)LFKD WÄFQLFD Q R
M 121 122
([LVWHP TXDWUR JUDQGH]DV IXQGDPHQWDLV D GHVFUHYHU QR HVWXGR GD HOHWULFLGDGH D GLIHUHQÂD GH SRWHQFLDO D LQWHQVLGDGH GH FRUUHQWH HOÄWULFD D UHVLVWÅQFLD HOÄWULFD H D SRWÅQFLD HOÄWULFD $ GLIHUHQÂD GH SRWHQFLDO HVW¼ DVVRFLDGD » FDSDFLGDGH GH XP FRUSR VH FDUUHJDU HOHWULFDPHQWH H VHU¼ DERUGDGD QD SUHVHQWH ƬFKD WÄFQLFD $ XQLGDGH GHVWD JUDQGH]D Ä R 9ROW 9 H R DSDUHOKR XWLOL]DGR SDUD D VXD PHGL¾R Ä R YROWÈPHWUR TXH GHYH VHU OLJDGR HP SDUDOHOR FRP R HOHPHQWR D PHGLU
1ÕPHUR $WÎPLFR %( %HUÈOLR &RQVWLWXÈGR SRU SURWÐHV H HOHWUÐHV 0DVVD DWÎPLFD
)LJXUD ([WUDWR GD 7DEHOD 3HULÎGLFD
3DXOR 3HL[RWR $7(& s $FDGHPLD GH )RUPD¾R
ESPAÇO DE FORMAÇÃO
PHGLGD TXH QRV DIDVWDPRV GR QÕFOHR RV HOHWUÐHV ƬFDP FDGD
2 7202
YH] PHQRV DWUDÈGRV SRU HOH 2V HOHWUÐHV VLWXDGRV QD FDPDGD
7RGRV RV HIHLWRV GD HOHWULFLGDGH SRGHP VHU H[SOLFDGRV H SUH
PDLV H[WHUQD V¾R GHQRPLQDGRV GH HOHWUÐHV GH YDOÅQFLD 4XDQ
YLVWRV D SDUWLU GD KLSÎWHVH GD H[LVWÅQFLD GH XPD SDUWÈFXOD LQ
GR VH DSOLFD D FHUWRV PDWHULDLV D HQHUJLD H[WHUQD FRPR OX] FD
ƬQLWDPHQWH SHTXHQD FKDPDGD pHOHWU¾Rq 2 HVWXGR GD HOHWUL
ORU RX HQHUJLD HOÄWULFD RV HOHWUÐHV DGTXLUHP HQHUJLD SRGHQGR
FLGDGH FRPHÂD DVVLP SHOD DQ¼OLVH GD FRQVWLWXL¾R GR ¼WRPR
RULJLQDU FRP TXH HVWHV VH GHVORTXHP SDUD XP QÈYHO GH HQHUJLD
RQGH VH HQFRQWUD HVWD SDUWÈFXOD
PDLV DOWR RX TXH VDLDP GR SUÎSULR ¼WRPR 2V HOHWUÐHV TXH HYHQ
2 ¼WRPR Ä FRQVWLWXÈGR SRU XP QÕFOHR RQGH VH HQFRQWUDP
WXDOPHQWH VDLDP GR ¼WRPR FKDPDP VH HOHWUÐHV OLYUHV 6HU¼
GXDV HVSÄFLHV GH SDUWÈFXODV RV SURWÐHV FXMD FDUJD Ä SRVLWLYD
DQDOLVDGR SRVWHULRUPHQWH TXH Ä R PRYLPHQWR GRV HOHWUÐHV OL
H RV QHXWUÐHV TXH Q¾R DSUHVHQWDP FDUJD HOÄWULFD *UDYLWDQ
YUHV TXH SURGX] D FRUUHQWH HOÄWULFD QXP FRQGXWRU PHW¼OLFR
GR » YROWD GHVVH QÕFOHR HP ÎUELWDV GHƬQLGDV H[LVWHP SDUWÈFX
6H XP ¼WRPR SHUGH HOHWUÐHV ƬFDU¼ FDUUHJDGR SRVLWL YDPHQWH SRLV R QÕPHUR GH SURWÐHV Ä VXSHULRU DR QÕPHUR
ODV FXMD FDUJD HOÄWULFD Ä QHJDWLYD FKDPDGDV HOHWUÐHV
GH HOHWUÐHV 'H LJXDO IRUPD VH XP ¼WRPR UHFHEH HOHWUÐHV (OHWUÐHV
ƬFDU¼ FDUUHJDGR QHJDWLYDPHQWH M¼ TXH QD VXD FRQVWLWXL¾R
14
R QÕPHUR GH SURWÐHV Ä PHQRU GR TXH R QÕPHUR GH HOHWUÐHV $ HVWH SURFHVVR GH UHFHEHU H FHGHU HOHWUÐHV G¼ VH R QRPH
1HXWUÐHV
GH LRQL]D¾R 8P ¼WRPR QHVWDV FRQGLÂÐHV WUDQVIRUPD VH QXP L¾R
3URWÐHV
SRVLWLYR VH FHGHU HOHWUÐHV RX L¾R QHJDWLYR VH UHFHEHU HOHWUÐHV
$SUHVHQWDP VH GRLV H[HPSORV FRQVLGHUDQGR XP HOHPHQ WR FRP QÕPHUR DWÎPLFR TXH LU¼ FHGHU HOHWUÐHV H XP HOH PHQWR FRP QÕPHUR DWÎPLFR TXH LU¼ UHFHEHU HOHWUÐHV
)LJXUD &RQVWLWXL¾R GR ¼WRPR
1R HVWDGR QRUPDO RX IXQGDPHQWDO R ¼WRPR Ä FRQVWLWXÈGR SHOR PHVPR QÕPHUR GH SURWÐHV H HOHWUÐHV FRPR D FDUJD
HOÄWULFD GR SURW¾R Ä LJXDO » GR HOHWU¾R HPERUD XPD VHMD SR VLWLYD H D RXWUD QHJDWLYD R ¼WRPR Q¾R DSUHVHQWD FDUJD HOÄWUL FD VHQGR GHVWD IRUPD FRQVLGHUDGR HOHWULFDPHQWH QHXWUR $ LQGLFD¾R GR QÕPHUR GH SURWÐHV Ä GDGD SHOR QÕPHUR DWÎPL FR GR HOHPHQWR $ PDVVD GR ¼WRPR Ä GDGD SHOD VRPD GR QÕ
7UDQVIRUPD VH QXP L¾R SRVLWLYR (VWDGR LRQL]DGR 1 SURWÐHV 1 HOHWUÐHV
2 ¼WRPR SHUGH GH HOHWU¾R (VWDGR IXQGDPHQWDO 1 SURWÐHV 1 HOHWUÐHV
)LJXUD 3URFHVVR GH LRQL]D¾R s 7UDQVIRUPD¾R HP L¾R SRVLWLYR
PHUR GH SURWÐHV H GR QÕPHUR GH QHXWUÐHV
8P ¼WRPR HP HTXLOÈEULR SRVVXL XPD FHUWD TXDQWLGDGH GH HQHUJLD TXH Ä LJXDO » VRPD GDV HQHUJLDV GRV VHXV HOHWUÐHV 2V
HOHWUÐHV SRU VXD YH] SRVVXHP HQHUJLDV GLIHUHQWHV FKDPDGDV GH QÈYHLV GH HQHUJLD (VWHV SRGHP VHU HTXLSDUDGRV D GHJUDXV GHVLJXDOPHQWH GLVWDQFLDGRV VHQGR GRLV GHJUDXV FRQVHFXWLYRV
7UDQVIRUPD VH QXP L¾R SRVLWLYR (VWDGR LRQL]DGR 1 SURWÐHV 1 HOHWUÐHV
FDGD YH] PDLV SUÎ[LPRV » PHGLGD TXH DXPHQWD R QÈYHO GH HQHU
2 ¼WRPR UHFHEH GH HOHWU¾R (VWDGR IXQGDPHQWDO 1 SURWÐHV 1 HOHWUÐHV
JLD H FRQVHTXHQWHPHQWH D HQHUJLD TXH OKHV FRUUHVSRQGH
)LJXUD 3URFHVVR GH LRQL]D¾R s 7UDQVIRUPD¾R HP L¾R QHJDWLYR
7DEHOD 'HƬQL¾R GD JUDQGH]D GLIHUHQÂD GH SRWHQFLDO RX WHQV¾R *5$1'(=$
6¨0%2/2
81,'$'(
$3$5(/+2 0(','$
6,0%2/2*,$
02'2 '( /,*$¢ 2
',)(5(1¢$ '( 327(1&,$/ 28 7(16 2
8
9ROW 9
9ROWÈPHWUR
9
3DUDOHOR