/$327(1&,$'(&2572&,5&8,72<68,1)/8(1&,$

(1/$&21&(3&,21',0(16,21$0,(172<
(;3/27$&,21'(/$65('(6(/(&75,&$6

'U,QJ-HV»V0DU®D0DUW®Q*LUDOGR

$JRVWR

 

        

&XDQGRVHGHWHUPLQDHOQLYHOGHODSRWHQFLDGHFRUWRFLUFXLWRGHXQDUHGORTXHVHILMD
HQUHDOLGDGHVXQHVFHQDULRGHDFWXDFL´QJOREDOHQHVDUHGHVWRHVVHILMDQSULQFLSLRV
GHFRQFHSFL´QGHODUHGVHHVWDEOHFHQORVFULWHULRVGHGLPHQVLRQDPLHQWRGHODUHG\VH
SUHVFULEHQ ODV SDXWDV GH H[SORWDFL´Q GH OD UHG 3RU WRGR HOOR OD SRWHQFLD GH
FRUWRFLUFXLWR HV XQD PDJQLWXG PX\ LPSRUWDQWH HQ OD LQJHQLHU®D GH ORV VLVWHPDV
HOªFWULFRVGHSRWHQFLD\VXFRQRFLPLHQWRUHVXOWDGHXQDJUDQXWLOLGDGSU¢FWLFD\DTXHD
XQ »QLFR YDORU HO QLYHO GH SRWHQFLD GH FRUWRFLUFXLWR GH OD UHG H[SUHVDGR HQ N$ HV
LQKHUHQWHXQDHQRUPHFDQWLGDGGHLQIRUPDFL´QTXHFRQILJXUDORTXHGHQRPLQDUHPRV
(6&(1$5,2'(327(1&,$'(&2572&,5&8,72

 

 !

 

        

Ž1',&(

, 1$785$/(=$'(/$327(1&,$'(&2572&,5&8,72

 12&,21'(327(1&,$'(&2572&,5&8,72
 '(),1,&,21'(327(1&,$'(&2572&,5&8,72
 ,03('$1&,$'(&2572&,5&8,72

 25,*(1'(/$327(1&,$'(&2572&,5&8,72
 $63(&726),6,&26'(/26&2572&,5&8,726
 ()(&726),6,&26'(/$6&255,(17(6'(&2572&,5&8,72
 ()(&7267(50,&26
 ()(&726(/(&752',1$0,&26
 ()(&726'(,1'8&&,21
 (92/8&,”1'(/269$/25(6'(/$327(1&,$'(&2572&,5&8,72

,, ,03/,&$&,21(6'(/$327(1&,$'(&2572&,5&8,72

 ,03/,&$&,21(662%5(/$&21&(3&,21'(/$65('(6
 ,03/,&$&,21(662%5(/$(;3/27$&,21'(/$65('(6
 /,0,7$&,21(6683(5,25(6'(/$327(1&,$'(&2572&,5&8,72
 ,1)/8(1&,$'(/$327(1&,$'(&2572&,5&8,7262%5(/$&$,'$
'(7(16,21
 ,1)/8(1&,$ '( /$ 327(1&,$ '( &2572&,5&8,72 62%5( /$
(67$%,/,'$'(67$7,&$<',1$0,&$
 ,1)/8(1&,$ '( /$ 327(1&,$ '( &2572&,5&8,72 62%5( /$6
3(5785%$&,21(6'(7(16,21

,,, /$327(1&,$'(&2572&,5&8,72</$&21&(3&,21'(/$5(''(75$163257(

 $63(&726*(1(5$/(6'(/$&8(67,21
 $&&,21(662%5(/260$7(5,$/(6
 $&&,21(662%5(/$635$&7,&$6'((;3/27$&,21'(/$5('
 $&&,21(662%5(/$&21&(3&,21'(/$5('
 &$0%,2'(1,9(/'(327(1&,$'(&2572&,5&8,72
 &21&/86,21(6

,9 /$'(7(50,1$&,”1'(8118(92(6&(1$5,2'(327(1&,$'(&2572&,5&8,72
3$5$/$65('(6'(0(',$7(16,”1

 3/$17($0,(172'(/$1(&(6,'$''(81&$0%,2'((6&(1$5,2
 (67$'2'(/$5(''(0(',$7(16,”1
 9(17$-$6(,1&219(1,(17(6'(5,9$'26'(81&$0%,2'((6&(1$5,2
 (678',26&203$5$7,926
 $5*80(17263$5$$'237$5/$1(&(6,'$''(&$0%,2
 352%/(0$6 3$57,&8/$5(6 48( 3/$17($ /$ $3/,&$&,”1 '( /$ '(&,6,”1
$'237$'$
 &21&/86,”1

 

 !

 

        

,1$785$/(=$'(/$327(1&,$'(&2572&,5&8,72

(QODLQJHQLHU®DGHVLVWHPDVHOªFWULFRVHVGHJUDQQHFHVLGDGFRQRFHUSUHFLVDPHQWHOD
IRUWDOH]DGHXQDUHG(VWDLQIRUPDFL´QHVGHLPSRUWDQFLDFDSLWDOSDUDODGHWHUPLQDFL´QGHOD
PDJQLWXGGHODVFRUULHQWHVGHGHIHFWRTXHHOVLVWHPDSXHGHH[SHULPHQWDUHQXQSXQWRGDGR
SXQWR GH FRUWRFLUFXLWR $O GLPHQVLRQDU ODV EDUUDV LQWHUUXSWRUHV VHFFLRQDGRUHV \ GHP¢V
DSDUDPHQWDGHEHQWHQHUVHHQFXHQWDQRV´ORODVFDUJDVSHUPDQHQWHVGHELGDVDODFRUULHQWH
\DODWHQVL´QGHVHUYLFLRVLQRWDPELªQODVVREUHFDUJDVFDXVDGDVSRUORVFRUWRFLUFXLWRV/DV
FRUULHQWHVGHFRUWRFLUFXLWRVRQHQJHQHUDOYDULDVYHFHVPD\RUHVTXHODVQRPLQDOHV3RUHOOR
SURYRFDQ VREUHFDUJDV GLQ¢PLFDV \ WªUPLFDV HOHYDGDV /DV FRUULHQWHV GH FRUWRFLUFXLWR TXH
FLUFXODQSRUWLHUUDSXHGHQVHUWDPELªQODFDXVDGHWHQVLRQHVGHFRQWDFWR\GHLQWHUIHUHQFLDV
LQDGPLVLEOHV/RVFRUWRFLUFXLWRVSXHGHQSURYRFDUODGHVWUXFFL´QGHDSDUDWRV\FRPSRQHQWHVR
FDXVDUGD²RVDSHUVRQDVVLDOSUR\HFWDUQRVHWLHQHQHQFXHQWDODVFRUULHQWHV P¢[LPDV GH
FRUWRFLUFXLWR 7DPELªQ GHEHQ GHWHUPLQDUVH ODV FRUULHQWHV P®QLPDV GH FRUWRFLUFXLWR SXHV
UHVXOWDQLPSRUWDQWHVSDUDGLPHQVLRQDU\VHOHFFLRQDUORVGLVSRVLWLYRVGHSURWHFFL´QGHODUHG

/RVFRUWRFLUFXLWRVSURYRFDQHQODVUHGHVHOªFWULFDVPRGLILFDFLRQHVGHORVSDU¢PHWURV
GH VHUYLFLR (O SDVR DO QXHYR HVWDGR YD DFRPSD²DGR GH ORV IHQ´PHQRV HOHFWURPDJQªWLFRV \
HOHFWURPHF¢QLFRVWUDQVLWRULRVGHORVTXHGHSHQGHQODPDJQLWXG\ODVYDULDFLRQHVWHPSRUDOHV
GHODFRUULHQWHGHFRUWRFLUFXLWR

/RV IHQ´PHQRV WUDQVLWRULRV HVW¢Q LQIOXLGRV DGHP¢V GH SRU HO WLSR GH FRUWRFLUFXLWR
WULSRODUELSRODUHWFSRUHOLQVWDQWHHQTXHVHSURGXFHHOFRUWRFLUFXLWRSRUODVIXHQWHVGH
FRUULHQWHGHFRUWRFLUFXLWRLPSOLFDGDVHOHVWDGRSUHYLRGHFDUJDHOSXQWRGHFRUWRFLUFXLWROD
GXUDFL´Q GHO FRUWRFLUFXLWR \ OD IRUPD GH OD UHG DV® FRPR SRU ORV GDWRV FDUDFWHU®VWLFRV \ HO
FRPSRUWDPLHQWRGHORVDSDUDWRV\FRPSRQHQWHVLPSOLFDGRV

(OLQVWDQWHHQTXHVHSURGXFHHOFRUWRFLUFXLWRFRQVLGHUDGRFRQUHVSHFWRDODYDULDFL´Q
WHPSRUDOGHODWHQVL´QLQIOX\HGHIRUPDGHWHUPLQDQWHHQHOYDORUP¢[LPRGHODSXQWDGHOD
FRUULHQWH GH FRUWRFLUFXLWR TXH HV LPSRUWDQWH SDUD GLPHQVLRQDU ORV DSDUDWRV \ ORV
FRPSRQHQWHV

(Q OD SU¢FWLFD VH LQWHQWD FRUWDU OR P¢V U¢SLGDPHQWH SRVLEOH OD FRUULHQWH GH
FRUWRFLUFXLWR PHGLDQWH LQWHUUXSWRUHV DXWRP¢WLFRV X RWURV DSDUDWRV SDUD LPSHGLU TXH VH
DOFDQFH OD FRUULHQWH SHUPDQHQWH GH FRUWRFLUFXLWR (O LQVWDQWH GHO FRUWH GHSHQGH GHO UHWDUGR
P®QLPR GH GHVFRQH[L´Q GHO LQWHUUXSWRU DXWRP¢WLFR 6HJ»Q ORV WLSRV GH SURWHFFL´Q \ GH
LQWHUUXSWRUHVWHYDORUHVW¢FRPSUHQGLGRHQUHGHVGHDOWDWHQVL´QHQWUH\VVLHQGRHQ
DOJXQRV FDVRV FRQFUHWRV PHQRU TXH V (Q UHGHV GH EDMD WHQVL´Q HO UHWDUGR P®QLPR GH
GHVFRQH[L´QVXHOHVHUGHDV

/RV IXVLEOHV \ ORV DSDUDWRV OLPLWDGRUHV \D FRUWDQ VL HVW¢Q DGHFXDGDPHQWH
VHOHFFLRQDGRV OD FRUULHQWH GH FRUWRFLUFXLWR PLHQWUDV HVW¢ DXPHQWDQGR SRU SULPHUD YH] HV
GHFLUDQWHVGHTXHDOFDQFHODSXQWDP¢[LPD

/DV IXHQWHV GH FRUULHQWH GH FRUWRFLUFXLWR SULQFLSDOHV VRQ ORV GLVWLQWRV WLSRV GH
P¢TXLQDVV®QFURQDVSHMWXUERJHQHUDGRUHVP¢TXLQDVGHSRORVVDOLHQWHV/RVJHQHUDGRUHV
DV®QFURQRVDV®FRPRORVPRWRUHVV®QFURQRV \ DV®QFURQRV \ ORV DFFLRQDPLHQWRV DOLPHQWDGRV
SRU FRQYHUWLGRUHV HVW¢WLFRV TXH RSHUDQ HQ UªJLPHQ GH RQGXODGRU FRQVWLWX\HQ WDPELªQ
IXHQWHVGHFRUULHQWHGHFRUWRFLUFXLWR/DVFDUDFWHU®VWLFDVHVSHF®ILFDVGHªVWDVP¢TXLQDV\VL
HO FRUWRFLUFXLWR HV GH ODUJD GXUDFL´Q ORV GLVSRVLWLYRV GH UHJXODFL´Q WDOHV FRPR ORV
UHJXODGRUHV GH WHQVL´Q \ ORV UHJXODGRUHV SRWHQFLDIUHFXHQFLD SXHGHQ WHQHU XQD LQIOXHQFLD
FRQVLGHUDEOHVREUHORVIHQ´PHQRVWUDQVLWRULRV
 

" !

 

        

$ PHQXGR VH FRQVLGHUD WDPELªQ FRPR IXHQWH GH FRUULHQWH GH FRUWRFLUFXLWR D OD
SRWHQFLD GH FRUWRFLUFXLWR FRUUHVSRQGLHQWH D XQD UHG VXSHULRU DOLPHQWDFL´Q H[WHUQD SRU
HMHPSOR HQ HO FDVR GH UHGHV UHJLRQDOHV GH VXPLQLVWUR GH HQHUJ®D HOªFWULFD R GH UHGHV
LQGXVWULDOHV

(O HVWDGR SUHYLR GH FDUJD GH XQD UHG  FDUJD HOHYDGD R GªELO  GHWHUPLQD QR V´OR HO
Q»PHUR\ODSRWHQFLDGHORVJHQHUDGRUHV\ODVFDUJDVRSHUDQGRHQSDUDOHORVLQRWDPELªQHO
YDORUGHODVIXHU]DVHOHFWURPRWULFHVGHODVIXHQWHVGHFRUULHQWHGHFRUWRFLUFXLWR

/DVLWXDFL´QGHOSXQWRGHFRUWRFLUFXLWRHQODUHGGHFLGHVLODVP¢TXLQDVV®QFURQDVYDQ
DLQIOXLUP¢VRPHQRVVREUHHOGHVDUUROORGHOFRUWRFLUFXLWRHVGHFLUVLHOFRUWRFLUFXLWRGHEH
FODVLILFDUVH FRPR SU´[LPR DO JHQHUDGRU R FRPR DOHMDGR GHO JHQHUDGRU /D VLWXDFL´Q GHO
SXQWRGHFRUWRFLUFXLWRHVWDPELªQGHFLVLYDSDUDHVWDEOHFHUHODOFDQFHGHODSHUWXUEDFL´QHQHO
VHUYLFLRGHODUHGSHMGHIHFWRGHEDUUDV

/DGXUDFL´QGHOFRUWRFLUFXLWRGHSHQGHVREUHWRGRGHORVGLVSRVLWLYRVGHSURWHFFL´Q\GH
ORVDSDUDWRVGHFRUWHHPSOHDGRVHQODUHG(QFDVRGHUHHQJDQFKHU¢SLGRHOWLHPSRVLQSDVR
GH FRUULHQWH \ OD VHFXHQFLD GH PDQLREUDV  FRQ ª[LWR  R VLQ HO  LQIOXHQFLDQ WDPELªQ ORV
IHQ´PHQRVWUDQVLWRULRV

/DIRUPDGHODUHGSHMUDGLDORPDOODGDSUHVFULEHORVFDPLQRVGHODFRUULHQWHGH

FRUWRFLUFXLWR \ GH ODV FRUUHVSRQGLHQWHV FRUULHQWHV SDUFLDOHV /D LPSHGDQFLD GH FRUWRFLUFXLWR
GH OD UHG GHSHQGH GHO WLSR GH DSDUDWRV \ FRPSRQHQWHV GH WUDQVSRUWH S HM O®QHDV DªUHDV
FDEOHVWUDQVIRUPDGRUHV\GHODH[WHQVL´QGHODUHG

12&,21'(327(1&,$'(&2572&,5&8,72

6XSRQJDPRV TXH HQ XQD EDUUD GH XQD UHG REMHWR GH HVWXGLR VH SURGXFH XQ
FRUWRFLUFXLWRWULI¢VLFRIUDQFRDWLHUUD/DWHQVL´QHQODEDUUDGHGHIHFWRTXHSUHYLDPHQWHDOD
IDOWD HUD DSUR[LPDGDPHQWH  SX FDHU¢ LQVWDQW¢QHDPHQWH D FHUR /RV JHQHUDGRUHV
LQVWDODGRVHQRWUDVEDUUDVGHODUHGHPSH]DU¢QLQPHGLDWDPHQWHDDSRUWDUKDFLDODEDUUDGH
GHIHFWRODVFRUULHQWHVGHIDOWD(VWDVFRUULHQWHVYHQGU¢QGHWHUPLQDGDVSRUODIRUWDOH]DGH
VXEDUUDFRUUHVSRQGLHQWH\SRUODLPSHGDQFLDGHODVO®QHDV\KDELWXDOPHQWHVRQYDULDVYHFHV
VXSHULRUHV D VXV YDORUHV QRUPDOHV GH PDQHUD TXH ODV SURWHFFLRQHV GLVSDUDU¢Q ORV
LQWHUUXSWRUHVQHFHVDULRVFRQHOILQGHDLVODUODEDUUDGHGHIHFWR\GHVSHMDUODIDOWD

'XUDQWHHOFRUWRFLUFXLWRODVEDUUDVGHODUHGH[SHULPHQWDU¢QXQDEDMDGDGHWHQVL´Q
/DPDJQLWXGGHHVWDVFD®GDVGHWHQVL´QHQODVEDUUDVHVXQDLQGLFDFL´QGHODIRUWDOH]DGHOD
UHG

6HKDFHQHFHVDULRSXHVGLVSRQHUGHXQDPHGLGDGHHVWDIRUWDOH]D\GHXQDPHGLGD
GHORVHVIXHU]RVHOHFWURGLQ¢PLFRV\WªUPLFRVTXHLQWURGXFHHOFRUWRFLUFXLWR(VWDPHGLGDQRV
ODSURSRUFLRQDODGHQRPLQDGD3RWHQFLDGH&RUWRFLUFXLWRGHODEDUUDHQFXHVWL´Q

(O LQWHUªV GH LQWURGXFLU OD QRFL´Q GH 3RWHQFLD GH &RUWRFLUFXLWR VXUJH GHVGH HO
PRPHQWR HQ TXH WRGDV ODV UHGHV GH XQ VLVWHPD WUDQVSRUWH UHSDUWR GLVWULEXFL´Q HQ
GHILQLWLYD WRGDV ODV LPSHGDQFLDV \ FRUULHQWHV VH SXHGHQ UHIHULU I¢FLOPHQWH D XQD WHQVL´Q
»QLFDDWHQGLHQGRDO3ULQFLSLRGH &RQVHUYDFL´Q GH 3RWHQFLDV PHGLDQWH XQD FRQYHUVL´Q TXH
FRQVHUYDODVSRWHQFLDV\UHHPSOD]DQGRI¢FLOPHQWHODUHGGHDOLPHQWDFL´QDJXDVDUULEDTXH
HVWDU¢DXQDWHQVL´QGLIHUHQWHGHODUHGREMHWRGHHVWXGLRSRUXQDLPSHGDQFLDHTXLYDOHQWH'H
HVWDPDQHUDVHVRVOD\DQORVODERULRVRVF¢OFXORVGHULYDGRVGHODQHFHVLGDGGHPDQHMDUYDULRV
HVFDORQHVGHWHQVL´QGLIHUHQWHV
 

!# !

 

        

(IHFWLYDPHQWH VL XQD PLVPD SRWHQFLD WUDQVLWD GH XQD UHG D WHQVL´Q 9 %  D XQD UHG D
WHQVL´Q9 & VLQSªUGLGDVVHWLHQH

 6 9 % , %  9 & , &

 ´
& &
 6 < % 9 %  < & 9 &

/DUHGREMHWRGHHVWXGLRDWHQVL´Q9 & VHWUDVSRQHDODWHQVL´Q9 % UHHPSOD]DQGRVX

DGPLWDQFLD< & \SRUFRQVLJXLHQWHVXVLPSHGDQFLDV= & UHVSHFWLYDPHQWHSRU

& &
 9 &  9%
<
&  < &  \ =
&  = & 
& &
 9 %  9 & 

/DFRUULHQWH, & GHEHUHHPSOD]DUVHHQWRQFHVSRU

 9&
 ,
&  , & 
 9%

+D\ TXH KDFHU QRWDU TXH HO FRFLHQWH 9 &  9 % HV OD UHODFL´Q GH WUDQVIRUPDFL´Q GH ORV
WUDQVIRUPDGRUHV TXH KDFHQ SDVDU GH OD UHG  D OD UHG  (Q OD SU¢FWLFD VH WRPD D PHQXGR
FRPR UHODFL´Q GH VXV WHQVLRQHV QRPLQDOHV SHUR HVWR QR HV P¢V TXH XQD DSUR[LPDFL´Q
F´PRGD\DYHFHVLQVXILFLHQWH

 'HILQLFL´QGH3RWHQFLDGH&RUWRFLUFXLWR

/D3RWHQFLDGH&RUWRFLUFXLWRRQLYHOGHIDOWDHQXQSXQWRGHODUHGHVXQDPDJQLWXG
ILFWLFLDKRP´ORJDDXQDSRWHQFLDGHILQLGDDSDUWLUGHODQRFL´QGHFRUWRFLUFXLWRWULI¢VLFRFRPR
HO SURGXFWR GH OD WHQVL´Q TXH KDE®D HQ HVH SXQWR DQWHV GH OD DSDULFL´Q GH OD IDOWD SRU OD
LQWHQVLGDGTXHVHHVWDEOHFHDSDUWLUGHOPRPHQWRHQTXHVHSURGXFHODIDOWD

/DGHILQLFL´QDQWHULRUTXHGDUHFRJLGDSRUODUHODFL´Q

6''  8 ( ,'' ë

GRQGH8 ( HVHOYDORUQRPLQDOGHODWHQVL´QGHODUHGFRQVLGHUDGD

 

$ !

 

        

6RODPHQWH OD FRUULHQWH GH FRUWRFLUFXLWR WLHQH XQ VLJQLILFDGR I®VLFR SRUTXH HV OD
FRUULHQWH P¢[LPD TXH SXHGH VHU HIHFWLYDPHQWH FRUWDGD SRU XQ LQWHUUXSWRU DXWRP¢WLFR
GHVSXªV GH XQ GHIHFWR WULI¢VLFR IUDQFR 6X FRQRFLPLHQWR VLQ HPEDUJR HV LQVXILFLHQWH SDUD
SHUPLWLU HO GLPHQVLRQDPLHQWR GHO LQWHUUXSWRU SXHV XQD YH] HOLPLQDGR HO GHIHFWR OD WHQVL´Q
TXHUHDSDUHFHHQWUHVXVSRORVHVSU´[LPDDODQRPLQDOGHPDQHUDTXHVXGLPHQVLRQDPLHQWR
HVSRUWDQWRIXQFL´QGHOSURGXFWR8 ( ,'' HVGHFLUGHOD3RWHQFLDGH&RUWRFLUFXLWR

/D 3RWHQFLD GH &RUWRFLUFXLWR QR V´OR SHUPLWH KDFHUVH XQD LGHD GH ODV OLPLWDFLRQHV D
TXHSXHGHQHVWDUVRPHWLGRVORVLQWHUUXSWRUHVGHODUHGGHPDQHUD JHQHUDO OD 3RWHQFLD GH
&RUWRFLUFXLWRSHUPLWHFDUDFWHUL]DUHOFRPSRUWDPLHQWRGHXQDUHGIUHQWHDWRGDSHUWXUEDFL´Q
U¢SLGD'RVHMHPSORVSHUPLWHQLOXVWUDUHVWR

- /DFD®GDGHWHQVL´QLQVWDQW¢QHDHQXQDUHGHQGHODWHQVL´QQRPLQDOSURYRFDGD
SRU OD FRQH[L´Q HQ XQ QXGR GH HOOD GH SRWHQFLD GH FRUWRFLUFXLWR 6''  GH XQ
FRQVXPLGRUTXHGHPDQGDXQDSRWHQFLD6 ( HVSURSRUFLRQDOD6 ( 6'' 

- /DUHDFWDQFLDHQYDORUUHGXFLGRHTXLYDOHQWHDXQDUHGGHSRWHQFLDGHFRUWRFLUFXLWR
6''  YLVWD GHVGH ORV ERUQHV GH XQ DOWHUQDGRU GH SRWHQFLD 6 (  VH H[SUHVD SRU OD
PLVPDUHODFL´QTXHDQWHV6 ( 6'' 

 ,PSHGDQFLDGH&RUWRFLUFXLWR

(QORVF¢OFXORVSU¢FWLFRVGHODVFRUULHQWHVGHFRUWRFLUFXLWRVHKDGHWHQHUHQFXHQWD
ORV HOHPHQWRV GH OD UHG HQ VHULH WDQWR HQ ODV UHGHV PDOODGDV FRPR HQ ODV UDGLDOHV (V
F´PRGRHQWRQFHVUHHPSOD]DUODUHGDJXDVDUULEDGHOQXGRGHGHIHFWRHVGHFLUODUHGGH
DOLPHQWDFL´QSRUXQDLPSHGDQFLDUHSUHVHQWDWLYDGHODPLVPD

&RPRHVWDUHGDJXDVDUULEDHVWDU¢DPHQXGRDXQDWHQVL´QGLIHUHQWHGHODWHQVL´Q
REMHWRGHHVWXGLRVHGHILQHI¢FLOPHQWHOD,PSHGDQFLDGH&RUWRFLUFXLWRHQXQSXQWRSRU
&
 8(
 =''  
 6''

(VWDGHILQLFL´QQRFRQYLHQHVLQHPEDUJRP¢VTXHHQUªJLPHQHTXLOLEUDGRHVGHFLU
SDUDORVGHIHFWRVWULI¢VLFRV(QORVGHP¢VFDVRVKD\TXHXWLOL]DUHOPªWRGRGHVXSHUSRVLFL´Q\
UHHPSOD]DU ODV UHGHV DJXDV DUULED GLUHFWD LQYHUVD \ KRPRSRODU SRU VXV UHVSHFWLYDV
LPSHGDQFLDV

5HVXOWDLQWHUHVDQWHKDFHUODVVLJXLHQWHVREVHUYDFLRQHV

D (Q ODV UHGHV GH WUDQVSRUWH ODV LPSHGDQFLDV GH ORV JUXSRV O®QHDV \
WUDQVIRUPDGRUHV VRQ SU¢FWLFDPHQWH LQGXFWDQFLDV SXUDV GH PDQHUD TXH ='''  HV D
HIHFWRVSU¢FWLFRVXQDUHDFWDQFLDHVWRHVODSRWHQFLDGHFRUWRFLUFXLWRHVUHDFWLYD
6LQHPEDUJRHQODVUHGHVGH07\%7ODSDUWHUHDOGH='' SXHGHVHULPSRUWDQWH

E 9HUHPRV TXH OD FRUULHQWH GH IDOWD TXH PHGLU®DPRV LQPHGLDWDPHQWH GHVSXªV GHO
FRUWRFLUFXLWR VHU®D PD\RU TXH OD TXH PHGLU®DPRV PHGLR VHJXQGR GHVSXªV SRU
HMHPSOR (VWR VLJQLILFD TXH =''  HV YDULDEOH FUHFLHQWH FRQ HO WLHPSR \ HQ
FRQVHFXHQFLDODFRUULHQWHGHFRUWRFLUFXLWRGHFUHFLHQWH

F /DIRUWDOH]DGHXQDEDUUDDODTXHQRVKHPRVUHIHULGRDQWHVHVGLUHFWDPHQWH
SURSRUFLRQDODODSRWHQFLDGHFRUWRFLUFXLWR
 

)# !

 

        

(IHFWLYDPHQWH VL SRQHPRV OD H[SUHVL´Q GH OD LPSHGDQFLD GH FRUWRFLUFXLWR
LQWURGXFLGDDQWHULRUPHQWHHQPDJQLWXGHVXQLWDULDV\DFHSWDPRVTXH8 ( SX
HQWRQFHV

 
 ='' î
 6''

'HODH[SUHVL´QDQWHULRU VHGHVSUHQGHTXHDPHGLGDTXHDXPHQWDOD3RWHQFLDGH
&RUWRFLUFXLWRODLPSHGDQFLDGHODUHGYLVWDGHVGHODEDUUDHQFXHVWL´QGLVPLQX\H
3RUORWDQWRODFDSDFLGDGGHODEDUUDSDUDPDQWHQHUVXWHQVL´QFXDQGRRFXUUHQ
FRUWRFLUFXLWRV HQ RWUDV EDUUDV GH OD UHG DXPHQWD $GYLªUWDVH QR REVWDQWH TXH
FXDQGR HO FRUWRFLUFXLWR WLHQH OXJDU HQ XQD EDUUD TXH SUHVHQWD XQD SRWHQFLD GH
FRUWRFLUFXLWRPX\JUDQGHODVFRUULHQWHVTXHVHRULJLQDQVRQPX\DOWDV

G 3DUD PHGLU HO HVIXHU]R DO TXH VH VRPHWH XQ LQWHUUXSWRU VH XWLOL]D OD SRWHQFLD GH
FRUWRFLUFXLWRHQOXJDUGHODFRUULHQWHGHFRUWRFLUFXLWR6HKDFHDV®SRUODVLJXLHQWH
UD]´Q /D SULPHUD IXQFL´Q TXH GHEH UHDOL]DU XQ LQWHUUXSWRU HV HOLPLQDU OD
FRUULHQWH8QLQWHUUXSWRUU¢SLGRHVFDSD]GHKDFHUORHQXQSDUGHFLFORV8QDYH]
TXHODFRUULHQWHHVQXODORVFRQWDFWRVGHOLQWHUUXSWRUGHEHQRIUHFHUXQJUDGRGH
DLVODPLHQWR VXILFLHQWH SDUD YHQFHU OD WHQVL´Q TXH VXEVLJXLHQWHPHQWH DSDUHFHU¢
HQWUH VXV SRORV $O FDER GHO SURFHVR GH LQWHUUXSFL´Q VH SRGU¢ PHGLU OD WHQVL´Q
QRPLQDOHQWUHVXVERUQHV(VO´JLFRSXHVGLPHQVLRQDUHOLQWHUUXSWRUEDV¢QGRVHHQ
OD LQWHQVLGDG TXH GHEH HOLPLQDU \ OD WHQVL´Q TXH GHEH UHVWDEOHFHU HQWUH VXV
ERUQHV (O SURGXFWR GH HVWDV GRV PDJQLWXGHV HV SUHFLVDPHQWH OD SRWHQFLD GH
FRUWRFLUFXLWRHQODEDUUDGRQGHHVW¢VLWXDGRHOLQWHUUXSWRUHQFXHVWL´Q

H $OJXQDVYHFHVFRQHOILQGHVLPSOLILFDUORVDQ¢OLVLVVXSRQHPRVTXHXQDEDUUDHV
LQILQLWDPHQWH IXHUWH (VWR VLJQLILFD TXH OD EDUUD WLHQH XQD SRWHQFLD GH
FRUWRFLUFXLWR LQILQLWD 3XHVWR TXH HVWR LPSOLFD XQD LPSHGDQFLD HTXLYDOHQWH FHUR
FRQFOXLPRVTXHWDOEDUUDVLHPSUHVHU®DOREDVWDQWHIXHUWHFRPRSDUDPDQWHQHU
VX WHQVL´Q FRQVWDQWH HQ FXDOTXLHU VLWXDFL´Q H[FHSWR FODUR HVW¢ FXDQGR HO
FRUWRFLUFXLWRVHSURGXFHHQHOODPLVPD

25,*(1'(/$327(1&,$'(&2572&,5&8,72

'HVSXªV GH XQ FRUWRFLUFXLWR \ GH PDQHUD JHQHUDO GHVSXªV GH WRGD SHUWXUEDFL´Q
U¢SLGDHQXQDUHGORVDOWHUQDGRUHVVXIUHQXQDYDULDFL´QEUXVFDGHUªJLPHQ(VQHFHVDULRSRU
OR WDQWR HVWXGLDU VX FRPSRUWDPLHQWR HQ UªJLPHQ WUDQVLWRULR \ OR PLVPR SDUD ODV O®QHDV
WUDQVIRUPDGRUHV\FDUJDVWDQWRSDVLYDVFRPRURWDWLYDV

7RGDYDULDFL´Q GH OD SRWHQFLD HOªFWULFD VXPLQLVWUDGD SRU HO DOWHUQDGRU VH WUDGXFH HQ
XQDYDULDFL´QLQVWDQW¢QHDGHODFRUULHQWHGHDUPDGXUD3RUHOFRQWUDULRHOIOXMRGHOFDPSRVH
FRQVHUYDHQORVSULPHURVLQVWDQWHV\QRSXHGHYDULDUVLQROHQWDPHQWHHQXQWLHPSRGHORUGHQ
GH DOJXQRV VHJXQGRV 3RU OR WDQWR HO FRPSRUWDPLHQWR GHO DOWHUQDGRU GHVSXªV GH XQD
SHUWXUEDFL´Q SXHGH HVTXHPDWL]DUVH HQ SULPHUD DSUR[LPDFL´Q GH OD PDQHUD VLJXLHQWH ORV
YDORUHVLQGLFDGRVDSUR[LPDGRVFRUUHVSRQGHQDXQJUXSRGH0:

D HQWUH  \  PV SRU XQD IXHU]D HOHFWURPRWUL] SRU GHWU¢V GH XQD UHDFWDQFLD
GHQRPLQDGD VXEWUDQVLWRULD ;+  GHELGD D OD SUHVHQFLD GH ORV FLUFXLWRV
DPRUWLJXDGRUHV
 

* !

 

        

E HQWUH  PV \ YDULRV VHJXQGRV SRU XQD IXHU]D HOHFWURPRWUL] SRU GHWU¢V GH OD
UHDFWDQFLD GHQRPLQDGD WUDQVLWRULD ;
+  R LQGXFWDQFLD GH IXJD WRWDO HQ ORV
DUUROODPLHQWRVGHODDUPDGXUD\HOLQGXFLGRYLVWDGHVGHHOLQGXFLGR

F GHVSXªV GH YDULRV VHJXQGRV SRU HO HVTXHPD KDELWXDO OD IXHU]D HOHFWURPRWUL]
LQWHUQDSRUGHWU¢VGHODUHDFWDQFLDV®QFURQD;+ 

(O SDVR GH XQD UHDFWDQFLD D RWUD VH HIHFW»D GH PDQHUD FRQWLQXD \ ORV F¢OFXORV
FRPSOHWRVVHSXHGHQKDFHUGHPDQHUDSUHFLVDHQXQRUGHQDGRUFRQD\XGDGHODVHFXDFLRQHV
GH3DUN

3DUDODVO®QHDVVXFRQVWDQWHGHWLHPSRHVPX\SHTXH²DSRUHMHPSORSDUDXQDO®QHD
GH  N9 YLHQH D VHU GHO RUGHQ GH  V (O UªJLPHQ WUDQVLWRULR FRUUHVSRQGLHQWH VH
DPRUWLJXDU¢SLGDPHQWH\SXHGHGHVSUHFLDUVHHQHOF¢OFXORGHODFRUULHQWHGHFRUWRFLUFXLWR

3DUDORVWUDQVIRUPDGRUHVVHSXHGHKDFHUODPLVPDDSUR[LPDFL´QTXHSDUDODVO®QHDV

(QFXDQWRDODVFDUJDVVXDSRUWDFL´QDODFRUULHQWHGHFRUWRFLUFXLWRHVQXODVLVHWUDWD
GHFDUJDVSDVLYDV6LODGXUDFL´QGHOFRUWRFLUFXLWRHVVORVPRWRUHV\ORVFRPSHQVDGRUHV
V®QFURQRV SXHGHQ WUDWDUVH FRQ VXILFLHQWH SUHFLVL´Q FRPR JHQHUDGRUHV V®QFURQRV 6L OD
GXUDFL´QGHOFRUWRFLUFXLWRHVPD\RUODFD®GDGHYHORFLGDGGHELGDDOSDUDQWDJ´QLFRGHIUHQDGR
UHSHUFXWHVREUHORVIHQ´PHQRVHOHFWURPHF¢QLFRVWUDQVLWRULRV/DVP¢TXLQDVV®QFURQDVGHOD
UHGSDVDQDIXQFLRQDUGHIRUPDDV®QFURQDSRUORTXHHQJHQHUDOVHGHVFRQHFWDQDQWHVGHTXH
WUDQVFXUUDQVGHVGHHOLQVWDQWHHQTXHVHKDSURGXFLGRHOFRUWRFLUFXLWR

 /RVPRWRUHVDV®QFURQRVGHDOWD\EDMDWHQVL´QFRQWULEX\HQWDPELªQDODFRUULHQWHGH
FRUWRFLUFXLWR&RPRHVWDVPDTXLQDVQRGLVSRQHQGHGHYDQDGRGHH[FLWDFL´QODVFRUULHQWHVGH
FRUWRFLUFXLWR VH DPRUWLJXDQ PX\ U¢SLGDPHQWH DO FRQWUDULR GH OR TXH RFXUUH FRQ ODV GH ODV
P¢TXLQDV V®QFURQDV /DV FDUDFWHU®VWLFDV GHO PRWRU DV®QFURQR \ HO SDU DQWDJ´QLFR GH OD
P¢TXLQDDFFLRQDGDLQIOX\HQWDPELªQVREUHHOFRPSRUWDPLHQWRHQFDVRGHFRUWRFLUFXLWR

 (Q UHVXPHQ FRPR HQ OD SU¢FWLFD OD FRUULHQWH GH FRUWRFLUFXLWR VH FRUWD OR P¢V
U¢SLGDPHQWHSRVLEOHPHGLDQWHLQWHUUXSWRUHVDXWRP¢WLFRVXRWURVDSDUDWRVGHªVWHDQ¢OLVLVVH
GHVSUHQGH TXH HQ ORV F¢OFXORV FO¢VLFRV GH OD FRUULHQWH GH FRUWRFLUFXLWR VH GHVSUHFLDQ ORV
UHJ®PHQHV DSHUL´GLFRV U¢SLGDPHQWH DPRUWLJXDGRV \ QR VH FRQVHUYD P¢V TXH HO UªJLPHQ
SHUPDQHQWHD+]GHMDQGRHOFRQRFLPLHQWRGHODVYDULDFLRQHVWHPSRUDOHVGHODVFRUULHQWHV
GH FRUWRFLUFXLWR SDUD FDVRV HVSHFLDOHV SRU HMHPSOR FRPSUREDU HO SRGHU GH FRUWH GH XQ
LQWHUUXSWRUDXWRP¢WLFRGHDOWDWHQVL´QVLGHEHLQWHUUXPSLUFRUULHQWHVGHFRUWRFLUFXLWRTXHQR
SUHVHQWDQSDVRVSRUFHUR

 (Q GHILQLWLYD ORV F¢OFXORV GH FRUULHQWHV GH FRUWRFLUFXLWR HQ ODV UHGHV WULI¢VLFDV GH
WUDQVSRUWH VH HIHFW»DQ JHQHUDOPHQWH GHVSUHFLDQGR ODV FDUJDV \ XWLOL]DQGR ODV UHDFWDQFLDV
WUDQVLWRULDVGHORVDOWHUQDGRUHVHQYDULDVKLS´WHVLVGHSURGXFFL´Q\FRQVXPRFRQORTXHSDUD
GLPHQVLRQDUORVDSDUDWRVORVFRPSRQHQWHV\ODVLQVWDODFLRQHVHOªFWULFDVEDVWDSRUORJHQHUDO
FRQ FRQRFHU OD FRUULHQWH LQLFLDO VLPªWULFD GH FRUWRFLUFXLWR HV GHFLU HO YDORU HILFD] GH OD
FRUULHQWH VLPªWULFD GH FRUWRFLUFXLWR HQ HO LQVWDQWH HQ TXH VH SURGXFH HO FRUWRFLUFXLWR OD
FRUULHQWH P¢[LPD DV®PHWULFD GH FRUWRFLUFXLWR HV GHFLU HO P¢[LPR YDORU LQVWDQW¢QHR GH OD
FRUULHQWHTXHVHSUHVHQWDGHVSXªVGHSURGXFLUVHHOFRUWRFLUFXLWR\TXHVHLQGLFDFRPRYDORU
GHFUHVWD\ODFRUULHQWHVLPªWULFDGHFRUWHHVGHFLUHOYDORUHILFD]GHODFRUULHQWHVLPªWULFD
GHFRUWRFLUFXLWRTXHFLUFXODSRUXQLQWHUUXSWRUHQHOLQVWDQWHHQTXHVHLQLFLDODVHSDUDFL´QGH
ORVFRQWDFWRV
 

, !

 

        

$63(&726),6,&26'(/26&2572&,5&8,726

7RGRVORVD²RVYDULRVPLOHVGHLQFLGHQWHVDIHFWDQDODVUHGHVHOªFWULFDVGHWUDQVSRUWH
\GLVWULEXFL´QDFDUUHDQGRXQDHQHUJ®DQRGLVWULEX®GDGHORUGHQGHYDULRVFHQWHQDUHVGH0:K

/D PD\RU SDUWH GH ORV FRUWRFLUFXLWRV TXH VH SURGXFHQ HQ OD UHG VRQ FRUWRFLUFXLWRV
PRQRI¢VLFRV  VH GHEHQ HQ VX PD\RU®D D FDXVDV DWPRVIªULFDV KHODGDV HQ LQYLHUQR \
WRUPHQWDV HQ YHUDQR VREUH WRGR \ VRQ HQ JHQHUDO IXJDFHV HVWDEOHFLGRV PHGLDQWH XQ DUFR
FX\DH[WLQFL´QVHREWLHQHSRUHOGLVSDURGHODO®QHD

(OUHVWRGHORVLQFLGHQWHVVHGHEHQDDYHU®DVSURGXFLGDV HQ HO PDWHULDO FD®GD GH XQ

FRQGXFWRUH[SORVL´QGHXQDSDUDWRHWFRDIDOVDVPDQLREUDVDSHUWXUDGHXQVHFFLRQDGRUHQ
FDUJDHWFRDODVFDXVDVP¢VGLYHUVDV

$SHVDUGHVXHVFDVDSUREDELOLGDGGHDSDULFL´QORVFRUWRFLUFXLWRVWULI¢VLFRVVRQPXFKR
P¢VLPSRUWDQWHVSDUDHOGLPHQVLRQDPLHQWRGHODUHGTXHORVFRUWRFLUFXLWRVPRQRI¢VLFRV(Q
HIHFWR VLHPSUH VH SXHGHQ OLPLWDU ODV FRUULHQWHV GH FRUWRFLUFXLWR PRQRI¢VLFR GLVPLQX\HQGR
ODVSXHVWDVDWLHUUDGHODUHGD»QFXDQGRHOYDORUGHODFRUULHQWHGHFRUWRFLUFXLWRWULI¢VLFRHVW¢
HVHQFLDOPHQWHOLJDGRDODHVWUXFWXUDGHODUHG\DODSUHVHQFLDGHJUXSRV

3RGHPRVDGHP¢VGLVWLQJXLUGRVFODVHVGHFRUWRFLUFXLWRVHOFRUWRFLUFXLWRIUDQFRTXH
HVPX\SRFRSUREDEOHFD®GDGHXQFRQGXFWRUHWF\HOFRUWRFLUFXLWRSURGXFLGRSRUXQDUFR
HOªFWULFR(VWH»OWLPRWLSRGHFRUWRFLUFXLWRHVJHQHUDOPHQWHPRQRI¢VLFRSHURVLHOLQFLGHQWH
GXUD FLHUWR WLHPSR SXHGH HYROXFLRQDU KDFLD XQ FRUWRFLUFXLWR ELI¢VLFR H LQFOXVR WULI¢VLFR (O
FRUWRFLUFXLWRLQLFLDOHVUHVLVWHQWHGHELGRSRUXQDSDUWHDODUHVLVWHQFLDHTXLYDOHQWHGHODUFR\
SRURWUDDODSXHVWDDWLHUUDGHODVWRUUHV\SRVWHVTXHSXHGHDOFDQ]DUXQYDORUGHKDVWDÔ
HQDOJXQDV]RQDV(VWHYDORUHOHYDGRGHUHVLVWHQFLDFRQOOHYDSRURWURODGRSUREOHPDVSDUDHO
WDUDGRGHODVSURWHFFLRQHVGHGLVWDQFLDHQHVWDV]RQDV

()(&726),6,&26'(/$6&255,(17(6'(&2572&,5&8,72

/RV HIHFWRV I®VLFRV GH ODV FRUULHQWHV GH FRUWRFLUFXLWR VH SXHGHQ FODVLILFDU HQ WUHV
JUDQGHVFDWHJRU®DVHIHFWRVWªUPLFRVHIHFWRVHOHFWURGLQ¢PLFRV\HIHFWRVGHLQGXFFL´Q

(IHFWRV7ªUPLFRV

 (QJHQHUDOORVFRUWRFLUFXLWRVVHHOLPLQDQOREDVWDQWHU¢SLGDPHQWHFRPRSDUDTXHVH
SXHGD GHVSUHFLDU HO HIHFWR WªUPLFR HQ ODV O®QHDV 6LQ HPEDUJR VL HVWH WLHPSR DXPHQWD D
FDXVDGHOIDOORGHORVVLVWHPDVGHSURWHFFL´QRGHORVLQWHUUXSWRUHVDXWRP¢WLFRVVHSXHGHQ
SURGXFLU DODUJDPLHQWRV SHOLJURVRV GH ORV FRQGXFWRUHV (Q ORV DOWHUQDGRUHV ODV IXHUWHV
FRUULHQWHVTXHFLUFXODQHQORVDUUROODPLHQWRVGHOHVW¢WRUSXHGHQSURYRFDUGHIRUPDFLRQHVHQ
ORVFRQGXFWRUHV

 (Q OR TXH FRQFLHUQH D ORV WUDQVIRUPDGRUHV ORV FLUFXLWRV PRQRI¢VLFRV RULJLQDQ
FRUULHQWHV GH FLUFXODFL´Q GH LPSRUWDQFLD HQ ORV FLUFXLWRV GH ORV WHUFLDULRV HQ WUL¢QJXOR
SURGXFLHQGRUHFDOHQWDPLHQWRV\HIHFWRVHOHFWURGLQ¢PLFRVSHOLJURVRV

(IHFWRV(OHFWURGLQ¢PLFRV

 (Q ODV O®QHDV FRQ FDGD DOWHUQDQFLD GH OD FRUULHQWH GH GHIHFWR ORV FRQGXFWRUHV VH
DWUDHQ\VHUHSHOHQFRQXQDIXHU]DSURSRUFLRQDODOFXDGUDGRGHODFRUULHQWHHLQYHUVDPHQWH
SURSRUFLRQDODVXGLVWDQFLD

 

.-0/ !

 

        

&
 N,''
 ) 
 G

 3DUDXQDFRUULHQWHLJXDODGLH]YHFHVODQRPLQDOHO HVIXHU]R HV SRU WDQWR  YHFHV

VXSHULRUDOHVIXHU]RHQUªJLPHQQRUPDO

 (Q OR TXH FRQFLHUQH D ORV HPEDUUDGRV GH ODV VXEHVWDFLRQHV ODV VREUHWHQVLRQHV
PHF¢QLFDVRULJLQDGDVSXHGHQSRQHUHQSHOLJURODFRQILJXUDFL´QGHODLQVWDODFL´Q

 /RV HIHFWRV P¢V QHIDVWRV GH ORV HVIXHU]RV HOHFWURGLQ¢PLFRV VH SURGXFHQ VREUH ORV
WUDQVIRUPDGRUHV\ODVUHDFWDQFLDVVLODVGLVWDQFLDVHQWUHHVSLUDVVRQSHTXH²DV\VLQRWLHQHQ
ODULJLGH]PHF¢QLFDVXILFLHQWH\HVWRLPSOLFDTXHQRVHUHVSHWHQODVJDUDQW®DVGHDLVODPLHQWR
HQWUHHVSLUDV

(IHFWRGHOD,QGXFFL´Q

 (QFDVRGHGHIHFWRDVLPªWULFRODVFRUULHQWHVGHFRUWRFLUFXLWRLQGXFHQHQODVO®QHDVGH
WHOHFRPXQLFDFL´Q\HQ ORV FRQGXFWRUHV HQWHUUDGRV VLWXDGRV HQ OD YHFLQGDG GH ODV O®QHDV GH
DOWD R PX\ DOWD WHQVL´Q IXHU]DV HOHFWURPRWULFHV TXH SXHGHQ GD²DU HO PDWHULDO H LQFOXVR
DWHQWDUFRQWUDODVHJXULGDGGHODVSHUVRQDV

(92/8&,”1'(/269$/25(6'(/$327(1&,$'(&2572&,5&8,72

(Q OD UHG GH WUDQVSRUWH WRGR UHIXHU]R GH OD UHG VHD SRU LQFRUSRUDFL´Q GH QXHYRV
JHQHUDGRUHV O®QHDV R WUDQVIRUPDGRUHV DXPHQWD OD DGPLWDQFLD GH OD UHG \ VX SRWHQFLD GH
FRUWRFLUFXLWRHQWRGRVORVSXQWRVVLWXDGRVDJXDVDEDMRGHOUHIXHU]R3RUORWDQWR\DQWHHVWRV
DXPHQWRV GH OD SRWHQFLD GH FRUWRFLUFXLWR VH KDFH QHFHVDULR UHYLVDU SHUL´GLFDPHQWH ORV
YDORUHVQRPLQDOHVGHORVLQWHUUXSWRUHV(VWRQRVXSRQHRWUDFRVDTXHHOLQFRQYHQLHQWHPHQRU
GHWHQHUTXHUHFXSHUDURUHLQVWDODUHQRWUDVXEHVWDFL´QDTXHOORVLQWHUUXSWRUHVFX\RSRGHUGH
FRUWHKDVLGRVREUHSDVDGRSRUHOQXHYRYDORUGHSRWHQFLDGHFRUWRFLUFXLWRHQHOSXQWRGRQGH
HVWDEDQ LQVWDODGRV 6LQ HPEDUJR HQ ODV ]RQDV PX\ GHQVDV FRPR HQ ODV JUDQGHV
DJORPHUDFLRQHVXUEDQDVHODXPHQWRGHOSRGHUGHFRUWHGHORVLQWHUUXSWRUHVHVP¢VFRVWRVR
\HQWRQFHVGHEHSHUVHJXLUVHODOLPLWDFL´QGHOFUHFLPLHQWRGHODSRWHQFLDGHFRUWRFLUFXLWR3DUD
HOOR VH SURFXUD OD VHFWRUL]DFL´Q GH OD UHG HQ ]RQDV FRQFHELGDV HQ FXDOTXLHU FDVR FRQ XQ
Q»PHURGHDOLPHQWDFLRQHVLQGHSHQGLHQWHVVXILFLHQWHVSDUDJDUDQWL]DUODVHJXULGDGGHVHDGD

(Q ODV UHGHV GH GLVWULEXFL´Q 07 HV GH RWUR PRGR SRUTXH HVWDV UHGHV DOLPHQWDQ D
FOLHQWHV GH XVRV LQGXVWULDOHV TXH SRVHHQ VX SURSLR LQWHUUXSWRU \ D ORV TXH QR VH OHV SXHGH
LPSRQHU UHPSOD]DPLHQWRV VXFHVLYRV 6H KDFH QHFHVDULR HQWRQFHV PDQWHQHU OD SRWHQFLD GH
FRUWRFLUFXLWRHQHVWDVUHGHVSRUGHEDMRGHXQYDORUGHWHFKRELHQGHILQLGR3DUDHOORVHHOLJHQ
ORVWUDQVIRUPDGRUHV$707FRQODVLPSHGDQFLDVTXHPHMRUFRQYHQJDQ\DTXHODLPSHGDQFLD
GH ORV WUDQIRUPDGRUHV GH DOLPHQWDFL´Q HV OD SDUWH SULQFLSDO GH OD LPSHGDQFLD DJXDV DUULED
YLVWDSRUORVFOLHQWHV

- SRUXQDSDUWHDOJXQRVGHHVWRVFOLHQWHVHVW¢QPX\SU´[LPRVDODVXEHVWDFL´QGH
DOLPHQWDFL´Q \ HQWRQFHV OD LPSHGDQFLD GH ODV O®QHDV 07 HQWUH HOORV \ OD
VXEHVWDFL´QWLHQHHQWRQFHVXQYDORUPX\SHTXH²R

- SRURWUDSDUWHSRUTXHODLPSHGDQFLDGHODUHG$7TXHGDOLPLWDGDSRUHOKHFKRGH
TXHHVWDUHGHVW¢DWHQVL´QP¢VHOHYDGD5HFXªUGHVHODH[SUHVL´QGHDQWHVHQOD
TXHODVLPSHGDQFLDVVHWUDQVIRUPDQSURSRUFLRQDOPHQWHDODLQYHUVDGHOFXDGUDGR
 

.--1 !

 

        

GHODVWHQVLRQHV
&
 9 %
=
&  = & 
&
9 &

/DV LPSHGDQFLDV GH ORV WUDQVIRUPDGRUHV $707 VH SXHGHQ HOHJLU HQWUH XQD DPSOLD
JDPDOLPLWDGDSRUDUULEDSRUHODXPHQWRGHFRVWHGHORVDSDUDWRV([SUHVDGDHQFRPRVH
KDFHJHQHUDOPHQWHHVWDJDPDYDGHODOTXHHTXLYDOHDGHFLUTXHVLODLPSHGDQFLDGH
OD UHG TXH DOLPHQWD HV QXOD OD 6''  GH ORV ERUQHV GHO VHFXQGDULR HVWDU¢ FRPSUHQGLGD HQWUH
îYHFHV\îYHFHVODSRWHQFLDQRPLQDOGHOWUDQVIRUPDGRU

 

.-0 !

 

        

,,,03/,&$&,21(6'(/$327(1&,$'(&2572&,5&8,72

,03/,&$&,21(662%5(/$&21&(3&,21'(/$65('(6

/D SRWHQFLD GH FRUWRFLUFXLWR WLHQH XQD LQIOXHQFLD GLUHFWD HQ ORV VLJXLHQWHV GRPLQLRV
FRQFHUQLHQWHVDODFRQFHSFL´QGHODVUHGHV

 (OHFFL´QGHOQLYHOGHWHQVL´Q
 7HQVL´QGHFRQH[L´QGHJUXSRV\FOLHQWHVLPSRUWDQWHV
 (OHFFL´QGHODVFDUDFWHU®VWLFDVGHOPDWHULDOGHODUHG
 (VWUXFWXUDGHODUHG

([LVWHQRREVWDQWHXQDHVWUHFKDUHODFL´QHQWUHWRGRVHVWRVGRPLQLRVGHPDQHUDTXH
QRSXHGHQVHUDQDOL]DGRVXQRVLQGHSHQGLHQWHPHQWHGHORVRWURV

'HPDQHUDJHQHUDOHODXPHQWRGHOFRQVXPRGHHOHFWULFLGDGFRQGXFHDODLQVWDODFL´Q
GHJUXSRVFDGDYH]P¢VJUDQGHV\DXQPDOODGRGHODUHGGHWUDQVSRUWHFDGDYH]P¢VGHQVR
(VWRFRQOOHYDXQDXPHQWRFRUUHODWLYRGHODVFRUULHQWHVGHFRUWRFLUFXLWR

8QD SULPHUD VROXFL´Q SDUD HYLWDU XQ DXPHQWR PX\ U¢SLGR GH ODV FRUULHQWHV GH
FRUWRFLUFXLWRFRQVLVWHHQSDVDUDXQQLYHOGHWHQVL´QP¢VHOHYDGR(QHIHFWRODFDSDFLGDGGH
WUDQVSRUWH FUHFH VHQVLEOHPHQWH FRQ HO FXDGUDGR GH OD WHQVL´Q QRPLQDO 3RU FRQVLJXLHQWH
SDUDXQDPLVPDSRWHQFLDDWUDQVSRUWDUHOQ»PHURGHO®QHDVVHUHGXFHFRQHOFXDGUDGRGHOD
WHQVL´QQRPLQDOORTXHLPSOLFDXQDGLVPLQXFL´QHQODPLVPDSURSRUFL´QGHODLPSHGDQFLDGH
FRUWRFLUFXLWR='' 

'HELGR DO DXPHQWR GH OD WHQVL´Q QRPLQDO 8 (  OD FRUULHQWH GH FRUWRFLUFXLWR 8 ( =''  VH
UHGXFHDSUR[LPDGDPHQWHHQSURSRUFL´QDODXPHQWRGHOQLYHOGHWHQVL´Q

(O VHJXQGR GRPLQLR HQ HO TXH LQWHUYLHQH OD SRWHQFLD GH FRUWRFLUFXLWR HV HO GH OD
GHWHUPLQDFL´QGHODWHQVL´QGHFRQH[L´QGHDOWHUQDGRUHVJUDQGHV(QHIHFWRODLPSRUWDQFLD
GHODVFRUULHQWHVGHFRUWRFLUFXLWRDSRUWDGDVSRUORVDOWHUQDGRUHVJUDQGHVREOLJDDFRQHFWDUORV
D  N9 $ W®WXOR GH HMHPSOR XQD FHQWUDO FRQVWLWX®GD SRU GRV JUXSR GH  09$ WLHQH XQ
DSRUWH DO FRUWRFLUFXLWR VREUH OD UHG HQ WRUQR D  09$ (VWD SRWHQFLD GH FRUWRFLUFXLWR
UHVXOWDPX\HOHYDGDSDUDXQDUHGGHN9FX\DSRWHQFLDGHFRUWRFLUFXLWRHVW¢ OLPLWDGD HQ
WRUQRDORV09$

/DSRWHQFLDGHFRUWRFLUFXLWRLQWHUYLHQHWDPELªQDODKRUDGHGHWHUPLQDUODWHQVL´QGH
FRQH[L´Q GH FLHUWRV FOLHQWHV LQGXVWULDOHV LPSRUWDQWHV (Q HIHFWR SDUD QR SHUWXUEDU D ORV
JUXSRVGHSURGXFFL´Q\DRWURVFOLHQWHVVLWXDGRVHQODVSUR[LPLGDGHVGHOSXQWRGHFRQH[L´Q
SRWHQFLDOHVQHFHVDULRGLVSRQHUHQHVWH»OWLPRGHXQDSRWHQFLDGHFRUWRFLUFXLWRVXILFLHQWH

6XSRQJDPRV TXH HQ OD ILJXUD VLJXLHQWH VH FRQHFWD HQ XQ SXQWR 0 GH OD UHG XQD FDUJD
SXUDPHQWHSDVLYDRHVW¢WLFDIHPQXODRGHVSUHFLDEOHFRQODVVLJXLHQWHVFDUDFWHU®VWLFDV

 SRWHQFLDDSDUHQWH6X 3
 DGPLWDQFLDHTXLYDOHQWH<XWDOTXH6X <X9
 LPSHGDQFLDHTXLYDOHQWH=X <X
 &DUJD,X <X9—


 

.-2 !

 

        

 /DSUHVHQFLDGHHVWDFDUJDKDFHFDHUODWHQVL´QHQ0D9G9

 7HQLHQGR HQ FXHQWD TXH ODV UHODFLRQHV HQWUH ODV WHQVLRQHV \ ODV LQWHQVLGDGHV VRQ
OLQHDOHV WRGR HVWDGR GH XQD UHG VH SXHGH GHVFRPSRQHU HQ XQD VXSHUSRVLFL´Q GH HVWDGRV
SRVLEOHV FX\DV WHQVLRQHV H LQWHQVLGDGHV YXHOYHQ D GDU SRU VLPSOH VXPD HO HVWDGR JOREDO
LQLFLDO3RUORWDQWRVHSXHGHGHVFRPSRQHUHOHVWDGRGHODUHGTXHDOLPHQWDODFDUJD6XHQ
GRVHVWDGRV

8QHVWDGRGHFRUWRFLUFXLWRHQHOFXDOVHHVWDEOHFHXQFRUWRFLUFXLWRWULI¢VLFRHQ0

- 8QHVWDGRHQHOFXDOODWHQVL´Q9G9VHDSOLFDHQ0ODUHG\HODSDUDWRVRQYLVWRV
DKRUDFRPRGRVDGPLWDQFLDV<44 \< 5 HQSDUDOHOR+D\TXHHQHVWHHVWDGRLQ\HFWDU
ODVFRUULHQWHV

,6  <44 9G9KDFLDODUHGDJXDVDUULED

, 5  < 5 9G9KDFLDODFDUJD

/DVXPDGHHVWDVGRVFRUULHQWHVQRVGDODFRUULHQWHGHFRUWRFLUFXLWRWULI¢VLFR

,44  <44 9

 , 5 ,44 ,6 <44 G9 < 5 9G9

6HDG9GHVSUHFLDEOHIUHQWHD9WHQGUHPRV

 G9< 5 6 5

| 
 9<44 644

 (VWD H[SUHVL´Q HV PX\ VLPSOH D SDUWLU GHO PRPHQWR HQ TXH VH FRQRFH 644  HQ WRGR
SXQWR GH OD UHG (IHFWLYDPHQWH ODV SRWHQFLDV GH FRUWRFLUFXLWR VH VXHOHQ FRQRFHU SDUD
FXDOTXLHU SXQWR GH OD UHG \ SRU FRQVLJXLHQWH VH SXHGH MX]JDU VL OD FRQH[L´Q GH XQD FDUJD
FRQFUHWDHQXQSXQWR0FXDOTXLHUDSURYRFDXQDFD®GDGHWHQVL´QVXSOHPHQWDULDDFHSWDEOHR
QR\VLQRHQTXHSXQWRGHODUHGHVFRQYHQLHQWHUHDOL]DUODFRQH[L´QGHHVWDFDUJDSDUDTXH
QRSHUWXUEHSRUVXLQIOXHQFLDVREUHODWHQVL´QDORVFOLHQWHVYHFLQRV

 

.-2" !

 

        

 /DVSRWHQFLDV644 \6 5 VRQSRWHQFLDVDSDUHQWHV\SRUFRQVLJXLHQWHODFD®GDGHWHQVL´Q

HVW¢GDGDHQYDORUFRPSOHMRD»QFXDQGRVHDHVHQFLDOPHQWHVXP´GXORORTXHLQWHUHVHDKRUD
VLQHPEDUJRVL6 5 HVXQDFDUJDJUDQGHLQGXVWULDOSRUHMHPSORWHQGU¢XQIDFWRUGHSRWHQFLD
DOWRDOPHQRVHQSXQWD6LSRUHOFRQWUDULR6 5 HVXQDFDUJDSHTXH²DHVWDU¢DOLPHQWDGDSRU
XQD UHG GH GLVWULEXFL´Q HQ OD TXH 644  WLHQH XQD FRPSRQHQWH DFWLYD QR GHVSUHFLDEOH 3RU
FRQVLJXLHQWH ODV SRWHQFLDV DSDUHQWHV 644  \ 6 5  WLHQHQ XQ GHFDODMH PX\ LQIHULRU D Õ \ OD
H[SUHVL´Q DQWHULRU SURSRUFLRQD XQ RUGHQ GH PDJQLWXG GH OD FD®GD UHODWLYD GH WHQVL´Q HQ
P´GXORDFHSWDEOHDXQTXHSRUH[FHVR

 (VWDV FRQVLGHUDFLRQHV DSOLFDGDV D ODV FDUDFWHU®VWLFDV KDELWXDOHV GH ODV UHGHV
FRQGXFHQD12FRQHFWDU

VREUHODVUHGHVGHN9FDUJDVVXSHULRUHVD09$
VREUHODVUHGHVGHN9FDUJDVVXSHULRUHVD09$

 $GHP¢VODVFDUDFWHU®VWLFDVORFDOHVGHHVWDVUHGHVSXHGHQFRQGXFLUD

TXHVHDSUHIHULEOHXQDDOLPHQWDFL´QDP¢VDOWDWHQVL´Q
FRQVWUXLUXQDO®QHDHVSHFLDOKDVWDODVXEHVWDFL´QP¢VSU´[LPD
UHIRU]DUODUHGFRQYHQLHQWHPHQWH

 8QDYH]GHWHUPLQDGRHOQLYHOGHWHQVL´QTXHGDQSRUILMDUODVFDUDFWHU®VWLFDVWªFQLFDV
GHOPDWHULDOLQWHUUXSWRUHVDXWRP¢WLFRVDSDUHOODMH\UHVWRGHOPDWHULDOGHODVVXEHVWDFLRQHV
/DV PHMRUDV WªFQLFDV TXH SDXODWLQDPHQWH YDQ LQWURGXFLHQGR ORV IDEULFDQWHV HQ HO PDWHULDO
SHUPLWHQXQDXPHQWRUHJXODUGHHVWDVFDUDFWHU®VWLFDVQRPLQDOHVDV®SDUDORVLQWHUUXSWRUHV
DXWRP¢WLFRVVHSXHGHSDVDU HQ  N9 GH  N$ D  N$ \ HQ  N9 GH  N$ D  N$ SRU
SRQHUXQHMHPSOR

81$ 9(= ),-$'26 72'26 (6726 3$5$0(7526 62/$0(17( 0(',$17( 81$

$&&,21 (1 /$ (6758&785$ '( /$ 5(' 9$ $ 3(50,7,5 /,0,7$5 /$ 327(1&,$ '(
&2572&,5&8,72

,03/,&$&,21(662%5(/$(;3/27$&,21'(/$65('(6

(OH[SORWDGRUGHODUHGGLVSRQHGHPHQRVOLEHUWDGTXHHOSODQLILFDGRUSDUDPRGLILFDUOD
SRWHQFLD GH FRUWRFLUFXLWR (VWR VH GHEH D TXH ODV FDUDFWHU®VWLFDV WªFQLFDV GHO PDWHULDO OH
YLHQHQ\DILMDGDVORPLVPRTXHODHVWUXFWXUDJHQHUDOGHODUHG\ODORFDOL]DFL´QGHODVIXHQWHV

&RQ HVWDV KLS´WHVLV GH SDUWLGD YDPRV D H[DPLQDU ODV UD]RQHV TXH FRQGXFHQ D
PDQWHQHU OD SRWHQFLD GH FRUWRFLUFXLWR HQWUH XQ YDORU P¢[LPR \ XQ YDORU P®QLPR GXUDQWH OD
H[SORWDFL´QDV®FRPRORVPHGLRVTXHVHXWLOL]DQSDUDORJUDUOR

/LPLWDFLRQHV6XSHULRUHVGHOD3RWHQFLDGH&RUWRFLUFXLWR

8QD OLPLWDFL´Q LPSHUDWLYD SDUD OD H[SORWDFL´Q HV OD GH QR UHEDVDU HQ QLQJ»Q FDVR HO
YDORU P¢[LPR DGPLVLEOH ILMDGR SRU ODV FDUDFWHU®VWLFDV WªFQLFDV GHO PDWHULDO /RV YDORUHV
P¢[LPRV DGPLVLEOHV HQ OD UHG GH DOWD WHQVL´Q YLHQHQ D VHU GHO RUGHQ GH  D  N$ HQ ODV
UHGHVGHN9\GHDOUHGHGRUGHN$HQODVGHN9

$ SULPHUD YLVWD VH SRGU®D SHQVDU TXH XQD EXHQD PDQHUD GH OLPLWDU OD SRWHQFLD GH
FRUWRFLUFXLWR FRQVLVWLU®D HQ DFWXDU VREUH HO SODQ GH DUUDQTXH \ SDUDGD GH ORV JUXSRV FRQ HO
REMHWRGHGLVPLQXLUODSRWHQFLDGHFRUWRFLUFXLWRHQGHWHUPLQDGDVVXEHVWDFLRQHV6LQHPEDUJR
 

.-7!# !

 

        

HVWD RSHUDFL´Q QR V´OR UHSHUFXWLU®D HQ RWURV DVSHFWRV GH OD UHG FRPR OD ILDELOLGDG SRU
HMHPSOR VLQR TXH UHVXOWDU®D H[FHVLYDPHQWH FRVWRVD FXDQGR OD VXVWLWXFL´Q GH OD SRWHQFLD VH
KLFLHUDFRQODGHJUXSRVFX\RFRVWHPDUJLQDOGHSURGXFFL´QIXHUDPD\RUTXHHOGHORVJUXSRV
SDUDGRV

(O PHGLR P¢V D PHQXGR XWLOL]DGR SRU ORV H[SORWDGRUHV HV HO GH VHFWRUL]DU
SDUFLDOPHQWH OD UHG DV® SRU HMHPSOR OD UHG GH DOLPHQWDFL´Q D  N9 GH XQD JUDQ
DJORPHUDFL´QXUEDQDVHH[SORWDU®DGLYLGLªQGRODHQYDULDV]RQDVDSDUWLUGHVXEHVWDFLRQHVGH
N9SDUDOLPLWDUODSRWHQFLDGHFRUWRFLUFXLWRHQHOQLYHOGHN9

6LQ HPEDUJR PLHQWUDV OD SRWHQFLD GH FRUWRFLUFXLWR QR UHEDVH HO FRPSURPLVR
GHWHUPLQDGRSRUHOYDORUP¢[LPRDGPLVLEOHSRUHOPDWHULDOORPHMRUSDUD OD H[SORWDFL´Q HV
WHQHUHOYDORUP¢VHOHYDGRSRVLEOH

(Q HIHFWR OD SRWHQFLD GH FRUWRFLUFXLWR WLHQH XQD LQIOXHQFLD GLUHFWD VREUH XQ JUDQ
Q»PHURGHSDU¢PHWURVFDUDFWHU®VWLFRVGHODH[SORWDFL´QGHODVUHGHVWDOHVFRPRODFD®GDGH
WHQVL´Q OD HVWDELOLGDG HVW¢WLFD \ GLQ¢PLFD GH ORV JUXSRV HO EXHQ IXQFLRQDPLHQWR GH ODV
SURWHFFLRQHVHWF(OSUREOHPDP¢VIUHFXHQWHGHODH[SORWDFL´QHVSRUWDQWRHOGHPDQWHQHU
XQD SRWHQFLD GH FRUWRFLUFXLWR P®QLPD HQ OD UHG VLQ H[FHGHU ORV YDORUHV DGPLVLEOHV GHO
PDWHULDO

,QIOXHQFLDGHOD3RWHQFLDGH&RUWRFLUFXLWRVREUHODFD®GDGHWHQVL´Q

/D UHODFL´Q HQWUH OD YDULDFL´Q GH WHQVL´Q HQ XQ QXGR GH OD UHG \ OD YDULDFL´Q GH OD
SRWHQFLDUHDFWLYDTXHFRUUHVSRQGHDODSRWHQFLDUHDFWLYDGHPDQGDGDSRUODVUHGHVGHWHQVL´Q
LQIHULRUDOLPHQWDGDVSRUHVHQXGRRSURGXFLGDSRUORVJUXSRVGHSURGXFFL´QFRQHFWDGRVDHVH
QXGRHVWDSURSRUFLRQDGDSRUODH[SUHVL´Q

 Ó48
  
 Ó8=

GRQGH8HVODWHQVL´QHQWUHIDVHV\=HOP´GXORGHODLPSHGDQFLDHTXLYDOHQWHGHODUHGYLVWD
GHVGHHOQXGRFRQVLGHUDGR

6HJ»Q HO LQVWDQWH HQ HO TXH QRV HQFRQWUHPRV SDUD HYDOXDU OD YDULDFL´Q GH SRWHQFLD
UHDFWLYDHOYDORUGH=TXHVHGHEHWHQHUHQFXHQWDHVGLIHUHQWH

- HQ ORV SULPHURV LQVWDQWHV HO YDORU GH = TXH VH GHEH FRQVLGHUDU HV HO GH OD
LPSHGDQFLDGHFRUWRFLUFXLWRFDOFXODGDXWLOL]DQGRODVUHDFWDQFLDVWUDQVLWRULDVGHORV
DOWHUQDGRUHV7HQHPRVHQWRQFHVODH[SUHVL´QKDELWXDO

 Ó4
  ,44 ë
 Ó8

 VLHQGR,'' ODFRUULHQWHGHFRUWRFLUFXLWRWULI¢VLFDHQHOQXGRFRQVLGHUDGR

- HQ UªJLPHQ SHUPDQHQWH  ´  VHJXQGRV GHVSXªV GH OD YDULDFL´Q GH OD SRWHQFLD
UHDFWLYDHOYDORUGH=DFRQVLGHUDUHVUHODWLYDPHQWHGLIHUHQWHGHODUHDFWDQFLDGH
FRUWRFLUFXLWR SRUTXH OD DFFL´Q GH ORV UHJXODGRUHV SULPDULRV GH WHQVL´Q KD
SHUPLWLGRUHFXSHUDUXQDEXHQDSDUWHGHODWHQVL´Q/DDFFL´QGHORVUHJXODGRUHV
VHSXHGHVLPXODUUHSUHVHQWDQGRDODOWHUQDGRU SRU XQD WHQVL´Q ILMD SRU GHWU¢V GH
 

.-0$ !

 

        

XQDUHDFWDQFLDTXHSDUDORVYDORUHVKDELWXDOHVGHJDQDQFLDGHWHQVL´QGHORUGHQ
GHWLHQHXQYDORUTXHHVW¢UHODFLRQDGRFRQODSRWHQFLDQRPLQDOGHOJUXSR

(OYDORUGHODLPSHGDQFLDTXHLQWHUHVDDOH[SORWDGRUHVHOGHUªJLPHQSHUPDQHQWHTXH
HV P¢V SHTXH²D GHO RUGHQ GHO  DO  TXH OD FDOFXODGD HQ ORV SULPHURV LQVWDQWHV
PHGLDQWHODVUHDFWDQFLDVWUDQVLWRULDV1RREVWDQWHHVWH»OWLPRYDORUVHXWLOL]DFRPRSULPHUD
DSUR[LPDFL´Q\SURSRUFLRQDYDORUHVGHYDULDFL´QGHWHQVL´QSRUH[FHVR

(OH[SORWDGRUGHEHWHQHUSRUWDQWREXHQFXLGDGRGHGLVSRQHUGHYDORUHVP®QLPRVGH
SRWHQFLD GH FRUWRFLUFXLWR VR SHQD GH WHQHU HQ FLHUWDV VXEHVWDFLRQHV GH $OWD 7HQVL´Q
YDULDFLRQHVPX\LPSRUWDQWHVGHWHQVL´QHQWUHODVKRUDVYDOOH\ODVKRUDVSXQWD

&LHUWDVVXEHVWDFLRQHVDN9DOHMDGDVHOªFWULFDPHQWHGHODVVXEHVWDFLRQHVIXHQWHD
 N9 \ GH ORV JUXSRV GH SURGXFFL´Q SXHGHQ HQFRQWUDUVH GHQWUR GH HVWH FDVR (Q RWURV
FDVRVHQTXHH[LVWHQJUXSRVGHSURGXFFL´QSU´[LPRVODFRQGLFL´QGHPDQWHQHUODSRWHQFLD
GHFRUWRFLUFXLWRSRUHQFLPDGHXQYDORUP®QLPRSRGU®DFRQGXFLUHQFLHUWDVVLWXDFLRQHVDOD
QHFHVLGDGGHDUUDQFDUJUXSRVTXHSXHGHQQRVHUHFRQ´PLFRV

,QGLTXHPRV SRU »OWLPR TXH XQR GH ORV REMHWLYRV GH OD H[SORWDFL´Q FRQVLVWH HQ
PLQLPL]DUODVSHUWXUEDFLRQHVGHWHQVL´QHQORVERUQHVGHODFOLHQWHOD3HUWXUEDFLRQHVFRPR
KXHFRVGHWHQVL´QSLFRVGHWHQVL´QGHFRUWDGXUDFL´QHWF(OPªWRGRJHQHUDOSDUDDWHQXDUHO
IOLFNHUJHQHUDGRSRUXQGHWHUPLQDGRXVXDULRFRQVLVWHHQFRQHFWDUOHDXQQXGRFRQSRWHQFLD
GHFRUWRFLUFXLWRVXILFLHQWH

,QIOXHQFLDGHOFRUWRFLUFXLWRVREUHODHVWDELOLGDGHVW¢WLFD\GLQ¢PLFD

(Q FLHUWRV HVTXHPDV SDUWLFXODUHV GH UHG ODV RVFLODFLRQHV VRVWHQLGDV TXH SXHGHQ
RULJLQDUVHHQORVDOWHUQDGRUHVRFDVLRQDU¢QYDULDFLRQHVGHWRGDVODVPDJQLWXGHVHOªFWULFDVGH
ODUHG

(VWH HVWDGR GH LQHVWDELOLGDG WDPELªQ GHQRPLQDGR LQHVWDELOLGDG HVW¢WLFD SRUTXH VH

SURGXFHHQDXVHQFLDGHSHUWXUEDFLRQHVLPSRUWDQWHVHQODUHGHVGLUHFWDPHQWHIXQFL´QGHOD
SRWHQFLDGHFRUWRFLUFXLWRHQERUQHVGHORVJHQHUDGRUHVRP¢VH[DFWDPHQWHGHODLPSHGDQFLD
HTXLYDOHQWHHQYDORUUHODWLYRGHODUHGYLVWDGHVGHVXVERUQHV(VWDLPSHGDQFLDVHH[SUHVDHQ
SRUFHQWDMH

 68
 ;9  
 644

VLHQGR6 8 ODSRWHQFLDQRPLQDOGHOJUXSR\644 ODSRWHQFLDGHFRUWRFLUFXLWRGHODUHG

/D HVWDELOLGDG HVW¢WLFD HV IXQFL´Q SRU RWUD SDUWH GH ODV FDUDFWHU®VWLFDV GH ORV
UHJXODGRUHVGHWHQVL´QGHORVJUXSRVHQSDUWLFXODUGHODJDQDQFLDHVW¢WLFD\GHOUªJLPHQGH
SRWHQFLDUHDFWLYDGHORVDOWHUQDGRUHV

(VWRVSUREOHPDVVHSUHVHQWDQHQODH[SORWDFL´QIUHQWHDHVTXHPDVGHUHGHQDQWHQD
FXDQGRODUHDFWDQFLDHTXLYDOHQWHGHODUHGVREUHSDVDXQYDORUGHORUGHQGHO\HQHOFDVR
HQ HO TXH ORV DOWHUQDGRUHV HVW¢Q DEVRUELHQGR SRWHQFLD UHDFWLYD (VWH WLSR GH H[SORWDFL´Q HQ
DQWHQDHVDPHQXGRQHFHVDULRSDUDIDFLOLWDUODRULHQWDFL´QGHORVWU¢QVLWRVGHSRWHQFLDDFWLYD\
HOXGLUSDUFLDOPHQWHODVOLPLWDFLRQHVLPSXHVWDVSRUODFDUJD(OYDORUGHOOLPLWDODORQJLWXG
GHODDQWHQD\ODSRWHQFLDGHORVJUXSRVTXHVHFRQHFWDQDHOOD
 

.-7)# !

 

        

(OYDORUGHODSRWHQFLDGH FRUWRFLUFXLWR WLHQH WDPELªQ XQD LQIOXHQFLD GLUHFWD VREUH OD

HVWDELOLGDGGLQ¢PLFDSXHVWRTXHXQHOHYDGRYDORUGHHOODPHMRUDQRWDEOHPHQWHORVP¢UJHQHV
GHHVWDELOLGDG1RREVWDQWHORVSUREOHPDVGHHVWDELOLGDGGLQ¢PLFDVHWLHQHQHQFXHQWDVDOYR
FDVRV SDUWLFXODUHV HQ OD HVIHUD GH OD FRQFHSFL´Q GH OD UHG P¢V TXH HQ OD HVIHUD GH OD
H[SORWDFL´Q SRUTXH UHTXLHUHQ HVWXGLRV ODUJRV \ PLQXFLRVRV \ ORV FULWHULRV FRQVLGHUDGRV HQ
JHQHUDOFRUWRFLUFXLWRVWULI¢VLFRVIUDQFRVWLHQHQXQDSUREDELOLGDGGHRFXUUHQFLDPX\EDMD

,QIOXHQFLDGHOD3RWHQFLDGH&RUWFLUFXLWRVREUHODV3HUWXUEDFLRQHVGH7HQVL´Q

(Q WRGD UHG HOªFWULFD FXDOTXLHUD TXH VHD VX HVWUXFWXUD PDOODGD R UDGLDO SXHGHQ
GDUVHIHQ´PHQRVVXVFHSWLEOHVGHDOWHUDUPRPHQW¢QHDPHQWHODFDOLGDGGHVXWHQVL´Q(OP¢V
FRP»Q GH HVWRV IHQ´PHQRV FRQVLVWH HYLGHQWHPHQWH HQ OD DSDULFL´Q GH XQ GHIHFWR TXH
SURYRFDYDULDFLRQHVEUXWDOHVGHFRUULHQWHHQGLIHUHQWHVSDUWHVGHODUHG\SRUFRQVLJXLHQWH
YDULDFLRQHVEUXWDOHVGHWHQVL´QHQORVERUQHVGHFLHUWRVDSDUDWRVUHFHSWRUHV (Q HVWH FDVR
ODVSHUWXUEDFLRQHVGHWHQVL´QVHSURGXFHQGHVSXªVGHXQDPRGLILFDFL´QGHOHVWDGRGHODUHG
TXH FRUUHVSRQGH WHPSRUDOPHQWH D FRQGLFLRQHV DQRUPDOHV GH H[SORWDFL´Q $GHP¢V ODV
SHUWXUEDFLRQHV GH WHQVL´Q VRQ VXVFHSWLEOHV GH DSDUHFHU HQ FRQGLFLRQHV GH H[SORWDFL´Q
QRUPDOHVHVGHFLUFXDQGRODUHGHVW¢HQSHUIHFWRHVWDGR(VWDVSHUWXUEDFLRQHVGHWHQVL´QVH
GHEHQHQWRQFHVDUHFHSWRUHVSDUWLFXODUHVGHJUDQSRWHQFLD'HODPLVPDPDQHUDTXHRFXUUH
GHVSXªVGHTXHVHSURGXFHXQGHIHFWRHVWDVYDULDFLRQHVGHWHQVL´QWLHQHQHYLGHQWHPHQWHSRU
RULJHQ ODV YDULDFLRQHV GH FRUULHQWH HQ OD UHG /D LPSHGDQFLD LQWHUQD GH ªVWD »OWLPD YLVWD
GHVGHHOSXQWRGRQGHVHSURGXFHODYDULDFL´QGHFRUULHQWHRVHJ»QVHSUHILHUDODSRWHQFLDGH
FRUWRFLUFXLWRHQHVHSXQWRWLHQHSRUORWDQWRXQDLQFLGHQFLDPDQLILHVWDHQODLPSRUWDQFLDGHOD
DPSOLWXGGHODVYDULDFLRQHVGHWHQVL´QFRUUHVSRQGLHQWHV

$ SULRUL SDUHFH TXH XQ DXPHQWR VXILFLHQWH GH OD SRWHQFLD GH FRUWRFLUFXLWR SHUPLWH
KDFHU GHVSUHFLDEOH OD FDVL WRWDOLGDG GH ODV SHUWXUEDFLRQHV GH WHQVL´Q 3HUR HVWD DILUPDFL´Q
KD\TXHPDWL]DUODSRUTXHODSRWHQFLDGHFRUWRFLUFXLWRGHODUHGSXHGHDVXYH]YHUVHDIHFWDGD
SRUODQDWXUDOH]DGHODVSHUWXUEDFLRQHVGHWHQVL´QFRQVLGHUDGDV

/DYDULDFL´QGHODWHQVL´QHQXQSXQWRGHXQDUHGGHELGRDXQGHIHFWRTXHVHSURGXFH
HQRWURSXQWRGHODUHGGHSHQGHSULQFLSDOPHQWHGHODVSRVLFLRQHVJHRJU¢ILFDVUHVSHFWLYDVGH
DPERVSXQWRV6HJ»QHOQLYHOGHWHQVL´QDOTXHSHUWHQHFHHOSXQWRHQHOTXHVHREVHUYDQORV
HIHFWRVGHOGHIHFWRHOQ»PHUR\ODDPSOLWXGGHODVFUHVWDVGHWHQVL´QTXHVHSURGXFHQYDU®DQ

(Q JHQHUDO HO KHFKR GH SDVDU GH XQ QLYHO GH WHQVL´Q LQIHULRU D XQ QLYHO GH WHQVL´Q
VXSHULRU OR TXH FRQOOHYD XQ DXPHQWR GH OD SRWHQFLD GH FRUWRFLUFXLWR HTXLYDOH D PHMRUDU OD
FDOLGDGGHODWHQVL´QSRU OD GLVPLQXFL´Q GHO Q»PHUR GH GHIHFWRV REVHUYDEOHV SRU XQLGDG GH
WLHPSRSHURVLHPSUHVHGDQFRUWHVGHGXUDFL´QP¢VRPHQRVEUHYHRULJLQDGRVSRUGHIHFWRV
SU´[LPRV DO SXQWR GH REVHUYDFL´Q 3RU FRQVLJXLHQWH HO DXPHQWR GH OD SRWHQFLD GH
FRUWRFLUFXLWRGHODUHGHQHOSXQWRGHFRQH[L´QGHXQXVXDULRQRHOLPLQDFRPSOHWDPHQWHORV
HIHFWRVSHUWXUEDGRUHVGHORVGHIHFWRVTXHVREUHYLHQHQLQHYLWDEOHPHQWHHQHVDUHG

(QORTXHFRQFLHUQHDODVSHUWXUEDFLRQHVGHWHQVL´QSURYRFDGDVSRUHOIXQFLRQDPLHQWR
GHFLHUWRVDSDUDWRVGHXWLOL]DFL´QGHJUDQSRWHQFLDGHEHQFRQVLGHUDUVHGRVFDVRVSULQFLSDOHV

D (O GH ORV DSDUDWRV TXH GHPDQGDQ XQD FRUULHQWH TXH IOXFW»D IXHUWHPHQWH GH
PDQHUD P¢V R PHQRV SHUL´GLFD VLHQGR DGHP¢V HVWDV GHPDQGDV GH FRUULHQWH
VXVFHSWLEOHV GH QR VHU LGªQWLFDV HQ ODV WUHV IDVHV GH OD UHG 'H DTX® UHVXOWDQ
YDULDFLRQHVGHWHQVL´QP¢VRPHQRVUHSHWLWLYDV\DYHFHVGHVHTXLOLEULRVHQWUHODV
WHQVLRQHVGHODVWUHVIDVHV
 

.-2* !

 

        

E (OGHORVDSDUDWRVTXHGHPDQGDQXQDFRUULHQWHGHIRUPDGDRQGDORTXHFRPSRUWD

FRPSRQHQWHVDUP´QLFDVGHDPSOLWXGQRGHVSUHFLDEOH(VWDVFRUULHQWHVDUP´QLFDV
RULJLQDQ D VX YH] FD®GDV GH WHQVL´Q DUP´QLFDV TXH GHIRUPDQ OD WHQVL´Q TXH
DOLPHQWDDRWURVUHFHSWRUHV

(QHOSULPHURGHHVWRVFDVRVUHODWLYRDODVFRUULHQWHVVLQXVRLGDOHVHVFLHUWRTXHVLVH
FRQHFWD HO DSDUDWR SHUWXUEDGRU HQ XQ SXQWR GH SRWHQFLD GH FRUWRFLUFXLWR VXILFLHQWHPHQWH
HOHYDGDODVYDULDFLRQHV\GHVHTXLOLEULRVGHWHQVL´QVHU¢QEDVWDQWHSHTXH²DV\QRHQWUD²DU¢Q
QLQJ»QLQFRQYHQLHQWHSDUDRWURVXVXDULRV

3RUHOFRQWUDULRHQHOVHJXQGRFDVRODVFRUULHQWHVDEVRUELGDVHVW¢QGHIRUPDGDV\HQ
SUHVHQFLD GH FRQGHQVDGRUHV SXHGHQ H[LVWLU IHQ´PHQRV GH UHVRQDQFLD WDOHV TXH D XQ
DXPHQWR GH OD SRWHQFLD GH FRUWRFLUFXLWR FRUUHVSRQGD XQ DXPHQWR GH OD DPSOLWXG GH FLHUWRV
DUP´QLFRVTXHSXHGHQOOHJDUDKDFHUVHPROHVWRV

1R REVWDQWH VL VH DXPHQWD OD SRWHQFLD GH FRUWRFLUFXLWR SXHGH TXH ODV WHQVLRQHV
DUP´QLFDV SURGXFLGDV LQLFLDOPHQWH VHDQ HQWRQFHV VXILFLHQWHPHQWH GªELOHV SDUD TXH OR
PLVPRTXHODUHVRQDQFLDODVWHQVLRQHVDUP´QLFDVILQDOPHQWHREVHUYDGDVQRVHDQPROHVWDV

([LVWHQ LJXDOPHQWH DSDUDWRV TXH VH SXHGHQ FRQVLGHUDU FRPR JHQHUDGRUHV GH

WHQVLRQHVDUP´QLFDV \ TXH HQ SUHVHQFLD GH FRQGHQVDGRUHV SXHGHQ RULJLQDU IHQ´PHQRV GH
UHVRQDQFLD3HURHQODSU¢FWLFDHVWRV DSDUDWRV SHUWXUEDQ PXFKR PHQRV IUHFXHQWHPHQWH OD
UHGTXHDTXHOORVTXHVHSXHGHQDVLPLODUDJHQHUDGRUHVGHFRUULHQWHVDUP´QLFDV

(Q GHILQLWLYD OD SUHVHQFLD HYHQWXDO GH DUP´QLFRV HQ OD UHG 12 SHUPLWH DILUPDU FRQ
FDU¢FWHUJHQHUDOTXHUHVSHWDQGRXQYDORUO®PLWHGHODUHODFL´Q

 644
 . 
 6 8

GRQGH 644  HV OD SRWHQFLD GH FRUWRFLUFXLWR \ 6 8  HV OD SRWHQFLD GHO DSDUDWR SHUWXUEDGRU ODV
SHUWXUEDFLRQHVGHWHQVL´QSXHGHQVHUGHVSUHFLDEOHV

&RPR FRQFOXVL´Q GHEH GHVWDFDUVH TXH WDQ V´OR PHGLDQWH HVWXGLRV HVSHF®ILFRV HV
SRVLEOH SUHFLVDU HO YDORU GH OD SRWHQFLD GH FRUWRFLUFXLWR SDUD OD FXDO XQ DSDUDWR SHUWXEDGRU
SXHGHVHUFRQHFWDGRDODUHGVLQRULJLQDUPROHVWLDVLQDGPLVLEOHVDRWURVXWLOL]DGRUHVRELHQ
HQHOFDVRGHSRVLEOHDSDULFL´QGH IHQ´PHQRV GH UHVRQDQFLD DUP´QLFD SRU LU D XQ SXQWR GH
FRQH[L´Q GH SRWHQFLD GH FRUWRFLUFXLWR P¢V HOHYDGD VH SRGU¢ SUHFLVDU HO HPSOD]DPLHQWR GHO
SXQWRGHFRQH[L´QRHO®QGLFHGHFRPSHQVDFL´QGHSRWHQFLDUHDFWLYDQHFHVDULD

 

.-0, !

 

        

,,,/$327(1&,$'(&2572&,5&8,72<
/$&21&(3&,21'(/$5('

$63(&726*(1(5$/(6'(/$&8(67,21

(O FUHFLPLHQWR GH OD SRWHQFLD GH FRUWRFLUFXLWR SUHVHQWD SRU XQ ODGR XQ DVSHFWR
SRVLWLYRVLJQRGHXQPD\RUYROXPHQGHSRWHQFLDGLVSRQLEOH\XQDVSHFWRQHJDWLYRSRURWURD
FDXVDGHOLEHUDFLRQHVGHHQHUJ®DFDGDYH]P¢VJUDQGHVHQUªJLPHQGHLQFLGHQWH<DKHPRV
DSXQWDGRTXHQRVRQODVPLVPDVSHUVRQDVODVDIHFWDGDVSRUFDGDXQRGHHVWRVGRVDVSHFWRV
HODVSHFWRSRVLWLYREHQHILFLDHVHQFLDOPHQWHDOFRQVXPLGRUTXHFRQHFWDGRHQXQSXQWRGHOD
UHGGRQGHODSRWHQFLDGHFRUWRFLUFXLWRHVHOHYDGDVHEHQHILFLDU¢GHXQDRQGDGHWHQVL´QSXUD
YDULDFLRQHV GH WHQVL´Q SHTXH²DV 3RU VX SDUWH ªO SRGU¢ LQ\HFWDU HQ OD UHG FRUULHQWHV
DUP´QLFDVVLQTXHVHDGYLHUWDGHPDVLDGR(ODVSHFWRQHJDWLYRHVW¢DFDUJRGHOD FRPSD²®D
TXHGHEHRUJDQL]DUODUHG\HOPDWHULDOGHPDQHUDTXHSXHGDVRSRUWDUORVFKRTXHVHOªFWULFRV
HOHFWURPDJQªWLFRVWªUPLFRV\PHF¢QLFRVSUHYLVWRV

+DVWDDKRUDHODVSHFWRQHJDWLYRKDFREUDGRVLHPSUHPXFKDP¢VLPSRUWDQFLDTXHHO
DVSHFWR SRVLWLYR \ KD VLGR SRU WDQWR REMHWR GH PD\RU Q»PHUR GH HVWXGLRV < HVWR QR WDQWR
SRUTXH OR DQDOLFHPRV GHVGH HO ODGR GH OD FRPSD²®D VLQR SRUTXH FRQ HO FUHFLPLHQWR GH ODV
GHQVLGDGHVGHSRWHQFLDLQVWDODGDHQODUHGODSRWHQFLDGHFRUWRFLUFXLWRQRWLHQHRWUDWHQGHQFLD
VLQRTXHODGHFUHFHUVLHQGRORVYDORUHVHOHYDGRVP¢VSUHRFXSDQWHVTXHORVEDMRV\SRURWUD
SDUWHQRVRQH[FHVLYDPHQWHQXPHURVRVWRGDY®DORVFRQVXPLGRUHVLQWHUHVDGRVHQSRWHQFLDV
GHFRUWRFLUFXLWRHOHYDGDVDOPHQRVHQDOWDWHQVL´Q$V®SXHVHVHVHQFLDOPHQWHSRUVXDVSHFWR
QHJDWLYRSRUHOTXHODSRWHQFLDGHFRUWRFLUFXLWRVHGLVWLQJXHHQODVUHGHVGHWUDQVSRUWH7DQWR
SDUD HO SODQLILFDGRU FRPR SDUD HO H[SORWDGRU VH WUDWD GH XQ PDO QHFHVDULR TXH GHEH VHU
YLJLODGR\FRQWURODGRFRQVWDQWHPHQWH

/DH[SHULHQFLDGHPXHVWUDTXHVLQRVHDGRSWDSUHFDXFL´QHVSHFLDODOJXQDHVGHFLUVL
VHGHVDUUROODQODVUHGHVVLQWHQHUHQFXHQWDODHYROXFL´QGHODVFRUULHQWHV GH FRUWRFLUFXLWR
ªVWDVWHQGU®DQWHQGHQFLDDDXPHQWDUHOULWPRGHGHVDUUROORGHOFRQVXPR\GHODSURGXFFL´Q
(VWHULWPRHVGLILFLOGHDGPLWLUSDUDODVFRUULHQWHVGHFRUWRFLUFXLWRSRUTXHODWHFQRORJ®DGHORV
PDWHULDOHV\ORVHVTXHPDVGHSURWHFFL´QQRSRGU®DQVHJXLUOR

([LVWHQYDULRVPHGLRVTXHSHUPLWHQOLPLWDUHOULWPRGHFUHFLPLHQWRGHODVFRUULHQWHV
GHFRUWRFLUFXLWRD®QGLFHVP¢VSHTXH²RVTXHORVGHODSURGXFFL´Q\HOFRQVXPR3RUHMHPSOR\
FRPR YHUHPRV P¢V DGHODQWH HO DXPHQWR GHO Q»PHUR GH VXEHVWDFLRQHV QR HV DMHQR DO
UDOHQWL]DPLHQWR GHO FUHFLPLHQWR GH ODV FRUULHQWHV GH FRUWRFLUFXLWR SRUTXH DV® VH SXHGH
UHSDUWLUPHMRUODSRWHQFLDVREUHHOWHUULWRULRHYLWDQGRFRQFHQWUDFLRQHVGHWDOVXHUWHTXHVLXQ
G®DHVWXYLªUDPRVFRQGHQDGRVDWHQHUTXHDOLPHQWDUXQFRQVXPRHQFUHFLPLHQWRDSDUWLUGHXQ
Q»PHUR FRQVWDQWH GH VXEHVWDFLRQHV GH  N9 HVWDU®DPRV SULYDGRV GH KHFKR GH XQ PHGLR
PX\ HILFD] GH \XJXODU ODV SRWHQFLDV GH FRUWRFLUFXLWR (QWRQFHV €GH TXª PHGLRV GLVSRQH HO
SODQLILFDGRU GH OD UHG GH WUDQVSRUWH SDUD RSRQHUVH DO FUHFLPLHQWR GH OD SRWHQFLD GH
FRUWRFLUFXLWR"/RVFODVLILFDUHPRVHQWUHVFDWHJRU®DV

/DVDFFLRQHVVREUHORVPDWHULDOHVDXPHQWRGHODVUHDFWDQFLDV
/DVDFFLRQHVVREUHODVSU¢FWLFDVGHH[SORWDFL´QGHODVUHGHVVHFWRUL]DFL´Q
/DVDFFLRQHVVREUHODFRQFHSFL´QPLVPDGHODUHGHVFDORQDPLHQWR

7RGRVHVWRVPHGLRVHTXLYDOHQHYLGHQWHPHQWHGHXQDPDQHUDP¢VRPHQRVGLUHFWDD
LQWHUFDODULPSHGDQFLDVHQWUHODSURGXFFL´Q\ODVO®QHDVGHWUDQVSRUWHSHURYDPRVDYHUTXH
HVWRVHSXHGHKDFHUGHPDQHUDVP¢VRPHQRVDGHFXDGDV
 

/ !

 

        

$&&,21(662%5(/260$7(5,$/(6

1R VHU®D LPSRVLEOH DXPHQWDU ODV UHDFWDQFLDV GH ORV PDWHULDOHV GH PDQHUD TXH
GLVPLQX\HUDQ ODV FRUULHQWHV GH FRUWRFLUFXLWR ODV UHDFWDQFLDV GH ORV WUDQVIRUPDGRUHV
FRPSUHQGLGDVHQWUHXQ\XQVHSRGU®DQOOHYDUVLQFRVWHH[FHVLYRKDVWDXQ´XQ
 (Q OR TXH FRQFLHUQH D ODV O®QHDV VH SRGU®D SHQVDU HQ FRQVLGHUDU HO DXPHQWR GH VXV
VHFFLRQHV OR TXH WUDHU®D FRPR FRQVHFXHQFLD OD GLVPLQXFL´Q GHO Q»PHUR GH O®QHDV \ SRU
FRQVLJXLHQWHFRQGXFLU®DDDXPHQWDUODVUHDFWDQFLDVSDUDXQPLVPRWU¢QVLWRJOREDOGHSRWHQFLD
DUHDOL]DUHQODUHGGHWUDQVSRUWH

'HVDIRUWXQDGDPHQWH VL HVWR QR VH KDFH HV SRUTXH WDO PHGLGD ORV DXPHQWRV GH
UHDFWDQFLDYLHQHQDFRPSD²DGRVGHDXPHQWRVGHFRQVXPRGHHQHUJ®DUHDFWLYDORVFXDOHVVRQ
LQGHVHDEOHV\FRVWRVRV6XUJHSXHVXQGLOHPDHQWUHODQHFHVLGDGGHPDQWHQHUODSRWHQFLDGH
FRUWRFLUFXLWRDYDORUHVEDMRVSRUXQDSDUWH\DQRDXPHQWDUHOFRQVXPRGHHQHUJ®DUHDFWLYD
SRU RWUD PDQWHQLHQGR HYLGHQWHPHQWH ODV WHQVLRQHV DO PLVPR WLHPSR 6H WUDWD SXHV GH
LQYHVWLJDUXQ´SWLPRWªFQLFRHFRQ´PLFRGHOTXHVHGHGXFHQLQPHGLDWDPHQWHGRVFRPHQWDULRV

 6LEDMRHODVSHFWRGH´SWLPRWªFQLFRHFRQ´PLFRVHSXGLHUDDGPLWLUXQDXPHQWRGH
ODVUHDFWDQFLDVHVWHVLHPSUHVHU®DSUHIHULEOHKDFHUORHQODVO®QHDVDQWHVTXH HQ
ORV WUDQVIRUPDGRUHV (Q HIHFWR HO DXPHQWR GH OD VHFFL´Q GH ODV O®QHDV HVW¢
DFRPSD²DGR GH XQD UHGXFFL´Q JHQHUDO GH YROXPHQ GH LQVWDODFLRQHV OR TXH
VLHPSUHHVGHVHDEOH(VWDVLWXDFL´QQRVHGDHQHOFDVRGHTXHHODXPHQWRGHODV
UHDFWDQFLDVVHKLFLHUDHQORVWUDQVIRUPDGRUHV

 &RPR FRURODULR OD VDWXUDFL´Q GH ORV HMHV GH WUDQVSRUWH SXHGH FRQWULEXLU HQ HO
IXWXURDGHVSOD]DUHO´SWLPRSUHVHQWHGHWHUPLQDGRHQHOVHQWLGRGHDXPHQWDUODV
VHFFLRQHV GH ODV O®QHDV \ SRU FRQVLJXLHQWH D GLVPLQXLU HO FUHFLPLHQWR GH ODV
FRUULHQWHVGHFRUWRFLUFXLWR\DDXPHQWDUORVFRQVXPRVGHHQHUJ®DUHDFWLYD

$&&,21(662%5(/$635$&7,&$6'((;3/27$&,21'(/$5('

%DMR HVWH W®WXOR VH UHFRJH HVHQFLDOPHQWH OD WªFQLFD GH VHFWRUL]DFL´Q TXH FRQWLQ»D
VLHQGR GH PXFKD HILFDFLD SRUTXH HTXLYDOH D LQWURGXFLU UHDFWDQFLDV LQILQLWDV DLVODQGR XQDV
SDUWHVGHODUHGUHVSHFWRGHRWUDV\SRUFRQVLJXLHQWHDLPSHGLUTXHODSRWHQFLDVHSUHFLSLWH
WDQSURQWRFRPRVHSUHVHQWDXQFRUWRFLUFXLWR

$QWHV TXH QDGD GHEH TXHGDU ELHQ FODUR HO SRU TXª GH OD VHFWRUL]DFL´Q DV® FRPR VX
HILFDFLD /D QRFL´Q GH VHFWRUL]DFL´Q HV FRQWUDULD D OD QRFL´Q LQWU®QVHFD GH UHG VHJ»Q HO
GLFFLRQDULRUHG FRQMXQWR\WUDED]´QGHFRVDVTXHREUDQDIDYRURHQFRQWUDGHXQILQSRUTXH
LPSLGH TXH ODV SRWHQFLDV WUDQVLWHQ GH XQD SDUWH D RWUD GH HOOD /D VHFWRUL]DFL´Q LPSLGH
WDPELªQOOHYDUSRWHQFLDGHVRFRUURGRQGHHVQHFHVDULDHQFDVRGHLQGLVSRQLELOLGDGIRU]RVDGHO
HTXLSR'LVWLQJXLUHPRVGLIHUHQWHVWLSRVGHUHGTXHDVHJXUDQGLVWLQWDVIXQFLRQHVSDUDODVTXH
ODVHFWRUL]DFL´QHVP¢VRPHQRVWROHUDEOH

(QSULPHUOXJDUFRQVLGHUHPRVXQDUHGGHUHSDUWRGHHQHUJ®DW®SLFDPHQWHDN9R
N9HLQFOXVRHQHOIXWXURN9RN9TXHDVHJXUDODIXQFL´QGHWUDQVSRUWHHQWUHODJUDQ
UHG D  N9 \ ODV VXEHVWDFLRQHV GH PHGLD WHQVL´Q (Q HVWDV UHGHV OD VHFWRUL]DFL´Q \HQGR
KDVWDXQGHVHQPDOODMHFDVLFRPSOHWRHVQHFHVDULDSDUDFRQWURODUORVWU¢QVLWRVGHSRWHQFLD
HVGHFLUHYLWDUTXHVHDQGHPDVLDGRGHSHQGLHQWHVGHORVH[LVWHQWHVHQODUHGGHN9/RV
QLYHOHV GH FRUULHQWH GH FRUWRFLUFXLWR VH EHQHILFLDQ HYLGHQWHPHQWH GH HVWD PHGLGD SHUR
UDUDPHQWHFRQWULEX\HQSRUV®V´ORVDODUD]´QGHODVHFWRUL]DFL´Q

 

-1 !

 

        

(QVHJXQGROXJDUFRQVLGHUHPRVXQDUHGGHDOLPHQWDFL´QD XQD JUDQ  DJORPHUDFL´Q

XUEDQD  W®SLFDPHQWH D  N9 ´  N9 /D FRQFHQWUDFL´Q GH SRWHQFLD HQ HVWRV OXJDUHV
IDYRUHFH HO GHVDUUROOR GH SRWHQFLDV GH FRUWRFLUFXLWR HOHYDGDV 6XUJH HQWRQFHV OD LGHD GH
IUDFFLRQDUHVWDUHGFHQWU®SHWDGHDOLPHQWDFL´QHQGLIHUHQWHVVHFWRUHVXQLGRVHQWUHHOORVSRU
FRQH[LRQHVDOHMDGDVGHPDQHUDTXHXQFRUWRFLUFXLWRHQXQRGHHOORVQRDWUDLJDODSRWHQFLDGH
ORVRWURV(QHVWDVLWXDFL´QQRHVSRVLEOHOOHYDUSRWHQFLDGHVRFRUURGHXQVHFWRUDRWUR\SRU
OR WDQWR FDGD VHFWRU GHEH UHIRU]DUVH SDUD TXH VHD FDSD] GH WUDQVSRUWDU SRU V® PLVPR OD
SRWHQFLDGHVRFRUURTXHSUHFLVH/DLQWHUFRQH[L´QHQWUHVHFWRUHVVHWUDVODGDDV®GHODUHGGH
DOLPHQWDFL´QDODUHGJHQHUDOGHWUDQVSRUWH6XUJHHQWRQFHVODFXHVWL´QGHVDEHUVLHOFRVWH
GHHVWHUHIXHU]RHVFRPSDUDEOHDOGHODXPHQWRGHODFRUULHQWHGHFRUWRFLUFXLWRTXHUHVXOWDU®D
GHXQIXQFLRQDPLHQWRPDOODGRGHODUHG(YLGHQWHPHQWHODUHVSXHVWDDHVWDFXHVWL´QLPSOLFD
OD QHFHVLGDG GH FRQRFHU FX¢O HV HO QLYHO GH FRUULHQWH GH FRUWRFLUFXLWR GHVHDEOH HQ HO IXWXUR
IUHQWHDOQLYHODFWXDO\WDQV´ORSXHGHSODQWHDUVHSDUDODVVXEHVWDFLRQHVQRFRQVWUX®GDV

(Q WHUFHU OXJDU H[DPLQHPRV HO FDVR GH OD UHG JHQHUDO GH WUDQVSRUWH W®SLFDPHQWH D
N93RUHVWDUHGWUDQVLWDQSRWHQFLDVGHDFHQWXDGRFDU¢FWHUDOHDWRULRGHELGRDODSURSLD
IXQFL´QGHODVPLVPDVTXHHVSUHFLVDPHQWHODGHDVHJXUDUHOHTXLOLEULRHQWUHODSURGXFFL´Q\
HOFRQVXPRVLHQGRªVWH»OWLPRDOHDWRULRWDPELªQ(QHVWHFDVRODVHFWRUL]DFL´QVHHQWLHQGH
PDO SRUTXH REVWDFXOL]D HO IXQFLRQDPLHQWR HVHQFLDO GH OD UHG \ DTXHOOR SDUD OR TXH KD VLGR
FRQFHELGD 1R VH SXHGHQ SHUPLWLU D OD YH] ORV WU¢QVLWRV DOHDWRULRV GH VRFRUUR H LPSHGLU ORV
WU¢QVLWRVGHFRUWRFLUFXLWRFXDQGRQLORVXQRVQLORVRWURVWLHQHQXQDGLUHFFL´QELHQGHILQLGDHQ
HVWHFDVR(OSODQLILFDGRUGHEHDTX®RULHQWDUVHKDFLDRWURVDVSHFWRVFRPRORVTXHVLJXHQ

$&&,21(662%5(/$&21&(3&,21'(/$5('

 (O SODQLILFDGRU GHEH WHQHU FRQFLHQFLD GH TXH HO GHVDUUROOR GH OD UHG TXH ªO VH YHU¢
DERFDGRDSUHFRQL]DUWHQGU¢VLHPSUHUHSHUFXVL´QHQORVQLYHOHVGHFRUULHQWHGHFRUWRFLUFXLWR
'HHQWUHODVDUPDVGHODVTXHGLVSRQHHOSODQLILFDGRUFXDQGREXVFDGHVFRQFHQWUDUSRWHQFLD
KD\XQDTXHHVIXQGDPHQWDOHOHVFDORQDPLHQWRGHSRWHQFLDV

 

 !

 

        

,OXVWUHPRV HVWR SRU PHGLR GH OD ILJXUD GH DUULED /D SDUWH VXSHULRU GH OD ILJXUD
PXHVWUDXQDVXEHVWDFL´QGHN$GHLQWHQVLGDGGHFRUWRFLUFXLWRDOLPHQWDGDSRUFXDWUR]RQDV
GH SURGXFFL´Q DOHMDGDV GHO FHQWUR  .P /D SDUWH LQIHULRU GH HVWD ILJXUD PXHVWUD OD
IUDJPHQWDFL´Q GH HVWD VXEHVWDFL´Q HQ GRV VXEHVWDFLRQHV GLVWDQWHV  .P XQD GH RWUD \
XQLGDVSRUGRVO®QHDVGHLQWHUFRQH[L´QODVLQWHQVLGDGHVGHFRUWRFLUFXLWRQRVRQP¢VTXHGH
 N$ DKRUD (VWD QRFL´Q GH HVFDORQDPLHQWR SUHVHQWD XQ DVSHFWR EDVWDQWH HYLGHQWH \ ELHQ
FRQRFLGR (Q OR TXH FRQFLHUQH SRU HMHPSOR D OD DOLPHQWDFL´Q GH JUDQGHV FLXGDGHV ODV
VXEHVWDFLRQHV UHSDUWLGDV SRU OD SHULIHULD VRQ SUHIHULEOHV D XQD V´OD VXEHVWDFL´Q SRU OR TXH
SDVDVHWRGDODSRWHQFLD

$O PLVPR WLHPSR OD UHJXODULGDG GH OD HVWUXFWXUD WLHQH XQD LQIOXHQFLD TXH QR HV
GHVSUHFLDEOHFXDWURVXEHVWDFLRQHVUHJXODUPHQWHUHSDUWLGDVDORODUJRGHOFLQWXU´QTXHURGHD
XQDFLXGDGFRQGXFHQDFRUULHQWHVGHFRUWRFLUFXLWRP¢VSHTXH²DVTXHHQHOFDVRGHXQUHSDUWR
P¢VFRQFHQWUDGR

(PSHUR HO SUREOHPD JHQHUDO GHO HVFDORQDPLHQWR GH SRWHQFLDV QR HV WDQ HYLGHQWH
SRUTXH€+DVWDGRQGHSRGHPRVOOHJDU"+D\GRVQRFLRQHVDQWDJ´QLFDV

 /DV FRQVLGHUDFLRQHV GH HVFDORQDPLHQWR H[SXHVWDV P¢V DUULED FRQGXFHQ D

SUHFRQL]DUUHGHVFRQVWUXLGDVSRUXQJUDQQ»PHURGHVXEHVWDFLRQHVHVGHFLUXQ
JUDQQ»PHURGHSHTXH²DVPDOODV

 3HUR SRU RWUD SDUWH OD SUROLIHUDFL´Q GH VXEHVWDFLRQHV \ GH O®QHDV TXH ODV XQHQ
DFDEDQSRUUHGXFLUODVUHDFWDQFLDVGHODUHGSRUTXHHVWDVGHSHQGHQPX\SRFRGH
OD VHFFL´Q GH ODV O®QHDV \ V® PXFKR GHO Q»PHUR GH O®QHDV $V® SRU HQFLPD GH XQ
GHWHUPLQDGRHVFDORQDPLHQWRVHSURGXFHHOHIHFWRFRQWUDULRDOTXHVHSHUVLJXHD
VDEHUXQDXPHQWRGHODVFRUULHQWHVGHFRUWRFLUFXLWRDFDXVDGHODSUROLIHUDFL´QGH
ODVO®QHDV3RURWUDSDUWHHVWDSUROLIHUDFL´QWDPELªQSODQWHDSUREOHPDVGHFRVWH\
GHHQWRUQRDPELHQWDO

(Q UHVXPHQ DO SUREOHPD SODQWHDGR TXH HV HO GH VDEHU VL EDMR HO SULVPD GH ODV
FRUULHQWHVGHFRUWRFLUFXLWRHVSUHIHULEOHGHVDUUROODUUHGHVFRQVWLWXLGDVSRUXQJUDQQ»PHUR
GH SHTXH²DV PDOODV R GH XQ SHTXH²R Q»PHUR GH JUDQGHV WHQLHQGR HQ HVWH VHJXQGR FDVR
FDGDHMHGHWUDQVSRUWHPD\RUFDSDFLGDGODUHVSXHVWDHVTXHH[LVWHXQ´SWLPRGDGRSRU

- XQWDPD²R´SWLPRGHVXEHVWDFL´Q\
- XQDGLVWDQFLD´SWLPDHQWUHVXEHVWDFLRQHV

&DEHSRU»OWLPRSUHJXQWDUVHVLHVWH´SWLPRGHVGHHOSXQWRGHYLVWDGHODVFRUULHQWHV
GHFRUWRFLUFXLWRHVFRPSDWLEOHFRQHOGHVDUUROORGHODUHGDPHQRUFRVWH

(QHIHFWRHQORTXHFRQFLHUQHDOGHVDUUROORGHODUHGVHSXHGHFDOFXODUHOWDPD²RGH
OD PDOOD XWLOL]DQGR PRGHORV VHQFLOORV HV GHFLU OD GLVWDQFLD PHGLD HQWUH VXEHVWDFLRQHV TXH
SDUD XQD GHQVLGDG GH FRQVXPR XQLIRUPH SURFXUD HO PHQRU FRVWH GHO FRQMXQWR UHG GH
LQWHUFRQH[L´QHQWUHVXEHVWDFLRQHVFLUFXQGDQWHVUHGGHUHSDUWR8QDVFLIUDVRULHQWDWLYDVHQOR
TXHFRQFLHUQHDVXEHVWDFLRQHVGHN9SXHGHQVHUODVVLJXLHQWHV
3
'HQVLGDGGHFRQVXPR0Z.P 
3RWHQFLDSRUVXEHVWDFL´Q0Z
'LVWDQFLDHQWUHVXEHVWDFLRQHV.PV

6H GHVSUHQGH TXH H[LVWH XQD FLHUWD FRKHUHQFLD HQWUH ODV GLVWDQFLDV ´SWLPDV HQWUH
VXEHVWDFLRQHVGHN9WHQLGRVHQFXHQWDORVDVSHFWRVGH PLQLPL]DFL´Q GH OD FRUULHQWH GH
 

 !

 

        

FRUWRFLUFXLWR \ GH FRVWHV GH OD UHG $WHQGLHQGR D ORV GRV SXQWRV GH YLVWD FRQVLGHUDGRV HO
WªFQLFR\HOHFRQ´PLFRSDUHFHGHVHDEOHGHVDUUROODUXQDUHGFRQVWLWX®GDSRUXQJUDQQ»PHUR
GHPDOODVDN9\SRUFRQVLJXLHQWHGHXQQ»PHURUHODWLYDPHQWHJUDQGHGHVXEHVWDFLRQHV
DN9(VWHWLSRGHGHVDUUROORTXHDVHJXUDODRPQLSUHVHQFLDVREUHHOWHUULWRULRGHODUHGGH
N9UHGXFHODLPSRUWDQFLDGHODUHGGHUHSDUWRVXE\DFHQWH\UHVSRQGHSDUDOHODPHQWHHQ
HOWLHPSRDODQHFHVLGDGGHWHQHUUHFXUVRVDXQDWHQVL´QVXSHULRU

2EVHUYHPRVTXHHVWDGHVHDEOHHYROXFL´QKDFLDVXEHVWDFLRQHVGHN9SHUPLWLU®DDOD
UHGVXE\DFHQWHGHN9EHQHILFLDUVHGHFRUULHQWHVGHFRUWRFLUFXLWRPRGHUDGDV/DJU¢ILFDGH
DEDMR LOXVWUD SDUD XQD VXEHVWDFL´Q GH  N9 OD UHODFL´Q HQWUH ODV FRUULHQWHV GH
FRUWRFLUFXLWRVREUHHOMXHJRGHEDUUDVGHN9\ODVFRUULHQWHVGHFRUWRFLUFXLWRGHOODGRGH
 N9 HQ IXQFL´Q GHO Q»PHUR \ GH OD SRWHQFLD GH ORV WUDQVIRUPDGRUHV 6H YH TXH SDUD
GLVSRQHUGH09$GHSRWHQFLDJDUDQWL]DGDVXSRQLHQGRODDYHU®DGHXQWUDQVIRUPDGRU\
XQDVREUHFDUJDGHOHQORVRWURVKDFHQIDOWDWUHVWUDQVIRUPDGRUHVGH09$´FLQFRGH
 09$ /D FRUULHQWH GH FRUWRFLUFXLWR WULI¢VLFD QR VREUHSDVD DSHQDV ORV  N$ HQ DPERV
FDVRV

3DUHFHSXHVTXHVHUHVXHOYHQDV®ORVSUREOHPDVGHFRUWRFLUFXLWRHQODUHGGHN9
6LQHPEDUJRVLHPSUHKDEU¢H[FHSFLRQHVSRUHMHPSORHQORVOXJDUHVGHIXHUWHFRQFHQWUDFL´Q
GHSRWHQFLD(QHVWRVFDVRVVHSXHGHUHDOL]DUXQDVHFWRUL]DFL´QGHODUHGGHN9FRPRVH
DSXQW´DQWHV

&$0%,2'(1,9(/'(327(1&,$'(&2572&,5&8,72

/DVFRUULHQWHVGHFRUWRFLUFXLWRGHXQDUHGTXH\DH[LVWHFX\DVVXEHVWDFLRQHVKDQVLGR
GHFLGLGDV HQ HO SDVDGR HYROXFLRQDQ QRUPDOPHQWH D WHQRU GH FRPR OR KDFH OD SRWHQFLD
FRQVXPLGD3DUHFHSXHVO´JLFRTXHFXDQGRHOFRQVXPRKDH[SHULPHQWDGR\DXQFUHFLPLHQWR
VLJQLILFDWLYR FRQ HO WUDQVFXUVR GH ORV D²RV VH GHFLGD HO FDPELR D XQ QLYHO GH SRWHQFLD GH
FRUWRFLUFXLWR P¢V HOHYDGR TXH HO H[LVWHQWH HQ OD UHG (YLGHQWHPHQWH QR HV V´OR OD VLPSOH
H[WUDSRODFL´QGHWHQGHQFLDVGHOSDVDGRODTXHGHEHFRQGXFLUDWRPDUODGHFLVL´QGHXQFDPELR
GH QLYHO HQ OD SRWHQFLD GH FRUWRFLUFXLWR VLQR WDPELªQ HVWXGLRV HVSHF®ILFRV GH FDGD UHG DV®
FRPRHVWXGLRVJHQHUDOHVGH$UTXLWHFWXUDGH5HG

3DUD LOXVWUDU ORV FRQGLFLRQDQWHV UHODWLYRV D OD GHFLVL´Q GH FDPELR D XQ QLYHO GH
SRWHQFLD GH FRUWRFLUFXLWR P¢V HOHYDGR SHQVDUHPRV HQ GRV HMHPSORV TXH GHVFULEHQ GRV
VLWXDFLRQHVGLIHUHQWHV3HQVHPRVHQSULPHUOXJDUHQXQDSRVLEOHUHGIXWXUDSUHYLVWDSDUDXQ
FRQVXPRGH7:KHQHOD²RKRUL]RQWH(VWDUHGGLVSRQHGHFLHQVXEHVWDFLRQHVGHN9
HQYHLQWLFLQFRGHODVFXDOHVODVFRUULHQWHVGHFRUWRFLUFXLWRVREUHSDVDQORVN$&RQYLVWDVD
PDQWHQHUODVFRUULHQWHVGHFRUWRFLUFXLWRSRUGHEDMRGHORVN$VHSUR\HFWDQVHFWRUL]DFLRQHV
HQDTXHOODVUHJLRQHVGRQGHVHGDQODVJUDQGHVDJORPHUDFLRQHVXUEDQDV6LQHPEDUJR\SDUD
PDQWHQHU OD PLVPD VHJXULGDG TXH HQ UªJLPHQ PDOODGR VLQ WHQHU HQ FXHQWD HO SRVLEOH
 

" !

 

        

EDVFXODPLHQWR GH FDUJD GH XQ MXHJR GH EDUUDV D RWUR VHU¢ QHFHVDULR FRQ WRGD VHJXULGDG
DXPHQWDU OD ORQJLWXG GH ODV O®QHDV D  N9 HQ YDULRV FLHQWRV GH NP DV® FRPR DXPHQWDU HO
Q»PHURGHWUDQVIRUPDGRUHVGHN9

(VWH DXPHQWR GHO YROXPHQ GH ODV LQVWDODFLRQHV UHSUHVHQWDU¢ HO SUHFLR GH OD
VHFWRUL]DFL´Q TXH SHUPLWH FRQ OD PLVPD VHJXULGDG TXH DQWHV PDQWHQHU ODV FRUULHQWHV GH
FRUWRFLUFXLWRHQWRGDVODVVXEHVWDFLRQHVGHN9SRUGHEDMRGHN$3XHGHDUJXPHQWDUVH
TXH HVWD HYDOXDFL´Q SXHGH VHU XQ SRFR H[FHVLYD SRUTXH HO EDVFXODPLHQWR DXWRP¢WLFR GH
FDUJDGHXQDUHGDRWUDSHUPLWLU®DXQDFLHUWDHFRQRP®DGHPDWHULDOSHURWDPELªQHVFLHUWR
TXHHVWRFRPSOLFDU®DODH[SORWDFL´QGHODUHG

&RQVLGHUHPRV DKRUD XQ VHJXQGR HMHPSOR HO GH OD DOLPHQWDFL´Q D XQD JUDQ
DJORPHUDFL´Q XUEDQD SDUD OD TXH VH WLHQH HQ FXHQWD OD SRVLELOLGDG GH EDVFXODPLHQWR GH
FDUJDV <D VH KD DSXQWDGR TXH HO SODQLILFDGRU GHEH GHFLGLU HQWUH XQD UHG PDOODGD FRQ
FRUULHQWHVGHFRUWRFLUFXLWRJUDQGHVRXQDUHGVHFWRUL]DGDFRQFRUULHQWHVGHFRUWRFLUFXLWRP¢V
SHTXH²DV/DSULPHUDDOWHUQDWLYDHOHYDHOFRVWHGHODUHGSRUHOKHFKRGHTXHORVPDWHULDOHV
GHODVVXEHVWDFLRQHV\ODVO®QHDVVRQP¢VFRVWRVDV/DVHJXQGDDOWHUQDWLYDHOHYDHOFRVWHSRU
HO KHFKR GH TXH KD\ P¢V LQVWDODFLRQHV GH WUDQVSRUWH SDUD FRPSHQVDU HO HIHFWR GH OD
VHFWRUL]DFL´Q€&X¢OGHODVGRVDOWHUQDWLYDVGHEHDGRSWDUVH"

/RVGRVHMHPSORVH[SXHVWRVUHTXLHUHQHVWXGLRVHVSHF®ILFRVTXHSHUPLWDQHYDOXDUDOR
ODUJRGHXQSHU®RGRGHD²RVSRUHMHPSORORVEDODQFHVHFRQ´PLFRVJOREDOHVSDUDFDGDXQD
GHODVDOWHUQDWLYDVFRQVLGHUDGDV

(QFXDOTXLHUFDVRKD\TXHSUHVWDUVLHPSUHPXFKDDWHQFL´QDOSUREOHPDGHODXPHQWR
GHOQ»PHURGHLQVWDODFLRQHVTXHSRGU®DUHVXOWDUGHODYROXQWDGGHFRQVHUYDUHOQLYHODFWXDOGH
FRUWRFLUFXLWRSRUTXHHQWUHGRVVROXFLRQHVGHFRVWHFRPSDUDEOH\GDGRHOHFRTXHDGTXLHUHQ
ORVSUREOHPDVPHGLRDPELHQWDOHVHVSHFLDOPHQWHHQORVDOUHGHGRUHVGHODVJUDQGHVFLXGDGHV
KD\ TXH HOHJLU HYLGHQWHPHQWH OD VROXFL´Q TXH FRPSRUWH HO PHQRU Q»PHUR GH LQVWDODFLRQHV
REUDV

2WUD UD]´Q TXH SXHGH H[LJLU XQ FDPELR GH QLYHO HV OD IXWXUD DSDULFL´Q GH JUDQGHV
FHQWUDOHVGHSURGXFFL´QGRWDGDVGHYDULRVJUXSRV3RUHMHPSORXQDFHQWUDOGHFXDWURJUXSRV
GH0:DSRUWDSRUV®VRODN$

&21&/86,21(6

(QGHILQLWLYDORVPHGLRVFRQORVTXHFXHQWDHOSODQLILFDGRUSDUDOLPLWDUODVFRUULHQWHV
GHFRUWRFLUFXLWRVHSXHGHQFODVLILFDUHQWUHVFDWHJRU®DV

- $FWXDFLRQHV VREUH ORV PDWHULDOHV SRU DXPHQWR GH VX UHDFWDQFLD (VWH
SURFHGLPLHQWR HVW¢ EDVWDQWH OLPLWDGR SRU OD QHFHVLGDG GH QR DXPHQWDU ORV
FRQVXPRVGHHQHUJ®DUHDFWLYD6LQHPEDUJRHODXPHQWRGHODVHFFL´QGHODVO®QHDV
TXHWLHQHFRPRYHQWDMDDGLFLRQDOHODXPHQWRGHODFDSDFLGDGGHWUDQVSRUWHHVXQ
PHGLR XWLOL]DGR HQ ORV DOUHGHGRUHV GH ODV JUDQGHV FLXGDGHV SHUR TXH QR SXHGH
VHUJHQHUDOL]DGR

- $FWXDFLRQHV VREUH ODV SU¢FWLFDV GH H[SORWDFL´Q GH OD UHG /D WªFQLFD GH OD
VHFWRUL]DFL´Q VH XWLOL]D SDUD UHGXFLU ODV SRWHQFLDV GH FRUWRFLUFXLWR HQ ODV
SUR[LPLGDGHV GH ODV JUDQGHV DJORPHUDFLRQHV XUEDQDV FXDQGR ODV VXEHVWDFLRQHV
\DFRQVWUXLGDVQRSXHGHQDGRSWDUVHDXQDFRUULHQWHGHFRUWRFLUFXLWRVXSHULRU6LQ
HPEDUJR HQ OR TXH UHVSHFWD DO HPSOD]DPLHQWR \ FRQFHSFL´Q GH VXEHVWDFLRQHV
SXHGHQVHUGHPD\RULQWHUªVGHVGHHOSXQWRGHYLVWDGHOHQWRUQRSHOLJURSDUDODV
 

 !# !

 

        

SHUVRQDV \ HVWªWLFD XUEDQD ODV UHGHV PDOODGDV FDSDFHV GH FRUULHQWHV GH

FRUWRFLUFXLWRVXSHULRUHV

- $FFLRQHV VREUH OD FRQFHSFL´Q GH ODV UHGHV /DV UHGHV GH  N9 TXH SUHVHQWDQ
PHQRUHVFRUULHQWHVGHFRUWRFLUFXLWRVRQDTXHOODVTXHGLVSRQHQGHVXEHVWDFLRQHV
GHSHTXH²RWDPD²RGLVWDQWHVDOUHGHGRUGHXQFHQWHQDUGHNP

5HVXPLHQGRH[LVWHXQDFRKHUHQFLDHQWUHODVQHFHVLGDGHVGHGHVDUUROORGHODVUHGHV
EDMRHODVSHFWRGHODSRWHQFLDGHFRUWRFLUFXLWR\EDMRHODVSHFWRGHORVFRVWHVFRKHUHQFLDTXH
FRQGXFHDXQDVXHUWHGHRPQLSUHVHQFLDGHODUHGGHN9HQHOWHUULWRULRSRURSRVLFL´QD
ORVRWURVQLYHOHVVXE\DFHQWHVGHWHQVL´Q3RURWUDSDUWHODVFXHVWLRQHVUHODWLYDVDODSRWHQFLD
GHFRUWRFLUFXLWRGHEHQVHUSDUDHOSODQLILFDGRUXQDSUHRFXSDFL´QSHUPDQHQWHSXHVIRUPDQ
SDUWHGHODPD\RU®DGHODVGHFLVLRQHVTXHWRPD\DTXHLPSOLFDXQIDFWRU GH VHJXULGDG TXH
ELHQPDQHMDGROHSHUPLWHDIURQWDUFRQJDUDQW®DVODVLQFHUWLGXPEUHVW®SLFDVGHODSODQLILFDFL´Q
FRPRVRQODSUHYLVL´QGHOFRQVXPR\ODHVWLPDFL´QGHODVYDULDEOHVHFRQ´PLFDV

 

$ !

 

        

,9/$'(7(50,1$&,21'(8118(92(6&(1$5,2
'(327(1&,$'(&2572&,5&8,723$5$/$65('(6'(0(',$7(16,21

3/$17($0,(172'(/$1(&(6,'$''(81&$0%,2'((6&(1$5,2

+HPRVYLVWRTXHHOQLYHOGHODSRWHQFLDGHFRUWRFLUFXLWRWLHQHXQDLQIOXHQFLDGLUHFWDHQ
ODFRQFHSFL´QGHODUHGHOHFFL´QGHOQLYHOGHWHQVL´QHVWUXFWXUDGHODUHGWHQVL´QGHFRQH[L´Q
GHJUXSRV\FOLHQWHVLPSRUWDQWHVHOHFFL´QGHORVYDORUHVP¢[LPRVDGPLVLEOHVSRUHOPDWHULDO
HWFDV®FRPRHQODH[SORWDFL´QGHODPLVPD\HQODVFDXVDVTXHRULJLQDQODVSHUWXUEDFLRQHV
GHWHQVL´Q

0¢VFRQFUHWDPHQWHHOFRQRFLPLHQWRGHODSRWHQFLDGHFRUWRFLUFXLWRSHUPLWHGHILQLUODV
FDUDFWHU®VWLFDVTXHGHEHQFXPSOLUSRUHMHPSOR

- /RVMXHJRVGHEDUUDV
- /DV FRQH[LRQHV GH HPSDOPHV TXH GHEHQ UHVLVWLU ORV HVIXHU]RV HOHFWURGLQ¢PLFRV
GHOFRUWRFLUFXLWRWDQWRHQFDEOHVFRPRHQFRQGXFWRUHV
- /DVHYHQWXDOHVSXHVWDVGHOQHXWURDWLHUUD
- /RV WUDQVIRUPDGRUHV GH FRUULHQWH TXH H[SHULPHQWDQ DGHP¢V GH HVIXHU]RV
PHF¢QLFRV\FDOHQWDPLHQWRVXQDVDWXUDFL´QGHVXFLUFXLWRPDJQªWLFRTXHPRGLILFD
VXUHODFL´QGHWUDQVIRUPDFL´QSRUHQFLPDGHXQFLHUWRYDORUGHODFRUULHQWH
- /RVLQWHUUXSWRUHVTXHGHEHQFRUWDUODFRUULHQWH
- (WF

/RVF¢OFXORVGHODFRUULHQWHGHFRUWRFLUFXLWRWDPELªQSHUPLWHQSRUHMHPSOR

- 'HILQLU ODV FRQILJXUDFLRQHV GH UHG FRPSDWLEOHV FRQ HO DSDUHOODMH LQVWDODGR \ HQ
SDUWLFXODUFRQORVSRGHUHVGHFRUWHGHORVLQWHUUXSWRUHV
- 'HILQLUORVHVTXHPDVGHSURWHFFLRQHV\WDUDUORVUHOªVHQFDUJDGRVGHDVHJXUDUOD
SRWHQFLDGHODUHG
- &DOFXODU ODV FRUULHQWHV D WLHUUD HQ FDVR GH GHIHFWR \ ODV VXELGDV GH WHQVL´Q TXH
HVWDVFRUULHQWHVSXHGDQSURYRFDUFHEDGRVLQWHPSHVWLYRV
- 3UHYHQLUORVSUREOHPDVHYHQWXDOHVLQGXFLGRVHQODVUHGHVGHWHOHFRPXQLFDFL´Q
- (WF

(QGHILQLWLYDFXDQGRVHGHWHUPLQDHOQLYHOGHODSRWHQFLDGHFRUWRFLUFXLWRGHXQDUHGOR
TXH VH ILMD HQ UHDOLGDG HV XQ HVFHQDULR GH DFWXDFL´Q JOREDO HQ HVD UHG HVWR HV VH ILMDQ
SULQFLSLRVGHFRQFHSFL´QGHODUHGVHHVWDEOHFHQFULWHULRVGHGLPHQVLRQDPLHQWRGHODUHG\VH
SUHVFULEHQODVSDXWDVGHH[SORWDFL´QGHODUHG3RUWRGRHOORODSRWHQFLDGHFRUWRFLUFXLWRHV
XQD PDJQLWXG PX\ LPSRUWDQWH HQ OD LQJHQLHU®D GH ORV VLVWHPDV HOªFWULFRV GH SRWHQFLD \ VX
FRQRFLPLHQWR UHVXOWD GH XQD JUDQ XWLOLGDG SU¢FWLFD \D TXH D XQ »QLFR YDORU HO QLYHO GH
SRWHQFLD GH FRUWRFLUFXLWR GH OD UHG H[SUHVDGR HQ N$ HV LQKHUHQWH XQD HQRUPH FDQWLGDG GH
LQIRUPDFL´Q TXH FRQILJXUD OR TXH KHPRV GHQRPLQDGR (6&(1$5,2 '( 327(1&,$ '(
&2572&,5&8,72SDOLHUGHFRUWRFLUFXLWRSDUDORVIUDQFHVHV

6LELHQHOHVFHQDULRGHSRWHQFLDGHFRUWRFLUFXLWRILMDODVFRQGLFLRQHVDODVFXDOHVGHEHQ
UHVSRQGHUORVPDWHULDOHVTXHVHFRQHFWDQDHOODSDUDTXHSXHGDIXQFLRQDUDGHFXDGDPHQWH
WHQVL´QQRPLQDOIUHFXHQFLDQRPLQDOQLYHOGHDLVODPLHQWRHWFORVSURSLRVPDWHULDOHV\VXV
SURFHVRV GH IDEULFDFL´Q H[SHULPHQWDQ DYDQFHV TXH REOLJDQ D ORV IDEULFDQWHV D LQWURGXFLU
PRGLILFDFLRQHV HQ ORV PRGHORV \ HQ ODV JDPDV TXH IDEULFDQ 3LªQVHVH SRU HMHPSOR HQ ORV
LQWHUUXSWRUHVGHYDF®RRHQORVSDUDUUD\RVGH´[LGRGHVLOLFLR6LQHPEDUJRQRHVGHVHDEOHTXH
HVWDV PRGLILFDFLRQHV VHDQ PX\ IUHFXHQWHV SRUTXH OD GLYHUVLGDG GHO PDWHULDO HQWUD²D
GLILFXOWDGHVSDUDODVFRPSD²®DVH[SORWDGRUDVGHODVUHGHVTXHVLHPSUHSHUVLJXHQQRUPDOL]DU
 

 )# !

 

        

OR P¢V SRVLEOH HO PDWHULDO TXH XWLOL]DQ ([LVWHQ UD]RQHV SRU WDQWR SDUD UHVSHWDU OR TXH
SRGU®DPRV GHQRPLQDU HQ HVWH FDVR HVFHQDULRV WHFQRO´JLFRV DXQTXH SXHGD GDUVH OD
FLUFXQVWDQFLDTXHODGXUDFL´QGHODYLGDGHXQPDWHULDOVHDHQVXHVFHQDULRWHFQRO´JLFRP¢V
FRUWDTXHHQVXHVFHQDULRGHSRWHQFLDGHFRUWRFLUFXLWR

 (QFXDOTXLHUFDVRQLQJXQRGHDPERVHVFHQDULRVVRQSHUPDQHQWHVSRUHOORWHQLHQGR
HQ FXHQWD HO DXPHQWR GH ODV SRWHQFLDV TXH GHEHQ DWHQGHUVH \ ORV SURJUHVRV WHFQRO´JLFRV
H[SHULPHQWDGRVSRUORVPDWHULDOHVHVEXHQRSUHJXQWDUVHSHUL´GLFDPHQWHVREUHODXWLOLGDGHQ
XQFDPELRGHHVFHQDULRGHSRWHQFLDGHFRUWRFLUFXLWRVRSHVDQGRORVSURV\ODVFRQWUDVTXHHOOR
SXHGDUHSRUWDUDV®FRPRODVOLPLWDFLRQHVTXHHQWUD²DODXWLOL]DFL´QGHOPDWHULDOH[LVWHQWH

 (VWH FDPELR SXHGH VHU P¢V R PHQRV SURIXQGR SHUR DTX® QRV FHQWUDUHPRV
H[FOXVLYDPHQWH HQ ODV FRQGLFLRQHV GH FDPELR TXH GHEHQ GDUVH \ OD GHWHUPLQDFL´Q SRU
D²DGLGXUD GH XQ QXHYR HVFHQDULR GH SRWHQFLD GH FRUWRFLUFXLWR SDUD ODV UHGHV GH PHGLD
WHQVL´Q

 /DQHFHVLGDGGHFDPELRDXQHVFHQDULRGHSRWHQFLDGHFRUWRFLUFXLWRGHQLYHOVXSHULRU
VXHOH SURYHQLU GH OD HYROXFL´Q TXH H[SHULPHQWDQ ODV UHGHV VXEWHUU¢QHDV GH PHGLD WHQVL´Q
XUEDQD (V GHFLU TXH QR HV VROR OD FXHVWL´Q GH OD FRQH[L´Q GH DERQDGRV SHUWXUEDGRUHV OD
FDXVDTXHREOLJDDXQFDPELRGHHVFHQDULRVLQRTXHHVWHVHGHEHLJXDOPHQWHDRWURVIDFWRUHV
WDOHVFRPRODQRUPDOL]DFL´QGHORVPDWHULDOHVHOWDPD²RGHODVIXHQWHVGHDOLPHQWDFL´QGH
ODVUHGHVGHPHGLDWHQVL´QODHYROXFL´QGHODUHGKDFLDXQDWHQVL´QP¢VDOWDORVUHTXLVLWRVGH
H[SORWDFL´QGHODUHGGHPHGLDWHQVL´QHWF(QGHILQLWLYDHOFDPELRGHXQHVFHQDULRDRWURGH
QLYHOGHSRWHQFLDGHFRUWRFLUFXLWRVXSHULRUSUHVHQWDFLHUWDVYHQWDMDVVXVWDQFLDOHVD²DGLGDDOD
TXHSURSRUFLRQDSDUDODFRQH[L´QGHDERQDGRVSHUWXUEDGRUHV

 /RTXHVHGHVSUHQGHGHWRGRORDQWHULRUHVTXHHQPDWHULDGHUHGHVGHGLVWULEXFL´Q
H[LVWHQ UDUDPHQWH SUREOHPDV TXH SXHGDQ VHU WUDWDGRV DLVODGDPHQWH /DV LQWHUUHODFLRQHV
HQWUHIDFWRUHVVRQQXPHURVDV\FRQGXFHQJHQHUDOPHQWHWHQLHQGRHQFXHQWDWDPELªQHOSHVR
TXHVLJQLILFDODKLVWRULDGHODVUHGHVTXHHVPX\LPSRUWDQWHDVROXFLRQHVGHFRPSURPLVRSRU
PHGLR GH ODV FXDOHV VH HVSHUD VLHPSUH TXH ODV YHQWDMDV VXSHUHQ D ORV LQFRQYHQLHQWHV TXH
LUUHPHGLDEOHPHQWHVXEVLVWDQ&RQWHPSODGRGHVGHHVWHDVSHFWRXQ FDPELR GH HVFHQDULR GH
SRWHQFLDGHFRUWRFLUFXLWRVXSRQHXQDEXHQDLOXVWUDFL´QGHHVWDVLWXDFL´Q

(67$'2'(/$5(''(0(',$7(16,21

&RPR SDVR SUHYLR DO SODQWHDPLHQWR GH XQ FDPELR GH HVFHQDULR GH SRWHQFLD GH
FRUWRFLUFXLWRGHEHUHDOL]DUVHXQDQ¢OLVLVGHOHVWDGRGHODUHGVXEWHUU¢QHDGHGLVWULEXFL´QGH
PHGLDWHQVL´QTXHVHFRQVLGHUD6HSXHGHVHJXLUSDUDHOORHOVLJXLHQWHHVTXHPD

,19(17$5,27(&1,&20DWHULDO

1RUPDOPHQWH HO PDWHULDO LQVWDODGR HQ OD UHG HV FRQVHFXHQFLD GH ODV GHFLVLRQHV
DGRSWDGDV HQ HO SDVDGR UHVSHFWR D YDORUHV GH WHQVL´Q QRPLQDO \ SRWHQFLD GH FRUWRFLUFXLWR
WHPSRUL]DFL´QGHODVSURWHFFLRQHVWLHPSRGHDFWXDFL´QSDUDORVLQWHUUXSWRUHVGHVDOLGD\GH
OOHJDGD \ REYLDPHQWH GH ORV PDWHULDOHV H[LVWHQWHV HQ HO PRPHQWR GH DGRSWDU HVWDV
GHFLVLRQHV 'LFKR HQ RWUDV SDODEUDV HO PDWHULDO LQVWDODGR HQ XQD UHG HQ XQ PRPHQWR GDGR
UHIOHMDILHOPHQWHSDUDELHQRSDUDPDOODKLVWRULDGHHVDUHG

(OLQYHQWDULRWªFQLFRGHODUHGGHEHUHVSRQGHUDOPHQRVDORVVLJXLHQWHVDSDUWDGRV

&DEOHVVXEWHUU¢QHRV
 

* !

 

        

,GHQWLILFDFL´QGHODVWHQVLRQHVQRUPDOL]DGDV\GHODVVHFFLRQHVHPSOHDGDV

&DUDFWHUL]DFL´QGHODSDUHOODMHLQVWDODGR

- 'XUDFL´Q DGPLVLEOH QRPLQDO GH OD FRUULHQWH GH FRUWRFLUFXLWR HQ VHJXQGRV \
SRVLEOHVYDORUHVGHHVWD

3RGHUGHFRUWHQRPLQDOHQFRUWRFLUFXLWRGHORVLQWHUUXSWRUHVDXWRP¢WLFRVGHVDOLGD

- 3RGHU GH FLHUUH GH FRUWRFLUFXLWR GH ORV LQWHUUXSWRUHV GH ORV FHQWURV GH
WUDQVIRUPDFL´Q07%7

&RQILJXUDFL´QGHODUHGGHUHSDUWRTXHDOLPHQWDODUHGGHPHGLDWHQVL´Q

7RSRORJ®DGHODUHG

(VTXHPDVGHODVVXEHVWDFLRQHV\FDSDFLGDGGHVXVWUDQVIRUPDGRUHV

 'HEHQ WHQHUVH HQ FXHQWD HQ HVWH DSDUWDGR OD SRVLELOLGDG GH TXH H[LVWDQ
WUDQVIRUPDGRUHVN907 ´  N907 FX\D SRWHQFLD SHUPLWD DOLPHQWDU GLUHFWDPHQWH HO
MXHJR GH EDUUDV GH 07 R ELHQ FX\D SRWHQFLD VHD WDO TXH VH UHTXLHUDQ UHDFWDQFLDV
FRPSOHPHQWDULDVSDUDDOLPHQWDUORVMXHJRVGHEDUUDVGH07

7DPELªQ GHEHQ WHQHUVH SUHVHQWHV DOJXQRV RWURV DVSHFWRV UHVSHFWR D OD GHFLVL´Q GH
JHQHUDOL]DUODWUDQVIRUPDFL´QGLUHFWDN907RODGHFLVL´QGHKDFHUGHVDSDUHFHUDFLHUWR
SOD]RGHWHUPLQDGRVQLYHOHVGHWHQVL´Q

&21',&,21(6'()81&,21$0,(172<(;3/27$&,21'(/$5(''(',675,%8&,21

(VWHDSDUWDGRGHEHU®DLQFOXLUDOPHQRV

 3RWHQFLDP¢[LPDTXHVHSXHGHJDUDQWL]DUHQODVVXEHVWDFLRQHVGHHQWUHJD

(OFRVWHGHXQDVXEHVWDFL´QDXPHQWDFRQVXSRWHQFLDXQLWDULDSHURP¢VGHVSDFLRGH
OR TXH DXPHQWD VX SURSLD SRWHQFLD 3DUD DWHQGHU XQD SRWHQFLD GDGD VREUH XQD
VXSHUILFLH GDGD HO FRVWH WRWDO GH ODV VXEHVWDFLRQHV GLVPLQX\H VL VH DXPHQWD OD
SRWHQFLD XQLWDULD SHUR HO FRVWH GH OD UHG DXPHQWD +D\ SRU FRQVLJXLHQWH XQ YDORU
´SWLPRHQIXQFL´QGHODGHQVLGDG

'HEHU¢Q WHQHUVH SUHVHQWHV ODV UD]RQHV TXH FRQGXMHURQ D DGRSWDU ODV SRWHQFLDV
XQLWDULDV\SRWHQFLDVJDUDQWL]DGDVGHODVVXEHVWDFLRQHVDFWXDOHV

 3RWHQFLDGHFRUWRFLUFXLWRGLVSRQLEOHHQODUHGGHPHGLDWHQVL´QHLQGLFDFL´QGHWRGRV
DTXHOORV SXQWRV GH OD UHG HQ TXH SXHGH VHU LQVXILFLHQWH SDUD FRQHFWDU FOLHQWHV
SHUWXUEDGRUHV

'HEHU¢DQDOL]DUVHWDPELªQVLHOYDORUDFWXDOGHODSRWHQFLDGHFRUWRFLUFXLWRHQODUHG
UHTXLHUHOLPLWDUODSRWHQFLDGHORVDUUROODPLHQWRVGHORVWUDQVIRUPDGRUHV D XQ YDORU
GHWHUPLQDGRRELHQREOLJDDLQVWDODUUHDFWDQFLDV

 'HWHUPLQDFL´Q GH ORV P¢UJHQHV GH FRUWRFLUFXLWR GLVSRQLEOHV SDUD WHQHU HQ FXHQWD D
ORVDXWRSURGXFWRUHVHYHQWXDOPHQWHFRQHFWDGRVDODUHG
 

, !

 

        

 5HODFL´QGHWRGRHODSDUHOODMHLQVWDODGRTXHVHHQFXHQWUDIXHUDGHQRUPDV

(V I¢FLO GDUVH FXHQWD GH TXH OD GHVFULSFL´Q GHO HVWDGR GH OD UHG TXH VH REWHQGU®D D
SDUWLUGHODUHFRSLODFL´QGHWRGDHVWDLQIRUPDFL´QRGHXQDLQIRUPDFL´QVLPLODUDHVWDVHU®DOD
UHVXOWDQWH GHO FRPSURPLVR QDWXUDO GHULYDGR GH ODV FLUFXQVWDQFLDV KLVW´ULFDV TXH KDQ LGR
GHFLGLHQGRODHYROXFL´QGHODUHGPDUFDGDSRU

- ODQHFHVLGDGHFRQ´PLFDGHDXPHQWDUODSRWHQFLDJDUDQWL]DGDSRUVXEHVWDFL´Q GH
HQWUHJDHQODV]RQDVXUEDQDVGHQVDVUHFXUVRDODWUDQVIRUPDFL´QN907\D
ODVSRWHQFLDVGHORVWUDQVIRUPDGRUHVJUDQGHV

- HO LQWHUªV WªFQLFR \ HFRQ´PLFR GH FRQWLQXDU XWLOL]DQGR HO DSDUHOODMH QR

QRUPDOL]DGR TXH D SHVDU GH HVWH LQFRYHQLHQWH VLHPSUH WLHQH OD YHQWDMD GH HVWDU
ELªQSUREDGRUHFXUVRDWUDQVIRUPDGRUHVFRQGRVDUUROODPLHQWRVVHFXQGDULRV

- QHFHVLGDG GH GLVSRQHU HQ FLHUWRV FDVRV UDURV SHUR SRVLEOHV GH XQD SRWHQFLD GH
FRUWRFLUFXLWRVXSHULRUHQPHGLDWHQVL´QUHFXUVRDMXHJRVGHEDUUDVGHSRWHQFLDGH
FRUWRFLUFXLWRVXSHULRUDVRFLDGRVDWUDQVIRUPDGRUHVGHPD\RUSRWHQFLD

8QDYH]GHVFULWRHOHVWDGRGHODUHGTXHVHFRQVLGHUDODFXHVWL´QTXHVHGHEHSODQWHDU
HV OD GH VDEHU VL GHEH SURFHGHUVH R QR D XQ FDPELR GH HVFHQDULR WHQLHQGR HQ FXHQWD ORV
SUREOHPDVTXHGLFKRFDPELROOHYDDSDUHMDGRFRQWRGDVHJXULGDG

9(17$-$6(,1&29(1,(17(6'(5,9$'26'(81&$0%,2'((6&(1$5,2

+DFLD  VH DEUL´ SDVR OD LGHD GH GHILQLU OD DSWLWXG GHO PDWHULDO SDUD VRSRUWDU HO
FRUWRFLUFXLWRHQDPSHULRV\GHMDUGHKDFHUORHQ09$DGRSWDQGR ORV YDORUHV LQWHUQDFLRQDOHV
VLJXLHQWHV

>@N$

,QWXLWLYDPHQWH VH DSUHFLD TXH HQ XQD UHG GH QXHYD SODQWD HQ OD TXH VH SXGLHUD
HVFRJHU OD VHFFL´Q GH ORV FDEOHV GH ODV GHULYDFLRQHV \ ODV FDUDFWHU®VWLFDV GHO PDWHULDO HQ
IXQFL´QGHODLQWHQVLGDGGHFRUWRFLUFXLWRDGRSWDGDHOYDORUGHN$HVQHWDPHQWHLQIHULRUDOGH
N$\HVWHLQIHULRUDOGHN$\DV®VXFHVLYDPHQWH

 /RV HVWXGLRV GHEHQ GH LU HQFDPLQDGRV SRU WDQWR D YDORUDU ODV SRVLELOLGDGHV GHO
PDWHULDOLQVWDODGR\GHODVPRGLILFDFLRQHVTXHVHU®DQHFHVDULRLQWURGXFLUSDUDYHUVLUHVXOWD
HFRQ´PLFRDXPHQWDUODSRWHQFLDGHFRUWRFLUFXLWRSRUHQFLPDGHOYDORUSUHVHQWH

9(17$-$6'(/$80(172

- 5HVXOWDU¢JOREDOPHQWHP¢VHFRQ´PLFR

- /DUHGGHPHGLDWHQVL´QP¢VSRWHQWHSHUPLWLU¢DWHQGHUSU¢FWLFDPHQWHDWRGRVORV
DERQDGRV LQFOX\HQGR DTXHOORV SHUWXUEDGRUHV TXH SXHGHQ HVWDU VLHQGR
DOLPHQWDGRVGLUHFWDPHQWHGHEDUUDVGHDOWDWHQVL´QHYLWDQGRDV®HOGHVDUUROORGH
XQDYHUGDGHUDUHGVXSHUSXHVWDTXHHVWRVDERQDGRVYDQFUHDQGR

- 6HSXHGHQVXSULPLUODVUHDFWDQFLDVTXHH[LVWDQHQODVVXEHVWDFLRQHVIXHQWHVSDUD
OLPLWDU OD SRWHQFLD GH FRUWRFLUFXLWR $O HOLPLQDU ODV UHDFWDQFLDV VH HOLPLQDQ ORV
LQFRQYHQLHQWHVTXHVHGHULYDQGHHOODVFRVWHREUDFLYLOFRPSOHMLGDGGHOHVTXHPD
QHFHVLGDGGHLQVWDODUP¢VFRQGHQVDGRUHVSHRUUHJXODFL´QGHWHQVL´QHWF
 

 / !

 

        

- $XPHQWDUODSRWHQFLDGHFRUWRFLUFXLWRVLHPSUHRIUHFHP¢VSRVLELOLGDGHVGHIXWXUR

,1&219(1,(17(6'(/$80(172

 /D HOHFFL´Q GH XQ HVFHQDULR X RWUR GHEH UHVSRQGHU WDPELªQ D GRV FXHVWLRQHV
VXEVLGLDULDVGHJUDQLPSRUWDQFLD

- 8QD HV OD FRQFHUQLHQWH DO PDWHULDO GH ORV FHQWURV GH WUDQVIRUPDFL´Q 07%7 \D
H[LVWHQWHV TXH QR SXHGDQ VRSRUWDU OD QXHYD FRUULHQWH GH FRUWRFLUFXLWR \ D OD
HYHQWXDOLGDGGHWHQHUTXHUHHPSOD]DUORVFRQHOFDPELR$SHVDUGHTXHHOFRVWHGH
ODV WUDQVIRUPDFLRQHV QHFHVDULDV GH HVWRV FHQWURV VH SXHGD FRQWHPSODU HQ ORV
HVWXGLRVFRPSDUDWLYRVGHFDGDHVFHQDULRHVWRVLHPSUHVHKDU¢GHIRUPDJOREDO\
SRU OR WDQWR FRQYLHQH DVHJXUDUVH GH TXH HVWDV WUDQVIRUPDFLRQHV VRQ UHDOL]DEOHV
HQODSU¢FWLFDVLQVREUHFRVWHVRLPSRVLELOLGDGWªFQLFD

- /D RWUD HV OD FRQFHUQLHQWH D ODV RSFLRQHV FRPSOHPHQWDULDV TXH GHEHQ WRPDUVH
SDUD DTXHOODV UHGHV TXH QR VHDQ VXVFHSWLEOHV GH SDVDU D XQ QLYHO GH WHQVL´Q
VXSHULRUHQXQSOD]RUD]RQDEOH

(678',26&203$5$7,926

 (O GLOHPD DQWHULRU SXHGH UHVROYHUVH FRQ XQ HVWXGLR TXH VH GHILQLU®D GH OD VLJXLHQWH
PDQHUD WHQLHQGR HQ FXHQWD HO HVWDGR DFWXDO LQYHVWLJDU ODV YHQWDMDV H LQFRQYHQLHQWHV
WªFQLFRV\HFRQ´PLFRVGHSDVDUODVUHGHVGHPHGLDWHQVL´QH[LVWHQWHVDXQRXRWURGHORV
QLYHOHVGHSRWHQFLDGHFRUWRFLUFXLWRGHPHGLDWHQVL´QGHILQLGRVSRUODQRUPDOL]DFL´Q&(,GH
DSDUDWRVGHFRUWHGHN9

 3DUHFHHYLGHQWHTXHVLVHFRQVLGHUDXQFDPELRGHHVFHQDULRHVWHGHEDVHUFRQIRUPH
DO DSDUHOODMH QRUPDOL]DGR ,QWHUHVD SRU FRQVLJXLHQWH HVWXGLDU YDULRV QLYHOHV GH HQWUH ORV
QRUPDOL]DGRVDVDEHU\N$\KDFHUORHQWUHVHWDSDV

D 'HILQLFL´QGHORVPDWHULDOHVWUDQVIRUPDGRUHVDSDUHOODMHHWFWªFQLFDPHQWHDGRSWDGRV

D FDGD QLYHO GH SRWHQFLD GH FRUWRFLUFXLWR FRQVLGHUDGR HQ IXQFL´Q GH ODV OLPLWDFLRQHV
WªFQLFDV\GHORVREMHWLYRVGHODH[SORWDFL´Q

E(YDOXDFL´QGHOFRVWHGHHVWRVPDWHULDOHVPHGLDQWHFRQVXOWDFRQORVIDEULFDQWHV

E (VWXGLRV WªFQLFRHFRQ´PLFRV FRPSDUDWLYRV WªFQLFRV \ VREUH UHGHV UHDOHV GHO FRVWH GH

SDVRDFDGDXQRGHORVQLYHOHVFRQVLGHUDGRV

 (QHVWHSXQWRGHEHKDFHUVHXQFRPHQWDULRLPSRUWDQWH\HVTXHVHSRGU®DFRQWHPSODU
HOFDPELRGHSRWHQFLDGHFRUWRFLUFXLWRDXQQLYHOVXSHULRUH[FOXVLYDPHQWHSDUDDTXHOODSDUWH
GHODUHG\DH[SORWDGDDODWHQVL´QQRPLQDOILQDOGHVHDGDRPHMRUSDUWLUGHODLGHDEDVHGH
DSURYHFKDUODHYROXFL´QOHQWDSHURFRQVWDQWHGHODVUHGHVGHPHGLDWHQVL´QKDFLDHON9
SDUDSDVDUHYHQWXDOPHQWHDXQQLYHOGHSRWHQFLDGHFRUWRFLUFXLWRP¢VHOHYDGR(VWDVHJXQGD
KLS´WHVLV LPSOLFD SRU XQD SDUWH TXH VH WHQJD HQ FXHQWD HQ ORV HVWXGLRV HVWH FDPELR GH
WHQVL´Q\SRURWUDTXHVHH[DPLQHDWHQWDPHQWHHOFDVRGHDTXHOODVUHGHVTXHGHEHQTXHGDU
GXUDQWHXQWLHPSRP¢VRPHQRVSURORQJDGRDXQDWHQVL´QGLIHUHQWHGHN9

 3DUD UHDOL]DU HO HVWXGLR HQ FDGD XQR GH ORV QLYHOHV FRQVLGHUDGRV KD\ TXH FRQWDU
SUHYLDPHQWHFRQODVLJXLHQWHLQIRUPDFL´Q
 

:-1 !

 

        

- 3DUDHODSDUHOODMHDWHQHUVHDOPDWHULDOQRUPDOL]DGRSRUOD&(,SDUDN$
N9

- 3DUDORVWUDQVIRUPDGRUHVWLSRGHWUDQVIRUPDGRUHVVHOHFFLRQDGRVSDUDFDGDQLYHO
FRQVLGHUDGR SRWHQFLD Q»PHUR GH DUUROODPLHQWRV UHDFWDQFLD GH FRUWRFLUFXLWR
HWFYDORUDOTXHOLPLWDPRVVXLQWHQVLGDGGHFRUWRFLUFXLWRGHORVDXWRSURGXFWRUHV
\SRWHQFLDGHFRUWRFLUFXLWRUHDODNPGHODVXEHVWDFL´Q

- 3DUD ORV FDEOHV KD\ TXH ILMDU HO WLHPSR GH HOLPLQDFL´Q GH XQ GHIHFWR WULI¢VLFR
GXUDQWH HO SHU®RGR LQLFLDO GHO PLVPR \ TXH SRGHPRV FRQVLGHUDU JHQHUDOPHQWH
LQIHULRUDVHJ

 (VWRVHVWXGLRVFRPSDUDWLYRVGHEHQFHQWUDUVHSULQFLSDOPHQWHHQGRVSXQWRV

- 3ULPHUR OD FDSDFLGDG \ Q»PHUR ´SWLPR GH WUDQVIRUPDGRUHV SRU VXEHVWDFL´Q

$707\HVWRSDUDXQFRQMXQWRGHVXEHVWDFLRQHVFRQVLGHUDGDVJOREDOPHQWH\HQ
HYROXFL´QFRQVWDQWH

- 6HJXQGRHOFRVWHUHDOGHGHVDUUROORIXHQWHVFDEOHVFHQWURVGHWUDQVIRUPDFL´Q
HWFGHOSDVRGHOHVWDGRDFWXDODOHVWDGRILQDOHQHOQ»PHURGHD²RVILMDGRSRUOD
WUDQVLFL´QYHLQWHSRUHMHPSOR\SDUDFDGDXQDGHODVSRWHQFLDVGHFRUWRFLUFXLWR
FRQVLGHUDGDV

$5*80(17263$5$$'237$5/$'(&,6,21'(&$0%,2

$SDUWLUGHORVUHVXOWDGRVGHHVWRVHVWXGLRVFRPSDUDWLYRVHODQ¢OLVLVFRQGXFHQWHDWRPDUOD
GHFLVL´QGHFDPELRGHHVFHQDULRSXHGHEDVDUVHHQDUJXPHQWRVFRPRORVVLJXLHQWHV

- &RVWH

- 3RVLELOLGDG GH UHXWLOL]DU HO PDWHULDO H[LVWHQWH HQ ODV IXHQWHV \ FHQWURV GH
WUDQVIRUPDFL´Q R QHFHVLGDG GH XQ FDPELR FRPSOHWR GHO PLVPR FHQWURV GH
DERQDGRV

- ,PSRVLELOLGDGGHFRQWLQXDUXWLOL]DQGRGHWHUPLQDGRVWLSRVGHFDEOHV\PDWHULDOHV

- ,QFHUWLGXPEUH UHVSHFWR DO FRPSRUWDPLHQWR PHF¢QLFR GH DTXHOODV LQVWDODFLRQHV

GRQGH ORV HVIXHU]RV HOHFWURGLQ¢PLFRV HQ FDVR GH LQFLGHQWH SXHGDQ DXPHQWDU
VLJQLILFDWLYDPHQWH

- *DQDQFLDGHSRWHQFLDGHFRUWRFLUFXLWRTXHDSRUWDHOQXHYRQLYHOWHQLHQGRHQFXHQWD
HOPDUJHQSDUDHODSRUWHGHORVDXWRSURGXFWRUHV

- $OWHUDFLRQHVHQODFRQILJXUDFL´QGHORVHPEDUUDGRVGHODVVXEHVWDFLRQHVIXHQWHD
TXHREOLJDHOFDPELR

- 1»PHUR\FDSDFLGDGGHORVWUDQVIRUPDGRUHVTXHVHUHSDUWHQODSRWHQFLDLQVWDODGD
HQODVVXEHVWDFLRQHVIXHQWH

- (WF

 

  !

 

        

352%/(0$63$57,&8/$5(648(3/$17($/$$3/,&$&,21'(/$'(&,6,21
$'237$'$

 /D HOHFFL´Q GH XQD VROXFL´Q X RWUD SODQWHD HQ FDGD FDVR TXH VH KD\D UHVSRQGLGR
SULPHUDPHQWH D GRV FXHVWLRQHV GHULYDGDV GHO FDPELR GH HVFHQDULR \ TXH VRQ GH JUDQ
LPSRUWDQFLD

 /DSULPHUDVHU®DODTXHFRQFLHUQHDOPDWHULDOGHORVFHQWURVGHWUDQVIRUPDFL´Q07%7
\DH[LVWHQWHV\VXHYHQWXDOUHHPSOD]DPLHQWRGHELGRDOFDPELR$SHVDUGHTXHHOFRVWH
HYHQWXDOGHHVWDVPRGLILFDFLRQHVVHKD\DSRGLGRWHQHUHQFXHQWDJOREDOPHQWHHQORV
HVWXGLRV WªFQLFRHFRQ´PLFRV FRPSDUDWLYRV FRQYLHQH DVHJXUDUVH GH TXH HVWDV
WUDQVIRUPDFLRQHV SRWHQFLDOHV GH ORV FHQWURV GH WUDQVIRUPDFL´Q VH SXHGHQ OOHYDU D
FDERUHDOPHQWHHQODSU¢FWLFDVLQVREUHFRVWHRLPSRVLELOLGDGWªFQLFD3DUDHOORGHEH
WHQHUVHHQFXHQWD

- TXHHOQLYHOGHILQLWLYRGHSRWHQFLDGHFRUWRFLUFXLWRDGRSWDGRQRYDDDSDUHFHUHQOD
UHGKDVWDHOPRPHQWRHQTXHHVWDHVWªDODWHQVL´QQRPLQDOFRUUHVSRQGLHQWHDHVH
QLYHO\VHDDOLPHQWDGDSRUORVWUDQVIRUPDGRUHVVHOHFFLRQDGRVSDUDHVHQLYHO

- OD LQWHQVLGDG GH FRUWRFLUFXLWR D GLVWDQFLD FHUR WHQLHQGR HQ FXHQWD ORV
WUDQVIRUPDGRUHV VHOHFFLRQDGRV SDUD HO QLYHO DGRSWDGR \  VXSRQLHQGR XQ DSRUWH
P¢[LPR GH ODV UHGHV GH  N9 ´  N9 'RQGH KD\D XQ DSRUWH VLJQLILFDWLYR DO
FRUWRFLUFXLWRGHORVDXWRSURGXFWRUHVHVWHGHEHU¢WHQHUVHHQFXHQWDWDPELªQ

- HO YDORU TXH DOFDQ]D OD FRUULHQWH GH FRUWRFLUFXLWR DJXDV DEDMR GH OD VXEHVWDFL´Q
IXHQWHDXQDGLVWDQFLDGDGDHQNPSDUDXQDGXUDFL´QDGPLVLEOHGHVHJ

- TXH SUREDEOHPHQWH EXHQD SDUWH GHO PDWHULDO GH ORV FHQWURV GH WUDQVIRUPDFL´Q
07%7 H[LVWHQWHV SXHGH VHU UHXWLOL]DGR VLQ PRGLILFDFLRQHV R FRQ SHTXH²DV
PRGLILFDFLRQHV

 /D VHJXQGD FXHVWL´Q VHU®D OD FRQFHUQLHQWH D ODV PHGLGDV FRPSOHPHQWDULDV D WRPDU
SDUDDTXHOODVSDUWHVGHODUHGTXHQRIXHUDQVXVFHSWLEOHVGHSDVDUDOQLYHOGHWHQVL´Q
VHOHFFLRQDGRHQXQEUHYHSHU®RGRGHWLHPSR/DVPHGLGDVHQHVWHFDVRSXHGHQYDULDU
KDVWDOOHJDUDSDUWLFXODUL]DUVHSDUDFDGDVLWXDFL´QSXHGHSHQVDUVHHQXQDSRO®WLFDGH
UDFLRQDOL]DFL´Q \ VLPSOLILFDFL´Q GHO DSURYLVLRQDPLHQWR GHO PDWHULDO DIHFWDGR HQ XQD
SRO®WLFDGHWUDVODGRGHOPDWHULDOGHXQDLQVWDODFL´QDRWUDHWF

&21&/86,21

 'HVSXªVGHKDEHUWRPDGRFRQFLHQFLDGHWRGRVORVDVSHFWRVTXHVXSRQHXQFDPELRGH
HVFHQDULR GH SRWHQFLD GH FRUWRFLUFXLWR GDGR TXH HO EHQHILFLR WªFQLFRHFRQ´PLFR QR HV
LQPHGLDWR DOJXQRV SXHGHQ SUHJXQWDUVH €SRU TXª DIURQWDU XQ FDPELR GH HVWDV
FDUDFWHU®VWLFDV"

 8Q QXHYR HVFHQDULR VH WUDGXFH SRU XQD HFRQRP®D JOREDO HQ WRGD OD UHG \ HQ XQD
H[SORWDFL´QP¢VI¢FLOSHUPLWLHQGRDWHQGHUDODFOLHQWHODDXQPHQRUFRVWH\FRQXQD
FDOLGDGGHVHUYLFLRPHMRUDGD

 7DPSRFRGHEHQVXEHVWLPDUVHODVYHQWDMDVTXHDODUJRSOD]RSXHGHQVXSRQHUGLVSRQHU
GHXQDSRWHQFLDGHFRUWRFLUFXLWRP¢VHOHYDGDSDUDFRQHFWDUDFOLHQWHVHVSHFLDOHVTXH
FDGDYH]VRQP¢VQXPHURVRVODXWLOL]DFL´QGHXQV´ORWLSRGHPDWHULDOQRUPDOL]DGR\
ODVLPSOLILFDFL´QGHDOJXQDVVXEHVWDFLRQHV
 

 !

 

        

 7DPELªQGHEHSHQVDUVHTXHXQDGHFLVL´QGHHVWHFDODGRHVVLHPSUHXQPDOPHQRU\
TXHODVYHQWDMDVPHQFLRQDGDVDQWHVVHYDQDGYLUWLHQGRSDXODWLQDPHQWHDPHGLGDTXH
WUDQVFXUUHHOWLHPSRPLHQWUDVTXHORVPXFKRVLQFRQYHQLHQWHV\SUREOHPDVLQLFLDOHV
YDQWHQGLHQGRDGHVDSDUHFHU

 (VXQKHFKRJHQHUDOL]DGRTXHODHYROXFL´QGHODVUHGHVVHHQFXHQWUDVLHPSUHODVWUDGD
SRUORVPDWHULDOHV\DH[LVWHQWHVHVGHFLUSRUODVGHFLVLRQHVDGRSWDGDHQHOSDVDGR\
HVWRVLHPSUHVXSRQHXQIUHQRSDUDXQDHYROXFL´QSRVLWLYD

 (Q GHILQLWLYD H[FHSWXDQGR VLWXDFLRQHV UHODWLYDPHQWH UDUDV GHELGDV D HUURUHV GH

RULHQWDFL´Q DQWHULRUHV D FDPELRV WHFQRO´JLFRV LPSRUWDQWHV R D EUXVFDV DOWHUDFLRQHV GH OD
FR\XQWXUD HFRQ´PLFD VLHPSUH YD D VHU GLI®FLO GH MXVWLILFDU HQ HO SODQR WªFQLFRHFRQ´PLFR
HYROXFLRQHV GH WDQ KRQGR FDODGR FRPR OD FRPHQWDGD GHELGR DO HQRUPH SHVR TXH VXSRQH
VLHPSUHODVLWXDFL´QDFWXDOSRUHVRPXFKDVYHFHVQRVHWUDWDWDQWRGHGHWHUPLQDUHOEDODQFH
WªFQLFRHFRQ´PLFRGHODRSHUDFL´QFRPRGHHOHJLUDTXHOODDOWHUQDWLYDTXHVHFRQVLGHUDP¢V
VDWLVIDFWRULDGHFDUDDOIXWXURHVGHFLUVHWUDWDGHXQDGHFLVL´QHVWUDWªJLFDGHODFRPSD²®D

 

" !

 

        

5()(5(1&,$6

>@ &RXUDQWV1RUPDX[GHOD&(,

>@ 7HQVLRQV1RUPDOHVGHOD&(,

>@ &DOFXOGHVFRXUDQWVGHFRQVWFLUFXLWGDQVOHVUªVHDX[WULSKDVªV ¡ FRXUDQW DOWHUQDWLI

&(,

>@ *XLGH G
DSSOLFDWLRQ SRXU OH FDOFXO GHV FRXUDQWV GH FRQVWFLUFXLW GDQV OHV UªVHDX[ ¡
EDVVHWHQVLRQUDGLDX[&(,

>@ /D SXLVVDQFH GH &RXUW&LUFXLW GDQV OHV 5ªVHDX[ GH 7UDQVSRUW HW GH 'LVWULEXWLRQ GH
/
HQHUJLHŠOHFWULTXH9DULRVDXWRUHV5*(

>@ $SSDUHLOGHPHVXUHGHV&RXUDQWVGH&RXUW&LUFXLWVXVUªVHDX[¡EDVVHWHQVLRQ
3DXO5DJHWK(OHFWULFLWª1HXFK£WHORLVH

>@ /HVUHVHDX[G
HQHUJLHªOHFWULTXH
5HQª3ªOLVVLHU'XQRG,6%1

>@ /D 3ODQLILFDWLRQ GHV  5HVDX[  (OHFWULTXHV *HQHUDOLWHV 7RPH ,/HV FKRL[ WHFKQLTXHV
GDQVOHGRPDLQHGHODKDXWHHWWUHVKDXWHWHQVLRQ
+3HUVR]*6DQWXFFL\36DSHW(G)'LUHFWLRQGHV(WXGHVHW5HFKHUFKHV

>@ &RUULHQWHVGH&RUWRFLUFXLWRHQUHGHVWULI¢VLFDV6LHPHQV(G0DUFRPER,6%1


>@ 7HRU®DGH/®QHDV&DS®WXOR9,,&RUWRFLUFXLWRV5HJ®PHQHV$VLPªWULFRV

(QULTXH5DV2OLYD(G0DUFRPER

 

!# !