Spark MY2012

Transcrição

Spark MY2012

¾QGLFH
,QWURGXØÔR ,QIRUPDØÔREUHYHHFRQFLVD &KDYHVSRUWDVMDQHODV %DQFRVVLVWHPDVGH
VHJXUDQØD $UUXPDØÔR ,QVWUXPHQWRVHOHPHQWRVGH
PDQXVHDPHQWR ,OXPLQDØÔR 6LVWHPDGHLQIRUPDØÔRHOD]HU &OLPDWL]DØÔR &RQGXØÔRHIXQFLRQDPHQWR &RQVHUYDØÔRGRYHÞFXOR 6HUYLØRHPDQXWHQØÔR 'DGRVWÚFQLFRV ,QIRUPDØÔRGRFOLHQWH ¾QGLFHUHPLVVLYR ,QWURGXØÔR
,QWURGXØÔR
,QWURGXØÔR
,QWURGXØÔR
2VHXYHÞFXORÚFRPSRVWRSRU
WHFQRORJLDDYDQØDGDHVHJXUDQØD
HSRVVXLFDUDFWHUÞVWLFDVTXHRWRUQDP
HFRQäPLFRHDPLJRGRDPELHQWH
(VWH0DQXDOGH8WLOL]DØÔRGÒOKH
WRGDDLQIRUPDØÔRQHFHVVÒULDSDUD
FRQGX]LURVHXYHÞFXORGHIRUPD
VHJXUDHHILFLHQWH
&HUWLILTXHVHGHTXHRVSDVVDJHLURV
HVWÔRFLHQWHVGRSRVVÞYHOULVFRGH
DFLGHQWHHIHULPHQWRVTXHSRGHUÔR
UHVXOWDUGDXWLOL]DØÔRLQGHYLGDGR
YHÞFXOR
'HYHUHVSHLWDUVHPSUHDVOHLV
HUHJXODPHQWRVHVSHFÞILFRVGRSDÞV
HPTXHVHHQFRQWUD(VVDVOHLV
SRGHPVHUGLIHUHQWHVGDLQIRUPDØÔR
FRQWLGDQHVWH0DQXDOGH8WLOL]DØÔR
4XDQGRHVWH0DQXDOGH8WLOL]DØÔR
IL]HUUHIHUÛQFLDDXPDYLVLWDDXPD
RILFLQDUHFRPHQGDPRVTXHYLVLWH
RVHX5HSDUDGRU$XWRUL]DGR
&KHYUROHW
7RGRVRV5HSDUDGRUHV$XWRUL]DGRV
&KHYUROHWIRUQHFHPXPDDVVLVWÛQFLD
GHSULPHLUDDSUHØRVUD]RÒYHLV2V
PHFÓQLFRVH[SHULHQWHVIRUPDGRV
SHOD&KHYUROHWWUDEDOKDPVHJXQGR
LQVWUXØæHVHVSHFÞILFDVGD&KHYUROHW
2SDFRWHGHOLWHUDWXUDGRFOLHQWHGHYH
HVWDUVHPSUHÑPÔRQRYHÞFXOR
8WLOL]HR0DQXDOGH
8WLOL]DØÔR
࿢ (VWHPDQXDOGHVFUHYHWRGDVDV
RSØæHVHFDUDFWHUÞVWLFDV
GLVSRQÞYHLVQHVWHPRGHOR
$OJXPDVGHVFULØæHVLQFOXLQGRDV
GHIXQØæHVGHYLVRUHVHPHQX
SRGHUÔRQÔRVHDSOLFDUDRVHX
YHÞFXORGHYLGRÑYHUVÔRGRPRGHOR
HVSHFLILFDØæHVGRSDÞV
HTXLSDPHQWRHVSHFLDORX
DFHVVäULRV
࿢ 2FDSÞWXOR,QIRUPDØÔREUHYH
HFRQFLVDGÒOKHXPDLGHLDJHUDO
࿢ 2ÞQGLFHQRLQÞFLRGHVWHPDQXDO
HHPFDGDFDSÞWXORLQGLFD
DORFDOL]DØÔRGDLQIRUPDØÔR
࿢ 2ÞQGLFHSHUPLWLUOKHÒSURFXUDU
LQIRUPDØÔRHVSHFÞILFD
࿢ 20DQXDOGH8WLOL]DØÔRXWLOL]DDV
GHVLJQDØæHVGHPRWRUGHIÒEULFD
$VGHVLJQDØæHVGHPHUFDGR
FRUUHVSRQGHQWHVFRQVWDPGD
VHFØÔR'DGRV7ÚFQLFRV
࿢ $VGLUHFØæHVLQGLFDGDVSH[
HVTXHUGDRXGLUHLWDRXGLDQWHLUDRX
WUDVHLUDUHIHUHPVHVHPSUHDR
VHQWLGRGHPDUFKD
࿢ 2VHFUÔVGHYLVXDOL]DØÔRGR
YHÞFXORSRGHUÔRQÔRVXSRUWDURVHX
LGLRPDHVSHFÞILFR
3HULJR$YLVRH$WHQØÔR
3HULJR
2WH[WRDVVLQDODGRFRP3
3HULJR
IRUQHFHLQIRUPDØÔRVREUHULVFRGH
OHVÔRIDWDO'HVUHVSHLWDUHVVD
LQIRUPDØÔRSRGHFRORFDUDYLGD
HPSHULJR
,QWURGXØÔR
$YLVR
2WH[WRDVVLQDODGRFRP$
$YLVR
IRUQHFHLQIRUPDØÔRVREUHULVFRGH
DFLGHQWHRXOHVÔR'HVUHVSHLWDU
HVVDLQIRUPDØÔRSRGHFDXVDU
OHVæHV
$WHQØÔR
2WH[WRDVVLQDODGRFRP$
$WHQØÔR
IRUQHFHLQIRUPDØÔRVREUH
SRVVÞYHLVGDQRVQRYHÞFXOR
'HVUHVSHLWDUHVVDLQIRUPDØÔR
SRGHFDXVDUGDQRVQRYHÞFXOR
'HVHMDPRVOKHPXLWDVKRUDVGH
FRQGXØÔRDJUDGÒYHO
&KHYUROHW
,QWURGXØÔR
,QIRUPDØÔREUHYHHFRQFLVD
,QIRUPDØÔREUHYH
HFRQFLVD
'HVWUDQFDURYHÞFXOR
$MXVWHGRVEDQFRV
&RPDQGRÑGLVWÓQFLDYLDUÒGLR
3RVLØÔRGRVEDQFRV
3UHVVLRQDURERWÔRA
'HVWUDQFDWRGDVDVSRUWDV$VOX]HV
GHHPHUJÛQFLDSLVFDUÔRGXDVYH]HV
5DGLRWHOHFRPDQGR6LVWHPD
GHIHFKRFHQWUDOL]DGRGDVSRUWDV
3X[DURPDQÞSXORGHVOL]DUREDQFR
ODUJDURPDQÞSXOR
3RVLØÔRGRDVVHQWR$MXVWHGR
DVVHQWR
,QIRUPDØÔRDFHUFDGD
FRQGXØÔRLQLFLDO
(QFRVWRVGRVEDQFRV
$OWXUDGRVEDQFRV
3X[DUDDODYDQFDUHJXODU
DLQFOLQDØÔRHVROWDUDDODYDQFD
'HL[DUTXHREDQFRHQFDL[HGHIRUPD
DXGÞYHO
DVVHQWR
5RGDUDURGDPDQXDOQRH[WHULRUGR
DVVHQWRDWÚRDVVHQWRILFDUUHJXODGR
QDSRVLØÔRGHVHMDGD
DVVHQWR
$MXVWHGRHQFRVWRGH
FDEHØD
3X[DURHQFRVWRGHFDEHØDSDUD
FLPD
3DUDPRYHUSDUDEDL[RFDUUHJDUQR
WULQFRHHPSXUUDURHQFRVWRGH
FDEHØDSDUDEDL[R
(QFRVWRVGHFDEHØD
&LQWRGHVHJXUDQØD
$MXVWHGRVHVSHOKRV
UHWURYLVRUHV
(VSHOKRVUHWURYLVRUHV
H[WHULRUHV
(VSHOKRUHWURYLVRULQWHULRU
3X[DUGRFDUUHWRVHPWRUFHUFRORFDU
VREUHRFRUSRHHQJDWDUDOLQJXHWD
PHWÒOLFDQRIHFKR
$MXVWDUDWHQVÔRGDIDL[DGRFLQWRTXH
SDVVDSHORDEGäPHQUHJXODUPHQWH
SX[DQGRDIDL[DTXHSDVVDSHOR
RPEUR
3RVLØÔRGRDVVHQWR3RVLØÔR
GRVFLQWRV6LVWHPDGRDLUEDJ
3DUDUHGX]LURHQFDQGHDPHQWR
SX[DUDDODYDQFDQDSDUWHLQIHULRUGD
FDL[DGRHVSHOKRUHWURYLVRU
%DVWDPRYHUDDODYDQFDGHDMXVWHQD
GLUHFØÔRGHVHMDGDSDUDDMXVWDURV
ÓQJXORVGRHVSHOKRUHWURYLVRU
5HWURYLVRUHVH[WHULRUHVFRQYH[RV
$MXVWHHOÚFWULFR
5HWURYLVRUHVH[WHULRUHVUHEDWÞYHLV
5HWURYLVRUHVH[WHULRUHV
DTXHFLGRV
$MXVWHGRYRODQWH
'HVWUDQFDUDDODYDQFDDMXVWDU
RYRODQWHHGHSRLVHQJDWDU
DDODYDQFDHDVVHJXUDUTXHILFD
WRWDOPHQWHWUDQFDGD1ÔRDMXVWDU
RYRODQWHVDOYRVHRYHÞFXORHVWLYHU
SDUDGR
6LVWHPDGHDLUEDJV3RVLØæHV
GDLJQLØÔR
3HUVSHFWLYDJHUDOGRSDLQHOGHLQVWUXPHQWRV
$MXVWHGRVHVSHOKRV
UHWURYLVRUHVHOÚFWULFRV *UHOKDVGHYHQWLODØÔR
ODWHUDLV ,OXPLQDØÔRH[WHULRU %X]LQD $LUEDJGRFRQGXWRU &RQMXQWRGHLQVWUXPHQWRV 6LVWHPDGHOLPSD
HODYDYLGURV *UHOKDVGHYHQWLODØÔR
FHQWUDLV 6LVWHPDGHLQIRUPDØÔR
HOD]HU /X]HVGHDYLVR /X]HVGHHPHUJÛQFLD $LUEDJGRSDVVDJHLUR
GLDQWHLUR 3RUWDOXYDV 6LVWHPDGHFRQWURORGD
FOLPDWL]DØÔR $ODYDQFDVHOHFWRUDFDL[D
GHYHORFLGDGHVPDQXDO &DL[DGHYHORFLGDGHV
DXWRPÒWLFD 3HGDOGRDFHOHUDGRU 3HGDOGRWUDYÔR ,QWHUUXSWRUGDLJQLØÔR 3HGDOGDHPEUDLDJHP $MXVWHGRYRODQWH $ODYDQFDGHDEHUWXUDGR
FDSå $MXVWHGRDOFDQFHGRV
IDUäLV ,OXPLQDØÔRH[WHULRU
5RGDURLQWHUUXSWRUGDVOX]HV
2))
7RGDVDVOX]HVHVWÔR
GHVOLJDGDV
$VOX]HVWUDVHLUDVDVOX]HV
GDFKDSDGHPDWUÞFXODHDV
OX]HVGRSDLQHOGH
LQVWUXPHQWRVHVWÔRDFHVDV
2VIDUäLVGHPÚGLRVHWRGDV
DVOX]HVDFLPDLQGLFDGDV
HVWÔRDFHVRV
,OXPLQDØÔR
6LQDOGHOX]HVOX]HVGH
PÒ[LPRVHGHPÚGLRV
3DUDPXGDUGHOX]HVGHPÚGLRVSDUD
OX]HVGHPÒ[LPRVHPSXUUDU
DDODYDQFD
3DUDPXGDUSDUDOX]HVGHPÚGLRV
HPSXUUDUDDODYDQFDGHQRYRRX
SX[DU
/X]HVGHPÒ[LPRV6LQDOGH
OX]HV
/X]HVGHHPHUJÛQFLD
$FFLRQDGDVFRPRERWÔRe
/X]HVGHHPHUJÛQFLD
6LQDLVGHPXGDQØDGHGLUHFØÔR
HGHIDL[D
$ODYDQFDSDUDFLPD
$ODYDQFDSDUDEDL[R
GLUHLWD
HVTXHUGRD
6LQDLVGHPXGDQØDGHGLUHFØÔRHGH
IDL[D
%X]LQD
6LVWHPDVGHOLPSDSÒUD
EULVDVHGHODYDSÒUD
EULVDV
/LPSDSÒUDEULVDV
3UHPLUH
2))
,17
/2
+,
6LVWHPDGHVOLJDGR
)XQFLRQDPHQWR
LQWHUPLWHQWH
)XQFLRQDPHQWRFRQWÞQXR
GDVHVFRYDVYHORFLGDGH
OHQWD
UÒSLGD
3DUDXPDVäSDVVDJHPFRPROLPSD
SÒUDEULVDVGHVOLJDGRPRYHU
OLJHLUDPHQWHDDODYDQFDSDUD
DSRVLØÔR,,17HVROWÒOD
/LPSDSÒUDEULVDV
6LVWHPDGHODYDSÒUDEULVDV
&OLPDWL]DØÔR
ÄFXORWUDVHLURFRP
GHVHPEDFLDGRUHVSHOKRV
UHWURYLVRUHVH[WHULRUHVFRP
GHVHPEDFLDGRU
3X[DUDODYDQFD
/DYDSÒUDEULVDV/ÞTXLGR
OLPSDYLGURV
2GHVHPEDFLDPHQWRÚDFFLRQDGR
SUHPLQGRRERWÔR^
(VSHOKRVUHWURYLVRUHVDTXHFLGRV
ÄFXORWUDVHLURDTXHFLGR
'HVHPEDFLDPHQWR
HGHVFRQJHODØÔRGRVYLGURV
3UHVVLRQDURERWÔR5
'HVFRQJHODPHQWRGRSÒUDEULVDV
'HVHPEDFLDPHQWRGRSÒUD
EULVDV'HVHPEDFLDPHQWR
HGHVFRQJHODPHQWRGDVMDQHODV
&DL[DGHYHORFLGDGHV
&DL[DGHYHORFLGDGHVPDQXDO
0DUFKDDWUÒVFRPRYHÞFXORSDUDGR
FDUUHJDUQRSHGDOGDHPEUDLDJHP
HHQJDWDUDYHORFLGDGH
6HDPXGDQØDQÔRHQJDWDUFRORFDU
DDODYDQFDHPSRQWRPRUWRWLUDURSÚ
GRSHGDOGDHPEUDLDJHP
HSUHVVLRQDUGHQRYRGHSRLV
VHOHFFLRQDUDPXGDQØDQRYDPHQWH
&DL[DGHYHORFLGDGHV
DXWRPÒWLFD
33$5.%ORTXHLDDVURGDV
GLDQWHLUDV6HOHFFLRQDU3DSHQDV
TXDQGRRYHÞFXORHVWLYHUSDUDGRHR
WUDYÔRGHPÔRHVWLYHUDSOLFDGR
55(9(56(6HOHFFLRQDU
5DSHQDVTXDQGRRYHÞFXORHVWLYHU
SDUDGR
11(875$/3RVLØÔRQHXWUD
'(VWDSRVLØÔRGHFRQGXØÔRÚSDUD
WRGDVDVFRQGLØæHVQRUPDLVGH
FRQGXØÔR3HUPLWHÑFDL[DGH
YHORFLGDGHVPXGDUSDUDWRGDVDV
TXDWURYHORFLGDGHVGHPDUFKD
ÑIUHQWH$TXDUWDYHORFLGDGH
ÚVREUHPXOWLSOLFDGDRTXHUHGX]
DYHORFLGDGHGRPRWRUHRQÞYHOGH
UXÞGRHDXPHQWDDHFRQRPLDGH
FRPEXVWÞYHO
3HUPLWHÑFDL[DGHYHORFLGDGHV
PXGDUGDSDUDDYHORFLGDGH
HLPSHGHDSDVVDJHPDXWRPÒWLFD
SDUDDRXYHORFLGDGH
(VWDSRVLØÔREORTXHLDDFDL[DGH
YHORFLGDGHVQDSULPHLUDYHORFLGDGH
&DL[DGHYHORFLGDGHVDXWRPÒWLFD
$UUDQTXH
/LJDURPRWRU
$QWHVGHLQLFLDUDPDUFKD
YHULILFDU
࿢ 3UHVVÔRHHVWDGRGRVSQHXV
࿢ 1ÞYHOGRäOHRGHPRWRUHQÞYHLVGRV
IOXLGRV
࿢ 6HWRGRVRVYLGURVHVSHOKRV
UHWURYLVRUHVOX]HVH[WHULRUHV
HSODFDVGHPDWUÞFXODHVWÔROLPSRV
VHPQHYHHVHPJHORHDIXQFLRQDU
࿢ 3RVLØÔRDGHTXDGDGRVHVSHOKRV
EDQFRVHFLQWRVGHVHJXUDQØD
࿢ 9HULILFDURIXQFLRQDPHQWRGRV
WUDYæHVDEDL[DYHORFLGDGH
SULQFLSDOPHQWHVHRVWUDYæHV
HVWLYHUHPPROKDGRV
࿢ 5RGDUDFKDYHSDUDDSRVLØÔR
PH[HUOLJHLUDPHQWHRYRODQWHSDUD
RGHVWUDQFDU
࿢ &DL[DGHYHORFLGDGHVPDQXDO
DFFLRQDUDHPEUDLDJHP
࿢ &DL[DGHYHORFLGDGHVDXWRPÒWLFD
0RYHUDDODYDQFDVHOHFWRUDSDUD
DSRVLØÔR3RX1
࿢ 1ÔRDFHOHUDU
FDUUHJDQGRQRSHGDOGD
HPEUDLDJHPHQRSHGDOGRWUDYÔR
HVROWDQGRRVGHSRLVTXDQGR
RPRWRUHVWLYHUDWUDEDOKDU
$QWHVGHYROWDUDSåURPRWRU
DWUDEDOKDURXSDUDGHVOLJDURPRWRU
URGDUDFKDYHSDUD
(VWDFLRQDPHQWR
࿢ 1ÔRHVWDFLRQDURYHÞFXORQXPD
VXSHUIÞFLHIDFLOPHQWHLQIODPÒYHO
$WHPSHUDWXUDHOHYDGDGRVLVWHPD
GHHVFDSHSRGHSURYRFDU
DLQIODPDØÔRGDVXSHUIÞFLH
࿢ $FFLRQDUVHPSUHRWUDYÔRGHPÔR
VHPSUHVVLRQDURERWÔRGH
GHVEORTXHLR$SOLFDUFRPDPDLRU
ILUPH]DSRVVÞYHOHPGHVFLGDVRX
VXELGDV3UHVVLRQDURWUDYÔRGHSÚ
VLPXOWDQHDPHQWHSDUDUHGX]LU
DIRUØDGHIXQFLRQDPHQWR
࿢ 'HVOLJDURPRWRUHDLJQLØÔR5RGDU
RYRODQWHDWÚDWUDQFDGDGLUHFØÔR
HQJDWDU
࿢ 6HRYHÞFXORHVWLYHUQXPD
VXSHUIÞFLHSODQDRXQXPDVXELGD
HQJDWDUDSULPHLUDYHORFLGDGH
DQWHVGHGHVOLJDUDLJQLØÔR1XPD
VXELGDYLUDUDVURGDVGLDQWHLUDV
SDUDRODGRFRQWUÒULRDRGRSDVVHLR
6HRYHÞFXORHVWLYHUQXPDGHVFLGD
HQJDWDUDPDUFKDDWUÒVDQWHVGH
GHVOLJDUDLJQLØÔR9LUDUDVURGDV
GLDQWHLUDVQDGLUHFØÔRGRSDVVHLR
࿢ )HFKDURVYLGURV
࿢ )HFKDURYHÞFXORHDFWLYDU
RVLVWHPDGHDODUPHDQWLURXER
&KDYHV
&KDYHVSRUWDVMDQHODV
&KDYHVSRUWDV
MDQHODV
&KDYHVIHFKDGXUDV
&KDYHV
&KDYHVGHVXEVWLWXLØÔR
&KDYHVIHFKDGXUDV 3RUWDV 6HJXUDQØDGRYHÞFXOR (VSHOKRVUHWURYLVRUHV
H[WHULRUHV (VSHOKRUHWURYLVRULQWHULRU -DQHODV 2QëPHURGDFKDYHHVWÒHVSHFLILFDGR
QXPDHWLTXHWDVHSDUÒYHO
2QëPHURGDFKDYHGHYHVHUUHIHULGR
VHPSUHTXHVHHQFRPHQGDUHP
FKDYHVGHVXEVWLWXLØÔRMÒTXHÚXP
FRPSRQHQWHGRLPRELOL]DGRU
)HFKRV
5DGLRWHOHFRPDQGR
8WLOL]DGRSDUDDFFLRQDURVLVWHPDGH
IHFKRFHQWUDOL]DGR
2UDGLRWHOHFRPDQGRWHPXPDOFDQFH
DSUR[LPDGRGHPHWURV3RGHVHU
UHGX]LGRGHYLGRDLQIOXÛQFLDV
H[WHULRUHV
$VOX]HVGHHPHUJÛQFLDFRQILUPDP
RDFFLRQDPHQWR
0DQXVHLHRFRPFXLGDGRSURWHMDR
GDKXPLGDGHHGHWHPSHUDWXUDV
HOHYDGDVHHYLWHXWLOL]DØæHV
GHVQHFHVVÒULDV
$YDULD
6HQÔRIRUSRVVÞYHODFFLRQDURIHFKR
FHQWUDOL]DGRGDVSRUWDVFRP
RFRPDQGRLVVRSRGHGHYHUVHÑV
VHJXLQWHVUD]æHV
࿢ 9HÞFXORIRUDGRUDLRGHDOFDQFH
࿢ 3LOKDIUDFD
࿢ 8WLOL]DØÔRIUHTXHQWHHUHSHWLGDGR
FRPDQGRTXDQGRIRUDGRUDLRGH
DOFDQFHOHYDQGRDTXHVHMD
QHFHVVÒULRSURFHGHU
ÑUHVVLQFURQL]DØÔR
&KDYHVSRUWDVMDQHODV
࿢ 6REUHFDUJDGRVLVWHPDGHIHFKR
FHQWUDOL]DGRGHYLGR
DDFFLRQDPHQWRUHSHWLGRQXPFXUWR
HVSDØRGHWHPSROHYDQGRDTXH
DDOLPHQWDØÔRVHMDLQWHUURPSLGD
GXUDQWHXPFXUWRSHUÞRGRGHWHPSR
࿢ ,QWHUIHUÛQFLDGHRQGDVUÒGLRFRP
PDLRUSRWÛQFLDSURYHQLHQWHVGH
RXWUDVRULJHQV
&RORFDUDSLOKDQRYD&HUWLILFDUVH
GHTXHRODGRQHJDWLYRILFD
YLUDGRSDUDEDL[R
)L[DURDXWRFRODQWHHFRORFDU
RWUDQVPLVVRUGHQRYRQDWDPSD
0RQWDUDWDPSDGRWUDQVPLVVRU
9HULILFDURIXQFLRQDPHQWRGR
WUDQVPLVVRUFRPRYHÞFXOR
$WHQØÔR
6XEVWLWXLØÔRGDSLOKDGR
FRPDQGR
6XEVWLWXLUDSLOKDDVVLPTXHRDOFDQFH
VHMDQRWRULDPHQWHPHQRU
$VSLOKDVQÔRGHYHPVHUHOLPLQDGDV
MXQWRFRPRVUHVÞGXRVGRPÚVWLFRV
'HYHPVHUFRORFDGDVHPSRQWRVGH
UHFROKDSDUDUHFLFODJHPDSURSULDGRV
LHSLOKæHV
$GYHUWÛQFLD
8WLOL]DUXPDEDWHULDGHVXEVWLWXLØÔR
&5RXHTXLYDOHQWH
5HWLUDURSDUDIXVRQDSDUWHGHWUÒV
GDWDPSD
$EULUDWDPSDGRWUDQVPLVVRU
([WUDLURWUDQVPLVVRUGDWDPSD
VHSDUDUFRPFXLGDGR
RDXWRFRODQWHGRFRUSRHPDQWHU
RDXWRFRODQWHQXPORFDOOLPSR
5HWLUDUDSLOKDJDVWD(YLWDU
RFRQWDFWRHQWUHDSODFDGH
FLUFXLWRVHRXWURVFRPSRQHQWHV
(YLWDUWRFDUHPVXSHUIÞFLHVSODQDV
GDEDWHULDFRPRVGHGRVQÔR
SURWHJLGRVSRUTXHUHGX]LUÒDYLGD
ëWLOGDEDWHULD
$GYHUWÛQFLD
3LOKDVGHOÞWLRJDVWDVSRGHP
SUHMXGLFDURPHLRDPELHQWH
3DUDHOLPLQDØÔRGHSLOKDVFXPSUD
DOHJLVODØÔRSDUDUHFLFODJHPORFDO
1ÔRHOLPLQDUMXQWDPHQWHFRPROL[R
GRPÚVWLFR
&KDYHVSRUWDVMDQHODV
$GYHUWÛQFLD
3DUDPDQWHURWUDQVPLVVRU
DIXQFLRQDUFRUUHFWDPHQWHFXPSUD
DVVHJXLQWHVGLUHFWLYDV
(YLWDUGHL[DUFDLURWUDQVPLVVRU
1ÔRFRORFDUREMHFWRVSHVDGRVVREUH
RWUDQVPLVVRU
0DQWHURWUDQVPLVVRUDIDVWDGRGH
ÒJXDHOX]GLUHFWDGRVRO6H
RWUDQVPLVVRUVHPROKDUOLPSÒOR
FRPXPSDQRPDFLR
'HVWUDQFDJHP
7UDQFDJHP
3UHVVLRQDURERWÔRA
'HVWUDQFDWRGDVDVSRUWDV$VOX]HV
GHHPHUJÛQFLDSLVFDUÔRGXDVYH]HV
3UHVVLRQDURERWÔRC
7UDQFDWRGDVDVSRUWDV$VOX]HVGH
HPHUJÛQFLDSLVFDUÔRXPDYH]
6LVWHPDGHIHFKR
FHQWUDOL]DGR
ºSRVVÞYHODFWLYDURVLVWHPDGHIHFKR
FHQWUDOL]DGRGDVSRUWDVDSDUWLUGD
SRUWDGRFRQGXWRU(VWHVLVWHPD
SHUPLWHWUDQFDUHGHVWUDQFDUWRGDVDV
SRUWDVDSDUWLUGDSRUWDGRFRQGXWRU
XVDQGRDFKDYHRXRWHOHFRPDQGR
VHPFKDYHDSDUWLUGRH[WHULRURX
RERWÔRGHWUDQFDJHPGDVSRUWDVD
SDUWLUGRLQWHULRU
6HDSRUWDGRFRQGXWRUQÔRHVWLYHU
EHPIHFKDGDRVLVWHPDGHIHFKR
FHQWUDOL]DGRGDVSRUWDVQÔR
IXQFLRQDUÒ
&KDYHVSRUWDVMDQHODV
$YDULDQRVLVWHPDGRFRPDQGR
ÑGLVWÓQFLD
$YDULDQRVLVWHPDGHIHFKR
FHQWUDOL]DGR
'HVWUDQFDJHP
'HVWUDQFDJHP
'HVWUDQFDUPDQXDOPHQWHDSRUWDGR
FRQGXWRUURGDQGRDFKDYHQD
IHFKDGXUD$VRXWUDVSRUWDVSRGHP
VHUDEHUWDVXVDQGRRSX[DGRU
LQWHULRU
'LVSRVLWLYRGHVHJXUDQØD
SDUDFULDQØDV
7UDQFDJHP
3UHVVLRQDURERWÔRLQWHULRUGHIHFKR
GHWRGDVDVSRUWDVH[FHSWRDGR
FRQGXWRU'HSRLVIHFKDUDSRUWDGR
FRQGXWRUHIHFKÒODGRODGRGHIRUD
FRPDFKDYH
'HVWUDQFDUPDQXDOPHQWHDSRUWDGR
FRQGXWRUURGDQGRDFKDYHQD
IHFKDGXUD
7UDQFDJHP
)HFKDUDSRUWDGRFRQGXWRUHWUDQFÒ
ODGRODGRGHIRUDFRPDFKDYH
$WHQØÔR
1ÔRSX[DURPDQÞSXORLQWHULRUGD
SRUWDTXDQGRRWULQFRGH
VHJXUDQØDSDUDFULDQØDVGDSRUWD
HVWLYHUQDSRVLØÔR/2&.)D]HU
LVVRSRGHGDQLILFDURPDQÞSXOR
LQWHULRUGDSRUWD
&KDYHVSRUWDVMDQHODV
$YLVR
8WLOL]DURVIHFKRVGHVHJXUDQØD
SDUDFULDQØDVVHPSUHTXHHVWHMDP
FULDQØDVQRVEDQFRVWUDVHLURV
3DUDIHFKDURGLVSRVLWLYRGH
VHJXUDQØDSDUDFULDQØDVPRYHU
DDODYDQFDSDUDFLPDSDUDDSRVLØÔR
7UDQFDU
3DUDDEULUXPDSRUWDWUDVHLUDFRP
RGLVSRVLWLYRGHVHJXUDQØDSDUD
FULDQØDVDFWLYDGRGHVWUDQFDUDSRUWD
DSDUWLUGRLQWHULRUHDEULUDSRUWD
DSDUWLUGRH[WHULRU
3DUDFDQFHODURGLVSRVLWLYRGH
VHJXUDQØDSDUDFULDQØDVPRYHU
DDODYDQFDSDUDEDL[RSDUDDSRVLØÔR
'HVWUDQFDU
3RUWDV
7LSR
%DJDJHLUD
3RUWDWUDVHLUDDEHUWXUD
7LSR
7DPEÚPÚSRVVÞYHODEULUDSRUWDGD
EDJDJHLUDSX[DQGRDDODYDQFDGH
GHVEORTXHLRGDSRUWDGDEDJDJHLUD
VLWXDGDMXQWRDREDQFRGRFRQGXWRU
3DUDDEULUDSRUWDGDEDJDJHLUD
LQVHULUDFKDYHQDUDQKXUDHURGDU
SDUDDGLUHLWD/HYDQWDUDSRUWDGD
EDJDJHLUD
7LSR
$SRUWDGDEDJDJHLUDÚWUDQFDGDRX
GHVWUDQFDGDTXDQGRWRGDVDVSRUWDV
VÔRWUDQFDGDVRXGHVWUDQFDGDFRP
DFKDYHRXFRPRFRPDQGR
ÑGLVWÓQFLDVHPFKDYH
&KDYHVSRUWDVMDQHODV
3DUDDEULUDSRUWDGDEDJDJHLUD
LQVHULUDFKDYHQDUDQKXUDHURGÒOD
SUDDHVTXHUGDHGHSRLVSX[DU
RPDQÞSXORFRPSULGR
$YLVR
4XDQGRDSRUWDGDEDJDJHLUD
ÚGHVWUDQFDGDSX[DURPDQÞSXOR
FRPSULGRSDUDDDEULU
1ÔRFRQGX]DFRPDSRUWDWUDVHLUD
DEHUWDRXPDOIHFKDGDSRU
H[HPSORDRWUDQVSRUWDUREMHFWRV
YROXPRVRVXPDYH]TXHRVJDVHV
GHHVFDSHWä[LFRVSRGHPHQWUDU
QRYHÞFXOR
$WHQØÔR
$QWHVGHDEULUDSRUWDWUDVHLUD
YHULILFDUREVWUXØæHV
FRPSOHPHQWDUHVFRPRSRUWDGD
JDUDJHPGHIRUPDDHYLWDUGDQRV
QDSRUWDWUDVHLUD9HULILTXH
VHPSUHDÒUHDGHPRYLPHQWDØÔR
DFLPDHSRUWUÒVGDSRUWDWUDVHLUD
$GYHUWÛQFLD
$PRQWDJHPGHGHWHUPLQDGRV
DFHVVäULRVSHVDGRVQDSRUWDGD
UHWDJXDUGDSRGHDIHFWDU
DFDSDFLGDGHGHDSRUWDVHPDQWHU
DEHUWD
3RUWDGDEDJDJHLUDIHFKR
7LSR
3DUDIHFKDUDSRUWDGDEDJDJHLUD
HPSXUUÒODSDUDEDL[RGHPRGR
DILFDUEHPWUDQFDGD7UDQFD
DXWRPDWLFDPHQWH
7LSR
3DUDIHFKDUDSRUWDGDEDJDJHLUD
HPSXUUÒODSDUDEDL[RGHPRGR
DILFDUEHPWUDQFDGD(LQVLUDDFKDYH
QDUDQKXUDHURGHDSDUDDGLUHLWD
&HUWLILFDUVHGHTXHDVVXDVPÔRV
HRXWUDVSDUWHVGRFRUSREHPFRPR
DVGHRXWUDVSHVVRDVHVWHMDP
DIDVWDGDVGDÒUHDGHIHFKRGDSRUWD
GDEDJDJHLUD
&KDYHVSRUWDVMDQHODV
6HJXUDQØDGRYHÞFXOR
7UDQFDJHPDXWRPÒWLFDGDV
SRUWDV
,PRELOL]DGRUHOHFWUäQLFR
6HDSRUWDQÔRHVWLYHUDEHUWDRX
DFKDYHGDLJQLØÔRQÔRHVWLYHUQD
SRVLØÔR$&&RX21QRHVSDØRGH
VHJXQGRVDSäVDGHVWUDQFDJHP
GDVSRUWDVFRPRWUDQVPLVVRUWRGDV
DVSRUWDVVHUÔRDXWRPDWLFDPHQWH
WUDQFDGDV
,QGLFDGRUGRLPRELOL]DGRU
,PRELOL]DGRU
6HIRUXWLOL]DGDXPDFKDYHLQYÒOLGD
RLQGLFDGRUSLVFDUÒHQÔRVHUÒ
SRVVÞYHOSåURYHÞFXORDWUDEDOKDU
2VLVWHPDLPRELOL]DGRUFRQVWLWXLXP
DODUPHDQWLURXERDGLFLRQDOGR
YHÞFXORHPTXHHVWÒLQVWDODGR
HLPSHGHTXHRDUUDQTXHGRPHVPR
SRUSHVVRDVQÔRDXWRUL]DGDV
$FKDYHYÒOLGDSDUDXPYHÞFXOR
HTXLSDGRFRPLPRELOL]DGRUÚXPD
FKDYHGDLJQLØÔRFRPWUDQVSRQGHU
LQWHJUDGRFRGLILFDGR
HOHFWURQLFDPHQWH2WUDQVSRQGHU
HVWÒFRORFDGRGHIRUPDRFXOWDQD
FKDYHGDLJQLØÔR
$SHQDVDVFKDYHVGDLJQLØÔRYÒOLGDV
SRGHPVHUXWLOL]DGDVSDUDSåURPRWRU
DWUDEDOKDU
$VFKDYHVLQYÒOLGDVSRGHPDSHQDV
DEULUDVSRUWDV
2PRWRUÚDXWRPDWLFDPHQWH
LPRELOL]DGRDSäVDFRORFDØÔRGD
FKDYHQDSRVLØÔR/2&.HDVXD
UHPRØÔRGRLQWHUUXSWRUGDLJQLØÔR
2LQGLFDGRUGRLPRELOL]DGRUSRGHVHU
DFWLYDGRQDVVHJXLQWHVFRQGLØæHV
࿢ 6HRVLVWHPDGRLPRELOL]DGRUWLYHU
XPSUREOHPDLQFOXLQGRR0RGRGH
$SUHQGL]DJHPGH&KDYH
$XWRPÒWLFDTXDQGRRLQWHUUXSWRU
GDLJQLØÔRHVWÒQDSRVLØÔR21RX
67$57RLQGLFDGRUGRLPRELOL]DGRU
LUÒSLVFDURXDFHQGHUVHGHIRUPD
SHUPDQHQWH
࿢ (PDOJXQVSDÞVHV(XURSHXVXP
LPRELOL]DGRUDX[LOLDUÚDSOLFDGR
RSFLRQDOPHQWHSDUDPHOKRUDU
RQÞYHOGHVHJXUDQØDGRYHÞFXOR6H
RPäGXORIRUVXEVWLWXÞGRSRUXP
QRYRRYHÞFXORQÔRSRGHDUUDQFDU
6HRYHÞFXORQÔRSXGHUDUUDQFDURX
RLQGLFDGRUGRLPRELOL]DGRUILFDU
LQWHUPLWHQWHRXDFHQGHUPDQGDU
YHULILFDURVLVWHPDQXPDRILFLQD
DXWRUL]DGD
&KDYHVSRUWDVMDQHODV
(VSHOKRVUHWURYLVRUHV
H[WHULRUHV
&RQYH[RV
2HVSHOKRUHWURYLVRUH[WHULRUFRQYH[R
UHGX]RVÓQJXORVPRUWRV$IRUPDGR
HVSHOKRUHWURYLVRUID]FRPTXHRV
REMHFWRVSDUHØDPPDLVSHTXHQRV
RTXHDIHFWDUÒDFDSDFLGDGHGH
FDOFXODUDVGLVWÓQFLDV
$MXVWDURVHVSHOKRVUHWURYLVRUHV
H[WHULRUHVGHPRGRDSRGHUYHUFDGD
ODGRGRYHÞFXOREHPFRPRFDGDODGR
GDHVWUDGDÑUHWDJXDUGD
%DVWDPRYHUDDODYDQFDGHDMXVWHQD
GLUHFØÔRGHVHMDGDSDUDDMXVWDURV
ÓQJXORVGRHVSHOKRUHWURYLVRU
5HEDWLPHQWR
$MXVWHHOÚFWULFR
$MXVWHPDQXDO
3DUDVHJXUDQØDGHSHæHVRV
HVSHOKRVUHWURYLVRUHVH[WHULRUHV
VHUÔRUHEDWLGRVDRVRIUHUHPXP
HPEDWHIRUWH5HSRVLFLRQDURHVSHOKR
UHWURYLVRUDSOLFDQGRXPDOLJHLUD
SUHVVÔRQDFDL[DGRHVSHOKR
6HOHFFLRQDURHVSHOKRUHWURYLVRU
H[WHULRUUHOHYDQWHURGDQGRRFRQWUROR
SDUDDHVTXHUGD/RXSDUDDGLUHLWD
5'HSRLVURGDURFRPDQGRSDUD
UHJXODURHVSHOKRUHWURYLVRU
&KDYHVSRUWDVMDQHODV
$YLVR
0DQWHUVHPSUHRVHVSHOKRV
FRUUHFWDPHQWHUHJXODGRV
HXWLOL]ÒORVGXUDQWHDFRQGXØÔR
SDUDDXPHQWDUDYLVLELOLGDGHGH
REMHFWRVHRXWURVYHÞFXORVÑVXD
YROWD1ÔRFRQGX]LUVHTXDOTXHU
GRVHVSHOKRVUHWURYLVRUHV
H[WHULRUHVHVWLYHUUHEDWLGR
2DTXHFLPHQWRIXQFLRQDFRPRPRWRU
DWUDEDOKDUHÚGHVOLJDGR
DXWRPDWLFDPHQWHDSäVDSUR[
PLQXWRVRXSUHVVLRQDQGRRERWÔR
QRYDPHQWH
(VSHOKRUHWURYLVRU
LQWHULRU
)XQØÔRPDQXDOGH
DQWLHQFDQGHDPHQWR
$TXHFLGRV
3DUDUHGX]LURHQFDQGHDPHQWR
DMXVWDUDDODYDQFDQDSDUWHLQIHULRUGD
FDL[DGRHVSHOKRUHWURYLVRU
)XQØÔRDFWLYDGDSUHVVLRQDQGR
RERWÔR^
&KDYHVSRUWDVMDQHODV
$YLVR
$VXDYLVÔRSHORHVSHOKRSRGH
SHUGHUDOJXPDFODULGDGHTXDQGR
HVWHÚDMXVWDGRSDUDYLVÔR
QRFWXUQD
7HUFXLGDGRHVSHFLDOQDXWLOL]DØÔR
GRHVSHOKRUHWURYLVRULQWHULRU
TXDQGRHVWHHVWÒDMXVWDGRSDUD
YLVÔRQRFWXUQD
$QÔRJDUDQWLDGHXPDYLVÔR
WUDVHLUDFODUDGXUDQWHDFRQGXØÔR
SRGHWHUFRPRUHVXOWDGRXPD
FROLVÔRGDQLILFDQGRRYHÞFXORRX
RXWURVEHQVHRXIHULPHQWRV
SHVVRDLV
-DQHODV
$FFLRQDPHQWRPDQXDOGRV
YLGURV
2VYLGURVGDVSRUWDVSRGHPVHU
DEHUWRVRXIHFKDGRVFRPDV
DODYDQFDVSUäSULDV
$FFLRQDPHQWRHOHFWUäQLFR
GRVYLGURV
$YLVR
&XLGDGRDRDFFLRQDURVYLGURV
HOÚFWULFRV5LVFRGHOHVÔR
SULQFLSDOPHQWHSDUDFULDQØDV
6HHVWLYHUHPFULDQØDVQRVEDQFRV
WUDVHLURVDFFLRQHRVLVWHPDGH
VHJXUDQØDSDUDFULDQØDVQRV
YLGURVHOÚFWULFRV
2EVHUYDURVYLGURVFRPDWHQØÔR
DRIHFKÒORV$VVHJXUDUVHGHTXH
QÔRILFDQDGDSUHVRQRVYLGURV
GXUDQWHRPRYLPHQWRGRV
PHVPRV
&KDYHVSRUWDVMDQHODV
6ROWDURLQWHUUXSWRUTXDQGRRYLGUR
DWLQJLUDSRVLØÔRGHVHMDGD
6LVWHPDGHVHJXUDQØDSDUD
FULDQØDVGRVYLGURVWUDVHLURV
$YLVR
2VYLGURVHOÚFWULFRVSRGHPVHU
DFFLRQDGRVFRPDLJQLØÔROLJDGD
$FFLRQDURLQWHUUXSWRUSDUDRYLGUR
UHVSHFWLYRSUHVVLRQDQGRSDUDDEULU
HSX[DQGRSDUDIHFKDU
8WLOL]DØÔR
2VYLGURVHOÚFWULFRVSRGHPVHU
DFFLRQDGRVFRPRLQWHUUXSWRUGD
LJQLØÔRQDSRVLØÔR21XVDQGRRV
LQWHUUXSWRUHVGRVYLGURVQRSDLQHOGH
FDGDSRUWD
3DUDVXELURYLGURSX[DURLQWHUUXSWRU
SDUDFLPD
3DUDEDL[DURYLGURSUHVVLRQDU
RLQWHUUXSWRU
3DUWHVGDFDUURØDULDIRUDGR
YHÞFXORSRGHPVHUHPEDWLGDVSRU
REMHFWRVH[WHULRUHV0DQWHUWRGDV
DVSDUWHVGDFDUURØDULDQRLQWHULRU
GRYHÞFXOR
$VFULDQØDVSRGHPDFFLRQDUDV
MDQHODVHILFDUHPHQWDODGDVQRV
YLGURVHOÚFWULFRV
1ÔRGHL[DUQRYHÞFXORDVFKDYHV
RXFULDQØDVVHPVHUHPYLJLDGDV
)HULPHQWRVJUDYHVRXSHUGDGH
YLGDSRGHPRFRUUHUGHYLGR
DXWLOL]DØÔRLQFRUUHFWDGRVYLGURV
HOÚFWULFRV
3UHVVLRQDURLQWHUUXSWRURSDUD
GHVDFWLYDURVYLGURVHOÚFWULFRVGDV
SRUWDVWUDVHLUDV3DUDDFFLRQDUSUHPLU
RQRYDPHQWH
&KDYHVSRUWDVMDQHODV
ÄFXORWUDVHLURDTXHFLGR
1ÔRULVFDURXGDQLILFDURVILRVGH
GHVHPEDFLDPHQWRDROLPSDURX
HIHFWXDUTXDOTXHUWUDEDOKRQR
äFXORWUDVHLUR
3DODVSÒUDVRO
)XQØÔRDFWLYDGDSUHVVLRQDQGR
RERWÔR^
2DTXHFLPHQWRIXQFLRQDFRPRPRWRU
DWUDEDOKDUHÚGHVOLJDGR
DXWRPDWLFDPHQWHDSäVDSUR[
PLQXWRVRXSUHVVLRQDQGRRERWÔR
QRYDPHQWH
$WHQØÔR
1ÔRXWLOL]DULQVWUXPHQWRVDILDGRV
RXSURGXWRVGHOLPSH]DDEUDVLYRV
QRäFXORWUDVHLURGRYHÞFXOR
$VSDODVSÒUDVROSRGHPVHU
FRORFDGDVSDUDEDL[RRXURGDGDV
SDUDRODGRSDUDLPSHGLU
RHQFDGHDPHQWR
6HDVSDODVSÒUDVROSRVVXÞUHP
HVSHOKRVDVWDPSDVGRVHVSHOKRV
GHYHPHVWDUIHFKDGDVGXUDQWH
DFRQGXØÔR
$YLVR
1ÔRFRORFDUDSDODGHVROGHPRGR
TXHUHGX]DDYLVLELOLGDGHGD
HVWUDGDWUÓQVLWRRXRXWURV
REMHFWRV
%DQFRVVLVWHPDVGHVHJXUDQØD
%DQFRVVLVWHPDVGH
VHJXUDQØD
(QFRVWRVGHFDEHØD %DQFRVGLDQWHLURV &LQWRVGHVHJXUDQØD 6LVWHPDGHDLUEDJV 6LVWHPDVGHVHJXUDQØDSDUD
FULDQØDV (QFRVWRVGHFDEHØD
3RVLØÔR
$YLVR
6äFRQGX]LUFRPRHQFRVWRGH
FDEHØDUHJXODGRQDSRVLØÔR
FRUUHFWD
(QFRVWRVGHFDEHØDPDO
UHJXODGRVRXUHWLUDGRVSRGHWHU
FRPRUHVXOWDGRIHULPHQWRVJUDYHV
QDFDEHØDRXSHVFRØRQRFDVRGH
XPDFROLVÔR
&HUWLILFDUVHTXHRVHQFRVWRVGH
FDEHØDVÔRUHDMXVWDGRVDQWHVGH
FRQGX]LU
$IDFHVXSHULRUGRHQFRVWRGHFDEHØD
GHYHUÒHQFRQWUDUVHDRQÞYHOVXSHULRU
GDFDEHØD6HWDOQÔRIRUSRVVÞYHOQR
FDVRGHSDVVDJHLURVPXLWRDOWRV
FRORFDURHQFRVWRQDSRVLØÔRPDLV
DOWDSRVVÞYHOHQRFDVRGH
SDVVDJHLURVEDL[RVFRORFDUQD
SRVLØÔRPDLVEDL[D
(QFRVWRVGHFDEHØDQRV
EDQFRVGLDQWHLURV
(QFRVWRVGHFDEHØDQRV
EDQFRVWUDVHLURV
5HJXODØÔRGDDOWXUD
5HJXODØÔRGDDOWXUD
%DQFRVGLDQWHLURV
3RVLØÔRGRVEDQFRV
$YLVR
&RQGX]LUDSHQDVFRPREDQFR
EHPDMXVWDGR
FLPD3DUDPRYHUSDUDEDL[R
FDUUHJDUQRWULQFRHHPSXUUDU
RHQFRVWRGHFDEHØDSDUDEDL[R
FLPD3DUDPRYHUSDUDEDL[R
FDUUHJDUQRWULQFRHHPSXUUDU
RHQFRVWRGHFDEHØDSDUDEDL[R
5HPRØÔR
3UHVVLRQDURVWULQFRVHSX[DU
RHQFRVWRGHFDEHØDSDUDFLPD
5HPRØÔR
3UHVVLRQDURVWULQFRVHSX[DU
RHQFRVWRGHFDEHØDSDUDFLPD
࿢ (QFRVWHVHRPDLVSRVVÞYHODR
HQFRVWRGREDQFR$MXVWDU
DGLVWÓQFLDHQWUHREDQFRHRV
SHGDLVSDUDTXHDVSHUQDVILTXHP
OLJHLUDPHQWHIOHFWLGDVDR
SUHVVLRQDUDIXQGRRVSHGDLV
࿢
࿢
࿢
࿢
࿢
'HVOL]DUREDQFRGLDQWHLURGR
SDVVDJHLURRPDLVSDUDWUÒV
SRVVÞYHO
6HQWDUVHFRPRVRPEURVRPDLV
SRVVÞYHOHQFRVWDGRVSDUDWUÒV
'HILQLUDLQFOLQDØÔRGRHQFRVWRGR
EDQFRSDUDTXHVHMDSRVVÞYHO
DOFDQØDUIDFLOPHQWHRYRODQWHFRP
RVEUDØRVOLJHLUDPHQWHGREUDGRV
0DQWHURVRPEURVHPFRQWDFWR
FRPRHQFRVWRGREDQFRDRURGDU
RYRODQWH1ÔRFRORFDURHQFRVWRGR
EDQFRGHPDVLDGRSDUDWUÒV
$FRQVHOKDPRVXPDLQFOLQDØÔR
PÒ[LPDGHDSUR[LPDGDPHQWH¡
$MXVWDURYRODQWH
&RORFDURDVVHQWRVXILFLHQWHPHQWH
DOWRSDUDWHUXPDERDYLVÔRDWRGD
DYROWDHSDUDFRQVHJXLUYHUWRGRV
RVLQVWUXPHQWRV'HYHKDYHUSHOR
PHQRVXPSDOPRHQWUHDFDEHØD
HRIRUURGRWHFWR$VSHUQDVGHYHP
ILFDUDVVHQWHVOLJHLUDPHQWHVREUH
REDQFRVHPH[HUFHUHPSUHVVÔR
QREDQFR
$MXVWDURHQFRVWRGHFDEHØD
$MXVWDUDDOWXUDGRFLQWRGH
VHJXUDQØD
$MXVWHGRVEDQFRV
3HULJR
3X[DURPDQÞSXORGHVOL]DUREDQFR
ODUJDURPDQÞSXOR
(QFRVWRVGRVEDQFRV
1ÔRVHVHQWDUDPHQRVGHFP
GRYRODQWHSDUDSHUPLWLU
DDFWLYDØÔRVHJXUDGRDLUEDJ
$YLVR
1XQFDDMXVWHRVEDQFRVDR
FRQGX]LUXPDYH]TXHSRGHUÔR
PRYHUVHGHIRUPDLQFRQWUROÒYHO
3RVLØÔRGRVEDQFRV
3X[DUDDODYDQFDUHJXODU
DLQFOLQDØÔRHVROWDUDDODYDQFD
'HL[DUTXHREDQFRHQFDL[HGHIRUPD
DXGÞYHO
1ÔRVHHQFRVWDUQREDQFRTXDQGRVH
HVWLYHUDSURFHGHUDRDMXVWH
$OWXUDGRVEDQFRV
$TXHFLPHQWR
5RGDUDURGDPDQXDOQRH[WHULRUGR
DVVHQWRDWÚRDVVHQWRILFDUUHJXODGR
QDSRVLØÔRGHVHMDGD
2VERWæHVGHDTXHFLPHQWRGRV
EDQFRVHQFRQWUDPVHQDFRQVRODGD
IUHQWH
3DUDDTXHFHUREDQFR
5RGDUDFKDYHGDLJQLØÔRSDUD
21
3UHPLURERWÔRGHDTXHFLPHQWR
GREDQFRUHODWLYRDREDQFRTXH
SUHWHQGHDTXHFHU2LQGLFDGRUQR
ERWÔRDFHQGH
3DUDGHVOLJDURDTXHFLPHQWRGR
EDQFRSUHPLUQRYDPHQWH
RERWÔR
1ÔRVHUHFRPHQGDDXWLOL]DØÔR
SURORQJDGDGDGHILQLØÔRPDLV
HOHYDGDSDUDSHVVRDVFRPSHOH
VHQVÞYHO
2DTXHFLPHQWRGREDQFRHVWÒ
RSHUDFLRQDOTXDQGRRPRWRUHVWÒ
DWUDEDOKDU
&LQWRVGHVHJXUDQØD
$YLVR
$SHUWDURFLQWRGHVHJXUDQØD
DQWHVGHFDGDYLDJHP
1DHYHQWXDOLGDGHGHXPDFLGHQWH
RVRFXSDQWHVTXHQÔRXVHP
FLQWRVGHVHJXUDQØDSæHPHP
SHULJRDYLGDGRVUHVWDQWHV
RFXSDQWHVHDVXDSUäSULD
LQWHJULGDGHIÞVLFD
2VFLQWRVEORTXHLDPGXUDQWHJUDQGHV
DFHOHUDØæHVRXGHVDFHOHUDØæHVGR
YHÞFXORSDUDVHJXUDQØDGRV
RFXSDQWHV
2VFLQWRVGHVHJXUDQØDHVWÔR
FRQFHELGRVSDUDVHUHPXWLOL]DGRV
DSHQDVSRUXPDSHVVRDGHFDGDYH]
1ÔRVÔRSUäSULRVSDUDSHVVRDVFRP
PHQRVGHFPGHDOWXUD6LVWHPD
GHVHJXUDQØDSDUDFULDQØDV
3HULRGLFDPHQWHYHULILFDUWRGRVRV
FRPSRQHQWHVGRFLQWRGHVHJXUDQØD
SDUDYHUVHIXQFLRQDPEHPHVHQÔR
DSUHVHQWDPGDQRV
2VFRPSRQHQWHVGDQLILFDGRVGHYHP
VHUVXEVWLWXÞGRV$SäVXPDFLGHQWH
RVFLQWRVGHVHJXUDQØDHRVSUÚ
WHQVRUHVGHYHPVHUVXEVWLWXÞGRVSRU
XPDRILFLQD
$GYHUWÛQFLD
&HUWLILFDUVHGHTXHRVFLQWRVQÔR
VÔRGDQLILFDGRVSRUVDSDWRVRX
REMHFWRVFRPDUHVWDVYLYDVQHP
ILFDPSUHVRV(YLWDUVXMDURV
FDUUHWRVGHLQÚUFLDGRVFLQWRV
$YLVRGRFLQWRGHVHJXUDQØD
7
/LPLWDGRUHVGHIRUØDQRVFLQWRV
1RVEDQFRVGLDQWHLURVDSUHVVÔR
VREUHRFRUSRÚUHGX]LGDSRUXPD
OLEHUWDØÔRJUDGXDOGRFLQWRGXUDQWH
XPDFROLVÔR
3UÚWHQVRUHVGRVFLQWRV
(PFDVRGHXPDFROLVÔRIURQWDORX
ODWHUDORXWUDVHLUDGHGHWHUPLQDGD
JUDYLGDGHRVFLQWRVGHVHJXUDQØD
GLDQWHLURVVÔRDSHUWDGRV
$YLVR
2PDQXVHDPHQWRLQFRUUHFWR
SH[UHPRØÔRRXPRQWDJHP
GRVFLQWRVSRGHDFFLRQDURVSUÚ
WHQVRUHVRTXHSRGHFDXVDU
OHVæHV
2DFFLRQDPHQWRGRVSUÚWHQVRUHV
GRVFLQWRVÚLQGLFDGRDWUDYÚVGR
DFHQGLPHQWRGRLQGLFDGRUGHFRQWUROR
T
2VSUÚWHQVRUHVDFFLRQDGRVWÛPGH
VHUVXEVWLWXÞGRVSRUXPDRILFLQD2V
SUÚWHQVRUHVGRVFLQWRVVäSRGHPVHU
DFFLRQDGRVXPDYH]
$GYHUWÛQFLD
1ÔRFRODURXPRQWDUDFHVVäULRVRX
RXWURVREMHFWRVTXHSRVVDP
LQWHUIHULUFRPRIXQFLRQDPHQWRGRV
SUÚWHQVRUHVGRVFLQWRVGH
VHJXUDQØD1ÔRID]HUTXDLVTXHU
DOWHUDØæHVDRVFRPSRQHQWHVGRV
SUÚWHQVRUHVGRVFLQWRVGH
VHJXUDQØDSRLVLVVRLQYDOLGDUÒ
DDSURYDØÔRWLSRGRYHÞFXOR
3X[DURFLQWRGRHQURODGRUFRORFÒOR
QDGLDJRQDOVREUHRFRUSRVHPWRUFHU
HLQVHULUDOLQJXHWDQRIHFKR
$SHUWDUDIDL[DGRFLQWRTXHSDVVD
SHORDEGäPHQUHJXODUPHQWH
HQTXDQWRFRQGX]SX[DQGRDIDL[D
TXHSDVVDSHORRPEUR$YLVRGRFLQWR
GHVHJXUDQØD
&LQWRGHVHJXUDQØDGHWUÛV
SRQWRV
)L[DØÔR
9HVWXÒULRODUJRRXYROXPRVRLPSHGH
TXHRFLQWRILTXHEHPDMXVWDGRDR
FRUSR1ÔRFRORFDUREMHFWRVFRPR
SRUH[HPSORPDODVGHPÔRRX
WHOHPäYHLVHQWUHRFLQWRHRFRUSR
$YLVR
2FLQWRQÔRGHYHILFDUDVVHQWH
VREUHREMHFWRVUÞJLGRVRXIUÒJHLV
TXHHVWHMDPHPEROVRVGR
YHVWXÒULR
1ÔRDMXVWDUGXUDQWHDFRQGXØÔR
5HPRØÔR
8VRGRFLQWRGHVHJXUDQØD
GXUDQWHDJUDYLGH]
5HJXODØÔRGDDOWXUD
3DUDGHVDSHUWDURFLQWRGH
VHJXUDQØDSUHVVLRQDURERWÔR
YHUPHOKRQRIHFKRGRFLQWR
3UHVVLRQDUERWÔR
$MXVWDUDDOWXUDHHQJDWDU
$MXVWDUDDOWXUDGHIRUPDDTXHRFLQWR
ILTXHVREUHRRPEUR1ÔRGHYHILFDU
VREUHDJDUJDQWDRXSDUWHVXSHULRUGR
EUDØR
&LQWRVGHVHJXUDQØDQRV
EDQFRVWUDVHLURV
2FLQWRGHVHJXUDQØDGREDQFR
FHQWUDOWUDVHLURVäSRGHVHUSX[DGR
SDUDIRUDGRHQURODGRUVHRHQFRVWR
HVWLYHUQDSRVLØÔRGHWUÒV
$YLVR
$IDL[DTXHSDVVDSHORDEGäPHQ
GHYHVHUFRORFDGDRPDLVDEDL[R
SRVVÞYHOSRUFLPDGDSÚOYLVSDUD
HYLWDUSUHVVÔRVREUHRDEGäPHQ
2VFLQWRVGHVHJXUDQØDGHYHPVHU
XWLOL]DGRVSRUWRGDVDVSHVVRDV
LQFOXLQGRDVJUÒYLGDV
&RPRWRGRVRVRFXSDQWHVWDPEÚP
DVJUÒYLGDVFRUUHPRULVFRGHVRIUHU
OHVæHVPDLVJUDYHVVHQÔRXWLOL]DUHP
RVFLQWRVGHVHJXUDQØD
$OÚPGLVVRDFRUUHFWDFRORFDØÔRGR
FLQWRGHVHJXUDQØDSHODJUÒYLGD
DXPHQWDWDPEÚPDVHJXUDQØDGR
IHWRHPFDVRGHFROLVÔR
3DUDXPDSURWHFØÔRPÒ[LPDDV
JUÒYLGDVGHYHPXVDUFLQWRVGH
VHJXUDQØDGHWUÛVSRQWRV
$VHFØÔRDEGRPLQDOGHYHVHUXVDGD
RPDLVDEDL[RSRVVÞYHOQDEDFLD
GXUDQWHDJUDYLGH]
6LVWHPDGHDLUEDJV
2VLVWHPDGHDLUEDJVÚFRPSRVWRSRU
YÒULRVVLVWHPDVLQGLYLGXDLV
4XDQGRDFFLRQDGRVRVDLUEDJVVÔR
LQVXIODGRVHPPLOÚVLPRVGHVHJXQGR
6ÔRWDPEÚPUDSLGDPHQWH
GHVLQVXIODGRVRTXHID]FRPTXH
PXLWDVYH]HVQHPVHMDPQRWDGRV
GXUDQWHXPDFROLVÔR
$YLVR
6HPDQXVHDGRLQFRUUHFWDPHQWH
RVVLVWHPDVGHDLUEDJSRGHP
GLVSDUDUFRPIRUØD
2FRQGXWRUGHYHHQFRVWDUVHSDUD
WUÒVRPDLVSRVVÞYHODRPHVPR
WHPSRTXHFRQWLQXDDPDQWHU
RFRQWURORGRYHÞFXOR6HHVWLYHU
VHQWDGRGHPDVLDGRSHUWRGR
DLUEDJHVWHSRGHSURYRFDUSHUGD
GHYLGDRXIHULPHQWRVJUDYHVDR
VHULQVXIODGR
3DUDSURWHFØÔRHVHJXUDQØD
PÒ[LPDHPWRGRRWLSRGH
DFLGHQWHVWRGRVRVRFXSDQWHV
LQFOXLQGRRFRQGXWRUGHYHPXVDU
VHPSUHRFLQWRGHVHJXUDQØDSDUD
PLQLPL]DURULVFRGHIHULPHQWRV
JUDYHVRXSHUGDGHYLGDQRFDVR
GHXPDFLGHQWH1ÔRVHQWDURX
LQFOLQDUVHGHVQHFHVVDULDPHQWH
SHUWRGRDLUEDJFRPRYHÞFXORHP
PRYLPHQWR
2DLUEDJSRGHSURYRFDU
DUUDQKDGXUDVQDIDFHRXFRUSR
IHULPHQWRVSRUYLGURVSDUWLGRVRX
TXHLPDGXUDSRUH[SORVÔRGXUDQWH
RHQFKLPHQWRGRDLUEDJ
$GYHUWÛQFLD
2VVLVWHPDVHOHFWUäQLFRVGRV
DLUEDJVHGRVSUÚWHQVRUHV
HQFRQWUDPVHQDÒUHDGDFRQVROD
FHQWUDO1ÔRFRORFDUREMHFWRV
PDJQÚWLFRVQHVVDÒUHD
1ÔRFRODUQDGDQDVWDPSDVGRV
DLUEDJVHQÔRDVFREULUFRPRXWURV
PDWHULDLV
&DGDDLUEDJÚDFFLRQDGRXPDVä
YH]2VDLUEDJVDFFLRQDGRVGHYHP
VHUVXEVWLWXÞGRVSRUXPDRILFLQD
1ÔRID]HUDOWHUDØæHVQRVLVWHPDGH
DLUEDJVMÒTXHLVVRLQYDOLGDUÒ
(PFDVRGHDFWLYDØÔRGRDLUEDJ
PDQGHSURFHGHUÑVXEVWLWXLØÔRGR
YRODQWHGRSDLQHOGHLQVWUXPHQWRV
GHWRGDVDVSHØDVGRVSDLQÚLVGRV
YHGDQWHVGDVSRUWDVGRVSX[DGRUHV
HGRVEDQFRVQXPDRILFLQD
4XDQGRRDLUEDJGLVSDUDSRGHUÒ
RXYLUXPUXÞGRIRUWHHKDYHUIXPR
(VWDVFRQGLØæHVVÔRQRUPDLVHQÔR
VÔRSHULJRVDVPDVSRGHLUULWDU
DSHOHGRSDVVDJHLUR6HDLUULWDØÔR
SHUVLVWLUFRQWDFWDUXPPÚGLFR
3HULJR
1XQFDSHUPLWLUTXHFULDQØDVRX
EHEÚVHPXOKHUHVJUÒYLGD
SHVVRDVGHLGDGHRXGRHQWHV
YLDJHPQREDQFRGRSDVVDJHLUR
GDIUHQWHHTXLSDGRFRPDLUEDJV
$OÚPGLVVRQÔRFRQGX]LUFRP
XPDFDGHLULQKDGHEHEÚLQVWDODGD
QREDQFR(PFDVRGHDFLGHQWH
RLPSDFWRGRDLUEDJLQVXIODGR
SRGHSURYRFDUIHULPHQWRVIDFLDLV
RXSHUGDGHYLGD
$WHQØÔR
6HRYHÞFXORIRUVDFXGLGRSRU
ORPEDVRXREMHFWRVHPHVWUDGDV
GHWHUUDEDWLGDRXSDVVHLRVRV
DLUEDJVSRGHPGLVSDUDU&RQGX]LU
GHYDJDUHPVXSHUIÞFLHVTXHQÔR
HVWÔRFRQFHELGDVSDUDWUÓQVLWRGH
YHÞFXORVDILPGHHYLWDUTXHRV
DLUEDJVGLVSDUHP
LQDGYHUWLGDPHQWH
4XDQGRRVDLUEDJVHQFKHPRV
JDVHVTXHQWHVTXHVDHPSRGHP
SURYRFDUTXHLPDGXUDV
,QGLFDGRUGHFRQWURORTGRVLVWHPDGH
DLUEDJV
6LVWHPDGRDLUEDJIURQWDO
2VLVWHPDGHDLUEDJVGLDQWHLURV
ÚFRPSRVWRSRUXPDLUEDJQRYRODQWH
HXPQRSDLQHOGHLQVWUXPHQWRVQR
ODGRGRSDVVDJHLURGLDQWHLUR(VWHV
DLUEDJVSRGHPVHULGHQWLILFDGRVSHOD
SDODYUD$
$,5%$*
2VLVWHPDGHDLUEDJVGLDQWHLURV
ÚDFFLRQDGRHPFDVRGHXPDFLGHQWH
GHGHWHUPLQDGDJUDYLGDGHQDÒUHD
DVVLQDODGD$LJQLØÔRWHPGHHVWDU
OLJDGD
$YLVR
$SURWHFØÔRVäÚDLGHDOVH
REDQFRHVWLYHUQDSRVLØÔR
FRUUHFWD
0DQWHUDÒUHDGHLQVXIODØÔRGR
DLUEDJVHPREVWUXØæHV
&RORFDURFLQWRGHVHJXUDQØD
FRUUHFWDPHQWHHDSHUWÒOREHP
6äDVVLPRDLUEDJSRGHUÒIRUQHFHU
SURWHFØÔR
2VLVWHPDGHDLUEDJVODWHUDLV
ÚFRPSRVWRSRUXPDLUEDJHPFDGD
XPGRVHQFRVWRVGRVEDQFRV
GLDQWHLURV
(VWHVDLUEDJVSRGHPVHU
LGHQWLILFDGRVSHODSDODYUD$
$,5%$*
6LVWHPDGHDLUEDJODWHUDO
2PRYLPHQWRSDUDDIUHQWHGRV
RFXSDQWHVGRVEDQFRVGLDQWHLURV
ÚUHWDUGDGRUHGX]LQGRDVVLP
FRQVLGHUDYHOPHQWHRULVFRGHOHVæHV
QRWURQFRHFDEHØD
2VLVWHPDGHDLUEDJVODWHUDLVGLVSDUD
QRFDVRGHDFLGHQWHGHGHWHUPLQDGD
JUDYLGDGH$LJQLØÔRWHPGHHVWDU
OLJDGD
$YLVR
2ULVFRGHOHVæHVQRWURQFRHSÚOYLV
HPFDVRGHXPDFROLVÔRODWHUDO
ÚFRQVLGHUDYHOPHQWHUHGX]LGR
$YLVR
$GYHUWÛQFLD
8WLOL]DUDSHQDVFDSDVGHEDQFRV
DSURYDGDVSDUDRYHÞFXORHP
TXHVWÔR7HUFXLGDGRSDUDQÔRWDSDU
RVDLUEDJV
$VFULDQØDVVHQWDGDVSUä[LPDVGH
XPDLUEDJODWHUDOSRGHPHVWDUHP
ULVFRGHIHULPHQWRVJUDYHVRX
IDWDLVVHRDLUEDJGLVSDUDU
HVSHFLDOPHQWHVHDFDEHØDGD
FULDQØDSHVFRØRRXSHLWR
HVWLYHUHPSHUWRGRDLUEDJQR
PRPHQWRGRGLVSDUR
1XQFDGHL[DUTXHXPDFULDQØDVH
HQFRVWHÑSRUWDRXSHUWRGR
PäGXORGRDLUEDJ
6LVWHPDGHDLUEDJGH
FRUWLQD
2VLVWHPDGHDLUEDJVGHFRUWLQD
ÚFRPSRVWRSRUXPDLUEDJPRQWDGR
QDHVWUXWXUDGRWHMDGLOKRXPGHFDGD
ODGR3RGHPVHULGHQWLILFDGRVSHOD
SDODYUD$
$,5%$*QRVSLODUHVGR
WHMDGLOKR
2ULVFRGHOHVæHVQDFDEHØDHPFDVR
GHXPLPSDFWRODWHUDOÚUHGX]LGR
FRQVLGHUDYHOPHQWH
$YLVR
2VLVWHPDGHDLUEDJVGHFRUWLQD
GLVSDUDQRFDVRGHDFLGHQWHGH
GHWHUPLQDGDJUDYLGDGH$LJQLØÔR
WHPGHHVWDUOLJDGD
2VJDQFKRVH[LVWHQWHVQDVSHJDV
GDHVWUXWXUDGRWHMDGLOKRVÔR
DSHQDVDGHTXDGRVSDUDSHQGXUDU
SHØDVGHURXSDOHYHVVHP
FDELGHV1ÔRWHULWHQVQHVVDV
SHØDVGHYHVWXÒULR
'HVDFWLYDØÔRGHDLUEDJ
2VLVWHPDGHDLUEDJGRSDVVDJHLURGD
IUHQWHGHYHVHUGHVDFWLYDGRVHIRU
PRQWDGDXPDFDGHLUDGHFULDQØD
QHVWHEDQFR2VVLVWHPDVGHDLUEDJ
ODWHUDOHDLUEDJGHFRUWLQDRV
WHQVRUHVGRFLQWRHWRGRVRVVLVWHPDV
GHDLUEDJGRFRQGXWRUSHUPDQHFHUÔR
DFWLYRV
2VLVWHPDGHDLUEDJGRSDVVDJHLURGD
IUHQWHSRGHVHUGHVDFWLYDGRQXPD
WUDQFDQDODWHUDOGRSDLQHOGH
LQVWUXPHQWRVYLVÞYHOTXDQGRDSRUWD
GLDQWHLUDGRSDVVDJHLURHVWÒDEHUWD
$YLVR
'HVDFWLYDURDLUEDJGRSDVVDJHLUR
GDIUHQWHTXDQGRREDQFRGD
IUHQWHHVWLYHURFXSDGRSRUXPD
FULDQØD
$FWLYDURVLVWHPDGHDLUEDJGR
SDVVDJHLURGDIUHQWHTXDQGRXP
DGXOWRHVWLYHUQREDQFRGDIUHQWH
8WLOL]DUDFKDYHGHLJQLØÔRSDUD
VHOHFFLRQDUDSRVLØÔR
FGHVOLJDGR
RDLUEDJGR
SDVVDJHLURGD
IUHQWH
ÚGHVDFWLYDGR
HQÔRVHHQFKHUÒ
QRFDVRGHFROLVÔR
2LQGLFDGRUGH
FRQWURORF
GHVOLJDGRDFHQGH
VHFRQWLQXDPHQWH
3RGHVHULQVWDODGD
XPDFDGHLUDGH
FULDQØDGHDFRUGR
FRPRTXDGUR
GOLJDGR
RDLUEDJGR
SDVVDJHLURGD
IUHQWHHVWÒDFWLYR
1ÔRSRGHVHU
LQVWDODGDQHQKXPD
FDGHLUDGHFULDQØD
6LVWHPDVGHVHJXUDQØD
SDUDFULDQØDV
6LVWHPDVGHUHWHQØÔRSDUD
FULDQØDV
(QTXDQWRDOX]GHDYLVRFRIIQÔR
HVWLYHUDFHVDRVLVWHPDGHDLUEDJGR
SDVVDJHLURGDIUHQWHLQVXIODUÒQR
FDVRGHFROLVÔR
$OWHUDUHVWDGRDSHQDVTXDQGR
RYHÞFXORHVWÒSDUDGRFRPDLJQLØÔR
GHVOLJDGD
(VWDGRSHUPDQHFHDWÚÑSUä[LPD
PXGDQØD
,QGLFDGRUGHFRPDQGRSDUD
GHVDFWLYDØÔRGRDLUEDJ
5HFRPHQGDPRVRVLVWHPDGH
VHJXUDQØDSDUDFULDQØDVGD*0TXH
HVWÒHVSHFLILFDPHQWHHTXLSDGRSDUD
RYHÞFXOR
4XDQGRHVWÒDVHUXWLOL]DGRXP
VLVWHPDGHVHJXUDQØDSDUDFULDQØDV
ÚIDYRUWHUDWHQØÔRÑVLQVWUXØæHVGH
PRQWDJHPHXWLOL]DØÔRTXHVH
VHJXHPDVVLPFRPRÑVIRUQHFLGDV
FRPRVLVWHPDGHVHJXUDQØDSDUD
FULDQØDV
&XPSULUVHPSUHDOHJLVODØÔRORFDORX
QDFLRQDO(PDOJXQVSDÞVHV
ÚSURLELGRXWLOL]DUVLVWHPDVGH
VHJXUDQØDSDUDFULDQØDVHPDOJXQV
EDQFRV
$YLVR
$7(1¸´23(5,*2(;75(02
1ÔRXWLOL]DUXPVLVWHPDGH
UHWHQØÔRSDUDFULDQØDVYLUDGR
SDUDWUÒVQXPEDQFRSURWHJLGRSRU
DLUEDJQDIUHQWH
$FULDQØDSRGHILFDUVHULDPHQWH
IHULGDVHRDLUEDJHQFKHUXPDYH]
TXHDFDEHØDGDFULDQØDILFDULD
PXLWRSUä[LPDGRDLUEDJFKHLR
$YLVR
$RXWLOL]DUXPVLVWHPDGH
VHJXUDQØDSDUDFULDQØDVQREDQFR
GDIUHQWHRVLVWHPDGHDLUEDJGR
EDQFRGRSDVVDJHLURWHPGHVHU
GHVDFWLYDGRFDVRFRQWUÒULR
RGLVSDUDUGRDLUEDJDSUHVHQWD
ULVFRVTXHSRGHPVHUIDWDLVSDUD
DFULDQØD
(VWHÚHVSHFLDOPHQWHRFDVRVH
HVWLYHUHPDVHUXWLOL]DGRV
VLVWHPDVGHVHJXUDQØDSDUD
FULDQØDVYLUDGRVSDUDWUÒVQR
EDQFRGRSDVVDJHLUR
6HOHFFLRQDURVLVWHPDFRUUHFWR
$FULDQØDGHYHYLDMDUYLUDGDSDUDWUÒV
DWÚRPDLVWDUGHSRVVÞYHO$VVLP
JDUDQWHVHTXHDHVSLQKDGRUVDOGD
FULDQØDTXHDLQGDÚPXLWRIUÒJLOILFD
VXMHLWDDPHQRVSUHVVÔRQRFDVRGH
XPDFLGHQWH
&ULDQØDVFRPPHQRVGHDQRVGH
LGDGHHFRPPHQRVGHFPGH
DOWXUDVäSRGHPYLDMDUQXPVLVWHPD
GHVHJXUDQØDSUäSULRSDUDFULDQØDV
6ÔRSUäSULRVRVVLVWHPDVGH
VHJXUDQØDTXHHVWÔRHP
FRQIRUPLGDGHFRPD(&(RX
(&(8PDYH]TXHXPD
SRVLØÔRFRUUHFWDGRVFLQWRV
ÚUDUDPHQWHSRVVÞYHOSDUDXPD
FULDQØDFRPPHQRVGHFPGH
DOWXUDDFRQVHOKDPRVYLYDPHQWH
DXWLOL]DØÔRGHXPVLVWHPDGH
VHJXUDQØDSUäSULRSDUDFULDQØDV
HPERUDGHYLGRÑLGDGHGDFULDQØD
LVVRSRVVDQÔRVHULPSRVWRSRUOHL
1XPYHÞFXORQXQFDWUDQVSRUWDUXPD
FULDQØDDRFROR1RFDVRGHXPD
FROLVÔRDFULDQØDWRUQDVH
GHPDVLDGRSHVDGD
$RWUDQVSRUWDUFULDQØDVXWLOL]DU
VLVWHPDVGHVHJXUDQØDSDUDFULDQØDV
DGHTXDGRVDRSHVRGHVVDVFULDQØDV
&HUWLILFDUVHTXHRVLVWHPDGH
VHJXUDQØDSDUDFULDQØDVTXHYDLVHU
PRQWDGRÚFRPSDWÞYHOFRPRWLSRGH
YHÞFXOR
&HUWLILFDUVHTXHRORFDOGD
PRQWDJHPGRVLVWHPDGHVHJXUDQØD
SDUDFULDQØDVQRYHÞFXORÚFRUUHFWR
6äSHUPLWLUTXHDVFULDQØDVHQWUHPRX
VDLDPGRYHÞFXORSHORODGRRSRVWRDR
WUÓQVLWR
4XDQGRRVLVWHPDGHVHJXUDQØDSDUD
FULDQØDVQÔRHVWÒDVHUXWLOL]DGRIL[DU
DFDGHLULQKDFRPXPFLQWRGH
VHJXUDQØDRXUHWLUÒODGRYHÞFXOR
$GYHUWÛQFLD
1ÔRFRODUQDGDQRVVLVWHPDGH
VHJXUDQØDSDUDFULDQØDVHQÔRDV
FREULUFRPTXDLVTXHURXWURV
PDWHULDLV
8PVLVWHPDGHVHJXUDQØDSDUD
FULDQØDVTXHWHQKDVLGRVXMHLWR
DWHQVÔRQXPDFLGHQWHGHYHVHU
VXEVWLWXÞGR
ºIDYRUFHUWLILFDUVHTXHEHEÚV
HFULDQØDVVÔRVHQWDGRVQRVEDQFRV
WUDVHLURVFRPVLVWHPDVGH
VHJXUDQØD
$WÚDVFULDQØDVSRGHUHPXVDUFLQWRV
GHVHJXUDQØDÚIDYRUVHOHFFLRQDU
XPVLVWHPDGHVHJXUDQØDSDUD
FULDQØDVSUäSULRSDUDDLGDGHGD
FULDQØDHFHUWLILFDUVHGHTXH
DFULDQØDRXVDºIDYRUFRQVXOWDUDV
LQVWUXØæHVDFHUFDGRVSURGXWRV
DGHTXDGRVSDUDVLVWHPDVGH
VHJXUDQØDSDUDFULDQØDV
/RFDLVGHPRQWDJHPGRVVLVWHPDVGHVHJXUDQØDSDUDFULDQØDV
2SØæHVGHPRQWDJHPDXWRUL]DGDVSDUDXPVLVWHPDGHVHJXUDQØDSDUDFULDQØDV
1REDQFRGRSDVVDJHLURGDIUHQWH
&ODVVHGHSHVRHLGDGH
1RVEDQFRVH[WHULRUHV
DLUEDJDFWLYDGR DLUEDJGHVDFWLYDGR WUDVHLURV
1REDQFRWUDVHLUR
FHQWUDO
*UXSRDWÚNJ
RXFHUFDGHPHVHV
;
8
8
8
*UXSRDWÚNJ
RXFHUFDGHDQRV
;
8
8
8
*UXSR,GHDNJ
;
RXFHUFDGHPHVHVDDQRV
8
8
8
*UXSR,,GHDNJ
RXFHUFDGHDDQRV
;
;
8
8
*UXSR,,,GHDNJ
RXFHUFDGHDDQRV
;
;
8
8
8
;
$SHQDVVHRVVLVWHPDVGHDLUEDJGREDQFRGRSDVVDJHLURGDIUHQWHHVWLYHUHPGHVDFWLYDGRV6HDFDGHLUDGHFULDQØD
IRUIL[DGDFRPXPFLQWRGHVHJXUDQØDGHWUÛVSRQWRVFHUWLILFDUVHGHTXHRFLQWRGHVHJXUDQØDGRYHÞFXORFRUUHSHOD
IUHQWHDSDUWLUGRSRQWRGHIL[DØÔRVXSHULRU
&DGHLULQKDGLVSRQÞYHOFRPVXSRUWHVGHPRQWDJHP,62),;H7RS7HWKHU
$GHTXDELOLGDGHXQLYHUVDOHPFRQMXQWRFRPRFLQWRGHVHJXUDQØDGHWUÛVSRQWRV
1HQKXPVLVWHPDGHVHJXUDQØDSDUDFULDQØDVDXWRUL]DGRSDUDHVWHJUXSRGHSHVR
2SØæHVGHPRQWDJHPSHUPLWLGDVSDUDXPVLVWHPDGHVHJXUDQØD,62),;SDUDFULDQØDV
&ODVVHSRUSHVR
1REDQFRGR
&ODVVHSRUDOWXUD &DUDFWHUÞVWLFD SDVVDJHLURGDIUHQWH
1RVEDQFRV
H[WHULRUHVWUDVHLURV
1REDQFRWUDVHLUR
FHQWUDO
*UXSRDWÚNJ
(
,625
;
,/
;
*UXSRDWÚNJ (
,625
;
,/
;
'
,625
;
,/
;
&
,625
;
,/
;
;
,/
;
;
*UXSR,GHDNJ '
,/
,8)
;
,625
&
,625
;
,/
%
,62)
;
,/,8)
;
%
,62);
;
,/,8)
;
$
,62)
;
,/,8)
;
3UäSULRSDUDVLVWHPDVGHVHJXUDQØDHVSHFLDLV,62),;GDVFDWHJRULDVYHÞFXORHVSHFÞILFRUHVWULWRRXVHPL
XQLYHUVDO2VLVWHPDGHVHJXUDQØD,62),;GHYHVHUDSURYDGRSDUDRWLSRGHYHÞFXORHVSHFÞILFR
3UäSULRSDUDVLVWHPDVGHVHJXUDQØD,62),;SDUDFULDQØDVYLUDGRVSDUDDIUHQWHGHFDWHJRULDXQLYHUVDODSURYDGRV
SDUDXWLOL]DØÔRQHVWDFODVVHGHSHVR
1HQKXPVLVWHPDGHVHJXUDQØD,62),;SDUDFULDQØDVDSURYDGRSDUDHVWHJUXSRGHSHVR
0RYHUREDQFRGLDQWHLURSDUDDSRVLØÔRPDLVÑIUHQWHRXPRYHUSDUDDIUHQWHDWÚDFDGHLUDGHFULDQØDQÔRLQWHUIHULUFRP
RHQFRVWRGREDQFRGLDQWHLUR
&ODVVHSRUDOWXUDHGLVSRVLWLYRGHFDGHLULQKD,62),;
$,62)
%,62)
%,62);
&,625
',625
(,625
6LVWHPDGHVHJXUDQØDSDUDFULDQØDVYLUDGRSDUDDIUHQWHSDUDFULDQØDVGHWDPDQKRPÒ[LPRQDFODVVH
SRUSHVRGRVDRVNJ
6LVWHPDGHVHJXUDQØDSDUDFULDQØDVYLUDGRSDUDDIUHQWHSDUDFULDQØDVPDLVSHTXHQDVQDFODVVHSRU
SHVRGRVDRVNJ
6LVWHPDGHVHJXUDQØDSDUDFULDQØDVYLUDGRSDUDDIUHQWHSDUDFULDQØDVPDLVSHTXHQDVQDFODVVHSRU
SHVRGRVDRVNJ
6LVWHPDGHVHJXUDQØDSDUDFULDQØDVYLUDGRSDUDWUÒVSDUDFULDQØDVGHWDPDQKRPÒ[LPRQDFODVVHSRU
SHVRDWÚDRVNJ
6LVWHPDGHVHJXUDQØDSDUDFULDQØDVYLUDGRSDUDWUÒVSDUDFULDQØDVPDLVSHTXHQDVQDFODVVHSRUSHVR
DWÚDRVNJ
6LVWHPDGHVHJXUDQØDSDUDFULDQØDVYLUDGRSDUDWUÒVSDUDFULDQØDVSHTXHQDVQDFODVVHSRUSHVRDWÚ
DRVNJ
SDUDFULDQØDV,62),;
1RSDVVDGRDVFDGHLUDVGHFULDQØD
HUDPIL[DGDVDREDQGRGRYHÞFXOR
DWUDYÚVGRVFLQWRVGHVHJXUDQØD(P
UHVXOWDGRGLVVRDVFDGHLUDVGH
FULDQØDHUDPPXLWDVYH]HV
LQFRUUHFWDPHQWHLQVWDODGDVRXFRP
GHPDVLDGDIROJDRTXHQÔRJDUDQWLD
XPDSURWHFØÔRDGHTXDGDGDFULDQØD
$JRUDHTXLSDPRVRVHXYHÞFXORFRP
SRQWRVGHIL[DØÔRLQIHULRUHV,62),;
QRVGRLVDVVHQWRVH[WHULRUHV
WUDVHLURVHFRPSRQWRVGHIL[DØÔR
7RS7HWKHUQRVGRLVODGRVGD
WUDYHVVDWUDVHLUDQDEDJDJHLUD
SHUPLWLQGRDIL[DØÔRGDVFDGHLUDVGH
FULDQØDQRVEDQFRVWUDVHLURV
3DUDLQVWDODUXPDFDGHLUDGHFULDQØD
TXHYHQKDHTXLSDGDFRPDFHVVäULRV
GHIL[DØÔRLQIHULRUHV,62),;
H7RS7HWKHUVHJXLUDVLQVWUXØæHV
IRUQHFLGDVFRPDFDGHLUDGHFULDQØD
/HUDWHQWDPHQWHHUHVSHLWDUWRGDVDV
LQVWUXØæHVLQFOXÞGDVQDVSÒJLQDV
VHJXLQWHVHDVLQVWUXØæHVIRUQHFLGDV
FRPDFDGHLUDGHFULDQØD
$VHJXUDQØDGDFULDQØDGHSHQGHGD
FRUUHFWDLQVWDODØÔRGDFDGHLUD
6HWLYHUSHUJXQWDVRXTXDLVTXHU
RXWUDVGëYLGDVVREUHDLQVWDODØÔR
FRUUHFWDGDFDGHLUDGHFULDQØD
GHYHUÒFRQWDFWDURIDEULFDQWHGD
FDGHLUDGHFULDQØD6HPHVPR
DVVLPDLQGDWLYHUGëYLGDVVREUH
DFRUUHFWDLQVWDODØÔRGDFDGHLUDGH
FULDQØDQRYHÞFXORUHFRPHQGDPRV
TXHFRQVXOWHXPDRILFLQDDXWRUL]DGD
,QVWDODØÔRGHFDGHLUDVGHFULDQØD
,62),;
6HOHFFLRQDUXPGRVDVVHQWRV
H[WHULRUHVWUDVHLURVSDUD
DLQVWDODØÔRGDFDGHLUDGH
FULDQØD
'HWHUPLQDUDSRVLØÔRGRVGRLV
SRQWRVGHIL[DØÔRLQIHULRUHV
$ORFDOL]DØÔRGHFDGDSRQWRGH
IL[DØÔRLQIHULRUHVWÒLGHQWLILFDGD
SRUPHLRGHXPDPDUFDFLUFXODU
QDH[WUHPLGDGHLQIHULRUGR
HQFRVWRGREDQFRWUDVHLUR
&HUWLILFDUVHGHTXHQÔRVH
HQFRQWUDPREMHFWRVHVWUDQKRV
ÑYROWDGRVSRQWRVGHIL[DØÔR
LQIHULRUHVLQFOXLQGRDVILYHODVGRV
FLQWRVGHVHJXUDQØDRXRV
SUäSULRVFLQWRVGHVHJXUDQØD2V
REMHFWRVHVWUDQKRVSRGHP
LQWHUIHULUFRPRIHFKRDGHTXDGR
GDFDGHLUDGHFULDQØDQRVSRQWRV
GHIL[DØÔR
&RORFDUDFDGHLUDQRDVVHQWRGR
EDQFRSRUFLPDGRVGRLVSRQWRV
GHIL[DØÔRLQIHULRUHVHIL[ÒODDRV
SRQWRVGHIL[DØÔRVHJXLQGRDV
LQVWUXØæHVIRUQHFLGDVFRP
DFDGHLUDGHFULDQØD
$MXVWDUHDSHUWDUDFDGHLUDGH
FULDQØDGHDFRUGRFRPDV
LQVWUXØæHVGRIDEULFDQWHGD
FDGHLUDGHFULDQØD
$WHQØÔR
8PVLVWHPDGHVHJXUDQØDSDUD
FULDQØDVVHPVHUXWLOL]DGRSRGH
GHVORFDUVHSDUDDIUHQWH
5HWLUDURVLVWHPDGHVHJXUDQØD
SDUDFULDQØDVVHQÔRHVWLYHUDVHU
XWLOL]DGRRXIL[ÒORFRPRFLQWRGH
VHJXUDQØD
$GYHUWÛQFLD
8PDYH]TXHXPFLQWRGHVHJXUDQØD
RXXPVLVWHPDGHVHJXUDQØDSDU
DFULDQØDVSRGHDTXHFHUPXLWRVHIRU
GHL[DGRQXPYHÞFXORIHFKDGR
FHUWLILFDUVHHYHULILFDURVHVWRIRVGR
DVVHQWRHDVILYHODVDQWHVGHVHQWDU
DFULDQØD
$YLVR
8WLOL]DUWRGRVRVSRQWRVGHIL[DØÔR
VXSHULRUHVHLQIHULRUHV,62),;
DSHQDVSDUDRILPDTXHVH
GHVWLQDP
2VSRQWRVGHIL[DØÔRVXSHULRUHV
HLQIHULRUHV,62),;HVWÔR
FRQFHELGRVDSHQDVSDUDPDQWHU
RVVLVWHPDVGHVHJXUDQØDSDUD
FULDQØDVHTXLSDGRVFRPSRQWRV
GHIL[DØÔRLQIHULRUHVHVXSHULRUHV
1ÔRXWLOL]DURVSRQWRVGHIL[DØÔR
SDUDIL[DUFLQWRVGHVHJXUDQØD
SDUDDGXOWRVDUQH]HVRXRXWUR
HTXLSDPHQWRQRYHÞFXOR
$XWLOL]DØÔRGHSRQWRVGHIL[DØÔR
SDUDIL[DUFLQWRVGHVHJXUDQØD
SDUDDGXOWRVDUQH]HVRXRXWURV
LWHQVRXHTXLSDPHQWRQRYHÞFXOR
QÔRGDUÒSURWHFØÔRDGHTXDGDQR
FDVRGHFROLVÔRHSRGHWHUFRPR
FRQVHTXÛQFLDIHULPHQWRVRX
PHVPRDSHUGDGHYLGD
$YLVR
2VVLVWHPDVGHVHJXUDQØDSDUD
FULDQØDVFRORFDGRVQREDQFR
GLDQWHLURSRGHPSURYRFDU
IHULPHQWRVJUDYHVRXDSHUGDGH
YLGD
1XQFDLQVWDODUXPVLVWHPDGH
VHJXUDQØDSDUDFULDQØDVYROWDGR
SDUDWUÒVQREDQFRGLDQWHLURQXP
YHÞFXORHTXLSDGRFRPDLUEDJQR
EDQFRGLDQWHLUR
8PDFULDQØDQXPVLVWHPDGH
VHJXUDQØDSDUDFULDQØDVLQVWDODGR
QREDQFRGLDQWHLURSRGHILFDU
JUDYHPHQWHIHULGDVHRDLUEDJGD
IUHQWHGLVSDUDU
)L[DUXPVLVWHPDGHVHJXUDQØD
SUDFULDQØDVYLUDGRSDUDWUÒVQR
EDQFRWUDVHLUR
8PVLVWHPDGHVHJXUDQØDYLUDGR
SDUDDIUHQWHGHYHVHUIL[DGRQR
EDQFRWUDVHLURVHPSUHTXH
SRVVÞYHO
6HIRULQVWDODGRQREDQFR
GLDQWHLURUHJXODUREDQFRRPDLV
SDUDWUÒVSRVVÞYHO
$WHQØÔR
&DGHLUDVGHWDPDQKRJUDQGHGH
VHJXUDQØDSDUDFULDQØDVSRGHP
QÔRVHUSUäSULDVSDUDLQVWDODØÔR
&RQWDFWDUR5HYHQGHGRUSDUD
PDLVLQIRUPDØÔRDFHUFDGRV
VLVWHPDVDGHTXDGRVGH
VHJXUDQØDSDUDFULDQØDV
,QVWDODØÔRGHVLVWHPDVGH
VHJXUDQØD,62),;SDUDFULDQØDV
FRPIL[DØæHVGHDQFRUDJHP
VXSHULRUHVHLQIHULRUHV
SDUDFULDQØDV7RS7HWKHU
3DUDDFHGHUDRVSRQWRVGHIL[DØÔR
7RS7HWKHUH[HFXWDURVHJXLQWH
5HWLUDUDFREHUWXUDGDEDJDJHLUD
3UHQGHURFOLSHGDFLQWDGH
UHWHQØÔRGDFDGHLUDGHFULDQØDQD
IL[DØÔR7RS7HWKHUFHUWLILFDQGR
VHGHTXHVÔRHOLPLQDGDV
TXDLVTXHUYROWDVQDFLQWDGH
UHWHQØÔR
6HDSRVLØÔRTXHHVWÒDXWLOL]DU
WLYHUXPHQFRVWRGHFDEHØD
DMXVWÒYHOHHVWLYHUDXWLOL]DUXPD
UHWHQØÔRGXSODHQFDPLQKDU
DUHWHQØÔRÑYROWDGRHQFRVWRGH
FDEHØD
6HDSRVLØÔRTXHHVWÒDXWLOL]DU
WLYHUXPHQFRVWRGHFDEHØD
DMXVWÒYHOHHVWLYHUDXWLOL]DUXPD
UHWHQØÔRLQGLYLGXDOOHYDQWDU
RHQFRVWRGHFDEHØD
HHQFDPLQKDUDUHWHQØÔRSRU
EDL[RGRHQFRVWRGHFDEHØD
HHQWUHRVSRQWRVGHIL[DØÔRGR
HQFRVWRGHFDEHØD
$SHUWDUDFLQWDGHUHWHQØÔRGD
FDGHLUDGHFULDQØDGHDFRUGRFRP
DVLQVWUXØæHVIRUQHFLGDVFRP
DFDGHLUDGHFULDQØD
(PSXUUDUHSX[DUDFDGHLUDGH
FULDQØDDSäVDLQVWDODØÔRSDUDVH
FHUWLILFDUGHTXHDFDGHLUDGH
FULDQØDHVWÒVHJXUD
$YLVR
&HUWLILFDUVHGHTXHRJUDPSRQD
FLQWDGDDUJRODGHVHJXUDQØDSDUD
FULDQØDVHVWÒFRUUHFWDPHQWHIL[R
ÑIL[DØÔRVXSHULRU
$IL[DØÔRLQFRUUHFWDSRGHDQXODU
RHIHLWRGDFLQWDGHIL[DØÔRHGD
DUJRODGHIL[DØÔRVXSHULRU
$UUXPDØÔR
$UUXPDØÔR
&RPSDUWLPHQWRVGHDUUXPDØÔR %DJDJHLUD 6LVWHPDGHEDJDJHLUDGH
WHMDGLOKR ,QGLFDØæHVGHFDUUHJDPHQWR &RPSDUWLPHQWRVGH
DUUXPDØÔR
&DL[DSDUDPRHGDV
&RPSDUWLPHQWRVGH
DUUXPDØÔRQRSDLQHOGH
LQVWUXPHQWRV
&RPSDUWLPHQWRGHDUUXPDØÔRSRU
EDL[RGRSDLQHOGHLQVWUXPHQWRV
*XDUGDUDVPRHGDVQXPVäOXJDU
2FRPSDUWLPHQWRGHDUUXPDØÔR
ÚXWLOL]DGRSDUDSHTXHQRVDUWLJRVHWF
$UUXPDØÔR
3RUWDOXYDV
6XSRUWHSDUDEHELGDV
2VVXSRUWHVSDUDEHELGDVHVWÔR
VLWXDGRVQDFRQVRODGLDQWHLUDHQD
SDUWHWUDVHLUDGDFRQVRODFHQWUDO
$YLVR
3DUDDEULUSX[DURPDQÞSXOR
$YLVR
3DUDUHGX]LURULVFRGHOHVæHVQXP
DFLGHQWHRXQXPDSDUDJHP
EUXVFDPDQWHQKDVHPSUH
DWDPSDGRSRUWDOXYDVIHFKDGD
GXUDQWHDFRQGXØÔR
1ÔRFRORFDUUHFLSLHQWHVFRP
OÞTXLGRVTXHQWHVVHPWDPSDQR
VXSRUWHSDUDFRSRVFRPRYHÞFXOR
HPPRYLPHQWR6HROÞTXLGR
TXHQWHVDOSLFDUTXHLPDVH(VVD
TXHLPDGXUDQRFRQGXWRUSRGHGDU
OXJDUDSHUGDGHFRQWURORGR
YHÞFXOR
3DUDUHGX]LURULVFRGHIHULPHQWRV
SHVVRDLVQRFDVRGHXPD
SDUDJHPVëELWDRXFROLVÔRQÔR
FRORFDUJDUUDIDVVHPWDPSDRX
SRUSUHQGHUFRSRVODWDVHWFQR
VXSRUWHSDUDFRSRVFRPRYHÞFXOR
HPPRYLPHQWR
$UUXPDØÔR
&RPSDUWLPHQWRSDUD
äFXORVGHVRO
&RPSDUWLPHQWRGH
DUUXPDØÔRSRUEDL[RGR
EDQFR
%DJDJHLUD
5HEDWHURVHQFRVWRVWUDVHLURV
$YLVR
5HEDWHUHDEULU
1ÔRXWLOL]DUSDUDDUUXPDUREMHFWRV
SHVDGRV
3DUDXWLOL]DURWDEXOHLURLQIHULRUGR
EDQFRGRSDVVDJHLURGLDQWHLURSX[DU
DH[WUHPLGDGHGRWDEXOHLURSDUDFLPD
HSX[ÒODQDGLUHFØÔRGRSDLQHOGH
LQVWUXPHQWRV(PSXUUDURWDEXOHLUR
QDGLUHFØÔRGREDQFRSDUDRUHSRUQD
SRVLØÔRRULJLQDO
1ÔRHPSLOKDUEDJDJHPRXRXWUD
FDUJDPDLVDOWRGRTXHRVEDQFRV
GLDQWHLURV
1ÔRGHL[DUTXHSDVVDJHLURVVH
VHQWHPQDVFRVWDVUHEDWLGDVGRV
EDQFRVWUDVHLURVFRPRYHÞFXORHP
PRYLPHQWR
&DUJDSRUIL[DURXSDVVDJHLURV
QXPHQFRVWRUHEDWLGRGREDQFR
WUDVHLURSRGHPVHUDWLUDGRVRX
HMHFWDGRVGRYHÞFXORQRFDVRGH
XPDSDUDJHPVëELWDRXDFLGHQWH
,VVRSRGHUHVXOWDUHPIHULPHQWRV
JUDYHVRXSHUGDGHYLGD
3DUDUHEDWHURHQFRVWRWUDVHLUR
VHSDUDGDPHQWH
/HYDQWDUDGLDQWHLUDGRDVVHQWR
GREDQFRWUDVHLURGHPRGR
DOLEHUWÒOR6HRYHÞFXORHVWLYHU
$UUXPDØÔR
HTXLSDGRFRPHQFRVWRVGH
FDEHØDGREDQFRWUDVHLURHVWHV
GHYHPVHUUHPRYLGRV
'HVORFDURDVVHQWROLEHUWDGRGR
EDQFRWUDVHLURSDUDDSRVLØÔR
YHUWLFDO
$GYHUWÛQFLD
3DUDJDUDQWLUHVSDØRVXILFLHQWHSDUD
XWLOL]DØÔRGRDVVHQWRGREDQFR
WUDVHLURGHVOL]DUREDQFRGLDQWHLUR
SDUDDIUHQWHHUHJXODURHQFRVWRGR
EDQFRGLDQWHLURSDUDDYHUWLFDO
3DUDFRORFDUQRYDPHQWHRDVVHQWR
GREDQFRWUDVHLURFRORFDUDSDUWH
WUDVHLUDGRDVVHQWRQDSRVLØÔR
RULJLQDOWHQGRRFXLGDGRGHQÔR
GHL[DUDVIDL[DVGRVFLQWRVGH
VHJXUDQØDWRUFLGDVRXUHWLGDVVRE
RDVVHQWRHGHSRLVHPSXUUDUDSDUWH
GLDQWHLUDGRDVVHQWRDWÚHQJDWDU
$WHQØÔR
3X[DUSDUDFLPDRERWÔRGH
GHVWUDYDPHQWRVLWXDGRQRWRSRGR
HQFRVWRGREDQFRWUDVHLUR
HGREUÒORSDUDDIUHQWHHSDUD
EDL[R
&RORFDURVEDQFRVGLDQWHLURVQD
SRVLØÔRGHVHMDGD
3DUDFRORFDURHQFRVWRGREDQFRQD
SRVLØÔRYHUWLFDOOHYDQWDURHQFRVWR
HHPSXUUÒORFRPILUPH]DSDUD
DSRVLØÔRGHVHMDGD
&HUWLILFDUVHGHTXHRVFLQWRVGH
VHJXUDQØDQÔRILFDUDPHQWDODGRV
SHORWULQFRGRHQFRVWR
$RUHSRURHQFRVWRGREDQFR
WUDVHLURQDSRVLØÔRYHUWLFDO
FRORFDURFLQWRGHVHJXUDQØD
HILYHODVGRFLQWRGHVHJXUDQØD
WUDVHLURHQWUHRHQFRVWRGREDQFR
WUDVHLURHXPDVVHQWR&HUWLILFDU
VHTXHRFLQWRHDVILYHODVGRFLQWR
GHVHJXUDQØDGREDQFRWUDVHLUR
QÔRILFDPHQWDODGRVSRUEDL[RGR
DVVHQWRGREDQFRWUDVHLUR
&HUWLILFDUVHGHTXHRVFLQWRVGH
VHJXUDQØDQÔRHVWÔRWRUFLGRVRX
HQWDODGRVQRVHQFRVWRVGREDQFR
WUDVHLURHHVWÔRQDVUHVSHFWLYDV
SRVLØæHVFRUUHFWDV
$UUXPDØÔR
$YLVR
&HUWLILFDUVHGHTXHRVHQFRVWRV
GRVEDQFRVWUDVHLURVHVWÔR
WRWDOPHQWHSDUDWUÒVHIL[RVQD
GHYLGDSRVLØÔRDQWHVGHXVDU
RYHÞFXORFRPSDVVDJHLURVQRV
EDQFRVWUDVHLURV
1ÔRSX[DURVERWæHVGH
GHVHQJDWHQDSDUWHVXSHULRUGRV
HQFRVWRVGRVEDQFRVFRP
RYHÞFXORHPPRYLPHQWR
3RGHSURYRFDUIHULPHQWRVRX
GDQRVQRVRFXSDQWHV
$WHQØÔR
5HEDWHUXPEDQFRWUDVHLURFRPRV
FLQWRVGHVHJXUDQØDDLQGD
DSHUWDGRVSRGHGDQLILFDUREDQFR
RXRVFLQWRVGHVHJXUDQØD
$EULUVHPSUHRVFLQWRVGH
VHJXUDQØDHFRORFÒORVQD
UHVSHFWLYDSRVLØÔRHQURODGDDQWHV
GHUHEDWHUXPEDQFRGHWUÒV
$YLVR
1XQFDSHUPLWLUTXHSDVVDJHLURV
VHVHQWHPQRVHQFRVWRVUHEDWLGRV
HQTXDQWRFRPRYHÞFXORHP
PRYLPHQWRXPDYH]TXHQÔR
ÚXPDSRVLØÔRSDUDVHQWDU
FRUUHFWDHQÔRKÒFLQWRVGH
VHJXUDQØDGLVSRQÞYHLV
6HRIL]HUSRGHSURYRFDU
IHULPHQWRVJUDYHVRXSHUGDGH
YLGDQRFDVRGHXPDFLGHQWHRX
SDUDJHPUHSHQWLQD
2VREMHFWRVWUDQVSRUWDGRVQRV
HQFRVWRVUHEDWLGRVQÔRGHYHPVHU
PDLVDOWRVGRTXHDSDUWHGHFLPD
GRVEDQFRVGLDQWHLURV&DVR
FRQWUÒULRLVVRSRGLDSHUPLWLUTXH
DFDUJDGHVOL]HSDUDDIUHQWH
HSURYRTXHIHULPHQWRVRXGDQRV
QRFDVRGHSDUDJHQVVëELWDV
5HGHGHEDJDJHP
3RGHWUDQVSRUWDUSHTXHQDVFDUJDV
FRPDUHGHGHEDJDJHPRSFLRQDO
3DUDLQVWDODUDUHGHIL[DURVROKDLV
H[LVWHQWHVHPFDGDFDQWRVXSHULRUGD
UHGHQRVGRLVSRQWRVGHIL[DØÔRGR
SDLQHOWUDVHLUR
$WHQØÔR
$UHGHSRUWDREMHFWRVHVWÒ
FRQFHELGDSDUDSHTXHQDVFDUJDV
1ÔRWUDQVSRUWDUREMHFWRVSHVDGRV
QDUHGHSRUWDREMHFWRV
$UUXPDØÔR
6LVWHPDGHEDJDJHLUD
GHWHMDGLOKR
%DJDJHLUDGHWHMDGLOKR
3RUUD]æHVGHVHJXUDQØDHSDUD
HYLWDUGDQRVQRWHMDGLOKRUHFRPHQGD
VHDXWLOL]DØÔRGRVLVWHPDGHEDUUDV
GHWHMDGLOKRDSURYDGRSDUDRYHÞFXOR
6HWHQWDUWUDQVSRUWDUDOJRHPFLPDGR
VHXYHÞFXORTXHVHMDPDLVFRPSULGR
RXODUJRTXHDVEDUUDVGHWHMDGLOKR
RYHQWRSRGHDSDQKÒORHQTXDQWR
FRQGX],VWRSRGHID]HUFRPTXH
SHUFDRFRQWUROR$FDUJD
WUDQVSRUWDGDSRGHVHUYLROHQWDPHQWH
SURMHFWDGDRTXHSRGHSURYRFDUXPD
FROLVÔRGRVHXYHÞFXORRXGHRXWURV
YHÞFXORVHREYLDPHQWHGDQLILFDU
RVHXYHÞFXOR1XQFDWUDQVSRUWDUDOJR
PDLVFRPSULGRRXODUJRTXHDVEDUUDV
GHWHMDGLOKRHPFLPDGRVHXYHÞFXOR
$FDUJDPÒ[LPDLQFOXLQGRRSHVRGD
EDUUDXWLOLWÒULDGRWHMDGLOKRSDUDDV
FDOKDVGDVEDUUDVGRWHMDGLOKRÚGH
NJQRYHÞFXOR1ÔRH[FHGHU
DFDSDFLGDGHPÒ[LPDGRYHÞFXORDR
FDUUHJDURPHVPR
5HPRYHUDEDUUDXWLOLWÒULDGRWHMDGLOKR
RXDEDJDJHPQDVODYDJHQV
DXWRPÒWLFDVGHFDUURVQRFDVRGH
H[LVWLUHPHVVHVHTXLSDPHQWRVQR
YHÞFXOR
,QGLFDØæHVGH
FDUUHJDPHQWR
,QGLFDØæHVSDUD
RFDUUHJDPHQWRGRYHÞFXOR
࿢ 2VREMHFWRVSHVDGRVFRORFDGRVQD
EDJDJHLUDGHYHPVHUHPSXUUDGRV
FRQWUDRVHQFRVWRVGREDQFR
&HUWLILFDUVHGHTXHRVHQFRVWRV
GRVEDQFRVHVWÔREHPHQJDWDGRV
6HVHSXGHUHPSLOKDUREMHFWRVRV
REMHFWRVPDLVSHVDGRVGHYHPILFDU
SRUEDL[R
࿢ 3UHQGHUREMHFWRVQDEDJDJHLUD
SDUDHYLWDUTXHGHVOL]HP
࿢ $RWUDQVSRUWDUREMHFWRVQD
EDJDJHLUDRVHQFRVWRVGRVEDQFRV
WUDVHLURVQÔRGHYHPHVWDU
LQFOLQDGRVSDUDDIUHQWH
࿢ 1ÔRGHL[DUTXHDFDUJDSDVVHSDUD
DOÚPGDH[WUHPLGDGHVXSHULRUGRV
HQFRVWRVGRVEDQFRV
$UUXPDØÔR
࿢ 1ÔRFRORFDUTXDLVTXHUREMHFWRVQD
WDPSDGDEDJDJHLUDRXQRSDLQHO
GHLQVWUXPHQWRVHQÔRFREULU
RVHQVRUTXHVHHQFRQWUDQDSDUWH
GHFLPDGRSDLQHOGHLQVWUXPHQWRV
࿢ $FDUJDQÔRGHYHGLILFXOWDU
RIXQFLRQDPHQWRGRVSHGDLVGR
WUDYÔRGHPÔRHGDDODYDQFD
VHOHFWRUDGDVPXGDQØDVQHPGHYH
UHVWULQJLUDOLEHUGDGHGH
PRYLPHQWRVGRFRQGXWRU1ÔR
FRORFDUQRLQWHULRUREMHFWRVTXHQÔR
VHMDPSUHVRV
࿢ 1ÔRFRQGX]LUFRPDEDJDJHLUD
DEHUWD
࿢ $FDUJDëWLOÚDGLIHUHQØDHQWUH
RSHVREUXWRGRYHÞFXORDGPLVVÞYHO
YHUSODFDGHLGHQWLILFDØÔRGR
YHÞFXORHDWDUD3DUD
LQIRUPDØæHVGHWDOKDGDVGDWDUD
FRQVXOWDUDVHFØÔRGHGDGRV
WÚFQLFRV
$WDUDLQFOXLSHVRVGRFRQGXWRU
NJEDJDJHPNJHWRGRVRV
IOXLGRVGHSäVLWRFKHLR
2HTXLSDPHQWRRSFLRQDOHRV
DFHVVäULRVDXPHQWDPDWDUD
࿢ &RQGX]LUFRPFDUJDQRWHMDGLOKR
DXPHQWDDVHQVLELOLGDGHGRYHÞFXOR
DYHQWRVFUX]DGRVHDIHFWD
QHJDWLYDPHQWHDPDQREUDELOLGDGH
GRYHÞFXORSRUDXPHQWDURFHQWUR
GHJUDYLGDGHGRYHÞFXOR'LVWULEXLU
DFDUJDXQLIRUPHPHQWHHSUHQGÛOD
EHPFRPFLQWDVGHIL[DØÔR$MXVWDU
DSUHVVÔRGRVSQHXVHD
YHORFLGDGHGRYHÞFXORHP
FRQIRUPLGDGHFRPDVFRQGLØæHVGH
FDUJD9HULILFDUHDSHUWDUDVFLQWDV
IUHTXHQWHPHQWH
,QVWUXPHQWRVHOHPHQWRVGHPDQXVHDPHQWR
,QVWUXPHQWRV
HOHPHQWRVGH
PDQXVHDPHQWR
&RPDQGRV
$MXVWHGRYRODQWH
&RPDQGRV /X]HVGHDYLVRLQGLFDGRUHVGH
QÞYHOHLQGLFDGRUHV &RQWDTXLOäPHWURVSDUFLDO $WHQØÔR
6HXPDSDQFDGDIRUWHQRHL[RGD
GLUHFØÔRGDFROXQDGDGLUHFØÔR
TXDQGRRYRODQWHÚUHJXODGRRX
DDODYDQFDHVWÒEORTXHDGDSRGH
SURYRFDUGDQRVQDVSHODV
UHODFLRQDGDVFRPRYRODQWH
7HOHFRPDQGRVQRYRODQWH
'HVWUDQFDUDDODYDQFDDMXVWDU
RYRODQWHHGHSRLVHQJDWDU
DDODYDQFDHDVVHJXUDUTXHILFD
WRWDOPHQWHWUDQFDGD
$MXVWDURYRODQWHDSHQDVTXDQGR
RYHÞFXORHVWLYHUSDUDGRHRYRODQWH
WLYHUVLGRGHVWUDQFDGR
2VLVWHPDGHLQIRUPDØÔRHOD]HUSRGH
VHUDFFLRQDGRXWLOL]DQGRRV
FRPDQGRVQRYRODQWH
0DLVLQIRUPDØæHVGLVSRQÞYHLVQR
PDQXDOGRVLVWHPDGHLQIRUPDØÔR
HOD]HU
%X]LQD
/LPSDSÒUDEULVDVHODYD
SÒUDEULVDV
/LPSDSÒUDEULVDV
/2
+,
OHQWD
UÒSLGD
3DUDXPDVäSDVVDJHPFRPRVOLPSD
SÒUDEULVDVGHVOLJDGRVGHVORFDU
OLJHLUDPHQWHDDODYDQFDGRVOLPSD
SÒUDEULVDVSDUDDSRVLØÔR,17
HVROWÒOD$DODYDQFDUHJUHVVD
DXWRPDWLFDPHQWHÑSRVLØÔRQRUPDO
GHSRLVGHOLEHUWDGD$VHVFRYDV
UHDOL]DUÔRXPFLFORFRPSOHWR
3UHPLUH
3DUDRSHUDUDVHVFRYDVGROLPSD
SÒUDEULVDVFRORFDUDLJQLØÔRQD
SRVLØÔR21HPRYHUDDODYDQFDGR
OLPSDSÒUDEULVDVODYDSÒUDEULVDV
SDUDFLPD
2))
6LVWHPDGHVOLJDGR
,17
)XQFLRQDPHQWR
LQWHUPLWHQWH
)XQFLRQDPHQWRFRPQHYRHLUR
3DUDRSHUDUDVHVFRYDVGROLPSD
SÒUDEULVDVDSHQDVXPDYH]HP
FDVRGHFKXYDOLJHLUDRXQHYRHLUR
KëPLGRPRYHUOLJHLUDPHQWH
DDODYDQFDGROLPSDSÒUDEULVDV
HODYDSÒUDEULVDVSDUDDSRVLØÔR
,17HOLEHUWÒOD$DODYDQFDUHJUHVVD
DXWRPDWLFDPHQWHÑSRVLØÔRQRUPDO
GHSRLVGHOLEHUWDGD$VHVFRYDV
UHDOL]DUÔRXPFLFORFRPSOHWR
$WHQØÔR
0HQRVGRTXHXPDYLVÔRFODUD
SDUDRFRQGXWRUSRGHSURYRFDUXP
DFLGHQWHUHVXOWDQGRHP
IHULPHQWRVSHVVRDLVHGDQRVQR
YHÞFXORHRXWURVEHQV
1ÔRDFFLRQDUROLPSDSÒUDEULVDV
TXDQGRRSÒUDEULVDVHVWLYHUVHFR
RXREVWUXÞGRWDOFRPRFRPQHYH
RXJHOR$XWLOL]DØÔRGROLPSD
YLGURVQXPSÒUDEULVDVREVWUXÞGR
SRGHGDQLILFDUDVHVFRYDV
RPRWRUGROLPSDYLGURVHRYLGUR
9HULILFDUTXHDVHVFRYDVQÔR
HVWÔRFRQJHODGDVQRYLGURDQWHV
GHDVID]HUIXQFLRQDUHPWHPSR
IULR$XWLOL]DØÔRFRPDHVFRYD
FRQJHODGDSRGHGDQLILFDURPRWRU
GROLPSDYLGURV
/DYDSÒUDEULVDV
$WHQØÔR
1ÔRDFFLRQDUROLPSDSÒUDYLGURV
FRQWLQXDPHQWHGXUDQWHPDLVGH
DOJXQVVHJXQGRVRXTXDQGR
RGHSäVLWRGROÞTXLGROLPSDYLGURV
HVWLYHUYD]LR,VVRSRGHUÒ
SURYRFDURVREUHDTXHFLPHQWRGR
PRWRUWHQGRFRPRUHVXOWDGR
UHSDUDØæHVDYXOWDGDV
$YLVR
3X[DUDODYDQFD2OÞTXLGRGROLPSD
YLGURVÚSXOYHUL]DGRQRSÒUDEULVDV
HROLPSDYLGURVID]DOJXPDV
SDVVDJHQV
1ÔRSXOYHUL]DUOÞTXLGROLPSD
YLGURVQRSÒUDEULVDVHP
WHPSHUDWXUDVQHJDWLYDV
$XWLOL]DØÔRGHOÞTXLGROLPSD
YLGURVHGDVHVFRYDVGROLPSD
SÒUDEULVDVHPWHPSHUDWXUDV
QHJDWLYDVSRGHSURYRFDUXP
DFLGHQWHSRUTXHROÞTXLGROLPSD
YLGURVSRGHJHODUQRSÒUDEULVDV
JHODGRHLPSHGLUDYLVÔR
/LPSDYLGURVGRäFXOR
WUDVHLURHODYDYLGURVGR
äFXORWUDVHLUR
3DUDRSHUDUROLPSDYLGURVHRODYD
YLGURVGRäFXORWUDVHLURHPSXUUDU
DDODYDQFDQDGLUHFØÔRGRSDLQHOGH
LQVWUXPHQWRV3UHPLQGRXPDYH]
ROLPSDYLGURVLUÒIXQFLRQDUGHIRUPD
FRQWÞQXDDEDL[DYHORFLGDGH3DUD
SXOYHUL]DUROÞTXLGROLPSDYLGURV
HPSXUUDUDDODYDQFDPDLVXPDYH]
$WHQØÔR
0HQRVGRTXHXPDYLVÔRFODUD
SDUDRFRQGXWRUSRGHSURYRFDUXP
DFLGHQWHUHVXOWDQGRHP
IHULPHQWRVSHVVRDLVHGDQRVQR
YHÞFXORHRXWURVEHQV
1ÔRDFFLRQDUROLPSDYLGURV
WUDVHLURTXDQGRRäFXORGDSRUWD
GDEDJDJHLUDHVWLYHUVHFRRX
REVWUXÞGRWDOFRPRFRPQHYHRX
JHOR
$XWLOL]DØÔRGROLPSDYLGURVQXP
YLGURREVWUXÞGRSRGHGDQLILFDUDV
HVFRYDVRPRWRUGROLPSDYLGURV
HRYLGUR
9HULILFDUTXHDHVFRYDQÔRHVWÒ
JHODGDQRYLGURDQWHVGH
DDFFLRQDUHPWHPSRIULRDILPGH
HYLWDUGDQLILFDURPRWRUGROLPSD
SÒUDEULVDV
(PWHPSHUDWXUDVDEDL[RGH]HUR
QÔRSXOYHUL]DUOÞTXLGRGROLPSD
YLGURVQRäFXORWUDVHLURDWÚHVWH
DTXHFHU
2OÞTXLGROLPSDYLGURVSRGHIRUPDU
JHORQRäFXORWUDVHLURFRQJHODGR
HREVWUXLUDYLVÔR
$WHQØÔR
1ÔRDFFLRQDUROLPSDSÒUDYLGURV
FRQWLQXDPHQWHGXUDQWHPDLVGH
DOJXQVVHJXQGRVRXTXDQGR
RGHSäVLWRGROÞTXLGROLPSDYLGURV
HVWLYHUYD]LR,VVRSRGHUÒ
SURYRFDURVREUHDTXHFLPHQWRGR
PRWRUWHQGRFRPRUHVXOWDGR
UHSDUDØæHVDYXOWDGDV
5HOäJLR
HVWDUÒWHUPLQDGDVHPTXDOTXHU
IXQFLRQDPHQWRDOJXQVVHJXQGRV
GHSRLVGRDMXVWH
7RPDGDV
1ÔROLJDUTXDLVTXHUHTXLSDPHQWRV
DFHVVäULRVGHIRUQHFLPHQWRGH
FRUUHQWHSRUH[HPSORDSDUHOKRVGH
FDUUHJDPHQWRHOÚFWULFRRXEDWHULDV
1ÔRGDQLILFDUDWRPDGDXWLOL]DQGR
ILFKDVLQFRUUHFWDV
,VTXHLUR
$KRUDÚDSUHVHQWDGDQRPRVWUDGRU
$FHUWDUDKRUD
3UHVVLRQDURERWÔR&
&/2&.GR
PRVWUDGRUGXUDQWHPDLVGH
VHJXQGR4XDQGRDKRUDHVWÒ
LQWHUPLWHQWHDFHUWDUDKRUDDFWXDO
XVDQGRRERWÔR&
&/2&.
$SäVFHUFDGHVHJXQGRRVPLQXWRV
LUÔRSLVFDUDXWRPDWLFDPHQWHH
GHSRLVDFHUWDURVPLQXWRVDFWXDLV
XVDQGRRERWÔR&
&/2&.$GHILQLØÔR
8PDWRPDGDGH9ROWHQFRQWUDVH
QDFRQVRODGLDQWHLUD
1ÔRH[FHGHURFRQVXPRPÒ[LPRGH
:DWWV
&RPDLJQLØÔRGHVOLJDGDDVWRPDGDV
VÔRGHVDFWLYDGDV
$OÚPGLVVRDVWRPDGDVVÔR
GHVDFWLYDGDVQRFDVRGHXPDWHQVÔR
EDL[DGDEDWHULD
3DUDXWLOL]DURLVTXHLURURGDU
RLQWHUUXSWRUGDLJQLØÔRSDUD$&&RX
21HHPSXUUDURLVTXHLUR
FRPSOHWDPHQWHSDUDGHQWUR
2LVTXHLURVDOWDDXWRPDWLFDPHQWH
TXDQGRHVWLYHUSURQWRSDUDXWLOL]DØÔR
$WHQØÔR
$YLVR
$WHQØÔR
2VREUHDTXHFLPHQWRGRLVTXHLUR
SRGHGDQLILFDURHOHPHQWRGH
DTXHFLPHQWRHRSUäSULRLVTXHLUR
1ÔRSUHVVLRQDURLVTXHLUR
HQTXDQWRHVWHDTXHFH,VVRSRGH
ID]HUFRPTXHRLVTXHLUR
VREUHDTXHØD
7HQWDUID]HUIXQFLRQDUXPLVTXHLUR
DYDULDGRSRGHVHUSHULJRVR6H
RLVTXHLURDTXHFLGRQÔRDOWDU
GHQWURGHVHJXQGRVSX[ÒOR
SDUDIRUDHFRQVXOWDUXPDRILFLQD
SDUDRPDQGDUUHSDUDU3RGH
SURYRFDUIHULPHQWRVSHVVRDLV
HGDQRVQRVHXYHÞFXOR
5HFRPHQGDPRVTXHFRQVXOWH
XPDRILFLQDDXWRUL]DGD
6HGHL[DURYHÞFXORFRPXPD
VXEVWÓQFLDH[SORVLYDLQIODPÒYHO
WDOFRPRXPLVTXHLURGHVFDUWÒYHO
QRLQWHULRUGRDXWRPäYHOQR9HUÔR
HVWHSRGHH[SORGLUHSURYRFDUXP
LQFÛQGLRGHYLGRDRDXPHQWRGH
WHPSHUDWXUDQRKDELWÒFXORHQR
FDSåºIDYRUFHUWLILFDUVHGHTXH
QÔRILFDPRXVÔRPDQWLGDV
TXDLVTXHUVXEVWÓQFLDVH[SORVLYDV
LQIODPÒYHLVQRLQWHULRUGRYHÞFXOR
2FLOLQGURGHXPLVTXHLUR
DFFLRQDGRSRGHUÒWRUQDUVHPXLWR
TXHQWH
1ÔRWRTXHQRFLOLQGURGRLVTXHLUR
HQÔRSHUPLWDTXHFULDQØDV
DFFLRQHPRXEULQTXHPFRP
RLVTXHLUR
2PHWDOTXHQWHSRGHUÒFDXVDU
GDQRVIÞVLFRVRXGDQRVPDWHULDLV
QRYHÞFXORRXQRXWURVREMHFWRV
$WHQØÔR
$WRPDGDGRLVTXHLURVäGHYHVHU
XWLOL]DGDFRPRLVTXHLUR6HRXWURV
WUDQVIRUPDGRUHVGH9IRUHP
LQVWDODGRVQDWRPDGDGRLVTXHLUR
SRGHRFRUUHUXPDDYDULDQRV
IXVÞYHLVRXXPSRVVÞYHOLQFLGHQWH
WÚUPLFR
&LQ]HLURV
$WHQØÔR
&LJDUURVHRXWURPDWHULDOGHIXPR
SRGHPLQFHQGLÒORV
1ÔRFRORFDUSDSHORXRXWURVLWHQV
LQIODPÒYHLVQRFLQ]HLUR
8PLQFÛQGLRQXPFLQ]HLURSRGH
GDUOXJDUDIHULPHQWRVSHVVRDLVRX
GDQRVQRYHÞFXORRXRXWURVEHQV
2FLQ]HLURSRUWÒWLOSRGHVHUFRORFDGR
QRVVXSRUWHVSDUDEHELGDV
3DUDDEULURFLQ]HLUROHYDQWDUFRP
FXLGDGRDWDPSDGRFLQ]HLUR$SäV
DVXDXWLOL]DØÔRIHFKDUEHPDWDPSD
3DUDHVYD]LDURFLQ]HLURSDUD
OLPSH]DURGDUOLJHLUDPHQWHDSDUWH
VXSHULRUGRFLQ]HLURSDUDDHVTXHUGD
HUHWLUÒOR
/X]HVGHDYLVR
LQGLFDGRUHVGHQÞYHO
HLQGLFDGRUHV
&RQWDTXLOäPHWURV
9HORFÞPHWUR
,QGLFDDYHORFLGDGHGRYHÞFXOR
2FRQWDTXLOäPHWURVLQGLFDRV
TXLOäPHWURVRXPLOKDVSHUFRUULGRV
SHORYHÞFXOR
([LVWHPGRLV
FRQWDTXLOäPHWURVSDUFLDLV
LQGHSHQGHQWHVTXHPHGHPDV
GLVWÓQFLDVSHUFRUULGDVSHORYHÞFXOR
GHVGHDëOWLPDUHLQLFLDOL]DØÔRGD
IXQØÔR
$LQGLFDØÔRGHFRQWDTXLOäPHWURV
SHUFXUVR$HSHUFXUVR%SRGHVHU
VHOHFFLRQDGDSUHVVLRQDQGRRERWÔR
75,3
$GYHUWÛQFLD
3DUDUHLQLFLDUFDGDFRQWD
TXLOäPHWURVSDUFLDOSDUD]HUR
SUHVVLRQDURERWÔR75,3GRSDLQHO
GHLQVWUXPHQWRVPDLVGH
VHJXQGRV
,QGLFDGRUGRQÞYHOGH
FRPEXVWÞYHO
2PRYLPHQWRGRFRPEXVWÞYHOGHQWUR
GRGHSäVLWRGHFRPEXVWÞYHOSURYRFD
RPRYLPHQWRGRSRQWHLURGRLQGLFDGRU
GRQÞYHOGHFRPEXVWÞYHODRWUDYDU
DFHOHUDURXPXGDUGHGLUHFØÔR
3HULJR
&RQWDURWDØæHV
$QWHVGHUHDEDVWHFHUSDUDU
RYHÞFXORHGHVOLJDURPRWRU
/X]HVGHDYLVR
,QGLFDDVURWDØæHVSRUPLQXWR
&RQGX]LUGHIRUPDDTXHDVURWDØæHV
GRPRWRUVHMDPVHPSUHDVPDLV
EDL[DVSRVVÞYHO
0RVWUDRQÞYHOGHFRPEXVWÞYHOQR
GHSäVLWR
1XQFDGHL[DURGHSäVLWRILFDU
WRWDOPHQWHYD]LR
$TXDQWLGDGHQHFHVVÒULDSDUDDWHVWDU
RYHÞFXORSRGHVHULQIHULRU
ÑFDSDFLGDGHGRGHSäVLWR
HVSHFLILFDGDFRQVRDQWH
DTXDQWLGDGHGHFRPEXVWÞYHODLQGD
H[LVWHQWHQRGHSäVLWR
$VOX]HVGHDYLVRGHVFULWDVQÔR
ID]HPSDUWHGHWRGRVRVYHÞFXORV
$GHVFULØÔRDSOLFDVHDWRGDVDV
YHUVæHVGHLQVWUXPHQWRV4XDQGRVH
OLJDDLJQLØÔRDPDLRUSDUWHGDVOX]HV
GHDYLVRDFHQGHPVHSRUEUHYHV
LQVWDQWHVSDUDHIHLWRVGHWHVWHGH
IXQFLRQDOLGDGH
$VFRUHVGDVOX]HVGHDYLVRWÛP
RVHJXLQWHVLJQLILFDGR
9HUPHOKR
SHULJRDYLVR
LPSRUWDQWH
$PDUHOR
DYLVRLQIRUPDØÔR
DYDULD
9HUGH
FRQILUPDØÔRGH
DFWLYDØÔR
$]XO
FRQILUPDØÔRGH
DFWLYDØÔR
/X]HVGHDYLVRQRSDLQHOGHLQVWUXPHQWRV
,QGLFDGRUHVGHFRQWURORQD
FRQVRODFHQWUDO
6XEVWLWXLØÔRGHOÓPSDGDV
)XVÞYHLV,QGLFDGRUHVGH
PXGDQØDGHGLUHFØÔR
$YLVRGRFLQWRGH
VHJXUDQØD
/HPEUHWHGHFLQWRVQRVEDQFRV
GDIUHQWH
,QGLFDGRUGHPXGDQØDGH
GLUHFØÔR
.SLVFDDYHUGH
3LVFD
2LQGLFDGRUGHFRQWURORSLVFDVHVH
DFHQGHURLQGLFDGRUGHPXGDQØDGH
GLUHFØÔRRXDVOX]HVGHHPHUJÛQFLD
3LVFDUUÒSLGR8PDDYDULDQR
LQGLFDGRUGHPXGDQØDGHGLUHFØÔRRX
QRUHVSHFWLYRIXVÞYHO
7SDUDREDQFRGRFRQGXWRUDFHQGH
RXILFDLQWHUPLWHQWHDYHUPHOKR
CSDUDREDQFRGRSDVVDJHLUR
GLDQWHLURDFHQGHRXILFDLQWHUPLWHQWH
TXDQGRREDQFRHVWÒRFXSDGR
'HSRLVGHOLJDGDDLJQLØÔR
RLQGLFDGRUGHFRQWURORDFHQGHVH
DWÚRFLQWRGHVHJXUDQØDVHU
FRORFDGR
'HSRLVGHRPRWRUHVWDU
DWUDEDOKDURLQGLFDGRUGH
FRQWURORILFDLQWHUPLWQHWHGXUDQWH
VHJXQGRVHGHSRLVDFHQGH
VHDWÚRFLQWRGHVHJXUDQØDVHU
FRORFDGR
6HRYHÞFXORFLUFXODUPDLVGH
PRXDYHORFLGDGHIRU
VXSHULRUDNPKFRPRFLQWRGH
VHJXUDQØDQÔRFRORFDGR
RLQGLFDGRUGHFRQWURORSLVFDUÒHR
VLQDOVRQRURVRDUÒGXUDQWH
VHJXQGRV
$SäVVHJXQGRVRLQGLFDGRULUÒ
DFHQGHUVHDWÚTXHRFLQWRGH
VHJXUDQØDVHMDFRORFDGRHRVLQDO
VRQRURLUÒGHVOLJDUVH
6LWXDØÔRGRVFLQWRVQRVEDQFRV
WUDVHLURV
7SDUDRVEDQFRVWUDVHLURVDFHQGH
RXILFDLQWHUPLWHQWHDYHUPHOKR
6HRPRWRUHVWLYHUDWUDEDOKDUFRP
WRGDVDVSRUWDVIHFKDGDVHD
YHORFLGDGHGRYHÞFXORIRULQIHULRU
DNPKRVLQGLFDGRUHVGRV
FLQWRVGHVHJXUDQØDWUDVHLURV
DFHQGHUVHÔRDWÚRVFLQWRV
VHUHPFRORFDGRV&DVRRV
EDQFRVQÔRHVWHMDPRFXSDGRV
SRUQLQJXÚPHVWH
FRPSRUWDPHQWRVHUÒQDPHVPD
DSOLFDGR
6HDYHORFLGDGHGRYHÞFXORIRU
VXSHULRUDNPKFRPWRGDVDV
SRUWDVIHFKDGDVRVLQGLFDGRUHV
GRVFLQWRVGHVHJXUDQØDWUDVHLURV
QÔRFRORFDGRVDFHQGHUVHÔR
GXUDQWHVHJXQGRVHDSDJDU
VHÔRLQGHSHQGHQWHPHQWHGD
RFXSDØÔRGRVEDQFRVWUDVHLURV
6HXPFLQWRGREDQFRWUDVHLURIRU
FRORFDGRRRXWURLQGLFDGRUGH
FLQWRGHVHJXUDQØDQÔRFRORFDGR
DFHQGHUVHÒQRYDPHQWHGXUDQWH
VHJXQGRVHDSDJDUVHÒ
6HRHVWDGRGHTXDOTXHUFLQWRGH
VHJXUDQØDWUDVHLURPXGDUGH
FRORFDGRSDUDQÔRFRORFDGR
TXDQGRDYHORFLGDGHGRYHÞFXOR
IRUVXSHULRUDNPKHWRGDVDV
SRUWDVHVWLYHUHPIHFKDGDV
RLQGLFDGRUGRFLQWRLUÒSLVFDUDWÚ
TXHRFLQWRGHVHJXUDQØDVHMD
FRORFDGRHRVLQDOVRQRURLUÒVRDU
YH]HV
&LQWRGHVHJXUDQØDGHWUÛVSRQWRV
4XDQGRVHOLJDDLJQLØÔRDOX]GH
DYLVRDFHQGHVHGXUDQWHDOJXQV
VHJXQGRV&DVRQÔRVHDFHQGDQÔR
VHDSDJDUDRILPGHDOJXQVVHJXQGRV
RXDFHQGHUGXUDQWHDFRQGXØÔRKÒ
XPDDYDULDQRVLVWHPDGHDLUEDJ
5HFRUUHUDXPDRILFLQD2VVLVWHPDV
SRGHPQÔRVHUDFFLRQDGRVHPFDVR
GHDFLGHQWH
8PSUREOHPDQRYHÞFXORRX
RDFFLRQDPHQWRGRVSUÚWHQVRUHVRX
GRVDLUEDJVÚLQGLFDGRSHOR
DFHQGLPHQWRFRQWÞQXRGHT
$LUEDJVHSUÚWHQVRUHVGRV
FLQWRV
'HVDFWLYDØÔRGR$LUEDJ
TDFHQGHVHDYHUPHOKR
$YLVR
5HSDUDUDDYDULDLPHGLDWDPHQWH
QXPDRILFLQD
3UÚWHQVRUHVGRVFLQWRVVLVWHPDGH
DLUEDJ
GDFHQGHVHDDPDUHOR
4XDQGRRLQGLFDGRUGHFRQWUROR
DFHQGHRDLUEDJGLDQWHLURGR
SDVVDJHLURÚDFWLYDGR
FDFHQGHVHDDPDUHOR
4XDQGRRLQGLFDGRUGHFRQWUROR
DFHQGHRDLUEDJGLDQWHLURGR
SDVVDJHLURÚGHVDFWLYDGR
'HVDFWLYDØÔRGRDLUEDJ
$OWHUQDGRU
NDFHQGHVHDYHUPHOKR
$FHQGHVHTXDQGRVHOLJDDLJQLØÔR
HDSDJDVHSRXFRGHSRLVGHRPRWRU
HQWUDUHPIXQFLRQDPHQWR
$FHQGHVHTXDQGRRPRWRUHVWÒ
DWUDEDOKDU
3DUDUGHVOLJDURPRWRU$EDWHULDQÔR
HVWÒDFDUUHJDU2DUUHIHFLPHQWRGR
PRWRUSRGHVHULQWHUURPSLGR
5HFRUUHUDXPDRILFLQD
/X]GHDYLVRGHDYDULD
9DFHQGHVHRXSLVFDDDPDUHOR
6LVWHPDGHWUDYDJHP
DFHQGHVHDYHUPHOKR
$FHQGHVHTXDQGRRWUDYÔRGHPÔR
ÚVROWRVHRQÞYHOGRäOHRGRVWUDYæHV
HGDHPEUDLDJHPHVWLYHUGHPDVLDGR
EDL[RRXVHH[LVWLUXPDDYDULDQR
VLVWHPDGRVWUDYæHVÄOHRGRV
WUDYæHV
$YLVR
1ÔRFRQGX]LUFRPDOX]GHDYLVR
GRVLVWHPDGHWUDYDJHPDFHVD
,VVRSRGHVLJQLILFDUTXHRVWUDYæHV
QÔRHVWÔRDIXQFLRQDU
FRUUHFWDPHQWH
&RQGX]LUFRPRVWUDYæHVHPPÒV
FRQGLØæHVSRGHGDUOXJDUDXPD
FROLVÔRUHVXOWDQGRHPIHULPHQWRV
SHVVRDLVHGDQRVQRYHÞFXOR
HRXWURVEHQV
$FHQGHVHGHSRLVGHVHOLJDU
DLJQLØÔRVHRWUDYÔRGHPÔRPDQXDO
HVWLYHUDSOLFDGR7UDYÔRGHPÔR
6LVWHPDGHWUDYDJHP
DQWLEORTXHLR$%6
SDFHQGHVHDDPDUHOR
$FHQGHVHGXUDQWHDOJXQVVHJXQGRV
GHSRLVGHOLJDUDLJQLØÔR2VLVWHPD
HVWÒSURQWRDVHUXWLOL]DGRTXDQGRRD
OX]GHDYLVRVHDSDJDU
6HDOX]GHDYLVRQÔRVHDSDJDUDSäV
DOJXQVVHJXQGRVRXVHVHDFHQGHU
GXUDQWHDFRQGXØÔRH[LVWHXPD
DYDULDQR$%62VLVWHPDGHWUDYæHV
PDQWÚPVHRSHUDFLRQDOPDVVHP
$%6
6LVWHPDGHWUDYDJHPDQWLEORTXHLR
&DL[DGHYHORFLGDGHV
9LVRUGDFDL[DGHYHORFLGDGHV
$7DFHQGHVHDYHUPHOKR
$ROLJDUDLJQLØÔRDFHQGHVHGXUDQWH
DSUR[VHJXQGRVHGHSRLVDSDJD
VHSDUDFRQILUPDUTXHDFDL[DGH
YHORFLGDGHVDXWRPÒWLFDHVWÒ
RSHUDFLRQDO
$WHQØÔR
&DVRQÔRDFHQGHURXVHQÔR
DSDJDUDRILPGHFHUFDGH
VHJXQGRVRXVHDFHQGHU
GXUDQWHDFRQGXØÔRLVVRVLJQLILFD
TXHKÒXPDDYDULDQRVLVWHPD
&RQVXOWDUXPDRILFLQDSDUD
UHSDUDURSUREOHPDORGRTXH
SRVVÞYHO5HFRPHQGDPRVDVXD
RILFLQDDXWRUL]DGD&KHYUROHW
6REUHPXOWLSOLFDØÔR
GHVDFWLYDGD
;DFHQGHVHDDPDUHOR
(VWHLQGLFDGRUDFHQGHVHTXDQGR
DIXQØÔRGHVREUHPXOWLSOLFDØÔR
ÚFDQFHODGD
3UHVVLRQDQGRQRYDPHQWHRERWÔRGH
VREUHPXOWLSOLFDØÔRDRODGRGRSXQKR
GDDODYDQFDVHOHFWRUDDSDJDUÒ
RLQGLFDGRUGHVREUHPXOWLSOLFDØÔR
GHVDFWLYDGDHDFWLYDUÒDIXQØÔRGH
VREUHPXOWLSOLFDØÔR
3URJUDPDHOHFWUäQLFRGH
HVWDELOLGDGH
7HPSHUDWXUDGROÞTXLGRGH
DUUHIHFLPHQWRGRPRWRU
$FHQGHVHTXDQGRRPRWRUHVWÒ
DWUDEDOKDU
EDFHQGHVHRXSLVFDDDPDUHOR
6DFHQGHVHDYHUPHOKR
(VWDOX]LQGLFDTXHRFRUUHXXP
VREUHDTXHFLPHQWRGROÞTXLGRGH
6HWLYHUHVWDGRDXWLOL]DURYHÞFXORHP
FRQGLØæHVQRUPDLVGHFRQGXØÔR
GHYHHQFRVWDUÑEHUPDSDUDU
RYHÞFXORHGHL[DURPRWRUWUDEDOKDU
QRUDOHQWLGXUDQWHDOJXQVPLQXWRV
6HDOX]QÔRVHDSDJDUGHYHUÒ
GHVOLJDURPRWRUHFRQVXOWDUXPD
RILFLQDORJRTXHSRVVÞYHO
5HFRPHQGDPRVTXHFRQVXOWHXPD
RILFLQDDXWRUL]DGD
$WHQØÔR
$FHQGH
+ÒXPDDYDULDQRVLVWHPDºSRVVÞYHO
FRQWLQXDUDFRQGX]LU$HVWDELOLGDGH
GDFRQGXØÔRSRGHQRHQWDQWR
GHWHULRUDUVHFRQVRDQWHDV
FRQGLØæHVGDVXSHUIÞFLHGDHVWUDGD
5HSDUDUDDYDULDQXPDRILFLQD
3LVFD
2VLVWHPDHVWÒHQJUHQDGR
DFWLYDPHQWH$SRWÛQFLDGRPRWRU
SRGHGLPLQXLUHRYHÞFXORSRGHVHU
WUDYDGRXPSRXFRDXWRPDWLFDPHQWH
&RQWURORHOHFWUäQLFRGHHVWDELOLGDGH
3URJUDPDHOHFWUäQLFRGH
HVWDELOLGDGHGHVOLJDGR
DLQWHUPLWHQWHHPDPDUHOR
2VLVWHPDHVWÒGHVDFWLYDGR
3UHVVÔRGRäOHRGHPRWRU
(DFHQGHVHDYHUPHOKR
$OXEULILFDØÔRGRPRWRUSRGHVHU
LQWHUURPSLGD,VVRSRGHUHVXOWDU
HPGDQRVQRPRWRUHRXHP
EORTXHLRGDVURGDVPRWUL]HV
6HDOX]GHDYLVRGDSUHVVÔRGRäOHR
GHPRWRUDFHQGHUGXUDQWH
DFRQGXØÔRVDLUGDHVWUDGDSDUDU
RPRWRUHYHULILFDURQÞYHOGRäOHR
$YLVR
4XDQGRRPRWRUHVWÒGHVOLJDGR
ÚQHFHVVÒULDPDLVIRUØDSDUD
WUDYDUHPH[HUDGLUHFØÔR
1ÔRUHWLUDUDFKDYHHQTXDQWR
RYHÞFXORQÔRHVWLYHUSDUDGRFDVR
FRQWUÒULRDWUDQFDGDGLUHFØÔR
SRGHUÒHQJDWDULQHVSHUDGDPHQWH
9HULILFDURQÞYHOGRäOHRDQWHVGH
SURFXUDUDVVLVWÛQFLDQXPDRILFLQD
ÄOHRGHPRWRU
1ÞYHOGHFRPEXVWÞYHOEDL[R
8DFHQGHVHDDPDUHOR
$FHQGHTXDQGRRQÞYHOGR
FRPEXVWÞYHOQRGHSäVLWRHVWÒ
GHPDVLDGREDL[R
$WHQØÔR
1ÔRGHL[HTXHRFRPEXVWÞYHO
HVJRWH
,VVRSRGHUÒGDQLILFDU
RFDWDOLVDGRU
&DWDOLVDGRU
/X]HVGHPÒ[LPRV
!DFHQGHVHDD]XO
$FHQGHVHTXDQGRDVOX]HVGH
PÒ[LPRVHVWÔRDFHVDVHTXDQGRVH
ID]VLQDOGHOX]HV/X]HVGH
PÒ[LPRVOX]HVGHPÚGLRV
)DUäLVGHQHYRHLUR
DFHQGHVHDYHUGH
$FHQGHTXDQGRRVIDUäLVGHQHYRHLUR
HVWÔRDFHVRV
&RQWDTXLOäPHWURV
SDUFLDO
/X]HVGHQHYRHLUR
WUDVHLUDV
PDFHQGHVHDDPDUHOR
$FHQGHTXDQGRRIDUROWUDVHLURGH
QHYRHLURHVWÒDFHVR
3RUWDDEHUWD
EDFHQGHVHDYHUPHOKR
$FHQGHVHTXDQGRVHDEUHXPDSRUWD
RXDSRUWDGDUHWDJXDUGD
2FRPSXWDGRUGHERUGRIRUQHFH
LQIRUPDØæHVDRFRQGXWRUWDLVFRPR
DGLVWÓQFLDDSHUFRUUHUFRP
RFRPEXVWÞYHOUHVWDQWH
DWHPSHUDWXUDDPELHQWH
DYHORFLGDGHPÚGLDHRWHPSRGH
YLDJHP
&DGDYH]TXHSUHVVLRQDURERWÔR
02'(GRPRVWUDGRURYLVRUPXGDUÒ
SHODVHJXLQWHRUGHP
'LVWÓQFLDDSHUFRUUHUFRP
RFRPEXVWÞYHOUHVWDQWHඎ9HORFLGDGH
PÚGLDඎ7HPSRGHYLDJHPඎ
7HPSHUDWXUDDPELHQWHඎ'LVWÓQFLD
DSHUFRUUHUFRPRFRPEXVWÞYHO
UHVWDQWH
'LVWÓQFLDDSHUFRUUHUFRP
RFRPEXVWÞYHOUHVWDQWH
(VWHPRGRLQGLFDDGLVWÓQFLD
HVWLPDGDTXHSRGHVHUSHUFRUULGD
FRPRFRPEXVWÞYHOUHVWDQWHDWÚILFDU
FRPRGHSäVLWRYD]LRHDSDUWLUGD
TXDQWLGDGHDFWXDOGHFRPEXVWÞYHOQR
GHSäVLWR
2LQWHUYDORGHDXWRQRPLDÚGH
aNP
2FRPSXWDGRUGHERUGRWDPEÚP
UHJLVWDRFRPEXVWÞYHOUHDWHVWDGRGH
SHORPHQRVOLWURVRXPDLV
6HDWHVWDUFRPEXVWÞYHOFRPDEDWHULD
GHVOLJDGDRXRYHÞFXORLQFOLQDGR
RFRPSXWDGRUGHERUGRSRGHUÒ
DSUHVHQWDUYDORUHVLQFRUUHFWRV
4XDQGRDGLVWÓQFLDDSHUFRUUHUFRP
RFRPEXVWÞYHOUHVWDQWHIRULQIHULRU
DNPDLQGLFDØÔRVXUJHQR
YLVRUHSLVFD
$GLVWÓQFLDSRGHVHUGLIHUHQWH
GHSHQGHQGRGRVHVWLORVGH
FRQGXØÔR
$GYHUWÛQFLD
&RPRGLVSRVLWLYRDX[LOLDU
RFRPSXWDGRUGHERUGRSRGH
DSUHVHQWDUGLIHUHQØDVHPUHODØÔR
ÑGLVWÓQFLDHIHFWLYDSDUDR
FRPEXVWÞYHOUHVWDQWHFRQIRUPHDV
FLUFXQVWÓQFLDV
$GLVWÓQFLDDSHUFRUUHUFRP
RFRPEXVWÞYHOUHVWDQWHSRGHVHU
DOWHUDGDSHORFRQGXWRUDHVWUDGDHD
YHORFLGDGHGRYHÞFXORSRUTXH
ÚFDOFXODGDFRQIRUPHDDOWHUDØÔRGH
HILFLÛQFLDGRFRPEXVWÞYHO
9HORFLGDGHPÚGLD
(VWHPRGRLQGLFDDYHORFLGDGH
PÚGLD
$YHORFLGDGHPÚGLDÚDFXPXODGD
TXDQGRRPRWRUHVWÒDWUDEDOKDU
PHVPRTXHRYHÞFXORQÔRHVWHMDDVHU
FRQGX]LGR
2LQWHUYDORGHYHORFLGDGHPÚGLDÚGH
aNPK
3DUDUHSRUDYHORFLGDGHPÚGLD
D]HURSUHVVLRQDURERWÔR0
02'(
GXUDQWHPDLVGHVHJXQGR
2WHPSRGHYLDJHPVHUÒLQLFLDOL]DGR
SDUDDSäVWHUVLGRPRVWUDGR
D
7HPSRGHYLDJHP
7HPSHUDWXUDDPELHQWH
(VWHPRGRLQGLFDRWHPSRGHYLDJHP
WRWDO
3DUDUHLQLFLDOL]DURWHPSRGHYLDJHP
SUHVVLRQDURERWÔR0
02'(GXUDQWH
PDLVGHVHJXQGR
2WHPSRGHYLDJHPÚDFXPXODGR
TXDQGRRPRWRUHVWÒDWUDEDOKDU
PHVPRTXHRYHÞFXORQÔRHVWHMDDVHU
FRQGX]LGR
(VWHPRGRLQGLFDDWHPSHUDWXUD
DPELHQWH
2LQWHUYDORGHWHPSHUDWXUDÚGH
a¡&
$WHPSHUDWXUDDPELHQWHQÔR
ÚDOWHUDGDLPHGLDWDPHQWHFRPRQXP
WHUPäPHWURQRUPDOSRUTXHLVVR
SRGHULDFDXVDUFRQIXVÔRGXUDQWH
DFRQGXØÔR
$WHPSHUDWXUDDPELHQWHSRGHVHU
GLIHUHQWHGDWHPSHUDWXUDUHDOGHYLGR
ÑVFRQGLØæHVGHFRQGXØÔR
$GYHUWÛQFLD
$GLVWÓQFLDDFRQGX]LUFRP
RFRPEXVWÞYHOUHVWDQWHDYHORFLGDGH
PÚGLDHDWHPSHUDWXUDDPELHQWH
SRGHPVHUGLIHUHQWHVGDGLVWÓQFLD
HIHFWLYDFRQIRUPHDVFRQGLØæHVGH
FRQGXØÔRWLSRGHFRQGXØÔRRX
YHORFLGDGHGRYHÞFXOR
,OXPLQDØÔR
,OXPLQDØÔR
,OXPLQDØÔRH[WHULRU
,QWHUUXSWRUGDVOX]HV
,OXPLQDØÔRH[WHULRU ,OXPLQDØÔRGRKDELWÒFXOR &DUDFWHUÞVWLFDVGHLOXPLQDØÔR &RPDQGRVGDVOX]HVH[WHULRUHV
$VOX]HVWUDVHLUDVDVOX]HVGD
FKDSDGHPDWUÞFXODHDVOX]HVGR
SDLQHOGHLQVWUXPHQWRVHVWÔRDFHVDV
2VPÚGLRVHWRGDVDVOX]HVDFLPD
LQGLFDGDVHVWÔRDFHVRV
2VIDUäLVGHVOLJDPVH
DXWRPDWLFDPHQWHDRDEULUDSRUWDGR
FRQGXWRUGHSRLVGHFRORFDU
RLQWHUUXSWRUGDLJQLØÔRQDSRVLØÔR
/2&.
/X]HVGHPÒ[LPRV
3DUDOLJDURXGHVOLJDURVIDUäLV
GLDQWHLURVHDVOX]HVWUDVHLUDVURGDU
DH[WUHPLGDGHGDDODYDQFD
FRPELQDGDGDVOX]HV2LQWHUUXSWRU
GDVOX]HVWHPWUÛVSRVLØæHVTXH
DFWLYDPYÒULDVIXQØæHVGDVOX]HVGD
VHJXLQWHIRUPD
2))7RGDVDVOX]HVHVWÔR
GHVOLJDGDV
3DUDPXGDUGHOX]HVGHPÚGLRVSDUD
OX]HVGHPÒ[LPRVHPSXUUDU
DDODYDQFD
,OXPLQDØÔR
3DUDPXGDUSDUDOX]HVGHPÚGLRV
HPSXUUDUDDODYDQFDGHQRYRRX
SX[DU
6LQDOGHOX]HV
$MXVWHGRDOFDQFHGRV
IDUäLV
$GYHUWÛQFLD
2LQGLFDGRUGHOX]HVGHPÒ[LPRV
DFHQGHTXDQGRRVIDUäLVHVWÔRHP
PÒ[LPRV
$YLVR
3DVVDUVHPSUHDVOX]HVGH
PÒ[LPRVSDUDPÚGLRVTXDQGRVH
DSUR[LPDUGHYHÞFXORVQRVHQWLGR
FRQWUÒULRRXGHRXWURVYHÞFXORV
ÑIUHQWH$VOX]HVGHPÒ[LPRV
SRGHPHQFDQGHDU
WHPSRUDULDPHQWHRVRXWURV
FRQGXWRUHVSRGHQGRUHVXOWDU
QXPDFROLVÔR
$DODYDQFDUHJUHVVDÑSRVLØÔR
QRUPDOGHSRLVGHOLEHUWDGD2V
PÒ[LPRVSHUPDQHFHUÔRDFHVRV
HQTXDQWRPDQWHUDDODYDQFD
FRPELQDGDGDVOX]HVYROWDGDSDUDVL
3DUDDGDSWDURDOFDQFHGRVIDUäLV
ÑFDUJDGRYHÞFXORSDUDHYLWDU
HQFDQGHDPHQWRURGDURERWÔR
SDUDDSRVLØÔRQHFHVVÒULD
%DQFRVGLDQWHLURVRFXSDGRV
7RGRVRVEDQFRVRFXSDGRV
7RGRVRVEDQFRVRFXSDGRV
HFDUJDQDEDJDJHLUD
2EDQFRGRFRQGXWRURFXSDGR
HFDUJDQDEDJDJHLUD
,OXPLQDØÔR
)DUäLVQDFRQGXØÔRQR
HVWUDQJHLUR
/X]HVGHHPHUJÛQFLD
,QGLFDGRUHVGHPXGDQØD
GHGLUHFØÔR
2IHL[HGRVIDUäLVDVVLPÚWULFR
DXPHQWDDYLVLELOLGDGHQDEHUPDGD
HVWUDGDGRODGRGRSDVVDJHLUR
&RQWXGRDRFRQGX]LUHPSDÞVHVHP
TXHDFRQGXØÔRVHIDØDGRODGR
RSRVWRGDHVWUDGDDMXVWDURVIDUäLV
SDUDHYLWDUHQFDQGHDPHQWRGH
WUÓQVLWRHPVHQWLGRFRQWUÒULR
3URFHGHUDRDMXVWHGRVIDUäLVQXPD
RILFLQD
/X]HVGHFRQGXØÔRGLXUQD
$VOX]HVGHFLUFXODØÔRGLXUQD
DXPHQWDPDYLVLELOLGDGHGRYHÞFXOR
GXUDQWHDOX]GRGLD
2VIDUROLQVWUDVHLURVQÔRHVWÔR
DFHVRV
$FFLRQDGDVFRPRERWÔRe
3DUDDFWLYDUDVOX]HVGHHPHUJÛQFLD
SUHVVLRQDURERWÔR
3DUDGHVOLJDUDVOX]HVGH
HPHUJÛQFLDSUHVVLRQDUQRYDPHQWH
RERWÔR
$ODYDQFD
SDUDFLPD
$ODYDQFD
SDUDEDL[R
,QGLFDGRUGLUHLWR
,QGLFDGRU
HVTXHUGR
6HDDODYDQFDIRUGHVORFDGDSDUDOÒ
GRSRQWRGHUHVLVWÛQFLDRLQGLFDGRU
ILFDOLJDGRFRQWLQXDPHQWH4XDQGR
RYRODQWHYROWDUÑSRVLØÔRLQLFLDO
RLQGLFDGRUDSDJDVH
DXWRPDWLFDPHQWH
,OXPLQDØÔR
)DUäLVGHQHYRHLUR
)DUäLVWUDVHLURVGH
QHYRHLUR
,OXPLQDØÔRGR
KDELWÒFXOR
/X]HVGRKDELWÒFXOR
/X]GHFRUWHVLD
3DUDOLJDURVIDUäLVGHQHYRHLUR
FHUWLILFDUVHGHTXHRVPÚGLRVHVWÔR
OLJDGRV
5RGDURDQHOVLWXDGRQRPHLRGD
DODYDQFDFRPELQDGDGDVOX]HVSDUD
DSRVLØÔR213DUDGHVOLJDURVIDUäLV
GHQHYRHLURURGDURDQHOSDUD
DSRVLØÔR2))
3DUDOLJDUDVOX]HVGHQHYRHLUR
WUDVHLUDVURGDUDH[WUHPLGDGHGD
DODYDQFDGROLPSDSÒUDEULVDVFRP
RVPÚGLRVOLJDGRV
3DUDGHVOLJDUDVOX]HVGHQHYRHLUR
WUDVHLUDVURGDUDH[WUHPLGDGHGD
DODYDQFDQRYDPHQWH
/X]HVGHPDUFKDDWUÒV
$VOX]HVGHPDUFKDDWUÒVDFHQGHP
VHTXDQGRDLJQLØÔRHVWÒOLJDGDHD
PDUFKDDWUÒVHVWÒVHOHFFLRQDGD
,OXPLQDØÔR
7UDEDOKDUFRPRLQWHUUXSWRUGH
EDODQFLP
VHPSUHOLJDGDDWÚVHU
c
GHVOLJDGDPDQXDOPHQWH
Z
DFHQGHVHDXWRPDWLFDPHQWH
DRDEULUXPDSRUWDHDSDJDVH
TXDQGRWRGDVDVSRUWDVVH
HQFRQWUDPIHFKDGDV
ഓ
VHPSUHGHVOLJDGDPHVPR
TXDQGRDVSRUWDVHVWÔR
DEHUWDV
$GYHUWÛQFLD
$EDWHULDSRGHGHVFDUUHJDUVHRV
IDUäLVILFDUHPDFHVRVGXUDQWHPXLWR
WHPSR
$YLVR
(YLWDUXWLOL]DUDOX]GHFRUWHVLDDR
FRQGX]LUQRHVFXUR
8PKDELWÒFXORLOXPLQDGRUHGX]
DYLVLELOLGDGHQRHVFXURHSRGH
SURYRFDUXPDFROLVÔR
&DUDFWHUÞVWLFDVGH
LOXPLQDØÔR
3URWHFØÔRSDUDHYLWDU
DGHVFDUJDGDEDWHULD
'HVOLJDUDVOX]HVHOÚFWULFDV
3DUDHYLWDUTXHDEDWHULD
GHVFDUUHJXHDOJXPDVOX]HVVÔR
DSDJDGDVDXWRPDWLFDPHQWHVH
DSRUWDGRFRQGXWRUIRUDEHUWDTXDQGR
DLJQLØÔRIRUFRPXWDGDSDUD/2&.RX
$&&
$VOX]HVGHFRUWHVLDQÔRVHUÔR
DSOLFDGDVFRPHVWDIXQØÔR
6LVWHPDGHLQIRUPDØÔRHOD]HU
6LVWHPDGH
LQIRUPDØÔRHOD]HU
,QWURGXØÔR 5ÒGLR /HLWRUHVGHÒXGLR (QWUDGD$8; (QWUDGD86% ,QWURGXØÔR
)XQØÔRDQWLURXER
$IXQØÔRDQWLURXERSURWHJHUÒFRPWUD
URXERGRUÒGLR
4XDQGRXPFäGLJR,'ÚUHJLVWDGRQD
IXQØÔRGHEORTXHLRGHVHJXUDQØD
PHVPRVHDXQLGDGHIRUURXEDGD
HPRQWDGDQRXWUROXJDUQÔRVHUÒ
SRVVÞYHOXWLOL]ÒODH[FHSWRVHIRU
LQWURGX]LGRRFäGLJRGH,'UHJLVWDGR
'HILQLUREORTXHLRGHVHJXUDQØD
UHJLVWDURFäGLJRGH,'
'HVOLJDURUÒGLR
3UHPLU>32:(5@
VLPXOWDQHDPHQWHPDQWHQGR
>,1)2@H>@
2PRGRGHUHJLVWRGRFäGLJRGH
,'VHUÒHVWDEHOHFLGR
3UHPLU>@a>@SDUDLQWURGX]LURV
FäGLJRVGHTXDWURGÞJLWRV
3UHPLU>@a>@SDUDFRQILUPDU
QRYDPHQWHRFäGLJR
2UÒGLRPRVWUDVHJXUDQØD
OLJDGD
2FäGLJRGH,'ILFDUÒUHJLVWDGRHR
UÒGLRVHUÒGHVOLJDGR
/LEHUWDØÔRGREORTXHLRGH
VHJXUDQØD
'HVOLJDURUÒGLR
2UÒGLRPRVWUD'HVEORTXHRGH
6(JXUDQØD7RUQDDIXQØÔRGH
VHJXUDQØDWHPSRUDULDPHQWH
LQGLVSRQÞYHOºSRVVÞYHOXWLOL]DUHVWH
UÒGLR
3UHPLU>32:(5@
VLPXOWDQHDPHQWHPDQWHQGR
>,1)2@SUHPLGRH>@QRPRGRGH
GHVEORTXHLRGDVHJXUDQØD
2PRGRGHUHJLVWRGRFäGLJRGH
,'VHUÒHVWDEHOHFLGR
3UHPLU>@a>@SDUDLQWURGX]LURV
FäGLJRVGHTXDWURGÞJLWRV
2UÒGLRPRVWUDVHJXUDQØD
GHVOLJDGD
6HRFäGLJRLQWURGX]LGRFRUUHVSRQGHU
DRFäGLJRUHJLVWDGRREORTXHLRGH
VHJXUDQØDÚOLEHUWDGRHRUÒGLR
ÚGHVOLJDGR
$GYHUWÛQFLD
$IXQØÔRDQWLURXERSRGHVHU
DFWLYDGDGHSRLVGDGHILQLØÔRSHOR
FRQFHVVLRQÒULR6HWLYHUDOJXPD
GLILFXOGDGHFRQWDFWDU
RFRQFHVVLRQÒULR
$VSHFWRVJHUDLVGRVHOHPHQWRVGHFRPDQGR
7LSR
>35(6(7@a
ဈ 0RGRGHUÒGLR
3UHVVLRQDUEUHYHPHQWH
&KDPDUDHVWDØÔRSUÚ
PHPRUL]DGDQDPHPäULDGH
HVWDØæHVSUHGHILQLGDV
3UHVVLRQDUGXUDQWHDOJXQV
VHJXQGRV$UPD]HQDUQD
PHPäULDGHHVWDØæHV
SUHGHILQLGDV
ဈ 0RGRGH&'
>',5@DFWLYDURXGHVDFWLYDU
RPRGRGHUHSURGXØÔRGR
GLUHFWäULR
>537@DFWLYDURXGHVDFWLYDU
RPRGRGHUHSURGXØÔRGH
UHSHWLØÔR
>5'0@DFWLYDURX
GHVDFWLYDURPRGRGH
UHSURGXØÔRDOHDWäULD
>,17@DFWLYDURXGHVDFWLYDU
RPRGRGHUHSURGXØÔR,QWUR
6FDQ
5$1+85$&'
>(-(&7@
ဈ (MHFWDURGLVFRGROHLWRUGH&'
>730(18@
ဈ 3UHVVLRQDUEUHYHPHQWH
'HILQLØÔRGDUHFHSØÔRGH
DYLVRVGHWUÓQVLWR
ဈ 3UHVVLRQDUGXUDQWHDOJXQV
VHJXQGRV'HILQLØÔRGDV
FRQILJXUDØæHV
$)/LJDGR'HVOLJDGRDFWLYDU
GHVDFWLYDUIXQØÔRGH
FRPXWDØÔR5'6$)
5(*/LJDGR'HVOLJDGR
DFWLYDUGHVDFWLYDUIXQØÔR
UHJLRQDO5'6
1HQKXP37<6HOHFØÔRGR
WLSRGHSURJUDPD5'6
)DY3ÒJLQDa'HILQLØÔRGD
SÒJLQDGHIDYRULWRV
$673DJH2Q2II$FWLYDU
GHVDFWLYDUDUPD]HQDPHQWR
DXWRPÒWLFRGDSÒJLQD
>6281'@
ဈ $MXVWHGRV*UDYHV0ÚGLRV
$JXGRV)DGHU%DODQFH(4
3UHGHILQLGD
$X[6RFNHW
ဈ (QWUDGDGRVLQDOGHÒXGLR
HVWÚUHR
>$8;@
ဈ 6HOHFØÔRGRPRGRDX[LOLDU
>781('2:1@
ဈ 0RGRGHUÒGLR
6LQWRQL]DØÔRSDVVRSDUD
EDL[R
VHJXQGRV6LQWRQL]DØÔR
FRQWÞQXDSDUDEDL[R
ဈ 0RGRGH&'
3UHVVLRQDUOLJHLUDPHQWH
5HSURGXØÔRGDIDL[DRXILFKHLUR
DQWHULRU
VHJXQGRV5HWURFHVVRUÒSLGR
GDUHSURGXØÔR
>781(83@
ဈ 0RGRGHUÒGLR
6LQWRQL]DØÔRSDVVRSDUDFLPD
FRQWÞQXDSDUDFLPD
ဈ 0RGRGH&'
VHJXLQWH
VHJXQGRV$YDQØRUÒSLGRGD
UHSURGXØÔR
>92/80(@
ဈ $MXVWHGRYROXPH
ဈ $MXVWHGRVRPQRPRGRGH
FRQWURORGRVRP
>32:(5@
ဈ 4XDQGRDHQHUJLDHVWÒOLJDGD
3UHVVLRQDUEUHYHPHQWH&RP
VHPVRP
VHJXQGRV/LJDGHVOLJD
DXQLGDGH
ဈ 4XDQGRDHQHUJLDHVWÒ
GHVOLJDGD
$RSUHVVLRQDURERWÔRGH
HQHUJLDRDSDUHOKRÚOLJDGR
>6((.83@
ဈ 0RGRGHUÒGLR
3HVTXLVDGDHVWDØÔRHPLVVRUD
VHJXLQWHSDUDFLPD
3UHVVÔRORQJD3URFXUD37<
SDUDFLPD
ဈ 0RGRGH&'
3DVWDVHJXLQWHQDUHSURGXØÔR
GH&'
>6((.'2:1@
ဈ 0RGRGHUÒGLR
SDUDEDL[R
SDUDEDL[R
ဈ 0RGRGH&'
3DVWDDQWHULRUQDUHSURGXØÔR
GH&'
>86%@
ဈ 6HOHFØÔRGRPRGR86%
ဈ )XQØÔRGHSDXVD86%QD
UHSURGXØÔR86%
86%62&.(7
ဈ 7RPDGD86%
>%$1'$67@
ဈ 6HOHFØÔRGRPRGRGHUÒGLR
ဈ 0RGRGHUÒGLR
6HOHFØÔRGDEDQGDGHUÒGLR$0
RX)0
VHJXQGRV)XQØÔRGH
DUPD]HQDPHQWRDXWRPÒWLFR
EXVFDHPHPRUL]DØÔRGDV
PHOKRUHVHVWDØæHV
>)$9,1)2@
ဈ 0RGRGHUÒGLR
6HOHFØÔRGDSÒJLQDGH
IDYRULWRV
VHJXQGRV([LELØÔRGH
LQIRUPDØæHVGDHVWDØÔRDFWXDO
ဈ 0RGRGH&'
([LELØÔRGHLQIRUPDØæHVGD
IDL[DDFWXDO
>&'@
ဈ 6HOHFØÔRGRPRGRGH
UHSURGXØÔRGRGLVFRFRPSDFWR
ဈ )XQØÔRGHSDXVDGR&'QD
UHSURGXØÔRGH&'
7LSR
>35(6(7@a
ဈ 0RGRGHUÒGLR
&KDPDUDHVWDØÔRSUÚ
PHPRUL]DGDQDPHPäULDGH
HVWDØæHVSUHGHILQLGDV
VHJXQGRV$UPD]HQDUQD
PHPäULDGHHVWDØæHV
SUHGHILQLGDV
ဈ 0RGR&'86%L3RG
>',5@DFWLYDURXGHVDFWLYDU
RPRGRGHUHSURGXØÔRGR
GLUHFWäULR
>537@DFWLYDURXGHVDFWLYDU
RPRGRGHUHSURGXØÔRGH
UHSHWLØÔR
>%$&.@YROWDUDRPRGR
DQWHULRU
>6(/(&7@DOWHUQDUHQWUH
RPRGRL3RGRXUHSURGXØÔR
>5'0@DFWLYDURX
GHVDFWLYDURPRGRGH
UHSURGXØÔRDOHDWäULD
>,17@DFWLYDURXGHVDFWLYDU
RPRGRGHUHSURGXØÔR,QWUR
6FDQ
5$1+85$&'
>(-(&7@
ဈ (MHFWDURGLVFRGROHLWRUGH&'
>730(18@
ဈ 0RGRGHUÒGLR
'HILQLØÔRGDUHFHSØÔRGH
DYLVRVGHWUÓQVLWR
VHJXQGRV'HILQLØÔRGDV
FRQILJXUDØæHV
$)/LJDGR'HVOLJDGRDFWLYDU
GHVDFWLYDUIXQØÔRGH
FRPXWDØÔR5'6$)
5(*/LJDGR'HVOLJDGR
DFWLYDUGHVDFWLYDUIXQØÔR
UHJLRQDO5'6
1HQKXP37<6HOHFØÔRGR
WLSRGHSURJUDPD5'6
)DY3ÒJLQDa'HILQLØÔRGD
SÒJLQDGHIDYRULWRV
$673DJH2Q2II$FWLYDU
GHVDFWLYDUDUPD]HQDPHQWR
DXWRPÒWLFRGDSÒJLQD
ဈ PRGRL3RG
FRPDQGRGHQDYHJDØÔRGR
L3RG
>6281'@
ဈ $MXVWHGRV*UDYHV0ÚGLRV
$JXGRV)DGHU%DODQFH(4
3UHGHILQLGD
$X[6RFNHW
ဈ (QWUDGDGRVLQDOGHÒXGLR
HVWÚUHR
>$8;@
ဈ 6HOHFØÔRGRPRGRDX[LOLDU
>781('2:1@
ဈ 0RGRGHUÒGLR
6LQWRQL]DØÔRSDVVRSDUD
EDL[R
FRQWÞQXDSDUDEDL[R
ဈ PRGR&'86%L3RG
3UHVVLRQDUOLJHLUDPHQWH
DQWHULRU
VHJXQGRV5HWURFHVVRUÒSLGR
GDUHSURGXØÔR
>781(83@
ဈ 0RGRGHUÒGLR
6LQWRQL]DØÔRSDVVRSDUDFLPD
FRQWÞQXDSDUDFLPD
ဈ PRGR&'86%L3RG
VHJXLQWH
VHJXQGRV$YDQØRUÒSLGRGD
UHSURGXØÔR
>92/80(@
ဈ $MXVWHGRYROXPH
ဈ $MXVWHGRVRPQRPRGRGH
FRQWURORGRVRP
>32:(5@
ဈ 4XDQGRDHQHUJLDHVWÒOLJDGD
3UHVVLRQDUEUHYHPHQWH&RP
VHPVRP
VHJXQGRV/LJDGHVOLJD
DXQLGDGH
ဈ 4XDQGRDHQHUJLDHVWÒ
GHVOLJDGD
$RSUHVVLRQDURERWÔRGH
HQHUJLDRDSDUHOKRÚOLJDGR
>6((.83@
ဈ 0RGRGHUÒGLR
VHJXLQWHSDUDFLPD
SDUDFLPD
ဈ 0RGRGH&'
3DVWDVHJXLQWHQDUHSURGXØÔR
GH&'
>6((.'2:1@
ဈ 0RGRGHUÒGLR
SDUDEDL[R
SDUDEDL[R
ဈ 0RGRGH&'
3DVWDDQWHULRUQDUHSURGXØÔR
GH&'
>86%L3RG@
ဈ 6HOHFØÔRGRPRGR86%RXL3RG
ဈ )XQØÔRGHSDXVD86%RXL3RG
QDUHSURGXØÔR86%
86%62&.(7
ဈ 7RPDGD86%
>%$1'$67@
ဈ 6HOHFØÔRGRPRGRGHUÒGLR
ဈ 0RGRGHUÒGLR
6HOHFØÔRGDEDQGDGHUÒGLR$0
RX)0
VHJXQGRV)XQØÔRGH
DUPD]HQDPHQWRDXWRPÒWLFR
EXVFDHPHPRUL]DØÔRGDV
PHOKRUHVHVWDØæHV
>)$9,1)2@
ဈ 0RGRGHUÒGLR
6HOHFØÔRGDSÒJLQDGH
IDYRULWRV
VHJXQGRV([LELØÔRGH
LQIRUPDØæHVGDHVWDØÔRDFWXDO
ဈ 0RGRGH&'
([LELØÔRGHLQIRUPDØæHVGD
IDL[DDFWXDO
>&'@
ဈ 6HOHFØÔRGRPRGRGH
UHSURGXØÔRGRGLVFRFRPSDFWR
ဈ )XQØÔRGHSDXVDGR&'QD
UHSURGXØÔRGH&'
&RQWUROHVÒXGLRQRYRODQWH
>3:5@
/LJDU3UHVVLRQDUHVWHERWÔR
'HVOLJDU3UHVVLRQDUHVWHERWÔR
6HPVRP3UHVVLRQDUHVWHERWÔR
TXDQGRRDSDUHOKRHVWÒOLJDGR
>@
3UHVVLRQDURERWÔR>>@SDUD
DXPHQWDURYROXPHGRÒXGLR
3UHVVLRQDUHVWHERWÔRHHP
VHJXLGDRUÒGLRDXPHQWD
RYROXPHGRÒXGLR6HHVWHERWÔR
IRUSUHVVLRQDGRGXUDQWHPDLVGH
VHJXQGRRUÒGLRDXPHQWD
RYROXPHGRÒXGLRSDVVRDSDVVR
>@
3UHVVLRQDU>>@SDUDEDL[DU
RYROXPHGRÒXGLR3UHVVLRQDU
HVWHERWÔRHHPVHJXLGDRUÒGLR
EDL[DRYROXPHGRÒXGLR6HHVWH
ERWÔRIRUSUHVVLRQDGRGXUDQWH
PDLVGHVHJXQGRRUÒGLREDL[D
RYROXPHGRÒXGLRSDVVRDSDVVR
>6((.@
02'2'(5²',2
3UHVVLRQDUHVWHERWÔRSDUDLU
SDUDDHVWDØÔRSUHGHILQLGD
VHJXLQWH3UHGHILQLØÔRGH
IDYRULWRVඎඎඎ
3UHVVLRQDUHVWHERWÔR
SDUDSURFXUDUDHVWDØÔR
VHJXLQWH
02'2'(&'3
3UHVVLRQDUHVWHERWÔRSDUDLU
SDUDDIDL[DVHJXLQWH
)DL[Dඎ)DL[Dඎ
SDUDUHSURGX]LUDIDL[D
DYDQØDQGRUDSLGDPHQWH
02'2&'386%RXL3RG
7LSR
GXUDQWHPHQRVGHVHJXQGR
SDUDSDVVDUÑIDL[DVHJXLQWH
)DL[Dඎ)DL[Dඎ
3UHVVLRQDUHVWHERWÔRPDLV
GHVHJXQGRSDUDUHSURGX]LU
DIDL[DGHDYDQØRUÒSLGR
>02'(@
2PRGRGHUHSURGXØÔRVHUÒ
DOWHUDGRSHODVHJXLQWHRUGHP
VHPSUHTXHHVWHERWÔRIRU
SUHVVLRQDGR
)0ඎ$0ඎ&'3ඎ86%RX
L3RGඎ$8;ඎ)0
2UÒGLRLJQRUDRPRGR&'3VH
QÔRVHHQFRQWUDUQHQKXPGLVFR
QRUÒGLR2UÒGLRLJQRUDRPRGR
86%RXL3RGVHQÔRKRXYHU
QHQKXPDPHPäULD86%RX
LQVWUXPHQWRL3RGQRUÒGLR
2UÒGLRLJQRUDRPRGR$8;VH
QÔRVHHQFRQWUDUQHQKXPDILFKD
DX[LOLDUQDWRPDGDQRUÒGLR
PRGRL3RGDSHQDVWLSR
8VR
/LJDUGHVOLJDU
/LJDU
3UHVVLRQDU>32:(5@SDUDOLJDU
RUÒGLR
'HVOLJDU
3UHVVLRQDU>32:(5@HPDQWHU
SUHVVLRQDGRGXUDQWHPDLVGH
VHJXQGRSDUDGHVOLJDURUÒGLR
6HPVRP
3UHVVLRQDU>32:(5@SDUDWLUDURVRP
TXDQGRRDSDUHOKRHVWÒOLJDGR
$MXVWHGRYROXPH
5RGDURFRQWURORGRYROXPHSDUD
DGLUHLWDSDUDDXPHQWDURYROXPHGR
ÒXGLR
5RGDURFRQWURORGRYROXPHSDUD
DHVTXHUGDSDUDGLPLQXLURYROXPHGR
ÒXGLR
$MXVWHGRÒXGLR
$MXVWHGRVJUDYHV
3UHVVLRQDU>6281'@UHSHWLGDPHQWH
DWÚRUÒGLRLQGLFDU%$6HURGDU
R%27´2>92/80(@SDUDDGLUHLWDRX
SDUDDHVTXHUGDSDUDDXPHQWDURX
GLPLQXLURHIHLWRGRVJUDYHV
$MXVWHGH$OFDQFHPÚGLRGRVDJXGRV
EDODQFHIDGHU
4XDVHRPHVPRFRPR$IXVWHGRV
*UDYHVDFLPDPDVVHOHFFLRQDU
FDGDPRGRGHWRQDOLGDGH
6HOHFØÔRGH(4SUHGHILQLGD
4XDVHRPHVPRFRPR$IXVWHGRV
*UDYHVDFLPDPDVVHOHFFLRQDU
PRGRGH(4SUHGHILQLGR
2VWLSRVGHPRGRGH(4SUHGHILQLGD
VÔRඎ'(6/,*$'2ඎ323ඎ5RFN
ඎ&RXQWU\ඎ9R]ඎ-D]]ඎ&OÒVVLFD
ඎ'(6/,*$'2ඎ
5ÒGLR
8VR
5ÒGLR$0)0
6HOHFØÔRGRPRGRGHUÒGLR
3UHPLUD>%$1'$67@SDUDRXYLU
RUÒGLRQRXWURPRGR
0XGDQØDGDODUJXUDGHEDQGD
$EDQGDPXGDGH$0SDUD)0RXGH
)0SDUD$0VHPSUHTXH>%$1'
$67@ÚSUHPLGR
6LQWRQL]DØÔRPDQXDOSDUDFLPDSDUD
EDL[R
3UHVVLRQDU>781(83@>781(
'2:1@SDUDDXPHQWDUGLPLQXLU
DIUHTXÛQFLD
$IUHTXÛQFLDDXPHQWDRXGLPLQXL
SDVVRDFDGDSUHVVÔRGH>781(
83@>781('2:1@
6HHVWHERWÔRIRUSUHVVLRQDGR
FRQWLQXDPHQWHDIUHTXÛQFLD
DXPHQWDRXGLPLQXLQDPHVPD
SURSRUØÔR
3URFXUDUSDUDFLPDSDUDEDL[R
3UHVVLRQDU>6((.83@>6((.
'2:1@SDUDHQFRQWUDUDHVWDØÔR
VHJXLQWHDQWHULRUDXWRPDWLFDPHQWH
0HPäULDGHHVWDØæHVSUHGHILQLGDV
SÒJLQDVGHIDYRULWRVSRGHP
DUPD]HQDUDWÚHVWDØæHV
LQGHSHQGHQWHPHQWHGDODUJXUDGH
EDQGDVHU)0RX$0
$HVWDØÔRDFWXDOSRGHVHU
PHPRUL]DGDGDVHJXLQWHIRUPD
3URFXUDURXVLQWRQL]DU
PDQXDOPHQWHDHVWDØÔR
GHVHMDGD
6HOHFFLRQDUDSÒJLQDSUHIHULGD
SUHPLQGR>)$9,1)2@
3UHVVLRQDUHPDQWHUSUHVVLRQDGR
>35(6(7@GXUDQWHPDLVGH
VHJXQGR
$WUDYÚVGRSURFHGLPHQWRDFLPDDV
HVWDØæHVVÔRPHPRUL]DGDVQD
PHPäULDGHHVWDØæHVSUHGHILQLGDV
&KDPDUHVWDØÔRSUHGHILQLGD
ºSRVVÞYHORXYLUDHVWDØÔR
PHPRUL]DGDQDPHPäULDGHHVWDØæHV
SUHGHILQLGDVXWLOL]DQGRRVHJXLQWH
SURFHGLPHQWR
6HOHFFLRQDUDSÒJLQDSUHIHULGD
SUHPLQGR>)$9,1)2@
3UHVVLRQDU>35(6(7@RQGHHVWÒ
PHPRUL]DGDDHVWDØÔRTXH
SUHWHQGHRXYLU
)XQØÔRGHPHPRUL]DØÔRDXWRPÒWLFD
GHHVWDØæHV
0HPRUL]DØÔRDXWRPÒWLFDGH
HVWDØæHV
3UHVVLRQDU>%$1'$67@GXUDQWH
PDLVGHVHJXQGRHHPVHJXLGD
RUÒGLRLQLFLDDIXQØÔRGH
PHPRUL]DØÔRDXWRPÒWLFDGH
HVWDØæHV
(OLPLQDUSÒJLQDGHPHPRUL]DØÔR
DXWRPÒWLFDGHHVWDØæHV
'HSRLVGHVHDFFLRQDUDIXQØÔRGH
PHPRUL]DØÔRDXWRPÒWLFDGH
HVWDØæHVRUÒGLRSDVVDDGLVSRUGH
SÒJLQDVPHPRUL]DGDV
DXWRPDWLFDPHQWH
3DUDDSDJDUDSÒJLQDGH
PHPRUL]DØÔRDXWRPÒWLFDSUHPLU
>730(18@PDLVGHVHJXQGR
HGHSRLVSUHPLU>730(18@
UHSHWLGDPHQWHDWÚRUÒGLRPRVWUDU
$673DJH2QHURGDURERWÔRGR
>92/80(@DWÚ$673DJH2IIVHU
YLVXDOL]DGR
)XQFLRQDPHQWRGR0HQX
$)/LJDGR'HVOLJDGR
$IXQØÔR$)WUDQVIRUPDVHPSUH
DIDL[DGHUÒGLRQDPHOKRURSØÔR
3UHPLU>730(18@PDLVGH
VHJXQGRHSUHPLUR>730(18@DWÚ
RUÒGLRDSUHVHQWDU$)2IIHURGDU
RERWÔRGH>92/80(@DWÚ$)2QVHU
DSUHVHQWDGR
5HJLRQDO2Q2II
$IXQØÔR5HJLRQDOID]FRPTXH
RUÒGLRVDOWHSDUDXPDHVWDØÔR
UHJLRQDO5HJLRQDORII
3UHPLU>730(18@PDLVGH
VHJXQGRHSUHPLUR>730(18@DWÚ
RUÒGLRDSUHVHQWDU5(*2IIHURGDU
RERWÔRGH>92/80(@DWÚ5(*2Q
VHUDSUHVHQWDGR
5HFHSØÔRGHDYLVRVGHWUÓQVLWR
3UHPLU>730(18@SDUDRXYLUDYLVRV
GHWUÓQVLWRDSDUWLUGHVWDHVWDØÔR
$QWHQDIL[D
&DQFHODUDUHFHSØÔRGHDYLVRVGH
WUÓQVLWR
3UHPLU>730(18@SDUDFDQFHODU
DUHFHSØÔRGRVDYLVRVGHWUÓQVLWR
2DYLVRGHWUÓQVLWRHVWÒGHVDFWLYDGR
3URFXUDUHVWDØÔRGHWUÓQVLWR
3UHPLU>730(18@QDHVWDØÔRTXH
QÔRWHPLQIRUPDØÔRGHWUÓQVLWR
RUÒGLRSURFXUDDHVWDØÔRTXHWHP
DYLVRVGHWUÓQVLWR
5HFHSØÔRGHUÒGLR
$UHFHSØÔRGHUÒGLRSRGHVRIUHU
LQWHUIHUÛQFLDVGHYLGRDUXÞGR
HVWÒWLFDGLVWRUØÔRRXSHUGDGD
UHFHSØÔRQDVHTXÛQFLDGH
࿢ PXGDQØDVGHGLVWÓQFLDGR
WUDQVPLVVRU
࿢ UHFHSØÔRSRUYLDVPëOWLSODVGHYLGR
DRUHIOH[RH
࿢ VRPEUHDGR
3DUDGHVPRQWDUDDQWHQDGR
WHMDGLOKRURGÒODSDUDDHVTXHUGD
3DUDPRQWDUDDQWHQDGRWHMDGLOKR
URGÒODSDUDDGLUHLWD
$WHQØÔR
&HUWLILFDUVHTXHUHWLUDDDQWHQD
DQWHVGHHQWUDUHPORFDOFRPWHFWR
EDL[RRXHVWDSRGHUÒGDQLILFDUVH
(QWUDUQDODYDJHPGHFDUURV
DXWRPÒWLFDFRPDDQWHQD
PRQWDGDSRGHUHVXOWDUHPGDQRV
QDDQWHQDRXQRSDLQHOGRWHFWR
&HUWLILFDUVHGHTXHUHWLUD
DDQWHQDDQWHVGHHQWUDUQD
ODYDJHPGHFDUURVDXWRPÒWLFD
0RQWDUDDQWHQDWRWDOPHQWHDSHUWDGD
HDMXVWDGDSDUDDYHUWLFDOSDUD
JDUDQWLUXPDUHFHSØÔRDGHTXDGD
/HLWRUHVGHÒXGLR
/HLWRUGH&'
4XDQGRÚLQVHULGRXP&'VXUJHQR
YLVRURUÒGLRHTXDQGRR&'HVWÒ
DVHUFDUUHJDGRVXUJHQRYLVRU
DLQGLFDØÔR)LOHFKHFNYHULILFDØÔR
GHILFKHLURV
8PDYH]LQLFLDGDDUHSURGXØÔR
DIDL[DHRQëPHURGDIDL[DVHUÔR
DSUHVHQWDGRVQRYLVRU
6HDLJQLØÔRRXRUÒGLRIRUHP
GHVOLJDGRVFRPXP&'QROHLWRU
RGLVFRPDQWÚPVHQRLQWHULRUGR
OHLWRU4XDQGRXP&'VHHQFRQWUDUQR
OHLWRUHDLJQLØÔRIRUOLJDGDRUÒGLR
WHPGHVHUOLJDGRDQWHVGHVHLQLFLDU
DUHSURGXØÔRGR&'DFWXDO4XDQGR
DLJQLØÔRHRUÒGLRHVWLYHUHPOLJDGRV
R&'LQLFLDDUHSURGXØÔRQRORFDOHP
TXHSDURXVHWLYHUVLGRDëOWLPDIRQWH
GHÒXGLRVHOHFFLRQDGD
2OHLWRUGH&'SRGHUHSURGX]LU&'V
PDLVSHTXHQRVGHSROHJDGDV
FPFRPXPDQHODGDSWDGRU2V
&'VGHWDPDQKRQRUPDOHRV&'V
PDLVSHTXHQRVVÔRFDUUHJDGRVGD
PHVPDIRUPD
6HHVWLYHUDUHSURGX]LUXP&'5
DTXDOLGDGHGHVRPSRGHUÒVHU
UHGX]LGDGHYLGRÑTXDOLGDGHGR
&'5DRPÚWRGRGHJUDYDØÔR
ÑTXDOLGDGHGDPëVLFDTXHIRL
JUDYDGDHÑIRUPDFRPRR&'5IRL
PDQXVHDGR3RGHUÒUHJLVWDUVHXP
DXPHQWRGHಮVDOWRVಯGLILFXOGDGHQD
ORFDOL]DØÔRGDVIDL[DVHRX
GLILFXOGDGHHPFDUUHJDUHHMHFWDU6H
HVWHVSUREOHPDVRFRUUHUHPYHULILTXH
DVXSHUIÞFLHLQIHULRUGR&'6H
DVXSHUIÞFLHGR&'HVWLYHUGDQLILFDGD
FRPIHQGDVTXHEUDVRXULVFRVR&'
QÔRVHUÒUHSURGX]LGRFRUUHFWDPHQWH
6HQÔRH[LVWLUHPGDQRVDSDUHQWHV
H[SHULPHQWHXP&'TXHVDLEDHVWDU
HPERDVFRQGLØæHV
1ÔRFROHTXDOTXHUHWLTXHWDQRVVHXV
&'VSRLVSRGHILFDUSUHVDQROHLWRUGH
&'6HXP&'IRUJUDYDGRQXP
FRPSXWDGRUSHVVRDOHIRUQHFHVVÒULD
XPDHWLTXHWDGHLGHQWLILFDØÔRWHQWH
URWXODUDSDUWHVXSHULRUGR&'
JUDYDGRFRPXPPDUFDGRU
$WHQØÔR
6HFRORFDUTXDOTXHUHWLTXHWDQXP
&'LQVHULUPDLVGHXP&'QD
UDQKXUDDRPHVPRWHPSRRX
WHQWDUOHU&'VDUUDQKDGRVRX
GDQLILFDGRVSRGHUÒGDQLILFDU
ROHLWRUGH&'$RXWLOL]DUROHLWRU
GH&'VXWLOL]DUDSHQDV&'VHP
ERPHVWDGRVHPHWLTXHWD
FDUUHJDUXP&'GHFDGDYH]
HPDQWHUROHLWRUGH&'VHD
UDQKXUDGHFDUUHJDPHQWROLYUHGH
TXDLVTXHUPDWHULDLVHVWUDQKRV
OÞTXLGRVHGHWULWRV
,QVHUØÔRGRGLVFR
2XSUHVVLRQDU>&'@SDUDUHSURGX]LU
RGLVFRDSDUWLUGHRXWURPRGRFRP
R&'LQVHULGR
(-(&7$52&'
3UHVVLRQDURERWÔR>(-(&7@HHP
VHJXLGDRGLVFRVHUÒHMHFWDGRGR
UÒGLR3X[DURGLVFRSDUDIRUDGR
UÒGLR
3DXVD
3UHVVLRQDU>&'@SDUDSDUDU
DUHSURGXØÔRHQTXDQWRR&'HVWÒ
DVHUUHSURGX]LGR
1RYLVRUVXUJHಮ3$86(ಯDSLVFDU
3UHVVLRQDU>&'@QRYDPHQWHSDUD
LQLFLDUDUHSURGXØÔR
,QVHULUR&'QXPDUDQKXUDGH&'
FRPDHWLTXHWDSDUDFLPDHP
VHJXLGDRUÒGLRSX[D
DXWRPDWLFDPHQWHR&'SDUDGHQWUR
HLQLFLDDUHSURGXØÔR
)DL[DVHJXLQWHDQWHULRU
3UHVVLRQDU>781(83781('2:1@
HHPVHJXLGDRUÒGLRLQLFLD
DUHSURGXØÔRGDIDL[DVHJXLQWH
DQWHULRU
6HOHFØÔRGRPRGRGH
UHSURGXØÔRGH&'
$YDQØRUÒSLGR5HWURFHVVRUÒSLGR
>781(83781('2:1@HP
VHJXLGDRUÒGLRLQLFLDDSURFXUD
UÒSLGDSDUDDIUHQWHSDUDWUÒV
,QVHULUXP&'QRFRPSDUWLPHQWRGR
&'HHPVHJXLGDRUÒGLRSDVVDSDUD
RPRGRGHUHSURGXØÔR
3DVWDVHJXLQWHDQWHULRUDSHQDV
SDUDGLVFRV03:0$
3UHVVLRQDU>6((.836((.'2:1@
HHPVHJXLGDRUÒGLRLQLFLD
DQWHULRU
5375HSHWLØÔR
3UHVVLRQDU>537@HHPVHJXLGD
RUÒGLRUHSURGX]DIDL[DDFWXDO
UHSHWLGDPHQWH
3DUDFDQFHODUHVWDIXQØÔR
SUHVVLRQDU>537@QRYDPHQWH
5'00RGRDOHDWäULR
3UHVVLRQDU>5'0@HHPVHJXLGD
RUÒGLRUHSURGX]DVIDL[DV
DOHDWRULDPHQWH
SUHVVLRQDU>5'0@QRYDPHQWH
,170RGR,QWUR6FDQ
3UHVVLRQDU>,17@HHPVHJXLGD
RUÒGLRUHSURGX]DSHQDV
VHJXQGRVGDIDL[DDFWXDOVDOWD
SDUDDIDL[DVHJXLQWHHUHDOL]DHVWD
DFØÔRUHSHWLGDPHQWH
SUHVVLRQDU>,17@QRYDPHQWH
7RGRV0RGRGHGLUHFWäULRDSHQDV
SDUDGLVFRV03:0$
$VIXQØæHV5HSHWLØÔR,QWUR6FDQ
H$OHDWäULRIXQFLRQDPQHVWDSDVWD
TXDQGRR0RGR',5HVWÒDFWLYR
3UHVVLRQDU>',5@HHPVHJXLGD
RUÒGLRIXQFLRQDQRPRGRGH
GLUHFWäULR
SUHVVLRQDU>',5@QRYDPHQWH
$SUHVHQWDØÔRGDLQIRUPDØÔR,'7DJ
DSHQDVGLVFRV03:0$
3UHVVLRQDURERWÔR>)$9,1)2@
RUÒGLRDSUHVHQWDDLQIRUPDØÔRGR
LGHQWLILFDGRU,'GRVILFKHLURV
DFWXDLV
(QWUDGD$8;
(QWUDGD86%
,QIRUPDØæHVJHUDLV
,QIRUPDØæHVJHUDLV
0RGR$8;
0RGRGHUHSURGXØÔR86%
7LSR
2UÒGLRWHPXPDWRPDGDGHHQWUDGD
DX[LOLDUPPGHGLÓPHWURVLWXDGD
QRODGRGLUHLWRLQIHULRUGRSDLQHO
IURQWDO
1ÔRVHWUDWDGHXPVLQDOGHVDÞGD
UÒGLRQÔROLJDUDILFKDGRV
DXVFXOWDGRUHVQDWRPDGDGHHQWUDGD
DX[LOLDUGLDQWHLUD
1RHQWDQWRSRGHOLJDUXPGLVSRVLWLYR
ÒXGLRH[WHUQRWDOFRPRXPL3RG
FRPSXWDGRUSRUWÒWLOOHLWRUGH03
GLVSRVLWLYRGHPXGDQØDGH&'VRX
UHFHSWRU;070HWFDRMDFNGH
HQWUDGDDX[LOLDUSDUDXWLOL]DØÔRFRPR
RXWUDIRQWHGHÒXGLR
$8;HP6HOHFØÔRGR0RGR
3UHPLU>$8;@QRRXWURPRGRGH
UHSURGXØÔR
6HDILFKDMDFNDX[LOLDUQÔRHVWLYHU
LQWURGX]LGDRPRGR$8;VHUÒ
LPSHGLGR
6HOHFØÔRGRPRGRGHUHSURGXØÔR
86%
3UHVVLRQDU>86%@SDUDUHSURGX]LURV
ILFKHLURV86%DSDUWLUGHRXWURPRGR
,QVHUØÔRGDPHPäULD86%
,QVHULUXPDPHPäULD86%QDWRPDGD
86%SDUDTXHRUÒGLRUHSURGX]DRV
ILFKHLURV86%DXWRPDWLFDPHQWH
([WUDFØÔRGDPHPäULD86%
5HWLUDUDPHPäULD86%GDWRPDGD
86%PDQXDOPHQWH
$VUHVWDQWHVIXQØæHVVÔRLJXDLVÑV
GLVSRQÞYHLVFRPRPRGR&'
/HUXP86%RXL3RG7LSR
6HOHFØÔRGRPRGRGHUHSURGXØÔR
86%RXL3RG
3UHVVLRQDU>86%L3RG@SDUDPXGDU
SDUDUHSURGX]LURVILFKHLURV86%RX
L3RGDSDUWLUGHRXWURPRGR
,QVHUØÔRGH86%RXL3RG
,QVHULUXPDPHPäULD86%RX
LQVWUXPHQWRL3RGQDWRPDGD86%
SDUDTXHRÒXGLRUHSURGX]D
DXWRPDWLFDPHQWHRVILFKHLURV86%
([WUDFØÔRGDPHPäULD86%
5HWLUDUDPHPäULD86%RX
RLQVWUXPHQWRL3RGGDWRPDGD86%
PDQXDOPHQWH
$VUHVWDQWHVIXQØæHVVÔRLJXDLVÑV
GLVSRQÞYHLVFRPRPRGR&'
3DXVD
3UHVVLRQDU>86%L3RG@SDUDID]HU
SDXVDQDUHSURGXØÔRHQTXDQWR
DPHPäULD86%RXRLQVWUXPHQWR
L3RGÚUHSURGX]LGR
1RYLVRUVXUJHಮ3$86(ಯLQWHUPLWHQWH
3UHVVLRQDU>86%L3RG@QRYDPHQWH
SDUDFRPHØDUDOHUR86%
)DL[DVHJXLQWHDQWHULRU
3UHVVLRQDU>781(83@>781(
'2:1@HHPVHJXLGDRUÒGLRLQLFLD
DQWHULRU
$YDQØRUÒSLGRUHWURFHVVRUÒSLGR
>781(83@>781('2:1@HP
VHJXLGDRUÒGLRLQLFLDDSURFXUD
UÒSLGDSDUDDIUHQWHSDUDWUÒV
3DVWDVHJXLQWHDQWHULRU$3(1$6
SDUDGLVFRV03:0$
3UHVVLRQDU>6((.83@>6((.
'2:1@HHPVHJXLGDRUÒGLRLQLFLD
DUHSURGXØÔRGDSDVWDVHJXLQWH
DQWHULRU
5375HSHWLØÔR
3UHVVLRQDU>537@HHPVHJXLGD
RUÒGLRUHSURGX]DIDL[DDFWXDO
UHSHWLGDPHQWH
SUHVVLRQDU>537@QRYDPHQWH
5'00RGRDOHDWäULR
3UHVVLRQDU>5'0@HHPVHJXLGD
RUÒGLRUHSURGX]DIDL[D
DOHDWRULDPHQWH
SUHVVLRQDU>5'0@QRYDPHQWH
,170RGR,QWUR6FDQ
3UHVVLRQDU>,17@GHSRLVRUÒGLR
UHSURGX]RVSULPHLURVVHJXQGRVGH
WRGDVDVIDL[DVHPVHTXÛQFLD
SUHVVLRQDU>,17@QRYDPHQWH
)XQØÔRGHQDYHJDØÔRGRL3RG
0RGRGHQDYHJDØÔRGRL3RG
3UHVVLRQDU>0(18@SDUDVHOHFFLRQDU
DFDWHJRULDVXSRUWDGDSHOR
LQVWUXPHQWRL3RG
&DWHJRULDVHJXLQWHDQWHULRU
3UHVVLRQDU>781(83@^>781(
'2:1@HSUHVVLRQDU>6(/(&7@
HGHSRLVRUÒGLRFRPHØD
DUHSURGXØÔR
&DQFHODURX3DVVR$QWHULRU
3UHVVLRQDU>%$&.@HGHSRLVRUÒGLR
UHJUHVVDDRSDVVRDQWHULRU
&OLPDWL]DØÔR
&OLPDWL]DØÔR
6LVWHPDVGHFOLPDWL]DØÔR *UHOKDVGHYHQWLODØÔR 0DQXWHQØÔR 6LVWHPDVGH
FOLPDWL]DØÔR
࿢ 5HFLUFXODØÔRGHDU
࿢ ÄFXORWUDVHLURFRPGHVHPEDFLDGRU
^
6LVWHPDGHDTXHFLPHQWR
HYHQWLODØÔR
7HPSHUDWXUD
$MXVWDUDWHPSHUDWXUDURGDQGR
RERWÔR
9HUPHOKR
4XHQWH
$]XO
)ULR
2DTXHFLPHQWRVäVHUÒWRWDOPHQWH
HILFD]TXDQGRRPRWRUWLYHUDWLQJLGR
DWHPSHUDWXUDQRUPDOGH
IXQFLRQDPHQWR
'LVWULEXLØÔRGRDU
6HOHFFLRQDUDVDÞGDGHDUURGDQGR
RERWÔRFHQWUDO
&RPDQGRVSDUD
࿢ 7HPSHUDWXUD
࿢ 'LVWULEXLØÔRGRDU
࿢ 9HORFLGDGHGDYHQWRLQKD
࿢ $TXHFLPHQWR
࿢ 'HVFRQJHODØÔRGRSÒUDEULVDV
+
*
,
)
5
&OLPDWL]DØÔR
SDUDDÒUHDGDFDEHØDHD
]RQDGRVSÚV
SDUDD]RQDGRVSÚVFRPXPD
SHTXHQDTXDQWLGDGHGHDU
DVHUGLUHFFLRQDGDSDUD
RSÒUDEULVDVRVYLGURVGDV
SRUWDVGLDQWHLUDVHDVJUHOKDV
GHYHQWLODØÔRODWHUDLV
SDUDDÒUHDGDFDEHØDDWUDYÚV
GDVVDÞGDVGHDUDMXVWÒYHLV
SDUDRSÒUDEULVDVHD]RQD
GRVSÚVFRPXPDSHTXHQD
TXDQWLGDGHGHDUDVHU
GLUHFFLRQDGDSDUDRVYLGURV
GDVSRUWDVGLDQWHLUDVHDV
JUHOKDVGHYHQWLODØÔRODWHUDLV
SDUDRSÒUDEULVDVHRVYLGURV
GDVSRUWDVGLDQWHLUDVFRP
XPDSHTXHQDTXDQWLGDGHGH
DUDVHUGLUHFFLRQDGDSDUDDV
9HORFLGDGHGDYHQWRLQKD
$MXVWDURIOX[RGHDUUHJXODQGR
DYHQWRLQKDSDUDDYHORFLGDGH
SUHWHQGLGD
$TXHFLPHQWR
$TXHFLPHQWRQRUPDO
5RGDURERWÔRGHFRQWURORGD
WHPSHUDWXUDSDUDDÒUHD
YHUPHOKDSDUDDTXHFLPHQWR
5RGDURERWÔRGHGLVWULEXLØÔRGH
DU
YHQWRLQKDSDUDDYHORFLGDGH
GHVHMDGD
$TXHFLPHQWRPÒ[LPR
8WLOL]DURPRGRGHDTXHFLPHQWR
PÒ[LPRSDUDRDTXHFLPHQWRUÒSLGR
GRKDELWÒFXOR
1ÔRXWLOL]DUGXUDQWHORQJRVSHUÞRGRV
GHWHPSR3RGHUHVXOWDUHP
DFLGHQWHVSRLVRDUQRLQWHULRUSRGH
ILFDUTXHQWHHHPEDFLDURVYLGURV
SURYRFDQGRDSHUGDGHYLVLELOLGDGH
GRFRQGXWRU
3DUDOLPSDURVYLGURVURGDURERWÔR
GHGLVWULEXLØÔRGRDUSDUDDSRVLØÔR
5HGHVORFDUDDODYDQFDGH
UHFLUFXODØÔRGRDUSDUDDHVTXHUGD
SDUDSHUPLWLUDHQWUDGDGHDUIUHVFR
QRYHÞFXOR
3DUDPÒ[LPRDTXHFLPHQWR
0RYHUDDODYDQFDGHUHFLUFXODØÔR
SDUDDGLUHLWDSDUDRPRGRGH
UHFLUFXODØÔR
YHUPHOKDSDUDDTXHFLPHQWR
PÒ[LPD
&OLPDWL]DØÔR
'HVFRQJHODØÔRGRSÒUDEULVDV
$EULUDVJUHOKDVGHYHQWLODØÔR
ODWHUDLVFRQIRUPHSUHWHQGLGR
HGLUHFFLRQÒODVSDUDRVYLGURV
GDVSRUWDV
6LVWHPDGHUHFLUFXODØÔRGR
DU
$WHQØÔR
&RORFDURPRGRGHUHFLUFXODØÔR
QDSRVLØÔRGHDUH[WHULRUHURGDU
RERWÔRGDGLVWULEXLØÔRGRDUSDUD
DSRVLØÔR'(6&21*(/$55
YHUPHOKDSDUDDUTXHQWH
$MXVWDURERWÔRGHFRQWURORGD
PÒ[LPDSDUDXPDGHVFRQJHODØÔR
UÒSLGD
$GLIHUHQØDHQWUHDWHPSHUDWXUD
GRDUH[WHULRUHDWHPSHUDWXUDGR
SÒUDEULVDVSRGHPID]HUFRPTXH
RVYLGURVILTXHPHPEDFLDGRV
GLPLQXLQGRDVVLPDYLVÔR
1ÔRXWLOL]DU)/225'()5267
)RX'()52675FRPWHPSR
PXLWRKëPLGRTXDQGRRERWÔRGH
FRQWURORGDWHPSHUDWXUDHVWLYHU
UHJXODGRSDUDDÒUHDD]XO
,VVRSRGHGDUOXJDUDXPDFLGHQWH
TXHSRGHGDQLILFDURYHÞFXOR
HFDXVDUIHULPHQWRVSHVVRDLV
2PRGRGHUHFLUFXODØÔRGHDU
ÚRSHUDGRFRPDDODYDQFD
&OLPDWL]DØÔR
$YLVR
$FRQGXØÔRFRPPRGRGH
UHFLUFXODØÔRGXUDQWHXPSHUÞRGR
SURORQJDGRGHWHPSRSRGHUÒ
SURYRFDUDVRQROÛQFLD
3HULRGLFDPHQWHSDVVHSDUD
RPRGRGHDUH[WHULRUSDUDREWHUDU
IUHVFR
2PRYLPHQWRGHDUIUHVFR
ÚUHGX]LGRQRPRGRGH
UHFLUFXODØÔR1RIXQFLRQDPHQWR
VHPDUUHIHFLPHQWRDKXPLGDGHGR
DUDXPHQWDSHORTXHRVYLGURV
SRGHPHPEDFLDUVH$TXDOLGDGH
GRDUGRKDELWÒFXORGHWHULRUDVH
HRVRFXSDQWHVSRGHPVHQWLU
VRQROÛQFLD
6LVWHPDGHDU
FRQGLFLRQDGR
$YLVR
1ÔRGRUPLUQXPYHÞFXORFRP
RVLVWHPDGRDUFRQGLFLRQDGRRX
RDTXHFLPHQWROLJDGRV3RGH
SURYRFDUOHVæHVJUDYHVRXSHUGD
GHYLGDGHYLGRÑEDL[DGRVQÞYHLV
GHR[LJÚQLRHRXWHPSHUDWXUD
FRUSRUDO
&RPDQGRVSDUD
࿢ 7HPSHUDWXUD
࿢ 'LVWULEXLØÔRGRDU
࿢ 9HORFLGDGHGDYHQWRLQKD
࿢ 'HVHPEDFLDPHQWR
HGHVFRQJHODØÔR
࿢ 5HFLUFXODØÔRGHDU
࿢ $UUHIHFLPHQWRL
࿢ ÄFXORWUDVHLURDTXHFLGR
7HPSHUDWXUD
$MXVWDUDWHPSHUDWXUDURGDQGR
RERWÔR
9HUPHOKR
4XHQWH
$]XO
)ULR
'LVWULEXLØÔRGRDU
6HOHFFLRQDUDVDÞGDGHDUURGDQGR
RERWÔRFHQWUDO
&OLPDWL]DØÔR
+
*
,
)
5
]RQDGRVSÚV
TXDQWLGDGHGHDUDVHU
$MXVWDURIOX[RGHDUUHJXODQGR
DYHQWRLQKDSDUDDYHORFLGDGH
SUHWHQGLGD
'HVHPEDFLDPHQWRGR
SÒUDEULVDV
&RORFDURPRGRGHUHFLUFXODØÔR
QDSRVLØÔRGHDUH[WHULRUHURGDU
RERWÔRGDGLVWULEXLØÔRGRDUSDUD
DSRVLØÔR'(6&21*(/$55
/LJDURDUUHIHFLPHQWRL
6HOHFFLRQDUDWHPSHUDWXUD
GHVHMDGD
GHVHMDGD
6LVWHPDGHUHFLUFXODØÔRGR
DU
2PRGRGHUHFLUFXODØÔRGHDU
ÚRSHUDGRFRPDDODYDQFD
&OLPDWL]DØÔR
$YLVR
$FRQGXØÔRFRPPRGRGH
UHFLUFXODØÔRGXUDQWHXPSHUÞRGR
SURORQJDGRGHWHPSRSRGHUÒ
SURYRFDUDVRQROÛQFLD
3HULRGLFDPHQWHSDVVHSDUD
RPRGRGHDUH[WHULRUSDUDREWHUDU
IUHVFR
ÚUHGX]LGRQRPRGRGH
VRQROÛQFLD
$UUHIHFLPHQWRL
ºDFFLRQDGRFRPRERWÔRLHVä
IXQFLRQDTXDQGRRPRWRUHD
YHQWRLQKDHVWÔRDWUDEDOKDU
2VLVWHPDGRDUFRQGLFLRQDGR
DUUHIHFHHGHVXPLGLILFDVHFDDVVLP
TXHDWHPSHUDWXUDH[WHULRUHVWÒXP
SRXFRDFLPDGRSRQWRGH
FRQJHODØÔR3RULVVRSRGHKDYHU
FRQGHQVDØÔRHSLQJRVSRUEDL[RGR
YHÞFXOR
6HQÔRIRUQHFHVVÒULRTXDOTXHU
DUUHIHFLPHQWRRXGHVXPLGLILFDØÔR
GHVOLJDURVLVWHPDGHDUUHIHFLPHQWR
SDUDSRXSDUFRPEXVWÞYHO
2VLVWHPDGHDUFRQGLFLRQDGRQÔR
IXQFLRQDVHRERWÔRGHFRQWURORGD
YHQWRLQKDHVWLYHUQDSRVLØÔRGH
GHVOLJDGR2))
(PERUDRDUFRQGLFLRQDGRHVWHMD
OLJDGRRYHÞFXORSURGX]DUPRUQRVH
RERWÔRGDWHPSHUDWXUDHVWLYHU
UHJXODGRSDUDDÒUHDYHUPHOKD
3DUDGHVOLJDURVLVWHPDGHDU
FRQGLFLRQDGRURGHRERWÔRGD
YHQWRLQKDSDUDDSRVLØÔR
$WHQØÔR
8WLOL]DUDSHQDVOÞTXLGRUHIULJHUDQWH
FRUUHFWR
$YLVR
$PDQXWHQØÔRGRVVLVWHPDVGH
FOLPDWL]DØÔRWHPGHVHUHIHFWXDGD
DSHQDVSRUSHVVRDOTXDOLILFDGR
0ÚWRGRVGHDVVLVWÛQFLD
LQDGHTXDGRVSRGHPSURYRFDU
IHULPHQWRVSHVVRDLV
$UUHIHFLPHQWRQRUPDO
/LJDURVLVWHPDGHDU
FRQGLFLRQDGR
WHPSHUDWXUDSDUDDÒUHDD]XOSDUD
DUUHIHFLPHQWR
5RGDURERWÔRGHGLVWULEXLØÔRGH
DU
GHVHMDGD
&OLPDWL]DØÔR
$UUHIHFLPHQWRPÒ[LPR
WHPSHUDWXUDSDUDDÒUHDD]XOSDUD
DUUHIHFLPHQWR
PÒ[LPD
&OLPDWL]DØÔRDXWRPÒWLFD
HOHFWUäQLFD
$YLVR
3DUDREWHURPÒ[LPRDUUHIHFLPHQWR
HPFRQGLØæHVGHWHPSRTXHQWHRX
DSäVDH[SRVLØÔRSURORQJDGDGR
YHÞFXORÑUDGLDØÔRVRODU
/LJDURVLVWHPDGHDU
FRQGLFLRQDGR
0RYHUDDODYDQFDGHUHFLUFXODØÔR
SDUDDGLUHLWDSDUDRPRGRGH
UHFLUFXODØÔR
1ÔRGRUPLUQXPYHÞFXORFRP
RVLVWHPDGRDUFRQGLFLRQDGRRX
RDTXHFLPHQWROLJDGRV3RGH
SURYRFDUOHVæHVJUDYHVRXSHUGD
GHYLGDGHYLGRÑEDL[DGRVQÞYHLV
GHR[LJÚQLRHRXWHPSHUDWXUD
FRUSRUDO
&RPDQGRVSDUD
$872PRGRDXWRPÒWLFRWRGDVDV
GHILQLØæHVH[FHSWRDVWHPSHUDWXUDV
VÔRHVFROKLGDVDXWRPDWLFDPHQWH
SHORVLVWHPD
7HPSHUDWXUHSUÚVHOHFØÔRGD
WHPSHUDWXUDGHVHMDGD
$VVHJXLQWHVIXQØæHVSRGHPVHU
DGDSWDGDVPDQXDOPHQWH
GHVDFWLYDQGRRPRGRDXWRPÒWLFR
)DQVSHHGIOX[RGRDUVHOHFFLRQÒYHO
&OLPDWL]DØÔR
02'(GLVWULEXLØÔRGRDU
VHOHFFLRQÒYHO
GHVHPEDFLDPHQWR
5
HGHVFRQJHODØÔR
OLJDURXGHVOLJDURVLVWHPD
OLJDURXGHVOLJDU
L
RDUUHIHFLPHQWR
UHFLUFXODØÔRGRDU
ÄFXORWUDVHLURFRPGHVHPEDFLDGRU
^
1RPRGRDXWRPÒWLFRDYHORFLGDGHGD
YHQWRLQKDHDGLVWULEXLØÔRGRDU
UHJXODPDXWRPDWLFDPHQWHRIOX[RGR
DU
2VLVWHPDHOHFWUäQLFRGHFRQWURORGD
FOLPDWL]DØÔRVäHVWÒWRWDOPHQWH
RSHUDFLRQDOTXDQGRRPRWRUHVWÒ
DWUDEDOKDU
$GYHUWÛQFLD
4XDQGRRERWÔR02'(OLJRXPDLV
GHWLSRVGHGLVWULEXLØÔRGHDU
SUHPLQGRRERWÔR$872HP
VHJXQGRVDWHPSHUDWXUDSRGHVHU
DOWHUDGDHQWUH&HQWÞJUDGRV
H)DKUHQKHLW
SÒUDEULVDV(VWHVHQVRUGHWHFWDDOX]
VRODUTXDQGRHVWÒDIXQFLRQDUQR
PRGR$872
$GYHUWÛQFLD
1ÔRFREULURVHQVRUGHOX]VRODU
SDUDQÔRREWHULQIRUPDØÔRHUUDGD
6HQVRUGHWHPSHUDWXUD
6HQVRUGHOX]VRODU
$VLQIRUPDØæHVVREUHDWHPSHUDWXUD
GRKDELWÒFXORVÔRXWLOL]DGDVSDUD
DGHWHUPLQDØÔRGRVUHTXLVLWRVGR
VLVWHPDGHYHQWLODØÔRTXDQGRHP
IXQFLRQDPHQWRQRPRGR$
$872
2VHQVRUGHOX]VRODUHVWÒORFDOL]DGR
QDSDUWHGDIUHQWHGDVJUHOKDVGH
YHQWLODØÔRGHGHVHPEDFLDPHQWRGR
&OLPDWL]DØÔR
$GYHUWÛQFLD
1ÔRFRORFDUDXWRFRODQWHVVREUH
RVHQVRUGHWHPSHUDWXUDSRUTXH
LVVRSUHMXGLFDUÒRVHX
IXQFLRQDPHQWR
0RGRDXWRPÒWLFR$872
5HJXODØÔREÒVLFDSDUDFRQIRUWR
PÒ[LPR
3UHVVLRQDURERWÔR$
$872RDU
FRQGLFLRQDGRÚDFFLRQDGR
DXWRPDWLFDPHQWH
$EULUWRGDVDVJUHOKDVGH
YHQWLODØÔR
'HILQLUDWHPSHUDWXUDSUÚ
VHOHFFLRQDGDXWLOL]DQGRRERWÔR
URWDWLYRGDGLUHLWD
7RGDVDVVDÞGDVGHDUVÔR
DFFLRQDGDVDXWRPDWLFDPHQWHHP
PRGRDXWRPÒWLFR3RUWDQWRDV
VDÞGDVGHDUGHYHPHVWDUVHPSUH
DEHUWDV
3UÚVHOHFØÔRGDWHPSHUDWXUD
'HILQLUDWHPSHUDWXUDSDUDRYDORU
GHVHMDGRURGDQGRRERWÔR
9HUPHOKR
4XHQWH
$]XO
)ULR
6HIRUGHILQLGDDWHPSHUDWXUDPÞQLPD
RVLVWHPDGHFRQWURORGHFOLPDWL]DØÔR
IXQFLRQDHPDUUHIHFLPHQWRPÒ[LPR
6HIRUGHILQLGDDWHPSHUDWXUD
PÒ[LPDRVLVWHPDGHFRQWURORGH
FOLPDWL]DØÔRIXQFLRQDHP
DTXHFLPHQWRPÒ[LPR
&OLPDWL]DØÔR
3DUDDFWLYDURDUUHIHFLPHQWRPÒ[LPR
SUHVVLRQDURERWÔR$
$872HDMXVWDU
DWHPSHUDWXUDSDUD/
/2'HSRLV
ÚVHOHFFLRQDGRRPRGRGH
UHFLUFXODØÔRHDGLVWULEXLØÔRGHDU
ÚDOWHUDGDDXWRPDWLFDPHQWHSDUD,
FRPDYHORFLGDGHPÒ[LPDGD
YHQWRLQKDGHDUUHIHFLPHQWR
3DUDDFWLYDURDTXHFLPHQWRPÒ[LPR
SUHVVLRQDURERWÔR$
$872HDMXVWDU
DWHPSHUDWXUDSDUD+
+,'HSRLV
RPRGRGHUHFLUFXODØÔRÚDOWHUDGR
SDUDVHUVXJDGRDUH[WHULRUHD
GLVWULEXLØÔRÚDOWHUDGD
DXWRPDWLFDPHQWHSDUD*FRP
DYHORFLGDGH$XWR+
+,GHSDVVRV
GDYHQWRLQKDGHDTXHFLPHQWR
$GYHUWÛQFLD
2VLVWHPDGHDUFRQGLFLRQDGR
SRGHUÒQÔRIXQFLRQDU
DXWRPDWLFDPHQWHQR,QYHUQR
'HILQLØæHVPDQXDLV
$VGHILQLØæHVGRVLVWHPDGHFRQWUROR
GDFOLPDWL]DØÔRSRGHPVHUDOWHUDGDV
DFFLRQDQGRRVERWæHVURWDWLYRVGD
VHJXLQWHPDQHLUD
$OWHUDUXPDGHILQLØÔRGHVDFWLYDUÒ
RPRGRDXWRPÒWLFR
5RGDUSDUDDHVTXHUGDRERWÔR
URWDWLYR$URWDØÔRSDUDDGLUHLWD
DXPHQWDDYHORFLGDGHGDYHQWRLQKD
HSDUDDHVTXHUGDGLPLQXL
3DUDYROWDUDRPRGRDXWRPÒWLFR
3UHVVLRQDURERWÔR$
$872
'LVWULEXLØÔRGRDU02'(
'HVHPEDFLDPHQWR
HGHVFRQJHODØÔRGRVYLGURV5
3UHVVLRQDURERWÔR5
$WHPSHUDWXUDHDGLVWULEXLØÔRGR
DUVÔRGHILQLGDVDXWRPDWLFDPHQWH
HDYHQWRLQKDIXQFLRQD
DYHORFLGDGHGHDSDVVRVQR
PÞQLPR
3DUDYROWDUDRPRGRDXWRPÒWLFR
SUHVVLRQDURERWÔR5RX$
$872
5RGDURERWÔR0
02'(XPDYH]RX
PDLVYH]HVSDUDHIHFWXDURDMXVWH
GHVHMDGR$GLVWULEXLØÔRGRDU
ÚLQGLFDGDQRYLVRU
&OLPDWL]DØÔR
+
*
,
)
5
]RQDGRVSÚV
TXDQWLGDGHGHDUDVHU
3DUDUHJUHVVDUÑGLVWULEXLØÔR
DXWRPÒWLFDGRDUSUHVVLRQDURERWÔR
$872
$UUHIHFLPHQWR
$FWLYDURXGHVDFWLYDUFRPRERWÔRL
2VLVWHPDGRDUFRQGLFLRQDGR
DUUHIHFHHGHVXPLGLILFDVHFDDVVLP
TXHDWHPSHUDWXUDH[WHULRUHVWÒ
DFLPDGHXPQÞYHOHVSHFÞILFR3RU
LVVRSRGHKDYHUFRQGHQVDØÔR
HSLQJRVSRUEDL[RGRYHÞFXOR
6HQÔRIRUQHFHVVÒULRTXDOTXHU
DUUHIHFLPHQWRRXGHVXPLGLILFDØÔR
GHVOLJDURVLVWHPDGHDUUHIHFLPHQWR
SDUDSRXSDUFRPEXVWÞYHO
$WHQØÔR
FRUUHFWR
$YLVR
IHULPHQWRVSHVVRDLV
0RGRGHUHFLUFXODØÔRGHDU
PDQXDO
2PRGRGHUHFLUFXODØÔRGHDUPDQXDO
ÚRSHUDGRFRPRERWÔR
$YLVR
ÚUHGX]LGRQRPRGRGH
VRQROÛQFLD
'HVDFWLYDØÔRGRVLVWHPD
5RGDURERWÔRURWDWLYRGDHVTXHUGD
SDUDDSRVLØÔR
GHVOLJDWRGDVDV
IXQØæHVGRVLVWHPDGHDTXHFLPHQWR
YHQWLODØÔRHDUUHIHFLPHQWR
&OLPDWL]DØÔR
*UHOKDVGHYHQWLODØÔR
*UHOKDVGHYHQWLODØÔRIL[DV
*UHOKDVGHYHQWLODØÔR
UHJXOÒYHLV
3RUWUÒVGRSÒUDEULVDVGRVYLGURV
GDVSRUWDVGLDQWHLUDVHQDV]RQDVGRV
SÚVKÒJUHOKDVGHYHQWLODØÔR
DGLFLRQDLV
4XDQGRRDUUHIHFLPHQWRHVWLYHU
OLJDGRGHYHKDYHUSHORPHQRVXPD
JUHOKDGHYHQWLODØÔRDEHUWDSDUD
HYLWDUTXHRHYDSRUDGRUFULHJHOR
GHYLGRDIDOWDGHPRYLPHQWRGHDU
3UHVVLRQDUDFREHUWXUDGHFDGD
JUHOKDGHYHQWLODØÔRSDUDDEULUDV
JUHOKDVGHYHQWLODØÔRODWHUDLVHURGDU
QDGLUHFØÔRSUHWHQGLGD
3DUDLPSHGLURIOX[RIHFKDU
DFREHUWXUDGDJUHOKDGHYHQWLODØÔR
$YLVR
$JUHOKDGHYHQWLODØÔRFHQWUDOQÔR
HVWÒFRPSOHWDPHQWHIHFKDGD
'LUHFFLRQDURIOX[RGHDULQFOLQDQGR
HJLUDQGRDVSDOKHWDV
1ÔRIL[DUTXDLVTXHUREMHFWRVÑV
DOKHWDVGDVVDÞGDVGHDU(PFDVR
GHDFLGHQWHFRUUHRULVFRGHGDQRV
HIHULPHQWRV
&OLPDWL]DØÔR
0DQXWHQØÔR
)LOWURGHSäOHQ
(QWUDGDGHDU
)LOWURGHDUGRKDELWÒFXOR
$VHQWUDGDVGHDUÑIUHQWHGRSÒUD
EULVDVQRFRPSDUWLPHQWRGRPRWRU
GHYHUÔRSHUPDQHFHUGHVREVWUXÞGDV
GHPRGRDSHUPLWLUDHQWUDGDGHDU
5HWLUDUTXDLVTXHUIROKDVVXMLGDGHRX
QHYH
2ILOWURUHPRYHSRHLUDIXOLJHPSäOHQ
HHVSRURVGRDUTXHHQWUDQRYHÞFXOR
DWUDYÚVGDHQWUDGDGHDU
5HPRYHUDWDPSDGRILOWUR
SX[DQGRRODGRGLUHLWRGDWDPSD
6XEVWLWXLURILOWURGRDU
FRQGLFLRQDGR
0RQWDUDWDPSDGRILOWURHRSRUWD
OXYDVSHODRUGHPLQYHUVD
6XEVWLWXLØÔRGRILOWUR
5HPRYHURSRUWDOXYDV
3DUDUHPRYHURSRUWDOXYDVDEUL
ORHSX[DUSDUDFLPDHPDPERV
RVODGRV
$GYHUWÛQFLD
5HFRPHQGDPRVTXHFRQVXOWHDVXD
RILFLQDDXWRUL]DGDSDUDVXEVWLWXLU
RILOWUR
&OLPDWL]DØÔR
$WHQØÔR
ºQHFHVVÒULDXPDPDQXWHQØÔR
PDLVIUHTXHQWHGRILOWURGHDUVHDV
FRQGLØæHVGHFRQGXØÔRIRUHP
HVWUDGDVSRHLUHQWDVÒUHDVPXLWR
SROXÞGDVHIUHTXHQWHPHQWH
HVWUDGDVGHWHUUDEDWLGD
$HILFLÛQFLDGRILOWURGLPLQXLHRV
EUåQTXLRVVÔRPXLWRDIHFWDGRV
)XQFLRQDPHQWRGRDU
FRQGLFLRQDGR
3DUDDVVHJXUDUTXHRGHVHPSHQKR
ÚFRQWLQXDPHQWHHILFLHQWH
RDUUHIHFLPHQWRGHYHVHUDFFLRQDGR
GXUDQWHDOJXQVPLQXWRVXPDYH]SRU
PÛVLQGHSHQGHQWHPHQWHGRFOLPD
HGDÚSRFDGRDQR1ÔRÚSRVVÞYHO
OLJDURDUUHIHFLPHQWRTXDQGR
DWHPSHUDWXUDH[WHULRUÚEDL[D
6HUYLØR
$YLVR
3DUDXPGHVHPSHQKRRSWLPL]DGRGR
DUUHIHFLPHQWRUHFRPHQGDVH
DLQVSHFØÔRDQXDOGRVLVWHPDGH
FRQWURORGDFOLPDWL]DØÔR
࿢ 7HVWHGHSUHVVÔRHIXQFLRQDOLGDGH
࿢ )XQFLRQDOLGDGHGRDTXHFLPHQWR
࿢ 9HULILFDØÔRGHIXJDV
࿢ 9HULILFDUFRUUHLDVGHDFFLRQDPHQWR
࿢ /LPSH]DGHFRQGHQVDGRU
HGUHQDJHPGRHYDSRUDGRU
࿢ 9HULILFDØÔRGRGHVHPSHQKR
$WHQØÔR
FRUUHFWR
IHULPHQWRVSHVVRDLV
&RQGXØÔRHIXQFLRQDPHQWR
&RQGXØÔR
HIXQFLRQDPHQWR
6XJHVWæHVSDUDFRQGXØÔR $UUDQTXHHPDQXVHDPHQWR *DVHVGHHVFDSH &DL[DGHYHORFLGDGHV
DXWRPÒWLFD &DL[DGHYHORFLGDGHVPDQXDO 7UDYæHV 6LVWHPDVGHFRQGXØÔR 6LVWHPDVGHGHWHFØÔR &RPEXVWÞYHO 6XJHVWæHVSDUD
FRQGXØÔR
$UUDQTXH
HPDQXVHDPHQWR
&RQWURORVREUHRYHÞFXOR
5RGDJHPGRYHÞFXOR
1XQFDDSURYHLWDURPRYLPHQWR
GRYHÞFXORFRPRPRWRU
GHVOLJDGR
0XLWRVVLVWHPDVQÔRIXQFLRQDPQHVWD
VLWXDØÔRSRUH[HPSORXQLGDGHGH
VHUYRIUHLRGLUHFØÔRDVVLVWLGD
&RQGX]LUGHVWDIRUPDÚSHULJRVRSDUD
VLHSDUDRVRXWURV
3HGDLV
3DUDDVVHJXUDUTXHRFXUVRGRSHGDO
HVWÒGHVLPSHGLGRQÔRGHYHUÔR
H[LVWLUWDSHWHVQDÒUHDGRVSHGDLV
'XUDQWHDVSULPHLUDVFHQWHQDVGH
TXLOäPHWURVWHUHPFRQWDDV
SUHFDXØæHVTXHVHVHJXHPSDUD
PHOKRUDURGHVHPSHQKRHHFRQRPLD
GRVHXYHÞFXORHDXPHQWDU
DUHVSHFWLYDYLGDëWLO
࿢ (YLWDUDUUDQTXHVFRPRDU
WRWDOPHQWHDEHUWR
࿢ 1ÔRDFHOHUDURPRWRUDWRGD
DSRWÛQFLD
࿢ (YLWDUSDUDJHQVEUXVFDVH[FHSWR
HPHPHUJÛQFLDV$VVLPRV
WUDYæHVSRGHUÔRDVVHQWDU
FRUUHFWDPHQWH
࿢ (YLWHDUUDQTXHVEUXVFRV
DFHOHUDØæHVUHSHQWLQDV
HFRQGXØÔRSURORQJDGDDDOWD
YHORFLGDGHSDUDHYLWDUGDQRVQR
PRWRUHSRXSDUFRPEXVWÞYHO
࿢ (YLWHDFHOHUDØæHVDIXQGRHP
PXGDQØDVEDL[DV
࿢ 1ÔRUHERTXHRXWURVYHÞFXORV
3RVLØæHVGRLQWHUUXSWRUGD
LJQLØÔR
3HULJR
1ÔRURGHDFKDYHSDUDSRVLØÔR
RXHQTXDQWRFRQGX]
2DSRLRÑWUDYDJHPHDRYHÞFXOR
QÔRIXQFLRQDUÒSURYRFDQGR
GDQRVQRYHÞFXORIHULPHQWRV
SHVVRDLVRXSRVVÞYHOSHUGDGH
YLGD
/LJDURPRWRU
/LJDURPRWRUFRPRLQWHUUXSWRU
GHLJQLØÔR
$WHQØÔR
%/248($'$
$$&
21OLJDGR
67$57
DUUDQTXH
,JQLØÔR
GHVOLJDGD
,JQLØÔR
GHVOLJDGD
WUDQFDGD
GLUHFØÔR
GHVHQJDWDGD
,JQLØÔROLJDGD
$UUDQTXH
1ÔRGHL[DUDFKDYHQDSRVLØÔR
RXGXUDQWHORQJRVSHUÞRGRVGH
WHPSRVHPTXHRPRWRUHVWHMD
DWUDEDOKDU
,VVRGHVFDUUHJDUÒDEDWHULD
PH[HUOLJHLUDPHQWHRYRODQWHSDUD
RGHVWUDQFDU
࿢ &DL[DGHYHORFLGDGHVPDQXDO
DFFLRQDUDHPEUDLDJHP
࿢ &DL[DGHYHORFLGDGHVDXWRPÒWLFD
0RYHUDDODYDQFDVHOHFWRUDSDUD
DSRVLØÔR3RX1
࿢ 1ÔRDFFLRQDURSHGDOGR
DFHOHUDGRU
FDUUHJDQGRQRSHGDOGD
HPEUDLDJHPHQRSHGDOGRWUDYÔR
HVROWDQGRRVGHSRLVTXDQGR
RPRWRUHVWLYHUDWUDEDOKDU
$QWHVGHYROWDUDSåURPRWRU
DWUDEDOKDURXSDUDGHVOLJDURPRWRU
URGDUDFKDYHSDUD
$WHQØÔR
1ÔROLJDURPRWRUGHDUUDQTXH
GXUDQWHPDLVGHVHJXQGRVGH
FDGDYH]
6HRPRWRUQÔROLJDUDJXDUGDU
VHJXQGRVDQWHVGHWHQWDU
QRYDPHQWH
,VVRHYLWDUÒGDQRVQRPRWRUGH
DUUDQTXH
(VWDFLRQDPHQWR
࿢ 1ÔRHVWDFLRQDURYHÞFXORQXPD
VXSHUIÞFLHIDFLOPHQWHLQIODPÒYHO
$WHPSHUDWXUDHOHYDGDGRVLVWHPD
GHHVFDSHSRGHSURYRFDU
DLQIODPDØÔRGDVXSHUIÞFLH
࿢ $FFLRQDUVHPSUHRWUDYÔRGHPÔR
VHPSUHVVLRQDURERWÔRGH
GHVEORTXHLR$SOLFDUFRPDPDLRU
ILUPH]DSRVVÞYHOHPGHVFLGDVRX
VXELGDV3UHVVLRQDURWUDYÔRGHSÚ
VLPXOWDQHDPHQWHSDUDUHGX]LU
DIRUØDGHIXQFLRQDPHQWR
࿢ 'HVOLJDURPRWRUHDLJQLØÔR5RGDU
RYRODQWHDWÚDWUDQFDGDGLUHFØÔR
HQJDWDU
࿢ 6HRYHÞFXORHVWLYHUQXPD
VXSHUIÞFLHSODQDRXQXPDVXELGD
HQJDWDUDSULPHLUDYHORFLGDGH
DQWHVGHGHVOLJDUDLJQLØÔR1XPD
VXELGDYLUDUDVURGDVGLDQWHLUDV
SDUDRODGRFRQWUÒULRDRGRSDVVHLR
6HRYHÞFXORHVWLYHUQXPDGHVFLGD
HQJDWDUDPDUFKDDWUÒVDQWHVGH
GHVOLJDUDLJQLØÔR9LUDUDVURGDV
GLDQWHLUDVQDGLUHFØÔRGRSDVVHLR
࿢ )HFKDURYHÞFXORHDFWLYDU
RVLVWHPDGHDODUPHDQWLURXER
*DVHVGHHVFDSH
3HULJR
2VJDVHVGHHVFDSHGRPRWRU
FRQWÛPPRQä[LGRGHFDUERQR
YHQHQRVRTXHQÔRWHPFRUQHP
FKHLURHTXHSRGHVHUIDWDOVH
LQDODGR
6HRVJDVHVGHHVFDSHHQWUDUHP
QRLQWHULRUGRYHÞFXORDEULURV
YLGURV5HSDUDUDDYDULDQXPD
RILFLQD
(YLWDUFRQGX]LUFRPDEDJDJHLUD
DEHUWDFDVRFRQWUÒULRSRGHP
HQWUDUJDVHVGHHVFDSHQR
YHÞFXOR
&DWDOLVDGRU
2FDWDOLVDGRUUHGX]DTXDQWLGDGHGH
VXEVWÓQFLDVQRFLYDVSUHVHQWHVQRV
JDVHVGHHVFDSH
$WHQØÔR
7LSRVGHFRPEXVWÞYHOGLIHUHQWHV
GRVUHIHULGRVQDVSÒJLQDV
SRGHPGDQLILFDU
RFDWDOLVDGRURXFRPSRQHQWHV
HOHFWUäQLFRV
$JDVROLQDTXHQÔRVHMDTXHLPDGD
VREUHDTXHFHUÒHFDXVDUÒGDQRV
QRFDWDOLVDGRU3RULVVRHYLWDU
DXWLOL]DØÔRH[FHVVLYDGRPRWRUGH
DUUDQTXHHYLWDUFRQGX]LUDWÚ
HVYD]LDUWRWDOPHQWHRGHSäVLWRGH
FRPEXVWÞYHOHHYLWDUFRORFDU
RPRWRUDWUDEDOKDUSRUHPSXUUÔR
RXUHERTXH
(PFDVRGHIDOKDGHLJQLØÔRPRWRU
FRPIXQFLRQDPHQWRLUUHJXODU
UHGXØÔRGRGHVHPSHQKRGRPRWRURX
RXWURVSUREOHPDVLQYXOJDUHVOHYDU
RYHÞFXORDXPDRILFLQDRPDLV
UDSLGDPHQWHSRVVÞYHOSDUDTXH
DVLWXDØÔRVHMDUHFWLILFDGD1XPD
HPHUJÛQFLDRYHÞFXORSRGHVHU
FRQGX]LGRSRUXPFXUWRSHUÞRGRGH
WHPSRDEDL[DYHORFLGDGHHFRPXPD
YHORFLGDGHGRPRWRUWDPEÚPEDL[D
&DL[DGHYHORFLGDGHV
DXWRPÒWLFD
$FDL[DGHYHORFLGDGHVDXWRPÒWLFD
ÚXPDFDL[DGHYHORFLGDGHVGHTXDWUR
YHORFLGDGHVFRPDQGDGD
HOHFWURQLFDPHQWH
$TXDUWDYHORFLGDGH
ÚVREUHPXOWLSOLFDGD
6ROWDURWUDYÔRGHPÔRHRSHGDO
GRWUDYÔR
/HQWDPHQWHSUHVVLRQDURSHGDO
GRDFHOHUDGRUSDUDFRPHØDU
DGHVORFDURYHÞFXOR
$ODYDQFDVHOHFWRUD
$UUDQFDUFRPRYHÞFXOR
'HSRLVGHDTXHFHURPRWRU
FRQWLQXDUDSUHVVLRQDURSHGDOGR
WUDYÔRDRPHVPRWHPSRTXH
GHVORFDDDODYDQFDVHOHFWRUD
SDUDDSRVLØÔR5'RX
$WHQØÔR
1ÔRID]HUSDVVDJHQVGHFDL[D
HQWUH'$YDQØDUH50DUFKD
DWUÒVRX3(VWDFLRQDPHQWR
FRPRYHÞFXORHPPRYLPHQWR,VVR
SURYRFDUÒGDQRVQDFDL[DGH
YHORFLGDGHVHIHULPHQWRV
SHVVRDLV
33$5.%ORTXHLDDVURGDV
GLDQWHLUDV6HOHFFLRQDU3DSHQDV
TXDQGRRYHÞFXORHVWLYHUSDUDGRHR
WUDYÔRGHPÔRHVWLYHUDSOLFDGR
55(9(56(6HOHFFLRQDU
5DSHQDVTXDQGRRYHÞFXORHVWLYHU
SDUDGR
11(875$/3RVLØÔRQHXWUD
'(VWDSRVLØÔRGHFRQGXØÔRÚSDUD
WRGDVDVFRQGLØæHVQRUPDLVGH
FRQGXØÔR3HUPLWHTXHDFDL[DGH
YHORFLGDGHVHIHFWXHSDVVDJHQVSDUD
DVTXDWURHQJUHQDJHQVGHPDUFKD
ÑIUHQWH$TXDUWDYHORFLGDGH
ÚVREUHPXOWLSOLFDGDRTXHUHGX]
DYHORFLGDGHGRPRWRUHRQÞYHOGH
UXÞGRHDXPHQWDDHFRQRPLDGH
FRPEXVWÞYHO
3HUPLWHÑFDL[DGHYHORFLGDGHV
PXGDUGDSDUDDYHORFLGDGH
HLPSHGHDSDVVDJHPDXWRPÒWLFD
SDUDDRXYHORFLGDGH
6HOHFFLRQDUDJDPDGHFRQGXØÔR
SDUDPDLVSRWÛQFLDDRUHDOL]DU
VXELGDVHSDUDWUDYDJHPGRPRWRUDR
UHDOL]DUGHVFLGDV
(VWDSRVLØÔREORTXHLDDFDL[DGH
YHORFLGDGHVQDSULPHLUDYHORFLGDGH
6HOHFFLRQDUSDUDWUDYDJHPPÒ[LPD
GRPRWRUDRUHDOL]DUGHVFLGDV
ÞQJUHPHV
$WHQØÔR
1ÔRDFHOHUDUDRHQJDWDUXPD
PXGDQØD
1XQFDSUHPLURSHGDOGR
DFHOHUDGRUHRSHGDOGRWUDYÔRDR
PHVPRWHPSR
4XDQGRVHHQJDWDXPDPXGDQØD
RYHÞFXORFRPHØDOHQWDPHQWH
DDQGDUTXDQGRVHWLUDRSÚGR
SHGDOGRWUDYÔR
1ÔRXWLOL]DUDSRVLØÔR
3(VWDFLRQDPHQWRHPYH]GR
WUDYÔRGHPÔR
'HVOLJDURPRWRUDSOLFDURWUDYÔR
GHPÔRHUHWLUDUDFKDYHGH
LJQLØÔRDRVDLUGRYHÞFXOR
1XQFDDEDQGRQDURYHÞFXORFRP
RPRWRUDWUDEDOKDU
)D]HUSDVVDJHQVGHFDL[D
0RYLPHQWRHQWUHGHWHUPLQDGDV
SRVLØæHVGHYHORFLGDGHVQHFHVVLWD
TXHRERWÔRGHGHVEORTXHLRQDODWHUDO
GDDODYDQFDVHOHFWRUDVHMD
SUHVVLRQDGR
6HJXLUDDGHVFULØæHVFRQIRUPH
LQGLFDGRSHODVVHWDVDRID]HU
SDVVDJHQVGHFDL[DFRPDDODYDQFD
VHOHFWRUD
3UHVVLRQDURERWÔRGHGHVEORTXHLR
SDUDPXGDUDYHORFLGDGH$VVHWDV
LQGLFDPPXGDQØDVTXHQÔRH[LJHP
DSUHVVÔRGRERWÔRGHGHVEORTXHLR
&DUUHJDUQRSHGDOGRWUDYÔR
HSUHVVLRQDURERWÔRGHGHVEORTXHLR
SDUDPXGDUDYHORFLGDGH
$VPXGDQØDVTXHH[LJHPDSUHVVÔR
GRERWÔRGHGHVEORTXHLRVÔR
LQGLFDGDVSRUPHLRGHVHWDV
0XGDUOLYUHPHQWH
$YLVR
3DUDDMXGDUDHYLWDUGDQRVQD
FDL[DGHYHORFLGDGHVFXPSUDDV
VHJXLQWHVSUHFDXØæHV
1ÔRSUHVVLRQDURSHGDOGR
DFHOHUDGRUTXDQGRID]SDVVDJHQV
GHFDL[DGH3RX1SDUD5'
RX
6HSUHVVLRQDURSHGDOGR
DFHOHUDGRUSRGHUÒSURYRFDU
GDQRVQDFDL[DGHYHORFLGDGHV
HSRGHUÒID]HUFRPTXHSHUFD
RFRQWURORGRYHÞFXOR
8WLOL]DU'RPDLVSRVVÞYHO
1XQFDID]HUSDVVDJHQVGHFDL[D
SDUD3RX5FRPRYHÞFXORHP
PRYLPHQWR
$RHVWDFLRQDURYHÞFXORQXPD
VXELGDQÔRPDQWHURYHÞFXORQR
ORFDOSUHVVLRQDQGRRSHGDOGR
DFHOHUDGRU8WLOL]DURWUDYÔRGHSÚ
3UHVVLRQDURWUDYÔRGHSÚDRID]HU
SDVVDJHPGHFDL[DGH3RX1SDUD
5RXXPDHQJUHQDJHPGHDYDQØR
&DVRFRQWUÒULRDFDL[DGH
YHORFLGDGHVSRGHGDQLILFDUVHRX
RYHÞFXORSRGHGHVORFDUVH
LQHVSHUDGDPHQWHID]HQGRFRP
TXHRFRQGXWRUGRYHÞFXORSHUFD
RFRQWURORGRYHÞFXORFRP
IHULPHQWRVSHVVRDLVRXGDQRVQR
YHÞFXORRXRXWURVEHQV
7UDYDJHPFRPRPRWRU
3DUDDMXGDUDXWLOL]DURHIHLWRGH
WUDYDJHPGDFRPSUHVVÔRGRPRWRU
HPGHVFLGDVSURORQJDGDV
(PYHÞFXORVFRPFDL[DGH
YHORFLGDGHVDXWRPÒWLFDVHOHFFLRQDU
RJUXSRGHUHODØæHVGHFDL[DRX
VHQHFHVVÒULR
7UDYDUFRPRPRWRUÚRPDLVHILFD]
QRJUXSRGHUHODØæHVGHFDL[D6H
HVWHJUXSRGHUHODØæHVGHFDL[D
IRUVHOHFFLRQDGRDXPDYHORFLGDGH
GHPDVLDGRDOWDDFDL[DGH
YHORFLGDGHVPDQWÚPVHQD
HQJUHQDJHPDFWXDODWÚRYHÞFXOR
WUDYDU
6HOHFFLRQDURJUXSRGHUHODØæHVGH
FDL[DSDUDXPHIHLWRQRUPDOGH
WUDYDJHPFRPRPRWRU3DUD
FDSDFLGDGHGHWUDYDJHPDLQGDPDLRU
VHOHFFLRQDU
.LFNGRZQ
6REUHPXOWLSOLFDØÔRGHVOLJDGD
3DUDDFHOHUDØÔRPDLVUÒSLGD
SUHVVLRQDURSHGDOGRDFHOHUDGRUDWÚ
DRIXQGRHPDQWHU$FDL[DGH
YHORFLGDGHVSDVVDSDUDXPD
PXGDQØDLQIHULRUGHSHQGHQGRGD
URWDØÔRGRPRWRU
$TXDUWDYHORFLGDGHGDFDL[DGH
YHORFLGDGHVDXWRPÒWLFDHVWÒHP
VREUHPXOWLSOLFDØÔR
3DUDFDQFHODUDIXQØÔRGH
VREUHPXOWLSOLFDØÔRSUHVVLRQDU
RERWÔRGHVREUHPXOWLSOLFDØÔRHR
LQGLFDGRU2'2YHU'ULYHGHVOLJDGR
2))QDFDL[DGHDYLVRDFHQGHUÒ
$IXQØÔR2'GHVOLJDGD2))SRGH
VHUXWLOL]DGDTXDQGRRFRUUHXPD
SDVVDJHPGHFDL[DSDUDTXDUWD
YHORFLGDGHLQGHVHMDGDWDOFRPR
QXPDVXELGDÞQJUHPHSURORQJDGD
$GYHUWÛQFLD
$XWLOL]DØÔRGDFRPSUHVVÔRGR
PRWRUHPGHVFLGDVGHPRQWDQKD
SURORQJDGDVSRGHSURORQJDUDYLGD
ëWLOGRVWUDYæHV
%DODQØDURYHÞFXOR
'DUHVWLFæHVFRPDFDL[DVä
ÚSHUPLWLGRVHRYHÞFXORHVWLYHUSUHVR
HPDUHLDODPDRXQHYH
'HVORFDUDDODYDQFDVHOHFWRUDHQWUH
'H5UHSHWLGDPHQWH
1ÔRDFHOHUDUPXLWRRPRWRUHHYLWDU
DFHOHUDØæHVUHSHQWLQDV
(VWDFLRQDPHQWR
'HSRLVGHLPRELOL]DURYHÞFXOR
SUHVVLRQDQGRRSHGDOGRWUDYÔR
HQJDWDU3HSX[DUILUPHPHQWH
DDODYDQFDGRWUDYÔRGHPÔRHGHSRLV
UHWLUDUDFKDYHGDLJQLØÔR
$GYHUWÛQFLD
(PFRQGLØæHVGHFRQGXØÔR
QRUPDLVFRQGX]LUFRPDIXQØÔRGH
VREUHPXOWLSOLFDØÔRDFWLYDGDSDUD
HFRQRPLDGHFRPEXVWÞYHO
$YDULD
1RFDVRGHXPDDYDULDDOX]
LQGLFDGRUDGHDYDULDRXDOX]GHDYLVR
GDFDL[DGHYHORFLGDGHVDXWRPÒWLFD
DFHQGH$FDL[DGHYHORFLGDGHVGHL[D
GHID]HUSDVVDJHQVGHFDL[D
DXWRPÒWLFDRXPDQXDOPHQWHSRUTXH
HVWDILFDEORTXHDGDHPGHWHUPLQDGD
PXGDQØD
&RUWHGHFRUUHQWH
(PFDVRGHXPDLQWHUUXSØÔRGD
DOLPHQWDØÔRHOÚFWULFDDDODYDQFD
VHOHFWRUDQÔRSRGHVHUUHWLUDGDGD
SRVLØÔR3
6HDEDWHULDHVWLYHUGHVFDUUHJDGD
FRORFDURPRWRUDWUDEDOKDUFRP
FDERVDX[LOLDUHVGHDUUDQTXH
6HDEDWHULDQÔRIRUDFDXVDGD
DYDULDVROWDUDDODYDQFDVHOHFWRUD
HUHWLUDUDFKDYHGHLJQLØÔRGRFDQKÔR
GDLJQLØÔR
6ROWDUDDODYDQFDVHOHFWRUD
2VHXYHÞFXORHVWÒHTXLSDGRFRPXP
VLVWHPDGH%ORTXHLR7UDYÔR
(QJUHQDPHQWR%UDNH7UDQVPLVVLRQ
6KLIW,QWHUORFN%76,$QWHVGH
SDVVDUGDSRVLØÔRGH
HVWDFLRQDPHQWR3DLJQLØÔRWHPGH
HVWDUOLJDGD21HÚQHFHVVÒULR
SUHVVLRQDURSHGDOGRWUDYÔRDWÚDR
IXQGR&DVRQÔRFRQVLJDVDLUGH
3FRPDLJQLØÔROLJDGD21HRSHGDO
GRWUDYÔRSUHVVLRQDGR
'HVOLJDUDLJQLØÔR
3UHVVLRQDUHPDQWHURSHGDOGR
WUDYÔRHSX[DUDDODYDQFDGR
WUDYÔRGHPÔRSDUDFLPD
$EULUDFREHUWXUD
,QVHULUXPDFKDYHGHSDUDIXVRV
QDDEHUWXUDDWÚRQGHSXGHU
DYDQØDUHGHVORFDUDDODYDQFD
GDVYHORFLGDGHVGDSRVLØÔR3
/LJDURPRWRUHSDVVDUSDUD
DPXGDQØDTXHSUHWHQGH
6H3IRUQRYDPHQWHHQJDWDGD
DDODYDQFDGDVYHORFLGDGHVILFDUÒ
EORTXHDGDQRYDPHQWHQD
SRVLØÔR
)HFKDUDFREHUWXUD
0DQGDUUHSDUDURYHÞFXORRPDLV
UDSLGDPHQWHSRVVÞYHO
&DL[DGHYHORFLGDGHV
PDQXDO
$WHQØÔR
1ÔRDFRQVHOKDPRVDFRQGXØÔR
FRPDPÔRDSRLDGDQDDODYDQFD
GDVYHORFLGDGHV
7UDYDJHPFRPRPRWRU
3DUDFDL[DGHYHORFLGDGHVPDQXDO
ID]HUXPDSDVVDJHPGHFDL[DSDUD
XPDPXGDQØDLQIHULRUSRURUGHP
VHTXHQFLDO
$YLVR
6HDPXGDQØDQÔRHQJDWDUFRORFDU
DDODYDQFDHPSRQWRPRUWRWLUDURSÚ
GRSHGDOGDHPEUDLDJHP
HSUHVVLRQDUGHQRYRGHSRLV
VHOHFFLRQDUDPXGDQØDQRYDPHQWH
1ÔRFDUUHJDUQDHPEUDLDJHP
GHVQHFHVVDULDPHQWH$RDFFLRQDU
SUHVVLRQDURSHGDOGDHPEUDLDJHP
FRPSOHWDPHQWH1ÔRXWLOL]DURSHGDO
FRPRXPGHVFDQVRSDUDRSÚ
1ÔRID]HUSDVVDJHQVGHFDL[D
SDUDQÞYHOLQIHULRUFRPDFDL[DGH
YHORFLGDGHVDXWRPÒWLFDGHGXDV
RXPDLVSRVLØæHVDRPHVPR
WHPSR
,VVRHYLWDGDQRVQDFDL[DGH
YHORFLGDGHVRXSHUGDGHFRQWUROR
HIHULPHQWRVSHVVRDLV
$GYHUWÛQFLD
$XWLOL]DØÔRGDFRPSUHVVÔRGR
PRWRUHPGHVFLGDVGHPRQWDQKD
SURORQJDGDVSRGHSURORQJDUDYLGD
ëWLOGRVWUDYæHV
7UDYæHV
2VLVWHPDGHWUDYæHVLQFOXLGRLV
FLUFXLWRVGHWUDYæHVLQGHSHQGHQWHV
6HXPFLUFXLWRGHWUDYæHVIDOKDU
FRQWLQXDDVHUSRVVÞYHOWUDYDU
RYHÞFXORFRPRRXWURFLUFXLWRGRV
WUDYæHV1RHQWDQWRRHIHLWRGH
WUDYDJHPÚFRQVHJXLGRDSHQDV
TXDQGRRSHGDOGHWUDYDJHP
ÚILUPHPHQWHSUHVVLRQDGR3DUDLVVR
ÚQHFHVVÒULDFRQVLGHUDYHOPHQWH
PDLVIRUØD$GLVWÓQFLDGHWUDYDJHP
DXPHQWD'LULJLUVHDXPDRILFLQD
DQWHVGHSURVVHJXLUYLDJHP
$WHQØÔR
&DVRXPGRVFLUFXLWRVIDOKH
RSHGDOGRWUDYÔRWHPGHVHU
SUHVVLRQDGRFRPPDLVSUHVVÔR
HDGLVWÓQFLDGHWUDYDJHPSRGH
VHUPDLRU0DQGHYHULILFDU
HUHSDUDULPHGLDWDPHQWH
RVLVWHPDGRVWUDYæHVQXPD
RILFLQD5HFRPHQGDPRVTXH
FRQVXOWHDVXDRILFLQDDXWRUL]DGD
6HRSHGDOGRVWUDYæHVSXGHUVHU
SUHVVLRQDGRPDLVGRTXH
RQRUPDORVWUDYæHVSRGHPHVWDU
DSUHFLVDUGHUHSDUDØÔR
&RQVXOWDUXPDRILFLQD
LPHGLDWDPHQWH5HFRPHQGDPRV
TXHFRQVXOWHDVXDRILFLQD
DXWRUL]DGD
$WHQØÔR
1ÔRFRQGX]LUFRPRSÚDSRLDGRQR
SHGDOGRWUDYÔR,VVRDFHOHUDUÒ
RGHVJDVWHGRVFRPSRQHQWHVGH
WUDYDJHP2VWUDYæHVWDPEÚP
SRGHPVREUHDTXHFHUWHQGRFRPR
UHVXOWDGRXPDGLVWÓQFLDGH
WUDYDJHPPDLRUHXPDVLWXDØÔR
LQVHJXUD
$YLVR
'HSRLVGHSDVVDUSRUÒJXD
SURIXQGDODYDURYHÞFXORRX
XWLOL]DURVWUDYæHVH[FHVVLYDPHQWH
QXPDGHVFLGDDFHQWXDGDRV
WUDYæHVSRGHPSHUGHUDIRUØDGH
WUDYDJHPWHPSRUDULDPHQWH,VVR
SRGHGHYHUVHDRVFRPSRQHQWHV
GHWUDYDJHPHVWDUHPPROKDGRV
RXDVREUHDTXHFLPHQWR
6HRVWUDYæHVSHUGHUHP
WHPSRUDULDPHQWHDIRUØDGH
WUDYDJHPGHYLGR
DVREUHDTXHFLPHQWR3DVVDUSDUD
XPDHQJUHQDJHPLQIHULRUQDV
GHVFLGDV1ÔRDSOLFDURVWUDYæHV
FRQWLQXDPHQWH
6HRVWUDYæHVSHUGHUHP
WHPSRUDULDPHQWHDIRUØDGH
WUDYDJHPGHYLGRDFRPSRQHQWHV
PROKDGRVRSURFHGLPHQWRTXHVH
VHJXHDMXGDUÒDUHSRU
RGHVHPSHQKRQRUPDOGRV
WUDYæHV
9HULILFDUVHKÒRXWURVYHÞFXORV
DWUÒV
0DQWHQKDXPDYHORFLGDGH
VHJXUDGHDYDQØRFRP
EDVWDQWHHVSDØRSDUDWUÒV
HSDUDRVODGRV
$SOLFDURVWUDYæHV
FXLGDGRVDPHQWHDWÚVHU
UHSRVWRRGHVHPSHQKR
QRUPDO
6LVWHPDGHWUDYDJHP
DQWLEORTXHLR
2VLVWHPDGHWUDYæHVDQWLEORTXHLR
$%6LPSHGHTXHDVURGDV
EORTXHLHP
2$%6FRPHØDDUHJXODUDSUHVVÔR
GHWUDYDJHPDVVLPTXHXPDURGD
DSUHVHQWHWHQGÛQFLDSDUDEORTXHDU
$GLUHFØÔRGRYHÞFXORFRQWLQXD
DSRGHUVHUXWLOL]DGDPHVPRGXUDQWH
WUDYDJHPDIXQGR
2FRQWURORGR$%6ÚVHQWLGRDWUDYÚV
GHXPLPSXOVRQRSHGDOGRWUDYÔR
HGHXPUXÞGRGRSURFHVVRGH
UHJXODØÔR
3DUDWUDYDJHPäSWLPDPDQWHU
RSHGDOGRWUDYÔRWRWDOPHQWHSUHPLGR
GXUDQWHRSURFHVVRGHWUDYDJHP
DSHVDUGHRSHGDOHVWDUDSXOVDU1ÔR
UHGX]LUDSUHVVÔRVREUHRSHGDO
1ÔRGLPLQXLUDIRUØDSDUDSUHVVLRQDU
RSHGDOGRWUDYÔR
4XDQGRDUUDQFDFRPRYHÞFXOR
GHSRLVGHOLJDUDLJQLØÔRRXYLUÒXP
VRPPHFÓQLFRXPDYH],VWRÚQRUPDO
HPRVWUDTXHR$%6HVWÒSURQWR
DIXQFLRQDU
,QGLFDGRUGHFRQWURORS
7UDYÔRGHPÔR
$YDULD
$SOLFDUVHPSUHRWUDYÔRGHPÔRFRP
ILUPH]DVHPDFFLRQDURERWÔRGH
GHVWUDYDJHPHDSOLFDURPDLV
SRVVÞYHOQXPDVXELGDRXGHVFLGD
3DUDGHVWUDYDURWUDYÔRGHPÔR
SX[DUDDODYDQFDOLJHLUDPHQWHSDUD
FLPDSUHVVLRQDURERWÔRGH
GHVWUDYDJHPHEDL[DUDDODYDQFD
WRWDOPHQWH
3DUDUHGX]LUDVIRUØDVGH
DFFLRQDPHQWRGRWUDYÔRGHPÔR
SUHVVLRQDURSHGDOGRWUDYÔRDR
PHVPRWHPSR
,QGLFDGRUGHFRQWUROR
$YLVR
6HKRXYHUXPDDYDULDQR$%6DV
URGDVSRGHPEORTXHDUHPFDVR
GHWUDYDJHPVXSHULRUDRQRUPDO
$VYDQWDJHQVGR$%6GHL[DPGH
HVWDUGLVSRQÞYHLV'XUDQWH
WUDYDJHPDIXQGRDGLUHFØÔRGR
YHÞFXORGHL[DGHSRGHUVHU
XWLOL]DGDHRYHÞFXORSRGHJXLQDU
$VVLVWÛQFLDÑWUDYDJHP
6HRSHGDOGHWUDYDJHPIRUDFFLRQDGR
UDSLGDPHQWHHFRPIRUØDÚDSOLFDGD
DXWRPDWLFDPHQWHDIRUØDGH
WUDYDJHPPÒ[LPDWUDYDJHPWRWDO
0DQWHUSUHVVÔRUHJXODUQRSHGDOGR
WUDYÔRWDQWRWHPSRTXDQWRXPD
WUDYDJHPWRWDOIRUQHFHVVÒULD$IRUØD
GHWUDYDJHPPÒ[LPD
ÚDXWRPDWLFDPHQWHUHGX]LGDTXDQGR
RSHGDOGRWUDYÔRÚVROWR
6LVWHPDVGHFRQGXØÔR
&RQWURORHOHFWUäQLFRGH
HVWDELOLGDGH
2SURJUDPDHOHFWUäQLFRGH
HVWDELOLGDGH(6&PHOKRUD
DHVWDELOLGDGHGDFRQGXØÔRTXDQGR
QHFHVVÒULRLQGHSHQGHQWHPHQWHGR
WLSRGHSLVRRXGDDGHUÛQFLDGRSQHX
(YLWDWDPEÚPTXHDVURGDVPRWUL]HV
SDWLQHP
$VVLPTXHRYHÞFXORFRPHØDU
DJXLQDUVXEYLUDUVREUHYLUDU
DSRWÛQFLDGRPRWRUÚUHGX]LGDHDV
URGDVVÔRWUDYDGDVXPDDXPD,VVR
PHOKRUDFRQVLGHUDYHOPHQWH
DHVWDELOLGDGHGHFRQGXØÔRGR
YHÞFXORHPSLVRVHVFRUUHJDGLRV
2(6&ILFDRSHUDFLRQDODVVLPTXH
RLQGLFDGRUGHFRQWUROREDSDJD
4XDQGRR(6&HVWÒDFWLYREILFD
LQWHUPLWHQWH
$YLVR
1ÔRGHL[DUTXHHVWDIXQØÔRGH
VHJXUDQØDHVSHFLDORWHQWH
DWRPDUULVFRVGHVQHFHVVÒULRV
GXUDQWHDFRQGXØÔR
$GDSWDUDYHORFLGDGHÑV
FRQGLØæHVGDHVWUDGD
,QGLFDGRUGHFRQWURORE
'HVDFWLYDØÔR
3DUDXPDFRQGXØÔRGHPXLWRDOWR
GHVHPSHQKRÚSRVVÞYHOGHVDFWLYDU
R(6&SUHVVLRQDURERWÔRE
2LQGLFDGRUGHFRQWURORDDFHQGH
2(6&ÚUHDFWLYDGRSUHVVLRQDQGR
QRYDPHQWHRERWÔRE
2(6&WDPEÚPÚUHDFWLYDGRQD
SUä[LPDYH]TXHDLJQLØÔRÚOLJDGD
4XDQGRRVLVWHPD(6&HVWÒ
DPHOKRUDUDFWLYDPHQWH
DHVWDELOLGDGHGRYHÞFXORUHGX]D
DYHORFLGDGHHSUHVWHDWHQØÔR
DGLFLRQDOÑVFRQGLØæHVGDHVWUDGD
2VLVWHPD(6&ÚDSHQDVXP
GLVSRVLWLYRVXSOHPHQWDUSDUD
RYHÞFXOR4XDQGRRYHÞFXOR
XOWUDSDVVDURVUHVSHFWLYRVOLPLWHV
IÞVLFRVGHL[DGHSRGHUVHU
FRQWURODGR3RULVVRQÔRFRQILH
WRWDOPHQWHQHVWHVLVWHPD&RQWLQXH
DFRQGX]LUHPVHJXUDQØD
6LVWHPDVGHGHWHFØÔR
6HQVRUHVGH
HVWDFLRQDPHQWR
(VWHVLVWHPDÚGHVDFWLYDGRTXDQR
DYHORFLGDGHGRYHÞFXORÚVXSHULRUGR
TXHDSUR[LPDGDPHQWHNP
6HRDODUPHOLJDUDRPXGDU
DYHORFLGDGHSDUD5
5LVVRVLJQLILFDXP
HVWDGRQRUPDO
$JRUDSRGHSUHYHUDGLVWÓQFLDHQWUH
RVHXYHÞFXORHREVWÒFXORVFRP
RDODUPHDVRDU
1RHQWDQWRQÔRFRQIXQGLUFRPRVRP
TXHFRQWÞQXDTXDQGRRVREVWÒFXORV
HVWÔRDFP
$WHQØÔR
2VLVWHPDGHDSRLRDR
HVWDFLRQDPHQWRDMXGDRFRQGXWRU
GXUDQWHDPDUFKDDWUÒVGRYHÞFXOR
HPLWLQGRXPDYLVRVRQRURVH
TXDOTXHUREMHFWRIRUGHWHFWDGRDWUÒV
GRYHÞFXOR
(VWHVLVWHPDSRGHVHUOLJDGR
DXWRPDWLFDPHQWHVHPSUHTXH
RLQWHUUXSWRUGDLJQLØÔRHVWÒHP21
HDDODYDQFDVHOHFWRUDWUDQVD[OHHVWÒ
HP5
5
&DVRDFRQWHØDRTXHVHVHJXH
LVVRVLJQLILFDTXHKÒXPD
DQRPDOLDQRVLVWHPDGHVHQVRUHV
GHHVWDFLRQDPHQWR2DODUPHVRD
YH]HVFRQWLQXDPHQWHTXDQGR
QÔRKÒREVWÒFXORVHPUHGRUGR
SÒUDFKRTXHVWUDVHLUR&RQVXOWDU
XPDRILFLQDRPDLVUDSLGDPHQWH
SRVVÞYHO5HFRPHQGDPRVXPD
RILFLQDDXWRUL]DGD
$ODUPHH'LVWÓQFLDGH
GHWHFØÔR
$ODUPH
VRQRUR
«$ODUPH
FHUFDGHaPGR
SÒUDFKRTXHVWUDVHLUR
EHHS
EHHS
EHHS
«$ODUPH
EHHSEHHS
GHQWURGHFHUFDGH
FPGRSÒUDFKRTXHV EHHS
WUDVHLUR
«$ODUPH
FHUFDGHaFPGR
SÒUDFKRTXHVWUDVHLUR
2DODUPH
FRQWLQXD
OLJDGR
$WHQØÔR
2VLVWHPDGHVHQVRUHVGH
HVWDFLRQDPHQWRVäGHYHVHUWLGR
FRPRXPDIXQØÔRVXSOHPHQWDU
2FRQGXWRUGHYHYHULILFDU
DUHWDJXDUGD
2VLQDOVRQRURSRGHYDULDU
FRQIRUPHGRVREMHFWRV
2VLQDOVRQRURGHDWHQØÔRSRGHUÒ
QÔRDFWLYDUQRFDVRGHRVHQVRU
HVWDUJHODGRRXVXMRFRPWHUUDRX
ODPD
1ÔRHPSXUUDURXDUUDQKDU
DVXSHUIÞFLHGRVHQVRU
3URYDYHOPHQWHGDQLILFDUÒ
DSURWHFØÔR
ºSRVVÞYHOTXHKDMDXPDDQRPDOLD
QRVLVWHPDGRVVHQVRUHVGH
HVWDFLRQDPHQWRDRFRQGX]LUHP
VXSHUIÞFLHVLUUHJXODUHVWDLVFRPR
HPERVTXHVHVWUDGDVGHJUDYLOKD
HVWUDGDVVLQXRVDVRXGHFOLYHV
2VLVWHPDGHVHQVRUHVGH
HVWDFLRQDPHQWRSRGHQÔR
UHFRQKHFHUREMHFWRVSRQWLDJXGRV
URXSDVJURVVDVGH,QYHUQRRX
RXWURVPDWHULDLVHVSHVVRV
HPDFLRVTXHSRVVDPDEVRUYHU
DIUHTXÛQFLD
$WHQØÔR
$RUHFHEHUVLQDLVXOWUDVäQLFRV
VRPPHWÒOLFRRXUXÞGRVGH
WUDYDJHPSQHXPÒWLFDGHYHÞFXORV
FRPHUFLDLVSHVDGRVRVLVWHPD
GHVHQVRUHVGHHVWDFLRQDPHQWR
SRGHQÔRIXQFLRQDU
FRUUHFWDPHQWH
/LPSDURVVHQVRUHVVXMRVFRP
XPDHVSRQMDPDFLDHÒJXDOLPSD
(VWHWLSRGHREMHFWRVSRGHPQÔR
VHUGHWHFWDGRVSHORVLVWHPDVH
HVWLYHUHPPXLWRSUä[LPRVFHUFD
GHFPGHQWURGHFHUFDGHP
ºDFRQVHOKÒYHOFRQWLQXDU
DREVHUYDURVHVSHOKRV
UHWURYLVRUHVRXDYLUDUDFDEHØD
SDUDWUÒV'HYHPPDQWHUVHDV
SUHFDXØæHVQRUPDLVGXUDQWH
DPDUFKDDWUÒV1ÔRSUHVVLRQDU
RXEDWHUQRVVHQVRUHVEDWHQGR
QHOHVFRPDSLVWRODGHÒJXDVRE
SUHVVÔRGXUDQWHDODYDJHPRXRV
VHQVRUHVSRGHUÔRILFDU
GDQLILFDGRV
$WHQØÔR
$SDUWHVXSHULRUGRYHÞFXORSRGH
VRIUHUXPDFROLVÔRDQWHVGD
DFWLYDØÔRGRVVHQVRUHVSHORTXH
GHYHYHULILFDUDWUDYÚVGRV
HVSHOKRVUHWURYLVRUHVH[WHULRUHV
RXURGDQGRDFDEHØDGXUDQWH
RHVWDFLRQDPHQWR
2VLVWHPDGHHVWDFLRQDPHQWR
IXQFLRQDUÒFRUUHFWDPHQWHHP
VXSHUIÞFLHVSODQDVYHUWLFDLV
&RPEXVWÞYHO
0RWRUHVDJDVROLQD
8WLOL]DUDSHQDVFRPEXVWÞYHOVHP
FKXPERTXHFXPSUDD',1(1
3RGHVHUXWLOL]DGRFRPEXVWÞYHO
QRUPDOL]DGRHTXLYDOHQWHFRPXPD
FRQFHQWUDØÔRPÒ[LPDGHHWDQROGH
SRUYROXPH
8WLOL]DUFRPEXVWÞYHOFRPRÞQGLFHGH
RFWDQDVUHFRPHQGDGR8WLOL]DU
FRPEXVWÞYHOFRPXPÞQGLFHGH
RFWDQDVGHPDVLDGREDL[RSRGH
UHGX]LUDSRWÛQFLDHRELQÒULRGR
PRWRUHDXPHQWDUOLJHLUDPHQWH
RFRQVXPRGHFRPEXVWÞYHO
$WHQØÔR
8WLOL]DUFRPEXVWÞYHOFRPXP
ÞQGLFHGHRFWDQDVGHPDVLDGR
EDL[RSRGHSURYRFDUFRPEXVWÔR
GHVFRQWURODGDHGDQRVQRPRWRU
$EDVWHFHU
$WHQØÔR
6HXWLOL]DUFRPEXVWÞYHOGH
JUDGXDØÔRLQDGHTXDGDRXSXVHU
DGLWLYRVGHFRPEXVWÞYHO
LQFRUUHFWRVQRGHSäVLWRGH
FRPEXVWÞYHORPRWRUHR
FDWDOLVDGRUSRGHPVHU
JUDYHPHQWHGDQLILFDGRV
4XDQGRUHDEDVWHFHUFHUWLILTXHVH
GHTXHXWLOL]DRFRPEXVWÞYHO
FRUUHFWRJDVROLQDRXJDVäOHR
FRUUHVSRQGHQWHDRVHXYHÞFXOR
6HSXVHUJDVROLQDQRYHÞFXOR
DJDVäOHRRYHÞFXORSRGHVHU
JUDYHPHQWHGDQLILFDGR6H
RYHÞFXORWLYHUXPPRWRU
DJDVäOHRSRGHFRQILUPDU
RFRPEXVWÞYHOFRUUHFWR
FRQVXOWDQGRDLQIRUPDØÔRQD
WDPSDGHHQFKLPHQWRGRGHSäVLWR
GHFRPEXVWÞYHO
3RUUD]æHVGHVHJXUDQØDRV
UHFLSLHQWHVGHFRPEXVWÞYHO
ERPEDVHWXERVIOH[ÞYHLVGHYHP
HVWDUFRUUHFWDPHQWHOLJDGRV
ÑPDVVD$DFXPXODØÔRGD
HOHFWULFLGDGHHVWÒWLFDSRGH
LQIODPDURVYDSRUHVGHJDVROLQD
3RGHTXHLPDUVHHRYHÞFXORILFDU
GDQLILFDGR
3HULJR
$QWHVGHUHDEDVWHFHUGHVOLJDU
RPRWRUHTXDLVTXHUIRQWHV
H[WHULRUHVGHFDORUFRPFÓPDUDV
GHFRPEXVWÔR'HVOLJDUTXDLVTXHU
WHOHPäYHLV
$VRQGDVHOHFWURPDJQÚWLFDVRX
DFRUUHQWHGHWHOHPäYHLVSRGHP
LQIODPDURVYDSRUHVGH
FRPEXVWÞYHO
2FRPEXVWÞYHOÚLQIODPÒYHO
HH[SORVLYR1ÔRIXPDU1ÔR
SURGX]LUFKDPDVQXDVRXIDÞVFDV
&XPSULUDVLQVWUXØæHVGH
IXQFLRQDPHQWRHVHJXUDQØDGD
HVWDØÔRGHVHUYLØRTXDQGRVH
HVWLYHUDDEDVWHFHU
(OLPLQDUDHOHFWULFLGDGHHVWÒWLFD
GDVPÔRVWRFDQGRHPDOJRTXH
SRVVDOLEHUWDUDHOHFWULFLGDGH
HVWÒWLFDDRWRFDURXDRDEULU
DWDPSDGRGHSäVLWRGH
FRPEXVWÞYHORXDSRQWHLUDSDUD
UHDEDVWHFHU
1ÔRIDØDQDGDTXHSURGX]D
HOHFWULFLGDGHHVWÒWLFDWDOFRPR
HQWUDUHVDLUGRYHÞFXORGXUDQWH
RUHDEDVWHFLPHQWR
$HOHFWULFLGDGHHVWÒWLFDSRGH
LQIODPDURVYDSRUHVGH
FRPEXVWÞYHO
6HFKHLUDUDFRPEXVWÞYHOQR
YHÞFXORUHSDUDUDFDXVDGHVVD
VLWXDØÔRLPHGLDWDPHQWHQXPD
RILFLQD
HQFKLPHQWRGRGHSäVLWRGH
FRPEXVWÞYHOHQFRQWUDVHQR
SDLQHOWUDVHLURGLUHLWR
$GYHUWÛQFLD
6HHPWHPSRIULRDSRUWLQKRODGH
HQFKLPHQWRGRGHSäVLWRGR
FRPEXVWÞYHOQÔRDEULUGÛXPD
SDQFDGDOHYHQDSRUWLQKROD(QWÔR
WHQWHDEULODQRYDPHQWH
$WHQØÔR
/LPSHLPHGLDWDPHQWHTXDOTXHU
FRPEXVWÞYHOGHUUDPDGR
3DUDURPRWRU
3X[DUSDUDFLPDDDODYDQFDGH
GHVEORTXHLRGDSRUWLQKRODGH
FRPEXVWÞYHOTXHVHHQFRQWUDQR
SLVRGRODGRHVTXHUGRGLDQWHLUR
GRODGRGRFRQGXWRU
5RGDUOHQWDPHQWHSDUD
DHVTXHUGDREXMÔRGH
FRPEXVWÞYHO6HRXYLUXP
DVVRELRDJXDUGDUTXHSDUHDQWHV
GHGHVHQURVFDUWRWDOPHQWH
REXMÔR$SRUWLQKRODGH
5HWLUHREXMÔR2EXMÔRHVWÒSUHVR
DRYHÞFXORFRPXPILR
'HSRLVGHUHDEDVWHFHUFRORFDU
QRYDPHQWHREXMÔR5RGÒORSDUD
DGLUHLWDDWÚRXYLUYÒULRVHVWDOLGRV
)HFKHDSRUWLQKRODDWÚHVWD
HQJDWDU
&RQVHUYDØÔRGRYHÞFXOR
&RQVHUYDØÔRGR
YHÞFXOR
,QIRUPDØÔR*HUDO 9HULILFDØæHVQRYHÞFXOR 6XEVWLWXLUOÓPSDGDV ,QVWDODØÔRHOÚFWULFD )HUUDPHQWDVGRYHÞFXOR 5RGDV $X[ÞOLRGHDUUDQTXH 5HERFDU &RQVHUYDØÔRGRYHÞFXOR ,QIRUPDØÔR*HUDO
$FHVVäULRVHDOWHUDØæHVQR
YHÞFXOR
5HFRPHQGDPRVDXWLOL]DØÔRGH
3HØDVH$FHVVäULRVGHRULJHP
HSHØDVDSURYDGDVSHODIÒEULFD
HVSHFÞILFDVSDUDRVHXWLSRGH
YHÞFXOR1ÔRSRGHPRVDYDOLDURX
JDUDQWLUDILDELOLGDGHGHRXWURV
SURGXWRVPHVPRTXHDSURYDGRVSRU
OHJLVODØÔRRXSRUTXDOTXHURXWUD
IRUPD
1ÔRHIHFWXDUDOWHUDØæHVQRVLVWHPD
HOÚFWULFRSH[DOWHUDØæHVQDV
XQLGDGHVHOHFWUäQLFDVGHFRQWUROR
$WHQØÔR
1XQFDSURFHGHUDDOWHUDØæHVQR
YHÞFXOR3RGHDIHFWDU
RGHVHPSHQKRGXUDØÔR
HVHJXUDQØDGRYHÞFXORHD
JDUDQWLDQÔRFREULUÒTXDLVTXHU
SUREOHPDVSURYRFDGRVSHOD
PRGLILFDØÔR
,PRELOL]DURYHÞFXORDORQJR
SUD]R
,PRELOL]DØÔRSURORQJDGD
(PVHJXLGDLQGLFDPRV
RSURFHGLPHQWRDVHJXLUVHRYHÞFXOR
QÔRIRUXWLOL]DGRGXUDQWHYÒULRV
PHVHV
࿢ /DYDUHHQFHUDURYHÞFXOR
࿢ 9HULILFDUDSURWHFØÔRGHFHUDGR
FRPSDUWLPHQWRGRPRWRUHGD
VXEVWUXWXUD
࿢ $WHVWDUFRPSOHWDPHQWHRGHSäVLWR
GRFRPEXVWÞYHO
࿢ /LPSDUHFRQVHUYDUYHGDQWHVGH
ERUUDFKD
࿢ 0XGDURäOHRGHPRWRU
࿢ 'UHQDURUHVHUYDWäULRGROÞTXLGR
ODYDYLGURV
࿢ 9HULILFDUDSURWHFØÔRDQWLFRUURVÔR
HRDQWLFRQJHODQWHGROÞTXLGRGH
DUUHIHFLPHQWR
࿢ $MXVWDUDSUHVVÔRGRVSQHXVSDUD
RYDORUHVSHFLILFDGRSDUDFDUJD
FRPSOHWD
࿢ (VWDFLRQDURYHÞFXORHPORFDOVHFR
HEHPYHQWLODGR(QJDWDUDSULPHLUD
YHORFLGDGHRXDPDUFKDDWUÒV
,PSHGLUTXHRYHÞFXORVHGHVORTXH
࿢ 1ÔRDSOLFDURWUDYÔRGHPÔR
࿢ $EULURFDSåIHFKDUWRGDVDVSRUWDV
HWUDQFDURYHÞFXOR
࿢ 'HVOLJDURJUDPSRGRWHUPLQDO
QHJDWLYRGDEDWHULDGRYHÞFXOR1ÔR
HVTXHFHUTXHQHQKXPGRV
VLVWHPDVHVWÒIXQFLRQDOSH[
VLVWHPDGHDODUPHDQWLURXER
࿢ )HFKDURFDSRW
&RORFDUHPIXQFLRQDPHQWR
4XDQGRRYHÞFXORYDLVHUFRORFDGR
QRYDPHQWHHPIXQFLRQDPHQWR
࿢ /LJDURJUDPSRDRWHUPLQDO
QHJDWLYRGDEDWHULDGRYHÞFXOR
$FFLRQDURVLVWHPDHOHFWUäQLFRGRV
YLGURVHOÚFWULFRV
࿢ 9HULILFDUDSUHVVÔRGRVSQHXV
࿢ $WHVWDURUHVHUYDWäULRGROÞTXLGR
ODYDYLGURV
࿢ 9HULILFDURQÞYHOGRäOHRGHPRWRU
࿢ 9HULILFDURQÞYHOGROÞTXLGRGH
DUUHIHFLPHQWR
࿢ 0RQWDUDSODFDGDPDWUÞFXODVH
QHFHVVÒULR
9HULILFDØæHVQRYHÞFXOR
([HFXØÔRGRVWUDEDOKRV
5HFROKDGHYHÞFXORVHP
ILPGHYLGD
,QIRUPDØÔRDFHUFDGRVFHQWURVGH
UHFXSHUDØÔRGRYHÞFXORHPILPGH
YLGDHDUHFLFODJHPGRVYHÞFXORVHP
ILPGHYLGDHVWÒGLVSRQÞYHOQRQRVVR
VÞWLRQDUHGH&RQILDUHVWHWUDEDOKR
DSHQDVDXPFHQWURGHUHFLFODJHP
DXWRUL]DGR
$YLVR
5HDOL]DUYHULILFDØæHVQR
FRPSDUWLPHQWRGRPRWRUDSHQDV
TXDQGRDLJQLØÔRHVWLYHU
GHVOLJDGD
$YHQWRLQKDGHDUUHIHFLPHQWR
SRGHFRPHØDUDIXQFLRQDUPHVPR
FRPDLJQLØÔRGHVOLJDGD
3HULJR
2VLVWHPDGDLJQLØÔRXWLOL]DXPD
WHQVÔRH[WUHPDPHQWHHOHYDGD
1ÔRWRFDU
&DSRW
$EULU
(PSXUUDUDSDWLOKDGHVHJXUDQØD
SDUDFLPDHDEULURFDSRW
$YLVR
7RTXHDSHQDVQDDOPRIDGDGH
HVSRQMDQRSX[DGRUGRWLUDQWHGH
VXSRUWHGRSLYRWTXDQGRRPRWRU
HVWÒTXHQWH
3X[DUDDODYDQFDGHDEHUWXUD
HFRORFÒODQDSRVLØÔRLQLFLDO
3X[DUDKDVWHGHVXSRUWH
OLJHLUDPHQWHSDUDFLPD
UHWLUDQGRDGRHQFDL[H'HSRLV
IL[ÒODQRJDQFKRGRODGR
HVTXHUGRGRFRPSDUWLPHQWRGR
PRWRU
)HFKDU
$QWHVGHIHFKDURFDSRWSUHVVLRQDU
RVXSRUWHQRHQFDL[H
%DL[DURFDSåHGHL[ÒORFDLUVREUH
RWULQFR9HULILFDUVHRFDSåHVWÒ
HQJDWDGR
$YLVR
&XPSULUVHPSUHDVVHJXLQWHV
SUHFDXØæHV$QWHVGHFRQGX]LU
RYHÞFXORSX[DUDH[WUHPLGDGH
GLDQWHLUDGRFDSRWSDUDWHU
DFHUWH]DGHTXHHVWÒEHPIL[R
1ÔRSX[DURPDQÞSXORGH
GHVHQJDWHGRFDSRWFPRYHÞFXOR
HPPRYLPHQWR
1ÔRGHVORFDURYHÞFXORFRP
RFDSRWDEHUWR8PFDSRWDEHUWR
LPSHGLUÒDYLVÔRGRFRQGXWRU
'HVORFDURYHÞFXORFRPRFDSRW
DEHUWRSRGHGDUOXJDUDXPD
FROLVÔRWHQGRFRPRUHVXOWDGR
GDQRVQRYHÞFXORHPRXWURV
EHQVIHULPHQWRVSHVVRDLVRX
PHVPRSHUGDGHYLGD
3HUVSHFWLYDJHUDOGRFRPSDUWLPHQWRGRPRWRU
0RWRUDJDVROLQD
5HFLSLHQWHGROÞTXLGRGH
%XMÔRGRäOHRGHPRWRU
5HFLSLHQWHGROÞTXLGRGRVWUDYæHV
%DWHULD
%ORFRGHIXVÞYHLV
)LOWURGHDUGRPRWRU
9DUHWDGRQÞYHOGRäOHRGHPRWRU
5HFLSLHQWHGROÞTXLGROLPSDYLGURV
5HFLSLHQWHGRäOHRGDGLUHFØÔR
DVVLVWLGD
9DUHWDGRQÞYHOGRäOHRGDFDL[D
GHYHORFLGDGHVDXWRPÒWLFD
3X[DUDYDUHWDSDUDIRUD/LPSÒOD
LQVHULODDWÚDREDWHQWHGDSHJD
SX[DUSDUDIRUDHYHUTXDORQÞYHOGR
äOHRGRPRWRU
,QVHULUDYDUHWDDWÚDREDWHQWHGD
SHJDHGDUPHLDYROWD
5HFRPHQGDPRVDXWLOL]DØÔRGR
PHVPRWLSRGHäOHRGHPRWRUTXHIRL
XWLOL]DGRQDëOWLPDPXGDQØD
2QÞYHOGRäOHRGHPRWRUQÔRGHYH
H[FHGHUDPDUFD0
0$;QDYDUHWD
ÄOHRGHPRWRU
ºDFRQVHOKÒYHOYHULILFDURQÞYHOGR
äOHRGRPRWRUPDQXDOPHQWHDQWHVGH
LQLFLDUXPDYLDJHPJUDQGH
9HULILFDUFRPRYHÞFXORQXPD
VXSHUIÞFLHQLYHODGD2PRWRUGHYH
HVWDUÑWHPSHUDWXUDGH
IXQFLRQDPHQWRHGHVOLJDGRKÒSHOR
PHQRVPLQXWRV
4XDQGRRQÞYHOGRäOHRGHPRWRUIRU
LQIHULRUÑPDUFD0
0,1DWHVWDUFRP
äOHRGHPRWRU
$YLVR
2EXMÔRGHHQFKLPHQWRGRäOHRGH
PRWRUHQFRQWUDVHQDFREHUWXUDGR
YHLRGHH[FÛQWULFRV
$WHQØÔR
ÄOHRGHPRWRUHPH[FHVVRGHYHUÒ
VHUGUHQDGRRXUHWLUDGRSRU
VXFØÔR
&DSDFLGDGHVH9LVFRVLGDGH
2äOHRGHPRWRUÚLUULWDQWHHVH
LQJHULGRSRGHSURYRFDUGRHQØD
RXSHUGDGHYLGD
0DQWHUDIDVWDGRGDVFULDQØDV
(YLWDURFRQWDFWRUHSHWLGRRX
SURORQJDGRFRPDSHOH
/DYDUDVÒUHDVH[SRVWDVFRP
ÒJXDHVDEÔRRXSURGXWRSDUD
ODYDUDVPÔRV
7HUPXLWRFXLGDGRDRSXUJDU
RäOHRGHPRWRUSRUTXHSRGHHVWDU
VXILFLHQWHPHQWHTXHQWHSDUD
TXHLPDU
ÄOHRGDFDL[DGH
YHORFLGDGHVDXWRPÒWLFD
$ILPGHJDUDQWLUXPIXQFLRQDPHQWR
FRUUHFWRHILFLÛQFLDHGXUDELOLGDGHGD
FDL[DGHYHORFLGDGHVDXWRPÒWLFD
FHUWLILTXHVHTXHPDQWÚPRäOHRGD
FDL[DGHYHORFLGDGHVQRQÞYHO
FRUUHFWRÄOHRDPDLVRXDPHQRV
SRGHSURYRFDUSUREOHPDV
2QÞYHOGRäOHRWHPGHVHUYHULILFDGR
FRPRPRWRUDIXQFLRQDUHDDODYDQFD
VHOHFWRUDQDSRVLØÔR
3(VWDFLRQDPHQWR2YHÞFXORWHP
GHHVWDUÑWHPSHUDWXUDGH
IXQFLRQDPHQWRQRUPDOHHVWDFLRQDGR
HPORFDOSODQR
$WHPSHUDWXUDGHIXQFLRQDPHQWR
QRUPDOSDUDRäOHR«&a«&
VHUÒDWLQJLGDGHSRLVGHFRQGX]LU
9HULILFDØÔRGRQÞYHOGRäOHRGD
FDL[DGHYHORFLGDGHV
DXWRPÒWLFD
6HRäOHRHVWLYHUFRQWDPLQDGRRX
GHVFRORUDGRGHSRLVGHYHULILFDGR
PXGHRäOHRGDFDL[DGHYHORFLGDGHV
DXWRPÒWLFD
8WLOL]DUDSHQDVRäOHRHVSHFLILFDGR
QDWDEHODGHäOHRVQHVWHPDQXDO
'LPLQXLØÔRQRQÞYHOGRäOHRVLJQLILFD
XPDIXJDQDFDL[DGHYHORFLGDGHV
DXWRPÒWLFD6HQRWDULVVRFRQVXOWH
XPDRILFLQDSDUDUHSDUDURSUREOHPD
RPDLVGHSUHVVDSRVVÞYHO
5HFRPHQGDPRVXPDRILFLQD
DXWRUL]DGD
$WHQØÔR
7HUFXLGDGRHPQÔRGHL[DUTXH
OL[RRXPDWHULDLVHVWUDQKR
FRQWDPLQHPRäOHRGDFDL[DGH
YHORFLGDGHV
ÄOHRFRQWDPLQDGRSRGHSURYRFDU
XPDDYDULDJUDYHGDFDL[DGH
YHORFLGDGHVDXWRPÒWLFDGDQGR
OXJDUDUHSDUDØæHVDYXOWDGDV
/LJDURPRWRU
$TXHFHUDWÚDWHPSHUDWXUDGR
äOHRGDFDL[DGHYHORFLGDGHV
DXWRPÒWLFDDWLQJLUFHUFDGH«&
a«&
'HVORFDUDDODYDQFDVHOHFWRUDGH
3SDUDHYROWDUD3
$JXDUGDUDOJXQVVHJXQGRVHP
FDGDSRVLØÔRVHOHFFLRQDGDDWÚDV
HQJUHQDJHQVVHOHFFLRQDGDV
HVWDUHPWRWDOPHQWHHQJUHQDGDV
3X[DUSDUDIRUDDYDUHWDHOLPSÒ
OD
5HLQVHULUDYDUHWD
FRPSOHWDPHQWH$JRUDQÔRGHYH
HVWDUHPFRQWDFWRFRPTXDOTXHU
RXWUDSHØD
3X[DUDYDUHWDQRYDPHQWHSDUD
IRUD
9HULILFDURäOHRQDYDUHWDSDUDWHU
DFHUWH]DGHTXHQÔRHVWÒ
FRQWDPLQDGR
$WHQØÔR
5HLQVHULUDYDUHWD
FRPSOHWDPHQWH$JRUDQÔRGHYH
HQWUDUHPFRQWDFWRFRPTXDLVTXHU
RXWUDVSHØDV
9HULILFDURQÞYHOGRäOHR2äOHR
GHYHHVWDUHQWUHDVPDUFDV0,1
H0$;QDYDUHWDFRQIRUPHVH
PRVWUDQDLPDJHP
6HRQÞYHOGRäOHRHVWLYHUDEDL[R
GH0,1DGLFLRQDU$7)VXILFLHQWH
SDUDID]HUVXELURQÞYHOGRäOHR
SDUD0$;1ÔRHQFKHUDFLPDGD
PDUFD0$;
$WHQØÔR
'HPDVLDGROÞTXLGRGLPLQXLUÒ
RGHVHPSHQKRGRYHÞFXOR
1ÔRHQFKHUGHPDVLDGRFRPäOHR
GDFDL[DGHYHORFLGDGHV
DXWRPÒWLFD
,VVRSRGHGDQLILFDUDFDL[DGH
YHORFLGDGHV
)LOWURGHDUGRPRWRU
$IURX[DURVFOLSHVGHIL[DØÔRGD
WDPSDGRILOWURGHDUHDEULU
DWDPSD
6XEVWLWXLURILOWURGHDU
)L[DUDWDPSDFRPRVFOLSHVGH
IL[DØÔRGDWDPSD
$WHQØÔR
2PRWRUQHFHVVLWDGHDUOLPSR
SDUDIXQFLRQDUFRUUHFWDPHQWH
1ÔROLJDURPRWRUVHPTXHRILOWUR
GHDULQVWDODGR
&RQGX]LUVHPRILOWURGHDU
FRUUHFWDPHQWHLQVWDODGRSRGH
GDQLILFDURPRWRU
/ÞTXLGRGHDUUHIHFLPHQWR
GRPRWRU
(PSDÞVHVGHFOLPDPRGHUDGR
ROÞTXLGRGHDUUHIHFLPHQWRSURWHJH
FRQWUDRFRQJHODPHQWRDWH
WHPSHUDWXUDGHFHUFDGH«&
(PSDÞVHVGHFOLPDIULRROÞTXLGRGH
DUUHIHFLPHQWRSURWHJHFRQWUD
RFRQJHODPHQWRDWHWHPSHUDWXUDGH
FHUFDGH«&
0DQWHUXPDFRQFHQWUDØÔRGHDQWL
FRQJHODQWHVXILFLHQWH
$WHQØÔR
8WLOL]DUDSHQDVDQWLFRQJHODQWH
DSURYDGR
1ÞYHOGROÞTXLGRGH
DUUHIHFLPHQWR
$WHQØÔR
8PQÞYHOGHPDVLDGREDL[RGR
OÞTXLGRGHDUUHIHFLPHQWRSRGHUÒ
FDXVDUGDQRVQRPRWRU
6HRVLVWHPDGHDUUHIHFLPHQWRHVWLYHU
IULRRQÞYHOGROÞTXLGRGH
DUUHIHFLPHQWRGHYHHVWDUDFLPDGD
PDUFDGHHQFKLPHQWR$WHVWDUVH
RQÞYHOHVWLYHUEDL[R
$YLVR
'HL[DURPRWRUDUUHIHFHUDQWHVGH
DEULUDWDPSD$EULUDWDPSDFRP
FXLGDGRHGHL[DUDSUHVVÔRVDLU
GHYDJDU
$WHVWDUFRPXPDPLVWXUDGHÒJXD
GHVPLQHUDOL]DGDHDQWLFRQJHODQWH
DSURYDGRSDUDRYHÞFXOR&RORFDU
RWDPSÔRHDSHUWDU$FRQFHQWUDØÔR
GHDQWLFRQJHODQWHHDFDXVDGD
SHUGDGHOÞTXLGRGHDUUHIHFLPHQWR
GHYHPVHUYHULILFDGDVSRUXPD
RILFLQD
$GYHUWÛQFLD
6HRQÞYHOGROÞTXLGRUHIULJHUDQWHFDLU
DEDL[RGDPDUFDHQFKHUQRYDPHQWH
RUDGLDGRUFRPXPDPLVWXUD
GHÒJXDGHVPLQHUDOL]DGD
HDQWLFRQJHODQWHGHIRVIDWR
3DUDSURWHJHURYHÞFXORHPWHPSR
H[WUHPDPHQWHIULRXWLOL]DUXPD
PLVWXUDGHSRUFHQWRGHÒJXD
HSRUFHQWRGHDQWLFRQJHODQWH
0DQWHUDIDVWDGRGDVFULDQØDV
2OÞTXLGRUHIULJHUDQWHSRGHLUULWDU
DSHOHHSURYRFDUGRHQØDVRX
SURYRFDUDPRUWHVHGHJOXWLGR
$WHQØÔR
²JXDVLPSOHVRXDPLVWXUD
LQFRUUHFWDSRGHPGDQLILFDU
RVLVWHPDGHDUUHIHFLPHQWR
1ÔRXWLOL]DUÒJXDVLPSOHVÒOFRRO
RXDQWLFRQJHODQWHGHPHWDQROQR
VLVWHPDGHDUUHIHFLPHQWR
2PRWRUSRGHVREUHDTXHFHURX
PHVPRLQFHQGLDU
$WHQØÔR
2OÞTXLGRUHIULJHUDQWHSRGHVHU
DJUHVVLYR
(YLWDURFRQWDFWRUHSHWLGRRX
SURORQJDGRFRPROÞTXLGR
UHIULJHUDQWH
/LPSHDSHOHHXQKDVFRPÒJXD
HVDEÔRGHSRLVGHWHUHVWDGRHP
FRQWDFWRFRPROÞTXLGR
UHIULJHUDQWH
$WHQØÔR
1ÔRÚQHFHVVÒULRDGLFLRQDUOÞTXLGR
UHIULJHUDQWHPDLVIUHTXHQWHPHQWH
GRTXHRLQWHUYDORUHFRPHQGDGR
&DVRDGLFLRQHOÞTXLGRUHIULJHUDQWH
IUHTXHQWHPHQWHLVVRSRGHVHU
LQGLFDWLYRGHTXHRPRWRU
QHFHVVLWDGHPDQXWHQØÔR
&RQWDFWDUXPDRILFLQDSDUD
YHULILFDØÔRGRVLVWHPDGH
DUUHIHFLPHQWR
5HFRPHQGDPRVTXHFRQVXOWH
DVXDRILFLQDDXWRUL]DGD
ÄOHRGDGLUHFØÔRDVVLVWLGD
$WHQØÔR
3HTXHQÞVVLPDVTXDQWLGDGHVGH
FRQWDPLQDØÔRSRGHPSURYRFDU
GDQRVQRVLVWHPDGDGLUHFØÔR
HID]HUFRPTXHQÔRIXQFLRQH
FRUUHFWDPHQWH1ÔRGHL[HTXH
FRQWDPLQDQWHVHQWUHPHP
FRQWDFWRFRPRODGRGRIOXLGRGR
EXMÔRGRGHSäVLWRYDUHWDRXTXH
HQWUHPQRGHSäVLWR
$WHQØÔR
$EULUDWDPSDHUHWLUÒOD
2QÞYHOGRäOHRGDGLUHFØÔRDVVLVWLGD
GHYHVLWXDUVHHQWUHDVPDUFDV0
0,1
H0
0$;
(QFKHUVHRQÞYHOHVWLYHUEDL[R
1ÔRXVDURYHÞFXORVHP
DTXDQWLGDGHQHFHVVÒULDGHäOHR
GDGLUHFØÔRDVVLVWLGD
,VVRSRGHGDQLILFDURVLVWHPDGH
GLUHFØÔRDVVLVWLGDGRYHÞFXOR
GDQGROXJDUDUHSDUDØæHV
GLVSHQGLRVDV
$YLVR
2GHUUDPDPHQWRGHOÞTXLGRSRGH
ID]HUFRPTXHROÞTXLGRTXHLPHRX
GHVFRORUHDWLQWD
1ÔRHQFKHUGHPDVLDGR
RGHSäVLWR
8PLQFÛQGLRQRPRWRUSRGH
HGDQLILFDURYHÞFXORHRXWURVEHQV
/ÞTXLGROLPSDYLGURV
(QFKHUFRPÒJXDOLPSDPLVWXUDGD
FRPXPDTXDQWLGDGHDGHTXDGDGH
OÞTXLGRGRODYDYLGURVTXHFRQWHQKD
DQWLFRQJHODQWH3DUDDSURSRUØÔR
FRUUHFWDFRQVXOWDURUHFLSLHQWHGR
OÞTXLGROLPSDYLGURV
$WHQØÔR
$SHQDVOÞTXLGRODYDYLGURVFRP
XPDFRQFHQWUDØÔRGH
DQWLFRQJHODQWHVXILFLHQWHGÒ
SURWHFØÔRHPWHPSHUDWXUDV
EDL[DVRXXPDEDL[DVëELWDGH
WHPSHUDWXUD
3DUDDWHVWDURGHSäVLWRGROÞTXLGR
OLPSDYLGURV
࿢ 8WLOL]DUDSHQDVOÞTXLGROLPSDYLGURV
SURQWRDXWLOL]DUGLVSRQÞYHOQR
FRPÚUFLRSDUDHVVHILP
࿢ 1ÔRXWLOL]DUÒJXDGDWRUQHLUD2V
PLQHUDLVFRQWLGRVHPÒJXDGD
WRUQHLUDSRGHPHQWXSLURVWXERVGR
OÞTXLGRODYDSÒUDEULVDV
࿢ 6HDWHPSHUDWXUDGRDUSXGHU
GHVFHUDEDL[RGH]HURXWLOL]DU
OÞTXLGROLPSDYLGURVFRPQÞYHOGH
DQWLFRQJHODQWHVXILFLHQWH
/ÞTXLGRGRVWUDYæHV
$YLVR
2OÞTXLGRGRVWUDYæHVÚYHQHQRVR
HFRUURVLYR(YLWDURFRQWDFWRFRP
ROKRVSHOHWHFLGRVHVXSHUIÞFLHV
SLQWDGDV
2QÞYHOGROÞTXLGRGRVWUDYæHVGHYH
VLWXDUVHHQWUHDVPDUFDV0
0,1
H0
0$;
$RDWHVWDUDVVHJXUDUDPÒ[LPD
OLPSH]DMÒTXHXPDFRQWDPLQDØÔR
OÞTXLGRGRVWUDYæHVSRGHFDXVDU
DYDULDVQRVLVWHPDGHWUDYæHV
5HSDUDUDFDXVDGHXPDSHUGDGH
OÞTXLGRGRVWUDYæHVQXPDRILFLQD
8WLOL]DUDSHQDVOÞTXLGRGRVWUDYæHV
DSURYDGRSDUDRYHÞFXOR/ÞTXLGRGH
WUDYæHVHGHHPEUDLDJHP
$WHQØÔR
$QWHVGHUHWLUDUDWDPSDFHUWLILFDU
VHGHTXHOLPSDPXLWREHPHP
YROWDGDWDPSDGRGHSäVLWRGR
OÞTXLGRGRVWUDYæHV
$FRQWDPLQDØÔRGRVLVWHPDGR
OÞTXLGRGRVWUDYæHVSRGHDIHFWDU
RGHVHPSHQKRGRVLVWHPDGDQGR
OXJDUDUHSDUDØæHVGLVSHQGLRVDV
2GHUUDPDPHQWRGHOÞTXLGRGRV
WUDYæHVVREUHRPRWRUSRGHID]HU
FRPTXHROÞTXLGRTXHLPH
1ÔRHQFKHUGHPDVLDGR
RGHSäVLWR
8PLQFÛQGLRQRPRWRUSRGH
HGDQLILFDURYHÞFXORHRXWURVEHQV
$WHQØÔR
1ÔRHOLPLQDUOÞTXLGRGRVWUDYæHV
XVDGRMXQWDPHQWHFRPROL[R
GRPÚVWLFR
8WLOL]HDVLQVWDODØæHVORFDLV
DXWRUL]DGDVSDUDJHVWÔRGHOL[RV
/ÞTXLGRGRVWUDYæHVXVDGR
HUHVSHFWLYRVUHFLSLHQWHVVÔR
SHULJRVRV3RGHPGDQLILFDUDVXD
VDëGHHRPHLRDPELHQWH
2OÞTXLGRGRVWUDYæHVÚDJUHVVLYR
HSRGHFDXVDULUULWDØÔRQDSHOH
HROKRV
1ÔRSHUPLWLUTXHROÞTXLGRGRV
WUDYæHVHQWUHHPFRQWDFWRFRP
DSHOHRXROKRV&DVRLVVR
DFRQWHØDODYHLPHGLDWDPHQWH
DÒUHDDIHFWDGDFRPÒJXDHVDEÔR
RXSURGXWRSDUDODYDUDVPÔRV
%DWHULD
$EDWHULDGRYHÞFXORQÔRQHFHVVLWDGH
PDQXWDQØÔRGHVGHTXHRSHUILOGH
FRQGXØÔRSHUPLWDRFDUUHJDPHQWR
VXILFLHQWHGDEDWHULD'HVORFDØæHV
FXUWDVHDUUDQTXHVIUHTXHQWHVGR
PRWRUSRGHPGHVFDUUHJDUDEDWHULD
(YLWDUDXWLOL]DØÔRGHFRQVXPLGRUHV
HOÚFWULFRVGHVQHFHVVÒULRV
$VSLOKDVQÔRGHYHPVHUHOLPLQDGDV
MXQWRFRPRVUHVÞGXRVGRPÚVWLFRV
'HYHPVHUFRORFDGDVHPSRQWRVGH
UHFROKDSDUDUHFLFODJHPDSURSULDGRV
LHSLOKæHV
'HL[DURYHÞFXORSDUDGRGXUDQWHPDLV
GHVHPDQDVSRGHFRQGX]LU
DGHVFDUJDGDEDWHULD'HVOLJDU
RJUDPSRGRWHUPLQDOQHJDWLYRGD
EDWHULDGRYHÞFXOR
$VVHJXUDUTXHDLJQLØÔRHVWÒ
GHVOLJDGDDQWHVGHOLJDURXGHVOLJDU
DEDWHULDGRYHÞFXOR
$YLVR
0DQWHQKDPDWHULDLV
LQFDQGHVFHQWHVDIDVWDGRGD
EDWHULDSDUDHYLWDUH[SORVæHV
$H[SORVÔRGDEDWHULDSRGHUÒ
UHVXOWDUHPGDQRVSDUDRYHÞFXOR
HIHULPHQWRVJUDYHVRXPRUWH
(YLWDURFRQWDFWRFRPROKRVSHOH
WHFLGRVHVXSHUIÞFLHVSLQWDGDV
2IOXLGRFRQWÚPÒFLGRVXOIëULFR
TXHSRGHFDXVDUOHVæHVHGDQRV
HPFDVRGHFRQWDFWRGLUHFWR(P
FDVRGHFRQWDFWRFRPDSHOH
OLPSHDÒUHDFRPÒJXDHSURFXUH
GHLPHGLDWRREWHUDMXGDPÚGLFD
0DQWHQKDIRUDGRDOFDQFHGDV
FULDQØDV
1ÔRLQFOLQHXPDEDWHULDDEHUWD
3URWHFØÔRFRQWUDGHVFDUJDGDEDWHULD
(WLTXHWDGHDYLVR
࿢ &RQVXOWDUR0DQXDOGR3URSULHWÒULR
SDUDPDLVLQIRUPDØæHV
࿢ 3RGHKDYHUJDVHVH[SORVLYRVSHUWR
GDEDWHULD
6XEVWLWXLØÔRGDVHVFRYDV
GROLPSDSÒUDEULVDV
6LJQLILFDGRGRVVÞPERORV
࿢ 6HPIDÞVFDVFKDPDVYLYDVRX
IXPR
࿢ 3URWHJHUVHPSUHRVROKRV2V
JDVHVH[SORVLYRVSRGHPSURYRFDU
FHJXHLUDRXOHVæHV
࿢ 0DQWHQKDDEDWHULDIRUDGRDOFDQFH
GDVFULDQØDV
࿢ $EDWHULDFRQWÚPÒFLGRVXOIëULFR
TXHSRGHSURYRFDUFHJXHLUDRX
OHVæHVSRUTXHLPDGXUDVJUDYHV
/HYDQWHREUDØRGROLPSDSÒUDEULVDV
3UHVVLRQDUDDODYDQFDGHGHVHQJDWH
HUHWLUHDHVFRYDGROLPSDSÒUD
EULVDV
(VFRYDVGROLPSDSÒUDEULVDVHP
SHUIHLWRIXQFLRQDPHQWRVÔR
HVVHQFLDLVSDUDXPDYLVÔRFODUD
HVHJXUDQDFRQGXØÔR9HULILFDUFRP
UHJXODULGDGHRHVWDGRGDVHVFRYDV
GRVOLPSDSÒUDEULVDV6XEVWLWXLU
HVFRYDVVHFDVTXHEUDGLØDVRXFRP
ILVVXUDVRXTXDQGRHVSDOKDPOL[RQR
SÒUDEULVDV
0DWHULDOHVWUDQKRQRSÒUDEULVDVRX
QDVHVFRYDVSRGHPUHGX]LUDHILFÒFLD
GDVHVFRYDV6HDVHVFRYDVQÔR
HVWLYHUHPDOLPSDUFRUUHFWDPHQWH
OLPSDUDVHVFRYDVHRVSÒUDEULVDV
FRPXPSURGXWRGHOLPSH]DGHERD
TXDOLGDGHRXGHWHUJHQWHVXDYH
3DVVDUEHPSRUÒJXD
6HQHFHVVÒULRUHSHWLURSURFHVVR
1ÔRKÒSRVVLELOLGDGHGHUHWLUDU
VLOLFRQHGRYLGUR3RULVVRQXQFD
DSOLFDUFHUDFRPVLOLFRQHQRSÒUD
EULVDVGRYHÞFXORRXILFDUÒFRP
ULVFRVTXHSUHMXGLFDUÔRDYLVÔRGR
FRQGXWRU
1ÔRXWLOL]DUVROYHQWHVJDVROLQD
TXHURVHQHRXGLOXHQWHSDUDOLPSDURV
OLPSDSÒUDEULVDV6ÔRDJUHVVLYRV
HSRGHPGDQLILFDUDVHVFRYDVHDV
VXSHUIÞFLHVSLQWDGDV
6XEVWLWXLUOÓPSDGDV
6XEVWLWXLUGHOÓPSDGDV
'HVOLJDUDLJQLØÔRHGHVOLJDU
RLQWHUUXSWRUUHOHYDQWHRXIHFKDUDV
SRUWDV
6HJXUDUXPDOÓPSDGDQRYDDSHQDV
SHODEDVH1ÔRWRFDUQRYLGURGD
OÓPSDGDVHPOXYDV
$RVXEVWLWXLUOÓPSDGDVXWLOL]DU
DSHQDVOÓPSDGDVGRPHVPRWLSR
6XEVWLWXLUDVOÓPSDGDVGRVIDUäLV
DSDUWLUGRLQWHULRUGRFRPSDUWLPHQWR
GRPRWRU
$GYHUWÛQFLD
'HSRLVGHFRQGX]LUFRPFKXYDIRUWH
RXGHSRLVGHODYDURYHÞFXOR
DOJXPDVOHQWHVGHOX]HVH[WHULRUHV
SRGHPSDUHFHUHPEDFLDGDV
,VVRÚSURYRFDGRSHODGLIHUHQØDGH
WHPSHUDWXUDHQWUHRLQWHULRUHR
H[WHULRUGRIDURO
ºVHPHOKDQWHÑFRQGHQVDØÔRQR
LQWHULRUGDVMDQHODVGRYHÞFXOR
TXDQGRFKRYHHQÔRÚLQGLFDWLYRGH
XPSUREOHPDQRYHÞFXOR
6HDÒJXDHVFRUUHUSDUDRLQWHULRUGR
FLUFXLWRGDOÓPSDGDPDQGDU
YHULILFDURYHÞFXORQXPDRILFLQD
DXWRUL]DGD
)DUäLV
/X]HVGHPÚGLRVHGHPÒ[LPRV
'HVOLJDUGDOÓPSDGDRFRQHFWRU
GDILFKD
5HWLUDUDWDPSDGHSURWHFØÔR
4XDQGRLQVWDODUXPDOÓPSDGD
QRYDHQFDL[DUDVSDWLOKDVQDV
UHHQWUÓQFLDVGRUHIOHFWRU
(QFDL[DURFOLSHGHPROD
&RORFDUDWDPSDGHSURWHFØÔR
GRVPÒ[LPRVQDGHYLGDSRVLØÔR
HIHFKDU
/LJDURFRQHFWRUQDOÓPSDGD
3UHVVLRQDURFOLSHGHPROD
HGHVHQFDL[ÒOR
'LUHFØÔRGRVPÒ[LPRV
$GLUHFØÔRGDVOX]HVGHPÚGLRVSRGH
VHUUHJXODGDFRPRSDUDIXVRTXHVH
HQFRQWUDDFLPDGRVPÒ[LPRV
5HWLUDUDWDPSDGHSURWHFØÔR
$WHQØÔR
6HRVIDUäLVQHFHVVLWDUHPGHVHU
UHGLUHFFLRQDGRVUHFRPHQGDPRV
TXHOHYHRYHÞFXORÑVXDRILFLQD
DXWRUL]DGDSDUDDVVLVWÛQFLD
SRUTXHÚXPDTXHVWÔRGH
VHJXUDQØD
/X]HVGHSUHVHQØD
5HWLUDUDOÓPSDGDGRDORMDPHQWR
GRUHIOHFWRU
'HVOLJDUGDOÓPSDGDRFRQHFWRU
GDILFKD
5HWLUDURVXSRUWHGDOÓPSDGDGD
OX]GHSUHVHQØDGRUHIOHFWRU
$WHQØÔR
6HRVIDUäLVGHQHYRHLUR
QHFHVVLWDUHPGHVHU
UHGLUHFFLRQDGRVUHFRPHQGDPRV
TXHOHYHRYHÞFXORÑVXDRILFLQD
DXWRUL]DGDSDUDDVVLVWÛQFLD
SRUTXHÚXPDTXHVWÔRGH
VHJXUDQØD
5HWLUDUDOÓPSDGDGRFDVTXLOKR
,QVHULUDOÓPSDGDQRYD
&RORFDURVXSRUWHQRUHIOHFWRU
&RORFDUDWDPSDGHSURWHFØÔR
GRVPÒ[LPRVQDGHYLGDSRVLØÔR
HIHFKDU
/LJDURFRQHFWRUQDOÓPSDGD
,QGLFDGRUHVGHPXGDQØDGH
GLUHFØÔRGLDQWHLURV
/X]HVGHQHYRHLUR
6XEVWLWXLUDVOÓPSDGDVQXPDRILFLQD
'LUHFØÔRGRVIDUäLVGHQHYRHLUR
$GLUHFØÔRGRVIDUäLVGHQHYRHLUR
SRGHVHUUHJXODGDFRPRSDUDIXVR
SRUFLPDGRVIDUäLVGHQHYRHLUR
5RGDURVXSRUWHGDOÓPSDGDQR
VHQWLGRFRQWUÒULRDRGRVSRQWHLURV
GRUHOäJLRHGHVHQJDWDU
(PSXUUDUDOÓPSDGDOLJHLUDPHQWH
SDUDGHQWURGRFDVTXLOKRURGDU
SDUDDHVTXHUGDHUHWLUDU
&RORFDURVXSRUWHGDOÓPSDGDQR
UHIOHFWRUHURGDUQRVHQWLGRGRV
SRQWHLURVGRUHOäJLRSDUDHQJDWDU
/X]HVWUDVHLUDV
'HVDSHUWDURVGRLVSDUDIXVRV
5HWLUDURJUXSRäSWLFRWUDVHLUR
7HURFXLGDGRGHPDQWHU
DFRQGXWDGRFDERQDGHYLGD
SRVLØÔR
/X]WUDVHLUDOX]GRVWUDYæHV
,QGLFDGRUGHPXGDQØDGH
GLUHFØÔR
/X]GHPDUFKDDWUÒVODGRGR
SDVVDJHLUR)DUROGHQHYRHLUR
/DGRGRFRQGXWRU
5RGDURVXSRUWHSDUDDHVTXHUGD
5HWLUDURVXSRUWH(PSXUUDU
DOÓPSDGDOLJHLUDPHQWHSDUD
GHQWURGRFDVTXLOKRURGDUSDUD
DHVTXHUGDHUHWLUDU
,QVHULURVXSRUWHGDOÓPSDGDQR
FRQMXQWRGRIDUROWUDVHLUR
HDSDUDIXVDUQROXJDU/LJDU
DILFKDGDFDEODJHP0RQWDU
RJUXSRäSWLFRWUDVHLURQD
FDUURØDULDHDSHUWDURVSDUDIXVRV
)HFKDUDVWDPSDVHHQFDL[DU
/LJDUDLJQLØÔRDFFLRQDU
HYHULILFDUWRGRVRVIDUäLV
,QGLFDGRUHVGHPXGDQØD
GHGLUHFØÔRODWHUDLV
(PSXUUDURLQGLFDGRUSDUD
DWUDVHLUDGRYHÞFXORHUHWLUDU
5RGDURVXSRUWHSDUDDHVTXHUGD
3X[DUDOÓPSDGDSDUDIRUDGR
VXSRUWHHVXEVWLWXÞOD
5HLQVWDODUSHODRUGHPLQYHUVD
7HUFHLUDOX]GHWUDYDJHP
$EULUDSRUWDGDEDJDJHLUD
5HWLUDURVGRLVSDUDIXVRVHR
DORMDPHQWRGDOX]'HVOLJDU
RFRQHFWRUGDFDEODJHPDQWHVGH
UHWLUDURDORMDPHQWRGDOX]
5HWLUDURVGRLVSDUDIXVRVHR
FRQMXQWRGRUHIOHFWRU
5HWLUDUDOÓPSDGDSX[DQGRD
DGLUHLWRSDUDIRUDGRVXSRUWH
0RQWDUXPDQRYDOÓPSDGD
5HPRQWDURDORMDPHQWRGDOX]
/X]GDFKDSDGHPDWUÞFXOD
'HVDSHUWDURVGRLVSDUDIXVRV
5HWLUDURDORMDPHQWRGDOÓPSDGD
SDUDEDL[RFRPFXLGDGRSDUDQÔR
SX[DURFDER
5RGDURVXSRUWHGDOÓPSDGDSDUD
DHVTXHUGDSDUDGHVHQJDWDU
5HWLUDUDOÓPSDGDGRVXSRUWH
HVXEVWLWXÞOD
&RORFDURVXSRUWHGDOÓPSDGDQR
DORMDPHQWRGDOÓPSDGDHURGDU
SDUDDGLUHLWD
,QVHULURDORMDPHQWRGDOÓPSDGD
HIL[ÒORFRPXPDFKDYHGH
SDUDIXVRV
/X]GDEDJDJHLUD
/X]HVGRKDELWÒFXOR
/X]HVGHFRUWHVLD
3DUDDUHWLUDUVHJXUDURODGR
RSRVWRGRLQWHUUXSWRUGDOX]
XWLOL]DQGRXPDFKDYHGH
SDUDIXVRVSODQD7HUFXLGDGR
SDUDQÔRID]HUULVFRV
5HWLUDUDOÓPSDGD
5HFRORFDUDOÓPSDGD
5HLQVWDODURFRQMXQWRGDOX]
5HWLUDUDOÓPSDGDSDUDIRUDFRP
XPDFKDYHGHSDUDIXVRV
5HWLUDUDOÓPSDGD
,QVHULUDOÓPSDGDQRYD
&RORFDUDOÓPSDGD
,QVWDODØÔRHOÚFWULFD
)XVÞYHLV
2VGDGRVGRIXVÞYHOGHVXEVWLWXLØÔR
GHYHPFRLQFLGLUFRPRVGDGRVGR
IXVÞYHODYDULDGR
1XPDFDL[DDFLPDGRWHUPLQDO
SRVLWLYRGDEDWHULDHQFRQWUDPVH
DOJXQVGRVIXVÞYHLVSULQFLSDLV6H
QHFHVVÒULRPDQGÒORVVXEVWLWXLU
QXPDRILFLQD
$QWHVGHVXEVWLWXLUXPIXVÞYHO
GHVOLJDURUHVSHFWLYRLQWHUUXSWRUHD
LJQLØÔR
8PIXVÞYHOIXQGLGRWHUÒXPILR
GHUUHWLGR1ÔRVXEVWLWXLURIXVÞYHO
HQTXDQWRQÔRVHFRUULJLURTXHOHYRX
DTXHTXHLPDVVH
$OJXPDVIXQØæHVVÔRSURWHJLGDVSRU
YÒULRVIXVÞYHLV
3RGHPWDPEÚPH[LVWLUIXVÞYHLVVHP
IXQØÔRDWULEXÞGD
([WUDFWRUGHIXVÞYHLV
8PH[WUDFWRUGHIXVÞYHLVHQFRQWUDVH
QDFDL[DGHIXVÞYHLVQR
FRPSDUWLPHQWRGRPRWRU
&RORFDURH[WUDFWRUGHIXVÞYHLVQRV
YÒULRVWLSRVGHIXVÞYHODSDUWLUGHFLPD
RXGDSDUWHODWHUDOHUHWLUDURIXVÞYHO
&DL[DGHIXVÞYHLVQR
$FDL[DGHIXVÞYHLVHQFRQWUDVHQR
'HVHQFDL[DUDWDPSDOHYDQWDUSDUD
FLPDHUHWLUDU
$GYHUWÛQFLD
1HPWRGDVDVGHVFULØæHVGDFDL[D
GHIXVÞYHLVFRQWLGDVQHVWHPDQXDO
VHDSOLFDPDRVHXYHÞFXOR
$RYHULILFDUDFDL[DGHIXVÞYHLV
FRQVXOWDUDHWLTXHWDGDFDL[DGH
IXVÞYHLV
1« &LUFXLWR
1« &LUFXLWR
1« &LUFXLWR
%RPEDGHFRPEXVWÞYHO
5HOÚGDVOX]HVGHPÒ[LPRV
5HOÚGDOX]GHHVWDFLRQDPHQWR
/X]HVGHPÒ[LPRV
%DWHULDGRSDLQHOGH
LQVWUXPHQWRV
5HOÚGDYHQWRLQKDQRPÞQLPR
/X]HVGHPÚGLRV(64
9HQWRLQKDPÒ[LPR
/X]HVGHPÚGLRV',5
&RQGLFLRQDPHQWRGRDU
)XVÞYHOVREUHVVHOHQWH
5HOÚGDYHQWRLQKDQRPÒ[LPR
5HOÚGRFRQGLFLRQDPHQWRGRDU
,JQLØÔRDUUDQTXH
$%6
,JQLØÔRDFHVVäULR
(VWDFLRQDPHQWRÑ(VT
/X]HVGHHPHUJÛQFLD
(VWDFLRQDPHQWRÑ'LU
%X]LQD
)DUäLVGHQHYRHLURGLDQWHLURV
5HOÚGDVOX]HVGHPÚGLRV
9HQWRLQKDQRPÞQLPR
5HOÚGDEX]LQD
$%6
5HOÚSULQFLSDOGRPRWRU
5HOÚGRVIDUäLVGHQHYRHLUR
GLDQWHLURV
,JQLØÔR
5HOÚGDERPEDGHFRPEXVWÞYHO
(06
(06
ಥ
%DQFRDTXHFLGR
5HOÚGREDQFRDTXHFLGR
0äGXORGHFRQWURORGRPRWRU
ಥ
&DL[DGHIXVÞYHLVQRSDLQHO
GHLQVWUXPHQWRV
1« &LUFXLWR
,QGLFDGRUHVGHPXGDQØDGH
GLUHFØÔR
'HVHPEDFLDGRUGRäFXOR
WUDVHLUR
/X]HVGHQHYRHLURWUDVHLUDV
&RQMXQWRGHLQVWUXPHQWRV
0äGXORGHFRQWURORGDYHQWRLQKD
GRPRWRU
$FDL[DGHIXVÞYHLVLQWHULRUHQFRQWUD
VHQDSDUWHLQIHULRUGRSDLQHOGH
LQVWUXPHQWRVGRODGRGRFRQGXWRU
1« &LUFXLWR
$LUEDJ
/LPSDYLGURVGRäFXORWUDVHLUR
H[WHULRU
'LVSRVLWLYRDQWLURXERFRQHFWRU
GHOLJDØÔRGHGDGRV
)DUäLV
26590HOÚFWULFR
)HFKRGDSRUWD
/LPSDSÒUDEULVDV
ಥ
/X]HVGHPDUFKDDWUÒV
0äGXORGHFRQWURORGDFDL[DGH
YHORFLGDGHV
9LGURVWUDVHLURVHOÚFWULFRV
(QWUDGDFRPUDGLRWHOHFRPDQGR
VHPFKDYHHQWUDGDGHFRPDQGR
UHPRWR
0äGXORGHFRQWURORGRPRWRU
(&0GLVSRVLWLYRDQWLURXER
9LGURVGLDQWHLURVHOÚFWULFRV
1« &LUFXLWR
)HUUDPHQWDVGRYHÞFXOR
,VTXHLUR
)HUUDPHQWDV
/X]GRVWUDYæHV
0RWRUGHDUUDQTXH
5ÒGLRUHOäJLR(QWUDGDFRPUDGLಢ
RWHOHFRPDQGRVHPFKDYH
6'0
ಥ
9HÞFXORVFRPNLWGHUHSDUDØÔR
GHSQHXV
$VIHUUDPHQWDVHNLWGHUHSDUDØÔRGH
SQHXVHQFRQWUDPVHQXP
FRPSDUWLPHQWRGHDUUXPDØÔRVRE
RFKÔRGDEDJDJHLUD
9HÞFXORVFRPURGD
VREUHVVHOHQWH
2PDFDFRHDVIHUUDPHQWDV
HQFRQWUDPVHQXPFRPSDUWLPHQWRGH
DUUXPDØÔRQDEDJDJHLUDSRUFLPDGD
URGDVREUHVVHOHQWH
5RGDVREUHVVHOHQWHFRPSDFWD
5RGDVREUHVVHOHQWHGHWDPDQKR
QRUPDO
5RGDV
(VWDGRGHSQHXVHMDQWHV
3DVVDUSHODVEHLUDVGDHVWUDGD
GHYDJDUHVHSRVVÞYHOHPÓQJXOR
UHFWR3DVVDUSRUFLPDGHVXSHUIÞFLHV
VHPHOKDQWHVDDUHVWDVYLYDVSRGH
FDXVDUGDQRVHPSQHXVHMDQWHV1ÔR
DSHUWDURVSQHXVFRQWUDRVSDVVHLRV
DRHVWDFLRQDU
5HJXODUPHQWHYHULILFDUVHDVMDQWHV
DSUHVHQWDPGDQRV5HFRUUHUDXPD
RILFLQDHPFDVRGHGDQRVRX
GHVJDVWHLQYXOJDU
3QHXVGH,QYHUQR
2VSQHXVGH,QYHUQRDXPHQWDP
DVHJXUDQØDGHFRQGXØÔR
DWHPSHUDWXUDVLQIHULRUHVD«&HSRU
LVVRGHYHUÔRVHUPRQWDGRVHPWRGDV
DVURGDV
'HVLJQDØÔRGRVSQHXV
3H[
5+
/DUJXUDGRSQHXPP
5HODØÔRGDVHFØÔR
WUDQVYHUVDOUHODØÔRHQWUH
DOWXUDHODUJXUDGRSQHX
5
7LSRGHFLQWD5DGLDO
5)
7LSR5XQ)ODW
'LÓPHWURGDMDQWHSROHJDGDV
¾QGLFHGHFDUJDSH[
ÚHTXLYDOHQWHDNJ
+
/HWUDGRFäGLJRGH
YHORFLGDGH
/HWUDGRFäGLJRGHYHORFLGDGH
4
DWÚNPK
6
DWÚNPK
7
DWÚNPK
+
DWÚNPK
9
DWÚNPK
:
DWÚNPK
3UHVVÔRGRVSQHXV
9HULILFDUDSUHVVÔRFRPRVSQHXV
IULRVSHORPHQRVWRGRVRVGLDV
HDQWHVGHXPDYLDJHPJUDQGH1ÔR
HVTXHFHUGHYHULILFDUWDPEÚPRSQHX
VREUHVVHOHQWH
'HVDSHUWDUDWDPSDGDYÒOYXOD
,QVXIODUVHPSUHRSQHXVREUHVVHOHQWH
VHJXQGRDSUHVVÔRHVSHFLILFDGDSDUD
FDUJDFRPSOHWD
$SUHVVÔRGRVSQHXV(&2WHPSRU
REMHFWLYRDWLQJLURPHQRUFRQVXPRGH
FRPEXVWÞYHOSRVVÞYHO
$SUHVVÔRLQFRUUHFWDGRVSQHXV
SUHMXGLFDDVHJXUDQØD
DPDQREUDELOLGDGHGRYHÞFXOR
RFRQIRUWRHDSRXSDQØDGH
FRPEXVWÞYHOHDXPHQWDRGHVJDVWH
GRVSQHXV
2VSQHXVGHYHPVHUVXEVWLWXÞGRV
SRUUD]æHVGHVHJXUDQØDTXDQGR
DSURIXQGLGDGHGRUDVWRIRUGH
PPPPSDUDSQHXVGH
,QYHUQR
$YLVR
3UHVVÔRGRVSQHXVHQD
HWLTXHWDQDHVWUXWXUDGDSRUWDGR
FRQGXWRU
2VGDGRVGDSUHVVÔRGRVSQHXV
UHIHUHPVHDSQHXVIULRV$SOLFDVH
DSQHXVGH9HUÔRHGH,QYHUQR
6HDSUHVVÔRIRUGHPDVLDGR
EDL[DSRGHFDXVDU
RVREUHDTXHFLPHQWRHGDQRV
LQWHUQRVQRVSQHXVUHVXOWDQGRQD
VHSDUDØÔRGRSLVRHPHVPRQR
UHEHQWDPHQWRGRSQHXDDOWDV
YHORFLGDGHV
3URIXQGLGDGHGRUHOHYR
9HULILFDUDSURIXQGLGDGHGRUDVWR
DLQWHUYDORVUHJXODUHV
$SURIXQGLGDGHGHUDVWRPÞQLPD
SHUPLWLGDSRUOHLPPWHUÒVLGR
DWLQJLGDTXDQGRRUDVWRWLYHUVLGR
JDVWRDWÚXPGRVLQGLFDGRUHVGH
GHVJDVWHGRUDVWR7:,$UHVSHFWLYD
SRVLØÔRHVWÒLQGLFDGDHPPDUFDØæHV
QDSDUHGHODWHUDO
6HH[LVWLUPDLRUGHVJDVWHÑIUHQWHGR
TXHDWUÒVFRORFDUDVURGDVGLDQWHLUDV
DWUÒVHDVWUDVHLUDVÑIUHQWH
&HUWLILFDUVHTXHRVHQWLGRGDURWDØÔR
GDVURGDVÚRPHVPRTXH
DQWHULRUPHQWH
2VSQHXVHQYHOKHFHPPHVPR
TXDQGRQÔRXWLOL]DGRV
5HFRPHQGDPRVTXHRVSQHXVVHMDP
VXEVWLWXÞGRVDFDGDDQRV
0XGDUSDUDRXWURVSQHXV
6HVHXWLOL]DUHPSQHXVGHWDPDQKR
GLIHUHQWHGRVPRQWDGRVGHIÒEULFD
SRGHUÒVHUQHFHVVÒULRUHSURJUDPDU
RYHORFÞPHWURDVVLPFRPRDSUHVVÔR
QRPLQDOGRVSQHXVHID]HURXWUDV
DOWHUDØæHVQRYHÞFXOR
'HSRLVGHPXGDUSDUDSQHXVGH
WDPDQKRGLIHUHQWHVXEVWLWXLU
DHWLTXHWDGDSUHVVÔRGRVSQHXV
$YLVR
$XWLOL]DØÔRGHSQHXVRXMDQWHV
GHVDGHTXDGRVSRGHUÒFDXVDU
DFLGHQWHVHLQYDOLGDUÒ
$YLVR
1ÔRXWLOL]DUSQHXVHMDQWHVGH
WDPDQKRRXWLSRGLIHUHQWHGRV
PRQWDGRVGHRULJHPQRYHÞFXOR
3RGHDIHFWDUDVHJXUDQØD
HGHVHPSHQKRGRYHÞFXOR3RGH
GDUOXJDUDIDOKDGH
PDQREUDELOLGDGHRXFDSRWDPHQWR
HIHULPHQWRVJUDYHV$RVXEVWLWXLU
RVSQHXVFHUWLILFDUVHTXHPRQWD
RVTXDWURSQHXVHMDQWHVGR
PHVPRWDPDQKRWLSRSLVRPDUFD
HFDSDFLGDGHGHFDUJD
$XWLOL]DØÔRGHTXDOTXHURXWUR
WDPDQKRRXWLSRGHSQHXSRGH
DIHFWDUJUDYHPHQWHDFRQGXØÔR
PDQXVHDPHQWRGLVWÓQFLDDRVROR
GLVWÓQFLDGHSDUDJHPGLVWÓQFLD
GDFDUURØDULDHILDELOLGDGHGR
YHORFÞPHWUR
7DPSæHVGHURGDV
'HYHUÔRXWLOL]DUVHWDPSæHVGDV
URGDVHSQHXVDSURYDGRVSDUD
RYHÞFXORHPTXHVWÔRHTXHFXPSUDP
WRGRVRVUHTXLVLWRVGHFRPELQDØÔRGH
MDQWHVHSQHXVDSOLFÒYHLV
6HRVWDPSæHVGDVURGDVHRVSQHXV
XWLOL]DGRVQÔRIRUHPDSURYDGRVSHOD
IÒEULFDRVSQHXVQÔRGHYHUÔRWHU
UHERUGRFRPSURWHFØÔRGDMDQWH
2VWDPSæHVGDVURGDVQÔRGHYHP
LPSHGLURDUUHIHFLPHQWRGRVWUDYæHV
$YLVR
$XWLOL]DØÔRGHSQHXVRXWDPSæHV
GHURGDVLQDGHTXDGRVSRGH
FDXVDUSHUGDGHSUHVVÔR
UHSHQWLQDHFRQVHTXHQWHPHQWH
DFLGHQWHV
&RUUHQWHVGHQHYH
6äVÔRSHUPLWLGDVFRUUHQWHVGHQHYH
QDVURGDVGLDQWHLUDV
8WLOL]DUVHPSUHFRUUHQWHVILQDVTXH
QÔRDXPHQWHPPDLVGHPPDR
SLVRHÑVSDUHGHVGRSQHXLQFOXLQGR
RIHFKRGDVFRUUHQWHV
$YLVR
'DQRVSRGHPOHYDURVSQHXV
DUHEHQWDU
.LWGHUHSDUDØÔRGHSQHXV
2NLWGHUHSDUDØÔRGRVSQHXVSRGH
VHUXWLOL]DGRSDUDUHSDUDUSHTXHQRV
GDQRVQRUDVWRRXQDVSDUHGHV
ODWHUDLVGHXPSQHX
1ÔRUHWLUDUTXDLVTXHUREMHFWRV
HVWUDQKRVGRVSQHXV
'DQRVQXPSQHXTXHH[FHGDP
PPRXTXHHVWHMDPQDIDFHODWHUDO
GRSQHXSHUWRGDMDQWHQÔRSRGHPVHU
UHSDUDGRVFRPRNLWGHUHSDUDØÔRGRV
SQHXV
$YLVR
1ÔRFRQGX]LUDPDLVGHNPK
1ÔRXWLOL]DUGXUDQWHXPSHUÞRGR
ORQJRGHWHPSR
$FRQGXØÔRHRPDQXVHLRSRGHP
VHUDIHFWDGRV
(PFDVRGHXPSQHXIXUDGR
$SOLFDURWUDYÔRGHPÔRHHQJDWDU
DYHORFLGDGHRXDPDUFKDDWUÒV
2NLWGHUHSDUDØÔRGHSQHXV
HQFRQWUDVHQXPFRPSDUWLPHQWRVRE
RFKÔRGDEDJDJHLUD
5HWLUDURNLWGHUHSDUDØÔRGH
SQHXVGRFRPSDUWLPHQWR
5HWLUDURFRPSUHVVRUHDJDUUDID
GRYHGDQWH
5HWLUDURFDERGHOLJDØÔRHOÚFWULFD
HWXERIOH[ÞYHOGHDUGR
FRPSDUWLPHQWRGHDUUXPDØÔRTXH
VHHQFRQWUDPQDSDUWHLQIHULRUGR
FRPSUHVVRU
2LQWHUUXSWRUQRFRPSUHVVRUWHP
GHHVWDUQDSRVLØÔRc
$SDUDIXVDURWXERIOH[ÞYHOGR
FRPSUHVVRUQDOLJDØÔRQDERWLMD
GRYHGDQWH
/LJDUDILFKDGRFRPSUHVVRU
ÑILFKDGHDFHVVäULRV3DUDQÔR
GHVFDUUHJDUDEDWHULD
UHFRPHQGDPRVTXHVHOLJXH
RPRWRU
(QFDL[DUDERWLMDGRYHGDQWHQR
UHWHQWRUGRFRPSUHVVRU
&RORFDURFRPSUHVVRUSHUWRGR
SQHXGHPDQHLUDTXHDERWLMDGR
YHGDQWHILTXHQDYHUWLFDO
'HVDSHUWDUDWDPSDGDYÒOYXODGR
SQHXHPTXHVWÔR
$SDUDIXVDURWXERIOH[ÞYHOQD
YÒOYXODGRSQHX
&RORFDURLQWHUUXSWRUGHEDODQFLP
GRFRPSUHVVRUQDSRVLØÔR,,
2SQHXÚFKHLRFRPYHGDQWH
2PDQäPHWURGDSUHVVÔRGR
FRPSUHVVRULQGLFDSRUEUHYHV
LQVWDQWHVDWÚEDUHQTXDQWR
DERWLMDGHYHGDQWHHVWÒ
DHVYD]LDUFHUFDGH
VHJXQGRV(PVHJXLGD
DSUHVVÔRFRPHØDDFDLU
2YHGDQWHÚWRGRERPEHDGRSDUD
GHQWURGRSQHX'HSRLVRSQHX
ÚLQVXIODGR
$SUHVVÔRGRSQHXSUHVFULWD
&HUFDGHEDUGHYHVHU
DWLQJLGDGHQWURGHPLQXWRV
4XDQGRREWLYHUDSUHVVÔR
FRUUHFWDGHVOLJDURFRPSUHVVRU
6HDSUHVVÔRGHSQHXSUHVFULWD
QÔRIRUDWLQJLGDQRHVSDØRGH
PLQXWRVUHWLUDURNLWGH
UHSDUDØÔRGRVSQHXV'HVORFDU
RYHÞFXORGHIRUPDDTXHRSQHX
GÛXPDYROWDFRPSOHWD9ROWDU
DOLJDURNLWGHUHSDUDØÔRGRV
SQHXVHFRQWLQXDURSURFHGLPHQWR
GHHQFKLPHQWRGXUDQWH
PLQXWRV6HVHFRQWLQXDUDQÔR
DWLQJLUDSUHVVÔRGRSQHX
SUHVFULWDRSQHXHVWÒPXLWR
GDQLILFDGR5HFRUUHUDXPD
RILFLQD5HWLUDUGRSQHXDSUHVVÔR
HPH[FHVVRDFFLRQDQGRRERWÔR
DFLPDGRLQGLFDGRUGHSUHVVÔR
1ÔRXWLOL]DURFRPSUHVVRUGXUDQWH
PDLVGHPLQXWRV
5HWLUDURNLWGHUHSDUDØÔRGH
SQHXV(PSXUUDURWULQFRQR
VXSRUWHSDUDUHWLUDUDJDUUDIDGH
YHGDQWHGRVXSRUWH(QURVFDU
RWXERGHLQVXIODØÔRGRSQHX
ÑSHØDGHOLJDØÔROLYUHQDERWLMDGH
YHGDQWH,VVRHYLWDTXHKDMDIXJD
GHYHGDQWH*XDUGDURNLWGH
UHSDUDØÔRGRVSQHXVQD
EDJDJHLUD
5HWLUDUTXDOTXHUH[FHVVRGH
YHGDQWHFRPXPSDQR
5HWLUDUGDJDUUDIDGHYHGDQWH
DHWLTXHWDTXHLQGLFDDYHORFLGDGH
PÒ[LPDSHUPLWLGDFHUFDGH
NPKHFRORFÒODGHQWURGR
FDPSRGHYLVÔRGRFRQGXWRU
3URVVHJXLUYLDJHP
LPHGLDWDPHQWHSDUDTXH
RYHGDQWHVHGLVWULEXDSHORSQHX
XQLIRUPHPHQWH'HSRLVGH
SHUFRUUHUFHUFDGHNPPDV
QÔRPDLVGHPLQXWRVSDUDU
HYHULILFDUDSUHVVÔRGRSQHX
$SHUWDURWXERGRDUGR
FRPSUHVVRUGLUHFWDPHQWHQD
YÒOYXODGRSQHXHQRFRPSUHVVRU
DRID]HULVVR
6HDSUHVVÔRGRSQHXIRUVXSHULRU
DEDUFRUULJLUSDUDRYDORU
FRUUHFWRFHUFDGHEDU
5HSHWLURSURFHGLPHQWRQ«
DWÚGHL[DUGHKDYHUSHUGDGH
SUHVVÔR
6HDSUHVVÔRGRSQHXEDL[DUSDUD
PHQRVGHEDUQÔRVHGHYH
FRQGX]LURYHÞFXOR5HFRUUHU
DXPDRILFLQD
*XDUGDURNLWGHUHSDUDØÔRGRV
SQHXVQDEDJDJHLUD
$GYHUWÛQFLD
2FRQIRUWRGHFRQGXØÔR
SURSRUFLRQDGRSHORSQHXUHSDUDGR
ÚPXLWRDIHFWDGRSHORTXHRSQHX
GHYHVHUVXEVWLWXÞGR
&DVRRLØDXPUXÞGRLQXVLWDGRRX
RFRPSUHVVRUDTXHFHUGHVOLJDU
RFRPSUHVVRUGXUDQWHSHORPHQRV
PLQXWRV
7HUHPFRQWDDGDWDGHYDOLGDGHGR
NLW$SäVHVWDGDWDDFDSDFLGDGHGH
YHGDØÔRGHL[DGHVHUJDUDQWLGD
3UHVWDUDWHQØÔRÑLQIRUPDØÔRGH
DUPD]HQDPHQWRQDJDUUDIDGH
YHGDQWH
6XEVWLWXLUDJDUUDIDGHYHGDQWH
XVDGD(OLPLQDUDJDUUDIDFRQIRUPH
LQGLFDGRSHODOHJLVODØÔRDSOLFÒYHO
2FRPSUHVVRUHRYHGDQWHSRGHP
VHUXWLOL]DGRVDSDUWLUGHFHUFDGH
«&a«&
6XEVWLWXLØÔRGHURGD
0LVWXUDUSQHXVSRGHID]HUFRPTXH
SHUFDRFRQWURORGRYHÞFXORGXUDQWH
DFRQGXØÔR
6HPLVWXUDUSQHXVGHWDPDQKR
PDUFDRXWLSRGLIHUHQWHSQHXV
UDGLDLVHGHHVWUXWXUDGLDJRQDO
FLQWDGDVRYHÞFXORSRGHUÒQÔR
REHGHFHUFRUUHFWDPHQWHHSRGHUÒ
VRIUHUXPDFLGHQWH$XWLOL]DØÔRGH
SQHXVGHWDPDQKRPDUFDRXWLSR
GLIHUHQWHWDPEÚPSRGHGDQLILFDU
RYHÞFXOR&HUWLILFDUVHGHTXHXWLOL]D
SQHXVGHWDPDQKRPDUFDHWLSR
FRUUHFWRHPWRGDVDVURGDV
$OJXQVYHÞFXORVVÔRHTXLSDGRVFRP
XPNLWGHUHSDUDØÔRGHSQHXVHPYH]
GHSRVVXÞUHPXPDURGD
VREUHVVHOHQWH
3URFHGHUDRVVHJXLQWHVSUHSDUDWLYRV
HUHVSHLWDUDLQIRUPDØÔRDVHJXLU
࿢ (QFRVWDURYHÞFXORHPORFDOVHJXUR
DIDVWDGRGRWUÓQVLWR
࿢ (VWDFLRQDURYHÞFXORQXPD
VXSHUIÞFLHQLYHODGDILUPHHQÔR
GHUUDSDQWH$VURGDVGLDQWHLUDV
GHYHPHVWDUHPSRVLØÔRGH
FRQGXØÔRHPOLQKDUHFWD
࿢ $SOLFDURWUDYÔRGHPÔRHHQJDWDU
DYHORFLGDGHRXDPDUFKDDWUÒV
࿢ 'HVOLJDURPRWRUHUHWLUDUDFKDYH
࿢ /LJDUDVOX]HVGHHPHUJÛQFLD
࿢ &RORFDUXPDFXQKDEORFRGH
PDGHLUDRXSHGUDÑIUHQWHHDWUÒV
GRSQHXQDGLDJRQDODRSQHXTXH
YDLPXGDU
࿢ 7RGRVRVSDVVDJHLURVWÛPGHVDLU
GRYHÞFXOR
࿢ 5HWLUDUDURGDVREUHVVHOHQWH
࿢ 1XQFDPXGDUPDLVGRTXHXPD
URGDDRPHVPRWHPSR
࿢ 6äXWLOL]DURPDFDFRSDUDPXGDU
SQHXVQRFDVRGHIXURVHQÔRSDUD
PXGDQØDGHSQHXVVD]RQDOSQHXV
GH,QYHUQR9HUÔR
࿢ 6HDVXSHUIÞFLHHPTXHRYHÞFXORVH
HQFRQWUDUIRUPROHFRORFDUXPD
SODFDVäOLGDFRPFPGH
HVSHVVXUDQRPÒ[LPRSRUEDL[R
GRPDFDFR
࿢ 1ÔRGHYHUÔRHVWDUQHPSHVVRDV
QHPDQLPDLVGHQWURGRYHÞFXOR
TXDQGRHVWHIRUOHYDQWDGRFRP
RPDFDFR
࿢ 1XQFDSDVVDUSRUEDL[RGHXP
YHÞFXORDSRLDGRQXPPDFDFR
࿢ 1ÔRFRORFDURYHÞFXORDWUDEDOKDU
TXDQGRHOHYDGRFRPXPPDFDFR
࿢ /LPSDUDVSRUFDVHDVURVFDVDQWHV
GHPRQWDUDURGD
'HVGREUDUDFKDYHGHURGDV
HLQVWDODUFHUWLILFDQGRVHTXHILFD
EHPFRORFDGDHGHVDSDUDIXVDU
FDGDSDUDIXVRPHLDYROWD
$YLVR
&RQFHEHPRVRPDFDFRSDUD
XWLOL]DØÔRDSHQDVQRVHXYHÞFXOR
1ÔRXWLOL]DUQRXWURVYHÞFXORV
RPDFDFRIRUQHFLGRFRPRVHX
YHÞFXOR
1XQFDXOWUDSDVVDUDFDUJD
PÒ[LPDDGPLWLGDSDUDRPDFDFR
$XWLOL]DØÔRGHVWHPDFDFRQRXWURV
YHÞFXORVSRGHGDQLILFÒORVDVVLP
FRPRRPDFDFRHRFDVLRQDU
IHULPHQWRVSHVVRDLV
'HVHQFDL[DUDVWDPSDVGRV
SDUDIXVRVGDVURGDVFRPXPD
FKDYHGHSDUDIXVRVHUHWLUDU
5RGDURPDQÞSXORGRPDFDFR
SDUDOHYDQWDUOLJHLUDPHQWH
DFDEHØDGHHOHYDØÔRHFRORFDU
RPDFDFRQDYHUWLFDOÑSRVLØÔR
PDUFDGDFRPPHLRFÞUFXOR
)L[DURPDQÞSXORGRPDFDFRDR
PDFDFRHIL[DUDFKDYHDR
PDQÞSXORGRPDFDFR
FRUUHFWDPHQWH
'HSRLVOHYDQWDURPDFDFR
ILUPHPHQWHDWÚÑFDEHØDGH
HOHYDØÔRQDSRVLØÔRGHHOHYDØÔR
5RGDUDFKDYHYHULILFDQGRTXH
RPDFDFRHVWÒQDSRVLØÔR
FRUUHFWDDWÚDURGDHVWDUDIDVWDGD
GRFKÔR
'HVDSHUWDURVSDUDIXVRVGDV
URGDV
6XEVWLWXLUDURGD
$SHUWDURVSDUDIXVRVGDURGD
%DL[DURYHÞFXOR
&RORFDUDFKDYHGHURGDV
DVVHJXUDQGRTXHILFDEHP
FRORFDGDHDSHUWDUFDGDSDUDIXVR
HPVHTXÛQFLDFUX]DGD$SHUWDU
DRELQÒULRGH1P
$QWHVGHFRORFDUDFKDYHDOLQKDU
RRULIÞFLRGDYÒOYXODQRWDPSÔRGD
URGDFRPDYÒOYXODGRSQHX
&RORFDUDVWDPSDVGRVSDUDIXVRV
GDVURGDV
$UUXPDUDURGDVXEVWLWXÞGDHDV
IHUUDPHQWDVGRYHÞFXOR3DUD
HYLWDURUXÞGRGHYLEUDØÔRURGDU
DFDEHØDGRSDUDIXVRDWÚRWRSR
HDEDVHGRPDFDFRHVWDUHP
FRPSOHWDPHQWHFRPSULPLGRVQD
FDL[DGHIHUUDPHQWDVGHSRLVGH
OHYDURPDFDFRÑUHVSHFWLYD
SRVLØÔRRULJLQDO$JRUDFHUWLILFDU
VHTXHKÒDOJXPHVSDØRQR
PDFDFRSDUDUHFHEHUTXDOTXHU
RXWUDIHUUDPHQWDGRYHÞFXOR
)HUUDPHQWDV
9HULILFDUDSUHVVÔRGRSQHXHQWÔR
PRQWDGRHRELQÒULRGHDSHUWRGRV
SDUDIXVRVGDVURGDVDVVLPTXH
IRUSRVVÞYHO
&RPSUDUXPSQHXQRYRRXUHSDUDU
RSQHXGDQLILFDGR
5RGDVREUHVVHOHQWH
5RGDVREUHVVHOHQWHFRPSDFWD
$URGDVREUHVVHOHQWHSRGHVHU
FODVVLILFDGDFRPRURGD
VREUHVVHOHQWHWHPSRUÒULDFRQVRDQWH
RWDPDQKRGDPHVPDHPUHODØÔRÑV
RXWUDVURGDVGRYHÞFXORHDOHJLVODØÔR
GRSDÞVHPFDXVD
$URGDVREUHVVHOHQWHWHPXPDMDQWH
HPDØR
8WLOL]DUXPDURGDVREUHVVHOHQWHPDLV
SHTXHQDGRTXHDVRXWUDVRXFRP
SQHXVGH,QYHUQRSRGHDIHFWDU
DFRQGXØÔR6XEVWLWXLURSQHX
GDQLILFDGRRPDLVGHSUHVVDSRVVÞYHO
$URGDVREUHVVHOHQWHHQFRQWUDVHQD
EDJDJHLUDGHEDL[RGRWDSHWHGRFKÔR
(VWÒIL[DQDFDYLGDGHFRPXP
SDUDIXVRGHERUEROHWD
$FDYLGDGHGDURGDVREUHVVHOHQWH
QÔRHVWÒFRQFHELGDSDUDWRGRVRV
WDPDQKRVGHSQHXVDXWRUL]DGRV6H
GHSRLVGHPXGDUDVURGDVXPDURGD
PDLRUGRTXHDURGDVREUHVVHOHQWH
WLYHUGHVHUJXDUGDGDQDFDYLGDGHGD
URGDVREUHVVHOHQWHDFREHUWXUDGR
FKÔRSRGHVHUFRORFDGDVREUHDURGD
VDOLHQWH
$WHQØÔR
(VWHFRQMXQWRGHURGD
VREUHVVHOHQWHSQHXGHVWLQDVH
DSHQDVDXWLOL]DØÔRGH
HPHUJÛQFLD
6XEVWLWXLUSRUXPFRQMXQWRGH
URGDSQHXQRUPDOORJRTXH
SRVVÞYHO
1ÔRXWLOL]DUFRUUHQWHVGHQHYH
1ÔRLQVWDODUTXDOTXHUSQHXQHVWD
MDQWHTXHQÔRVHMDLGÛQWLFRDR
RULJLQDO
1ÔRLQVWDODUQRXWURVYHÞFXORV
5RGDVREUHVVHOHQWHWHPSRUÒULD
8WLOL]DUXPDURGDVREUHVVHOHQWH
WHPSRUÒULDSRGHDIHFWDUDFRQGXØÔR
6XEVWLWXLURXUHSDUDURSQHX
0RQWDUVäXPDURGDVREUHVVHOHQWH
WHPSRUÒULD1ÔRFRQGX]LUDPDLVGH
NPK)D]HUDVFXUYDVGHYDJDU
1ÔRXWLOL]DUGXUDQWHPXLWRWHPSR
&RUUHQWHVSDUDSQHXV
5RGDVREUHVVHOHQWHGH
WDPDQKRQRUPDO
8WLOL]DUXPDURGDVREUHVVHOHQWHGR
PHVPRWDPDQKRGDVRXWUDVRXFRP
SQHXVGH,QYHUQRSRGHDIHFWDU
DFRQGXØÔR6XEVWLWXLURSQHX
2LQGLFDGRDVHJXLUDSOLFDVHDSQHXV
PRQWDGRVFRQWUDDGLUHFØÔRGH
FRQGXØÔR
࿢ $FRQGXØÔRSRGHVHUDIHFWDGD
6XEVWLWXLURXUHSDUDURSQHX
GDQLILFDGRRPDLVGHSUHVVD
SRVVÞYHO
࿢ 1ÔRFRQGX]LUDPDLVGHNPK
࿢ &RQGX]LUFRPUHGREUDGDDWHQØÔR
HPVXSHUIÞFLHVPROKDGDVRXFRP
QHYH
$URGDVREUHVVHOHQWHHQFRQWUDVHQD
EDJDJHLUDGHEDL[RGRWDSHWHGRFKÔR
(VWÒIL[DQDFDYLGDGHFRPXP
SDUDIXVRGHERUEROHWD
3QHXVGLUHFFLRQDLV
0RQWDUSQHXVGLUHFFLRQDLVGHIRUPD
DURGDUHPQDGLUHFØÔRGHFRQGXØÔR
$GLUHFØÔRGHURGDJHPÚLQGLFDGDSRU
XPVÞPERORSH[XPDVHWDQD
SDUHGHODWHUDOGRSQHX
$X[ÞOLRGHDUUDQTXH
1ÔRSURFHGHUDRDUUDQTXHFRP
FDUUHJDGRUGHFDUJDUÒSLGD
8PYHÞFXORFRPXPDEDWHULD
GHVFDUUHJDGDSRGHVHUSRVWR
DWUDEDOKDUFRPFDERVDX[LOLDUHVGH
DUUDQTXHHFRPDEDWHULDGHRXWUR
YHÞFXOR
$YLVR
7HUPXLWRFXLGDGRDRSURFHGHUDR
DUUDQTXHFRPFDERVDX[LOLDUHVGH
DUUDQTXH2LQFXPSULPHQWRGDV
LQVWUXØæHVTXHVHVHJXHPSRGH
FDXVDUOHVæHVRXGDQRVGHYLGR
ÑH[SORVÔRGDEDWHULDRXGDQRV
QRVVLVWHPDVHOÚFWULFRVGHDPERV
RVYHÞFXORV
$YLVR
(YLWDURFRQWDFWRGDEDWHULDFRP
RVROKRVSHOHWHFLGRV
HVXSHUIÞFLHVSLQWDGDV2OÞTXLGR
FRQWÚPÒFLGRVXOIëULFRTXHSRGH
SURYRFDUIHULPHQWRVHGDQRVQR
FDVRGHFRQWDFWRGLUHFWR
࿢ 1XQFDH[SRUDEDWHULDDFKDPDV
QXDVRXIDÞVFDV
࿢ 8PDEDWHULDGHVFDUUHJDGDSRGH
FRQJHODUDWHPSHUDWXUDVGH«&
'HVFRQJHODUDEDWHULDFRQJHODGD
DQWHVGHOLJDURVFDERVDX[LOLDUHV
GHDUUDQTXH
࿢ 4XDQGRPDQXVHDUXPDEDWHULD
XVDUäFXORVHURXSDGHSURWHFØÔR
࿢ 8WLOL]DUXPDX[LOLDUGHDUUDQTXHGD
EDWHULDFRPDPHVPDWHQVÔR
9ROWV$VXDFDSDFLGDGH$K
QÔRGHYHVHULQIHULRUÑFDSDFLGDGH
GDEDWHULDGHVFDUUHJDGD
࿢ 8WLOL]DUFDERVDX[LOLDUHVGH
DUUDQTXHFRPWHUPLQDLVLVRODGRV
HXPDVHFØÔRWUDQVYHUVDOGHSHOR
PHQRVPP
࿢ 1ÔRGHVOLJDUDEDWHULD
GHVFDUUHJDGDGRYHÞFXOR
࿢ 'HVOLJDUWRGRVRVFRQVXPLGRUHV
HOÚFWULFRVGHVQHFHVVÒULRV
࿢ 1ÔRVHLQFOLQDUVREUHDEDWHULD
GXUDQWHRDUUDQTXHFRPFDERV
DX[LOLDUHV
࿢ 1ÔRSHUPLWLUTXHRVWHUPLQDLVGH
XPGRVFDERVHQWUHHPFRQWDFWR
FRPRVGRRXWURFDER
࿢ 2VYHÞFXORVQÔRGHYHPWRFDUXP
QRRXWURGXUDQWHRSURFHVVRGH
DUUDQTXHFRPFDERVDX[LOLDUHV
࿢ $SOLFDURWUDYÔRGHPÔRFRORFDU
DFDL[DGHYHORFLGDGHVHPSRQWR
PRUWRHDFDL[DDXWRPÒWLFDHP3
2UGHPGHOLJDØÔRGRVFDERV
/LJDURFDERYHUPHOKRDRWHUPLQDO
SRVLWLYRGDEDWHULDDX[LOLDU
/LJDUDRXWUDH[WUHPLGDGHGRFDER
YHUPHOKRDRWHUPLQDOSRVLWLYRGD
EDWHULDGHVFDUUHJDGD
/LJDURFDERSUHWRDRWHUPLQDO
QHJDWLYRGDEDWHULDDX[LOLDU
/LJDUDRXWUDH[WUHPLGDGHGRFDER
SUHWRDRSRQWRGHPDVVDGR
YHÞFXORFRPRSRUH[HPSOREORFR
GRPRWRURXSDUDIXVRGRDSRLRGR
PRWRU/LJDURPDLVDIDVWDGR
SRVVÞYHOGDEDWHULDGHVFDUUHJDGD
QRHQWDQWRSHORPHQRVDFP
&RORFDURVFDERVGHPRGRDQÔR
VHUHPDSDQKDGRVSRUSHØDVURWDWLYDV
QRFRPSDUWLPHQWRGRPRWRU
3DUDFRORFDURPRWRUDWUDEDOKDU
3åUDWUDEDOKDURPRWRUGRYHÞFXOR
DX[LOLDU
$SäVPLQXWRVSåUDWUDEDOKDU
RRXWURPRWRU1ÔRVHGHYHID]HU
WHQWDWLYDVGHDUUDQTXHGXUDQWH
PDLVGHVHJXQGRVFRP
LQWHUYDORVGHPLQXWR
'HL[DUFDGDXPGRVPRWRUHVDR
UDOHQWLGXUDQWHFHUFDGH
PLQXWRVFRPRVFDERVOLJDGRV
/LJDURVFRQVXPLGRUHVHOÚFWULFRV
SH[IDUäLVäFXORWUDVHLURFRP
GHVHPEDFLDGRUGRYHÞFXORTXH
HVWLYHUDVHUSRVWRDWUDEDOKDU
FRPFDERVDX[LOLDUHVGH
DUUDQTXH
3DUDUHWLUDURVFDERVSURFHGHU
SHODRUGHPH[DFWDPHQWHLQYHUVD
ÑDFLPDGHVFULWD
5HERFDU
5HERFDURYHÞFXOR
6(IRUQHFHVVÒULRUHERFDURYHÞFXOR
ÚIDYRUXWLOL]DUDQRVVDUHGHGH
DVVLVWÛQFLDRXXPDHPSUHVDGH
UHERTXHSURILVVLRQDO
2PHOKRUVHUÒPDQGDUWUDQVSRUWDU
RYHÞFXORQXPSURQWRVRFRUUR
&DVRVHMDUHERFDGRSRUURGDV
OHYDQWDUSULPHLURDVURGDVPRWUL]HV
GLDQWHLUDVHUHERFDUFRPRVSQHXV
GLDQWHLURVEORTXHDGRV
ºIDYRUFXPSULURVSURFHGLPHQWRV
TXHVHVHJXHPTXDQGRUHERFDUXP
YHÞFXOR
࿢ 1HQKXPSDVVDJHLURGHYH
SHUPDQHFHUQRYHÞFXORTXHHVWÒ
DVHUUHERFDGR
࿢ 6ROWDURWUDYÔRGHPÔRGRYHÞFXOR
TXHHVWÒDVHUUHERFDGRHFRORFDU
DFDL[DGHYHORFLGDGHVHPSRQWR
PRUWR
࿢ /LJDUDVOX]HVGHHPHUJÛQFLD
࿢ &XPSULURVOLPLWHVGHYHORFLGDGHV
'HVHQFDL[DUDWDPSDSUHVVLRQDQGR
DSRVLØÔRGDVHWD$0RGHOREDVH
%0RGHORGHSDFRWHHVSHFLDO
HUHWLUDUDWDPSD
2ROKDOGHUHERTXHHVWÒDUUXPDGR
FRPDVIHUUDPHQWDVGRYHÞFXOR
(QURVFDURROKDOGHUHERTXHRPDLV
SRVVÞYHOHDWÚSDUDUQDKRUL]RQWDO
3UHQGHUXPFDERGHUHERTXHRX
DLQGDPHOKRUXPDEDUUDGHUHERTXH
DRROKDOGHUHERTXH
2ROKDOGHUHERTXHGHYHUÒVHU
XWLOL]DGRDSHQDVSDUDUHERFDUHQÔR
SDUDUHFXSHUDURYHÞFXOR
/LJDUDLJQLØÔRSDUDGHVWUDQFDU
RYRODQWHHVHSRGHUXWLOL]DUOX]HVGRV
WUDYæHVEX]LQDHROLPSD
SÒUDEULVDV
&DL[DGHYHORFLGDGHVHPSRQWR
PRUWR
$WHQØÔR
&RQGX]LUGHYDJDU1ÔRFRQGX]LU
FRPPRYLPHQWRVEUXVFRV)RUØD
GHWUDFØÔRHPH[FHVVRSRGH
GDQLILFDURYHÞFXOR
4XDQGRRPRWRUHVWÒGHVOLJDGR
ÚQHFHVVÒULDPDLVIRUØDSDUDWUDYDU
HPH[HUDGLUHFØÔR
3DUDHYLWDUDHQWUDGDGHJDVHVGH
HVFDSHGRYHÞFXORUHERFDGRUOLJDU
DUHFLUFXODØÔRGRDUHIHFKDURV
YLGURV
9HÞFXORVFRPFDL[DGHYHORFLGDGHV
DXWRPÒWLFD2YHÞFXORWHPGHVHU
UHERFDGRYROWDGRSDUDDIUHQWHDXPD
YHORFLGDGHQÔRVXSHULRUDNPK
QHPSRUPDLVGHNP(PWRGRV
RVUHVWDQWHVFDVRVHTXDQGRDFDL[D
GHYHORFLGDGHVHVWLYHUGHIHLWXRVD
RHL[RGLDQWHLURWHPGHVHUHOHYDGRGR
VROR
5HFRUUHUDXPDRILFLQD
'HSRLVGHUHERFDUGHVDSDUDIXVDU
RROKDOGHUHERTXH
$0RGHOREDVH,QVHULUDWDPSDQR
ODGRHVTXHUGRHIHFKÒOD
%0RGHORGHSDFRWHHVSHFLDO
,QVHULUDWDPSDQRIXQGRHIHFKÒOD
2PHOKRUVHUÒPDQGDUWUDQVSRUWDU
RYHÞFXORQXPSURQWRVRFRUUR
5HERFDURXWURYHÞFXOR
6HRVHXYHÞFXORHVWLYHUHTXLSDGR
FRPXPDWDPSDQRSÒUDFKRTXHV
WUDVHLURHPIUHQWHGRROKDOGH
UHERTXHWUDVHLURUHWLUDURVGRLVFOLSHV
GDWDPSD'HVHQJDWDUDWDPSD
SX[DQGRDSDUDWUÒV
'HSRLVGHUHERFDUUHLQVWDODUDWDPSD
FRPILUPH]D
2ROKDOGHUHERTXHWUDVHLURHQFRQWUD
VHSRUEDL[RGRSÒUDFKRTXHV
WUDVHLUR
2ROKDOGHUHERTXHGHYHUÒVHU
XWLOL]DGRDSHQDVSDUDUHERFDUHQÔR
SDUDUHFXSHUDURYHÞFXOR
$WHQØÔR
&RQGX]LUGHYDJDU1ÔRFRQGX]LU
FRPPRYLPHQWRVEUXVFRV)RUØD
GHWUDFØÔRHPH[FHVVRSRGH
GDQLILFDURYHÞFXOR
&RQVHUYDØÔRGR
YHÞFXOR
&RQVHUYDØÔRGD
FDUURØDULD
)HFKDGXUDV
$VIHFKDGXUDVVÔROXEULILFDGDVQD
IÒEULFDFRPXPDPDVVDSDUD
FDQKæHVGHIHFKDGXUDGHHOHYDGD
TXDOLGDGH8WLOL]DUDJHQWH
GHVFRQJHODQWHDSHQDVTXDQGR
DEVROXWDPHQWHQHFHVVÒULRMÒTXH
UHPRYHDOXEULILFDØÔRHGLILFXOWD
RIXQFLRQDPHQWRGDVIHFKDGXUDV
'HSRLVGHXWLOL]DUXPDJHQWH
GHVFRQJHODQWHSURFHGHU
ÑOXEULILFDØÔRGDVIHFKDGXUDVQXPD
RILFLQD
/DYDJHP
$SLQWXUDGRYHÞFXORÚH[SRVWD
DLQIOXÛQFLDVGRDPELHQWH/DYDU
HHQFHUDURYHÞFXORUHJXODUPHQWH
$RXWLOL]DUHVWDØæHVGHODYDJHP
DXWRPÒWLFDVHOHFFLRQDUXP
SURJUDPDTXHLQFOXDHQFHUDJHP
2VGHMHFWRVGHDYHVLQVHFWRV
PRUWRVUHVLQDVSROHQHV
HVXEVWÓQFLDVVHPHOKDQWHVGHYHUÔR
VHUOLPSDVLPHGLDWDPHQWHXPDYH]
TXHFRQWÛPVXEVWÓQFLDVDJUHVVLYDV
TXHSRGHPGDQLILFDUDSLQWXUD
6HVHXWLOL]DUHVWDØæHVGHODYDJHP
FXPSULUDVLQVWUXØæHVGRIDEULFDQWH
GRYHÞFXOR2VOLPSDSÒUDEULVDVHR
OLPSDYLGURVGRäFXORWUDVHLURGHYHP
VHUGHVOLJDGRV7UDQFDURYHÞFXORGH
PRGRDTXHDSRUWLQKRODGH
HQFKLPHQWRGRGHSäVLWRGR
FRPEXVWÞYHOQÔRSRVVDVHUDEHUWD
5HPRYHUDDQWHQDHRVDFHVVäULRV
H[WHULRUHVFRPRSRUH[HPSORV
EDUUDVGHWHMDGLOKRHWF
6HVHODYDURYHÞFXORÑPÔRFHUWLILFDU
VHGHTXHRVLQWHULRUHVGDVFDYDV
GDVURGDVVÔRWDPEÚPEHPODYDGRV
/LPSDUDVDUHVWDVHGREUDVHPSRUWDV
DEHUWDVHFDSåEHPFRPRDVÒUHDV
FREHUWDVSRUHVWDV
/XEULILTXHDVGREUDGLØDVGHWRGDVDV
SRUWDVQXPDRILFLQD
1ÔROLPSDURFRPSDUWLPHQWRGRPRWRU
FRPMDFWRGHYDSRURXHTXLSDPHQWR
GHOLPSH]DSRUMDFWRGHDOWDSUHVVÔR
3DVVDURYHÞFXOREHPSRUÒJXD
HUHWLUDUDÒJXDFRPXPDFDPXUØD
3DVVDUDFDPXUØDSRUÒJXD
IUHTXHQWHPHQWH8WLOL]DUFDPXUØDV
ÑSDUWHSDUDVXSHUIÞFLHVSLQWDGDV
HYLGURVUHVÞGXRVGHFHUDHPYLGURV
SRGHPGLILFXOWDUDYLVÔR
1ÔRXWLOL]DUREMHFWRVUÞJLGRVSDUD
UHPRYHUSHGDØRVGHDOFDWUÔR(P
VXSHUIÞFLHVSLQWDGDVXWLOL]DUSURGXWR
GHUHPRØÔRGHDOFDWUÔR
/X]HVH[WHULRUHV
$VFREHUWXUDVGRVIDUäLVHGHRXWUDV
OX]HVVÔRGHSOÒVWLFR1ÔRXWLOL]DU
DJHQWHVFÒXVWLFRVRXDEUDVLYRVRX
UDVSDGRUGHJHORHQÔRRVVHFDU
3ROLPHQWRHHQFHUDJHP
(QFHUHUHJXODUPHQWHRYHÞFXORR
PDLVWDUGDUTXDQGRDÒJXDMÒQÔR
GHVOL]DU&DVRFRQWUÒULRDSLQWXUD
VHFD
2SROLPHQWRVäÚQHFHVVÒULRVH
DSLQWXUDHVWLYHUEDØDRXVHKRXYHU
UHVÞGXRVVäOLGRVDJDUUDGRVÑSLQWXUD
2SROLPHQWRGDSLQWXUDFRPVLOLFRQH
IRUPDXPDSHOÞFXODSURWHFWRUD
WRUQDQGRGHVQHFHVVÒULDDDSOLFDØÔR
GHFHUD
$VSHØDVGDFDUURØDULDHPSOÒVWLFR
QÔRGHYHPVHUWUDWDGDVFRPFHUDRX
DJHQWHVGHSROLPHQWR
9LGURVHHVFRYDVGROLPSD
SÒUDEULVDV
8WLOL]DUXPSDQRPDFLRTXHQÔR
ODUJXHSHORRXFDPXUØDFRPOÞTXLGR
OLPSDYLGURVHSURGXWRGHUHPRØÔR
GHLQVHFWRV
$ROLPSDURäFXORWUDVHLURFHUWLILFDU
VHGHTXHRHOHPHQWRGH
DTXHFLPHQWRQRLQWHULRUQÔR
ÚGDQLILFDGR
3DUDUHPRØÔRPHFÓQLFDGHJHOR
XWLOL]DUXPUDVSDGRUGHJHORGH
H[WUHPLGDGHDILDGD(PSXUUDU
RUDVSDGRUILUPHPHQWHFRQWUDRYLGUR
SDUDQÔRILFDUVXMLGDGHSRUEDL[RGHOH
HULVFDURYLGUR
/LPSDUHVFRYDVGHOLPSDYLGURVFRP
XPSDQRPDFLRHOÞTXLGROLPSD
YLGURV
-DQWHVHSQHXV
1ÔRXWLOL]DUGLVSRVLWLYRVGHOLPSH]D
SRUMDFWRGHDOWDSUHVVÔR
/LPSDUDVMDQWHVFRPXPSURGXWRGH
OLPSH]DGHMDQWHVFRPS+QHXWUR
$VMDQWHVVÔRSLQWDGDVHSRGHPVHU
WUDWDGDVFRPRVPHVPRVSURGXWRV
XWLOL]DGRVSDUDDFDUURØDULD
'DQRVQDSLQWXUD
5HSDUDUSHTXHQRVGDQRVQDSLQWXUD
FRPXPDFDQHWDGHUHWRTXHDQWHV
TXHDSDUHØDIHUUXJHP²UHDVFRP
GDQRVPDLRUHVRXFRPIHUUXJHP
GHYHPVHUUHSDUDGDVQXPDRILFLQD
3DFRWHHVSHFLDOHNLWGH
FDUURØDULD
࿢ $RUHERFDUWHUPXLWRFXLGDGRSDUD
HYLWDUGDQRVFDXVDGRVSHODFRUGD
GHUHERTXH$QWHVGHUHERFDU
UHWLUDUDWDPSDQRSÒUDFKRTXHV
࿢ 'LVWÓQFLDDRFKÔRUHGX]LGD
&RQGX]LUGHYDJDUHPUDPSDV
ORPEDVRXSDVVHLRV
࿢ 8WLOL]DUDSRLRVDROHYDQWDU
RYHÞFXOR
࿢ $ILPGHHYLWDUGDQRVQDFDUURØDULD
RXDYDULDVUHFRPHQGDVHTXH
RYHÞFXORVHMDFRORFDGRQD
WRWDOLGDGHQXPSURQWRVRFRUURSDUD
WUDQVSRUWDURYHÞFXOR
6XEVWUXWXUD
0DWHULDLVFRUURVLYRVXWLOL]DGRVSDUD
UHPRØÔRGRJHORHQHYHRXFRQWUROR
GHSRHLUDVSRGHPDFXPXODUVHQD
VXEVWUXWXUDGRYHÞFXOR$QÔR
UHPRØÔRGHVWHVPDWHULDLVSRGH
DFHOHUDUDFRUURVÔRHIHUUXJHP
3HULRGLFDPHQWHXWLOL]DUÒJXDVLPSOHV
SDUDUHWLUDUHVWHVPDWHULDLVGD
VXEVWUXWXUDGRYHÞFXOR
7HURFXLGDGRGHOLPSDUTXDLVTXHU
ÒUHDVRQGHDODPDHRXWURVGHWULWRV
VHSRVVDPDFXPXODU6ROWDU
TXDLVTXHUVHGLPHQWRVDFXPXODGRV
HPÒUHDVIHFKDGDVDQWHVGHODYDU
FRPÒJXD
9HÞFXORVFRPDXWRFRODQWHV
DSOLFDGRV
1ÔRODYDURYHÞFXORGXUDQWH
KRUDVDFRQWDUGDHQWUHJDSDUD
SHUPLWLUXPDDGHUÛQFLDDGHTXDGD
GRVDXWRFRODQWHV
$RODYDURYHÞFXORFRPÒJXDDDOWD
SUHVVÔRRXUHDOL]DUDOLPSH]DPDQXDO
DYDSRUDSOLFDUDÒJXDSXOYHUL]DGD
RXRYDSRUQRVDXWRFRODQWHVDXPD
GLVWÓQFLDGHSHORPHQRVFP
HHYLWDUDFRQFHQWUDØÔRQXPëQLFR
SRQWRGXUDQWHPDLVGHVHJXQGR
&DVRFRQWUÒULRRVDXWRFRODQWHV
SRGHPVHUGDQLILFDGRV
&RQVHUYDØÔRGR
KDELWÒFXOR
,QWHULRUHHVWRIRV
/LPSDURLQWHULRUGRYHÞFXORLQFOXLQGR
SDLQHOGHLQVWUXPHQWRVHSDLQÚLV
DSHQDVFRPXPSDQRVHFRRX
SURGXWRGHOLPSH]DGHLQWHULRUHV
2SDLQHOGHLQVWUXPHQWRVGHYHVHU
OLPSRDSHQDVFRPXPSDQRPDFLR
KXPHGHFLGR
/LPSDUHVWRIRVGHWHFLGRFRPXP
DVSLUDGRUHHVFRYD(OLPLQDUQäGRDV
FRPSURGXWRGHOLPSH]DGHHVWRIRV
/LPSDURVFLQWRVGHVHJXUDQØDFRP
ÒJXDWÚSLGDRXSURGXWRGHOLPSH]DGH
LQWHULRUHV
$WHQØÔR
$VILWDVGH9HOFURGHYHVWXÒULR
SRGHPGDQLILFDURVHVWRIRVGRV
EDQFRV
3HØDVGHSOÒVWLFRHGHERUUDFKD
$VSHØDVGHSOÒVWLFRHGHERUUDFKD
SRGHPVHUOLPSDVFRPRPHVPR
SURGXWRGHOLPSH]DXWLOL]DGRSDUD
OLPSDUDFDUURØDULD8WLOL]DUSURGXWR
GHOLPSH]DGHLQWHULRUHVVH
QHFHVVÒULR1ÔRXWLOL]DUTXDOTXHU
RXWURDJHQWH(YLWDUSULQFLSDOPHQWH
VROYHQWHVHJDVROLQD1ÔRXWLOL]DU
GLVSRVLWLYRVGHOLPSH]DSRUMDFWRGH
DOWDSUHVVÔR
6HUYLØRHPDQXWHQØÔR
,QIRUPDØæHVJHUDLV 3URJUDPDGH$VVLVWÛQFLD /ÞTXLGRVOXEULILFDQWHVHSHØDV
UHFRPHQGDGRV ,QIRUPDØæHVJHUDLV
,QIRUPDØÔRVREUH
DDVVLVWÛQFLD
3DUDDVVHJXUDUXPDXWLOL]DØÔR
HFRQäPLFDHVHJXUDGRYHÞFXOR
HPDQWHURYDORUGRPHVPRÚYLWDO
TXHWRGRVRVWUDEDOKRVGH
PDQXWHQØÔRVHMDPHIHFWXDGRV
TXDQGRHVSHFLILFDGR
&RQILUPDØæHV
&RQILUPDØÔRGHDVVLVWÛQFLD
ÚUHJLVWDGDQR*XLDGH$VVLVWÛQFLD
$GDWDHDTXLORPHWUDJHPVÔR
FRPSOHWDGRVFRPRFDULPERHD
DVVLQDWXUDGDRILFLQDGHDVVLVWÛQFLD
$VVHJXUDUTXHR*XLDGH$VVLVWÛQFLD
HVWÒFRUUHFWDPHQWHSUHHQFKLGRMÒ
TXHXPDSURYDFRQWÞQXDGHUHYLVæHV
ÚHVVHQFLDOHPFDVRGHUHFODPDØæHV
DRDEULJRGDJDUDQWLDRXQRÓPELWRGH
*RRGZLOOHFRQVWLWXLDLQGDXPD
YDQWDJHPTXDQGRFKHJDUDDOWXUDGH
YHQGHURYHÞFXOR
3URJUDPDGH$VVLVWÛQFLD
,QWHUYDORVGH$VVLVWÛQFLD
$FDGDDQRNPFRQIRUPHRTXHRFRUUHUSULPHLUR
$VVLVWÛQFLD,8WLOL]DUD$VVLVWÛQFLD,SDUDRSULPHLURVHUYLØRRXVHD$VVLVWÛQFLD,,MÒWLYHUVLGRHIHFWXDGD
$VVLVWÛQFLD,,8WLOL]DUD$VVLVWÛQFLD,,VHRVHUYLØRDQWHULRUPHQWHHIHFWXDGRWLYHUVLGRD$VVLVWÛQFLD,
2SHUDØÔRGH6HUYLØR
$VVLVWÛQFLD, $VVLVWÛQFLD,,
6XEVWLWXLURäOHRHILOWURGHPRWRU
5
5
9HULILFDUVHKÒIXJDVRXGDQRV
,
,
,QVSHFFLRQDURILOWURGHDUGRPRWRU
,
,
9HULILFDUDSUHVVÔRHGHVJDVWHGRVSQHXV
,
,
,QVSHFFLRQDURVLVWHPDGHWUDYDJHP
,
,
1RFDVRGHFRQGXØÔRHPFRQGLØæHVVHYHUDVFRQGXØÔRGHGLVWÓQFLDVFXUWDVUDOHQWLORQJRRXFRQGXØÔRHPFRQGLØæHV
GHPXLWDSRHLUDRäOHRHRILOWURGHPRWRUSRGHPWHUGHVHUPXGDGRVFRPPDLRUIUHTXÛQFLD
$SHUGDGHOÞTXLGRVHPTXDOTXHUVLVWHPDGRYHÞFXORSRGHVHUVLQWRPDGHXPSUREOHPD2VLVWHPDGHYHVHU
LQVSHFFLRQDGRHUHSDUDGRHRQÞYHOGRVOÞTXLGRVYHULILFDGR$GLFLRQDUOÞTXLGRVHQHFHVVÒULR
1RFDVRGHFRQGX]LUQRUPDOPHQWHHPFRQGLØæHVGHPXLWDSRHLUDLQVSHFFLRQDURILOWURPDLVIUHTXHQWHPHQWH2ILOWUR
SRGHWHUGHVHUVXEVWLWXÞGRFRPPDLRUIUHTXÛQFLD
,QVSHFFLRQDUYLVXDOPHQWHDVOLQKDVGRVWUDYæHVHWXERVIOH[ÞYHLVSDUDYHULILFDUTXHQÔRKDMDGREUDVIXJDVILVVXUDV
IULFØÔRHWF,QVSHFFLRQDURVFDOØRVGRVWUDYæHVGHGLVFRTXDQWRDGHVJDVWHHRHVWDGRGDVXSHUIÞFLHGRVGLVFRV
,QVSHFFLRQDUVHRVUHYHVWLPHQWRVGRVWUDYæHVFDOØRVDSUHVHQWDPGHVJDVWHRXILVVXUDV,QVSHFFLRQDURXWUDVSHØDVGRV
WUDYæHVLQFOXLQGRRVWDPERUHVERPELWRVSLQØDVWUDYÔRGHPÔRHWF
,QVSHFFLRQDURQÞYHOGROÞTXLGRGHDUUHIHFLPHQWRGRPRWRUHGROÞTXLGROLPSDYLGURVHDGLFLRQDU ,
FRQIRUPHQHFHVVÒULR
,
,QVSHFFLRQDURVFRPSRQHQWHVGDVXVSHQVÔRHGDGLUHFØÔR
,
,
,QVSHFFLRQDUDVHVFRYDVGROLPSDSÒUDEULVDV
,
,
,QVSHFFLRQDUDVFRUUHLDVGHWUDQVPLVVÔR
,
,
(IHFWXDUTXDLVTXHUVHUYLØRVDGLFLRQDLVQHFHVVÒULRVFRQVXOWDURFDSÞWXORDSOLFÒYHO
,
,
9HULILFDURVFDPSRVGHDFØÔR
,
,
6XEVWLWXLUROÞTXLGRGRVWUDYæHV
ಥ
5
,QVSHFFLRQDURVLVWHPDGHDUUHIHFLPHQWRGRPRWRU
ಥ
,
,QVSHFFLRQDUYLVXDOPHQWHVHKÒGDQRVSHØDVHPIDOWDRXVROWDVRXVLQDLVGHGHVJDVWHQDVXVSHQVÔRGLDQWHLUDHWUDVHLUD
QRVLVWHPDGDGLUHFØÔR,QVSHFFLRQDURVFRPSRQHQWHVGDGLUHFØÔRDVVLVWLGDVHDSUHVHQWDPGREUDVILVVXUDVIULFØÔR
HWF
,QVSHFFLRQDUDVHVFRYDVGRVOLPSDSÒUDEULVDVTXDQWRDGHVJDVWHILVVXUDVRXFRQWDPLQDØÔR/LPSDURSÒUDEULVDV
HHVFRYDVGROLPSDSÒUDEULVDVVHDSUHVHQWDUHPFRQWDPLQDØÔR6XEVWLWXLUDVHVFRYDVGROLPSDSÒUDEULVDVJDVWDVRX
GDQLILFDGDV
6HFRQGX]LUHPFRQGLØæHVVHYHUDVFRQGX]LUHPWHUUHQRVDFLGHQWDGRVRXPRQWDQKRVRVRXUHERFDUXPDWUHODGRIUHಢ
TXHQWHPHQWHROÞTXLGRVGRVWUDYæHVSRGHQHFHVVLWDUGHVHUPXGDGRFRPPDLRUIUHTXÛQFLD
,QVSHFFLRQDUYLVXDOPHQWHRVWXERVIOH[ÞYHLVHPDQGDUVXEVWLWXÞORVVHDSUHVHQWDUHPILVVXUDVLQFKDØRRXGHWHULRUDØÔR
,QVSHFFLRQDUWRGRVRVWXERVHOHPHQWRVGHIL[DØÔRHEUDØDGHLUDVVHQHFHVVÒULRVXEVWLWXLUSRUSHØDVGHRULJHP$ILP
GHDMXGDUDJDUDQWLUXPIXQFLRQDPHQWRFRUUHFWRUHFRPHQGDVHXPHQVDLRGHSUHVVÔRGRVLVWHPDGHDUUHIHFLPHQWR
WDPSDGHSUHVVÔRHDOLPSH]DGRH[WHULRUGRUDGLDGRUHFRQGHQVDGRUGRDUFRQGLFLRQDGR
,QVSHFFLRQDURVFRPSRQHQWHVGRVLVWHPDGHUHWHQØÔR
ಥ
,
,QVSHFFLRQDURVFRPSRQHQWHVGRJUXSRPRWRSURSXOVRU
ಥ
,
/XEULILFDURVFRPSRQHQWHVGDFDUURØDULD
ಥ
,
,,QVSHFFLRQDUHVWHVLWHQVHSHØDVUHODFLRQDGDV6HQHFHVVÒULRFRUULJLUOLPSDUDWHVWDUUHJXODURXVXEVWLWXLU
56XEVWLWXLURXPXGDU
,QWHUYDOR
6XEVWLWXLURILOWURGHSäOHQ
&DGDNPDQR
6XEVWLWXLURILOWURGHDU
&DGDNPDQRV
6XEVWLWXLUDVYHODVGHLJQLØÔR
&DGDNPDQRV
&HUWLILFDUVHGHTXHRLQGLFDGRUOXPLQRVRGRFLQWRGHVHJXUDQØDHDVPRQWDJHQVGRVFLQWRVGHVHJXUDQØDIXQFLRQDP
FRUUHFWDPHQWH3URFXUDUVHKÒTXDLVTXHUSHØDVVROWDVRXGDQLILFDGDVQRVLVWHPDGRVFLQWRVGHVHJXUDQØD6HQRWDU
DOJRTXHLPSHØDRVFLQWRVGHVHJXUDQØDGHID]HUHPRVHXSDSHOPDQGHUHSDUÒORV&HUWLILTXHVHTXHTXDOTXHUFLQWR
GHVHJXUDQØDWRUFLGRRXUDVJDGRÚVXEVWLWXÞGR
/XEULILFDUWRGRVRVFDQKæHVGDVIHFKDGXUDVGREUDGLØDVHWULQFRVGDVSRUWDVDVVLPFRPRDVGREUDGLØDVGDWDPSDGD
EDJDJHLUDHWULQFRV8PDOXEULILFDØÔRPDLVIUHTXHQWHSRGHVHUQHFHVVÒULDVHH[SRVWRDXPDPELHQWHPDLVFRUURVLYR
$DSOLFDØÔRFRPXPSDQROLPSRGHOXEULILFDQWHÑEDVHGHVLOLFRQHQDVERUUDFKDVGHYHGDØÔRSURORQJDUÒDYLGDëWLO
YHGDUÔRPHOKRUHQÔRILFDUÔRSHJDMRVDVRXIDUÔREDUXOKR
1RFDVRGHFRQGX]LUQRUPDOPHQWHHPFRQGLØæHVGHPXLWDSRHLUDLQVSHFFLRQDURILOWURPDLVIUHTXHQWHPHQWH2ILOWUR
SRGHWHUGHVHUVXEVWLWXÞGRFRPPDLRUIUHTXÛQFLD
,QWHUYDOR
6XEVWLWXLURFDERGDLJQLØÔRSDUDYHÞFXORVVHP&RPDQGRGH
(OHFWUäQLFRGH(VWDELOLGDGH
&DGDNPDQRV
0XGDUROÞTXLGRGHDUUHIHFLPHQWRGRPRWRU
&DGDNPDQRV
0XGDURäOHRGDFDL[DGHYHORFLGDGHVPDQXDO
&DGDNPDQRV
0XGDURäOHRGDFDL[DGHYHORFLGDGHVDXWRPÒWLFD
,QVSHFFLRQDURäOHRFDGDNPDQR0XGDU
FDGDNPHPFRQGLØæHVVHYHUDV
6XEVWLWXLUDFRUUHLDDX[LOLDU
6XEVWLWXLUDFRUUHQWHGHGLVWULEXLØÔR
&DGDNPDQRV
,QVSHFFLRQDUDIROJDGDYÒOYXODDMXVWDUVHQHFHVVÒULR
&DGDNPDQRV
6HDFRUUHLDWLYHUVLGRVXEVWLWXÞGDGHYHVHULQVSHFFLRQDGDHDWHQVÔRDMXVWDGDGHQWURGHPHVHVNP
,WHQVGHDVVLVWÛQFLDJHUDO
,WHP
7RGRV
9HULILFDUWRGRVRVVLVWHPDVTXDQWRDLQWHUIHUÛQFLDRXGREUDVHGDQRVRXSHØDVHPIDOWD6XEVWLWXLU
SHØDVFRQIRUPHQHFHVVÒULR6XEVWLWXLUTXDLVTXHUFRPSRQHQWHVTXHDSUHVHQWHPGHVJDVWH
H[FHVVLYR
&DL[DGH
YHORFLGDGHV
DXWRPÒWLFD
0XGDUROÞTXLGRHILOWURGDFDL[DGHYHORFLGDGHVDXWRPÒWLFDVHRYHÞFXORIRUFRQGX]LGRVREUHWXGR
QXPDRXPDLVGDVVHJXLQWHVFRQGLØæHV
(PWUÓQVLWRXUEDQRLQWHQVLYRFRPWHPSHUDWXUDH[WHULRUTXHDWLQMDUHJXODUPHQWHRV«&RXPDLV
(PWHUUHQRDFLGHQWDGRRXPRQWDQKRVR
6HIL]HUUHERTXHVIUHTXHQWHV
6HIRUXWLOL]DGRFRPRWÒ[LYHÞFXORGDSROÞFLDRXGHHQWUHJDV
&LQWRV
,QVSHFFLRQDUYLVXDOPHQWHDFRUUHLDTXDQWRDGHVFDUQDPHQWRILVVXUDVH[FHVVLYDVRXGDQRVäEYLRV
6XEVWLWXLUDFRUUHLDVHQHFHVVÒULR
(VWDGRHSUHVVÔRGH 2HVWDGRGRVSQHXVGHYHVHUYHULILFDGRDQWHVGHFRQGX]LUHDSUHVVÔRGRVSQHXVGHYHVHUYHULILFDGD
DUGRVSQHXV
VHPSUHTXHDWHVWDUGHFRPEXVWÞYHORXSHORPHQRVXPDYH]SRUPÛVXWLOL]DQGRXPPDQäPHWURGH
SUHVVÔRSDUDSQHXV
$OLQKDPHQWRGDV
URGDV
6HQHFHVVÒULRURGDUHHTXLOLEUDUDVURGDV
6HUYLØRDGLFLRQDO
&RQGLØæHVGHXWLOL]DØÔR
H[WUHPDV
&RQVLGHUDVHTXHKÒFRQGLØæHVGH
XWLOL]DØÔRH[WUHPDVTXDQGRSHOR
PHQRVXPGDVVHJXLQWHVVLWXDØæHV
RFRUUHFRPIUHTXÛQFLD
࿢ &RQGXØÔRUHSHWLGDGHSHUFXUVRV
FXUWRVLQIHULRUHVDNP
࿢ &RQGXØÔRSURORQJDGDDRUDOHQWL
HRXDEDL[DYHORFLGDGHHPWUÓQVLWR
SÒUDDUUDQFD
࿢ &RQGXØÔRHPHVWUDGDVSRHLUHQWDV
࿢ &RQGXØÔRHPWHUUHQRDFLGHQWDGR
RXPRQWDQKRVR
࿢ 5HERFDUXPDWUHODGR
࿢ &RQGXØÔRHPWUÓQVLWRXUEDQR
LQWHQVLYRFRPWHPSHUDWXUDV
H[WHULRUHVTXHDWLQJHP
UHJXODUPHQWHRV«&RXPDLV
࿢ &RQGXØÔRFRPRWÒ[LYHÞFXORGD
SROÞFLDRXGHHQWUHJDV
࿢ &RQGXØÔRIUHTXHQWHFRP
WHPSHUDWXUDVH[WHULRUHV
SHUPDQHQWHVDEDL[RGH]HUR
2VYHÞFXORVGDSROÞFLDWÒ[LV
HYHÞFXORVGHHVFRODVGHFRQGXØÔR
VÔRWDPEÚPFODVVLILFDGRVFRPR
XWLOL]DGRVHPFRQGLØæHVH[WUHPDV
(PFRQGLØæHVH[WUHPDVGHXWLOL]DØÔR
SRGHUÒVHUQHFHVVÒULRUHDOL]DUFHUWRV
WUDEDOKRVSURJUDPDGRVGHUHYLVÔR
FRPXPDPDLRUIUHTXÛQFLDGRTXH
RSUHYLVWRQRVLQWHUYDORVHQWUHDV
UHYLVæHV
3URFXUDUDFRQVHOKDPHQWRWÚFQLFR
VREUHRVUHTXLVLWRVGHDVVLVWÛQFLD
TXHYDULDPFRQVRDQWHDVFRQGLØæHV
GHXWLOL]DØÔRHVSHFÞILFDV
/ÞTXLGRVOXEULILFDQWHV
HSHØDVUHFRPHQGDGRV
/ÞTXLGRVHOXEULILFDQWHV
UHFRPHQGDGRV
$SHQDVXWLOL]DUSURGXWRVTXHWHQKDP
VLGRWHVWDGRVHDSURYDGRV'DQRV
UHVXOWDQWHVGDXWLOL]DØÔRGHPDWHULDLV
QÔRDSURYDGRVQÔRVHUÔRFREHUWRV
SHODJDUDQWLD
$YLVR
2VPDWHULDLVGHIXQFLRQDPHQWR
VÔRSHULJRVRVHSRGHPVHU
YHQHQRVRV0DQXVHDUFRP
FXLGDGR3UHVWDUDWHQØÔR
ÑLQIRUPDØÔRSUHVHQWHQRV
UHFLSLHQWHV
ÄOHRGHPRWRU
2äOHRGHPRWRUÚLGHQWLILFDGRSHOD
TXDOLGDGHHSHODYLVFRVLGDGH
$TXDOLGDGHÚPDLVLPSRUWDQWHTXH
DYLVFRVLGDGHTXDQGRVHVHOHFFLRQD
RäOHRGHPRWRUDXWLOL]DU
4XDOLGDGHGRäOHRGHPRWRU
$&($$%$3,600RWRUHV
DJDVROLQD
$WHVWDUFRPäOHRGHPRWRU
ÄOHRVGHPRWRUGHIDEULFDQWHV
HPDUFDVGLIHUHQWHVSRGHUÔRVHU
PLVWXUDGRVGHVGHTXHFXPSUDPRV
FULWÚULRVGRäOHRGHPRWRUHP
TXDOLGDGHHYLVFRVLGDGH
6HQÔRH[LVWLUäOHRGHPRWRUFRP
DTXDOLGDGHGHVHMDGDSRGHUÔRVHU
XWLOL]DGRVQRPÒ[LPROLWURGHäOHRGH
JUDGXDØÔR$%DSHQDVXPDYH]
HQWUHFDGDXPDGDVPXGDQØDVGH
äOHR$YLVFRVLGDGHGHYHUÒWHU
DFDWHJRULDFRUUHFWD
$XWLOL]DØÔRGHäOHRGHPRWRUFRP
TXDOLGDGHDSHQDV$&($$%RX
DSHQDV$%ÚH[SUHVVDPHQWH
SURLELGDSRUTXHSRGHSURYRFDU
GDQRVQRPRWRUDORQJRSUD]RHP
GHWHUPLQDGDVFRQGLØæHVGH
IXQFLRQDPHQWR
$GLWLYRVGRäOHRGHPRWRUDGLFLRQDLV
$XWLOL]DØÔRGHDGLWLYRVGRäOHRGH
PRWRUDGLFLRQDLVSRGHFDXVDUGDQRV
HLQYDOLGDUDJDUDQWLD
*UDGXDØæHVGDYLVFRVLGDGHGRäOHR
GHPRWRU
8WLOL]DUDSHQDVäOHRGHPRWRUFRP
DYLVFRVLGDGHTXHVHVHJXH
$&($$%$3,60
$WÚ«&HDEDL[R::
$WÚ«&::
$WÚ«&::
$JUDGXDØÔRGHYLVFRVLGDGH6$(GÒ
LQIRUPDØÔRGDHVSHVVXUDGRäOHR
2äOHRPXOWLJUDGXDGRÚLQGLFDGRSRU
GRLVGÞJLWRV2SULPHLURGÞJLWR
VHJXLGRSRUXP:LQGLFD
DYLVFRVLGDGHDEDL[DVWHPSHUDWXUDV
HRVHJXQGRGÞJLWRDYLVFRVLGDGH
DDOWDVWHPSHUDWXUDV
/ÞTXLGRGHDUUHIHFLPHQWR
HDQWLFRQJHODQWH
8WLOL]DUDSHQDVDQWLFRQJHODQWHGH
OÞTXLGRGHDUUHIHFLPHQWRGHORQJD
GXUDØÔR/&&GRWLSRÒFLGR
RUJÓQLFR
(PSDÞVHVFRPFOLPDPRGHUDGR
ROÞTXLGRGHDUUHIHFLPHQWRSURWHJHGH
FRQJHODPHQWRDWÚDSUR[LPDGDPHQWH
«&(PSDÞVHVFRPFOLPDIULR
ROÞTXLGRGHDUUHIHFLPHQWRSURWHJHGH
FRQJHODPHQWRDWÚDSUR[LPDGDPHQWH
«&(VWDFRQFHQWUDØÔRGHYHVHU
PDQWLGDGXUDQWHWRGRRDQR
0DQWHUXPDFRQFHQWUDØÔRGHDQWL
FRQJHODQWHVXILFLHQWH
$GLWLYRVGROÞTXLGRGHDUUHIHFLPHQWR
FRQFHELGRVSDUDGDUXPDSURWHFØÔR
DGLFLRQDOFRQWUDDFRUURVÔRRXYHGDU
SHTXHQDVIXJDVSRGHPFDXVDU
SUREOHPDVGHIXQFLRQDPHQWR
$UHVSRQVDELOLGDGHSHODV
FRQVHTXÛQFLDVUHVXOWDQWHVGD
XWLOL]DØÔRGHDGLWLYRVGHOÞTXLGRGH
DUUHIHFLPHQWRVHUÒUHMHLWDGD
/ÞTXLGRGRVWUDYæHV
8WLOL]DUDSHQDVOÞTXLGRGRVWUDYæHV
DXWRUL]DGRSDUDHVWHYHÞFXOR'27
&RPRWHPSRRäOHRGRVWUDYæHV
DEVRUYHDKXPLGDGHRTXHUHGX]LUÒ
DHILFLÛQFLDGHWUDYDJHP3RULVVR
RäOHRGRVWUDYæHVGHYHULDVHU
VXEVWLWXÞGRQRVLQWHUYDORV
HVSHFLILFDGRV
2äOHRGRVWUDYæHVGHYHUÒVHU
JXDUGDGRQXPUHFLSLHQWHHVWDQTXH
SDUDHYLWDUDDEVRUØÔRGHÒJXD
$VVHJXUDUTXHRäOHRGRVWUDYæHVQÔR
ILFDFRQWDPLQDGR
ÄOHRGDGLUHFØÔRDVVLVWLGD
8WLOL]DUDSHQDVäOHR'H[URQ9,
ÄOHRGDFDL[DGHYHORFLGDGHV
PDQXDO
8WLOL]DUDSHQDVäOHR;*3
6$(::
ÄOHRGDFDL[DGHYHORFLGDGHV
DXWRPÒWLFD
8WLOL]DU0DWLF'-:6
SURSRUØÔR
'DGRVWÚFQLFRV
'DGRVWÚFQLFRV
,GHQWLILFDØÔRGRYHÞFXOR 'DGRVGRYHÞFXOR ,GHQWLILFDØÔRGRYHÞFXOR
3ODFDGHLGHQWLILFDØÔR
1ëPHURGHLGHQWLILFDØÔR
GRYHÞFXOR
7LSR
2QëPHURGHLGHQWLILFDØÔRGRYHÞFXOR
HQFRQWUDVHSRUEDL[RGRDVVHQWRGR
EDQFRWUDVHLUR
$HWLTXHWDHVWÒDSRVWDSHUWRGRWULQFR
GDSRUWDGRFRQGXWRU
'DGRVWÚFQLFRV
7LSR
$HWLTXHWDHVWÒDSRVWDSHUWRGRWULQFR
GDSRUWDGRSDVVDJHLUR
'DGRVWÚFQLFRV
'DGRVGRYHÞFXOR
'DGRVGRPRWRU
'HVLJQDØÔRGHPHUFDGR
*DVROLQD
*DVROLQD
0RWRU
'
'
&äGLJRGHLGHQWLILFDØÔRGRPRWRU
/07
/08
1ëPHURGHFLOLQGURV
&LOLQGUDGD>FP@
3RWÛQFLDGRPRWRU>N:@
DUSP
%LQÒULR>1P@
DUSP
7LSRGHFRPEXVWÞYHO
*DVROLQD
*DVROLQD
UHFRPHQGDGR
DGPLVVÞYHO
¾QGLFHGHRFWDQDV521
'DGRVWÚFQLFRV
5ëVVLD8]EHTXLVWÔR
'HVLJQDØÔRGHPHUFDGR
0RWRU
'
'
&äGLJRGHLGHQWLILFDØÔRGRPRWRU
/07
/08
1ëPHURGHFLOLQGURV
&LOLQGUDGD>FP@
3RWÛQFLDGRPRWRU>N:@
DUSP
%LQÒULR>1P@
DUSP
7LSRGHFRPEXVWÞYHO
*DVROLQD
*DVROLQD
UHFRPHQGDGR
DGPLVVÞYHO
¾QGLFHGHRFWDQDV521
'DGRVWÚFQLFRV
'HVHPSHQKR
0RWRU
'
'
'
'
ಥ
9HORFLGDGHPÒ[LPD>NPK@
5ëVVLD8]EHTXLVWÔR
0RWRU
9HORFLGDGHPÒ[LPD>NPK@
$YHORFLGDGHPÒ[LPDLQGLFDGDÚREWLGDHPFRQGLØæHVGHWDUDVHPFRQGXWRUDFUHVFLGDGHNJGHFDUJDëWLO
2HTXLSDPHQWRRSFLRQDOSRGHUÒUHGX]LUDYHORFLGDGHPÒ[LPDHVSHFLILFDGDSDUDRYHÞFXOR
'DGRVWÚFQLFRV
&RQVXPRGHFRPEXVWÞYHOHPLVVæHVGH&2
$FDL[DGHYHORFLGDGHVPDQXDOVHPGLUHFØÔRDVVLVWLGDFDL[DGHYHORFLGDGHVPDQXDOFRPGLUHFØÔRDVVLVWLGD
0RWRU
'1ÔR(6&
'(6&
'1ÔR(6&
'(6&
(PFLGDGH>ONP@
)RUDGDFLGDGH>ONP@
7RWDO>ONP@
&2>JNP@
5ëVVLD8]EHTXLVWÔR
$FDL[DGHYHORFLGDGHVPDQXDOFRPGLUHFØÔRDVVLVWLGDFDL[DGHYHORFLGDGHVDXWRPÒWLFDFRPGLUHFØÔRDVVLVWLGD
0RWRU
'
'
(PFLGDGH>ONP@
)RUDGDFLGDGH>ONP@
7RWDO>ONP@
ಥ
&2>JNP@
ಥ
'DGRVWÚFQLFRV
3HVRGRYHÞFXOR
7DUDPÞQLPDFRPFRQGXWRUNJ
0RWRU &DL[DGHYHORFLGDGHVPDQXDOVHPGLUHFØÔRDVVLVWLGD &DL[DGHYHORFLGDGHVPDQXDOFRPGLUHFØÔRDVVLVWLGD
>NJ@ ' ' 5ëVVLD8]EHTXLVWÔR
0RWRU
>NJ@
'
'
ಥ
7DUDPÒ[LPDFRPFRQGXWRUNJ
>NJ@ ' ' 'DGRVWÚFQLFRV
5ëVVLD8]EHTXLVWÔR
0RWRU
>NJ@
'
'
ಥ
3HVREUXWRGRYHÞFXOR
>NJ@ ' ' 5ëVVLD8]EHTXLVWÔR
0RWRU
>NJ@
'
'
ಥ
'LPHQVæHVGRYHÞFXOR
&RPSULPHQWR>PP@
/DUJXUDVHPHVSHOKRVUHWURYLVRUHVH[WHULRUHV>PP@
/DUJXUDFRPGRLVHVSHOKRVUHWURYLVRUHVH[WHULRUHV>PP@
'DGRVWÚFQLFRV
$OWXUDVHPDQWHQD>PP@VHPEDJDJHLUDGHWHMDGLOKR
$OWXUDVHPDQWHQD>PP@FRPEDJDJHLUDGHWHMDGLOKR
&RPSULPHQWRGRSLVRGHFDUJD>PP@
/DUJXUDGDEDJDJHLUD>PP@
$OWXUDGDEDJDJHLUD>PP@
'LVWÓQFLDHQWUHHL[RV>PP@
'LÓPHWURGRFÞUFXORGHYLUDJHP>P@
&DSDFLGDGHV
ÄOHRGHPRWRU
0RWRU
'2+&
'2+&
LQFOXLQGR)LOWUR>,@
HQWUH0,1H0$;>O@
'HSäVLWRGHFRPEXVWÞYHO
*DVROLQDFDSDFLGDGHQRPLQDO>O@
'DGRVWÚFQLFRV
3UHVVÔRGRVSQHXV
0RWRU 3QHXV
' 5
' 5
&RQIRUWRFRPSHVVRDVQR (&2FRPSHVVRDVQR
PÒ[LPR
PÒ[LPR
&RPFDUJDPÒ[LPD
±IUHQWH
$WUÒV
±IUHQWH
$WUÒV
±IUHQWH
$WUÒV
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
ಥ
5
7RGRV 5RGDVREUHVVHOHQWH
FRPSDFWD
,QIRUPDØÔRGRFOLHQWH
5HJLVWRGHGDGRVGRYHÞFXOR
HSULYDFLGDGH 5HJLVWRGHGDGRVGR
YHÞFXORHSULYDFLGDGH
*UDYDØÔRGHGDGRVGH
HYHQWRV
2YHÞFXORFRQWDFRPYÒULRVVLVWHPDV
VRILVWLFDGRVTXHPRQLWRUL]DP
HFRQWURODPYÒULRVGDGRVGRYHÞFXOR
$OJXQVGDGRVSRGHPVHUJXDUGDGRV
GXUDQWHRIXQFLRQDPHQWRQRUPDOSDUD
IDFLOLWDUDUHSDUDØÔRGHDQRPDOLDV
GHWHFWDGDVRXWURVGDGRVVÔR
JXDUGDGRVDSHQDVQRFDVRGH
FROLVÔRRXTXDVHFROLVÔRSRU
PäGXORVQRVVLVWHPDVGRVHXYHÞFXOR
TXHSRVVXHPXPDIXQØÔRGHUHJLVWR
GHHYHQWRVWDOFRPRRPäGXORGH
FRQWURORGRDLUEDJ
2VVLVWHPDVSRGHPUHJLVWDUGDGRV
GHGLDJQäVWLFRDFHUFDGRHVWDGRGR
YHÞFXORSH[QÞYHOGRäOHRRX
TXLORPHWUDJHPGRYHÞFXOR
HLQIRUPDØÔRVREUHRPRGRFRPRIRL
DFFLRQDGRSH[UHJLPHGRPRWRU
DSOLFDØÔRGRVWUDYæHVHXWLOL]DØÔR
GRVFLQWRVGHVHJXUDQØD
3DUDOHUHVWHVGDGRVÚQHFHVVÒULR
HTXLSDPHQWRHVSHFLDOHDFHVVRDR
YHÞFXOR$OJXQVGDGRVGHGLDJQäVWLFR
VÔRWUDQVIHULGRVHOHFWURQLFDPHQWH
QRVVLVWHPDVJOREDLVGD&KHYUROHW
TXDQGRÚIHLWDDVVLVWÛQFLDDRYHÞFXOR
SDUDGRFXPHQWDURKLVWäULFRGH
VHUYLØRGRYHÞFXOR$VVLPÚSRVVÞYHO
DRILFLQDGLVSRQLELOL]DUOKHXPD
PDQXWHQØÔRHUHSDUDØÔRHILFLHQWH
DGDSWDGDLQGLYLGXDOPHQWHDRVHX
YHÞFXORVHPSUHTXHROHYHÑRILFLQD
2IDEULFDQWHQÔRDFHGH
DLQIRUPDØæHVUHODWLYDVDR
FRPSRUWDPHQWRGRFRQGXWRUDFHUFD
GHXPHYHQWRGHFROLVÔRQHPSDUWLOKD
FRPWHUFHLURVH[FHSWR
࿢ FRPRFRQVHQWLPHQWRGR
SURSULHWÒULRGRYHÞFXORRXVH
RYHÞFXORVHHQFRQWUDUQRUHJLPHGH
OHDVLQJGRWLWXODUGRFRQWUDWRGH
OHDVLQJ
࿢ HPUHVSRVWDDXPSHGLGRRILFLDOGD
3ROÞFLDRXGHSDUWDPHQWR
JRYHUQDPHQWDOVHPHOKDQWH
࿢ FRPRSDUWHGDGHIHVDGRIDEULFDQWH
HPFDVRGHDFØæHVOHJDLV
࿢ FRQIRUPHH[LJLGRSRUOHL
$GLFLRQDOPHQWHRIDEULFDQWHSRGHUÒ
XWLOL]DURVGDGRVGHGLDJQäVWLFR
UHFROKLGRVRXUHFHELGRV
࿢ SDUDQHFHVVLGDGHVGHLQYHVWLJDØÔR
GRIDEULFDQWH
࿢ SDUDGLVSRQLELOL]ÒORVSDUD
QHFHVVLGDGHVGHLQYHVWLJDØÔRHP
TXHDFRQILGHQFLDOLGDGHDGHTXDGD
VHMDPDQWLGDHDQHFHVVLGDGHVHMD
GHPRQVWUDGD
࿢ SDUDSDUWLOKDUGDGRVGHUHVXPRQÔR
UHODFLRQDGRFRPXPYHÞFXOR
HVSHFÞILFRFRPRXWUDV
RUJDQL]DØæHVSDUDILQVGH
LQYHVWLJDØÔR
,GHQWLILFDØÔRGD
)UHTXÛQFLD5ÒGLR5),'
$WHFQRORJLD5),'ÚXWLOL]DGDHP
DOJXQVYHÞFXORVSDUDIXQØæHVWDLV
FRPRDPRQLWRUL]DØÔRGDSUHVVÔR
GRVSQHXVHDVHJXUDQØDGRVLVWHPD
GHLJQLØÔR7DPEÚPÚXWLOL]DGR
UHODWLYDPHQWHDFRPRGLGDGHVWDLV
FRPRRVFRPDQGRVGRVFRPDQGRV
ÑGLVWÓQFLDSDUDWUDQFDUGHVWUDQFDU
SRUWDVHDUUDQTXHHWUDQVPLVVRUHVQR
LQWHULRUGRYHÞFXORSDUDDEULUDVSRUWDV
GHJDUDJHQV$WHFQRORJLD5),'QRV
YHÞFXORV&KHYUROHWQÔRXVDRXUHJLVWD
LQIRUPDØÔRSHVVRDORXOLJDØæHV
DTXDOTXHURXWURVLVWHPD&KHYUROHW
TXHFRQWHQKDLQIRUPDØÔRSHVVRDO
¾QGLFHUHPLVVLYR
$
$EDVWHFHU $FFLRQDPHQWRHOHFWUäQLFRGRV
YLGURV $FFLRQDPHQWRPDQXDOGRV
YLGURV $FHVVäULRVHDOWHUDØæHVQR
YHÞFXOR $LUEDJVHSUÚWHQVRUHVGRV
FLQWRV $MXVWHGRDOFDQFHGRVIDUäLV $MXVWHGRHQFRVWRGHFDEHØD $MXVWHGRVEDQFRV $MXVWHGRVHVSHOKRVUHWURYLVRUHV $MXVWHGRYRODQWH $MXVWHHOÚFWULFR $MXVWHPDQXDO $ODYDQFDVHOHFWRUD $OWHUQDGRU $QWHQDIL[D $TXHFLGRV $TXHFLPHQWR $UUDQTXH $VSHFWRVJHUDLVGRVHOHPHQWRV
GHFRPDQGR $VVLVWÛQFLD $VVLVWÛQFLDÑWUDYDJHP $X[ÞOLRGHDUUDQTXH $YDULD $YLVRGRFLQWRGHVHJXUDQØD %
%DJDJHLUD %DJDJHLUDGHWHMDGLOKR %DQFRVGLDQWHLURVDTXHFLGRV %DWHULD %X]LQD &
&DL[DGHIXVÞYHLVQR
FRPSDUWLPHQWRGRPRWRU &DL[DGHIXVÞYHLVQRSDLQHOGH
LQVWUXPHQWRV &DL[DGHYHORFLGDGHV &DL[DGHYHORFLGDGHV
DXWRPÒWLFD &DL[DGHYHORFLGDGHVPDQXDO &DSDFLGDGHV &DSRW &DWDOLVDGRU &KDYHV &LQWRGHVHJXUDQØD &LQWRGHVHJXUDQØDGHWUÛV
SRQWRV &LQWRVGHVHJXUDQØD &LQ]HLURV &OLPDWL]DØÔR &OLPDWL]DØÔRDXWRPÒWLFD
HOHFWUäQLFD &RPSDUWLPHQWRGHDUUXPDØÔR
SRUEDL[RGREDQFR &RPSDUWLPHQWRSDUDäFXORVGH
VRO &RPSDUWLPHQWRVGHDUUXPDØÔR
QRSDLQHOGHLQVWUXPHQWRV &RQVHUYDØÔRGDFDUURØDULD &RQVHUYDØÔRGRKDELWÒFXOR &RQVXPRGHFRPEXVWÞYHO
HPLVVæHVGH&2 &RQWDTXLOäPHWURV &RQWDTXLOäPHWURVSDUFLDO &RQWDURWDØæHV &RQWURORHOHFWUäQLFRGH
HVWDELOLGDGH &RQWURORVREUHRYHÞFXOR &RQYH[RV &RUUHQWHVGHQHYH &RUWHGHFRUUHQWH '
'DGRVGRPRWRU 'HVDFWLYDØÔRGHDLUEDJ 'HVDFWLYDØÔRGR$LUEDJ 'HVHPSHQKR 'HVLJQDØÔRGRVSQHXV 'HVWUDQFDURYHÞFXOR 'LPHQVæHVGRYHÞFXOR 'LVSRVLWLYRGHVHJXUDQØDSDUD
FULDQØDV (
(QFRVWRVGHFDEHØD (QWUDGD$8; (QWUDGDGHDU (VSHOKRVUHWURYLVRUHVH[WHULRUHV
DTXHFLGRV (VWDFLRQDPHQWR ([HFXØÔRGRVWUDEDOKRV )
)DUäLV )DUäLVGHQHYRHLUR )DUäLVQDFRQGXØÔRQR
HVWUDQJHLUR )DUäLVWUDVHLURVGHQHYRHLUR )HUUDPHQWDV )LOWURGHDUGRPRWRU )LOWURGHSäOHQ )XQØÔRDQWLURXER )XQØÔRPDQXDOGH
DQWLHQFDQGHDPHQWR )XQFLRQDPHQWRGRDU
FRQGLFLRQDGR )XVÞYHLV *
*DVHVGHHVFDSH *UDYDØÔRGHGDGRVGHHYHQWRV *UHOKDVGHYHQWLODØÔRIL[DV *UHOKDVGHYHQWLODØÔR
UHJXOÒYHLV ,
,GHQWLILFDØÔRGD)UHTXÛQFLD
5ÒGLR5),' ,OXPLQDØÔRH[WHULRU ,PRELOL]DGRUHOHFWUäQLFR ,PRELOL]DURYHÞFXORDORQJR
SUD]R ,QGLFDØæHVSDUDRFDUUHJDPHQWR
GRYHÞFXOR ,QGLFDGRUGHPXGDQØDGH
GLUHFØÔR ,QGLFDGRUGRQÞYHOGH
FRPEXVWÞYHO ,QGLFDGRUHVGHPXGDQØDGH
GLUHFØÔR ,QGLFDGRUHVGHPXGDQØDGH
GLUHFØÔRODWHUDLV ,QIRUPDØÔRVREUHDDVVLVWÛQFLD ,QIRUPDØæHVJHUDLV ,QWHUUXSWRUGDVOX]HV ,QWURGXØÔR ,VTXHLUR .
.LWGHUHSDUDØÔRGHSQHXV /X]HVGRKDELWÒFXOR /X]HVWUDVHLUDV /
0
/HLWRUGH&' /LJDURPRWRU /LPSDSÒUDEULVDVHODYDSÒUD
EULVDV /LPSDYLGURVGRäFXORWUDVHLUR
HODYDYLGURVGRäFXORWUDVHLUR /ÞTXLGRGHDUUHIHFLPHQWRGR
PRWRU /ÞTXLGRGHDUUHIHFLPHQWR
HDQWLFRQJHODQWH /ÞTXLGRGRVWUDYæHV /ÞTXLGROLPSDYLGURV /ÞTXLGRVHOXEULILFDQWHV
UHFRPHQGDGRV /RFDLVGHPRQWDJHPGRV
VLVWHPDVGHVHJXUDQØDSDUD
FULDQØDV /X]GDFKDSDGHPDWUÞFXOD /X]GHDYLVRGHDYDULD /X]HVGHDYLVR /X]HVGHFRQGXØÔRGLXUQD /X]HVGHHPHUJÛQFLD /X]HVGHPDUFKDDWUÒV /X]HVGHPÒ[LPRV /X]HVGHQHYRHLURWUDVHLUDV 0RWRUHVDJDVROLQD 0XGDQØDGHSQHXV 0XGDUSDUDRXWURVSQHXV 1
1ÞYHOGHFRPEXVWÞYHOEDL[R 1ëPHURGHLGHQWLILFDØÔRGR
YHÞFXOR 2
ÄFXORWUDVHLURDTXHFLGR ÄOHRGDFDL[DGHYHORFLGDGHV ÄOHRGDFDL[DGHYHORFLGDGHV
DXWRPÒWLFD ÄOHRGDGLUHFØÔRDVVLVWLGD ÄOHRGHPRWRU 3
3DODVSÒUDVRO 3HULJR$YLVRH$WHQØÔR 3HUVSHFWLYDJHUDOGR
FRPSDUWLPHQWRGRPRWRU 3HUVSHFWLYDJHUDOGRSDLQHOGH
LQVWUXPHQWRV 3HVRGRYHÞFXOR 3ODFDGHLGHQWLILFDØÔR 3QHXVGH,QYHUQR 3RUWDDEHUWD 3RUWDOXYDV 3RVLØÔRGRVEDQFRV 3RVLØæHVGRLQWHUUXSWRUGD
LJQLØÔR 3UHVVÔRGRäOHRGHPRWRU 3UHVVÔRGRVSQHXV 3URIXQGLGDGHGRUHOHYR 3URJUDPDGHDVVLVWÛQFLD 3URJUDPDHOHFWUäQLFRGH
HVWDELOLGDGH 3URJUDPDHOHFWUäQLFRGH
HVWDELOLGDGHGHVOLJDGR 3URWHFØÔRSDUDHYLWDU
DGHVFDUJDGDEDWHULD 5
5DGLRWHOHFRPDQGR 5HEDWLPHQWR 5HEDWLPHQWRGRHVSHOKR
UHWURYLVRUHVWHULRU 5HERFDURXWURYHÞFXOR 5HERFDURYHÞFXOR 5HFHSØÔRGHHPLVVRUDV 5HFROKDGHYHÞFXORVHPILPGH
YLGD 5HGHGHEDJDJHP 5HOäJLR 5RGDJHPGRYHÞFXOR 5RGDV 5RGDVREUHVVHOHQWH 6
6HQVRUHVGHHVWDFLRQDPHQWR 6HUYLØR 6HUYLØRDGLFLRQDO 6LQDOGHOX]HV 6LVWHPDGHDLUEDJGHFRUWLQD 6LVWHPDGHDLUEDJODWHUDO 6LVWHPDGHDLUEDJV 6LVWHPDGHDTXHFLPHQWR
HYHQWLODØÔR 6LVWHPDGHDUFRQGLFLRQDGR 6LVWHPDGHIHFKRFHQWUDOL]DGR 6LVWHPDGHWUDYDJHP 6LVWHPDGHWUDYDJHP
DQWLEORTXHLR 6LVWHPDGHWUDYDJHP
DQWLEORTXHLR$%6 6LVWHPDGRDLUEDJIURQWDO 6LVWHPDVGHOLPSDSÒUDEULVDV
HGHODYDSÒUDEULVDV 6LVWHPDVGHUHWHQØÔRSDUD
FULDQØDV 6LVWHPDVGHVHJXUDQØDSDUD
FULDQØDV,62),; 6LVWHPDVGHVHJXUDQØDSDUD
FULDQØDV7RS7HWKHU 6REUHPXOWLSOLFDØÔRGHVDFWLYDGD 6XEVWLWXLØÔRGDVHVFRYDVGR
OLPSDSÒUDEULVDV 6XEVWLWXLØÔRGHURGD 6XEVWLWXLUGHOÓPSDGDV 6XSRUWHSDUDEHELGDV 7
7DPSæHVGHURGDV 7HOHFRPDQGRVQRYRODQWH 7HPSHUDWXUDGROÞTXLGRGH
DUUHIHFLPHQWRGRPRWRU 7HUFHLUDOX]GHWUDYDJHP 7RPDGDV 7UDYÔRGHPÔR 7UDYæHV 8
8VR 8WLOL]DØÔR86% 8WLOL]HR0DQXDOGH8WLOL]DØÔR 9
9HORFÞPHWUR 9HQWLODØÔR

Spark MY2012

Transcrição

Documentos relacionados

Aveo 4 MY2012

75,67(=$ $jqdogr 5d\ro

Manual de instruções Manual de instruções

manual de instalação e operação do sistema