R HOHFWULFLVWD
UHYLVWD W¹FQLFR SURILVVLRQDO
/80,127(&1,$
2 3URMHFWR GH ,OXPLQD¸¶R HP 3HUPDQHQWH (YROX¸¶R $ LOXPLQD¸¶R IRL D SULPHLUD DSOLFD¸¶R LQGXVWULDO GD HOHFWULFLGDGH H GHVGH HQW¶R WHP HVWDGR HP HYROX¸¶R SHUPDQHQWH HPERUD SRU YH]HV LVVR Q¶R VHMD HYLGHQWH SDUD TXHP Q¶R HVW² GL UHFWDPHQWH UHODFLRQDGR FRP HVWH VHFWRU GD HOHFWURWHFQLD 7DO FRPR DFRQWHFH QDV RXWUDV ²UHDV WHFQROÂJLFDV D HYROX¸¶R GHSHQGH GR GHVHQYROYLPHQWR YHULILFDGR HP ²UHDV DILQV TXH DEUH QRYDV SRVVLELOLGDGHV DR VHFWRU GD LOXPLQD¸¶R $R FRQWU²ULR GR TXH DFRQWHFH FRP RXWURV WLSRV GH SURMHFWR R SURMHFWR OXPLQRW¹FQLFR SRGHU² VHU PXLWR FRPSOH[R 'DGR TXH DV GLIHUHQWHV VLWXD¸ÆHV RQGH ¹ QHFHVV²ULD LOXPLQD¸¶R DUWLILFLDO V¶R LQÇPHUDV D SDGURQL]D¸¶R WRUQD VH GLI½FLO H SRU LVVR DV QRUPDV H UHJXODPHQWRV DSOLF²YHLV DR VHFWRU DFDEDP SRU FRQWHU DSHQDV OLQKDV JHUDLV GH RULHQWD¸¶R R TXH GHL[D DR SURMHFWLVWD XP FRQVLGHU²YHO JUDX GH OLEHUGDGH R TXDO OKH H[LJH XP ERP Q½YHO GH H[SHUL»QFLD TXH SHUPLWD XOWUDSDVVDU D GLILFXOGDGH GH DSOLFD¸¶R GDV RULHQWD¸ÆHV ³ HVSHFLILFLGDGH GD VLWXD¸¶R HP FDXVD 3RU HVVH PRWLYR XP SURMHFWLVWD PHQRV H[SHULHQWH VHQWLU² GLILFXOGDGHV DFUHVFLGDV QD HODERUD ¸¶R GH DOJXQV SURMHFWRV GH LOXPLQD¸¶R $O¹P GLVWR GDGD D YDVWLG¶R GDV SRVVLELOLGDGHV TXH VH FRORFDP DR SURMHFWLVWD IRL QHFHVV²ULR LQYHVWLU QD HVSHFLDOL]D¸¶R H DVVLP QXP VHFWRU TXH M² GH VL FRQVWLWXL XPD HVSHFLDOLGDGH GD ²UHD FLHQW½ILFD GD (QJHQKDULD (OHFWURW¹FQLFD HQFRQWUDPRV SURMHFWLVWDV HVSHFLDOL]DGRV HP GHWHUPLQDGRV SURMHFWRV LOXPLQD¸¶R LQWHULRU LOXPLQD¸¶R H[WH ULRU LQVWDOD¸ÆHV GHVSRUWLYDV VDODV GH HVSHFW²FXOR HWF Ò VHPHOKDQ¸D GR TXH DFRQWHFHX HP PXLWDV RXWUDV ²UHDV DFWXDOPHQWH R SURMHFWR GH XP VLVWHPD GH LOXPLQD¸¶R FRQWHPSOD D QHFHVVLGDGH GH GHWHU FRQKHFLPHQWRV PXLWR YDULDGRV 7LSRV GH LOXPLQD¸¶R IRQWHV OXPLQRVDV OXPLQ²ULDV VLVWHPDV GH FRQWUROR GH IOX[R OXPLQRVR FRPELQD¸¶R HQWUH LOXPLQD¸¶R QDWXUDO H LOXPLQD¸¶R DUWLILFLDO HVW¹WLFD HWF V¶R DVSHFWRV D TXH R SURMHFWLVWD WHU² GH DWHQGHU SDUD HODERUDU R SURMHFWR 0DLV UHFHQWHPHQWH RXWURV DVSHFWRV W»P WDPE¹P GH VHU SRQGHUDGRV SHORV SURMHFWLVWDV WDLV FRPR HILFL»QFLD HQHUJ¹WLFD H SROXL¸¶R OXPLQRVD +² DOJXQV DQRV HVWHV FRQFHLWRV RX DLQGD Q¶R H[LVWLDP RX Q¶R ID]LDP SDUWH GDV SUHRFXSD¸ÆHV GRV SURMHFWLVWDV $FWXDOPHQWH GDGD D FRQ MXQWXUD HFRQÂPLFD H XP PDLRU HVFODUHFLPHQWR SRU SDUWH GRV XWLOL]DGRUHV HVVHV GRLV DVSHFWRV SDVVDUDP D ID]HU SDUWH GDV SUHRFXSD¸ÆHV H D FRQGLFLRQDU DV HVFROKDV GRV SURMHFWLVWDV 2 GHVHQYROYLPHQWR GDV IRQWHV OXPLQRVDV IRL VHPSUH XP GRV PRWRUHV GD HYROX¸¶R GR SURMHFWR QD PHGLGD HP TXH IUHTXHQWHPHQWH SHUPLWH HP DOJXQV FDVRV DERUGDU D LOXPLQD¸¶R GH XPD IRUPD FRPSOHWDPHQWH GLIHUHQWH 3UHVHQWHPHQWH HVWDPRV QR OLPLDU GH PDLV XP GHJUDX GR GHVHQYROYLPHQWR $ SURGX¸¶R GH /('V GH SRW»QFLD FRP FDUDFWHU½VWLFDV DGHTXDGDV ³ VXD XWLOL]D¸¶R FRPR IRQWHV OXPLQRVDV SDUD OXPLQ²ULDV GHVWLQDGDV D VLVWHPDV GH LOXPLQD¸¶R
LQWHULRU H DW¹ M² D OXPLQ²ULDV SDUD LOXPLQD¸¶R H[WHULRU SURYRFDU² XPD DOWHUD¸¶R SURIXQGD GD IRUPD FRPR VH HQFDUD D LOXPLQD¸¶R DUWLILFLDO 2 IDFWR GH VHUHP DOLPHQWDGDV HP EDL[D WHQV¶R DVVRFLDGR ³ VXD ORQJHYLGDGH ³ VXD FRQWURODELOLGDGH H DR PXLWR EDL[R FRQVXPR DFDEDU² SRU LQWURGX]LU R FRQFHLWR GH OXPLQ²ULD GHVFDUW²YHO HP TXH D IRQWH OXPLQRVD Q¶R QHFHVVLWD GH VHU VXEVWLWX½GD EHP FRPR R GH VLVWHPD GH LOXPLQD¸¶R YHUV²WLO WDQWR HP SRVL¸¶R HP TXH D OXPLQ²ULD SRGHU² VHU IDFLOPHQWH GHVORFDGD GH XPD SRVL¸¶R SDUD RXWUD FRPR HP TXDQWLGDGH GH OX] SURGX]LGD DWUDY¹V GH XPD I²FLO UHJXOD¸¶R GH IOX[R 7XGR LVWR WHU² LPSOLFD¸ÆHV VREUH D IRUPD FRPR VH HQFDUD D LOXPLQD¸¶R DUWLILFLDO H FRQVHTXHQWHPHQWH QRV P¹WRGRV GH F²OFXOR XWLOL]DGRV 3RU WXGR R TXH IRL UHIHULGR DQWHULRUPHQWH IDFLOPHQWH VH SHUFHEH TXH DR SURMHFWLVWD GH VLVWHPDV GH LOXPLQD¸¶R ¹ SHGLGR XP JUDQGH HVIRU¸R GH DFWXDOL]D¸¶R SDUD SRGHU DFRPSDQKDU WRGDV DV HYROX¸ÆHV TXH VH Y¶R YHULILFDQGR ,QIHOL]PHQWH HVVH HVIRU¸R GH DFWXDOL]D¸¶R ¹ PXLWDV YH]HV DJUDYDGR SHOR IDFWR GD LQIRUPD¸¶R TXH YDL ILFDQGR GLVSRQ½YHO VHU GD UHVSRQVDELOLGDGH GDV HPSUHVDV SURGXWRUDV GH IRQWHV OXPLQRVDV H GH OXPLQ²ULDV REULJDQGR R SURMHFWLVWD D SURFXUDU HP IRQWHV GH LQIRUPD¸¶R EDVWDQWH GLYHUVDV $ WDUHID GH DFWXDOL]D¸¶R VHULD PDLV IDFLOLWDGD VH H[LVWLVVH XPD ÇQLFD IRQWH GH LQIRUPD¸¶R UHODWLYD DRV DYDQ¸RV GDV WHFQRORJLDV UHODFLRQDGDV FRP RV VLVWHPDV GH LOXPLQD¸¶R 3URI 'RXWRU &XVWÂGLR 'LDV 'LUHFWRU GD 5HYLVWD |R HOHFWULFLVWD}