TJMG 20/05/2015 -Fl. 3 -Caderno 2 - Publicações de Terceiros e Editais de Comarcas -Tribunal de Justiça do Estado de Minas Gerais
Minas Gerais - Caderno 2
quarta-feira, 20 de Maio de 2015 – 3
Publicações de Terceiros e Editais de Comarcas
0,1$63&+6$
&13- 1,5(
3iJLQDGH
5(/$7Ï5,2'$$'0,1,675$d2
6HQKRUHV$FLRQLVWDV
6XEPHWHPRV D DSUHFLDomR GH 96DV DV 'HPRQVWUDo}HV
&RQWiEHLV UHODWLYDV DR H[HUFtFLR HQFHUUDGR HP GH
GH]HPEUR GH $ HYROXomR GH VXDV RSHUDo}HV H RV
SULQFLSDLV IDWRV RFRUULGRV QHVWH H[HUFtFLR SRGHUmR VHU
H[DPLQDGDVDWUDYpVGDVSUySULDV'HPRQVWUDo}HV&RQWiEHLV
&RORFDPRQRV D GLVSRVLomR GH 96DV SDUD TXDLVTXHU
HVFODUHFLPHQWRVDGLFLRQDLV
%$/$1d263$75,021,$,6/(9$17$'26(0'('(=(0%52'( 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV5
$7,926
&,5&8/$17(6
&DL[DVHHTXLYVGHFDL[D
2XWURV&UpGLWRV
7RWDOGRVDWLYRVFLUFXODQWHV
12&,5&8/$17(6
,PSRVWRVDUHFXSHUDU
3DUWHVUHODFLRQDGDV
,QYHVWLPHQWRV
,PRELOL]DGR
,QWDQJtYHO
'LIHULGR
7RWDODWLYRVQmRFLUFXODQWHV
&RQWURODGRUD
1RWD
H[SOLFDWLYD
&RQVROLGDGR
727$/'26$7,926
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDV
'(021675$d®(6'265(68/7$'263$5$2(;(5&Ë&,2),1'2
(0'('(=(0%52'( 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV5
3$66,926(3$75,0Ð1,2/Ë48,'2 1RWD
&RQWURODGRUD
&RQVROLGDGR
H[SOLFDWLYD
&,5&8/$17(6
)RUQHFHGRUHV
2EULJDo}HV6RFLDLVH7UDEDOKLVWDV
,PSRVWRVD5HFROKHU
2XWUDV&RQWDVD3DJDU
7RWDOGRV3DVVLYRV&LUFXODQWHV
12&,5&8/$17(6
3URYLV}HVSDUDSHUGDVQRVLQYHVWLPHQWRV
3DUWHVUHODFLRQDGDV
2EULJDo}HVFRPFRQVRUFLDGDV
7RWDOGRVSDVVLYRVQmRFLUFXODQWHV
3$75,0Ð1,2/Ë48,'2
&DSLWDO6RFLDO
5HVHUYDVGH&DSLWDO
3UHMXt]RVDFXPXODGRV
7RWDOGRSDWULP{QLROtTXLGR
727$/'263$66,926('2
3$75,0Ð1,2/Ë48,'2
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDV
'(021675$d®(6'26)/8;26'(&$,;$3$5$2(;(5&Ë&,2),1'2
(0'('(=(0%52'( 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV5
&RQWURODGRUD
&RQVROLGDGR
1RWD
H[SOLFDWLYD
&RQWURODGRUD
&RQVROLGDGR
1RWD
H[SOLFDWLYD
)/8;2'(&$,;$'$6
$7,9,'$'(623(5$&,21$,6
3UHMXt]RGRH[HUFtFLR
$MXVWHVSDUDUHFRQFLOLDURSUHMXt]RGR
'(63(6$6
H[HUFtFLRFRPRFDL[D
*HUDLVHDGPLQLVWUDWLYDV
DSOLFDGRQDVDWLYLGDGHVRSHUDFLRQDLV
'HVSHVDVWULEXWiULDV
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
$XPHQWR UHGXomR QRVDWLYRVRSHUDFLRQDLV
2XWUDVUHFHLWDV GHVSHVDV RSHUDFVOtTXLGDV
,PSRVWRVDUHFXSHUDU
5(68/7$'2$17(6'25(68/7$'2
2XWURVFUpGLWRV
),1$1&(,52
$XPHQWR
UHG
QRVSDVVLYRVRSHUDFLRQDLV
5(68/7$'2),1$1&(,52
)RUQHFHGRUHV
'HVSHVDVILQDQFHLUDV
2EULJDo}HVVRFLDLVHWUDEDOKLVWDV
7RWDO
,PSRVWRVDUHFROKHU
2EULJDo}HVFRPFRQVRUFLDGDV
35(-8Ë=2'2(;(5&Ë&,2
2XWURVFRQWDVDSDJDU
35(-8Ë=2/Ë48,'2325$d2
&DL[DDSOLFDGRQDVDWLYLGDGHVRSHUDFLRQDLV
%È6,&2(',/8Ë'2 (05
)/8;2'(&$,;$'$6$7,9,'$'(6
'(,19(67,0(172
$TXLVLomRGRDWLYRLPRELOL]DGRHLQWDQJtYHO H
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDV
&DL[DDSOLFDGRQDVDWLYLGDGHVLQYHVWLPHQWR
)/8;2'(&$,;$'$6$7,9,'$'(6
'(),1$1&,$0(172
'(021675$d®(6'265(68/7$'26$%5$1*(17(63$5$2(;(5&Ë&,2
5HFHELPHQWR SDJDPHQWR GHHPSUpVWLPRV
),1'2(0'('(=(0%52'( 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV5
GHSDUWHVUHODFLRQDGDV
$XPHQWRGHFDSLWDO
&RQWURODGRUD
&RQVROLGDGR
&DL[DJHUDGRSHODVDWLYLGDGHVGH
ILQDQFLDPHQWR
5('8d2 $80(172'26$/'2'(
&$,;$((48,9$/(17(6'(&$,;$
/8&52/Ë48,'2'2(;(5&Ë&,2
&$,;$((48,9$/(17('(&$,;$
2XWURVUHVXOWDGRVDEUDQJHQWHV
QRLQtFLRGRH[HUFtFLR
5(68/7$'2$%5$1*(17(727$/
QRILQDOGRH[HUFtFLR
'2(;(5&Ë&,2
5('8d2 $80(172'26$/'2'(
&$,;$((48,9$/(17(6'(&$,;$
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDV
'(021675$d2'$6087$d®(6'23$75,0Ð1,2/Ë48,'23$5$2(;(5&Ë&,2),1'2(0'('(=(0%52'( 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV5
1RWD
H[SOLFDWLYD
6$/'26(0'(-$1(,52'(
$XPHQWRGHFDSLWDO
3UHMXt]RGRH[HUFtFLR
6$/'26(0'('(=(0%52'(
3UHMXt]RGRH[HUFtFLR
5HVHUYDVGH&DSLWDO
6$/'26(0'('(=(0%52'(
3DWULP{QLROtTXLGRDWULEXtYHO
&DSLWDO
3UHMXt]RV 5HVHUYDV
(IHLWRGDFRQVROLGDomR 7RWDOGRSDWULP{QLR
DRVSURSULHWiULRVGDFRQWURODGRUD
OtTXLGRFRQVROLGDGR
VRFLDO
DFXPXODGRV GHFDSLWDO
GRDWLYRGLIHULGR
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVILQDQFHLUDV
127$6(;3/,&$7,9$6¬6'(021675$d®(6
),1$1&(,5$63$5$2(;(5&Ë&,2),1'2(0
'('(=(0%52'(
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV±5PLO
H[FHWRTXDQGRGHRXWUDIRUPDPHQFLRQDGR
,1)250$d®(6*(5$,6$0LQDV3&+6$ ³0LQDV3&+´
IRLFRQVWLWXtGDHPGHPDUoRGHVREDGHQRPLQDomRVRFLDOGH
0LQDV3&+/WGDHWHPSRUREMHWRDJHUDomRHGLVWULEXLomRGHHQHUJLD
HOpWULFD QRWDGDPHQWH D SDUWLU GH SHTXHQDV FHQWUDLV KLGURHOpWULFDV
3 & + V D V V L P F R P R D S U R P R o m R H R X S D U W L F L S D o m R H P
HPSUHHQGLPHQWRV SULYDGRV GH JHUDomR H GLVWULEXLomR GH HQHUJLD
HOpWULFDGHOHVVHWRUQDQGRRXQmRVyFLDFRQWURODGRUDFRPSUHHQGHQGR
D JHUDomR H GLVWULEXLomR GH HQHUJLD HOpWULFD E JHUHQFLDPHQWR GD
REWHQomRHDGHTXDomRGRVUHFXUVRVQHFHVViULRVSDUDLPSODQWDomRGRV
PHQFLRQDGRV HPSUHHQGLPHQWRV F LPSODQWDomR FRP SDUWLFLSDomR
VRFLHWiULD RX QmR GH HPSUHVDV GH JHUDomR H GLVWULEXLomR GH HQHUJLD
HOpWULFD G SDUWLFLSDomRHPRXWUDVVRFLHGDGHVRXHPSUHHQGLPHQWRVQD
TXDOLGDGH GH TXRWLVWD DFLRQLVWD RX FRQVRUFLDGD $ 0LQDV 3&+ p
GHWHQGRUDGHDo}HVRUGLQiULDVGD(PSUHVD&RPHUFLDOL]DGRUD
GH(QHUJLD/WGD±(&(Do}HVRUGLQiULDVGD$UDJXDLD&HQWUDLV
(OpWULFDV 6$ ± $&(6$ H Do}HV RUGLQiULDV GD 6DQWD 5RVD
(QHUJpWLFD 6$ HTXLYDOHQWH D GH SDUWLFLSDomR QR FDSLWDO GDV
PHVPDV ,03$&72 '( 129$6 /(*,6/$d®(6 ±
&RQYHUVmR GD 0HGLGD 3URYLVyULD QR ³03 ´ QD /HL
(PGHPDLRGHD03IRLFRQYHUWLGDQD/HLQ
FRPDOWHUDo}HVHPDOJXQVGLVSRVLWLYRVHPHVSHFLDOQRTXHVH
UHIHUHDRWUDWDPHQWRGRVGLYLGHQGRVGRVMXURVVREUHRFDSLWDOSUySULRH
GD DYDOLDomR GH LQYHVWLPHQWRV SHOR YDORU GH SDWULP{QLR OtTXLGR
'LIHUHQWHPHQWHGRTXHSUHYLDD03D/HLQ QmRLPS{VD
RSomRDQWHFLSDGDGHVHXVHIHLWRVSDUDRDQRFDOHQGiULRGHFRPR
FRQGLomR SDUD HOLPLQDU HIHLWRV ¿VFDLV UHODFLRQDGRV jV GLIHUHQoDV
GHFRUUHQWHV GD DSOLFDomR GRV PpWRGRV H FULWpULRV FRQWiEHLV DWXDLV H
DTXHOHV YLJHQWHV HP GH GH]HPEUR GH SDUD RV LWHQV DFLPD
IDFXOWDQGRjVHPSUHVDVDSRVVLELOLGDGHGHDQWHFLSDomRGRVHIHLWRVGD
QRUPD GH DFRUGR FRP RV LQWHUHVVHV GH FDGD FRQWULEXLQWH $
$GPLQLVWUDomRDQDOLVRXRVLPSDFWRVWULEXWiULRVTXHSRGHULDPDGYLUGD
DSOLFDomRGDVGLVSRVLo}HVGD/HLQ FRQYHUVmRGD03H
FRQFOXLXTXHQmRKRXYHGLVWULEXLomRGHGLYLGHQGRVHRXMXURVGHFDSLWDO
SUySULR VXSHULRUHV DRV DSXUDGRV FRP REVHUYkQFLD GRV PpWRGRV H
FULWpULRVFRQWiEHLVYLJHQWHVHPGHGH]HPEURGH'HVVDIRUPDD
$GPLQLVWUDomRDYDOLDTXHQmRKDYHUiHQFDUJRVWULEXWiULRVDGLFLRQDLVHP
UHODomRjGLVWULEXLomRGHOXFURVQRV~OWLPRVDQRV$$GPLQLVWUDomR
RSWRXSHODDSOLFDomRDQWHFLSDGDGDVGLVSRVLo}HVGD/HLQ
62&,('$'(6 '2 *5832 $5$*8$,$ &(175$,6
(/e75,&$66$±$&(6$$$UDJXDLD&HQWUDLV(OpWULFDV6$±
$&(6$ ³$&(6$´ IRLFRQVWLWXtGDHPGHDJRVWRGHHWHPSRU
REMHWLYRVRFLDOHPFRQVRQkQFLDFRPRVSUHFHLWRVOHJDLV , DJHUDomRGH
HQHUJLDHOpWULFDQRVHJPHQWRGHSHTXHQDVFHQWUDLVKLGUHOpWULFDV 3&+V
DWpROLPLWHGH0:EHPFRPRH[HUFHUDWLYLGDGHVLQHUHQWHVjVXD
¿QDOLGDGH SULQFLSDO ,, SDUWLFLSDU GH RXWURV HPSUHHQGLPHQWRV RX
VRFLHGDGHVVHMDFRPRDFLRQLVWDRXTXRWLVWDFRPRPHLRSDUDUHDOL]DU
REMHWRVRFLDO(035(6$&20(5&,$/,=$'25$'((1(5*,$
/7'$±(&($(PSUHVD&RPHUFLDOL]DGRUDGH(QHUJLD/WGD±(&(
³(&(´ IRLFRQVWLWXtGDHPGHPDLRGH WHQGRSRUREMHWLYR
VRFLDO FRPSUDLPSRUWDomRH[SRUWDomRHYHQGDGHHQHUJLDHOpWULFDD
FRPHUFLDOL]DGRUHV RX D FRQVXPLGRUHV TXH WHQKDP OLYUH RSomR GH
HVFROKD GH IRUQHFHGRU EHP FRPR SDUWLFLSDU GH RXWUDV HPSUHVDV
VRFLHGDGH RX HPSUHHQGLPHQWRV FRPR VyFLD TXRWLVWD DFLRQLVWD RX
FRQVRUFLDGDHVSHFLDOPHQWHQDiUHDGHHQHUJLDHOpWULFDQRVHJPHQWRGH
FRPSUDLPSRUWDomRH[SRUWDomRJHUDomRHYHQGDGHHQHUJLDHOpWULFDD
FRPHUFLDOL]DGRUHV RX D FRQVXPLGRUHV TXH WHQKDP OLYUH RSomR GH
HVFROKDGHIRUQHFHGRU6$17$526$(1(5*e7,&$6$$6DQWD
5RVD(QHUJpWLFD6$ ³6DQWD5RVD´ IRLFRQVWLWXtGDHPGHMDQHLURGH
WHQGRSRUREMHWLYRVRFLDO DSURGXomRGHSRWrQFLDVREDIRUPDGH
HQHUJLDHOpWULFDHVXDFRPHUFLDOL]DomRLQFOXVLYHSDUDFRQFHVVLRQiULRV
SHUPLVVLRQiULRVGHVHUYLoRS~EOLFRGHHQHUJLDHOpWULFDRXFOLHQWHOLYUH
LPSOHPHQWDomR GR SURMHWR ¿QDQFLDPHQWR FRQVWUXomR PRQWDJHP H
H[SORUDomR GD FHQWUDO KLGURHOpWULFD $35(6(17$d2 '$6
'(021675$d®(6 ),1$1&(,5$6 'HFODUDomR GH
FRQIRUPLGDGH$VGHPRQVWUDo}HV¿QDQFHLUDVIRUDPSUHSDUDGDVHHVWmR
VHQGR DSUHVHQWDGDV HP FRQIRUPLGDGH FRP DV SUiWLFDV FRQWiEHLV
DGRWDGDV QR %UDVLO TXH FRPSUHHQGHP RV SURQXQFLDPHQWRV DV
RULHQWDo}HVHLQWHUSUHWDo}HVHPLWLGDVSHOR&RPLWrGH3URQXQFLDPHQWRV
&RQWiEHLV &3& HDSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH
±&)&HDVGLVSRVLo}HVFRQWLGDVQD/HLGDV6RFLHGDGHVSRU$o}HVTXH
LQFRUSRUDPDVDOWHUDo}HVWUD]LGDVSHODV/HLVQRVH
%DVH GH HODERUDomR$V GHPRQVWUDo}HV ¿QDQFHLUDV LQGLYLGXDLV H
FRQVROLGDGDVIRUDPHODERUDGDVFRPEDVHQRFXVWRKLVWyULFRFRQIRUPH
GHVFULWRQDVSUiWLFDVFRQWiEHLVDVHJXLU2FXVWRKLVWyULFRJHUDOPHQWHp
EDVHDGRQRYDORUMXVWRGDVFRQWUDSUHVWDo}HVSDJDVHPWURFDGHDWLYRV
0RHGD IXQFLRQDO H GH DSUHVHQWDomR 2V LWHQV LQFOXtGRV QDV
GHPRQVWUDo}HV ¿QDQFHLUDV VmR PHQVXUDGRV XVDQGR D PRHGD GR
SULQFLSDODPELHQWHHFRQ{PLFRQRTXDOD&RPSDQKLDHVXDVFRQWURODGDV
DWXDP ³PRHGD IXQFLRQDO´ $V GHPRQVWUDo}HV VmR DSUHVHQWDGDV HP
PLOKDUHVGHUHDLV±5DPRHGDIXQFLRQDOGD&RPSDQKLDHGHVXDV
FRQWURODGDV 3ULQFLSDLV IRQWHV GH MXOJDPHQWR H HVWLPDWLYDV 1D
SUHSDUDomRGDVGHPRQVWUDo}HV¿QDQFHLUDVGHDFRUGRFRPDVQRUPDV
EUDVLOHLUDV GH FRQWDELOLGDGH p UHTXHULGR TXH D $GPLQLVWUDomR IDoD
MXOJDPHQWRV HVWLPDWLYDV H SUHPLVVDV TXH DIHWDP D DSOLFDomR GH
SROtWLFDVFRQWiEHLVHRVYDORUHVUHSRUWDGRVGHDWLYRVSDVVLYRVUHFHLWDVH
GHVSHVDV EHP FRPR DV GLYXOJDo}HV HP QRWDV H[SOLFDWLYDV 2V
UHVXOWDGRV UHDLV SRGHP GLYHUJLU GHVVDV HVWLPDWLYDV$V LQIRUPDo}HV
VREUH LQFHUWH]DV GDV SUHPLVVDV H HVWLPDWLYDV TXH SRVVXDP XP ULVFR
VLJQL¿FDWLYR GH UHVXOWDU HP XP DMXVWH PDWHULDO GHQWUR GR SUy[LPR
H[HUFtFLRHVWmRUHODFLRQDGDVSULQFLSDOPHQWHDRVVHJXLQWHVDVSHFWRV L
SHUGDHVWLPDGDSRUUHGXomRDRYDORUUHFXSHUiYHOGRVDWLYRVGHORQJR
SUD]R H LL SURYLVmRSDUDULVFRVWUDEDOKLVWDVFtYHLVH¿VFDLV DVTXDLV
DSHVDUGHUHÀHWLUHPRMXOJDPHQWRGDPHOKRUHVWLPDWLYDSRVVtYHOSRU
SDUWH GD $GPLQLVWUDomR GD &RPSDQKLD H GH VXDV FRQWURODGDV
UHODFLRQDGDVjSUREDELOLGDGHGHHYHQWRVIXWXURVSRGHPHYHQWXDOPHQWH
DSUHVHQWDUYDULDo}HVHPUHODomRDRVGDGRVHYDORUHVUHDLV(VWLPDWLYDVH
SUHPLVVDVVmRUHYLVWRVGHXPDPDQHLUDFRQWtQXD5HYLV}HVFRPUHODomR
D HVWLPDWLYDV FRQWiEHLV VmR UHFRQKHFLGDV QR SHUtRGR HP TXH DV
HVWLPDWLYDVVmRUHYLVDGDVHHPTXDLVTXHUSHUtRGRVIXWXURVDIHWDGRV
680È5,2 '$6 35,1&,3$,6 35È7,&$6 &217È%(,6
%DVHGHFRQVROLGDomRHLQYHVWLPHQWRVHPFRQWURODGDV %DVHGD
FRQVROLGDomR HP FRQWURODGDV $V GHPRQVWUDo}HV ¿QDQFHLUDV
FRQVROLGDGDVLQFOXHPDVGHPRQVWUDo}HV¿QDQFHLUDVGD&RPSDQKLDHGH
VXDV FRQWURODGDV 1DV GHPRQVWUDo}HV ¿QDQFHLUDV LQGLYLGXDLV GD
&RPSDQKLD DV LQIRUPDo}HV ¿QDQFHLUDV GDV FRQWURODGDV VmR
UHFRQKHFLGDV DWUDYpV GR PpWRGR GH HTXLYDOrQFLD SDWULPRQLDO 1D
FRQVROLGDomRIRUDPHOLPLQDGDVDVSDUFHODVFRUUHVSRQGHQWHVDRVVDOGRV
SURSRUFLRQDLVGRVDWLYRVHSDVVLYRVEHPFRPRDVUHFHLWDVHGHVSHVDV
GHFRUUHQWHVGHWUDQVDo}HVHQWUHDVFRPSDQKLDV'LIHUHQoDVGHSUiWLFDV
FRQWiEHLV HQWUH D FRQWURODGD H D &RPSDQKLD TXDQGR DSOLFiYHO VmR
DMXVWDGDV jV SUiWLFDV FRQWiEHLV GD &RPSDQKLD SDUD ¿QV GH
FRQVROLGDomR,QVWUXPHQWRV¿QDQFHLURV$WLYRV¿QDQFHLURV2V
DWLYRV¿QDQFHLURVPDQWLGRVSHOD&RPSDQKLDHVXDVFRQWURODGDVTXDQGR
DSOLFiYHO VmR FODVVL¿FDGRV VRE DV VHJXLQWHV FDWHJRULDV D DWLYRV
¿QDQFHLURVPHQVXUDGRVDYDORUMXVWRSRUPHLRGHUHVXOWDGR E DWLYRV
¿QDQFHLURV PDQWLGRV DWp R YHQFLPHQWR F DWLYRV ¿QDQFHLURV
GLVSRQtYHLVSDUDYHQGD H G HPSUpVWLPRVHUHFHEtYHLV$FODVVL¿FDomR
GHSHQGHGD¿QDOLGDGHSDUDDTXDORVDWLYRVHSDVVLYRV¿QDQFHLURVIRUDP
DGTXLULGRV RX FRQWUDWDGRV $ &RPSDQKLD H VXDV FRQWURODGDV QmR
SRVVXHPLQVWUXPHQWRV¿QDQFHLURVSDUDDVFDWHJRULDVFODVVL¿FDGDVQRV
LWHQV D D F PHQFLRQDGDV DFLPD &DWHJRULD G (PSUpVWLPRV H
UHFHEtYHLV6mRLQFOXtGRVQHVWDFODVVL¿FDomRRVDWLYRV¿QDQFHLURVQmR
GHULYDWLYRV FRP UHFHELPHQWRV ¿[RV RX GHWHUPLQiYHLV TXH QmR VmR
FRWDGRV HP XP PHUFDGR DWLYR 2V HPSUpVWLPRV H UHFHEtYHLV VmR
PHQVXUDGRVSHORYDORUGRFXVWRDPRUWL]DGRXWLOL]DQGRVHRPpWRGRGH
MXURV HIHWLYRV GHGX]LGRV GH TXDOTXHU SHUGD SRU UHGXomR GR YDORU
UHFXSHUiYHO$UHFHLWDGHMXURVpUHFRQKHFLGDDWUDYpVGDDSOLFDomRGD
WD[D GH MXURV HIHWLYD H[FHWR SDUD FUpGLWRV GH FXUWR SUD]R TXDQGR R
UHFRQKHFLPHQWR GH MXURV VHULD LPDWHULDO 2V DWLYRV ¿QDQFHLURV
FRPSUHHQGHP &DL[DHHTXLYDOHQWHVGHFDL[D6mRUHSUHVHQWDGRVSRU
IXQGR ¿[R GH FDL[D UHFXUVRV HP FRQWDV EDQFiULDV GH OLYUH
PRYLPHQWDomRHSRUDSOLFDo}HV¿QDQFHLUDVFXMRVVDOGRVQmRGLIHUHP
VLJQL¿FDWLYDPHQWHGRVYDORUHVGHPHUFDGRFRPDWp GLDVGDGDWDGD
DSOLFDomRRXFRQVLGHUDGRVGHOLTXLGH]LPHGLDWDRXFRQYHUVtYHLVHPXP
PRQWDQWHFRQKHFLGRGHFDL[DHTXHHVWmRVXMHLWRVDXPLQVLJQL¿FDQWH
ULVFRGHPXGDQoDGHYDORURVTXDLVVmRUHJLVWUDGRVSHORVYDORUHVGH
FXVWRDFUHVFLGRVGRVUHQGLPHQWRVDXIHULGRVDWpDVGDWDVGRVEDODQoRV
TXHQmRH[FHGHPRVHXYDORUGHPHUFDGRRXGHUHDOL]DomRFRQIRUPH
QRWDH[SOLFDWLYDQR$&RPSDQKLDHVXDVFRQWURODGDVQmRRSHUDPFRP
LQVWUXPHQWRV ¿QDQFHLURV GHULYDWLYRV 5HGXomR DR YDORU
UHFXSHUiYHOGHDWLYRV¿QDQFHLURV$WLYRV¿QDQFHLURVVmRDYDOLDGRVD
FDGD GDWD GH EDODQoR SDUD LGHQWL¿FDomR GH HYHQWXDO GHWHULRUDomR GH
DWLYRV LPSDLUPHQW 6mR FRQVLGHUDGRV GHWHULRUDGRV TXDQGR H[LVWHP
HYLGrQFLDV GH TXH XP RX PDLV HYHQWRV WHQKDP RFRUULGR DSyV R
UHFRQKHFLPHQWRLQLFLDOGRDWLYR¿QDQFHLURHTXHWHQKDPLPSDFWDGRR
ÀX[R HVWLPDGR GH FDL[D IXWXUR GR LQYHVWLPHQWR 3DVVLYRV
¿QDQFHLURV 2XWURV SDVVLYRV ¿QDQFHLURV 2V RXWURV SDVVLYRV
¿QDQFHLURV LQFOXLQGRIRUQHFHGRUHVHRXWURVSDVVLYRV VmRPHQVXUDGRV
SHORYDORUGHFXVWRDPRUWL]DGRXWLOL]DQGRRPpWRGRGHMXURVHIHWLYRV2
PpWRGRGHMXURVHIHWLYRVpXWLOL]DGRSDUDFDOFXODURFXVWRDPRUWL]DGRGH
XP SDVVLYR ¿QDQFHLUR H DORFDU VXD GHVSHVD GH MXURV SHOR UHVSHFWLYR
SHUtRGR$WD[DGHMXURVHIHWLYDpDWD[DTXHGHVFRQWDH[DWDPHQWHRV
ÀX[RVGHFDL[DIXWXURVHVWLPDGRVDRORQJRGDYLGDHVWLPDGDGRSDVVLYR
¿QDQFHLUR RX TXDQGR DSURSULDGR SRU XP SHUtRGR PHQRU SDUD R
UHFRQKHFLPHQWR LQLFLDO GR YDORU FRQWiELO OtTXLGR %DL[D GH
SDVVLYRV¿QDQFHLURV$&RPSDQKLDHVXDVFRQWURODGDVEDL[DPSDVVLYRV
¿QDQFHLURV VRPHQWH TXDQGR DV REULJDo}HV GD &RPSDQKLD H VXDV
FRQWURODGDVVmRH[WLQWDVHFDQFHODGDVRXTXDQGRYHQFHP$GLIHUHQoD
HQWUHRYDORUFRQWiELOGRSDVVLYR¿QDQFHLUREDL[DGRHDFRQWUDSDUWLGD
SDJDHDSDJDUpUHFRQKHFLGDQRUHVXOWDGRGRH[HUFtFLR,PRELOL]DGR
e GHPRQVWUDGR DR FXVWR GH DTXLVLomR GHGX]LGR GD GHSUHFLDomR
DFXPXODGD$V GHSUHFLDo}HV VmR FDOFXODGDV jV WD[DV DQXDLV 2 YDORU
FRQWiELOGRVDWLYRVpDMXVWDGRSDUDVHXYDORUUHFXSHUiYHOVHPSUHTXHRV
HYHQWRVRXFLUFXQVWkQFLDVLQGLFDUHPTXHVHXYDORUFRQWiELOQmRSRGHVHU
UHFXSHUiYHO 2V JDQKRV H DV SHUGDV GHFRUUHQWHV GH DOLHQDo}HV VmR
GHWHUPLQDGRVSHODFRPSDUDomRFRPRYDORUFRQWiELOHVmRUHFRQKHFLGRV
QDGHPRQVWUDomRGRUHVXOWDGRQDFRQWD³2XWUDVUHFHLWDV±OtTXLGDV´
,QWDQJtYHO6RIWZDUHV$VOLFHQoDVGHSURJUDPDVGHFRPSXWDGRU
DGTXLULGDVVmRFDSLWDOL]DGDVHDPRUWL]DGDVHRVJDVWRVDVVRFLRDGRVj
PDQXWHQomR GH VRIWZDUHV VmR UHFRQKHFLGRV FRPR GHVSHVDV TXDQGR
LQFRUULGRV$WLYRVLQWDQJtYHLVJHUDGRVLQWHUQDPHQWH2VJDVWRV
FRPDWLYLGDGHVGHSHVTXLVDVmRUHFRQKHFLGRVFRPRGHVSHVDQRSHUtRGR
HP TXH VmR LQFRUULGRV 2 DWLYR LQWDQJtYHO JHUDGR LQWHUQDPHQWH
UHVXOWDQWH GH JDVWRV FRP GHVHQYROYLPHQWR RX GH XPD IDVH GH
GHVHQYROYLPHQWRGHXPSURMHWRLQWHUQR pUHFRQKHFLGRVHHVRPHQWHVH
GHPRQVWUDGR WRGDV DV VHJXLQWHV FRQGLo}HV $ YLDELOLGDGH WpFQLFD GH
FRPSOHWDURDWLYRLQWDQJtYHOSDUDTXHVHMDGLVSRQLELOL]DGRSDUDXVRRX
YHQGD $LQWHQomRGHVHFRPSOHWDURDWLYRLQWDQJtYHOHXViORRXYHQGr
OR $KDELOLGDGHGHXVDURXYHQGHURDWLYRLQWDQJtYHO &RPRRDWLYR
LQWDQJtYHO LUi JHUDU SURYiYHLV EHQHItFLRV HFRQ{PLFRV IXWXURV $
GLVSRQLELOLGDGHGHDGHTXDGRVUHFXUVRVWpFQLFRV¿QDQFHLURVHRXWURV
SDUDFRPSOHWDURGHVHQYROYLPHQWRGRDWLYRLQWDQJtYHOHSDUDXViORRX
YHQGrOR H $KDELOLGDGHGHPHQVXUDUFRPFRQ¿DELOLGDGHRVJDVWRV
DWULEXtYHLV DR DWLYR LQWDQJtYHO GXUDQWH VHX GHVHQYROYLPHQWR 2
PRQWDQWH LQLFLDOPHQWH UHFRQKHFLGR GH DWLYRV LQWDQJtYHLV JHUDGRV
LQWHUQDPHQWHFRUUHVSRQGHjVRPDGRVJDVWRVLQFRUULGRVGHVGHTXDQGRR
DWLYR LQWDQJtYHO SDVVRX D DWHQGHU DRV FULWpULRV GH UHFRQKHFLPHQWR
PHQFLRQDGRVDQWHULRUPHQWH4XDQGRQHQKXPDWLYRLQWDQJtYHOJHUDGR
LQWHUQDPHQWHSXGHUVHUUHFRQKHFLGRRVJDVWRVFRPGHVHQYROYLPHQWR
VHUmR UHFRQKHFLGRV QR UHVXOWDGR GR SHUtRGR TXDQGR LQFRUULGRV
6XEVHTXHQWHPHQWH DR UHFRQKHFLPHQWR LQLFLDO RV DWLYRV LQWDQJtYHLV
JHUDGRVLQWHUQDPHQWHVmRUHJLVWUDGRVDRYDORUGHFXVWRGHGX]LGRGD
DPRUWL]DomRHGDSHUGDSRUUHGXomRDRYDORUUHFXSHUiYHODFXPXODGDV
DVVLP FRPR RV DWLYRV LQWDQJtYHLV DGTXLULGRV VHSDUDGDPHQWH
3URYLV}HV $V SURYLV}HV VmR UHFRQKHFLGDV SDUD REULJDo}HV SUHVHQWHV
UHVXOWDQWHGHHYHQWRVSDVVDGRVHPTXHVHMDSRVVtYHOHVWLPDURVYDORUHV
GHIRUPDFRQ¿iYHOHFXMDOLTXLGDomRVHMDSURYiYHO2YDORUUHFRQKHFLGR
FRPRSURYLVmRpDPHOKRUHVWLPDWLYDGDVFRQVLGHUDo}HVUHTXHULGDVSDUD
OLTXLGDU D REULJDomR QR ¿QDO GH FDGD H[HUFtFLR FRQVLGHUDQGRVH RV
ULVFRV H DV LQFHUWH]DV UHODWLYRV j REULJDomR 4XDQGR D SURYLVmR p
PHQVXUDGD FRP EDVH QRV ÀX[RV GH FDL[D HVWLPDGRV SDUD OLTXLGDU D
REULJDomR VHX YDORU FRQWiELO FRUUHVSRQGH DR YDORU SUHVHQWH GHVVHV
ÀX[RVGHFDL[D4XDQGRVHHVSHUDTXHDOJXQVRXWRGRVRVEHQHItFLRV
HFRQ{PLFRV UHTXHULGRV SDUD D OLTXLGDomR GH XPD SURYLVmR VHMDP
UHFXSHUDGRVGHXPWHUFHLURXPDWLYRpUHFRQKHFLGRVHHVRPHQWHVHR
UHHPEROVR IRU YLUWXDOPHQWH FHUWR H R YDORU SXGHU VHU PHQVXUDGR GH
IRUPDFRQ¿iYHO'LIHULGR2VYDORUHVFRQVWDQWHVQRDWLYRGLIHULGR
UHSUHVHQWDP JDVWRV SUpRSHUDFLRQDLV TXH IRUDP LQFRUULGRV H UHFHLWDV
DXIHULGDVQRSHUtRGRSUpRSHUDFLRQDORVTXDLVHVWmRVHQGRDPRUWL]DGRV
HPDQRVSHORPpWRGROLQHDU'HDFRUGRFRPD/HLQR GH
RVJDVWRVSUpRSHUDFLRQDLVSRGHPVHUPDQWLGRVQRDWLYRGLIHULGRDWpVXD
WRWDODPRUWL]DomRYLGHQRWDH[SOLFDWLYDQR $YDOLDomRGRYDORU
UHFXSHUiYHO GRV DWLYRV 2V DWLYRV VmR DYDOLDGRV DQXDOPHQWH SDUD
LGHQWL¿FDUHYLGrQFLDVGHSHUGDVQmRUHFXSHUiYHLVRXDLQGDVHPSUHTXH
HYHQWRVRXDOWHUDo}HVVLJQL¿FDWLYDVQDVFLUFXQVWkQFLDVLQGLFDUHPTXHR
YDORUFRQWiELOSRGHQmRVHUUHFXSHUiYHO4XDQGRDSOLFiYHORFRUUHQGR
SHUGD GHFRUUHQWH GDV VLWXDo}HV HP TXH R YDORU FRQWiELO GR DWLYR
XOWUDSDVVHVHXYDORUUHFXSHUiYHOGH¿QLGRSHORPDLRUYDORUHQWUHRYDORU
HPXVRGRDWLYRHRYDORUOtTXLGRGHYHQGDGRDWLYRHVWDpUHFRQKHFLGD
QRUHVXOWDGRGRH[HUFtFLR$GRomRGHSURQXQFLDPHQWRVFRQWiEHLV
RULHQWDo}HVHLQWHUSUHWDo}HVQRYRVHRXUHYLVDGRV$OWHUDo}HVjV,)56V
HDVQRYDVLQWHUSUHWDo}HVGHDSOLFDomRREULJDWyULDDSDUWLUGRH[HUFtFLR
&RUUHQWH1RH[HUFtFLRFRUUHQWHD&RPSDQKLDFRQVLGHURXDVGLYHUVDV
HPHQGDV H QRYDV LQWHUSUHWDo}HV jV ,)56V H DRV &3&V HPLWLGDV SHOR
,$6%HSHOR&3&TXHHQWUDPREULJDWRULDPHQWHHPYLJRUSDUDSHUtRGRV
FRQWiEHLVLQLFLDGRVHPGHMDQHLURGH$OWHUDo}HVDR&3&
$SUHVHQWDomRGH,QVWUXPHQWRV)LQDQFHLURV$WLYRVH3DVVLYRV/tTXLGRV
2V DMXVWHV GR &3& HVFODUHFHP RV UHTXHULPHQWRV UHODFLRQDGRV j
FRPSHQVDomR GH DWLYRV ¿QDQFHLURV FRP SDVVLYRV ¿QDQFHLURV
$OWHUDo}HV DR &3& 5 'LYXOJDomR GH 9DORU 5HFXSHUiYHO GH
$WLYRV 1mR )LQDQFHLURV $V DOWHUDo}HV GR &3& 5 UHWLUDP RV
UHTXHULPHQWRV GH GLYXOJDU R PRQWDQWH UHFXSHUiYHO GH XPD XQLGDGH
JHUDGRUDGHFDL[DSDUDDTXDORiJLRGHH[SHFWDWLYDGHUHQWDELOLGDGH
IXWXUD JRRGZLOO RX RXWUR DWLYR LQWDQJtYHO FRP YLGD ~WLO LQGH¿QLGD
WHQKD VLGR DORFDGR TXDQGR QmR WHQKD RFRUULGR UHGXomR DR YDORU
UHFXSHUiYHOGHXPDWLYRRXUHYHUVmRGHUHGXomRDRYDORUUHFXSHUiYHO
UHODFLRQDGRDHVVDXQLGDGHJHUDGRUDGHFDL[D $OWHUDo}HVDR&3&
1RYDomRGH'HULYDWLYRVH&RQWLQXLGDGHGH&RQWDELOLGDGHGH+HGJH$V
DOWHUDo}HV DR &3& UHWLUDP D REULJDWRULHGDGH GH GHVFRQWLQXDU D
FRQWDELOLGDGH GH KHGJH TXDQGR XP GHULYDWLYR GHVLJQDGR FRPR
LQVWUXPHQWR GH KHGJH p UHQRYDGR VRE GHWHUPLQDGDV FLUFXQVWkQFLDV
,)5,&7ULEXWRV2,)5,&HQGHUHoDRPRPHQWRGHUHFRQKHFHU
XPSDVVLYRGHFRUUHQWHGDREULJDomRGHSDJDPHQWRGHWULEXWRVLPSRVWRV
SRUXPJRYHUQR$LQWHUSUHWDomRGH¿QHWULEXWRVHHVSHFL¿FDTXHRIDWR
JHUDGRUGDREULJDomRpDDWLYLGDGHTXHUHVXOWDHPSDJDPHQWRGRWULEXWR
FRQIRUPHGH¿QLGRQDOHJLVODomR$&RPSDQKLDDYDOLRXWRGDVDVQRYDV
QRUPDV DFLPD UHVXPLGDV H QmR LGHQWL¿FRX HIHLWRV VLJQL¿FDWLYRV QDV
GHPRQVWUDo}HV ¿QDQFHLUDV 'HPRQVWUDo}HV ¿QDQFHLUDV
FRQVROLGDGDV$VGHPRQVWUDo}HV¿QDQFHLUDVFRQVROLGDGDVLQFOXHPDV
RSHUDo}HV GD &RPSDQKLD H GH VXDV FRQWURODGDV GLUHWDV FXMD
SDUWLFLSDomRSHUFHQWXDOQDGDWDGREDODQoRpDVVLPUHVXPLGD
3DUWLFLSDomR
&DSLWDOWRWDO
,QYHVWLGDV
$UDJXDLD&HQWUDLV(OpWULFDV6$
$&(6$
(PSUHVD&RPHUFLDOL]DGRUDGH
(QHUJLD/WGD(&(
6DQWD5RVD(QHUJpWLFD6$
2 H[HUFtFLR VRFLDO GDV FRQWURODGDV LQFOXtGDV QD FRQVROLGDomR p
FRLQFLGHQWH FRP R GD FRQWURODGRUD H DV SROtWLFDV FRQWiEHLV IRUDP
DSOLFDGDVXQLIRUPHPHQWHQDVHPSUHVDVFRQVROLGDGDVHVmRFRQVLVWHQWHV
FRP DTXHODV XWLOL]DGDV QR H[HUFtFLR DQWHULRU 1DV GHPRQVWUDo}HV
¿QDQFHLUDVLQGLYLGXDLVGDFRQWURODGRUDDVLQIRUPDo}HV¿QDQFHLUDVGH
FRQWURODGDV VmR UHFRQKHFLGDV DWUDYpV GR PpWRGR GH HTXLYDOrQFLD
SDWULPRQLDO7RGRVRVVDOGRVHWUDQVDo}HVHQWUHDVHPSUHVDVHVDOGRV
UHVLGXDLV GH DWLYR GLIHULGR GD &RQWURODGD IRUDP HOLPLQDGRV QD
FRQVROLGDomR $V UHFRQFLOLDo}HV GR SDWULP{QLR OtTXLGR HP GH
GH]HPEURGHHGHHVWmRGHPRQVWUDGDVFRPRVHJXH
3DWULP{QLROtTXLGR
&RQWURODGRUD
%DL[DVGRGLIHULGR
&RQVROLGDGR
$SULQFLSDOGLIHUHQoDHQWUHDGHPRQVWUDomR¿QDQFHLUDFRQVROLGDGDHD
GHPRQVWUDomR¿QDQFHLUDGDFRQWURODGRUDTXHHVWiGHVFULWDpUHODWLYDDR
DWLYRGLIHULGR3DUD¿QVGDVGHPRQVWUDo}HV¿QDQFHLUDVFRQVROLGDGDVD
$GPLQLVWUDomRGD&RPSDQKLDEDL[RXFRQWUDSUHMXt]RVDFXPXODGRVQD
GDWD GH WUDQVLomR GH GH MDQHLUR GH R VDOGR DQWHULRUPHQWH
UHJLVWUDGR FRPR DWLYR GLIHULGR HQTXDQWR IRL PDQWLGR QD SRVLomR
LQGLYLGXDO $ $GPLQLVWUDomR RSWRX SRU PDQWHU HVVH VDOGR DWp VXD
UHDOL]DomR WRWDO SRU PHLR GH DPRUWL]DomR TXDQGR GD HQWUDGD HP
RSHUDomR
&$,;$((48,9$/(17(6'(&$,;$
&DL[DHHTXLYDOHQWHV
GHFDL[D
7RWDO
&RQWURODGRUD
&RQVROLGDGR