Está en la página 1de 92

3527(&&,1

<
&225',1$&,1
'(
6,67(0$6
(/e&75,&26
'(
',675,%8&,1

*HUPiQ 9DOGHUUDPD 5

,1',&(
7(0$3UHOLPLQDUHV
6LVWHPDVGH3URWHFFLyQ
3URWHFFLyQGH6LVWHPDVGH'LVWULEXFLyQ
&RQILDELOLGDG
,QWHUUXSFLyQ
,QGLFHVGH'HVHPSHxR
)DOODVHQ6LVWHPDVGH'LVWULEXFLyQ
&DUDFWHUtVWLFDVGHODV)DOODV

7(0$'LVSRVLWLYRVGH3URWHFFLyQSDUD6LVWHPDVGH'LVWULEXFLyQ
$ )XVLEOHV
% &RUWD&RUULHQWHV3RUWD)XVLEOHV
& 5HFRQHFWDGRUHV$XWRPiWLFRVGH/tQHD 5HFORVHU 
' 6HFFLRQDOL]DGRUHV$XWRPpWLFRVGH/tQHD
( ,QWHUUXSWRUHVGH3RWHQFLD FLUFXLW%UHDNHUV 
) 5HOpV
 5HOpVGH6REUHFRUULHQWH
 5HOp'LUHFFLRQDO
 5HOpGH5HFLHUUH
7(0$&RRUGLQDFLyQGH'LVSRVLWLYRVGH3URWHFFLyQ
$ &RRUGLQDFLyQ)XVLEOH )XVLEOH
% &RRUGLQDFLyQ5HFRQHFWDGRU )XVLEOH
 &RRUGLQDFLyQ5HFRQHFWDGRU )XVLEOHGHOD)XHQWH
 &RRUGLQDFLyQ5HFRQHFWDGRU )XVLEOHGHOD&DUJD
& &RRUGLQDFLyQ5HFRQHFWDGRU 5HFRQHFWDGRU
D &RRUGLQDFLyQFRQ5HFRQHFWDGRUHV+LGUiXOLFRV
E &RRUGLQDFLyQFRQ5HFRQHFWDGRUHV(OHFWUyQLFRV

' &RRUGLQDFLyQ5HFRQHFWDGRU 5HOp


&RRUGLQDFLyQFRQ5HOpV(VWiWLFRV
&RRUGLQDFLyQFRQ5HOpV(OHFWURPDJQpWLFRV
&RRUGLQDFLyQFRQ5HOpV(OHFWURPDJQpWLFRV\5HFRQHFWDGRU(OHFWUyQLFR
$MXVWHGHOD8QLGDG,QVWDQWiQHD  
( &RRUGLQDFLyQGH6HFFLRQDOL]DGRUHV
 &RRUGLQDFLyQ5HFRQHFWDGRU+LGUiXOLFRFRQ6HFFLRQDOL]DGRU+LGUiXOLFR
 &RRUGLQDFLyQ5HFRQHFWDGRU(OHFWUyQLFRFRQ6HFFLRQDOL]DGRU+LGUiXOLFR
 &RRUGLQDFLyQ5HFRQHFWDGRUFRQ6HFFLRQDOL]DGRU(OHFWUyQLFR
 &RRUGLQDFLyQ5HFRQHFWDGRU 6HFFLRQDOL]DGRU )XVLEOH
 &RRUGLQDFLyQGH,QWHUUXSWRUFRQ5HOpGH5HFLHUUH\6HFFLRQDOL]DGRU
) &RRUGLQDFLyQ5HOpGH6REUHFRUULHQWHFRQ)XVLEOH
7(0$3URWHFFLyQGHOtQHDVFRQ5HOpVGH6REUHFRUULHQWH
0pWRGRVGH&RRUGLQDFLyQ
D &RRUGLQDFLyQSRU7LHPSRV
E &RRUGLQDFLyQSRU&RUULHQWHV
F &RRUGLQDFLyQSRU7LHPSR &RUULHQWH
3URFHVRGH&RRUGLQDFLyQ
&RRUGLQDFLyQFRQ5HOpV'LUHFFLRQDOHV
&RRUGLQDFLyQGHORV5HOpVGH7LHUUD

%,%/,2*5$),$

7(0$

35(/,0,1$5(6

/D PLVLyQ GH ORV 6LVWHPDV (OpFWULFRV GH 3RWHQFLD HV 6XSOLU (QHUJtD (OpFWULFD D ORV
&RQVXPLGRUHV HQ )RUPD  WDQ &RQILDEOH \ 6HJXUD FRPR 6HD (FRQyPLFDPHQWH
)DFWLEOH 3RUORWDQWRHOREMHWLYRSULPRUGLDOGHWRGRVLVWHPDGHSRWHQFLDHVPDQWHQHUXQ
PX\ DOWR QLYHO HQ OD FRQWLQXLGDG GHO VHUYLFLR \ FXDQGR RFXUUDQ FRQGLFLRQHV LQWROHUDEOHV
PLQLPL]DUORVWLHPSRV\ODPDJQLWXGGHORVFRUWHVGHVHUYLFLR6LQHPEDUJRODVSpUGLGDV
GHSRWHQFLDFDtGDVGHWHQVLyQ\VREUHYROWDJHVRFXUULUiQSRUTXHHVLPSRVLEOHHLPSUiFWLFR
HYLWDU ODV FRQVHFXHQFLDV GH HYHQWRV QDWXUDOHV DFFLGHQWHV ItVLFRV IDOODV HQ ORV HT XLSRV R
HUURUHVGHRSHUDFLyQGHELGRDIDOODVKXPDQDV
/RV HYHQWRV QDWXUDOHV TXH SXHGHQ RFDFLRQDU IDOODV FRUWRFLUFXLWRV  VRQ UD\RV SRU FDtGD
GLUHFWD R SRU LQGXFFLyQ GH YROWDMH  YLHQWR IXHJR WHUUHPRWRV H[SORVLRQHV FDtGDV GH
iUEROHVREMHWRVTXHYXHODQFRQWDFWRItVLFRGHDQLPDOHV\ODFRQWDPLQDFLyQ/RVDFFLGHQWHV
LQFOX\HQ YHKtFXORV TXH FKRFDQ FRQWUD ORV SRVWHV SHUVRQDV KDFLHQGR FRQWDFWR FRQ SDUWHV
HQHUJL]DGDVGDxRVHQFDEOHVVXEWHUUiQHRVSRUH[FDYDFLRQHVHWF/DVHPSUHVDVRSHUDGRUDV
KDFHQ XQ HVIXHU]R FRQVLGHUDEOH SDUD PLQLPL]DU ODV SRVLELOLGDGHV GH GDxRV SHUR OD
HOLPLQDFLyQWRWDOGHWDOHVSUREOHPDVHVDFWXDOPHQWHLQDOFDQ]DEOH

/DV IDOODV HQ ORV VLVWHPDV HOpFWULFRV JHQHUDOPHQWH SHUR QR VLHPSUH SURGXFHQ FDPELRV
VLJQLILFDWLYRV HQ ODV FDQWLGDGHV QRUPDOHV GHO VLVWHPD ORV FXDOHV SXHGHQ XVDUVH SDUD
GLVWLQJXLU HQWUH FRQGLFLRQHV WROHUDEOHV R LQWROHUDEOHV SDUD HO VLVWHPD  /DV FDQWLGDGHV TXH
FDPELDQ VRQ FRUULHQWH DOWR R EDMR YROWDMH SRWHQFLD IDFWRU GH SRWHQFLD OD GLUHFFLyQ GHO
IOXMR GH SRWHQFLD R FRUULHQWH LPSHGDQFLD IUHFXHQFLD WHPSHUDWXUD PRYLPLHQWR ItVLFR
SUHVLyQFRQWDPLQDFLyQGHODLVODPLHQWRHWF(OLQGLFDGRUPiVFRP~QGHIDOODVHVHOV~ELWR\
JHQHUDOPHQWH VLJQLILFDWLYR LQFUHPHQWR GH OD FRUULHQWH SRU OR WDQWR OD SURWHFFLyQ GH
VREUHFRUULHQWHVHXVDDPSOLDPHQWH

/R DQWHULRUPHQWH H[SXHVWR LQGLFD TXH WRGR VLVWHPD HOpFWULFR GH SRWHQFLD GHEH FRQWDU FRQ
GLVSRVLWLYRV TXH VHDQ FDSDFHV GH GHWHFWDU ODV FRQGLFLRQHV LQWROHUDEOHV TXH VH SXHGDQ
SUHVHQWDU H LQLFLDU DFFLRQHV FRUUHFWRUDV (O FRQMXQWR GH HVWRV HOHPHQWRV VH GHQRPLQD
6,67(0$ '( 3527(&&,1 \ OD GLVFLSOLQD TXH ORV HVWXGLD \ DSOLFD 3527(&&,1
'(6,67(0$6'(327(1&,$
3RGHPRVGHILQLUOD3URWHFFLyQGH6LVWHPDVGH3RWHQFLDFRPRODFLHQFLDODKDELOLGDG\
HO DUWH GH DSOLFDU \ DMXVWDU ORV GLVSRVLWL YRV GH SURWHFFLyQ SDUD SURYHHU Pi[LPD
VHQVLELOLGDGDODVIDOODV\DODVFRQGLFLRQHVLQWROHUDEOHVSHURHYLWDQGRVXRSHUDFLyQHQ
WRGDVODVFRQGLFLRQHVTXHVHDQSHUPLVLEOHVRWROHUDEOHV

(V LPSRUWDQWH QRWDU TXH HO WLHPSR GLVSRQLEOH SDUD TXH HO VLVWHPD GH SURWHFFLyQ WRPH
GHFLVLRQHVHVPX\SHTXHxRSRUORWDQWRHVYLWDOTXH3ULPHURHOGLVSRVLWLYRGHSURWHFFLyQ
WRPH OD GHFLVLyQ FRUUHFWD WDQ UiSLGR FRPR VHD SRVLEOH HQWUH FRQGLFLRQHV LQWROHUDEOHV R
FRQGLFLRQHVWUDQVLWRULDVTXHHOVLVWHPDSXHGHDEVRUYHU\6HJXQGRTXHVLGHEHRSHUDUSDUD
DLVODUHOiUHDHQIDOODORKDJDUiSLGR\FRQHOPtQLPRGHGLVWXUELRSDUDHOUHVWRGHOVLVWHPD

6,67(0$'(3527(&&,1

3RUORDQWHULRUPHQWHH[SXHVWROD0LVLyQGHXQ6LVWHPDGH3URWHFFLyQGHEHVHU

 $LVODUHOHTXLSRRHTXLSRVTXHIDOOHQGHWDOIRUPDTXHHOUHVWRGHOVLVWHPDSXHGDVHJXLU
RSHUDQGRp[LWRVDPHQWHFRQHOPtQLPRGLVWXUELRSDUDORVFRQVXPLGRUHV
 (YLWDUROLPLWDUHOGDxRDHTXLSRVDG\DFHQWHV
3DUDVXFXPSOLPLHQWRHO(O6LVWHPDGH3URWHFFLyQGHEH UHDOL]DUODVVLJXLHQWHVIXQFLRQHV

 'HWHFWDUODVIDOODV
 /RFDOL]DUODV
 ,QLFLDU OD DFFLyQ FRUUHFWRUD ,QLFLDU OD DSHUWXUD GH ORV LQWHUUXSWRUHV VRQDU DODUPDV R
LQLFLDUDFFLRQHVGHFRQWURO

)LJ 'LDJUDPDGH%ORTXHGH8Q6LVWHPDGH3URWHFFLyQ

(QODILJXUDVHPXHVWUD HOGLDJUDPDGHEORTXHGHXQVLVWHPDGHSURWHFFLyQDVRFLDGRDXQ
VLVWHPD GH SRWHQFLD (O VLVWHPD GH SURWHFFLyQ WRPD HQ IRUPD FRQWLQXD ODV FDQWLGDGHV
UHOHYDQWHV GHO VLVWHPD GH SRWHQFLD HQ GLIHUHQWHV XELFDFLRQHV PHGLDQWH WUDQVIRUPDGRUHV GH
PHGLGD WUDQVIRUPDGRUHV GH FRUULHQWH \ GH YROWDMH  H LQ\HFWD HVWDV FDQWLGDGHV D HVFDOD DO
(TXLSR GH 'HWHFFLyQ QRUPDOPHQWH FRQIRUPDGR SRU ORV UHOpV GH SURWHFFLyQ /RV UHOpV GH
SURWHFFLyQ H[DPLQDQ HVWDV FDQWLGDGHV FRQWLQXDPHQWH \ FXDQGR pVWDV VH VHSDUDQ GH ORV
YDORUHV SUHHVWDEOHFLGRVLQGLFDQGRODSUHVHQFLDGHXQDIDOODRFRQGLFLyQLQWROHUDEOHLQLFLDOD
DFFLyQFRUUHFWRUDRUGHQDQGRODDSHUWXUDGHORVLQWHUUXSWRUHVQHFHVDULRVVRQDQGRDODUPDVX
RUGHQDQGRDFFLRQHVGHFRQWUROHQRWURVSXQWRVGHOVLVWHPD/RVUHOpVGLJLWD OHVRQXPpULFRV
WDPELpQSXHGHQUHFLELUVHxDOHVGHFRQWUROGHRWURVGLVSRVLWLYRVGHSURWHFFLyQRGHOGHVSDFKR
GHFDUJDV(VWRVUHOpVDGHPiVGHODVIXQFLRQHVGHSURWHFFLyQSXHGHQUHDOL]DUIXQFLRQHVGH
PHGLFLyQ\FRQWURO

3527(&&,1'(6,67(0$6'(',675,%8 &,1

/DVIXQFLRQHVGHOVLVWHPDGHSURWHFFLyQHQODUHGGHGLVWULEXFLyQHVLJXDOTXHHQODVGHPiV
VXEGLYLVLRQHV GHO VLVWHPD HOpFWULFR HO GHWHFWDU ORFDOL]DU \ DLVODU ODV FRQGLFLRQHV GH IDOOD
HYLWDQGRHQORSRVLEOHGDxRVDOVLVWHPD\FDXVDQGRPtQLPRGLVWXUELRDORVFRQVXPLGRUHV

&RPR ORV VLVWHPDV GH GLVWULEXFLyQ HVWiQ GLUHFWDPHQWH FRQHFWDGRV D ORV FRQVXPLGRUHV \ HQ
JHQHUDO QR KD\ IXHQWHV DOWHUQDV GH DOLPHQWDFLyQ OD FRQWLQXLGDG HQ HO VHUYLFLR VH YXHOYH
IDFWRU SULPRUGLDO WDQWR HQ HO GLVHxR FRPR HQ OD RSHUDFLyQ GHO VLVWHPD GH GLVWULEXFLyQ \ VX
VLVWHPD GH SURWHFFLyQ DVRFLDGR SRU OR WDQWR HO WUDWDPLHQWR TXH VH OH GD D ODV IDOODV HQ
GLVWULEXFLyQ HV GLIHUHQWH DO TXH VH OH GD HQ ORV VLVWHPDV GH DOWD WHQVLyQ (Q HVWRV VLVWHPDV
GHELGR D ODV JUDQGHV FDQWLGDGHV GH HQHUJtD GLVLSDGD HQ FRQGLFLyQ GH IDOOD HO REMHWLYR
SULQFLSDO HV DLVODU HO HOHPHQWR HQ IDOOD WDQ UiSLGR FRPR VHD SRVLEOH \ DVt HYLWDU GDxRV
PD\RUHVDORVHTXLSRVHLQVWDODFLRQHV3RUHOFRQWUDULRHQGLVWULEXFLyQHOREMHWLYRSULPDULR
HVPDQWHQHUHOVHUYLFLRSRUORWDQWRVHWUDWDHQORSRVLEOHGHHOLPLQDUODIDOODVLQLQWHUUXPSLU
HOFLUFXLWRSHUPDQHQWHPHQWH
(QORV6LVWHPDVGH'LVWULEXFLyQHOVLVWHPDGHSURWHFFLyQGHEHDGHPiVGHODVIXQFLRQHVGH
SURWHFFLyQ\DVHxDODGDVFXPSOLUFRQORVVLJXLHQWHVREMHWLYRV

 3UHYHQLUGDxRVDORVHTXLSRV\FLUFXLWRV
 3UHYHQLUGHSHOLJURVDOS~EOLFR\DOSHUVRQDOGHOD(PSUHVDGH6HUYLFLR(OpFWULFR (6(
 0DQWHQHU XQ DOWR QLYHO GH VHUYLFLR SUHYLQLHQGR LQWHUUXSFLRQHV GH VHUYLFLR FXDQGR VHD
SRVLEOH\PLQLPL]DQGRVXVHIHFWRVFXDQGRHVWDVRFXUUDQ
&21),$%/,'$'

8QRGHORVDVSHFWRVIXQGDPHQWDOHVHVORVVLVWHPDVGHGLVWULEXFLyQHVODFRQILDELOLGDGWpUPLQR
FXDOLWDWLYRTXHLQGLFDHOJUDGRGHVHJXULGDGTXHVHWLHQHGHTXHHOVHUYLFLRHVWDUiGLVSRQLEOH
FXDQGRVHUHTXLHUD

/D SHUFHSFLyQ GHO FOLHQWH VREUH OD FRQILDELOLGDG GHO VHUYLFLR HV DIHFWDGD SRU OD IUHFXHQFLD \
GXUDFLyQ GH ODV LQWHUUXSFLRQHV SRU OR WDQWR HO HVIXHU]R SDUD PHMRUDU OD FRQILDELOLGDG GHEH
HVWDUGLULJLGRDHVWRVGRVDVSHFWRV
,17(5583&,21

7tSLFDPHQWHVHGHVFULEHFRPRXQDSpUGLGDGHVHUYLFLRPiVSURORQJDGDTXHHOLQWHUYDORQRUPDO
GH UHFLHUUH GHO UHFRQHFWDGRU R GHO LQWHUUXSWRU RSHUDGR /XHJR VH SXHGH GHILQLU FRPR XQD
SpUGLGDGHVHUYLFLRGHXQPtQLPRGHXQPLQXWR

3DUDPHGLUODFRQILDELOLGDGHQWpPLQRVGHODV,QWHUUXSFLRQHV5HJLVWUDGDVVHXWLOL]DQ,1',&(6
'('(6(03(f2ORVFXDOHVSHUPLWHQFRPSDUDFLRQHVVLJQLILFDWLYDVHQWUHHPSUHVDVRHQWUH
GLYLVLRQHV GH XQD PLVPD HPSUHVD 0iV LPSRUWDQWH D~Q SHUPLWH HYDOXDU ORV FDPELRV
FRPSDUDQGRGLUHFWDPHQWHORVtQGLFHVSDVDGRV\SUHVHQWHVGHXQDOLPHQWDGRURGHXQVLVWHPD

/RVFLQFR,1',&(6'('(6(03(f2QRUPDOL]DGRV VRQ

 QGLFH GH )UHFXHQFLD 3URPHGLR GH ,QWHUUXSFLRQHV HQ XQ 6LVWHPD 6$,),  6H
GHILQH FRPR HO Q~PHUR SURPHGLR GH YHFHV TXH VH LQWHUUXPSH HO VHUYLFLR D XQ F OLHQWH
GXUDQWHXQDxR8QD,QWHUUXSFLyQ&OLHQWHVHGHILQHFRPRXQDLQWHUUXSFLyQDXQFOLHQWH
1~PHUR7RWDOGH,QWHUUXSFLRQHV &OLHQWH
6$,), 
1~PHUR7RWDOGH&OLHQWHV6HUYLGRV

 QGLFHGHOD'XUDFLyQ3URPHGLRGHODV,QWHUUXSFLRQHVHQHO6LVWHPD 6$,',  6H


GHILQHFRPROD'XUDFLyQ3URPHGLRGH,QWHUUXSFLyQSRUFOLHQWHVHUYLGRSRUDxR
6XPDGHODGXUDFLyQGH,QWHUXSFLRQHV&OLHQWH
6$,', 
1~PHUR7RWDOGH&OLHQWHV

 QGLFH GH )UHFXHQFLD 3URPHGLR GH ,QWHUUXSFLyQ GHO &OLHQWH &$,),  6H GHILQH
FRPRHOQ~PHURSURPHGLRGHLQWHUUXSFLRQHVSRUFOLHQWHLQWHUUXPSLGRSRUDxR
1~PHUR7RWDOGH,QWHUUXSFLRQHV &OLHQWH
&$,), 
1~PHUR7RWDOGH&OLHQWHV$IHFWDGRV

 QGLFH GH OD 'XUDFLyQ 3URPHGLR GH ,QWHUUXSFLyQ GHO &OLHQWH &$,',  6H GHILQH
FRPRODGXUDFLyQSURPHGLRGHLQWHUUXSFLyQSDUDDTXHOORVFOLHQWHVLQWHUUXPSLGRVHQXQ
DxR
6XPDGHOD'XUDFLyQGHODV,QWHUUXSFLRQHV &OLHQWH
&$,', 
1~PHUR7RWDOGH,QWHUUXSFLRQHV FOLHQWH

 QGLFH3URPHGLRGH'LVSRQLELOLGDGGH6HUYLFLR $6$,  6HGHILQHFRPRODUHODFLyQ


HQWUH HO Q~PHUR WRWDO GH KRUDVFOLHQWHV HQ HO FXDO HO VHUYLFLR HVWDED GLVSRQLEOHV \ HO
Q~PHURGHKRUDVFOLHQWHGHPDQGDGDV KRUDVFOLHQWHGHPDQGDGDV KGtD[GtDV
KRUDV 
 6$,',
$6$, 


/DFRQILDELOLGDGHVDIHFWDGDSRU

(O QLYHO GH WHQVLyQ  .9  .9  .9  .9  .9  $ PD\RU WHQVLyQ VH
LQFUHPHQWDQORVtQGLFHVGHIDOODV\DTXHODVH[LJHQFLDVGHDLVODPLHQWRVRQPD\RUHV

/DORQJXLWXGGHODOLPHQWDGRUDPD\RUORQJXLWXGHODOLPHQWDGRUFXEUHXQiUHDJHRJUiILFD
PiVDPSOLD\HVWiVXMHWRDPD\RUHVULHVJRVGHIDOOD
1~PHUR GH FOLHQWHV SRU DOLPHQWDGRU ,PSOLFD XQ PD\RU Q~PHUR GH GHULYDFLRQHV \ SRU OR
WDQWRPD\RUHVSXQWRVGHIDOODSRVLEOHV
&DUJD GHO DOLPHQWDGRU D PD\RU FRUULHQWH GH FDUJD ODV H[LJHQFLDV WpUPLFDV GH OD OtQHD
DXPHQWDQ\VHLQFUHPHQWDSURSRUFLRQDOPHQWHHOULHVJRGHIDOOD

)DOODVHQ6LVWHPDVGH'LVWULEXFLyQ

/DV SULQFLSDOHV FDXVDV GH ODV IDOODV HQ VLVWHPDV GH GLVWULEXFLyQ DpUHRV \ VX LQFLGHQFLD VH
LQGLFDQDFRQWLQXDFLyQ





9LHQWR\iUEROHV 
5D\RV 
(TXLSRV\FRQGXFWRUHV 
9DULRV 

(QOtQHDV 
(QORVSRVWHV 






7ULIiVLFDV 
'RVIDVHVDWLHUUD 
%LIiVLFDV 
0RQRIiVLFDV 

3RUVXXELFDFLyQVHGLVWULEX\HQ

3RUWLSRGHIDOODVHFODVLILFDQHQ

&DUDFWHUtVWLFDVGHODV)DOODV

(Q ORV VLVWHPDV GH GLVWULEXFLyQ VH SXHGH WRPDU YHQWDMD GH GRV FDUDFWHUtVWLFDV GH ODV IDOODV
SDUDHOGLVHxRGHOVLVWHPDGHSURWHFFLyQ(VWDVFDUDFWHUtVWLFDVVRQ
D /DV FRUULHQWH GH FRUWRFLUFXLWR JHQHUDOPHQWH QR VRQ GH DOWRV DPSHUDMHV OXHJR HO
WLHPSRGHGHVSHMHQRHVOLPLWDQWH
E /DPD\RUtDGHODVIDOODV HQWUH\ VRQ7(0325$/(6

8QD )DOOD 7HPSRUDO HV DTXHOOD HQ OD FXDO VX FDXVD HV GH QDWXUDOH]D WUDQVLWRULD 6L OD IDOOD
SXHGH VHU LQWHUUXPSLGD DQWHV GH TXH HO DUFR FDXVH GDxRV SHUPDQHQWHV HO VHUYLFLR SXHGH VHU
UHVWDEOHFLGRLQPHGLDWDPHQWH RSHUDFLyQGHUHFLHUUH  &RPRHOWLHPSRHQWUHODLQWHUUXSFLyQGH
ODIDOOD\ODUHHQHUJL]DFLyQHVWDQEUHYHHVWHWLSRGHIDOODVQRUPDOPHQWHQRVHUHJLVWUDQ FRPR
LQWHUUXSFLRQHV
8QD)DOOD3HUPDQHQWH HVDTXHOODHQODFXDORFXUUHGDxR\DVHDSURYHQLHQWHGHODFDXVDGH
ODIDOODR GHODUFRGHIDOOD&XDQGRRFXUUHXQIDOODSHUPDQHQWHODOtQHDVHGHVHQHUJL]D\XQD

FXDGULOODGHPDQWHQLPLHQWRGHEHYLDMDUDOVLWLRSDUDFRUUHJLUOD\UHVWDEOHFHUHOVHUYLFLR(VWDV
IDOODVVHUHJLVWUDQ FRPRXQD,QWHUUXSFLyQ

6HREWLHQHXQDPi[LPDFRQILDELOLGDGGHVHUYLFLRFXDQGRHOVLVWHPDGHGLVWULEXFLyQVHGLVHxD\
VHRSHUDSDUDPLQLPL]DUORVHIHFWRVGHFXDOTXLHUIDOODTXHSXHGDRFXUULU'DGRHODOWRQ~PHUR
GHIDOODVWHPSRUDOHVVXUJHQGRV5(*/$6%$6,&$6 GHSURWHFFLyQ

 $ WRGDV ODV IDOODV VH OHV GHEH GDU OD RSRUWXQLGDG GH VHU WHPSRUDOHV PHGLDQWH
RSHUDFLRQHV GH UHFLHUUH SDUD IDOODV HQ FXDOTXLHU SDUWH GHO VLVWHPD GRQGH ODV
LQWHUUXSFLRQHVPRPHQWiQHDVVHDQDFHSWDEOHV
 3DUD HO EDMR SRUFHQWDMH GH IDOODV TXH UHVXOWHQ SHUPDQHQWHV GHVSXpV GH HMHFXWDU ODV
RSHUDFLRQHVGHUHFLHUUHHVWDEOHFLGDVORVGLVSRVLWLYRVGHSURWHFFLyQVyORGHEHQVDFDUGH
VHUYLFLRODSRUFLyQPiVSHTXHxDGHOVLVWHPDTXHVHDQHFHVDULDSDUDDLVODUHOHOHPHPWR
HQIDOOD

)LJ &LUFXLWRGH'LVWULEXFLyQ7tSLFR

(QOD)LJVHPXHVWUDXQ FLUFXLWRGHGLVWULEXFLyQFRQIRUPDGRSRUXQGLVSRVLWLYRGHUHFLHUUH
5  FRPR SURWHFFLyQ SULQFLSDO GHO DOLPHQWDGRU \ HOHPHQWRV IXVLEOHV ) ) \ )  FRPR
SURWHFFLyQGHODVGHULYDFLRQHV(QJHQHUDOVHGHQRPLQDUiGHDKRUDHQDGHODQWHDOGLVSRVLWLYR
TXHHVWiGHOODGRGHODFDUJDRDJXDVDEDMRFRPR 'LVSRVLWLYR3URWHFWRU \DOGLVSRVLWLYR
TXHHVWiGHOODGRGHODIXHQWHRDJXDVDUULEDFRPR'LVSRVLWLYR3URWHJLGR

(OGLVSRVLWLYRGHUHFLHUUH5HVFDSD]GHGHWHFWDUODVVREUHFRUULHQWHVGHIDOODVWHPSR UL]DUODV
DEULUHOFLUFXLWR\OXHJRGHXQWLHPSRGHWHUPLQDGRYROYHUDFHUUDUOR(VWDVHFXHQFLDODSXHGH
HMHFXWDUHQJHQHUDOKDVWDFXDWURYHFHVSHUPLWLHQGRHOGHVSHMHGHODVIDOODVWUDQVLWRULDVVHJ~Q
VHGHVFULEHDFRQWLQXDFLyQ

6XSyQJDVH TXH RFXUUH XQ FRUWRFLUFXLWR GHODQWH GHO IXVLEOH ) /D FRUULHQWH GH IDOOD , I 
FLUFXODUiWDQWRSRUHOIXVLEOH)FRPRSRUHOGLVSRVLWLYRGHUHFLHUUH56LHOVLVWHPDHVWiELHQ
FRRUGLQDGR HO GLVSRVLWLYR 5 GHEHUi DEULU \ GHVSHMDU OD IDOOD DQWHV GH TXH ) VH IXQGD H
LQWHUUXPSD OD GHULYDFLyQ HQ IRUPD SHUPDQHQWH /XHJR GH XQ LQWHUYDOR GH WLHPSR
SUHGHWHUPLQDGR5YXHOYHDFHUUDUVH6LODIDOODSHUPDQHFHUHSLWHODRSHUDFLyQXQDYH]PiVHV
GHFLU VH DEUH HVSHUD \ YXHOYH D FHUUDVH (Q HO VHJXQGR UHFLHUUH 5 FDPELD VX WLHPSR GH
RSHUDFLyQ\VHYXHOYHPiVOHQWRTXH)OXHJRVLODIDOODD~QSHUVLVWH)VHIXQGLUi\GHVSHMDUi
ODIDOODDQWHVGHTXH5SXHGDYROYHUDRSHUDU(OVHUYLFLRFRQWLQ~DHQHOUHVWRGHODOLPHQWDGRU\

VyOR VDOH GH VHUYLFLR OD FDUJD DOLPHQWDGD SRU ) 3DUD UHVWDEOHFHU HO VHUYLFLR D OD FDUJD
DOLPHQWDGD SRU ) VH UHTXLHUH TXH OD FXDGULOOD GH PDQWHQLPLHQWR YD\D DO VLWLR \ UHSRQJD HO
IXVLEOH)6LGXUDQWHFXDOTXLHUDGHODVRSHUDFLRQHVGH5ODIDOODGHVDSDUHFH IDOODWUDQVLWRULD 
DO UHFHUUDU 5 HO FLUFXLWR UHJUHVD D VX FRQGLFLyQ QRUPDO VLQ LQWHUYHQFLyQ GHO SHUVRQDO GH
PDQWHQLPLHQWR2EVpUYHVHTXHVHOHGDGRVRSRUWXQLGDGHVDODIDOODGHVHUWUDQVLWRULD6LOD
IDOODRFXUUHVREUHHODOLPHQWDGRU ,I HOGLVSRVLWLYR5WUDWDUiGHGHVSHMHDUODIDOODFRQFXDWUR
RSHUDFLRQHVGHUHFLHUUHVLDOFDERGHODFXDUWDRSHUDFLyQODIDOODD~QSHUVLVWHVHGHFODUDFRPR
IDOODSHUPDQHQWH\VHDEUHLQWHUUXPSLHQGRHOVHUYLFLRKDVWDTXHHOSHUVRQDOGHPDQWHQLPLHQWR
FRUULMDODIDOOD\UHFRQHFWHD5PDQXDOPHQWH
6HJ~QHVWXGLRVUHDOL]DGRVHVWHWLSRGHHVTXHPDSHUPLWHGHVSHMDUDSUR[LPDGDPHQWHHO
GH ODV IDOODV HQ HO SULPHU UHFLHUUH  HQ HO VHJXQGR \  HQ WHUFHUR SDUD XQ WRWDO GH
 HV GHFLU VyOR HO  GH ODV IDOODV RFXUULGDV SURGXFHQ DSHUWXUDV SHUPDQHQWHV TXH
QHFHVLWDQVHUDWHQGLGDVSRUHOSHUVRQDOGHPDQWHQLPLHQWR



7(0$

',6326,7,926'(3527(&&,13$5$6,67(0$6'(',675,%8&,1

(O ORV VLVWHPDV GH GLVWULEXFLyQ VH XVD XQD JUDQ YDULHGDG GH GLVSRVLWLYRV GH SURWHFFLyQ
FRPR VRQ IXVLEOHV UHFRQHFWDGRUHV VHFFLRQDOL]DGRUHV UHOpV GH VREUHFRUULHQWH UHOpV
GLUHFFLRQDOHV\UHOpVGHUHFLHUUH$FRQWLQXDFLyQVHHVWXGLDUiQHQGHWDOOHFDGDXQRGHHOORV
KDFLpQGRpQIDVLVHQVXVFDUDFWHUtVWLFDVGHRSHUDFLyQ\HQORVFULWHULRVSDUDVXDSOLFDFLyQ
$ )XVLEOHV

8QIXVLEOHHVXQGLVSRVLWLYRGHSURWHFFLyQGHVREUHFRUULHQWHFRQXQDSDUWHTXHVHIXQGH\
DEUHHOFLUFXLWRFXDQGRHVFDOHQWDGDSRUHOSDVRGHODFRUULHQWH $16,& 

(OIXVLEOHHVHOGLVSRVLWLYREiVLFRHQODSURWHFFLyQGHVLVWHPDVGHGLVWULEXFLyQ([LVWHQ GRV
WLSRVGHIXVLEOHVSDUDSURWHFFLyQORVFXDOHVVRQ
D )XVLEOHVGHILODPHQWRVyOiPLQD\
E )XVLEOHVOLPLWDGRUHVGHFRUULHQWH

)XVLEOHVGH)LODPHQWRR/iPLQD

/DV OiPLQDV IXVLEOHV SDUD GLVWULEXFLyQ FRQVLVWHQ GH WUHV SDUWHV IXQGDPHQWDOHV %DVH R
&DEH]DO %XWWRQ  HOHPHQWRV IXVLEOHV \ OLGHU WDO FRPR VH PXHVWUD HQ OD ILJXUD  /DV
OiPLQDV IXVLEOHV HVWiQ QRUPDOL]DGDV \ VH DMXVWDQ D ORV GLIHUHQWHV WLSRV GH FRUWDFRUULHQWHV
TXHKD\HQHOPHUFDGR

)LJ &RQVWUXFFLyQ7tSLFDGH/iPLQDV)XVLEOHV



 2SHUDFLyQ

/DV OiPLQDV IXVLEOHV FRQ XQ HOHPHQWR GH XQ PDWHULDO GDGR \ FRQ XQD ORQJLWXG \
VHFFLyQWUDVYHUVDOGHWHUPLQDGDHVWiQGLPHQVLRQDGDVSDUDVRSRUWDUXQDFRUULHQWHGH
FDUJD HVSHFtILFD \ IXQGLUVH HQ XQ WLHPSR GHILQLGR FXDQGR VH VRPHWHQ D XQD
GHWHUPLQDGDFRUULHQWH GHIDOOD
&XDQGR VH FRORFD HQ XQ FRUWDFRUULHQWH \ VH FRQHFWD D XQD OtQHD GH GLVWULEXFLyQ
HVWiOLVWDSDUDDFWXDUFRPRGLVSRVLWLYRGHSURWHFFLyQ

$ORFXUULUXQDIDOODHOHOHPHQWRIXVLEOHVHIXQGH\VLPXOWiQHDPHQWHGHELGRDVX
DOWD UHVLVWHQFLD HO DODPEUH GH WHQVLyQ VH FDOLHQWD \ VH VHSDUD (Q HVWH LQVWDQWH VH
HVWDEOHFHXQDUFRIRUPDGRSRUSDUWtFXODVLRQL]DGDV LRQHVPHWiOLFRVGHOHOHPHQWR\
GHODODPEUH\JDVLRQL]DGR &RPRHODUFRSURYHHXQFDPLQRSDUDODFRUULHQWHGH
IDOODVHGHEHH[WLQJXLUUiSLGDPHQWH/DIXQFLyQGHH[WLQJXLUHODUFRFRUUHVSRQGHDO
FRUWDFRUULHQWH\DVXSULQFLSLRGHH[SXOVLyQ
 &DUDFWHUtVWLFDV7LHPSR&RUULHQWH

/DV FDUDFWHUtVWLFDV WLHPSRFRUULHQWH GH XQD OiPLQD IXVLEOH VH GHWHUPLQDQ SRU
HQVD\R\VRQVXPLQLVWUDGDVSRUHOIDEULFDQWH
'RVFXUYDVVRQGHLQWHUpVD ODFXUYDPtQLPDGHIXVLyQ\E ODFXUYDPi[LPDGH
GHVSHMH YHUILJ /DFRUULHQWHVHJUiILFDHQHOHMHKRUL]RQWDO\HOWLHPSRHQHOHMH
YHUWLFDOVREUHXQDHVFDOD/2*/2*

)LJ &XUYDV7LHPSR &RUULHQWH &7& 7tSLFDVGH XQ)XVLEOH



)LJ&RUULHQWHGH)DOODHQXQ)XVLEOH7LSR/iPLQD1R/LPLWDGRU

(OLQWHUYDORHQWUHHOLQLFLRGHODIDOOD\HOLQLFLRGHODUFRHVHOWLHPSRGHIXVLyQ W I 
(OLQWHUYDORGHGXUDFLyQGHODUFRHVHOWLHPSRGHDUTXHR W D /DVXPDGHOWLHPSR
GH IXVLyQPiVHOWLHPSRGHDUTXHRHVHOWLHPSRGHGHVSHMH W G WI WD 
/D FXUYD PtQLPD GH IXVLyQ GD ORV YDORUHV PtQLPRV GH ORV WLHPSRV GH IXVLyQ HQ
IXQFLyQ GH OD FRUULHQWH FRQ WRGDV ODV YDULDFLRQHV SRVLWLYDV (O HUURU HV VLHPSUH
SRVLWLYR 

/DFXUYDPi[LPDGHGHVSHMHGDORVYDORUHVPi[LPRGHORVWLHPSRVGHGHVSHMHHQ
IXQFLyQ GH OD FRUULHQWH FRQ WRGDV ODV YDULDFLRQHV QHJDWLYDV (O HUURU VLHPSUH HV
QHJDWLYR 
(Q OD ILJ  VH PXHVWUD HO FRPSRUWDPLHQWR WtSLFR GH OD FRUULHQWH GH IDOOD HQ XQ
IXVLEOHWLSROiPLQD 1R/LPLWDGRU 

/DV FDUDFWHUtVWLFDV GH RSHUDFLyQ GH ODVOiPLQDVIXVLEOHVVRQREWHQLGDVHQHQVD\RV


KHFKRVD&GHWHPSHUDWXUD\FRQFHURFRUULHQWHGHSUHFDUJD
 'LPHQVLRQDGRGHODV/iPLQDV)XVLEOHV ((,1(0$5$7,1* 

/D XQLILFDFLyQ GH ODV QRUPDV TXH HVSHFLILFDQ OD FRUULHQWH QRPLQDO \ ODV
FDUDFWHUtVWLFDV WLHPSRFRUULHQWH &7& SURYHHQ LQWHUFDPELDELOLGDG HOpFWULFD HQWUH
WRGRVORVIDEULFDQWHVGHOiPLQDVGHXQGHWHUPLQDGRWDPDxR
/DVOiPLQDVIXVLEOHVVHGLYLGHQVHJ~QVXFRUULHQWHQRPLQDO HQWUHVFDWHJRUtDV
x
x
x

7DPDxRV3UHIHULGRVDPSHULRV
7DPDxRV1R3UHIHULGRVDPSHULRV
3RUGHEDMRGHDPSHULRVDPSHULRV



$PEDV VHULHV VRQ DFHSWDEOHV \ FRPSOHWDV SRU VL PLVPDV 1R KD\ XQD HVFRJHQFLD
HVSHFLDO HQ DSOLFDFLRQHV HQ HO FDPSR R HQ VX RSHUDFLyQ $PEDV VHULHV SURYHHQ HO
PLVPR UDQJR DPSOLR GH FRRUGLQDFLyQ HQWUH OiPLQDV DG\DFHQWHV 3HUR HO PH]FODU
OiPLQDVDG\DFHQWHVGHDPEDVVHULHVOLPLWDHOUDQJRGHFRRUGLQDFLyQ

 /iPLQDV5iSLGDV\/HQWDV

/DVQRUPDV((,1(0$GLYLGHODV/iPLQDVHQGRVWLSRV5iSLGDV.\/HQWDV7/DV
OiPLQDV . \ 7 GHO PLVPR WDPDxR WLHQHQ SXQWRV LGpQWLFRV SDUD  y  VHJXQGRV
SHURWLHQHQGLIHUHQWHV&7&VLHQGRODOiPLQD7PiVOHQWDSDUDDOWDVFRUULHQWHVTXHOD
OiPLQD.HTXLYDOHQWH
/DGLIHUHQFLDHQWUHDPEDVHVODUHODFLyQGHYHORFLGDG 59 TXHHVODUHODFLyQHQWUH
ODFRUULHQWHGHIXVLyQDVHJXQGRV\ODFRUULHQWHDVHJXQGRVSDUDOiPLQDVKDVWD
DPSHULRV\HQWUHVHJXQGR\VHJXQGRVSDUDOiPLQDVVREUHDPSHULRV
/DV/iPLQDV7WLHQHQUHODFLRQHVGHYHORFLGDGHQWUH\/DVWLSR.HQWUH
\ 9HUILJ

, ,
59  SDUDIXVLEOHVKDVWD$\59  SDUDIXVLEOHVSRUHQFLPDGH$
, ,

)LJ &XUYDV7tSLFDVSDUD)XVLEOHV7LSR7\7LSR.FRQHO0LVPR9DORUGH
&RUULHQWH1RPLQDO



 /iPLQDVWLSR+

3DUDDMXVWDUVHDUHTXHULPLHQWRVHVSHFLDOHVWDOFRPRSURWHFFLyQSULPDULDGHSHTXHxRV
WUDQVIRUPDGRUHVVHKDQGHVDUUROODGROiPLQDVIXVLEOHVSRUGHEDMRGHDPSHULRV

/iPLQDVSDUDDOWDVFRUULHQWHVWUDQVLWRULDV +,*+685*( GLPHQVLRQDGDVSDUD


  \  DPSHULRV HVWiQ HQ HVWD FDWHJRUtD 7,32 +  (VWDV OiPLQDV HVWiQ
HVSHFLDOPHQWH GLVHxDGDV SDUD SURSRUFLRQDU SURWHFFLyQ GH VREUHFDUJD  \ HYLWDU
RSHUDFLRQHV LQQHFHVDULDV GXUDQWH VREUHFRUULHQWHV WUDQVLWRULDV GH FRUWD GXUDFLyQ
DVRFLDGDVFRQHODUUDQTXHGHPRWRUHV\GHVFDUJDVDWPRVIpULFDV

$QH[RDHVWHOLEURVHHQWUHJDXQMXHJRFRPSOHWRGHFXUYDVWLSR7.\+
)XVLEOHV/LPLWDGRUHVGH&RUULHQWH 

6RQ IXVLEOHV TXH HYLWDQ TXH OD FRUULHQWH GH FRUWRFLUFXLWR DOFDQFH HO YDORU Pi[LPR SL FR 
GLVSRQLEOH(VWRTXLHUHGHFLUTXHHOWLHPSRGHIXVLyQGHOIXVLEOHGHEHVHUPHQRUDXQFXDUWR
GH FLFOR \ VX WLHPSR GH GHVSHMH WLHPSR GH IXVLyQ  WLHPSR GH DUTXHR  PHQRU D PHGLR
FLFOR (Q OD ILJ  VH PXHVWUD HO HIHFWR OLPLWDGRU GH OD FRUULHQWH  HQ HVW RV IXVLEOHV \ VX
UHODFLyQ FRQ OD FRUULHQWH GH FRUWRFLUFXLWR GLVSRQLEOH /D UHGXFFLyQ UHVXOWDQWH HV
VXVWDQFLDOPHQWHPHQRUTXHHOYDORUPi[LPRGHFRUULHQWHGLVSRQLEOHGHFRUWRFLUFXLWR
(O XVR GH IXVLEOHV OLPLWDGRUHV GH FRUULHQWH SHUPLWH UHGXFLU HO DPDUUH GH ODV HVWUXFWXUDV \
HYLWDXWLOL]DUFRPSRQHQWHVFRQDOWRVYDORUHVGHVRSRUWHGHFRUULHQWHGHFRUWRFLUFXLWR
 (IHFWROLPLWDGRUGH&RUULHQWH

/DFRUULHQWHHVSHUDGDHVODFRPSRQHQWHVLPpWULFDGHODFRUULHQWHGHIDOODTXHSXHGH
IOXLUVLQRHVOLPLWDGDSRUODDSHUWXUDGHOIXVLEOH(OVHJPHQWR$%GHODILJPXHVWUD
ODUHODFLyQHQWUHODFRUULHQWHSLFRLQVWDQWiQHD\ODFRUULHQWHHVSHUDGDGHFRUWRFLUFXLWR
(O HIHFWR GHO IXVLEOH HQ HO FLUFXLWR HV OLPLWDU OD FRUULHQWH SLFR LQVWDQWiQHD D XQ YDORU
PHQRUDOUHSUHVHQWDGRSRUHOVHJPHQWR$%/DFDUDFWHUtVWLFDOLPLWDGRUDGHOIXVLEOHSRU
GHEDMRGHOVHJPHQWR$%PXHVWUDHOQLYHOGHFRUULHQWHTXHGHMDUiSDVDUHOIXVLEOH3RU
HMHPSOR VXSyQJDVH TXH HO YDORU 506 GH FRUULHQWH GLVSRQLEOH GH FRUWRFLUFXLWR
FDOFXODGD HQ EDVH D ODV FRQVWDQWHV GHO FLUFXLWR HV GH  DPSHULRV VLPpWULFRV
/H\HQGR HVWH YDORU HQ HOVHJPHQWR$%VHHQFXHQWUDTXHHOYDORUSLFRLQVWDQWiQHRHV
GHDPSHULRV6LVHXWLOL]DXQIXVLEOHFRQODVFDUDFWHUtVWLFDVGDGDVHOSLFRGHOD
FRUULHQWHGHSDVRVHUiGHDOUHGHGRUGHDPSHULRVGHODFRUULHQWHTXHIOXLUtD
VLQRHVWXYLHUDHOIXVLEOH7DPELpQSXHGHYHUVHHOHIHFWRGHHVWRVIXVLEOHVVXSRQLHQGR
TXHSRUHOFLUFXLWRFLUFXODUiXQDFRUULHQWHHTXLYDOHQWHGHDPSHULRVVLPpWULFRVHQ
OXJDUGHDPSHULRVDOSURGXFLUVHODIDOOD

(OJUDGRGHOLPLWDFLyQGHFRUULHQWHGHORVIXVLEOHVJHQHUDOPHQWHVHUHSUHVHQWDHQIRUPD
GH FXUYDV GH FRUULHQWH SLFR SHUPLVLEOHV  WDPELpQ OODPDGDV FXUYDV GHO HIHFWR GH
OLPLWDFLyQ GH FRUULHQWH  VRQ ~WLOHV GHVGH HO SXQWR GH YLVWD GH OD GHWHUPLQDFLyQ GHO
JUDGRGHSURWHFFLyQFRQWUDFRUWRFLUFXLWRVTXHSURSRUFLRQDHOIXVLEOHDOHTXLSR YHUILJ
  (VWDV FXUYDV PXHVWUDQ HO SLFR LQVWDQWiQHR GH FRUULHQWH  SHUPLVLEOH FRPR XQD
IXQFLyQGHODFRUULHQWHVLPpWULFD506GLVSRQLEOH/D OtQHDUHFWDSUHVHQWDXQDUHODFLyQ
GH  SDUD XQ IDFWRU GH SRWHQFLD GH  HQWUH OD FRUULHQWH SLFR LQVWDQWiQHD OD FXDO



DSDUHFHUtDHQHOFLUFXLWRVLQXQGLVSRVLWLYROLPLWDGRUGHFRUULHQWH\ODFRUULHQWH506
VLPpWULFDGLVSRQLEOH

)LJ &RPSRUWDPLHQ WRGHORV)XVLEOHV/LPLWDGRUHVGH&RUULHQWH

/D Pi[LPD FRUULHQWH LQVWDQWiQHD R SLFR GH FRUULHQWH TXH SDVD D WUDYpV GHO IXVLEOH VH
OODPD&RUULHQWH3HUPLVLEOH (VWHYDORUWDPELpQVHSXHGHH[SUHVDUHQDPSHULRV506
&RQ OD OLPLWDFLyQ GH FRUULHQWH ORV HVIXHU]RV PHFiQLFRV \ WpUPLFRV VREUH HO HTXLSR
SURWHJLGRVRQVXVWDQFLDOPHQWHUHGXFLGRVDVtFRPRODHQHUJtDFDORUtILFDJHQHUDGD

'HHVWDFXUYDVHREWLHQHQORVVLJXLHQWHVGDWRV




&RUULHQWHSLFRSHUPLVLEOH HIHFWRPDJQpWLFR
&RUULHQWHVLPpWULFD506HTXLYDOHQWHDSDUHQWH HIHFWRFDORUtILFR 
7LHPSRGHGHVSHMH PHQRUGHFLFOR



)LJ &DUDFWHUtVWLFD7tSLFDGH/LPLWDFLyQGH&RUULHQWHGHXQ)XVLEOH/LPLWDGRU

)LJ &XUYDVGH&RUULHQWH3LFR3HUPLVLEOH



 6HOHFWLYLGDGGH)XVLEOHV/LPLWDGRUHV

/D VHOHFWLYLGDG VH SXHGH GHILQLU FRPR HO DLVODPLHQWR FRPSOHWR GH XQ FLUFXLWR IDOODGR
UHVSHFWR DO SXQWR GH IDOOD VLQ FDXVDU GLVWXUELRV D FXDOTXLHUD GH ORV RWURV GLVSRVLWLYRV GH
SURWHFFLyQGHOVLVWHPD/DILJXUDDLOXVWUDODRSHUDFLyQVHOHFWLYDGHXQFLUFXLWRUDGLDO
'RVIXVLEOHVOLPLWDGRUHVRSHUDQGREDMRFRQGLFLRQHVGHFRUWRFLUFXLWRVRQVHOHFWLYRVFXDQGR
OD HQHUJtD WRWDO GH GHVSHMH GHO IXVLEOH % HV PHQRU TXH OD HQHUJtD GH IXVLyQ GHO IXVLEOH
$WDOFRPRVHLOXVWUDHQODILJE

)LJ 6HOHFWLYLGDGGH)XVLEOHV /LPLWDGRUHV



% &RUWDFRUULHQWH3RUWD)XVLEOHV

/DV OiPLQDV IXVLEOHV YDQ FRORFDGDV HQ XQ GLVSRVLWLYR GH VRSRUWH TXH WDPELpQ WLHQH OD
IXQFLyQ GH LQWHUUXPSLU HO DUFR \ GH VHUYLU GH VHFFLRQDGRU GH PDQLREUD OODPDGRV
FRUWDFRUULHQWHV &872876
/RVFRUWDFRUULHQWHVSDUDOtQHDVDpUHDVGHGLVWULEXFLyQVHGLYLGHQHQ
D &HUUDGRV
E $ELHUWRV
F 'HOiPLQDDELHUWD

/DILJPXHVWUDHVWRVWUHVWLSRV

)LJ &RUWDFRUULHQWHVSDUD'LVWULEXFLyQ
/DPD\RUtDGHORVFRUWDFRUULHQWHVRSHUDQEDMRHOSULQFLSLRGHH[SXOVLyQHPSOHDQGR XQWXER
TXHFRQILQDHODUFRFRQXQDILEUDGHVLRQL]DGRUD\ODOiPLQDIXVLEOH
3DUD LQWHUUXPSLU OD FRUULHQWH GH IDOOD OD ILEUD HV FDOHQWDGD DO IXQGLUVH HO HOHPHQWR IXVLEOH
HPLWLGR JDVHV GHVLRQL]DGRUHV TXH VH DFXPXOHQ GHQWUR GHO WXER (O DUFR HV HORQJDGR
FRPSULPLGR \ HQIULDGR GHQWUR GHO WXER \ ORV JDVHV TXH VH HVFDSDQ SRU ORV H[WUHPRV
H[SXOVDQ SDUWH GH ODV SDUWtFXODV TXH PDQWLHQHQ HO DUFR (O UHVWDEOHFLPLHQWR GHO DUFR
GHVSXpV TXH OD FRUULHQWH SDVD D WUDYpV GHO SXQWR GH FHUR VH HYLWD SRU OD SUHVHQFLD GH OR V
JDVHV FRQ VX H[WUHPD SUHVLyQ \ WXUEXOHQFLD TXH LQFUHPHQWD OD UHVLVWHQFLD  GLHOpFWULFD GHO
HVSDFLR HQWUH ORV WHUPLQDOHV /RV JDVHV D DOWD SUHVLyQ H[SXOVDQ HQWRQFHV HO UHVWR GH ORV
LRQHVTXHSHUPDQHFHQHQHOWXER



D 'LPHQVLRQDGRGHORV&RUWDFRUULHQWH

/RV FRUWDFRUULHQWHV HVWiQ GLPHQFLRQDGRV SRU 1(0$ HQ EDVH D IUHFXHQFLD FDSDFLGDG
QRPLQDO GH FRUULHQWH YROWDMH QRPLQDO Pi[LPR YROWDMH GH GLVHxR \ FDSDFLGDG GH
LQWHUUXSFLyQ

E )DFWRUHVGH6HOHFFLyQSDUD&RUWDFRUULHQWHV

(QHVWDVHFFLyQVHGDUiQODVUHJODV EiVLFDV\ODVSUiFWLFDVPiVXVXDOHVHQODDSOLFDFLyQGH
IXVLEOHV\FRUWDFRUULHQWHHQVLVWHPDVGHGLVWULEXFLyQ
D /DLQIRUPDFLyQUHTXHULGDGHOVLVWHPDGHGLVWULEXFLyQSDUDVHOHFFLRQDUFRUWDFRUULHQWH
HV
,
,,
,,,
,9

9ROWDMHGHOVLVWHPD\QLYHOGHDLVODPLHQWR
5HODFLyQ;5
&RUULHQWHPi[LPDGHIDOODHQHOSXQWRGHDSOLFDFLyQ
0i[LPDFRUULHQWHGHFDUJD

(VWRVFXDWURIDFWRUHVGHWHUPLQDQWUHVHVSHFLILFDFLRQHV




&RUULHQWHGHUpJLPHQSHUPDQHQWH QRPLQDO
9ROWDMH
&DSDFLGDGGHLQWHUUXSFLyQ

E 6HOHFFLyQGHOD&RUULHQWH1RPLQDO

'HEH VHU PD\RU R LJXDO D OD Pi[LPD FRUULHQWH GH FDUJD TXH VRSRUWDUi 'HEH
FRQVLGHUDUVH OD FRUULHQWH GH FDUJD Pi[LPD ODV VREUHFDUJDV HVSHUDGDV DUPyQLFRV
SHUVLVWHQWHV\VLHVSRVLEOHSUHYHUHOFUHFLPLHQWRHQODFDUJD

F 6HOHFFLyQGHO9ROWDMH1RPLQDO

(OYROWDMHDGHFXDGRHVWDGHWHUPLQDGRSRUODVVLJXLHQWHVFDUDFWHUtVWLFDVGHOVLVWHPD
 9ROWDMHPi[LPR/tQHDD/tQHD // y/tQHDD7LHUUD /7
 6LVWHPDVGHSXHVWDDWLHUUD
 &LUFXLWRWULIiVLFRRPRQRIiVLFR

(VWDV FDUDFWHUtVWLFDV GHWHUPLQDQ HO YROWDMH GH UHFXSHUDFLyQ YLVWR SRU HO
FRUWDFRUULHQWH FXDQGR VH LQWHUUXPSH OD IDOOD (VWH YROWDMH GH UHFXSHUDFLyQ GHEH VHU
LJXDO R PHQRU DO Pi[LPR YROWDMH QRPLQDO GHO FRUWDFRUULHQWH OR FXDO GLFWD ODV
VLJXLHQWHVUHJODVGHVHOHFFLyQ


(QVLVWHPDVQRSXHVWRVDWLHUUD



(QVLVWHPDVWULIiVLFRVHIHFWLYDPHQWHSXHVWRVDWLHUUD

(OYROWDMHQRPLQDOGHEHVHULJXDORPD\RUDOYROWDMHPi[LPROtQHDDOtQHD





G

3DUD FDUJDV PRQRIiVLFDV HQ OtQHDV UDPDOHV HOYROWDMHQRPLQDOGHEH


VHULJXDORPD\RUTXHHOPi[LPRYROWDMHDWLHUUD
(QDSOLFDFLRQHVWULIiVLFDVGHEHXVDUVHHOYROWDMH//SDUDVHOHFFLRQDU
HOYROWDMHQRPLQDO

6HOHFFLyQGHOYROWDMHQRPLQDO OLPLWDGRUHVGH&RUULHQWH 

/RVIXVLEOHVOLPLWDGRUHVGHFRUULHQWHGHEHQWHQHUXQYROWDMHQRPLQDOLJXDORPD\RU
TXHHOPi[LPRYROWDMHGHOtQHDDOtQHDSDUDDSOLFDFLRQHVWULIiVLFDV\Pi[LPRYROWDMH
OtQHDDWLHUUDSDUDDSOLFDFLRQHVPRQRIiVLFDVDWLHUUD

H6HOHFFLyQGHODFDSDFLGDGGHLQWHUUXSFLyQGHFRUULHQWH

/D FDSDFLGDG QRPLQDO GH LQWHUUXSFLyQ GH FRUULHQWH  VLPpWULFD GHO IXVLEOH GHEH VHU
LJXDORPD\RUDODPi[LPDFRUULHQWHGHIDOODSRVLEOHHQHOSXQWRGHORFDOL]DFLyQGHO
IXVLEOH
/DFDSDFLGDGGHLQWHUUXSFLyQGHORVFRUWDFRUULHQWHVHVWiEDVDGDHQYDORUHV;5TXH
VRQ LJXDOHV R PD\RUHV D DTXHOORV HQFRQWUDGRV HQ OD PD\RUtD GH ORV VLVWHPDV GH
GLVWULEXFLyQ SRU OR FXDO ORV YDORUHV ;5 QR VRQ JHQHUDOPHQWH FUtWLFRV 6LQ
HPEDUJR HQ ODV FHUFDQtDV GH VXEHVWDFLRQHV JUDQGHV ORV YDORUHV ;5 SXHGHQ  VHU
PD\RUHV TXHDTXHOORVXVDGRVSDUDGLPHQVLRQDUODFDSDFLGDGGHLQWHUUXSFLyQGHORV
FRUWDFRUULHQWHV OR FXDO SRU VXSXHVWR GLVPLQX\H OD FDSDFLGDG GH LQWHUUXSFLyQ GHO
FRUWDFRUULHQWH \ SXHGH UHTXHULUVH XQ UHDMXVWH (VWH UHDMXVWH VH KDFH XWLOL]DQGR ODV
FXUYDVGHFRUUHFFLyQGHODILJ
3RU HMHPSOR 6XSyQJDVH TXH HQ XQ SXQWR GH XQ VLVWHPD GH  .9 OD
FRUULHQWHPi[LPDGHIDOODHVGH.$\ODUHODFLyQ;5 \VHGHVHDDSOLFDUXQ
FRUWDFRUULHQWH 3DUD HVWH ILQ VH GLVSRQH GH GRV FRUWDFRUULHQWHV XQR GH  .$
VLPpWULFRV 506 \.$DVLPpWULFRV 506 \RWURGH.$ 506 VLPpWULFRV
\.$DVLPpWULFRV 506 &XiOGHORVGRVGHEHVHOHFFFLRQDUVH"
6ROXFLyQ
(O )DFWRU GH 0XOWLSOLFDFLyQ GHO SULPHU FRUWDFRUULHQWH HV    TXH
FRUUHVSRQGH D XQD UHODFLyQ ;5 |  YHU )LJ   3DUD OD UHODFLyQ ;5   HO
)DFWRU GH 0XOWLSOLFDFLyQ HV GH  /XHJR OD FDSDFLGDG GH LQWHUUXSFLyQ VLPpWULFD
UHDOGHHVWHFRUWDFRUULHQWHSDUDODVFRQGLFLRQHVGDGDVHVGH
 [    .$ PHQRU DO YDORU HVSHFLILFDGR GH  .$ OXHJR GHEH
XWLOL]DUVHHOVHJXQGRFRUWDFRUULHQWHGH.$
2WUDIRUPDSDUDODUHODFLyQ;5 HO)DFWRUGH0XOWLSOLFDFLyQHVGHOXHJR
HO SULPHU FRUWDFRUULHQWH GHEHUtD VHU FDSD] GHLQWHUUXPSLUHQDPSHULRVDVLPpWULFRV
 [    .$ PD\RU TXH HO YDORU HVSHFLILFDGR GH .$ OXHJR VH GHEH
XWLOL]DUHOFRUWDFRUULHQWHGH.$

 )DFWRUHVGHVHOHFFLyQGH/iPLQDV)XVLEOHV

 &XDQGR VH XWLOL]DQ SDUD SURWHJHU HTXLSRV WDOHV FRPR WUDQVIRUPDGRUHV \
FDSDFLWRUHVODVHOHFFLyQGHSHQGHGHODVFDUDFWHUtVWLFDVGHOHTXLSR



 &XDQGR VH XVDQ HQ ODV OtQHDV OD FRRUGLQDFLyQ FRQ RWURV GLVSRVLWLYRV HQ HO
VLVWHPDGHWHUPLQDHOWLSR\WDPDxRGHODOiPLQD

D 6HOHFFLyQGHOWLSRGHIXVLEOH

6HGLVSRQHGHOiPLQDVOHQWDV 7 UiSLGDV . DVtFRPRRWUDV 1\+ QLQJ~QWLSRHV


HO PHMRU SDUD WRGDV ODV DSOLFDFLRQHV /D VHOHFFLyQ GHSHQGH GH OD ILORVRItD GH
SURWHFFLyQHVWDEOHFLGDHQFDGDVLVWHPDGHGLVWULEXFLyQ

)LJ &XUYDVGH&RUUHFFLyQSDUD&RUWDFRUULHQWHV

(QJHQHUDOVHSXHGHDILUPDUTXH

 /DV OiPLQDV UiSLGDV GHVSHMDQ OD IDOOD GHO VLVWHPD HQ PHQRU WLHPSR \
FRRUGLQDQPHMRUFRQUHOpVPX\LQYHUVRVRH[WUHPDGDPHQWHLQYHUVRV
 /DV OiPLQDV OHQWDV VRSRUWDQ FRUULHQWHV WUDQVLWRULDV \ WUDQVLWRULDV
PDJQHWL]DQWHV ,QUXVK &XUUHQW  PD\RUHV \ FRRUGLQDQ PHMRU HQWUH Vt VREUH
XQUDQJRPiVDPSOLRGHFRUULHQWH



E 6HOHFFLyQGHODFRUULHQWHQRPLQDO

/D HVFRJHQFLD GH OD OiPLQD GH WDPDxR PtQLPR HV GDGD SRU OD Pi[LPD FRUULHQWH GH
FDUJD SRVLEOH HQ HO SXQWR GH ORFDOL]DFLyQ GHO IXVLEOH DVt FRPR WDPELpQ SRU OD
FRUULHQWH WUDQVLWRULD PDJQHWL]DQWH ,QUXVK  \ OD FRUULHQWH GH DUUDQTXH HQ FDUJD IUtD
FRUULHQWHGHFDUJD IUtD 
/DWDEOD1GDHOGLPHQVLRQDPLHQWR1(0$SDUDOiPLQDVIXVLEOHV/DVHOHFFLyQGHO
WDPDxR GHO IXVLEOH SDUD XQD GHWHUPLQDGD DSOLFDFLyQ VH KDFH HQ IXQFLyQ GH OD
FDSDFLGDGFRQWLQXDGHVRSRUWHGHFRUULHQWH\QRGHODFRUULHQWHQRPLQDO(QJHQHUDO
ORV IXVLEOHVWLSR7\.SXHGHQVRSRUWDUHQIRUPDFRQWLQXDVLQGDxDUVHYHFHVOD
FRUULHQWHQRPLQDO

/RV YDORUHV GH FRUULHQWH GH FDUJD SUHFDUJD  \ GH WHPSHUDWXUD DPELHQWH DIHFWDQ OD
&7& GH ODV OiPLQDV \ HVWR VH GHEH FRQVLGHUDU FXDQGR VH DSOLFDQ ORV IXVLE OHV
5HFXpUGHVH TXH ODV &7& VH REWLHQHQ SDUD  & GH WHPSHUDWXUD DPELHQWH \ FHUR
FRUULHQWH GH SUHFDUJD OR FXDO QR FRLQFLGH FRQ ODV FRQGLFLRQHV GH OD OiPLQD IXVLEOH
FXDQGRHVWiQLQVWDODGDV\VHSUHVHQWDXQDIDOOD
7$%/$1
&$3$&,'$'&217,18$'(75$163257('(&255,(17(
3$5$/0,1$6)86,%/(6
,QRPLQDO

&RUULHQWH

,QRPLQDO

&RUULHQWH

,QRPLQDO

&RUULHQWH

,QRPLQDO

&RUULHQWH

7LSR+\1

$PSHULRV

7LSR1

$PSHULRV

7LSR.R7

$PSHULRV

7LSR.R7

$PSHULRV

)XVLEOHV

+
+
+
+
+
+
15DWLQJ






&RQWLQXD













)XVLEOHV













&RQWLQXD













)XVLEOHV










&RQWLQXD










)XVLEOHV









&RQWLQXD









6yORFXDQGRVHXVDFRQFRUWDFRUULHQWHVGHy$PSV
6yORFXDQGRVHXVDFRQFRUWDFRUULHQWHVGH$PSV
/LPLWDGDSRUODFRUULHQWHQRPLQDOGHOFRUWDFRUULHQWH

& 5HFRQHFWDGRUHV$XWRPiWLFRVGH/tQ HD 5(&/26(5 

(V XQ GLVSRVLWLYR DXWRFRQWURODGR SDUD LQWHUUXPSLU \ UHFHUUDU DXWRPiWLFDPHQWH FLUFXLWRV


GHFRUULHQWHDOWHUQDFRQXQDVHFXHQFLDSUHGHWHUPLQDGDGHDSHUWXUDV\UHFLHUUHVVHJXLGDV
SRU XQ FLHUUH SHUPDQHQWH FRQ UHSRVLFLyQ GH FRQWHR R DSHUWXUD SHUPDQHQWH $16,
F



(O UHFRQHFWDGRU DXWRPiWLFR DO HVWDU SURYLVWR GH ODV IXQFLRQHV GH GLVSDUR \ UHFLHUUH
HOLPLQD ODV LQWHUUXSFLRQHV SURORQJDGRV HQ VLVWHPD GH GLVWULEXFLyQ GHELGR D IDOODV
WHPSRUDOHVRFRQGLFLRQHVWUDQVLWRULDVGHVREUHFRUULHQWH
 &ODVLILFDFLyQGHORVUHFRQHFWDGRUHV

D 3RUVXWLSR
x 7ULIiVLFRV
x 0RQRIiVLFRV
E 3RUVXWLSRGHFRQWURO
x +LGUiXOLFRV
x (OHFWUyQLFRV$QDOyJLFRV\'LJLWDOHV
F 3RUVXPHGLRGHLQWHUUXSFLyQ
x (QDFHLWH
x $OYDFtR
x 6)

 0RGRGHRSHUDFLyQ

D 0RQRIiVLFRV VH XWLOL]DQ HQ OtQHDV PRQRIiVLFDV R HQ OtQHDV WULIiVLFDV FRQ FDUJDV
PRQRIiVLFDV
E 7ULIiVLFRV VH XWLOL]DQ FXDQGR VH UHTXLHUHQ OD DSHUWXUD GH ODV  IDVHV SDUD IDOODV
SHUPDQHQWHV SDUD SUHYHQLU DOLPHQWDFLyQ PRQRIiVLFD GH FDUJDV WULIiVLFDV FRPR HO
FDVRGHPRWRUHVWULIiVLFRV

/RVUHFRQHFWDGRUHVWULIiVLFRVWLHQHQGRVPRGRVGHRSHUDFLyQ



 'LVSDUR PRQRIiVLFR $SHUWXUD SHUPDQHQWH WULIiVLFD WUHV UHFRQHFWDGRUHV


PRQRIiVLFRVHQDUUHJORWULIiVLFR
 'LVSDURWULIiVLFR $SHUWXUDSHUPDQHQWHWULIiVLFD

&RQWURO+LGUiXOLFR

(VWH WLSR GH UHFRQHFWDGRU GHWHFWD ODV VREUHFRUULHQWHV PHGLDQWH XQD ERELQD HQ VHULH
FRQODOtQHD&XDQGRIOX\HXQDFRUULHQWHPD\RUDODFRUULHQWHPtQLPDGHGLVSDURGHOD
ERELQDXQpPERORHVDEVRUELGRSRUODERELQDDEULHQGRORVFRQWDFWRVGHOUHFRQHFWDGRU
)LJ   /D WHPSRUDUL]DFLyQ \ ODV VHFXHQFLDV GH RSHUDFLyQ VH ORJUDQERPEHDQGR
DFHLWHDWUDYpVGHFiPDUDVKLGUiXOLFDVVHSDUDGDV
/DFRUULHQWHPtQLPDGHGLVSDURGHODERELQDHVHOGHODFRUULHQWHQRPLQDOGHO
UHFRQHFWDGRUFRQXQDWROHUDQFLDGHr

&RQWURO(OHFWUyQLFR

(O FRQWURO HOHFWUyQLFR GH ORV UHFRQHFWDGRUHV HV PiV IOH[LEOH GH PiV IiFLO DMXVWH \
SUXHED\PiVSUHFLVRTXHORVKLGUiXOLFRV(OFRQWUROYDHQXQJDELQHWHVHSDUDGRGHO



FXHUSR GHO UHFRQHFWDGRU OR FXDO SHUPLWH FRQYHQLHQWHPHQWH HO FDPELR GH ODV
FDUDFWHUtVWLFDV WLHPSRFRUULHQWH GH ORV QLYHOHV GH FRUULHQWH GH GLVSDUR \ GH ODV
VHFXHQFLDV GH RSHUDFLyQ GHO UHFRQHFWDGRU VLQ EDMDUOR R GHVHQHUJL]DUOR 6H GLVSRQHQ
GH XQD DPSOLD YDULHGDG GH DFFHVRULRV SDUD PRGLILFDU ODV RSHUDFLRQHV EiVLFDV \
UHVROYHU GLIHUHQWH SUREOHPDV GH DSOLFDFLyQ (Q ODV ILJ  \  VH SUHVHQWDQ ORV
GLDJUDPDV GH EORTXHV GH UHFRQHFWDGRUHV FRQ FRQWURO HOHFWUyQLFR DQDOyJLFR  \ FRQ
FRQWURO GLJLWDO UHVSHFWLYDPHQWH (Q HVWRV UHFRQHFWDGRUHV OD FRUULHQWH PtQLPD GH
GLVSDURHVDMXVWDEOHHQXQDPSOLRUDQJRGHYDORUHV

)LJ 'LDJUDPD(VTXHPiWLFRGHXQ5HFRQHFWDGRU+LGUiXOLFR

)LJ 'LDJUDPDGH%ORTXHGHO&RQWURO(OHFWUyQLFRGHXQ5HFRQHFWDGRU

 $SOLFDFLRQHV
/RVUHFRQHFWDGRUHVVHSXHGHQXVDUHQFXDOTXLHUSDUWHGHOVLVWHPDGRQGHOR VYDORUHV
QRPLQDOHVGHOUHFRQHFWDGRUVHDQDGHFXDGRVDORVUHTXHULPLHQWRVGHOVLVWHPD YHU)LJ

/DVORFDOL]DFLRQHVOyJLFDVVRQ

D (QODVVXEHVWDFLRQHVFRPRSURWHFFLyQGHODOLPHQWDGRUSULQFLSDO
E 6REUH ODV OtQHDV D GLVWDQFLD GH ODV VXEHVWDFLRQHV SDUD VHFFLRQDU DOLPHQWDGRUHV
PX\ODUJR\HYLWDUODSpUGLGDGHWRGRHODOLPHQWDGRUSDUDODVIDOODVSHUPDQHQWHV\
SDUDPHMRUDUODVHQVLELOLGDGHQIDOODVDOILQDOGHODOtQHD



F (QUDPDOHVLPSRUWDQWHVGHODOLPHQWDGRUSULQFLSDOFRPRSURWHFFLyQSULQFLSDO

)LJ 'LDJUDPDGH%ORTXHGHO&RQWURO'LJLWDOGHXQ5HFRQHFWDGRU

 )DFWRUHVSDUDDSOLFDFLyQ

3DUD OD DSOLFDFLyQ FRUUHFWD GH ORV UHFRQHFWDGRUHV VH GHEHQ FRQVLGHUDU VHLV IDFWRUHV
SULQFLSDOHV

D 9ROWDMHGHOVLVWHPD(OYROWDMHQRPLQDOGHOUHFRQHFWDGRUGHEH VHUPD\RURLJXDODO
YROWDGH GH OtQHD SDUD DSOLFDFLRQHV WULIiVLFDV \ PD\RU R LJXDO DO YROWDMH GH IDOOD D
WLHUUDSDUDDSOLFDFLRQHVPRQRIiVLFDVHQVLVWHPDVSXHVWRVDWLHUUD
E 0i[LPD FRUULHQWH GH FDUJD /D FRUULHQWH QRPLQDO GHEH VHU PD\RU R LJXDO D OD
Pi[LPD FRUULHQWHGHFDUJD WULIiVLFDRPRQRIiVLFD HVSHUDGD
F 0i[LPDFRUULHQWHGHIDOODHQHOSXQWRGHDSOLFDFLyQ/DFDSDFLGDGGHLQWHUUXSFLyQ
GHO UHFRQHFWDGRU GHEH VHU PD\RU D OD Pi[LPD FRUULHQWH GH IDOOD TXH SXHGD
SURGXFLUVHHQHOSXQWRGHLQVWDODFLyQ/RVUHFRQHFWDGRUHVHVWiQGLVHxDGRVSDUDXQD
UHODFLyQ ;5   OXHJR HQ JHQHUDO QR HV QHFHVDULR FKHTXHDU OD FDSDFLGDG GH
LQWHUUXSFLyQSRUHVWHIDFWRU
G 0tQLPDFRUULHQWHGHIDOODHQOD]RQDGHSURWHFFLyQGHOUHFRQHFWDGRU/DFRUULHQWH
PtQLPD GH GLVSDUR GHEH VHU PHQRU D OD PtQLPD FRUULHQWH GH IDOOD HVSHUDGD HQ OD
]RQDGHSURWHFFLyQGHOUHFRQHFWDGRU
H &RRUGLQDFLyQFRQRWURVGLVSRVLWLYRVWDQWRHQHOODGRGHODIXHQWHFRPRHQHOGHOD
FDUJD /DV QHFHVLGDGHV GH FRRUGLQDFLyQ GLFWDQ OD VHFXHQFLD GH RSHUDFLyQ \ ODV
FDUDFWHUtVWLFDVDXWLOL]DUHQHOUHFRQHFWDGRU
I 'HWHFFLyQGHIDOODVDODWLHUUD



)LJ $SOLFDFLyQGHORV5HFRQHFWDGRUHV

&DUDFWHUtVWLFDVGH2SHUDFLyQ

/RV UHFRQHFWDGRUHV DXWRPiWLFRV WLHQHQ YDULDV FDUDFWHUtVWLFDV GH RSHUDFLyQ


WLHPSRFRUULHQWH 8QD FXUYD UiSLGD R LQVWDQWiQHDV &XUYD $  HV GHFLU VLQ UHWDUGR
LQWHQFLRQDO GH WLHPSR \ JHQHUDOPHQWH WUHV FXUYDV OHQWDV &XUYDV % & \ '  TXH
SXHGDQ VHU VHOHFFLRQDGDV VHJ~Q ODV QHFHVLGDGHV GH FRRUGLQDFLyQ  (Q ORV
UHFRQHFWDGRUHVFRQFRQWUROGLJLWDOVH FXHQWDFRQXQDJUDQYDULHGDGGHFDUDFWHUtVWLFDV
WDQWR LQVWDQWiQHDV FRPR WHPSRUL]DGDV TXH VH SXHGHQ FRPELQDU \ VHOHFFLRQDU D
YROXQWDG
/DILJDPXHVWUDODVFDUDFWHUtVWLFDVWtSLFDV7LHPSR &RUULHQWHGHXQUHFRQHFWDGRU
KLGUiXOLFR \ OD E OD VHFXHQFLD GH RSHUDFLyQ SDUD XQ DMXVWH GH GRV RSHUDFLRQHV
UiSLGDV\GRVOHQWDVHQ% $% 
/DV SULPHUDV RSHUDFLRQHV VRQ UiSLGDV SDUD GHVSHMDU IDOODV WHPSRUDOHV VLQ TXH OH
RFXUUDQ GDxRV D OD OtQHD 6L OD IDOOD HV SHUPDQHQWH HO WLHPSR GH UHWDUGR GH ODV
RSHUDFLRQHVOHQWDVOHSHUPLWHDOGLVSRVLWLYRPiVFHUFDQRDODVIDOODVRSHUDU\SRUOR
WDQWROLPLWDODLQWHUUXSFLyQDXQDSRUFLyQPHQRUGHOVLVWHPD

(Q ORV UHFRQHFWDGRUHV KLGUiXOLFR VH SXHGHQ SURJUDPDU GLIHUHQWHV VHFXHQFLDV GH
RSHUDFLyQ SHUR VLHPSUH GHEH KDEHU SRU OR PHQRV XQD RSHUDFLyQ UiSLGD (Q ORV
UHFRQHFWDGRUHV GH FRQWURO GLJLWDO VH SXHGH SURJUDPDU FXDOTXLHU FRPELQDFLyQ GH
RSHUDFLRQHVLQFOX\HQGRWRGDVUiSLGDVRWRGDVOHQWDV

(QORVUHFRQHFWDGRUHVKLGUiXOLFRVORVLQWHUYDORVGHUHFLHUUHVRQLJXDOHV\ILMRV 3DUD
FRUULHQWHVQRPLQDOHVKDVWD$YLHQHQFRQYDORUHVILMRVGHyVHJXQGRV
3DUDFRUULHQWHVPD\RUHVD$SXHGHQVHUWRGRVGHVHJXQGRVyHOSULPHURGH



VHJXQGRV \ ORV GRV VLJXLHQWHV GH  VHJXQGRV (Q ORV GLJLWDOHV ORV LQWHUYDORV GH
UHFLHUUH VH SXHGHQ SURJUDPDU HQ IRUPD LQGHSHQGLHQWH HQ XQD DPSOLD JDPD GH
YDORUHVGHDFXHUGRDODVQHFHVLGDGHVGHDSOLFDFLyQ

D &XUYDV7tSLFDV7LHPSR &RUULHQWH

E 6HFXHQFLDGH2SHUDFLyQ $ %

)LJ &DUDFWHUtVWLFDGH2SHUDFLyQGHXQ5HFRQHFWDGR U

' 6HFFLRQDOL]DGRUHV$XWRPiWLFRGH/tQHD

'LVSRVLWLYRDXWRFRQWHQLGRSDUDODDSHUWXUDGHXQFLUFXLWRHOpFWULFRGHVSXpVGHGHWHFWDU\
UHVSRQGHUDXQGHWHUPLQDGRQ~PHURGHLPSXOVRVVXFHVLYRVGHODFRUULHQWHGHPDJQLWXG
LJXDO R PD\RU TXH XQD PDJQLWXG GHWHUPLQDGD 6H DEUH PLHQWUDV HO FLUFXLWR HOpFWULFR
SULQFLSDOHVWiGHVHQHUJL]DGR7DPELpQSXHGHHVWDUGRWDGRGHODFDSDFLGDGGHVHURSHUDGR
PDQXDOPHQWHSDUDLQWHUUXPSLUFDUJDV $16,& 

/RV VHFFLRQDOL]DGRUHV RSHUDQ HQ FRPELQDFLyQ FRQ GLVSRVLWLYRV GH UHVSDOGR TXH
LQWHUUXPSDQ OD FRUULHQWH GH IDOOD \ TXH WHQJDQ RSHUDFLRQHV GH UHFLHUUH 1R WLHQHQ



FDUDFWHUtVWLFDV WLHPSRFRUULHQWH QL OD FDSDFLGDG GH LQWHUUXPSLU FRUULHQWHV GH IDOOD 6X
FRRUGLQDFLyQGHSHQGHIXHUWHPHQWHGHODVFDUDFWHUtVWLFDVGHOGLVSRVLWLYR GHUHVSDOGR

 8VRV

D 6HXWLOL]DGRQGHVHGHVHDVHFFLRQDUHOFLUFXLWRSHURQRHVSRVLEOHXWLOL]DUXQSDVR
PiVGHFRRUGLQDFLyQSRUODFHUFDQtDGHODVFXUYDVWLHPSRFRUULHQWH
E 6H XWLOL]D HQ UDPDOHV GRQGH KD\D PDJQLWXGHV PX\ DOWDV GH FRUULHQWH TXH QR
SHUPLWDQFRRUGLQDFLyQFRQIXVLEOHV

/RVVHFFLRQDOL]DGRUHVSURYHHQODIXQFLyQGHVHFFLRQDUHOFLUFXLWRDXQFRVWRPHQRUTXH
ORVUHFRQHFWDGRUHVSHUPLWLHQGRDGHPiVHOXVRGHIXVLEOHVDGHODQWHHQODOtQHD


3ULQFLSLRVGHRSHUDFLyQ 

/RVVHFFLRQDOL]DGRUHVRSHUDQHQFRQMXQWRFRQXQGLVSRVLWLYRGHUHVSDOGR GHOODGRGHOD
IXHQWH  TXH LQWHUUXPSD OD FRUULHQWH GH IDOOD \ TXH WHQJD RSHUDFLRQHV GH UHFLHUUH (O
VHFFLRQDOL]DGRUFXHQWDHOQ~PHURGHLQWHUUXSFLRQHVGHOGLDSRVLWLYRGHUHVSDOGR\DEUH
VXV FRQWDFWRV LQPHGLDWDPHQWH HQ  FLFORV Pi[LPR  GHVSXpV GH TXH HO Q~PHUR GH
LQWHUUXSFLRQHVLJXDODDOQ~PHURGHLQWHUUXSFLRQHVSUHVHOHFFLRQDGRSDUDGLVSDUR
/DILJPXHVWUDODIRUPDGHXELFDFLyQUHODWLYDGHOVHOHFFLRQDOL]DGRUHQHOFLUFXLWR\VX
RSHUDFLyQHQIXQFLyQGHODVRSHUDFLRQHVGHXQUHFRQHFWDGRU

)LJ 2SHUDFLyQGHXQ6HFFLRQDOL]DGRU$XWRPiWLFRGH/tQHD

/RVVHFFLRQDOL]DGRUHVYLHQHQHQYHUVLyQPRQRIiVLFDRWULIiVLFDFRQFRQWUROKLGUiXOLFRR
HOHFWUyQLFR YHUWDEOD1 

(O FRQWURO KLGUiXOLFR VH XWLOL]D HQ ORV VHFFLRQDOL]DGRUHV PRQRIiVLFRV \ HQ WULIiVLFRV GH
WDPDxRSHTXHxR(OFRQWUROIRUPDSDUWHLQWHJUDOGHOHTXLSR/DVREUHFRUULHQWHVHGHWHFWD
PHGLDQWH XQD ERELQD HQ VHULH FRQ OD OtQHD OD FXDO DEVRUEH XQ VROHQRLGH TXH DUPD HO
PHFDQLVPR GH FRQWHR FXDQGR OD VREUHFRUULHQWH GHVDSDUHFH VH OOHYD D FDER HO FRQWHR
ERPEHDQGR DFHLWH D WUDYpV GH FiPDUDV KLGUiXOLFDV 'HVSXpV GH XQ Q~PHUR
SUHGHWHUPLQDGR GH RSHUDFLRQHV GH ERPEHR VH OLEHUD XQ VHJXUR TXH OH SHUPLWH D XQ



UHVRUWH SUHFDUJDGR DEULU ORV FRQWDFWRV (VWRV VHFFLRQDOL]DGRUHV GHEHQ VHU FHUUDGRV
PDQXDOPHQWH
(OFRQWUROHOHFWUyQLFRXWLOL]DGRHQVHFFLRQDOL]DGRUHVWULIiVLFRVGHPD\RUWDPDxRHVPiV
IOH[LEOH\PiVIiFLOGHDMXVWDUTXHORVGHFRQWUROKLGUiXOLFR3HUPLWHFDPELDUORVQLYHOHV
GH FRUULHQWH PtQLPD GH DFWXDFLyQ HO Q~PHUR GH FRQWHRV \ HO WLHPSR GH PHPRULD VLQ
GHVHQHUJL]DU R GHVPRQWDU HO VHFFLRQDOL]DGRU 6H GLVSRQH GH XQ DPSOLR Q~PHUR GH
DFFHVRULRV SDUD PRGLILFDU ODV RSHUDFLRQHV EiVLFDV \ UHVROYHU PXFKRV SUREOHPDV GH
DSOLFDFLyQ
/DFRUULHQWHGHOtQHDHVGHWHFWDGDPHGLDQWHWUDQVIRUPDGRUHVGHFRUULHQWHLQVWDODGRVHQHO
VHFFLRQDOL]DGRU/DFRUULHQWHVHFXQGDULDHVHQYLDGDDOFRQWUROHOHFWUyQLFRHOFXDOHVWiHQ
XQ JDELQHWH VHSDUDGR (O FRQWURO HOHFWUyQLFR SURYHH OD LQWHOLJHQFLD SDUD GHWHFWDU OD
FRUULHQWH GH DFWXDFLyQ FRQWDU ODV RSHUDFLRQHV GHO GLVSRVLWLYR GH UHVSDOGR \ HQYLDU OD
VHxDO GH GLVSDUR DO GLVSRVLWLYR HOHFWURPHFiQLFR TXH OLEHUD HO UHVRUWH GH DSHUWXUD GH ORV
FRQWDFWRV $OJXQRV VHFFLRQDOL]DGRUHV HOHFWUyQLFRV VRQ RSHUDGRV SRU PRWRU \ VHSXHGHQ
FHUUDU\DVHDHOpFWULFDRPDQXDOPHQWH2WURVVRQVyORGHFLHUUHPDQXDO

'HILQLFLyQGH7pUPLQRV

D &RUULHQWHPtQLPDGHDFWXDFLyQ
1LYHO GH FRUULHQWH D SDUWLU GH OD FXDO HO VHFFLRQDOL]DGRU LQGLFD XQ FRQWHR (Q ORV
VHFFLRQDOL]DGRUHVKLGUiXOLFRVODFRUULHQWHGHDFWXDFLyQHV GHOYDORUQRPLQDO
GHODERELQD(QORVHOHFWUyQLFRVHOQLYHOVHDMXVWDGLUHFWDPHQWH

E 2SHUDFLyQGH&RQWHR
&DGDYH]TXHHOPHFDQLVPRGHFRQWHRDYDQ]DXQDSRVLFLyQKDFLDODRSHUDFLyQGH
DSHUWXUD(OVHFFLRQDOL]DGRUFXHQWDFXDQGRSRUpOFLUFXODXQDFRUULHQWH PD\RUDOD
FRUULHQWH PtQLPD GH DFWXDFLyQ \ OXHJR OD FRUULHQWH FDH SRU GHEDMR GH XQ
GHWHUPLQDGRQLYHO
F 7LHPSRGH0HPRULD
3HUtRGR GH WLHPSR GXUDQWH HO FXDO HO VHFFLRQDOL]DGRU UHWHQGUi VX FRQWHR
8VXDOPHQWHVHHVSHFLILFDFRPRXQYDORUPtQLPRFRQODVWROHUDQFLDVSRVLWLYDV(Q
ORV HTXLSRV GH FRQWURO KLGUiXOLFR HO WLHPSR GH PHPRULD VH ORJUD PHGLDQWH
PHFDQLVPRVGHHVFDSHGHDFHLWHSRUORWDQWRHOWLHPSRGHPHPRULDGHSHQGHGHOD
YLVFRVLGDGGHODFHLWHTXHDVXYH]GHSHQGHGHODWHPSHUDWXUDGHOHTXLSR(VWRGHEH
VHUWRPDGRHQFXHQWDHQODVDSOLFDFLRQHV(QORVHTXLSRVGHFRQWUROHOHFWUyQLFRHO
WLHPSRGHPHPRULDHVDMXVWDEOHGHQWURVHXQDPSOLRUDQJRGHYDORUHV
G 7LHPSRGH5HSRVLFLyQ
7LHPSR UHTXHULGR GHVSXpV GH XQD RSHUDFLyQ GH FRQWHR SDUD UHVWDXUDU HO
PHFDQLVPRGHFRQWHRDVXSRVLFLyQGHFHURWLHPSRGHPHPRULD

H &RQWHRVSDUDGLVSDUR
(OQ~PHURGHFRQWHRVTXHHOVHFFLRQDOL]DGRUUHDOL]DUiDQWHVGHDEULUVXVFRQWDFWRV
\ DLVODU HO FLUFXLWR (O Q~PHUR GH FRQWHRV GHEH SURJUDPDVH D XQD XQLGDG PHQRV
TXHHOQ~PHURGHRSHUDFLRQHVGHOGLVSRVLWLYRGHUHFLHUUH
2SHUDFLyQ



(OVHFFLRQDOL]DGRUHVEiVLFDPHQWHXQFRQWDGRUGHVREUHFRUULHQWHVHDQpVWDVSURGXFWR
GHIDOODVRQR&DGDYH]TXHSRUpOFLUFXOHXQDFRUULHQWHPD\RUDODFRUULHQWHPtQLPDGH
DFWXDFLyQ TXH GXUH SRU HO WLHPSR GH FRQWHR DSUR[LPDGDPHQWH  FLFORV Pi[LPR  VH
DUPD SDUD FRQWDU (O FRQWHR RFXUUH FXDQGR OD FRUULHQWH HV LQWHUUXPSLGD HV GHFLU
FXDQGR OD FRUULHQWH FDH SRU GHEDMR GHO  GH OD FRUULHQWH GH DFWXDFLyQ FRUULHQWH GH
GHVHQJDQFKH  VHJ~Q VH PXHVWUD HQ OD )LJ  $O FRPSOHWDU HO Q~PHUR GH FRQWHRV HO
VHFFLRQDOL]DGRUDEUHGHVSXpVGHTXHODFRUULHQWHKDVLGRLQWHUUXPSLGD

)LJ 2SHUDFLyQGH&RQWHRGHXQ6HFFLRQDOL]DGRU

8QDYH]TXHHOVHFFLRQDOL]DGRUVHDUPDFRQWDUiFXDQGR
D (O GLVSRVLWLYR GH UHVSDOGR UHFRQHFWDGRU R LQWHUUXSWRU FRQWURODGR SRU XQ UHOp GH
UHFLHUUH LQWHUUXPSHODFRUULHQWH
E 8QIXVLEOHRXQUHFRQHFWDGRUDJXDVDEDMRHQODOtQHDLQWHUUXPSHQODFRUULHQWH
F /DFRUULHQWH7UDQVLWRULD0DJQHWL]DQWH ,QUXVK yGH&DUJD)UtDFDHSRUGHEDMRGHO
YDORUGHGHVHQJDQFKH
$ OD PD\RUtD GH ORV VHFFLRQDOL]DGRUHV VH OHV SXHGH DGDSWDU GLVSRVLWLYRV SDUD SUHYHQLU
RSHUDFLRQHVHQORVFDVRVE\FGRQGHHOFRQWHRQRHVGHVHDEOH


)DFWRUHVSDUDODDSOLFDFLyQ

/DFRUUHFWDDSOLFDFLyQGHXQVHFFLRQDOL]DGRULPSOLFDODVHOHFFLyQGHORVVLJXLHQWHVYDORUHV

D 9ROWDMHQRPLQDO
(O YROWDMH GHO VHFFLRQDOL]DGRU GHEH H[FHGHU HO Pi[LPR YROWDMH OtQHD D OtQHD GHO
VLVWHPD HQ DSOLFDFLRQHV WULIiVLFDV y HO YROWDMH OtQHD D WLHUUD HQ DSOLFDFLRQHV
PRQRIiVLFDV
E &RUULHQWHQRPLQDO
(VWHYDORUGHFRUULHQWHGHEHVHUPD\RUTXHODFRUULHQWHGHFDUJDSLFRLQFOX\HQGRXQ
PDUJHQ SDUD HO FUHFLPLHQWR GH OD FDUJD 1RUPDOPHQWH VH VHOHFFLRQD GHO PLVPR
YDORUTXHODFRUULHQWHQRPLQDOGHOGLVSRVLWLYRGHUHVSDOGR

F &RUULHQWHPRPHQWiQHD
(O YDORU PRPHQWiQHR GH FRUULHQWH DVLPpWULFD QRPLQDO GHEH VHU PD\RU TXH OD
Pi[LPDFRUULHQWHDVLPpWULFDGHODIDOODHQHOSXQWRGHDSOLFDFLyQ



(Q ORV VHFFLRQDOL]DGRUHV KLGUiXOLFRV ERELQDHQVHULH ODWHPSRUL]DFLyQWRWDOGHOD


IDOOD VXPDWRULDGHORVWLHPSRVGHRSHUDFLyQSDUD ODSHRUFRQGLFLyQGHIDOOD SRUHO
GLVSRVLWLYR GH UHVSDOGR QR GHEH H[FHGHU HO YDORU QRPLQDO GH FRUULHQWH GH FRUWR
WLHPSR SDUD XQ VHJXQGR \ GLH] VHJXQGRV YHU WDEOD 1   (Q DOJXQRV
VHFFLRQDOL]DGRUHV VH GDQ JUiILFDV GH OD Pi[LPD FDSDFLGDG GH FRUULHQWH GH F RUWR
WLHPSRHQIXQFLyQGHOWLHPSR YHUILJ TXHSHUPLWHXQDDSOLFDFLyQPiVSUHFLVD
(Q ORV VHFFLRQDOL]DGRUHV HOHFWUyQLFRV OD WHPSRUL]DFLyQ PD\RU GH OD IDOOD QR GHEH
H[FHGHUHOYDORUQRPLQDOGHFRUWRWLHPSRSDUDXQVHJXQGR\VHJXQGRV

G &RUULHQWHPtQLPDGHDFWXDFLyQ

/DFRUULHQWHPtQLPDGHDFWXDFLyQGHORVVHFFLRQDOL]DGRUHVGHEHGLPHQVLRQDUVHGHDFXHUGR
DOGLVSRVLWLYRGHUHVSDOGR UHFRQHFWDGRUyLQWHUUXSWRU GHDFXHUGRDOVLJXLHQWHFXDGUR
5(&21(&7$'25
+,'5$8/,&2
%RELQD 'LVSDUR









6(&&,21$/,=$'25 5(&21(&7$'25 6(&&,21$/,=$'25


+,'5$8/,&2
(/(&7521,&2
(/(&7521,&2
%RELQD
'LVSDUR
'LVSDUR
'LVSDUR

















/D FRUULHQWH PtQLPD GH DFWXDFLyQ VH VHOHFFLRQD SDUD TXH VHD QR PD\RU GHO   GH OD
FRUULHQWH GH GLVSDUR GHO GLVSRVLWLYR GH UHVSDOGR (VWR DVHJXUD TXH HO VHFFLRQDOL]DGRU
VLHPSUH FRQWDUi FDGD RSHUDFLyQ GHO UHFRQHFWDGRU  SHUPLWLHQGR OD SHRU FRQGLFLyQ GH
WROHUDQFLD
(MHPSOR
5HFRQHFWDGRUFRQGLVSDURD$r 7ROHUDQFLD $
6HFFLRQDOL]DGRUFRQFRUULHQWHGHDFWXDFLyQGH$r 7ROHUDQFLD  $
2EVpUYHVHTXHD~QSDUDODSHRUFRQGLFLyQGHWROHUDQFLD PHQRVHQ5\PiVHQ6 
OD FRUULHQWH GH DFWXDFLyQ GHO VHFFLRQDOL]DGRU VLHPSUH VHUi PHQRU TXH OD FRUULHQWH GH
GLVSDUR GHO UHFRQHFWDGRU (VWR JDUDQWL]D TXH VL HO UHFRQHFWDGRU RSHUD HO VHFFLRQDOL]DGRU
FXHQWD

(OXVRGHYDORUHVGHFRUULHQWHGHDFWXDFLyQPHQRUHVQRD\XGDHQODFRRUGLQDFLyQ/R~QLFR
TXH VH ORJUD HV KDFHU DO VHFFLRQDOL]DGRU PiV VHQVLEOH D ODV FRUULHQWHV WUDQVLWRULDV
PDJQHWL]DQWH\GHFDUJDIUtD 
H 6HFFLRQDOL]DGRUHV0RQRIiVLFRV\7ULIiVLFRV
/RVVHFFLRQDOL]DGRUHVWULIiVLFRVQRSXHGHQVHUXVDGRVFRQUHFRQHFWDGRUHVPRQRIiVLFRVHQ
DUUHJORWULIiVLFRGHUHVSDOGR(OGLVSDURQRVLPXOWiQHRGHORV



)LJ  &XUYD7tSLFDGH&DSDFLGDG0i[LPDGH&RUULHQWHGH&RUWR7LHPSR
SDUDXQ6HFFLRQDOL]DGRU

UHFRQHFWDGRUHVPRQRIiVLFRVSXHGHUHVXOWDUHQTXHHOFRQWUROGHOVHFFLRQDOL]DGRUSDUD
XQDIDVHFRPSOHWHVXFRQWHR\RUGHQHODDSHUWXUDPLHQWUDVHQODVRWUDVIDVHVWRGD YtD
HVWHIOX\HQGRFRUULHQWHGHIDOOD

I 7LHPSRGH0HPRULD
3DUDDVHJXUDUTXHHOVHFFLRQDOL]DGRUFRQWDUiWRGDVODVRSHUDFLRQHVUHTXHULGDVGHVX
GLVSRVLWLYRGHUHVSDOGRSDUDFXDOTXLHUVHFXHQFLDGHRSHUDFLyQHOWLHPSRGHPHPRULD
GHO VHFFLRQDOL]DGRU GHEH VHU PD\RU TXH HO WLHPSR WRWDO DFXPXODGR 77$  GH ORV



GLVSDURVHLQWHUYDORVGHUHFLHUUHGHOGLVSRVLWLYRGHUHVSDOGRGHVGHHOFRQWHRKDVWD
HOFRQWHRSDUDDSHUWXUD YHU)LJ 
7$%/$1

9$/25(6120,1$/(6'(92/7$-(6<&255,(17(6'(6(&&,21$/,=$'25(6$872 07,&26'(/t1($
&$3$&,'$' &$3$&,'$' &255,(17(
&217,18$
6,0(75,&$
'(
'(
'(
$&78$&,21
&255,(17( ,17(5583&,21 $03(5,26
$03(5,26
&255,(17( 120,1$/(6
120,1$/(6













'(&$5*$

$03(5,26



0202)$6,&26
7,326*+2NY%,/
&255,(17(

75,)$6,&26
7,326*1.9 .9%,/
7,32*19.9 .9%,/
$03(5,26120,1$/(6'(&25727,(032
81
',(=
&255,(17(
81
',(=

020(17$1($ 6(*81'2 6(*81'26 020(17$1($ 6(*81'2 6(*81'26






$6,0(75,&$















$6,0(75,&$





















































































&217,18$
&$3$&,'$' &255,(17(
.9.9.9
<.9 %,/
'(
6,0(75,&$
'(
<.9 %,/
&255,(17(
'(
$&78$&,21
$03(5,26120,1$/(6'(&25727,(032
$03(5,26 ,17(5583&,21 $03(5,26 &255,(17(
81
',(=
&255,(17(
81
',(=
120,1$/(6 &255,(17( 120,1$/(6 020(17$1($ 6(*81'2 6(*81'26 020(17$1($ 6(*81'2 6(*81'26
'(&$5*$

$03(5,26









$6,0(75,&$
























$6,0(75,&$





















( ,QWHUUXSWRUHVGH3RWHQFLD &LUFXLW%UHDNHU

8Q LQWHUUXSWRU GH SRWHQFLD LGHQWLILFDGR FRQ HO 1  HV XQ GLVSRVLWLYR PHFiQLFR GH
PDQLREUD FDSD] GH HVWDEOHFHU WUDQVSRUWDU H LQWHUUXPSLU FRUULHQWHV EDMR FRQGLFLRQHV
QRUPDOHV GHO FLUFXLWR WDPELpQ HVWDEOHFHU WUDQVSRUWDU SRU XQ WLHPSR HVSHFtILFR H
LQWHUUXPSLU FRUULHQWH EDMR FRQGLFLRQHV DQRUPDOHV HVSHFtILFDV WDOHV FRPR DTXHOODV GH
FRUWRFLUFXLWRV $16,& 
/RV  LQWHUUXSWRUHV SXHGHQ VHU GLVSDUDGRV \ FHUUDGRV PDQXDOPHQWH R SRU PHGLR GH ORV
UHOpV H[WHUQRV 6RQ JHQHUDOPHQWH GH DOWD FDSDFLGDG GH WUDQVSRUWH H LQWHUUXSFLyQ GH
FRUULHQWHSHURWDPELpQVRQYROXPLQRVRV\UHODWLYDPHQWHFRVWRVRVFRQUHVSHFWRVDRWURV
GLVSRVLWLYRVGHSURWHFFLyQ

6RQXVDGRVQRUPDOPHQWHHQODVVXEHVWDFLRQHVGRQGHORVQLYHOHVGHFRUULHQWH GHFDUJD\
GHFRUULHQWHGHLQWHUUXSFLyQMXVWLILFDQVXXVR

 7LSRV
6HJ~QHOPHGLRGHLQWHUUXSFLyQGHFRUULHQWHVHFODVLILFDQHQ
D
E
F
G
H

,QWHUUXSFLyQHQDFHLWH
,QWHUUXSFLyQHQYDFtR
,QWHUUXSFLyQSRUVRSORGHDLUH
,QWHUUXSFLyQHQ6)
,QWHUUXSFLyQSRUVRSODGRPDJQpWLFR

(Q ORV VLVWHPDV GH GLVWULEXFLyQ ORV LQWHUUXSWRUHV VRQ JHQHUDOPHQWH GH DFHLWH
YDFtRVRSODGRPDJQpWLFRR6)

 &RQWURO

/RVLQWHUUXSWRUHVWLHQHQXQPHFDQLVPRGHDOPDFHQDPLHQWRGHHQHUJtDTXHSHUPLWHFHUUDUHO
LQWHUUXSWRUFLQFRYHFHVGHVSXpVTXHVHKDSHUGLGRODSRWHQFLDHVWHPHFDQLVPRSXHGHVHUGH
ORVVLJXLHQWHVWLSRV
D
E
F
G

1HXPiWLFR $LUH&RPSULPLGR
+LGUiXOLFR 1LWUyJHQRFRPSULPLGR
1HXPiWLFR+LGUiXOLFR
2SHUDGRSRUUHVRUWH

 )DFWRUHV3DUDODDSOLFDFLyQ

6HGHEHQLGHQWLILFDUORVVLJXLHQWHVDVSHFWRV
D 9ROWDMH1RPLQDO

(OYROWDMHQRPLQDOGHEHVHUPD\RUTXHHOPi[LPRYROWDMHGHOtQHDDOtQHD

E &RUULHQWH1RPLQDO



(V OD Pi[LPD FRUULHQWH 506 D  += TXH HO LQWHUUXSWRU  SXHGH FRQGXFLU
FRQWLQXDPHQWH VLQ H[FHGHU HO LQFUHPHQWR GH WHPSHUDWXUD SHUPLWLGR 9DORUHV
QRUPDOL]DGRVVRQ\$/DVHOHFFLyQVHKDFHFRQEDVHHQOD
Pi[LPD FRUULHQWH GH FDUJD WRPDQGR HQ FXHQWD FRQWLQJHQFLDV \ HO FUHFLPLHQWR GH
FDUJD

F &RUULHQWHGH&RUWRFLUFXLWR

(V HO PD\RU YDORU GH FRUULHQWH VLPpWULFD 560 TXH HO LQWHUUXSWRU LQWHUUXPSLUi  D
YROWDMH QRPLQDO \ RSHUDQGR VHJ~Q VX FLFOR GH WUDEDMR QRUPDOL]DGR 3RU HMHPSOR
LQWHUUXSWRUHV SDUD YROWDMHV GH GLVWULEXFLyQ FRQ FRUULHQWH QRPLQDO GH  $ y
PHQRUHVWLHQHQXQFLFORGHWUDEDMRTXHHV,,TXHVLJQLILFDTXHHOLQWHUUXSWRUGHEH
VHUFDSD]GHFHUUDUVREUHXQDIDOODVLPpWULFDGH.$,QWHUUXPSLUSHUPDQHFHU
VHJXQGRV DELHUWR UHFHUUDU H LQWHUUXPSLU RWUD YH] 3DUD PiV UHFLHUUHV R LQWHUYDORV GH
UHFLHUUHPiVFRUWRVODFDSDFLGDGGHLQWHUUXSFLyQGHEHVHUUHDMXVWDGD

G 7LHPSRQRPLQDOGHLQWHUUXSFLyQ

(VHOWLHPSRUHTXHULGRSRUHOLQWHUUXSWRUSDUDDEULUVXVFRQWDFWRV\H[WLQJXLUHODUFR
GHVSXpV GH KDEHU UHFLELGR OD VHxDO GH GLVSDUR (O YDORU QRUPDOL]DGR HV GH  FLFORV
DXQTXHDOJXQRVLQWHUUXSWRUHVGHYDFtRR6)WLHQHQWLHPSRVGHFLFORV

H &DSDFLGDGGHFLHUUH\HQJDQFKH

(O LQWHUUXSWRU GHEH FHUUDU \ HQJDQFKDU FRQWUD FRUULHQWHV GH KDVWD   YHFHV OD
FRUULHQWH QRPLQDO GH LQWHUUXSFLyQ (VWR FRUUHVSRQGH D XQD UHODFLyQ ;5 GHO FLUFXLWR
GHDSUR[LPDGDPHQWH9DORUHVPD\RUHVGHODUHODFLyQ;5SXHGHUHTXHULUHOXVRGH
LQWHUUXSWRUHV FRQ PD\RU FDSDFLGDG GH LQWHUUXSFLyQ \ SRU OR WDQWR XQD PD\RU
FDSDFLGDGGHFLHUUH\HQJDQFKH

) 5HOpV

/RV UHOpV SURYHHQ OD LQWHOLJHQFLD QHFHVDULD SDUD LGHQWLILFDU FRUULHQWHV GH IDOOD W HPSRUL]DU
UHFHUUDU \ HQ JHQHUDO FRQWURODU OD RSHUDFLyQ GH ORV LQWHUUXSWRUHV GH SRWHQFLD 6RQ
GLVSRVLWLYRV DSOLFDGRV H[WHUQDPHQWH \D TXH ORV LQWHUUXSWRUHV QR WLHQHQ SRU VL PLVPRV
FDSDFLGDGGHGHWHFWDUIDOODV
(Q ORV VLVWHPDV GH GLVWULEXFLyQ ORV UHOpV EiVLFRV XWLOL]DGRV VRQ HO UHOp GH VREUHFRUULHQWH
LQVWDQWiQHR \ WHPSRUL]DGR  HO UHOp GH VREUHFRUULHQWH GLUHFFLRQDO \ HO UHOp GH UHFLHUUHORV
FXDOHVVHUiQGHVFULWRVDFRQWLQXDFLyQ
 5HOHVGH6REUHFRUULHQWH
'LVSRVLWLYRTXHRSHUDFXDQGRSRUpOFLUFXODXQDFRUULHQWHPD\RURLJXDODODFRUULHQWH
GHDMXVWH(OYDORUGHDMXVWHHVODFRUULHQWHGHDUUDQTXHGHOUHOpWDPELpQFRQRFLGDFRPR
OD FRUULHQWH GH SLFNXS ,SX  /RV UHOpV GH VREUHFRUULHQWH VRQ DOLPHQWDGRV PHGLDQWH
WUDQVIRUPDGRUHVGHFRUULHQWH 7& FRQHFWDGRVDODVOtQHDVOXHJRODFRUULHQWHPtQLPDGH
GLVSDURGHOFLUFXLWRHQDPSHULRVSULPDULRVHVLJXDOD



&RUULHQWH0tQLPDGH'LVSDUR 5HODFLyQGHO7&[,SX

([LVWHQ GRV WLSRV EiVLFRV GH UHOpV GH VREUHFRUULHQWH ORV UHOpV ,QVWDQWiQHRV \ ORV UHOpV
7HPSRUL]DGRV
(Q ORV UHOpV HOHFWURPHFiQLFRV HO UHOp R XQLGDG LQVWDQWiQHD RSHUD SRU HO SULQFLSLR GH
DWUDFFLyQ HOHFWURPDJQpWLFD \ HO UHOp WHPSRUL]DGR RSHUD SRU HO SULQFLSLR GH LQGXFFLyQ
HOHFWURPDJQpWLFD UHOpVWLSRGLVFR 
/RVUHOpVGLJLWDOHV QXPpULFRV VLPXODQODRSHUDFLyQGHORVUHOpVHOHFWURPHFiQLFRVSHUR
FRQ XQD JUDQ IOH[LELOLGDG \D TXH HV SRVLEOH SURJUDPDUORV SDUD TXH RSHUHQ VHJ~Q XQD
JUDQYDULHGDGGHFDUDFWHUtVWLFDVWLHPSRFRUULHQWH\GLIHUHQWHVFRQGLFLRQHVGHRSHUDFLyQ
/RV UHOpV LQVWDQWiQHRV VH GHVLJQDQ FRQ HO 1  \ VRQ UHOpV TXH QR WLHQHQ XQ UHWUDVR
LQWHQFLRQDOHQVXWLHPSRGHRSHUDFLyQ
/RV UHOpV WHPSRUL]DGRV GHVLJQDGRV FRQ HO 1  VRQ UHOpV HQ ORV FXDOHV VH SXHGH
DMXVWDU HO WLHPSR GH RSHUDFLyQ 6H WLHQHQ GRV WLSRV GH 7LHPSR GHILQLGR \ GH 7LHPSR
,QYHUVR
/RVUHOpVGHWLHPSRGHILQLGRVRQUHOpVHQORVFXDOHVHOWLHPSRGHRSHUDFLyQHVDMXVWDEOH
SHURLQGHSHQGLHQWHGHODPDJQLWXGGHODFRUULHQWH
(QORVUHOpVGHWLHPSRLQYHUVRHOWLHPSRGHRSHUDFLyQHVLQYHUVDPHQWHSURSRUFLRQDOD
ODPDJQLWXGGHODFRUULHQWH9HU)LJ
(Q OD 1RUPD $PHULFDQD VH GLVWLQJXHQ FXDWUR WLSRV GH 7LHPSR 0RGHUDGDPHQWH
,QYHUVR GH 7LHPSR ,QYHUVR GH 7LHPSR 0X\ ,QYHUVR \ GH 7LHPSR ([WUHPDGDPHQWH
,QYHUVR (Q OD 7DEOD  VH GDQ ODV HFXDFLRQHV SDUD ODV FDUDFWHUtVWLFDV GH ORV UHOp V GH
VREUHFRUULHQWH GHILQLGRV WDQWR SRU OD 1RUPD $PHULFDQD  FRPR SRU OD 1RUPD ,(&
XWLOL]DGDVHQORVUHOpVGLJLWDOHV$QH[RDOOLEURVHHQWUHJDXQMXHJRGHFXUYDVWtSLFDVGH
UHOpVHOHFWURPDJQpWLFRV\GHUHOpVGLJLWDOHV
$MXVWHV

3DUDDSOLFDUORVUHOpVGH VREUHFRUULHQWHVHGHEHQGHILQLUWUHVDMXVWHV

D /D&RUULHQWHGH$UUDQTXH ,SX  'HILQHODFRUULHQWHPtQLPDDODFXDOHOUHOp


FRPLHQ]D D RSHUDU (Q ORV UHOpV HOHFWURPDJQpWLFRV VH DMXVWD LQVHUWDQGR XQ
WRUQLOOR HQ XQD WRPD FDOLEUDGD 7DS  GH OD ERELQD GH RSHUDFLyQ (Q ORV UHOpV
GLJLWDOHV VH SURJUDPD HO YDORU GH DUUDQTXH ,SX  /DV FDUDFWHUtVWLFDV 7LHPSR
&RUULHQWH GH ORV UHOpV YLHQHQ GHILQLGDV HQ IXQFLyQ GH OD FRUULHQWH GH DUUDQTXH
(QORVUHOpVHOHFWURPDJQpWLFRVHOHMHGHFRUULHQWHVHVWiHQIXQFLyQGH0~OWLSO RV
GHO7DS(QORVGLJLWDOHVYLHQHHQ0~OWLSORVGH,SX/DVFXUYDVSDUDDPERVWLSRV
GHUHOpVYLHQHQGHILQLGDVDSDUWLUGHYHFHVODFRUULHQWHGHDUUDQTXH(VWRHV
GHELGR D TXH SDUD YDORUHV GH FRUULHQWH PHQRUHV ORV WLHPSRV GH RSHUDFLyQ VH
YXHOYHQ DVLQWyWLFRV H LQGHILQLGRV \ ORV IDEULFDQWHV QR SXHGHQ JDUDQWL]DU XQ
WLHPSRGHRSHUDFLyQGHILQLGR(QWRGRFDVRVHUHFRPLHQGDWUDWDUGHTXHHQODV
DSOLFDFLRQHV  OD FRUULHQWH GH RSHUDFLyQ HQ HO UHOp VHD DO PHQRV GRV YHFHV OD
FRUULHQWHGHDUUDQTXH
E (O7LHPSRGH2SHUDFLyQ (QORVUHOpVGHLQGXFFLyQVHDMXVWDPHGLDQWHHOGLDO
GHWLHPSR(OGLDOGHWLHPSRHVXQHQJUDQDMHFRQPDUFDVFDOLEUDGDVTXHUHJXOD
OD GLVWDQFLD HQWUH HO FRQWDFWR PyYLO \ HO FRQWDFWR ILMR SHUPLWLHQGR DMXVWDU HO



WLHPSR GH RSHUDFLyQ D ORV YDORUHV LQGLFDGRV HO ODV FXUYDV FDUDFWHUtVWLFDV TXH
SXEOLFDQ ORV IDEULFDQWHV (Q ORV UHOpV GLJLWDOHV HO GLDO GH WLHPSR HV XQ YDORU
SURJUDPDEOH

F /D FRUULHQWH GH DUUDQTXH GH OD 8QLGDG ,QVWiQWiQHD ,SX   &XDQGR ORV
UHOpV SRVHHQ XQLGDG LQVWDQWiQHD   HV QHFHVDULR GHILQLU VX FRUULHQWH GH
DUUDQTXH(QORVUHOpVHOHFWURPDJQpWLFRVVHGHWHUPLQDDMXVWDQGRODSRVLFLyQGHO
Q~FOHRGHOVROHQRLGHVREUHPDUFDVFDOLEUDGDV(QORVUHOpVGLJLWDOHVHVXQYDORU
SURJUDPDEOH

)LJ &DUDFWHUtVWLFDVGHORV5HOpVGH6REUH FRUULHQWH

(Q ORV VLVWHPDV GH GLVWULEXFLyQ JHQHUDOPHQWH VH XWLOL]DQ UHOpV PX\ LQYHUVRV \
H[WUHPDGDPHQWH LQYHUVRV GHELGR D TXH OD PDJQLWXG GH OD FRUULHQWH GH IDOOD HV
QRUPDOPHQWHXQDIXQFLyQGHODORFDOL]DFLyQGHODIDOOD\VyOROLJHUDPHQWHXQDIXQFLyQ
GHO QLYHO GH JHQHUDFLyQ \ GH ODV FRQGLFLRQHV GH YROWDMH (VWRV UHOpV FRRUGLQDQ
H[FHOHQWHPHQWHFRQIXVLEOHV\WLHQHQEXHQDFRRUGLQDFLyQFRQUHFRQHFWDGRUHV
 5HOp'LUHFFLRQDO

(Q ORV SXQWRV GH SURWHFFLyQ GRQGH OD FRUULHQWH GH IDOOD SXHGH IOXLU HQ DPEDV
GLUHFFLRQHVHVQHFHVDULRGLUHFFLRQDUODRSHUDFLyQGHORVUHOpVGHVREUHFRUULHQWHGHWDO
IRUPDTXHpVWRVRSHUHQVRODPHQWHFXDQGRODFRUULHQWHGHIDOODIOX\DGHVGHODEDUUDKDFLD
OD OtQHD YHU )LJ   3DUD ORJUDU HVWH GLUHFFLRQDPLHQWR VH HPSOHDQ ORV UHOpV
GLUHFFLRQDOHV 1



7$%/$1
(FXDFLRQHVGHODV&DUDFWHUtVWLFDV7LHPSR &RUULHQWHSDUD5HOp'LJLWDOHV
(&8$&,21(61250$
(&8$&,21(61250$,(&
$0(5,&$1$
W0 7LHPSRGHRSHUDFLyQGHODFXUYDHQ
W0 7LHPSRGHRSHUDFLyQHQVHJXQGRV
VHJXQGRVSDUDODFRUULHQWH0
SDUDODFRUULHQWH0
WU WLHPSRGHUHSRVLFLyQHQVHJXQGRV
7' $MXVWHGHOGLDOGHWLHPSR
SDUDUHSRVLFLyQWHPSRUL]DGD
0 P~OWLSORVGHO3LFNXS
7' $MXVWHGHOGLDOGHWLHPSR
0 0~OWLSORVGHODFRUULHQWHGHDUUDQTXH
,(&&XUYD,QYHUVD
SLFNXS 
SDUDFXUYDVGHRSHUDFLyQ W0 0!
7'
W
7'>@W
SDUDUHSRVLFLyQ WU 0d
d 
0
U 

0 0 
&XUYD0RGHUDGDPHQWH,QYHUVD
,(&&XUYD0X\,QYHUVD

7'
W0 7'>@WU 
0  0 

&XUYD,QYHUVD
W0

 7'
7'>@WU 
0  0 

&XUYD0X\,QYHUVD

 7'
W0 7'>@WU 
0  0 

&XUYD([WUHPDGDPHQWH,QYHUVD
W0

 7'
7'>@WU 
0  0 

127$ /DV HFXDFLRQHV \ ODV FXUYDV


DSOLFDQ PLHQWUDV HO SURGXFWR GH ORV
P~OWLSORV GHO SLFNXS SRU HO DMXVWH GHO
SLFNXS VHD PHQRU D  DPSHULRV
VHFXQGDULRV

7'
W0 7'>@WU 
0 0 
,(&&XUYD([WUHPDGDPHQWH
,QYHUVD

7'
W0 7'>@WU 
0 0 
,(&&XUYD5HVSDOGRGH7LHPSR
/DUJR

7'

W0 7'>@WU 
0 0 
127$ 3RU HQFLPD GH  YHFHV HO
P~OWLSOR GHO SLFNXS WRGDV ODV
FDUDFWHUtVWLFDV VH FRQYLHUWHQ HQ 7LHPSR
'HILQLGRFRQHOPLVPRWLHPSRGH0 



/RVUHOpVGLUHFFLRQDOHVFRPSDUDQHOiQJXORUHODWLYRGHODFRUULHQWHFRQUHVSHFWRDOYROWDMH
TXH VH XVD FRPR UHIHUHQFLD 6L OD FRUULHQWH FDH GHQWUR GH OD ]RQD GH WRUTXH SRVLWLYR HO
UHOp RSHUD 6L OD FRUULHQWH FDH HQ OD ]RQD GH WRUTXH QHJDWLYR UHVWULJH PDQWHQLHQGR ORV
FRQWDFWRVGHOUHOpDELHUWRV

)LJ $SOLFDFLyQGHORV5HOpV'LUHFFLRQDOHV
/RVUHOpVGLUHFFLRQDOHVVHULJHQSRUODVLJXLHQWHHFXDFLyQGH7RUTXH
7 .9,&26 4
4W  .

'RQGH
7 7RUTXHGHVDUUROODGRSRUHO5HOp
. &RQVWDQWH
9 9ROWDMHGH3RODUL]DFLyQ UHIHUHQFLD
, &RUULHQWHGH2SHUDFLyQ
4 $QJXORHQWUH9H,
W $QJXORGH0i[LPR7RUTXH
. 7RUTXH$QWDJRQLVWDSURGXFLGRSRUHOUHVRUWHTXHPDQWLHQHDELHUWRORVFRQWDFWRV
(QHOXPEUDOGHRSHUDFLyQHOWRUTXHHOpFWULFR\HOWRUTXHPHFiQLFRVHLJXDODQHV
GHFLU
.9,&26 4
4W  .
'HVSHMDQGR,VHWLHQHTXH
.
, 
.9&26 4
4W
6LVHVXSRQH9FRQVWDQWHVHSXHGHUHHVFULELUODHFXDFLyQFRPR
.
, 
&26 4
4W

/D FRUULHQWH , UHSUHVHQWD OD PtQLPD FRUULHQWH TXH KDFH RSHUDU DO UHOp \ HVXQDIXQFLyQ
GHO iQJXOR 4 WHO iQJXOR GH Pi[LPR WRUTXH HV XQ YDORU GH GLVHxR (QODILJVH
PXHVWUD HO 'LDJUDPD )DVRULDO GHO UHOp FRQ LQGLFDFLyQ GH OD FDUDFWHUtVWLFD \ ]RQD GH
RSHUDFLyQ



)LJ 'LDJUDPD)DVRULDOGHXQ5HOp'LUHFFLRQDO

(OUHOpSURGXFH7RUTXH3RVLWLYRSDUDiQJXORVHQWUH W d 4 d W(OUHOpRSHUD


VL HO DQJXOR 4 HVWi GHQWUR GH HVWH UDQJR \ OD FRUULHQWH WLHQH XQ YDORU PD\RU D
.&26 4
4W 



 5HOpGH5HFLHUUH

(OUHOpGHUHFLHUUHLGHQWLILFDGRFRQHO1HVXQGLVSRVLWLYRGHFRQWUROTXHFRQYLHUWH
DXQLQWHUUXSWRUGHSRWHQFLDHQXQGLVSRVLWLYRDXWRPiWLFRGHUHFLHUUH
/D ~QLFD IXQFLyQ GHO UHOp GH UHFLHUUH HV FRPHQ]DU D FRQWDU DO LQVWDQWH HQ TXH HO
LQWHUUXSWRUHQUHVSXHVWDDXQDRUGHQGHOUHOpGHVREUHFRUULHQWHDEUHHOFLUFXLWR\HQYLDU
VHxDOHV GH FLHUUH GH YXHOWD DO LQWHUUXWRU D WLHPSRV SUHGHILQLGRV (Q OD  )LJ  VH
PXHVWUDJUiILFDPHQWHODRSHUDFLyQGHpVWHUHOp2EVpUYHVHTXHHOUHOpQRWHPSRUL]DORV
LQWHUYDORV HQWUH GHVSHMHV GH OD IDOOD \ ORV VXFHVLYRV UHFLHUUHV (O UHOp HVWDEOHFH XQD
VHFXHQFLD GH UHFLHUUHV D W  W \ W VHJXQGRV LQLFLDQGR HO FRQWHR HQ HO LQVWDQWH GH OD
SULPHUDDSHUWXUD$ORFXUULUXQDIDOODHQODOtQHDVLpVWDHVVXILFLHQWHPHQWHVHYHUDVHUi
GHWHFWDGD WDQWR SRU HO UHOp  \ FRPR SRU HO UHOp  (O UHOp  VLHQGR PiV UiSLGR
RUGHQDODDSHUWXUDGHOLQWHUUXSWRUHOFXDOGHVSHMDODIDOODDOFDERGH W  W VHJXQGRV
(QHVWHLQVWDQWHDUUDQFDODWHPSRUL]DFLyQGHOUHOpHOFXDODEUHORVFRQWDFWRVHQHO
FLUFXLWR GH FRQWURO LQKLELHQGR D ODV XQLGDGHV LQVWDQWiQHDV $O FDER GH W  VHJXQGRV
RUGHQDHO SULPHUUHFLHUUHVLODIDOODSHUPDQHFHVHUHSLWHHOSURFHVRSHURHQHVWDRFDFLyQ
TXLHQRUGHQDODDSHUWXUDGHOHVHOUHOp6LODIDOODVHPDQWLHQHHOSURFHVRVHUHSLWH
SDUD W \W VHJXQGRV/XHJRGHOWHUFHUUHFLHUUHVLODIDOODSHUPDQHFHHOLQWHUUXSWRUVH
DEUH HQ IRUPD SHUPDQHQWH 6L OXHJR GH FXDOTXLHUD GH ORV UHFLHUUHV OD IDOOD KD
GHVDSDUHFLGRHOLQWHUUXSWRUSHUPDQHFHUiFHUUDGR\HOUHOpVHUHSRQGUi\TXHGDUiOLVWR
SDUDRWUDVHFXHQFLDGHRSHUDFLyQ

)LJ 2SHUDFLyQGHXQ5HOpGH5H FLHUUH



7(0$

&225',1$&,1'(',6326,7,926'(3527(&&,1 

6H GHQRPLQD FRRUGLQDFLyQ DO SURFHVR GH VHOHFFLRQDU \R DMXVWDU ORV GLVSRVLWLYRV GH
SURWHFFLyQ GH IRUPD WDO TXH VXV WLHPSRV GH RSHUDFLyQ VHDQ SURJUHVLYDPHQWH PD\RUHV D
PHGLGDTXHVHDFHUFDQ DODIXHQWHGHVXPLQLVWURGHPDQHUDTXHODVIDOODVSHUPDQHQWHVVHDQ
GHVSHMDGDVSRUHOGLVSRVLWLYRVPiVFHUFDQRDHOODVGHOODGRGHODIXHQWH

3ULQFLSLRV*HQHUDOHVGH&RRUGLQDFLyQ
D (OGLVSRVLWLYRSURWHFWRUGHEHGHVSHMDUODVIDOODVWHPSRUDOHVRSHUPDQHQW HVDQWHVGH
TXH HO GLVSRVLWLYR SURWHJLGR LQWHUUXPSD HO FLUFXLWR IXVLEOHV  R VH DEUD HQ IRUPD
SHUPDQHQWH UHFRQHFWDGRU 
E /D LQWHUUXSFLyQ GHO VHUYLFLR HOpFWULFR FDXVDGR SRU XQDIDOODSHUPDQHQWHGHEHHVWDU
UHVWULQJLGDDODVHFFLyQPiVSHTXHxDSRVLEOH
$ &RRUGLQDFLyQ)XVLEOH)XVLEOH
&XDQGR HQ XQ FLUFXLWR GH GLVWULEXFLyQ VH HQFXHQWUDQ GRV R PiV IXVLEOHV HQ VHULH HV
QHFHVDULRFRRUGLQDUORVGHWDOIRUPDTXHSDUDFXDOTXLHUIDOODHQHOODGRGHOIXVLEOHSURWHFWRU
pVWH GHEH GHVSHMDU OD IDOOD DQWHV GH TXH HO IXVLEOH SURWHJLGR DOFDQFH VX WHPSHUDWXUD GH
IXVLyQ'HHVWHREMHWLYRVHHVWDEOHFHQODVUHJODVVLJXLHQWHV
 5HJODV

D (OWLHPSRPtQLPRGHIXVLyQGHO)XVLEOH3URWHJLGR ) SDUDODPi[LPDFRUULHQWHGH
IDOODSRVLEOHHQHO)XVLEOH3URWHFWRU )  WPI) ,IPD[)  GHEHVHUPD\RURLJXDODO
FRFLHQWH HQWUH HO WLHPSR Pi[LPR GH GHVSHMH GHO IXVLEOH SURWHFWRU SDUD OD Pi[LPD
FRUULHQWH GH IDOOD HQ ) W0') ,IPD[)  GLYLGLGR HQWUH HO IDFWRU GH FRRUGLQDFLyQ
)& YHU)LJ 
E /D FRUULHQWH Pi[LPD GH FDUJD HQ HO SXQWR GH DSOLFDFLyQ GH ORV IXVLEOHV QR GHEH
H[FHGHUODFDSDFLGDGFRQWLQXDGHWUDQVSRUWHGHFRUULHQWHGHOIXVLEOH

(VWDVGRVUHJODVVHSXHGHQH[SUHVDUFRPR
D

W0') ,IPD[)

WPI ) ,IPD[) t 


)&

E,0$;&$5*$ d ,0D[

7DEOD1

(OSUREOHPDUDGLFDDKRUDHQODGHWHUPLQDFLyQGHOIDFWRUGHFRRUGLQDFLyQ(VWHIDFWRUGHEH
DVHJXUDU TXH HO IXVLEOH SURWHFWRU VH IXQGD H LQWHUUXPSD OD FRUULHQWH GH IDOOD VLQ TXH HO
IXVLEOH SURWHJLGR DOFDQFH VX WHPSHUDWXUD GH IXVLyQ OXHJR GHEH WRPDU HQ FXHQWD ODV
YDULDFLRQHVHQODVFRQGLFLRQHVGHWUDEDMR\ODVSRVLEOHVIXHQWHVGHHUURU



)LJ &RRUGLQDFLyQ)XVLEOH )XVLEOH

(OIDFWRUGHFRRUGLQDFLyQGHSHQGHGHORVVLJXLHQWHVIDFWRUHV
D7ROHUDQFLDGHODVFXUYDV

6LVHWUDEDMDFRQFXUYDVJUDILFDGDVSDUDYDORUHVH[WUHPRV Pi[LPR\PtQLPR QR


VH WRPD HQ FXHQWD )7   6L VH WUDEDMD FRQ FXUYDV FRQ YDORUHV SURPHGLRV VH
GHEHWRPDUHQFXHQWDODWROHUDQFLDUHVSHFWLYD

D7HPSHUDWXUD$PELHQWH

/DVFXUYDVGHRSHUDFLyQVHGHWHUPLQDQSDUD&FRQFHURFRUULHQWHGHFDUJD
/DV YDULDFLRQHV HQ OD WHPSHUDWXUD DPELHQWH SURYRFDQ PRGLILFDFLRQHV HQ ORV
WLHPSRVGHRSHUDFLyQ/D)LJDSHUPLWHGHWHUPLQDUHOIDFWRU GHFRUUHFFLyQSRU
WHPSHUDWXUD )7$  VHJ~Q VHD OD WHPSHUDWXUD DPELHQWH Pi[LPD D OD FXDO HVWDUi
VRPHWLGRHOIXVLEOHHQVXSXQWRGHLQVWDODFLyQ



D3UHFDUJD

&RPR VH LQGLFy DQWHULRUPHQWH ODV FXUYDV VH GHWHUPLQDQ SDUD FHUR FRUULHQWH GH
FDUJD (Q OD SUiFWLFD DO RFXUULU XQD IDOOD HO IXVLEOH KD HVWDGR WUDQVSRUWDGR
FRUULHQWH GH FDUJD TXH OR SUHFDOLHQWD \ KDFH TXH ORV WLHPSRV GH RSHUDFLyQ VHDQ
GLVWLQWRVDORVWLHPSRVSXEOLFDGRVHQODVFXUYDV&RQODVFXUYDVGHOD)LJEVH
SXHGH GHWHUPLQDU HVWH IDFWRU )3&  VHJ~Q VHD OD FRUULHQWH GHFDUJDPi[LPDDOD
FXDOHVWDUiVRPHWLGR(OGHSUHFDUJDVHFDOFXODDVtGH3UHFDUJD  ,FDUJD
Pi[LPD,QRPLQDOGHOIXVLEOH [

(Q OD SUiFWLFD ODV HPSUHVDV XWLOL]DQ HO FULWHULR FRQVHUYDGRU GH VXSRQHU FHUR
SUHFDUJDHQHOSURWHFWRU\Pi[LPDFDUJDHQHOSURWHJLGR

D3UHGDxR

/RVHQVD\RVKDQPRVWUDGRTXHHOSUHGDxRRHQYHMHFLPLHQWRGHOIXVLEOHRFXUUH
SDUD FRUULHQWHV TXH H[FHGDQ GHO  y  GHO WLHPSR GH PtQLPD IXVLyQ SDUD
IXVLEOHVGHHVWDxR\SODWDUHVSHFWLYDPHQWH/XHJRVHGHEHHYLWDUTXHHOIXVLEOH
SURWHJLGR VRSRUWH OD FRUULHQWH GH IDOOD SRU WLHPSRV PD\RUHV DO SRUFHQWDMH
HVWDEOHFLGRGHVXWLHPSRGHPtQLPDIXVLyQ ) 3' SDUDHVWDxR\)3' 
SDUDSODWD 
(OIDFWRUGHFRRUGLQDFLyQTXHVHXWLOL]DUiVHUiHOSURGXFWRGHORVIDFWRUHVDQDOL]DGRVOXHJR

 3URFHGLPLHQWR

)& )7 [)7$ [)3& [)3'

D 6HGHWHUPLQDHOWLSRGHIXVLEOHVDXWLOL]DU WLSR7RWLSR. (VSUiFWLFDFRP~QGHODV


HPSUHVDV XWLOL]DU XQ GHWHUPLQDGR WLSR GH IXVLEOH HQ WRGR VX VLVWHPD 1R HV
FRQYHQLHQWH PH]FODU GLIHUHQWHV WLSRV GH IXVLEOH HQ XQ FLUFXLWR (O IXVLEOH WLSR.HV
DPSOLDPHQWHXWLOL]DGRSRUODVHPSUHVDVGHGLVWULEXFLyQGHELGRDTXHSURYHHWLHPSRV
GH RSHUDFLyQ PiV UiSLGRV 6H UHFRPLHQGD HO XVR GH  IXVLEOHV WLSR 7 FXDQGR ORV
QLYHOHVGHFRUWRFLUFXLWRVHDQDOWRVGLILFXOWDQGRODFRRUGLQDFLyQFRQIXVLEOHVWLSR.
E $QWHVGHSURFHGHUDODFRRUGLQDFLyQHQVLVHGHEHQGHWHUPLQDUODFRUULHQWHPi[LPD
GHFDUJD\ODFRUULHQWHPi[LPD\PtQLPDGHIDOODHQFDGDSXQWRGHFRRUGLQDFLyQ
F 6H GHWHUPLQD HO IDFWRU GH FRRUGLQDFLyQ GH DFXHUGR D ODV FRQGLFLRQHV H[WUHPDV GH
RSHUDFLyQ TXH VH SXHGDQ GDU /D SUiFWLFD HQ PXFKDV HPSUHVDV HV DQDOL]DU ODV
FRQGLFLRQHV GH RSHUDFLyQ SDUWLFXODUHV D FDGD VLVWHPD \ GHWHUPLQDU XQ IDFWRU GH
FRRUGLQDFLyQSDUDWRGRVVXVIXVLOHV
G 6H LQLFLD HO SURFHVR SRU HO IXVLEOH PiV DOHMDGR GH OD IXHQWH \ TXH QR FRRUGLQH FRQ
RWUR GLVSRVLWLYR DJXDV DEDMR (VWH IXVLEOH VH GLPHQVLRQD GH DFXHUGR D OD FRUULHQWH
Pi[LPD GH FDUJD HVSHUDGD HQ GLFKR SXQWR VHOHFFLRQiQGRVH HO IXVLEOH GH WDPDxR
PtQLPRVHJ~QLQGLTXHOD7DEOD18WLOL]DGROD&XUYD7LHPSR&RUULHQWH &7& GH
0i[LPR'HVSHMHGHOIXVLEOHVHOHFFLRQDGRVHOHHHOWLHPSRPi[LPRGHGHVSHMH W 0' 
SDUD OD Pi[LPD FRUULHQWH GH IDOOD HVSHUDGD HQ HO SXQWR GH XELFDFLyQ GHO IXVLEOH
)XVLEOH3URWHFWRU 



H 6HFDOFXODHOWLHPSRGHPtQLPDIXVLyQTXHSXHGHWHQHUHOIXVLEOHSURWHJLGRSDUDOD
Pi[LPDFRUULHQWHGHIDOODHQHOSURWHFWRU WPI t W0')&

(Q OD JUiILFD GH WLHPSRV PtQLPRV GH IXVLyQ VH EXVFD HO IXVLEOH FX\R WPI  SDUD OD
FRUULHQWHPi[LPDGHIDOODHQHOIXVLEOHSURWHFWRUVHDFHUTXHPiVSRUDUULEDDOWLHPSR
FDOFXODGR/XHJRVHFKHTXHDVLpVWHIXVLEOHSXHGHVRSRUWDUODFRUULHQWHGHFDUJDPi[LPD
HQVXSXQWRGHXELFDFLyQVLODUHVSXHVWDHVSRVLWLYDVHGHEHVHOHFFLRQDUGLFKRIXVLEOH6L
ODUHVSXHVWDVHVQHJDWLYDGHEHEXVFDUVHHOIXVLEOHPiVSHTXHxRVTXHVRSRUWHODFRUULHQWH
GHFDUJDHVSHUDGD
I 6HUHSLWHQORVSDVRVF\GSDUDORVVLJXLHQWHVIXVLEOHV

)LJ &XUYDVGH&RUUHFFLyQSDUD/iPLQDV)XVLEOHV



 &RRUGLQDFLyQ0HGLDQWH7DEODV

8Q PpWRGR FRQYHQLHQWH SDUD FRRUGLQDU HV HO XVR GH 7DEODV GH &RRUGLQDFLyQ TXH VH
REWLHQHQ D SDUWLU GH ODV FDUDFWHUtVWLFDV WLHPSRFRUULHQWH \ GH XQ GHWHUPLQDGR IDFWRU GH
FRRUGLQDFLyQ/DVWDEODVGDQHOUDQJRGHFRUULHQWHVREUHHOFXDOGRVIXVLEOHVFRRUGLQDQ
$QH[R D HVWH OLEUR VH VXPLQLVWUDQ WDEODV GH FRRUGLQDFLyQ GHWHUPLQDGDV XWLOL]DQGR HO
IDFWRUGHFRRUGLQDFLyQUHFRPHQGDGRGH

% &RRUGLQDFLyQ5HFRQHFWDGRU)XVLEOH

/D FRRUGLQDFLyQ HQWUH XQ UHFRQHFWDGRU \ XQ IXVLEOH VH SXHGH REWHQHU XVDQGR PpWRGRV
EDVDGRVHQODVFXUYDVWLHPSRFRUULHQWHDMXVWDGDVSRUXQIDFWRUGHPXOWLSOLFDFLyQ

6HSUHVHQWDQGRVFDVRVFXDQGRHOIXVLEOHHVWiGHOODGRGHODIXHQWHRFXDQGRHOIXVLEOH
HVWi GHO ODGR GH OD FDUJD /RV REMHWLYRV GH FRRUGLQDFLyQ VRQ GLIHUHQWHV SDUD HVWDV GRV
VLWXDFLRQHV
D &RRUGLQDFLyQ5HFRQHFWDGRUFRQ)XVLEOHGHOD)XHQWH

(O REMHWLYR HV SHUPLWLU TXH HO UHFRQHFWDGRU HIHFWXp VX VHFXHQFLD FRPSOHWD GH
RSHUDFLyQ VLQ TXH HO IXVLEOH DOFDQFH VX WHPSHUDWXUD GH IXVLyQ 6H GHEHQ WHQHU HQ
FXHQWD DGHPiV GH ORV IDFWRUHV \D DQDOL]DGRV WROHUDQFLD GH ODV FXUYDV WHPSHUDWXUD
DPELHQWHSUHFDUJD\SUHGDxR HOHIHFWRDFXPXODWLYRGHFDORUHQHOIXVLEOHSRUODV
P~OWLSOHVRSHUDFLRQHVGHOUHFRQHFWDGRU

E &RRUGLQDFLyQ5HFRQHFWDGRUFRQ)XVLEOHGHOD&DUJD

(VWHHVTXHPDSHUPLWHGDUGRVRSRUWXQLGDGHVDODVIDOODVTXHRFXUUDQGHODQWHGHO
IXVLEOH GH VHU WUDQVLWRULDV PHGLDQWH GRV RSHUDFLRQHV UiSLGDV FRQ UHFLHUUH GHO
UHFRQHFWDGRU6LOXHJRGHOVHJXQGRLQWHQWRGHUHFLHUUHOD IDOODSHUPDQHFHVHGHFODUD
IDOODSHUPDQHQWH\HOIXVLEOHGHEHIXQGLUVH\GHVSHMDUODFRUULHQWHGHIDOODDQWHVGH
TXH HO UHFRQHFWDGRU YXHOYD D RSHUDU VHJ~Q VX FDUDFWHUtVWLFD OHQWD /DV RSHUDFLRQHV
UiSLGDV GHO UHFRQHFWDGRU QR GHEHQ SHUPLWLU GDxRV HQ HO IXVLEOH LQFOX\HQGR ORV
IDFWRUHV GH FRRUGLQDFLyQ \ HO HIHFWR DFXPXODWLYR GH FDORU GXUDQWH ODV RSHUDFLRQHV
UiSLGDV FRQ LQWHUYDORV GH UHFLHUUH FRUWRV /DV RSHUDFLRQHV OHQWDV GHEHQ VHU
VXILFLHQWHPHQWHUHWUDVDGDVSDUDSHUPLWLUODRSHUDFLyQFRPSOHWDGHOIXVLEOHDQW HVGH
TXHHOUHFRQHFWDGRUVHDEUDQXHYDPHQWH

 &RRUGLQDFLyQ5HFRQHFWDGRU)XVLEOHGHOD)XHQWH

/D FRRUGLQDFLyQ GH XQ UHFRQHFWDGRU \ XQ IXVLEOH GHO ODGR GH OD IXHQWH UHTXLHUH TXH HO
IXVLEOH VHD FDSD]  GH VRSRUWDU VLQ IXQGLUVH HO FDORU DFXPXODGR SRU ODV V XFHVLYDV
RSHUDFLRQHVGHOUHFRQHFWDGRUHQHOODGRGHODFDUJD/DHYDOXDFLyQGHHVWHHIHFWRSXHGH
VHU PX\ SUHFLVD XWLOL]DQGR FXUYDV GH FDOHQWDPLHQWRHQIULDPLHQWR SDUD IXVLEOHV R
IyUPXODV QXPpULFDV EDVDGDV HQ XQ IDFWRU GH HQIULDPLHQWR SDUD HO IXVLEOH GXUDQ WH ORV
LQWHUYDORV GH UHFLHUUH (VWH DQiOLVLV VH SXHGH VLPSOLILFDU GHVDUUROODQGR IDFWRUHV GH
PXOWLSOLFDFLyQ SDUD WRPDU HQ FXHQWD HO HIHFWR GH FDOHQWDPLHQWR HIHFWLYR GHELGR D ODV



P~OWLSOHVRSHUDFLRQHVGHOUHFRQHFWDGRUHQGLIHUHQWHVFRQGLFLRQHV(OXVRGHORV IDFWRUHV
GH PXOWLSOLFDFLyQ WRPD HQ FXHQWDQ DGHPiV OD WROHUDQFLD GH ODV FXUYDV OD WHPSHUDWXUD
DPELHQWH OD SUHFDUJD \ HO SUHGDxR (Q OD 7DEOD 1  VH GDQ ORV )DFWRUHV GH
0XOWLSOLFDFLyQUHFRPHQGDGRVSDUDGLIHUHQWHVVHFXHQFLDVGHRSHUDFLyQGHOUHFRQHFWD GRU\
HQIXQFLyQGHOLQWHUYDORGHUHFLHUUHXWLOL]DGR
/RV IXVLEOHV GH OD IXHQWH JHQHUDOPHQWH SURWHJHQ HO VLVWHPD FRQWUD IDOODV LQWHUQDV DO
WUDQVIRUPDGRURSURWHJHQDOWUDQVIRUPDGRUFRQWUDODVIDOODVHQODEDUUDVHFXQGDULD(VWH
DUUHJORVHPXHVWUDHQODILJ(OUHFRQHFWDGRUVHGHEHVHOHFFLRQDUSDUDFRRUGLQDUFRQ
HOIXVLEOHGHWDOIRUPDTXHTXHHOIXVLEOHQRLQWHUUXPSDHOFLUFXLWRSDUDODVIDOODVHQHO
ODGR GH OD FDUJD GHO UHFRQHFWDGRU 7RGDV ODV RSHUDFLRQHV GHO UHFRQHFWDGRU UiSLGDV \
OHQWDV  GHEHQ VHU PiV UiSLGDV TXH OD FXUYD GH PtQLPD IXVLyQ GHO IXVLEOH (VWR VHORJUD
XWLOL]DQGR ORV IDFWRUHV GH PXOWLSOLFDFLyQ DSURSLDGRV HQ ODV FXUYDV WLHPSR FRUULHQWH GHO
UHFRQHFWDGRUSDUDSUHYHQLUGDxRVRIDWLJDVHQHOIXVLEOH
/D FRQGLFLyQ GH FRRUGLQDFLyQ HV OD VLJXLHQWH 3DUD OD Pi[LPD FRUULHQWH GH IDOOD HQ OD
XELFDFLyQ GHO UHFRQHFWDGRU HO WLHPSR GH PtQLPD IXVLyQ GHO IXVLEOH GHEH VHU PD\RU R
LJXDODOWLHPSRGHGHVSHMHGHOUHFRQHFWDGRUHQVXFXUYDOHQWDPXOWLSOLFDGRSRUHOIDFWRU
.) DSURSLDGR/XHJRSDUDFRRUGLQDFLyQVHJXUDVHGHEHFXPSOLUTXH

t W/ ,IPD[  [.)
WPI) ,IPD[17 t

'RQGH

17 5HODFLyQGH7UDQVIRUPDFLyQGHO7UDQVIRUPDGRU
(Q OD )LJ  VH LOXVWUD JUiILFDPHQWH HVWD FRQGLFLyQ GH FRRUGLQDFLyQ FRQ XQ
UHFRQHFWDGRU DMXVWDGR D GRV RSHUDFLRQHV UiSLGDV FXUYD $  \ GRV RSHUDFLRQHV /HQWDV
FXUYD&
7$%/$1
)$&725(6. ) 3$5$)86,%/(6'(/$)8(17(

7LHPSRGH
5HFLHUUH
HQ&LFORV








6HFXHQFLD
'RV5iSLGDV
'RV/HQWDV








6HFXHQFLD
8QD5iSLGD
7UHV/HQWDV








6HFXHQFLD
&XDWUR
/HQWDV










)LJ &RRUGLQDFLyQ)XVLEOHGHOD)XHQWHFRQ5HFRQHFWDGRU

 &RRUGLQDFLyQ5HFRQHFWDGRUFRQ)XVLEOHGHOD&DUJD

/DPHMRUFRRUGLQDFLyQHQWUHUHFRQHFWDGRU\IXVLEOHGHODFDUJDVHREWLHQHDMXVWDQGR
HO UHFRQHFWDGRU D GRV RSHUDFLRQHV UiSLGDV VHJXLGDV GH GRV RSHUDFLRQHV OHQWDV /D
SULPHUD RSHUDFLyQ UiSLGD SHUPLWH HO GHVSHMH GH DOUHGHGRU GHO  GH IDOODV
WHPSRUDOHV OD VHJXQGD RSHUDFLyQ GHVSHMD XQ  DGLFLRQDO $QWHV GH OD WHUFHUD
DSHUWXUD SULPHUD RSHUDFLyQ OHQWD  HO IXVLEOH GHEH IXQGLUVH \ GHVSHMDU ODV IDOODV
SHUVLVWHQWHVRSHUPDQHQWHVOLPLWDQGRHOFRUWHGHVHUYLFLRVyORHQHOUDPDOHQIDOOD

6H ORJUD XQ PHQRU JUDGR GH FRRUGLQDFLyQ FXDQGR VH XWLOL]D OD VHFXHQF LD XQD
RSHUDFLyQ UiSLGD WUHV OHQWDV (VWD VHFXHQFLD SHUPLWH HO GHVSHMH GH VyOR XQ  
DSUR[LPDGDPHQWH GH ODV IDOODV HQ VX SULPHUD DSHUWXUD 6H XWLOL]D FXDQGR KD\ XQ
VHFFLRQDOL]DGRULQVWDODGRHQXQSXQWRLQWHUPHGLRHQWUHHOUHFRQHFWDGRU\HOIXVLEOH
1R VH GHEH XWLOL]DU OD VHFXHQFLD WUHV RSHUDFLRQHV UiSLGDV XQD RSHUDFLyQ OHQWD
SRUTXH H[LVWH HO SHOLJUR GH RSHUDFLyQ VLPXOWiQHD GHO UHFRQHFWDGRU FRQ DSHUWXUD
SHUPDQHQWH  \ GHO IXVLEOH GHMDQGR VLQ VHUYLFLR WDQWR HO UDPDO FRPR HO DOLPHQWDGRU
SULQFLSDO



1R VHSXHGHORJUDUFRRUGLQDFLyQFXDQGRHOUHFRQHFWDGRUXWLOL]DVHFXHQFLDVFRQWRGDV
VXVRSHUDFLRQHVUiSLGDVRWRGDVOHQWDV(QHOSULPHUFDVRODVRSHUDFLRQHVUiSLGDVQR
GDQ WLHPSR DO IXVLEOH SDUD RSHUDU \ HQ HO VHJXQGR HO IXVLEOH VH IXQGH \ GHVSHMD OD
IDOOD HQ OD SULPHUD VREUHFRUULHQWH VLQ TXH HO UHFRQHFWDGRU WHQJD RSRUWXQLGDG GH
RSHUDU
'RV UHJODV GH FRRUGLQDFLyQ JRELHUQDQ HO XVR GH  IXVLEOHV FRPR GLVSRVLWLYRV
SURWHFWRUHVHQHOODGRGHODFDUJDGHXQUHFRQHFWDGRU

D 3DUDWRGRVORVYDORUHVGHFRUULHQWHGHIDOODHQODVHFFLyQSURWHJLGDSRU
HOIXVLEOHHOWLHPSRPtQLPRGHIXVLyQGHOIXVLEOHGHEHVHUPD\RUTXH
HOWLHPSRGHGHVSHMHGHODFXUYDUiSLGDGHOUHFRQHFWDGRUPXOWLSOLFDGR
SRU HO IDFWRU GH FRRUGLQDFLyQ .F /RV IDFWRUHV GH PXOWLSOLFDFLyQ
SHUPLWHQXQPDUJHQGHWLHPSRDGHFXDGRHQWUHODVFXUYDVGHOIXVLEOH\
GHO UHFRQHFWDGRU SDUD SUHYHQLU GDxRV R IDWLJD DO IXVLEOH /D PDJQLWXG
GH ORV IDFWRUHV YDUtD FRQ HO Q~PHUR GH RSHUDFLRQHV UiSLGDV \ HO
LQWHUYDOR GH UHFLHUUH HQWUH HOODV (VWRV IDFWRUHV HVWiQ WDEXODGRV HQ OD
7$%/$1SDUDGLIHUHQWHVFRQGLFLRQHVGHRSHUDFLyQ
E 3DUD WRGRV ORV YDORUHV SRVLEOHV GH FRUULHQWH GH IDOOD HQ OD VHFFLyQ
SURWHJLGDSRUHOIXVLEOHHOWLHPSRPi[LPRGHGHVSHMHGHOIXVLEOHGHEH
VHU PHQRU TXH HO WLHPSR GH RSHUDFLyQ GHO UHFRQHFWDGRU HQ VX FXUYD
OHQWD WRPDQGR HQ FXHQWD OD WROHUDQFLD QHJDWLYD 6LHPSUH TXH OD
VHFXHQFLD GHO UHFRQHFWDGRU HVWp DMXVWDGD D GRV R PiV RSHUDFLRQHV
OHQWDV VL ODV FXUYDV TXHGDQPX\FHUFDSXHGHVHUTXHHOUHFRQHFWDGRU
GLVSDUH SHUR YROYHUi D UHFHUUDU UHVWDEOHFLHQGR HO VHUYLFLR DO UHVWR GHO
VLVWHPD

(VWDVGRVUHJODVVHSXHGHQH[SUHVDUFRPRVHLQGLFDDFRQWLQXDFLyQ

WPI) ,IPD[ t W$ ,IPD[ [.F

W0') ,IPLQ  W/ ,IPLQ 7ROHUDQFLD


/D SULPHUD UHJOD SHUPLWH TXH HO UHFRQHFWDGRU UHDOLFH VXV RSHUDFLRQHV UiSLGDV VLQ TXH HO
IXVLEOHVHGDxH/DVHJXQGDJDUDQWL]DTXHHOIXVLEOHVHIXQGD\GHVSHMHODIDOODVLQTXHHO
UHFRQHFWDGRUUHDOLFHVXSULPHUDRSHUDFLyQOHQWD

(O UDQJR GH FRRUGLQDFLyQ HQWUH ORV GRV GLVSRVLWLYRV TXHGD HVWDEOHFLGR SRU  HVWDV GRV
UHJODV/DUHJOD D HVWDEOHFHODPi[LPDFRUULHQWHGHFRRUGLQDFLyQPLHQWUDVTXHODUHJOD E 
ILMD OD PtQLPD FRUULHQWH GH FRRUGLQDFLyQ /D Pi[LPD FRUULHQWH HV DTXHOOD GDGD SRU OD
LQWHUVHFFLyQGHODFXUYDGHPtQLPDIXVLyQGHOIXVLEOHFRQODFXUYDUiSLGDGHOUHFRQHFWDGRU
PXOWLSOLFDGDSRUHOIDFWRU.F/DFRUULHQWHPtQLPDHVGDGDSRUODLQWHUVHFFLyQGHODFXUYD
Pi[LPDGHGHVSHMHFRQODFXUYDOHQWDGHOUHFRQHFWDGRU6LODFXUYDGHPi[LPRGHVSHMHGHO
IXVLEOH QR VH FUX]D FRQ OD FXUYD OHQWD GHO UHFRQHFWDGRU \ TXHGD SRU GHEDMR OD Pt QLPD
FRUULHQWHGHFRRUGLQDFLyQHVODFRUULHQWHPtQLPDGHGLVSDURGHOUHFRQHFWDGRU/DILJ1



LOXVWUDODFRRUGLQDFLyQGHXQUHFRQHFWDGRUDMXVWDGRDGRVRSHUDFLRQHV5iSLGDV FXUYD$ \


GRVRSHUDFLRQHV/HQWDV FXUYD& FRQXQIXVLEOHGHOODGRGHODFDUJD

)LJ &RRUGLQDFLyQ5HFRQHFWDGRUFRQ)XVLEOHGHO/DGRGHOD&DUJD
7$%/$1
)$&725(6. &3$5$)86,%/(6'(/$&$5*$
7LHPSRGH
5HFLHUUH
HQ&LFORV





8QD2SHUDFLyQ5iSLGD
3URPHGLR





0i[LPR





'RV2SHUDFLRQHV5iSLGDV
3URPHGLR





0i[LPR





1RWD /RV YDORUHV EDMR SURPHGLR VH DSOLFDQ FXDQGR ODV FXUYDV HVWiQ JUDILFDGDV
SDUD YDORUHV SURPHGLR \ ORV YDORUHV EDMR 0i[LPR FXDQGR HVWiQ JUDILFDGDV SDUD
YDORUHVPi[LPRV



& &RRUGLQDFLyQ5HFRQHFWDGRU 5HFRQHFWDGRU


/D FRRUGLQDFLyQ UHFRQHFWDGRU  UHFRQHFWDGRU VH ORJUD SULQFLSDOPHQWH VHOHFFLRQDQGR
GLIHUHQWHV YDORUHV QRPLQDOHV SDUD ODV ERELQDV GH GLVSDUR HQ ORV UHFRQHFWDGRUHV
KLGUiXOLFRV R GLIHUHQWHV YDORUHV GH FRUULHQWH PtQLPD GH GLVSDUR HQ ORV UHFRQHFWDGRUHV
HOHFWUyQLFRV/DVHOHFFLyQVHGHWHUPLQDGHVSXpVGHOHVWXGLRGHODVFDUDFWHUtVWLFDVWLHPSR
 FRUULHQWHGHORVUHFRQHFWDGRUHV
/DV FDUDFWHUtVWLFDV WLHPSRFRUULHQWH GH ORV UHFRQHFWDGRUHV KLGUiXOLFRV VRQ GH IRUPD
LQYHUVD VLPLODU 6L ORV UHFRQHFWDGRUHV HQ HVWXGLR WLHQHQ PHFDQLVPRV GH WHPSRUL]DFLyQ
VLPLODUHVVXVFDUDFWHUtVWLFDVQRVRQVRODPHQWHVLPLODUHVVLQRHVHQFLDOPHQWHSDUDOHODVOR
FXDOVLPSOLILFDODFRRUGLQDFLyQ

/RV UHFRQHFWDGRUHV FRQ FRQWURO HOHFWUyQLFR JHQHUDOPHQWH RIUHFHQ XQD PD\RU YDULHGDG
GHIRUPDVSDUDODVFDUDFWHUtVWLFDVWLHPSRFRUULHQWH/DORFDOL]DFLyQL]TXLHUGDGHUHFKDGH
XQD FXUYD SDUWLFXODU pVWD LQIOXHQFLDGD SRU HO YDORU GH OD FRUULHQWH PtQLPD  GH GLVSDUR
SURJUDPDGR HQ HO FRQWURO HOHFWUyQLFR &RQ ODV FDUDFWHUtVWLFDV \ YDORUHV GH FRUULHQWH GH
GLVSDUR GLVSRQLEOHV ODV FDUDFWHUtVWLFDV GH XQ UHFRQHFWDGRU HOHFWUyQLFR SXHGHQ VHU
JHQHUDOPHQWHDMXVWDGDVSDUDVDWLVIDFHUFXDOTXLHUUHTXHULPLHQWRGHFRRUGLQDFLyQ

8Q UHTXHULPLHQWR LPSRUWDQWH FXDQGR VH FRRUGLQDQ UHFRQHFWDGRUHV HQWUH Vt HV HO
LQWHUYDORGHWLHPSR FLFORV PtQLPRTXHGHEHH[LVWLUHQWUHODVGRVFXUYDVSDUDFXDOTXLHU
YDORU GH FRUULHQWH 'LIHUHQWHV WLSRV GH UHFRQHFWDGRUHV UHTXLHUHQ GLIHUHQWHV LQWHUYDORV
HQWUHODVFXUYDVSDUDSUHYHQLURSHUDFLyQVLPXOWiQHDWDOFRPRVHGHVFULEHPiVDGHODQWH
D &RRUGLQDFLyQFRQUHFRQHFWDGRUHVKLGUiXOLFRV

&XDQGR VH FRRUGLQD FRQ UHFRQHFWDGRUHV KLGUiXOLFRV HO LQWHUYDOR GH WLHPSR PtQLPR
UHTXHULGR GHSHQGH GH ORV WLSRV GH UHFRQHFWDGRUHV TXH VH XWLOLFHQ (Q UHFRQHFWDGRUHV
SHTXHxRV PRQRIiVLFRV \ WULIiVLFRV  KDVWD  $ FRQHFWDGRV HQ VHULH XQD VHSDUDFLyQ
HQWUH ODV FXUYDV PHQRU D  FLFORV UHVXOWDUi VLHPSUH HQ RSHUDFLyQ VLPXOWiQHD
VHSDUDFLRQHVGHD FLFORV SXHGHQTXH UHVXOWHQHQRSHUDFLyQVLPXOWiQHDFXDQGROD
VHSDUDFLyQ HV PD\RU D  FLFORV QR KDEUi RSHUDFLyQ VLPXOWDQHD /XHJR FXDQGR VH
FRRUGLQDQUHFRQHFWDGRUHVKLGUiXOLFRVFRQFRUULHQWHVQRPLQDOHVKDVWD$HOLQWHUYDOR
GHFRRUGLQDFLyQGHEHVHUPD\RUDFLFORV VHJ

(Q ORV UHFRQHFWDGRU JUDQGHV PD\RUHV GH  $ PRQRIiVLFRV \ WULIiVLFR  XQD
VHSDUDFLyQ HQWUH OD FXUYD GH PHQRV GH  FLFORV UHVXOWDUi VLHPSUH HQ RSHUDFLyQ
VLPXOWiQHD VHSDUDFLRQHV HQWUH  \  FLFORV SXHGH UHVXOWDU HQ RSHUDFLRQ HV VLPXOWiQHDV
6HSDUDFLRQHV PD\RUHV GH  FLFORV HYLWDUi RSHUDFLRQHV  VLPXOWiQHDV /XHJR HQ HVWRV
FDVRVVHXWLOL]DUiXQLQWHUYDORGHFRRUGLQDFLyQPD\RUDFLFORV VHJ 

/DILJPXHVWUDFRPRGHEHQFRRUGLQDUVHUHFRQHFWDGRUHVGHHVWHWLSRVHOHFFLR QDQGRHO
YDORU QRPLQDO GH ODV ERELQDV 7UHV UHFRQHFWDGRUHV FRQ WDPDxRV GH ERELQDV DG\DFHQWHV
$$$ HVWiQSURJUDPDGDVSDUDRSHUDUVHJ~QODVHFXHQFLD$&
3DUDXQDIDOODGH$ODVFDUDFWHUtVWLFDVUiSLGDV FXUYD$ HVWiQVHSDUDGDVPHQRVGH
GRVFLFORV

8QDIDOODGHHVWDPDJQLWXGHQHOODGRGHODFDUJDGHOUHFRQHFWDGRUGH$UHVXOWDUiHQ
RSHUDFLRQHVVLPXOWiQHDVGHORVWUHVUHFRQHFWDGRUHVHQVXVFXUYDVUiSLGDV/DVHSDUDFLyQ



HQWUHODVFXUYDVOHQWDVD$HVDSUR[LPDGDPHQWHGHFLFORVHQWUHODVXQLGDGHVGH
 $ \  $ \  FLFORV HQWUH ODV GH  $ \  $ 3RU OR WDQWR SXHGHQ RFXUULU
RSHUDFLRQHVVLPXOWiQHDVD~QHQODVFXUYDVOHQWDV FXUYDV& 
3DUD$ODVHSDUDFLyQHQWUHODVFXUYDVOHQWDVGHODVXQLGDGHVGH$\$HV
FLFORV \ HQWUH ODV GH  \  $  FLFORV OXHJR  KD\ FRRUGLQDFLyQ DXQTXH
RSHUDFLRQHV VLPXOWiQHDV SXHGHQ RFXUULU SRUTXH ODV FXUYDV UiSLGDV QR HVWiQ
VXILFLHQWHPHQWH VHSDUDGDV 3DUD XQD IDOOD GH  $ HQ HO ODGR GH OD FDUJD GHO
UHFRQHFWDGRU GH $ SXHGH VHU TXH RSHUHQ ODV WUHV XQLGDGHV FDVL VLPXOWiQHDPHQWH
VHJ~Q VXV FXUYDV UiSLGDV SHUR HQ RSHUDFLRQHV OHQWDV VyOR HO UHFRQHFWDGRU GH $
GHVSHMDUiODIDOODDEULHQGRSULPHURTXHORVUHFRQHFWDGRUHVGH\$\SRUORWDQWR
DJRWDUi VX VHFXHQFLD DEULpQGRVH HQ IRUPD SHUPDQHQWH PLHQWUDV TXH ORV RWURV GRV VH
UHSRQGUiQ\FRQWLQXDUiQHQVHUYLFLR

)LJ&RRUGLQDFLyQGH5HFRQHFWDGRUHVPHGLDQWHOD6HOHFFLyQGH
'LIHUHQWHV%RELQDVGH'LVSDUR



(Q FDVRV HVSHFLDOHV GRQGH VH UHTXLHUD TXH ORV UHFRQHFWDGRUHV WHQJDQ ERELQ DV GH LJXDO
WDPDxRVHSXHGHORJUDODFRRUGLQDFLyQDMXVWDGRORVUHFRQHFWDGRUHVSDUDTXHRSHUHQHQ
GLIHUHQWHV VHFXHQFLDV \ FRQ GLIHUHQWHV FXUYDV OHQWDV 6LQ HPEDUJR HO UHTXHULPLHQWR GH
WLHPSRHQWUHODVFXUYDVSDUDORVQLYHOHVGHIDOODHQYXHOWRVWRGDYtDVH DSOLFD\GHEHVHU
FRPSUREDGR

/DILJ1PXHVWUDHVWHFDVRGRQGHWRGRVORVUHFRQHFWDGRUHVWLHQHQODPLVPDERELQD
 $  SHUR 5 HV DMXVWDGR SDUD XQD VHFXHQFLD $& PLHQWUDV 5 \ 5 SDUD $%
3DUD XQD IDOOD HQ ) 5 \ 5 UHDOL]DQ VLPXOWiQHDPHQWH XQD RSHUDFLyQ UiSLGD \D TXH
WUDEDMDQVREUHODPLVPDFXUYD$(QWRQFHV5FRQVHFXHQFLD$%HMHFXWDVXVHJXQGD
RSHUDFLyQ UiSLGD DQWHV TXH 5 SXHGD DFWXDU HQ VX FXUYD OHQWD & 6L OD IDOOD HV
SHUPDQHQWH 5 FRPSOHWD VX VHFXHQFLD \ DEUH SRUTXH  HVWi RSHUDQGR VREUH OD FXUYD %
PiVUiSLGDTXHODFXUYD&GH5(VWRVXSRQHWLHPSRVXILFLHQWHHQWUHODVFXUYDV%\&
SDUD HYLWDU RSHUDFLRQHV VLPXOWiQHDV  SDUD ORV QLYHOHV GH IDOOD GDGRV &RQ HVWH PpWRGR
XQD IDOOD HQ FXDOTXLHU UDPDO SURGXFH XQD EUHYH LQWHUUXSFLyQ HQ WRGDV ODV FDUJDV
FRQHFWDGDVDODOLPHQWDGRUSULQFLSDO3DUDXQDIDOODSHUPDQHQWHHQ)VyOR5VHDEULUi
HQ IRUPD SHUPDQHQWH 5 VyOR VH DEULUi HQ IRUPD SHUPDQHQWH FXDQGR RFXUUDQ IDOODV
SHUPDQHQWHVHQHODOLPHQWDGRUSULQFLSDOFRPRHQHOFDVRGHODIDOOD)
'HO DQiOLVLV DQWHULRU VH SXHGH HVWDEOHFHU FRPR UHJOD TXH HO UHFRQHFWDGRU SURWHJLGR
WHQJDXQQ~PHURPHQRURLJXDOGHRSHUDFLRQHVUiSLGDVTXHHOUHFRQHFWDGRUSURWHFWRU 

),*&RRUGLQDFLyQGH5HFRQHFWDGRUHV0HGLDQWH6HOHFFLyQ
GH'LIHUHQWHV6HFXHQFLDV GH2SHUDFLyQ

E &RRUGLQDFLyQFRQ5HFRQHFWDGRU(OHFWUyQLFRV

/RV UHFRQHFWDGRU HOHFWUyQLFRV RIUHFHQ XQ DPSOLR UDQJR GH FDUDFWHUtVWLFDV TXH SHUPLWHQ
DMXVWDUVH D ORV UHTXHULPLHQWRV GH FDGD VLVWHPD HQ IRUPD SUHFLVD 5HFRQHFWDGRUHV
DG\DFHQWHV SXHGHQ FRRUGLQDU PX\ FHUFD XQR GHO RWUR \D TXH QR KD\ VRODSDPLHQWR R
VREUHSDVRHQORVFLUFXLWRVHOHFWUyQLFRV6LHOUHFRQHFWDGRUGHOODGRGHODFDUJDGHVSHMDOD
IDOODPiVUiSLGRTXHHOWLHPSRGHUHVSXHVWDGHOUHFRQHFWDGRUGHODIXHQWHVHDVHJXUDOD
FRRUGLQDFLyQ (O WLHPSR GH GHVSHMH GHO UHFRQHFWDGRU SURWHFWRU FRQ VX WROHUDQFLD
SRVLWLYD GHEH VHU  PHQRU TXH HO WLHPSR GH UHVSXHVWD GHO UHFRQHFWDGRU SURWHJLGR
FRQVXWROHUDQFLDQHJDWLYD



8QD UHFRPHQGDFLyQ JHQHUDO SDUD FRRUGLQDU  UHFRQHFWDGRUHV FRQWURODGRV


HOHFWUyQLFDPHQWHOXHJRGHTXHORVUHTXHULPLHQWRVGHYROWDMHFDSDFLGDGGHLQWHUUXSFLyQ
\ FRUULHQWH QRPLQDO KDQ VLGR VDWLVIHFKRV HV FRRUGLQDU ODV XQLGDGHV PHGLDQWH ODV
FRUULHQWHVPtQLPDVGHGLVSDUR\ODVFXUYDVGHWLHPSRFRUULHQWH

(Q ORV UHFRQHFWDGRUHV HOHFWUyQLFRV OD FRUULHQWH PtQLPD GH GLVSDUR SURJUDPDGD HV
LQGHSHQGLHQWHGHODFRUULHQWHQRPLQDODGLIHUHQFLDGHORVUHFRQHFWDGRUHVKLGUiXOLFRVHQ
ORV FXDOHV WDQWR OD FRUULHQWH QRPLQDO FRPR OD FRUULHQWH PtQLPD GH GLVSDUR HVWiQ
UHODFLRQDGDV \ VRQ XQD SURSLHGDG GH OD ERELQD HQ VHULH 6LQ HPEDUJR OD FRUULHQWH
PtQLPDGHGLVSDURGHEHWRPDUHQFXHQWDORVSLFRVGHFDUJDTXHSXHGHQRFXUULU\DGHPiV
GHEHVHUVHOHFFLRQDGDGHWDOIRUPDTXHHOUHFRQHFWDGRURSHUHSDUDFXDOTXLHUFRUULHQWHGH
IDOODHQVX]RQDGHSURWHFFLyQ
'HELGR D TXH VH OH GHEH GDU DOJXQD SURWHFFLyQ D OD OtQHD HQWUH ORV UHFRQHFWDGRU FRQWUD
IDOODVWHPSRUDOHVHOUHFRQHFWDGRUGHODIXHQWHGHEHWHQHUDOPHQRVXQDRSHUDFLyQUiSLGD
VLHPSUH TXH VHD SRVLEOH (O UHFRQHFWDGRU GH OD FDUJD FRRUGLQDUi FRQ HO GH OD IXHQWH VL
WLHQHHOPLVPRRXQPD\RUQ~PHURGHRSHUDFLRQHVUiSLGDV/DVFXUYDVOHQWDVGHEHQVHU
VHOHFFLRQDGDV GH WDO IRUPD TXH pO UHFRQHFWDGRU GH OD FDUJD RSHUH KDVWD VX DSHUWXUD
SHUPDQHQWHHQIDOODVSHUVLVWHQWHVVLQTXHODXQLGDGGHUHVSDOGRRSHUHGHVSXpVGHKDEHU
HMHFXWDGR VXV RSHUDFLRQHV UiSLGDV  (O GLVSDUR VLPXOWiQHR GXUDQWH ODV RSHUDFLRQHV
UiSLGDVVHSXHGHHOLPLQDUPHGLDQWHODVHOHFFLyQGHFXUYDVDSURSLDGDV\PHGLDQWHHOXVR
GH DOJXQDV IXQFLRQHV HVSHFLDOHV GLVSRQLEOHV HQ ORV UHFRQHFWDGRUHV FRQ FRQWURO
HOHFWUyQLFRWDQWRDQDOyJLFRVFRPRGLJLWDOHV

$XQTXH OD FRRUGLQDFLyQ GH UHFRQHFWDGRUHV FRQWURODGRV HOHFWUyQLFDPHQWH VH KDFH


PHGLDQWH HOHVWXGLRGHVXVFXUYDVWLHPSRFRUULHQWHODFRRUGLQDFLyQVHKDFHGLIHUHQWHD
FRPR VH KDFH HQ HO FDVR GH UHFRQHFWDGRUHV KLGUiXOLFRV\DHVWXGLDGRVGHELGRDTXHORV
HOHFWUyQLFRV SRVHHQ GLIHUHQWHV VHOHFFLRQHV GH FXUYDV \ IXQFLRQHV HVSHFLDOHV 3RU
HMHPSOR SDUD HO VLVWHPD GH OD ILJ 1  VH WLHQH TXH OD Pi[LPD FRUULHQWH GH IDOOD
WULIiVLFD HQ OD VXEHVWDFLyQ XELFDFLyQ GH 5  HV GH  DPSHULRV \ OD Pi[LPD
FRUULHQWHGHFDUJDHVDPSHULRV(QODXELFDFLyQGH5ODFRUULHQWHGHIDOODWULIiVLFD
HVGHDPSHULRV\ODPi[LPDFRUULHQWHGHFDUJDHVGHDPSHULRV

/D VHOHFFLyQ GHO YDORU GH DMXVWH GH OD FRUULHQWH GHEH FRQVLGHUDU ODV FRUULHQWHV SLFRV GH
FDUJDV \ HO PtQLPR QLYHO GH IDOOD HVSHUDGR HQ FDGD ]RQD GH SURWHFFLyQ GH ORV
UHFRQHFWDGRUHV(QHVWHFDVRVHVHOHFFLRQySDUD5XQDFRUULHQWHPtQLPDGHGLVSDURGH
 DPSHULRV \ SDUD 5  $ TXH HV HO   GH OD FRUULHQWH GH FDUJD (VWHYDORU
SHUPLWH ORV SLFRV GH FDUJD IUtD OXHJR GH LQWHUUXSFLRQHV SURORQJDGDV \ ORV IXWXURV
FUHFLPLHQWRV GH FDUJD /DV FXUYDV WLHPSRFRUULHQWH GH OD )LJ  VRQ WtSLFDV \ VH
PXHVWUDQSDUDFODULGDGGHOHMHPSOR(QXQVLVWHPDUHDOPXFKRVIDFWRUHVTXH QRDSDUHFHQ
HQ HVWH FDVR DLVODGR SXHGHQ UHTXHULU OD FRQVLGHUDFLyQ GH FDUDFWHUtVWLFDV FRQ IRUPDV
GLIHUHQWHV&RPRHOSURSyVLWRGHOHMHPSORHVPRVWUDUODUHODFLyQHQWUHODVFXUYDVGHORV
UHFRQHFWDGRUHV VH FRQVLGHUDUiQ SULPHUR ODV FXUYDV UiSLGDV $  \ ODV W HPSRUL]DGDV % 
3RU FODULGDG ODV WROHUDQFLDV KDQ VLGR LJQRUDGDV DTXt SHUR VH GHEHQ FRQVLGHUDU HQ ODV
DSOLFDFLRQHVUHDOHV
/DVIDOODVDJXDVDEDMRGH5GHEHQVHUGHVSHMDGDVSRUpODQWHVGHTXHHOFRQWUROGH5
UHVSRQGD 3DUD ODV RSHUDFLRQHV UiSLGDV ODV FXUYDV PXHVWUDQ TXH SDUD IDOODV PD\RUHV R



LJXDOHV D  DPSHULRV ORV GRV UHFRQHFWDGRUHV RSHUDUiQ VLPXOWiQHDPHQWH (Q ODV
FXUYDVOHQWDVFRPRODUHVSXHVWDGH5HQVXFXUYD%HVPiVOHQWDHQWRGRHOUDQJRTXH
ODGH5HQVXFXUYD%5RSHUDUi\GHVSHMDUiODIDOODVLQTXH5RSHUH$VXPLHQGRXQD
VHFXHQFLD$%HQDPERVUHFRQHFWDGRUHVXQDIDOODSHUPDQHQWHGH$GHODQWHGH
5FDXVDUiGRVGLVSDURVUiSLGRVVLPXOWiQHRVHQDPERVUHFRQHFWDGRUHVVHJXLGRVGHGRV
GLVSDURQWHPSRUL]DGRV FXUYD% GH5 TXLHQDEULUiHQIRUPDSHUPDQHQWH5TXLHQVH
PDQWLHQH HQ VHUYLFLR VH UHSRQGUi (O DOLPHQWDGRU SULQFLSDO KDEUi H[SHULPHQWDGR GRV
LQWHUUXSFLRQHVFRUWDV\UiSLGDV$MXVWDQGR5DODVHFXHQFLD$%VHHYLWDXQDGHODV
LQWHUUXSFLRQHVLQQHFHVDULDVGHODOLPHQWDGRUSULQFLSDO

)LJ (MHPSORGH&RRUGLQDFLyQFRQ5HFRQHFWDGRUHV&RQWURODGRV
(OHFWUyQLFDPHQWH



6H SXHGH PHMRUDU OD FRRUGLQDFLyQ XWLOL]DQGR XQD FXUYD PiV OHQWD SDUD OD FDUDFWHUtVWLFD
UiSLGDGH5 YHU)LJ &RQ5SURJUDPDGRD1%VHHYLWDHOGLVSDURVLPXOWiQHR
SDUDFRUULHQWHVGHIDOODSRUGHEDMRGH$YDORUTXHHVWiSRUHQFLPDGHODPi[LPD
FRUULHQWH GH IDOOD HVSHUDGD HQ 5 (VWH PpWRGR HV YHQWDMRVR HQ XELFDFLRQHV GRQGH ODV
IDOODVVHDQSRUQDWXUDOH]DSUHGRPLQDQWHPHQWHWUDQVLWRULDV\VHDQ GHVSHMDGDVGHVSXpVGH
XQDRGRVRSHUDFLRQHVUiSLGDVSHURHVGHVYHQWDMRVRFXDQGRRFXUUHQIDOODVSHUPDQHQWHV
(QUHVSXHVWDDXQDIDOODSHUPDQHQWH5RSHUDGRVYHFHVHQVXFXUYDUiSLGD\FDPELDD
VXFXUYDOHQWDSHURFRPR5HVWiWRGDYtDHQVXVFXUYDVUiSLGDV 1 RSHUDUiGRVYHFHV
\D TXH VX FXUYD 1 HV PiV UiSLGD TXH OD FXUYD % GH 5 1XHYDPHQWH KD\ GRV
LQWHUUXSFLRQHVLQQHFHVDULDVHQHODOLPHQWDGRUSULQFLSDO

),* $MXVWH$OWHUQR3DUDHO(MHPSORGHOD)LJ



/R LGHDO VHUtD HYLWDU HVWDV RSHUDFLRQHV LQQHFHVDULDV SHUR PDQWHQLHQGR ODV FDSDFLGDG GH
RSHUDFLyQ GXDO RSHUDFLRQHV UiSLGDV \ OHQWDV  SDUD OD SURWHFFLyQ DSURSLDGD GHO
DOLPHQWDGRUHQOD]RQDGH5(VWRVHSXHGHORJUDUIiFLOPHQWHXWLOL]DQGRODIXQFLyQGH
&RRUGLQDFLyQ GH 6HFXHQFLD HQ HO UHFRQHFWDGRU 5 (VWD \ RWUDV IXQFLRQHV HVSHFLDOHV
VHUiQGHVFULWDVDFRQWLQXDFLyQ
)XQFLRQHV(VSHFLDOHVHQ5HFRQHFWDGRUHVFRQ&RQWURO(OHFWUyQLFR

/DV IXQFLRQHV HVSHFLDOHV GLVSRQLEOHV HQ ORV UHFRQHFWDGRUHV FRQ FRQWURO HOHFWUyQLFR
PHMRUDQ \ KDFHQ PiV IOH[LEOH OD FRRUGLQDFLyQ 3RU VXSXHVWR ORV HVWXGLRV GH
FRRUGLQDFLyQ VH KDFHQ PiV FRPSOLFDGRV SHUR HVWDV IXQFLRQHV SXHGHQ PHMRUDU
VXVWDQFLDOPHQWHHOGHVHPSHxRGHOVLVWHPD
/D)XQFLyQGH&RRUGLQDFLyQGH6HFXHQFLD VHXWLOL]DSDUDPHMRUDUODFRQWLQXLGDGGHO
VHUYLFLR HQ OtQHDV SURWHJLGDV SRU UHFRQHFWDGRUHV HQ VHULH 3UHYLHQH ODV RSHUDFLRQHV
UiSLGDV LQQHFHUDULDV GHO UHFRQHFWDGRU SURWHJLGR HQ HO FDVR GH IDOODV TXH SXHGHQ VHU
GHVSHMDGDVSRUHOUHFRQHFWDGRUSURWHFWRU

/DV GRV RSHUDFLRQHV WtSLFDV GH UHFRQHFWDGRUHV VLQ OD IXQFLyQ GH &RRRUGLQDFLyQ GH
6HFXHQFLDVHPXHVWUDQHQOD)LJ\FRUUHVSRQGHQDORVGRVHMHPSORVTXHVHDFDEDQGH
DQDOL]DU(QHO&DVR$GRVUHFRQHFWDGRUHVFRQFXUYDVUiSLGDVVLPLODUHVHVWiQHQVHULH
8QDIDOODSHUPDQHQWHGHODQWHGH5HVGHWHFWDGDSRUDPERVHTXLSRVORVFXDOHVGLVSDUDQ
VLPXOWiQHDPHQWHHQVXVFXUYDVUiSLGDV
$~Q HQ HO FDVR GH TXH ORV GRV UHFRQHFWDGRUHV QR GLVSDUHQ VLPXOWiQHDPHQWH SRUTXH OD
FXUYD $ GH 5 VHD PiV UiSLGD TXH OD FXUYD UiSLGD 1 GH 5 &DVR % )LJ   HO
UHFRQHFWDGRU 5 GLVSDUDUi GRV YHFHV VHJ~Q VX FXUYD UiSLGD 1 FXDQGR 5 FDPELH D VX
VHFXHQFLD OHQWD (Q FXDOTXLHUD GH ORV GRV FDVRV HO VHUYLFLR HQ HO iUHD HQWUH ORV GRV
UHFRQHFWDGRUHVH[SHULPHQWDGRVFRUWDVSHURLQQHFHVDULDVLQWHUUXSFLRQHV

(QODRSHUDFLyQFRQFRRUGLQDFLyQGHVHFXHQFLDTXHVHPXHVWUDHQOD)LJHOUHOpGH
UHVSDOGR 5  VyOR FXHQWD ODV RSHUDFLRQHV GH 5 SHUR QR GLVSDUD 6X SURJUDPD GH
VHFXHQFLD DYDQ]D GRV YHFHV KDFLD VXV FXUYDV OHQWDV SHUR QR VH HPLWH VHxDO GH GLVSDUR
3RU OR WDQWR OD IDOOD HV GHWHFWDGD SRU 5 SHUR VLQ TXH RFXUUD RSHUDFLyQ \ FXDQGR 5
OOHJDDVXVRSHUDFLRQHVOHQWDVVyORpORSHUDUi\DTXHVXFXUYDOHQWDHVPiVUiSLGDTXHOD
FXUYDOHQWDGH5
/D FRRUGLQDFLyQ GH VHFXHQFLDV VyOR IXQFLRQD SDUD RSHUDFLRQHV UiSLGDV SRU OR WDQWR HO
Q~PHURGHRSHUDFLRQHVDVHUFRRUGLQDGDVGHSHQGHUiGHOQ~PHURGHRSHUDFLRQHVUiSLGDV
SURJUDPDGDVHQHOUHFRQHFWDGRUSURWHJLGR 5  /DVFXUYDVUiSLGDVGHOUHFRQHFWDGRU
SURWHJLGR 5  GHEHQ WHQHU XQ WLHPSR GH UHVSXHVWD PiV OHQWR TXH HO WLHPSR GH
UHVSXHVWDGHOUHFRQHFW DGRUSURWHFWRU 5 HQVXVFXUYDVUiSLGDV
&XDQGR VH HPSOHD GLVSDUR GH WLHUUD HQ ORV UHFRQHFWDGRUHV TXH LQFOX\D OD IXQFLyQ GH
FRRUGLQDFLyQ GH VHFXHQFLD VH GHEH FXPSOLU FRQ ORV PLVPRV UHTXHULPLHQWRV GH
FRRUGLQDFLyQTXHFRQHOGLVSDURGHIDVHTXHVHDFDEDGHDQDOL]DU



)LJ 'LDJUDPDGH'RV(MHPSORGHOD2SHUDFLyQGH5HFRQHFWDGRUHVVLQOD
)XQFLyQGH&RRUGLQDFLyQGH6HFXHQFLDHQHO5HFRQHFWDGRU3URWHJLGR

)LJ 'LDJUDPDGH2SHUDFLyQGH5HFRQHFWDGRUHVFRQOD
)XQFLyQGH&RRUGLQDFLyQGH6HFXHQFLD VHQHO5HFRQHFWDGRU3URWHJLGR



)XQFLyQGH'LVSDUR,QVWDQWiQHR

/D IXQFLyQ 'LVSDUR ,QVWDQWiQHR SHUPLWH H[WHQGHU HO UDQJR GH FRRUGLQDFLyQ FRQ
GLVSRVLWLYRVGHOODGRGHODIXHQWHSDUDYDORUHVGHFRUULHQWHDOWRV3RUHQFLPDGHXQYDORU
SUHGHWHUPLQDGR GH FRUULHQWH GH IDOOD SHUPLWH DO FRQWURO SDVDU SRU HQFLPD GH OD
FDUDFWHUtVWLFD WLHPSRFRUULHQWH SURJUDPDGD \ GLVSDUDU GH LQPHGLDWR HO UHFRQHFWDGRU VLQ
QLQJ~QUHWUDVRLQWHQFLRQDOGHWLHPSR

(OGLVSDURLQVWDQWiQHRVHSURJUDPDSDUDTXHRFXUUDFXDQGRODFRUULHQWH GHIDOODH[FHGH
XQ P~OWLSOR VHOHFFLRQDGR GH OD FRUULHQWH PtQLPD GH GLVSDUR 6H GLVSRQH GH XQ DPSOLR
UDQJRGHP~OWLSORVSDUDSHUPLWLUHODMXVWHGHOGLVSDURDOYDORUGHVHDGRSDUDODDSOLFDFLyQ
SDUWLFXODU \ pVWD IXQFLyQ VH SXHGH DMXVWDU HQ FXDOTXLHUD R HQ YDULDV RSHUDFLRQHV HQ OD
VHFXHQFLD(OP~OWLSORSDUDHOGLVSDURGHWLHUUDVHSXHGHDMXVWDULQGHSHQGLHQWHPHQWHGHO
P~OWLSOR SDUD HO GLVSDUR GH IDVH 3DUD FRUULHQWHV GH IDOOD SRU GHEDMR GHO YDORU DMXVWDGR
SDUDHOP~OWLSORGHODFRUULHQWHGHGLVSDURLQVWDQWiQHRHOFRQWUROGLVSDUDUiGHDFXHUGRD
ODFDUDFWHUtVWLFDWHPSRUL]DGDSURJUDPDGDQRUPDOPHQWH

(OYDORUPtQLPRGHOP~OWLSORGHGLVSDURVHSXHGHFDPELDUIiFLOPHQWHGHQWURGHOUDQJR
GLVSRQLEOH R D FXDOTXLHU RWUD RSHUDFLyQ HQ OD VHFXHQFLD (VWR SHUPLWH DGDSWDUVH D ORV
FDPELRVGHUHTXHULPLHQWRVHQHOVLVWHPD
(Q OD )LJ  VH PXHVWUD OD FRRUGLQDFLyQ GH XQ UHFRQHFWDGRU FRQ XQ IXVLEOH GHO ODGR
SULPDULRGHOWUDQVIRUPDGRU(OUHFRQHFWDGRUWLHQHXQDMXVWHPtQLPRGHGLVSDURGH$
2EVpUYHVHTXHSDUDFRUULHQWHVGHIDOODSRUHQFLPDGH$VHSLHUGHODFRRUGLQDFLyQ
FXDQGRVHXWLOL]DVyORODFXUYDWHPSRUL]DGDGHOUHFRQHFWDGRU6LVHDMXVWDHOP~OWLSORGHO
GLVSDUR LQVWDQWiQHR D FXDWUR HO UHFRQHFWDGRUGLVSDUDUiLQVWDQWiQHDPHQWHSDUDFXDOTXLHU
FRUULHQWH SRU HQFLPD GH ORV  $ SRU OR WDQWR HQ HVWH FDVR VH KD H[WHQGLGR OD
FRRUGLQDFLyQ FRQ HO IXVLEOH KDVWD ORV  $ DSUR[LPDGDPHQWH 6H GHEH SURYHHU XQ
PDUJHQGHWLHPSRDGHFXDGRHQWUHODFDUDFWHUtVWLFDWLHPSRFRUULHQWHGHOUHFRQHFWDGRU\OD
FXUYDGHPtQLPDIXVLyQGHOIXVLEOHSDUDHYLWDUGDxRVRIDWLJDGHOIXVLEOH
)XQFLyQ&RPELQDGDGH'LVSDUR,QVWDQWiQHR\%ORTXHR,QVWDQWiQHR

/D FRPELQDFLyQ GH GLVSDUR LQVWDQWiQHR FRQ EORTXHR ORFNRXW  LQVWDQWiQHR OH GD DO
FRQWUROGHORVUHFRQHFWDGRUHVXQSDVRPiVGHIOH[LELOLGDGHQVXDSOLFDFLyQODKDELOLGDG
GH SRGHU WHQHU WUHV ]RQDV GH SURWHFFLyQ 3RU HMHPSOR FRQ OD IXQFLyQ GH GLVSDUR
LQVWDQWiQHR FRPELQDGD FRQ EORTXHR LQVWDQWiQHR HQ HO UHFRQHFWDGRU GH OD )LJ 
SHUPLWHGHILQLUODVWUHV]RQDVGHSURWHFFLyQDOOtLQGLFDGDV
/DV IDOODV HQ OD =RQD  VHUiQ GHVSHMDGDV VHJ~Q OD VHFXHQFLD SURJUDPDGD 1& GH
DFXHUGRDODFRRUGLQDFLyQ5HFRQHFWDGRU)XVLEOHQRUPDO

&RQ HO GLVSDUR LQVWDQWiQHR DMXVWDGR HQ  ODV IDOODV HQ OD =RQD  TXH H[FHGDQ $
SXHGHQ SURGXFLU FXDWUR GLVSDURQ LQVWDQWiQHRV 6LQ HPEDUJR SDUD IDOODV GHODQWH GHO
VHFFLRQDOL]DGRU6ODFRRUGLQDFLyQFRQHOVHFFLRQDOL]DGRU ODFXDOVHYHUiPiVDGHODQWH 
OLPLWDUiODVRSHUDFLRQHVDWUHV\DTXHODIDOOD)VHUiGHVSHMDGDSRUHOVHFFLRQDOL]DGRUHQ
ODWHUFHUDRSHUDFLyQ



3DUDIDOODVFHUFDQDVDODVXEHVWDFLyQ =RQD GRQGHODVIDOODVSXHGHQWHQHUDOWRVYDORUHV


GH FRUULHQWH TXH SRGUtDQ FDXVDU GDxRV DO FRQGXFWRU R D ORV HTXLSRV HO EORTXHR
LQVWDQWiQHR SXHGH DXWRPiWLFDPHQWH DFRUWDU HO FRQWURO GH OD VHFXHQFLD $MXVWDQGR HVWD
IXQFLyQ D XQ P~OWLSOR GH  YHFHV OD FRUULHQWH PtQLPD GH GLVSDUR HVWD IXQFLyQ VH
DFWLYDUD SDUD FRUULHQWHV PD\RUHV GH  $ 3RU HQFLPD GH HVWH QLYHO GH FRUULHQWH HO
EORTXHR LQVWDQWiQHR DMXVWDGR D XQD RSHUDFLyQ SDUD EORTXHR PLQLPL]D HO Q~PHUR GH
YHFHVTXHHVWDDOWDFRUULHQWHFLUFXODUHGXFLHQGRHOULHVJRGHGDxRVHQHOFRQGXFWRURORV
HTXLSRV'RQGHH[LVWDDOWDSUREDELOLGDGGHTXHRFXUUDQIDOODVWUDQVLWRULDVHQOD]RQDVH
SXHGHDMXVWDUODIXQFLyQSDUDSHUPLWLUGRVRSHUDFLRQHVSDUDIDOODVHQOD]RQD

)LJ &RRUGLQDFLyQGH5HFRQHFWDGRUFRQ)XQFLyQGH'LVSDUR,QVWDQWiQHR

)LJ =RQDVGH3URWHFFLyQFRQOD)XQFLyQ&RPELQDGDGH'LVSDUR,QVWDQWiQHRFRQ
%ORTXHR,QVWDQWiQHR



' &RRUGLQDFLyQ5HFRQHFWDGRU 5HOpV

/D FRRUGLQDFLyQ HQWUH  XQ UHOp GH VREUHFRUULHQWH WHPSRUL]DGR   TXH FRQWUROD XQ
LQWHUUXSWRU \ XQ UHFRQHFWDGRU VH SUHVHQWD FRP~QPHQWH HQ VXEHVWDFLRQHV GRQGH HO
LQWHUUXSWRU HV HO GLVSRVLWLYR GH UHVSDOGR YHU ILJ   (O PpWRGR GH FRRUGLQDFLyQ
GHSHQGH HQ JUDQ PHGLGD GH OD WHFQRORJtD GHO UHOp XWLOL]DGR HOHFWURPDJQpWLFR R
HVWiWLFR \GHOWLSRGHUHFRQHFWDGRUDXQTXHHOREMHWLYRSULPRUGLDOHQFXDOTXLHUFDVR
HV TXH HO UHFRQHFWDGRU SDUD ODV IDOODV SHUPDQHQWHV GHO ODGR GH OD FDUJD SXHGD
HMHFXWDUWRGDVVXVRSHUDFLRQHVSURJUDPDGDVVLQTXHHOUHOpRSHUH
6HWLHQHQWUHVFDVRVSDUWLFXODUHVD &RRUGLQDFLyQFRQUHOpVHVWiWLFRVE &RRUGLQDFLyQ
FRQ UHOpV HOHFWURPDJQpWLFRV \ F  &RRUGLQDFLyQ FRQ UHOpV HOHFWURPDJQpWLFRV \
UHFRQHFWDGRUHOHFWUyQLFR

&RQ5HOpV(VWiWLFRV

&RQ UHOpV HVWiWLFRV HO SUREOHPD HV VLPSOH &RPR HVWRV UHOpV WLHQHQ WLHPSRV GH
UHSRVLFLyQ PX\ UiSLGRV \ QR SUHVHQWDQ VREUHSDVR HQ VX FDUDFWHUtVWLFDV GH
RSHUDFLyQ HO UHTXHULPLHQWR GH FRRUGLQDFLyQ HV TXH OD FXUYD OHQWD GHO UHFRQHFWDGRU
VHDPiVUiSLGDTXHODFXUYDGHOUHOpSDUDWRGRVORVYDORUHVGHFRUULHQWHGHIDOODHQVX
]RQDGHSURWHFFLyQ YHUILJ1 6HGHEHFXPSOLUTXH

W ,IPD[ t WOHQWD ,IPD[ 'W

8QYDORUWtSLFRXWLOL]DGRSDUD'WHVVHJXQGRV

)LJ &RRUGLQDFLyQ5HOp(VWiWLFR  FRQ5HFRQHFWDGRU



&RQ5HOpV(OHFWURPDJQpWLFRV

&XDQGR VH XWLOL]DQ UHOpV HOHFWURPDJQpWLFRV WLSR GLVFR VH GHEHQ FRQVLGHUDU GRV
SUREOHPDVLQKHUHQWHV YHUILJ DVXIRUPDGHRSHUDFLyQ

D (OPRYLPLHQWRDGLFLRQDOGHOGLVFR\GHOFRQWDFWRPyYLOTXHVHSURGXFHGHELGRDOD
LQHUFLD GH ODV SDUWHV PHFiQLFDV URWDWLYDV  GHVSXpV GH TXH HO GLVSRVLWLYR SURWHFWRU
LQWHUUXPSH OD IDOOD (VWH HIHFWR VH FRQRFH FRPR VREUHSDVR \ VX WLHPSR GH
GXUDFLyQGHEHVHUFRQVLGHUDGRHQODFRRUGLQDFLyQ/DWDEODGDORVYDORUHVWtSLFRV
GH VREUHSDVR WLHPSR GH PDUJHQ GH LPSXOVR  SDUD GLIHUHQWHV UHOpV GH
VREUHFRUULHQWH
7$%/$1
9$/25(6'(62%5(3$62
7 ,3 2 ' ( 5 ( / (
& 2 
& 2 
& 2 
& 2 
& 2 
& 2  

E

7 ,( 0 3 2 ' ( 6 2 % 5 ( 3 $ 6 2
  
  
  
  
  
  

(O UHOp HOHFWURPDJQpWLFR WLHQGH D LQWHJUDU ORV WLHPSRV GH GHVSHMH GHO
UHFRQHFWDGRU GHELGR D TXH VX WLHPSR GH UHSRVLFLyQ WLHPSR SDUD TXH HO G LVFR
UHWRUQHDVXSRVLFLyQRULJLQDOOXHJRGHRSHUDU HVPX\ODUJR\QRVLHPSUHVHSXHGH
UHSRQHUWRWDOPHQWHGXUDQWHHOLQWHUYDORGHUHFLHUUHGHOUHFRQHFWDGRU$ORFXUULUXQD
IDOOD GHODQWH GHO UHFRQHFWDGRU OD FRUULHQWH HV YLVWD WDQWR SRU HO UHOp FRPR SRU HO
UHFRQHFWDGRU (O GLVFR GHO UHOp VH PXHYH KDFLD DGHODQWH PLHQWUDV HO UHFRQHFWDGRU
FRPSOHWDVXRSHUDFLyQ$ODEULUHOUHFRQHFWDGRUODFRUULHQWHFDH\HOGLVFRGHOUHOp
FRPLHQ]D D UHSRQHUVH \ OR KDUi GXUDQWH HO LQWHUYDOR GH UHFLHUUH FXDQGR HO
UHFRQHFWDGRUYXHOYHDFHUUDUODFRUULHQWHGHIDOODHVUHDSOLFDGD\VLHOUHOpQRVHKD
UHSXHVWR WRWDOPHQWH HO GLVFR DYDQ]D KDFLD HO SXQWR GH GLVSDUR GHVGH HO SXQWR GH
UHSRVLFLyQLQFRPSOHWDSRUORFXDOVXWLHPSRGHRSHUDFLyQVHDFRUWDUi(VWHSURFHVR
VHUHSHWLUiHQODVVXFHVLYDVRSHUDFLRQHVGHOUHFRQHFWDGRU\HVSRVLEOHGHTXHHOUHOp
RSHUH HUUyQHDPHQWH DQWHV GH TXH HO UHFRQHFWDGRU KD\D SRGLGR FRPSOHWDU VX
VHFXHQFLDGHRSHUDFLRQHV/D)LJGDORVYDORUHVGHUHSRVLFLyQSDUDDOJXQRVWLSRV
GHUHOpVGHVREUHFRUULHQWH
'RVPpWRGRVVHXWLOL]DQSDUDFRRUGLQDU
E

0pWRGR&RQVHUYDGRU

6XPDU WRGRV ORV WLHPSRV GH RSHUDFLyQ GH OD VHFXHQFLD GHO UHFRQHFWDGRU \
FRPSDUDUFRQODFXUYDGHOUHOp(VWHPpWRGRQRWRPDHQFXHQWDODUHSRVLFLyQ
GHO UHOp HQWUH GLVSDURV (V PX\ FRQVHUYDGRU QR HV UHDOLVWD \ WLHQGH D GDU
WLHPSRVGHRSHUDFLyQPX\DOWRVSDUDHOUHOpSRUORFXDOQRVHUHFRPLHQGDVX
XVR 3RU HMHPSOR VL VH WLHQH XQ UHFRQHFWDGRU SURJUDPDGR FRQ OD VHFXHQFLD



$&ODFRQGLFLyQGHFRRUGLQDFLyQSDUDODFRUULHQWHPi[LPDGHIDO ODHQHO
UHFRQHFWDGRUVHUtD

W ,IPD[ t W$ ,IPD[ W& ,IPD[

)LJ 3UREOHPDVGH&RRUGLQDFLyQHQWUH5HOp(OHFWURPDJQpWLFR\5HFRQHFWDGRU



E

)LJ 7LHPSRVGH5HSRVLFLyQGH$OJXQRV7LSRVGH5HOpV

0pWRGR([DFWR

(Q HO PpWRGR H[DFWR VH HYDO~DQ ORV VXFHVLYRV PRYLPLHQWRV GHO GLVFR GXUDQWH
ODV RSHUDFLyQ \ ORV LQWHUYDORV GH UHFLHUUH GHO UHFRQHFWDGRU (O YLDMH WRWDO GHEH
VHU SRU VXSXHVWR PHQRU DO  (VWD HYDOXDFLyQ VH UHDOL]D GH OD VLJXLHQWH
IRUPD YHU)LJ 
x

6H HVWLPD XQ GLDO LQLFLDO SDUD HO UHOp (Q IXQFLyQ GH HVWH GLDO \ FRQ OD
FRUULHQWH Pi[LPD GH IDOOD HQ HO UHFRQHFWDGRU VH GHWHUPLQD VX WLHPSR GH
RSHUDFLyQ WR  \ GH UHSRVLFLyQ W 5(3  )LJ   &RQ OD 7DEOD 1  VH



x
x
x
x

x
x

GHWHUPLQD HO VREUHSDVR W 63  (O GLDO PtQLPR LQLFLDO VH SXHGH HVWLPDU
KDFLHQGRXVRGHODFRQGLFLyQGHFRRUGLQDFLyQHVWDEOHFLGDHQHOFDVRD 
DUULEDGHVFULWR
6H GHWHUPLQDQ SDUD OD FRUULHQWH Pi[LPD GH IDOOD HQ HO UHFRQHFWDGRU ORV
WLHPSRVGHRSHUDFLyQGHOUHFRQHFWDGRUVHJ~QVXFXUYDUiSLGD W $ \VXFXUYD
OHQWD
6HFDOFXODHOGHDYDQFHGHOGLVFR 9$ LQFOX\HQGRHOVREUHSDVR W 63 
GXUDQWH OD SULPHUD RSHUDFLyQ UiSLGD GHO UHFRQHFWDGRU W $  HQ IXQFLyQ GHO
WLHPSRGHRSHUDFLyQGHOUHOp WR 
6H FDOFXOD HO  GH UHSRVLFLyQ GHO GLVFR  5(3  GXUDQWH HO LQWHUYDOR GH
UHFLHUUHGHOUHFRQHFWDGRU W ,5 HQIXQFLyQGHOWLHPSRWRWDOGHUHSRVLFLyQGHO
UHOp W5(3 
$O  GH DYDQFH 9$  VH OH UHVWD HO  GH UHSRVLFLyQ  5(3  6L OD
UHSRVLFLyQHVPD\RUTXHHODYDQFHLQGLFDTXHHOUHOpVHUHSRQHWRWDOPHQWH
GHVSXpV GH HVD RSHUDFLyQ \ HO DYDQFH SDUFLDO QHWR HV FHUR 6L HO DYDQFH HV
PD\RU TXH OD UHSRVLFLyQ HO DYDQFH SDUFLDO QHWR HV OD GLIHUHQFLD 9QHWR 
9$ 5(3 
6H UHSLWH HO SURFHVR SDUD ODV GHPiV RSHUDFLRQHV UiSLGDV \ OHQWDV
DFXPXODQGRORVDYDQFHVSDUFLDOHVQHWRV
(O DYDQFH WRWDO GHO GLVFR GHEH VHU PHQRU DO  $OJXQDV HPSUHVDV
XWLOL]DQ FRPR WRSH HQWUH  \  SDUD WHQHU XQ PDUJHQ DGLFLRQDO GH
VHJXULGDG 6L HO YLDMH WRWDO HV PD\RU DO Pi[LPR SHUPLWLGR VH DXPHQWD HO
GLDO \ VH UHSLWH HO SURFHVR KDVWD REWHQHU XQ YLDMH WRWDO PHQRU R LJXDO DO
Pi[LPRSHUPLWLGR

WR 7LHPSRGHRSHUDFLyQGHOUHOpSDUDOD,IPD[SDUDHODMXVWHGHO7DS\GHO'LDO
GDGRV
W5(3 7LHPSRGHUHSRVLFLyQGHOUHOpVHJ~QHODMXVWHGHO'LDO )LJ 
W63 7LHPSRGHVREUHSDVR 7DEOD1 
W,5 7LHPSRGHOLQWHUYDORGHUHFLHUUHGHOUHFRQHFWDGRU
W$ 7LHPSRGHRSHUDFLyQGHOUHFRQHFWDGRUHQVXFXUYDUiSLGDSDUDOD,IPD[
W/ 7LHPSRGHRSHUDFLyQGHOUHFRQHFWDGRUHQVXFXUYDOHQWDSDUDOD,IPD[
9$ 3RUFHQWDMHGHDYDQFHGXUDQWHODVRSHUDFLRQHVUiSLGDV
9/ 3RUFHQWDMHGHDYDQFHGXUDQWHODVRSHUDFLRQHVOHQWDV
5(3 3RUFHQWDMHGHUHSRVLFLyQGXUDQWHORVLQWHUYDORVGHUHFLHUUH
9$  W$ W63 [WR
9/  W/ W63 [WR
5(3 W,5[W5(3
)LJ &RRUGLQDFLyQ5HOp(OHFWURPDJQpWLFR 5HFRQHFWDGRU0pWRGR([D FWR



&RQ5HOp(OHFWURPDJQpWLFR\5HFRQHFWDGRU(OHFWUyQLFR

&XDQGR VH FRRUGLQDQ UHOpV HOHFWURPDJQpWLFRV FRQ UHFRQHFWDGRUHV HOHFWUyQLFRV VH


SXHGH KDFHU XVR GH OD SRVLELOLGDG GH DMXVWDU ORV LQWHUYDORV GH UHFLHUUH GHO
UHFRQHFWDGRU SDUD JDUDQWL]DU TXH HO UHOp VH UHSRQJD WRWDOPHQWH GHVSXpV GH ODV
RSHUDFLRQHVUiSLGDV\OHQWDVGHOUHFRQHFWDGRU(OSURFHGLPLHQWRHVHOVLJXLHQWH
x 6HFDOFXODHOGLDOGHDFXHUGRDODFRQGLFLyQGHFRRUGLQDFLyQGHOFDVRD 

W ,IPD[ t WOHQWD ,IPD[ 'W

x (QIRUPDVLPLODUDORH[SOLFDGRHQHOFDVRE VHFDOFXODHODYDQFHGXUDQWHODV
RSHUDFLRQHVUiSLGDV 9$ \OHQWDV 9/ \VHGHWHUPLQDHOW 5(3GHOUHOp
x /RVLQWHUYDORVGHUHFLHUUHVHFDOFXODQGHVSHMDQGRDW ,5 GHODIyUPXODGH5(3\
VXVWLWX\HQGRHO5(3SRUHOYDORUGHOSRUFHQWDMHGHDYDQFH
x 3DUD JDUDQWL]DU TXH HO UHOp VH UHSRQJD WRWDOPHQWH OXHJR GH ODV RSHUDFLRQHV
UiSLGDV\OHQWDVORVWLHPSRVGHORVLQWHUYDORVGHUHFLHUUHVHGHEHQDMXVWDUSDUD
FXPSOLUFRQ
W,5t 9$[W5(3 o /XHJRGHRSHUDFLRQHVUiSLGDV\
W,5t 9/[W5(3 o /XHJRGHRSHUDFLRQHVOHQWDV

$MXVWHGHOD8QLGDG,QVWDQWiQHD 

&XDQGR H[LVWH 8QLGDG ,QVWDQWiQHD   HQ HO UHOp HVWD QR GHEH GHVSHMDU IDOODV SRU
GHODQWH GHO UHFRQHFWDGRU SRUTXH RSHUDUtD SULPHUR TXH HO UHFRQHFWDGRU HQ VX FXUYD
UiSLGDSHUGLpQGRVHODVHOHFWLYLGDGSRUORWDQWRODFRUULHQWHGHDUUDQTXHGHODXQLGDG
 GHEH VHU DMXVWDGD SRU HQFLPD GH OD Pi[LPD FRUULHQWH GH IDOOD GLVSRQLEOH HQ OD
ORFDOL]DFLyQGHOUHFRQHFWDGRUPiVFHUFDQR6HGHEHGHMDUXQPDUJHQGHFRRUGLQDFLyQ
SDUDDFRPRGDUWUDQVLWRULRVVREUHDOFDQFHRHUURUHVGHDMXVWH*HQHUDOPHQWHVHXWLOL]D
XQ IDFWRU HQWUH  \  SDUD PXOWLSOLFDU OD Pi[LPD FRUULHQWH VLPpWULFD 506  GH
IDOOD WULIiVLFD HQ OD ORFDOL]DFLyQ GHO UHFRQHFWDGRU SDUDREWHQHUODFRUULHQWHGHDMXVWH
GH OD XQLGDG LQVWDQWiQHD /D ILJ  PXHVWUD HO DMXVWH UHODWLYR GH OD XQLGDG WLHPSR 
FRUULHQWH \ GH OD XQLGDG LQVWDQWiQHD FRQ UHVSHFWR DO UHFRQHFWDGRU \ VH GDQ YDORUHV
WtSLFRVGHOIDFWRU.GHPXOWLSOLFDFLyQ

)LJ &RRUGLQDFLyQ8QLGDGFRQ5HFRQHFWDGRU



( &RRUGLQDFLyQGH6HFFLRQDOL]DGRUHV

3DUDFRRUGLQDUVHFFLRQDOL]DGRUHVVHGHEHQVHJXLUORVVLJXLHQWHVSULQFLSLRVEiVLFRV

D /DPtQLPDFRUULHQWHGHDFWXDFLyQGHOVHFFLRQDOL]DGRUGHEHVHUGHODFRUULHQWH
PtQLPD GH GLVSDUR GHO GLVSRVLWLYR GH UHVSDOGR UHOp GH VREUHFRUULHQWH R
UHFRQHFWDGRU  (Q XQLGDGHV HOHFWUyQLFDV VH DMXVWD HO PtQLPR QLYHO GH RSHUDFLyQ
GLUHFWDPHQWH (Q XQLGDGHV KLGUiXOLFDV OD FRUULHQWH PtQLPD GH DFWXDFLyQ HV 
GHO YDORU QRPLQDO GH OD ERELQD &XDQGR VH FRRUGLQDXQVHFFLRQDOL]DGRUKLGUiXOLFR
FRQXQ UHFRQHFWDGRUKLGUiXOLFRVHVHOHFFLRQDQERELQDVGHLJXDOYDORUQRPLQDOSDUD
DPEDV XQLGDGHV SDUD SURYHHU FRRUGLQDFLyQ DGHFXDGD FRQ OD FRUULHQWH PtQLPD GH
GLVSDUR GHO UHFRQHFWDGRU FX\D FRUULHQWH PtQLPD GH GLVSDUR HV GH  GH VX
FRUULHQWH QRPLQDO (Q HVWH FDVR OD FRUULHQWH PtQLPD GH DFWXDFLyQ GHO
VHFFLRQDOL]DGRUHVGHODFRUULHQWHPtQLPDGHGLVSDURGHOUHFRQHFWDGRU
E (OVHFFLRQDOL]DGRUVHGHEHDMXVWDUSDUDTXHDEUDSHUPDQHQWHPHQWHHQXQDRSHUDFLyQ
PHQRV TXH HO GLVSRVLWLYR GH UHVSDOGR (VWD UHJOD JHQHUDO QR VH DSOLFD FXDQGR KD\
PiV GH XQ VHFFLRQDOL]DGRU HQ VHULH GRQGH ODV XQLGDGHV VXFHVLYDV VH DMXVWDQ D XQ
GRVRWUHVFRQWHRVPHQRVTXHHOUHFRQHFWDGRUGHUHVSDOGR
F /DVFRUULHQWHVPRPHQWiQHDV\GHFRUWRWLHPSRLPSXHVWDVHQHOVHFFLRQDOL]DGRUSRU
HO UHFRQHFWDGRU GHEHQ PDQWHQHUVH GHQWUR GH ORV YDORUHV QRPLQDOHV GHO
VHOHFFLRQDOL]DGRU

G (O 7LHPSR 7RWDO $FXPXODGR 77$  GHO GLVSRVLWLYR GH UHFLHUUH WLHPSR TXH
WUDQVFXUUHHQWUHHO\FRQWHRV GHEHVHUFRRUGLQDGRFRQHOWLHPSRGHPHPRULD
GHO VHFFLRQDOL]DGRU  (VWH WLHPSR GHEH VHU PHQRU DO WLHPSR GH PHPRULD YHU )LJ
 6LHOWLHPSRGHOGLVSRVLWLYRGHUHVSDOGRHVPD\RUTXHHOWLHPSRGHPHPRULDHO
VHFFLRQDOL]DGRU ROYLGDUi SDUFLDOPHQWH HO Q~PHUR GH RSHUDFLRQHV GH GLVSDUR GHO
GLVSRVLWLYR GH UHFLHUUH (VWR SXHGH UHTXHULU XQD RSHUDFLyQ GH GLVSDUR H[WUD HQ HO
GLVSRVLWLYR GH UHFLHUUH TXH UHVXOWDUi HQ OD DSHUWXUD SHUPDQHQWH GH DPERV
GLVSRVLWLYRVSDUDIDOODVGHODQWHGHOVHFFLRQDOL]DGRU

)LJ &RRUGLQDFLyQGHO77$FRQHO7LHPSRGH0HPRULDGHO6HFFLRQDOL]DGR U



H /RVVHFFLRQDOL]DGRUHVWULIiVLFRVVyORSXHGHQFRRUGLQDUFRQGLVSRVLWLYRGHUHVSDOGR
WULIiVLFRV GH DSHUWXUD VLPXOWDQHD HQ ODV WUHV IDVHV (OGLVSDURQRVLPXOWiQHRGHODV
WUHV IDVHV HQ HO GLVSRVLWLYR GH UHFLHUUH SXHGH UHVXOWDU HQ TXH HO VHFFLRQDOL]DGRU
WUDWHGHLQWHUUXPSLUFRUULHQWHGHIDOODSDUDORFXDOQRHVWiGLVHxDGR
I (OGLVSRVLWLYRGHUHVSDOGRGHEHVHUFDSD]GHGHWHFWDUODPtQLPDFRUULHQWHGHODIDOOD
HQOD]RQDGHSURWHFFLyQGHOVHFFLRQDOL]DGRU
&RRUGLQDFLyQ5HFRQHFWDGRU+LGUiXOLFR 6HFFLRQDOL]DGRU+LGUiXOLFR 

&RPR ORV VHFFLRQDOL]DGRUHV QR WLHQHQ FDUDFWHUtVWLFDV WLHPSRFRUULHQWH VX


FRRUGLQDFLyQ QRUHTXLHUHHVWXGLRGHFXUYDV8QDDSOLFDFLyQWtSLFDVHPXHVWUDHQOD
)LJ  GRQGH XQ UHFRQHFWDGRU HVWi UHVSDOGDQGR GRV VHFFLRQDOL]DGRUHV (O
UHFRQHFWDGRU HVWi DMXVWDGR SDUD FXDWUR RSHUDFLRQHV TXH SXHGHQ VHU FXDOTXLHU
FRPELQDFLyQGHRSHUDFLRQHVUiSLGDV\OHQWDV(QHOHMHPSORHVWiDMXVWDGRD$%
(OVHFFLRQDOL]DGRU6GHEHVHUDMXVWDGRSDUDXQFRQWHRPHQRVTXHHOUHFRQHFWDGRU\
HO 6 SDUD GRV FRQWHRV PHQRV 3DUD XQD IDOOD SHUPDQHQWH HQWUH 6 \ 6 HO
VHFFLRQDOL]DGRU 6 VH DEULUi HQ IRUPD SHUPDQHQWH GXUDQWH HO WHUFHU LQWHUYDOR GH
UHFLHUUH DLVODQGR OD IDOOD /XHJR HO UHFRQHFWDGRU 5 UHFHUUDUi HQHUJL]DQGR  ODV
VHFFLRQHVVLQIDOOD6LODIDOODHVGHODQWHGH6HOVHFFLRQDOL]DGRU6DEULUiGXUDQWH
HO VHJXQGR LQWHUYDOR GH UHFLHUUH DLVODQGR OD IDOOD $O UHFHUUDU 5 VH UHVWDEOHFH HO
VHUYLFLRKDVWD6(OVHFFLRQDOL]DGRU6TXHFRQWyGRVYHFHVVHUHSRQGUi\VHJXLUi
RSHUDQGRQRUPDOPHQWH

)LJ &RRUGLQDFLyQ5HFRQHFWDGRU+LGUDXOLFRFRQ6HFFLRQDOL]DGRU
+LGUiXOLFR

D 6HOHFFLyQGHODVERELQDV
/RV UHFRQHFWDGRUHV \ ORV VHFFLRQDOL]DGRUHV KLGUiXOLFRV WLHQHQ OD PLVPD
FODVLILFDFLyQHQORVYDORUHVQRPLQDOHVGHVXVERELQDV

(OYDORUQRPLQDOGHODERELQDHVWDEOHFHODFDSDFLGDGGHWUDQVSRUWGHFRUULHQWH\OD
PtQLPDFRUULHQWHGHRSHUDFLyQ3RUORWDQWRVLDPERVGLVSRVLWLYRVVRQKLGUiXOLFRV
HO VHOHFFLRQDU ERELQDV FRQ LJXDO YDORU QRPLQDO DVHJXUD OD FRRUGLQDFLyQ (Q HO
HMHPSOR XQ UHFRQHFWDGRU GH  $ FRRUGLQDUi FRQ VHFFLRQDOL]DGRUHV GH  $
/RV VHFFLRQDOL]DGRUHV SXHGHQ VRSRUWDU OD PLVPD FRUULHQWH GH FDUJD TXH HO
UHFRQHFWDGRU SHUR VX PtQLPD FRUULHQWH GH DFWXDFLyQ HV  $ HV GHFLU 
FRPSDUDGDFRQODFRUULHQWHPtQLPDGHGLVSDURGHOUHFRQHFWDGRUTXHHVGH $

E 7LHPSRGH0HPRULD
/RV VHOHFFLRQDOL]DGRUHV  KLGUiXOLFRV IXHURQ GLVHxDGRV RULJLQDOPHQWH SDUD
FRRUGLQDU FRQ UHFRQHFWDGRU KLGUiXOLFRV &RPR ORV UHFRQHFWDGRUHV KLGUiXOLFRV
WLHQHQ XQ WLHPSR Pi[LPR GH LQWHUYDOR GH UHFLHUUH GH  VHJXQGRV ORV



VHFFLRQDOL]DGRUHV KLGUiXOLFRV WLHQHQ XQ WLHPSR ILMR GH PHPRULD SHUR TXH HV
DGHFXDGRSDUDFXDOTXLHUUHFRQHFWDGRUKLGUiXOLFR\QRHVQHFHVDULRFKHTXHDUOR

/RV VHFFLRQDOL]DGRUHV KLGUiXOLFRV  QR SURYHHQ VHOHFFLyQ GHO WLHPSR GH PHPRULD
(VH WLHPSR GHSHQGH GH OD UHSRVLFLyQ GHO FLUFXLWR KLGUiXOLFR GH FRQWHR OXHJR HO
WLHPSR GH PHPRULD HV XQD IXQFLyQ GH OD YLVFRVLGDG GHO DFHLWH HQ HO PHFDQLVPR
TXHDVXYH]GHSHQGHGHODWHPSHUDWXUDGHODFHLWH(VWDYDULDEOHGHEHVHUWRPDGD
HQFXHQWDFXDQGRVHFRRUGLQDHOVHFFLRQDOL]DGRUKLGUiXOLFRFRQRWURVGLVSRVLWLYRV
GHUHFLHUUH UHOpGHUHFLHUUHRUHFRQHFWDGRUHOHFWUyQLFR 

&RRUGLQDFLyQ5HFRQHFWDGRU(OHFWUyQLFR 6HFFLRQDOL]DGRU+LGUiXOLFR 

/DVILJXUDV\OD7DEODSURYHHQODLQIRUPDFLyQSDUDGHWHUPLQDUFRQSUHFLVLyQ
VLXQVHFFLRQDOL]DGRUKLGUiXOLFRFRRUGLQDUiRQRFRQXQUHFRQHFWDGRUHOHFWUyQLFR/D
)LJ  PXHVWUD HO WLHPSR GH PHPRULD GH XQ VHFFLRQDOL]DGRU KLGUiXOLFR FRPR XQD
IXQFLyQ GH OD WHPSHUDWXUD GHO DFHLWH (VWD ILJXUD SHUPLWH GHWHUPLQDU HO Pi[LPR
7LHPSR7RWDO$FXPXODGRTXHSXHGHWHQHUHOGLVSRVLWLYRGHUHVSDOGR 77$PD[ SDUD
FRRUGLQDFLyQVHJXUD
/DWHPSHUDWXUDPi[LPDGHODFHLWHHVODWHPSHUDWXUDDPELHQWHPiVHOLQFUHPHQWRGH
WHPSHUDWXUDGHODFHLWHGHELGRDOIOXMRGHFRUULHQWHHQHOVHFFLRQDOL]DGRU$VXPLHQGR
XQSHUtRGRGHIOXMRGHFRUULHQWHGHFDUJDDQWHULRUDODRSHUDFLyQGHOVHFFLRQDOL]DGRU
SDUD GHWHUPLQDU OD WHPSHUDWXUD Pi[LPD /D 7DEOD  GD ORV LQFUHPHQWRV HQ OD
WHPSHUDWXUDGHODFHLWHHQIXQFLyQGHOSRUFHQWDMHGHSUHFDUJDFDOFXODGRFRQEDVHHQOD
FRUULHQWHQRPLQDOGHOVHFFLRQDOL]DGRU

/D )LJ  LQGLFD ODV SRUFLRQHV GH OD VHFXHQFLD GH RSHUDFLyQ GHO GLVSRVLWLYR GH
UHVSDOGR TXH GHEHQ VHU FRQVLGHUDGDV SDUD GHWHUPLQDUODFRRUGLQDFLyQ(OORVVRQORV
WLHPSRV GH IDOOD \ UHFLHUUH GXUDQWH ORV FXDOHV HO VHFFLRQDOL]DGRU GHEH UHWHQHU HO
FRQWHR(VWHWLHPSRVHOODPD7LHPSR7RWDO$FXPXODGR 77$ TXHHVHOWLHPSR
HQ VHJXQGRV GHVGH HO LQVWDQWH GH LQWHUUXSFLyQ GH OD SULPHUD RSHUDFLyQ KDVWD HO
LQVWDQWHGHLQWHUUXSFLyQGHOD~OWLPDRSHUDFLyQTXHFXHQWDHOVHFFLRQDOL]DGRUDQWHVGH
VXDSHUWXUDSHUPDQHQWH(VGHFLUHOWLHPSRWUDQVFXUULGRGHVGHHOSULPHUFRQWHRKDVWD
HOWHUFHUFRQWHRVLHOVHFFLRQDOL]DGRUHVWiDMXVWDGRDWUHVFRQWHRV
&XDQGRHOVHFFLRQDOL]DGRUHVWiDMXVWDGRSDUDDEULUVHGHVSXpVGHWUHVFRQWHRVHO77$
GHO GLVSRVLWLYR GH UHVSDOGR VHUi OD VXPD GH ,5  W / ,5W/ HQVHJXQGRV6LHO
VHFFLRQDOL]DGRUHVWiDMXVWDGRSDUDGRVFRQWHRVHO77$VHUi,5W / 6LHODMXVWHHV
XQFRQWHRQRHVQHFHVDULRFKHTXHDUHOWLHPSRGHPHPRULD
'RV UHTXHULPLHQWRV VH GHEHQ FXPSOLU SDUD DVHJXUDU TXH XQ VHFFLRQDOL]DGRU
FRRUGLQDUiFRQXQGLVSRVLWLYRGHUHVSDOGR
D 3DUD OD WHPSHUDWXUD HVWDEOHFLGD DPELHQWH  LQFUHPHQWR  HO 77$ SDUD ORV
WLHPSRV GH RSHUDFLyQ D FRUULHQWH PtQLPD GH IDOOD QR GHEH H[FHGHU HO YDORU GHO
77$PD[
 77$ 0$;
77$



E (O WLHPSR Pi[LPR DFXPXODGR GH IDOOD QR SXHGH H[FHGHU HO  GHO 77$ 0$;
SHUPLWLGR
/RV WLHPSRV GH IDOOD VH FDOFXODQ SDUD OD PtQLPD FRQGLFLyQ GH IDOOD HQ OD ]RQD GHO
VHFFLRQDOL]DGRU\DTXHSDUDHVWDFRUULHQWHORVWLHPSRVGHRSHUDFLyQVHUiQPi[LPRV
(Q OD VHFXHQFLD GH GRV FRQWHRV W / QR SXHGH H[FHGHU HO  GH 77$PD[ 6L OD
VHFXHQFLDHVGHWUHVFRQWHRVW / W/ QRSXHGHH[FHGHUHOGH77$PD[ YHU)LJ
 

)LJ 7LHPSRGH0HPRULDHQ)XFLyQGHOD7HPSHUDWXUDGHO$FHLWHSDUD
5HFRQHFWDGRUHV+LGUiXOLFRV
7$%/$1
,1&5(0(172'(/$7(03(5$785$'(/$&(,7(
&RUULHQWHGH&DUJD
GHOD1RPLQDO




,QFUHPHQWR$SUR[LPDGRGH
7HPSHUDWXUD &






6W0$; W/ ,IPLQ


3DUDVHFXHQFLD$ /6

6W0$; W$ ,IPLQ W/ ,IPLQ


3DUDVHFXHQFLD$ /6

3URFHGLPLHQWR

)LJ (MHPSORGH&iOFXORGHORV7LHPSRVGH)DOOD

6H VHOHFLRQD HO VHFFLRQDOL]DGRU FRQ XQD FRUULHQWH GH PtQLPD


DFWXDFLyQ LJXDO DO  GH OD FRUULHQWH PtQLPD GH GLVSDUR GHO
GLVSRVLWLYRGHUHVSDOGR
x 6HFDOFXODHOLQFUHPHQWRGHWHPSHUDWXUD '7 GHODFHLWHXWLOL]DQGROD
7DEOD1
x 6H FDOFXOD OD WHPSHUDWXUD GHO DFHLWH 7DFHLWH  7HPS $PELHQWH 
'7
x &RQODWHPSHUDWXUDGHODFHLWHVHGHWHUPLQDHO77$PD[XWLOL]DQGROD
)LJ
x 6HGHWHUPLQDQORVWLHPSRVGHRSHUDFLyQGHOUHFRQHFWDGRUGHDFXHUGR
DODVHFXHQFLDDMXVWDGDSDUDODFRUULHQWHPtQLPDGHIDOOD\VHFDOFXOD
HO77$ HQIXQFLyQGHORVLQWHUYDORVGHUHFLHUUHDMXVWDGRV
x 6H YHULILFD HO FXPSOLPLHQWR GH ORV GRV UHTXHULPLHQWRV GH
FRRUGLQDFLyQ
x 6HYHULILFDODFRUULHQWHGHFRUWRWLHPSRGHOVHFFLRQDOL]DGRUXWLOL]DQGR
OD7DEOD1 yODVFXUYDVGHOD)LJ
(Q FLHUWRV  FDVRV GH FRRUGLQDFLyQ FXDQGR QR VH FRQRFHQ ORV LQWHUYDORV GH UHFLHUUH GHO
GLVSRVLWLYR GH UHFLHUUHSRUTXHHVWRVGHSHQGHQGHODFRRUGLQDFLyQFRQRWURGLVSRVLWLYRHQ
pVWDHWDSDVHGHEHGHWHUPLQDUHOWLHPSRPi[LPRGLVSRQLEOHSDUDORVLQWHUYDORVGHUHFLHUUH
TXHQR YLROHQWHHOSULPHUFULWHULRGHFRRUGLQDFLyQ/XHJRFXDQGRVHFDOFXOHQORVLQWHUYDORV
GHUHFLHUUHVHGHEHYHULILFDUVXFXPSOLPLHQWR
x



&RRUGLQDFLyQ5HFRQHFWDGRU 6HFFLRQDOL]DGRU(OHFWUyQLFR 

3DUDODFRRUGLQDFLyQGHVHOHFFLRQDOL]DGRUHVHOHFWUyQLFRVFRQUHFRQHFWDGRUHVVHUHTXLHUH
TXHODFRUULHQWHQRPLQDOVHDLJXDORPD\RUDODPi[LPDFRUULHQWHGHFDUJDHQHOSXQWR
GHDSOLFDFLyQ\TXHODFRUULHQWHPtQLPDGHDFWXDFLyQVHDGHODFRUULHQWHPtQLPD
GHGLVSDURGHOUHFRQHFWDGRU
/RVVHFFLRQDOL]DGRUHVHOHFWUyQLFRVWLHQHQXQDDPSOLDVHOHFFLyQGHWLHPSRVGHPHPRULD
YHU OD IXQFLyQ UHSRVLFLyQ GH FRQWHR  (O WLHPSR GH PHPRULD D VHOHFFLRQDU GHEH VHU
PD\RU TXH HO 77$ Pi[LPR GHO GLVSRVLWLYR GH UHVSDOGR FRPR VH LQGLFy HQ HO FDVR
DQWHULRU
)XQFLRQHV(VSHFLDOHVHQ ORV6HFFLRQDOL]DGRUHV

/RV VHFFLRQDOL]DGRUHV SXHGHQ VHU GRWDGRV GH IXQFLRQHV HVSHFLDOHV TXH IDFLOLWDQ VX
DSOLFDFLyQ R TXH UHVXHOYHQ SUREOHPDV GH FRRUGLQDFLyQ /D GLVSRQLELOLGDG GH HVWDV
IXQFLRQHV YDUtDQ FRQ HO WLSR KLGUiXOLFR R HOHFWUyQLFR  \ FRQ HO IDEULFDQWH /DV PiV
FRPXQHVVRQ
5HSRVLFLyQGH&RQWHR VyORGHFRQWUROHOHFWUyQLFR 

(VWD IXQFLyQ UHSRQH D FHUR FXDOTXLHU FRQWHR DFXPXODGR VLHPSUH TXH OD FRUULHQWH D
WUDYpV GHO VHFFLRQDOL]DGRU FRQWURODGR HOHFWUyQLFDPHQWH IOX\D VLQ LQWHUUXSFLyQ SRU XQ
WLHPSR PD\RU DO SURJUDPDGR OXHJR GH XQ UHFLHUUH H[LWRVR GHO GLVSRVLWLYR GH UHVSDOGR
/D UHSRVLFLyQ GH FRQWHR IXQFLRQDUi FRQ FXDOTXLHU IOXMR GH FRUULHQWH GHVGH XQD FDUJD
PtQLPD GH FLQFR DPSHULRV KDVWD OD PtQLPD FRUULHQWH GH DFWXDFLyQ 3DUD FRRUGLQDU
DGHFXDGDPHQWHFRQHOGLVSyVLWLYRGHUHVSDOGRHOWLHPSRGHUHSRVLFLyQGHFRQWHR WLHPSR
GH PHPRULD  GHEH VHU PD\RU TXH HO 77$ GHO GLVSRVLWLYR GH UHVSDOGR FRPR \D VH
H[SOLFy9DORUHVWtSLFRVGLVSRQLEOHVSDUDUHSRVLFLyQVRQ\VHJXQGRV(O
FRQWHR WDPELpQ VH UHSRQGUi D FHUR FDGD YH] TXH HO VHFFLRQDOL]DGRU VHD DELHUWR \D VHD
PDQXDORDXWRPiWLFDPHQWH
5HVWULFFLyQGH9ROWDMH

/DDGHFXDGD\FRPSOHWDDSOLFDFLyQGHORVVHFFLRQDOL]DGRUHVFRQIUHFXHQFLDQHFHVLWDQHO
XVR GH OD IXQFLyQ GH UHVWULFFLyQ GH YROWDMH TXH HVWi GLVSRQLEOH VyOR HQ XQLGDGHV
WULIiVLFDV(VWDIXQFLyQOHSHUPLWHDOVHFFLRQDOL]DGRUGLVFULPLQDUHQWUHODRSHUDFLyQGHXQ
GLVSRVLWLYRGHOODGRGHODIXHQWH\XQRGHOODGRGHODFDUJD(VWRVHORJUDEORTXHDQGROD
RSHUDFLyQGHFRQWHRHQORVHTXLSRVFRQFRQWUROHOHFWUyQLFRRODDSHUWXUDSHUPDQHQWHHQ
ORV HTXLSRV FRQ FRQWURO KLGUiXOLFR FXDQGR KD\ SUHVHQFLD GH WHQVLyQ GHO ODGR GH OD
IXHQWHGHOVHFFLRQDOL]DGRUGHVSXpVGHXQDLQWHUUXSFLyQGHFRUULHQWHORFXDOLQGLFDTXH
XQ GLVSRVLWLYR GHO ODGR GH OD FDUJD IXVLEOH UHFRQHFWDGRU X RWUR VHFFLRQDOL]DGRU 
LQWHUUXPSLy OD FRUULHQWH (VWD IXQFLyQ SHUPLWHHOXVRGHODVHFXHQFLDPiVHILFLHQWHGH
GRVRSHUDFLRQHVUiSLGDV\GRVWHPSRUL]DGDVHQHOGLVSRVLWLYRGHUHVSDOGR



(QXQDDSOLFDFLyQWtSLFDGHVHFFLRQDOL]DGRUHVFRQFRQWUROHOHFWUyQLFRHOVHFFLRQDOL]DGRU
VH XELFD HQWUH GRV UHFRQHFWDGRUHV FRPR VH PXHVWUD HQ OD )LJ  &XDQGR RFXUUH XQD
IDOOD ) GHODQWH GH 5 VyOR HO UHFRQHFWDGRU 5 RSHUD \ HO VHFFLRQDOL]DGRU QR FXHQWD
SRUTXH HO YROWDMH GH OD IXHQWH QR VH LQWHUUXPSH 3DUD XQD IDOOD ) HO UHFRQHFWDGRU
UHDOL]DUi VXV RSHUDFLRQHV WUDWDQGR GH GHVSHMDU OD IDOOD \ HO VHFFLRQDOL]DGRU FRQWDUi
QRUPDOPHQWHODVLQWHUUXSFLRQHVGHODFRUULHQWHGHIDOOD\DTXHHOYROWDMHGHODIXHQWHHV
LQWHUUXPSLGRFDGDYH]TXH 5RSHUD

)LJ $SOLFDFLyQ7tSLFDGHXQ6HFFLRQDOL]DGRUHQWUH'RV5HFRQHFWDGRUHV

(QUHFRQHFWDGRUHVFRQFRQWUROKLGUiXOLFRHOXVRGHODUHVWULFFLyQGHYROWDMHQRVLHPSUH
DVHJXUD FRRUGLQDFLyQ FXDQGR H[LVWH OD SRVLELOLGDG GH RSHUDFLyQ HQ FDVGDGD GH ORV
UHFRQHFWDGRUHV GXUDQWH VXV RSHUDFLRQHV UiSLGDV \ HO UHFRQHFWDGRU GHO ODGR GH ODFDUJD
HVWDDMXVWDGRDGRVRSHUDFLRQHVUiSLGDV GRVRSHUDFLRQHVWHPSRUL]DGDV3DUDODIDOOD
)DVXPDTXH5HMHFXWDVXVRSHUDFLRQHVUiSLGDVVLQTXH5GLVSDUHHQVXF XUYDUiSLGD
(O VHFFLRQDOL]DGRU FRQWDUi ODV GRV RSHUDFLRQHV GH 5 5HFXHUGHVH TXH HQ ORV HTXLSRV
FRQ FRQWURO KLGUiXOLFR VH EORTXHD OD DSHUWXUD SHUR QR ORV FRQWHRV  5 FDPELD D VXV
FXUYD OHQWD \ 5 HQWRQFHV RSHUDUi HQ VX FXUYD UiSLGD (OVHFFLRQDOL]DGRU FRQWDUiHVWD
LQWHUUXSFLyQGHYROWDMHFRPRVXWHUFHUFRQWHR\VHDEULUi\DTXHODDXVHQFLDGHYROWDMH
KDUiTXHODUHVWULFFLyQGHYROWDMHQRLPSLGDVXDSHUWXUD
5HVWULFFLyQGH&RQWHR

/D IXQFLyQ GH UHVWULFFLyQ GH FRQWHR FXPSOH HVHQFLDOPHQWH OD PLVPD IXQ FLyQ TXH OD
UHVWULFFLyQ GH YROWDMH DO SHUPLWLU DO VHFFLRQDOL]DGRU GLVFULPLQDU HQWUH OD RSHUDFLyQ GH
GLVSRVLWLYRV GHO ODGR GH OD IXHQWH \ GLVSRVLWLYRV GHO ODGR GH OD FDUJD (VWR OR KDFH
EORTXHDQGRHOFRQWHRPLHQWUDVKD\DFLUFXODFLyQGHFRUULHQWHGHFDUJDG HDOPHQRVFLQFR
DPSHULRV HQ HO VHFFLRQDOL]DGRU LQGLFDQGR SRU OR WDQWR TXH HO GLVSRVLWLYR GH OD IXHQWH
HVWi FHUUDGR \ TXH OD FRUULHQWH KD VLGR LQWHUUXPSLGD SRU HO GLVSRVLWLYR GH OD FDUJD /D
YHQWDMD GH HVWD IXQFLyQ HV TXH QR VH UHTXLHUH OD PHGLFLyQ GHO YROWDMH OD GHVYHQWDMD HV
TXHVHUHTXLHUHQDOPHQRVFLQFRDPSHULRVGHFDUJDSDUDDFWLYDUODIXQFLyQ
$SOLFDQGRHVWDIXQFLyQDOHMHPSORGHOD)LJDORFXUULUODIDOOD)VyOR5RSHUDSHUR
HO VHFFLRQDOL]DGRU QR FXHQWD SRUTXH VX FRUULHQWH GH FDUJD QR VH LQWHUUXPSH 3DUD XQD
IDOOD ) LQWHUUXPSLGD SRU 5 HO VHFFLRQDOL]DGRU FXHQWD ODV LQWHUUXSFLRQHV \ RSHUD
QRUPDOPHQWH\DTXHVXFRUULHQWHHVLQWHUUXPSLGD
5HVWULFFLyQGH6REUHFRUULHQWHV7UDQVLWRULDV

(VWDIXQFLyQKDFHDOVHFFLRQDOL]DGRULQVHQVLEOHDVREUHFRUULHQWHVWUDQVLWRULDV ,1586+y
FDUJD IUtD  TXH VH SXHGHQ SURGXFLU OXHJR GH OD DSHUWXUD SURORQJDGD GHO GLVSRVLWLYR GH
UHVSDOGR LQWHUUXSWRU R UHFRQHFWDGRU  6LQ HVWD IXQFLyQ HVWDV VREUHFRUULHQWHV SXHGHQ
SDUHFHUIDOODV\RFDFLRQDUXQFRQWHRHUUyQHR



&DGDYH]TXHVHSURGXFHODSpUGLGDGHODWHQVLyQGHODIXHQWHVLQTXHVHDSUHFHGLGDSRU
XQDVREUHFRUULHQWHTXHHVWpSRUHQFLPDGHODFRUULHQWHPtQLPDGHDFWXDFLyQHVWDIXQFLyQ
LQFUHPHQWD HO QLYHO GH OD FRUULHQWH GH DFWXDFLyQ GHO VHFFLRQDOL]DGRU D XQ P~OWLS OR
SUHGHWHUPLQDGR GH OD FRUULHQWH RULJLQDOPHQWH DMXVWDGD $MXVWHV WtSLFRV GH HVWH PtOWLSOR
VRQyEORTXHR\ORPDQWLHQHSRUXQSHUtRGRGHWLHPSRDMXVWDGR 
FLFORV $OPLVPRWLHPSRHOVHQVRUGHVREUHFRUULHQWHGHWLHUUDVHEORTXHSRU XQSHUtRGR
GHWLHPSRDMXVWDEOH y VHJXQGRV (OSHUtRGRGHWLHPSRGXUDQWHHOFXDO
VHPDQWLHQHHODMXVWHDOWRVHPLGHGHVGHHOPRPHQWRHQHOFXDOVHUHVWDXUDHOYROWDMHGHO
VLVWHPD /RV DMXVWHV D VHU XWLOL]DGRV HQ HVWD IXQFLyQ GHSHQGHQ GH ODV FDUDFWHUtVWLFDV GH
FDUJDIUtD\GHLQUXVKGHOVLVWHPD
6HQVRUGH)DOODD7LHUUD

/D FRRUGLQDFLyQ FRPSOHWD GH UHFRQHFWDGRUHV FRQWURODGRV HOHFWUyQLFDPHQWH FRQ


UHFRQHFWDGRUHV R LQWHUUXSWRUHV HV SRVLEOH FRQ OD IXQFLyQ VHQVRUDGHIDOODVDWLHUUDTXH
DVHJXUDHOFRQWHRGHWRGDVODVFRUULHQWHVGHIDOODDWLHUUDLQWHUUXPSLGDVSRUHOGLVSRVLWLYR
GHUHVSDOGR

F

&RQHVWDIXQFLyQHOVHFFLRQDOL]DGRULQFRUSRUDFDUDFWHUtVWLFDVVHSDUDGDVGHGHWHFFLyQ\
DFWXDFLyQ SDUD IDOODV GH IDVHV \ IDOODV D WLHUUD /D FRUULHQWH PtQLPD GH DFWXDFLyQ GHO
VHQVRUGHWLHUUDGHEHVHUDMXVWDGDDDSUR[LPDGDPHQWHHOGHODFRUULHQWHGHGLVSDUR
GH IDOODV D WLHUUD GHO GLVSRVLWLYR GH UHVSDOGR UHFRQHFWDGRU y UHOp  6LQ HPEDUJR HQ
VLVWHPDHQHVWUHOODSXHVWDDWLHUUDODFRUULHQWHPtQLPD GHDFWXDFLyQGHWLHUUDQRVHGHEH
DMXVWDUSRUGHEDMRGHODFRUULHQWHGHFDUJDHQHOVHFFLRQDOL]DGRUVLHVPiVSHTXHxDHO
VHFFLRQDOL]DGRUSXHGHFRQWDU\DEULUSDUDIDOODVGHOODGRGHODIXHQWH
&RRUGLQDFLyQ5HFRQHFWDGRU 6HFFLRQDOL]DGRU )XVLEOH

&XDQGRVHGHEHFRRUGLQDUHODUUHJORUHFRQHFWDGRU VHFFLRQDOL]DGRU  IXVLEOH YHU)LJ


  ORV ~OWLPRV GLVSRVLWLYRV GHEHQ VHOHFFLRQDUVH \ FRRUGLQDUVH FRQ HO UHFRQHFWDGRU
VHJ~QODVUHJODV\DDQDOL]DGDVSHURGHEHWHQHUVHHVSHFLDOFXLGDGRFRQODVHFXHQFLDGHO
UHFRQHFWDGRU FXDQGR VH XWLOL]DQ VHFFLRQDOL]DGRUHV KLGUiXOLFRV VLQ HO DFFHVRULR GH
5HVWULFFLyQGHYROWDMH6LSRUHMHPSORHOUHFRQHFWDGRUVHDMXVWDSDUDODVHFXHQFLDGRV
UiSLGDVGRVOHQWDVODPHMRUSDUDFRRUGLQDUFRQIXVLEOHVHOVHFFLRQDOL]DGRUFRQWD UiGRV
YHFHV HQ ODV GRV SULPHUDV RSHUDFLRQHV GHO UHFRQHFWDGRU \ FRQWDUi SRU WHUFHUD YH]
FXDQGRHOIXVLEOHVHIXQGD\DEUD'XUDQWHODSULPHUDRSHUDFLyQOHQWDGHOUHFRQHFWDGRU
HOVHFFLRQDOL]DGRUFXHQWDHOGHVSHMHGHOIXVLEOHFRPRODWHUFHUDLQWHUUXSFLyQGH FRUULHQWH
GH IDOOD \ HUUyQHDPHQWH DtVOD OD OtQHD HQWUH pO \ HO IXVLEOH OR FXDO QR HV XQD FRUUHFWD
FRRUGLQDFLyQ
/D VHFXHQFLD XQD UiSLGDWUHV OHQWDV )LJD  SHUPLWH XQD FRRUGLQDFLyQ DGHFXDGD (O
VHFFLRQDOL]DGRU FXHQWD XQR GXUDQWH OD SULPHUD RSHUDFLyQ UiSLGD HO IXVLEOH VH IXQGH
GXUDQWHODSULPHUDRSHUDFLyQOHQWDLQWHUUXPSLGRODIDOODHOVHFFLRQDOL]DGRUFXHQWDGRV
&RPR OD IDOOD KD VLGR LQWHUUXPSLGD WDQWR HO VHFFLRQDOL]DGRU FRPR HO UHFRQHFWDGRU
UHSRQHQVXVWHPSRUL]DGRUHV\VLJXHQRSHUDQGRQRUPDOPHQWH



2EVpUYHVHTXHVLVHFXHQWDFRQODIXQFLyQGH5HVWULFFLyQGH9ROWDMHQRUPDOL]DGDHQORV
HTXLSRV FRQWURODGRV HOHFWUyQLFDPHQWH \ RSFLRQDO HQ ORV PRGHORV WULIiVLFRV GH ORV
VHFFLRQDOL]DGRUHV KLGUiXOLFRV HV SRVLEOH XWLOL]DU OD VHFXHQFLD PiV IDYRUDEOH GRV
UiSLGDVGRV OHQWDV DO SUHYHQLU TXH HO VHOHFFLRQDOL]DGRU FXHQWH HQ ORV HOHFWUyQLFRV  y
DEUD HQORVPRGHORVKLGUiXOLFRV FXDQGRHOIXVLEOHLQWHUUXPSHODFRUULHQWHGHIDOOD YHU
)LJE 
/D IXQFLyQ GH 5HVWULFFLyQ GH &RQWHR GLVSRQLEOH HQ ORV HOHFWUyQLFRV WDPELpQ SHUPLWH
EORTXHDUHOFRQWHRFXDQGRHOIXVLEOHDEUDVLODFRUULHQWHGHFDUJDUHPDQHQWHHVPD\RUR
LJXDODDPSHULRU

)LJ &RRUGLQDFLyQ5HFRQHFWDGRU 6HFFLRQDOL]DGRU)XVLEOH

6ROXFLyQ8WLOL]DUOD6HFXHQFLD$ /

8WLOL]DUOD6HFXHQFLD$ /FRQ6FRQ5HVWULFFLyQGH9ROWDMH
)LJ 6ROXFLRQHVDO3UREOHPDGH&RRUGLQDFLyQ
5HFRQHFWDGRU 6HFFLRQDOL]DGRU )XVLEOH



 &RRUGLQDFLyQ5HOpGH6REUHFRUULHQWHFRQUHOpGH5HFLHUUH\6HFFLRQDOL]DGRU

3DUD OD FRRUGLQDFLyQ GH XQ VHFFLRQDOL]DGRU FRQ XQ UHOp GH VREUHFRUULHQWH TXHFRQWUROD
XQ LQWHUUXSWRU FRQ UHFLHUUH VH GHEHQ DSOLFDU ORV PLVPRV SULQFLSLRV TXH SDUD OD
FRRUGLQDFLyLQ UHFRQHFWDGRU VHFFLRQDOL]DGRU /RV VHFFLRQDOL]DGRUHV KLGUiXOLFRV
QRUPDOPHQWHQRVHFRRUGLQDQFRQLQWHUUXSWRUHVGHELGRVDORVDOWRVWLHPSRVGHUHFLHUUH
GHO LQWHUUXSWRU /RV VHFFLRQDOL]DGRUHV HOHFWUyQLFRV VH SXHGHQ XWLOL]DU VLJXLHQGR HO
PLVPR SURFHGLPLHQWR \D H[SOLFDGR SDUD OD FRRUGLQDFLyQ GH UHFRQHFWDGRUHV FRQ
VHFFLRQDOL]DGRUHVHOHFWUyQLFRV

) &225',1$&,15(/e'(62%5(&255,(17(&21)86,%/(

/D FRRUGLQDFLyQ GH XQ UHOpV GH VREUHFRUULHQWH FRQ R VLQ XQLGDG LQVWDQWiQHD SUHVHQWD
GRV GLIHUHQWHV DSOLFDFLRQHV FXDQGR HO IXVLEOH HVWi GHO ODGR GH OD IXHQWH \ FXDQGR HO
IXVLEOHHVWiGHOODGRGHODFDUJD(QDPERVFDVRVHO UHOpGHVREUHFRUULHQWHDFW~DFRPR
HO GLVSRVLWLYR GH WHPSRUL]DFLyQ \ GLVSDUR GHO LQWHUUXSWRU SHUR ORV REMHWLYRV GH
FRRUGLQDFLyQHQDPERVFDVRVVRQWRWDOPHQWHGLIHUHQWHV
&RRUGLQDFLyQGH5HOpFRQ)XVLEOHGHO/DGRGHOD)XHQWH

/DSULQFLSDODSOLFDFLyQGH HVWHFDVRVHGDFXDQGRHOIXVLEOHHVODSURWHFFLyQSULQFLSDO
GHOWUDQVIRUPDGRUHQXQDVXEHVWDFLyQ\HOUHOpHVODSURWHFFLyQGHOFLUFXLWRDOLPHQWDGRU
GHOODGRGHEDMD YHU)LJ 
(OREMHWLYRGHFRRUGLQDFLyQHQHVWHFDVRHVSHUPLWLUTXHHOLQWHUUXSWRU SDUDXQDIDOOD
SHUPDQHQWHHQHOODGRGHEDMDWHQVLyQFRPSOHWHWRGDVXVHFXHQFLDGHRSHUDFLRQHVVLQ
TXHHOIXVLEOHVHIXQGDRVXIUDGDxR

)LJ &RRUGLQDFLyQ5HOHFRQ)XVLEOHGHO/DGRGHOD)XHQWH



(Q HVWH FDVR HO LQWHUUXSWRU WLHQH FRPR SURWHFFLyQ XQ UHOp GH VREUHFRUULHQWH
WHPSRUL]DGR   FRQ XQLGDG LQVWDQWiQHD   $GHPiV WLHQH XQ UHOp GH UHFLHUUH  
TXHRUGHQDORVUHFLHUUHVGHOLQWHUUXSWRUVHJ~QODVHFXHQFLD,QVWDQWiQHR VHJ VHJ
2EVpUYHVH TXH HO IXVLEOH GHEH VHU FDSD] GH VRSRUWDU OD FRUULHQWH GH IDOOD GXUDQWH ORV
WLHPSRVGHRSHUDFLyQGHUHOp W  \W PiVHOWLHPSRGHDSHUWXUDGHOLQWHUUXSWRU W  
VHJ~QVHDHOFDVR5HFXpUGHVHTXHDODUUDQFDUHOUHOppVWHEORTXHODRSHUDFLyQGHOD
XQLGDG\TXHGDVROyODXQLGDGRSHUDWLYD
8Q PpWRGR VLPSOH \ FRQVHUYDGRU SDUD ORJUDU FRRUGLQDFLyQ HV VXPDU ORV WLHPSRV GH
RSHUDFLyQ GHO UHOp VHSDUDGRV PHQRV GH GLH]   VHJXQGRV WLHPSR WtSLFDPHQWH
UHTXHULGRSRUXQIXVLEOHSDUDHQIULDUVH\FRPSDUDUDUpVWHWLHPSRWRWDOFRQODFXUYDGHO
IXVLEOH6HUHFRPLHQGDXQIDFWRUGHFRRUGLQDFLyQGHSDUDFRQVLGHUDUORVHIHFWRVGH
WHPSHUDWXUDDPELHQWHSUHFDUJDSUHGDxR\HOHIHFWRDFXPXODWLYRGHFDORUHQHOIXVLEOH
(VWHPpWRGRVHLOXVWUDHOOD)LJSDUDHOFLUFXLWRPRVWUDGRHQOD)LJ

)LJ ,OXVWUDFLyQGHO0pWRGRGH&RRUGLQDFLyQHQWUH5HOp\
)XVLEOHGHOD)XHQWH

(QHVWHFDVRFRPRODVGRVSULPHUDVRSHUDFLRQHVGHOLQWHUUXSWRUVRQODVTXHHVWiQVHSDUDGDV
PHQRV GH  VHJXQGRV iUHDV VRPEUHDGDV  VH VXPDQ VXV WLHPSRV WRWDOHV GH GHVSHMH
WLHPSRVGHRSHUDFLyQGHOUHOpPiVORVWLHPSRVGHRSHUDFLyQGHOLQWHUUXSWRU $HVWHWLHPSR
W5 VH OH DSOLFD HO IDFWRU GH FRRUGLQDFLyQ GH  \ VH FRPSDUD FRQ HO WLHPSR GH PtQLPD
IXVLyQ6LVHFXPSOHTXHHOWLHPSRGHPtQLPDIXVLyQGHOIXVLEOHSDUDODFRUU LHQWHGHIDOOD



Pi[LPD HQ OD ]RQD GHO LQWHUUXSWRU UHIHULGD DO ODGR GH DOWD VHD PD\RU R LJXDO DO WLHPSR
DFXPXODGRW5GLYLGLGRHQWUHHOIDFWRUGHFRRUGLQDFLyQVHJDUDQWL]DODFRRUGLQDFLyQ
&RRUGLQDFLyQ5HOp)XVLEOHGHO/DGRGHOD&DUJD

(OREMHWLYRHQHVWHFDVRHVORJUDUTXHSDUDIDOODVGHODQWHGHOIXVLEOHHVWHVHIXQGD\GHVSHMH
OD IDOOD DQWHV GH TXH HO UHOp   RSHUH 6L HO UHOp WLHQH XQLGDG LQWDQWiQHD   \ VL VH
FRRUGLQDFRQHOIXVLEOHODXQLGDGGHEHRSHUDU\HOLQWHUUXSWRUVHGHEHDEULUDQW HVGHTXH
HO IXVLEOH VH IXQGD R VXIUD GDxRV /XHJR HQ OD VHJXQGD RSHUDFLyQ GHO UHOp TXH HV
WHPSRUL]DGD HO IXVLEOH GHEH GHVSHMDU OD IDOOD VLQ TXH HO UHOp RSHUH (VWRV GRV FDVRV VRQ
LOXVWUDGRVHQODVILJXUDV\UHVSHFWLYDPHQWH

(QHOSULPHUFDVRVH GHEHJDUDQWL]DUTXHSDUDODPi[LPDFRUULHQWHGHIDOODHQOD]RQDGHO
IXVLEOHHOWLHPSRGHRSHUDFLyQGHOUHOpVHDPD\RURLJXDODOWLHPSRGHPi[LPRGHVSHMH
GHO IXVLEOH SDUD HVD PLVPD FRUULHQWH PiV XQ LQWHUYDOR GH FRRUGLQDFLyQ 'W  TXH
XVXDOPHQWHHVGHVHJXQGRV

)LJ &RRUGLQDFLyQ5HOpFRQ)XVLEOHGHO/DGRGHOD&DUJD

(Q HO VHJXQGR FDVR VH GHEHQ FXPSOLU GRV FRQGLFLRQHV OD SULPHUD OH SHUPLWH DO UHOp 
RSHUDU \ DO LQWHUUXSWRU GHVSHMDU OD IDOOD DQWHV GH TXH HO IXVLEOH VXIUD GDxRV XWLO L]DQGR HO
)DFWRU GH &RRUGLQDFLyQ )&  GH ORV IXVLEOHV /D VHJXQGD FRQGLFLyQ TXH HV LJXDO D OD GHO
FDVRDQWHULRUDOTXHGDUGHVDFWLYDGDODXQLGDGOXHJRGHODSULPHUDRSHUDFLyQOHSHUPLWH
DOIXVLEOHGHVSHMDUODIDOODVLQTXHHOUHOpRSHUH(OXVRGHOD XQLGDGFXDQGRHVSRVLEOH
FRRUGLQDUOD FRQ HO IXVLEOH SHUPLWH XQ LQWHQWR SDUD GHVSHMDU IDOODV WUDQVLWRULDV (VWDV GRV
FRQGLFLRQHVGHFRRUGLQDFLyQVHSXHGHQH[SUHVDUFRPR
FRQGLFLyQW PI ,IPD[ t W ,IPD[ W )&
'W
FRQGLFLyQW  ,IPD[ t W0' ,IPD[ '



&XDQGRVHXWLOL]DQUHOpVGHVREUHFRUULHQWHGLJLWDOHV\QRHVSRVLEOHORJUDUFRRUGLQDFLyQGHO
IXVLEOHFRQODXQLGDGSHURVHGHVHDWHQHUSURWHFFLyQGHDOWDYHORFLGDGSDUDIDOODVVREUH
HO DOLPHQWDGRU HV SRVLEOH WHPSRUL]DU OD XQLGDG  GH WDO IRUPD TXH SDUD IDOODV HQ ORV
UDPDOHVRSHUHVyORHOIXVLEOH\GHVSHMHODIDOODVLQTXHODXQLGDGRSHUH&XDQGRODVIDOODV
RFXUUDQVREUHHODOLPHQWDGRUODSURWHFFLyQGHVREUHFRUULHQWHRSHUDUiQRUPDOPHQWH

)LJ &RRUGLQDFLyQ5HOpFRQ)XVLEOH GHO/DGRGHOD&DUJD



7(0$

3527(&&,21'(/,1($6&215(/(6'(62%5(&255,(17(
/DSURWHFFLyQFRQUHOpVGHVREUHFRUULHQWHVHXWLOL]DHQ

D 6LVWHPDV GH GLVWULEXFLyQ FRQ ORV UHOpV XELFDGRV HQ ODV VXEHVWDFLRQHV\FRRUGLQiQGRORV
FRQGLVSRVLWLYRVGHUHFLHUUH\IXVLEOHVWDO\FRPRVHYLyHQHOWHPDDQWHULRU
E 6LVWHPDVGHVXEWUDQVPLVLyQFRPRSURWHFFLyQSULQFLSDOFRRUGLQiQGRORVHQWUHVt\
F (QVLVWHPDVGHWUDQVPLVLyQFRPRSURWHFFLyQGHUHVSDOGR
(QHVWHWHPDVHHVWXGLDUiQODVWpFQLFDVFRP~QPHQWHXWLOL]DGDVSDUDVXFRRUGLQDFLyQ
&RRUGLQDFLyQ

6H GHILQH FRPR FRRUGLQDFLyQ DO SURFHVR GH DMXVWDU ORV UHOpV GH WDO IRUPD GH TXH VX
RSHUDFLyQ VHD VHFXHQFLDO \ TXH OD IDOOD VHD GHVSHMDGD SRU HO UHOpPiVFHUFDQRDODPLVPD
FDXVDQGRHOPtQLPRGLVWXUELRDOUHVWRGHOVLVWHPD
$MXVWDUXQUHOpHVGHILQLU

D 6XFRUULHQWHGHDUUDQTXH ,SLFNXS FRQORFXDOVHVHOHFFLRQDODWRPDGHFRUULHQWH WDS


GHOUHOp HQORVUHOpVHOHFWURPDJQpWLFRV\HOYDORUGHFRUULHQWHGHDUUDQTXHHQORVUHOpV
GLJLWDOHV
E 6XWLHPSRGHRSHUDFLyQFRQODFXDO VHVHOHFFLRQDHOGLDOGHWLHPSR
F /DFRUULHQWHGHDUUDQTXHGHODXQLGDGLQVWDQWiQHDVLVHXVD
+D\GRVUHJODVEiVLFDVGHFRRUGLQDFLyQSDUDUHOpVDVDEHU

, 6LHPSUH TXH VHD SRVLEOH XVH UHOpV FRQ OD PLVPD FDUDFWHUtVWLFD GH RSHUDFLyQ
FXDQGRHVWRVHVWpQHQVHULH
,, $VHJ~UHVHTXHHOUHOpPiVDOHMDGRGHODIXHQWH SURWHFWRU WHQJDXQDMXVWHGHOD
FRUULHQWHGHDUUDQTXHPHQRUHQDPSHULRUSULPDULRVTXHHOUHOpTXHHVWDGHWUiV
GHpO SURWHJLGR 

$QWHVGHODFRRUGLQDFLyQGHXQGHWHUPLQDGRVLVWHPDGHEHKDFHUVHXQHV WXGLRGHFDUJDV\GH
FRUWRFLUFXLWRTXHQRVGpODVLJXLHQWHLQIRUPDFLyQ
D
E
F
G
H

&RUULHQWHGHIDOODPi[LPD\PtQLPDHQFDGDSXQWRGHFRRUGLQDFLyQ EDUUDV 
&RUULHQWHGHIDOODDWLHUUDHQFDGDSXQWRGHFRRUGLQDFLyQ EDUUDV 
&RUULHQWHPi[LPDGHFDUJD\Pi[LPDVREUHFDUJDSHUPLWLGD
&DUDFWHUtVWLFDGHODVFRUULHQWHVGH,QUXVK\GHFDUJDIUtD
&DUDFWHUtVWLFDVGHORVWUDQVIRUPDGRUHVGHPHGLFLyQ

0pWRGRVGH&RRUGLQDFLyQ

([LVWHQPpWRGRVEiVLFRVSDUDFRRUGLQDUUHOpVGHVREUHFRUULHQWHDVDEHU



D &RRUGLQDFLyQSRUWLHPSRV
E &RRUGLQDFLyQSRUFRUULHQWHV
F &RRUGLQDFLyQWLHPSRFRUULHQWH
D &RRUGLQDFLyQSRU7LHPSRV

(Q pVWH PpWRGR OD GLVFULPLQDFLyQ HQ OD RSHUDFLyQ GH ORV UHOpV VH KDFH PHGLDQWH HO
DMXVWHGHORVWLHPSRGHRSHUDFLyQ(QOD)LJVHPXHVWUDXQDOtQHDUDGLDOFRPSXH VWD
SRUEDUUDV(QFDGDEDUUDVHGLVSRQHGHUHOpVGHVREUHFRUULHQWHGHWLHPSRLQYHUVR\GH
LQWHUUXSWRUHV(QODILJXUDVHREVHUYDTXHORVWLHPSRVGHRSHUDFLyQGHORVUHOpVVHYDQ
HVFDORQDQGR D PHGLGD TXH QRV DFHUFDPRV D OD IXHQWH VHSDUDQGR ODV FXUYDV G H
RSHUDFLyQ HQ XQ GHWHUPLQDGR LQWHUYDOR GH FRRUGLQDFLyQ '
'W  3DUD XQD IDOOD  HQ HO
WUDPRGHOtQHD&'RSHUDUiHOUHOp5FRQXQWLHPSRW $SHVDUGHTXHSRUORVUHOpV5
\ 5 FLUFXOD OD PLVPD FRUULHQWH GH IDOOD QR RSHUDQ GHELGR D TXH WLHQHQ WLHPSRV GH
RSHUDFLyQPD\RUHVDW (QFDVRGHIDOODU5yTXHHOLQWHUUXSWRUHQ&QRDEUDRSHUDUtD
5FRPRUHVSDOGRVHJ~QVXFXUYDWLHPSRFRUULHQWH

)LJ &RRUGLQDFLyQSRU7LHPSRV

6LELHQHVWHPpWRGRWLHQHODYHQWDMDGHSURYHHUPX\EXHQDGLVFULPLQDFLyQGH ODVIDOODV
VX JUDQ GHVYHQWDMD UDGLFD HQ TXH ORV WLHPSRV GH RSHUDFLyQ VH YDQ LQFUHPHQWDQGR
FXDQGRODVIDOODVVHDFHUFDQDODIXHQWH\ODVFRUULHQWHVSRUORWDQWRVRQPiVVHYHUDV
/D~QLFDIRUPDGHPLWLJDUHOSUREOHPDHVKDFHUORVLQFUHPHQWRVGHWLHPSR 'W ORPiV
SHTXHxRVSRVLEOHSHURHVWRWLHQHXQOtPLWH
/DIRUPDGHGHWHUPLQDUHO'
'W PtQLPRSDUDFDGDFDVRHVHOVLJXLHQWH

'W WFE WVS WPV



'RQGH
WFE WLHPSRPi[LPRGHDSHUWXUDGHOLQWHUUXSWRULQPHGLDWDPHQWHDQWHULRUGHOODGRGH
ODFDUJD'HSHQGHGHODVFDUDFWHUtVWLFDVGHOLQWHUUXSWRU

WVS  WLHPSR DGLFLRQDO GHELGR D OD LQHUFLD VREUH SDVR  TXH VH SUHVHQWD HQ ORV UHOpV
WPV

HOHFWURPDJQpWLFRVWLSRGLVFR
WLHPSRGHPDUJHQGHVHJXULGDGTXHVHGDSDUDFRPSHQVDUHUURUHVVHWRPDHQWUH
\VHJXQGRV

(QDOSUiFWLFDVHXWLOL]DXQ 'WHQWUH\VHJXQGRV*HQHUDOPHQWHVHXWLOL]DVHJHQ
LQVWDODFLRQHVFRQUHOpVGLJLWDOHV\VHJHQLQVWDODFLRQHVFRQUHOpVHOHFWURPDJQpWLFRV

6LHPSUHHVQHFHVDULRFRQVHUYDUHO 'W PtQLPRSRUTXHGH ORFRQWUDULRODVFXUYDVGHWLHPSR


TXHGDQ PX\ MXQWDV \ VH FRUUH HO ULHVJR GH RSHUDFLyQ VLPXOWiQHD GH GRV LQWHUUXSWRUHV
DG\DFHQWHVSHUGLpQGRVHODVHOHFWLYLGDG
(QODFRRUGLQDFLyQSRUWLHPSRVVHSXHGHQXVDUWDQWRUHOpVGHWLHPSRGHILQLGRFRPRUHOpV
GHWLHPSRLQYHUVR(QODVILJXUDVD\EVHPXHVWUDQODVFDUDFWHUtVWLFDVGHRSHUDFLyQGH
HVWRVGRVWLSRGHUHOpVHQIXQFLyQGHODFRUULHQWHGHIDOODSDUDHOFLUFXLWRGHOD)LJ

)LJ &DUDFWHUtVWLFDV7LHPSR &RUULHQWH&RRUGLQDFLyQSRU7LHPSRV

$OXWLOL]DUUHOpVGHWLHPSRLQYHUVRVHPHMRUDQVXVWDQFLDOPHQWHORVWLHPSRVGHRSHUDFLyQ\
SXHGHVXSHUDUVHHQJUDQSDUWHORVLQFUHPHQWRVGHWLHPSRTXHRFXUUHQFXDQGRVHXVDQUHOpV
GHWLHPSRGHILQLGRSHURQRVLHPSUHHVSRVLEOHREWHQHUWLHPSRVVXILFLHQWHPHQWH FRUWRVSDUD
IDOODVFHUFDGHODVEDUUDV
(QODFRRUGLQDFLyQSRUWLHPSRVVLVHDMXVWDQFRQYHQLHQWHPHQWHODVFRUULHQWHVGHDUUDQTXH
VHSXHGHSURYHHUSURWHFFLyQGHUHVSDOGRFRPRPtQLPRDOWUDPRGHOtQHDVLJXLHQWH3DUDHO
FLUFXLWRGHOD)LJODFRUULHQWHGHDUUDQTXHGH5GHEHDMXVWDUVHSRUGHEDMRGHOPtQLPR
QLYHOGHIDOODHVSHUDGRHQODEDUUD&(ODUUDQTXHGH5GHEHHVWDUSRUGHEDMRGHOPtQLPR
QLYHOGHIDOODHQ'HWF



(QODSUiFWLFDVHDFRVWXPEUDTXHFDGDUHOpUHVSDOGHOD]RQDGHSURWHFFLyQSUL PDULDGHOUHOp
LQPHGLDWDPHQWHDQWHULRUSRUHMHPSORHOUHOp5 YHU)LJ GHEHSURWHJHUHQSURWHFFLyQ
SULPDULD OD OtQHD %& \ HQ SURWHFFLyQ GH UHVSDOGR WRGD OD OtQHD &' FRPR PtQLPR SRU OR
WDQWRODFRUULHQWHGHDUUDQTXHGH5GHEHVHUPD\RUTXHODFRUULHQWHPi[LPDGHFDUJDHQ%
\PHQRUTXHODFRUULHQWHPtQLPDGHIDOODHQ'(QDSOLFDFLRQHVSUiFWLFDVVHSURFXUDTXHOD
FRUULHQWH GH DUUDQTXH VHD PD\RU R LJXDO DO GREOH GH OD FRULHQWH Pi[LPD GH FDUJD QXQFD
PHQRVGHYHFHV \PHQRUTXHODFRUULHQWHPtQLPDGHIDOOD
(VWHPpWRGRHVDGHFXDGRD~QFXDQGRODFRUULHQWHGHIDOODYDUtHFRQODJHQHUDFLyQRFRQOD
ORFDOL]DFLyQGHODIDOODVLHVDSOLFDGRFRUUHFWDPHQWH

/D ILJ  PXHVWUD ORV FLUFXLWRV WtSLFRV GH SRWHQFLD \ GH FRQWURO GH ORV HVTXHPDV GH
SURWHFFLyQ GHVREUHFRUULHQWH

&LUFXLWRGH3RWHQFLDFRQ7UHV5HOpV&LUFXLWRGH3RWHQFLDFRQGRV
5HOpV

&LUFXLWR7tSLFRGH&RQWURO
)LJ &LUFXLWRVGH3RWHQFLD\&RQWURO7tSLFRVGHO(VTXHPDGH3URWHFFLyQGH
6REUHFRUULHQWH



E &RRUGLQDFLyQSRU&RUULHQWHV

(Q HVWH PpWRGR OD GLVFULPLQDFLyQ VH ORJUD PHGLDQWH HO DMXVWH GH ODV FRUULHQWHV GH
DUUDQTXHGHWDOIRUPDGHTXHRSHUHVyORHOUHOpTXHHVWpPiVFHUFDQRDODIDOODGHOODGR
GHODIXHQWH

&RPRVHREVHUYDHQOD)LJORVUHOpV55\5VHDMXVWDQDGLIHUHQWHVYDORUHVGH
FRUULHQWHGHDUUDQTXHGHWDOIRUPDTXHIDOODVGHWUDPR&'VyORVHDQGHWHFWDGDVSRUHO
UHOp5SHUPDQHFLHQGR5\5VLQRSHUDU/DVIDOODVHQWUH%&VyORVHUiQGHWHFWDGDV
SRU5HWF

)LJ &RRUGLQDFLyQSRU&RUULHQWHV

(VWHPpWRGRWLHQHGRVGHVYHQWDMDVHYLGHQWHV

 1RHVSUiFWLFRSRUHMHPSORGLVWLQJXLUHQWUHIDOODVHQHOWUDPR%&\HOWUDPR$%
SDUD IDOODV FHUFD GH OD EDUUD % 6H UHTXHULUtD HTXLSRV GH PX\ DOWD SUHFLVLyQ (VWH
SUREOHPDVHKDFHD~QPiVHYLGHQWHFXDQGRODFRUULHQWHGHIDOODSXHGHYDULDUHQXQ
UDQJRDPSOLRFRQODVYDULDFLRQHVHQODJHQHUDFLyQRHQHOVLVWHPDGHDOLPHQWDFLyQ
 1RSURYHHSURWHFFLyQGHUHVSDOGR

3RU HO FRQWUDULR WLHQH OD JUDQ YHQWDMD GH SHUPLWLU RSHUDFLyQ LQVWDQWiQHD  HQ WRG D VX
]RQDGHLQIOXHQFLD'HELGRDVXYHQWDMDGHGLVSDURLQVWDQWiQHRHVWHPpWRGRVHHPSOHD
HQ FRPELQDFLyQ FRQ OD FRRUGLQDFLyQ SRU WLHPSRV VXPDQGR ODV YHQWDMDV \ HOLPLQDQGR
ODVGHVYHQWDMDVGHDPERVPpWRGRVFRPRVHGHVFULEHDFRQWLQXDFLyQ



F &RRUGLQDFLyQSRU7LHPSR&RUULHQWH

(VWHPpWRGRFRPELQDORVGRVDQWHULRUHV\SXHGHKDFHUVHXWLOL]DGRWDQWRUHOpVGHWLHPSR
LQYHUVRFRPRUHOpGHWLHPSRGHILQLGR

/D LGHD HV XWLOL]DU UHOpV GH VREUHFRUULHQWH   HQ FDGD EDUUD FRQ XQLGDG LQVWDQWiQHD
 FRQORFXDOVHSXHGHQFRPELQDUODVYHQWDMDV\HOLPLQDUODVGHVYHQWDMDVGHORVGRV
PpWRGRGHVFULWRVDQWHULRUPHQWH

(QOD)LJVHPXHVWUDODDSOLFDFLyQGHHVWHPpWRGR&DGDWUDPRGHOtQHDVHSURWHJH
HQODSDUWHDG\DFHQWHDODEDUUDGHVXPLQLVWURHQXQDGHWHUPLQDGDSRUFLyQQFRQOD
XQLGDG  GH WDO IRUPD TXH FXDOTXLHU IDOOD HQ GLFKD ]RQD VHD GHVSHMDGD UiSLGDPHQWH
1RVHSURWHJHHOGHODOtQHDSDUDHYLWDUHOSUREOHPDGHVHOHFWLYLGDG\DDQDOL]DGR
(OUHOp GHILQLGRRGHWLHPSRLQYHUVR HQFDGDWUDPR SURWHJHHOUHVWRGHODOtQHDHQ
ODIRUPD\DLQGLFDGDHQHOPpWRGRGHFRRUGLQDFLyQSRUWLHPSRV

)LJ &RRUGLQDFLyQ7LHPSR &RUULHQWH

&RPRSXHGHYHUVHHVWHPpWRGRHOLPLQDORVWLHPSRVDOWRVSDUDIDOODVFHUFDGHODVEDUUDV
SRUTXH HVWDV VRQ GHVSHMDGDV SRU HO UHOp LQVWDQWiQHR $GHPiV SHUPLWH UHDOL]DU OD
FRRUGLQDFLyQ GHO 5HOp 3URWHJLGR FRQ HO 5HOp 3URWHFWRU XWLOL]DQGR HO YDORU GH OD
FRUULHQWHGHDUUDQTXHGHODXQLGDGLQVWDQWiQHD ,  \QRFRQODFRUULHQWHGHIDOODHQOD
EDUUDFRPRFXDQGRVHXWLOL]DOD FRRUGLQDFLyQSRUWLHPSRVVRODPHQWH&RQHVWRVHORJUD
REWHQHU WLHPSRV GH RSHUDFLyQ VXVWDQFLDOPHQWH PHQRUHV FRPR SXHGH YHUVH VL VH
FRPSDUDOD)LJFRQOD)LJ
'HWHUPLQDFLyQGHOD3RUFLyQQGHOD/tQHDD3URWHJHU,QWDQWiQHDPHQWH



&RPR \D VH DQRWy QR VH SXHGH SURWHJHU WRGD OD OtQHD LQVWDQWiQHDPHQWH $
FRQWLQXDFLyQ VH DQDOL]DUi HO SUREOHPD SDUD GHWHUPLQDU OD SRUFLyQ Q TXH VH SXHGH
SURWHJHU

)LJ 3URWHFFLyQ,QVWDQWiQHDGHXQ7UDPRGH/tQHD

'HOD)LJVHWLHQHTXH

,, 96 =6 Q=$%
,% 96 =6 =$%
/XHJR

.L  ,, ,%  =6 =$%  =6 Q=$%


=6 Q=$%   =6 =$% .L

Q  =6 =$%  =$%.L  =6=$%


Q  .6  .L .6

Q >.6  .L @.L

(O IDFWRU .L GHSHQGH GHO WLSR GH UHOp TXH VH XWLOLFH \ HVWDEOHFH OD SURSRUFLyQ PtQLPD
TXH GHEH H[LVWLU HQWUH ,, H ,% SDUD JDUDQWL]DU OD RSHUDFLyQ FRUUHFWD GH OD XQLGDG



LQVWDQWiQHDWRPDQGRHQFXHQWDHOPi[LPRHUURUTXHVHSXHGDSUHVHQWDU(QODSUiFWLFD
VHXWLOL]D

.L SDUDUHOpVHVWiWLFRV\

.L SDUDUHOpVHOHFWURPDJQpWLFRV

3DUD.L HOYDORUQ   .6 

3DUD .L HOYDORUHV Q   .6 

2EVHUYHVH TXH OD SRUFLyQ GH OD OtQHD D SURWHJHU GHSHQGH IXHUWHPHQWH DGHPiV GH OD
SUHFLVLyQ GHO UHOp TXH VH XVD GH OD UHODFLyQ HQWUH OD LPSHGDQFLD GH OD IXHQWH \ OD
LPSHGDQFLDGHODOtQHD .6 

3RU HMHPSOR 6L HVWDPRV DSOLFDQGR XQ UHOp HOHFWURPDJQpWLFR \ OD UHODFLyQ  .6 HV 
Q   SRGHPRVSURWHJHUHODSUR[LPDGDPHQWHGHODOtQHDSHURVLODUHODFLyQ
HVGHVyORSRGHPRVSURWHJHUHODSUR[LPDGDPHQWH
6LYDORUGH .6 HVPX\DOWRLQGLFDQGRTXHODLPSHGDQFLDGHODIXHQWHHVPXFKRPD\RU
TXHODLPSHGDQFLDGHODOtQHDODYDULDFLyQGHODFRUULHQWHGHIDOODHQWUHDPERVH[WUHPRV
GH OD OtQHD HV SHTXHxD \ QR VLHPSUH KD\ VXILFLHQWH PDUJHQ HQWUH ODV FRUULHQWHV SDUD
DSOLFDUODXQLGDGLQVWDQWiQHD
3RUVXSXHVWRVLODUHODFLyQHQWUHODVFRUULHQWHVGHIDOODHQDPERVH[WUHPRVGHODOtQHDD
SURWHJHUHVPHQRUTXH .L ,$,%
.L ODXQLGDGLQVWDQWiQHDQRHVDSOLFDEOH

352&(62'(&225',1$&,1

3DUD LQLFLDU HO SURFHVR GH FRRUGLQDFLyQ FRPR VH GLMR DQWHULRUPHQWH VH GHEH FRQRFHU OD
FRUULHQWHGHFDUJD\ODVFRUULHQWHVPi[LPDV\PtQLPDVGHIDOODHQODXELFDFLyQGHFDGDUHOp
TXH YD D VHU FRRUGLQDGR &RQ HVWD LQIRUPDFLyQ VH GHEH VHOHFFLRQDU OD UHODFLyQ GH
WUDQVIRUPDFLyQ GH ORV WUDQIRUPDGRUHV GH FRUULHQWH TXH DOLPHQWDQ D ORV UHOpV /XHJR VH
FDOFXOD VXFHVLYDPHQWH  OD FRUULHQWH GH DUUDQTXH GH OD XQLGDG LQVWDQWiQHD VL VH XVD  OD
FRUULHQWH GH DUUDQTXH GH OD XQLGDG WHPSRUL]DGD \ HO GLDO GH WLHPSR GH FDGD UHOp 3DUD OD
VHOHFFLyQ GH OD UHODFLyQ GH WUDQVIRUPDFLyQ \ HO FiOFXOR GH ODV FRUULHQWHV GH DUUDQTXH \
WLHPSRVGHRSHUDFLyQVHXWLOL]DQORVVLJXLHQWHVFULWHULRV
&ULWHULRVSDUD&RRUGLQDFLyQ

D 6HOHFFLyQGHOD5HODFLyQGHORV7UDQVIRUPDGRUHVGH&RUULHQWH

3DUDODVHOHFFLyQGHODUHODFLyQGHWUDQVIRUPDFLyQVHVLJXHQGRVFULWHULRVEiVLFRV



  3DUD OD Pi[LPD FRQGLFLyQ GH FDUJD HVSHUDGD OD FRUULHQWH VHFXQGDULD GHO
WUDQVIRUPDGRUQRGHEHVXSHUDUVXFRUULHQWHQRPLQDO $y$ HVGHFLU
t &RUULHQWH0i[LPDGH&DUJD1FW
,Qt

  3DUD OD SHRU FRQGLFLyQGHIDOODHQODXELFDFLyQGHOWUDQVIRUPDGRUGHFRUULHQWHOD


FRUULHQWH VHFXQGDULD GHEH VHU PHQRU D  YHFHV OD FRUULHQWH QRPLQDO (V GHFLU
PHQRUD$HQWUDQVIRUPDGRUHVGH$\GH$HQWUDQVIRUP DGRUHVGH$
&RUULHQWH0i[LPDGH)DOOD 1FW  ,Q

E $MXVWHGHOD&RUULHQWHGH$UUDQTXHGHOD8QLGDGHV\

/D FRUULHQWH GH DUUDQTXH GH ORV UHOpV  GHEH VHU PD\RU R LJXDO D GRV YHFHV OD
Pi[LPD FRUULHQWH GH FDUJD HQ HO SXQWR GH DSOLFDFLyQ \ PHQRU TXH OD PtQLPD
FRQGLFLyQ GH IDOOD HVSHUDGD HQ VX ]RQD GH SURWHFFLyQ (O UHOp EDMR HVWXGLR GHEH
UHVSDOGDU DO PHQRV WRGR HO WUDPR GH OtQHD GH VX UHOp SURWHFWRU SDUD JDUDQWL]DU
SURWHFFLyQ GH UHVSDOGR 1R VLHPSUH HV SRVLEOH FXPSOLU HVWH FULWHULR SHUR QR V H
UHFRPLHQGD XVDU XQ IDFWRU PHQRU D  YHFHV OD FRUULHQWH GH FDUJD SDUD DMXVWDU OD
FRUULHQWH GH DUUDQTXH \D TXH H[LVWH HO SHOLJUR GH RSHUDFLyQ GHO UHOp SRU ,QUXVK R
&DUJD)UtD$OJXQDHPSUHVDVXVDQHOFULWHULRSDUDHYLWDUODRSHUDFLyQSRUFRUULHQWHV
WUDQVLWRULDV GH UHYLVDU TXH HO DMXVWH GHO UHOp QR SHUPLWD TXH RSHUH HQ XQ WLHPSR
PHQRUDVHJXQGRVSDUDGHODFRUULHQWHGHDUUDQTXH
(OYDORUGHDMXVWHUHFRPHQGDGRGHOUHOpGHEHVHU
d ,SX
 ,PtQLPDGHIDOOD 1FW
,FDUJD 1FWd

3DUD HO DMXVWH GH OD FRUULHQWH GH DUUDTXH GH OD XQLGDG  VHGHEHVHJXLUHOFULWHULR
H[SOLFDGRHQHOSXQWRDQWHULRUSDUDODSURWHFFLyQLQVWDQWiQHDGHODVOtQHDV(ODMXVWH
VHUi
, t .L,Pi[LPDGH)DOODHQHO([WUHPRGHOD/tQHD

F $MXVWHGHO'LDOGH7LHPSR

(O WLHPSR GH RSHUDFLyQ GHO UHOp SURWHJLGR SDUD OD FRUULHQWH Pi[LPD GH IDOOD HQ HO
SURWHFWRU GHEH VHU PD\RU R LJXDO DO WLHPSR GH RSHUDFLyQ GHO SURWHFWRU SDUD GLFKD
FRUULHQWHPiVHOLQWHUYDORGHFRRUGLQDFLyQ 'W

3RUHMHPSORWRPDQGRFRPRUHIHUHQFLDHOFLUFXLWRGHOD )LJHODMXVWHGHOGLDOGH
WLHPSRGHOUHOp5GHEHVHUWDOTXHVXWLHPSRGHRSHUDFLyQVHD

'W
W5 ,IPD[& t W5 ,IPD[& '

6LVHHVWXYLHVHXWLOL]DQGRODXQLGDGLQVWDQWiQHD 9HU)LJ HODMXVWHVHUtD

'W
W5 , t W5 , '



3RUHMHPSORSDUDHOFLUFXLWRGHOD)LJHOSURFHVRVHLQLFLDFRQHOUHOp5VLJXLHQGRORV
VLJXLHQWHVSDVRV
 6HFDOFXODQVXVFRUULHQWHVGHDUUDQTXH XQLGDGHV\ 
 6H GHWHUPLQD VX GLDO GH WLHPSR 6L 5 QR FRRUGLQD FRQ RWUR GLVSRVLWLYR DJXDV
DEDMR VH VHOHFFLRQD HO GLDO PtQLPR &XDQGR VH XWLOL]DQ UHOpV WLSR GLVFR VH
UHFRPLHQGDQRXVDUHOGLDO PtQLPR SRUTXHORVFRQWDFWRVTXHGDQPX\FHUFD\
XQ JROSH R YLEUDFLyQ SXHGHQ KDFHU TXH RSHUH HUUyQHDPHQWH (Q HVWH FDVR HO GLDO
PtQLPRUHFRPHQGDGRHV6L 5FRRUGLQDFRQRWURGLVSRVLWLYRSRUHMHPSORXQ
IXVLEOHHOGLDOGHWLHPSRVHGHEHFDOFXODUHQIXQFLyQGHOWLHPSRGHPi[LPRGHVSHMH
GHOIXVLEOHSDUDIDOODVHQODEDUUD' YHU&RRUGLQDFLyQUHOp IXVLEOH 
 (QIXQFLyQGHOGLDOVHOHFFLRQDGRVHFDOFXODHOWLHPSRGHRSHUDFLyQGH5SDUDOD
FRUULHQWHGHDUUDQTXHGHODXQLGDGLQVWDQWiQHD ,  
 6HFDOFXODQODFRUULHQWHVGHDUUDQTXH XQLGDGHV\ GHOUHOp5
 6H VHOHFFLRQD HO GLDO GH WLHPSRGH5HQIXQFLyQGHOWLHPSRGHRSHUDFLyQGH5
XWLOL]DQGRODVLJXLHQWHH[SUHVLyQW5 , t
t W5 , '
'W
 &RQHOGLDOVHOHFFLRQDGRVHFDOFXODHOWLHPSRGHRSHUDFLyQGH5SDUDVXFRUULHQWH
GHDUUDQTXH , 
 6HUHSLWHHOSURFHVRSDUD5

6LQRVHHVWXYLHUDQXWLOL]DQGRODVXQLGDGHVLQVWDQWiQHDVODFRRUGLQDFLyQHQWUH5\5VH
KDUtDFRQODFRUULHQWHGHIDOODHQ&\HQWUH5\5FRQODFRUULHQWHGHIDOODHQ%FRPR\D
VHH[SOLFy
&225',1$&,1&215(/e6',5(&&,21$/(6

&XDQGRHQODXELFDFLyQGHXQUHOpODVFRUULHQWHVGHIDOODSXHGHQIOXLUHQDPEDVGLUHFFLRQH V
HV QHFHVDULR GLUHFFLRQDU VX RSHUDFLyQ SDUD ORJUDU VHOHFWLYLGDG YHU 7HPD  5HOpV
'LUHFFLRQDOHV  (Q HO FLUFXLWR GH OD )LJ  SXHGH YHUVH TXH SDUD XQD IDOOD HQWUH %& ORV
UHOpV XELFDGRV HQ OD EDUUD % YHQ OD PLVPD FRUULHQWH GH IDOOD /R PLVPR RFXUUH S DUD ORV
UHOpVXELFDGRVHQODEDUUD&6LVHTXLHUHORJUDUVHOHFWLYLGDGVyORGHEHQRSHUDUORVUHOpV5
\55\5GHEHQSHUPDQHFHULQPXQHV(VWRVHORJUDGLUHFFLRQDQGRHOGLVSDURGHORV
UHOpV 2EVpUYHVH TXH ORV UHOpVKDQVLGRGLUHFFLRQDGRVSDUDRSHUDU FXDQGRODFRUULHQWHHVWi
VDOLHQGRGHODVEDUUDV
3DUDFRRUGLQDUUHOpVGHVREUHFRUULHQWHGLUHFFLRQDOHVVHVLJXHH[DFWDPHQWHHOSURFHGLPHLQWR
TXHVHDFDEDGHH[SOLFDUFRRUGLQDQGRHQWUHVtVyORORVUHOpVTXHWLHQHQODPLVPDGLUHFFLyQ
GHGLVSDUR3DUDHOFLUFXLWRGHOD)LJVHGHEHQFRRUGLQDUHQXQDGLUHFFLyQORVUHOpV5
5\5\HQODRWUDORVUHOpV55\5LQLFLDQGRORVSURFHVRVGHFRRUGLQDFLyQSRUORV
UHOpV5\5UHVSHFWLYDPHQWH



)LJ &RRUGLQDFLyQFRQ5HOpVGH6REUHFRUULHQWH'LU HFFLRQDOHV


(QHOFDVRGHOFLUFXLWRPDOODGRGHOD)LJVHGHEHQGLUHFFLRQDUWRGRVORVUHOpVPHQRV5
\5GRQGHQRSXHGHKDEHULQYHUVLyQHQHOIOXMRGHODFRUULHQWHGHIDOOD(QHVWHFDVRVH
GHEHQFRRUGLQDUHQXQDGLUHFFLyQ555\5\HQODRWUD5555

)LJ &RRUGLQDFLyQGHXQ&LUFXLWR0DOODGR

(QORVFDVRVGHFRRUGLQDFLyQGLUHFFLRQDOGHEHWHQHUVHHVSHFLDOFXLGDGRFRQODVFRUULHQWHV
GHIDOODDVHUXWLOL]DGDVHQODFRRUGLQDFLyQ\DTXHQRVHXWLOL]DODFRUULHQWHGHIDOODWRWDO HQ
ODVEDUUDVVLQRODFRUULHQWHTXHIOX\HHQODGLUHFFLyQGHGLVSDUR3RUHMHPSORSDUDFRRUGLQDU
5 FRQ 5 )LJ   QR VH XWLOL]D OD FRUULHQWH GH IDOOD WRWDO HQ OD EDUUD ' VLQR VyOR OD
FRUULHQWHTXHIOX\HGHVGHHOJHQHUDGRUDWUDYpVGHODVOtQHDV$% %&\&'FXDQGRRFXUUH
XQDIDOODHQ'
&225',1$&,1'(/265(/e6'(7,(55$

/RV UHOpV GH WLHUUD VH FRRUGLQDQ HQWUH Vt VLJXLHQGR HO PLVPR SURFHGLPLHQWR TXH SDUD ORV
UHOpVGHIDVHSHURXWLOL]DQGRORVQLYHOHVGHFRUWRFLUFXLWRSDUDIDOODVDWLHUUD



&RPRORVUHOpVGHWLHUUDQRVRQDIHFWDGRVSRUODFRUULHQWHGHFDUJDVXFRUULHQWHGHDUUDQTXH
VH FDOFXOD HQ IXQFLyQ GHO Pi[LPR GHVEDODQFH SHUPLWLGR HQ HO VLVWHPD SDUD HYLWDU
RSHUDFLRQHVHUUyQHDVSRUGHVEDODQFHGHFDUJDV
t'HVEDODQFH0i[LPR
,SXt

(O SRUFHQWDMH GH GHVEDODQFH SHUPLWLGR YDUtD GH DFXHUGR D OD SROtWLFD GH ODV HPSUHVDV
3RUFHQWDMHVWtSLFRVXWLOL]DGRVVRQGHDGHODFDUJDQRPLQDO

&XDQGRHQHOFDPLQRGHFRRUGLQDFLyQH[LVWHQWUDQVIRUPDGRUHV '< ORVUHOpVGHWLHUUDGHO


ODGR GH OD ' VH FRRUGLQDQ HQ IRUPD LQGHSHQGLHQWH GH ORV UHOpV GHO ODGR GH OD < (VWR HV
GHELGRDTXHODVIDOODVDWLHUUDGHOODGRGHOD<QRSURGXFHQFRUULHQWHVGHVHFXHQFLDFHURHQ
HOODGRGHOD'
'(QHOFLUFXLWRGHOD)LJVHFRRUGLQDHOUHOpGHWLHUUDGHODEDUUD&FRQHO
5HOp GH WLHUUD GH OD EDUUD ' /XHJR VH LQLFLD RWUD FRRUGLQDFLyQ FRQ HO UHOp GH WLHUUD GH OD
EDUUD%HOFXDOSXHGHVHUDMXVWDGRDGLDOPtQLPR(OUHOpGHWLHUUDGHODEDUUD$VHFRRUGLQD
FRQHOGHODEDUUD%

)LJ &RRUGLQDFLyQGH5HOpVGH7LHUUD



%,%/,2*5$),$

 ',675,%87,21 6<67(0 3527(&7,21 0$18$/ 0F*UDZ (GLVRQ &R 3RZHU


6\VWHP'LYLVLyQ&DQRQEXUJ3HQQV\OYDQLD
 (/(&75,&$/ ',675,%87,21 6<67(0 3527(&&,1 &RRSHU 3RZHU 6\VWHPV


 $33/,(' 352&7(&7,9(5(/$<,1*:HVWLQJKRXVH(OHFWULF&R5HOD\,QVWUXPHQW
'LYLVLRQ1<
 3527(&7,9( 5(/$< $3/,&$&,1 *8,'( *(& 0HDVXUHPHQVWV 6WDIRUG
(QJODG1'(',7,21

 352&(',0,(172 3$5$ /$ &225',1$&,21 '( 3527(&&,21(6 '(


62%5(&255,(17( (1 6,67(0$6 '( ',675,%8&,21 &RPLVLyQ )HGHUDO GH
(OHFWULFLGDG0p[LFR

 3527(&7,9( 5(/$<,1* 35,1&,3/(6 $1' $33/,&$7,216 - /HZLV


%ODFNEXUQ0DUFHO'HNNHU,1&

También podría gustarte