DOEPE 13/04/2017 - Pág. 27 - Poder Executivo - Diário Oficial do Estado de Pernambuco
Recife, 13 de abril de 2017
Diário Oficial do Estado de Pernambuco - Poder Executivo
6$17$ *$%5,(/$ (1(5*e7,&$ 6$ &13- 1 ± 5HODWyULR GD $GPLQLVWUDomR 'DQGR
FXPSULPHQWRjVGHWHUPLQDo}HVOHJDLVHHVWDWXWiULDVVXEPHWHPRVjDSUHFLDomRGRV6HQKRUHV$FLRQLVWDV&OLHQWHV)RUQHFHGRUHV
Hj6RFLHGDGHHPJHUDOHVWH5HODWyULRGD$GPLQLVWUDomRHDV'HPRQVWUDo}HV&RQWiEHLVUHIHUHQWHVDRH[HUFtFLRVRFLDOILQGRHP
DFRPSDQKDGRVGR5HODWyULRGRV$XGLWRUHV,QGHSHQGHQWHV2VUHVXOWDGRVGHIRUDPERQVPDVDVGLILFXOGDGHVHRV
ULVFRVDXPHQWDUDPPXLWRHVSHFLDOPHQWHHPIXQomRGDFUHVFHQWH³MXGLFLDOL]DomR´GR6HWRU(OpWULFRHGHVXDVFRQVHTXrQFLDV
,QREVWDQWHHVVDVGLILFXOGDGHVD&RPSDQKLDREWHYHHPXPDUHFHLWDOLTXLGDGH5PLOK}HVHXPOXFUROtTXLGRGH5
PLOK}HV5HFLIH±3($'LUHWRULD
%DODQoRVSDWULPRQLDLVGHGH]HPEURGHH 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
1RWDV
1RWDV
3DVVLYR
$WLYR
&LUFXODQWH
&LUFXODQWH
)RUQHFHGRUHV
&DL[DHHTXLYDOHQWHVGHFDL[D
(PSUpVWLPRVHILQDQFLDPHQWRV
&RQWDVDUHFHEHUGHFOLHQWHV
6DOiULRVHHQFDUJRVVRFLDLVDSDJDU
,PSRVWRVDUHFXSHUDU
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
$GLDQWDPHQWRVDIRUQHFHGRU
'LYLGHQGRVSURSRVWRVHDSDJDU
'LUHLWRVGHFUpGLWR
2XWUDVFRQWDVDSDJDU
2XWURVFUpGLWRV
7RWDOGRSDVVLYRFLUFXODQWH
7RWDOGRDWLYRFLUFXODQWH
1mRFLUFXODQWH
1mRFLUFXODQWH
5HDOL]iYHODORQJRSUD]R
(PSUpVWLPRVHILQDQFLDPHQWRV
,PSRVWRVDUHFXSHUDU
7RWDOGRSDVVLYRQmRFLUFXODQWH
'HSyVLWRVMXGLFLDLV
2XWUDVFRQWDVDUHFHEHU
3DWULP{QLROtTXLGR
,PRELOL]DGR
&DSLWDOVRFLDO
,QWDQJtYHO
5HVHUYDGHOXFURV
'LIHULGR
7RWDOGRSDWULP{QLROtTXLGR
7RWDOGRDWLYRQmRFLUFXODQWH
7RWDOGRSDVVLYRHSDWULP{QLROtTXLGR
7RWDOGRDWLYR
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D
3HUtRGRVILQGRVHPGHGH]HPEURGHH
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
)OX[RGHFDL[DGDVDWLYLGDGHV
RSHUDFLRQDLV
/XFUROtTXLGRGRSHUtRGR
$MXVWHVSDUDFRQFLOLDURUHVXOWDGRGR
SHUtRGR
'HSUHFLDomRHDPRUWL]DomR
-XURVYDULDo}HVPRQHWiULDVHFDPELDLV
OtTXLGDV
$FUpVFLPR GHFUpVFLPRGHDWLYRV
&RQWDVDUHFHEHUGHFOLHQWHV
,PSRVWRVDUHFXSHUDU
'LUHLWRGHFUpGLWR
3DUWHVUHODFLRQDGDV
2XWURVFUpGLWRV
$FUpVFLPR GHFUpVFLPR GHSDVVLYRV
)RUQHFHGRUHV
6DOiULRVHHQFDUJRVVRFLDLVDSDJDU
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
3DUWHVUHODFLRQDGDV
2XWUDVFRQWDVDSDJDU
&DL[DJHUDGRSHODVDWLYLGDGHV
RSHUDFLRQDLV
)OX[RGHFDL[DGDVDWLYLGDGHVGH
LQYHVWLPHQWR
5HGXomRQRLQWDQJtYHO
(PSUpVWLPRVGHP~WXRGHSDUWHV
UHODFLRQDGDV
$GLo}HVDRLPRELOL]DGR
&DL[DDSOLFDGRQDVDWLYLGDGHVGH
LQYHVWLPHQWR
)OX[RGHFDL[DGDVDWLYLGDGHVGH
ILQDQFLDPHQWR
,QJUHVVRGHHPSUpVWLPRVHILQDQFLDPHQWRV
3DJDPHQWRVGHMXURVVREUHHPSUpVWLPRVH
ILQDQFLDPHQWRV
3DJDPHQWRVGRVHPSUpVWLPRVH
ILQDQFLDPHQWRV
'LYLGHQGRVSDJRV
&DL[DDSOLFDGRQDVDWLYLGDGHVGH
ILQDQFLDPHQWR
$FUpVFLPR GHFUpVFLPR QRVFDL[DVH
HTXLYDOHQWHVGHFDL[D
'HPRQVWUDomRGRDFUpVFLPR GHFUpVFLPR
QRVFDL[DVHHTXLYDOHQWHVGHFDL[D
1RILQDOGRSHUtRGR
1RLQtFLRGRSHUtRGR
$FUpVFLPR GHFUpVFLPR QRVFDL[DVH
HTXLYDOHQWHVGHFDL[D
'HPRQVWUDo}HVGRVUHVXOWDGRV3HUtRGRVILQGRV
HPGHGH]HPEURGHH 9DORUHVH[SUHVVRV
HPPLOKDUHVGHUHDLVH[FHWRROXFURSRUDomRHPUHDLV
5HFHLWDRSHUDFLRQDOOtTXLGD
&XVWRGDVYHQGDV
/XFUREUXWR
'HVSHVDVRSHUDFLRQDLV
*HUDLVHDGPLQLVWUDWLYDV
2XWUDVUHFHLWDV GHVSHVDV
RSHUDFLRQDLVOtTXLGDV
1RWDV
/XFURDQWHVGDVUHFHLWDVHGHVSHVDV
ILQDQFHLUDV
5HFHLWDVILQDQFHLUDV
'HVSHVDVILQDQFHLUDV
Ano XCIV • NÀ 70 - 27
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGR3HUtRGRVILQGRVHPGHGH]HPEUR
GHH HPPLOKDUHVGHUHDLV
5HVHUYDGHOXFURV
6DOGRVHPGHGH]HPEURGH
'LVWULEXLomRGHGLYLGHQGRV 1RWD
/XFUROtTXLGRGRSHUtRGR
'HVWLQDomRGROXFUR 1RWD
5HVHUYDOHJDO
'LYLGHQGRVPtQLPRVREULJDWyULRV
'LYLGHQGRVDGLFLRQDLVGLVWULEXtGRVH
SURSRVWRV
6DOGRVHPGHGH]HPEURGH
'LVWULEXLomRGHGLYLGHQGRV 1RWD
/XFUROtTXLGRGRSHUtRGR
'HVWLQDomRGROXFUR 1RWD
5HVHUYDOHJDO
'LYLGHQGRVPtQLPRVREULJDWyULRV
'LYLGHQGRVDGLFLRQDLVGLVWULEXtGRVH
SURSRVWRV
6DOGRVHPGHGH]HPEURGH
&DSLWDO
VRFLDO
5HVHUYD
OHJDO
'LYLGHQGRV
DGLFLRQDLV
SURSRVWRV
/XFURV
SUHMXt]RV
DFXPXODGRV
7RWDO
GHPRQVWUDomRGRUHVXOWDGRTXDQGRLQFRUULGRV$GHSUHFLDomRGRVEHQVpFDOFXODGDSHORPpWRGROLQHDUjVWD[DVPHQFLRQDGDVQD1RWDGHILQLGDV
SRUPHLRGHUHJXODPHQWDomRGD$1((/DVTXDLVOHYDPHPFRQVLGHUDomRRWHPSRGHYLGD~WLOHVWLPDGRGRVEHQV&XVWRVGHHPSUpVWLPRV&XVWRV
GHHPSUpVWLPRVGLUHWDPHQWHUHODFLRQDGRVFRPDDTXLVLomRFRQVWUXomRRXSURGXomRGHXPDWLYRTXHQHFHVVDULDPHQWHUHTXHUXPWHPSRVLJQLILFDWLYR
SDUDVHUFRQFOXtGRSDUDILQVGHXVRRXYHQGDTXDQGRDSOLFiYHOVmRFDSLWDOL]DGRVFRPRSDUWHGRFXVWRGRFRUUHVSRQGHQWHDWLYR7RGRVRVGHPDLV
FXVWRVGHHPSUpVWLPRVVmRUHJLVWUDGRVHPGHVSHVDQRSHUtRGRHPTXHVmRLQFRUULGRV&XVWRVGHHPSUpVWLPRFRPSUHHQGHPMXURVHRXWURVHQFDUJRV
ILQDQFHLURVLQFRUULGRVSRUXPDHQWLGDGHUHODWLYRVDRHPSUpVWLPR,QWDQJtYHO$WLYRVLQWDQJtYHLVDGTXLULGRVVHSDUDGDPHQWHVmRPHQVXUDGRVDR
FXVWRGHDTXLVLomRQRPRPHQWRGRVHXUHFRQKHFLPHQWRLQLFLDO$SyVRUHFRQKHFLPHQWRLQLFLDORVDWLYRVLQWDQJtYHLVVmRDSUHVHQWDGRVDRFXVWR
PHQRVDPRUWL]DomRDFXPXODGDHSHUGDVDFXPXODGDVSRUUHGXomRDRYDORUUHFXSHUiYHO'LIHULGR&RQIRUPHIDFXOWDGRSHOD/HLQD
&RPSDQKLDRSWRXSHODPDQXWHQomRGRVVDOGRVGRDWLYRGLIHULGRUHJLVWUDGRHPGHGH]HPEURGHDWpVXDFRPSOHWDDPRUWL]DomR3HUGDSRU
UHGXomRDRYDORUUHFXSHUiYHOGHDWLYRVQmRILQDQFHLURV$$GPLQLVWUDomRUHYLVDDQXDOPHQWHRYDORUFRQWiELOOtTXLGRGRVDWLYRVFRPRREMHWLYRGH
DYDOLDUHYHQWRVRXPXGDQoDVQDVFLUFXQVWkQFLDVHFRQ{PLFDVRSHUDFLRQDLVRXWHFQROyJLFDVTXHSRVVDPLQGLFDUSHUGDGHVHXYDORUUHFXSHUiYHO
6HQGRWDLVHYLGrQFLDVLGHQWLILFDGDVHRYDORUFRQWiELOOtTXLGRH[FHGHURYDORUUHFXSHUiYHOpUHFRQKHFLGDXPDSHUGDSHODGHVYDORUL]DomRDMXVWDQGRR
YDORUFRQWiELOOtTXLGRDRYDORUUHFXSHUiYHO3URYLV}HV3URYLV}HVVmRUHFRQKHFLGDVTXDQGR L D&RPSDQKLDWHPXPDREULJDomRSUHVHQWH OHJDO
RXQmRIRUPDOL]DGD HPFRQVHTXrQFLDGHXPHYHQWRSDVVDGR LL pSURYiYHOTXHEHQHItFLRVHFRQ{PLFRVVHMDPUHTXHULGRVSDUDOLTXLGDUDREULJDomRH
LLL XPDHVWLPDWLYDFRQILiYHOGRYDORUGDREULJDomRSRVVDVHUIHLWD$GHVSHVDUHODWLYDDRUHFRQKHFLPHQWRGHTXDOTXHUSURYLVmRpDSUHVHQWDGDQD
GHPRQVWUDomRGRUHVXOWDGRGRSHUtRGR3URYLV}HVSDUDULVFRVWULEXWiULRVFtYHLVHWUDEDOKLVWDV$&RPSDQKLDQmRSRVVXLFRQWLQJrQFLDVFXMDDYDOLDomR
GDVH[SHFWDWLYDVGHSHUGDVGHVHXVDVVHVVRUHVMXUtGLFRVVHMD³SURYiYHO´$VVLPQHQKXPDSURYLVmRSDUDSHUGDVIRLFRQVWLWXtGDHPH
-XOJDPHQWRVHVWLPDWLYDVHSUHPLVVDVFRQWiEHLVVLJQLILFDWLYRV$VGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDVFRPEDVHHPGLYHUVDVEDVHVGH
DYDOLDomRXWLOL]DGDVQDVHVWLPDWLYDVFRQWiEHLV$VHVWLPDWLYDVFRQWiEHLVHQYROYLGDVQDSUHSDUDomRGDVGHPRQVWUDo}HVFRQWiEHLVIRUDPEDVHDGDV
HP IDWRUHV REMHWLYRV H VXEMHWLYRV FRP EDVH QR MXOJDPHQWR GD $GPLQLVWUDomR SDUD GHWHUPLQDomR GR YDORU DGHTXDGR D VHU UHJLVWUDGR QDV
GHPRQVWUDo}HVFRQWiEHLV$OLTXLGDomRGDVWUDQVDo}HVHQYROYHQGRHVVDVHVWLPDWLYDVSRGHUiUHVXOWDUHPYDORUHVVLJQLILFDWLYDPHQWHGLYHUJHQWHVGRV
UHJLVWUDGRV QDV GHPRQVWUDo}HV FRQWiEHLV GHYLGR DR WUDWDPHQWR SUREDELOtVWLFR LQHUHQWH DR SURFHVVR GH HVWLPDWLYD$ &RPSDQKLD UHYLVD VXDV
HVWLPDWLYDVHSUHPLVVDVSHORPHQRVDQXDOPHQWH
/XFURDQWHVGRLPSRVWRGHUHQGDH
GDFRQWULEXLomRVRFLDO
,PSRVWRGHUHQGDHFRQWULEXLomR
VRFLDO
&DL[DHHTXLYDOHQWHVGHFDL[D
/XFUROtTXLGRGRSHUtRGR
$V DSOLFDo}HV ILQDQFHLUDV UHIHUHPVH VXEVWDQFLDOPHQWH D RSHUDo}HV FRPSURPLVVDGDV FRP
4XDQWLGDGHGHDo}HV
)XQGRIL[RGHFDL[D
UHPXQHUDo}HVTXHYDULDPHQWUHDGDWD[DGH&', (VVDVRSHUDo}HVVmRGHFXUWRSUD]R
&RQWDVFRUUHQWHVEDQFiULDV
/XFURSRUDomRHP5HDLV
SRVVXHPOLTXLGH]LPHGLDWDFRPSUD]RGHYHQFLPHQWRLQIHULRUD QRYHQWD GLDVQmRHVWmRVXMHLWDVD
YRODWLOLGDGHGRPHUFDGRHVmRGHVWLQDGDVDVXSULUDVQHFHVVLGDGHVGHFDL[DSDUDRSHUDo}HVGHFXUWR
$SOLFDo}HVILQDQFHLUDV
'HPRQVWUDo}HVGRVUHVXOWDGRVDEUDQJHQWHV
SUD]R
3HUtRGRVILQGRVHPGHGH]HPEURGHH
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
&RQWDVDUHFHEHUGHFOLHQWHV5HIHUHPVHDFRQWDVDUHFHEHUGHFOLHQWHVGHFRUUHQWHVGDYHQGDGHHQHUJLD(VVDVFRQWDVDUHFHEHUGHFOLHQWHV
QRPRQWDQWHGH5 5 VmRFRPSRVWDVSRUYDORUHVDYHQFHUHPQRPi[LPRGLDV(PGHGH]HPEURGHHD
$GPLQLVWUDomRGD&RPSDQKLDFRQFOXLXQmRKDYHUQHFHVVLGDGHGHUHFRQKHFHUSHUGDVHVWLPDGDVFRPFUpGLWRVGHOLTXLGDomRGXYLGRVD
/XFUROtTXLGRGRSHUtRGR
2XWURVUHVXOWDGRVDEUDQJHQWHV
3DUWHVUHODFLRQDGDV
5HVXOWDGRDEUDQJHQWHGRSHUtRGR
1RWDV H[SOLFDWLYDV jV GHPRQVWUDo}HV FRQWiEHLV GH $WLYR
&LUFXODQWH
GH]HPEURGHH 9DORUHVH[SUHVVRVHPPLOKDUHVGH
'HPRQVWUDomRGRUHVXOWDGR
UHDLV ,QIRUPDo}HVVREUHD&RPSDQKLDD 2EMHWRVRFLDO &RQWDVDUHFHEHUGHFOLHQWHV
5HFHLWDFRPYHQGDGHHQHUJLD
$ 6DQWD *DEULHOD (QHUJpWLFD 6$ ³&RPSDQKLD´ p XPD %UHQQDQG(QHUJLD&RPHUFLDOL]DGRUD6$
8QDt%DL[R(QHUJpWLFD6$
&XVWRGHFRPSUDGHHQHUJLDSDUD
VRFLHGDGHSRUDo}HVGHFDSLWDOIHFKDGRFRPVHGHQDFLGDGH
UHYHQGD
GR 5HFLIH3( $ &RPSDQKLD WHP SRU SULQFLSDO DWLYLGDGH 3ODQDOWR(QHUJpWLFD6$
HFRQ{PLFD DJHUDomRHDFRPHUFLDOL]DomRGHHQHUJLDHOpWULFD
FRP DSURYHLWDPHQWR GH UHFXUVRV KtGULFRV QDWXUDLV PHGLDQWH $V FRQWDV D UHFHEHU GH SDUWHV UHODFLRQDGDV FODVVLILFDGDV FRPR FOLHQWHV H DV FRQWDV D SDJDU GH SDUWHV UHODFLRQDGDV FODVVLILFDGDV FRPR
D X W R U L ] D o m R G R 3 R G H U 3 ~ E O L F R F R P S H W H Q W H E IRUQHFHGRUHV GHFRUUHPGHRSHUDo}HVGHFRPSUDHYHQGDGHHQHUJLDEHPFRPRGLUHLWRVGHFUpGLWRVGHFRUUHQWHVGHOLTXLGDo}HVILQDQFHLUDVMXQWRD
$XWRUL]DomR SDUD SURGXomR GH HQHUJLD HOpWULFD (P D &&((UHDOL]DGDHQWUHDVHPSUHVDVGR*UXSR%UHQQDQG(QHUJLDGRTXDOID]SDUWHD&RPSDQKLD
&RPSDQKLD REWHYH DXWRUL]DomR QD FRQGLomR GH SURGXWRU ,PRELOL]DGR
7D[DPpGLD
6DOGR
6DOGR
LQGHSHQGHQWH GH HQHUJLD HOpWULFD D H[SORUDU R SRWHQFLDO
,QWDQJtYHO
KLGUiXOLFRGR5LR&RUUHQWHVEDFLDKLGURJUiILFDGR5LR3DUDQi
DQXDOGH
HP
HP
PXQLFtSLRVGH,WLTXLUDH6RQRUD(VWDGRGH0DWR*URVVRGR6XO
GHSUHFLDomR
'HVFULomR
7UDQVIHUrQFLDV
$GLo}HV
'LUHLWRVGHFRQFHVVmR
SRUPHLRGHXPD3HTXHQD&HQWUDO+LGUHOpWULFD 3&+ FRP
$PRUWL]DomRDFXPXODGD
0:GHSRWrQFLDLQVWDODGDSRUXPSHUtRGRGH
WULQWD
DQRVF
&XVWRFRQWiELO
3URGXomRHFRPHUFLDOL]DomRGHHQHUJLDHOpWULFD$&RPSDQKLD 7HUUHQRV
FRPHUFLDOL]DHQHUJLDQR$PELHQWHGH&RPHUFLDOL]DomR/LYUH± 5HVHUYDWyULRVEDUUDJHQVHDGXWRUDV
$&/ $SUHVHQWDomR GDV GHPRQVWUDo}HV FRQWiEHLV H (GLILFDo}HVREUDVFLYLVHEHQIHLWRULDV D
(VWiVHQGRDPRUWL]DGRGHVGHRLQLFLR
D
VXPiULR GDV SUiWLFDV FRQWiEHLV $V GHPRQVWUDo}HV 0yYHLVHXWHQVtOLRV
GDVRSHUDo}HVDWpRYHQFLPHQWRILQDO
FRQWiEHLV IRUDP SUHSDUDGDV H HVWmR VHQGR DSUHVHQWDGDV GH &RPSXWDGRUHVHSHULIpULFRV
GDFRQFHVVmRHP
D
DFRUGR FRP DV SROtWLFDV FRQWiEHLV DGRWDGDV QR %UDVLO TXH 0iTXLQDVHHTXLSDPHQWRV
)HUUDPHQWDV
FRPSUHHQGHPRVGRFXPHQWRVHPLWLGRVSHOR&RPLWrGH
GH3URQXQFLDPHQWRV&RQWiEHLV &3& DSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH &)& FRPR1RUPDV%UDVLOHLUDVGH 9HtFXORV
&RQWDELOLGDGH 1%& $V GHPRQVWUDo}HV FRQWiEHLV GD &RPSDQKLD SDUD R SHUtRGR ILQGR HP GH GH]HPEUR GH IRUDP ,QVWDODo}HVWHOHI{QLFDV
'LIHULGR
DXWRUL]DGDVSDUDHPLVVmRGHDFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH5HFRQKHFLPHQWRGDUHFHLWD /LQKDGHWUDQVPLVVmR
*DVWRVSUpRSHUDFLRQDLV
5HFHLWDGDVRSHUDo}HV$UHFHLWDGHYHQGDGHHQHUJLDpUHFRQKHFLGDQRUHVXOWDGRTXDQGR L VHXYDORUSRGHVHUPHQVXUDGRGH ,PRELOL]DGRHPDQGDPHQWR
$PRUWL]DomRDFXPXODGD
IRUPDFRQILiYHO LL WRGRVRVULVFRVHEHQHItFLRVLQHUHQWHVjYHQGDGHHQHUJLDVmRWUDQVIHULGRVSDUDRFOLHQWH LLL D&RPSDQKLDQmR $GLDQWDPHQWRDIRUQHFHGRUHV
7RWDOGRFXVWR
GHWpPPDLVRFRQWUROHRXDUHVSRQVDELOLGDGHVREUHDYHQGDGHHQHUJLDH LY pSURYiYHOTXHRVEHQHItFLRVHFRQ{PLFRVVHUmR
7RWDOGDGHSUHFLDomRDFXPXODGD
JHUDGRVjIDYRUGD&RPSDQKLD8PDUHFHLWDQmRpUHFRQKHFLGDVHKiXPDLQFHUWH]DVLJQLILFDWLYDTXDQWRDVXDUHDOL]DomR5HFHLWD
7RWDOOtTXLGR
GHMXURV3DUDWRGRVRVLQVWUXPHQWRVILQDQFHLURVDYDOLDGRVDRFXVWRDPRUWL]DGRHDWLYRVILQDQFHLURVTXHUHQGHPMXURVFODVVLILFDGRV
FRPRGLVSRQtYHLVSDUDYHQGDDUHFHLWDRXGHVSHVDILQDQFHLUDpUHFRQKHFLGDXWLOL]DQGRVHDWD[DGHMXURVHIHWLYD$UHFHLWDGHMXURV (PSUpVWLPRVHILQDQFLDPHQWRV
pDSUHVHQWDGDFRPRUHFHLWDILQDQFHLUDQDGHPRQVWUDomRGRUHVXOWDGRGRSHUtRGR7ULEXWDomR,PSRVWRGHUHQGDHFRQWULEXLomR
'HVFULomR
(QFDUJRVLQFLGHQWHV 6DOGRHP $GLomR -XURVHHQFDUJRV 3DJDPHQWRGHSULQFLSDOHMXURV 6DOGRHP
VRFLDO$WULEXWDomRVREUHROXFURFRPSUHHQGHRLPSRVWRGHUHQGDHDFRQWULEXLomRVRFLDORVTXDLVVmRUHJLVWUDGRVFRPEDVHQR 0RHGDQDFLRQDO
SULQFtSLRGDFRPSHWrQFLDHFDOFXODGRVFRQIRUPHDOHJLVODomRILVFDOHPYLJRUWHQGRSRUEDVHR³/XFUR3UHVXPLGR´,PSRVWRVREUH %1'(6 D
7-/3DD
YHQGDV5HFHLWDVGHVSHVDVHDWLYRVVmRUHFRQKHFLGRVOtTXLGRVGRVLPSRVWRVVREUHYHQGDVH[FHWR L TXDQGRRVLPSRVWRVVREUH
&LUFXODQWH
YHQGDVLQFRUULGRVQDFRPSUDGHEHQVRXVHUYLoRVQmRIRUHPUHFXSHUiYHLVRLPSRVWRVREUHYHQGDVpUHFRQKHFLGRFRPRSDUWHGR
1mRFLUFXODQWH
FXVWRGHDTXLVLomRGRDWLYRRXGRLWHPGHGHVSHVDFRQIRUPHRFDVRH LL YDORUHVDUHFHEHUHDSDJDUDSUHVHQWDGRVFRQMXQWDPHQWH
FRPRYDORUGRVLPSRVWRVVREUHYHQGDV,QVWUXPHQWRVILQDQFHLURV2VLQVWUXPHQWRVILQDQFHLURVVRPHQWHVmRUHFRQKHFLGRVD D (VVHFRQWUDWRVHUHIHUHDRVUHFXUVRVREWLGRVHGHVWLQDGRVSDUDFRQVWUXomRGD3&+6DQWD*DEULHODHHVWmRJDUDQWLGRVSRU L ILDQoDVROLGiULDSHORV
SDUWLUGDGDWDHPTXHD&RPSDQKLDVHWRUQDSDUWHGDVGLVSRVLo}HVFRQWUDWXDLVGHXPLQVWUXPHQWRILQDQFHLUR4XDQGRUHFRQKHFLGRV 3UHVWDGRUHVGH*DUDQWLD LL DOLHQDomRILGXFLiULDGDWRWDOLGDGHGDVDo}HVGHHPLVVmRGDEHQHILFLiULD LLL FHVVmRILGXFLiULDGRVGLUHLWRVHPHUJHQWHVGD
VmR LQLFLDOPHQWH UHJLVWUDGRV DR VHX YDORU MXVWR DFUHVFLGR GRV FXVWRV GH WUDQVDomR TXH VHMDP GLUHWDPHQWH DWULEXtYHLV j VXD $XWRUL]DomRGD$1((/HGRVGLUHLWRVFUHGLWyULRVGHFRUUHQWHVGRVFRQWUDWRGH&RPSUDH9HQGDGH(QHUJLD(OpWULFD &&9(V HGRV&RQWUDWRVGH
DTXLVLomRRXHPLVVmRH[FHWRQRFDVRGHDWLYRVHSDVVLYRVILQDQFHLURVFODVVLILFDGRVQDFDWHJRULDDRYDORUMXVWRSRUPHLRGR &RPHUFLDOL]DomR GH (QHUJLD QR $PELHQWH 5HJXODGR &&($5V $V SDUFHODV YHQFtYHLV D ORQJR SUD]R DSUHVHQWDP R VHJXLQWH FURQRJUDPD GH
UHVXOWDGRRQGHWDLVFXVWRVVmRGLUHWDPHQWHODQoDGRVQRUHVXOWDGRGRSHUtRGR6XDPHQVXUDomRVXEVHTXHQWHRFRUUHDFDGDGDWDGH YHQFLPHQWR
EDODQoRGHDFRUGRFRPDVUHJUDVHVWDEHOHFLGDVSDUDFDGDWLSRGHFODVVLILFDomRGHDWLYRVHSDVVLYRVILQDQFHLURVHP L DWLYRVH
$QR
'LYLGHQGRVSURSRVWRVHDSDJDU(PGHGH]HPEURGHD&RPSDQKLD
SDVVLYRV ILQDQFHLURV PHQVXUDGRV DR YDORU MXVWR SRU PHLR GR UHVXOWDGR LL PDQWLGRV DWp R YHQFLPHQWR LLL HPSUpVWLPRV H
WHPXPVDOGRGHGLYLGHQGRVDSDJDUQRPRQWDQWHGH5FRUUHVSRQGHQWHVDRV
UHFHEtYHLVH LY GLVSRQtYHLVSDUDYHQGD2VSULQFLSDLVDWLYRVILQDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDVmRFDL[DHHTXLYDOHQWHV
GLYLGHQGRVPtQLPRVREULJDWyULRVGHGROXFURDMXVWDGRGRSHUtRGRGHH
GHFDL[DHFRQWDVDUHFHEHUGHFOLHQWHV2VSULQFLSDLVSDVVLYRVILQDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDVmRFRQWDVDSDJDUD
IRUQHFHGRUHVHHPSUpVWLPRVHILQDQFLDPHQWRV&DL[DHHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRVFRPD
VDOGRGRVGLYLGHQGRVGLVWULEXtGRVHPSHUtRGRVDQWHULRUHVFRQIRUPHGHPRQVWUDGRVD
ILQDOLGDGHGHDWHQGHUDFRPSURPLVVRVGHFDL[DGHFXUWRSUD]RHQmRSDUDLQYHVWLPHQWRRXRXWURVILQV$&RPSDQKLDFRQVLGHUD
VHJXLU
HTXLYDOHQWHVGHFDL[DXPDDSOLFDomRILQDQFHLUDGHFRQYHUVLELOLGDGHLPHGLDWDFRPSUD]RGHYHQFLPHQWRLQIHULRUD QRYHQWD GLDV
HP XP PRQWDQWH FRQKHFLGR GH FDL[D H HVWDQGR VXMHLWD D XP LQVLJQLILFDQWH ULVFR GH PXGDQoD GH YDORU 3RU FRQVHJXLQWH XP
LQYHVWLPHQWRQRUPDOPHQWHVHTXDOLILFDFRPRHTXLYDOHQWHGHFDL[DTXDQGRWHPYHQFLPHQWRGHFXUWRSUD]RSRUH[HPSORWUrV
PHVHVRXPHQRVDFRQWDUGDGDWDGDFRQWUDWDomR,PRELOL]DGR6mRDSUHVHQWDGRVDRFXVWRGHDTXLVLomRRXFRQVWUXomR
GHGX]LGRVGDGHSUHFLDomRDFXPXODGDHGHTXDLVTXHUSHUGDVDFXPXODGDVSRUUHGXomRDRYDORUUHFXSHUiYHOVHIRURFDVR2
UHIHULGRFXVWRLQFOXLRFXVWRGHUHSRVLomRGHSDUWHGRLPRELOL]DGRHRVFXVWRVGHHPSUpVWLPRGHSURMHWRVGHFRQVWUXomRGHORQJR
SUD]RTXDQGRRVFULWpULRVGHUHFRQKHFLPHQWRIRUHPVDWLVIHLWRV7RGRVRVFXVWRVGHUHSDURVHPDQXWHQomRVmRUHFRQKHFLGRVQD
$&RPSDQKLDSRVVXLFRQWUDWRVTXHUHTXHUHPDPDQXWHQomR
GH tQGLFHV HFRQ{PLFRILQDQFHLURV HP GHWHUPLQDGRV QtYHLV
(P GH GH]HPEUR GH RV UHIHULGRV tQGLFHV IRUDP
FXPSULGRV
$SyV
6DOGRGHGLYLGHQGRVQRLQtFLRGRSHUtRGR
'LYLGHQGRVSDJRV
'LYLGHQGRVPtQLPRVREULJDWyULRV
'LYLGHQGRVDGLFLRQDLVDSURYDGRV
'LYLGHQGRVDGLFLRQDLVGLVWULEXtGRV
6DOGRGHGLYLGHQGRVQRILPGRSHUtRGR