Consejería de Sanidad

2ILFLQDGH'HIHQVDGHORV'HUHFKRVGH
ORV8VXDULRV6DQLWDULRV\WUDPLWDFLyQGH
ODVUHFODPDFLRQHVVROLFLWXGHVLQLFLDWLYDV
\VXJHUHQFLDVHQHOiPELWRVDQLWDULR
(GLFLyQ
&RQVHMHUtDGH6DQLGDG

&RRUGLQDFLyQ
2¿FLQDGH'HIHQVDGHORV'HUHFKRV
GHORV8VXDULRV6DQLWDULRV

'LVHxR\PDTXHWDFLyQ
0HWUySROLV&RPXQLFDFLyQ

'HSyVLWR/HJDO
[[[[[[[[
 '(5(&+26<'(%(5(6'(/868$5,2'(/$6$1,'$'
8QRGHORVREMHWLYRVSULRULWDULRVDVXPLGRVSRUOD&RQVHMHUtDGH6DQLGDGFRPR
HQWLGDGGHVHUYLFLRS~EOLFRHVJDUDQWL]DUXQDSUHVWDFLyQDVLVWHQFLDOHILFD]GLOLJHQWH
\KXPDQDDWRGDODFLXGDGDQtDUHVLGHQWHHQQXHVWUD&RPXQLGDG$XWyQRPD(QHVD
WDUHD HVWiQ FRPSURPHWLGRV ORV PLOHV GH SURIHVLRQDOHV TXH FRQIRUPDQ HO VLVWHPD
VDQLWDULR S~EOLFR GH &DQDULDV WDQWR GHVGH OD $WHQFLyQ 3ULPDULD FRPR GHVGH OD
(VSHFLDOL]DGD1RREVWDQWHWDPELpQVRPRVFRQVFLHQWHVTXHGDGDODFRPSOHMLGDG
DPSOLWXG\VHQVLELOLGDGGHOYDVWRXQLYHUVRTXHUHSUHVHQWDXQVLVWHPDS~EOLFRFRPR
HOVDQLWDULRVHSXHGHQSURGXFLUDOWHUDFLRQHVRGLVIXQFLRQHVHQHOQRUPDOGHVDUUROOR
GHHVWDVSUHVWDFLRQHVDORVXVXDULRV

(VSRUHOORTXHHVWD&RQVHMHUtDGLVSRQHGHXQDVHULHGHKHUUDPLHQWDVOHJDOPHQWH
HVWDEOHFLGDVTXHSHUPLWHQJDUDQWL]DUORVGHUHFKRVGHDTXHOORVXVXDULRVTXHFRQVLGH
UDQQRKDEHUUHFLELGRODSUHVWDFLyQTXHPHUHFHQ&RQRFHUORVGHUHFKRVGHOFLXGDGDQR
SHURWDPELpQVXVREOLJDFLRQHVFRPRXVXDULRGHXQVHUYLFLRS~EOLFRHVFRQGLFLyQLQ
GLVSHQVDEOHSDUDHOFRUUHFWRIXQFLRQDPLHQWRGHFXDOTXLHUDGPLQLVWUDFLyQS~EOLFD

&RQWDUFRQODGRFXPHQWDFLyQSUHFLVDSDUDHVWDUELHQLQIRUPDGRVREUHORVVHUYLFLRV
DORVTXHSXHGHWHQHUDFFHVRHOXVXDULR\ORVUHTXLVLWRVSDUDVXXVRDVtFRPRUHFLELU
LQIRUPDFLyQVREUHVXSURFHVRGLDJQyVWLFRSURQyVWLFRDOWHUQDWLYDVGHWUDWDPLHQWR
\VREUHWRGRWHQHUFRQRFLPLHQWRGHWRGDVODVYtDVGHUHFODPDFLyQ\VXJHUHQFLDVD
ODVTXHWLHQHGHUHFKRFRQVWLWX\HQSDUDOD$GPLQLVWUDFLyQ6DQLWDULD&DQDULDXQYDORU
LPSRUWDQWHWDQWRSDUDHOFLXGDGDQRFRPRSDUDODSURSLDLQVWLWXFLyQFRPRIyUPXOD
SDUDFRQRFHUODUHDOLGDGGHOiPELWRVDQLWDULRHQODV,VODV

(VWDV VRQ ODV UD]RQHV TXH KDQ OOHYDGR D OD &RQVHMHUtD GH 6DQLGDG D UHHGLWDU OD
*XtDGHOD2ILFLQDGH'HIHQVDGHORV'HUHFKRVGHORV8VXDULRV6DQLWDULRV2''86
\WUDPLWDFLyQGHODVUHFODPDFLRQHVVROLFLWXGHVLQLFLDWLYDV\VXJHUHQFLDVHQHOPDUFR
VDQLWDULRHQHOTXHVHLQFOX\HHOGHFUHWRGHGHPD\RTXHFRQWLHQHOD
UHJXODFLyQ VREUH OD HVWUXFWXUD \ IXQFLRQDPLHQWR GH OD 2ILFLQD GH 'HIHQVD GH ORV
8VXDULRV6DQLWDULRV

(VWHGRFXPHQWRGHIiFLOPDQHMRSDUDORVXVXDULRVWDPELpQFRQWLHQHOD2UGHQGH
GHVHSWLHPEUHGHSRUODTXHVHGHVDUUROODHO'HFUHWRGHGHPD\R
HQHOTXHVHLQFOX\HHOPRGHORGHLPSUHVRV\GHKRMDVGHUHFODPDFLRQHVVROLFLWXGHV
LQLFLDWLYDV\VXJHUHQFLDVHQHOiPELWRVDQLWDULR

'HVGHHVWD&RQVHMHUtDYHODPRVSRUODGHIHQVDGHORVGHUHFKRV\GHEHUHVGHSD
FLHQWHV\XVXDULRVGHODVDQLGDGFDQDULDSRUORTXHVHFRQWLQ~DGRWDQGRGHXQLQV
WUXPHQWRLPSRUWDQWHTXHQRHVRWURTXHODUHFODPDFLyQ\GHIHQVDGHWDOHVGHUHFKRV
DQWHORVVHUYLFLRVSUHVWDGRVFRQHOREMHWLYRGHFRQVHJXLUXQDVDQLGDGPHMRU\GH
PD\RUFDOLGDGSDUDWRGRV

0DUtDGHO0DU-XOLRV
&RQVHMHUDGH6DQLGDGGHO*RELHUQRGH&DQDULDV
 '(&5(72GHGHPD\RSRUHO
TXHVHUHJXODODHVWUXFWXUD\HOIXQFLRQDPLHQWR
GH OD 2¿FLQD GH 'HIHQVD GH ORV 'HUHFKRV GH
ORV8VXDULRV6DQLWDULRV\ODWUDPLWDFLyQGHODV
UHFODPDFLRQHVVROLFLWXGHVLQLFLDWLYDV\VXJH
UHQFLDVHQHOiPELWRVDQLWDULR%2&Q~PHUR
ODRUJDQL]DFLyQGHOKRVSLWDOVHUYLFLRVGLVSRQLEOHV
KRUDULRV GH IXQFLRQDPLHQWR \ GH YLVLWDV \ RWUDV
DFWLYLGDGHV TXH SXHGDQ D\XGDUOHV IDFLOLWDUOHV \
PHMRUDU VX HVWDQFLD HQ HO PLVPR DVt FRPR GH
WUDPLWDFLyQ\SURSXHVWDGHUHVROXFLyQDO'LUHFWRU
*HUHQWHGHODVUHFODPDFLRQHVTXHMDV\VXJHUHQFLDV
0LpUFROHVGH-XQLRGH
/D /H\  GH  GH DEULO *HQHUDO GH
6DQLGDG UHJXOD ORV GHUHFKRV \ REOLJDFLRQHV GHO
FLXGDGDQRFRQUHVSHFWRDODVGLVWLQWDVDGPLQLVWUD
FLRQHVS~EOLFDVVDQLWDULDV\HQWUHORVSULPHURVFDEH
FLWDUHOGHUHFKRGHOFLXGDGDQRDODLQIRUPDFLyQVREUH
ORVVHUYLFLRVVDQLWDULRVDTXHSXHGHDFFHGHU\ORV
UHTXLVLWRVQHFHVDULRVSDUDVXXVRDODLQIRUPDFLyQ
VREUHVXSURFHVRLQFOX\HQGRGLDJQyVWLFRSURQyVWLFR
\DOWHUQDWLYDVGHWUDWDPLHQWRDVtFRPRHOGHUHFKR
DXWLOL]DUODVYtDVGHUHFODPDFLyQ\GHSURSXHVWDGH
VXJHUHQFLDV
$SDUWLUGHODFLWDGD/H\*HQHUDOGH6DQLGDG
SDUDORV+RVSLWDOHVJHVWLRQDGRVSRUHO,QVDOXGVH
GHORVXVXDULRV
3RUVXSDUWHOD/H\GHGHMXOLRGH
2UGHQDFLyQ6DQLWDULDGH&DQDULDVGHGLFDHO&DSt
WXOR,,GHVX7tWXOR3ULPHURDODUHJXODFLyQGHORV
GHUHFKRV\GHEHUHVGHORVFLXGDGDQRVHVSDxROHVHQ
HOPDUFRGHO6LVWHPD&DQDULRGHOD6DOXGDVtFRPR
GHORVPHGLRVTXHJDUDQWL]DQODSOHQDHIHFWLYLGDGGH
GLFKRVGHUHFKRV\GHEHUHV
(QUHODFLyQFRQHVWH~OWLPRDVSHFWRGHJDUDQWtD
GH OD HIHFWLYLGDG GH ORV GHUHFKRV \ GHEHUHV HO
DUWtFXORGHODUHIHULGD/H\VHxDODTXH
ORVVHUYLFLRVFHQWURV\HVWDEOHFLPLHQWRVVDQLWDULRV
S~EOLFRV \ SULYDGRV GHEHUiQ GLVSRQHU \ HQ VX
FDVRWHQHUSHUPDQHQWHPHQWHDGLVSRVLFLyQGHORV
XVXDULRV
FUHDQSRUHO5HDO'HFUHWRGHGHDEULO D,QIRUPDFLyQDFFHVLEOHVX¿FLHQWH\FRPSUHQVLEOH
ORV 6HUYLFLRV GH$WHQFLyQ DO 3DFLHQWH DGVFULWRV D VREUHORVGHUHFKRV\GHEHUHVGHORVXVXDULRV
ODV*HUHQFLDVGHORV+RVSLWDOHVTXHGHVGHHQWRQFHV E)RUPXODULRVGHVXJHUHQFLDV\UHFODPDFLRQHV
YLHQHQFXPSOLHQGRFRQODVIXQFLRQHVGHDWHQFLyQDO  F 3HUVRQDO \ ORFDOHV ELHQ LGHQWL¿FDGRV SDUD OD
SDFLHQWHRDVXVSDULHQWHVSUy[LPRVUHSUHVHQWDQWHV DWHQFLyQGHODLQIRUPDFLyQUHFODPDFLRQHV\VXJH
RDFRPSDxDQWHVGHLQIRUPDFLyQDORVPLVPRVVREUH UHQFLDVGHOS~EOLFR

(OSUHVHQWHWH[WRUHFRJHODVPRGL¿FDFLRQHVLQWURGXFLGDVSRUHO'HFUHWRGHGHMXOLR%2&QžGH/DH[SRVLFLyQ

GHPRWLYRVGHGLFKR'HFUHWRHVGHOVLJXLHQWHWHQRUOLWHUDO

³0HGLDQWHHO'HFUHWRGHGHPD\RSRUHOTXHVHUHJXODQODHVWUXFWXUD\HOIXQFLRQDPLHQWRGHOD2¿FLQDGH'HIHQVDGHORV'HUHFKRV
GHORV8VXDULRV6DQLWDULRV\ODWUDPLWDFLyQGHODVUHFODPDFLRQHVVROLFLWXGHVLQLFLDWLYDV\VXJHUHQFLDVHQHOiPELWRVDQLWDULRVHGLRFXPSOLPLHQWR
DOPDQGDWRFRQWHQLGRHQHODUWtFXORGHOD/H\GHGHMXOLRGH2UGHQDFLyQ6DQLWDULDGH&DQDULDVHQHOFXDOVHSUHYpODH[LVWHQFLD
HQOD$GPLQLVWUDFLyQFDQDULDGHXQDXQLGDGHVSHFt¿FDTXHFRQODLQGLFDGDGHQRPLQDFLyQVHHQFDUJDVHGHDWHQGHUODVVROLFLWXGHV\UHFODPDFLRQHV
GHORVXVXDULRVGHORVVHUYLFLRVVDQLWDULRV(QYLUWXGGHOVHxDODGR'HFUHWRGHGHPD\RVHGHWHUPLQDURQQRUPDWLYDPHQWHODViUHDVGH
DFWXDFLyQGHOD2¿FLQDDVtFRPRODVUHJODVPtQLPDVGHDFWXDFLyQTXHULJHQVXIXQFLRQDPLHQWR

7UDVGRVDxRVGHYLJHQFLDGHODHVWUXFWXUD\QRUPDVGHIXQFLRQDPLHQWRGHOD2¿FLQDGH'HIHQVDGHORV'HUHFKRVGHORV8VXDULRV6DQLWDULRV
ODH[SHULHQFLDDGTXLULGDDFRQVHMDUHYLVDUODVSUHYLVLRQHVIXQGDPHQWDOPHQWHRUJDQL]DWLYDVTXHHVWDEOHFLyODFLWDGDQRUPD$VLPLVPRHOLQFUH
PHQWRFRQVWDQWHGHODXWLOL]DFLyQTXHORVXVXDULRVGHORVVHUYLFLRVVDQLWDULRVKDFHQGHOGHUHFKRDIRUPXODULQLFLDWLYDV\UHFODPDFLRQHVDFHUFDGHO
IXQFLRQDPLHQWRGHO6LVWHPD&DQDULRGHOD6DOXGGHPDQGDXQDQHFHVDULDUHIRUPDGHOSURFHGLPLHQWRGHUHVSXHVWD\GHORVyUJDQRVHQFDUJDGRV
GHHIHFWXDUODPLVPD

(OSUHVHQWH'HFUHWRPDQWHQLHQGRODHVWUXFWXUDFHQWUDOGHOD2¿FLQDGH'HIHQVDGHORV'HUHFKRVGHORV8VXDULRV6DQLWDULRVGHSHQGLHQWHGHOD
&RQVHMHUtDFRPSHWHQWHHQPDWHULDGHVDQLGDGGHVFHQWUDOL]DODFDQDOL]DFLyQ\UHVSXHVWDGHODVLQLFLDWLYDVGHORVXVXDULRV\GHOPHFDQLVPRGH
UHVSXHVWDDFHUFDQGRODPLVPDDORVVHUYLFLRVTXHGLUHFWDPHQWHSUHVWDODDVLVWHQFLDVDQLWDULDS~EOLFDVLQSHUMXLFLRGHPDQWHQHUHOXOWHULRUFRQWURO
SRUSDUWHGHDTXpOOD

/DUHVSXHVWDDODVUHFODPDFLRQHV\DODVVROLFLWXGHVGHLQIRUPDFLyQTXHIRUPXOHQORVXVXDULRVVDQLWDULRVVHUHDOL]DUiSRUORVyUJDQRVSUHVWDGRUHV
GHORVVHUYLFLRVHQHOFDVRGHTXHpVWRVWHQJDQFDUiFWHUS~EOLFRVLQSHUMXLFLRGHODSRVLELOLGDGGHIRUPXODFLyQGHGLVFUHSDQFLDDQWHHOWLWXODUGH
OD&RQVHMHUtDFRPSHWHQWHHQPDWHULDGHVDQLGDGHQHOFDVRGHGLVFRQIRUPLGDGGHOXVXDULRFRQODLQLFLDOFRQWHVWDFLyQ1RREVWDQWHVHPDQWLHQHQ
UHVLGHQFLDGDVHQODXQLGDGFHQWUDOGHOD2¿FLQDDTXHOODVUHFODPDFLRQHVGHHVSHFLDOLPSRUWDQFLDRGHLQFLGHQFLDVREUHGLIHUHQWHVyUJDQRVSUHV
WDGRUHVGHOVHUYLFLRVDQLWDULR

$VLPLVPRVHLQFRUSRUDQFRPRSULQFLSLRVUHFWRUHVGHODDFWXDFLyQGHOD2¿FLQDORVUHFRJLGRVHQODOHJLVODFLyQUHJXODGRUDGHOUpJLPHQMXUtGLFR
GHODV$GPLQLVWUDFLRQHV3~EOLFDV

(QVXYLUWXGDSURSXHVWDFRQMXQWDGHORV&RQVHMHURVGH3UHVLGHQFLDH,QQRYDFLyQ7HFQROyJLFD\GH6DQLGDG\&RQVXPR\SUHYLDGHOLEHUDFLyQ
GHO*RELHUQRHQVXUHXQLyQGHOGtDGHMXOLRGH´

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


 &RQHOOROD/H\GH2UGHQDFLyQ6DQLWDULD&DQDULD
DPSOtDDODHVIHUDVDQLWDULDSULYDGDORVGHUHFKRV\
GHEHUHVGHORVXVXDULRVVDQLWDULRVDVtFRPRODDSOL
FDFLyQGHORVPHGLRVHLQVWUXPHQWRVTXHJDUDQWL]DQ
VXFXPSOLPLHQWR
3RURWUDSDUWH\FRQHO¿QGHDVHJXUDUODDSOL
FDFLyQGHHVWRVPHGLRVGHJDUDQWtDTXHODQRUPD
RWRUJD D WRGRV ORV FLXGDGDQRV HVSDxROHV GHQWUR
GHO 6LVWHPD &DQDULR GH OD 6DOXG HO DSDUWDGR 
GHO PHQFLRQDGR DUWtFXOR  GH OD /H\ 
GLVSRQH H[SUHVDPHQWH TXH HQ OD$GPLQLVWUDFLyQ
FDQDULDKDEUiXQDXQLGDGDGPLQLVWUDWLYDHVSHFt¿FD
GHQRPLQDGD2¿FLQDGH'HIHQVDGHORV'HUHFKRVGH
ORV8VXDULRV6DQLWDULRVFRQGHSHQGHQFLDRUJiQLFD
\IXQFLRQDOGHOD&RQVHMHUtDFRPSHWHQWHHQPDWHULD
GHVDQLGDG\TXHHVWDXQLGDGHVWDUiHVSHFt¿FDPHQWH
HQFDUJDGDGHDWHQGHUVROLFLWXGHV\UHFODPDFLRQHV
GHORVXVXDULRVGHORVVHUYLFLRVVDQLWDULRVS~EOLFRV
\SULYDGRV
/D FUHDFLyQ GH OD 2¿FLQD GH 'HIHQVD GH ORV
'HUHFKRVGHORV8VXDULRV6DQLWDULRVFRQHO¿QGH
VHUYLUGHDSR\R\DVLVWHQFLDGLUHFWD\SHUPDQHQWH
DO&RQVHMHURFRPSHWHQWHHQPDWHULDGHVDQLGDGHQ
VXIXQFLyQGHYHODU\JDUDQWL]DUHOFXPSOLPLHQWR\
HIHFWLYLGDGGHORVGHUHFKRV\GHEHUHVUHFRQRFLGRV
DORVXVXDULRVVDQLWDULRVGHO6LVWHPD&DQDULRGHOD
6DOXGVHKDLQVWUXPHQWDGRHQHO'HFUHWR
',6321*2
&$3Ë78/2,
',6326,&,21(6*(1(5$/(6
$UWtFXOR2EMHWR
(OREMHWRGHOSUHVHQWH'HFUHWRHVUHJXODUODHVWUXF
WXUD\HOIXQFLRQDPLHQWRGHOD2¿FLQDGH'HIHQVD
GH ORV 'HUHFKRV GH ORV 8VXDULRV 6DQLWDULRV \ OD
WUDPLWDFLyQGHODVVROLFLWXGHVUHFODPDFLRQHVLQL
FLDWLYDV\VXJHUHQFLDVGHORVXVXDULRVGHO6LVWHPD
&DQDULRGHOD6DOXG
$UWtFXOR/D2¿FLQDGH'HIHQVDGHORV'HUHFKRV
GHORV8VXDULRV6DQLWDULRV
&RQFDWHJRUtDDGPLQLVWUDWLYDGH6HUYLFLR\GHSHQGHQ
FLDRUJiQLFD\IXQFLRQDOGHOD&RQVHMHUtDFRPSHWHQWH
HQPDWHULDGHVDQLGDGOD2¿FLQDGH'HIHQVDGHORV
'HUHFKRVGH8VXDULRV6DQLWDULRVHVODXQLGDGUHVSRQ
VDEOHGHOFXPSOLPLHQWRFRQHIHFWLYLGDGGHOUpJLPHQ
GHORVGHUHFKRVUHFRQRFLGRVDORVXVXDULRVGHO6LVWH
PD&DQDULRGHOD6DOXGSRUOD/H\GHGH
MXOLRGH2UGHQDFLyQ6DQLWDULDGH&DQDULDV
$UWtFXOR  3ULQFLSLRV UHFWRUHV GH OD DFWXDFLyQ
GHGHMXOLR%2&QžGHSRUHOTXH
VHPRGL¿FDSDUFLDOPHQWHODUHODFLyQGHSXHVWRVGH
WUDEDMRGHOD&RQVHMHUtDGH6DQLGDG\&RQVXPR
0HGLDQWH HO SUHVHQWH 'HFUHWR VH GHWHUPLQDQ
QRUPDWLYDPHQWHODViUHDVGHDFWXDFLyQGHOD2¿
FLQDDVtFRPRODVUHJODVPtQLPDVGHDFWXDFLyQTXH
KDQGHUHJLUHQVXIXQFLRQDPLHQWRFRQ¿JXUDQGR
ODXQLGDGFRPRXQFHQWURLPSXOVRUGHOPDQGDWR
OHJDO FRQWHPSODGR HQ HO DUWtFXOR  GH OD /H\

(QVXYLUWXGDSURSXHVWDFRQMXQWDGHODV&RQ
VHMHUtDVGH3UHVLGHQFLD\5HODFLRQHV,QVWLWXFLRQDOHV
\GH6DQLGDG\&RQVXPRLQIRUPDGRVHO&RQVHMR
GH'LUHFFLyQGHO6HUYLFLR&DQDULRGHOD6DOXG\HO
&RQVHMR&DQDULRGHOD6DOXG\SUHYLDGHOLEHUDFLyQ
GHO *RELHUQR HQ VX UHXQLyQ GHO GtD  GH PD\R
GH
(VWHDUWtFXORVHWUDQVFULEHFRQODUHGDFFLyQGDGDSRUHO'HFUHWRGHGHMXOLR
*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG

GHOD2¿FLQD
7DQWROD2¿FLQDFRPRODVXQLGDGHVTXHGHSHQGHQ
IXQFLRQDOPHQWH GH HOOD HQ OD WUDPLWDFLyQ GH ODV
UHFODPDFLRQHV VROLFLWXGHV LQLFLDWLYDV R VXJH
UHQFLDV UHJXODGDV HQ HVWH 'HFUHWR DFWXDUiQ FRQ
VRPHWLPLHQWRDORVVLJXLHQWHVSULQFLSLRV
&RQ¿GHQFLDOLGDGGHODLGHQWLGDG\GHORVUHV
WDQWHVGDWRVGHOXVXDULRVDQLWDULRVDOYRFXDQGROD
QDWXUDOH]DGHOWUiPLWHQRORSHUPLWD
&DUiFWHUFRQWUDGLFWRULRGHODWUDPLWDFLyQGHODV
UHFODPDFLRQHVFRQODLQFRUSRUDFLyQDOH[SHGLHQWH
GHORVLQIRUPHVGHODVXQLGDGHVVHUYLFLRVFHQWURV
\HVWDEOHFLPLHQWRVREMHWRGHODUHFODPDFLyQ\HQ
VXFDVRGHVXVVXSHULRUHVMHUiUTXLFRV
5HVSHWRDODDXWRQRPtDSURIHVLRQDO GHODVFLWDGDViUHDVHOGHVHPSHxRGHODVVLJXLHQWHV
IXQFLRQHV
$GHFXDFLyQ\DGDSWDFLyQGHOPHQVDMHDOXVXDULR
GHWDOPDQHUDTXHODLQIRUPDFLyQGLUHFWD\HODVHVRUD ÈUHDGHUHFODPDFLRQHV
PLHQWRDORVXVXDULRVVDQLWDULRVVHWUDQVPLWDGHIRUPD
DFFHVLEOH VX¿FLHQWH \ FRPSUHQVLEOH FRQ HVSHFLDO D$WHQGHUWUDPLWDU\HOHYDUDOyUJDQRFRPSHWHQWH
DWHQFLyQKDFLDDTXHOODVSHUVRQDVTXHSRUVXQLYHO ODSURSXHVWDGHFRQWHVWDFLyQGHODVUHFODPDFLRQHV
FXOWXUDOHGDGRGLVPLQXFLyQItVLFDWHQJDQPD\RUHV SUHVHQWDGDVSRUORVXVXDULRVVDQLWDULRV
SUREOHPDVGHRULHQWDFLyQ\GHVHQYROYLPLHQWR
E*HVWLRQDU\FXVWRGLDUXQ5HJLVWURGHUHFODPD
7UDQVSDUHQFLDHQVXVDFWXDFLRQHV\SDUWLFLSDFLyQ FLRQHVGHORVXVXDULRVVDQLWDULRVHQFRRUGLQDFLyQ
FRQORVUHJLVWURVTXHDOHIHFWRVHFRQVWLWX\DQHQ
%XHQDIH\FRQ¿DQ]DOHJtWLPD ODVXQLGDGHVIXQFLRQDOHVGHSHQGLHQWHV

$UWtFXORÈUHDVIXQFLRQDOHVGHDFWXDFLyQ
'HQWURGHO6LVWHPD&DQDULRGHOD6DOXGODDFWXDFLyQ
DGPLQLVWUDWLYD GH OD 2¿FLQD DEDUFD ODV VLJXLHQWHV
iUHDVIXQFLRQDOHV
F(ODERUDUHVWDGtVWLFDVVREUHODVUHFODPDFLRQHV
SUHVHQWDGDV FODVLILFiQGRODV GH DFXHUGR FRQ
FULWHULRV JHRJUi¿FRV PDWHULDOHV VHFWRULDOHV R
FXDOTXLHURWURTXHHVWLPHSHUWLQHQWH
5HFODPDFLRQHVTXHFRQVWLWX\HQODVTXHMDVGHORV
XVXDULRV VREUH VX LQVDWLVIDFFLyQ SRU ORV VHUYLFLRV
VDQLWDULRVUHFLELGRV
6ROLFLWXGHVTXHVRQODVGHPDQGDVGHLQIRUPDFLyQ
HVFULWD VREUH VHUYLFLRV \ SUHVWDFLRQHV VDQLWDULRV
GHUHFKRV\GHEHUHVGHORVXVXDULRVSURFHGLPLHQWRV
G$SR\DU \ DVHVRUDU D ORV yUJDQRV \ XQLGDGHV
FRPSHWHQWHVHQVXVUHODFLRQHVFRQWRGDVDTXHOODV
HQWLGDGHVS~EOLFDV\SULYDGDVSDUDODLQYHVWLJD
FLyQ\FRQWHVWDFLyQGHODVUHFODPDFLRQHVSUHVHQ
WDGDVSRUORVXVXDULRVVDQLWDULRV
QRUPDWLYD\FXHVWLRQHVGHQDWXUDOH]DVDQLWDULD H(PLWLUORVLQIRUPHVTXHVREUHHVWDPDWHULDOH
,QLFLDWLYDVTXHVRQODVSURSXHVWDVTXHIRUPXODQ HQFRPLHQGHHO&RQVHMHURFRPSHWHQWHHQPDWHULD
ORVXVXDULRVSDUDPHMRUDUHOJUDGRGHFXPSOLPLHQWR GHVDQLGDG
\REVHUYDQFLDGHORVGHUHFKRV\GHORVGHEHUHVGHORV
XVXDULRVGHOIXQFLRQDPLHQWRGHORVVHUYLFLRVVDQLWD
ULRV\GHOFXLGDGR\DWHQFLyQGHORVHQIHUPRV
6XJHUHQFLDVTXHVRQODVFRPXQLFDFLRQHVGHLGHDV
FRQFUHWDV SURSRUFLRQDGDV SRU ORV XVXDULRV SDUD OD
PHMRUDGHORVVHUYLFLRV
,QIRUPDFLyQTXHVLQSHUMXLFLRGHODSURSRUFLRQDGD
PHGLDQWHODFRQWHVWDFLyQGHODVVROLFLWXGHVDEDUFD
ODTXHVHLPSXOVDR¿FLDOPHQWHSRUOD2¿FLQDSDUD
I&RPXQLFDUDOyUJDQRFRPSHWHQWHGHO6HUYLFLR
&DQDULRGHOD6DOXGODSRVLEOHFRPLVLyQGHKHFKRV
R FRQGXFWDV TXH VXSRQJDQ GHVFRQRFLPLHQWR H
LQFXPSOLPLHQWRGHORVGHUHFKRVGHORVXVXDULRV
VDQLWDULRVUHFRQRFLGRVSRUODQRUPDWLYDVDQLWDULD
DORVHIHFWRVGHODLQLFLDFLyQGHORVSURFHGLPLHQWRV
GLVFLSOLQDULRVRVDQFLRQDGRUHVTXHSURFHGDQ
IDFLOLWDUHOHMHUFLFLRGHORVGHUHFKRVUHFRQRFLGRVD
ORVXVXDULRVVDQLWDULRV
$UWtFXOR)XQFLRQHV
&RUUHVSRQGHDOD2¿FLQDGLUHFWDPHQWHRDWUDYpVGH
J&XDOHVTXLHUDRWUDVIXQFLRQHVTXHHO&RQVHMHUR
FRPSHWHQWHHQPDWHULDGHVDQLGDGOHHQFRPLHQGH
GHQWURGHOiPELWRGHHVWHiUHD
ÈUHDGHVROLFLWXGHV
VXVXQLGDGHVIXQFLRQDOHVGHSHQGLHQWHVHQFDGDXQD D$WHQGHUWUDPLWDUUHVSRQGHU\SURSRQHUHQVX

(VWHDUWtFXORVHWUDQVFULEHFRQODUHGDFFLyQGDGDSRUHO'HFUHWRGHGHMXOLR

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


FDVR DO yUJDQR FRPSHWHQWH OD UHVSXHVWD GH ODV GHO'HSDUWDPHQWRFRPSHWHQWHHQPDWHULDGHVDQL
VROLFLWXGHVSUHVHQWDGDVSRUORVXVXDULRVVDQLWDULRV GDGSRUKDEHUORUHTXHULGRDOJXQDHQWLGDG\RUJD
SDFLHQWHVRIDPLOLDUHV QLVPRS~EOLFRRSULYDGRGHOVHFWRUVDQLWDULR

E*HVWLRQDU\FXVWRGLDUXQ5HJLVWURGHVROLFLWXGHV F5HFDEDUGHODVHQWLGDGHV\RUJDQLVPRVS~EOLFRV
SUHVHQWDGDVSRUORVXVXDULRVVDQLWDULRVHQFRRUGL \ SULYDGRV GHO VHFWRU VDQLWDULR FXDOTXLHU WLSR
QDFLyQFRQORVUHJLVWURVTXHDOHIHFWRVHFRQVWLWX GHLQIRUPDFLyQTXHFRQVLGHUHRSRUWXQDSDUDXQ
\DQHQODVXQLGDGHVIXQFLRQDOHVGHSHQGLHQWHV PHMRUFXPSOLPLHQWRGHVXVIXQFLRQHV

F&XDOHVTXLHUDRWUDVTXHHOWLWXODUGHOD&RQVHMHUtD
FRPSHWHQWHHQPDWHULDGHVDQLGDGOHHQFRPLHQGH
GHQWURGHHVWHiUHD
ÈUHDGHLQLFLDWLYDV\VXJHUHQFLDV
G'LYXOJDU\GLIXQGLULQIRUPDFLyQVREUHGHWHUPL
QDGRVSURFHVRVVDQLWDULRVTXHDMXLFLRGHOWLWXODU
GHO 'HSDUWDPHQWR FRPSHWHQWH HQ PDWHULD GH
VDQLGDGUHVXOWHQVHUGHLQWHUpVSDUDORVXVXDULRV
VDQLWDULRVHQJHQHUDO

D$WHQGHU YDORUDU \ WUDPLWDU ODV LQLFLDWLYDV \ H$QDOL]DUFRQIHFFLRQDUGLIXQGLU\FRPXQLFDU

VXJHUHQFLDVSUHVHQWDGDVSRUORVXVXDULRVVDQLWDULRV ORV UHVXOWDGRV GH ODV HQFXHVWDV GLULJLGDV D ORV
SDUDXQPHMRUIXQFLRQDPLHQWRGHORVVHUYLFLRV\ XVXDULRV
H¿FD]FXPSOLPLHQWRGHVXVGHUHFKRVUHFDEDQGR
SDUDHOORGHFXDOTXLHUHQWLGDGRUJDQLVPRFHQWUR I(ODERUDUOD0HPRULD$QXDOGHOD2¿FLQD
RVHUYLFLRS~EOLFRRSULYDGRORVLQIRUPHV\HV
WXGLRV GH YLDELOLGDG DVt FRPR ODV SURSXHVWDV R J(ODERUDUORVUHV~PHQHVPHQVXDOHVGHDFWXDFLyQ
DOWHUQDWLYDVTXHGLFKDVLQLFLDWLYDV\VXJHUHQFLDV
SXGLHUDQGDUOXJDU K(ODERUDU\GLIXQGLUOD&DUWDGHORV'HUHFKRV\
'HEHUHVGHORV8VXDULRV6DQLWDULRV
E*HVWLRQDUJXDUGDU\FXVWRGLDUXQ5HJLVWURGH
LQLFLDWLYDV \ VXJHUHQFLDV HQ FRRUGLQDFLyQ FRQ L&XDOTXLHURWUDTXHGHQWURGHOiPELWRGHOiUHD
ORVUHJLVWURVTXHDOHIHFWRVHFRQVWLWX\DQHQODV VHOHHQFRPLHQGH
XQLGDGHVIXQFLRQDOHVGHSHQGLHQWHV
$UWtFXORÈPELWRGHDFWXDFLyQ
F&XDOHVTXLHUDRWUDVHQFRPHQGDGDVHQHOiUHD
 /DV IXQFLRQHV HQXPHUDGDV HQ HO DUWtFXOR
ÈUHDGHLQIRUPDFLyQ DQWHULRU VHUiQ OOHYDGDV D FDER SRU OD 2¿FLQD \
VXV XQLGDGHV IXQFLRQDOPHQWH GHSHQGLHQWHV HQ
D 9HODU SRU HO H¿FD] FXPSOLPLHQWR GHO GHEHU
GH LQIRUPDFLyQ \ DVHVRUDPLHQWR D ORV XVXDULRV
VDQLWDULRV\EHQH¿FLDULRVGHO6LVWHPD&DQDULRGH
OD 6DOXG GH VXV GHUHFKRV \ GHEHUHV VDQLWDULRV
GH ORV VHUYLFLRV \ SUHVWDFLRQHV VDQLWDULDV D ODV
TXHSXHGHQDFFHGHUDVtFRPRGHORVUHTXLVLWRV
QHFHVDULRVSDUDVXHMHUFLFLR
UHODFLyQFRQODVDFWLYLGDGHVVHUYLFLRV\SUHVWDFLR
QHVGHVDUUROODGRVSRURUJDQL]DFLRQHV\SHUVRQDV
S~EOLFDV\SULYDGDVTXHFRQVWLWX\HQHO6LVWHPD
&DQDULRGHOD6DOXGGLULJLGDVDODSURPRFLyQ\
SURWHFFLyQGHODVDOXGSUHYHQFLyQGHODHQIHUPH
GDG\SUHVWDFLyQDVLVWHQFLDOVDQLWDULDHQFDVRGH
SpUGLGDGHVDOXG

E(PLWLUORVLQIRUPHVTXHVREUHODPDWHULDREMHWR /DVVROLFLWXGHVUHFODPDFLRQHVLQLFLDWLYDV
GHVXiPELWRGHDFWXDFLyQOHHQFRPLHQGHHOWLWXODU \ VXJHUHQFLDV UHODWLYDV DO IXQFLRQDPLHQWR H

(VWHDUWtFXORVHWUDQVFULEHFRQODUHGDFFLyQGDGDSRUHO'HFUHWRGHGHMXOLR

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


LQIRUPDFLyQGHORVVHUYLFLRVDGPLQLVWUDWLYRVQR
VDQLWDULRVODVUHFODPDFLRQHVGHFRQWHQLGRSDWUL
PRQLDOODVSUHYLDVDODYtDMXGLFLDOORVUHFXUVRV
DGPLQLVWUDWLYRV\GHPiVSUHWHQVLRQHVQRVXEVX
PLEOHVHQQLQJXQRGHORVVXSXHVWRVGHODUWtFXOR
VHJXLUiQULJLpQGRVHSRUVXQRUPDWLYDHVSHFt¿FD\
VHUiQUHPLWLGDVSRUODXQLGDGUHFHSWRUDDOyUJDQR
FRPSHWHQWH
$UWtFXOR'HEHUGHFRODERUDFLyQ
/RVyUJDQRVDGPLQLVWUDWLYRVGHO'HSDUWDPHQWR
FRPSHWHQWHHQPDWHULDGHVDQLGDGVXV2UJDQLV
PRV$XWyQRPRVGHFDUiFWHUVDQLWDULRDVtFRPRORV
FHQWURVHVWDEOHFLPLHQWRV\VHUYLFLRVVDQLWDULRV
S~EOLFRV \ SULYDGRV WLHQHQ HO GHEHU JHQHUDO GH
FRODERUDU FRQ OD 2¿FLQD HQ HO HMHUFLFLR GH VXV
IXQFLRQHV
&XDQGRODFRPSOHMLGDGWpFQLFDGHODVXQWRVR
PHWLGRDOD2¿FLQDDVtORDFRQVHMHHOFRQVHMHUR
FRPSHWHQWHHQPDWHULDGHVDQLGDGGLUHFWDPHQWHR
DSURSXHVWDGHO-HIHGHOD2¿FLQDSRGUiUHTXHULU
ODDVLVWHQFLDWpFQLFDRHODVHVRUDPLHQWRHVSHFt¿FR
GHFXDOTXLHUyUJDQRRXQLGDGGHO'HSDUWDPHQWRR
GHO6HUYLFLR&DQDULRGHOD6DOXG
&$3Ë78/2,,
(6758&785$
$UWtFXORÏUJDQRVFRPSHWHQWHV
&RUUHVSRQGHDOWLWXODUGHOyUJDQRGHOTXHGH
SHQGDOD2¿FLQDODFRQWHVWDFLyQGHODVUHFODPD
FLRQHV\UHVSXHVWDGHODVVROLFLWXGHVLQLFLDWLYDV
\VXJHUHQFLDVVLJXLHQWHV
/DVTXHDIHFWHQDPiVGHXQÈUHDGH6DOXG
/DVTXHSRUVXFRPSOHMLGDGH[LMDQXQDHVSHFLDO
ODERULQYHVWLJDGRUDGHLQIRUPDFLyQRHVWXGLR
/DVTXHVHUH¿HUDQDYDULRVFHQWURVVHUYLFLRVR
HVWDEOHFLPLHQWRVVDQLWDULRV
(VWHDUWtFXORVHWUDQVFULEHFRQODUHGDFFLyQGDGDSRUHO'HFUHWRGHGHMXOLR
*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG

/DVTXHVHUH¿HUDQDODVDFWXDFLRQHVUHDOL]DGDV
HQ FHQWURV R VHUYLFLRV GH FDUiFWHU SULYDGR QR
FRQFHUWDGR
/DVGLVFRQIRUPLGDGHVGHORVXVXDULRVHQUHOD
FLyQ FRQ ODV FRQWHVWDFLRQHV \ UHVSXHVWDV GH ODV
UHFODPDFLRQHV\VROLFLWXGHVUHFLELGDVHQHOSULPHU
QLYHOGHDFWXDFLyQ
 /DV TXH VHDQ UHLWHUDGDV SRU ORV XVXDULRV FRQ
PRWLYR GH OD IDOWD GH UHVSXHVWD HQ SOD]R GH ODV
IRUPXODGDVHQHOSULPHUQLYHO
 /DV TXH SRU VX LPSRUWDQFLD JUDYHGDG R WUDV
FHQGHQFLD DFXHUGH HO WLWXODU GH OD &RQVHMHUtD
FRPSHWHQWHHQPDWHULDGHVDQLGDG
 &RUUHVSRQGH D ORV 'LUHFWRUHV GH ODV ÈUHDV GH
6DOXG *HUHQWHV GH$WHQFLyQ 3ULPDULD *HUHQWHV
GH6HUYLFLRV6DQLWDULRV\DORV'LUHFWRUHV*HUHQWHV
GHORV&HQWURV+RVSLWDODULRVHQXQSULPHUQLYHOGH
DFWXDFLyQ OD FRQWHVWDFLyQ GH ODV UHFODPDFLRQHV \
UHVSXHVWDGHODVVROLFLWXGHVLQLFLDWLYDV\VXJHUHQFLDV
SODQWHDGDV HQ VXV UHVSHFWLYDV iUHDV PDWHULDOHV GH
DFWXDFLyQ\QRLQFOXLGDVHQHODSDUWDGRDQWHULRU\
ODVTXHHVSHFt¿FDPHQWHOHVHQFRPLHQGHHO&RQVHMHUR
FRPSHWHQWHHQPDWHULDGHVDQLGDG
(OHMHUFLFLRGHODVFRPSHWHQFLDVHVWDEOHFLGDVHQ
ORVDSDUWDGRVDQWHULRUHVSRGUiVHUGHOHJDGRHQRWURV
yUJDQRVHQORVWpUPLQRVSUHYLVWRVHQODOHJLVODFLyQ
YLJHQWH
$UWtFXOR-HIHGHOD2¿FLQD
(O-HIHGHOD2¿FLQDVHUiQRPEUDGRSRUHO&RQ
VHMHURFRPSHWHQWHHQPDWHULDGHVDQLGDGHQWUHHO
SHUVRQDOTXHUH~QDORVUHTXLVLWRVTXHVHHVWDEOH]FDQ
HQODUHODFLyQGHSXHVWRVGHWUDEDMRGHOD&RQVHMHUtD
FRPSHWHQWHHQPDWHULDGHVDQLGDG
&RUUHVSRQGHDO-HIHGHOD2¿FLQDODHODERUDFLyQGH
ODVSURSXHVWDVGHFRQWHVWDFLyQGHODVUHFODPDFLRQHV
\VROLFLWXGHV\GHODVUHVSXHVWDVDODVLQLFLDWLYDV\
VXJHUHQFLDVTXHFRUUHVSRQGDQDOWLWXODUGHOyUJDQR
GHOTXHGHSHQGDOD2¿FLQDGHFRQIRUPLGDGFRQOR
GLVSXHVWRHQHODSDUWDGRGHODUWtFXORDQWHULRUDVt
FRPRODWUDPLWDFLyQGHORVDVXQWRVTXHGHFRQIRU
PLGDGFRQORVFULWHULRVHVWDEOHFLGRVHQHOSUHVHQWH
'HFUHWROHFRUUHVSRQGDQ
(O-HIHGHOD2¿FLQDHMHUFHUiODVIXQFLRQHVGH
LQVSHFFLyQ GH ODV REOLJDFLRQHV SUHYLVWDV HQ HO
SUHVHQWH'HFUHWR\HVSHFt¿FDPHQWHODFRRUGLQD
FLyQVXSHUYLVLyQ\FRQWUROGHODWUDPLWDFLyQGHORV
H[SHGLHQWHVTXHFRUUHVSRQGDQDODVXQLGDGHVIXQ
FLRQDOPHQWHGHSHQGLHQWHVSXGLHQGRDWDOHIHFWR
UHFDEDUODLQIRUPDFLyQ\GLFWDUODVLQVWUXFFLRQHV\
yUGHQHVGHVHUYLFLRTXHUHVXOWHQQHFHVDULDV
$UWtFXOR(VWUXFWXUD
3DUDHOGHVHPSHxRGHVXVIXQFLRQHVOD2¿FLQD
FRQWDUiFRQODHVWUXFWXUDDGPLQLVWUDWLYDDGHFXDGD
GHDFXHUGRFRQODUHODFLyQGHSXHVWRVGHWUDEDMR
GHOD&RQVHMHUtDFRPSHWHQWHHQPDWHULDGHVDQLGDG
TXHVHDSUXHEH
$ORVHIHFWRVGHORVH[SHGLHQWHV\IXQFLRQHV
SUHYLVWDVHQHVWH'HFUHWRGHSHQGHUiQIXQFLRQDO
PHQWHGHOD2¿FLQD
/DVXQLGDGHVVHxDODGDVHQHODSDUWDGRDQWHULRU
HODERUDUiQODVSURSXHVWDVGHFRQWHVWDFLRQHV\UHV
SXHVWDVTXHGHEDQDVXPLUORV'LUHFWRUHVGHÈUHDV
GH6DOXG*HUHQWHVGH$WHQFLyQ3ULPDULD*HUHQWHV
GH6HUYLFLRV6DQLWDULRV\ORV'LUHFWRUHV*HUHQWHVGH
ORV+RVSLWDOHVGHFRQIRUPLGDGFRQORHVWDEOHFLGR
HQHODSDUWDGRGHODUWtFXORGHOSUHVHQWH'HFUHWR
$GHPiVFRRUGLQDUiQODHPLVLyQ\UHPLVLyQGHORV
LQIRUPHVVROLFLWDGRVSRUOD2¿FLQD\JDUDQWL]DUiQOD
HMHFXFLyQGHFXDOTXLHUWLSRGHDFWXDFLyQLQYHVWLJD
FLyQRHVWXGLRTXHOHVHQFRPLHQGHOD2¿FLQDSDUDOD
FRQWHVWDFLyQ¿QDOGHODVUHFODPDFLRQHV\VROLFLWXGHV
\ODUHVSXHVWDDODVLQLFLDWLYDVRVXJHUHQFLDVSUHVHQ
WDGDVHQFXDOTXLHUQLYHOGHDFWXDFLyQ
&$3Ë78/2,,,
352&(',0,(172
6HFFLyQ
'LVSRVLFLRQHVFRPXQHV
$UWtFXOR3UHVHQWDFLyQ
/DVUHFODPDFLRQHVVROLFLWXGHVLQLFLDWLYDV\
VXJHUHQFLDVGHORVXVXDULRVVDQLWDULRVVHGLULJLUiQ
DOWLWXODUGHO'HSDUWDPHQWRFRPSHWHQWHHQPDWHULD
GHVDQLGDG\VHSUHVHQWDUiQ

/RV6HUYLFLRVGH$WHQFLyQDO8VXDULRR8QLGD D(QORVOXJDUHV\IRUPDTXHFRQFDUiFWHUJHQHUDO
GHVHTXLYDOHQWHVDORVPLVPRVH[LVWHQWHVHQORV HVWDEOH]FDHQFDGDPRPHQWRODOHJLVODFLyQUHJXOD
HVWDEOHFLPLHQWRVLQWHJUDGRVRDGVFULWRVHQOD5HG GRUDGHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q
+RVSLWDODULDGH8WLOL]DFLyQ3~EOLFD
 /RV 6HUYLFLRV DQiORJRV D ORV DQWHULRUHV TXH
H[LVWDQ R SXHGDQ FUHDUVH HQ ODV *HUHQFLDV GH
$WHQFLyQ3ULPDULD\HQODV*HUHQFLDVGH6HUYLFLRV
6DQLWDULRV
 /DV 8QLGDGHV ,QVXODUHV GH OD 2¿FLQD TXH VH
FUHHQ\VHLQWHJUHQHQODHVWUXFWXUDRUJiQLFDGH
ODV'LUHFFLRQHVGHODVÈUHDVGH6DOXGDVtFRPR
ODVXQLGDGHVGHpVWDVGHVWLQDGDVDOFXPSOLPLHQWR
GHODVREOLJDFLRQHVFRQWHQLGDVHQHVWH'HFUHWRHQ
VXiUHDPDWHULDOGHDFWLYLGDG
E(QORVFHQWURVRGHSHQGHQFLDVGRQGHVHXELTXH
ODR¿FLQDGHUHJLVWURGHHQWUDGDGHORVyUJDQRVTXH
LQWHJUDQ HO 'HSDUWDPHQWR \ HO 6HUYLFLR &DQDULR
GHOD6DOXGHQORV&HQWURVGH$WHQFLyQ3ULPDULD\
HQORVVHUYLFLRVGHDWHQFLyQDOSDFLHQWHRXQLGDGHV
VLPLODUHVKDELOLWDGDVSDUDDWHQGHUDOS~EOLFRGHORV
FHQWURV HVWDEOHFLPLHQWRV \ VHUYLFLRV KRVSLWDODULRV
LQWHJUDGRV R YLQFXODGRV D OD 5HG +RVSLWDODULD GH
8WLOLGDG3~EOLFD
/DSUHVHQWDFLyQGHODVUHFODPDFLRQHVGHEHUi
KDFHUVHSUHIHUHQWHPHQWHHQHOLPSUHVRGHKRMDV

(VWHDUWtFXORVHWUDQVFULEHFRQODUHGDFFLyQGDGDSRUHO'HFUHWRGHGHMXOLR

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


QRUPDOL]DGDV QXPHUDGDV \ DXWRFRSLDWLYDV TXH
FRQVWDUiGHXQRULJLQDO\GRVFRSLDVVHJ~QHOPR
GHORTXHVHGHWHUPLQHSRU2UGHQ'HSDUWDPHQWDO
RSRUHVFULWRHQFXDOTXLHUIRUPDWR
/DSUHVHQWDFLyQGHODVVROLFLWXGHVLQLFLDWLYDV\
VXJHUHQFLDVVHSRGUiUHDOL]DUHQORVPRGHORVRILFLDOHV
GHWHUPLQDGRV SRU 2UGHQ 'HSDUWDPHQWDO R HQ
FXDOTXLHUIRUPDWR
/RVPRGHORVR¿FLDOHVSDUDODVUHFODPDFLRQHV
\ SDUD ODV VROLFLWXGHV LQLFLDWLYDV \ VXJHUHQFLDV
GHEHUiQHVWDUDGLVSRVLFLyQGHORVXVXDULRVVDQL
WDULRVHQWRGRVORVFHQWURVRGHSHQGHQFLDVGRQGH
VHXELTXHODR¿FLQDGHUHJLVWURGHHQWUDGDGHORV
yUJDQRVRUJDQLVPRV\HQWLGDGHVGHSHQGLHQWHVGH
OD&RQVHMHUtDFRPSHWHQWHHQPDWHULDGHVDQLGDG
GHORVyUJDQRVGHO6HUYLFLR&DQDULRGHOD6DOXG
DVtFRPRHQORVVHUYLFLRVFHQWURV\HVWDEOHFLPLHQ
WRVVDQLWDULRVS~EOLFRV\SULYDGRV
/D 2ILFLQD YHODUi SRU HO FXPSOLPLHQWR GH OR
GLVSXHVWR HQ HO DUWtFXOR DQWHULRU PHGLDQWH ODV
RSRUWXQDVFRPSUREDFLRQHV
$UWtFXOR5HFHSFLyQHLQLFLDFLyQ
 /DV UHFODPDFLRQHV VROLFLWXGHV LQLFLDWLYDV \
VXJHUHQFLDVSUHVHQWDGDVSRUORVXVXDULRVVDQLWDULRV
HQFXDOTXLHUDGHORVOXJDUHVSUHYLVWRVHQHODUWtFXOR
DQWHULRUVHUiQFXUVDGDVVLQGLODFLyQDOD2¿FLQDR
DODVXQLGDGHVDGVFULWDVIXQFLRQDOPHQWH
/DXQLGDGUHFHSWRUDFXDQGRDVtORVROLFLWHHO
XVXDULRSURFHGHUiDUHPLWLUDOLQWHUHVDGRODFRSLD
DpOGHVWLQDGDGHOPRGHORQRUPDOL]DGRHQODTXH
¿JXUDUiHQVLWLRYLVLEOHODIHFKD\HOQ~PHURGHUH
JLVWURGHHQWUDGDHQFXDOTXLHUDGHORVUHJLVWURVGH
OD&RQVHMHUtDFRPSHWHQWHHQPDWHULDGHVDQLGDG
6LODUHFODPDFLyQVROLFLWXGLQLFLDWLYDRVXJHUHQ
FLD VH KXELHUD IRUPXODGR HQ PRGHOR GLVWLQWR DO
QRUPDOL]DGR VH UHPLWLUi XQD FRSLD DXWHQWLFDGD
GHO HVFULWR SUHVHQWDGR HQ OD TXH GH PDQHUD
OHJLEOH ¿JXUDUi HO Q~PHUR \ IHFKD GHO UHJLVWUR
GHHQWUDGD
(VWHDUWtFXORVHWUDQVFULEHFRQODUHGDFFLyQGDGDSRUHO'HFUHWRGHGHMXOLR
*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG

6LPXOWiQHDPHQWHDVXUHFHSFLyQVHLQVFULEL
UiQ ODV UHFODPDFLRQHV VROLFLWXGHV LQLFLDWLYDV \
VXJHUHQFLDVHQVXVFRUUHVSRQGLHQWHVUHJLVWURV\
VH GHWHUPLQDUi VL OD WUDPLWDFLyQ FRUUHVSRQGH D
OD 2¿FLQD R D DOJXQD GH ODV XQLGDGHV D TXH VH
UH¿HUHHODUWtFXORHQFX\RFDVRVHUHPLWLUi
ODFRSLDGHOHVFULWRGHSUHVHQWDFLyQ\HQVXFDVR
ODGRFXPHQWDFLyQDSRUWDGDSRUHOXVXDULR
$UWtFXOR7UDPLWDFLyQ
 /DV UHFODPDFLRQHV VROLFLWXGHV LQLFLDWLYDV R
VXJHUHQFLDV HQ PDWHULD VDQLWDULD TXH GHEDQ VHU
REMHWRGHFRQWHVWDFLyQRUHVSXHVWDSRUHOWLWXODU
GHOyUJDQRGHOTXHGHSHQGDOD2¿FLQDGHFRQIRU
PLGDGFRQORGLVSXHVWRHQHODUWtFXORDSDUWDGR
GHOSUHVHQWH'HFUHWRVHUiQWUDPLWDGDVSRUOD
2¿FLQDFHQWUDO
 &RUUHVSRQGH D ODV 8QLGDGHV ,QVXODUHV GH OD
2¿FLQD\DORV6HUYLFLRVGH$WHQFLyQDO8VXDULRR
XQLGDGHVHTXLYDOHQWHVGHODV'LUHFFLRQHVGHÈUHD
*HUHQFLDV GH$WHQFLyQ 3ULPDULD *HUHQFLDV GH
6HUYLFLRV6DQLWDULRV\GHORVFHQWURVKRVSLWDODULRV
ODWUDPLWDFLyQGHODVUHFODPDFLRQHVVROLFLWXGHV
LQLFLDWLYDVRVXJHUHQFLDVVDQLWDULDVTXHGHEDQVHU
REMHWRGHFRQWHVWDFLyQRUHVSXHVWDSRUSDUWHGHORV
yUJDQRVHVWDEOHFLGRVHQHODUWtFXORDSDUWDGR
GHOSUHVHQWH'HFUHWRHQIXQFLyQGHVXVUHVSHFWLYDV
iUHDVPDWHULDOHVGHDFWXDFLyQ
$UWtFXOR5HFXUVRV\GLVFUHSDQFLDV
&RQWUDODVUHVROXFLRQHVGLFWDGDVHQORVH[SH
GLHQWHVWUDPLWDGRVDODPSDURGHORUHJXODGRHQHO
SUHVHQWH'HFUHWRQRFDEHUHFXUVRDGPLQLVWUDWLYR
DOJXQRVLQSHUMXLFLRGHTXHORVLQWHUHVDGRVSXH
GDQLQYRFDUORVPRWLYRVGHWHUPLQDQWHVGHVXTXHMD
SDUDODLQWHUSRVLFLyQGHORVUHFXUVRVIUHQWHDORV
DFWRVTXHGLHURQRULJHQDODPLVPD
(QORVFDVRVGHUHFODPDFLRQHV\VROLFLWXGHV
FX\D UHVROXFLyQ QR FRUUHVSRQGD DO WLWXODU GHO
yUJDQR GHO TXH GHSHQGD OD 2ILFLQD VH SRGUi
SODQWHDUDQWHHOPLVPRSRUORVXVXDULRVXQHVFULWR
GHGLVFUHSDQFLDFRQODFRQWHVWDFLyQRUHVSXHVWD
UHFLELGD HQ HO SULPHU QLYHO GH DFWXDFLyQ$VL
PLVPR\SDUDWDOHVFDVRVHQHOVXSXHVWRGHQR
UHFLELUUHVSXHVWDHQHOSOD]RHVWDEOHFLGRSRGUiQ
UHLWHUDUODPLVPDDQWHHOWLWXODUGHOyUJDQRGHOTXH
GHSHQGDOD2¿FLQD
6HFFLyQ
5HFODPDFLRQHV
$UWtFXOR,QVWUXFFLyQ
(QODWUDPLWDFLyQGHODVUHFODPDFLRQHVVHSURFH
GHUiGHODVLJXLHQWHIRUPD
/DXQLGDGFRPSHWHQWHGHWHUPLQDUi\FRPSUREDUi
ORVGDWRVKHFKRV\FLUFXQVWDQFLDVTXH¿JXUDQHQ
ODUHFODPDFLyQ
$VXVROLFLWXGHOFHQWURHVWDEOHFLPLHQWRRVHUYLFLR
VDQLWDULRDIHFWDGRHPLWLUiXQLQIRUPHHQHOSOD]R
Pi[LPR GH YHLQWH GtDV (O LQIRUPH VHUi ¿UPDGR
SRUHOUHVSRQVDEOHPi[LPRWLWXODUGHOFHQWURHV
WDEOHFLPLHQWRRGHOVHUYLFLRHQHOFDVRGHFHQWURV
KRVSLWDODULRV
$ODYLVWDGHORVLQIRUPHVDQWHULRUHVODXQLGDG
FRPSHWHQWHSRGUiIRUPXODUXQDSURSXHVWDGHPH
GLDFLyQFXDQGRODHQWLGDGGHODVXQWRDVtORSHUPLWD
\VHDDFHSWDGDSRUHOXVXDULRVDQLWDULRTXHSUHVHQWy
ODUHFODPDFLyQ(QHVWRVFDVRVSRGUiFRQFOXLUOD
WUDPLWDFLyQPHGLDQWHFRPXQLFDFLyQYHUEDOVLHPSUH
\FXDQGRGHODVDFWXDFLRQHV\H[SOLFDFLRQHVSURSRU
FLRQDGDVSRUHOFHQWURVHUYLFLRRHVWDEOHFLPLHQWR\
SRUODV8QLGDGHV,QVXODUHVHQVXFDVRVHGHULYHOD
SOHQDVDWLVIDFFLyQSDUDHOXVXDULRUHFODPDQWHDVt
VHKDJDFRQVWDUHQHOH[SHGLHQWH\GDQGRFXHQWDDO
yUJDQRFRPSHWHQWH
(QORVFDVRVHQTXHQRSURFHGDODPHGLDFLyQ\
DODYLVWDGHORVLQIRUPHVHYDFXDGRVSRUHOFHQWUR
HVWDEOHFLPLHQWR R VHUYLFLR VDQLWDULR DIHFWDGR OD
XQLGDGFRPSHWHQWHFRPSOHWDUiHQVXFDVRODLQV
(VWHDUWtFXORVHWUDQVFULEHFRQODUHGDFFLyQGDGDSRUHO'HFUHWRGHGHMXOLR
*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG

WUXFFLyQGHOH[SHGLHQWHSXGLpQGRVHLQFRUSRUDUDO
PLVPRODVSUXHEDVTXHVHHVWLPHQGHLQWHUpVRTXH
VHKD\DQVROLFLWDGR\DGPLWLGR
,QVWUXLGRHOH[SHGLHQWHVHFRQFHGHUiWUiPLWHGH
DXGLHQFLDDORVLQWHUHVDGRVIRUPXOiQGRVHSRVWH
ULRUPHQWHSRUOD2¿FLQDRODVXQLGDGHVIXQFLRQDO
PHQWHGHSHQGLHQWHVODSURSXHVWDGHFRQWHVWDFLyQR
UHVSXHVWDTXHVHHOHYDUiDOyUJDQRFRPSHWHQWHSDUD
VXDGRSFLyQGH¿QLWLYD
6H SRGUi SUHVFLQGLU GHO WUiPLWH GH DXGLHQFLD
FXDQGRKD\DFRLQFLGHQFLDVXVWDQFLDOHQWUHORPD
QLIHVWDGRSRUHOXVXDULR\SRUHOFHQWURRVHUYLFLR
VDQLWDULRDIHFWDGR
$UWtFXOR&RQWHVWDFLyQ
$ODYLVWDGHORVUHVXOWDGRVGHODLQVWUXFFLyQOD
FRQWHVWDFLyQSRGUiFRQWHQHU
8QDRUGHQGHDGRSFLyQGHPHGLGDVWHQGHQWHV
D OD VXEVDQDFLyQ GH OD DQRPDOtD R DQRPDOtDV
GHWHFWDGDV
8QDUHFRPHQGDFLyQFRQODPLVPD¿QDOLGDGDQ
WHULRUHQFX\RFDVRVH¿MDUiXQSOD]RHQIXQFLyQGHOD
QDWXUDOH]DGHDTXpOODSDUDTXHVHLQIRUPHDOD2¿FLQD
FRQYLQFHQWHPHQWHVREUHODVPHGLGDVDGRSWDGDV
/DUHPLVLyQGHORDFWXDGRDOyUJDQRFRPSHWHQWH
DORVHIHFWRVTXHSURFHGDQVLVHDSUHFLDQLQGL
FLRV GH SRVLEOHV LQIUDFFLRQHV GHO RUGHQDPLHQWR
MXUtGLFR
 /D LQFRDFLyQ GH H[SHGLHQWH VDQFLRQDGRU SRU
SRVLEOHYLRODFLyQGHGHUHFKRVRLQFXPSOLPLHQWR
GH GHEHUHV GH ORV XVXDULRV VLQ SHUMXLFLR GH OD
UHVSRQVDELOLGDGGLVFLSOLQDULDGHOSHUVRQDODXWRU
/DFRQWHVWDFLyQGHODUHFODPDFLyQGHEHUiVHU
DGRSWDGD\QRWL¿FDGDHQHOSOD]RPi[LPRGHGRV
PHVHVDFRQWDUGHVGHODIHFKDGHHQWUDGDHQFXDO
TXLHUDGHORVUHJLVWURVGHOD&RQVHMHUtDFRPSHWHQWH
HQPDWHULDGHVDQLGDG
 /D FRQWHVWDFLyQ FRQWHQGUi OD SRVLELOLGDG GHO
XVXDULRGHHIHFWXDUGLVFUHSDQFLDDQWHHOWLWXODUGHO
yUJDQRGHOTXHGHSHQGDOD2¿FLQDGHQWURGHOPHV
VLJXLHQWHDVXQRWL¿FDFLyQ
(QORVFDVRVHQORVTXHVHSODQWHHGLVFUHSDQFLD
RVHUHLWHUHODUHFODPDFLyQSRUQRUHFLELUUHVSXHVWD
HQSOD]RODFRQWHVWDFLyQGHEHUiVHUDGRSWDGDSRU
HOWLWXODUGHOyUJDQRGHOTXHGHSHQGDOD2¿FLQD\
QRWL¿FDGDHQHOSOD]RPi[LPRGHGRVPHVHVGHVGH
TXHWHQJDVXHQWUDGDHQFXDOTXLHUDGHORVUHJLVWURV
GHSHQGLHQWHVGHGLFKRyUJDQR
$UWtFXOR1RWL¿FDFLyQ
/DVXQLGDGHVGHWUDPLWDFLyQQRWL¿FDUiQODFRQWHV
WDFLyQDORVLQWHUHVDGRVDVtFRPRDORVyUJDQRVGHO
6HUYLFLR&DQDULRGHOD6DOXGTXHHMHU]DQFRPSHWHQ
FLDGLUHFWDHQHODVXQWRREMHWRGHODUHFODPDFLyQ
/DQRWL¿FDFLyQSRGUiVHUVXVWLWXLGDSRUXQDFR
PXQLFDFLyQYHUEDOFXDQGRVHKD\DDFHSWDGRSRUHO
XVXDULRUHFODPDQWHODIyUPXODGHODPHGLDFLyQ
6HFFLyQ
6ROLFLWXGHV
$UWtFXOR6ROLFLWXGHV
 /RV XVXDULRV GHO 6LVWHPD &DQDULR GH OD 6D
OXG SRGUiQ GLULJLU VROLFLWXGHV D OD 2¿FLQD SDUD
UHFDEDU LQIRUPDFLyQ HVFULWD VREUH ORV VHUYLFLRV
\SUHVWDFLRQHVVDQLWDULDVGHUHFKRV\GHEHUHVGH
ORVXVXDULRVSURFHGLPLHQWRVQRUPDWLYD\GHPiV
FXHVWLRQHVGHQDWXUDOH]DVDQLWDULD
 /DV VROLFLWXGHV SXHGHQ VHU IRUPXODGDV SRU
HVFULWRRYHUEDOPHQWH
 1R WLHQHQ OD FRQVLGHUDFLyQ GH VROLFLWXGHV D
ORVHIHFWRVGHOSUHVHQWH'HFUHWRODVIRUPXODGDV
YHUEDOPHQWHTXHYHUVHQVREUHDVSHFWRVSUiFWLFRV
(VWHDUWtFXORVHWUDQVFULEHFRQODUHGDFFLyQGDGDSRUHO'HFUHWRGHGHMXOLR
*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG

HLQWHUQRVGHXQFHQWURHVWDEOHFLPLHQWRRVHUYLFLR
KRVSLWDODULR R H[WUDKRVSLWDODULR \ GH DVLVWHQFLD
SULPDULD FRPR SXHGHQ VHU KRUDULRV VHUYLFLRV
SUHVWDFLRQHVUHTXLVLWRVGHHQWUDGD\VDOLGDGHDOWD
\EDMD\GHPiVGHFDUiFWHUKDELWXDOTXHSRGUiQ
VHUDWHQGLGDV\JHVWLRQDGDVSRUORVVHUYLFLRVGH
DWHQFLyQ DO SDFLHQWH R XQLGDGHV VLPLODUHV KDEL
OLWDGDVSDUDDWHQGHUDOS~EOLFRTXHFRQWHVWDUiQ
DVLPLVPRGHIRUPDGLUHFWD\YHUEDO
$UWtFXOR7UDPLWDFLyQ
3DUDODUHVSXHVWDGHODVVROLFLWXGHVSODQWHDGDV
VHSRGUiQUHFDEDUORVLQIRUPHVSHUWLQHQWHVTXH
GHEHUiQVHUHYDFXDGRVHQXQSOD]RPi[LPRGH
TXLQFHGtDV
$UWtFXOR5HVSXHVWD
(QHOVXSXHVWRGHTXHSRUODQDWXUDOH]DGH
OD VROLFLWXG HO FRQWHQLGR GH OD UHVSXHVWD VHD
UHJODGR HO -HIH GH OD XQLGDG GH WUDPLWDFLyQ
SRGUiUHVROYHUHOH[SHGLHQWH
(QORVUHVWDQWHVFDVRVODUHVSXHVWDGHOyUJDQR
FRPSHWHQWHVHDGRSWDUiSUHYLDSURSXHVWDGLUHFWD
GHODXQLGDGGHWUDPLWDFLyQTXHFRUUHVSRQGD
(OSOD]RGHUHVSXHVWDGHODVVROLFLWXGHVVHUi
GHXQPHVDFRQWDUGHVGHODIHFKDGHHQWUDGD
HQFXDOTXLHUDGHORVUHJLVWURVGHOD&RQVHMHUtD
FRPSHWHQWHHQPDWHULDGHVDQLGDG
 /D UHVSXHVWD FRQWHQGUi OD SRVLELOLGDG GHO
XVXDULRGHHIHFWXDUGLVFUHSDQFLDDQWHHOWLWXODU
GHOyUJDQRGHOTXHGHSHQGDOD2¿FLQDGHQWUR
GHOPHVVLJXLHQWHDVXQRWL¿FDFLyQ
(QORVFDVRVHQORVTXHVHSODQWHHGLVFUHSDQ
FLDDQWHHOWLWXODUGHOyUJDQRGHOTXHGHSHQGDOD
2¿FLQDRVHUHLWHUHODVROLFLWXGSRUQRUHFLELU
UHVSXHVWD HQ SOD]R OD FRQWHVWDFLyQ GHEHUi
VHUDGRSWDGDSRUHOWLWXODUGHOyUJDQRGHOTXH
GHSHQGD OD 2¿FLQD \ QRWL¿FDGD HQ HO SOD]R
Pi[LPRGHXQPHVGHVGHTXHWHQJDVXHQWUDGD 6HFFLyQ
HQFXDOTXLHUDGHORVUHJLVWURVGHSHQGLHQWHVGH 0HPRULDDQXDO\UHV~PHQHV
GLFKRyUJDQR PHQVXDOHVGHDFWLYLGDG

6HFFLyQ $UWtFXOR0HPRULDDQXDO
,QLFLDWLYDV\VXJHUHQFLDV
&RUUHVSRQGHDOD2¿FLQDFHQWUDOODHODERUDFLyQGH
$UWtFXOR,QLFLDWLYDV\VXJHUHQFLDV OD0HPRULDDQXDOGHDFWLYLGDGHVGHODXQLGDG

/DV LQLFLDWLYDV \ VXJHUHQFLDV TXH SUHVHQWHQ
ORV XVXDULRV VDQLWDULRV WHQGUiQ SRU ¿QDOLGDG
SURSRQHUODPHMRUDGHOJUDGRGHFXPSOLPLHQWR
\REVHUYDQFLDGHORVGHUHFKRV\GHEHUHVGHORV
XVXDULRV HO GH IXQFLRQDPLHQWR GH ORV VHUYL
FLRV VDQLWDULRV \ HO FXLGDGR \ DWHQFLyQ GH ORV
HQIHUPRV
(O FRQWHQLGR GH OD 0HPRULD VX HVWUXFWXUD ORV
FULWHULRVGHKRPRJHQHL]DFLyQGHORVGDWRV\HOSUR
FHGLPLHQWR\SOD]RGHHODERUDFLyQVHUiQUHJXODGRV
SRU2UGHQGHSDUWDPHQWDOGHVDQLGDG
$UWtFXOR  5HV~PHQHV PHQVXDOHV GH DFWLYL
GDG

/DVDXWRULGDGHVVDQLWDULDVLPSXOVDUiQ\IRPHQ
WDUiQODUHDOL]DFLyQGHHQFXHVWDVTXHSHUPLWDQ
LQVWUXPHQWDOL]DULQLFLDWLYDV\VXJHUHQFLDV
$UWtFXOR7UDPLWDFLyQ
/RVGDWRVHVWDGtVWLFRVFRQWHQLGRVHQOD0HPRULD
WHQGUiQ FRPR DQWHFHGHQWH QHFHVDULR ORV UHV~
PHQHV PHQVXDOHV GH DFWLYLGDG HODERUDGRV SRU
ODV XQLGDGHV IXQFLRQDOPHQWH GHSHQGLHQWHV GH
OD2¿FLQD

/D 2¿FLQD \ VXV XQLGDGHV LQVXODUHV GHQWUR 7DQWROD2¿FLQDFHQWUDOFRPRODVXQLGDGHVDGV

GHO iPELWR GH DFWXDFLyQ SURSLR SURFHGHUiQ D FULWDVIXQFLRQDOPHQWHHODERUDUiQXQRVUHV~PHQHV
ODWUDPLWDFLyQGHODVLQLFLDWLYDV\VXJHUHQFLDV PHQVXDOHVGHDFWLYLGDGFX\RFRQWHQLGRVHUiUHJX
SUHVHQWDGDVSRUORVXVXDULRVVROLFLWDQGRGHORV ODGRSRU2UGHQGHSDUWDPHQWDOGHVDQLGDG
yUJDQRV GHSHQGHQFLDV R HVWDEOHFLPLHQWRV DG
PLQLVWUDWLYRVRVDQLWDULRVS~EOLFRVRSULYDGRV
ORVLQIRUPHV\HVWXGLRVTXHHVWLPHQRSRUWXQRV
SDUD OD HODERUDFLyQ GH OD SURSXHVWD VREUH OD
YLDELOLGDGGHODLQLFLDWLYDRVXJHUHQFLD

$UWtFXOR)LQDOL]DFLyQ

(OyUJDQRFRPSHWHQWHDODYLVWDGHODSURSXHVWD
HPLWLGDGHFLGLUiVREUHODUHVSXHVWDGH¿QLWLYDTXH
VHQRWL¿FDUiDOXVXDULRLQWHUHVDGRFRQORVFRPHQ
WDULRVTXHSXHGDQGHVSUHQGHUVHHQVXFDVR

(OSOD]RGHFRQWHVWDFLyQGHODVLQLFLDWLYDV\VXJH
UHQFLDVVHUiGHGRVPHVHVDFRQWDUGHVGHODIHFKD
GH HQWUDGD HQ FXDOTXLHUD GH ORV UHJLVWURV GH OD
&RQVHMHUtDFRPSHWHQWHHQPDWHULDGHVDQLGDG

6HFFLyQLQWURGXFLGDSRUHO'HFUHWRGHGHMXOLR
&RUUHFFLyQGHHUURU%2&Q~PHURGHGH-XOLRGH(QODUHGDFFLyQLQLFLDO¿JXUDEDHODUWtFXOR

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


 6HJXQGD0HGLRVPDWHULDOHV\SHUVRQDOHV
',6326,&,Â175$16,725,$
/DDSOLFDFLyQGHODVGLVSRVLFLRQHVHVWDEOHFLGDV
ÒQLFD+DVWDWDQWRHQWUHQHQIXQFLRQDPLHQWR
HQHOSUHVHQWH'HFUHWRQRVXSRQGUiLQFUHPHQWRDO
ODVXQLGDGHVLQVXODUHVDTXHKDFHUHIHUHQFLDHODU
JXQRGHOJDVWRS~EOLFR\VHOOHYDUiDHIHFWRFRQORV
WtFXORODVIXQFLRQHVTXHHOSUHVHQWH'HFUHWR
PHGLRVGHSHUVRQDO\PDWHULDOHVH[LVWHQWHVHQORV
OHVDWULEX\HVHUiQDVXPLGDVGLUHFWDPHQWHSRUODV
GLIHUHQWHVyUJDQRVGHOD$GPLQLVWUDFLyQVDQLWDULD
'LUHFFLRQHVGHFDGDXQDGHODVÈUHDVGH6DOXG
GHOD&RPXQLGDG$XWyQRPDGH&DQDULDV

',6326,&,21(6),1$/(6 ',6326,&,Â175$16,725,$
3ULPHUD6HIDFXOWDDO&RQVHMHURFRPSHWHQWHHQ
ÒQLFD$ ORV H[SHGLHQWHV LQLFLDGRV DQWHV GH
PDWHULDGHVDQLGDGSDUDGLFWDUODVGLVSRVLFLRQHV
ODHQWUDGDHQYLJRUGHOSUHVHQWH'HFUHWRQROHV
QHFHVDULDVD¿QGHFXPSOLUFRQORSUHYLVWRHQHO
VHUi GH DSOLFDFLyQ HO PLVPR ULJLpQGRVH SRU OD
SUHVHQWH'HFUHWR
QRUPDWLYDDQWHULRU
6HJXQGD(OSUHVHQWH'HFUHWRHQWUDUiHQYLJRU
HOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQHQHO%ROHWtQ ',6326,&,Â1),1$/
2¿FLDOGH&DQDULDV
ÒQLFD(QWUDGDHQYLJRU
'DGR HQ /DV 3DOPDV GH *UDQ &DQDULD D  GH
PD\RGH (OSUHVHQWH'HFUHWRHQWUDUiHQYLJRUHOGtD
GHRFWXEUHGH
/DV GLVSRVLFLRQHV GH FLHUUH GHO 'HFUHWR
GHGHMXOLRSRUHOTXHVHPRGL¿FD 'DGRHQ/DV3DOPDVGH*UDQ&DQDULDDGH
HO'HFUHWRGHGHPD\RTXHUHJXOD MXOLRGH
OD HVWUXFWXUD \ HO IXQFLRQDPLHQWR GH OD 2¿FLQD
GH 'HIHQVD GH ORV 'HUHFKRV GH ORV 8VXDULRV
6DQLWDULRV\ODWUDPLWDFLyQGHODVUHFODPDFLRQHV
VROLFLWXGHVLQLFLDWLYDV\VXJHUHQFLDVHQHOiPELWR
VDQLWDULRWLHQHHOVLJXLHQWHFRQWHQLGR

',6326,&,21(6
$',&,21$/(6
3ULPHUD8VXDULRVGHORVVHUYLFLRVVDQLWDULRV

(OWpUPLQRSDFLHQWHFRQWHQLGRHQHO'HFUHWR
GHGHPD\RSRUHOTXHVHUHJXODQ
OD HVWUXFWXUD \ HO IXQFLRQDPLHQWR GH OD 2¿FLQD
GH 'HIHQVD GH ORV 'HUHFKRV GH ORV 8VXDULRV
6DQLWDULRV\ODWUDPLWDFLyQGHODVUHFODPDFLRQHV
VROLFLWXGHVLQLFLDWLYDV\VXJHUHQFLDVHQHOiPELWR
VDQLWDULRHQHOUHVWRGHODVQRUPDVUHJODPHQWDULDV
GLFWDGDVSRUHO*RELHUQRGH&DQDULDV\GHLQIH
ULRU UDQJR DVt FRPR HQ ODV GHQRPLQDFLRQHV GH
XQLGDGHVGHSUHVWDFLyQGHVHUYLFLRVVDQLWDULRVVH
HQWHQGHUiVXVWLWXLGRSRUHOGHXVXDULR

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


 25'(1 GH  GH VHSWLHPEUH GH 
SRU OD TXH VH GHVDUUROOD HO 'HFUHWR 
GH  GH PD\R TXH UHJXOD OD HVWUXFWXUD \
IXQFLRQDPLHQWRGHOD2¿FLQDGH'HIHQVDGH
ORV'HUHFKRVGHORV8VXDULRV6DQLWDULRV\OD
WUDPLWDFLyQGHODVUHFODPDFLRQHVVROLFLWXGHV
LQLFLDWLYDV\VXJHUHQFLDVHQHOiPELWRVDQLWDULR
\VHDSUXHEDQORVLPSUHVRV\PRGHORVGHKRMDV
GHUHFODPDFLRQHV\GHVROLFLWXGHVLQLFLDWLYDV\
VXJHUHQFLDVHQHOiPELWRVDQLWDULR
(O'HFUHWRGHGHMXOLRDxDGLy
DO 'HFUHWR  GH  GH PD\R SRU HO
TXH VH UHJXOD OD HVWUXFWXUD \ IXQFLRQDPLHQWR
GH OD 2ILFLQD GH 'HIHQVD GH ORV 'HUHFKRV GH
ORV 8VXDULRV 6DQLWDULRV \ OD WUDPLWDFLyQ GH
ODV UHFODPDFLRQHV VROLFLWXGHV LQLFLDWLYDV \
VXJHUHQFLDVHQHOiPELWRVDQLWDULROD6HFFLyQ
GHODGLVSRVLFLyQUHJODPHQWDULDFRQHOWtWXOR
GH©0HPRULDDQXDO\UHV~PHQHVPHQVXDOHVGH
DFWLYLGDGª (Q OD FLWDGD 6HFFLyQ VH FRQWLHQH
ODREOLJDFLyQGHOD2ILFLQD\GHVXVXQLGDGHV
IXQFLRQDOPHQWHGHSHQGLHQWHVGHHODERUDUXQRV
GRFXPHQWRV PHQVXDOHV HQ ORV TXH VH UHFRMD
QXPpULFDPHQWHODDFWLYLGDGUHDOL]DGDHQFDGD
SHUtRGRPHQVXDO\TXHVLUYDQGHSUHVXSXHVWR
QHFHVDULR SDUD OD FRQIHFFLyQ GH OD PHPRULD
DQXDO GH OD 2ILFLQD (O WH[WR UHJODPHQWDULR
GH RULJHQ FRQWLHQH HO PDQGDWR GH UHJXODFLyQ
SRVWHULRUGHOFRQWHQLGRHVWUXFWXUD\SOD]RGH
HODERUDFLyQGHODPHPRULDDVtFRPRGHORVUHV~
PHQHVPHQVXDOHVTXHVHFXPSOHFRQODSUHVHQWH
2UGHQ'HSDUWDPHQWDO
)LQDOPHQWH OD SRVLELOLGDG GH UHLWHUDU DQWH
HOWLWXODUGHOyUJDQRGHOTXHGHSHQGHOD2ILFLQDOD
UHFODPDFLyQRVROLFLWXGSRULQDFWLYLGDGGHODVXQL
GDGHVIXQFLRQDOPHQWHDGVFULWDVDFRQVHMDODPR
GLILFDFLyQGHOLPSUHVRRILFLDOGHUHFODPDFLyQ
\ GHO PRGHOR RILFLDO GH VROLFLWXG DSUREDGRV
LQLFLDOPHQWHSRUOD2UGHQ'HSDUWDPHQWDOGH
',6321*2
35,0(520(025,$$18$/
/D PHPRULD DQXDO GH DFWLYLGDGHV GH OD
2ILFLQD GH 'HIHQVD GH ORV 'HUHFKRV GH ORV
8VXDULRV6DQLWDULRVVHUiHODERUDGDVLJXLHQGR
ORVVLJXLHQWHVFULWHULRV
 (O FRQWHQLGR GH OD PHPRULD VH EDVDUi HQ
LQIRUPDFLyQ KRPRJpQHD SURSRUFLRQDGD SRU
ODVGLVWLQWDVXQLGDGHVIXQFLRQDOPHQWHGHSHQ
GLHQWHVGLYLGLpQGRVHHQDSDUWDGRVFRUUHVSRQ
GLHQWHV D ODV UHFODPDFLRQHV ODV VROLFLWXGHV
LQLFLDWLYDV \ VXJHUHQFLDV \ DO HVWDGR GH ORV
H[SHGLHQWHV
 /D LQIRUPDFLyQ FRUUHVSRQGLHQWH D ODV
UHFODPDFLRQHV \ VROLFLWXGHV VH FODVLILFDUi \
FRGLILFDUiVHJ~QODVFODVLILFDFLRQHV\FyGLJRV
VHxDODGRVHQORVDQHMRV,\,,UHVSHFWLYDPHQWH
GHODSUHVHQWH2UGHQ'HSDUWDPHQWDO
 /D LQIRUPDFLyQ FRUUHVSRQGLHQWH D ODV
LQLFLDWLYDV \ VXJHUHQFLDV QR HVWDUi VXMHWD D
FODVLILFDFLyQQLFRGLILFDFLyQFRUUHVSRQGLHQGR
VXYDORUDFLyQGLUHFWDPHQWHGHORVGDWRVFRQ
VLJQDGRVOLEUHPHQWH
6HJXQGR 3OD]R GH HODERUDFLyQ GH OD PH
PRULDDQXDO
/D PHPRULD DQXDO GHEHUi VHU ILQDOL]DGD
DQWHV GHO  GH IHEUHUR GHO DxR VLJXLHQWH DO
TXHFRUUHVSRQGDVXFRQWHQLGR
'HQWURGHOSULPHUPHVGHODxROD2ILFLQD
HODERUDUiXQGRFXPHQWRSURYLVLRQDOHQHOTXH
VHFRQWHQGUiQORVGDWRVWRWDOL]DGRV\GHVDJUH
JDGRVSRUFODVHGHDWHQFLyQSDUDODVGLVWLQWDV
'LUHFFLRQHV*HUHQFLDV\'LUHFFLRQHV*HUHQ
FLDVDTXHVHUHILHUHHODUWtFXORGHO'HFUHWR
GHDEULOGH%2&QžGH GHGHPD\R
(Q VX YLUWXG D SURSXHVWD GH OD 6HFUHWDUtD
*HQHUDO7pFQLFD\SUHYLRLQIRUPHGHO6HUYLFLR 7HUFHUR3URFHGLPLHQWRGHHODERUDFLyQGH
-XUtGLFR ODPHPRULDDQXDO

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


 (O GRFXPHQWR SURYLVLRQDO D TXH VH UHILHUH
HO DSDUWDGR VHJXQGR GH OD SUHVHQWH 2UGHQ VH
FRQIHFFLRQDUi FRQ ORV GDWRV SURSRUFLRQDGRV SRU
ODV XQLGDGHV IXQFLRQDOPHQWH GHSHQGLHQWHV GH OD
2¿FLQD\FRQWHQLGRVHQORVUHV~PHQHVPHQVXDOHV
GHDFWLYLGDG
'LFKRVGDWRVVHUiQREMHWRGHDJUHJDFLyQ\GH
HODERUDFLyQGHFXDGURVHVWDGtVWLFRV
(OGRFXPHQWRSURYLVLRQDOVHUiUHSDUWLGRHQWUH
WRGDVODVXQLGDGHVGHSHQGLHQWHVTXHHQHOSOD]RGH
TXLQFHGtDVGHEHUiQ
5DWL¿FDUORVGDWRVTXHOHVFRUUHVSRQGDQ
(QFDVRGHYDULDFLyQSURSRQHUORVQXHYRVGDWRV
\MXVWL¿FDUODVDOWHUDFLRQHV
$xDGLUDODVHULHGHGDWRVORVTXHVHUH¿HUHQDOD
FRQWHVWDFLyQ\DHIHFWXDGDGHODVUHFODPDFLRQHV\
VROLFLWXGHV\VHxDODUODVTXHTXHGDQSHQGLHQWHV
 &RPHQWDU ORV GDWRV SURSRUFLRQDGRV SRU OD
SURSLD XQLGDG \ ORV GHGXFLGRV GHO GRFXPHQWR
SURYLVLRQDO
&XDUWR)LQDOL]DFLyQGHODPHPRULDDQXDO
8QDYH]UDWL¿FDGRVORVGDWRVRMXVWL¿FDGDVVXV
YDULDFLRQHVOD2¿FLQDGH'HIHQVDGHORV'HUHFKRV
GHORV8VXDULRV6DQLWDULRV¿QDOL]DUiORVWUDEDMRVGH
FRPSRVLFLyQHYDOXDFLyQ\UHGDFFLyQGHORVFRPHQ
WDULRV\FRQFOXVLRQHV¿QDOHVGHODPHPRULD
/DPHPRULDVHUiVXVFULWDSRUHOWLWXODUGHOyU
JDQRGHOTXHGHSHQGDOD2¿FLQDGH'HIHQVDGHORV
'HUHFKRVGHORV8VXDULRV6DQLWDULRV
4XLQWR5HV~PHQHVPHQVXDOHVGHDFWLYLGDG
/RV UHV~PHQHV PHQVXDOHV GH DFWLYLGDG FRQV
WLWX\HQHODQWHFHGHQWHHVWDGtVWLFRQHFHVDULRGHOD
PHPRULDDQXDO
6HUiQHODERUDGRVSRUOD2¿FLQD\VXVXQLGDGHV
IXQFLRQDOHVHQORVTXLQFHGtDVQDWXUDOHVVLJXLHQWHV
DOD¿QDOL]DFLyQGHOPHVDTXHVHUH¿HUDQ
/RVGDWRVUHODWLYRVDODVUHFODPDFLRQHV\VROLFL
WXGHVVHFODVL¿FDUiQ\FDWDORJDUiQGHFRQIRUPLGDG
FRQORSUHYLVWRHQORVDQHMRV,\,,GHODSUHVHQWH
2UGHQ'HSDUWDPHQWDOFRQVWLWX\HQGRHOFRQWHQLGR
(VWHDUWtFXORVHWUDQVFULEHFRQODUHGDFFLyQGDGDSRUHO'HFUHWRGHGHMXOLR
*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG

EiVLFR GH OD HVWUXFWXUD GH OD PHPRULD D OD TXH
GHEHUiQLQFRUSRUDUVH
/RVGDWRVVHUiQGHVDJUHJDGRVDQLYHOGHFHQWURV
HQ DWHQFLyQ SULPDULD \ GH VHUYLFLRV HQ DWHQFLyQ
HVSHFLDOL]DGDWRWDOL]iQGRVHDGHPiVSRUFDGDyU
JDQRDORVTXHVHUH¿HUHHODUWtFXORGHO'HFUHWR
GHGHPD\R
/RVGDWRVFRUUHVSRQGLHQWHVDODVLQLFLDWLYDV\
VXJHUHQFLDVVHUiQGHOLEUHFRQVLJQDFLyQ
$SDUWLUGHOVHJXQGRPHVGHFDGDVHULHDQXDOORV
GDWRVVHSUHVHQWDUiQWDPELpQHQFLIUDVDFXPXODGDV
FRQUHODFLyQDORVSURSRUFLRQDGRVHQHOUHVXPHQ
DQWHULRU
6H[WR,PSUHVRV\PRGHORVR¿FLDOHV
/RV LPSUHVRV \ PRGHORV RILFLDOHV SDUD OD
SUHVHQWDFLyQ SUHIHUHQWH GH ODV UHFODPDFLRQHV
VROLFLWXGHVLQLFLDWLYDV\VXJHUHQFLDVVRQORVTXHVH
UHFRJHQHQORVDQHMRV,,,,9\9UHVSHFWLYDPHQWH
GHODSUHVHQWH2UGHQ
6pSWLPR8WLOL]DFLyQGHLPSUHVRV\PRGHORV
DQWHULRUHV

/RV LPSUHVRV \ PRGHORV R¿FLDOHV GH UHFOD
PDFLRQHV \ VROLFLWXGHV DQWHULRUHV D OD HQWUDGD
HQ YLJRU GH OD SUHVHQWH 2UGHQ 'HSDUWDPHQWDO
SRGUiQ VHJXLU XWLOL]iQGRVH KDVWD TXH VH DJRWHQ
VLHPSUHTXHVHLQFRUSRUHDORVPLVPRVPHGLDQWH
HVWDPSDFLyQGHVHOORGHFDXFKRRFXDOTXLHURWUR
SURFHGLPLHQWRODLQIRUPDFLyQDGLFLRQDOFRQWHQLGD
HQORVDQHMRV,,,\,9
2FWDYR(MHFXFLyQ
6HIDFXOWDDO6HFUHWDULR*HQHUDO7pFQLFRGHO
'HSDUWDPHQWRSDUDODUHDOL]DFLyQGHORVDFWRVGH
HMHFXFLyQGHODSUHVHQWH2UGHQ'HSDUWDPHQWDO\HQ
SDUWLFXODUSDUDHVWDEOHFHUHOVLVWHPDGHQXPHUDFLyQ
GHORVLPSUHVRV\PRGHORVGHKRMDVGHUHFODPD
FLRQHV\GHVROLFLWXGHVLQLFLDWLYDV\VXJHUHQFLDV

1RYHQR'HURJDFLyQ
 4XHGDGHURJDGDOD2UGHQGHGHDEULOGH
%2&QžGHSRUODTXHVHDSUXHEDQ
$1(-2,
ORVLPSUHVRV\PRGHORVGHKRMDVGHUHFODPDFLRQHV
5(&/$0$&,21(6<
\GHVROLFLWXGHVLQLFLDWLYDV\VXJHUHQFLDVHQHO
62/,&,78'(6
iPELWRVDQLWDULR
'H¿QLFLyQ\FODVL¿FDFLyQ
(QWUDGDHQYLJRU
*58326
/DSUHVHQWH2UGHQ'HSDUWDPHQWDOVHUiSXEOL
$VLVWHQFLDOHV
FDGDHQHO%ROHWtQ2¿FLDOGH&DQDULDV\HQWUDUi
6RQODVUHIHULGDVDXQDFWRRSURFHVRDVLVWHQFLDO
HQYLJRUHOGtDGHRFWXEUHGH
HQ VX WRWDOLGDG HIHFWXDGR SRU XQ HTXLSR VDQL
WDULRSDUDWUDWDUGHGDUVROXFLyQDXQSUREOHPD
6DQWD&UX]GH7HQHULIH
GHVDOXG
DGHVHSWLHPEUHGH
'HWUDWR
(/&216(-(52'(
6RQODVUHIHULGDVDODVUHODFLRQHVHQWUHSHUVRQDV
6$1,'$'<&216802
SURSLDV GH FXDOTXLHU RUJDQL]DFLyQ TXH SUHVWD
XQVHUYLFLR
-RVp5DIDHO'tD]0DUWtQH]
'HLQIRUPDFLyQ
6RQODVUHIHULGDVDODFRPXQLFDFLyQRUDORHVFULWD
WDQWRGHORVVHUYLFLRVRSUHVWDFLRQHVVDQLWDULDV
FRPRGHORVGHUHFKRV\GHEHUHVGHORVXVXDULRV
SURFHGLPLHQWRVQRUPDWLYD\GHPiVFXHVWLRQHV
GHQDWXUDOH]DVDQLWDULD

'HRUJDQL]DFLyQ
6RQODVUHIHULGDVDODSODQL¿FDFLyQRUGHQDFLyQ
FRRUGLQDFLyQRUHVROXFLyQGHODVGLIHUHQWHVHV
WUXFWXUDV\FLUFXLWRVGHODUHGDVLVWHQFLDO

'HKRVWHOHUtDKDELWDELOLGDGFRQIRUW
6RQODVUHIHULGDVDODVFRQGLFLRQHVGHKRVWHOH
UtDKDELWDELOLGDGDORMDPLHQWR\FRQIRUWGHORV
XVXDULRVHQHOFHQWURDVLVWHQFLDO

2WURV
6RQ ODV UHFODPDFLRQHV \ VROLFLWXGHV UHIHULGDV
D ORV DVSHFWRV QR FDWDORJDGRV HQ ORV JUXSRV
DQWHULRUHV 6X XWLOL]DFLyQ GHEH VHU UHVLGXDO
VyORDSOLFDEOHHQORVFDVRVGHQRSURFHGHURWUD
DQWHULRU

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


 $1(-2,, 5HFHWDVPpGLFDV5HFODPDFLRQHVFX\RRE
MHWRVHEDVDHQODQHJDWLYDGHODSUHVFULSFLyQGH
&Ï',*26'(/26*583265(/$7,926$ UHFHWDVPpGLFDV
/$65(&/$0$&,21(6<62/,&,78'(6
2WURV5HFODPDFLRQHVFX\RREMHWRQRHVWiLQ
*UXSR$6,67(1&,$/(6 FOXLGRHQORVDSDUWDGRVDQWHULRUHVGHO*UXSR

1HJDWLYDDODSUHVWDFLyQGHODDVLVWHQFLD *UXSR75$72
5HFODPDFLyQUHODWLYDDODQRSUHVWDFLyQGHOD
DVLVWHQFLDVDQLWDULDVROLFLWDGD 7UDWRSHUVRQDOLQDGHFXDGR5HFODPDFLRQHV
UHODWLYDVDODIDOWDGHWUDWRDGHFXDGRRPRGRGH
 ,QVDWLVIDFFLyQ FRQ OD SUHVWDFLyQ GH OD UHODFLyQHQWUHHOXVXDULR\HOSHUVRQDOLQFOX\HQGR
DVLVWHQFLD 5HFODPDFLyQ TXH FRQWLHQH OD ODVIDOWDVGHUHVSHWR\FRQVLGHUDFLyQ
FRQVLGHUDFLyQGHOXVXDULRGHTXHODDWHQFLyQ
VDQLWDULDVROLFLWDGDKDVLGRLQVXILFLHQWH )DOWDGHLQWLPLGDG5HFODPDFLRQHVTXHVHEDVDQ
HQOD UHDOL]DFLyQ GHO DFWR R SURFHVR DVLVWHQFLDO
 'HPRUD HQ OD DVLVWHQFLD 5HFODPDFLyQ VLQ HO FXLGDGR \ UHVSHWR GHELGR D ODV QRUPDV \
VREUH HO H[FHVLYR WLHPSR GH HVSHUD SDUD VHU FRVWXPEUHVTXHVHYLQFXODQFRQODLQWLPLGDGGH
DWHQGLGRHOXVXDULR ODVSHUVRQDV

,QIHFFLyQQRVRFRPLDO5HFODPDFLyQUHOD  )DOWD GH FRQILGHQFLDOLGDG 5HFODPDFLyQ

WLYDDODSRVLEOHLQIHFFLyQGHOXVXDULRGXUDQWH UHODWLYDDOSRVLEOHLQFXPSOLPLHQWRGHODVQRUPDV
VXSHUPDQHQFLDHQHOUHFLQWRKRVSLWDODULR YLJHQWHVUHVSHFWRGHOVHFUHWRSURIHVLRQDO\ODGL
YXOJDFLyQGHDVSHFWRVSHUVRQDOHVGHOGLDJQyVWLFR
 (UURU DVLVWHQFLDO 5HFODPDFLyQ FX\R
REMHWRVHEDVDHQXQDHTXLYRFDFLyQGH
GHGLDJQyVWLFR
GHWUDWDPLHQWRRPHGLFDFLyQ
GHLQWHUYHQFLyQTXLU~UJLFD
GHODWHUDSpXWLFDHWF
 5HSUHVDOLD SRU UHFODPDFLyQ 5HFODPDFLyQ
UHODWLYDDODLQWHUSUHWDFLyQGHOXVXDULRGHTXHHO
PDOWUDWRUHFLELGRHVFRQVHFXHQFLDGHODSUHVHQ
RWURV WDFLyQGHXQDUHFODPDFLyQ

 ,QFXPSOLPLHQWR GH OD GLHWD DOLPHQWLFLD $FWXDFLRQHVFRQWUDODLQWHJULGDGGHODVSHUVR

5HFODPDFLyQTXHVHEDVDHQXQSRVLEOHHUURU QDV5HFODPDFLRQHVVREUHDFWXDFLRQHVFRQWUDOD
LPSXWDEOHDOFHQWURVDQLWDULRHQFXDQWRDOUp LQWHJULGDGItVLFDRPRUDOGHODVSHUVRQDV
JLPHQDOLPHQWLFLRSUHVFULWRDOSDFLHQWH
2WURV5HFODPDFLRQHVFX\RREMHWRQRHVWiLQ
,PSXWDFLyQGHPDODSUD[LV5HFODPDFLyQ FOXLGRHQORVDSDUWDGRVDQWHULRUHVGHO*UXSR
UHODWLYDDODDFWXDFLyQGHOSURIHVLRQDOVDQLWDULR
FRQWUDULDDODSUiFWLFDDVLVWHQFLDO *UXSR,1)250$&,Ï1

 1HJDWLYD D OD HODERUDFLyQ GH EDMDV \  ,QIRUPDFLyQ JHQHUDO 5HFODPDFLyQ FX\R
DOWDV GH ,QFDSDFLGDG 7HPSRUDO \ SUHVWDFLR REMHWRYHUVDVREUHODIDOWDLQVX¿FLHQFLDRLQDGH
QHV FRPSOHPHQWDULDV 5HFODPDFLRQHV VREUH FXDFLyQGHODLQIRUPDFLyQS~EOLFD
OD QHJDWLYD D GDU EDMDV ODERUDOHV GH ,7 ODV
FRUUHVSRQGLHQWHVDOWDV\ODVSUHVWDFLRQHVFRP ,QIRUPDFLyQDVLVWHQFLDO5HFODPDFLyQFX\R
SOHPHQWDULDVVHJ~QODVREOLJDFLRQHVTXHFDGD REMHWRYHUVDVREUHODIDOWDLQVX¿FLHQFLDRLQDGH
SHUVRQDOWLHQHHQORVQLYHOHVDVLVWHQFLDOHV FXDFLyQGHODLQIRUPDFLyQDVLVWHQFLDO

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


)DOWD'HPRUDHQODHODERUDFLyQGHOLQIRUPH &LWDSUHYLDFHQWUDOL]DGD5HFODPDFLRQHVUHIH
HVFULWR5HFODPDFLyQUHODWLYDDODDXVHQFLDRUH ULGDVDODFLWDFLyQUHDOL]DGDDWUDYpVGHOSURJUDPD
WUDVRHQODHODERUDFLyQGHORVLQIRUPHVHVFULWRV GHFLWDSUHYLD

'HQHJDFLyQGHLQIRUPHHVFULWR5HFODPDFLyQ 'H¿FLHQFLDVHQHOWUDVODGRLQWHUQR5HFODPD

UHODWLYDDODGHQHJDFLyQHQODHODERUDFLyQGHXQ FLRQHVUHIHULGDVDODVLQFLGHQFLDVRFXUULGDVHQHO
LQIRUPHTXHODLQVWLWXFLyQVDQLWDULDVHHQFXHQWUD WUDVODGRGHQWURGHOFHQWUR
REOLJDGDDUHDOL]DU
7UDQVSRUWHVDQLWDULRH[WHUQR5HFODPDFLRQHV
)DOWDRGH¿FLHQFLDHQODKLVWRULD\GRFXPHQWD UHIHULGDV D ORV VHUYLFLRV FRQFHUWDGRV GH DPEX
FLyQFOtQLFD5HFODPDFLyQUHODWLYDDODVGH¿FLHQ ODQFLDV
FLDVSpUGLGDWHPSRUDORGH¿QLWLYDGHODKLVWRULD
FOtQLFD\GRFXPHQWDFLyQDVLVWHQFLDO ,QFXPSOLPLHQWRGHKRUDULR5HFODPDFLRQHV
UHODWLYDVDOSRVLEOHLQFXPSOLPLHQWRSRUHOSURIH
 )DOWD GH FRQVHQWLPLHQWR LQIRUPDGR 5H VLRQDOGHOKRUDULRODERUDOHVWDEOHFLGR
FODPDFLyQ UHODWLYD D OD IDOWD GH PDWHULDOL]DFLyQ
IRUPDO SRU DPEDV SDUWHV GHO FRQVHQWLPLHQWR 'H¿FLHQFLDVHQHOSURFHVRGHLQJUHVRDFFHVR
LQIRUPDGRVLHPSUH\FXDQGRORUHTXLHUDHODFWR 5HFODPDFLRQHVVREUHLQFLGHQFLDVVXUJLGDVHQHO
DVLVWHQFLDO LQJUHVRKRVSLWDODULR

2WURV5HFODPDFLRQHVFX\RREMHWRQRHVWiLQ $VLJQDFLyQRFDPELRGHPpGLFR5HFODPDFLR

FOXLGRHQORVDSDUWDGRVDQWHULRUHVGHO*UXSR QHVVXUJLGDVHQHOSURFHVRGHFDPELRGHIDFXOWDWLYR
\ODVUHODWLYDVDOSRVLEOHUHFKD]RGHOSDFLHQWHSRU
*UXSR25*$1,=$&,Ï1 SDUWHGHOPpGLFR
<75È0,7(6
 'HVDSDULFLyQ GH REMHWRV 5HFODPDFLRQHV
 /LVWDV GH HVSHUD 5HFODPDFLRQHV UHODFLR VREUHSRVLEOHGHVDSDULFLyQGHREMHWRVHQWUHJDGRV
QDGDVFRQODVLWXDFLyQGHHVSHUDSDUDDFFHVRDO DODFXVWRGLDGHOSHUVRQDO
VLVWHPDHQORVVLJXLHQWHVVXSXHVWRV
GHFRQVXOWD 6XVWUDFFLyQ5HFODPDFLRQHVTXHWLHQHQSRU
GHLQJUHVRKRVSLWDODULR REMHWRHOSRVLEOHKXUWRGHELHQHVGHORVXVXDULRV
GHLQWHUYHQFLyQTXLU~UJLFD
GHSUXHEDVGLDJQyVWLFDV  'H¿FLHQFLDV HQ OD FRRUGLQDFLyQ 5HFODPD
GHWHUDSpXWLFD FLRQHV VREUH GHVFRRUGLQDFLyQ HQ ODV UHODFLRQHV
HQWUH QLYHOHV DVLVWHQFLDOHV R GHQWUR GH OD SURSLD
 6XVSHQVLyQDQXODFLyQ 5HFODPDFLRQHV LQVWLWXFLyQVDQLWDULD
UHODWLYDV D OD DQXODFLyQ R WUDVODGR GH IHFKD GH
XQDFWRDVLVWHQFLDOUHVSHFWRGHODFLWDFLyQHQORV  7UiPLWHV GL¿FXOWRVRV 5HFODPDFLRQHV UHOD
VLJXLHQWHVVXSXHVWRV WLYDVDODFRQVLGHUDFLyQGHORVXVXDULRVVREUHOD
GHFRQVXOWD GL¿FXOWDGGHORVWUiPLWHVRSURFHGLPLHQWRV

GHLQJUHVRSURJUDPDGR 6ROLFLWXGGHVHJXQGDRSLQLyQ5HFODPDFLyQ

GHLQWHUYHQFLyQTXLU~UJLFD VREUHQRWUDPLWDFLyQRGHQHJDFLyQGHXQDVHJXQGD
GHSUXHEDVGLDJQyVWLFDV RSLQLyQ
GHWHUDSpXWLFD
 'HULYDFLyQ D RWURV FHQWURV 5HFODPDFLyQ
&LWDFLyQ5HFODPDFLRQHVUHODFLRQDGDVFRQ SRU OD QHJDWLYD D TXH HO SDFLHQWH VHD WUDVODGDGR
SRVLEOHVHUURUHVHQODFLWDFLyQGHORVXVXDULRV DRWURFHQWUR

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


 'HPRUD HQ HO DERQR GH SUHVWDFLRQHV FRP *UXSR+267(/(5Ë$
SOHPHQWDULDVUHLQWHJURGHJDVWRVHWF5HFODPD +$%,7$%,/,'$'&21)257
FLRQHVUHODWLYDVDODWDUGDQ]DHQODFRQWHVWDFLyQ
GH XQD SUHVWDFLyQ FRPSOHPHQWDULD R UHLQWHJUR ,QVDWLVIDFFLyQ5HFODPDFLRQHVTXHH[WHULRUL
GHJDVWRV ]DQODGLVFRQIRUPLGDGFRQHOIXQFLRQDPLHQWRGH
ORVVLJXLHQWHVVHUYLFLRV
 'HQHJDFLyQ GH SUHVWDFLRQHV FRPSOHPHQWD &RQVXOWRULR
ULDV UHLQWHJURV GH JDVWRV HWF 5HFODPDFLRQHV +DELWDFLyQ
UHODWLYDVDSRVLEOHVOHVLRQHVGHORVGHUHFKRVGH ,QIUDHVWUXFWXUD\ORFDOHV
ORV XVXDULRV SRU GHQHJDFLyQ GH XQD SUHVWDFLyQ (TXLSDPLHQWR
FRPSOHPHQWDULDRUHLQWHJURGHJDVWRV 0DQWHQLPLHQWR
$OLPHQWDFLyQ
(UURUGHIDFWXUDFLyQ5HFODPDFLRQHVFX\R /LPSLH]D
REMHWRYHUVDVREUHSRVLEOHHUURUPDWHULDORGLIH /HQFHUtD
UHQFLDFRQUHVSHFWRDODIDFWXUDFLyQHIHFWXDGDHQ 7HOHYLVLyQ
HSLVRGLRVDVLVWHQFLDOHVHQORVTXHH[LVWHXQVXMHWR
REOLJDGRDOSDJR  )DOWD GH VLOHQFLR 5HFODPDFLRQHV VREUH OD
H[LVWHQFLDGHUXLGRVTXHSHUWXUEDQODWUDQTXLOLGDG
'HVDFXHUGRFRQHOFRVWHGHODDVLVWHQFLD5H GHORVSDFLHQWHV
FODPDFLyQUHODWLYDDXQGHVDFXHUGRHQWUHHOFRVWH
GHODDVLVWHQFLD\ODSUHVWDFLyQDVLVWHQFLDO 3UREOHPDVHQODFRPXQLFDFLyQWHOpIRQR5H
FODPDFLRQHVVREUHODGL¿FXOWDGGHHVWDEOHFLPLHQWR
,QFXPSOLPLHQWRGHODVQRUPDVVHFWRULDOHV\ GHODVFRPXQLFDFLRQHV
HQHVSHFLDOODVUHODWLYDVDOFRQVXPRGHOWDEDFR
5HFODPDFLRQHV VREUH LQFXPSOLPLHQWR GH OD )DOWDGHVHJXULGDG5HFODPDFLRQHVTXHDSUH
QRUPDWLYD VHFWRULDO YLJHQWH HQ HVSHFLDO D ODV FLDQFDUHQFLDVHQODVFRQGLFLRQHVGHVHJXULGDGHQ
LQIUDFFLRQHVVREUHFRQVXPRGHWDEDFR ORVFHQWURV

'HVDFXHUGRFRQODVQRUPDVLQVWLWXFLRQDOHV  2WURV 5HFODPDFLRQHV QR LQFOXLGDV HQ ORV

5HFODPDFLRQHV VREUH GLVFRQIRUPLGDG FRQ ODV DSDUWDGRVGHO*UXSR
QRUPDV GH IXQFLRQDPLHQWR SURSLDV GH OD LQVWL
WXFLyQ *UXSR275265HFODPDFLRQHVQRFRGL¿FDGDV
HQORV*UXSRVDQWHULRUHV
+XHOJD5HFODPDFLyQTXHVHSURGXFHDQWH
XQD VLWXDFLyQ GH QR DVLVWHQFLD SRU UD]RQHV GH
KXHOJDODERUDO

 &RPSHQVDFLyQ HFRQyPLFD SRU H[WUDYtR GH

REMHWRV SHUVRQDOHV 5HFODPDFLyQ UHODWLYD D OD
LQGHPQL]DFLyQ SRU REMHWRV SHUVRQDOHV H[WUDYLD
GRV

&REURLQGHELGRGHKRQRUDULRV5HFODPDFLyQ
SRU HO FREUR LQGHELGR GH KRQRUDULRV TXH VH KD
UHDOL]DGRSRUDFWRDVLVWHQFLDO

2WURV5HFODPDFLRQHVFX\RREMHWRQRHVWi
LQFOXLGRHQORVDQWHULRUHVGHO*UXSR

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


$1(-2,,,

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


 2UGHQGHGHIHEUHURGHGHOD&RQ ORVGHEHUHVHQHO6LVWHPD&DQDULRGHOD6DOXG
VHMHUD GH 6DQLGDG SRU OD TXH VH DSUXHED OD OHWUDDGHODSDUWDGRGHOSUHFHSWR/DSURSLD
&DUWDGHORV'HUHFKRV\GHORV'HEHUHVGHORV GLVSRVLFLyQOHJDOFLWDGDFUHDHQHOPLVPRDUWt
3DFLHQWHV\8VXDULRV6DQLWDULRV\VHUHJXODVX FXORSHURHQVXDSDUWDGRXQDXQLGDGDGPLQLV
GLIXVLyQ%2&QžGHGHPDU]R WUDWLYDHVSHFtILFDOD2ILFLQDGH'HIHQVDGHORV
(OUHFRQRFLPLHQWR\ODSODVPDFLyQMXUtGLFD
GHORVGHUHFKRV\GHORVGHEHUHVGHORVSDFLHQ
WHV\XVXDULRVVDQLWDULRVVHUHFRJHQSRUYH]SUL
PHUDHQQXHVWUDOHJLVODFLyQHQOD/H\
GHGHDEULO*HQHUDOGH6DQLGDG
/D/H\GHGHMXOLRGH2UGHQD
FLyQ 6DQLWDULD GH &DQDULDV GHQWUR GHO PDUFR
'HUHFKRVGHORV8VXDULRV6DQLWDULRVDGVFULWD
RUJiQLFD \ IXQFLRQDOPHQWH D OD &RQVHMHUtD
FRPSHWHQWHHQPDWHULDGHVDQLGDG
(O'HFUHWRGHGHPD\RUHJXOD
ODHVWUXFWXUD\HOIXQFLRQDPLHQWRGHOD2ILFLQD
GHORV'HUHFKRVGHORV8VXDULRV6DQLWDULRV\OD
WUDPLWDFLyQGHODVUHFODPDFLRQHVVROLFLWXGHV
LQLFLDWLYDV\VXJHUHQFLDVHQHOiPELWRVDQLWDULR
MXUtGLFR DQWHULRU UHODFLRQD HQ HO &DStWXOR ,,
GHO7tWXOR3ULPHURORVGHUHFKRV\ORVGHEHUHV
GH ORV FLXGDGDQRV HQ HO 6LVWHPD &DQDULR GH
OD6DOXG
/D/H\GHGHQRYLHPEUHEi
VLFD UHJXODGRUD GH OD DXWRQRPtD GHO SDFLHQWH
\ GH GHUHFKRV \ REOLJDFLRQHV HQ PDWHULD GH
LQIRUPDFLyQ\GRFXPHQWDFLyQFOtQLFDUHFRJH
%2&QžGHGHMXQLR6HJ~QHODUWtFXOR
 GH OD FLWDGD GLVSRVLFLyQ ³OD 2ILFLQD HV OD
XQLGDG UHVSRQVDEOH GHO FXPSOLPLHQWR FRQ
HIHFWLYLGDGGHOUpJLPHQGHORVGHUHFKRVUHFR
QRFLGRVDORVXVXDULRVGHO6LVWHPD&DQDULRGH
OD6DOXGSRUOD/H\GHGHMXOLRGH
2UGHQDFLyQ6DQLWDULDGH&DQDULDV´
'HQWURGHOiUHDIXQFLRQDOGHLQIRUPDFLyQHO
FRQ FDUiFWHU EiVLFR GHUHFKRV HVHQFLDOHV GH
ORV SDFLHQWHV \ XVXDULRV GHILQLHQGR DPERV
FRQFHSWRV
(VWDUHDGHORVSRGHUHVS~EOLFRVODSURWHF
FLyQMXUtGLFDGHORVGHUHFKRVUHFRQRFLGRVSHUR
WDPELpQHQXQDPLVPDGLPHQVLyQHLPSRUWDQ
FLDODFRGLILFDFLyQ\GLIXVLyQGHORVPLVPRV
GHWDOPDQHUDTXHWRGRVORVFLXGDGDQRVSXHGDQ
WHQHUXQUiSLGRDFFHVRDOFRQRFLPLHQWRGHVXV
REOLJDFLRQHV\GHUHFKRV
6yOR FRQ XQ FRQRFLPLHQWR H[DFWR GH ORV
GHUHFKRVSXHGHQpVWRVVHUHMHUFLWDGRVSRUVXV
WLWXODUHV \ HQ SHUIHFWD FRUUHVSRQGHQFLD VyOR
SRGUiQVHUH[LJLEOHVODVREOLJDFLRQHVDOXVXDULR
FXDQGRFRQR]FDVXFRQWHQLGR
'HQWURGHODRUGHQDFLyQVDQLWDULDGH&DQD
ULDVOD/H\GHGHMXOLRFRQILJXUD
XQ PDUFR JDUDQWLVWD GH ORV GHUHFKRV \ GH ORV
GHEHUHVGHORVFLXGDGDQRV$VtHQHODUWtFXOR
GHOD/H\VHHQFRPLHQGDDOD$GPLQLVWUDFLyQ
VDQLWDULDSDUDTXHJDUDQWLFHDORVFLXGDGDQRV
ODLQIRUPDFLyQVXILFLHQWHVREUHORVGHUHFKRV\
*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG

DUWtFXOROHWUDJGHO'HFUHWRDWULEX
\HDOD2ILFLQDODIXQFLyQGHHODERUDU\GLIXQGLU
OD&DUWDGHORV'HUHFKRV\GHORV'HEHUHVGH
ORV3DFLHQWHV\8VXDULRV6DQLWDULRV
'H DFXHUGR FRQ OD 'LVSRVLFLyQ )LQDO 3UL
PHUD GH OD QRUPD UHJODPHQWDULD FLWDGD FR
UUHVSRQGHDO&RQVHMHURFRPSHWHQWHHQPDWHULD
GHVDQLGDGGLFWDUODVGLVSRVLFLRQHVQHFHVDULDV
D ILQ GH FXPSOLU HO PHQFLRQDGR PDQGDWR UH
JODPHQWDULR
(QFRQVHFXHQFLD
',6321*2
$UWtFXOR2EMHWR
/DSUHVHQWH2UGHQWLHQHSRUREMHWRDSUREDU
OD&DUWDGHORV'HUHFKRV\GHORV'HEHUHVGH
ORV3DFLHQWHV\8VXDULRV6DQLWDULRVGHO6LVWHPD
&DQDULR GH OD 6DOXG TXH VH LQFRUSRUD FRPR
DQH[R,
$UWtFXOR'LIXVLyQGHOD&DUWD
 /D2¿FLQDGH'HIHQVDGHORV'HUHFKRV
GH ORV 8VXDULRV 6DQLWDULRV VH HQFDUJDUi GH OD
',6326,&,21(6
HODERUDFLyQ GH ORV VRSRUWHV LQIRUPiWLFRV \ ),1$/(6
GRFXPHQWDOHVDORVTXHVHLQFRUSRUDUiOD&DUWD
DVtFRPRGHVXGLIXVLyQHQWUHORVFHQWURVHVWD 3ULPHUD(MHFXFLyQ
EOHFLPLHQWRV\VHUYLFLRVVDQLWDULRVLQWHJUDQWHV
GHO6LVWHPD&DQDULRGHOD6DOXG 6HIDFXOWDDOD6HFUHWDULDJHQHUDOWpFQLFDGH
HVWH'HSDUWDPHQWRSDUDGLFWDUORVDFWRVQHFHVD
/RVUHVSRQVDEOHVGHORVFHQWURVVHUYLFLRV ULRVSDUDODHMHFXFLyQGHODSUHVHQWH2UGHQ
\HVWDEOHFLPLHQWRVVDQLWDULRVGHEHUiQPDQWHQHU
HOPDWHULDOHQHOTXHVHUHFRMDOD&DUWDDGLVSR 6HJXQGD(QWUDGDHQYLJRU
VLFLyQGHORVSDFLHQWHVRXVXDULRVVDQLWDULRV\
HVSHFLDOPHQWHHQODV]RQDVKDELOLWDGDVSDUDOD /D SUHVHQWH 2UGHQ HQWUDUi HQ YLJRU HO GtD
DWHQFLyQDOS~EOLFR VLJXLHQWH DO GH VX SXEOLFDFLyQ HQ HO %ROHWtQ
2¿FLDOGH&DQDULDV
 /RV FDUWHOHV TXH VH FRQIHFFLRQHQ VH
¿MDUiQ HQ ODV SDUHGHV FRQ PD\RU WUiQVLWR GH 6DQWD&UX]GH7HQHULIH
SDFLHQWHVRXVXDULRVGHDFXHUGRFRQODVFDUDF DGHIHEUHURGH
WHUtVWLFDVGHORV&HQWURV

/RVIROOHWRVGtSWLFRV\KRMDVLQIRUPDWL /$&216(-(5$'(6$1,'$'
YDVVHKDELOLWDUiQHQPRVWUDGRUHV\OXJDUHVTXH
SXHGDQVHUIiFLOPHQWHDFFHVLEOHVDORVXVXDULRV 0DUtDGHO0DU-XOLRV5H\HV
SDUDVXFRQVXOWD

',6326,&,21(6
$',&,21$/(6
3ULPHUD6XPLQLVWURGHOPDWHULDO

/D2¿FLQDGH'HIHQVDGHORV'HUHFKRVGHORV
8VXDULRV6DQLWDULRVYHODUiSDUDTXHOD&DUWDGH
ORV'HUHFKRV\GHORV'HEHUHVGHORV3DFLHQWHV
\8VXDULRV6DQLWDULRVGHO6LVWHPD&DQDULRGH
OD6DOXGHQORVVRSRUWHVTXHVHFRQIHFFLRQHQ
HVWp D VX GLVSRVLFLyQ UHQRYDQGR SHULyGLFD
PHQWH HO VXPLQLVWUR D ORV GLVWLQWRV FHQWURV
HVWDEOHFLPLHQWRV\VHUYLFLRVVDQLWDULRVVHJ~Q
ODVQHFHVLGDGHVUHDOHVGHORVPLVPRV

6HJXQGD&RVWHGHODHODERUDFLyQ

&XDQGR OD GHPDQGD GH PDWHULDO WHQJD FD

UiFWHU H[WUDRUGLQDULR R VXSHUH OD PHGLD UHDO
HO FRVWH GH OD FRQIHFFLyQ GHO PDWHULDO SRGUi
LPSXWDUVHDOFHQWURVHUYLFLRRHVWDEOHFLPLHQWR
VDQLWDULRTXHODKD\DRULJLQDGR

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


 $1(;2&$57$'( VDQLWDULDV\VREUHORVUHTXLVLWRVQHFHVDULRVSDUDVX
/26'(5(&+26<'( XVR\DFFHVR
/26'(%(5(6'(/26
$TXHVHOHVH[WLHQGDFHUWL¿FDFLyQDFUHGLWDWLYD
3$&,(17(6<868$5,26 GHVXHVWDGRGHVDOXGTXHVHUiJUDWXLWDFXDQGRDVt
'(/6,67(0$&$1$5,2 VH HVWDEOH]FD SRU XQD GLVSRVLFLyQ OHJDO R UHJOD
'(/$6$/8' PHQWDULD

'(5(&+26 $ODSURPRFLyQ\HGXFDFLyQSDUDODVDOXG

$OUHVSHWRGHVXSHUVRQDOLGDGGLJQLGDGKXPDQD $ODVSUHVWDFLRQHV\VHUYLFLRVGHVDOXGDFRUGH
HLQWLPLGDGDODDXWRQRPtDGHVXYROXQWDG\DODQR FRQORVUHFXUVRVGLVSRQLEOHVGHO6LVWHPD&DQDULR
GLVFULPLQDFLyQ GHOD6DOXG

$OD,QIRUPDFLyQFRPSOHWD\FRQWLQXDGDVREUH $REWHQHUORVPHGLFDPHQWRV\SURGXFWRVVDQL
VXSURFHVRGLDJQyVWLFRSURQyVWLFR\DOWHUQDWLYDVGH WDULRVTXHVHFRQVLGHUHQQHFHVDULRVHQORVWpUPLQRV
WUDWDPLHQWRHQWpUPLQRVFRPSUHQVLEOHVSDUDpO\
HQVXFDVRDVXVIDPLOLDUHVRSHUVRQDVOHJDOPHQWH
UHVSRQVDEOHV\DOUHVSHWRGHODYROXQWDGGHQRVHU
LQIRUPDGR
$ODFFHVRFRQODVUHVHUYDVPDUFDGDVSRUOD/H\
DODGRFXPHQWDFLyQTXHLQWHJUDVXKLVWRULDFOtQLFD\D
TXHVHHVWDEOH]FDQSRUOD$GPLQLVWUDFLyQ*HQHUDO
GHO(VWDGR
$ODLJXDOGDGHQHODFFHVR\XVRGHORV6HUYLFLRV
6DQLWDULRV
$ODOLEUHHOHFFLyQGHPpGLFRJHQHUDOSHGLDWUD
ODREWHQFLyQGHFRSLDGHVXVGDWRV\DTXHORVFHQWURV
VDQLWDULRV GLVSRQJDQ GH PHFDQLVPRV GH FXVWRGLD
DFWLYD\GLOLJHQWHGHODVKLVWRULDVFOtQLFDV
 $ OD FRQ¿GHQFLDOLGDG GH WRGD OD LQIRUPDFLyQ
UHODFLRQDGDFRQVXSURFHVR\HVWDQFLDHQFXDOTXLHU
&HQWUR6DQLWDULRGH&DQDULDV
$ GLVSRQHU HQ WRGRV ORV FHQWURV VHUYLFLRV \
HVWDEOHFLPLHQWRV VDQLWDULRV \ VRFLR VDQLWDULRV GH
XQDFDUWDGHGHUHFKRV\GHEHUHVSRUODTXHKDGH
KDVWDORVDxRVWRFRJLQHFyORJR\SVLTXLDWUD
GHHQWUHORVTXHSUHVWHQVXVVHUYLFLRVHQOD=RQD
%iVLFDGH6DOXGRHQHOPXQLFLSLRGHVXOXJDUGH
UHVLGHQFLD
$ OD HOHFFLyQ SUHYLD LQGLFDFLyQ IDFXOWDWLYD
HQWUHORVVHUYLFLRV\&HQWURVTXHIRUPDQSDUWHGHO
6HUYLFLR&DQDULRGHOD6DOXGRHQVXFDVRGHOD
5HG+RVSLWDODULDGH8WLOL]DFLyQ3~EOLFDGHDFXHUGR
FRQORVVLJXLHQWHVSULQFLSLRV
UHJLUVHVXUHODFLyQFRQORVPLVPRV\DODIRUPX D2SWLPL]DFLyQGHORVUHFXUVRVS~EOLFRV
ODFLyQGH6XJHUHQFLDV\5HFODPDFLRQHVDVtFRPR E'LVSRQLELOLGDGHQFDGDPRPHQWRGHORVPHGLRV
D UHFLELU UHVSXHVWD SRU HVFULWR GHQWUR GHO SOD]R \UHFXUVRVGHO6LVWHPD&DQDULRGHOD6DOXG
UHJODPHQWDULR F 2UGHQDFLyQ H¿FLHQWH \ H¿FD] GH ORV 5HFXUVRV
6DQLWDULRV
$SDUWLFLSDUHQODVDFWLYLGDGHVVDQLWDULDVDWUDYpV G*DUDQWtDGH&DOLGDG$VLVWHQFLDO
GH ODV LQVWLWXFLRQHV FRPXQLWDULDV HQ ORV WpUPLQRV
HVWDEOHFLGRVSRUOD/H\ $ODDVLJQDFLyQHLGHQWL¿FDFLyQGHXQPpGLFR
$ OD LQIRUPDFLyQ VX¿FLHQWH FRPSUHQVLEOH \
DGHFXDGDVREUHORVIDFWRUHVVLWXDFLRQHV\FDXVDVGH
ULHVJRSDUDODVDOXGLQGLYLGXDO\FROHFWLYD\VREUH
ORVVHUYLFLRVXQLGDGHVDVLVWHQFLDOHV\SUHVWDFLRQHV
\ VXSOHQWH HQ FDVR GH DXVHQFLD TXH DVXPLUi OD
UHVSRQVDELOLGDG RUGLQDULD GH OD UHODFLyQ FRQ HO
HTXLSRDVLVWHQFLDOGXUDQWHVXSURFHVRDVtFRPRGH
ODVLWXDFLyQGHLQJUHVR\JDUDQWL]DUiVXGHUHFKRD
ODLQIRUPDFLyQ

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


$VHUDGYHUWLGR\DXWRUL]DUSUHYLDPHQWH\
SRUHVFULWRORVSURFHGLPLHQWRVTXHVHUHDOLFHQ
FXDQGRYD\DQDVHUXWLOL]DGRVHQXQSUR\HFWR
GRFHQWH R GH LQYHVWLJDFLyQ TXH HQ QLQJ~Q
FDVR SRGUi FRPSRUWDU SHOLJUR DGLFLRQDO SDUD
VXVDOXG
 $ OD OLEUH HOHFFLyQ HQWUH ODV RSFLRQHV
FOtQLFDV GLVSRQLEOHV GHVSXpV GH UHFLELU OD
LQIRUPDFLyQ DGHFXDGD VLHQGR SUHFLVR HO
FRQVHQWLPLHQWR SUHYLR GHO SDFLHQWH SDUD OD
UHDOL]DFLyQGHFXDOTXLHULQWHUYHQFLyQH[FHSWR
HQORVVXSXHVWRVOHJDOHVHVWDEOHFLGRV
$QHJDUVHDFXDOTXLHUWUDWDPLHQWRH[FHSWR
HQORVVXSXHVWRVOHJDOHVHVWDEOHFLGRVGHELHQGR
SDUDHOORVROLFLWDU\ILUPDUHO$OWD9ROXQWDULD
 $ UHYRFDU SRU HVFULWR VX FRQVHQWLPLHQWR
SUHYLR
$ OD FRQVWDQFLD SRU HVFULWR R HQ VRSRUWH
WpFQLFRDGHFXDGRGHWRGRVXSURFHVR\DUHFLELU
VXLQIRUPHGH$OWDDOILQDOL]DUODHVWDQFLDHQ
XQDLQVWLWXFLyQKRVSLWDODULD
$GLVSRQHUGHLQIRUPDFLyQVREUHHOFRVWH
HFRQyPLFR GH ODV SUHVWDFLRQHV \ VHUYLFLRV
UHFLELGRV
$XQDVHJXQGDRSLQLyQIDFXOWDWLYDVHJ~Q
ODQRUPDWLYDYLJHQWH
$ SURJUDPDV \ DFWXDFLRQHV HVSHFLDOHV \
SUHIHUHQWHVQLxRVDQFLDQRVHQIHUPRVPHQWD
OHVHQIHUPHGDGHVFUyQLFDVHLQYDOLGDQWHV\ODV
E/RVLQJUHVRVIRU]RVRVVyORSRGUiQUHDOL]DU
VHGHDFXHUGRFRQODQRUPDWLYDHQYLJRU
 'HUHFKR D PDQLIHVWDU SRU HVFULWR VXV
LQVWUXFFLRQHV SUHYLDV VREUH ORV FXLGDGRV \
WUDWDPLHQWRGHVXVDOXGRHQFDVRGHIDOOHFL
PLHQWRHOGHVWLQRGHVXFXHUSR\yUJDQRV
'(%(5(6
 'HEHU GH FXPSOLPLHQWR GH ODV SUHVFULS
FLRQHV \ yUGHQHV VDQLWDULDV FRQIRUPH D OR
HVWDEOHFLGROHJDOPHQWH
'HEHUGHWROHUDQFLDDVtFRPRGHFRODER
UDFLyQSDUDHOp[LWRGHODVPHGLGDVVDQLWDULDV
DGRSWDGDV SDUD OD SUHYHQFLyQ GH ULHVJRV
SURWHFFLyQ GH OD VDOXG R OD OXFKD FRQWUD ODV
DPHQD]DV D OD VDOXG S~EOLFD HVSHFLDOPHQWH
HQHVWDGRGHQHFHVLGDG
'HEHUGHUHVSRQVDELOLGDGFRQIRUPHDODV
QRUPDV GHO XVR FXLGDGR \ GLVIUXWH GH ODV
LQVWDODFLRQHV VHUYLFLRV \ SUHVWDFLRQHV GHO
6LVWHPD&DQDULRGHOD6DOXG
'HEHUGHUHVSHWRDODGLJQLGDGSHUVRQDO\
SURIHVLRQDOGHFXDQWRVSUHVWDQVXVVHUYLFLRV
HQHO6LVWHPD&DQDULRGHOD6DOXG
 'HEHU GH REVHUYDQFLD GH ODV QRUPDV \
YHUDFLGDGHQHOXVRGHORVUHFXUVRV\SUHVWD
FLRQHVGHOVLVWHPD%DMDVODERUDOHVLQFDSD
FLGDG SDUD HO WUDEDMR DVLVWHQFLD WHUDSpXWLFD
TXHSHUWHQH]FDQDJUXSRVHVSHFtILFRVUHFRQRFL \VRFLDO
GRVVDQLWDULDPHQWHFRPRGHULHVJR
 'HEHU FRPR SDFLHQWH GH REVHUYDQFLD
 'HUHFKRV HVSHFtILFRV GH ORV HQIHUPRV GHO WUDWDPLHQWR SUHVFULWR R ILUPDU HQ FDVR
PHQWDOHV GH UHFKD]R D ODV DFWXDFLRQHV VDQLWDULDV HO
GRFXPHQWRGHDOWDYROXQWDULDGHQHJDUVHD
D &XDQGR HQ ORV LQJUHVRV YROXQWDULRV GHVDSD
UHFLHUD OD SOHQLWXG GH IDFXOWDGHV GXUDQWH HO
LQWHUQDPLHQWROD'LUHFFLyQGHOFHQWURGHEHUi
VROLFLWDUODFRUUHVSRQGLHQWHDXWRUL]DFLyQ-XGL
FLDO GHELHQGR UHH[DPLQDU SHULyGLFDPHQWH OD
QHFHVLGDGGHLQWHUQDPLHQWR
SURSXHVWDGHOPpGLFRUHVSRQVDEOHOD'LUHF
FLyQGHO&HQWURSRGUiGDUHODOWDIRU]RVD
'HEHUGHIDFLOLWDUORVGDWRVVREUHVXHVWDGR
ItVLFRRVXVDOXGGHPDQHUDOHDO\YHUGDGHUD
\GHFRODERUDUHQVXREWHQFLyQ

*RELHUQRGH&DQDULDV&RQVHMHUtDGH6DQLGDG


Consejería de Sanidad