Professional Documents
Culture Documents
(.*
QGLFH
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
*HQHUDOLGDGHV$OJRVREUHHOHFWURILVLRORJtD
*HQHUDOLGDGHV$OJRVREUHDQDWRPtD
*HQHUDOLGDGHV$OJRVREUHYHFWRUHV
6HFXHQFLDGHODDFWLYDFLyQYHQWULFXODU
2QGDVVHJPHQWRVHLQWHUYDORV
'HULYDFLRQHVGHODVH[WUHPLGDGHV
&RQH[LyQHTXLYRFDGDGHODVGHULYDFLRQHVGHODVH[WUHPLGDGHV
'HULYDFLRQHVSUHFRUGLDOHV
&RUUHODFLyQDQDWyPLFDGHODVGHULYDFLRQHVSUHFRUGLDOHV
5RWDFLRQHVVREUHHOHMHORQJLWXGLQDO
456&RQVWUXFFLyQGHOVLVWHPDKH[D[LDO
456&iOFXORGHOHMH
456GHD(MHPSORV
456GHDHMHLQGHILQLGR(MHPSORV
&UHFLPLHQWRVDXULFXODUHV
&UHFLPLHQWRDXULFXODUGHUHFKR
&UHFLPLHQWRDXULFXODUL]TXLHUGR
3VHXGR3SXOPRQDOH
%ORTXHRLQWHUDXULFXODU
+LSHUWURILDYHQWULFXODUL]TXLHUGD
&ULWHULRVEiVLFRV
&ULWHULRVGHYROWDMH\GHSXQWXDFLyQ
$OWHUDFLRQHVGHODRQGD7\GHOVHJPHQWR67
3DWURQHVGHVREUHFDUJD
+D\TXHUHFRUGDUTXH
'LODWDFLyQHKLSHUWURILDYHQWULFXODUL]TXLHUGD
+LSHUWURILDYHQWULFXODUGHUHFKD
0RUIRORJtDGHOFRPSOHMR456HQ9
$OWHUDFLyQGHODRQGD7\GHOVHJPHQWR67
&RUSXOPRQDOHDJXGR
&RUSXOPRQDOHFUyQLFR
%ORTXHRGHUDPDL]TXLHUGD
%ORTXHRLQFRPSOHWRGHUDPDL]TXLHUGD
18(9$6,0*(1(6
%ORTXHRGHUDPDGHUHFKD
%ORTXHRVIDVFLFXODUHV
+HPLEORTXHRDQWHULRU
+HPLEORTXHRSRVWHULRU
%5'++EORTXHRVIDVFLFXODUHV
%ORTXHRWULIDVFLFXODU
%ORTXHRGHUDPDELODWHUDO
%ORTXHRGHUDPDHKLSHUWURILDYHQWULFXODU
%5,++H+9,R+9'
%5'++H+9'
%5'++H+9,
+%$H+9,
'HIHFWRVLQHVSHFtILFRVGHODFRQGXFFLyQLQWUDYHQWULFXODU
6tQGURPHVGHSUHH[FLWDFLyQ
6tQGURPHGH:ROII3DUNLQVRQ:KLWH
7LSR$
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
7LSR%
7LSR&
+D\TXHUHFRUGDUTXH
35FRUWR
,VTXHPLD
,VTXHPLDVXEHSLFiUGLFD
,VTXHPLDVXEHQGRFiUGLFD
/HVLyQ
/HVLyQVXEHSLFiUGLFD
/HVLyQVXEHQGRFiUGLFD
,QIDUWRDJXGR
,QIDUWRFUyQLFR
,QIDUWRDJXGR\LQIDUWRDQWLJXR
$QHXULVPDYHQWULFXODU
,QIDUWR\EORTXHRGHUDPD
18(9$,0$*(11HFURVLV\%5'+++%$
%ORTXHRSHULLQIDUWR
6LWXDFLRQHVTXHVLPXODQXQDLVTXHPLDPLRFiUGLFD
3HULFDUGLWLVDJXGD
18(92
,PSUHJQDFLyQGLJLWiOLFD
5HSRODUL]DFLyQSUHFR]
6LWXDFLRQHVTXHVLPXODQXQDQHFURVLVPLRFiUGLFDRTXHSURYRFDQTXHVHUHDOLFH
GLFKRGLDJQyVWLFR
4QRSDWROyJLFD
*HQHU
HQHUDOLOLGDGH
GDGHVV$
$OJJRGHHO
RGHH OHFWURILVLRORJ
RJD
/DHVWLPXODFLQGHXQDFOXODPXVFXODUDXPHQWDODSHUPHDELOLGDG
GHVXPHPEUDQDSURGXFLHQGRXQDVHULHGHFDPELRVLQLFRVD
WUDYVGHODPLVPD(OUHJLVWURGHHVWHIHQPHQRVHFRUUHVSRQGH
SRWWHQ
HQFFLDOOGHD
GHDFF
FFLLQ
FRQXQDFXUYDTXHVHGHQRPLQDSR
WUDQV
DQVPHPEUDQD 3$7\TXHFRQVWDGHODVVLJXLHQWHVSDUWHV\
IDVHV
5HSRODUL]DFLQUHFXSHUDFLQ
)DVHHLQLFLRGHODIDVH3HUVLVWHODHQWUDGDGH&D\1D
\VHLQLFLDODVDOLGDG.DOH[WHULRUGHODFOXOD
)LQDOGHODIDVH\IDVH/DVDOLGDGH.HVP[LPD6HLQLFLD
HOUHVWDEOHFLPLHQWRGHOHTXLOLEULRLQLFRLQLFLDO
)DVH6HUHVWDEOHFHHOHTXLOLEULRLQLFRLQLFLDOPHGLDQWHXQ
PHFDQLVPR GHWUDQVSRUWHDFWLYR
3RGHPRVGHILQLUGRV]RQDVGHVGHXQSXQWRGH
YLVWDHOFWULFRHOVXEHSLFDUGLR\HOVXEHQGRFDUGLR$PEDVHVWQ
VHSDUDGDVSRUORTXHVHGHQRPLQDHQGRFDUGLRHOFWULFR
/D]RQDVXEHQGRFUGLFDHVODSULPHUDTXHVHGHVSRODUL]D\OD
OWLPDTXHVHUHSRODUL]D\GHHVWDPDQHUDHO3$7GHO
VXEHQGRFDUGLRVHLQLFLDDQWHV\ILQDOL]DPVWDUGHTXHHO3$7GHO
VXEHQGRFDUGLR
(O(
O(&
**
GH
GHVVXSH
XSHUUILFLHH
HHV
VOODDU
UHVXOWDQW
DQWHGH ODV
VGR
GRVF
VFX
XUYDV
*HQHU
HQHUDOLOLGDGH
GDGHVV
$
$OJJRGHDQDW
RGHDQD WRPD
6LVWHPDH
DHVVSH
SHFFI
ILLFRGH
RGHFFRQGX
RQGXFF
FFLLQ
QGXOOR
RVVLQX
QXVVDO \
(OLPSXOVRHOFWULFRVHLQLFLDKDELWXDOPHQWHHQHOQGX
VHSURSDJDD WUDYVGHODVYDVGHFRQGXFFLQLQWHUDXULFXODUHV
QRGRDXUULFXORYHQ
HQWWULFXODU$OOVH
KDFLDDPEDVDXUFXODV\KDFLDHOQRGRDX
SURGXFHXQHQOHQWHFLPLHQWRGHODYHORFLGDGGHFRQGXFFLQGHO
KD]
]GH
GH+
+LV \VXVUUDPDV
VGH
GHUUHFKDH
LPSXOVRVWHFRQWLQDSRUHOKD
L]TX
TXLLHUGD KDVWDOOHJDUDWUDYVGHODUUHGGH
HGGH3
3XUNLQMHDDPERV
YHQWUFXORV
*HQHU
HQHUDOLOLGDGH
GDGHVV
$
$OJJRV
R VRE
REUUH
HYYHFWRUHV
(OFLFORFDUGDFRSXHGHUHSUHVHQWDUVHGHIRUPDVLPSOHFRQORV
VLJXLHQWHVYYHFWRUHV TXHDSDUHFHQGHIRUPDVXFHVLYDHQHOWLHPSR
8QYHFWRUTXHFRUUHVSRQGHODDFWLYDFLQDXULFXODU$
8QYHFWRUTXHFRUUHVSRQGHDODDFWLYDFLQVHSWDO\TXHWLHQHXQD
GLUHFFLQSULQFLSDOGHL]TXLHUGDDGHUHFKD
8QYHFWRUTXHLQLFLDOPHQWHFRUUHVSRQGHDODDFWLYDFLQ
FRLQFLGHQWHGHORVGRVYHQWUFXORV\SRVWHULRUPHQWHDODDFWLYDFLQ
GHODVUHJLRQHVFHQWUDO\DSLFDOGHOYHQWUFXORL]TXLHUGR\D
HVWDQGRHOYHQWUFXORGHUHFKRGHVSRODUL]DGR
8QYHFWRUTXHFRUUHVSRQGHODDFWLYDFLQEDVDO\SRVWHULRUGHO
YHQWUFXORL]TXLHUGR\GHOVHSWR
6HFXHQ
XHQFFLDGH
DGHOODDDF
D FWLYDFLQY
Q YHQ
HQWWULFXODU
$FWLYDFLQY
QYHQ
HQWWULFXOD
UU
/DDFWLYDFLQLQLFLDOGHORVYHQWUFXORVWLHQHOXJDUDQLYHOGHO
WDELTXHLQWHUYHQWULFXODU\VHSURGXFHGHL]TXLHUGDDGHUHFKDDFWR
VHJXLGRVHDFWLYDODUHJLQDQWHULRUGHOWDELTXH\ODPD\RUSDUWH
GHDPERVYHQWUFXORV/DVUHJLRQHVSRVWHUREDVDOHVL]TXLHUGDVHO
FRQRGHODDUWHULDSXOPRQDU\ODSDUWHPVDOWDGHOWDELTXH
LQWHUYHQWULFXODUVRQODVOWLPDVUHJLRQHVHQDFWLYDUVH
&DGDXQDGHHVWDV]RQDVWLHQHVXFRUUHVSRQGHQFLDHQHO(&*
2QGD
QGDVVV
VHJ
HJP
PHQ
HQWWR
VVH
HLLQWHUYDORV
RQGDVVXQRVVVHJ
HJP
PHQ
HQWWRV \XQRV
(OUHJLVWUR(&*PXHVWUDXQDVRQGD
LQWHUYDORV
RQGD3
3 TXHFRUUHVSRQGHDODDFWLYDFLQDXULFXODU\WLHQHXQD
/DRQGD
GXUDFLQVHJ\XQDDOWXUDPP
R35 TXHLQFOX\HHOWLHPSRGHFRQGXFFLQ
(OLLQWHUYDOR3
LQWUDDXULFXODUDXULFXORYHQWULFXODU\GHOVLVWHPD+LV3XUNLQMH7LHQH
XQDGXUDFLQTXHYDUDGHDVHJ
R4
456 TXHFRUUHVSRQGHDODGHVSRODUL]DFLQ
(OFFRPSOHMR
YHQWULFXODU\WLHQHXQDGXUDFLQVHJ
\SXHGHSUHVHQWDUGLYHUVDVPRUIRORJDVVWDVVHSXHGHQ
RQGD4
4DOD
GHVFULELUOODPDQGRDODSULPHUDRQGDQHJDWLYDRQGD
RQGD5
5 \DODRQGDQHJDWLYDTXHODVLJD
SULPHUDRQGDSRVLWLYD RQGD
RQGD6
RQGD66HXWLOL]DQPD\VFXODVRPLQVFXODVHQIXQFLQGHO
WDPDRGHGLFKDVRQGDV6LVHUHJLVWUDQGRVRQGD5R6VHXWLOL]D
HODSVWURIHSDUDGLIHUHQFLDUODVOODPQGRODV5
R6
&XDQGRVH
R4
46
UHJLVWUDXQDVRODRQGDQHJDWLYDVHGHQRPLQDFFRPSOHMR
2WURSDUPHWURTXHVHPLGHDODQDOL]DUHO456HVHOWWLHPSRGH
DSDUULFLQGH
DSD
QGHOODGH
DGHIIOH[LQL
Q LQWULQVHFRLGH
GHTXHHVHOTXHWUDQVFXUUH
GHVGHHOLQLFLRGHO456KDVWDHOPRPHQWRHQTXHODRQGD5
FDPELDGHGLUHFFLQ7LHQHXQDGXUDFLQQRUPDOVHJ(VWH
SDUPHWURVHXWLOL]DHQHOGLDJQVWLFRGHODKLSHUWURILDYHQWULFXODU
L]TXLHUGDHQODGLODWDFLQYHQWULFXODUL]TXLHUGD\HQHO
KHPLEORTXHRDQWHULRU
HJP
PHQ
HQWWR6
R67 TXHUHIOHMDODIDVHGHOSRWHQFLDOGHDFFLQ
(OVVHJ
WUDQVPHPEUDQD6HLQLFLDDOILQDOL]DUHO456HOSXQWRGHXQLQ
SXQWWR
R--\WHUPLQDHQ
GHOVHJPHQWR67FRQHO456GHGHQRPLQDSXQ
HOLQLFLRGHODRQGD71RUPDOPHQWHHVLVRHOFWULFRHVGHFLUTXH
HVWDOPLVPRQLYHOTXHODOQHDGHEDVHGHO(&*
RQGD7
7 TXHFRUUHVSRQGHDDUHSRODUL]DFLQYHQWULFXODU
/DRQGD
(VWDRQGDVXHOHVHUSRVLWLYDHQODPD\RUDGHODVGHULYDFLRQHV
DXQTXHSXHGHVHUQHJDWLYDHQDOJXQDGHULYDFLQ/DVPV
KDELWXDOHVVRQ9D9/\',,, VLQTXHHVWRWHQJDXQVLJQLILFDGR
SDWROJLFR7DPSRFRHVSDWROJLFRHOUHJLVWURGH7FRQPRUIRORJD
ELPRGDOTXHHQORVQLRVSXHGHVHUEDVWDQWHPDUFDGD6HVXHOH
UHJLVWUDUHQODFDUDDQWHULRUGHD9\QRWLHQHQLQJQ
VLJQLILFDGRSDWROJLFR
RQGD8
8TXHVHUHJLVWUDGHVSXVGHODRQGD7\TXHVXHOHVHU
/DRQGD
SRVLWLYD\DYHFHVEDVWDQWHFRQVSLFXDVLQTXHHVWRWHQJDXQ
VLJQLILFDGRSDWROJLFR
$YHFHVHOVHJXQGRFRPSRQHQWHGHXQRQGD7ELPRGDOSXHGHVHU
FRQIXQGLGRFRQXQDRQGD86REUHWRGRVLHVWDPRVUHJLVWUDQGRXQ
VRORFDQDODODYH]/DFRPSDUDFLQFRQRWUDGHULYDFLQQRV
D\XGDUDLGHQWLILFDUODVRQGDV(VWRVHUPX\IFLOVLSRGHPRV
UHJLVWUDUPVGHXQFDQDODOPLVPRWLHPSR
R47 TXHLQFOX\HODDFWLYDFLQ\ODUHFXSHUDFLQ
(OLLQWHUYDOR4
YHQWULFXODU6HPLGHGHVGHHOLQLFLRGHO456KDVWDHOILQDOGHOD7
6XGXUDFLQGHSHQGHGHODIUHFXHQFLDFDUGDFD\VXHOHVHU
VHJ
'HULYDFLRQH
RQHV
VGH
GHOODV
VH
H[WUHPLGDGH
GDGHVV
'HULYDFLRQH
RQHV
VE
ELSRO
SRODUHV
',',,L',,,UHJLVWUDQODVGLIHUHQFLDVGHSRWHQFLDOHQWUHOD
H[WUHPLGDGVXSHULRUL]TXLHUGD/$\ODH[WUHPLGDGVXSHULRU
'HULYDFLRQH
RQHV
VP
PRQRSR
RQRSROODUHV
6HREWLHQHQFRQHFWDQGRODVWUHVH[WUHPLGDGHVDXQSXQWR
GHQRPLQDGRFHQWUDOWHUPLQDOTXHDHIHFWRVSUFWLFRVVH
FRQVLGHUDTXHWLHQHXQSRWHQFLDOFHUR\VLUYHFRPRHOHFWURGR
LQGLIHUHQWHRGHUHIHUHQFLD(VWRSHUPLWHTXHDOFRORFDUHO
HOHFWURGRH[SORUDGRUHQODH[WUHPLGDGVXSHULRUGHUHFKDOD
H[WUHPLGDGVXSHULRUL]TXLHUGDRODH[WUHPLGDGLQIHULRUL]TXLHUGD
VHSXHGDQUHJLVWUDUORVSRWHQFLDOHVHOFWULFRVHQGLFKD
H[WUHPLGDG/DOHWUD9LGHQWLILFDDODGHULYDFLQPRQSRODU\ODV
OHWUDV5/\)DODVH[WUHPLGDGHVUHVSHFWLYDV6LVH
GHVFRQHFWDGHODFHQWUDOWHUPLQDOODH[WUHPLGDGHQODTXHHVWDPRV
UHDOL]DQGRHOUHJLVWURVHREWLHQHXQDXPHQWRGHODDPSOLWXG\SRU
HVWHPRWLYRVHGHQRPLQDDHVWDVGHULYDFLRQHVD95D9/\D9)
&RQH
RQH[[LQHTXL
QHTX LYRFDGDGH
DGDGHOODV
VGH
GHUULYDFLRQH
RQHV
VGH
GHOODV
V
H[WUHPLGDGH
GDGHVV
/DLQYHUVLQHQODFRQH[LQGHORVHOHFWURGRVGHOEUD]RL]TXLHUGR
\GHOEUD]RGHUHFKRGDOXJDUDTXHHQ',\D9/VHREVHUYHXQD
LPDJHQHQHVSHMRGHODPRUIRORJDQRUPDOGHO4563456L7
QHJDWLYDV8QHIHFWRVLPLODUVHREWLHQHDOFRQHFWDUHUUQHDPHQWH
ORVRWURVHOHFWURGRV
(QHOSULPHUFDVRHOHOHFWURGRGHEUD]RL]TXLHUGRVHKDFRQHFWDGR
DOGHOEUD]RGHUHFKR\YLFHYHUVD(QHOVHJXQGRFDVRHOHOHFWURGR
GHODSLHUQDL]TXLHUGDVHKDFRQHFWDGRDOGHOEUD]RGHUHFKR\
YLFHYHUVD
8QDVLWXDFLQTXHQRVSXHGHKDFHUFUHHUTXHKHPRVUHDOL]DGR
XQDFRQH[LQHUUQHDGHORVHOHFWURGRVGHODVH[WUHPLGDGHVHVOD
GH[WURFDUGLD1RVGDUHPRVFXHQWDGHHOORDOUHDOL]DUOD
H[SORUDFLQ\DOYHUOD5;GHWUD[/RFRQILUPDUHPRVDOUHJLVWUDU
HO(&*FRQORVHOHFWURGRVFRORFDGRVGHIRUPDTXHSUHVHQWHQXQD
FRUUHODFLQDQDWPLFDFRUUHFWD
'HULYDFLRQH
RQHV
VGH
GHOO3
3ODDQR+
QR +RUL]RQ
RQWWD
OOGH
GHUULYDFLRQH
RQHV
V
SUHFRUGLDOHV
VWDVVRQODVGHULYDFLRQHVTXHVHFRORFDQGHIRUPDHUUQHDFRQ
3DUDQR
DQRFFRPHWHU
UH
HUUR
UURUHV\
V\D
DV
RE
REWWHQH
HQHU
UWWUD]DGR
GRV
V
PVIUHFXHQFLD3
YOLOLGR
GRVVKD
KD\
\TXH
TXHOORFDOLOL]]DU
UH
OO
H
QJX
QJXOORGH/RXL
RGH/RXLV HOTXHIRUPDHO
PDQXEULRHVWHUQDOFRQHOFXHUSRGHOHVWHUQQSDOSDQGRDO
$FWR
RVVHJX
HJXLLGR
GR
\V
\VLLHPSUHSD
HSDOOSDQGR
SDQGR
OORFDOLOL]]DUHPRV
VH
OO
H
SDFLHQWH$
VHJXQGRH
HJXQGRHVVSD
SDFFLR
RLLQWHUFRVWDOL
OL]]TX
TXLLHUGR
GRTXHHVHOSULPHUHVSDFLR
LQWHUFRVWDOTXHVHHQFXHQWUDSRUGHEDMRGHOQJXORGH/RXLV
6HJXLUHPRVSDOSDQGR\ORFDOL]DUHPRVHOHVSDFLRLQWHUFRVWDO
L]TXLHUGR
HQHOOER
ERUUGHH
GHHVVWHUQD
QDOOGH
GHOO
H
HVSD
SDFFLRL
RLQWHUFRVWDOL
OL]]TX
TXLLHUGR
\HQH
FRORFDUHPRV
V9
9
GH
GHVVSX
SXVF
VFR
RORFDUHPRV
V9
9HQH
HQHOOER
ERUUGHH
GHHVVWHUQD
QDOO
GHOO
GH
H
HVSD
SDFFLRL
RLQWHUFRVWDOGH
OGHUUHFKR
KR
9
9V
VH
HFFRORFD
DWDPELQ
SDOOSDQGR
SD
SDQGRHQH
HQHOO
H
HVSD
SDFFLRRL
LQWHUFRVWDOL
OL]]TX
TXLLHUGRHQ
GRHQOOD
DOOQHD
PHGL
HGLRFODYLFXODU
8
8QD
QDYYH]F
]FR
RORFDGR9
DGR9
VVLWXD
XDUUHPRV
V9
9HQH
HQHOOSXQ
SXQWWR
HTXLLGLVWDQW
HTX
DQWHHQW
HHQWUH9
H9\
\9
9
9
9
VVH
HVVLWDHQ
DHQOOD
DOOQHDD
QHDD[[LOLOD
DU
UDQ
DQWWHULRU
DOOP
PLVPRQ
RQLLYHOOTXH
TXH9
9
\
\9
9HQ
HQOOD
DOOQHD
QHDP
PHGL
HGLRD[
RD[LOLOD
DU
UD
OOP
D
PLVPRQ
RQLLYHO
TXH9
TXH9
&RUU
UUH
HODFQDQD
LQDQDWWPLFDGH
DGHOODV
VGH
GHUULYDFLRQH
RQHV
V
SUHFRUGLDOHV
/DVGHULYDFLRQHVSUHFRUGLDOHVXQLSRODUHVGHOSODQRKRUL]RQWDO9
D9UHJLVWUDQWRGRVORVVXFHVRVGHOFLFORFDUGDFRGHVGHXQ
SXQWRGHYLVWDGHFDGDXQDGHODVGHULYDFLRQHV$VGHELGRDOD
SUR[LPLGDGGHXQHOHFWURGRSUHFRUGLDODXQDGHWHUPLQDGD]RQD
FDUGDFDORVSRWHQFLDOHVHOFWULFRVTXHVHJHQHUHQHQHO
PLRFDUGLRVXE\DFHQWHHVWDUQDXPHQWDGRVPLHQWUDVTXH
DTXHOORVSRWHQFLDOHVTXHVHRULJLQHQHQ]RQDVPVGLVWDOHVVHUQ
GHPHQRUPDJQLWXG
$OGHVSOD]DUHOHOHFWURGRGHODSRVLFLQ9DODSRVLFLQ9ORV
FRPSOHMRVHSLFUGLFRVGHOYHQWUFXORGHUHFKR9\9VH
WUDQVIRUPDQSURJUHVLYDPHQWHHQFRPSOHMRVHSLFUGLFRVGHO
(VL
VLPSUHVF
VFLLQG
QGLLEOHHV
VLWXD
XDU
UOORV
VH
HOHFWURGR
RGRV
VGH
GHIIRUPDSU
DSUHFLVD
DVVHJQ
HJQOODV
LQG
QGLLFDFLRQH
RQHV
VDQD
DQDWWPLFDV
VLLQG
QGLLFDGD
DGDV
VHQ
HQOODSJ
DSJLLQDDQ
QDDQWWHULRU
UH
U
HFRUGH
GHP
PRV
VTXHKD
TXHKD\
\TXHSD
TXHSDOOSD
SDU
UD
OOR
D
ROODSD
DSDFFLHQ
HQWWH
(
(VWRQR
RQRV
V
SHUUPLWLU
SH
UUHDOL
HDOL]]DU
UXQD
XQDLLQWHUSUHWDFLQHO
QH OHFWURFDUGLRJ
RJUUILDFD
VVLQ
HUUR
UURUHV
TXHD
TXHDYYHFHV
VSXHGHQ
SXHGHQVVHU
UJ
JUDYHV
5RWDFLRQHVV
RQHVVRE
REUUHH
HHOOH
HHMHOORQJ
RQJLLWXGL
XGLQDO
QDO
3DUDGHILQLUHVWHWLSRGHURWDFLQFRQWHPSODUHPRVHOFRUD]Q
GHVGHVXFDUDLQIHULRUFRPRVLOR REVHUYUDPRVGHVGHXQSXQWR
VLWXDGRSRUGHEDMRGHOGLDIUDJPDGHVGHORVSLHV
5RWDFQHQH
LQHQHOOVVHQ
HQWWLGRGH
GRGHOODV
VDJX
DJXMMDVGH
VGHOOUUHORMU
MUR
RWDFLQKRU
QKRUDULD
(QHVWHFDVRHOYHQWUFXORGHUHFKRHVWHQXQDSRVLFLQPV
DQWHULRUGHORKDELWXDOGHVSOD]QGRVHOD]RQDGHWUDQVLFLQKDFLD
ODL]TXLHUGD6HSXHGHQUHJLVWUDUPRUIRORJDVYHQWULFXODUHV
GHUHFKDVHQSUHFRUGLDOHVL]TXLHUGDVHVGHFLUFRPSOHMRV56
KDVWD9
5RWDFQHQH
LQHQHOOVVHQ
HQWWLGRRSXH
GRRSXHVVWRD
RDOODV
VDJX
DJXMMDVGH
VGHOOUUHORMU
MUR
RWDFLQ
DQWWLKR
DQ
KRUUDULD
(QHVWHFDVRHOYHQWUFXORL]TXLHUGRHVWHQFDUDGRFRQODV
SUHFRUGLDOHVLQWHUPHGLDVHLQFOXVRFRQODVGHUHFKDV'HELGRD
HVWRSRGHPRVUHJLVWUDUFRPSOHMRVHSLFUGLFRVL]TXLHUGRVGHVGH
9
456
&
&RQ
RQVVWUXFF
FFLLQGHO
QGHOVVLVWHPDKH
DKH[[D[LDO
(OFOFXORGHOHMHGHOFRPSOHMR456456VHUHDOL]DVREUHXQ
VLVWHPDKH[D[LDOVWHORREWHQGUHPRVGHVSOD]DQGRORVHMHGHODV
GHULYDFLRQHVELSRODUHVDOFHQWURGHOWULQJXORTXHIRUPDEDQ
SUHYLDPHQWHGRQGHWHULFDPHQWHHVWVLWXDGRHOFRUD]Q
'HVSXVXQLUHPRVODVGHULYDFLRQHVXQLSRODUHVFRQHVWHFHQWUR
LPDJLQDULR\SURORQJDUHPRVHVWDOQHD
8QLHQGRHVWRGRVVLVWHPDVUHIUHQFLDOHVFRQVWUXLUHPRVHOOODPDGR
6LVWHPD+H[D[LDOGH%DLOH\VREUHHOTXHVLWXDUHPRVHOHMHGHO
456TXHGHWHUPLQDFXDOHVODGLUHFFLQSULQFLSDOTXHWRPDOD
DFWLYDFLQHOFWULFDGHOFRUD]QH[SUHVQGRORGHXQDIRUPD
VLPSOH
456
&
&OFXORRGHO
GH OH
HMH
([LVWHQGLYHUVRVPWRGRVSDUDFDOFXODUHOHMHGHOFRPSOHMR456
VREUHXQVLVWHPDKH[D[LDO(OTXHSURSRQJRVORXWLOL]DGRV
SDUPHWURVTXL]VWUHV
3ULPHURKD\TXH ORFDOL]DUFXDOHVODGHULYDFLQGHOSODQRIURQWDO
TXHUHJLVWUDXQFRPSOHMR456LVRHOFWULFRHVGHFLUXQFRPSOHMR
FRQXQDRQGDSRVLWLYD\XQDRQGDQHJDWLYD RYLFHYHUVD GH
PDJQLWXGHVVLPLODUHV(VWDGHULYDFLQQRVGLUFXDOHVVX
SHUSHQGLFXODU\VREUH VWDHVWDUVLWXDGRHOYHFWRUTXHUHSUHVHQWD
ODGLUHFFLQSULQFLSDOGHODDFWLYDFLQYHQWULFXODU3DUDVDEHUKDFLD
FXDOGHODVGRVSRVLEOHVGLUHFFLRQHVVHGLULJHHVWHYHFWRU
PLUDUHPRVVLHVWDGHULYDFLQUHJLVWUDXQDRQGD
SUHGRPLQDQWHPHQWHSRVLWLYDRQHJDWLYD6LHVSRVLWLYDHOYHFWRUVH
GLULJHKDFLDHOOD\VLHVQHJDWLYDVHDOHMD
3UREDEOHPHQWHQRKDEULVHQWHQGLGRQDGDHQWUHRWUDVFRVDV
SRUTXHQRORVHH[SOLFDUPX\ELHQ6LHVDVPLUDGORVVLJXLHQWHV
JUILFRVSDUDKDFHUORPVFRPSUHQVLEOHKHGHVFRPSXHVWRHO
SURFHVRHQGRVVHFXHQFLDV
6HWUDWDGHXQ456GH/DGHULYDFLyQTXHUHJLVWUDXQFRPSOHMR
LVRGLIiVLFRHVD9/\SRUORWDQWRHOYHFWRUTXHUHSUHVHQWDODGLUHFFLyQ
SULQFLSDOGHODDFWLYDFLyQYHQWULFXODU 456VHHQFXHQWUDVREUHOD
SHUSHQGLFXODUDD9/TXHHV',,8QDYH]KHPRVOOHJDGRDHVWHSXQWR
VyORWHQHPRVGRVSRVLELOLGDGHVR'DGRTXH',,UHJLVWUDXQD
RQGDSUHGRPLQDQWHPHQWHSRVLWLYDWRWDOPHQWHSRVLWLYDHQHVWHFDVRHO
YHFWRUHVWDHQFDUDQGRD',,\SRUORWDQWRHOYDORUGHO456HVGH
9HDPRVRWURHMHPSOR
6HWUDWDGHXQ456GH/DGHULYDFLyQTXHUHJLVWUDXQFRPSOHMR
LVRGLIiVLFRHVD9)\SRUORWDQWRHOYHFWRUTXHUHSUHVHQWDODGLUHFFLyQ
SULQFLSDOGHODDFWLYDFLyQYHQWULFXODU 456VHHQFXHQWUDVREUHOD
SHUSHQGLFXODUDD9)TXHHV',8QDYH]KHPRVOOHJDGRDHVWHSXQWRVyOR
WHQHPRVGRVSRVLELOLGDGHVR'DGRTXH',UHJLVWUDXQDRQGD
SUHGRPLQDQWHPHQWHSRVLWLYDWRWDOPHQWHSRVLWLYDHQHVWHFDVRHOYHFWRU
HVWDHQFDUDQGRD',\SRUORWDQWRHOYDORUGHO456HVGH
(QODVLJXLHQWHSJLQDSRGULVYHUXQRVFXDQWRVHMHPSORVUHDOHV
456
6GH
GH
D
D
456GH
456GH
456GH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV
D9/6X
SHUSHQGLFXODUVHVLW~D
VREUH',,(VWD
GHULYDFLyQUHJLVWUDXQ
FRPSOHMR456
SUHGRPLQDQWHPHQWH
QHJDWLYRSRUORWDQWR
HO456HQHVWHFDVR
HVGH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV
',6XSHUSHQGLFXODU
VHVLW~DVREUHD9)
(VWDGHULYDFLyQ
UHJLVWUDXQFRPSOHMR
456
SUHGRPLQDQWHPHQWH
QHJDWLYRSRUORWDQWR
HO456HQHVWHFDVR
HVGH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV
D956X
SHUSHQGLFXODUVHVLW~D
VREUH',,,(VWD
GHULYDFLyQUHJLVWUDXQ
FRPSOHMR456
SUHGRPLQDQWHPHQWH
QHJDWLYRSRUORWDQWR
HO456HQHVWHFDVR
HVGH
456GH
456GH
456GH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV
',,6XSHUSHQGLFXODU
VHVLW~DVREUHD9/
(VWDGHULYDFLyQ
UHJLVWUDXQFRPSOHMR
456
SUHGRPLQDQWHPHQWH
SRVLWLYRSRUORWDQWR
HO456HQHVWHFDVR
HVGH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV
D9)6XSHUSHQGLFXODU
VHVLW~DVREUH',(VWD
GHULYDFLyQUHJLVWUDXQ
FRPSOHMR456
SUHGRPLQDQWHPHQWH
SRVLWLYRSRUORWDQWR
HO456HQHVWHFDVR
HVGH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV
',,,6XSHUSHQGLFXODU
VHVLW~DVREUHD95
(VWDGHULYDFLyQ
UHJLVWUDXQFRPSOHMR
456
SUHGRPLQDQWHPHQWH
QHJDWLYRSRUORWDQWR
HO456HQHVWHFDVR
HVGH
456
6GH
GH
DH
DHMMHHL
LQGH
QGHIILQLGR
456GH
456GH
456GH
456GH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV
D9/6XSHUSHQGLFXODU
VHVLW~DVREUH',,
(VWDGHULYDFLyQ
UHJLVWUDXQFRPSOHMR
456
SUHGRPLQDQWHPHQWH
SRVLWLYRSRUORWDQWR
HO456HQ HVWHFDVR
HVGH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV',
6XSHUSHQGLFXODUVH
VLW~DVREUHD9)(VWD
GHULYDFLyQUHJLVWUDXQ
FRPSOHMR456
SUHGRPLQDQWHPHQWH
SRVLWLYRSRUORWDQWR
HO456HQHVWHFDVR
HVGH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV
D956XSHUSHQGLFXODU
VHVLW~DVREUH',,,
(VWDGHULYDFLyQ
UHJLVWUDXQFRPSOHMR
456
SUHGRPLQDQWHPHQWH
SRVLWLYRSRUORWDQWR
HO456HQHVWHFDVR
HVGH
/DGHULYDFLyQTXH
UHJLVWUDXQFRPSOHMR
456LVRGLIiVLFRHV
',,6XSHUSHQGLFXODU
VHVLW~DVREUHD9/
(VWDGHULYDFLyQ
UHJLVWUDXQFRPSOHMR
456
SUHGRPLQDQWHPHQWH
QHJDWLYRSRUORWDQWR
HO456HQHVWHFDVR
HVGH
(VWHFDVRQRSXHGH
FRQIXQGLUVHFRQXQD
FRQH[LyQHTXLYRFDGD
GHODVGHULYDFLRQHVGH
ODVH[WUHPLGDGHVGDGR
TXHQLOD3QLOD7
SUHVHQWDQXQDLPDJHQ
HQHVSHMR
456LQGHILQLGR
(QHVWHFDVR WRGRVORV
FRPSOHMRVVRQ
LVRGLIiVLFRV\QR
SRGHPRVFDOFXODUHO
HMH'HKHFKRHOHMHHV
SHUSHQGLFXODUDOSODQR
IURQWDO
&UHFLPLHQ
HQWWRV
V$
$XULFXODUHV
/DRQGD3SUHVHQWDXQDSRUFLQLQLFLDOTXHFRUUHVSRQGHDOD
DFWLYDFLQGHODDXUFXODGHUHFKDXQDSRUFLQPHGLDTXH
FRUUHVSRQGHDODDFWLYDFLQGHDPEDVDXUFXODV\XQDSRUFLQ
ILQDOTXHFRUUHVSRQGHDODDFWLYDFLQGHODDXUFXODL]TXLHUGD$V
XQDDOWHUDFLQGHODDXUFXODGHUHFKDDIHFWDUDODPRUIRORJDGH
ODVSRUFLRQHVLQLFLDO\PHGLDQDGHODRQGD3UHJLVWUQGRVH3
SXQWLDJXGDV3RURWURODGRXQDDOWHUDFLQGHODDXUFXODL]TXLHUGD
DIHFWDUDODVSRUFLRQHVPHGLD\ILQDOGHODRQGD3UHJLVWUQGRVH
3PHOODGDVFRQXQDGXUDFLQDXPHQWDGD
+DEUTXHWHQHUHQFXHQWDTXHDXQTXHODVDQRUPDOLGDGHV
DXULFXODUHVVXHOHQLPSOLFDUXQDGLODWDFLQRXQKLSHUWURILDORV
FDPELRVHQODPRUIRORJDGHOD3WDPELQSXHGHQUHIOHMDUFDPELRV
GHSUHVLQYROXPHQ\FRQGXFFLQLQWUDDXULFXODU
&UHFLPLHQW
HQWRDX
RDXUULFXOD
UUGH
GHUUHFKR
D9)
2QGD3DOWD\SXQWLDJXGDHQ',,',,,\
/DRQGD3HQ9\HQ9SXHGHVHUSRVLWLYD\
WHQHUXQDDPSOLWXGDXPHQWDGD
3GHRVXSHULRU
(QSU
QSUHVHQ
HQFFLDGH)
DGH)LEULOLOD
DFLQ$
Q$XULFXODU
5HJLVWURGHFRPSOHMRV45RT5HQ9
VHJXLGRVGHXQDSURJUHVLQGHODDPSOLWXGGHODRQGD5GHVGH9
R9KDVWD9
'LIHUHQFLDGHYROWDMHGHO456HQWUH9\98QD
UHODFLQ!DVRFLDGDDXQYROWDMHGHO456HQ9PPHVPX\
HVSHFILFDSHURSRFRVHQVLEOH
+D\
\TXH
TXHUUHFRUGD
GDU
UTXH
TXH
(OUHJLVWURGHFRPSOHMRV45RT5HVPXFKR
PVHYLGHQWHVLORSRGHPRVFRPSDUDUFRQRWUR(&*WDOFRPRVH
REVHUYDHQHVWHFDVRGHHVWHQRVLVPLWUDOJUDYHDQWHV\GHVSXV
GHODLPSODQWDFLQGHXQDSUWHVLVPLWUDO
1RKD\TXHFRQIXQGLUORFRQXQD4GHQHFURVLV
&UHFLPLHQ
HQWWRDX
RDXUULFXOD
UULL]TX
TXLLHUGR
2QGD3PHOODGDFRQXQDGXUDFLQ!GHVHJOD
SURORQJDFLQGHODPLVPDRFXUUHDH[SHQVDVGHOLQWHUYDOR35TXH
HVFRUWRRHVWDXVHQWH
2QGD3HQ9FRQXQFRPSRQHQWHQHJDWLYRGHVHJ
GHGXUDFLQ\P9GHSURIXQGLGDG
(QSU
QSUHVHQ
HQFFLDGH)
DGH)LEULOLOD
DFLQ$
Q$XULFXODU
6HSXHGHVRVSHFKDUXQFUHFLPLHQWR
DXULFXODUL]TXLHUGRFXDQGRVHHYLGHQFLDQRQGDVGHILEULODFLQ
JUXHVDVHVSHFLDOPHQWHHQ9
+D\
\TXH
TXHUUHFRUGD
GDU
UTXH
TXH
VHYXHOYHQILQDV
&RQHOWLHPSRODVRQGDVGHILEULODFLQ
1RKD\TXHFRQIXQGLUODVFRQHO
UHJLVWURGHODVFRQWUDFFLRQHVPXVFXODUHVGHXQDSHUVRQDFRQ
3DUNLQVRQ(QHVWHFDVRHQD9)VHDSUHFLDQODVRQGDV3TXH
HVWQHQPDVFDUDGDVHQ',,
3VHXGR
HXGR3
3SX
SXOOPRQD
RQDOOH
(OSDWUQGHFUHFLPLHQWRDXULFXODUGHUHFKR
HQDXVHQFLDGHGLODWDFLQDXULFXODUGHUHFKDVHGHQRPLQDSVHXGR
3SXOPRQDOH6HKDHYLGHQFLDGRDVRFLDGRFRQSDWRORJD
YHQWULFXODUL]TXLHUGD
\GHIRUPDPHQRVIUHFXHQWHHQDXVHQFLDGH
HQIHUPHGDGFDUGDFD
(VWRHVWIXQGDPHQWDGRHQODREVHUYDFLQGHTXHHOGDRGHOD
DXUFXODL]TXLHUGDDXPHQWDHOYHFWRUDXULFXODUGHUHFKR\TXHHO
GDRGH ODDXUFXODGHUHFKDVLPXODXQFUHFLPLHQWRDXULFXODU
L]TXLHUGR
3DFLHQWHFRQ(32&GXUDQWH\GHVSXVGHXQD
UHDJXGL]DFLQ6HSXHGHDSUHFLDUODDSDULFLQGHXQDPRUIRORJD
GHODRQGD3FRPSDWLEOHFRQFUHFLPLHQWRDXULFXODUL]TXLHUGR
%ORTXHR
RTXHRLLQWHUDX
DXUULFXODU
2QGD3!VHJJHQHUDOPHQWHELPRGDOTXHSXHGHVHU
ODFDXVDSULQFLSDOGHODPRUIRORJDGHODRQGD3TXHVHYHHQHO
FUHFLPLHQWRDXULFXODUL]TXLHUGR
+LSHU
SHUWURILDD9
9HQ
HQWWULFXOD
UULL]TX
TXLLHUGD
&ULWHULRV
VE
EVVLFRV
$XPHQWRGHOYROWDMHGHODVGHULYDFLRQHVL]TXLHUGDV
'HVSOD]DPLHQWRJUDGXDOGHORVVHJPHQWR67\GHODRQGD
7HQGLUHFFLQRSXHVWDDO456
3DWUQU6HQ9\9FRQRQGDV6SURIXQGDVHQGLFKDV
GHULYDFLRQHV
(QRFDVLRQHVODRQGD5SXHGHHVWDUDXVHQWH'LFKD
DXVHQFLDSXHGHVHULQWHUSUHWDGDGHIRUPDHUUQHDFRPRXQD
QHFURVLVDQWHURVHSWDO
(OGLDJQVWLFRGH+9,HQHODGXOWRHVWDUHIRU]DGRSRUHO
UHJLVWURGHXQDGHIOH[LQLQWULQVHFRLGHUHWDUGDGDHQ9R9!
VHJ
'HIOH[LQ
QLLQWULQVHFRGHR
LGHRLLQWUQVHFD
(OWLHPSRGHDSDULFLQGHODGHIOH[LQLQWULQVHFRLGHRLQWUQVHFD
HVHOTXHWUDQVFXUUHGHVGHHOLQLFLRGHO456KDVWDHOPRPHQWRHQ
HOTXHODRQGD5FDPELDGHGLUHFFLQ
+LSHU
SHUWURILDD9
9HQ
HQWWULFXOD
UULL]TX
TXLLHUGD
&ULWHULRV
VGH
GHYYROWDMHGH
HGHOO4
45 6
5HQ',6HQ',,,!P95HQD9/!P95HQD9)!
P96HQ9!P95HQ9R9!P95HQ9R96
HQ9!P9
6LVWHPDGHSXQ
DGHSXQWWXDF
XDFLQ
2QGDV5R6HQODVGHULYDFLRQHVGHODVH[WUHPLGDGHV!P9R
6HQ9R9!P9R5HQ9R9!P9 SXQWRV
&DPELRVHQHOVHJPHQWR67FRQRVLQGLJLWDO RSXQWRV
UHVSHFWLYDPHQWH
&UHFLPLHQWRDXULFXODUL]T SXQWRV'HVYLDFLQGHO456D
RPV SXQWRV
'XUDFLQGHO456!VHJLGHIOH[LQLQWULQVHFRLGH5SHDN
WLPHHQ9\9!VHJ SXQWRSRUFDGDXQRGHHOORV
/D+9,HVSUREDEOHFRQSXQWRV\HVWSUHVHQWHFRQSXQWRVR
PV
+LSHU
SHUWURILDD9
9HQ
HQWWULFXOD
UU,,]TX
TXLLHUGD
$OWHUDFLRQHV
RQHVGH
GHOOVVHJP
HJPHQ
HQWWR6
R67\
7\GH
GHOODRQGD
DRQGD7
7
/DGLUHFFLQGHOVHJPHQWR67\GHODRQGD7HVOD
FRQWUDULDGHODGHO456/DRQGD7VXHOHVHUQHJDWLYD\
DVLPWULFDVLHQGRODUDPDDVFHQGHQWHHVFDUSDGDFRQXQD
LQVFULSFLQWHUPLQDOSRVLWLYDGHIRUPDRFDVLRQDO
/DLQYHUVLQGH ODRQGD7HQ9!PP\
FRQGLFKRVFDPELRVPVHYLGHQWHVHQ9TXHHQ9UHIXHU]DQHO
GLDJQVWLFRGH+9,
\D\XGDQDGLIHUHQFLDUODGHODHQIHUPHGDG
DUWHULDOFRURQDULDHQDXVHQFLDGHORVFULWHULRVGHYROWDMHGHOD+9,
6HSXHGHQUHJLVWUDURQGDV7QHJDWLYDV
PX\SURIXQGDVHQODPLRFDUGLRSDWDKLSHUWUILFDFRQDIHFWDFLQ
IXQGDPHQWDOPHQWHDSLFDO
+LSHU
SHUWURILDD9
9HQ
HQWWULFXOD
UU,,]TX
TXLLHUGD
6REU
REUHFDUJDGL
JDGLDVWOLOLFFD
/DPRUIRORJDGHODVREUHFDUJDGLDVWOLFDVHFDUDFWHUL]D
SRUODSUHVHQFLDGHXQDRQGD4SURPLQHQWHHQODVGHULYDFLRQHV
TXHHQFDUDQODFDUDL]TXLHUGDGHOVHSWXP
\UHFLSURFDPHQWHRQGDV5SURPLQHQWHVHQODV
GHULYDFLRQHVTXHHQFDUDQODFDUDGHUHFKDGHOVHSWXP
7DPELQVHSXHGHQHYLGHQFLDURQGDV4PX\
HYLGHQWHVHQODPLRFDUGLRSDWDKLSHUWUILFDREVWUXFWLYD
6REU
REUHFDUJDV
JDVLVWOLOLFFD
/DPRUIRORJDGHODVREUHFDUJDVLVWOLFDRGHSUHVLQVH
FDUDFWHUL]DSRUODSUHVHQFLDGHRQGDV5DOWDV\FDPELRVHQOD
RQGD7\HQHOVHJPHQWR67HQODVGHULYDFLRQHVSUHFRUGLDOHV
L]TXLHUGDV
+9,+
,+D\TXH
\TXHUUHFRUGD
GDU
UTXH
TXH
(OPHFDQLVPRSRUHOFXDODXPHQWDHOYROWDMHQRHVWELHQGHILQLGR
GDGRTXHLQWHUYLHQHQDGHPVGHODPDVDPXVFXODURWURV
IDFWRUHVFRPRHOYROXPHQVDQJXQHRLQWUDFDYLWDULRODSUR[LPLGDG
GHODSDUHGWRUFLFDODVSURSLHGDGHVFRQGXFWRUDVGHORVUJDQRV
LQWUDWRUFLFRVODSRVLFLQGHOFRUD]QGHQWURGHOWUD[ODV
SUHVLRQHVLQWUDYHQWULFXODUHV\WUDQVPXUDOHV\TXL]VODLQVFULSFLQ
VLQRSRVLFLQGHXQDSDUWHGHO456GHELGDDODDFWLYDFLQ
UHWDUGDGD
<D
<
DVSRG
SRGUUHPRVY
VYH
UUFFDVRVF
H
VFRQ
RQ
DJHQH[[DJH
DJHUUDGD GHKLSHUWURILDYHQWULFXODUL]TXLHUGDTXHQR
8QDLLPDJHQH
VHFRUUHVSRQGHFRQODKLSHUWURILDUHDOFRPRHVHOFDVRGHHVWD
SDFLHQWHKLSHUWHQVDTXHWDQVORSHVDED.J
DJHQSRFFRH
RHYYLGHQ
GHQWWH GHKLSHUWURILDYHQWULFXODUL]TXLHUGDD
8QDLLPDJHQSR
SHVDUGHODH[LVWHQFLDGHXQDKLSHUWURILDLPSRUWDQWHWDOFRPRVH
SXHGHYHUHQHVWRVGRVFDVRV8QDLQVXILFLHQFLDDUWLFDJUDYHHQ
HOSULPHUR
\XQDPLRFDUGLRSDWDKLSHUWUILFDREVWUXFWLYDHQHOVHJXQGR
'LOLOD
DWDFLQH+
QH+LSHU
SHUWURILDD9
9HQ
HQWWULFXOD
UU,,]TX
TXLLHUGD
(QSUHVHQFLDGHRQGDV5TXHSUHVHQWHQFULWHULRVGHYROWDMHGH
+9,ORVVLJXLHQWHVKDOOD]JRVVXJLHUHQODH[LVWHQFLDGHGLODWDFLQ
YHQWULFXODUL]TXLHUGD
5HQ9!D5HQ9
7UDQVLFLQEUXVFDHQSODQRKRUL]RQWDOGHVGHXQFRPSOHMRFRQ
XQDRQGD6SURIXQGDDRWURFRQXQDRQGD5DOWDHQOD VLJXLHQWH
GHULYDFLQKDFLDODL]TXLHUGD
(YLGHQFLDGHTXHHQ(&*VXFHVLYRVGLVPLQX\HODDOWXUDGHOD
RQGD5HQODVSUHFRUGLDOHVL]TXLHUGDVDPHGLGDTXHORVRWURV
VLJQRVGHKLSHUWURILDVHKDFHQPVHYLGHQWHVFRPRSRUHMHPSOR
ORVFDPELRVHQHOVHJPHQWR67\HQODRQGD7
&RPSOHMRV456FRQXQWLHPSRGHDSDULFLQGHODGHIOH[LQ
LQWULQVHFRLGH7',!VHJ
3DFLHQWHFRQXQDPLRFDUGLRSDWDGLODWDGDFRQLQVXILFLHQFLD PLWUDO
TXHHQHUDJUDYH(Q)LEULODFLQ$XULFXODU
+LSHU
SHUWURILDD9
9HQ
HQWWULFXOD
UU'
'HUHFKD
%DVQGRQR
QGRQRV
VHQ
HQOOD
DP
PRUIRORJ
RJDGH
DGHOO4
45
66HQ
HQ9
9
6HSXHGHQGHILQLUWUHVJUXSRV
2QGD5GRPLQDQWHT5U5UV5
&RPSOHMR565V5VU
&RPSOHMRU6RUV5
(QHODGXOWRFRQ+9'DGTXLULGDORVFDPELRVPVFRPXQHV
VRQODGHVYLDFLQGHOHMHDODGHUHFKD\XQDUHODFLQ56HQ9
!FRQXQDRQGD5!P9
$OWHUDFLRQHV
RQHVGH
GHOODDRQGD
RQGD7
7\
\GH
GHOOVVHJ
HJP
PHQ
HQWWR
R6
67
7HQ
HQOODD
+'
6HSXHGHUHJLVWUDUXQDGHSUHVLQGHOVHJPHQWR67\XQD
LQYHUVLQGHODRQGD7HQODVSUHFRUGLDOHVGHUHFKDV&XDQGR
HVWRVIQPHQRVVRQ VLJQLILFDWLYRVVXHOHQVHULQGLFDWLYRVGH+9'
PRGUDGDRJUDYH
(PEROL
EROLVVPRSX
RSXOOPRQD
RQDU
UDJXGR
DJXGRFRUUSX
SXOOPRQD
RQDOOHDJXGR
HDJXGR
/RVFDPELRVFOVLFRVFRQSDWUQ647%5'++GHVYLDFLQ
GHOHMHODGHUHFKD\3SXOPRQDOHVORVHYHQHQXQGHORV
SDFLHQWHV/RPV KDELWXDOHVUHJLVWUDUFDPELRVLQHVSHFILFRVGH
ODUHSRODUL]DFLQ/DFRPSDUDFLQFRQXQ(&*SUHYLRHVPX\WLO
(OVHJXQGR(&*VHUHJLVWUPHVHVGHVSXVGHKDEHUVXIULGRXQ
WURPERHPEROLVPRSXOPRQDUPOWLSOH6HDSUHFLDODDSDULFLQGHO
SDWUQ647HVGHFLUODDSDULFLQGHXQD6HQ',\XQDT\
XQD7QHJDWLYDHQ',,,\VLJQRVGH+9'TXHHOSDFLHQWHQR
SUHVHQWDEDSUHYLDPHQWH
(32
(3
2&\F
&\FR
UUSX
R
SXOOPRQD
RQDOOH
HFFUQ
QLLFR
3GH\HOUHJLVWURGHXQDRQGD3SXOPRQDOH
'HVYLDFLQGHO456DODGHUHFKD\URWDFLQKRUDULD
GHIRUPDRFDVLRQDO
8QSDWUQ666SXHGHHVWDUSUHVHQWH
/DDPSOLWXGGHODRQGD5HVWGLVPLQXLGDHQ9\HQ
9P9
YROWDMHVHQHOSODQRIURQWDO
6HSXHGHQREVHUYDUEDMRV
&XDQGRODURWDFLQKRUDULDHVVLJQLILFDWLYDOD
DXVHQFLDGHODRQGD5HQODVGHULYDFLRQHVSUHFRUGLDOHVGHUHFKDV
VLPXODXQLQIDUWRGHPLRFDUGLRDQWHULRUGDGRTXHVHUHJLVWUDQ
FRPSOHMRV46
3XHGHQDSDUHFHURQGDV5DOWDVHQ9\HQ9FXDQGRVHSURGXFH
XQDSURJUHVLQKDFLDODKLSHUWHQVLQDUWHULDOSXOPRQDU+7$3\OD
+9'
%ORTXHRGH
RTXHRGH5
5DPD
D,,]TX
TXLLHUGD
(O456HVWSURORQJDGR\PLGHGHDVHJ
(Q',\HQ9VHHYLGHQFLDODSUGLGDGHODRQGD4VHSWDO\VH
UHJLVWUDXQDRQGD5GHQWDGDFRQXQDPXHVFDHQODUDPD
DVFHQGHQWH(VWRUHIOHMDODDFWLYDFLQPLRFUGLFDGHGHUHFKDD
L]TXLHUGD(QD9)VHUHJLVWUDXQDRQGDUVHJXLGDGHXQDRQGD
6TXHUHIOHMDQUHVSHFWLYDPHQWHODDFWLYDFLQVHSWDOLQLFLDO
GLULJLGDLQIHULRUPHQWH\HOYHFWRUILQDOGLULJLGRKDFLDDUULED/D
GLUHFFLQGHOYHFWRUGHOVHJPHQWR67\GHODRQGD7HVODRSXHVWD
DODGHO45667LQIUDGHVQLYHODGR\7QHJDWLYDHQ',D9/\9\
HOFRQWUDULRHQ99\9
(Q9VHSXHGHUHJLVWUDUXQFRPSOHMRU6R46
HQIXQFLQGHVLODDFWLYDFLQLQLFLDOVHRULHQWDDQWHULRUR
SRVWHULRUPHQWH
(O456VXHOHVHUQRUPDORGLULJLGRKDFLDODL]TXLHUGD
/DGHVYLDFLQGHOHMHDODGHUHFKDTXHQRVXHOHVXSHUDUORV
RRULJLQDXQDPRUIRORJDDWSLFDGH%5,++
%ORRTXHRL
TXHR LQFRPSOHWRGH
RGHUUDPD
DLL]TX
TXLLHUGD
,PSOLFDXQUHWUDVRGHODFRQGXFFLQHQODUDPDL]TXLHUGDFRQ
UHVSHWRDODGHUHFKDFRQXQDDFWLYDFLQVHSWDOLQLFLDOGH'D,\
ODSUGLGDGHODRQGD4VHSWDOHQWRGRVORVFDVRV$OFRQWUDULR
TXHHQHO%5,++ODUDPDL]TXLHUGDFRQWULEX\HILQDOPHQWHDOD
DFWLYDFLQGHOVHSWXP\GHODSDUHGYHQWULFXODU
/DGLIHUHQFLDSULQFLSDOFRQHO%5,++\DFHHQODGXUDFLyQGHOFRPSOHMR
456HOFRPSOHMRFRUUHVSRQGHDXQ%5,++\HOU\UFRPSOHMRV
FRUUHVSRQGHQDXQ%,5,++
(QODVLJXLHQWHLPDJHQDPSOLDGDSDUDVXPHMRUYLVXDOL]DFLQVH
DSUHFLDFRPRODDSDULFLQGHXQ%,5,++VDOYDGHWDTXLFDUGLD
DXULFXODU U\FRPSOHMRVSURYRFDODSUGLGDGHODT
VHSWDO
/RVKDOOD]JRVPVKDELWXDOHVVRQ
456GHDVHJFRQSUGLGDGHODRQGD4VHSWDO
PXHVFDV
\PX\DPHQXGR456FRQYROWDMHVDOWRV
%ORRTXHRGH5
TXHRGH 5DPD
D'
'HUHFKD
(QHO%5'++HOVHSWXPVHDFWLYDGHIRUPDQRUPDOHVGHFLUGH,D
'/DSURORQJDFLQGHO456HVGHELGDSULQFLSDOPHQWHDOD
DFWLYDFLQUHWUDVDGDGHOVHSWXP\GHODSDUHGYHQWULFXODUGHUHFKD
/RVFDPELRVFDUDFWHUVWLFRVGHO%5'++VHUHJLVWUDQHQ9
/DDFWLYDFLQVHSWDOLQLFLDORULJLQD HQ9XQDRQGD5TXHVHVLJXH
GHXQDRQGD6TXHUHIOHMDODDFWLYDFLQYHQWULFXODUL]TXLHUGD\SRU
XQDRQGD5
GHELGDDODGHVSRODUL]DFLQGHOYHQWUFXORGHUHFKRGH
L]TXLHUGDDGHUHFKD\KDFLDDUULED/DVGHULYDFLRQHVTXHHQFDUDQ
ODFDUDL]TXLHUGDGHOVHSWXPHVGHFLU',D9/L9VXHOHQ
UHJLVWUDUXQDRQGD4TXHVHVLJXHGHXQDRQGD5GHGXUDFLQ
QRUPDO\XQDRQGD6UHODWLYDPHQWHSURIXQGD(VWDXOWLPDUHIOHMDOD
DFWLYDFLQUHWDUGDGDGHOYHQWUFXORGHUHFKR/DRQGD7HV
QHJDWLYDHQ9\RFDVLRQDOPHQWHHQ9/DSURIXQGLGDGGHOD
RQGD6HQ9GHSHQGHGHXQDRULHQWDFLQSRVWHULRURDQWHULRUGHO
YHFWRUTXHUHSUHVHQWDODDFWLYDFLQYHQWULFXODUL]TXLHUGD
(QHOSULPHUFDVRXQD RQGD6SURPLQHQWHVHSDUDODRQGD5
GHODRQGD5
(QHOVHJXQGRFDVRODRQGD6SXHGHVHU
SRFRSURIXQGDVHUWDQVORXQDPXHVFDRHVWDUDXVHQWH
$GLIHUHQFLDGHO%5,++ HO%5'++QRHQPDVFDUDXQLQIDUWRGH
PLRFDUGLRQLODLVTXHPLDPLRFUGLFD
+HPLEORTXHR$
RTXHR$QWHULRU
/DGXUDFLQGHO456HVVHJ
LQLFLDO
'LUHJLVWUDXQDRQGD5GRPLQDQWHFRQRVLQRQGD4
',,',,,LD9)UHJLVWUDQXQDRQGD5TXHVH
VLJXHGHXQDRQGD6SURIXQGDVLHQGR6,,,!6,,\5,,!5,,,
(QD95VHUHJLVWUDXQDRQGD5WHUPLQDO
(O456YDULDGHD
(QHOSODQRKRUL]RQWDOOD]RQDGHWUDQVLFLQ VXHOHHVWDU
GHVSOD]DGDKDFLDODL]TXLHUGDUHJLVWUQGRVHHQ9\9XQDRQGD
5
GHDPSOLWXGGLVPLQXLGD\XQDRQGD6SURIXQGD
(OWLHPSRGHDSDULFLQGHODGHIOH[LQLQWULQVHFRLGH
7',HQ97',HQD9/FRQXQ7',HQD9/!PVJ
+D\TXHWHQHUHQFXHQWDTXHGHELGRDODRULHQWDFLQ
GHOYHFWRULQLFLDOODVSUHFRUGLDOHVGHUHFKDV\PHGLDVSXHGHQ
UHJLVWUDUXQDRQGD4LQLFLDOTXHVHSXHGHLQWHUSUHWDUGHIRUPD
HUUQHDFRPRXQ,0DQWHURVHSWDO
+HPLEORTXHR3
RTXHR3RVWHULRU
6HWUDWDGHXQKDOOD]JRSRFRIUHFXHQWHLQHVSHFILFRTXHVHSXHGH
YHUHQSHUVRQDVDVWQLFDVHQIHUPRVFRQHQILVHPD+9'\HQ HO
LQIDUWRODWHUDOH[WHQVR3DUDUHDOL]DUHVWHGLDJQVWLFRFRQ
VHJXULGDGKD\TXHWHQHUXQ(&*SUHYLRQRUPDO
/DGXUDFLQGHO456VHJ(1',\D9/VHUHJLVWUDXQD
RQGD5SHTXHDTXHVHVLJXHGHXQDRQGD6SURIXQGD(Q',,
%5'++
5'++
%
%ORTXHR
RTXHRV
VIIDVF
VFLLFXODUHV
%5'++
5'+++%$
(VODFRPELQDFLQPVFRPQ/DDFWLYDFLQGXUDQWHORVSULPHURV
VHJGHWHUPLQDHO+%$
%5'++
5'+++%3
(VXQDFRPELQDFLQUDUD/RVVHJLQLFLDOHVGHILQHQHOHMH\
HO+%3
%ORRTXHR7
TXHR 7ULIDVF
VFLLFXODU
6
6QG
QGUURPHGH
HGH5
5RVHQEDXP
HQEDXP
(OEORTXHRGHODUDPDGHUHFKD\GHDPEDVGLYLVLRQHVGHODUDPD
L]TXLHUGDEORTXHRWULIDVFLFXODUSXHGHRFXUULUHQSUHVHQFLDGH
%5'++FRQ+%$R+%3DOWHUQDQWHV(VWDVLWXDFLQGHGHQRPLQD
6QGURPHGH5RVHQEDXP
MXOLR
HQHUR
(QHOSULPHU(&*HVWDSDFLHQWHSUHVHQWDXQ%5'+++%$\HQ
HOVHJXQGRXQ%5'+++%3+R\HQGDHVWDVLWXDFLQHV
LQGLFDWLYDGHLPSODQWDFLQGHPDUFDSDVRV
%ORTXHRGH
RTXHRGH5
5DPD
D%
%LOD
LODWHUDO
'HEHPRVFRQVLGHUDUHVWHGLDJQVWLFRFXDQGRHQFRQWUHPRVXQ
%5'++RXQ%5,++DOWHUQDQWHV7DOFRPRKDELVYLVWRHQOD
SJLQDDQWHULRUHQHVWDVVLWXDFLRQHVWDPELQKDEUDTXH
LPSODQWDUXQPDUFDSDVRV
&XDOTXLHURWUDFRPELQDFLQGHORVUHWUDVRVGHFRQGXFFLQQR
SXHGHVHUGLIHUHQFLDGDGHOEORTXHRHQHO1$9$VHOEORTXHR
VLPXOWQHRGHODVGRVUDPDVGDOXJDUDXQ%$9FRPSOHWR
,JXDOPHQWHXQUHWUDVRRXQEORTXHRLQWHUPLWHQWHGHXQDUDPD
MXQWRFRQXQEORTXHRFRPSOHWRHQODFRQWUDODWHUDOSXHGH
PDQLIHVWDUVHFRPRXQ%5FRQXQ35SURORQJDGRRFRPRXQ%$9
LQWHUPLWHQWH(QSUHVHQFLDGHXQ%5ODDSDULFLQGHXQ%$9
GHELGRDXQGHIHFWRGHODFRQGXFFLQGHODUDPDFRQWUDODWHUDOQR
SXHGHGLIHUHQFLDUVHGHEORTXHRGHO1$9
3DFLHQWHFRQ%5'++\35SURORQJDGR
%ORTXHR
RTXHRV
VGH
GH5
5DPD
D
+
+LSHU
SHUWURILDD9
9HQ
HQWWULFXODU
(OGLDJQVWLFRGHKLSHUWURILDYHQWULFXODUHQSUHVHQFLDGH%5HV
GLIFLODXQTXHQRLPSRVLEOHGHELGRDOKHFKRGHTXHXQSDUWHGHOD
DFWLYDFLQFDUGDFDVHUHDOL]DUVLQRSRVLFLQGXUDQWHXQSHULRGR
GHWLHPSRGDQGROXJDUDFDPELRVGHYROWDMHTXHHQJDDQ
%5++
,++
+
+9,
,R
R+
+9 '
(O%5,++LPSOLFDXQGLDJQVWLFRGH+9,\GH+9'SUFWLFDPHQWH
LPSRVLEOH(QSUHVHQFLDGHHVWDDOWHUDFLQQRVHSXHGHKDEODUGH
RWUDFRVDTXHGH%5,++/DVRVSHFKDGH+9ODUHDOL]DUHPRVSRU
ODSDWRORJDGHOSDFLHQWH\ODFRQILUPDFLQSRUHOUHJLVWUR
HFRFDUGLRJUILFR
%5'++\
5'++\+
+9 '
6HKDVXJHULGRTXHHQHO%5'++XQDRQGD5
!DP9
LQGLFDODSUHVHQFLD GHXQD+9'DVRFLDGD$SHVDUGHHVWRHQXQ
SUHRSHUDWRULRVHSXHGHUHJLVWUDUXQ456QRUPDOHQ9\
HQFRQWUDUHQHOSRVWRSHUDWRULRHOFULWHULRDQWHVPHQFLRQDGR(VWR
LQGLFDTXHHVWHFULWHULRQRVLHPSUHHVYOLGR7DPELQSRGHPRV
HQFRQWUDURQGDV5DOWDVHQ9HQHQIHUPRVFRQWDQVOR%5'++
\VLQHYLGHQFLDGH+9'
HMHPSORVFRQ
VFRQ+
+9 '
(32&PX\JUDYH
&,$23LQWHUYHQLGDFRQ9'GLODWDGR
HMHPSORVVL
VVLQQ+
+9 '
3DFLHQWHGHDxRVDSDUHQWHPHQWHVDQR
3DFLHQWHFRQ+7$
%5'++\
5'++\+
+9 ,
3RGHPRVVRVSHFKDUODSUHVHQFLDGH+9,FXDQGRHQFRQWUDPRV
456!
5HQD9/!PP
3HQ9FRQXQFRPSRQHQWHWHUPLQDO!VHJGHGXUDFLQL!
PPGHSURIXQGLGDG%%')+L+9(
3XQWXDFLQGH 5RPKLOW(VWHVSRVLWLYD
5HQ9!PP
5HQ',!PP
6HQ95HQ9!PP
3DFLHQWHGHDxRVFRQ'/$RH,0PRGHUDGDV
%$
+
%$\
\+
+9 ,
/DVXPDGHOD6HQ',,,FRQODP[LPD56HQFXDOTXLHU
GHULYDFLQ!PPHVLQGLFDWLYDGH+9,HQSUHVHQFLDGH+%$
'HIHFWRV
V,,QH
QHVVSH
SHFFI
ILLFRV
VGH
GHOODD&
&RQGX
RQGXFF
FFLLQ
Q
,QWUDYHQ
HQWWULFXODU
(OFRPSOHMR456SXHGHHVWDUSURORQJDGRGHIRUPDDQRUPDOSHUR
VLQODPRUIRORJDFDUDFWHUVWLFDGHO%5'++RGHO%5,++
6HDVHPHMDDO%5,++RDO%5,++FRQXQDGHVYLDFLQGHO456
KDFLDODL]TXLHUGD(VWDFRPELQDFLQVXJLHUHXQ+%$FRQXQ
UHWUDVRGHODFRQGXFFLQSHULIULFD/DSUHVHQFLDGHXQDRQGD4
$XQTXHHVWHWLSRGHSURORQJDFLQLQHVSHFILFDSXHGHVHUGHELGDD
ODDFFLQGHDOJXQRVIUPDFRVRDWUDVWRUQRVHOHFWUROWLFRVOD
FDXVDPVFRPQHVODHQIHUPHGDGFDUGDFD
3DFLHQWHDIHFWRGHPLRFDUGLRSDWtDGLODWDGDGHSUREDEOHRULJHQLVTXpPLFR
FRQLQVXILFLHQFLDPLWUDOJUDYH(QHOVHJXQGR(&*VHSUHFLDXQ
HQVDQFKDPLHQWRGHO456PVJ\XQDGHVYLDFLyQGHO456KDFLDOD
L]TXLHUGD
3DFLHQWHFRQPLRFDUGLRSDWtDGLODWDGD\',&,(Q', \9VHUHJLVWUDXQD
RQGDTLQGLFDWLYDGHDFWLYDFLyQVHSWDOQRUPDOGHL]TXLHUGDDGHUHFKD
6QG
QGUURPHGH
HGH:
:ROII
II3DUNLQVRQ
RQ:KLWH
(VXQVQGURPHHOHFWURFDUGLRJUILFRFDUDFWHUL]DGRSRUXQ
&DVLVLHPSUHH[LVWHQFDPELRVVHFXQGDULRVGHOVHJPHQWR67\GH
ODRQGD7DVFRPRXQFLHUWRDXPHQWRGHORVYROWDMHVGHO456
:3:LQWHUPLWHQWHTXHSHUPLWHYHUODGLIHUHQFLDHQWUHHO456QRUPDO\
HOTXHSUHVHQWDXQDSUHH[FLWDFLyQ
/DRQGDG \HODXPHQWRGHODDPSOLWXGGHO456VHSURGXFHD
FRVWDGHOVHJPHQWR35SHURVLQYDULDFLRQHVHQHOLQWHUYDOR3-
6GGH:
GGH:3:
:WWLSR
SR$
$
'HIOH[LQLQLFLDOSRVLWLYDSURPLQHQWHHQ9\9456SRVLWLYRHQ
9\9/DRQGDG UHIOHMDODDFWLYDFLQWHPSUDQDGHOYHQWUFXOR
L]TXLHUGRSRVWHULRU
6GGH:
GGH:3:
:WWLSR
SR%
%
'HIOH[LQLQLFLDOQHJDWLYDSUHGRPLQDQWHHQ9\946HQ9\
6GGH:
GGH:3:
:WWLSR
SR&
&
'HVJUDFLDGDPHQWHQRKHSRGLGRHQFRQWUDUXQHMHPSORGHHVWH
WLSR
/DSUHVHQFLDGHPVGHXQSDWUQHQXQPLVPRSDFLHQWHVXJLHUH
ODH[LVWHQFLDGHYDULDVYDVGHFRQGXFFLQDFFHVRULDV
6GGH
GGH:
:3:+
+D\TXH
\TXHUUHFRUGD
GDU
UTXH
TXH
(O:3:SXHGHVLPXODUXQLQIDUWRGHPLRFDUGLR
0LVPRFDVRFRQ\VLQSUHH[FLWDFLyQ
RSXHGHHQPDVFDUDUOR
1HFURVLVLQIHULRU\DQWHULRUTXHTXHGDHQPDVFDUDGDSRUODDSDULFLyQGH
XQDSUHH[FLWDFLyQ
(O%5'++%5,++\OD+9'VHSXHGHQFRQIXQGLUFRQXQ:3:
%5,++TXHVLPXODXQ:3:
35
5FFRUWR
6HFRQVLGHUDXQDYDULDQWHGHO:3:ODSUHVHQFLDGHXQ35FRUWR
DFRPSDDGRGH7369
,VTXH
TXHP
PLDDV
VXEHS
XEHSLLFUGLFD
5HJLVWURGHRQGDV7QHJDWLYDVGHORFDOL]DFLQVHSWDODQWHULRU
LQIHULRU\ODWHUDO\VXVFRPELQDFLRQHVDQWHURVHSWDOODWHURLQIHULRU
HWF
(MHPSORGHLVTXHPLDVXEHSLFiUGLFDHQHVWHFDVRDQWHURODWHUDOHLQIHULRU
$YHFHVODPRUIRORJDGHODRQGD7QHJDWLYDHVPXFKRPVVXWLO
3DFLHQWHFRQLVTXHPLDVXEHSLFiUGLFDDQWHURVHSWDODODxRVXIULyXQ,$0
DQWHULRU
,VTXH
TXHP
PLDDV
VXEHQGRF
XEHQGRFUGLFD
5HJLVWURGHRQGDV7DOWDV\SXQWLDJXGDVGHORFDOL]DFLQ
SULQFLSDOPHQWHDQWHULRU
(QHVWRVFDVRVHVPX\WLOSRGHUUHDOL]DUXQDFRPSDUDFLQFRQ
RWUR(&*
PLVPRSDFLHQWHTXHHQHMHPSORDQWHULRU
/HVVLQV
/H
QVXEHS
XEHSLLFUGLFD
5HJLVWURGHXQVHJPHQWR67VXSUDGHVQLYHODGRTXHSXHGHWHQHU
XQDORFDOL]DFLQDQWHULRULQIHULRU\ODWHUDO\VXVFRPELQDFLRQHV
DQWHURODWHUDOODWHURLQIHULRUHWF
/HVLyQVXEHSLFiUGLFDLQIHULRU\VXEHQGRFiUGLFDDQWHURODWHUDO
/HVVLQ
/H
QVVXEHQGRF
XEHQGRFUGLFD
5HJLVWURGHXQVHJPHQWR67LQIUDGHVQLYHODGRTXHSXHGHWHQHU
XQDORFDOL]DFLQDQWHULRULQIHULRU\ODWHUDO\VXVFRPELQDFLRQHV
DQWHURVHSWDOODWHURLQIHULRUHWF
/HVLyQVXEHQGRFiUGLFDLQIHULRU\DQWHURODWHUDO
,QIDUWR
R$
$JXGR
$OSULQFLSLRGHOLQIDUWRODRQGD7SXHGHHVWDUSURORQJDGD
DXPHQWDGDGHPDJQLWXG\VHUSRVLWLYDRQHJDWLYD(VWRVHVLJXH
GHXQDHOHYDFLQGHOVHJPHQWR67HQODVGHULYDFLRQHVTXH
HQFDUDQHOUHDGDDGDSXGLHQGRDSUHFLDUVHXQDGHSUHVLQ
UHFSURFDHQODVGHULYDFLRQHVRSXHVWDV/DRQGD7SRVLWLYDSXHGH
SUHVHQWDUXQDQHJDWLYLGDGILQDODXQTXHHOVHJPHQWR67HVW
VXSUDGHVQLYHODGR/DRQGD4SXHGHUHJLVWUDUVHHQHOSULPHU(&*
RQRDSDUHFHUKDVWDTXHKD\DQSDVDGRXQDVKRUDV\TXL]VGDV
,QIDUWRDJXGRGHPLRFDUGLRDQWHULRU
&XDQGRHOVHJPHQWR67YXHOYHDODOQHDGHEDVHODVRQGDV7
GHYLHQHQQHJDWLYDV\VLPWULFDV(OWLHPSRGHDSDULFLQ\OD
PDJQLWXGGHHVWRVFDPELRVYDUDGHXQHQIHUPRDRWUR
0LVPRFDVR
(QPXFKRVFDVRVORQLFRTXHSHUVLVWHILQDOPHQWHHVODSUHVHQFLD
GHRQGDV4VLQDOWHUDFLRQHVGHODUHSRODUL]DFLQ
0LVPRFDVR
2WURHMHPSORGHLQIDUWRHQHVWHFDVRVXEDJXGRTXHDIHFWDHOUHD
DQWHURVHSWDO/DRQGD7SUHVHQWDXQDQHJDWLYLGDGILQDODOPLVPR
WLHPSRTXHHOVHJPHQWR67DQHVWVXSUDGHVQLYHODGR
,QIDUWR
R&
&UQL
QLFR
%DVQGRQRVHQHOUHJLVWURGHXQDRQGD4XQLQIDUWRVHSXHGH
FRQVLGHUDU
6HSWDO4HQ9\9
$QWHULRU4HQ9\9
$QWHURVHSWDO4GH9D9
/DWHUDO4HQ',D9/\9
$QWHURVHSWDO\ODWHUDO/DVXPDGHORVGRVDQWHULRUHV
$QWHURODWHUDO4HQ',D9/\GH9D9
$QWHULRUH[WHQVR4HQFDVLWRGRHOSODQRKRUL]RQWDO\HQ',\
D9/
/DWHUDODOWR4HQ',\D9/
,QIHULRU4HQ',,',,,\D9)
$QWHURLQIHULRURDSLFDO4HQ',,',,,\D9/\HQXQDRPV
GHULYDFLRQHVGH9D9
$QWHULRUH[WHQVRHLQIHULRU/DVXPDGHORVGRVFDVRV
3RVWHULRU5HQ9R9
3RVWHURLQIHULRU5HQ9R9\4HQ',,',,,\D9)
3RVWHURLQIHULRU\ODWHUDO5HQ9R9\4HQ',,',,,D9)',\
D9/
(MHPSORV
1HFURVLVDQWHURVHSWDO
1HFURVLVDQWHURODWHUDO
1HFURVLVLQIHULRU
1HFURVLVLQIHURGRUVDO\ODWHUDO
,QIDUWR
R$
$JXGR
JXGR
,,QIDUWR
R$
$QWLJXR
3DFLHQWHFRQXQDQHFURVLVDQWHULRUDQWLJXDTXHVXIUHXQQXHYR
LQIDUWRFRQODH[WHQVLQGHOLQIDUWRDQWHULRU\ODDSDULFLQGHXQ
LQIDUWRLQIHULRU(QHVWHFDVRDXQTXHORVFDPELRVSDUHFHQ
PQLPRVWXYLHURQXQDJUDQLPSRUWDQFLDGDGRTXHODSDFLHQWH
PXULDORVSRFRGDVGHOVHJXQGRHSLVRGLR
1HFURVLVDQWHULRUDQWLJXD
1XHYRLQIDUWRFRQODDSDULFLyQGHXQLQIDUWRDQWHULRUH[WHQVRH
LQIHULRU
$QHX
QHXUULVPD
D9
9HQ
HQWWULFXODU
/DSUHVHQFLDHQHO(&*GHXQDHOHYDFLQSHUVLVWHQWHGHO
VHJPHQWR67HQXQD]RQDLQIDUWDGDKDVLGRFRQVLGHUDGDGH
IRUPDFOVLFDFRPRFRUUHVSRQGLHQWHDODH[LVWHQFLDGHXQ
DQHXULVPD(QUHDOLGDGHVLQGLFDWLYRGHLQIDUWRH[WHQVRSHURQR
LPSOLFDQHFHVDULDPHQWHODH[LVWHQFLDGHXQDQHXULVPD6X
GLDJQVWLFRVHUHDOL]DSUHIHUHQWHPHQWHFRQRWUDVWFQLFDVQR
LQYDVLYDVFRPRODHFRFDUGLRJUDIDRODYHQWULFXORJUDIDLVRWSLFD
1HFURVLVDQWHURVHSWDOFRQDQHXULVPDDQWHULRU
/DSUHVHQFLDGHXQ%5'++QRHQPDVFDUDODHOHYDFLyQGHOVHJPHQWR67
,QIDUWR
R\
\%
%ORRTXHRGH5
TXHRGH 5DPD
%5'++
'DGRTXHODDFWLYDFLQVHSWDOLQLFLDOHVQRUPDOHVGHFLUGH
L]TXLHUGDDGHUHFKDHO%5'++DOFRQWUDULRTXHHO%5,++QR
HQPDFDUDXQLQIDUWRGHPLRFDUGLR
1HFURVLVDQWHURVHSWDO\ODWHUDOFRQ%5'++
1HFURVLVSRVWHURLQIHULRU\ODWHUDOFRQ%5'++
%5'++
5'+++
+%$
(VWDVLWXDFLQWDPSRFRHQPDVFDUDODSUHVHQFLDGHXQLQIDUWRGH
PLRFDUGLR
1HFURVLVDQWHULRUH[WHQVDFRQ%5'++\+%$
%ORRTXHR3
TXHR 3HULLQ
LLQIDUWR
6HWDUDWDGHXQDDQRUPDOLGDGHVSHFILFDGHODFRQGXFFLQGHELGD
DOLQIDUWRGHPLRFDUGLR
(QODVGHULYDFLRQHVGHODVH[WUHPLGDGHVVHUHJLVWUDQRQGDV4GH
VHJ\FRPSOHMRV456FRQXQFRPSRQHQWHWHUPLQDO
SURORQJDGR\HQOHQWHFLGRTXHHQFDUDODQHFURVLV
3XHGHD\XGDUDGLDJQRVWLFDUXQLQIDUWRLQIHULRUFXDQGRORV
FDPELRVFDUDFWHUVWLFRV\DQRVRQHYLGHQWHV
/DSUHVHQFLDGHXQDDFWLYDFLQWHUPLQDOUHWDUGDGDTXHHQFDUD',,
',,,RD9)\XQDRQGDILQDOQHJDWLYDHQ',9L9 VLJQRVGH
EORTXHRSHULLQIDUWR UHIXHU]DQHOGLDJQVWLFRGHLQIDUWRGH
PLRFDUGLRLQIHULRU
6LWXD
XDFFLRQHV
RQHVTXH
TXH6
6LPXDQ
ODQ,,VTXH
TXHP
PLDD0
0LRFUGLFD
$SDUWHGHODFDUGLRSDWDLVTXPLFDH[LVWHQQXPHURVDVFDXVDTXH
SXHGHQSURYRFDUFDPELRVHQHOVHJPHQWR67\HQODRQGD7/DV
PVKDELWXDOHVVRQODVVLJXLHQWHV
)LVLROJ
JLLFDV 3RVLFLQGHOFXHUSRWHPSHUDWXUDKLSHUYHQWLODFLQ
DQVLHGDGDOLPHQWRVJOXFRVDWDTXLFDUGLDLQIOXHQFLDV
QHXURJQLFDVHQWUHQDPLHQWRIVLFR
)DUPDFROJ
JLLFDV'LJLWDOIUPDFRVDQWLDUUWPLFRVLSVLFRWURSRV
IHQRWLD]LQDVWULFFOLFRVOLWLR
$OWHUDFLRQH
RQHV
VH
H[WUDFDUGDFDV$QRUPDOLGDGHVHOHFWUROWLFDV
DFFLGHQWHVFHUHEURYDVFXODUHVVKRFNDQHPLDUHDFFLRQHV
DOUJLFDVLQIHFFLRQHVDOWHUDFLRQHVHQGRFULQROJLFDVDOWHUDFLRQHV
DEGRPLQDOHVDJXGDVHPEROLVPRSXOPRQDU
(QIHUPHGDGHV
HGDGHVP
PLRFUGLFDV
VS
SULPDULDV 0LRFDUGLRSDWDFRQJHVWLYD
PLRFDUGLRSDWDKLSHUWUILFDFDUGLRPLRSDWDSRVWSDUWRPLRFDUGLWLV
(QIHUPHGDGHV
HGDGHVP
PLRFUGLFDVV
VVH
HFXQGD
XQGDUULDV $PLORLGRVLV
KHPRFURPDWRVLVQHRSODVLDVVDUFRLGRVLVHQIHUPHGDGHVGHO
WHMLGRFRQHFWLYRDOWHUDFLRQHVQHXURPXVFXODUHV
8QFDPELRDLVODGRGHODRQGD7GHEHVHULQWHUSUHWDGRFRQ
SUHFDXFLQ\VLHPSUHFRUUHODFLRQDGRFRQODFOQLFD\ORVGDWRVGHO
ODERUDWRULR/DLQWHUSUHWDFLQHUUQHDGHOVLJQLILFDGRGHXQDRQGD
HQIIHUPHGDG
7DQRUPDOHVODFDXVDPVFRPQGHODHQ
HOHFWURFDUGLRJ
RJUUILDFD
\\DWURJQ
RJQLLFD
,QWHQWDULGHQWLILFDUODHWLRORJDGHXQVHJPHQWR67\RXQDRQGD7
DQRUPDOHVVLQWHQHUHQFXHQWDODFOQLFD\ORVGDWRVGHOODERUDWRULR
VXHOHVHUXQIUDFDVR
5HJLVWUR(&*GXUDQWHXQDJDVWULWLVDJXGDHQXQDSDFLHQWHGDxRVVLQ
FRURQDULRSDWtDODJDPPDJUDItDFRQWDOLRQRPRVWUyQLQJ~QVLJQRGH
LVTXHPLD
6HYHQLPiJHQHVVLPLODUHVHQORVDFFLGHQWHVFHUHEURYDVFXODUHV
3HULFDUGLWLV
V$
$JXGD
/DSHULFDUGLWLVDJXGDSXHGHRFDVLRQDUFDPELRVHQHOVHJPHQWR
67\HQODRQGD7TXHSXHGHQVLPXODULVTXHPLD\OHVLQ
PLRFUGLFD/DHYROXFLQHOHFWURFDUGLRJUILFD\ODFRUUHODFLQFRQ
ODFOQLFD\ODH[SORUDFLQDXVFXOWDFLQGHXQ URFHSHULFUGLFR
QRVGDUHOGLDJQVWLFR
5HJLVWURGHRQGDV7QHJDWLYDVHQXQSDFLHQWHGHDxRVFRQSHULFDUGLWLV
DJXGD
,PSUHJQDF
HJQDFLQ
Q'
'LJLWOLF
OLFD
/DDFFLQGHODGLJLWDOSURYRFDXQDGLVPLQXFLQGHODDPSOLWXGGH
ODRQGD7\XQDLQIUDGHVQLYHOODFLQ\XQDFRUWDPLHQWRGHO
VHJPHQWR67FRQODDSDULFLQRFDVLRQDOGHXQDRQGD8(VWD
HQFFXEH
XEHWWD\D
PRUIRORJDGHOVHJPHQWR67VHGHQRPLQDHQ
PHQXGRHVGLIFLOGLIHUHQFLDUODGHXQDGHSUHVLQGHOVHJPHQWR67
GHELGDDRWUDVFDXVDV
5HSR
HSROODUL]DFLQ3
Q 3UHFR]
(VWDHOHYDFLQGHOVHJPHQWR67TXHVHLQLFLDGHVGHHOSXQWR-
TXHWLHQHXQDFRQFDYLGDGKDFLD DUULED\TXHVHDFRPSDDGH
RQGDV7DOWDV\DVLPWULFDVVHVXHOHYHUVREUHWRGRHQSHUVRQDV
YDJRWQLFDVRGHSRUWLVWDV7DPELQVHSXHGHUHJLVWUDUHQHVWRV
FDVRVXQDPXHVFDHQODUDPDDVFHQGHQWHGHODRQGD5
6LWXD
XDFFLRQHV
RQHVTXH
TXHVVLPXODQ
DQ1
1HFURVVLV0
0LRFUGLFD
(OFUHFLPLHQWRDXULFXODUGHUHFKRSXHGHRFDVLRQDURQGDV4
HQ9
(QOD+9,ODDXVHQFLDGHXQDRQGDUHQODV
SUHFRUGLDOHVGHUHFKDVSXHGHVXJHULUXQLQIDUWRDQWHURVHSWDO
/DVRQGDV4VRQ
IUHFXHQWHVHQODPLRFDUGLRSDWDKLSHUWUILFD\SXHGHQ VLPXODUXQ
LQIDUWR
/DSUHVHQFLDGHRQGDV4WDPELQSXHGHHVWDU
DVRFLDGDFRQOD(32&SXGLHQGRYHUVHLPJHQHVTXHVLPXODQXQ
LQIDUWRDQWHURVHSWDO
(QHO%5,++ODVIXHU]DVLQLFLDOHV
VHGLULJHQGHGHUHFKDDL]TXLHUGD\KDFLDDUULEDRKDFLDDEDMR
&XDQGRODVIXHU]DVLQIHULRUHVGRPLQDQVHSXHGHUHJLVWUDUXQ
FRPSOHMR456HQODVSUHFRUGLDOHVGHUHFKDV6LHOYHFWRULQLFLDOVH
RULHQWDKDFLDODL]TXLHUGD\KDFLDDUULEDVHSXHGHQUHJLVWUDU
FRPSOHMRV46HQODVGHULYDFLRQHVLQIHULRUHV
(QHO+%$KD\TXHWHQHUHQFXHQWDTXHGHELGRDD
RULHQWDFLQGHOYHFWRULQLFLDOODVSUHFRUGLDOHVGHUHFKDV\
PHGLDQDVSXHGHQUHJLVWUDUXQDRQGD4LQLFLDOTXHVHSXHGH
LQWHUSUHWDUGHIRUPDHUUQHDFRPRXQLQIDUWRGHPLRFDUGLR
DQWHURVHSWDO
/DVRQGDV4QRLQIDUWRVRQIUHFXHQWHVHQHO
:3:6XHOHQVLPXODUXQLQIDUWRLQIHULRUDXQTXHWDPELQVH
SXHGHQSUHVHQWDUFRPRXQLQIDUWRDQWHULRURODWHUDO
4QRSD
4
QRSDWWROJ
JLLFD
(QVLWXDFLRQHVQRUPDOHVWDPELQVHSXHGHQUHJLVWUDURQGDV4TXHWLHQHQXQD
DPSOLWXGVHJTXHHQDOJXQRVFDVRVSXHGHQVHUSURIXQGDV\RQGDV5
DOWDVHQ9\9VLQTXHHVWRVKDOOD]JRVLPSOLTXHQODSUHVHQFLDGHQHFURVLV
PLRFUGLFD
1LxRGHDxRVVLQQLQJ~QWLSRGHSDWRORJtD
+RPEUHGHDxRVVLQIDFWRUHVGHULHVJRDVLQWRPiWLFR\FRQXQ(FR
'RSSOHUQRUPDO
8Q
Q(
(&*
*DSD
DSDUUHQW
HQWHPHQ
HQWWHDQRU
HDQRUPDO
HQDX
HQDXVVHQF
HQFLDDGH
GH
HYLGHQF
GHQFLD
DFFOQLFDGHHQ
DGHHQIIHUPHGDG
HGDGFFDUGDFDDHQJHQW
HQJHQ WHM
HMRYHQ
HQ
GHEH
GHEHVVHUH
UHYDOXDGRGHI
XDGRGHIRUPD
DP
PX\
\S
SUHFLVDGDGRTXH
DGDGRTXHOOD
SUHYDOHQF
HQFLDDGHHQI
GHHQ IHUPHGDG
HGDGFFDUGDFDDHQHV
HQH VWD
DVVLWXDF
XDFLQH
QHV
V
EDMMD\
ED
D\OODV
VS
SUREDELOL
REDELOLGDGH
GDGHV
VGHTXHH
GHTXHHOOWWU D]DGR
DGRVVHDXQ
HDXQIIDOVR
SRVVLWLYR
SR
RVVRQD
RQDOOWDV