DOEPE 20/04/2018 - Pág. 29 - Poder Executivo - Diário Oficial do Estado de Pernambuco
Recife, 20 de abril de 2018
Diário Oficial do Estado de Pernambuco - Poder Executivo
E 5HIHUHVHjFRQWUDWRVGHP~WXRVFHOHEUDGRVFRPDVSHVVRDVItVLFDVDFLRQLVWDVGD E 3HUGDVSRUUHGXomRDRYDORUUHFXSHUiYHOGHDWLYRVeHVWDEHOHFLGDXPDSURYLVmR
FRQWURODGRUDGD&RPSDQKLDDFUHVFLGRVGHMXURVGHDDPDLVYDULDomRGH SDUD UHGXomR DR YDORU UHFXSHUiYHO FRP EDVH HP XP FRPSRQHQWH GH SHUGD
GR&', XPSRUFHQWRDRDQR HSUD]RGHYHQFLPHQWRGHDQRV2LPSRVWRVREUH HVWDEHOHFLGR SDUD SURYLVLRQDPHQWR GH WtWXORV YHQFLGRV DFLPD GH XP GHWHUPLQDGR
RSHUDo}HVILQDQFHLUDVHRLPSRVWRGHUHQGDUHWLGRQDIRQWHVREUHRSHUDo}HVGHP~WXR SHUtRGR H SHOD DQiOLVH LQGLYLGXDO GRV FOLHQWHV &RQIRUPH DSUHVHQWDGR QD QRWD
IRUDP FDOFXODGRV H UHFRQKHFLGRV QDV GHPRQVWUDo}HV ILQDQFHLUDV F 5HIHUHVH D H[SOLFDWLYDQHVWDSURYLVmRHPGHGH]HPEURGHpGH5 (P
RSHUDo}HVGHP~WXRVHQWUHSDUWHVUHODFLRQDGDVVREUHDVTXDLVQmRKiLQFLGrQFLDGH 5 QDV GHPRQVWUDo}HV FRQVROLGDGDV F 5LVFR GH FRQFHQWUDomR GH
MXURV
FOLHQWHV(PGHGH]HPEURGHDSHQDVDVFRQWURODGDV&1&H'HOWDGH0LQDV
5(081(5$d2'$$'0,1,675$d2
ORFDOL]DGDVHP6HWH/DJRDV0*H&&3H01$&ORFDOL]DGDVHP3LWLPEX3%HVWmR
$&RPSDQKLDHVXDVFRQWURODGDVQmRFRQFHGHPUHPXQHUDomREDVHDGRHPDo}HV HPRSHUDomRVHQGRTXHDVRSHUDo}HVGHYHQGDVmRFRQFHQWUDGDVVXEVWDQFLDOPHQWH
QHP WDPSRXFR EHQHItFLRV SyVHPSUHJR RX EHQHItFLRV GH UHVFLVmR GH FRQWUDWR GH FRPD&1&H&&3'HVVDIRUPDHPGHGH]HPEURGH (P
WUDEDOKR$UHPXQHUDomRGDVSHVVRDVFKDYHGDVXDVFRQWURODGDVQRH[HUFtFLRGH GRFRQWDVDUHFHEHUFRQVROLGDGRpDGYLQGRGDVFRQWURODGDV&1&H&&35LVFRGH
IRLGH5 (P5 VHQGRUHPXQHUDGDVDWUDYpVGH3Uy OLTXLGH] D ([SRVLomR DRV ULVFRV GH OLTXLGH] $ VHJXLU HVWmR DV H[SRVLo}HV
ODERUHV TXDQGRGLUHWRUHVHVWDWXWiULRV RXVDOiULRV TXDQGRUHJLVWUDGRVVREUHJLPH FRQWUDWXDLV GH SDVVLYRV ILQDQFHLURV LQFOXLQGR SDJDPHQWRV GH MXURV HVWLPDGRV H
GD&RQVROLGDomRGDV/HLVGR7UDEDOKR&/7
H[FOXLQGRRLPSDFWRGHDFRUGRVGHQHJRFLDomRGHPRHGDVSHODSRVLomROtTXLGD
&2%(5785$'(6(*8526
&RQWURODGRUD
$V FREHUWXUDV IRUDP FRQWUDWDGDV SDUD FREULU HYHQWXDLV VLQLVWURV FRQVLGHUDQGR D
0HQRVGH $FLPDGH
0HQRVGH 0DLVGH
QDWXUH]DGDDWLYLGDGHGD&RPSDQKLDHGHVXDVFRQWURODGDVRVULVFRVHQYROYLGRVHP
XPDQR
XPDQR
XPDQR
XPDQR
VXDVRSHUDo}HVHDRULHQWDomRGHVHXVFRQVXOWRUHVGHVHJXURV$VFRQWURODGDVGD )RUQHFHGRUHV
&RPSDQKLD SRVVXtDP DV VHJXLQWHV FREHUWXUDV GH VHJXURV FRQWUD ULVFRV 7RWDO
RSHUDFLRQDLV
$UXEULFDGHSODQWDLQGXVWULDOFRQWHPSOD &RQVROLGDGR
0HQRVGH $FLPDGH
0HQRVGH 0DLVGH
3ODQWDLQGXVWULDO HGLItFLRVLQVWDODo}HVPDTXLQLVPRPyYHLV
XPDQR
XPDQR
XPDQR
XPDQR
XWHQVtOLRVPHUFDGRULDVHPDWpULDVSULPDV
7RWDO
)RUQHFHGRUHV
,167580(1726),1$1&(,526&RQVLGHUDo}HVJHUDLV$&RPSDQKLDHVXDV (PSUpVWLPRVHILQDQFLDPHQWRV
FRQWURODGDV DSUHVHQWDP H[SRVLomR DRV VHJXLQWHV ULVFRV DGYLQGRV GR XVR GH 2XWUDVFRQWDVDSDJDU
LQVWUXPHQWRV ILQDQFHLURV 5LVFR GH FUpGLWR 5LVFR GH OLTXLGH] 5LVFR GH PHUFDGR 3DUWHVUHODFLRQDGDV
5LVFR RSHUDFLRQDO (VVD QRWD DSUHVHQWD LQIRUPDo}HV VREUH D H[SRVLomR GD 7RWDO
&RPSDQKLD H GH VXDV FRQWURODGDV D FDGD XP GRV ULVFRV VXSUDPHQFLRQDGRV RV
REMHWLYRV GD &RPSDQKLD H GH VXDV FRQWURODGDV SROtWLFDV H SURFHVVRV SDUD D 1mR p HVSHUDGR TXH IOX[RV GH FDL[D LQFOXtGRV QDV DQiOLVHV GH YHQFLPHQWR GDV
PHQVXUDomR H JHUHQFLDPHQWR GH ULVFR H R VHX JHUHQFLDPHQWR GH FDSLWDO REULJDo}HVGD&RPSDQKLDHGHVXDVFRQWURODGDVSRVVDPRFRUUHUVLJQLILFDQWHPHQWH
'LYXOJDo}HVTXDQWLWDWLYDVDGLFLRQDLVVmRLQFOXtGDVDRORQJRGHVVDVGHPRQVWUDo}HV PDLV FHGR RX HP PRQWDQWHV VLJQLILFDQWHPHQWH GLIHUHQWHV 5LVFR GH PHUFDGR D
ILQDQFHLUDV$&RPSDQKLDHVXDVFRQWURODGDVQmRPDQWrPLQVWUXPHQWRVILQDQFHLURV 5LVFR GH WD[D GH MXURV 1D GDWD GDV GHPRQVWUDo}HV ILQDQFHLUDV R SHUILO GRV
QmRUHJLVWUDGRVFRQWDELOPHQWHHPGHGH]HPEURGHH$GLFLRQDOPHQWHD LQVWUXPHQWRVILQDQFHLURVUHPXQHUDGRVSRUMXURVGD&RPSDQKLDHGHVXDVFRQWURODGDV
&RQWURODGRUD
&RQVROLGDGR
FRQWURODGD &1& RSHURX FRP LQVWUXPHQWRV ILQDQFHLURV GHULYDWLYRV QR H[HUFtFLR GH HVWDYDPDVVLPDSUHVHQWDGRV
Ano XCV • NÀ 72 - 29
(PPDUoRGHD&RPSDQKLDILUPRXFRQWUDWRGHSURWHomRILQDQFHLUDSDUDHQHUJLDHOpWULFDFRQWUDWDGD
YLVDQGR VH SURWHJHU GDV RVFLODo}HV GHFRUUHQWH GD YDULDomR GH 3/' GH HQHUJLD QRV VXE PHUFDGRV
6XO6XGHVWHH1RUGHVWH1RPHVPRDQRILUPRXFRQWUDWRVGH1')$VLiWLFRFRPLQWXLWRGHVHSURWHJHUGR
ULVFRGHIOXWXDo}HVGRSUHoRDTXDOHVWDYDH[SRVWDQDDTXLVLomRGRFRTXHGHSHWUyOHRLQVXPREiVLFRGHVHX
SURFHVVR SURGXWLYR $ &RPSDQKLD H VXDV FRQWURODGDV XWLOL]DP RV LQVWUXPHQWRV ILQDQFHLURV GHULYDWLYRV
H[FOXVLYDPHQWHSDUDILQVGHSURWHomRGDVVXDVH[SRVLo}HVFDPELDLVGHFRUUHQWHVGDDWLYLGDGHRSHUDFLRQDO
QHQKXPD GDV SRVLo}HV PDQWLGDV SHOD &RPSDQKLD H VXDV FRQWURODGDV WHP FDUiWHU HVSHFXODWLYR 2V
PRQWDQWHV GH JDQKRV RX SHUGDV DSXUDGRV HVWmR GHPRQVWUDGRV QD QRWD H[SOLFDWLYD Q $QiOLVH GH
VHQVLELOLGDGHGRVLQVWUXPHQWRVILQDQFHLURVGHULYDWLYRV$&RPSDQKLDFRQGX]LXDQiOLVHGHVHQVLELOLGDGH
XWLOL]DQGRRFHQiULRSURYiYHOHGHVYDORUL]Do}HVFDPELDLVGH &HQiULR, H &HQiULR,, HYDORUL]Do}HV
FDPELDLVGH &HQiULR,,, H &HQiULR,9 &RQYpPUHVVDOWDUTXHRFHQiULRSURYiYHOMiVHHQFRQWUD
UHIOHWLGRQDVGHPRQVWUDo}HVILQDQFHLUDVGD&RPSDQKLD
([SRVLomRHP
&RWDomRGRGyODU
µ¶+HGJH1')¶V¶¶
5
,PSDFWRQRUHVXOWDGRGRSHUtRGRHQRSDWULP{QLR
&HQiULR,,
&HQiULR,,, &HQiULR,9
&HQiULR,
5 5
5 5
&DWHJRULD GRV LQVWUXPHQWRV ILQDQFHLURV $EDL[R GHPRQVWUDPRV D FODVVLILFDomR GRV LQVWUXPHQWRV
ILQDQFHLURVHVHXVVDOGRVFRQWiEHLV
&RQWURODGRUD
&RQVROLGDGR
$WLYRVILQDQFHLURV
(PSUpVWLPRVHUHFHEtYHLV LQFOXLQGRRFDL[D
&DL[DHHTXLYDOHQWHVGHFDL[D
&RQWDVDUHFHEHU
&UpGLWRVFRPSDUWHVUHODFLRQDGDV
0DQWLGRVDWpRYHQFLPHQWR
$SOLFDo}HVILQDQFHLUDVUHVWULWDV
7RWDOGRVDWLYRVILQDQFHLURV
3DVVLYRVILQDQFHLURV
9DORUMXVWRSRUPHLRGRUHVXOWDGR
,QVWUXPHQWRVILQDQFHLURVGHULYDWLYRV
2XWURVSDVVLYRVILQDQFHLURV
(PSUpVWLPRVHILQDQFLDPHQWRV
SDUD OLPLWDU VXD H[SRVLomR D ULVFRV GH YDULDomR FDPELDO QDV RSHUDo}HV GH
)RUQHFHGRUHV
ILQDQFLDPHQWRHPPRHGDHVWUDQJHLUDHFXVWRVGRVLQVXPRVGHSURGXomR(VWUXWXUD ,QVWUXPHQWRVGHWD[DYDULiYHO
'pELWRVFRPSDUWHVUHODFLRQDGDV
GR JHUHQFLDPHQWR GH ULVFR $ $GPLQLVWUDomR WHP UHVSRQVDELOLGDGH SHOR $WLYRVILQDQFHLURV
7RWDO
JHUHQFLDPHQWR GH ULVFR GD &RPSDQKLD H GH VXDV FRQWURODGDV $V SROtWLFDV GH (PSUpVWLPRVHILQDQFLDPHQWRV
JHUHQFLDPHQWR GH ULVFR VmR HVWDEHOHFLGDV SDUD LGHQWLILFDU H DQDOLVDU RV ULVFRV 3DUWHVUHODFLRQDGDV
3DUD WRGDV DV RSHUDo}HV HQYROYHQGR LQVWUXPHQWRV ILQDQFHLURV DWLYRV H SDVVLYRV D $GPLQLVWUDomR
HQIUHQWDGRVSHOD&RPSDQKLDHSRUVXDVFRQWURODGDVSDUDGHILQLUOLPLWHVHFRQWUROHV 7RWDO
FRQVLGHUDTXHRYDORUMXVWRVHHTXLSDUDDRYDORUFRQWiELOXPDYH]TXHSDUDHVVDVRSHUDo}HVRYDORUFRQWiELO
GHULVFRVDSURSULDGRVHSDUDPRQLWRUDUULVFRVHDGHUrQFLDDRVOLPLWHV$VSROtWLFDVH
VH DSUR[LPD GR YDORU GH UHDOL]DomROLTXLGDomR QDTXHOD GDWD &RP UHODomR DRV HPSUpVWLPRV H
VLVWHPDV GH JHUHQFLDPHQWR GH ULVFRV VmR UHYLVDGDV IUHTXHQWHPHQWH SDUD UHIOHWLU $SOLFDo}HV ILQDQFHLUDV LQGH[DGDV DR &', FRQIRUPH QRWD H[SOLFDWLYD Q
ILQDQFLDPHQWRVD$GPLQLVWUDomRFRQVLGHUDTXHRVYDORUHVMXVWRVVmRHTXLYDOHQWHVDRVYDORUHVFRQWiEHLV
(PSUpVWLPRV
H
ILQDQFLDPHQWRV
LQGH[DGRV
j
WD[DV
YDULiYHLV
2
PRQWDQWH
GH
5
PXGDQoDV QDV FRQGLo}HV GH PHUFDGR H QDV DWLYLGDGHV GD &RPSDQKLD H VXDV
SRU VH WUDWDUHP GH LQVWUXPHQWRV ILQDQFHLURV FRP WD[DV TXH VH HTXLYDOHP jV WD[DV GH PHUFDGR H SRU
FRQWURODGDV $ &RPSDQKLD H VXDV FRQWURODGDV DWUDYpV GH VXDV QRUPDV H HQFRQWUDVHLQGH[DGRj7-/3HRPRQWDQWHGH5jFHVWDGHPRHGDV SRVVXtUHPFDUDFWHUtVWLFDVH[FOXVLYDVRULXQGDVGHIRQWHVGHILQDQFLDPHQWRHVSHFtILFDVSDUDILQDQFLDPHQWR
SURFHGLPHQWRVGHWUHLQDPHQWRHJHUHQFLDPHQWRREMHWLYDGHVHQYROYHUXPDPELHQWH (P5H5UHVSHFWLYDPHQWH HRPRQWDQWHGH5 GDV DWLYLGDGHV GDV FRQWURODGDV 'HVWD IRUPD D $GPLQLVWUDomR HQWHQGH TXH RV YDORUHV UHFRQKHFLGRV
GHFRQWUROHGLVFLSOLQDGRHFRQVWUXWLYRQRTXDOWRGRVRVHPSUHJDGRVHQWHQGHPRV (P5 LQGH[DGRj&',FRQIRUPHQRWDH[SOLFDWLYDQ(VWHVDOGR FRQWDELOPHQWHUHIOHWLDPRHQGLYLGDPHQWRHIHWLYRHPFDVRGHXPDHYHQWXDOOLTXLGDomRQDTXHODGDWD
5HIHUHVHjFRQWUDWRVGHP~WXRVFHOHEUDGRV
VHXV SDSpLV H REULJDo}HV D 5LVFR GH FUpGLWR 'HFRUUH GD SRVVLELOLGDGH GH D DGYpPGDVFRQWURODGDV&1&H&&3
75$16$d®(6 12 (192/9(1'2 &$,;$ $V WUDQVDo}HV TXH QmR HQYROYHUDP R FDL[D HVWmR
&RPSDQKLDHVXDVFRQWURODGDVVRIUHUHPSHUGDVGHFRUUHQWHVGHLQDGLPSOrQFLDGH FRPDVSHVVRDVItVLFDVDFLRQLVWDVGDFRQWURODGRUDGD&RPSDQKLDDFUHVFLGRVGHMXURV DSUHVHQWDGDVDVHJXLU&RQWURODGRUD$FRQWURODGD'HOWDGH0LQDVGLVWULEXLXOXFURVQRPRQWDQWHGH5
GH
DD
PDLV
YDULDomR
GH
GR
&',
XP
SRU
FHQWR
DR
DQR
H
SUD]R
GH
LQVWLWXLo}HV ILQDQFHLUDV GHSRVLWiULDV GH UHFXUVRV RX GH LQYHVWLPHQWRV ILQDQFHLURV
(P5 RVTXDLVIRUDPXWLOL]DGRVSHOD&RPSDQKLDSDUDDXPHQWRGHFDSLWDOVRFLDOGD
3DUDPLWLJDUHVVHVULVFRVD&RPSDQKLDHVXDVFRQWURODGDVDGRWDPFRPRSUiWLFD YHQFLPHQWRGHDQRV$&RPSDQKLDHVXDVFRQWURODGDVSRVVXHPH[SRVLomRDWD[DV FRQWURODGD&1&DWUDYpVGHFHVVmRGHFUpGLWRFRQIRUPH$*(GHGHGH]HPEURGH&RPHVVHV
GH
MXURV
HP
VXDV
DSOLFDo}HV
ILQDQFHLUDV
HTXLYDOHQWHV
GH
FDL[D
HPSUpVWLPRV
H
VRPHQWHUHDOL]DURSHUDo}HVFRPLQVWLWXLo}HVILQDQFHLUDVGHEDL[RULVFRDYDOLDGDVSRU
UHFXUVRVD&1&TXLWRXSDUWHGRVDOGRGHYHGRUGHFRUUHQWHGHFRPSUDGHLQVXPRVMXQWRD'HOWDGH0LQDV
DJrQFLDVGHUDWLQJ L &RQWDVDUHFHEHUGHFOLHQWHVHRXWURVFUpGLWRV$VFRQWURODGDV ILQDQFLDPHQWRV H P~WXRV FRP SDUWHV UHODFLRQDGDV )RUDP UHDOL]DGDV DQiOLVHV GH &RQVROLGDGR$WLYLGDGHVGHLQYHVWLPHQWR DTXLVLomRGHEHQVGRDWLYRLPRELOL]DGR QmRHQYROYHQGRFDL[DQR
GD&RPSDQKLDHPRSHUDomR&1&H'HOWDGH0LQDVSRVVXHPH[SRVLomRDRULVFRGH VHQVLELOLGDGHHPUHODomRDSRVVtYHLVYDULDo}HVQHVWDVWD[DVGHMXURV1DGDWDGH PRQWDQWHGH5 (P5 FRPIRUQHFHGRUHV
FUpGLWRRVTXDLVVmRLQIOXHQFLDGRVSULQFLSDOPHQWHSHODVFDUDFWHUtVWLFDVLQGLYLGXDLV HQFHUUDPHQWRGRH[HUFtFLRD$GPLQLVWUDomRHVWLPRXFHQiULRVGHYDULDomRGR&',GD %(1()Ë&,2&21&(','2$(035(*$'26
GH FDGD FOLHQWH 2 FRQWDV D UHFHEHU GHVWDV HPSUHVDV p SXOYHUL]DGR H QmR Ki 7-/3HGD&HVWDGH0RHGDV3DUDRFHQiULRSURYiYHOIRUDPXWLOL]DGDVWD[DVGHDFRUGR (PMDQHLURGHDVFRQWURODGDVGD&RPSDQKLDFRQWUDWDUDPD%UDGHVFR9LGDH3UHYLGrQFLD6$SDUD
KLVWyULFRVGHSHUGDVVLJQLILFDWLYDVSRULQDGLPSOrQFLD$$GPLQLVWUDomRHVWDEHOHFHX FRP DV H[SHFWDWLYDV GH PHUFDGR $V WD[DV IRUDP HVWUHVVDGDV FRP DXPHQWR H DGPLQLVWUDURSODQRGHSUHYLGrQFLDFRPSOHPHQWDUGHQRPLQDGR1DFLRQDO3UHY3ODQR&ROHWLYRLQVWLWXtGRQD
XPD SROtWLFD GH FUpGLWR LQFOXLQGR DYDOLDo}HV H[WHUQDV TXDQGR GLVSRQtYHLV H HP UHGXomRHPHVHUYLQGRGHSDUkPHWURSDUDRVWHVWHVGHVHQVLELOLGDGHGRV PRGDOLGDGH3*%/ 3ODQR*HUDGRUGH%HQHItFLR/LYUH TXHWHPSRUILQDOLGDGHSULQFLSDOSURSLFLDUDRVVHXV
DOJXQVFDVRVUHIHUrQFLDVEDQFiULDV/LPLWHVGHFRPSUDVVmRHVWDEHOHFLGRVSDUDFDGD FHQiULRVDGYHUVRVFRQIRUPHGHPRQVWUDGRDEDL[R
HPSUHJDGRVGLULJHQWHVHDRVVHXVUHVSHFWLYRVEHQHILFLiULRVXPD
,PSDFWRQRUHVXOWDGR
FOLHQWH e HVWDEHOHFLGD TXDQGR DSOLFiYHO XPD SURYLVmR SDUD UHGXomR DR YDORU
UHQGDSHFXQLiULDGHVXSOHPHQWDomRGHDSRVHQWDGRULDHSHQVmRHP
&HVWDGH
&HQiULR,, &HQiULR, &HQiULR &HQiULR, &HQiULR,,
UHFXSHUiYHOTXHUHSUHVHQWDDHVWLPDWLYDGHSHUGDVLQFRUULGDVFRPUHODomRjVFRQWDV
FRQIRUPLGDGH FRP R HVWDEHOHFLGR HP FRQWUDWR 2 SODQR p GH
0RHGDV L &', LL 7-/3 LLL
7RWDO
SURYiYHO
DUHFHEHUGHFOLHQWHVHRXWURVFUpGLWRVHLQYHVWLPHQWRV2SULQFLSDOFRPSRQHQWHGHVWD
FRQWULEXLomR GHILQLGD H DEHUWR SDUD D SDUWLFLSDomR GH WRGRV RV
SURYLVmR HVWi UHODFLRQDGR D ULVFRV VLJQLILFDWLYRV LQGLYLGXDLV LL ,QYHVWLPHQWRV $ $SOLFDomR)LQDQFHLUD
HPSUHJDGRVPHGLDQWHGHVFRQWRHPIROKDGHSDJDPHQWR3RUVHU
&RPSDQKLD H VXDV FRQWURODGDV OLPLWDP VXD H[SRVLomR D ULVFRV GH FUpGLWR DR (PSUpVWLPRVH)LQDQFLDPHQWRV
XPSODQRGHFRQWULEXLomRGHILQLGDSRVVtYHLVULVFRVDWXDULDLV ULVFRV
LQYHVWLUHPDSHQDVHPWtWXORVOtTXLGRVGHUHQGDIL[DFRPDOWDOLTXLGH]HVXMHLWRVDXP 3DUWHVUHODFLRQDGDV
GHTXHRVEHQHItFLRVVHMDPLQIHULRUHVDRHVSHUDGR HRVULVFRVGH
LQVLJQLILFDQWHULVFRGHPXGDQoDGHYDORUE 5LVFRGHOLTXLGH]5LVFRGHOLTXLGH]pR ([SRVLomROtTXLGD
LQYHVWLPHQWR ULVFRGHTXHRVDWLYRVLQYHVWLGRVVHMDPLQVXILFLHQWHV
ULVFRHPTXHD&RPSDQKLDHVXDVFRQWURODGDVSRGHUmRHQFRQWUDUGLILFXOGDGHVHP 7D[DSURMHWDGDSDUD
SDUD FREULU RV EHQHItFLRV HVSHUDGRV VmR DVVXPLGRV SHORV
FXPSULU FRP DV REULJDo}HV DVVRFLDGDV FRP VHXV SDVVLYRV ILQDQFHLURV TXH VmR L (PUHODomRjH[SRVLomRjWD[D80%1'(6FHVWDGHPRHGDVGR%1'(6EDVHDGDHPSHVTXLVDVH[WHUQDVD&RPSDQKLD HPSUHJDGRVHQmRSHODVFRQWURODGDVGD&RPSDQKLDDOpPGHQmR
OLTXLGDGRVFRPSDJDPHQWRVjYLVWDRXFRPRXWURDWLYRILQDQFHLUR$DERUGDJHPGD HVWLPD TXH HP XP FHQiULR SURYiYHO D WD[D GH MXURV GH UHIHUrQFLD TXH HVWi FRWDGD D DD HP MDQHLUR GH SRVVXLUQHQKXPEHQHItFLRSyVDSRVHQWDGRULD1RH[HUFtFLRGH
&RPSDQKLD H GH VXDV FRQWURODGDV QD DGPLQLVWUDomR GH OLTXLGH] p GH JDUDQWLU R SHUPDQHFHUiQRPHVPRSDWDPDUHPGHGH]HPEURGH LL (PUHODomRjH[SRVLomRjWD[D','HSyVLWR,QWHUILQDQFHLUR D GHVSHVD GDV FRQWURODGDV GD &RPSDQKLD FRP SUHYLGrQFLD
Pi[LPR SRVVtYHO TXH VHPSUH WHQKDP OLTXLGH] VXILFLHQWH SDUD FXPSULU FRP VXDV &HWLS6$EDVHDGDHPSHVTXLVDVH[WHUQDVD%&3$5HVWLPDTXHHPXPFHQiULRSURYiYHODWD[DGHMXURVGHUHIHUrQFLD FRPSOHPHQWDU QD PRGDOLGDGH 3*%/ 3ODQR *HUDGRU GH %HQHItFLR
REULJDo}HVDRYHQFHUHPVREFRQGLo}HVQRUPDLVHGHHVWUHVVHVHPFDXVDUSHUGDV TXHHVWiFRWDGDDDDHPMDQHLURGHSHUPDQHFHUiQRPHVPRSDWDPDUHPGHGH]HPEURGH LLL 1RTXH /LYUH SDUD VHXV FRODERUDGRUHV WRWDOL]RX 5 (P 5
LQDFHLWiYHLV RX FRP ULVFR GH SUHMXGLFDU VXD UHSXWDomR $ &RPSDQKLD H VXDV VHUHIHUHjWD[DGHMXURVTXHPDLVLPSDFWDQDVRSHUDo}HVGD&RPSDQKLDD7-/3D&RPSDQKLDEDVHDGDHPSHVTXLVDV
FRQWURODGDV SRVVXHP FDL[D VXILFLHQWH SDUD FXPSULU FRP GHVSHVDV RSHUDFLRQDLV H[WHUQDVHVWLPDTXHHPXPFHQiULRSURYiYHODWD[DGHMXURVGHUHIHUrQFLDTXHHVWiFRWDGDDDDHPMDQHLURGH &203520,6626
HVSHUDGDV SDUD XP SHUtRGR GH GLDV LQFOXLQGR R FXPSULPHQWR GH REULJDo}HV WHUiDPHVPDFRWDomRHPGHGH]HPEURGH
&RQVROLGDGR
(P GH GH]HPEUR GH D &RPSDQKLD SRVVXL DV VHJXLQWHV
ILQDQFHLUDV LVWR H[FOXL R LPSDFWR SRWHQFLDO GH FLUFXQVWkQFLDV H[WUHPDV TXH QmR E 5LVFR FDPELDO $ H[SRVLomR FDPELDO HVWi
REULJDo}HVFRQWUDWXDLVHFRPSURPLVVRVD 3UHVWDomRGHVHUYLoRVGH
SRGHP VHU UD]RDYHOPHQWH SUHYLVWDV WDQWR LQGLYLGXDOPHQWH FRPR SDUD VXDV VXEVWDQFLDOPHQWH FRQFHQWUDGD QD FRQWURODGD &1& H([SRVLo}HVFDPELDLV
WUDQVSRUWHURGRYLiULRGHFLPHQWRHQVDFDGRQRPHUFDGRGHYDUHMRH
FRQWURODGDVF 5LVFRGHPHUFDGR5LVFRGHPHUFDGRpRULVFRTXHDOWHUDo}HVQRV DGYpP GH RSHUDo}HV GH HPSUpVWLPRV HP PRHGD)RUQHFHGRUHVHVWUDQJHLURVHP'yODU86'
S~EOLFRHPJHUDOHPORFDLVSUHYLDPHQWHGHILQLGRVSHOD&RPSDQKLD
SUHoRVGHPHUFDGRWDLVFRPRDVWD[DVGHFkPELRHWD[DVGHMXURVWrPQRVJDQKRVGD HVWUDQJHLUD 'yODU 86 H FRPSUDV j IRUQHFHGRUHV3DVVLYRVILQDQFHLURVHP'yODU86'
SRUXPSHUtRGRGHGRLVDQRV2VSUHoRVHVWDEHOHFLGRVHPFRQWUDWRV
&RPSDQKLDHGHVXDVFRQWURODGDVRXQRYDORUGHVXDVSDUWLFLSDo}HVHPLQVWUXPHQWRV HVWUDQJHLURV 'yODU86 FRPRDSUHVHQWDGRDVHJXLU
YDULDPGHDFRUGRFRPTXDQWLGDGHGHPHUFDGRULDWUDQVSRUWDGDE
7RWDO
ILQDQFHLURV2REMHWLYRGRJHUHQFLDPHQWRGHULVFRGHPHUFDGRpJHUHQFLDUHFRQWURODU
&RQWUDWRV GH IRUQHFLPHQWR GH HQHUJLD HOpWULFD GHPDQGDGD
$ &RPSDQKLD FRP EDVH HP VHXV FRQVXOWRUHV ILQDQFHLURV
DVH[SRVLo}HVDULVFRVGHPHUFDGRVGHQWURGHSDUkPHWURVDFHLWiYHLVHDRPHVPR
PHQVDOPHQWH QD SURGXomR GD IiEULFD DSOLFiYHLV jV OHJLVODo}HV
HVWLPDTXHHPXPFHQiULRSURYiYHODGHSUHFLDomRFDPELDOGDV
WHPSR RWLPL]DU R UHWRUQR G 5LVFR RSHUDFLRQDO 5LVFR RSHUDFLRQDO p R ULVFR GH
&HQiULR &HQiULR &HQiULR &HQiULR YLJHQWHVHUHJXODPHQWDGDSHOD$JrQFLD1DFLRQDOGH(QHUJLD(OpWULFD
PRHGDV HVWUDQJHLUDV HP UHODomR DR 5HDO5 HP GH
SUHMXt]RVGLUHWRVRXLQGLUHWRVGHFRUUHQWHVGHXPDYDULHGDGHGHFDXVDVDVVRFLDGDVD
EDVH SURYiYHO SRVVtYHO UHPRWR $1((/jSUHoRVHVWDEHOHFLGRVHUHDMXVWiYHLVFRQIRUPHFRQWUDWR
GH]HPEURGHVHUiGHSDUDR'yODU86 5
5 5 5 2VPHVPRVWHPYHQFLPHQWRHPGHGH]HPEURGH
SURFHVVRVSHVVRDOWHFQRORJLDHLQIUDHVWUXWXUDGD&RPSDQKLDHGHVXDVFRQWURODGDV
)RLIHLWDXPDDQiOLVHGHVHQVLELOLGDGHGRVHIHLWRVQRVUHVXOWDGRV
GHFRUUHQWHVGHIDWRUHVH[WHUQRVH[FHWRULVFRVGHFUpGLWRPHUFDGRHOLTXLGH]FRPR
([SRVLo}HVFDPELDLV (9(172668%6(48(17(6
GD&RPSDQKLDDGYLQGRVGHXPDXPHQWRFDPELDOGHH
DTXHOHVGHFRUUHQWHVGHH[LJrQFLDVOHJDLVHUHJXODWyULDVHGHSDGU}HVJHUDOPHQWH
7RWDO
$FRQWURODGD&&3REWHYHDSyVGHGH]HPEURGHGLVSHQVD
HPUHODomRDRFHQiULRSURYiYHOFRQVLGHUDGRVFRPRSRVVtYHOH
GR FXPSULPHQWR MXQWR D GHWHUPLQDGD LQVWLWXLomR ILQDQFHLUD GD
DFHLWRV GH FRPSRUWDPHQWR HPSUHVDULDO 5LVFRV RSHUDFLRQDLV VXUJHP GH WRGDV DV
(IHLWRQRUHVXOWDGR
UHPRWRUHVSHFWLYDPHQWHFRPRDSUHVHQWDGRDVHJXLU
RSHUDo}HVGD&RPSDQKLDHGHVXDVFRQWURODGDV2REMHWLYRGD&RPSDQKLDHGHVXDV
REULJDomRGHPDQXWHQomRGHFHUWRVtQGLFHVILQDQFHLURVQRH[HUFtFLR
,QVWUXPHQWRVILQDQFHLURVGHULYDWLYRV
$V RSHUDo}HV GH 1') 1RQ 'HOLYHUDEOH )RUZDUGV
FRQWURODGDVpDGPLQLVWUDURULVFRRSHUDFLRQDOLQGLYLGXDOSDUDHYLWDUDRFRUUrQFLDGH
&RQVROLGDGR
ILQGR HP (VWHV tQGLFHV DWLYDP D FOiXVXOD GH YHQFLPHQWR
SUHMXt]RVILQDQFHLURVHGDQRVjUHSXWDomRGDVHPSUHVDVHEXVFDUHILFiFLDGHFXVWRV
UHSUHVHQWDP FRQWUDWRV D WHUPR HQWUH GXDV PRHGDV DQWHFLSDGR(PGHPDUoRGHDFRQWURODGD&1&FHOHEURX
TXDLVTXHUSRUpPSRUVHUXPFRQWUDWR³QRQGHOLYHUDEOH´VH
$SULQFLSDOUHVSRQVDELOLGDGHSDUDRGHVHQYROYLPHQWRHLPSOHPHQWDomRGHFRQWUROHV 3DVVLYRFLUFXODQWH
FRQWUDWRGHP~WXRFRPDVSHVVRDVItVLFDVDFLRQLVWDVGDFRQWURODGRUD
SDUD WUDWDU ULVFRV RSHUDFLRQDLV p DWULEXtGD j DOWD DGPLQLVWUDomR GHQWUR GH FDGD 1')V±1RQ'HOLYHUDEOH)RUZDUGV
DSOLFDDSHQDVDPRHGDVQmRFRQYHUVtYHLVQmRKDYHQGRD GD&RPSDQKLDQRYDORUGH5FRPSUD]RGHYHQFLPHQWRGH
HQWUHJDItVLFDGDPRHGDQDOLTXLGDomRGRFRQWUDWRDSHQDVR
XQLGDGHGHQHJyFLR$UHVSRQVDELOLGDGHpDSRLDGDSHORGHVHQYROYLPHQWRGHSDGU}HV 7RWDO
VHWHDQRVHFRUULJLGRVSHODYDULDomRGHGR&',DFUHVFLGRVGH
JHUDLVSDUDDDGPLQLVWUDomRGHULVFRVRSHUDFLRQDLVQDVVHJXLQWHViUHDV([LJrQFLDV
SDJDPHQWRGRGLIHUHQFLDOHQWUHDVSDUWHVUHIHUHQWHDVWD[DVGHFRQWUDWDomRHDGHOLTXLGDomR$VVLPRVDOGRGH1')DUHFHEHURX MXURVGHDD
SDUD VHJUHJDomR DGHTXDGD GH IXQo}HV LQFOXLQGR D DXWRUL]DomR LQGHSHQGHQWH GH
DSDJDUUHSUHVHQWDDGLIHUHQoDDSXUDGDHPGHGH]HPEUR2VLQVWUXPHQWRVILQDQFHLURVFRQWUDWDGRVHQTXDGUDPVHFRQIRUPH $8725,=$d23$5$&21&/862'$6'(021675$d®(6
RSHUDo}HV H[LJrQFLDV SDUD D UHFRQFLOLDomR H PRQLWRUDPHQWR GH RSHUDo}HV
GHILQLomRGHKLHUDUTXLDGHYDORUMXVWRFRPRQtYHO$EDL[RGHILQLomRGHKLHUDUTXLDGHYDORUMXVWRFRQIRUPH&3&1tYHO ),1$1&(,5$6
FXPSULPHQWRFRPH[LJrQFLDVUHJXODWyULDVHOHJDLVGRFXPHQWDomRGHFRQWUROHVH
$YDOLDomRFRPEDVHHPSUHoRVFRWDGRV QmRDMXVWDGRV HPPHUFDGRVDWLYRVSDUDDWLYRVHSDVVLYRVLGrQWLFRVQDVGDWDVGRV $$GPLQLVWUDomRGD&RPSDQKLDDXWRUL]RXDFRQFOXVmRGDVSUHVHQWHV
SURFHGLPHQWRV ([LJrQFLDV SDUD D DYDOLDomR SHULyGLFD GH ULVFRV RSHUDFLRQDLV
EDODQoRV8PPHUFDGRpYLVWRFRPRDWLYRVHRVSUHoRVFRWDGRVHVWLYHUHPSURQWDHUHJXODUPHQWHGLVSRQtYHLVDSDUWLUGHXPD%ROVD GHPRQVWUDo}HV ILQDQFHLUDV HP GH DEULO GH QDV TXDLV
HQIUHQWDGRV H D DGHTXDomR GH FRQWUROHV H SURFHGLPHQWRV SDUD WUDWDU GRV ULVFRV
GH0HUFDGRULDVH9DORUHVXPFRUUHWRUJUXSRGHLQG~VWULDVVHUYLoRGHSUHFLILFDomRRXDJrQFLDUHJXODGRUDHDTXHOHVSUHoRV FRQVLGHUDRVHYHQWRVVXEVHTXHQWHVRFRUULGRVDWpHVWDGDWDTXDQGR
LGHQWLILFDGRV SURSRU Do}HV FRUUHWLYDV SDUD D VLWXDomR GH SUHMXt]RV RSHUDFLRQDLV
UHSUHVHQWDPWUDQVDo}HVGHPHUFDGRUHDLVDVTXDLVRFRUUHPUHJXODUPHQWHHPEDVHVSXUDPHQWHFRPHUFLDLV1tYHO8WLOL]DGR UHTXHULGRV
GHVHQYROYLPHQWR GH SODQRV GH FRQWLQJrQFLD WUHLQDPHQWR H GHVHQYROYLPHQWR
SDUDLQVWUXPHQWRVILQDQFHLURVTXHQmRVmRQHJRFLDGRVHPPHUFDGRVDWLYRV SRUH[HPSORGHULYDWLYRVGHEDOFmR FXMDDYDOLDomRp 5(/$7Ï5,2 '2 $8',725 ,1'(3(1'(17( 62%5( $6
SURILVVLRQDOSDGU}HVpWLFRVHFRPHUFLDLV5LVFRGHFUpGLWRD ([SRVLomRDRVULVFRV
EDVHDGDHPWpFQLFDVTXHDOpPGRVSUHoRVFRWDGRVLQFOXtGRVQR1tYHOXWLOL]DPRXWUDVLQIRUPDo}HVDGRWDGDVSHORPHUFDGRSDUD ' ( 0 2 1 6 7 5 $ d ® ( 6 ) , 1 $ 1 & ( , 5 $ 6 , 1 ' , 9 , ' 8 $ , 6 (
GHFUpGLWR2YDORUFRQWiELOGRVDWLYRVILQDQFHLURVUHSUHVHQWDDH[SRVLomRPi[LPDGR
R DWLYR RX SDVVLYR GLUHWD RX VHMD FRPR SUHoRV RX LQGLUHWDPHQWH RX VHMD GHULYDGRV GRV SUHoRV 1tYHO $YDOLDomR &2162/,'$'$6 $RVDFLRQLVWDVH$GPLQLVWUDGRUHVGD%&3$5
FUpGLWR$H[SRVLomRPi[LPDGRULVFRGRFUpGLWRHPGHGH]HPEURGHH
GHWHUPLQDGDHPYLUWXGHGHLQIRUPDo}HVSDUDRVDWLYRVRXSDVVLYRVTXHQmRVmREDVHDGDVQRVGDGRVDGRWDGRVSHORPHUFDGR RX 6$ H &RQWURODGDV 5HFLIH3( 2SLQLmR ([DPLQDPRV DV
HVWiDSUHVHQWDGDDEDL[R
&RQWURODGRUD
&RQVROLGDGR
VHMDLQIRUPDo}HVQmRREVHUYiYHLV (PGHGH]HPEURGHD&RPSDQKLDSRVVXtD (P FRQWUDWRVDWHUPRGH GHPRQVWUDo}HV ILQDQFHLUDV LQGLYLGXDLV H FRQVROLGDGDV GD %&3$5
PRHGDFRPYDORUQRFLRQDOGH86 (P86 (VWHVFRQWUDWRVSRVVXHPYHQFLPHQWRVGLVWLQWRVDSDUWLUGH 6$ ³&RPSDQKLD´ LGHQWLILFDGDVFRPRFRQWURODGRUDHFRQVROLGDGR
MDQHLURGH(PIHYHUHLURGHD&RPSDQKLDILUPRXFRQWUDWRVGHDFRUGRFRPD/HLQSDUDILQDQFLDPHQWRGHFDSLWDO
&DL[DHHTXLYDOHQWHVGHFDL[D
UHVSHFWLYDPHQWHTXHFRPSUHHQGHPRVEDODQoRVSDWULPRQLDLVHP
$SOLFDo}HVILQDQFHLUDV
GHJLURHPPRHGDHVWUDQJHLUD9LVDQGRDSURWHomRGDVRVFLODo}HVGRGyODUWDPEpPIRLFHOHEUDGRFRPPHVPRYHQFLPHQWRVH GH GH]HPEUR GH H DV UHVSHFWLYDV GHPRQVWUDo}HV GRV
YDORUHVDRSHUDomRGH6ZDS(PGHGH]HPEURGHD&RPSDQKLDSRVVXtDGRLVFRQWUDWRVGHVWDPRGDOLGDGHFRPRV
&RQWDVDUHFHEHUGHFOLHQWHV
UHVXOWDGRV
GRV UHVXOWDGRV DEUDQJHQWHV GDV PXWDo}HV GR
7RWDO
YHQFLPHQWRVSUHYLVWRVSDUDDEULOGHHRUHVXOWDGRGDSURWHomRGR6ZDSHUDXPJDQKRGH5$RGHFRUUHUGRDQRGH SDWULP{QLROtTXLGRHGRVIOX[RVGHFDL[DSDUDRH[HUFtFLRILQGRQHVVD
QRYDVFDSWDo}HVIRUDPUHDOL]DGDVHOLTXLGDGDV2~OWLPRFRQWUDWRIRLOLTXLGDGRHPRXWXEURGH
GDWDEHPFRPRDVFRUUHVSRQGHQWHVQRWDVH[SOLFDWLYDVLQFOXLQGRR