DOEPE 19/08/2020 - Pág. 10 - Poder Executivo - Diário Oficial do Estado de Pernambuco
10 - Ano XCVII • NÀ 154
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 19 de agosto de 2020
3RUWRGR5HFLIH6$ 6(&5(7$5,$ '('(6(192/9,0(172±(&21Ð0,&2±6'(&&13- 0)
5(/$725,2 '$ ',5(725,$ 6HQKRUHV $FLRQLVWDV HP FXPSULPHQWR jV GLVSRVLo}HV
OHJDLV H HVWDWXWiULDV VXEPHWHPRV j DSUHFLDomR GH 9RVVDV 6HQKRULDV R %DODQoR
3DWULPRQLDO H GHPDLV 'HPRQVWUDo}HV &RQWiEHLV YDORUHV DSUHVHQWDGRV HP PLOKDUHV GH
UHDLV DFRPSDQKDGRV GR 5HODWyULR GD $GPLQLVWUDomR H GRV $XGLWRUHV ,QGHSHQGHQWHV
UHIHUHQWHDRH[HUFtFLRHQFHUUDGRHPGH'H]HPEURGH FRORFDQGRQRVjGLVSRVLomR
GRV6HQKRUHV$FLRQLVWDVSDUDTXDLVTXHURXWURVHVFODUHFLPHQWRVDGLFLRQDLVTXHVHIL]HUHP
QHFHVViULRV5HFLIH GHDJRVWRGH$ ',5(725,$
5(/$7Ï5,2'$ $'0,1,675$d2±(;(5&Ë&,2 $ HPSUHVD3RUWRGR5HFLIH
6$ GHVGH R LQtFLR GR ([HUFtFLR GH FRP D QRPHDomR GD VXD QRYD 'LUHWRULD
([HFXWLYDYHPGHIRUPDSODQHMDGDGHQWURGDVSRVVLELOLGDGHVHGLILFXOGDGHVHQIUHQWDGDV
H[HFXWDQGRYiULDVDo}HVGHFRQVLGHUiYHOLPSRUWkQFLDVHPSUHREMHWLYDQGRDUHWRPDGDHD
VD~GH ILQDQFHLUD GD HPSUHVD WmR FRPSURPHWLGD QRV ~OWLPRV DQRV $WXDQGR FRP
WUDQVSDUrQFLDGLULJLQGRHPRQLWRUDQGRDVGLYHUVDViUHDVHDo}HVGDHPSUHVDDVVLPFRPR
SULRUL]DQGR R VHX HQYROYLPHQWR H R VHX FRPSURPLVVR GLDQWH GH VROXo}HV H HVWUDWpJLDV
FRPSDUWLOKDGDV HQWUH RV VHXV VyFLRV MXQWR DR &RQVHOKR GH $GPLQLVWUDomR H MXQWR DRV
ÏUJmRV GH ILVFDOL]DomR H FRQWUROH D 3RUWR GR 5HFLIH 6$ REMHWLYD DOFDQoDU RV VHXV
UHVXOWDGRVGHQWURGRVVHXVOLPLWHVGHFRPSHWrQFLDHGHHILFiFLDVHPSUHH[SRQGRWRGDV
DV GLILFXOGDGHV HQIUHQWDGDV WDO FRPR H[LJH XP DPELHQWH GH JRYHUQDQoD FRUSRUDWLYD
1HVVHVHQWLGRGHQWUHDVDo}HVGHPDLRUGHVWDTXHKiGHVHUUHJLVWUDGDDUHHVWUXWXUDomR
RUJDQL]DFLRQDOGDHPSUHVDFRPDGLPLQXLomRH[SUHVVLYDGHSRVWRVHPVHXTXDGURGH
FDUJRV DVVLP FRPR D H[HFXomR GR 3ODQR GH 'HVOLJDPHQWR 9ROXQWiULR ± 3'9 FRP D
DGHVmRGH VHWHQWD HPSUHJDGRVHIHWLYRVTXHVRPDGRVDRV GH]HVVHLV HPSUHJD
GRV FRPLVVLRQDGRV H[RQHUDGRV WRWDOL]RX D VDtGD RLWHQWD H VHLV HPSUHJDGRV GD
HPSUHVDRTXHUHSUHVHQWRX FLQTHQWDSRUFHQWR GRTXDGURDQWHULRUPHQWHH[LVWHQWH
7XGRLVVRQmRVHULDSRVVtYHOVHPRHIHWLYRDSRLRGR*RYHUQRGR(VWDGRGH3HUQDPEXFR
DWUDYpVGD6HFUHWDULDGH'HVHQYROYLPHQWR(FRQ{PLFRGR(VWDGRHGRVGHPDLVyUJmRVTXH
RFRPS}HPHQYROYLGRVQHVVHSURFHVVRRTXHSRVVLELOLWRXRIXQFLRQDPHQWRSOHQRGDDWXDO
HVWUXWXUD H[LVWHQWH FRP XP TXDGUR GH SHVVRDO EHP GLPHQVLRQDGR GH IRUPD FULWHULRVD
SDUDDWHQGHUDVQHFHVVLGDGHVIXQFLRQDLVGDHPSUHVDVHPSUHEXVFDQGRSULQFLSDOPHQWH
RHTXLOtEULRHFRQ{PLFRILQDQFHLURGHVWD3RUWRGR5HFLIH6$LQFOXVRDJHUDomRGHLQYHVWL
PHQWRVQHFHVViULRVSDUDTXHDHPSUHVDVHWRUQHUHQWiYHOHFRPSHWLWLYDQRPHUFDGRSRU
WXiULR'HQWUHDVSULQFLSDLVFDUJDVPRYLPHQWDGDVQR3RUWRGR5HFLIHGHVWDFDPRVRDo~FDU
HP VDFRV H D JUDQHO H R FRTXH GH SHWUyOHR DOpP GR PDOWH GH FHYDGD IHUWLOL]DQWHV
EDUULOKD WULJR PLOKR H ERELQDV GH DoR VHXV SULQFLSDLV SURGXWRV GH H[SRUWDomR H LPSRU
WDomRSRUVHUR3RUWRGR5HFLIHRPDLVSUy[LPRGDUHJLmRLQGXVWULDOQRUWHGR(VWDGRGH
3HUQDPEXFR &RQIRUPH GHPRQVWUDGR HP VHX 6XPiULR &RPSDUDWLYR 2SHUDFLRQDO PRYL
PHQWDomRGHFDUJDV 23RUWRGR5HFLIHDWLQJLXHP'H]HPEUR XPYROXPHGHFDU
JDV PRYLPHQWDGDV GH WRQHODGDV FRP XP FUHVFLPHQWR GH HP UHODomR j
'H]HPEUR 2 JUDQGH GHVWDTXH HP 'H]HPEUR IRL D PRYLPHQWDomR GH
)HUWLOL]DQWHVTXHDXPHQWRXHPHPVHJXLGDD%DUULOKDFRPHGHSRLVD&HYDGD
FRP HP UHODomR DR ([HUFtFLR DQWHULRU (P UHODomR DR DFXPXODGR GR ([HUFtFLR GH
R 3RUWR GR 5HFLIH HQFHUUD R SHUtRGR FRP WRQHODGDV GH SURGXWRV PRYL
PHQWDGRVUHJLVWUDQGRXPDXPHQWRGHFRPDUHODomRDR([HUFtFLRGH1HVVD
EDVHGHFRPSDUDomRREVHUYDVHTXHDH[SRUWDomRWHYHXPFUHVFLPHQWRGHFRPD
PRYLPHQWDomRGH&RTXH9HUGHGH3HWUyOHR HGR$o~FDU HQTXDQWRTXHQD
LPSRUWDomRRFUHVFLPHQWRIRLGHSRUFRQWDGD&HYDGD HGR)HUWLOL]DQWH
$ H[SRUWDomRGHFDERWDJHPGRFRTXHGHSHWUyOHRIRLDTXHDSUHVHQWRXPDLRUFUHVFLPHQ
WRHPYLUWXGHGDVFRQGLo}HVRSHUDFLRQDLVRIHUHFLGDVSHOR3RUWRGR5HFLIHHVFROKLGRSDUD
HVFRDU WRGD D SURGXomR GD 3HWUREUiV 5(1(67 PRYLPHQWDQGR DSUR[LPDGDPHQWH GH
WRQHODGDVGRSURGXWR$OpPGLVVRDRORQJRGRDQRGH RFRUUHUDP DWUD
FDo}HVUHSUHVHQWDQGRXPDXPHQWRGHFRPSDUDGRDRH[HUFtFLRGHVRPDGDVjV
DWUDFDo}HV GRV 1DYLRV GH 3DVVDJHLURV DEDVWHFLPHQWR H GD 0DULQKD $ JHVWmR GD
3RUWRGR5HFLIH6$WHPHURVDFRPRVULVFRVGHSHUGDGHFRQWLQXLGDGHGDVRSHUDo}HVHP
IXQomRGDIDOWDGHLQYHVWLPHQWRVQDLQIUDHVWUXWXUDDTXDYLiULDHWHUUHVWUHGR3RUWRSURYR
FRXQRH[HUFtFLRGH YiULDVUHXQL}HVMXQWRDRVGLYHUVRVVHJPHQWRV WUDEDOKDGRUHV
RSHUDGRUHV SURGXWRUHV LPSRUWDGRUHV H H[SRUWDGRUHV H MXQWR j 6HFUHWDULD 1DFLRQDO GH
3RUWRV H 7UDQVSRUWHV$TXDYLiULRV DWUDYpV GDV TXDLV DSyV DV GLYHUVDV WUDWDWLYDV UHVXO
WDUDPQDDVVLQDWXUDGR7HUPRGH&RPSURPLVVRQ ILUPDGRHQWUHD8QLmRSRU
LQWHUPpGLRGR'HSDUWDPHQWR1DFLRQDOGH,QIUDHVWUXWXUDGH7UDQVSRUWHV±'1,7 HR(VWDGR
GH 3HUQDPEXFR SDUD H[HFXomR GDV REUDV GH GUDJDJHP GH PDQXWHQomR H VHUYLoRV GH
VXSHUYLVmR D VHU UHDOL]DGD SHOR 3RUWR 2UJDQL]DGR GR 5HFLIH WHQGR FRPR FRQYHQHQWH R
*RYHUQRGR(VWDGRGH3HUQDPEXFRHFRPRLQWHUYHQLHQWHD6HFUHWDULDGH'HVHQYROYLPHQWR
(FRQ{PLFRGR(VWDGRGH3HUQDPEXFR±6'(&HFRPRLQWHUYHQLHQWHH[HFXWRUDHPSUHVD
3RUWRGR5HFLIH6$QRYDORUGH5 YLQWHHTXDWURPLOK}HVFHQWRHRLWHQ
WDHQRYHPLOFHQWURHRLWHQWDHRLWRUHDLVHWULQWDHTXDWURFHQWDYRV RTXDOIRLSXEOLFDGR
QR'LiULR2ILFLDOGD8QLmRHP HGR7HUPRGH&RPSURPLVVRQ ILUPDGR
HQWUHD8QLmRSRULQWHUPpGLRGR0LQLVWpULRGD,QIUDHVWUXWXUDHR(VWDGRGH3HUQDPEXFR
SDUDH[HFXomRGDVREUDVHVHUYLoRVGHDGHTXDomRGHLQVWDODo}HVGHDFRVWDJHPHPRYL
PHQWDomRGHDUPD]HQDJHPGHFDUJDVGR3RUWRGR5HFLIH±3(WHQGRFRPRFRQYHQHQWHR
*RYHUQRGR(VWDGRGH3HUQDPEXFRHFRPRLQWHUYHQLHQWHD6HFUHWDULDGH'HVHQYROYLPHQWR
(FRQ{PLFRGR(VWDGRGH3HUQDPEXFR±6'(&HFRPRLQWHUYHQLHQWHH[HFXWRUDHPSUHVD
3RUWRGR5HFLIH6$QRYDORUGH5 YLQWHHVHWHPLOK}HVWUH]HQWRVHWULQ
WD H VHLV PLO VHWHFHQWRV H WULQWD UHDLV H YLQWH H QRYH FHQWDYRV R TXDO IRL SXEOLFDGR QR
'LiULR2ILFLDOGD8QLmRHP DPERVLQYHVWLPHQWRVWmRDJXDUGDGRVSHOD'LUHWRULD
([HFXWLYD GHVWD HPSUHVD 2XWUDV Do}HV IRUDP DGRWDGDV SHOD HPSUHVD REMHWLYDQGR R
DXPHQWRGDUHFHLWDSDWULPRQLDODVTXDLVVmRGHFLVLYDVSDUDDWUDomRGHQRYRVQHJyFLRV
GHQWUHHODVSRGHPRVGHVWDFDUDUHGHILQLomRGDViUHDVRSHUDFLRQDLVHQmRRSHUDFLRQDLVD
HODERUDomRGHFRQWUDWRVGHWUDQVLomRFRPQHJRFLDomRGRVYDORUHVDWpHQWmRSUDWLFDGRV
SDUDRVFRQWUDWRVYHQFLGRVRXSUy[LPRVDVHYHQFHUDLGHQWLILFDomRGDViUHDVSULRULWiULDV
SDUDDUUHQGDPHQWRDLGHQWLILFDomRGRVFRQWUDWRVFRPSHQGrQFLDVMXGLFLDLVSDUDSURSRVLomR
GHFREUDQoDHGHVRFXSDomRMXGLFLDOHDLQWHQVLILFDomRGHJHVW}HVMXQWRj$JrQFLD1DFLRQDO
GH7UDQVSRUWHV$TXDYLiULRVVREUHRVSURFHVVRVTXHWUDPLWDPQDTXHOD$JrQFLD5HJXODGRUD
HMXQWRj6HFUHWDULD1DFLRQDOGH3RUWRVH7UDQVSRUWHV$TXDYLiULRV±6137$SDUDTXHDV
LQVWDODo}HV GR 3RUWR GR 5HFLIH GLVSRQtYHLV SDUD DUUHQGDPHQWR IRVVHP LQFOXtGDV QR
³3URJUDPDGH$UUHQGDPHQWRGHÈUHDV3RUWXiULDV´eLPSRUWDQWHUHJLVWUDUPRVTXHWRGDVDV
PHGLGDV DGRWDGDV QR WUDQVFRUUHU QR H[HUFtFLR ILQDQFHLUR VHUYLUDP FRPR SRQWR GH
SDUWLGDSDUDDUHWRPDGDHILFD]GDVDWLYLGDGHVRSHUDFLRQDLVHDGPLQLVWUDWLYDVGR3RUWRGR
5HFLIHFRPRGHYHVHUREMHWLYDQGRDHVWDELOLGDGHHFRQ{PLFRILQDQFHLUDGDHPSUHVDHP
PpGLR SUD]R HQIDWL]DQGR DLQGD R DSRLR GHWHUPLQDQWH GR *RYHUQR GR (VWDGR GH
3HUQDPEXFR QR PRQLWRUDPHQWR H QR SODQHMDPHQWR GHVVDV Do}HV H QD DWXDomR GR
&RQVHOKRGH$GPLQLVWUDomRSRUDFUHGLWDUHPRTXDQWRR3RUWRGR5HFLIHSRGHUiFRQWULEXLU
SDUD D HFRQRPLD GR (VWDGR H GR QRVVR 0XQLFtSLR IXQFLRQDQGR HP KDUPRQLD FRP RV
SODQRVHSURJUDPDVGR*RYHUQR)HGHUDOH(VWDGXDO3RUILPQmRSRGHUtDPRVGHL[DUGH
DJUDGHFHU R DSRLR H DV RULHQWDo}HV GD 6HFUHWDULD GD &RQWURODGRULD *HUDO GR (VWDGR GH
3HUQDPEXFRDWXDQGRQDVTXHVW}HVUHODWLYDVjVDGHTXDo}HVGDHPSUHVDj/HL)HGHUDOQ
HQDSURPRomRGHWUHLQDPHQWRVHUHXQL}HVWpFQLFDVRTXHSRVVLELOLWRXXPD
PDLRULQWHJUDomRGDVH[LJrQFLDVHVWDEHOHFLGDVQDOHJLVODomRFRPDQHFHVVLGDGHGHWRGRV
RVHPSUHJDGRVGD3RUWRGR5HFLIH6$HQYROYLGRVQRSURFHVVRHPDSOLFDURVUHJUDPHQ
WRV DOL GLVSRVWRV DFUHGLWDQGR QDV PXGDQoDV TXH D HPSUHVD SRGH VRIUHU SRVLWLYDPHQWH
DWXDQGRGHQWURGHXPDPELHQWHGHJRYHUQDQoDFRUSRUDWLYDDWUDYpVGRHQYROYLPHQWRGH
VHXVVyFLRV&RQVHOKRGHDGPLQLVWUDomR'LUHWRULD([HFXWLYDÏUJmRVGHILVFDOL]DomRHFRQ
WUROH H GHPDLV SDUWHV LQWHUHVVDGDV 2 5HODWyULR 'HVHPSHQKR GD *HVWmR QD tQWHJUD
HQFRQWUDUVHijGLVSRVLomRQD6HGHGDHPSUHVDDSyVDSURYDomRHP$VVHPEOpLD*HUDO
GH$FLRQLVWDV'LUHWRULDGD3UHVLGrQFLDGDHPSUHVD3RUWRGR5HFLIH6$ GHDJRVWRGH
%$/$1d23$75,021,$/
(;(5&Ë&,26),1'26(0'('(=(0%52'( ('(
'(021675$d2'26)/8;26'(&$,;$
(;(5&Ë&,26),1'26(0'('(=(0%52'( ('(
$7,9,'$'(623(5$&,21$,6
/XFUR SUHMXt]R OtTXLGRGRH[HUFtFLR
$MXVWHVGROXFUR SUHMXt]R OtTXLGR
3URYLV}HV5HYHUVmRWUDEDOKLVWDVHHQFDUJRV
3URYLVmR5HYHUVmR&RQWLQJrQFLDV
'HSUHFLDo}HVH$PRUWL]DomR
'HSyVLWRV-XGLFLDLV $MXVWHGR6DOGR
3HUGDSRU,UUHFXSHUDELOLGDGHGH&UpGLWR
/XFUR SUHMXt]R OtTXLGRDMXVWDGR
9DULDomRGHDWLYRVHSDVVLYRVRSHUDFLRQDLV
&OLHQWHV$XPHQWR'LPLQXLomR
(VWRTXH$XPHQWR'LPLQXLomR
,PSRVWRVH&RQWULEXLo}HVD5HFXSHUDU$XPHQWR'LPLQXLomR
(PSUpVWLPRVH$GLDQWDPHQWRV$XPHQWR'LPLQXLomR
'HPDLV9DORUHVD5HFHEHU$XPHQWR'LPLQXLomR
)RUQHFHGRUHV'LPLQXLomR$XPHQWR
2EULJDo}HV7UDEDOKLVWDVH3UHYLGHQFLiULDV
'LPLQXLomR$XPHQWR
2EULJDo}HV7ULEXWiULDV'LPLQXLomR$XPHQWR
'HPDLV2EULJDo}HV'LPLQXLomR$XPHQWR
&DL[DOtTXLGRGDVDWLYLGDGHVRSHUDFLRQDLV
$7,9,'$'(6'(,19(67,0(172
$TXLVLo}HVGH$WLYR,PRELOL]DGR
&DL[DOtTXLGRGDVDWLYLGDGHVGHLQYHVWLPHQWR
$7,9,'$'(6'(),1$1&,$0(172
$XPHQWRGH5HVHUYDVGH&DSLWDO
&DL[DOtTXLGRGDVDWLYLGDGHVGHILQDQFLDPHQWR
$XPHQWR'LPLQXLomR/tTXLGRGH&DL[DH
(TXLYDOHQWHGH&DL[D
&DL[DQRLQtFLRGRDQR
&DL[DQRILQDOGRDQR
9DULDomR
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
UHVXOWDGRVUHDLVSRGHPGLYHUJLUGHVVDVHVWLPDWLYDV(VWLPDWLYDVHSUHPLVVDVVmRUHYLVWRV
GHXPDPDQHLUDFRQWtQXD5HYLV}HVFRPUHODomRDHVWLPDWLYDVFRQWiEHLVVmRUHFRQKHFL
GDVQRSHUtRGRHPTXHDVHVWLPDWLYDVVmRUHYLVDGDVHHPTXDLVTXHUSHUtRGRVIXWXURVDIH
WDGRV%DVHGH0HQVXUDomR $VGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVFRPEDVH
QRFXVWRKLVWyULFRH[FHWRVHLQGLFDGRGHRXWUDIRUPD3ROtWLFDV&RQWiEHLV $VSROtWLFDV
FRQWiEHLV UHSUHVHQWDP RV SULQFtSLRV EDVHV FRQYHQo}HV UHJUDV H SUiWLFDV HVSHFtILFDV
DSOLFDGDV SRU XPD HQWLGDGH TXDQGR GD SUHSDUDomR H DSUHVHQWDomR GDV 'HPRQVWUDo}HV
)LQDQFHLUDV &DL[DH(TXLYDOHQWHD&DL[D &DL[DHHTXLYDOHQWHVGHFDL[DDEUDQJHP
VDOGRVGHFDL[DEDQFRVHDSOLFDomRGHOLTXLGH]LPHGLDWDFRPYHQFLPHQWRRULJLQDOGHWUrV
PHVHVRXPHQRVDSDUWLUGDGDWDGDFRQWUDWDomR2VVDOGRVGHFDL[DEDQFRHDSOLFDomR
ILQDQFHLUD UHSUHVHQWDGRV SHOR FXVWR DFUHVFLGRV GRV UHQGLPHQWRV YLQFXODGRV jV DSOL
FDo}HV$VDSOLFDo}HVILQDQFHLUDVVmRFODVVLILFDGDVQRFXUWRSUD]RHUHJLVWUDGDVSHORVHX
YDORUMXVWR$ UHFHLWDJHUDGDSHORVUHQGLPHQWRVGDVDSOLFDo}HVpUHFRQKHFLGDFRPRUHFHL
WDILQDQFHLUD&RQWDVDUHFHEHUGHFOLHQWHV $VFRQWDVDUHFHEHUGHFOLHQWHVHRXWURV
FUpGLWRVVmRPHQVXUDGRVDRVHXYDORUMXVWRQDGDWDGDWUDQVDomR2YDORUMXVWRGHFRQWDV
DUHFHEHUHRXWURVFUpGLWRVpHVWLPDGRFRPRRYDORUSUHVHQWHGRVIOX[RVGHFDL[DIXWXURV
(VVHYDORUMXVWRpGHWHUPLQDGRSDUDILQVGHGLYXOJDomR$VSHUGDVHVWLPDGDVFRPFUpGLWRV
GHOLTXLGDomRGXYLGRVDGRVYDORUHVDUHFHEHUVmRFRQVWLWXtGDVHPPRQWDQWHFRQVLGHUDGR
VXILFLHQWH SHOD $GPLQLVWUDomR SDUD FREULU HYHQWXDLV SHUGDV HVWLPDGDV QD UHDOL]DomR
GHVVHV FUpGLWRV $V SHUGDV VmR FRQVWLWXtGDV DSyV D LQVWDXUDomR GH XP SURFHVVR GH
FREUDQoD ILQGR R TXDO D DGPLQLVWUDomR MXOJD RV YDORUHV FRPR LQFREUiYHLV $SyV D
DSURYDomR SHOR &RQVHOKR $GPLQLVWUDWLYR)LVFDO EDL[DVH HVVD SHUGD FRQWUD D FRQWD
FOLHQWHVH[WLQJXLQGRVHRGLUHLWR2YDORUHVWLPDGRGDFRQVWLWXLomRGHVWDSHUGDSRGHVHU
PRGLILFDGRHPIXQomRGDVH[SHFWDWLYDVGD$GPLQLVWUDomRFRPUHODomRjSRVVLELOLGDGHGH
VHUHFXSHUDURVYDORUHVHQYROYLGRVDVVLPFRPRSRUPXGDQoDVQDVLWXDomRILQDQFHLUDGRV
FOLHQWHV,PSRVWRVHFRQWULEXLo}HVDUHFXSHUDU+DGLYHUVDVRSHUDo}HVTXHSRGHP
JHUDUYDORUHVDUHFXSHUDUGHLPSRVWRVWDLVFRPRVDOGRVFUHGRUHVQDVDSXUDo}HVGH3,6
&2),16,53-&6// HRXWURV7DLVFUpGLWRVVmRUHJLVWUDGRVSHORFXVWRKLVWyULFRHVmRDWX
DOL]DGRVSHOD6(/,&(PSUpVWLPRVHDGLDQWDPHQWRV2VHPSUpVWLPRVHDGLDQWDPHQ
WRVFRUUHVSRQGHPDRVYDORUHVUHIHUHQWHVDDGLDQWDPHQWRVSDUDIXQFLRQiULRVHDIRUQHFH
GRUHV ,PRELOL]DGR5HFRQKHFLPHQWRHPHQVXUDomR 2VLWHQVGRLPRELOL]DGRHVWmR
PHQVXUDGRVSHORVHXYDORUGHFXVWRGHGX]LGRGDGHSUHFLDomRGRLPRELOL]DGR'HSUHFLDomR
$ HPSUHVDRSWRXSRUQmRXWLOL]DUYDORUUHVLGXDOSDUDRVVHXVLPRELOL]DGRVGHIRUPDTXHDR
ILQDOGHVXDYLGD~WLORYDORUFRQWiELOOtTXLGRGRVEHQVUHJLVWUDGRVp]HUR$ GHSUHFLDomRp
FDOFXODGDSHORPpWRGROLQHDUjVWD[DVSUHYLVWDVQDOHJLVODomRILVFDOHPYLJRUDSURSULDGD
QRUHVXOWDGRGRH[HUFtFLRFRPEDVHQDVWD[DVDQXDLVGHVFULWDVQD1RWD([SOLFDWLYDQ
$WLYRV,QWDQJtYHLV2VLQWDQJtYHLVVmRPHQVXUDGRVSHORFXVWRGHDTXLVLomRPHQRVD
DPRUWL]DomR DFXPXODGD H HYHQWXDLV SHUGDV QR YDORU GH UHFXSHUDomR *DVWRV VXEVH
TXHQWHVVmRFDSLWDOL]DGRVVRPHQWHTXDQGRDXPHQWDPRVEHQHItFLRVHFRQ{PLFRVIXWXURV
GH XP LQWDQJtYHO Mi UHFRQKHFLGR 2V GHPDLV JDVWRV VmR UHFRQKHFLGRV FRPR GHVSHVD
TXDQGR LQFRUULGRV $WLYRV GD &RQFHVVmR (P MXQKR GH IRL DVVLQDGR XP
&RQYrQLR GH 'HOHJDomR &RQYrQLR Q H HQWUH D 8QLmR )HGHUDWLYD GR %UDVLO
UHSUHVHQWDGDSHOR0LQLVWpULRGRV7UDQVSRUWHVFRPDLQWHUYHQLrQFLDGD&RPSDQKLD'RFDV
GR5LR*UDQGHGR1RUWH²&2'(51 HR*RYHUQRGR(VWDGRGH3HUQDPEXFRFRPDLQWHU
YHQLrQFLDGD6RFLHGDGHGH(FRQRPLD0LVWD3RUWRGR5HFLIH6$ 2UHIHULGRFRQYrQLRWHYH
SRUREMHWLYRDDGPLQLVWUDomRHH[SORUDomRGR3RUWR2UJDQL]DGRGH5HFLIHQRVWHUPRVGD
/HLQH GHGHMXQKRGH (VWHDWRFDUDFWHUL]DRVXUJLPHQWRGHXPFRQWUDWR
GHFRQFHVVmRHQWUHD8QLmR)HGHUDWLYDGR%UDVLO SRGHUFRQFHGHQWH HR3RUWRGR5HFLIH
6$ FRQFHVVLRQiULR 8PDFDUDFWHUtVWLFDGHVVHWLSRGHFRQWUDWRGHSUHVWDomRGHVHUYLoRV
p VXD QDWXUH]D GH VHUYLoR S~EOLFR TXH ILFD VRE D UHVSRQVDELOLGDGH GR FRQFHVVLRQiULR
2XWUDVFDUDFWHUtVWLFDVFRPXQVDHVWHVFRQWUDWRVVmR D DSDUWHTXHFRQFHGHRFRQWUDWR
GHSUHVWDomRGHVHUYLoRV FRQFHGHQWH pXPyUJmRS~EOLFRRXXPDHQWLGDGHS~EOLFDRX
HQWLGDGHSULYDGDSDUDDTXDOIRLGHOHJDGRRVHUYLoR E RFRQFHVVLRQiULRpUHVSRQViYHODR
PHQRVSRUSDUWHGDJHVWmRGDLQIUDHVWUXWXUDHVHUYLoRVUHODFLRQDGRVQmRDWXDQGRDSHQDV
FRPRPHURDJHQWHHPQRPHGRFRQFHGHQWH F RFRQWUDWRHVWDEHOHFHRSUHoRLQLFLDODVHU
FREUDGR SHOR FRQFHVVLRQiULR UHJXODPHQWDQGR VXDV UHYLV}HV GXUDQWH D YLJrQFLD GHVVH
FRQWUDWR GH SUHVWDomR GH VHUYLoRV RX GHWHUPLQD D IRUPD GH FiOFXOR SDUD GHILQLomR GR
SUHoR G RFRQFHVVLRQiULRILFDREULJDGRDHQWUHJDUDLQIUDHVWUXWXUDDRFRQFHGHQWHDRILQDO
GR FRQWUDWR HP GHWHUPLQDGDV FRQGLo}HV SUHYLDPHQWH HVSHFLILFDGDV SRU SHTXHQR RX
QHQKXPYDORUDGLFLRQDOLQGHSHQGHQWHPHQWHGHTXHPWHQKDVLGRRVHXILQDQFLDGRU1HVWHV
WLSRV GH FRQWUDWRV R FRQFHVVLRQiULR DWXD FRPR SUHVWDGRU GH VHUYLoR FRQVWUXLQGR RX
PHOKRUDQGRDLQIUDHVWUXWXUDXVDGDSDUDSUHVWDUXPVHUYLoRS~EOLFRDOpPGHRSHUDUHPDQ
WHU HVVD LQIUDHVWUXWXUD VHUYLoRV GH RSHUDomR GXUDQWH GHWHUPLQDGR SUD]R 2
FRQFHVVLRQiULRGHYHUHFRQKHFHUHPHQVXUDUDUHFHLWDGRVVHUYLoRVTXHSUHVWDGHDFRUGR
FRP RV 3URQXQFLDPHQWRV 7pFQLFRV &3& ² &RQWUDWRV GH &RQVWUXomR H &3& ²
5HFHLWDVGH&RQWUDWRFRP&OLHQWH$PRUWL]DomRGRV$WLYRVGH&RQFHVVmR $ YLGD~WLOGH
XPDWLYRLQWDQJtYHOHPXPFRQWUDWRGHFRQFHVVmRGHVHUYLoRpRSHUtRGRDSDUWLUGRTXDOD
(QWLGDGH WHP D FDSDFLGDGH GH FREUDU R S~EOLFR SHOR XVR GD LQIUDHVWUXWXUD DWp R ILQDO GR
SHUtRGRGDFRQFHVVmR )RUQHFHGRUHV $ FRQWDGHIRUQHFHGRUHVFRPSUHHQGHRUHJLVWUR
GDVQRWDVILVFDLVRXIDWXUDVSURYHQLHQWHVGDFRQWUDWDomRGHVHUYLoRVHFRPSUDGHRXWURV
PDWHULDLV (VWHV SDVVLYRV VmR UHFRQKHFLGRV SHOR YDORU MXVWR H QmR VmR DYDOLDGRV VXEVH
TXHQWHPHQWHDRFXVWRDPRUWL]DGRSRUQmRKDYHUFREUDQoDGHMXURVVREUHRVPHVPRV$V
FRQWDVGHIRUQHFHGRUHVH[LJtYHLVDSyVRVPHVHVVXEVHTXHQWHVjGDWDGHHQFHUUDPHQ
WR GDV GHPRQVWUDo}HV FRQWiEHLV VmR FRQVLGHUDGDV FRPR QmR FLUFXODQWHV 7DPEpP VmR
FODVVLILFDGRVQRQmRFLUFXODQWHDVREULJDo}HVMXQWRDIRUQHFHGRUHVDVTXDLVQmRVHWHP
SUHYLVmRSDUDTXLWDomRGDGtYLGD 2EULJDo}HV7UDEDOKLVWDVH3UHYLGHQFLiULDV $VFRQ
WDV GH REULJDo}HV WUDEDOKLVWDV H SUHYLGHQFLiULDV HQJOREDP VDOiULRV H RUGHQDGRV H VHXV
HQFDUJRV EHP FRPR DV UHWHQo}HV QD IRQWH UHODWLYDV j SUHVWDGRUHV GH VHUYLoR 3HVVRD
)tVLFD DVSURYLV}HVGHIpULDVHVHXVUHVSHFWLYRVHQFDUJRV'HYLGRDVGLILFXOGDGHVILQDQ
FHLUDV D HPSUHVD YHP DFXPXODQGR GpELWRV MXQWR D SUHYLGrQFLD HVWDQGR SHQGHQWH GH
UHFROKLPHQWR GR ,166 VREUH IROKD GH SDJDPHQWR H D FRQWULEXLomR SDUD SUHYLGrQFLD
&217,18$ &217,18$&217,18$&217,18$&217,18$&217,18$
&217,18$
$7,92
$7,92&,5&8/$17(
&DL[DHHTXLYDOHQWHVGHFDL[D
&RQWDVDUHFHEHUGHFOLHQWHV
(VWRTXHV
,PSRVWRVH&RQWULEXLo}HVD5HFXSHUDU
(PSUpVWLPRVH$GLDQWDPHQWRV
$7,9212&,5&8/$17(
5($/,=È9(/ $ /21*235$=2
&RQWDVDUHFHEHUGHFOLHQWHV
'HSyVLWRV-XGLFLDLV
2XWURV&UpGLWRV
,02%,/,=$'2
%HQVH'LUHLWRVHP8VR
'HSUHFLDo}HVH$PRUWL]Do}HV$FXPXODGDV
,17$1*,9(/
%HQV,QFRUSyUHRVH,QWDQJtYHLV
$PRUWL]DomR$FXPXODGDV
,QWDQJtYHOGH&RQFHVVmR
$PRUWL]Do}HV$FXPXODGDV
,QWDQJtYHOGH&RQFHVVmR
727$/ '2$7,92
3$66,92
3$66,92&,5&8/$17(
)RUQHFHGRUHV
2EULJDo}HV7UDEDOKLVWDVH3UHYLGHQFLiULDV
2EULJDo}HV)LVFDLVD5HFROKHU
2XWUDV&RQWDVD3DJDU
3$66,9212&,5&8/$17(
)RUQHFHGRUHV
'pELWRV)LVFDLV3UHYLGHQFLiULRV
3URYLVmRSDUD&RQWLJrQFLDV
2XWUDV&RQWDVD3DJDU
2XWUDV2EULJDo}HV
3$75,0Ð1,2/Ë48,'2
&DSLWDO6RFLDO
5HVHUYDVGH&DSLWDO
5HVHUYDVGH/XFURV
3UHMXL]RV$FXPXODGRV
727$/ '23$66,92(3$75,0Ð1,2/Ë48,'2
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
'(021675$d2'25(68/7$'2$%5$1*(17(
(;(5&Ë&,26),1'26(0'('(=(0%52'( ('(
5(68/7$'2/Ë48,'2'2(;(5&Ë&,2
5(68/7$'26$%5$1*(17(6
2XWURV5HVXOWDGRV$EUDQJHQWHV
5(68/7$'2$%5$1*(17('2(;(5&Ë&,2
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
'(021675$d2'25(68/7$'2
(;(5&Ë&,26),1'26(0'('(=(0%52'( ('(
5(&(,7$ 23(5$&,21$/ /Ë48,'$
&XVWRGRV6HUYLoRV3UHVWDGRV
5(68/7$'223(5$&,21$/ %5872
'(63(6$623(5$&,21$,6
'HVSHVDV*HUDLVH$GPLQLVWUDWLYDV
2XWUDV5HFHLWDVH'HSHVDV2SHUDFLRQDLV/LTXLGDV
5(68/7$'223(5$&,21$/ $17(6'2
5(68/7$'2),1$1&(,52
5HVXOWDGR)LQDQFHLUR
5(68/7$'2/Ë48,'2'2(;(5&Ë&,2
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
'(021675$d2'$6087$d®(6'23$75,0Ð1,2/Ë48,'2(;(5&Ë&,26),1'26(0'('(=(0%52'( (
5HVHUYDVGH
5HVHUYDVGH
3UHMXt]RV
&DSLWDO6RFLDO
&DSLWDO
/XFURV
$FXPXODGRV
6DOGRVHPGHGH]HPEURGH
5HWLILFDo}HVGH(UURVGH([HUFtFLRV$QWHULRUHV
3UHMXt]R/LTXLGRGR([HUFtFLR
$XPHQWRGH&DSLWDO
$GLDQWDPHQWRSDU)XWXUR$XPHQWRGH&DSLWDO
6DOGRVHPGHGH]HPEURGH
5HWLILFDo}HVGH(UURVGH([HUFtFLRV$QWHULRUHV
3UHMXt]R/LTXLGRGR([HUFtFLR
$XPHQWRGH&DSLWDO
$GLDQWDPHQWRSDU)XWXUR$XPHQWRGH&DSLWDO
6DOGRVHPGHGH]HPEURGH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
1RWDV([SOLFDWLYDV5HIHUHQWHjV'HPRQVWUDo}HV&RQWiEHLV
HPGHGH]HPEURGH H
,GHQWLILFDomRGD(PSUHVD $ 3RUWRGR5HFLIH6$pXPDVRFLHGDGHGHHFRQRPLDPLVWD
GH QDWXUH]D MXUtGLFD GH GLUHLWR SULYDGR YLQFXODGD j 6HFUHWDULD GH 'HVHQYROYLPHQWR
7XULVPRH(VSRUWHVGR(VWDGRGH3HUQDPEXFRLQVWLWXtGDSHOD/HL(VWDGXDOQGH
GHGH]HPEURGH $ HPSUHVDHVWiVLWXDGDQD3UDoD&RPXQLGDGH/XVR%UDVLOHLUD
Q%DLUURGR5HFLIH5HFLIH3((PKDUPRQLDFRPRV3ODQRVH3URJUDPDVGR*RYHUQR
)HGHUDOSDUDR6HWRU3RUWXiULRWHPSRUREMHWRVRFLDOUHDOL]DUHH[HFXWDUDWLYLGDGHVUHOD
FLRQDGDVDRGHDXWRULGDGHSRUWXiULDQRVPROGHVGD/HLGHGHMXQKRGH
&RQYHUVmRGD0HGLGD3URYLVyULDQH TXHUHYRJRXD/HLGHGHIHYHUHLURGH
H/HLQR GH,2GHPDLRGH HGRV'HFUHWRVQRGHPDUoRGH
HGHGHMXQKRGH $ 3RUWRGR5HFLIHDWXDQDSUHVWDomRGHVHUYLoRV
SDUDDWHQGLPHQWRGHQDYLRVGHORQJRFXUVRHFDERWDJHPSDUDLPSRUWDomRHH[SRUWDomRGH
FDUJDV QDFLRQDLV H HVWUDQJHLUDV 2 3RUWR WDPEpP WHP HVWUXWXUD SDUD UHFHEHU QDYLRV GH
7RWDO
FUX]HLUR H SRVVXL XP 7HUPLQDO 0DUtWLPR GH 3DVVDJHLURV %DVH GH 3UHSDUDomR
'HFODUDomRGHFRQIRUPLGDGH $VGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDVGHDFRUGR
FRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOWRPDQGRVHFRPREDVHRSDGUmRFRQWiELO
LQWHUQDFLRQDO HVWDEHOHFLGR SHOR ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV %RDUG ² ,$6%
FRQKHFLGRV FRPR ,QWHUQDWLRQDO )LQDQFLDO 5HSRUWLQJ 6WDQGDUGV ² ,)56 DSOLFDGR jV
3HTXHQDV H 0pGLDV (PSUHVDV TXH QR %UDVLO GH DFRUGR FRP R &RQVHOKR )HGHUDO GH
&RQWDELOLGDGHFRUUHVSRQGHj5HVROXomR 1%&7* &3&30( 0RHGD
IXQFLRQDOHPRHGDGHDSUHVHQWDomR $VGHPRQVWUDo}HVFRQWiEHLVVmRDSUHVHQWDGDVHP
5HDOTXHpDPRHGDIXQFLRQDOGD3RUWRGR5HFLIH6$7RGDVDVLQIRUPDo}HVILQDQFHLUDV
DSUHVHQWDGDVHP5HDLVIRUDPDUUHGRQGDGDVSDUDDPLOKDUPDLVSUy[LPDH[FHWRTXDQGR
LQGLFDGR GH RXWUD IRUPD 8VR GH HVWLPDWLYDV H MXOJDPHQWRV $ SUHSDUDomR GDV
GHPRQVWUDo}HVILQDQFHLUDVGHDFRUGRFRPDVQRUPDV,)56HDVQRUPDVGR&3&H[LJHTXH
D $GPLQLVWUDomR IDoD MXOJDPHQWRV HVWLPDWLYDV H SUHPLVVDV TXH DIHWDP D DSOLFDomR GH
SROtWLFDVFRQWiEHLVHRVYDORUHVUHSRUWDGRVGHDWLYRVSDVVLYRVUHFHLWDVHGHVSHVDV2V