DOEPE 15/12/2016 - Pág. 39 - Poder Executivo - Diário Oficial do Estado de Pernambuco

Poder Executivo ● 15/12/2016 ● Diário Oficial do Estado de Pernambuco

Recife, 15 de dezembro de 2016

Diário Oficial do Estado de Pernambuco - Poder Executivo

Ano XCIII • NÀ 232 - 39

*HUDGRU3DUWLFLSDo}HV6$
&13-

5(/$7Ï5,2'$$'0,1,675$d­2
6HQKRUHV$FLRQLVWDV$SUHVHQWDPRVDVGHPRQVWUDo}HV¿QDQFHLUDVUHODWLYDVDRVH[HUFtFLRV¿QGRVHPGHGH]HPEURGHH5HFLIHGHQRYHPEURGH$'LUHWRULD
'HPRQVWUDo}HVGR5HVXOWDGRSDUDRV
%DODQoRV3DWULPRQLDLVHPGH'H]HPEUR5PLO
'HPRQVWUDo}HVGDV0XWDo}HVGR3DWULP{QLR/tTXLGR5PLO
([HUFtFLRV)LQGRVHPGH'H]HPEUR5PLO
$7,92
1RWDH[SOLFDWLYD

 3$66,92
1RWDH[SOLFDWLYD




 $MXVWHGH
1RWDH[SOLFDWLYD

 
&LUFXODQWH


 &LUFXODQWH


 

 $YDOLDomR 3UHMXt
  
 
'LVSRQLELOLGDGHV


 2XWUDVREULJDo}HV


 'HVSHVDV2SHUDFLRQDLV
1RWD
 3DWULPR
]RV
5HDOL]iYHOD/RQJR3UD]R
 
 ([LJtYHOD/RQJR3UD]R
   5HVXOWDGRGHRSHUDo}HV

H[SOL &DSLWDO
QLDOHP $FXPX

FRPWtWXORVHYDORUHVPRELOLiULRV




7tWXORVHYDORUHVPRELOLiULRV
 
 2EULJDo}HVSRUHPSUpVWLPR
  

FDWLYD 6RFLDO &RQWURODGD ODGRV 7RWDO
  
 6DOGRVHP  
,PSRVWRVDUHFXSHUDU


 3DWULP{QLR/tTXLGR

  2SHUDo}HVGHHPSUpVWLPRVHUHSDVVHV
    
3HUPDQHQWH
   &DSLWDOVRFLDO
D   2XWUDV5HFHLWDV 'HVSHVDV 2SHUDFLRQDLV     $XPHQWRGHFDSLWDO
 

 
    3UHMXt]RGRH[HUFtFLR
,QYHVWLPHQWRV
   $MXVWHGHDYDOLDomRSDWULPRQLDOHPFRQWURODGD
 
 5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO


   

 
 7tWXORVGLVSRQtYHLVSDUD
,PRELOL]DGR


 3UHMXt]RVDFXPXODGRV
    *HUDLVHDGPLQLVWUDWLYDV

 
  YHQGDGHFRQWURODGD
7RWDOGR$WLYR
   7RWDOGR3DVVLYRHGR3DWULP{QLR/tTXLGR    'HSUHFLDo}HV


 


5HVXOWDGR2SHUDFLRQDO
    6DOGRVHP  
    
1RWDV([SOLFDWLYDVGD$GPLQLVWUDomRjV'HPRQVWUDo}HV)LQDQFHLUDVSDUDR([HUFtFLR)LQGRHPGH'H]HPEURGH
5HVXOWDGRQmR2SHUDFLRQDO

 
 3UHMXt]RGRH[HUFtFLR


   
(PPLOKDUHVGH5HDLVH[FHWRTXDQGRLQGLFDGRGHRXWUDIRUPD
    7tWXORVGLVSRQtYHLV
&RQWH[WR2SHUDFLRQDO$*HUDGRU3DUWLFLSDo}HV6$ ³&RPSD DFUHVFLGDGRDGLFLRQDOGH$FRQWULEXLomRVRFLDOIRLDSXUD 3UHMXt]RGR([HUFtFLR
3UHMXt]RSRU$omR(P5




 SDUDYHQGDGHFRQWURODGD




QKLD´  DWXD FRPR XPD +ROGLQJ )LQDQFHLUD WHQGR SRU REMHWR VRFLDO GDjDOtTXRWDGH$VDOtTXRWDVLQFLGHQWHVGH3,6H&2),16VmR
   

H[FOXVLYRDSDUWLFLSDomRQRFDSLWDOGHLQVWLWXLomRDXWRUL]DGDDIXQFLR HQDEDVHQmRFXPXODWLYDUHVSHFWLYDPHQWHJ $WLYRV ]R¿QDQFHLURR%DQFR*HUDGRU6$WHPFRQYLYLGRFRPGRLVGHVYLRV 6DOGRVHP  
QDUSHOR%DQFR&HQWUDOGR%UDVLOGHQRPLQDGD%DQFR*HUDGRU6$ HSDVVLYRVFRQWLQJHQWHVHREULJDo}HVOHJDLV¿VFDLVHSUHYLGHQ GHSUiWLFDFRQWiELODLQGDQmRDMXVWDGRVVmRHOHVD 2VDOGRGRDWLYR
'HPRQVWUDo}HVGRV)OX[RVGH&DL[DSDUDRV
³%DQFR´ &RQVLGHUDQGRVHXREMHWRVRFLDOH[FOXVLYRRFRQWH[WRRSH FLiULDV2UHFRQKHFLPHQWRDPHQVXUDomRHDGLYXOJDomRGRVDWLYRV GH,PSRVWRGH5HQGDH&RQWULEXLomR6RFLDOGLIHULGRUHJLVWUDGRHP
([HUFtFLRV)LQGRVHPGH'H]HPEUR5PLO
UDFLRQDOGD&RPSDQKLDUHÀHWHRFRQWH[WRRSHUDFLRQDOGR%DQFRTXH HSDVVLYRVFRQWLQJHQWHVHGDVREULJDo}HVOHJDLVVmRHIHWXDGRVGH ³2XWURVFUpGLWRV'LYHUVRV´DSUHVHQWDDVHJXLQWHFRPSRVLomR
)OX[RGH&DL[DGDV
1RWDH[SOLFDWLYD


QHVVHPRPHQWRHQIUHQWDIRUWHFRQFRUUrQFLDHPVHXVSULQFLSDLVSUR DFRUGRFRPRVFULWpULRVGH¿QLGRVQR&3&3URYLV}HV3DVVLYRV 

 $WLYLGDGHV2SHUDFLRQDLV
GXWRV FRQVLJQDGR S~EOLFR H FDSLWDO JLUR SDUD SHTXHQDV H PpGLDV &RQWLQJHQWHV H $WLYRV &RQWLQJHQWHV GD VHJXLQWH IRUPD L  $WLYRV 
%DVHGH ,PSRVWR &RQWULEXLomR
3UHMXt]RGRH[HUFtFLR
   
HPSUHVDV  H FRPR FRQVHTXrQFLD VRIUH XPD DFHQWXDGD UHGXomR &RQWLQJHQWHVQmRVmRUHFRQKHFLGRVQDVGHPRQVWUDo}HV¿QDQFHL 
FiOFXOR GH5HQGD
VRFLDO 7RWDO 'HSUHFLDomRHDPRUWL]DomR



FRQVHFXWLYDGHVSUHDGV1HVVHQRYRDPELHQWHRSURMHWRGHXPEDQ UDVH[FHWRTXDQGRGDH[LVWrQFLDGHHYLGrQFLDVTXHSURSLFLHPDJD $GLo}HVWHPSRUiULDV
'HVSHVDVFRPHPSUpVWLPRV
 

FRUHJLRQDOFRPRR%DQFRSDVVRXDVHUHFRQRPLFDPHQWHGHVD¿DGR UDQWLDGHVXDUHDOL]DomRVREUHDVTXDLVQmRFDEHPPDLVUHFXUVRV  3URYLVmRSDUDFUpGLWRVHP
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
  
DSHVDU GD SUHPLVVD HVWUDWpJLFD SRVLWLYD GH DWHQGLPHQWR D UHJL}HV LL 3DVVLYRV&RQWLQJHQWHVVmRDYDOLDGRVSRUDVVHVVRUHVMXUtGLFRVH  OLTXLGDomRGXYLGRVD 




  %DL[DGHRXWURVLQYHVWLPHQWRV
PHQRVEDQFDUL]DGDV1HVVHFRQWH[WRHDQDOLVDQGRSRVVLELOLGDGHGH SHOD$GPLQLVWUDomROHYDQGRHPFRQWDDSUREDELOLGDGHGHSHUGDGH  $o}HVFtYHLV






 %DL[DGHEHQVGRLPRELOL]DGR
FRQWLQXLGDGH GHVVH FHQiULR FRQFRUUHQFLDO D SDUWLU GR VHJXQGR VH XPDDomRMXGLFLDORXDGPLQLVWUDWLYDTXHSRVVDJHUDUXPDVDtGDGH  3UHMXt]R¿VFDOH
3UHMXt]R$MXVWDGR
  

PHVWUHGHR%DQFR*HUDGRUUHGX]LXGUDVWLFDPHQWHDDSURYD UHFXUVRVTXHVHMDPHQVXUiYHOFRPVX¿FLHQWHVHJXUDQoD$VDo}HV  EDVHQHJDWLYD
  



  $XPHQWRGHWtWXORVHYDORUHVPRELOLiULRV
omRGHQRYDVRSHUDo}HVGHFUpGLWRHHPGH]HPEURYHQGHXDVFRWDV MXGLFLDLVFODVVL¿FDGDVFRPRSHUGDVSRVVtYHLVSHORVDVVHVVRUHVMXUt 7RWDOGH&UpGLWRV
5HGXomRGHLPSRVWRVDFRPSHQVDU



VXERUGLQDGDVTXHGHWLQKDGHXP)XQGRGH,QYHVWLPHQWRHP'LUHLWRV GLFRVHSURYiYHLVSHOD$GPLQLVWUDomRVmRFRQWDELOL]DGDVHGLYXOJD  7ULEXWiULRVDWLYDGRV 

 


  5HGXomRGHRXWUDVREULJDo}HV
&UHGLWyULRV(VVDVDo}HVWLYHUDPFRPRREMHWLYRDTXLWDomRGHSDVVL GDVFRPRSURYLV}HVHPQRWDVH[SOLFDWLYDVHQTXDQWRDTXHODVFODVVL 2V&UpGLWRV7ULEXWiULRVSURYHQLHQWHVGH,PSRVWRGH5HQGDHGD&RQ &DL[D/tTXLGR*HUDGRSHODV $SOLFDGR
YRV GR EDQFR H FRQVHTXHQWHPHQWH VXD GHVDODYDQFDJHP &RQWL ¿FDGDVFRPRSRVVtYHLVQmRVmRSURYLVLRQDGDVPDVVmRGLYXOJDGDV WULEXLomR6RFLDOGLIHULGRVVmRUHDOL]DGRVjPHGLGDTXHDVGLIHUHQoDV  QDV $WLYLGDGHV2SHUDFLRQDLV
  

QXDQGRHPFRPHVVDHVWUDWpJLDGHFHVVmRGHFUpGLWRVHPUH TXDQGRUHOHYDQWHVHFRPRSHUGDUHPRWDQmRUHTXHUHPSURYLVmRH WHPSRUiULDVVREUHDVTXDLVVmRFDOFXODGDVVHMDPUHYHUWLGDVRXVH )OX[RGH&DL[DGDV
WHQomRGHULVFRVHEHQHItFLRVWHPVHDFHVVmRGDFDUWHLUDGHFRQVLJ GLYXOJDomR LLL 2EULJDo}HVOHJDLV ¿VFDLVHSUHYLGHQFLiULDV UHIH HQTXDGUHPQRVSDUkPHWURVGHGHGXWLELOLGDGH¿VFDOFXMRFURQRJUD  $WLYLGDGHVGH,QYHVWLPHQWR

 
QDGRGR,166TXHVHHQFRQWUDHPWUDQVIHUrQFLDGHWLWXODULGDGHQD UHPVHDGHPDQGDVMXGLFLDLVRQGHHVWmRVHQGRFRQWHVWDGDVDOHJDOL PDGHUHDOL]DomRVHDSUHVHQWDDVHJXLUGHYLGDPHQWHIXQGDPHQWDGR $SRUWHGHFDSLWDOHPFRQWURODGD
'DWDSUHYHDFRQVWLWXLomRGHXP),'&SDUDDEVRUYHUDVFDUWHLUDVGH GDGH H D FRQVWLWXFLRQDOLGDGH GH DOJXQV WULEXWRV H FRQWULEXLo}HV 2 HPHVWXGRWpFQLFRQRTXDOKiH[SHFWDWLYDGHJHUDomRGHUHVXOWDGRV &DL[D/tTXLGR$SOLFDGRQDV

$WLYLGDGHVGH,QYHVWLPHQWR

 
FRQVLJQDGRS~EOLFRHSULYDGRDOpPGDFDUWHLUDGHSHVVRDMXUtGLFD PRQWDQWHGLVFXWLGRpTXDQWL¿FDGRSURYLVLRQDGRHDWXDOL]DGRPHQVDO SRVLWLYRV IXWXURV FRP D FRQVHTXHQWH JHUDomR GH REULJDo}HV FRP
$VVLPUHIHULGDHVWUDWpJLDVHJXLUiDWpDHOLPLQDomRWRWDOGDFDUWHLUD PHQWH K  8VR GH HVWLPDWLYDV FRQWiEHLV $ SUHSDUDomR GDV GH LPSRVWRVHFRQWULEXLo}HVMiFRQVLGHUDQGRRGLVSRVWRQRDUWžSDUi )OX[RVGH&DL[DGDV
GRVSURGXWRVDWXDLVSUHSDUDQGRR%DQFR*HUDGRUSDUDDWXDomRHP PRQVWUDo}HV ¿QDQFHLUDV H[LJH TXH D $GPLQLVWUDomR HIHWXH FHUWDV JUDIR~QLFRGD/HLQžE (PGHGH]HPEURGHR  $WLYLGDGHVGH)LQDQFLDPHQWR

 
RXWURIRFRFRQFRUUHQFLDOFRPXPQRYRSODQRGHQHJyFLRVHXPDRX HVWLPDWLYDV H DGRWH SUHPLVVDV QR PHOKRU GH VHX MXOJDPHQWR TXH %DQFRUHJLVWURXUHFHLWDVQRYDORUGH5GHFRUUHQWHGDEDL[DGH $XPHQWRGHFDSLWDO
 

WUDHVWUXWXUDDFLRQiULD$DVVRFLDomRFRPRXWURJUXSRHFRQ{PLFRIRL DIHWDPRVPRQWDQWHVGHFHUWRVDWLYRVHSDVVLYRV¿QDQFHLURVRXQmR SDUFHODVDGHYROYHUDRVVHXVFOLHQWHVTXHHQFRQWUDYDPVHSHQGHQ &DSWDomRGHHPSUpVWLPRV
UHFHLWDV H GHVSHVDV H RXWUDV WUDQVDo}HV WDLV FRPR L  R YDORU GH WHVGHUHVJDWH(QWUHWDQWRFRPRD5HVROXomRQƒGR&RQ &DL[D/tTXLGR*HUDGRSHODV
DSURYDGDSHOR%DQFR&HQWUDOGR%UDVLOHPGHDJRVWRGH
  
$SUHVHQWDomRGDV'HPRQVWUDo}HV)LQDQFHLUDV$VGHPRQVWUD PHUFDGRGHGHWHUPLQDGRVDWLYRVHSDVVLYRV¿QDQFHLURV LL DVWD[DV VHOKR0RQHWiULR1DFLRQDO ³&01´ HD&LUFXODUQƒGR%DQFR  $WLYLGDGHVGH)LQDQFLDPHQWR
o}HV¿QDQFHLUDVGD&RPSDQKLDHVWmRVHQGRDSUHVHQWDGDVGHDFRU GHGHSUHFLDomRGRVLWHQVGRDWLYRLPRELOL]DGR LLL SURYLV}HVQHFHV &HQWUDO GR %UDVLO HVWDEHOHFHP SURFHGLPHQWRV PtQLPRV SDUD R HQ $XPHQWR 5HGXomR GH&DL[D

H(TXLYDOHQWHVGH&DL[D

 

GRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOFRPH[FHomRSHOD ViULDVSDUDDEVRUYHUHYHQWXDLVULVFRVGHFRUUHQWHVGRVSDVVLYRVFRQ FHUUDPHQWR GH FRQWDV GH GHSyVLWRV SHODV LQVWLWXLo}HV ¿QDQFHLUDV
QmRHODERUDomRHDSUHVHQWDomRGHGHPRQVWUDo}HV¿QDQFHLUDVFRQ WLQJHQWHVH LY FUpGLWRVWULEXWiULRV2VYDORUHVGHHYHQWXDLVOLTXLGD DVVHJXUDQGRDRVFOLHQWHVDSRVVLELOLGDGHGHUHHPEROVRHPTXDOTXHU 'HPRQVWUDomRGD9DULDomRGH
VROLGDGDVEHPFRPRGHGHPRQVWUDomRGRVUHVXOWDGRVDEUDQJHQWHV o}HVGHVWHVDWLYRVHSDVVLYRV¿QDQFHLURVRXQmRSRGHPYLUDVHU WHPSRHFRPLVVRDDGPLQLVWUDomRHVWRUQRXRUHIHULGRUHJLVWURHP  &DL[DH(TXLYDOHQWHVGH&DL[D



DFUHVFLGDVGRVUHTXHULPHQWRVDSOLFiYHLVjVLQVWLWXLo}HVDXWRUL]DGDV GLIHUHQWHVGRVYDORUHVDSUHVHQWDGRVFRPEDVHQHVVDVHVWLPDWLYDV IHYHUHLURGHF 1RH[HUFtFLRGHR%DQFRFRQWDELOL]RXR 1RLQtFLRGRH[HUFtFLR



DIXQFLRQDUSHOR%$&(1HFRQVLGHUDPDVGLVSRVLo}HVFRQWLGDVQD L 3DVVLYRVFLUFXODQWHHQmRFLUFXODQWH6mRGHPRQVWUDGRVSHORV YDORU FRUUHVSRQGHQWH DR VDOGR GD PDUFD %DQRUWH QR YDORU GH 5 1R¿PGRH[HUFtFLR
/HLGDV6RFLHGDGHVSRU$o}HVTXHLQFRUSRUDPDVDOWHUDo}HVLQWUR YDORUHV FRQKHFLGRV RX FDOFXOiYHLV DFUHVFLGRV TXDQGR DSOLFiYHO DWXDOL]DGDSHODYDULDomRGR,*30)*9 5HPGH $XPHQWR 5HGXomR GH

 

GX]LGDVSHODV/HLVQžHQž$DGRomRGRVUHTXH GRVFRUUHVSRQGHQWHVHQFDUJRVHYDULDo}HVPRQHWiULDVLQFRUULGDVDWp GH]HPEURGH 2GLUHLWRGHXVRGDPDUFDHVWDYDVHQGRGLVFXWL  &DL[DH(TXLYDOHQWHVGH&DL[D

 
ULPHQWRVDSOLFiYHLVjVLQVWLWXLo}HVDXWRUL]DGDVDIXQFLRQDUSHOR%$ DGDWDGREDODQoR
GRQR,13,FRPXPDLQVWLWXLomRHVWUDQJHLUDWHQGRRFRUULGRXPDGH
 
&(1 VH MXVWL¿FD HP IXQomR GD VXD IRUWH DWXDomR HP DWLYLGDGH GH 'LVSRQLELOLGDGHV
,PSRVWRGH&RQWULEXLomR
FLVmRIDYRUiYHODR%DQFRHDOLEHUDomRSHOR,13,QRVHJXQGRVHPHV 


KROGLQJ¿QDQFHLUD$¿PGHDGHTXDUVHjVQRUPDVLQWHUQDFLRQDLVGH 'LVSRQLELOLGDGHV
UHQGD
VRFLDO
WUHGH(PGHGH]HPEURGHR%DQFRYHQGHXDPDUFD 


FRQWDELOLGDGHR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV &3& HPL 7RWDO
3UHMXt]RFRQWiELODQWHVGRLPSRVWRGH
%DQRUWHSDUDRVVyFLRVGR%DQFRSHOR9DORUGH5PLOK}HV
 
WLXDOJXPDVQRUPDVHVXDVUHVSHFWLYDVLQWHUSUHWDo}HVDVTXDLVVH 7tWXORVH9DORUHV0RELOLiULRV

2EULJDo}HVSRU(PSUpVWLPR
   UHQGD ,53- HFRQWULEXLomRVRFLDO &66/   


UmRDSOLFiYHLVjVHQWLGDGHVTXHDGRWDPDVSUiWLFDVFRQWiEHLVHVWD $TXLVLomRGHFRWDV),'&13*HUDGRU
$OtTXRWDVYLJHQWHV


(PSUpVWLPRSHODFRQYHUVmR
 

EHOHFLGDV SHOR %$&(1 DSHQDV TXDQGR DSURYDGDV SRU HVWH yUJmR 5HVXOWDGRFRPDWXDOL]DomRGDVFRWDV
 GH/)6HPFDSLWDOVRFLDO

 ([SHFWDWLYDGHGHVSHVDGH,53-H&66/
7RWDO


2VSURQXQFLDPHQWRVFRQWiEHLVDSURYDGRVSHOR%$&(1VmR‡&3&
0~WXRFRPR)XQGR*DUDQWLGRU
 GHDFRUGRFRPDVDOtTXRWDVYLJHQWHV
 

  (VWUXWXUD &RQFHLWXDO SDUD D (ODERUDomR H $SUHVHQWDomR GDV (PIXQomRGDYHQGDGHSDUWHGRV$WLYRVGR%DQFR*HUDGRUSDUDR
 GH&UpGLWRV)*&

 (IHLWRVGR,53-H&66/VREUHGLIHUHQoDVSHUPDQHQWHV
'HPRQVWUDo}HV&RQWiEHLV 5HVROXomR1žGHGR )XQGR*DUDQWLGRUGH&UpGLWRV)*&D*HUDGRU3DUWLFLSDo}HVVHREUL
7RWDO

  3DUWLFLSDomRHPFRQWURODGDV


&01 ‡&3&5HGXomRDR9DORU5HFXSHUiYHOGH$WLYRV 5HVROX JRXDDGTXLULUFRWDVVXERUGLQDGDVGR),'&13*HUDGRU2VUHFXUVRV
(PGHGH]HPEURGHR%DQFR&HQWUDOGR%UDVLODXWRUL]RX  &UpGLWRWULEXWiULRQmRFRQVWLWXtGR


omR1žGHGR&01 ‡&3&'HPRQVWUDomRGH SDUDDYLDELOL]DUDRSHUDomRVmRGLVSRQLELOL]DGRVSHOR)*&SDUDD
DXPHQWRGHFDSLWDOQR%DQFR*HUDGRU6$SHOD&RPSDQKLDFRPD 'HVSHVDGH,53-H&66/


)OX[RV GH &DL[D  ')& 5HVROXomR 1ž  GH  GR *HUDGRU3DUWLFLSDo}HVDWUDYpVGHFRQWUDWRGHP~WXRFRQIRUPHQRWD
LQFRUSRUDomR GHVVDV /HWUDV )LQDQFHLUDV 6XERUGLQDGDV /)6  QR 'HVSHVDV*HUDLVH$GPLQLVWUDWLYDV
&01 ‡&3&'LYXOJDomRVREUH3DUWHV5HODFLRQDGDV 5HVROX H[SOLFDWLYDQž
PRQWDQWHGH5JHUDQGRVXEVHTXHQWHPHQWHREULJDomRGD

 
 
omR1žGHGR&01 ‡&3&3DJDPHQWR%D ,PSRVWRVD5HFXSHUDU
&RPSDQKLD SHUDQWH RV GHWHQWRUHV RULJLQDLV (P  GH MXQKR GH


6HUYLoRVWpFQLFRVHVSHFLDOL]DGRV
 

VHDGR HP $o}HV 5HVROXomR 1ž  GH  GR &01  ,5VREUHDSOLFDomR¿QDQFHLUD
D&RPSDQKLDDVVLQRXFRQWUDWRGHP~WXRFRPR)XQGR*DUDQ


‡&3&3ROtWLFDV&RQWiEHLV0XGDQoDGH(VWLPDWLYDH5HWL¿FDomR &UpGLWRGH3,6QmRFXPXODWLYR
,PSRVWRVREUHRSHUDo}HV¿QDQFHLUDV
 

WLGRUGH&UpGLWRV)*&QRYDORUGHDWp5FRPD¿QDOLGDGH


GH(UUR 5HVROXomR1žGHGR&01 ‡&3& &UpGLWRGH&2),16QmRFXPXODWLYR
7RWDO
 

H[FOXVLYDGHVXEVFULomRHLQWHJUDOL]DomRGHFRWDVVXERUGLQDGDVGR
7RWDO


(YHQWRV 6XEVHTXHQWHV 5HVROXomR 1ž  GH  GR
 
),'&13*HUDGRUTXHVHUiODVWUHDGRFRPDWLYRVGR%DQFR*HUDGRU 5HVXOWDGRQmR2SHUDFLRQDO
 
&01 ‡&3&3URYLV}HVSDVVLYRVFRQWLQJHQWHVHDWLYRVFRQWLQ ,PRELOL]DGR
%DL[DGHSHQGrQFLDVGHFRQWDFRUUHQWH



 7D[DDQXDOGH FRQIRUPHFRPHQWDGRQDQRWDH[SOLFDWLYDQž
JHQWHV 5HVROXomR1žGHGR&01 $$GPLQLVWUD 
 

  %DL[DGHLPSRVWRVQmRFRPSHQVDGRV
/tTXLGR
/tTXLGR 'HSUHFLDomR 0RYLPHQWDomR
omRGD&RPSDQKLDDXWRUL]RXDFRQFOXVmRGDVSUHVHQWHVGHPRQVWUD 



 %DL[DGHRXWURVLQYHVWLPHQWRV


 6DOGRLQLFLDO
o}HV¿QDQFHLUDVHPGHVHWHPEURGHQDVTXDLVFRQVLGHUDP ,QVWDODo}HV
 

&RQYHUVmRGH/)6HPFDSLWDOVRFLDO

 %DL[DGHEHQVGRLPRELOL]DGR
RVHYHQWRVVXEVHTXHQWHVRFRUULGRVDWpHVWDGDWDTXHSXGHVVHPWHU 0iTXLQDVHTXLSDPHQWRV
7RWDO
 

 HPyYHLVGHXVR


 0~WXRFRPR)XQGR
HIHLWRVREUHHVWDVGHPRQVWUDo}HV¿QDQFHLUDVTXDQGRUHTXHULGR
 *DUDQWLGRUGH&UpGLWRV)*&

 *HVWmRGH5LVFRV$&RPSDQKLDPDQWpPDWUDYpVGR%DQFR


6XPiULRGDV3ULQFLSDLV3UiWLFDV&RQWiEHLVD $SXUDomRGR 7RWDO
$WXDOL]DomRPRQHWiULD

 XPFRQMXQWRGHQRUPDVHSURFHGLPHQWRVSDUDDVVHJXUDURFXPSUL
UHVXOWDGR$DSXUDomRGHUHVXOWDGRpHIHWXDGDSHORUHJLPHGHFRP 2LPRELOL]DGRDSUHVHQWDDVHJXLQWHPRYLPHQWDomR

 PHQWR GDV GHWHUPLQDo}HV OHJDLV UHJXODPHQWDUHV GDV PHOKRUHV
  6DOGR¿QDO
SHWrQFLDRXVHMDDVUHFHLWDVHDVGHVSHVDVVmRUHFRQKHFLGDVQR 
  SUiWLFDVGHPHUFDGRHGHVXDVSROtWLFDVLQWHUQDV2%DQFRFRQFHQ

 2XWUDV2EULJDo}HV
UHVXOWDGRQRSHUtRGRHPTXHHODVRFRUUHPVLPXOWDQHDPHQWHTXDQGR 6DOGRLQLFLDO
9DORUHVDSDJDUDVRFLHGDGHVOLJDGDV

 WUDDVHVWUXWXUDVUHVSRQViYHLVSHODJHVWmRGRVULVFRVGHPHUFDGR
VHUHODFLRQDUHPLQGHSHQGHQWHPHQWHGRHIHWLYRUHFHELPHQWRRXSD %DL[DVGHLPRELOL]DGR

 OLTXLGH]RSHUDFLRQDOHULVFRGHFUpGLWRIRUPDQGRDEDVHQHFHVVi
 
 &UpGLWRVHPFRQWDFRUUHQWHDUHJXODUL]DU
JDPHQWR E  $WLYRV FLUFXODQWH H QmR FLUFXODQWH 'HPRQVWUDGRV 'HSUHFLDomR


 
 7RWDO
SHORVYDORUHVGHFXVWRLQFOXLQGRTXDQGRDSOLFiYHORVUHQGLPHQWRV %DL[DV 1RWD 
ULDSDUDDWHQGLPHQWRGDUHJXODPHQWDomRYLJHQWH1HVVHVHQWLGRD

 3DWULP{QLR/tTXLGRD &DSLWDO6RFLDO2FDSLWDOVRFLDOVXEVFUL $GPLQLVWUDomRHQWHQGHTXHD&RPSDQKLDQmRHVWiH[SRVWDDULVFRV
HDVYDULDo}HVPRQHWiULDVDXIHULGDVDWpDGDWDGREDODQoR4XDQGR 7RWDO
  WR H LQWHJUDOL]DGR HP  GH GH]HPEUR GH  H GH  p GH UHOHYDQWHVGHFUpGLWROLTXLGH]PHUFDGRRXRXWURVWHQGRHPYLVWD
DSOLFiYHOIRUDPFRQVWLWXtGDVSURYLV}HVSDUDDMXVWHDRYDORUGHUHDOL ,QYHVWLPHQWRV

 5GLYLGLGRHPDo}HVRUGLQiULDVWRGDVQRPLQDWL
]DomRF )OX[RGHFDL[D‡&DL[DHHTXLYDOHQWHVGHFDL[DVmRUHSUH %DQFR*HUDGRU6$
TXHVHXVDWLYRVVmREDVLFDPHQWHUHSUHVHQWDGRVSRULQYHVWLPHQWRV

 YDV H VHP YDORU QRPLQDO (P  GH DJRVWR GH  IRL DSURYDGR
VHQWDGRVSRUGHSyVLWRVHPLQVWLWXLo}HV¿QDQFHLUDVLQFOXtGRVQDUX 2XWURVLQYHVWLPHQWRV
HPFRQWURODGD

 DXPHQWRGHFDSLWDOHPHVSpFLHQRYDORUGH5SHODHPLVVmR
EULFDGHGLVSRQLELOLGDGHV2VHTXLYDOHQWHVGHFDL[DVmRDTXHOHVUH 7RWDO
7UDQVDo}HVFRP3DUWHV5HODFLRQDGDV
FXUVRV PDQWLGRV FRP D ¿QDOLGDGH GH DWHQGHU D FRPSURPLVVRV GH $V LQIRUPDo}HV VREUH D HPSUHVD FRQWURODGD %DQFR *HUDGRU 6$ GHDo}HVRUGLQiULDVQRPLQDWLYDVHVHPYDORUQRPLQDO
 
 
SHOR SUHoR GH HPLVVmR GH 5  RLWHQWD FHQWDYRV  E  5HVHUYD 
FDL[DGHFXUWRSUD]RHQmRSDUDLQYHVWLPHQWRRXRXWURV¿QV‡'H VmRDVVHJXLQWHV
$WLYRV 5HFHLWDV
$WLYRV 5HFHLWDV
  /HJDO'ROXFUROtTXLGRDSXUDGRQR¿QDOGHFDGDH[HUFtFLRVmR 
PRQVWUDomRGRVÀX[RVGHFDL[DpHODERUDGDSHORPpWRGRLQGLUHWR 
3DVVLYRV  'HVSHVDV  3DVVLYRV  'HVSHVDV
GHVWLQDGRVSDUDDFRQVWLWXLomRGDUHVHUYDOHJDOF 'LYLGHQGRV$RV 
FRPEDVHQRVFULWpULRVHVWDEHOHFLGRVSHOR&3&'HPRQVWUDomR %DQFR*HUDGRU6$

 DFLRQLVWDVpDVVHJXUDGRRGLYLGHQGRPtQLPRREULJDWyULRFRUUHVSRQ (PSUpVWLPRSHOD
GHÀX[RVGHFDL[DG $WLYRSHUPDQHQWH‡,QYHVWLPHQWRVHPFRQ &DSLWDO

 GHQWHDGROXFUROtTXLGRDSXUDGRQRHQFHUUDPHQWRGHFDGDH[HU  FRQYHUVmRGH/)6
WURODGDV VmR DYDOLDGRV SHOR PpWRGR GH HTXLYDOrQFLD SDWULPRQLDO 1~PHURGHDo}HV

 FtFLRFDOFXODGRQRVWHUPRVGRDUWLJRGD/HLGDV6RFLHGDGHVSRU  HPFDSLWDOVRFLDO
‡,PRELOL]DGRFRUUHVSRQGHDRVGLUHLWRVTXHWHQKDPSRUREMHWREHQV 3DUWLFLSDomRQRFDSLWDO

 $o}HV,PSRVWRGH5HQGDH&RQWULEXLomR6RFLDO$FRQFLOLDomR  ,QWHOLJrQFLD;;,/WGD 
FRUSyUHRV GHVWLQDGRV j PDQXWHQomR GDV DWLYLGDGHV RX H[HUFLGRV 3DWULP{QLROtTXLGRFRQWiELO
 


 
 GDV GHVSHVDV GH ,PSRVWR GH 5HQGD H &RQWULEXLomR 6RFLDO HVWi D  1RUGHVWH6HJXUDQoD
FRP HVVD ¿QDOLGDGH 6mR GHPRQVWUDGRV DR YDORU GH FXVWR OtTXLGR 3UHMXt]RGRH[HUFtFLR
    GH9DORUHV/WGD
  VHJXLUGHPRQVWUDGD
GDVUHVSHFWLYDVGHSUHFLDo}HVDFXPXODGDV$GHSUHFLDomRpFDOFXOD 0RYLPHQWDomRGRLQYHVWLPHQWR

 


,PSRVWR&RQWULEXLomR

 
GDSHORPpWRGROLQHDUFRPEDVHQRWHPSRHVWLPDGRGDYLGD~WLOGRV 6DOGRLQLFLDO
 2XWURVFRQWURODGRUHV

GHUHQGD
VRFLDO
 

EHQV$V SULQFLSDLV WD[DV DQXDLV GH GHSUHFLDomR XWLOL]DGDV VmR DV (TXLYDOrQFLDSDWULPRQLDO
  HFROLJDGDV

 


 3UHMXt]RFRQWiELODQWHVGRLPSRVWRGH
VHJXLQWHV L LQVWDODo}HV LL PyYHLVHXWHQVtOLRVH LLL Py $MXVWHGHDYDOLDomRSDWULPRQLDOHPFRQWURODGD 


 



UHQGD
,53HFRQWULEXLomRVRFLDO
&66/




$XPHQWRGHFDSLWDO


YHLVHHTXLSDPHQWRVGHXVRH 5HGXomRDRYDORUUHFXSHUiYHO
(YHQWRV6XEVHTXHQWHV(PGHMXOKRGHIRLUHDOL]DGDD



 $OtTXRWDVYLJHQWHV
GHDWLYRVQmR¿QDQFHLURV2&3& 5HGXomRDRYDORUUHFXSHUi &RQYHUVmRGH/)6HPFDSLWDOVRFLDO 1RWD 
FRPSUD GD PDLRU SDUWH GD FDUWHLUD GH FDUWmR GH FUpGLWR GR %DQFR

 ([SHFWDWLYDGHGHVSHVDGH,53-H&66/
YHO GH DWLYRV  HVWDEHOHFH D QHFHVVLGDGH GDV HQWLGDGHV HIHWXDUHP 6DOGR¿QDO
 
 *HUDGRU6$(PGHDJRVWRGH2%DQFR&HQWUDOGR%UDVLO
XPDDQiOLVHSHULyGLFDSDUDYHUL¿FDURJUDXGHYDORUUHFXSHUiYHOGRV 1mRREVWDQWHR%DQFR*HUDGRUWHUVROXFLRQDGRRWHPD,QWDQJtYHO  GHDFRUGRFRPDVDOtTXRWDVYLJHQWHV
DSURYRXDYHQGDGR%DQFR*HUDGRU6$SDUDRXWURJUXSRHFRQ{PL
DWLYRV(PGHGH]HPEURGHD$GPLQLVWUDomRUHFRQKHFHX 0DUFDV OHWUDF REMHWRGHUHVVDOYDSHODDXGLWRULDLQGHSHQGHQWHQR (IHLWRVGR,53-H&66/VREUHGLIHUHQoDVSHUPDQHQWHV

 FRFRQIRUPHSUHYLVWDQD1RWD3RUVHWUDWDUGHHYHQWRVXEVHTXHQWH
SHUGDHPUHODomRDRYDORUUHFXSHUiYHOGHDWLYRVQmR¿QDQFHLURVQDV DQR DQWHULRU QR H[HUFtFLR GH  IRUDP DSURSULDGRV 5   3DUWLFLSDomRHPFRQWURODGDV

 DVUHIHULGDVGHPRQVWUDo}HV¿QDQFHLUDVQmRLQFOXHPTXDLVTXHUDMXV
GHPRQVWUDo}HV¿QDQFHLUDVFRQIRUPHQRWDH[SOLFDWLYDQžI 7ULEX 5 SURYHQLHQWHVGRUHVXOWDGRQHJDWLYRGDSDUWLFLSD  &UpGLWRWULEXWiULRQmRFRQVWLWXtGR

 WHVHPYLUWXGHGHVVDRSHUDomR
WRV $ SURYLVmR SDUD LPSRVWR GH UHQGD p FDOFXODGD j DOtTXRWD GH omRPDQWLGDSHOD&RPSDQKLDQR%DQFR*HUDGRU6$$OpPGRSUHMXt 'HVSHVDGH,53-H&66/
$',5(725,$&RQWDGRU0DULDQR9DOH&5&3(2

FRQWLQXD