Esta é uma pré-visualização de arquivo. Entre para ver o arquivo original
$9��±�*HVWmR�GD�&DGHLD�GH�6XSULPHQWRV � �D�4XHVWmR��&yG���������� 3RQWRV������������ 2�SOHQR�GHVHPSHQKR�ORJtVWLFR�p�DOFDQoDGR�DWUDYpV�GD�FRRUGHQDomR�GDV�DWLYLGDGHV�ORJtVWLFDV�2�GHVDILR�HVWi� HP�JHUHQFLDU�DV�DWLYLGDGHV�UHODFLRQDGDV��GH�WDO�IRUPD�RUTXHVWUDGD��FRP�R�REMHWLYR�GH�RIHUHFHU�R�QtYHO�GH� DWHQGLPHQWR�GDV�H[LJrQFLDV�ORJtVWLFDV��(VFROKD�DTXHOD�GHVFULomR�TXH�HVWi�UHODFLRQDGD�FRP�D�DWLYLGDGH�ORJtVWLFD� GHQRPLQDGD�(67248(6� 5HSUHVHQWD�XPD�UHGH�GH�UHODo}HV�GH�WUDEDOKR�HVSHFLDOL]DGDV�HP�PRYLPHQWDU�H�SRVLFLRQDU�R�HVWRTXH� (P�PXLWRV�SURMHWRV�ORJtVWLFRV��p�FRQVLGHUDGR�PDLV�XPD�LQVWDODomR�GH�SURFHVVDPHQWR�GR�TXH�XP�ORFDO�GH� JXDUGD�GH�PHUFDGRULDV� � 6mR�SRXFDV�DV�VLWXDo}HV�HP�TXH�HPSUHVDV�WHP�FRPR�PDQWHU�HP�QtYHLV�WmR�HOHYDGRV��HP�IXQomR�GR�ULVFR� H�GR�FXVWR�WRWDO�SURLELWLYRV� � 8P�GHSyVLWR�p�FRQVLGHUDGR��JHUDOPHQWH��XP�OXJDU�RQGH�VmR�JXDUGDGRV�HVWRTXHV�GH�PDWHULDLV�H�GH� SURGXWRV� $V�HPSUHVDV�HVWmR�LQYHVWLQGR�PXLWR�H�DSUHQGHQGR�D�XWLOL]DU�SDUD�HODERUDU�VROXo}HV�ORJtVWLFDV�LQRYDGRUDV� H�~QLFDV� � �D�4XHVWmR��&yG���������� 3RQWRV������������ 3DUD�DWLQJLU�R�1tYHO�GH�6HUYLoRV�HVSHUDGR�SHORV�FOLHQWHV�p�QHFHVViULR�DWHQGHU�DRV�IDWRUHV�GH�GHVHPSHQKR�� (PERUD�D�YHORFLGDGH�GR�VHUYLoR�VHMD�HVVHQFLDO��D�PDLRULD�GRV�H[HFXWLYRV�GD�PDLV�LPSRUWkQFLD�D�UHJXODULGDGH��e�D� FDSDFLGDGH�GD�HPSUHVD�H[HFXWDU�VHXV�VHUYLoRV�GHQWUR�GRV�UHTXLVLWRV�HVSHUDGRV�GH�PDQHLUD�FRQVWDQWH��(VFROKD�D� GHQRPLQDomR�GR�IDWRU�TXH�FRUUHVSRQGH�j�GHVFULomR�DSUHVHQWDGD�DFLPD� 'LVSRELOLGDGH 9HORFLGDGH &RQILDELOLGDGH � &RQVLVWrQFLD � )OH[LELOLGDGH � �D�4XHVWmR��&yG���������� 3RQWRV������������ $�/RJtVWLFD�SDVVRX�SRU�IDVHV�HP�VXD�WUDMHWyULD�DWp�KRMH��7RGDV�IRUDP�GHQRPLQDGDV�SRU�FDUDFWHUtVWLFDV�H�WUDoRV� GH�VXD�pSRFD��(VFROKD�D�IUDVH�TXH�GHILQH�D�IDVH�GD�,17(*5$d2�,17(51$ *UDQGHV�PHOKRULDV�IRUDP�LQWURGX]LGDV�QR�VLVWHPD�GH�FRQWUROH�GH�HVWRTXHV�GRV�VXSHUPHUFDGRV��7DO� WHFQRORJLD�SRVVLELOLWRX�R�DXPHQWR�GR�QtYHO�GH�LQWHJUDomR�HQWUH�RV�PHPEURV�GD�FDGHLD� 3RGH�VH�SHUFHEHU�R�JUDQGH�JUDX�GH�UHOHYkQFLD�TXH�IRL�DWULEXtGR�DRV�FDQDLV�GH�FRPXQLFDomR��DVVLP�FRPR� RV�QRYRV�VLVWHPDV�GH�LQIRUPDo}HV�LQWHJUDGRV� � 'LYHUVRV�IDWRUHV�HYLGHQFLDUDP�R�LPSHUDWLYR�GH�TXH�DV�DWLYLGDGHV�IXQFLRQDLV�GHYHULDP�VHU�H[HFXWDGDV�GH� IRUPD�LQWHJUDGD�H�KDUPRQLRVD�SDUD�REWHU�VH�XPD�ERD�SHUIRUPDQFH�GD�RUJDQL]DomR� (VWH�SHUtRGR�WDPEpP�GHX�LQLFLR�D�XWLOL]DomR�LQWHQVLYD�GH�PXOWLPRGDOLGDGH�QRV�WUDQVSRUWHV� 1mR�KDYLD�XPD�DERUGDJHP�VLVWrPLFD��D�rQIDVH�HUD�IXQFLRQDO�H�D�H[HFXomR�GDYD�VH�SRU�GHSDUWDPHQWRV� HVSHFLDOL]DGRV� � �D�4XHVWmR��&yG���������� 3RQWRV������������ $R�ORQJR�GR�WHPSR�D�/RJtVWLFD�IRL�FRQVWUXtGD�SRU�HWDSDV��7RGDV�IRUDP�GHQRPLQDGDV�SRU�FDUDFWHUtVWLFDV�H�WUDoRV� GH�VXD�pSRFD��(VFROKD�D�IUDVH�TXH�GHILQH�D�IDVH�GD�,17(*5$d2�,17(51$� 1HVWD�IDVH��D�ORJtVWLFD�IRL�DSOLFDGD�GH�IRUPD�IXQFLRQDO��RQGH�VH�EXVFRX�PHOKRUDU�R�GHVHPSHQKR�LQGLYLGXDO� GH�FDGD�XPD�GDV�DWLYLGDGHV�EiVLFDV� $V�RSHUDo}HV�ORJtVWLFDV�EXVFDYDP�FRQFLOLDU�EDL[R�FXVWRV�FRP�PHOKRUD�GR�QtYHO�GH�VHUYLoRV��DWUDYpV�GD� UDFLRQDOL]DomR�GD�FDGHLD�GH�VXSULPHQWRV��LQLFLDQGR�XPD�YLVmR�GH�FRQMXQWR� 2�GHVHQYROYLPHQWR�GD�LQIRUPiWLFD�SRVVLELOLWRX��QHVWD�IDVH�GH�HYROXomR�GD�ORJtVWLFD��XPD�LQWHJUDomR� GLQkPLFD��GH�FRQVHTrQFLDV�LPSRUWDQWHV�QD�DJLOL]DomR�GD�FDGHLD�GH�VXSULPHQWRV� � $�LQWHJUDomR�H[LVWHQWH�HQWUH�RV�GLYHUVRV�DJHQWHV�GD�FDGHLD�GH�VXSULPHQWR�VmR�EDVLFDPHQWH�RSHUDFLRQDLV�� REVHUYDQGR�VH�DSHQDV�WURFD�GH�LQIRUPDo}HV�H�DXPHQWR�GH�HILFLrQFLD�GDV�RSHUDo}HV�GDV�DWLYLGDGHV� � &UHVFHX�GH�IRUPD�LQWHQVLYD�D�FLUFXODomR�GDV�LQIRUPDo}HV�GH�WRGD�D�FDGHLD�GH�VXSULPHQWRV��SRVVLELOLWDQGR� R�DFHVVR�P~WXR�GH�LQIRUPDo}HV�RUJDQL]DFLRQDLV�H�HVWUDWpJLFDV� � �D�4XHVWmR��&yG���������� 3RQWRV������������ 0DUNHWLQJ�H�/RJtVWLFD�GHYHP�WUDEDOKDU�MXQWRV�SDUD�REWHU�YDQWDJHP�FRPSHWLWLYD��&DGD�XPD�iUHD�WHP�SDSpLV� GHILQLGRV�SDUD�DWLQJLU�RV�REMHWLYRV��(VFROKD�D�IUDVH�TXH�LGHQWLILFD�XP�GRV�SDSpLV�GH�/2*,67,&$� 8PD�HPSUHVD�WHP�SRU�REMHWLYR�RIHUHFHU�DOJR�GH�PDQHLUD�GLIHUHQWH�H�PHOKRU��DVVLP�GHVHQYROYH�QRYRV� SURGXWRV�FRP�QRYDV�FDUDFWHUtVWLFDV��FKHJDQGR�DWp�j�FXVWRPL]DomR� $�TXDOLGDGH�UHIHUH�VH�j�IXQFLRQDOLGDGH��DR�GHVHPSHQKR�H�jV�HVSHFLILFDo}HV�WpFQLFDV�GD�RIHUWD��2V� VHUYLoRV�HVWmR�UHODFLRQDGRV�j�GLVSRQLELOLGDGH��DR�VXSRUWH��HQILP��DR�FRPSURPLVVR�FRP�R�FOLHQWH� � 3RVVXL��HQWUH�VXDV�DWLYLGDGHV��D�GH�GHWHUPLQDU�D�PHOKRU�IRUPD�GH�ID]HU�FRP�TXH�RV�SURGXWRV�FKHJXHP�DR� ORFDO�GHVHMDGR��QR�PRPHQWR�HP�TXH�R�FRQVXPLGRU�SUHFLVDU�GHOH��TXH�p�TXDQGR�VHUi�SHUFHELGR�R�PDLRU� YDORU� ,GHQWLILFDU�QHFHVVLGDGHV�H�GHVHMRV�QmR�DWHQGLGRV��GHILQLU��PHGLU�H�TXDQWLILFDU�R�WDPDQKR�GH�XP�PHUFDGR� H�R�SRWHQFLDO�GH�OXFUR�GR�PHVPR� &RQVHJXLU�GHPDQGD�p�R�UHVXOWDGR�GRV�HVIRUoRV�SURPRFLRQDLV��EHP�FRPR�GR�SUHoR�H�GD�FRPSRVLomR�GR� PL[�GH�SURGXWRV�RIHUHFLGRV�DR�S~EOLFR� � �D�4XHVWmR��&yG���������� 3RQWRV������������ *HUHQFLD�D�PDWpULD�SULPD�H�VHXV�FRPSRQHQWHV��&RPSUHHQGH�R�SHGLGR�DR�IRUQHFHGRU��R�WUDQVSRUWH��D� DUPD]HQDJHP�H�D�GLVWULEXLomR��4XDO�D�GHQRPLQDomR�GH�FLFORV�GH�DWLYLGDGHV�FLWDGDV�DEDL[R�TXH�HVWi�UHODFLRQDGD� FRP�D�H[SUHVVmR�" � 3URGXomR � 6XSULPHQWRV 'LVWULEXLomR 5HDEDVWHFLPHQWR (VWRFDJHP � �D�4XHVWmR��&yG���������� 3RQWRV������������ &DGD�FLFOR�RFRUUH�QD�LQWHUIDFH�HQWUH�RV�GRLV�HVWiJLRV�VXFHVVLYRV�GD�FDGHLD�GH�VXSULPHQWRV��'H�PRGR�JHUDO��VmR� WUrV�FLFORV�GH�DWLYLGDGHV�QD�FDGHLD�GH�VXSULPHQWRV��4XDO�GRV�WH[WRV�DEDL[R�GHILQH�RSHUDo}HV��FDUDFWHUtVWLFDV�RX� SURFHVVRV�GR�FLFOR�352'8d2" (VWH�FLFOR�WHP�LQIOXrQFLD�GLUHWD�QR�GHVHPSHQKR�GH�0DUNHWLQJ�H�9HQGDV��SRLV�SURSRUFLRQD�D�GLVSRQLELOLGDGH� GH�SURGXWRV�GH�PDQHLUD�HFRQ{PLFD�H�HP�WHPSR�KiELO� 'D�PHVPD�IRUPD�TXH�H[LVWH�XP�FDQDO�SDUD�RV�IOX[RV�GH�SURGXWRV�DFDEDGRV�H�GH�LQIRUPDo}HV��Ki�WDPEpP� XP�FDQDO�VHPHOKDQWH�TXH�Gi�LQtFLR�j�FDGHLD�H�TXH�YLVD�VDWLVID]HU�jV�QHFHVVLGDGHV�GH�VLVWHPDV�GH� RSHUDomR� ,QFOXL�WRGRV�RV�SURFHVVRV�QHFHVViULRV�SDUD�JDUDQWLU�TXH�RV�PDWHULDLV�HVWHMDP�GLVSRQtYHLV�H�D�IDEULFDomR� RFRUUD�VHP�DWUDVRV� 2�REMHWLYR�GHVWH�FLFOR�p�UHVWDXUDU�RV�HVWRTXHV�GRV�YDUHMLVWDV�D�XP�FXVWR�PtQLPR�H�RIHUHFHU� VLPXOWDQHDPHQWH�D�GLVSRQLELOLGDGH�GH�SURGXWRV�QHFHVViULRV�DR�FOLHQWH� � $�SULQFLSDO�UHVSRQVDELOLGDGH�p�SDUWLFLSDU�GD�IRUPXODomR�GH�XPD�SURJUDPDomR�GH�SURGXomR�H�SURYLGHQFLDU� HP�WHPSR�KiELO�GH�PDWHULDLV�H�FRPSRQHQWHV�H�HVWRTXH�HP�SURFHVVR��JHUDQGR�RV�SURGXWRV�DFDEDGRV� QHFHVViULRV� � �D�4XHVWmR��&yG��������� 3RQWRV������������ 2V�&'V�SRGHP�SURSRUFLRQDU�ERP�GHVHPSHQKR�RSHUDFLRQDO�GH�XPD�UHGH�GH�LQVWDODo}HV��2�GHVDILR�HVWi� HP�JHUHQFLDU�DV�DWLYLGDGHV�UHODFLRQDGDV��GH�WDO�IRUPD�RUTXHVWUDGD��FRP�R�REMHWLYR�GH�RIHUHFHU�R�QtYHO�GH� DWHQGLPHQWR��&RQVLGHUH�DV�VHJXLQWHV�DILUPDo}HV�DEDL[R��(VFROKD�DTXHODV�TXH�HVWmR�UHODFLRQDGDV�FRP�D� DWLYLGDGH�ORJtVWLFD�GHQRPLQDGD�$50$=(1$*(0 5HSUHVHQWD�XPD�UHGH�GH�UHODo}HV�GH�WUDEDOKR�HVSHFLDOL]DGDV�HP�PRYLPHQWDU�H�SRVLFLRQDU�RV�PDWHULDLV�H� SURGXWRV� $V�H[LJrQFLDV�GH�XPD�GLVWULEXLomR�EHP�VXFHGLGD�Vy�VHUmR�SOHQDPHQWH�VDWLVIHLWDV�DWUDYpV�GD�FRRSHUDomR� QR�kPELWR�GH�WRGR�R�FDQDO� 2�VHX�REMHWLYR�EiVLFR�p�REWHU�XPD�URWDWLYLGDGH�Pi[LPD�VDWLVID]HQGR��DR�PHVPR�WHPSR��RV�FRPSURPLVVRV� FRP�R�FOLHQWH� $�DGDSWDomR�GH�VHUYLoRV�WUDGLFLRQDLV�jV�PRGHUQDV�H[LJrQFLDV�GH�SUHVWDomR�GH�VHUYLoRV�H�GH�UHGXomR�GH� FXVWRV�ID]HP�SDUWH�GRV�UHTXLVLWRV�GHVWD�DWLYLGDGH� � (P�PXLWRV�SURMHWRV�ORJtVWLFRV��p�FRQVLGHUDGR�PDLV�XPD�LQVWDODomR�GH�SURFHVVDPHQWR�GR�TXH�XP�ORFDO�GH� JXDUGD�GH�PHUFDGRULDV� � �D�4XHVWmR��&yG���������� 3RQWRV������������ 2�FLFOR�GH�DWLYLGDGHV�p�D�XQLGDGH�EiVLFD�GR�SURMHWR�H�FRQWUROH�RSHUDFLRQDO��(P�HVVrQFLD��D�HVWUXWXUD�GRV�FLFORV� GH�DWLYLGDGHV�p�D�EDVH�SDUD�LPSOHPHQWDomR�GD�ORJtVWLFD�LQWHJUDGD��VHQGR�LPSRUWDQWH�R�FRQKHFLPHQWR�GDV� FDUDFWHUtVWLFDV�GH�FDGD�FLFOR��4XDO�GDV�GHVFULo}HV�DEDL[R�GHILQH�RSHUDo}HV��FDUDFWHUtVWLFDV�RX�SURFHVVRV�GR�FLFOR� ',675,%8,d2" )RUQHFH�PDWHULDLV�H�FRPSRQHQWHV�IDEULFDGRV�H[WHUQDPHQWH�TXDQGR�H�RQGH�QHFHVViULRV� $�PRYLPHQWDomR�H�D�DUPD]HQDJHP�GH�SURGXWRV��PDWHULDLV��FRPSRQHQWHV�H�SHoDV�VHPL�DFDEDGDV�HQWUH� LQVWDODo}HV�GD�HPSUHVD�UHSUHVHQWDP�D�UHVSRQVDELOLGDGH�RSHUDFLRQDO�GHVWH�FLFOR� e�FRPSRVWD�SHOD�UHWLUDGD�GH�PDWHULDLV�GR�IRUQHFHGRU��WUDQVSRUWH�GR�PDWHULDO�DWp�R�ORFDO�GH�VXD�XWLOL]DomR� H�D�HVWRFDJHP�GR�SURGXWR�OLEHUDGR�QD�LQG~VWULD�SDUD�R�VHX�FRQVXPR� 9iULDV�DWLYLGDGHV�RX�WDUHIDV�VmR�QHFHVViULDV�SDUD�IDFLOLWDU�XP�IOX[R�RUGHQDGR�GH�PDWHULDLV��SHoDV�RX� HVWRTXH�GH�SURGXWRV�LQWHUPHGLiULRV�SDUD�XP�FRPSOH[R�GH�SURGXomR�RX�GLVWULEXLomR��� � 5HIHUH�VH�j�SDUWH�GH�XP�VLVWHPD�ORJtVWLFR�TXH�GL]�UHVSHLWR�j�PRYLPHQWDomR�H[WHUQD�GRV�SURGXWRV��GR� YHQGHGRU�DR�FOLHQWH�RX�FRQVXPLGRU��RX�VHMD��WUDQVSRUWD�H�HQWUHJD�DOJR�ItVLFR�DR�FOLHQWH � ��D�4XHVWmR��&yG��������� 3RQWRV������������ (P�YH]�GH�IRFDU�RV�UHODFLRQDPHQWRV�LQGLYLGXDLV��R�FRQFHLWR�GH�FDGHLD�GH�VXSULPHQWRV� � SURPRYH�R�WUDEDOKR�GR�FRPSUDGRU�MXQWR�DRV�VHXV�SULQFLSDLV�IRUQHFHGRUHV��FRQFHQWUDQGR�VH�QD�HOLPLQDomR� GRV�FXVWRV�GHVQHFHVViULRV�GH�WRGD�D�FDGHLD�H��GHVVD�IRUPD��RV�SUHoRV�SRGHP�VHU�UD]RDYHOPHQWH� UHGX]LGRV� HYLGHQFLD�D�QHFHVVLGDGH�GH�GHVHQYROYLPHQWR�FRQMXQWR��IRUQHFHGRUHV�H�FRPSUDGRUHV��GH�QRYRV�SURGXWRV� H�R�WUDEDOKR�FRP�IRUQHFHGRUHV�UHVSRQVLYRV� LQGLFD�R�XVR�GH�EDQFRV�GH�GDGRV�LQWHJUDGRV�H�D�RULHQWDomR�GH�IRUQHFHGRUHV�FKDYH� � Gi�XPD�YLVmR�JHUDO�GR�IOX[R�GH�EHQV�H�VHUYLoRV�GR�IRUQHFHGRU�DR�XVXiULR�ILQDO�H�R�IOX[R�GH�SDJDPHQWRV�H� LQIRUPDo}HV�HP�GLUHomR�RSRVWD� SURS}H�XPD�UHGXomR�GR�Q~PHUR�GH�IRUQHFHGRUHV�GR�SURFHVVR�GH�FRPSUDV�