)XQFLRQRUQR
(VSDxRO
3DUDUHYLVDUHOWLHPSRGHFRFLQDU\HO
WLHPSRGHGHWHQFLyQGHVSXpVGH
KDEHUILMDGRXQUHWDUGR
2SULPD7LPH
*LUHODSHULOODD%$.((1'R%$.(7,0(
2SULPD7LPH
3RQHUODRSFLyQ6DEDWLQD
9HD³3RQHUODRSFLyQ6DEDWLQD´HQODSiJLQD
8VDUHOWHUPyPHWURDOJX
QRVPRGHORV
(VWDVHFFLyQH[SOLFDFyPRXWLOL]DUHOWHUPyPHWUR9HD³(OWHUPyPHWURDOJXQRV
PRGHORV´HQODSiJLQD SDUDLQGLFDFLRQHVFRQVHMRV\VXJHUHQFLDV
6HSXHGHXVDUHOWHUPyPHWURSDUDGHWHUPLQDUHOWpUPLQRLQWHUQRRODWHPSHUDWXUD
³),1$/´GHPXFKRVDOLPHQWRVHVSHFLDOPHQWHFDUQHV\DYHV
(OUDQJRGHWHPSHUDWXUDSDUDHOWHUPyPHWURHVGH)D)&D&
6HSXHGHDMXVWDUODWHPSHUDWXUDGHOKRUQRGHVGH)KDVWD)&KDVWD
&
&RQILJXUDUHOWHUPyPHWUR
3UHSDUHODFDUQH\SyQJDODHQODROODSDUDDVDURVREUHODUHMLOODFRPROR
HVSHFLILFDODUHFHWD,QVHUWHHOWHUPyPHWURHQODFDUQH$VHJ~UHVHTXHOD
VRQGDQRWRFDFDUWtODJRVJUDVDKXHVRVODUHMLOODRODROOD9HD³,QVHUWDUHOWHU
PyPHWUR´HQODSiJLQD SDUDLQVWUXFFLRQHVGHWDOODGDV
1RWD
1RFRQHFWHDOUHFHSWiFXORGHOWHUPyPHWURKDVWDLQVHUWDUFRUUHFWDPHQWHOD
SXQWDGHOWHUPyPHWURHQODFDUQH
&RORTXHODROODFRQODFDUQHHQHOKRUQRIUtRVREUHODUHMLOODUHFRPHQGDGD
3RQJDHOWHUPyPHWURHQHOUHFHSWiFXOR(OVtPERORGHOWHUPyPHWURDSDUHFHUi
HQODSDQWDOOD
1RWD
6HSXHGHILMDUODWHPSHUDWXUDGHOWHUPyPHWURVRODPHQWHFXDQGRHOWHU
PyPHWURHVWiLQVWDODGRHQHOKRUQR
2SULPD&22.,1*02'(0RGRGH&RFLQDUHQWRQFHVJLUHODSHULOODSDUD
VHOHFFLRQDU%$.(&219(&7,21%$.(R&219(&7,2152$67
+251($'2+251($'2'(&219(&&,Ï1R$6$'2'(&219(&
&,Ï1
2SULPD67$57$SDUHFHUiODWHPSHUDWXUDGHOKRUQRSRUGHIDXOW
*LUHODSHULOODSDUDFDPELDUODWHPSHUDWXUDGHOKRUQRVLHVQHFHVDULR
2SULPD67$57
*LUHODSHULOODSDUDDMXVWDUODWHPSHUDWXUDGHOWHUPyPHWURODWHPSHUDWXUDILQDO
GHVHDGDGHODOLPHQWR
2SULPD67$57
/DWHPSHUDWXUDVHOHFFLRQDGDGHOKRUQRDSDUHFHHQODHVTXLQDGHUHFKDVXSHULRU
GHODSDQWDOOD
/DWHPSHUDWXUDGHOWHUPyPHWURDSDUHFHHQHOFHQWURKDFLDODL]TXLHUGDGHOPRGR
GHFRFLQDU&RPLHQ]DHQJUDGRV\VHLQFUHPHQWDHQLQFUHPHQWRVGH)KDVWD
DOFDQ]DUODWHPSHUDWXUDSUHILMDGD
(OKRUQRTXHGDSUHFDOHQWDGRFXDQGRVXHQDXQDYH]
$ODOFDQ]DUODWHPSHUDWXUDILMDGDGHOWHUPyPHWURDSDUHFH(1')LQHQODSDQ
WDOOD\VHDSDJDHOKRUQR
&DPELDUODWHPSHUDWXUDGHOKRUQR
XVDQGRHOWHUPyPHWUR
2SULPD7(03(5$785$/DWHPSHUDWXUDGHOKRUQRSDUSDGHDUi
*LUHODSHULOODDODWHPSHUDWXUDGHVHDGD\RSULPD67$57GRVYHFHV
&DPELDUODWHPSHUDWXUDGHO
WHUPyPHWUR
2SULPD7(03(5$785$/DWHPSHUDWXUDGHOKRUQRSDUSDGHDUi