DOEPE 26/04/2018 - Pág. 25 - Poder Executivo - Diário Oficial do Estado de Pernambuco
Recife, 26 de abril de 2018
Diário Oficial do Estado de Pernambuco - Poder Executivo
5HFHLWDV GHVSHVDV ILQDQFHLUDV
&RQWURODGRUD
5HFHLWDVILQDQFHLUDV
9DULDomRFDPELDO
5HQGLPHQWRVGHDSOLFDo}HVILQDQFHLUDV
2XWUDVUHFHLWDVILQDQFHLUDV
'HVSHVDVILQDQFHLUDV
9DULDomRFDPELDO
-XURVVREUHHPSUpVWLPRVHILQDQFLDPHQWRV
2XWUDVGHVSHVDVILQDQFHLUDV
5HVXOWDGRILQDQFHLUR
&RQVROLGDGR
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO &RQVROLGDGR
$FRPSRVLomRGDVGHVSHVDVFRPLPSRVWRGHUHQGDHFRQWULEXLomRVRFLDOVmRDVVHJXLQWHV
,PSRVWRGHUHQGD
&RQWULEXLomR6RFLDO
'HVSHVDVFRPLPSRVWRGHUHQGDHFRQWULEXLomRVRFLDO
&RPSURPLVVRV &RQVROLGDGR &RP EDVH QD FRPHUFLDOL]DomR GH HQHUJLD HIHWLYDPHQWH
UHDOL]DGDHPH[HUFtFLRVDQWHULRUHVDVFRQWURODGDVGD&RPSDQKLDLQVFULWDVQR0HFDQLVPRGH
5HDORFDomRGH(QHUJLD 05( SUHYHHPTXHDFRPHUFLDOL]DomRGHHQHUJLDQRVH[HUFtFLRVIXWXURV
JXDUGDUiHTXLYDOrQFLDFRPVHXKLVWyULFRGHJHUDomRHHPOLQKDFRPVXDJDUDQWLDItVLFD3DUDDV
FRQWURODGDVGD&RPSDQKLDTXHQmRHVWmRLQVFULWDVQR05(DFRPHUFLDOL]DomRGDVXDHQHUJLD
SDUDRVSUy[LPRVDQRVIRLSURMHWDGDWRPDQGRFRPREDVHDJHUDomRPpGLDGHHQHUJLDSURGX]LGD
HP DQRV DQWHULRUHV 1HVVH FHQiULR H FRPR JDUDQWLD DGLFLRQDO SDUD HYLWDU TXDOTXHU ULVFR GH
H[SRVLomRIRLFRQWUDWDGRXPVHJXURTXHWHPFRPRREMHWLYRHPFDVRGHRFRUUHUDOJXPVLQLVWURQRV
UHIHULGRV DWLYRV TXH LPSHoD D VXD JHUDomR JDUDQWLU RV JDVWRV DGLFLRQDLV LQFRUULGRV SHOD
FRQWURODGDQDFRPSUDGHHQHUJLDQHFHVViULDDRDWHQGLPHQWRGRV&RQWUDWRVGH&RPSUDH9HQGD
GH(QHUJLD&&9(VSURSRUFLRQDQGRDLQGDPDLRUFRQIRUWRSDUDDVVXPLUFRPSURPLVVRVIXWXURVHP
UHODomRDVHXVFOLHQWHV1HVVHFRQWH[WRDVSUHYLV}HVSDUDRVFRPSURPLVVRVDVHUHPDVVXPLGRV
HPFRQMXQWRSHODVFRQWURODGDVGD&RPSDQKLDVmR
$QR
4XDQWLGDGHGH0:+
HPGLDQWH
,QVWUXPHQWRV ILQDQFHLURV REMHWLYRV H SROtWLFDV SDUD JHVWmR GH ULVFR ILQDQFHLUR
&RQVROLGDGR D ,QVWUXPHQWRV ILQDQFHLURV 2V SULQFLSDLV LQVWUXPHQWRV ILQDQFHLURV GD
&RPSDQKLD H GH VXDV FRQWURODGDV VmR FDL[D H HTXLYDOHQWHV GH FDL[D FRQWDV D UHFHEHU GH
FOLHQWHVDSOLFDo}HVILQDQFHLUDVFRQWDVDSDJDUDIRUQHFHGRUHVHPSUpVWLPRVHILQDQFLDPHQWRVH
SDUWHVUHODFLRQDGDV2YDORUMXVWRGRVDWLYRVHSDVVLYRVILQDQFHLURVUHSUHVHQWDRYDORUSHORTXDOR
LQVWUXPHQWRSRGHULDVHUWURFDGRHPXPDWUDQVDomRFRUUHQWHHQWUHSDUWHVGLVSRVWDVDQHJRFLDUH
QmR HP XPD YHQGD RX OLTXLGDomR IRUoDGD (P GH GH]HPEUR GH H QmR KDYLD
GLIHUHQoD VLJQLILFDWLYD HQWUH RV YDORUHV FRQWiEHLV H RV GH PHUFDGR SDUD RV LQVWUXPHQWRV
ILQDQFHLURVGD&RPSDQKLDHVXDVFRQWURODGDV(PD&RPSDQKLDQmRSRVVXtDHPDEHUWR
RSHUDo}HV GH KHGJH VZDS RX TXDLVTXHU RXWUDV RSHUDo}HV TXH HQYROYDP LQVWUXPHQWRV
ILQDQFHLURVGHULYDWLYRVE 2EMHWLYRVHSROtWLFDVSDUDJHVWmRGHULVFRILQDQFHLUR2VSULQFLSDLV
SDVVLYRV ILQDQFHLURV GD &RPSDQKLD H GH VXDV FRQWURODGDV UHIHUHPVH D HPSUpVWLPRV H
ILQDQFLDPHQWRV FRQWDV D SDJDU D IRUQHFHGRUHV H SDUWHV UHODFLRQDGDV 2 SULQFLSDO SURSyVLWR
GHVVHV SDVVLYRV ILQDQFHLURV p FDSWDU UHFXUVRV SDUD DV RSHUDo}HV GD &RPSDQKLD H VXDV
FRQWURODGDV $V FRQWURODGDV GD &RPSDQKLD SRVVXHP FRQWDV D UHFHEHU GH FOLHQWHV FDL[D H
HTXLYDOHQWHVGHFDL[DHDSOLFDo}HVILQDQFHLUDVTXHUHVXOWDPGLUHWDPHQWHGHVXDVRSHUDo}HV$
&RPSDQKLDHVXDVFRQWURODGDVHVWmRH[SRVWDVDULVFRVGHPHUFDGRULVFRGHFUpGLWRHULVFRGH
OLTXLGH] $ $GPLQLVWUDomR GD &RPSDQKLD VXSHUYLVLRQD D JHVWmR GHVVHV ULVFRV e SROtWLFD GD
&RPSDQKLDHGHVXDVFRQWURODGDVQmRSDUWLFLSDUGHTXDLVTXHUQHJRFLDo}HVGHGHULYDWLYRVSDUD
ILQVHVSHFXODWLYRV$$GPLQLVWUDomRUHYLVDHHVWDEHOHFHSROtWLFDVSDUDJHVWmRGHFDGDXPGHVVHV
ULVFRVRVTXDLVVmRUHVXPLGRVDEDL[R5LVFRGHPHUFDGR2ULVFRGHPHUFDGRpRULVFRGHTXHR
YDORUMXVWRGRVIOX[RVGHFDL[DIXWXURVGHXPLQVWUXPHQWRILQDQFHLURIOXWXHGHYLGRDYDULDo}HVQRV
SUHoRV GH PHUFDGR &RQVLGHUDQGR TXH D &RPSDQKLD H VXDV FRQWURODGDV HVWmR LQVHULGDV QD
FDGHLD GH FRPHUFLDOL]DomR GH HQHUJLD HOpWULFD D RFRUUrQFLD GHVWH ULVFR SRGH PDQLIHVWDUVH
HYHQWXDOPHQWH DWUDYpV GD UHJXODPHQWDomR GD SROtWLFD GH SUHoRV SRU SDUWH GRV yUJmRV
UHJXODGRUHV(VVDSRVVLELOLGDGHpFRQVLGHUDGDUHPRWDQDRSLQLmRGD$GPLQLVWUDomR$VDQiOLVHV
GHVHQVLELOLGDGHQDVVHJXLQWHVVHo}HVUHIHUHPVHjSRVLomRHPGHGH]HPEURGHH
$VDQiOLVHVGHVHQVLELOLGDGHIRUDPSUHSDUDGDVFRPEDVHQRYDORUGDGtYLGDOtTXLGDFRQVLGHUDQGR
RtQGLFHGHWD[DVGHMXURVIL[DVHPUHODomRDRGDVWD[DVGHMXURVYDULiYHLVGDGtYLGD$VHJXLQWH
SUHPLVVDIRLDGRWDGDQRFiOFXORGDVDQiOLVHVGHVHQVLELOLGDGH $VHQVLELOLGDGHGRUHVSHFWLYRLWHP
GD GHPRQVWUDomR GR UHVXOWDGR p R HIHLWR GDV PXGDQoDV DVVXPLGDV FRQIRUPH RV UHVSHFWLYRV
ULVFRVGRPHUFDGR7HPSRUEDVHRVDWLYRVHSDVVLYRVILQDQFHLURVPDQWLGRVHPGHGH]HPEUR
Ano XCV • NÀ 76 - 25
GHH5LVFRGHWD[DVGHMXURV5LVFRGHWD[DVGHMXURVpRULVFRGHTXHRYDORUMXVWR
GRVIOX[RVGHFDL[DIXWXURVGHXPLQVWUXPHQWRILQDQFHLURIOXWXHGHYLGRDYDULDo}HVQDVWD[DVGH
MXURVGHPHUFDGR$H[SRVLomRGD&RPSDQKLDHVXDVFRQWURODGDVDRULVFRGHPXGDQoDVQDV
WD[DVGHMXURVGHPHUFDGRUHIHUHVHSULQFLSDOPHQWHjVREULJDo}HVGHORQJRSUD]RGD&RPSDQKLD
H GH VXDV FRQWURODGDV VXMHLWDV D WD[DV GH MXURV YDULiYHLV$ &RPSDQKLD H VXDV FRQWURODGDV
JHUHQFLDPRULVFRGHWD[DVGHMXURVPDQWHQGRXPDFDUWHLUDHTXLOLEUDGDGHHPSUpVWLPRVDSDJDU
VXMHLWRVDWD[DVIL[DVHDWD[DVYDULiYHLV$&RPSDQKLDHVXDVFRQWURODGDVQmRWrPSDFWXDGR
FRQWUDWRV GH GHULYDWLYRV SDUD ID]HU VZDS FRQWUD HVWH ULVFR 3RUpP D &RPSDQKLD H VXDV
FRQWURODGDVPRQLWRUDPFRQWLQXDPHQWHDVWD[DVGHMXURVGHPHUFDGRFRPRREMHWLYRGHDYDOLDUD
HYHQWXDOQHFHVVLGDGHGHFRQWUDWDomRGHGHULYDWLYRVSDUDVHSURWHJHUFRQWUDRULVFRGHYRODWLOLGDGH
GHVVDVWD[DV6HQVLELOLGDGHDWD[DVGHMXURV2TXDGURDEDL[RGHPRQVWUDDVHQVLELOLGDGHDXPD
SRVVtYHOPXGDQoDQDVWD[DVGHMXURVPDQWHQGRVHWRGDVDVRXWUDVYDULiYHLVFRQVWDQWHVQROXFUR
GD &RPSDQKLD H GH VXDV FRQWURODGDV DQWHV GD WULEXWDomR p DIHWDGR SHOR LPSDFWR GRV
HPSUpVWLPRVDSDJDUVXMHLWRVDWD[DVYDULiYHLV
(IHLWRQROXFURDQWHVGDWULEXWDomR5
LQGLYLGXDOHFRQVROLGDGRGHVXDVRSHUDo}HVHRVVHXVUHVSHFWLYRVIOX[RVGHFDL[D
LQGLYLGXDLVHFRQVROLGDGRVSDUDRH[HUFtFLRILQGRQHVVDGDWDGHDFRUGRFRPDV
SUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO%DVHSDUDRSLQLmR1RVVDDXGLWRULDIRL
FRQGX]LGD GH DFRUGR FRP DV QRUPDV EUDVLOHLUDV H LQWHUQDFLRQDLV GH DXGLWRULD
1RVVDVUHVSRQVDELOLGDGHVHPFRQIRUPLGDGHFRPWDLVQRUPDVHVWmRGHVFULWDVQD
VHomR D VHJXLU LQWLWXODGD ³5HVSRQVDELOLGDGHV GR DXGLWRU SHOD DXGLWRULD GDV
GHPRQVWUDo}HVFRQWiEHLVLQGLYLGXDLVHFRQVROLGDGDV´6RPRVLQGHSHQGHQWHVHP
UHODomR j &RPSDQKLD H VXDV FRQWURODGDV GH DFRUGR FRP RV SULQFtSLRV pWLFRV
UHOHYDQWHVSUHYLVWRVQR&yGLJRGHeWLFD3URILVVLRQDOGR&RQWDGRUHQDVQRUPDV
SURILVVLRQDLVHPLWLGDVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGHHFXPSULPRVFRP
DVGHPDLVUHVSRQVDELOLGDGHVpWLFDVGHDFRUGRFRPHVVDVQRUPDV$FUHGLWDPRV
TXHDHYLGrQFLDGHDXGLWRULDREWLGDpVXILFLHQWHHDSURSULDGDSDUDIXQGDPHQWDU
QRVVDRSLQLmR5HVSRQVDELOLGDGHVGD$GPLQLVWUDomRHGDJRYHUQDQoDSHODV
GHPRQVWUDo}HV FRQWiEHLV LQGLYLGXDLV H FRQVROLGDGDV $ $GPLQLVWUDomR p
UHVSRQViYHO SHOD HODERUDomR H DGHTXDGD DSUHVHQWDomR GDV GHPRQVWUDo}HV
FRQWiEHLV LQGLYLGXDLV H FRQVROLGDGDV GH DFRUGR FRP DV SUiWLFDV FRQWiEHLV
$XPHQWRUHGXomRHP
DGRWDGDV QR %UDVLO H SHORV FRQWUROHV LQWHUQRV TXH HOD GHWHUPLQRX FRPR
5HDLV
QHFHVViULRV SDUD SHUPLWLU D HODERUDomR GH GHPRQVWUDo}HV FRQWiEHLV OLYUHV GH
(XUR
GLVWRUomR UHOHYDQWH LQGHSHQGHQWHPHQWH VH FDXVDGD SRU IUDXGH RX HUUR 1D
HODERUDomR GDV GHPRQVWUDo}HV FRQWiEHLV LQGLYLGXDLV H FRQVROLGDGDV D
5HDLV
$GPLQLVWUDomR p UHVSRQViYHO SHOD DYDOLDomR GD FDSDFLGDGH GH D &RPSDQKLD
(XUR
FRQWLQXDURSHUDQGRGLYXOJDQGRTXDQGRDSOLFiYHORVDVVXQWRVUHODFLRQDGRVFRP
DVXDFRQWLQXLGDGHRSHUDFLRQDOHRXVRGHVVDEDVHFRQWiELOQDHODERUDomRGDV
$PRYLPHQWDomRSUHVXPLGDHPSHUFHQWXDOSDUDDDQiOLVHGHVHQVLELOLGDGHDWD[DVGHMXURVp
EDVHDGDQDVWD[DVDWXDOPHQWHSUDWLFDGDVQRDPELHQWHGHPHUFDGR5LVFRGHFkPELR2ULVFRGH GHPRQVWUDo}HV FRQWiEHLV D QmR VHU TXH D $GPLQLVWUDomR SUHWHQGD OLTXLGDU D
FkPELRpRULVFRGHTXHRYDORUMXVWRGRVIOX[RVGHFDL[DIXWXURVGHXPLQVWUXPHQWRILQDQFHLURIOXWXH &RPSDQKLDHVXDVFRQWURODGDVRXFHVVDUVXDVRSHUDo}HVRXQmRWHQKDQHQKXPD
GHYLGRDYDULDo}HVQDVWD[DVGHFkPELR$H[SRVLomRGD&RPSDQKLDHVXDVFRQWURODGDVDRULVFR DOWHUQDWLYDUHDOLVWDSDUDHYLWDURHQFHUUDPHQWRGDVRSHUDo}HV2VUHVSRQViYHLV
GHYDULDo}HVQDVWD[DVGHFkPELRUHIHUHVHEDVLFDPHQWHDRVVHXVFRQWUDWRVGHHPSUpVWLPRV SHOD JRYHUQDQoD GD &RPSDQKLD H VXDV FRQWURODGDV VmR DTXHOHV FRP
LQGH[DGRVDRGyODUQRUWHDPHULFDQR HDRHXUR ILUPDGRVHPXPDPRHGDGLIHUHQWHGDPRHGD UHVSRQVDELOLGDGHSHODVXSHUYLVmRGRSURFHVVRGHHODERUDomRGDVGHPRQVWUDo}HV
IXQFLRQDO GD &RPSDQKLD H GH VXDV FRQWURODGDV $$GPLQLVWUDomR PRQLWRUD FRQWLQXDPHQWH DV FRQWiEHLV5HVSRQVDELOLGDGHVGRDXGLWRUSHODDXGLWRULDGDVGHPRQVWUDo}HV
WD[DVGHFkPELRGHPHUFDGRFRPRREMHWLYRGHDYDOLDUDHYHQWXDOQHFHVVLGDGHGHFRQWUDWDomRGH FRQWiEHLVLQGLYLGXDLVHFRQVROLGDGDV1RVVRVREMHWLYRVVmRREWHUVHJXUDQoD
GHULYDWLYRVSDUDVHSURWHJHUFRQWUDRULVFRGHYRODWLOLGDGHGHVVDVWD[DV6HQVLELOLGDGHDWD[DGH UD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVLQGLYLGXDLVHFRQVROLGDGDVWRPDGDV
FkPELR2TXDGURDEDL[RGHPRQVWUDDVHQVLELOLGDGHDXPDYDULDomRFDEtYHOTXHSRVVDRFRUUHUQD HPFRQMXQWRHVWmROLYUHVGHGLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGD
WD[DGHFkPELRGRGyODUHGRHXURPDQWHQGRVHWRGDVDVRXWUDVYDULiYHLVFRQVWDQWHVGROXFURGD SRU IUDXGH RX HUUR H HPLWLU UHODWyULR GH DXGLWRULD FRQWHQGR QRVVD RSLQLmR
6HJXUDQoDUD]RiYHOpXPDOWRQtYHOGHVHJXUDQoDPDVQmRXPDJDUDQWLDGHTXHD
&RPSDQKLDDQWHVGDWULEXWDomR GHYLGRDYDULDo}HVQRYDORUMXVWRGRVSDVVLYRVPRQHWiULRV
DXGLWRULD UHDOL]DGD GH DFRUGR FRP DV QRUPDV EUDVLOHLUDV H LQWHUQDFLRQDLV GH
(IHLWRQROXFURDQWHVGD
DXGLWRULD VHPSUH GHWHFWDP DV HYHQWXDLV GLVWRUo}HV UHOHYDQWHV H[LVWHQWHV $V
(IHLWRQRSDWULP{QLR
WULEXWDomR
GLVWRUo}HVSRGHPVHUGHFRUUHQWHVGHIUDXGHRXHUURHVmRFRQVLGHUDGDVUHOHYDQWHV
9DULDomRQDWD[DGRHXUR
TXDQGR LQGLYLGXDOPHQWH RX HP FRQMXQWR SRVVDP LQIOXHQFLDU GHQWUR GH XPD
SHUVSHFWLYDUD]RiYHODVGHFLV}HVHFRQ{PLFDVGRVXVXiULRVWRPDGDVFRPEDVH
QDV UHIHULGDV GHPRQVWUDo}HV FRQWiEHLV &RPR SDUWH GD DXGLWRULD UHDOL]DGD GH
5LVFRGHFUpGLWR2ULVFRGHFUpGLWRpRULVFRGHDFRQWUDSDUWHGHXPQHJyFLRQmRFXPSULUXPD DFRUGR FRP DV QRUPDV EUDVLOHLUDV H LQWHUQDFLRQDLV GH DXGLWRULD H[HUFHPRV
REULJDomRSUHYLVWDHPXPLQVWUXPHQWRILQDQFHLURRXFRQWUDWRFRPFOLHQWHRTXHOHYDULDDRSUHMXt]R MXOJDPHQWRSURILVVLRQDOHPDQWHPRVFHWLFLVPRSURILVVLRQDODRORQJRGDDXGLWRULD
ILQDQFHLUR$VFRQWURODGDVGD&RPSDQKLDHVWmRH[SRVWDVDRULVFRGHFUpGLWRHPVXDVDWLYLGDGHV $OpP GLVVR ,GHQWLILFDPRV H DYDOLDPRV RV ULVFRV GH GLVWRUomR UHOHYDQWH QDV
RSHUDFLRQDLV SULQFLSDOPHQWH FRP UHODomR jV FRQWDV D UHFHEHU H GH ILQDQFLDPHQWR LQFOXLQGR GHPRQVWUDo}HV FRQWiEHLV LQGLYLGXDLV H FRQVROLGDGDV LQGHSHQGHQWHPHQWH VH
GHSyVLWRV HP EDQFRV H LQVWLWXLo}HV ILQDQFHLUDV H RXWURV LQVWUXPHQWRV ILQDQFHLURV &RQWDV D FDXVDGDSRUIUDXGHRXHUURSODQHMDPRVHH[HFXWDPRVSURFHGLPHQWRVGHDXGLWRULD
UHFHEHU2ULVFRGHFUpGLWRGRFOLHQWHpDGPLQLVWUDGRGHIRUPDFHQWUDOL]DGDHVWDQGRVXMHLWRDRV HPUHVSRVWDDWDLVULVFRVEHPFRPRREWHPRVHYLGrQFLDGHDXGLWRULDDSURSULDGDH
SURFHGLPHQWRV FRQWUROHV H SROtWLFDV HVWDEHOHFLGRV SHOD &RPSDQKLD H VXDV FRQWURODGDV HP VXILFLHQWHSDUDIXQGDPHQWDUQRVVDRSLQLmR2ULVFRGHQmRGHWHFomRGHGLVWRUomR
UHODomRDHVVHULVFR2VOLPLWHVGHFUpGLWRVmRHVWDEHOHFLGRVHDTXDOLGDGHGRFUpGLWRpDYDOLDGD UHOHYDQWHUHVXOWDQWHGHIUDXGHpPDLRUGRTXHRSURYHQLHQWHGHHUURMiTXHDIUDXGH
SDUDWRGRVRVFOLHQWHVFRPEDVHHPFULWpULRVLQWHUQRVGHFODVVLILFDomR2VUHFHEtYHLVGHFOLHQWHV SRGHHQYROYHURDWRGHEXUODURVFRQWUROHVLQWHUQRVFRQOXLRIDOVLILFDomRRPLVVmR
VmRDFRPSDQKDGRVFRPIUHTXrQFLDHRVFRQWUDWRVGHYHQGDFRVWXPDPWHUJDUDQWLDVILUPDGDVRX RX UHSUHVHQWDo}HV IDOVDV LQWHQFLRQDLV 2EWHPRV HQWHQGLPHQWR GRV FRQWUROHV
RXWUDVIRUPDVGHVHJXURGHFUpGLWR$QHFHVVLGDGHGRUHFRQKHFLPHQWRGHSHUGDVHVWLPDGDVFRP LQWHUQRVUHOHYDQWHVSDUDDDXGLWRULDSDUDSODQHMDUPRVSURFHGLPHQWRVGHDXGLWRULD
FUpGLWRVGHOLTXLGDomRGXYLGRVDpDQDOLVDGDDFDGDGDWDUHSRUWDGDHPEDVHLQGLYLGXDOSDUDRV DSURSULDGRVjVFLUFXQVWkQFLDVPDVQmRFRPRREMHWLYRGHH[SUHVVDUPRVRSLQLmR
SULQFLSDLVFOLHQWHV5LVFRGHOLTXLGH]$&RPSDQKLDHVXDVFRQWURODGDVWrPFRPRREMHWLYRSULQFLSDO VREUH D HILFiFLD GRV FRQWUROHV LQWHUQRV GD &RPSDQKLD H VXDV FRQWURODGDV
DXWLOL]DomRGHUHFXUVRVRULXQGRVDSHQDVGRVHXIOX[RGHFDL[DRSHUDFLRQDOHRXRULXQGRVGHSDUWHV $YDOLDPRVDDGHTXDomRGDVSROtWLFDVFRQWiEHLVXWLOL]DGDVHDUD]RDELOLGDGHGDV
UHODFLRQDGDVGHL[DQGRSDUDUHFRUUHUDHPSUpVWLPRVEDQFiULRVGHORQJRSUD]RDSHQDVTXDQGRRV HVWLPDWLYDV FRQWiEHLV H UHVSHFWLYDV GLYXOJDo}HV IHLWDV SHOD $GPLQLVWUDomR
VHXVIOX[RVGHFDL[DRSHUDFLRQDLVHRXUHFXUVRVRULXQGRVLQWUDJUXSRIRUHPLQVXILFLHQWHVSDUDID]HU &RQFOXtPRVVREUHDDGHTXDomRGRXVRSHOD$GPLQLVWUDomRGDEDVHFRQWiELOGH
IUHQWHjVVXDVQHFHVVLGDGHVGHFDL[DHILQDQFLDPHQWR&REHUWXUDGHVHJXURV$&RPSDQKLD FRQWLQXLGDGH RSHUDFLRQDO H FRP EDVH QDV HYLGrQFLDV GH DXGLWRULD REWLGDV VH
PDQWpP FREHUWXUD GH VHJXURV SDUD ULVFRV RSHUDFLRQDLV QR PRQWDQWH GH 5 GH 5 H[LVWHLQFHUWH]DUHOHYDQWHHPUHODomRDHYHQWRVRXFRQGLo}HVTXHSRVVDPOHYDQWDU
SDUD OXFURV FHVVDQWHV H GH 5 SDUD ULVFRV FLYLV DEUDQJHQGR QD FRQGLomR GH G~YLGD VLJQLILFDWLYD HP UHODomR j FDSDFLGDGH GH FRQWLQXLGDGH RSHUDFLRQDO GD
FRVVHJXUDGDVWRGDVDVVXDVVXEVLGLiULDVTXHHVWmRHPRSHUDomRFRPHUFLDO2YDORUGRVVHJXURV &RPSDQKLDHVXDVFRQWURODGDV6HFRQFOXLUPRVTXHH[LVWHLQFHUWH]DUHOHYDQWH
FRQWUDWDGRV HP GH GH]HPEUR GH p FRQVLGHUDGR VXILFLHQWH VHJXQGR D RSLQLmR GH GHYHPRV FKDPDU DWHQomR HP QRVVR UHODWyULR GH DXGLWRULD SDUD DV UHVSHFWLYDV
DVVHVVRUHVHVSHFLDOLVWDVHPVHJXURVGD&RPSDQKLDSDUDFREULUHYHQWXDLVSHUGDV
GLYXOJDo}HVQDVGHPRQVWUDo}HVFRQWiEHLVLQGLYLGXDLVHFRQVROLGDGDVRXLQFOXLU
PRGLILFDomR HP QRVVD RSLQLmR VH DV GLYXOJDo}HV IRUHP LQDGHTXDGDV 1RVVDV
$PLOWRQ4XHLUR]GD6LOYD±&RQWDGRU&5&3(2
FRQFOXV}HVHVWmRIXQGDPHQWDGDVQDVHYLGrQFLDVGHDXGLWRULDREWLGDVDWpDGDWDGH
'LUHWRUHV 5LFDUGR&RLPEUDGH$OPHLGD%UHQQDQG)LOKRH-RVp-DLPH0RQWHLUR%UHQQDQG
QRVVRUHODWyULR7RGDYLDHYHQWRVRXFRQGLo}HVIXWXUDVSRGHPOHYDUD&RPSDQKLDH
5HODWyULR GR DXGLWRU LQGHSHQGHQWH VREUH DV GHPRQVWUDo}HV FRQWiEHLV LQGLYLGXDLV H VXDV FRQWURODGDV D QmR PDLV VH PDQWHUHP HP FRQWLQXLGDGH RSHUDFLRQDO
FRQVROLGDGDV $RV$FLRQLVWDV H$GPLQLVWUDGRUHV GD %UHQQDQG (QHUJLD 6$ 5HFLIH 3( $YDOLDPRV D DSUHVHQWDomR JHUDO D HVWUXWXUD H R FRQWH~GR GDV GHPRQVWUDo}HV
2SLQLmR ([DPLQDPRV DV GHPRQVWUDo}HV FRQWiEHLV LQGLYLGXDLV H FRQVROLGDGDV GD %UHQQDQG FRQWiEHLVLQFOXVLYHDVGLYXOJDo}HVHVHDVGHPRQVWUDo}HVFRQWiEHLVLQGLYLGXDLVH
(QHUJLD6$ ³&RPSDQKLD´ LGHQWLILFDGDVFRPRFRQWURODGRUDHFRQVROLGDGRUHVSHFWLYDPHQWH FRQVROLGDGDV UHSUHVHQWDP DV FRUUHVSRQGHQWHV WUDQVDo}HV H RV HYHQWRV GH
TXH FRPSUHHQGHP R EDODQoR SDWULPRQLDO HP GH GH]HPEUR GH H DV UHVSHFWLYDV PDQHLUDFRPSDWtYHOFRPRREMHWLYRGHDSUHVHQWDomRDGHTXDGD&RPXQLFDPRQRV
GHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWHGDVPXWDo}HVGRSDWULP{QLROtTXLGRHGRV FRP RV UHVSRQViYHLV SHOD JRYHUQDQoD D UHVSHLWR HQWUH RXWURV DVSHFWRV GR
IOX[RV GH FDL[D SDUD R H[HUFtFLR ILQGR QHVVD GDWD EHP FRPR DV FRUUHVSRQGHQWHV QRWDV DOFDQFH SODQHMDGR GD pSRFD GD DXGLWRULD H GDV FRQVWDWDo}HV VLJQLILFDWLYDV GH
H[SOLFDWLYDV LQFOXLQGR R UHVXPR GDV SULQFLSDLV SROtWLFDV FRQWiEHLV (P QRVVD RSLQLmR DV DXGLWRULDLQFOXVLYHDVHYHQWXDLVGHILFLrQFLDVVLJQLILFDWLYDVQRVFRQWUROHVLQWHUQRV
GHPRQVWUDo}HV FRQWiEHLV LQGLYLGXDLV H FRQVROLGDGDV DFLPD UHIHULGDV DSUHVHQWDP TXHLGHQWLILFDPRVGXUDQWHQRVVRVWUDEDOKRV5HFLIH GHPDUoRGH(5167
DGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHVDSRVLomRSDWULPRQLDOHILQDQFHLUDLQGLYLGXDOH <281*$XGLWRUHV ,QGHSHQGHQWHV 66 &5&63 2 )UDQFLVFR GD
FRQVROLGDGDGD%UHQQDQG(QHUJLD6$HPGHGH]HPEURGHHRGHVHPSHQKR 6LOYD3LPHQWHO&RQWDGRU&5&63273(
(101103)