Docsity
Docsity

Prepare-se para as provas
Prepare-se para as provas

Estude fácil! Tem muito documento disponível na Docsity


Ganhe pontos para baixar
Ganhe pontos para baixar

Ganhe pontos ajudando outros esrudantes ou compre um plano Premium


Guias e Dicas
Guias e Dicas

difal ec 87, Notas de estudo de Direito

difal icms emenda constitucional 87

Tipologia: Notas de estudo

2016

Compartilhado em 16/02/2016

digi-tale-12
digi-tale-12 🇧🇷

1 documento

1 / 4

Toggle sidebar

Esta página não é visível na pré-visualização

Não perca as partes importantes!

bg1

ZZZILVFRVRIWFRPEUDYGFRQRYRLFPVQDVRSHUDFRHVHQWUHHVWDGRVDSRVDHPHQGDFRQVWLWXFLRQDOQHFLPSDFWRVWULEXWDULRV«
KWWSZZZILVFRVRIWFRPEUDYGFRQRYRLFPVQDVRSHUDFRHVHQWUHHVWDGRVDSRVDHPHQGDFRQVWLWXFLRQDOQHFLPSDFWRVWULEXWDULRVID«

)DELR&XQKD'RZHU
$GYRJDGRHP6mR3DXOR%DF KDUHOHP'LU HLWRSHOD8QLYHUVLGDGH0DFNHQ] LH63HHVSHFLDOLV WDHP'LUHLWR7ULEXWiULRSH OR&HQWURGH([WHQVmR8QLYHUVLWiULD63([3U RIHVVRUGH
'LUHLWR7ULEXWiULRQR&HQWUR8QLYHUVLWiU LR6(1$&63HQR,QVWLWXWR/X]ZHOOGH(QVLQR6XSHU LRU3URIHVVRU HPFXUVRVGHH GXFDomRFRUSRUDWLYDHWU HLQDPHQWRSDUDSURILV VLRQDLV
GDiUHDILVFD OQD3URGHS3UHSD UDomRH'HV HQYROYLPHQWR3URILVVLRQDO
$UWLJR(VWDGXDO
2QRYR,&06QDVRSHUDo}HVHQWUH(VWDGRVDSyVD(PHQGD&RQVWLWXFLRQDOQ(&,PSDFWRVWULEXWiULRV
)DELR&XQKD'RZHU
(PGHDEULOGHVWHDQRIRLSXEOLFDGDD(PHQGD&RQVWLWXF LRQDOQ(&LQWURGX]LQGRQRRUGHQDPHQWRMXUtGLFRXPDQRYDHVXUSUHHQGHQWHUHJUDVREUHD
LQFLGrQFLDGR,&06QDVRSHUDo}HVUHDOL]DGDVHQWUH(V WDGRV(PERUDVHW UDWHGHDOWHUDomRQDUHGDomRGHDSHQDVGRLVGLV SRVLWLYRVGR GRDUWLJRGD&RQVWLWXLomR
)HGHUDOLQFLVRV9,, H9,,, DGHFLVmRWRPDGDSHOROHJLVODGRUFRQVWLW XFLRQDOGHULYDGRPRGLILFDDHVVrQFLD DDOPDGHVWHQRVVR WUDGLFLRQDOHSUREOHPiWLFRLPSRVWR
$LQGDpFHGRSDUDVDEHUVHUHIHULGDDOWHUDomRVHUiERDRXUXLPSDUDRSDtVPDVGHTXDOTXHUIRUPDUHSUHVHQWDXPDYDQoRHPUHODomRDXPWHPDTXHY HPSHUPHDQGRERD
SDUWHGDVDWXDLVGLVFXV V}HVMXUtGLFDV HSROtWLFDVUHODFLRQDGDVDR,&06 QRFRQWH[WRGDF KDPDGDJXHUUDILVFDO,V WRSRUTXHWUDWDVHGHGLVFXVVmRTXHWRPRXSURSRUo}HV
JLJDQWHVFDVHREYLDPHQWH VDLXGRFRQWUROHGDVDXWRULGDGHVWULEXWiULDVUHVSRQViYHLVSHODGLVF LSOLQDOHJDORXSHODIDFHWDH[HFXWLY DGHUHJXODPHQWDomRHFREUDQoDGR
LPSRVWR
3DUDTXHPDFRPSDQKDR,&06QmRpGLItFLO HQWHQGHUDRORQJRGRV~OWLPRVDQRVRVHV WDGRVHFRQRPLFDPHQWHPHQRVIDY RUHFLGRVGRSDtVHVWDGRV FRQVXPLGRUHV
DSUHQGHUDPDXWLOL]DUR, &06TXHpXPWULEXWRHVWDGXDODV HXIDYRUXWLOL]DQGRRFRPRPRHGDGHWURFD QDDWUDomRGHSHVDGRVLQYHVWLPHQWRV ILQDQFHLURVSDUDRkPELWR
WHUULWRULDOGHVHXVHVWDGRV
(PRXWUDVSDODYUDVR 3RGHU([HFXWLYRGHY DULDGRVHVWDGRVSULQFLSDOPHQWHGDVUHJL}HV1RUGHVWH1RUWH&HQWUR2HVWHHPHVPRGR6XO GRSDtVDH[HPSORGR3DUDQi
GHVHQYROYHUDPXPDVXUSUHHQGHQWHKDELOLGDGHQDDUWHGHFRQYHQFHUHPSUHViULRVQDFLRQDLVHHVWUDQJHLURVDLQYHVW LUHPQDFRQVWUXomRGHIiEULFDV FHQWURVGHGLVWULEXLomR
HPSUHVDVUHYHQGHGRUDVHLPSRUWDGRUDVGHQWURGHVHXVWHUULWyULRV
3DUDLVVRXWLO L]DUDPVHGHYDULDGRVPHFDQLVPRVGHGHVRQHUDo}HVI LVFDOGLUHWDRXLQGLUHWDPHQWHOLJDGDVDR,&06 FRPRDVF OiVVLFDV UHGXo}HVGHEDVHGHFiOFXORHGH
DOtTXRWDDVRXWRUJDVGHFUpGLWRVSUHVXPLGRV GLIHULPHQWRGRLPSRVWRHFRQF HVVmRGHILQDQFLDPHQWRVEDQFiULRVF RPMXURVVXEVLGLDGRVDWUDYpV GHLQVWLWXLo}HV ILQDQFHLUDV
S~EOLFDVORFDLV (PWURFD JDQKDUDPRVHIHLWRVSRVLWLYRV TXHHVWHVLQYHV WLPHQWRVSULYDGRVV mRFDSD]HVGHSURSRUFLRQDLVDRGHVHQYROYLPHQWRHFRQ{PLFRHV RFLDOGHVWDV
UHJL}HVFRPRDJHUDomRGHHPSUHJRHUHQGDHDVXEVWDQFLDOPHOKRULDGDLQIUDHVWUXWXUDS~EOLFDORFDO
2JUDQGHSUREOHPDpTXHDHVWUDWpJLDGHDWDTXHGRVHVW DGRVPHQRVIDYRUHFLGRVV HIXQGRXQDYLRODomRGDOHJLVODomRSiWULDDRLJQRUDUVLVW HPDWLFDPHQWHRF RPDQGRGR
DUWLJRLQFLVR ;,, DOtQHDJGD&RQVWLWXLomR)HGHUDOHPFRQMXQWRF RPRGLVSRVWRQD/HL&RPSOHPHQWDUQTXHH[LJHPDSURYDomRSUpYLDGR&21)$=
SDUDDFRQFHVVmRGHTXDOTXHUEHQHItFLRILVFDOTXHV HSUHWHQGHRIHUHFHUHPPDWpULDGH,&06&RQVHTXHQWHPHQWHVmRUHJUDVTXHUHSXGLDPLQFHQWLYRVWULEXWiULRV
FRQFHGLGRVGHIRUPDXQLODWHUDOSHORVHVW DGRVVHPFRQFRUGkQFLDGRVGHPDLV
1RRXWURODGRGRFDPSRGHEDWDOKDRVHVWDGRVSUHMXGLFDGRVGLWRV SURGXWRUHVDGRWDUDPDOLQKDGHLQJUHVVDUFRPDo}HVMXGLFLDLV $omR'LUHWDGH,QFRQVWLWXF LRQDOLGDGH
$',1TXHVWLRQDQGRDFRQVWLWXFLRQDOLGDGHHOHJDOLGDGHGDOHJLVODomRFULDGDSHORVHVWDGRVF RQVXPLGRUHVSDUDYLDELOL]DUVHXVEHQHItFLRV ILVFDLV MXVWDPHQWHDQWH DIDOWD
GDDXWRUL]DomRGR&21)$=
$RILQDOHQWUHWDQWRRV HVWDGRVSUHMXGLFDGRVSURGXWRUHVJDQKDUDPDEDWDOKDHPR67)MXOJRXGLYHUVDV$',1V GHUUXEDQGROHLVHGHFUHWRV GHHVWDGRVGD
IHGHUDomFRPRTXHUHFRQKHFHXHVDFUDPHQWRXRHQWHQGLPHQWRGHTXHpLQFRQVWLWXFLRQDOWRGRHTXDOTXHUEHQHItFLRILVF DOHPPDWpULDGH,&06TXHQmRSRVVXDV HMD
VXSRUWDGRSRUXP&RQYrQLR,&06RXVHMDDDXWRUL]DomRSUpYLDGR&21)$=( VWHSRVLFLRQDPHQWRGR67) FRQWLQXDLQWRFDGRDWpKRMH
)RLHQWmRTXHVHLQLFLRXXPQRYRF DStWXORQDJXHUUDILVFDO FRPIRUWHUHDomRSROtWLF DGRVHVWDGRVF RQVXPLGRUHVHPHVSHFLDO GRVQRUGHVWLQRVHTXHDSyVGLY HUVRV
PRPHQWRVFXOPLQDUDPFRPD(&
(HVWHpSRQWRQRGDODVHUW UDEDOKDGRQHVWHWH[WRSDUDXPDERDFRPSUHHQVmRGD(&HVHXVHIHLWRVWULEXWiULRVMi TXHQmRVHREMHWLYDDTXLGLVF XWLURVDVSHFWRV
SROtWLFRVGDJXHUUDILVF DO
$VVLP FRPHFHPRVOHPEUDQGRTXHDOyJLFDTXHVHPSUHQRUWHRXR,&06QR%UDVLOHVW DPRVWUDWDQGRHVSHFLILFDPHQWH GR,&060HUFDQWLOI RLDUHJUDGHTXHRLPSRVWRp
VHPSUHGHYLGRDRHVWDGRGHRULJHPGDPHUFDGRULDUHJUDGHRXURGR,&06FRPDSHQDVXPDH[ FHomRRFKDPDGRGLIHUHQFLDOGHDOtTXRWD',)$/TXHpGHYLGRDR
HVWDGRGHGHVWLQRGREHP(QWUHWDQWR LVWRVyRF RUUHHPXPD~QLFDHEHPGHOLPLWDGDVLWXDomRTXDQGRRFRPSUDGRUGHVWLQDWiULRpFRQWULEXLQWHGRLPSRVWRHDRPHVP R
WHPSRFRQVXPLGRUILQDOGRVEHQV DGTXLULGRVQRVWHUPRVGDDWXDOUHGDomRGD&RQVWLWXLomR)HGHUDODUWLJRL QFLVRV9, ,H9,, ,DQWHVGD(&
(IRLH[DWDPHQWHQHVW HSRQWRTXHDUHYROXomRGRFKDPDGRFRPpUFLRHOHWU{QLFRHFRPPHUFHF RQWULEXLXVREUHPDQHLUDSDUDGLILFXOWDUDLQGDPDLVDHV WUDWpJLDGRV
HVWDGRVPHQRVIDYRUHFLGRV GHPDQWHUHPRVHXGHVHQYROYLPHQWRHFRQ{PLFRDW UDYpVGDFRQFHVVmRGHEHQHItF LRVILVF DLVMiSURIXQGDPHQWHDEDODGDFRPRSRVLFLRQDPHQWR
DGRWDGRSHOR67)
9DPRVHQWHQGHU$QWHVGRF RPpUFLRHOHWU{QLFRDWHQGrQFLDGHXPFRQVXPLGRUQmRFRQWULEXLQWHSHVVRDItVLF DRXMXUtGLFDHUDGHDGTXLULUDPHUFDGRULDGHVHMDGDQRSUySULR
HVWDGRHPTXHUHVLGLDEDVWDYDLUDRF HQWURGHFRPSUDVORFDO1HVWHV FDVRV R,&06VREUHDRSHUDomRHUDSDJRDRVHXHVWDGRMiTXHpRHVWDGRGHYHQGDVDt GDGD
PHUFDGRULDUHJUDGHRXUR9HMDVHLQFOXVL YHFRPRDHV WUDWpJLDGHDWUDomRGHLQYHVWLPHQWRVV HHQFDL[DYDSHUIHLWDPHQWHQHVWDV LWXDomRMiTXHDRULJHPHRGHVWLQRGR
FRQVXPRVHGDULDQRPHVPRHVW DGRDTXHPFDEHULDQDWXUDOPHQWHDDUUHFDGDomR
1RFDVRGDVDTXLVLo}HV IHLWDVHPRXWURHVW DGRSHODVHPSUHVDVFRQWULEXLQWHVGRLPSRVWRORFDOL] DGDVQRVHVWDGRV FRQVXPLGRUHVSRGHULDRFRUUHUXPDGHGXDV
KLSyWHVHVRXRHVWDGRGHGHVWLQRVH EHQHILFLDYDGHSDUWHGRLPSRVWRF RPRUHFROKLPHQWRGR',)$/DVHXIDY RUVHRDGTXLUHQWHRIL]HVVHF RPRFRQVXPLGRUILQDORXVH
EHQHILFLDYDDRDUUHFDGDUR,&06GHYLGRQDRSHUDomRVHJXLQWHTXDQGRDHPSUHVDYHQGHVVHDPHUFDGRULDSDUDXPWHUFHLUR
9HMDVHSRUWDQWRFRPRDUHJUDGR,&06QDVRSHUDo}HVHQWUHRVHV WDGRVLQFOXLQGRRPHFDQLVPRGR',)$ /FRQFHGLDFHUWRHTXLOtEULRQDGLVWULEXLomRGRLPSRVW RHQWUHRV
HQWHVHQYROYLGRVQDRSHUDomR
0DVDUHYROXomRGDLQWHUQHWLQLPDJLQiYHOjpSRFDHP TXHR,&06IRLFRQF HELGRPH[HXMXVWDPHQWHQHVWHHTXLOtEULRHVSHFLDOPHQWHQRSULPHLURFDVRDF LPDUHIHULGR
FRQVXPLGRUHVQmRFRQWULEXLQWHVGRPLFLOLDGRVQRVHV WDGRVPHQRUIDYRUHFLGRVSDVV DUDPDDGTXLULUYLDLQWHUQHWFRPH[W UHPDIDFLOLGDGHHFRPRGLGDGHPHUFDGRULDVGH
HPSUHVDVORFDOL]DGDVHPRXWURV HVWDGRVORFDOL] DGDVSULQFLSDOPHQWHQRHL[R6mR3DXOR5LRGH-DQHLURHPTXHHVWmRV LWXDGDVERDSDUWHGDVHPSUHVDVWUDGLFLRQDLVTXH
WDPEpPVHHVSHFLDOL] DUDPQDYHQGDRQOLQH
(DTXHPpGHYLGRR,&06 QHVWHVFDVRV "2UDDRHVWDGRGHRULJHPGREHP6mR3DXORRX5LRGH-DQHLURHPQRVVRH[HPSORF RPRQRVGLWDDUHJUDGHRXURGR
LPSRVWRQmRKDYHQGRTXHVHIDODUQHVWHF DVRHP',)$ /SHORPHQRVQDUHGDomRGRVLQFLVRV 9,,H9 ,,,GR GRDUWGD&)DQWHVGDQRYHO(&Q
)HLWDHVWHLQWURGXomRSDVVHPRV HQWmRDHQWHQGHURTXHPXGDFRPDQRYD(PHQGD&RQVWLWXF LRQDO
1DUHJUDDWXDOHTXHSHUGXUDUiDWpRILQDOGHWRGDHPSUHVDFRPHUFLDOTXHYHQGHSDUDRXWURHVWDGRGDIHGHUDomRGHYHWHUGXDVSUHRFXSDo}HVEiVLFDV SDUD
GHWHUPLQDUDUHJUDGHWULEXWDomRGDRSHUDomRSHOR,&06HPSULPHLUROXJDUVDEHUVHRVHXF OLHQWHGHVWLQDWiULRpRXQmRFRQWULEXLQWHGRLPSRVWR6HQmRIRUF RQWULEXLQWH
GRLPSRVWRSRUH[HPSORXPDHPSUHVDSUHVWDGRUDGHVHUYLoRVV XMHLWDDSHQDVDR,66RXXPDSHVV RDItVLFD DDOtTXRWDGH,&06DSOLFiYHO pDSHQDVHWmRVRPHQWHDTXHOD
SUHYLVWDQDOHJLVODomRGRHVW DGRGHRULJHPGDPHUFDGRULDRXVHMDDFKDPDGDDOt TXRWDLQWHUQDGRHVWDGRHPTXHORFDOL]DGDDHPSUHVDYHQGHGRUD
(VWHpXPDV SHFWRFXULRVRGDOHJLVODomR TXHVHPSUHQRVPRWLYRDHQVLQDUTXHSDUDILQVGH, &06QHPWRGDRSHUDomRHQWUHGRLVHVWDGRVSRGHVHUF KDPDGDGHRSHUDomR
LQWHUHVWDGXDO2WHUPR LQWHUHVWDGXDOOHYDRLQWpUSUHWHDXPDDVVRFLDo mRHTXLYRFDGDVREUHDDOtTXRWDDSOLFiYHOQDRSHUDomRHQWUHGRLVHVWDGRV$I LQDOLQWHUHVWDGXDO
UHIHUHVHDRSHUDomRHQWUHHVWDGRV0DVQR, &06DVVLP QmRpSRLVDYHQGDGHXPDPHUFDGRULDSDUDXPQmRFRQWULEXLQWHORFDOL]DGRHPRXWURHVWDGRpV XMHLWDDSHQDV
HWmRVRPHQWHjDOtTXRWDLQW HUQDGRHVWDGRGHRULJHPWDOFRPRXPDYHQGDRFRUULGDGHQWURGRHVWDGR(VWDSDUWLFXODULGDGHVHPSUHHVSDQWRXDTXHOHVTXHDLQGDQmR
3HVTXLVDSRUH[SUHVVmR HRXSRUSHUtRGR DWp
ArtigosporAutor:A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
ArtigosporAssunto
pf3
pf4

Pré-visualização parcial do texto

Baixe difal ec 87 e outras Notas de estudo em PDF para Direito, somente na Docsity!

KWWSZZZILVFRVRIWFRPEUDYGFRQRYRLFPVQDVRSHUDFRHVHQWUHHVWDGRVDSRVDHPHQGDFRQVWLWXFLRQDOQHFLPSDFWRVWULEXWDULRVID« 

)DELR&XQKD'RZHU

$GYRJDGRHP6mR3DXOR%DFKDUHOHP'LUHLWRSHOD8QLYHUVLGDGH0DFNHQ]LH63HHVSHFLDOLVWDHP'LUHLWR7ULEXWiULRSHOR&HQWURGH([WHQVmR8QLYHUVLWiULD63([3URIHVVRUGH 'LUHLWR7ULEXWiULRQR&HQWUR8QLYHUVLWiULR6(1$&63HQR,QVWLWXWR/X]ZHOOGH(QVLQR6XSHULRU3URIHVVRUHPFXUVRVGHHGXFDomRFRUSRUDWLYDHWUHLQDPHQWRSDUDSURILVVLRQDLV GDiUHDILVFDOQD3URGHS3UHSDUDomRH'HVHQYROYLPHQWR3URILVVLRQDO $UWLJR(VWDGXDO

2QRYR,&06QDVRSHUDo}HVHQWUH(VWDGRVDSyVD(PHQGD&RQVWLWXFLRQDOQž (& ,PSDFWRVWULEXWiULRV

)DELR&XQKD'RZHU

(PGHDEULOGHVWHDQRIRLSXEOLFDGDD(PHQGD&RQVWLWXFLRQDOQž (& LQWURGX]LQGRQRRUGHQDPHQWRMXUtGLFRXPDQRYDHVXUSUHHQGHQWHUHJUDVREUHD LQFLGrQFLDGR,&06QDVRSHUDo}HVUHDOL]DGDVHQWUH(VWDGRV(PERUDVHWUDWHGHDOWHUDomRQDUHGDomRGHDSHQDVGRLVGLVSRVLWLYRVGR†žGRDUWLJRGD&RQVWLWXLomR )HGHUDO LQFLVRV9,,H9,,, DGHFLVmRWRPDGDSHOROHJLVODGRUFRQVWLWXFLRQDOGHULYDGRPRGLILFDDHVVrQFLDDDOPDGHVWHQRVVRWUDGLFLRQDO HSUREOHPiWLFR LPSRVWR

$LQGDpFHGRSDUDVDEHUVHUHIHULGDDOWHUDomRVHUiERDRXUXLPSDUDRSDtVPDVGHTXDOTXHUIRUPDUHSUHVHQWDXPDYDQoRHPUHODomRDXPWHPDTXHYHPSHUPHDQGRERD SDUWHGDVDWXDLVGLVFXVV}HVMXUtGLFDVHSROtWLFDVUHODFLRQDGDVDR,&06QRFRQWH[WRGDFKDPDGDJXHUUDILVFDO,VWRSRUTXHWUDWDVHGHGLVFXVVmRTXHWRPRXSURSRUo}HV JLJDQWHVFDVHREYLDPHQWHVDLXGRFRQWUROHGDVDXWRULGDGHVWULEXWiULDVUHVSRQViYHLVSHODGLVFLSOLQDOHJDORXSHODIDFHWDH[HFXWLYDGHUHJXODPHQWDomRHFREUDQoDGR LPSRVWR

3DUDTXHPDFRPSDQKDR,&06QmRpGLItFLOHQWHQGHUDRORQJRGRV~OWLPRVDQRVRVHVWDGRVHFRQRPLFDPHQWHPHQRVIDYRUHFLGRVGRSDtV HVWDGRVFRQVXPLGRUHV DSUHQGHUDPDXWLOL]DUR,&06TXHpXPWULEXWRHVWDGXDODVHXIDYRUXWLOL]DQGRRFRPRPRHGDGHWURFDQDDWUDomRGHSHVDGRVLQYHVWLPHQWRVILQDQFHLURVSDUDRkPELWR WHUULWRULDOGHVHXVHVWDGRV

(PRXWUDVSDODYUDVR3RGHU([HFXWLYRGHYDULDGRVHVWDGRVSULQFLSDOPHQWHGDVUHJL}HV1RUGHVWH1RUWH&HQWUR2HVWHHPHVPRGR6XOGRSDtV DH[HPSORGR3DUDQi  GHVHQYROYHUDPXPDVXUSUHHQGHQWHKDELOLGDGHQDDUWHGHFRQYHQFHUHPSUHViULRVQDFLRQDLVHHVWUDQJHLURVDLQYHVWLUHPQDFRQVWUXomRGHIiEULFDVFHQWURVGHGLVWULEXLomR HPSUHVDVUHYHQGHGRUDVHLPSRUWDGRUDVGHQWURGHVHXVWHUULWyULRV

3DUDLVVRXWLOL]DUDPVHGHYDULDGRVPHFDQLVPRVGHGHVRQHUDo}HVILVFDOGLUHWDRXLQGLUHWDPHQWHOLJDGDVDR,&06FRPRDVFOiVVLFDVUHGXo}HVGHEDVHGHFiOFXORHGH DOtTXRWDDVRXWRUJDVGHFUpGLWRVSUHVXPLGRVGLIHULPHQWRGRLPSRVWRHFRQFHVVmRGHILQDQFLDPHQWRVEDQFiULRVFRPMXURVVXEVLGLDGRVDWUDYpVGHLQVWLWXLo}HVILQDQFHLUDV S~EOLFDVORFDLV(PWURFDJDQKDUDPRVHIHLWRVSRVLWLYRVTXHHVWHVLQYHVWLPHQWRVSULYDGRVVmRFDSD]HVGHSURSRUFLRQDLVDRGHVHQYROYLPHQWRHFRQ{PLFRHVRFLDOGHVWDV UHJL}HVFRPRDJHUDomRGHHPSUHJRHUHQGDHDVXEVWDQFLDOPHOKRULDGDLQIUDHVWUXWXUDS~EOLFDORFDO

2JUDQGHSUREOHPDpTXHDHVWUDWpJLDGHDWDTXHGRVHVWDGRVPHQRVIDYRUHFLGRVVHIXQGRXQDYLRODomRGDOHJLVODomRSiWULDDRLJQRUDUVLVWHPDWLFDPHQWHRFRPDQGRGR DUWLJR†žLQFLVR;,,DOtQHDJGD&RQVWLWXLomR)HGHUDOHPFRQMXQWRFRPRGLVSRVWRQD/HL&RPSOHPHQWDUQžTXHH[LJHPDSURYDomRSUpYLDGR&21)$= SDUDDFRQFHVVmRGHTXDOTXHUEHQHItFLRILVFDOTXHVHSUHWHQGHRIHUHFHUHPPDWpULDGH,&06&RQVHTXHQWHPHQWHVmRUHJUDVTXHUHSXGLDPLQFHQWLYRVWULEXWiULRV FRQFHGLGRVGHIRUPDXQLODWHUDOSHORVHVWDGRV VHPFRQFRUGkQFLDGRVGHPDLV 

1RRXWURODGRGRFDPSRGHEDWDOKDRVHVWDGRVSUHMXGLFDGRV GLWRVSURGXWRUHV DGRWDUDPDOLQKDGHLQJUHVVDUFRPDo}HVMXGLFLDLV $omR'LUHWDGH,QFRQVWLWXFLRQDOLGDGH $',1 TXHVWLRQDQGRDFRQVWLWXFLRQDOLGDGHHOHJDOLGDGHGDOHJLVODomRFULDGDSHORVHVWDGRVFRQVXPLGRUHVSDUDYLDELOL]DUVHXVEHQHItFLRVILVFDLVMXVWDPHQWHDQWHDIDOWD GDDXWRUL]DomRGR&21)$=

$RILQDOHQWUHWDQWRRVHVWDGRVSUHMXGLFDGRV SURGXWRUHV JDQKDUDPDEDWDOKDHPR67)MXOJRXGLYHUVDV$',1VGHUUXEDQGROHLVHGHFUHWRVGHHVWDGRVGD IHGHUDom  FRPRTXHUHFRQKHFHXHVDFUDPHQWRXRHQWHQGLPHQWRGHTXHpLQFRQVWLWXFLRQDOWRGRHTXDOTXHUEHQHItFLRILVFDOHPPDWpULDGH,&06TXHQmRSRVVXDVHMD VXSRUWDGRSRUXP&RQYrQLR,&06  RXVHMDDDXWRUL]DomRSUpYLDGR&21)$=(VWHSRVLFLRQDPHQWRGR67)FRQWLQXDLQWRFDGRDWpKRMH

)RLHQWmRTXHVHLQLFLRXXPQRYRFDStWXORQDJXHUUDILVFDOFRPIRUWHUHDomRSROtWLFDGRVHVWDGRVFRQVXPLGRUHVHPHVSHFLDOGRVQRUGHVWLQRVHTXHDSyVGLYHUVRV PRPHQWRV  FXOPLQDUDPFRPD(&

(HVWHpSRQWRQRGDODVHUWUDEDOKDGRQHVWHWH[WRSDUDXPDERDFRPSUHHQVmRGD(&HVHXVHIHLWRVWULEXWiULRVMiTXHQmRVHREMHWLYDDTXLGLVFXWLURVDVSHFWRV SROtWLFRVGDJXHUUDILVFDO

$VVLPFRPHFHPRVOHPEUDQGRTXHDOyJLFDTXHVHPSUHQRUWHRXR,&06QR%UDVLO HVWDPRVWUDWDQGRHVSHFLILFDPHQWHGR,&060HUFDQWLO IRLDUHJUDGHTXHRLPSRVWRp VHPSUHGHYLGRDRHVWDGRGHRULJHPGDPHUFDGRULD UHJUDGHRXURGR,&06 FRPDSHQDVXPDH[FHomRRFKDPDGRGLIHUHQFLDOGHDOtTXRWD ',)$/ TXHpGHYLGRDR HVWDGRGHGHVWLQRGREHP(QWUHWDQWRLVWRVyRFRUUHHPXPD~QLFDHEHPGHOLPLWDGDVLWXDomRTXDQGRRFRPSUDGRUGHVWLQDWiULRpFRQWULEXLQWHGRLPSRVWRHDRPHVPR WHPSRFRQVXPLGRUILQDOGRVEHQVDGTXLULGRVQRVWHUPRVGDDWXDOUHGDomRGD&RQVWLWXLomR)HGHUDODUWLJR†žLQFLVRV9,,H9,,, DQWHVGD(& 

(IRLH[DWDPHQWHQHVWHSRQWRTXHDUHYROXomRGRFKDPDGRFRPpUFLRHOHWU{QLFR HFRPPHUFH FRQWULEXLXVREUHPDQHLUDSDUDGLILFXOWDUDLQGDPDLVDHVWUDWpJLDGRV HVWDGRVPHQRVIDYRUHFLGRVGHPDQWHUHPRVHXGHVHQYROYLPHQWRHFRQ{PLFRDWUDYpVGDFRQFHVVmRGHEHQHItFLRVILVFDLVMiSURIXQGDPHQWHDEDODGDFRPRSRVLFLRQDPHQWR DGRWDGRSHOR67)

9DPRVHQWHQGHU$QWHVGRFRPpUFLRHOHWU{QLFRDWHQGrQFLDGHXPFRQVXPLGRUQmRFRQWULEXLQWH SHVVRDItVLFDRXMXUtGLFD HUDGHDGTXLULUDPHUFDGRULDGHVHMDGDQRSUySULR HVWDGRHPTXHUHVLGLDEDVWDYDLUDRFHQWURGHFRPSUDVORFDO1HVWHVFDVRVR,&06VREUHDRSHUDomRHUDSDJRDRVHXHVWDGRMiTXHpRHVWDGRGHYHQGD VDtGD GD PHUFDGRULD UHJUDGHRXUR 9HMDVHLQFOXVLYHFRPRDHVWUDWpJLDGHDWUDomRGHLQYHVWLPHQWRVVHHQFDL[DYDSHUIHLWDPHQWHQHVWDVLWXDomRMiTXHDRULJHPHRGHVWLQRGR FRQVXPRVHGDULDQRPHVPRHVWDGRDTXHPFDEHULDQDWXUDOPHQWHDDUUHFDGDomR

1RFDVRGDVDTXLVLo}HVIHLWDVHPRXWURHVWDGRSHODVHPSUHVDV FRQWULEXLQWHVGRLPSRVWR ORFDOL]DGDVQRVHVWDGRVFRQVXPLGRUHVSRGHULDRFRUUHUXPDGHGXDV KLSyWHVHVRXRHVWDGR GHGHVWLQR VHEHQHILFLDYDGHSDUWHGRLPSRVWRFRPRUHFROKLPHQWRGR',)$/DVHXIDYRU VHRDGTXLUHQWHRIL]HVVHFRPRFRQVXPLGRUILQDO RXVH EHQHILFLDYDDRDUUHFDGDUR,&06GHYLGRQDRSHUDomRVHJXLQWHTXDQGRDHPSUHVDYHQGHVVHDPHUFDGRULDSDUDXPWHUFHLUR

9HMDVHSRUWDQWRFRPRDUHJUDGR,&06QDVRSHUDo}HVHQWUHRVHVWDGRV LQFOXLQGRRPHFDQLVPRGR',)$/ FRQFHGLDFHUWRHTXLOtEULRQDGLVWULEXLomRGRLPSRVWRHQWUHRV HQWHVHQYROYLGRVQDRSHUDomR

0DVDUHYROXomRGDLQWHUQHW LQLPDJLQiYHOjpSRFDHPTXHR,&06IRLFRQFHELGR PH[HXMXVWDPHQWHQHVWHHTXLOtEULRHVSHFLDOPHQWHQRSULPHLURFDVRDFLPDUHIHULGR FRQVXPLGRUHVQmRFRQWULEXLQWHVGRPLFLOLDGRVQRVHVWDGRVPHQRUIDYRUHFLGRVSDVVDUDPDDGTXLULUYLDLQWHUQHWFRPH[WUHPDIDFLOLGDGHHFRPRGLGDGHPHUFDGRULDVGH HPSUHVDVORFDOL]DGDVHPRXWURVHVWDGRVORFDOL]DGDVSULQFLSDOPHQWHQRHL[R6mR3DXOR5LRGH-DQHLURHPTXHHVWmRVLWXDGDVERDSDUWHGDVHPSUHVDVWUDGLFLRQDLVTXH WDPEpPVHHVSHFLDOL]DUDPQDYHQGDRQOLQH

(DTXHPpGHYLGRR,&06QHVWHVFDVRV"2UDDRHVWDGRGHRULJHPGREHP 6mR3DXORRX5LRGH-DQHLURHPQRVVRH[HPSOR FRPRQRVGLWDDUHJUDGHRXURGR LPSRVWRQmRKDYHQGRTXHVHIDODUQHVWHFDVRHP',)$/SHORPHQRVQDUHGDomRGRVLQFLVRV9,,H9,,,GR†žGRDUWGD&)DQWHVGDQRYHO(&Qž  

)HLWDHVWHLQWURGXomRSDVVHPRVHQWmRDHQWHQGHURTXHPXGDFRPDQRYD(PHQGD&RQVWLWXFLRQDO

1DUHJUDDWXDO HTXHSHUGXUDUiDWpRILQDOGH WRGDHPSUHVDFRPHUFLDOTXHYHQGHSDUDRXWURHVWDGRGDIHGHUDomRGHYHWHUGXDVSUHRFXSDo}HVEiVLFDVSDUD GHWHUPLQDUDUHJUDGHWULEXWDomRGDRSHUDomRSHOR,&06HPSULPHLUROXJDUVDEHUVHRVHXFOLHQWH GHVWLQDWiULR pRXQmRFRQWULEXLQWHGRLPSRVWR6HQmRIRUFRQWULEXLQWH GRLPSRVWR SRUH[HPSORXPDHPSUHVDSUHVWDGRUDGHVHUYLoRVVXMHLWDDSHQDVDR,66RXXPDSHVVRDItVLFD DDOtTXRWDGH,&06DSOLFiYHOpDSHQDVHWmRVRPHQWHDTXHOD SUHYLVWDQDOHJLVODomRGRHVWDGRGHRULJHPGDPHUFDGRULD RXVHMDDFKDPDGDDOtTXRWDLQWHUQDGRHVWDGRHPTXHORFDOL]DGDDHPSUHVDYHQGHGRUD 

(VWHpXPDVSHFWRFXULRVRGDOHJLVODomRTXHVHPSUHQRVPRWLYRDHQVLQDUTXHSDUDILQVGH,&06QHPWRGDRSHUDomRHQWUHGRLVHVWDGRVSRGHVHUFKDPDGDGHRSHUDomR LQWHUHVWDGXDO2WHUPRLQWHUHVWDGXDOOHYDRLQWpUSUHWHDXPDDVVRFLDomRHTXLYRFDGDVREUHDDOtTXRWDDSOLFiYHOQDRSHUDomRHQWUHGRLVHVWDGRV$ILQDOLQWHUHVWDGXDO UHIHUHVHDRSHUDomRHQWUHHVWDGRV0DVQR,&06DVVLPQmRpSRLVDYHQGDGHXPDPHUFDGRULDSDUDXPQmRFRQWULEXLQWHORFDOL]DGRHPRXWURHVWDGRpVXMHLWDDSHQDV HWmRVRPHQWHjDOtTXRWDLQWHUQDGRHVWDGRGHRULJHP WDOFRPRXPDYHQGDRFRUULGDGHQWURGRHVWDGR (VWDSDUWLFXODULGDGHVHPSUHHVSDQWRXDTXHOHVTXHDLQGDQmR

3HVTXLVDSRUH[SUHVVmR HRXSRUSHUtRGR DWp 

Artigos por Autor: A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

Artigos por Assunto

KWWSZZZILVFRVRIWFRPEUDYGFRQRYRLFPVQDVRSHUDFRHVHQWUHHVWDGRVDSRVDHPHQGDFRQVWLWXFLRQDOQHFLPSDFWRVWULEXWDULRVID« 

SRVVXHPPDLRULQWLPLGDGHFRPR,&06GDtDHVWUDWpJLDGLGiWLFDGHFRQYHQFHURDSUHQGL]GHTXHQRPXQGRGR,&06QHPWRGDYHQGDSDUDRXWURHVWDGRpLQWHUHVWDGXDO

(QWUHWDQWRFRPRVHYHUiHVWHFXLGDGRSHUGHXVXDUD]mRGHVHUFRPD(&SRLVFRPHODWRGDRSHUDomRHQWUHGRLVHVWDGRVSRGHUiVHUFKDPDGDGH LQWHUHVWDGXDOSDUDILQVGH,&06MiTXHDDOtTXRWDDSOLFiYHOVHUiVHPSUHDSDUWLUGHLQWHUHVWDGXDO

9ROWHPRVDRUDFLRFtQLRDQWHULRU&RPRGLWRQDUHJUDDWXDOVHRGHVWLQDWiULRGDPHUFDGRULD HPRXWURHVWDGR pQmRFRQWULEXLQWHGRLPSRVWRLQFLGLUiQDRSHUDomRDSHQDVD DOtTXRWDLQWHUQD3RUpPVHHOHIRUFRQWULEXLQWHGR,&06HQWmRDUHJUDVHDOWHUDDDOtTXRWDLQFLGHQWHQDRSHUDomRVHUiVHPSUHDFKDPDGDLQWHUHVWDGXDO FRPRUHJUD HFRPRH[FHomRDOpPGDDOtTXRWDGHSDUDRVFDVRVHVSHFtILFRVGHPHUFDGRULDVLPSRUWDGDV 

1HVWH~OWLPRFDVR FOLHQWHHPRXWURHVWDGRTXHpFRQWULEXLQWHGRLPSRVWR FDEHjHPSUHVDYHQGHGRUDXPVHJXQGRFXLGDGRVDEHUVHDPHUFDGRULDTXHHVWiVHQGR DGTXLULGDVHUiSRUFRQVXPLGDSHORFOLHQWHFRPRGHVWLQDWiULRILQDORXVHDRFRQWUiULRDDTXLVLomRVHGDUiDWtWXORGHLQVXPRSURGXWLYR SDUDVHUDSOLFDGRQDLQGXVWULDOL]DomR RXSDUDUHYHQGD

1RSULPHLURFDVR FRQVXPLGRUILQDO DOpPGRSDJDPHQWRGR,&06SDUDRHVWDGRGHRULJHPGREHP jDOtTXRWDLQWHUHVWDGXDOFRPRYLPRV DLQGDVHUiGHYLGRR UHFROKLPHQWRGR',)$/GHYLGRDRHVWDGRGHGHVWLQRGREHPHUHSUHVHQWDGRSHODGLIHUHQoDHQWUHDDOtTXRWDLQWHUHVWDGXDOHDDOtTXRWDLQWHUQDGRHVWDGRGHGHVWLQR

3RLVEHPpMXVWDPHQWHHVVHWUDGLFLRQDOUHJUDPHQWRTXHDFDEDGHVHUPRGLILFDGRSHOD(PHQGD&RQVWLWXFLRQDOQžFRPHILFiFLDDSDUWLUGH

$JRUDVHPSUHTXHDRSHUDomRIRUIHLWDFRPRXWURHVWDGRDDOtTXRWDQHFHVVDULDPHQWHVHUiDLQWHUHVWDGXDO7DPEpPVHPSUHKDYHUiGLIHUHQFLDOGHDOtTXRWDGHVGHTXHD PHUFDGRULDWHQKDVLGRDGTXLULGDSDUDFRQVXPRILQDO QRVHQWLGRGHTXHQmRKDYHUiFRQWLQXLGDGHQRFLFORGHFLUFXODomRGDPHUFDGRULD 

(VWDDILUPDomRILQDOpPXLWRLPSRUWDQWHSRLVDLQGDJHUDFHUWDFRQIXVmRQDGRXWULQDQmRpYHUGDGHTXHD(&SDVVRXDSUHYHUR',)$/HPWRGRVRVFDVRVGH YHQGDLQWHUHVWDGXDO$SUHPLVVDQHFHVViULDSDUDDLQFLGrQFLDGR',)$/QDYLJrQFLDGDQRYDHPHQGDpTXHVHWUDWHGHRSHUDomRSDUDFRQVXPLGRUILQDOVHMDHOHFRQWULEXLQWH RXQmRGRLPSRVWR1RFDVRGRDGTXLUHQWHQmRFRQWULEXLQWHHOHVHPSUHVHUiFRQVXPLGRUILQDOFRPRyEYLR pXPDFRQVHTXrQFLDGDILQDOLGDGHGDFRPSUDHGDQDWXUH]DGR DGTXLUHQWH (QWUHWDQWRQDKLSyWHVHGHDTXLVLomRGHPHUFDGRULDSRUFRQWULEXLQWHGRLPSRVWRHOHSRGHRXQmRXWLOL]iODFRPRFRQVXPLGRUILQDO1mRRID]FRPRVDELGRVHD DGTXLUHFRPRLQVXPRGHSURGXomRRXSDUDUHYHQGDFDVRHPTXHQmRKDYHUi',)$/FRPD(&

1DUHJUDTXHDLQGDYLJHUiDWpRILQDOGHR',)$/VyH[LVWHVHDYHQGDGDPHUFDGRULDIRUSDUDFRQWULEXLQWHHVHHVWHDXWLOL]DUFRPRFRQVXPLGRUILQDO(LVDVVLPD GLIHUHQoDIXQGDPHQWDOHQWUHDUHJUDDQWHVHGHSRLVGD(&

(QWmRSHUJXQWDVHGHL[DGHVHULPSRUWDQWHDGLVWLQomRHQWUHRSHUDo}HVFRPFRQWULEXLQWHRXQmRGRLPSRVWR"

1mRDGLIHUHQFLDomRFRQWLQXDDVHUUHOHYDQWHPDVFRPRXWUDILQDOLGDGHEHPGLIHUHQWHGDTXHODTXHSUHYDOHFHQDDWXDOUHGDomRGRVLQFLVRV9,,H9,,,GR†žGRDUWLJR GD&) RXVHMDDQWHVGD(& VHRGHVWLQDWiULRGDPHUFDGRULDQmRIRUFRQWULEXLQWHDUHVSRQVDELOLGDGHWULEXWiULDSHORFiOFXORHUHFROKLPHQWRGR',)$/pGRUHPHWHQWH GDPHUFDGRULD&DVRFRQWUiULRVHRGHVWLQDWiULRIRUFRQWULEXLQWHGRLPSRVWRDHOHFDEHUiRUHFROKLPHQWRGR',)$/HQmRPDLVDRUHPHWHQWH

+iDTXLXPDHQRUPHLPSURSULHGDGHWpFQLFDSRUSDUWHGROHJLVODGRUFRQVWLWXLQWHGHULYDGRSRLVHVWD~OWLPDVLWXDomRHPTXHRGHVWLQDWiULRGDPHUFDGRULD RVWHQWDQGRD FRQGLomRGHFRQWULEXLQWH UHFROKHR,&06',)$/QmRpXPFDVRGHUHVSRQVDELOLGDGHWULEXWiULD2GHVWLQDWiULRQHVWHFDVRpFRQWULEXLQWHGRLPSRVWRQRVWHUPRVGR &yGLJR7ULEXWiULR1DFLRQDODUWLJRSDUiJUDIR~QLFRLQFLVR,  SRLVDULJRUR',)$/pXPDPRGDOLGDGHGH,&06 VXLJHQHULV FXMRIDWRJHUDGRUpSUDWLFDGRSHOR FRPSUDGRUGDPHUFDGRULD DGTXLULGDGHRXWURHVWDGRFRPRFRQVXPLGRUILQDO 3RUWDQWRHOHpVXMHLWRSDVVLYRGDREULJDomRWULEXWiULDPDVQDFRQGLomRGHFRQWULEXLQWHHQmR GHUHVSRQViYHOWULEXWiULR

$LQGDGHVHFLWDUTXHHVWHpRSULPHLURFDVRGHUHVSRQVDELOLGDGHWULEXWiULDSUHYLVWDQRSUySULRWH[WRGD&RQVWLWXLomR)HGHUDO FRQVWLWXFLRQDOL]DomRGDUHVSRQVDELOLGDGH WULEXWiULD MiTXHDWpHQWmRQRVVDFRQVWLWXLomRKDYLDDSHQDVDXWRUL]DGRROHJLVODGRUFRPSOHPHQWDURXRUGLQiULRDLQWURGX]LUFHUWRVFDVRVGHVXMHLomRSDVVLYDSRU UHVSRQVDELOLGDGH  

(VWHpXPSRQWRLPSRUWDQWHGD(&HTXHXOWUDSDVVDDPHUDFXULRVLGDGHDFDGrPLFD,VWRSRUTXHDRFULDUXPDUHJUDQRYDHREMHWLYDGHUHVSRQVDELOLGDGHWULEXWiULDQDV RSHUDo}HVHQYROYHQGRRSHUDomRFRPHUFLDLVHQWUHGRLVHVWDGRVD&)FRPSURPHWHUiRVXSRUWHOHJDOGHYDOLGDGHGRVFDVRVGHUHFROKLPHQWRGR',)$/KRMHH[LVWHQWH EDVHDGRVHPYiULRVSURWRFRORV  RXVHMDDFRUGRVILUPDGRVHQWUHGRLVHVWDGRVQRFRQWH[WRGDVXEVWLWXLomRWULEXWiULD

([SOLFDQGRPHOKRUpPXLWRFRPXPDWXDOPHQWHDH[LVWrQFLDGHDFRUGRVELODWHUDLV SURWRFRORV HQWUHHVWDGRVGDIHGHUDomRLQVWLWXLQGRRPHFDQLVPRGDVXEVWLWXLomR WULEXWiULDQDVRSHUDo}HVLQWHUHVWDGXDLVUHFtSURFDVLQFOXLQGRRUHFROKLPHQWRGR',)$/TXDQGRIRURFDVR

'HVWDIRUPDRHVWDEHOHFLPHQWRYHQGHGRUUHPHWHQWHGHYHUiUHFROKHUDOpPGR,&06GHYLGRHPUD]mRGDVXDYHQGD RFKDPDQGR,&06SUySULR R,&06UHODWLYRjYHQGD TXHRVHXFOLHQWH ORFDOL]DGRHPRXWURHVWDGR IDUiDWHUFHLURVSRUVXEVWLWXLomRWULEXWiULD$VVLPQXPDRSHUDomRHQWUH6mR3DXORH5LRGH-DQHLURDEDUFDGDSRUXP SURWRFROR SRUH[HPSORR3URWRFROR,&06QžTXHWUDWDGHRSHUDo}HVFRPEHELGDVTXHQWHV RYHQGHGRUSDXOLVWDGHYHUiUHFROKHURLPSRVWRGDVXDRSHUDomRGH YHQGDHDLQGDR,&06GDUHYHQGDGHVWDPHUFDGRULDTXHVHUiIHLWDQRIXWXURSHORHVWDEHOHFLPHQWRIOXPLQHQVH

3RUpPVHDHPSUHVDIOXPLQHQVHQDTXDOLGDGHGHFRQWULEXLQWHGRLPSRVWRHVWLYHUDGTXLULQGRDPHUFDGRULDFRPRFRQVXPLGRUDILQDOKDYHUiLQFLGrQFLDGR',)$/FRPRMi YLPRVDFLPDHFDEHUiDHOD DGTXLUHQWH FRPRUHJUDRUHFROKLPHQWRGRLPSRVWRDRVHXHVWDGR HVWDGRGHGHVWLQR 3RUpPKiSURWRFRORVTXHHVWDEHOHFHPQHVWDV VLWXDo}HVUHJUDGHUHVSRQVDELOLGDGHWULEXWiULDHOHJHQGRDHPSUHVDYHQGHGRUD ORFDOL]DGDHP6mR3DXORQRH[HPSORGDGR FRPRUHVSRQViYHOSRUVXEVWLWXLomRSHOR UHFROKLPHQWRGR',)$/

(VWHpRSRQWRDVHUDQDOLVDGRFRPRILFDPDVUHJUDVGHUHVSRQVDELOLGDGHWULEXWiULDVREUHR',)$/SUHYLVWDVHPSURWRFRORVGLDQWHGDQRYD(&"&RQVLGHUDQGRTXHD &RQVWLWXLomR)HGHUDOVHHQFRQWUDQRSDWDPDUKLHUiUTXLFRQRUPDWLYRPDLVDOWRpUHJUDGHLQWHUSUHWDomRQRWyULDTXHTXDOTXHURXWURWH[WRQRUPDWLYRFRPHODLQFRPSDWtYHO WRUQDVHWDFLWDPHQWHUHYRJDGR$VVLPDSDUWLUGH GDWDHPTXHD(&DGTXLUHHILFiFLD RUHFROKLPHQWRGR',)$/QDVYHQGDVLQWHUHVWDGXDLVSDUDFRQVXPLGRUILQDOQmR FRQWULEXLQWHFRQWLQXDUiVHQGRIHLWRSHORYHQGHGRUUHPHWHQWHDJRUDPDVQmRPDLVFRPEDVHQRVSURWRFRORVPDVVLPHPREVHUYkQFLDjQRYDUHJUDGD(&

3RURXWURODGRHQWHQGHPRVTXHRVSURWRFRORVHVWDUmRWDFLWDPHQWHUHYRJDGRVQRTXHWDQJHjH[LJrQFLDGR',)$/QDVYHQGDVLQWHUHVWDGXDLVSDUDFRQVXPLGRUTXHVHMDP FODVVLILFDGRVFRPRFRQWULEXLQWHVGRLPSRVWRSRLVQHVWDKLSyWHVHD(&IRLFODUDDRGL]HUTXHRDSDUFHODGR,&06',)$/GHYHVHUUHFROKLGDSHORSUySULRGHVWLQDWiULR QmRGHL[DQGRHVSDoRSDUDTXHROHJLVODGRULQIUDFRQVWLWXFLRQDOFULHUHJUDGHUHVSRQVDELOLGDGHWULEXWiULD

8P~OWLPRDVSHFWRDVHUFRQVLGHUDGRMiSROrPLFRQDSRXFDGRXWULQDTXHFRQVHJXLXVHGHEUXoDUVREUHDUHFHQWH(&  pDTXHODGLVSRVWDHPVHXDUWLJRžTXH DOWHUDRDUWLJRGR$WRGDV'LVSRVLo}HV&RQVWLWXFLRQDLV7UDQVLWyULDV $'&7 5HIHULGRGLVSRVLWLYROHJDOGLVS}HTXHR',)$/UHODWLYRDRLQFLVR9,,GR†žGRDUWLJRGD &)VHUiSDUWLOKDGRHQWUHRVHVWDGRVGHRULJHPHGHVWLQRGHIRUPDHVFDORQDGD(LVDUHGDomRGRGLVSRVLWLYROHJDO

$UW3DUDHIHLWRGRGLVSRVWRQRLQFLVR9,,GR†žGRDUWQRFDVRGHRSHUDo}HVHSUHVWDo}HVTXHGHVWLQHPEHQVHVHUYLoRVDFRQVXPLGRUILQDOQmRFRQWULEXLQWH ORFDOL]DGRHPRXWUR(VWDGRRLPSRVWRFRUUHVSRQGHQWHjGLIHUHQoDHQWUHDDOtTXRWDLQWHUQDHDLQWHUHVWDGXDOVHUiSDUWLOKDGRHQWUHRV(VWDGRVGHRULJHPHGHGHVWLQRQD VHJXLQWHSURSRUomR  

1mRQRVSUHRFXSDUHPRVSRUHQTXDQWRFRPDSURSRUomRGDSDUWLOKDFLWDGDSHODQRUPDDFLPDWUDQVFULWD HVFDORQDPHQWR SRLVpRPHQRVLPSRUWDQWHQHVWHQRYR UHJUDPHQWROHJDO$TXHVWmRDTXLpHQWHQGHURTXHROHJLVODGRUFRQVWLWXLQWHGHULYDGRTXLVGL]HUFRPSDUWLOKD

&RPHFHPRVSHORyEYLRSDUWLOKDUpGLYLGLU$(&TXHUTXHRIUXWRGDDUUHFDGDomRGR',)$/ TXHSHUWHQFHDRHVWDGRGHGHVWLQRFRPRYLPRV VHMDSDUWLOKDGRHQWUHRV HVWDGRHQYROYLGRVQDRSHUDomR

0DVFRPRVHULDRPRGXVRSHUDQGLGHVWDSDUWLOKD"2XHPRXWUDVSDODYUDVDTXHPFDEHUiUHDOL]DUDSDUWLOKD L DRVXMHLWRSDVVLYRREULJDGRDRUHFROKLPHQWRGR',)$/ TXHSRGHVHURUHPHWHQWHRXRGHVWLQDWiULRGDPHUFDGRULDGHSHQGHQGRGRFDVR KLSyWHVHHPTXHHOHWHULDTXHUHFROKHURLPSRVWRHPGXDVJXLDV XPDSDUDRHVWDGRGH RULJHPHRXWUDDRVHVWDGRVGHGHVWLQR RX LL VHUiXPSUREOHPDDVHUHTXDFLRQDGRH[FOXVLYDPHQWHSHORVHVWDGRVHQYROYLGRVQDRSHUDomRGHPRGRTXHDRVXMHLWR SDVVLYREDVWDUHFROKHUR',)$/QRUPDOPHQWHSHORYDORUFKHLRDSXUDGRQXPD~QLFDJXLD"

(PERUDSRVVDVHDOHJDUTXHHVWDpXPDG~YLGDDVHUUHVROYLGDDWpRILQDOGRDQRSHOROHJLVODGRULQIUDFRQVWLWXFLRQDOQmRQRVSDUHFHTXHHOHWHQKDPDUJHPGHHVFROKD

$&RQVWLWXLomR)HGHUDOWUDWDGDVUHJUDVGH5HSDUWLomRGH5HFHLWDV7ULEXWiULDVDSDUWLUGHVHXDUWLJR 7tWXOR9,&DStWXOR,6HomR9, eQHVWHPRPHQWRTXHR OHJLVODGRUFRQVWLWXLQWHWUDWDGDPDQHLUDFRPRDUHFHLWDDXIHULGDSRUXPDXQLGDGHGDIHGHUDomRQRH[HUFtFLRGHVXDFRPSHWrQFLDWULEXWiULDGHYHVHUUHSDUWLGD GLYLGLGD FRPRXWURHQWHGDIHGHUDomRRXRXWUDHQWLGDGHRXXQLYHUVDOLGDGHGHGLUHLWRSUHYLVWDQDOHL FRPRRV)XQGRVGH3DUWLFLSDomR 3RUH[HPSORRDUWLJRGD&)SUHYrTXH GRSURGXWRDUUHFDGDGRDWtWXORGH,&06SHUWHQFHPDRVPXQLFtSLRVFDEHQGRDRVHVWDGRVHIHWXDURUHSDVVH

2TXHVHTXHUGHVWDFDUpTXHHPERUDD&)XWLOL]HRWHUPRUHSDUWLomRSDUDGHQRPLQDURPHFDQLVPRGHGLYLVmRGDUHFHLWDWULEXWiULDHQWUHRVHQWHVGDIHGHUDomR HSRUHOHV GLUHWDPHQWHHIHWXDGR HODWDPEpPID]XVRQDPHVPD6HomR9,GRWHUPRSDUWLOKD DUWLJR†ž ,VWRQRVOHYDDFRQFOXLUTXHRWHUPRSDUWLOKDHVHXVGHULYDGRVp SDUDROHJLVODGRUFRQVWLWXLQWHVLQ{QLPRGHUHSDUWLomR$VVLPHQWHQGHPRVTXHQDKLSyWHVHFULDGDSHOD(&DRVXMHLWRSDVVLYRFDEHUiUHFROKHUR',)$/FKHLRDR HVWDGRFRPSHWHQWHSDUDUHFHErOR2XVHMDRGHVWLQDWiULRGHPHUFDGRULD FRPRFRQVXPLGRUILQDO TXHRVWHQWDUDFRQGLomRGHFRQWULEXLQWHGHYHUiID]HURSDJDPHQWRDRVHX HVWDGR GHGHVWLQR DWUDYpVGHXPD~QLFDJXLDGHUHFROKLPHQWRORFDO QRFDVRGRHVWDGRGH6mR3DXORDFKDPDGD$5(XLDGH$UUHFDGDomRH5HFROKLPHQWRV (VWDGXDLV 3RURXWURODGRRUHPHWHQWHGHPHUFDGRULDDQmRFRQWULEXLQWHGHYHUiUHFROKHUR',)$/FRPRUHVSRQViYHOWULEXWiULRWDPEpPDRHVWDGRGHGHVWLQR$TXLQmRKi

KWWSZZZILVFRVRIWFRPEUDYGFRQRYRLFPVQDVRSHUDFRHVHQWUHHVWDGRVDSRVDHPHQGDFRQVWLWXFLRQDOQHFLPSDFWRVWULEXWDULRVID« 

‹7+206215(87(56/2%$/5(6285&(6$72'2626',5(,7265(6(59$'26  7HUPRVH&RQGLo}HV

$WHQGLPHQWRDR8VXiULR2SomR2SomR  HPDLOVXSSRUW