DOEPE 19/11/2016 - Pág. 20 - Poder Executivo - Diário Oficial do Estado de Pernambuco
20 - Ano XCIII • NÀ 215
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 19 de novembro de 2016
727$/ ',675,%8,'25$ 6$&$3,7$/ $'0,1,675$d2(3$57,&,3$d2/7'$
/$8'2'($9$/,$d2'($&(5926/Ë48,'26)250$'26325'(7(50,1$'26$7,926(3$66,926$385$'263250(,2'26/,9526&217È%(,63$5$ ),16'(&,623$5&,$/ (PGHDJRVWRGH
$RV$FLRQLVWDVH$GPLQLVWUDGRUHVGD7RWDO'LVWULEXLGRUD6$&DSLWDO$GPLQLVWUDomR
H3DUWLFLSDomR/WGD&RQWH~GR$QH[R, %DODQoRSDWULPRQLDOHPGHDJRVWRGH
HSDUFHODGRDFHUYRSDWULPRQLDODVHUFLQGLGR$QH[R,,$FHUYRDVHUFLQGLGRHPGHDJRV
WRGH$QH[R,,,%DODQoRSDWULPRQLDOHPGHDJRVWRGHHSDUFHODGRDFHUYR
SDWULPRQLDOFLQGLGRDVHULQFRUSRUDGR$QH[R,95HVXPRGDVSULQFLSDLVSUiWLFDVFRQWiEHLV
'DGRVGDILUPDGHDXGLWRULD$ %'25&6$XGLWRUHV,QGHSHQGHQWHV66 %'25&6 VR
FLHGDGHHVWDEHOHFLGDQDFLGDGHGH5HFLIHQD$YHQLGD5HS~EOLFDGR/tEDQRQ7RUUH
,6DOD%DLUUR3LQDLQVFULWDQR&DGDVWUR1DFLRQDOGH3HVVRD-XUtGLFDGR0LQLVWpULR
GD)D]HQGDVRERQUHJLVWUDGDQR&RQVHOKR5HJLRQDOGH&RQWDELOL
GDGHGR(VWDGRGR3HUQDPEXFRVRERQ3()UHSUHVHQWDGRSHORVHXVyFLR
LQIUDDVVLQDGR6U-DLURGD5RFKD6RDUHVEUDVLOHLURFDVDGRFRQWDGRUSRUWDGRUGR5*Q
LQVFULWRQR&3)VRERQHQR&RQVHOKR5HJLRQDOGH&RQWDELOLGDGH
GR(VWDGRGH6mR3DXOR&5&63 VRERQ63 2UHVLGHQWHHGRPLFLOLDGRHP
6mR 3DXOR63 QD 5XD 3HL[RWR *RPLGH Q DSDUWDPHQWR Q &(3
QRPHDGR SHOD$GPLQLVWUDomR GD 7RWDO 'LVWULEXLGRUD 6$ &RPSDQKLD H GD &DSLWDO$G
PLQLVWUDomRH3DUWLFLSDomR/WGD 6RFLHGDGH FRQMXQWDPHQWH (PSUHVDV SDUDSURFHG
HUjDYDOLDomRGRDFHUYROtTXLGRIRUPDGRSRUGHWHUPLQDGRVDWLYRVHSDVVLYRVHPGHDJRV
WRGHGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLODSUHVHQWDDVHJXLUR
UHVXOWDGRGHVHXVWUDEDOKRV2EMHWLYRGDDYDOLDomR2SUHVHQWHODXGRWHPSRUREMHWLYRD
DYDOLDomRGRDFHUYROtTXLGRIRUPDGRSRUGHWHUPLQDGRVDWLYRVHSDVVLYRVHPGHDJRVWR
GHGD7RWDO'LVWULEXLGRUD6$SDUDILQVGHFLVmRSDUFLDOFRPDLQFRUSRUDomRGHVWH
DFHUYRSDWULPRQLDOSHOD&DSLWDO$GPLQLVWUDomRH3DUWLFLSDomR/WGDGHIRUPDDJDUDQWLUD
UHRUJDQL]DomRVRFLHWiULDGDVHPSUHVDVGRJUXSRHDWHQGHQGRjVH[LJrQFLDVGRVDUWLJRV
HGD/HLQGHGHGH]HPEURGH5HVSRQVDELOLGDGHGD$G
PLQLVWUDomRVREUHDVLQIRUPDo}HVFRQWiEHLV$ $GPLQLVWUDomRGDV(PSUHVDVpUHVSRQ
ViYHOSHODHVFULWXUDomRGRVOLYURVHHODERUDomRGHLQIRUPDo}HVFRQWiEHLVGHDFRUGRFRP
DVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLODVVLPFRPRSHORVFRQWUROHVLQWHUQRVUHOHYDQWHV
TXHHODGHWHUPLQRXFRPRQHFHVViULRVSDUDSHUPLWLUDHODERUDomRGHWDLVLQIRUPDo}HVFRQ
WiEHLVOLYUHVGHGLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR2
UHVXPRGDVSULQFLSDLVSUiWLFDVFRQWiEHLVDGRWDGDVSHODV(PSUHVDVHVWiGHVFULWRQR$QH[R
,9GRODXGRDYDOLDomR$OFDQFHGRVWUDEDOKRVHUHVSRQVDELOLGDGHGRDXGLWRULQGHSHQ
GHQWH1RVVDUHVSRQVDELOLGDGHpDGHH[SUHVVDUXPDFRQFOXVmRVREUHRYDORUFRQWiELOGR
DFHUYROtTXLGRIRUPDGRSRUGHWHUPLQDGRVDWLYRVHSDVVLYRVGD7RWDO'LVWULEXLGRUD6$HP
GHDJRVWRGHFRPEDVHQRVWUDEDOKRVFRQGX]LGRVGHDFRUGRFRPR&RPXQLFDGR
7pFQLFRQ 5 DSURYDGRSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH &)& SRUPHLR
GD5HVROXomR&7$ Q 5 TXHSUHYrDDSOLFDomRGHSURFHGLPHQWRVGHH[DPHGH
DXGLWRULDDSOLFDGRVVREUHDVFRQWDVTXHUHJLVWUDPRVGHWHUPLQDGRVDWLYRVHSDVVLYRVTXH
FRQVWDPGR$QH[R,,GHVVHUHODWyULRHTXHQDTXHODGDWDHVWDYDPUHJLVWUDGRVQREDODQoR
SDWULPRQLDOGD7RWDO'LVWULEXLGRUD6$$VVLPHIHWXDPRVRH[DPHGRUHIHULGRDFHUYROtTXL
GRGD(PSUHVDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULDTXHUH
TXHUHPRFXPSULPHQWRGHH[LJrQFLDVpWLFDVSHORVDXGLWRUHVHTXHDDXGLWRULDVHMDSODQH
MDGDHH[HFXWDGDFRPRREMHWLYRGHREWHUVHJXUDQoDUD]RiYHOGHTXHRDFHUYROtTXLGRDSX
UDGRSDUDDHODERUDomRGHQRVVRODXGRGHDYDOLDomRHVWiOLYUHGHGLVWRUomRUHOHYDQWH8PD
DXGLWRULDHQYROYHDH[HFXomRGHSURFHGLPHQWRVVHOHFLRQDGRVSDUDREWHQomRGHHYLGrQFLD
DUHVSHLWRGRVYDORUHVFRQWDELOL]DGRV2VSURFHGLPHQWRVVHOHFLRQDGRVGHSHQGHPGRMXOJDPHQWR
GRDXGLWRULQFOXLQGRDDYDOLDomRGRVULVFRVGHGLVWRUomRUHOHYDQWHQRSDWULP{QLROtTXLGRLQ
GHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR1HVVDDYDOLDomRGHULVFRVRDXGLWRUFRQ
VLGHUDRVFRQWUROHVLQWHUQRVUHOHYDQWHVHPUHODomRHPUHODomRDRDFHUYROtTXLGRSDUDSODQH
MDUSURFHGLPHQWRVGHDXGLWRULDTXHVmRDSURSULDGRVQDVFLUFXQVWkQFLDVPDVQmRSDUDILQV
GHH[SUHVVDUXPDRSLQLmRVREUHDHIHWLYLGDGHGHVVHVFRQWUROHVLQWHUQRVGDV(PSUHVDV8PD
DXGLWRULDLQFOXLWDPEpPDDYDOLDomRGDDGHTXDomRGDVSROtWLFDVFRQWiEHLVXWLOL]DGDVHD
UD]RDELOLGDGHGDVHVWLPDWLYDVFRQWiEHLVIHLWDVSHODDGPLQLVWUDomR$FUHGLWDPRVTXHDHY
LGrQFLDGHDXGLWRULDREWLGDpVXILFLHQWHHDSURSULDGDSDUDIXQGDPHQWDUQRVVDFRQFOXVmR%DVH
SDUDDMXVWHGRDFHUYRFRQWiELOOtTXLGRIRUPDGRSRUGHWHUPLQDGRVDWLYRVHSDVVLYRV
jVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO2VDOGRGHGXSOLFDWDVDUHFHEHUGD7RWDO'LV
WULEXGRUD6$HPGHDJRVWRGHLQFOXLRPRQWDQWHGH5FRQVLGHUDGRV
FRPRGHLPSURYiYHOUHFHELPHQWRSRUVHHQFRQWUDUHPDEHUWRDPDLVGHGLDVSDUDR
TXDOQmRIRLFRQVWLWXtGDDWpDTXHODGDWDSURYLVmRSDUDSHUGDVHVWLPDGDVHPFUpGLWRVGH
OLTXLGDomRGXYLGRVDFRQIRUPHUHFRPHQGDGRSHODVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO
,GHQWLILFDPRVQD7RWDO'LVWULEXLGRUD6$DH[LVWrQFLDGHDGLDQWDPHQWRVDIRUQHFHGRUHVSHQ
GHQWHVGHUHJXODUL]DomRDPDLVGHFLQFRDQRVSDUDRVTXDLVMXOJDPRVTXHQmRKiSHUVSHFWLYD
GHUHDOL]DomRQRPRQWDQWHGH5TXHQmRVHHQFRQWUDPSURYLVLRQDGRVSDUD
SHUGDFRQIRUPHUHFRPHQGDGRSHODVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO$ 7RWDO'LVWULEXLGRUD
6$SRVVXLWtWXORVDUHFHEHUUHIHUHQWHjVWUDQVDo}HVGHP~WXRVUHDOL]DGDVFRPDSDUWHUHOD
FLRQDGD(XURSD3DUWLFLSDo}HVH(PSUHHQGLPHQWRV6$QRPRQWDQWHGH5YHQ
FLGRVDPDLVGHFLQFRDQRVFRQVLGHUDGRVVHPSHUVSHFWLYDGHUHDOL]DomR3DUDILQVGHVWH
ODXGRGHDYDOLDomRRSDWULP{QLROtTXLGRFRQWiELOEHPFRPRRVDOGRGHVVHDWLYRTXHFRQ
VWDGRUHVXPRLQFOXtGRQR$QH[R,,IRUDPDVVLPDMXVWDGRV
'HVFULomR
(P5HDLV
3DWULP{QLROtTXLGR RXDFHUYR FRQIRUPHUHJLVWURVFRQWiEHLV
3URYLVmRSDUDSHUGDVVREUHGXSOLFDWDVDUHFHEHUFRQVLGHUDGDVLQFREUiYHLV
$GLDQWDPHQWRVDIRUQHFHGRUHVHPDEHUWRDORQJDGDWD
3URYLVmRSDUDSHUGDVHPVDOGRVDUHFHEHUGHSDUWHUHODFLRQDGD
(IHLWRWULEXWiULR TXDQGRDSOLFiYHO VREUHRDMXVWHDFLPDGHVFULWR
3DWULP{QLROtTXLGRFRQWiELODMXVWDGRjVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO
&RQFOXVmRTXDQWRDRYDORUFRQWiELOGRDFHUYROtTXLGRIRUPDGRSRUFHUWRVDWLYRVHSDV
VLYRV&RPEDVHQRVWUDEDOKRVHIHWXDGRVFRQFOXtPRVTXHRYDORUGRSDWULP{QLROtTXLGRGH
5FRQIRUPHEDODQoRSDWULPRQLDOHPGHDJRVWRGHFRQVWDQWHQRVUHJ
LVWURVFRQWiEHLVUHVXPLGRQR$QH[R,,DMXVWDGRSHORHIHLWRGRVDVVXQWRVPHQFLRQDGRVQR
LWHP%DVHSDUDDMXVWHGRDFHUYROtTXLGRIRUPDGRSRUGHWHUPLQDGRVDWLYRVHSDVVLYRVjVSUiWL
FDVFRQWiEHLVDGRWDGDVQR%UDVLOQmRUHJLVWUDGRVFRQWDELOPHQWHUHSUHVHQWDHPWRGRVRV
DVSHFWRVUHOHYDQWHVRDFHUYROtTXLGRIRUPDGRSRUGHWHUPLQDGRVDWLYRVHSDVVLYRVDMXVWD
GRGD7RWDO'LVWULEXLGRUD6$DYDOLDGRGHDFRUGRDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO
%'25&6$XGLWRUHV,QGHSHQGHQWHV66-DLURGD5RFKD6RDUHV
&5&3()&RQWDGRU&5&63 2
$QH[R,%DODQoR3DWULPRQLDOHPGHDJRVWRGHHSDUFHODGRDFHUYRSDWUL
PRQLDODVHUFLQGLGR (P5HDLV )RUDPH[DPLQDGRVRVOLYURVFRQWiEHLVGD7RWDO'LV
WULEXLGRUD6$HGHPDLVGRFXPHQWRVQHFHVViULRVjHODERUDomRGRODXGR$SXUDPRVTXH
RYDORUGRDFHUYROtTXLGRFRQWiELODVHUFLQGLGRGDHPSUHVDpGH5FRQIRUPH
TXDGURDVHJXLU
$WLYR
GHDJRVWRGH
3DUFHODVDVHUHP
$QWHVGDFLVmR
FLQGLGDV
$SyVFLVmR
&LUFXODQWH
&DL[DHHTXLYDOHQWHVGHFDL[D
&RQWDVDUHFHEHU
(VWRTXHV
$GLDQWDPHQWRV
&UpGLWRVWULEXWiULRV
2XWURVFUpGLWRV
1mRFLUFXODQWH
5HDOL]iYHODORQJRSUD]R
3DUWHVUHODFLRQDGDV
$SOLFDo}HVILQDQFHLUDV
&RQWDVDUHFHEHU
'HSyVLWRVMXGLFLDLV
2XWURVDWLYRV
,QYHVWLPHQWRV
,PRELOL]DGR
,QWDQJtYHO
7RWDOGRDWLYR
$QH[R,,$FHUYRDVHUFLQGLGRHPGHDJRVWRGH (P5HDLV 2DFHUYRDVHU
FLQGLGRGD7RWDO'LVWULEXLGRUD6$QRPRQWDQWHGH5GHPRQVWUDGRVHUiYHU
WLGRSDUDDHPSUHVD&DSLWDO$GPLQLVWUDomRH3DUWLFLSDomR/WGD2SDWULP{QLROtTXLGRGD7RWDO
'LVWULEXLGRUD6$VHUiUHGX]LGRQRPHVPRPRQWDQWH
&RQWDFRQWiELO'HVFULomR
6DOGRV5
$7,92
&/,(17(6',9(5626
3(5'$63529$9(,61265(&(%,0(1726
$',$17$0(172$ )251(&('25(6',9(5626
287526&5(',726$ 5(&(%(5
(7$12/ +,'5$7$'2
2/(2',(6(/ 6
%5$6,/ &+,1$ ',675,%02726(3(&$66$
21'$ 9(5'($*52&20(5&,$/ 6$
$',$17$0(172$ $&,21,67$6
3(752,/ '2%5$6,/ 6$
9$//(352'8726'(3(752/(2/7'$
&$3,7$/ $'0(3$57,&,3$&$2/7'$
7(55(126
(',),&$&2(6
,167$/$&2(6
0$48,1$6((48,3$0(1726
029(,6(87(16,/,26
9(,&8/26
%20%$6'(&20%867,9(,6
7$148(&,/,1'5,&2
0(','25(6(),/7526
&20387$'25(6(3(5,)(5,&26
(48,3$0(1726'(&2081,&$&$2
&21625&,2
/($6,1*
(',),&$&2(6
,167$/$&2(6
0$48,1$6((48,3$0(1726
%20%$6'(&20%867,9(,6
7$148(&,/,1'5,&2
0(','25(6(),/7526
287526%(16(0&202'$72
(',),&$&2(6
,167$/$&2(6
0$48,1$6((48,3$0(1726
029(,6(87(16,/,26
9(,&8/26
%20%$6'(&20%867,9(,6
7$148(&,/,1'5,&2
0(','25(6(),/7526
&20387$'25(6(3(5,)(5,&26
(48,3$0(1726'(&2081,&$&$2
6('(727$/ (',),&$&2(6
3$66,92
)251(&('25(6',9(5626
2875$6&217$6$ 3$*$5
$',$17$0(172'(&/,(17(
,&061250$/ $ 3$*$5
,&0667 $ 3$*$5
&$3,7$/ $'0,1,675$d2(3$57,&,3$d2/7'$$QH[R,,,%DODQoRSDWULPRQLDO
HPGHDJRVWRGHHSDUFHODGRDFHUYRSDWULPRQLDOFLQGLGRDVHULQFRUSRUDGR
(P5HDLV )RUDPH[DPLQDGRVRVOLYURVFRQWiEHLVGD&DSLWDO$GPLQLVWUDomRH3DUWLFLSDomR
/WGDHGHPDLVGRFXPHQWRVQHFHVViULRVjHODERUDomRGRODXGR$SXUDPRVTXHRYDORUGR
DFHUYROtTXLGRFRQWiELOFLQGLGRDVHULQFRUSRUDGRpGH5FRQIRUPHTXDGUR
DVHJXLU
3DVVLYRHSDWULP{QLROtTXLGR
GHDJRVWRGH
3DUFHODVDVHUHP
$QWHVGDFLVmR
FLQGLGDV
$SyVFLVmR
&LUFXODQWH
)RUQHFHGRUHV
(PSUpVWLPRVHILQDQFLDPHQWRV
$GLDQWDPHQWRGHFOLHQWHV
2EULJDo}HVWUDEDOKLVWDV
,PSRVWRGHUHQGDH
FRQWULEXLomRVRFLDO
3DUFHODPHQWRGHWULEXWRV
2XWURVLPSRVWRVHFRQWULEXLo}HV
'HPDLVFRQWDVDSDJDU
1mRFLUFXODQWH
(PSUpVWLPRVHILQDQFLDPHQWRV
3DUFHODPHQWRVGHWULEXWRV
'HPDQGDVILVFDLV
2XWURVSDVVLYRV
3DWULP{QLROtTXLGR
&DSLWDOVRFLDO
5HVHUYDGHOXFURV
7RWDOGRSDVVLYRHGR
SDWULP{QLROtTXLGR
$1(;2,95HVXPRGDVSULQFLSDLVSUiWLFDVFRQWiEHLV (P5HDLV 2SDWULP{QLROtTXL
GRFRQWiELOIRLHODERUDGRHHVWiVHQGRDSUHVHQWDGRGHDFRUGRFRPDVSUiWLFDVFRQWiEHLV
DGRWDGDVQR%UDVLO %5*$$3 DVTXDLVDEUDQJHPDOHJLVODomRVRFLHWiULDRVSURQXQFLD
PHQWRVDVRULHQWDo}HVHDVLQWHUSUHWDo}HVHPLWLGDVSHOR&RPLWrGH3URQXQFLDPHQWRV&RQ
WiEHLV &3&V DSURYDGDVSHOD&RPLVVmRGH9DORUHV0RELOLiULRV&90HSHODVGLVSRVLo}HV
FRQWLGDVQD/HLGH6RFLHGDGHVSRU$o}HV'HVFULomRGDVSULQFLSDLVSUiWLFDVFRQWiEHLV
DGRWDGDV D 0RHGD IXQFLRQDO 2 SDWULP{QLR OtTXLGR FRQWiELO IRUPDGR SRU GHWHUPLQDGRV
DWLYRVHSDVVLYRVHPUHDLVPRHGDIXQFLRQDOGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDV
QR%UDVLORV3URQXQFLDPHQWRVDV2ULHQWDo}HVHDV,QWHUSUHWDo}HVHPLWLGDVSHOR&RPLWr
GH3URQXQFLDPHQWRV&RQWiEHLV &3& E(VWLPDWLYDVFRQWiEHLV$ HODERUDomRGDVGHPRQ
VWUDo}HVFRQWiEHLVUHTXHUTXHD$GPLQLVWUDomRVHXWLOL]HGHSUHPLVVDVHMXOJDPHQWRVQD
GHWHUPLQDomRGRYDORUHUHJLVWURGHHVWLPDWLYDVFRQWiEHLV$WLYRVHSDVVLYRVVLJQLILFDWLYRV
VXMHLWRVDHVVDVHVWLPDWLYDVLQFOXHPDGHILQLomRGDYLGD~WLOGRVEHQVGRDWLYRLPRELOL]D
GR$ OLTXLGDomRGDVWUDQVDo}HVHQYROYHQGRHVVDVHVWLPDWLYDVSRGHUiUHVXOWDUHPYDORUHV
GLIHUHQWHV GRV HVWLPDGRV GHYLGR D LPSUHFLV}HV LQHUHQWHV DR SURFHVVR GH VXD GHWHUPL
QDomR(VWLPDWLYDVHSUHPLVVDVVmRUHYLVWDVGHXPDPDQHLUDFRQWtQXD5HYLV}HVFRPUH
ODomRDHVWLPDWLYDVFRQWiEHLVVmRUHFRQKHFLGDVQRH[HUFtFLRHPTXHDVHVWLPDWLYDVVmRUH
YLVDGDVF&DL[DHHTXLYDOHQWHVGHFDL[D&DL[DHHTXLYDOHQWHVGHFDL[DDEUDQJHPVDO
GRVGHFDL[DGHSyVLWRVEDQFiULRVHDSOLFDo}HVILQDQFHLUDVFRPYHQFLPHQWRRULJLQDOGHWUrV
PHVHV RX PHQRV D SDUWLU GD GDWD GD FRQWUDWDomR 2V TXDLV VmR VXMHLWRV D XP ULVFR LQ
VLJQLILFDQWHGHDOWHUDomRQRYDORUHVmRXWLOL]DGDVQDJHVWmRGDVREULJDo}HVGHFXUWRSUD]R
G&RQWDVDUHFHEHU$VFRQWDVDUHFHEHUVmRGHPRQVWUDGDVDRFXVWRDPRUWL]DGRPHQRV
D3HUGDV(VWLPDGDVFRP&UpGLWRVGH/LTXLGDomR'XYLGRVDFRQVWLWXtGDTXDQGRFRQVLGHUD
GDQHFHVViULDSHOD$GPLQLVWUDomR2VPRQWDQWHVDUHFHEHUVmRUHJLVWUDGRVFRPEDVHQRV
YDORUHVQRPLQDLVHQmRVmRDMXVWDGRVDYDORUSUHVHQWHSRUDSUHVHQWDUHPYHQFLPHQWRGH
FXUWRSUD]RHSRUQmRFRQWHPSODUHPMXURVHPEXWLGRVH(VWRTXHV2VHVWRTXHVVmRDSUH
VHQWDGRVSHORPHQRUYDORUHQWUHRFXVWRHRYDORUOtTXLGRUHDOL]iYHO2FXVWRpGHWHUPLQD
GRXVDQGRVHRPpWRGRGRFXVWRPpGLR2YDORUUHDOL]iYHOOtTXLGRpRSUHoRGHYHQGDHV
WLPDGRSDUDRFXUVRQRUPDOGRVQHJyFLRVGHGX]LGDVGDVGHVSHVDVFRPYHQGDV I,QYHV
WLPHQWRV2VLQYHVWLPHQWRVHPFRQWURODGDVVmRUHJLVWUDGRVHDYDOLDGRVSHORPpWRGRGHHTXLY
DOrQFLDSDWULPRQLDOUHFRQKHFLGDQRUHVXOWDGRGRH[HUFtFLRFRPRUHFHLWD RXGHVSHVD RS
HUDFLRQDO3DUDHIHLWRGRFiOFXORGDHTXLYDOrQFLDSDWULPRQLDOJDQKRVRXWUDQVDo}HVDUH
DOL]DUHQWUHD&RPSDQKLDHVXDVFROLJDGDVHHTXLSDUDGDVVmRHOLPLQDGRVQDPHGLGDGDSDU
WLFLSDomRGD&RPSDQKLDSHUGDVQmRUHDOL]DGDVWDPEpPVmRHOLPLQDGDVDPHQRVTXHD
WUDQVDomRIRUQHoDHYLGrQFLDVGHSHUGDSHUPDQHQWH LPSDLUPHQW GRDWLYRWUDQVIHULGR J
,PRELOL]DGReGHPRQVWUDGRDRFXVWRGHGX]LGRGDGHSUHFLDomRDFXPXODGD$ GHSUHFLDomR
pFDOFXODGDSHORPpWRGROLQHDU2VEHQVGRLPRELOL]DGRHRXWURVDWLYRVQmRFLUFXODQWHVVmR
DYDOLDGRVDQXDOPHQWHSDUDLGHQWLILFDUHYLGrQFLDVGHSHUGDVQmRUHFXSHUiYHLVRXDLQGD
VHPSUHTXHHYHQWRVRXDOWHUDo}HVVLJQLILFDWLYDVQDVFLUFXQVWkQFLDVLQGLFDUHPTXHRYDORU
FRQWiELOSRGHQmRVHUUHFXSHUiYHO4XDQGRDSOLFiYHORFRUUHQGRSHUGDGHFRUUHQWHGDVVLWX
Do}HVHPTXHRYDORUFRQWiELOGRDWLYRXOWUDSDVVHVHXYDORUUHFXSHUiYHOGHILQLGRSHORPDLRU
YDORUHQWUHRYDORUHPXVRGRDWLYRHRYDORUOtTXLGRGHYHQGDGRDWLYRHVWDpUHFRQKHFLGD
QRUHVXOWDGRGRH[HUFtFLR K)RUQHFHGRUHV$VFRQWDVDSDJDUDRVIRUQHFHGRUHVVmRREUL
JDo}HVDSDJDUSRUEHQVRXVHUYLoRVTXHIRUDPDGTXLULGRVQRFXUVRQRUPDOGRVQHJyFLRV
VHQGRFODVVLILFDGRVFRPRSDVVLYRVFLUFXODQWHVVHRSDJDPHQWRIRUGHYLGRQRSHUtRGRGH
XPDQR&DVRFRQWUiULRDVFRQWDVDSDJDUVmRDSUHVHQWDGDVFRPRSDVVLYRQmRFLUFXODQWH
L'HPDLVDWLYRVHSDVVLYRVFLUFXODQWHVHQmRFLUFXODQWHV6mRDSUHVHQWDGRVDRYDORU
GHFXVWRLQFOXLQGRTXDQGRDSOLFiYHORVUHQGLPHQWRVDVYDULDo}HVQDVWD[DVGHFkPELRH
DVYDULDo}HVPRQHWiULDVDXIHULGRVTXHQmRH[FHGHPRYDORUGHUHDOL]DomRRXOLTXLGDomR
M,QVWUXPHQWRVILQDQFHLURVD &ODVVLILFDomRHPHQVXUDomR$ &RPSDQKLDFODVVLILFDVHXV
DWLYRVILQDQFHLURVVREDVVHJXLQWHVFDWHJRULDVHPSUpVWLPRVHUHFHEtYHLVPDQWLGRVDWpR
YHQFLPHQWRHGLVSRQtYHLVSDUDYHQGD$ FODVVLILFDomRGHSHQGHGDILQDOLGDGHSDUDDTXDORV
$WLYR
GHDJRVWRGH
3DUFHODDLQFRUSRUDU
3yVLQFRUSRUDomR
$QWHVGDLQFRUSRUDomR WRWDO
&LUFXODQWH
&DL[DHHTXLYDOHQWHVGHFDL[D
&RQWDVDUHFHEHU
$GLDQWDPHQWRV
&UpGLWRVWULEXWiULRV
2XWURVFUpGLWRV
1mRFLUFXODQWH
5HDOL]iYHODORQJRSUD]R
3DUWHVUHODFLRQDGDV
,QYHVWLPHQWRV
,PRELOL]DGR
,QWDQJtYHO
7RWDOGRDWLYR
3DVVLYRHSDWULP{QLROtTXLGR GHDJRVWRGH
3DUFHODDLQFRUSRUDU
$QWHVGDLQFRUSRUDomR WRWDO 3yVLQFRUSRUDomR
&LUFXODQWH
)RUQHFHGRUHV
(PSUpVWLPRVHILQDQFLDPHQWRV
$GLDQWDPHQWRGHFOLHQWHV
2EULJDo}HVWULEXWiULDV
HWUDEDOKLVWDV
2XWURVLPSRVWRVHFRQWULEXLo}HV
'HPDLVFRQWDVDSDJDU
'LYLGHQGRV
1mRFLUFXODQWH
3DUWHV5HODFLRQDGDV
'HPDQGDVILVFDLV
2XWURVSDVVLYRV
3DWULP{QLROtTXLGR
&DSLWDOVRFLDO
5HVHUYDGHOXFURV
7RWDOGRSDVVLYRHGR
SDWULP{QLROtTXLGR
DWLYRVILQDQFHLURVIRUDPDGTXLULGRV$ DGPLQLVWUDomRGHWHUPLQDDFODVVLILFDomRGHVHXVDWLYRV
ILQDQFHLURVQRUHFRQKHFLPHQWRLQLFLDO (PSUpVWLPRVHUHFHEtYHLV,QFOXHPVHQHVWDFDW
HJRULDRVHPSUpVWLPRVFRQFHGLGRVHRVUHFHEtYHLVTXHVmRDWLYRVILQDQFHLURVQmRGHULY
DWLYRVFRPSDJDPHQWRVIL[RVRXGHWHUPLQiYHLVQmRFRWDGRVHPXPPHUFDGRDWLYR6mR
LQFOXtGRVFRPRDWLYRFLUFXODQWHH[FHWRDTXHOHVFRPSUD]RGHYHQFLPHQWRVXSHULRUD
PHVHVDSyVDGDWDGHHPLVVmRGREDODQoR HVWHVVmRFODVVLILFDGRVFRPRDWLYRVQmRFLU
FXODQWHV 2VHPSUpVWLPRVHUHFHEtYHLVGD&RPSDQKLDFRPSUHHQGHPRVHPSUpVWLPRVD
FROLJDGDVFRQWDVDUHFHEHUGHFOLHQWHVGHPDLVFRQWDVDUHFHEHUHFDL[DHHTXLYDOHQWHV
GHFDL[DH[FHWRRVLQYHVWLPHQWRVGHFXUWRSUD]R2VHPSUpVWLPRVHUHFHEtYHLVVmRFRQ
WDELOL]DGRVSHORFXVWRDPRUWL]DGRXVDQGRRPpWRGRGDWD[DGHMXURVHIHWLYD $WLYRVPDQ
WLGRVDWpRYHQFLPHQWR6mREDVLFDPHQWHRVDWLYRVILQDQFHLURVTXHQmRSRGHPVHUFODV
VLILFDGRVFRPRHPSUpVWLPRVHUHFHEtYHLVSRUVHUHPFRWDGRVHPXPPHUFDGRDWLYR1HVWH
FDVRHVWHVDWLYRVILQDQFHLURVVmRDGTXLULGRVFRPDLQWHQomRHFDSDFLGDGHILQDQFHLUDSDUD
VXDPDQXWHQomRHPFDUWHLUDDWpRYHQFLPHQWR6mRDYDOLDGRVSHORFXVWRGHDTXLVLomRDFUHVFL
GRVGRVUHQGLPHQWRVDXIHULGRVHPFRQWUDSDUWLGDDRUHVXOWDGRGRH[HUFtFLR $WLYRVILQDQ
FHLURVGLVSRQtYHLVSDUDYHQGD2VDWLYRVILQDQFHLURVGLVSRQtYHLVSDUDYHQGDVmRQmRGH
ULYDWLYRVTXHVmRFODVVLILFDGRVQHVVDFDWHJRULDRXTXHQmRVmRFODVVLILFDGRVHPQHQKX
PDRXWUDFDWHJRULD(OHVVmRLQFOXtGRVHPDWLYRVQmRFLUFXODQWHVDPHQRVTXHDDGPLQ
LVWUDomRSUHWHQGDDOLHQDURLQYHVWLPHQWRHPDWpPHVHVDSyVDGDWDGREDODQoR2VDWLYRV
ILQDQFHLURVGLVSRQtYHLVSDUDYHQGDVmRFRQWDELOL]DGRVSHORYDORUMXVWR2VMXURVGHWtWXORV
GLVSRQtYHLVSDUDYHQGDFDOFXODGRVFRPRXVRGRPpWRGRGDWD[DGHMXURVHIHWLYDVmRUH
FRQKHFLGRV QD GHPRQVWUDomR GR UHVXOWDGR FRPR UHFHLWDV ILQDQFHLUDV$ SDUFHOD FRUUH
VSRQGHQWHjYDULDomRQRYDORUMXVWRpODQoDGDFRQWUDSDWULP{QLROtTXLGRQDFRQWDDMXVWHV
GHDYDOLDomRSDWULPRQLDOVHQGRUHDOL]DGDFRQWUDUHVXOWDGRTXDQGRGDVXDOLTXLGDomRRX
SRUSHUGDFRQVLGHUDGDSHUPDQHQWH LPSDLUPHQW 3DVVLYRVILQDQFHLURVQmRPHQVXUD
GRVDRYDORUMXVWRFRQWUDUHVXOWDGR2VSDVVLYRVILQDQFHLURVUHFRQKHFLGRVHDPRUWL]D
GRVVHJXLQGRHVVHQFLDOPHQWHRPpWRGRGRFXVWRDPRUWL]DGR6mRLQFOXtGRVFRPRSDVVLYRV
ILQDQFHLURVQmRPHQVXUDGRVDRYDORUMXVWRFRQWUDUHVXOWDGRVmRFRPSRVWRVSRUIRUQHFH
GRUHVHHPSUpVWLPRVHILQDQFLDPHQWRVN(PSUpVWLPRVHILQDQFLDPHQWRV2VHPSUpV
WLPRVWRPDGRVVmRUHFRQKHFLGRVLQLFLDOPHQWHSHORYDORUMXVWRQRUHFHELPHQWRGRVUH
FXUVRVOtTXLGRVGRVFXVWRVGHWUDQVDomR(PVHJXLGDRVHPSUpVWLPRVWRPDGRVVmRDS
UHVHQWDGRVSHORFXVWRDPRUWL]DGRLVWRpDFUHVFLGRVGHHQFDUJRVHMXURVSURSRUFLRQDLV
DRSHUtRGRLQFRUULGR SURUDWDWHPSRULV
(88765)