1. No category

2),*(6
352*5$0$
'(
*(67,21
&20(5&,$/
0$18$/'(/868$5,2
2),0$7,&$-$(16/
&2UWHJD1LHWR
3ROtJRQR/RV2OLYDUHV
-$(1
7O))D[
:HEZZZRILMDHQFRP
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
ËQGLFH
,1752'8&&,Ï1 ,QVWDODFLyQ\UHTXHULPLHQWRVGHOVLVWHPD 3XHVWDHQPDUFKD 7HFODV\ERWRQHVPiVXVXDOHV 7UXFRV\XWLOLGDGHV &21),*85$&,Ï1 6XFXUVDOHV (PSUHVDV 8VXDULRV %ORTXHRV 8ELFDFLRQHV 5XWDV &DPLRQHV 6LWXDFLRQHVGH3HGLGRV /LFHQFLD 3DUiPHWURVGHOD(PSUHVD 3DUiPHWURVGHOD(PSUHVD 'DWRV(PSUHVD 'DWRV)LVFDOHV
'DWRV&RPHUFLDOHV
'DWRVGH7HVRUHUtD 1XPHUDGRUHV &DPSRV'HILQLEOHV 3UHVXSXHVWDULD (VWDGtVWLFDGH&RPSUDV
(VWDGtVWLFDGH9HQWDV (VWDGLVWLFDGH%HQHILFLRV 6HULHV7DOODV\&RORUHV /RJRGHOD(PSUHVD
,PSXHVWRV(VSHFLDOHV $5&+,926 )DPLOLDV6XE)DPLOLDV 6HFFLRQHV &RORUHV $OPDFHQHV $UWtFXORV 0XOWL$OPDFHQHV 3URYHHGRUHV 9HQGHGRUHV &OLHQWHV 2WUDV&XHQWDV&RQWDEOHV 3UHFLRV(VSHFLDOHV&OLHQWHV 3DUWHGH9HQWDV 7DEOD'HVFXHQWRVD&OLHQWHV 7DEODGH'HVFXHQWRVGH3URYHHGRUHV 2EUDV (VFDQGDOORV 7UDQVSRUWLVWDV 7UDEDMDGRUHV 2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$/0$&e1 (QWUDGDV\6DOLGDVGH$OPDFpQ 7UDVSDVRVHQWUHDOPDFHQHV (WLTXHWDVGH$UWtFXORV $FWXDOL]DFLyQGH3UHFLRV $FWXDOL]DFLyQGH3UHFLRVSRUIDPLOLDV 5HFDOFXODGRGH3UHFLRVGH(VFDQGDOORV (QYtR7UDQVSRUWLVWDV (WLTXHWDVGHHQYtR &RQWUROGH7UDQVSRUWLVWDV ,QYHQWDULR 7RPDGH,QYHQWDULR 9DOLGDFLyQGHLQYHQWDULR 5HJXODUL]DFLyQGH([LVWHQFLDV 3XHQWHGH)DEULFDFLyQ &2035$6 &iOFXORGH1HFHVLGDGHV 'HVWLQRGH$OEDUDQHVGHFRPSUD 2IHUWDV3HGLGRV$OEDUDQHV\)DFWXUDV'LUHFWDVGH3URYHHGRU 5HFHSFLyQGH)DFWXUDVGH3URYHHGRU 'LDULRGH)DFWXUDFLyQGH3URYHHGRUHV 6LWXDFLyQ3HGLGRV&RPSUDV /LVWDGRV /LVWDGRGH2IHUWDV3HQGLHQWHV
/LVWDGRGH3HGLGRV3HQGLHQWHV /LVWDGRGH$OEDUDQHVSHQGLHQWHV
9(17$6 3UHVXSXHVWRV3HGLGRV$OEDUDQHVHWF (PLVLyQGHIDFWXUDV 'LDULRGHIDFWXUDFLyQ &RPLVLRQHV 2UGHQDU3HGLGRV 6LWXDFLyQ3HGLGRV9HQWDV 3HGLGRV&RPHUFLR(OHFWUyQLFR /LVWDGRV 3UHVXSXHVWRV SHQGLHQWHV
3HGLGRVSHQGLHQWHVGHVHUYLU
'HSyVLWRVSHQGLHQWHV
$OEDUDQHVSHQGLHQWHVGHIDFWXUDU
/LVWDGRGH&RQVXPRVGH$OEDUDQHV
(WLTXHWDVHQYtRDOEDUDQHV
&DOFXORGHYRO~PHQHV
739 7LFNHWV /LVWDGRGH7LFNHWV $SDUWDGRV /LVWDGRGHDSDUWDGRV $UWtFXORVSRUGtD 9HQWDVSRU+RUDV %RUUDGRGH7LFNHWV+LVWyULFR &RQILJXUDU739 3DUiPHWURVGHO739 2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
)RUPDWRGH7LFNHWV )RUPDWRGH5HFLERV )RUPDWRGH9DOHV (QWUHJDVDFXHQWD *HQHUDFLyQGH)DFWXUDV'LDULDV *HVWLyQSUy[LPRVGHVFXHQWRV +,67Ï5,&26 +LVWyULFRGH3UHVXSXHVWRV +LVWyULFRGH3HGLGRV +LVWyULFRGHGHSyVLWRV +LVWyULFRGH$OEDUDQHV +LVWyULFRGHIDFWXUDV +LVWyULFRGHIDFWXUDVSURIRUPD +LVWyULFRGH2IHUWDVGHSURYHHGRU +LVWyULFRGH3HGLGRVGHSURYHHGRU +LVWyULFRGHDOEDUDQHVGHSURYHHGRU +LVWyULFRGHIDFWXUDVGHSURYHHGRU 7(625(5Ë$ 3DUiPHWURV /tQHDVGH'HVFXHQWR 7DEODGH7LPEUHV &REUDGRUHV &DMDV (QWUDGD5HFWLILFDFLyQGH9HQFLPLHQWRV /LVWDGRGH9HQFLPLHQWRV &REURV*OREDOHV 6HOHFFLyQGH3DJRV*OREDOHV (PLVLyQGH&KHTXHV3DJDUpV\R&DUWDV &RQWDELOL]DFLyQGH3DJRV &DMD (QWUDGDV0RYLPLHQWRVGH&DMD 3DJRV6DOLGDV0RYLPLHQWRVGH&DMD $UTXHRGH&DMD &LHUUHGH&DMD /LVWDGR0RYLPLHQWRVGH&DMD
5HPHVDV (PLVLyQGH5HFLERV 'LVSRQLELOLGDGGHODV/tQHDVGH'HVFXHQWR
(QWUDGD5HFWLILFDFLyQ0DQXDOGH5HPHVDV
5HPHVDVSDUD&REUDGRUHV
/LVWDGR5HPHVDV%DQFDULDV /LTXLGDFLyQGH5HPHVDV%DQFDULDV
5HPHVDVHQ6RSRUWH0DJQpWLFR
&RQWDELOL]DFLyQGHOD5HPHVD $QXODFLyQ'RFXPHQWRV9HQFLGRV ,PSDJDGRV (QWUDGDGH,PSDJDGRV
$QXODFLyQ,PSDJDGRV
&RQWURO&DUWDVGH&REUR &20(5&,$/ &DWiORJRV (QWUDGDGH&RQWDFWRV 6HFWRUHV 2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3Uy[LPRV8OWLPRV&RQWDFWRV &RQYHUVLyQDGH&OLHQWHV 6$7 $UWtFXORV6HULDOL]DGRV *DUDQWtDV$UWtFXORV $YLVRV 5HSDUDFLRQHV 5HSDUDFLRQHV([WHUQDV )DFWXUDFLyQGH5HSDUDFLRQHV 3DUWHVGH*DVWRV *DVWRV7UDEDMDGRUHV &RQWUDWRVGHPDQWHQLPLHQWR )DFWXUDFLyQGH&RQWUDWRVGHPDQWHQLPLHQWR 3DUiPHWURVGHO6$7 $UWtFXORVGH5HSDUDFLRQHV ,QIRUPHVGHO6$7 /LVWDGRVGHO6$7 $YLVRV3HQGLHQWHV
5HSDUDFLRQHVVLQ)DFWXUDU
+LVWyULFRDYLVRV +LVWRULFR5HSDUDFLRQHV
*DUDQWtDV)DEULFDQWH /LVWDGRGH&RQWUDWRV /LVWDGRGH&RQFHSWRV &RQWUROGH7LHPSRV
,1)250(6 6XFXUVDOHV ,QIRUPHVGH'HOHJDFLRQHV %HQHILFLRV$FXPXODGRV
(YROXFLyQ%HQHILFLRV 3UHVXSXHVWRV9HQWDV&ROHFWLYR 3UHVXSXHVWRV9HQWDV,QGLYLGXDO
3UHVXSXHVWRV9HQWDV0HQVXDO )DPLOLDV6XEIDPLOLDV ,QIRUPHVGH)DPLOLDV\VXEIDPLOLDV
9HQWDV,QGLYLGXDO
9HQWDV0HV$FXPXODGR 6HFFLRQHV ,QIRUPHVGH6HFFLRQHV
9HQWDV3UHYLVWDV5HDOHV
(YROXFLyQ9HQWDV5HDOHV $FXPXODFLyQ9HQWDV5HDOHV (YROXFLyQ%HQHILFLRV5HDOHV
$FXPXODFLyQ%HQHILFLRV5HDOHV
$UWtFXORV ,QIRUPHVGHDUWtFXORV
$UWtFXORVSRUSURYHHGRU
&RQVXPRV$UWtFXORVSRU&OLHQWH &RQVXPRVSRU6XFXUVDO
(YROXFLyQGH9HQWDV *UiILFRV
$%&&OLHQWHV
,QIRUPH&RPHUFLDO$UWtFXORV
/RV7RSPDVYHQGLGRV
$UWtFXORVVREUHPi[LPRV
$UWtFXORVEDMRPtQLPRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RQVXPRGH$UWtFXORV
$UWtFXORVHQ2IHUWD 6LQ0RYLPLHQWRV2EVROHWRV
9DORU7UDVSDVRV 3URPRFLRQHV$UWtFXORV &OLHQWHV ,QIRUPHVGHFOLHQWHV (YROXFLyQGH9HQWDV&OLHQWHV ,QIRUPH&RPHUFLDO&OLHQWHV
,QIRUPHGH5LHVJRV&OLHQWHV
&OLHQWHVVLQ0RYLPLHQWRV 9HQWDVSRUUXWD
3URYHHGRUHV ,QIRUPHVGHSURYHHGRUHV (YROXFLyQGHYHQWDVSURYHHGRUHV
,QIRUPH&RPHUFLDO3URYHHGRU ,QIRUPHGH5LHVJRV3URYHHGRU $%&3URYHHGRU 3URYHHGRUHVVLQ0RYLPLHQWRV
9HQGHGRUHV ,QIRUPHVGHYHQGHGRUHV 3UHVXSXHVWR9HQWDV
%HQHILFLRV$FXPXODGRV
,QIRUPHGHYHQWDVLQGLYLGXDO ,QIRUPHGHYHQWDVFROHFWLYR 9HQWDVSRUIDPLOLDV
87,/,'$'(6 6HOHFFLyQGH,PSUHVRUDV /RFDOL]DFLyQGHODEDVHGHGDWRV &DPELDUWDSL]GH$SOLFDFLyQ $EULU&DMyQ3RUWDPRQHGDV $FWXDOL]DFLyQGHHVWDGtVWLFDV &RSLDVGHVHJXULGDG $FWXDOL]DFLyQGHWDULIDVGHIDEULFDQWH (QYtR$SXQWHVD&HQWUDO6yORHPSUHVDVFRQILJXUDGDVFRPR6XFXUVDO *HQHUDGRUGHLQIRUPHV 9LVRUGHDSXQWHV ([SRUWDFLyQGH'DWRVD,QWHUQHW &RQILJXUDFLyQGHHWLTXHWDV %RUUDGRGHKLVWyULFRV &LHUUH$QXDO (QWUDGDGHSUHVXSXHVWDULD $FWXDOL]DFLyQGHILFKDV &RQYHUVLyQGH8QLGDGHVD0LOHV &RPXQLFDFLRQHVHQWUH2ILFLQDV &RPXQLFDFLRQHVHQWUHRILFLQDV 2ILFLQD&HQWUDO 5HFHSFLyQ0RGLILFDGRGH3UHFLRV (QYtRGH'DWRVGH&HQWUDOD6XFXUVDO
(QYtRGH,QYHQWDULRGH&HQWUDOD6XFXUVDO
(QYtRGHO0XOWLDOPDFpQD6XFXUVDO 5HFHSFLRQDU'DWRVGH6XFXUVDO 5HFHSFLRQDU,QYHQWDULRGH6XFXUVDO 5HFRJLGDGDWRVVXFXUVDOJUXSR 2ILFLQD6XFXUVDO (QYtRGHGDWRVGH6XFXUVDOD&HQWUDO 7UDVSDVRGHLQYHQWDULRDODFHQWUDO (QYtRGHGDWRV6XFXUVDOD&HQWUDO*UXSR 2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QYtRGH'DWRVDRWUD6XFXUVDO 5HFRJLGDGHGDWRVGH&HQWUDO 5HFRJLGDGHLQYHQWDULRYDOLGDGRHQFHQWUDO 5HFHSFLyQGHO0XOWLDOPDFpQGH&HQWUDO
5HFHSFLyQGH'DWRVDRWUD6XFXUVDO 0DUFDGR0DQXDOGH)LFKHURV 7'0 *HQHUDFLyQ&RGGH%DUUDV 6DOLGDVGH0HUFDQFLDV &DUJDGH3HGLGRV *HQHUDFLyQ GH$OEDUDQHV ,QYHQWDULR &DUJDGH$UWtFXORV &DUJDGH,QYHQWDULR
3HGLGRV$OEDUDQHV\7UDVSDVRV (QWUDGDVGH0HUFDQFLD &DUJDGH3HGLGRV 5HFRJLGD$OEDUDQHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,QWURGXFFLyQ
,QVWDODFLyQ\UHTXHULPLHQWRVGHOVLVWHPD
(O SURJUDPD GH LQVWDODFLyQ GH 2ILJHV FRSLD HQ VX VLVWHPD ORV
FRPSRQHQWHV QHFHVDULRV SDUD HO IXQFLRQDPLHQWR FRUUHFWR GH OD DSOLFDFLyQ
FUHD XQ JUXSR GHQWUR GHO JUXSR GH SURJUDPDV FRQ HO QRPEUH2ILPiWLFD
GHVGHGRQGHVHSRGUiDFFHGHUGLUHFWDPHQWHD2ILJHV
3DUDLQVWDODU2ILJHV
x
x
x
x
x
,QVHUWHHO&'HQVXXQLGDGGH&'520
(Q VX HVFULWRULR KDJD GREOH FOLFN HQ 0, 3& \ HOLMD OD XQLGDG
FRUUHVSRQGLHQWHDVX&'520
5HDOLFHXQGREOHFOLFNHQVXXQLGDGGH&'520
+DJD GREOH FOLFN HQ HO ILFKHUR 2ILJHV:YQH[H GRQGH Q HV HO Q~PHUR GH
YHUVLyQGHODLQVWDODFLyQ
$ SDUWLU GH HVH PRPHQWR VyOR WLHQH TXH VHJXLU ORV SDVRV TXH VH OH LUiQ
PRVWUDQGRHQHOWUDQVFXUVRGHODLQVWDODFLyQ&XDQGRODLQVWDODFLyQ KD\D
WHUPLQDGRHOSURJUDPDOHDYLVDUiGHHOOR
5HTXHULPLHQWRVGHOVLVWHPD
(O SURJUDPD HVWi FUHDGR SDUD FRUUHU FRQ ORV VLJXLHQWHV UHTXHULPLHQWRV
PtQLPRV
x
x
x
x
x
x
6LVWHPDRSHUDWLYR0LFURVRIW:LQGRZVR17
3URFHVDGRU3HQWLXP00;RVLPLODU
$OPHQRV0EGHPHPRULD5$0
$O PHQRV 0E GH HVSDFLR OLEUH HQ GLVFR 7HQLHQGR HQ FXHQWD TXH HO
HVSDFLRRFXSDGRSRUHOSURJUDPDLUiFUHFLHQGRDPHGLGDTXHKDJDXVRGH
pO
,PSUHVRUDVFRPSDWLEOHV:LQGRZV
2IILFHSURIHVLRQDOQRFRPSDWLEOHFRQ2IILFH
3DUDHQWRUQRVPXOWLXVXDULR
x
x
x
x
6LVWHPD RSHUDWLYR 0LFURVRIW :LQGRZV 17 R R 1RYHOO 6ROR HQ
VHUYLGRUHV
7DUMHWDVGH5HG0EV
+XEGH0EV
(QHOVHUYLGRU0EGH5$0\GLVFRV6&6,DFRQVHMDEOH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RQILJXUDFLyQGHORV3&V
3DUDREWHQHUHOPHMRUUHQGLPLHQWRGHOSURJUDPD2ILJHVFRPSUXHEDVL
VXRUGHQDGRUFXPSOHFRQORVVLJXLHQWHVUHTXLVLWRV
¢(VWi FRQILJXUDGD OD SDQWDOOD SDUD XQD UHVROXFLyQ GH [ " 6L VX
UHVSXHVWDHV12RQRVDEHDTXpUHVROXFLyQHVWiVXSDQWDOODVLJDHVWRV
SDVRV
3XOVDUFRQHOERWyQL]TXLHUGRGHOUDWyQHQ
,QLFLRo&RQILJXUDFLyQo 3DQHOGHFRQWURO
+DJDGREOHFOLFNHQODRSFLyQ3DQWDOODFRQORTXHDSDUHFHUiXQDYHQWDQDTXH
FRQWLHQHODVSURSLHGDGHVGHVXSDQWDOOD/DVSURSLHGDGHVHVWiUHSUHVHQWDGDV
HQFDGDXQDGHODVFDUSHWDV
6HOHFFLRQHODFDUSHWD&RQILJXUDFLyQ
'HQWURGHHVWDFDUSHWDDSDUHFHXQDSDUWDGRFRQHOWtWXOR$UHDGHODSDQWDOOD
(QHVHSXQWRFRPSUXHEHODUHVROXFLyQGHEHVHUFRPRPtQLPRGH[
x 'HEH DVHJXUDUVH TXH WLHQH VHOHFFLRQDGD ODV)XHQWHV SHTXHxDV SDUD VX
HVFULWRULR3DUDFRPSUREDUORVLJDORVVLJXLHQWHVSDVRV
'HQWURGHODSDQWDOODGH&RQILJXUDFLyQ GHODVSURSLHGDGHVGHODSDQWDOODHQHO
DSDUWDGR7DPDxRGHODIXHQWH DVHJ~UHVHGHTXHHOWDPDxRVHOHFFLRQDGRHV
)XHQWHVSHTXHxDV
x
3XHVWDHQPDUFKD
$ FRQWLQXDFLyQ GDPRV XQ UHVXPHQ GH ORV SDVRV SUHOLPLQDUHV SDUD
SRQHU HQ PDUFKD OD DSOLFDFLyQ SHUR UHFRPHQGDPRV OHHU FDGD XQR GH ORV
FDStWXORV D ORV TXH VH KDFH UHIHUHQFLD SDUD XQD FRUUHFWD SODQLILFDFLyQ GHO
WUDEDMRIXWXURFRQHOSURJUDPD2ILJHV
$FWXDOL]DUORV3DUiPHWURVGHODHPSUHVD 'HILQLFLyQGH6XFXUVDOHV 'HILQLFLyQGH&DMDV
3DUDOOHYDUDFDERHVWDGHILQLFLyQQRVPHWHUHPRVHQ
7HVRUHUtD!)LFKHURV!&DMDV
$QWHVGHUHDOL]DUQDGDKDEUiTXHVDEHUVLH[LVWLUiXQD~QLFD&DMD&HQWUDO
RDGHPiVGHOD&DMD&HQWUDOFDGDYHQGHGRUWHQGUiVXFDMD
(QHOFDVRGHH[LVWLUPiVGHXQDGHOHJDFLyQKDEUiTXHHOHJLUODVXFXUVDOD
OD TXH YDPRV D GHILQLU FDMDV 3RVWHULRUPHQWH SXOVDU HQ HO LFRQR GH
$JUHJDU QXHYD H LQGLFDU HO FyGLJR \ QRPEUH GH FDGD XQD GH HOODV
&XDQGR VH GHILQD &$-$ &(175$/ KDEUi TXH PDUFDU HO FDPSR&DMD
&HQWUDO9HUHQPHQ~7HVRUHUtD$\XGDGH7HVRUHUtD
'HILQLFLyQGH8VXDULRV 'HILQLFLyQGH9HQGHGRUHV 'HILQLFLyQ\FRQILJXUDFLyQGHODVLPSUHVRUDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'HILQLFLyQ GH ODV )RUPDV GH SDJR 9HU HQ PHQ~ 7HVRUHUtD $\XGD GH
7HVRUHUtD
'HILQLFLyQ GH &OLHQWHV \ SURYHHGRUHV DVt FRPR GH 2WUDV FXHQWDV
FRQWDEOHV 7HFODV\ERWRQHVPiVXVXDOHV
(Q FXDOTXLHU OXJDU \ PHQ~ SDUD DFFHGHU D ORV GLVWLQWRV SURFHVRV VyOR
WLHQH TXH KDFHU FOLFN FRQ HO UDWyQ HQ OD EDUUD VXSHULRU R LFRQR
FRUUHVSRQGLHQWHRELHQSXOVDUODWHFOD$OW \DFRQWLQXDFLyQPRYHUVHFRQODV
IOHFKDVGHGLUHFFLyQDODSDUWDGRTXHTXHUDPRV
3DUDGRWDUGHPD\RUUDSLGH]DOSURJUDPDORVDSDUWDGRVPiVKDELWXDOHV
ORV KHPRV SXHVWR HQ OD EDUUD GH KHUUDPLHQWDV DXQTXH WDPELpQ HVWiQ
GRWDGDVFRQWHFODVGHDFFHVRUiSLGR(VWRVLFRQRVRERWRQHV\ODVWHFODVGH
DFFHVRUiSLGRVRQODVVLJXLHQWHV
&75/)
3DUiPHWURVGHODHPSUHVD
)
3URYHHGRUHV
)
)
)
)
)
)
)
)
6+,)7)
&75/)
$UWtFXORV
&OLHQWHV
(QWUDGDV\VDOLGDVGHDOPDFpQ
&RPSUDV3HGLGRVDOEDUDQHVHWF
5HFHSFLyQGHIDFWXUDV
9HQWDV3UHVXSXHVWRVSHGLGRVDOEDUDQHV
(PLVLyQGHIDFWXUDV
7LFNHWV
$SDUWDGRV
+LVWyULFRGHIDFWXUDV
)LFKHURGHYHQFLPLHQWRV
*HVWLyQGHFREURV
*HVWLyQGH3DJRV
)
&75/)
$YLVRVGHUHSDUDFLRQHV
5HSDUDFLRQHV
6HOHFFLyQGHLPSUHVRUDV
$SHUWXUDGHOFDMyQSRUWDPRQHGDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
$/7)
2),0$7,&$-$(16/
&RSLDVGHVHJXULGDG
6DOLUGHOSURJUDPD
7UXFRV\XWLOLGDGHV
(QHVWHDSDUWDGRYHUHPRVDOJXQRVWUXFRV\XWLOLGDGHVGHOSURJUDPD
7HFODVHVWiQGDU
/DV FRPELQDFLRQHV GH WHFODV TXH YLHQHQ D FRQWLQXDFLyQ VLUYHQ SDUD
FXDOTXLHUSDQWDOODGHOSURJUDPD
&75/,QLFLR
%XVFDU
&75/5H3iJ
&RQVXOWDUILFKD
&75/$Y3iJ
&75/)LQ
$xDGLUQXHYDILFKD
0RGLILFDUILFKD
&DOFXODGRUD
'HVGH FXDOTXLHU FDPSR QXPpULFR VH SXHGH DFWLYDU OD FDOFXODGRUD GHO
SURJUDPDSDUDHOORHVWDQGRHQHOFDPSRQXPpULFRSXOVDUODFRPELQDFLyQGH
WHFODV&75/ \QRVOOHYDUHPRVHOFRQWHQLGRGHOFDPSRDODFDOFXODGRUD
SXOVDQGR VyOR DFWLYDUHPRVOD FDOFXODGRUD 8QD YH] UHDOL]DGRV ORV FiOFXORV
SRGHPRVOOHYDUQRVHOUHVXOWDGRSXOVDQGRHQHOERWyQ$FHSWDU/DFDOFXODGRUD
HVFRPRODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&yGLJRVSRVWDOHV
(O SURJUDPD FXHQWD FRQ XQ ILFKHUR FRQ ORV FyGLJRV SRVWDOHV GH WRGDV
ODV FLXGDGHV GH (VSDxD SDUD TXH SRGDPRV FRPSOHWDU ODV ILFKDV GH
FOLHQWHV \ SURYHHGRUHV /D E~VTXHGD GH FyGLJRV SRVWDOHV DSDUHFHUi
VLHPSUH TXH KDJDPRV XVRGHODE~VTXHGDHQXQFDPSRV&yGLJR3RVWDO
/DSDQWDOODHVFRPRODVLJXLHQWH
(QWLGDGHVEDQFDULDV
/DDSOLFDFLyQFXHQWDFRQXQILFKHURFRQORVGtJLWRVGHEDQFR\VXFXUVDO
GH ODV RILFLQDV EDQFDULDV GH (VSDxD (VWD XWLOLGDG VH SXHGH HMHF
XWDU HQ
FXDOTXLHU FDPSR GHO SURJUDPD HQ HO TXH VH SLGD XQD GRPLFLOLDFLyQ
EDQFDULD 6L GLFKR EDQFR QR OR WHQHPRV HQ QXHVWUR ILFKHUR OR SRGHPRV
EXVFDUHQHOILFKHURGHE~VTXHGDGH(QWLGDGHVEDQFDULDV/DSDQWDOODHV
ODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RQILJXUDFLyQ
6XFXUVDOHV
/D DSOLFDFLyQ DGPLWLUi KDVWD VXFXUVDOHV SRU SURJUDPD LQVWDODGR /D
6XFXUVDOR6XFXUVDOHVFRQODVTXHVHWUDEDMHQLQGLFDUiQODIRUPDGHGDUGH
DOWDODVFXHQWDVGHFOLHQWHVSURYHHGRUHVRWUDVFXHQWDVFRQWDEOHVDVtFRPR
ODV FDMDV HWF (V SRU WDQWR PX\ LPSRUWDQWH TXH VH WHQJD HQ FXHQWD HVWH
FRQFHSWR
/DV FXHQWDV GH FOLHQWHV \ SURYHHGRUHV LQGLFDQ SRU Vt PLVPDV D TXH
GHOHJDFLyQSHUWHQHFHQDWUDYpVGHOžž\žGtJLWRGHODFXHQWD
(QFXDQWRDOILFKHURGHPDQWHQLPLHQWRGH6XFXUVDOHVHVHOTXHVHYHHQOD
LPDJHQVLJXLHQWH
(QGLFKDSDQWDOODSRGUHPRVLQWURGXFLUORVVLJXLHQWHVFDPSRV
x
&yGLJR
(Q HVWH FDPSR LQGLFDPRV HO Q~PHUR GH 6XFXUVDO 'LFKR FyGLJR SXHGH
LQWURGXFLUVH 0DQXDOPHQWH $XWRPiWLFDPHQWH HV GHFLU HO FyGLJR QRV OR
VXPLQLVWUDHORUGHQDGRUVREUHHOFyGLJRPiVDOWRGHORVTXH\DH[LVWHQHQ
HOILFKHURRELHQGHIRUPD/LEUHHVGHFLUHORUGHQDGRUQRVVXPLQLVWUDXQ
FyGLJRTXHSXHGDH[LVWLUHQWUHORV\DH[LVWHQWHV\HQRUGHQDVFHQGHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
1RPEUH
,QGLFDPRVHOQRPEUHRGHVFULSFLyQGHGLFKD6XFXUVDO
x
0DUJHQ3UHYLVWR
(QGLFKRFDPSRSRGUHPRVLQWURGXFLUHOPDUJHQGHEHQHILFLRSUHYLVWRSDUD
GLFKD 6XFXUVDO (VWH FDPSR QR VH DXWRFDOFXOD VL QR TXH HV XQ GDWR
LQIRUPDWLYR\DTXHORTXHVRQORVGDWRVGHEHQHILFLRVVHHQFXHQWUDHQOD
VHJXQGDSDQWDOODGHGDWRV3UHVXSXHVWDULRV\(VWDGtVWLFRV
x
1RWDV
&DPSR GH REVHUYDFLRQHV (QGLFKRFDPSRVHSRGUiLQWURGXFLUFXDOTXLHU
WH[WRVLQOtPLWHGHHVSDFLR
&RPR VH SXHGH REVHUYDU HQ OD LPDJHQ DQWHULRU H[LVWH XQD VHJXQGD
SDQWDOOD GH 3UHVXSXHVWDULD 'LFKD SDQWDOOD FRQWHQGUi GDWRV GH SUHYLVLyQ GH
YHQWDV DVt FRPR XQD FRPSDUDWLYD GH YHQWDV \ EHQHILFLRV HQ UHODFLyQ D OR
SUHVXSXHVWDGR \ HQ UHODFLyQ D ODV YHQWDV \ EHQHILFLRV GHO HMHUFLFLR DQWHULRU
'LFKD SDQWDOOD SUHVHQWD WDPELpQ OD SRVLELOLGDG GH YHU ORV GDWRV HQ PRGR
JUiILFR KDFLHQGRFOLFNVREUHHOERWyQ*UiILFR
9HU(VWDGtVWLFDGHOD6XFXUVDOHQPRGR*UiILFR
/DSDQWDOODTXHYLVXDOL]DUtDPRVVHUtDODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'LFKR JUiILFR OR SRGUHPRV YLVXDOL]DU GH GLIHUHQWH IRUPD VHJ~Q OH
LQGLTXHPRVHQHOFDPSR7,32'(*5È),&$
%DUUDV'%DUUDV'/tQHDV'$UHD'HWF
< SDVDUOR DO 3RUWDSDSHOHV SDUD VX SRVWHULRU HGLFLyQ HQ FXDOTXLHU
GRFXPHQWRGH:RUG([FHOHWF
3DUDSRGHULQWURGXFLUODVYHQWDVSUHVXSXHVWDGDVSXOVDUHOERWyQ(QWUDGD
HO FXUVRU VH SRVLFLRQDUi HQ OD FROXPQD GH9HQWDV
GH 'DWRV
3UHVXS GHPRGRTXHSXHGDLQWURGXFLUODVFDQWLGDGHVGHVHDGDVHQFDGDXQR
GH ORV PHVHV 3DUD WHUPLQDU OD HGLFLyQ GH GLFKD SDQWDOOD SXOVDU HO ERWyQ
7HUPLQDU
6L OR TXH GHVHD HV YHU OD SDQWDOOD (VWDGtVWLFD GH %HQHILFLRV SXOVDU HO
ERWyQ%HQHILFLRV\SDUDYROYHUDODVYHQWDVSXOVDUHOERWyQ9HQWDV
9HU(VWDGtVWLFDGH9HQWDV
9HU(VWDGtVWLFDVGH%HQHILFLRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(PSUHVDV
/D DSOLFDFLyQ 2ILJHV :LQGRZV KD VLGR GLVHxDGD FRPR XQD DSOLFDFLyQ
PXOWLHPSUHVD HQ OD TXH SRGHPRV PDQWHQHU KDVWD HPSUHVDV VLHPSUH
TXHFRQWHPRVFRQHVSDFLRVXILFLHQWHHQGLVFR'HVGHHVWDRSFLyQGHPHQ~
SRGUHPRVUHDOL]DUODVVLJXLHQWHVRSHUDFLRQHV
9HULILFDFLyQGHODFRUUHFWDORFDOL]DFLyQGHODEDVHGHGDWRV
(QODSDUWHLQIHULRUGHGLFKRFXDGUR6HOHFFLyQGH(PSUHVDSRGHPRV
REVHUYDUODUXWDRSDWKGRQGHVHHQFXHQWUDQVLWXDGDVODVEDVHVGHGDWRVWDQWR
GH QXHVWUD HPSUHVD GH *HVWLyQ FRPR VX HPSUHVD HQOD]DGD GH
7HVRUHUtD&RQWDELOLGDG GRQGH SRVWHULRUPHQWH UHFRJHUHPRV ORV DSXQWHV
JHQHUDGRV
3RU GHIHFWR OD UXWD R SDWK HQ XQD LQVWDODFLyQ FRPR 2UGHQDGRU &HQWUDO R
0RQRSXHVWRVXHOHVHUODTXHYHPRVHQODLPDJHQVXSHULRUDXQTXHVLSRUHO
FRQWUDULR QXHVWUD PDTXLQD IRUPD SDUWH GH XQD UHG \ VH LQVWDOy OD DSOLFDFLyQ
FRPR 3XHVWR GH WUDEDMR OD UXWD TXH GHEHPRV WHQHU VHUi OD GHO VHUYLGRU /D
UXWDVHUtDODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
127$??1RPEUHB6HUYLGRU?F?$UFKLYRVGHSURJUDPD?2IL*HV:
??1RPEUHB6HUYLGRU?F?$UFKLYRVGHSURJUDPD?2IL&RQWD:?'DWRV
'RQGH1RPEUHB6HUYLGRUVHUiHOQRPEUHGHOVHUYLGRUGHGDWRVXRUGHQDGRU
FHQWUDO(QHVWHFDVRQXHVWURVHUYLGRUVHOODPD2),0$7,&$
0(18$&&,21(6
x
$FWLYDU
'HVGHHVWDRSFLyQVHDFWLYDUiODHPSUHVDTXHVHHQFXHQWUHVHOHFFLRQDGD
HQODOLVWDLQIHULRU7DPELpQVHSRGUiDFWLYDUODHPSUHVDVHOHFFLRQDGDHQOD
OLVWD KDFLHQGR GREOH FOLFN VREUH HO Q~PHUR GH GLFKD HPSUHVD R ELHQ
KDFLHQGRGREOHFOLFNHQHOLFRQR6HOHFFLyQ(PSUHVD
,FRQR6HOHFFLyQGH(PSUHVDV
(Q HO FDVR GH TXH XVWHG VXHOD WUDEDMDU FRQ YDULDV HPSUHVDV HV
DFRQVHMDEOHTXHFXDQGRHQWUHDODDSOLFDFLyQFRPSUXHEHHQTXpHPSUHVD
YD D WUDEDMDU (VWR OR SRGUi FRPSUREDU HQ OD EDUUD LQIHULRUGH OD SDQWDOOD
SULQFLSDOHQODTXHVHLQGLFDHOQ~PHUR\QRPEUHGHODHPSUHVDDFWLYDDVt
FRPRHOQRPEUHGHOXVXDULRFRQHOTXHKDHQWUDGRHQODDSOLFDFLyQ
x
$xDGLU
&RQ HVWD RSFLyQ SRGUHPRV GDU GH DOWD QXHYDV HPSUHVDV $O DFWLYDU HVWD
RSFLyQQRVDSDUHFHUiODSDQWDOODGHDOWDGHHPSUHVDVTXHHVODTXHVLJXH
,FRQR$xDGLU&UHDUQXHYD(PSUHVD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QHVWDSDQWDOODGDUHPRVHOQ~PHUR\HOQRPEUHGHODHPSUHVDTXHYDPRV
D GDU GH DOWD (O Q~PHUR WDO \ FRPR VH SXHGH REVHUYDU VH SXHGH LQWURGXFLU
0DQXDO R $XWRPiWLFDPHQWH KDFLHQGRFOLFNHQERWRQHVGHRSFLyQGHOFXDGUR
1~PHURGH(PSUHVD
8QDYH]TXHVHDFHSWHQORVGDWRVLQWURGXFLGRVHOSURJUDPDSUHVHQWDUiOD
SDQWDOOD3DUiPHWURV x
%RUUDU
&RQ HVWD RSFLyQ SRGUHPRV ERUUDU OD HPSUHVD VHOHFFLRQDGD HQ OD OLVWD
LQIHULRU7DPELpQSRGUHPRVUHDOL]DUHVWDDFFLyQVHOHFFLRQDQGRHOQ~PHUR
GHODHPSUHVDTXHVHTXLHUDERUUDU\SUHVLRQDQGRODWHFOD'HOR6XSU
,FRQR%RUUDU(PSUHVD6HOHFFLRQDGD
x
5HIUHVFDU
'HELGR D TXH OD DSOLFDFLyQ HV PXOWLXVXDULR SXHGH GDUVHHOFDVRGHTXH
PLHQWUDV TXH HVWDPRV HQ HVWD SDQWDOOD GH HPSUHVDV RWUR XVXDULR KD\D
SRGLGR FUHDU RWUD HPSUHVD 3XHV ELHQ FRQ HVWD RSFLyQ VH UHIUHVFDUi OD
OLVWDGHHPSUHVDVFUHDGDV
,FRQR5HIUHVFDUOLVWDGH(PSUHVDV
x
6DOLU
'HVGHHVWDRSFLyQVHFHUUDUiHVWDSDQWDOOD\VHSDVDUiDOPHQ~SULQFLSDO
GHODDSOLFDFLyQ
6DOLUGHOD6HOHFFLyQGH(PSUHVDV
0(18(63(&,$/(6
7DO \ FRPR VH REVHUYD HQ HO JUiILFR6(/(&&,Ï1 '( (035(6$6 SDUD
UHDOL]DUFXDOTXLHUDGHODVRSFLRQHVGHO0HQ~(VSHFLDOHVDGHPiVGHRWUDVVH
GHEHUi SXOVDU SUHYLDPHQWH HO ERWyQ5()5(6&$5 ) SDUD DVtDFWLYDUODV
RSFLRQHV&UHDU\%RUUDU(PSUHVDVFRPHQWDGDVDQWHULRUPHQWH\&RSLDU\
5HQXPHUDU(PSUHVDVTXHDFRQWLQXDFLyQGHWDOODPRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
&RSLDU(PSUHVD
&RQHVWDXWLOLGDGSRGUHPRVFRSLDUXQDHPSUHVDH[LVWHQWHHQRWURQ~PHUR
GHHPSUHVD(VWDDFFLyQVHSXHGHKDFHUSDUDKDFHUFRSLDVGHVHJXULGDG
HQ RWUD HPSUHVD FXDQGR VH YD\D D UHDOL]DU DOJXQD RSHUDFLyQ \ QRV
LQWHUHVH JXDUGDU OD HPSUHVD FRQ ORV GDWRV DQWHV GH UHDOL]DU GLFKD
RSHUDFLyQ\SRGHUFRQWUDVWDUODFRQORVGDWRVGHVSXpVGHGLFKDRSHUDFLyQ
,FRQR&RSLDU(PSUHVD
/DSDQWDOODTXHVHQRVSUHVHQWDHVODVLJXLHQWH
&RPRSRGHPRVREVHUYDUHQHVWHHMHPSORFRSLDUHPRVODHPSUHVDH
Q
ODHPSUHVDFX\RQRPEUHLQGLTXHPRVHQODOLVWDGHVSOHJDEOHTXHDSDUHFH
HQHOFHQWURGHODSDQWDOOD(QHVWHFDVRHQODHPSUHVD
x
5HQXPHUDU(PSUHVD
&RQ HVWD RSFLyQ SRGUHPRV FDPELDU HO Q~PHUR GH OD HPSUHVD
VHOHFFLRQDGDHQODOLVWDSRURWURQ~PHURGLVSRQLEOH
,FRQR5HQXPHUDU(PSUHVD6HOHFFLRQDGD
/DSDQWDOODTXHVHSUHVHQWDHVSUiFWLFDPHQWHLJXDODODSDQWDOODDQWHULRU
GH&RSLDU(PSUHVD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RPRSRGHPRVREVHUYDUHQHVWHHMHPSORUHQXPHUDPRVODHPSUHVD
HQ OD HPSUHVD FX\R QRPEUH LQGLTXHPRV HQ OD OLVWD GHVSOHJDEOH TXH
DSDUHFHHQHOFHQWURGHODSDQWDOOD(QHVWHFDVRHQODHPSUHVD/D
HPSUHVDSDVDUiDVHUDKRUDOD
8VXDULRV
'HVGHHVWDRSFLyQGHPHQ~SRGUHPRVFUHDU\PRGLILFDUORVXVXDULRV\
VXV GHUHFKRV DVt FRPR ODV RSFLRQHV SRU GHIHFWR TXH WHQGUiQ FDGDXQRGH
HOORV 'HELGR D TXH HV XQD RSFLyQ GH FRQILJXUDFLyQ GH VXPD LPSRUWDQFLD
HVWD RSFLyQ VH HQFXHQWUD SURWHJLGD SRU OD FODYH GH DFFHVR D GDWRV
FRQILGHQFLDOHVTXHVHHQFXHQWUDHQ3DUiPHWURV
/DSDQWDOODGH8VXDULRVHVODVLJXLHQWH
/RVFDPSRVTXHHQFRQWUDPRVHQGLFKDSDQWDOODVRQORVVLJXLHQWHV
x
8VXDULR 1RPEUHGHOXVXDULRFRQHOTXHKDHQWUDGRHQODDSOLFDFLyQ(VWH
FDPSRHVGHVyOROHFWXUD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
2),0$7,&$-$(16/
3DODEUDGH3DVR &ODYHFRQODTXHVHSURWHJHODHQWUDGDDOSURJUDPDFRQ
HOQRPEUHGHHVWHXVXDULR
)HFKD )HFKDHQODTXHKL]RHOXVXDULRVX~OWLPDHQWUDGDHQODDSOLFDFLyQ
&DPSRGHVyOROHFWXUD
+RUD +RUD HQ OD TXH KL]R HO XVXDULR VX ~OWLPD HQWUDGD HQ OD DSOLFDFLyQ
&DPSRGHVyOROHFWXUD
2UGHQDGRU 1RPEUHRGHVFULSFLyQGHO3FGHVGHHOTXHKL]RHOXVXDULRVX
~OWLPDHQWUDGDHQODDSOLFDFLyQ&DPSRGHVyOROHFWXUD
2SFLRQHV FRQ $FFHVR 7RGDV DTXHOODV RSFLRQHV GH PHQ~ TXH VH
HQFXHQWUHQHQGLFKDOLVWDVRQRSFLRQHVDODVTXHWHQGUiDFFHVRHOXVXDULR
2SFLRQHV VLQ $FFHVR 7RGDV DTXHOODV RSFLRQHV GH PHQ~ TXH VH
HQFXHQWUHQ HQ GLFKD OLVWD VRQ RSFLRQHV D ODV TXH HO XVXDULR QR WHQGUi
DFFHVR
3DUD LPSHGLU HO DFFHVR GH XQ XVXDULR D XQD RSFLyQ GH PHQ~ GHEHUi
SDVDUODRSFLyQTXHVHHQFXHQWUDHQODOLVWDGHODGHUHFKD\SDVDUODDODOLVWD
GH OD L]TXLHUGD 3DUD HOOR EDVWD FRQ KDFHU XQ GREOH FOLFN HQ HO HOHPH
QWR
GHVHDGRRELHQXQDYH]PDUFDGDODRSFLyQGHVHDGDSXOVDUHQORVERWRQHV
FHQWUDOHV
'HQWUR GH HVWD SDQWDOOD VH HQFXHQWUDQ ODV RSFLRQHV SRU GHIHFWR GHO
XVXDULRHVGHFLUDTXHOORVYDORUHVTXHXVDSRUGHIHFWRHOXVXDULR\TXHVH
GHFODUDQ HQ HVWD SDQWDOOD SDUD TXH HO XVXDULR QR WHQJD TXH HVWDU
FRQWLQXDPHQWHWHFOHDQGRORVPLVPRVYDORUHV3RUHMHPSORVLHOXVXDULRXVD
SRUGHIHFWRHODOPDFpQFRQTXHORGHFODUHHQODSDQWDOODGHRSFLRQHVSRU
GHIHFWR FDGD YH] TXH HO SURJUDPD UHTXLHUD HO FDPSR Q~PHUR GH DO
PDFpQ
DXWRPiWLFDPHQWHSRQGUiSRUGHIHFWRHOYDORUDXQTXHGLFKRYDORUSXHGD
VHUPRGLILFDGRHQFXDOTXLHUPRPHQWR
3DUDDFFHGHUDGLFKDSDQWDOODKDJDFOLFNHQHOERWyQ2SFLRQHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
$OPDFpQ SRU GHIHFWR 1~PHUR GH DOPDFpQ TXH XVD HO XVXDULR
KDELWXDOPHQWH
)RUPDGH3DJRSRUGHIHFWR &yGLJRGHODIRUPDGHSDJRKDELWXDO
9HQGHGRUSRUGHIHFWR &yGLJRGHOYHQGHGRUKDELWXDO
'HWHQFLyQHQDOPDFpQ ,QGLFDQGR6 HOSURJUDPDUHTXHULUiTXH HOXVXDULR
WHQJD TXH WHFOHDU REOLJDWRULDPHQWH HO Q~PHUR GH DOPDFpQ HQ HO TXH HVWi
RSHUDQGR (Q FDVR GH LQWURGXFLU1 HO SURJUDPD SRQGUi SRU GHIHFWR HO
FyGLJRGHDOPDFpQTXHKD\DSXHVWRHQHOFDPSR$OPDFpQSRUGHIHFWR
'HWHQFLyQ HQ FDQWLGDG ,QGLFDQGR 6 HO SURJUDPD SHGLUi OD FDQWLGDG
REOLJDWRULDPHQWH HQ OD SDQWDOOD GH YHQWDV GH 7LFNHWV HV GHFLU HQHO739
,QGLFDQGR1 HO SURJUDPD SRQGUi SRU GHIHFWR OD FDQWLGDG D OD KRUD GH
YHQGHU(VWR~OWLPRHVPX\~WLOHQHOFDVRGHTXHVHYHQGDHQHO739FRQ
XQ VFDQQHU GH FyGLJRV GH EDUUDV \D TXH FRQ HVFDQHDU GLFKR FyGLJR HO
SURJUDPDSDVDUiDXWRPiWLFDPHQWHDRWUDOtQHDGHYHQWD
9HU 1RWDV $XWR ,QGLFD VL HO XVXDULR SRGUi YHU ODV QRWDV GHVGH ODV
SDQWDOODVGHYHQWDV\FRPSUDV
9HU 5LHVJR $XWR ,QGLFD VL HO XVXDULR SRGUi YHU HO ULHVJR GHO FOLHQWH R
SURYHHGRUHQODVSDQWDOODVGHYHQWDV\FRPSUDV
3HUPLWLUGDU$OWDV ,QGLFDVLHO XVXDULRWLHQHGHUHFKRVSDUDFUHDUQXHYDV
ILFKDV
3HUPLWLU 0RGLILFDFLRQHV ,QGLFD VL HO XVXDULR WLHQH GHUHFKRV SDUD
PRGLILFDUORVYDORUHVGHILFKDV\DFUHDGDV
3HUPLWLU%DMDV ,QGLFDVLHOXVXDULRWLHQHGHUHFKRVSDUDERUUDUILFKDV
3HUPLWLUYHU(VWDGtVWLFD ,QGLFDVLHOXVXDULRWLHQHGHUHFKRVSDUDYHUORV
GDWRVDFXPXODGRV\HVWDGtVWLFDVGHODVILFKDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3HUPLWLU 0RGLILFDU )DFWXUDV ,QGLFD VL HO XVXDULR WLHQH GHUHFKRV SDUD
PRGLILFDU\DQXODUIDFWXUDV
7UDEDMDGRUSRU'HIHFWR &yGLJRGHWUDEDMDGRUKDELWXDO
&DMDSRUGHIHFWR 1~PHURGHFDMDTXHVHXVDGHIRUPDKDELWXDO
6HULH GH )DFWXUDV 'LUHFWDV 1RPEUH GH OD VHULH TXH VH XVDUi SDUD ODV
IDFWXUDVGLUHFWDV
)HFKD &REUR $XWR ,QGLFD VL OD IHFKD GH FREUR VHUi DXWRPiWLFD HV GHFLU
VHUiODIHFKDGHWUDEDMRRELHQSHUPLWLUiDOXVXDULRLQWURGXFLUODIHFKDHQOD
TXHVHHIHFW~DQORVFREURV
&DMDSRU'HIHFWR &DMDRSFLRQDOSDUDHO739
x
x
x
x
x
x
3XOVDQGRHOERWyQ$QWHULRUYROYHUiDODSULPHUDSDQWDOODGHJHVWLyQGHO
XVXDULR $FHSWDQGR R FDQFHODQGR VH DFHSWD R FDQFHOD OD HGLFLyQ GH DPEDV
SDQWDOODVDODYH]
%ORTXHRV
'HVGHHVWDSDQWDOODVHSRGUiQYLVXDOL]DUORVEORTXHRVTXHHVWiQ
UHDOL]DQGRORVXVXDULRVTXHVHHQFXHQWUDQGHQWURGHODDSOLFDFLyQ
&XDQGR XQ XVXDULR HQWUD D PRGLILFDU XQD ILFKD GLFKD ILFKD TXHGD
EORTXHDGD SDUD HO UHVWR GH XVXDULRV TXH VH HQFXHQWUHQ HQ OD DSOLFDFLyQ \
GLFKREORTXHRDSDUHFHHQODOLVWDGHHVWDRSFLyQ/RVFDPSRVTXHDSDUHFHQ
HOODOLVWDVRQORVVLJXLHQWHV
x
x
x
x
8VXDULR 1RPEUHGHOXVXDULRTXHHVWiUHDOL]DQGRHOEORTXHR
%DVH GH 'DWRV 1~PHUR GH OD HPSUHVD HQ OD TXH VH HVWiUHDOL]DQGRHO
EORTXHR
7DEOD )LFKHURHQHOTXHVHHVWiUHDOL]DQGRHOEORTXHR
&yGLJR &yGLJRGHODILFKDTXHVHHVWiEORTXHDQGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$GHPiVDSDUHFHQGRVERWRQHVGHFRPDQGR
x
x
5HIUHVFDU 5HIUHVFDRDFWXDOL]DODOLVWD
%RUUDU %RUUD OD ILOD TXH VH HQFXHQWUH VHOHFFLRQDGD HQ OD OLVWD (VWD
RSHUDFLyQGHERUUDUODGHEHUtDUHDOL]DUH[FOXVLYDPHQWHVLHOEORTXHRHVWi
HQWRUSHFLHQGR DOJXQD RSHUDFLyQ GH PD\RU QLYHO R ELHQ HO XVXDULR TXH
UHDOL]yHOEORTXHRQRVHHQFXHQWUDDFWXDOPHQWHHQODDSOLFDFLyQ\ODOLVWD
QR VH KD DFWXDOL]DGR FRUUHFWDPHQWH \D TXH HQ FDVR FRQWUDULR SXHGH
RFDVLRQDUXQHUURUHQWLHPSRGHHMHFXFLyQ\HQWRUSHFHUODJUDEDFLyQGHO
XVXDULRVHOHFFLRQDGR
'HELGRDTXHHVXQDRSFLyQPX\GHOLFDGD\TXHSXHGHLQWHUIHULUHQHO
IXQFLRQDPLHQWR \ FRPSRUWDPLHQWR GH OD DSOLFDFLyQ HVWD RSFLyQ GH PHQ~ VH
HQFXHQWUDUHVJXDUGDGDSRUODFODYHGHGDWRVFRQILGHQFLDOHVTXHVHHQFXHQWUD
HQSDUiPHWURV
8ELFDFLRQHV
(O ILFKHUR GH XELFDFLRQHV QRV VHUYLUi SDUD GDU GH DOWD ODV XELFDFLRQHV
GH DOPDFpQ HQ ODV FXDOHV FRORFDPRV ORV DUWtFXORV (VWH ILFKHUR HVWi
UHODFLRQDGRLQWHUQDPHQWHFRQHOILFKHURGH$UWtFXORVGHPRGRTXHSRGHPRV
GDU GH DOWD ODV XELFDFLRQHV GHVGH HVWH ILFKHUR R ELHQ GHVGH HO ILFKHUR GH
DUWtFXORV'HOPLVPRPRGRSRGHPRVLQGLFDUGHVGHHVWHILFKHURTXpDUWtFXORV
VHHQFXHQWUDQHQGHWHUPLQDGDXELFDFLyQRELHQORKDUHPRVGHVGHHOILFKHUR
GH DUWtFXORV LQGLFDQGR D VX YH] VL GLFKD XELFDFLyQ VH HQFXHQWUD RFXSDGD R
QR $Vt SXHV OD IRUPD GH WUDEDMDU FRQ HVWH ILFKHUR GHSHQGHUi GHO XVXDULR
SXGLHQGRHOHJLUDTXHOODIRUPDGHWUDEDMRTXHPiVOHJXVWHRPiVFyPRGDOH
VHD
/RVFDPSRVTXHDSDUHFHQHQGLFKDSDQWDOODVRQORVVLJXLHQWHV
x
x
x
&yGLJR &yGLJRRQRPEUHFRQODTXHVHLGHQWLILFDUiODXELFDFLyQ
$UWtFXORV HQ OD XELFDFLyQ 5HODFLyQ GH FyGLJRV GH DUWtFXORV TXH VH
HQFXHQWUDQHQGLFKDXELFDFLyQ3DUDSRGHUDJUHJDUDUWtFXORVDGLFKDOLVWD
FRORFDUHOFXUVRUHQHOFXDGURGHWH[WRHWLTXHWDGRFRQ&yGLJRGH$UWtFXOR
\WHFOHDUHOFyGLJRGHDUWtFXORTXHVHYDDDJUHJDU(QHOFDVRGHTXHQR
FRQR]FD HO FyGLJR GH DUWtFXOR OR SXHGH EXVFDU XVDQGR OD XWLOLGDG GH
%~VTXHGD TXH VH HQFXHQWUD HQ OD EDUUD GH KHUUDPLHQWDV GH OD SDQWDOOD
8QDYH]WHQJDHOFyGLJRGHDUWtFXORSXOVHHOERWyQ$xDGLU3DUDERUUDUXQ
DUWtFXORGHODOLVWDUHViOWHOR\SXOVHODWHFOD6835
2FXSDGD ,QGLFDVLODRFXSDFLyQVHHQFXHQWUDRFXSDGDHQVXWRWDOLGDG\
QRVHSXHGHQDJUHJDUQXHYRVDUWtFXORV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
5XWDV
(QHOILFKHURGHUXWDV GDUHPRVGHDOWD\PDQWHQGUHPRVDTXHOODVUXWDV
GLVHxDGDVHQODJHVWLyQGHYHQWDVDVtFRPRHQJHVWLyQGHSUHYHQWD \
DXWRYHQWD
/RVFDPSRVTXHVHHQFXHQWUDQHQGLFKRILFKHURVRQORVVLJXHQWHV
x
x
&yGLJR &yGLJRGHODUXWD&DPSRQXPpULFR
1RPEUH 'HVFULSFLyQGHODUXWD(QGLFKRFDPSRSRGUiLQWURGXFLUKDVWD
FDUDFWHUHVSDUDODGHVFULSFLyQGHODPLVPD
&DPLRQHV
'HVGHHVWHILFKHURGDUHPRVGHDOWDORVFDPLRQHVTXHVHXWLOL]DUiQSDUD
ODJHVWLyQGH3UHYHQWD\$XWRYHQWD
/RVFDPSRVTXHDSDUHFHQHQGLFKRILFKHURVRQORVVLJXLHQWHV
x
x
&yGLJR &yGLJRGHOFDPLyQ&DPSRQXPpULFR
1RPEUH 1RPEUHGHVFULSFLyQRPDWUtFXODGHOYHKtFXOR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6LWXDFLRQHVGH3HGLGRV
'HVGHHVWDRSFLyQSRGUHPRVGDUGHDOWDWRGRVORVWLSRVGHVLWXDFLRQHV
GHSHGLGRVFRQORVTXHYDPRVDWUDEDMDUWDQWRSDUDYHQWDV&OLHQWHVFR
PR
SDUDFRPSUDV3URYHHGRUHV
/DSDQWDOODSDUDODFUHDFLyQGHODVVLWXDFLRQHVGH3HGLGRVHVODVLJXLHQWH
/RVGLIHUHQWHVERWRQHVTXHQRVHQFRQWUDPRVVRQORVVLJXLHQWHV
x
x
$OWDGH6LWXDFLRQHV +DFLHQGRFOLFNVREUHHVWHERWyQRGREOHFOLFNVREUH
HO&DPSR&RG6LWX HQWUDUiHQHGLFLyQSDUDDVLJQDUXQFyGLJRDOD
VLWXDFLyQ
'HVFULSFLyQ 8QDYH]DVLJQDGRHOFyGLJRGHODVLWXDFLyQSDVDUHPRVDO
VLJXLHQWHFDPSRGRQGHGHWDOODUHPRVODGHVFULSFLyQ
%RWyQ$OWDGH6LWXDFLRQHV
x
0RGLILFDU +DFLHQGRFOLFNVREUHHVWHERWyQWHQHPRVODSRVLELOLGDGGH
PRGLILFDUODGHVFULSFLyQVHOHFFLRQDGD
%RWyQ0RGLILFDU6LWXDFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
%RUUDU +DFLHQGRFOLFNVREUHHVWHERWyQWHQHPRVODSRVLELOLGDGGHERUUDU
ODVLWXDFLyQVHOHFFLRQDGD
'HSHQGLHQGRGHORVWLSRVGHVLWXDFLRQHVTXHFUHHPRVSRGUHPRVDVLJQDUORV
OXHJRDORVSHGLGRVTXHFUHHPRV
%RWyQ%RUUDU6LWXDFLyQ
x
6LWDFLyQSRU'HIHFWR (QHVWHFXDGURGHOLVWDQRVDSDUHFHUiFDGDXQDGH
ODVVLWXDFLRQHVFUHDGDVFRQDQWHULRULGDGWHQLHQGRODSRVLELOLGDGGH
VHOHFFLRQDUXQDGHHOODVSRUGHIHFWRSDUDODFUHDFLyQGH3HGLGRV
(VWDVLWXDFLyQSRUGHIHFWRQRVDSDUHFHUiWDQWRHQODSDQWDOODGH9HQWDV
3UHVXSXHVWRV3HGLGRV$OEDUDQHVHWFFRPRHQODGH&RPSUDV2IHUWDV
SHGLGRVDOEDUDQHV\IDFWXUDVGLUHFWDVGHSURYHHGRUGXUDQWHODFUHDFLyQGHXQ
GRFXPHQWR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/LFHQFLD
(QODSDQWDOODTXHDFRQWLQXDFLyQGHWDOODPRVVHUiODSDQWDOODTXHQRV
DSDUHFHUiXQDYH]HQWUHPRVSRUSULPHUDYH]DODDSOLFDFLyQVLHPSUH\
FXDQGRQRQRVKD\DVLGRVXPLQLVWUDGRHO&yGLJRGH$FWLYDFLyQ SRUSDUWHGH
2),0$7,&$-$(16/
/RVSDVRVDVHJXLUHQHO5(*,6752'($3/,&$&,21(62), SDUDOD
$FWLYDFLyQ\FRPSOHWRIXQFLRQDPLHQWRGHOSURJUDPDVHUiQORVVLJXLHQWHV
5HOOHQDUORVGDWRVSDUDODLGHQWLILFDFLyQGHOFOLHQWH
(OHJLUGHODOLVWDGHVSOHJDEOHODVDSOLFDFLRQHVLQVWDODGDVHQQXHVWUR3&
/RFDOL]DUODUXWDGRQGHVHHQFXHQWUDQODVEDVHVGHGDWRVGHODV
DSOLFDFLRQHV3RUGHIHFWR
x &?$UFKLYRVGHSURJUDPD?2IL*HV:
x &?$UFKLYRVGHSURJUDPD?2IL&RQWD:?'DWRVHQHOFDVRGHWHQHU
&RQWDELOLGDG
x (WF
$XQTXHFRPRYLPRVHQHODSDUWDGR9HULILFDFLyQGHODFRUUHFWDORFDOL]DFLyQ
GHOD%DVHGH'DWRV GHO0HQ~(PSUHVDV \HQODRSFLyQ/RFDOL]DFLyQGHOD
EDVHGHGDWRV GHO0HQ~87,/,'$'(6HVWDUXWDSXHGHYDULDUGHSHQGLHQGR
GHOWLSRLQVWDODFLyQTXHUHDOL]DPRVHQVXPRPHQWR0RQRSXHVWRX
2UGHQDGRU&HQWUDOR3XHVWRGH7UDEDMR
),
6ROLFLWDUHO&yGLJRGH$FWLYDFLyQGHFDGDXQDGHODVDSOLFDFLRQHV2
LQVWDODGDVD2),0$7,&$-$(16/LQGLFDQGRHOQžTXHDSDUHFHHQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
SDQWDOODHQHOFDPSRGHVyOROHFWXUD/LFHQFLDHQHO&2175$72'(
/,&(1&,$'(868$5,2),1$/ \HQYLiQGRORSRU)D[DO
,QPHGLDWDPHQWHUHFLELUiXQID[FRQHO&yGLJRGH$FWLYDFLyQSDUDFDGDXQD
GHODVDSOLFDFLRQHV2),LQVWDODGDV
127$'LFKR)D[GHEHUiLUGHELGDPHQWHFXPSOLPHQWDGRILUPDGR\
VHOODGRSRUODHPSUHVDSDUDHOFRUUHFWRHQWHQGLPLHQWRHQWUHDPERV\DVt
KDFHUOOHJDUHO&yGLJRGH$FWLYDFLyQDODPD\RUEUHYHGDGSRVLEOH
1RVHUiQHFHVDULRLQGLFDUHOQžGHSXHVWRVFRQWUDWDGRV\DTXHHOSURJUDPDOR
FDOFXODUiDXWRPiWLFDPHQWHHQHOPRPHQWRGHLQWURGXFLUHO&yGLJRGH
$FWLYDFLyQ
(QHOFDVRTXHREYLHPRVHVWDSDQWDOODGH/LFHQFLD \SXOVHPRVVREUHHOERWyQ
$&(37$5DFFHGHUHPRVDODDSOLFDFLyQHQ02'2'(02SRUORTXHHO
SURJUDPDTXHGDUiOLPLWDGRDXQPi[LPRGHGRFXPHQWRVPRVWUDQGRHVWH
PHQVDMH
8QDYH]UHFLELGRHO&yGLJRGH$FWLYDFLyQHLQWURGXFLGRFRUUHFWDPHQWHSRGUi
REVHUYDUTXHDODGHUHFKDGHGLFKRFDPSR&RG$FWLYDFLyQDSD
UHFHUiHO
%RWyQ 3XHVWRVVHJXLGRGHO1žGHSXHVWRVVROLFLWDGRVD2),0$7,&$
-$(16/
¢3DUDTXHVLUYHHOERWyQ
'HVDFWLYDU/LFHQFLD"
(VWHERWyQ'HVDFWLYDOD/LFHQFLDDFWXDOGHODDSOLFDFLyQVREUHODTXHVHSXOVD
(VGHVXPDLPSRUWDQFLDQRSXOVDUGLFKRERWyQVDOYRHQFDVRGH$PSOLDFLyQ
GHOQ~PHURGHSXHVWRV&DPELRGHOVHUYLGRUGHGDWRVSRUIRUPDWHRGH
PDTXLQDHWF\VLHPSUHEDMRODVXSHUYLVLyQGH2),0$7,&$-$(16/
/HVHUiPRVWUDGRHO&yGLJRGH'HVDFWLYDFLyQUHVXOWDQWHGHHMHFXWDUGLFKD
RSFLyQ\ VHUiREOLJDWRULRLQGLFiUQRVORHQHOFDVRTXHTXLHUDDFWLYDUXQDQXHYD
OLFHQFLD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUiPHWURVGHOD(PSUHVD
3DUiPHWURVGHOD(PSUHVD
(OILFKHURGH3DUiPHWURVGHOD(PSUHVDFRPRELHQLQGLFDVXQRPEUHHV
HOILFKHURHQHOFXDOLQWURGXFLUHPRVORVGDWRVQHFHVDULRVSDUDFRQILJXUDUOD
DSOLFDFLyQGHDFXHUGRFRQODIRUPDGHWUDEDMDUGHVXHPSUHVD
'LFKRILFKHURVHHQFXHQWUDGLYLGLGRHQXQDVHULHGHFDUSHWDVTXHYDQ
HQJOREDQGRORVGDWRVUHODFLRQDGRVFRQXQGHWHUPLQDGRDVSHFWRGHO
D
JHVWLyQ$VtSXHVODVFDUSHWDVVRQODVVLJXLHQWHV
'DWRV(PSUHVD )LVFDOHV &RPHUFLDOHV 7HVRUHUtD
1XPHUDGRUHV &DPSRV'HILQLEOHV
3UHVXSXHVWDULD (VWDGtVWLFDGH&RPSUDV
(VWDGtVWLFDGH9HQWDV (VWDGtVWLFDGH%HQHILFLRV
6HULH7DOODV
/RJRGHOD(PSUHVD
,PSXHVWRV(VSHFLDOHV
/DSDQWDOODLQLFLDOTXHQRVPXHVWUDDODFFHGHUD3DUiPHWURVGHODHPSUHVD
HVODVLJXLHQWH
'DWRV(PSUHVD
(QHVWDSDQWDOODVHLQWURGXFLUiQORVGDWRVGHHPSUHVDTXHVHUiQXWLOL]DGRV
HQORVLPSUHVRVVLQRVRQSUHLPSUHVRV\OLVWDGRVGHGLFKDHPSUHVD
/RV
GDWRVDLQWURGXFLUVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
1~PHUR ,QGLFDHOQ~PHURGHHPSUHVDTXHHVWDPRVXWLOL]DQGR(VWH
Q~PHURQRVHSXHGHPRGLILFDU\VHLQWURGXFLUiFXDQGRVHGDGHDOWDOD
HPSUHVD
1RPEUH 1RPEUH)LVFDOGHOD(PSUHVD(OFDPSRHVREOLJDWRULR
$FWLYLGDG $FWLYLGDGFRPHUFLDOSULPHUDDODTXHVHGHGLFDODHPSUHVD
$FWLYLGDG $FWLYLGDGFRPHUFLDOVHJXQGDDODTXHVHGHGLFDODHPSUHVD
'LUHFFLyQ 'LUHFFLyQSRVWDOGHODHPSUHVD
&yGLJR3RVWDO &yGLJRSRVWDOGHODGLUHFFLyQGHODHPSUHVD6LQRFRQRFH
GLFKRGDWRORSXHGHEXVFDUHQHOFDOOHMHURTXHSURSRUFLRQDODDSOLFDFLyQ\
TXHYLPRVHQHODSDUWDGR7UXFRV\XWLOLGDGHV DFHUFDGHODE~VTXHGDGH
&yGLJRV3RVWDOHV(QWLGDGHV%DQFDULDVHWF
3URYLQFLD 3URYLQFLDHQODTXHVHHQFXHQWUDXELFDGDODHPSUHVD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/RFDOLGDG /RFDOLGDGHQODTXHVHHQFXHQWUDXELFDGDODHPSUHVD
&LI1LI &LIR1LIGHODHPSUHVD(QFDVRGHTXHVHD1LIVLLQWURGXFH
VRODPHQWHORVQ~PHURVHOSURJUDPDFDOFXODUiODOHWUDORFXDOOHSXHGH
VHUYLUGHYDOLGDFLyQ
7HOHIRQRV 7HOpIRQRVGHODHPSUHVD
)D[ 1~PHURVGH)D[GHODHPSUHVD
(PDLO 'LUHFFLyQGHFRUUHRHOHFWUyQLFRGHODHPSUHVD
,QVFULSFLRQHQHO5HJLVWUR0HUFDQWLO 'HVFULSFLyQGHODLQVFULSFLyQGHOD
HPSUHVD HQHOUHJLVWURPHUFDQWLO
1~PHURGH'HOHJDFLyQ &RPR\DVHH[SOLFyHQHODSDUWDGR6XFXUVDOHV
VHKDLQGLFDUHOQ~PHURGHVXFXUVDOTXHUHSUHVHQWDODHPSUHVD
&HQWUDO6XFXUVDO (VWHFDPSRLQGLFDUiVLODGHOHJDFLyQHQODTXHVH
HQFXHQWUDHVODGHOHJDFLyQFHQWUDORELHQHVXQVXFXUVDO(VWHGDWRVHUiGH
VXPDLPSRUWDQFLDSDUDORVSURFHVRVGHWUDVSDVRGHGDWRVHQWUH
GHOHJDFLRQHV
3DODEUDGH3DVR 3DODEUDFODYHFRQODTXHVHSURWHJHUiQORV3DUiPHWURV
GH(PSUHVD%ORTXHRV \*HVWLyQGH8VXDULRV(VWDFODYHQRWLHQHSRUTXH
FRLQFLGLUFRQODFODYHGHDFFHVRDODDSOLFDFLyQ6HWUDWDSXHVGHXQDFODYH
GHSURWHFFLyQGHORVGDWRVGHFRQILJXUDFLyQ\GDWRVFRQILGHQFLDOHV'LFKD
FODYHWHQGUiTXHVHUWHFOHDGDHQFDVRGHTXHH[LVWDDOHQWUDUHQ
FXDOTXLHUDGHORVDSDUWDGRVLQGLFDGRVDQWHULRUPHQWH
3HUPLWH0RGLILFDU'RFXPHQWRV2WUDV'HOHJDFLRQHV (OYDORUGHHVWH
FDPSRLQGLFDUiVLVHSHUPLWHPRGLILFDUIDFWXUDVRDOEDUDQHVGHRWUDV
GHOHJDFLRQHV(QHOFDVRGHLQGLFDU1RVLPSOHPHQWHQRVHDJUHJDUiQODV
VHULHVPDUFDGDVFRPRSURSLDVGH6XFXUVDOHVHQFXDOTXLHUSURFHVR
VXVFHSWLEOHGHVHOHFFLRQDU6HULHV(QFDVRGH,QGLFDU6LVHPRVWUDUiQ
WRGDVODVVHULHVGHILQLGDVHQ3DUiPHWURV 1XPHUDGRUHV LQGHSHQGLHQWHPHQWHVLVHHVOD6XFXUVDOSURSLHWDULDRQR+D\TXHWHQHU
HQFXHQWDTXHVLVHPRGLILFDXQDIDFWXUDRXQDOEDUiQGHXQDVXFXUVDOVH
HVWDUiPRGLILFDQGRHOVWRFNGHORVDUWtFXORVTXHVHHQFXHQWUHQHQGLFKRV
GRFXPHQWRVFRQORTXHHOVWRFNTXHQRDSDUH]FDHQODSDQWDOODGHGLFKRV
DUWtFXORVQRVHUiUHDO
x
x
x
x
x
x
x
x
x
x
'DWRV)LVFDOHV
'HQWURGHORVGDWRVILVFDOHVVHLQWURGXFLUiQORVWLSRVGH,9$UHFDUJRVGH
HTXLYDOHQFLD HWF DGHPiV GH RWUD VHULH GDWRV LPSRUWDQWHV SDUD OD
FRQILJXUDFLyQGHODHPSUHVD/RVFDPSRVDLQWURGXFLUVRQORVVLJXLHQWHV
x
x
x
x
x
,YD 7LSR GH ,9$ (VWH WLSR GH ,9$ VH UHILHUH DO SRUFHQWDMH GH ,9$ DO
TXH HVWDUiQ VXMHWRVDTXHOORVDUWtFXORVTXHHQVXILFKDVHGHILQDQFRQHO
WLSRGH,9$
,YD 7LSRGH,9$
,YD 7LSRGH,9$
,YD 7LSRGH,9$
,YD 7LSRGH,9$
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
,YD 7LSRGH,9$(VWHWLSRGH,YDHVWDUiVLHPSUHD\DTXHVHUiHO
XWLOL]DGRSDUDORVGRFXPHQWRVH[HQWRVGH,9$(QODILFKDGH
&OLHQWHV HQ
ORVGDWRV)LQDQFLHURVVHSRGUiLQGLFDUHO7LSRGH,YDGHOFOLHQWH(QHO
FDVRGH,QGLFDU± ([HQWRGH,9$FXDQGRVHUHDOLFHQGRFXPHQWRVGH
YHQWDSDUDGLFKRFOLHQWHVHXVDUiHOWLSRGH,9$TXHVHFRUUHVSRQGH
FRQHO
$XQTXH DFWXDOPHQWH VyOR H[LVWHQ WUHV WLSRV GH ,9$ \ OD
DSOLFDFLyQPDQWLHQHWLSRVGH,YDSRUVLKXELHVHDOJ~QFDPELRHQHOIXWXUR
$GHPiVHQHOFDVRGHTXHWHQJDQDUWtFXORVTXHQRHVWpQJUDEDGRVFRQ,9$
RELHQYDQDUHDOL]DUXQDFRPSUDRYHQWDDOH[WUDQMHUR\GLFKDVRSHUDFLRQHV
HVWpQ H[HQWDV GH ,YD R JUDEDGDV FRQ DOJ~Q WLSR GH LPSXHVWR VH SXHGH
GHFODUDUXQWLSRDyDOWLSRTXHVHD\OXHJRXWLOL]DUORHQ&RPSUDV\9HQWDV
x
x
x
x
x
x
5HFDUJR(TXLYDOHQFLD 3RUFHQWDMHGHUHFDUJRVREUHHOWLSRGH,9$
5HFDUJR(TXLYDOHQFLD 3RUFHQWDMHGHUHFDUJRVREUHHOWLSRGH,9$
5HFDUJR(TXLYDOHQFLD 3RUFHQWDMHGHUHFDUJRVREUHHOWLSRGH,9$
5HFDUJR(TXLYDOHQFLD 3RUFHQWDMH GHUHFDUJRVREUHHOWLSRGH,9$
5HFDUJR(TXLYDOHQFLD 3RUFHQWDMHGHUHFDUJRVREUHHOWLSRGH,9$
5HFDUJR(TXLYDOHQFLD 3RUFHQWDMHGHUHFDUJRVREUHHOWLSRGH,9$
(OSURJUDPDWLHQHSUHYLVWRKDVWDWLSRVGHWDULIDVEiVLFDVVLQFRQ
WDUFRQ
OD WDEOD GH GHVFXHQWRV DVt SXHV SRGHPRV LQGLFDU VL DOJXQR GH GLFKRV
SUHFLRV VH PRVWUDUiQ FRQ HO WLSR GH ,9$ DO TXH VH HQFXHQWUDQ JUDEDGRV
LQFOXLGRRQR3DUDHOORVRQORVLJXLHQWHVFDPSRV
x
x
x
x
x
x
x
x
x
393,9$,QFOXLGR
393,9$,QFOXLGR
393,9$,QFOXLGR
393,9$,QFOXLGR
393,9$,QFOXLGR
,QGLFDU6LR1R
,QGLFDU6LR1R
,QGLFDU6LR1R
,QGLFDU6LR1R
,QGLFDU6LR1R
,53) (QHVWHFDPSRVHLQWURGXFLUiHOSRUFHQWDMHGHUHWHQFLyQGH,53)
SDUDTXHVHGHGX]FDHQODVIDFWXUDVGH3URIHVLRQDOHV(VWHFDPSRVyOR
VH GHEHUi UHOOHQDU HQ FDVR GH TXH VX HPSUHVD HVWp GDGD GH DOWD FRPR
3HUVRQD)tVLFD
'LYLVD (O SURJUDPD 2ILJHV WUDEDMD HQ PXOWLGLYLVD SRU WDQWR GHEHUi
LQGLFDUTXHGLYLVDEDVHHVODTXHYDDXWLOL]DUHQVXHPSUHVD
'LYLVD$OWHUQDWLYD 6HJXQGDGLYLVDFRQODFXDOWUDEDMDUiODHPSUHVD
$FWXDOPHQWHHQGHVXVRSRUODLPSODQWDFLyQGHOD0RQHGD(XURSHD
¼XUR
&RQYHUVLyQ 'LYLVDV ,QGLFD FRPR VH FRQYLHUWH GH OD GLYLVD EDVH D OD
GLYLVDDOWHUQDWLYD3RUHMHPSORSDUDSDVDUXQLPSRUWHGH3HVHWDVD(XURV
GHEHPRV'LYLGLU SRUHOIDFWRUGHFDPELR(QHOFDVRGHTXHSDViUDPRVGH
(XURVD3HVHWDVGHEHPRV0XOWLSOLFDU SRUHOIDFWRUGHFDPELR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,PSULPLU 'LYLVD $OWHUQDWLYD (Q HO FDVR GH TXH TXHUDPRV TXH HQ
QXHVWURV LPSUHVRV $OEDUDQHV )DFWXUDV HWF DSDUH]FD HO LPSRUWH HQ
'LYLVD EDVH \ D FRQWLQXDFLyQ HO LPSRUWH HQ 'LYLVD $OWHUQDWLYD GHEHPRV
LQGLFDU6,QGLFDU1 HQFDVRFRQWUDULR
x 3DUDGD(Q&RPLVLyQ &XDQGRVHHVWDUHDOL]DQGRXQDYHQWD\FDUJDPRV
XQ DUWtFXOR HO FXUVRU VH SXHGH SDUDU DXWRPiWLFDPHQWH HQ WUHV OXJDUHV
GLVWLQWRVVHJ~QHOYDORUTXHLQWURGX]FDPRVHQHVWHFDPSR/RVSRVLEOHV
YDORUHVVRQORVVLJXLHQWHV
1± 3DUDLQGLFDUTXHQRVHSDUHHQHOFDPSRFRPLVLyQSRUORTXHSRUGHIHFWR
HOFXUVRUVHSDUDUiHQFDQWLGDG
6± 3DUDLQGLFDUTXHHO FXUVRUVHSDUHHQHOFDPSR&RPLVLyQ
3± 3DUDLQGLFDUTXHHOFXUVRUVHSDUHHQHOFDPSR3UHFLR
x
x
)RUPDGH&RPLVLyQ /DVIRUPDVGHFRPLVLRQDUTXHWLHQHHOSURJUDPD
VRQODVVLJXLHQWHV
(O SRUFHQWDMH GH FRPLVLyQ VH FDOFXODUi PXOWLSOLFDQGR OD FRPLVLyQ GH
YHQGHGRUSRUODFRPLVLyQEDVHGHFDGDXQRGHORVDUWtFXORV
/ /DFRPLVLyQVHDSOLFDUiVREUHHOLPSRUWHQHWRGHFDGDXQDGHODV
OtQHDVFRPLVLRQDEOHVGHODIDFWXUD
/ /DFRPLVLyQVHDSOLFDUiVREUHHOEHQHILFLRGHFDGDXQDGHODVOtQHDV
FRPLVLRQDEOHVGHODIDFWXUD
/ /DFRPLVLyQVHDSOLFDUiVREUHHOLPSRUWHQHWRGHFDGDXQDGHODV
OtQHDVFRPLVLRQDEOHVGHODIDFWXUDFRQODVDOYHGDGGHTXHHQHVWHFDVROD
FRPLVLyQDSOLFDEOHGHSHQGHUiGHOGHVFXHQWRGHODOtQHD+DVWD
'HVFXHQWROHFRUUHVSRQGHXQGH&RPLVLyQ\HVWHSRUFHQWDMHVH
PXOWLSOLFDSRUODFRPLVLyQGHOYHQGHGRU
) /DFRPLVLyQVHDSOLFDUiVREUHHOLPSRUWHWRWDOGHODIDFWXUD(O
SRUFHQWDMHGHFRPLVLyQGHSHQGHUiGHODIRUPDGHSDJRGHGLFKDIDFWXUD
x
x
x
x
x
x
7DEODGH)RUPDVGH3DJR&RPLVLRQHV HQHVWDWDEODVHLQWURGXFLUiQOD
FRPLVLyQ TXH FRUUHVSRQGH DO YHQGHGRU SRU IDFWXUD GHSHQGLHQGR GH OD
IRUPDGHSDJRGHODPLVPD
0HQVDMH*OREDO (QHVWHFDPSRVHSXHGHLQWURGXFLUFXDOTXLHUWH[WRTXH
TXHUDPRVTXHVHSUHVHQWHHQODVIDFWXUDV$SDUWH\FRPR\DVHYHUiHQ
OD ILFKD GHO FOLHQWH VH SRGUi LQWURGXFLU XQ PHQVDMH SDUWLFXODU SDUD FDGD
&OLHQWH
'HFLPDOHV HQ 3UHFLR 1~PHUR GH GHFLPDOHV TXH TXHUHPRV TXH
SUHVHQWHQORVSUHFLRVSRUXQLGDG
'HFLPDOHVHQ&DQWLGDG 1~PHURGHGHFLPDOHVTXHVHXVDUiQSDUD
LQWURGXFLUODVFDQWLGDGHVGHDUWtFXORV
'HFLPDOHVHQ1HWRV 1~PHURGHGHFLPDOHVSDUDORVLPSRUWHVQHWRV
,PSULPLU0HQVDMHGH&OLHQWH 'HVGHHVWDRSFLyQSRGUHPRVLQGLFDUVLHQ
ORVGRFXPHQWRVVHLPSULPHHOPHQVDMHGHFOLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'DWRV&RPHUFLDOHV
'HQWUR GH HVWD FDUSHWD HQFRQWUDPRV XQRV GDWRV VHJ~Q ORV FXDOHV OD
DSOLFDFLyQ SUHVHQWDUi XQDV RSFLRQHV X RWUDV DVt FRPR GDWRV GH
FRQILJXUDFLyQSDUDHOFiOFXORGHSUHFLRVGHVFXHQWRVHWF
/RVFDPSRVTXHFRPSRQHQORV'DWRV&RPHUFLDOHVVRQ
x
x
x
x
x
x
x
x
x
x
x
&RQWDELOLGDG $QDOLWLFD HQ HVWH FDPSR LQGLFDUHPRV VL ORV DSXQWHV
FRQWDEOHVVHJHQHUDUiQGHIRUPDDQDOtWLFDRQR(QHOFDVRGHLQGLFDU6L
VH WHQGUi TXH FRPSOHWDU REOLJDWRULDPHQWH ODV FXHQWDV GH 9HQWDV \
&RPSUDVSDUDFDGD)DPLOLD6XE)DPLOLD $VXYH]GLFKDVFXHQWDVGHEHQ
H[LVWLUHQHOILFKHURGH2WUDV&XHQWDV&RQWDEOHV'HHVWHPRGRHODSXQWH
FRQWDEOH VHUi DJUXSDGR HQ LPSRUWHV SRU )DPLOLD6XE)DPLOLD HQ GLVWLQWDV
FXHQWDVGH&RPSUDV9HQWDV
5pJLPHQ GH (TXLYDOHQFLD ,QGLFDU6 HQ HO FDVR GH TXH VX QHJRFLR VH
HQFXHQWUHHQ5pJLPHQGH(TXLYDOHQFLD
3UHFLRGH&RVWH,YD,QFOXLGR ,QGLTXH6 HQHOFDVRGHTXHVXQHJRFLRVH
HQFXHQWUHHQ5pJLPHQGH(TXLYDOHQFLDRELHQVLLQWHUSUHWDTXHVXVFRVWH
GHEHQOOHYDUJUDEDGRHO,9$FRUUHVSRQGLHQWH
3URYHHGRUHV $OWHUQDWLYRV /D ILFKD GH DUWtFXORV SXHGH WHQHUXQILFKHUR
GH SURYHHGRUHV DOWHUQDWLYRV HQ HO FDVR GH TXH VH VHOHFFLRQH6 HQ HVWD
FDVLOOD (Q HVWH FDVR FDGD YH] TXH VH UHDOLFH XQD HQWUDGD $OEDUiQ GH
3URYHHGRU R )DFWXUD GH 3URYHHGRU VH DFWXDOL]DUi DXWRPiWLFDPHQWH HQ
GLFKR ILFKHUR HO FyGLJR GH SURYHHGRU QRPEUH GH SURYHHGRU IHFKD GH
FRPSUD\SUHFLRGHGLFKRDUWtFXOR'LFKRILFKHURPDQWHQGUiODLQIRUPDFLyQ
GH ORV WUHV SURYHHGRUHV DOWHUQDWLYRV PiV UHFLHQWHV $GHPiV GHVGH ORV
SURFHVRVGHFRPSUDVVHSRGUiLQGLFDUDOSURJUDPDTXHQRVDYLVHVLSDUD
HODUWtFXORTXHHVWDPRVFRPSUDQGRWHQHPRVSUHFLRVPiVEDUDWRVFRQRWUR
SURYHHGRU 3XHV ELHQ GLFKD LQIRUPDFLyQ VH FRQVXOWD HQ HO ILFKHUR GH
3URYHHGRUHV$OWHUQDWLYRVHQHOFDVRGH,QGLFDU6
0XOWL$OPDFpQ (Q HO FDVR GH TXH VH VHOHFFLRQH6 HO SURJUDPD VH
FRQILJXUDUi SDUD PDQWHQHU YDULRV DOPDFHQHV D OD YH] WDQWR GHVGH HO
SXQWRGHYLVWDGHVWRFNFRPRGHVGHHOSXQWRGHYLVWDHVWDGtVWLFR
7DOODV \ &RORUHV 6L VX QHJRFLR WLHQH DUWtFXORV FRQ WDOODV \ FRORUHV
VHOHFFLRQH6HQFDVRFRQWUDULRVHOHFFLRQH1
/LTXLGDFLyQ GH &RPLVLRQHV ,QGLFDUi VL VX QHJRFLR OOHYD JHVWLyQ GH
FRPLVLRQHV
7'0 ,QGLFDUiVLVXQHJRFLRPDQWHQGUiJHVWLyQGH7HUPLQDOHVGH0DQR
*HQHUDOPHQWH VHXVDUiSDUDJHVWLyQGH3UHYHQWD\$XWR9HQWD
6DW*DUDQWtDV ,QGLFDUi VL VX QHJRFLR OOHYDUi JHVWLyQ GH 6HUYLFLR GH
$VLVWHQFLD7pFQLFD
739 ,QGLFDVLVXQHJRFLROOHYDUiJHVWLyQGH7HUPLQDOHV3XQWRGH9HQWD
7LFNHWV,YD,QFOXLGR (QHOFDVRGHTXHHOFDPSRDQWHULRUVHD6LSRGUi
VHOHFFLRQDU VL ORV WLFNHWV GH GLFKDV YHQWDV OOHYDUiQ HO ,YD LQFOXLGR HQ ORV
SUHFLRVRQR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
(WLTXHWDVGH(QYtR ,QGLFDVLVXQHJRFLRPDQWHQGUiXQKLVWyULFRGHHQYtR
GH WUDQVSRUWLVWDV DVtFRPRODV*HVWLyQGH(WLTXHWDVGHHQYtR GHGLFKRV
HQYtRVGH7UDQVSRUWLVWDV
&XELFDFLyQ (Q FDVR GH LQGLFDU6 DTXHOORV DUWtFXORV TXH VHYHQGDQHQ
PHWURVF~ELFRVXWLOL]DUiQODIRUPXODGHFXEDFLyQ
+LVWyULFRGH3UHVXSXHVWRV (QHOFDVRGHLQGLFDU6ÜWHQGUiGLVSRQLEOHHO
+LVWyULFRGH3UHVXSXHVWRVTXHKDQVLGRFRQYHUWLGRVD3HGLGR
+LVWyULFR GH 3HGLGRV GH &OLHQWHV (Q HO FDVR GH LQGLFDU6Ü WHQGUi
GLVSRQLEOHHO+LVWyULFRGH3HGLGRVTXHKDQVLGRFRQYHUWLGRVD$OEDUDQHV
+LVWyULFR GH $OEDUDQHV GH &OLHQWHV (Q HO FDVR GH LQGLFDU6Ü WHQGUi
GLVSRQLEOHHO+LVWyULFRGH$OEDUDQHVTXHKDQVLGRFRQYHUWLGRVD)DFWXUD
+LVWyULFR GH )DFWXUDV GH &OLHQWHV (Q HO FDVR GH LQGLFDU6 WHQGUi
GLVSRQLEOHHOILFKHUR+LVWyULFRGH)DFWXUDVGH&OLHQWHV
+LVWyULFRGH3HGLGRVGH3URYHHGRUHV (QHOFDVRGHLQGLFDU6WHQGUi
GLVSRQLEOH HO +LVWyULFR GH 3HGLGRV GH 3URYHHGRUHV GH DTXHOORV SHGLGRV
TXHKDQVLGRFRQYHUWLGRVD$OEDUDQHV
+LVWyULFRGH$OEDUDQHVGH3URYHHGRUHV (QHOFDVRGHLQGLFDU6WHQGUi
GLVSRQLEOH HO +LVWyULFR GH ORV $OEDUDQHV TXH KDQ VLGR FRQYHUWLGRVD
)DFWXUDVGHSURYHHGRU
+LVWyULFRGH)DFWXUDVGH3URYHHGRUHV (QHOFDVRGHLQGLFDU6WHQGUi
GLVSRQLEOHHO+LVWyULFRGHODV)DFWXUDVGH3URYHHGRUHV
3UHJXQWDU7UDEDMDGRU (QHOFDVRGHLQGLFDU6 VHUiREOLJDWRULRLQWURGXFLU
HOFyGLJRGHOWUDEDMDGRUFDGDYH]TXHVHKDJDXQGRFXPHQWRGHFRPSUDV
RGHYHQWDV
$UWtFXOR.P6DW 6HLQWURGXFLUiHOFyGLJRGHDUWtFXORTXHUHSUHVHQWDUiQ
ORVGHVSOD]DPLHQWRVGHO6HUYLFLRGH$VLVWHQFLD7pFQLFD
$UWtFXOR+RUDV6DW 6HLQWURGXFLUiHOFyGLJRGHDUWtFXORTXHUHSUHVHQWDUi
ODPDQRGHREUDGHO6HUYLFLRGH$VLVWHQFLD7pFQLFD
&yGLJRGH%DUUDV (VWHFDPSRSXHGHWRPDUORVYDORUHV1GH1RUPDOR
* GH *OREDO 1RUPDO VH XVDUi FRPR VX QRPEUH LQGLFD QRUPDOPHQWH HV
GHFLUFDGDDUWtFXORWHQGUiVXFyGLJRGHEDUUDV(QHOFDVRGHTXHXWLOLFH
7DOODV \ &RORUHV SRGUi LQGLFDU TXH XQ FyGLJR GH EDUUDV SHUWHQHFHUi D
WRGRV ORV DUWtFXORV TXH SHUWHQH]FDQ D XQ PLVPR PRGHOR
LQGHSHQGLHQWHPHQWH GH OD WDOOD \ GHO FRORU HV GHFLU VHUi HO PLVPR SDUD
XQD]DSDWLOOD0RGHOR$\DVHDD]XO\GHOTXHSDUDHOFRORUQHJURGHOD
WDOOD\DTXHDPERVWLHQHQHOPLVPRFyGLJRGHDUWtFXOREDVH
1RPEUH (PSUHVD 739 1RPEUH DEUHYLDGR GH OD HPSUHVD SDUD TXH
SXHGDDSDUHFHUHQODFDEHFHUDGHO7LFNHW
%ORTXHDUDUWtFXORVVLQ([LVWHQFLDV (QHOFDVRTXHQRTXHUDPRVTXHVH
SXHGDQYHQGHUDUWtFXORVGHORVTXHQRWHQJDPRVH[LVWHQFLDVGHEHLQGLFDU
6t (Q HO FDVR TXH SHUPLWD YHQGHU DUWtFXORV GH ORV TXH QR WHQJD
H[LVWHQFLDVLQGLTXH1R([LVWHRWUDDOWHUQDWLYDTXHVHWUDWDGHTXHHQHO
FDVRGHTXHQRWHQJDH[LVWHQFLDVGHXQDUWtFXORTXHVHGLVSRQHDYHQGHU
HO SURJUDPD OH SUHVHQWH XQDOLVWDFRQORVDUWtFXORVTXHVRQHTXLYDOHQWHV
$OWHUQDWLYRV 3DUD HOOR HQ FDGD ILFKD GH DUWtFXOR GHEHUi LQGLFDU TXp
DUWtFXORVVRQHTXLYDOHQWHVDFDGDFXDO(VWRVHYHUiPiVDGHODQWHHQHO
ILFKHURGH$UWtFXORV 2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
2),0$7,&$-$(16/
%XVFDU $UWtFXORV H[FOXVLYDPHQWH SRU 5HIHUHQFLD 3DUD DTXHOODV
HPSUHVDV TXH WUDEDMDQ H[FOXVLYDPHQWH FRQ HO FyGLJR GH SURYHHGRU
SXHGHQLQGLFDUTXHODVE~VTXHGDVGHDUWtFXORVVHKDJDQH[FOXVLYDPHQWH
SRUHVWHFDPSR
$UWtFXOR5HSDUDFLyQ*DUDQWtDV6DW 6HLQWURGXFLUiHOFyGLJRGHDUWtFXOR
TXHUHSUHVHQWDUiODVUHSDUDFLRQHVGHOVHUYLFLRGHDVLVWHQFLDWpFQLFDTXH
VHHQFXHQWUDQHQJDUDQWtD
0DUJHQ6REUH (VWHFDPSRSUHVHQWDWUHVSRVLELOLGDGHV
0 3UHFLRV0DQXDOHV(QHOFDVRGHVHOHFFLRQDUHVWDRSFLyQHVWDUi
LQGLFDQGRTXHSRUORJHQHUDOORVSUHFLRVORVPDUFDUiGHIRUPDPDQXDO\
QRGHSHQGLHQGRGHXQ
& 3UHFLR GH &RVWR (Q HO FDVR GH VHOHFFLRQDU HVWD RSFLyQ HVWDUi
LQGLFDQGR TXH SRU OR JHQHUDO ORV SUHFLRV GH YHQWD VH FDOFXODUiQ
DXWRPiWLFDPHQWHGHSHQGLHQGRGHOXQVREUHHOSUHFLRGHFRVWR
3 3UHFLR GH 9HQWD (Q HO FDVR GH VHOHFFLRQDU HVWD RSFLyQ HVWDUi
LQGLFDQGR TXH SRU OR JHQHUDO ORV SUHFLRV GH YHQWD VH FDOFXODUiQ
DXWRPiWLFDPHQWHGHSHQGLHQGRGHXQVREUHHOSUHFLRGHYHQWD
+D GH WHQHU HQ FXHQWD TXH HO YDORU TXH VHOHFFLRQH VHUi HO YDORU TXH
DSDUHFHUi SRU GHIHFWR FDGD YH] TXH Gp GH DOWD XQ QXHYR DUWtFXOR DXQTXH
HVWHYDORUSRGUiFDPELDUVHHQODILFKDGHFDGDDUWtFXOR
x
x
5HFHSFLRQDU $UWtFXORV 3UHVHQWD HVWH FDPSR SUHVHQWD GRV
SRVLELOLGDGHV 'HSHQGLHQGR GHO YDORU GH GLFKR FDPSR HQ FRPSUDV HO
SUHFLR TXH VH SUHVHQWDUi VHUi ELHQ HO SUHFLR GH FRVWR ELHQ HO SUHFLR GH
YHQWDGHODOLVWDGHOSURYHHGRURHQHOFDVRGHTXHpVWH~OWLPRVHDVH
SUHVHQWDUi HO SUHFLR GH YHQWD GHO DUWtFXOR &RPR HQ HO FDVR GHO FD
PSR
DQWHULRU HVWH YDORU VH SRGUi FDPELDU HQ FDGD XQD GH ODV ILFKDV GH
DUWtFXORV HQ SDUWLFXODU 3RU OR JHQHUDO HVWH FDPSR VHUi& 3UHFLR GH
&RVWH \D TXH HV HO SUHFLR GH FRVWH OR TXH YHUHPRV FXDQGR VH UHDOLFH
XQDFRPSUD6LQHPEDUJRH[LVWHQFDVRVHQORVTXHLQWHUHVDYHUHOSUHFLR
GH YHQWD3 3UHFLR GH 9HQWD 3RU HMHPSOR VXSRQJD TXH HV XVWHG XQ
GLVWULEXLGRU GH XQ SURGXFWR GHWHUPLQDGR 6X SURYHHGRU WLHQH SXEOLFDGD
XQD OLVWD FRQ ORV SUHFLRV GH YHQWDV UHFRPHQGDGRV 8VWHG FRPSUD D
GLFKRV SUHFLRV PHQRV XQ WDQWR SRU FLHQWR GH GHVFXHQWR TXH VHUi VX
PDUJHQ 3XHV ELHQ HQ HVWRV FDVRV HV SRVLEOH TXH XVWHG GHVHH YHU HO
SUHFLR UHFRPHQGDGR SRU HO SURYHHGRU FRPR SUHFLR XQLWDULR \ HQ ORV
FDPSRVGHGHVFXHQWRVORVGHVFXHQWRVTXHOHKDFHVXSURYHHGRUHQYH]
GHYHUGLUHFWDPHQWHHOSUHFLRGHFRVWR
7DEOD GH 'HVFXHQWRV /RV GHVFXHQWRV D FOLHQWHV VH SRGUiQ HVWDEOHFHU
GHGRVIRUPDVTXHQRVRQH[FOX\HQWHVHQWUHVt%LHQSXHGHQLQWURGXFLU
SUHFLRV GH YHQWD FRQ GHVFXHQWRV DSOLFDEOHV GH PRGR TXH HQ OD ILFKD
GHO FOLHQWH SRGUi LQGLFDU TXH SUHFLR DSOLFD \ TXp GHVFXHQWR D GLFKR
FOLHQWHRELHQSRGUiKDFHUXVRGHXQDWDEODGHGHVFXHQWRV'LFKDWDEOD
QRHVPiVTXHXQHMHFDUWHVLDQRHQHOTXHWHQGUHPRVSRUXQODGRHOWLSR
GHFOLHQWH\SRUHORWURHOWLSRGHDUWtFXOR'HHVWHPRGRFDGDYH]TXHVH
FUXFHXQGHWHUPLQDGRWLSRGHFOLHQWHFRQXQGHWHUPLQDGRWLSRGHDUWtFXOR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
VHDSOLFDUiHOGHGHVFXHQWRSUHYLVWRHQGLFKDWDEOD7DO\FRPRVHKD
GLFKR DO SULQFLSLRGHHVWHHStJUDIHDPEDVIRUPDVGHDSOLFDUGHVFXHQWRV
QRVRQH[FOX\HQWHV
(VWHFDPSRWLHQHFRPRUHVSXHVWDWUHVRSFLRQHV
6 'HVFXHQWRV (Q HVWH FDVR HO SURJUDPD VH FRPSRUWDUi FRPR VH KD
H[SOLFDGRDQWHULRUPHQWH
11HWRV(QHVWHFDVRVHFRPSRUWDUiFRPRHQHOFDVRDQWHULRUFRQOD
VDOYHGDG GH TXH HQ HO SUHFLR XQLWDULR VH SRQGUi HO SUHFLR FRQ HO
GHVFXHQWR\DDSOLFDGR\HQHOFDPSRGHVFXHQWRDSDUHFHUi
90iUJHQHV(QHVWHFDVRORTXHVHKDUiHVDSOLFDUHOWDQWRSRUFLHQWR
LQGLFDGR HQ OD WDEOD QR FRPR XQ GHVFXHQWR VL QR FRPR XQ WDQWR SRU
FLHQWRGHPDUJHQDDSOLFDU(VWH~OWLPRFDVRVHVXHOHDSOLFDUVRODPHQWH
FXDQGR HQ ODV ILFKDV GH DUWtFXORV VH WUDEDMD ~QLFDPHQWH FRQ SUHFLR GH
FRVWR
x
(VFDQGDOORVFRQ'HVJORVH (QHOFDVRGHTXHWUDEDMHFRQ(VFDQGDOORV
VH SRGUiQ SUHVHQWDU GH GRV IRUPDV D OD KRUD GH UHDOL]DU OD YHQWD (Q HO
FDVRGH TXH HO DUWtFXOR VHD &RPSXHVWR FXDQGR VH YHQGH GHEDMR GH OD
OtQHDGHODUWtFXORVHGHVSOLHJDDXWRPiWLFDPHQWHFDGDXQRGHORVDUWtFXORV
TXH OR FRPSRQHQ GLFKRV DUWtFXORV QR HVWDUiQ YDORUDGRV VL QR TXH
~QLFDPHQWHVHWHQGUiQHQFXHQWDODVXQLGDGHVSDUDHOVWRFN(QHOFDVR
GH TXH HO DUWtFXOR VHD 'HVJORVDGR FXDQGR VH YHQGH HO DUWtFXOR \ DO
ILQDOL]DU GH LQWURGXFLU OD OtQHD GLFKR DUWtFXOR GHVDSDUDFH GH ODSDQWDOOD\
VH FDUJDQ DXWRPiWLFDPHQWH ORV DUWtFXORV TXH OR FRPSRQHQ HQ HVWD
RFDVLyQ YDORUDGRV 3XHV ELHQ HQ HO FDVR GH TXH HQ HVWH FDPSR VH
FRQWHVWH FRQ 1 DTXHOORV DUWtFXORV TXH VHDQ FRPSXHVWRV QR VH
GHVJORVDUiQ VXV FRPSRQHQWHV HQ SDQWDOOD SHUR Vt VH GDUiQ GH EDMD GH
VWRFNLQWHUQDPHQWH
'DWRVGH7HVRUHUtD
(Q HVWD FDUSHWD VH LQWURGXFLUiQ ORV GDWRV SDUD OD FRQILJXUDFLyQ GH
WHVRUHUtD\HQODFHVFRQWDEOHV/RVFDPSRVVRQORVVLJXLHQWHV
x
x
x
x
(QODFH &RQWDELOLGDG ,QWURGXFLU HO Q~PHUR GH HPSUHVD GH FRQWDELOLGDG
FRQODFXDOYDPRVDWUDEDMDU
(QODFHGH&RQWDELOLGDG5HPRWD (QHOFDVRGHTXHHVWHPRVWUDEDMDQGR
HQ XQD VXFXUVDO LQGLFDU FXDO HV HO Q~PHUR GH HPSUHVD GH FRQWDELOLGDG
UHPRWDFRQODFXDOYDPRVDWUDEDMDU
&XHQWD GH 3RUWHV ,QGLFDU OD FXHQWD HQ OD FXDO VH FRQWDELOL]DUiQ ORV
SRUWHVHQFDVRGHTXHHVWpDFWLYDGDODFRQWDELOLGDGDQDOtWLFD
&XHQWD GH 'HVFXHQWRV )LQDQFLHURV ,QGLFDU OD FXHQWD HQ OD TXH VH
FRQWDELOL]DUiQ ORV GHVFXHQWRV HQ HO FDVR GH TXH HVWp DFWLYDGD OD
FRQWDELOLGDGDQDOtWLFD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
2),0$7,&$-$(16/
&XHQWD GH ,QJUHVRV )LQDQFLHUVR ,QGLFDU OD FXHQWD HQ OD TXH VH
FRQWDELOL]DUiQORVUHFDUJRVILQDQFLHURVHQHOFDVRGHTXHHVWpDFWLYDGDOD
FRQWDELOLGDGDQDOtWLFD
&XHQWD 6XSOLGRV ,QGLFDU OD FXHQWD HQ OD TXH VH FRQWDELOL]DUiQ ORV
VXSOLGRVHQHOFDVRGHTXHHVWpDFWLYDGDODFRQWDELOLGDGDQDOtWLFD
&XHQWD ,PSDJDGRV ,QGLFDU OD FXHQWD HQ OD TXH VH FRQWDELOL]DUiQ ORV
,PSDJDGRV
&XHQWD5HWHQFLyQ,53) ,QGLFDUODFXHQWDHQODTXHVHFRQWDELOL]DUiQODV
UHWHQFLRQHVSRU,53)
&XHQWD GH ,9$ 6RSRUWDGR ,QGLFDU OD FXHQWD GH ,9$ VRSRUWDGR HQ HO
FDVR GH TXH HVWp DFWLYDGD OD FRQWDELOLGDG DQDOtWLFD HQ FDVR FRQWUDULR OD
FXHQWDGH,9$VRSRUWDGRVHUiSRUGHIHFWR
&XHQWDGH,9$5HSHUFXWLGR ,QGLFDUODFXHQWDGH,9$UHSHUFXWLGRHQHO
FDVR GH TXH HVWp DFWLYDGD OD FRQWDELOLGDG DQDOtWLFD HQ FDVR FRQWUDULR OD
FXHQWDGH,9$UHSHUFXWLGRVHUiSRUGHIHFWR
&XHQWD GH *DVWRV GH 5HSDUDFLRQHV ([WHUQDV ,QGLFDU OD FXHQWD GH
JDVWRVHQODTXHVH FRQWDELOL]DUiQODVIDFWXUDVSRUUHSDUDFLRQHVH[WHUQDV
(VWDV FXHQWDV WHQGUiQ TXH H[LVWLU HQ HO ILFKHUR GH2WUDV &XHQWDV
FRQWDEOHV VLVHTXLHUHXWLOL]DUHOQRPEUHGHFXHQWDSURSLR
2EVHUYDFLyQ (Q OD YHUVLyQ DFWXDO VyOR HVWiQ HQ IXQFLRQDPLHQWR ODV
&XHQWDVGH,YD
1XPHUDGRUHV
(Q FXDQWR D ORV QXPHUDGRUHV GH DOEDUDQHV IDFWXUDV HWF OD DSOLFDFLyQ
2ILJHV HVWi GLVHxDGD SDUD PDQWHQHU WRGDV ODV VHULHVGH IDFWXUDFLyQ TXH
IXHUDQQHFHVDULDV\DTXHVXQ~PHURVHUtDSUiFWLFDPHQWHLOLPLWDGR
'HQWURGHHVWDFDUSHWDGHSDUiPHWURVHVGRQGHVHGHILQHQGLFKDVVHULHV
'HQWURGHFDGDVHULHWHQGUHPRVORVQ~PHURVGH
8OWLPR3UHVXSXHVWR
8OWLPR3HGLGRGH&OLHQWH
8OWLPR3HGLGRGH3URYHHGRU
8OWLPR$OEDUiQ
8OWLPD)DFWXUD
8OWLPR$YLVR6$7
8OWLPD5HSDUDFLyQ6$7
$GHPiV WHQGUHPRV GRV QXPHUDGRV PiV TXH VRQ LQGHSHQGLHQWHV GH ODV
VHULHV(VWRVVRQHO~OWLPRQ~PHURGH7LFNHW\HOQ~PHURGH~OWLPR$SDUWDGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(O PDQWHQLPLHQWR GH GLFKDV 6HULHV VH OOHYDUiQ D FDER D WUDYpV GH ORV
VLJXLHQWHVERWRQHV
x
x
x
x
1XHYD 3XOVDQGR HVWH ERWyQ SRGUHPRV FUHDU XQD QXHYD VHULH GH
IDFWXUDFLyQ
0RGLILFDU 3XOVDQGRHVWHERWyQVHSRGUiQPRGLILFDUORVYDORUHVGHODVHULH
TXHVHHQFXHQWUHUHVDOWDGDHQODOLVWD
%RUUDU 3XOVDQGR HVWH ERWyQ SRGUHPRV ERUUDU OD VHULH TXH VH HQFXHQWUH
UHVDOWDGD HQ OD OLVWD $ GH WHQHU FXLGDGR FRQ HVWD RSFLyQ \D TXH HQ HO
PRPHQWRTXHERUUHXQDVHULHTXHGDERUUDGDGHOILFKHURGHGDWRVDXQTXH
SXOVH&DQFHODUHQODSDQWDOODGH3DUiPHWURV
6HULH3RU'HIHFWR ,QGLFDUiFXDOHVODVHULHTXHTXHUHPRVTXHVHFDUJXH
SRU GHIHFWR HQ FXDOTXLHU SURFHVR WDQWR GH 9HQWDV FRPR GH &RPSUDV (O
UHVWR GH VHULHV VH FDUJDUiQ D FRQWLQXDFLyQ GH HVWD VHULH (VWD VHULH SRU
GHIHFWR SXHGH YDULDU FRQ UHVSHFWR DOD VHULH GHILQLGD HQ ODV RSFLRQHV GH
8VXDULRV6yORHQHOFDVRGH)DFWXUDV'LUHFWDV
'HQWURGHODSDQWDOODGHOD6HULHVHOHFFLRQDGDHQFRQWUDUHPRVODVFXHQWDV
GH &RPSUDV \ 9HQWDV TXH VH XWLOL]DUiQ SDUD GLFKD 6HULH GLFKDV FXHQWDV
GHEHQH[LVWLUHQHOILFKHURGH2WUDV&XHQWDV&RQWDEOHV$GHPiVVHGHEH
LQGLFDUVLOD6HULHHQFXHVWLyQSHUWHQHFHD&HQWUDORELHQD6XFXUVDO
&DPSRV'HILQLEOHV
'HQWUR GH HVWD FDUSHWD SRGUHPRV GHILQLU ORV FDPSRV GH $UWtFXORV
&OLHQWHV\3URYHHGRUHVTXHTXHUDPRV$XQTXHFRPRVHYHUiPiVDGHODQWH
ODVILFKDVGH$UWtFXORV&OLHQWHV\3URYHHGRUHVVRQEDVWDQWHH[WHQVDVSXHGH
KDEHUXQGHWHUPLQDGRFDPSRTXHXVWHGHQVXQHJRFLRSXHGDHFKDUHQIDOWD
3XHVELHQOR~QLFRTXHWHQGUiTXHKDFHUHVHQWUDUHQHVWDFDUSHW
D\GHILQLUOR
XVWHG PLVPR (VWH FDPSR SRGUi VHU OLVWDGR D WUDYpV GHO*HQHUDGRU GH
,QIRUPHV \ VH SRGUi LQFOXLU HQ FXDOTXLHU E~VTXHGD GH $UWtFXORV &OLHQWHV \
3URYHHGRUHV \D TXH FRPR VH YHUi ODV E~VTXHGDV VH SXHGHQ SHUVRQDOL]DU
3RUORVWDQWRHVWRVFDPSRVGHILQLEOHV SXHGHQWHQHUODPLVPDLPSRUWDQFLDTXH
FXDOTXLHURWURFDPSRTXHKD\DVLGRSUHGHILQLGR
3DUD UHDOL]DU OD JHVWLyQ GH GLFKRV FDPSRV FROyTXHVH HQ OD OLVWD HQ OD
TXHGHVHDDJUHJDUXQFDPSRSXOVH(17(5\ODOLVWDVHSRQGUiHQHGLFLyQ
,QWURGX]FD HO 1RPEUH GHO FDPSR OD ORQJLWXG HV GHFLU HO Q~PHUR GH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
FDUDFWHUHV TXH WHQGUi \ HO WLSR GH GDWR HV GHFLU VL HV QXPpULFR R
DOIDQXPpULFR
3UHVXSXHVWDULD
'HQWURGHHVWDFDUSHWDGHSDUiPHWURVSRGUHPRVLQWURGXFLUORVGDW
RV
SUHVXSXHVWDULRVGH&RPSUDV9HQWDV\%HQHILFLRVHVSHUDGRVHQHOHMHUFLFLR
DFWXDO
3DUDLQWURGXFLUGLFKRVGDWRVSXOVHHOERWyQ/tQHDVGH'DWRVDSDUHFHUi
XQFXDGURQXPpULFRHQHOFXDOSRGUiLQWURGXFLUORVYDORUHVGHVHDGRVTXHVH
FRUUHVSRQGHUiFRQODOtQHDTXHVHHQFXHQWUHUHVDOWDGDHQODOLVWD3RGUi
PRYHUVHDWUDYpVGHODOLVWDSXOVDQGR(17(5RELHQFRQODVWHFODVGH
GLUHFFLyQ8QDYH]TXHKD\DWHUPLQDGRGHLQWURGXFLUORVGDWRVGHVHDGRV
SXOVHHOERWyQ)LQDOL]DU
/RVYDORUHVTXHKD\DLQWURGXFLGRLUiQSDVDQGRDODVFDUSHWDVGH
(VWDGtVWLFDGH&RPSUDV9HQWDV\%HQHILFLRVUHVSHFWLYDPHQWHHQODFROXPQD
GH3UHYLVWDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(VWDGtVWLFDGH&RPSUDV
(QHVWDFDUSHWDSRGUHPRVYLVXDOL]DUORVGDWRVHVWDGtVWLFRVGHODV
FRPSUDV DQLYHOGHWRGDODHPSUHVD7DO\FRPRSXHGHDSUHFLDUHQOD
SDQWDOODVHSUHVHQWDQPHVDPHVODVVLJXLHQWHVFROXPQDV
&RPSUDV GHOHMHUFLFLRDQWHULRU
&RPSUDV 3UHYLVWDVSDUDHOHMHUFLFLRDFWXDO
&RPSUDV 5HDOHVHVGHFLUODVFRPSUDVGHOHMHUFLFLRDFWXDO
,PSRUWHGH'HVYLDFLyQFRQUHVSHFWRDOHMHUFLFLRDQWHULRU
3RUFHQWDMHGH'HVYLDFLyQFRQUHVSHFWRDOHMHUFLFLRDQWHULRU
,PSRUWHGH'HVYLDFLyQFRQUHVSHFWRDORSUHVXSXHVWDGR
3RUFHQWDMHGH'HVYLDFLyQFRQUHVSHFWRDORSUHVXSXHVWDGR
(QGLFKDSDQWDOODDSDUHFHQGRVERWRQHV,PSUHVRUD\*UiILFD
3XOVDQGRHQ,PSUHVRUDVDOGUiSRULPSUHVRUDXQOLVWDGRFRQORVGDWRVGH
GLFKDHVWDGtVWLFD
3XOVDQGRHQ*UiILFDSRGUHPRVYLVXDOL]DUODJUiILFDFRUUHVSRQGLHQWHD
GLFKDHVWDGtVWLFD
(VWDGtVWLFDGH9HQWDV
(QHVWDFDUSHWDSRGUHPRVYLVXDOL]DUORVGDWRVHVWDGtVWLFRVGHODV
YHQWDV DQLYHOGHWRGDODHPSUHVD7DO\FRPRSXHGHDSUHFLDUHQODSDQWDOOD
VHSUHVHQWDQPHVDPHVODVVLJXLHQWHVFROXPQDV
9HQWDV GHOHMHUFLFLRDQWHULRU
9HQWDV 3UHYLVWDVSDUDHOHMHUFLFLRDFWXDO
9HQWDV 5HDOHVHVGHFLUODVFRPSUDVGHOHMHUFLFLRDFWXDO
,PSRUWHGH'HVYLDFLyQFRQUHVSHFWRDOHMHUFLFLRDQWHULRU
3RUFHQWDMHGH'HVYLDFLyQFRQUHVSHFWRDOHMHUFLFLRDQWHULRU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,PSRUWHGH'HVYLDFLyQFRQUHVSHFWRDORSUHVXSXHVWDGR
3RUFHQWDMHGH'HVYLDFLyQFRQUHVSHFWRDORSUHVXSXHVWDGR
(QGLFKDSDQWDOODDSDUDFHQGRVERWRQHV,PSUHVRUD\*UiILFD
3XOVDQGRHQ,PSUHVRUDVDOGUiSRULPSUHVRUDXQOLVWDGRFRQORVGDWRVGH
GLFKDHVWDGtVWLFD
3XOVDQGRHQ*UiILFDSRGUHPRVYLVXDOL]DUODJUiILFDFRUUHVSRQGLHQWHD
GLFKDHVWDGtVWLFD
(VWDGLVWLFDGH%HQHILFLRV
(QHVWDFDUSHWDSRGUHPRVYLVXDOL]DUORVGDWRVHVWDGtVWLFRVGHORV
EHQHILFLRV DQLYHOGHWRGDODHPSUHVD7DO\FRPRSXHGHDSUHFLDUHQOD
SDQWDOODVHSUHVHQWDQPHVDPHVODVVLJXLHQWHVFROXPQDV
%HQHILFLRV GHOHMHUFLFLRDQWHULRU
%HQHILFLRV 3UHYLVWDVSDUDHOHMHUFLFLRDFWXDO
%HQHILFLRV 5HDOHVHVGHFLUODVFRPSUDVGHOHMHUFLFLRDFWXDO
,PSRUWHGH'HVYLDFLyQFRQUHVSHFWRDOHMHUFLFLRDQWHULRU
3RUFHQWDMHGH'HVYLDFLyQFRQUHVSHFWRDOHMHUFLFLRDQWHULRU
,PSRUWHGH'HVYLDFLyQFRQUHVSHFWRDORSUHVXSXHVWDGR
3RUFHQWDMHGH'HVYLDFLyQFRQUHVSHFWRDORSUHVXSXHVWDGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QGLFKDSDQWDOODDSDUHFHQGRVERWRQHV,PSUHVRUD\*UiILFD
3XOVDQGRHQ,PSUHVRUDVDOGUiSRULPSUHVRUDXQOLVWDGRFRQORVGDWRVGH
GLFKDHVWDGtVWLFD
3XOVDQGRHQ*UiILFDSRGUHPRVYLVXDOL]DUODJUiILFDFRUUHVSRQGLHQWHD
GLFKDHVWDGtVWLFD
6HULHV7DOODV\&RORUHV
'HVGHHVWDFDUSHWDGH3DUiPHWURVSRGUHPRVGDUGHDOWDODV6HULHV GH
7DOODV \ &RORUHV TXH WHQGUHPRV GLVSRQLEOHV SDUD SRGHU FODVLILFDU QXHVWURV
DUWtFXORVHQVHULHV
$QWHVGHFRPHQ]DUKDGHWHQHUHQFXHQWDTXHODVWDOODVTXHGpGHDOWD
HQODVVHULHV GH7DOODVGHEHQGHWHQHUREOLJDWRULDPHQWHORQJLWXGHVGHFLU
QRSRGUiGDUGHDOWDSRUHMHPSORODWDOOD/y;VLQRTXHWHQGUiTXHFRORFDU
GHODQWHDOPHQRVGRVFDUDFWHUHVPiV/DFDXVDGHHVWRHVSRUTXHODFODYH
GH7DOOD\&RORUGHEHWHQHUXQDORQJLWXGILMDGHFDUDFWHUHVWUHVGHODWDOOD\
GRVGHOFRORU/RTXHVtSRGUiGDUGHDOWDHVOD6HULH/y;\OXHJRLQWURGXFLU
ODVWDOODV\FRORUHV TXHFRPSRQHQGLFKDVHULH
3DUD GDU GH DOWD XQD VHULH SXOVH (17(5 HQ OD OLVWD GH 6HULH 7DOOD H
LQWURGX]FDODFODYHGHGLFKDVHULH3DUDSDVDUGHXQDFHOGDDRWUDSXOVHODV
WHFODVGHGLUHFFLyQ
3DUD ODV WDOODV SRGUi LQWURGXFLU OD QXPHUDFLyQ TXH XVWHG GHVHH
PLHQWUDVTXHSDUDODVVHULHV GHFRORUHVGLFKRVFRORUHV GHEHUiQH[LVWLUHQHO
ILFKHURGHFRORUHV
6L WLHQH XQD VHULH VLPLODU D RWUD SRGUi FRSLDU XQD VHULH HQ RWUD
PRGLILFDQGR VX QRPEUH 3DUD HOOR VLW~HVH HQ OD VHULH TXH GHVHD FRSLDU
UHViOWHOD SDUD HOOR SXOVH FRQ HO UDWyQ HQ OD FHOGD GH FRORU TXH WLHQHDO
SULQFLSLRGHODILOD\SXOVHODFRPELQDFLyQGHWHFODV&75/)
3DUD$JUHJDUXQDQXHYDVHULHVLW~HHOFXUVRUHQXQDFHOGDQXHYDTXH
VHHQFXHQWUHHQEODQFR\SXOVHIOHFKDDEDMR
3DUD%RUUDXQDVHULHUHViWHOD\SXOVHODWHFOD6835
/RJRGHOD(PSUHVD
/RVGRFXPHQWRVGHLPSUHVLyQSRGUiQVHUGHGRVWLSRV3UHLPSUHVRVHV
GHFLU LPSUHVRV TXH KDQ VLGR GLVHxDGRV H LPSUHVRV HQ XQD LPSUHQWD \ TXH
SRVWHULRUPHQWHKDQVLGRDGDSWDGRVDOSURJUDPDRELHQSRGUiLPSULPLUGLFKRV
GRFXPHQWRVHQSDSHOEODQFR\HOSURJUDPDVHHQFDUJDUiGHGLEXMDU\UHOOHQDU
HO GRFXPHQWR 3XHV ELHQ HQ HVWH ~OWLPR FDVR HO SURJUDPD WDPELpQ SRGUi
LPSULPLUHO/RJRWLSRGHVXHPSUHVDVLDVtORGHVHD
3DUD HOOR SULPHUR KD GH FRQVHJXLU HO ORJRWLSR GH VX HPSUHVD HQ
IRUPDWR %03 3DUD HOOR SRGUi HVFDQHDUOR FRQ FXDOTXLHU SURJUDPD GH ORV
PXFKRV TXH VH HQFXHQWUDQ HQ HO PHUFDGR LQFOXVR FRQ :LQGRZV VH
VXPLQLVWUDXQROODPDGR,0$*,1*
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
8QD YH] TXH WHQJD HO ILFKHUR JXDUGDGR HQ GLVFR SXOVH HO ERWyQ
([DPLQDU/HDSDUHFHUiXQDSDQWDOODTXHOHSHUPLWLUiORFDOL]DUGLFKRILFKHUR
HLQFRUSRUDUORDODDSOLFDFLyQ8QDYH]TXHKD\DLQFRUSRUDGRHOORJRWLSRDOD
SDQWDOOD TXHGDUi JUDEDGR DXQTXH SXOVH &DQFHODU HQ OD SDQWDOOD GH
3DUiPHWURV 3DUD ERUUDU GLFKR /RJRWLSR GHEHUi KDFHUOR GHVGH 0LFURVRIW
$FFHVV VHOHFFLRQDQGR OD EDVH GH GDWRV /RJRPGE TXH VH HQFXHQWUD HQ HO
GLUHFWRULRGHLQVWDODFLyQGHVXDSOLFDFLyQRHQHO6HUYLGRUHQHOFDVRGHTXH
WUDEDMHHQUHGORFDO
6LWLHQHXQORJRWLSRGLVWLQWRSDUDFDGDHPSUHVDTXHWLHQHGDGDGHDO
WD
WHQGUi TXH JXDUGDU GLFKR ILFKHUR /RJRPGE HQ XQD FDUSHWD FRQ HO QRPEUH
0RGHORV111 GRQGH 111 HV HO Q~PHUR GH HPSUHVD 'LFKD FDUSHWD VH
HQFRQWUDUi HQ OD FDUSHWD 2ILJHV: GHO RUGHQDGRU TXH KDJDGH6HULYLGRU(M
??6HUYLGRU?F?$UFKLYRV GH 3URJUDPD?2ILJHV: 2 HQ &?$UFKLYRV GH
SURJUDPD?2IL*HV: HQ HO FDVR TXH OD LQVWDODFLyQ VH KD\D UHDOL]DGR FRPR
0RQRSXHVWRX2UGHQDGRU&HQWUDO
,PSXHVWRV(VSHFLDOHV
'HQWUR GH OD ILFKD ,PSXHVWRV (VSHFLDOHV VH LQWURGXFLUiQ ORV GLVWLQWRV
SRUFHQWDMHV D ORV TXH HVWDPRV VXMHWRV DGHPiV GH VHOHFFLRQDU HO WLSR GH
,PSXHVWR(VSHFLDO\DVHDQRUPDOFRQ,YDRDPERV/RVFDPSRVDLQWURGXFLU
VRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
8VDU,PSXHVWRV(VSHFLDOHV1RUPDOHV0DUFDUHVWDFDVLOODHQFDVRGH
HVWDUVXMHWRDO,PSXHVWR(VSHFLDO1RUPDO
1RPEUH 1RPEUH GHO,PSXHVWR
&XHQWD GHO ,PSXHVWR ,QGLFDU OD FXHQWD HQ OD TXH VH FRQWDELOL]DUiQ HO
LPSXHVWR
&XHQWD GHO ,PSXHVWR 6RSRUWDGR ,QGLFDU OD FXHQWD HQ OD TXH VH
FRQWDELOL]DUiQHOLPSXHVWRVRSRUWDGR
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
,PS3RUFHQWDMHGHLPSXHVWR(VSHFLDO
8VDU,PSXHVWRV(VSHFLDOHV&RQ,9$0DUFDUHVWDFDVLOODHQFDVRGH
HVWDUVXMHWRDO,PSXHVWR(VSHFLDO1RUPDO
1RPEUH 1RPEUHGHO,PSXHVWR
&XHQWD GHO ,PSXHVWR ,QGLFDU OD FXHQWD HQ OD TXH VH FRQWDELOL]DUiQ HO
LPSXHVWR
&XHQWD GHO ,PSXHVWR 6RSRUWDGR ,QGLFDU OD FXHQWD HQ OD TXH VH
FRQWDELOL]DUiQHOLPSXHVWRVRSRUWDGR
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
2),0$7,&$-$(16/
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
,PS 3RUFHQWDMHGHLPSXHVWR(VSHFLDO
(VWRV SRUFHQWDMHV VHUiQ LQFOXLGRV HQ ORV FDPSRV ,038(672 (63 \ ,038(672(63HQODILFKD3UHFLRV\([LVWHQFLDVGHOPHQ~$UWtFXORV
/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$UFKLYRV
)DPLOLDV6XE)DPLOLDV
(Q HVWH ILFKHUR VH GDUiQ GH DOWD ODV IDPLOLDV \ VXEIDPLOLDV GH ORV
DUWtFXORV 6H GLVSRQH GH IDPLOLDV \ GHQWUR GH FDGD XQD GH HOODV VH
GLVSRQGUi GH VXEIDPLOLDV 6L XVWHG HUD XVXDULR GH 2ILJHV HQ HQWRUQR
06'26R7+(26KDGHWHQHUHQFXHQWDTXHODFRGLILFDFLyQGHORVDUWtFXORV
HV DKRUD LQGHSHQGLHQWH GHO FyGLJR GH IDPLOLD R VXEIDPLOLD D OD TXH
SHUWHQH]FD
/RVFDPSRVTXHDSDUHFHQHQGLFKRILFKHURVRQORVVLJXLHQWHV
x
&yGLJR &yGLJR GH OD IDPLOLD R VXEIDPLOLD /D DGMXGLFDFLyQ GHO FyGLJR
VHUiPDQXDO6LHOFyGLJRTXHLQWURGX]FDHVGHGtJLWRVVHFRQVLGHUDUi
)DPLOLD
<VLHOFyGLJRHVGHGtJLWRVVHFRQVLGHUDUiVXEIDPLOLD(QHVWHXOW
LPRFDVR
DSDUHFHUiDODGHUHFKDGHOFyGLJRHOQRPEUHGHODIDPLOLDDODTXHSHUWHQHFH
x
x
x
x
x
x
7LSRGH$UWtFXOR (QHOFDVRGHTXHXWLOLFHODWDEODGHGHVFXHQWRVGHVGH
HVWD SDQWDOOD SRGUi VXJHULU D TXp WLSR GH DUWtFXOR SHUWHQHFHUiQ ORV
DUWtFXORV GH XQD IDPLOLD R XQD VXEIDPLOLD GH PRGR TXH FXDQGR DVLJQH
XQD IDPLOLD R VXEIDPLOLD D XQ DUWtFXOR HQ GLFKD ILFKD DSDUHFHUi SRU
GHIHFWRHOWLSRGHDUWtFXORTXHDTXtVHLQGLTXH
&XHQWD GH 9HQWDV 6L WLHQH DFWLYDGD OD RSFLyQ GH FRQWDELOLGDG DQDOtWLFD
HQ'DWRV&RPHUFLDOHV GHQWURGHOILFKHURGH3DUiPHWURVFXDQGRIDFWXUH
HO DSXQWH FRQWDEOH VH DJUXSDUi SRU IDPLOLDV\ VXEIDPLOLDV 'LFKD FXHQWD
GHEHH[LVWLUHQHOILFKHURGH2WUDV&XHQWDV&RQWDEOHV
&XHQWDGH&RPSUDV ,JXDOTXHHQHOFDPSRDQWHULRUSHURDSOLFDGRDODV
FRPSUDV 'LFKD FXHQWD GHEH H[LVWLU HQ HO ILFKHUR GH 2WUDV &XHQWDV
&RQWDEOHV
0DUJHQ3UHYLVWR &DPSRLQIRUPDWLYRHQHOFXDOLQWURGXFLUHPRVHOGH
PDUJHQGHEHQHILFLRHVSHUDGRSDUDGLFKDIDPLOLDRVXEIDPLOLD
1RWDV &DPSRGHREVHUYDFLRQHV
(VWDGtVWLFD (Q HVWD SDQWDOOD VH SUHVHQWDUi ORV GDWRV DFXPXODGRV GH
YHQWDVDVtFRPRORVGDWRVGHYHQWDVSUHVXSXHVWDGDV\ODVGHVYLDFLRQHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
FRQUHVSHFWRDOHMHUFLFLRDQWHULRU\FRQUHVSHFWRDORSUHVXSXHVWDGR3DUD
LQWURGXFLU ORV GDWRV SUHVXSXHVWDGRV KDJD FOLFN HQ HO ERWyQ,QWURGXFLU
3UHVXSXHVWRV VH SRQGUi HQ HGLFLyQ OD FROXPQD GH 9HQWDV
3UHVXSXHVWDGDVHLQWURGX]FDODVFDQWLGDGHVGHVHDGDVSDUDFDGDXQRGH
ORVPHVHV(OPRYLPLHQWRHQWUHXQDVFHOGDVORSRGUiUHDOL]DUFRQODWHFOD
(17(5 R ELHQ FRQ ODV WHFODV GH GLUHFFLyQ 3DUD ILQDOL]DU OD HGLFLyQ GH
GLFKD FROXPQD KDJD FOLFN VREUH HO ERWyQ7HUPLQDU (Q HO FDVR GH TXH
TXLHUDYHUODJUiILFDGHGLFKRVGDWRVKDJDFOLFNHQHOERWyQ9HU*UiILFDV
6HFFLRQHV
$XQTXH \D H[LVWH XQD FODVLILFDFLyQ GH DUWtFXORV HQ IDPLOLDV \
VXEIDPLOLDV VH KD FRQVLGHUDGR RSRUWXQR HO SRGHU DJUXSDU D VX YH] ODV
IDPLOLDV\VXEIDPLOLDV\SRUWDQWRORVDUWtFXORVHQVHFFLRQHV(VPX\FRP~Q
HQGHWHUPLQDGRVVHFWRUHVHOWHQHUVHFFLRQHVGHYHQWDVFRPRSRUHMHPSORHQ
XQD WLHQGD GH XOWUDPDULQRV SRGHPRV WHQHU DUWtFXORV TXH SHUWHQH]FDQ D OD
VHFFLyQ GH /iFWHRV R ELHQ D &KDUFXWHUtD HWF (VWD QXHYD MHUDUTXtD HV GH
EDVWDQWH XWLOLGDG \D TXH SRGUHPRV UHDOL]DU OXHJR XQ HVWXGLR FRPSDUDWLYR
HQWUHODVGLVWLQWDVVHFFLRQHV
/RVFDPSRVTXHIRUPDQSDUWHGHGLFKRILFKHURVRQORVVLJXLHQWHV
x
x
x
x
x
&yGLJR &yGLJRTXHLGHQWLILFDUiDODVHFFLyQ
1RPEUH 1RPEUHRGHVFULSFLyQGHODVHFFLyQ
0DUJHQ3UHYLVWR &DPSRLQIRUPDWLYRHQHOTXHSRGUHPRVLQWURGXFLUHO
GHPDUJHQTXHSUHVXSXHVWDPRVSDUDGLFKDVHFFLyQ
1RWDV &DPSRGHREVHUYDFLRQHV
(VWDGtVWLFD (Q HVWD SDQWDOOD YHUHPRV ORV GDWRV DFXPXODGRV GH YHQWDV
GH OD VHFFLyQ &RPR HQ WRGDV ODV GHPiV SDQWDOODV GH HVWDGtVWLFD
YHUHPRV ORV GDWRV GH YHQWDV GHO HMHUFLFLR DQWHULRU ORV GDWRV GH YHQWDV
SUHVXSXHVWDGDV \ ORV GDWRV DFXPXODGRV GH YHQWDV GHO HMHUFLFLR DFWXDO
DVt FRPR ORV LPSRUWHV \ SRUFHQWDMHV GH GHVYLDFLyQ HQWUH XQRV GDWRV \
RWURV(QFXDQWRDOIXQFLRQDPLHQWRGHODSDQWDOODHVLJXDODODSD
QWDOODGH
HVWDGtVWLFDGH)DPLOLDV\6XEIDPLOLDV
&RORUHV
(Q HVWH ILFKHUR SRGUHPRV GHILQLU ORV FRORUHVTXH VH XVDUiQ SDUD ODV
WDOODV\FRORUHV7DO\FRPRVHH[SOLFyHQ6HULHGH7DOODV\&RORUHVDQWHVGH
GHILQLU ODV VHULHV VH GHEHUiQ GH GHILQLU SUHYLDPHQWH ORV FRORUHVHQ HVWH
ILFKHUR
/RVFDPSRVTXHIRUPDQSDUWHGHHVWHILFKHURVRQORVVLJXLHQWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
2),0$7,&$-$(16/
&yGLJR &yGLJRFRQHOTXHVHLGHQWLILFDUiHOFRORU
'HVFULSFLyQGHO&RORU 1RPEUHRGHVFULSFLyQGHOFRORU
$OPDFHQHV
7DO \ FRPR VH H[SOLFy HQ'DWRV &RPHUFLDOHV GH 3DUiPHWURV GH OD
(PSUHVDODDSOLFDFLyQVHSRGUiFRQILJXUDUSDUDPXOWLDOPDFpQ3XHVELHQHQ
HVWHILFKHURGDUHPRVGHDOWDORVDOPDFHQHVTXHVHYD\DQDXVDU
/DSDQWDOODHVOD VLJXLHQWH
x
x
&yGLJR &yGLJRFRQHOTXHVHLGHQWLILFDUiHODOPDFpQ
1RPEUH 1RPEUHRGHVFULSFLyQGHODOPDFpQ
/RVGDWRVHQFXDQWRDTXpDUWtFXORV\TXpH[LVWHQFLDVKD\HQXQ
GHWHUPLQDGRDOPDFpQDVtFRPRODHVWDGtVWLFDVHYHUiPiVDGHODQWHHQHO
ILFKHUR0XOWL$OPDFpQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$UWtFXORV
$ FRQWLQXDFLyQ SDVDUHPRV D H[SOLFDU OD SDQWDOOD GH $UWtFXORV 'LFKD
SDQWDOODVHFRPSRQHDVXYH]GHYDULDVSDQWDOODVGHELGRDODJUDQFDQWLGDG
GH GDWRV TXH SRGHPRV DFXPXODU GH XQ PLVPR DUWtFXOR 6LQ HPEDUJR QR
WRGDVHVWDVSDQWDOODVVRQREOLJDWRULDVGHPRGRTXHHODOWDGHXQDUWtFXORQR
VXSRQJDHQVtXQSUREOHPD
/D SDQWDOOD GH FRQILJXUDFLyQ R SDQWDOOD SULQFLSDO GH DUWtFXORV HV OD
VLJXLHQWH
/RV FDPSRV TXH VH SUHVHQWDQ HQ HVWD SULPHUD SDQWDOOD VRQ ORV
VLJXLHQWHV
x
&yGLJR &yGLJR FRQ HO TXH VHSRGUiLGHQWLILFDUHODUWtFXOR'LFKRFyGLJR
HVDOIDQXPpULFR6HSRGUiVLDVtORGHVHDTXHHOFyGLJROOHYHLQFOXLGRD
TXp IDPLOLD \ VXEIDPLOLD SHUWHQHFH SDUD HOOR GHEH WHFOHDU HO FyGLJR GH
IDPLOLD \ VXEIDPLOLD \ D FRQWLQXDFLyQ SXOVDU HQ $XWR R HQ /LEUH GH HVWH
PRGR OD DSOLFDFLyQ OH VXPLQLVWUDUi HO VLJXLHQWH FyGLJR GH DUWtFXOR TXH
SHUWHQH]FD D GLFKD IDPLOLD R VXEIDPLOLD 1R REVWDQWH HO TXH XVH GLFKD
QXPHUDFLyQQRLPSOLFDTXHGLUHFWDPHQWHVHOHDGMXGLTXHGLFKRFyGLJRGH
IDPLOLDRVXEIDPLOLD\DTXHFRPRVHYHUiPiVDGHODQWHKD\XQFDPSRHQ
HO TXH VH LQGLFDUiQ GLFKRV YDORUHV (Q HO FDVR GH TXH HO FyGLJR VHD
QXPpULFR VHUi GH ORQJLWXG REOLJDWRULDPHQWH (Q HO FDVR GH TXH VHD
DOIDQXPpULFRODORQJLWXGSRGUiVHUFXDOTXLHUDVLQHPEDUJRQRSRGUiXVDU
ODXWLOLGDGGHFDOFXODUHOFyGLJRDXWRPiWLFDPHQWH&DPSRREOLJDWRULR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
'HVFULSFLyQ 1RPEUH R GHVFULSFLyQ FRPHUFLDO GHO DUWtFXOR &DPSR
REOLJDWRULR
'HVFULSFLyQ $GLFLRQDO &DPSR PHPR VLQ OtPLWH GH FDUDFWHUHV HQ HO
FXDOSRGUHPRVLQWURGXFLUFXDOTXLHUGHVFULSFLyQDFODUDWRULDGHODUWtFXOR3RU
HMHPSORVLHODUWtFXORVHWUDWDGHXQDPiTXLQDHQHVWHFDPSRSRGU
HPRV
LQWURGXFLUODSRWHQFLDODVUHYROXFLRQHVVRSRUWDGDVHWF
5HIHUHQFLD &DPSR HQ HO TXH VH LQWURGXFLUi OD UHIHUHQFLD R FyGLJR GHO
SURYHHGRU(VPX\LPSRUWDQWHTXHODUHIHUHQFLDODWHFOHHWDO\FRPRODXVD
VX SURYHHGRU \D TXH VL UHDOL]D DFWXDOL]DFLyQ GH WDULIDV DXWRPiWLFDV HO
FDPSRTXHVHUYLUiGHJXtDVHUiSUHFLVDPHQWHHVWH
3URYHHGRU ,QGLFDU HO FyGLJR GHO SURYHHGRU KDELWXDO GHO DUWtFXOR TXH VH
HQFXHQWUDHQHGLFLyQ(QHOFDVRGHTXHKD\DVHOHFFLRQDGRODRSFLyQGH
PXOWLSURYHHGRU HQ HO ILFKHUR 'DWRV &RPHUFLDOHV GH 3DUiPHWURV GH OD
(PSUHVD HO UHVWR GH SURYHHGRUHV DOWHUQDWLYRV VH LUiQ JUDEDQGR
DXWRPiWLFDPHQWHHQHOILFKHURGHPXOWLSURYHHGRUHVTXHYHUHPRVHQHVWD
PLVPD VHFFLyQ &RPR VH SXHGH REVHUYDU FXDQGR HO FXUVRUVH VLW~D HQ
HVWH FDPSR WHQHPRV OD SRVLELOLGDG GH FUHDU XQ QXHYR SURYHHGRU
FRQVXOWDURPRGLILFDUODILFKDGHOTXHKD\DSXHVWRHLQFOXVREXVFDUODILFKD
GHVHDGDHQHOILFKHURGHSURYHHGRUHV
&yGLJR GH %DUUDV &yGLJR GH EDUUDV GHO DUWtFXOR 6H KD RIUHFLGR OD
RSRUWXQLGDG GH TXH FDGD DUWtFXOR WHQJD KDVWD WUHV FyGLJRV GH EDUUDV
GLVWLQWRV (Q HO FDVR GH TXH HO FyGLJR GH EDUUDV OD TXLHUD FUHDU XVWHG
PLVPR SXOVH ODV WHFODV &75/ p\ HO SURJUDPD OHFDOFXODUiHQEDVHDO
FyGLJRGHDUWtFXORHOFyGLJR($1(QHOFDVRGHTXHXVHRWURVFyGLJRV
($1VRODPHQWHSRGUiXWLOL]DUORVSHURQRFUHDUORV
3DUD DTXHOORV TXH GLVSRQJDQ GH VXV SURSLRV &yGLJRV GH %DUUDV \ OHV
KD\D VLGR VXPLQLVWUDGR ORV SULPHURV GtJLWRV WLHQH OD SRVLELOLGDG GH
FDOFXODU HO ~OWLPR GtJLWR FRQ OD FRPELQDFLyQ GH WHFODV &75/ n (VWR
DVLJQDUi HO ~OWLPR GtJLWR D SDUWLU GHO &yGLJR GH %DUUDV D GLIHUHQFLD GH
&75/pTXHORDVLJQDUiDSDUWLUGHO&yGLJRGHO$UWLFXOR
&yGLJRGH%DUUDV VHJXQGRFyGLJRGHEDUUDVGHODUWtFXOR
&yGLJRGH%DUUDV 7HUFHUFyGLJRGHEDUUDVGHDUWtFXOR
)DPLOLD6XEIDPLOLD &yGLJRGHODIDPLOLDRVXEIDPLOLDDODTXHSHUWHQHFH
HO DUWtFXOR 'LFKR FyGLJR VH SRGUi FUHDU GHVGH HVWD SDQWDOOD R ELHQ VH
SRGUiEXVFDUFRQVXOWDURPRGLILFDUGLFKRFyGLJR
6HFFLyQ &yGLJRGHODVHFFLyQDODTXHSHUWHQHFHHODUWtFXOR
2EVROHWR6HJXLPLHQWR 'HVGHHVWHFDPSRLQGLFDUHPRVVLHODUWtFXORHV
XQ DUWtFXOR YLYR HV XQ DUWtFXOR REVROHWR HWF /RV SRVLEOHV YDORUHV
DOJXQRV D WLWXOR LQIRUPDWLYR GH HVWH FDPSR VH PXHVWUDQ HQ XQD OLVWD
GHVSOHJDEOH\VRQORVVLJXLHQWHV
11RUPDO,QGLFDTXHHODUWtFXORVHHQFXHQWUDYLJHQWH
33UHYHQWD$XWRYHQWD$UWtFXORQRUPDOTXHVHXWLOL]DUiHQ$XWRYHQWD\
3UHYHQWD
22EVROHWR,QGLFDTXHHODUWtFXORVHHQFXHQWUDREVROHWR1RVRIUHFH
OD SRVLELOLGDG GH PRVWUDUQRV DTXHOORV DUWtFXORV TXH VH HQFXHQWUDQ
2EVROHWRV6LQ PRYLPLHQWRV SRU PHGLR GHO LQIRUPH6LQ 0RYLPLHQWRV 2EVROHWRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
66HJXLPLHQWR3DUDDTXHOORV$UWtFXORVFRQ1žGH6HULH0HUDPHQWH
LQIRUPDWLYR
=2EVROHWRFRQ6HJXLPLHQWR,QIRUPDWLYR
3XEOLFDUHQ,QWHUQHW 1RVRIUHFHODSRVLELOLGDGGHLQFOXLUGLFKRDUWLFXORHQ
XQ FDWiORJR SUHYLDPHQWH SXEOLFDGR HQ ,QWHUQHW([SRUWDFLyQ GH 'DWRV D
,QWHQHW
8ELFDFLyQ &yGLJR GH OD SULPHUD XELFDFLyQ HQ OD TXH VH HQFXHQWUD
XELFDGRHODUWtFXORHQHODOPDFpQ
2FXSDGD ,QGLFDVLODXELFDFLyQVHHQFXHQWUDFRPSOHWDRQR
8ELFDFLyQ &yGLJR GH OD VHJXQGD XELFDFLyQ HQ OD TXH VH HQFXHQWUD
XELFDGRHODUWtFXORHQHODOPDFpQ
2FXSDGD ,QGLFDVLODXELFDFLyQVHHQFXHQWUDFRPSOHWDRQR
8ELFDFLyQ &yGLJR GH OD WHUFHUD XELFDFLyQ HQ OD TXH VH HQFXHQWUD
XELFDGRHODUWtFXORHQHODOPDFpQ
2FXSDGD ,QGLFDVLODXELFDFLyQVHHQFXHQWUDFRPSOHWDRQR
x
x
x
x
x
x
x
7DO\FRPRVHH[SOLFyHQHOILFKHURGH8ELFDFLRQHVGLFKDVXELFDFLRQHV
VHSRGUiQGHGDUGHDOWDGHVGHHOILFKHURGHXELFDFLRQHVRELHQGHVGHHVWH
ILFKHURGHDUWtFXORVGHOPLVPRPRGRVHSXHGHLQGLFDUVLXQDXELFDFLyQHVWi
RFXSDGD R QR GHVGH FXDOTXLHUD GH ORV GRV ILFKHURV \ VH DFWXDOL]DUi
DXWRPiWLFDPHQWHHQHORWUR
x
7LSR GH 3URGXFWR ,QGLFDUi FRPR VH SXHGH YHQGHU GLFKR DUWtFXOR /RV
SRVLEOHV YDORUHV TXH SXHGH WRPDU HVWH FDPSR VH HQFXHQWUDQ HQ OD OLVWD
GHVSOHJDEOH\VRQORVVLJXLHQWHV
88QLGDG,QGLFDTXHXQDUWtFXORVHFRQVLGHUDFRPRXQDXQLGDG
& &DMD 6H FRQVLGHUD GHO PLVPR PRGR TXH HO DQWHULRU VyOR TXH
LQGLFD TXH VH WUDWD GH XQD FDMD \ SRU WDQWR QR VH SXHGH YHQGHU HQ
XQLGDGHV
,,QWDQJLEOH,QGLFDTXHGLFKRDUWtFXORQRWLHQHH[LVWHQFLDVRELHQTXH
QR VH TXLHUH OOHYDU XQD JHVWLyQ GH VWRFN FRQ GLFKR DUWtFXOR 3RU
HMHPSORODPDQRGHREUDVHUtDXQDUWtFXOR,QWDQJLEOH\DTXHODVKRUDV
GHPDQRGHREUDQRVHHQFXHQWUDQHQHODOPDFpQ
00HWURV,QGLFDTXHGLFKRDUWtFXORVHYHQGHSRUPHWURVOLQHDOHV
WURV
0HWURV [ ,QGLFD TXH GLFKR DUWtFXOR VH YHQGH HQ PH
FXDGUDGRV
0HWURV[,QGLFDTXHGLFKRDUWtFXORVHYHQGHHQPHWURVFXELFRV
3DUD HOORVHVIXQGDPHQWDOTXHHQ'DWRV&RPHUFLDOHV GH3DUiPHWURV
GHOD(PSUHVDWHQJD6 HQHOFDPSR&XELFDFLRQ
..LORJUDPRV,QGLFDTXHGLFKRDUWtFXORVHYHQGHHQNLORJUDPRV
//LWURV,QGLFDTXHGLFKRDUWtFXORVHYHQGHHQ/LWURV
x
&RPSXHVWR ,QGLFD VL HO DUWtFXOR TXH VH HQFXHQWUD HQ HGLFLyQ VH XQ
DUWLFXORHVFDQGDOODGRTXHVHFRPSRQHDVXYH]GHRWURVDUWtFXORVRHV
XQ DUWtFXOR IDEULFDGR /RV SRVLEOHV YDORUHV VH SUHVHQWDQ HQ OD OLVWD
GHVSOHJDEOH\VRQORVVLJXLHQWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
))DEULFDGR,QGLFDTXHHODUWtFXORHQHGLFLyQHVXQDUWtFXORIDEULFDGR
\TXHSRUORWDQWRQRVHFRPSRQHGHRWURVDUWtFXORV\HQHOFDVRGH
TXH VH FRPSRQJD GH RWURV KD VLGRIDEULFDGR \ SRU OR WDQWR VH
FRQVLGHUD FRPR XQD XQLGDG 3RU HMHPSOR VL VX QHJRFLR IDEULFDDOJ~Q
WLSRGHDUWtFXORSRUHMHPSORSLQWXUDVFDGDODWDGHSLQWXUDVHFRPSXVR
HQHO3XHQWHGH)DEULFDFLyQ GHRWURVSURGXFWRV\HQGLFKRSURFHVRVH
GLR GH EDMD ODV FDQWLGDGHV GH FDGD XQR GH VXV FRPSRQHQWHV VLQ
HPEDUJR\DVHFRQVLGHUDFRPRXQSURGXFWRILQDO
&&RPSXHVWR,QGLFDTXHHODUWtFXORTXHVHHQFXHQWUDHQHGLFLyQHV
XQDUWtFXORFRPSXHVWRGHRWURV(QHVWHFDVRHODUWtFXORHQVtQRH[LVWH
FRPR WDO HQ HO DOPDFpQ VL QR OR TXH H[LVWH HV FDGD XQR GH ORV
FRPSRQHQWHV3RUHMHPSORXQDFHVWDGHQDYLGDGVHSXHGHFRPSRQHU
GH TXHVR MDPyQ VDOFKLFKyQ HWF VLQ HPEDUJR HO DUWtFXOR FHVWD QR
H[LVWH FRPR WDO 6RODPHQWH WLHQH OD VLJXLHQWH ILQDOLGDG SDUD YHQGHU
GLFKRV DUWtFXORV VyOR WHQHPRV TXH WHFOHDU XQ FyGLJR \ HO SURJUDPD
HQWHQGHUiTXHWHQGUiTXHGDUGHEDMDORVDUWtFXORVFRPSRQHQWHV3RU
ORWDQWRHVXQDUWtFXORTXHQRWLHQHVWRFN6HWUDWDUiFRPRVLIXHVHXQ
DUWtFXOR,QWDQJLEOH$ODKRUDGHYHQGHUGLFKRSURGXFWRVHGHVJORVDUi
HQVXVFRPSRQHQWHVVLQYDORUDU
' 'HVJORVDGR (V XQ DUWtFXOR LJXDO TXH HO DQWHULRU /D ~QLFD
GLIHUHQFLDUDGLFDHQTXHHVWHDUWtFXORVHXVDUiSDUDFDUJDUHQSDQWDOOD
VXVFRPSRQHQWHV\OXHJRGHVDSDUHFHUiGHODSDQWDOOD\TXHGDUiQVXV
DUWtFXORV FRPSRQHQWHVYDORUDGRV
(Q HO FDVR GH TXH TXLHUD WHQHU DUWtFXORV FRPSXHVWRV SHUR TXH QR VH
GHVJORVHQHQSDQWDOODDODKRUDGHYHQGHUORVSHURTXHVtVHGHQGHEDMD
GHOVWRFNGHEHUiLQGLFDU1 HQHOFDPSR¢'HVJORVDU(VFDQGDOORV" GHQWUR
GHOILFKHUR'DWRV&RPHUFLDOHV GH3DUiPHWURVGHOD(PSUHVD
x
x
x
x
x
0DUJHQ 6REUH 7DO \ FRPR VH GHVFULELy HQ'DWRV &RPHUFLDOHV GH
3DUiPHWURV GH OD (PSUHVD LQGLFD FyPR VH FDOFXODUiQ ORV SUHFLRVGHO
DUWtFXORHQHGLFLyQ(QDTXHOODSDQWDOODVHSRQtDQORVYDORUHVTXHLEDQD
WRPDUODVILFKDVGHDUWtFXORVSRUGHIHFWR\HQHVWDSDQWDOODVHLQGLFDUiTXH
FDVRSDUWLFXODUWHQGUiHVWHDUWtFXOR
$O 5HFHSFLRQDU $UWtFXOR 3UHVHQWDU ,JXDO TXH HO FDPSR DQWHULRU ORV
SRVLEOHVYDORUHVVHH[SOLFDURQHQ'DWRV&RPHUFLDOHV GH3DUiPHWURVGHOD
(PSUHVD(QHVWDSDQWDOODLQGLFDUHPRVHOFDVRSDUWLFXODUGHHODUWtFXORHQ
HGLFLyQ
3OD]RGH*DUDQWtD ,QGLFDHQPHVHVHOSOD]RGHJDUDQWtDGHODUWtFXORHQ
HGLFLyQHQHOFDVRGHTXHORWHQJD
6HULH 7DOODV (Q HO FDVR GH TXH HO DUWtFXOR HQ HGLFLyQ WHQJD 7DOODV \
&RORUHV GHEH LQGLFDU VL SHUWHQHFH D DOJXQD VHULH GH ODV GHILQLGDV HQ
6HULHV GH 7DOODV \ &RORUHV GH 3DUiPHWURV GH OD(PSUHVDHOQRPEUHGH
GLFKDVHULH
8QLGDGHV &DMD (Q HO FDVR GH TXH HO DUWtFXOR TXH VH HQFXHQWUD HQ
HGLFLyQWHQJDFRPR7LSRGH3URGXFWROD8QLGDGSRGUiLQGLFDUHOQ~PHUR
GH XQLGDGHV TXH KD\ HQ XQD FDMD 'H HVWH PRGR SRGUi YHQGHU GLFKR
DUWtFXOR FRPR XQD FDMDGH[XQLGDGHVRELHQHQXQLGDGHVVXHOWDV(QHO
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
2),0$7,&$-$(16/
FDVR GH TXH HVWH FDPSR HVWp D FHUR VH FRQVLGHUD TXH QR VH SXHGH
YHQGHUSRUFDMDV
'HQVLGDG (Q HO FDVR GH TXH HO DUWtFXOR TXH VH HQFXHQWUD HQ HGLFLyQ
WHQJD FRPR 7LSR GH 3URGXFWR /LWURV VH SXHGH LQGLFDU OD GHQVLGDG GHO
SURGXFWR(VWHGDWRVHUiGHXWLOLGDGHQHO3XHQWHGH)DEULFDFLyQ\DTXH
HOSURGXFWRIDEULFDGRUHVXOWDQWHGHEHUiWHQHUHQFXHQWDODGHQVLGDGSDUD
HOFiOFXORFRUUHFWRGHORVOLWURVIDEULFDGRV
.LORV/LWURV (QHOFDVRGHTXHHODUWtFXORHQHGLFLyQWHQJDFRPR7LSR
GH3URGXFWR/LWURVR.LORVVHSRGUiLQGLFDUHQHVWHFDPSRODFDQWLGDGGH
NLORV R OLWURV TXH FRQOOHYD GLFKR DUWtFXOR 3RU HMHPSOR VL HO DUWtFXOR HQ
HGLFLyQ HV XQD JDUUDID GH DJXD SRGUHPRV LQGLFDU FXDQWRV OLWURV WLHQH
(VWR QRV SHUPLWLUi OOHYDU XQ FRQWURO GREOH GHO VWRFN SRU XQ ODGR OD
FDQWLGDGGHJDUUDIDV\SRURWURODFDQWLGDGGHOLWURVWRWDOHV
&yGLJR (TXLYDOHQWH (Q HVWH FDPSR SRGUHPRV LQGLFDU KDVWD FyGLJRV
GH DUWtFXORV TXH VHDQ HTXLYDOHQWHV DO TXH VH HQFXHQWUD HQ HGLFLyQ 'H
HVWHPRGRVLHQ'DWRV&RPHUFLDOHV GH3DUiPHWURVGHOD(PSUHVDVHKD
LQGLFDGR TXH HQ HO FDVR GH TXH XQ DUWtFXORVH TXHGH VLQ H[LVWHQFLDV
PXHVWUH ORV DUWtFXORV HTXLYDOHQWHV $OWHUQDWLYRV DSDUHFHUi HQ SDQWDOOD
XQDOLVWDFRQGLFKRVDUWtFXORVHTXLYDOHQWHVSDUDSRGHUORVRIHUWDUDOFOLHQWH
7DPELpQSRGUHPRVDFFHGHUDHVWDOLVWDGHDUWtFXORV HTXLYDOHQWHVGHVGHOD
SDQWDOOD GH 9HQWDV 3UHVXSXHVWRV 3HGLGRV $OEDUDQHV HWF
SRVLFLRQiQGRQRVHQHOFDPSR&DQWLGDG\SXOVDQGR$/7($XQTXHHVWi
SRVLELOLGDGODYHUHPRVPiVDGHODQWHHQGLFKDRSFLyQ
&yGLJR(QODFH (QHVWHFDPSRSRGUHPRVLQGLFDUHOFyGLJRGHXQDUWtFXOR
TXH VH HQFXHQWUH HQOD]DGR HQ HO TXH VH HQFXHQWUD HQ HGLFLyQ GH HVWH
PRGRFXDQGRVHKDJDODYHQWDGHXQDUWtFXORVHLQFOXLUiDXWRPiWLFDPHQWH
HQODOLVWDGHYHQWDVHODUWtFXORGHHQODFH3RUHMHPSORVXSRQJDPRVTXH
XQ WRUQLOOR QHFHVLWD GH XQD WXHUFD GHWHUPLQDGD \ HVWiQ GDGRV GH DOWD
FRPR DUWtFXORV GLVWLQWRV (QWRQFHV SRGUHPRV HQOD]DU XQR FRQ RWUR SDUD
TXHDOYHQGHUXQRVHYHQGDWDPELpQHORWUR\YLFHYHUVD
'HQWUR GHO PHQ~8WLOLGDGHV HQFRQWUDPRV DGHPiV GH ODV XWLOLGDGHV
FRPXQHV D FXDOTXLHU RWUD SDQWDOOD OD RSFLyQ GH &RSLDU)LFKD\3HJDU)LFKD
&RQ HVWDV XWLOLGDGHV SRGUHPRV FRPR VX QRPEUH LQGLFD FRSLDU ORV GDWRV GH
XQDUWtFXORHQRWUR3DUDHOORKHPRVGHVHJXLUORVVLJXLHQWHVSDVRV
(QWUDUHQPRGLILFDFLyQGHODILFKDGHODUWtFXORTXHTXHUHPRVFRSLDU
8QD YH] HQ GLFKD SDQWDOOD GHVSOHJDU HO PHQ~ 8WLOLGDGHV \
VHOHFFLRQDUODRSFLyQ&RSLDU)LFKDRELHQSXOVDUODWHFOD)RELHQ
KDFHUFOLFNHQHOERWyQ 'DU GH DOWD XQD QXHYD ILFKD GH DUWtFXOR ,QWURGXFLU HO QXHYR FyGLJR
GH DUWtFXOR \ FXDQGR HO FXUVRU VH VLW~H HQ HO FDPSR 'HVFULSFLyQ
VHOHFFLRQDUODRSFLyQ3HJDU)LFKDGHO0HQ~8WLOLGDGHVRELHQSXOVDU
ODVWHFODV6+,)7)RELHQKDFHUFOLFNHQHOERWyQ 7DO\FRPRVHSXHGHDSUHFLDUHQODSDQWDOODHQFRQWUDPRVXQVHJXQGR
PHQ~TXHHVHOPHQ~)LFKHURVHQHOFXDOHQFRQWUDPRVHOUHVWRGHSDQWDOODV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
TXHFRPSRQHQHOILFKHURGH$UWtFXORV3DVHPRVSXHVDFRPHQWDUFDGDXQDGH
ODVGLVWLQWDVSDQWDOODV
0(1Ò35(&,26
(QHVWDSDQWDOODHQFRQWUDPRVORVGDWRVUHODWLYRVD3UHFLRV([LVWHQFLDV
0iUJHQHV \ 3ODQWLOODV GH 'HVFXHQWRV /D SDQWDOOD TXH HQFRQWUDPRV HV OD
VLJXLHQWH
x
x
x
x
x
x
x
0RQHGD 3YS ,QGLFD OD PRQHGD HQ OD TXH VH HQFXHQWUDQ ORV SUHFLRVGH
GLFKDSDQWDOOD
393 ,PSRUWHGHOSUHFLRYHQWDS~EOLFR6HFRQVLGHUDUiFRQ,9$LQFOXLGR
RQR GHSHQGLHQGRGHORTXHKD\DPRVLQWURGXFLGRHQ'DWRV)LVFDOHV GHQWUR
GH3DUiPHWURVGHOD(PSUHVD
393 ,PSRUWHGHOSUHFLRGHYHQWDDOS~EOLFR
393 ,PSRUWHGHOSUHFLRGHYHQWDDOS~EOLFR
393 ,PSRUWHGHOSUHFLRGHYHQWDDOS~EOLFR
393 ,PSRUWHGHOSUHFLRGHYHQWDDOS~EOLFR
393 &$-$ (Q FDVR GH TXH HO WLSR GH SURGXFWR GHO DUWtFXOR TXH VH
HQFXHQWUDHQHGLFLyQVHD8QLGDG\DGHPiVWHQJDPRVXQLGDGHVSRUFDMD
SRGUHPRV LQGLFDU HO SUHFLR DO TXH VH YHQGHUi GLFKD FDMD 3RU HMHPSOR
VXSRQJDPRV TXH YDPRV D YHQGHU GLVTXHWHV GH &DGD GLVTXHWH OR
SRGHPRVYHQGHUDSHVHWDV&DGDFDMDWLHQHXQLGDGHVVLQHPEDUJR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
OD FDMD GH XQLGDGHV QR OD TXLHUR YHQGHU D SHVHWDV VLQR D (QWRQFHVGHERLQGLFDUFRPRSUHFLRGHYHQWDSRUFDMDGLFKRLPSRUWH
393&$-$ ,PSRUWHGHOSUHFLRGHYHQWDDOS~EOLFRSRUFDMD
393&$-$ ,PSRUWHGHOSUHFLRGHYHQWDDOS~EOLFRSRUFDMD
393&$-$ ,PSRUWHGHOSUHFLRGHYHQWDDOS~EOLFRSRUFDMD
393&$-$ ,PSRUWHGHOSUHFLRGHYHQWDDOS~EOLFRSRUFDMD
(VFDOD 8QLGDG 3DUD OD LPSUHVLyQ GH HWLTXHWDV GH DUWtFXORV (MHP 3DUD
JU,QFOXLPRVHQHOFDPSR
7H[WR)RUPDWR7H[WRTXHDSDUHFHUiHQODHWLTXHWDGHODUWLFXOR(MHP(O
.JD
/DHWLTXHWDTXHVHLPSULPLUiSDUDHVHDUWtFXORVHUiGHODVLJXLHQWHIRUPD
3DUDHOORDQWHVWHQGUHPRVTXHLQFOXLUHOFDPSR3UHFLR8QLGDG
FRQILJXUDQGRGLFKDHWLTXHWDSRUPHGLRGHOPHQ~87,/,'$'(6o
&RQILJXUDFLyQGHHWLTXHWDV
7LSRGH$UWtFXOR &yGLJRGHO7LSRGHDUWtFXORSDUDODWDEODGHGHVFXHQWRV
9HU'DWRV&RPHUFLDOHV 'HVFXHQWR ,QGLFDUHOSRUFHQWDMHGHGHVFXHQWRTXHVHDSOLFDUiDOYHQGHU
HVWH DUWtFXOR D DTXHOORV FOLHQWHV TXH HQ VX ILFKD WHQJDQ FRPR GHVFXHQWR
DSOLFDEOHHOGHVFXHQWR
'HVFXHQWR ,QGLFDUHOSRUFHQWDMHGHGHVFXHQWRTXHVHDSOLFDUiDOYHQGHU
HVWH DUWtFXOR D DTXHOORV FOLHQWHV TXH HQ VX ILFKD WHQJDQ FRPR GHVFXHQWR
DSOLFDEOHHOGHVFXHQWR
'HVFXHQWR ,QGLFDUHOSRUFHQWDMHGHGHVFXHQWRTXHVHDSOLFDUiDOYHQGHU
HVWH DUWtFXOR D DTXHOORV FOLHQWHV TXH HQ VX ILFKD WHQJDQ FRPR GH
VFXHQWR
DSOLFDEOHHOGHVFXHQWR
'HVFXHQWR ,QGLFDUHOSRUFHQWDMHGHGHVFXHQWRTXHVHDSOLFDUiDOYHQGHU
HVWH DUWtFXOR D DTXHOORV FOLHQWHV TXH HQ VX ILFKD WHQJDQ FRPR GHVFXHQWR
DSOLFDEOHHOGHVFXHQWR
'HVFXHQWR ,QGLFDUHOSRUFHQWDMHGHGHVFXHQWRTXHVHDSOLFDUiDOYHQGHU
HVWH DUWtFXOR D DTXHOORV FOLHQWHV TXH HQ VX ILFKD WHQJDQ FRPR GHVFXHQWR
DSOLFDEOHHOGHVFXHQWR
7LSR,9$ ,QGLFDUTXpWLSRGH,9$GHORVTXHVHHQFXHQWUDQHQ3DUiPHWURV
VHFRUUHVSRQGHFRQHOSRUFHQWDMHGH,9$TXHFRUUHVSRQGHDODUWtFXORTXH
VHHQFXHQWUDHQHGLFLyQ
2WURV,PSXHVWRV ,QGLFDUHOSRUFHQWDMHFRUUHVSRQGLHQWHDRWURVLPSXHVWRV
FRQ ORV FXDOHV VH HQFXHQWUD JUDEDGR HO DUWtFXOR TXH VH HQFXHQWUD HQ
HGLFLyQ2SFLyQLQFOXLGDSDUDIXWXUDVUHYLVLRQHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
,PSXHVWR(VSHFLDO ,QGLFDUTXpWLSRGHO,PSXHVWR(VSHFLDOGHORVTXH
VHHQFXHQWUDHQ3DUiPHWURV,PSXHVWRV(VSHFLDOHV VHFRUUHVSRQGHFRQHO
SRUFHQWDMHGH,PSXHVWR(VSHFLDOGHODUWtFXORTXHVHHQFXHQWUDHQHGLFLyQ
,PSXHVWR (VSHFLDO ,QGLFDU TXp WLSR GHO ,PSXHVWR (VSHFLDO GH ORV
TXH VH HQFXHQWUD HQ 3DUiPHWURV,PSXHVWRV (VSHFLDOHV VH FRUUHVSRQGH
FRQHOSRUFHQWDMHGH,PSXHVWR(VSHFLDOGHODUWtFXORTXHVHHQFXHQWUDHQ
HGLFLyQ
&RPLVLyQ%DVH 7DO\FRPRVHLQGLFyHQ'DWRV)LVFDOHV GH3DUiPHWURVGH
OD (PSUHVD HOSRUFHQWDMH GH FRPLVLyQ TXH VH DSOLFD HV HO UHVXOWDQWH GH
PXOWLSOLFDU OD FRPLVLyQ EDVH GHO DUWtFXOR SRU OD FRPLVLyQ GHO YHQGHGRU
,QGLFDU HQ HVWH FDVR HO IDFWRU SRU HO FXDO VH PXOWLSOLFDUi OD FRPLVLyQ GHO
YHQGHGRUSDUDHODUWtFXORTXHVHHQFXHQWUDHQHGLFLyQ
0RQHGD 3UHFLR /LVWD 3URYHHGRU 0RQHGD HQ OD TXH VH HQFXHQWUD HO
SUHFLRGHODOLVWDGHOSURYHHGRU
393 /LVWD GHO 3URYHHGRU 3UHFLR GH YHQWD UHFRPHQGDGR TXH WLHQH
SXEOLFDGR HO SURYHHGRU &RPR \D VH LQGLFy HQ'DWRV &RPHUFLDOHV GH
3DUiPHWURV GH OD (PSUHVD HQ HO FDVR GH TXH XQ DUWtFXOR SUHVHQWH HO
SUHFLRGHYHQWDHQYH]GHOSUHFLRGHFRVWRFXDQGRVHUHDOL]DODFRPSUDVH
WRPDUi FRPR SUHFLR GH YHQWD HO LQGLFDGR HQ HVWH FDPSR \ HQ HO FDVR GH
TXHVHDVHSRQGUiHOSUHFLRDSOLFDEOH
3HULGRGH2IHUWD ,QGLFDUHPRVHQHVWHFXDGURORVGDWRVFRUUHVSRQGLHQWHV
DODVRIHUWDV DSOLFDEOHV
'HVGH)HFKD ,QWURGXFLUODIHFKDHQODTXHFRPLHQ]DODRIHUWD
+DVWD)HFKD ,QWURGXFLUODIHFKDHQODTXHWHUPLQDODRIHUWD
3UHFLR 2IHUWD ,QWURGXFLU HO SUHFLR TXH VH DSOLFDUi HQ HO SHULRGR GH
WLHPSRLQGLFDGRDQWHULRUPHQWH
3UHFLRGH&RVWR8OWLPR (VWHFDPSRSUHVHQWDUiHO~OWLPRSUHFLRGHFRVWR
(VWHFDPSRVHDFWXDOL]DUiDXWRPiWLFDPHQWHFDGDYH]TXHVHUHDOLFHXQD
HQWUDGDHQDOPDFpQ
0RQHGDÒOWLPD&RPSUD 'LYLVDHQODTXHVHUHDOL]yOD~OWLPDFRPSUD
3UHFLRGH&RVWR0HGLR 9DORUTXHLQGLFDUiHOSUHFLRPHGLRTXHKDWHQLGR
GLFKR DUWtFXOR (VWH FDPSR VHUi HO TXH VH XWLOL]DUi SDUD OD YDORUDFLyQ GH
EHQHILFLRV (VWH FDPSR VH DFWXDOL]DUi DXWRPiWLFDPHQWH FDGD YH] TXH VH
UHDOLFHXQDHQWUDGDHQDOPDFpQ
7DQWRHOFDPSR3UHFLRGH&RVWRÒOWLPRFRPRHO3UHFLRGH&RVWR0HGLR
VRQFDPSRGHVyOROHFWXUDHVGHFLUQRSXHGHQVHUPRGLILFDGRVGLUHFWDPHQWH
SRU HO XVXDULR (Q HO FDVR GH TXH VHD LPSUHVFLQGLEOH HO FDPELR PDQXDO GH
GLFKRVFDPSRVSRGUiPRGLILFDUORVSXOVDQGRODWHFOD)FXDQGRHVW
pPDUFDGD
ODFDUSHWD3UHFLRV$GHPiVSDUDODPRGLILFDFLyQPDQXDOHOXVXDULRTXHYD\DD
UHDOL]DU OD RSHUDFLyQ GHEHUi WHQHU ORV GHUHFKRV RSRUWXQRV LQGLFDGRV HQ
*HVWLyQGH8VXDULRV
$GHPiVHQHOFDVRGHTXHTXLHUDYHUORVPiUJHQHVGHEHQHILFLR
TXHOH
UHSRUWD HO DUWtFXOR TXH VH HQFXHQWUD HQ HGLFLyQ SRGUi SXOVDU ) HVWDQGR
PDUFDGD OD FDUSHWD GH 3UHFLRV \ DSDUHFHUi D OD GHUHFKD GH FDGD SUHFLR HO
PDUJHQ GH EHQHILFLR FRUUHVSRQGLHQWH D FDGD XQR GH HOORV 3DUD KDFHU
GHVDSDUHFHUGLFKRVSRUFHQWDMHVSXOVHGHQXHYR)
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
([LVWHQFLDV
/RV FDPSRV TXH HQFRQWUDPRV HQ HVWD FDUSHWD VRQ ORV GDWRV
FRUUHVSRQGLHQWHVDOVWRFNDVtFRPRORVGDWRVDFXPXODGRVGHOSHQGLHQWHGH
UHFLELU VHUYLU IHFKD ~OWLPD FRPSUD IHFKD ~OWLPD YHQWD HWF 6RQ ORV
VLJXLHQWHV
x
x
x
x
x
x
x
x
x
x
x
x
([LVWHQFLDV 8QLGDGHVWRWDOHVGHVWRFNVXPDQGRWRGRVORVDOPDFHQHV
'HSyVLWRV5HFLELGRV 8QLGDGHVGHGHSyVLWRVTXHKHPRVUHFLELGR
'HSyVLWRV(QWUHJDGRV 8QLGDGHVTXHVHKDHQWUHJDGRHQGHSyVLWR
6WRFN 0i[LPR &DQWLGDG GH XQLGDGHV TXH VH GHVHDQ WHQHU FRPR
Pi[LPR VWRFNDMH 6H SRGUiQ UHDOL]DU LQIRUPHV GH DTXHOORV DUWtFXORVTXH
VH HQFXHQWUDQ VREUH HVWD FDQWLGDG Pi[LPD $GHPiV HVWH GDWR VHUi
WRPDGRHQFXHQWDSDUDHO&iOFXORGH1HFHVLGDGHV
6WRFN 0tQLPR &DQWLGDG PtQLPD TXH VH GHVHD WHQHU HQ DOPDFpQ /R
PLVPR TXH HQ HO FDPSR DQWHULRU HVWH GDWR VH WHQGUi HQ FXHQWD SDUD HO
FiOFXORGHQHFHVLGDGHV\VHSRGUiQKDFHULQIRUPHVGHDTXHOORVDUWtFXORV
TXHVHHQFXHQWUDQSRUGHEDMRGHOPtQLPRLQGLFDGR
/RWH3HGLGR 8QLGDGHVTXHSHGLUiQSRUORWH
3HQGLHQWH 5HFLELU &DPSR GH VyOR OHFWXUD TXH QRV LQGLFDUi FXDQWDV
XQLGDGHVHVWiQSHQGLHQWHVGHUHFLELUHQDOPDFpQ
3HQGLHQH GH 6HUYLU &DPSR GH VyOR OHFWXUD TXH QRV LQGLFD FXDQWDV
XQLGDGHVVHHQFXHQWUDQHQSHGLGRVYLYRVSHQGLHQWHVGHVHU
YLUDFOLHQWHV
)HFKDÒOWLPD&RPSUD &DPSRGHVyOROHFWXUDTXHQRVLQGLFDODIHFKDHQ
ODTXHVHUHDOL]yOD~OWLPDFRPSUD
)HFKD8OWLPD9HQWD &DPSRGHVyOROHFWXUDTXHQRVLQGLFDODIHFKDHQOD
TXHVHUHDOL]yOD~OWLPDYHQWD
6WRFN ÒOWLPR ,QYHQWDULR (Q HO FDVR GH TXH VH YDOLGH HO LQYHQWDULR HV
GHFLU VH FRQILUPH TXH ODV XQLGDGHV GH VWRFN VRQ FRUUHFWDV DSDUHFHUiQ
ODVXQLGDGHVTXHKDEtDHQDOPDFpQHQGLFKRLQYHQWDULR
)HFKDÒOWLPR,QYHQWDULR )HFKDHQODTXHVHYDOLGyHO~OWLPRLQYHQWDULR
$GHPiVGHORVGDWRVTXHVHKDQFRPHQWDGRDSDUHFHUiHQHOFDVRGH
0XOWLDOPDFpQHQODSDUWHGHUHFKDXQUHVXPHQGHODVH[LVWHQFLDVTXHKD\SRU
FDGDXQRGHORVDOPDFHQHV
3XOVDQGR OD WHFOD GH IXQFLyQ) SRGUHPRV YHU ORV PiUJHQHV WHyULFRV
TXHVHFRUUHVSRQGHQFRQFDGDXQRGHORVSUHFLRV PDUFDGRVGHVGH393D
393
3ODQWLOODV\0DUJHQHV
(Q HVWD SDQWDOOD YHUHPRV ORV PiUJHQHV TXH TXHUHPRV JDQDU \ ORV
GHVFXHQWRVILMRVTXHQRVKDFHHOSURYHHGRUHQHODUWtFXORTXHVHHQFXHQWUD
HQHGLFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(Q HO FDVR GH TXH HO SURYHHGRU GHO DUWtFXOR QRV KDJD XQD VHULH GH
GHVFXHQWRV GLFKRV SRUFHQWDMHV GHEHUiQ LQWURGXFLUVH HQ HVWD SDQWDOOD
VLHPSUH \ FXDQGR TXHUDPRV TXH HO SURFHVR VHD DXWRPiWLFR (VWRV
GHVFXHQWRVVRQDFXPXODEOHVSXGLHQGRLQGLFDUKDVWDQLYHOHV
3RU RWUR ODGR HQ 9HQWDV YHUHPRV R LQGLFDUHPRV ORV PiUJHQHV GH
YHQWDGHODUWtFXORHQHGLFLyQ(QHOFDVRGHTXHORVSUHFLRVVHDQ0DQXDOHV
HVWRV FDPSRV SUHVHQWDUiQ ORV PiUJHQHV GH EHQHILFLR GH FDGD XQR GH ORV
SUHFLRV6LORVSUHFLRV VHFDOFXODQHQEDVHDXQSRUFHQWDMHVREUHHOFRVWRR
VREUHODYHQWDVHGHEHUiQLQWURGXFLUGLFKRVSRUFHQWDMHVHQHVWDSDQWDOODVL
VHTXLHUHDXWRPDWL]DUHOSURFHVR
0(1Ò35(6838(67$5,$
(Q HVWD RSFLyQ GH PHQ~ SRGUHPRV YHU ORV GDWRV DFXPXODGRV GHO
DUWtFXORTXHVHHQFXHQWUDHQHGLFLyQ
/DSDQWDOODTXHVHQRVSUHVHQWDHVODVLJXLHQWH
(VWD SDQWDOOD SUHVHQWD XQD VHULH GH ERWRQHV TXH QRV PRVWUDUiQ HQ
SDQWDOODODV(QWUDGDV6DOLGDV)DFWXUDGDV9HQWDV)DFWXUDGDV%HQHILFLRV
SRU PHVHV \ HO WRWDO DFXPXODGR HQ HO DxR UHDOL]DQGR XQD FRPSDUDWLYD FRQ
ORV GDWRV SUHVXSXHVWDGRV \ ORV GDWRV DFXPXODGRV GHO HMHUFLFLR DQWHULRU
'LFKRVGDWRVVHSRGUiQYHUHQPRGRGH*UiILFD
0(1Ò08/7,3529(('25
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(Q HO FDVR GH TXH KD\DPRV VHOHFFLRQDGR OD RSFLyQ GH 3URYHHGRUHV
$OWHUQDWLYRV HQ'DWRV &RPHUFLDOHV GHQWURGH3DUiPHWURVGHOD(PSUHVDHO
SURJUDPD DFWXDOL]DUi DXWRPiWLFDPHQWH ORV WUHV ~OWLPRV SURYHHGRUHV D ORV
TXHVHOHVFRPSUyHODUWtFXORHQHGLFLyQDVtFRPRODVIHFKDV\HOSUHFLRGH
FRVWR GHGLFKDFRPSUD/DDSOLFDFLyQQRVSRGUiDYLVDUVLDVtORLQGLFDPRVD
OD KRUD GH FRPSUDU GH VL KD\ DOJ~QSUHFLRPiVEDUDWRTXHHOTXHHVWDPRV
LQWURGXFLHQGR\HQFDVRDILUPDWLYRQRVSUHVHQWDUiHQSDQWDOODORVGDWRVGHO
SURYHHGRUHOSUHFLRHQFXHVWLyQ\ODIHFKDHQODTXHVHQRVRIHUWy
0(1Ò5$3(/(6
(VWD SDQWDOOD QRV PXHVWUD ORV GDWRV GH ORV UiSHOHVGH FRPSUDV \ GH
YHQWDVHVGHFLUORVUiSHOHV TXHQRVKDFHHOSURYHHGRUSDUDHVWHDUWtFXORHQ
FRQFUHWR\ORVTXHSRGHPRVKDFHUDQXHVWURVFOLHQWHVSDUDHVWHDUWtFXORHQ
FRQFUHWR $XQTXH OR QRUPDO HV TXH ORV UiSHOHV VH KDJDQ SRU HO WRWDO GH
FRPSUDVRYHQWDVQRREVWDQWHKD\FDVRVHQORVTXHVHSXHGHSUHVHQWDUHO
FDVRGHTXHVHKDJDQSRUDUWtFXORHQGLFKRFDVRVHXWLOL]DUiHVWDSDQWDOOD
/RVFDPSRVTXHSUHVHQWDHVWDSDQWDOODVRQORVVLJXLHQWHV
(QFXDQWRD&RPSUDV
x
x
x
3URYHHGRU &yGLJRGHOSURYHHGRUTXHKDFHHOUiSSHO
'HVGH 0HV\GtDHQHOTXHFRPLHQ]DHOSHULRGRDYDORUDU
+DVWD 0HV\GtDHQHOTXHILQDOL]DHOSHULRGRDYDORUDU
/RV UiSHOHV VH SRGUiQ YDORUDU SRU LPSRUWH GH FRPSUDV R SRU XQLGDGHV
FRPSUDGDV
x
x
x
x
x
x
x
x
,PSRUWH GH &RPSUD ,PSRUWH TXH KDEUi TXH VXSHUDU SDUD ORJUDU HO
UiSSHO
5iSSHO SRUFHQWDMHTXHVHUDSSHODUi
,QFHQWLYR*OREDO (QHOFDVRGHTXHVHVXSHUHHOLPSRUWHGHFRPSUDVH
SRGUiDSOLFDUXQSRUFHQWDMHGHUiSSHOVHDERQDUiXQLPSRUWHILMRRELHQ
DPEDVFRVDVDODYH]
$UWtFXOR GH 5HJDOR $GHPiV GH HO SRUFHQWDMH \R LQFHQWLYR JOREDO HO
SURYHHGRU SRGUi UHJDODU FLHUWD FDQWLGDG GHO DUWtFXOR HQ HGLFLyQRGHRWUR
DUWtFXOR ,QGLFDU HQ HVWH FDPSR VL HV HO FDVR HO FyGLJR GH DUWtFXOR T
XH
QRVUHJDODHOSURYHHGRU
8QLGDGHVGH5HJDOR 8QLGDGHVGHODUWtFXORGHUHJDOR
8QLGDGHV&RPSUD (QHOFDVRGHTXHHOUiSSHOVHKDJDVHJ~QXQLGDGHV
FRPSUDGDVLQGLFDUODFDQWLGDGDVXSHUDU
5iSSHO SRUFHQWDMHGHUiSSHO
,QFHQWLYR *OREDO ,PSRUWH TXH RIUHFH HO SURYHHGRU FRPR LQFHQWLYR SRU
VXSHUDUORVREMHWLYRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
2),0$7,&$-$(16/
,QFHQWLYR SRU 8QLGDG ,PSRUWH TXH RIUHFH HO SURYHHGRU FRPR LQFHQWLYR
SRUXQLGDG
$UWLFXOR5HJDOR &yGLJRGHDUWtFXORTXHUHJDODHOSURYHHGRUDODOFDQ]DU
ORVREMHWLYRV
8QLGDGHV5HJDOR &DQWLGDGTXHUHJDODHOSURYHHGRUHODUWtFXORLQGLFDGR
HQHOFDPSRDQWHULRU
(QFXDQWRD9HQWDV
x
x
'HVGH 0HV\GtDHQHOTXHFRPLHQ]DHOSHULRGRDYDORUDU
+DVWD 0HV\GtDHQHOTXHILQDOL]DHOSHULRGRDYDORUDU
7DO\FRPRRFXUUtDHQHOFDVRGHFRPSUDVHOUiSSHOTXHRIUHFHUHPRVD
QXHVWURVFOLHQWHVVHSRGUiQUHIHULUDLPSRUWHVRDXQLGDGHV
x
x
x
x
x
x
x
x
x
x
x
,PSRUWH9HQWDV ,PSRUWHTXHKDGHVXSHUDUHOFOLHQWHSDUDFRQVHJXLUORV
REMHWLYRV
5iSSHO 3RUFHQWDMH GH UiSSHO TXH RIUHFHPRV DO FOLHQWH HQ HO FDVR GH
FRQVHJXLUORVREMHWLYRV
,QFHQWLYR*OREDO /RPLVPRTXHRFXUUtDHQFRPSUDVHOUiSSHOVHSXHGH
RIUHFHUHQSRUFHQWDMHRELHQHQLPSRUWHJOREDORELHQHQDPERVFDVRV
$UWtFXORGH5HJDOR &yGLJRGHODUWtFXORTXHUHJDODPRV
8QLGDGHV 5HJDOR &DQWLGDG TXH VH UHJDOD GHO DUWtFXOR LQGLFDGR HQ HO
FDPSRDQWHULRU
8QLGDGHV &RPSUD &DQWLGDG GH XQLGDGHV TXH QRV KD GH FRPSUDU HO
FOLHQWHSDUDFRQVHJXLUORVREMHWLYRV
5iSSHO 3RUFHQWDMH TXH VH RIUHFH DO FOLHQWH HQ FDVR GH VXSHUDU ORV
REMHWLYRV
,QFHQWLYR *OREDO $GHPiV R HQ OXJDUGHOSRUFHQWDMHGHUiSSHOVHSRGUi
RIUHFHUXQLQFHQWLYRJOREDOSRUODVXQLGDGHVYHQGLGDVDOFOLHQWH
,QFHQWLYR SRU 8QLGDG (O LQFHQWLYR LQGLFDGR HQ HO FDPSR DQWHULRU VH
SRGUiRIUHFHUHQYH]GHJOREDOPHQWHSRUXQLGDGHVYHQGLGDV
$UWtFXORGH5HJDOR &yGLJRGHODUWtFXORTXHUHJDODPRVDOFOLHQWHHQFDVR
GHVXSHUDUORVREMHWLYRV
8QLGDGHV5HJDOR &DQWLGDGTXHUHJDODUHPRVGHODUWtFXORDQWHULRU
0(1Ò35202&,21(6
'HQWURGHODSDQWDOODGHSURPRFLRQHVLQWURGXFLUHPRVORV GDWRVGHRIHUWDV
WDQWR GH ODV TXH QRV KDFH HO SURYHHGRU FRPR ODV TXH KDFHPRV QRVRWURV D
QXHVWURVFOLHQWHV
(Q FXDQWR D3URPRFLRQHV GH &RPSUDV SRGUiQ VHU SRU ,PSRUWH SRU
8QLGDGHVRSRU/RWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3RU,PSRUWH
x
x
x
x
x
x
x
x
3RU,PSRUWH3HGLGR FDQWLGDGTXHKHPRVGHVXSHUDUHQXQSHGLGRSDUD
UHFLELUODSURPRFLyQ
'HVFXHQWR 3RUFHQWDMHGHGHVFXHQWR
'HVFXHQWR 6HJXQGR SRUFHQWDMH GH GHVFXHQWR (VWH GHVFXHQWR HV
HVFDODEOHFRQHODQWHULRUHVGHFLUHVDFXPXODEOH
'HVFXHQWR 7HUFHU SRUFHQWDMH GH GHVFXHQWR (VWH GHVFXHQWR HV
DFXPXODEOHDORVGRVDQWHULRUHV
'HVFXHQWR &XDUWR SRUFHQWDMH GH GHVFXHQWR (VWH GHVFXHQWR HV
DFXPXODEOHDORVWUHVDQWHULRUHV
'HVFXHQWR*OREDO 3RUFHQWDMHGHGHVFXHQWRJOREDOHQHOSHGLGR£
$UWtFXORGH5HJDOR &yGLJRGHODUWtFXORTXHVHUHJDODHQODRIHUWD
8QLGDGHVGH5HJDOR &DQWLGDGGHODUWtFXORLQGLFDGRHQHOFDPSRDQWHULRU
TXHVHUHJDODHQODRIHUWD
3RU8QLGDGHV
x
x
x
x
x
x
x
x
3RU 8QLGDGHV GH 3HGLGR &DQWLGDG HQ XQLGDGHV GHO DUWtFXOR HQ HGLFLyQ
TXHKHPRVGHVXSHUDURLJXDODUHQHOSHGLGRSDUDTXHVHDSOLTXHODRIHUWD
'HVFXHQWR 3RUFHQWDMHGHGHVFXHQWR
'HVFXHQWR 6HJXQGR SRUFHQWDMH GH GHVFXHQWR (VWH GHVFXHQWR HV
DFXPXODEOHFRQHOGHVFXHQWRDQWHULRU
'HVFXHQWR 7HUFHU SRUFHQWDMH GH GHVFXHQWR (VWH GHVFXHQWR HV
DFXPXODEOHDORVGRVDQWHULRUHV
'HVFXHQWR &XDUWR SRUFHQWDMH GH GHVFXHQWR (VWH GHVFXHQWR HV
DFXPXODEOHDORVWUHVDQWHULRUHV
3UHFLR1HWR 3UHFLRTXHWHQGUiHODUWLFXORHQGLFKDSURPRFLyQ
$UWtFXORGH5HJDOR &yGLJRGHODUWtFXORTXHQRVUHJDODQHQODRIHUWD
8QLGDGHV GH 5HJDOR &DQWLGDG HQ XQLGDGHV GHO DUWtFXOR LQGLFDGR HQ HO
FDPSRDQWHULRUTXHQRVUHJDODQHQODRIHUWD
(Q FXDQWR D ODV 3URPRFLRQHV GH 9HQWDV ODV RIHUWD ODV SRGUHPRV
KDFHUSRULPSRUWHSRUXQLGDGHVRSRUORWHGHSHGLGR
3RU,PSRUWH
x
x
x
x
3RU,PSRUWH3HGLGR ,PSRUWHTXHKD\TXHVXSHUDUHQODYHQWDSDUDDSOLFDU
ODRIHUWD
'HVFXHQWR 3RUFHQWDMHGHGHVFXHQWR
'HVFXHQWR 6HJXQGR SRUFHQWDMH GH GHVFXHQWR (VWH GHVFXHQWR HV
DFXPXODEOHFRQ HOGHVFXHQWRDQWHULRU
'HVFXHQWR 7HUFHU SRUFHQWDMH GH GHVFXHQWR (VWH GHVFXHQWR HV
DFXPXODEOHDORVGRVGHVFXHQWRVDQWHULRUHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
2),0$7,&$-$(16/
'HVFXHQWR &XDUWR SRUFHQWDMH GH GHVFXHQWR (VWH GHVFXHQWR HV
DFXPXODEOHDORVWUHVGHVFXHQWRVDQWHULRUHV
'HVFXHQWR *OREDO 3RUFHQWDMH GH GHVFXHQWR JOREDO TXH VH RIUHFH DO
DSOLFDUODRIHUWD
$UWtFXORGH5HJDOR &yGLJRGHODUWtFXORTXHUHJDODPRVDODSOLFDUODRIHUWD
8QLGDGHV5HJDOR &DQWLGDGGHODUWtFXORLQGLFDGRHQHOFDPSRDQWHULRUTXH
UHJDODPRVHQODRIHUWD
0(18 &$0326'(),1,%/(6
(QHVWDSDQWDOODSRGUHPRVGDUHQWUDGDDORVGDWRVFRUUHVSRQGLHQWHVD
ORVFDPSRVGHILQLEOHVGHDUWtFXORVTXHIXHURQGHILQLGRVHQ&DPSRV'HILQLEOHV
GH3DUiPHWURVGHOD(PSUHVD
0(18127$6(,0$*(1
(Q HVWD SDQWDOOD VH SRGUiQ LQWURGXFLU ODV QRWDV X REVHUYDFLRQHV
UHIHUHQWHVDODUWtFXORTXHVHHQFXHQWUDHQHGLFLyQ$GHPiVVHSRGUiLQWURGXFLU
ODIRWRRLPDJHQTXHVHGHVHHFRQUHODFLyQDODUWtFXORHQHGLFLyQ(QFXDQWRD
ODV QRWDV KD\ TXH LQGLFDU TXH QR KD\ OtPLWH GH FDUDFWHUHV HV GHFLU SRGUi
LQWURGXFLUWRGRHOWH[WRTXHVHGHVHH
3DUDSRGHULQWURGXFLUXQDLPDJHQSUHYLDPHQWHGHEHUiVHUHVFDQHDGD\
FRSLDGD DO SRUWDSDSHOHV 8QD YH] HQ HOSRUWDSDSHOHVSRGUiKDFHUFOLFNHQHO
ERWyQ&DSWXUDU3DUDERUUDUODLPDJHQTXHVHWHQJDHQHOILFKHURKDFHUFOLFN
HQHOERWyQ%RUUDU
0(187$//$6<&2/25(6
(Q HVWD RSFLyQ GH PHQ~ HQFRQWUDPRV XQD SDQWDOOD UHIHUHQWH D ODV
H[LVWHQFLDV SRU DOPDFpQ SRU FDGDWDOOD\FRORUTXHKD\DGHILQLGRHQODVHULH
GH7DOODV\&RORUHV FRUUHVSRQGLHQWHDODUWtFXORTXHVHHQFXHQWUDHQHGLFLyQ
/DSDQWDOODTXHHQFRQWUDPRVHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
$OPDFpQ /LVWD GHVSOHJDEOH HQ OD TXH DSDUHFHQ ORV DOPDFHQHV GHILQLGRV
HQODHPSUHVD'HVSOHJDQGRODOLVWD\VHOHFFLRQDQGRHODOPDFpQGHVHDGR
DSDUHFHUiQHQSDQWDOODODVH[LVWHQFLDVFRUUHVSRQGLHQWHVDGLFKRDOPDFpQ
7DO\FRPRVHREVHUYDQRVDSDUHFHXQFXDGURHQHOTXHWHQHPRVSRU
XQ ODGR ODV WDOODV FRUUHVSRQGLHQWHV D OD VHULH \ HQ HO RWUR ORV FRORUHV
FRUUHVSRQGLHQWHV D GLFKDV WDOODV (Q &DQW HQFRQWUDPRV ODV H[LVWHQFLDV
FRUUHVSRQGLHQWHV D OD WDOOD \ FRORU LQGLFDGDV $GHPiV VH SRGUi LQGLFDU XQ
FyGLJRGHEDUUDVSDUDFDGDWDOOD\FRORU
7DPELpQHQFRQWUDPRVORVVLJXLHQWHVERWRQHVGHFRPDQGR
x
x
x
x
*UDEDU +DFLHQGR FOLFN HQ HVWH ERWyQ JUDEDUHPRV ORV FyGLJRV GH EDUUDV
LQGLFDGRVSDUDFDGDWDOOD\FRORU
6DOLU +DFLHQGRFOLFNHQHVWHERWyQVHGHVFDUJDUiODSDQWDOODVLQJUDEDU
9HU (VWDGtVWLFD 'HVGH HVWH ERWyQ SRGUHPRV YHU XQD SDQWDOOD FRQ OD
HVWDGtVWLFDUHIHUHQWHD(QWUDGDV6DOLGDV9HQWDV\%HQHILFLRVGHODUWtFXOR
TXH VH HQFXHQWUH PDUFDGRHVGHFLUVLTXHUHPRVYHUODHVWDGtVWLFDGHOD
WDOOD\GHOFRORUSULPHURGHEHPRVVHOHFFLRQDUODFHOGD&$17,'$'
FRUUHVSRQGLHQWHDGLFKDWDOOD\FRORU\SRVWHULRUPHQWHKDFHUFOLFNHQHVWH
ERWyQ
9HU 0XOWL$OPDFpQ 'HVGH HVWH ERWyQ SDVDUHPRV D YHU ORV GDWRV
HVWDGtVWLFRV UHIHUHQWHV D WRGDV ODV WDOODV \ FRORUHVHQ FRQMXQWR SDUD HO
DOPDFpQVHOHFFLRQDGRHQODOLVWDGHVSOHJDEOH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
0XOWL$OPDFHQHV
(QHVWHILFKHURYHUHPRVORVGDWRVGHORVDUWtFXORVFRUUHVSRQGLHQWHVD
XQDOPDFpQHQFRQFUHWR/DFODYHGHGLFKRILFKHURHV&yGLJRGH$UWtFXOR
&yGLJRGH$OPDFpQWDO\FRPRDSDUHFHHQODOLVWDGHVHOHFFLyQ
&RPRVHSXHGHREVHUYDUHQODILJXUDHOQRPEUHGHODUWtFXORVyORVH
PXHVWUDXQDVyODYH]\ODVILODVTXHVHHQFXHQWUDQHQEODQFRDFRQWLQXDFLyQ
GHGLFKDGHVFULSFLyQFRUUHVSRQGHQDOPLVPRDUWtFXORHQGLVWLQWRVDOPDFHQHV
3DUDVHOHFFLRQDUFXDOTXLHUILODEDVWDFRQKDFHUFOLFNHQODOODYHGHOD
L]TXLHUGDGHODOLVWD
'HQWURGHHVWHILFKHURSRGUHPRVYHUODVH[LVWHQFLDVHQHODOPDFpQ
LQGLFDGRGHODUWtFXORVHOHFFLRQDGRHQODOLVWDHOVWRFNPLQLPRODIHFKDGH
XOWLPDFRPSUDYHQWDHWF
/RVFDPSRVTXHHQFRQWUDPRVHQGLFKDSDQWDOODVRQORVVLJXLHQWHV
x $UWLFXOR 'HVFULSFLyQGHODUWtFXORTXHVHHQFXHQWUDHQHGLFLyQ
x $OPDFpQ 1RPEUHGHO$OPDFpQTXHVHKDVHOHFFLRQDGR
x ([LVWHQFLDV 1~PHURGHXQLGDGHVGHVWRFNTXHVHHQFXHQWUDQHQGLFKR
DOPDFpQ\GHODUWtFXORVHOHFFLRQDGR
x 'HSyVLWRV5HFLELGRV 1~PHURGHXQLGDGHVGHGHSyVLWRTXHVHKDQ
UHFLELGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
2),0$7,&$-$(16/
'HSyVLWRV(QWUHJDGRV 1~PHURGHXQLGDGHVGHGHSyVLWRTXHVHKDQ
HQWUHJDGR
)HFKD8OWLPD&RPSUD )HFKDHQODTXHVHUHDOL]yOD~OWLPDFRPSUD
HQWUDGDGHODUWtFXORHQHGLFLyQHQHODOPDFpQLQGLFDGR
)HFKD 8OWLPD9HQWD )HFKDHQODTXHVHUHDOL]yOD~OWLPDYHQWDIDFWXUD
GHODUWtFXORTXHVHHQFXHQWUDHQHGLFLyQHQHODOPDFpQLQGLFDGR
6WRFN8OWLPR,QYHQWDULR 8QLGDGHVTXHKDEtDHQVWRFNHQHODOPDFpQ
LQGLFDGR\HQODIHFKDTXHLQGLFDHOVLJXLHQWHFDPSR
)HFKD8OWLPR,QYHQWDULR )HFKDHQODTXHVHUHDOL]yODYDOLGDFLyQGHO
LQYHQWDULRGHODOPDFpQTXHVHHQFXHQWUDHQHGLFLyQ
'HQWURGHODSDQWDOOD(67$',67,&$ HQFRQWUDUHPRVFRPRVXQRPEUH
LQGLFDHVWDGtVWLFDV\VXFRUUHVSRQGLHQWHVJUiILFRVGH
(QWUDGDV6OLGDV9HQWDV,PSRUWHV%HQHILFLRVHLPSRUWHTXHKD
JHQHUDGRHODUWtFXORHQHODOPDFpQTXHVHHQFXHQWUDHQHGLFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3URYHHGRUHV
'HQWUR GHO PHQ~ 3URYHHGRUHV YHUHPRV ODV ILFKDV GH GDWRV
SHUVRQDOHV FRPHUFLDOHV ILQDQFLHURV SUHVXSXHVWDULD FDPSRV GHILQLEOHV \
QRWDV GH ORV SURYHHGRUHV \ DFUHHGRUHV +D\ TXH WHQHU HQ FXHQWD TXH SRU
GHIHFWR HO SURJUDPD GDUi GH DOWD SURYHHGRUHV HV GHFLU XWLOL]DUi OD FXHQWD
VLQ HPEDUJRSRGHPRVDJUHJDUFXHQWDVGHDFUHHGRUHVLQGLFDQGR
SXQWR\SXOVDQGRDXWRROLEUHVHJ~QVHGHVHH/DFXHQWDGHSURYHHGRU
TXHVHFUHHVHUiGDGDGHDOWDHQODHPSUHVDGHFRQWDELOLGDGFRQODTXHVH
HQFXHQWUDFRQHFWDGDODHPSUHVDGHJHVWLyQVHJ~QVHGHWDOOyHQ3DUiPH
WURV
'DWRVGH7HVRUHUtD
9HDPRVODSDQWDOODFRUUHVSRQGLHQWHDODILFKDGHGDWRVGHOSURYHHGRU
3DVHPRVDFRPHQWDUORVFDPSRVTXHDSDUHFHQHQHVWDSDQWDOOD
+D\ TXH LQGLFDU TXH VLHPSUH TXH QRV HQFRQWUHPRV HQ HO FDPSR TXH
SXHGH VHU XQD FXHQWD FRQWDEOH SRGUHPRV XWLOL]DU HO SXQWR FRPR FRPRGtQ
SDUD ORV FHURV SRU HMHPSOR VL WHQHPRV TXH WHFOHDU OD FXHQWD SRGUHPRV WHFOHDU \ DO SXOVDU ,1752 OD FXHQWD VH FRQYHUWLUi
DXWRPiWLFDPHQWHHQODLQGLFDGDDUULED
x
x
x
0DQXDO ,QGLFDTXHHOFyGLJRGHSURYHHGRUVHDVLJQDUiPDQXDOPHQWH
$XWR (O SURJUDPD DVLJQDUi DXWRPiWLFDPHQWH XQ FyGLJR SDUD HO QXHYR
SURYHHGRU (VWR VH KDUi EXVFDQGR FXDO HV HO PD\RU FyGLJR GH ORV TXH
H[LVWHQHQHVHPRPHQWR\VXPDQGRODXQLGDG
/LEUH ,QGLFDQGR OLEUH HO SURJUDPD DVLJQDUi HO FyGLJR GH SURYHHGRU
DXWRPiWLFDPHQWH SHUR EXVFDUi XQ FyGLJR TXH HVWp OLEUH FRPHQ]DQGR
GHVGHHOKDVWDHO3RUHMHPSORVLHQWUHHOFyGLJR\
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
HOTXHGDOLEUHHVGHFLUQRHVWiDVLJQDGRRVHERUUyKDFH
WLHPSRHOFyGLJRVHUiHVWH~OWLPRHOTXHVHUiDVLJQDGR
&yGLJR 1~PHUR GH 3URYHHGRU 'LFKR FyGLJR LQGLFDUi DXQTXH QR
VLHPSUH OD FXHQWD FRQWDEOH GH SURYHHGRU 3RU HOOR HO FyGLJR VH DVLJQD
VREUHODFXHQWDGHPD\RUDXQTXHVHSRGUiQGDUGHDOWDDFUHHGRUHV
VREUH OD FXHQWD GH PD\RU &RPRSRGHPRVREVHUYDUHOFyGLJRWLHQH
GtJLWRVGHORVFXDOHVGHOžDOžLQGLFDUiODFXHQWDGHPD\RUGHOžDO
ž GtJLWR QRV LQGLFDUi OD VXFXUVDO y GHOHJDFLyQ D OD TXH SHUWHQHFH SRU
GHIHFWRODTXHVHHQFXHQWUDGHILQLGDHQ3DUiPHWURVGHOD(PSUHVDVLVH
TXLVLHUDGDUGHDOWDXQSURYHHGRUGHRWUDGHOHJDFLyQVLPSOHPHQWHLQGLFDU
GH FXDO VH WUDWD SRU HMHPSOR \ SXQWR DXWR y OLEUHRWDPELpQ
DXWRyOLEUH\SRU~OWLPRGHOžDOžLQGLFDUiHOQXPHUDGRUGH
SURYHHGRUHVGHFLUHO
1RPEUH 1RPEUHRGHVFULSFLyQGHOSURYHHGRU+D\TXHWHQHUHQFXHQWD
TXHSXHGHVHUHOQRPEUHFRQHOTXHVHUiGDGRGHDOWDHQFRQWDELOLGDGVL
HOFDPSR5D]yQ6RFLDOHVWiHQEODQFR
5D]yQ 6RFLDO 1RPEUH ILVFDO GH OD HPSUHVD SURYHHGRUD (VWH VHUi HO
QRPEUH TXH SDVDUi D FRQWDELOLGDG (Q HO FDVR GH TXH HVWH FDPSR HVWp
YDFtRVHUiHOQRPEUHHOTXHSDVHDFRQWDELOLGDG
'LUHFFLyQ 'RPLFLOLR ILVFDO GHO SURYHHGRU 'HVGH HVWH FDPSR SRGHPRV
KDFHU XVR GHODXWLOLGDGGHORV&yGLJRV3RVWDOHVTXHYLPRVHQ7UXFRV\
XWLOLGDGHV
&yGLJR3RVWDO &yGLJRSRVWDOTXHFRUUHVSRQGHDODGLUHFFLyQLQGLFDGDHQ
HO FDPSR DQWHULRU 'HVGH HVWH FDPSR SRGHPRV KDFHU XVR GH OD XWLOLGDG
GHORV&yGLJRV3RVWDOHVTXHYLPRVHQ7UXFRV\XWLOLGDGHV
3URYLQFLD 3URYLQFLD HQ OD TXH VH HQFXHQWUDHO GRPLFLOLR ILVFDO GHO
SURYHHGRU(VWHFDPSRVHLQFOXLUiDXWRPiWLFDPHQWHGHVGHODXWLOLGDGGH
&yGLJRV3RVWDOHV
/RFDOLGDG /RFDOLGDG HQ OD TXH VH HQFXHQWUD HO GRPLFLOLR ILVFDO GHO
SURYHHGRU(VWHFDPSRVHLQFOXLUiDXWRPiWLFDPHQWHGHVGHODXWLOLGDGGH
&yGLJRV3RVWDOHV
&LI1LI &yGLJRGH,GHQWLILFDFLyQILVFDOGHO3URYHHGRU(QHOFDVRGHTXH
VHD 1LI HO SURJUDPD FDOFXODUi OD OHWUD DXWRPiWLFDPHQWH (Q HO FDVR GH
TXH HO &LI1LI TXH VH LQGLTXH \D H[LVWD HQ RWUD ILFKD GH SURYHHGRU VH
LQGLFDUiDOXVXDULRPHGLDQWHXQPHQVDMHHQSDQWDOOD
3DLV 3DtVDOTXHSHUWHQHFHHOSURYHHGRU(VWHFDPSRHVGHJUDQXWLOLGDG
SDUDORVSURYHHGRUHV TXHSHUWHQHFHQDODFRPXQLGDGHFRQyPLFDHXURSHD
\DTXHLQGLFDQGRHQHVWHFDPSR&(DOILQDOGHOQRPEUHGHOSDLVVHSRGUi
KDFHUHODSXQWHFRQWDEOHGHO,9$LQWUDFRPXQLWDULRSRUHMHPSOR)5$1&,$
&(
&XHQWD &RQWDEOH &XHQWD FRQWDEOH TXH FRUUHVSRQGH FRQ HO SURYHHGRU
1RUPDOPHQWH FRLQFLGLUi FRQ HO FyGLJR GH SURYHHGRU SHUR QR WLHQH SRU
TXp\DTXHSRUHMHPSORXQSURYHHGRUSXHGHWHQHUYDULDVGHOHJDFLRQHV\
GH FDGD XQD GH HOODV WHQGUHPRV XQ FyGLJR GH SURYHHGRU VLQ HPEDUJR
FRQWDEOHPHQWHVRODPHQWHWHQGUHPRVXQDVRODFXHQWD3RUHVWDUD]yQQR
VH SRGUi ERUUDU OD ILFKD D OD TXH SHUWHQHFH OD FXHQWD FRQWDEOH SULPHUD
3RQJDPRV XQHMHPSORSDUDYHUORVXSRQJDPRVTXH3529(('25(6'(
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
-$(1WLHQHYDULDVVXFXUVDOHVDORVTXHOHFRUUHVSRQGHUiQORVVLJXLHQWHV
FyGLJRVGHSURYHHGRU
&yGLJR
1RPEUH
&&RQWDEOH
!3529(('25(6 '(-$(1
!3-$(1$QG~MDU
!3-$(1&yUGRED
(Q HVWH HMHPSOR SRGUHPRV KDFHU SHGLGRV DOEDUDQHV \ IDFWXUDV D FDGD
XQRGHHOORVSRUVHSDUDGR&RQWDEOHPHQWHWRGRLUiFRQWDELOL]DGRFRQWUDOD
SULPHUD FXHQWD 3RGUHPRV ERUUDU FXDOTXLHU ILFKD VLHPSUH TXH QR WHQJD
PRYLPLHQWRVHQHOHMHUFLFLRDFWXDO\DQWHULRUH[FHSWRODSULPHUDDQRVHU
TXHODVGHOHJDFLRQHVKD\DQVLGRERUUDGDVSUHYLDPHQWH
7HOpIRQRV 1~PHURVGHWHOpIRQRGHOSURYHHGRU
)D[ 1~PHURVGHID[GHOSURYHHGRU
HPDL 'LUHFFLyQ GH FRUUHR HOHFWUyQLFR GHO SURYHHGRU 1R HV QHFHVDULR
SRQHUHOWHFODGRHQPLQ~VFXODV
3HUVRQD GH &RQWDFWR 1RPEUH GH OD SHUVRQD GH FRQWDFWR GH GLFKD
HPSUHVD
x
x
x
x
'DWRVGH(QYtR
6HUiQORVGDWRVTXHDSDUH]FDQHOODVHWLTXHWDVGHHQYtR
x
x
x
x
x
x
x
x
x
1RPEUH 1RPEUHGHODHPSUHVD3RGUHPRVXWLOL]DUXQQRPEUHILVFDO\RWUR
DOFXiOVHHQYLDUiQORVSHGLGRVGHYROXFLRQHVHWF
5D]yQ6RFLDO
'LUHFFLyQ 'LUHFFLyQGHHQYtR
&yGLJR 3RVWDO &yGLJR 3RVWDO TXH FRUUHVSRQGH HQ OD GLUHFFLyQ LQGLFDGD
HQHOFDPSRDQWHULRU
3URYLQFLD 3URYLQFLDHQODTXHVHHQFXHQWUDODGLUHFFLyQGHHQYtR
/RFDOLGDG /RFDOLGDGHQODTXHVHHQFXHQWUDODGLUHFFLyQGHHQYtR
3DtV 3DtVHQHOTXHVHHQFXHQWUDODGLUHFFLyQGHHQYtR
7HOpIRQRV7HOpIRQRGHFRQWDFWRGHODGLUHFFLyQGHHQYtR
$ OD DWHQFLyQ GH 1RPEUH GH OD SHUVRQD GH FRQWDFWR SDUD HQYLDU OD
PHUFDQFtDDVXDWHQFLyQ
(Q HO FDVR GH GHMDUORV HQ EODQFR ORV GDWRV GH HQYtR VH UHOOH
QDUiQ
DXWRPiWLFDPHQWHFRQORVPLVPRVGDWRVTXHORVGDWRVILVFDOHV
(O UHVWR GH GDWRV GH OD ILFKD GH SURYHHGRUHV VH UHSDUWHQ HQ GLVWLQWDV
SDQWDOODV DJUXSDGRV VHJ~Q WLSR GH GDWRV $ GLFKDV SDQWDOODV SRGUHPRV
DFFHGHU D WUDYpV GHO PHQ~ )LFKHURV HQ HO TXH WHQHPRV ODV VLJXLHQWHV
RSFLRQHVGHPHQ~
&RPHUFLDOHV
)LQDQFLHURV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(FRQyPLFRV
3UHVXSXHVWDULD
&DPSRV'HILQLEOHV
1RWDVHLPDJHQ
0(18&20(5&,$/(6
x
x
x
x
x
x
x
x
x
x
x
&XHQWD GH 3DJR &XHQWD FRQWDEOH GHO EDQFR SRU HO FXDO VH SDJDUi DO
SURYHHGRU
%DQFRGH3DJR %DQFRGHODGRPLFLOLDFLyQEDQFDULDGHOSURYHHGRU'HVGH
HVWH FDPSR SRGUHPRV KDFHU XVR GH OD XWLOLGDG GHO ILFKHUR GH (QWLGDGHV
%DQFDULDV
1~PHUR GH &XHQWD GtJLWRV GH OD FXHQWD EDQFDULD GHO SURYHHGRU (O
GtJLWRGHFRQWUROGHODFXHQWDODFDOFXODUiDXWRPiWLFDPHQWHHOSURJUDPD
7LSR GH 3URYHHGRU &yGLJR GHO WLSR GH SURYHHGRU SDUD OD WDEOD GH
GHVFXHQWRVGHSURYHHGRUHV
7LSR1HJRFLR &yGLJR GHOVHFWRUFRPHUFLDODOTXHSHUWHQHFHHOSURYHHGRU
(VWHFyGLJRGHEHH[LVWLUHQHOILFKHURGH6HFWRUHVGHOPHQ~&RPHUFLDO
'HVFXHQWR *OREDO 3RUFHQWDMH GH GHVFXHQWR TXH QRV KDFH HO SURYHHGRU
SRUIDFWXUD
3RUWHV 6HSRGUiLQGLFDU
3DJDGRV
'HELGRV
,QFOXLGRVHQIDFWXUD
(Q HO FDVR GH TXH ORV SRUWHV VHDQ LQFOXLGRV HQ IDFWXUD VH SRGUi LQGLFDU
XQD OtQHD FRQ HO FyGLJR 3 TXH LQFOXLUi HQ LPSRUWH LQGLFDGR HQ HO FDPSR
,PSRUWH[(QYtR
,PSRUWHSRU(QYtR ,PSRUWHTXHQRVFREUDUiHOSURYHHGRUHQFRQFHSWRGH
SRUWHVSRUFDGDGRFXPHQWRGHFRPSUD
,PSRUWHSRU%XOWR &XDQGRVHHVWpJHQHUDQGRHOGRFXPHQWRGHFRPSUD
VHSRGUiLQGLFDUHOQ~PHURGHEXOWRVTXHFRPSRQHQHODOEDUiQSHGLGRROR
TXH VHD SXHV ELHQ PXOWLSOLFDQGR HO Q~PHUR GH EXOWRV SRU HO LPSRUWH
LQGLFDGRHQHVWHFDPSRVHLQFUHPHQWDUiHOLPSRUWHGHOFyGLJR3SRUWHV
TXHKD\DHQGLFKRGRFXPHQWRGHFRPSUDGHPRGRTXHVLKHPRVLQGLFDGR
HQHOFDPSRLPSRUWHSRUHQYtRSRUHMHPSOR\HQHVWHFDPSR\HQHO
DOEDUiQLQGLFDPRVTXHODH[SHGLFLyQVHFRPSRQHGHEXOWRVHQODOtQHD
GHSRUWHVQRVDSDUHFHUi[ (XURV
3DJDGRVD3DUWLU (QHOFDVRGHTXHORVSRUWHVORVSDJXHHOSURYHHGRUVL
HOLPSRUWHGHFRPSUDVXSHUDXQDFDQWLGDGGHWHUPLQDGDKHPRVGHLQGLFDU
GLFKDFDQWLGDGHQHVWHFDPSR
7UDQVSRUWLVWD &yGLJR GHO WUDQVSRUWLVWD FRQ HO TXH WUDEDMD KDELWXDOPHQWH
HVWHSURYHHGRU(VWHFyGLJRGHEHH[LVWLUHQHOILFKHURGH7UDQVSRUWLVWDV(Q
HO FDVR GH TXH LQGLTXHPRV XQ FyGLJR HQ HVWH FDPSR GLFKR FyGLJR VH
LQFOXLUi DXWRPiWLFDPHQWH HQ FXDOTXLHU GRFXPHQWR GH FRPSUD GH HVWH
SURYHHGRU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3OD]R GH (QWUHJD 3OD]R HQ HO TXH VH QRV HQWUHJDUi OD PHUFDQFtD
H[SUHVDGR HQ GtDV (VWH Q~PHUR GH GtDV VH LQFOXLUi DXWRPiWLFDPHQWH HQ
ORV SHGLGRV TXH VH KDJDQ D HVWH SURYHHGRU $GHPiV GHVGH ODRSFLyQGH
/LVWDGRV GH &RPSUDV VXEPHQ~ 3HGLGRV 3HQGLHQWHVSRGUHPRVKDFHUXQ
OLVWDGR FRQWURODQGR HO SOD]R GH HQWUHJD FRQFHGLGR SRU HO SURYHHGRU
SXGLHQGR VHOHFFLRQDU TXH VH QRV PXHVWUHQ VyOR DTXHOORV SHGLGRV TXH VH
KDQH[FHGLGRHQHOSOD]RGHHQWUHJDRWRGRV(QGLFKROLVWDGRVHGHWDOODHO
SOD]RGHHQWUHJD\ODIHFKDHQODTXHVHGHEHUtDUHFHSFLRQDUHOSH
GLGR
0HQVDMH GH 3HGLGRV &DPSR HQ HO TXH SRGHPRV LQGLFDU FXDOTXLHU WH[WR
TXH TXHUHPRV TXH QRV DSDUH]FD HQ HO SHGLGR DO SURYHHGRU 3RU GHIHFWR
HVWH FDPSR QR DSDUHFH HQ ORV SHGLGRV D SURYHHGRUHV GHO IRUPDWR
HVWiQGDUSRUORFXDOVLOHLQWHUHVDLQFOXLUHVWHFDPSRKDGHFRPXQLFDUORDO
GHSDUWDPHQWRWpFQLFRGH2),0$7,&$-$(16/
x
x
0(18),1$1&,(526
'HQWUR GH HVWD SDQWDOOD HQFRQWUDUHPRV ORV GDWRV FRQ ORV TXH
FRQILJXUDUHPRVORVGtDVGHSDJRIRUPDVGHSDJRSDFWDGDVFRQHOSURYHHGRU
HWF
/RVFDPSRVTXHDSDUHFHQHQGLFKDSDQWDOODVRQORVVLJXLHQWHV
x
x
x
x
x
x
'tD3DJR 6LKHPRVSDFWDGRFRQHOSURYHHGRUXQRVGtDVGHSDJRILMRV
LQGLFDUHPRVHQHVWHFDPSRFXiOHVHOSULPHUGtDGHSDJR\VLHOFDVRHV
TXHKHPRVSDFWDGRGRVGtDVGHSDJRILMRVLQGLFDUHPRVFXDOHVHOSULPHU
GtDGHSDJRGHORVGRVSDFWDGRV
'tD 3DJR ,QGLFDUHPRVHOVHJXQGRGtDGHSDJRILMRVLORKD\
,PSRUWH 0tQLPR 3HGLGR ,QGLFDUHPRV HO LPSRUWH PtQLPR TXH SRGHPRV
SHGLUDOSURYHHGRU(QDOJXQRVFDVRVORVSURYHHGRUHVQRSHUPLWHQTXHVH
OHVKDJDSHGLGRVSRULPSRUWHLQIHULRUDXQLPSRUWHGDGR(VWRHVSDUDTXH
QRV VH OHV MXQWH YDULRV SHGLGRV FRQ LPSRUWHV SHTXHxRV \ VH KDJDQ ORV
SHGLGRVDJUXSDGRV(OGDWRHVGHVyORFRQVXOWD
/tPLWH )RUPD 3DJR $O SDFWDU ODV IRUPDV GH SDJR VH SXHGH KDFHU
VHJ~Q HO LPSRUWH GH OD IDFWXUD $Vt SRGHPRV GHFLU TXH SDJDUHPRV DO
FRQWDGRVLHOLPSRUWHHVLQIHULRUDSRUHMHPSOR3WDV(IHFWRD
GtDVVLHOLPSRUWHHVWiFRPSUHQGLGRHQWUH\SRUHMHPSOR
3XHVELHQHQHVWHFDPSRLQGLFDUHPRVHOOtPLWHGHODIRUPDGHSDJRTXH
VHLQGLFDUiDFRQWLQXDFLyQ
)RUPD GH 3DJR &yGLJR GH OD IRUPD GH SDJR TXH VH DSOLFDUi VL HO
LPSRUWHGHODIDFWXUDHVLJXDORLQIHULRUTXHHOOtPLWHGHODIRUPDGHSDJR
'LFKRFyGLJRGHEHH[LVWLUHQHOILFKHURGH)RUPDVGH3DJR
*DVWRV )LQDQFLHUR /D IRUPD GH SDJR SXHGH OOHYDU FRQVLJR XQ
UHFDUJRILQDQFLHURGHELGRDDOJXQDFLUFXQVWDQFLDHVSHFLILFDGDHQHOSDFWR
FRQHOSURYHHGRU,QGLFDUHOGHOUHFDUJRILQDQFLHURFRUUHVSRQGLHQWHDOD
IRUPDGHSDJRHQFDVRGHTXHH[LVWD+D\TXHWHQHUHQFXHQWDTXHHQ
ODSURSLDILFKDGHOD IRUPDGHSDJRVHSXHGHLQGLFDUGLFKRGHUHFDUJR
ILQDQFLHUR(QHOFDVRGHTXHGLFKRHVWpSUHVHQWHWDQWRHQODILFKDGHOD
IRUPDGHSDJRFRPRHQHVWDILFKDVHUiHVWH~OWLPRSRUFHQWDMHHOTXHVH
DSOLTXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
6LQJDVWRVVLPD\RUTXH (QFDVRGHTXHHOUHFDUJRILQDQFLHURVLH[LVWH
LQGLFDGR HQ HO FDPSR DQWHULRU QR VH DSOLTXH DO VXSHUDU XQ LPSRUWH GH
IDFWXUDGHWHUPLQDGRLQGLFDUGLFKRLPSRUWHHQHVWHFDPSR
/tPLWH )RUPD 3DJR ,PSRUWH GH IDFWXUD D KDVWD HO FXDO VH DSOLFDUi OD
IRUPDGHSDJR
)RUPD GH 3DJR &yGLJR GH OD IRUPD GH SDJR TXH VH DSOLFDUi VL HO
LPSRUWHGHIDFWXUDHVWiFRPSUHQGLGRHQWUHORVLPSRUWHVLQGLFDGRVHQORV
FDPSRV OtPLWH IRUPD GH SDJR \ OtPLWH IRUPD GH SDJR 'LFKR FyGLJR
GHEHH[LVWLUHQHOILFKHURGH)RUPDVGH3DJR
*DVWR )LQDQFLHUR 3RUFHQWDMH GH UHFDUJR ILQDQFLHUR TXH VH DSOLFDUi
FRQ OD IRUPD GH SDJR 6H WHQGUiQ HQ FXHQWD ODV PLVPDV
FRQVLGHUDFLRQHVTXHFRQHOJDVWRILQDQFLHURGHODIRUPDGHSDJR
6LQ JDVWRV VL PD\RU TXH ,PSRUWH D SDUWLU GHO FXiO QR VH DSOLFDUi HO
SRUFHQWDMHGHUHFDUJRILQDQFLHURDVRFLDGRDODIRUPDGHSDJR
)RUPD GH 3DJR &yGLJR GH OD IRUPD GH SDJR TXH VH DSOLFDUi VL HO
LPSRUWHGHODIDFWXUDVXSHUDHOOtPLWHGHODIRUPDGHSDJR'LFKRFyGLJR
GHEHH[LVWLUHQHOILFKHURGH)RUPDVGH3DJR
*DVWR )LQDQFLHUR 3RUFHQWDMH GH UHFDUJR ILQDQFLHUR DVRFLDGR D OD
IRUPDGHSDJR
6LQ JDVWRV VL PD\RU TXH ,PSRUWH D SDUWLU GHO FXiO QR VH DSOLFDUi HO
SRUFHQWDMHGHUHFDUJRILQDQFLHURDVRFLDGRDODIRUPDGHSDJR
(Q HO FDVR GH TXH KD\DPRV SDFWDGR XQD VROD IRUPD GH SDJR FRQ HO
SURYHHGRU LQGHSHQGLHQWHPHQWH GHO LPSRUWH GH OD IDFWXUD LQGLFDUHPRV
HQOtPLWHGHODIRUPDGHSDJR\HQIRUPDGHSDJRHOFyGLJR
GHODIRUPDGHSDJRSDFWDGD(OUHVWRGHFDPSRVQRVHWHQGUiQHQFXHQWD
0(18(&2120,&26
(QODSDQWDOODGHGDWRVHFRQyPLFRVYHUHPRVORVGDWRVDFXPXODGRVHQ
HIHFWRVYLYRVDOEDUDQHVSHQGLHQWHVGHIDFWXUDUDVtFRPRODIRUPDGHDSOLFDU
ORVUiSHOHV
/RVFDPSRVTXHODFRPSRQHQVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
)HFKD8OWLPD&RPSUD )HFKDFRQODTXHVHUHFHSFLRQyOD~OWLPDIDFWXUD
GHFRPSUD
5LHVJR&RQFHGLGR ,PSRUWHGHULHVJRTXHQRVFRQFHGHHOSURYHHGRU
(IHFWRV YLYRV ,PSRUWH TXH VXPDQ ORV HIHFWRV YLYRV (VWH FDPSR VH
DFWXDOL]DUiDOHQWUDUHQORVLQIRUPHVGH3URYHHGRUHV,QIRUPHGH5LHVJRV
$OEDUDQHV3HQGLHQWHVGH)DFWXUDU ,PSRUWHTXHVXSRQHQORVDOEDUDQHV
GHHVWHSURYHHGRUTXHVHHQFXHQWUDQSHQGLHQWHVGHIDFWXUDU
3HGLGRV 3HQGLHQWHV ,PSRUWH TXH VXSRQHQ ORV SHGLGRV TXH VH
HQFXHQWUDQSHQGLHQWHVGHWUDQVIRUPDUHQDOEDUiQ
,PSDJDGRV $FWXDOPHQWHQRVHHQFXHQWUDDFWLYR
1ž $OEDUDQHV 3HQGLHQWHV 1~PHUR GH DOEDUDQHV TXH VH HQFXHQWUDQ
SHQGLHQWHVGHIDFWXUDUGHHVWHSURYHHGRU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
1ž 3HGLGRV 3HQGLHQWHV 1~PHUR GH 3HGLGRV GH HVWH SURYHHGRU TXH
WHQHPRVSHQGLHQWHVGHUHFHSFLRQDU
&RPSURPLVR &RPSUDV $xR ,PSRUWH GH FRPSURPLVR GH FRPSUDV DO
SURYHHGRUSDUDHOFiOFXORGHORVUiSHOHV
,PSRUWH &RPSUD ,PSRUWH GH FRPSUD KDVWD HO FXiO VH DSOLFDUi HO
SRUFHQWDMHGHUiSHOLQGLFDGRHQHOFDPSRVLJXLHQWH
5iSSHO ž SRUFHQWDMH GH UiSSHO D DSOLFDU VL ODV FRPSUDV DQXDOHV
VXSHUDQHOYDORUGH3HVHWDV&RPSUDV
3UHPLR ,QFHQWLYR DSOLFDEOH VL VH FRQVLJXHQ ORV REMHWLYRV GHO SULPHU
HVFDODGR
)RUPD ,QGLFDUHPRVVLHOSRUFHQWDMHGHUiSSHOVHDSOLFDUiDFXPXODGRR
LQGHSHQGLHQWHFRQHOVLJXLHQWHHVFDODGR
,PSRUWH&RPSUD /tPLWHSDUDHOVHJXQGRHVFDODGRGHUiSSHO
5iSSHO 3RUFHQWDMH TXH VHDSOLFDUiVLODVFRPSUDVVXSHUDQHOOtPLWH
LQGLFDGRHQHOFDPSRDQWHULRU
3UHPLR ,QFHQWLYR DSOLFDEOH VL VH FRQVLJXHQ ORV FRPSURPLVRV GHO
VHJXQGRHVFDODGR
)RUPD ,QGLFDUHPRV VL HO SRUFHQWDMH GH UiSSHO VH DSOLFDUi DFXPXODGR
FRQORDQWHULRURGHIRUPDLQGHSHQGLHQWH
,PSRUWH&RPSUD /tPLWHGHOžHVFDODGRGHUiSSHO
5iSSHO 3RUFHQWDMH TXH VH DSOLFDUi VL VH VXSHUDQ ORV OtPLWHV
LQGLFDGRVHQHOFDPSRDQWHULRU
3UHPLR ,QFHQWLYR DSOLFDEOH VL VH FRQVLJXHQ VXSHUDU ORV OtPLWHV
LQGLFDGRV
)RUPD ,QGLFDUHPRVVLHOUiSSHOVHDSOLFDGHIRUPDDFXPXODGDFRQORV
DQWHULRUHVRELHQGHIRUPDLQGHSHQGLHQWH
0(1835(6838(67$5,$
(QHVWHSDQWDOODQRVHQFRQWUDPRVFRQORVGDWRVDFXPXODGRVGHFRPSUDV
DQXDO\SRUPHVHVDVtFRPRODHQWUDGDGH3UHVXSXHVWDULD/DSDQWDOODVH
GLYLGH VH GLYLGH HQ FROXPQDV HQ ODV TXH SRGHPRV YHU ODV FRPSUDV
DFXPXODGDV GHO HMHUFLFLR DQWHULRU ODV FRPSUDV SUHVXSXHVWDGDV ODV
FRPSUDVGHOHMHUFLFLRDFWXDOODGHVYLDFLyQHQLPSRUWHGHODVFRPSUDVGH
HMHUFLFLR DFWXDO FRQ UHVSHFWR D ODV GHO DxR DQWHULRU HO SRUFHQWDMH TXH
UHSUHVHQWD GLFKD GHVYLDFLyQ DVt FRPR OD GHVYLDFLyQ HQ LPSRUWH GH ODV
FRPSUDV DFWXDOHV FRQ UHVSHFWR D OR SUHVXSXHVWDGR \ HO SRUFHQWDMH TXH
UHSUHVHQWDGLFKDDFWXDOL]DFLyQ
(VWDVFDQWLGDGVHSXHGHQYHUWDQWRHQXQLGDGHVSHVHWDVFRPRHQPLOHV
GH SHVHWDV /D IRUPD HQ TXH VH YLR OD ~OWLPD YH] TXHGD JUDEDGD GH
PRGR TXH XQD PLVPD ILFKD OD YHDPRV SRU GHIHFWR VLHPSUH GHO PLVPR
PRGR
$GHPiVSRGHPRVYHUODVJUiILFDVTXHFRUUHVSRQGHQDHVWDHVWDGtVWLFD
3DUDHOORSXOVDUVLPSOHPHQWHHQHOERWyQ*UiILFD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUDODHQWUDGDGH3UHVXSXHVWDULDSXOVDUHQHOERWyQ(QWUDGDGH'DWR
V
$SDUHFHUi XQD &HOGD $FWLYD HQ OD TXH SRGUHPRV WHFOHDU ORV LPSRUWHV
SUHVXSXHVWDGRV 3DUD ILQDOL]DU OD HQWUDGD GH GDWRV KDFHU FOLFN HQ HO
PLVPRERWyQTXHDKRUDDSDUHFHUiFRQHOWtWXOR7HUPLQDU
/RV GDWRV GH OD HVWDGtVWLFD SUHVXSXHVWDULD VH JUDEDUiQ DO$FHSWDU HVWD
SDQWDOOD
0(18&$0326'(),1,%/(6
(QHVWDSDQWDOODSRGUHPRVGDUHQWUDGDDORVGDWRVFRUUHVSRQGLHQWHVD
ORV FDPSRV GHILQLEOHV GH 3URYHHGRUHV TXH IXHURQ GHILQLGRV HQ&DPSRV
'HILQLEOHV GH3DUiPHWURVGHOD(PSUHVD
0(18127$6(,0$*(1
(Q HVWD SDQWDOOD HQFRQWUDPRV ODV QRWDV X REVHUYDFLRQHV TXH TXHUDPRV
LQWURGXFLU GHO SURYHHGRU TXH VH HQFXHQWUD HQ HGLFLyQ (VWH FDPSR QR WLHQH
OLPLWDFLyQ GH FDUDFWHUHV HV GHFLU SRGHPRV LQWURGXFLU WRGR HO WH[WR TXH
TXHUDPRV
(QFXDQWRDODLPDJHQODSRGHPRVLQFRUSRUDUKDFLHQGRFOLFNHQHOERWyQ
&DSWXUDU3DUDHOORODLPDJHQGHEHH[LVWLUFRPRILFKHURFRQH[WHQVLyQ%03
HQ FXDOTXLHU SDUWH GHO GLVFR R ELHQ HQ HO SRUWDSDSHOHV (VWDV LPiJHQHV VH
JUDEDUiQ HQ OD FDUSHWD 2ILJHV:?)RWRVQQQ GRQGHQQQ LQGLFD HO Q~PHUR GH
HPSUHVD TXH WHQHPRV DFWLYDGD (O QRPEUH GHO ILFKHUR VHUi HO FyGLJR GHO
SURYHHGRU(ODUFKLYRVHJXDUGDHQIRUPDWRELQDULRSDUDTXHRFXSHSRFROXJDU
HQHOGLVFR6LVHGHVHDERUUDUODLPDJHQVyORKD\TXHKDFHUFOLFNHQHOERWyQ
%RUUDU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
9HQGHGRUHV
'HQWUR GHO PHQ~ 9HQGHGRUHV WHQGUHPRV ODV SDQWDOODV FRQ ORV GDWRV
SHUVRQDOHV \ FRPHUFLDOHV GHO YHQGHGRU DVt FRPR XQD HVWDGtVWLFD GH ODV
YHQWDVUHDOL]DGDVLPSRUWHVGHFRPLVLyQHLPSRUWHVGHEHQHILFLRVJ
HQHUDGRV
/DSDQWDOODTXHQRVDSDUHFHHVODVLJXLHQWH
(VWD SDQWDOOD FRPR FXDOTXLHU ILFKHUR PDHVWUR SUHVHQWD ODV XWLOLGDGHV
GH0DQXDO$XWR\/LEUHSDUDODDVLJQDFLyQGH&yGLJRV
/RVFDPSRVTXHODFRPSRQHQVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
&yGLJR 1~PHUR TXH LGHQWLILFDUi GH PRGR ~QLFR DO YHQGHGRU &DPSR
2EOLJDWRULR
1RPEUH 1RPEUH\DSHOOLGRVGHYHQGHGRU&DPSR2EOLJDWRULR
'LUHFFLyQ 'RPLFLOLRGHO9HQGHGRU
&yGLJR3RVWDO &yGLJRSRVWDOGHOGRPLFLOLRGHOYHQGHGRU
3URYLQFLD 3URYLQFLD D OD TXH SHUWHQHFH OD ORFDOLGDG GH UHVLGHQFLD GHO
YHQGHGRU
/RFDOLGDG 1RPEUHGHODORFDOLGDGGRQGHUHVLGHHOYHQGHGRU
3DLV 1DFLRQDOLGDGGHOYHQGHGRU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
2),0$7,&$-$(16/
&LI1LI 1~PHUR&yGLJRGHLGHQWLILFDFLyQILVFDOGHOYHQGHGRU(QHOFDVRGH
TXHVHLQWURGX]FDXQ1LIHOSURJUDPDFDOFXODUiODOHWUDFRUUHVSRQGLHQWHD
GLFKR1LI
7HOpIRQRV
(PDLO 'LUHFFLyQGHOEX]yQGHFRUUHRHOHFWUyQLFRGHOYHQGHGRU
&RPLVLyQ )DFWRU GH FRPLVLyQ TXH VH DSOLFDUi DO YHQGHGRU +D\ TXH
WHQHU HQ FXHQWD TXH HO SRUFHQWDMH GH FRPLVLyQ VHUi HO UHVXOWDGR GH
PXOWLSOLFDU HVWH IDFWRU SRU OD FRPLVLyQ EDVH GH FDGD XQR GH ORV DUWtFXORV
VLHPSUH\FXDQGRODJHVWLyQGHFRPLVLRQHVVHUHDOLFHSRUOtQHDGHIDFWXUD
&XHQWD &RQWDEOH &XHQWD FRQWDEOH FRQWUD OD FXDO VH SRGUiQ UHDOL]DU ORV
DSXQWHV GH FRPLVLRQHV $FWXDOPHQWH HO SURJUDPD QR UHDOL]D DSXQWHV GH
FRPLVLRQHVDXWRPiWLFDPHQWH
,53) 7DQWRSRUFLHQWRGHUHWHQFLyQ
0DUJHQ 3UHYLVWR &DPSR HQ HO TXH VH SXHGH LQGLFDU HO PDUJHQ GH
EHQHILFLR SUHYLVWR TXH JHQHUDUi HO YHQGHGRU (VWH FDPSR HV GH
RULHQWDFLyQ HV GHFLU QR HV XQ FDPSR FDOFXODGR SDUD HOOR HVWiQ ODV
HVWDGtVWLFDVGHEHQHILFLRVTXHVtLQGLFDQFXDOHVHOEHQHILFLRJHQHUDGRSRU
HOYHQGHGRUWDQWRHQSHVHWDVFRPRHQSRUFHQWDMH
(Q OD SDQWDOOD 3UHVXSXHVWDULD SRGHPRV YHU ODV HVWDGtVWLFDV
FRUUHVSRQGLHQWHVDOYHQGHGRUTXHVHHQFXHQWUDHQHGLFLyQ(QHOODVHYHQ
ORVGDWRVFRUUHVSRQGLHQWHVDODVYHQWDVSRUPHVHVGHOYHQGHGRU
DVtFRPR
ORV GDWRV GH YHQWDV SUHVXSXHVWDGRV 3DUD HQWUDU ORV GDWRV GH
SUHVXSXHVWDULD KD\ TXH KDFHU FOLFN HQ HO ERWyQ(QWUDGD GH 'DWRV
DSDUHFHUi XQ FXDGUR GH WH[WR TXH UHSUHVHQWD DOD &HOGD $FWLYD GH OD
FXDGUtFXOD 6L TXHUHPRV YHU FRQ PD\RU GHWDOOH ORV GDWRV DFXPXODGRV
JHQHUDGRV SRU HO YHQGHGRU SRGHPRV KDFHU FOLFN HQ HO ERWyQ WLWXODGR9HU
(VWDGtVWLFDQRVSUHVHQWDUiXQDSDQWDOODFRQODVHVWDGtVWLFDV\JUiILFDVGH
ODVYHQWDVEHQHILFLRVJHQHUDGRVSRUHOYHQGHGRUDVtFRPRODVFRPLVLRQHV
GHO PLVPR GHVJORVDGR SRU PHVHV \ WRWDOL]DQGR DO ILQDO GH FDGD FROXPQD
(QHOPDUJHQVXSHULRUL]TXLHUGRYHPRVXQSRUFHQWDMHTXHLQGLFDFXDOHVHO
SRUFHQWDMHGHEHQHILFLRUHDOTXHKDJHQHUDGRHOYHQGHGRU
(Q OD SDQWDOOD 1RWDV SRGUHPRV LQWURGXFLU FXDOTXLHU QRWD R FRPHQWDULR
FRUUHVSRQGLHQWHDOYHQGHGRU(VWHFDPSRQRWLHQHOtPLWHGHFDUDFWHUHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&OLHQWHV
/DILFKDGHFOLHQWHV VHFRPSRQHGHXQDVHULHGHILFKHURVFRPR'DWRV
3HUVRQDOHV&RPHUFLDOHV(FRQyPLFRV)LQDQFLHURVHWF3DVDUHPRVD
FRPHQWDUFDGDXQRGHHVWRVILFKHURV
/DILFKDEDVHGHO&OLHQWHHVODVLJXLHQWH
x
x
x
&yGLJR &yGLJR GH &OLHQWH 3DUD DVLJQDU HO FyGLJR SRGHPRV KDFHU XVR
GH ODV XWLOLGDGHV 0DQXDO $XWR R /LEUH (O FyGLJR GH FOLHQWH TXH SXHGH
FRLQFLGLU FRQ OD FXHQWD FRQWDEOH GHO PLVPR FRPLHQ]D SRU \ DVt VH
DVLJQDUiQ GH IRUPD DXWRPiWLFD DXQTXH VH SXHGHQ DVLJQDU RWURV WDOHV
FRPR (O FyGLJR GH FOLHQWH FRPR OD FXHQWD FRQWDEOH FRQVWD GH GtJLWRV /RV FXDWUR SULPHURV GtJLWRV UHSUHVHQWDQ OD FXHQWD GH PD\RU
GHOžDOžGtJLWRODGHOHJDFLyQDODTXHSHUWHQHFHHOFOLHQWH\ORV
FXDWUR ~OWLPRV UHSUHVHQWDQ HOQ~PHURGHFOLHQWH/DGHOHJDFLyQVHUiSRU
GHIHFWRODTXHVHKD\DGHFODUDGRHQ3DUiPHWURVGHODHPSUHVDGHPRGR
TXHVLXWLOL]DPRV$XWRROLEUHHOFyGLJRTXHVHDVLJQDUiHVWDUiEDVDGRHQ
GLFKDGHOHJDFLyQ\HQODFXHQWD6LTXHUHPRVGDUGHDOWDXQFyGLJR
GH FOLHQWH GLVWLQWR EDVDGR SRU HMHPSOR HQ OD FXHQWD \ HQ OD
GHOHJDFLyQWHQGUHPRVTXHWHFOHDU\SXOVDUHQ$XWRRHQ/LEUH
(QHOFDVRGHTXHHOFyGLJRVHDVLJQHPDQXDOPHQWHVyORWHQGUHPRVTXH
WHFOHDUOR(VWHFyGLJRVHFUHDUiDXWRPiWLFDPHQWHHQFRQWDELOLGDG&DPSR
REOLJDWRULR
1RPEUH 1RPEUHGHOFOLHQWHRQRPEUHGHODHPSUHVD&DPSRREOLJDWRULR
5D]yQ6RFLDO 1RPEUH)LVFDOGHODHPSUHVD(VWHVHUiHOQRPEUHGHOD
FXHQWD TXH SDVDUi D FRQWDELOLGDG (Q HO FDVR GH TXH QR LQGLTXHPRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
5D]yQVRFLDOVHUiHOQRPEUHGHODHPSUHVDODTXHSDVDUiDFRQWDELOLGDG
FRQWtWXORGHGLFKDFXHQWD
'LUHFFLyQ 'LUHFFLyQGHODHPSUHVD
&yGLJR3RVWDO &yGLJRSRVWDOTXHFRUUHVSRQGHDODGLUHFFLyQLQGLFDGDHQ
HOFDPSRDQWHULRU
3URYLQFLD 3URYLQFLD HQ OD TXH VH HQFXHQWUD XELFDGD ILVFDOPHQWH OD
HPSUHVD
/RFDOLGDG 1RPEUH GHO PXQLFLSLR HQ HO FXDO VH HQFXHQWUD XELFDGD OD
HPSUHVD
&LI1LI &yGLJR1~PHURGHLGHQWLILFDFLyQILVFDOGHODHPSUHVD(QHOFDVR
GHTXHVHWUDWHGHXQ&LIHOSURJUDPDFDOFXODUiODOHWUDFRUUHVSRQGLHQWHD
GLFKR&LI
3DtV 1DFLyQ D OD TXH SHUWHQHFH OD HPSUHVD (VWH FDPSR SXHGH VHU GH
XWLOLGDG SDUD DTXHOORV FOLHQWHV TXH SHUWHQHFHQ D OD &(( SDUDUHDOL]DUHO
DSXQWHGHO,9$LQWUDFRPXQLWDULR3DUDHOORKDEUiTXHLQGLFDU&(DOILQDOGHO
3DtV3RUHMHPSOR)5$1&,$&(
7HOpIRQRV 1~PHURVGHWHOpIRQRGHOFOLHQWH
)D[ 1~PHURVGHID[GHOFOLHQWH
(0DLO 'LUHFFLyQGHFRUUHRHOHFWUyQLFRGHOFOLHQWH
&yGLJR GH %DUUDV &yGLJR GH EDUUDV GHO &OLHQWH 6H KD RIUHFLGR OD
RSRUWXQLGDGGHTXHFDGDFOLHQWHWHQJDVXSURSLRFyGLJRGHEDUUDV(QHO
FDVR GH TXH HO FyGLJR GH EDUUDV OR TXLHUD FUHDU XVWHG PLVPR SXOVH ODV
WHFODV&75/p\HOSURJUDPDOHFDOFXODUiHQEDVHDOFyGLJRGHOFOLHQWHHO
FyGLJR ($1 0HGLDQWH HVWH FDPSR SRGUi DVLJQDU D VXV FOLHQWHV
GHVFXHQWRVSDUDIXWXUDVFRPSUDVGHVGHODSDQWDOODGHO739
3HUVRQD GH &RQWDFWR (Q HO FDVR GH TXH HO FOLHQWH VHD XQD HPSUHVD
SRGHPRVLQGLFDUHOQRPEUHGHODSHUVRQDGHFRQWDFWR
(QDOJXQRVFDVRVORVFOLHQWHV WLHQHQGRVGLUHFFLRQHVGLVWLQWDVXQDHQOD
TXHVHHQFXHQWUDQXELFDGDVVXVRILFLQDV\RWUDHQODTXHVHHQFXHQWUDHO
DOPDFpQ3XHVELHQSRGHPRVLQGLFDUQRPEUH\GLUHFFLRQHVGLVWLQWDVSDUD
FDGD FDVR XWLOL]DQGR ORV GDWRV GH HQYtR SDUD HO VHJXQGR FDVR DGHPiV
HVWRVGDWRVVHSRGUiQXWLOL]DUSDUDODLPSUHVLyQGHHWLTXHWDVGHHQYtR(Q
HOFDVRGHTXHQRKD\DGLIHUHQFLDHQWUHDPEDVGLUHFFLRQHVHOSURJUDPD
UHOOHQDUi DXWRPiWLFDPHQWH HVWD VHJXQGD SDUWH GH OD SDQWDOOD FRQ ORV
GDWRVLQGLFDGRVHQODSULPHUDSDUWHGHODILFKD
x
x
x
x
x
x
x
x
1RPEUH 1RPEUHGHODHPSUHVDSDUDORVGDWRVGHHQYtR
5D]yQ6RFLDO
'LUHFFLyQ 'LUHFFLyQGHHQYtR
&yGLJR3RVWDO &yGLJRSRVWDOGHODGLUHFFLyQGHHQYtR
3URYLQFLD 3URYLQFLDHQODTXHVHHQFXHQWUDODGLUHFFLyQGHHQYtR
/RFDOLGDG /RFDOLGDGHQODTXHVHHQFXHQWUDODGLUHFFLyQGHHQYtR
3DLV 3DtVHQHOTXHVHHQFXHQWUDODGLUHFFLyQGHHQYtR
7HOpIRQRV 7HOpIRQRVGHODGLUHFFLyQGHHQYtR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
$ OD $WHQFLyQ GH 1RPEUH GH OD SHUVRQD GH FRQWDFWR SDUD HQYLDU OD
PHUFDQFtDDVXDWHQFLyQ
0(18&20(5&,$/(6
'HQWUR GH HVWD SDQWDOOD HQFRQWUDUHPRV GDWRV FRUUHVSRQGLHQWHV D ORV
GDWRVFRPHUFLDOHVFRPRVRQHOORVYHQGHGRUHVTXHYLVLWDQDOFOLHQWH5XWDD
ODTXHSHUWHQHFHSUHFLRDSOLFDEOHGHVFXHQWRVDSOLFDEOHVHWF
/RVFDPSRVTXHHQFRQWUDPRVHQHVWDSDQWDOODVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
x
&yGLJR &UpGLWR &DXFLyQ 3DUD DTXHOORV TXH DVHJXUDQ VXV RSHUDFLRQHV
FRPHUFLDOHV FRQ &UpGLWR \ &DXFLyQ GHEHQ LQGLFDU HO FyGLJR GH OD SyOL]D
TXHSHUWHQHFHDGLFKRFOLHQWH(VWHFyGLJRVDOGUiLPSUHVRHQORVDOEDUDQHV
\IDFWXUDVVLDVtVHSUHFLVD
7LSR 1HJRFLR &yGLJR GHO VHFWRU FRPHUFLDO R SURIHVLRQDO DO TXH
SHUWHQHFHHOFOLHQWH(VWHFyGLJRGHEHH[LVWLUHQHOILFKHURGH6HFWRUHVGHO
0HQ~FRPHUFLDO/DFODVLILFDFLyQGHFOLHQWHVSRUVHFWRUQRVSXHGHVHU~WLO
SDUD UHDOL]DU PDLOLQJ D ORV FOLHQWHV SHUWHQHFLHQWHV D XQ VHFWRU HFRQyPLFR
GHWHUPLQDGR
7LSR1HJRFLR &yGLJRXQVHJXQGRVHFWRUFRPHUFLDORSURIHVLRQDODOTXH
SXHGHSHUWHQHFHUHOFOLHQWH
7LSR 3DUWH 9HQWDV (Q HVWH FDPSR KD\ TXH LQGLFDU ORV GRV SULPHURV
GtJLWRV GHO ILFKHUR GH 3DUWH GH 9HQWDV DO TXH SHUWHQHFH HO FOLHQWH 9pDVH
3DUWHGH9HQWDV 9HQGHGRU &yGLJRGHOYHQGHGRUTXHYLVLWDKDELWXDOPHQWHDGLFKRFOLHQWH
(OFyGLJRLQGLFDGRGHEHUiH[LVWLUHQHOILFKHURGH9HQGHGRUHV
9HQGHGRU &yGLJR GHO VHJXQGR YHQGHGRU TXH YLVLWD KDELWXDOPHQWH D
GLFKR FOLHQWH 3XHGH XWLOL]DUVH SDUD LQGLFDU HO FyGLJR GHO YHQGHGRU TXH
FRUUHVSRQGHDOMHIHGH]RQD(QHVWHFDVRKD\TXHWHQHUHQFXHQWDTXHOD
FRPLVLyQTXHVHOOHYDHOYHQGHGRUVHFDOFXODUiGHODPLVPDIRUPDTXHVH
FDOFXOD SDUD HO YHQGHGRU /D ~QLFD GLIHUHQFLD HVWDUtD HQ HO IDFWRU GH
FRPLVLyQ (O FyGLJR LQGLFDGR HQ HVWH FDPSR GHEH H[LVWLU HQ HO ILFKHUR GH
9HQGHGRUHV
5XWD &yGLJRGHODUXWDDODTXHSHUWHQHFHHOFOLHQWH
0HQVDMH )DFWXUD (Q ODV IDFWXUDV GH FOLHQWHV VH SXHGHQ DJUHJDU GRV
PHQVDMHVXQRVHUtDJOREDOHVGHFLUSDUDWRGRVORVFOLHQWHV\VHFRQILJXUD
GHVGH 3DUiPHWURV GH OD(PSUHVD \ HO VHJXQGR HV SDUWLFXODU SDUD FDGD
FOLHQWH (O WH[WR GH HVWH VHJXQGR PHQVDMH HV HO TXH KD\ TXH LQGLFDU HQ
HVWHFDPSR
%DQFRGH3DJR GtJLWRVSHUWHQHFLHQWHVDOFyGLJRGHEDQFR\Q~PHURGH
VXFXUVDOGHODGRPLFLOLDFLyQEDQFDULDGHOFOLHQWH(OFyGLJRLQGLFDGRHQHVWH
FDPSR GHEH H[LVWLU HQ HO ILFKHUR GH (QWLGDGHV %DQFDULDV GHO VXEPHQ~
)LFKHURVGHOPHQ~7HVRUHUtD
1~PHURGH&XHQWD GtJLWRVGHODFXHQWDEDQFDULDGHOFOLHQWHSRUODFXDO
VH YDQ D UHDOL]DU ODV GRPLFLOLDFLRQHV EDQFDULDV (O GtJLWRGH FRQWURO OR
FDOFXODUiHOSURJUDPD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3UHFLR$SOLFDEOH ,QGLFDUHOSUHFLRDTXHVHDSOLFDUiDOFOLHQWH(QOD
ILFKDGHDUWtFXORVFRPR\DYLPRVKDEtDSUHFLRVSXHVELHQLQGLFDUHQHVWH
FDVR FXDO HV OD WDULID TXH VH DSOLFDUi DO FOLHQWH (Q HO FDVR GHLQGLFDU HVWDPRVLQGLFDQGRTXHVHDSOLFDUiHOSUHFLRGHFRVWR~OWLPR
'HVFXHQWR $SOLFDEOH ,QGLFDU HO WLSR GH GHVFXHQWR TXH VH DSOLFDUi DO
FOLHQWH (Q OD ILFKD GH DUWtFXORV SRGHPRV LQGLFDU SRUFHQWDMHV GH
GHVFXHQWRLQGLFDUFXDOHVHOTXHVHDSOLFDUiDOFOLHQWH
7LSRGH&OLHQWH ,QGLFDUHOWLSRGHFOLHQWHSDUDODWDEODGHGHVFXHQWRVGH
FOLHQWHV
'HVFXHQWR *OREDO 3RUFHQWDMH GH GHVFXHQWR TXH VH DSOLFDUi DO FOLHQWH
SRUGRFXPHQWR
3URPRFLRQHV (Q FDVR GH LQGLFDU 6 VH DSOLFDUiQ ODV RIHUWDV TXH VH
HQFXHQWUHQHQYLJRUHQFDVRGHLQGLFDU1QRVHDSOLFDUiQRIHUWDVDGLFKR
FOLHQWH
x
x
x
x
x
(QFXDQWRDWDULIDVSUHFLRVGHVFXHQWRVHWFKD\TXHWHQHUHQFXHQWDOR
VLJXLHQWH /RV GHVFXHQWRV VRQ DFXPXODEOHV HV GHFLU VL LQGLFDPRV DO
SUHFLR DSOLFDEOH XQ GHVFXHQWR DSOLFDEOH VH DSOLFDUi GLFKR GHVFXHQWR 6L
DGHPiV LQGLFDPRV HO WLSR GH FOLHQWH SDUD OD WDEOD GH GHVFXHQWRV VH
DSOLFDUiDOUHVXOWDGRGHODRSHUDFLyQDQWHULRUHOSRUFHQWDMHTXHLQGLTXHOD
WDEOD GH GHVFXHQWRV 6L DGHPiV LQGLFDPRV GHVFXHQWR JOREDO HQ HO
GRFXPHQWR HQ FXHVWLyQ VH DSOLFDUi HO GHVFXHQWR JOREDO LQGLFDGR 6L
DGHPiV HO FOLHQWH HV VXVFHSWLEOH GH UHFLELU RIHUWDV WDPELpQ VH DSOLFDUiQ
4XHGD SRU WDQWR HQ OD PDQR GHO XVXDULR DSOLFDU XQD UHJOD X RWUD XQ
PpWRGRXRWUR
3RUWHV 6HSRGUiQLQGLFDUORVVLJXLHQWHVYDORUHV
'HELGRV/RVSRUWHVVRQGHELGRVHVGHFLUFRUUHQSRUSDUWHGHOFOLHQWH
3DJDGRV/RVSRUWHVVRQSDJDGRVHVGHFLUFRUUHQSRUQXHVWUDSDUWH
,QFOXLGRVHQIDFWXUD/RVSRUWHORVSDJDHOFOLHQWH\DGHPiVVHGHWDOOD
HQIDFWXUD
(QHOFDVRGHTXHORVSRUWHVVHDQLQFOXLGRVHQIDFWXUDKDEUiTXHLQGLFDU
HOFyGLJR3 \HQGLFKDOtQHDVHLUiQVXPDQGRFDGDXQRGHORVFRQFHSWRV
GHSRUWHV
x (XURV[(QYtR (QHOFDVRGHTXHVHFREUHXQLPSRUWHILMRHQFDGDHQYtR
KD\TXHLQGLFDUGLFKRLPSRUWHHQHVWHFDPSR'HHVWHPRGRFXDQGRVH
WHFOHH HO FyGLJR SDUD SRUWHV3VHFDUJDUiHQODFROXPQDGHLPSRUWHVOD
FDQWLGDGLQGLFDGDHQHVWHFDPSR
x (XURV [%XOWR 6LDGHPiVGHFREUDUORVSRUWHVFREUDPRVSRUQ~PHURGH
EXOWRV GHEHPRV LQGLFDU GLFKR Q~PHUR HQ HO DODEDUiQ R IDFWXUD
PXOWLSOLFiQGRVH HO Q~PHUR GH EXOWRV SRU HO LPSRUWH LQGLFDGR HQ HVWH
FDPSR\VXPDQGRWRGRHOORDODFDQWLGDGLQGLFDGDHQ(XURV[
(QYtR
x 3DJDGRV D SDUWLU GH (Q HO FDVR GH TXH ORV SRUWHV VHDQ 3DJDGRV VL HO
DOEDUiQRIDFWXUDVXSHUDQXQLPSRUWHGDGRLQGLFDUHQHVWHFDPSRFXDOHV
GLFKRLPSRUWH
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
2),0$7,&$-$(16/
7UDQVSRUWLVWD &yGLJR GH WUDQVSRUWLVWD FRQ HO TXH VH HQYLDUiQ
KDELWXDOPHQWH ODV PHUFDQFtD D HVWH FOLHQWH (O FyGLJR LQGLFDGR HQ HVWH
FDPSRGHEHH[LVWLUHQHOILFKHURGH7UDQVSRUWLVWDV
3OD]R (QWUHJD 3OD]R HQ HO TXH KD\ FRPSURPLVR GH HQWUHJDU OD
PHUFDQFtD GHVGH OD FRQILUPDFLyQ GH SHGLGR H[SUHVDGR HQ GtDV (VWH
SOD]R VH SRGUi FRQWURODU GHVGH HO /LVWDGR GH 3HGLGRV 3HQGLHQWHV GHO
0HQ~9HQWDVRSFLyQ/LVWDGRV
0(18),1$1&,(526
(QHVWDSDQWDOODHQFRQWUDPRVORVGDWRVFRUUHVSRQGLHQWHVDODVIRUPDV
GHSDJRSHULRGRVGHIDFWXUDFLyQHWF
/RVFDPSRVTXHODFRPSRQHQVRQORVVLJXLHQWHV
x
x
x
x
x
¢&XHQWD EORTXHDGD" ,QGLFDQGR 6 HQ HVWH FDPSR VH LPSLGH TXH VH
SXHGD UHDOL]DU FXDOTXLHU GRFXPHQWR GH YHQWD D HVWH FOLHQWH 6H SXHGH
DSOLFDUSDUDFRQWURODUTXHDTXHOORVFOLHQWHVTXHWLHQHQFXHQWDVLPSDJDGDV
VLJDQDXPHQWDQGRVXGHXGD
)DFWXUD SRU $OEDUiQ ,QGLFDQGR 6 VH IDFWXUDUi FDGD DOEDUiQ SRU
VHSDUDGRHVGHFLUSRUFDGDDOEDUiQWHQGUHPRVXQDIDFWXUD,QGLFDQGR1
VH VXPDUiQ ORV DOEDUDQHV KDVWD TXH VHDQ VHOHFFLRQDGRV SDUD VHU
IDFWXUDGRV
1ž&RSLDV 1~PHURGHFRSLDVGHIDFWXUDTXHTXHUHPRVSDUDHVWHFOLHQWH
3HULRGR GH )DFWXUDFLyQ /RV SRVLEOHV YDORUHV VH HQFXHQWUDQ HO OD OLVWD
GHVSOHJDEOH\VRQORVVLJXHQWHV
6LHPSUH ,QGLFD TXH ORV DOEDUDQHV GH HVWH FOLHQWH VH SRGUiQ
VHOHFFLRQDUSDUDVHUIDFWXUDGRVVLHPSUHTXHVHKDJDXQDVHOHFFLyQGH
DOEDUDQHV
6 6HPDQDO ,QGLFD TXH ORV DOEDUDQHV GH HVWH FOLHQWH VyOR VH SRGUiQ
IDFWXUDU VL HQ HO SURFHVR GH VHOHFFLyQGHDOEDUDQHVVHLQGLFDTXHHO
SHULRGRGHIDFWXUDFLyQHV6HPDQDO
' 'HFHQDO ,QGLFD TXH ORV DOEDUDQHV GH HVWH FOLHQWH VyOR VH SRGUiQ
IDFWXUDU VL HQ HO SURFHVR GH VHOHFFLyQGHDOEDUDQHVVHLQGLFDTXHHO
SHULRGRGHIDFWXUDFLyQHV'HFHQDO
44XLQFHQDO,QGLFDTXHORVDOEDUDQHVGHHVWHFOLHQWHVyORVHSRGUiQ
IDFWXUDU VL HQ HO SURFHVR GH VHOHFFLyQGHDOEDUDQHVVHLQGLFDTXHHO
SHULRGRGHIDFWXUDFLyQHV4XLQFHQDO
0 0HQVXDO ,QGLFD TXH ORV DOEDUDQHV GH HVWH FOLHQWH VyOR VH SRGUiQ
IDFWXUDU VL HQ HO SURFHVR GH VHOHFFLyQGHDOEDUDQHVVHLQGLFDTXHHO
SHULRGRGHIDFWXUDFLyQHV0HQVXDO
7LSRGH,9$ /RVYDORUHVTXHVHSXHGHQLQGLFDUVHHQFXHQWUDQHQODOLVWD
GHVSOHJDEOH\VRQORVVLJXLHQWHV
6LQ,9$6HLQGLFDUiHVWHUpJLPHQGH,9$SDUDDTXHOORVFOLHQWHTXH
VH HQFXHQWUHQ (;(1726 GH ,9$ 3RU HMHPSOR FXDOTXLHU FOLHQWH TXH
SHUWHQH]FDDOD&RPXQLGDG(FRQyPLFD
5pJLPHQ 1RUPDO 6H LQGLFDUi HVWH WLSR D DTXHOORV FOLHQWHV TXH VH
HQFXHQWUHQHQHOUpJLPHQJHQHUDOGH,9$
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
5pJLPHQ GH (TXLYDOHQFLD 6H LQGLFDUi HVWH UpJLPHQ GH ,9$ D
DTXHOORV FOLHQWHV TXH FRPR VX QRPEUH LQGLFD VH HQFXHQWUHQ HQ
UpJLPHQGHHTXLYDOHQFLD0yGXORV
'LYLVD &yGLJRGHODGLYLVDFRQODTXHWUDEDMDKDELWXDOPHQWHHOFOLHQWH(Q
HO FDVR GH TXH OD GLYLVD TXH VH LQGLTXH VHD GLVWLQWD TXH OD TXH VH KD
LQGLFDGR FRPR GLYLVD EDVH HQ 3DUiPHWURV GH OD HPSUHVD \ GLVWLQWD GH OD
TXH VH KD LQGLFDGR FRPR 'LYLVD $OWHUQDWLYD ORV GRFXPHQWRV TXH VH
LPSULPDQ GH GLFKR FOLHQWH VDOGUiQ FRPSOHWDPHQWH HQ ORV YDORUHV
FRUUHVSRQGLHQWHV D OD GLYLVD LQGLFDGD HQ HVWH FDPSR 3RU HOOR HV PX\
LPSRUWDQWHTXHWDPELpQVHHQFXHQWUHDFWXDOL]DGRHOILFKHURGH'LYLVDV
'tD 3DJR 3ULPHU GtD SUHILMDGR GHO PHV HQ OD FXDO VH SRGUiQ SDVDU
UHFLERVEDQFDULRVDOFOLHQWH
'tD 3DJR 6HJXQGR GtD SUHILMDGR GHO PHV HQ OD FXDO VH SRGUiQ SDVDU
UHFLERVEDQFDULRVDOFOLHQWH
,PSRUWH PtQLPR D IDFWXUDU 3RGHPRV LQGLFDU XQD FDQWLGDG PtQLPD SRU
IDFWXUD HV GHFLU VL OD YHQWD HIHFWXDGD DO FOLHQWH QR VXSHUD XQ LPSRUWH
GHWHUPLQDGRVHSRGUiDSOLFDUXQJDVWRSRUQRVXSHUDUGLFKRPtQLPR(VWH
LPSRUWHDVXPDUVHLQGLFDUiHQHOVLJXLHQWHFDPSR(VWHFDPSRVyORWLHQH
HIHFWR HQ IDFWXUDV GLUHFWDV \D TXH HQ IDFWXUDV SRU DOEDUDQHV HO XVXDULR
SXHGHVHOHFFLRQDUODIDFWXUDFLyQSRULPSRUWHV
*DVWRV SRU 0tQLPR ,PSRUWH TXH VH DSOLFDUi D OD IDFWXUD GLUHFWD DO QR
VXSHUDU HO LPSRUWH GH YHQWD XQD FDQWLGDG GHWHUPLQDGD SRU HO LPSRUWH
LQGLFDGRHQHOFDPSRDQWHULRU
,PSXHVWR (VSHFLDO 61 ,QGLFDU 6 R 1 HQ HO FDVR TXH DO FOLHQWH VH OH
DSOLTXHQ ORV ,PSXHVWRV (VSHFLDOHV FRQILJXUDGRV HQ ORV 3DUiPHWURV GH OD
(PSUHVD
'HVJORVDU61 ,QGLFDU6R1HQHOFDVRTXHDOFOLHQWHVHOHPXHVWUHHO
GHVJORVHGHO,PSXHVWR(VSHFLDOHQ)DFWXUD
,PSXHVWR(VSHFLDO61 ,QGLFDU6R1HQHOFDVRTXHDOFOLHQWHVHOH
DSOLTXHQ ORV,PSXHVWRV (VSHFLDOHV FRQILJXUDGRV HQ ORV 3DUiPHWURV GH OD
(PSUHVD
'HVJORVDU61 ,QGLFDU6R1HQHOFDVRTXHDOFOLHQWHVHOHPXHVWUHHO
GHVJORVHGHO,PSXHVWR(VSHFLDOHQ)DFWXUD
3HULRGRVLQ9HQFLPLHQWRV 0HVHQHOFXDOQRVHDSOLFDUiQYHQFLPLHQWRV
DOFOLHQWH3RUHMHPSORVLXQFOLHQWHHVWiGHYDFDFLRQHVGXUDQWHHOPHVGH
$JRVWRQRUPDOPHQWHQRVHOHVVXHOHKDFHUJLURVHQHVHPHV,QGLFDQGRHO
PHV GH DJRVWR HQ HVWH FDPSR VL SRU HMHPSOR WHQHPRV XQD IDFWXUD HQ OD
TXHVHJLUDD\VLHOVHJXQGRYHQFLPLHQWRFDHHQDJRVWRHVWHVH
GHVSOD]DUiD6HSWLHPEUH\HOWHUFHURD1RYLHPEUH
/tPLWH )RUPD GH 3DJR ,PSRUWH KDVWD HO FXDO VH DSOLFDUi OD IRUPD GH
SDJR
)RUPD GH 3DJR )RUPD GH SDJR TXH VH DSOLFDUi VL OD IDFWXUD VH
HQFXHQWUDHQWUH\HOLPSRUWHGHOOtPLWHGHIRUPDGHSDJR
*DVWR )LQDQFLHUR 3RUFHQWDMH GH UHFDUJR ILQDQFLHUR TXH VH DSOLFDUi
FRQODIRUPDGHSDJR+D\TXHWHQHUHQFXHQWDTXHHQODSURSLDILFKDGH
ODIRUPDGHSDJRVHSXHGHLQGLFDUXQUHFDUJRILQDQFLHUR(QHOFDVRGHTXH
VH KD\D LQGLFDGR SRUFHQWDMH HQ DPERV FDPSRV VHUi HO LQGLFDGR HQ HVWH
FDPSRHOTXH VHDSOLFDUi
x
x
x
x
x
x
x
x
x
x
x
x
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6LQ JDVWRV VL PD\RU TXH (O UHFDUJR ILQDQFLHUR LQGLFDGR HQ HO FDPSR
DQWHULRU QR VH DSOLFDUi VL HO LPSRUWH GH OD IDFWXUD VXSHUD OD FDQWLGDG
LQGLFDGDHQHVWHFDPSR(QHOFDVRGHGHMDUDHVWHFDPSRLQGLFDTXHQR
VHWHQGUiHQFXHQWD
/tPLWH )RUPD GH 3DJR ,PSRUWH KDVWD HO FXDO VH DSOLFDUi OD IRUPD GH
3DJR VLHPSUH TXH HO LPSRUWH GH IDFWXUD KD\D VXSHUDGR HO OtPLWH GH OD
IRUPDGHSDJR
)RUPD GH 3DJR &yGLJR GH OD IRUPD GH SDJR TXH VH DSOLFDUi VL HO
LPSRUWHGHODIDFWXUDVHHQFXHQWUDHQWUHHOOtPLWHGHODIRUPDGHSDJR\HO
OtPLWHGHODIRUPDGHSDJR
*DVWR )LQDQFLHUR 3RUFHQWDMH GH UHFDUJR ILQDQFLHUR TXH VH DSOLFDUi
FRQODIRUPDGHSDJR
6LQ JDVWRV VL PD\RU TXH (O UHFDUJR ILQDQFLHUR QR VH DSOLFDUi VL HO
LPSRUWHGHODIDFWXUDVXSHUDODFDQWLGDGLQGLFDGDHQHVWHFDPSR
)RUPDGH3DJR )RUPDGHSDJRTXHVHDSOLFDUiVLHOLPSRUWHGHIDFWXUD
VXSHUDHOOtPLWHGHODIRUPDGHSDJR
*DVWR )LQDQFLHUR 3RUFHQWDMH GH UHFDUJR ILQDQFLHUR TXH VH DSOLFDUi
FRQODIRUPDGHSDJR
6LQ JDVWRV VL PD\RU TXH (O UHFDUJR ILQDQFLHUR LQGLFDGR HQ HO FDPSR
DQWHULRUQRVHDSOLFDUDVLHOLPSRUWHGHIDFWXUDVXSHUDODFDQWLGDGLQGLFDGD
HQHVWHFDPSR
x
x
x
x
x
x
x
x
0(18(&2120,&26
(Q HVWD SDQWDOOD YHUHPRV GDWRVHFRQyPLFRV\ORVGDWRVGHUiSSHOGHO
FOLHQWH/RVFDPSRVVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
x
)HFKD8OWLPD9HQWD )HFKDHQODTXHVHKL]ROD~OWLPDYHQWD)DFWXUDR
7LFNHWDOFOLHQWHHQHGLFLyQ
5LHVJR&RQFHGLGR ,PSRUWHOtPLWHGHULHVJRTXHVHOHFRQFHGHDOFOLHQWH
6DOGR&XHQWD 6DOGRGHODFXHQWDFRQWDEOH
(IHFWRVYLYRV ,PSRUWHTXHVXSRQHQORVHIHFWRTXHVHHQFXHQWUDQYLYRV
HV GHFLU ORV HIHFWRV TXH VH HQFXHQWUDQ UHPHVDGRV \ GLFKD UHPHVD HVWi
FRQWDELOL]DGDHVGHFLUORVHIHFWRVTXHVHHQFXHQWUDQHQFLUFXODFLyQ
,PSDJDGRV ,PSRUWH TXH VXSRQHQ ORV HIHFWRV TXH KDQ VLGR PDUFDGRV
FRPRLPSDJDGRVHVGHFLUVHKDQLQWURGXFLGRHQHOILFKHURGH,PSDJDGRV
$OEDUDQHV 3HQGLHQWHV GH )DFWXUDU ,PSRUWH TXH VXPDQ ORV DOEDUDQHV
TXHHVWiQSHQGLHQWHVGHIDFWXUDU
3HGLGRV 3HQGLHQWHV ,PSRUWH TXH VXPDQ ORV SHGLGRV GHO FOLHQWH TXH
HVWiQSHQGLHQWHVGHVHUYLU
1ž $OEDUDQHV 3HQGLHQWHV 1~PHUR GH DOEDUDQHV GH HVWH FOLHQWH TXH
HVWiQSHQGLHQWHVGHIDFWXUDU
1ž 3HGLGRV 3HQGLHQWHV 1~PHUR GH SHGLGRV GH HVWH FOLHQWH TXH HVWiQ
SHQGLHQWHVGHVHUYLU
O VLJXLHQWH
'LVSRQLEOH ,PSRUWH GLVSRQLEOH (VWH LPSRUWH VH REWLHQH GHD
PDQHUD 'LVSRQLEOH /LP5LHVJR± 5LHVJR UHDO 6LHQGR 5LHVJR UHDO 2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
6DOGR FRQWDEOH (IHFWRV YLYRV ,PSDJDGRV ,PSRUWH $OEDUDQHV
3HQGLHQWHV (Q FDVR GH TXH HO GLVSRQLEOH VH HQFXHQWUH H[FHGLGR
DSDUHFHUiHQFRORUURMR$GHPiVGHVGHODVSDQWDOODVGHYHQWDVVHDYLVDUi
FRQXQPHQVDMHGHSDQWDOOD\FRQXQWH[WRHQURMRLQWHUPLWHQWH
'HVGH )HFKD )HFKD HQ OD TXH FRPLHQ]D HO SOD]R LPSXWDEOH SDUD HO
FiOFXORGHUiSHOHV
+DVWD)HFKD )HFKDHQODTXHILQDOL]DHOSOD]RLPSXWDEOHSDUDHOFiOFXOR
GHUiSHOHV
,PSRUWH &RPSUD /tPLWH KDVWD HO FXDO VH DSOLFDUi HO SRUFHQWDMH GH
UiSSHOLQGLFDGRHQHOFDPSRVLJXLHQWH
5DSSHO 3RUFHQWDMH GH UiSSHO TXH VH DSOLFDUiQ VL ORV LPSRUWHV GH
YHQWDDOFOLHQWHVHHQFXHQWUDQHQWUHHOOtPLWHSHVHWDVFRPSUDV\HOOtPLWH
GHSHVHWDVFRPSUDV
3UHPLR ,QFHQWLYR D DSOLFDU VL VH FRQVLJXHQ ORV REMHWLYRV GHO SULPHU
HVFDODGR
)RUPD )RUPDHQODTXHVHDSOLFDUiHOSRUFHQWDMHGHUiSSHOLQGLFDGRHQ
HVWH SULPHU HVFDOGR 6H SRGUi DSOLFDU GH IRUPD LQGHSHQGLHQWH HV GHFLU
LQGHSHQGLHQWHPHQWHGHTXHVHFRQVLJDQVXSHUDURWURVOtPLWHVRELHQVH
DFXPXODUiQFRQRWURVREMHWLYRVLQGLFDGRVHQORVVLJXLHQWHVHVFDODGRV
,PSRUWH&RPSUD /tPLWHKDVWDHOFXDOVHDSOLFDUiHOSULPHUSRUFHQWDMH
GHUiSSHO\DSDUWLUGHOFXDOVHDSOLFDUiHOVHJXQGRSRUFHQWDMHGHUiSSHO
5DSSHO 3RUFHQWDMH TXH VH DSOLFDUi VL ODV YHQWDVD GLFKR FOLHQWH VH
HQFXHQWUDQ HQWUH HO OtPLWH LQGLFDGR HQ HVWH FDPSR \ HO OtPLWH 3HVHWDV
FRPSUDV
3UHPLR ,QFHQWLYR D DSOLFDU VL VH FRQVLJXHQ ORV REMHWLYRV GHO VHJXQGR
HVFDODGR
)RUPD )RUPDHQODTXHVHDSOLFDUiHOSRUFHQWDMHGHUiSSHOELHQGH
IRUPD$FXPXODGDELHQGHIRUPDLQGHSHQGLHQWH
,PSRUWH &RPSUD /tPLWH D SDUWLU GHO FXDO VH DSOLFDUi HO SRUFHQWDMH GH
UiSSHOLQGLFDGRHQHOFDPSRVLJXLHQWH
5DSSHO 3RUFHQWDMH GH UiSSHO D DSOLFDU VL ODV YHQWDV GHO FOLHQWH
VXSHUDQHOOtPLWHLQGLFDGRHQHOFDPSRDQWHULRU
3UHPLR ,QFHQWLYRTXHVHSXHGHDSOLFDUVLVHFRQVLJXHQORVREMHWLYRVGH
WHUFHUHVFDODGR
)RUPD )RUPDHQODTXHVHDSOLFDUiHOSRUFHQWDMHGHUiSSHOELHQGH
IRUPD LQGHSHQGLHQWH UHVSHFWR D ORV HVFDODGRV DQWHULRUHV ELHQ GHIRUPD
DFXPXODGD
0(1835(6838(67$5,$
(Q OD SDQWDOOD GH 3UHVXSXHVWDULD HQFRQWUDUHPRV GDWRV
FRUUHVSRQGLHQWHVDHVWDGtVWLFDVGHYHQWDV\EHQHILFLRVUHSRUWDGRVSRUHO
FOLHQWH $GHPiV VH SRGUiQ LQWURGXFLU ODV YHQWDV SUHVXSXHVWDGDV SDUD HO
FOLHQWH TXH VH HQFXHQWUD HQ HGLFLyQ 3DUD OD HQWUDGD GH 3UHVXSXHVWDULD
EDVWD FRQ KDFHU FOLFN HQ HO ERWyQ(QWUDGD GH 'DWRV 1RV DSDUHFH XQ
FXDGURGHWH[WRHQHOFXDOSRGHPRVLQWURGXFLUODVFDQWLGDGHVGHVHDGDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/DV FROXPQDV GH OD HVWDGtVWLFD VH FRUUHVSRQGHQ FRQ ODV YHQWDV GH
O
HMHUFLFLRDQWHULRUYHQWDVSUHVXSXHVWDGDV\YHQWDVGHOHMHUFLFLRDFWXDODVt
FRPR OD GHVYLDFLyQ WDQWR HQ SHVHWDV FRPR HQ SRUFHQWDMH GH ODV YHQWDV
DFWXDOHV FRQ UHVSHFWR DO HMHUFLFLR DQWHULRU \ GH ODV YHQWDV DFWXDOHV FRQ
UHVSHFWRDORTXHVHKDSUHVXSXHVWDGR
+DFLHQGR FOLFN HQ HO ERWyQ %HQHILFLRV YHUHPRV ORV GDWRV
FRUUHVSRQGLHQWHVDORVEHQHILFLRVJHQHUDGRVSRUODVYHQWDVGHOFOLHQWH(Q
HVWH FDVR OD FRPSDUDWLYD VH UHDOL]D FRQ ORV EHQHILFLRV JHQHUDGRV HQ HO
HMHUFLFLRDQWHULRU
0(18&$0326'(),1,%/(6
(Q HVWD SDQWDOOD VH UHDOL]DUi OD HQWUDGD PRGLILFDFLyQ \ FRQVXOWD GH
GDWRV FRUUHVSRQGLHQWHV D ORV FDPSRV GHILQLEOHV GH FOLHQWHV TXH VH
GHILQLHURQHQ3DUiPHWURVGHODHPSUHVD
1RWDVH,PDJHQ
(QHVWDSDQWDOODWHQGUHPRVDOPDFHQDGRVORVGDWRVFRUUHVSRQGLHQWHVD
REVHUYDFLRQHV\IRWRRLPDJHQGHOFOLHQWH(QFXDQWRDODVREVHUYDFLRQHV
GHFLU TXH HO FDPSR QR WLHQH OtPLWH GH FDUDFWHUHV HV GHFLU SRGHPRV
LQWURGXFLUWRGRHOWH[WRTXHGHVHHPRV(QFXDQWRDODLPDJHQSRGHPRV
LQWURGXFLUHQHOODFXDOTXLHULPDJHQRIRWRTXHWHQJDUHODFLyQFRQHOFOLHQWH
SDUDHOORGHEHPRVWHQHUHQHOSRUWDSDSHOHVODLPDJHQGHVHDGD\SXOVDU
HQHOERWyQ&DSWXUDU/DLPDJHQVHJXDUGDUiHQXQDFDUSHWD)2726QQQ
GRQGHQQQHVHOQ~PHURGHODHPSUHVDHQODTXHQRVHQFRQWUDPRV\
FRQ
HOQRPEUHGHDUFKLYRLJXDODOFyGLJRGHOFOLHQWHTXHWHQHPRVHQHGLFLyQ
/DLPDJHQVHJXDUGDHQIRUPDWRELQDULRFRQHOILQGHTXHRFXSHHOPHQRU
HVSDFLRGHGLVFRSRVLEOH3DUDHOLPLQDUODLPDJHQKDFHUFOLFNHQHOERWyQ
%RUUDU
2WUDV&XHQWDV&RQWDEOHV
(VWHILFKHURDOPDFHQDUiODVFXHQWDVFRQWDEOHV GHOVLVWHPDTXHVHDQGLVWLQWDV
GHODVFXHQWDV GHFOLHQWHV\SURYHHGRUHVFRPRSRUHMHPSORODFXHQWDGH
FDMDODVFXHQWDV GHORVEDQFRVODVFXHQWDVGHFRPSUDV\YHQWDVVLXVDPRV
FRQWDELOLGDGDQDOtWLFDHWF/DVFXHQWDVTXHVHGHQGHDOWDVHUiQ
DX[LOLDUHVQLYHODX[LOLDUGtJLWRV
/DVFXHQWDV TXHVHGHQGHDOWDHQHVWHILFKHURVHGDUiQGHDOWD
WDPELpQHQFRQWDELOLGDG'HOPLVPRPRGRVHUHIOHMDUiHQFRQWDELOLGDG
FXDOTXLHUFDPELRTXHVHUHDOLFHHQHVWDVFXHQWDV
/DSDQWDOODSDUDHO$OWDGH2WUDV&XHQWDV&RQWDEOHV HVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/RVFDPSRVTXHHQFRQWUDPRVHQHVWHPDQWHQLPLHQWRVRQORV
VLJXLHQWHV
x
x
x
x
x
x
x
x
x
&yGLJR &yGLJRGHODFXHQWDFRQWDEOHTXHVHYDDGDUGHDOWD/DFXHQWD
FRQVWDGHGtJLWRV\WLHQHODIRUPD0000'''1111HQODTXH0LQGLFD
OD FXHQWD GH PD\RU ' OD GHOHJDFLyQ D OD TXH SHUWHQHFH OD FXHQWD \ 1 HO
QXPHUDGRUGHQWURGHFDGDJUXSR
1RPEUH 7tWXORRQRPEUHGHODFXHQWD
'LUHFFLyQ 'LUHFFLyQGHODFXHQWD
&yGLJR 3RVWDO &yGLJR SRVWDO TXH FRUUHVSRQGH D OD GLUHFFLyQ GH OD
FXHQWD
3URYLQFLD 3URYLQFLDDODTXHSHUWHQHFHODGLUHFFLyQGHODFXHQWD
/RFDOLGDG 0XQLFLSLR HQ OD TXH VH HQFXHQWUD OD GLUHFFLyQ GH OD FXHQWD
FRQWDEOH
3DLV 1DFLRQDOLGDGGHODFXHQWD
&LI1LI (QHOFDVRGHTXHODFXHQWDFRUUHVSRQGDDXQDHQWLGDGEDQFDULD
DFUHHGRU HWF TXH SXHGD UHSUHVHQWDU D XQD HQWLGDG R SHUVRQD ItVLFD
LQGLFDU HO &LI RHO1LITXHOHFRUUHVSRQGD(QHOFDVRGHLQGLFDUXQ1LIHO
SURJUDPDFDOFXODUiODOHWUDGHFRQWUROGHGLFKR1LI
'LYLVD %DVH 'LYLVD HQ OD TXH VH FRQWDELOL]DUiQ ORV DSXQWHV
FRUUHVSRQGLHQWHVDHVWDFXHQWD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3UHFLRV(VSHFLDOHV&OLHQWHV
(QHVWDSDQWDOODVHDOPDFHQDUiQORVSUHFLRV HVSHFLDOHV TXHKDJDPRVD
QXHVWURV FOLHQWHV /D HQWUDGD GH HVWRV GDWRV VH SRGUiQ UHDOL]DU
PDQXDOPHQWHHQHVWDSDQWDOODDXWRPiWLFDPHQWHLQWURGXFLHQGRORVSUHFLRVGH
OD~OWLPDIDFWXUDRELHQGHVGHODSDQWDOODGHYHQWDV\HQHOPLVPRPRPHQWR
HQHOTXHHVWHPRVDSOLFDQGRGLFKRSUHFLR(VWRVSUHFLRVVHSRGUiQDJUHJDU
PRGLILFDU ERUUDU R OLVWDU /D SDQWDOOD TXH QRV SUHVHQWD HVWD JHVWLyQ HV OD
VLJXLHQWH
x
x
x
x
&OLHQWH &yGLJRGHFOLHQWHDOTXHVHDSOLFDUiHOSUHFLRHVSHFLDO
$UWtFXOR &yGLJRGHODUWtFXORGHOFXDOVHDSOLFDUiHOSUHFLRHVSHFLDO
3UHFLR 3UHFLRTXHVHFRQVLGHUDUiFRPRHVSHFLDOSDUDHVWHFOLHQWH
3XOVDQGR HQ HO ERWyQ8OWLPR 3UHFLR 9HQWD VH SRQGUi HQ HO FDPSR
3UHFLR HO SUHFLR DO TXH VH YHQGLy SRU ~OWLPD YH] HO DUWtFXOR TXH VH KD
LQGLFDGRHQSDQWDOOD
$VXPLU 7RGRV ORV 3UHFLRV (VSHFLDOHV GHO &OLHQWH 0DUFDQGR HVWD
RSFLyQ \ SXOVDQGR VREUH HO ERWyQ$680,5 VH DVXPLUi FRPR 3UHFLR
(VSHFLDOHO3UHFLRGHO&OLHQWHTXHVHGHWDOOHHQHOFDPSR&/,(17(
6L\DH[LVWLHUDXQ3UHFLR(VSHFLDOHQHVH&OLHQWHHQHGLFLyQ\UHODFLRQDGR
FRQDOJ~QDUWLFXORQRVHDVXPLUiGLFKR3UHFLR(VSHFLDO\DTXHUHVSHWDUtD
HOH[LVWHQWH
3DUD UHDOL]DU HO OLVWDGR GH SUHFLRV HVSHFLDOHV EDVWDUi FRQ KDFHU FOLFN
HQODEDUUDGHKHUUDPLHQWDVHQHOLFRQR
(OILOWURGHVHOHFFLyQSDUDGLFKROLVWDGRVHUiHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
2),0$7,&$-$(16/
'HVGH&OLHQWH ,QGLFDUHOFyGLJRGHOFOLHQWHGHVGHHOFXDOTXHUHPRVTXH
QRVPXHVWUHHOOLVWDGRGH3UHFLRV(VSHFLDOHV
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHOFOLHQWHGHVGHHOFXDOTXHUHPRVTXH
QRVPXHVWUHHOOLVWDGRGH3UHFLRV (VSHFLDOHV
'HO$UWLFXOR 1RVPRVWUDUiWRGRVDTXHOORVFOLHQWHVTXHWLHQHQXQSUHFLR
HVSHFLDOFRQHOFyGLJRGHO$UWLFXORLQWURGXFLGRHQGLFKRFDPSR
'HVGH9HQGHGRU ,QGLFDUHOFyGLJRGHOYHQGHGRUGHVGHHOFXDO
TXHUHPRVTXHQRVPXHVWUHHOOLVWDGRGH3UHFLRV(VSHFLDOHV TXHKD\DQ
WHQLGRDOJXQDYHQWD'HVGH+DVWDHOFOLHQWH\FRQHODUWtFXORHVSHFLILFDGR
HQHOILOWUR
'HVGH9HQGHGRU ,QGLFDUHOFyGLJRGHOYHQGHGRUKDVWDHOFXDOTXHUHPRV
TXHQRVPXHVWUHHOOLVWDGRGH3UHFLRV(VSHFLDOHV TXHKD\DQWHQLGRDOJXQD
YHQWD'HVGH+DVWDHOFOLHQWH\FRQHODUWtFXORHVSHFLILFDGRHQHOILOWUR
(OOLVWDGRGH3UHFLRV (VSHFLDOHV GH&OLHQWHVUHVXOWDQWHVHUiHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUWHGH9HQWDV
(OSDUWHGHYHQWDV WLHQHFRPRILQDOLGDGHOPRVWUDUQRVGHIRUPDFyPRGD
\IiFLOODLQIRUPDFLyQFRUUHVSRQGLHQWHDODVYHQWDVGHODHPSUHVD3DUDH
OOR
GLYLGLUHPRVQXHVWUDVYHQWDVHQFDQDOHVGHYHQWD(VWRVFDQDOHVGHYHQWDVH
GLYLGHQDVXYH]HQFDQDOHVGHYHQWDGHFOLHQWHV\HQFDQDOHVGHYHQWDGH
DUWtFXORV'HHVWHPRGRSRGHPRVFRPELQDUHVWRVFDQDOHVSDUDFUHDUILFKHURV
HQORVTXHDOPDFHQDUODVYHQWDVFRVWRVEHQHILFLRV\GHVFXHQWRVTXHVHKDQ
SUDFWLFDGRHQFDGDXQRGHHVWRVILFKHURV3RQJDPRVXQHMHPSORSDUDKDFHU
PiVSUiFWLFDHVWDH[SOLFDFLyQ6XSRQJDPRVTXHWHQHPRVGRVWLSRVGH
FOLHQWHVEiVLFRVDTXHOORVFOLHQWHVTXHWLHQHQFXHQWD\TXHVHOHVV
XHOH
YHQGHUDFUpGLWR\SRURWURODGRWHQHPRVORVFOLHQWHVGHSDVR3RURWURODGR
HQFXDQWRDORVDUWtFXORVVXSRQJDPRVTXHWHQHPRVHQHOFDVRGH2ILPiWLFD
-DpQ,PSUHVRUDVRUGHQDGRUHVSURJUDPDVHWF3RGHPRVSRUWDQWR
FRPELQDUHVWRVFDQDOHVSDUDFUHDUQRVORVILFKHURVGHSRUHMHPSOR9HQWDV
GH2UGHQDGRUHVDOFRQWDGR9HQWDVGH2UGHQDGRUHVD&UpGLWR9HQWDGH
,PSUHVRUDVDOFRQWDGRHWF/DLGHDHVGLYLGLUQXHVWURFDQDOHVGHFOLHQWHV\
GHDUWtFXORVHQXQRVFXDQWRVDSDUWDGRVQRPXFKRVSRUTXHVLQRSH
UGHUtDOD
LGHDGHODUDSLGH]'HHVWHPRGRODQ]DQGRXQSHTXHxROLVWDGRYHUHPRVOD
HYROXFLyQGHQXHVWURQHJRFLRGtDDGtD\PHVDPHV
/DSDQWDOODTXHSUHVHQWDHVWHILFKHURHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
2),0$7,&$-$(16/
*UXSR &yGLJRGHOJUXSR(VWHFyGLJRFRQVWDGHORVGRVGtJLWRVGHVH
LQGLFDURQHOODILFKDGDWRVFRPHUFLDOHVGHO&OLHQWH\ORVGRVGtJLWRVTXH
VHLQGLFDURQHQODILFKDGHODUWtFXOR
1RPEUH 1RPEUHFRQHOTXHVHLGHQWLILFDHOJUXSRGHYHQWDV
(OUHVWRGHODSDQWDOODQRVSUHVHQWDODHVWDGtVWLFDGHYHQWDVGHHOJUXSR
TXHVHHQFXHQWUDHQHGLFLyQ(QHOODHQFRQWUDPRVODVFROXPQDVGH9HQWDV
&RVWR'HVFXHQWRV\%HQHILFLRVGHOJUXSRHQHGLFLyQ(QODVILODVYHPRVTXH
HVWDHVWDGtVWLFDODYHUHPRVSDUDHOGtDRGtDVGHVGHTXHVHUHDOL]yHO~OWLPR
FLHUUHFDGDXQRGHORVPHVHV\HOWRWDOGHHMHUFLFLR
3DUD HO FLHUUH GHO GtD XWLOL]DU HO PHQ~ 8WLOLGDGHV &LHUUH GHO GtD R VX
FRUUHVSRQGLHQWHLFRQRHQODEDUUDGH+HUUDPLHQWDV
3DUD UHDOL]DU OLVWDGRV GHO SDUWH GH YHQWDV KDFHU FOLFN HQ HO ERWyQ
/LVWDGRV/DSDQWDOODTXHDSDUHFHHVODVLJXLHQWH
(O OLVWDGR VH SRGUi RUGHQDU SRU JUXSR GH FOLHQWH R ELHQ SRU JUXSR GH
DUWtFXOR6HSRGUiUHDOL]DUILOWURGHVGHXQJUXSRGHYHQWDVKDVWDRWURHLQGLFDU
HO PHV GHO FXDO TXHUHPRV HO OLVWDGR (Q HO FDVR GH TXH TXHUDPRV YHU HO
HMHUFLFLR FRPSOHWR VHOHFFLRQDU ± (MHUFLFLR FRPSOHWR \ HQ HO FDVR GH TXH
TXHUDPRVYHUVyORORFRUUHVSRQGLHQWHDOGtDVHOHFFLRQDU± 9HQWDV'tD
7DEOD'HVFXHQWRVD&OLHQWHV
/DWDEODGHGHVFXHQWRV DFOLHQWHV FRPRVXQRPEUHLQGLFDHVHOILFKHUR
HQHOTXHGHILQHQORVGHVFXHQWRVDFOLHQWHVDWHQGLHQGRDOWLSRGHFOLHQWH\HO
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
WLSRGHDUWtFXORTXHVHHVWiYHQGLHQGR(OWLSRGHFOLHQWHVHLQGLFDHQODILFKD
GH&OLHQWHVHQHOPHQ~&RPHUFLDOHV(OWLSRGHDUWtFXORVHLQGLFDHQODILFKD
GHODUWtFXORHQHOPHQ~3UHFLRV
(VWHILFKHURIXQFLRQDFRPRXQHMHFDUWHVLDQRFXDQGRVHFUX]DXQWLSR
GHFOLHQWHFRQXQWLSRGHDUWtFXORVHDSOLFDUiHOGHVFXHQWRTXHVHHQFXHQWUH
HQHOFUXFH(OSRUFHQWDMHDDSOLFDUVHUiQRUPDOPHQWHXQGHVFXHQWRVLDVtVH
LQGLFy HQ 'DWRV &RPHUFLDOHV GH 3DUiPHWURV GH OD HPSUHVD WDPELpQ VH
SRGUi XWLOL]DU SDUD DSOLFDU SUHFLRV 1HWRV R ELHQ SDUD DSOLFDU XQ PDUJHQ GH
EHQHILFLR
&RPR UHVXOWDGR GHO FUXFH GH HVWH ILFKHUR FDGD YH] TXH VH DJUHJXH
XQDOtQHDDXQGRFXPHQWRGHYHQWDVLH[LVWHXQUHJLVWURSDUDHOFOLHQWHGHOD
YHQWD\SDUDHODUWtFXORLQGLFDGRVHDSOLFDUiHOGHVFXHQWRFRUUHVSRQGLHQWH
/DFDPSRVTXHDSDUHFHQHQHVWDSDQWDOODVRQORVVLJXLHQWHV
x
x
x
7LSRGH&OLHQWH 7LSRGHFOLHQWHSDUDHOTXHVHDSOLFDUiHOSRUFHQWDMHGH
GHVFXHQWR&DPSR2EOLJDWRULR
7LSRGH$UWtFXOR 7LSRGHDUWtFXORSDUDHOTXHVHDSOLFDUiHOSRUFHQWDMHGH
GHVFXHQWR&DPSR2EOLJDWRULR
'HVFXHQWR 3RUFHQWDMHGHGHVFXHQWRDDSOLFDU
/RVGHVFXHQWRV LQGLFDGRVHQHVWHILFKHURVHSRGUiQOLVWDURUGHQDQGRHO
OLVWDGR ELHQ SRU HO WLSR GH FOLHQWH ELHQ SRU HO WLSR GH DUWtFXOR (Q OD
SDQWDOOD GH OLVWDGRV VH SUHJXQWD VL VH GHVHD UHDOL]DU HO FUXFH FRQ HO
ILFKHUR GH DUWtFXORV HVWH FUXFH VH UHDOL]DUi HQ HO FDVR GH TXH VH KD\D
KHFKRFRLQFLGLUHOWLSRGHFOLHQWHFRQORVFXDWUR~OWLPRVGtJLWRVGHOFyGLJR
GH FOLHQWH \ HO WLSR GH DUWtFXOR FRQ HO FyGLJR GH VXEIDPLOLD DO TXH
SHUWHQHFHHODUWtFXOR
8QD SUiFWLFD KDELWXDO HV SRU WDQWR OD GH KDFHU FRLQFLGLU HO WLSR GH
DUWtFXORFRQHOFyGLJRGHVXEIDPLOLDDOTXHSHUWHQHFHHODUWtFXORGHPRGR
TXHVHFUHHQGHVFXHQWRVSRUVXEIDPLOLDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
7DEODGH'HVFXHQWRVGH3URYHHGRUHV
&RPRVXQRPEUHLQGLFDHQHVWHILFKHURHQFRQWUDUHPRVORVGHVFXHQWRV
TXHQRVKDFHQORVSURYHHGRUHV(OIXQFLRQDPLHQWRHVLJXDODOGHODWDEODGH
GHVFXHQWRV DFOLHQWHV3DUDDTXHOORVDORVTXHRVUHVXOWHGLItFLOHOFODVLILFDUD
ORV SURYHHGRUHV FRQ DUUHJOR D ORV SRVLEOHV GHVFXHQWRV SRGpLV FRQWHPSODU
GLFKRV GHVFXHQWRV HQ OD ILFKD GH DUWtFXORV HQ HO PHQ~ 3UHFLRV SDQWDOOD
0iUJHQHV\GHVFXHQWRV
/RVFDPSRVTXHQRVDSDUHFHQHQHVWDSDQWDOODVRQORVVLJXLHQWHV
x
x
x
7LSR 3URYHHGRU 7LSR GH SURYHHGRU TXH QRV SURSRUFLRQD HO GHVFXHQWR
&DPSR2EOLJDWRULR1XPpULFR
7LSR GH $UWtFXOR 7LSR GH DUWtFXOR DO TXH VH DSOLFDUi HO GHVFXHQWR
&DPSR2EOLJDWRULR1XPpULFR
'HVFXHQWR 3RUFHQWDMHGHGHVFXHQWRDDSOLFDU
/RVGHVFXHQWRV LQGLFDGRVHQHVWHILFKHURVHSRGUiQOLVWDURUGHQDQGRHO
OLVWDGR ELHQ SRU HO WLSR GH SURYHHGRU ELHQ SRU HO WLSR GH DUWtFXOR 8QD
SUiFWLFD KDELWXDO HV KDFHU FRLQFLGLU HO WLSR GH DUWtFXOR FRQ HO FyGLJR GH
VXEIDPLOLDDOTXHSHUWHQHFHHODUWtFXORGHPRGRTXHVHFUHHQGHVFXHQWRV
SRUVXEIDPLOLDV
2EUDV
(Q DOJXQRV VHFWRUHV VREUH WRGR HO GH OD FRQVWUXFFLyQ \ DILQHV VH
VXHOHQ FODVLILFDU ODV YHQWDV DWHQGLHQGR D OD REUD D OD TXH VH VXPLQLVWUD OD
PHUFDQFtD 'H HVWH PRGR VH SXHGHQ FRQWURODU ORV DOEDUDQHV GH XQ PLVPR
FOLHQWHGLIHUHQFLDQGRSRUREUDV'HVGHHOSURFHVRGHVHOHFFLyQGH$OEDUDQHV
SDUDIDFWXUDUVHWHQGUiHQFXHQWDODIDFWXUDFLyQSRUREUDV
/DSDQWDOODTXHQRVDSDUHFHHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/RVFDPSRVTXHDSDUHFHQHQHVWDSDQWDOODVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
&yGLJR &yGLJRGHODREUD&DPSRQXPpULFR2EOLJDWRULR
'HVFULSFLyQGHOD2EUD %UHYHGHVFULSFLyQRQRPEUHGHODREUD
'LUHFFLyQ 'LUHFFLyQHQODTXHVHHQFXHQWUDXELFDGDODREUD
&yGLJR3RVWDO &yGLJRSRVWDOTXHVHFRUUHVSRQGHFRQODGLUHFFLyQGHOD
REUD
3URYLQFLD 3URYLQFLDHQODTXHVHHQFXHQWUDXELFDGDODREUD
/RFDOLGDG 0XQLFLSLRHQHOTXHVHHQFXHQWUDXELFDGDODREUD
)DFWXUDU $OEDUDQHV 'HVGH HVWH FDPSR SRGHPRV LQGLFDU VL OD REUD VH
HQFXHQWUDDELHUWDRFHUUDGDHVGHFLUVLVHSXHGHQIDFWXUDUORVDOEDUDQHV
R QR (VWH FDPSR VH WHQGUi HQ FXHQWD D OD KRUD GH OD VHOHFFLyQ GH ORV
DOEDUDQHVDIDFWXUDU
(VFDQGDOORV
(QHOILFKHURGHHVFDQGDOORVWHQHPRVHOPDQWHQLPLHQWRGHODVILFKDVGH
DUWtFXORV TXH WLHQH GHVFRPSRVLFLyQ HV GHFLU VH FRPSRQHQ GH RWURV
DUWtFXORV3RUHMHPSORXQNLWPXOWLPHGLDVHSXHGHFRPSRQHUGHXQDWDUMHWDGH
VRQLGRGRVDOWDYRFHV\XQOHFWRUFGURPHWF'HVGHHVWHILFKHURVHGDUiHO
DUWtFXORGHDOWDDXWRPiWLFDPHQWHHQHOILFKHURGHDUWtFXORVSRUHOORKD\TXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
WHQHUHQFXHQWDTXHHOSURJUDPDORGDUiGHDOWDFRPR&RPSXHVWRHVGHFLU
XQ DUWtFXOR TXH QR H[LVWH FRPR WDO \ SRU OR WDQWR QR WLHQH FRQWURO GH
H[LVWHQFLDV (Q FDVR GH TXH TXHUDPRV FRQWURODU HOVWRFN JHQHUDOPHQWH HV
SRU TXH KD\ XQ SURFHVR GH IDEULFDFLyQKD\TXHPRGLILFDUPDQXDOPHQWHOD
ILFKD GHO DUWtFXOR \ FDPELDU HO FDPSR &RPSXHVWR D )DEULFDGR \ SDVDUOR
SRVWHULRUPHQWH SRU HO 3XHQWH GH )DEULFDFLyQ SURFHVR TXH GDUi GH EDMD HQ
DOPDFpQ ODV H[LVWHQFLDV LQGLFDGDV GH ORV DUWtFXORV FRPSRQHQWHV \ GDUi GH
DOWD OD FDQWLGDG LQGLFDGD GHO DUWtFXOR IDEULFDGR EDViQGRVH HQ HVWD ILFKD GH
HVFDQGDOOR
/DSDQWDOODGHHVFDQGDOORVHVODVLJXLHQWH
x
x
x
x
x
x
&yGLJR &yGLJR GH OD ILFKD HVFDQGDOOR(VWH PLVPR FyGLJR VH GDUi GH
DOWDHQHOILFKHURGHDUWtFXORV&DPSRDOIDQXPpULFR&DPSRREOLJDWRULR
'HFULSFLyQ 1RPEUHRGHVFULSFLyQEUHYHGHOHVFDQGDOOR
/tQHD 1~PHURGHOtQHDTXHFRUUHVSRQGHDODOtQHDHQHGLFLyQ
&yGLJR &yGLJRGHODUWtFXORTXHIRUPDUiSDUWHGHOHVFDQGDOOR
'HVFULSFLyQ 'HVFULSFLyQGHODUWtFXORTXHIRUPDUiSDUWHGHOHVFDQGDOOR
8QLGDGHV &DQWLGDG GHO DUWtFXOR LQGLFDGR TXH IRUPDUi SDUWH GHO
HVFDQGDOOR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
2),0$7,&$-$(16/
3RUFHQWDMH 7DQWRSRUFLHQWRTXHUHSUHVHQWDHODUWtFXORLQWURGXFLGR
2EVHUYDFLRQHV (QHVWHFDPSRSRGHPRVLQGLFDUFXDOTXLHUREVHUYDFLyQR
QRWDDFHUFDGHODGHVFRPSRVLFLyQ
(Q HVWD SDQWDOOD HQFRQWUDPRV GRV XWLOLGDGHV &RSLDU3HJDU )LFKD H
LQVHUWDUOtQHD
3DUDFRSLDUXQDILFKDGHEHPRVVHJXLUORVVLJXLHQWHVSDVRV
(GLWDUPRGLILFDUODILFKDTXHQRVVHUYLUiGHFRSLD
3XOVDUHQHOLFRQR&RSLDU)LFKD
6DOLUGHODILFKDHQHGLFLyQ
'DUGHDOWDXQQXHYRDUWtFXOR
,QWURGXFLUHOQXHYRFyGLJR
7HFOHDUODQXHYDGHVFULSFLyQ
6LWXDUVHHQODVOtQHDVVLQHQWUDUHQHGLFLyQHVGHFLUTXHDSDUH]FDOD
SULPHUDOtQHDHQD]~O
3XOVDUHOLFRQR3HJDU)LFKD
'HHVWHPRGRWHQGUHPRVGRVILFKDVFRQODPLVPDGHVFRPSRVLFLyQ
VyOR
WHQGUHPRVTXHPRGLILFDUORTXHVHDSHUWLQHQWH
/DXWLOLGDG,QVHUWDU/tQHDQRVVLUYHFRPRVXQRPEUHLQGLFDSDUDLQVHUWDU
OtQHDVHQWUHODV\DH[LVWHQWHVGHPRGRTXHSRGDPRVLQGLFDUHORUGHQGH
OtQHDVTXHTXHUDPRV3DUDHOORKD\TXHVLWXDUVHHQODOtQHDDQWHODTXH
TXHUHPRV LQVHUWDU XQD QXHYD QR HQWUDQGR HQ HGLFLyQ \ SXOVDU HO LFRQR
,QVHUWDU /tQHD VH DEULUi XQD QXHYD OtQHD GHODQWH HQ OD TXH SRGHPRV
LQWURGXFLU XQ QXHYR DUWtFXOR 3DUD YHU HO FRVWR GH OD GHVFRPSRVLFLyQ
SXOVDU ODV WHFODV &75/9 DSDUHFHUi HO FRVWR VL VH KD UHDOL]DGR OD
DFWXDOL]DFLyQGHFRVWRVGHHVFDQGDOORVGHVGH5HFDOFXODGRGHSUHFLRVGH
HVFDQGDOORV GHOPHQ~$OPDFpQ
7UDQVSRUWLVWDV
(QHVWHILFKHURWHQHPRVHOPDQWHQLPLHQWRGHOILFKHURGHWUDQVSRUWLVWDV
/DV ILFKDV DTXt FUHDGDV VH SRGUiQ XWLOL]DU GHVGH HO ILFKHUR GH &OLHQWHV \
3URYHHGRUHVRELHQGLUHFWDPHQWHGHVGHORVSURFHVRVGH&RPSUDVR9HQWDV
/RVFDPSRVTXHDSDUHFHQHQHVWDSDQWDOODVRQORVVLJXLHQWHV
x
x
x
x
x
&yGLJR &yGLJRGHOWUDQVSRUWLVWD&DPSRDOIDQXPpULFRREOLJDWRULR
1RPEUH 1RPEUHGHODHPSUHVDWUDQVSRUWLVWD&DPSRREOLJDWRULR
'LUHFFLyQ 'LUHFFLyQGHOWUDQVSRUWLVWD
&yGLJR 3RVWDO &yGLJR SRVWDO FRUUHVSRQGLHQWH D OD GLUHFFLyQ GHO
WUDQVSRUWLVWD
3URYLQFLD 3URYLQFLD HQ OD TXH VH HQFXHQWUD XELFDGD OD HPSUHVD
WUDQVSRUWLVWD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
/RFDOLGDG 0XQLFLSLR HQ OD TXH VH HQFXHQWUD XELFDGD OD HPSUHVD
WUDQVSRUWLVWD
&LI1LI &yGLJR1~PHUR GH LGHQWLILFDFLyQ ILVFDO GH OD HPSUHVD
WUDQVSRUWLVWD (Q FDVR GH LQWURGXFLU 1LI HO SURJUDPD FDOFXODUi OD OHWUD
FRUUHVSRQGLHQWH
7OIV)D[ 7HOpIRQRV \ID[GHODHPSUHVDWUDQVSRUWLVWD
3HUVRQDGH&RQWDFWR 1RPEUHGHODSHUVRQDGHFRQWDFWR
)HFKD8OWLPR(QYtR )HFKDHQODTXHVHUHDOL]yHO~OWLPRHQYLyFRQHVWH
WUDQVSRUWLVWD
1ž (QYtRV 1~PHUR GH VHUYLFLRV TXH OOHYDPRV UHDOL]DGRV FRQ HO
WUDQVSRUWLVWD
1ž.LORJUDPRV &DQWLGDGGHNLORVTXHVXSRQHQORVHQYtRVUHDOL]DGRVFRQ
HOWUDQVSRUWLVWD
1RWDV &DPSR HQ HO TXH SRGHPRV LQWURGXFLU FXDOTXLHU WLSR GH QRWDV X
REVHUYDFLRQHV UHODFLRQDGDV FRQ HO WUDQVSRUWLVWD TXH VH HQFXHQWUD HQ
HGLFLyQ(OFDPSRQRWLHQHOtPLWHGHFDUDFWHUHV
7UDEDMDGRUHV
(QHOILFKHURGHWUDEDMDGRUHVSRGHPRVOOHYDUHOPDQWHQLPLHQWRGHODV
ILFKDVGHWUDEDMDGRUHVWDQWRORVGHOVHUYLFLRGHDVLVWHQFLDWpFQLFDFRPRORV
WUDEDMDGRUHV GH PRVWUDGRU DGPLQLVWUDFLyQ HWF /DV ILFKDV FUHDGDV VHUiQ
QHFHVDULDV VL HQ 3DUiPHWURV GH OD (PSUHVD'DWRV &RPHUFLDOHV VH KD
LQGLFDGR TXH 3UHJXQWH 7UDEDMDGRU (Q HVWH FDVR FDGD YH] TXH VH KDJD XQ
GRFXPHQWR GHFRPSUDRGHYHQWDSUHJXQWDUiTXLHQHVHOWUDEDMDGRUTXHOR
HVWi FUHDQGR \ SRU WDQWR KDEUi TXH LQGLFDU XQ FyGLJR TXH H[LVWD HQ HVWH
ILFKHURGHWUDEDMDGRUHV
/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
&yGLJR &yGLJRGHOWUDEDMDGRU&DPSRQXPpULFRREOLJDWRULR
1RPEUH 1RPEUHGHOWUDEDMDGRU
'LUHFFLyQ 'LUHFFLyQGHOGRPLFLOLRGHOWUDEDMDGRU
&yGLJR 3RVWDO &yGLJR SRVWDO TXH FRUUHVSRQGH D OD GLUHFFLyQ GHO
WUDEDMDGRU
3URYLQFLD 3URYLQFLDGHOWUDEDMDGRU
/RFDOLGDG 0XQLFLSLRGHOWUDEDMDGRU
&LI1LI &yGLJR1~PHURGHLGHQWLILFDFLyQILVFDOGHOWUDEDMDGRU(QFDVRGH
LQGLFDU1LISURJUDPDFDOFXODUiODOHWUDFRUUHVSRQGLHQWH
7HOpIRQRV 7HOpIRQRGHOWUDEDMDGRU
)D[ )D[GHOWUDEDMDGRU
HPDLO 'LUHFFLyQGHFRUUHRHOHFWUyQLFRGHOWUDEDMDGRU
'DWRV(VWDGtVWLFRV
/RV GDWRV HVWDGtVWLFRV VyOR VH DFWXDOL]DUi SDUD DTXHOORV WUDEDMDGRUHV
GHO6$7
x
&RVWR+RUD ,PSRUWHTXHVXSRQHHOFRVWRGHXQDKRUDGHPDQRGHREUD
GHOWUDEDMDGRU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
2),0$7,&$-$(16/
1~PHUR GH ,QWHUYHQFLRQHV 1~PHUR TXH LQGLFD HO Q~PHUR GH
LQWHUYHQFLRQHVTXHKDUHDOL]DGRHOWUDEDMDGRUHQHOHMHUFLFLRDFWXDO
+RUDV 1~PHUR GH KRUDV TXH VXSRQHQ HO Q~PHUR GH LQWHUYHQFLRQHV GHO
WUDEDMDGRU
.LOyPHWURV 1~PHURGHNLOyPHWURVGHVSOD]DPLHQWRTXHKDUHDOL]DGRHO
WUDEDMDGRU
,QJUHVRV ,PSRUWHGHORVLQJUHVRVTXHVHKDQUHDOL]DGRSRUSDUWHGHORV
WUDEDMRVGHOWUDEDMDGRU
*DVWRV .LOyPHWURV ,PSRUWH GH JDVWRV TXH VXSRQHQ ORV NLOyPHWURV
LQGLFDGRVHQHOFDPSR.LOyPHWURV
2WURV *DVWRV ,PSRUWH FRUUHVSRQGLHQWHV D RWURV JDVWRV TXH QR VHDQ
NLOyPHWURVSRUHMHPSORGLHWDVHWF
1RWDV &DPSR HQ HO TXH VH SXHGH LQWURGXFLU FXDOTXLHU FRPHQWDULR X
REVHUYDFLRQHV UHODWLYRV DO WUDEDMDGRU (O FDPSR QR WLHQH OtPLWH GH
FDUDFWHUHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$OPDFpQ
(QWUDGDV\6DOLGDVGH$OPDFpQ
(VWDRSFLyQHVTXL]iXQDGHODVPiVLPSRUWDQWHVGHOSURJUDPD\DTXH
HQHVWHILFKHURVHDOPDFHQDUiQWRGRVORVPRYLPLHQWRVGHDOPDFpQVHDFXDO
VHDVXSURFHGHQFLD(VSRUWDQWRXQKLVWyULFRGHPRYLPLHQWRVGHDOPDFpQ
(QHOODVHSRGUiQUHDOL]DUHQWUDGDVVDOLGDVPDQXDOHVGHDOPDFpQHQWUDGDV
GHLQYHQWDULRUHJXODUL]DFLRQHVGHLQYHQWDULRHWF
3DVHPRVSXHVDGHVFULELUHVWHILFKHUR
/DSULPHUDSDQWDOODTXHDSDUHFHHVXQOLVWDGRSRUSDQWDOODGHOKLVWyULFR
GH PRYLPLHQWRV /DV OtQHDV DSDUHFHQ HQ RUGHQ GHFUHFLHQWH FRQ PRWLYR GH
TXHDSDUH]FDQSULPHURORVPRYLPLHQWRVPiVUHFLHQWHV'HVGHHVWDSDQWDOOD
SRGHPRV EXVFDU PRYLPLHQWRV FRQVXOWDUOR DJUHJDU QXHYRV \ OLVWDU ORV \D
H[LVWHQWHV3DUDFDUJDUODSDQWDOODKDFHUFOLFNHQHOLFRQR5HIUHVFDU
5HIUHVFDU3DQWDOOD0RYLPLHQWRVGH$OPDFpQ
/RVFDPSRVGHODOLVWDVRQORVVLJXLHQWHV
x
x
x
x
x
x
/tQHD 1~PHUR GH DSXQWH GHO ILFKHUR GH PRYLPLHQWRV (VWH FyGLJR HV
~QLFR \ VRODPHQWH WLHQH OD IXQFLyQ GH DVHJXUDU TXH HO PRYLPLHQWR HV
~QLFR1RKD\TXHDSXQWDUHVWHQ~PHURFRPRLQGLFDWLYRGHXQGRFXPHQWR
FRQFUHWR \D TXH VL HVH GRFXPHQWR VH PRGLILFD YDULDUi HO DSXQWH GHO
ILFKHURGHPRYLPLHQWRV6LORTXHVHGHVHDHVYHUORVPRYLPLHQWRVGHXQ
GHWHUPLQDGRGRFXPHQWRHVPHMRUKDFHUXQOLVWDGRGHPRYLPLHQWRV
)HFKD )HFKDHQODTXHVHKL]RHOGRFXPHQWRRPRYLPLHQWRPDQXDO
&yGLJR&3 (QHVWHFDPSRSXHGH DSDUHFHUXQDFXHQWDGHFOLHQWHVLHO
PRYLPLHQWRHVGHYHQWDXQDFXHQWDGHSURYHHGRUVLHOPRYLPLHQWRHVGH
FRPSUDRELHQSXHGHHVWDUHQEODQFRSRUTXHVHGHEDDXQPRYLPLHQWR
PDQXDOGHDOPDFpQGHUHJXODUL]DFLyQ
$O&yGLJRGHODOPDFpQHQHOTXHVHKDUHDOL]DGRHOPRYLPLHQWR
0RY&yGLJRGHOPRYLPLHQWRHVGHFLUVLVHWUDWDGHXQD(QWUDGD(RGH
XQD6DOLGD6HWF /RVFyGLJRVFRUUHVSRQGLHQWHVVRQORVVLJXLHQWHV
66DOLGD
((QWUDGD
&'HSyVLWR5HFLELGR
''HSyVLWR(QWUHJDGR
55HSDUDFLyQ([WHULRU
33HUGLGD
*5HJDOR
88VR,QWHUQR
22WURV
$UWtFXOR &yGLJR GHO DUWtFXOR FRQ HO TXH VH UHDOL]y HO PRYLPLHQWR GH
DOPDFpQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
2),0$7,&$-$(16/
7' 7LSRGHGRFXPHQWR/DVFODYHVSDUDHVWHFDPSRVRQODVVLJXLHQWHV
))DFWXUD
$$OEDUiQ
+$ERQRPDQXDO
00DQXDO
%)DEULFDGR
77LFNHW
57UDVSDVR
;$ERQRGRFXPHQWR
'RFXPHQWR 1~PHUR GHGRFXPHQWRTXHKDJHQHUDGRHOPRYLPLHQWRGH
DOPDFpQ
3UHFLR 3UHFLR ELHQ GH YHQWD ELHQ GH FRVWR GHSHQGLHQGR GH TXH HO
PRYLPLHQWR VHD GH HQWUDGD R GH VDOLGD (Q HO FDVR GH TXH VHD XQD
HQWUDGD HO SUHFLR VH FRUUHVSRQGHUi FRQ HO TXH VH KD\D WHFODGR HQ
PRYLPLHQWRV PDQXDOHV R ELHQ FRQ HO SUHFLR DSOLFDEOH GHO FOLHQWH HQ HO
FDVRGHTXHVHDXQGRFXPHQWRGHYHQWD
&DQWLGDG 8QLGDGHVGHODUWtFXORTXHHQWUDQRVDOHQGHODOPDFpQ
$3 $FWXDOL]D3UHFLRV6L61R16yORSDUDPRYLPLHQWRVPDQXDOHV
$( $FWXDOL]D ([LVWHQFLDV 6L 6 1R 1 6yOR SDUD PRYLPLHQWRV
PDQXDOHV
3DUDJHQHUDUXQQXHYRPRYLPLHQWRSXOVDUHOLFRQR$JUHJDU1XHYD)LFKD
RSXOVDUODVWHFODV&75/$/DSDQWDOODTXHDSDUHFHHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
2),0$7,&$-$(16/
&OLHQWH3URYHHGRU &yGLJRGHOFOLHQWHRGHOSURYHHGRUFRQHOTXHVHYDD
UHDOL]DUHOPRYLPLHQWR(QHOFDVRGHTXHHOFOLHQWHRSURYHHGRUQRH[LVWD
HQ HO ILFKHUR FRUUHVSRQGLHQWH VH SRGUi GDU GH DOWD GHVGH HVWD SDQWDOOD
LQGLFDQGR VL VH WUDWD GH XQ FOLHQWH VL VH WUDWD GH XQ SURYHHGRU
3DUDHOSURFHVRGHE~VTXHGDVHGHEHGHLQGLFDURHQFDGDFDVR
)HFKD )HFKDHQODTXHVHTXLHUHUHDOL]DUHOPRYLPLHQWR&DPSR
2EOLJDWRULR
0RYLPLHQWR ,QGLFDUHOFyGLJRGHPRYLPLHQWRFRUUHVSRQGLHQWHGHODOLVWD
$FWXDOL]D3UHFLRV (QHOFDVRGHTXHVHTXLHUDQDFWXDOL]DUORVSUHFLRVGH
DUWtFXOR PDUFDU HO FXDGUR GH YHULILFDFLyQ (Q FDVR GH LQGLFDU 1 QR VH
WHQGUiHQFXHQWDHQHOSURFHVRGHDFWXDOL]DFLyQGH(VWDGtVWLFD
$FWXDOL]D([LVWHQFLDV (QFDVRGHTXHUHUDFWXDOL]DUHOVWRFNGHODUWtFXOR
PDUFDUHOFXDGURGHYHULILFDFLyQ
(VWRV GRV ~OWLPRV FXDGURV GH YHULILFDFLyQ VH SXHGHQ XWLOL]DU
DOWHUQDWLYDPHQWHHQFDVRGHTXHQRVOOHJXHXQDOEDUiQGHSURYHHGRUQR
YDORUDGR3ULPHURVHSXHGHQKDFHUODVHQWUDGDVVLQTXHDFWXDOLFHSUHFLRV
\ DFWXDOL]DQGR H[LVWHQFLDV \ HQ XQ VHJXQGR PRYLPLHQWR \ XQD YH] VH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
VHSDQ ORV SUHFLRV UHDOL]DU HO PRYLPLHQWR DFWXDOL]DQGR SUHFLRV \ QR ODV
H[LVWHQFLDV
x
x
x
x
x
x
x
x
x
(VWDGtVWLFDV 0DUFDQGR HVWH FXDGUR GH YHULILFDFLyQ VH DFWXDOL]DUiQ ODV
HVWDGtVWLFDV GH &OLHQWHV R 3URYHHGRUHV VLHPSUH \ FXDQGR VH KD\D
LQWURGXFLGRXQFOLHQWHRXQSURYHHGRUHQHOPRYLPLHQWRGHDOPDFpQ
7DOODV\&RORUHV (QHOFDVRGHTXHVHKD\DLQGLFDGR7DOODV<&RORUHV6t
HQ3DUiPHWURVGHOD(PSUHVD'DWRV&RPHUFLDOHVDSDUHFHXQFXDGURGH
YHULILFDFLyQ SUHJXQWDQGR VL HO DUWtFXOR GHO PRYLPLHQWR WLHQH WDOODV \
FRORUHV HQ FDVR GH PDUFDUOR DSDUHFHQ XQRV FXDGURV GH WH[WR TXH
SUHJXQWDUiODWDOOD\HOFRORUHQFDVRGHTXHQRVHKD\DQHVSHFLILFDGRHQ
ODILFKDGHODUWtFXOR
$OPDFpQ &yGLJRGHODOPDFpQHQHOTXHVHYDDUHDOL]DUHOPRYLPLHQWR
&DPSR2EOLJDWRULR
'RFXPHQWR 1~PHUR GHO GRFXPHQWR SRU HO TXH VH YD D UHDOL]DU HO
PRYLPLHQWR(QFDVRGHTXHQRKD\DQLQJ~QGRFXPHQWRSRUHMHPSORSRU
TXH VHD XQ PRYLPLHQWR GH UHJXODUL]DFLyQ VH UHFRPLHQGD LQWURGXFLU XQD
SDODEUD TXH VHD GHVFULSWLYD GH TXp HV OR TXH VH HVWi KDFLHQGR &DPSR
2EOLJDWRULR
7'RFXPHQWR 7LSRGH'RFXPHQWR6HOHFFLRQDUHOFRUUHVSRQGLHQWHGHOD
OLVWD
0RQHGD GH &RPSUD 3RU GHIHFWR VH SRQGUi OD GLYLVD TXHSUHVHQWD HO
DUWtFXORHQVXILFKDTXHDVXYH]FRLQFLGLUiODPD\RUtDGHODVYHFHVFRQOD
GLYLVDEDVH(QFDVRGHTXHVHHVWpUHDOL]DQGRODFRPSUDHQRWUDGLYLVD
LQGLFDUFXDOSDUDTXHVHKDJDHOFiOFXORGHOSUHFLRHQODGLYLVDEDVH3DUD
HOORGHEHHVWDUDFWXDOL]DGRHOFDPELR HQHOILFKHURGHGLYLVDV
$UWtFXOR &yGLJRGHODUWtFXORTXHVHYDDPRYHU(QHVWHFDPSRVHSRGUi
LQWURGXFLUHOFyGLJRODUHIHUHQFLDGHSURYHHGRURORVFyGLJRVGHEDUUDV\
HO SURJUDPD OR FRQYHUWLUi D FyGLJR 'H HVWD IRUPD VH SXHGH DJLOL]DU OD
HQWUDGDGHPHUFDQFtD
7DOOD (Q FDVR GH TXH HO DUWtFXOR WHQJD WDOOD \ FRORU SHUR QR VH KD
HVSHFLILFDGRHQODILFKDGHODUWtFXORVHSRGUiLQGLFDUHQHVWHFDPSR(Q
FDVRGHTXHVtVHKD\DHVSHFLILFDGRODVHULHGHWDOOD\FRORUHQODILFKDGHO
DUWtFXOR DSDUHFHUi HO FXDGUDQWH SDUD LQGLFDUODV FDQWLGDGHV SRU WDOOD \
FRORU
&RORU (Q FDVR GH TXH HO DUWtFXOR WHQJD WDOOD \ FRORU \ QR VH KD\D
HVSHFLILFDGRHQODILFKDGHODUWtFXORLQGLFDUHOFyGLJRGHOFRORU
&XDQGR XQ DUWtFXOR WLHQHVHULHGHWDOOD\FRORUVHPXHVWUDXQFXDGUDQWH
FRQODVWDOODV\FRORUHVFRUUHVSRQGLHQWHVDGLFKDVHULHSDUDTXHVRODPHQWH
KD\D TXHWHFOHDUODVXQLGDGHVGHFDGDWDOOD\FRORU/DSDQWDOODHVFRPROD
VLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
8QD YH] LQWURGXFLGDV ODV FDQWLGDGHV SXOVDU HO ERWyQ7HUPLQDU \ VH
SRGUiQLQWURGXFLUORVSUHFLRV
x
x
3UHFLRGH&RVWR 3UHFLRGHFRVWRXQLWDULRGHODUWtFXOR(QFDVRGHTXHVH
LQWURGX]FD HO SUHFLR FRQ HO ,YD LQFOXLGR \ HQ SDUiPHWURV VH KD LQGLFDGR
3UHFLR &RVWR ,YD ,QFOXLGR 1R SXOVDQGR OD WHFOD% VH FDOFXODUi OD EDVH
LPSRQLEOH (Q FDVR GH TXH VH HVWp HQ UpJLPHQ GH HTXLYDOHQFLD \
TXHUDPRV ORV FRVWRV FRQ ,YD ,QFOXLGR VL HO SUHFLR LQWURGXFLGR HV EDVH
LPSRQLEOHDOSXOVDUODWHFOD% VHFDOFXODUiHOSUHFLRFRQHO,YD5HFDUJR
GH (TXLYDOHQFLD 3RU RWUR ODGR VL HQ OD ILFKD GHODUWtFXORKHPRVLQGLFDGR
XQD WDEOD GH GHVFXHQWRV GH FRPSUDV KDFLHQGR FOLFN HQ HO LFRQR GH
&iOFXOR GH 'HVFXHQWRV VH FDOFXODUi HO SUHFLR QHWR 6L SRU HO FRQWUDULR
QR ORV KHPRV JUDEDGR HQ OD ILFKD SHUR WHQHPRV GHVFXHQWRV HQ OD
FRPSUDSRGHPRVXWLOL]DUHOFiOFXORGHGHVFXHQWRVSDUDFDOFXODUHOSUHFLR
QHWR
393 3UHFLR GH 9HQWD 3XOVDQGR \ HO SRUFHQWDMH TXH VH TXLHUH
DSOLFDUSDUDHOSUHFLRVHFDOFXODUiGLFKRSUHFLR(OSUHFLRUHVXOWDQWHVH
FDOFXODUiVREUHFRVWRRVREUHPDUJHQGHYHQWDVHJ~QVHKD\DLQGLFDGR
HQ OD ILFKD GHO DUWtFXOR (Q FDVR GH TXH ORV SUHFLRV VHKD\DQ LQGLFDGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
2),0$7,&$-$(16/
0DQXDOHV HQ OD ILFKD GHO DUWtFXOR \ KDFHPRV XVR GHO VH FDOFXODUi SRU
GHIHFWR FRPR 0DUJHQ GH EHQHILFLR $GHPiV VL VH KD LQGLFDGR TXH VH
DFWXDOLFHQ ORV SUHFLRV VH JUDEDUiQ ORV GHVFXHQWRV HO SUHFLR GH FRVWR \
ORVSUHFLRVGHYHQWDTXHYLHQHQDFRQWLQXDFLyQ
393 3UHFLRGH9HQWD
393 3UHFLRGH9HQWD
393 3UHFLRGH9HQWD
393 3UHFLRGH9HQWD
&DQWLGDG ,QGLFDUODFDQWLGDGTXHVHPRYHUi
1~PHURVGH6HULH 6LHODUWtFXORHVWiPDUFDGRFRPR6HJXLPLHQWRVH
SXHGHQLQWURGXFLUORVQ~PHURVGHVHULHFRUUHVSRQGLHQWHV+D\TXHWHQHU
HQFXHQWDTXHQRVSHGLUiWDQWRVQ~PHURVGHVHULHFRPRXQLGDGHV
KD\DPRVLQWURGXFLGR
8QDYH]DFHSWDGRVORVGDWRVHOFXUVRUVHFRORFDUiGHQXHYRHQHOFDPSR
$UWtFXORSDUDLQWURGXFLUXQQXHYRDUWtFXOR(QFDVRGHTXHVHFDPELHGH
SURYHHGRUFOLHQWHQ~PHURGHGRFXPHQWRFDPELDUVRODPHQWHHVRVGDWRV\
YROYHUDDFHSWDU
(VWDSDQWDOODVHSXHGHXWLOL]DUSDUDUHDOL]DUXQDHQWUDGDGHLQYHQWDULR
\D
TXHGHVGHHVWDSRGHPRVGDUGHDOWDHODUWtFXORPRGLILFDUORVSUHFLRVH
LQGLFDUHOVWRFNUHDO
$OLJXDOTXHSRGtDPRVVDFDUXQOLVWDGRSRUSDQWDOODGHOKLVWyULFRGHWRGRVORV
PRYLPLHQWRVGHDOPDFpQGHVGHODSDQWDOODSULQFLSDOGH(QWUDGDV6DOLGDV
PHGLDQWHHOERWyQ5HIUHVFDUSRGHPRVVDFDUXQOLVWDGRVLFDEHPiV
GHWDOODGRPHGLDQWHHOXVRGHFLHUWRVILOWURVDWUDYpVGHODRSFLyQ
/LVWDGRV
'HVGHHVWDSDQWDOODGHOLVWDGRVSRGHPRVEXVFDUPRYLPLHQWRVSRU
DOPDFHQHVFRQVXOWDUPRYLPLHQWRVHQWUHIHFKDVSRUWLSRGHPRY
LPLHQWRHWF
/LVWDGRVGH0RYLPLHQWRVGH$OPDFpQ
/DSDQWDOODTXHQRVDSDUHFHSDUDHOOLVWDGRHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
2UGHQDGRSRU 1RVRIUHFHODSRVLELOLGDGGHRUGHQDUGLFKROLVWDGRSRU
)HFKDV2UGHQDSRUODIHFKDHQODTXHVHSURGXMRHOPRYLPLHQWR
&yGLJRGH$UWLFXOR2UGHQDSRU&yGLJRGH$UWLFXOR
'HVFULSFLyQGH$UWLFXOR2UGHQDSRUOD'HVFULSFLyQGHODUWLFXOR
x /LVWDGRGH0RYLPLHQWRVSRU$OE)DFW 0DUFDQGRHVWDRSFLyQQRV
PXHVWUDXQOLVWDGRGHWRGRVORVPRYLPLHQWRVJHQHUDGRVSRUWLFNHWV
DOEDUDQHVIDFWXUDVGLUHFWDV\UHSDUDFLRQHVTXHFXPSODQODVFRQGLFLRQHV
HVSHFLILFDGDVHQHOILOWURGHVHOHFFLyQTXHDFRQWLQXDFLyQVHJXLPRV
GHWDOODQGR
(OOLVWDGRUHVXOWDQWHVHUtDHOVLJXLHQWH
x
x
7LSRGH0RYLPLHQWR 1RVRIUHFHODSRVLELOLGDGGHOLVWDUVyORDTXHOORV
PRYLPLHQWRVTXHQRVLQWHUHVHQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
7RGRV1RVPXHVWUDFXDOTXLHUWLSRGHPRYLPLHQWRTXHVHKD\D
SURGXFLGRWDQWRGHHQWUDGDFRPRGHVDOLGD
(QWUDGDV1RVPXHVWUDVyORDTXHOORVPRYLPLHQWRVGHHQWUDGDD
FXDOTXLHUDGHORVDOPDFHQHVFUHDGRV
6DOLGDV1RVPXHVWUDVyORDTXHOORVPRYLPLHQWRVGHVDOLGDGH
FXDOTXLHUDGHORVDOPDFHQHVFUHDGRV
'HVGH/tQHD ,QGLFDUHOQžGHOtQHDGHVGHODFXDOTXHUHPRVOLVWDUORV
PRYLPLHQWRVGHDOPDFpQ1žGH/tQHDHVXQQXPHUDGRU~QLFRVHJHQHUD
DXWRPiWLFDPHQWHSRUFDGDPRYLPLHQWRTXHVHUHDOL]D
+DVWD/LQHD,QGLFDUHOQžGH OtQHDKDVWDODFXDOTXHUHPRVOLVWDUORV
PRYLPLHQWRVGHDOPDFpQ
'HVGH)HFKD,QGLFDUODIHFKDGHVGHODFXDOTXHUHPRVOLVWDUORV
PRYLPLHQWRVGHDOPDFpQ
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUORV
PRYLPLHQWRVGHDOPDFpQ
7'RFXPHQWR ,QGLFDUTXHWLSRGH'RFXPHQWRVTXHUHPRVTXHQRV
PXHVWUHHQHOOLVWDGRGHPRYLPLHQWRV
27RGRV
))DFWXUD 3DUDHOOLVWDGRGHPRYLPLHQWRVSRU$OE)DFW
$$OEDUiQ 3DUDHOOLVWDGRGHPRYLPLHQWRVSRU$OE)DFW
+$ERQR
00DQXDO
%)DEULFDGR
3DUDHOOLVWDGRGHPRYLPLHQWRVSRU$OE)DFW
77LFNHW
3DUDHOOLVWDGRGHPRYLPLHQWRVSRU$OE)DFW
:5HSDUDFLyQ
x
x
x
x
x
x
x
x
x
x
x
x
x
'HVGH)DPLOLD6XEIDPLOLD ,QGLFDUHOFyGLJRGHOD)DPLOLDR6XEIDPLOLD
GHVGHODFXDOTXHUHPRVOLVWDUORVPRYLPLHQWRVGHDOPDFpQ
+DVWD)DPLOLD6XEIDPLOLD,QGLFDUOD)DPLOLDR6XEIDPLOLDKDVWDODFXDO
TXHUHPRVOLVWDUORVPRYLPLHQWRVGHDOPDFpQ
'HVGH&OLHQWH ,QGLFDUHOFyGLJRGHOFOLHQWHGHVGHHOFXDOTXHUHPRVOLVWDU
ORVPRYLPLHQWRVGHDOPDFpQ
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHOFOLHQWHKDVWDHOFXDOTXHUHPRVOLVWDU
ORVPRYLPLHQWRVGHDOPDFpQ
'HVGH3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUGHVGHHOFXDOTXHUHPRV
OLVWDUORVPRYLPLHQWRVGHDOPDFpQ
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUGHVGHHOFXDOTXHUHPRV
OLVWDUORVPRYLPLHQWRVGHDOPDFpQ
$OPDFHQ ,QGLFDUHOFyGLJRGHODOPDFpQGHOFXDOTXHUHPRVOLVWDUORV
PRYLPLHQWRVGHDOPDFpQ6LQRLQGLFDPRVDOPDFpQQLQJXQRPRVWUDUi
WRGRVORVH[LVWHQWHVHQHOILFKHUR$OPDFHQHV\TXHKDQWHQLGRDOJ~QWLSR
GHPRYLPLHQWR
'RFXPHQWR ,QGLFDUHO1žGHOGRFXPHQWRGHODOEDUiQIDFWXUDHWFGHOFXDO
TXHUHPRVOLVWDUORVPRYLPLHQWRVGHODOPDFpQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
2),0$7,&$-$(16/
,PSULPLU&RVWRV 0DUFDQGRHVWDRSFLyQQRVPRVWUDUiHQHOOLVWDGRORV
SUHFLRVGHFRVWRGHORVDUWtFXORVTXHKD\DQWHQLGRDOJ~QWLSRGH
PRYLPLHQWR\FXPSODQODVFRQGLFLRQHVGHOILOWURGHVHOHFFLyQ
,PSULPLU3UHFLRV 0DUFDQGRHVWDRSFLyQQRVPRVWUDUiHQHOOLVWDGRORV
SUHFLRVGHYHQWDGHORVDUWtFXORVTXHKD\DQWHQLGRDOJ~QWLSRGH
PRYLPLHQWR\FXPSODQODVFRQGLFLRQHVGHOILOWURGHVHOHFFLyQ
8VDU7DOODV\&RORUHV 0DUFDQGRHVWDRSFLyQQRVPRVWUDUiGHODQWHGHOD
GHVFULSFLyQGHODUWLFXORODWDOOD\HOFRORUGHDTXHOORVTXHKD\DQWHQLGR
DOJ~QWLSRGHPRYLPLHQWR\FXPSODQODVFRQGLFLRQHVGHOILOWURGHV
HOHFFLyQ
(OOLVWDGRUHVXOWDQWHGHODVHOHFFLyQGHOILOWURDQWHULRUPHQWHGHVFULWRVHUtDHO
VLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
7UDVSDVRVHQWUHDOPDFHQHV
'HVGHHVWDRSFLyQSRGHPRVKDFHUTXHVHWUDVSDVHPHUFDQFtDGHXQ
DOPDFpQDRWUR
/DSDQWDOODTXHVHSUHVHQWDHVODVLJXLHQWH
/RVFDPSRVTXHQRVSLGHHVWDSDQWDOODVRQORVVLJXLHQWHV
)HFKD )HFKDHQODTXHVHUHDOL]DHOWUDVSDVR&DPSR2EOLJDWRULR
x 1RSDUDUHQ&DQWLGDG 0DUFDQGRHVWDRSFLyQHOSURJUDPDSRQGUiSRU
GHIHFWRODFDQWLGDGGH\SDVDUiDXWRPiWLFDPHQWHDODVLJXLHQWHOtQHD
x $FWXDOL]DU6WRFN0tQLPR\0i[LPR 0DUFDQGRHVWDRSFLyQWHQGUHPRVOD
SRVLELOLGDG GH DFWXDOL]DU HO 6WRFN PtQLPR \ Pi[LPR SDUD HO DUWLFXOR HQ
HGLFLyQ HQ HO DOPDFpQ GH GHVWLQR SXGLHQGR FRQVXOWDU GLFKR 6WRFN SRU
PHGLRGHODRSFLyQGH0XOWL$OPDFHQHV GHOPHQ~$UFKLYRV
6LTXHUHPRVTXHVHYDORUHHOWUDVSDVRLQGLFDUFRPR
x 9DORUDU3RU
6LQ9DORUDU
393
393
393
393
393
3&0HGLR3UHFLRGH&RVWR0HGLR
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
3&8OWLPR3UHFLRGH&RVWR~OWLPR
2UGHQDU SRU (O WUDVSDVR VH SXHGH LPSULPLU HQ HVWH FDVR LQGLFDU TXp
RUGHQVHTXLHUHSDUDODVOtQHDV/DRUGHQDFLyQSXHGHVHUSRU
&yGLJRGHDUWtFXOR
'HVFULSFLyQGHODUWtFXOR
8ELFDFLyQGHODUWtFXORHQHODOPDFpQ
$OPDFpQ2ULJHQ &yGLJRGHODOPDFpQGHOTXHVDOHODPHUFDQFtD&DPSR
2EOLJDWRULR
$OPDFpQ 'HVWLQR &yGLJR GHO DOPDFpQ DO TXH VH GHVWLQD OD PHUFDQFtD
&DPSR2EOLJDWRULR
&yGLJR &yGLJRGHODUWtFXORDWUDVSDVDU
'HVFULSFLyQ 1RPEUHRGHVFULSFLyQGHODUWtFXORDWUDVSDVDU(VWHFDPSR
VHFRPSOHWDDXWRPiWLFDPHQWHDOWHFOHDUHOFyGLJRGHODUWtFXOR
([LVWHQFLDV 1RV LQGLFD ODV H[LVWHQFLDV TXH KD\ DFWXDOPHQWH HQ HO
DOPDFpQGHGHVWLQR
6WRFN 0LQ (Q HO FDVR TXH HVWp PDUFDGD OD RSFLyQ$FWXDOL]DU 6WRFN
0tQLPR \ 0i[LPR DQWHULRUPHQWH GHVFULWD SRGUHPRV DFWXDOL]DU HO VWRFN
HQHODOPDFpQGHGHVWLQR'HORFRQWUDULRVHUiXQFDPSRGHVROROHFWXUD\
SRUFRQVLJXLHQWHQRVHSRGUiPRGLILFDU
&DQWLGDG &DQWLGDGTXHVHYDDWUDVSDVDUGHODUWtFXORLQGLFDGR
&RPHQWDULR &DPSR HQ HO TXH VH SXHGH LQGLFDU XQ EUHYH FRPHQWDULR D
FHUFDGHOWUDVSDVR
/RVERWRQHVGHFRPDQGRGHOIRQGRGHODSDQWDOODUHDOL]DQODVVLJXLHQWHV
IXQFLRQHV
x
x
x
x
x
*UDEDU *UDED HO WUDVSDVR DFWXDOL]DQGR ODV H[LVWHQFLDV \ ORV
PRYLPLHQWRVGHDOPDFpQJHQHUDQGRXQDVDOLGDGHODOPDFpQRULJHQSRUOD
FDQWLGDG LQGLFDGD \ XQD HQWUDGD HQ HO DOPDFpQ GHVWLQR SRU ODPLVPD
FDQWLGDG
,PSULPLU ,PSULPH HO WUDVSDVR SHUR QR OR JUDED VL DVt OR TXHUHPRV (O
UHVXOWDGRHVXQDOEDUiQGHWUDVSDVR
/LPSLDU/LVWD /LPSLDODSDQWDOOD
6DOLU 'HVFDUJDODSDQWDOODDFWXDO
,PSULPLUHQUHVXPHQ 0XHVWUDVRODPHQWHHOYDORUGHOWUDVSDVRSDUDHOOR
KHPRVGHLQGLFDUTXHHOWUDVSDVRHVWiYDORUDGR
(Q FDVR TXH VH UHDOLFHQ WUDVSDVRV HQWUH DOPDFHQHV GH GLVWLQWDV
VXFXUVDOHVHVWRVWUDVSDVRVVRQORVTXHVHWUDVSDVDUiQHQIRUPDGHILFKHUR
DOUHDOL]DUWUDVSDVRVGHPHUFDQFtDVHQWUHVXFXUVDOHVGH&HQWUDOD6XFXUVDO
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(WLTXHWDVGH$UWtFXORV
'HVGHHVWDRSFLyQSRGUHPRVLPSULPLUODVHWLTXHWDVGHDUWtFXORV
/RVFDPSRVTXHVHSUHVHQWDQHQHVWDSDQWDOODVRQ
x
x
x
x
x
x
x
x
x
x
x
7LSRGH,PSUHVLyQ ,QGLFDFyPRVHTXLHUHUHDOL]DUODLPSUHVLyQ/RV
SRVLEOHVYDORUHVDSDUHFHQHQODOLVWDGHVSOHJDEOH\VRQORVVLJXLHQWHV
,QYHQWDULR,PSULPLUiWDQWDVXQLGDGHVSRUDUWtFXORVHOHFFLRQDGRFRPR
ODVTXHDSDUH]FDQHQHOLQYHQWDULRHVGHFLUFRPRH[LVWHQFLDVKD\DHQ
HOPRPHQWRGHODLPSUHVLyQ
/LEUH(OXVXDULRLQGLFDODFDQWLGDGSDUDWRGRVORVDUWtFXORV6LORTXH
VHGHVHDHVXQDFDQWLGDGGLVWLQWDSDUDFDGDDUWtFXORKD\TXHLQGLFDUOD
RSFLyQ)OLVWD
0RYLPLHQWRV6HLPSULPLUiQWDQWDVXQLGDGHVFRPRHQWUDGDVGHOD
IHFKDLQGLFDGD\GHOSURYHHGRULQGLFDGR(VGHFLUVHLPSULPLUiQODV
XQLGDGHVGHXQDIDFWXUDRDOEDUiQGHSURYHHGRUGHWHUPLQDGR
2UGHQ 2UGHQHQHOTXHVHLPSULPLUiQODVHWLTXHWDV/RVYDORUHVSRVLEOHV
VRQORVVLJXLHQWHV
&yGLJRGHDUWtFXOR7DOOD&RORU
5HIHUHQFLDGHSURYHHGRU7DOOD&RORU
7DOOD&RORUVyORVHWHQGUiQHQFXHQWDVLORVDUWtFXORVGHORVTXHVH
LPSULPHQODVHWLTXHWDVWLHQHQWDOODV\FRORUHV
3UHFLR 3UHFLRTXHDSDUHFHUiHQODHWLTXHWD(VWHSUHFLRVHUiHOSUHFLR
SUHFLRGHODILFKDGHODUWtFXOR
)RUPDWR )RUPDWRGHODHWLTXHWDTXHVHLPSULPLUi(OSURJUDPDLQFRUSRUD
XQRVFXDQWRVIRUPDWRVHVWiQGDUVLQHPEDUJRVHSXHGHQFUHDUQXHYRV
IRUPDWRVGHVGHODRSFLyQ&RQILJXUDFLyQGH(WLTXHWDVGHOPHQ~8WLOLGDGHV
7LSR&yGLJRGH%DUUDV ,QGLFDUTXpFyGLJRGHEDUUDVVHLPSULPLUiHO
HORHO
,PSULPLU3UHFLRHQODHWLTXHWD 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQ
DSDUHFHUiHOSUHFLRLQGLFDGRHQODHWLTXHWDHQFDVRFRQWUDULRQR
DSDUHFHUiQLQJ~QSUHFLR
)HFKD(QWUDGD &XDQGRHOWLSRGHLPSUHVLyQVHDSRUPRYLPLHQWRV
LQGLFDUODIHFKDGHORVPRYLPLHQWRVGHHQWUDGDHVGHFLUGHODOEDUiQR
IDFWXUDGLUHFWDGHOSURYHHGRUHQFXHVWLyQ
7DOOD 6HOHFFLRQDU OD WDOOD GH ORV DUWtFXORV GH ORV TXH VH LPSULPLUiQ
HWLTXHWDV(VWHFDPSRVyORVHUiYLVLEOHVLHQ3DUiPHWURVGHOD(PSUHVD
'DWRV&RPHUFLDOHVVHKDLQGLFDGR7DOODV\FRORUHV6
&RORU &RORU GH ORV DUWtFXORV GH ORV TXH VH LPSULPLUiQ HWLTXHWDV (VWH
FDPSR LJXDO TXH HO DQWHULRU VyOR VHUi YLVLEOH VL VH KD LQGLFDGR 7DOODV \
&RORUHVHQ3DUiPHWURVGHOD(PSUHVD
'HVGH $UWtFXOR &yGLJR GHO DUWtFXOR GHVGH HO FXDO VH UHDOL]DUi OD
VHOHFFLyQGHLPSUHVLyQ
) /LVWD 6L VH GHVHD ODQ]DU XQD UHODFLyQ GH HWLTXHWDV HQ ODV TXH ORV
FyGLJRV QR VRQ FRUUHODWLYRV SUHVLRQDU ) H LQGLFDU ORV FyGLJRV GH ORV
DUWtFXORVTXHVHUiQLPSUHVRV\ODVXQLGDGHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
+DVWD $UWtFXOR &yGLJR GHO DUWtFXOR KDVWD HOFXDO VH UHDOL]DUi HOILOWURGH
VHOHFFLyQGHLPSUHVLyQ
'HVGH )DPLOLD6XEIDPLOLD &yGLJR GH OD IDPLOLD R VXEIDPLOLD D OD TXH
SHUWHQHFHQORVDUWtFXORV
+DVWD)DPLOLD6XEIDPLOLD &yGLJRGHODIDPLOLDRVXEIDPLOLDKDVWDODTXH
VHUHDOL]DUiODVHOHFFLyQGHLPSUHVLyQ
(VWRVGRV~OWLPRVFDPSRVVHSXHGHQXWLOL]DUSDUDUHDOL]DUODLPSUHVLyQGH
HWLTXHWDVGHXQDIDPLOLDRVXEIDPLOLDGHWHUPLQDGD
'HVGH 3URYHHGRU (Q FDVR GH TXH HO WLSR GH LPSUHVLyQ VHD SRU
PRYLPLHQWRV LQGLFDU GHVGH TXp FyGLJR GH SURYHHGRU VH UHDOL]DUi OD
VHOHFFLyQGHORVPRYLPLHQWRV
+DVWD3URYHHGRU ,QGLFDUKDVWDTXHFyGLJRGHSURYHHGRUVHUHDOL]DUiOD
LPSUHVLyQ GH HWLTXHWDV VLHPSUH TXH HO WLSR GH LPSUHVLyQ VHD SRU
PRYLPLHQWRV
'HVGH$OPDFpQ (QFDVRGHTXHVHKD\DLQGLFDGRODLPSUHVLyQEDVDGD
HQLQYHQWDULRLQGLFDUGHTXpDOPDFpQ
+DVWD $OPDFpQ ,QGLFDU FyGLJR GH DOPDFpQ KDVWD HO TXH VH UHDOL]DUi HO
ILOWURGHVHOHFFLyQ
(WLTXHWDSRUFDMDHQFDVRGH8QLGDGHVSRUFDMD (QODILFKDGHODUWtFXOR
KD\ XQ FDPSR HQ HO FXDOSRGHPRVLQGLFDUFXDQWDVXQLGDGHVGHODUWtFXOR
KD\HQXQDFDMD0DUFDQGRHVWHFXDGURGHYHULILFDFLyQVHLPSULPLUiXQD
VRODHWLTXHWDSRUFDGD[XQLGDGHVTXHWLHQHXQDFDMD
,PSULPLU HWLTXHWDV FRQ 3UHFLR ,YD LQFOXLGR (Q FDVR GH TXHUHU TXH
DSDUH]FD HO SUHFLR HQ OD HWLTXHWD VL HVWH FXDGUR GH YHULILFDFLyQ VH
HQFXHQWUDPDUFDGRHOSUHFLRVDOGUiLPSUHVRFRQHO,9$LQFOXLGR
8VDU 7DOODV \ &RORUHV 3DUD DTXHOORV DUWtFXORV HQ ORV TXH KD\ WDOODV \
FRORUHVVHLPSULPLUiQWDQWDVHWLTXHWDVFRPRXQLGDGHVKD\DGHFDGDWDOOD
\FRORU
6ROR$UWtFXORVFRQSUHFLR0RGLILFDGR (QFDVRTXHHOFXDGURGH
YHULILFDFLyQVHHQFXHQWUHPDUFDGRVHLPSULPLUiQDTXHOORVDUWtFXORVFX\RV
SUHFLRVKD\DQVLGRPRGLILFDGRVPHGLDQWHODRSFLyQ$FWXDOL]DFLyQGH
3UHFLRV(QWUDGDV\6DOLGDVGH$OPDFpQVLHPSUHTXHVHPDUTXH
$FWXDOL]D3UHFLRVX2IHUWDVSHGLGRVDOEDUDQHV\IDFWXUDVGLUHFWDVGH
SURYHHGRU
'HOD5HIHUHQFLD ,QGLFDUHQGLFKRFDPSRODUHIHUHQFLDGHDTXHOORV
DUWtFXORVTXHTXHUDPRVLPSULPLU(VWHFDPSRGHEHUiFRVWDUHQHOFDPSR
5HIHUHQFLDGHOPDHVWURGH$UWtFXORV
&DPSR(VSHFLDO (OWH[WRTXHLQFOX\DPRVHQGLFKRFDPSRVHLPSULPLUi
HQODHWLTXHWDGHODUWLFXORVLHPSUH\FXDQGRKD\DPRVLQFOXLGR
SUHYLDPHQWHHO&DPSR(VSHFLD GHVGH&RQILJXUDFLyQGHHWLTXHWDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$FWXDOL]DFLyQGH3UHFLRV
'HVGHHVWDSDQWDOODSRGHPRVHQWUDU\PRGLILFDUWDQWRORVSUHFLRVFRPR
XQDVHULHGHGDWRVGHODILFKDGHODUWtFXOR\DTXHKDFHUORHQODSURSLDILFKD
XQR D XQR VHUtD XQ SURFHVR EDVWDQWH WHGLRVR /D SDQWDOOD FRQVWD GH XQD
VHULHGHFXDGURVGHYHULILFDFLyQFRQHOQRPEUHGHFDGDXQRGHORVFDPSRV
TXHVHGHVHDHQWUDURPRGLILFDU
/D SDQWDOOD SDUD OD $FWXDOL]DFLyQ 0RGLILFDFLyQ GH SUHFLRV HV OD
VLJXLHQWH
3DUDVHOHFFLRQDUXQFDPSREDVWDFRQPDUFDUOR\DSDUHFHUiHQODOLVWD
GHPRGLILFDFLyQXQDYH]VHKDJDFOLFNHQHOERWyQ2N
/RVFDPSRVTXHVHSXHGHQPRGLILFDUVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
x
x
3UHFLRGH&RVWR 6HUHILHUHDFRVWR~OWLPR+D\TXHWHQHUHQFXHQWDTXH
HOPRGLILFDUHVWHFRVWRQR LPSOLFDHOFiOFXORGHFRVWRPHGLR
393
393
393
393
393
)DPLOLD6XEIDPLOLD
393&DMD
393&DMD
393&DMD
393&DMD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
393&DMD 3UHFLRHQ2IHUWD
'HVFXHQWR
'HVFXHQWR
'HVFXHQWR
'HVFXHQWR
'HVFXHQWR
&RG%DUUDV
&RG%DUUDV
&RG%DUUDV
6WRFN0i[LPR
6WRFN0tQLPR
8ELFDFLyQ
8ELFDFLyQ
8ELFDFLyQ
7DULID3URYHHGRU 3UHFLR7DULID3URYHHGRU
3UHFLR HQ 2IHUWD $O PDUFDU HVWH FDPSR DSDUHFHUiQ GRV FXDGURV GH
IHFKDSDUDLQWURGXFLUHOSHULRGRHQHOTXHVHKDUiHIHFWLYRGLFKRSUHFLRGH
RIHUWD
8QD YH] KDJDPRV FOLFN HQ HO ERWyQ2N DSDUHFHUi HQ OD SDUWH LQIHULRU
GH OD SDQWDOOD XQD OLVWD FRQ ORVFDPSRV VHOHFFLRQDGRV 3DUD LQWURGXFLU
GDWRVSXOVDUODWHFOD,1752\ODOLVWDHQWUDUiHQHGLFLyQWHFOHDUHOFyGLJR
GH DUWtFXOR UHIHUHQFLD GH SURYHHGRU R FXDOTXLHUD GH ORV WUHV FyGLJRV GH
EDUUDV \ VH FDUJDUiQ ORV GDWRV FRUUHVSRQGLHQWHV DO DUWtFXOR LQGLFDG
R
HQWRQFHV LQWURGXFLU ORV QXHYRV YDORUHV /D DFWXDOL]DFLyQ VH KDUi
LQPHGLDWDPHQWHDOSDVDUGHXQDILODDRWUD
3DUD IDFLOLWDU OD HQWUDGD GH WDULIDV VH KD LQFRUSRUDGR OD XWLOLGDG GH
%~VTXHGD UiSLGD RUGHQDGD SRU TXH QRV D\XGDUi D LQWURGXFLU HO
VLJXLHQWH FyGLJR TXH KD\D HQ OD OLVWD GH DUWtFXORV VHJ~Q HO RUGHQ
LQGLFDGR HV GHFLU DOIDEpWLFDPHQWH R SRU FyGLJR 'H HVWD PDQHUD VL
KHPRV PRGLILFDGR HO DUWtFXOR VL DO FRPHQ]DU XQD QXHYD
OtQHDSXOVDPRVODVWHFODV&75/)ODDSOLFDFLyQEXVFDUiHOV
LJXLHQWH
RUGHQDGRSRU&yGLJRR'HVFULSFLyQVHJ~QVHKD\DVHOHFFLRQDGRGHOD
OLVWDGHVSOHJDEOH
$GHPiVVHSXHGHUHDOL]DUODFRQYHUVLyQGHSUHFLRVHQGLVWLQWDVGLYLVDV
SDUDHOORGHEHPRVVHOHFFLRQDUODGLYLVDHQODTXHWHFOHDUHPRVHOSUHFLR
GH OD OLVWD GHVSOHJDEOH'LYLVD GH 2ULJHQ XQD YH] WHFOHDGR HO LPSRUWH
SXOVDUODVWHFODV&75/)\VHKDUiODFRQYHUVLyQGHOSUHFLRLQGLFDGRD
ODGLYLVDEDVH'HHVWHPRGRSRGHPRVLQWURGXFLUXQDWDULIDTXHQRVYLHQH
HQ3WDV\FRQYHUWLUODD(XURV(VWiFODURTXHSDUDTXHODFRQYHUVLyQVHD
FRUUHFWDWLHQHTXHHVWDUDFWXDOL]DGRHOFDPELRHQHOILFKHURGH'LYLVDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$FWXDOL]DFLyQGH3UHFLRVSRUIDPLOLDV
'HVGH HVWD RSFLyQ VH SRGUiQ UHDOL]DU HQWUDGDV RPRGLILFDFLRQHV GH
WDULIDVDWHQGLHQGRDODIDPLOLDRVXEIDPLOLDDODTXHSHUWHQHFHQORVDUWtFXORV
3DUD HOOR WHQHPRV XQ ILOWUR SDUD OD VHOHFFLyQ HQ OD TXH VH SUHJXQWD GHVGH
TXpDUWtFXORKDVWDTXpRWURDUWtFXOR\GHTXpIDPLOLDRVXEIDPLOLDKDVWDTXp
IDPLOLDRVXEIDPLOLDTXHUHPRVTXHDSOLTXHORVFDPELRVGHWDULID
/RV FDPSRV TXH VH SXHGHQ PRGLILFDU VH HQFXHQWUDQ HQ OD OLVWD
GHVSOHJDEOH3UHFLRD0RGLILFDU \VRQORVVLJXLHQWHV
393
393
393
393
393
393&DMD
393&DMD
393&DMD
393&DMD
393&DMD
6WRFNPi[LPR
6WRFNPtQLPR
$UWtFXORV
0DUJHQ3ODQWLOODV\0iUJHQHVGH9HQWDVGHOPDHVWURGH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
0DUJHQ
0DUJHQ
0DUJHQ
0DUJHQ
3ODQW'HVF 3ODQWLOODV GH 'HVFXHQWRV GH &RPSUDV GHO PDHVWUR GH
$UWtFXORV
3ODQW'HVF
3ODQW'HVF
3ODQW'HVF
3ODQW'HVF
/DPRGLILFDFLyQVHSXHGHUHDOL]DUGHODVVLJXLHQWHVIRUPDV
x
x
x
3RUFHQWXDO 6H LQFUHPHQWDUi HO SRUFHQWDMH LQGLFDGR HQ HO FDPSR
,QFUHPHQWRVREUHHOSUHFLRTXH\DWLHQHFDGDDUWtFXOR
3RUF0DUJHQ 6H DSOLFDUi FRPR PDUJHQ ELHQ VREUHYHQWD R VREUH
FRVWR DFWXDOL]DQGR WDQWR HO SUHFLR FRPR HO PDUJHQ 6H DFWLYDUi HO
&DPSR3RUFHQWXDO6REUH± 3UHFLRGH9HQWDR3UHFLRGH&RVWR
/LQHDO 6H VXPDUi DO SUHFLR DFWXDO HO LPSRUWH LQGLFDGR HQ HO FDPSR
,QFUHPHQWR
5HFDOFXODGRGH3UHFLRVGH(VFDQGDOORV
3DUDFDOFXODUHOSUHFLRGHFRVWRGHXQDUWtFXORTXHHVWpFRPSXHVWRGH
RWURV HVFDQGDOOR KD\ TXH SULPHUR DFWXDOL]DU ORV FRVWRV GH ORV DUWtFXORV
FRPSRQHQWHV \ SRVWHULRUPHQWH GHVGH HVWD RSFLyQ VH KDUi HO FiOFXOR GHO
FRVWR GHO DUWtFXOR FRPSXHVWR 8QD YH] DFWXDOL]DGR HO FRVWR VH SRGUi
PRGLILFDUELHQPDQXDOPHQWHELHQDXWRPiWLFDPHQWHSRUFXDOTXLHUDGHODVGRV
RSFLRQHVGHPHQ~DQWHULRUHVHOSUHFLRGHYHQWD'HHVWHPRGRVHDVHJXUD
XQEXHQFiOFXORGHODUHQWDELOLGDG
(O SURFHVR DFWXDOL]DUi HO SUHFLR GH FRVWR ~OWLPR R PHGLR VHJ~Q VH
PDUTXHQ ORV ERWRQHV GH RSFLyQ (O FiOFXOR VH KDFH SDUD HO WRWDO GHO
HVFDQGDOORHVGHFLUVLHOHVFDQGDOORVHKDFDOFXODGRSDUDXQLGDGHVHO
SUHFLRTXHVHFDOFXODHVSDUDXQLGDGHV6LORTXHVHGHVHDHVFDOFXODUHO
SUHFLR XQLWDULR VH GHEH GH PDUFDU HO FXDGUR GH YHULILFDFLyQ8VDU IyUPXOD
TXtPLFD/DH[SOLFDFLyQDHVWHFRPSRUWDPLHQWRHVTXHXQDGHVFRPSRVLFLyQ
SXHGHDOEHUJDUWDQWRODFRPSRVLFLyQGH NLORVGHSLHQVRRODFRPSRVLFLyQ
GH NLORVGHXQDGHWHUPLQDGDSLQWXUDFRPRODFRPSRVLFLyQGH GRUPLWRULR
/R QRUPDO HV TXH HO HVFDQGDOOR VH KDJD SRU OD XQLGDG DXQTXH HQ
GHWHUPLQDGRVSURFHVRVVHDPiVFyPRGR KDFHUORSDUDXQLGDGHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QYtR7UDQVSRUWLVWDV
(QHVWD RSFLyQHQFRQWUDPRVXQKLVWyULFRGHDTXHOORVHQYtRVTXHVH
KDQUHDOL]DGRGHVGHODRSFLyQGHHWLTXHWDVGHHQYtRV
(OILOWURSDUDHOOLVWDGRHVHOVLJXLHQWH
x 2UGHQDGRSRU (ORUGHQGHOOLVWDGRVHSRGUiUHDOL]DUSRU
)HFKD
&yGLJRGH&OLHQWH3URYHHGRU
1RPEUHGH&OLHQWH3URYHHGRU
&yGLJRGH7UDQVSRUWLVWD
x 'HVGH)HFKD ,QGLFDUODIHFKDDSDUWLUGHODFXDOVHILOWUDUiHOOLVWDGR
x +DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOVHILOWUDUiHOOLVWDGR
x 'HVGH&OLHQWH3URYHHGRU ,QGLFDUHOFyGLJRGHFOLHQWHRSURYHHGRUD
SDUWLUGHOFXDOVHILOWUDUiHOOLVWDGR
x +DVWD&OLHQWH3URYHHGRU ,QGLFDUHOFyGLJRGHFOLHQWHRSURYHHGRUKDVWD
HOFXDOVHILOWUDUiHOOLVWDGR
x 'HVGH7UDQVSRUWLVWD ,QGLFDUHOFyGLJRGHWUDQVSRUWLVWDGHVGHHOFXDOVH
ILOWUDUiHOOLVWDGR
x +DVWD7UDQVSRUWLVWD ,QGLFDUHOFyGLJRGHWUDQVSRUWLVWDKDVWDHOFXDOVH
ILOWUDUiHOOLVWDGR
/RVFDPSRVGHVDOLGDGHOOLVWDGRVRQORVVLJXLHQWHV
&yGLJRGHFOLHQWHRSURYHHGRU
1RPEUHGHOGHVWLQDWDULR
)HFKDGHOHQYtR
&yGLJR\QRPEUHGHOWUDQVSRUWLVWD
'LUHFFLyQGHHQYtR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&yGLJRSRVWDO
/RFDOLGDG
3RUWHV
%XOWRV
3HVR
(WLTXHWDVGHHQYtR
'HVGHHVWDRSFLyQJHQHUDPRVODVHWLTXHWDVGHHQYtR GHOPLVPRPRGR
TXHVHDFWXDOL]DQORVGDWRVGHO+LVWyULFRGH(QYtRVVLDVtVHGHVHD&RPR\D
VHYLRHQODVILFKDVGH&OLHQWHV \3URYHHGRUHV H[LVWHQDGHPiVGHORVGDWRV
ILVFDOHVORVGDWRVGHHQYtR(VWRVGDWRVGHHQYtRVRQORVTXHXVDUHPRVSDUD
UHDOL]DUODVHWLTXHWDVSDUDHQYtRSRUWUDQVSRUWLVWDV(VWRVGDWRVVHSUHVHQWDQ
DXWRPiWLFDPHQWHDOWHFOHDUHOFyGLJRGHGHVWLQDWDULR\SXHGHQVHU
PRGLILFDGRVSDUDHQYtRVHQSDUWLFXODU
/DSDQWDOODTXHQRVDSDUHFHHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
)HFKD(QYtR )HFKDHQODTXHVHUHDOL]DHOHQYtR(VWDVHUiODIHFKDFRQ
ODTXHVHJUDEDHQHO+LVWyULFRGH(QYtRV
&yGLJR GH 'HVWLQDWDULR &yGLJR GH FOLHQWH R SURYHHGRU TXH VHUi HO
GHVWLQDWDULRGHOHQYtR3DUDEXVFDUVLHVXQFOLHQWHKHPRVGHWHFOHDU\
SDUDEXVFDUXQSURYHHGRUGHEHPRVWHFOHDUSULPHUR
1RPEUH'HVWLQDWDULR 1RPEUHGHOGHVWLQDWDULRHVGHFLUGHTXLHQUHFLEH
HOHQYtR
'LUHFFLyQ 'LUHFFLyQ TXH DSDUHFHUi HQ OD HWLTXHWD FRPR GLUHFFLyQ GH
GHVWLQR
&yGLJR3RVWDO &yGLJRSRVWDOFRUUHVSRQGLHQWHDODGLUHFFLyQLQGLFDGDHQ
HOFDPSRDQWHULRU
/RFDOLGDG /RFDOLGDGGHODGLUHFFLyQGHGHVWLQR
3URYLQFLD 3URYLQFLDGHODGLUHFFLyQGHGHVWLQR
2EVHUYDFLRQHV %UHYH FRPHQWDULR TXH VH TXLHUD UHDOL]DU D FHUFD GHO
HQYtR(VWHFDPSRDSDUHFHWDPELpQHQODHWLTXHWD
1~PHURGH%XOWRV 1~PHURGHEXOWRVTXHFRPSRQHQODH[SHGLFLyQ
1~PHURGH.LORV 3HVRH[SUHVDGRHQNLORVGHODH[SHGLFLyQ
7LSRGH3RUWHV ,QGLFDUVLORVSRUWHVVRQ3DJDGRV'HELGRVR,QFOXLGRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
3RUWHV ,PSRUWHTXHVXSRQHHOHQYtR
&RQWHQLGR %UHYHGHVFULSFLyQRH[SOLFDFLyQGHORTXHFRPSRQHHOHQYtR
&RQVWDGHOtQHDV
&RQWHQLGR
&RQWHQLGR
&RQWHQLGR
&RQWHQLGR
&yGLJR GH 7UDQVSRUWLVWD &yGLJR GH OD HPSUHVD WUDQVSRUWLVWD &DPSR
2EOLJDWRULR
1RPEUH 7UDQVSRUWLVWD 1RPEUH GH OD HPSUHVD WUDQVSRUWLVWD &DPSR
2EOLJDWRULR
,PSRUWH &RQWUDUHHPEROVR ,PSRUWH TXH VH SDJDUi D FRQWUDUHHPEROVR
SRUHOSDTXHWH
&RQWUROGH7UDQVSRUWLVWDV
'HVGHHVWDRSFLyQSRGHPRVVDFDUXQOLVWDGRELHQGHORV$OEDUDQHV
SHQGLHQWHVGH)DFWXUDU\)DFWXUDVGHWRGRVDTXHOORVGRFXPHQWRVHQORVTXH
KD\DVLGRLQFOXLGRXQWUDQVSRUWLVWD
/DSDQWDOODSDUDHO&RQWUROGH7UDQVSRUWLVWDVHVODVLJXLHQWH
/RVFDPSRVTXHFRQIRUPDQORVOtPLWHVSDUDHOOLVWDGRVRQORVVLJXLHQWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
)LFKHURGH 0RVWUDUiHOOLVWDGRGHDTXHOORVGRFXPHQWRVTXHLQGLTXHPRV
HQGLFKRFDPSR
)DFWXUDV)DFWXUDV'LUHFWDV\$OEDUDQHV\D)DFWXUDGRV GHVGHOD
(PLVLyQGH)DFWXUDV
$OEDUDQHV$OEDUDQHV3HQGLHQWHVGH)DFWXUDU
7UDQVSRUWLVWD &yGLJRGHOWUDQVSRUWLVWDDILOWUDUHQHOOLVWDGR
'HVGH'RFXPHQWR ,QGLFDUHO1žGHOGRFXPHQWRGHVGHHOFXDOVH
LPSULPLUiHOOLVWDGR
+DVWD'RFXPHQWR,QGLFDUHO1žGHOGRFXPHQWRKDVWDHOFXDOVHLPSULPLUi
HOOLVWDGR
'HVGH)HFKD )HFKDGHVGHODFXDOVHILOWUDUiHOOLVWDGR
+DVWD)HFKD )HFKDKDVWDODFXDOVHILOWUDUiHOOLVWDGR
'HVGH&OLHQWH &yGLJRGH&OLHQWHGHVGHHOFXDOVHILOWUDUiHQHOOLVWDGR
+DVWD&OLHQWH &yGLJRGH&OLHQWHKDVWDHOFXDOVHILOWUDUiHQHOOLVWDGR
)RUPDGH3DJR &yGLJRGHODIRUPDGHSDJRGHOGRFXPHQWR$OEDUiQR
)DFWXUDSRUODFXDOVHILOWUDUiHOOLVWDGR
x
x
x
x
x
x
x
x
x
,QYHQWDULR
/LVWDGRGHLQYHQWDULR SRUDOPDFHQHV'HVGHHVWDRSFLyQSRGUHPRV
OLVWDUHOLQYHQWDULR VLQYDORUDUYDORUDGRDGLVWLQWRVSUHFLRVRUGHQDGRSRU
FyGLJRSRUXELFDFLRQHVGHXQVRORDOPDFpQGHWRGRVMXQWRVHWF
3DVHPRVDGHVFULELUORVOtPLWHV\FRQILJXUDFLyQGHOOLVWDGR
2UGHQDGR3RU (ORUGHQGHOOLVWDGRSXHGHVHUSRU
&yGLJRGHDUWtFXOR
'HVFULSFLyQGHODUWtFXOR
8ELFDFLyQ
8ELFDFLyQ
8ELFDFLyQ
5HIHUHQFLDGH3URYHHGRU
x 9DORUDUSRU /DYDORUDFLyQGHOLVWDGRSXHGHVHU
6LQYDORUDUHVGHFLUVyORVHLQGLFDUiQODVH[LVWHQFLDV
(OLQYHQWDULR VHYDORUDUiD3UHFLRGH9HQWD
(OLQYHQWDULR VHYDORUDUiDSUHFLRGH9HQWD
(OLQYHQWDULR VHYDORUDUiDSUHFLRGH9HQWD
(OLQYHQWDULR VHYDORUDUiDSUHFLRGH9HQWD
(OLQYHQWDULR VHYDORUDUiDSUHFLRGH9HQWD
(OLQYHQWDULR VHYDORUDUiDSUHFLRGH&RVWR0HGLR
(OLQYHQWDULR VHYDORUDUiDSUHFLRGH&RVWR8OWLPR
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
'HVGH&yGLJR ,QGLFDUHOFyGLJRGHDUWtFXORDSDUWLUGHOFXDOVHFRPHQ]DUi
HOOLVWDGRGHLQYHQWDULR6LORGHMDPRVHQEODQFRHOOLVWDGRFRPHQ]DUiSRU
HOSULPHUFyGLJRGHDUWtFXOR
+DVWD &yGLJR ,QGLFDU HO FyGLJR GH DUWtFXOR KDVWD HO FXDO VH UHDOL]DUi HO
OLVWDGR GH LQYHQWDULR 6L OR GHMDPRV HQ EODQFR HO OLVWDGR ILOWUDUi KDVWD HO
~OWLPRDUWtFXORTXHKD\DHQHOILFKHURGHDUWtFXORV
'HVGH 'HVFULSFLyQ (Q FDVR GH KDEHU LQGLFDGR XQ OLVWDGR RUGHQDGR SRU
GHVFULSFLyQ VH SXHGH LQGLFDU GHVGH TXp GHVFULSFLyQ TXHUHPRV TXH
FRPLHQFH HO ILOWUR GH OD VHOHFFLyQ (Q FDVR GH GHMDU HQ EODQFR HO ILOWUR
FRPHQ]DUiSRUODSULPHUDGHVFULSFLyQHQRUGHQDOIDEpWLFRTXHKD\DHQHO
ILFKHUR GH DUWtFXORV /DV PD\~VFXODVPLQ~VFXODV QR LQIOX\HQ HQ OD
VHOHFFLyQGHOOLVWDGRORVDFHQWRVVt
+DVWD 'HVFULSFLyQ ,QGLFDU KDVWD TXp GHVFULSFLyQ TXHUHPRV TXH VH
UHDOLFHHOILOWURGHODVHOHFFLyQGHOOLVWDGR(QFDVRGHGHMDUORHQEODQFRHO
OLVWDGR VH UHDOL]DUi KDVWD OD ~OWLPD GHVFULSFLyQ TXH KD\D HQ RUGHQ
DOIDEpWLFR HQ HO ILFKHUR GH DUWtFXORV /DV PD\~VFXODVPLQ~VFXODV QR
LQIOX\HQHQODVHOHFFLyQGHOOLVWDGRORVDFHQWRVVt
'HVGH )DP6XE)DP (Q FDVR GH TXH TXHUDPRV VDFDU HO LQYHQWDULRGH
XQDIDPLOLDRVXEIDPLOLDRYDULDVLQGLFDUHOFyGLJRGHODIDPLOLDRVXEIDPLOLD
HQODTXHFRPHQ]DUiODVHOHFFLyQGHOOLVWDGR
+DVWD )DP6XP)DP (Q FDVR GH TXH TXHUDPRV ODQ]DU HO LQYHQWDULRGH
XQD R YDULDV IDPLOLDV R VXEIDPLOLDV LQGLFDU HO FyGLJR KDVWD OD FXDO VH
UHDOL]DUiODVHOHFFLyQGHOOLVWDGR
)HFKDGHO/LVWDGR )HFKDTXH DSDUHFHUiHQHOOLVWDGR&8,'$'2(672
12 6,*1,),&$ 48( (/ ,19(17$5,2 48( 6$/*$ 325 ,035(625$
&255(6321'$ $/ ,19(17$5,2 '(/ 'Ë$ ,1',&$'2 \D TXH HO
LQYHQWDULR TXHVHODQ]DUiVHUi6,(035(HOLQYHQWDULRUHDOTXHKD\DHQOD
EDVHGHGDWRVDODKRUDGHLPSULPLUHOOLVWDGRGHLQYHQWDULR
'HO $OPDFpQ ,QGLFDU HO FyGLJR GHO DOPDFpQ GHO FXDO YDPRV D ODQ]DU HO
LQYHQWDULR (Q FDVR GH TXH TXHUDPRV VDFDU HO LQYHQWDULR GHO WRWDO GH
DOPDFHQHVLQGLFDU7
'HVGH 3URYHHGRU 3RGHPRV ODQ]DU HO LQYHQWDULR GH ORV DUWtFXORV GH XQ
VRORSURYHHGRURGHXQJUXSRGHSURYHHGRUHV,QGLFDUGHVGHTXpFyGLJR
GHSURYHHGRUFRPHQ]DUiODVHOHFFLyQGHOOLVWDGR'HMDQGRHVWHFDPSRHQ
EODQFR VH FRPHQ]DUi SRU HO SULPHU SURYHHGRU TXH KD\D HQ HO ILFKHUR GH
SURYHHGRUHVSRU RUGHQGHFyGLJR
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUGHORVDUWtFXORVKDVWDHO
FXDOVHUHDOL]DUiODVHOHFFLyQGHOLQYHQWDULR(QFDVRGHGHMDUHVWHFDPSR
HQEODQFRVHVHOHFFLRQDUiKDVWDHOXOWLPRFyGLJRGHSURYHHGRUGHOILFKHUR
GHSURYHHGRUHV6LWDQWRHVWHFDPSRFRPRHODQWHULRUVHGHMDQHQEODQFR
TXLHUHLQGLFDUTXHQRVHUHDOL]DVHOHFFLyQSRUSURYHHGRUHV
'HVGH8ELFDFLyQ (QFDVRGHTXHTXHUDPRVVDFDUHOLQYHQWDULRGHXQD
XELFDFLyQHVSHFLILFDLQGLFDUHOFyGLJRGHVGHODXELFDFLyQTXHFUHDPRV
SUHYLDPHQWHGHVGHHOPHQ~8ELFDFLRQHV \TXHVHDVLJQyDFDGDDUWLFXOR
GHVGHHOPDHVWURGH$UWtFXORV
+DVWD8ELFDFLyQ (QFDVRGHTXHTXHUDPRVVDFDUHOLQYHQWDULRGHXQD
XELFDFLyQHVSHFLILFDLQGLFDUHOFyGLJRKDVWDODXELFDFLyQTXHFUHDPRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
SUHYLDPHQWHGHVGHHOPHQ~8ELFDFLRQHV \TXHVHDVLJQyDFDGDDUWLFXOR
GHVGHHOPDHVWURGH$UWtFXORV
$UWtFXORV6LQ([LVWHQFLDV 3XOVDQGRHVWHERWyQVHLQFOXLUiQORVDUWtFXORV
FRQH[LVWHQFLDV
$UWLFXORV FRQ H[LVWHQFLDV QHJDWLYDV 3XOVDQGR HVWH ERWyQ VH LQFOXLUiQ
ORVDUWtFXORVFRQH[LVWHQFLDVQHJDWLYDV
'HWDOOH 3XOVDQGR HVWH ERWyQ VH UHDOL]DUi HO OLVWDGR HQ GHWDOOH HV GHFLU
LQFOX\HQGRWRGRVORVDUWtFXORVVHOHFFLRQDGRV
5HVXPHQ 3XOVDQGR HVWH ERWyQ VH UHDOL]DUi HOOLVWDGR UHVXPLHQGR SRU
IDPLOLD\VXEIDPLOLD(VWHERWyQHVLQFRPSDWLEOHFRQHODQWHULRUHVGHFLUVH
PDUFDUiXQRXRWURSHURQRORVGRVDODYH]
x
x
x
x
/RVFDPSRVGHVDOLGDGHOOLVWDGRVRQORVVLJXLHQWHV
6LHQGR OD URWXUD SRU FyGLJR GH IDPLOLD \ VXEIDPLOLD HV GHFLU KDEUi
WRWDOHV\VXEWRWDOHVSRUIDPLOLD\VXEIDPLOLD
&yGLJRGHDUWtFXOR
5HIHUHQFLDGHSURYHHGRU
'HVFULSFLyQGHDUWtFXOR
([LVWHQFLDV
9DORUXQLWDULR
9DORUWRWDO
7RPDGH,QYHQWDULR
'HVGH HVWD RSFLyQ REWHQHPRV XQ OLVWDGR GH DUWtFXORV SDUD UHDOL]DU OD
WRPDGHLQYHQWDULRHVGHFLUWRPDUQRWDGHODVH[LVWHQFLDVUHDOHVTXHKD\HQ
DOPDFpQ (O OLVWDGR VH SXHGH FRQILJXUDU SDUD TXH VH FRPSDUH FRQ ODV
H[LVWHQFLDV TXH WLHQH JUDEDGDV OD DSOLFDFLyQ HQ D
O EDVH GH GDWRV R ELHQ
VLPSOHPHQWHXQOLVWDGRFRQORVFyGLJRVGHDUWtFXOR\XQHVSDFLRSDUDDQRWDU
ODVH[LVWHQFLDVVHJ~QVHYDQFRQWDQGR
(VWH OLVWDGR SXHGH VHU GH JUDQ XWLOLGDG SDUD HQ XQ VHJXQGR SDVR
UHDOL]DUODHQWUDGDGHOLQYHQWDULR
/RVFDPSRVTXHUHDOL]DQODVHOHFFLyQGHOOLVWDGRVRQORVVLJXLHQWHV
x
2UGHQ GHO /LVWDGR (O OLVWDGR VH SXHGH RUGHQDU VHJ~Q ORV VLJXLHQWHV
FDPSRV
&yGLJRGHDUWtFXOR
'HVFULSFLyQ
8ELFDFLyQ
8ELFDFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
8ELFDFLyQ
5HIHUHQFLDGHSURYHHGRU
$JUXSDU OLVWDGR SRU )DPLOLDV 3XOVDQGR HVWH ERWyQ DJUXSDUi WRGRV ORV
DUWtFXORVVHOHFFLRQDGRVGHVGHHOILOWURSRUVXVUHVSHFWLYDVIDPLOLDV
'HVGH&yGLJR ,QGLFDUHOFyGLJRGHDUWtFXORDSDUWLUGHOFXDOVHUHDOL]DUi
ODVHOHFFLyQGHOOLVWDGR
+DVWD&yGLJR ,QGLFDUHOFyGLJRGHDUWtFXORKDVWDHOFXDOVHUHDOL]DUiOD
VHOHFFLyQGHOOLVWDGR
'HVGH 'HVFULSFLyQ (Q FDVR GH TXH HO OLVWDGR VH KDJD RUGHQDGR
DOIDEpWLFDPHQWHVHSXHGHLQGLFDUDSDUWLUGHTXpGHVFULSFLyQGHDUWtFXORV
VHTXLHUHVHOHFFLRQDUHOOLVWDGR
+DVWD 'HVFULSFLyQ (Q FDVR GH TXH HO OLVWDGR VH KDJD SRU RUGHQ
DOIDEpWLFRLQGLFDUKDVWDTXpGHVFULSFLyQVHTXLHUHUHDOL]DUODVHOHFFLyQGHO
OLVWDGR
'HVGH)DP6XE)DP ,QGLFDUHOFyGLJRGHIDPLOLD\VXEIDPLOLDSRUHOFXDO
VHGHVHDUHDOL]DUODVHOHFFLyQGHOOLVWDGR
+DVWD )DP6XE)DP ,QGLFDU HO FyGLJR GH IDPLOLDV \ VXEIDPLOLD KDVWD HO
FXDOVHGHVHDUHDOL]DUODVHOHFFLyQGHOOLVWDGR
)HFKD/LVWDGR )HFKDTXHDSDUHFHUiHQHOOLVWDGR(VWDIHFKDQRLPSOLFD
TXH ODV H[LVWHQFLDV GHO OLVWDGR VHDQ ODV H[LVWHQFLDV TXH KDEtD HQ HO
DOPDFpQ HQ HVD IHFKD WDO \ FRPR VH KD H[SOLFDGR HQ HO DSDUWDGR
,QYHQWDULR ,PSULPLU ([LVWHQFLDV 3XOVDQGR HVWH ERWyQ VH LQGLFD TXH VH TXLHUHQ
LPSULPLU ODV H[LVWHQFLDV (VWR SXHGH VHU GH XWLOLGDG SDUD FRPSDUDU ORV
GDWRVTXHKD\JUDEDGRVHQODEDVHGHGDWRVFRQORVGDWRVUHDOHV
'HO $OPDFpQ ,QGLFDU HO FyGLJR GH DOPDFpQ GHO FXDO VH TXLHUH VDFDU OD
WRPDGHLQYHQWDULR
'HVGH3URYHHGRU
+DVWD3URYHHGRU
(QFDVRGHTXHVHTXLHUDOLPLWDUHOOLVWDGRDORVDUWtFXORVGHXQRRYDULRV
SURYHHGRUHVLQGLFDUORVFyGLJRVGHSURYHHGRUTXHUHDOL]DUiQODVHOHFFLyQ
GHOOLVWDGR
'HVGH 8ELFDFLyQ  (Q FDVR GH TXH TXHUDPRV VDFDU HO LQYHQWDULRGH
XQD XELFDFLyQ HVSHFLILFD LQGLFDU HO FyGLJR GHVGH OD XELFDFLyQ TXH
FUHDPRVSUHYLDPHQWHGHVGHHOPHQ~8ELFDFLRQHV \TXHVHDVLJQyDFDGD
DUWLFXORGHVGHHOPDHVWURGH$UWtFXORV
+DVWD8ELFDFLyQ (QFDVRGHTXHTXHUDPRVVDFDUHOLQYHQWDULRGHXQD
XELFDFLyQ HVSHFLILFD LQGLFDU HO FyGLJR KDVWD OD XELFDFLyQ TXH FUHDPRV
SUHYLDPHQWHGHVGHHOPHQ~8ELFDFLRQHV \TXHVHDVLJQyDFDGDDUWLFXOR
GHVGHHOPDHVWURGH$UWtFXORV
$UWtFXORV VLQ H[LVWHQFLDV 0DUFDQGR HVWH ERWyQ VH LQFOXLUiQ DTXHOORV
DUWtFXORVTXHWHQJDQH[LVWHQFLDVHQFDVRFRQWUDULRQR4XHGDFODURTXH
SDUD TXH VDOJDQ ODV H[LVWHQFLDV GHEH HVWDU SXOVDGR HO ERWyQLPSULPLU
H[LVWHQFLDV
$UWtFXORVFRQH[LVWHQFLDVQHJDWLYDV 3XOVDQGRHVWHERWyQVDOGUiQHQHO
OLVWDGRDTXHOORVDUWtFXORVTXHWHQJDQH[LVWHQFLDVQHJDWLYDV
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/RVFDPSRVGHVDOLGDGHOOLVWDGRVRQORVVLJXLHQWHV
&yGLJRGHDUWtFXOR
5HIHUHQFLDGHSURYHHGRU
'HVFULSFLyQGHODUWtFXOR
([LVWHQFLDVRSFLRQDO
([LVWHQFLDVUHDOHV
8ELFDFLyQ
9DOLGDFLyQGHLQYHQWDULR
'HVGH HVWD RSFLyQ SRQGUHPRV FRPR VWRFN GH ~OWLPR LQYHQWDULR
ODV
H[LVWHQFLDV TXH KD\D HQ HO PRPHQWR GH HMHFXWDU HVWD RSFLyQ \ FRPR IHFKD
GH~OWLPRLQYHQWDULRODIHFKDGHWUDEDMRGHOD~OWLPDHQWUDGDTXHKD\DKHFKR
D OD DSOLFDFLyQ 2ILJHV WDQWR HQ OD ILFKD GHO DUWtFXOR FRPR HQ ODV ILFKDV GH
PXOWLDOPDFpQ /D ILQDOLGDG GH HVWD RSFLyQ HV OD GH JXDUGDU ODV H[LVWHQFLDV
TXHKD\HQDOPDFpQDXQDIHFKDGDGDELHQSDUDSRGHUODVOLVWDUSRUHMHPSOR
GHVGHHO JHQHUDGRUGHLQIRUPHVELHQSDUDWHQHUXQDEDVHVHJXUDSDUDKDFHU
XQDUHFRQVWUXFFLyQGHH[LVWHQFLDV
(VWH SURFHVR VH GHEH UHDOL]DU DO ILQDO GH XQD MRUQDGD GH WUDEDMR \
YDOLGDQGRFRQODIHFKDGHOGtDVLJXLHQWHRELHQDOSULQFLSLRGHXQDMRUQDGDGH
WUDEDMR VLHPSUH \ FXDQGR QR VH KD\D UHDOL]DGR QLQJ~Q PRYLPLHQWR GH
DOPDFpQ FRQ HVD IHFKD /D UD]yQ GH HVWD QHFHVLGDG HV TXH SRU HMHPSOR
SDUDUHFRQVWUXLUH[LVWHQFLDVQHFHVLWDPRVWHQHUHQFXHQWDORVPRYLPLHQWRVD
SDUWLU GH XQD IHFKD H LJQRUDU ORV GHPiV DVt VL YDOLGDPRV HO LQYHQWDULR
KDELHQGRUHDOL]DGRPRYLPLHQWRVHQHVDPLVPDIHFKDHVRVPRYLPLHQWRVVH
YROYHUiQDVXPDUSRUORTXHHOUHVXOWDGRQRVHUiILDEOH
(OSURFHVRGHYDOLGDFLyQFRPSUXHEDDVXYH]TXHQRKD\DGHVFXDGUH
HQWUH ORV DOPDFHQHV 6L HVWRRFXUUHORDYLVDDERUWDQGRHOSURFHVR\JHQHUD
XQ ILFKHUR FRQ ORV GDWRV GHO GHVFXDGUH HQ OD FDUSHWD GH LQVWDODFLyQ GHO
6HUYLGRU\FRQQRPEUH'HVFXDGUHW[W(VWHILFKHURVHSXHGHHGLWDUHLPSULPLU
SDUD VHU UHYLVDGR 3DUD FRUUHJLU ORV GHVFXDGUHV VH SXHGH XWLOL]DU XQD
5HJXODUL]DFLyQ GH ([LVWHQFLDV GHQWUR GHO PHQ~ DOPDFpQ \ SRVWHULRUPHQWH
KDFHU OD HQWUDGD FRQ ODV H[LVWHQFLDV UHDOHV GHVGH (QWUDGDV \ 6DOLGDV GH
DOPDFpQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
5HJXODUL]DFLyQGH([LVWHQFLDV
(VWD RSFLyQ WLHQH FRPR ILQDOLGDG SRQHU D FHUR ODV H[LVWHQFLDV GH ORV
DUWtFXORV VHOHFFLRQDGRV HQ HO DOPDFpQ LQGLFDGR (Q FDVR GH QR LQGLFDU
DOPDFpQVHSRQGUiQDFHURODVH[LVWHQFLDVGHORVDUWtFXORVVHOHFFLRQDGRVHQ
72'26ORVDOPDFHQHV(VWD~OWLPDRSFLyQVHSXHGHXWLOL]DUSDUDFRUUHJLUXQ
HUURU GH VWRFN R XQ GHVFXDGUH GHO PLVPR UHDOL]DQGR D FRQWLQXDFLyQ XQD
HQWUDGD TXH FRUULMD ODV H[LVWHQFLDV/DSXHVWDDFHURVHSXHGHKDFHUGHXQ
DUWtFXORFRQFUHWRGHXQDIDPLOLDRVXEIDPLOLDFRQFUHWDGHXQDOPDFpQRELHQ
GHWRGROR~QLFRTXHGHEHUHDOL]DUHVHOILOWURFRUUHVSRQGLHQWH
(OSURFHVRHVLUUHYHUVLEOHSRUORTXHGHEHHVWDUVHJXURGHORTXHHVWi
KDFLHQGR
6LWLHQHTXHSRQHUDFHURXQDOPDFpQGHEHKDFHUOR$17(6GHYDOLGDU
HO LQYHQWDULR SXHVWR TXH VL OR KDFH GHVSXpV \ DGHPiV UHDOL]D XQD
UHFRQVWUXFFLyQGHH[LVWHQFLDVVHFUHDUi'(6&8$'5('((;,67(1&,$6
3XHQWHGH)DEULFDFLyQ
(VWD RSFLyQ UHDOL]DUi PRYLPLHQWRV GH VDOLGD GH ORV DUWtFXORV
FRPSRQHQWHV \ HQWUDGD GHO DUWtFXOR FRPSXHVWR /D ILQDOLGDG HV OD GH
DXWRPDWL]DUORVSURFHVRVGHFRQYHUVLyQHQWUHDUWtFXORVHVGHFLUVLSDUDFUHDU
XQGRUPLWRULRKDFHIDOWDGRVPHVLWDVGHQRFKHXQDUPDULRXQDFDPDHWF
6HLQGLFDQORVDUWtFXORVHQODILFKDGHHVFDQGDOOR\PHGLDQWHHVWHSURFHVR
VH GDUi GH EDMD HQ HO DOPDFpQ LQGLFDGR ODV XQLGDGHV GH ORV DUWtFXORV
FRPSRQHQWHV \ GDUi HQWUDGD ODV XQLGDGHV GHO DUWtFXOR IDEULFDGR +D\ TXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
LQGLFDU TXH DXQTXH HO DUWtFXOR TXH FRQIRUPD HO HVFDQGDOOR VHD FRPSXHVWR
KD\ TXH SRQHUOR FRPR )$%5,&$'2 HQ OD ILFKD GHO DUWtFXOR $GHPiV HVWD
RSFLyQWLHQHWDPELpQODIXQFLRQDOLGDGGHLPSULPLURUGHQHVGHIDEULFDFLyQ
/RVGDWRVTXHVHUHTXLHUHQVRQORVVLJXLHQWHV
x
x
x
x
)HFKD )HFKDHQODTXHVHUHDOL]DUiODIDEULFDFLyQ
8VDUIRUPXOD4XtPLFD 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQDSDUHFHUi
XQFXDGURGHWH[WRHQHOTXHVHSXHGHLQWURGXFLUODGHQVLGDGGHODUWtFXORD
IDEULFDU(VWDRSFLyQSXHGHVHUGHJUDQXWLOLGDGSDUDDTXHOODVHPSUHVDTXH
VRQIDEULFDQWHVGHSLQWXUDVOHMtDVHWF\DTXHODGHVFRPSRVLFLyQRILFKD
GHO HVFDQGDOOR VXHOHQ LQWURGXFLU ORV YDORUHV HQ NLORV PLHQWUDV TXH HO
SURGXFWR ILQDO VH H[SUHVD HQ OLWURV 3XHV SDUD TXH HO SURFHVR GH
IDEULFDFLyQ VHD FRUUHFWR KD\ TXH LQWURGXFLU OD GHQVLGDG (VWH YDORU VH
DFWXDOL]DUiHQODILFKDGHODUWtFXORIDEULFDGR
'HQVLGDG 'HQVLGDGGHDUWtFXORDIDEULFDU
$FWXDOL]DUSUHFLRV 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQVHDFWXDOL]DUiQ
ORVSUHFLRVGHFRVWR~OWLPR\PHGLR\HQDTXHOORVDUWtFXORVTXHQRWHQJDQ
FRQILJXUDGRV ORV SUHFLRV FRPR 0DQXDOHV VH DFWXDOL]DUiQ WDPELpQ ORV
SUHFLRVGHYHQWD
$UWtFXORVDWUDVSDVDUDO3XHQWHGH)DEULFDFLyQ
x
x
x
x
&yGLJR &yGLJRGHODUWtFXORTXHVHYDDIDEULFDU
'HVFULSFLyQ 'HVFULSFLyQGHODUWtFXORTXHVHYDDIDEULFDU(VWHFDPSRVH
FRPSOHWDDXWRPiWLFDPHQWHDOLQWURGXFLUHOFyGLJRGHODUWtFXOR
&DQWLGDG 8QLGDGHVTXHVHUiQIDEULFDGDV
0RVWUDUGHVJORVH 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQVHPRVWUDUiHQ
OD OLVWD LQIHULRU GH OD SDQWDOOD ORV DUWtFXORV TXH FRPSRQHQ OD ILFKD GH
HVFDQGDOOR GHO DUWtFXOR TXH VH YDD IDEULFDU (Q FDVR GH TXH VH YD\DQ D
IDEULFDUPiVGHXQ DUWtFXORVHPRVWUDUiHOGHVJORVHHQODOLVWDLQIHULRUGHO
DUWtFXORTXHVHHQFXHQWUHPDUFDGRHQODOLVWDGHIDEULFDFLyQ
'HVJORVHGHOHVFDQGDOOR
x
x
x
x
x
x
x
&yGLJR &yGLJRGHODUWtFXORFRPSRQHQWH
'HVFULSFLyQ 'HVFULSFLyQGHDUWtFXORFRPSRQHQWH
7DQWR SRU FLHQWR TXH UHSUHVHQWD OD OtQHD FRQ UHVSHFWR DO WRWDO GH OD
ILFKD
&DQWLGDG 1~PHURGHXQLGDGHVGHODUWtFXORTXHVHGDUiQGHEDMDSRUFDGD
XQLGDGIDEULFDGD
7RWDO 1~PHURGHXQLGDGHVWRWDOHVGHODUWtFXORTXHVHGDUiQGHEDMDHQHO
SURFHVRGHIDEULFDFLyQ
*UDEDU 3XOVDQGR HVWH ERWyQ VH JUDEDUi HO SURFHVR GH IDEULFDFLyQ ORV
PRYLPLHQWRVGHDOPDFpQVHDFWXDOL]DQODVH[LVWHQFLDVORVSUHFLRVHWF
,PSULPLU 6HLPSULPHODRUGHQGHIDEULFDFLyQSHURQRVHJUDED
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/DSDQWDOODTXHVHSUHVHQWDHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RPSUDV
&iOFXORGH1HFHVLGDGHV
(VWDRSFLyQGHPHQ~QRVIDFLOLWDODJHVWLyQGHFRPSUDVJHQHUDQGRXQ
LQIRUPH HQ HO TXH VH SUHVHQWD OD QHFHVLGDG GH FRPSUDV EDViQGRVH HQ HO
VLJXLHQWHDOJRULWPRODQHFHVLGDGHVLJXDODODVH[LVWHQFLDVHOSHQGLHQWHGH
UHFLELUPHQRVHOSHQGLHQWHGHVHUYLUHOVWRFNPtQLPRPDUFDGR
0tQLPR
1HFHVLGDG ([LVWHQFLDV3GWH5HFLELU± 3GWH6HUYLU6WRFN
/RVFDPSRVTXHFRQIRUPDQHOILOWURGHVHOHFFLyQVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
2UGHQDUSRU 7HQHPRVODSRVLELOLGDGGHPRVWUDUHOOLVWDGRGHOFiOFXORGH
QHFHVLGDGELHQSRU
3URYHHGRU
)DPLOLDV
0RVWUDUDUWtFXORVVLQQHFHVLGDG 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQ
VHLPSULPLUiQWRGRVORVDUWtFXORVTXHVHHQFXHQWUHQGHQWURGHORVOtPLWHV
GHOILOWURGHVHOHFFLyQLQGHSHQGLHQWHPHQWHGHTXHKD\DRQRQHFHVLGDGGH
FRPSUD
'HVGH$UWtFXOR ,QWURGXFLUHOFyGLJRGHDUWtFXORGHVGHHOFXDOFRPHQ]DUi
ODVHOHFFLyQGHOOLVWDGR
+DVWD$UWtFXOR ,QWURGXFLUHOFyGLJRGHDUWtFXORKDVWDHOFXDOVHUHDOL]DUi
ODVHOHFFLyQGHOOLVWDGR
'HVGH )DP6XE)DP ,QGLFDU HO FyGLJR GH IDPLOLD \ VXEIDPLOLD GH ORV
DUWtFXORVTXHTXHUHPRVFDOFXODUODQHFHVLGDG
+DVWD )DP6XEIDP ,QGLFDU HO FyGLJR GH IDPLOLD \ VXEIDPLOLD GH ORV
DUWtFXORVTXHTXHUHPRVFDOFXODUODQHFHVLGDG
'HVGH 3URYHHGRU ,QGLFDU HO FyGLJR GH SURYHHGRU KDELWXDO GH ORV
DUWtFXORVTXHTXHUHPRVFDOFXODUODQHFHVLGDG
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUKDELWXDOGHORVDUWtFXORV
TXHTXHUHPRVFDOFXODUODQHFHVLGDG
'HO$OPDFpQ ,QGLFDUHOFyGLJRGHODOPDFpQGHOFXDOTXHUHPRVFDOFXODUOD
QHFHVLGDG
/RVFDPSRVGHVDOLGDGHOLQIRUPHVRQORVVLJXLHQWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'HVWLQRGH$OEDUDQHVGHFRPSUD
(VWDRSFLyQTXHPHMRUVHSRGtDOODPDUGHVWLQRGHFRPSUDV\DTXHVH
EDVD HQ ORV DOEDUDQHV \ IDFWXUDV GH FRPSUD HV GH JUDQ XWLOLGDG \D TXH
FRQHFWDODVFRPSUDVFRQODVYHQWDV3DUDTXLHQHVFRPSUHQEDMRSHGLGRHVWD
VHUtDXQDGHODVRSFLRQHVGHPD\RUXWLOLGDGSDUDHFRQRPL]DUHODOPDFpQ\D
TXHHOIXQFLRQDPLHQWRVHEDVDHQORVLJXLHQWH
6XSRQJDPRVTXHXQFOLHQWHQRVKDFHXQSHGLGRGHXQDUWtFXORTXHQR
WHQHPRV DFWXDOPHQWH HQ VWRFN JHQHUDPRV HO SHGLGR GH FOLHQWH \ D
FRQWLQXDFLyQJHQHUDPRVXQSHGLGRGHFRPSUDSDUDHOSURYHHGRU&XDQGRHO
SURYHHGRU QRV VLUYH HO SHGLGR WHQGUtDPRV TXH EXVFDU HQ DOJ~Q ODGR SDUD
TXLpQHVODPHUFDQFtDTXHQRVKDOOHJDGR3XHVELHQGHVGHHVWDRSFLyQVH
JHQHUDXQOLVWDGRHQHOTXHFRQHFWDODVHQWUDGDVGHXQDOEDUiQRIDFWXUDFRQ
ORVSHGLGRVTXHVHHQFXHQWUDQSHQGLHQWHVGHVHUYLU
/DSDQWDOODSDUDHOILOWURHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/RVFDPSRVTXHVHSLGHQSDUDUHDOL]DUHOOLVWDGRVRQORVVLJXLHQWHV
x
x
x
x
1~PHUR 'RFXPHQWR ,QGLFDU HO Q~PHUR GH DOEDUiQ R IDFWXUD GHO
SURYHHGRU
7LSR 'RFXPHQWR ,QGLFDU VL HO GRFXPHQWR D FRQHFWDU HV XQ $OEDUiQ R
XQD)DFWXUD'LUHFWD
'H 3URYHHGRU ,QGLFDU HO FyGLJR GHO SURYHHGRU GH FXDO VH KD
UHFHSFLRQDGRODPHUFDQFtD
3DUD $UWtFXOR (Q FDVR GH TXH TXHUDPRV FRQRFHU HO GHVWLQR GH XQ
DUWtFXORGHWHUPLQDGRLQGLFDUHQHVWHFDPSRHOFyGLJRGHGLFKRDUWtFXOR
/RVFDPSRVGHVDOLGDGHOLQIRUPHVRQORVVLJXLHQWHV
2IHUWDV3HGLGRV$OEDUDQHV\)DFWXUDV'LUHFWDVGH
3URYHHGRU
'HVGHHVWDSDQWDOODVHUHDOL]DUiQORVSURFHVRVGHFRPSUDVGHVGHXQD
RIHUWDGHSURYHHGRUKDVWDODIDFWXUDGLUHFWD(OSURFHVRHVWiLQWHUFRQHFWDGR
GHPRGRTXHLQWURGXFLHQGRXQDRIHUWDGHSURYHHGRUODSRGHPRVFRQYHUWLUHQ
SHGLGRHVWHSHGLGRDVXYH]ORSRGHPRVFRQYHUWLUHQDOEDUiQ\HVWHDOEDUiQ
IDFWXUDUOR JHQHUDQGR ORV DSXQWHV FRQWDEOHV \ ORV YHQFLPLHQWRV GH SDJR HQ
7HVRUHUtD(OSURFHVRLUiDFWXDOL]DQGRORVILFKHURVGHGRFXPHQWRVYLYRV\ORV
KLVWyULFRV DVt FRPR ODV HVWDGtVWLFDV GH SURYHHGRUHV DUWtFXORV SDUiPHWURV
JHQHUDOHVHWF
/DSDQWDOODTXHHQFRQWUDPRVHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(OIXQFLRQDPLHQWRHVHOVLJXLHQWH
3DUD FUHDU XQ GRFXPHQWR GH FRPSUD KD\ TXH SULPHUR LQGLFDU HO WLSR
GH RSHUDFLyQ HV GHFLU VL YDPRV D UHDOL]DU XQD 2IHUWD GH 3URYHHGRU XQ
SHGLGR HWF 3DUD HOOR VHOHFFLRQDPRV OD RSHUDFLyQ RSRUWXQD GH OD OLVWD
GHVSOHJDEOH 2SHUDFLyQ EDVWD FRQ GHVSOHJDUOD \ VHOHFFLRQDU OD RSFLyQ
GHVHDGD FRQ XQ FOLFN GH UDWyQ R ELHQ VL HVWi XWLOL]DQGR HO WHFODGR SXOVH OD
WHFOD ) SDUD GHVSOHJDU OD OLVWD \ D FRQWLQXDFLyQ GHVSOD]iQGRVH FRQ ODV
WHFODVGHGLUHFFLyQ\ODWHFOD6KLIWVHOHFFLRQDUODRSFLyQGHVHDGD
8QD YH] VHOHFFLRQDGD OD RSHUDFLyQ D UHDOL]DU GHEHPRVQGLFDU
L
TXp
VHULH YDPRV D XWLOL]DU SDUD OD FRPSUD (VWDV VHULHV VH FDUJDQ
DXWRPiWLFDPHQWH GHO ILFKHUR GH 3DUiPHWURV /DV VHULHV VH FDUJDUiQ HQ HO
RUGHQHQHOTXHVHHQFXHQWUDQHQ1~PHUDGRUHV \FRORFDQGRFRPRSULPHUD
OD VHULH TXH VH KD\D LQGLFDGR FRPR VHULHSRU GHIHFWR HQ ORV QXPHUDGRUHV
$GHPiVVLQRVHQFRQWUDPRVHQXQD&HQWUDO \HQSDUiPHWURVGHODHPSUHVD
KHPRV LQGLFDGR TXH VL VH SXHGHQ PRGLILFDU GRFXPHQWRV GH 6XFXUVDO VH
FDUJDUiQ DGHPiV GH ODV VHULHV SURSLDV GH OD FHQWUDO ODV VHULHV
FRUUHVSRQGLHQWHVD ODVGHOHJDFLRQHVVXFXUVDOHV
6HOHFFLRQDGD OD VHULH WHQGUHPRV TXH LQGLFDU R SHGLU HO Q~PHUR GH
GRFXPHQWRTXHYDPRVDFUHDU+D\GRVIRUPDVKDFHUORXQDDXWRPiWLFDTXH
VHUHDOL]DSXOVDQGR,1752GHPRGRTXHODDSOLFDFLyQQRVDVLJQDHOQ~PHUR
VLJXLHQWHTXH FRUUHVSRQGDDOQXPHUDGRUGHSDUiPHWURVVLHVWRVHKDFHDVt
XQD YH] TXH VH JUDEH HO GRFXPHQWR VH DFWXDOL]DUiQ ORV QXPHUDGRUHV GH
SDUiPHWURV OD RWUD IRUPD VHUtD WHFOHDQGR XQ Q~PHUR PDQXDOPHQWH VL HO
Q~PHURGHGRFXPHQWRQRHVWiJUDEDGRVHWRPDUiFRPRQXHYRSHURHQHVWH
FDVR 12 6( $&78$/,=$5$1 /26 180(5$'25(6 VL HO GRFXPHQWR \D
HVWi JUDEDGR OR TXH RFXUULUi HV TXH VH FDUJDUi HQ SDQWDOOD TXHGDQGR OLVWR
SDUD PRGLILFDUOR GH KHFKR HVD HV OD PDQHUD HQ OD TXH SRGHPRV KDFHU
PRGLILFDFLRQHV\FRUUHFFLRQHVDORVGRFXPHQWRVGHFRPSUDV(QHOFDVRGH
ODV2IHUWDVGH3URYHHGRUFXDQGROODPDPRVDPRGLILFDUXQGRFXPHQWRQRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
DSDUHFH XQD OLVWD FRQ WRGDV ODV RIHUWDV TXH KD\ JUDEDGDV FRQ HO Q~PHUR
LQGLFDGR 3DUD PRGLILFDU FXDOTXLHUD GH HOORV VHOHFFLRQDUOR GH OD OLVWD \ VL OR
TXH TXHUHPRV KDFHU HV DJUHJDU RWUR DO JUXSR SXOVDU HQ6DOLU \ FRQWLQXDU
FRPRFRQFXDOTXLHUGRFXPHQWRQXHYR(Q2IHUWDVKDEUiYDULRVGRFXPHQWRV
FRQ SURYHHGRUHV GLVWLQWRV \ FRQ HO PLVPR Q~PHUR FRVD TXH QR RFXUUH FRQ
ORVSHGLGRV(VWRVHGHEHDTXHODPLVPDRIHUWDODSRGHPRVSDVDUDYDULRV
SURYHHGRUHV \ VyORWHQGUHPRVTXHFRQWURODUXQQ~PHURGH2IHUWD8QDYH]
TXH OD RIHUWD VH DSUXHED SDVDUi D SHGLGR \ HO UHVWR ELHQ VH SXHGHQ
GHVFDUWDU\ERUUDURELHQODVSRGHPRVGHMDUFRPRSHQGLHQWHV
8QD YH] LQGLFDGR HO WLSR GH RSHUDFLyQ OD VHULH \ HO Q~PHUR GH
GRFXPHQWR LQGLFDUHPRV OD IHFKD HQ OD TXH VH FUHD HO GRFXPHQWR SRU
GHIHFWRHOSURJUDPDSURSRQHODIHFKDGHWUDEDMRQRREVWDQWHHVWDIHFKDVH
SXHGHPRGLILFDU
$ FRQWLQXDFLyQ LQGLFDUHPRV HO FyGLJR GH SURYHHGRU DO TXH YDPRV D
FRPSUDU HQ FDVR GH QR FRQRFHUOR OR SRGHPRV EXVFDU KDFLHQGR XVR GH OD
8WLOLGDG %XVFDU KDFLHQGR FOLFN HQ HO LFRQR GH OD EDUUD GH WDUHDV
FRUUHVSRQGLHQWHRELHQSXOVDQGRODVWHFODV&75/,1,&,26LHOSURYHHG
RU
QRH[LVWHORSRGHPRVFUHDUGHVGHHVWDSDQWDOODKDFLHQGRXVRGHOD8WLOLGDG
$xDGLURELHQSXOVDQGRODVWHFODV&75/$93$*RELHQKDFLHQGRFOLFNHQ
HOLFRQRFRUUHVSRQGLHQWHGHODEDUUDGHWDUHDVHQFDVRGHFRQRFHUHOFyGLJR
GHO SURYHHGRU OR SRGHPRV WHFOHDU SDUD HOOR QR KD\ TXH WHFOHDU WRGRV ORV
GtJLWRV SRU HMHPSOR VXSRQJDPRV TXH HO FyGLJR GH SURYHHGRU HV
HQ YH] GH WHQHU TXH WHFOHDU WDQWRV FHURV SRGHPRV KDFHU OR
VLJXLHQWH WHFOHDU \ SXOVDU ,1752 HO SURJUDPD UHOOHQDUi GH FHURV
DXWRPiWLFDPHQWH 8QD YH] KD\DPRV WHFOHDGR HO FyGLJR GH SURYHHGRU VH
FDUJDUiQ HQ SDQWDOOD ORV GDWRV FRUUHVSRQGLHQWHV DO SURYHHGRU HV GHFLU VH
FDUJDUiQ ORV GDWRV ILVFDOHV GHO SURYHHGRU HO FXUVRU VH SRVLFLRQDUi HQ HVH
PRPHQWRHQHOFDPSR6X'RFXPHQWRHQHOFXDOSRGHPRVLQGLFDUFXDOTXLHU
UHIHUHQFLD SDUD HVWH GRFXPHQWR 6L GHVHDPRV PRGLILFDU HO QRPEUH OD
GLUHFFLyQGHOSURYHHGRUHWFEDVWDUiFRQSXOVDUODWHFODIOHFKDDUULED\QRV
LUHPRV GHVSOD]DQGR KDFLD HO FDPSR TXH VH YD D PRGLILFDU R ELHQ FRQ HO
UDWyQ KDFHU FOLFN HQ HO FDPSR GHVHDGR 6L HVWHPRV XVDQGR OD FXHQWD GH
3URYHHGRUHV YDULRV HO FXUVRU VH SRVLFLRQD HQ HO FDPSR
QRPEUHSDUDTXHFRPSOHWHPRVWRGRVORVGDWRVRSRUWXQRV
$FRQWLQXDFLyQVHSRGUiLQGLFDUODIRUPDGHSDJRDXQTXHVLODILFKD
GHO
SURYHHGRU HVWi FRQILJXUDGD EDVWDUi FRQ GHMDU HO YDORU 6(*Ò1 ),&+$
TXH VH FDUJD SRU GHIHFWR \ GH HVH PRGR \ VHJ~Q VH YD\DQ LQWURGXFLHQGR
OtQHDVVHLUiFDOFXODQGRODIRUPDGHSDJRTXHFRUUHVSRQGDVHJ~QHOLPSRUWH
GHO GRFXPHQWR GH FRPSUD GH PRGR TXH OD IRUPD GH SDJR YDULDUi
GHSHQGLHQGR GHO LPSRUWH WRWDO DXQTXH LQWHUQDPHQWH OD IRUPD GH SDJR VHUi
6L SRU HO FRQWUDULR TXHUHPRV LQGLFDU XQD IRUPD GH SDJR GHWHUPLQDGD
EDVWDUiFRQWHFOHDUODEXVFDUODRFUHDUOD\ODIRUPDGHSDJRVHUiODLQGLFDGD
LQGHSHQGLHQWHPHQWHGHOLPSRUWHGHOGRFXPHQWRGHFRPSUD
8QD YH] LQWURGXFLGRV WRGRV HVWRV GDWRV LQWURGXFLUHPRV HO FyGLJR GHO
DOPDFpQHQHOTXHHQWUDUiODPHUFDQFtD$FRQWLQXDFLyQVHLUiQLQWURGXFLHQGR
FDGDXQRGHORVDUWtFXORV3DUDFRPHQ]DUODHQWUDGDGHDUWtFXORVSRVLFLRQDU
HOFXUVRUHQODOLVWDFRQORTXHODOtQHDDFWLYDVHSRQHGHFRORUUHVDOWDGRVL
SXOVDPRV ,1752 HQWUDPRV HQ PRGR HGLFLyQ HV GHFLU VH SRGUi WHFOHDU
FyGLJRGHDUWtFXORRELHQPRGLILFDUFXDOTXLHUDGHORVGDWRVGHODVFROXPQDV
SXOVDQGR(6&RILQDOL]DQGRODOtQHDSRUODGHUHFKDILQDOL]DODHGLFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DVHPRV D GHVFULELU \ H[SOLFDU ODV QHFHVLGDGHV GH FDGD XQR GH ORV
FDPSRVTXHFRQIRUPDQODVOtQHDVGHOGHWDOOH
x
x
x
x
x
x
x
x
x
x
1ž/LQHD 1~PHURGHODOtQHDHQODTXHQRVHQFRQWUDPRV(VWHFDPSRQR
VHSXHGHHGLWDU\ORDVLJQDODDSOLFDFLyQDXWRPiWLFDPHQWHFDGDYH]TXH
VHDxDGHXQD
&yGLJR &yGLJRGHODUWtFXORTXHVHYDDDJUHJDUDOGRFXPHQWR(QHVWH
FDPSRSRGHPRVWHFOHDUHOFyGLJRGHDUWtFXORODUHIHUHQFLDGHSURYHHGRU
RFXDOTXLHUDGHORVWUHVFyGLJRVGHEDUUDTXHKD\HQODILFKDGHODUWtFXOR\
HO SURJUDPD OR EXVFDUi GHMDQGR FRPR GDWR GH FDPSR HO FyGLJR GHO
DUWtFXOR 8QD YH] WHFOHDGR \ FRQILUPDGR HO YDORU GHO FDPSR VH FDUJDUiQ
ORVYDORUHVFRUUHVSRQGLHQWHVDODUWtFXORHQHOUHVWRGHFROXPQDV&DPSR
2EOLJDWRULR
'HVFULSFLyQ 1RPEUHRGHVFULSFLyQGHODUWtFXOR
,9$ 6HLQGLFDUiHOWLSRGH,YD(OYDORUSDUDHVWHFDPSRVHUiGHODO
FRUUHVSRQGLHQGRFRQORVWLSRVGH,YDTXHVHGHFODUDQHQSDUiPHWURVGH
OD(PSUHVD
&DQWLGDG 1~PHUR GH XQLGDGHV GHO DUWtFXOR TXH VH YDQ D FRPSUDU +D\
TXH LQGLFDU DOJ~Q YDORU SRVLWLYR R QHJDWLYR SHUR QXQFD /RV GHFLPDOHV
GH HVWD FROXPQD GHSHQGHQ GHO 3DUiPHWUR 'HFLPDOHV HQ &DQWLGDG GH
3DUiPHWURVGHODHPSUHVD'DWRV&RPHUFLDOHV
3UHFLR 3UHFLR XQLWDULR GHO DUWtFXOR /RV GHFLPDOHV GH HVWH FDPSR
GHSHQGHQ GHO SDUiPHWUR 'HFLPDOHV HQ 3UHFLRV TXH VH GHILQH HQ
3DUiPHWURVGHOD(PSUHVD'DWRV&RPHUFLDOHV
'HVFXHQWR3ULPHUGHVFXHQWRDSOLFDEOH
'HVFXHQWR 6HJXQGR GHVFXHQWR DSOLFDEOH (VWH VH VXPDUi DO
GHVFXHQWRDQWHULRU
'HVFXHQWR 7HUFHU GHVFXHQWR DSOLFDEOH (VWH VH VXPDUi D ORV
GHVFXHQWRVDQWHULRUHV
'HVFXHQWR &XDUWR GHVFXHQWR DSOLFDEOH (VWH GHVFXHQWRVHVXPDUiD
ORVGHVFXHQWRVDQWHULRUHV
(Q XQ SULQFLSLR HQ SDQWDOOD VyOR DSDUHFH HO GHVFXHQWR SHUR VL VH
LQWURGXFH DOJ~Q YDORU GLVWLQWR GH FHUR VH H[SDQGLUi OD FROXPQD
DSDUHFLHQGR HO UHVWR GH GHVFXHQWRV (Q HO PRPHQWR TXH VH GHMH XQD
FROXPQD FRQ YDORU FHUR VH FRQWUDHUiQ ODV FROXPQDV GH GHVFXHQWRV
TXHGDQGR YLVLEOH OD SULPHUD (VWRV GHVFXHQWRV VH FRUUHVSRQGHQ FRQ ORV
GHVFXHQWRVGHFRPSUDVTXHKD\HQODILFKDGHODUWtFXOR
x
x
,PSRUWH,PSRUWHQHWRGHODOtQHDHVGHFLUPXOWLSOLFDQGRHOSUHFLRXQLWDULR
SRU OD FDQWLGDG \ DSOLFDGRV ORV GHVFXHQWRV (O Q~PHUR GH GHFLPDOHV GH
HVWH FDPSR GHSHQGH GHO 3DUiPHWUR 'HFLPDOHV HQ 1HWRV GHILQLGR HQ
3DUiPHWURV GHOD(PSUHVD'DWRVFRPHUFLDOHV(OQ~PHURGHGHFLPDOHV
WDPELpQGHEHHVWDUHQFRQFRUGDQFLDFRQORVTXHSHUPLWHODGLYLVDTXHVH
KDGHILQLGRFRPRGLYLVDEDVH
7LSRGH/tQHD (QHVWHFDPSRVHVHOHFFLRQDUiGHXQDOLVWDORVSRVLEOHV
YDORUHVTXHVRQORVVLJXLHQWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6 /DOtQHDVHLPSULPLUiVLHPSUHLQGHSHQGLHQWHPHQWHGHORTXHKD\D
HQ HO OD ILOD H LQGHSHQGLHQWHPHQWH GHO WLSR GH GRFXPHQWR GH TXH VH
WUDWH
1 1XQFD/DOtQHDQRVHUiLPSUHVDQXQFD
3 3HGLGRV /D OtQHD VyOR VH LPSULPLUi FXDQGR HO GRFXPHQWR VHD XQ
SHGLGR
$ $OEDUDQHV/DOtQHDVyORVHLPSULPLUiFXDQGRHOGRFXPHQWRVHDXQ
DOEDUiQ
) )DFWXUDV/DOtQHDVyORVHLPSULPLUiFXDQGRHOGRFXPHQWRVHDXQD
IDFWXUD
4 3HGLGRV \ $OEDUDQHV /D OtQHD VyOR VH LPSULPLUi FXDQGR HO
GRFXPHQWRVHDSHGLGRRDOEDUiQ
5 3HGLGRV \ )DFWXUDV /D OtQHD VyOR VH LPSULPLUi FXDQGR HO
GRFXPHQWRVHDXQSHGLGRRXQDIDFWXUD
% $OEDUDQHV \ )DFWXUDV /D OtQHD VyOR VH LPSULPLUi FXDQGR HO
GRFXPHQWRVHDXQDOEDUiQRXQDIDFWXUD
( /(VFDQGDOOR(VWDRSFLyQVyORWLHQHYDORULQIRUPDWLYR,QGLFDTXHOD
OtQHDSHUWHQHFHDOGHVJORVHGHXQHVFDQGDOORGHVJORVDGR
$GHPiV GH ORV FyGLJRV GH DUWtFXOR KD\ XQD VHULH GH FyGLJRV FODYH TXH
HVWiQSUHGHILQLGRV6RQORVVLJXLHQWHV
,QGLFDTXHVHYDDUHDOL]DUXQFRPHQWDULR
,QGLFDXQDUWtFXORVLQFRGLILFDU
,QGLFDTXHVHYDDKDFHUXQDHQWUHJDDFXHQWD
3,QGLFDTXHVHWUDWDGHXQDOtQHDGHSRUWHV
6,QGLFDTXHVHWUDWDGHXQDOtQHDGHVXSOLGRV
3DUDSDVDUQRVGHXQFDPSRDRWURORSRGHPRVKDFHUFRQODWHFOD,1752
R OD WHFOD )OHFKD $UULED 12 6( 5(&20,(1'$ 87,/,=$5 (/ 5$7Ï1
&8$1'2 81$ /Ë1($ 6( (1&8(175$ (1 (',&,Ï1 3DUD ILQDOL]DU OD
HGLFLyQ GH XQD OtQHD EDVWDUi FRQ SDVDUOD SRU OD GHUHFKD R ELHQ SXOVDQGR OD
WHFOD (6& HQ HVWH ~OWLPR FDVR QR VH FRQVLGHUDUiQ ORV FDPELRV GH OD ~OWLPD
HGLFLyQ 3DUD PRYHUQRV GH XQD OtQHD D RWUD KD\ TXH VDOLU GH HGLFLyQ VL OR
HVWDPRV\XWLOL]DUODVIOHFKDVGHGLUHFFLyQ3DUDILQDOL]DUODHQWUDGDGHOtQHDV
SXOVDUODVWHFODV(6&\DFRQWLQXDFLyQ7$%3DUDERUUDXQDOtQHDVLWXDUVHHQ
OD OtQHD HQ FXHVWLyQ \ SXOVDU OD WHFOD 6835 R ELHQ KDFHU XVR GH OD XWLOLGDG
%RUUDU
8QD YH] TXH HO FXUVRU KD DOFDQ]DGR ORV FDPSRV GHO SLH GH GRFXPHQWR
HQFRQWUDPRVORVVLJXLHQWHVFDPSRV
x
'HVFXHQWR 'HVFXHQWR JOREDO (VWH FDPSR VH FDUJDUi
DXWRPiWLFDPHQWH VL HQ OD ILFKD GHO SURYHHGRU HQ GDWRV FRPHUFLDOHV
WHQHPRV LQGLFDGR DOJ~Q SRUFHQWDMH 1R REVWDQWH VLHPSUH VH SRGUi
PRGLILFDUHOYDORUGHOPLVPRHQHVWDSDQWDOOD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
'HVFXHQWR 'HVFXHQWR JOREDO DGLFLRQDO (VWH GHVFXHQWR QR HV
DXWRPiWLFRVLQRTXHVHWHQGUiTXHLQGLFDUPDQXDOPHQWH
'HVFXHQWR 'HVFXHQWR JOREDO DGLFLRQDO (VWH SRUFHQWDMH GH GHVFXHQWR
SXHGHVHUPDQXDOHVGHFLUORWHFOHDPRVRELHQORSRGHPRVDXWRPDWL]DU
\DTXHFRLQFLGHFRQHOYDORUGHODERQLILFDFLyQGHODIRUPDGHSDJRTXHVH
HVWpDSOLFDQGR(QFXDOTXLHUFDVRORVWUHVGHVFXHQWRVJOREDOHVVHDSOLFDQ
SRUVHSDUDGRHVGHFLUVHFDOFXODHOSULPHURDOUHVXOWDGRGHHVWHVHDSOLFD
HOVHJXQGR\DOUHVXOWDGRGHHVWHVHDSOLFDHOWHUFHUR
5HFDUJR )LQDQFLHUR 5HFDUJR ILQDQFLHUR TXH VH DSOLFDUi DO GRFXPHQWR
GHSHQGLHQGR GHO UHFDUJR ILQDQFLHUR GH OD IRUPD GH SDJR TXH VH HVWp
DSOLFDQGR R ELHQ GHSHQGHUi GH OD ILFKD GH SURYHHGRU HQ ORV GDWRV
ILQDQFLHURV(QFDVRGHTXHVHKD\DLQGLFDGRUHFDUJRILQDQFLHURHQORVGRV
VLWLRVHVGHFLUHQODILFKDGHODIRUPDGHSDJR\HQODILFKDGHOSURYHHGRU
VHUiHVWD~OWLPDODTXHVHDSOLTXH
6XPD ,PSRUWHV &DPSR GH VyOR OHFWXUD TXH LQFOX\H OD VXPD GH ORV
LPSRUWHVGHODVOtQHDV
%DVH ,PSRQLEOH &DPSR GH VyOR OHFWXUD 5HSUHVHQWD OD VXPD GH ODV
GLVWLQWDVEDVHVLPSRQLEOHVGHOGRFXPHQWR
,PSRUWH 7RWDO ,PSRUWH WRWDO GHO GRFXPHQWR FRQ HO ,9$ LQFOXLGR (VWH
LPSRUWH SXHGH VHU PRGLILFDGR PDQXDOPHQWH GH PRGR TXH OD GLIHUHQFLD
HQWUHORFDOFXODGR\ORWHFOHDGRVHFRQVLGHUDUiFRPRLPSRUWHGHGHVFXHQWR
DVXPDUDOGHVFXHQWR
7UDQVSRUWLVWD &yGLJRGHOWUDQVSRUWLVWDHQFDVRGHKDEHUORTXHUHDOL]DUi
HOWUDQVSRUWHGHODPHUFDQFtD
7UDEDMDGRU &yGLJR GHO WUDEDMDGRU TXH HVWi UHDOL]DQGR HOGRFXPHQWR(Q
FDVR GH TXHHQ SDUiPHWURVVHKD\DLQGLFDGRTXHSUHJXQWHHOWUDEDMDGRU
VHUi FDPSR REOLJDWRULR 3RU RWUR ODGR SRGHPRV FRQILJXUDU ORV GDWRV GHO
XVXDULR \ KDFHU FRUUHVSRQGHU D XQ XVXDULR FRQ XQ FyGLJR GH WUDEDMDGRU
GHWHUPLQDGRGHHVWHPRGRVHDXWRPDWL]DUiHOSURFHVR
3RUWHV ,QGLFDU VL ORV SRUWHV VRQ GHELGRV LQFOXLGRV R SDJDGRV (VWRV
YDORUHVVHFRUUHVSRQGHQSRUGHIHFWRFRQORVGDWRVLQGLFDGRVHQODILFKDGHO
SURYHHGRU
%XOWRV ,QGLFDUQ~PHURGHEXOWRV$OLQGLFDUHVWHQ~PHURVLVHKDLQGLFDGR
XQD OtQHD GH SRUWHV \ HVWi FRQILJXUDGD OD ILFKD GHO SURYHHGRU VH
PXOWLSOLFDUi HO Q~PHUR GH EXOWRV SRU HO YDORU GH LPSRUWH SRU EXOWR \ VH
VXPDUiDORTXHKXELHUDHQODOtQHDGHSRUWHV
3OD]RGH5HFHSFLyQ (QFDVRGHTXHHOGRFXPHQWRTXHVHHVWpKDFLHQGR
VHD XQ 3HGLGR SRGHPRV LQGLFDU HO SOD]R H[SUHVDGR HQ GtDV HQ HO TXH
UHFLELUHPRV OD PHUFDQFtD (VWH FDPSR VH OHH SRU GHIHFWR GH OD ILFKD GHO
SURYHHGRU
$FWXDOL]D3UHFLRV &XDQGRVHKDFHXQDOEDUiQSRGHPRVGHVPDUFDUHVWD
RSFLyQFRQORFXDOVHDFWXDOL]DUiQODVH[LVWHQFLDVSHURQRVHDFWXDOL]DUiQ
OR SUHFLRV \D TXH KD\ RFDVLRQHV HQ ODV TXH ORV DOEDUDQHV GH SURYHHGRU
QRVYLHQHQVLQYDORUDU'HHVWDIRUPDXQDYH]TXHQRVOOHJDODIDFWXUDOR
~QLFR TXH WHQHPRV TXH KDFHU HV PRGLILFDU HO DOEDUiQ FRQ ORV SUHFLRV
FRUUHFWRVJUDEDUHODOEDUiQFRQODPDUFDSXHVWD\IDFWXUDUOR
$YLVDU 3UHFLRV 0XOWLSURYHHGRU 0DUFDQGR HVWD RSFLyQ HO SURJUDPD
DYLVDUi VL SDUD HO DUWtFXOR TXH HVWDPRV FRPSUDQGR KD\ XQ SUHFLR PiV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
HFRQyPLFRLQGLFDQGRGHTXHSURYHHGRUVHWUDWDHQTXpIHFKDQRVGLRHO
SUHFLR\TXHSUHFLRHV'HHVWHPRGRQRVDVHJXUDPRVGHFRPSUDUFRQODV
RIHUWDVPiVHFRQyPLFDV
6LWXDFLyQ (VWHFDPSRVyORVHUiYLVLEOHGXUDQWHODHGLFLyQGHXQSHGLGR
HQ HO FXDO SRGUHPRV LQGLFDU HQ TXH VLWXDFLyQ VH HQFXHQWUD GLFKR SHGLGR
WDO \ FRPR YLPRV GHVGH6LWXDFLyQ GH 3HGLGRV \ SRGUHPRV PRGLILFDU VX
VLWXDFLyQ HQ FXDOTXLHU PRPHQWR GHVGH OD RSFLyQ6LWXDFLyQ 3HGLGRV
&RPSUDV
$GHPiVGHWRGRVHVWRVFDPSRVKD\HQODSDQWDOODXQDVHULHGHERWRQHV\
XWLOLGDGHV TXH DSDUWH GH ODV FXDWUR EiVLFDV FRPR VRQ DxDGLU FRQVXOWDU
PRGLILFDU\EXVFDU3DVHPRVDFRPHQWDUODV
x
,QVHUWDU /tQHDV &RQ HVWD XWLOLGDG SRGHPRV LQVHUWDU OtQHDV HQWUH ODV \D
H[LVWHQWHV 3DUD HOOR KD\ TXH VLWXDUVH HQ OD OtQHD VREUH OD TXH TXHUHPRV
LQVHUWDUXQDQXHYD\KDFHUXVRGHOPHQ~RELHQKDFHUFOLNHQHOLFRQRGH
OD EDUUD GH WDUHDV R FRQ HO WHFODGR FRQ OD FRPELQDFLyQ GH WHFODV &75/
,16(57
%RWyQ,QVHUWDU/LQHDV
x
*XDUGDU /tQHDV /DV OtQHDV GHO GRFXPHQWR VH YDQ JUDEDQGR
WHPSRUDOPHQWHHQGLVFRXQDDXQDGHPRGRTXHVLKD\XQFRUWHDFFLGHQWDO
GH OD FRUULHQWH HOpFWULFD QR VH SLHUGD OD LQIRUPDFLyQ \D LQWURGXFLGD 6LQ
HPEDUJR FXDQGR VH HVWi PRGLILFDQGR XQ GRFXPHQWR ORV FDPELRV QR VH
JXDUGDQWHPSRUDOPHQWHHQGLVFRGHPRGRTXHVLVHSURGXFHXQFRUWHGH
FRUULHQWH HOpFWULFD VH SHUGHUtDQ ODV ~OWLPDV PRGLILFDFLRQHV 3XHV ELHQ
SDUD UHDOL]DU XQD FRSLDWHPSRUDO D GLVFR GH ODV ~OWLPDV PRGLILFDFLRQHV
EDVWDKDFHUXVRGHHVWDRSFLyQGHPHQ~RELHQKDFLHQGRFOLFNHQHOLFRQR
GHODEDUUDGHWDUHDVRFRQHOWHFODGRFRPELQDUODVWHFODV&75/*
%RWyQ*XDUGDU/tQHDV
x
5HVWDXUDU /tQHDV 6L SRU DOJXQD UD]yQ TXHUHPRV FRSLDU GH OD FRSLD
WHPSRUDO GH GLVFR ODV OtQHDV GH XQ GRFXPHQWR SRU HMHPSOR SRU TXH QRV
KHPRVHTXLYRFDGRDOERUUDUXQDOtQHDRSRUFXDOTXLHURWUDUD]yQEDVWDUi
FRQKDFHUXVRGHODXWLOLGDGGHOPHQ~RELHQKDFLHQGRFOLFNHQHOLFRQRGH
ODEDUUDGHWDUHDVRFRQHOWHFODGRKDFHUODFRPELQDFLyQGHWHFODV&75/
5 1R KD\ TXH FRQIXQGLU HVWD XWLOLGDG FRQ OD UHVWDXUDFLyQ DXWRPiWLFD GH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
OtQHDV TXH KDUtD HO SURJUDPD GHELGR D XQ FRUWH GH OD FRUULHQWH HOpFWULFD
3RU HMHPSOR VXSRQJDPRV TXH HVWDPRV LQWURGXFLHQGR XQ SHGLGR GH
SURYHHGRU\HQXQPRPHQWRGHWHUPLQDGR\SRUFXDOTXLHUUD]yQVHDSDJD
HO RUGHQDGRU OD LQIRUPDFLyQ TXH WHQtDPRV HQ SDQWDOOD VH SHUGHUtD 6LQ
HPEDUJR DO WHFOHDU GH QXHYR HO GRFXPHQWR HQ HO TXH HVWiEDPRV HO
SURJUDPD SHGLUi FRQILUPDFLyQ SDUD UHVWDXUDU ODV OtQHDV TXH VH KDEtDQ
LQWURGXFLGRFRQORTXHOR~QLFRTXHKDEUiTXHKDFHUHVYROYHUDLQWURGXFLU
HOFyGLJRGHSURYHHGRU\WRGRTXHGDUiFRPRDQWHVGHOSUREOHPD
%RWyQ5HVWDXUDU/tQHDV
x
%XVFDU &75/ % &RQ HVWH FRPDQGR SRGHPRV EXVFDU XQ FyGLJR
GHQWUR GHO ILFKHUR HQ HO TXH QRV HQFRQWUHPRV (VWH FRPDQGR HV
HTXLYDOHQWHDODFRPELQDFLyQGHWHFODV&75/,1,&,2
%RWyQ%XVFDU&yGLJR
x
&RSLDU /tQHDV &75/ . &RQ HVWH FRPDQGR FRSLDUHPRV DO 3RUWD
/tQHDVODVOtQHDVTXHVHHQFXHQWUHQDFWXDOPHQWHHQHOGRFXPHQWRSDUD
SRGHUODVXWLOL]DUHQRWURGRFXPHQWRPHGLDQWHODXWLOLGDG3HJDU/tQHDV
%RWyQ&RSLDU/tQHDV
x
3HJDU /tQHDV &75/ : &RQ HVWH FRPDQGR SHJDUHPRV HQ HO
GRFXPHQWRDFWXDOODVOtQHDVTXHVHKD\DQJXDUGDGRHQHO3RUWH/tQHDV
PHGLDQWHODXWLOLGDG&RSLDU/tQHDV
%RWyQ3HJDU/tQHDV
x
&RQILUPDU /tQHDV D FRQYHUWLU &75/ ) &XDQGR VH FRQYLHUWH XQ
SHGLGR HQ DOEDUiQ SRGHPRV FRQYHUWLUOR FRPSOHWR HV GHFLU WRGDV VXV
OtQHDV R ELHQ SDUWH GHHOODV 3XHV ELHQ VL SRU HMHPSOR GH OtQHDV
TXHUHPRV FRQYHUWLU VyOR EDVWDUi FRQ VLWXDUQRV VREUH ODV OtQHDV TXH
TXHUHPRVWUDQVIRUPDUHQDOEDUiQ\SXOVDUODWHFOD&/DVOtQHDVPDUFDGDV
VH SRQGUiQ HQ FRORU YHUGH \ HQ QHJULWD 8QD YH] UHDOL]DGR HVWH SDVR
EDVWDUi FRQ XWLOL]DU HVWH FRPDQGR \ HO SURJUDPD GHMDUi HQ SDQWDOOD
VRODPHQWH DTXHOODV OtQHDV PDUFDGDV SDUD D FRQWLQXDFLyQ KDFHU XVR GHO
FRPDQGR&RQYHUWLUGRFXPHQWRGHOPHQ~'RFXPHQWR
%RWyQ&RQILUPDU/tQHDVD&RQYHUWLU
0(1Ò9(5
5LHVJR (Q FDVR GH TXH HO XVXDULR HVWp FXDOLILFDGR SDUD YHU HO ULHVJR
KDFLHQGR XVR GH HVWD XWLOLGDG QRV DSDUHFHUi \ GHVDSDUHFHUi GH SDQWDOOD
XQDVHULHGHFDPSRVTXHVRQORVVLJXLHQWHV
&UpGLWRGLVSRQLEOH
5LHVJR&RQFHGLGR
6DOGR&RQWDEOH
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$OEDUDQHV3HQGLHQWHV
1UR$OEDUDQHV3HQGLHQWHV
3HGLGRV3HQGLHQWHV
,PSDJDGRV
%RWyQ9HU5LHVJRGHO&OLHQWH
x
1RWDV 'HVGH HVWD RSFLyQ R SXOVDQGR ODV WHFODV &75/ 1 VHU YHUi OD
SDQWDOOD GH REVHUYDFLRQHV GHO SURYHHGRU &XDQGR OD SDODEUD 127$6
DSDUHFH LQWHUPLWHQWHPHQWH HQ OD SDQWDOOD GH FRPSUDV VLJQLILFD TXH HO
SURYHHGRU WLHQH REVHUYDFLRQHV GH LQWHUpV HQ FDVR FRQWUDULR ODV
REVHUYDFLRQHVHVWiQYDFtDV1RREVWDQWHVHSXHGHQOODPDUSDUDLQWURGXFLU
FXDOTXLHUQRWDXREVHUYDFLyQ
%RWyQ1RWDV
x
3UHFLRV 3RVLFLRQDQGR HO FXUVRU VREUH FXDOTXLHU OtQHD TXH FRQWHQJD XQ
DUWtFXORKDFLHQGRXVRGHHVWDRSFLyQDSDUHFHUiODSDQWDOODFRQORVSUHFLRV
GHODUWtFXOR/DFRPELQDFLyQGHWHFODVHV&75/(1RREVWDQWHFXDQGR
VH LQFRUSRUD XQ DUWtFXOR HQ OD SDUWH LQIHULRU L]TXLHUGD GH OD SDQWDOOD
HQFLPD GHO GHVJORVH GH ,9$ DSDUHFH XQ FXDGUR FRQ ORV SUHFLRV FXDQGR
QRV VLWXDPRV HQ OD FROXPQD SUHFLR \ FRQ ODV H[LVWHQFLDV FXDQGR QRV
VLWXDPRVHQODFROXPQDGHFDQWLGDG
%RWyQ3UHFLRV
x
3URPRFLRQHV ,JXDOTXHHQHODSDUWDGRDQWHULRUSRGHPRVYHUODSDQWDOOD
GHSURPRFLRQHVGHODUWtFXORTXHVHHQFXHQWUDPDUFDGR(QFDVRGHTXHHO
DUWtFXORQRWHQJDSURPRFLRQHVHQODIHFKDORDYLVDUiFRQXQPHQVDMHGH
XVXDULR/DFRPELQDFLyQGHWHFODVHV&75/3
%RWyQ3URPRFLRQHV
0(1Ò'2&80(172
x
1XHYR +DFLHQGR XVR GH HVWD XWLOLGDG OLPSLDPRV OD SDQWDOOD VLQ JUDEDU
SDUD LQWURGXFLU XQR QXHYR 6L HO GRFXPHQWR QR HV QXHYR VL QR TXH OR
HVWDPRV PRGLILFDQGR HO SURJUDPD HQWLHQGH TXH OR TXLHUHV ERUUDU 1R
REVWDQWHHOSURJUDPDKDFHODVLJXLHQWHSUHJXQWD
%RWyQ1XHYR'RFXPHQWR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
+D\ TXH WHQHU HQ FXHQWD TXH VL FRQWHVWDPRV 12 D HVWD SUHJXQWD HO
GRFXPHQWRVHUiERUUDGR
x
%RUUDU +DFLHQGR XVR GH HVWD XWLOLGDG OR PLVPR TXH KDFLHQGR FOLFN DO
ERWyQ%RUUDU VHERUUDHOGRFXPHQWR
%RWyQ%RUUDU'RFXPHQWR
x
&RQYHUWLU &RQHVWDXWLOLGDGFRQYHUWLPRVXQDRIHUWDHQSHGLGRXQSHGLGR
HQ DOEDUiQ \ XQ DOEDUiQ HQ IDFWXUD /R ~QLFR TXH KD\ TXH KDFHU HV
LQWURGXFLU OD IHFKD GH FRQYHUVLyQ \ HQ HO FDVR GH SHGLGRV \ DO
EDUDQHV
LQWURGXFLUHOQ~PHURGHOQXHYRGRFXPHQWR
%RWyQ&RQYHUWLU'RFXPHWR
x
3HJDU 'HVGH HVWD XWLOLGDG VH FRSLDQ ODV OtQHDV GH XQD 2IHUWD GH
SURYHHGRU D RWUD GHO PLVPR Q~PHUR 'H HVWD PDQHUD FXDQGR UHDOL]DPRV
XQD RIHUWD D YDULRV SURYHHGRUHV VROR KD\ TXH LQWURGXFLU HO FyGLJR GH
SURYHHGRU\FRSLDUODVOtQHDV
%RWyQ3HJDU/tQHDV
/RVERWRQHVGHOSLHGHGRFXPHQWRUHDOL]DQODVVLJXLHQWHVIXQFLRQHV
x
x
x
x
*UDEDU +DFLHQGRFOLFNHQHOERWyQVHJUDEDHOGRFXPHQWR
,PSUHRUD *UDED H LPSULPH HO GRFXPHQWR /D LPSUHVLyQ SXHGH VHU SRU
SDQWDOODRSRULPSUHVRUD
6DOLU \ *UDEDU 'HVFDUJD OD SDQWDOOD DFWXDO 6L WHQHPRV FDUJDGR XQ
GRFXPHQWRTXHQRHVQXHYRDQWHVGHFHUUDUORJUDED
%RUUDU %RUUDHOGRFXPHQWR
5HFHSFLyQGH)DFWXUDVGH3URYHHGRU
/D UHFHSFLyQ GH ODV IDFWXUDV GH SURYHHGRU VH SXHGH UHDOL]DU WDQWR
GHVGH HVWD RSFLyQ FRPR GHVGH HO DSDUWDGR GH )DFWXUDV 'LUHFWDV (Q HVWH
~OWLPR FDVR VH SXHGH KDFHU VLHPSUH \ FXDQGR OD IDFWXUD FRQWHQJD XQ VROR
DOEDUiQ 6L OD IDFWXUD FRQVWD GH PiV GH XQ DOEDUiQ KD\ TXH XWLOL]DU
IRU]RVDPHQWHHVWDRSFLyQGHOSURJUDPD
8QD YH] UHFHSFLRQDGD OD IDFWXUD ORV DOEDUDQHV SDVDUiQ GH VHU
DOEDUDQHV YLYRV DO +LVWyULFR GH $OEDUDQHV GH 3URYHHGRU VH JHQHUDUiQ ORV
DSXQWHV FRQWDEOHV \ ORV YHQFLPLHQWRV GH SDJR $GHPiV VH DFWXDOL]DUiQ ODV
HVWDGtVWLFDVGHFRPSUDVFRUUHVSRQGLHQWHV
/DSDQWDOODGHUHFHSFLyQGHIDFWXUDVGHSURYHHGRUHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUDUHFHSFLRQDUXQDIDFWXUDKHPRVGHLQGLFDUGHTXLpQHVODIDFWXUD
SDUDHOORWHFOHDPRVHOFyGLJRGHSURYHHGRUVLQRORFRQRFHPRVKDUHPRVXVR
GH OD XWLOLGDG%XVFDU $ FRQWLQXDFLyQ LQGLFDPRV OD IHFKD GH OD IDFWXUD VX
Q~PHUR\ODIRUPDGHSDJRFRUUHVSRQGLHQWH8QDYH]UHDOL]DGRVHVWRVSDVRV
SRGHPRV DJUHJDU ORV DOEDUDQHV GH ORV TXH FRQVWD OD IDFWXUD 3DUD HOOR
SRGHPRVWHFOHDUHOQ~PHURGHDOEDUiQ\KDFHUFOLFNHQDJUHJDUFRQORTXH
VH LUiQ DJUHJDQGR \ VXPDQGR ORV DOEDUDQHV HQ OD OLVWD GH OD L]TXLHUGD
7DPELpQ SRGHPRV KDFHU FOLFN HQ HO ERWyQ9HU DOEDUDQHV 3HQGLHQWHV TXH
QRV PRVWUDUi XQD OLVWD D OD GHUHFKD GH OD SDQWDOOD FRQ ORV GDWRV GH ORV
DOEDUDQHV TXH HVWiQ D~Q SHQGLHQWHV GH IDFWXUDU 6HOHFFLRQDQGR HOORV
DOEDUDQHV RSRUWXQRV \ KDFLHQGR FOLFN HQ HO ERWyQ $JUHJDU $OEDUiQ
VHOHFFLRQDGRVHVXPDUiQDODOLVWD7DPELpQSRGHPRVKDFHUGREOHFOLFNHQ
ODOLVWDGHDOEDUDQHVSHQGLHQWHVRELHQKDFHUFOLFNHQXQDOLVWD\DUUDVWUDUDOD
RWUD3DUDHOLPLQDUDOEDUDQHVTXHVHKD\DQLQFRUSRUDGRDODIDFWXUDSRUHUURU
SRGHPRVKDFHUGREOHFOLFNHQHOHOHPHQWRGHODOLVWDRELHQPDU
FDUOR\SXOVDU
ODWHFOD6835
8QD YH] LQWURGXFLGRV WRGRV ORV DOEDUDQHV TXH FRQIRUPDQ OD IDFWXUD
SRGHPRV KDFHU XQD FRPSUREDFLyQ GH ORV LPSRUWHV SDUD HOOR WHFOHDU FDGD
XQDGH ODVEDVHVLPSRQLEOHVHQHOFXDGURFRUUHVSRQGLHQWHFRQVXWLSRGH,9$
\SXOVDU,1752(OFDPSR7RWDOIDFWXUDVHLUiDFWXDOL]DQGR6LQRFRLQFLGHOD
VXPDGHDOEDUDQHVFRQHOWRWDOIDFWXUDVHSXHGHQPRGLILFDUORVDOEDUDQHVR
ELHQFRQWLQXDUFRQHOSURFHVRHOSURJUDPDPRVWUDUiODVLJXLHQWHPHQVDMH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6LFRQWHVWDPRVTXHVHFRQVLGHUHOD)$&785$FRPRYDORUYiOLGR6,VH
JHQHUDUiQORVDSXQWHV\YHQFLPLHQWRVFRQHOYDORUGHODIDFWXUD6LQHPEDUJR
SDUDTXHKD\DFRUUHVSRQGHQFLDHQWUHORVDOEDUDQHV\ODIDFWXUDORPHMRUHV
PRGLILFDUORVDOEDUDQHVHQORVTXHKD\DGLIHUHQFLD
3DVHPRVDFRPHQWDUXQRDXQRORVFDPSRVGHODSDQWDOOD
x
x
x
x
x
x
x
x
x
x
x
x
x
x
3URYHHGRU &yGLJRGHOSURYHHGRUGHODIDFWXUD&DPSRREOLJDWRULR
)HFKD )HFKDGHODIDFWXUD
1ž)DFWXUD 1~PHURGHODIDFWXUDGHOSURYHHGRU
'RFXPHQWR&RQWDEOH 1~PHURFRQHOTXHVHFRQWDELOL]DUiODIDFWXUD3RU
GHIHFWRHVHOPLVPRTXHHOQ~PHURGHIDFWXUDVLQHPEDUJRORSRGHPRV
FDPELDUSDUDKDFHUFRLQFLGLUFDVDUGRFXPHQWRVHQFRQWDELOLGDG
([HQWD ,9$ 6L OD IDFWXUD HVWi H[HQWD GH ,9$ LQGLFDUOR SDUD TXH ORV
DSXQWHVFRQWDEOHVVHKDJDQFRUUHFWDPHQWH
)RUPDGH3DJR 7HFOHDUODIRUPDGHSDJRTXHFRUUHVSRQGDDODIDFWXUD
(QHVWDSDQWDOODQRVHFDOFXODFRQDUUHJORDODILFKDGHSURYHHGRUVLQR
TXHKD\TXHLQGLFDUODPDQXDOPHQWH
%DVH,PSRQLEOH ,PSRUWHGHEDVHLPSRQLEOHFRUUHVSRQGLHQWHDOWLSRGH
,9$
,9$ 3RUFHQWDMHGH,9$FRUUHVSRQGLHQWHDOWLSRGH,9$GHILQLGRHQ
SDUiPHWURV
5HFDUJR (TXLYDOHQFLD 3RUFHQWDMH GH UHFDUJR GH HTXLYDOHQFLD
FRUUHVSRQGLHQWH DO WLSR GH ,9$ GHILQLGR HQ SDUiPHWURV6LVXHPSUHVD
QRVHHQFXHQWUDHQUpJLPHQGHHTXLYDOHQFLDHVWHFDPSRQRHVWDUiYLVLEOH
HQSDQWDOOD
%DVH,PSRQLEOH ,PSRUWHGHEDVHLPSRQLEOHFRUUHVSRQGLHQWHDOWLSRGH
,9$GHILQLGRHQSDUiPHWURV
,9$ 3RUFHQWDMHGH,9$FRUUHVSRQGLHQWHDOWLSRGH,9$GHILQLGRHQ
SDUiPHWURV
5HFDUJR (TXLYDOHQFLD 3RUFHQWDMH GH UHFDUJR GH HTXLYDOHQFLD
FRUUHVSRQGLHQWHDWLSRGH,9$GHILQLGRHQSDUiPHWURV6LVXHPSUHVDQR
VHHQFXHQWUDHQUpJLPHQGHHTXLYDOHQFLDHVWHFDPSRQRHVWDUiYLVLEOHHQ
SDQWDOOD
%DVH,PSRQLEOH ,PSRUWHGHEDVHLPSRQLEOHFRUUHVSRQGLHQWHDOWLSRGH
,9$
,9$ 3RUFHQWDMHGH,9$FRUUHVSRQGLHQWHDOWLSRGH,9$GHILQLGRHQ
SDUiPHWURV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
2),0$7,&$-$(16/
5HFDUJR (TXLYDOHQFLD 3RUFHQWDMH GH UHFDUJR GH HTXLYDOHQFLD
FRUUHVSRQGLHQWH DO WLSR GH ,9$ GHILQLGR HQ SDUiPHWURV6LVXHPSUH
VD
QRVHHQFXHQWUDHQUpJLPHQGHHTXLYDOHQFLDHVWHFDPSRQRHVWDUiYLVLEOH
HQSDQWDOOD
7RWDO)DFWXUD ,PSRUWHWRWDOGHODIDFWXUD
'LDULRGH)DFWXUDFLyQGH3URYHHGRUHV
'HVGHHVWDRSFLyQDFFHGHPRVDOGLDULRGHIDFWXUDFLyQGHFRPSUDVHQ
HO FXDO HQFRQWUDUHPRV SRU SURYHHGRU ODV IDFWXUDV UHFHSFLRQDGDV
WRWDOL]DQGR LPSRUWHV PRVWUDQGR Q~PHUR \ IHFKD GHODVIDFWXUDVHWF3DUD
HOORVyORGHEHPRVVHOHFFLRQDUGHTXpSURYHHGRUKDVWDTXpRWURSURYHHGRU\
HQWUHTXpIHFKDVTXHUHPRVVHOHFFLRQDUHOOLVWDGR
/RVFDPSRVGHVDOLGDGHOLQIRUPHVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
x
x
(QODURWXUDHQFRQWUDPRV
&yGLJR &yGLJRGHOSURYHHGRU
1RPEUH3URYHHGRU
(QHOGHWDOOH
1ž)DFWXUD 1~PHURGHODIDFWXUDGHOSURYHHGRUTXHVHGHWDOODD
FRQWLQXDFLyQ
)HFKD )HFKDGHODIDFWXUD
,PSRUWH%UXWR 6XPDGHLPSRUWHVGHODIDFWXUDVLQWHQHUHQFXHQWDORV
GHVFXHQWRVJOREDOHVQLUHFDUJRVILQDQFLHURV
'HVFXHQWRV ,PSRUWHGHORVGHVFXHQWRVJOREDOHVGHODIDFWXUD
3 ,QGLFDHOWLSRGHSRUWHV33DJDGRV''HELGRV,,QFOXLGRV
5)LQ ,PSRUWHGHOUHFDUJRILQDQFLHURDSOLFDGRHQODIDFWXUD
%,PSRQLEOH ,PSRUWHGHODEDVHLPSRQLEOHGHODIDFWXUDHQFXHVWLyQ
,9$ ,PSRUWHFRUUHVSRQGLHQWHDODVXPDGHODVGLIHUHQWHVFXRWDVGHOD
IDFWXUD
7RWDO ,PSRUWHGHOWRWDOGHODIDFWXUDHQFXHVWLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RPRVHSXHGHREVHUYDUHQHOOLVWDGRVHKDFHXQDVXPDGHORVYD
ORUHV
PiVLPSRUWDQWHVEDVHVLPSRQLEOHVFXRWDVGH,9$\WRWDOHVSRUFDGDXQR
GHORVSURYHHGRUHVVHOHFFLRQDGRVHQHOLQIRUPH
$OILQDOGHOLQIRUPHVHKDFHXQDVXPDGHOWRWDOGHORVVXEWRWDOHVGHWRGRV
ORVSURYHHGRUHVVHOHFFLRQDGRV\HQWUHODVIHFKDLQGLFDGDV
6LWXDFLyQ3HGLGRV&RPSUDV
&RPR\DYLPRVGHVGHODRSFLyQGHGHO0HQ~&RQILJXUDFLyQSRGtDPRV
FUHDUWRGDVODVVLWXDFLRQHVSRVLEOHVSDUDXQSHGLGR\DVtSRGHUDVLJQDUOH
SRVWHULRUPHQWHHVWDVLWXDFLyQHQODFUHDFLyQGHXQSHGLGR\DVHDGHVGHOD
SDQWDOOD GH9HQWDV3UHVXSXHVWRV3HGLGRV$OEDUDQHVHWFRGH&RPSUDV
2IHUWDV3HGLGRV$OEDUDQHV\)DFWXUDV'LUHFWDVGH3URYHHGRU
0HGLDQWHHVWDRSFLyQSRGHPRVUHYLVDU\PRGLILFDUGHIRUPDUiSLGDOD
VLWXDFLyQGHFLHUWRVSHGLGRVDWHQGLHQGRDOILOWURGHVHOHFFLyQTXHD
FRQWLQXDFLyQVHGHWDOOD
x
x
/RVFDPSRVSDUDHOILOWURGHVHOHFFLyQVRQORVVLJXLHQWHV
'HVGH3URYHHGRU ,QGLFDU&yGLJRGH3URYHHGRUGHVGHHOFXDOTXHUHPRV
ILOWUDUSDUDOD6HOHFFLyQGH3HGLGRV
+DVWD3URYHHGRU ,QGLFDU&yGLJRGH3URYHHGRUKDVWDHOFXDOTXHUHPRV
ILOWUDUSDUDOD6HOHFFLyQGH3HGLGRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'HVGH)HFKD ,QGLFDU)HFKDGHSHGLGRGHVGHODFXDOTXHUHPRVILOWUDUHQ
OD6HOHFFLyQGH3HGLGRV
+DVWD)HFKD ,QGLFDU)HFKDGHSHGLGRKDVWDODFXDOTXHUHPRVILOWUDUHQOD
6HOHFFLyQGH3HGLGRV
6HOHFFLRQDU 3XOVDQGRVREUHHVWHERWyQVHPRVWUDUiQORVSHGLGRVTXH
FXPSODQODVFRQGLFLRQHVHVSHFLILFDGDVHQHOILOWUR
x
x
x
3DVHPRV D GHVFULELU \H[SOLFDUFDGDXQRGHORVFDPSRVTXHFRQIRUPDQODV
OtQHDVGHOGHWDOOH
x 1XP 3HGLGR 1XPHUR GH GRFXPHQWR SHGLGR \ TXH IXH DVLJQDGR GH
IRUPDDXWRPDWLFDGXUDQWHODFUHDFLyQGHOGRFXPHQWR
x )HFKD )HFKDGHO'RFXPHQWRSHGLGR
x &RG3URYHHGRU &yGLJRGHO3URYHHGRU
x 1RPEUH3URYHHGRU 1RPEUHGHO3URYHHGRU
x ,PSRUWH ,PSRUWHWRWDOGHOGRFXPHQWRSHGLGR
x 6LWXDFLyQ 6LWXDFLyQ DFWXDO GHOGRFXPHQWR+DFLHQGRGREOHFOLFNVREUH
HVWH FDPSR SRGHPRV PRGLILFDU OD VLWXDFLyQ GHO SHGLGR
GHVSOHJDQGRVH XQ FXDGUR GH OLVWD FRQ ODV GLVWLQWDV VLWXDFLRQHV TXH
FUHDPRVGHVGHHOPHQ~&RQILJXUDFLyQ6LWXDFLyQGH3HGLGRV
x 0RVWUDU 'HVJORVH GH 3HGLGR 0DUFDQGR HVWD RSFLyQ QRV PRVWUDUi HO
GHVJORVH GHO SHGLGR TXH WHQJDPRV VHOHFFLRQDGR GH OLVWD UHVXOWDQWH GHO
ILOWURGHVHOHFFLyQ
/LVWDGRV
/LVWDGRGH2IHUWDV3HQGLHQWHV
&RQHVWDRSFLyQSRGHPRVOLVWDUWDQWRSRUSDQWDOODFRPRSRULPSUHVRUD
ODVRIHUWDVGHSURYHHGRUTXHWHQHPRVD~QSHQGLHQWHVGHFRQILUPDU(OOLVWDGR
FRPR WRGRV ORV OLVWDGRV VH SRGUiQ VDFDU SRU SDQWDOOD SRU LPSUHVRUD VH
SRGUiQLPSRUWDUD0LFURVRIW:RUGLPSULPLUSRUID[HQYLDUSRUHPDLOHWF
/RVOtPLWHVTXHUHDOL]DUiQHOILOWURGHVHOHFFLyQVRQORVVLJXLHQWHV
x
x
x
x
x
'HVGH3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUGHVGHHOFXDOVHTXLHUH
FRPHQ]DUHOOLVWDGR
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUKDVWDHOFXDOVHTXLHUH
UHDOL]DUHOOLVWDGR
'HVGH )HFKD ,QGLFDU OD IHFKD GH OD RIHUWD GHVGH ODFXDO VH TXLHUH
FRPHQ]DUHOOLVWDGR
+DVWD)HFKD ,QGLFDUODIHFKDGHODRIHUWDKDVWDODFXDOVHTXLHUHUHDOL]DU
HOOLVWDGR
'HVGH $UWtFXOR 6L OR TXH TXHUHPRV HV OLVWDU ODV RIHUWDV GH SURYHHGRU
TXH FRQWLHQHQ DOJ~Q DUWtFXOR HQ FRQFUHWR R XQ FRQMXQWR GHHOORV
LQGLFDUHPRVHOFyGLJRGHDUWtFXORDSDUWLUGHOFXDOVHUHDOL]DUiHOILOWURGHO
OLVWDGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
2),0$7,&$-$(16/
+DVWD$UWtFXOR ,QGLFDUKDVWDTXpFyGLJRGHDUWtFXORTXHHVWpFRQWHQLGR
HQODVRIHUWDVYLYDVTXHUHPRVOLVWDU
'HVGH2IHUWD ,QGLFDUGHVGHTXpQ~PHURGHRIHUWDTXHUHPRVFRPHQ]DU
HOOLVWDGR
+DVWD2IHUWD ,QGLFDUKDVWDTXpQXPHURGHRIHUWDTXHUHPRVOLVWDU
/RVFDPSRVGHVDOLGDGHOOLVWDGRVRQORVVLJXLHQWHV
/LVWDGRGH3HGLGRV3HQGLHQWHV
'HVGHHVWDRSFLyQGHPHQ~SRGHPRVOLVWDUORVSHGLGRVSHQGLHQWHVGH
UHFLELU GH SURYHHGRU 'HVGH HVWH OLVWDGR SRGHPRV FRQWURODU ORV SOD]RV GH
HQWUHJD \ ODV IHFKDVGHHQWUHJDDVtFRPROLVWDUVRODPHQWHORVSHGLGRVTXH
HVWiQH[FHGLGRVHQVXSOD]RGHHQWUHJDRFRQXQDVLWXDFLyQFRQFUHWD
/RVOtPLWHVGHOOLVWDGRVRQORVVLJXLHQWHV
x
x
x
x
x
x
'HVGH3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUGHVGHHOFXDOVHTXLHUH
UHDOL]DUODVHOHFFLyQGHOOLVWDGR
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUKDVWDHOFXDOVH
UHDOL]DUiHOOLVWDGR
'HVGH)HFKD ,QGLFDUODIHFKDGHORVSHGLGRVGHVGHODFXDOVH
FRPHQ]DUiODVHOHFFLyQGHOOLVWDGR
+DVWD)HFKD ,QGLFDUODIHFKDGHORVSHGLGRVKDVWDODFXDOVHUHDOL]DUiOD
VHOHFFLyQGHOOLVWDGR
&RPRIHFKDGH /DIHFKDTXHVHKDLQGLFDGRHQORVFDPSRVDQWHULRUHV
VHSXHGHUHIHULUDIHFKDGHSHGLGRRDODIHFKDGHHQWUHJD,QGLFDUODTXH
FRUUHVSRQGDHQFDGDFDVR
'HVGH$UWtFXOR /DVHOHFFLyQGHSHGLGRVVHSXHGHKDFHUVHOHFFLRQDQGR
ORVSHGLGRVTXHFRQWLHQHQXQDUWtFXORRYDULRVHQFRQFUHWR,QGLFDUGHVGH
TXpDUWtFXORVHTXLHUHKDFHUODVHOHFFLyQ6LQRVHTXLHUHKDFHUILOWUDUSRU
DUWtFXOREDVWDFRQGHMDUHVWHFDPSR\HOVLJXLHQWHHQEODQFR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
2),0$7,&$-$(16/
+DVWD$UWtFXOR ,QGLFDUKDVWDTXpFyGLJRGHDUWtFXORVHTXLHUHKDFHUOD
VHOHFFLyQGHOOLVWDGR
'HVGH3HGLGR ,QGLFDUGHVGHTXpQ~PHURGHSHGLGRVHTXLHUHILOWUDUHO
OLVWDGR
+DVWD3HGLGR ,QGLFDUKDVWDTXpQ~PHURGHSHGLGRVHTXLHUHILOWUDUHO
OLVWDGR
6yORH[FHGLGRVHQSOD]RGHHQWUHJD 0DUFDQGRHVWHFXDGURGH
YHULILFDFLyQVHOLVWDUiQVRODPHQWHDTXHOORVSHGLGRVTXHVHKD\DQ
H[FHGLGRHQVXSOD]RGHHQWUHJD
(Q6LWXDFLyQ 6HOHFFLRQDQGRXQDVLWXDFLyQVHOLVWDUiQVRODPHQWH
DTXHOORVTXHSHGLGRVTXHFRUUHVSRQGDQFRQGLFKDVLWXDFLyQ6LQR
LQGLFDPRVVLWXDFLyQDOJXQDQRVOLVWDUiQWRGRVDTXHOORVTXHVHHQFXHQWUHQ
HQWUHORVOLPLWHVLQGLFDGRV
/RVFDPSRVGHVDOLGDGHOOLVWDGRVRQORVVLJXLHQWHV
/LVWDGRGH$OEDUDQHVSHQGLHQWHV
'HVGHHVWDRSFLyQVHSRGUiQOLVWDUORVDOEDUDQHVGHSURYHHGRU
SHQGLHQWHVGHIDFWXUDU
/RVOtPLWHVGHOOLVWDGRVRQORVVLJXLHQWHV
x
x
x
x
x
'HVGH3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUGHVGHHOFXDOVHTXLHUH
FRPHQ]DUODVHOHFFLyQGHOOLVWDGR
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUKDVWDHOFXDOVH
UHDOL]DUiODVHOHFFLyQGHOOLVWDGR
'HVGH)HFKD ,QGLFDUODIHFKDDSDUWLUGHODFXDOVHVHOHFFLRQDUiQORV
DOEDUDQHV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOVHVHOHFFLRQDUiQORV
DOEDUDQHV
5HVXPHQR'HWDOOH 6HOHFFLRQDQGRXQDXRWUDRSFLyQPRVWUDUiHOOLVWDGR
GHDOEDUDQHVSHQGLHQWHVGHSURYHHGRUVRORFRQODFDEHFHUDGHODOEDUiQR
PRVWUDUiDGHPiVGHHVDFDEHFHUDHOGHWDOOHGHFDGDXQRGHORV
DOEDUDQHVFRPRHOFyGLJRGHDUWLFXORUHIHUHQFLDGHVFULSFLyQXQLGDGHV
LPSRUWHHWF
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
2),0$7,&$-$(16/
'HVGHDUWtFXOR 6LVHTXLHUHOLVWDUORVDOEDUDQHVTXHFRQWLHQHQXQR
DUWtFXORRYDULRHQFRQFUHWRLQGLFDUHOFyGLJRGHDUWtFXORGHVGHHOFXDO
FRPHQ]DUiODVHOHFFLyQGHOOLVWDGR
+DVWDDUWtFXOR ,QGLFDUHOFyGLJRGHDUWtFXORKDVWDHOFXDOVHTXLHUH
UHDOL]DUODVHOHFFLyQGHOOLVWDGR
'HVGH$OEDUiQ ,QGLFDUHOQ~PHURGHDOEDUiQDSDUWLUGHOFXDOVHUHDOL]DUi
HOOLVWDGR
+DVWD$OEDUiQ ,QGLFDUHOQ~PHURGHDOEDUiQKDVWDHOFXDOVHUHDOL]DUiOD
VHOHFFLyQGHOOLVWDGR
/RVFDPSRVGHVDOLGDGHOLQIRUPHVRQORVVLJXLHQWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
9HQWDV
3UHVXSXHVWRV3HGLGRV$OEDUDQHVHWF
'HVGH HVWD RSFLyQ VH UHDOL]DUiQ OD PD\RU SDUWH GH ORV SURFHVRV GH
YHQWDV WDOHV FRPR ORV SUHVXSXHVWRV SHGLGRV DOEDUDQHV GH GHSyVLWR
DOEDUDQHV GHYHQWDIDFWXUDVSURIRUPDIDFWXUDVGLUHFWDV \DERQRVHVGHFLU
WRGRV ORV SURFHVRV GH YHQWDV H[FHSWR OD IDFWXUDFLyQ GH DOEDUDQHV TXH VH
YHUiPiVDGHODQWH
/RV SURFHVRV GH YHQWDV VH HQFXHQWUDQ LQWHUFRQHFWDGRV GH PRGR TXH
VHSXHGHSDVDUGHXQSUHVXSXHVWRDXQSHGLGRGHHVWHDDOEDUiQ\SRUILQ
HQYLDUOR D IDFWXUDFLyQ LQWURGXFLHQGR ORV GDWRV VRODPHQWH XQ HO SULPHU
GRFXPHQWR (VWR QR TXLHUH GHFLU TXH OD FDGHQD VHD REOLJDWRULD \D TXH
SRGHPRVFRPHQ]DUHOSURFHVRGHYHQWDHQFXDOTXLHUDGHORVHVODERQHVGHO
SURFHVR
3DUD UHDOL]DU SXHV XQD YHQWD EDVWD FRQ HQWUDU HQ HVWD SDQWDOOD
VHOHFFLRQiQGRODHQHOPHQ~9HQWDV RELHQFRQODWHFODUiSLGD)/DSDQWDOOD
TXHQRVDSDUHFHHVODVLJXLHQWH
&RPRVHSXHGHREVHUYDUODSDQWDOODQRHVPRGDOHVGHFLUQRVSHUPLWH
OOHYDU D OD YH] PiV GH XQ SURFHVR (V GHFLU SRGHPRV HVWDU KDFLHQGR XQ
DOEDUiQ\QRWHQHPRVTXHVDOLUGHODSDQWDOODSDUDLQLFLDURWURSURFHVRFR
PR
SRU HMHPSOR XQD FRQVXOWD GH XQ SHGLGR GH DOEDUDQHV R FXDOTXLHU RWUR
SURFHVR3DUDHOOREDVWDUiFRQPLQLPL]DUODSDQWDOOD\XQDYH]ILQDOL]DGRHO
SURFHVRDOWHUQDWLYRYROYHUDPD[LPL]DUODSDQWDOODSDUDFRQWLQXDUSRUGRQGH
tEDPRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUDUHDOL]DUXQDYHQWDSULPHURGHEHPRVVHOHFFLRQDUODRSHUDFLyQTXH
TXHUHPRVUHDOL]DU\DVHDXQSUHVXSXHVWRXQSHGLGRHWFVHOHFFLRQiQGROR
GH OD OLVWD GHVSOHJDEOH2SHUDFLyQ 8QD YH] VHOHFFLRQDGD OD RSHUDFLyQ D
UHDOL]DUKD\TXHVHOHFFLRQDUODVHULHGHYHQWDV TXHVHYDDXWLOL]DU(VWRVH
KDFHVHOHFFLRQiQGRODGHODOLVWD6HULHHQODTXHDSDUHFHUiODVVHULHVTXHVH
KDQGHILQLGRHQHOILFKHURGH1XPHUDGRUHV HQ3DUiPHWURVGHOD(PSUHVD6L
DGHPiV VH KDQ FRQILJXUDGR ODV VHULHV SRU GHIHFWR HQ ORV 3DUiPHWURV GH OD
(PSUHVDQRKDUiIDOWDVHOHFFLRQDUODVHULHGHODOLVWD\DTXHVHFDUJDUiHQ
SULPHUOXJDUODVHULHFRQILJXUDGD8QDYH]VHOHFFLRQDGDODVHULHGHYHQWDVH
LQGLFDUiHOQ~PHURGHOGRFXPHQWRGHYHQWD(VWHSURFHVRSXHGHVHUPDQXDO
R DXWRPiWLFR 0DQXDOPHQWH VHUi WHFOHDQGR HO Q~PHUR GH GRFXPHQWR TXH
TXHUHPRV FUHDU 6L GLFKR GRFXPHQWR QR H[LVWH VH GDUi GH DOWD FXDQGR
JUDEHPRVHOGRFXPHQWRSRUHOFRQWUDULRVLHOGRFXPHQWRWHFOHDGR\DH[LVWH
VH SDVDUi DO PRGR PRGLILFDFLyQ FDUJDQGR ORV GDWRV GHO GRFXPHQWR HQ
SDQWDOOD3DUDGDUGHDOWDXQGRFXPHQWRDXWRPiWLFDPHQWHVLWXiQGRQRVHQHO
FDPSR1ž'RFXPHQWRSXOVDUHPRVODWHFOD(17(5,1752R5(7851GH
HVWH PRGR HO SURJUDPD EXVFDUi HQ HO ILFKHUR GH 1XPHUDGRUHV FXDO HV HO
VLJXLHQWH GRFXPHQWR D FUHDU 3RU HVWD UD]yQ HV LPSRUWDQWH WHQHU ELHQ HO
ILFKHURGH1XPHUDGRUHV\DTXHVLGLFKRILFKHURWLHQHDOWHUDGRVORVGDWRVHO
SURJUDPD FUHDUi ORV GRFXPHQWR HQ HO RUGHQ LQGLFDGR $ FRQWLQXDFLyQ VH
LQGLFDUiODIHFKDGHOGRFXPHQWRSRUGHIHFWRVHLQGLFDUiODIHFK
DGHWUDEDMR
SHURVLVHGHVHDLQGLFDURWUDIHFKDEDVWDUiFRQWHFOHDUODRELHQVHOHFFLRQDUOD
GHO FDOHQGDULR GHVSOHJDEOH TXH SUHVHQWD HO FDPSR 8QD YH] LQGLFDGD OD
IHFKD GHEHPRV LQGLFDU HO FyGLJR GH FOLHQWH DO FXDO VH OH DVLJQDUi GLFKR
GRFXPHQWR SDUD HOOR EDVWDUi FRQ WHFOHDU GLFKR FyGLJR R HQ HO FDVR GH QR
FRQRFHUGLFKRFyGLJRORSRGHPRVEXVFDUSXOVDQGRODVWHFODV&75/,1,&,2
RELHQSXOVDQGRHQHOERWyQFRUUHVSRQGLHQWHGHODEDUUDGHKHUUDPLHQWDV6L
HO FOLHQWH HV QXHYR SRGHPRV GDUOR GH DOWD GHVGH HVWD PLVPD SDQWDOOD VLQ
WHQHUQRVTXHVDOLUGHOSURFHVRSDUDHOORSXOVDUODVWHFODV&75/$93$*R
ELHQSXOVDQGRHQHOERWyQFRUUHVSRQGLHQWHGHODEDUUDGHKHUUDPLHQWDV8QD
YH]WHFOHDGRHOFyGLJRGHFOLHQWHVHFDUJDQORVYDORUHVFRUUHVSRQGLHQWHVDOD
ILFKDGHGLFKRFOLHQWH\HOFXUVRUVHSRVLFLRQDUiHQHOFDPSR6X'RFXPHQWR
HQ HO FXDO SRGHPRV LQGLFDU HO Q~PHUR GH RUGHQ FRQ HO FXDO HO FOLHQWH
LGHQWLILFDUi QXHVWUR GRFXPHQWR GH YHQWDHVWHFDPSRSUHVHQWDJUDQXWLOLGDG
FXDQGRHOFOLHQWHHVODDGPLQLVWUDFLyQ\DTXHHOORVVLHPSUHYDQDFRQWURODUOD
RSHUDFLyQFRQXQQ~PHURGHRUGHQTXHHOORVLQGLFDQSDUDFXDOTXLHURWURWLSR
GH FOLHQWH VH SRGUi GDU OD XWLOLGDG TXH FDGD XQR TXLHUD FRPR SRU HMHPSOR
XQD FODYH FRQ OD TXH LGHQWLILFDU HO GRFXPHQWR $ FRQWLQXDFLyQ GHE
HPRV
LQGLFDU VL SURFHGH HO FyGLJR GH YHQGHGRU TXH KD UHDOL]DGR OD YHQWD SRU
GHIHFWRVHFDUJDUiHQSDQWDOODHOYHQGHGRUGHODILFKDGHOFOLHQWH\VLHVWHQR
WLHQHQLQJ~QYHQGHGRUHQODILFKDVHFDUJDUiHOYHQGHGRUSRUGHIHFWRGHOD
ILFKD GH 8VXDULRV \ VL HQ HVWD ILFKD WDPSRFR VH KD LQGLFDGR QLQJ~Q
YHQGHGRUTXHGDUiHOFDPSRHQEODQFRSDUDTXHVHLQGLTXHHOTXHSURFHGD
$ FRQWLQXDFLyQ VH LQGLFDUi HO FyGLJR GH DOPDFpQ D FXDO SHUWHQHFHQ ORV
DUWtFXORV TXH YDPRV D YHQGHU 3RU GHIHFWR VH LQGLFDUi HO DOPDFpQTXH VH
KD\DLQGLFDGRHQODILFKDGH8VXDULRV\VLQRVHKDLQGLFDGRQDGDHQGLFKD
ILFKD HO FDPSR TXHGDUi HQ EODQFR SDUD LQGLFDU HO TXH SURFHGD VLHQGR
REOLJDWRULR LQGLFDU XQ FyGLJR GH DOPDFpQ YiOLGR $ FRQWLQXDFLyQ \ VyOR SDUD
DTXHOORVTXHWUDEDMpLVFRQ2EUDVVHSHGLUiHOFyGLJRGHODREUDDODTXHVHUi
HQYLDGDODPHUFDQFtD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
8QD YH] UHOOHQDGRV WRGRV HVWRV GDWRV SRGHPRV LQFOXLU ORV DUWtFXORV D
YHQGHUHQODOLVWDTXHSDUDWDOILQVHHQFXHQWUDDFRQWLQXDFLyQ3DUDRSHUDU
HQHVWDOLVWDGHEHPRVWHQHUHQFXHQWDTXHGLFKDOLVWDVHSXHGHHQFRQWUDUHQ
GRVHVWDGRVGLVWLQWRVHQHGLFLyQ \HQFRQVXOWD(QPRGRHGLFLyQSRGUHPRV
WHFOHDU HQ GLFKD OLVWD SDUD DJUHJDU DUWtFXORV PRGLILFDU ORV GDWRV GH XQD ILOD
HWF (Q PRGR FRQVXOWD QR VH SRGUiQ PRGLILFDU ORV GDWRV GHXQD ILOD 3DUD
HQWUDU HQ PRGR HGLFLyQ GHEHPRV VLWXDUQRV HQ OD ILOD RSRUWXQD \ SXOVDU OD
WHFOD(17(5,1752R5(7851\SDUDFDQFHODUXQDHGLFLyQSXOVDUHPRVOD
WHFOD(6&
8QDYH]LQWURGXFLGRVORVGDWRVHOGRFXPHQWRVHSRGUiJUDEDULPSULPLU
HWF
3XHVELHQEiVLFDPHQWHHVWDHVODIRUPDGHWUDEDMDUFRQHVWDSDQWDOOD
DFRQWLQXDFLyQSDVDPRVDGHVFULELUXQRDXQRORVHOHPHQWRV\KHUUDPLHQWDV
GHHVWDSDQWDOODDGHPiVGHODVSRVLEOHVRSHUDFLRQHVDUHDOL]DU
x
x
x
x
x
x
x
x
2SHUDFLyQ (Q HVWD OLVWD GHVSOHJDEOH VHOHFFLRQDUHPRV OD RSHUDFLyQ D
UHDOL]DU/DVRSFLRQHVTXHVHSUHVHQWDQVRQ
(3UHVXSXHVWR
33HGLGR
$$OEDUiQ
''HSyVLWR$OEDUiQGHGHSyVLWR
))DFWXUD'LUHFWD
5)DFWXUD3URIRUPD
;$ERQR)DFWXUD GH$ERQR
6HULH &yGLJR GH OD VHULH FRQ OD TXH YDPRV D RSHUDU &RPR \D VH KD
LQGLFDGR ODV VHULHV VH HQFXHQWUDQ HQ HO ILFKHUR GH 1XPHUDGRUHV GH
3DUiPHWURVGHODHPSUHVD
1ž 'RFXPHQWR 1~PHUR GH GRFXPHQWR TXH YDPRV D FUHDU R PRGLILFDU
3DUD FUHDU XQ GRFXPHQWR QXHYR VH SRGUi KDFHU PDQXDO R
DXWRPiWLFDPHQWHWDO\FRPRVHKDLQGLFDGRDQWHULRUPHQWH
)HFKD )HFKDGHOGRFXPHQWR3RUGHIHFWRVHDVLJQDODIHFKDGHWUDEDMR
&yGLJR GH &OLHQWH &yGLJR GHO FOLHQWH DO TXH VH OH YD D UHDOL]DU OD
RSHUDFLyQ GH YHQWD 'LFKR FyGLJR VH SRGUi WHFOHDU EXVFDU GDU GH DOWD
SDUD HOOR VH XWLOL]DUiQ ODV FRPELQDFLRQHV GH WHFODV HVWiQGDU R ELHQ VH
SRGUiKDFHUXVRGHODEDUUDGH+HUUDPLHQWDVTXHKD\HQODSDQWDOODSDUD
WDOILQ
1RPEUH 1RPEUHGHOFOLHQWH(VWHFDPSRVHFDUJDUiDXWRPiWLFDPHQWHDO
LQGLFDU HO FyGLJR GHO FOLHQWH (Q HO FDVR GH TXH HO FyGLJR GH FOLHQWH
SHUWHQH]FDD&OLHQWHV9DULRVHVGHFLUXQ'''VHSHGLUiGLFKR
QRPEUH
&LI &yGLJR R Q~PHUR GH LGHQWLILFDFLyQ ILVFDO GHO FOLHQWH (VWH FDPSR VH
UHOOHQDUi DXWRPiWLFDPHQWHFRQHOYDORUGHODILFKDGHOFOLHQWH(QFDVRGH
WHFOHDUORHOSURJUDPDFDOFXODUiODOHWUD
7 &OLHQWH 7LSR GH FOLHQWH ,QGLFD HO WLSR GH FOLHQWH SDUD OD WDEOD GH
GHVFXHQWRV(VWHYDORUVHSRGUiPRGLILFDUSDUDGLVWLQWDVOtQHDVGHPRGR
TXH VH DSOLTXH OD WDULID GH FOLHQWH HQ XQD OtQHD \ HQ RWUD OD WDULID
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
VLHPSUHTXHVHKDJDHOFDPELRPDQXDOPHQWHHQHVWHFDPSR(VWH
FDPSRWLHQHXQDFFHVRGLUHFWRFRQODVWHFODV$OW7
'LUHFFLyQ 'RPLFLOLRGHOFOLHQWH6HFDUJDUiDXWRPiWLFDPHQWHWRPDQGRHO
YDORUGHODILFKDGHOFOLHQWH
&yGLJR 3RVWDO &yGLJR SRVWDO GHO FOLHQWH 6H FDUJDUi DXWRPiWLFDPHQWH
WRPDQGRHOYDORUGHODILFKDGHOFOLHQWH(QFDVRGHTXHQRVHHQFXHQWUH
HQODILFKDVHSRGUiKDFHUXVRGHODXWLOLGDGGHFyGLJRVSRVWDOHVFR
QODV
WHFODV&75/,1,&,2
/RFDOLGDG /RFDOLGDG GHO FOLHQWH 6H FDUJDUi DXWRPiWLFDPHQWH WRPDQGR
HOYDORUGHODILFKD
3URYLQFLD 3URYLQFLDGHOFOLHQWH6HFDUJDUiDXWRPiWLFDPHQWHWRPDQGRHO
YDORUGHODILFKD
7HOpIRQRV 7HOpIRQRVGHOFOLHQWH6HFDUJDUiQDXWRPiWLFDPHQWHWRPDQGR
HOYDORUGHODILFKD
6X'RFXPHQWR (QHVWHFDVRVHSRGUiLQWURGXFLUHOQ~PHURGHRUGHQGHO
FOLHQWH (VWH GDWR HV GH JUDQ XWLOLGDG FXDQGR HO FOLHQWH HV OD
DGPLQLVWUDFLyQS~EOLFD
9HQGHGRU &yGLJRGHOYHQGHGRU3RUGHIHFWRVHLQGLFDUiHOYHQGHGRUTXH
KD\D HQ OD ILFKD GHO FOLHQWH 6LQ HQ OD ILFKD QR KD\ QLQJ~Q FyGLJR GH
YHQGHGRU VH WRPDUi HO FyGLJR GH YHQGHGRU SRU GHIHFWR TXH KD\D HQ OD
ILFKDGHOXVXDULR\VLSRUILQWDPSRFRVHKDLQGLFDGRQDGDHQHVWD~OWLPD
ILFKDHOFDPSRDSDUHFHUiHQEODQFRSDUDTXHVHDHOXVXDULRHOTXHWHFOHH
HOFyGLJRRSRUWXQR
$OPDFpQ &yGLJRGHDOPDFpQDOTXHSHUWHQHFHQORVDUWtFXORVTXHVHYDQ
DYHQGHU3RUGHIHFWRHOSURJUDPDSRQGUiHODOPDFpQTXHDSDUH]FDHQOD
ILFKDGHO8VXDULR(OFDPSRHVREOLJDWRULR
)RUPDGH3DJR )RUPDGHSDJRFRQODTXHVHUHDOL]DUiODRSHUDFLyQGH
YHQWD3RUGHIHFWRHOSURJUDPDFRQVLGHUDUiODIRUPDGHSDJR
6HJ~Q
ILFKD SDUD TXH GHSHQGLHQGR GHO LPSRUWH GHO GRFXPHQWR GH YHQWD VH
WRPH OD IRUPD GH SDJR TXH FRUUHVSRQGD VHJ~Q OD ILFKD GHO FOLHQWH GH
PRGR TXH DO LU FDPELDQGR HO LPSRUWH YDULDUi DW PELpQ OD IRUPD GH SDJR
1RREVWDQWHVLQRVHTXLHUHXWLOL]DUODIRUPDGHSDJR6HJ~QILFKDVHSRGUi
LQGLFDU FXDOTXLHU RWUD IRUPD GH SDJR YDOLGD TXH KD\D HQ HO ILFKHUR GH
)RUPDV GH 3DJR GHQWUR GHO PHQ~ 7HVRUHUtD &RQVXOWDU $\XGD GH
7HVRUHUtD +D\ TXH WHQHU HQ FXHQWD TXH SDUD TXH YDULRV DOEDUDQHVVH
VXPHQHQXQD~QLFDIDFWXUDGHEHQGHWHQHUODPLVPDIRUPDGHSDJR$Vt
VLODIRUPDGHSDJRGHXQDOEDUiQHV± (IHFWRDGtDVSHURVHKD
FDOFXODGRDXWRPiWLFDPHQWHHVGHFLU6HJ~QILFKD\WHQHPRVRWURDOEDUiQ
FRQODIRUPDGHSDJR± (IHFWRDGtDVSHURHQHVWHFDVRODIRUPD
GH SDJR VH LQGLFDGR PDQXDOPHQWH QXQFD VH VXPDUiQ HQ XQD PLVPD
IDFWXUD\DTXHSDUDHOSURJUDPDXQDWLHQHODIRUPDGHSDJR± 6HJ~Q
ILFKD\ODRWUD± (IHFWRDGtDV
&yGLJR GH 2EUD &yGLJR GH OD REUD D OD TXH VH HQYLDUi OD PHUFDQFtD
(VWH FDPSR VHUi YLVLEOH SDUD DTXHOORV TXH WHQJiLV DFWLYR HO ILFKHUR GH
REUDV
6DOGRGHOD&XHQWD 6DOGRFRQWDEOHGHODFXHQWDGHFOLHQWH(VWHGDWRVH
FRQVXOWDGLUHFWDPHQWHGHORVGDWRVFRQWDEOHV\WHVRUHUtD
(IHFWRV ,PSRUWHTXHVXSRQHQORVHIHFWRVYLYRVTXHWLHQHHOFOLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
2),0$7,&$-$(16/
,PSDJDGR ,PSRUWHGHLPSDJDGRVTXHWLHQHHOFOLHQWH
3HVHWDVHQ$OEDUDQHV SHQGLHQWHV ,PSRUWHTXHVXSRQHQORVDOEDUDQHV
SHQGLHQWHVGHIDFWXUDUGHOFOLHQWH
5LHVJR&XHQWD 5LHVJRTXHVXSRQHHOFOLHQWHHOULHVJRVHFDOFXODGHOD
VLJXLHQWHIRUPD
6DOGRGHODFXHQWD(IHFWRVSHQGLHQWHV,PSDJDGRV,PSRUWH
GHDOEDUDQHV SHQGLHQWHV
x
x
x
x
x
x
/tPLWH GH 5LHVJR /tPLWH GH ULHVJR TXH VH KD LQGLFDGR HQ OD ILFKD GHO
FOLHQWH
'LVSRQLEOH 'LVSRQLEOH /tPLWHGH5LHVJR± 5LHVJR
1~PHUR GH $OEDUDQHV 3HQGLHQWHV 1~PHUR GH DOEDUDQHV TXH WLHQH HO
FOLHQWHSHQGLHQWHVGHIDFWXUDU
8OWLPD)HFKDGH9HQWD )HFKDHQODTXHVHUHDOL]yOD~OWLPDYHQWD
9HQGHGRU &yGLJRGHYHQGHGRUGHODILFKDGHOFOLHQWH
'HVFXHQWR *OREDO 3RUFHQWDMH GH GHVFXHQWR JOREDO TXH VH KD
LQGLFDGRHQODILFKDGHOFOLHQWH
/D OLVWD TXH FRQWLHQH ORV DUWtFXORV D YHQGHU FRQWLHQH ORV VLJXLHQWHV
FDPSRV
/tQHD 1~PHURGHOtQHDGHYHQWD
x &yGLJR &yGLJRGHODUWtFXORDYHQGHU(QHVWHFDPSRVHSRGUiWHFOHDUHO
FyGLJR GHO DUWtFXOR OD UHIHUHQFLD GH SURYHHGRU R FXDOTXLHUD GH ORV FyGLJRV GH EDUUDV GHO DUWtFXOR 7DPELpQ VH SRGUi GDU GH DOWD FXDOTXLHU
DUWtFXORQXHYREXVFDUORSRUGHVFULSFLyQRSRUFXDOTXLHUDGHORVFDPSRV
GH E~VTXHGD TXH VH KD\DQ FRQILJXUDGR FRQ OD FRPELQDFLyQ GH WHFODV
&75/,1,&,2
$GHPiV H[LVWHQ XQD VHULH GH FyGLJRV SURSLRV GH SURJUDPD TXH
VRQORVVLJXLHQWHV
x
x
x
x
&ODYH SDUD $UWLFXOR TXH VH HQFXHQWUD VLQ FRGLILFDU (O
SURJUDPD SUHJXQWDUi WRGRV ORVGDWRVFRUUHVSRQGLHQWHVFRPRHO
QRPEUH WLSR GH ,9$ SRUFHQWDMH GH FRPLVLyQ SUHFLR XQLWDULR
GHVFXHQWRSUHFLRGHFRVWRHWF
&ODYH TXH VLJQLILFD FRPHQWDULR 6H SRGUi LQWURGXFLU WDQWDV
OtQHDVGHFRPHQWDULRFRPRVHTXLHUDWHQLHQGRHQFXHQWDTXHHO
Q~PHURGHFDUDFWHUHVPi[LPRHVGH
&ODYHTXHLQGLFDTXHVHYDLQWURGXFLUXQDHQWUHJDDFXHQWD
3&ODYHSDUD3RUWHV
6&ODYHSDUD6XSOLGRV
'HVFULSFLyQ 1RPEUHRGHVFULSFLyQGHODUWtFXORTXHVHHVWiYHQGLHQGR
,9$ 1~PHURGHOWLSRGH,9$GHODUWtFXOR/RVWLSRVGH,9$VHHQFXHQWUDQ
HQ3DUiPHWURVGHODHPSUHVDGDWRVILVFDOHV
&R 3RUFHQWDMHGHFRPLVLyQGHODUWtFXOR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
2),0$7,&$-$(16/
3UHFLR 3UHFLR XQLWDULR GHO DUWtFXOR $O VLWXDUVH HO FXUVRU HQ HVWH FDPSR
DSDUHFHUiHQODSDUWHLQIHULRUL]TXLHUGDGHODSDQWDOODXQUHFXDGURFRQORV
GLVWLQWRVSUHFLRVGHODUWLFXORHQYHQWD$GHPiVVLWXDGRVHQHVWHFDPSRVL
SXOVDPRV ODV WHFODV &75/ ,1,&,2 VH ILMDUi FRPRSUHFLR GHO DUWtFXOR HO
SUHFLRTXHVHHQFXHQWUHHQSDQWDOOD6LSXOVDPRVODVWHFODV&75/)
VHILMDUiFRPRSUHFLRHVSHFLDOSDUDHOFOLHQWH\HODUWLFXORHOSUHFLRTXHVH
HQFXHQWUH HQ SDQWDOOD 6L SXOVDPRV &75/ ),1VHDQXODUiFRPRSUHFLR
HVSHFLDOSDUDHOFOLHQWHHOSUHFLRTXHVHHQFXHQWUHHQSDQWDOOD
&DQWLGDG 1~PHUR GH XQLGDGHV GHO DUWtFXOR TXH VH YDQ D YHQGHU $O
VLWXDUVHHOFXUVRUHQHVWHFDPSRDSDUHFHUiXQUHFXDGURHQODSDUWHLQIHULRU
L]TXLHUGD XQ GHVJORVH FRQ ODV H[LVWHQFLDV WRWDOHV \ ODV H[LVWHQFLDV HQ HO
DOPDFpQ LQGLFDGR DVt FRPR HO SHQGLHQWH GH UHFLELU \ HO SHQGLHQWH GH
VHUYLU6LHODUWtFXORTXHVHYDYHQGHUWLHQHFXELFDFLyQHVGHFLUVHYHQGH
HQPHWURVFXDGUDGRVPHWURVF~ELFRVRELHQHQOLWURVDSDUHFHODSDQWDOOD
GHFXELFDFLRQHVHQODTXHVHLQWURGXFLUiQORVVLJXLHQWHVGDWRV
6L HV XQ DUWtFXOR FRQ PHWURV FXDGUDGRV R F~ELFRV OD SDQWDOOD HV OD
VLJXLHQWH
&yGLJR&yGLJRGHODUWtFXORTXHVHYDDYHQGHU
'HVFULSFLyQ1RPEUHRGHVFULSFLyQGHDUWtFXORTXHVHYDDYHQGHU
,PSRUWH3UHFLRXQLWDULRGHODUWtFXOR
8QLGDGHV&DQWLGDGGHODFXELFDFLyQTXHVHGHVFULEHDFRQWLQXDFLyQ
/DUJR/RQJLWXGGHODUWLFXOR
$QFKR$QFKXUDGHODUWtFXOR
$OWR$OWXUDGHODUWtFXOR
7RWDO0HGLFLyQWRWDOGHODFXELFDFLyQGHODOtQHD
7RWDO&XELFDFLyQWRWDOGHOGHVJORVH
(QHVWDSDQWDOODVHLQWURGXFLUiQWDQWDVOtQHDVFRPRVHDQQHFHVDULDV3DUD
FRSLDUHOYDORUGHODILODDQWHULRUHQODILODHQODTXHQRVHQFRQWUDPRVEDVWD
FRQ SXOVDU ,1752 HQ EODQFR \ VH UHSHWLUi GLFKR YDORU 3DUD ILQDOL]DU OD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
HGLFLyQ GH OD OLVWD SXOVDUHPRV (6& 3DUD DFHSWDU OD OLVWD GH FXELFDFLyQ
SXOVDUHPRVHQHOERWyQGH$FHSWDU3XOVDQGRHQ&DQFHODUVHFDQFHODUiOD
JUDEDFLyQGHORVGDWRV
&XDQGRHODUWtFXORTXHVHYDDYHQGHUVHYHQGHHQOLWURVODSDQWDOODTXH
DSDUHFHHVODVLJXLHQWH
/DSDQWDOODHVLJXDODODDQWHULRUFRQODVDOYHGDGGHTXHODVOtQHDV
SUHVHQWDQHVWRVRWURVFDPSRV
(QYDVHV1~PHURGHHQYDVHVTXHVHYDQDYHQGHU
&DSDFLGDG1~PHURGHOLWURVSRUHQYDVH
x
x
x
x
x
&DMDV 1~PHUR GH FDMDV TXH VH YDQ D YHQGHU 6L HO DUWtFXOR VH SXHGH
YHQGHUWDQWRSRUFDMDVFRPRXQLGDGHVVHSRGUiLQWURGXFLUHVWHGDWR3DUD
HOORHQODILFKDGHODUWtFXORFXDQGRHODUWtFXORHVGHOWLSR8QLGDGKD\TXH
LQGLFDUODVXQLGDGHVTXHFRQWLHQHXQDFDMD
.LORV/LWURV 6LHODUWtFXORTXHVHHVWiYHQGLHQGRHVGHOWLSR.LORVR/LWURV
SHURFRQXQDFDQWLGDGILMDHVGHFLUHVDUWLFXORHVXQDJDUUDIDTXHFRQWLHQH
OLWURV HO SURJUDPD OOHYDUi XQ GREOH VWRFN SULPHUR HQ OLWURV \ OXHJR HQ
XQLGDGHVHQHVWHFDVRQ~PHURGHJDUUDIDV
'WR 3RUFHQWDMHGHGHVFXHQWRTXHVHKDFHHQHVDOtQHD(VWHSRUFHQWDMH
VHLQFOXLUiDXWRPiWLFDPHQWHVLVHHVWiXWLOL]DQGRODWDEODGHGHVFXHQWRVR
ELHQVLHQODILFKDGHOFOLHQWHVHKDLQGLFDGRXQGHVFXHQWRGHODOTXHVH
FRUUHVSRQGHUi FRQ ORV GHVFXHQWRV D TXH VH KD\DQ LQWURGXFLGR HQ OD
ILFKDGHODUWtFXOR
,PSRUWH ,PSRUWHQHWRGHODOtQHD
7 7LSRGH/tQHD(VWDFROXPQDLQGLFDUiFXDQGRVHLPSULPLUiODOtQHDHQOD
TXHQRVHQFRQWUDPRV/RVSRVLEOHVYDORUHVVRQORVVLJXLHQWHV
66LHPSUH/DOtQHDPDUFDGDFRQHOWLSR6VHLPSULPLUiVLHPSUH(VWH
YDORUVHUiREOLJDWRULRSDUDDTXHOODVOtQHDVTXHWHQJDQLPSRUWHGLVWLQWR
GHFHUR
11XQFD/DOtQHDPDUFDGDFRQHOWLSR1QRVHLPSULPLUiQXQFD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
33HGLGRV(VWDOtQHDVHLPSULPLUiVyORFXDQGRHOGRFXPHQWRVHDXQ
SHGLGR
$$OEDUDQHV(VWDOtQHDVHLPSULPLUiVyORFXDQGRHOGRFXPHQWRVHD
XQDOEDUiQ
))DFWXUD(VWDOtQHDVHLPSULPLUiVyORFXDQGRHOGRFXPHQWRVHDXQD
IDFWXUD
43HGLGRV \$OEDUDQHV(VWDOtQHDVHLPSULPLUiVyORFXDQGRHO
GRFXPHQWRVHDXQSHGLGRRXQDOEDUiQ
53HGLGRV \IDFWXUDV(VWDOtQHDVHLPSULPLUiVyORFXDQGRHO
GRFXPHQWRVHDXQSHGLGRRXQDIDFWXUD
%$OEDUDQHV \IDFWXUDV(VWDOtQHDVHLPSULPLUiVyORFXDQGRHO
GRFXPHQWRVHDXQDOEDUiQRXQDIDFWXUD
/(/DOtQHDPDUFDGDGHHVWHPRGRLQGLFDTXHVHWUDWDGHXQDOtQHD
GHHVFDQGDOOR
3DUDERUUDUXQDOtQHDEDVWDUiFRQVLWXDUQRVHQODOtQHDFRQORVF
XUVRUHV
IOHFKDDUULED\IOHFKDDEDMR\SXOVDUODWHFOD6835
3DUDLQVHUWDUXQDOtQHDQRVVLWXDUHPRVHQODOtQHDVREUHODFXDOTXHUHPRV
LQVHUWDUODQXHYDOtQHD\RELHQSXOVDUODVWHFODV&75/,16(57RELHQ
XWLOL]DUHOERWyQGHODEDUUDGHKHUUDPLHQWDV
3DUDFRSLDUOD~OWLPDOtQHDQRVVLWXDUHPRVHQGLFKDOtQHD\SXOVDPRVODV
WHFODV&75/)RELHQXWLOL]DPRVHOERWyQGHODEDUUDGHKHUUDPLHQWDV
6L DO LQWURGXFLU XQD OtQHD GLFKD OtQHD VH SRQH HQ QHJULWD \ FRORU URMR HO
SURJUDPD QRV HVWi LQGLFDQGR TXH VH WUDWD GH XQ SUHFLR HVSHFLDO SDUD HO
FOLHQWH
(OSLHGHOGRFXPHQWRFRQVWDGHORVVLJXLHQWHVFDPSRV
x
x
x
x
x
x
x
x
x
'HVFXHQWR 'HVFXHQWRJOREDO(VWHFDPSRVHWRPDUiVLH[LVWHGHOD
ILFKDGHOFOLHQWH
'HVFXHQWR 'HVFXHQWRJOREDO
'HVFXHQWR 'HVFXHQWRJOREDO(VWHGHVFXHQWRVHWRPDUiVLH[LVWHGHO
GHVFXHQWRDSOLFDEOHGHODIRUPDGHSDJR
5HFDUJR)LQDQFLHUR 5HFDUJRILQDQFLHURDDSOLFDU(VWHUHFDUJRVHWRPDUi
ELHQGHODIRUPDGHSDJRELHQGHODVFRQGLFLRQHVGHSDJRGHOFOLHQWHHQ
ORVGDWRVILQDQFLHURV
6XPDGH,PSRUWHV 6XPDGHVXEWRWDOHVDQWHVGHGHVFXHQWRVJOREDOHV\
UHFDUJRILQDQFLHUR
%DVH,PSRQLEOH 6XPDGHODVGLVWLQWDVEDVHVLPSRQLEOHV
,PSRUWH 7RWDO ,PSRUWH WRWDO GHO GRFXPHQWR FRQ ORV LPSXHVWRV ,9$
DSOLFDGRV
7UDQVSRUWLVWD &yGLJR GHO WUDQVSRUWLVWD TXH UHDOL]DUi OD HQWUHJD GH OD
PHUFDQFtD(VWHFyGLJRVHWRPDUiVLH[LVWHGHODILFKDGHOFOLHQWH
7UDEDMDGRU &yGLJRGHOWUDEDMDGRUTXHHVWiPHFDQL]DQGRHOGRFXPHQWRGH
YHQWD 6L HQ 3DUiPHWURV GH OD HPSUHVD VH KD LQGLFDGR TXH 3UHJ
XQWDU
WUDEDMDGRU6GLFKRFyGLJRVHUiREOLJDWRULR3RURWURODGRSRGHPRVLQGLFDU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
TXHWRPHHOFyGLJRGHOWUDEDMDGRUSRUGHIHFWRTXHVHKD\DLQGLFDGRHQOD
ILFKDGH8VXDULRV
3RUWHV ,QGLFDUHPRV VL ORV SRUWHV VRQ 'HELGRV 3DJDGRV R ,QFOXLGRV (Q
FDVRGHTXHORVSRUWHVVHDQ,QFOXLGRVSRGUHPRVDxDGLUOtQHDVFRQODFODYH
3SRUWHV\VHWRPDUiQORVYDORUHVJUDEDGRVHQODILFKDGHOFOLHQWH
%XOWRV 1~PHUR GH EXOWRV TXH FRPSRQH OD H[SHGLFLyQ 6H XWLOL]DUi
DGHPiV SDUD LQFUHPHQWDU HO LPSRUWH GH ORV SRUWHV HQ FDVR GH TXH pVWRV
VHDQLQFOXLGRVHQIDFWXUD\DGHPiVVHKD\DLQGLFDGRHQODILFKDGHOFOLHQWH
HO,PSRUWHSRU%XOWR
3OD]R GH (QWUHJD 3DUD ORV SHGLGRV SRGHPRV LQGLFDU OD IHFKD GH
FRPSURPLVR GH HQWUHJD \ SRU WDQWR HO SOD]R GH HQWUHJD HQ GtDV
6L GLFKR
Q~PHUR GH GtDV VH KD FDUJDGR SRU GHIHFWR HQ OD ILFKD GHO FOLHQWH VH
FDUJDUiDXWRPiWLFDPHQWHDOWHFOHDUHOFyGLJRGHFOLHQWH
x
x
x
$GHPiV GH WRGRV HVWRV FDPSRV DSDUHFHQ GXUDQWH HO SURFHVR GH YHQWDV
XQDVHULHGHFXDGURVFRPRVRQORVTXHLQGLFDQORVSUHFLRVODVH[LVWHQFLDV
\ORVGHVJORVHVGHORVGLVWLQWRVWLSRVGH,9$
3DUDJUDEDUHOGRFXPHQWRVHKDUiFOLFNHQHOERWyQ*UDEDURELHQXWLOL]DQGR
ODVWHFODV$/7*3DUDJUDEDUHLPSULPLUXQGRFXPHQWRVHKDUiFOLFNHQHO
ERWyQ ,PSULPLU R ELHQ XWLOL]DQGR ODV WHFODV $/7 , 3DUD ERUUDU XQ
GRFXPHQWR \D H[LVWHQWH VH KDUi FOLFN HQ HO ERWyQ%RUUDU R ELHQ XWLOL]DQGR
ODV WHFODV $/7 % < SRU ~OWLPR SDUD VDOLU GH OD SDQWDOOD SRGHPRV KDFHU
FOLFN VREUH HO ERWyQ 6DOLU R ELHQ XWLOL]DQGR ODV WHFODV $/7 6 R ELHQ
KDFLHQGRFOLFNHQHOFXDGURGHFRQWUROGHODYHQWDQD;
$GHPiVGHWRGRVHVWRVFDPSRV\ERWRQHVGHFRPDQGRH[LVWHQHQHOPHQ~
GH OD SDQWDOOD WUHV RSFLRQHV 8WLOLGDGHV 9HU \ 'RFXPHQWR &RQ HVWDV
RSFLRQHVSRGUHPRVUHDOL]DUSDUWHGHODVRSFLRQHVTXH\DVHKDQPHQFLRQDGR
\ RWUDV QXHYDV XWLOLGDGHV TXH SDVDPRV D GHVFULELU &RPHQFHPRV SRU HO
PHQ~8WLOLGDGHV
0(1Ò87,/,'$'(6
x
$xDGLU&75/$ &RQHVWHFRPDQGRSRGHPRVFXDQGRVHHQFXHQWUH
DFWLYR DxDGLU XQ FyGLJR DO ILFKHUR GH FUXFH HQHOTXHQRVHQFRQWUHPRV
HV GHFLU VL QRV HQFRQWUDPRV HQ HO FDPSR YHQGHGRU \ KDFHPRV XVR GH
HVWDXWLOLGDGSDVDUHPRVDOPRGRGH$OWDGHOILFKHURGHYHQGHGRUHV(VWH
FRPDQGRWDPELpQVHFRQVLJXHPHGLDQWHODFRPELQDFLyQGHWHFODV&75/
$93$*
%RWyQ$xDGLU
x
&RQVXOWDU &75/ & &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH
HQFXHQWUH DFWLYR FRQVXOWDU OD ILFKD GHO FyGLJR GHO ILFKHUR HQ HO TXH QRV
HQFRQWUHPRV (VWH FRPDQGR HV HTXLYDOHQWH D OD FRPELQDFLyQ GH WHFODV
&75/5(3$*
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
%RWyQ&RQVXOWDU
x
0RGLILFDU &75/ 0 &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH
HQFXHQWUH DFWLYR PRGLILFDU OD ILFKD FRUUHVSRQGLHQWH DO FyGLJR HQ HO TXH
QRV HQFRQWUHPRV (VWH FRPDQGR HV HTXLYDOHQWH D OD FRPELQDFLyQ GH
WHFODV&75/),1
%RWyQ0RGLILFDU
x
,QVHUWDU &75/ ,16 &RQ HVWH FRPDQGR LQVHUWDUHPRV XQD OtQHD SRU
HQFLPDGHODOtQHDHQODTXHQRVHQFRQWUHPRV
%RWyQ$xDGLU
x
&RSLDU /tQHDV &75/ . &RQ HVWH FRPDQGR FRSLDUHPRV DO 3RUWD
/tQHDVODVOtQHDVTXHVHHQFXHQWUHQDFWXDOPHQWHHQHOGRFXPHQWRSDUD
SRGHUODVXWLOL]DUHQRWURGRFXPHQWRPHGLDQWHODXWLOLGDG3HJDU/tQHDV
%RWyQ&RSLDU/tQHDV
x
3HJDU /tQHDV &75/ : &RQ HVWH FRPDQGR SHJDUHPRV HQ HO
GRFXPHQWRDFWXDOODVOtQHDVTXHVHKD\DQJXDUGDGRHQHO3RUWH/tQHDV
PHGLDQWHODXWLOLGDG&RSLDU/tQHDV
%RWyQ3HJDU/tQHDV
x
&RSLDUÒOWLPD/tQHD&75/) &RQHVWHFRPDQGRSRGHPRVUHSHWLU
OD~OWLPDOtQHDGHOGRFXPHQWRVLQWHQHUTXHYROYHUDWHFOHDUOD
%RWyQÒOWLPD/tQHD
x
*XDUGDU/tQHDV&75/* &RQHVWHFRPDQGRJXDUGDUHPRVHQGLVFR
ODV OtQHD TXH VH HVWpQ JUDEDQGR &XDQGR VH HVWi PRGLILFDQGR XQ
GRFXPHQWR VH UHDOL]D XQD YH] FDUJDGR HO GRFXPHQWR HQ SDQWDOOD XQD
FRSLDGHODVOtQHDVHQGLVFRGHPRGRTXHVHVXUJHDOJ~QSUREOHPDELHQ
GHFRUULHQWHRELHQGHHMHFXFLyQQRVHSLHUGDODLQIRUPDFLyQTXHKDEtDHQ
SDQWDOOD HQ HVH PRPHQWR 3XHV ELHQ FRPR FRPHQWDED FXDQGR VH
PRGLILFDXQGRFXPHQWRVLTXHUHPRVJXDUGDUWHPSRUDOPHQWHHQGLVFRODV
~OWLPDV PRGLILFDFLRQHV TXH OH KHPRV KHFKR DO GRFXPHQWR EDVWDUi FRQ
XWLOL]DUHVWHFRPDQGR
%RWyQ*XDUGDU/tQHDV
x
5HVWDXUDU /tQHDV &75/ 5 &RQ HVWH FRPDQGR UHVWDXUDUHPRV R
UHFXSHUDUHPRV GHO GLVFR ODV OtQHDV TXH VH KD\DQ JXDUGDGR PHGLDQWH HO
FRPDQGR*XDUGDU/tQHDV
%RWyQ5HVWDXUDU/tQHDV
x
&RQILUPDU /tQHDV D FRQYHUWLU &75/ ) &XDQGR VH FRQYLHUWH XQ
SHGLGR HQ DOEDUiQ SRGHPRV FRQYHUWLUOR FRPSOHWR HV GHFLU WRGDV VXV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
OtQHDV R ELHQ SDUWH GH HOODV 3XHV ELHQ VL SRU HMHPSOR GH OtQHDV
TXHUHPRV FRQYHUWLU VyOR EDVWDUi FRQ VLWXDUQRV VREUH ODV OtQHDV TXH
TXHUHPRVWUDQVIRUPDUHQDOEDUiQ\SXOVDUODWHFOD&/DVOtQHDVPDUFDGDV
VH SRQGUiQ HQ FRORU YHUGH \ HQ QHJULWD 8QD YH] UHDOL]DGR HVWH SDVR
EDVWDUi FRQ XWLOL]DU HVWH FRPDQGR \ HO SURJUDPD GHMDUi HQ SDQWDOOD
VRODPHQWH DTXHOODV OtQHDV PDUFDGDV SDUD D FRQWLQXDFLyQ KDFHU XVR GHO
FRPDQGR&RQYHUWLUGRFXPHQWRGHOPHQ~'RFXPHQWR
%RWyQ&RQILUPDU/tQHDVD&RQYHUWLU
x
%XVFDU &75/ % &RQ HVWH FRPDQGR SRGHPRV EXVFDU XQ FyGLJR
GHQWUR GHO ILFKHUR HQ HO TXH QRV HQFRQWUHPRV (VWH FRPDQGR HV
HTXLYDOHQWHDODFRPELQDFLyQGHWHFODV&75/,1,&,2
%RWyQ%XVFDU
x
&DUJDU /tQHDV GH )DFWXUDV &RQ HVWH FRPDQGR SRGHPRV EXVFDU XQ
FyGLJR GHQWUR GHO ILFKHUR HQ HO TXH QRV HQFRQWUHPRV (VWH FRPDQGR HV
HTXLYDOHQWHDODFRPELQDFLyQGHWHFODV&75/,1,&,2
%RWyQ&DUJDU/tQHDVGH)DFWXUDV
x
(WLTXHWDV GH (QYLR &RQ HVWH FRPDQGR SRGHPRV EXVFDU XQ FyGLJR
GHQWUR GHO ILFKHUR HQ HO TXH QRV HQFRQWUHPRV (VWH FRPDQGR HV
HTXLYDOHQWHDODFRPELQDFLyQGHWHFODV&75/,1,&,2
%RWyQ(WLTXHWDVGH(QYtR
0(189(5
x
5LHVJR&75/6 &RQHVWHFRPDQGRDSDUHFH\GHVDSDUHFHHOFXDGUR
FRQ ORV GDWRV GH LQWHUpV VLHPSUH \ FXDQGR HO XVXDULR WHQJD GHUHFKRV
SDUDHOOR
%RWyQ5LHVJRGHO&OLHQWH
x
1RWDV &75/ 1 &RQ HVWH FRPDQGR DSDUHFH HO ILFKHUR GH QRWDV GHO
FOLHQWH
%RWyQ1RWDV
x
3UHFLRV&75/( 6LWXiQGRQRVHQXQDGH ODVOtQHDVGHOGRFXPHQWR\
KDFLHQGR XVR GH HVWH FRPDQGR QRV DSDUHFHUi OD SDQWDOOD GH 3UHFLRV \
([LVWHQFLDVGHODUWtFXORTXHWHQJDPRVPDUFDGR
%RWyQ3UHFLRV
x
3URPRFLRQHV &75/ 3 6LWXiQGRQRV HQ XQD GH ODV OtQHDV GHO
GRFXPHQWR\KDFLHQGRXVRGHHVWHFRPDQGRQRVDSDUHFHUiHQSDQWDOOD
HOILFKHURGHSURPRFLRQHVGHODUWtFXORTXHVHHQFXHQWUHPDUFDGR
%RWyQ3URPRFLRQHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
x
5HQWDELOLGDG&75/7 &RQHVWHFRPDQGRYHUHPRVODSDQWDOODFRQHO
GHVJORVHGHUHQWDELOLGDGGHOGRFXPHQWRTXHHVODVLJXLHQWH
%RWyQ9HU5HQWDELOLGDG
x
9HU$UWtFXORV(TXLYDOHQWHV$/7( 3RUGHODFRPELQDFLyQGHWHFODV
$/7 ( \ HVWDQGR VLWXDGRV HQ HO FDPSR&DQWLGDG SRGUHPRV YHU ORV
SRVLEOHV DUWtFXORV (TXLYDOHQWHV R $OWHUQDWLYRV VLHPSUH \ FXDQGR HVWpQ
LQFOXLGRVHQODILFKDGHODUWLFXORHQHGLFLyQ
/DSDQWDOODTXHPXHVWUDHVODVLJXLHQWH
'RQGHVHGHWDOOD
x &yGLJR &yGLJRGHODUWLFXORHTXLYDOHQWH
x 'HVFULSFLyQ 'HVFULSFLyQGHODUWLFXORHTXLYDOHQWH
x 5HIHUHQFLD 5HIHUHQFLDGHODUWLFXORHTXLYDOHQWH
x ([LVWHQFLDV ([LVWHQFLDV GHO DOPDFpQ LQGLFDGR GXUDQWH OD
FUHDFLyQ GHO GRFXPHQWR 6L WXYLpUDPRV HQ ORV 'DWRV
&RPHUFLDOHV GH 3DUiPHWURV 0XOWL$OPDFpQ ± 12 QRV
DSDUHFHUtDQORVWRWDOHVGHWRGRVORVDOPDFHQHV
x 393 3UHFLRGH9HQWDGHODUWtFXORHTXLYDOHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
9LVXDOL]DU'RFXPHQWR&75/' 3RUPHGLRGHHVWDFRPELQDFLyQGH
WHFOD &75/ ' SRGUHPRV YLVXDOL]DU HO GRFXPHQWR HQ HGLFLyQ FRQ ,YD
,QFOXLGR
/DSDQWDOODTXHVHPXHVWUDHVODVLJXLHQWH
3XOVDQGRVREUHHOFXDGURGHYHULILFDFLyQ0RVWUDU,YD,QFOXLGRSRGUHPRV
YLVXDOL]DUFDGDXQDGHODVOtQHDVGHOGHVJORVHGHGRFXPHQWRVFRQ,YD
,QFOXLGR
0(18'2&80(172
x
1XHYR&75/9 &RQHVWHFRPDQGRHOLPLQDPRVHOGRFXPHQWRDFWXDO
SDUDJHQHUDUXQRQXHYR6LHOGRFXPHQWRTXHWHQHPRVHQSDQWDOODQRHV
QXHYRVLQRTXHHVXQRH[LVWHQWHTXHHVWDPRVPRGLILFDQGRHOSURJUDPD
SUHJXQWDUiVLORTXHUHPRVJUDEDUDQWHVGHOLPSLDUODSDQWDOOD
%RWyQ1XHYR'RFXPHQWR
x
%RUUDU&75/ &RQHVWHFRPDQGRERUUDUHPRVHOGRFXPHQWRTXHVH
HQFXHQWUHHQSDQWDOOD
%RWyQ%RUUDU'RFXPHQWR
x
&RQYHUWLU &RQHVWHFRPDQGRFRQYHUWLUHPRVXQSUHVXSXHVWRHQSHGLGR
XQSHGLGRHQDOEDUiQRXQGHSyVLWRHQDOEDUiQ
%RWyQ&RQYHUWLU'RFXPHQWR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(PLVLyQGHIDFWXUDV
'HVGHHVWDRSFLyQSRGUHPRVIDFWXUDUORVDOEDUDQHVTXHVHHQFXHQWUDQ
SHQGLHQWHVGHIDFWXUDUVHOHFFLRQiQGRORVSUHYLDPHQWHRELHQDQXODUIDFWXUDV
TXHSRUDOJ~QPRWLYRVHTXLHUDQPRGLILFDURERUUDU3RGHPRVDFFHGHUDHVWD
RSFLyQ GH PHQ~ FRQ OD WHFOD GH DFFHVR UiSLGR) $GHPiV HQFRQWUDPRV
RWUDVXWLOLGDGHVTXHSDVDPRVDGHVFULELUDFRQWLQXDFLyQ
/DSDQWDOODHVODVLJXLHQWH
/LVWDGRGH$OEDUDQHV
&RQ HVWD RSFLyQ SRGHPRV UHDOL]DU XQ OLVWDGR GH ORV DOEDUDQHV TXH VH
HQFXHQWUDQSHQGLHQWHVGHIDFWXUDU(OILOWURGHVHOHFFLyQSDUDHOOLVWDGRHVHO
VLJXLHQWH
(OOLVWDGRVHSRGUiRUGHQDUELHQSRUFyGLJRGHFOLHQWHELHQSRUQ~PHUR
GHDOEDUiQ
x
x
x
'HVGH&OLHQWH ,QGLFDUHOSULPHUFyGLJRGHFOLHQWHTXHTXHUHPRVLQFOXLUHQ
HOOLVWDGR
+DVWD&OLHQWH ,QGLFDUHO~OWLPRFyGLJRGHFOLHQWHTXHTXHUHPRVLQFOXLUHQ
HOOLVWDGR
5XWD ,QGLFDUODUXWDGHORVFOLHQWHVTXHTXHUHPRVLQFOXLUHQHOOLVWDGR6L
QR VH TXLHUH ILOWUDU SRU OD UXWD GHO FOLHQWH EDVWD FRQ GHMDU HO FDPSR HQ
EODQFR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'HVGH)HFKD ,QGLFDUODIHFKDGHVGHODFXDOTXHUHPRVOLVWDUORVDOEDUDQHV
SHQGLHQWHVGHIDFWXUDU
x +DVWD )HFKD ,QGLFDU OD IHFKD KDVWD OD TXH VH UHDOL]DUi OD VHOHFFLyQ GH
DOEDUDQHV SHQGLHQWHVGHIDFWXUDU
x 9HQGHGRU 6LTXHUHPRVUHDOL]DUXQDVHOHFFLyQGHORVDOEDUDQHVGHDOJ~Q
YHQGHGRUHQFRQFUHWRLQGLFDUHQHVWHFDPSRVXFyGLJRGHYHQGHGRU
x &RQ $UWtFXOR 6L TXHUHPRV OLVWDU ORV DOEDUDQHV TXH FRQWHQJDQ XQ
GHWHUPLQDGRDUWtFXORLQGLFDUVXFyGLJRHQHVWHFDPSR
x 'HVGH $OEDUiQ ,QGLFDU HO Q~PHUR GH DOEDUiQ GHVGH HO FXDO VH TXLHUH
FRPHQ]DU OD VHOHFFLyQ 6L QR KD\ QLQJ~Q Q~PHUR GH DOEDUiQ HQHVSHFLDO
GHMDUHVWHFDPSRHQEODQFR
x +DVWD $OEDUiQ ,QGLFDU HO Q~PHUR GH DOEDUiQ KDVWD HO FXDO VH TXLHUH
UHDOL]DUODVHOHFFLyQ
x 'HO7UDQVSRUWLVWD ,QGLFDUHO&yGLJRGHWUDQVSRUWLVWDTXHTXHUHPRVLQFOXLU
HQHOOLVWDGR
x 5HVXPHQR'HWDOOH 6HOHFFLRQDQGRXQDXRWUDRSFLyQPRVWUDUiHOOLVWDGR
VRORFRQODFDEHFHUDGHODOEDUiQRPRVWUDUiDGHPiVGHHVDFDEHFHUDHO
GHWDOOHGHFDGDXQRGHORVDOEDUDQHVFRPRHOFyGLJRGHDUWLFXOR
UHIHUHQFLDGHVFULSFLyQXQLGDGHVLPSRUWHHWFGHLJXDOPRGRVHSRGUiQ
VDFDUODVFROXPQDVFRQORVFRVWHV\PiUJHQHVGHEHQHILFLR(
OOLVWDGRHV
HOVLJXLHQWH
x 9DORUDFLyQGH&RVWRV ,QGLFDQGR6 HQODOLVWDHOOLVWDGRKDUiXQGHVJORVH
GHYDORUDFLyQGHFRVWRV
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
5HYLVLyQGH)RUPDVGH3DJR
'HVGH HVWD RSFLyQ SRGHPRV UHYLVDU ODV IRUPDV GH SDJR GH ORV
DOEDUDQHV SXGLHQGR FDPELDUODV GHVGH HVWD PLVPD SDQWDOOD V
LQ WHQHU TXH
PRGLILFDUHODOEDUiQ/DSDQWDOODTXHQRVDSDUHFHHVODVLJXLHQWH
/RVFDPSRVGHODVHOHFFLyQVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
FRPHQ]DUODVHOHFFLyQ3RUGHIHFWRHOSURJUDPDFRJH
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHO~OWLPRFOLHQWHTXHTXHUHPRVLQFOXLUHQ
ODVHOHFFLyQ3RUGHIHFWRHOSURJUDPDSURSRQH
'HVGH )HFKD ,QGLFDU OD IHFKD GHVGH OD TXH TXHUHPRV FRPHQ]DU OD
VHOHFFLyQ
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODTXHTXHUHPRVUHDOL]DUODVHOHFFLyQ
7LSR)DFWXUD ,QGLFDUHOWLSRGHIDFWXUDFLyQTXHTXHUHPRVUHYLVDU
)RUPDGH3DJR ,QGLFDUODIRUPDGHSDJRTXHGHEHQWHQHUORVDOEDUDQHVD
VHOHFFLRQDU
,PSRUWH0tQLPR ,QGLFDUHOLPSRUWHPtQLPRTXHKDQGHWHQHUORVDOEDUDQHV
TXHVHTXLHUHQVHOHFFLRQDU
3XOVDQGR HQ HO ERWyQ6HOHFFLyQ VHFDUJDUiODOLVWDTXHKD\HQODSDUWH
LQIHULRU GH OD SDQWDOOD FRQ ORV GDWRV VHOHFFLRQDGRV 6L OD VHOHFFLyQ TXH
DSDUHFHQRHVODTXHTXHUHPRVSRGHPRVOLPSLDUODSDQWDOODFRQHOERWyQ
(OLPLQDU 6HOHFFLyQ \ YROYHU D FRQILJXUDU HO ILOWUR 8QD YH] WHQJDPRV OD
VHOHFFLyQ GH DOEDUDQHV QRV SRVLFLRQDPRV HQ OD OLVWD \ FRQ ORV FXUVRUHV
IOHFKDDUULED\IOHFKDDEDMRQRVVLWXDPRVHQORVDOEDUDQHVTXHTXHUDPRV
PRGLILFDU LQWURGXFLHQGR OD QXHYD IRUPD GH SDJR VL VH GHVHD FDPELDU
3DUD DTXHOORV DOEDUDQHV TXH DSDUH]FDQ FRQ OD IRUPD GH SDJR ±
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6HJ~QILFKDDSDUHFHUiHQODSDUWHLQIHULRUGHODSDQWDOODODVFRQGLFLRQHV
GHSDJRSDUDHOFOLHQWHVHOHFFLRQDGR
8QDYH]UHDOL]DGRVORVFDPELRVRSRUWXQRVVLORVKD\SXOVDQGRHOERWyQ
$FHSWD ORV FDPELRV UHFDOFXODUi ORV GDWRV GHO DOEDUiQ\ORVJUDEDUiGH
QXHYR
$JUXSDU$OEDUDQHVSRU&RQVXPRV
'HVGHHVWDRSFLyQDJUXSDUHPRVORVDOEDUDQHVGHXQPLVPRFOLHQWHHQ
XQ QXHYR DOEDUiQ HQ HO TXH ODV OtQHDV VHUiQ DJUXSDGDV SRU FyGLJR GH
DUWtFXORVLHPSUH\FXDQGRHOSUHFLR\GHVFXHQWRVHDHOPLVPR'HHVWHPRGR
VL DO FOLHQWH OH KHPRV KHFKR DOEDUDQHV \ HQ ORV HVWi HO
DUWtFXORHQHOQXHYRDOEDUiQSUHVHQWDUiXQD~QLFDOtQHDFRQHO
DUWtFXOR\ODVXPDGHXQLGDGHV\SUHFLRQHWRVLHPSUH\FXDQGR
FRLQFLGDQ FRPR \D VH KD LQGLFDGR HO SUHFLR XQLWDULR \ HO GHVFXHQWR GH OD
OtQHD /RV DOEDUDQHV RULJLQDOHV VH ERUUDQ TXHGDQGR ~QLFDPHQWH HO QXHYR
DOEDUiQ DJUXSDGR +D\ TXH WHQHU HQ FXHQWD TXH HO SURFHVR HV LUUHYHUVLEOH
SRU OR FXDO GHEHPRV DVHJXUDUQRV HQ LQWURGXFLU ORV OtPLWHV FRUUHFWRV /D
SDQWDOODTXHQRVDSDUHFHHVODVLJXLHQWH
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
DJUXSDUORV DOEDUDQHV
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVDJUXSDU
ORVDOEDUDQHV
'HVGH)HFKD ,QGLFDUGHVGHTXpIHFKDGHDOEDUiQTXHUHPRVDJUXSDU
+DVWD)HFKD ,QGLFDUKDVWDTXpIHFKDGHDOEDUiQTXHUHPRVDJUXSDU
$JUXSDUHQOD6HULH /RVDOEDUDQHVVHUiQWUDQVIRUPDGRVHQDOEDUDQHVGH
ODVHULHLQGLFDGDHQHVWDOLVWDGHVSOHJDEOH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6HOHFFLyQGH$OEDUDQHV
'HVGH HVWD RSFLyQ VHOHFFLRQDUHPRV ORV DOEDUDQHV D IDFWXUDU /RV
OtPLWHVGHVHOHFFLyQVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
FRPHQ]DUODVHOHFFLyQ
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVUHDOL]DU
ODVHOHFFLyQGHDOEDUDQHV
'HVGH )HFKD ,QGLFDU OD IHFKD GH ORV DOEDUDQHV GHVGH OD FXDO TXHUHPRV
FRPHQ]DUODVHOHFFLyQ
+DVWD)HFKD ,QGLFDUODIHFKDGHDOEDUiQKDVWDODFXDOVHTXLHUHUHDOL]DUOD
VHOHFFLyQ
7LSR )DFWXUD ,QGLFDU HO WLSR GH IDFWXUDFLyQ GHO FOLHQWH TXH YDPRV D
VHOHFFLRQDU/RVSRVLEOHVYDORUHVFRLQFLGHQFRQORVYDORUHVLQWURGXFLGRVHQ
ODILFKDGHOFOLHQWH'DWRV)LQDQFLHURV
)RUPD GH 3DJR (VWH FDPSR IXQFLRQD GH GRV IRUPDV GLVWLQWDV 6L QR
PDUFDPRVHOFXDGURGHYHULILFDFLyQ$SOLFDU)RUPDGHSDJRHVWHFDPSR
IXQFLRQDUiFRPRILOWURHVGHFLUDSDUHFHUiQHQODVHOHFFLyQORVDOEDUDQHV
TXH WHQJDQ OD IRUPD GH SDJR DTXt LQGLFDGD 6L PDUFDPRV HO FXDGUR
PHQFLRQDGR OR TXH RFXUULUi HV TXH VH DSOLFDUi OD IRUPD GH SDJR DTXt
LQGLFDGD
,PSRUWH0tQLPR (VWHFDPSRLJXDOTXHHODQWHULRUIXQFLRQDGHGRVIRUPDV
GLVWLQWDV6LQRPDUFDPRVHOFXDGUR3RUWRWDOIDFWXUDHQODVHOHFFLyQVH
LQFOXLUiQ DTXHOORV DOEDUDQHV TXH WHQJDQ XQ LPSRUWH VXSHULRU DO LPSRUWH
LQGLFDGR HQ HVWH FDPSR 3RU RWUR ODGR VL PDUFDPRV HO FXDGUR3RU WRWDO
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
2),0$7,&$-$(16/
IDFWXUD HO SURJUDPD FDOFXODUi ODVSRVLEOHV IDFWXUDV GHQWUR GH ORV OtPLWHV
LQGLFDGRV\VyORDSDUHFHUiQDTXHOORVDOEDUDQHVTXHMXQWRFRQRWURVVXPHQ
HQIDFWXUDXQLPSRUWHVXSHULRUDOLQGLFDGRHQHVWHFDPSR
5XWD ,QGLFDUODUXWDGHORVFOLHQWHVTXHTXHUHPRVLQFOXLUHQHOOLVWDGR6L
QR VH TXLHUH ILOWUDU SRU OD UXWD GHO FOLHQWH EDVWD FRQ GHMDU HO FDPSR HQ
EODQFR
%~VTXHGDSRU1ž'RFXPHQWR 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQVH
DFWLYDHOFDPSRQ~PHURGHGRFXPHQWR
1ž'RFXPHQWR /RVQ~PHURVGHDOEDUiQLQWURGXFLGRVHQHVWHFDPSRVH
LUiQDJUHJDQGRHQODOLVWD
,QYHUWLU OD 6HOHFFLyQ +DFLHQGR FOLFN HQ HVWH FXDGUR GH YHULILFDFLyQ VH
LQYHUWLUiQODVPDUFDVGHODOLVWDGHDOEDUDQHVDVHOHFFLRQDU
$FHSWD 6HOHFFLyQ +DFLHQGR FOLFN HQ HVWH ERWyQ VH VHOHFFLRQDUiQ SDUD
VHUIDFWXUDGRVORVDOEDUDQHVTXHVHHQFXHQWUHQPDUFDGRVHQODOLVWD
(OLPLQDU 6HOHFFLyQ +DFLHQGR FOLFN HQ HVWH ERWyQ VH OLPSLD ODOLVWDSDUD
SRGHUUHDOL]DURWURILOWURGHVHOHFFLyQGHDOEDUDQHV
/LVWDGRGH6HOHFFLyQGH$OEDUDQHV
'HVGH HVWD RSFLyQ SRGUHPRV OLVWDU SRU SDQWDOOD R LPSUHVRUD ORV
DOEDUDQHV TXH KDQ VLGR VHOHFFLRQDGRV SDUD IDFWXUDU (O OLVWDGR HV HO
VLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
%RUUDGRGH6HOHFFLyQGH$OEDUDQHV
'HVGHHVWDRSFLyQVHUHDOL]DUiHOERUUDGRGHOILFKHURGHDOEDUDQHVTXH
KDQ VLGR PDUFDGRV SDUD IDFWXUDU (O ERUUDGR GH HVWH ILFKHUR QR VXSRQH HO
ERUUDGRGHORVDOEDUDQHV
(PLVLyQGH)DFWXUDV
'HVGHHVWDRSFLyQVHIDFWXUDUiQORVDOEDUDQHVTXHVHHQFXHQWU
HQHQHO
ILFKHURGHVHOHFFLyQGHDOEDUDQHV(OSURJUDPDSHGLUiORVGDWRVGH
x 6HULH ,QWURGXFLUODVHULHHQODTXHVHUiQIDFWXUDGRVORVDOEDUDQHV
x )HFKD ,QGLFDUODIHFKDFRQODTXHVHKDUiQODVIDFWXUDV
/D IDFWXUDFLyQ VH SRGUi LPSULPLU VHJ~Q VH YD\DQ JHQHUDQGR FDGD XQ GH
ODVIDFWXUDVRELHQVHSRGUiQLPSULPLUXQDYH]KD\DILQDOL]DGRHOSURFHVR
GHIDFWXUDFLyQGHVGHHO+LVWyULFRGHIDFWXUDV
$QXODFLyQGHIDFWXUDV
'HVGH HVWD RSFLyQ VH DQXODUiQ ODV IDFWXUDV TXH UHVXOWHQGH XQD
VHOHFFLyQ $O DQXODU ODV IDFWXUDV VH DQXODQ ORV YHQFLPLHQWRV VL ORV KD\ GHO
PLVPRPRGRTXHVHJHQHUDHODSXQWHFRQWDEOHGHFDGDXQDGHODVIDFWXUDV
DQXODGDVHQQHJDWLYR3RU~OWLPRVHERUUDODIDFWXUDGHOKLVWyULFRGHIDFWXUDV
\ ORV DOEDUDQHV GHO KLVWyULFR GH DOEDUDQHV \ VH YXHOYHQ D JHQHUDU ORV
DOEDUDQHV FRPR DOEDUDQHV YLYRV /D SDQWDOOD GH VHOHFFLyQ GH IDFWXUDV D
DQXODUHVODVLJXLHQWH
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
VHOHFFLRQDUODVIDFWXUDVDDQXODU
+DVWD &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH KDVWD HO FXDO TXHUHPRV
VHOHFFLRQDUODVIDFWXUDVDDQXODU
'HVGH )HFKD ,QGLFDU OD IHFKD GH IDFWXUD GHVGH OD FXDO TXHUHPRV
FRPHQ]DUHOVHOHFFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
2),0$7,&$-$(16/
+DVWD)HFKD ,QGLFDUODIHFKDGHIDFWXUDKDVWDODFXDOTXHUHPRVUHDOL]DUOD
VHOHFFLyQ
'HVGH)DFWXUD 6LODVIDFWXUDVTXHYDPRVDDQXODUVHHQFXHQWUDQHQXQD
QXPHUDFLyQ FRQWLQXD SRGHPRV LQGLFDU GHVGH TXp Q~PHUR GH IDFWXUD
TXHUHPRVUHDOL]DUODVHOHFFLyQGHIDFWXUDVDDQXODU
+DVWD)DFWXUD ,QGLFDUKDVWDTXpQ~PHURGHIDFWXUDTXHUHPRVUHDOL]DUOD
VHOHFFLyQ
8QDYH]LQWURGXFLGRVORVILOWURVKDUHPRVFOLFNHQHOERWyQ6HOHFFLyQQRV
DSDUHFHUiHQSDQWDOODXQDOLVWDFRQODVIDFWXUDVTXHVHKDQVHOHFFLRQDGR
VHJ~Q HO ILOWUR LQWURGXFLGR $ FRQWLQXDFLyQ PDUFDUHPRV DTXHOODVDFWXUDV
I
TXH TXHUHPRV DQXODU ELHQ XWLOL]DQGR HO FXDGUR GH YHULILFDFLyQ,QYHUWLU
6HOHFFLyQ RELHQKDFLHQGRFOLFNHQODFROXPQD6 GHODOLVWD+DFLHQGRFOLFN
HQ HO ERWyQ$QXODU )DFWXUDV VH DQXODUiQ DTXHOODV IDFWXUDV TXH KD\DQ
VLGRPDUFDGDV
'LDULRGHIDFWXUDFLyQ
'HVGH HVWD RSFLyQ SRGHPRV OLVWDU WDQWR SRU SDQWDOOD FRPR SRU
LPSUHVRUD HO GLDULR GH IDFWXUDFLyQ GH YHQWDV /RV OtPLWHV TXH FRQIRUPDQ HO
ILOWURSDUDHOOLVWDGRVRQORVVLJXLHQWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GH ODV IDFWXUDV GHVGH HO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHGLDULR
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVUHDOL]DU
HOOLVWDGRGHOGLDULR
5XWD ,QGLFDQGR XQ FyGLJR GH UXWD YiOLGR SRGUHPRV VDFDU HO GLDULR GH
IDFWXUDFLyQ GHORVFOLHQWHVTXHSHUWHQH]FDQDXQDUXWDGHWHUPLQDGD
'HVGH )HFKD ,QGLFDU OD IHFKD GHVGH OD FXDO TXHUHPRV FRPHQ]DU OD
VHOHFFLyQGHOGLDULR
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVUHDOL]DUODVHOHFFLyQ
GHOGLDULR
9HU'HVJORVHGH)DFWXUD 6HOHFFLRQDQGRHVWDRSFLyQPRVWUDUiHOOLVWDGR
VyOR FRQ OD FDEHFHUD GHO GRFXPHQWR R ELHQ PRVWUDUi DGHPiV GH HVD
FDEHFHUD HO GHWDOOH GH FDGD XQR GH ORV DOEDUDQHV FRPR HO FyGLJR GH
DUWLFXORUHIHUHQFLDGHVFULSFLyQXQLGDGHVLPSRUWHHWF
9HQGHGRU 6L VH GHVHD VDFDU HOGLDULRGHIDFWXUDFLyQGHXQYHQGHGRUHQ
FRQFUHWRLQGLFDUGLFKRFyGLJRGHYHQGHGRUHQHVWHFDPSR
&RQ$UWLFXOR 3RGHPRVVDFDUHOGLDULRGHIDFWXUDFLyQGHDTXHOODVIDFWXUDV
TXH FRQWHQJDQ XQ DUWtFXOR HQ FRQFUHWR 3DUD HOOR GHEHPRV LQGLFDU HO
FyGLJRGHDUWtFXORHQHVWHFDPSR
'HVGH )DFWXUD ,QGLFDU HO Q~PHUR GH IDFWXUD GHVGH HO FXDO VH TXLHUH
FRPHQ]DUHOOLVWDGR6LQRVHTXLHUHFRPHQ]DUSRUXQQ~PHURHQFRQFUHWR
GHMDUHVWHFDPSRHQEODQFR
+DVWD )DFWXUD ,QGLFDU HO Q~PHUR GH IDFWXUDV KDVWD HO FXDO VH TXLHUH
UHDOL]DUHOOLVWDGRGHGLDULR
9DORUDFLyQGH&RVWRV ,QGLFDQGR6 HQODOLVWDHOOLVWDGRKDUiXQGHVJORVH
GHYDORUDFLyQGHFRVWRV
7LSR GH )DFWXUD 6H SRGUi VDFDU HO GLDULR GH IDFWXUDFLyQ GH DTXHOODV
IDFWXUDV TXH SHUWHQHFHQ DO SURFHVR GH YHQWDV ELHQ GH DTXHOODV TXH VRQ
GHO 6$7 7DOOHU 6HUYLFLR 7pFQLFR R ELHQ VLQ KDFHU QLQJ~Q WLSR GH
GLVWLQFLyQ
(OOLVWDGRGH'LDULRGH)DFWXUDFLyQHVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RPLVLRQHV
'HVGHHVWDRSFLyQVHSRGUiQOLVWDULQWURGXFLURPRGLILFDUODV
FRPLVLRQHV GHORVYHQGHGRUHVHQHOFDVRGHTXHVHKD\DLQGLFDGRTXH6tHQ
*HVWLyQGHFRPLVLRQHVHQ3DUiPHWURVGHOD(PSUHVD/DSDQWDOODTXHQRV
DSDUHFHHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/D JHVWLyQ GH FRPLVLRQHV GHSHQGHUi FRPR \D VH FRPHQWy HQ
3DUiPHWURV GH OD HPSUHVD GH ORV GDWRV LQWURGXFLGRV HQ'DWRV ILVFDOHV (Q
HVWHDSDUWDGRVHPXHVWUDORTXHHVHOGHWDOOHRGHVJORVHGHODOLTXLGDFLyQGH
ODV FRPLVLRQHV (VWD OLTXLGDFLyQ JHQHUD D VX YH] XQ OLVWDGR TXH VH SRGUi
HQWUHJDU D YHQGHGRU SDUD VX FRQWUDVWH /RV FDPSRV TXH VH HQFXHQWUDQ HQ
HVWDSDQWDOOD\VXVXWLOLGDGHVVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
9HQGHGRU 6L YDPRV D PRGLILFDU LQWURGXFLU R OLVWDU ODV FRPLVLRQHVGH XQ
YHQGHGRUGHWHUPLQDGRLQWURGXFLUHOFyGLJRGHGLFKRYHQGHGRU
'HVGH )DFWXUD ,QGLFDU HO Q~PHUR GH IDFWXUD D SDUWLU GHO FXDO TXHUHPRV
YHUODOLTXLGDFLyQ
+DVWD )DFWXUD ,QGLFDU HO Q~PHUR GH IDFWXUD KDVWD OD TXH TXHUHPRV
YLVXDOL]DUODOLTXLGDFLyQ
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV YHU OD
OLTXLGDFLyQ
+DVWD )HFKD ,QGLFDU OD IHFKD KDVWD OD TXH TXHUHPRV YLVXDOL]DU OD
OLTXLGDFLyQ
&RQ)RUPDGH3DJR ,QGLFDUHOFyGLJRGHODIRUPDGHSDJRTXHTXHUHPRV
YLVXDOL]DUODOLTXLGDFLyQ
6HOHFFLRQDU &RPLVLRQHV ,QGLFDU TXH FRPLVLRQHV TXHUHPRV TXH QRV
PXHVWUHODOLTXLGDFLyQ
3HQGLHQWHVGH/LTXLGDU
/LTXLGDGDV
7RGDV
3XOVDQGR HQ HO ERWyQ 6HOHFFLyQ VH FDUJDUiQ HQ SDQWDOOD ODV OtQHDV
FRUUHVSRQGLHQWHV D OD OLTXLGDFLyQ GH ORV YHQGHGRUHV \ IDFWXUDV
VHOHFFLRQDGDV3DUDPRGLILFDUDOJXQDGHODVOtQHDVEDVWDUiFRQVLWXDUV
H
HQODOtQHDHQFXHVWLyQ\SXOVDU(17(5ODILODHQWUDUiHQPRGRHGLFLyQ\
SRGUHPRV FDPELDU ORV GDWRV GHVHDGRV 3DUD DJUHJDU XQD QXHYD OtQHD
EDVWDFRQVLWXDUQRVHQOD~OWLPDILODTXHVHHQFXHQWUDHQEODQFR\SXOVDU
(17(5 OD ILOD HQWUD HQ PRGR HGLFLyQ \ VH SRGUiQ LQWURGXFLU ORV GDWRV
GHVHDGRV+D\TXHWHQHUHQFXHQWDTXHODFROXPQDGH&RPLVLyQLQGLFDOD
FRPLVLyQ GHO DUWtFXOR TXH VH KD LQWURGXFLGR (O SRUFHQWDMH GH FRPLVLyQ
UHVXOWDUiGHPXOWLSOLFDUHVWHIDFWRUGHFRPLVLyQSRUHOIDFWRUGHFRPLVLyQ
GHOYHQGHGRUHOFiOFXORORKDFHHOSURJUDPD3DVHPRVDGHVFULELUFDGD
XQDGHODVFROXPQDVGHODOLVWD
x
x
x
x
x
x
x
9HQG &yGLJRGHOYHQGHGRUDOTXHSHUWHQHFHODOtQHDGHFRPLVLyQ
1ž)DFWXUD 1~PHURGHODIDFWXUDGHODTXHVHKDOLTXLGDGRODFRPLVLyQ
)HFKD)DFWXUD )HFKDGHODIDFWXUDGHODTXHVHKDOLTXLGDGRODFRPLVLyQ
/1~PHURGHOtQHDGHODIDFWXUD
&RG&OLHQWH &yGLJRGHOFOLHQWHGHODIDFWXUD
&RG $UWtFXOR &yGLJR GHO DUWtFXOR GH FX\D YHQWD VH YD D OLTXLGDU OD
FRPLVLyQ
'HVFULSFLyQ 1RPEUHRGHVFULSFLyQGHODUWtFXOR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
2),0$7,&$-$(16/
&DQW&DQWLGDGRXQLGDGHVGHODUWtFXOR
3UHFLR1HWR ,PSRUWHVREUHHOFXDO VHYDDOLTXLGDUODFRPLVLyQ
&R IDFWRUGHFRPLVLyQGHODUWtFXOR
,PSRUWH ,PSRUWHFRUUHVSRQGLHQWHDODFRPLVLyQOLTXLGDGD
3DUD ERUUDU XQD OtQHD GH FRPLVLyQ EDVWDUi FRQ VLWXDUVH HQ OD OtQHD HQ
FXHVWLyQ \ SXOVDU OD WHFOD6835 R SXOVDU VREUH HO ERWyQ %RUUDU ILFKD
VHOHFFLRQDGD
%RWyQ)LFKD6HOHFFLRQDGD
3DUDERUUDUWRGDVODVOtQHDVTXHVHHQFXHQWUDQFDUJDGDVHQODOLVWDKDFHU
XVRGHOERWyQ%RUUDU&RPLVLyQ
%RWyQ%RUUDU&RPLVLyQ
3DUDOLTXLGDUFDGDXQDGHOtQHDVGHODVHOHFFLyQUHVXOWDQWHKDFHU
XQFOLFN
VREUHERWyQ/LTXLGDU&RPLVLyQ
%RWyQ/LTXLGDU&RPLVLyQ
3DUDUHDOL]DUHOOLVWDGRGHODOLTXLGDFLyQGHFRPLVLRQHVSXOVDUHQHOERWyQ
/LVWDGRV /D SDQWDOOD TXH QRV SUHVHQWD SDUD LQWURGXFLU ORV OtPLWHV GHO
LQIRUPHHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
2UGHQDU3HGLGRV
(VWD RSFLyQ QRV SHUPLWH RUGHQDU ODV OtQHDV GH ORV SHGLGRV
VHOHFFLRQDGRV DWHQGLHQGR D OD XELFDFLyQ GH ORV DUWtFXORV TXH FRPSRQHQ
GLFKR SHGLGR (VWD RSFLyQ QRV SXHGH VHU GH JUDQ XWLOLGDG SDUD SDVDUORV
SHGLGRV LPSUHVRV GHVSXpV GH RUGHQDU SRU XELFDFLRQHV DO HQFDUJDGR GH
DOPDFpQSDUDSUHSDUDUODPHUFDQFtDGHHQWUHJD/DSDQWDOODTXHVHSUHVHQWD
HVODVLJXLHQWH
x
x
x
x
x
'HVGH)HFKD ,QGLFDUODIHFKDGHORVSHGLGRVDSDUWLUGHODFXDOYDPRVD
UHDOL]DUODRUGHQDFLyQ
+DVWD )HFKD ,QGLFDU OD IHFKD GH ORV SHGLGRV KDVWD OD FXDO VH YD D
UHDOL]DUODRUGHQDFLyQ
'HVGH'RFXPHQWR ,QGLFDUHOQ~PHURGHSHGLGRGHVGHHOFXDOYDPRVD
UHDOL]DUODRUGHQDFLyQ
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH SHGLGR KDVWD HO FXDO VH YD D
UHDOL]DUODRUGHQDFLyQ
2UGHQDU 3RU ,QGLFDU FXDO GH ODV WUHV XELFDFLRQHV VH YD D UHDOL]DU OD
RUGHQDFLyQ
8QD YH] LQWURGXFLGRV ORV ILOWURV VH SRGUi SXOVDUHO ERWyQ$FHSWDU \ VH
HIHFWXDUiODRSHUDFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6LWXDFLyQ3HGLGRV9HQWDV
&RPR\DYLPRVGHVGHODRSFLyQGH6LWXDFLyQGH3HGLGRV GHO0HQ~
&RQILJXUDFLyQSRGtDPRVFUHDUWRGDVODVVLWXDFLRQHVSRVLEOHVSDUDXQSHGLGR
\DVtSRGHUDVLJQDUOHSRVWHULRUPHQWHHVWDVLWXDFLyQHQODFUHDFLyQGHXQ
SHGLGR\DVHDGHVGHODSDQWDOODGH9HQWDV3UHVXSXHVWRV3HGLGRV
$OEDUDQHVHWF RGH&RPSUDV2IHUWDV3HGLGRV$OEDUDQHV\)DFWXUDV
'LUHFWDVGH3URYHHGRU
0HGLDQWHHVWDRSFLyQSRGHPRVUHYLVDU\PRGLILFDUGHIRUPDUiSLGDOD
VLWXDFLyQGHFLHUWRVSHGLGRVDWHQGLHQGRDOILOWURGHVHOHFFLyQTXHD
FRQWLQXDFLyQVHGHWDOOD\TXHHVPX\VLPLODUDODRSFLyQGH6LWXDFLyQ3HGLGRV
GH&RPSUDV x
x
x
x
x
/RVFDPSRVSDUDHOILOWURGHVHOHFFLyQVRQORVVLJXLHQWHV
'HVGH&OLHQWH ,QGLFDU&yGLJRGH&OLHQWHGHVGHHOFXDOTXHUHPRVILOWUDU
SDUDOD6HOHFFLyQGH3HGLGRV
+DVWD&OLHQWH ,QGLFDU&yGLJRGH&OLHQWHKDVWDHOFXDOTXHUHPRVILOWUDU
SDUDOD6HOHFFLyQGH3HGLGRV
'HVGH)HFKD ,QGLFDU)HFKDGHSHGLGRGHVGHODFXDOTXHUHPRVILOWUDUHQ
OD6HOHFFLyQGH3HGLGRV
+DVWD)HFKD ,QGLFDU)HFKDGHSHGLGRKDVWDODFXDOTXHUHPRVILOWUDUHQOD
6HOHFFLyQGH3HGLGRV
6HUYLU 'HVSOHJDQGRGLFKRFXDGURSRGHPRVREVHUYDUGRVRSFLRQHV
TXH
3DUFLDOHV1RVPXHVWUDHQODVHOHFFLyQWRGRVDTXHOORVSHGLGRV
D~QQRWLHQHQODVH[LVWHQFLDVQHFHVDULDVHQHODOPDFpQ\TXHSRUOR
WDQWRWRGDYtDQRHVWiQOLVWRVSDUDVHUYLU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RPSOHWRV1RVPXHVWUDHQODVHOHFFLyQWRGRVDTXHOORVSHGLGRVTXH
WLHQHQH[LVWHQFLDVHQHODOPDFpQ\TXHSRUORWDQWRHVWiQOLVWRVSDUD
VHUYLU
$OPDFpQ ,QGLFDUHOFyGLJRGHODOPDFpQGHFXDOTXHUHPRVTXHQRV
PXHVWUHVLH[LVWHQH[LVWHQFLDVSDUDVHUYLUHOSHGLGR
6HOHFFLRQDU 3XOVDQGRVREUHHVWHERWyQVHPRVWUDUiQORVSHGLGRVTXH
FXPSODQODVFRQGLFLRQHVHVSHFLILFDGDVHQHOILOWUR
x
x
3DVHPRV D GHVFULELU \H[SOLFDUFDGDXQRGHORVFDPSRVTXHFRQIRUPDQODV
OtQHDVGHOGHWDOOH
x 1XP 3HGLGR 1XPHUR GH GRFXPHQWR SHGLGR \ TXH IXH DVLJQDGR GH
IRUPDDXWRPiWLFDGXUDQWHODFUHDFLyQGHOGRFXPHQWR
x )HFKD )HFKDGHO'RFXPHQWRSHGLGR
x &RG3URYHHGRU &yGLJRGHO3URYHHGRU
x 1RPEUH3URYHHGRU 1RPEUHGHO3URYHHGRU
x ,PSRUWH ,PSRUWHWRWDOGHOGRFXPHQWRSHGLGR
x 6LWXDFLyQ 6LWXDFLyQ DFWXDO GHOGRFXPHQWR+DFLHQGRGREOHFOLFNVREUH
HVWH FDPSR SRGHPRV PRGLILFDU OD VLWXDFLyQ GHO SHGLGR
GHVSOHJDQGRVH XQ FXDGUR GH OLVWD FRQ ODV GLVWLQWDV VLWXDFLRQHV TXH
FUHDPRVGHVGHHOPHQ~&RQILJXUDFLyQ6LWXDFLyQGH3HGLGRV
x 0RVWUDU'HVJORVHGH3HGLGR 0DUFDQGRHVWDRSFLyQQRVPRVWUDUiHO
GHVJORVHGHOSHGLGRTXHWHQJDPRVVHOHFFLRQDGRGHOLVWDUHVXOWDQWHGHO
ILOWURGHVHOHFFLyQ
3HGLGRV&RPHUFLR(OHFWUyQLFR
(VWDRSFLyQWLHQHFRPRILQDOLGDGUHFRJHUORVSHGLGRVDWUDYpVGH
,QWHUQHWPHGLDQWHHOPyGXOR2),1(7$HVWHPRGXORGH&RPHUFLR
(OHFWUyQLFRVHDFFHGHGHVGHODSiJLQD:HEGH2ILPDWLFD
KWWSZZZRILMDHQFRPSHGLGRVDFFHVR \HVVyORSDUDFOLHQWHVSRUORTXH
WHQGUiQTXHFRQWUDWDUSUHYLDPHQWHHVWHVHUYLFLRFRQ2),0$7,&$-$(16/
/DIRUPDGHSURFHGHUSDUDODFUHDFLyQGLFKRVSHGLGRVHVEDVWDQWH
VHQFLOOD&RQVyORVHOHFFLRQDUORVDUWtFXORVGHOFDWiORJRSXEOLFDGRHQOD
SDJLQDZHE\DxDGLUORDOSHGLGREDVWDUiSDUDVXSRVWHULRUHQYtR\UHFRJLGD
GHVGHOD$SOLFDFLyQ2),*(6
/DSUHVHQWDFLyQGHGLFKDSDJLQDZHEHVWDO\FRPRVHPXHVWUDHQHO
JUiILFRVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
8QDYH]EXVFDGRVWRGRVORVDUWtFXORVTXHHQWUHQDIRUPDSDUWHGHO
SHGLGRHLQFRUSRUDGRVDOGRFXPHQWRFRQWDQVyORSXOVDUVREUHHOERWyQ
(19,$53(','2VHJHQHUDUiHOILFKHURGHSHGLGRHOFXDOSRGUHPRV
UHFRJHUGHVGHODRSFLyQ3HGLGRV&RPHUFLR(OHFWUyQLFR
/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
&DUJDU3HGLGRV 3XOVDQGRHVWHERWyQVHUHFRJHUiQGHVGHHOFRUUHRWRGRV
ORVSHGLGRVJHQHUDGRVGHVGHHOPyGXOR2),1(7 (VWRVSHGLGRVSDVDUiQD
QXHVWUDEDVHGHGDWRVGRQGHSRGUHPRVSRVWHULRUPHQWHPRGLILFDUORV
FRQYHUWLUORVDDOEDUiQ\IDFWXUDUORV
/LVWDGRV
3UHVXSXHVWRVSHQGLHQWHV
'HVGH HVWD RSFLyQ SRGUHPRV UHDOL]DU ORV OLVWDGRV GH SUHVXSXHVWRV
SHQGLHQWHVGHDFHSWDU(OOLVWDGRVHSRGUiYLVXDOL]DUWDQWRSRUSDQWDOODFRPR
SRULPSUHVRUD/DSDQWDOODSDUDLQWURGXFLUORVOtPLWHVGHOILOWURHVODVLJXLHQWH
(OOLVWDGRVHSRGUiRUGHQDUELHQSRUFyGLJRGHFOLHQWHELHQSRUQ~PHUR
GHSHGLGR
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO YDPRV D
FRPHQ]DUHOILOWURGHVHOHFFLyQGHOOLVWDGR
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHFXDOVHYDDUHDOL]DUHO
ILOWURGHVHOHFFLyQGHOOLVWDGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
5XWD 6L VH GHVHD UHDOL]DU XQ OLVWDGR GH ORV SHGLGRV SHQGLHQWHV GH ORV
FOLHQWHVGHXQDUXWDGHWHUPLQDGDLQGLFDUHQHVWHFDPSRHOFyGLJRGHGLFKD
UXWD
'HVGH )HFKD ,QGLFDU OD IHFKD GH SHGLGR GHVGH OD FXDO TXHUHPRV
FRPHQ]DUHOILOWURGHVHOHFFLyQGHOOLVWDGR
+DVWD )HFKD ,QGLFDUOD IHFKD GHSHGLGRKDVWDODFXDOVHYDDUHDOL]DUHO
ILOWURGHVHOHFFLyQGHOOLVWDGR
9HQGHGRU 6LVHGHVHDUHDOL]DUXQOLVWDGRFRQORVSHGLGRVSHQGLHQWHVGH
XQ YHQGHGRU HQ FRQFUHWR LQGLFDU HO FyGLJR GH GLFKR YHQGHGRU HQ HVWH
FDPSR
&RQDUWtFXOR 6LVHGHVHDOLVWDUORVSHGLGRVTXHFRQWHQJDQXQDUWtFXORHQ
FRQFUHWRLQGLFDUHOFyGLJRGHGLFKRDUWtFXORHQHVWHFDPSR
'HVGH 3UHVXSXHVWR ,QGLFDU HO Q~PHUR GH SUHVXSXHVWR GHVGH HO FXDO
YDPRVDFRPHQ]DUHOILOWURGHVHOHFFLyQGHOOLVWDGR
+DVWD3UHVXSXHVWR ,QGLFDUHOQ~PHURGHSUHVXSXHVWRKDVWDHOFXDOVHYD
DUHDOL]DUHOILOWURGHVHOHFFLyQGHOOLVWDGR
5HVXPH R 'HWDOOH ,QGLFDU HO PRGR GH UHVXPHQ D GHWDOOH TXH VH GHVHD
SDUD HO OLVWDGR (Q PRGR UHVXPLGR VRODPHQWH DSDUHFH LQIRUPDFLyQ GH OD
FDEHFHUD GHO SUHVXSXHVWR \ QR VH SXHGH RIUHFHU LQIRUPDFLyQ GH OD
YDORUDFLyQGHFRVWRV
9DORUDFLyQ GH &RVWHV (Q PRGR GHWDOOH VH SXHGH PRVWUDU XQD FROXPQD
FRQ ORV FRVWHV SRU OtQHD \ PDUJHQ GH EHQHILFLR JHQHUDGR WDQWR SRU OtQHD
FRPRSRUGRFXPHQWR\FOLHQWH
(OOLVWDGR HVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3HGLGRVSHQGLHQWHVGHVHUYLU
'HVGHHVWDSDQWDOODSRGUHPRVKDFHUOLVWDGRVGHDTXHOORVSHGLGRVTXH
VHHQFXHQWUDQSHQGLHQWHVGHVHUYLU/DSDQWDOODSDUDLQWURGXFLUORVILOWURVSDUD
HOOLVWDGRHVODVLJXLHQWH
(OOLVWDGRVHSRGUiRUGHQDUELHQSRUFyGLJRGHFOLHQWHELHQSRUQ~PHUR
GHSHGLGR
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
FRPHQ]DUHOILOWURGHVHOHFFLyQGHOLVWDGR
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOVHYDDUHDOL]DUHO
ILOWURGHVHOHFFLyQGHOOLVWDGR
5XWD 6LGHVHDPRVKDFHUXQOLVWDGRFRQORVSHGLGRVSHQGLHQWHVGHVHUYLU
GHXQDUXWDHQFRQFUHWRLQGLFDUHOFyGLJRGHGLFKDUXWDHQHVWHFDPSR
'HVGH )HFKD ,QGLFDU OD IHFKD GH SHGLGR GHVGH OD FXDO TXHUHPRV
FRPHQ]DUHOILOWURGHVHOHFFLyQGHOOLVWDGR
+DVWD)HFKD ,QGLFDUODIHFKDGHSHGLGRKDVWDODFXDOVHYDDUHDOL]DUHO
ILOWURGHVHOHFFLyQGHOOLVWDGR
&RPR )HFKD GH /DV IHFKD LQGLFDGDV HQ ORV GRV FDPSRV DQWHULRUHV VH
SXHGHQ HQWHQGHU FRPR IHFKD GH SHGLGR R FRPR IHFKD GH HQWUHJD HV
GHFLU SRGHPRV VHOHFFLRQDU HQWUH ODV IHFKDHQ TXH VH UHDOL]DURQ ORV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
SHGLGRV R ELHQ HQWUH ODV IHFKD HQ ODV TXH VH GHEHQ GH HQWUHJDU GLFKRV
SHGLGRV
9HQGHGRU 6HSXHGHKDFHUXQOLVWDGRFRQORVSHGLGRVGHXQYHQGHGRUHQ
FRQFUHWR SDUD HOOR EDVWD LQGLFDU HQ HVWH FDPSR HO FyGLJR GH GLFKR
YHQGHGRU
&RQ DUWtFXOR 6L GHVHDPRV KDFHU XQ OLVWDGR FRQ ORV SHGLGRV TXH VH
HQFXHQWUDQ SHQGLHQWHV GH VHUYLU TXH FRQWHQJDQ XQ DUWtFXOR HQFRQFUHWR
EDVWDFRQLQGLFDUHQHVWHFDPSRHOFyGLJRGHGLFKRDUWtFXOR
'HVGH 3HGLGR ,QGLFDU HO Q~PHUR GH SHGLGR GHVGH HO FXDO TXHUHPRV
FRPHQ]DUHOILOWURGHVHOHFFLyQGHOOLVWDGR
+DVWD3HGLGR ,QGLFDUHOQ~PHURGHSHGLGRKDVWDHOFXDOVHYDDUHDOL]DU
HOILOWURGHVHOHFFLyQGHOOLVWDGR
5HVXPHQRGHWDOOH ,QGLFDUHOPRGRHQTXHVHGHVHDUHDOL]DUHOOLVWDGR
(Q PRGRUHVXPHQVyORVHYHUiQGDWRVGHODVFDEHFHUDVGHORVSHGLGRV
PLHQWUDVTXHHQPRGRUHVXPHQDSDUHFHWDPELpQHOGHWDOOHHVGHFLUODV
OtQHDVGHOSHGLGRSXGLHQGRKDFHUXQDYDORUDFLyQGHFRVWHV
9DORUDFLyQGH&RVWHV (QPRGRGHWDOOHVHSRGUiUHDOL]DUXQDYDORUDFLyQ
GHFRVWHVLQGLFDQGRHOFRVWRSRUOtQHD\HOEHQHILFLRJHQHUDGRDVtFRPR
XQDYDORUDFLyQGHFRVWHV\EHQHILFLRVSRUGRFXPHQWR\FOLHQWH
6yOR ([FHGLGRV HQ SOD]R GH (QWUHJD 0DUFDQGR HVWH FXDGUR GH
YHULILFDFLyQ HO OLVWDGR VyOR LQFOXLUi DTXHOORV SHGLGRV TXH VH HQFXHQWUDQ
SHQGLHQWHV GH VHUYLU \ DGHPiV KDQ VXSHUDGR HO SOD]R GH HQWUHJD
DFRUGDGR
&RQ )DPLOLD 6L GHVHDPRV KDFHU XQ OLVWDGR FRQ ORV SHGLGRV TXH VH
HQFXHQWUDQ SHQGLHQWHV GH VHUYLU TXH SHUWHQH]FD D XQD IDPLOLD R
VXEIDPLOLD HQ FRQFUHWR EDVWD FRQ LQGLFDU HQ HVWH FDPSR HO FyGLJR GH
GLFKDIDPLOLDRVXEIDPLOLD
(OOLVWDGRHVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'HSyVLWRVSHQGLHQWHV
'HVGH HVWD SDQWDOOD VH SRGUi UHDOL]DU XQ OLVWDGR FRQ ORV GHSyVLWRV
HQWUHJDGRTXHHVWiQSHQGLHQWHVELHQGHIDFWXUDUELHQGHUHFLELU/DSDQWDOOD
TXH VH HQFXHQWUD SDUD OD LQWURGXFFLyQ GH ORV OtPLWHV GHO OLVWDGR HV OD
VLJXLHQWH
(O RUGHQ GH ORV UHJLVWURV VH SRGUi UHDOL]DU ELHQ SRU FyGLJR GH FOLHQWH
ELHQSRUQ~PHURGHGRFXPHQWR
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
VHOHFFLRQDUSDUDHOOLVWDGR
+DVWD &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH KDVWD HO FXDO VH GHVHD
VHOHFFLRQDUSDUDHOOLVWDGR
5XWD 6LVHGHVHDUHDOL]DUXQOLVWDGRFRQORVGHSyVLWRVGHORVFOLHQWHVGH
XQD UXWD GHWHUPLQDGD GHEHPRV LQGLFDU HO FyGLJR GH GLFKD UXWD HQ HVWH
FDPSR
'HVGH )HFKD ,QGLFDU OD IHFKD GHVGH OD FXDO VH GHVHD FRPHQ]DU HO
OLVWDGR
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOVHGHVHDUHDOL]DUHOOLVWDGR
9HQGHGRU 6L GHVHDPRV UHDOL]DU XQ OLVWDGR GH ORV GHSyVLWRV GH XQ
YHQGHGRU HQ FRQFUHWR LQGLFDU HO FyGLJR GH GLFKR YHQGHGRU HQ HVWH
FDPSR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
2),0$7,&$-$(16/
&RQ $UWtFXOR 6L GHVHDPRV UHDOL]DU XQ OLVWDGR FRQ ORV GHSyVLWRV TXH
FRQWHQJDQXQDUWtFXORGHWHUPLQDGRLQGLFDUHOFyGLJRGHGLFKRDUWtFXORHQ
HVWHFDPSR
'HVGH 'HSyVLWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR GHVGH HO FXDO VH
GHVHDFRPHQ]DUHOOLVWDGR
+DVWD'HSyVLWR ,QGLFDUHOQ~PHURGHGRFXPHQWRKDVWDHOFXDOVHGHVHD
UHDOL]DUHOOLVWDGR
5HVXPHQ R 'HWDOOH ,QGLFDU HO PRGR HQHO TXH VH GHVHD YLVXDOL]DU HO
OLVWDGR(QPRGRUHVXPHQVyORVHRIUHFHUiLQIRUPDFLyQGHODVFDEHFHUDV
\ SLHV GH ORV GRFXPHQWRV PLHQWUDV TXH HQ PRGR GHWDOOH VH RIUHFHUi HO
GHWDOOH OtQHDV GHO GRFXPHQWR SXGLHQGR LQFOXLU LQIRUPDFLyQ GH FRVWHV \
EHQHILFLRV
9DORUDFLyQ GH &RVWHV 6HOHFFLRQDQGR 6t GH HVWD OLVWD DSDUHFHUiQ GRV
FROXPQDV FRQ ORV FRVWHV SRU OtQHD GRFXPHQWR \ FOLHQWH DVt FRPR ORV
PiUJHQHVGHEHQHILFLRSRUOtQHDGRFXPHQWR\FOLHQWH
(OOLVWDGRTXHVHJHQHUDHVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$OEDUDQHV SHQGLHQWHVGHIDFWXUDU
'HVGH HVWD SDQWDOOD VH SRGUiQ OLVWDU ORV DOEDUDQHV TXH VH HQFXHQWUDQ
SHQGLHQWHVGHIDFWXUDU/DSDQWDOODTXHHQFRQWUDPRVHVODVLJXLHQWH
(OOLVWDGRVHSRGUiRUGHQDUELHQSRUFyGLJRGHFOLHQWHELHQSRUQ~PHUR
GHGRFXPHQWR
x
x
x
x
x
x
'HVGH&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHGHVGHHOFXDOVHTXLHUHUHDOL]DU
HOOLVWDGRGHDOEDUDQHV
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOVHTXLHUHILOWUDUHO
OLVWDGR
5XWD 6L GHVHDPRV KDFHU XQ OLVWDGR FRQ ORV DOEDUDQHV SHQGLHQWHV GH
IDFWXUDUGHDTXHOORVFOLHQWHVTXHSHUWHQHFHQDXQDUXWDGHWHUPLQDGDEDVWD
FRQLQGLFDUHOFyGLJRGHGLFKDUXWDHQHVWHFDPSR
'HVGH )HFKD ,QGLFDU OD IHFKD GHVGH OD FXDO VH TXLHUH FRPHQ]DU HO ILOWUR
GHOOLVWDGR
+DVWD )HFKD ,QGLFDU OD IHFKD KDVWD OD FXDO VH TXLHUH UHDOL]DU HO ILOWUR GHO
OLVWDGR
9HQGHGRU 6LGHVHDPRVKDFHUXQOLVWDGRFRQORVDOEDUDQHVSHQGLHQWHVGH
XQYHQGHGRUHQFRQFUHWREDVWDFRQLQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQ
HVWHFDPSR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
2),0$7,&$-$(16/
&RQ$UWtFXOR 6LGHVHDPRVKDFHUXQOLVWDGRFRQORVDOEDUDQHVSHQGLHQWHV
GH IDFWXUDU TXH FRQWHQJDQ XQ DUWtFXOR HQ FRQFUHWR EDVWDUi FRQLQGLFDUHO
FyGLJRGHGLFKRDUWtFXORHQHVWHFDPSR
'HVGH$OEDUiQ ,QGLFDUHOQ~PHURGHGRFXPHQWRGHVGHHOFXDOTXHUHPRV
FRPHQ]DUHOILOWURGHOOLVWDGR
+DVWD$OEDUiQ ,QGLFDUHOQ~PHURGHGRFXPHQWRKDVWDHOFXDOVHUHDOL]DUi
HOILOWURGHOOLVWDGR
5HVXPHQ R 'HWDOOH ,QGLFDU HO PRGR HQ HO TXH VH GHVHD YLVXDOL]DU HO
OLVWDGR (Q PRGR UHVXPHQ HO OLVWDGR VyOR PRVWUDUi LQIRUPDFLyQ GH
FDEHFHUDV\SLHVGHOGRFXPHQWR(QPRGRGHWDOOHVHPRVWUDUiQODVOtQHDV
GHO GRFXPHQWR DVt FRPR VH SRGUi YLVXDOL]DU XQD YDORUDFLyQ GH FRVWRV \
PiUJHQHVGHEHQHILFLR
9DORUDFLyQ GH &RVWHV 6HOHFFLRQDQGR 6t GH HVWD OLVWD VH SRGUiQ
YLVXDOL]DUORVFRVWHVSRUOtQHDGRFXPHQWR\FOLHQWHDVtFRPRHOPDUJHQGH
EHQHILFLRJHQHUDGRSRUOtQHDGRFXPHQWR\FOLHQWH
(OOLVWDGRTXHDSDUHFHUiHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/LVWDGRGH&RQVXPRVGH$OEDUDQHV
'HVGH HVWD RSFLyQ SRGUHPRV OLVWDU ORV FRQVXPRV GH DUWtFXORV
JHQHUDGRV SRU ORV DOEDUDQHV TXH VH HQFXHQWUDQ SHQGLHQWHV GH IDFWXUDU /D
SDQWDOOD TXH VH QRV PXHVWUD SDUD LQWURGXFLU ORV ILOWURV GHO OLVWDGR HV OD
VLJXLHQWH
(ORUGHQGHOOLVWDGRVHUiDJUXSDGRSRUFOLHQWH\SRUFyGLJRGHDUWtFXOR
x
x
x
x
x
x
'HVGH &yGLJR ,QGLFDU HO FyGLJR GH DUWtFXOR GHVGH HO FXDO FRPHQ]DU HO
ILOWUDUORVFRQVXPRV
+DVWD &yGLJR ,QGLFDU HO FyGLJR GH DUWLFXOR KDVWD HO FXDO TXHUHPRV
UHDOL]DUHOILOWURGHOOLVWDGRGHFRQVXPRV
'HVGH'HVFULSFLyQ 6LHQYH]GHOLPLWDUSRUFyGLJRGHDUWtFXORTXHUHPRV
ILOWUDU SRU OD GHVFULSFLyQ GHO DUWtFXOR LQGLFDU HQ HVWH FDPSR GHVGH TXp
GHVFULSFLyQTXHUHPRVFRPHQ]DUHOOLVWDGR
+DVWD 'HVFULSFLyQ ,QGLFDU KDVWD TXp GHVFULSFLyQ TXHUHPRV UHDOL]DU HO
OLVWDGR
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
FRPHQ]DUHOILOWURGHOOLVWDGR
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOVHGHVHDUHDOL]DU
HOILOWURGHOOLVWDGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
2),0$7,&$-$(16/
'HVGH )DPLOLD 6XEIDPLOLD 6L TXHUHPRV FRQRFHU ORV FRQVXPRV SRU
DOEDUiQ GH XQD IDPLOLD R VXEIDPLOLD GH DUWtFXORV LQGLFDU GLFKR FyGLJRHQ
HVWHFDPSR
+DVWD )DPLOLD 6XEIDPLOLD ,QGLFDU HO FyGLJR GH IDPLOLD R VXEIDPLOLD
KDVWDHOFXDOVHGHVHDUHDOL]DUHOOLVWDGR
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO VH LQFOXLUiQ ORV
FRQVXPRVGHDOEDUDQHV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOVHLQFOXLUiQORVFRQVXPRVGH
DOEDUDQHV
0RVWDU GHWDOOH 0DUFDQGR HVWH FXDGUR GH YHULILFDFLyQ VH LQGLFDUiQ ORV
DOEDUDQHVTXHFRQIRUPDQGLFKRFRQVXPR\VXIHFKD(QFDVRGHTXHQRV
VHPDUTXHVLPSOHPHQWHDSDUHFHUiQORVFRQVXPRVSRUDUWtFXOR
'HVGH2EUD,QGLFDUHOFyGLJRGHREUDGHVGHHOFXDOFRPHQ]DUDILOWUDUORV
FRQVXPRV
+DVWD2EUD,QGLFDUHOFyGLJRGHREUDKDVWDHOFXDOFRPHQ]DUDILOWUDUORV
FRQVXPRV
(OOLVWDGRHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(WLTXHWDVHQYtRDOEDUDQHV
'HVGHHVWDRSFLyQSRGHPRVLPSULPLUODVHWLTXHWDVGHHQYtRGHWRGRV
ORVDOEDUDQHVGHFOLHQWHVFUHDGRVHQXQLQWHUYDORGHWLHPSR
/DSDQWDOODSDUDODLPSUHVLyQGHODVHWLTXHWDVHVODVLJXLHQWH
'HVGH&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHGHVGHHOFXDOVHTXLHUHUHDOL]DU
HOILOWUDGRSDUDODLPSUHVLyQGHHWLTXHWDVGHHQYtR
x +DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOVHTXLHUHUHDOL]DU
HOILOWUDGRSDUDODLPSUHVLyQGHHWLTXHWDVGHHQYtR
x 'HVGH)HFKD ,QGLFDUODIHFKDGHODOEDUiQGHVGHHOFXDOVHTXLHUHUHDOL]DU
HOILOWUDGRSDUDODLPSUHVLyQGHHWLTXHWDVGHHQYtR
x +DVWD)HFKD ,QGLFDUODIHFKDGHODOEDUiQKDVWDHOFXDOVHTXLHUHUHDOL]DU
HOILOWUDGRSDUDODLPSUHVLyQGHHWLTXHWDVGHHQYtR
8QDYH]KD\DPRVLQGLFDGRORVOLPLWHVSDUDHOILOWURGHVHOHFFLyQSXOVDQGR
VREUHHOERWyQ6(/(&&,21$5QRVPRVWUDUiDFRQWLQXDFLyQXQDOLVWDFRQ
WRGRVDTXHOORVDOEDUDQHVFUHDGRVHQWUHGLFKRVOLPLWHV
/RVFDPSRVDPRVWUDUVRQ
1XP3HGLGR
)HFKD
&RG&OLHQWH
1RPEUH&OLHQWH
,PSRUWH
+DFLHQGRFOLFNVREUHODOtQHDGHVHDGD\SXOVDQGRVREUHHOERWyQ
,035,0,5
(7,48(7$6QRVDSDUHFHUiODSDQWDOODGHLPSUHVLyQGHGLFKDHWLTXHWD
PRVWUDQGRWRGRHOGHVJORVHGHODHWLTXHWDFRPRODGLUHFFLyQGHHQY
tRQžGH
EXOWRVQžGHNLORVSRUWHVWUDQVSRUWLVWD\GHWDOOHGHOFRQWHQLGRWDO\FRPRVH
PXHVWUDHQHOJUiILFR
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/R~QLFRTXHWHQGUHPRVTXHKDFHUDFRQWLQXDFLyQVHUiSXOVDUVREUHHO
ERWyQ,035(625$SDUDTXHQRVVDTXHODHWLTXHWDSRULPSUHVRUDGHVHDG
D\
FRQHOIRUPDWRTXHWHQJDPRVFRQILJXUDGRHQODRSFLyQ&RQILJXUDFLyQGH
HWLTXHWDVGRQGHDGHPiVSRGUHPRVFUHDUQXHVWUDVSURSLDVHWLTXHWDVGH
HQYtRPRGLILFDUODV\DH[LVWHQWHVHWF
&DOFXORGHYRO~PHQHV
3DUDWRGRVDTXHOORVTXHWUDEDMHQFRQFXELFDFLRQHV/LWURVPHWURV
FXDGUDGRVRF~ELFRVPHGLDQWHHVWDRSFLyQSRGUHPRVUHDOL]DUXQFiOFXORGHO
YROXPHQGHRFXSDFLyQHQQXHVWURVYHKtFXORVGHWUDQVSRUWH3DUDHOOROR
SULPHURTXHWHQGUHPRVTXHKDFHUHVLQGLFDUHQHOFDPSR&XELFDFLyQGHOD
ILFKD'DWRV&RPHUFLDOHVGHORV3DUiPHWURVGHOD(PSUHVD TXHYDPRVD
WUDEDMDUFRQHVWDRSFLyQLQFOX\HQGRHQHOFDPSR6
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$FRQWLQXDFLyQGHEHUHPRVFUHDUWDPELpQHQODILFKD&DPSRV
GHILQLEOHVGHORV3DUiPHWURVGHOD(PSUHVDXQFDPSRGHILQLEOHTXHVHD
9ROXPHQ \TXHGHEHUiVHUHOFDPSRGHILQLEOHHVGHFLUHO~OWLPR
8QDYH]UHDOL]DGRVHVWRVGRVSDVRVDODKRUDGHKDFHUXQSHGLGRRXQ
DOEDUiQHQHOFXDOHGLWHPRVXQDUWtFXORVHQFX\RFDPSR7LSRGHDUWLFXOR
WHQJDPRVDOJXQRGHOWLSRVGHWDOODGRVDQWHULRUPHQWH/LWURVPHWURV
FXDGUDGRVRF~ELFRVVHDEULUiXQDQXHYDYHQWDQD
&yGLJR&yGLJRGHODUWtFXORTXHVHYDDYHQGHU
'HVFULSFLyQ1RPEUHRGHVFULSFLyQGHDUWtFXORTXHVHYDDYHQGHU
,PSRUWH3UHFLRXQLWDULRGHODUWtFXOR
8QLGDGHV&DQWLGDGGHODFXELFDFLyQTXHVHGHVFULEHDFRQWLQXDFLyQ
/DUJR/RQJLWXGGHODUWLFXOR
$QFKR$QFKXUDGHODUWtFXOR
$OWR$OWXUDGHODUWtFXOR
7RWDO0HGLFLyQWRWDOGHODFXELFDFLyQGHODOtQHD
7RWDO&XELFDFLyQWRWDOGHOGHVJORVH
(Q HVWD SDQWDOOD VH LQWURGXFLUiQ WDQWDV OtQHDV FRPR VHDQ QHFHVDULDV
3DUDFRSLDUHOYDORUGHODILODDQWHULRUHQODILODHQODTXHQRVHQFRQWUDPRV
EDVWDFRQSXOVDU,1752HQEODQFR\VHUHSHWLUiGLFKRYDORU3DUDILQDOL]DU
ODHGLFLyQGHODOLVWDSXOVDUHPRV(6&3DUDDFHSWDUODOLVWDGHFXELFDFLyQ
SXOVDUHPRVHQHOERWyQGH$FHSWDU3XOVDQGRHQ&DQFHODUVHFDQFHODUiOD
JUDEDFLyQGHORVGDWRV
8QDYH]JUDEDGRHOSHGLGRRHODOEDUiQGHVGHODSDQWDOODGHOFiOFXORGH
YRO~PHQHV SRGUHPRV LU VHOHFFLRQDQGR DTXHOORV GRFXPHQWRV TXH YDQ D
VHUWUDQVSRUWDGRVSRUQXHVWURVYHKtFXORV
/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
'HVGH&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHDSDUWLUGHOFXDOTXHUHPRVOLVWDU
HQODVHOHFFLyQGHODFXELFDFLyQ
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVOLVWDUHQ
ODVHOHFFLyQGHODFXELFDFLyQ
'HVGH9HQG ,QGLFDUHOFyGLJRGHOYHQGHGRUDSDUWLUGHOFXDOTXHUHPRV
OLVWDUHQODVHOHFFLyQGHODFXELFDFLyQ
+DVWD9HQG ,QGLFDUHOFyGLJRGHOYHQGHGRUKDVWDHOFXDOTXHUHPRVOLVWDU
HQODVHOHFFLyQGHODFXELFDFLyQ
'RFXPHQWRD&DUJDU ,QGLFDUTXHWLSRGHGRFXPHQWRTXHUHPRVOLVWDU
'HVGH&RG3RVWDO ,QGLFDUHOFyGLJRSRVWDODSDUWLUGHOFXDOTXHUHPRV
OLVWDUHQODVHOHFFLyQGHODFXELFDFLyQ
+DVWD&RG3RVWDO ,QGLFDUHOFyGLJRSRVWDOKDVWDODFXDOTXHUHPRVOLVWDU
HQODVHOHFFLyQGHODFXELFDFLyQ
'HVGH)HFKD ,QGLFDUODIHFKDDSDUWLUGHOFXDOTXHUHPRVOLVWDUHQOD
VHOHFFLyQGHODFXELFDFLyQ
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHQODVHOHFFLyQ
GHODFXELFDFLyQ
%RUUDU3XOVDQGRHVWHERWyQOLPSLDUHPRVGHODSDQWDOODODVHOHFFLyQGH
GRFXPHQWRV
6HOHFFLRQDU 3XOVDQGRHVWHERWyQVHFDUJDUiQHQSDQWDOODWRGRVORV
GRFXPHQWRVTXHVHHQFXHQWUHHQORVOLPLWHVLQGLFDGRVHQHOILOWURGH
VHOHFFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/RVFDPSRVTXHVHOLVWDUiQHQSDQWDOODVRQ
1XP'RFXPHQ
)HFKD
&yGLJR&OLHQWH
1RPEUH&OLHQWH
,PSRUWH
&yGLJR3RVWDO
/RFDOLGDG
&XELFDFLyQ
6 0DUFDQGRHQGLFKRFDPSRFDGDXQRGHORVGRFXPHQWRVGHVHDGRV
VHLUiPRVWUDQGRHQODSDUWHLQIHULRUGHODSDQWDOODHOGHVJORVHGHO
SHGLGRRDOEDUiQVHOHFFLRQDGRVyORVLWHQHPRVPDUFDGDODFDVLOOD
PRVWUDUGHVJORVHGHOSHGLGRDOEDUiQ\HQODSDUWHVXSHULRUVHLUi
VXPDQGRHOWRWDOGHORVYRO~PHQHVGHORVGRFXPHQWRVVHOHFFLRQDGRV
(OERWyQ,PSULPLUVDFDUiSRULPSUHVRUDHOOLVWDGRGHWRGRVORVGRFXHPWRV
VHOHFFLRQDGRVHQSDQWDOOD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
739
7LFNHWV
'HVGH HVWD RSFLyQ GH PHQ~ SRGHPRV KDFHU YHQWDV GH PRVWUDGRU
GHVGHHO7397HUPLQDOSXQWRGHYHQWDHVGHFLUWLFNHWV3DUDHOOR\DQWHVGH
WRGR GHEHPRV FRQILJXUDU ORV GLVSRVLWLYRV VL VH YDQ D XWLOL]DU FDMyQ
SRUWDPRQHGDV 'LVSOD\ \ OD LPSUHVRUD GH WLFNHWV 3DUD HOOR HO SURJUDPD
GLVSRQH GH OD RSFLyQ&RQILJXUDU 7SY $GHPiV VH GHEHQ GH FRQILJXUDU HO
YHQGHGRUSRUGHIHFWRGHFDGDPiTXLQDRXVXDULRTXHWUDEDMHHQHO739ODV
FDMDVSRUGHIHFWRDVtFRPRODVFXHQWDVFRQWDEOHVTXHVHYDQDXWLOL]DUHQOD
RSFLyQ 3DUiPHWURV GHO 739 /D SDQWDOOD GHVGH OD FXDO VH HIHFWXDUiQ ODV
YHQWDVGH739HVODVLJXLHQWH
3DUD KDFHU XQD YHQWD GH WLFNHWV LQWURGXFLUHPRV SULPHUR HO FyGLJR GH
YHQGHGRU TXH YD D UHDOL]DU OD YHQWD SRU GHIHFWR HO SURJUDPD SRQGUi HO
FyGLJR GH YHQGHGRU SRU GHIHFWR GHO XVXDULR $ FRQWLQXDFLyQ VH SUHJXQWD OD
IHFKD VLHPSUH TXH HQ ODV RSFLRQHV GHOXVXDULRQRVHKD\DLQGLFDGR)HFKD
GH&REUR$XWRD6LTXHSRUGHIHFWRVHUiODIHFKDGHWUDEDMRGHODDSOLFDFLyQ
$ FRQWLQXDFLyQ VH SDVDUi D OD LQWURGXFFLyQ GHO OtQHDV GH YHQWD (O UHVWR GH
YDORUHV GH OD FDEHFHUD GHO WLFNHW WRPD YDORUHV TXH VH FRQILJXUDQ \
SDVDUHPRV D FRPHQWDU PiV DGHODQWH HQ HVWH PLVPR DSDUWDGR 3XHV ELHQ
LUHPRVLQGLFDQGRFyGLJRV GHDUWtFXORGHODPLVPDIRUPDTXHVHKDFtDHQHO
SURFHVR GH DOEDUDQHV HWF HV GHFLU SRGHPRV WHFOHDU FyGLJR GH DUWtFXOR
UHIHUHQFLD GH SURYHHGRU R FXDOTXLHUD GH ORV WUHV FyGLJRV GH EDUUDV TXH VH
HQFXHQWUDQHQODILFKDGHODUWtFXOR6LQRFRQRFHPRVQLQJXQRGHHVWRVGDWRV
SRGHPRVKDFHUXVRGHODE~VTXHGDSXOVDQGRHOLFRQRTXHKD\SDUDHOORHQOD
EDUUD GH KHUUDPLHQWDV R ELHQ SXOVDQGR ODV WHFODV HVWiQGDU GH E~VTXHGD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&75/,1,&,28QDYH]LQWURGXFLGRHODUWtFXORHOFXUVRUVHSRGUiFRORFDUHQ
OD FDQWLGDG RELHQ VL VH KD LQGLFDGR HQ ODV RSFLRQHV GH XVXDULR3DUDGD HQ
&DQWLGDG 1R WRPDUi FRPR FDQWLGDG OD XQLGDG \ HO FXUVRU SDVDUi D XQD
QXHYDOtQHD&XDQGRVHKD\DQLQWURGXFLGRWRGDVODVOtQHDVSRGHPRVSXOVDUOD
WHFOD &75/ ) \ HO WLFNHW VH FHUUDUi UHDOL]DQGR HO FREUR FRQ LPSRUWH
H[DFWR H LPSULPLHQGR XQD FRSLD GHO WLFNHW 6L SRU HO FRQWUDULR GHEHPRV
LQWURGXFLU HO FyGLJR GH FOLHQWH R FREUDU HQ GLVWLQWDV IRUPDV GH SDJR SDUD
DEDQGRQDUODJHVWLyQGHOtQHDVSXOVDUHPRV(17(5VLQLQGLFDUQLQJ~QFyGLJR
GH DUWtFXORHO FXUVRU VH SRVLFLRQDUi HQ ODV IRUPDV GH SDJR 8QD YH] HQ OD
IRUPD GH SDJR LQGLFDUHPRV ORV LPSRUWHV RSRUWXQRV \ SXOVDUHPRV (6& HO
FXUVRU VH FRORFDUi HQ ORV ERWRQHV GH LPSUHVLyQ 3DUD KDFHU ORV FREURV
KHPRV GH LQGLFDU TXH VL VH FREUD WRGR HO LPSRUWH HQ XQD PLVPD IRUPD GH
SDJR QRV SRGHPRV FRORFDU HQGLFKDFHOGD\SXOVDPRVODWHFOD0(QFDVR
GH TXH VH GHMH DOJR SHQGLHQWH GH FREUR HV GHFLU HQ OD IRUPD GH SDJR
&UpGLWR HO SURJUDPD SHGLUi OD FXHQWD GHO FOLHQWH (Q FDVR GH TXH WRGR VH
KD\D FREUDGR OD FXHQWD FRQWDEOH SRU GHIHFWR VHUi OD GH FOLHQWHV YDULRV
/RVDSXQWHVFRQWDEOHVGHODYHQWDVHKDUiQFXDQGRVHKDJD
HO FLHUUH GHO 7SY HQ OD RSFLyQ&LHUUH GH &DMD GHO PHQ~ WHVRUHUtD RSFLyQ
*HVWLyQ GH FREURV 7RGRV DTXHOODV YHQWDV TXH VH KD\DQ JHQHUDGRFRQ
FOLHQWHVYDULRVVHLQFOXLUiQWRGDVHQXQVRORDSXQWHGHYHQWD\ORVDSXQWHVGH
FREUR GHSHQGHUiQ GH OD FXHQWD FRQWDEOH GH FDGD IRUPDGHSDJRVHJ~QVH
KD\DFRQILJXUDGRHQ3DUiPHWURVGHO739'HLJXDOPRGRORVPRYLPLHQWRVGH
FDMDJHQHUDGRVVHSRGUiQOLVWDUGHVGHODRSFLyQ/LVWDGRGHPRYLPLHQWRVGH
&DMDGHOPHQ~7HVRUHUtDRSFLyQ*HVWLyQGH&REURV
'HVGH OD YHQWD SRU WLFNHWV VH SRGUiQ KDFHU DSDUWDGRV HV GHFLU VL HO
FOLHQWHFRPSUDXQDUWtFXORSHURQRVHOROOHYDVLQRTXHORGHMDDSDUWDGRHQ
QXHVWUR DOPDFpQ 'HVGH ODPLVPDOtQHDVHSRGUiLQGLFDUTXpDUWtFXORVHKD
DSDUWDGR \FXDOQR7DPELpQVHSRGUiPDUFDUWRGDVODVOtQHDVSDUDDSDUWDU
SXOVDQGRODFRPELQDFLyQGHWHFODV&75/$RKDFLHQGRFOLFNHQODSDODEUD
$SDUWDU 7RGR TXH KD\ HQ OD SDQWDOOD (O SURJUDPD FRQWHPSOD XQD JHVWLyQ
EDVWDQWH DPSOLD GH $SDUWDGRV TXH VH H[SOLFDUi PiV DGHODQWH HQ RWUR
DSDUWDGRYDOJDODUHGXQGDQFLD
3DVHPRV D FRPHQWDU XQR D XQR ORV HOHPHQWRV \ XWLOLGDGHV GH HVWD
SDQWDOOD
x
x
x
'RFXP (Q HVWD OLVWD GHVSOHJDEOH LQGLFDUHPRV HO WLSRGHGRFXPHQWRTXH
YDPRV D KDFHU /RV YDORUHV SRVLEOHV VRQ 7LFNHW \ )DFWXUD \D TXH
SRGHPRV FRPHQ]DU HO SURFHVR GH YHQWD FRPR WLFNHW SHUR DQWHV GH
ILQDOL]DUODYHQWDHOFOLHQWHQRSLGHTXHSRUIDYRUOHHPLWDPRVXQDIDFWXUD
SXHV ELHQ FDPELDQGR HO WLSR GH GRFXPHQWR HQ HVWD OLVWD EDVWDUi SDUD
KDFHUXQDIDFWXUDTXHLUiDO+LVWyULFRGHIDFWXUDV\JHQHUDUiORVDSXQWHV\
PRYLPLHQWRV GH WHVRUHUtD LJXDO TXH VL OD KXELpVHPRV FUHDGR GHVGH OD
RSFLyQGH)DFWXUDVGLUHFWDV
7DILUD (Q HVWD OLVWD LQGLFDUHPRV HO SUHFLR DSOLFDEOH TXH YDPRV D XWLOL]DU
3RU GHIHFWR DSDUHFHUi OD WDULID TXH WLHQH PDUFDGD OD ILFKD GH &OLHQWHV
YDULRV
$OPDFpQ &yGLJR GHO DOPDFpQ DO TXH SHUWHQHFHQ ORV DUWtFXORV TXH
HVWDPRV YHQGLHQGR 3RU GHIHFWR VH SRQGUi HO DOPDFpQ SRU GHIHFWR
LQGLFDGRHQODVRSFLRQHVGHOXVXDULR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
1ž'RFXPHQWR (OQ~PHURGHGRFXPHQWRVLHPSUHVHUiDXWRPiWLFR\FRJH
VXYDORUGHORV1XPHUDGRUHV GHSDUiPHWURVGHODHPSUHVD
9HQG &yGLJR GHO YHQGHGRU TXH HVWi UHDOL]DQGR OD YHQWD 3RU GHIHFWR VH
SRQGUi HO FyGLJR GH YHQGHGRU SRU GHIHFWR TXH VH SRQJD HQODVRSFLRQHV
GHOXVXDULR
7LSR &WH (Q HVWH FDPSR DSDUHFHUi HO WLSR GH FOLHQWH SDUD OD WDEOD GH
GHVFXHQWRV 3RU GHIHFWR DSDUHFHUi HO YDORU TXH VH KD\D LQGLFDGR HQ OD
ILFKDGH&OLHQWHVYDULRV
)HFKD /D IHFKD GHO GRFXPHQWR VHUi DXWRPiWLFD R QR VHJ~Q VH KD\D
LQGLFDGRHQODVRSFLRQHVSRUGHIHFWRHQODILFKDGHOXVXDULR/DIHFKDSRU
GHIHFWRHVODIHFKDGHWUDEDMRGHHOSURJUDPD
+RUD +RUDHQODTXHVHHVWiUHDOL]DQGRODYHQWD(OYDORUORWRPDUiGHOD
KRUDGHOVLVWHPD
&yGLJRGHEDUUDVGHOFOLHQWHDVLJQDGRHQHOILFKHURGHFOLHQWHV
3XOVDQGR HVWH ERWyQ SRGUHPRV YHU ORV FDPSRV7RWDO
9HQWD7RWDO3DJRV$&UpGLWR\'HYROXFLyQ HQ3HVHWDV
&yGLJR $UWtFXOR &yGLJR GH DUWtFXOR TXH VH HVWi YHQGLHQGR HQ OD OtQHD
RSRUWXQD
'HVFULSFLyQ$UWtFXOR 1RPEUHRGHVFULSFLyQGHODUWtFXORHQYHQWD
,9$ 3RUFHQWDMHGH,9$FRQHOTXHVHHQFXHQWUDJUDEDGRHODUWtFXORHQ
YHQWD (O SRUFHQWDMH FRUUHVSRQGHUiFRQXQRGHORVTXHVHKDQGHFODUDGR
HQ'DWRV)LVFDOHVGHSDUiPHWURVGHODHPSUHVD
&R )DFWRUGHFRPLVLyQGHODUWtFXOR'HOPLVPRPRGRTXHHQDOEDUDQHV\
IDFWXUDVHOSRUFHQWDMHGHFRPLVLyQUHVXOWDUiGHPXOWLSOLFDUODFRPLVLyQEDVH
GHODUWtFXORSRUODFRPLVLyQGHOYHQGHGRU
3UHFLR 3UHFLRXQLWDULRGHODUWtFXORHQYHQWD
8QGV &DQWLGDGGHODUWtFXORTXHVHYDDYHQGHU(OFXUVRUVHSDUDUiRQR
HQHVWHFDPSRVHJ~QVHKD\DLQGLFDGRHQHOFDPSR3DUDGDHQ&DQWLGDG
HQODILFKDGHRSFLRQHVGHOXVXDULR
'WR 3RUFHQWDMHGHGHVFXHQWRHQODOtQHDTXHVHHQFXHQWUDHQYHQWD
7RWDO 6XEWRWDORLPSRUWHQHWRGHODOtQHD
$S 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQHVWDPRVLQGLFDQGRDOSURJUDPD
TXHHODUWtFXORTXHVHHQFXHQWUDHQODILODVHUiDSDUWDGR
&OLHQWH &yGLJR GH FOLHQWHDO TXH VH OH LPSXWDUi OD YHQWD 3RU GHIHFWR OD
FXHQWD GH FOLHQWH HV OD GH FOLHQWHV YDULRV (Q HO FDVR TXH WHQJDPRV
DFWLYDGD OD RSFLyQ 8VDU *HVWLyQ GH 'HVFXHQWRV SUy[LPD &RPSUD H
LQGLTXHPRVHOFyGLJRGHXQFOLHQWHHQFRQFUHWRRVXFyGLJRGHEDUUDVQRV
DSDUHFHUiODVLJXLHQWHSDQWDOODDOSXOVDUVREUHORVERWRQHV6LPSOH'REOHR
1R(PLWLU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'RQGHQRVLQGLFDUiHOLPSRUWH7RWDOGHO7LFNHWHOGH'HVFXHQWRSRU
GHIHFWRODTXHLQGLTXHPRVHQ3DUiPHWURVGHO739 \HO,PSRUWHGH
'HVFXHQWRSDUDODSUy[LPDFRPSUDTXHHIHFW~HGLFKRFOLHQWH
(QHOFDVRTXHTXHUDPRVHIHFWXDUHOWDQWRSRUFLHQWRLQGLFDGRHQHO
FDPSR'WRRHOLPSRUWHGHGHVFXHQWRLQGLFDGRHQHOFDPSR,PSRUWH
'WR EDVWDUiFRQSXOVDUVREUHHOERWyQ$FHSWDU
/DSUy[LPDYH]TXHVHUHDOLFHXQWLFNHWDHVHPLVPRFOLHQWHLQGLFDQGR
VXFyGLJRGHFOLHQWHRVXFyGLJRGHEDUUDVQRVDSDUHFHUiHOVLJXLHQWH
PHQVDMHLQGLFiQGRQRVHOGHVFXHQWRTXHVHYDDDSOLFDUFRQORFXDOVH
GHVFRQWDUiDXWRPiWLFDPHQWHGHOQXHYRWLFNHWFXDQGRSXOVHPRVVREUHHO
ERWyQ$FHSWDU
(QHOFDVRTXHQRTXHUDPRVHIHFWXDUHOWDQWRSRUFLHQWRLQGLFDGRHQ
HOFDPSR'WRRHOLPSRUWHGHGHVFXHQWRLQGLFDGRHQHOFDPSR,PSRUWH
'WR EDVWDUiFRQSXOVDUVREUHHOERWyQ&DQFHODU
x
x
x
x
x
x
x
x
'WRHIHFWLYR 'HVFXHQWRJOREDOHQSHVHWDV
6XPD ,PSRUWHV 6XPD GH ORV LPSRUWHV QHWRV GH FDGD XQD GH ODV OtQHDV
DQWHVGHDSOLFDUHOGHVFXHQWRJOREDO
6XPD%DVHV 6XPDGHODVGLVWLQWDVEDVHVLPSRQLEOHV
7RWDO9HQWD ,PSRUWHWRWDOFRQLPSXHVWRVLQFOXLGRVGHWLFNHW
7RWDO3DJRV ,PSRUWHTXHQRVHQWUHJDHOFOLHQWHSDUDFREUDUQRV
$&UpGLWR ,PSRUWHTXHVHGHMDSHQGLHQWHGHFREUR
'HYROXFLyQ ,PSRUWHTXHVHGHYXHOYHDOFOLHQWHDOUHDOL]DUHOFREUR
)RUPDVGH3DJR ,QGLFDUHPRVHOLPSRUWHFRUUHVSRQGLHQWHDFDGDXQDGH
ODVIRUPDVGHSDJRFRQODVTXHQRVSDJXHHOFOLHQWHLQGLFDQGRODGLYLVDHQ
ODTXHQRVHVWiSDJDQGRELHQSHVHWDVELHQHXURV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUD PRGLILFDU XQD OtQHD EDVWDUi FRQ PRYHUQRV DUULED R DEDMR FRQ ODV
IOHFKDV GH SRVLFLyQ\SXOVDQGR(17(5SDVDUHPRVDOPRGRHGLFLyQGHOD
OtQHDGHODFXDOSRGUHPRVFDPELDUFXDOTXLHUDGHODVFROXPQDV3DUDERUUDU
XQDOtQHDEDVWDUiFRQVLWXDUQRVVREUHGLFKDOtQHD\SXOVDUODWHFOD6835
8QD YH] ILQDOL]DGR HO WLFNHW VH SRGUi LPSULPLU FRQ XQD GRVFRSLDVRELHQ
VLQLPSULPLU3DUDHOORSXOVDUHPRVHOERWyQRSRUWXQR6LPSOH'REOHR1R
HPLWLUUHVSHFWLYDPHQWH
(Q OD SDUWH LQIHULRU GH OD SDQWDOOD HQFRQWUDPRV GRV OLVWDV HQ OD GH OD
GHUHFKDDSDUHFHQORVWLFNHWVTXHVHHQFXHQWUDQDELHUWRVHQHVWDPDTXLQD
(O SURJUDPD SHUPLWH WHQHU DELHUWRV WDQWRV WLFNHWV FRPR QRV SHUPLWD OD
PHPRULD 5$0 GHO HTXLSR HQ HO TXH HVWDPRV WUDEDMDQGR HV GHFLU VL
HVWDPRVDWHQGLHQGRXQFOLHQWH\PLHQWUDVRWURFRPSDxHURHVWiDWHQGLHQGR
DRWURFOLHQWHSRGHPRVWHQHUDELHUWRVORVGRVWLFNHWVDODYH]VLQWHQHUTXH
FHUUDUQLQJXQR3DUDFDPELDUGHXQ WLFNHWDRWUREDVWDUiFRQKDFHUFOLFNHQ
HOHOHPHQWRFRUUHVSRQGLHQWHGHODOLVWDLQIHULRUL]TXLHUGDHQODTXHDGHPiV
VHPDUFDUiHOFyGLJRGHYHQGHGRUTXHORHVWiYHQGLHQGR(QODOLVWDGHOD
SDUWHLQIHULRUGHUHFKDDSDUHFHUiXQDOLVWDFRQORV~OWLPRVWLFNHWV YHQGLGRV
GHVGHHVWDPiTXLQD
(Q FXDQWR D ODV XWLOLGDGHV GH HVWD SDQWDOOD WHQHPRV HQ OD EDUUD GH
KHUUDPLHQWDV
3XOVDQGRHVWHERWyQVHDEULUiXQQXHYRWLFNHWGHPRGRTXHVL\DKDEtD
XQRDELHUWRKDEUiGRV(OQ~PHUR\YHQGHGRUGHHVWHWLFNHWDSDUHFHUiHQOD
OLVWDLQIHULRUL]TXLHUGD
3XOVDQGR HVWH ERWyQ R SXOVDQGR &75/ ) VH DEULUi OD SDQWDOOD GH
FREURV\HQWUDGDVGHFDMD3DUDFRQRFHUHOIXQFLRQDPLHQWRGHGLFKDSDQWDOOD
FRQVXOWDUODD\XGDGH7HVRUHUtD&REURV\HQWUDGDVGH&DMD
3XOVDQGR HVWH ERWyQ R FRQ OD FRPELQDFLyQ GH WHFODV &75/ 0 VH
PRVWUDUiHQSDQWDOODXQDOLVWDFRQORV~OWLPRVWLFNHWVHIHFWXDGRVFRQHOILQGH
VHOHFFLRQDUFXDOGHHOORVVHTXLHUHPRGLILFDU/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3RUGHIHFWRHOSURJUDPDFDUJDORV~OWLPRVWLFNHWVHQRUGHQLQYHUVR
HV GHFLU GHO PiV UHFLHQWH DO PiV DQWLJXR6LQHPEDUJRODSDQWDOODSUHVHQWD
XQILOWURSDUDSRGHUVHOHFFLRQDUFXDOTXLHUWLFNHW/RVFDPSRVGHHVWDSDQWDOOD
WLHQHQODVLJXLHQWHIXQFLRQDOLGDG
x
x
x
x
x
x
'HVGH )HFKD ,QGLFDU OD IHFKD GH ORV WLFNHWV D SDUWLUGHODFXDOVHGHVHD
KDFHUODVHOHFFLyQ
+DVWD)HFKD ,QGLFDUODIHFKDGHORVWLFNHWV KDVWDODFXDOVHGHVHDKDFHU
ODVHOHFFLyQ
'HVGH&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHDSDUWLUGHOFXDOVHGHVHDKDFHU
ODVHOHFFLyQ
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOVHGHVHDKDFHUOD
VHOHFFLyQ
'HVGH7LFNHW ,QGLFDUHOQ~PHURGHWLFNHWDSDUWLUGHOFXDOVHGHVHDKDFH
ODVHOHFFLyQ
) 3DJR 0DUFDU OD IRUPD GH SDJR GH ORV WLFNHWV TXH TXHUHPRV
VHOHFFLRQDU3RUGHIHFWRHVWDUiPDUFDGDODRSFLyQGH7RGDV
+DFLHQGRFOLFNHQHOERWyQ&DUJDU'DWRVVHSREODUiODOLVWDFRQORVWLFNHWV
UHVXOWDQWHVGHOILOWURLQGLFDGR8QDYH]VHOHFFLRQDGRHOWLFNHWGHVHDGRVH
SRGUi KDFHU OD UHLPSUHVLyQ R PRGLILFDFLyQ GHO WLFNHW VHJ~Q SXOVHPRV XQ
ERWyQGHFRPDQGRXRWUR
+DFLHQGR FOLFN HQ HVWH ERWyQ SDVDUHPRV D FRQVXOWDU ORV ~OWLPRV
PRYLPLHQWRVGHORVWLFNHWVGHXQFOLHQWHGHWHUPLQDGR/DSDQWDOODTXHDSDUHFH
HVFRPRODTXHVLJXH
&RPR VH SXHGH REVHUYDU HO OLVWDGR TXH DSDUHFH HQ OD OLVWD HV XQ
GHWDOOH GH ORV PRYLPLHQWRV GH FDMD JHQHUDGRV SRU HO FOLHQWH TXH VH KD
LQGLFDGRHQHOFDPSR&yGLJRGH&OLHQWH$GHPiVVHSRGUiHPLWLUHOUHFLERGH
FREURGHOPRYLPLHQWRTXHVHVHOHFFLRQHGHODOLVWD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/LVWDGRGH7LFNHWV
'HVGHHVWDRSFLyQGHSRGHPRVKDFHUXQOLVWDGRFRQORVWLFNHWVTXHVH
VHOHFFLRQHQ SUHYLDPHQWH HQ HO ILOWUR (VWRV WLFNHWV DGHPiV VH SRGUiQ
UHLPSULPLUHQIRUPDWRWLFNHW/DSDQWDOODTXHDSDUHFHHVODVLJXLHQWH
0DUFDQGRHOFXDGURGHYHULILFDFLyQ(QWUHIHFKDVSRGHPRVLQWURGXFLUORV
ILOWURVSRUIHFKDV
x
x
'HVGH)HFKD ,QGLFDUODIHFKDGHVGHODFXDOTXHUHPRVFRPHQ]DUHO
OLVWDGRGHWLFNHWV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVUHDOL]DUHOOLVWDGR
GHWLFNHWV
0DFDQGRHOFXDGURGHYHULILFDFLyQ(QWUH7LFNHWVSRGHPRVILOWUDUSRU
Q~PHURGHWLFNHW
x
x
x
x
x
'HVGH7LFNHW ,QGLFDUHOQ~PHURGHWLFNHWGHVGHHOFXDOTXHUHPRV
FRPHQ]DUHOOLVWDGR
+DVWD7LFNHW ,QGLFDUHOQ~PHURGHWLFNHWKDVWDHOFXDOTXHUHPRVUHDOL]DU
HOOLVWDGR
'HJORVDU 6HOHFFLRQDQGR6tGHODOLVWDHOOLVWDGRPRVWUDUiHOGHWDOOHGHO
WLFNHWVHVGHFLUVXVOtQHDV
0RVWUDU&REURV 6HOHFFLRQDQGR6tGHODOLVWDHOOLVWDGRPRVWUDUiORV
FREURVUHDOL]DGRVGHFDGDXQRGHORVWLFNHWV
9HQGHGRU ,QGLFDUHOYHQGHGRUTXHKL]RORVWLFNHWVTXHVHYDQDOLVWDU6L
QRTXHUHPRVLQGLFDUXQYHQGHGRUHQFRQFUHWREDVWDFRQGHMDUHVWH
FDPSRHQEODQFR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
2),0$7,&$-$(16/
8VDULPSUHVRUDGHWLFNWHV 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQHO
OLVWDGRVHKDUiFRQIRUPDWRWLFNHWHVFRPRVLVHUHLPSULPLHUDQWRGRVORV
WLFNHWVVHOHFFLRQDGRVGHQXHYR
0RVWUDU%HQHILFLR 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQHOOLVWDGR
PRVWUDUiHQXQDQXHYDFROXPQDHOFRVWRGHFDGDXQRGHORVDUWtFXORV
YHQGLGRV\HO7RWDOGH%HQHILFLR
(OOLVWDGRGHWLFNHWV HVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$SDUWDGRV
'HVGH HVWD RSFLyQ VH OOHYDUi OD JHVWLyQ \ PDQWHQLPLHQWR GH ORV
DSDUWDGRV 6HHQWLHQGHFRPRDSDUWDGRVDTXHOODVYHQWDVUHDOL]DGDVGHVGHOD
RSFLyQ GH 7LFNHWV HQ ODV TXH XQD R YDULDV OtQHDV VH PDUFDURQ FRPR
DSDUWDGRV HV GHFLU PHUFDQFtD TXH FRPSUD HO FOLHQWH \ TXH QR VH OD OOHYD
TXHGDQGR DSDUWDGR HQ QXHVWUR DOPDFpQ SXGLHQGR HVWDU SDJDGD WRWDO R
SDUFLDOPHQWH/DSDQWDOODHVODVLJXLHQWH
'HVGHHVWDSDQWDOODVHSRGUiQHQWUHJDUORVDSDUWDGRVUHDOL]DUFREURV
LPSULPLU UHFLERV GH FREUR OLVWDU ORV DSDUWDGRV HWF 3DVHPRV D GHVFULELU
FDGDXQRGHORVHOHPHQWRVGHHVWDSDQWDOOD
x
x
x
x
x
x
x
'HVGH$SDUWDGR ,QGLFDUHOQ~PHURGHDSDUWDGRGHVGHHOFXDOTXHUHPRV
FDUJDUHQODOLVWD
+DVWD$SDUWDGR ,QGLFDUHOQ~PHURGHDSDUWDGRKDVWDHOFXDOTXHUHPRV
FDUJDUHQODOLVWD
'HVGH)HFKD ,QGLFDUODIHFKDGHORVDSDUWDGRVGHVGHODFXDOTXHUHPRV
FDUJDUODOLVWD
+DVWD )HFKD ,QGLFDU OD IHFKD GH ORV DSDUWDGRV KDVWD OD FXDO TXHUHPRV
FDUJDUODOLVWD
'HVGH&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHGHORVDSDUWDGRVGHVGHHOFXDO
TXHUHPRVFDUJDUODOLVWD
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHGHORVDSDUWDGRVKDVWDHOFXDO
TXHUHPRVFDUJDUODOLVWD
&DUJDU $SDUWDGRV 6DOGDGRV (QWUHJDGRV 0DUFDQGR HVWH FXDGUR GH
YHULILFDFLyQ VH FDUJDUiQ HQ OD OLVWD WRGRV ORV DSDUWDGRV TXH TXHGHQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
VHOHFFLRQDGRVSRUHOILOWURLQGLFDGRVLQWHQHUHQFXHQWDVLHVWiQVDOGDGRV
RQR
8QDYH]LQWURGXFLGRVORVOtPLWHVGHOILOWURSXOVDQGRHOERWyQ
6HOHFFLyQVH
FDUJDUiQ HQ SDQWDOOD ORV DSDUWDGRV RSRUWXQRV 6LOD VHOHFFLyQTXHVHKD
KHFKR QR HV OD TXH TXHUHPRV SRGHPRV SXOVDU HO ERWyQ/LPSLD /LVWD
SDUDYROYHUDUHDOL]DURWURILOWURGHVHOHFFLyQ
8QDYH]FRQODVHOHFFLyQHQSDQWDOODSRGHPRVPRYHUQRVGHXQ DSDUWDGR
DRWURFRQODVIOHFKDVGHGLUHFFLyQ8QDYH]VHOHFFLRQDGRHODSDUWDGRTXH
TXHUHPRV PRGLILFDU HQ OD SDUWH LQIHULRU GH OD SDQWDOOD DSDUHFH XQD OLVWD
FRQHO'HVJORVHGHODSDUWDGRHQHOFXDOHQFRQWUDPRVORVDUWtFXORVTXH
VHLQFOX\HQHQGLFKRQ~PHURGHDSDUWDGR3DUDHQWUDUHQODOLVWDLQIHULRU
SXOVDPRV ODWHFOD 7$% \ HO FXUVRU VH SRVLFLRQDUi HQ OD SULPHUD ILOD GHO
DSDUWDGR PRYLpQGRQRV FRQ ODV WHFODV IOHFKD DUULED \ IOHFKD DEDMR
SRGHPRV VHOHFFLRQDU OD OtQHD GHVHDGD \ SXOVDQGR OD WHFOD (17(5 VH
SRQGUi HQ PRGR HGLFLyQ SDUD VHU PRGLILFDGD /RV GDWRV TXH VHSXHGHQ
PRGLILFDU VRQ OD XELFDFLyQ HV GHFLU HO QRPEUH GH OD HVWDQWHUtD GHO
DOPDFpQGRQGHORYDPRVDDORMDU\ODIHFKDGHHQWUHJD&XDQGRXQDOtQHD
WLHQH IHFKD GH HQWUHJD VH FRQVLGHUDUi FRPR HQWUHJDGR /DV OtQHDV ODV
SRGHPRV HQWUHJDU XQD D XQD LQGLFDQGR D
O IHFKD GH HQWUHJD R ELHQ
KDFLHQGR XVR GHO ERWyQ0DUFDU WRGR FRPR HQWUHJDGR VH PDUFDUiQ
FRPRHQWUHJDGDVWRGDVODVOtQHDVDODYH]6LGHVHDPRVERUUDUXQDOtQHD
GHODSDUWDGREDVWDUiFRQVLWXDUVHHQGLFKDOtQHD\SXOVDUODWHFOD6835
(OERUUDGRGHXQDOtQHDGHODSDUWDGRQRWLHQHFRQVHFXHQFLDVGHVWRFN\D
TXHODUHEDMDGHOVWRFNVHSURGXMRDODKRUDGHJUDEDUHOWLFNHWSRUWDQWR
VyORWHQGUiHIHFWRVDQLYHOGHDSDUWDGR
/RV DSDUWDGRV VH SRGUiQ FREUDU GHVGH HVWD SDQWDOOD SXOVDQGR HO ERWyQ
DSDUHFLHQGRHQODSDUWHLQIHULRUODHQWUDGDGHLPSRUWHVVHJ~Q
ODV GLVWLQWDV IRUPDV GH SDJR (O LPSRUWH HQWUHJDGR VH LQFOXLUi HQ OD
FROXPQD (QWUHJDV D &WD UHVXOWDQGR HO 6DOGR GH UHVWDU ODV HQWUHJDV D
FXHQWDGHO7RWDODSDUWDGR/RVDSDUWDGRVVHFRQVLGHUDUiQFRPRVDOGDGRV
FXDQGR HO VDOGR VHD \ VH KD\DQ HQWUHJDGR WRGRV ORV DUWtFXORV TXH OR
FRPSRQHQ
/RV DSDUWDGRV VH SRGUiQ LPSULPLU GHVGH HVWD SDQWDOOD ELHQ SRU SDQWDOOD
ELHQSRULPSUHVRUD(OIRUPDWRGH$SDUWDGRHVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QHOSLHGHOGRFXPHQWRDSDUHFHUiQHOLPSRUWHHQWUHJDGRLQLFLDO\HO
WRWDOGRFXPHQWR'HOPLVPRPRGRVHLUiQGHWDOODQGRHQHOFXHUSRGHO
GRFXPHQWRODVGLVWLQWDVHQWUHJDVDFXHQWDUHDOL]DGDVFRQWUDGLFKRDSDUWDGR
'HO PLVPR PRGR VH SRGUiQ KDFHU LOVWDGRV GH DSDUWDGRV TXH VH YHUi
HQHOVLJXLHQWHWHPDHLPSULPLUORVVDOGRVGHORVDSDUWDGRVWRGRHOORGHVGH
HOPHQ~8WLOLGDGHV
/LVWDGRGHDSDUWDGRV
'HVGHHVWDRSFLyQGHPHQ~SRGUHPRVUHDOL]DUORVOLVWDGRVGH
DSDUWDGRV/DSDQWDOODTXHVHPXHVWUDSDUDLQWURGXFLUORVOtPLWHVGHOILOWURHV
ODVLJXLHQWH
0DUFDQGRORVFXDGURVGHYHULILFDFLyQ(QWUHIHFKDV \(QWUHDSDUWDGRVVH
SRGUiQLQWURGXFLUORVOtPLWHVRSRUWXQRVSDUDVHOHFFLRQDUHOROR
VDSDUWDGRV
TXHTXHUHPRVOLVWDU(OOLVWDGRHVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$UWtFXORVSRUGtD
'HVGH HVWD RSFLyQ GH PHQ~ SRGUHPRV UHDOL]DU XQ OLVWDGR FRQ ORV
DUWtFXORV TXH VH KDQ YHQGLGR HQ XQ PLVPR GtD (VWH OLVWDGR SXHGH VHU GH
JUDQXWLOLGDGDODKRUDGHUHSRQHUHQODVHVWDQWHUtDVORVDUWtFXORVTXHVHKDQ
LGRYHQGLHQGR/DSDQWDOODSDUDODLQWURGXFFLyQGHILOWURVHVODVLJXLHQWH
x
x
'HVGH $UWtFXOR ,QGLFDU HO FyGLJR GH DUWtFXOR GHVGH HO TXH TXHUHPRV
OLVWDU
+DVWD$UWtFXOR ,QGLFDUHOFyGLJRGHDUWtFXORKDVWDHFXDOTXHUHPRVOLVWDU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
2),0$7,&$-$(16/
3RU &OLHQWH ,QGLFDQGR HQ HVWH FDPSR XQ FyGLJR GH FOLHQWH SRGHPRV
OLVWDUORVDUWtFXORVTXHVHOHKDQYHQGLGRDXQFOLHQWHHQFRQFUHWRHQWUHODV
IHFKDVTXHVHLQGLTXHQDFRQWLQXDFLyQ
'HVGH )HFKD ,QGLFDU OD IHFKD GHVGH OD FXDO TXHUHPRV VHOHFFLRQDU ODV
YHQWDVSRUGtD
+DVWD )HFKD ,QGLFDU OD IHFKD KDVWD OD FXDO TXHUHPRV VHOHFFLRQDU ODV
YHQWDVSRUGtD
7LSR /LVWDGR ,QGLFDU VL TXHUHPRV HO OLVWDGR HQ IRUPDWR'HWDOOH R
5HVXPHQ (Q FDVR GH LQGLFDU UHVXPHQ HO OLVWDGR LQGLFDUi VyOR ODV
XQLGDGHVYHQGLGDVGHFDGDVXEIDPLOLD
2UGHQDU 3RU 0DUFDQGR HVWD FDVLOOD SRGUHPRV RUGHQDGRU GLFKR OLVWDGR
SRU
&yGLJR GH$UWLFXOR
'HVFULSFLyQ
8ELFDFLyQ
5HIHUHQFLDGH3URYHHGRU
3URYHHGRU5HIHUHQFLD
(OOLVWDGRUHVXOWDQWHHQPRGR'HWDOOHHVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
9HQWDVSRU+RUDV
'HVGHHVWDRSFLyQSRGUHPRVUHDOL]DUXQOLVWDGRHQHOTXHSRGHPRVYHU
ODV YHQWDV UHDOL]DGDV HQ ODV GLVWLQWDV KRUDV GHO GtD R GtDV 3DUD HOOR VyOR
GHEHPRVLQGLFDUODVIHFKDHQWUHODVFXDOHVTXHUHPRVOLPLWDUHOOLVWDGR
(OLQIRUPHJHQHUDGRHVFRPRHOTXHVLJXH
(QGLFKROLVWDGRWHQHPRVODVKRUDVHQHOHMHGHDEVFLVDV\HQHOHMHGH
FRRUGHQDGDVWHQHPRV
x
x
x
x
x
1žGH9HQWDV &RUUHVSRQGHFRQHOQ~PHURGHYHQWDVUHDOL]DGDVHVGHFLU
WLFNHWV
3HVHWDV &RUUHVSRQGHFRQHOLPSRUWHGHYHQWDUHDOL]DGDHQGLFKDKRUD
0HGLD ,PSRUWHTXHFRUUHVSRQGHDODPHGLDDULWPpWLFDGHODYHQWDHQ
GLFKDKRUD
1ž$UWtFXORV &RPRVXQRPEUHLQGLFDUHSUHVHQWDHOQ~PHURGHXQLGDGHV
YHQGLGDVHQGLFKDKRUD
0HGLD ,QGLFDODPHGLDDULWPpWLFDGHYHQWDVHQXQLGDGHVTXHVHOOHYDHQ
GLFKDKRUD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
%RUUDGRGH7LFNHWV+LVWyULFR
'HVGHHVWDSDQWDOODSRGHPRVKDFHUXQERUUDGRPDVLYRGHWLFNHWV3HUR
HO ERUUDGR UHDOL]DGR GHVGH HVWD XWLOLGDG QR VH GHEH GH FRQIXQGLU FRQ HO
ERUUDGR GH XQ WLFNHW SRU HUURU /D GLIHUHQFLD HVWi HQ TXH HO ERUUDGR TXH VH
KDFHGHVGHHVWDSDQWDOODVyORDIHFWDDOKLVWyULFRGHWLFNHWPLHQWUDVTXHSDUD
ERUUDU XQ WLFNHW TXH VH KD\D JUDEDGR SRU HUURU OR TXH GHEHPRV KDFHU HV
GHVGHODSDQWDOODGH7LFNHWVOODPDUGLFKRGRFXPHQWRDSDQWDOOD\ERUUDUORGH
HVWH PRGR VH FRUUHJLUiQ HVWDGtVWLFDV VWRFN HWF (VWH ERUUDGR GH WLFNHWV
WLHQH VHQWLGR FXDQGR TXHUHPRV ERUUDU ORV WLFNHWV GHO HMHUFLFLR DQWHULRU R ORV
WLFNHWVGHKDFHGRVDxRVHWF+D\TXHWHQHUHQFXHQWDTXHHOSURFHVRHV
LUUHYHUVLEOH
/DSDQWDOODTXHVHSUHVHQWDHVODVLJXLHQWH
(O SURFHVR GH ERUUDGR VH SRGUi HIHFWXDU ELHQ LQGLFDQGR KDVWD XQD
IHFKDRELHQVHKDUiSRUQ~PHURGHGRFXPHQWRVHJ~QVHPDUTXHXQFXDGUR
GHYHULILFDFLyQXRWUR
&RQILJXUDU739
'HVGH HVWD RSFLyQ VH SRGUiQ FRQILJXUDU ORV GLVWLQWRV SHULIpULFRV TXH
FRPSUHQGHQHOWHUPLQDOSXQWRGHYHQWDFRPRVRQODLPSUHVRUDGHWLFNHWVHO
FDMyQSRUWDPRQHGDV\HOGLVSOD\/DFRQILJXUDFLyQVHSRGUiSHUVRQDOL]DUSDUD
FDGDXQRGHORV739TXHVHHQFXHQWUHQGHQWURGHODPLVPDUHGORFDO7HQJD
HQFXHQWDTXHVLXVWHGQRWLHQHORVFRQRFLPLHQWRVPtQLPRVSDUDLQWHUSUHWDU
ORVVLJXLHQWHVFDPSRVVHUiPHMRUTXHFRQWDFWHELHQFRQHOIDEULFDQWHG
HORV
GLVSRVLWLYRVELHQFRQHOVHUYLFLRWpFQLFRGH2ILPiWLFD-DpQ6/SDUDTXHOH
RULHQWHQHQODFRQILJXUDFLyQGHORVGLVWLQWRVGLVSRVLWLYRV/DFRQILJXUDFLyQVH
GHEH UHDOL]DU GHELGR D TXH FDGD IDEULFDQWH XWLOL]D VHFXHQFLDV GH HVFDSH
GLIHUHQWHV HQ FDGD FDVR SDUD OD FRPXQLFDFLyQ FRQ ORV GLVWLQWRV SHULIpULFRV
/DVSDQWDOODVGHFRQILJXUDFLyQVRQODVVLJXLHQWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUD OD FRQILJXUDFLyQ GHO GLVSOD\ KHPRV GH PDUFDU HO FXDGUR GH
YHULILFDFLyQ8VDU'LVSOD\\DTXHGHRWURPRGRORVSDUiPHWURVLQWURGXFLGRV
QRHMHUFHUiQQLQJXQDDFFLyQVREUHHOGLVSRVLWLYR
x
x
x
x
x
x
3XHUWR GHO 'LVSOD\ 6HOHFFLRQDU GH OD OLVWD GHVSOHJDEOH HO SXHUWR HQ HO
FXDOVHHQFXHQWUDHQFKXIDGRHOGLVSOD\
$FWLYDU'LVSOD\ 6HFXHQFLDGHHVFDSHSDUDODDFWLYDFLyQGHOGLVSOD\
/LPSLDU'LVSOD\ 6HFXHQFLDGHHVFDSHSDUDOLPSLDUHOGLVSOD\
(VFULELUHQOtQHDVXSHULRU 6HFXHQFLDGHHVFDSHSDUDSRGHUHVFULELUHQ
ODOtQHDVXSHULRUGHOGLVSOD\
(VFULELUHQOtQHDLQIHULRU 6HFXHQFLDGHHVFDSHSDUDSRGHUHVFULELUHQOD
OtQHDLQIHULRUGHOGLVSOD\
&RQILJXUDFLyQ GHO SXHUWR 9HORFLGDG \ SDULGDG GH ELWV SDUD H SXHUWR
VHOHFFLRQDGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUDODFRQILJXUDFLyQGHODLPSUHVRUDODSDQWDOODHVODVLJXLHQWH
(Q SULPHU OXJDU GHEHPRV LQGLFDU VL OD LPSUHVRUD TXH YDPRV D XWLOL]DU
FRQHOWHUPLQDOSXQWRGHYHQWDHVXQDLPSUHVRUDQRUPDORXQD LPSUHVRUDGH
WLFNHWV 6L OD LPSUHVRUD HV XQD LPSUHVRUD QRUPDO VyOR KDEUi TXH FRQILJXUDU
FXDOHVHOSXHUWRGHFRPXQLFDFLRQHVHQHOFXDOVHHQFXHQWUDODLPSUHVRUD\D
TXH GHO UHVWR VH HQFDUJDUi HO 'ULYHU SURSRUFLRQDGR SRU HODEULFDQWH
I
6L OD
LPSUHVRUDHVXQDLPSUHVRUDGHWLFNHWVVtKDEUiTXHLQGLFDUODVVHFXHQFLDVGH
HVFDSHSDUDODVGLVWLQWRWLSRVGHOHWUDHWF
x
x
x
x
x
x
x
x
x
3XHUWR GH LPSUHVRUD GH WLFNHWV 6HOHFFLRQDU GH OD OLVWD HO SXHUWR GH
FRPXQLFDFLRQHVHQHOTXHVHHQFXHQWUDHQFKXIDGDODLPSUHVRUD
/tQHDVGHVDOWR ,QGLFDUHOQ~PHURGHOtQHDVTXHGHEHGDUODLPSUHVRUD
SDUDSRQHUHOWLFNHWHQOtQHDFRQODKRMDGHFRUWHGHODLPSUHVRUD
$FWLYDU,PSUHVRUD 6HFXHQFLDGHHVFDSHSDUDDFWLYDUODLPSUHVRUD
(QIDWL]DGD21 6HFXHQFLDSDUDDFWLYDUODOHWUDHQIDWL]DGDQHJULWD
(QIDWL]DGD2)) 6HFXHQFLDSDUDGHVDFWLYDUODOHWUDHQIDWL]DGDQHJULWD
1HJUR21 6HFXHQFLDSDUDDFWLYDUODWLQWDQHJUD
5RMR21 6HFXHQFLDSDUDDFWLYDUODWLQWDURMD
,WiOLFD21 6HFXHQFLDSDUDDFWLYDUODOHWUD,WiOLFDFXUVLYD
,WiOLFD2)) 6HFXHQFLDSDUDGHVDFWLYDUODOHWUD,WiOLFDFXUVLYD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
2),0$7,&$-$(16/
$FWLYDU FDUiWHUHV SRU OtQHD YLD 2ILJHV 0DUFDQGR HVWH FXDGUR GH
YHULILFDFLyQVHSRGUiQLPSULPLUKDVWDFDUDFWHUHVSDUDODGHVFULSFLyQGHO
DUWtFXOR3DUDHOORVHSXHGHLQGLFDUXQFDPELRHQHOWDPDxRGHODIXHQWH
,PSULPLU 7LFNHW HVSHFLDO (O SURJUDPD SUHVHQWD XQ IRUPDWR GH WLFNHW
HVWiQGDU SDUD VX LPSUHVLyQ 6LQ HPEDUJR GLFKR IRUPDWR VH SXHGH
SHUVRQDOL]DUHVGHFLUVHSXHGHFDPELDU\GLFKRFDPELRORSXHG
HKDFHUHO
SURSLRXVXDULR(QFDVRGHTXHGLFKRIRUPDWRVHJXDUGHHQHOGLVFRFRQ
DOJ~QQRPEUHLQGLFDUGLFKRQRPEUHHQHOVLJXLHQWHFDPSRLQGLFDQGRORV
PiUJHQHVHQPLOtPHWURVWDQWRVXSHULRUFRPRL]TXLHUGR
3DUDODFRQILJXUDFLyQGHOFDMyQSRUWDPRQHGDV
3DUD SRGHU KDFHU XVR GHO FDMyQ SRUWDPRQHGDV GHEHPRV PDUFDU HO
FXDGURGHYHULILFDFLyQ8VDU&DMyQ
x
x
3XHUWRGHO&DMyQ3RUWD0RQHGDV 6HOHFFLRQDUGHODOLVWDHOSXHUWRHQHO
TXHVHHQFXHQWUDHQFKXIDGRHOFDMyQSRUWDPRQHGDV
$SHUWXUDGHOFDMyQ 6HFXHQFLDSDUDODDSHUWXUDGHOFDMyQ
3DUD FRQILUPDU OD FRQILJXUDFLyQ GHO 739 KDUHPRV FOLFN HQ HO ERWyQ
$FHSWDU 6L OR TXH TXHUHPRV HV SHUVRQDOL]DU OD FRQILJXUDFLyQ SDUD XQ
WHUPLQDO GHWHUPLQDGR KDUHPRV FOLFN HQ HO ERWyQ3HUVRQDOL]DU (VWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
SURFHVR GH SHUVRQDOL]DFLyQ HV LUUHYHUVLEOH KDFLHQGR FOLFN HQ HO ERWyQ
'HVSHUVRQDOL]DU
3DUiPHWURVGHO739
'HVGHHVWDRSFLyQFRQILJXUDPRVODVFXHQWDVGHOWHUPLQDOSXQWRGH
YHQWDTXHVHXWLOL]DUiQSDUDORVDSXQWHVFRQWDEOHVJHQHUDGRVSRUGLFKR739
/DSDQWDOODHVODVLJXLHQWH
x
x
x
x
x
x
x
&WDGH9HQWDV ,QGLFDUODFXHQWDGHYHQWDVGHPHUFDGHUtDTXHVHXWLOL]DUi
SDUDORVDSXQWHVGHODYHQWD
&WDGH&WHV9DULRV ,QGLFDUODFXHQWDGHFOLHQWHVYDULRVTXHVHXWLOL]DUi
SDUDORVDSXQWHVFRQWDEOHVGHYHQWD+D\TXHGLVWLQJXLUHQWUHODFXHQWDGH
YHQWDV\ODILFKDGHFOLHQWH/DILFKDGHOFOLHQWHSDUDODFRQILJXUDFLyQGH
IRUPDVGHSDJRHWFVHUiVLHPSUHGHOPRGRGGGGRQGHGGGHV
ODGHOHJDFLyQTXHKD\GHFODUDGDHQ3DUiPHWURVGHOD(PSUHVD
0HWiOLFRHQ%DVH &XHQWDGHFDMDSDUDODIRUPDGHSDJRPHWiOLFRTXHVH
KDJDHQODPRQHGDEDVH
7DORQHVHQ%DVH &XHQWDTXHVHXWLOL]DUiSDUDORVDSXQWHV
FRUUHVSRQGLHQWHVDORVFREURVUHDOL]DGRVHQWDORQHVGHODGLYLVDEDVH
7DUMHWDVHQ%DVH &XHQWDTXHVHXWLOL]DUiSDUDORVDSXQWHVFRQWDEOHV
FRUUHVSRQGLHQWHVDORVFREURVUHDOL]DGRVFRQWDUMHWDHQODGLYLVDEDVH
0HWiOLFRHQ$OWHU &XHQWDTXHVHXWLOL]DUiSDUDORVDSXQWHVFRQWDEOHV
FRUUHVSRQGLHQWHVDORVFREURVHQPHWiOLFRFRQODGLYLVDDOWHUQDWLYD
GHFODUDGDHQSDUiPHWURVGHODHPSUHVD
7DORQHVHQ$OWHU &XHQWDTXHVHXWLOL]DUiSDUDORVDSXQWHVFRQWDEOHV
FRUUHVSRQGLHQWHVDORVFREURVKHFKRVFRQWDORQHVHQODGLYLVDDOWHUQDWLYD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
2),0$7,&$-$(16/
7DUMHWDVHQ$OWHU &XHQWDTXHVHXWLOL]DUiSDUDORVDSXQWHVFRQWDEOHV
FRUUHVSRQGLHQWHVDORVFREURVKHFKRVFRQWDUMHWD\FRQODGLYLVD
DOWHUQDWLYD
8VDU*HVWLyQGH'HVFXHQWRV3Uy[LPD&RPSUD 0DUFDQGRHVWDFDVLOOD
DFWLYDUHPRVODJHVWLyQSDUDORVGHVFXHQWRVHQSUy[LPDVFRPSUDVGH
QXHVWURVFOLHQWHV'HPRGRTXHDOKDFHUWLFNHWVDQXHVWURVFOLHQWHV
SRGUHPRVHIHFWXDUOHDXWRPiWLFDPHQWHXQGHVFXHQWRHQVXVSUy[LPDV
FRPSUDV/DIRUPDGHUHDOL]DUGLFKRVGHVFXHQWRVVHGHWDOODHQODRSFLyQ
GHO0HQ~739o7LFNHWV
'WR'HIHFWR 3RUFHQWDMHGHGHVFXHQWRTXHVHDSOLFDUiSRUGHIHFWRHQ
ODJHVWLyQGHGHVFXHQWRVSDUDSUy[LPDVFRPSUDV(VWHSRUFHQWDMHOR
SRGUHPRVPRGLILFDUVLHPSUHTXHTXHUDPRVFXDQGRGXUDQWHODUHDOL]DFLyQ
GHXQWLFNHWQRVSLGDHOLPSRUWHDGHVFRQWDUHQHOSUy[LPRWLFNHW
/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
)RUPDWRGH7LFNHWV
&RPR\DVHKDLQGLFDGRHQDSDUWDGRVDQWHULRUHVORVWLFNHWVVHSXHGHQ
IRUPDWHDUGHIRUPDSHUVRQDOL]DGDHVGHFLUSXHGHQWHQHUORVFDPSRVTXHVH
GHVHHGHQWURGHXQRVOtPLWHV\HVWRVFDPSRVVHSXHGHQFRORFDUHQODIRUPD
\WDPDxRTXHGHVHHHOXVXDULR/DSDQWDOODGHVGHODTXHVHFRQILJXUDUiGLFKR
IRUPDWRGHWLFNHWHVODVLJXLHQWH
(OSURJUDPDWLHQHXQIRUPDWRSUHYLRRWDPELpQOODPDGRHVWiQGDUVREUH
HO FXDO SRGHPRV WUDEDMDU KDVWD FRQVHJXLU XQ IRUPDWR SHUVRQDOL]DGR TXH VH
DGDSWHDODVH[LJHQFLDVGHFDGDXQR&RPRVHSXHGHDSUHFLDUHOWLFNHWHVWi
FRPSXHVWR SRU XQD VHULH GH OtQHDV FDGD XQD GH HOODV FRQ XQD VHULH GH
VLJQRVFRPDQGRVTXHODKDFHQGLVWLQWDVXQDVGHRWUDV(VWRVFRPDQGRVR
VLJQRV QR KD\ TXH FRQRFHUORV \D TXH KDFLHQGR XVR GHO PHQ~ HO SURJUDPD
ORVLQVHUWDUi\ORVLQWHUSUHWDUiHQODIRUPDFRUUHFWD3DVHPRVSXHVDFRQRFHU
TXp IRUPDWRV R IXHQWHV SRGHPRV XVDU \ TXp FDPSRV SRGHPRV KDFHU TXH
DSDUH]FDQHQHOWLFNHW
0(1887,/,'$'(6
x
,QVHUWDU +DFLHQGR FOLFN VREUH HVWH ERWyQ LQVHUWDUHPRV XQD OtQHD HQ
EODQFRHQHOIRUPDWRGHOWLFNHW
%RWyQ,QVHUWDU1XHYD/tQHD
x
%RUUDU +DFLHQGR FOLFN VREUH HVWH ERWyQ ERUUDUHPRV HQ HO IRUPDWR GHO
WLFNHWODOtQHDTXHWHQJDPRVVHOHFFLRQDGDHQD]XO
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
%RWyQ%RUUD/tQHD
x
,PSULPLU 3UXHED +DFLHQGR FOLFN VREUH HVWH ERWyQ SRGUHPRV VDFDU SRU
LPSUHVRUD XQD SUXHED SDUD FRPSUREDU FRPR TXHGDUi ILQDOPHQWH OD
LPSUHVLyQGHWLFNHWV
%RWyQ,PSULPLU3UXHED
0(18)8(17(6
(OWLSRGHIXHQWHHVGHFLUHOWLSRGHOHWUDVHUiHQFDGDFDVRODTXHWHQJD
VHOHFFLRQDGDODLPSUHVRUDORTXHVtSRGHPRVKDFHUHVTXHDOJXQDVSDODEUDV
DSDUH]FDQHQURMRHQQHJULWDHWF
x
3RQHUHQ5RMR
%RWyQ3RQHU)XHQWHHQ5RMR
x
3RQHUHQ(QIDWL]DGD
%RWyQ3RQHU)XHQWHHQ(QIDWL]DGD1HJULWD
x
3RQHUHQ,WDOLFD
%RWyQ3RQHU)XHQWHHQ,WDOLFD&XUVLYD
3DUDHOORSRUHMHPSOR\VREUHHOIRUPDWRHVWiQGDUYDPRVDLQVHUWDUGHEDMR
GHO QRPEUH GH OD HPSUHVD OD KRUD \ OD IHFKD HQ QHJULWD 3DUD HOOR QRV
FRORFDUHPRVHQODILODQ~PHUR\SXOVDQGR(17(5SDVDUHPRVDPRGR
HGLFLyQERUUDUHPRVORVFDPSRV)HFKD\KRUDSXOVDQGRODWHFOD6835$
FRQWLQXDFLyQ HQ IXHQWHV SXOVDUHPRV HQ1 \ D FRQWLQXDFLyQ HQ FDPSRV
VHOHFFLRQDUHPRVHOFDPSRIHFKD\DFRQWLQXDFLyQHOFDPSRKRUDGHMDQGR
HQWUHHOORVXQRVFXDQWRVHVSDFLRVHQEODQFR3XOVDPRVGHQXHYR(17(5
\ YHUHPRV HQ OD PXHVWUD GH OD GHUHFKD TXH OD IHFKD \ OD KRUD VH KDQ
SXHVWRHQQHJULWD3XHVELHQHVWDVHUtDODIRUPDGHIRUPDWHDUHOWH[WR
3DUDDxDGLURFDPELDUOtQHDVVLGHVHDPRVERUUDUXQDOtQHDQRVFRORUHPRV
HQGLFKDOtQHDFRQODVIOHFKDVGHGLUHFFLyQ\SXOVDQGRODWHFOD6835VH
ERUUDUi 3DUD LQVHUWDU OtQHDV WHQHPRV HQ XWLOLGDGHV ,16(57$5 /Ë1(
$
&75/,16(57
0(18&$0326
/RVFDPSRVTXHSRGHPRVLQWURGXFLUHQHOWLFNHWVHHQFXHQWUDQHQHOPHQ~
&DPSRV\VRQORVVLJXLHQWHV
x
'DWRVGH(PSUHVD
1RPEUH(PSUHVD 1RPEUHGHODHPSUHVDSDUD739TXHVHLQWURGXMR
HQ'DWRVFRPHUFLDOHV GH3DUiPHWURVGHODHPSUHVD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&,)&LIGHOD(PSUHVD
'LUHFFLyQ 'LUHFFLyQGHOD(PSUHVD
/RFDOLGDG/RFDOLGDGGHOD(PSUHVD
3URYLQFLD3URYLQFLDGHOD(PSUHVD
&yGLJR3RVWDO&yGLJR3RVWDOGHOD(PSUHVD
7HOHIRQR7HOHIRQRGHOD(PSUHVD
)HFKD )HFKDGHWUDEDMR
+RUD +RUDGHOVLVWHPD
1ž7LFNHW
1ž/LQHDV 1~PHURGHOtQHDVTXHFRQWLHQHHOWLFNHW
,PSRUWH7RWDO
7RWDO/HWUD
7RWDO(XURV ,PSRUWHWRWDOHQHXURV
1ž$UWtFXORV 1~PHURGHDUWtFXORYHQGLGRVHQHOWLFNHW
'HVFXHQWR
0RQHGD
$FUpGLWR ,PSRUWHTXHVHKDGHMDGRDFUpGLWR
(QWUHJDV'HYROXFLyQ
(QWUHJDWRWDOHQ3WDV
(QWUHJDGRDOFDPELR
(QWUHJDHQ(XURV
(QWUHJDHQFKHTXHV
(QWUHJDHQ7DUMHWDV
(QWUHJDHQ9DOHV
(QWUHJDHQ(IHFWLYR
'HYROXFLyQ
'HYROXFLyQHQ(XURV
6LJXLHQWH'WR
1žGH$SDUWDGR
1RPEUHGHOFOLHQWH
0HQVDMHJOREDO
9HQGHGRU
'HVJORVHGH,9$
'HVJORVHGH,9$9HUWLFDO
&OLHQWHV
'LUHFFLyQ
0XQLFLSLR
7HOpIRQRV
&,)
7RWDO,PS(VSHFLDO
7RWDO,PS(VSHFLDO%
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QODSDUWHGHODGHUHFKDGHODSDQWDOODHQFRQWUDPRVXQDSUHYLVXDOL]DFLyQ
GHO WLFNHW DXQTXH WDPELpQ VH SXHGH LPSULPLU XQD SUXHED SDUD YHU FRPR
TXHGDHOUHVXOWDGR6LKDFHPRVFOLFNHQODSUHYLVXDOL]DFLyQGHODGHUHFKD
DSDUHFHUi HQ OD SDUWH FHQWUDO GH OD SDQWDOOD FRPR TXHGDUtD GLFKR WLFNHW
FRQPiVDXPHQWRV3DUDTXLWDUHVWHHMHPSOREDVWDUiFRQKDFHUFOLFNHQpO
)RUPDWRGH5HFLERV
(VWDXWLOLGDGFRPRODDQWHULRUWLHQHODPLVLyQGHFDPELDUHOIRUPDWRGH
ORVUHFLERVGHFREURHPLWLGRVSRUHO739(OIXQFLRQDPLHQWRGHODSDQWDOODHV
LJXDODODGH)RUPDWRGH7LFNHWVSRUORTXH~QLFDPHQWHFRPHQWDUHPRVORV
FDPSRVTXHVHSXHGHQLQFOXLUHQGLFKRIRUPDWR6RQORVVLJXLHQWHV
0(1887,/,'$'(6
x
,QVHUWDU +DFLHQGR FOLFN VREUH HVWH ERWyQ LQVHUWDUHPRV XQD OtQHD HQ
EODQFRHQHOIRUPDWRGHOWLFNHW
%RWyQ,QVHUWDU1XHYD/tQHD
x
%RUUDU +DFLHQGR FOLFN VREUH HVWH ERWyQ ERUUDUHPRV HQ HO IRUPDWR GHO
WLFNHWODOtQHDTXHWHQJDPRVVHOHFFLRQDGDHQD]XO
%RWyQ%RUUD/tQHD
x
,PSULPLU 3UXHED +DFLHQGR FOLFN VREUH HVWH ERWyQ SRGUHPRV VDFDU SRU
LPSUHVRUD XQD SUXHED SDUD FRPSUREDU FRPR TXHGDUi ILQDOPHQWH OD
LPSUHVLyQGHWLFNHWV
%RWyQ,PSULPLU3UXHED
0(18)8(17(6
(OWLSRGHIXHQWHHVGHFLUHOWLSRGHOHWUDVHUiHQFDGDFDVRODTXHWHQJD
VHOHFFLRQDGDODLPSUHVRUDORTXHVtSRGHPRVKDFHUHVTXHDOJXQDVSDODEUDV
DSDUH]FDQHQURMRHQQHJULWDHWF
x
3RQHUHQ5RMR
%RWyQ3RQHU)XHQWHHQ5RMR
x
3RQHUHQ(QIDWL]DGD
%RWyQ3RQHU)XHQWHHQ(QIDWL]DGD1HJULWD
x
3RQHUHQ,WDOLFD
%RWyQ3RQHU)XHQWHHQ,WDOLFD&XUVLYD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUDHOORSRUHMHPSOR\VREUHHOIRUPDWRHVWiQGDUYDPRVDLQVHUWDUGHEDMR
GHO QRPEUH GH OD HPSUHVD OD KRUD \ OD IHFKD HQ QHJULWD 3DUDHOOR QRV
FRORFDUHPRVHQODILODQ~PHUR\SXOVDQGR(17(5SDVDUHPRVDPRGR
HGLFLyQERUUDUHPRVORVFDPSRV)HFKD\KRUDSXOVDQGRODWHFOD6835$
FRQWLQXDFLyQ HQ IXHQWHV SXOVDUHPRV HQ1 \ D FRQWLQXDFLyQ HQ FDPSRV
VHOHFFLRQDUHPRVHOFDPSRIHFKD\DFRQWLQXDFLyQHOFDPSRKRUDGHMDQGR
HQWUHHOORVXQRVFXDQWRVHVSDFLRVHQEODQFR3XOVDPRVGHQXHYR(17(5
\ YHUHPRV HQ OD PXHVWUD GH OD GHUHFKD TXH OD IHFKD \ OD KRUD VH KDQ
SXHVWRHQQHJULWD3XHVELHQHVWDVHUtDODIRUPDGHIRUPDWHDUHOWH[WR
3DUDDxDGLURFDPELDUOtQHDVVLGHVHDPRVERUUDUXQDOtQHDQRVFRORUHPRV
HQGLFKDOtQHDFRQODVIOHFKDVGHGLUHFFLyQ\SXOVDQGRODWHFOD6835VH
ERUUDUi 3DUD LQVHUWDU OtQHDV WHQHPRV HQ XWLOLGDGHV ,16(57$5 /Ë1($
&75/,16(57
0(18&$0326
1RPEUH(PSUHVD 1RPEUHGHODHPSUHVDSDUDHO739
&,)
)HFKD )HFKDGHWUDEDMRGHODDSOLFDFLyQ
+RUD +RUDGHOVLVWHPD
1RPEUH&OLHQWH
&RQFHSWR5HFLER 7H[WRLQWURGXFLGRSRUHOXVXDULRFRPRFRQFHSWRGHO
UHFLER
,PSRUWH7RWDO ,PSRUWHWRWDOFREUDGR
0HQVDMHJOREDO
x
x
x
x
x
x
x
x
)RUPDWRGH9DOHV
(VWDXWLOLGDGFRPRODDQWHULRUWLHQHODPLVLyQGHFDPELDUHOIRUPDWRGH
ORVYDOHVHPLWLGRVGHVGHHO739(OIXQFLRQDPLHQWRGHODSDQWDOODHVLJXDOD
ODGH)RUPDWRGH7LFNHWV SRUORTXH~QLFDPHQWHFRPHQWDUHPRVORVFDPSRV
TXHVHSXHGHQLQFOXLUHQGLFKRIRUPDWR(VWRVVRQORVVLJXLHQWHV
0(1887,/,'$'(6
x
,QVHUWDU +DFLHQGR FOLFN VREUH HVWH ERWyQ LQVHUWDUHPRV XQD OtQHD HQ
EODQFRHQHOIRUPDWRGHOWLFNHW
%RWyQ,QVHUWDU1XHYD/tQHD
x
%RUUDU +DFLHQGR FOLFN VREUH HVWH ERWyQ ERUUDUHPRV HQ HO IRUPDWR GHO
WLFNHWODOtQHDTXHWHQJDPRVVHOHFFLRQDGDHQD]XO
%RWyQ%RUUD/tQHD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
,PSULPLU 3UXHED +DFLHQGR FOLFN VREUH HVWH ERWyQ SRGUHPRV VDFDU SRU
LPSUHVRUD XQD SUXHED SDUD FRPSUREDU FRPR TXHGDUi ILQDOPHQWH OD
LPSUHVLyQGHWLFNHWV
%RWyQ,PSULPLU3UXHED
0(18)8(17(6
(OWLSRGHIXHQWHHVGHFLUHOWLSRGHOHWUDVHUiHQFDGDFDVRODTXHWHQJD
VHOHFFLRQDGDODLPSUHVRUDORTXHVtSRGHPRVKDFHUHVTXHDOJXQDVSDODEUDV
DSDUH]FDQHQURMRHQQHJULWDHWF
x
3RQHUHQ5RMR
%RWyQ3RQHU)XHQWHHQ5RMR
x
3RQHUHQ(QIDWL]DGD
%RWyQ3RQHU)XHQWHHQ(QIDWL]DGD1HJULWD
x
3RQHUHQ,WDOLFD
%RWyQ3RQHU)XHQWHHQ,WDOLFD&XUVLYD
3DUDHOORSRUHMHPSOR\VREUHHOIRUPDWRHVWiQGDUYDPRVDLQVHUWDUGHEDMR
GHO QRPEUH GH OD HPSUHVD OD KRUD \ OD IHFKD HQ QHJULWD 3DUD HOOR QRV
FRORFDUHPRVHQODILODQ~PHUR \SXOVDQGR(17(5SDVDUHPRVDPRGR
HGLFLyQERUUDUHPRVORVFDPSRV)HFKD\KRUDSXOVDQGRODWHFOD6835$
FRQWLQXDFLyQ HQ IXHQWHV SXOVDUHPRV HQ1 \ D FRQWLQXDFLyQ HQ FDPSRV
VHOHFFLRQDUHPRVHOFDPSRIHFKD\DFRQWLQXDFLyQHOFDPSRKRUDGHMDQGR
HQWUHHOORVXQRVFXDQWRVHVSDFLRVHQEODQFR3XOVDPRVGHQXHYR(17(5
\ YHUHPRV HQ OD PXHVWUD GH OD GHUHFKD TXH OD IHFKD \ OD KRUD VH KDQ
SXHVWRHQQHJULWD3XHVELHQHVWDVHUtDODIRUPDGHIRUPDWHDUHOWH[WR
3DUDDxDGLURFDPELDUOtQHDVVLGHVHDPRVERUUDUXQDOtQHDQRVFRORUHPRV
HQGLFKDOtQHDFRQODVIOHFKDVGHGLUHFFLyQ\SXOVDQGRODWHFOD6835VH
ERUUDUi 3DUD LQVHUWDU OtQHDV WHQHPRV HQ XWLOLGDGHV ,16(57$5 /Ë1($
&75/,16(57
0(18&$0326
x
x
x
x
x
x
x
1RPEUH(PSUHVD 1RPEUHGHODHPSUHVDSDUDHO739
&,)
)HFKD )HFKDGHWUDEDMRGHODDSOLFDFLyQ
+RUD +RUDGHOVLVWHPD
9DORUGH9DOH ,PSRUWHTXHVXSRQHHOYDOH
9HQGHGRU 9HQGHGRUTXHHPLWHHOYDOH
0HQVDMHJOREDO
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QWUHJDVDFXHQWD
'HVGH HVWD RSFLyQ VH SRGUiQ KDFHU HQWUHJDV D FXHQWDHQ FXDOTXLHU
FRQFHSWR (V UHODWLYDPHQWH IUHFXHQWH HQ GHWHUPLQDGRV QHJRFLRV TXH HO
FOLHQWH DGHODQWH GLQHUR HQ FRQFHSWR GH HQWUHJD D FXHQWD SDUD UHVHUYDU XQ
GHWHUPLQDGRDUWtFXOR(VWDVHQWUHJDVDFXHQWDVHKDUiQGHVGHHVWDSDQWDOOD
HQODFXDOLQGLFDUHPRVHOFyGLJRGHOFOLHQWHDVtFRPRHOFRQFHSWRSRUHOFXDO
VHHQWUHJD(VWDVHQWUHJDVDFXHQWDVHSRGUiQOLTXLGDUGHVGHODJHVWLyQGH
739 \D TXH DO KDFHU HO WLFNHW GH YHQWD H LQWURGXFLU HO FyGLJR GH FOLHQWH HO
SURJUDPD FRPSUXHED VL KD\HQWUHJDVDFXHQWD\VLODVKD\GDODRSFLyQGH
DSOLFDU FRPR FREUR HV GHFLU UHFRQRFH OD HQWUHJD D FXHQWD \ OD VDOGD /D
SDQWDOODHVFRPRODTXHVLJXH
x
x
x
x
x
x
x
&yGLJR&OLHQWH &yGLJRGHOFOLHQWHTXHYDDUHDOL]DUODHQWUHJDDFXHQWD
1RPEUHGHO&OLHQWH 1RPEUHGHOFOLHQWHTXHHVWiUHDOL]DQGRODHQWUHJDD
FXHQWD
&RQFHSWR %UHYHGHVFULSFLyQGHOSRUTXpGHODHQWUHJDDFXHQWD
)HFKD )HFKDHQODTXHVHKDFHOHHQWUHJDDFXHQWD
)3DJR )RUPDGHSDJRHQODTXHVHKDFHODHQWUHJD+D\TXHWHQHUHQ
FXHQWD TXH OD IRUPD GH SDJR DSOLFDEOH HQ HVWH FDVR QR SXHGH VHU GH
FUpGLWR
,PSRUWH(QWUHJDGR ,PSRUWHTXHVHHQWUHJDDFXHQWD
&DMD &yGLJRGHODFDMDHQODTXHVHHVWiKDFLHQGRODHQWUHJDDFXHQWD
8QDYH] KHFKDODHQWUHJDDFXHQWDHOSURJUDPDSUHJXQWDUiVLVHGHVHD
HPLWLUUHFLERGHFREUR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
*HQHUDFLyQGH)DFWXUDV'LDULDV
3DUDDTXHOORVSDtVHVFRPRSRUHMHPSOR0p[LFRHQORVTXHORVWLFNHWV
QRWLHQHQYDOLGH]ILVFDOGLVSRQHPRVGHHVWDRSFLyQPHGLDQWHODFX
DO
SRGHPRVJHQHUDUXQDIDFWXUDSRUHOWRWDOGHWLFNHWVHPLWLGRVHQWUHORVOLPLWHV
LQGLFDGRVHQHOILOWURGHVHOHFFLyQ
/DSDQWDOODHVODVLJXLHQWH
x
x
x
x
x
x
x
x
'HVGHIHFKD )HFKDGHORVWLFNHWVGHVGHORVFXDOHVTXHUHPRVJHQHUDU
GLFKDIDFWXUD
+DVWDIHFKD )HFKDGHORVWLFNHWVKDVWDORVFXDOHVTXHUHPRVJHQHUDU
GLFKDIDFWXUD
&OLHQWH &yGLJRGHFOLHQWHDOTXHVHOHYDDLPSXWDUODIDFWXUDJHQHUDGD
6HULH 6HULHFRQODFXDOVHJHQHUDUiGLFKDIDFWXUD
)RUPDGHSDJR )RUPDGHSDJRSRUGHIHFWRTXHVHDVLJQDUiDGLFKD
IDFWXUD
*HQHUDU)DFWXUDV 3XOVDQGRVREUHHVWHERWyQVHJHQHUDUiODIDFWXUDGH
WRGRVORVWLFNHWVFRPSUHQGLGRVHQWUHODVIHFKDVLQGLFDGDV
,PSULPLU/LVWDGR $FWXDOPHQWHQRVHHQFXHQWUDKDELOLWDGRGLFKRERWyQ
6DOLU 3XOVDQGRVREUHHVWHERWyQVHVDOGUiGHODSDQWDOOD*HQHUDFLyQGH
)DFWXUD'LDULD
127$,03257$17( 8QDYH]JHQHUDGDODIDFWXUDGLDULDQRVHGHEHQ
PRGLILFDUQLQJXQRGHORVWLFNHWVTXHFRQIRUPHQGLFKDIDFWXUDSRUORTXHVH
GHEHHVWDUFRPSOHWDPHQWHVHJXURDQWHVGHUHDOL]DUGLFKRSURFHVR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
*HVWLyQSUy[LPRVGHVFXHQWRV
0HGLDQWHHVWDRSFLyQSRGUHPRVOOHYDUXQFRQWUROH[KDXVWLYRGHORV
GHVFXHQWRVDSOLFDGRV\SRUDSOLFDUDQXHVWURVFOLHQWHVHQSUy[LPDVFRPSUDV
GHVGHHO739
3DUDHOORGHEHPRVPDUFDUSUHYLDPHQWHODRSFLyQ8VDU*HVWLyQGH
'HVFXHQWRV3Uy[LPD&RPSUDGHOPHQ~3DUiPHWURVGHO739
(VWDRSFLyQHVWiOLJDGDDOD*HVWLyQGH7LFNHWVGRQGHSRUPHGLRGHO
&yGLJRGHO&OLHQWHRVX&yGLJRGH%DUUDVGXUDQWHODFUHDFLyQGHXQWLFNHW
SRGUHPRVLQGLFDUHOWLSRGHGHVFXHQWRDDSOLFDURHOGHVFXHQWRTXHVHOHKDUi
ODSUy[LPDYH]TXHUHDOLFHXQDFRPSUD
/DSDQWDOODSDUDODJHVWLyQGHSUy[LPRVGHVFXHQWRVHVODVLJXLHQWH
x
x
x
x
x
x
x
'HVGH )HFKDGHVGHODFXDOTXHUHPRVDSOLFDUHQHOILOWURGHVHOHFFLyQGH
SUy[LPDVFRPSUDV
+DVWD )HFKDKDVWDODFXDOTXHUHPRVDSOLFDUHQHOILOWURGHVHOHFFLyQGH
SUy[LPDVFRPSUDV
'HVGH&OLHQWH &yGLJRGHFOLHQWHGHVGHODFXDOTXHUHPRVDSOLFDUHQHO
ILOWURGHVHOHFFLyQGHSUy[LPDVFRPSUDV
+DVWD&OLHQWH &yGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVDSOLFDUHQHOILOWUR
GHVHOHFFLyQGHSUy[LPDVFRPSUDV
&yGLJRGHEDUUDVGHOFOLHQWHGHVGHODFXDOTXHUHPRVDSOLFDUHQHO
ILOWURGHVHOHFFLyQGHSUy[LPDVFRPSUDV
&yGLJRGHEDUUDVGHOFOLHQWHKDVWDODFXDOTXHUHPRVDSOLFDUHQHOILOWUR
GHVHOHFFLyQGHSUy[LPDVFRPSUDV
&DUJDU'DWRV $OSXOVDUVREUHHVWHERWyQVHFDUJDUiQWRGRVORVGDWRV
FRPSUHQGLGRVHQWUHORVOLPLWHVLQGLFDGRVHQHOILOWURGHVHOHFFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DVHPRVDGHVFULELUHOGHVJORVHGHODVOtQHDVUHVXOWDQWHVGHODVHOHFFLyQ
&yGLJR &yGLJRGHFOLHQWHDVLJQDGRHQHOILFKHURGH&OLHQWHV
&yGLJR%DUUDV &yGLJRGHEDUUDVGHOFOLHQWHDVLJQDGRHQHOILFKHURGH
&OLHQWHV
1RPEUHGHO&OLHQWH 1RPEUHGHO&OLHQWH
&RQFHSWR
)HFKD )HFKDHQODTXHVHUHDOL]RODFRPSUD
,PSRUWH7LFNHW ,PSRUWHWRWDOGHO7LFNHW
,PSRUWH'WR ,PSRUWHGHOGHVFXHQWRDSOLFDGRHQHO7LFNHW
x
x
x
x
x
x
x
(QHOFXDGUR&RQILJXUDFLyQGH,PSUHVLyQSRGUHPRVILOWUDUDODKRUDGH
VDFDUXQOLVWDGRSRU SDQWDOODRSRULPSUHVRUDSRU
'HVFXHQWRV3HQGLHQWHV
'HVFXHQWRV\DDSOLFDGRV$ODFWLYDUHVWDRSFLyQVHKDELOLWDUiQORV
FDPSRV'HVGH+DVWD HQORVFXDOHVSRGUHPRVLQGLFDUHQWUHTXH
IHFKDVTXHUHPRVVDFDUGLFKRVOLVWDGRV
7RGRV
0(1887,/,'$'(6
x
%RUUDU WRGRV 'WRV HQWUH IHFKDV &RQ HVWH FRPDQGR SRGHPRV ERUUDU
WRGRV ORV GHVFXHQWRV VHOHFFLRQDGRV HQ OD OLVWD SHQGLHQWHV \ DSOLFDGRV
HQWUHODVIHFKDVLQGLFDGDV
%RWyQ%RUUDUWRGRV'WRVHQWUHIHFKDV
x
$xDGLU &75/ $ &RQ HVWH FRPDQGR SRGHPRV DxDGLU PDQXDOPHQWH
XQ QXHYR GHVFXHQWR D XQ FOLHQWH GHELHQGR LQGLFDU VX FyGLJR GHFOLHQWH
FyGLJRGHEDUUDVLPSRUWHGHWLFNHWGHVFXHQWRDSOLFDGRHWF
%RWyQ$xDGLU
x
&RQVXOWDU &75/ & &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH
HQFXHQWUH DFWLYR FRQVXOWDU OD ILFKD GHO FyGLJR GHO ILFKHUR HQ HO TXH QRV
HQFRQWUHPRV (VWH FRPDQGR HV HTXLYDOHQWH D OD FRPELQDFLyQ GH WHFODV
&75/5(3$*
%RWyQ&RQVXOWDU
x
0RGLILFDU &75/ 0 &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH
HQFXHQWUH DFWLYR PRGLILFDU OD ILFKD FRUUHVSRQGLHQWH DO FyGLJR HQ HO TXH
QRV HQFRQWUHPRV (VWH FRPDQGR HV HTXLYDOHQWH D OD FRPELQDFLyQ GH
WHFODV&75/),1
%RWyQ0RGLILFDU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
%RUUDU 'HVFXHQWR &RQ HVWH FRPDQGR SRGHPRV ERUUDU FXDQGR VH
HQFXHQWUH DFWLYR HO GHVFXHQWR SHQGLHQWH R DSOLFDGR D XQ FOLHQW
H HQ
FRQFUHWR
%RWyQ%RUUDU'HVFXHQWR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
+LVWyULFRV
+LVWyULFRGH3UHVXSXHVWRV
'HVGHHVWDRSFLyQSRGHPRVLPSULPLUSUHVXSXHVWRVTXHVHHQFXHQWUDQ
HQ HO KLVWyULFR HV GHFLU VRQ SUHVXSXHVWRV TXH KDQ VLGR DFHSWDGRV \
WUDQVIRUPDGRVHQSHGLGRV/RVFDPSRVTXHFRPSRQHQHOILOWURSDUDHOOLVWDGR
VRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH D SDUWLU GHO FXDO TXHUHPRV
OLVWDUHOKLVWyULFRGHSUHVXSXHVWRV
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVOLVWDUHO
KLVWyULFRGHSUHVXSXHVWRV
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHSUHVXSXHVWRV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
SUHVXSXHVWRV
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH SUHVXSXHVWRV GH
DTXHOORV GRFXPHQWRV TXH FRQWHQJDQ XQ DUWtFXOR GHWHUPLQDGR LQGLFDU HO
FyGLJRGHGLFKRDUWtFXORHQHVWHFDPSR
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GHXQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH SUHVXSXHVWRVGH DTXHOORV
GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR WUDEDMDGRU
LQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHSUHVXSXHVWRV
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HO FXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHSUHVXSXHVWRV
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR
+LVWyULFRGH3HGLGRV
'HVGHHVWDRSFLyQSRGHPRVLPSULPLUORVSHGLGRVTXHVHHQFXHQWUDQHQ
HO KLVWyULFR HV GHFLU VRQ SHGLGRV TXH KDQ VLGR DFHSWDGRV \ WUDQVIRUPDGRV
HQ DOEDUiQ /RV FDPSRV TXH FRPSRQHQ HO ILOWUR SDUD HO OLVWDGR VRQ ORV
VLJXLHQWHV
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH D SDUWLU GHO FXDO TXHUHPRV
OLVWDUHOKLVWyULFRGHSHGLGRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVOLVWDUHO
KLVWyULFRGHSHGLGRV
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHSHGLGRV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
SHGLGRV
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH SHGLGRV GH DTXHOORV
GRFXPHQWRVTXHFRQWHQJDQXQDUWtFXORGHWHUPLQDGRLQGLFDUHOFyGLJRGH
GLFKRDUWtFXORHQHVWHFDPSR
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GH XQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH SHGLGRV GH DTXHOORV
GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR WUDEDMDGRU
LQGLFDUHOFyGLJR GHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHSHGLGRV
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HO FXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHSHGLGRV
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR
+LVWyULFRGHGHSyVLWRV
'HVGHHVWDRSFLyQSRGHPRVLPSULPLUGHSyVLWRVTXHVHHQFXHQWUDQHQ
HOKLVWyULFRHVGHFLUVRQGHSyVLWRVTXHKDQVLGRDFHSWDGRV\WUDQVIRUPDGRV
HQ DOEDUiQ /RV FDPSRV TXH FRPSRQHQ HO ILOWUR SDUD HO OLVWDGR VRQ ORV
VLJXLHQWHV
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH D SDUWLU GHO FXDO TXHUHPRV
OLVWDUHOKLVWyULFRGHGHSyVLWRV
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVOLVWDUHO
KLVWyULFRGHGHSyVLWRV
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHGHSyVLWRV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
GHSyVLWRV
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH GHSyVLWRVGH DTXHOORV
GRFXPHQWRVTXHFRQWHQJDQXQDUWtFXORGHWHUPLQDGRLQGLFDUHOFyGLJRGH
GLFKRDUWtFXORHQHVWHFDPSR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
2),0$7,&$-$(16/
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GHXQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH GHSyVLWRV GH DTXHOORV
GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR WUDEDMD
GRU
LQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHGHSyVLWRV
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HO FXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHGHSyVLWRV
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR
+LVWyULFRGH$OEDUDQHV
'HVGHHVWDRSFLyQSRGHPRVLPSULPLUDOEDUDQHVTXHVHHQFXHQWUDQHQ
HOKLVWyULFRHVGHFLUVRQDOEDUDQHVTXHKDQVLGRDFHSWDGRV\WUDQVIRUPDGRV
HQ IDFWXUD /RV FDPSRV TXH FRPSRQHQ HO ILOWUR SDUD HO OLVWDGR VRQ ORV
VLJXLHQWHV
x
x
x
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH D SDUWLU GHO FXDO TXHUHPRV
OLVWDUHOKLVWyULFRGHDOEDUDQHV
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVOLVWDUHO
KLVWyULFRGHDOEDUDQHV
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHDOEDUDQHV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
DOEDUDQHV
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH DOEDUDQHVGH DTXHOORV
GRFXPHQWRVTXHFRQWHQJDQXQDUWtFXORGHWHUPLQDGRLQGLFDUHOFyGLJRGH
GLFKRDUWtFXORHQHVWHFDPSR
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GHXQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH DOEDUDQHV GH DTXHOORV
GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR WUDEDMD
GRU
LQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHDOEDUDQHV
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HO FXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHDOEDUDQHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR
+LVWyULFRGHIDFWXUDV
'HVGH HVWD RSFLyQ SRGHPRV UHLPSULPLU ODV IDFWXUDV /RV FDPSRV TXH
FRPSRQHQHOILOWURSDUDHOOLVWDGRVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH D SDUWLU GHO FXDO TXHUHPRV
OLVWDUHOKLVWyULFRGHIDFWXUDV
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVOLVWDUHO
KLVWyULFRGHIDFWXUDV
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHIDFWXUDV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
IDFWXUDV
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH IDFWXUDV GH DTXHOORV
GRFXPHQWRVTXHFRQWHQJDQXQDUWtFXORGHWHUPLQDGRLQGLFDUHOFyGLJRGH
GLFKRDUWtFXORHQHVWHFDPSR
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GHXQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH IDFWXUDV GH DTXHOORV
GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR WUDEDMDGRU
LQGLFDU HOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHIDFWXUDV
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HOFXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHIDFWXUDV
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
+LVWyULFRGHIDFWXUDVSURIRUPD
'HVGH HVWD RSFLyQ SRGHPRV UHLPSULPLU ODV IDFWXUDV SURIRUPD /RV
FDPSRVTXHFRPSRQHQHOILOWURSDUDHOOLVWDGRVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH D SDUWLU GHO FXDO TXHUHPRV
OLVWDUHOKLVWyULFRGHIDFWXUDVSURIRUPD
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVOLVWDUHO
KLVWyULFRGHIDFWXUDVSURIRUPD
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHIDFWXUDVSURIRUPD
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
IDFWXUDVSURIRUPD
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH IDFWXUDV SURIRUPDGH
DTXHOORV GRFXPHQWRV TXH FRQWHQJDQ XQ DUWtFXOR GHWHUPLQDGR LQGLFDU HO
FyGLJRGHGLFKRDUWtFXORHQHVWHFDPSR
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GHXQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH IDFWXUDV SURIRUPD GH
DTXHOORV GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR
WUDEDMDGRULQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHIDFWXUDVSURIRUPD
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HO FXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHIDFWXUDVSURIRUPD
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR
+LVWyULFRGH2IHUWDVGHSURYHHGRU
'HVGH HVWD RSFLyQ SRGHPRV KDFHU XQ OLVWDGR GHO KLVWyULFR GH 2IHUWDV
GH SURYHHGRU 6RQ DTXHOODV RIHUWDV TXH KHPRV DFHSWDGR \ TXH KDQ VLGR
FRQYHUWLGDVHQSHGLGRGHSURYHHGRU/RVFDPSRVTXHFRQIRUPDQORVOtPLWHV
SDUDHOOLVWDGRVRQORVVLJXLHQWHV
x
x
x
'HVGH 3URYHHGRU ,QGLFDU HO FyGLJR GH SURYHHGRU D SDUWLU GHO FXDO
TXHUHPRVOLVWDUHOKLVWyULFRGHRIHUWDV
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUKDVWDHOFXDOTXHUHPRV
OLVWDUHOKLVWyULFRGHRIHUWDV
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHRIHUWDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
2),0$7,&$-$(16/
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
RIHUWDV
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH RIHUWDV GH DTXHOORV
GRFXPHQWRVTXHFRQWHQJDQXQDUWtFXORGHWHUPLQDGRLQGLFDUHOFyGLJRGH
GLFKRDUWtFXORHQHVWHFDPSR
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GHXQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH RIHUWDV GH DTXHOORV
GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR WUDEDMDGRU
LQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHRIHUWDV
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HO FXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHRIHUWDV
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR(OOLVWDGRHVGHODVLJX
LHQWHIRUPD
+LVWyULFRGH3HGLGRVGHSURYHHGRU
'HVGH HVWD RSFLyQ SRGHPRV KDFHU XQ OLVWDGRGHOKLVWyULFRGHSHGLGRV
GH SURYHHGRU 6RQ DTXHOORV SHGLGRV TXH KHPRV UHFLELGR \ TXH KDQ VLGR
FRQYHUWLGRV HQ DOEDUDQHVGH SURYHHGRU /RV FDPSRV TXH FRQIRUPDQ ORV
OtPLWHVSDUDHOOLVWDGRVRQORVVLJXLHQWHV
x
'HVGH 3URYHHGRU ,QGLFDU HO FyGLJR GH SURYHHGRU D SDUWLU GHO FXDO
TXHUHPRVOLVWDUHOKLVWyULFRGHSHGLGRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUKDVWDHOFXDOTXHUHPRV
OLVWDUHOKLVWyULFRGHSHGLGRV
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHSHGLGRV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
SHGLGRV
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH SHGLGRV GH DTXHOORV
GRFXPHQWRVTXHFRQWHQJDQXQDUWtFXORGHWHUPLQDGRLQGLFDUHOFyGLJRGH
GLFKRDUWtFXORHQHVWHFDPSR
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GHXQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH SHGLGRV GH DTXHOORV
GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR WUDEDMDGRU
LQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHSHGLGRV
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HO FXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHSHGLGRV
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR(OOLVWDGRHVGHODVLJX
LHQWHIRUPD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
+LVWyULFRGHDOEDUDQHVGHSURYHHGRU
'HVGHHVWDRSFLyQSRGHPRVKDFHUXQOLVWDGRGHOKLVWyULFRGHDOEDUDQHV
GH SURYHHGRU 6RQ DTXHOORV DOEDUDQHV TXH KHPRV UHFLELGR \ TXH KDQ VLGR
FRQYHUWLGRVHQ IDFWXUDVGHSURYHHGRU/RVFDPSRVTXHFRQIRUPDQORVOtPLWHV
SDUDHOOLVWDGRVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
'HVGH 3URYHHGRU ,QGLFDU HO FyGLJR GH SURYHHGRU D SDUWLU GHO FXDO
TXHUHPRVOLVWDUHOKLVWyULFRGHDOEDUDQHV
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUKDVWDHOFXDOTXHUHPRV
OLVWDUHOKLVWyULFRGHDOEDUDQHV
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHDOEDUDQHV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
DOEDUDQHV
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH DOEDUDQHV GH DTXHOORV
GRFXPHQWRVTXHFRQWHQJDQXQDUWtFXORGHWHUPLQDGRLQGLFDUHOFyGLJRGH
GLFKRDUWtFXORHQHVWHFDPSR
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GHXQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH DOEDUDQHV GH DTXHOORV
GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR WUDEDMDGRU
LQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHDOEDUDQHV
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HO FXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHDOEDUDQHV
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR(OOLVWDGRHVGHODVLJXLHQWHIRUPD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
+LVWyULFRGHIDFWXUDVGHSURYHHGRU
'HVGHHVWDRSFLyQSRGHPRVKDFHUXQOLVWDGRGHOKLVWyULFRGHIDFWXUDV
GHSURYHHGRU/RVFDPSRVTXHFRQIRUPDQORVOtPLWHVSDUDHOOLVWDGRVRQORV
VLJXLHQWHV
x
x
x
x
x
x
x
x
x
'HVGH 3URYHHGRU ,QGLFDU HO FyGLJR GH SURYHHGRU D SDUWLU GHO FXDO
TXHUHPRVOLVWDUHOKLVWyULFRGHIDFWXUDV
+DVWD3URYHHGRU ,QGLFDUHOFyGLJRGHSURYHHGRUKDVWDHOFXDOTXHUHPRV
OLVWDUHOKLVWyULFRGHIDFWXUDV
'HVGH )HFKD ,QGLFDU OD IHFKD D SDUWLU GH OD FXDO TXHUHPRV OLVWDU HO
KLVWyULFRGHIDFWXUDV
+DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVOLVWDUHOKLVWyULFRGH
IDFWXUDV
&RQ $UWtFXOR 6L TXHUHPRV VDFDU HO KLVWyULFR GH IDFWXUDV GH DTXHOORV
GRFXPHQWRVTXHFRQWHQJDQXQDUWtFXORGHWHUPLQDGRLQGLFDUHOFyGLJRGH
GLFKRDUWtFXORHQHVWHFDPSR
9HQGHGRU 6LTXHUHPRVVDFDUGHOKLVWyULFRVyORGHDTXHOORVGRFXPHQWRV
GHXQGHWHUPLQDGRYHQGHGRULQGLFDUHOFyGLJRGHGLFKRYHQGHGRUHQHVWH
FDPSR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH IDFWXUDV GH DTXHOORV
GRFXPHQWRV TXH IXHURQ LQWURGXFLGRV SRU XQ GHWHUPLQDGR WUDEDMDGRU
LQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGRGHKLVWyULFRGHIDFWXUDV
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH GRFXPHQWR KDVWD HO FXDO
TXHUHPRVUHDOL]DUHOOLVWDGRGHKLVWyULFRGHIDFWXUDV
(O OLVWDGR VH SRGUi KDFHU HQ IRUPD GHWDOODGD R UHVXPLGD (Q IRUPD
UHVXPLGDVyORQRVHGDUiLQIRUPDFLyQDFHUFDGHODVOtQHDVGHODIDFWXUD
(OKLVWyULFRVHSRGUiOLVWDUWDQWRSRULPSUHVRUDFRPRSRUSDQWDOODVHJ~Q
SXOVHPRVXQERWyQGHFRPDQGRXRWUR(OOLVWDGRHVGHODVLJXLHQWHIRUPD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
7(625(5Ë$
3DUiPHWURV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ )LFKHURV 0DHVWURVÆ
3DUiPHWURVGH7HVRUHUtD
/tQHDVGH'HVFXHQWR
&RQVXOWDUHOPyGXORGH7HVRUHUtDVHFFLyQ)LFKHURV0DHVWURV
Æ /tQHDVGH
'HVFXHQWR
7DEODGH7LPEUHV
&RQVXOWDUHOPyGXORGH7HVRUHUtDVHFFLyQ)LFKHURV0DHVWURVÆ 7DEODGH
7LPEUHV
&REUDGRUHV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ )LFKHURV 0DHVWURV Æ
&REUDGRUHV
&DMDV
&RQVXOWDUHOPyGXORGH7HVRUHUtDVHFFLyQ)LFKHURV0DHVWURV
Æ &DMDV
(QWUDGD5HFWLILFDFLyQGH9HQFLPLHQWRV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH 9HQFLPLHQWRVÆ
(QWUDGD5HFWLILFDFLyQGH9HQFLPLHQWRV
/LVWDGRGH9HQFLPLHQWRV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH 9HQFLPLHQWRVÆ
/LVWDGRGH9HQFLPLHQWRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&REURV*OREDOHV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH &REURV3DJRVÆ
&REURV
6HOHFFLyQGH3DJRV*OREDOHV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH &REURV3DJRVÆ
6HOHFFLyQGH3DJRV*OREDOHV
(PLVLyQGH&KHTXHV3DJDUpV\R&DUWDV
&RQVXOWDUHOPyGXORGH7HVRUHUtDVHFFLyQ*HVWLyQGH3DJDUpVÆ (PLVLyQ
GH&KHTXHV3DJDUHV&DUWDV
&RQWDELOL]DFLyQGH3DJRV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH 3DJDUpVÆ
&RQWDELOL]DFLyQGH&KHTXHV3DJDUpV
&DMD
(QWUDGDV0RYLPLHQWRVGH&DMD
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH &REURV3DJRVÆ
(QWUDGDV6DOLGDVGH&DMD
3DJRV6DOLGDV0RYLPLHQWRVGH&DMD
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH &REURV3DJRVÆ
(QWUDGDV6DOLGDVGH&DMD
$UTXHRGH&DMD
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH &REURV3DJRVÆ
$UTXHR&LHUUHGH&DMD
&LHUUHGH&DMD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH &REURV3DJRVÆ
$UTXHR&LHUUHGH&DMD
/LVWDGR0RYLPLHQWRVGH&DMD
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH &REURV3DJRVÆ
/LVWDGRGH0RYLPLHQWRVGH&DMD
5HPHVDV
(PLVLyQGH5HFLERV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ 5HPHVDV Æ (PLVLyQ GH
5HFLERV
'LVSRQLELOLGDGGHODV/tQHDVGH'HVFXHQWR
&RQVXOWDUHOPyGXORGH7HVRUHUtDVHFFLyQ5HPHVDVÆ 'LVSRQLELOLGDGGH
ODV/tQHDVGH'HVFXHQWR
(QWUDGD5HFWLILFDFLyQ0DQXDOGH5HPHVDV
&RQVXOWDU HO PyGXOR GH
(QWUDGD5HFWLILFDFLyQGH5HPHVDV
7HVRUHUtD
VHFFLyQ
5HPHVDV Æ
5HPHVDVSDUD&REUDGRUHV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ 5HPHVDVÆ 5HPHVDV GH
&REUDGRUHV
/LVWDGR5HPHVDV%DQFDULDV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ 5HPHVDVÆ /LVWDGR GH
5HPHVDV%DQFDULDV
/LTXLGDFLyQGH5HPHVDV%DQFDULDV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ 5HPHVDVÆ /LTXLGDFLyQ GH
5HPHVDV
5HPHVDVHQ6RSRUWH0DJQpWLFR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ 5HPHVDVÆ 5HPHVDV HQ
6RSRUWH0DJQpWLFR
&RQWDELOL]DFLyQGHOD5HPHVD
&RQVXOWDUHOPyGXORGH7HVRUHUtDVHFFLyQ5HPHVDVÆ &RQWDELOL]DFLyQGH
5HPHVDV
$QXODFLyQ'RFXPHQWRV9HQFLGRV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ 5HPHVDVÆ $QXODFLyQ GH
9HQFLPLHQWRV5HPHVDGRV
,PSDJDGRV
(QWUDGDGH,PSDJDGRV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH ,PSDJDGRVÆ
(QWUDGDGH,PSDJDGRV
$QXODFLyQ,PSDJDGRV
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ ,PSDJDGRVÆ $QXODFLyQ GH
,PSDJDGRV
&RQWURO&DUWDVGH&REUR
&RQVXOWDU HO PyGXOR GH 7HVRUHUtD VHFFLyQ *HVWLyQ GH ,PSDJDGRVÆ
&RQWURO&DUWDVGH&REUR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RPHUFLDO
&DWiORJRV
(VWDRSFLyQD~QQRHVWiGLVSRQLEOHHQODYHUVLyQDFWXDOGH2IL*HV
(QWUDGDGH&RQWDFWRV
(VWDRSFLyQD~QQRHVWiGLVSRQLEOHHQODYHUVLyQDFWXDOGH2IL*HV
6HFWRUHV
'HVGHHVWDRSFLyQGHOPHQ~FRPHUFLDOHVGDUHPRVGHDOWDWRGRVORV
VHFWRUHVDORVTXHSHUWHQHFHQQXHVWURVFOLHQWHV\SURYHHGRUHV(VWRQRV
VHUiGHJUDQD\XGD\DTXHWHQGUHPRVDHVWRVELHQFODVLILFDGRV\QRV
DKRUUDUiXQDLPSRUWDQWHFDQWLGDGGHWLHPSRDODKRUDGHUHDOL]DUPDLOLQJV
HQYLDUIHOLFLWDFLRQHVDDTXHOORVFOLHQWHVRSURYHHGRUHVGHXQFLHUWRVHFWRU
HWF
(OFDPSRSDUDODDVLJQDFLyQGHQXHVWURVFOLHQWHVRSURYHHGRUHVDXQ
FLHUWRVHFWRUVHLQWURGXFLUiHQHOFDPSR7LSRGH1HJRFLR\7LSRGH
1HJRFLRGHOILFKHURGH&OLHQWHV 'DWRV&RPHUFLDOHV\7LSRGH1HJRFLR
GHOILFKHURGH3URYHHGRUHV 'DWRV&RPHUFLDOHVVLHPSUH\FXDQGRHVWpQ
FUHDGRVGHDQWHPDQRGHVGHHOPHQ~6HFWRUHV
/DSDQWDOODSDUDHOGHVHFWRUHVHVODVLJXLHQWH
3UHYLDPHQWHVHKDUiXQFOLFNVREUHHOLFRQR$xDGLU+RMDHQEODQFR
GHOPHQX6HFWRUHV\DFRQWLQXDFLyQDSDUHFHUiODSDQWDOODSDUDHODOWDGH
VHFWRUHVWDO\FRPRYHPRVHQHOJUiILFR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$VLJQDUHPRVXQFyGLJRTXHGHVLJQHXQVHFWRU\DFRQWLQXDFLyQXQD
GHVFULSFLyQ
3RU(MHPSOR$UTo $UTXLWHFWRV)RQo )RQWDQHUtD,QIo ,QIRUPiWLFD
HWF
3Uy[LPRV8OWLPRV&RQWDFWRV
(VWDRSFLyQD~QQRHVWiGLVSRQLEOHHQODYHUVLyQDFWXDOGH2IL*HV
&RQYHUVLyQDGH&OLHQWHV
(VWDRSFLyQD~QQRHVWiGLVSRQLEOHHQODYHUVLyQDFWXDOGH2IL*HV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6$7
$UWtFXORV6HULDOL]DGRV
'HVGH HVWD RSFLyQ SRGHPRV KDFHU XQ OLVWDGR GHORVPRYLPLHQWRVTXH
KDWHQLGRXQDUWtFXORHQQXHVWURVWDOOHUHVDWHQGLHQGRDVXQ~PHURGHVHULH
/RV PRYLPLHQWRV GH DUWtFXORV VHULDOL]DGRVVH JUDEDQ FXDQGR VH JUDEDQ ODV
RUGHQHVGHUHSDUDFLyQ\VHLQGLFDHOQ~PHURGHVHULHGHODUWtFXOR/RVOtPLWHV
TXHFRQIRUPDQHOILOWURGHVHOHFFLyQVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
'HVGH&OLHQWH ,QGLFDUHOFyGLJRGHOFOLHQWHTXHHVSURSLHWDULRGHODUWtFXOR
GHVGHHOFXDOTXHUHPRVFRPHQ]DUODVHOHFFLyQGHOOLVWDGR
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHOFOLHQWHTXHHVSURSLHWDULRGHODUWtFXOR
VHULDOL]DGRKDVWDHOFXDOTXHUHPRVUHDOL]DUHOOLVWDGR
'HVGH )HFKD ,QGLFDU OD IHFKD GH ORV PRYLPLHQWRV GHVGH OD FXDO
TXHUHPRVILOWUDUHOOLVWDGR
+DVWD)HFKD ,QGLFDUODIHFKDGHORVPRYLPLHQWRVKDVWDODFXDOTXHUHPRV
ILOWUDUHOOLVWDGR
'HVGH'RFXPHQWR ,QGLFDUHOQ~PHURGHIDFWXUDGHUHSDUDFLyQGHVGHOD
FXDOTXHUHPRVILOWUDUHOOLVWDGR
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH IDFWXUD GH UHSDUDFLyQ KDVWD OD
FXDOTXHUHPRVILOWUDUHOOLVWDGR
'HVGH1žGH6HULH 6LTXHUHPRVOLVWDUORVPRYLPLHQWRVGHXQDVHULHGH
DUWtFXORV HQ FRQFUHWR LQGLFDU HO Q~PHUR GH VHULH D SDUWLU GHO FXDO
TXHUHPRVILOWUDUHOOLVWDGR
+DVWD 1ž GH 6HULH ,QGLFDU HO Q~PHUR GH VHULH KDVWD HO FXDO TXHUHPRV
ILOWUDUHOOLVWDGR
(OOLVWDGRHVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
*DUDQWtDV$UWtFXORV
(VWDRSFLyQD~QQRHVWiGLVSRQLEOHHQODYHUVLyQDFWXDOGH2IL*HV
$YLVRV
'HVGHHVWDRSFLyQVHLQWURGXFLUiQORVDYLVRVGHUHSDUDFLyQJHQHUDQGR
XQ ILFKHUR FRQ ORV DYLVRV GH UHSDUDFLyQ SHQGLHQWHV (Q HVWRV DYLVRV
LQGLFDUHPRVODSURFHGHQFLDGHGLFKRDYLVRVHODUWtFXORDUHSDUDU\VXQ~PHUR
GH VHULH DVt FRPR ORV VtQWRPDV GH DYHUtD TXH HQFXHQWUD HO FOLHQWH (VWRV
DYLVRV SDVDUiQ D XQ KLVWyULFR FXDQGR HO DYLVR VH FRQYLHUWD HQ RUGHQ GH
UHSDUDFLyQ/DSDQWDOODSDUDODHQWUDGDGHDYLVRVHVODVLJXLHQWH
6HULH 6HULH GH OD TXH VH WRPDUi HO QXPHUDGRU /D VHULH FRQ OD TXH
FRPLHQFH HO DYLVR VHUi OD VHULH FRQ OD TXH VH KDUi OD RUGHQ GH
UHSDUDFLyQ
x 1ž $YLVR 1~PHUR GH GRFXPHQWR 3XOVDQGR (17(5 FRQ HO FDPSR HQ
EODQFRWRPDUiHOQ~PHURGHOILFKHURGH1XPHUDGRUHV
x )HFKD$YLVR )HFKDHQODTXHVHWRPyHODYLVR3RUGHIHFWRVHUiODIHFKD
GHWUDEDMR
x 3URFHGHQFLD 0HGLR SRU HO FXDO VH WRPy HO DYLVR /RV SRVLEOHV YDORUHV
VRQ
7HOpIRQR
)D[
3HUVRQDO
&RUUHR
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&yGLJR&OLHQWH &yGLJRGHOFOLHQWHDOTXHSHUWHQHFHHODUWtFXORDUHSDUDU
1RPEUH 1RPEUH GHO FOLHQWH 6H FDUJDUi DXWRPiWLFDPHQWH DO LQGLFDU HO
FyGLJRGHFOLHQWH
&LI &LI GHO FOLHQWH 6H FDUJDUi DXWRPiWLFDPHQWH GH OD ILFKD DO LQGLFDU HO
FyGLJRGHFOLHQWH
&yGLJR3RVWDO &yGLJRSRVWDOGHOFOLHQWH6HFDUJDUiDXWRPiWLFDPHQWHDO
LQGLFDUHOFyGLJRGHFOLHQWH
'LUHFFLyQ 'RPLFLOLRGHOFOLHQWH6HFDUJDUiDXWRPiWLFDPHQWHDOLQGLFDUHO
FyGLJRGHFOLHQWH
/RFDOLGDG 0XQLFLSLRGHOFOLHQWH6HFDUJDUiDXWRPiWLFDPHQWHDOLQGLFDUHO
FyGLJRGHFOLHQWH
3URYLQFLD 3URYLQFLDGHOFOLHQWH6HFDUJDUiDXWRPiWLFDPHQWHDOLQGLFDUHO
FyGLJRGHFOLHQWH
&RQWDFWR 1RPEUHGHODSHUVRQDGHFRQWDFWR
7HOI 1~PHUR GH WHOpIRQR GHO FOLHQWH 6H FDUJDUi DXWRPiWLFDPHQWH DO
LQGLFDUHOFyGLJRGHFOLHQWH
1ž &RQWUDWR 1~PHUR GHO FRQWUDWR GH PDQWHQLPLHQWR 6H FDUJDUi
DXWRPiWLFDPHQWHHQFDVRGHTXHH[LVWD
1ž 6HULH 1~PHUR GH VHULH GHO DUWtFXOR D UHSDUDU (VWH GDWR HV GH JUDQ
LPSRUWDQFLD VL TXHUHPRV KDFHU XQ VHJXLPLHQWR GHO DUWtFXOR (VWH Q~PHUR
GH VHULH SRGUtD VHU WDPELpQ HO Q~PHUR GH EDVWLGRU GH XQ YHKtFXOR R
FXDOTXLHURWURLGHQWLILFDGRUTXHKDJD~QLFRDXQDUWtFXOR
7UDEDMDGRU &yGLJRGHOWUDEDMDGRUTXHUHFLEHHODYLVR
)HFKD GH DUUHJOR (VWH FDPSR VH DFWXDOL]DUi FXDQGR VH ILQDOLFH OD
UHSDUDFLyQ
'HVFULSFLyQGHODDYHUtD 'HVFULSFLyQGHODDYHUtDTXHQRVGDHOFOLHQWH
2EVHUYDFLRQHV &XDOTXLHU FRPHQWDULR TXH SXHGD DFODUDU X RULHQWDU DO
WpFQLFR
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
$GHPiV GH WRGRV HVWRV FDPSRV TXH SUHVHQWD OD SDQWDOOD GH HQWUDGD GH
DYLVRVFRQWDPRVGRVPHQ~VTXHDFRQWLQXDFLyQGHWDOODPRV
0(1887,/,'$'(6
x
$xDGLU&75/$ &RQHVWHFRPDQGRSRGHPRVFXDQGRVHHQFXHQWUH
DFWLYR DxDGLU XQ FyGLJR DO ILFKHURGH FUXFH HQHOTXHQRVHQFRQWUHPRV
HV GHFLU VL QRV HQFRQWUDPRV HQ HO FDPSR YHQGHGRU \ KDFHPRV XVR GH
HVWDXWLOLGDGSDVDUHPRVDOPRGRGH$OWDGHOILFKHURGHYHQGHGRUHV(VWH
FRPDQGRWDPELpQVHFRQVLJXHPHGLDQWHODFRPELQDFLyQGHWHFODV&75/
$93$*
%RWyQ$xDGLU
x
&RQVXOWDU &75/ & &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH
HQFXHQWUH DFWLYR FRQVXOWDU OD ILFKD GHO FyGLJR GHO ILFKHUR HQ HO TXH QRV
HQFRQWUHPRV (VWH FRPDQGR HV HTXLYDOHQWH D OD FRPELQDFLyQ GH WHFODV
&75/5(3$*
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
%RWyQ&RQVXOWDU
x
0RGLILFDU &75/ 0 &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH
HQFXHQWUH DFWLYR PRGLILFDU OD ILFKD FRUUHVSRQGLHQWH DO FyGLJR HQ HO TXH
QRV HQFRQWUHPRV (VWH FRPDQGR HV HTXLYDOHQWH D OD FRPELQDFLyQ GH
WHFODV&75/),1
%RWyQ0RGLILFDU
x
%XVFDU &RQHVWHFRPDQGRSRGHPRVEXVFDUXQFyGLJRGHQWURGHOILFKHUR
HQ HO TXH QRV HQFRQWUHPRV (VWH FRPDQGR HV HTXLYDOHQWH D OD
FRPELQDFLyQGHWHFODV&75/,1,&,2
%RWyQ%XVFDU
0(1Ò'2&80(172
x
1XHYR &RQHVWHFRPDQGRHOLPLQDPRVHOGRFXPHQWRDFWXDOSDUDJHQHUDU
XQRQXHYR6LHOGRFXPHQWRTXHWHQHPRVHQSDQWDOODQRHVQXHYRVLQR
TXHHVXQRH[LVWHQWHTXHHVWDPRVPRGLILFDQGRHOSURJUDPDSUHJXQWDUiVL
ORTXHUHPRVJUDEDUDQWHVGHOLPSLDUODSDQWDOOD
%RWyQ1XHYR'RFXPHQWR
x
%RUUDU (ODYLVRVHSRGUiJUDEDUVRODPHQWHRVHSRGUiJUDEDUHLPSULPLU
3DUD ERUUDU XQ DYLVR VyOR WHQGUHPRV TXH WHFOHDU HO Q~PHUR GHO DYLVR \
XQDYH]TXHORWHQJDPRVHQSDQWDOODSXOVDUHOERWyQ%RUUDU
%RWyQ%RUUDU'RFXPHQWR
x
&DPSRV'HILQLEOHV&75/( (VWRVFDPSRVGHILQLEOHVVRQVLPLODUHV
D ORV TXH \DYLPRV HQ ORV 3DUiPHWURV GH (PSUHVD SDUD ORV ILFKHURV GH
$UWtFXORV &OLHQWHV \ 3URYHHGRUHV FRQ OD GLIHUHQFLD TXH HVWRV FDPSRV
GHILQLEOHV VH FRQILJXUDQ GHVGH3DUiPHWURV GHO 6$7 3DUD KDFHU TXH VH
PXHVWUHQORVFDPSRVGHILQLEOHVSXOVDUHPRVHQHOLFRQRTXHSDU
DHOORKD\
HQODEDUUDGHKHUUDPLHQWDVRELHQFRQODFRPELQDFLyQGHWHFODV&75/
(
%RWyQ0RVWUDU&DPSRV'HILQLEOHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
5HSDUDFLRQHV
'HVGH HVWD RSFLyQ VH KDUi HO DOEDUiQ GH UHSDUDFLyQ WDPELpQ OODPDGR
RUGHQ GH UHSDUDFLyQ HQ OD FXDO VH LQGLFDUiQRV
O DUWtFXORV XWLOL]DGRV SDUD OD
UHSDUDFLyQGHODUWtFXORDVtFRPRODPDQRGHREUDORVGHVSOD]DPLHQWRVHWF
3DUDHQWUDUHQHVWDSDQWDOODWHQHPRVXQLFRQRGHDFFHVRGLUHFWRHQODEDUUD
GH KHUUDPLHQWDV \ WDPELpQ SRGHPRV SXOVDU OD WHFOD ) /D SDQWDOOD HVOD
VLJXLHQWH
(O IXQFLRQDPLHQWR GH HVWD SDQWDOOD HV LJXDO D OD SDQWDOOD GH SHGLGRV
DOEDUDQHV HWF 3ULPHUR GHEHPRV LQGLFDU OD VHULH GH OD TXH VH WRPDUi HO
QXPHUDGRU $ FRQWLQXDFLyQ LQGLFDUHPRV HO Q~PHUR GH GRFXPHQWR (VWD
RSHUDFLyQ OD SRGHPRV KDFHU PDQXDO R DXWRPiWLFDPHQWH 0DQXDOPHQWH
LQWURGXFLUHPRV HO Q~PHUR TXH GHVHHPRV GDU DO GRFXPHQWR
$XWRPiWLFDPHQWH VH WRPDUi HO Q~PHUR GH ORV 1XPHUDGRUHV SDUD HOOR
SXOVDUHPRV(17(5FRQHOFDPSRHQEODQFR8QDYH]LQGLFDGDODVHULH\HO
Q~PHUR LQGLFDUHPRVOD IHFKD HQ OD TXH FRPLHQ]D OD UHSDUDFLyQ TXH SRU
GHIHFWRVHUiODIHFKDGHWUDEDMRGHODDSOLFDFLyQ$FRQWLQXDFLyQLQGLFDUHPRV
HOQ~PHURGHDYLVRGHOTXHSURFHGHHVWDUHSDUDFLyQHQFDVRGHTXHODKD\D
6L H[LVWH XQ DYLVR GH UHSDUDFLyQ SUHYLR OD UHSDUDFLyQ WRPDUi ORV GDWRV GH
HOOD 6L QR H[LVWH DYLVR SUHYLR KDEUi TXH VHJXLU LQWURGXFLHQGR GDWRV $
FRQWLQXDFLyQ LQGLFDUHPRV HO WLSR GH GRFXPHQWR HV GHFLU VL VH WUDWD GH XQD
UHSDUDFLyQRGHXQSUHVXSXHVWRGHUHSDUDFLyQ/DGLIHUHQFLDUDGLFDHQTXHHO
SUHVXSXHVWRQRGDUiGHEDMDGHDOPDFpQQLQJ~QDUWtFXOR(VWR~OWLPRHVGH
JUDQXWLOLGDG\DTXHSULPHURSRGHPRVSDVDUDOFOLHQWHXQSUHVXSXHVWRGHOD
UHSDUDFLyQ\VLHOFOLHQWHORDFHSWDOR~QLFRTXHKDEUiTXHFDPELDUHVHOWLSR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
GHGRFXPHQWRGH3UHVXSXHVWRD5HSDUDFLyQ\JUDEDUGLFKRGRFXPHQWR8QD
YH]VHFRPSOHWHQORVGDWRVGHODFDEHFHUDVHSDVDUiODODVOtQHDVRGHWDOOH
GH OD UHSDUDFLyQ HQ OD TXH LQGLFDUHPRV ORV DUWtFXORV XWLOL]DGRV HQ OD
UHSDUDFLyQODPDQRGHREUD\FXDOTXLHURWURFRQFHSWRTXHIRUPHSDUWH
GHOD
UHSDUDFLyQ 3DUD HOOR QRV VLWXDUHPRV HQ OD OLVWD \ SXOVDUHPRV (17(5 SDUD
HQWUDUHQPRGRHGLFLyQGHPRGRTXHSRGDPRVWHFOHDUHOFyGLJRGHDUWtFXOR
TXHYDPRVDXWLOL]DUVLVHFRQRFH\VLQRVHSRGUiEXVFDUFRQODFRPELQDFLyQ
GHWHFODV&75/,1,&,2RKDFLHQGRFOLFNHQHOLFRQRTXHKD\HQODEDUUDGH
KHUUDPLHQWDVSDUDWDOILQ'HXQDOtQHDDRWUDSDVDUHPRVFRQODVIOHFKDVGH
GLUHFFLyQ6LGHVHDPRVERUUDUXQDOtQHDEDVWDUiFRQVLWXDUVHHQGLFKDOtQHD\
SXOVDU OD WHFOD 6835 3DUD LQVHUWDU XQD OtQHD XVDUHPRV HO LFRQR TXH KD\
GHVWLQDGRSDUDHOORHQODEDUUDGHKHUUDPLHQWDVRELHQSXOVDUHPRVODVWHFODV
&75/ ,16(57 3DUD ERUUDU XQD RUGHQ GH UHSDUDFLyQ LQGLFDUHPRV HO
Q~PHURGHUHSDUDFLyQ\SXOVDUHPRVHOERWyQ%RUUDU
8QD YH] ILQDOL]DGD OD RUGHQ GH UHSDUDFLyQ HO GRFXPHQWR VH SRGUi
FHUUDURELHQVRODPHQWHVHJUDEDUi/DGLIHUHQFLDHQWUHFHUUDUXQDRUGHQRQR
FHUUDUOD HVWi HQ TXH XQD UHSDUDFLyQ QR FHUUDGD QR SRGUi VHU IDFWXUDGD \D
TXHVHFRQVLGHUDTXHD~QQRHVWiWHUPLQDGD
3DVHPRV D FRQWLQXDFLyQ D FRPHQWDUXQR D XQR ORV HOHPHQWRV GH OD
SDQWDOODGHUHSDUDFLRQHVTXHVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
x
x
x
6HULH 1RPEUHGHODVHULHGHODTXHWRPDUiHOQXPHUDGRU
1ž 5HSDUDFLyQ 1~PHUR GH UHSDUDFLyQ (O Q~PHUR VH SRGUi LQGLFDU
DXWRPiWLFDPHQWH SXOVDQGR (17(5 FRQ HO FDPSR HQ EODQFR R ELHQ
PDQXDOPHQWHWHFOHDQGRHOQ~PHURTXHGHVHHHOXVXDULR6LLQWURGXFLPRV
HOQ~PHURPDQXDOPHQWHGHEHPRVWHQHUHQFXHQWDTXHGHEHPRVOOHYDUXQ
RUGHQ
)HFKD )HFKD HQ OD TXH VH FRPLHQ]D OD UHSDUDFLyQ 3RU GHIHFWR VHUi OD
IHFKDGHWUDEDMRGHODDSOLFDFLyQ
1ž $YLVR 1~PHUR GH DYLVR SRU HO TXH VH GLR HQWUDGD D OD UHSDUDFLyQ$O
LQGLFDU Q~PHUR GH DYLVR VH FRPSOHWDQ DXWRPiWLFDPHQWH ORV GDWRV GH OD
FDEHFHUD 1RHVREOLJDWRULRTXHXQDUHSDUDFLyQSURYHQJDGHXQDYLVRGH
UHSDUDFLyQ
7LSR GH 'RFXPHQWR ,QGLFDU VL HO GRFXPHQWR TXH HVWDPRV
FRQIHFFLRQDQGRHVXQ3UHVXSXHVWRGHUHSDUDFLyQRXQDUHSDUDFLyQHQVt
6L SULPHUR QHFHVLWDPRV SDVDU XQ SUHVXSXHVWR GH UHSDUDFLyQ DO FOLHQWH
VHOHFFLRQDUHPRV 3UHVXSXHVWRV \ XQD YH] TXH HO FOLHQWH DFHSWH GLFKR
SUHVXSXHVWR \ VH UHDOLFH OD UHSDUDFLyQ EDVWDUi FRQ FDPELDU HO YDORU GH
HVWHFDPSR
&RGLJR &OLHQWH &yGLJR GHO FOLHQWH TXH HV SURSLHWDULR GHO DUWtFXOR D
UHSDUDU
1RPEUH 1RPEUHGHOFOLHQWH
&LI &yGLJRGHLGHQWLILFDFLyQILVFDOGHOFOLHQWH
1ž &RQWUDWR 1~PHUR GHO FRQWUDWR GH PDQWHQLPLHQWR GHO FOLHQWH HQFDVR
GHORWHQJD
&yGLJR3RVWDO &yGLJRSRVWDOGHOFOLHQWH
'LUHFFLyQ 'LUHFFLyQGHOGRPLFLOLRGHOFOLHQWH
3URYLQFLD 3URYLQFLDGHOFOLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
/RFDOLGDG /RFDOLGDGGHOFOLHQWH
&RQWDFWR 3HUVRQDGHFRQWDFWR
7HOI 7HOpIRQRVGHOFOLHQWH
$UWtFXOR 6LODPiTXLQDTXHVHYDDUHSDUDUHVXQDUWtFXORTXHWHQHPRVHQ
QXHVWUR ILFKHUR GH DUWtFXORV LQGLFDU HO FyGLJR GH GLFKR DUWtFXOR 6L HO
DUWtFXORQRORYHQGHPRV\SRUORWDQWRQRORWHQHPRVHQQXHVWURILFKHURGH
DUWtFXORVQRHVREOLJDWRULR6LQHPEDUJRDODKRUDGHKDFHUXQVHJXLPLHQWR
SRU HO Q~PHUR GH VHULH VHUtD FRQYHQLHQWH WHQHU WDPELpQ HO FyGLJR GH
DUWtFXOR
1ž GH 6HULH 1~PHUR GH VHULH GH OD PiTXLQD Q~PHUR GH EDVWLGRU HQ HO
FDVRGHORVFRFKHVRVXPDWUtFXODHQUHVXPHQXQQ~PHURTXHKDJD~QLFR
DXQDUWtFXORGHQWURGHVXFODVH
)RUPD GH 3DJR )RUPDGHSDJRGHOGRFXPHQWR3RUGHIHFWRVHUi±
6HJ~QILFKD'HHVWHPRGRODIRUPDGHSDJRLUiFDPELDQGRGHXQDDRWUD
GHSHQGLHQGRGHOLPSRUWHGHOGRFXPHQWR\ODILFKDGHOFOLHQWH6LVHGHVHD
LQGLFDUXQDIRUPDGHSDJRGHWHUPLQDGDLQGLFDUVXFyGLJRHQHVWHFDPSR
+D\ TXH WHQHU HQ FXHQWD TXH SDUD TXH YDULDV RUGHQHV GH UHSDUDFLyQ VH
VXPHQHQXQD~QLFDIDFWXUDGHEHQGH WHQHUODPLVPDIRUPDGHSDJR$Vt
VLODIRUPDGHSDJRGHXQDUHSDUDFLyQHV± (IHFWRDGtDVSHURVH
KDFDOFXODGRDXWRPiWLFDPHQWHHVGHFLU6HJ~QILFKD\WHQHPRVRWU
DRUGHQ
GHUHSDUDFLyQFRQODIRUPDGHSDJR± (IHFWRDGtDVSHURHQHVWH
FDVR OD IRUPD GH SDJR VH LQGLFDGR PDQXDOPHQWH QXQFD VH VXPDUiQ HQ
XQD PLVPD IDFWXUD \D TXH SDUD HO SURJUDPD XQD WLHQH OD IRUPD GH SDJR
± 6HJ~QILFKD\ODRWUD± (IHFWR DGtDV
7UDEDMDGRU &yGLJRGHOWUDEDMDGRUGHO6$7TXHYDDUHDOL]DUODUHSDUDFLyQ
$OPDFpQ &yGLJR GHO DOPDFpQ DO TXH SHUWHQHFHQ ORV DUWtFXORV TXH VH
XWLOL]DUiQSDUDODUHSDUDFLyQ
/RFDOL]DFLyQ /XJDUHQHOTXHVHYDDUHDOL]DUODUHSDUDFLyQ/RVSRVLEOHV
YDORUHVVRQ
7DOOHU
&OLHQWH'RPLFLOLRGHOFOLHQWH
'HVFULSFLyQGHODDYHUtD %UHYHGHVFULSFLyQGHODDYHUtD3DUDSDVDUGH
HVWHFDPSRDOVLJXLHQWHORKDUHPRVFRQODWHFOD7$%
$FRQWLQXDFLyQVHLQWURGXFLUiQODVOtQHDVGHODUHSDUDFLyQ/RVYDORUHV
GH FDGDXQDGHODVFROXPQDVGHODOLVWDVRQORVVLJXLHQWHV
x
x
/L 1~PHURGHOtQHD(VWHQ~PHURVHDVLJQDGHIRUPDDXWRPiWLFD
&yG$UWtFXOR &yGLJRGHORVDUWtFXORVTXHVHXWLOL]DUiQSDUDODUHSDUDFLyQ
6H SXHGH LQWURGXFLU HO FyGLJR GHO DUWtFXOR OD UHIHUHQFLD GHO SURYHHGRU R
FXDOTXLHUDGHORVWUHVFyGLJRVGHEDUUDVTXHKD\HQODILFKDGHODUWtFXOR6L
QRVHFRQRFHQLQJXQRGHHVWRVYDORUHVSRGHPRVEXVFDUHODUWtFXORSRUVX
QRPEUHRSRUFXDOTXLHURWURFDPSRTXHVHKD\DLQFOXLGRHQODVE~VTXHGDV
GH DUWtFXORSDUDHOORSXOVDUHPRVHQHOLFRQRTXHKD\GHVWLQDGRSDUDHOOR
HQ OD EDUUD GH KHUUDPLHQWDV R ELHQ FRQ ODV WHFODV &75/ ,1,&,2 'H OD
PLVPD IRUPD TXH HQ ORV SURFHVRV GH YHQWDV KD\ XQD VHULH GH FyGLJRV
HVSHFLDOHVTXHVRQORVVLJXLHQWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
3DUDLQGLFDUTXHVHWUDWDGHXQDUWtFXORTXHD~QQRWLHQHFyGLJR
3DUDLQWURGXFLUXQFRPHQWDULR+D\TXHWHQHUHQFXHQWDTXHFDGDOtQHD
GHFRPHQWDULRQRGHEHWHQHUPiVGHFDUDFWHUHV
(QWUHJDDFXHQWD
+$UWtFXORGHFODUDGRFRPRKRUDVGHPDQRGHREUDHQ3DUiPHWUR
VGHOD
HPSUHVD
. $UWtFXOR GHFODUDGR FRPR GHVSOD]DPLHQWRV HQ 3DUiPHWURV GH OD
HPSUHVD
'HVFULSFLyQ 1RPEUHGHODUWtFXOR
,9$ 3RUFHQWDMHGH,9$FRQHOTXHVHHQFXHQWUDJUDEDGRHODUWtFXOR(VWH
SRUFHQWDMH GHEHUi FRLQFLGLU FRQ FXDOTXLHUD GH ORV WLSRV GH ,9$ TXH VH
KDQGHFODUDGRHQ3DUiPHWURVGHODHPSUHVD'DWRV)LVFDOHV
3UHFLR 3UHFLRXQLWDULRGHDUWtFXOR
&DQWLGDG 8QLGDGHVGHODUWtFXORTXHVHYDQDXWLOL]DU
'WR 3RUFHQWDMHGHGHVFXHQWRSRUOtQHD(VWHSRUFHQWDMHGHSHQGHUiGHHO
GHVFXHQWRDSOLFDEOHTXHWHQJDHOFOLHQWHHQVXILFKD\GHOWLSRGHDUWtFXOR\
WLSRGHFOLHQWHSDUDODWDEODGHGHVFXHQWRV
,PSRUWH ,PSRUWHQHWRGHODOtQHD
&RVWR 3UHFLRGHFRVWRPHGLRGHODUWtFXOR
)DFWXUDEOH /RVSRVLEOHVYDORUHVGHHVWHFDPSRVRQORVVLJXLHQWHV
6± 6t/DOtQHDVHIDFWXUDUiVLHPSUH
1 ± 1R /D OtQHD QR VH LQFOXLUi HQ IDFWXUD QXQFD 3RU HMHPSOR DOJ~Q
FRPHQWDULR
) ± )DEULFDQWH (O DUWtFXOR VH HQFXHQWUD HQ JDUDQWtD SRU FXHQWD GHO
IDEULFDQWH 6H DGMXQWDUi SDUD SHGLU ODV JDUDQWtDV DO IDEULFDQWH \ HO
LPSRUWHQRVHVXPDUiHQODIDFWXUD
* ± *DUDQWtD (O DUWtFXOR VH HQFXHQWUD HQ JDUDQWtD GDGD SRU QXHVWUD
HPSUHVD(OLPSRUWHQRVHVXPDUiDOLPSRUWHWRWDOGHIDFWXUD
7LSR/tQHD /RVSRVLEOHVYDORUHVGHHVWHFDPSRVRQORVVLJXLHQWHV
6 ± 6LHPSUH /D OtQHD DSDUHFHUi LPSUHVD WDQWR HQ ODV RUGHQHV GH
UHSDUDFLyQ FRPRHQODIDFWXUD
1± 1XQFD/DOtQHDQRVHLPSULPLUiQXQFD
)± )DFWXUD/D OtQHDVyORVHLPSULPLUiHQODIDFWXUD
$ FRQWLQXDFLyQ SDVDUHPRV D FRPHQWDU ORV FDPSRV GHO SLH GH OD
UHSDUDFLyQ
x
x
x
x
'WR 'HVFXHQWR JOREDO (VWH GHVFXHQWR VH FDUJDUi DXWRPiWLFDPHQWH
GHODILFKDGHOFOLHQWH
'WR 'HVFXHQWRJOREDO
'WR 'HVFXHQWR JOREDO (VWH GHVFXHQWR VH FDUJDUi DXWRPiWLFDPHQWH
GH OD ILFKD GH OD IRUPD GH SDJR VLHPSUH \ FXDQGR GLFKD IRUPD GH SDJR
WHQJD%RQLILFDFLyQ
5 )LQ 5HFDUJR ILQDQFLHUR (O UHFDUJR ILQDQFLHUR VH FDUJDUi GHSHQGLHQGR
GHODIRUPDGHSDJRRGHSHQGLHQGRGHODVFRQGLFLRQHVGHSDJRGHODILFKD
GHOFOLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6XPD ,PSRUWHV 6XPD GH ORV LPSRUWHV QHWRV GH ODV OtQHDV DQWHV GH
DSOLFDUGHVFXHQWRV\UHFDUJRVILQDQFLHURV
%DVH ,PSRQLEOH 6XPD GH ODV GLVWLQWDV EDVHV LPSRQLEOHV /DV GLVWLQWDV
FXRWDV GH ,9$ DSDUHFHQHQ HO FXDGUR GH OD SDUWH LQIHULRU L]TXLHUGD GH OD
SDQWDOOD
,PSRUWH 7RWDO ,PSRUWH WRWDO FRQ LPSXHVWRV LQFOXLGRV GH OD RUGHQ GH
UHSDUDFLyQ
7UDQVSRUWLVWD &yGLJRGHOWUDQVSRUWLVWD
x
x
x
x
$GHPiVGHWRGRVHVWRVFDPSRV\ERWRQHVGHFRPDQGRH[LVWHQHQHOPHQ~
GH OD SDQWDOOD WUHV RSFLRQHV 8WLOLGDGHV 9HU \ 'RFXPHQWR &RQ HVWDV
RSFLRQHVSRGUHPRVUHDOL]DUSDUWHGHODVRSFLRQHVTXH\DVHKDQPHQFLRQDGR
\ RWUDV QXHYDV XWLOLGDGHV TXH SDVDPRV D GHVFULELU &RPHQFHPRV SRU HO
PHQ~8WLOLGDGHV
0(1Ò87,/,'$'(6
x
$xDGLU&75/$ &RQHVWHFRPDQGRSRGHPRVFXDQGRVHHQFXHQWUH
DFWLYR DxDGLU XQ FyGLJR DO ILFKHUR GH FUXFH HQHOTXHQRVHQFRQWUHPRV
HV GHFLU VL QRV HQFRQWUDPRV HQ HO FDPSR YHQGHGRU \ KDFHPRV XVR GH
HVWDXWLOLGDGSDVDUHPRVDOPRGRGH$OWDGHOILFKHURGHYHQGHGRUHV(VWH
FRPDQGRWDPELpQVHFRQVLJXHPHGLDQWHODFRPELQDFLyQGHWHFODV&75/
$93$*
%RWyQ$xDGLU
x
&RQVXOWDU &75/ & &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH
HQFXHQWUH DFWLYR FRQVXOWDU OD ILFKD GHO FyGLJR GHO ILFKHUR HQ HO TXH QRV
HQFRQWUHPRV (VWH FRPDQGR HV HTXLYDOHQWH D OD FRPELQDFLyQ GH WHFODV
&75/5(3$*
%RWyQ&RQVXOWDU
x
0RGLILFDU &75/ 0 &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH
HQFXHQWUH DFWLYR PRGLILFDU OD ILFKD FRUUHVSRQGLHQWH DO FyGLJR HQ HO TXH
QRV HQFRQWUHPRV (VWH FRPDQGR HV HTXLYDOHQWH D OD FRPELQDFLyQ GH
WHFODV&75/),1
%RWyQ0RGLILFDU
x
,QVHUWDU &75/ ,16 &RQ HVWH FRPDQGR LQVHUWDUHPRV XQD OtQHD SRU
HQFLPDGHODOtQHDHQODTXHQRVHQFRQWUHPRV
%RWyQ$xDGLU
x
%XVFDU &75/ % &RQ HVWH FRPDQGR SRGHPRV EXVFDU XQ FyGLJR
GHQWUR GHO ILFKHUR HQ HO TXH QRV HQFRQWUHPRV (VWH FRPDQGR HV
HTXLYDOHQWHDODFRPELQDFLyQGHWHFODV&75/,1,&,2
%RWyQ%XVFDU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
0(189(5
5LHVJR&75/6 &RQHVWHFRPDQGRDSDUHFH\GHVDSDUHFHHOFXDGUR
FRQ ORV GDWRV GH LQWHUpV VLHPSUH \ FXDQGR HO XVXDULR WHQJD GHUHFKRV
SDUDHOOR
6DOGR&XHQWD 6DOGRFRQWDEOHGHODFXHQWDGHOFOLHQWH
(IHFWRV ,PSRUWHTXHVXSRQHQORVHIHFWRVYLYRVGHOFOLHQWH
,PSDJDGR ,PSRUWHTXHVXSRQHQORVLPSDJDGRVGHOFOLHQWH
3WDV $OED 3GWHV ,PSRUWH TXH VXSRQHQ ORV DOEDUDQHV SHQGLHQWHV GH
IDFWXUDUGHOFOLHQWH
5LHVJR &XHQWD (O ULHVJR GH OD FXHQWD VH FDOFXODUi GH OD VLJXLHQWH
IRUPD
5LHVJR6DOGR&XHQWD(IHFWRV,PSDJDGRV3WDV$OEDUDQHVSGWHV
/tPLWHGH5LHVJR /tPLWHGHULHVJRFRQFHGLGRDOFOLHQWH
'LVSRQLEOH 'LVSRQLEOH /LPLWHGHULHVJR± 5LHVJR
$OEDUDQHV3HQGLHQWHV 1~PHURGHDOEDUDQHVSHQGLHQWHVGHIDFWXUDU
8OWLPD IHFKD 9HQWD )HFKD HQ OD TXH VH KL]R OD ~OWLPD IDFWXUD DO
FOLHQWH
9HQGHGRU 9HQGHGRUKDELWXDOGHOFOLHQWH
'HVF *OREDO 3RUFHQWDMH GH GHVFXHQWR JOREDO TXH KD\ HQ OD ILFKD
GHOFOLHQWH
x
%RWyQ5LHVJRGHO&OLHQWH
x
1RWDV &75/ 1 &RQ HVWH FRPDQGR DSDUHFH HO ILFKHUR GH QRWDV GHO
FOLHQWH
%RWyQ1RWDV
x
3UHFLRV&75/( 6LWXiQGRQRVHQXQDGH ODVOtQHDVGHOGRFXPHQWR\
KDFLHQGR XVR GH HVWH FRPDQGR QRV DSDUHFHUi OD SDQWDOOD GH 3UHFLRV \
([LVWHQFLDVGHODUWtFXORTXHWHQJDPRVPDUFDGR
%RWyQ3UHFLRV
x
5HQWDELOLGDG&75/7 &RQHVWHFRPDQGRYHUHPRVODSDQWDOODFRQHO
GHVJORVHGHUHQWDELOLGDGGHOGRFXPHQWRTXHHVODVLJXLHQWH
%RWyQ9HU5HQWDELOLGDG
x
9HU &RVWHV &75/ ' 6LWXiQGRQRV HQ XQD GH ODV OtQHDV GHO
GRFXPHQWR\KDFLHQGRXVRGHHVWHFRPDQGRQRVDSDUHFHUiHQSDQWDOOD
HOILFKHURGHSURPRFLRQHVGHODUWtFXORTXHVHHQFXHQWUHPDUFDGR
%RWyQ9HU&RVWHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
&DPSRV 'HILQLEOHV &75/ ( 3DUD KDFHU TXH VH PXHVWUHQ ORV
FDPSRV GHILQLEOHV SXOVDUHPRV HQ HO LFRQR TXH SDUD HOOR KD\ HQ OD EDUUD
GHKHUUDPLHQWDVRELHQFRQODFRPELQDFLyQGHWHFODV&75/(
%RWyQ0RVWUDU&DPSRV'HILQLEOHV
0(18'2&80(172
x
1XHYR&75/9 &RQHVWHFRPDQGRHOLPLQDPRVHOGRFXPHQWRDFWXDO
SDUDJHQHUDUXQRQXHYR6LHOGRFXPHQWRTXHWHQHPRVHQSDQWDOODQRHV
QXHYRVLQRTXHHVXQRH[LVWHQWHTXHHVWDPRVPRGLILFDQGRHOSURJUDPD
SUHJXQWDUiVLORTXHUHPRVJUDEDUDQWHVGHOLPSLDUODSDQWDOOD
%RWyQ1XHYR'RFXPHQWR
x
%RUUDU&75/ &RQHVWHFRPDQGRERUUDUHPRVHOGRFXPHQWRTXHVH
HQFXHQWUHHQSDQWDOOD
%RWyQ%RUUDU'RFXPHQWR
x
5HFDOFXODU5HSDUDFLyQ &RQHVWDXWLOLGDGVHYROYHUiQDFDOFXODUWRGRVORV
FDPSRVFDOFXODGRVGHODUHSDUDFLyQ
%RWyQ5HFDOFXODU5HSDUDFLyQ
x
&HUUDU5HDEULU 5HSDUDFLyQ &RQ HVWD XWLOLGDG FHUUDUHPRV OD UHSDUDFLyQ
HVGHFLUODGDUHPRVSRUWHUPLQDGD3RURWURODGRVLXQDRUGHQVHHQFXHQWUD
FHUUDGD \ KD\ TXH PRGLILFDU DOJ~Q GDWR OD SRGHPRV DEULU GH QXHYR FRQ
HVWHFRPDQGR
%RWyQ&HUUDU5HDEULU5HSDUDFLyQ
5HSDUDFLRQHV([WHUQDV
2SFLyQD~QQRLPSODQWDGDHQOD$SOLFDFLyQ2IL*HV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
)DFWXUDFLyQGH5HSDUDFLRQHV
'HVGH HVWD RSFLyQ VH IDFWXUDUiQ ODV UHSDUDFLRQHV TXH VH HQFXHQWUHQ
FHUUDGDV 8QD YH] IDFWXUDGDV ODV UHSDUDFLRQHV SDVDQ DO KLVWyULFR GH
UHSDUDFLRQHV VH JHQHUDQ ORV DSXQWHV FRQWDEOHV \ ORV YHQFLPLHQWRV GH
WHVRUHUtD
(O SURFHVR GH IDFWXUDFLyQ HV VLPLODU D OD VHOHFFLyQ GH DOEDUDQHV /D
SDQWDOODHVODVLJXLHQWH
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH D SDUWLU GHO FXDO TXHUHPRV
VHOHFFLRQDUODVUHSDUDFLRQHVDIDFWXUDU
+DVWD &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH KDVWD HO FXDO TXHUHPRV
VHOHFFLRQDUODVUHSDUDFLRQHVDIDFWXUDU
7LSR )DFWXUDFLyQ 6HOHFFLRQDU GH OD OLVWD HO WLSR GH IDFWXUDFLyQ TXH
YDPRVDUHDOL]DU6HVHOHFFLRQDUiQODVUHSDUDFLRQHVFHUUDGDVGHDTXHOORV
FOLHQWHVTXHWHQJDQHQVXILFKDHOPLVPRWLSRGHIDFWXUDFLyQTXHHOTXHVH
KDVHOHFFLRQDGRGHODOLVWD
+DVWD)HFKD 6HVHOHFFLRQDUiQODVUHSDUDFLRQHVFX\DIHFKDVHDDQWHULRU
DODIHFKDDTXtLQGLFDGD
,PSRUWH 0tQLPR ,QGLFDU HO LPSRUWH PtQLPR TXH GHEHQ WHQHU ODV
UHSDUDFLRQHVDVHOHFFLRQDU
3RU 7RWDO IDFWXUD 0DUFDQGR HVWH FXDGUR GH YHULILFDFLyQ LQGLFD TXH HO
LPSRUWH PtQLPR VH WRPDUi SRU HOWRWDOIDFWXUDHVGHFLUVHVHOHFFLRQDUiQ
DTXHOODV UHSDUDFLRQHV TXH WUDQVIRUPDGDV HQ IDFWXUD OD VXPD GH OD
IDFWXUDVHDVXSHULRUDOLPSRUWHPtQLPRLQGLFDGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
2),0$7,&$-$(16/
)RU]DU 6HULH GH OD 5HSDUDFLyQ 0DUFDQGR HVWH FXDGUR GH YHULILFDFLyQ
SRGUHPRV IDFWXUDU HQ OD VHULH TXH LQGLTXHPRV UHSDUDFLRQHV TXH
SHUWHQH]FDQDVHULHVGLIHUHQWHV
)HFKD)DFWXUD ,QGLFDUODIHFKDFRQODTXHVHHPLWLUiQODVIDFWXUDV
)RUPD GH 3DJR ,QGLFDU OD IRUPD GH SDJR FRQ OD TXH VH HPLWLUiQ ODV
IDFWXUDV6LVHGHVHDGHMDUODPLVPDIRUPDGHSDJRTXHODVUHSDUDFLRQHV
GHMDUHVWHFDPSRHQEODQFR
8QD YH] LQWURGXFLGRV ORV OtPLWHV GHO ILOWUR SXOVDU HO ERWyQ&DUJDU \ VH
FDUJDUiQ HQ OD OLVWD DTXHOODV UHSDUDFLRQHV TXH FXPSODQ FRQ ODV
FRQGLFLRQHV HVWDEOHFLGDV SRU HO ILOWUR $ FRQWLQXDFLyQ VH PDUFDUiQ
DTXHOODVOtQHDVTXHFRQWHQJDQODVUHSDUDFLRQHVTXHVHTXLHUHQIDFWXUDU
SDUD HOOR SRGHPRV KDFHU XVR GHO FXDGUR GH YHULILFDFLyQ ,QYHUWLU
6HOHFFLyQ6LODVHOHFFLyQTXHVHKDFDUJDGRQRHVODGHVHDGDSRGHPRV
OLPSLDU OD OLVWD FRQ HO ERWyQ(OLPLQDU 6HOHFFLyQ 8QD YH] WHQJDPRV OD
OLVWDFRQILJXUDGDSXOVDPRVHOERWyQ)DFWXUDU\FRPHQ]DUiHOSURFHVRGH
IDFWXUDFLyQ
3DUWHVGH*DVWRV
2SFLyQD~QQRLPSODQWDGDHQOD$SOLFDFLyQ2IL*HV
*DVWRV7UDEDMDGRUHV
2SFLyQD~QQRLPSODQWDGDHQOD$SOLFDFLyQ2IL*HV
&RQWUDWRVGHPDQWHQLPLHQWR
'HVGHHVWDRSFLyQVHGDUiQGHDOWDORVFRQWUDWRVGHPDQWHQLPLHQWR6H
HQWLHQGHSRUFRQWUDWRGHPDQWHQLPLHQWRXQFRQWUDWRSRUHOFXDOHOFOLHQWHQRV
SDJD XQD FDQWLGDG GH GLQHUR HQ FRQFHSWR GH OR TXH VH LQGLTXH HQ GLFKR
FRQWUDWR3RUHMHPSORHOPDQWHQLPLHQWRGHXQDLPSUHVRUDGHPRGRTXHODV
UHYLVLRQHV TXH KD\D TXH KDFHU D GLFKD PiTXLQD HVWiQ FXELHUWDV SRU GLFKR
FRQWUDWR(ORORVFRQFHSWRVTXHFXEUHGLFKRFRQWUDWRVHSRGUiQGHWDOODUXQR
D XQR GHO PLVPR PRGR TXH HO SHULRGR GH WLHPSR TXH FXEUH HO FRQWUDWR /D
SDQWDOODGHPDQWHQLPLHQWRGHGLFKRILFKHURHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
&yGLJR 1~PHURGHOFRQWUDWRGHPDQWHQLPLHQWR(VWHQ~PHURVHSXHGH
LQWURGXFLUPDQXDOPHQWHDXWRPiWLFDPHQWHRELHQEXVFDQGRKXHFRVOLEUHV
HQWUHORVFRQWUDWRVH[LVWHQWHV
&)DFWXUD &RQFHSWRGHIDFWXUD,QGLFDUHQHVWHFDPSRHOFRQFHSWRTXH
TXHUHPRVTXHDSDUH]FDHQODIDFWXUD
&OLHQWH &yGLJRGHOFOLHQWHTXHFRQWUDWDHOPDQWHQLPLHQWR
'LYLVD &yGLJRGHODGLYLVDFRQODTXHVHIDFWXUDUiHOFRQWUDWR
$UWtFXOR &yGLJRGHDUWtFXORGHOFXDOVHHVWiFRQWUDWDQGRHO
PDQWHQLPLHQWR6LHOFRQWUDWRFRQWLHQHPiVGHXQDUWtFXORVHLQGLFDUiQ
XQRDXQRHQHOGHWDOOHTXHKD\HQODSDUWHLQIHULRUGHODSDQWDOOD
'HVGH)HFKD ,QGLFDUODIHFKDHQODTXHFRPLHQ]DDWHQHUYLJRUHO
FRQWUDWR
+DVWD)HFKD )HFKDHQODTXHILQDOL]DHOFRQWUDWRVLQRVHUHQXHYD
8OWLPDIDFWXUD )HFKDHQODTXHVHIDFWXUyHOFRQWUDWRSRU~OWLPDYH]
,PSRUWHSRUIDFWXUD ,PSRUWHGHODIDFWXUDGHOFRQWUDWRGHPDQWHQLPLHQWR
7LSR5HSDUWR (OWLSRGHUHSDUWRSXHGHWRPDUORVVLJXLHQWHVYDORUHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3,PSRUWH(OGHWDOOHGHOFRQWUDWRUHSDUWLUiHOLPSRUWHWRWDOGHOFRQWUDWR
LQGLFDGRHQLPSRUWH
3RUFHQWDMH(OGHWDOOHGHOFRQWUDWRUHSDUWLUiHOLPSRUWHWRWDOGHOFRQWUDWR
LQGLFDGRHQSRUFHQWDMH
x 3HULRGR)DFWXUDFLyQ )RUPDHQODTXHVHHIHFWXDUiODIDFWXUDFLyQ/RV
YDORUHVTXHSXHGHWRPDUHVWHFDPSRVRQORVVLJXLHQWHV
0HQVXDO
%LPHQVXDO
7ULPHVWUDO
6HPHVWUDO
$QXDO
2WURV
x &RG $UWtFXOR &yGLJR GH DUWtFXORTXHFRPSRQHHOGHWDOOHGHOFRQWUDWR(O
FRQWUDWRGHPDQWHQLPLHQWRQRWLHQHSRUTXpFXEULUXQVRORDUWtFXORVLQRTXH
SXHGH DEDUFDU YDULRV (Q HVWD OLVWD LQGLFDUHPRV ORV DUWtFXORV TXH OR
FRPSRQHQ
x 'HVFULSFLyQ 1RPEUHGHODUWtFXOR
x 1ž6HULH 1~PHURGHVHULHGHODUWtFXOR
x 9DORU ,PSRUWHTXHVHSDJDSRUHOPDQWHQLPLHQWRGHODUWtFXOR
x 5HS3RUFHQWDMHTXHUHSUHVHQWDHOPDQWHQLPLHQWRGHODUWtFXORHQGHWDOOH
FRQUHVSHFWRDOWRWDO
)DFWXUDFLyQGH&RQWUDWRVGHPDQWHQLPLHQWR
'HVGHHVWDRSFLyQVHKDUiODVHOHFFLyQGHFRQWUDWRVTXHVHYDQD
IDFWXUDU(VWHSURFHVRJHQHUDIDFWXUDVFRPRODVTXHVHJHQHUDQGHVGHHO
SURFHVRGHIDFWXUDFLyQSHURKD\TXHWHQHUTXHHVXQDIDFWXUDVLQDOEDUDQHV
6HSXHGHDQXODUODIDFWXUDGHVGHHOSURFHVRGH$QXODFLyQGHIDFWXUDVGH
(PLVLyQGHIDFWXUDVRELHQJHQHUDQGRXQDIDFWXUDGHDERQRGHVGHHO
SURFHVRGH9HQWDV/DSDQWDOODGHVHOHFFLyQGHFRQWUDWRVHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
2),0$7,&$-$(16/
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH D SDUWLU GHO FXDO TXHUHPRV
FRPHQ]DUODVHOHFFLyQ
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVUHDOL]DU
ODVHOHFFLyQ
0HV)DFWXUD ,QGLFDUHOPHVDIDFWXUDU&RQHVWHFDPSRVHVHOHFFLRQDUiQ
DTXHOORVFRQWUDWRVGHPDQWHQLPLHQWRTXHFDGXFDQHQHOPHVLQGLFDGR
,PSRUWH 0tQLPR ,PSRUWH PtQLPR TXH GHEHQ WHQHU ORV FRQWUDWRV D
VHOHFFLRQDU
6HULH 6HULHGHODTXHVHWRPDUiQORVQXPHUDGRUHVSDUDODVIDFWXUDV
)HFKD)DFWXUD )HFKDFRQODTXHVHHPLWLUiQODVIDFWXUDV
)RUPDGH3DJR )RUPDGHSDJRTXHWRPDUiQODVIDFWXUDVDHPLWLU
8QDYH]LQWURGXFLGRVORVOtPLWHVGHOILOWURGHVHOHFFLyQSXOVDUHPRVHOERWyQ
&DUJDU SDUD SREODUODOLVWDFRQORVFRQWUDWRVVHOHFFLRQDGRV6LODVHOHFFLyQ
QRUHVXOWDVHUODTXHVHGHVHDSRGHPRVOLPSLDUODOLVWDSXOVDQGRHQERWyQ
(OLPLQDU 6HOHFFLyQ 8QD YH] PDUFDGRV ORV FRQWUDWRV D IDFWXUDU SDUD OR
FXDO SRGHPRV KDFHU XVR GHO FXDGUR GH YHULILFDFLyQ ,QYHUWLU 6HOHFFLyQ
SXOVDUHPRVHQHOERWyQ)DFWXUDU\FRPHQ]DUiHOSURFHVRGHIDFWXUDFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUiPHWURVGHO6$7
(Q HVWH ILFKHUR VH JXDUGDUiQ ORV YDORUHV GH FRQILJXUDFLyQ GHO 6$7
FRPR VRQ ORV FDPSRV GHILQLEOHV OD VHULH SRU GHIHFWR SDUD ORV DYL
VRV \
UHSDUDFLRQHV HWF /RV FDPSRV TXH VH SUHVHQWDQ HQ HVWRV SDUiPHWURV GH
FRQILJXUDFLyQVRQORVVLJXLHQWHV
*(1(5$/
x
x
x
)LOWUR $GLFLRQDO &DPSR GHILQLEOH TXH VHUYLUi FRPR ILOWUR DGLFLRQDO SDUD
ORVOLVWDGRVGHO6$7'DGRTXHORVVHUYLFLRVGHDVLVWHQFLDWpFQLFDDEDUFDQ
XQD DPSOLD YDULHGDG GH VHFWRUHV VH SRGUiQ FRQILJXUDU XQD VHULH GH
FDPSRV GHILQLEOHV FRQ ORV TXH FRPSOHWDU ORV GDWRV QHFHVDULRV SDUD OD
JHVWLyQGHO6$73XHVELHQXQRGHHVWRVFDPSRVSXHGHVHUIXQGDPHQWDO
SDUDORVILOWURVGHORVOLVWDGRV,QGLFDUVLHVRSRUWXQRTXpFDPSRGHILQLEOH
VHUYLUiFRPRILOWURDGLFLRQDO
6HULH SRU GHIHFWR ,QGLFDU OD VHULH SRU GHIHFWR TXH VH XWLOL]DUi SDUD ORV
DYLVRV GH UHSDUDFLyQ ODV UHSDUDFLRQHV \ ODV IDFWXUDV WDQWR GH
UHSDUDFLRQHVFRPRGHFRQWUDWRVGHPDQWHQLPLHQWR
3HGLU3Uy[LPD5HYLVLyQ (QFDVRGHLQGLFDU6,DOFHUUDUXQDUHSDUDFLyQ
QRVDSDUHFHUiVLHPSUHXQPHQVDMHWDO\FRPRVHPXHVWUDDFRQWLQXDFLyQ
SLGLHQGRODIHFKDGHODSUy[LPDUHYLVLyQ
'HPRGRTXHSRUPHGLRGHODRSFLyQ$UWLFXORVGH5HSDUDFLRQHV
SRGDPRVFRQWURODUTXHUHYLVLRQHVWHQGUHPRVTXHUHDOL]DUHQXQDIHFKDHQ
FRQFUHWRUHDOL]DUPDLOLQJVDQXHVWURVFOLHQWHVUHFRUGiQGROHVTXHSDUDHVD
IHFKDGHEHUiQSDVDUXQDUHYLVLyQHWF
/DSDQWDOODSDUDODFRQILJXUDFLyQGHO6$7HVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&$0326'(),1,%/(6
&DPSRV'HILQLEOHV ,QGLFDUFXDQWRVFDPSRVGHILQLEOHVVHDQQHFHVDULRV
SDUDODJHVWLyQGHO6$7
/D IRUPD GH FUHDU GLFKRV FDPSRV HV VLPLODU D ORV&DPSRV 'HILQLEOHV
TXHYLPRVHQORV3DUiPHWURVGHOD(PSUHVD
3DUD UHDOL]DU OD JHVWLyQ GH GLFKRV FDPSRV FROyTXHVH HQ OD OLVWD HQ OD
TXHGHVHDDJUHJDUXQFDPSRSXOVH(17(5\ODOLVWDVHSRQGUiHQHGLFLyQ
,QWURGX]FD HO 1RPEUH GHO FDPSR OD ORQJLWXG HV GHFLU HO Q~PHUR GH
FDUDFWHUHV TXH WHQGUi \ HO WLSR GH GDWR HV GHFLU VL HV QXPpULFR R
DOIDQXPpULFR
x
$UWtFXORVGH 5HSDUDFLRQHV
'HVGHHVWDRSFLyQVHOOHYDUiHOFRQWUROGHWRGDVDTXHOODVUHSDUDFLRQHV
TXHLQFOX\DQHQVXUHSDUDFLyQXQQžGHVHULH\KD\DVLGRFHUUDGD\
IDFWXUDGD
'HHVWHPRGRSRGUHPRVYLVXDOL]DUGHIRUPDUiSLGDXQKLVWyULFRGH
UHSDUDFLRQHVUHDOL]DGDVDXQDUWLFXORRYHKtFXORHQFRQFUHWRFRPSUREDU
FXDQGRQXHVWURVFOLHQWHVWLHQHTXHSDVDUVXSUy[LPDUHYLVLyQHWF
3DVHPRVDGHVFULELUODSDQWDOODSDUDHO0DHVWURGH$UWtFXORVGH
5HSDUDFLRQHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/RVFDPSRVTXHFRQIRUPDQGLFKDSDQWDOOD
x
x
x
x
x
x
'HVGH&OLHQWH &yGLJRGHOFOLHQWHGHVGHHOFXDOTXHUHPRVTXHDSDUH]FD
HQHOUHVXOWDGRGHODVHOHFFLyQ
+DVWD&OLHQWH &yGLJRGHOFOLHQWHKDVWDHOFXDOTXHUHPRVTXHDSDUH]FDHQ
HOUHVXOWDGRGHODVHOHFFLyQ
'HVGH16HULH 1žGH6HULHGHODUWLFXORGHVGHHOFXDOTXHUHPRVTXH
DSDUH]FDHQHOUHVXOWDGRGHODVHOHFFLyQ
+DVWD16HULH 1žGH6HULHGHODUWLFXORKDVWDHOFXDOTXHUHPRVTXH
DSDUH]FDHQHOUHVXOWDGRGHODVHOHFFLyQ
'HVGH)HFKD5HY )HFKDGHSUy[LPDUHYLVLyQGHVGHHOFXDOTXHUHPRV
TXHDSDUH]FDHQHOUHVXOWDGRGHODVHOHFFLyQ
+DVWD)HFKD5HY)HFKDGHSUy[LPDUHYLVLyQKDVWDODFXDOTXHUHPRVTXH
DSDUH]FDHQHOUHVXOWDGRGHODVHOHFFLyQ
3DUDTXHSRGDPRVILOWUDUSRUHVWRVGRV~OWLPRVFDPSRV'HVGH+DVWD
)HFKD5HYGHEHUHPRVSUHYLDPHQWHPDUFDUODRSFLyQ6, HQHOFDPSR
3HGLU3Uy[LPD5HYLVLyQ GHVGHODSDQWDOODTXHGHVFULELPRV
DQWHULRUPHQWH3DUiPHWURVGHO6$7
$OSXOVDUVREUHHOERWyQ6(/(&&,21$5VHPRVWUDUiHQSDQWDOODORVGDWRV
UHVXOWDQWHVGHOILOWURGHVHOHFFLyQ
(OGHVJORVHGHORVGDWRVPRVWUDGRVVHUiHOVLJXLHQWH
x 1ž6HULH0DWULFXOD 1žGH6HULHGHODUWLFXORHQUHSDUDFLyQRPDWULFXODGHO
YHKtFXOR
x 'HVFULSFLyQ 'HVFULSFLyQGHODUWLFXORRYHKtFXOR
x &OLHQWH &yGLJRGHO&OLHQWHTXHGHMyGLFKRDUWLFXORRYHKtFXORHQ
UHSDUDFLyQ
x 1RPEUH 1RPEUHGHO&OLHQWHTXHGHMyGLFKRDUWLFXORRYHKtFXORHQ
UHSDUDFLyQ
x )8OW5HS )HFKDGH~OWLPDUHSDUDFLyQGHODUWLFXORRYHKtFXOR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
0RGHOR &DPSRGHILQLEOHGHVFULWRHQORV3DUiPHWURVGHO6$7
6LQ3UHVXSXHVWR &DPSRGHILQLEOHGHVFULWRHQORV3DUiPHWURVGHO6$7
3Uy[LPD 5HY )HFKDGHODSUy[LPDUHYLVLyQGHODUWtFXORRYHKtFXOR
VLHPSUH\FXDQGRWHQJDPRVPDUFDGR6,HQ3HGLU3Uy[LPD5HYLVLyQ
GHVGHODRSFLyQ3DUiPHWURVGHO6$7 \KD\DPRVLQWURGXFLGRSUHYLDPHQWH
XQDIHFKDGHSUy[LPDUHYLVLyQDOFHUUDUXQDUHSDUDFLyQ
x
x
x
0(1Ò87,/,'$'(6
x
$xDGLU &RQHVWHFRPDQGRSRGHPRVFXDQGRVHHQFXHQWUHDFWLYRDxDGLU
XQ QXHYR DUWLFXOR GH UHSDUDFLyQ PDQXDOPHQWH GRQGH SDVDUHPRV D
GHVFULELUHOQžGHVHULHFyGLJRGHFOLHQWHIHFKDSUy[LPDUHYLVLyQHWF
%RWyQ$xDGLU
x
&RQVXOWDU &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH HQFXHQWUH DFWLYR
FRQVXOWDUODILFKDGHODUWLFXORHQHOTXHQRVHQFRQWUHPRV
%RWyQ&RQVXOWDU
x
0RGLILFDU &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH HQFXHQWUH DFWLYR
PRGLILFDUDUWLFXORHQHOTXHQRVHQFRQWUHPRV
%RWyQ0RGLILFDU
x
%RUUDU &RQ HVWH FRPDQGR SRGHPRV FXDQGR VH HQFXHQWUD DFWLYR OD
OLQHDGHODUWLFXORHQODTXHQRVHQFRQWUHPRV
%RWyQ$xDGLU
+DFLHQGRGREOHFOLFNVREUHFDGDXQDGHODVOtQHDVPRVWUDGDVHQHO
GHVJORVHUHVXOWDQWHGHOILOWURGHVHOHFFLyQQRVDSDUHFHUiXQD
SDQWDOODTXH
PRVWUDPRVDFRQWLQXDFLyQFRQWRGRXQKLVWyULFRGHODVUHSDUDFLRQHV
UHDOL]DGDVDGLFKRDUWLFXORREVHUYDFLRQHVDQRWDGDVGXUDQWHVXUHSDUDFLyQ
HWF
/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,QIRUPHVGHO6$7
/LVWDGRVGHO6$7
(QHVWDRSFLyQGHPHQ~VHHQFXHQWUDQWRGRVORVLQIRUPHVUHODWLYRVDO
VHUYLFLRGHDVLVWHQFLDWpFQLFD/RVGLIHUHQWHVLQIRUPHVVRQORVVLJXLHQWHV
$YLVRV3HQGLHQWHV
5HSDUDFLRQHVVLQ)DFWXUDU
+LVWyULFRDYLVRV
+LVWyULFR5HSDUDFLRQHV
*DUDQWtDV)DEULFDQWH
/LVWDGRGH&RQWUDWRV
/LVWDGRGH&RQFHSWRV
$YLVRV3HQGLHQWHV
(VWHOLVWDGRQRVPRVWUDUiLQIRUPDFLyQDFHUFDGHORVDYLVRVGH
UHSDUDFLRQHVTXHVHHQFXHQWUDQSHQGLHQWHVHQWDOOHU/RVOtPLWHVGHO
OLVWDGRVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
'HVGH&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHFRQDYLVRVSHQGLHQWHVD
SDUWLUGHOFXDOTXHUHPRVFRPHQ]DUHOOLVWDGR
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHFRQDYLVRVSHQGLHQWHV
KDVWDHOFXDOTXHUHPRVUHDOL]DUHOOLVWDGR
'HVGH)HFKD ,QGLFDUODIHFKDGHUHFHSFLyQGHODYLVRDSDUWLUGHOD
FXDOVHTXLHUHFRPHQ]DUHOOLVWDGR
+DVWD)HFKD ,QGLFDUODIHFKDGHUHFHSFLyQGHODYLVRKDVWDODFXDOVH
TXLHUHUHDOL]DUHOOLVWDGR
7UDEDMDGRU ,QGLFDUHOWUDEDMDGRUDOTXHVHOHDVLJQDURQORVDYLVRVGH
UHSDUDFLyQ
'HVGH'RFXPHQWR ,QGLFDUHOQ~PHURGHGRFXPHQWRDSDUWLUGHOFXDO
VHTXLHUHFRPHQ]DUODVHOHFFLyQGHOOLVWDGR
+DVWD'RFXPHQWR ,QGLFDUHOQ~PHURGHGRFXPHQWRKDVWDHOFXDOVH
TXLHUHUHDOL]DUODVHOHFFLyQGHOOLVWDGR
0RGHOR
&DPSRGHILOWURDGLFLRQDO
(OOLVWDGRUHVXOWDQWHHVFRPRHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
5HSDUDFLRQHVVLQ)DFWXUDU
(VWH OLVWDGR QRV GD LQIRUPDFLyQ D FHUFD GH ODV UHSDUDFLRQHV TXH VH
HQFXHQWUDQVLQIDFWXUDU/RVILOWURVGHVHOHFFLyQVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
x
x
'HVGH&OLHQWH &yGLJR GHFOLHQWHGHVGHHOFXDOVHTXLHUHFRPHQ]DUHO
OLVWDGR
+DVWD &OLHQWH &yGLJR GH FOLHQWH KDVWD HO FXDO VH TXLHUH UHDOL]DU HO
OLVWDGR
'HVGH)HFKD ,QGLFDUODIHFKDGHUHSDUDFLyQGHVGHODFXDOVHTXLHUH
FRPHQ]DUHOOLVWDGR
+DVWD )HFKD ,QGLFDU OD IHFKD GH UHSDUDFLyQ KDVWD HO FXDO VH TXLHUH
UHDOL]DUHOOLVWDGR
7UDEDMDGRU 6LVHTXLHUHKDFHUXQOLVWDGRGHUHSDUDFLRQHVSHQGLHQWHV
GH IDFWXUDU GH XQ WUDEDMDGRU HQ FRQFUHWR LQGLFDU HO FyGLJR GH GLFKR
WUDEDMDGRU
'HVGH'RFXPHQWR ,QGLFDUHOQ~PHURGHUHSDUDFLyQGHVGHHOFXDOVH
TXLHUHFRPHQ]DUHOOLVWDGR
+DVWD'RFXPHQWR ,QGLFDUHOQ~PHURGHUHSDUDFLyQKDVWDHOFXDOVH
TXLHUHUHDOL]DUHOOLVWDGR
0RGHOR
3RU $UWtFXOR 6L TXHUHPRV OLVWDU ODV UHSDUDFLRQHV SHQGLHQWHV GH
IDFWXUDUGHXQDUWtFXORHQFRQFUHWRLQGLFDUGLFKRFyGLJRGHDUWtFXORHQ
HVWHFDPSR
9DORUDFLyQGHFRVWHV ,QGLFDQGR6tHQHVWHFDPSRVHPRVWUDUiQORV
FRVWHV SRUOtQHDGRFXPHQWR\FOLHQWHDVtFRPRXQDFROXPQDFRQORV
SRUFHQWDMHVGHEHQHILFLR/DYDORUDFLyQGHFRVWHVVHUiSRVLEOHV
LHPSUH
\FXDQGRHOWLSRGHOLVWDGRVHD'HWDOODGR
5HVXPHQR'HWDOOH ,QGLFDUHOWLSRGHOLVWDGRTXHVHTXLHUHKDFHU(Q
IRUPD UHVXPLGD QR VH GDUi LQIRUPDFLyQ D FHUFD GH ODV OtQHDV GH
GHWDOOHGHODVUHSDUDFLRQHV
(OOLVWDGRHVGHODVLJXLHQWHIRUPD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
+LVWyULFRDYLVRV
'HVGH HVWD RSFLyQ VH SRGUiQ OLVWDU ORV DYLVRV TXH KDQ VLGR DWHQGLGRV \
SRUWDQWRVHDDELHUWRRUGHQGHUHSDUDFLyQ/RVOtPLWHVGHOOLVWDGRVRQORV
VLJXLHQWHV
x
x
x
x
x
x
x
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
FRPHQ]DUHOOLVWDGR
+DVWD &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH KDVWD HO FXDO VH TXLHUH
ILOWUDUHOOLVWDGR
'HVGH )HFKD ,QGLFDU OD IHFKD GH DYLVR GHVGH OD FXDO VH TXLHUH
FRPHQ]DUHOOLVWDGR
+DVWD)HFKD ,QGLFDUODIHFKDGHDYLVRKDVWDODFXDOVHTXLHUHILOWUDUHO
OLVWDGR
7UDEDMDGRU 6LTXHUHPRVOLVWDUHOKLVWyULFRGHDYLVRVGHXQWUDEDMDGRU
HQFRQFUHWRLQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWHFDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH DYLVR GHVGH HO FXDO VH
TXLHUHILOWUDUHOOLVWDGR
+DVWD'RFXPHQWR ,QGLFDUHOQ~PHURGHDYLVRKDVWDHOFXDOVHTXLHUH
ILOWUDUHOOLVWDGR
0RVWUDU &DPSRV 'HILQLEOHV 0DUFDQGR HVWH FXDGUR GH YHULILFDFLyQ
VH OLVWDUiQ MXQWR FRQ ORV GDWRV HVWiQGDU GHO DYLVR ORV FDPSRV
GHILQLEOHV
(OOLVWDGRHVGHODIRUPDVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
+LVWRULFR5HSDUDFLRQHV
'HVGH HVWD RSFLyQ VH SRGUiQ OLVWDU ODV UHSDUDFLRQHV TXH \D KDQ VLGR
IDFWXUDGDV/RVOtPLWHVSDUDHOILOWURGHVHOHFFLyQVRQORVVLJXLHQWHV
x
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
FRPHQ]DUHOILOWURGHOOLVWDGR
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVILOWUDU
ODVHOHFFLyQGHOOLVWDGR
'HVGH )HFKD ,QGLFDU OD IHFKD GH UHSDUDFLyQ GHVGH OD FXDO TXHUHPRV
FRPHQ]DUHOOLVWDGR
+DVWD )HFKD ,QGLFDU OD IHFKD GH UHSDUDFLyQ KDVWD OD FXDO TXHUHPRV
UHDOL]DUHOOLVWDGR
7UDEDMDGRU 6L TXHUHPRV OLVWDU HO KLVWyULFR GH UHSDUDFLRQHV GH XQ
WUDEDMDGRU HQ FRQFUHWR LQGLFDU HO FyGLJR GH GLFKR WUDEDMDGRU HQ HVWH
FDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH UHSDUDFLyQ D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGR
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH UHSDUDFLyQ KDVWD HO FXDO
TXHUHPRVILOWUDUHOOLVWDGR
3RU $UWtFXOR 6L TXHUHPRV OLVWDU HO KLVWyULFR GH UHSDUDFLRQHV GH XQ
DUWtFXORHQFRQFUHWRLQGLFDUHOFyGLJRGHGLFKRDUWtFXORHQHVWHFDPSR
9DORUDFLyQ GH &RVWHV ,QGLFDQGR 6t HQ HVWH FDPSR VH PRVWUDUiQ
FROXPQDV HQ HO OLVWDGR FRQ LQIRUPDFLyQ GH ORV FRVWHV SRU OtQHD \
GRFXPHQWR DVt FRPR XQD FROXPQD FRQ LQIRUPDFLyQ GH ORV PiUJHQHV GH
EHQHILFLRJHQHUDGRV
x
x
x
x
x
x
x
x
(OOLVWDGRHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
*DUDQWtDV)DEULFDQWH
x
x
x
x
x
x
x
(VWH OLVWDGR QRV PRVWUDUi XQD UHODFLyQ GH DUWtFXORV TXH VH HQFXHQWUDQ
SHQGLHQWHVGHJDUDQWtDSRUSDUWHGHOIDEULFDQWH+D\TXHWHQHUHQFXHQWD
TXHVyORVHOLVWDUiQODVJDUDQWtDVTXHVHHQFXHQWUDQHQUHSDUDFLRQH
VD~Q
QRIDFWXUDGDV
/RVOtPLWHVSDUDHOILOWURGHVHOHFFLyQVRQORVVLJXLHQWHV
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GH ODV UHSDUDFLRQHV TXH
FRQWLHQHQORVDUWtFXORVHQJDUDQWtDSRUSDUWHGHOIDEULFDQWHGHVGHHOFXDO
TXHUHPRVFRPHQ]DUHOILOWURGHOOLVWDGR
+DVWD &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GH ODV UHSDUDFLRQHV TXH
FRQWLHQH ORV DUWtFXORV HQ JDUDQWtD SRU SDUWH GHO IDEULFDQWH KDVWD HO FXDO
TXHUHPRVILOWUDUODVHOHFFLyQGHOOLVWDGR
'HVGH )HFKD ,QGLFDU OD IHFKD GH ODV UHSDUDFLRQHV D SDUWLU GH OD FXDO
TXHUHPRVFRPHQ]DUODVHOHFFLyQGHOOLVWDGR
+DVWD)HFKD ,QGLFDUODIHFKDGHODVUHSDUDFLRQHVKDVWDODFXDOTXHUHPRV
ILOWUDUODVHOHFFLyQGHOOLVWDGR
7UDEDMDGRU 6L TXHUHPRV OLVWDU ODV JDUDQWtDV GH ODV UHSDUDFLRQHV KHFKDV
SRUXQWUDEDMDGRUHQFRQFUHWRLQGLFDUHOFyGLJRGHGLFKRWUDEDMDGRUHQHVWH
FDPSR
'HVGH 'RFXPHQWR ,QGLFDU HO Q~PHUR GH UHSDUDFLyQ D SDUWLU GHO FXDO
TXHUHPRVFRPHQ]DUHOOLVWDGR
+DVWD 'RFXPHQWR ,QGLFDU HO Q~PHUR GH UHSDUDFLyQ KDVWD HO FXDO
TXHUHPRVILOWUDUODVHOHFFLyQGHOOLVWDGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'HO 3URYHHGRU ,QGLFDU HO FyGLJR GH IDEULFDQWH R SURYHHGRU DO TXH
SHUWHQHFHQGLFKDVJDUDQWtDV6LQRTXHUHPRVYHUODVJDUDQWtDVGHXQVROR
IDEULFDQWHEDVWDFRQGHMDUHOFDPSRHQEODQFR
x
(OOLVWDGRHVFRPRHOTXHVLJXH
/LVWDGRGH&RQWUDWRV
x
x
x
x
x
x
x
x
x
'HVGHHVWDRSFLyQSRGHPRVOLVWDUORVFRQWUDWRVGHPDQWHQLPLHQW
RTXHVH
LQWURGXMHURQHQHOILFKHURGHFRQWUDWRVGHPDQWHQLPLHQWR/RVOtPLWHVSDUD
HOILOWURGHOOLVWDGRVRQORVVLJXLHQWHV
'HVGH &OLHQWH ,QGLFDU HO FyGLJR GH FOLHQWH GHVGH HO FXDO TXHUHPRV
FRPHQ]DUHOILOWURGHOOLVWDGR
+DVWD&OLHQWH ,QGLFDUHOFyGLJRGHFOLHQWHKDVWDHOFXDOTXHUHPRVUHDOL]DU
HOILOWURGHOOLVWDGR
'HVGH),QLFLR ,QGLFDUODIHFKDGHORVFRQWUDWRVGHVGHODFXDOTXHUHPRV
FRPHQ]DUHOOLVWDGR
+DVWD ) ,QLFLR ,QGLFDU OD IHFKDGHORVFRQWUDWRVKDVWDODFXDOTXHUHPRV
VHOHFFLRQDUHOILOWURGHOOLVWDGR
'HVGH &RQWUDWR ,QGLFDU HO Q~PHUR GH FRQWUDWR GHVGH HO FXDO TXHUHPRV
FRPHQ]DUHOOLVWDGR
+DVWD &RQWUDWR ,QGLFDU HO Q~PHUR GH FRQWUDWR KDVWD HO FXDO TXHUHPRV
OLVWDU
'HVGH8OWLPD)DFWXUD ,QGLFDUOD~OWLPDIDFWXUDGHFRQWUDWRGHVGHODFXDO
TXHUHPRVOLVWDU
+DVWD 8OWLPD )DFWXUD ,QGLFDU OD ~OWLPD IDFWXUD GH FRQWUDWR KDVWD OD FXDO
TXHUHPRVOLVWDU
2UGHQDGR3RU 3RGHPRVRUGHQDGRUHOOLVWDGRSRUORVVLJXLHQWHVFDPSRV
&yGLJR&RQWUDWR
&yGLJR&OLHQWH
1RPEUHGH&OLHQWH
)HFKD~OWLPR&RQWUDWR
)HFKD~OWLPD)DFWXUD&yGLJR&RQWUDWR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
¢9DORUDU" 6HOHFFLRQDQGR6tGHHVWDOLVWDVHSRGUiQYLVXDOL]DUORVFRVWHV
SRUOtQHDGRFXPHQWR\FOLHQWHDVtFRPRHOPDUJHQGHEHQHILFLRJHQHUDGR
SRUOtQHDGRFXPHQWR\FOLHQWH
(OOLVWDGRHVFRPRHOVLJXLHQWH
/LVWDGRGH&RQFHSWRV
(VWHOLVWDGRQRVPXHVWUDGHIRUPDUiSLGDXQUHVXPHQHQWUHIHFKDVORV
FRQFHSWRVGHODV5HSDUDFLRQHV)DFWXUDGDVWDQWRGHODPDQRGHREUD
GHVSOD]DPLHQWRV\SLH]DV\UHVWR'LFKRUHVXPHQVHSXHGHVDFDUSRU
XQLGDGHVLPSRUWHGHODYHQWDRLPSRUWHGHOFRVWR
/DSDQWDOODTXHDSDUHFHHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/RVFDPSRVSDUDHOILOWURGHVHOHFFLyQVRQORVVLJXLHQWHV
x 'HVGH)HFKD ,QGLFDUODIHFKDGHVGHODFXDOTXHUHPRVILOWUDUHQHO
UHVXPHQ
x +DVWD)HFKD ,QGLFDUODIHFKDKDVWDODFXDOTXHUHPRVILOWUDUHQHOUHVXPHQ
x 0DQRGH2EUD 3RGHPRVLQGLFDUTXHHOUHVXOWDGRGHODVHOHFFLyQQRVOD
PXHVWUHHQ
8QLGDGHV
9HQWD,PSRUWHGH9HQWD
&RVWR,PSRUWHGH&RVWR
x 'HVSOD]DPLHQWRV 3RGHPRVLQGLFDUTXHHOUHVXOWDGRGHODVHOHFFLyQQRV
ODPXHVWUHHQ
8QLGDGHV
9HQWD,PSRUWHGH9HQWD
&RVWR,PSRUWHGH&RVWR
x 3LH]DV2WURV 3RGHPRVLQGLFDUTXHHOUHVXOWDGRGHODVHOHFFLyQQRVOD
PXHVWUHHQ
9HQWD,PSRUWHGH9HQWD
&RVWR,PSRUWHGH&RVWR
/RVUHVXOWDGRVVHUiQPRVWUDGRVHQODVFROXPQDV)$&785$%/(12
)$&785$%/(\(1*$5$17,$
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RQWUROGH7LHPSRV
'HVGHHVWDRSFLyQSRGUHPRVYLVXDOL]DUXQDFRPSDUDWLYDGHWLHPSRV
GHVGHTXHUHFLELPRVHODYLVRSDUDODUHSDUDFLyQGHXQDUWLFXORKDVWDTXHVH
ILQDOL]DRFLHUUDGLFKDUHSDUDFLyQ\ILQDOPHQWHVHIDFWXUD(VWDRSFLyQHVGH
JUDQD\XGD\DTXHQRVSHUPLWHGHIRUPDUiSLGDYHUTXHDYLVRVR
UHSDUDFLRQHVOOHYDQPD\RUWLHPSRHQQXHVWURWDOOHU\DVtSRGHUGDUOHVDOLGD
SDUDTXHODGHPRUDHQVXUHSDUDFLyQVHDORPHQRUSRVLEOH
/DSDQWDOODTXHVHSUHVHQWDHVODVLJXLHQWH
3DVHPRVDGHVFULELUFDGDXQRGHORVFDPSRVTXHHQGLFKDSDQWDOOD
DSDUHFHQ
x
x
x
x
x
x
x
'HVGH&OLHQWH &yGLJRGH&OLHQWHGHVGHHOFXDOTXHUHPRVPRVWUDUHQHO
ILOWURUHVXOWDQWHGHODVHOHFFLyQ
+DVWD&OLHQWH &yGLJRGH&OLHQWHKDVWDHOFXDOTXHUHPRVPRVWUDUHQHO
ILOWURUHVXOWDQWHGHODVHOHFFLyQ
'HVGH16HULH 1~PHURGHVHULHGHODUWLFXORGHVGHHOFXDOTXHUHPRV
PRVWUDUHQHOILOWURUHVXOWDQWHGHODVHOHFFLyQ
+DVWD16HULH 1~PHURGHVHULHGHODUWLFXORKDVWDHOFXDOTXHUHPRV
PRVWUDUHQHOILOWURUHVXOWDQWHGHODVHOHFFLyQ
'HVGH)HFKD5HS )HFKDGHODUHSDUDFLyQGHVGHHOFXDOTXHUHPRV
PRVWUDUHQHOILOWURUHVXOWDQWHGHODVHOHFFLyQ
+DVWD)HFKD5HS )HFKDGHODUHSDUDFLyQKDVWDODFXDOTXHUHPRVPRVWUDU
HQHOILOWURUHVXOWDQWHGHODVHOHFFLyQ
5HSDUDFLRQHV 7HQHPRVODSRVLELOLGDGGHSRGHUILOWUDUGLFKROLVWDGRSRU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
7RGDV
6LQ&HUUDU
&HUUDGDV
)DFWXUDGDV
1LQJXQD
,QFOXLUDYLVRVSHQGLHQWHV 0DUFDQGRHVWHFXDGURQRVPRVWUDUiHQOD
VHOHFFLyQUHVXOWDQWHVyORDTXHOORVDYLVRVSHQGLHQWHVGHFRPHQ]DUVX
UHSDUDFLyQVLQWHQHUHQFXHQWDDTXHOODVUHSDUDFLRQHVDELHUWDVSHQGLHQWHV
GHFHUUDUGHIDFWXUDUHWF
6HOHFFLRQDU +DFLHQGRFOLFNVREUHHVWHERWyQVHPRVWUDUiQSRUSDQWDOOD
WRGRVDTXHOORVGDWRVFRPSUHQGLGRVHQWUHORVOLPLWHVLQGLFDGRVHQHOILOWUR
GHVHOHFFLyQ
x
x
(OUHVXOWDGRGHGLFKDVHOHFFLyQPXHVWUDORVVLJXLHQWHVFDPSRV
x
x
x
x
x
x
x
x
x
&OLHQWH &yGLJRGHOFOLHQWHVHJXLGRGHOQRPEUHGHOFOLHQWHGHODYLVRR
UHSDUDFLyQ
1ž'RFXP 1žGHGRFXPHQWRGHODYLVRUHSDUDFLyQHWF
)$YLVR )HFKDHQODTXHUHDOL]yHODYLVRSDUDVXSRVWHULRUUHSDUDFLyQ
)5HSDUDFLyQ )HFKDHQODTXHVHLQLFLyODUHSDUDFLyQGHODUWtFXOR
)&LHUUH )HFKDGHOFLHUUHGHODUHSDUDFLyQ
))DFWXUD )HFKDGHODIDFWXUDFLyQGHODUHSDUDFLyQ
'$SH$YLVR 1žGHGtDVWUDQVFXUULGRVGHVGHTXHVHUHDOL]yHODYLVR
KDVWDTXHVHLQLFLyODUHSDUDFLyQ
'&LHUUH$S 1žGHGtDVWUDQVFXUULGRVGHVGHTXHVHLQLFLyODUHSDUDFLyQ
KDVWDTXHVHFHUUyGLFKDUHSDUDFLyQ
'&LHUUH$YL 1žGHGtDVWUDQVFXUULGRVGHVGHTXHVHUHDOL]yHODYLVRKDVWD
TXHVHFHUUyODUHSDUDFLyQKDVWD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,QIRUPHV
6XFXUVDOHV
,QIRUPHVGH'HOHJDFLRQHV
(QHVWDRSFLyQGHPHQ~HQFRQWUDPRVORVGLVWLQWRVLQIRUPHVUHIHUHQWHV
DODSURGXFFLyQ\HVWDGtVWLFDGHGHOHJDFLRQHV6RQORVVLJXLHQWHV
'HQWURGHO0HQ~68&856$/(6
%HQHILFLRV$FXPXODGRV
(YROXFLyQ%HQHILFLRV
3UHVXSXHVWR9HQWDV&ROHFWLYR
3UHVXSXHVWR9HQWDV,QGLYLGXDO
3UHVXSXHVWR9HQWDV0HQVXDO
'HQWURGHO0HQ~)$0,/,$668%)$0,/,$6
9HQWDV,QGLYLGXDO
9HQWDV0HV$FXPXODGR
'HQWURGHO0HQ~6(&&,21(6
9HQWDV3UHYLVWDV5HDOHV
(YROXFLyQ9HQWDV5HDOHV
$FXPXODFLyQ9HQWDV5HDOHV
(YROXFLyQ%HQHILFLRV5HDOHV
$FXPXODFLyQ%HQHILFLRV5HDOHV
'HQWURGHO0HQ~$57,&8/26
$UWtFXORVSRU3URYHHGRU
&RVXPRDUWtFXORVSRU&OLHQWH
&RQVXPRVSRU6XFXUVDO
(YROXFLyQGH9HQWDV
*UiILFRV
,QIRUPH&RPHUFLDO$UWtFXORV
7RSPDVYHQGLGRV
$UWtFXORVVREUHPi[LPR
$UWtFXORVEDMRPtQLPRV
&RVXPRGH$UWLFXORV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$UWLFXORVHQ2IHUWD
6LQ0RYLPLHQWRV2EVROHWRV
9DORU7UDVSDVRV
3URPRFLRQHVGH$UWtFXORV
'HQWURGHO0HQ~&/,(17(6
(YROXFLyQGH9HQWDV&OLHQWHV
,QIRUPH&RPHUFLDO&OLHQWHV
,QIRUPHGH5LHVJRV&OLHQWHV
$%&GH&OLHQWHV
&OLHQWHVVLQ0RYLPLHQWRV
9HQWDVSRU5XWD
'HQWURGHO0HQ~3529(('25
(YROXFLyQGH9HQWDV3URYHHGRUHV
,QIRUPH&RPHUFLDO3URYHHGRU
,QIRUPHGH5LHVJRV3URYHHGRU
$%&GH3URYHHGRU
3URYHHGRUHVVLQ0RYLPLHQWRV
'HQWURGHO0HQ~9(1'('25(6
3UHVXSXHVWR9HQWDV
%HQHILFLRV$FXPXODGRV
,QIRUPHGH9HQWDV,QGLYLGXDO
,QIRUPHGH9HQWDV&ROHFWLYR
9HQWDVSRU)DPLOLDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
%HQHILFLRV$FXPXODGRV
(QHVWHLQIRUPHDSDUHFHUiHOEHQHILFLRDFXPXODGRGHDTXHOODV
GHOHJDFLRQHVTXHVHVHOHFFLRQHQSDUDHOOLVWDGR'LFKROLVWDGRVHSRGUi
RUGHQDUSRUFyGLJRGHGHOHJDFLyQRSRUGHVFULSFLyQ%DVWDFRQLQWURGXFLU
GHVGHTXpFyGLJRGHGHOHJDFLyQKDVWDTXpFyGLJRGHGHOHJDFLyQ
TXHUHPRVILOWUDU(OOLVWDGRHVFRPRHOTXHVLJXH
(YROXFLyQ%HQHILFLRV
(VWHOLVWDGRQRVPXHVWUDODHYROXFLyQGHORVEHQHILFLRVGHFDGDGHOHJDFLyQ
PHVDPHV(OOLVWDGRVHSRGUiRUGHQDUSRUFyGLJRRSRUQRPEUHGH
GHOHJDFLyQ(OOLVWDGRHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3UHVXSXHVWRV9HQWDV&ROHFWLYR
(VWHOLVWDGRPRVWUDUiODVYHQWDVGHOHMHUFLFLRDQWHULRUODVYHQWDV
SUHVXSXHVWDGDVODVYHQWDVUHDOHV\ODVGHVYLDFLRQHVUHVSHFWRDOHMHUFLFLR
DQWHULRU\ORSUHVXSXHVWDGRGHFDGDGHOHJDFLyQKDVWDHOPHVLQGLFDGR$O
ILQDOPXHVWUDXQUHVXPHQGHOWRWDOYHQWDVHQODVGHOHJDFLRQHV(OOLVWDGRHV
FRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3UHVXSXHVWRV9HQWDV,QGLYLGXDO
(VWHOLVWDGRQRPRVWUDUiPHVDPHVODVYHQWDVGHOHMHUFLFLRDQWHULRUODV
YHQWDVSUHVXSXHVWDGDV\ODVYHQWDVGHOHMHUFLFLRDFWXDOFRQVXV
UHVSHFWLYDVGHVYLDFLRQHVGHFDGDXQDGHODVGHOHJDFLRQHVVHOHFFLRQDGDV
HQHOILOWUR(OOLVWDGRVHSRGUiRUGHQDUSRUFyGLJRRGHVFULSFLyQGHOD
GHOHJDFLyQ(OOLVWDGRHVFRPRHOTXHVLJXH
3UHVXSXHVWRV9HQWDV0HQVXDO
(QHVWHOLVWDGRVHPXHVWUDSRUFDGDGHOHJDFLyQVHOHFFLRQDGDODVYHQWDV
WRWDOHVGHOHMHUFLFLRDQWHULRUODVYHQWDVGHOPHVLQGLFDGRSUHVXSXHVWDGDV
ODVYHQWDVGHOPHVLQGLFDGRGHOHMHUFLFLRDFWXDODVtFRPRVXVUHVSHFWLYDV
GHVYLDFLRQHV(OOLVWDGRHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
)DPLOLDV6XEIDPLOLDV
,QIRUPHVGH)DPLOLDV\VXEIDPLOLDV
'HVGHHVWDRSFLyQVHSRGUiQODQ]DUORVLQIRUPHVGHIDPLOLDV\
VXEIDPLOLDV/RVLQIRUPHV GLVSRQLEOHVVRQORVVLJXLHQWHV
9HQWDV,QGLYLGXDO
&RQ HVWH LQIRUPH SRGUHPRV OLVWDU ODV YHQWDV SUHYLVWDV ODV YHQWDV GHO
HMHUFLFLR DFWXDO OD GHVYLDFLyQ H[LVWHQWH HQWUH GLFKRV LPSRUWHV DVt FRPR HO
LPSRUWH \ SRUFHQWDMH GH PDUJHQ UHDO HQ FDGD XQR GH ORV PHVHV GHO
HMHUFLFLR DFWXDO GH FDGD XQD GH ODV IDPLOLDV \ VXEIDPLOLDV VHOHFFLRQDGDV
SDUD HO LQIRUPH /D VHOHFFLyQ VH KDUi GHVGH FyGLJR KDVWD FyGLJR (O
LQIRUPHHVGHODVLJXLHQWHIRUPD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
9HQWDV0HV$FXPXODGR
(VWH LQIRUPH QRV SUHVHQWD ODV YHQWDV GHO PHV VHOHFFLRQDGR GHO
HMHUFLFLR DQWHULRU YHQWDV SUHYLVWDV \ YHQWDV GHO HMHUFLFLR DFWXDO DVt FRPR
ORVSRUFHQWDMHVGHGHVYLDFLyQUHVSHFWLYRV\ORVLPSRUWHV\SRUFHQWDMHVGH
EHQHILFLRJHQHUDGRVHQHOPHVVHOHFFLRQDGR(OLQIRUPHVHSXHGHKDFHUHQ
IRUPD GHWDOODGD R UHVXPLGD (Q IRUPD GHWDOODGD QRV GDUi LQIRUPDFLyQ GH
YHQWDV\EHQHILFLRVWDQWRGHODVIDPLOLDVFRPRGHODVVXEIDPLOLDV(QPRGR
UHVXPHQVyORGDUiLQIRUPDFLyQGHODVIDPLOLDV(OOLVWDGRHQPRGRGHWDOOH
HVFRPRHOTXHVLJXH
9HQWDV$FXPXODGR
(VWH LQIRUPH QRV SUHVHQWD OD LQIRUPDFLyQ GH ODV IDPLOLDV \ VXEIDPLOLDV
VHOHFFLRQDGDV UHIHUHQWH D ODV YHQWDV DFXPXODGDV KDVWD HO PHV LQGLFDGR
/DV FROXPQDV GH YHQWDV KDFHQ UHIHUHQFLD D ODV YHQWDV GHO HMHUFLFLR
DQWHULRUODVYHQWDVSUHYLVWDV\ODVYHQWDVGHOHMHUFLFLRDFWXDODVtFRPR
ODV
GHVYLDFLRQHVFRUUHVSRQGLHQWHV\ORVLPSRUWHVGHEHQHILFLRV\SRUFHQWDMHV
GHGLFKRVEHQHILFLRVJHQHUDGRVKDVWDHOPHVLQGLFDGR(OLQIRUPHVHSRGUi
KDFHU GH IRUPD GHWDOODGD R UHVXPLGD (Q PRGR GHWDOOH GDUi LQIRUPDFLyQ
WDQWRGHODVIDPLOLDVFRPRGHODVVXEIDPLOLDV(QPRGRUHVXPHQVRORGDUi
LQIRUPDFLyQGHODVIDPLOLDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(OOLVWDGRHQPRGRUHVXPHQHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6HFFLRQHV
,QIRUPHVGH6HFFLRQHV
'HVGH HVWD RSFLyQ GH PHQ~ VH SRGUiQ ODQ]DU ORV LQIRUPHVUHODWLYRVD
ODVHVWDGtVWLFDVGHYHQWDV\EHQHILFLRVJHQHUDGRVHQODVGLVWLQWDVVHFFLRQHV
GHQXHVWURDOPDFpQ/RVGLVWLQWRVLQIRUPHVVRQORVVLJXLHQWHV
9HQWDV3UHYLVWDV5HDOHV
(VWH LQIRUPH QRV SUHVHQWD XQ FRPSDUDWLYR HQWUH ODV YHQWDV TXH KD\
SUHYLVWDV \ ODV YHQWDV GH FDGD XQR GH ORV PHVHV GHO HMHUFLFLR DFWXDO (O
OLVWDGRWLHQHODIRUPDFRPRHOTXHVLJXH
(YROXFLyQ9HQWDV5HDOHV
(VWH LQIRUPH SUHVHQWD ODV YHQWDV GHO HMHUFLFLR DFWXDO PHV D PHV (O
LQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$FXPXODFLyQ9HQWDV5HDOHV
(VWHLQIRUPHSUHVHQWDODVYHQWDVDFXPXODGDVPHVDPHVGHFDGDXQD
GHODVVHFFLRQHV(OLQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(YROXFLyQ%HQHILFLRV5HDOHV
(VWH LQIRUPH SUHVHQWD PHV D PHV ORV EHQHILFLRV JHQHUDGRV HQ FDGD
XQDGHODVVHFFLRQHVVHOHFFLRQDGDV(OLQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$FXPXODFLyQ%HQHILFLRV5HDOHV
(VWH LQIRUPH SUHVHQWD PHVDPHVORVEHQHILFLRVDFXPXODGRVHQFDGD
XQDGHODVVHFFLRQHVVHOHFFLRQDGDV(OLQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$UWtFXORV
,QIRUPHVGHDUWtFXORV
'HVGH HVWD RSFLyQ VH SRGUiQ OLVWDU XQ JUDQ DEDQLFR GH LQIRUPHV
UHODWLYRVDORVDUWtFXORVVXFRQVXPRHYROXFLyQGHVXVYHQWDVDUWtFXORVEDMR
PtQLPR VREUH Pi[LPR HWF 3DVHPRV D FRPHQWDU HVWRV LQIRUPHV D
FRQWLQXDFLyQ
$UWtFXORVSRUSURYHHGRU
(VWH LQIRUPH QR GD LQIRUPDFLyQ D FHUFD GH ORV DUWtFXORV TXH KHPRV
FRPSUDGR D FDGD SURYHHGRU GDQGR LQIRUPDFLyQ HQ FROXPQDV FRPR ODV
H[LVWHQFLDVTXHWHQHPRVDFWXDOPHQWHODVIHFKDGH~OWLPDFRPSUDODIHFKD
GH~OWLPDYHQWDXQLGDGHVYHQGLGDV\VWRFNPtQLPR/RVOtPLWHVGHOOLVWDGR
VRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
'HVGH &yGLJR ,QGLFDU HO FyGLJR GH DUWtFXOR GHVGH HO FXDO TXHUHPRV
FRPHQ]DUHOOLVWDGR
+DVWD &yGLJR ,QGLFDU HO FyGLJR GH DUWtFXOR KDVWD HO FXDO TXHUHPRV ILOWUDU HO
OLVWDGR
'HVGH'HVFULSFLyQ 6LHOOLVWDGRORTXHUHPRVRUGHQDGRGHIRUPDDOIDEpWLFD
LQGLFDUHOQRPEUHGHODUWtFXORDSDUWLUGHOFXDOTXHUHPRVFRPHQ]DUHOOLVWDGR
+DVWD 'HVFULSFLyQ ,QGLFDU HO QRPEUH GHO DUWtFXOR KDVWD HO FXDO TXHUHPRV
ILOWUDUHOOLVWDGR
'HVGH 3URYHHGRU ,QGLFDU HO FyGLJR GH SURYHHGRU GHVGH HO FXDO TXHUHPRV
FRPHQ]DUHOOLVWDGR
+DVWD 3URYHHGRU ,QGLFDU HO FyGLJR GH SURYHHGRU KDVWD HO FXDO TXHUHPRV
ILOWUDUHOOLVWDGR
'HVGH)DP6XE)DP ,QGLFDUHOFyGLJRGHIDPLOLDRVXEIDPLOLDGHVGHODFXDO
TXHUHPRVFRPHQ]DUHOOLVWDGR
+DVWD )DP6XE)DP ,QGLFDU HO FyGLJR GH IDPLOLD R VXEIDPLOLD KDVWD OD FXDO
TXHUHPRVILOWUDUHOOLVWDGR
,PSULPLU)LFKDGH0XOWLSURYHHGRU 0DUFDQGRHVWHFXDGURGHYHULILFDFLyQVH
LPSULPLUiQODVILFKDVGHPXOWLSURYHHGRUGHODILFKDGHODUWtFXOR
(OLQIRUPHVHSXHGHRUGHQDUSRUFyGLJRGHDUWtFXORSRUODGHVFULSFLyQGH
DUWtFXORRELHQSRUODUHIHUHQFLDGHOSURYHHGRU(OLQIRUPHHVFRPRHOTXH
VLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RQVXPRV$UWtFXORVSRU&OLHQWH
(VWHLQIRUPHQRGDLQIRUPDFLyQGHORVDUWtFXORVTXHKDQFRPSUDGRORV
FOLHQWHVTXHVHVHOHFFLRQHQHQHOILOWURGHVHOHFFLyQDGHPiVGHPRVWUDUVL
DVtVHGHVHDHOSUHFLRGH~OWLPDYHQWD(OLQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RQVXPRVSRU6XFXUVDO
(VWH LQIRUPH QRV GDUi OD LQIRUPDFLyQ FRUUHVSRQGLHQWH D ODV XQLGDGHV
YHQGLGDV HQ FDGD GHOHJDFLyQ SUHVHQWDQGR HO VXEWRWDO SRU VXEIDPLOLD DVt
FRPRHOLPSRUWHFRUUHVSRQGLHQWHDGLFKDYHQWD(OLQIRUPHHVFRPRHOTXH
VLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(YROXFLyQGH9HQWDV
(VWH LQIRUPH QRV SUHVHQWD ODV YHQWDV HQ XQLGDGHV R LPSRUWH GH FDGD
DUWtFXORVHOHFFLRQDGRSRUFDGDPHV7DPELpQVHSRGUiVDFDUHOLQIRUP
HHQ
PRGRUHVXPLGRGHPRGRTXHQRVRIUHFHLQIRUPDFLyQGHOWRWDOYHQWDVGHO
HMHUFLFLR DFWXDO DQWHULRU \ SUHYLVWDV KDFLHQGR OD URWXUD SRU IDPLOLD \
VXEIDPLOLD(OLQIRUPHQRVSHUPLWLUiH[FOXLUGHOOLVWDGRDDTXHOORVDUWtFXORV
TXH QR WLHQHQ YHQWDV HQWUH ODV IHFKDV LQGLFDGDV (O LQIRUPH HQ PRGR
UHVXPHQHVFRPRHOTXHVLJXH
*UiILFRV
'HVGH HVWD RSFLyQ GH PHQ~ SRGUHPRV ODQ]DU ORV LQIRUPHV FRQ ORV
JUiILFRV FRUUHVSRQGLHQWHV D ODV HYROXFLRQHV GHYHQWDVGHORVDUWtFXORVHO
FRPSDUDWLYR GH YHQWDV SUHYLVWDV \ YHQWDV UHDOHV DVt FRPR HO DFXPXODGR
GHYHQWDV9HDPRVXQHMHPSORGHFDGDXQRGHHOORV
$FXPXODGR9HQWDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RPSDUDWLYR9HQWDV
(YROXWLYR9HQWDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$%&&OLHQWHV
,QIRUPH$%&
(VWH LQIRUPH SUHVHQWD ORV FOLHQWHV HQ RUGHQ GHVFHQGHQWH DWHQGLHQGR DO
LPSRUWH GH YHQWDV 6H SRGUi VHOHFFLRQDU KDVWD TXp SRUFHQWDMH GH YHQWDV
VHTXLHUHOLVWDU(OLQIRUPHHVFRPRHOTXHVLJXH
,QIRUPH&RPHUFLDO$UWtFXORV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(VWH LQIRUPH QRV GD LQIRUPDFLyQ GH ODV HQWUDGDV VDOLGDV YHQWDV \
EHQHILFLRGHFDGDDUWtFXORGDQGRXQVXEWRWDOSRUFDGDVXEIDPLOLD\GHOPHV
VHOHFFLRQDGR6HSRGUiHOHJLUTXHVHPXHVWUHRQRHODFXPXODGRKDVWDHO
PpV(OLQIRUPHHVFRPRHOTXHVLJXH
/RV7RSPDVYHQGLGRV
(VWHLQIRUPHQRVSUHVHQWDORV[DUWtFXORVPDVYHQGLGRV(VWHQ~PHUR[
ORLQWURGXFHHOXVXDULR(VODOLVWDGHORVPiVYHQGLGRV(ORUGHQSRGUiVHU
ELHQ SRU LPSRUWH ELHQ SRU XQLGDGHV YHQGLGDV 6H SXHGH VHOHFFLRQDU
DGHPiVVLVHLPSULPHHOFyGLJRGHDUWtFXORRODUHIHUHQFLDGHSURYHHGRU(O
LQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$UWtFXORVVREUHPi[LPRV
(VWHLQIRUPHQRVPRVWUDUiDTXHOORVDUWtFXORVFX\DVH[LVWHQFLDVVXSHUDU
HOVWRFNPi[LPRLQGLFDGRHQODILFKD(OLQIRUPHHVFRPRHOTXHVLJXH
$UWtFXORVEDMRPtQLPRV
(VWH LQIRUPH QRV SUHVHQWD ORV DUWtFXORV FX\DV H[LVWHQFLDV HVWiQ SR
U
GHEDMR GHO VWRFN PtQLPR LQGLFDGR HQ OD ILFKD GHO DUWtFXOR (O LQIRUPH HV
FRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RQVXPRGH$UWtFXORV
(VWH LQIRUPH QRV PXHVWUD ORV FRQVXPRV TXH KDQ WHQLGR ORV DUWtFXORV
KDVWDHOPHVHQFXHVWLyQHQHOPHVHQFXHVWLyQ\ODVH[LVWHQFLDVTXHQRV
TXHGDQGDQGRUHIHUHQFLDHQXQDFROXPQDDORVFRQVXPRVTXHVHKLFLHURQ
HQHOPLVPRPHVGHOHMHUFLFLRDQWHULRU(OLQIRUPHHVFRPRHOTXHVLJXH
$UWtFXORVHQ2IHUWD
(VWH LQIRUPH FRPR VX QRPEUH LQGLFD QRV PXHVWUD LQIRUPDFLyQ GH
DTXHOORVDUWtFXORVTXHVHHQFXHQWUDQHQRIHUWDHQWUHODVIHFKDVLQGLFDGDV
(OLQIRUPHHVFRPRHOTXHVLJXH
6LQ0RYLPLHQWRV2EVROHWRV
(VWHLQIRUPHPRVWUDUiDTXHOORVDUWtFXORVTXHQRWHQJDQPRYLPLHQWRVD
SDUWLU GH XQD IHFKD LQGLFDGD (Q FDVR GH TXH QR KD\D PRYLPLHQWRVVH
SRGUiFRQVLGHUDUODIHFKDGH~OWLPDFRPSUD\DTXHXQDUWtFXORSXHGHVHU
REVROHWRSRUTXHVHFRPSUyKDFH[DxRV\QXQFDVHKDYHQGLGR$GHPiV
HVWH OLVWDGR SUHVHQWD OD XWLOLGDG GH PDUFDU FRPR REVROHWRV DTXHOORV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
DUWtFXORVTXHKDQVLGRVHOHFFLRQDGRVHQHOILOWUR(OLQIRUPHHVFRPRHOTXH
VLJXH
9DORU7UDVSDVRV
(VWHLQIRUPHPRVWUDUiLQIRUPDFLyQDFHUFDGHOYDORUWRWDOGHDTXHOORV
DUWtFXORVTXHKD\DQVLGRWUDVSDVDGRVHQWUHORVGLYHUVRVDOPDFHQHVTXH
GLVSRQJDPRV3RGUHPRVYLVXDOL]DUGLFKROLVWDGRYDORUDGRSRUORVGLIHUHQWHV
SUHFLRVGHYHQWDGHODOSUHFLRGHFRVWRXOWLPRPHGLRVHOHFFLRQDUVROR
DTXHOORVDUWtFXORVTXHGHVHHPRV\DVHDSRUVXFyGLJRIDPLOLDVXEIDPLOLDR
IHFKDV
(OOLVWDGRHVWDO\FRPRYHPRVDFRQWLQXDFLyQ
&RPRYHPRVGLFKROLVWDGRHVWiYDORUDGRSRUSUHFLRGHYHQWD393
3URPRFLRQHV$UWtFXORV
(VWHLQIRUPHPRVWUDUiDTXHOORVDUWtFXORVTXHVHHQFXHQWUHQHQ
SURPRFLyQ\DVHDGHFRPSUDV\HQODILFKDGHODUWtFXORHOWLSRGHSURPRFLyQ
VHDSRULPSRUWHRGHYHQWDV\HQODILFKDGHODUWtFXORHOWLSRGHSURPRFLyQVHD
SRUQHWRV$OLJXDOTXHHOOLVWDGR9DORUGH7UDVSDVRVGHVFULWDDQWHULRUPHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
SRGUHPRVYLVXDOL]DUGLFKROLVWDGRYDORUDGRSRUORVGLIHUHQWHVSUHFLRVGHYHQWD
GHODOSUHFLRGHFRVWRXOWLPRPHGLRVHOHFFLRQDUVRORDTXHOORVDUWtFXORV
TXHGHVHHPRV\DVHDSRUVXFyGLJRIDPLOLDVXEIDPLOLDRSURYHHGRU
3DUDLQGLFDUDOSURJUDPDTXHHOWLSRGHOLVWDGRDPRVWUDUVHDGHODV
SURPRFLRQHVGHDUWtFXORVHQYHQWDWHQGUHPRVTXHVHOHFFLRQDUHOWLSRGH
OLVWDGR3URPRFLRQHV1HWRV<SDUDLQGLFDUTXHHOWLSRGHOLVWDGRDPRVWUDU
VHDGHODVSURPRFLRQHVGHDUWtFXORVGHFRPSUDVWHQGUHPRVTXHVHOHFFLRQDU
HOWLSRGHOLVWDGR3URPRFLRQHV1HWRV&RPSUDV
(OOLVWDGRHVWDO\FRPRYHPRVDFRQWLQXDFLyQ
&RPRYHPRVGLFKROLVWDGRHVWiYDORUDGRSRUVXSUHFLRGHYHQWD
393\PXHVWUDDTXHOORVDUWtFXORVTXHHVHQFXHQWUDQHQSURPRFLyQGH
YHQWDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&OLHQWHV
,QIRUPHVGHFOLHQWHV
'HVGHHVWDRSFLyQVHSXHGHQODQ]DUORVLQIRUPHVUHODFLRQDGRVFRQORV
FOLHQWHV/RVGLVWLQWRVLQIRUPHVFRQORVTXHFXHQWDODDSOLFDFLyQVRQORV
VLJXLHQWHV
(YROXFLyQGH9HQWDV&OLHQWHV
(VWHLQIRUPHQRVSUHVHQWDODVYHQWDVPHVDPHVKDVWDHOPHVLQGLFDGR
SRU HO ILOWUR GH VHOHFFLyQ $GHPiV VH RIUHFH OD SRVLELOLGDG GH PRVWUDU HO
DFXPXODGRGHYHQWDVKDVWDGLFKRPHVGHOHMHUFLFLRDQWHULRU(OLQIRUPHHV
FRPRHOTXHVLJXH
,QIRUPH&RPHUFLDO&OLHQWHV
(VWH LQIRUPH QR RIUHFH ODV FLIUDV GH YHQWDV EHQHILFLRV JHQHUDGRV \
SRUFHQWDMHV GH EHQHILFLR SRU FDGD FOLHQWH DGHPiV GH VXEWRWDOHV SRU
GHOHJDFLRQHV6HPXHVWUDQFROXPQDVFRQORVGDWRVSHUWHQHFLHQWHVDOPHV
VHOHFFLRQDGR HQ HO ILOWUR DVt FRPR HO DFXPXODGR KDVWD GLFKR PHV (O
LQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,QIRUPHGH5LHVJRV&OLHQWHV
(VWHLQIRUPHQRPXHVWUDORVGDWRVFRUUHVSRQGLHQWHVDOULHVJRILQDQFLHUR
GH FDGD FOLHQWH VHOHFFLRQDGR HQ HO ILOWUR $O HMHFXWDU HO OLVWDGR VH
DFWXDOL]DUiQODVILFKDVGHFOLHQWHVHQFXDQWRDOVDOGRFRQWDEOH\HOLPSRUWH
GH LPSDJDGRV (O LQIRUPH SUHVHQWD WDPELpQ OD SRVLELOLGDG GH OLVWDU VyOR
DTXHOORV FOLHQWHV TXH VH KDQ H[FHGLGR HQ HO ULHVJR (O LQIRUPH SUHVHQWD
GRVPRGDOLGDGHVHQGHWDOOHRHQUHVXPHQ(QPRGRGHWDOOHVHPXHVWUDQ
ORVYDORUHVDSDUWLUGHORVFXDOHVVHFDOFXODQHOULHVJRGHFDGDFOLHQWH
5LHVJR 6$/'2 &217$%/( ()(&726 9,926 ,03$*$'26$/%$5$1(63'7(6
'LVSRQLEOH 5LHVJR± /tPLWHGHULHVJRFRQFHGLGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&OLHQWHVVLQ0RYLPLHQWRV
(VWHLQIRUPHQRVGDLQIRUPDFLyQDFHUFDGHORVFOLHQWHVTXHQRWLHQHQ
PRYLPLHQWRV GH YHQWD GHVGH XQD IHFKD LQGLFDGD HQ HO ILOWUR GH VHOHFFLyQ
GHOLQIRUPH(OOLVWDGRHVFRPRHOTXHVLJXH
9HQWDVSRUUXWD
(VWHLQIRUPHQRVSUHVHQWDODVYHQWDVGHORVFOLHQWHVDJUXSDGDVSRUOD
UXWDFRPHUFLDODODTXHSHUWHQHFHQ(OLQIRUPHQRVPXHVWUDODVYHQWDVHQ
HOPHVVHOHFFLRQDGR\HOWRWDOHQHODxR(OLQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3URYHHGRUHV
,QIRUPHVGHSURYHHGRUHV
'HVGHHVWDRSFLyQSRGHPRVODQ]DUORVLQIRUPHVFRUUHVSRQGLHQWHVDORV
SURYHHGRUHVHQWUHORVTXHWHQHPRVHOLQIRUPHGHHYROXFLyQGHFRPSUDV
HO
LQIRUPH FRPHUFLDO LQIRUPH $%& LQIRUPH GH ULHJRV \ HO OLVWDGR GH
SURYHHGRUHVVLQPRYLPLHQWRVDSDUWLUGHXQDIHFKD3DVHPRVDFRPHQWDUXQR
DXQRHVWRVLQIRUPHV
(YROXFLyQGHYHQWDVSURYHHGRUHV
(VWH LQIRUPH QR GD LQIRUPDFLyQ VREUH ODV FRPSUDV HIHFWXDGDV D ORV
GLVWLQWRVSURYHHGRUHVPHVDPHV(OLQIRUPHHVFRPRHOTXHVLJXH
,QIRUPH&RPHUFLDO3URYHHGRU
(O LQIRUPH FRPHUFLDO GH SURYHHGRUHV QRV PXHVWUD HO LPSRUWH GH
FRPSUDV GHO PHV LQGLFDGR SRU FDGD SURYHHGRU HO LPSRUWH GH FRPSUDV
DQXDODFXPXODGRDVtFRPRHOSHQGLHQWHGHIDFWXUDU$GHPiVSUHVHQWDORV
FRPSURPLVRVGHFRPSUDVUiSHOHVXQRGRV\WUHV(OLQIRUPHHVFRPRHO
TXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,QIRUPHGH5LHVJRV3URYHHGRU
(VWHLQIRUPHQRVPXHVWUDHOULHVJRTXHWHQHPRVFRQFDGDXQRGHORV
SURYHHGRUHVDVtFRPRHOULHVJRWRWDO(OULHVJRVHFDOFXODGHODVLJXLHQWH
IRUPD
5LHVJR 6DOGRFRQWDEOH,PSDJDGRV$OEDUDQHV3GWHV
'LIHUHQFLD /tPLWHGHULHVJRFRQFHGLGR± ULHVJR
(OLQIRUPHHVFRPRHOTXHVLJXH
$%&3URYHHGRU
(O LQIRUPH $%& QRV PXHVWUD ODV FRPSUDV DFXPXODGDV GH ORV GLVWLQWRV
SURYHHGRUHVRUGHQDQGRHOOLVWDGRGHPD\RUDPHQRUFRPSUDLQGLFDQGRHO
SRUFHQWDMHTXHUHSUHVHQWDODVFRPSUDVHIHFWXDGDVDFDGDSURYHHGRUFRQ
UHVSHFWR DO WRWDO FRPSUDV (O OLVWDGR VH SXHGH ILOWUDU KDVWD XQ SRUFHQWDMH
LQGLFDGRSRUHOXVXDULR(OLQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3URYHHGRUHVVLQ0RYLPL HQWRV
(VWH LQIRUPH QRV PXHVWUD ORV SURYHHGRUHV D ORV TXH QR KHPRV
FRPSUDGRQDGDGHVGHXQDIHFKDGHWHUPLQDGD(OLQIRUPHHVFRPRHOTXH
VLJXH
9HQGHGRUHV
,QIRUPHVGHYHQGHGRUHV
'HVGHHVWDRSFLyQSRGHPRVODQ]DUORVLQIRUPHUHODFLRQDGRVFRQ
YHQGHGRUHV(QWUHGLFKRVLQIRUPHVHQFRQWUDPRV,QIRUPH9HQWDV
SUHVXSXHVWDGDV%HQHILFLRVDFXPXODGRV\ORVLQIRUPHV GHHYROXFLyQGH
YHQWDVLQGLYLGXDO\FROHFWLYR3DVHPRVDYHUXQRDXQRGLFKRVLQIRUPHV
3UHVXSXHVWR9HQWDV
(VWH LQIRUPH QRV SUHVHQWD ODV YHQWDV SUHVXSXHVWDGDV \ UHDOHV PHV D
PHV GDQGR LQIRUPDFLyQ GHO SRUFHQWDMH GH GHVYLDFLyQ HQWUH DPEDV
FROXPQDVDVtFRPRORVEHQHILFLRVGHFDGDPHV\HOSRUFHQWDMHGHPDUJHQ
TXHVXSRQHQ(LQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
%HQHILFLRV$FXPXODGRV
(VWH LQIRUPH QRV PXHVWUD HO DFXPXODGR GH EHQHILFLRV JHQHUDGRV SRU
FDGD XQR GH ORV YHQGHGRUHV VHOHFFLRQDGRV (O LQIRUPH HV FRPR HO TXH
VLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,QIRUPHGHYHQWDVLQGLYLGXDO
(VWH LQIRUPH QRV PXHVWUD ODV YHQWDV EHQHILFLRV \ FRPLVLRQHV
JHQHUDGRV SRU FDGD XQR GH ORV YHQGHGRUHV VHOHFFLRQDGRV $O ILQDO GHO
LQIRUPHVHPXHVWUDXQFXDGURUHVXPHQ(OLQIRUPHHVFRPRHOTXHVLJXH
,QIRUPHGHYHQWDVFROHFWLYR
(VWHLQIRUPHQRVPXHVWUDORVGDWRVDFXPXODGRVKDVWDHOPHVLQGLFDGR
GH ODV YHQWDV EHQHILFLRV \ FRPLVLRQHV JHQHUDGDV SRU FDGD XQR GHORV
YHQGHGRUHVVHOHFFLRQDGRV(OLQIRUPHHVFRPRHOTXHVLJXH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
9HQWDVSRUIDPLOLDV
(VWHLQIRUPHPRVWUDUiHOLPSRUWHWRWDOGHODVYHQWDVGHFDGDXQRGHORV
YHQGHGRUHVTXHWHQJDPRVGDGRVGHDOWDHQODDSOLFDFLyQRUGHQDGRSRU
IDPLOLDV$GHPiVHVWHOLVWDGRSUHVHQWDODXWLOLGDGGHILOWUDUVyORSRUDTXHOORV
YHQGHGRUHVTXHQRVLQWHUHVHYLVXDOL]DUFRPRSRUODIDPLOLDGHODUWLFXORR
GHOLPLWDUGLFKROLVWDGRHQXQSHULRGRGHWLHPSRHQFRQFUHWR
(OOLVWDGRUHVXOWDQWHHVHOVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
8WLOLGDGHV
6HOHFFLyQGH,PSUHVRUDV
'HVGH HVWD RSFLyQ SRGHPRV VHOHFFLRQDU OD LPSUHVRUD TXH TXHUDPRV
FRPR LPSUHVRUD SUHGHWHUPLQDGD SDUD OD DSOLFDFLyQ (Q OD OLVWD DSDUHFHUiQ
WRGDV ODV LPSUHVRUDV TXH VH HQFXHQWUHQ HQ HO VLVWHPD $GHPiV HQHVWD
SDQWDOODVHSRGUiLQGLFDUHOQ~PHURGHFRSLDVTXHTXHUDPRV1RREVWDQWHHQ
FDGDLPSUHVLyQODDSOLFDFLyQQRVGDODRSRUWXQLGDGGHVHOHFFLRQDUFXDOTXLHU
LPSUHVRUD\HOQ~PHURGHFRSLDV/DSDQWDOODHVODVLJXLHQWH
3DUDVHOHFFLRQDUXQDLPSUHVRUDEDVWDFRQGHVSOHJDUODOLVWD\
VHOHFFLRQDUODLPSUHVRUDGHVHDGD
/RFDOL]DFLyQGHODEDVHGHGDWRV
'HELGRDTXHHOSURJUDPDSXHGHIXQFLRQDUHQHQWRUQRPXOWLXVXDULRHV
GHFLUHQXQDUHGORFDOHQODTXHKD\PiVGHXQXVXDULR3RUHOORKDEUiTXH
LQGLFDU TXp PiTXLQD HVWi WUDEDMDQGR FRPR VHUYLGRU GH GDWRV \ SRU OR WDQWR
KD\TXHLQGLFDUGyQGHVHHQFXHQWUDQXELFDGDVODVEDVHVGHGDWRV'HKHFKR
HVWDVHUiODSULPHUDRSHUDFLyQTXHKD\TXHKDFHUDOHQWUDUDOSURJUDPDSRU
SULPHUDYH]/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RPRVHSXHGHREVHUYDUKD\WUHVEDVHVGHGDWRVREOLJDWRULDVTXHKD\
TXHORFDOL]DU3DUDHOORLUHPRVSXOVDQGRHQHOERWyQ/RFDOL]DUSDUDTXHQRV
JXtH$OSXOVDUHOERWyQORFDOL]DUQRVDSDUHFHHQSDQWDOODHOFXDGUR
GHGLiORJR
DEULU/DSDQWDOODHVFRPRODVLJXLHQWH
6L QRV HQFRQWUDPRV HQ HO VHUYLGRU EXVFDUHPRV HQ OD UXWD GH
LQVWDODFLyQGHODDSOLFDFLyQ\GHODEDVHGHGDWRVORVYDORUHVSRUGHIHFWRVRQ
2),*(6
&?$5&+,926'(352*5$0$?2),*(6:
(QHVWDGLUHFFLyQHQFRQWUDUHPRVXQILFKHUROODPDGR2),*(60'% TXH
GHEHPRVVHOHFFLRQDU\KDFHUFOLFNHQHOERWyQ$EULU
2),&217$
&?$5&+,926'(352*5$0$?2),&217$:?'$726
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QHVWDGLUHFFLyQHQFRQWUDUHPRVXQILFKHUROODPDGR2),&217$0'% TXH
GHEHPRVVHOHFFLRQDU\KDFHUFOLFNHQERWyQ$EULU
2),3267$/
&?$5&+,926'(352*5$0$?2),*(6:
(QHVWDGLUHFFLyQHQFRQWUDUHPRVXQILFKHUROODPDGR2),3267$/0'% TXH
GHEHPRVVHOHFFLRQDU\KDFHUFOLFNHQHOERWyQ$EULU
6L QRV HQFRQWUDPRV HQ XQ SXHVWR GH WUDEDMR GHEHPRV GHVSOHJDU OD
OLVWD%XVFDUHQ \VHOHFFLRQDUHPRVHQHOHOHPHQWR(QWRUQRGHUHGGHQWURGH
OD SDQWDOOD GH HQWRUQR GH UHG VHOHFFLRQDUHPRV OD PiTXLQD TXH VH KD
FRQILJXUDGR FRPR VHUYLGRU GH GDWRV 8QD YH] HQWUHPRV HQ HO VHUYLGRU
VHOHFFLRQDUHPRVODXQLGDGHQODTXHVHHQFXHQWUDLQVWDODGRHOSURJUDPDTXH
SRU GHIHFWR VHUi OD XQLGDG& \ GHQWUR GH OD XQLGDG GH UHG FRPSDUWLGD
VHOHFFLRQDUHPRV OD UXWD RSRUWXQD TXH SRU GHIHFWR VHUi ??QRPEUH
>
GH
VHUYLGRU?F?$5&+,926'(352*5$0$?2),*(6:?2),&217$:?'$726
SDUD2ILJHV2ILSRVWDO\2ILFRQWDUHVSHFWLYDPHQWH
8QDYH]VHWHQJDQORFDOL]DGDVODVEDVHVGHGDWRVKDUHPRVFOLFNHQHO
ERWyQ DFHSWDU (VWD RSHUDFLyQ VyOR VH WHQGUi TXH OOHYDU D FDER XQD YH] OD
SULPHUDHQODTXHHQWUHPRVDODDSOLFDFLyQDQR VHUTXHVHFDPELHHOVHUYLGRU
GHGDWRV
&DPELDUWDSL]GH$SOLFDFLyQ
/DDSOLFDFLyQ2IL*HVYLHQHSRUGHIHFWRFRQHOORJRWLSRGH2ILPiWLFD
-DpQ6/HQHOWDSL]'LFKRGLEXMRVHSXHGHSHUVRQDOL]DU3DUDHOOREDVWD
HQWUDUHQHVWDXWLOLGDG\VHOHFFLRQDUXQILFKHURGHOWLSR%03*,)R-3*
YiOLGR(OSURJUDPDQRVHHQFDUJDUiGHFHQWUDUGLFKRJUiILFRVLQRTXHVHUi
HOXVXDULRHOTXHGHEHDSRUWDUXQJUiILFRFHQWUDGRRPRVDLFRHVGHFLUHO
SURJUDPDWRPDHOJUiILFRFRQORVPLVPRVFRORUHVGLPHQVLRQHV\
SURSLHGDGHV FRQODVTXHVHJHQHUy
(OSURFHGLPLHQWRHVPX\VLPLODUDOGHODORFDOL]DFLyQGHFXDOTXLHUUXWD
FRQODGLIHUHQFLDTXHDOKDFHUFOLFNVREUHHVWDRSFLyQVHDEULUiXQFXDGURGH
GLiORJRGRQGHOR~QLFRWHQGUHPRVKDFHUVHUiORFDOL]DUHOILFKHUR%03*,)R
-3*
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$EULU&DMyQ3RUWDPRQHGDV
&RQHVWDXWLOLGDGVHSRGUiDEULUHOFDMyQSRUWDPRQHGDVFRQOD
FRPELQDFLyQGHWHFODV&75/)HQFDVRGHTXHH[LVWD\HVWpFRQILJXUDGR
VLQWHQHUTXHKDFHUXQDYHQWD
3DUDHOFRUUHFWRIXQFLRQDPLHQWRGHOFDMyQGHVHUFRQILJXUDGRGHVGHOD
RSFLyQ
&RQILJXUDU739 GHOPHQ~739
$FWXDOL]DFLyQGHHVWDGtVWLFDV
(VWD XWLOLGDG WLHQH FRPR IXQFLyQ OD GH YROYHU D FDOFXODU ODV HVWDGtVW
LFDV \
FDPSRV DFXPXODGRV 3DUD HOOR VH UHSDVDUiQ GH QXHYR ORV SURFHVRV GH
YHQWDV FRPR IDFWXUDFLyQ YHQWDV GH 739 UHFHSFLyQ GH IDFWXUDV HWF (O
SURFHVR VH SXHGH KDFHU GHO HMHUFLFLR FRPSOHWR R GH XQ VROR PHV /D
DSOLFDFLyQ DFWXDOL]D ORV GDWRV HQ OtQHD VLQ HPEDUJR SXHGH H[LVWLU DOJXQD
FLUFXQVWDQFLD HQ OD TXH VHD RSRUWXQR YROYHU D FDOFXODU ODV HVWDGtVWLFDV
$GHPiVWDPELpQVHSRGUiKDFHUXQDUHFRQVWUXFFLyQGHH[LVWHQFLDVSURFHVR
TXH VH EDVD HQ ORV PRYLPLHQWRV GH DOPDFpQ TXH KD WHQLGR FDGD DUWtFXOR
GHVGHOD YDOLGDFLyQGHLQYHQWDULR\KDFLHQGRXQEDODQFHHQWUHPRYLPLHQWRV
GHHQWUDGDPHQRVORVGHVDOLGDPiVHOVWRFNGH~OWLPRLQYHQWDULR/DSDQWDOOD
HVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&RPRVHSXHGHDSUHFLDUPDUFDQGRXQRGHORVGRVSURFHVRVRDPERV
DODYH]HQORVFXDGURVGHYHULILFDFLyQUHVSHFWLYRVVHOHFFLRQDQGRHOPHVGH
DFWXDOL]DFLyQ \ SXOVDQGR HQ HO ERWyQ$FWXDOL]DU FRPHQ]DUi HO SURFHVR TXH
SXHGHOOHYDUEDVWDQWHWLHPSRGHSHQGLHQGRGHOSHULRGRVHOHFFLRQDGR\GHODV
YHQWDV\FRPSUDVUHDOL]DGDVHQGLFKRSHULRGR
6L VROR VH GHVHD UHFRQVWUXLU ODV HVWDGtVWLFDV \ QR ODV FRPLVLRQHV KD\
TXHPDUFDUHOFXDGUR1RUHFRQVWUXLU&RPLVLRQHV
6L TXHUHPRV TXH HQ ODV HVWDGtVWLFDV GH HQWUDGDV \ VDOLGDV DSDUH]FDQ
ORVPRYLPLHQWRVPDQXDOHVKHFKRVGHVGHHQWUDGDV\VDOLGDVGHDOPDFpQKD\
TXHPDUFDU5HFRQVWUXLUHVWDGtVWLFD0RYLPLHQWRVPDQXDOHV
+D\ TXH GHFLU TXH QR GHEH GH KDEHU QLQJ~Q XVXDULR GHQWUR GH OD
DSOLFDFLyQPLHQWUDVTXHVHHVWiHMHFXWDQGRHVWDRSFLyQ
6LHOSURFHVRVHLQWHUUXPSLHUDHQDOJ~QPRPHQWRVHGHEHUiUHSHWLU\D
TXHVLQRODVHVWDGtVWLFDVSXHGHQDSDUHFHUDFHUR
&RSLDVGHVHJXULGDG
'HVGHHVWDRSFLyQVHSRGUiQKDFHUODVFRSLDVGHVHJXULGDG\
UHVWDXUDUODVHQFDVRGHTXHIXHVHQHFHVDULR/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'HEHWHQHUHQFXHQWDTXHHVWHHVHOSURFHVRGHPD\RULPSRUWDQFLD
SDUDODVHJXULGDGGHORVGDWRVGHVXHPSUHVD1RROYLGHKDFHUFRSLDVGH
VHJXULGDG GLDULDVGHVXVGDWRV
3DUD KDFHU XQD FRSLD GH VHJXULGDG GHVGH HVWD RSFLyQ GHEH WHQHU HQ
FXHQWDTXHVLUYHFXDOTXLHUPHGLRH[FHSWRODVFLQWDV675($0(5TXHVXHOHQ
OOHYDU VX SURSLR VRIWZDUH GH FRSLDV 3RU OR WDQWR OR SULPHUR TXH GHEHPRV
KDFHU HV VHOHFFLRQDU OD XQLGDG HQ OD TXH KDUHPRV GLFKD FRSLD DVt FRPR OD
FDUSHWDRGLUHFWRULRHQODTXHVHJUDEDUi6LHVWiXWLOL]DQGRXQPHGLRGHFRSLD
GH EDMD FDSDFLGDG FRPR SXHGHQ VHU ORV GLVFRV GH GHEHUi PDUFDU HO
FXDGUR GH YHULILFDFLyQ 5HDOL]DU FRSLD HQ YDULRV GLVFRV 8QD YH]
VHOHFFLRQDGD OD XQLGDG \ OD UXWD SDUD OD FRSLD KDUHPRV FOLFN HQ HO ERWyQ
$FHSWDU+D\TXHWHQHUHQFXHQWDTXHFXDQGRVHKDFHODFRSLDGHVHJXULGDG
GHVGHXQSXHVWRGHWUDEDMRKD\TXHWHQHUODXQLGDGHQODTXHVHHQFXHQWUDQ
ORVGDWRVFRPRXQLGDGGHUHGILMD7DPELpQKD\TXHFRQWDUFRQTXH
DOKDFHU
ODFRSLDGHVHJXULGDGGHJHVWLyQ VHKDUiWDPELpQODFRSLDGHVHJXULGDG
GH OD HPSUHVD FRQWDEOH TXH VH HQFXHQWUD DVRFLDGD SHUR QR DO UHYpV HV
GHFLU VL KDFH OD FRSLD GH VHJXULGDG GHVGH FRQWDELOLGDG QR VH KDUi OD
FRSLDGHODHPSUHVDGHJHVWLyQ
x
/RVILFKHURVUHVXOWDQWHVGHODFRSLDGHVHJXULGDGVHUiQORVVLJXL
HQWHV
6L VH UHDOL]D OD FRSLD GH VHJXULGDG GHVGH OD(PSUHVD GH *HVWLyQ
2),*(6
6HJ*HHH2FFF]LS
(QODTXH6HJ LQGLFDTXHHVXQILFKHURGHVHJXULGDG
* ,QGLFDTXHVHWUDWDGHJHVWLyQFRPHUFLDO2IL*HV
HHH(OQ~PHURGHODHPSUHVDGHJHVWLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
2 ,QGLFD TXHVHWUDWDGHFRQWDELOLGDG2ILFRQWD\
FFFHOQ~PHURGHODHPUSHVDGHFRQWDELOLGDGDVRFLDGD
/DH[WHQVLyQ]LSVHGHEHDXQIRUPDWRHVWiQGDUGHFRPSUHVLyQ
6L VH UHDOL]D OD FRSLD GH VHJXULGDG GHVGH OD(PSUHVD GH &RQWDELOLGDG
2),&217$
6HJ2FFF]LS
(QODTXH6HJ LQGLFDTXHHVXQILFKHURGHVHJXULGDG
2 ,QGLFDTXHVHWUDWDGHFRQWDELOLGDG2ILFRQWD
FFFHOQ~PHURGHODHPUSHVDGHFRQWDELOLGDGDVRFLDGD
/DH[WHQVLyQ]LSVHGHEHDXQIRUPDWRHVWiQGDUGHFRPSUHVLyQ
3DUD UHVWDXUDU XQD FRSLD GH VHJXULGDG KDUHPRV FOLFN VREUH OD ILFKD
5HVWDXUDU \VHOHFFLRQDUHPRVODXQLGDGRODFDUSHWDHQODTXHVHHQFXHQWUDOD
FRSLDDUHVWDXUDU
8QD YH] KD\DPRV ORFDOL]DGR OD UXWD GRQGH VH HQFXHQWUD FRSLD GH
VHJXULGDGFRQXQFOLFNQRVHVSHFLILFDUiHQTXHIHFKDVHUHDOL]yODFRSLD\GH
TXp HPSUHVDV GH 2IL*HV X 2IL&RQWD VL WXYLpUDPRV +DFLHQGR GREOH FOLFN
VREUHHOQRPEUHGHOILFKHURHQHVWHFDVR6HJ*2]LSTXHVHHQFXHQWUD
HQ HO FDPSR$UFKLYRV OD DSOLFDFLyQ QRV FRORFDUi HO ILFKHUR GH FRSLD HQ HO
FDPSR$UFKLYR&RQVyORSXOVDUVREUHHOERWyQ$&(37$5 UHVWDXUDUHPRVOD
FRSLD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
$FWXDOL]DFLyQGHWDULIDVGHIDEULFDQWH
'HVGH HVWD RSFLyQ SRGUHPRV DFWXDOL]DU QXHVWURV DUWtFXORV FRQ ODV
WDULIDV GH ORV IDEULFDQWHV &DGD GtD HV PiV KDELWXDO TXH QXHVWURV
SURYHHGRUHV QR PDQGHQ VXV WDULIDV HQ VRSRUWH PDJQpWLFR HV GHFLU HQ
GLVTXHWHV 3XHV FRQ HVWD RSFLyQ SRGHPRV LQFRUSRUDUD GLFKDV WDULIDV D
QXHVWUD JHVWLyQ GH PRGR TXH QRV DKRUUDUHPRV PXFKR WLHPSR \ GLQHUR HQ
LQWURGXFLUODUJDVOLVWDVGHSUHFLRVHQQXHVWUDVEDVHVGHGDWRV
'LFKDVWDULIDVWLHQHQGLVWLQWRIRUPDWRGHSHQGLHQGRGHOIDEULFDQWHSRUOR
TXH D QR VHU TXH HO IDEULFDQWH VH HQFXHQWUH HQ OD OLVWD GHVSOHJDEOH
)DEULFDQWH GHEH SRQHUVH HQ FRQWDFWR FRQ 2ILPiWLFD -DpQ 6/ SDUD
FRQILJXUDUGLFKRWUDVSDVRGHWDULIDV
8QDYH]TXHVXIDEULFDQWHVHHQFXHQWUHHQWUHORVIDEULFDQWHVGHODOLVWD
EDVWDUiFRQVHOHFFLRQDUORHLQGLFDUODXQLGDG\UXWDHQODTXHVHHQFXHQWUDHO
ILFKHURGHWDULID(OUHVWRGHOSURFHVRHVDXWRPiWLFR
/DSDQWDOODHVODVLJXLHQWH
(QYtR$SXQWHVD&HQWUDO6yORHPSUHVDVFRQILJXUDGDVFRPR6XFXUVDO
'HVGH HVWD RSFLyQ SRGHPRV HQYLDU ORV DSXQWHV FRQWDEOHV JHQHUDGRV
SRU 2IL*HV GHVGH ODV VXFXUVDOHV SDUD VX SRVWHULRU UHFRJLGD HQ 2IL&RQWD
SRU OD &HQWUDO (VWH SURFHVR VH GHEHUi KDFHU VLHPSUH \ FXDQGR ORV
HTXLSRVTXHIRUPDQSDUWHGHODVXFXUVDO\ORVGHODFHQWUDOQRFRPSDUWHQ
ItVLFDPHQWHHOPLVPRRUGHQDGRUFHQWUDORQRIRUPDQSDUWHGHODUHG3XHGH
KDFHUVH PHGLDQWH FRUUHR HOHFWUyQLFR YtD ,QWHUQHW R PHGLDQWH HO HQYtRD
WUDYpV GH GLVTXHWHV $VLPLVPR VL ORV ILFKHURV VRQ ODUJRV SRGHPRV
FRPSULPLUSUHSDUDFLyQORVGDWRV3DUDHQYtRVIUHFXHQWHVFRQILFKHURVQR
H[WHQVRVQRUHFRPHQGDPRVFRPSULPLU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUDHOHQYLRGHGLFKRVDSXQWHVFRQWDEOHVGLVSRQHPRVGHODVLJXLHQWH
SDQWDOOD
'HOHJDFLyQ6XFXUVDO 1~PHURGHHPSUHVDRULJHQGHOWUDVSDVR
)HFKDGH(QYtR )HFKDHQODTXHVHUHDOL]DHOWUDVSDVR
(PSUHVD'HVWLQR2ILFRQWDHQ&HQWUDO 1~PHURGHHPSUHVDGHFRQWDELOLGDG
TXH UHFRJH OD FHQWUDO $VHJXUDUQRV TXH OD HPSUHVD GHVWLQR 2
IL&RQWD HQ OD
&HQWUDOHVODFRUUHFWDVLQRKDEUtDTXHFRUUHJLUODHQµ3DUiPHWURV¶
(Q HO ERWyQ 7UDVSDVRV *HQHUDGRV SRGUHPRV FRQVXOWDU WRGRV ORV
WUDVSDVRV UHDOL]DGRV HQ OD VXFXUVDO (VWD RSFLyQ HV ~WLO SDUD SRGHU SXQWHDU
ORV WUDVSDVRV JHQHUDGRVFRQORVUHFRJLGRVGHHOODHQODFHQWUDO\DVtSRGHU
FRPSUREDUVLKDSRGLGRKDEHUDOJXQDSHUGLGDGHWUDVSDVRV
6L PDUFDPRV OD RSFLyQ µ(QYLDU 7UDVSDVR 9tD &RUUHR (OHFWUyQLFR¶ \
SRQHPRVODGLUHFFLyQGHHPDLOTXHODFHQWUDOWLHQHKDELOLWDGDSDUDWDOHIHFWR
DODYH]TXH JHQHUDPRVHOWUDVSDVRQRVORDGMXQWDDXQHPDLOTXHWDQVROR
WHQHPRV TXH SXOVDU µ(QYLDU¶ VLHPSUH \ FXDQGR HO FRUUHR HVWH FRQHFWDGR \
ELHQFRQILJXUDGR
6LPDUFDPRVODRSFLyQµ*HQHUDU'LUHFWDPHQWH)LFKHUR&RPSULPLGR¶QR
KDUiHOWUDVSDVRFRPSULPLGR
(O
ERWyQ
µ([SRUWDU
$SXQWHV¶
JHQHUD
XQ
ILFKHURPGE
(1$38GGGVVV\\\\PPGGQQ*PGE FRQ WRGRV ORV GDWRV D HQYLDU HQ
µ?2IL&RQWD:?'DWRV?7UDVSDVRV¶
'RQGH
(1$3o (QYtRGH$SXQWHV
GGGo 1žGH(PSUHVDGH'HVWLQR
VVVo 1žGH(PSUHVDGH2ULJHQ
\\\\o $xRGHOHQYtR
PPo 0HVGHOHQYtR
GGo 'tDGHOHQYtR
QQo 1žGHWUDVSDVR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
*o $SOLFDFLyQGH2ULJHQ2IL*HV
PGEo ([WHQVLyQGHOILFKHURGHHQYLR
*HQHUDGRUGHLQIRUPHV
'HVGH HVWD XWLOLGDG SRGUHPRV FRQIHFFLRQDU WRGR WLSR GH LQIRUPHV $
SHVDU GH TXH OD DSOLFDFLyQ FXHQWD FRQ XQ DPSOLR DEDQLFR GH LQIRUPHV \
OLVWDGRV VLHPSUH SXHGH GDUVH OD SRVLELOLGDG GH TXH QHFHVLWHPRV VDFDU
GHWHUPLQDGD LQIRUPDFLyQ TXH QR VH HQFXHQWUD HQ ORV LQIRUPHV \ OLVWDGRV
SUHGHILQLGRV GH OD DSOLFDFLyQ (Q HVH FDVR WHQHPRVGRV RSFLRQHV ELHQ
VXJHULUTXHVHLQFOX\DGLFKRLQIRUPHGHQWURGHOSURJUDPDELHQKDFHUXVRGH
HVWDXWLOLGDG\KDFHUORQRVRWURVPLVPRV
(OSURFHVRGHJHQHUDFLyQGHLQIRUPHVSHUVRQDOL]DGRVHVEDVWDQWHIiFLO
\UiSLGR3DUDHOORGHEHPRVVHOHFFLRQDUSULPHURHOILFKHURRWDEODHQODTXH
VH HQFXHQWUD OD LQIRUPDFLyQ 6L OD WDEOD R ILFKHUR QR VH HQFXHQWUD HQ OD
SDQWDOODVLHPSUHORSRGHPRVDxDGLUFRQODXWLOLGDG,QVHUWD'LFFLRQDULRTXH
VH HQFXHQWUD LQVWDODGR HQ OD FDUSHWD?2ILJHVZ?8WLOLGDGHV GHO6HUYLGRU /RV
SDVRVVRQORVVLJXLHQWHV
6HOHFFLRQDU OD WDEOD SDUD HO OLVWDGR \ SXOVDU 6LJXLHQWH 3RU HMHPSOR
$UWtFXORV
6HOHFFLRQDU ORV FDPSRV SRU ORV TXH VH TXLHUH RUGHQDU HO OLVWDGR 3RU
HMHPSOR VL TXHUHPRV TXH HO OLVWDGR VH RUGHQH SRU FyGLJR GH DUWtFXOR
VHOHFFLRQDU GH OD OLVWD &RG $UWtFXOR R ELHQ KDFHU GREOH FOLFN \ SXOVDU
VLJXLHQWH
'HILQLU ORV ILOWURV (V GHFLU VL TXHUHPRV TXH VH OLVWHQ ORV DUWtFXORV TXH
SHUWHQH]FDQGHVGHODIDPLOLDKDVWDODIDPLOLDWHQGUHPRVTXH
VHOHFFLRQDU GH OD OLVWD HO FDPSR )DP 6XE OXHJRHQODOLVWDTXHFRQWLHQH
ORVRSHUDGRUHVVHOHFFLRQDUHPRVHOVLJQR! \HQHOFDPSRGHODGHUHFKD
WHFOHUHPRV\SXOVDUHPRVHQHOERWyQSDUDTXHODVHOHFFLyQSDVHDO
YLVRU$FRQWLQXDFLyQVHOHFFLRQDUHPRVGHQXHYRHOFDPSR)DP6XE\H
Q
HVWD RFDVLyQ VHOHFFLRQDUHPRV HO RSHUDGRU \ HQ HO FDPSR VLJXLHQWH
LQGLFDUHPRV \ SXOVDUHPRV HQ HO ERWyQ GH VHOHFFLyQ 6L TXHUHPRV
TXHHQYH]GHTXHORVOtPLWHVVHDQVLHPSUH\ORVSRGHPRV
VXVWLWXLUSRUHOVLJQRGHFLHUUHGHLQWHUURJDFLyQGHPRGRTXHVLHPSUHTXH
ODQFHPRVHOOLVWDGRQRVSUHJXQWHORVOtPLWHV3XOVDUHQVLJXLHQWH
5RWXUDV ,QGLFDUHPRV ORV FDPSRV SRU ORV FXDOHV TXHUHPRV DJUXSDU OD
LQIRUPDFLyQ (Q QXHVWUR HMHPSOR SRGHPRV LQGLFDU H FDPSR 3URYHHGRUGH
PRGRTXHVDOJDQORVDUWtFXORVRUGHQDGRVSRUFyGLJRGHDUWtFXORWDO\FRPR
LQGLFDPRVHQHODSDUWDGR\DGHPiVDJUXSDGRVSRUFyGLJRGHSURYHHGRU
3XOVDUHQVLJXLHQWH
&DPSRVDWRWDOL]DU6LTXHUHPRVTXHDOJXQDGHODVFROXPQDVGHOLQIRUPH
VH VXPHQ DO ILQDO LQGLFDU TXp FDPSRR FDPSRV TXHUHPRV WRWDOL]DU (Q
QXHVWUR FDPSR SRGHPRV VXPDU SRU HMHPSOR ODV H[LVWHQFLDV $GHPiV
SRGHPRVLQGLFDUVLODVXPDHVHQGHWDOOHRHQUHVXPHQ3XOVDUVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&DPSRVGHVDOLGD,QGLFDUODVFROXPQDVTXHTXHUHPRVTXHDSDUH]FDQHQ
HO OLVWDGR 6L DOJXQR GH ORV FDPSRV WLHQH PiV ORQJLWXG GH OD TXH
QHFHVLWDPRV EDVWD FRQ LQGLFDU OD ORQJLWXG HQ Q~PHUR GH FDUDFWHUHV TXH
GHVHDPRV
/tPLWHV\FDEHFHUDV(QHVWDRSFLyQSRGHPRVLQGLFDUHOWtWXORGHOOLVWDGR\
ORVOtPLWHVTXHTXHUHPRV(QQXHVWURHMHPSORSRGHPRVLQGLFDU/,67$'2
'( $57,&8/26 \ HQ GHVGH \ KDVWD LQGLFDU \ UHVSHFWLYDPHQWH
8QDYH]UHDOL]DGRVWRGRVHVWRVSDVRVSRGHPRVWHUPLQDUHOOLVWDGRRELHQ
SXOVDQGRHQ$WUiVSRGHPRVUHYLVDUFDGDXQRGHORVDSDUWDGRV
8QDYH]JHQHUDGR\YLVXDOL]DGRHOLQIRUPHVHSRGUiJXDUGDUHQFXDOTXLHU
FDUSHWDTXHTXHUDPRVSDUDUHXWLOL]DUORFXDQWDVYHFHVVHTXLHUD(OILFKHUR
JHQHUDGR HV GH H[WHQVLyQ 253 $GHPiV GH VHU LPSUHVR HVWH OLVWDGR VH
SXHGHJXDUGDUFRPRXQILFKHURHQGLVFRFRQIRUPDWR7;7RFRPREDVHGH
GDWRV GH 06$&&(66 FRPR HQ HO FDVR GHO OLVWDGR GH PRGLILFDGR GH
SUHFLRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
9LVRUGHDSXQWHV
'HVGHHVWDRSFLyQSRGHPRVYLVXDOL]DUORVDSXQWHVFRQWDEOHVTXHVH
HQFXHQWUDQHQHOGLDULRSUHYLR3DUDHOOREDVWDUiVHOHFFLRQDUORVILOWUR
RSRUWXQRVHQODVLJXLHQWHSDQWDOOD
(OILOWURVHSXHGHKDFHUSRU
x
x
x
x
1~PHURGHGRFXPHQWR
)HFKDGH'RFXPHQWR
&XHQWDHQGHEHRKDEHU
)HFKDGHJUDEDFLyQGHORVDSXQWHV
$GHPiVVHSRGUiLQGLFDUHOWLSRGHDVLHQWRVTXHTXHUHPRVYHU/RVWLSRV
GHDVLHQWRVVRQORVVLJXLHQWHV
&&DMD
,,QJUHVRV
$$GTXLVLFLRQHV&RPSUDV
**DVWRV
%%DQFRV
22WURV
8QD YH] HQWUDGRV ORV ILOWURV GH VHOHFFLyQ KDUHPRV FOLFN HQ HO ERWyQ9HU
$SXQWHV \ VH FDUJDUi OD OLVWD FRQ ORV DSXQWHV TXH VH HQFXHQWUDQ
SHQGLHQWHVGHUHFRJHUHQFRQWDELOLGDG
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/RV DSXQWHV TXH VH SXHGHQYHUVRQWDQWRORVDSXQWHVGHGLDULRFRPR
ORV GH ORV OLEURV GH ,9$ 3DUD YHU XQ WLSR X RWUR GH DSXQWHV EDVWD FRQ
VHOHFFLRQDU HQ ORV ERWRQHV$SXQWHV GH 'LDULR R $SXQWHV GHO /LEUR GH
,9$ /RV DSXQWHV VHU FDUJDUiQ HQ OD OLVWD VLHQGR DJUXSDGRV SRU WLSR GH
DVLHQWR\SRUQ~PHURGHDVLHQWR
(VWD SDQWDOOD HV GH VyOR FRQVXOWD HV GHFLU QR VH SRGUiQ PRGLILFDU ORV
DSXQWHVDQWHVGHUHFRJHUORVHQFRQWDELOLGDG
([SRUWDFLyQGH'DWRVD,QWHUQHW
(VWDRSFLyQHVWitQWHJUDPHQWHOLJDGDFRQHOPyGXORGH&RPHUFLR
(OHFWUyQLFR2),1(7HOILFKHURGH$UWtFXORV \ODRSFLyQTXHYLPRVHQHOPHQ~
GH9HQWDVo 3HGLGRV&RPHUFLR(OHFWURQLFR
$WUDYpVGHHVWDRSFLyQSRGUHPRVSXEOLFDUQXHVWURVDUWtFXORVHQ
QXHVWURFDWiORJRGHYHQWDVLWXDGRHQHOPyGXOR2),1(7SDUDTXHORV
FOLHQWHVTXHDFFHGDQDpOSDUDUHDOL]DUVXVSHGLGRVSXHGDQYLVXDOL]DUORV
DUWtFXORVRIHUWDGRVFRQVXVFDUDFWHUtVWLFDVIRWRVHWF
3DUDHOORSUHYLDPHQWHWHQGUHPRVTXHHQWUDUHQHOILFKHURGHDUWtFXORV\
VHOHFFLRQDUWRGRVDTXHOORVTXHTXHUDPRVTXHHQWUHQDIRUPDSDUWHGHO
FDWiORJRPDUFDQGRHOFXDGURGHYHULILFDFLyQ3XEOLFDUHQ,QWHUQHW
8QDYH]KHFKRHVWRHQWUDPRVHQODRSFLyQGH8WLOLGDGHVo ([SRUWDFLyQGH
'DWRVD,QWHQHW TXHHVWDPRVGHVFULELHQGRHLQGLFDUHQORVGLIHUHQWHV
FDPSRVORVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&DPSRVGHODILFKDGHO$UWLFXORD3XEOLFDU
x
x
x
x
x
x
&yGLJRGHO$UWLFXOR 0DUFDQGRHVWHFXDGURVHPRVWUDUiHQQXHVWUR
FDWiORJRGH,QWHUQHWHOFyGLJRGHODUWLFXORTXHWHQJDPRVHQQXHVWURILFKHUR
GH$UWtFXORV
'HVFULSFLyQGHO$UWLFXOR0DUFDQGRHVWHFXDGURVHPRVWUDUiHQQXHVWUR
FDWiORJRGH,QWHUQHWODGHVFULSFLyQGHODUWLFXORTXHWHQJDPRVHQQXHVWUR
ILFKHURGH$UWtFXORV
'HVFULSFLyQ$GLFLRQDOGHO$UWLFXOR0DUFDQGRHVWHFXDGURVHPRVWUDUi
HQQXHVWURFDWiORJRGH,QWHUQHWODGHVFULSFLyQDGLFLRQDOGHODUWLFXORTXH
WHQJDPRVHQQXHVWURILFKHURGH$UWtFXORV
5HIHUHQFLDGHO3URYHHGRU 0DUFDQGRHVWHFXDGURVHPRVWUDUiHQQXHVWUR
FDWiORJRGH,QWHUQHWOD5HIHUHQFLDGHOSURYHHGRUTXHWHQJDPRVHQQXHVWUR
ILFKHURGH$UWtFXORV
3UHFLRGHO$UWLFXOR 0DUFDQGRHVWHFXDGURSRGUHPRVPRVWUDUHQQXHVWUR
FDWiORJRGH,QWHUQHWKDVWDSUHFLRVGLIHUHQWHV
393
393
393
393
393
3UHFLR&RVWR8OWLPR
)RWRGHO$UWLFXOR 0DUFDQGRHVWHFXDGURVHPRVWUDUiHQQXHVWURFDWiORJR
GH,QWHUQHWODLPDJHQTXHWHQJDPRVHQQXHVWURILFKHURGH$UWtFXORVHQHO
DSDUWDGR127$6H,0$*(1
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
%RWyQ1RWDVH,PDJHQGHOILFKHURGHDUWtFXORV
3DUiPHWURVGH3XEOLFDFLyQ
x
x
x
x
x
'LUHFFLyQ)73 'LUHFFLyQ)73VXPLQLVWUDGDSRUQXHVWURSURYHHGRUGH
,QWHUQHW
/RJLQ /RJLQRQRPEUHGHXVXDULRHOHJLGRSRUQRVRWURVRVXPLQLVWUDGRSRU
QXHVWURSURYHHGRUGH,QWHUQHW
&RQWUDVHxD &RQWUDVHxDHOHJLGDSRUQRVRWURVPLVPRVRVXPLQLVWUDGDSRU
QXHVWURSURYHHGRUGH,QWHUQHW
'LUHFWRULR$UWL 'LUHFFLyQGH)73GRQGHVHHQFXHQWUDQVLWXDGRVQXHVWURV
DUWtFXORV
'LUHFWRULR)RWRV 'LUHFFLyQGH)73GRQGHVHHQFXHQWUDQVLWXDGDVODV
IRWRVGHQXHVWURVDUWtFXORV
&RQILJXUDFLyQGHHWLTXHWDV
'HVGH HVWD XWLOLGDG SRGHPRV PRGLILFDU \ FUHDUQXHYDVHWLTXHWDVWDQWR
GH DUWtFXORV FRPR HWLTXHWDV GH HQYtR FOLHQWHV \ SURYHHGRUHV 3DUD HOOR
FRQWDPRVFRQHVWDKHUUDPLHQWDJUiILFDHQODTXHOR~QLFRTXHWHQHPRVTXH
KDFHUHVLQGLFDUODVGLPHQVLRQHVGHODQXHYDHWLTXHWDHLQGLFDUORVFDPSRV\
FRORFDUORVFRQHOUDWyQHQHOVLWLRGHVHDGR/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
1RPEUH 1RPEUHFRQODTXHVHYDDLGHQWLILFDUODHWLTXHWD
1ž)LODV ,QGLFDUHOQ~PHURGHILODVTXHWLHQHQORVSOLHJRVGHHWLTXHWDV
1ž &ROXPQDV ,QGLFDU HO Q~PHUR GH FROXPQDV TXH FRQWLHQHQ ORV SOLHJRV
GHHWLTXHWDV
$QFKR $QFKRHQPLOtPHWURVGHXQDHWLTXHWD
$OWR $OWRHQPLOtPHWURVGHXQDHWLTXHWD
'LVWDQFLD)LO 'LVWDQFLDHQWUHILODVHQPLOtPHWURV
'LVWDQFLD&RO 'LVWDQFLDHQWUHFROXPQDVHQPLOtPHWURV
)RU]DU VDOWR GH OD LPSUHVRUD DO WDPDxR GH OD HWLTXHWD 0DUFDQGR HVWH
FXDGUR GH YHULILFDFLyQ HVWDPRV LQGLFDQGR DO SURJUDPD TXH FDGD YH] TXH
LPSULPDXQDILODVHSURGX]FDXQVDOWRGHSiJLQD
5HLPSULPLU HQ OD PLVPD SiJLQD KDVWD FRPSOHWDUOD 3XHGH RFXUULU TXH
WHQJDPRVSOLHJRVGHHWLTXHWDVTXHHVWiQDPHGLDV0DUFDQGRHVWHFDPSR
HOSURJUDPDQRVSUHJXQWDUiDSDUWLUGHTXpHWLTXHWDFRPLHQ]DODLPSUHVLyQ
GHPRGRTXHVHSXHGDQDSURYHFKDVGLFKRVSOLHJRV
8QD YH] LQGLFDGRV HVWRV YDORUHV HQ OD SDUWH GHUHFKD GH OD SDQWDOOD QRV
HQFRQWUDPRVFRQODHWLTXHWDSURSLDPHQWHGLFKDHQHVFDODFRQUHVSHFWRD
ORV YDORUHV \D LQGLFDGRV &RQ HO ERWyQ GHUHFKR GHO UDWyQ VH GHVSOHJDUi
XQD OLVWD FRQ ORV FDPSRV TXH SRGHPRV LQVHUWDU HQ OD HWLTXHWD 8QD YH]
FRORFDGR HO FDPSR HQ OD HWLTXHWD OR SRGHPRV PRYHU HQ FXDOTXLHU
GLUHFFLyQ KDVWD GHMDUOR HQ OD SRVLFLyQ GHVHDGD 7DPELpQ SRGHPRV GDU
IRUPDWR D ORV FDPSRV LQGLFDQGR HOWLSRGHOHWUD\WDPDxRGHORVPLVPRV
/RVFDPSRVTXHSRGHPRVDxDGLUVRQORVVLJXLHQWHV
(WLTXHWDV GHDUWtFXORV
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
&XDOTXLHUWH[WRTXHWHFOHHPRV
3UHFLR
7LSRGH3UHFLRXVDGR7DULID
&RVWRPHGLR&RGLILFDGR+DUHPRVFRLQFLGLUXQDOHWUDDFDGDQ~PHURGHO
DO\VHLPSULPLUiHQFDGDHWLTXHWD
&yGLJRGH%DUUDV
&yGLJRGHDUWtFXOR
1RPEUHGHDUWtFXOR
5HIHUHQFLDGHSURYHHGRU
'HVFULSFLyQDGLFLRQDO3RUOtQHDV
&DPSRVGHILQLEOHVGHODO
)DPLOLDRVXEIDPLOLD
6HFFLyQ
8ELFDFLyQ
&yGLJRGH3URYHHGRUKDELWXDO
1RPEUHGH3URYHHGRUKDELWXDO
&yGLJRGHWDOOD
&yGLJRGHFRORU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
1RPEUHGHOFRORU
(WLTXHWDV GH(QYtR
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
&yGLJRGHFOLHQWHRSURYHHGRU
1RPEUH
'LUHFFLyQ
/RFDOLGDG
3URYLQFLD
&yGLJR3RVWDO
7LSRGHSRUWHV
2EVHUYDFLRQHV
1~PHURGHEXOWRV
1~PHURGHNLORV
)HFKDHQYtR
,PSRUWHGHUHHPEROVR6LORKD\
/tQHDVDGHFRQWHQLGR
0DUFDVLSRUWHV'HELGRV
0DUFDVLSRUWH,QFOXLGRV
&yGLJRGHWUDQVSRUWLVWD
1RPEUHGHWUDQVSRUWLVWD
(WLTXHWDV GH&OLHQWHV\3URYHHGRUHV
x
x
x
x
x
x
x
x
&yGLJR
1RPEUH
'LUHFFLyQ
/RFDOLGDG
3URYLQFLD
&yGLJR3RVWDO
3HUVRQDGHFRQWDFWR
,PDJHQ
%RUUDGRGHKLVWyULFRV
'HVGH HVWD XWLOLGDG SRGHPRV ERUUDU FXDOTXLHU ILFKHUR GH KLVWyULFRV
KDVWD XQD IHFKD GDGD (VWH SURFHVR SXHGH VHUQRV GH JUDQ XWLOLGDG \D TXH
SXHGH GDUVH HO FDVR GH TXH WHQJDPRV PRYLPLHQWRV GH DOPDFpQ GH KDFHU
YDULRV DxRV \ TXH \D QR WLHQHQ QLQJXQD XWLOLGDG R WHQHPRV HO KLVWyULFR GH
SHGLGRV GH KDFH YDULRV DxRV $O HMHFXWDU HO ERUUDGR GH ILFKHURV KLVWyULFRV
HVWDPRV JDQDQGR HVSDFLR HQ GLVFR \ YHORFLGDG HQ OD DSOLFDFLyQ \D TXH
DGHPiVODLQIRUPDFLyQTXHVHUtDVXVFHSWLEOHGHERUUDU\DQRQRVHVGHJUDQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
XWLOLGDG DXQTXH VLHPSUH SRGHPRV KDFHU FRSLDV GH VHJXULGDG FRQ GLFKD
LQIRUPDFLyQRELHQFRSLDUODVHPSUHVDVFRQRWURQ~PHURFXDQGRWHUPLQDPRV
XQHMHUFLFLR/DSDQWDOODSDUDHOERUUDGRGHKLVWyULFRVHVODVLJXLHQWH
3DUDHOERUUDGRGHEHPRVLQGLFDUKDVWDTXpIHFKDTXHUHPRVERUUDU\GHTXp
Q~PHUR GH GRFXPHQWR KDVWD TXp RWUR Q~PHUR GH GRFXPHQWR TXHUHPRV
ERUUDU DVt FRPR PDUFDU ORV ILFKHURV GH ORV FXDOHV TXHUHPRV ERUUDU GLFKD
LQIRUPDFLyQ6HERUUDQORVGDWRVVHOHFFLRQDGRVQRORVILFKHURV/RVILFKHURV
KLVWyULFRVDORVTXHVHOHVSXHGHDSOLFDUHOERUUDGRVRQORVVLJXLHQWHV
x
x
x
x
x
x
x
x
x
x
x
x
0RYLPLHQWRVGHDOPDFpQ
+LVWyULFRGHIDFWXUDV\DERQRV
+LVWyULFRGHDOEDUDQHV
+LVWyULFRGH3UHVXSXHVWRV
+LVWyULFRGH3HGLGRV
+LVWyULFRGHGHSyVLWRV
+LVWyULFRGH)DFWXUDV3URIRUPD
+LVWyULFRGH3HGLGRVGH3URYHHGRU
+LVWyULFRGH$OEDUDQHVGHSURYHHGRU
+LVWyULFRGHIDFWXUDVGHSURYHHGRU
&RPLVLRQHV
0RGLILFDGRGHSUHFLRVWRWDO
(O SURFHVR GH ERUUDGR HV LUUHYHUVLEOH SRU OR TXH GHEHPRV DVHJXUDUQRV GH
TXpOLPLWHV\ILFKHURVHVWDPRVPDUFDQGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&LHUUH$QXDO
'HVGHHVWDRSFLyQVHUHDOL]DUiHOFLHUUHGHOHMHUFLFLR(VWHFLHUUHQRVH
WLHQH TXH KDFHU REOLJDWRULDPHQWH D IHFKD GHO GH GLFLHPEUH VL QR TXH
SRGHPRV HVSHUDU D TXH VH IDFWXUHQ DTXHOORV DOEDUDQHV TXH VH HQFXHQWUDQ
SHQGLHQWHV\TXHTXHUHPRVLQFOXLUHQHOHMHUFLFLRDFHUUDU6LQHPEDUJRVtHV
QHFHVDULRVLVHYDDFDPELDUGHVHULHFUHDUODVVHULHVQXHYDV\UHYLVDUORV
QXPHUDGRUHV'XUDQWHHVHSHULRGRGHWLHPSRHQHOTXHVHYD
DIDFWXUDUWDQWR
GHO HMHUFLFLR D FHUUDU FRPR GHO QXHYR HMHUFLFLR ODV HVWDGtVWLFDV HVWDUiQ
PH]FODGDVSURFHVRTXHVHUHVXHOYHDUHDOL]DUHOFLHUUHDQXDO
/DSDQWDOODGHOFLHUUHHVODVLJXLHQWH
(OSURFHVRGHFLHUUHHVHOVLJXLHQWH
6LWHQHPRVPDUFDGR&,(55($18$/
&RPR \D KHPRV FRPHQWDGR DQWHULRUPHQWH VL WHQHPRV PH]FODGRV GDWRV
GHO HMHUFLFLR D FHUUDU \ GHO QXHYR HMHUFLFLR QRV VDOGUHPRV GHO SURJUDPD \
YROYHUHPRV D HQWUDU FRQ IHFKD GH GLFLHPEUH GHO HMHUFLFLR D FHUUDU $
FRQWLQXDFLyQ HIHFWXDPRV XQD DFWXDOL]DFLyQ GH HVWDGtVWLFDV GHO HMHUFLFLR
FRPSOHWR8QDYH]ILQDOL]DGDODDFWXDOL]DFLyQKDUHPRVXQDFRSLDGHVHJXULGDG
R FRSLDPRV OD HPSUHVD FRQ RWUR Q~PHUR $ FRQWLQXDFLyQ HQWUDPRV HQ HVWD
RSFLyQ \ HMHFXWDPRV HO FLHUUH 3DUD HOOR GHEHPRV PDUFDU ORV WUHV FXDGURV GH
YHULILFDFLyQTXHSUHVHQWDGHPRGRTXHVHDFWLYHHOERWyQ$FWXDOL]DU8QDYH]
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
ILQDOL]DGRHOFLHUUHQRVVDOLPRVGHODDSOLFDFLyQ\HQWUDPRVGHQXHYRSHUR\D
FRQODIHFKDDFWXDO\YROYHPRVDKDFHUXQDDFWXDOL]DFLyQGHHVWDGt
VWLFDV&RQ
HVWR\FRPR\DVHKDFRPHQWDGRFRQODUHYLVLyQRFUHDFLyQGHQXHYDVVHULHV
ILQDOL]DUtDHOSURFHVR
6L QR KHPRV PH]FODGR IDFWXUDV GHO QXHYR HMHUFLFLR FRQ ODV GHO HMHUFLFLR D
FHUUDUVyORWHQGUHPRVTXHDFWXDOL]DUODVHVWDGtVWLFDVGHOHMHUFLFLRDFHUUDUHV
GHFLUDFWXDOL]DUODVHVWDGtVWLFDVFRQIHFKDGHGLFLHPEUHGHODxRD FHUUDU\
FRPSUREDURFUHDUODVVHULHVQXHYDV\DFRQWLQXDFLyQHMHFXWDUHVWDSDQWDOODGH
FLHUUH
6LWHQHPRVPDUFDGR&,(55($8720$7,&2
7RGR HO SURFHVR GHVFULWR DQWHULRUPHQWH HQ HO FLHUUH PDQXDO
DFWXDOL]DFLyQ GH HVWDGtVWLFDV GHO HMHUFLFLR D FHUUDU FLHUUH HWF VH KDUi
DXWRPiWLFDPHQWHHQXQVRORSDVR
6H UHFRPLHQGD SDUD KDFHU HVWH WLSRGHFLHUUHKDEHUWUDEDMDGRFRQ
HODxRDFWXDO\HODxRDFHUUDU
(OSURFHVRGHFLHUUHHVHOVLJXLHQWH
6LFRPR\DVHKDFRPHQWDGRWHQHPRVPH]FODGRVGDWRVGHOHMHUFLFLRDFHUUDU
\GHOQXHYRHMHUFLFLRQRVVDOGUHPRVGHOSURJUDPD\YROYHUHPRVDHQWUDUFRQ
IHFKDGHGLFLHPEUHGHOHMHUFLFLRDFHUUDU$FRQWLQXDFLyQHIHFWXDPRVXQD
DFWXDOL]DFLyQ GH HVWDGtVWLFDV GHO HMHUFLFLR FRPSOHWR 8QD YH] ILQDOL]DGD OD
DFWXDOL]DFLyQKDUHPRVXQDFRSLDGHVHJXULGDGRFRSLDPRVODHPSUHVDFRQ
RWURQ~PHUR$FRQWLQXDFLyQHQWUDPRVHQHVWDRSFLyQ\HMHFXWDPRVHOFLHUUH
3DUDHOORGHEHPRVPDUFDUORVWUHVFXDGURVGHYHULILFDFLyQTXHSUHVHQWDGH
PRGR TXH VH DFWLYH HO ERWyQ$FWXDOL]DU 8QD YH] ILQDOL]DGR HO FLHUUH QRV
VDOLPRVGHODDSOLFDFLyQ\HQWUDPRVGHQXHYRSHUR\DFRQODIHFKDDFWXDO\
YROYHPRVDKDFHUXQDDFWXDOL]DFLyQGHHVWDGtVWLFDV&RQHVWR\FRPR
\DVH
KD FRPHQWDGR FRQ OD UHYLVLyQ R FUHDFLyQ GH QXHYDV VHULHV ILQDOL]DUtD HO
SURFHVR
6L QR KHPRV PH]FODGR IDFWXUDV GHO QXHYR HMHUFLFLR FRQ ODV GHO HMHUFLFLR D
FHUUDU VyOR WHQGUHPRV TXH DFWXDOL]DU ODV HVWDGtVWLFDV GHO HMHUFLFLR D FHUUDU
HV GHFLU DFWXDOL]DU ODV HVWDGtVWLFDV FRQ IHFKD GH GLFLHPEUH GHO DxR D
FHUUDU\FRPSUREDURFUHDUODVVHULHVQXHYDV\DFRQWLQXDFLyQHMHFXWDUHVWD
SDQWDOODGHFLHUUH
(QWUDGDGHSUHVXSXHVWDULD
(VWD XWLOLGDG WLHQH OD ILQDOLGDG GH DFWXDOL]DU ORV GDWRV GH OD FROXPQD
3UHVXSXHVWDULDGHODVGLVWLQWDVHVWDGtVWLFDVGHODDSOLFDFLyQVHJ~QORVYDORUHV
GH ODV FROXPQDV GHO HMHUFLFLR DQWHULRU HV GHFLU SRGHPRV PDUFDUQRV FRPR
REMHWLYRVXQSRUFHQWDMHVREUHODVHVWDGtVWLFDVGHODxRTXHDFDEDGHILQDOL]DU
'HHVWHPRGRQRWHQGUHPRVTXHLUXQDDXQDSRUODVHVWDGtVWLFDV\PDUFDU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
FROXPQD D FROXPQD ILOD D ILOD FDGD REMHWLYR 3DUD HOOR LQGLFDUHPRV HO
SRUFHQWDMHDLQFUHPHQWDURGLVPLQXLU\PDUFDUORVILFKHURVVREUHORVTXHV
H
DSOLFDUi/RVILFKHURVVREUHORVTXHSRGHPRVDFWXDOL]DUODSUHVXSXHVWDULRVH
SUHVHQWDHQODVLJXLHQWHSDQWDOOD
$FWXDOL]DFLyQGHILFKDV
<D VH FRPHQWy HQ ORV ILFKHURV PDHVWURV TXH ODV ILFKDV GH FOLHQWHV
SURYHHGRUHV \ RWUDV FXHQWDV FRQWDEOHV VH DFWXDOL]DQ HQ WLHPSR UHDO GHVGH
JHVWLyQ D FRQWDELOLGDG HV GHFLU VL FUHDPRV R PRGLILFDPRV XQD ILFKD HQ
JHVWLyQ ORV FDPELRV JHQHUDGRV VH UHIOHMDUiQ HQ FRQWDELOLGDG VLQ WHQHU TXH
KDFHUQDGDPiV6LQHPEDUJRSXHGHRFXUULUTXHSRUSUREOHPDVHQEDVHVGH
GDWRV GHELGRV D XQD PDOD FRQILJXUDFLyQ GH OD PiTXLQD R GH OD UHG ORFDO
KD\D ILFKDV HQ JHVWLyQ TXH QR VH DFWXDOL]DURQ HQ FRQWDELOLGDG &RQ HVWD
RSFLyQ VH DFWXDOL]DUiQ WRGDV ODV ILFKDV \ FXHQWDV GHVGH JHVWLyQ HQ
FRQWDELOLGDGGHORVILFKHURVTXHVHPDUTXHQHQHVWDSDQWDOOD/DSDQWDOODGH
ODDFWXDOL]DFLyQGHILFKDVHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6HOHFFLRQDQGRHOILFKHURRSRUWXQR\SXOVDQGRHQ$FWXDOL]DUFRPLHQ]D
HO SURFHVR (VWD RSHUDFLyQ SXHGH OOHYDU EDVWDQWH WLHPSR GHELGR D TXH OD
DFWXDOL]DFLyQHVXQDDXQDHOWLHPSRHPSOHDGRVHUiSURSRUFLRQDODOQ~PHUR
GHILFKDVDDFWXDOL]DU
&RQYHUVLyQGH8QLGDGHVD0LOHV
(VWDRSFLyQWLHQHFRPRILQDOLGDGODGHDFWXDOL]DUODVH[LVWHQFLDVWRWDOHV
SRUDOPDFpQ\WRWDOHVGHVFULSFLyQGHDUWLFXOR\SUHFLRGHFRVWRXOWLPRFRVWR
PHGLR\ORV393XQLWDULRVSRUFDMD
(VGHJUDQXWLOLGDGDODKRUDGHYHQGHUXQDJUDQFDQWLGDGGHXQLGDGHV
\DTXHHQHOFDVRTXHYHQGDPRVXQDUWLFXORSRUPLOHVGHXQLGDGHVSRGHPRV
VLPSOLILFDUODVH[LVWHQFLDVGLYLGLHQGRHVWDVSRUPLOHVFHQWHQDVGHFHQDV
HWF
3RUHMHPSORVLYHQGLpUDPRVWRUQLOORVSRUXQLGDGHV\YHQGLpUDPRV
KDELHQGRKHFKRODFRQYHUVLyQDPLOHVVDOGUtDQGHODOPDFpQP
XQLGDGHVWRUQLOORVSHURVLYHQGLpUDPRVWRUQLOORVVDOGUtDQGHO
DOPDFpQPSRUORTXHVHTXHGDVLPSOLILFDGRHOFDPSR8QLGDG
/DSDQWDOODSDUDODFRQYHUVLyQGH8QLGDGHVD0LOHVHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DVHPRVDGHVFULELUFDGDXQRGHORVFDPSRVTXHFRPSRQHQGLFKD
SDQWDOOD
&DPELDU'HVFULSFLyQ ,QGLFDTXHGHVFULSFLyQGHODUWLFXORTXHYDPRVD
FDPELDU
(QHVWHFDVRYDPRVDFDPELDUODGHVFULSFLyQ7251,//2
x 3RU'HVFULSFLyQ ,QGLFDODQXHYDGHVFULSFLyQTXHWHQGUiHODUWLFXOR
GHVSXpVGHUHDOL]DUHOSURFHVRGHFRQYHUVLyQ
(QHVWHFDVRVXVWLWXLUHPRVODGHVFULSFLyQ7251,//2SRU725
x 'HFLPDOHVHQFDQWLGDG ,QGLFDHOQ~PHURGHGHFLPDOHVTXHWHQGUHPRV
SDUDODVH[LVWHQFLDV
x 'HFLPDOHVHQSUHFLR ,QGLFDHOQ~PHURGHGHFLPDOHVTXHWHQGUHPRVSDUD
ORVSUHFLRV
x 'LYLGLUSRU 6HKDGHLQGLFDUODFDQWLGDGSRUODTXHYDPRVDKDFHUOD
FRQYHUVLyQ
(QHVWHFDVRKDUHPRVODFRQYHUVLyQGHODVH[LVWHQFLDVGLYLGLHQGRSRUPLOHV
x $xDGLUWH[WR ,QGLFDUHPRVHOWH[WRTXHDxDGLUHPRVDOILQDOGHOD
GHVFULSFLyQ
(QHVWHFDVRDxDGLUHPRVHOWH[WRPSDUDVDEHUTXHGLFKRVDUWtFXORVKDQ
VXIULGRODFRQYHUVLyQSRUPLO
x $MXVWDUDODGHUHFKD 0DUFDUHPRVGLFKDRSFLyQHQHOFDVRTXHTXHUDPRV
DMXVWDUHOFDPSRDQWHULRUDODGHUHFKD(QFDVRGHPDUFDUHVWHFDPSRHO
WH[WRPDSDUHFHUiVHJXLGRGHODGHVFULSFLyQ
x 'HVGH)DP6XEIDP &yGLJRGHOD)DPLOLDRVXEIDPLOLDVGHVGHODFXDOVH
YDDKDFHUODFRQYHUVLyQ
x
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
2),0$7,&$-$(16/
+DVWD)DP6XEIDP &yGLJRGHOD)DPLOLDRVXEIDPLOLDVKDVWDODFXDOVHYD
DKDFHUODFRQYHUVLyQ
'HVGH&yGLJR &yGLJRGHODUWLFXORGHVGHODFXDOVHYDDKDFHUOD
FRQYHUVLyQ
+DVWD&yGLJR &yGLJRGHODUWLFXORKDVWDODFXDOVHYDDKDFHUOD
FRQYHUVLyQ
%RWyQ&DUJDU $OSXOVDUGLFKRERWyQVHFDUJDUiQHQSDQWDOODORVGDWRV
UHVXOWDQWHVGHOILOWURGHVHOHFFLyQ
&RPRYHPRVDFRQWLQXDFLyQVHFDUJDUiQORVGDWRVUHVXOWDQWHVGHILOWURGH
VHOHFFLyQSXGLHQGRFRPSUREDUTXHODFRQYHUVLyQDUHDOL]DUVHDODFRUUHFWD
/RVFDPSRVVRQORVVLJXLHQWHV
x
x
x
x
x
&yGLJR &yGLJRGHODUWtFXORTXHHQWUDUiGHQWURGHOSURFHVRFRQYHUVLyQ
'HVFULSFLyQ$FW 'HVFULSFLyQ$FWXDOGHODUWtFXOR
'HVFULSFLyQ1XHYD 'HVFULSFLyQ1XHYDTXHDGRSWDUiHODUWLFXORGHVSXpV
GHOSURFHVRGHFRQYHUVLyQ
([LVWHQFLDV$QW ([LVWHQFLDVDFWXDOHVGHODUWLFXOR
([LVWHQFLDV1XH ([LVWHQFLDVQXHYDVTXHDGRSWDUiHODUWLFXORGHVSXpVGHO
SURFHVRGHFRQYHUVLyQ
8QDYH]TXHHVWHPRVVHJXURVGHFRQYHUWLUORVGDWRVTXHWHQHPRVHQ
SDQWDOODGHEHUHPRVSXOVDUHOERWyQ*5$%$5SDUDTXHVHUHDOLFHQORV
FDPELRV
,03257$17((VWHSURFHVRQRDIHFWDUiDGRFXPHQWRV\DFUHDGRVFRQORV
DUWtFXORVQLDORVGDWRVGHSURPRFLRQHV\SUHFLRVHVSHFLDOHVRIHUWDV6L
DGHPiVGHFRQYHUWLUODVH[LVWHQFLDVWRWDOHV\SRUDOPDFpQODGHVFULSFLyQGHO
DUWLFXORSUHFLRGHFRVWRXOWLPRHWFTXHUHPRVWDPELpQUHDOL]DUHODMXVWH
HVSHFLDOFRQVROR6WRFN0tQLPRV0i[LPRVSUHFLRVPXOWLSURYHHGRUW
DULID
SURYHHGRU\VWRFN~OWLPRLQYHQWDULRGHEHUHPRVPDUFDUODRSFLyQ
DMXVWH
HVSHFLDOFRQVROR6WRFN0tQLPRV0i[LPRVSUHFLRVPXOWLSURYHHGRU
WDULIDSURYHHGRU\VWRFN~OWLPRLQYHQWDULRGHEHUHPRVPDUFDUWHQLHQGR
HQSDQWDOODHOPLVPRILOWURGHVHOHFFLyQFRQHOTXHUHDOL]DPRVODSULPHUD
FRQYHUVLyQ
&RPXQLFDFLRQHVHQWUH2ILFLQDV
&RPXQLFDFLRQHVHQWUHRILFLQDV
/D DSOLFDFLyQ 2ILJHV QR WUDEDMD HQWUH VXFXUVDOHV HQ WLHPSR UHDO HV
GHFLUGLFKDV RILFLQDVQRVHHQFXHQWUDQFRPXQLFDGDVFRQQLQJ~QGLVSRVLWLYR
GHWHOHFRPXQLFDFLRQHVWDOHVFRPRPyGHPRWDUMHWDV5'6,HWF3RUORWDQWR
SDUD TXH HQ OD RILFLQD FHQWUDO SXHGDQ FRQRFHU ORV GDWRV GH XQD RILFLQD
VXFXUVDO\SDUDTXHODVXFXUVDOSXHGDUHFLELUGDWRVGHFHQWUDGHEHH[LVWLUXQ
SURFHVRRIIOLQHHVGHFLUHQGHVFRQHFWDGRTXHWUDQVILHUDGLFKRVGDWRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'HVGH HVWD RSFLyQ VH SRGUi FRQILJXUDU \ WUDVSDVDU GDWRV HQWUH ODV
GLVWLQWDV VXFXUVDOHV GH XQD HPSUHVD /DV RSFLRQHV GHO PHQ~ YDULDUDQ
GHSHQGLHQGR GH TXH OD HPSUHVD VHD &HQWUDO R VHD 6XFXUVDO 9HDPRV ODV
GLVWLQWDVRSFLRQHVGHFDGDFDVR
&HQWUDO
/DVRSFLRQHVGHPHQ~SDUDXQDHPSUHVDFRQILJXUDGDFRPRFHQWUDOVRQ
ODVVLJXLHQWHV
5HFHSFLyQ0RGLILFDGRGH3UHFLRV
(QYtRGHGDWRVGH&HQWUDOD6XFXUVDO
(QYLRGH,QYHQWDULRGH&HQWUDOD6XFXUVDO
(QYLR GHO 0XOWLDOPDFHQ D 6XFXUVDOHV 5HFRJLGD GH GDWRV GH
VXFXUVDO
5HFHSFLRQDU'DWRVGH6XFXUVDO
5HFHSFLRQDU,QYHQWDULRGH6XFXUVDO
5HFHSFLRQDU'DWRVGH6XFXUVDO*UXSR
6XFXUVDO
/DV RSFLRQHV GH PHQ~ SDUD XQD HPSUHVD FRQILJXUDGD FRPR VXFXUVDO
VRQODVVLJXLHQWHV
5HFHSFLyQ0RGLILFDGRGH3UHFLRV
(QYtRGHGDWRVGH6XFXUVDOD&HQWUDO
7UDVSDVRGH,QYHQWDULRD&HQWUDO
(QYLRGH'DWRV6XFXUVDOD&HQWUDO*UXSR
(QYLRGH'DWRVDRWUD6XFXUVDO
5HFHSFLRQDU'DWRVGH&HQWUDO
5HFHSFLyQGH,QYHQWDULRYDOLGDGRHQ&HQWUDO
5HFHSFLyQGHO0XOWLDOPDFHQGH&HQWUDO
5HFHSFLyQGH'DWRVGHRWUD6XFXUVDO
0DUFDGR0DQXDOGH)LFKHURV
2ILFLQD&HQWUDO
5HFHSFLyQ0RGLILFDGRGH3UHFLRV
'HVGHHVWDRSFLyQVHSRGUiUHFRJHUXQILFKHURFRQODPRGLILFDFLyQGH
SUHFLRV GH DUWtFXORV 'LFKR ILFKHUR VH SXHGH JHQHUDU GHVGH OD RSFLyQ GH
*HQHUDGRU GH LQIRUPHV JHQHUDQGR XQ OLVWDGR FRQ ORV DUWtFXORV TXH KDQ
PRGLILFDGRVXSUHFLR\JXDUGDQGRGLFKROLVWDGRHQIRUPDWRGHEDVHGHGDWRV
PGE (O QRPEUH GH OD EDVH GH GDWRV JHQHUDGD HV3UHFLRVPGE \ GHEH
FRORFDUVHHQODFDUSHWD7UDVSDVRV TXHKD\HQHO6HUYLGRUGHGDWRV 8QDYH]
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
JHQHUDGRGLFKRILFKHURVHSXHGHHQYLDUWDQWRGHFHQWUDODVXFXU
VDOFRPRHQ
HO FDVR FRQWUDULR \ UHFRJHUOR GHVGH HVWD RSFLyQ 3DUD FRPHQ]DU HO SURFHVR
EDVWD FRQ KDFHU FOLFN HQ HVWD RSFLyQ GH PHQ~ \ FRPHQ]DUi HO SURFHVR GH
UHFRJLGD
(QYtRGH'DWRVGH&HQWUDOD6XFXUVDO
'HVGHHVWDRSFLyQVHFRQILJXUDUiQORVWUDVSDVRVVHUHDOL]DUiQORV
WUDVSDVRVGHLQIRUPDFLyQ\PHUFDQFtDVGHODRILFLQDFHQWUDODODVXFXUVDODVt
FRPRWDPELpQVHSRGUiQDQXODUWUDVSDVRVGHPHUFDQFtDV TXHVHKD\DQ
KHFKRGHIRUPDLQFRUUHFWD/DSDQWDOODGHVHOHFFLyQGHORVSURFHVRVHVOD
VLJXLHQWH
3DUDFRQILJXUDUHOWUDVSDVRFRVDTXHVyORWHQGUiTXHKDFHUODSULPHUD
YH] SXOVH HQ HO ERWyQ&RQILJXUDFLyQ OD SDQWDOOD TXH QRV DSDUHFH HV OD
VLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/D SDQWDOOD SUHVHQWD XQD OLVWD GHVSOHJDEOH HQ OD SDUWH VXSHULRU GH OD
SDQWDOODTXHFRQWLHQHORVILFKHURVTXHVHSXHGHQFRQILJXUDU3DUDVHOHFFLRQDU
FXDOTXLHUD GH HOODV EDVWD FRQ GHVSOHJDU OD OLVWD \ VHOHFFLRQDUOD 7RGRV ORV
ILFKHURV SUHVHQWDQ XQD VHULH GH FDPSRV REOLJDWRULRV TXH VRQ DTXHOORV TXH
HVWiQ PDUFDGRV SRU GHIHFWR (VWRV FDPSRV REOLJDWRULRV QR VH SRGUiQ
GHVPDUFDU $ FRQWLQXDFLyQ GHEHPRV PDUFDU WRGRV DTXHOORV FDPSRV TXH
TXHUHPRVWUDVSDVDU 6LGLFKRILFKHUR\DHVWDEDFRQILJXUDGR\VyORTXHUHPRV
PRGLILFDU VX FRQILJXUDFLyQ SXOVDUHPRV HQ HO ERWyQ &DUJDU XOWLPD
FRQILJXUDFLyQ \PRGLILFDUOR6LTXHUHPRVPDUFDUWRGRVORVFDPSRVHQOXJDU
GHLUXQRDXQRSRUORVFDPSRVSRGHPRVKDFHUXVRGHOFXDGURG
HYHULILFDFLyQ
,QYHUWLU VHOHFFLyQ 3DUD SDVDU GH XQ ILFKHUR D RWUR JXDUGDQGR ORV FDPELRV
SXOVDUHPRV HO ERWyQ $SOLFDU 3DUD JXDUGDU OD FRQILJXUDFLyQ FRPSOHWD
SXOVDUHPRVHOERWyQ$FHSWDU
8QD YH] FRQILJXUDGR HO WUDVSDVR SDVHPRV DO SURFHVR GH WUDVSDVR
3DUD HOORKDUHPRVFOLFNHQHOERWyQ7UDVSDVR/DSDQWDOODTXHQRVDSDUHFHHV
ODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(OWUDVSDVRGHGDWRVGHFHQWUDODVXFXUVDOVHGLYLGHHQGRVSDUWHV8QD
GHHOODVHVHOWUDVSDVRGHLQIRUPDFLyQGHORVILFKHURVPDHVWURV3RURWURODGR
WHQHPRV OR TXH VHUtD WUDVSDVR GH PHUFDQFtDV HQWUH OD RILFLQD FHQWUDO \ OD
VXFXUVDO(VWH~OWLPRSURFHVRHVGHJUDQXWLOLGDGSDUDDTXHOODVHPSUHVDVTXH
UHDOL]DQWUDVSDVRHQWUHDOPDFHQHVVLHQGRGLFKRVDOPDFHQHVSHUWHQHFLHQWHVD
GLVWLQWDVVXFXUVDOHV
3DUDWUDVSDVDULQIRUPDFLyQGHILFKHURVPDHVWURVEDVWDFRQPDUFDUORV
ILFKHURVTXHVHTXLHUD+D\TXHWHQHUHQFXHQWDTXHHOWUDVSDVRGHILFKHURV
VH PHPRUL]D HV GHFLU VL KDFHPRV HO WUDVSDVR GH DUWtFXORV IDPLOLDV \
VXEIDPLOLDV \ VHFFLRQHV /D VLJXLHQWH YH] TXH HQWUHPRV HQ HVWD SDQWDOOD
DSDUHFHUiQ HVWRV ILFKHURV PDUFDGRV SRU GHIHFWR (VWR WLHQH OD ILQDOLGDG GH
UHFRUGDUQRVTXHIXHORTXHWUDVSDVDPRVOD~OWLPDYH]
3DUD WUDVSDVDU PHUFDQFtD HQWUH RILFLQDV SULPHUR GHEHPRV GH KDEHU
KHFKR HO WUDVSDVR GHVGH HO PHQ~ $OPDFpQ HQ OD RSFLyQ7UDVSDVR HQWUH
DOPDFHQHV $ FRQWLQXDFLyQ PDUFDUHPRV HO FXDGUR GH YHULILFDFLyQ7UDVSDVR
GH 0HUFDQFtDV \ D FRQWLQXDFLyQ LQGLFDU ODV IHFKDV HQWUH ODV FXDOHV VH
HQFXHQWUDQ ORV WUDVSDVRV D VHOHFFLRQDU H LQGLFDUHO Q~PHUR GH DOPDFpQ GH
GHVWLQR
(QODSDUWHLQIHULRUGHODSDQWDOODVHHQFXHQWUDQXQRVFDPSRVTXHQRV
VLUYHQ GH ILOWUR SDUD HO WUDVSDVR GH DUWtFXORV GH IDPLOLDV \ VXEIDPLOLDV \ GH
FOLHQWHV\SURYHHGRUHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3XOVDQGRHQHOERWyQDFHSWDUFRPHQ]DUiHOSURFHVRGHWUDVSDVR8QD
YH] JHQHUDGR HO ILFKHUR GH WUDVSDVR HO SURJUDPD QRV GDUi OD RSFLyQ GH
VHOHFFLRQDUFRPRORTXHUHPRVDOPDFHQDUSDUDVXWUDVSDVR6HSRGUiJXDUGDU
HQGLVTXHWHVHQXQLGDGHV=LSHQHOPLVPRGLVFRGXURSDUDVXSRVWHULRUHQYtR
RELHQSRU&RUUHRHOHFWUyQLFR(QFDVRGHHOHJLUHVWD~OWLPDRSFLyQWHQHPRV
TXHWHQHULQVWDODGRHQHOVLVWHPDHO06,17(51(7(;3/25(5HQVXYHUVLyQ
R VXSHULRU HQ FDVWHOODQR $GHPiV KD\ TXH WHQHU HQ FXHQWD TXH FRPR
DVXQWRGHOFRUUHRKD\TXHSRQHU75$63$622),*(6FRVDTXH\DSRQHHO
SURJUDPD\TXHQRVHGHEHGHPRGLILFDU
3DUD DQXODU XQ WUDVSDVR GH PHUFDQFtDV SXOVDUHPRV HQ HO ERWyQ
$QXODU7UDVSDVR3DUDGLFKRSURFHVRKDEUiTXHLQGLFDUODIHFKDGHOWUDVSDVR
DVtFRPRORVFyGLJRVGHDOPDFpQGHRULJHQ\GHVWLQR
(QYtRGH,QYHQWDULRGH&HQWUDOD6XFXUVDO
'HVGHHVWDRSFLyQVHHQYLDUiHOLQYHQWDULRGHODOPDFpQLQGLFDGRFRQOD
IHFKD GH YDOLGDFLyQ LQGLFDGD +D\ TXH WHQHU HQ FXHQWD TXH OD UHFHSFLyQ GH
HVWHLQYHQWDULRHQODVXFXUVDOGHEHKDFHUVHDOFRPLHQ]RGHXQGtDODERUDOVLQ
TXH DQWHV KD\D KDELGR PRYLPLHQWRV HQ HO DOPDFpQ \D TXH VH DFWXDOL]DUiQ
ORV GDWRV GH H[LVWHQFLDV \ IHFKD GH YDOLGDFLyQ (VWD RSFLyQ WLHQH VHQWLGR
FXDQGRVHKDFHHQFHQWUDOODHQWUDGDGHODWRPDGHLQYHQWDULR\VHWUDVSDVD
DODVXFXUVDO
(QYtRGHO0XOWLDOPDFpQD6XFXUVDO
'HVGHHVWDRSFLyQHQYLDUHPRVHOILFKHURGHOPXOWLDOPDFpQDXQD
VXFXUVDO(OSURFHVRHVVLPLODUDOHQYtRGHGDWRVGHVXFXUVDODFHQWUDO\GLFKR
ILFKHURLQFOXLUiODVH[LVWHQFLDVGHORVDUWtFXORVSRUDOPDFpQWDOODV\FRORUHV\
HOVWRFNPi[LPR\PtQLPR
/DSDQWDOODSDUDHOHQYtRGHOPXOWLDOPDFpQHVHOVLJXLHQWH
(OILFKHURJHQHUDGRGHEHUiFRORFDUVHHQODFDUSHWD7UDVSDVRV TXHKD\
HQHO6HUYLGRUGHGDWRV 8QDYH]JHQHUDGRGLFKRILFKHURVHSXHGHHQYLDUGH
VXFXUVDO D FHQWUDO 3DUD FRPHQ]DU HO SURFHVR EDVWD FRQ KDFHU FOLFN HQ HO
ERWyQ7UDVSDVR\FRPHQ]DUiHOSURFHVRGHUHFRJLGD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
127$ ,03257$17( (VWH SURFHVR VROR GHEHUi XVDUVH EDMR OD
VXSHUYLVLyQGH2ILPDWLFD-DpQ6/
5HFHSFLRQDU'DWRVGH6XFXUVDO
'HVGHHVWDRSFLyQVHUHFRJHUiODLQIRUPDFLyQGHWUDVSDVRGHVXFXUVDO
3DUDHOORVyORKDEUiTXHUHFRJHUHOILFKHUR\HOSURFHVRGHDFWXDOL]DFLyQVHUi
DXWRPiWLFR+D\TXHWHQHUHQFXHQWDTXHQRVHGHEHGHWUDEDMDUPLHQWUDVVH
HVWiQ UHFRJLHQGR ORV GDWRV GH OD VXFXUVDO $QWHV GH UHFRJHU HO SULPHU
WUDVSDVR GHEHPRV FUHDU XQD VHULH GH FDUSHWDV HQ HO6HUYLGRU GH GDWRV
'HQWUR GH OD FDUSHWD 2ILJHVZ GHO6HUYLGRU KD\ TXH FUHDU GRV FDUSHWDVFRQ
ORV QRPEUHV 7UDVSDVRV \ 5HFRJLGDV 'HQWUR GH OD FDUSHWD 5HFRJLGDV VH
FUHDUiXQDFDUSHWDFRQHOQ~PHURGHODHPSUHVDHQODTXHQRVHQFRQWUDPRV
HVGHFLUVLQRVHQFRQWUDPRVHQODHPSUHVDGHEHPRVFUHDUXQDFDUSHWD
'HQWURGHGLFKDFDUSHWDFUHDUHPRVDVXYH]GRVFDUSHWDVPiVFRQORV
QRPEUHV 3HQGLHQWHV \ /HLGRV /D SDQWDOODTXHVHPXHVWUDSDUDODUHFRJLGD
GHILFKHURVHVODVLJXLHQWH
/DSDQWDOODSUHVHQWDGRVFDUSHWDVODGHHQYtRVSHQGLHQWHVGH
DFWXDOL]DU\ORVHQYtRV\DUHFRJLGRV3DUDUHFRJHUXQILFKHURSXOV
DUHQHO
ERWyQ5HFRJHU1XHYR)LFKHUR1RVDSDUHFHUiXQDSDQWDOODHQODTXHVH
QRVGDODSRVLELOLGDGGHUHFRJHUGHVGHGLVTXHWHVGHVGHXQLGDGHVGHGLVFRV
UHPRYLEOHVGHVGHHOGLVFRGXURRELHQUHFRJHUSRUFRUUHRHOHFWUyQLFR8QD
YH]VHOHFFLRQDGRHOILFKHURSDVDUiDODSDQWDOODGH3HQGLHQWHV\XQDYH]
DFWXDOL]DGRHOSURJUDPDFRQGLFKRILFKHURSDVDUiDODSDQWDOODGH
5HFRJLGDV
3DUDLGHQWLILFDUORVILFKHURVGHWUDVSDVRYDPRVDGHVFULELUHOQRPEUH
GHOILFKHUR\ODVFDUSHWDVGHOVHUYLGRUGHGDWRV HQODVTXH VHDOPDFHQDQ(O
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
QRPEUHGHXQILFKHURGHWUDVSDVRGHVXFXUVDODFHQWUDOWLHQHHOVLJXLHQWH
QRPEUH7U6&GGGHHHDDDDPPGGQ]LSGRQGH
7U6&7UDVSDVR6XFXUVDO&HQWUDO
GGG&yGLJRGHODGHOHJDFLyQGHODVXFXUVDO
HHH1~PHURGHODHPSUHVDGHODVXFXUVDO
DDDD $xRGHODIHFKDGHWUDVSDVR
PP0HVGHODIHFKDGHWUDVSDVR
GG'tDGHODIHFKDGHWUDVSDVR
Q1~PHURGHWUDVSDVRGHODIHFKD6HSHUPLWHQKDVWDWUDVSDVRVGHXQD
VXFXUVDODODFHQWUDO
8QDYH]UHFRJLGRHOILFKHURVHDOPDFHQDUiHQODFDUSHWD3HQGLHQWHV
WDO \ FRPR VH KD LQGLFDGR PiV DUULED GH PRGR TXH SRGHPRV UHFRJHU HO
ILFKHUR \ GHMDUOR SHQGLHQWH GH DFWXDOL]DU 8QD YH] DFWXDOL]DGR HO ILFKHUR GH
WUDVSDVRGHVDSDUHFHGHODFDUSHWD3HQGLHQWHV\SDVDUiDODFDUSHWD
/HLGRV
GRQGH TXHGD FRPR FRSLD GH VHJXULGDG GHO WUDVSDVR (O FRQWHQLGR GH OD
FDUSHWDGHWUDVSDVRV/HLGRVVHSRGUiERUUDUFXDQGRKD\DSDVDGRHOWLHPSR
VXILFLHQWHGHVGHTXHVHUHFRJLHURQFRPRSRUHMHPSORXQHMHUFLFLRFRPSOHWR
5HFHSFLRQDU,QYHQWDULRGH6XFXUVDO
'HVGHHVWDRSFLyQVHUHFRJHUiHOILFKHURFRQHOLQYHQWDULRGHODOPDFpQ
GHVXFXUVDOSDUDDFWXDOL]DUORHQODFHQWUDO&RPR\DVHKDLQGLFDGRHQWHPDV
DQWHULRUHV HO LQYHQWDULR GH ODV VXFXUVDOHV VH SXHGHQ KDFHU ELHQ HQ OD
VXFXUVDOFDVRPiVOyJLFRELHQHQODFHQWUDO(QHVWH~OWLPRFDVR\FRPR\D
VHKDLQGLFDGRVHLQWURGXFHHOLQYHQWDULRHQODFHQWUDOVHYDOLGDHQFHQWUDO\
VHWUDVSDVDDVXFXUVDO(QHOFDVRTXHQRVRFXSDDKRUDVHLQWURGXFHHQOD
VXFXUVDO\VHWUDVSDVDDODFHQWUDO3DUDHOORXQDYH]LQWURGXFLGRHOLQYHQWDULR
GHVGH(QWUDGDV\VDOLGDVGHDOPDFpQVHWUDVSDVDUiDODFHQWUDOSDUDTXHD
SDUWLU GH HVH PRPHQWR VH SXHGD FRQRFHU HO VWRFN GH ORV DOPDFHQHV GH ODV
VXFXUVDOHVHQODFHQWUDO(OSURFHVRGHUHFRJLGDHVLJXDODOGHOD
5HFRJLGDGH
GDWRV GH VXFXUVDO (O ILFKHUR GH WUDVSDVR GH LQYHQWDULR HV GH OD IRUPD
7U,QGGGHHHDDDDPPGGQ]LSGRQGH
7U,Q7UDVSDVR,QYHQWDULR
GGG'HOHJDFLyQGHODHPSUHVDVXFXUVDO
HHH1~PHURGHODHPSUHVDGHODVXFXUVDO
DDDD$xRGHODIHFKDGHWUDVSDVR
PP0HVGHODIHFKDGHWUDVSDVR
GG'tDGHODIHFKDGHWUDVSDVR
Q 1~PHUR GH WUDVSDVR GH OD IHFKD 6H SHUPLWHQ KDVWD WUDVSDVRV XQD
PLVPDVXFXUVDODODFHQWUDODOGtD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
5HFRJLGDGDWRVVXFXUVDOJUXSR
(VWDRSFLyQHVWiGLVHxDGDHVSHFLDOPHQWHSDUDDTXHOODVHPSUHVDVTXH
IRUPDQ SDUWH GH XQ JUXSR GH FRPSUDV FRPR HV HO FDVR GH OD FDGHQD
-XJXHWRRQ6XSULQFLSDOXWLOLGDGHVODGHHQYLDUODHVWDGtVWLFDGHFRPSUDVGH
ORV DUWtFXORV FRQ OR FXDO SRGUHPRV VDEHU D WUDYpV GH HVWRV HQYtRV HO WRWDO
IDFWXUDGRSRUWRGRHOJUXSRDODFDGHQD-XJXHWRRQ
(V LPSRUWDQWH VDEHU TXH OD HPSUHVD GH GHVWLQR GHO WUDVSDVR GHEH
WHQHUORVDUWtFXORVFUHDGRVFRQDQWHODFLyQXQVXEDVHGHGDWRV\DTXHVLQR
QRDFWXDOL]DUtDGLFKDVHVWDGtVWLFDV
/D HMHFXWDU OD UHFHSFLyQ GH GDWRV GH VXFXUVDO JUXSR OR SULPHUR TXH
QRVSLGHHVHOQRPEUHGHOJUXSRDOTXHSHUWHQHFHPRVWDO\FRPRYHPRVHQHO
JUiILFR \ D FRQWLQXDFLyQ VH JHQHUDUi HO ILFKHUR GHO WUDVSDVR GH OD PLVPD
IRUPDTXHVHJHQHUDQORVHQYtRVGHGDWRVGHFHQWUDODVXFXUVDOGHVFULWDFRQ
DQWHULRULGDGHQRWURVFDStWXORVSDUDVXSRVWHULRUHQYtRYtD,QWHUQHWHPDLOR
SRUGLVTXHWHV
9HURSFLyQ(QYtRGHGDWRVGH6XFXUVDOD&HQWUDO
2ILFLQD6XFXUVDO
(QYtRGHGDWRVGH6XFXUVDOD&HQWUDO
'HVGHHVWDRSFLyQVHWUDVSDVDUiQORVGDWRVGHODVXFXUVDODODFHQWUDO
3DUD HOOR EDVWDUi VHOHFFLRQDU HO WLSR GH GRFXPHQWRV TXH VH TXLHUHQ
WUDVSDVDU (O UHVWR GHO SURFHVR WDQWR GH OD VHOHFFLyQ GH Q~PHURV GH
GRFXPHQWRV D WUDVSDVDU FRPR OD JHQHUDFLyQ GHO ILFKHUR GH WUDVSDVRHV
WRWDOPHQWH DXWRPiWLFR 6yOR KDEUi TXH LQGLFDU DO ILQDO HQ TXp PHGLR VH
WUDVSDVDUi HO ILFKHUR GLVFRV FRUUHR HOHFWUyQLFR HWF /D SDQWDOOD SDUD HO
WUDVSDVRGHGDWRVHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3DUDJHQHUDUHOILFKHUREDVWDFRQVHOHFFLRQDUVLVHGHVHDWUDVS
DVDUORV
DOEDUDQHV SHQGLHQWHV GH IDFWXUDU WDQWR GH FRPSUD FRPR GH YHQWD \ ODV
UHSDUDFLRQHV GH WDOOHU \D TXH WDQWR ODV IDFWXUDV FRPR ORV WLFNHWV VH
WUDVSDVDUiQ VLHPSUH &RQ HVWH SURFHVR VH PDUFDUiQ ORV GRFXPHQWRV
WUDVSDVDGRV GH PRGR TXH QR YXHOYDQ D WUDVSDVDUVH GH QXHYR \ JHQHUH
SUREOHPDV GH GXSOLFDGRV &XDQGR VH UHFHSFLRQH HO ILFKHUR VH DFWXDOL]DUiQ
WDQWRORVGRFXPHQWRVFRPRODVHVWDGtVWLFDV\H[LVWHQFLDV/RVDOEDUDQHVGH
FRPSUDV\YHQWDVTXHVHWUDVSDVHQSDVDUiQDXWRPiWLFDPHQWHDOKLVWyULFRGH
DOEDUDQHVHQODVXFXUVDOGHPRGRTXHVyORVHSRGUiQIDFWXUDUHQODFHQWUDO
HQFDVRGHTXHVHWUDVSDVHQ
7UDVSDVRGHLQYHQWDULRDODFHQWUDO
'HVGH HVWD RSFLyQ VH WUDVSDVDUi HO LQYHQWDULR GH ORV DUWtFXORV
VHOHFFLRQDGRV GH OD VXFXUVDO D OD FHQWUDO 3DUD HOOR VH UHFRPLHQGD DGHPiV
TXHHOLQYHQWDULRGHORVDUWtFXORVTXHVHYD\DQDWUDVSDVDUVHYDOLGHGHPRGR
TXH D OD FHQWUDO OOHJXH WDQWR HO VWRFN DFWXDO FRPR OD IHFKDGHYDOLGDFLyQGH
GLFKRVWRFN(OSURFHVRGHHQYtRGHGDWRVHVFRPRHOGHOUHVWRGHWUDVSDVRV
HVGHFLUSRUGLVTXHWHGLVFRVUHPRYLEOHVRELHQSRUFRUUHRHOHFWUyQLFR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
'LVSRQHPRVGHOILOWURGHVHOHFFLyQTXHREVHUYDPRVHQHOJUiILFRFRQHO
REMHWLYRGHWUDVSDVDUHOLQYHQWDULRGHVyORDTXHOORVDUWtFXORVTXHQRV
LQWHUHVHIDPLOLDVXEIDPLOLDDUWtFXORVGHOSURYHHGRUGHVHDGR\GHXQDOPDFpQ
HVSHFLILFR
(QYtRGHGDWRV6XFXUVDOD&HQWUDO*UXSR
7DO\FRPRYLPRVHQODRSFLyQ5HFHSFLRQDUGDWRVGH6XFXUVDO*UXSR
GRQGHSRGtDPRVUHFRJHUODHVWDGtVWLFDGHDUWtFXORVGHXQJUXSRGHFRPSUDV
HQHVWDRSFLyQGLVSRQHPRVGHOHQYtRGHGLFKRVGDWRV
'LFKRSURFHVRHVVLPLODUDOGHODUHFHSFLyQGHGDWRVSLGLpQGRQRVGHLJXDO
IRUPDHOQRPEUHGHOJUXSRDOTXHSHUWHQHFHPRV\PRVWUDQGRDFRQWLQXDFLyQ
ODSDQWDOODSDUDHOSRVWHULRUHQYLyYtDLQWHUQHWHPDLOGLVTXHWHVHWF
(QYtRGH'DWRVDRWUD6XFXUVDO
5HFRJLGDGHGDWRVGH&HQWUDO
'HVGHHVWDRSFLyQVHDFWXDOL]DUiQORVGDWRVHQYLDGRVGHVGHODFHQWUDO
HQ OD VXFXUVDO &RPR \D KHPRV YLVWR ORV GDWRV TXH VH HQYLDUiQ GHVGH OD
FHQWUDO VHUiQ GDWRV GH ILFKHURV PDHVWURV H[FHSWR GDWRV GH DFXPXODGRV \
HVWDGtVWLFDV TXH VH FRQILJXUDURQ HQ VX PRPHQWR DVt FRPR WUDVSDVR GH
PHUFDQFtDVHQWUHORVGLVWLQWRVDOPDFHQHV(VWHSURFHVRKDUiODDFWXDOL]DFLyQ
GH GLFKRV GDWRV HQ OD VXFXUVDO SDUD OR TXH ~QLFDPHQWH WHQGUHPRV TXH
UHFRJHU HO ILFKHUR 3DUD SRGHU LGHQWLILFDU HO ILFKHUR GH WUDVSDVR YDPRV D
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
GHVFLIUDU HO QRPEUH GHO ILFKHUR (O QRPEUH GHO ILFKHUR GH WUDVSDVR WLHQH HO
VLJXLHQWHIRUPDWR7U&6GGGHHHDDDDPPGGQ]LSGRQGH
7U&67UDVSDVR&HQWUDOD6XFXUVDO
GGG&yGLJRGHODGHOHJDFLyQFHQWUDO
HHH1~PHURGHHPSUHVDFHQWUDO
DDDD$xRGHODIHFKDGHOWUDVSDVR
PP0HVGHODIHFKDGHOWUDVSDVR
GG'tDGHODIHFKDGHOWUDVSDVR
Q 1~PHUR GH WUDVSDVR 6H SXHGHQ KDFHU KDVWD WUDVSDVRV HQ OD PLVPD
IHFKDGHODFHQWUDODFDGDXQDGHODVVXFXUVDOHV
5HFRJLGDGHLQYHQWDULRYDOLGDGRHQFHQWUDO
&RPR \D VH KD LQGLFDGR HQ DSDUWDGRV DQWHULRUHV HO SURFHVR GH
LQWURGXFFLyQGHLQYHQWDULRVHSXHGHKDFHUELHQHQODVXFXUVDO\WUDVSDVDUORD
ODFHQWUDORELHQLQWURGXFLUORHQODFHQWUDOYDOLGDUORHQFHQWUDO\WUDVSDVDUORD
OD VXFXUVDO 3XHV ELHQ QRV HQFRQWUDPRV HQ HO FDVR GH TXH VH KD\D GHFLGR
SRU OD ~OWLPD RSFLyQ (Q HVWH FDVR OR ~QLFR TXH KDEUi TXH KDFHU HV
VHOHFFLRQDUHOILFKHURGHOWUDVSDVR\DFWXDOL]DU(OILFKHURGHOWUDVSDVRWLHQHHO
VLJXLHQWHIRUPDWR7U,QGGGHHHDDDDPPGGQ]LSGRQGH
7U,Q7UDVSDVRGH,QYHQWDULR
GGG'HOHJDFLyQGHODFHQWUDO
HHH1~PHURGHODHPSUHVDGHODFHQWUDO
DDDD$xRGHODIHFKDGHOWUDVSDVR
PP0HVGHODIHFKDGHOWUDVSDVR
GG'tDGHODIHFKDGHOWUDVSDVR
Q1~PHURGHWUDVSDVRGHODIHFKD6HSXHGHQKDFHUKDVWDWUDVSDVRVGHOD
FHQWUDODFDGDXQDGHODVVXFXUVDOHVFRQODPLVPDIHFKD
5HFHSFLyQGHO0XOWLDOPDFpQGH&HQWUDO
7DO\FRPRYLPRVHQODRSFLyQ(QYLRGH0XOWLDOPDFHQD6XFXUVDOGRQGH
SRGtDPRVHQYLDUODVH[LVWHQFLDVGHORVDUWtFXORVSRUDOPDFpQWDOODV\FRORUHV
\HOVWRFNPi[LPR\PtQLPRHQHVWDRSFLyQGLVSRQHPRVGHODUHFHSFLyQGH
GLFKRVGDWRV
'LFKRSURFHVRHVVLPLODUDO(QYtRGHO0XOWLDOPDFpQD6XFXUVDOHV
PRVWUiQGRVHDVtODSDQWDOODFDUDFWHUtVWLFDSDUDHOHQYtRGHGDWRVHQWUH
RILFLQDVTXHDFRQWLQXDFLyQREVHUYDPRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
5HFHSFLyQGH'DWRVDRWUD6XFXUVDO
0DUFDGR0DQXDOGH)LFKHURV
(O SURFHVR GH PDUFDGR GH ILFKHURV \ GRFXPHQWRV D WUDVSDVDU GH OD
VXFXUVDO D OD FHQWUDO HV DXWRPiWLFR HV GHFLU HO XVXDULR QR WLHQH TXH
SUHRFXSDUVHHQTXpGRFXPHQWRVRILFKHURVGHEHWUDVSDVDU6LQHPEDUJRHQ
DOJXQDVVLWXDFLRQHVHVQHFHVDULRTXHVHPDUTXHQPDQXDOPHQWHSRUHMHPSOR
SDUDYROYHUDWUDVSDVDUGHWHUPLQDGDLQIRUPDFLyQTXHQROOHJyHQFRQGLFLRQHV
DODFHQWUDORSRUFXDOTXLHURWUDFDXVD3DUDHOORHVWiHVWDRSFLyQHQODFXDO
LQGLFDUHPRV TXp ILFKHURV TXHUHPRV WUDVSDVDU\ TXH GRFXPHQWRV R ILFKDV
GHVHDPRVWUDVSDVDU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/DSDQWDOODHVFRPRODVLJXLHQWH
3DUD KDFHU HO PDUFDGR GH ILFKHURV PDUFDUHPRV OD FROXPQD
6HOHFFLRQDGD GH DTXHOORV ILFKHURV TXH TXHUDPRV WUDVSDVDU \ OXHJR LQGLFDU
ORV LQWHUYDORV GH FyGLJRV R LQWHUYDORV GH IHFKDV D WUDVSDVDU 8QD YH]
PDUFDGRVWRGRVORVILFKHURVGHVHDGRVSXOVDUHQHOERWyQ0DUFDU
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
7'0
*HQHUDFLyQ&RGGH%DUUDV
(VWDRSFLyQQRVIDFLOLWDUiHOWUDEDMRDODKRUDGHJHQHUDUORVFyGLJRVGH
EDUUDVGHORVDUWtFXORV\DTXHWHQGUHPRVTXHLUSRUQXHVWURDOPDFpQFRQHO
7'0OH\HQGRFDGDXQRGHORVFyGLJRVGHEDUUDVGHORVDUWtFXORVHLUHPRV
DVLJQDQGRDODYH]ODUHIHUHQFLDGHODUWtFXORDODTXHFRUUHVSRQGHHOFyGLJR
OHtGR
3DUDHOORDQWHVGHUHDOL]DUOD*HQHUDFLyQGHFyGLJRVGHEDUUDV
WHQGUHPRVTXHUHDOL]DUOD&DUJDGH$UWLFXORV TXHYLPRVHQODRSFLyQGHO7'0
o ,QYHQWDULRSDUDWHQHUHQQXHVWURWHUPLQDOWRGRVORVDUWtFXORVGHQXHVWUD
EDVHGHGDWRV
(VLPSRUWDQWHHQHVWDFDUJDGHDUWtFXORVQRPDUFDUQLQJXQRGHORV
FyGLJRVGHEDUUDVDWUDVSDVDUDO7'0SDUDTXHDVtVHFDUJXHQWRGRV
DTXHOORVDUWtFXORVWHQJDQRQRDVLJQDGRFRQDQWHULRULGDGFyGLJRGHEDUUDV
8QDYH]KHFKDODFDUJDGHDUWtFXORVSDVDPRVFRPHQWDUODSDQWDOOD
SDUDODJHQHUDFLyQGHFyGLJRVGHEDUUDV/DSDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
2),0$7,&$-$(16/
&DPSRFODYHDXVDU &DPSRTXHFDUJDPRVDO7'0HQOD&DUJDGH
DUWtFXORV3RGHPRVSDVDUDOWHUPLQDOWDQWRHOFyGLJRGHDUWtFXORFRPROD
UHIHUHQFLDGHOSURYHHGRU
1ž7HUPLQDO &yGLJRGH7HUPLQDOGRQGHVHKDUHDOL]DGRODFDUJDGH
DUWtFXORV\SRVWHULRUOHFWXUDGHORVFyGLJRVGHEDUUDVGHORVDUWtFXORV
&RG%DUUDVD*UDEDU &yGLJRGHEDUUDVRGHODILFKDGHDUWtFXORV
GRQGHVHJUDEDUiHOFyGLJRJHQHUDGR
&DUJDUOLQHDV $OSXOVDUVREUHHVWHERWyQVHFDUJDUiQHQSDQWDOODFDGD
XQDGHODVOHFWXUDVUHDOL]DGDVVREUHORVDUWtFXORVSRUQXHVWURWHUPLQDOGH
PDQRPRVWUDQGRORVVLJXLHQWHVFDPSRV
&yGLJR &yGLJRGHEDUUDVGHODUWtFXOROHtGRSRUHO7'0
5HIHUHQFLD 5HIHUHQFLDGHODUWtFXOROHtGRSRUHO7'0
&EDUUDV &yGLJRGHEDUUDVJHQHUDGR
'HVFULSFLyQ 'HVFULSFLyQGHODUWtFXOR
(QHOFDVRGHHQFRQWUDUDOJXQDLQFLGHQFLDDOFDUJDUODVOtQHDVHVWDVVHUiQ
PRVWUDGDVHQODSDUWHLQIHULRUGHODSDQWDOOD&RPRYHPRVHQHOJUiILFRODV
LQFLGHQFLDVVRQRFDVLRQDGDVSRUODOHFWXUDGHDUWtFXORVTXHQRKDQVLGR
LQWURGXFLGRVSUHYLDPHQWHHQODFDUJDGHDUWtFXORVGHVGHHOPHQ~7'0
o
,QYHQWDULR
$OSXOVDUVREUHHOERWyQ$&(37$5 VHPRVWUDUiHQSDQWDOODHOVLJXLHQWH
PHQVDMH
¢'HVHD5HDOL]DUOD*UDEDFLyQ"
$OSXOVDUVREUH6, VHJUDEDUiQHQHOFDPSR&yGLJRGH%DUUDVTXH
KD\DPRVVHOHFFLRQDGR&%&%R&%ORVFyGLJRVGHEDUUDVJHQHUDGRV
SRUHO7'0(QFDVRGHLQGLFDU12 QRVHOOHYDUiDFDERQLQJXQDRSHUDFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
6DOLGDVGH0HUFDQFLDV
&DUJDGH3HGLGRV
&RQHVWDRSFLyQVHOHFFLRQDUHPRVGHVGHHOILOWURGHVHOHFFLyQWRGRV
DTXHOORVSHGLGRVSHQGLHQWHVGHVHUYLUSDUDFDUJDUORVSRVWHULRUPHQWHHQ
QXHVWUR7HUPLQDOGH0DQR7'0HLUJHVWLRQiQGRORVGLUHFWDPHQWHGHVGHHO
DOPDFpQ
/DSDQWDOODSDUDODFDUJDGHSHGLGRVGHFOLHQWHVHVODVLJXLHQWH
/RVFDPSRVTXHREVHUYDPRVVRQORVVLJXLHQWHV
x
x
x
x
x
x
'HVGH&OLHQWH &yGLJRGH&OLHQWHGHVGHHOFXDOTXHUHPRVTXHQRV
PXHVWUHHOILOWURGHVHOHFFLyQ
+DVWD&OLHQWH &yGLJRGH&OLHQWHKDVWDHOFXDOTXHUHPRVTXHQRVPXHVWUH
HOILOWURGHVHOHFFLyQ
'HVGH)HFKD ,QGLFDUODIHFKDGHOSHGLGRGHVGHHOFXDOTXHUHPRVTXHQRV
PXHVWUHHOILOWURGHVHOHFFLyQ
+DVWD)HFKD ,QGLFDUODIHFKDGHOSHGLGRKDVWDODFXDOTXHUHPRVTXHQRV
PXHVWUHHOILOWURGHVHOHFFLyQ
,PSRUWH0tQLPR ,QGLFDUHOLPSRUWHPtQLPRGHSHGLGRDSDUWLUGHOFXDO
TXHUHPRVTXHQRVPXHVWUHHQHOILOWURGHVHOHFFLyQ
6HOHFFLRQDU3HG&RPSOHWRVGHO$OPDFpQ 0DUFDQGRHVWDRSFLyQQRV
PRVWUDUiHQHOILOWURGHVHOHFFLyQVyORDTXHOORVSHGLGRVHQORVFXDOHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
GLVSRQJDPRVGHH[LVWHQFLDVVXILFLHQWHVHQHODOPDFpQLQGLFDGRSDUDVX
SUHSDUDFLyQ
x ,QYHUWLU 6HOHFFLyQ +DFLHQGR FOLFN HQ HVWH FXDGUR GH YHULILFDFLyQ VH
LQYHUWLUiQODVPDUFDVGHODOLVWDGHSHGLGRVDVHOHFFLRQDU
x 6HOHFFLRQDU $O KDFHU FOLFN VREUH HVWH ERWyQ VH VHOHFFLRQDUiQ WRGRV ORV
SHGLGRVTXHHVWpQGHQWURGHORVOLPLWHVLQGLFDGRVHQODVHOHFFLyQ
x 1žGH7HUPLQDO ,QGLFDUHOFyGLJRGHOWHUPLQDODVLJQDGRFRQDQWHODFLyQHQ
ORV3DUiPHWURVGH&RQILJXUDFLyQGHO7HUPLQDO7'0
x &DPSR &ODYH &DPSR FODYH TXH SDVDUi DO WHUPLQDO GH PDQR DSDUWH GHO
&yGLJR GH EDUUDV GHO DUWtFXOR SDUD OD JHVWLyQ GH GLFKRV SHGLGRV /RV
SRVLEOHFDPSRVSDUDSDVDUDOWHUPLQDOVRQ
&yGLJRGHO$UWLFXOR
5HIHUHQFLDGHO3URYHHGRU
x 1R FRPSUREDU SUHFLRV GLVWLQWRV (Q HO FDVR GH PDUFDU HVWH FXDGUR GH
YHULILFDFLyQHOSURJUDPDQRFRPSUREDUiDTXHOORVSHGLGRVTXHFRQWHPSOHQ
DUWtFXORV LJXDOHV PDUFDGRV FRQ GLVWLQWR SUHFLR (Q HO FDVR GH TXH QR VH
PDUFDUDHVWDRSFLyQ\KXELHUDHQXQSHGLGROtQHDVFRQHOPLVPRDUWLFXOR\
GLIHUHQWH SUHFLR HO SURJUDPD QRV PRVWUDUtD HQ OD SDUWH LQIHULRU GH OD
SDQWDOODWRGDVODV LQFLGHQFLDVSURGXFLGDV
/DV SRVLEOHV LQFLGHQFLDV TXH VH SXHGHQ RULJLQDU HQ OD FDUJD GH SHGLGRV
VXHOHQ VHU RFDVLRQDGRV SULQFLSDOPHQWH SRU OR DQWHULRUPHQWH GHVFULWR PLVPR
DUWLFXORDGLIHUHQWHSUHFLRRSRUSRVHHUHQHOFyGLJRGHODUWLFXORGHOSHGLGRHO
VLPEROR TXH WDO \ FRPR VH YLR SRU HMHPSOR HQ
3UHVXSXHVWRV3HGLGRV$OEDUDQHV HWF VHUYtD SDUD FUHDU GRFXPHQWRV
SHGLGRVDOEDUDQHVIDFWXUDVHWFVLQWHQHUFRGLILFDGRHODUWLFXORD~QHQHO
ILFKHURGHDUWtFXORV
x ,JQRUDUFHURVDODL]TXLHUGDGHOFDPSRFODYH 0DUFDQGRHVWiRSFLyQVH
LJQRUDUiQ WRGRV FHURV TXH H[LVWDQ D OD L]TXLHUGD GHO FDPSR FODYH TXH
HQYLHPRV DO WHUPLQDO (V GHFLU DO HQYLDU XQ DUWLFXOR FX\R FyGLJR IXHUD
HO SURJUDPD LJQRUDUtD ORV SULPHURV FHURV \ SRGUtDPRV
UHIHULUQRVDHVHDUWLFXORFRQVyORWHFOHDU(QFDVRFRQWUDULRWHQGUtDPRV
TXHWHFOHDUORVGtJLWRVFRUUHVSRQGLHQWHVDOFyGLJRGHODUWtFXOR
/RVSHGLGRVUHVXOWDQWHVGHOILOWURVHVHOHFFLRQDUiQDFRQWLQXDFLyQHQHO
FXDGUR6HOHFFLyQGHSHGLGRVDJHQHUDUPRVWUDQGR ORVFDPSRV
1XP3HGLGR
)HFKD
&yGLJR&OLHQWH
1RPEUH&OLHQWH
,PSRUWH
6
0DUFDQGRRGHVPDUFDQGRODVOtQHDVGHVHDGDVHQHOFDPSR
6 \SXOVDQGR
SRVWHULRUPHQWHVREUHHOERWyQ$&(37$5 FDUJDUHPRVHQQXHVWURWHUPLQDOGH
PDQRWRGRVORVSHGLGRVVHOHFFLRQDGRVSDUDVXSRVWHULRUHODERUDFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
*HQHUDFLyQGH$OEDUDQHV
(VWDRSFLyQSRGUtDPRVGHVFULELUODFRPRODFRQWLQXDFLyQGHODRSFLyQ
DQWHULRUPHQWHGHILQLGD&DUJDGH3HGLGRV8QDYH]SUHSDUDGRVORVSHGLGRV
HQHODOPDFpQDWUDYpVGHOWHUPLQDOGHPDQROOHJDODKRUDGHODFRQYHUVLyQ
GHGLFKRVSHGLGRVHQVXVFRUUHVSRQGLHQWHVDOEDUDQHVSDUDVXSRVWHULRU
IDFWXUDFLyQGHVGH2IL*HV
/DSDQWDOODHVDVtGHVHQFLOOD
x
x
1ž7HUPLQDO $OLQWURGXFLUHOFyGLJRGHOWHUPLQDOFRQHOFXDOUHDOL]DPRVHQ
VXPRPHQWRODFDUJDGHSHGLGRV\SRVWHULRUSUHSDUDFLyQHQHODOPDFpQ\
SXOVDUODWHFOD,1752QRVPRVWUDUiHQSDQWDOODFDGDXQRGHORVSHGLGRV
OLVWRVSDUDJHQHUDUVXFRUUHVSRQGLHQWHDOEDUiQ
6HULH /RVSHGLGRVVHUiQWUDQVIRUPDGRVHQDOEDUDQHVGHODVHULHLQGLFDGD
HQHVWDOLVWDGHVSOHJDEOH
(O GHVJORVH GH ODV OHFWXUDV UHDOL]DGDV FRQ HO WHUPLQDO GH PDQR HV HO
VLJXLHQWH
x
x
x
x
x
1ž3HGLGR 1žGH3HGLGRGHOFXDOVHKDUHDOL]DGRODOHFWXUD
&ODYH &DPSR FODYH OHtGR SRU HO WHUPLQDO DGHPiV GHO FDPSR FyGLJR GH
EDUUDV&RPRYLPRVHQODFDUJDGHDUWtFXORVGLFKRWHUPLQDOSRGtDFDUJDHO
FyGLJRGHODUWtFXORRELHQODUHIHUHQFLDGHOSURYHHGRU
&RG%DUUDV &yGLJRGHEDUUDVGHODUWLFXOR
&DQWLGDG &DQWLGDGOHtGDSRUHO7'0
6WRFN3HGLGR 8QLGDGHVTXHFRQVWDEDQHQHOSHGLGR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(Q HO FDVR TXH ORV FDPSRV &DQWLGDG \ 6WRFN 3HGLGR QR FRLQFLGDQ HO
SURJUDPDQRVPRVWUDUiXQPHQVDMHDYLViQGRQRVTXHHOSHGLGRD~QQRHVWi
FRPSOHWRRIUHFLpQGRQRVODSRVLELOLGDGGHJXDUGDUGLFKRSHGLGRSDUDYROYHUD
FRQYHUWLUDDOEDUiQHOUHVWRGHOSHGLGR
3RU HMHPSOR 8Q SHGLGR GH ORV PRVWUDGRV HQ SDQWDOOD WLHQH XQ VX FDPSR
6WRFN 3HGLGR 8GV VLQ HPEDUJR HQ HO FDPSR &DQWLGDG FRQVWDQ
VRODPHQWH8GVHVWRTXLHUHGHFLUTXHVRORHQYLDUHPRVDQXHVWURFOLHQWH
XQLGDGHVGHODVVROLFLWDGDVSRUORTXHSDVDUHPRVHOSHGLGRGH8GVD
$OEDUiQ\FRQVHUYDUHPRVHOUHVWRGHOSHGLGRFRQODV8GVUHVWDQWHVSDUDVX
SRVWHULRU FRQYHUVLyQ D DOEDUiQ HQ HO PRPHQWR TXH GLVSRQJDPRV GH
H[LVWHQFLDVHQQXHVWURDOPDFpQ
(VWDRSFLyQHVVLPLODUD
&RQILUPDUOtQHDVDFRQYHUWLUTXHYLPRVHQODRSFLyQ3UHVXSXHVWRV
3HGLGRV$OEDUDQHVHWFGHOPHQ~GH9HQWDV
'LVSRQHPRV HQ HVWD PLVPD SDQWDOOD GH ERWRQHV TXH QRV D\XGDUiQ
JHVWLRQDUODVOtQHDVFDUJDGDVSRUHO7'0FRPRVRQ
3XOVDQGRVREUHHVWHERWyQVHERUUDUiODOtQHDVHOHFFLRQDGD
3XOVDQGRVREUHHVWHERWyQVHERUUDUiHOSHGLGRFRPSOHWR
$OSXOVDUVREUHHOERWyQ$&(37$5 VHJHQHUDUiQORVDOEDUDQHVGHFDGD
XQRGHORVSHGLGRVLQFOXLGRVHQODOLVWD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,QYHQWDULR
&DUJDGH$UWtFXORV
/DSULQFLSDOIXQFLyQGHHVWDRSFLyQHVODGHOYROFDGRGHOILFKHURGH
DUWtFXORVDOWHUPLQDOGHPDQRR7'0SDUDODUHDOL]DFLyQGHOLQYHQWDULRGH
DOPDFpQ
/DSDQWDOODHVODVLJXLHQWH
(QGLFKDSDQWDOODSRGHPRVREVHUYDUORVVLJXLHQWHVFDPSRV
x
x
x
x
1ž7HUPLQDO &yGLJRGHO7HUPLQDODOTXHYROFDUHPRVHOILFKHURGH
DUWtFXORV
'HVGH&yGLJR &yGLJRGHDUWtFXORGHVGHHOFXDOYROFDUHPRVDO7'0
+DVWD&yGLJR&yGLJRGHDUWtFXORKDVWDHOFXDOYROFDUHPRVDO7'0
'HVGH)DP6XEIDP &yGLJRGHIDPLOLDRVXEIDPLOLDGHVGHODFXDO
YROFDUHPRVORVDUWtFXORVDO7'0
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
x
x
x
x
x
x
x
x
2),0$7,&$-$(16/
+DVWD)DP6XEIDP &yGLJRGHIDPLOLDRVXEIDPLOLDKDVWDODFXDO
YROFDUHPRVORVDUWtFXORVDO7'0
'HO3URYHHGRU $UWtFXORVTXHVHFDUJDUiQHQHO7'0GHOSURYHHGRU
LQGLFDGR
'HVGH8ELFDFLyQ &yGLJRGHODXELFDFLyQGHVGHODFXDOVHFDUJDUiQ
DUWtFXORVDO7'0
+DVWD8ELFDFLyQ &yGLJRGHODXELFDFLyQKDVWDODFXDOVHFDUJDUiQ
DUWtFXORVDO7'0
&DPSRFODYH &DPSRFODYHTXHSDVDUiDO7'0
&yGLJRGH$UWLFXOR
5HIHUHQFLDGHSURYHHGRU
3UHFLR 7LSR GHSUHFLRTXHVHFDUJDUiHQHO7'0
393
393
393
393
393
,JQRUDUFHURVDODL]TXLHUGD 0DUFDQGRHVWiRSFLyQVHLJQRUDUiQWRGRV
FHURVTXHH[LVWDQDODL]TXLHUGDGHOFDPSRFODYHTXHHQYLHPRVDOWHUPLQDO
(VGHFLUDOHQYLDUXQ DUWLFXORFX\RFyGLJRIXHUDHOSURJUDPD
LJQRUDUtDORVSULPHURVFHURV\SRGUtDPRVUHIHULUQRVDHVHDUWLFXORFRQ
VyORWHFOHDU(QFDVRFRQWUDULRWHQGUtDPRVTXHWHFOHDUORVGtJLWRV
FRUUHVSRQGLHQWHVDOFyGLJRGHODUWtFXOR
&RQH[LVWHQFLDVHQHODOPDFpQ 0DUFDQGRHVWDRSFLyQVyORHQYLDUHPRV
DO7'0DTXHOORVDUWtFXORVTXHWHQJDQH[LVWHQFLDVHQHODOPDFpQLQGLFDGR
&yGLJRGH%DUUDV 0DUFDQGRHVWDRSFLyQHQYLDUHPRVHO&RGGHEDUUDV
GHODILFKDGHODUWLFXOR
&yGLJRGH%DUUDV 0DUFDQGRHVWDRSFLyQHQYLDUHPRVHO&RGGHEDUUDV
GHODILFKDGHODUWLFXOR
&yGLJRGH%DUUDV 0DUFDQGRHVWDRSFLyQHQYLDUHPRVHO&RGGHEDUUDV
GHODILFKDGHODUWLFXOR
8QDYH]WHQJDPRVELHQFRQILJXUDGRHOILOWURGHVHOHFFLyQFXDQGRSXOVHPRV
VREUHHOERWyQ$&(37$5FRPHQ]DUiDXWRPiWLFDPHQWHHOYROFDGRGHOILFKHUR
GHDUWtFXORVDO7'0
(VSUREDEOHTXHDOWHUPLQRGHOYROFDGRGHGDWRVVHSURGX]FDQDOJXQDV
LQFLGHQFLDVWDO\FRPRVHREVHUYDHQHOJUiILFRPRVWUDGRDQWHULRUPHQWHFRQOR
FXDOGLFKRVDUWtFXORVQRVHUiFDUJDGRVHQHOWHUPLQDO\VyORSDVDUiDTXHOORV
TXHVHHQFXHQWUDQHQODOLVWD/tQHDV&DUJDGDV3DUDHOORWHQGUHPRVTXH
UHYLVDUHOPRWLYRGHGLFKDVLQFLGHQFLDV\FRUUHJLUORVGLUHFWDPHQWHVREUHHO
ILFKHURGHDUWtFXORV8QDYH]FRUUHJLGDVHVWDVLQFLGHQFLDVSRGUHPRVYROFDUGH
QXHYRORVDUWtFXORVDQXHVWURWHUPLQDO
3RUXOWLPRGHFLUTXHHOSULQFLSDOPRWLYRGHODVLQFLGHQFLDVVXHOHQGHELGRVD
FyGLJRVGHEDUUDVGXSOLFDGRVHQORVGLIHUHQWHVDUWtFXORV\FyGLJRVGHEDUUDV
QRYiOLGRVFRQPDVPHQRVGtJLWRVFDUDFWHUHVDOIDQXPpULFRVHQHOFyGLJR
GHEDUUDVHWF
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&DUJDGH,QYHQWDULR
8QDYH]UHDOL]DGDODFDUJDGHOILFKHURGHDUWtFXORVDQXHVWUR7'0
FRPHQ]DUtDPRVFRQODUHJXODUL]DFLyQGHQXHVWURLQYHQWDULRSDVDQGRFRQ
QXHVWUROHFWRUSRUFDGDXQRGHORVDUWtFXORVGHODOPDFpQHLQWURGXFLHQGRODV
H[LVWHQFLDVUHDOHVGHFDGDXQRGHHOORV
/RVLJXLHQWHDUHDOL]DUVHUiHOYROFDGRHQHVWHFDVRGHORVGDWRV
REWHQLGRVHQHODOPDFpQSRUHOWHUPLQDOGHPDQRR7'0DQXHVWUDEDVHGH
GDWRVGH2IL*HV
3DUDUHDOL]DUHVWH SURFHVRQRVHQFRQWUDUHPRVFRQODVLJXLHQWHSDQWDOOD
x
x
x
x
1ž7HUPLQDO &yGLJRGHO7HUPLQDOGRQGHHVWiQDOPDFHQDGRVORVGDWRVFRQ
HOLQYHQWDULR
)HFKDGH9DOLGDFLyQ )HFKDGHYDOLGDFLyQGHOLQYHQWDULRHQHOFDVRGH
SXOVDUVREUHHOERWyQ9$/,'$5
$OPDFpQ &yGLJRGHODOPDFpQGRQGHVHKDHIHFW~DHOLQYHQWDULR
2FXOWDUDUWtFXORVVLQGLIHUHQFLD 0DUFDQGRHVWDFDVLOODVHRFXOWDUiQ
DTXHOODVOtQHDVHQODVTXHHOQžGHH[LVWHQFLDVTXHFRQVWDEDQHQ2IL*HV
DQWHVGHUHDOL]DUHOLQYHQWDULR\HOQžGHH[LVWHQFLDVOHtGDVSRUHO7'0
FRLQFLGDQHVGHFLUODFROXPQD'LIHUHQFLD TXHGHVSXpVGHWDOODUHPRVVHD
LJXDODFHUR
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
x
x
2),0$7,&$-$(16/
&DUJDU/tQHDV 3XOVDQGRVREUHHVWHERWyQVHLQLFLDUiODFDUJDGHGDWRV
GHO7'0DQXHVWUDEDVHGHGDWRVGH2IL*HV
4XLWDU/tQHDVFRQ/HFWXUD 0DUFDQGRHVWDFDVLOODQRDSDUHFHUiQHQ
SDQWDOODDTXHOODVOtQHDVHQODVFXDOHVQRVHKD\DUHDOL]DGRXQDOHFWXU
DHV
GHFLUQRDSDUHFHUiHQODOLVWDDTXHOORVDUWtFXORVSRUORVTXHQRKD\DPRV
SDVDGRHOOHFWRU7'0GXUDQWHODUHDOL]DFLyQGHOLQYHQWDULR
,PSULPLU 3XOVDQGRVREUHHVWHERWyQLPSULPLUHPRVODOLVWDGHDUWtFXORV
FDUJDGRVHQSDQWDOOD
3DVHPRVDGHWDOODUODOLVWDGHDUWtFXORVFDUJDGRV
x
x
x
x
x
x
x
&yGLJR &yGLJRGHODUWLFXOROHtGRSRUHO7'0
5HIHUHQFLD 5HIHUHQFLDGHODUWtFXOROHtGRSRUHO7'0
'HVFULSFLyQ 'HVFULSFLyQGHODUWtFXOR
([LVWHQFLDV3& ([LVWHQFLDVTXHFRQVWDEDQHQHOILFKHURGHDUWtFXORV
DQWHVGH UHDOL]DUHOLQYHQWDULR
([LVWHQFLDV/HtGDV ([LVWHQFLDVOHtGDVSRUHO7'0
([9DOLGDGDV ([LVWHQFLDVTXHILQDOPHQWHVHYDQDYDOLGDU(QSULQFLSLR
GHEHQGHFRLQFLGLUODVH[LVWHQFLDVOHtGDVFRQODVYDOLGDGDV
'LIHUHQFLD 'LIHUHQFLDH[LVWHQWHHQWUHHOFDPSR([LVWHQFLDV3&\([
9DOLGDGDV
+DFLHQGRGREOHFOLFNVREUHFDGDXQDGHODVOtQHDVFDUJDGDVHQSDQWDOODHO
FDPSR([9DOLGDGDV HQWUDUiHQPRGRHGLFLyQSDUDDVtLQWURGXFLU
PDQXDOPHQWHODVH[LVWHQFLDVTXHYDPRVDYDOLGDU
3XHGHGDUVHHOFDVRTXHPLHQWUDVUHDOL]DPRVHOLQYHQWDULRSDVHPRVVLQ
GDUQRVFXHQWDYDULDVYHFHVSRUHOPLVPRDUWLFXORGXSOLFDQGRDVtHOQžGH
XQLGDGHVH[LVWHQWHV(QWDOFDVRSRGUHPRVREVHUYDUHVWDDQRPDOtDHQHO
FXDGUR'HVJORVHGHOHFWXUDV HOFXDOQRVLQIRUPDUiVREUHHO&yGLJRGH
EDUUDV GHODUWtFXOROHtGRIHFKD HQODTXHVHOH\yGLFKRDUWLFXORKRUD\
FDQWLGDG GHXQLGDGHVTXHVHLQWURGXMHURQ
7DPELpQSXHGHGDUVHHOFDVRTXHVHSURGX]FDQFLHUWDVLQFLGHQFLDVHQHO
YROFDGRGHLQYHQWDULRGHO7'0D2IL*HV(VWDVLQFLGHQFLDVVHSRGU
iQYHU
GHWDOODGDVHQODSDUWHLQIHULRUGHODSDQWDOOD\VXSULQFLSDOPRWLYRVXHOHVHUOD
DXVHQFLDGHFyGLJRVGHEDUUDVHQODSULPHUDFDUJDGHDUWtFXORVTXH
UHDOL]DPRVSDUDODFRQIHFFLyQGHOLQYHQWDULR
3XOVDQGRVREUHHOERWyQ%255$5HOLPLQDUHPRVHOLQYHQWDULRFDUJDGRHQ
SDQWDOOD
3XOVDQGRVREUHHOERWyQ9$/,'$5 YDOLGDUHPRVHOLQYHQWDULRFRQODIHFKD
TXHFRQVWHHQHOFDPSR)HFKD9DOLGDFLyQ\FRQODVH[LVWHQFLDVLQWURGXFLGDV
HQHOFDPSR([9DOLGDGDV
3XOVDQGRVREUHHOERWyQ$&(37$5 JXDUGDUHPRVHOLQYHQWDULR
WHPSRUDOPHQWHSDUDSRGHUFDUJDUORGHQXHYRSRVWHULRUPHQWH\DVtSRGHU
VHJXLULQWURGXFLHQGRH[LVWHQFLDV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
3XOVDQGRVREUHHOERWyQ&$1&(/$5 VDOGUHPRVGHODSDQWDOOD5HFRJLGD
GH,QYHQWDULR VLQJXDUGDUORVFDPELRVUHDOL]DGRV
3HGLGRV$OEDUDQHV\7UDVSDVRV
'HVGHHVWDRSFLyQSRGUHPRVUHDOL]DUSHGLGRVGHFOLHQWHVDOEDUDQHVGH
FOLHQWHV\WUDVSDVRVHQWUHDOPDFHQHVGHXQDIRUPDVHQFLOOD
3DUDHOORLUHPRVFRQHO7'0SDVDQGRSRUORVFyGLJRVGHEDUUDVGH
FDGDXQRGHORVDUWtFXORVGHODOPDFpQTXHHQWUDUiQDIRUPDUS
DUWHGHO
SHGLGRDOEDUiQRWUDVSDVR\XQDYH]UHDOL]DGDODFDUJDHQHOWHUPLQDOOR
~QLFRTXHWHQGUHPRVTXHKDFHUVHUiODFDUJDGHGDWRVD2IL*HVGHVGHHVWH
PHQ~
/DSDQWDOODSDUDHVWDFDUJDGHGDWRVHVODVLJXLHQWH
x
x
x
x
1ž7HUPLQDO &yGLJRGHOWHUPLQDOGRQGHVHKDUHDOL]DGRODFDUJDGH
DUWtFXORV
$OPDFpQ&yGLJRGHODOPDFpQGRQGHVHKDUHDOL]DGRODFDUJDGHDUWtFXORV
&OLHQWH &yGLJRGHOFOLHQWHDOTXHOHYDPRVDJHQHUDUHOSHGLGRRHO
DOEDUiQ(QFDVRGH7UDVSDVRHVWHFDPSRGHVDSDUHFHUiFRPRYHUHPRV
PiVDGHODQWH
7LSR*HQHUDFLyQ 7LSRGHGRFXPHQWRTXHYDPRVDJHQHUDU\DVHD
SHGLGRDOEDUiQRWUDVSDVRHQWUHDOPDFHQHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QHOFDVRGHVHOHFFLRQDU7UDVSDVRHQWUHDOPDFHQHVGHVDSDUHFHUiHOFDPSR
$OPDFpQ\&OLHQWH \DTXHQRHVQHFHVDULR\HQVXOXJDUDSDUHFHUiQORV
FDPSRV$OPDFpQ2ULJHQ \$OPDFpQ'HVWLQRWDO\FRPRYHPRVHQHO
JUiILFR
x
&DUJDU/tQHDV $OSXOVDUVREUHHVWHERWyQVHFDUJDUiHQSDQWDOODFDGD
XQRGHORVDUWtFXORVOHtGRVSRUHO7'0PRVWUDQGRDVt
&yGLJR&yGLJRGHODUWLFXOROHtGR
5HIHUHQFLD5HIHUHQFLDGHOSURYHHGRUGHODILFKDGHODUWtFXOR
'HVFULSFLyQ'HVFULSFLyQGHODUWtFXOR
&DQWLGDG1žGHXQLGDGHVFDUJDGDVHQHO7'0
$OSXOVDUVREUHHOERWyQ$&(37$5VHJHQHUDUiHOGRFXPHQWR
VHOHFFLRQDGRHQODEDVHGHGDWRVGH2IL*HVGRQGHSRGUHPRVPRGLILFDUHO
SHGLGRRDOEDUiQDQXODUORFRQYHUWLUHOSHGLGRDDOEDUiQRKDFHUOD
IDFWXUDFLyQGHORVDOEDUDQHVVHOHFFLRQDGRV3RURWUDSDUWHORVWUDVSDVRVGH
DOPDFpQVHUiQHQYLDGRVHQHOSUy[LPRHQYtRGHGDWRVGHFHQWUDODVXFXUVDO\
YLFHYHUVD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QWUDGDVGH0HUFDQFLD
&DUJDGH3HGLGRV
&RQHVWDRSFLyQDGLIHUHQFLDGHOD&DUJDGH3HGLGRV TXHYLPRVHQ
ODV6DOLGDVGH0HUFDQFtDVGHO7'0 GRQGHGiEDPRVVDOLGDDQXHVWURV
SHGLGRVGHFOLHQWHVGHVGHHVWDRSFLyQUHDOL]DUHPRVHOSURFHVRLQYHUVR
FRPRHVHOGHUHSHFFLRQDUORVSHGLGRVUHDOL]DGRVDQXHVWURVSURYHHGRUHV
SDUDVXSRVWHULRUFRQYHUVLyQDDOEDUDQHV\ILQDOPHQWHKDFHUODIDFWXUDFLyQGH
HVWRV
/DSDQWDOODSDUDODFDUJDGHSHGLGRVGHSURYHHGRUHVODVLJXLHQWH
/RVFDPSRVTXHREVHUYDPRVVRQORVVLJXLHQWHV
x
x
x
x
x
'HVGH3URYHHGRU &yGLJRGHO3URYHHGRUGHVGHHOFXDOTXHUHPRVTXHQRV
PXHVWUHHOILOWURGHVHOHFFLyQ
+DVWD3URYHHGRU &yGLJRGH&OLHQWHKDVWDHOFXDOTXHUHPRVTXHQRV
PXHVWUHHOILOWURGHVHOHFFLyQ
'HVGH)HFKD ,QGLFDUODIHFKDGHOSHGLGRGHVGHHOFXDOTXHUHPRVTXHQRV
PXHVWUHHOILOWURGHVHOHFFLyQ
+DVWD)HFKD ,QGLFDUODIHFKDGHOSHGLGRKDVWDODFXDOTXHUHPRVTXHQRV
PXHVWUHHOILOWURGHVHOHFFLyQ
'HVGH)HFKD(QWUHJD ,QGLFDUODIHFKDGHHQWUHJDGHVGHODFXDO
TXHUHPRVTXHQRVPXHVWUHHOILOWURGHVHOHFFLyQ
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
+DVWD)HFKD(QWUHJD ,QGLFDUODIHFKDGHHQWUHJDGHVGHODFXDOTXHUHPRV
TXHQRVPXHVWUHHOILOWURGHVHOHFFLyQ
(VWHIHFKDGHHQWUHJDVHFRUUHVSRQGHFRQHOFDPSR3OD]RGH(QWUHJD
H[LVWHQWHHQODSDQWDOOD2IHUWDVSHGLGRVDOEDUDQHV\IDFWXUDVGLUHFWDVGH
SURYHHGRU
x ,QYHUWLU 6HOHFFLyQ +DFLHQGR FOLFN HQ HVWH FXDGUR GH YHULILFDFLyQ VH
LQYHUWLUiQODVPDUFDVGHODOLVWDGHSHGLGRVDVHOHFFLRQDU
x 6HOHFFLRQDU $O KDFHU FOLFN VREUH HVWH ERWyQ VH VHOHFFLRQDUiQ WRGRV ORV
SHGLGRVTXHHVWpQGHQWURGHORVOLPLWHVLQGLFDGRVHQODVHOHFFLyQ
x 1žGH7HUPLQDO ,QGLFDUHOFyGLJRGHOWHUPLQDODVLJQDGRFRQDQWHODFLyQHQ
ORV3DUiPHWURVGH&RQILJXUDFLyQGHO7HUPLQDO7'0
x &DPSR &ODYH &DPSR FODYH TXH SDVDUi DO WHUPLQDO GH PDQR DSDUWH GHO
&yGLJR GH EDUUDV GHO DUWtFXOR SDUD OD JHVWLyQ GH GLFKRV SHGLGRV /RV
SRVLEOHFDPSRVSDUDSDVDUDOWHUPLQDOVRQ
&yGLJRGHO$UWLFXOR
5HIHUHQFLDGHO3URYHHGRU
x ,JQRUDUFHURVDODL]TXLHUGDGHOFDPSRFODYH 0DUFDQGRHVWiRSFLyQVH
LJQRUDUiQ WRGRV FHURV TXH H[LVWDQ D OD L]TXLHUGD GHO FDPSR FODYH TXH
HQYLHPRV DO WHUPLQDO (V GHFLU DO HQYLDU XQ DUWLFXOR FX\R FyGLJR IXHUD
HO SURJUDPD LJQRUDUtD ORV SULPHURV FHURV \ SRGUtDPRV
UHIHULUQRVDHVHDUWLFXORFRQVyORWHFOHDU(QFDVRFRQWUDULRWHQGUtDPRV
TXHWHFOHDUORVGtJLWRVFRUUHVSRQGLHQWHVDOFyGLJRGHODUWtFXOR
x
/RVSHGLGRVUHVXOWDQWHVGHOILOWURVHVHOHFFLRQDUiQDFRQWLQXDFLyQHQHO
FXDGUR6HOHFFLyQGHSHGLGRVDJHQHUDUPRVWUDQGRORVFDPSRV
1XP3HGLGR
)HFKD
&yGLJR3URY
1RPEUH3URYHHGRU
,PSRUWH
6
0DUFDQGRRGHVPDUFDQGRODVOtQHDVGHVHDGDVHQHOFDPSR
6 \SXOVDQGR
SRVWHULRUPHQWHVREUHHOERWyQ$&(37$5 FDUJDUHPRVHQQXHVWURWHUPLQDOGH
PDQRWRGRVORVSHGLGRVVHOHFFLRQDGRVSDUDVXSRVWHULRUHODERUDFLyQ
5HFRJLGD$OEDUDQHV
6LODRSFLyQDQWHULRUPHQWHGHVFULWD&DUJDGHSHGLGRVGHSURYHHGRU
HQHOPHQ~(QWUDGDVGH0HUFDQFtDHUDODLQYHUVDGHOD&DUJDGHSHGLGRV
GHFOLHQWHVGHOPHQ~6DOLGDVGH0HUFDQFtDHVWD5HFRJLGDGH$OEDUDQHV
SRGUtDPRVGHFLUTXHHVODLQYHUVDDOD*HQHUDFLyQGH$OEDUDQHV GHOPHQ~
6DOLGDVGH0HUFDQFtDVSRUORTXHGHVGHHVWDRSFLyQUHFRJHUHPRVR
FRQYHUWLUHPRVDDOEDUiQORVSHGLGRVGHFRPSUDVDQWHULRUPHQWHFDUJDGRVHQ
QXHVWUR7'0
(OIXQFLRQDPLHQWRHVPX\VLPLODUDOD*HQHUDFLyQGH$OEDUDQHV /D
SDQWDOODHVODVLJXLHQWH
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
x
2),0$7,&$-$(16/
1ž7HUPLQDO $OLQWURGXFLUHOFyGLJRGHOWHUPLQDOFRQHOFXDOUHDOL]DPRVHQ
VXPRPHQWRODFDUJDGHSHGLGRV\SRVWHULRUSUHSDUDFLyQHQHODOPDFpQ\
SXOVDUODWHFOD,1752QRVPRVWUDUiHQSDQWDOODFDGDXQRGHORVSHGLGRV
OLVWRVSDUDJHQHUDUVXFRUUHVSRQGLHQWHDOEDUiQ
(O GHVJORVH GH ODV OHFWXUDV UHDOL]DGDV FRQ HO WHUPLQDO GH PDQR HV HO
VLJXLHQWH
x
x
x
x
x
1ž3HGLGR 1žGH3HGLGRGHOFXDOVHKDUHDOL]DGRODOHFWXUD
&ODYH &DPSR FODYH OHtGR SRU HO WHUPLQDO DGHPiV GHO FDPSR FyGLJR GH
EDUUDV&RPRYLPRVHQODFDUJDGHDUWtFXORVGLFKRWHUPLQDOSRGtDFDUJDHO
FyGLJRGHODUWtFXORRELHQODUHIHUHQFLDGHOSURYHHGRU
&RG%DUUDV &yGLJRGHEDUUDVGHODUWLFXOR
&DQWLGDG &DQWLGDGOHtGDSRUHO7'0
6WRFN3HGLGR 8QLGDGHVTXHFRQVWDEDQHQHOSHGLGR
(Q HO FDVR TXH ORV FDPSRV &DQWLGDG \ 6WRFN 3HGLGR QR FRLQFLGDQ HO
SURJUDPDQRVPRVWUDUiXQPHQVDMHDYLViQGRQRVTXHHOSHGLGRD~QQRHVWi
FRPSOHWRRIUHFLpQGRQRVODSRVLELOLGDGGHJXDUGDUGLFKRSHGLGRSDUDYROYHUD
FRQYHUWLUDDOEDUiQHOUHVWRGHOSHGLGR
3RU HMHPSOR 8Q SHGLGR GH ORV PRVWUDGRV HQ SDQWDOOD WLHQH XQ VX FDPSR
6WRFN 3HGLGR 8GV VLQ HPEDUJR HQ HO FDPSR &DQWLGDG FRQVWDQ
VRODPHQWH 8GV HVWR TXLHUH GHFLU TXH QXHVWUR SURYHHGRU VRODPHQWH KD
SRGLGRHQYLDUHPRVXQLGDGHVGHODVVROLFLWDGDVSRUORTXHSDVDUHPRV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
HOSHGLGRGH8GVD$OEDUiQ\FRQVHUYDUHPRVHOUHVWRGHOSHGLGRFRQODV
8GV UHVWDQWHV SDUD VX SRVWHULRU FRQYHUVLyQ D DOEDUiQ HQ HO PRPHQWR TXH
QXHVWURQRVHQYtHGHQXHYRXQSHGLGRFRQHOUHVWRGHODPHUFDQFtD
(VWDRSFLyQHVVLPLODUD
&RQILUPDUOtQHDVDFRQYHUWLUTXHYLPRVHQODRSFLyQ3UHVXSXHVWRV
3HGLGRV$OEDUDQHVHWFGHOPHQ~GH9HQWDV
'LVSRQHPRV HQ HVWD PLVPD SDQWDOOD GH ERWRQHV TXH QRV D\XGDUiQ
JHVWLRQDUODVOtQHDVFDUJDGDVSRUHO7'0FRPRVRQ
3XOVDQGRVREUHHVWHERWyQVHERUUDUiODOtQHDVHOHFFLRQDGD
3XOVDQGRVREUHHVWHERWyQVHERUUDUiHOSHGLGRFRPSOHWR
$OSXOVDUVREUHHOERWyQ$&(37$5 VHJHQHUDUiQORVDOEDUDQHVGHFDGD
XQRGHORVSHGLGRVLQFOXLGRVHQODOLVWD
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,QGH[
$
$ERQRV
$EULUFDMyQSRUWDPRQHGDV
$FWXDOL]DFLyQGHHVWDGtVWLFDV $FWXDOL]DFLRQGHILFKDV $FWXDOL]DFLyQGHSUHFLRV $FWXDOL]DFLyQGHWDULIDVGHIDEULFDQWH
$JUXSDUDOEDUDQHVSRUFRQVXPRV $OEDUiQGH3URYHHGRU
$OEDUDQHV
$OEDUDQHVSHQGLHQWHVGHIDFWXUDUOLVWDGR
$OEDUDQHVSHQGLHQWHVGHSURYHHGRU
$OPDFHQHV $QXODFLyQGHIDFWXUDV $QXODUWUDVSDVRVGHPHUFDQFtDV $SDUWDGRV
$UWtFXORV $UWtFXORVSRUSURYHHGRUHV &RQVXPRGHDUWtFXORV &RQVXPRGHDUWtFXORVSRUFOLHQWHV
&RQVXPRVSRUGHOHJDFLyQ (YROXFLyQGHYHQWDV *UiILFRV ,QIRUPH$%&
,QIRUPHFRPHUFLDO
,QIRUPHGHDUWtFXORVEDMRPtQLPR
,QIRUPHGHDUWtFXORVHQ2IHUWD ,QIRUPHGH DUWtFXORVVLQPRYLPLHQWRVREVROHWRV ,QIRUPHGHDUWtFXORVVREUHPi[LPR
,QIRUPHV 7RSPiVYHQGLGRV
$UWLFXORVSRU$OPDFHQ
$UWtFXORVSRUGtD
$UWtFXORVVHULDOL]DGRV
$XWRYHQWD $YLVRVGHUHSDUDFLyQ %
%HQHILFLRV %ORTXHRV %RUUDGRGHKLVWyULFRV
%RUUDGRGH7LFNHWV+LVWyULFR %RWRQHVPiVXVXDOHV &
&DOFXODGRUD &DOFXORGH1HFHVLGDGHV
&DPELDUHOWDSL]GHODDSOLFDFLyQ
&DPLRQHV &DPSRV'HILQLEOHV
&DPSRV'HILQLEOHVGH$UWtFXORV &LHUUHDQXDO 2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
&OLHQWHV (YROXFLyQGHYHQWDV ,QIRUPH$%&
,QIRUPHFRPHUFLDO
,QIRUPHGHFOLHQWHVVLQPRYLPLHQWRV
,QIRUPHGHULHVJRV ,QIRUPHV 9HQWDVSRUUXWDV
&yGLJRGHEDUUDV &yGLJRV3RVWDOHV
&RORUHV &RPHUFLDOHV &RPLVLRQ
&RPLVLRQHV &RPSRVLFLyQ &RPSUDV &RPXQLFDFLRQHVHQWUHRILFLQDV &RQDFFHVR &RQILJXDUFLyQGHFDMyQSRUWDPRQHGDV
&RQILJXUDFLyQGHHWLTXHWDVGHDUWtFXORV &RQILJXUDFLyQGHHWLTXHWDVGHHQYtR
&RQILJXUDFLyQGHLPSUHVRUDGHWLFNHWV &RQILJXUDFLyQGHWUDVSDVRV
&RQILJXUDFLyQGHOGLVSOD\GHO739
&RQILJXUDU739 &RQVXPRVSRUDOEDUiQOLVWDGR &RQWUDWRVGHPDQWHQLPLHWR
&RSLDVGHVHJXULGDG
FXHQWDV FXHQWDVFRQWDEOHV
'
'DWRV&RPHUFLDOHV 'DWRVGH7HVRUHUtD 'DWRV(PSUHVD 'DWRV)LVFDOHV 'HILQLEOHV 'HOHJDFLRQHV %HQHILFLRVDFXPXODGRV (YROXFLyQGHEHQHILFLRV ,QIRUPHV 3UHVXSXHVWRGHYHQWDVFROHFWLYR 3UHVXSXHVWRGHYHQWDVLQGLYLGXDO 3UHVXSXHVWRGHYHQWDVPHQVXDO
'HSyVLWRV 'HSyVLWRVHQWUHJDGRVOLVWDGR 'HVFRPSRVLFLyQ 'HVFXHQWRV 'HVSLHFH 'HVWLQRGHDOEDUDQHVGHFRPSUD
'LDULRGHIDFWXUDFLyQ
'LDULRGHIDFWXUDFLyQGHSURYHHGRUHV
(
(PLVLyQGHIDFWXUDV (PSUHVD (QWLGDGHVEDQFDULDV (QWUDGDGHGDWRVSUHVXSXHVWDULRV
(QWUDGDGHLQYHQWDULR
HQWUDGDGHSUHFLRV 2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
(QWUDGDVGHDOPDFpQ
(QWUHJDVDFXHQWD
(QYtRGHGDWRVGHFHQWUDODVXFXUVDO (QYtRGHGDWRVGHVXFXUVDODFHQWUDO HQYtRSRUWUDQVSRUWLVWDV (QYtRV (QYLRVSRUWUDQVSRUWLVWDV (VFDQGDOORV
(VWDGLVWLFD
(VWDGtVWLFDGH$UWtFXORV (VWDGLVWLFDGH%HQHILFLRV
(VWDGtVWLFDGH&RPSUDV
(VWDGtVWLFDGH9HQWDV (WLTXHWDV (WLTXHWDVFyGLJRGHEDUUDV (WLTXHWDVGHDUWtFXORV (WLTXHWDVGHHQYtR )
)DFWXUDFLyQGHDOEDUDQHV )DFWXUDFLyQGH&RQWUDWRVGHPDQWHQLPLHQWR
)DFWXUDFLyQGHUHSDUDFLRQHV )DFWXUDUDOEDUDQHVGHSURYHHGRU )DFWXUDVGLUHFWDV )DFWXUDVGLUHFWDVGHSURYHHGRU )DFWXUDVSURIRUPD )DPLOLDV
)DPLOLDV\VXEIDPLOLDV
,QIRUPHGHYHQWDVDFXPXODGDV
,QIRUPHGHYHQWDVGHOPHV ,QIRUPHGHYHQWDVLQGLYLGXDO ,QIRUPHV )DPLOLDV6XE)DPLOLDV
)HFKD~OWLPRLQYHQWDULR
)RUPDWRGHUHFLERV
)RUPDWRGHWLFNHWV *
*HQHUDGRUGHHWLTXHWDV
*HQHUDGRUGHLQIRUPHV
*HVWLRQGH8VXDULRV +
+LVWyULFRGHDOEDUDQHV +LVWyULFRGHDOEDUDQHVGHSURYHHGRU
+LVWyULFRGHGHSyVLWRV +LVWyULFRGHHQYtRV +LVWyULFRGHIDFWXUDV +LVWyULFRGHIDFWXUDVGHSURYHHGRU
+LVWyULFRGHIDFWXUDVSURIRUPD
+LVWyULFRGH2IHUWDVGHSURYHHGRU
+LVWyULFRGHSHGLGRV +LVWyULFRGHSHGLGRVGHSURYHHGRU
+LVWyULFRGHSUHVXSXHVWRV ,
,PSUHVLyQGH,QYHQWDULR ,QVWDODFLyQ
,QYHQWDULR 2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
/
/LTXLGDFLyQGHFRPLVLRQHV
/LVWDGRGHDOEDUDQHVSHQGLHQWHVGHSURYHHGRU /LVWDGRGHDSDUWDGRV /LVWDGRGH2IHUWDV3HQGLHQWHV /LVWDGRGH3HGLGRVSHQGLHQWHV /LVWDGRGH7LFNHWV
/LVWDGRV
/LVWDGRVGH7DULIDV /LVWDGRVGHO6$7
/RFDOL]DFLyQGHODEDVHGHGDWRV /RJR /RJRGHOD(PSUHVD
0
0DUFDGRPDQXDOGHILFKHURV PRGLILFDFLyQGHSUHFLRV 0RYLPLHQWRVGHDOPDFpQ
PRYLPLHQWRVPDQXDOHVGHDOPDFpQ 0XOWL$OPDFHQ 0XOWLSURYHHGRU 1
1HFHVLGDGGHFRPSUD
1RWDVGH$UWtFXORV 1XPHUDGRUHV 1~PHURVGHVHULH 2
2EUDV 2IHUWDV 2IHUWDVGHSURYHHGRU
2IHUWDV3HQGLHQWHV 2SFLRQHVGHXVXDULR
2UGHQDUSHGLGRVSRUXELFDFLyQ 2UGHQHVGHUHSDUDFLyQ 2WUDV&XHQWDV&RQWDEOHV 3
3DUiPHWURVGHOD(PSUHVD
3DUiPHWURVGHO739 3DUWHGH9HQWDV 3HGLGRV 3HGLGRVGH3URYHHGRU 3HGLGRVSHQGLHQWHV 3HGLGRVSHQGLHQWHVGHVHUYLUOLVWDGR 3UHFLRGHHVFDQGDOORV
3UHFLRV 3UHFLRVHVSHFLDOHV
3UHVXSXHVWDULD
3UHVXSXHVWDULUD 3UHVXSXHVWRV
3UHVXSXHVWRVSHQGLHQWHVOLVWDGR 3UHYHQWD
3URPRFLRQHV
3URYHHGRUHV (YROXFLyQGHFRPSUDV
,QIRUPH$%&
,QIRUPHFRPHUFLDO
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
,QIRUPHGHULHVJRV ,QIRUPHV 3URYHHGRUHVVLQPRYLPLHQWRV
3XHQWHGH)DEULFDFLyQ
3XHVWDDFHURGHH[LVWHQFLDV 3XHVWDHQPDUFKD
5
5iSHOHV 5HFDOFXODGRGHSUHFLRVGHHVFDQGDOORV 5HFHSFLyQGHIDFWXUDVGHSURYHHGRU
5HFRJLGDGHGDWRVGHFHQWUDO 5HFRJLGDGHGDWRVGHVXFXUVDO 5HFRJLGDGHLQYHQWDULRGHVXFXUVDO 5HFRJLGDGHLQYHQWDULRYDOLGDGRHQFHQWUDO
5HFRJLGDPRGLILFDGRGHSUHFLRV 5HFRQWUXFFLyQGHH[LVWHQFLDV 5HJXODUL]DFLyQGHH[LVWHQFLDV 5HSDUDFLRQHV
5HTXHULPLHQWRVGHOVLVWHPD 5HYLVLyQGHIRUPDVGHSDJR
5XWDV
6
6DOLGDVGHDOPDFpQ 6HFFLRQHV $FXPXODGRVGHEHQHILFLRV $FXPXODGRVGHYHQWDV
(YROXFLyQGHEHQHILFLRV (YROXFLyQGHYHQWDV ,QIRUPHV 9HQWDVSUHYLVWDV\UHDOHV
6HJXLPLHQWRGHDUWtFXORVVHULDOL]DGRV
6HOHFFLyQGHDOEDUDQHV 6HOHFFLyQGHLPSUHVRUDV 6HULHV
6LQDFFHVR 6WRFN~OWLPRLQYHQWDULR
6XE)DPLOLDV 7
7DEODGHGHVFXHQWRV 7DEODGHGHVFXHQWRVSURYHHGRUHV
7DOODV\FRORUHV 7DOODV\FRORUHV ([LVWHQFLDV 7DULIDV
7HFODVPiVXVXDOHV 7HVRUHULD
7LFNHWV
7RPDGH,QYHQWDULR
7UDEDMDGRUHV
7UDQVSRUWLVWDV 7UDVSDVRGHGDWRVGHFHQWUDODVXFXUVDO
7UDVSDVRGHLQYHQWDULRDODFHQWUDO 7UDVSDVRGHLQYHQWDULRGHFHQWUDODVXFXUVDO
7UDVSDVRVGHPHUFDQFtDVHQWUHGHOHJDFLRQHV
7UDVSDVRVHQWUHDOPDFHQHV 7UDVSDVRVHQWUHRILFLQDV
7UXFRV\XWLOLGDGHV
2IL*HV
0DQXDOGHO8VXDULR
352*5$0$'(*(67,Ï1&20(5&,$/
2),0$7,&$-$(16/
8
8ELFDFLRQHV 8VXDULRV
9
9DOLGDFLyQGHLQYHQWDULR
9HQGHGRU 9HQGHGRUHV %HQHILFLRVDFXPXODGRV ,QIRUPHGHYHQWDVFROHFWLYR ,QIRUPHGHYHQWDVLQGLYLGXDO ,QIRUPHV 3UHVXSXHVWRGHYHQWDV 9HQWDV
9HQWDVGHPRVWUDGRU 9HQWDVSRU+RUDV
9LVRUGHDSXQWHV
2IL*HV
0DQXDOGHO8VXDULR