18. 0DQWHYH RV PRQRSyOLRV HVWDWDLV HQWmR H[LVWHQWHV 3RU VHU PLQXFLRVD H
FRQVLGHUDGD D PDLV GHWDOKDGD GR PXQGR D QRYD DUWD HQWUDYRX R SURFHVVR
GH PRGHUQL]DomR GR 3DtV HP SOHQD HUD GD LOLPLWDGD YHORFLGDGH GD LQIRU
PiWLFD
$GYRJDGR H H[3URFXUDGRU*HUDO GD )D]HQGD 1DFLRQDO
19. $ RQVWLWXLomR GH IRL HODERUDGD FRPR XPD HVSpFLH GH UHVSRVWD
UDGLFDO GD QRYD GHPRFUDFLD j DXWRFUDFLD GD DUWD GH DSyV D (PHQGD
Qº GH GHVSUH]DQGR RV FRQVWLWXLQWHV D OLomR GH XP OtGHU VRFLDOLVWD
LQVXVSHLWR -RmR 0DQJDEHLUD ´XPD RQVWLWXLomR VDOYR D KLSyWHVH GD YLWyULD
GH XPD UHYROXomR VRFLDO VHUi VHPSUH XPD IyUPXOD GH HTXLOtEULR H WUDQVDomR
HQWUH LGpLDV FRUUHQWHV H LQWHUHVVHV TXH DWXDP QXP PHLR VRFLDO GHWHUPLQD
GRµ DGX]LQGR R LOXVWUH MXULVWD TXH ´D FRPHoDU SHOD PDLV DQWLJD WXGR QD
RQYHQomR GD )LODGpOILD IRL WUDQVLJrQFLD HFOHWLVPR H FRQFLOLDomRµ ([HPSOR
GHVVH UDGLFDOLVPR IRL R UHS~GLR DR GHFUHWROHL XWLOL]DGR HP RXWURV SDtVHV
SDUD FHGHU OXJDU j PHGLGD SURYLVyULD LQVWUXPHQWR OHJLVODWLYR TXH Gi DR
([HFXWLYR SRGHUHV YHUGDGHLUDPHQWH GLWDWRULDLV
3RU LVVR PHVPR R *RYHUQR H D FODVVH SROtWLFD FRQYHQFHUDPVH GH TXH R
SURMHWR QDFLRQDO PDLV LPSRUWDQWH GHYHULD VHU R GDV UHIRUPDV 7UDWDYDVH QD
UHDOLGDGH GH UHIRUPDU D RQVWLWXLomR H HGLWDU QRYDV OHLV QRV FDPSRV
SROtWLFR DGPLQLVWUDWLYR SUHYLGHQFLiULR WULEXWiULR H ILQDQFHLUR GH PRGR D
DMXVWDU R 3DtV jV SUySULDV H[LJrQFLDV GD VRFLHGDGH EUDVLOHLUD TXH QD ~OWLPD
GpFDGD DPSOLRX DFHQWXDGDPHQWH RV VHXV FRQKHFLPHQWRV VREUH RV QtYHLV
H DV FRQGLo}HV GH YLGD QRV SDtVHV GHVHQYROYLGRV VHMD SHOR WXULVPR VHMD SHOD
HPLJUDomR VHMD SHOD SDUWLFLSDomR HP FXUVRV H VHPLQiULRV RX HP DWLYLGDGHV
SURILVVLRQDLV QR H[WHULRU VHMD VREUHWXGR SHOD WHOHYLVmR YLD VDWpOLWH H SHOD
LQWHUQHW
'LDQWH GHVVH TXDGUR R JRYHUQR DFHUWDGDPHQWH GHX LQtFLR D XP
SURFHVVR GH UHIRUPDV KHJRX D FULDU XP 0LQLVWpULR SDUD D 5HIRUPD GR
(VWDGR
$ PDLV UHOHYDQWH GDV UHIRUPDV VHULD D SROtWLFD DVVLP HQWHQGLGD D UHIRUPD
GD RUJDQL]DomR GR (VWDGR )HGHUDO H D UHIRUPD GD RUJDQL]DomR GRV
3RGHUHV $R PHVPR WHPSR UHYHODYDPVH LQGLVSHQViYHLV D PRGLILFDomR GH
GLVSRVLo}HV FRQVWLWXFLRQDLV UHODWLYDV j RUGHP HFRQ{PLFD PRQRSyOLRV HV
WDWDLV
20. j SUHYLGrQFLD VRFLDO H DR VLVWHPD WULEXWiULR EHP DVVLP D LPSOH
PHQWDomR GD OHL FRPSOHPHQWDU SDUD UHJXODU DV GLVSRVLo}HV UHIHUHQWHV jV
ILQDQoDV S~EOLFDV
$ UHIRUPD GD RUJDQL]DomR GR (VWDGR HQYROYHULD D UHYLVmR H D FODUD
GHILQLomR GRV HQFDUJRV DIHWRV j 8QLmR DRV (VWDGRV H DRV 0XQLFtSLRV H D
TXHVWmR GD PXOWLSOLFLGDGH GH PXQLFtSLRV FULDGRV D JUDQHO QD YHUGDGH SDUD
SURSLFLDU QRYRV PDQGDWRV OHJLVODWLYRV H H[HFXWLYRV H PDLV FDUJRV S~EOLFRV
SDUD RV DSDQLJXDGRV GR SRGHU )DODVH KRMH HP PXQLFtSLRV SHQVLRQLVWDV
21. LVWR p RV TXH YLYHP j FRQWD GD SHQVmR GRV LPSRVWRV IHGHUDLV H HVWDGXDLV
$ UHIRUPD KDYHULD DLQGD GH UHGX]LU D SUHVHQoD H[FHVVLYD GR HVWDGR QD YLGD
GRV FLGDGmRV H D UHJXODPHQWDomR LPRGHUDGD
$ UHIRUPD GD RUJDQL]DomR GRV 3RGHUHV HQYROYHULD D UHYLVmR GD HVWUXWXUD
H GR IXQFLRQDPHQWR GR /HJLVODWLYR GR ([HFXWLYR H GR -XGLFLiULR H D
UHDYDOLDomR GD SRVLomR GR 0LQLVWpULR 3~ELFR H VXD LQWHJUDomR D XP GHOHV
SDUD TXH QmR VH YLROHQWH R FOiVVLFR SULQFtSLR GD WULSDUWLomR H VHSDUDomR GRV
SRGHUHV GHOLQHDGD SRU $ULVWyWHOHV IRUPXODGD SRU /RFNH H DSHUIHLoRDGD SRU
0RQWHVTXLHX TXH QR GL]HU GH 0DGLVRQ ´p R RUiFXOR VHPSUH FRQVXOWDGR
H FLWDGR D UHVSHLWRµ
7RGDYLD D ~QLFD PHGLGD FRQFUHWL]DGD IRL D SHUPLVVmR SDUD D UHHOHLomR
GR 3UHVLGHQWH GD 5HS~EOLFD GRV *RYHUQDGRUHV H GRV 3UHIHLWRV PXQLFLSDLV
1R TXH VH UHIHUH DR /HJLVODWLYR D UHIRUPD WHULD GH HQFRQWUDU VROXomR
SDUD R JUDYH SUREOHPD GD EDL[D OHJLWLPLGDGH GD QRVVD UHSUHVHQWDomR
SROtWLFD VHQGR FRJLWDGD D LQWURGXomR GR ´YRWR GLVWULWDOPLVWRµ SDUD DSUR
[LPDU R HOHLWRU H RV FDQGLGDWRV H UHGX]LU D LQIOXrQFLD GR SRGHU HFRQ{PLFR
QDV HOHLo}HV SURSRUFLRQDLV H GD ´FOiXVXOD GH EDUUHLUDµ SDUD HYLWDU D SUROL
IHUDomR GRV SDUWLGRV SROtWLFRV EHP DVVLP D VXSUHVVmR GD ILJXUD GR VXSOHQWH
GH 6HQDGRU TXH QmR UHFHEH R VXIUiJLR GLUHWR GR HOHLWRU 6HULD QHFHVViULR
DLQGD UHGX]LU R WDPDQKR GDV UHSUHVHQWDo}HV GR SRYR VREUHWXGR QDV
DVVHPEOpLDV HVWDGXDLV H QDV FkPDUDV PXQLFLSDLV H[WLQJXLU D ILJXUD GR
WHUFHLUR 6HQDGRU GH FDGD (VWDGR KHUDQoD GR FKDPDGR ´DXWRULWDULVPRµ H
UHVWDEHOHFHU D JUDWXLGDGH GR PDQGDWR GH 9HUHDGRU QRV PXQLFtSLRV GH
SHTXHQR SRUWH DWp SDUD HVWLPXODU DV YHUGDGHLUDV YRFDo}HV SROtWLFDV
$ 5HIRUPD GR /HJLVODWLYR WHULD DLQGD GH DIDVWDU D LQVWDELOLGDGH MXUtGLFD
GRV GLDV DWXDLV GHULYDGD GH XPD OHJLVODomR WRUUHQFLDO FRP PXLWDV HPHQGDV
FRQVWLWXFLRQDLV H FHQWHQDV GH PHGLGDV SURYLVyULDV H VXDV UHHGLo}HV FRP
DOWHUDo}HV D WRGR LQVWDQWH R TXH FRQIXQGH R SRYR FDXVD SHUSOH[LGDGH j
FRPXQLGDGH MXUtGLFD DIDVWD RV LQYHVWLPHQWRV SULYDGRV H LQWUDQTLOL]D D
VRFLHGDGH
$R FRPSOHWDU R VHX GpFLPRVHJXQGR DQLYHUViULR D RQVWLWXLomR GH
Mi KDYLD LQFRUSRUDGR WULQWD
26. SUHFHLWRV R TXH GHPRQVWUD D XP Vy WHPSR RV QXPHURVRV HUURV GH QRVVRV
FRQVWLWXLQWHV H RV HVIRUoRV GR *RYHUQR H GR RQJUHVVR 1DFLRQDO SDUD
FRUULJLORV PXLWR HPERUD QD GLUHomR HUUDGD LVWR p DFUHVFHQWDQGR PDLV
UHJUDV DR H[WHQVR WH[WR FRQVWLWXFLRQDO HP OXJDU GH VXSULPLODV GH PRGR D
TXH PXLWDV PDWpULDV YROWDVVHP D VHU REMHWR GD OHJLVODomR RUGLQiULD PDLV
IOH[tYHO H DGDSWiYHO jV VXFHVVLYDV FRQMXQWXUDV
1R FRQFHUQHQWH DR 3RGHU -XGLFLiULR HVWi HP FXUVR XP SURMHWR GH
HPHQGD FRQVWLWXFLRQDO FXMRV SRQWRV SULQFLSDLV VmR D LQVWLWXLomR GR FKDPD
GR FRQWUROH H[WHUQR XPD LGpLD H[WUDYDJDQWH QD SUiWLFD FULDUVHLD XP SRGHU
PRGHUDGRU
27. H D DGRomR GDV V~PXODV YLQFXODQWHV SDUD UHGX]LU D TXDQWLGDGH
GH UHFXUVRV (QWUHWDQWR QmR WUDWD GDV FDXVDV PDLRUHV GD VREUHFDUJD GR
-XGLFLiULR D TXDQWLGDGH GHVPHGLGD GH IHLWRV MXGLFLDLV PLOKDUHV GH OLWLJtRV
GHULYDP GH IDOKDV HUURV ODFXQDV H GHVPDQGRV OHJLVODWLYRV ² OHLV H PHGLGDV
SURYLVyULDV
28. SUREOHPD SDVVtYHO GH VROXomR PHGLDQWH PHGLGDV OHJLVODWLYDV
DGHTXDGDV H DV SUiWLFDV SURFHVVXDLV H[FHVVLYDPHQWH IRUPDLV FRP
LPHQVD JDPD GH UHFXUVRV H LQVWkQFLDV SUREOHPD SDVVtYHO GH VROXomR VHJXQ
GR DV SURSRVWDV GRV SUySULRV 0DJLVWUDGRV FRP R TXH VH SRGHULD UHGX]LU R
WDPDQKR GRV WULEXQDLV H[WLQJXLU PXLWDV YDUDV MXGLFLiULDV H VXVSHQGHU D
FRQVWUXomR GH QRYDV VHGHV
5HODWLYDPHQWH j HVWUXWXUD GR ([HFXWLYR KRXYH XP QRWiYHO DYDQoR FRP
R 3URJUDPD 1DFLRQDO GH 'HVHVWDWL]DomR TXH DOFDQoRX DPSOR VXFHVVR QRV
VHWRUHV VLGHU~UJLFR SHWURTXtPLFR H GH WHOHIRQLD DEUDQJHX WRGR R VHWRU
IHUURYLiULR D LD 9DOH GR 5LR 'RFH H RXWUDV HPSUHVDV H DYDQoD QRV VHWRUHV
GH HQHUJLD HOpWULFD EDQFRV URGRYLDV H RXWURV )RUDP DSURYDGDV H SURPXO
JDGDV HPHQGDV FRQVWLWXFLRQDLV SDUD H[WLQJXLU RV PRQRSyOLRV HVWDWDLV QRV
VHWRUHV GR SHWUyOHR ( Q º
32. $SHVDU GLVVR R ([HFXWLYR YROWRX D FUHVFHU FRPR D ´IrQL[µ TXH UHQDVFH
GDV FLQ]DV QmR Vy HP IDFH GR Q~PHUR H[DJHUDGR GH 0LQLVWpULRV FRPR
WDPEpP HP IDFH GR ´IHVWLYDO GH DJrQFLDVµ SDUD XVDUVH D H[SUHVVmR TXH
VHUYLX GH WtWXOR D XP DUWLJR GH DXWRULD GR 3UHVLGHQWH GD RQIHGHUDomR
1DFLRQDO GR RPpUFLR $QWRQLR 2OLYHLUD 6DQWRV -RUQDO GR %UDVLO GH
33. RX VHMD D XWLOL]DomR GD LGpLD GH FULDomR GH DXWDUTXLDV HVSHFLDLV
SDUD D UHJXODPHQWDomR GH VHUYLoRV S~EOLFRV WUDQVIHULGRV DR VHWRU SULYDGR
PHGLDQWH FRQFHVV}HV D ILP GH GDU PDLV SRGHU H DXWRQRPLD D GLYHUVRV
yUJmRV GD $GPLQLVWUDomR )HGHUDO TXH GHYHULDP SHUPDQHFHU QD HVWUXWXUD
34. GRV QXPHURVRV 0LQLVWpULRV FRPR VHFUHWDULDV RX VXSHULQWHQGrQFLDV 2V
(VWDGRV H 0XQLFtSLRV WDPEpP PDQWrP XP Q~PHUR H[DJHUDGR GH VHFUHWD
ULDV DXWDUTXLDV H HPSUHVDV S~EOLFDV VHP TXH VH FRQKHoD TXDOTXHU LQLFLDWLYD
GH *RYHUQDGRUHV H 3UHIHLWRV SDUD PRGLILFDU HVVH TXDGUR
1R TXH WDQJH DR H[HUFtFLR GD IXQomR H[HFXWLYD D VRFLHGDGH TXHU TXH
VHMDP HQFRQWUDGDV VROXo}HV SDUD RV PDLV YDULDGRV SUREOHPDV FRPR RV
GHVPDQGRV H R GHVSUHSDUR GH DXWRULGDGHV QDV WUrV HVIHUDV GH JRYHUQR DV
DOWDV WD[DV GH GHVHPSUHJR H GD SREUH]D D LQVHJXUDQoD LQWHUQD GDGD D
LQHILFLrQFLD GD SROtFLD H D LPSXQLGDGH GRV FULPLQRVRV D TXHVWmR KDELWDFLR
QDO FXMD VROXomR HVEDUUD QDV WD[DV GH MXURV H HP LQFLGrQFLDV WULEXWiULDV
30) ,7%, H ,5
35. H LQREVWDQWH GLYHUVDV Do}HV JRYHUQDPHQWDLV HILFD]HV H
HILFLHQWHV DV GHILFLrQFLDV QRV FDPSRV GD VD~GH H GD HGXFDomR $ HVVH
TXDGUR VRPDPVH DV SUHRFXSDo}HV FRP FHUWRV H[FHVVRV GR 0LQLVWpULR
3~EOLFR H GRV PHLRV GH FRPXQLFDomR D GHWHULRUDomR GRV FRVWXPHV D OLYUH
H[SORUDomR GD Ip UHOLJLRVD HWF 7DPEpP SRGHP VHU FLWDGDV DV SUHRFXSDo}HV
FRP D FRELoD H[WHUQD VREUH D $PD]{QLD D TXHVWmR GRV LQGtJHQDV H GR
QDUFRWUiILFR D YXOQHUDELOLGDGH GH QRVVD IURQWHLUD QRUWH H R HQIUDTXHFLPHQWR
GDV )RUoDV $UPDGDV
$IRUD LVVR UHYHODVH LQGLVSHQViYHO j GHILQLWLYD HVWDELOL]DomR GD PRHGD
QDFLRQDO H j FRQVROLGDomR GR IHVWHMDGR 3ODQR 5HDO D UHDOL]DomR GH XP DMXVWH
ILVFDO RX VHMD XP DMXVWH QDV FRQWDV S~EOLFDV D FRQWHQomR GDV GHVSHVDV
S~EOLFDV jV UHDLV SRVVLELOLGDGHV GD UHFHLWD WULEXWiULD QDWXUDOPHQWH OLPLWDGD
SHOD FDSDFLGDGH FRQWULEXWLYD GDV SHVVRDV ItVLFDV H MXUtGLFDV
6HP HQFRQWUDU UHFHSWLYLGDGH QR RQJUHVVR 1DFLRQDO SDUD D UHIRUPD
SROtWLFD R JRYHUQR HQTXDQWR GHVHQYROYH Do}HV SDUD VROXFLRQDU RV SUREOH
PDV TXH OKH VmR DIHWRV WUDWRX GH SURPRYHU DV UHIRUPDV DGPLQLVWUDWLYD
SUHYLGHQFLiULD H WULEXWiULD EHP DVVLP D LPSOHPHQWDomR GD UHIRUPD GDV
ILQDQoDV S~EOLFDV
$ 5HIRUPD $GPLQLVWUDWLYD IRL FRQFUHWL]DGD DWUDYpV GD (PHQGD RQV
WLWXFLRQDO Q º GH H D 5HIRUPD 3UHYLGHQFLiULD DWUDYpV GD (PHQGD
RQVWLWXFLRQDO Q º GH DV TXDLV LQWURGX]LUDP UHVSHFWLYDPHQWH
VHWHQWD H QRYH
41. WRGRV QR HQWDQWR SHUWLQHQWHV jV ILQDQoDV
S~EOLFDV
XPSUH VHMD DFHQWXDGR TXH D RQVWLWXLomR QmR H[LJH XPD OHL FRPSOH
PHQWDU ~QLFD VREUH WRGDV HVVDV PDWpULDV 7DPEpP QmR H[LJH D VHSDUDomR
º
GDV PDWpULDV GR DUW H GR † GR DUW 'HVWDUWH QmR YHGD D UHJXODomR
GHVVDV PDWpULDV PHGLDQWH GLYHUVDV OHLV FRPSOHPHQWDUHV $ HVFROKD GR
PpWRGR p IXQomR GH PHUR FULWpULR SROtWLFR GR *RYHUQR H GR RQJUHVVR
1DFLRQDO
$OpP GLVVR D RQVWLWXLomR QR VHX DUW DWULEXL FRPSHWrQFLD DR
6HQDGR )HGHUDO SDUD D
42. DXWRUL]DU RSHUDo}HV H[WHUQDV GH QDWXUH]D ILQDQFHL
UD GH LQWHUHVVH GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV
E
43. IL[DU SRU SURSRVWD GR 3UHVLGHQWH GD 5HS~EOLFD OLPLWHV JOREDLV SDUD R
PRQWDQWH GD GtYLGD FRQVROLGDGD GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO
H GRV 0XQLFtSLRV H F
44. GLVSRU VREUH OLPLWHV JOREDLV H FRQGLo}HV SDUD DV
RSHUDo}HV GH FUpGLWR H[WHUQR H LQWHUQR GRV HQWHV S~EOLFRV OLPLWHV H
FRQGLo}HV SDUD D FRQFHVVmR GH JDUDQWLD GD 8QLmR HP RSHUDo}HV GH FUpGLWR
H[WHUQR H LQWHUQR H OLPLWHV H FRQGLo}HV SDUD R PRQWDQWH GD GtYLGD PRELOLiULD
GRV (VWDGRV 'LVWULWR )HGHUDO H 0XQLFtSLRV
RPR VH Yr D RQVWLWXLomR HVWDEHOHFH DV QRUPDV EiVLFDV SDUD D
OHJLVODomR FRPSOHPHQWDU UHODWLYD jV ILQDQoDV S~EOLFDV 'HVVH PRGR D
FKDPDGD UHIRUPD GDV )LQDQoDV 3~EOLFDV QmR GHSHQGLD GH HPHQGD FRQV
WLWXFLRQDO PDV WmRVRPHQWH GD HGLomR GDV OHLV FRPSOHPHQWDUHV SUHYLVWDV
QDTXHOD DUWD
3DUD HODERUDU XP DQWHSURMHWR GH OHL FRPSOHPHQWDU GH ILQDQoDV S~EOLFDV
D ILP GH UHJXODU DV GLVSRVLo}HV FRQVWLWXFLRQDLV DQWHV UHIHULGDV R *RYHUQR
RUJDQL]RX QR %DQFR 1DFLRQDO GH 'HVHQYROYLPHQWR (FRQ{PLFR H 6RFLDO
%1'(6
45. XP JUXSR GH HVWXGRV FRPSRVWR SRU HVSHFLDOLVWDV WHQGR j IUHQWH
R FRPSHWHQWH H GHGLFDGR HFRQRPLVWD -RVp 5REHUWR $IRQVR
1HVVH H[DXVWLYR WUDEDOKR IRUDP FRQVLGHUDGRV RV HVWXGRV GHVHQYROYLGRV
SRU RUJDQLVPRV LQWHUQDFLRQDLV FRPR R )0, R %,5' R %,' D 2'( H D
(3$/ XQkQLPHV TXDQWR j QHFHVVLGDGH GH XPD GLVFLSOLQD ILVFDO UtJLGD
FRPR FRQGLomR j HVWDELOLGDGH PRQHWiULD H j RUGHP HFRQ{PLFD H VRFLDO
46. PXLWR HPERUD QmR KDMD HQWUH HOHV XP FRQVHQVR TXDQWR DR PRGHOR D VHU
DGRWDGR HP IDFH GDV SHFXOLDULGDGHV H GD FXOWXUD GH FDGD SDtV
7DPEpP IRUDP WRPDGDV QD GHYLGD FRQWD DV UHJUDV GH GLVFLSOLQD ILVFDO
DGRWDGDV SHOD 8QLmR (XURSpLD 7UDWDGR GH 0DDVWULFKW GH
92. 'DGD D UHGD
omR GR GLVSRVLWLYR R YHWR DWLQJLX R SDUiJUDIR TXH HVWDEHOHFLD D
93. LQFOXVmR QR 3ODQR 3OXULDQXDO GH XP $QH[R GH 3ROtWLFD )LVFDO FRP
RV REMHWLYRV H PHWDV SOXULDQXDLV
º
94. D /HL GH 'LUHWUL]HV 2UoDPHQWiULDV TXH VHUi LQWHJUDGD SRU XP
$QH[R GH 0HWDV )LVFDLV HP TXH VHUmR HVWDEHOHFLGDV PHWDV DQXDLV
HP YDORUHV FRUUHQWHV H FRQVWDQWHV UHODWLYDV D UHFHLWDV GHVSHVDV
UHVXOWDGR QRPLQDO H SULPiULR H PRQWDQWH GD GtYLGD S~EOLFD SDUD R
H[HUFtFLR D TXH VH UHIHULUHP H SDUD RV GRLV VHJXLQWHV H XP $QH[R GH
5LVFRV )LVFDLV ´RQGH VHUmR DYDOLDGRV RV SDVVLYRV FRQWLQJHQWHV H RXWURV
º
ULVFRV FDSD]HV GH DOWHUDU DV FRQWDV S~EOLFDVµ DUW
96. D /HL 2UoDPHQWiULD DQXDO TXH FRQWHUi HP DQH[R XP GHPRQV
WUDWLYR GH FRPSDWLELOLGDGH GD SURJUDPDomR GRV RUoDPHQWRV FRP RV
REMHWLYRV H PHWDV FRQVWDQWHV GR $QH[R GH 0HWDV )LVFDLV GD /HL GH
'LUHWUL]HV 2UoDPHQWiULDV H DLQGD XPD UHVHUYD GH FRQWLQJrQFLD
GHVWLQDGD D DWHQGHU DRV SDVVLYRV FRQWLQJHQWHV H RXWURV ULVFRV H
º
HYHQWRV ILVFDLV LPSUHYLVWRV DUW
97. $R GLVFLSOLQDU D H[HFXomR RUoDPHQWiULD D OHL HP LQRYDomR GH LPHQVD
LPSRUWkQFLD SDUD R HTXLOtEULR GDV FRQWDV S~EOLFDV GLVS}H TXH ´VH YHULILFDGR
DR ILQDO GH XP ELPHVWUH TXH D UHDOL]DomR GD UHFHLWD SRGHUi QmR FRPSRUWDU
R FXPSULPHQWR GDV PHWDV GH UHVXOWDGR SULPiULR UHVXOWDGR HQWUH DV UHFHLWDV
H DV GHVSHVDV S~EOLFDV QmRILQDQFHLUDV@ RX QRPLQDO UHVXOWDGR HQWUH DV
UHFHLWDV H DV GHVSHVDV S~EOLFDV LQFOXLQGR UHFHLWDV H GHVSHVDV ILQDQFHLUDV
EHP DVVLP RV HIHLWRV GD LQIODomR FRUUHomR PRQHWiULD
98. H GD YDULDomR
FDPELDO@ HVWDEHOHFLGDV QR $QH[R GH 0HWDV )LVFDLVµ GD /HL GH 'LUHWUL]HV
2UoDPHQWiULDV ² /'2 RV WUrV 3RGHUHV H R 0LQLVWpULR 3~EOLFR ´SURPRYHUmR
SRU DWR SUySULR H QRV PRQWDQWHV QHFHVViULRV QRV WULQWD GLDV VXEVHTHQWHV
OLPLWDomR GH HPSHQKR H PRYLPHQWDomR ILQDQFHLUD VHJXQGR RV FULWpULRV
º
IL[DGRV SHOD OHL GH GLUHWUL]HV RUoDPHQWiULDVµ DUW FDSXW
99. 1R FDVR GH RV 3RGHUHV /HJLVODWLYR H -XGLFLiULR H R 0LQLVWpULR 3~EOLFR
QmR SURPRYHUHP D OLPLWDomR QR SUD]R HVWDEHOHFLGR QR FDSXW GR DUW R º
º
3RGHU ([HFXWLYR FRPR SUHFHLWXD R † HVWDUi ´DXWRUL]DGR D OLPLWDU RV
YDORUHV ILQDQFHLURV R UHSDVVH RX HQWUHJD GH UHFXUVRV@ VHJXQGR RV FULWpULRV
IL[DGRV SHOD OHL GH GLUHWUL]HV RUoDPHQWiULDVµ
$OJXQV HQWHQGHP TXH HVVH GLVSRVLWLYR DGPLWLULD XPD HVSpFLH GH LQJH
UrQFLD GR ([HFXWLYR VREUH R /HJLVODWLYR R -XGLFLiULR H R 0LQLVWpULR 3~EOLFR
H SRU FRQVHTrQFLD YLRODULD R SULQFtSLR FRQVWLWXFLRQDO GD LQGHSHQGrQFLD
100. HQWUH RV 3RGHUHV 7DO HQWHQGLPHQWR HQWUHWDQWR LPSURFHGH $ OLPLWDomR
HVWi VXMHLWD HVWULWDPHQWH DRV FULWpULRV LVWR p jV FRQGLo}HV HVWDEHOHFLGDV
HP OHL 1D KLSyWHVH GH RPLVVmR GR /HJLVODWLYR GR -XGLFLiULR RX GR 0LQLVWpULR
3~EOLFR D OHL REULJD R ([HFXWLYR D SUDWLFDU XP DWR DGPLQLVWUDWLYR QD VXD
HVIHUD GH FRPSHWrQFLD RUoDPHQWiULD H ILQDQFHLUD H QD FRQIRUPLGDGH GR
GLVSRVWR QD OHL GH GLUHWUL]HV RUoDPHQWiULDV
$V OHLV GH ILQDQoDV S~EOLFDV WrP IRUoD FRQVWLWXFLRQDO SDUD IL[DU RV
PRQWDQWHV GDV GRWDo}HV GHVWLQDGDV DRV WUrV SRGHUHV DUW LQFLVR ,,, †
º º
LQFLVR , H †
102. H PDLV HVSHFLILFDPHQWH GLVSRU VREUH D IRUPD GH HQWUHJD SHOR
([HFXWLYR DR /HJLVODWLYR DR -XGLFLiULR H DR 0LQLVWpULR 3~EOLFR GRV ´UHFXUVRV
FRUUHVSRQGHQWHV jV GRWDo}HV RUoDPHQWiULDV FRPSUHHQGLGRV RV FUpGLWRV
VXSOHPHQWDUHV H HVSHFLDLVµ DUW
104. WrP
IRUoD SRLV SDUD LPSRU FRQWLQJrQFLDV D WRGRV RV 3RGHUHV D ILP GH DMXVWDU D
H[HFXomR RUoDPHQWiULD jV GLVSRQLELOLGDGHV GR 7HVRXUR 1DFLRQDO DV TXDLV
GHSHQGHP GD DUUHFDGDomR FXMD UHDOL]DomR DR ORQJR GR H[HUFtFLR ILQDQFHL
UR QHP VHPSUH FRUUHVSRQGH jV HVWLPDWLYDV HP IDFH GH IDWRV LPSUHYLVWRV H
GD SUySULD FRQMXQWXUD HFRQ{PLFD
RP HVVHV IXQGDPHQWRV FRQVWLWXFLRQDLV H HP IXQomR GH WDLV SUHVVXSRV
WRV R DUW º GD / Q º DWULEXL DR ([HFXWLYR R HQFDUJR GH
HVWDEHOHFHU HP FDGD H[HUFtFLR ´D SURJUDPDomR ILQDQFHLUD H R FURQRJUDPD
GH H[HFXomR PHQVDO GH GHVHPEROVRµ H R SUHFLWDGR DUW º LPSXWD DRV WUrV
3RGHUHV H DR 03 D SUiWLFD GH DWRV SDUD D ´OLPLWDomR GH HPSHQKRV H GH
PRYLPHQWDomR ILQDQFHLUDµ VHJXQGR ´RV FULWpULRV HVWDEHOHFLGRV QD OHL GH
GLUHWUL]HV RUoDPHQWiULDVµ LVVR QD KLSyWHVH GH VH YHULILFDU DR ILQDO GH XP
ELPHVWUH R GHVFXPSULPHQWR GDV PHWDV HVWDEHOHFLGDV QR $QH[R GH 0HWDV
)LVFDLV
RPR FRUROiULR GHVVD UHJUD H SDUD JDUDQWLU D VXD HILFiFLD R † º GR DUW
º LPS}H DR ([HFXWLYR XP SURFHGLPHQWR VXSOHPHQWDU GLWDGR SHOD SUHYD
OrQFLD GR SULQFtSLR GR HTXLOtEULR HQWUH UHFHLWDV H GHVSHVDV S~EOLFDV H TXH
QmR WHP D QDWXUH]D GH DWR OHJLVODWLYR RX MXGLFLDO QHP LPSRUWD HP LQYDVmR
GD iUHD GH FRPSHWrQFLD GR /HJLVODWLYR GR -XGLFLiULR H GR 0LQLVWpULR
3~EOLFR
$ILQDO LQFXPEH DR ([HFXWLYR SURPRYHU D UHDOL]DomR GDV UHFHLWDV
S~EOLFDV H HQWUHJDU DRV RXWURV 3RGHUHV RV YDORUHV FRUUHVSRQGHQWHV jV
105. GRWDo}HV TXH OKH IRUHP FRQVLJQDGDV QR 2UoDPHQWR GH DFRUGR FRP D
SURJUDPDomR ILQDQFHLUD H R FURQRJUDPD GH H[HFXomR PHQVDO GH GHVHPEROVR
(YLGHQWHPHQWH VH DV UHFHLWDV QmR FRUUHVSRQGHUHP j HVWLPDWLYD RUoD
PHQWiULD WRUQDUVHi QHFHVViULD D DGRomR GH PHGLGDV GH FRQWHQomR DWp
SRUTXH R ([HFXWLYR QHVVH FDVR QmR SRGHUi HQWUHJDU DRV RXWURV 3RGHUHV
UHFXUVRV GH TXH QmR GLVSRQKD WDQWR PDLV TXH KRMH D QRFLYD SUiWLFD GDV
HPLVV}HV HVWi GHILQLWLYDPHQWH H[WLQWD HP QRVVR 3DtV +DYHULD QR FDVR XPD
LPSRVVLELOLGDGH PDWHULDO LQWUDQVSRQtYHO
3RU FRQVHJXLQWH R SUHFHLWR GR † º GR DUW º GD / Qº QmR
SUHVFUHYH XPD LQWHUIHUrQFLD GR ([HFXWLYR QD LQGHSHQGrQFLD GR /HJLVODWLYR
H GR -XGLFLiULR 7DO GLVSRVLWLYR WHP D QDWXUH]D GH XPD UHJUD GH JHVWmR ILVFDO
LQGLVSHQViYHO j H[HFXomR GR RUoDPHQWR QD PHGLGD HP TXH j OX] GR
SULQFtSLR GR HTXLOtEULR HQWUH UHFHLWDV H GHVSHVDV OLPLWD D UHDOL]DomR GD
GHVSHVD j FRUUHVSRQGHQWH UHDOL]DomR GD UHFHLWD S~EOLFD
3DUHFH RSRUWXQR REVHUYDU TXH R GLVSRVLWLYR HP IRFR IRL LQVHULGR QR
6XEVWLWXWLYR HODERUDGR SHOD kPDUD GRV 'HSXWDGRV HP VXEVWLWXLomR j
VLVWHPiWLFD PXLWR PDLV UDFLRQDO FRQVWDQWH GR SURMHWR GR ([HFXWLYR TXDO
VHMD D GR GHQRPLQDGR ´FRUWH DXWRPiWLFR GD GHVSHVDµ PHGLDQWH D DSOLFD
omR GH ´UHGXomR OLQHDU VREUH RV VDOGRV GDV GRWDo}HV RUoDPHQWiULDV GDV
GHVSHVDV GH WRGRV RV 3RGHUHVµ H[FHWR DV GHVWLQDGDV DR SDJDPHQWR GR
SHVVRDO H GRV UHVSHFWLYRV HQFDUJRV VRFLDLV
DStWXOR ,,,
'D 5HFHLWD 3~EOLFD
7HQGR SRU UHDLV GHVWLQDWiULRV RV (VWDGRV H 0XQLFtSLRV TXH QmR LQVWLWXHP
RX QmR DUUHFDGDP RV WULEXWRV GH VXD FRPSHWrQFLD FRQVWLWXFLRQDO FXVWHDQGR
DV GHVSHVDV FRP R SURGXWR GDV WUDQVIHUrQFLDV HVWDEHOHFLGDV SHOD RQV
WLWXLomR D OHL GLVS}H TXH ´FRQVWLWXHP UHTXLVLWRV HVVHQFLDLV GD UHVSRQVD
ELOLGDGH QD JHVWmR ILVFDO D LQVWLWXLomR SUHYLVmR H HIHWLYD DUUHFDGDomR GH
WRGRV RV WULEXWRV GD FRPSHWrQFLD FRQVWLWXFLRQDO GR HQWH GD )HGHUDomRµ
VHQGR YHGDGDV DV WUDQVIHUrQFLDV YROXQWiULDV GH UHFXUVRV SDUD R HQWH TXH
LQREVHUYDU WDO UHJUD DUW
106. DStWXOR ,9
'D 'HVSHVD 3~EOLFD
6HomR ,
'D *HUDomR GH 'HVSHVD
$ OHL FRQVLGHUD FRPR ´QmR DXWRUL]DGDV LUUHJXODUHV H OHVLYDV DR SDWULP{
QLR S~EOLFR D JHUDomR GH GHVSHVD RX DVVXQomR GH REULJDomR TXH QmR
DWHQGDP R GLVSRVWRµ HP VHXV SUHFHLWRV DUW
107. 2EMHWLYDQGR FRLELU D JHUDomR GH GHVSHVD VHP IRQWH GH UHFXUVRV
SUHYLDPHQWH GHILQLGD D OHL GLVS}H ² FRP IDOKDV UHGDFLRQDLV ² TXH ´D FULDomR
H[SDQVmR RX DSHUIHLoRDPHQWR GH DomR JRYHUQDPHQWDO TXH DFDUUHWH DXPHQ
WR GD GHVSHVDµ VHUi DFRPSDQKDGD GH ´HVWLPDWLYD GR LPSDFWR RUoDPHQWi
ULRILQDQFHLUR QR H[HUFtFLR HP TXH GHYD HQWUDU HP YLJRU
108. H QRV VXEVH
THQWHVµ H GH ´GHFODUDomR GR RUGHQDGRU GD GHVSHVD GH TXH R DXPHQWR
WHP DGHTXDomR RUoDPHQWiULD H ILQDQFHLUD FRP D OHL RUoDPHQWiULD DQXDO H
FRPSDWLELOLGDGH FRP R SODQR SOXULDQXDO H FRP D OHL GH GLUHWUL]HV RUoDPHQ
WiULDVµ DUW FDSXW H LQFLVRV , H ,,
109. 6XEVHomR ,
'D 'HVSHVD 2EULJDWyULD GH DUiWHU RQWLQXDGR
7DPEpP WHUi GH VHU LQVWUXtGD FRP D HVWLPDWLYD GH LPSDFWR RUoDPHQWi
ULR EHP DVVLP FRP D GHPRQVWUDomR GD RULJHP GH UHFXUVRV SDUD R UHVSHFWLYR
FXVWHLR D GHVSHVD ´REULJDWyULD GH FDUiWHU FRQWLQXDGRµ DVVLP FRQVLGHUDGD
´D GHVSHVD FRUUHQWH GHULYDGD GH OHL PHGLGD SURYLVyULD RX DWR DGPLQLVWUDWLYR
QRUPDWLYR TXH IL[HP SDUD R HQWH D REULJDomR OHJDO GH VXD H[HFXomR SRU XP
º
SHUtRGR VXSHULRU D GRLV H[HUFtFLRVµ DUW FDSXW H †
113. YHGDGR R DUWLItFLR GD PHUD ´SUHYLVmR GR DXPHQWR GH DUUHFDGDomRµ R HXIHPLV
PR D TXH VHPSUH UHFRUUHUDP RV JRYHUQDQWHV SDUD GLVVLPXODU R GpILFLW GLVWRUFHU
R RUoDPHQWR H YLRODU R SULQFtSLR GR HTXLOtEULR HQWUH UHFHLWDV H GHVSHVDV /HL Q º
DUW DOtQHD E
115. º
6HomR ,,
'DV 'HVSHVDV FRP 3HVVRDO
8P GRV PDLV LPSRUWDQWHV GLVSRVLWLYRV GD QRYD OHL p R DUW TXH
UHJXODQGR R GLVSRVWR QR FDSXW GR DUW GD RQVWLWXLomR DSURIXQGD DV
UHJUDV GD /HL RPSOHPHQWDU Q º GH D FKDPDGD ´/HL DPDWDµ
116. UHODWLYDV D OLPLWHV SDUD DV GHVSHVDV UHODWLYDV DR SHVVRDO DWLYR DRV LQDWLYRV
H DRV UHVSHFWLYRV SHQVLRQLVWDV IL[DGRV PHGLDQWH SHUFHQWXDLV HP UHIHUrQFLD
j UHFHLWD FRUUHQWH OtTXLGD
$ FLWDGD / Q º IL[DYD RV OLPLWHV GH SDUD D 8QLmR SDUD
RV (VWDGRV H 'LVWULWR )HGHUDO H SDUD RV 0XQLFtSLRV RQWXGR LQGX]LD
j GLVSXWD HQWUH RV WUrV 3RGHUHV SRU XPD IDWLD PDLRU GHQWUR GR OLPLWH
-i D / Q º PDQWpP RV SHUFHQWXDLV IL[DGRV SHOD / Q º PDV
HVWDEHOHFH HP FDGD HVIHUD GH JRYHUQR IHGHUDO HVWDGXDO H PXQLFLSDO
117. SHUFHQWXDLV SDUD FDGD 3RGHU H SDUD R 0LQLVWpULR 3~EOLFR VHQGR
, ² QD HVIHUD IHGHUDO SDUD R /HJLVODWLYR LQFOXtGR R 7ULEXQDO GH
RQWDV SDUD R -XGLFLiULR SDUD R 0LQLVWpULR 3~EOLFR GD 8QLmR
H SDUD R ([HFXWLYR GRV TXDLV SDUD DV GHVSHVDV FRP SHVVRDO
GR -XGLFLiULR 0LQLVWpULR 3~EOLFR 'HIHQVRULD 3~EOLFD SROtFLDV FLYLO H
PLOLWDU FRUSR GH ERPEHLURV H VHUYLoRV S~EOLFRV GR 'LVWULWR )HGHUDO
HVVH VXSHUSULYLOpJLR p SUHVFULWR SHOD RQVWLWXLomR DUW ;,,, H ;,9
118. H SDUD R SHVVRDO GRV DQWLJRV 7HUULWyULRV GR $PDSi H GH 5RUDLPD DUW
GD ( Q º
119. SRUWDQWR VmR DSHQDV SDUD R SHVVRDO GD
SUySULD 8QLmR
,, ² QD HVIHUD HVWDGXDO SDUD R /HJLVODWLYR LQFOXtGR R 7ULEXQDO GH
RQWDV SDUD R -XGLFLiULR SDUD R ([HFXWLYR H SDUD R
0LQLVWpULR 3~EOLFR H
,,, ² QD HVIHUD PXQLFLSDO SDUD R /HJLVODWLYR LQFOXtGR R 7ULEXQDO
GH RQWDV TXDQGR KRXYHU H SDUD R ([HFXWLYR DUW
120. 8PD UHOHYDQWH GHFRUUrQFLD GD IL[DomR GH OLPLWHV SDUD DV GHVSHVDV
UHODWLYDV D SHVVRDO GH FDGD 3RGHU p D GH TXH D HQWUHJD GH UHFXUVRV SHOR
([HFXWLYR DR /HJLVODWLYR DR -XGLFLiULR H DR 0LQLVWpULR 3~EOLFR FRQIRUPH
SUHFHLWXD R DUW GD RQVWLWXLomR ² TXH OKHV DVVHJXUD D FKDPDGD
DXWRQRPLD ILQDQFHLUD ² VHUi IHLWD PHGLDQWH D DSOLFDomR GRV PHQFLRQDGRV
SHUFHQWXDLV VREUH D UHFHLWD FRUUHQWH OtTXLGD DTXHOHV H HVWD DSXUDGRV QR
PrV HP UHIHUrQFLD FRP DV GRV RQ]H PHVHV LPHGLDWDPHQWH DQWHULRUHV DUW
º
†
121. (VVD LQRYDomR HOLPLQDUi XPD FRQVWDQWH IRQWH GH DWULWRV H LQFRP
SUHHQV}HV HQWUH DV DXWRULGDGHV GRV WUrV 3RGHUHV
6H DV GHVSHVDV FRP SHVVRDO HP FDGD 3RGHU RX QR 03 H[FHGHU D
GR UHVSHFWLYR OLPLWH ILFDUmR YHGDGRV FRP DV UHVVDOYDV LQGLFDGDV D
144. D
FDSWDomR GH UHFXUVRV D WtWXOR GH DQWHFLSDomR GH UHFHLWD GH WULEXWR RX
FRQWULEXLomR FXMR IDWR JHUDGRU DLQGD QmR WHQKD RFRUULGR E
145. R UHFHELPHQWR
DQWHFLSDGR GH YDORUHV GH HPSUHVD HP TXH R SRGHU S~EOLFR GHWHQKD GLUHWD
RX LQGLUHWDPHQWH D PDLRULD GR FDSLWDO FRP GLUHLWR D YRWR VDOYR OXFURV H
GLYLGHQGRV QD IRUPD GD OHJLVODomR F
159. RV ´UHVWRV D SDJDUµ
$ LQVFULomR GH GHVSHVDV HP ´UHVWRV D SDJDUµ FRQVWLWXL RXWUR LQVWUXPHQWR
SDUD DWHQGHU D VLWXDo}HV GH LQVXILFLrQFLD GH FDL[D GXUDQWH R H[HUFtFLR
ILQDQFHLUR
´5HVWRV D SDJDUµ QR FRQFHLWR DGRWDGR SHOR DUW GD /HL Q º GH
VmR ´DV GHVSHVDV HPSHQKDGDV PDV QmR SDJDV DWp R GLD GH
GH]HPEUR GLVWLQJXLQGRVH DV SURFHVVDGDV GDV QmR SURFHVVDGDVµ $V SURFHV
VDGDV FRUUHVSRQGHP D HPSHQKRV GH GHVSHVDV OLTXLGDGDV H HP FRQGLo}HV
GH SDJDPHQWR SHOD $GPLQLVWUDomR 3~EOLFD DVVLP JHUDQGR GLUHLWR OtTXLGR H
FHUWR SDUD RV UHVSHFWLYRV FUHGRUHV $V QmRSURFHVVDGDV FRUUHVSRQGHP D
HPSHQKRV UHODWLYRV D IRUQHFLPHQWRV RX VHUYLoRV HP IDVH GH H[HFXomR HP
TXH D REULJDomR GH SDJDPHQWR SHOD $GPLQLVWUDomR SHQGH GR LPSOHPHQWR
GH XPD FRQGLomR GH PRGR JHUDO D FRQFOXVmR DLQGD TXH GH XPD HWDSD GR
160. IRUQHFLPHQWR RX GR VHUYLoR 2V UHVWRV D SDJDU VmR SRUWDQWR UHVtGXRV
SDVVLYRV GH H[HUFtFLRV HQFHUUDGRV H LQWHJUDP D GtYLGD IOXWXDQWH GRV HQWHV
S~EOLFRV
'H DFRUGR FRP R SURMHWR GR ([HFXWLYR VRPHQWH VHULDP LQVFULWDV HP
´UHVWRV D SDJDUµ DV GHVSHVDV HPSHQKDGDV H HIHWLYDPHQWH UHDOL]DGDV DWp R
~OWLPR GLD ~WLO GR H[HUFtFLR ILQDQFHLUR H FXMD OLTXLGDomR VH YHULILFDVVH QR
SUySULR H[HUFtFLR RX SXGHVVH RFRUUHU DWp R HQFHUUDPHQWR GR SULPHLUR PrV
GR H[HUFtFLR VXEVHTHQWH 2 PRQWDQWH GDV LQVFULo}HV VHULD OLPLWDGR DR VDOGR
GD GLVSRQLELOLGDGH ILQDQFHLUD QR ~OWLPR GLD GR H[HUFtFLR ( RV HPSHQKRV
QmR OLTXLGDGRV DWp R ILQDO GR H[HUFtFLR RX TXH QmR WLYHVVHP VLGR LQVFULWRV
HP ´UHVWRV D SDJDUµ SRU IRUoD GDV YHGDo}HV DQWHV UHIHULGDV FRQVWLWXLULDP
GHVSHVD D VHU UHJXODUPHQWH RUoDGD H HPSHQKDGD QR H[HUFtFLR VXEVHTHQWH
VHQGR SDJDV SULRULWDULDPHQWH H UHVSHLWDGD D HVWULWD RUGHP FURQROyJLFD GDV
GDWDV GH VXD H[LJLELOLGDGH
7RGDV HVVDV QRUPDV LQREVWDQWH R HYLGHQWH HVFRSR PRUDOL]DGRU H RV
VDGLRV HIHLWRV SDUD DV FRQWDV S~EOLFDV IRUDP PRGLILFDGDV RX H[FOXtGDV QR
VXEVWLWXWLYR HODERUDGR QD kPDUD GRV 'HSXWDGRV FXMD UHGDomR SHUPLWLD
SULPHLUDPHQWH LQVFUHYHU HP ´UHVWRV D SDJDUµ QmR Vy DV GHVSHVDV HPSH
QKDGDV H OLTXLGDGDV D GHVSHVD FXMD FRQWUDSUHVWDomR HP EHQV RX VHUYLoRV
WHQKD VLGR GHFODUDGD FRPR HIHWLYDPHQWH H[HFXWDGD H FRPSURYDGD
161. FRPR
WDPEpP DV GHVSHVDV HPSHQKDGDV PDV QmR OLTXLGDGDV TXH FRUUHVSRQGDP
D FRPSURPLVVRV HIHWLYDPHQWH DVVXPLGRV LQGHSHQGHQWHPHQWH GD H[LV
WrQFLD GH GLVSRQLELOLGDGHV GH FDL[D
6XVWHQWDQGR TXH HVVH GLVSRVLWLYR FRPR DSURYDGR SHOR RQJUHVVR
1DFLRQDO FULDULD ´WUDQVWRUQRV SDUD D H[HFXomR GR RUoDPHQWRµ H RFDVLRQDULD
´R FUHVFLPHQWR GH UHVWRV D SDJDU TXH HTXLYDOH HP WHUPRV ILQDQFHLURV D
FUHVFLPHQWR GD GtYLGD S~EOLFDµ R 6HQKRU 3UHVLGHQWH GD 5HS~EOLFD QRV
WHUPRV GH PDQLIHVWDomR GRV 0LQLVWURV GR 3ODQHMDPHQWR H GD )D]HQGD
DFHUWDGDPHQWH UHVROYHX YHWiOR
5HODWLYDPHQWH D ´UHVWRV D SDJDUµ D /HL Q º HP VHX DUW
SUHVFUHYH UHVWULomR H[WUHPDPHQWH DPSOD SRUTXDQWR YHGD ´DR WLWXODU GH
3RGHU RX yUJmR UHIHULGR QR DUW QRV GRLV ~OWLPRV TXDGULPHVWUHV GR VHX
PDQGDWR FRQWUDLU REULJDomR GH GHVSHVD TXH QmR SRVVD VHU FXPSULGD
LQWHJUDOPHQWH GHQWUR GHOH RX TXH WHQKD SDUFHODV D VHUHP SDJDV QR H[HUFt
FLR VHJXLQWH VHP TXH KDMD VXILFLHQWH GLVSRQLELOLGDGH GH FDL[D SDUD HVWH
162. HIHLWRµ VHQGR FRQVLGHUDGRV SDUD HVVVH ILP ´RV HQFDUJRV H GHVSHVDV
FRPSURPLVVDGDV D SDJDU DWp R ILQDO GR H[HUFtFLRµ
2XWUDV GLVSRVLo}HV GD /HL RPSOHPHQWDU Q º FRQWrP UHJUDV
SHUWLQHQWHV D ´UHVWRV D SDJDUµ 2 DUW LQFLVR 9 REULJD TXH QD HVFULWXUDomR
GDV FRQWDV S~EOLFDV DV LQVFULo}HV HP ´UHVWRV D SDJDUµ VHMDP ´HVFULWXUDGDV
GH PRGR D HYLGHQFLDU D YDULDomR GD GtYLGD S~EOLFD QR SHUtRGR GHWDOKDQGR
SHOR PHQRV D QDWXUH]D H R WLSR GH FUHGRUµ 2 ´5HODWyULR 5HVXPLGR GH
([HFXomR 2UoDPHQWiULDµ GH TXH WUDWD R † º GR DUW GD RQVWLWXLomR
WHP GH VHU SXEOLFDGR QR yUJmR RILFLDO DWp WULQWD GLDV DSyV R HQFHUUDPHQWR
GH FDGD ELPHVWUH H GHYH DEUDQJHU FRQIRUPH SUHVFUHYH R DUW LQFLVR 9
XP GHPRQVWUDWLYR GRV ´UHVWRV D SDJDUµ GHWDOKDQGR HP UHODomR DRV WUrV
3RGHUHV H DR 0LQLVWpULR 3~EOLFR ´RV YDORUHV LQVFULWRV RV SDJDPHQWRV
UHDOL]DGRV H R PRQWDQWH D SDJDUµ
$ VHX WXUQR R DUW LQFLVR ,,, DOtQHD E GHWHUPLQD TXH R 5HODWyULR
GH *HVWmR )LVFDO HPLWLGR DR ILQDO GR ~OWLPR TXDGULPHVWUH GR H[HUFtFLR
FRQWHQKD XP GHPRQVWUDWLYR ´GD LQVFULomR HP 5HVWRV D 3DJDU GDV GHVSHVDV
GLVFULPLQDQGR
164. DV HPSHQKDGDV H QmR OLTXLGDGDV
LQVFULWDV SRU DWHQGHUHP D XPD GDV FRQGLo}HV GR LQFLVR ,, GR DUW
GLVSRVLWLYR YHWDGR@
165. DV HPSHQKDGDV H QmR OLTXLGDGDV LQVFULWDV DWp R
OLPLWH GR VDOGR GD GLVSRQLELOLGDGH GH FDL[D H
166. DV QmR LQVFULWDV SRU IDOWD
GH GLVSRQLELOLGDGH GH FDL[D H FXMRV HPSHQKRV IRUDP WHQKDP VLGR@ FDQFH
ODGRVµ 7UDWDVH HP YHUGDGH GH XP GHPRQVWUDWLYR GH ´GHVSHVDV HPSH
QKDGDVµ LQVFULWDV RX QmR HP ´UHVWRV D SDJDUµ SRLV QmR VH SRGHULD
ORJLFDPHQWH LQFOXLU QXP GHPRQVWUDWLYR GH ´UHVWRV D SDJDUµ GHVSHVDV QmR
LQVFULWDV
'HYH VHU DFHQWXDGR TXH R DOXGLGR LWHP DGPLWH DLQGD TXH GH IRUPD
LQDGHTXDGD ² SRU QmR UHYHVWLU FDUiWHU LPSHUDWLYR ² R FDQFHODPHQWR GH
HPSHQKRV SRU IDOWD GH GLVSRQLELOLGDGH GH FDL[D 2 HPSHQKR UHODWLYR D
GHVSHVD OLTXLGDGD SURGX] HIHLWRV MXUtGLFRV FULDQGR SDUD R IRUQHFHGRU RX
SUHVWDGRU GH VHUYLoRV XP GLUHLWR GH FUpGLWR 6H DR ILQDO GR H[HUFtFLR
KRXYHU GLVSRQLELOLGDGH GH FDL[D HVWD GHYHUi VHU FRPSXWDGD FRPR UHFHLWD
º
H[WUDRUoDPHQWiULD GR H[HUFtFLR VHJXLQWH /HL Q GH DUW
SDU ~QLFR
167. H D GHVSHVD HPSHQKDGD VHUi SDJD j FRQWD GHVVHV UHFXUVRV 6H
DR FRQWUiULR QmR KRXYHU GLVSRQLELOLGDGH GH FDL[D R HPSHQKR PHVPR TXH
SURFHVVDGR H PHVPR TXH LQVFULWR HP ´UHVWRV D SDJDUµ SHUGHUi D HILFiFLD
HP IDFH GR HQFHUUDPHQWR GR H[HUFtFLR
168. 8PD YH] HQFHUUDGR R H[HUFtFLR D GRWDomR DLQGD TXH SDUFLDOPHQWH
HPSHQKDGD GHL[D GH WHU YDOLGDGH H FRQVHTHQWHPHQWH R SDJDPHQWR GD
GHVSHVD HPSHQKDGD H OLTXLGDGD HP IDFH GR UHJLPH GH FRPSHWrQFLD
VRPHQWH SRGHUi RFRUUHU j FRQWD GH GRWDomR FRQVLJQDGD QR H[HUFtFLR
VHJXLQWH VRE D UXEULFD ´'HVSHVDV GH ([HUFtFLRV $QWHULRUHVµ FRQIRUPH R
´HVTXHPD GH GLVFULPLQDomR RX HVSHFLILFDomR GD GHVSHVDµ D TXH VH UHIHUH
R DUW GD /HL Qº
1HVVH FDVR RV HPSHQKRV OLTXLGDGRV FRQWHUmR GDGRV UHOHYDQWHV UH
SUHVHQWDomR H LGHQWLILFDomR GR GLUHLWR GR FUHGRU
169. SDUD D UHDOL]DomR GD
GHVSHVD QR H[HUFtFLR VHJXLQWH HVSHFLDOPHQWH TXDQWR j REVHUYkQFLD GD
RUGHP FURQROyJLFD VHJXQGR DV GDWDV GH H[LJLELOLGDGH GRV FUpGLWRV
UHODWLYDPHQWH D FDGD yUJmR H D FDGD FDWHJRULD HFRQ{PLFD H[ YL GR GLVSRVWR
º º º
QR DUW LQ ILQH GD /HL Q H QR DUW GD /HL Q GH
/HL GDV /LFLWDo}HV H RQWUDWRV GD $GPLQLVWUDomR 3~EOLFD
170. DStWXOR 9,,,
'D *HVWmR 3DWULPRQLDO
1R DStWXOR 9,,, D OHL GLVS}H VREUH GLVSRQLELOLGDGHV GH FDL[D SUHVHU
YDomR GR SDWULP{QLR S~EOLFR H HPSUHVDV FRQWURODGDV SHOR VHWRU S~EOLFR
DUWV D
171. 0HUHFH GHVWDTXH D UHJUD TXH YHGD D DSOLFDomR GDV GLV
SRQLELOLGDGHV GH FDL[D GRV UHJLPHV SUHYLGHQFLiULRV QD VXEVFULomR RX
DTXLVLomR GH WtWXORV GD GtYLGD S~EOLFD HVWDGXDO H PXQLFLSDO EHP FRPR HP
Do}HV H RXWURV SDSpLV UHODWLYRV jV HPSUHVDV FRQWURODGDV SHOR UHVSHFWLYR HQWH
GD )HGHUDomR RX DLQGD HP HPSUpVWLPRV GH TXDOTXHU QDWXUH]D DRV
VHJXUDGRV H DR 3RGHU 3~EOLFR LQFOXVLYH VXDV HPSUHVDV FRQWURODGDV DUW
º
†
172. 2 DUW GDQGR PDLRU HILFiFLD j QRUPD GR † º GR DUW GD
RQVWLWXLomR ´DV GHVDSURSULDo}HV GH LPyYHLV XUEDQRV VHUmR IHLWDV FRP
SUpYLD H MXVWD LQGHQL]DomR HP GLQKHLURµ
173. SUHVFUHYH D QXOLGDGH GH SOHQR
GLUHLWR GR DWR GH GHVDSURSULDomR GH LPyYHO XUEDQR H[SHGLGR VHP D SUpYLD
H MXVWD LQGHQL]DomR HP GLQKHLUR GHVDSURSULDomR DPLJiYHO
213. UHDOL]DU RX UHFHEHU WUDQVIHUrQFLD YROXQWiULD HP GHVDFRUGR FRP
OLPLWH RX FRQGLomR HVWDEHOHFLGD HP OHL
º º º
1R DUW D PHQFLRQDGD OHL LQWURGX]LX QR DUW GR 'HFUHWROHL Q
GH TXH ´GLVS}H VREUH D UHVSRQVDELOLGDGH GRV SUHIHLWRV H YHUHDGRUHVµ
RLWR QRYRV WLSRV SHQDLV RV PHVPRV LQFOXtGRV QD /HL Q º
214. $IRUD LVVR D /HL Q º FULRX D ILJXUD GD ´LQIUDomR DGPLQLV
WUDWLYD FRQWUD DV ILQDQoDV S~EOLFDVµ SXQLGD DSHQDV FRP PXOWD GH WULQWD SRU
FHQWR GRV YHQFLPHQWRV GR DJHQWH TXH OKH GHU FDXVD H SURFHVVDGD H MXOJDGD
SHOR 7ULEXQDO GH RQWDV $V HVSpFLHV GHVVD LQIUDomR VmR DV VHJXLQWHV
D
215. GHL[DU GH GLYXOJDU RX GH HQYLDU DR 3RGHU /HJLVODWLYR H DR 7ULEXQDO
GH RQWDV R UHODWyULR GH JHVWmR ILVFDO QRV SUD]RV H FRQGLo}HV HV
WDEHOHFLGRV HP OHL
E
216. SURSRU OHL GH GLUHWUL]HV RUoDPHQWiULDV DQXDO TXH QmR FRQWHQKD DV
PHWDV ILVFDLV QD IRUPD GD OHL
F
217. GHL[DU GH H[SHGLU DWR GHWHUPLQDQGR OLPLWDomR GH HPSHQKR H PRYL
PHQWDomR ILQDQFHLUD QRV FDVRV H FRQGLo}HV HVWDEHOHFLGRV HP OHL
G
218. GHL[DU GH RUGHQDU RX GH SURPRYHU QD IRUPD H QRV SUD]RV GD OHL
D H[HFXomR GH PHGLGD SDUD D UHGXomR GR PRQWDQWH GD GHVSHVD WRWDO
FRP SHVVRDO TXH KRXYHU H[FHGLGR D UHSDUWLomR SRU 3RGHU GR OLPLWH
Pi[LPR
RPR UHGLJLGRV WRGRV HVVHV WLSRV SHQDLV GHYHUmR LQGX]LU RV QRVVRV
JRYHUQDQWHV H GHPDLV UHVSRQViYHLV SHOD JHVWmR GRV UHFXUVRV S~EOLFRV j ILHO
º
REVHUYkQFLD GDV QRUPDV GD / Q FRQVWLWXLQGRVH DVVLP QD ~OWLPD
SDUWH GD VLVWHPiWLFD DQWHV UHIHULGD GH GHIHVD GDV ILQDQoDV S~EOLFDV (YLWDVH
GHVVD PDQHLUD D UHSHWLomR GR LQVXFHVVR GH GLYHUVDV OHLV GH GHIHVD GR (UiULR
SRU IDOWD GH OHJLVODomR SHQDO DGHTXDGD SDUD D SXQLomR GRV LQIUDWRUHV
E
219. D OHJLVODomR DQWHULRU
$QWHV GD FRQFOXVmR DILJXUDVH RSRUWXQR OHPEUDU TXH D OHJLVODomR
DQWHULRU HP SOHQD YLJrQFLD WLSLILFD GLYHUVRV FULPHV GH UHVSRQVDELOLGDGH QD
iUHD GDV ILQDQoDV S~EOLFDV
220. 'H IDWR D /HL Q º DQWHV FLWDGD GHILQH FULPHV FRQWUD D OHL
RUoDPHQWiULD DUW
221. H FULPHV FRQWUD D JXDUGD H OHJDO HPSUHJR GRV
GLQKHLURV S~EOLFRV DUW
257. FRQVLGHUDo}HV JHUDLV
(P WRGRV RV FDVRV VXSUDUHIHULGRV D DomR SHQDO p S~EOLFD RX VHMD
GHYH VHU SURPRYLGD SHOR 0LQLVWpULR 3~EOLFR yGLJR 3HQDO DUWV H
258. (P WRGRV HOHV R GROR p HOHPHQWR HVVHQFLDO H GRORVR p R FULPH ´TXDQGR R
DJHQWH TXLV R UHVXOWDGR RX DVVXPLX R ULVFR GH SURGX]LORµ yG 3HQDO DUW
LQFLVR , H SDUiJUDIR ~QLFR
259. 6RE SHQD GH LQFLGLU QR FULPH GH FRQGHVFHQGrQFLD FULPLQRVD RV
UHVSRQViYHLV SHORV yUJmRV GH FRQWUROH LQWHUQR H H[WHUQR RV GLULJHQWHV GRV
yUJmRV H HQWLGDGHV S~EOLFDV HP JHUDO RV PHPEURV GRV FRQVHOKRV ILVFDLV GDV
HPSUHVDV HVWDWDLV H RV SUySULRV PHPEURV GRV 7ULEXQDLV H RQVHOKRV GH
RQWDV WrP R GHYHU GH OHYDU DR FRQKHFLPHQWR GR 0LQLVWpULR 3~EOLFR VH
SRVVtYHO FRP D SUXGHQWH DXGLrQFLD SUpYLD GRV UHVSHFWLYRV yUJmRV MXUtGLFRV
RV IDWRV TXH FRPSURYHP RX FRQVWLWXDP LQGtFLRV GD PDWHULDOLGDGH H GD
DXWRULD GRV LOtFLWRV SHQDLV HP WHOD
21/86®2
$ /HL RPSOHPHQWDU Q º HYLGHQWHPHQWH QmR p SHUIHLWD VHQGR GH
VH ODPHQWDU TXH ERD SDUWH GR SURMHWR GR ([HFXWLYR QmR WHQKD VLGR PDQWLGD
SHOR RQJUHVVR 1DFLRQDO 3UHYDOHFHX R HVStULWR FRQVHUYDGRU UHIUDWiULR D
LQRYDo}HV PDLV DYDQoDGDV DLQGD TXH GLWDGDV SHOR LQWHUHVVH S~EOLFR PDV
UHVWD R FRQVROR GH TXH LVVR p GD QDWXUH]D GR KRPHP H p GD SUySULD QDWXUH]D
2 RQJUHVVR 1DFLRQDO GRVRX DV WUDQVIRUPDo}HV SURSRVWDV SHOR ([HFXWLYR
SDUD DGPLWLODV HP SDVVRV PDLV OHQWRV GR TXH RV QHFHVViULRV SDUD DWHQGHU
DRV DQVHLRV GD VRFLHGDGH
'D SUiWLFD GD OHL FRPSOHPHQWDU HVSHUDPVH UHVXOWDGRV DPELFLRVRV
GH GXDV RUGHQV HP SULPHLUR OXJDU QmR Vy R DMXVWH ILVFDO R VDQHDPHQWR
ILQDQFHLUR PDV WDPEpP D PDQXWHQomR GR HTXLOtEULR GDV FRQWDV S~EOLFDV