$YLVRGHOLFHQFLD\FRQILUPDFLÚQ
GHPDUFDUHJLVWUDGD'ROE\
)DEULFDGRFRQOLFHQFLDGHORV
/DERUDWRULRV'ROE\
'ROE\\HOVÕPERORGHOD'GREOH
VRQPDUFDVUHJLVWUDGDVGH'ROE\
/DERUDWRULHV
$YLVRVUHJXODWRULRVq$YLVR
GHOD&RPLVLÚQ)HGHUDOGH
&RPXQLFDFLRQHV
(VWHGLVSRVLWLYRFXPSOHFRQOD
3DUWHGHODV5HJODVGHOD)&&(O
IXQFLRQDPLHQWRGHHVWHSURGXFWR
VHHQFXHQWUDVXMHWRDODVVLJXLHQWHV
GRVFRQGLFLRQHVHVWHGLVSRVLWLYR
QRFDXVDUËLQWHUIHUHQFLDGDÙLQD\
HVWHGLVSRVLWLYRGHEHUËDFHSWDU
FXDOTXLHULQWHUIHUHQFLDUHFLELGD
LQFOXLGDDTXHOODTXHSXHGDFDXVDU
XQIXQFLRQDPLHQWRQRGHVHDGR
(VWHHTXLSRKDVLGRFRPSUREDGR\
VHGHWHUPLQÚTXHFXPSOHFRQORV
OÕPLWHVGHGLVSRVLWLYRGLJLWDO&ODVH%
FRQIRUPHOD3DUWHGHODV5HJODVGH
OD)&&(VWRVOÕPLWHVVHFUHDURQFRQ
HOILQGHSURSRUFLRQDUXQDSURWHFFLÚQ
UD]RQDEOHFRQWUDLQWHUIHUHQFLDGDÙLQD
HQXQDLQVWDODFLÚQUHVLGHQFLDO(VWH
HTXLSRJHQHUDXWLOL]D\SXHGHLUUDGLDU
HQHUJÕDGHUDGLRIUHFXHQFLD\VLQRVH
HQFXHQWUDLQVWDODGRRVLQRHVXWLOL]DGR
GHDFXHUGRFRQODVLQVWUXFFLRQHV
SXHGHFDXVDULQWHUIHUHQFLDGDÙLQD
DODVFRPXQLFDFLRQHVUDGLDOHV6LQ
HPEDUJRQRVHSXHGHJDUDQWL]DUTXH
ODLQWHUIHUHQFLDQRRFXUULUËHQXQD
LQVWDODFLÚQHQSDUWLFXODU(QHOFDVRGH
TXHHOGLVSRVLWLYRFDXVDUDLQWHUIHUHQFLD
GDÙLQDDODVFRPXQLFDFLRQHVUDGLDOHV
ODFXDOSXHGHVHUGHWHUPLQDGD
HQFHQGLHQGRRDSDJDQGRHOGLVSRVLWLYR
VHVXJLHUHTXHHOXVXDULRWRPHXQDR
PËVGHODVVLJXLHQWHVPHGLGDV
v 5HRULHQWHRFRORTXHHQRWUROXJDU
ODDQWHQDUHFHSWRUD
v ,QFUHPHQWHODVHSDUDFLÚQHQWUHHO
HTXLSR\OD79
v (QFKXIHHOHTXLSRDXQ
WRPDFRUULHQWHGHSDUHGGLIHUHQWH
GHOTXHVHHQFXHQWUDHQFKXIDGRHO
UHFHSWRU
v &RQVXOWHDXQYHQGHGRURWÑFQLFR
H[SHULPHQWDGRGHUDGLR79SDUD
REWHQHUD\XGD
0RGLILFDFLRQHV
/D)&&&RPLVLÚQ)HGHUDOGH
&RPXQLFDFLRQHVUHTXLHUHTXHVH
QRWLILTXHDOXVXDULRTXHFXDOTXLHU
FDPELRRPRGLILFDFLÚQUHDOL]DGDDHVWH
GLVSRVLWLYRTXHQRHVWÑDSUREDGDGH
IRUPDH[SOÕFLWDSRUQXHVWUDHPSUHVD
SRGUÕDDQXODUODDXWRULGDGGHOXVXDULR
GHXWLOL]DUHVWHSURGXFWR
&DEOHV
6HGHEHUËQUHDOL]DUODVFRQH[LRQHVFRQ
HVWHGLVSRVLWLYRFRQFDEOHVEOLQGDGRV
FRQFRQHFWRUHV5)(0,PHWËOLFRVFRQ
HOILQGHFXPSOLUFRQODV1RUPDV\
5HJXODFLRQHVGHOD)&&
$YLVRFDQDGLHQVH
(VWHGLVSRVLWLYRGLJLWDOFODVH%FXPSOH
FRQODQRUPDFDQDGLHQVH,&(6
&HWDSSDUHLOQXPHULTXHGHODFODVVHV
%HVWFRQIRUPHDODQRUPH10%
GX&DQDGD'LVSRVLWLYRGHUHFHSFLÚQ
GH79HVWËQGDU$SSDUHLOGHUHFHSWLRQ
WHOHYLVLRQRUGLQDLUH&DQDGD%(76
1705