O\PSLFV&RQVHTHQWHPHQWHDVHTXLSHVGH8QL¿HG
6SRUWVVmRRUJDQL]DGDVSDUDRIHUHFHUHQYROYLPHQWRVLJQL¿FDWLYR
SDUDWRGRVRVSDUWLFLSDQWHV7RGRVRVPHPEURVGDHTXLSHGHYHP
GHVHPSHQKDUXPSDSHOHWHUDRSRUWXQLGDGHGHFRQWULEXLUSDUDD
HTXLSH
³1mRYHMRPXLWDVGLIHUHQoDV
$PERVDWOHWDVHSDUFHLURVTXHUHP
FRPSHWLU(WRGRVVHGLYHUWHP´
'RQ+HVVWUHLQDGRUGH8QL¿HG6SRUWV
2HQYROYLPHQWRVLJQL¿FDWLYRWDPEpPVHUHIHUHjTXDOLGDGHGD
LQWHUDomRHGDFRPSHWLomRHPXPDHTXLSHGH8QL¿HG6SRUWV
&RQVHJXLUXPHQYROYLPHQWRVLJQL¿FDWLYRGHWRGRVRVSDUWLFL
SDQWHVGDHTXLSHJDUDQWHXPDH[SHULrQFLDSRVLWLYDHUHFRPSHQ
VDGRUDSDUDWRGRV
,QGLFDGRUHVGH(QYROYLPHQWR6LJQL¿FDWLYR
‡2VFROHJDVGHHTXLSHFRPSHWHPVHPFDXVDUULVFRVGHVQH
FHVViULRVGHOHV}HVSDUDVLRXSDUDRVRXWURV
‡2VFROHJDVGHHTXLSHSDUWLFLSDPGHDFRUGRFRPDVUHJUDVGD
FRPSHWLomR
‡2VFROHJDVGHHTXLSHWrPDKDELOLGDGHHRSRUWXQLGDGHGHFRQ
WULEXLUSDUDRGHVHPSHQKRGDHTXLSH
‡2VFROHJDVGHHTXLSHFRPSUHHQGHPFRPRFRPELQDUVXDVKDEL
OLGDGHVFRPDVGRVRXWURVDWOHWDVUHVXOWDQGRHPPHOKRUGHVHP
SHQKRGRVDWOHWDVFRPPHQRUQtYHOGHKDELOLGDGH
2HQYROYLPHQWRVLJQL¿FDWLYRQmRpDOFDQoDGRTXDQGRGHWHUPLQD
GRVPHPEURVGDHTXLSHHPJHUDORVSDUFHLURV
‡3RVVXHPKDELOLGDGHVHVSRUWLYDVVXSHULRUHVHPFRPSDUDomR
FRPDVGHVHXVFROHJDVGHHTXLSH
‡$WXDPSUHGRPLQDQWHPHQWHFRPRWUHLQDGRUHVHPFDPSRHP
YH]GHFRPRFROHJDVGHHTXLSH
‡&RQWURODPDPDLRUSDUWHGRVDVSHFWRVGDFRPSHWLomRGXUDQWH
RVSHUtRGRVFUtWLFRVGRMRJR
‡1mRWUHLQDPRXSUDWLFDPUHJXODUPHQWHHDSDUHFHPDSHQDVQR
GLDGDFRPSHWLomR
‡5HGX]HPVLJQL¿FDWLYDPHQWHVHXQtYHOGHKDELOLGDGHGHIRUPDD
QmRPDFKXFDURVRXWURVRXFRQWURODUWRGRRMRJR
1RWDeLPSRUWDQWHTXHWRGRVRVWUHLQDGRUHVHOtGHUHVGHSUR
JUDPDVDQWHVGDHVFROKDGRVPHPEURVGDHTXLSHFRPSUHHQGDP
R3ULQFtSLRGR(QYROYLPHQWR6LJQL¿FDWLYR
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
5HFUXWDPHQWRGH3DUFHLURV
6HMDQRUHFUXWDPHQWRGHLQGLYtGXRVIDPLOLDUL]DGRVRXQmRFRP
D6SHFLDO2O\PSLFVpLPSRUWDQWHSODQHMDUVXDDERUGDJHPGH
IRUPDTXHRVSDUFHLURVFRQWULEXDPSDUDRVXFHVVRGRSUR
JUDPD
$$ERUGDJHPGH³&RUSR4XHQWH´
(VWDpDDERUGDJHPPDLVIiFLO(ODpXWLOL]DGDTXDQGRYRFr
SURFXUDSDUFHLURVDWUDYpVGHDQ~QFLRVHPEROHWLQVLQIRUPD
WLYRVIROKHWRVRXGHRXWUDVPDQHLUDVS~EOLFDV(PERUDHVVD
DERUGDJHPSRVVDDWLQJLURPDLRUQ~PHURGHFDQGLGDWRVp
QHFHVViULRID]HUXPDFXLGDGRVDWULDJHPGDVSHVVRDVLQWHUHVVD
GDVHVHUFDSD]GHGL]HUSDUDDOJXPDVSHVVRDVTXHHODVQmRVmR
DGHTXDGDVDRSHU¿OGDVXDHTXLSHLGDGHKDELOLGDGHDWLWXGH
$$ERUGDJHP'LUHFLRQDGD
(VWDpDDERUGDJHPSUHIHUHQFLDO(ODHQYROYHXPDGHWHUPLQD
omRFXLGDGRVDGRV³WLSRV´GHSDUFHLURVSDUDDHTXLSHHDPHO
KRUSHVVRDSDUDFRQYLGiORV4XDQGRYRFrXWLOL]DDDERUGDJHP
GLUHFLRQDGDYRFrGHYHUHVSRQGHUDVVHJXLQWHVSHUJXQWDVDQWHV
GHDERUGDURVSDUFHLURVSRWHQFLDLV
‡4XDLVVmRDVKDELOLGDGHVDWLWXGHVQHFHVViULDVSDUDVHUXP
SDUFHLURQHVWDHTXLSH"6HLPDJLQDUPRVRWLSRGHSDUFHLUR
TXHVHULDPHOKRUSDUDDQRVVDHTXLSHFRPRVHULDHOH",GDGH
VH[RKDELOLGDGHKREELHVRFXSDomRLQWHUHVVHVUHODFLRQDGRV
HWFVHULDPiUHDVSHUWLQHQWHVGHFRQVLGHUDomR
‡&RPEDVHQHVVDLPDJHPRQGHSRGHPRVHQFRQWUDUHVVHV
WLSRVGHSHVVRDV"3HQVHHPFHQiULRVGHWUDEDOKRHGXFDomR
DWLYLGDGHVGHOD]HUSXEOLFDo}HVTXHHODVSRGHPOHUSDUWHVGD
FLGDGHHWF
‡3DUDTXHPRWLYDo}HVQyVSRGHPRVDSHODUHPQRVVRHVIRUoR
GHUHFUXWDPHQWR"PHOKRUDGDIRUPDItVLFDVRFLDOL]DomRGH
YROYHUjFRPXQLGDGHFRQKHFHUQRYDVSHVVRDVYLDMDUHWF
2QGH5HFUXWDU0HPEURVGD(TXLSH
,QGHSHQGHQWHPHQWHGHUHFUXWDULQGLYtGXRVIDPLOLDUL]DGRVRX
QmRFRPD6SHFLDO2O\PSLFVpLPSRUWDQWHSODQHMDUVXDDERU
GDJHPGHIRUPDTXHRVSDUFHLURVFRQWULEXDPSDUDRVXFHVVR
GRSURJUDPD
$PDLRULDGDVHTXLSHVGH8QL¿HG6SRUWVpIRUPDGDSRUXPD
GDVTXDWURSULQFLSDLVPDQHLUDVDEDL[R
‡)DPtOLD$PLJRV,GHQWL¿FDUXPJUXSRGHDWOHWDVGD6SHFLDO
2O\PSLFVFRPQtYHODSURSULDGRHSHGLUjVVXDVIDPtOLDVDPL
JRVHFRQKHFLGRVSDUDSDUWLFLSDU
‡(VFROD,GHQWL¿FDUSURJUDPDVHVFRODUHVGLULJLGRVSRUXPSUR
IHVVRURXWUHLQDGRUTXHVHGLVSRQKDDUHFUXWDUDOXQRVGDHVFROD
SDUDSDUWLFLSDU
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
‡8QLYHUVLGDGHV)DFXOGDGHV,GHQWL¿FDUSURJUDPDVGHHVWXGR
GHHGXFDomRItVLFDWUHLQDPHQWRUHFUHDomRRXHGXFDomRHVSH
FLDOHRIHUHFHUDSDUWLFLSDomRQRSURJUDPDGH8QL¿HG6SRUWV
FRPRXPDIRUPDGHDSUHQGL]DGRGHVHUYLoRH[SHULrQFLD
SUiWLFDRXRSRUWXQLGDGHVGHYROXQWDULDGR
‡&RPXQLGDGH,GHQWL¿FDULQGLYtGXRVTXHMRJXHPHPOLJDV
FRUSRUDWLYDVUHFUHDFLRQDLVFRPXQLWiULDVHSHGLUOKHVTXHSDUWL
FLSHPGHXPDHTXLSHGH8QL¿HG6SRUWV
&RPRFRPHoDU
(TXLSHVGD6SHFLDO2O\PSLFV([LVWHQWHV
6HYRFrWLYHUXPJUXSRGHDWOHWDVGD6SHFLDO2O\PSLFVH
GHVHMDIRUPDUXPDHTXLSHGH8QL¿HG6SRUWVXPGRVSULPHL
URVOXJDUHVSDUDDFKDUSDUFHLURVpQDYLGDGHVVHVDWOHWDVVXD
IDPtOLDHDPLJRV3HoDDRVDWOHWDVGD6SHFLDO2O\PSLFVHjV
VXDVIDPtOLDVSDUDGDUHPVXJHVW}HVGHQRPHVGHSDUFHLURV
SRWHQFLDLV(QIDWL]HDQHFHVVLGDGHGHRVSDUFHLURVWHUHPD
PHVPDKDELOLGDGHHLGDGHGRVDWOHWDVGD6SHFLDO2O\PSLFV
(VWDpWUDGLFLRQDOPHQWHDPHOKRUPDQHLUDSDUDFRPHoDUD
UHFUXWDUSRWHQFLDLVSDUFHLURV&DVRYRFrDQXQFLHHPEXVFD
GHSDUFHLURVFHUWL¿TXHVHGHXWLOL]DUWHUPRVFRPR³QRYDWR´
³QmRpQHFHVViULRH[SHULrQFLD´RX³DSUHQGDXPQRYRHVSRUWH´
SDUDHYLWDURUHFUXWDPHQWRGHMRJDGRUHVFRPDOWRVQtYHLVGH
KDELOLGDGHV
3URJUDPHXPGLDSDUDRVSDUFHLURVHDWOHWDVGD6SHFLDO2O\P
SLFVVHUHPVXEPHWLGRVDRV7HVWHVGH$YDOLDomRGH+DELOLGDGHV
(VSRUWLYDVHSDUWLFLSDUHPGHXPPLQLMRJRDPLVWRVRSDUD
GHWHUPLQDURVSDUFHLURVTXHUHSUHVHQWDPFDQGLGDWRVH[FHOHQWHV
SDUDVXDHTXLSH/HPEUHVHGHTXHYRFrIDUiXPGHVVHUYLoRj
VXDHTXLSHVHPDQWLYHUSDUFHLURVTXHSRVVXHPQtYHLVGHKDEL
OLGDGHPXLWRVXSHULRUHVjVGRVDWOHWDVGD6SHFLDO2O\PSLFVe
LPSRUWDQWHUHGLUHFLRQDUDTXHOHVSDUFHLURVTXHIDOKDUHPHPVH
HQFDL[DUQDIDL[DDSURSULDGDGHQtYHOGHKDELOLGDGH
&DVRYRFrSUHFLVHGHSDUFHLURVDGLFLRQDLVRSUy[LPRORFDOD
SURFXUDUpGHQWURGDUHGHORFDOGHYROXQWiULRVGRVHXSURJUDPD
GD6SHFLDO2O\PSLFV3HoDDHVVHVYROXQWiULRVSDUDMRJDURX
SHoDOKHVVXJHVW}HVVREUHSRWHQFLDLVFROHJDVGHHTXLSH4XDQ
GRDERUGDUHVVHVLQGLYtGXRVFHUWL¿TXHVHGHTXHYRFrOKHVGr
XPDGHVFULomRGRQtYHOGHKDELOLGDGHJHUDOGRVMRJDGRUHVGD
VXDHTXLSHGH8QL¿HG6SRUWVGHIRUPDTXHHOHVFRPSUHHQGDP
RWLSRGHLQGLYtGXRTXHYRFrHVWiSURFXUDQGR3RUH[HPSOR
ERDVIRQWHVGHSDUFHLURVSRGHPVHUJUXSRVGHLJUHMDFOXEHVGH
VHUYLoRRXJUXSRVGHHVFRWHLURV
$SyVUHFUXWDUQRYRVPHPEURVSRWHQFLDLVGDHTXLSHDJHQGH
XPWUHLQRHDYDOLHHVVHVDWOHWDVDWUDYpVGRV7HVWHVGH$YDOLDomR
GH+DELOLGDGHV(VSRUWLYDVHIDoDFRPTXHHOHVSDUWLFLSHPGH
XPPLQLMRJRDPLVWRVR1RYDPHQWHpLPSRUWDQWHUHWHUDSHQDV
DTXHOHVSDUFHLURVTXHSRVVXDPKDELOLGDGHVVLPLODUHVjVGR
UHVWRGDHTXLSH8PWUDEDOKRGHSUHSDUDomRGRWUHLQDGRURX
GROtGHUGHSURJUDPDLUiJDUDQWLUXPDH[SHULrQFLDVLJQL¿FDWLYD
SDUDWRGRV
6HomR%
$(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
3URJUDPD%DVHDGRHP(VFRODV
4XDQGRLQLFLDUXPDHTXLSHGH8QL¿HG6SRUWVHPXPDHVFROD
pH[WUHPDPHQWHLPSRUWDQWHHQYROYHURSURIHVVRUGHHGXFDomR
ItVLFDHRXRXWURSURIHVVRUTXHFRQKHoDRQtYHOGHKDELOLGDGHV
HVSRUWLYDVHGHDSWLGmRItVLFDGRVDOXQRV(VVHVSURIHVVRUHV
RIHUHFHPXPFRQKHFLPHQWRYDOLRVRVREUHRWLSRGHDOXQRVTXH
SRGHULDPYLUDVHUSDUFHLURVH[FHOHQWHVHTXHWDPEpPVHEHQH¿
FLDULDPSHVVRDOPHQWHFRPRHQYROYLPHQWR
(PJHUDORVDOXQRVTXHVmRRVPHOKRUHVSDUFHLURVLQWHUHVVDP
VHHPSDUWLFLSDUGHHVSRUWHVPDVSRGHPDLQGDQmRWHUFRPSHWL
GRHPQtYHOLQWHUHVFRODUQDTXHOHHVSRUWHRXHPRXWURHVSRUWH
TXHUHTXHUKDELOLGDGHVVLPLODUHV2VDOXQRVTXHSDUWLFLSDUDPGH
SURJUDPDVGHHVSRUWHVLQWHUQRVHUHFUHDFLRQDLVHTXHHVWmRHP
EXVFDGHRXWUDVRSRUWXQLGDGHVGHFRPSHWLomRVHULDPFDQGLGDWRV
LGHDLV
4XDQGRUHFUXWDURVDOXQRVpLPSRUWDQWHHQIDWL]DURVEHQHItFLRV
GHID]HUSDUWHGHXPDHTXLSHGH8QL¿HG6SRUWVHHOHYDULVWRD
XPDSRVLomRUHVSHLWDGDQDHVFROD$GLFLRQDOPHQWHpLPSRUWDQWH
TXHHVVHVDOXQRVFRPSUHHQGDPTXHHOHVVmRFROHJDVGHHTXLSH
GHDWOHWDVGD6SHFLDO2O\PSLFVHTXHQmRHVWmRDWXDQGRFRPR
WUHLQDGRUHVGHFDPSR
2XWUDVIRQWHVGHSDUFHLURVSRGHPYLUGHDOXQRVTXHHVWmR
FRQVLGHUDQGRVHJXLUFDUUHLUDHPHGXFDomRHVSHFLDOUHFUHDomR
WHUDSrXWLFDRXSURJUDPDVGHVHUYLoRVRFLDO2VSURJUDPDV
XQLYHUVLWiULRVGHHGXFDomRItVLFDHUHFUHDomRHVWmREXVFDQGR
RSRUWXQLGDGHVSDUDWUHLQDUWUHLQDGRUHVHOtGHUHVGHHVSRUWHV
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SRQWXDo}HVGHGHVHPSHQKRGHWRGRVRVPHPEURVGHHVSRUWHVLQGL
YLGXDLV(ODVLQFOXHPWDPEpPXPDH[SHULrQFLDDQWHULRUGDHTXLSH
VHDHTXLSHSDUWLFLSRXHPFRQMXQWRSRUPDLVGHXPDQR(VVDV
LQIRUPDo}HVVmRLQVHULGDVQR)RUPXOiULRGD5HODomRGD(TXLSHH
QR)RUPXOiULRGH$YDOLDomRGH+DELOLGDGHHHQYLDGDVMXQWDPHQWH
FRPDLQVFULomRGDHTXLSHQDFRPSHWLomRGH8QL¿HG6SRUWV
&RQVLGHUHID]HUFRPTXHRWUHLQDGRUHRFKHIHGDGHOHJDomR
DVVLQHPXPDGHFODUDomRGHJDUDQWLD$VSiJLQDVDVHJXLUFRQWrP
XPDDPRVWUDGRIRUPXOiULRGHJDUDQWLDQDTXDORVOtGHUHVGR
3URJUDPDYHUL¿FDPVHVXDVHTXLSHVIRLRUJDQL]DGDGHDFRUGR
FRPDVQRUPDVGHVFULWDVQHVVHPDQXDO2IRUPXOiULRHVFODUHFH
TXHDVHTXLSHVSRGHPVHUGHVTXDOL¿FDGDVSHODIDOKDHPUHVSHLWDU
D¿ORVR¿DGRSURJUDPDGH8QL¿HG6SRUWVGD6SHFLDO2O\PSLFV
$QWHVGDFRPSHWLomRSUHSDUHGHWDOKDGDPHQWHVHX&RPLWrGH
5HJUDV(VSRUWLYDVHÈUELWURV,VWRLUiSHUPLWLUDR&RPLWrUHDJLU
GHIRUPDH¿FLHQWHjVVLWXDo}HVHYLRODo}HVGHUHJUDV$GLFLRQDO
PHQWHDIRUPDFRPRR&RPLWrGH5HJUDV(VSRUWLYDVUHDJLUiDHV
VDVVLWXDo}HVHSURWHVWRVSRGHVHUFXLGDGRVDPHQWHH[SOLFDGDSDUD
RVSULQFLSDLVWUHLQDGRUHVQDSULPHLUDUHXQLmRFRPRVWUHLQDGRUHV
&RQGX]DGLYLVmRQRORFDO$VUHJUDVGD6SHFLDO2O\PSLFVH[L
JHPTXHDVHTXLSHVFRPSLWDPFRQWUDRXWUDVHTXLSHVFRPLGDGHH
KDELOLGDGHVLPLODUHV3DUDDJUXSDUDVHTXLSHVGHIRUPDDSURSULDGD
QDVXDGLYLVmRDGHTXDGDGHKDELOLGDGHVpLPSRUWDQWHFRQGX]LU
XPDURGDGDGHGLYLVmRDQWHVGRLQtFLRGHTXDOTXHUHYHQWR2VR¿
FLDLVTXHREVHUYDUHPDVURGDGDVGHGLYLVmRVHUmRFDSD]HVGHDYDO
LDUSUHFLVDPHQWHRQtYHOGHKDELOLGDGHGHFDGDHTXLSHHSRVLFLRQDU
DVHTXLSHVHPGLYLV}HVFRPRXWUDVGHQtYHOVLPLODU$URGDGDGH
GLYLVmRFRQVLVWHGHXPFXUWRMRJRDPLVWRVRHQWUHDVYiULDVHTXLSHV
GHIRUPDTXHDYDOLDo}HVSUHFLVDVSRVVDPVHUIHLWDV
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR&
7UHLQDPHQWRH&RPSHWLomR
$FRUGRGH3DUWLFLSDomRGD(TXLSHQR3URJUDPDGH8QLÀHG6SRUWV
eFUXFLDOTXHDVHTXLSHVTXHFRPSHWLUHPHPFRPSHWLo}HVGH8QL¿HG6SRUWVGD6SHFLDO2O\PSLFVFRPSUHHQGDPHFXPSUDPDVUHJUDV
¿ORVR¿DHREMHWLYRGRSURJUDPDGH8QL¿HG6SRUWVGD6SHFLDO2O\PSLFV3DUDJDUDQWLUTXHRSURJUDPD8QL¿HG6SRUWVGD6SHFLDO
2O\PSLFVFRQWLQXHDFUHVFHUHTXHRV3URJUDPDVHRVH[SHFWDGRUHVYHMDPDDSUHVHQWDomRFRUUHWDGDVFRPSHWLo}HVGH8QL¿HG6SRUWV
RVSRQWRVDEDL[RGHYHPVHUREMHWRGHDGHVmRFRPSUHHQVmRHLPSOHPHQWDomRSHODVHTXLSHVTXHHQYLDPDWOHWDVSDUDSDUWLFLSDUGDV
FRPSHWLo}HVGH8QL¿HG6SRUWV
$VUHODo}HVGDHTXLSHGH8QL¿HG6SRUWVGHYHPVHUFRPSRVWDVSRUXPQ~PHURSURSRUFLRQDOGHSHVVRDVSRUWDGRUDVGHGH¿FLrQFLD
PHQWDODWOHWDVHFROHJDVGHHTXLSHVHPGH¿FLrQFLDPHQWDOSDUFHLURV
2VWUHLQDGRUHVGDVHTXLSHVGH8QL¿HG6SRUWVQmRSRGHUmRSDUWLFLSDUFRPRSDUFHLURVGXUDQWHDFRPSHWLomR
(PFRQVLGHUDomRjVHJXUDQoDHDRMRJRGRPLQDQWHQHQKXPMRJDGRUTXHSRVVXDXPQtYHOGHKDELOLGDGHVLJQL¿FDWLYDPHQWHPDLVDOWR
RXPDLVEDL[RGRTXHRGRVRXWURVMRJDGRUHVGDHTXLSHGHYHUiVHUHVFROKLGRSDUDXPDHTXLSH
$FRPSRVLomRGHXPDHTXLSHGH8QL¿HG6SRUWVQmRGHYHUiLQFOXLUMRJDGRUHVTXHGHYLGRDRVHXQtYHOGHKDELOLGDGHGHVSURSRUFLRQDO
DRGRVVHXVFROHJDVGHHTXLSHSRVVDP
DGRPLQDURMRJR
ELPSHGLURVRXWURVFROHJDVGDHTXLSHGHFRQWULEXLUSDUDRVXFHVVRGDHTXLSHRX
FDSUHVHQWDUXPULVFRSDUDDVD~GHRXVHJXUDQoDQRFDPSRGHMRJR
$LQWHQomRGRSURJUDPD8QL¿HG6SRUWVpGDUDRVDWOHWDVGD6SHFLDO2O\PSLFVXPDRSRUWXQLGDGHGHMRJDUODGRDODGRGRVVHXVFROH
JDVGHHTXLSHVHPGH¿FLrQFLDPHQWDOFRPRPHVPRQtYHOGHKDELOLGDGH
$FRUGR
/LRPHPRUDQGRDFLPDHJDUDQWRTXHQRVVDHTXLSHGH8QL¿HG6SRUWVHVWiRUJDQL]DGDHPFRQIRUPLGDGHFRPRPRGHORGHSURJUDPD
GH8QL¿HG6SRUWVGD6SHFLDO2O\PSLFV(XFRPSUHHQGRDVUHJUDV¿ORVR¿DHREMHWLYRVGHVVHSURJUDPDHFRQFRUGRHPFXPSULUHVVDV
SROtWLFDVHSULQFtSLRV$IDOKDHPFXPSULUHVVDVSROtWLFDVHSULQFtSLRVGHRULHQWDomRUHVXOWDUiQDGHVTXDOL¿FDomR
$VVLQDWXUDGR7UHLQDGRU3ULQFLSDOGR7LPHGH8QL¿HG6SRUWV 1RPHGR(VSRUWH
$VVLQDWXUDGR&KHIHGD'HOHJDomR
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
1RPHGD'HOHJDomR
6HomR'
([HUFtFLRVH/LVWDVGH9HULÀFDomR
([HUFtFLRGH'HVHQYROYLPHQWRGR7UHLQDGRUGR3URJUDPDGH8QLÀHG6SRUWVGD6SHFLDO
2O\PSLFV
9RFrpXP&RRUGHQDGRUGH3URJUDPD/RFDOWHQWDQGRLQLFLDUXPSURJUDPDGH8QL¿HG6SRUWV
4XDLVVmRDVFDUDFWHUtVWLFDVGHXPERPWUHLQDGRUGH8QL¿HG6SRUWV"
'HVWDVTXDLVVmRDVWUrVPDLVLPSRUWDQWHV"
5HODFLRQHPDQHLUDVHVSHFt¿FDVDWUDYpVGDVTXDLVHVVHWUHLQDGRUSRGHSURPRYHURWUDEDOKRHPHTXLSHHQWUHDWOH
WDVHSDUFHLURV
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR'
([HUFtFLRVH/LVWDVGH9HULÀFDomR
([HUFtFLRGH'HVHQYROYLPHQWRGD(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
'LUHo}HV6HXJUXSRGHVLJQDGRGHYHUiWUDEDOKDUHPFRQMXQWRSDUDGHVHQYROYHUXPSODQRSDUDLQLFLDUXPDHTXLSHGH8QL¿HG6SRUWV
QRVHXFHQiULRGHVLJQDGR
3URJUDPD
(VSRUWHEDVTXHWH
&HQiULR(VFROD
3URJUDPD
(VSRUWH)XWHERO
&HQiULR3URJUDPDEDVHDGRQDFRPXQLGDGH
3URJUDPD
(VSRUWH&RUULGDGHORQJDGLVWkQFLD
&HQiULR&HQWURGH5HDELOLWDomRGH$GXOWRV
3URJUDPD
(VSRUWHEROLFKH
&HQiULR&DVDGRJUXSR
$&RPRHRQGHYRFrLUiUHFUXWDUSDUFHLURV"
4XDLVVmRDVKDELOLGDGHVDWLWXGHVQHFHVViULDVSDUDVHUXPSDUFHLURQHVWDHTXLSH"
&RPEDVHQHVVDLPDJHPRQGHpSRVVtYHOHQFRQWUDUHVVHWLSRGHSHVVRD"
3DUDTXHPRWLYDo}HVQyVSRGHPRVDSHODUHPQRVVRHVIRUoRGHUHFUXWDPHQWR"
4XHPpDPHOKRUSHVVRDSDUDFRQYLGDUSRWHQFLDLVSDUFHLURV"
%&RPRYRFrLUiDYDOLDURQtYHOGHKDELOLGDGHGRVDWOHWDVHSDUFHLURV"
&4XDLVVmRDV³UHJUDVGDHTXLSH´"3DUDVHUXPPHPEURGDHTXLSHYRFrGHYH
$OJXPDGHVVDVUHJUDVVHDSOLFDDSHQDVDRVSDUFHLURV"$SHQDVDRVDWOHWDV"
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
'&RPRYRFrLUiHGXFDURVDWOHWDVSDUFHLURVHWUHLQDGRUHVSDUDRHQYROYLPHQWRQDHTXLSH"
$WOHWDV
3DUFHLURV
7UHLQDGRUHV
((PTXHWLSRVGHFRPSHWLomRYRFrLUiLQVFUHYHUHVVDHTXLSH"
)5HODFLRQHYiULRVLWHQVRUoDPHQWiULRVSDUDHVVDHTXLSH$OJXPGHOHVpH[FOXVLYRGRSURJUDPD8QL¿HG6SRUWV"
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6LWXDo}HVGR3URJUDPD8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV(VHLVVRDFRQWHFHVVHFRPYRFr"
6LWXDomR
9RFrUHFUXWRXSDUWLFLSDQWHVGXUDQWHRPrVHDJRUDWHPDWOHWDVVX¿FLHQWHVSDUDIRUPDUVXDHTXLSHGH8QL¿HG6SRUWVYROHLERO6XDSUHR
FXSDomRpTXHGRLVDWOHWDVSDUHFHPQmRWHUDVKDELOLGDGHVEiVLFDVSDUDMRJDU
5HVSRVWD
6LWXDomR
9RFrpR'LUHWRUGR7RUQHLRQRWRUQHLRHVWDGXDOPXQLFLSDOGHIXWHEROGH8QL¿HG6SRUWV8PWUHLQDGRUUHFODPDTXHRWLPHRSRQHQWH
WHPXPMRJDGRUTXHHVWiGRPLQDQGRWRWDOPHQWHRMRJRHDSUHVHQWDXPSURWHVWRQDPHWDGHGRMRJR
5HVSRVWD
+iGRLVSDWLQDGRUHVDUWtVWLFRVFRPSHWLQGRHPXPDFRPSHWLomRHPGXSOD8PGRVSDWLQDGRUHVpXPDWOHWDGD6SHFLDO2O\PSLFVFRP
QtYHOPpGLRGHKDELOLGDGH2RXWURSDWLQDGRUpXPSDWLQDGRUGHDOWRQtYHOTXHFRPSHWHFRPVXFHVVRHPHYHQWRVGDIHGHUDomRHVSRUWL
YD9RFrFRPRRWUHLQDGRUGDRXWUDHTXLSHGHGXSODWHYHRFXLGDGRVRWUDEDOKRGHUHFUXWDUXPDWOHWDHXPSDUFHLURFRPKDELOLGDGHV
VLPLODUHV
5HVSRVWD
6LWXDomR
8PDHTXLSHGHEDVTXHWHLQVFUHYHVHQDFRPSHWLomR1DUHYLVmRGDVIRUPDo}HVYRFrSHUFHEHTXHXPDHTXLSHWHPGRLVSDUFHLURVH
RLWRDWOHWDV4XDQGRYRFrFRQIURQWDRWUHLQDGRUHOHGHFODUDTXHDV~PXODDWHQGHjVH[LJrQFLDVGRQ~PHURREULJDWyULRGHSDUFHLURVQD
TXDGUD
5HVSRVWD
6LWXDomR
(PXPDFRUULGDGHUXDGHFLFOLVPRDSRQWXDomREDVHLDVHQRWHPSRGR~OWLPRPHPEURGDHTXLSHDFUX]DUDOLQKDGHFKHJDGD6HX
DWOHWDGD6SHFLDO2O\PSLFVTXHHVWiGDQGRRPHOKRUGHVL¿FDSDUDWUiV6HXSDUFHLURFRPKDELOLGDGHVXSHULRUFDLSDUDWUiVHDFRP
SDQKDRDWOHWDDWpDOLQKDGHFKHJDGD2TXHYRFrGL]SDUDRSDUFHLUR"
5HVSRVWD
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR'
([HUFtFLRVH/LVWDVGH9HULÀFDomR
/LVWDGH9HULÀFDomRGD(TXLSHGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
6HOHFLRQHRHVSRUWHTXHYRFrLUiLPSOHPHQWDU
5HFUXWHHWUHLQHXPWUHLQDGRUSULQFLSDOHRVWUHLQDGRUHVDVVLVWHQWHV
*DUDQWDDVLQVWDODo}HVGHWUHLQDPHQWR
'HWHUPLQHRVJUXSRVDOYRGHUHFUXWDPHQWRGHPHPEURVGDHTXLSH
‡)DFXOGDGHV
‡$GXOWRV
‡0XOKHUHV
‡-RYHQV
‡2XWURV
'HVHQYROYDXPSODQRSDUDLQIRUPDUHVFRODVDJrQFLDVRXFHQWURVFRPXQLWiULRVVREUHTXHPSRGHSDUWLFLSDU
5HDOL]HWHVWHVSDUDDWOHWDVHSDUFHLURVGD6SHFLDO2O\PSLFV
'H¿QDSDGU}HVPtQLPRVSDUDDSDUWLFLSDomRQDHTXLSHSRUH[HPSORWRGRVRVPHPEURVGDHTXLSHGHYHPWUHLQDUQRPtQLPRXPD
KRUDSRUVHPDQDGXUDQWHRLWRVHPDQDVHGHYHPFRPSHWLUHPGXDVFRPSHWLo}HVDJHQGDGDV
‡1~PHURGHKRUDVGHWUHLQDPHQWRHSUiWLFDV
‡1~PHURGHFRPSHWLo}HV
3UHSDUHHGLVWULEXDRFURQRJUDPDGHWUHLQDPHQWR
3UHSDUHHGLVWULEXDRFURQRJUDPDGHFRPSHWLo}HVSRUH[MRJRGHOLJDWRUQHLRVORFDLVHYHQWRFXOPLQDQWH
3URYLGHQFLHXQLIRUPHVHHTXLSDPHQWRVSDUDDHTXLSH
2IHUHoDRULHQWDomRHDVVLVWrQFLDSDUDDHTXLSHGXUDQWHWRGDDHVWDomR
$YDOLHHSDUDEHQL]H
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR'
([HUFtFLRVH/LVWDVGH9HULÀFDomR
/LVWDGH9HULÀFDomRGH$XWR$YDOLDomRGR3URJUDPD8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
$YDOLHVXD(TXLSHGH8QL¿HG6SRUWV
6HDUHVSRVWDDTXDOTXHUXPDGDVSHUJXQWDVDEDL[RIRU³VLP´SURYDYHOPHQWHVXDHTXLSHQmRpDGHTXDGDSDUDSDUWLFLSDUGHXPDFRP
SHWLomRR¿FLDOGR3URJUDPDGH8QL¿HG6SRUWVGD6SHFLDO2O\PSLFVGHDFRUGRFRPDVGLUHWUL]HVGH(QYROYLPHQWR6LJQL¿FDWLYR
+iXPDWOHWDRXSDUFHLURQDHTXLSHTXHTXDQGRFRPSHWHFRPVHXPDLVDOWRQtYHOGHKDELOLGDGHSRGHULDFRORFDURVRXWURVDWOHWDVGD
HTXLSHRXDHTXLSHRSRQHQWHHPULVFRGHOHVmR"
$FRPSRVLomRGDHTXLSHpWDOTXHWRGRVRVSDUFHLURVWrPXPQtYHOPDLVDOWRGHKDELOLGDGHGRTXHDVGRVDWOHWDVSRUWDGRUHVGHGH¿
FLrQFLDPHQWDO"
3DUDTXHDFRPSHWLomRVHMDFRQGX]LGDGHDFRUGRFRPDVUHJUDVHDRPHVPRWHPSRSHUPLWDXPHQYROYLPHQWRVHJXURHVLJQL¿FDWLYR
GHWRGRVRVPHPEURVGDHTXLSHDOJXQVPHPEURVGDHTXLSHSUHFLVDPGLPLQXLUVHXQtYHOGHKDELOLGDGHHQmRFRPSHWLUWmRHQHUJLFD
PHQWHTXDQWRVmRFDSD]HV"
+iSDUFHLURVQDHTXLSHTXHWHQKDPQtYHLVGHKDELOLGDGHWmRDOWRVTXHQHQKXPRXWURPHPEURGDHTXLSHSRGHULDGHIHQGrORHPXPD
VLWXDomRFRPSHWLWLYD"(VSHFL¿FDPHQWHHVVDSHVVRDSRGHULDPDUFDUDTXDOTXHUPRPHQWRTXHTXLVHVVH
+iDWOHWDVQDHTXLSHTXHQmRSRVVXHPDVKDELOLGDGHVHVSRUWLYDVQHFHVViULDVRXQmRFRPSUHHQGHPDVUHJUDVQHFHVViULDVSDUDFRPSH
WLU"(OHVSUHFLVDPGHDX[tOLRVLJQL¿FDWLYRGRVVHXVFROHJDVGHHTXLSH"$VUHJUDVSUHFLVDPVHUVLJQL¿FDWLYDPHQWHPRGL¿FDGDVDFLPDH
DOpPGDVDGDSWDo}HVGD5HJUDV2¿FLDLVGH(VSRUWHVGD6SHFLDO2O\PSLFV"
+iDWOHWDVQDHTXLSHTXHHPXPDVLWXDomRFRPSHWLWLYDUDUDPHQWHWRFDPQDERODRXSDUWLFLSDPQDFRPSHWLomRGHYLGRDRVHXEDL[R
QtYHOGHKDELOLGDGH"
+iDWOHWDVRXSDUFHLURVQDHTXLSHTXHQmRFRPSHWHPHPPDLVGHSRUFHQWRGHWRGDVDVFRPSHWLo}HVGHOLJDV"
+iDWOHWDVRXSDUFHLURVQDHTXLSHTXHQmRSDUWLFLSDPGHPDLVGHSRUFHQWRGRVWUHLQRVGXUDQWHXPDHVWDomR"
$HTXLSHQmRFRQVHJXLUiWUHLQDUHFRPSHWLUHPFRQMXQWRFRPRXPDHTXLSHSRUQRPtQLPRRLWRVHPDQDVDQWHVGHHQWUDUHPXPD
FRPSHWLomRFXOPLQDQWHGD6SHFLDO2O\PSLFV"
‹6SHFLDO2O\PSLFV,QF
7RGRVRVGLUHLWRVUHVHUYDGRV
6HomR'
([HUFtFLRVH/LVWDVGH9HULÀFDomR
*XLD5iSLGRGH5HIHUrQFLDGR3URJUDPDGH8QLÀHG6SRUWVGD6SHFLDO2O\PSLFV
'H¿QLomR2SURJUDPD8QL¿HG6SRUWVGD6SHFLDO2O\PSLFVpXPSURJUDPDTXHFRPELQDDSUR[LPDGDPHQWHQ~PHURVLJXDLVGHDWOHWDV
GD6SHFLDO2O\PSLFVHDWOHWDVVHPGH¿FLrQFLDPHQWDOSDUFHLURVHPHTXLSHVGHHVSRUWHVSDUDWUHLQDPHQWRHFRPSHWLomR
(OHJLELOLGDGHGH3DUFHLURV2VREMHWLYRVGHVHMDGRVGHXPDH[SHULrQFLDGH8QL¿HG6SRUWVVmRPDLVEHPDWLQJLGRVTXDQGRRVSDU
FHLURVHPXPDHTXLSHVmRLQGLYtGXRVVHPGH¿FLrQFLDV0HVPRTXHXPLQGLYtGXRSRUWDGRUGHGH¿FLrQFLDSRVVDVHWRUQDUXPSDUFHLUR
DSURSULDGR³DVHTXLSHVGH8QL¿HG6SRUWVGD6SHFLDO2O\PSLFVQmRGHYHUmRQXQFDVHUFRPSRVWDVDSHQDVSRUSHVVRDVSRUWDGRUDVGH
GH¿FLrQFLDV´7LPRWK\6KULYHU3UHVLGHQWHH&(26SHFLDO2O\PSLFVGHGH]HPEURGH
5HJUDV$VUHJUDVGRÏUJmR1RUWH$PHULFDQRGH5HJXODPHQWDomR1*%VmRREHGHFLGDVH[FHWRVHIRUHPFRQÀLWDQWHVFRPDVPRGL¿
FDo}HVGD6SHFLDO2O\PSLFV$VUHJUDVGH8QL¿HG6SRUWVUHTXHUHP
Â8PDUHODomRFRQWHQGRQ~PHURVSURSRUFLRQDLVGHDWOHWDVHSDUFHLURV
Â8PDOLQKDPHQWRGXUDQWHDFRPSHWLomRHPTXHPHWDGHGRVSDUWLFLSDQWHVpGHDWOHWDVHDRXWUDPHWDGHGHSDUFHLURV
Â$VHTXLSHVVmRGLYLGLGDVSDUDDFRPSHWLomRFRPEDVHSULQFLSDOPHQWHQDKDELOLGDGH
Â7RGRVRVLQGLYtGXRVQDHTXLSHUHFHEHPSUrPLRVGD6SHFLDO2O\PSLFV
Â8PWUHLQDGRUDGXOWRQmRMRJDGRUSDUDRVHVSRUWHVGHHTXLSH
&ULWpULRVSDUDXP3URJUDPDEHPVXFHGLGRGH8QL¿HG6SRUWV$6SHFLDO2O\PSLFVDGRWRXRSURJUDPD8QL¿HG6SRUWVHPSDUD
H[SDQGLUDVRSRUWXQLGDGHVHVSRUWLYDVSDUDDWOHWDVHPEXVFDGHQRYRVGHVD¿RVDXPHQWDQGRDRPHVPRWHPSRVLJQL¿FDWLYDPHQWHVXD
LQFOXVmRQDFRPXQLGDGH7HVWHVGHFDPSRGHWDOKDGRVGHPRQVWUDUDPTXHDVHTXLSHVGH8QL¿HG6SRUWWrPXPDSUREDELOLGDGHPDLRUGH
DWLQJLUDVPHWDVGRSURJUDPDTXDQGRRVFULWpULRVDEDL[RVmRFXPSULGRV
Â8PWUHLQDGRUDSURSULDGRpHVFROKLGR9iULRVIDWRUHVLQÀXHQFLDPDGHWHUPLQDomRGHTXHHVSRUWHpHVFROKLGRSDUDRWUHLQDPHQWR
HFRPSHWLomRGH8QL¿HG6SRUWV$OJXQVGHVVHVIDWRUHVLQFOXHPDGLVSRQLELOLGDGHGHWUHLQDGRUTXDOL¿FDGRQtYHOGHKDELOLGDGH
GRVSRWHQFLDLVDWOHWDVHSDUFHLURVDVSHFWRV¿QDQFHLURVLQVWDODo}HVHRSRUWXQLGDGHVGHFRPSHWLomR
Â7UHLQDGRUHVTXDOL¿FDGRVOLGHUDPRSURJUDPD$VHTXLSHVGH8QL¿HG6SRUWVGHYHPVHURUJDQL]DGDVVREDRULHQWDomRGHXP
WUHLQDGRUTXDOL¿FDGRTXHFRPSUHHQGDRVSULQFtSLRVGRSURJUDPDGH8QL¿HG6SRUWVHDVUHJUDVWpFQLFDVHVWUDWpJLDVHUHJLPHV
GHWUHLQDPHQWRGRHVSRUWHHVFROKLGR
Â0HPEURVGDHTXLSHDSURSULDGRVVmRHVFROKLGRVeIXQGDPHQWDOSDUDDH[SHULrQFLDGD6SHFLDO2O\PSLFVTXHFDGDSDUWLFLSDQWH
GDHTXLSHWHQKDDKDELOLGDGHHRSRUWXQLGDGHSDUDFRQWULEXLUSDUDRVXFHVVRGDHTXLSH2VPHPEURVGDHTXLSHGHYHPWHUDV
KDELOLGDGHVQHFHVViULDVSDUDSDUWLFLSDUGHXPDHTXLSHGH8QL¿HG6SRUWVVHPFDXVDUULVFRVGHVQHFHVViULRVGHOHV}HVSDUDVLPHV
PRVRXRXWURV$GLFLRQDOPHQWHRVPHPEURVGDHTXLSHGHYHUmRVHUFRPELQDGRVSRULGDGHHKDELOLGDGHFRPRHVSHFL¿FDPHQWH
GH¿QLGRQRHVSRUWH
Â7UHLQDPHQWRGHTXDOLGDGHOHYDjFRPSHWLomR7RGRVRVPHPEURVGHXPDHTXLSHGH8QL¿HG6SRUWVGHYHUmRWHUQRPtQLPRRLWR
VHPDQDVGHWUHLQDPHQWRSUiWLFDMRJRVDPLVWRVRVHFRPSHWLomRGHOLJDVDQWHVGRHYHQWRFXOPLQDQWHGRFDPSHRQDWR
Â$VUHJUDVGRSURJUDPD8QL¿HG6SRUWVVmRVHJXLGDV7RGDVDVFRPSHWLo}HVGH8QL¿HG6SRUWVGHYHPVHUFRQGX]LGDVGHDFRUGR
FRPDV5HJUDV2¿FLDLVGRV(VSRUWHVGD6SHFLDO2O\PSLFVLQFOXLQGRDFRORFDomRGDVHTXLSHVGH8QL¿HG6SRUWVHPGLYLV}HV
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