DOEPE 27/04/2019 - Pág. 21 - Poder Executivo - Diário Oficial do Estado de Pernambuco
Recife, 27 de abril de 2019
Diário Oficial do Estado de Pernambuco - Poder Executivo
Ano XCVI • NÀ 79 - 21
(;75(02=75$160,6625$ '2125'(67(±(716$
5(/$7Ï5,2$18$/ '$ $'0,1,675$d2
$RVDFLRQLVWDV
$ $GPLQLVWUDomRGD([WUHPR]7UDQVPLVVRUDGR1RUGHVWH(716$HPDWHQGLPHQWRjV
GLVSRVLo}HVOHJDLVHHVWDWXWiULDVDSUHVHQWDDV'HPRQVWUDo}HV)LQDQFHLUDVGD&RPSDQKLD
HR5HODWyULRGD$GPLQLVWUDomRUHIHUHQWHDRH[HUFtFLRGHDFRPSDQKDGRVGRSDUHFHU
GRVDXGLWRUHVLQGHSHQGHQWHV7RGDDGRFXPHQWDomRUHODWLYDjVFRQWDVRUDDSUHVHQWDGDV
HVWijGLVSRVLomRGRVVHQKRUHVDFLRQLVWDVDTXHPD'LUHWRULDWHUiRSUD]HUGHSUHVWDUHYHQ
WXDLVHVFODUHFLPHQWRV$V'HPRQVWUDo}HV)LQDQFHLUDVDSUHVHQWDGDVHVWmRHPFRQIRUPLGDGH
FRP%5*$$3 *HQHUDOO\$FFHSWHG$FFRXQWLQJ3ULQFLSOHVHGHDFRUGRFRPD/HL
HOHL LQFOXLQGRRVSURQXQFLDPHQWRVHPLWLGRVSHOR&RPLWrGH3URQXQFLDPHQWRV
&RQWiEHLV&3&
3HUILOGD(PSUHVD$ ([WUHPR]7UDQVPLVVRUDGR1RUGHVWH(716$ pXPDVRFLHGDGH
GHFDSLWDOIHFKDGRTXHWHPFRPRREMHWRDFRQVWUXomRLPSODQWDomRRSHUDomRHPDQXWHQomR
GH LQVWDODo}HV GH WUDQVPLVVmR GH HQHUJLD HOpWULFD H LQVWDODo}HV GH WUDQVPLVVmR GH
LQWHUHVVHH[FOXVLYRGDV&HQWUDLVGH*HUDomRSDUDFRQH[mRFRPSDUWLOKDGD,&*$WUDYpV
GR&RQWUDWRGH&RQFHVVmRQGHGHRXWXEURGHIRLRXWRUJDGDj&RP
SDQKLDSHOD8QLmRSRULQWHUPpGLRGD$JrQFLD1DFLRQDOGH(QHUJLD(OpWULFD$1((/ DFRQ
FHVVmRGHVHUYLoRGHWUDQVPLVVmRGHHQHUJLDHOpWULFDSHORSUD]RGHDQRVSDUDLQVWD
ODo}HV GH WUDQVPLVVmR GH UHGH EiVLFD H GH DQRV SDUD DV ,&*$V LQVWDODo}HV FRP
SUHHQGHP 6XEHVWDo}HV 6XEHVWDomR&HDUi0LULP,,HPN9FRPEDQFRVGH
DXWRWUDQVIRUPDGRUHVGH09$FDGDFRQH[}HVLQWHUOLJDo}HVGHEDUUDEDQFRGH
UHDWRUGHEDUUDN9[09$UHEDQFRGHUHDWRUGHOLQKDN9[09$U
LPSODQWDGDHPXPDiUHDGHKDORFDOL]DGDQR(VWDGRGR5LR*UDQGHGR1RUWH H
6XEHVWDomR-RmR&kPDUD,,,HPN9FRPEDQFRVGHDXWRWUDQVIRUPDGRUHVGH
09$ FDGDFRQH[}HVHLQWHUOLJDomRGHEDUUDLPSODQWDGDHPXPDiUHDGHKDOR
FDOL]DGDQR(VWDGRGR5LR*UDQGHGR1RUWH H 6XEHVWDomR&DPSLQD*UDQGH,,,HP
N9FRPEDQFRGHDXWRWUDQVIRUPDGRUGH09$FRQH[}HVLQWHUOLJDo}HVGH
EDUUDEDQFRGHUHDWRUGHEDUUDN9[09$UHEDQFRGHUHDWRUGHOLQKD
N9 [ 09$U LPSODQWDGD QXPD iUHD GH KD ORFDOL]DGD QR (VWDGR GD 3DUDtED
/LQKDV GH 7UDQVPLVVmR /LQKD GH WUDQVPLVVmR HP N9 FLUFXLWR VLPSOHV HQWUH DV
VXEHVWDo}HVGH-RmR&kPDUD,,,H&HDUi0LULP,,FRPNP /LQKDGHWUDQVPLVVmR
HPN9FLUFXLWRVLPSOHVHQWUHDVVXEHVWDo}HV&HDUi0LULP,,H([WUHPR],,&KHVI
FRP NP 7UHFKRVGHOLQKDGHWUDQVPLVVmRHPN9FLUFXLWRGXSORHQWUHRSRQWR
GHVHFFLRQDPHQWRGDOLQKDGHN9-RmR&kPDUD,,([WUHPR],,HDVXEHVWDomR&HDUi
0LULP ,, FRP NP /LQKD GH WUDQVPLVVmR HP N9 FLUFXLWR VLPSOHV HQWUH DV
VXEHVWDo}HV&DPSLQD*UDQGH,,,H&HDUi0LULP,,FRP NP /LQKDGHWUDQVPLVVmR
HPN9FLUFXLWRVLPSOHVHQWUHDVVXEHVWDo}HV&DPSLQD*UDQGH,,,H&DPSLQD*UDQGH
,, &KHVI FRP NP 7UHFKRVGHOLQKDGHWUDQVPLVVmRHPN9FLUFXLWRGXSORHQWUH
RVSRQWRVGHVHFFLRQDPHQWRGDVOLQKDVGHN9&DPSLQD*UDQGH,,([WUHPR],,&H&
VHQWLGR6XEHVWDomR([WUHPR],, &KHVI FRP.PHVHQWLGRVXEHVWDomR&DPSLQD*UDQGH
,,,FRPNP$PSOLDo}HVDXWRUL]DGDV $PSOLDomRGD6XEHVWDomRGH&DPSLQD
*UDQGH ,,, SRU PHLR GH DXWRUL]DomR GD$1((/ FRP D LPSODQWDomR GH XP EDQFR GH
DXWRWUDQVIRUPDGRUHVGHN9[09$HFRQH[}HV $PSOLDomRGD6XEHVWDomR
GH-RmR&kPDUD,,,SRUPHLRGHDXWRUL]DomRGD$1((/FRPDLPSODQWDomRGRH
EDQFRVGHDXWRWUDQVIRUPDGRUHVGHN9[09$FDGDFRQH[}HVLQWHUOL
JDomR GH EDUUDV H EDQFR GH UHDWRUHV GH N9 [ 09$U $PSOLDomR GD
6XEHVWDomRGH-RmR&kPDUD,,,WDPEpPSRUPHLRGHDXWRUL]DomRGD$1((/FRPDLP
SODQWDomRGREDQFRGHDXWRWUDQVIRUPDGRUGHN9[09$FDGDFRQH[}HV
HLQWHUOLJDomRGHEDUUDV$ &RPSDQKLDDWpSUHVHQWHGDWDQmRDVVLQRX&RQWUDWRGH&RQH[mR
jV,QVWDODo}HVGH7UDQVPLVVmR&&7SRUHVVDUD]mRH[LVWHXPDLQFHUWH]DTXDQWRDVXD
UHDOL]DomR(VVDVLQVWDODo}HVSHUPLWLUDPRHVFRDPHQWRGHHQHUJLDSURYHQLHQWHGHGLYHU
VDV XVLQDV HyOLFDV H UHIRUoDUmR R DWHQGLPHQWR DR 6LVWHPD ,QWHUOLJDGR 1DFLRQDO &RP
SRVLomR$FLRQiULD2FDSLWDOLQWHJUDOL]DGRHPGHGH]HPEURGHpGH
TXDWURFHQWRVHVHVVHQWDHTXDWURPLOK}HVFHQWRHRLWHQWDHWUrVPLORLWRFHQWRVHWUH]HUHDLV
HP5 PLOUHDLV UHSUHVHQWDGRSRUDo}HVRUGLQiULDVVHPYDORU
QRPLQDO HPDo}HV $ FRPSRVLomRDFLRQiULDpDVHJXLQWH
4XDQWLGDGHGHDo}HV
$FLRQLVWDV
,QWHJUDOL]DGDV
&RPSDQKLD+LGUR(OpWULFDGR6mR)UDQFLVFR &KHVI
(PGHIHYHUHLURGHIRLFRQFOXtGRRSURFHVVRGHPXGDQoDGHFRQWUROHVRFLHWiULR
FRPDDVVXQomRSHODDFLRQLVWD&KHVIGHGDVDo}HVSHUWHQFHQWHVj&7((3HDSDU
WLUGHHQWmRD&KHVISDVVRXDWHUGRFRQWUROHVRFLHWiULRGD(71(VVDRSHUDomRIRL
DQXtGDSUHYLDPHQWHSRUWRGDVDVHQWLGDGHVJRYHUQDPHQWDLV $1((/&$'(H6(67 $
DFLRQLVWD&+(6)HP$*(UHDOL]DGDQRGLDGHIHYHUHLURGHGHOLEHURXVREUHRDX
PHQWRGHFDSLWDOVRFLDOGD(71QRYDORU5PLOPHGLDQWHHPLVVmRGHPLO
Do}HVRUGLQiULDVQRPLQDWLYDVVHPYDORUQRPLQDOHVVHDXPHQWRIRLUHDOL]DGRFRPRV$GL
DQWDPHQWRV SDUD )XWXUR$XPHQWR &DSLWDO $)$& V DQWHULRUPHQWH DSRUWDGRV SRU HVVH
DFLRQLVWD
6LVWHPDGH7UDQVPLVVmR$VLQVWDODo}HVGHWUDQVPLVVmRGD(71LQWHJUDPD5HGH%iVL
FDGR6LVWHPD,QWHUOLJDGR1DFLRQDOFXMDFRRUGHQDomRHFRQWUROHGDRSHUDomRGHWUDQVPLVVmR
GHHQHUJLDHOpWULFDVREDILVFDOL]DomRHUHJXODomRGD$JrQFLD1DFLRQDOGH(QHUJLD(OpWUL
FD $1((/ p GR 2SHUDGRU 1DFLRQDO GR 6LVWHPD (OpWULFR 216 SHVVRD MXUtGLFD GH
GLUHLWRSULYDGRVHPILQVOXFUDWLYRVHQWLGDGHDXWRUL]DGDSHOR0LQLVWpULRGH0LQDVH(QHUJLD
00( 1RTXHWDQJHjVLQVWDODo}HVGHWUDQVPLVVmRGHLQWHUHVVHH[FOXVLYRGDV&HQWUDLV
GH*HUDomRSDUDFRQH[mRFRPSDUWLOKDGD,&*DFRRUGHQDomRHFRQWUROHGDRSHUDomRVmR
WDPEpPGHUHVSRQVDELOLGDGHGR216$ 2SHUDomRGRVLVWHPDGHWUDQVPLVVmRpUHDOL]DGD
SHOD&+(6)SRUPHLRGR'HSDUWDPHQWRGH2SHUDomRGR6LVWHPD(OHWURHQHUJpWLFR''(6
HD0DQXWHQomRGDVLQVWDODo}HVVmRUHDOL]DGDVSRUHTXLSHVGHPDQWHQHGRUHVGD(711R
H[HUFtFLRGHHVVDVDWLYLGDGHVDSUHVHQWDUDPXPGHVHPSHQKRHPFRQIRUPLGDGHFRP
RV3URFHGLPHQWRVGH5HGHYLJHQWHV
0HLR$PELHQWH$ PLVVmRDVVXPLGDSHOD(71EDVHLDVHHPGLUHWUL]HVVXVWHQWiYHLVPDQ
WHQGRGHVGHDQWHVGRLQtFLRGDVREUDVGRSURMHWRDo}HVGLUHFLRQDGDVSDUDLQWHUDomRDGH
TXDGDGRHPSUHHQGLPHQWRFRPRDPELHQWHHFRPXQLGDGHVQDVTXDLVHVWiLQVHULGR1HVVH
FRQWH[WRGLYHUVRV3URJUDPDV$PELHQWDLVDOpPGRVMiH[HFXWDGRVQRSHUtRGRGHLPSODQ
WDomRGR3URMHWRVmRPDQWLGRVSHOD(71HPGHVWDTXHR3URJUDPDGH&RPXQLFDomR6R
FLDOH(GXFDomR$PELHQWDOFRPRREMHWLYRGHPHOKRUDUDLQWHUDomRGDFRPSDQKLDFRPDV
FRPXQLGDGHVGRHQWRUQRGRVHXHPSUHHQGLPHQWR(VVHSURJUDPDUHDOL]DFDPSDQKDVTXH
DSUHVHQWDPLQIRUPDo}HVVREUHRVHPSUHHQGLPHQWRVjVFRPXQLGDGHVFDQDLVGHFRPXQL
FDomRFRPD&RPSDQKLDEHPFRPRDIRUPDVHJXUDGHLQWHUDJLUFRPDVLQVWDODo}HVGH
WUDQVPLVVmRGRHPSUHHQGLPHQWR$OpPGLVVRDHTXLSHGD(71UHDOL]DPRQLWRUDPHQWRGH
iUHDVHPUHFXSHUDomRHGRVSURFHVVRVHURVLYRVDWUDYpVGR3URJUDPDGH5HFXSHUDomRGH
ÈUHDV'HJUDGDGDVHR3URJUDPDGH3UHYHQomRH&RQWUROHGH3URFHVVRV(URVLYRV&RP
HVVHPRQLWRUDPHQWRHVSHUDVHHYLWDULPSDFWRVLQGHVHMDGRVDRDPELHQWHHWDPEpPDRHP
SUHHQGLPHQWR9DOHUHVVDOWDUWDPEpPTXHUHIRUoDQGRRFRPSURPLVVRGD(71FRPRPHLR
DPELHQWHWRGDVDVOLFHQoDVDPELHQWDLVGHRSHUDomRHQFRQWUDPVHGHQWURGRSHUtRGRGH
YLJrQFLD (VVDV OLFHQoDV VmR LPHGLDWDPHQWH UHQRYDGDV FRQIRUPH SUD]RV HVWDEHOHFLGRV
SHORVUHVSHFWLYRVyUJmRVDPELHQWDLV&RPHVVDVDo}HVD(71PDQWpPVHXFRPSURPLVVR
QD PDQXWHQomR GH XP DPELHQWH DGHTXDGR QDV FRPXQLGDGHV GR HQWRUQR GH VHX HP
SUHHQGLPHQWRPLWLJDQGRLPSDFWRVQHJDWLYRVHDPSOLDQGRLPSDFWRVSRVLWLYRV
'HVHPSHQKR2SHUDFLRQDO$VLQVWDODo}HVGD(71IRUDPHQHUJL]DGDVHQWUHRXWXEURGH
HMXQKRGHHVmRUHVSRQViYHLVSHORHVFRDPHQWRGDHQHUJLDSURYHQLHQWHGHGL
YHUVRVSDUTXHVHyOLFRVLQVWDODGRVQR5LR*UDQGHGR1RUWHFRPDFHVVRj6(-RmR&kPDUD
,,, UHIRUoDQGR R DWHQGLPHQWR jV UHJL}HV PHWURSROLWDQDV GH 1DWDO H GH -RmR 3HVVRD$
FRQH[mR GR HPSUHHQGLPHQWR DR 6LVWHPD ,QWHUOLJDGR 1DFLRQDO 6,1 GHXVH YLD 6( ([
WUHPR],, &+(6) H6(&DPSLQD*UDQGH,,,(PD(71DSUHVHQWRXQtYHLVGHGLVSRQL
ELOLGDGHEDVWDQWHVDWLVIDWyULDV SDUDDVOLQKDVGHWUDQVPLVVmRGHN9HSDUD
DVOLQKDVGHN9
5HFHLWD$QXDO3HUPLWLGD&RQIRUPHR&RQWUDWRGH&RQFHVVmRDSUHVWDomRGRVHUYLoRGH
WUDQVPLVVmRVHIDUiPHGLDQWHRSDJDPHQWRGH5HFHLWD$QXDO3HUPLWLGD(VVDUHFHLWDVHUi
UHFHELGDPHQVDOPHQWHHPGXRGpFLPRVGD5$3SRUDQRVHVHUiUHDMXVWDGDDQXDO
PHQWHQRPrVGHMXOKRGHFDGDH[HUFtFLRSHODYDULDomRDFXPXODGDGRËQGLFHGH3UHoRV
DR&RQVXPLGRU$PSOR,3&$HpXWLOL]DGDSDUDDPRUWL]DomRGRVDWLYRVFRQWUDWXDLVQmR
LQGHQL]iYHLV$ FDGD FLQFR DQRV D 5$3 SDVVD SRU XP SURFHVVR GH UHYLVmR WDULIiULD
VHQGRGHWHUPLQDGDFRPEDVHQRVIOX[RVGHFDL[DIXWXURVHVWLPDGRVFDOFXODGRVSHORPpWR
GR GH FXVWR PpGLR SRQGHUDGR GH FDSLWDO GH DFRUGR FRP R FRQWUDWR GH FRQFHVVmR Q
(PD(71SDVVRXSHORVHXSULPHLURSURFHVVRGHUHYLVmRWDULIiULDDUHGXomR
QD5$3 GD&RPSDQKLDRULXQGDGHVWDUHYLVmRIRLGH5 PLOFRUUHVSRQGHQWHD
TXDQGRFRPSDUDGDVD5$3 GRFLFORDQWHULRU(PD5$3 GRFLFOR IRLGH5
PLO &LFOR5PLOSyVUHYLVmRWDULIiULD
,QYHVWLPHQWRV([SDQVmR2VLQYHVWLPHQWRVUHDOL]DGRVHPVXDVLQVWDODo}HVGHWUDQVPLVVmR
QRGHFRUUHUGDYLJrQFLDGHVWD&RQFHVVmRUHSUHVHQWDPXPLPSRUWDQWHUHIRUoRDR6LVWHPD
,QWHUOLJDGR1DFLRQDO6,1HFRQWULEXLGLUHWDPHQWHFRPRHVFRDPHQWRGHPDLVHQHUJLDHyOL
FD SDUD D PDWUL] HQHUJpWLFD EUDVLOHLUD 'RV LQYHVWLPHQWRV SUHYLVWRV SDUD FRQVWUXomR GDV
LQVWDODo}HVGD(71DWpGHGH]HPEURGHIRUDPUHDOL]DGRV5 PLO 55
PLODWpGHGH]HPEURGH RVYDORUHVSUHYLVWRVGHUHDOL]DomRHPQR
PRQWDQWHGH5 PLOQmRIRUDPUHDOL]DGRVDVYHUEDVTXHFRPSXQKDPRRUoDPHQ
WRGHLQYHVWLPHQWRVGHWHQGRHPYLVWDDVXDQHFHVVLGDGHGHUHDOL]DomRIRUDPWUDQV
SRUWDGDVSDUDRRUoDPHQWRGH WRWDOL]DQGRLQYHVWLPHQWRVGH5PLO$VREUDV
HFRQWUDWDo}HVGDVHJXQGDDPSOLDomRGDVXEHVWDomRGH-RmR&kPDUD,,,RULXQGDVGD5H$
$1((/ QmRIRUDPLQLFLDGDVSRLVD(71QmRIRUPDOL]RXDWpGHGH]HPEUR
GHQHQKXPGRV&RQWUDWRVGH&RQH[mRjV,QVWDODo}HVGH7UDQVPLVVmR&&7V(VVD
DXWRUL]DomRGD$1((/WHPLQYHVWLPHQWRSUHYLVWRGH5PLOH5HFHLWD$QXDO3HU
PLWLGDGH5 PLO %DVHMXOKR
)RUQHFHGRUHV&RPUHODomRDRVVHXVIRUQHFHGRUHVGHEHQVHVHUYLoRVSDUFHLURVLPSRU
WDQWHVSDUDRVHXQHJyFLRD(71PDQWpPUHODomRGHWUDQVSDUrQFLDEDVHDGDHPSULQFtSLRV
pWLFRV DVVLP FRPR GLiORJRV FRQVWDQWHV DFHUFD GRV SURFHGLPHQWRV QD JHVWmR GRV FRQ
WUDWRVFRPDILQDOLGDGHGHIRUWDOHFHUDSDUFHULDHPHOKRUDUDTXDOLGDGHGRVVHUYLoRVHSUR
GXWRV1RVSURFHVVRVGHVHOHomRHFRQWUDWDomRGRVVHXVIRUQHFHGRUHVD(71EXVFDHP
SUHVDV TXH GHPRQVWUHP TXDOLILFDomR WpFQLFD SUHoRV FRPSHWLWLYRV H TXH WHQKDP
UHVSRQVDELOLGDGHVRFLRDPELHQWDOVHJXLQGRRVSUHFHLWRVGHVXVWHQWDELOLGDGHHR5HJXODPHQWR
GH/LFLWDo}HVH&RQWUDWRVGD(OHWUREUiVEDVHDGRQD/HL
)LQDQFLDPHQWRV(PGHPDUoRGHD&RPSDQKLDHPLWLXGHErQWXUHVGHLQIUDHVWUXWXUD
SDUD GLVWULEXLomR S~EOLFD FRP HVIRUoRV UHVWULWRV QRV WHUPRV GD ,QVWUXomR GD &90 Q
2YDORUWRWDOGDHPLVVmRGHGHErQWXUHVIRLGH5PLOLQWHJUDOL]DGRHP
GHDEULOGHRVUHFXUVRVFDSWDGRVIRUDPXWLOL]DGRVSDUDGHYROXomRUHFXUVRVUHFH
ELGRVGDDFLRQLVWD&KHVIQDIDVHGHFRQVWUXomR$VGHErQWXUHVVHUmRDPRUWL]DGDVHPGR]H
DQRVFRPSDUFHODVVHPHVWUDLVVHQGRDSULPHLUDHPVHWHPEURGHHD~OWLPDHPMDQHLUR
GH RVDOGRGHYHGRUpDWXDOL]DGRSHODYDULDomRGR,3&$GLYXOJDGRPHQVDOPHQWHSHOR
,QVWLWXWR %UDVLOHLUR GH *HRJUDILD H (VWDWtVWLFD ,%*( FRP 6SUHDG GH DR DQR
GHYLGRVGHVGHDGDWDGDOLTXLGDomRGDREULJDomR3DUDDVVHJXUDURFXPSULPHQWRGHWRGDV
DVREULJDo}HVLQHUHQWHVDRSURFHVVRGHHPLVVmRGDVGHErQWXUHVIRUDPRXWRUJDGRVHP
GHPDUoRGHRVVHJXLQWHVFRQWUDWRVGHJDUDQWLD L &RQWUDWRGH&HVVmR)LGXFLiULD
RQGHD&RPSDQKLDRIHUHFHWRGRVRVGLUHLWRVFUHGLWyULRVSUHVHQWHVHIXWXURVHPGHFRUUrQ
FLD GRVHX&RQWUDWRGH&RQFHVVmRQ LL &RQWUDWRGH$OLHQDomR)LGXFLiULDRQGH
D&RPSDQKLDRIHUHFHWRGDVDVDo}HVUHSUHVHQWDWLYDVGRVHXFDSLWDOVRFLDOGHWLWXODULGDGH
GDV$FLRQLVWDVMiVXEVFULWDVHDVTXHYHQKDPDVHUVXEVFULWDVHPGDWDSRVWHULRUDDVVL
QDWXUD GHVWH FRQWUDWR$ HVFULWXUD GH HPLVVmR GH GHErQWXUHV SUHYr FOiXVXODV GH YHQFL
PHQWRDQWHFLSDGR'HVWDFDPRVDEDL[RDVFOiXVXODVTXHGL]HPUHVSHLWRDRVtQGLFHVIL
QDQFHLURV D 1mRDWHQGLPHQWRSHOD(PLVVRUDSRU GRLV DQRVVHJXLGRVRX WUrV LQ
WHUFDODGRVGRËQGLFHGH&REHUWXUDGR6HUYLoRGD'tYLGD,&6'PtQLPRGH XPLQWHLUR
HGRLVGpFLPRV LQGHSHQGHQWHPHQWHGDUHDOL]DomRGHGHSyVLWRVQD&RQWD&RPSOHPHQWDomR
GR,&6' FRQIRUPHGHILQLGRDEDL[R HPFDGDXPGRVH[HUFtFLRV2,&6'GHYHUiVHUDSX
UDGRDQXDOPHQWHFRPEDVHQDVGHPRQVWUDo}HVILQDQFHLUDVDQXDLVFRQVROLGDGDVHDXGL
WDGDVUHIHUHQWHVDRDQRFLYLODQWHULRU(PRËQGLFHGH&REHUWXUDGR6HUYLoRGD'tYL
GD,&6'IRLGH XPLQWHLURHRLWHQWDHFLQFR HPIRLGH XPLQWHLURHVH
WHQWDHTXDWUR E 1mRDWHQGLPHQWRSHOD(PLVVRUDDFDGDDQRDFRQWDU GR]H PHVHV
GHËQGLFHGH&DSLWDO3UySULRGHILQLGRSHODUHODomR3DWULP{QLR/tTXLGR$WLYR7RWDOLJXDO
RXVXSHULRUD WULQWDSRUFHQWR FRPSURYDGRPHGLDQWHDDSUHVHQWDomRGHGHPRQVWUDo}HV
ILQDQFHLUDVDXGLWDGDVHPSHUtRGRGH GR]H PHVHVDQWHULRUHVjDSXUDomRDFLPDUHIHUL
GD(PDUHODomR3DWULP{QLR/tTXLGR$WLYR7RWDOIRLGH HPIRLGH
'HVHPSHQKR(FRQ{PLFR)LQDQFHLUR2GHVHPSHQKRHFRQ{PLFRILQDQFHLURHVWiVHQGR
DSUHVHQWDGRHPFRQIRUPLGDGHFRPDVGHPRQVWUDo}HVILQDQFHLUDVVRFLHWiULDVGD&RPSDQKLD
GRVH[HUFtFLRVGHH
3ULQFLSDLVPXGDQoDVQDVSUiWLFDVFRQWiEHLVHRVLPSDFWRVQDVGHPRQVWUDo}HVIL
QDQFHLUDVGRH[HUFtFLRILQGRHPGHGH]HPEURGH (PD&RPSDQKLDDGR
WRXD&3&,)56XVDQGRRPpWRGRGHHIHLWRFXPXODWLYRFRPDSOLFDomRLQLFLDOGD
QRUPDQDGDWDGHGHMDQHLURGHDQRYDQRUPDGHWHUPLQDTXHD&RPSDQKLDVySRGH
FRQWDELOL]DURVHIHLWRVGHXPFRQWUDWRFRPXPFOLHQWHTXDQGRIRUSURYiYHOTXHUHFHEHUiD
FRQWUDSUHVWDomRjTXDOWHUiGLUHLWRHPWURFDGRVEHQVRXVHUYLoRVTXHVHUmRWUDQVIHULGRV
$WpGHGH]HPEURGHDLQIUDHVWUXWXUDGHWUDQVPLVVmRHUDFODVVLILFDGDFRPRDWLYR
ILQDQFHLURVRERHVFRSRGR,&3&,)5,&HPHQVXUDGDDRFXVWRDPRUWL]DGR(UDP
FRQWDELOL]DGDVUHFHLWDVGHFRQVWUXomRHGHRSHUDomRFRPPDUJHP]HURDOpPGDUHFHLWDGH
UHPXQHUDomRGDLQIUDHVWUXWXUDGHFRQFHVVmRFRPEDVHQD7,5GHFDGDSURMHWRMXQWDPHQWH
FRPDYDULDomRGR,3&$$ WDEHODDVHJXLUUHVXPHRLPSDFWRGDWUDQVLomRSDUDR&3&
,)56TXHGHILQHRDWLYRGDFRQFHVVmRFRPRDWLYRFRQWUDWXDOVREUHOXFURVDFXPXOD
GRVHPGHMDQHLURGHTXHVRIUHUDPXPDUHGXomRGH5PLO
,PSDFWRGDDGRomR
&3&,)56HPGHMDQHLURGH
/XFURVDFXPXODGRV
5HYHUVmRLPSDLUPHQW±DFXPXODGRDWp
$GRomR&3&,)56±$WLYRFRQWUDWXDO
5HYHUVmRLPSRVWRVHFRQWULEXLo}HVGLIHULGRV
,PSDFWRHPGHMDQHLURGH
$V WDEHODV D VHJXLU UHVXPHP RV LPSDFWRV GD DGRomR GR &3& ,)56 QR EDODQoR
SDWULPRQLDOGD&RPSDQKLDHPGHGH]HPEURGHHQDGHPRQVWUDomRGRUHVXOWDGR
SDUDRHQFHUUDPHQWRGHVWHDQRHPFDGDXPDGDVOLQKDVDIHWDGDV1mRKRXYHLPSDFWRPD
WHULDOQDGHPRQVWUDomRGRVIOX[RVGHFDL[DGD&RPSDQKLDSDUDRH[HUFtFLRILQGRHPGH
GH]HPEURGH
,PSDFWRVDGRomR
%DODQoR3DWULPRQLDO
&3&,)56
$SUHVHQWDGR
$QWHVGRVHIHLWRV
$WLYRFLUFXODQWH
$WLYRILQDQFHLUR±
FRQFHVVmRGHVHUYLoRS~EOLFR
$WLYRFRQWUDWXDO±
FRQFHVVmRGHVHUYLoRS~EOLFR
'HPDLVDWLYRVFLUFXODQWHV
QmRLPSDFWDGRV
$WLYRQmRFLUFXODQWH
$WLYRILQDQFHLUR±
FRQFHVVmRGHVHUYLoRS~EOLFR
$WLYRFRQWUDWXDO±
FRQFHVVmRGHVHUYLoRS~EOLFR
'HPDLVDWLYRVQmR
FLUFXODQWHVQmRLPSDFWDGRV
7RWDODWLYR
3DVVLYRFLUFXODQWH
'HPDLVSDVVLYRVFLUFXODQWHV
QmRLPSDFWDGRV
3DVVLYRQmRFLUFXODQWH
3LVH&RILQVGLIHULGRV
,PSRVWRGHUHQGDH
FRQWULEXLomRVRFLDOGLIHULGRV
'HPDLVSDVVLYRVFLUFXODQWHV
QmRLPSDFWDGRV
3DWULP{QLROtTXLGR
5HVHUYDVGHOXFURV
H[HUFtFLRVDQWHULRUHV
5HVXOWDGRGRH[HUFtFLR
'HPDLVLWHQVGR3DWULP{QLR
OtTXLGRQmRLPSDFWDGRV
7RWDOSDVVLYR
'HPRQVWUDomRGH5HVXOWDGR
,PSDFWRVDGRomR
&3&,)56
$SUHVHQWDGR
$QWHVGRVHIHLWRV
5HFHLWDOtTXLGD
,PSRVWRGH5HQGDH
FRQWULEXLomRVRFLDOGLIHULGRV
'HPDLVUHFHLWDVHGHVSHVDV
QmRLPSDFWDGDV
/XFUROtTXLGRGRH[HUFtFLR
2VHIHLWRVGRVDMXVWHVGDDSOLFDomRGR&3&,)56HVWmRUHIOHWLGRVQRVDWLYRVFLUFXODQWH
QmRFLUFXODQWHSDVVLYRQmRFLUFXODQWHQRSDWULP{QLROtTXLGRHQRUHVXOWDGRGRH[HUFtFLR
TXHVRIUHXXPDFUpVFLPRGH5PLO5HVXOWDGR2SHUDFLRQDOH/XFUR/tTXLGR 1R
H[HUFtFLRGHD(71REWHYHXP5HVXOWDGR2SHUDFLRQDOGH5PLO 5
PLOHP RDXPHQWRUHJLVWUDGRHPRFRUUHXHPGHFRUUrQFLDGHUHGXomRQRFXVWR
GHRSHUDomRRULXQGREDVLFDPHQWHGH L QmRUHJLVWURHPGHSURYLVmRSDUDLPSDLU
PHQWHPD&RPSDQKLDUHJLVWURXLPSDLUPHQWUHGX]LQGRRVHXDWLYRILQDQFHLURHP
5PLOH LL UHGXomRQRFXVWRGHFRQVWUXomRTXHHPIRLGH5PLOH
HPIRLUHJLVWUDGRXPDUHYHUVmRQHVVHFXVWRGH5 PLOGHYLGRDDMXVWHVQDFRQWD
GHSURYLVmRSDUDJDVWRVFRPLQGHQL]Do}HVIXQGLiULDVSDUDGHVHPEROVRVIXWXURVGHFRUUHQWH
GDUHGXomRGHMXURVFRPSHQVDWyULRVSUHYLVWRSDUDFRQFOXVmRGRVSURFHVVRVLQGHQL]DWyULRV
VREUHDVDo}HVDMXL]DGDVTXHSDVVRXGHSDUDHPFRPSDUDomRDRFDOFXODGRHP
2/XFUR/tTXLGRDSyVDSURYLVmRSDUDR,PSRVWRGH5HQGDH&RQWULEXLomR6RFLDO
HPIRLGH5PLO HP3UHMXt]R/tTXLGR5PLO DUHYHUVmRQR
UHVXOWDGRGD&RPSDQKLDGHSUHMXt]RHPSDUDOXFURHPGHFRUUHXEDVLFDPHQWH
GDH[LVWrQFLDGHGHVSHVDVHPTXHQmRIRUDPUHJLVWUDGDVHPHPGHVWDTXH L
HQFDUJRVILQDQFHLURVLQFLGHQWHVVREUHDFDSWDomRGRVUHFXUVRVYLDHPLVVmRGHGHErQWXUHV
HVREUHDGHYROXomRGRP~WXRVRFLHWiULRSDUDDDFLRQLVWD&+(6)HVVHVHQFDUJRVUHSUH
VHQWDUDP XP DFUpVFLPR GH 5 PLO QD GHVSHVD ILQDQFHLUD HP LL D
&RPSDQKLDUHJLVWURXLPSDLUPHQWQRPRQWDQWHGH5PLOUHVXOWDGRGHPXGDQoDV
VLJQLILFDWLYDVQRDPELHQWHQDTXDOD&RPSDQKLDRSHUDQRWDGDPHQWHFRPUHODomRjVWD[DV
GHPHUFDGRHWD[DLQWHUQDGHUHWRUQRGRSURMHWRH LLL UHGXomRQRFXVWRGHFRQVWUXomRTXH
HPIRLGH5PLOHHPIRLUHJLVWUDGRXPDUHYHUVmRQHVVHFXVWRGH5
PLOMiPHQFLRQDGRQRSDUiJUDIRDQWHULRU5HFHLWD%UXWD $ UHFHLWDEUXWDGD(71VRIUHX
XPDUHGXomRGH5SDVVDQGRGH5 HPSDUD5PLOHP
HPGHFRUUrQFLDGRVHIHLWRVQRUHJLVWURGDVUHFHLWDVGRDWLYRFRQWUDWXDOFRPEDVHQR,)56
&3&
5HFHLWDGHLPSODQWDomRGHLQIUDHVWUXWXUD
5HFHLWDGHRSHUDomRHPDQXWHQomR
5HPXQHUDomRGRVDWLYRVGDFRQFHVVmR
5HFHLWDRSHUDFLRQDOEUXWD
&XVWRV H GHVSHVDV RSHUDFLRQDLV 2V FXVWRV H GHVSHVDV RSHUDFLRQDLV VRPDUDP 5
PLO HP 5 PLO HP HVVD UHGXomR UHIOHWH SULQFLSDOPHQWH DV
VHJXLQWHVYDULDo}HV
&XVWRGHLPSODQWDomRGHLQIUDHVWUXWXUD D
&XVWRGH2SHUDomR E
3URYLVmRSDUDUHGXomRDYDORUUHFXSHUiYHO ,PSDLUPHQW F
2XWUDVGHVSHVDVDGPLQLVWUDWLYDV
D DUHGXomRFRPUHYHUVmRGHFXVWRVUHJLVWUDGDpRULXQGDGHDDMXVWHVQD
FRQWD GH SURYLVmR SDUD JDVWRV FRP LQGHQL]Do}HV IXQGLiULDV SDUD GHVHPEROVRV IXWXURV
GHFRUUHQWHGDUHGXomRGHMXURVFRPSHQVDWyULRVSUHYLVWRSDUDFRQFOXVmRGRVSURFHVVRVLQ
GHQL]DWyULRVVREUHDVDo}HVDMXL]DGDVTXHSDVVRXGHSDUDHPFRPSDUDomRDR
FDOFXODGRHP E RUHGXomRGHRFRUUHXHPGHFRUUrQFLDGH L UHGXomRGD
GHVSHVDVFRPSHVVRDOGHFRUUHQWHGRVGHVOLJDPHQWRVSURYHQLHQWHVGRSURFHVVRGHLQ
FRUSRUDomR LL RVFXVWRVGHIRUDPLQIODGRVSHODDTXLVLomRGHLVRODGRUHVSROLPpULFRV
SDUDVXEVWLWXLomRLPHGLDWDQDVOLQKDVGHWUDQVPLVVmRDVVLPFRPRFRQWUDWDomRGHVHUYLoRV
SDUDDODYDJHPGRVLVRODGRUHVQmRVXEVWLWXtGRVWXGRFRPRILPGHUHGX]LURVULVFRVGHLQ
WHUUXSo}HVQDGLVSRQLELOLGDGHGRVVHUYLoRV F (PQmRKRXYHUHJLVWURGHLPSDLU
PHQWGHIRUPDTXHRFXVWRQmRVRIUHXYDULDomRGHFRUUHQWHGHVVDUXEULFD
3URSRVWDSDUDGLVWULEXLomRGHGLYLGHQGRV $ 'LUHWRULDFRPEDVHQR$UWLJRGR(V
WDWXWR6RFLDOGDFRPSDQKLDSURS}HGLVWULEXLomRGHGLYLGHQGRVSDUDDSURYDomRGR&RQ
VHOKRGH$GPLQLVWUDomRHGD$VVHPEOHLD*HUDO2UGLQiULD$*2FRQIRUPHDVHJXLU
9DORU5PLO
5HVXOWDGRGRH[HUFtFLRGH
&RQVWLWXLomRUHVHUYDOHJDO OXFURGRH[HUFtFLR
5HVHUYDLQFHQWLYRVILVFDLV
/XFURUHWLGRGHSDUDGHVWLQDomR
/XFURVUHWLGRVDWpGHGH]HPEURGH
DSyVDMXVWHVGR&3&,)56
'LYLGHQGRVSURSRVWRV
3URFHVVRGHLQFRUSRUDomRGD(71SHODVXDDFLRQLVWD&KHVI&RPDDVVXQomRGRFRQ
WUROH DFLRQiULR SHOD &KHVI HP IHYHUHLUR GH SRU UHFRPHQGDomR GD 6HFUHWDULD GH
&RRUGHQDomRH*RYHUQDQoDGH(PSUHVDV(VWDWDLV6(67OLJDGDDR0LQLVWpULRGD(FRQR
PLDHDSyVDSURYDo}HVLQWHUQDVGD&KHVIH(OHWUREUiVWHYHLQtFLRRSURFHVVRGHLQFRUSR
UDomR GD (71 SHOD &KHVI$ $JrQFLD 1DFLRQDO GH (QHUJLD (OpWULFD $1((/ FRQFHGHX
DQXrQFLDSUpYLDSDUDUHDOL]DomRGDLQFRUSRUDomRGD(71SHOD&KHVISRUPHLR5HVROXomR
$XWRUL]DWLYDQGHGHDJRVWRGH$SyVSUD]RHVWDEHOHFLGRSRUHVVD$JrQ
FLDSRUPHLRGR'HVSDFKRQGH GHQRYHPEURGHIRLFRQFHGLGRSURUURJDomR
GHSUD]RSRUPDLV FHQWRHYLQWH GLDVSDUDILQDOL]DomRGHVVHSURFHVVRLQFRUSRUDomR
HVVHSUD]RVHH[SLUDHP 3DUDFRQFOXLUHVVDRSHUDomRD&RPSDQKLDQHFHVVL
WDGDDSURYDomRGRVVHXVGHEHQWXULVWDVRTXyUXPSDUDVHREWHUDVDSURYDo}HVTXHVHID]HP
QHFHVViULDVSDUDDUHDOL]DomRGDLQFRUSRUDomRHSDUDDVDOWHUDo}HVGHLQVWUXPHQWRVFRQ
WUDWXDLV p GH DSURYDomR p $ GLILFXOGDGH QD REWHQomR GHVVH TXyUXP HVWi QD
SXOYHUL]DomRGRVLQYHVWLGRUHVHVWLPDVHTXHD&RPSDQKLDMiDWLQJLXDWpSUHVHQWHGDWD
TXyUXPGHDSURYDomRGHPDLVGHGRVVHXVGHEHQWXULVWDVSRUHVVDUD]mRSURWRFRORX
MXQWRj$1((/ HPD&((71 VROLFLWDQGRHPFDUiWHUH[FHSFLRQDO
SURUURJDomRGRSUD]RFRQFHGLGRHUHLWHUDQGRRLQWHUHVVHHFRPSURPLVVRHPILQDOL]DUHVVH
SURFHVVR GH LQFRUSRUDomR FRP D PDLRU EUHYLGDGH SRVVtYHO $ &RPSDQKLD YHP
DFRPSDQKDQGR GH SHUWR D WUDPLWDomR GRV SURFHGLPHQWRV GH REWHQomR GDV DSURYDo}HV
QHFHVViULDVSDUDTXHVHMDSRVVtYHOGDUFRQWLQXLGDGHjVXDLQFRUSRUDomRSHOD&KHVI
&217,18$