Documentos de Académico
Documentos de Profesional
Documentos de Cultura
,19(1725352)(6,21$/
5HLQLFLDQGRXQD/tQHD
3DUDUHLQLFLDUXQDOtQHDKDJDFOLFGHUHFKRHQOD
YHQWDQDJUiILFD\HVFRMD5HVWDUW5HLQLFLDUGHO
PHQ~ FRQWH[WXDO (O SXQWR GH LQLFLR GH OD OtQHD
VH FDQFHOD \ VH OH SHGLUi VHOHFFLRQDU HO SXQWR
LQLFLDOGHODOtQHD9HDODILJXUD
8VWHG SXHGH WHUPLQDU OD KHUUDPLHQWD /tQHD SXOVDQGR OD WHFOD (6& R HVFRJLHQGR RWUR ERWyQ R LFRQR
8VWHG WDPELpQ SXHGH KDFHU FOLF GHUHFKR HQ HO iUHD JUiILFD \ VHOHFFLRQDU 'RQH )LQDOL]DU GHO PHQ~
FRQWH[WXDO9HUODILJXUD
6tPERORGHFOLF 6tPERORGHFOLF
L]TXLHUGR GHUHFKR
)LJXUD
/DKHUUDPLHQWD/tQHDHVXQDGHODVKHUUDPLHQWDV
PiVSRGHURVDVTXHXWLOL]DUiSDUDGLEXMDU1RVyOR
SXHGH GLEXMDU OtQHDV FRQ OD KHUUDPLHQWD /LQH
VLQR WDPELpQ SXHGH GLEXMDU XQ DUFR GHO SXQWR
ILQDOGHXQVHJPHQWRGHOtQHD
'HVSXpV GH HMHFXWDU ODKHUUDPLHQWD /LQH /tQHD
)LJXUD
FRPRVHPXHVWUDHQODVLJXLHQWHILJXUDVHOH
SHGLUiTXHKDJDFOLFHQXQSULPHUSXQWR
VHOHFFLRQH XQ SXQWR HQ OD YHQWDQD JUiILFD \ D FRQWLQXDFLyQ KDJD FOLF HQ XQ VHJXQGR SXQWR 8VWHG
SXHGH FRQWLQXDU GLEXMDQGR VHJPHQWRV GH OtQHD R PRYHU HO FXUVRU VREUH HO H[WUHPR GHO VHJPHQWR GH
OtQHD \ XQ FtUFXOR JULV SHTXHxR DSDUHFHUi D HVH SXQWR ILQDO /D ILJXUD PXHVWUD OD IRUPD HQ TXH
DSDUHFHHOSXQWRILQDOGHXQVHJPHQWRGHOtQHDFXDQGRHOFXUVRUVHPXHYHVREUHpO
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
$UUDVWUHHOFXUVRUHQOtQHDUHFWDDODGHUHFKD\
OXHJRKDFLDDEDMR
$UUDVWUHHOFXUVRUHQOtQHDUHFWDDODGHUHFKD\
OXHJRKDFLDDUULED
$UUDVWUHHOFXUVRUHQOtQHDUHFWDDODL]TXLHUGD
\ OXHJRKDFLDDEDMR
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
(OWUD]DGRGHOFDPLQRGHODUFR
5HDOLFHHVWR 3DUDORJUDUHVWR
$UUDVWUHHOFXUVRUHQOtQHDUHFWDDODL]TXLHUGD
\ OXHJRKDFLDDUULED
$UUDVWUHHOFXUVRUHQOtQHDUHFWDKDFLDDUULED\
OXHJRDODGHUHFKD
$UUDVWUHHOFXUVRUHQOtQHDUHFWDKDFLDDUULED\
OXHJRDODL]TXLHUGD
$UUDVWUHHOFXUVRUHQOtQHDUHFWDKDFLDDEDMR\
OXHJRDODGHUHFKD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
(OWUD]DGRGHOFDPLQRGHODUFR
5HDOLFHHVWR 3DUDORJUDUHVWR
$UUDVWUHHOFXUVRUHQOtQHDUHFWDKDFLDDEDMR\
OXHJRDODL]TXLHUGD
)LJXUD
3URFHGLPLHQWR
3XOVHODKHUUDPLHQWD/tQHD
3XOVHHQODYHQWDQDJUiILFDSDUDGHILQLUHOSXQWRLQLFLDOGHXQDOtQHD
3XOVHGHQXHYRSDUDGHILQLUXQVHJXQGRSXQWRFRQHOTXHWHUPLQDUiHOVHJPHQWRGHOtQHD&RQWLQ~H
SXOVDQGRSDUDFUHDUVHJPHQWRVFRQWLQXRVRKDJDGREOHFOLFSDUDWHUPLQDUXQVHJPHQWR
3DUD LQLFLDU XQ VHJPHQWR HQ XQD XELFDFLyQ GLIHUHQWH GHVSODFH HO FXUVRU D XQD QXHYD XELFDFLyQ \
SXOVH SDUD FRORFDU XQ QXHYR SXQWR LQLFLDO &RQWLQ~H SXOVDQGR SDUD FUHDU VHJPHQWRV FRQWLQXRV R
KDJDGREOHFOLFSDUDWHUPLQDUXQVHJPHQWR
3DUD FUHDU XQ DUFR SXOVH \ PDQWHQJD SXOVDGR VREUH HO ILQDO GH XQD OtQHD R XQ DUFR \ D
FRQWLQXDFLyQDUUDVWUHHOFXUVRUSDUDREWHQHUXQDYLVWDSUHOLPLQDUGHODUFR6XHOWHHOERWyQGHOUDWyQ
SDUDWHUPLQDUHODUFR&RQWLQ~HSXOVDQGRSDUDFUHDUVHJPHQWRVFRQWLQXRVRDUFRVRKDJDGREOHFOLF
SDUDWHUPLQDU
3DUDWHUPLQDUHOFRPDQGRSXOVH(6&
$OHVER]DUPLUHODHVTXLQDLQIHULRUGHUHFKDGHODEDUUDGHHVWDGRHQODSDUWHLQIHULRUGHOD
SDQWDOOD SDUD YHU ODV FRRUGHQDGDV ORQJLWXG \ iQJXOR GH ORV REMHWRV TXH XVWHG HVWi
GLEXMDQGR/DILJXUDPXHVWUDODEDUUDGHHVWDGRFXDQGRXQDOtQHDHVWiVLHQGRGLEXMDGD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
&RRUGHQDGDVGHOFXUVRU/RQJLWXGGHODOtQHD$QJXORFRQODKRUL]RQWDO
)LJXUD
'LEXMDQGR/tQHDVPHGLDQWHOD(QWUDGDGH&RRUGHQDGDV
eVWHHVHOVHJXQGRPpWRGRGHGLEXMDUOtQHDVHQ$XWRGHVN,QYHQWRU(VWHPpWRGRXVDODEDUUD
GHKHUUDPLHQWDV,QYHQWRU3UHFLVH,QSXW(QWUDGDGHFRRUGHQDGDVGH,QYHQWRUSDUDGHILQLUODV
FRRUGHQDGDVGHOSXQWRLQLFLDO\HOSXQWRILQDOGHODVOtQHDV&RPRVHPHQFLRQRDQWHVHORULJHQ
GHO GLEXMR TXHGD HQ OD LQWHUVHFFLyQ GH ORV HMHV ; H < /D FRRUGHQDGD [\ GH HVWH SXQWR HV
7RPDQGRODUHIHUHQFLDGHHVWHSXQWRXVWHGSXHGHGLEXMDUODVOtQHDV+D\GRVPpWRGRV
GHGHILQLUODVFRRUGHQDGDVXWLOL]DQGRHVWiEDUUDGHKHUUDPLHQWDV
$PERVPpWRGRVVHGLVFXWHQHQVHJXLGD
3XHGHVHUPiVIiFLOGLEXMDUREMHWRVDXQDORQJLWXGRiQJXORGHLQFOLQDFLyQHVSHFLILFDGR8VWHG
SXHGH LQWURGXFLU HVWRV YDORUHV HQ HO FXDGUR GH GLiORJR GH 3UHFLVH ,QSXW (QWUDGD GH
FRRUGHQDGDV 3DUD DEULU HO FXDGUR GH GLiORJR GH ,QYHQWRU 3UHFLVH ,QSXW (QWUDGD GH
FRRUGHQDGDV GH ,QYHQWRU HPSLHFH XQD KHUUDPLHQWD GH ERFHWR FRPR /LQH /tQHD YHD OD
ILJXUD
)LJXUD
(QVHJXLGDGHXQFOLFHQODIOHFKDXELFDGDDOODGRGHUHFKRGHOWLWXORGHOSDQHO'UDZ\OXHJRKDJD
FOLFHQ3UHFLVH,QSXW(QWUDGDGHFRRUGHQDGDV
)LJXUD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
$SDUHFHHOFXDGURGHGLiORJR,QYHQWRU3UHFLVH,QSXW
)LJXUD
+DJDFOLFHQHOPpWRGRGHHQWUDGD
)LJXUD
,QJUHVH ORV YDORUHV HQ HO FXDGUR GH GLiORJR \ SXOVH (17(5 /D HQWUDGD GH FRRUGHQDGDV
IXQFLRQDFRQFXDOTXLHUKHUUDPLHQWDTXHQHFHVLWHODXELFDFLyQGHXQSXQWR/DKHUUDPLHQWDGH
HQWUDGDGHFRRUGHQDGDVWLHQHORVFDPSRV;H<3XHGHLQWURGXFLUDPERVYDORUHVDODKRUDGH
GHILQLU XQ SXQWR R LQWURGXFLU ~QLFDPHQWH HO YDORU ; R HO YDORU < SDUD OLPLWDU OD XELFDFLyQ GHO
SXQWR D XQD OtQHD YHUWLFDO X KRUL]RQWDO /D ILJXUD PXHVWUD HO FXDGUR GH GLiORJR GH
,QYHQWRU 3UHFLVH ,QSXW (QWUDGD GH FRRUGHQDGDV GH ,QYHQWRU FRQ ODV RSFLRQHV GH HQWUDGD
YLVXDOL]DGDV
,QSXW7\SH&DPSR;&DPSR<&DPSR=
7LSRGHHQWUDGD
5HVHWWR2ULJLQ
5HVWDEOHFHUHQRULJHQ
3UHFLVH5HGHILQH
5HGHILQLFLyQSUHFLVD 3UHFLVH'HOWD&RRUGHQDGDVGHOWD
)LJXUD
5HVHWWR2ULJLQ5HVWDEOHFHUHQRULJHQ
'HVSOD]DODWUtDGDKDVWDHOSXQWRGHRULJHQGHOERFHWR
6HOHFFLRQH XQ SXQWR FRPR XQ RULJHQ WHPSRUDO /DV HQWUDGDV GH ODV FRRUGHQDGDV VXEVHFXHQWHV VRQ
PHGLGDV UHODWLYR DO RULJHQ WHPSRUDO KDVWD TXH XVWHG OR FDPELH /D RULHQWDFLyQ GHO VLVWHPD GH
FRRUGHQDGDQRFDPELD
(OSXQWRVHOHFFLRQDGRGHEHVHUXQSXQWRYiOLGRHQHOERFHWRDFWLYRRHQODFDUDGHOVyOLGRVHOHFFLRQDGR
8VWHGSXHGHVHOHFFLRQDUXQSXQWRHQRWURSODQR\SUR\HFWDUORHQHOSODQRGHERFHWRDFWLYR
(O2ULJHQUHODWLYRSHUPDQHFHUiDFWLYRKDVWDTXHXVWHGFLHUUHHOERFHWRRKDJDFOLFHQHOERWyQ3UHFLVH
5HODWLYH&RRUGHQDGD5HODWLYDSDUDGHVDFWLYDUOR
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
'LEXMDQGRFLUFXORV
3XHGHGLEXMDUFtUFXORVXWLOL]DQGRORVGRVPpWRGRVTXHVHHVSHFLILFDQDFRQWLQXDFLyQ
&LUFOH &LUFXOR
'HILQLFLyQ&UHDXQFtUFXORDSDUWLUGHVXFHQWUR\UDGLR
)LJXUD
3URFHGLPLHQWR
(QODFLQWDGHRSFLRQHVHQODILFKD6NHWFK!3DQHO'UDZ
! SXOVHODKHUUDPLHQWD&LUFOH
3XOVHHQODYHQWDQDJUiILFDSDUDGHILQLUHOFHQWUR
'HVSODFH HO FXUVRU SDUD REWHQHU XQD YLVWD SUHOLPLQDU GHO
UDGLRGHOFtUFXOR\SXOVHSDUDGHILQLUOR
6LORGHVHDFRQWLQ~HFUHDQGRFtUFXORV
3DUDVDOLUGHODFUHDFLyQGHFtUFXORVSXOVH(6&RKDJDFOLF
HQRWURFRPDQGR
7DQJHQWFLUFOH &LUFXORWDQJHQWH
'HILQLFLyQ&UHDXQFtUFXORWDQJHQWHDWUHVOtQHDV
)LJXUD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
3URFHGLPLHQWR
(Q OD FLQWD GH RSFLRQHV HQ OD ILFKD 6NHWFK ! 3DQHO
'UDZ ! 3XOVH OD IOHFKD XELFDGD GHEDMR GH OD
KHUUDPLHQWD &tUFXOR \ D FRQWLQXDFLyQ VHOHFFLRQH OD
KHUUDPLHQWD7DQJHQW&LUFOH
6HOHFFLRQH XQD OtQHD FRQ HO ILQ GH GHILQLU OD SULPHUD
OtQHDWDQJHQWHSDUDHOFtUFXOR
6HOHFFLRQH RWUD OtQHD SDUD GHILQLU OD VHJXQGD OtQHD
WDQJHQWH
'HVSODFHHOFXUVRUVREUHODWHUFHUDOtQHDSDUDREWHQHU
XQDYLVWDSUHOLPLQDUGHOFtUFXOR
6HOHFFLRQH OD WHUFHUD OtQHD SDUD FUHDU HO FtUFXOR
WDQJHQWHDODVWUHVOtQHDV
3DUD WHUPLQDU GH FUHDU FtUFXORV SXOVH (VF R
VHOHFFLRQHRWUDKHUUDPLHQWD
'LEXMDQGRHOLSVHV
(OOLSVH (OLSVH
'HILQLFLyQ&UHDXQDHOLSVHGHILQLHQGRXQFHQWURXQHMHPD\RU\XQHMHPHQRU
)LJXUD
3URFHGLPLHQWR
(Q OD FLQWD GH RSFLRQHV HQ OD ILFKD
6NHWFK ! 3DQHO 'UDZ !SXOVH OD
KHUUDPLHQWD(OOLSVH
(Q OD YHQWDQD JUiILFD SXOVH SDUD
FUHDUHOFHQWURGHODHOLSVH
'HVSODFHHOFXUVRUHQODGLUHFFLyQGHO
SULPHU HMH LQGLFDGR SRU XQ HMH
3XOVH SDUD GHILQLU OD GLUHFFLyQ \
ORQJLWXGGHOHMH
'HVSODFHHOFXUVRUSDUD REWHQHUXQD
YLVWD SUHOLPLQDU GH OD ORQJLWXG GHO
VHJXQGR HMH \ SXOVH SDUD FUHDU OD
HOLSVH
3DUDWHUPLQDUGHFUHDUHOLSVHVSXOVH
(VFRVHOHFFLRQHRWUDKHUUDPLHQWD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
'LEXMDQGRDUFRV
3XHGHGLEXMDUXQDUFRXVDQGRORVVLJXLHQWHVWUHVPpWRGRV
7KUHH3RLQW$UF $UFRSRUWUHVSXQWRV
'HILQLFLyQ&UHDXQDUFRDSDUWLUGHWUHVSXQWRVGHSDVR
)LJXUD
3URFHGLPLHQWR
(Q OD FLQWD GH RSFLRQHV HQ OD ILFKD
6NHWFK ! 3DQHO 'UDZ ! SXOVH OD
KHUUDPLHQWD 7KUHH 3RLQW $UF $UFR
SRUWUHVSXQWRV
3XOVH HQ OD YHQWDQD JUiILFD SDUD
FUHDUHOSXQWRLQLFLDOGHODUFR
'HVSODFH HO FXUVRU \ SXOVH SDUD
GHILQLUHOSXQWRILQDOGHODUFR
'HVSODFH HO FXUVRU SDUD REWHQHU XQD
YLVWD SUHOLPLQDU GH OD GLUHFFLyQ GHO
DUFR \ SXOVH SDUD GHILQLU XQ SXQWR
GHODUFR
3DUD WHUPLQDU GH FUHDU DUFRV SXOVH
(VFRVHOHFFLRQHRWUDKHUUDPLHQWD
7DQJHQW$UF $UFRWDQJHQWH
'HILQLFLyQ&UHDXQDUFRWDQJHQWHDXQDFXUYD
)LJXUD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
3URFHGLPLHQWR
(Q OD FLQWD GH RSFLRQHV HQ OD ILFKD
6NHWFK ! 3DQHO 'UDZ ! 3XOVH OD IOHFKD
XELFDGDGHEDMRGHODKHUUDPLHQWD$UF\
D FRQWLQXDFLyQ VHOHFFLRQH OD
KHUUDPLHQWD7DQJHQW$UF
'HVSODFHHOFXUVRUVREUHXQDFXUYDSDUD
UHVDOWDUXQSXQWRILQDO
3XOVH MXQWR DO SXQWR ILQDO GH OD FXUYD
SDUD LQLFLDU HO DUFR HQ HO SXQWR ILQDO
UHVDOWDGR
'HVSODFH HO FXUVRU SDUD REWHQHU XQD
YLVWD SUHOLPLQDU GHO DUFR \ SXOVH SDUD
GHILQLUVXSXQWRILQDO
3DUDWHUPLQDUGHFUHDUDUFRVSXOVH(VFR
VHOHFFLRQHRWUDKHUUDPLHQWD
&HQWHUSRLQWDUF $UFRSRUFHQWUR\UDGLR
'HILQLFLyQ&UHDXQDUFRDSDUWLUGHVXFHQWUR
)LJXUD
3URFHGLPLHQWR
(Q OD FLQWD GH RSFLRQHV HQ OD ILFKD 6NHWFK !
3DQHO'UDZ!3XOVHODIOHFKDXELFDGDGHEDMRGH
ODKHUUDPLHQWD$UF \DFRQWLQXDFLyQVHOHFFLRQH
ODKHUUDPLHQWD&HQWHU3RLQW$UF
3XOVHHQODYHQWDQDJUiILFDSDUDFUHDUHOFHQWUR
GHODUFR
3XOVHSDUDGHILQLUHOUDGLR\HOSXQWRLQLFLDOGHO
DUFR
'HVSODFH HO FXUVRU SDUD REWHQHU XQD YLVWD
SUHOLPLQDUGHODGLUHFFLyQGHODUFR\SXOVHSDUD
GHILQLUHOSXQWRILQDO
3DUD WHUPLQDU GH FUHDU DUFRV SXOVH (VF R
VHOHFFLRQHRWUDKHUUDPLHQWD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
'LEXMDQGRUHFWiQJXORV
3XHGHGLEXMDUXQUHFWiQJXORXVDQGRORVGRVPpWRGRVVLJXLHQWHV
7ZRSRLQWUHFWDQJOH 5HFWiQJXORSRUGRVSXQWRV
'HILQLFLyQ&UHDUHFWiQJXORVVHOHFFLRQDQGRORVYpUWLFHVGHXQDGHVXVGLDJRQDOHV
)LJXUD
3URFHGLPLHQWR
(Q OD FLQWD GH RSFLRQHV
HQODILFKD6NHWFK!3DQHO
'UDZ ! 3XOVH OD
KHUUDPLHQWD 7ZR 3RLQW
5HFWDQJOH
3XOVH HQ OD YHQWDQD
JUiILFD SDUD GHILQLU HO
SULPHUSXQWRGHHVTXLQD
'HVSODFH HO FXUVRU
GLDJRQDOPHQWH \ SXOVH
SDUD GHILQLU HO VHJXQGR
SXQWR
3DUD WHUPLQDU GH FUHDU
UHFWiQJXORV SXOVH (VF R
VHOHFFLRQH RWUD
KHUUDPLHQWD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
7KUHHSRLQWUHFWDQJOH 5HFWiQJXORSRUWUHVSXQWRV
'HILQLFLyQ&UHDUHFWiQJXORVXVDQGRWUHVSXQWRVRUWRJRQDOHV
)LJXUD
3URFHGLPLHQWR
(QODFLQWDGHRSFLRQHVHQODILFKD
6NHWFK ! 3DQHO 'UDZ ! 3XOVH OD
IOHFKD XELFDGD GHEDMR GH OD
KHUUDPLHQWD 5HFWDQJOH \ D
FRQWLQXDFLyQ VHOHFFLRQH OD
KHUUDPLHQWD 7KUHH 3RLQW
5HFWDQJOH
3XOVH HQ OD YHQWDQD JUiILFD SDUD
GHILQLUHOSULPHUSXQWRGHHVTXLQD
'HVSODFH HO FXUVRU \ SXOVH SDUD
GHILQLU OD ORQJLWXG \ GLUHFFLyQ GHO
SULPHUODGR
'HVSODFH HO FXUVRU \ SXOVH SDUD
GHILQLU OD ORQJLWXG GHO ODGR
DG\DFHQWH
3DUDWHUPLQDUGHFUHDUUHFWiQJXORV
SXOVH (VF R VHOHFFLRQH RWUD
KHUUDPLHQWD
'LEXMDQGRSROtJRQRV
8QSROtJRQRUHJXODUHVXQDILJXUDJHRPpWULFDGHQODGRVHQODTXHODORQJLWXGGHWRGRVORVODGRV\HO
iQJXORHQWUHHOORVVRQORVPLVPRV
3RO\JRQ 3ROtJRQR
)LJXUD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
2SFLRQHV
,QVFULEHG,QVFULWR8WLOL]DHOYpUWLFHHQWUHGRVODGRVSDUDGHWHUPLQDUHOWDPDxR\ODRULHQWDFLyQGHO
SROtJRQR
&LUFXPVFULEHG &LUFXQVFULWR 8WLOL]D HO SXQWR PHGLR GHO VHJPHQWR GH XQ ODGR SDUD GHWHUPLQDU HO
WDPDxR\ODRULHQWDFLyQGHOSROtJRQR
1XPEHURIHGJHV1~PHURGHODGRV,QGLFDHO Q~PHURGHODGRVTXHVHXVDQSDUD FUHDUODIRUPD
SROLJRQDO(OYDORUPi[LPRSHUPLWLGRHV
3URFHGLPLHQWR
(QODFLQWDGHRSFLRQHVHQODILFKD6NHWFK!3DQHO'UDZ!3XOVHODKHUUDPLHQWD3RO\JRQ
6HOHFFLRQHHOLFRQR,QVFULWRR&LUFXQVFULWRGHOFXDGURGHGLiORJR3ROtJRQR
(VSHFLILTXHHOQ~PHURGHODGRV
3XOVHHOFHQWURGHOSROtJRQR
$UUDVWUHSDUDGHWHUPLQDUHOWDPDxRGHOSROtJRQR
3DUDWHUPLQDUGHFUHDUSROLJRQRVSXOVH(VFVHOHFFLRQHRWUDKHUUDPLHQWDRSXOVH'RQH)LQDOL]DUHQ
HOFXDGURGHGLiORJR3RO\JRQ
,QVFULWR1~PHURGHODGRV
&LUFXQVFULWR1~PHURGHODGRV
)LJXUD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
&RORFDFLyQGHORVSXQWRVFHQWURVGHDJXMHURV
3RLQW&HQWHU3RLQW 3XQWR&HQWUR
'HILQLFLyQ&UHDXQFHQWURGHDJXMHURRSXQWRGHERFHWR
)LJXUD
3URFHGLPLHQWR
(Q OD FLQWD GH RSFLRQHV HQ OD ILFKD 6NHWFK ! 3DQHO 'UDZ ! 3XOVH OD
KHUUDPLHQWD3RLQW
3XOVHHQODYHQWDQDJUiILFDSDUDLQVHUWDUORVSXQWRV
6LSURFHGHFDPELHHQWUHODFUHDFLyQGHSXQWRVGHERFHWR\SXQWRVGH
FHQWUR XWLOL]DQGR OD KHUUDPLHQWD &HQWHU 3RLQW GHO SDQHO )RUPDW GH OD
ILFKD6NHWFK
3DUDUHVWULQJLUXQSXQWRDXQDJHRPHWUtDH[LVWHQWHGHVSODFHHOFXUVRU
VREUHODJHRPHWUtD\DFRQWLQXDFLyQSXOVHFXDQGRDSDUH]FDHOVtPEROR
GHFRLQFLGHQFLDHQHOFXUVRU
3DUD VLWXDU GH IRUPD SUHFLVD XQ SXQWR HQ XQD JHRPHWUtD H[LVWHQWH
SXOVH FRQ HO ERWyQ GHUHFKR GHO UDWyQ \ UHDOLFH XQR GH ORV VLJXLHQWHV
SURFHGLPLHQWRV
o 6HOHFFLRQH3XQWRPHGLR\DFRQWLQXDFLyQGHVLJQHXQDOtQHDR
FXUYD
o 6HOHFFLRQH&HQWUR\DFRQWLQXDFLyQGHVLJQHXQFtUFXORRXQD
HOLSVH
o 6HOHFFLRQH,QWHUVHFFLyQ\GHVLJQHGRVHOHPHQWRVLQWHUVHFDQWHV
'LEXMDQGR6SOLQHV
6SOLQH 6SOLQH
)LJXUD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
3URFHGLPLHQWR
(Q OD FLQWD GH RSFLRQHV HQ OD ILFKD 6NHWFK ! 3DQHO 'UDZ !
VHOHFFLRQHODKHUUDPLHQWD6SOLQH
3XOVHHQODYHQWDQDJUiILFDSDUDVHOHFFLRQDUXQ SXQWRH[LVWHQWHR
GHILQLUHOSULPHUSXQWRGHODVSOLQH
6LJDSXOVDQGRSDUDFUHDUPiVSXQWRVGHODVSOLQH
3XOVHGRVYHFHVSDUDGHVLJQDUHO~OWLPRSXQWRGHODVSOLQHRSXOVH
FRQHOERWyQGHUHFKRGHOUDWyQ\HOLMD&UHDWH&UHDUSDUDILQDOL]DU
ODVSOLQH
3XOVH SDUD LQLFLDU RWUD VSOLQH VL OR GHVHD R SXOVH FRQ HO ERWyQ
GHUHFKR GHO UDWyQ \ HOLMD 'RQH 7HUPLQDU SDUD DEDQGRQDU OD
FUHDFLyQGHVSOLQHV
6XJHUHQFLDV
• 3DUDHOLPLQDUODVSOLQHVLQHOLPLQDUORVSXQWRVGHVSOLQHLQWHUQRVFRQYHUWLUORVSXQWRVDSXQWRVGH
FHQWUR
• 3DUDFUHDUXQDVSOLQHWDQJHQWHDXQDOtQHDRXQDUFRSXOVH\DUUDVWUHGHVGHXQSXQWRILQDOGHOD
OtQHDRHODUFRSDUDFUHDUXQDVSOLQHFRQXQDUHVWULFFLyQWDQJHQWH
• 3DUDHGLWDUODSRVLFLyQGHSXQWRVGHVSOLQHLQWHUQRVVHOHFFLRQHODVSOLQH\SXOVH\DUUDVWUHFXDOTXLHU
SXQWR/RVSXQWRVGHDMXVWHLQWHUQRVVRQHQIRUPDGHGLDPDQWHORVSXQWRVGHDMXVWHH[WUHPRVVRQ
FXDGUDGRV
• &DPELH OD VSOLQH GH SRVLFLyQ DxDGLHQGR FRWDV \ UHVWULFFLRQHV D ORV SXQWRV GH VSOLQH LQWHUQRV DVt
FRPRHQWUHSXQWRVGHVSOLQH\RWUDVJHRPHWUtDV
• 6LSXOVD\PDQWLHQHSUHVLRQDGDODWHFOD$/7PLHQWUDVDUUDVWUDXQSXQWRGHODVSOLQHSHUPLWLUiTXH
RWURV SXQWRV QR UHVWULQJLGRV GH pVWD VH GHVSODFHQ D ILQ GH SUHVHUYDU OD IRUPD GH OD VSOLQH 6L
DOJXQRVSXQWRVHVWiQUHVWULQJLGRVSRGUtDQQRGHVSOD]DUVH
• 3DUDDFWLYDUXQDDVDSXOVH\DUUDVWUHHQFXDOTXLHUGLUHFFLyQXQDVDSDVLYDRKDJDFOLFGHUHFKRHQHO
DVDRHQXQSXQWRGHDMXVWH\VHOHFFLRQH$FWLYDWH+DQGOH$FWLYDU$VDGHOPHQ~FRQWH[WXDO
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
$MXVWDQGR OD WHQVLyQ GHO VSOLQH DXWRPiWLFDPHQWH FDPELD HO VSOLQH DMXVWDQGRVH DO PpWRGR
(QHUJtD0tQLPD
$xDGLHQGR7H[WR
3XHGH DxDGLU WH[WR D XQ ERFHWR GH SLH]D DFWLYR \ D FRQWLQXDFLyQ VHOHFFLRQDU GLFKR WH[WR SDUD XQ
DFDEDGR GH VXSHUILFLH UHSXMDGD 7DPELpQ SXHGHXWLOL]DU WH[WR SDUD GRFXPHQWDU XQ PRGHOR FRPR SRU
HMHPSORFyPRVHFRPSDUWLyXQERFHWR\SDUDDQRWDFLRQHV'
7H[W 7H[WR
'HILQLFLyQ$xDGHWH[WRDOERFHWRDFWLYR
)LJXUD
3URFHGLPLHQWR
(Q OD FLQWD GH RSFLRQHV HQ OD ILFKD
6NHWFK ! 3DQHO 'UDZ ! SXOVH OD
KHUUDPLHQWD7H[W
(Q OD YHQWDQD JUiILFD SXOVH SDUD
FRORFDU HO SXQWR GH LQVHUFLyQ SDUD HO
WH[WRRSXOVH\DUUDVWUHSDUDGHILQLUHO
iUHDGHWH[WR
(Q HO FXDGUR GH GLiORJR )RUPDW7H[W
$VLJQDU IRUPDWR D WH[WR XWLOLFH ODV
RSFLRQHV SDUD VHOHFFLRQDU HQWUH
RWUDV FDUDFWHUtVWLFDV HO WLSR GH OHWUD
HO WDPDxR OD RULHQWDFLyQ \ OD
VHSDUDFLyQ GHO WH[WR $FRQWLQXDFLyQ
HVFULED HO WH[WR TXH GHVHH HQ HO )LJXUD
FXDGURGHWH[WR0LHQWUDVHVFULEH
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
LQWURGX]FDVDOWRVGHOtQHDFXDQGRORHVWLPHRSRUWXQR
3XOVH2.$FHSWDU
3DUDMXVWLILFDUWH[WRFRQIRUPHDODVRSFLRQHVVHOHFFLRQDGDVHQHOFXDGURGHGLiORJRHOWH[WR
VH LQVHUWD HQ XQ FXDGUR GH GHOLPLWDFLyQ GH OD FDUD 3XOVH XQD DULVWD SDUD PRGLILFDU HO
WDPDxRGHOFXDGURRSXOVHHOFHQWURSDUDGHVSOD]DUOR
(VWLOR
$WULEXWRVGHWH[WR
0RGHOR'LEXMR\3URSLHGDGHVSHUVRQDOL]DGDV
$WULEXWRVGHIXHQWH
3DUiPHWURV
%RWRQHVGH]RRP
2SFLRQHV
6W\OH(VWLOR
(VSHFLILFDHOHVWLORGHWH[WRTXHVHDSOLFDDOWH[WR3XOVHODIOHFKD\VHOHFFLRQHXQRGHORVHVWLORVGH
WH[WRGLVSRQLEOHVGHODOLVWD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
7H[W$WWULEXWHV$WULEXWRVGHWH[WR
(VSHFLILFDORVDWULEXWRVGHSiUUDIRGHOWH[WRVHOHFFLRQDGR
-XVWLILFDFLyQVLW~DHOWH[WRGHQWURGHOFXDGURGHWH[WR
/RVERWRQHV-XVWLILFDFLyQDODL]TXLHUGDHQHOFHQWURRDODGHUHFKDGHILQHQOD
SRVLFLyQGHOWH[WRFRQUHVSHFWRDORVODGRVGHOFXDGURGHWH[WR
/RVERWRQHV6XSHULRU0HGLRR,QIHULRUGHILQHQODSRVLFLyQGHOWH[WRFRQUHVSHFWR
D ODSDUWHGHDUULED\DEDMRGHOFXDGURGHWH[WR
-XVWLILFDFLyQ HQ XQD OtQHD HVWi GLVSRQLEOH FXDQGR VH KD VHOHFFLRQDGR OD
RSFLyQ7H[WRHQXQDOtQHD\FXDQGRVHFUHDWH[WRGHERFHWR
&XDGUR GH WH[WRSHUPLWH UHVWULQJLU \ DFRWDU DO WH[WR 6yOR HVWiGLVSRQLEOH
SDUDWH[WRGHERFHWRV
$MXVWDU WH[WR GHILQH HO WDPDxR GHO WH[WR GH PDQHUD TXH VH DMXVWH DO
HVSDFLR GHVLJQDGR FRPR SRU HMHPSOR XQ FXDGUR GH WH[WR 6yOR HVWi
GLVSRQLEOHSDUDWH[WRGHERFHWRV
HVWLUDPHVSHFLILFDODDQFKXUDGHOWH[WR,QWURGX]FDSDUDPRVWUDUHO
WH[WRWDOFRPRVHGLVHxy\SDUDGLVPLQXLUODDQFKXUDGHOWH[WRXQ
7H[WRHQXQDOtQHDHOLPLQDWRGRVORVVDOWRVGHOtQHDGHOWH[WRGHYDULDV
OtQHDV6yORHVWiGLVSRQLEOHSDUDWH[WRGHERFHWRV
(VSDFLDGRGHILQHHOHVSDFLDGRHQÒQLFR'REOH6HQFLOOROtQHDV0~OWLSOH
R ([DFWDPHQWH
9DORUHVSHFLILFDHOYDORUGHOLQWHUOLQHDGRFXDQGRpVWHHVWiGHILQLGRFRPR
([DFWDPHQWHR0~OWLSOH
)RQWDWWULEXWHV$WULEXWRVGHIXHQWH
(VSHFLILFDORVDWULEXWRVGHIXHQWHSDUDHOWH[WR
)RQW )XHQWH HVSHFLILFD HO WLSR GH OHWUD GHO WH[WR 3XOVH OD IOHFKD \
VHOHFFLRQHXQRGHORVWLSRVGHOHWUDGLVSRQLEOHVGHODOLVWD
)RQW 6L]H 7DPDxR GH IXHQWH GHILQH HO WDPDxR GHO WH[WR HQ XQLGDGHV
SXOJDGDVRPLOtPHWURV,QWURGX]FDHOWDPDxRRSXOVHODIOHFKD\VHOHFFLRQH
XQWDPDxRGHODOLVWD
&RQVHMR (GLWDU ORV SDUDPHWURV HVWiQGDU SDUD SHUVRQDOL]DU OD OLVWD GH
WDPDxRV GH OD IXHQWH SUHGHILQLGRV $EUD HO HGLWRU 6W\OH DQG 6WDQGDUG
(VWLOR\1RUPD\KDJDFOLFHQHODFWXDOVWDQGDUGQRUPD/XHJRDJUHJXH
R TXLWHORVWDPDxRVGHIXHQWHHQODOLVWDGHYDORUHVSUHGHWHUPLQDGRVHQOD
ILFKD*HQHUDO
6W\OH (VWLOR GHILQH HO HVWLOR 3XOVH ORV ERWRQHV GH QHJULWD FXUVLYD R
VXEUD\DGRSDUDDSOLFDUHOHVWLORDOWH[WR
6WDFN$SLODU $SLODUWH[WRHQODHODERUDFLyQGHWH[WRVVHXWLOL]DSDUDFUHDU
IUDFFLRQHV DSLODGDV HQ GLDJRQDO R HQ KRUL]RQWDO \ WH[WR VXSHUtQGLFH R
VXEtQGLFH /D RSFLyQ VyOR HVWi GLVSRQLEOH VL XQD FDGHQD HQ XQ IRUPDWR
DSLODPLHQWR FRUUHFWR HVWi VHOHFFLRQDGR HQ HO FDPSR GH HGLFLyQ /RV
HMHPSORVGHIRUPDWRGHDSLODPLHQWRFRUUHFWR
DSLODUFRPRXQIUDJPHQWRGLDJRQDO
DSLODUFRPRXQIUDJPHQWRKRUL]RQWDO
ADSLODUFRPRXQDWROHUDQFLDHQFLPDGH
&RQVHMR 3DUDHGLWDUODVSURSLHGDGHVGHWH[WRDSLODGRVHOHFFLRQHXQWH[WR
DSLODGRHQHOFDPSRGHHGLFLyQKDJDFOLFGHUHFKR\VHOHFFLRQH3URSHUWLHV
3URSLHGDGHV
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
&RORUHVSHFLILFDHOFRORUGHOWH[WR3XOVHHOERWyQGHFRORU\HOLMDXQFRORU
HQ HO FXDGUR GH GLiORJR &RORU (Q HO FXDGUR GH GLiORJR &RORU DFWLYH OD
FDVLOODGHVHOHFFLyQ3RUFDSDSDUDGHILQLUHOFRORUHVSHFLILFDGRSRUODFDSDGH
WH[WR 'HVDFWLYH OD FDVLOOD SDUD VHOHFFLRQDU XQ FRORU (O ERWyQ GH FRORU
PXHVWUDHOFRORUVHOHFFLRQDGRRHOFRORUGHODFDSD
5RWDWLRQ $QJOH ÈQJXOR GH URWDFLyQ GHILQH HO iQJXOR GHO WH[WR *LUD HO
WH[WR VREUH VX SXQWR GH LQVHUFLyQ 3RU HMHPSOR VL HO WH[WR HVWi HQ OD
HVTXLQDVXSHULRUL]TXLHUGDMXVWLILFDGDHOWH[WRJLUDDOUHGHGRUGHODHVTXLQD
VXSHULRUL]TXLHUGD3XOVHODIOHFKDSDUDVHOHFFLRQDUODRULHQWDFLyQGHOJLURR
LQWURGX]FDXQiQJXORGHURWDFLyQHQHOFXDGURGHHGLFLyQ
(Q ODV QRWDV GH GLEXMR SXHGH JLUDU KDFLD FXDOTXLHU iQJXOR ,QWURGX]FD HO
iQJXOR R SXOVH OD IOHFKD SDUD VHOHFFLRQDU iQJXORV SUHGHILQLGRV R iQJXORV
XVDGRVUHFLHQWHPHQWH
0RGHO'UDZLQJDQG&XVWRP3URSHUWLHV0RGHOR'LEXMR\3URSLHGDGHVSHUVRQDOL]DGDV
&XDQGRVHUHFXSHUDQODVSURSLHGDGHVGHOPRGHORHORULJHQGHOPRGHORGHSHQGHGHOWLSRGHERFHWR
%RFHWRGHKRMDRYLVWDGLEXMDGD 0RGHORGHQLYHOVXSHULRUGHODSULPHUDYLVWDGHODKRMD6LVH
VXSULPHODSULPHUDYLVWDEDVHGHODKRMDODVLJXLHQWHYLVWD
EDVHVHUiHORULJHQGHGDWRVSDUDODVSURSLHGDGHV
%RFHWRGHYLVWD 0RGHORGHQLYHOVXSHULRUGHODYLVWD
&XDQGR HO HVWDGR GH DFWXDOL]DFLyQ GH GLEXMR VH DSOD]D R HO GRFXPHQWR GH PRGHOR GH
UHIHUHQFLD HVWi VLQ UHVROYHU ORV YDORUHV GH SURSLHGDG EDVDGRV HQ HO PRGHOR QR VH
DFWXDOL]DUiQ
7\SH7LSR
(VSHFLILFD WLSRV GH SURSLHGDGHV GHO GLEXMR HO PRGHOR GH RULJHQ \ HO DUFKLYR GH RULJHQ GH OD
SURSLHGDG SHUVRQDOL]DGD SDUD SURSLHGDGHV SHUVRQDOL]DGDV H[WHUQDV \ GH PRGHOR GHILQLGRV HQ OD
ILFKD'LEXMRVGHOFXDGURGHGLiORJR3DUiPHWURVGHOGRFXPHQWR(VWiGLVSRQLEOHFXDQGRVHFUHDR
HGLWDHOWH[WRGHOERFHWRHQORVERFHWRVGHKRMDYLVWDRYLVWDGLEXMDGDHOWH[WRGHORVVtPERORVHO
FDMHWtQ\HOWH[WRGHOPDUFR
1RWDV
• &DGDFRQMXQWRGHSURSLHGDGHVH[WHUQDVGHILQLGDVHQFDGDDUFKLYRGHGLEXMRRPRGHORWLHQH
XQDHQWUDGDFRQXQQRPEUHGHFRQMXQWRGHSURSLHGDGHVHQODOLVWD
• 6LHOPRGHORGHRULJHQFRQWLHQHDOPHQRVXQDSURSLHGDGSHUVRQDOL]DGDHOWLSRGH
3URSLHGDGHVSHUVRQDOL]DGDV±SURSLHGDGGHO0RGHORHVWiQGLVSRQLEOHV
• (QORVGLEXMRVGHFKDSDVKHHWPHWDOVHOHFFLRQHHOWLSRGH3URSLHGDGHVGHFKDSDSDUD
DJUHJDUHOÈUHDGHH[WHQVLyQGHOGHVDUUROOR)ODW3DWWHUQDQFKXUDRORQJLWXGHQHOWH[WR
• 6HOHFFLRQHHOWLSRGH3URSLHGDGHVItVLFDVSURSLHGDGGHO0RGHORSDUDDxDGLUODPDVDOD
GHQVLGDGHOYROXPHQ\HOiUHDGHOPRGHORHQHOWH[WR6LHOYDORUPRVWUDGRGHXQD
SURSLHGDGItVLFDHV1$ODVSURSLHGDGHVItVLFDVGHOPRGHORHVWiQREVROHWDV3DUDDFWXDOL]DU
HOPRGHORDEUDHODUFKLYRGHPRGHOR\VHOHFFLRQHODILFKD0DQDJH!3DQHO8SGDWH
$FWXDOL]DU!8SGDWH0DVV
• /RVYDORUHVGHODVSURSLHGDGHVItVLFDVVHPXHVWUDQFRQODFDGHQDGHXQLGDG
3URSHUW\3URSLHGDG
(VSHFLILFDXQDSURSLHGDGDVRFLDGDDOWLSRVHOHFFLRQDGR(VWiGLVSRQLEOHFXDQGRVHFUHDRHGLWDWRGR
HOWH[WRGHOGLEXMRLQFOXLGDVODVSURSLHGDGHVGHWH[WRGHODVQRWDVHOWH[WRGHGLUHFWUL]HOWH[WRGH
ERFHWRHOWH[WRGHVtPERORHOFDMHWtQ\HOWH[WRGHPDUFR
3UHFLVLRQ3UHFLVLyQ
(VSHFLILFDODSUHFLVLyQGHODVSURSLHGDGHVQXPpULFDVPRVWUDGDVHQHOWH[WR6HOHFFLRQHODSUHFLVLyQ
TXHGHVHHGHODOLVWD
,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.,19(1725352)(6,21$/
(O ERWyQ $GG 7H[W 3DUDPHWHU $xDGLU SDUiPHWUR GH WH[WR LQVHUWD HO SDUiPHWUR
VHOHFFLRQDGRHQ7LSR\3URSLHGDGHQHOWH[WR(VWiGLVSRQLEOHFXDQGRVHFUHDRHGLWDWRGR
HO WH[WR GHO GLEXMR LQFOXLGR HO WH[WR GH ERFHWR HO WH[WR GH VtPEROR HO WH[WR GH QRWD HO
FDMHWtQ\HOWH[WRGHPDUFR1RGLVSRQLEOHSDUDHOWLSR(QWUDGDVROLFLWDGD
3DUDPHWHUV3DUiPHWURV
6HOHFFLRQD XQ SDUiPHWUR JXDUGDGR H LQVHUWH VX YDORU HQ HO WH[WR HQ HO SXQWR GH LQVHUFLyQ /DV
RSFLRQHV GH 3DUiPHWUR VyOR HVWiQ GLVSRQLEOHV DO DxDGLU R HGLWDU WH[WR HQ ODV QRWDV GH GLEXMRV
JHQHUDOHV\HQHOWH[WRGHODVFRWDV
(OWH[WRGHODVSLH]DVQRXWLOL]DSDUiPHWURV
&RPSRQHQW&RPSRQHQWH
(VSHFLILFDHODUFKLYRGHPRGHORTXHFRQWLHQHHOSDUiPHWUR6LHOGLEXMRFRQWLHQHYLVWDVGHPiVGH
XQPRGHORSXOVHODIOHFKD\VHOHFFLRQHXQRGHORVDUFKLYRVGHODOLVWD6LHOGLEXMRFRQWLHQHSLH]DV
GHULYDGDVpVWDVWDPELpQVHLQFOX\HQHQHVWDOLVWD
6RXUFH2ULJHQ
6HOHFFLRQDHOWLSRGHSDUiPHWURTXHGHVHDPRVWUDUHQODOLVWD3DUiPHWUR3XOVHODIOHFKD\KDJD
XQDVHOHFFLyQHQODOLVWD
• 0RGHO3DUPHWHUV3DUiPHWURVGHOPRGHOR PXHVWUDORVSDUiPHWURVJXDUGDGRVTXHVHKDQ
DxDGLGRDXWRPiWLFDPHQWHDOPRGHORDODxDGLUFRWDVXRSHUDFLRQHV
• 8VHU3DUDPHWHUV3DUiPHWURVGHOXVXDULR PXHVWUDORVSDUiPHWURVGHOXVXDULRTXHVH
KDQDxDGLGRDOPRGHOR
3DUDPHWHU3DUiPHWUR
(VSHFLILFDHOSDUiPHWURTXHVHGHVHDLQVHUWDUHQHOWH[WR3XOVHODIOHFKD\KDJDXQDVHOHFFLyQHQ
ODOLVWD/RVSDUiPHWURVGHODOLVWDFDPELDQVHJ~QHO2ULJHQVHOHFFLRQDGR
3UHFLVLRQ3UHFLVLyQ
(VSHFLILFDODSUHFLVLyQGHORVSDUiPHWURVQXPpULFRVPRVWUDGRVHQHOWH[WR6HOHFFLRQHODSUHFLVLyQ
TXHGHVHHGHODOLVWD
(O ERWyQ $GG 3DUDPHWHU $xDGLU SDUiPHWUR DxDGH DO WH[WR HO SDUiPHWUR
VHOHFFLRQDGRGHOFRPSRQHQWHVHOHFFLRQDGR
6\PERO6tPEROR
,QVHUWD XQ VtPEROR HQ HO WH[WR HQ HO SXQWR GH LQVHUFLyQ 3XOVH OD IOHFKD \
VHOHFFLRQHXQVtPERORHQODSDOHWD/RVWUHVVtPERORVSULQFLSDOHVVRQGLiPHWUR
JUDGR \ PiVPHQRV \ XWLOL]DQ OD IXHQWH DFWLYD 7RGRV ORV GHPiV VtPERORV
XWLOL]DQ OD IXHQWH $,*'7 (Q ORV GLEXMRV OD QRUPD GH GLEXMR DFWLYD GHWHUPLQD
ORVVtPERORVGLVSRQLEOHV
$OILQDOGHODOLVWDGHVtPERORVODKHUUDPLHQWD0DSDGHFDUDFWHUHVSURSRUFLRQD
DFFHVR D ORV FDUDFWHUHV QR GLVSRQLEOHV HQ HO WHFODGR HVWiQGDU (Q 0DSD GH
FDUDFWHUHV SXOVH XQ FDUiFWHU \ GHVSXpVSXOVH6HOHFFLRQDU \ GHVSXpV &RSLDU
(Q HO SDQHO $VLJQDU IRUPDWR D WH[WR SXOVH HO ERWyQ GHUHFKR GHO UDWyQ \
VHOHFFLRQH3HJDU
%RWRQHVGH]RRP
$PSOtDRUHGXFHHO]RRPSDUDHOWH[WR\ORVVtPERORVGHODFDVLOODGHHGLFLyQ3XOVH
ODIOHFKDDUULEDSDUDDPSOLDUHO]RRPRODIOHFKDDEDMRSDUDUHGXFLUOR
,QJ)HUQDQGR)ORUHV-iXUHJXL