Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Temac5 LasCortesGenerales
Temac5 LasCortesGenerales
/$6&257(6*(1(5$/(6
&20326,&,21$75,%8&,21(6<
)81&,21$0,(172
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
/$6&257(6*(1(5$/(6
6HJ~QHO$UWGHOD&(ODV&RUWHVUHSUHVHQWDQDOSXHEORHVSDxROHMHUFHQODSRWHVWDG
OHJLVODWLYD GHO (VWDGR DSUXHEDQ VXV SUHVXSXHVWRV FRQWURODQ OD DFFLyQ GHO *RELHUQR \
VRQLQYLRODEOHV
&DUDFWHUtVWLFDVGHODV&RUWHV
D 6RQ HO yUJDQR WtSLFDPHQWH UHSUHVHQWDWLYR GHO SXHEOR HVSDxRO D WUDYpV GHO FXDO
ORV FLXGDGDQRV SDUWLFLSDQ HQ ORV DVXQWRV S~EOLFRV SRU PHGR GH UHSUHVHQWDQWHV
$XQTXH SDUWLFLSDQ GH OD VREHUDQtD HVWD QR UHVLGH HQ HOODV VLQR HQ HO SXHEOR
HVSDxRO
E 6RQ XQ yUJDQR GH SRGHU SROtWLFR 6RQ HO SRGHU OHJLVODWLYR TXH JR]D
LQGHSHQGHQFLD IUHQWH D ORV RWURV SRGHUHV VL ELHQ PDQWLHQH UHODFLRQHV GH
FRODERUDFLyQHLQWHUDFFLyQ6RQDGHPiVXQSRGHUSROtWLFRHQHOVHQWLGRGHTXH
VRORHVWiQOLPLWDGDVSRUOD&(
F 6RQXQyUJDQRGHOLEHUDQWH
G 6XHVWUXFWXUDHVELFDPHUDO&RQJUHVR\6HQDGR
H 6RQ XQ yUJDQR GH DFFLyQ FRQWLQXDGD HMHUFHQ VXVIXQFLRQHVLQFOXVRGXUDQWHODV
YDFDFLRQHVSDUODPHQWDULDVRHQORVVXSXHVWRVGHGLVROXFLyQRH[WLQFLyQDWUDYpV
GHOD'LSXWDFLyQSHUPDQHQWH
I 6RQ XQ SRGHU /HJLVODWLYR HG FUHDGRUDV GH 'HUHFKR GH QRUPDV VXSHULRUHV D
FXDOTXLHURWUDTXHQRSRGUiQVHUHQMXLFLDGDVVLQRSRUHO7ULEXQDO&RQVWLWXFLRQDO
&20326,&,1<$75,%8&,21(6'(/$6&257(6
(VWUXFWXUD
&RQJUHVR
(VHOyUJDQRSROtWLFRSRUH[FHOHQFLD\HOSULQFLSDOyUJDQRHQODHODERUDFLyQGHOH\HVVLQ
SUHMXLFLRGHODSDUWLFLSDFLyQGHO6HQDGRHOFXDOWLHQHXQFDUiFWHUVXERUGLQDGR
/R LQWHJUDQ XQ PtQLPR GH \ XQ Pi[LPR GH 'LSXWDGRV HOHJLGRV SRU
FLUFXQVFULSFLRQHV HOHFWRUDOHV HQ TXH VH FRQVWLWX\HQ FDGD XQD GH ODVSURYLQFLDVDGHPiV
GHODVFLXGDGHVGH&HXWD\0HOLOOD'HVSXpVGHDSUREDGDOD&(OD/H\2UJiQLFD
GH5pJLPHQ(OHFWRUDO*HQHUDO5(*KDILMDGRHOQ~PHURGHGLSXWDGRVHQ
(O Q~PHUR GH UHSUHVHQWDQWHV GH FDGD SURYLQFLD VRQ ILMDGRV SRU OD /H\ (OHFWRUDO
DVHJXUDQGRXQPtQLPRHQFDGDXQDGHHOODV\GLVWULEX\HQGRORVGHPiVHQSURSRUFLyQD
OD SREODFLyQ &HXWD \ 0HOLOOD XQ UHSUHVHQWDQWH FDGD XQD GH HOODV /D DVLJQDFLyQ GH
HVFDxRV VH KDFH SRU PHGLR GH OD /H\ 5(* VLJXLHQGR HO VLVWHPD '+RQGW $UW D
)RUPDVGHGLVROXFLyQGHO&RQJUHVR
3RUWHUPLQDFLyQGHPDQGDWR
$ SURSXHVWDGHO3UHVLGHQWHGHO*RELHUQR
1HJDFLyQGHYRWRGHFRQILDQ]D
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
3RU QR KDEHU REWHQLGR HQ HO SOD]R GH PHVHV HO YRWR GH FRQILDQ]D GH ORV
FDQGLGDWRVSURSXHVWRVSRUHO5H\GHVSXpVGHXQDVHOHFFLRQHV
(O &RQJUHVR HV HOHJLGR SRU DxRV /DV HOHFFLRQHV WLHQHQ OXJDU HQWUH ORV \ GtDV
GHVGHODWHUPLQDFLyQGHOPDQGDWR(O&RQJUHVRHOHFWRGHEHUiVHUFRQYRFDGRGHQWURGH
ORVGtDVVLJXLHQWHVDODFHOHEUDFLyQGHODVHOHFFLRQHV
(O5HJODPHQWRGHO&RQJUHVRHVGHOGHIHEUHURGH
6HQDGR
/D&(OHGDXQFDUiFWHUGHUHSUHVHQWDWLYLGDGWHUULWRULDOGHiPELWRSURYLQFLDO
&DGDSURYLQFLDHOLJH6HQDGRUHV
*UDQ&DQDULD0DOORUFD\7HQHULIHHOLJHQ6HQDGRUHVFDGDXQD
,EL]D)RUPHQWHUD0HQRUFD)XHUWHYHQWXUD*RPHUD+LHUUR/DQ]DURWH\/D3DOPDXQ
6HQDGRUFDGDXQDGHODVHVWDVLVODVRDJUXSDFLRQHV
&HXWD\0HOLOODGRV6HQDGRUHVFDGDXQDGHHOODV
/DV&&$$GHVLJQDUiQDGHPiVXQVHQDGRU\RWURPDVSRUFDGDPLOOyQGHKDELWDQWHVGH
VX WHUULWRULR FRUUHVSRQGLHQWH HVWD GHVLJQDFLyQ D OD $VDPEOHD OHJLVODWLYD X yUJDQR
VXSHULRUFROHJLDGRGHOD&$VHJ~QVXV(VWDWXWRV
0DQGDWR!DxRV
'LVROXFLyQ! FRQMXQWD R VHSDUDGD GHO &RQJUHVR H[FHSWR HQ HO VXSXHVWR GH GLVROXFLyQ
SRU QR KDEHU HOHJLGR 3UHVLGHQWH HQ HO SOD]R GH PHVHV GHVSXpV GH ODV HOHFFLRQHV R
KDEHUQHJDGRODFRQILDQ]DHO&RQJUHVRGHORV'LSXWDGRV
(O5HJODPHQWRGHO6HQDGRHVGHOGH0D\RGH
(OHFFLyQGHGLSXWDGRV\6HQDGRUHV
6RQ HOHJLGRV SRU VXIUDJLR XQLYHUVDO OLEUH LJXDO GLUHFWR \ VHFUHWR \ QR OLJDGRV SRU
PDQGDWRLPSHUDWLYR
6RQHOHJLEOHVWRGRVORVHVSDxROHVTXHHVWpQHQSOHQRXVRGHVXVGHUHFKRVSROtWLFRV\QR
FRQFXUUDHQHOORVXQDFDXVDGHLQHOHJLELOLGDGDGHWHUPLQDUSRUOD/H\HOHFWRUDO
,QHOHJLEOHVVHJ~QOD&(
&RPSRQHQWHVGHO7ULEXQDO&RQVWLWXFLRQDO
$OWRV FDUJRV GH OD $GPyQ GHO (VWDGR TXH GHWHUPLQH OD /H\ H[FHSWR
PLHPEURVGHO*RELHUQR
'HIHQVRUGHO3XHEOR
0DJLVWUDGRV-XHFHV\ILVFDOHVHQDFWLYR
0LOLWDUHVSURIHVLRQDOHV\PLHPEURVGHODV)XHU]DV\&XHUSRVGH6HJXULGDG\
3ROLFtDHQDFWLYR
0LHPEURVGHOD-XQWDV(OHFWRUDOHV
,QHOHJLEOHVVHJ~Q/H\2GHWHUPLQDGRVDOWRVFDUJRV$UW
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
(VWDEOHFHODVVLJXLHQWHVLQFRPSDWLELOLGDGHVHQVX$UWOH\5(*
(O PDQGDWRVHHMHUFHUiHQUpJLPHQGHGHGLFDFLyQDEVROXWD
6HUi LQFRPSDWLEOH FRQ HO GHVHPSHxR SRU Vt R PHGLDQWH VXVWLWXFLyQ GH
FXDOTXLHURWURSXHVWRSURIHVLyQRDFWLYLGDGS~EOLFRVRSULYDGRVSRUFXHQWD
SURSLD R DMHQD UHWULEXLGRV PHGLDQWH VXHOGR VDODULR DUDQFHO KRQRUDULRV R
FXDOTXLHURWUDIRUPD
(O UpJLPHQ GH GHGLFDFLyQ DEVROXWD H LQFRPSDWLELOLGDGHV VHUi DSOLFDEOH VLQ
TXH HQ QLQJ~Q FDVR VH SXHGD RSWDU SRU SHUFHSFLRQHV R UHPXQHUDFLRQHV
FRUUHVSRQGLHQWHVDSXHVWRVRFDUJRVLQFRPSDWLEOHV
6H HVWDEOHFHODLQFRPSDWLELOLGDGFRQHOGHVHPSHxRGHDFWLYLGDGHVSULYDGDV
/RV 'LSXWDGRV \ ORV 6HQDGRUHV HVWiQ REOLJDGRV D IRUPXODU GHFODUDFLyQ GH
WRGDVODVDFWLYLGDGHVTXHSXHGDQFRQVWLWXLUFDXVDGHLQFRPSDWLELOLGDG
6HJ~QHQ$UWGHO5HJODPHQWRGHO&RQJUHVRPRGLILFDGRHOORV
GLSXWDGRVHVWiQREOLJDGRVDIRUPXODUGHFODUDFLyQGHVXVELHQHVSDWULPRQLDOHV
HQORVWpUPLQRVSUHYLVWRVHQOD/H\5(*
/RVPLHPEURVGHODV&RUWHVQRSXHGHQVHUORVLPXOWiQHDPHQWHGHDPEDV&iPDUDV
8Q'LSXWDGRQRSXHGHSHUWHQHFHUDXQD$VDPEOHDGHOD&$SHURXQ6HQDGRUVt
/D&(HVWDEOHFHTXHORV'LSXWDGRV\6HQDGRUHVVHUiQHOHJLGRVSRUVXIUDJLROLEUHLJXDO
GLUHFWR \ VHFUHWR UHVHUYDQGR D XQD /H\ 2UJiQLFD HO GHVDUUROOR \ ILMDFLyQGHOUpJLPHQ
HOHFWRUDOJHQHUDO/H\GH5pJLPHQ(OHFWRUDO*HQHUDO5(*
'LFKD/H\HVWDEOHFHTXHODHOHFFLyQGH'LSXWDGRVHVXQUpJLPHQSURSRUFLRQDOFRUUHJLGR
TXHIDYRUHFHDORVSDUWLGRVPD\RULWDULRV6LVW'KRQGWFRQHOFRUUHFWLYRGHH[LVWHQFLD
GH XQ PtQLPR GH YRWRV HQ FDGD GLVWULWR SDUD WHQHU GHUHFKR D OD REWHQFLyQ GH
HVFDxRV6LHQGRODH[SUHVLyQGHYRWRVXQVLVWHPDGHOLVWDVEORTXHDGDV\FHUUDGDV
3DUDODHOHFFLyQGHVHQDGRUHVVHVLJXHSRUHOFRQWUDULRXQVLVWHPDPD\RULWDULR
(VWDWXV'H/RV'LSXWDGRV<6HQDGRUHV
/RV PLHPEURV GH ODV &RUWHV QR GHEHQ HVWDU OLJDGRV SRU FDUiFWHU LPSHUDWLYR $UW
&(HVSXHVXQPDQGDWRUHSUHVHQWDWLYR
3ULQFLSDOHVGHUHFKRV\SULYLOHJLRVGH'LSXWDGRV\6HQDGRUHV
,QYLRODELOLGDG SRU RSLQLRQHV PDQLIHVWDGDV HQ HO HMHUFLFLR GH VXV IXQFLRQHV
$UW&(ORTXHVLJQLILFDODLPSRVLELOLGDGGHVHUSHUVHJXLGRGHWHQLGR
R MX]JDGRSRUUD]yQGHODVRSLQLRQHVRGHORVYRWRVHPLWLGRVHQOD&DPDGDR
VXV&RPLVLRQHV
,QPXQLGDG GXUDQWH HO SHULRGR GH PDQGDWR $UW &( HG OD
LPSRVLELOLGDGGHVHUGHWHQLGRRSURFHVDGRSRUDFWRVUHDOL]DGRVDOPDUJHQGH
VXV IXQFLRQHV /D GHWHQFLyQ VROR VH SHUPLWH HQ FDVR GH IODJUDQWH GHOLWR \
SDUDVHULQFXOSDGRVHQHFHVLWDUiDXWRUL]DFLyQSUHYLDGHODUHVSHFWLYD&iPDUD
ORTXHHQORVUHJODPHQWRVVHGHQRPLQDVXSOLFDWRULRV
5HPXQHUDFLyQ SHUFLELUiQ XQD DVLJQDFLyQ HFRQyPLFD TXH VHUi ILMDGD SRU OD
UHVSHFWLYD&iPDUDDODSUREDUVXVSUHVXSXHVWR
)XHURHVSHFLDOHQPDWHULDFULPLQDOGHPRGRTXHHQODVFDXVDVFRQWUDHOORVOD
FRPSHWHQFLDFRUUHVSRQGHDOD6DODGHOR3HQDOGHO7ULEXQDO6XSUHPR
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
)81&,21(6'(/$6&257(6
3RGHPRVVLQWHWL]DUODVIXQFLRQHVGHODV&RUWHVHQJHQpULFDVOHJLVODWLYDVHMHFXWLYDV\GH
FRQWURO H[WHQGLpQGRODV D RWUDV IXQFLRQHV GLYHUVDV QR HQFXDGUDGDV HQ QLQJXQD GH ODV
DQWHULRUHV
)XQFLRQHVJHQpULFDV
6RQODVFRQWHQLGDVHQHO$UWGHOD&(HQVXVGRVSULPHURVDSDUWDGRV
5HSUHVHQWDUDOSXHEOR
(MHUFHUODSRWHVWDGOHJLVODWLYDGH(VWDGR
$SUREDUORVSUHVXSXHVWRVGHO(VWDGR
&RQWURODUODDFFLyQGHO*RELHUQR
&RPSHWHQFLDVFRQFUHWDVGHODV&iPDUDV
)XQFLRQHVOHJLVODWLYDV
6HxDOD 6iQFKH] $JDVWD TXH FRQIRUPH D QXHVWUD &( OD OHX QR HV FXDOTXLHU DFWR GH ODV
&RUWHV VLQR DTXHO DFWR TXH VH WUDGXFH HQ UHJODV LPSHUDWLYDV GH XQ FDUiFWHU JHQHUDO \
UDFLRQDOTXHHVWDEOHFHQ\JDUDQWL]DQODLJXDOGDG\ORVGHUHFKRVGHFLXGDGDQRV
1RKD\HQOD&(XQDGHILQLFLyQGHFRPSHWHQFLDOLPLWDWLYDSRUUD]yQGHPDWHULDGHHVD
SRWHVWDGOHJLVODWLYDUHVHUYDUHJODPHQWDULD(OSSLR7LHQHTXHVHUSXHVDWULEXLUDHVD
SRWHVWDG OHJLVODWLYD XQD SUHVXQFLyQ JHQHUDO GH FRPSHWHQFLD VREUH WRGD PDWHULD TXH
H[LMD VHU UHJXODGD SRU XQD QRUPD JHQHUDO TXH UHVSHWH HO SSLR GH LJXDOGDG \ TXH QR
LPSOLTXHXQDUHIRUPDGHOD&(\DTXHODSURSLDSRWHVWDGOHJLVODWLYDWLHQHVXVOtPLWHVHQ
ODSURSLD&(
/D OH\ GHQWUR GH HVWH OtPLWH TXH OHPDUFDOD&&(HVODSULPHUD\PiVJHQHUDOGHODV
IXHQWHVGHO'HUHFKR
(OGHVDUUROORGHHVWDIXQFLyQFRPSUHQGH
,QLFLDWLYD OHJLVODWLYD TXH ODV &RUWHV FRPSDUWHQ FRQ HO *RELHUQR FRQ ODV
$VDPEOHDVOHJLVODWLYDVGHODV&&$$\FRQORVFLXGDGDQRVHQQQRLQIHULRU
D
7UDPLWDFLyQGHORVSUR\HFWRV\SURSRVLFLRQHVOHJLVODWLYDV
$SUREDFLyQGHODV/H\HVFRQORVUHTXLVLWRV\PD\RUtDVFRUUHVSRQGLHQWHV
'HOHJDFLyQOHJLVODWLYDDXWRUL]DQGRDO*RELHUQRDGLFWDUQRUPDVFRQUDQJRGH
OH\VREUHPDWHULDVQRUHVHUYDGDVDODOH\RUJiQLFD
&RQYDOLGDFLyQ R GHURJDFLyQ GH 'HFUHWRV/H\HV DGRSWDGRV SRU HO *RELHUQR
HQFDVRGHH[WUDRUGLQDULD\XUJHQWHQHFHVLGDGORVFXDOHVQRSXHGHQDIHFWDUDO
RUGHQDPLHQWR GH ODV LQVWLWXFLRQHV GHO (VWDGR D ORV GHUHFKRV GHEHUHV \
OLEHUWDGHV GHO 7tWXOR , DO UpJLPHQ GH ODV &&$$ QL DO GHUHFKR HOHFWRUDO
JHQHUDO
&RQWURO GH OD UHJXODULGDG GH OD VDQFLyQ \ SURPXOJDFLyQ UHDOHV GH ODV OH\HV
DSUREDGDVSRUODV&RUWHVDVLFRPRGHODRUGHQGHVXLQPHGLDWDSXEOLFDFLyQ
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
)XQFLRQHVILQDQFLHUDV
'HQWURGHHVWDIXQFLyQFRUUHVSRQGHDODV&RUWHV
$SUREDFLyQGHORV3UHVXSXHVWRVGHO(VWDGR$UW\GHOD&(
3ODQLILFDFLyQPHGLDQWHOH\GHODDFWLYLGDGHFRQyPLFDJHQHUDOSDUDDWHQGHUD
ODV QHFHVLGDGHV FROHFWLYDV HTXLOLEUDU \ GHVDUUROOR UHJLRQDO \ VHFWRULDO \
HVWLPXODU HO FUHFLPLHQWR GH OD UHQWD \ GH OD ULTXH]D \ VX PiV MXVWD
GLVWULEXFLyQ$UW
(MHUFLFLR GH OD LQLFLDWLYD S~EOLFD HQ OD DFWLYLGDG HFRQyPLFD UHVHUYDQGR DO
VHFWRU S~EOLFR PHGLDQWH OH\ UHFXUVRV R VHUYLFLRV HVHQFLDOHV HVSHFLDOPHQWH
HQ FDVR GH PRQRSROLR \ DFRUGDQGR OD LQWHUYHQFLyQ GH HPSUHVDV FXDQGR OR
H[LJLHUHHOLQWHUpVJHQHUDO$UW
(MHUFLFLRGHODSRWHVWDGRULJLQDULDSDUDHVWDEOHFHUWULEXWRVPHGLDQWHOH\SRU
QRUPDGHOPLVPRUDQJRGHWHUPLQDFLyQGHWRGREHQHILFLRILVFDO$UW
$XWRUL]DFLyQDO*RELHUQRSDUDHPLWLUGHXGDS~EOLFDRFRQWUDHUFUpGLWR$UW
&RQWURO GH ODV FXHQWDV \ GH OD JHVWLyQ HFRQyPLFD GHO (VWDGR DVt FRPR GHO
VHFWRUS~EOLFRDUHDOL]DUSRUHO7ULEXQDOGH&XHQWDVGHGHSHQGHGLUHFWDPHQWH
GHODV&RUWHV*HQHUDOHV\TXHHMHUFHUiVXVIXQFLRQHVSRUGHOHJDFLyQGHHOODV
HQ HO H[DPHQ \ DSUREDFLyQ GH OD &XHQWDV *HQHUDO GHO (VWDGR DFHUFD GH OD
FXDOUHPLWLUiDODV&RUWHVXQLQIRUPHDQXDO
)XQFLRQHVGH&RQWURO
$ WUDYpVGHHVWDVIXQFLRQHVODV&RUWHVOOHYDQXQDLQVSHFFLyQGHFUtWLFD\FHQVXUDDODV
DFWLYLGDGHVGHO*RELHUQRDODYH]TXHSDUWLFLSDQHQODPLVPD
)DFXOWDGGHODV&iPDUDVRVXV&RPLVLRQHVDH[LJLULQIRUPDFLyQGHO*RELHUQR
\
)DFXOWDG GH ORV SDUODPHQWDULRV GH KDFHU SUHJXQWDV DO *RELHUQR R VXV
0LQLVWURV
3RVLELOLGDG GH IRUPXODU LQWHUSHODFLRQHV TXH SXHGDQ GDU OXJDU D PRFLRQHV
(O &RQJUHVR KD GH RWRUJDU OD FRQILDQ]D DO FDQGLGDWR SURSXHVWR SDUD OD
SUHVLGHQFLDGHO*RELHUQR\
)DFXOWDGGHXQDGpFLPDSDUWHGHORVPLHPEURVGHO&RQJUHVRGHSUHVHQWDUXQD
PRFLyQGHFHQVXUDSDUDH[LJLUODUHVSRQVDELOLGDGGHO*RELHUQR\
(O &RQJUHVRSXHGHDSUREDURUHFKD]DUODFXHVWLyQGHFRQILDQ]D
(O &RQJUHVRDXWRUL]DGHFODUDUORVHVWDGRVGHH[FHSFLyQ\VLWLR
$XWRUL]DFLyQSDUDODFHOHEUDFLyQGHWUDWDGRVLQWHUQDFLRQDOHVHQORVVXSXHVWRV
SUHYLVWRVHQORVDUWtFXORV\GHOD&(\YHODUSRUHOFXPSOLPLHQWRGH
ORVPLVPRV
2WUDVIXQFLRQHV
3URSXHVWDDO5H\WDQWRSRUHO&RQJUHVRFRPRSRUHO6HQDGRGHSHUVRQDV
FDGD &iPDUD SDUD VHU GHVLJQDGDV PLHPEURV GHO 7ULEXQDO &RQVWLWXFLRQDO
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
3URSXHVWDDO5H\WDQWRSRUHO&RQJUHVRFRPRSRUHO6HQDGRGHSHUVRQDV
FDGD &iPDUD HQWUH DERJDGRV \ MXULVWDV \ HQWUH MXHFHV \ PDJLVWUDGRV
SDUD VHU GHVLJQDGDV PLHPEURV GHO &RQVHMR *HQHUDO GHO 3RGHU -XGLFLDO
3URYLVLyQDODVXFHVLyQHQOD&RURQDH[FOXVLyQHQODVXFHVLyQ
LQKDELOLWDFLyQ GHO 5H\ GHVLJQDFLyQ GH OD 5HJHQFLD
QRPEUDPLHQWRGHOWXWRUGHO5H\PHQRU\SURFODPDFLyQGHO5H\
7RPDUMXUDPHQWRDO5H\5HJHQWHR3UtQFLSHKHUHGHUR
'HVLJQDFLyQGHO'HIHQVRUGHO3XHEOR
$XWRUL]DFLyQ GHO UHIHUpQGXP FRQVXOWLYR FRQYRFDGR SRU HO 5H\ D SURSXHVWD
GHO3UHVLGHQWHGHO*RELHUQR\FRQDODXWRUL]DFLyQH[SUHVDGHO&RQJUHVR
$XWRUL]DFLyQGHODGHFODUDFLyQGHJXHUUD\KDFHUOD3D]
)XQFLRQHV,QWHUQDVGHODV&iPDUDV
(VWDEOHFHUVXVSURSLRVUHJODPHQWRV
$SUREDUVXVSUHVXSXHVWRV
$PEDV &iPDUDV UHJXODQ GH FRP~Q DFXHUGR HO (VWDWXWR GH 3HUVRQDO GH ODV
&RUWHV*HQHUDOHV
(OHJLUDVXVUHVSHFWLYRVSUHVLGHQWHV\GHPiVPLHPEURVGHVXPHVDV
)81&,21$0,(172'(/$6&257(6
(O IXQFLRQDPLHQWR GH OD &iPDUDV VH ULJH SRU HO 5HJODPHQWR ,QWHUQR GH FDGD XQD GH
HOODV VDOYR HQ ORV FDVRV GH VHVLyQ FRQMXQWD GH DPEDV &iPDUDV TXH VH UHJLUiQ SRU HO
5HJODPHQWRGHODV&RUWHV*HQHUDOHV$UW&(
/DV&iPDUDVHODERUDQVXVSURSLRV5HJODPHQWRVUHTXLULHQGRVXDSUREDFLyQODPD\RUtD
DEVROXWDGHOD&iPDUDFRUUHVSRQGLHQWH
([LVWHQGRVUHJODPHQWRVDFWXDOPHQWH
5HJODPHQWRGHO&RQJUHVRGHGHIHEUHURGH
5HJODPHQWRGHO6HQDGRGHGH0D\RGH
/RVyUJDQRVLQWHUQRVGHODVFiPDUDVGLULJHQ\RUGHQDQHOIXQFLRQDPLHQWRGHFDGDXQDGH
HOODV
/RVyUJDQRVLQWHUQRVVRQGHGRVFODVHV
UJDQRVDGPLQLVWUDWLYRV\IXQFLRQDOHV
R (O SOHQR
R /DVFRPLVLRQHV
R /DPHVDGHOD&iPDUD
R (O SUHVLGHQWHGHOD&iPDUD
UJDQRVSROtWLFRV
R /DMXQWDGHSRUWDYRFHV
R /RVJUXSRVSDUODPHQWDULRV
(O3OHQR
(V OD UHXQLyQ GH WRGRV ORV PLHPEURV GH OD &iPDUD /DV VHVLRQHV WLHQHQ FDUiFWHU
VROHPQH\SRUHOORORVGHEDWHVGHEHQUHGXFLUVHDORVSODQWHDPLHQWRVJHQHUDOHV\DODV
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
FXHVWLRQHV SROtWLFDV IXQGDPHQWDOHV GHMDQGR HO WUDEDMR WpFQLFR \ GH GHWDOOH SDUD ODV
&RPLVLRQHV
3DUDDGRSWDUDFXHUGRVHO3OHQRGHEHHVWDUUHXQLGRUHJODPHQWDULDPHQWH\FRQDVLVWHQFLD
GHODPD\RUtDGHVXVPLHPEURV
6HUiFRQYRFDGRSRUHO3UHVLGHQWHGHOD&iPDUD
D 3RUSHWLFLyQSURSLD
E $SHWLFLyQFRPRPtQLPRGHJUXSRVSDUODPHQWDULRV
F $SHWLFLyQGHXQDTXLQWDSDUWHGHORVPLHPEURVGHOD&iPDUD
&RPRyUJDQRVGHOSOHQRVHGHEHQVHxDODU
$ /D 0HVD yUJDQR FROHJLDGR UHFWRU GH OD &iPDUD TXH DFW~D EDMR OD
DXWRULGDG\GLUHFFLyQGHO3UHVLGHQWHGHOD&iPDUDHQDFWRVHQORVTXH
FRQFXUUH
(VWD FRQVWLWXLGD SRU HO 3UHVLGHQWH 3UHVLGHQWH GH OD &iPDUD FXDWUR
9LFHSUHVLGHQWHVHQFDVRGHO6HQDGR\6HFUHWDULRVHOHJLGRVSRU
HO3OHQRGHODV&iPDUDVHQODVHVLyQFRQVWLWXWLYDGHHVWDV
)XQFLRQHV
2UGHQDU\JDUDQWL]DUHOFRQMXQWRGHWUDEDMRVSDUODPHQWDULRV
HVWRHV
)LMDU HO FDOHQGDULR GH DFWLYLGDGHV GHO 3OHQR \ GH ODV
&RPLVLRQHV
'HWHUPLQDUHOFRPLHQ]R\WHUPLQDFLyQGHOSHULRGRGH
VHVLRQHV
*HVWLRQDU OD DFWLYLGDG HFRQyPLFD LQWHUQD GH ODV &iPDUDV OR
TXHFRPSUHQGH
(ODERUDUHOSUHVXSXHVWRGHOD&iPDUD
&RQWURODUVXHMHFXFLyQ
2UGHQDUORVJDVWRVGHOD&iPDUD
% (O3UHVLGHQWHHOHJLGRSRUODSURSLD&iPDUDSRUPD\RUtDDEVROXWDHQ
SULPHUDYRWDFLyQ\HQVHJXQGDYRWDFLyQDTXHOPDVYRWDGRHQWUHORV
GRVTXHPiVYRWRVREWXYLHURQHQODSULPHUDYXHOWD
)XQFLRQHV
2VWHQWDUODUHSUHVHQWDFLyQGHOD&iPDUDHQODVUHODFLRQHVFRQ
ORVyUJDQRVFRQVWLWXFLRQDOHV
'LULJLUODPHVDGHOD&iPDUDGHODTXHHVPLHPEUR
'LULJLUORVWUDEDMRVSDUODPHQWDULRVHVSHFLDOPHQWHORVGHEDWHV
GHO3OHQRGHOD&iPDUD
+DFHUFXPSOLUHOUHJODPHQWRLQWHUSUHWiQGRORHQFDVRGHGXGD
\ VXSOLpQGRORHQFDVRGHRPLVLyQ
(MHUFHU ODV IXQFLRQHV HFRQyPLFDV \ GH GLVFLSOLQD SURSLDV GH
FDGD&iPDUD
)LMDUHORUGHQGHOGtDFRQOD-XQWDGHSRUWDYRFHV
3UHVLGLUODVUHXQLRQHVFRQMXQWDVGH&RQJUHVR\6HQDGR
5HIUHQGDUORV'HFUHWRV
'LVROYHUODV&RUWHVVHJ~QHO$UW
& /RV9LFHSUHVLGHQWHVTXHVXVWLWX\HQDO3UHVLGHQWH
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
/DVFRPLVLRQHV
6RQ JUXSRV GH WUDEDMR LQWHJUDGRV SRU XQ Q~PHUR UHGXFLGR GH SDUODPHQWDULRV
SHUWHQHFLHQWHV D ORV GLIHUHQWHV JUXSRV SDUODPHQWDULRV HQ SURSRUFLyQ D OD LPSRUWDQFLD
QXPpULFD GH ORV PLVPRV HVWDQGR WRGRV ORV JUXSRV UHSUHVHQWDGRV SRU DO PHQRV XQ
PLHPEUR6RQyUJDQRVGHWUDEDMRGHODVFiPDUDV
3XHGHQ VHU GH FDUiFWHU SHUPDQHQWH HVSHFLDOHV R GH HQFXHVWD DUW 5HJODPHQWR
&RQJUHVR
3HUPDQHQWHV 6RQ ILMDV QR FRQFOX\HQ FRQ OD OHJLVODWXUD 6H GLYLGHQ HQ
OHJLVODWLYDV\QROHJLVODWLYDV
R &RPLVLRQHV/HJLVODWLYDV
XQDSRUFDGD'HSDUWDPHQWRPLQLVWHULDOHQFDGD&iPDUD
GH 3UHVXSXHVWRV
&RQVWLWXFLRQDO
*HQHUDOGHODV&&$$6ROR6HQDGR
R &RPLVLRQHV1R/HJLVODWLYDV
'H 5HJODPHQWR
3HWLFLRQHV
'HO(VWDWXWRGHORV'LSXWDGRV6ROR&RQJUHVR
'H FRQWUROSDUODPHQWDULRGH579(6ROR&RQJUHVR
'H FRRSHUDFLyQ LQWHUQDFLRQDO SDUD HO GHVDUUROOR 6ROR
&RQJUHVR
&RQVXOWLYDGHQRPEUDPLHQWRV6ROR&RQJUHVR
,QFRPSDWLELOLGDGHV6ROR6HQDGR
6XSOLFDWRULRV6ROR6HQDGR
$VXQWRVLEHURDPHULFDQRV6ROR6HQDGR
'H OD 6RFLHGDG GH OD ,QIRUPDFLyQ \ GHO FRQRFLPLHQWR 6ROR
6HQDGR
'H QRPEUDPLHQWRV6ROR6HQDGR
'H ODV(QWLGDGHV/RFDOHV6ROR6HQDGR
(VSHFLDOHV VH FUHDQ SDUD XQ DVXQWR HQ FRQFUHWR VH H[WLQJXHQ FRQ OD
WHUPLQDFLyQ GHO PLVPR R FRQ HO ILQ GH OD OHJLVODWXUD VLUYHQ FRPR FRQWURO
SROtWLFRGHOJRELHUQR
'H ,QYHVWLJDFLyQRGHHQFXHVWD(O&RQJUHVR\HO6HQDGRRDPEDV&iPDUDV
FRQMXQWDPHQWHSRGUiQQRPEUDU&RPLVLRQHVGH,QYHVWLJDFLyQVREUHFXDOTXLHU
DVXQWR GH LQWHUpV S~EOLFR /DV FRQFOXVLRQHV QR VHUiQ YLQFXODQWHV SDUD ORV
WULEXQDOHV QL DIHFWDUiQ D UHVROXFLRQHV MXGLFLDOHV VLQ SHUMXLFLR GH TXH HO
UHVXOWDGR GH OD LQYHVWLJDFLyQ VHD FRPXQLFDGR DO 0LQLVWHULR )LVFDO (V
REOLJDWRULRFRPSDUHFHUDUHTXHULPLHQWRGHODV&iPDUDV
/DV FRPLVLRQHV PL[WDV FRPSXHVWDV SRU LJXDO Q~PHUR GH GLSXWDGRV \
VHQDGRUHV\TXHVHFRQVWLWX\HQSRUGRVPRWLYRV
R )DOWD GH DFXHUGR GH DPEDV &iPDUDV DFHUFD GH DOJXQR GH ORV
VLJXLHQWHVWHPDV
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
'LSXWDFLRQHVSHUPDQHQWHV
/D &( JDUDQWL]D OD FRQWLQXLGDG \ SHUPDQHQFLD GHO IXQFLRQDPLHQWR GH ODV &RUWHV D
WUDYpVGHODV'LSXWDFLRQHV3HUPDQHQWHV
([LVWH XQD GLSXWDFLyQ SHUPDQHQWH HQ FDGD &iPDUD FRPSXHVWD SRU XQ PtQLPR GH
PLHPEURV TXH UHSUHVHQWDUiQ D ORV *UXSRV 3DUODPHQWDULRV HQ SURSRUFLyQ D VX
LPSRUWDQFLD QXPpULFD FRUUHVSRQGLHQGR VX SUHVLGHQFLD DO 3UHVLGHQWH GH OD &iPDUD
FRUUHVSRQGLHQWH
/DVIXQFLRQHVGHODVGLSXWDFLRQHVSHUPDQHQWHVVRQODVVLJXLHQWHV
9HODU SRU ORV SRGHUHV GH ODV &iPDUDV FXDQGR QR HVWpQ UHXQLGDV R FXDQGR
KXELHUHQVLGRGLVXHOWDVRH[SLUDGRVXPDQGDWR
(Q FDVRGHGLVROXFLyQRH[SLUDFLyQGHOPDQGDWRFRQYDOLGD'HFUHWRV/H\HV\
HMHUFHODVIXQFLRQHVTXHHO$UWDWULEX\HDO&RQJUHVR
3XHGHQ FRQYRFDU VHVLRQHV H[WUDRUGLQDULDV VREUH XQ RUGHQ GHO GtD
GHWHUPLQDGR
)LQDOPHQWH UHXQLGD OD FiPDUD FRUUHVSRQGLHQWH OD 'LSXWDFLyQ SHUPDQHQWH
GDUi FXHQWD GH ORV DVXQWRV WUDWDGRV \ GH VXV GHFLVLRQHV SRU OR WDQWR HVWDV
IXQFLRQDQKDVWDODFRQVWLWXFLyQGHODVQXHYDV&RUWHV*HQHUDOHV
6HUi FRQYRFDGD HQ HO &RQJUHVR SRU VX 3UHVLGHQWH D LQLFLDWLYD SURSLD D SHWLFLyQ GH
JUXSRVSDUODPHQWDULRVRGHXQDTXLQWDSDUWHGHORVPLHPEURVGHO&RQJUHVR
(Q HO 6HQDGR VH UHXQLUi VLHPSUH TXH VX 3UHVLGHQWH ORV FRQVLGHUH RSRUWXQR \
QHFHVDULDPHQWHHQORVVLJXLHQWHVFDVRV
D HOGtDDQWHVGHFHOHEUDUVHXQD-XQWD3UHSDUDWRULD
E FXDQGRORVROLFLWHHO*RELHUQR
F &XDQGRORSLGDXQDFXDUWDSDUWHDOPHQRVGHVXVPLHPEURV
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
*UXSRV3DUODPHQWDULRV
5H~QHQDORVPLHPEURVGHOD&iPDUDGHOPLVPRSDUWLGRRGHWHQGHQFLDVDILQHV
(OQ~PHURPtQLPRGHPLHPEURVSDUDFRQVWLWXLUXQJUXSRHV
(Q HO&RQJUHVR
R PLHPEURV
R y QR PHPRV GH HVFDxRV \ FRPR PtQLPR HO GHOR YRWRV HQ OD
FLUFXQVFULSFLyQ HOHFWRUDO HQ TXH VH KXELHUDQ SUHVHQWDGR R HO GH
ORVYRWRVHPLWLGRVDQLYHOQDFLRQDO
(Q HO6HQDGR
R PLHPEURV
/RV GLSXWDGRV R 6HQDGRUHV TXH QR TXHGHQ LQWHJUDGRV HQ QLQJ~Q JUXSR SDUODPHQWDULR
SDVDUiQDIRUPDUHO*UXSR0L[WR
/D IRUPDFLyQ GH ORV *UXSRV VH KDUi HQ HO SOD]R GH GtDV KiELOHV FRQWDGRV GHVGH OD
FRQVWLWXFLyQGHFDGD&iPDUD
&DGD*UXSRWLHQHXQSRUWDYR]7RGRVORVSRUWDYRFHVFRQVWLWX\HQOD-XQWDGH3RUWDYRFHV
\ MXQWRFRQHO3UHVLGHQWHGHOD&iPDUDILMDQHORUGHQGHOGtD
'HQWUR GH OD &iPDUD $OWD 6HQDGR GHQWUR GH ORV *UXSRV 3DUODPHQWDULRV TXH VH
FRPSRQJDQ GH 6HQDGRUHV HOHJLGRV HQ HO WHUULWRULR GH GRV R PiV &&$$ R SRU ODV
$VDPEOHDV /HJLVODWLYDV GH ODV PLVPDV SRGUiQ FRQVWLWXLUVH HQ *UXSRV 7HUULWRULDOHV
LQWHJUDGRVFDGDXQRGHHOORVFRPRPtQLPRGH6HQDGRUHV
)XQFLRQHV
'HVLJQDUFDGDXQRGHORVPLHPEURVTXHLQWHJUDUiQODGLIHUHQWHV&RPLVLRQHV
'HWHUPLQDU OD FRPSRVLFLyQ \ HOHFFLyQ GH ORV PLHPEURV GH OD 0HVD GH OD
&iPDUD
&RRUGLQDUODVIXQFLRQHVGHODV&iPDUD
(MHUFHUODLQLFLDWLYDOHJLVODWLYDSDUODPHQWDULD
-XQWDGHSRUWDYRFHV
(VWi FRPSXHVWD SRU ORV SRUWDYRFHV GH ORV *UXSRV 3DUODPHQWDULRV 6H UHXQLUi EDMR OD
SUHVLGHQFLDGHO3UHVLGHQWHGHO&RQJUHVRRGHO6HQDGRTXHODFRQYRFDUi
D SRULQLFLDWLYDSURSLD
E DSHWLFLyQGHGRVJUXSRVSDUODPHQWDULRV
F DSHWLFLyQGHODTXLQWDSDUWHGHORVPLHPEURVGHODV&iPDUDV
'HODVUHXQLRQHVVHGDUiFXHQWDDO*RELHUQRSDUDTXHHQYtHVLORHVWLPDRSRUWXQRXQ
UHSUHVHQWDQWH
/DVGHFLVLRQHVGHOD-XQWDGH3RUWDYRFHVVHDGRSWDUiQVLHPSUHEDMRHOFULWHULRGHYRWR
SRQGHUDGR HG HQ IXQFLyQ GH ORV YRWRV TXH FDGD *UXSR 3DUODPHQWDULR WHQJD HQ OD
&iPDUD
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
/DV IXQFLRQHV VRQ VREUH WRGR ODV GH GLUHFFLyQ SROtWLFD GH OD &iPDUD \D TXH ORV
3RUWDYRFHVGHORV*UXSRV3DUODPHQWDULRVVRQXVXDOPHQWHORVGLULJHQWHVGHORVSDUWLGRV
SROtWLFRVTXHIRUPDQGLFKR*UXSR3DUODPHQWDULR
$GHPiVFRUUHVSRQGHDOD-XQWD
6HUFRQVXOWDGDSRUOD0HVDGHOD&iPDUDDODKRUDGHILMDUHOFDOHQGDULRGH
DFWLYLGDGHVGHO3OHQR\GHODV&RPLVLRQHV
+D GH H[SUHVDUVXSDUHFHUIDYRUDEOHFXDQGRHO3UHVLGHQWHGHOD&iPDUDHQHO
HMHUFLFLR GH VX IDFXOWDG VXSOHWRULD GH ORV YDFtRV GHO 5HJODPHQWR GHFLGLHVH
HPLWLUXQDUHVROXFLyQGHFDUiFWHUJHQHUDO
+D GH VHURtGDHQODFRPSRVLFLyQGHODV&RPLVLRQHVTXHGHFLGDQORV*UXSRV
3DUODPHQWDULRV
/$66(6,21(6
/DV&iPDUDVVHUH~QHQDQXDOPHQWHHQGRVSHULRGRVGHVHVLRQHV
3ULPHUSHULRGRGHVHSWLHPEUHDGLFLHPEUH
6HJXQGRSHULRGRGHIHEUHURDMXQLR
/DV&iPDUDVSXHGHQUHXQLUVHHQVHVLRQHVH[WUDRUGLQDULDVDSHWLFLyQGHO*RELHUQRGHOD
'LSXWDFLyQ3HUPDQHQWHRGHODPD\RUtDDEVROXWDGHORVPLHPEURVGHFXDOTXLHUDGHHOODV
'HEHQFRQYRFDUVHVREUHXQRUGHQGHOGtD\VHUiQFODXVXUDGDVXQDYH]TXHHVWHKD\DVLGR
DJRWDGR
(ORUGHQGHOGtDGHO3OHQRGHO&RQJUHVRVHUiILMDGRSRUHO3UHVLGHQWHGHDFXHUGRFRQOD
-XQWDGH3RUWDYRFHV(OGHODV&RPLVLRQHVVHILMDUiSRUVXUHVSHFWLYD0HVDGHDFXHUGR
FRQHO3UHVLGHQWHGHO&RQJUHVRWHQLHQGRHQFXHQWDHOFDOHQGDULRILMDGRSRUOD0HVDGHO
&RQJUHVR
(ORUGHQGHOGtDGHO3OHQRGHO6HQDGRVHUiILMDGRSRUHO3UHVLGHQWHGHDFXHUGRFRQOD
0HVD\RtGDOD-XQWDGH3RUWDYRFHV(OUHSUHVHQWDQWHGHO*RELHUQRSRGUiLQFOXLUXQVROR
DVXQWRFRQFDUiFWHUSULRULWDULR(OGHODV&RPLVLRQHVVHUiILMDGRSRUVXSUHVLGHQWHRtGD
OD 0HVD UHVSHFWLYD \ WHQLHQGR HQ FXHQWD HQ VX FDVR HO SURJUDPD GH WUDEDMRV GH OD
&iPDUD 8Q WHUFLR GH ORV PLHPEURV GH OD &RPLVLyQ SRGUi LQFOXLU XQ VROR DVXQWR FRQ
FDUiFWHUSULRULWDULR
3DUDDGRSWDUDFXHUGRVHQFXDOTXLHUDGHODV&iPDUDVHVWDV\VXVyUJDQRVGHEHUiQHVWDU
UHXQLGRVUHJODPHQWDULDPHQWH\FRQDVLVWHQFLDGHODPD\RUtDGHVXVPLHPEURV
$63(&726 %6,&26 '(/ 352&(',0,(172 '( (/$%25$&,1 '(
/(<(6
/DHODERUDFLyQGHODVOH\HVHVODFRPSHWHQFLDHVHQFLDOGHODV&RUWHV*HQHUDOHV
/DIXQFLyQOHJLVODWLYDGHODV&RUWHVVHUHDOL]DDWUDYpVGHODVDFWXDFLRQHVLQGHSHQGLHQWHV
DXQTXHFRRUGLQDGDVGHDPEDV&iPDUDV
7RGDVODVOH\HVUHTXLHUHQODDSUREDFLyQGHDPEDV&iPDUDVVDOYRHQHOFDVRGHOYHWRSRU
SDUWHGHO6HQDGRHQODTXHODOH\VHDSUREDUtDVRORSRUHO&RQJUHVR
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
3URFHGLPLHQWRV\WUDPLWHVGHOSURFHVROHJLVODWLYR
)DVHLQWURGXFWRULD
)DVHFRQVWLWXWLYD
)DVHLQWHJUDGRUDGHODHILFDFLD
(O3RGHUOHJLVODWLYRUHVLGHHQODV&RUWHVVRQHOyUJDQRHQFDUJDGRGHHODERUDUOH\HV
)$6(,1752'8&725,$
'HVLJQD HO PRPHQWR GH OD SUHVHQWDFLyQ GHO WH[WR GHO SUR\HFWR DQWHV ODV &iPDUDV R
LQLFLDWLYDOHJLVODWLYD
/DLQLFLDWLYDOHJLVODWLYDSXHGHVHUHMHUFLGDSRU
(O *RELHUQR
(O &RQJUHVR
(O 6HQDGR
/DV$VDPEOHDVGHODV&&$$
(O SXHEOR(VSDxRO
6HJ~QHVWRWHQHPRVIRUPDVGHLQLFLDWLYDOHJLVODWLYD
,QLFLDWLYDJXEHUQDPHQWDO
&XDQGRHOWH[WRSUHVHQWDGRWLHQHVXRULJHQHQXQDUHVROXFLyQDSUREDGDSRUHO&RQVHMR
GH 0LQLVWURV VH GHQRPLQD SUR\HFWR GH OH\ \ VH LQWURGXFLUi REOLJDWRULDPHQWH D
WUDYpVGHO&RQJUHVR
*R]DGHSUHIHUHQFLDHQODWUDPLWDFLyQ
,QLFLDWLYDSDUODPHQWDULD
&RUUHVSRQGH WDQWR DO &RQJUHVR FRPR DO 6HQDGR \ KD GH VHU SUHVHQWDGD SRU XQ JUXSR
3DUODPHQWDULR FRQ OD ILUPD GH VX SRUWDYR] R FRQ OD ILUPD GH 'LSXWDGRV R
6HQDGRUHV
(OWH[WRSUHVHQWDGRSRUODV&iPDUDVGHGHQRPLQDSURSRVLFLyQGHOH\
,QLFLDWLYDFRPXQLWDULD
3HUPLWHDODV$VDPEOHDVGHODV&RPXQLGDGHV$XWyQRPDVXQDGREOHYtD
6ROLFLWDUDO*RELHUQRODDGRSFLyQGHXQSUR\HFWRGHOH\
5HPLWLUDOD0HVDGHO&RQJUHVRXQDSURSRVLFLyQGHOH\GHOHJDQGRDQWHGLFKD
&iPDUDXQPi[LPRGHPLHPEURVGHOD$VDPEOHDGHOD&$SDUDVXGHIHQVD
,QLFLDWLYDSRSXODU
&RQWHQLGDHQHO$UWGHOD&(\GHVDUUROODGDSRUODOH\RUJiQLFDGHGH
0DU]RUHJXODGRUDGHODLQLFLDWLYDOHJLVODWLYDSRSXODU
3UHVHQWDFLyQSRUSDUWHGHXQD&RPLVLyQ3URPRWRUDGHODLQLFLDWLYDGHXQDSURSRVLFLyQ
GHOH\DQWHHO&RQJUHVR
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,
8QDYH]DGPLWLGDSRUHO&RQJUHVROD&RPLVLyQ3URPRWRUDGHEHUiREWHQHUXQPtQLPR
GHILUPDVTXHDYDOHQODLQLFLDWLYDHQXQSOD]RGHPHVHV
(VWiQH[FOXLGDVGHHVWDLQLFLDWLYDOHJLVODWLYDSRSXODUWRGDVODVPDWHULDVTXHVHDQSURSLDV
GHOH\HVRUJiQLFDVWULEXWDULDVGHFDUiFWHULQWHUQDFLRQDOUHIHUHQWHVDODSUHUURJDWLYDGH
JUDFLDSODQLILFDFLyQHFRQyPLFD\FXHVWLRQHVSUHVXSXHVWDULDV
)$6(&2167,787,9$
'HEDWHVHQ&RPLVLyQ
7LHQHQOXJDUXQDYH]FRQFOXLGRHOGHEDWHGHWRWDOLGDGGHO3OHQR
/D &RPLVLyQ FRUUHVSRQGLHQWH QRPEUDUi XQD 3RQHQFLD TXH UHGDFWDUi XQ LQIRUPH TXH
VHUYLUiGHEDVHSDUDHOGHEDWHHQOD&RPLVLyQ
(OGLFWDPHQILQDOVHUHPLWHDO3UHVLGHQWHGHO&RQJUHVRSDUDHOVLJXLHQWHWUiPLWH
'HOLEHUDFLyQHQ3OHQR
6HLQLFLDKRUDVGHVSXpVGHUHFLELUHOGLFWDPHQGHOD&RPLVLyQ
&RQFOXLGDODGHOLEHUDFLyQ\GHEDWHGHO3OHQRHOWH[WRILQDOPHQWHDSUREDGRVHUHPLWLUi
DO6HQDGR
(O 6HQDGR HQ HO SOD]R GH PHVHV D SDUWLU GH OD UHFHSFLyQ GHO WH[WR SXHGH PHGLDQWH
PHQVDMHPRWLYDGRRSRQHUVXYHWRRLQWURGXFLUHQPLHQGDVDOPLVPR(OYHWRVHDSUREDUi
SRU PD\RUtD DEVROXWD (O &RQJUHVR HQ FDVR GH YHWR UDWLILFDUi HO WH[WR LQLFLDO SRU
PD\RUtD DEVROXWD R SRU PD\RUtD VLPSOH XQD YH] WUDQVFXUULGRV PHVHV GHVGH OD
LQWHUSRVLFLyQ GHO PLVPR R VH SURQXQFLH VREUH ODV HQPLHQGDV DFHSWiQGRODV R QR SRU
PD\RUtDVLPSOH
(VWHSHULRGRGHWLHPSRVHSXHGHUHGXFLUDGtDVQDWXUDOHVHQORVSUR\HFWRVGHFODUDGRV
XUJHQWHVSRUHO&RQJUHVR
)$6(,17(*5$'25$'(/$(),&$&,$
(VWRVWUiPLWHVVRQ6DQFLyQSURPXOJDFLyQ\SXEOLFDFLyQ
6HJ~QHO$UWHO5H\VDQFLRQDUiILUPDUiODVOH\HVDSUREDGDVSRUODV&RUWHVHQHO
SOD]R GH GtDV ODV SURPXOJDUi SURFODPDUODV FRPR WDOHV \ RUGHQDUi VX SXEOLFDFLyQ
DUW
/DSXEOLFDFLyQHVHOKHFKRGHWHUPLQDQWHSDUDODHQWUDGDHQYLJRUGHXQDOH\
/DV OH\HV HQWUDUiQ HQ YLJRU D ORV GtDV GH VX SXEOLFDFLyQ DQR VHU TXH HQ HOODV VH
GLVSXVLHUDRWUDFRVDQXPDUWGHO&yGLJR&LYLO
'(52*$&,1<9,*(1&,$
/DVOH\HVVHGHURJDQSRURWUDVGLVSRVLFLRQHVSRVWHULRUHVODGHURJDFLyQWHQGUiHODOFDQFH
TXHH[SUHVDPHQWHVHGLVSRQJD\VHH[WHQGHUiVLHPSUHDWRGRDTXHOORTXHODOH\QXHYD
VREUHODPLVPDPDWHULDVHDLQFRPSDWLEOHFRQODDQWHULRU
/DV OH\HV HVWDUiQ HQ YLJRU PLHQWUDV QR VH GHURJXHQ VDOYR ODV OH\HV WHPSRUDOHV TXH
FHVDUiVXYLJRUFXDQGRFHVHHOSOD]RSDUDHOTXHVHGLFWDURQRFHVHQODVFRQGLFLRQHVTXH
ODVPRWLYDURQ
7HPD&/DV&RUWHV*HQHUDOHV
*58327$,