Diccionario

Procesal Bsico

Textos L egales

C oleccin
J urdica
',&&,21$5,2
352&(6$/%6,&2
 O N L I N E

Servicios de Editorial MAD por internet

-
EL AULA VIRTUAL DE EDITORIAL MAD
Te ofrecemos el complemento ideal a tu formacin
Cursos por internet
Tienes en tus manos un texto para prepararte, fruto de la experiencia de ms de 25 aos de
Editorial MAD en la preparacin de oposiciones. En l vas a encontrar los contenidos que
necesitas para prepararte las pruebas de seleccin.

Adems ahora te ofrecemos la posibilidad de contar con un apoyo extra para tu preparacin
a travs de e-duforma online, un sistema de tutorizacin para nuestros libros que est lleno de
ventajas:

Flexible: A travs de internet y sin horarios, de manera que puedes adaptar tus horarios
de estudio segn tus necesidades y desde tu propia casa.

Personal: Con un Tutor personal que te guiar el estudio en funcin de tu evolucin y

capacidades.

Compromiso de preparacin: Con un sistema de evaluacin enfocado a resultados con

el que obtendrs un ndice de aciertos en el examen final entre un 80% y un 100%.
Con pruebas de evaluacin en tiempo real.
O N L I N E

Total garanta de actualizacin mientras ests matriculado.

Con elementos que facilitarn tu aprendizaje: Biblioteca de legislacin, Foro de

discusin, Materiales adicionales, Glosario de trminos, Correo electrnico propio,
Consulta a tutores, Gua didctica, Tabln de noticias y Bases de datos de imgenes.

Economa: Con un precio muy inferior a otros sistemas de formacin presenciales.

Garanta: Con la garanta de Editorial MAD, empresa lder en la publicacin de textos

para oposiciones.

Si dispones de internet, e-duforma online es el apoyo

que esperabas para ayudarte en tu preparacin.
Consulta los cursos disponibles en:

www.eduformaonline.com
El camino hacia una formacin con xito

Solicita GRATIS informacin del curso que te interesa

eduformaonline@mad.es 902 111 163

Servicios de suscripcin gratuita

Informacin sobre oposiciones y sobre novedades editoriales en:
www.mad.es/suscripciones
Recuerda consultar nuestra web:

www.mad.es
',&&,21$5,2
352&(6$/%6,&2

)UDQFLVFR(QULTXH5RGUtJXH]5LYHUD
(',725,$/0$'6/
7HUFHUDHGLFLyQMXQLR
'HUHFKRVGHHGLFLyQUHVHUYDGRVDIDYRUGH(',725,$/0$'6/
3URKLELGDODUHSURGXFFLyQWRWDORSDUFLDOVLQSHUPLVRHVFULWRGHOHGLWRU
,035(62(1(63$f$
'LVHxR3RUWDGD(',725,$/0$'6/
(GLWD(',725,$/0$'6/
3(0HUNDF0HUNDFXDWUR$/&$/'(*8$'$5$6HYLOOD
7HOI
:(%ZZZPDGHV
,6%135
 ,UHQH0DULR0DULQJHOHV
'HVGHHOORVSRUHOORV\SDUDHOORV
 ,1752'8&&,1

&RPRHQWRGRGLFFLRQDULRODUD]yQGHVHUGHODSUHVHQWHREUDQR
HVRWUDTXHFDWDORJDUSRURUGHQDOIDEpWLFRXQDVHULHGHGHQLFLRQHV
RQRWLFLDV
&RPRGLFFLRQDULRSURFHVDOVXREMHWRHVGHVDUUROODUH[SUHVLRQHV
YLQFXODGDVFRQODUDPDGHO'HUHFKRTXHDQDOL]DORVWUiPLWHVDVHJXLU
DQWH-X]JDGRV\7ULEXQDOHVHVGHFLUHO'HUHFKR3URFHVDO
)LQDOPHQWH FRPR PDQXDO EiVLFR TXH SUHWHQGH VHU SHUVLJXH
FRQFHSWXDU ORV WpUPLQRV TXH FRQWLHQH GH XQD PDQHUD HOHPHQWDO
GH IRUPD TXH HO DEDQLFR GH SRVLEOHV XVXDULRV VHD OR PiV DELHUWR
SRVLEOH FRPR SDVR SUHFHSWLYR SDUD SUHVWDU XQ VHUYLFLR JHQHUDO D
FXDQWRVSRUXQDVRSRURWUDVUD]RQHVHVWpQYLQFXODGRVRSXHGDQ
HVWDUORGHPDQHUDRFDVLRQDORSHUPDQHQWHDOHVWXGLRGHO'HUHFKR
RDOPXQGRGHOD$GPLQLVWUDFLyQGH-XVWLFLD
(VWXGLDQWHV GH 'HUHFKR RSRVLWRUHV D ORV FXHUSRV GH $X[LOLR
-XGLFLDO 7UDPLWDFLyQ 3URFHVDO \ $GPLQLVWUDWLYD *HVWLyQ 3URFHVDO
\ $GPLQLVWUDWLYD \ SHUVRQDO LQWHULQR DO VHUYLFLR GH ORV PLVPRV
FXHUSRV DVt FRPR FXULRVRV HQ JHQHUDO HQFRQWUDUiQ HQ HVWH
SHTXHxROLEURXQDD\XGDIXQGDPHQWDOSDUDFRPHQ]DUDHQWHQGHUOD
SDUWLFXODUWHUPLQRORJtDHPSOHDGDHQODWUDPLWDFLyQGHORVGLIHUHQWHV
SURFHGLPLHQWRVMXGLFLDOHV
2SRVLWRUHV D ORV FXHUSRV GH 6HFUHWDULRV -XGLFLDOHV -XHFHV \
)LVFDOHV IXQFLRQDULRV DO VHUYLFLR GH FXDQWRV FXHUSRV LQWHJUDQ OD
$GPLQLVWUDFLyQ GH -XVWLFLD$ERJDGRV \ 3URFXUDGRUHV KDOODUiQ HQ
HVWH'LFFLRQDULR3URFHVDO%iVLFRDOPHQRVHQHOFRPLHQ]RGHVXV
DQGDGXUDV SURIHVLRQDOHV XQ EXHQ DSR\R SDUD FRQVHJXLU GH XQD
PDQHUD VLPSOH HO HVFODUHFLPLHQWR GH FRQFHSWRV TXH HQ PXFKDV
RFDVLRQHVVRQFRPSOLFDGRVGHPDQHUDDUWLFLDO
3DUDVHUYLUGHD\XGDDWRGRVHVWRVFROHFWLYRVVHSHQVy\VHKD
FUHDGRHOSUHVHQWHWH[WR
',&&,21$5,2352&(6$/%6,&2

1',&(

$%5(9,$785$6 

1',&($1$/7,&2 

 
',&&,21$5,2352&(6$/%6,&2

$%5(9,$785$6

'$ 'HUHFKR$GPLQLVWUDWLYR
'& 'HUHFKR&RQVWLWXFLRQDO
'&Y 'HUHFKR&LYLO
'* 'HQLFLyQ*HQHUDO
'+ 'HUHFKR+LSRWHFDULR
'/ 'HUHFKR/DERUDORGHO7UDEDMR
'0 'HUHFKR0HUFDQWLO
'3 'HUHFKR3URFHVDO
'3& 'HUHFKR3URFHVDO&LYLO
'3Q 'HUHFKR3HQDO
'33 'HUHFKR3URFHVDO3HQDO
2( 2UJDQL]DFLyQGHO(VWDGR
2- 2UJDQL]DFLyQ-XGLFLDO
3&$ 3URFHGLPLHQWR&RQWHQFLRVR$GPLQLVWUDWLYR
5& 5HJLVWUR&LYLO

 
',&&,21$5,2352&(6$/%6,&2

$%,17(67$72'&Y&DXFHXWLOL]DGRMXGLFLDOPHQWHSDUDRUGHQDUODVXFH
VLyQ GH XQD SHUVRQD IDOOHFLGD GHQRPLQDGD FDXVDQWH SRU DXVHQFLD R
GHIHFWRGHWHVWDPHQWR

$%2*$'2'*/LFHQFLDGRHQ'HUHFKRTXHGHILHQGHHQMXLFLRORVGHUHFKRV
GHORVOLWLJDQWHV\DFRQVHMDVREUHFXHVWLRQHVOHJDOHV

$%2*$'2'(/$6&2081,'$'(6$87120$6'*)XQFLRQDULRHVSH
FLDOFX\RVSULQFLSDOHVFRPHWLGRVFRQVLVWHQHQGHIHQGHUHQMXLFLRDOD&R
PXQLGDG$XWyQRPDGHODTXHIRUPDQSDUWH\HQDVHVRUDUODOHJDOPHQWH

$%2*$'2'(/(67$'2'*)XQFLRQDULRHVSHFLDOFX\RVSULQFLSDOHVFR
PHWLGRVFRQVLVWHQHQGHIHQGHUHQMXLFLRDOD$GPLQLVWUDFLyQ\HQDVHVR
UDUODOHJDOPHQWH

$%2*$'2<352&85$'25'(2),&,2'*3URIHVLRQDOHVQRPEUDGRVD
FDUJRGHO(VWDGRTXHDVXPHQODGHIHQVD\ODUHSUHVHQWDFLyQGHTXLHQ
DFUHGLWDWHQHUGHUHFKRDOLWLJDUJUDWXLWDPHQWH

$%62/8&,1 '( 326,&,21(6 '3& $FFLyQ SRU OD FXDO ODV SDUWHV OL
WLJDQWHV UHVSRQGtDQ D ODV SUHJXQWDV IRUPXODGDV SRU OD FRQWUDULD HQ OD
SUXHEDGHFRQIHVLyQMXGLFLDOTXHVHGHVDUUROODEDHQORVSURFHGLPLHQWRV
FLYLOHVDQWHVGHODHQWUDGDHQYLJRUGHOD/H\GHGHHQHURGH
(QMXLFLDPLHQWR &LYLO $FWXDOPHQWH HVWD SUXHED VH GHQRPLQD ,QWHUURJD
WRULRGHSDUWH

 
 ',&&,21$5,2352&(6$/%6,&2

$%67(1&,1'3&'HEHUTXHWLHQHQORV-XHFHVGHDSDUWDUVHSRUSURSLD
LQLFLDWLYDGHOFRQRFLPLHQWRGHXQSOHLWR\GHSHGLUVXVXVWLWXFLyQFXDQGR
HQHOPLVPRVHGpDOJXQDGHODVFLUFXQVWDQFLDVSUHYLVWDVOHJDOPHQWHHQ
UHODFLyQFRQORVVXMHWRVRFRQHOREMHWRGHODVXQWRTXHOHVKDJDGXGDU
VREUHVXLPSDUFLDOLGDGDODKRUDGHUHVROYHU

$&&,'(17('(75),&2'3Q6LQLHVWURSURGXFLGRDFRQVHFXHQFLDGHOD
FLUFXODFLyQURGDGDGHYHKtFXORVDXWRPyYLOHVTXHGDOXJDUDOQDFLPLHQWR
GHDFFLRQHVFLYLOHV\RSHQDOHVDIDYRUGHORVSHUMXGLFDGRVSRUHOPLVPR

$&&,1 '3 'HUHFKR FRQ HO TXH FXHQWDQ ODV SHUVRQDV SDUD GLULJLUVH D
-X]JDGRV \ 7ULEXQDOHV \ SHGLU DOJXQD FRVD HQ MXLFLR  0RGR OHJDO GH
HMHUFHUHVH'HUHFKR

$&&,1&,9,/'3/DHMHUFLWDGDDQWHORV-X]JDGRV\7ULEXQDOHVRULHQWDGD
DORWRUJDPLHQWRGHODMXVWLFLDUHVSHFWRDORVGLYHUVRVGHUHFKRVSULYDGRV

$&&,1(-(&87,9$'3&/DHMHUFLWDGDSDUDLQVWDUHOFXPSOLPLHQWRMXGL
FLDOGHUHVROXFLRQHVILUPHVGH-XH]7ULEXQDOHV\6HFUHWDULRV-XGLFLDOHV
DVtFRPRGHODXGRVDUELWUDOHV9pDVH7tWXOR(MHFXWLYR

$&&,13(1$/'3/DHMHUFLWDGDDQWHORV-X]JDGRV\7ULEXQDOHVRULHQWD
GDDORWRUJDPLHQWRGHODMXVWLFLDSDUDODFRQVHFXFLyQGHOFDVWLJRGHXQ
KHFKRSUHVXQWDPHQWHGHOLFWLYR

$&&,13238/$5'3/DHMHUFLWDGDSRUFXDOTXLHUSDUWLFXODUQRHQUHFOD
PDFLyQRGHIHQVDGHXQGHUHFKRSURSLRVLQRSDUDVDOYDJXDUGDUHOLQWHUpV
GHODFROHFWLYLGDG

$&/$5$&,1'($87266(17(1&,$6<'(&5(726'35HFWLILFDFLyQ
TXHGHRILFLRRDLQVWDQFLDGHSDUWHSXHGHQKDFHUORV-XHFHV7ULEXQDOHV
\6HFUHWDULRV-XGLFLDOHVGHHVWHWLSRGHUHVROXFLRQHVGHVSXpVGHILUPD
GDVUHVSHFWRDFRQFHSWRVTXHKD\DQTXHGDGRLQGHELGDPHQWHRVFXURVHQ
ODVPLVPDVRVXSOLHQGRODVRPLVLRQHVTXHSXHGDQFRQWHQHU

$&7$'35HODFLyQHVFULWD\IHKDFLHQWHGHDOJXQDDFWXDFLyQSURFHVDOH[
WHQGLGD SRUXQ 6HFUHWDULR-XGLFLDORSRUHOIXQFLRQDULRTXH OHJDOPHQWH
FRUUHVSRQGD $FWXDOPHQWH WRGRV ORV DFWRV S~EOLFRV \ FRPSDUHFHQFLDV


',&&,21$5,2352&(6$/%6,&2

TXHVHFHOHEUDQDSUHVHQFLDMXGLFLDOHQORVGLVWLQWRVyUGHQHVMXULVGLFFLR
QDOHVGHEHUiQFRQVWDUHQVRSRUWHDSWRSDUDODJUDEDFLyQGHLPiJHQHV\
VRQLGRVGHPDQHUDTXHVyORHQFDVRGHFDUHQFLDRDYHUtDGHORVPLVPRV
GHEHUiH[WHQGHUVHSRUPHGLRVLQIRUPiWLFRVHODFWDDQRVHUTXHWDPSR
FRVHFXHQWHFRQWDOHVPHGLRV

$&72 $'0,1,675$7,92 '$'HFODUDFLyQ MXUtGLFD \XQLODWHUDO HPDQDGD

GHDOJXQDGHODV$GPLQLVWUDFLRQHV3~EOLFDV

$&72'(&21&,/,$&,1'39pDVH&RQFLOLDFLyQ$FWRGH

$&725'3&9pDVH'HPDQGDQWH

$&725&,9,/'33(OTXHHQXQSURFHGLPLHQWRSHQDOH[FOXVLYDPHQWHHMHU
FLWDXQDDFFLyQFLYLO

$&726'(&2081,&$&,1'3$FWXDFLRQHVFRQODVTXHVHWUDVODGDDODV
SDUWHVRDORVLQWHUHVDGRVHQHOH[SHGLHQWHORVHVFULWRVTXHVHSUHVHQWHQ
\ODVUHVROXFLRQHVSURFHVDOHVTXHVHDGRSWHQHQHOPLVPR

$&78$&,21(6'3&RQMXQWRGHGLOLJHQFLDVYHULILFDGDVHQXQSURFHGLPLHQ
WR([SHGLHQWHSURFHVDO

$&78$&,21(6$35(9(1&,1'33'LOLJHQFLDVSUDFWLFDGDVSRUXQyU
JDQR MXGLFLDO GLVWLQWR GHO TXH GHEH WUDPLWDU OD FDXVD SRU UD]RQHV GH
XUJHQFLDRGHLPSRVLELOLGDGGHDFWXDFLyQGHO-X]JDGRR7ULEXQDOOHJDO
PHQWHOODPDGRDYHULILFDUODV

$&78$&,21(6325'(/(*$&,1'33'LOLJHQFLDVSUDFWLFDGDVSRUXQD
RILFLQD MXGLFLDO GLVWLQWD GH OD TXH WUDPLWD HO SURFHGLPLHQWR D UHTXHUL
PLHQWRGHpVWD\HQDUDVGHODX[LOLR\FRRSHUDFLyQHQWUHORVGLIHUHQWHV
-X]JDGRV\7ULEXQDOHV

$&8(5'2'35HVROXFLyQ5HVROXFLyQYHUEDOTXHDGRSWDXQ-XH]7ULEX
QDOR6HFUHWDULR-XGLFLDOHQHOGHVDUUROORGHXQDFWRS~EOLFR

 
 ',&&,21$5,2352&(6$/%6,&2

$&808/$&,1'($&&,21(6'3&$JUXSDFLyQHQXQDPLVPDGHPDQ
GDGHFXDQWDVDFFLRQHVQRLQFRPSDWLEOHVHQWUHVtRVWHQWHHODFWRUFRQWUD
HOGHPDQGDGR

$&808/$&,1'($8726'3&5HXQLyQHQXQVRORH[SHGLHQWHGHGRV
RPiVSURFHVRVLQLFLDGRVSRUVHSDUDGR\TXHSHUPDQHFHQVLQUHVROYHU
FXDQGRHVWiQFRQHFWDGRVHQWUHVtSRUDOJXQDGHODVFDXVDVOHJDOPHQWH
HVWDEOHFLGDVFRQHOILQGHVHUWUDPLWDGRV\GHFLGLGRVFRQMXQWDPHQWH

$&86$'2'339pDVH,QFXOSDGR

$&86$'253$57,&8/$5'333HUVRQDTXHHMHUFLWDHQHOSURFHVRSHQDO
ODDFFLyQSRSXODUKD\DVLGRRQRRIHQGLGDSRUHOGHOLWRVROLFLWDQGROD
FRQGHQDGHOSUHVXQWRFXOSDEOH

$&86$'25 35,9$'2'333HUVRQDTXHHMHUFHODDFFLyQSHQDODOHVWDU
OHJLWLPDGDSDUDHOORSRUKDEHUVHUHDOL]DGRFRQWUDODPLVPDXQKHFKRTXH
SXHGHUHYHVWLUFDUDFWHUHVGHGHOLWRSULYDGR

$'+(6,1$815(&8562'($3(/$&,1'3$FWXDFLyQSRUODFXDO
XQDGHODVSDUWHVHQHOSURFHGLPLHQWRVHVXPDDOUHFXUVRGHDSHODFLyQ
LQWHUSXHVWRSUHYLDPHQWHSRURWUDSRULGpQWLFRVRGLIHUHQWHVPRWLYRV

$'0,1,675$&,1'*&RQMXQWRGHyUJDQRV\GHIXQFLRQDULRVHQFDUJD
GRVGHODJHVWLyQ\SUHVWDFLyQGHORVGLIHUHQWHVVHUYLFLRVS~EOLFRV

$'0,1,675$&,1 '( -867,&,$ '* $FFLyQ GH -X]JDGRV \ 7ULEXQDOHV

MX]JDQGR\KDFLHQGRTXHVHHMHFXWHORMX]JDGR

$'0,1,675$&,1-8',&,$/'3&0HGLGDGHFRQWURO\VXSHUYLVLyQTXH
DGRSWDHOWULEXQDOFXDQGRKDVLGRREMHWRGHHPEDUJRDOJXQDHPSUHVDR
JUXSRGHHPSUHVDVRFXDQGRVHHPEDUJDQDFFLRQHVRSDUWLFLSDFLRQHV
TXHUHSUHVHQWHQODPD\RUtDGHOFDSLWDOVRFLDO\TXHOOHYDDSDUHMDGRHO
QRPEUDPLHQWR GH XQ $GPLQLVWUDGRU -XGLFLDO  9pDVH $GPLQLVWUDGRU
-XGLFLDO


',&&,21$5,2352&(6$/%6,&2

$'0,1,675$'25-8',&,$/'3&3HUVRQDTXHSRURUGHQGHOWULEXQDO
GHVHPSHxDOD$GPLQLVWUDFLyQ-XGLFLDOVXVWLWX\HQGRDORVDGPLQLVWUDGR
UHV SUHH[LVWHQWHV DVXPLHQGR PLHQWUDV QR VH GLVSRQJD RWUD FRVD VXV
PLVPRV GHUHFKRV REOLJDFLRQHV IDFXOWDGHV \ UHVSRQVDELOLGDGHV QHFH
VLWDQGRQRREVWDQWHSDUDGHWHUPLQDGDVDFWXDFLRQHVDXWRUL]DFLyQMXGL
FLDO9pDVH$GPLQLVWUDFLyQ-XGLFLDO

$'23&,1'&Y$FFLyQWUDPLWDGDDQWHORV-X]JDGRVWHQGHQWHDREWHQHU
TXHVHDGHFODUDGRFRPRKLMRFRQORVUHTXLVLWRV\VROHPQLGDGHVOHJDOHV
HOTXHQRORHVSRUUD]yQGHODQDWXUDOH]D

$'48,5,5/$326(6,1$&&,1'('3&$TXHOODTXHVHHMHUFLWDHQHO
-XLFLR9HUEDOSRUPHGLRGHODFXDOHODFWRUSUHWHQGHREWHQHUODSRVHVLyQ
GHXQELHQKHUHGDGRQRWHQLGRSUHYLDPHQWH\HODPSDURMXGLFLDOHQOD
PLVPDSRVHVLyQIUHQWHDWHUFHURV

$)25$'2'333HUVRQDTXHSRUSHUWHQHFHUDXQGHWHUPLQDGRHVWDPHQWR
RFDWHJRUtDVRFLDOQRHVWiVXMHWDDODMXULVGLFFLyQRUGLQDULDRORHVWiD
GHWHUPLQDGRVyUJDQRVGHODPLVPDGLIHUHQWHVGHDTXHOORVTXHOHFRUUHV
SRQGHUtDQVLQRHVWXYLHUHUHYHVWLGRGHWDOFDUiFWHU

$*(17(-8',&,$/2-)XQFLRQDULRGHFDUUHUDTXHSHUWHQHFtDDOFXHUSR
QDFLRQDOGHOPLVPRQRPEUHDOVHUYLFLRGHOD$GPLQLVWUDFLyQGH-XVWLFLD
FX\DVIXQFLRQHVEiVLFDVHUDQHMHFXWDUHPEDUJRVODQ]DPLHQWRV\GHPiV
DFWRVFX\DQDWXUDOH]DORUHTXLHUDDFWXDUFRPR3ROLFtD-XGLFLDOHMHUFHU
IXQFLRQHV GH YLJLODQFLD FXVWRGLD SRUWHR HWF HWF  6XV FRPSRQHQWHV
VHKDQLQWHJUDGRDFWXDOPHQWHHQHO&XHUSRGH$X[LOLR-XGLFLDO9pDVH
&XHUSRGH$X[LOLR-XGLFLDO

$*5$9$17('3Q&LUFXQVWDQFLDRPRWLYROHJDOTXHSXHGHVHUWHQLGRHQ
FXHQWDSRUHOyUJDQRMXGLFLDOSDUDDXPHQWDUODSHQDDLPSRQHUDOUHVSRQ
VDEOHGHXQGHOLWRRIDOWD

$/$5'('35HODFLyQGHORVDVXQWRVSHQGLHQWHVHQXQ-X]JDGRR7ULEXQDO
TXHVHUHDOL]DSRUHOPLVPRSHULyGLFDPHQWH

$/%$&($'&Y3HUVRQDHQFDUJDGDSRUHOWHVWDGRURSRUXQyUJDQRMXGLFLDO
GHFXPSOLUOD~OWLPDYROXQWDG\GHFXVWRGLDUORVELHQHVGHOIDOOHFLGR

 
 ',&&,21$5,2352&(6$/%6,&2

$/(*$&,21(635(9,$63&$([SRVLFLyQUHDOL]DGDSRUORVGHPDQGDGRV
HQ HO UHFXUVR FRQWHQFLRVR DGPLQLVWUDWLYR DQWHV GH FRQWHVWDU D OD GH
PDQGDRHQODSULPHUDSDUWHGHGLFKDFRQWHVWDFLyQGHFXHVWLRQHVTXH
SXHGHQLPSOLFDUODLQDGPLVLyQGHOUHFXUVRSRUUD]RQHVDMHQDVDOWHPDGH
IRQGRSODQWHDGRHQODGHPDQGD

$/(926$'3Q$JUDYDQWHFRQVLVWHQWHHQODSUHSDUDFLyQ\SHUSHWUDFLyQGH
XQGHOLWRFRQHOILQGHFRQVXPDUORVLQULHVJR\VREUHVHJXUR

$/48,/(5'&Y$UUHQGDPLHQWR

$//$1$0,(172'3&'HFODUDFLyQGHYROXQWDGGHOGHPDQGDGRPDQLIHV
WDQGRVXFRQIRUPLGDGFRQODVSUHWHQVLRQHVGHODFWRULGHQWLILFiQGRVHFRQ
ODVROLFLWDGRSRUHOPLVPRHQHOVXSOLFRGHODGHPDQGD

$0,//$5$5 '* 2UJDQL]DU HQ XQ DUFKLYR ORV ELHQHV SURSLHGDG GH ORV
YHFLQRVGHXQDFLXGDGMXQWRFRQORVGDWRVSHUVRQDOHVGHVXVWLWXODUHV

$127$&,1 0$5*,1$/ '+ 5& $VLHQWR UHDOL]DGR DO PDUJHQ GH XQD
LQVFULSFLyQSULQFLSDODOXVLYRDFXHVWLRQHVtQWLPDPHQWHYLQFXODGDVFRQHO
FRQWHQLGRGHpVWD

$127$&,135(9(17,9$'+,QVFULSFLyQSURYLVLRQDOSUDFWLFDGDHQORV
OLEURV GHO 5HJLVWUR GH OD 3URSLHGDG HQ OD KRMD R IROLR FRUUHVSRQGLHQWH
D XQ GHWHUPLQDGR LQPXHEOH TXH SUHWHQGH JDUDQWL]DU DOJ~Q GHUHFKR R
VLWXDFLyQUHODFLRQDGRFRQHOPLVPR

$17(&('(17(63(1$/(6$127$&,1'('3Q3URFHGLPLHQWRGHUH
JLVWUR\DUFKLYRTXHSUHWHQGHREWHQHUODLGHQWLILFDFLyQGHODVSHUVRQDV
TXHKDQVLGRFRQGHQDGDVSRUVXSDUWLFLSDFLyQHQODFRPLVLyQGHGHOLWRV
9pDVH5HJLVWUR&HQWUDOGH3HQDGRV

$17,&,3$&,1<$6(*85$0,(172'(/$358(%$'3&9pDVH3UXH
ED$QWLFLSDFLyQ\$VHJXUDPLHQWRGHOD

$3(/$&,1'39pDVH5HFXUVRGH$SHODFLyQ


',&&,21$5,2352&(6$/%6,&2

$3(5&,%,0,(172'3$GYHUWHQFLDUHDOL]DGDSRUHOyUJDQRMXGLFLDODXQD
SHUVRQDVHDRQRSDUWHHQHOSOHLWRSDUDTXHODPLVPDKDJDRVHDEV
WHQJDGHKDFHUDOJXQDFRVD

$32'(5$0,(172'3$FFLyQSRUODFXDOXQDSHUVRQDDXWRUL]DDRWUDSDUD
TXHODUHSUHVHQWH\REUHYiOLGDPHQWHHQVXQRPEUHSXGLHQGRFRQIHULU
WDOHVDWULEXFLRQHVPHGLDQWHHVFULWXUDS~EOLFDDQWH1RWDULRRPHGLDQWH
FRPSDUHFHQFLDDQWHXQ6HFUHWDULR-XGLFLDO

$35(0,29$'('3&RQMXQWRGHWUiPLWHVRSURFHGLPLHQWRTXHWLHQHQ
SRUREMHWRWUDQVIRUPDUHQGLQHURFRDFWLYDPHQWHORHPEDUJDGRHQVXGtD
DO\DFRQGHQDGRFRQHOILQGHDERQDUODVUHVSRQVDELOLGDGHVSHFXQLDULDV
TXHDFDUJRGHOPLVPRVHKDQFRQFUHWDGRHQHOSURFHVR

$38'$&7$'3([SUHVLyQODWLQDXWLOL]DGDSDUDGHVLJQDUODIRUPDHQTXH
VH UHDOL]DQ DOJXQDV DFWXDFLRQHV DO FRQVWLWXLUVH R YHULILFDUVH PHGLDQWH
FRPSDUHFHQFLD DQWH XQ -XH] R DQWH XQ 6HFUHWDULR -XGLFLDO TXHGDQGR
UHIOHMDGDVHQXQDFWD

$5%,75$-( '* ,QVWLWXFLyQ SRU OD TXH GRV R PiV SHUVRQDV OODPDGRV
iUELWURVUHVXHOYHQXQSUREOHPDSODQWHDGRSRU\HQWUHRWUDVODVFXDOHV
KDQ SDFWDGR SUHYLDPHQWH DFHSWDU OD GHFLVLyQ GH DTXHOODV FXDOTXLHUD
TXHpVWDVHD

$5&+,92'*/XJDURGHSyVLWRHQHOTXHVHJXDUGDQGRFXPHQWRV&RQ
MXQWRGHH[SHGLHQWHVFXVWRGLDGRV

$5&+,92-8',&,$/'(*(67,1'*$TXHOOXJDURGHSyVLWRHQHOTXH
VH JXDUGDQ \ FXVWRGLDV ORV H[SHGLHQWHV YLYRV R HQ ORV TXH VLQ HVWDU
ILQDOL]DGRVQRVHKDQSUDFWLFDGRDFWXDFLRQHVHQORV~OWLPRVFLQFRDxRV

$5&+,92-8',&,$/7(55,725,$/'*$TXHOOXJDURGHSyVLWRHQHOTXH
VHJXDUGDQ\FXVWRGLDQORVH[SHGLHQWHVUHPLWLGRVSRUORV$UFKLYRV-XGL
FLDOHVGH*HVWLyQFXDQGR\DQRHVQHFHVDULDVXSHUPDQHQFLDHQHOORV

$5&+,92-8',&,$/&(175$/'*$UFKLYR-XGLFLDO7HUULWRULDOGHOD$X
GLHQFLD1DFLRQDO\HO7ULEXQDO6XSUHPR

 
 ',&&,21$5,2352&(6$/%6,&2

$55(1'$0,(1725867,&2'&Y&RQWUDWRSRUPHGLRGHOFXDOHOSURSLH
WDULRGHXQELHQLQPXHEOHGHQDWXUDOH]DU~VWLFDORGDRHQWUHJDDXQD
SHUVRQDSDUDTXHXVHGHpOVHJ~QVXVFDUDFWHUtVWLFDV\DSURYHFKDPLHQ
WRVSRUXQWLHPSRGHWHUPLQDGR\PHGLDQWHHOSDJRGHXQSUHFLRFLHUWR
RUHQWDSUHYLDPHQWHFRQYHQLGRV

$55(1'$0,(17285%$12'&Y&RQWUDWRSRUPHGLRGHOFXDOHOSURSLH
WDULRGHXQELHQLQPXHEOHGHQDWXUDOH]DXUEDQDORFHGHDXQDSHUVRQD
SDUDTXHXVHGHpOVHJ~QVXVFDUDFWHUtVWLFDV\DVHDFRPRYLYLHQGD\D
FRPRORFDOGHQHJRFLRSRUXQWLHPSRGHWHUPLQDGR\PHGLDQWHHOSDJR
GHXQSUHFLRFLHUWRSUHYLDPHQWHFRQYHQLGRV

$55(672 '3Q 3HQD FRQVLVWHQWH HQ OD SULYDFLyQ GH OLEHUWDG SRU EUHYH
WLHPSR

$55(672'(),1'(6(0$1$'3Q3HQDSULYDWLYDGHOLEHUWDGFRQVLVWHQ
WHHQHOLQWHUQDPLHQWRGHOSHQDGRHQXQFHQWURFDUFHODULRGXUDQWHXQRR
YDULRVILQHVGHVHPDQD\TXHSRUHOWULEXQDO\PRWLYDGDPHQWHSXHGH
DXWRUL]DUVHVXFXPSOLPLHQWRHQRWURVGtDVGHODVHPDQD3HQDVXSULPLGD
SRUHOYLJHQWH&yGLJR3HQDO

$55(6720$<25'3Q3ULYDFLyQFDUFHODULDGHOLEHUWDGTXHVHSRGtDLP
SRQHUDORVUHVSRQVDEOHVGHGHWHUPLQDGRVGHOLWRVFX\DGXUDFLyQRVFL
ODEDHQWUHXQPHV\XQGtD\VHLVPHVHVSHQDVXSULPLGDSRUHOYLJHQWH
&yGLJR3HQDO

$55(6720(125'3Q3ULYDFLyQFDUFHODULDRGRPLFLOLDULDGHOLEHUWDG
TXH SRGtD LPSRQHUVH D ORV UHVSRQVDEOHV GH GHWHUPLQDGDV IDOWDV FX\D
GXUDFLyQRVFLODEDHQWUHXQR\WUHLQWDGtDVSHQDVXSULPLGDSRUHOYLJHQWH
&yGLJR3HQDO

$6(6,1$72'3Q$FFLyQGHPDWDUDXQDSHUVRQDFRQFXUULHQGRDOJXQDGH
ODVFLUFXQVWDQFLDVDJUDYDQWHVHVSHFLILFDGDVDOHIHFWRHQHO&yGLJR3HQDO

$6,(1725(*,675$/'+5&$QRWDFLyQSRUHVFULWRTXHVHSODVPDHQORV
OLEURVGHXQDUFKLYRS~EOLFR


',&&,21$5,2352&(6$/%6,&2

$6,67(1&,$-85',&$*5$78,7$'39pDVH%HQHILFLRGH$VLVWHQFLD-X
UtGLFD*UDWXLWD

$7(18$17('3Q&LUFXQVWDQFLDRPRWLYROHJDOTXHSXHGHVHUWHQLGDHQ
FXHQWDSRUHOyUJDQRMXGLFLDOSDUDVXDYL]DUODSHQDDLPSRQHUDOFXOSDEOH
GHXQGHOLWRRIDOWD

$7(67$'2'3Q'LOLJHQFLDVGHDYHULJXDFLyQGHXQGHOLWRRIDOWDTXHFRPR
SUHOLPLQDUHVDODLQFRDFLyQMXGLFLDOGHXQSURFHVRSHQDOLQVWUX\HQORV
FXHUSRV\IXHU]DVGHVHJXULGDGGHO(VWDGR

$8',(1&,$1$&,21$/2-UJDQRLQWHJUDGRWDQWRSRUyUJDQRVMXGLFLDOHV
XQLSHUVRQDOHV -X]JDGRV &HQWUDOHV FRPR FROHJLDGRV 6DODV FRQ VHGH
HQ0DGULG\MXULVGLFFLyQVREUHWRGRHOWHUULWRULRGHO(VWDGRFRQFRPSH
WHQFLDHQPDWHULDVSHQDOFRQWHQFLRVRDGPLQLVWUDWLYDODERUDOGHPHQR
UHV\GHYLJLODQFLDSHQLWHQFLDULD

$8',(1&,$35(9,$'3&$FWRS~EOLFRRFRPSDUHFHQFLDTXHVHFHOHEUD
HQHO-XLFLR2UGLQDULRXQDYH]FRQWHVWDGDODGHPDQGD\TXHWLHQHSRU
REMHWRLQWHQWDUXQDFXHUGRRWUDQVDFFLyQHQWUHODVSDUWHVTXHSRQJDILQ
DO SURFHVR H[DPLQDU ODV FXHVWLRQHV SURFHVDOHV TXH SXGLHUDQ REVWDU OD
SURVHFXFLyQGHOSOHLWR\VXWHUPLQDFLyQSRUVHQWHQFLDDVtFRPRILMDUFRQ
SUHFLVLyQHOREMHWRGHODVXQWRORVH[WUHPRVVREUHORVTXHH[LVWDFRQWUR
YHUVLD\HQVXFDVRSURSRQHU\DGPLWLUODSUXHED

$8',(1&,$3529,1&,$/2-UJDQRMXGLFLDOFROHJLDGRFRQVHGHHQFDGD
XQDGHODVGLVWLQWDVFDSLWDOHVGHSURYLQFLDFRQMXULVGLFFLyQVREUHODWR
WDOLGDGGHVXUHVSHFWLYRWHUULWRULR\FRQFRPSHWHQFLDHQPDWHULDVFLYLO
SHQDO\GHPHQRUHV

$8',(1&,$ 3%/,&$ +25$6 '( 2- 3HULRGR GH WLHPSR GLDULR ILMDGR
SRUORVWLWXODUHVGHORVyUJDQRVMXGLFLDOHVDOREMHWRGHSUDFWLFDUSUXHEDV
FHOHEUDUYLVWDV\DFWRVS~EOLFRVHQJHQHUDOSDUDJDUDQWL]DUTXHODWUD
PLWDFLyQGHORVSURFHGLPLHQWRVVHGHVDUUROOHVLQGLODFLRQHVLQGHELGDV

$8',(1&,$66$/$'(2-(VWDQFLDGH-X]JDGRV\7ULEXQDOHVGRQGHVH
FHOHEUDQORVDFWRVS~EOLFRV

 
 ',&&,21$5,2352&(6$/%6,&2

$872 '3 5HVROXFLyQ MXGLFLDO PRWLYDGD UD]RQDGD \ EDVDGD HQ ORV SUH
FHSWRV OHJDOHV DSOLFDEOHV DO FDVR HPSOHDGD HQWUH RWURV FDVRV SDUD
GHFLGLUUHFXUVRVFRQWUDSURYLGHQFLDVRGHFUHWRVFXDQGRVHUHVXHOYDVR
EUHDGPLVLyQRLQDGPLVLyQGHGHPDQGDUHFRQYHQFLyQDFXPXODFLyQGH
DFFLRQHV DGPLVLyQ R LQDGPLVLyQ GH OD SUXHED DSUREDFLyQ MXGLFLDO GH
WUDQVDFFLRQHV \ FRQYHQLRV PHGLGDV FDXWHODUHV \ QXOLGDG R YDOLGH] GH
ODVDFWXDFLRQHV

$872'(352&(6$0,(172'339pDVH3URFHVDPLHQWR$XWRGH

$872'(63$&+$1'2(-(&8&,1'3&5HVROXFLyQMXGLFLDOPRWLYDGD
UD]RQDGD\EDVDGDHQORVSUHFHSWRVOHJDOHVDSOLFDEOHVDOFDVRTXHFRQ
WLHQHODRUGHQJHQHUDOGHHMHFXFLyQ\DXWRUL]DHOGHVSDFKRGHODPLVPD
WUDVHOFXDOHO6HFUHWDULR-XGLFLDOGLFWDUiGHFUHWRHQHOTXHVHFRQWHQGUiQ
HQWUHRWUDVODVPHGLGDVHMHFXWLYDVFRQFUHWDVTXHUHVXOWDUHQSURFHGHQ
WHV LQFOXLGR VL IXHUD SRVLEOH HO HPEDUJR GH ELHQHV \ ODV PHGLGDV GH
ORFDOL]DFLyQ\DYHULJXDFLyQGHORVELHQHVGHOHMHFXWDGRTXHSURFHGDQ

$872120$6'*9pDVH&RPXQLGDGHV$XWyQRPDV

$87236,$'3Q([DPHQDQDWyPLFRTXHVHKDFHDXQFDGiYHUSDUDGHWHU
PLQDUFODUDPHQWHODVFDXVDVGHODPXHUWH

$8725'3Q3HUVRQDTXHHMHFXWDXQGHOLWRRIDOWDRLQGXFHRFRRSHUDHQ
VXHMHFXFLyQ

$8725,'$'-8',&,$/'((-(&8&,1'33(VODFRPSHWHQWHHQFDGD
(VWDGRSDUDHMHFXWDUODRUGHQHXURSHDGHGHWHQFLyQ\HQWUHJDHQYLUWXG
GHOGHUHFKRGHHVH(VWDGR(Q(VSDxDWDOHVDXWRULGDGHVVRQWDQWRORV
-X]JDGRV&HQWUDOHVGH,QVWUXFFLyQFRPROD6DODGHOR3HQDOGHOD$X
GLHQFLD1DFLRQDO/D$XWRULGDG&HQWUDOFRPSHWHQWHHVHO0LQLVWHULRGH
-XVWLFLD9pDVH2UGHQ(XURSHDGHGHWHQFLyQ\HQWUHJD

$8725,'$'-8',&,$/'((0,6,1'33(VODFRPSHWHQWHSDUDGLFWDU
XQDRUGHQHXURSHDGHGHWHQFLyQ\HQWUHJDHQYLUWXGGHOGHUHFKRGHHVH
(VWDGRHQ(VSDxDWDODXWRULGDGHVHO-XH]R7ULEXQDOTXHFRQR]FDGH
ODFDXVDHQODTXHSURFHGDWDOWLSRGHyUGHQHV9pDVH2UGHQ(XURSHD
GHGHWHQFLyQ\HQWUHJD


',&&,21$5,2352&(6$/%6,&2

$8726'3([SHGLHQWHMXGLFLDO&RQMXQWRGHDFWXDFLRQHV\GLOLJHQFLDV
YHULILFDGDVHQHOVHQRGHXQSURFHGLPLHQWR

$8;,/,$5 '( /$ $'0,1,675$&,1 '( -867,&,$ 2- )XQFLRQDULR GH

FDUUHUDTXHSHUWHQHFtDDOFXHUSRQDFLRQDOGHOPLVPRQRPEUHDOVHUYLFLR
GH OD $GPLQLVWUDFLyQ GH -XVWLFLD FX\DV FRPSHWHQFLDV HVHQFLDOHV HUDQ
ODFRODERUDFLyQHQHOGHVDUUROORJHQHUDOGHODWUDPLWDFLyQSURFHVDOPH
GLDQWHODWUDQVFULSFLyQPHFiQLFDGHWH[WRVHOUHJLVWURGHGRFXPHQWRV
HWF $FWXDOPHQWH VXV FRPSRQHQWHV VH KDQ LQWHJUDGR HQ HO &XHUSR GH
7UDPLWDFLyQ 3URFHVDO\$GPLQLVWUDWLYD9pDVH&XHUSRGH 7UDPLWDFLyQ
3URFHVDO\$GPLQLVWUDWLYD

$8;,/,2-8',&,$/ '33ULQFLSLRSURFHVDOTXHVHFRQFUHWDHQODREOLJD
FLyQTXHWLHQHQORVGLIHUHQWHV-X]JDGRV\7ULEXQDOHVGHSUHVWDUVHD\XGD
UHFtSURFDHQODUHDOL]DFLyQGHWRGRVORVDFWRVTXHVHDQQHFHVDULRVHQORV
DVXQWRV GH TXH FRQR]FDQ FXDQGR WHQJDQ TXH SUDFWLFDUVH IXHUD GH VX
FLUFXQVFULSFLyQWHUULWRULDO

$8;,/,2-8',&,$/&8(532'(2-9pDVH&XHUSRGH$X[LOLR-XGLFLDO

$9$/'&Y*DUDQWtDHQYLUWXGGHODFXDOXQDSHUVRQDRHQWLGDGDVXPHHO
FXPSOLPLHQWRGHXQDREOLJDFLyQTXHRULJLQDULDPHQWHFRUUHVSRQGHDRWUD
SDUDHOFDVRGHTXHHOOODPDGRDVDWLVIDFHUODQRORKLFLHUH

$9$/82'37DVDFLyQYDORUDFLyQTXHHIHFW~DQHQHOVHQRGHXQSURFHGL
PLHQWRMXGLFLDOUHVSHFWRDELHQHVGHWHUPLQDGRVORVSHULWRVGHVLJQDGRV
SDUDHOOR

 
',&&,21$5,2352&(6$/%6,&2

%(1(),&,2'($6,67(1&,$-85',&$*5$78,7$'3'HUHFKRDSOHL
WHDUJUDWXLWDPHQWHFRQHOTXHFXHQWDQODVSHUVRQDVTXHDFUHGLWHQLQVXIL
FLHQFLDGHUHFXUVRVSDUDHOOR\DTXHOODVRWUDVSHUVRQDVItVLFDVRMXUtGLFDV
DTXLHQHVSRUGLVSRVLFLyQOHJDOVHKD\DFRQFHGLGRHVDSUHUURJDWLYD
9pDVH7DVDSRUHOHMHUFLFLRGHODSRWHVWDGMXULVGLFFLRQDO

%,(1(6,108(%/(6'&Y(OVXHOR\WRGRORDGKHULGRDpOFXDQGRGHV
SXpVGHVHULQFRUSRUDGRSLHUGHVXFDUDFWHUtVWLFDGHPRYLOLGDG

%,(1(6 08(%/(6 '&Y (Q JHQHUDO WRGRV DTXHOORV ELHQHV TXH SXHGHQ
VHUWUDQVSRUWDGRVGHXQOXJDUDRWURVLQPHQRVFDERGHOELHQLQPXHEOHDO
TXHHVWXYLHUHQLQFRUSRUDGRVRHQHOTXHHVWXYLHUHQVLWXDGRV

%,(1(66(029,(17(6'&Y/RVDQLPDOHV

%2/(7,12),&,$/'*3XEOLFDFLyQSHULyGLFDGHO(VWDGRODV&RPXQLGD
GHV$XWyQRPDV'LSXWDFLRQHV3URYLQFLDOHVR$\XQWDPLHQWRVXRWURVRU
JDQLVPRVRILFLDOHVHQODTXHVHLQVHUWDQGLVSRVLFLRQHV\DFWRVGHHGLFLyQ
REOLJDWRULDDVtFRPRRWUDVYDULDGDVFRPXQLFDFLRQHV

%8(1$)('&Y(VWDGRGHiQLPRTXHFRQVLVWHHQGHVFRQRFHUSRUHUURUR
LJQRUDQFLDODLOLFLWXGGHQXHVWUDFRQGXFWD

 
 ',&&,21$5,2352&(6$/%6,&2

%86&$<&$3785$'332UGHQTXHVHSURSRUFLRQDDORVFXHUSRV\IXHU
]DVGHVHJXULGDGGHO(VWDGRSDUDORFDOL]DU\SRQHUDGLVSRVLFLyQMXGLFLDO
DTXLHQVHHQFXHQWUDHQLJQRUDGRSDUDGHUR\HVWiUHFODPDGRELHQFRPR
SURFHVDGRELHQFRPRFRQGHQDGRSRUODMXVWLFLD


',&&,21$5,2352&(6$/%6,&2

&$'8&,'$''(,167$1&,$'3&3&$7HUPLQDFLyQGHOSURFHGLPLHQWR
TXHVHSURGXFHDOVHUDEDQGRQDGRHOPLVPRSRUODVSDUWHVDOQRLQVWDU
VXFXUVRGXUDQWHHOWLHPSRTXHODVOH\HVSURFHGLPHQWDOHVHVWDEOHFHQ

&$/801,$'3Q,PSXWDFLyQIDOVDGHXQGHOLWRGHORVTXHGDQOXJDUDOD
LQFRDFLyQGHRILFLRGHXQSURFHGLPLHQWR

&$3$&,'$''(2%5$5'&Y$SWLWXGGHXQDSHUVRQDSDUDHMHUFLWDUORV
GHUHFKRV\REOLJDFLRQHVGHORVTXHVHDVXMHWRDFWLYDRSDVLYDPHQWH

&$3$&,'$' 3$5$ 6(53$57('3$SWLWXGJHQpULFDSDUDVHUWLWXODUGH

WRGRVORVGHUHFKRVSURFHVDOHV\SDUDDVXPLUODVFDUJDV\UHVSRQVDELOL
GDGHVLQKHUHQWHVDOSURFHVR

&$3$&,'$'352&(6$/'3$SWLWXGSDUDFRPSDUHFHUHQMXLFLRHVGHFLU
SDUDUHDOL]DUDFWRVYiOLGRVHQHOSURFHVR

&$5(2'33'3&&RQIURQWDFLyQYHUEDOGHXQDRPiVSHUVRQDVFRQRWUD
XRWUDVFXDQGRLQFXUUDQHQJUDYHVFRQWUDGLFFLRQHVSDUDDYHULJXDUFXiO
GHHOODVGLFHODYHUGDGTXHSXHGHWHQHUOXJDUWDQWRHQHORUGHQMXULVGLF
FLRQDOSHQDOHQWUHDFXVDGRVHQWUHWHVWLJRVRHQWUHDFXVDGRV\WHVWLJRV
FRPRHQHORUGHQMXULVGLFFLRQDOFLYLOHQWUHODVSDUWHVHQWUHWHVWLJRVR
HQWUHSDUWHV\WHVWLJRV

 
 ',&&,21$5,2352&(6$/%6,&2

&$5*$'&Y*UDYDPHQOLPLWDFLyQH[LVWHQWHVREUHXQELHQJHQHUDOPHQWH
LQPXHEOHRVREUHXQGHUHFKR

&$57$25'(1'33(QHORUGHQMXULVGLFFLRQDOSHQDOPDQGDPLHQWRGLUL
JLGRSRUXQyUJDQRMXGLFLDODRWURGHJUDGRLQIHULRUSDUDTXHHVWHHMHFXWH
HQVXQRPEUHXQDGLOLJHQFLDMXGLFLDO

&$6$5'3(Q'HUHFKR3URFHVDO\HQUHODFLyQFRQHO5HFXUVRGH&DVDFLyQ
DQXODU

&$62 )2578,72 '&Y +HFKR LPSUHYLVWR FDXVDGR SRU PHUR DFFLGHQWH

HQFX\DSURGXFFLyQQRKDH[LVWLGRQLLQWHQFLRQDOLGDGQLQHJOLJHQFLDGHO
VXMHWR

&$8&,1'&Y9pDVH$YDO

&$8'$/+(5(',7$5,2'&Y&RQMXQWRGHELHQHVGHUHFKRV\REOLJDFLRQHV
TXHLQWHJUDQODKHUHQFLDRSDWULPRQLRGHXQGLIXQWR

&$86$'33$XWRVSURFHGLPLHQWRSHQDO

&$86$+$%,(17( '&Y +HUHGHUR  3HUVRQD FX\R GHUHFKR SURFHGH GH

RWUD

&$86$17( '&Y 7LWXODUGHOFDXGDOKHUHGLWDULRSUHYLDPHQWH IDOOHFLGR 

3HUVRQDGHODTXHGHULYDHOGHUHFKRTXHXQRRVWHQWD

&e'8/$'33DSHOHVFULWRTXHVHHQWUHJDDODIHFWDGRSRUDOJXQDUHVROXFLyQ
MXGLFLDOSDUDTXHWHQJDFRQRFLPLHQWRGHHOODRUHDOLFHRFXPSODORRUGH
QDGRHQODPLVPDYDULDQGRSRUWDQWRVXFRQWHQLGRVHJ~QVHDHOGHOD
UHVROXFLyQTXHODPRWLYH

&e'8/$$&78$&,1325'3$VtVHOODPDDODGLOLJHQFLDHQWHQGLGDSRU
HOIXQFLRQDULRMXGLFLDOFRPSHWHQWHFRQSHUVRQDGLIHUHQWHDOGHVWLQDWDULR
RULJLQDOGHODPLVPDSHURTXHVXUWHHIHFWRVOHJDOHVFRPRVLVHKXELHUD
GHVDUUROODGRFRQHOOD


',&&,21$5,2352&(6$/%6,&2

&(57,),&$&,1 '&Y 5& 'RFXPHQWR PHGLDQWH HO FXDO VH JDUDQWL]D OD
YHUDFLGDGGHXQKHFKRRODDXWHQWLFLGDGGHXQHVFULWRRGHSDUWHGHpO

&+(48('0'RFXPHQWRPHUFDQWLOTXHFRQWLHQHXQDRUGHQGHTXLHQOR
HPLWHOLEUDGRUDXQEDQFROLEUDGRGHSDJDUDVXOHJtWLPRWHQHGRU
FXDQGRHVWHORPXHVWUHODFDQWLGDGHQpOFRQVLJQDGD

&,7$&,1',/,*(1&,$'('3$FWXDFLyQSURFHVDOUHDOL]DGDSRUHOIXQ
FLRQDULRFRPSHWHQWHFX\RREMHWRHVFRPXQLFDUDXQDSHUVRQDVHDSDUWH
RQRHQHOSURFHGLPLHQWRTXHGHEHFRPSDUHFHUDQWHHO7ULEXQDOX2ILFLQD
-XGLFLDOHQIHFKD\KRUDFRQFUHWDSDUDVXLQWHUYHQFLyQHQODDFWXDFLyQ
TXHHOyUJDQRTXHOHFLWDKD\DILMDGR

&,7$&,1325&e'8/$'3$VtVHGHQRPLQDDODFLWDFLyQTXHVHHIHFW~D
HQSHUVRQDGLVWLQWDDVXRULJLQDOGHVWLQDWDULRSHURTXHVXUWHORVPLVPRV
HIHFWRVOHJDOHVTXHVLVHGHVDUUROODUDFRQpOVLVHKDYHULILFDGRHQIRUPD

&2$'<89$17( 3&$ 3HUVRQD TXH WLHQH LQWHUpV GLUHFWR HQ HO PDQWHQL
PLHQWR GHO DFWR R GLVSRVLFLyQ TXH PRWLYD OD LQWHUSRVLFLyQ GHO UHFXUVR
FRQWHQFLRVRDGPLQLVWUDWLYRSHUVRQiQGRVHHQHOPLVPRSRUWDOFDXVD

&2$8725'3Q$XWRUGHXQGHOLWRRIDOWDHQXQLyQGHRWURXRWURV

&2',&,/2 '&Y 'RFXPHQWR HQ HO TXH DQWHV GH OD HQWUDGD HQ YLJRU GHO
&yGLJR &LYLO VH VROtDQ SODVPDU GLVSRVLFLRQHV GH ~OWLPD YROXQWDG FRQ
PHQRUVROHPQLGDG

&2',*2&,9,/'&Y7H[WROHJDORUGHQDGR\PHWyGLFRTXHFRQWLHQHODUHJX
ODFLyQIXQGDPHQWDOGHOGHUHFKRSULYDGRHVSDxRO

&',*2'(&20(5&,2'07H[WROHJDORUGHQDGR\PHWyGLFRTXHFRQ
WLHQHODUHJXODFLyQEiVLFDGHO'HUHFKR0HUFDQWLOFRPHUFLDORHPSUHVD
ULDOKLVSDQR

&',*23(1$/'3Q7H[WROHJDORUGHQDGR\PHWyGLFRTXHFRQWLHQHOD
UHJXODFLyQHVHQFLDOGHO'HUHFKRSXQLWLYRRVDQFLRQDGRUGHO(VWDGR

 
 ',&&,21$5,2352&(6$/%6,&2

&20,6,1 '( 6(59,&,2 '* (QFDUJR TXH VH UHDOL]D D XQ IXQFLRQDULR
S~EOLFRSDUDGHVHPSHxDUODVIXQFLRQHVSURSLDVGHVXFDUJRHQXQyUJDQR
GLVWLQWRDOGHVXGHVWLQRSRUWLHPSRGHWHUPLQDGRDOFRQFXUULUFLUFXQV
WDQFLDVGHHVSHFLDOQHFHVLGDG\SUHYLDFRQIRUPLGDGGHODIHFWDGR

&20,6,1-8',&,$/'3&RQMXQWRGHIXQFLRQDULRVHQFDUJDGRVSRUODDX
WRULGDGMXGLFLDOGHFXPSOLPHQWDUDOJXQDDFWXDFLyQRGLOLJHQFLD

&20,6,1 52*$725,$ '3 6ROLFLWXG GH FRRSHUDFLyQ UHPLWLGD SRU XQ

yUJDQR MXGLFLDO HVSDxRO D RWUR H[WUDQMHUR SLGLHQGR OD SUiFWLFD HQ VX
QRPEUHGHDOJXQDDFWXDFLyQMXGLFLDO9pDVH6ROLFLWXGGH&RRSHUDFLyQ
-XUtGLFD,QWHUQDFLRQDO

&203$5(&(1&,$ '3 3HUVRQDFLyQ HIHFWXDGD SRU XQ LQGLYLGXR DQWH HO

WLWXODU GHO yUJDQR MXGLFLDO R GHO GH VX 6HFUHWDUtD SRU SURSLD LQLFLDWLYD
RDUHTXHULPLHQWRGHO-X]JDGRR7ULEXQDOTXHSXHGHWHQHUILQDOLGDGHV
GLYHUVDV

&203$5(&(1&,$35(9,$$/352181&,$0,(17262%5(6,78$&,1
3(5621$/'33$FWRSURFHVDOHQHOTXHDSUHVHQFLDGHO0LQLVWHULR
)LVFDOHODFXVDGR\VX/HWUDGR\HQVXFDVRGHOUHVWRGHSDUWHVSHUVR
QDGDVVHHVFXFKDUiDWRGDVHOODVVREUHODSURFHGHQFLDRQRGHVHUDGRS
WDGDSRUHOyUJDQRMXGLFLDODOJXQDPHGLGDFDXWHODUSULYDWLYDROLPLWDGRUD
GHODOLEHUWDGGHODFXVDGR9pDVH3ULQFLSLRDFXVDWRULR

&203(7(1&,$'3&RQRFLPLHQWRTXHGHXQSURFHVRGHWHUPLQDGRVHDWUL
EX\HDXQyUJDQRMXGLFLDOFRQH[FOXVLyQGHWRGRVORVGHPiVHQDSOLFDFLyQ
GHFLHUWDVUHJODV

&203(7(1&,$)81&,21$/'3&RQMXQWRGHUHJODVTXHDWULEX\HQHOFR
QRFLPLHQWRGHXQSOHLWRDGHWHUPLQDGRyUJDQRMXGLFLDOFRQH[FOXVLyQGH
ORVGHPiVHQUD]yQDFULWHULRVMHUiUTXLFRVSRULPSRVLFLyQGHOVLVWHPD
GHUHFXUVRV

&203(7(1&,$2%-(7,9$'3&RQMXQWRGHQRUPDVTXHRWRUJDQHOFRQRFL
PLHQWRGHXQDVXQWRDXQFRQFUHWRyUJDQRMXGLFLDOFRQH[FOXVLyQGHORV
GHPiVHQEDVHDODFXDQWtDRYDORUGHDTXHOORVREUHORTXHVHGLVFXWH
RDODPDWHULDRQDWXUDOH]DGHOREMHWRGHOGHEDWH


',&&,21$5,2352&(6$/%6,&2

&203(7(1&,$7(55,725,$/'3&RQMXQWRGHUHJODVTXHRWRUJDQODWUD
PLWDFLyQ \ UHVROXFLyQ GH XQ SURFHGLPLHQWR D XQ -X]JDGR R 7ULEXQDO
FRQH[FOXVLyQGHORVGHPiVDWHQGLHQGRDHVWULFWDVUD]RQHVGHOXJDUR
WHUULWRULR

&203/,&('3Q3HUVRQDTXHVLQVHUDXWRUDGHXQGHOLWRFRRSHUDHQVX
HMHFXFLyQ FRQ DFWRV DQWHULRUHV R VLPXOWiQHRV DO PLVPR QR VLHQGR VX
DFWXDFLyQLQGLVSHQVDEOHSDUDODFXOPLQDFLyQGHOKHFKRGHOLFWLYR

&2081,&$&,21(6 '3 $FWRV SURFHVDOHV TXH HO yUJDQR MXGLFLDO UHDOL]D

GLULJLpQGRVHDODVSDUWHVDRWURVVXMHWRVTXHGHEDQLQWHUYHQLUHQHOSUR
FHVRDRWURVyUJDQRVMXULVGLFFLRQDOHVRDRWURVyUJDQRVS~EOLFRVDMHQRV
DOD$GPLQLVWUDFLyQGH-XVWLFLD

&2081,'$'$87120$2(2UJDQL]DFLyQWHUULWRULDOXQLRSOXULSURYLQ
FLDO TXH UH~QH WHUULWRULRV OLPtWURIHV FRQ FDUDFWHUtVWLFDV KLVWyULFDV FXO
WXUDOHV\HFRQyPLFDVFRPXQHVFRQSHUVRQDOLGDGMXUtGLFDSURSLD\TXH
RVWHQWDP~OWLSOHVFRPSHWHQFLDVGHWHUPLQDGDVFRQVWLWXFLRQDOPHQWH

&21&,/,$&,1 $&72 '( '3 ,QVWLWXFLyQ MXUtGLFD TXH SUHWHQGH TXH HO
6HFUHWDULR-XGLFLDOR-XH]GH3D]FRPSHWHQWHFRQVLJDXQDFXHUGRHQWUH
GRVRPiVSHUVRQDVDIHFWDGDVSRUDOJ~QSUREOHPDGHtQGROHOHJDOSDUD
HYLWDUFRQHOORXQSURFHVRFRQWHQFLRVRSRVWHULRU

&21&/86,21(6 '33 '3& $ILUPDFLRQHV TXH UHDOL]DQ ODV SDUWHV HQ HO
SURFHVRSHQDOELHQSURYLVLRQDOPHQWHHQORVHVFULWRVGHFDOLILFDFLyQELHQ
GH PDQHUD GHILQLWLYD \ YHUEDO HQ HO DFWR GHO MXLFLR  (Q ORV SURFHVRV
FLYLOHVDILUPDFLRQHVTXHYHUEDOPHQWHUHDOL]DQODVSDUWHVLQWHUYLQLHQWHV
HQGHWHUPLQDGRVSURFHGLPLHQWRVFLYLOHVDOILQDOL]DUHOMXLFLR\DQWHVGH
VHUGLFWDGDODVHQWHQFLDFX\RFRQWHQLGRHVHQFLDOJLUDHQWRUQRDUHVXPLU
EUHYH\RUGHQDGDPHQWHODSUXHEDSUDFWLFDGDHQUHODFLyQFRQORVKHFKRV
DOHJDGRVSRUODVPLVPDV

&21&/8623$5$6(17(1&,$'3(VWDGRHQHOTXHTXHGDXQSURFHGL
PLHQWRFXDQGRVHKDQFXOPLQDGRHQHOPLVPRWRGDVODVIDVHVSUHYLDV
UHVWDQGRH[FOXVLYDPHQWHVXUHVROXFLyQSRUSDUWHGHOyUJDQRMXGLFLDO

 
 ',&&,21$5,2352&(6$/%6,&2

&21&8562'('(/,726'3Q&RQFXUUHQFLDGHGLYHUVRVGHOLWRVJHQHUD
GRVSRUXQDSOXUDOLGDGGHDFFLRQHVFRQFXUVRUHDOGHGHOLWRVRSURGXFL
GRSRUXQDVRODDFFLyQFRQFXUVRLGHDOGHGHOLWRV

&21&8562 '( /(<(6 '3Q ([LVWHQFLD GH YDULDV GLVSRVLFLRQHV OHJDOHV

TXHUHVXOWDQDSOLFDEOHVDXQPLVPRKHFKR

&21'(1$'3Q,PSRVLFLyQGHXQDSHQDDOUHVSRQVDEOHGHXQGHOLWRRIDOWD

&21'(1$&21',&,21$/'3Q%HQHILFLRTXHVHFRQFHGHDTXLHQFRPHWH
XQ GHOLWR SRU SULPHUD YH] FDUHFLHQGR GH DQWHFHGHQWHV SHQDOHV VL OD
SHQDGHSULYDFLyQGHOLEHUWDGTXHKDPHUHFLGRSRUHOORHVLQIHULRUDXQRR
DGRVDxRVFRQVLVWHQWHHQVXVSHQGHUWHPSRUDOPHQWHHOFXPSOLPLHQWRGH
ODFRQGHQDLPSXHVWDSRUSOD]RGHWHUPLQDGRDFRQGLFLyQGHTXHGXUDQWH
pVWHQRYXHOYDDFRPHWHUQLQJ~QKHFKRLOtFLWR

&21'21$5'3&3HUGRQDU(QHO-XLFLRGH'HVDKXFLRSRUIDOWDGHSDJR
GH ODV UHQWDV GHELGDV HO DFWRUDFUHHGRUDUUHQGDGRU SXHGH DVXPLU HO
FRPSURPLVRGHSHUGRQDUWRWDORSDUFLDOPHQWHODGHXGDGHOGHPDQGDGR
GHXGRUDUUHQGDWDULR D FDPELR GH TXH GHVDORMH OD YLYLHQGD REMHWR GHO
SOHLWRHQHOSOD]RHVWDEOHFLGROHJDOPHQWHFRQWDGRDSDUWLUGHOPRPHQWR
HQHOTXHVHOHGpWUDVODGRGHODGHPDQGD

&21)(6,1-8',&,$/'3&$FWXDOPHQWH\WUDVODHQWUDGDHQYLJRUGHOD
YLJHQWH/H\GH(QMXLFLDPLHQWR&LYLO/H\GHGHHQHURHVWHPH
GLRGHSUXHEDVHGHQRPLQDGD,QWHUURJDWRULRGHODV3DUWHV$QWHV\DKRUD
VH WUDWD GH XQD GHFODUDFLyQ TXH HQ ORV SURFHVRV FLYLOHV SUHVWD DQWH HO
-XH]XQDGHODVSDUWHVVREUHSXQWRVGHKHFKRUHOHYDQWHVHQHOSOHLWRHQ
EDVHDLQWHUURJDQWHVSODQWHDGDVSRUODSDUWHFRQWUDULDTXHHVODTXHVROL
FLWDODSUiFWLFDGHWDOLQWHUURJDWRULR9pDVH,QWHUURJDWRULRGHODV3DUWHV

&21)/,&72 &2/(&7,92 '/ 'LILFXOWDG R FRQWUDULHGDG TXH DIHFWD D ORV

LQWHUHVHVJHQHUDOHVGHORVWUDEDMDGRUHV

&21*5(62 '( /26 ',387$'26 2( 3ULPHUD FiPDUD GH ODV &RUWHV
*HQHUDOHVTXHFRPSDUWHFRQHO6HQDGRFRPRSULQFLSDOHVIXQFLRQHVHO
HMHUFLFLRGHO3RGHU/HJLVODWLYRGHO(VWDGR\HOFRQWUROGHODVDFWXDFLRQHV
GHO*RELHUQR


',&&,21$5,2352&(6$/%6,&2

&21*58(1&,$'3&5HTXLVLWRTXHKDQGHFXPSOLU\RVWHQWDUODVVHQWHQ
FLDVUHVROYLHQGRVREUHWRGDV\FDGDXQDGHODVSUHWHQVLRQHVIRUPXODGDV
SRUODVSDUWHVHQORVHVFULWRVTXHKDQGDGRRULJHQDOSURFHGLPLHQWRGH
PDQGD\FRQWHVWDFLyQ

&216(-2'(0,1,675262(UJDQRFROHJLDGRWLWXODUGHO3RGHU(MHFX
WLYRGHO(VWDGR\YpUWLFHVXSHULRUGHORUJDQLJUDPDGHOD$GPLQLVWUDFLyQ
HVWDWDO

&216(-2*(1(5$/'(/32'(5-8',&,$/2(UJDQRGH*RELHUQRGH
ORV-XHFHV\7ULEXQDOHVGHO3RGHU-XGLFLDOSRUWDQWRFRQFRPSHWHQFLD
VREUHWRGRHOWHUULWRULRQDFLRQDO

&2167,78&,1'&1RUPDSULQFLSDO\VXSUHPDGHORUGHQDPLHQWRMXUtGL
FRGHXQSDtVTXHUHJXODHVHQFLDOPHQWHODVIXQFLRQHVGHO(VWDGRVXHV
WUXFWXUDWHUULWRULDO\ORVyUJDQRVIXQGDPHQWDOHVGHOPLVPRGHWDOODQGR
LJXDOPHQWHORVGHUHFKRV\GHEHUHVGHORVFLXGDGDQRV

&2167,78&,21$/'&$FRUGHFRQOD&RQVWLWXFLyQ3HUWHQHFLHQWHRUH
ODWLYRDOD&RQVWLWXFLyQ

&217$'253$57,'25'&Y3HUVRQDHQFDUJDGDGHKDFHUODSDUWLFLyQR
UHSDUWRGHXQDKHUHQFLDRGHFXDOTXLHURWURWLSRGHFDXGDOGHELHQHV

&217$'253$57,'25',5,0(17('&Y3HUVRQDHQFDUJDGDGHUHDOL]DU
HOUHSDUWRGHXQDKHUHQFLDRGHFXDOTXLHURWURFRQMXQWRGHELHQHVFXDQ
GRORVLQWHUHVDGRVHQHOORQRDFHSWDQODGLVWULEXFLyQHIHFWXDGDSRUORV
FRQWDGRUHVSDUWLGRUHVRUGLQDULRV

&217(1&,262(/(&725$/3&$9pDVH5HFXUVR&RQWHQFLRVR(OHFWRUDO

&217(67$&,1$/$'(0$1'$'3&$FWRSURFHVDOSRUPHGLRGHOFXDO
HOGHPDQGDGRUHVSRQGHDODGHPDQGDGHODFWRUDOHJDQGRORVDUJXPHQ
WRVGHKHFKR\GHGHUHFKRTXHHVWLPHDSOLFDEOHVHQVXGHIHQVD

 
 ',&&,21$5,2352&(6$/%6,&2

&219(1,2&2/(&7,92'/$FXHUGRHQWUHODVRUJDQL]DFLRQHVGHWUDED
MDGRUHV\ORVHPSUHVDULRVRODVDVRFLDFLRQHVHPSUHVDULDOHVVREUHFRQ
GLFLRQHVGHWUDEDMR\HPSOHRFRQHILFDFLDVXSHULRUDFXDOTXLHUFRQWUDWR

&219(1,25(*8/$'25'3&'RFXPHQWRTXHSUHFHSWLYDPHQWHKDGH
DSRUWDUVHHQORVSURFHGLPLHQWRVPDWULPRQLDOHVTXHVHWUDPLWHQGHFR
P~QDFXHUGRSRUDPERVFyQ\XJHV\TXHFRQWLHQHSDUDVXDSUREDFLyQ
SRU HO -XH] ODV QRUPDV GH DFWXDFLyQ SRU ODV TXH HQ OR VXFHVLYR VH
UHJLUi HO PDWULPRQLR HQ FULVLV \ HQ FRQFUHWR HO SDWULPRQLR FRQ\XJDO
ORVKLMRVHWF

&223(5$&,1-85,',&$,17(51$&,21$/'39pDVH6ROLFLWXGGH&R
RSHUDFLyQ-XUtGLFD,QWHUQDFLRQDO

&23,$ )(+$&,(17( '3 5HSURGXFFLyQ WRWDO R SDUFLDO GH XQ GRFXPHQWR

TXHWLHQHFDUiFWHUGHFHUWLILFDFLyQ\TXHSRUWDQWRVHSUHVXPHDXWpQWLFD

&23,$6,03/('35HSURGXFFLyQHVFULWDGHXQGRFXPHQWRRGHSDUWHGH
pOTXHQRJR]DGHSUHVXQFLyQGHDXWHQWLFLGDG

&2521$2(,QVWLWXFLyQSURSLDGHORV(VWDGRVPRQiUTXLFRVTXHHQQXHV
WURSDtVVHSUHVHQWDFRPRXQyUJDQRFRQVWLWXFLRQDOFRQIXQFLRQHVSUR
SLDV GHILQLGDV HQ OD &RQVWLWXFLyQ \ GHVOLJDGR GH ORV RWURV SRGHUHV GHO
(VWDGR

&257(6*(1(5$/(62('HQRPLQDFLyQGHOFRQMXQWRRUJiQLFRELFDPHUDO
FRPSXHVWRSRUHO&RQJUHVRGHORV'LSXWDGRV\HO6HQDGRTXHRVWHQWD
ODUHSUHVHQWDFLyQGHOSXHEORHVSDxRODOVHUHOHJLGRVVXVFRPSRQHQWHV
PHGLDQWHVXIUDJLRXQLYHUVDO\TXHHMHUFHHO3RGHU/HJLVODWLYRGHO(VWDGR

&26$-8=*$'$'3(IHFWRGHLQLPSXJQDELOLGDGTXHVHUHFRQRFHDXQD
VHQWHQFLDDOSURQXQFLDPLHQWRTXHFRQWLHQH\TXHLPSLGHHOUHSODQWHD
PLHQWR GHO FDVR D WUDYpV GH XQ QXHYR SURFHVR SRVWHULRU FXDQGR HQWUH
HO \D UHVXHOWR \ HO TXH HVWi HQ FXUVR H[LVWD LGHQWLGDG HQWUH ODV FRVDV
ODVFDXVDVODVSHUVRQDVGHORVOLWLJDQWHV\ODFDOLGDGFRQTXHORIXHURQ


',&&,21$5,2352&(6$/%6,&2

&267$6'(2),&,2,0326,&,1'(/$6'33$FXHUGRMXGLFLDOHQYLU
WXG GHO FXDO ORV JDVWRV KDELGRV HQ XQ SURFHGLPLHQWR SHQDO FRUUHQ GH
FXHQWDGHO(VWDGR

&267$6352&(6$/(6'3&RQMXQWRGHJDVWRVQHFHVDULRVKDELGRVHQXQ
SOHLWRFX\RDERQRGHEHUiVHUHIHFWXDGRVHJ~QORVFDVRVOHJDOPHQWHSUH
YLVWRVSRUXQDVRODGHODVSDUWHVRSRUDPEDVHQORVDVXQWRVFLYLOHVR
FRPRWHUFHUDSRVLELOLGDGHQORVSURFHVRVSHQDOHVSRUHO(VWDGRFXDQGR
VHDQGHFODUDGDVRLPSXHVWDVGHRILFLR9pDVH7DVDSRUHOHMHUFLFLRGH
ODSRWHVWDGMXULVGLFFLRQDO

&27(-2'3&RPSDUDFLyQFRQIURQWDFLyQFRPSXOVD

&27(-2'(/(75$6'3&9pDVH3UXHEDGH&RWHMRGH/HWUDV

&5,0,12/2*$'*&LHQFLDTXHHVWXGLDHQWUHRWUDVFRVDVODVFDXVDVGHO
GHOLWR\HOGHOLQFXHQWH

&8(17$'('(326,726<&216,*1$&,21(6-8',&,$/(62-1RP
EUHTXHUHFLEHHO~QLFRGHSyVLWREDQFDULRFX\DDSHUWXUDHVWiSHUPLWLGD
SRUOD/H\DORVGLIHUHQWHVyUJDQRVMXULVGLFFLRQDOHV\HQHOTXHGHEHQ
HIHFWXDUVH FXDQWRV LQJUHVRV SURFHGDQ FRPR FRQVHFXHQFLD GHO HMHUFLFLR
GHODDGPLQLVWUDFLyQGHODMXVWLFLD

&8(17$'(/352&85$'25'3'RFXPHQWRHODERUDGRSRUHO3URFXUDGRU
TXHFRQWLHQHHOLPSRUWHGHVXVKRQRUDULRVWDQWRHQFRQFHSWRGH6XSOL
GRV R JDVWRV UHDOL]DGRV HQ QRPEUH GH VX FOLHQWH FRPR HQ FRQFHSWR
GH'HUHFKRVRSDUWLGDVFX\RFREUROHFRUUHVSRQGHSRUVXLQWHUYHQFLyQ
SURIHVLRQDOHQHOSOHLWR

&8(5326'()81&,21$5,26$/6(59,&,2'(/$$'0,1,675$&,1
'(-867,&,$2-7UDEDMDGRUHVS~EOLFRVTXHSUHVWDQVXVVHUYLFLRVSUR
IHVLRQDOHVHQORV-X]JDGRV\7ULEXQDOHV\TXHDFWXDOPHQWHVHGLVWULEX
\HQHQORVFXHUSRVGH0pGLFRV)RUHQVHV6HFUHWDULRV-XGLFLDOHV*HVWLyQ
3URFHVDO\$GPLQLVWUDWLYD7UDPLWDFLyQ3URFHVDO\$GPLQLVWUDWLYD\$X[L
OLR-XGLFLDO

 
 ',&&,21$5,2352&(6$/%6,&2

&8(67,1'(&203(7(1&,$325'(&/,1$725,$'39pDVH'HFOLQD
WRULD&XHVWLyQGHFRPSHWHQFLDSRU

&8(67,1'(,1&2167,78&,21$/,'$''&3ODQWHDPLHQWRTXHIRUPX
ODDQWHHO7ULEXQDO&RQVWLWXFLRQDOXQ-XH]R7ULEXQDOGHVHUFRQWUDULDD
OD&RQVWLWXFLyQOD/H\TXHGHEtDVHUDSOLFDGDSDUDODUHVROXFLyQGHXQ
SOHLWR

&8(67,1,1&,'(17$/'3$VXQWRDFFHVRULRGLVWLQWRGHOTXHFRQVWLWX\H
HO REMHWR GHO SOHLWR SULQFLSDO SHUR TXH JXDUGD FRQ HVWH XQD UHODFLyQ
LQPHGLDWD  $VXQWRV TXH VH VXVFLWHQ UHVSHFWR GH SUHVXSXHVWRV \ UH
TXLVLWRVSURFHVDOHVGHLQIOXHQFLDHQHOSURFHVR9pDVH3URFHGLPLHQWR
,QFLGHQWDO

&8(67,135(-8',&,$/'3,QWHUURJDQWHTXHVXUJHHQXQSURFHGLPLHQWR
\DLQLFLDGR\TXHVXSRQHXQREVWiFXORSDUDODFRQWLQXDFLyQGHOMXLFLR
SRUH[LJLUVXUHVROXFLyQSUHYLDSRUORTXHODWUDPLWDFLyQGHOSOHLWRVHSD
UDOL]DGHELHQGRVHUGHFLGLGDODFXHVWLyQVXUJLGDSRUODMXULVGLFFLyQTXH
FRUUHVSRQGDVHJ~QVXQDWXUDOH]DFLYLOSHQDOODERUDOHWF

&8(532 '( $8;,/,2 -8',&,$/ 2- $QWLJXR &XHUSR GH $JHQWHV -XGL
FLDOHV $ ORV IXQFLRQDULRV S~EOLFRV LQWHJUDGRV HQ HO &XHUSR GH $X[LOLR
-XGLFLDOOHVFRUUHVSRQGHFRQFDUiFWHUJHQHUDOODUHDOL]DFLyQGHFXDQWDV
WDUHDVWHQJDQFDUiFWHUGHDX[LOLRDODDFWLYLGDGGHORVyUJDQRVMXGLFLDOHV

&8(532 '( *(67,1 352&(6$/ < $'0,1,675$7,9$ 2- $QWLJXR

&XHUSRGH2ILFLDOHVGHOD$GPLQLVWUDFLyQGH-XVWLFLD$ORVIXQFLRQDULRV
S~EOLFRVLQWHJUDGRVHQHO&XHUSRGH*HVWLyQ3URFHVDO\$GPLQLVWUDWLYD
OHVFRUUHVSRQGHFRQFDUiFWHUJHQHUDOFRODERUDUHQODDFWLYLGDGSURFHVDO
GHQLYHOVXSHULRUDVtFRPRODUHDOL]DFLyQGHWDUHDVSURFHVDOHVSURSLDV

&8(532 '( 75$0,7$&,1 352&(6$/ < $'0,1,675$7,9$ 2- $Q

WLJXR&XHUSRGH$X[LOLDUHVGHOD$GPLQLVWUDFLyQGH-XVWLFLD$ORVIXQ
FLRQDULRV S~EOLFRV LQWHJUDGRV HQ HO &XHUSR GH 7UDPLWDFLyQ 3URFHVDO \
$GPLQLVWUDWLYD OHV FRUUHVSRQGH FRQ FDUiFWHU JHQHUDO OD UHDOL]DFLyQ GH
FXDQWDVDFWLYLGDGHVWHQJDQFDUiFWHUGHDSR\RDODJHVWLyQSURFHVDO


',&&,21$5,2352&(6$/%6,&2

&8/3$'3Q1HJOLJHQFLD'DxRLQYROXQWDULRRFDVLRQDGRSRULPSUXGHQ
FLD

&8/3$%,/,'$''3Q5HVSRQVDELOLGDGTXHHVFRQVHFXHQFLDGHODSDUWLFL
SDFLyQHQODFRPLVLyQGHXQGHOLWRRIDOWD

 
',&&,21$5,2352&(6$/%6,&2

'$f26 '3Q 'HVSHUIHFWRV R GHVWUR]RV PDWHULDOHV DSUHFLDEOHV H[WHUQD

PHQWHTXHHOGHOLQFXHQWHFDXVDHQELHQHVDMHQRV

'$f26<3(5-8,&,26'3Q9pDVH5HVSRQVDELOLGDG&LYLO

'(&/$5$&,1'($8726&21&/86263$5$5(62/8&,1'39pDVH
&RQFOXVRSDUDVHQWHQFLD

'(&/$5$&,1 '( +(5('(526 $%,17(67$72 '3& ([SHGLHQWH MXGL

FLDORQRWDULDOHPSOHDGRSDUDGHWHUPLQDUIHKDFLHQWHPHQWHODLGHQWLGDG
GHORVVXFHVRUHVGHOTXHKDIDOOHFLGRVLQRWRUJDUWHVWDPHQWR

'(&/$5$&,1'(/(6,9,'$'3&$3URQXQFLDPLHQWRTXHKDGHHIHFWXDU
OD$GPLQLVWUDFLyQDXWRUDGHXQDFWRRGLVSRVLFLyQUHFRQRFLHQGRTXHHO
PLVPR YXOQHUD ORV LQWHUHVHV S~EOLFRV FRPR UHTXLVLWR SUHYLR SDUD TXH
SXHGD LPSXJQDUOR HOOD PLVPD DQWH OD -XULVGLFFLyQ &RQWHQFLRVR $GPL
QLVWUDWLYD

'(&/$5$&,1'(3(57,1(1&,$'3&'HFLVLyQGHOyUJDQRMXGLFLDOGH
FUHWDQGR OD FRQYHQLHQFLD GH DOJXQD SURSXHVWD UHDOL]DGD SRU ODV SDUWHV
HQHOSURFHVR

 
 ',&&,21$5,2352&(6$/%6,&2

'(&/$5$&,1 '( 5(%(/'$ '3& '33 5HVROXFLyQ SURFHVDO GLFWDGD

FXDQGR HO GHPDQGDGR QR VH SHUVRQD IRUPDO \ DGHFXDGDPHQWH HQ HO
SOHLWR WUDV VHU HPSOD]DGR SDUD HOOR FRQWLQXDQGR HO SURFHGLPLHQWR VLQ
PiV FLWDUOR 9pDVH 5HEHOGH  5HVROXFLyQ SURFHVDO GLFWDGD FXDQGR HO
SURFHVDGR VH HQFXHQWUD HQ LJQRUDGR SDUDGHUR \ QR VH SUHVHQWD R HV
SUHVHQWDGRDQWHHO-XH]TXHORUHFODPDHQHOSOD]RILMDGRSDUDHOORHQ
ODVUHTXLVLWRULDV

'(&/$5$&,1,1'$*$725,$'333ULPHUDPDQLIHVWDFLyQTXHHOyUJDQR
MXGLFLDOWRPDDOSUHVXQWRUHVSRQVDEOHGHXQGHOLWRWUDVVHUGLFWDGRFRQWUD
pODXWRGHSURFHVDPLHQWR

'(&/,1$725,$&8(67,1'(&203(7(1&,$325'30HGLDQWHODGH
FOLQDWRULD HO GHPDQGDGR \ ORV TXH SXHGDQ VHU SDUWH OHJtWLPD HQ HO MXLFLR
SURPRYLGRSRGUiQGHQXQFLDUODIDOWDGHMXULVGLFFLyQGHOWULEXQDODQWHHOTXH
VHKDLQWHUSXHVWRODGHPDQGDSRUFRUUHVSRQGHUHOFRQRFLPLHQWRGHpVWDD
WULEXQDOHVH[WUDQMHURVDyUJDQRVGHRWURRUGHQMXULVGLFFLRQDORDiUELWURVR
SDUDGHQXQFLDUODIDOWDGHFRPSHWHQFLDGHWRGRWLSRLQFOXVRODWHUULWRULDO

'(&5(72 '* 5HVROXFLyQ PRWLYDGD TXH GLFWD HO 6HFUHWDULR -XGLFLDO HQ
DVXQWRVSURFHVDOHVGHVXFRPSHWHQFLDFXDQGRIXHUHFRQYHQLHQWHRQHFH
VDULRUD]RQDUORUHVXHOWR2UGHQRGHWHUPLQDFLyQGHO*RELHUQRDFHUFD
GHFXDOTXLHUPDWHULDRDVXQWRGHVXFRPSHWHQFLD5HDO'HFUHWR

'(&5(72/(*,6/$7,92'*'LVSRVLFLyQGHO*RELHUQRTXHFRQWLHQHOH
JLVODFLyQ GHOHJDGD VLHQGR HVWD OD TXH SUHYLDPHQWH OH FRQItD SDUD VX
HODERUDFLyQHO&RQJUHVRGHORV'LSXWDGRV

'(&5(72/(<'*'LVSRVLFLyQOHJLVODWLYDSURYLVLRQDOGLFWDGDSRUHO*R
ELHUQRHQFDVRGHH[WUDRUGLQDULD\XUJHQWHQHFHVLGDGTXHQRSRGUiDIHF
WDUDGHWHUPLQDGDVPDWHULDV\TXHGHEHUiVHUVRPHWLGDGHLQPHGLDWRD
GHEDWH\YRWDFLyQHQHO&RQJUHVRGHORV'LSXWDGRV

'()(16$7e&1,&$'*9pDVH$ERJDGR

'()(1625-8',&,$/'&Y3HUVRQDMXGLFLDOPHQWHGHVLJQDGDSDUDUHSUH
VHQWDU\DPSDUDUORVLQWHUHVHVGHXQPHQRUFXDQGRH[LVWDFRQIOLFWRHQWUH
ORVVX\RV\ORVGHVXUHSUHVHQWDQWHOHJDODVtFRPRHQRWURVVXSXHVWRV
OHJDOPHQWHHVWDEOHFLGRV


',&&,21$5,2352&(6$/%6,&2

'()81&,1'*)DOOHFLPLHQWRPXHUWH

'(/(*$&,1 $&78$&,21(6 325 '33 9pDVH $FWXDFLRQHV SRU 'HOH

JDFLyQ

'(/(*$&,1/(*,6/$7,9$'*$FWRGHO3RGHU/HJLVODWLYRPHGLDQWHHO
FXDODXWRUL]DDO3RGHU(MHFXWLYRSDUDUHJXODUPDWHULDVTXHGHRWUDIRUPD
OHHVWDUtDQSURKLELGDV9pDVH'HFUHWR/HJLVODWLYR

'(/,1&8(17('3Q3HUVRQDTXHTXHEUDQWDRYXOQHUDOD/H\

'(/,72'3Q$FFLyQXRPLVLyQTXHVXSRQHXQDLQIUDFFLyQOHJDOTXHHVWi
FDVWLJDGDFRQSHQDJUDYH

'(/,72)/$*5$17('3Q6HFRQVLGHUDUiGHOLWRIODJUDQWHHOTXHVHHV
WXYLHVHFRPHWLHQGRRVHDFDEDUHGHFRPHWHUFXDQGRHOGHOLQFXHQWHVHD
VRUSUHQGLGRHQHODFWR6HHQWHQGHUiVRUSUHQGLGRHQHODFWRQRVyORDO
GHOLQFXHQWHTXHIXHUHGHWHQLGRHQHOPRPHQWRGHHVWDUFRPHWLHQGRHO
GHOLWRVLQRWDPELpQDOGHWHQLGRRSHUVHJXLGRLQPHGLDWDPHQWHGHVSXpV
GHFRPHWHUORVLODSHUVHFXFLyQGXUDUHRQRVHVXVSHQGLHUHPLHQWUDVHO
GHOLQFXHQWHQRVHSRQJDIXHUDGHOLQPHGLDWRDOFDQFHGHORVTXHOHSHU
VLJXHQ7DPELpQVHFRQVLGHUDUiGHOLQFXHQWHLQIUDJDQWLDTXHODTXLHQVH
VRUSUHQGLHUHLQPHGLDWDPHQWHGHVSXpVGHFRPHWLGRXQGHOLWRFRQHIHFWRV
LQVWUXPHQWRVRYHVWLJLRVTXHSHUPLWDQSUHVXPLUVXSDUWLFLSDFLyQHQpO

'(/,72 )58675$'2 '3Q $TXHO TXH FRQWUD OD YROXQWDG GHO FXOSDEOH
QRORJUDHOILQSHUVHJXLGRSHVHDKDEHUVLGRUHDOL]DGRVWRGRVORVDFWRV
QHFHVDULRVSDUDVXFRQVXPDFLyQ

'(/,7235,9$'2'3Q$TXHOTXHH[FOXVLYDPHQWHSXHGHVHUSHUVHJXLGR
SRU ODV DXWRULGDGHV MXGLFLDOHV WUDV VHU IRUPXODGD TXHUHOOD R GHQXQFLD
SRUHORIHQGLGRRVXUHSUHVHQWDQWHOHJDOVLQTXHHQORVSURFHGLPLHQWRV
LQFRDGRVDOHIHFWRLQWHUYHQJDHO0LQLVWHULR)LVFDO

'(/,723%/,&2'3Q$TXHOTXHHVSHUVHJXLEOHGHRILFLRSRUODVDXWRUL
GDGHVMXGLFLDOHVVLQTXHVHUHTXLHUDGHQXQFLDRTXHUHOODSUHYLDSRUSDUWH
GHO RIHQGLGR R GH VX UHSUHVHQWDQWH OHJDO LQWHUYLQLHQGR VLHPSUH HQ ORV
SURFHGLPLHQWRVLQFRDGRVDOHIHFWRHO0LQLVWHULR)LVFDO

 
 ',&&,21$5,2352&(6$/%6,&2

'(/,726 &21(;26 '3Q $TXHOORV YLQFXODGRV HQWUH Vt SRU UD]yQ GH ODV
SHUVRQDVTXHORVFRPHWHQGHOOXJDUGHODFRPLVLyQGHODSUHSDUDFLyQGH
VXHMHFXFLyQRSRURWURVOD]RVRQH[RVHVWDEOHFLGRVSRUOD/H\

'(/,726(0,38%/,&226(0,35,9$'2'3Q$TXHOTXHUHTXLHUHSDUD
TXH VH LQFRH XQ SURFHGLPLHQWR SRU VX FDXVD GH GHQXQFLD R TXHUHOOD
IRUPXODGDSRUHORIHQGLGRRSHUMXGLFDGRSRUHOGHOLWRRSRUVXUHSUHVHQ
WDQWHOHJDOLPSXOViQGRVHDSDUWLUGHHVHPRPHQWRHOSURFHVRGHRILFLR\
FRQLQWHUYHQFLyQGHO0LQLVWHULR)LVFDO

'(0$1'$ '3& (VFULWR IRUPDO FRQ HO TXH QRUPDOPHQWH FRPLHQ]DQ ORV
SOHLWRVPHGLDQWHHOFXDOXQDSHUVRQDDFWRURGHPDQGDQWHVROLFLWDGHO
-X]JDGRR7ULEXQDOXQDGHWHUPLQDGDWXWHODMXUtGLFDHQIRUPDGHVHQWHQ
FLDIDYRUDEOHIUHQWHDRWUDSHUVRQDGHQRPLQDGDGHPDQGDGR

'(0$1'$'2'3&3HUVRQDDODTXHVHGHPDQGDRSLGHDOJRHQMXLFLR

'(0$1'$ (-(&87,9$ '3& 6ROLFLWXG GH WXWHOD MXUtGLFD FRQ OD TXH VH
LQWHUHVD OD HMHFXFLyQ GH UHVROXFLRQHV SURFHVDOHV ILUPHV \ GHILQLWLYDV
DFXHUGRVWUDQVDFFLRQDOHVRDUELWUDOHV

'(0$1'$17('3&3HUVRQDTXHGHPDQGDRSLGHDOJRHQMXLFLR

'(0$1'$5(&219(1&,21$/'3&9pDVH5HFRQYHQFLyQ

'(1(*$&,1'($8;,/,2'3Q'HOLWRFRQVLVWHQWHHQODRPLVLyQLQWHQ
FLRQDGDSRUSDUWHGHIXQFLRQDULRVS~EOLFRVRGHSDUWLFXODUHVGHODGH
ELGD FRRSHUDFLyQ FRQ OD DGPLQLVWUDFLyQ GH MXVWLFLD R FRQ RWUR VHUYLFLR
S~EOLFR

'(181&,$'3Q'331RWLFLDYHUEDORHVFULWDTXHFXDOTXLHUSHUVRQDSUR
SRUFLRQD D OD DXWRULGDG FRPSHWHQWH GH KDEHUVH FRPHWLGR XQ GHOLWR R
XQDIDOWD

'(181&,$'2'3Q'333HUVRQDDODTXHHOGHQXQFLDQWHLPSXWDODUHV
SRQVDELOLGDGGHORVKHFKRVTXHKDQPRWLYDGRODGHQXQFLD


',&&,21$5,2352&(6$/%6,&2

'(181&,$)$/6$'3Q,PSXWDFLyQFDUHQWHGHIXQGDPHQWRGHXQDIDOWD
R GH XQ GHOLWR SHUVHJXLEOH GH RILFLR UHDOL]DGD SRU XQD SHUVRQD FRQWUD
RWUDDQWHXQIXQFLRQDULRTXHHVWiREOLJDGRDLQLFLDUGLOLJHQFLDVSDUDHO
HVFODUHFLPLHQWRGHORVXFHGLGR

'(181&,$17('3Q'333HUVRQDTXHKDFHRIRUPXODXQDGHQXQFLD

'(326,7$5,2'&Y3HUVRQDTXHUHFLEHXQDFRVDDMHQDFRQODREOLJDFLyQ
GHJXDUGDUOD\UHVWLWXLUOD

'(326,72'&Y$FWRRFRQWUDWRHQYLUWXGGHOFXDOXQDSHUVRQDUHFLEHXQ
ELHQRFRVDDMHQDFRQODREOLJDFLyQGHJXDUGDUOD\GHUHVWLWXLUOD

'(36,72 3$5$ 5(&855,5 '3 $ERQR HFRQyPLFR TXH GHEH UHDOL]DU

TXLHQGHFLGDLPSXJQDUXQDUHVROXFLyQGLFWDGDHQHOSURFHVR\TXHFRQV
WLWXLUiUHTXLVLWRLQGLVSHQVDEOHSDUDVXWUDPLWDFLyQ

'(5(&+2'*2EMHWLYDPHQWHFRQMXQWRGHQRUPDVTXHUHJXODQODDFWLYL
GDGKXPDQDHQVRFLHGDGFX\DLQREVHUYDQFLDHVWiVDQFLRQDGD6XE
MHWLYDPHQWHIDFXOWDGHVRSUHUURJDWLYDVTXHSHUWHQHFHQDXQLQGLYLGXR
-XVWLFLD9DORUSRUWDGRUGHOD-XVWLFLD

'(5(&+2 $'0,1,675$7,92 '* &RQMXQWR GH QRUPDV TXH UHJXODQ OD

RUJDQL]DFLyQ IXQFLRQHV \ SURFHGLPLHQWRV GH OD $GPLQLVWUDFLyQ HQ VXV
GLIHUHQWHVPDQLIHVWDFLRQHV

'(5(&+2&,9,/'*&RQMXQWRGHQRUPDVTXHUHJXODQODVUHODFLRQHVSUL
YDGDVGHORVFLXGDGDQRVHQWUHVt

'(5(&+2)25$/'*'HUHFKRFLYLOHVSHFLDOSURSLRGHDOJXQDV]RQDVGHO
(VWDGR(VSDxROTXHH[LVWH\VHPDQWLHQHSRUUD]RQHVKLVWyULFDV

'(5(&+2/$%25$/'*&RQMXQWRGHQRUPDVTXHUHJXODQORVDVSHFWRV
MXUtGLFRV GHO PXQGR GHO WUDEDMR DVt FRPR ODV UHODFLRQHV OHJDOHV HQWUH
HPSUHVDULRV\WUDEDMDGRUHV

 
 ',&&,21$5,2352&(6$/%6,&2

'(5(&+20(5&$17,/'*&RQMXQWRGHQRUPDVTXHUHJXODQODVUHODFLR
QHV FRQFHUQLHQWHV D SHUVRQDV OXJDUHV FRQWUDWRV \ DFWRV GH FRPHUFLR
WDQWRWHUUHVWUHFRPRPDUtWLPR

'(5(&+23(1$/'*&RQMXQWRGHQRUPDVTXHUHJXODQHOFDVWLJRGHORV
GHOLWRVPHGLDQWHODLPSRVLFLyQGHSHQDV

'(5(&+2352&(6$/'*&RQMXQWRGHQRUPDVTXHUHJXODQORVGLIHUHQWHV
SURFHGLPLHQWRVMXGLFLDOHV

'(5(&+265($/(6'&Y/RVTXHWLHQHQODVSHUVRQDVVREUHODVFRVDV

'(6$+8&,2$&&,1'('3&(MHUFLFLRDQWHXQ-X]JDGRSRUSDUWHGHO
SURSLHWDULRGHXQLQPXHEOHGHVXGHUHFKRDGHVSHGLURHFKDUGHOPLVPR
DVXLQTXLOLQRRDUUHQGDWDULR

'(6,67,0,(172'3'HFODUDFLyQGHYROXQWDGGHODFWRUHQHOVHQWLGRGH
QRTXHUHUFRQWLQXDUFRQHOSURFHGLPLHQWRTXHVHLQLFLyDVXLQVWDQFLD\
TXHPRWLYDVXDUFKLYR

'(6/,1'(<$02-21$0,(172'3&$FFLyQSURFHVDOTXHMXGLFLDOPHQWH
SHUVLJXHGHPDUFDUVHxDODUORVWpUPLQRVOtPLWHVRFRQILQHVGHXQWHUUHQR
RILQFD

'(63$&+2'*7pUPLQRTXHHQRFDVLRQHVVHHPSOHDFRPRVLQyQLPRGH
H[KRUWRRHQJHQHUDOGHFXDOTXLHUFRPXQLFDFLyQTXHVHUHPLWHGHVGHXQ
-X]JDGRR7ULEXQDODRWURRUJDQLVPR9pDVH([KRUWR

'(63$&+2'(/$(-(&8&,1'3&$XWRUL]DFLyQMXGLFLDOTXHUHYHVWLUi
ODIRUPDGHDXWRTXHFRQWLHQHODRUGHQJHQHUDOGHHMHFXFLyQ\GHVSD
FKDGRGHODPLVPDWUDVODFXDOHO6HFUHWDULR-XGLFLDOPHGLDQWHGHFUHWR
DFRUGDUiODVDFWXDFLRQHVMXGLFLDOHVHMHFXWLYDVTXHSURFHGDDGRSWDULQ
FOXLGRVLIXHUHSRVLEOHHOHPEDUJR

'(63,'2 '/ ([WLQFLyQ GH XQ FRQWUDWR ODERUDO GHFLGLGD SRU OD YROXQWDG
XQLODWHUDOGHOHPSUHVDULR


',&&,21$5,2352&(6$/%6,&2

'(69,$&,1'(32'(5'$(MHUFLFLRSRUSDUWHGHOD$GPLQLVWUDFLyQGH
VXVSRWHVWDGHVSDUDILQHVGLIHUHQWHVGHORVSUHYLVWRVHQHORUGHQDPLHQWR
MXUtGLFRHQSHUMXLFLRGHORVFLXGDGDQRV

'(7(1&,1'333ULYDFLyQEUHYH\SURYLVLRQDOGHODOLEHUWDGGHXQDSHU
VRQDDFDUJRGHXQSDUWLFXODURGHODDXWRULGDGRVXVDJHQWHVHQORV
FDVRVGHWHUPLQDGRVHQOD/H\

'(7(1&,1<5(*,6752'(&255(6321'(1&,$'335HWHQFLyQTXH
VHHIHFW~DSRURUGHQMXGLFLDOGHODFRUUHVSRQGHQFLDSULYDGDSRVWDORWHOH
JUiILFDTXHUHFLELHUHRUHPLWLHUHHOSURFHVDGRSDUDVXSRVWHULRUDSHUWXUD
\OHFWXUDSRUHO-X]JDGRDOH[LVWLULQGLFLRVGHTXHFRQWDORSHUDFLyQVH
REWHQGUiQPHGLRVSDUDHOGHVFXEULPLHQWRRFRPSUREDFLyQGHKHFKRVR
LPSRUWDQWHVFLUFXQVWDQFLDVHQHOH[SHGLHQWHTXHVHWUDPLWD

'$08/7$'3Q3HQDLQWURGXFLGDSRUHODFWXDO&yGLJR3HQDOTXHFRQVLVWH
HQODLPSRVLFLyQDOFRQGHQDGRGHODREOLJDFLyQGHDERQDUXQDVDQFLyQ
HFRQyPLFDDO(VWDGRGXUDQWHXQQ~PHURFRQFUHWRGHGtDVHVWDEOHFLpQ
GRVHVLPXOWiQHDPHQWHHOPRQWDQWHGLDULRTXHGHEHVHUVDWLVIHFKRSRU
HMHPSORVHFRQGHQDD'DODSHQDGHGLH]GtDVPXOWDILMiQGRVH
ODVXPDGHHXURVFRPRFXRWDGtDPXOWD(QWRWDOGHEHUiDERQDU
HXURV

',&7$0(1'(3(5,726'3&9pDVH3UXHEDGH'LFWDPHQGH3HULWRV

',/,*(1&,$ '( &,7$&,1 '3 $FWXDFLyQ SURFHVDO TXH UHIOHMD HQ DXWRV
HO FXPSOLPLHQWR GH OD RUGHQ SUHYLD GHO yUJDQR MXGLFLDO GH FLWDU D XQD
SHUVRQDSDUDTXHFRPSDUH]FD\DFW~HHQXQOXJDU\PRPHQWRFRQFUHWR
\GHWHUPLQDGR

',/,*(1&,$'(&2167$1&,$'3$FWXDFLyQSURFHVDOPHGLDQWHODFXDO
VHSODVPDHQORVDXWRVODSURGXFFLyQGHXQGHWHUPLQDGRKHFKRLPSRU
WDQWHSDUDHOGHVDUUROORGHOSURFHGLPLHQWRWDOFRPRHOWUDQVFXUVRGHXQ
SOD]RHWF

',/,*(1&,$'((03/$=$0,(172'3$FWXDFLyQSURFHVDOTXHUHIOHMDHQ
HOH[SHGLHQWHHOFXPSOLPLHQWRGHODRUGHQSUHYLDGHOyUJDQRMXGLFLDOGH
HPSOD]DUDXQDSHUVRQD

 
 ',&&,21$5,2352&(6$/%6,&2

',/,*(1&,$'(,163(&&,12&8/$5'335HFRQRFLPLHQWRTXHHO-XH]
UHDOL]DGHOOXJDUHQHOTXHVHKDQSURGXFLGRORVKHFKRVFRQHOILQGH
GHVFULELUWRGRDTXHOORTXHSXHGDWHQHUUHODFLyQFRQODH[LVWHQFLD\ODQD
WXUDOH]DGHOGHOLWRDVtFRPRGHUHFRJHU\FRQVHUYDUORVSRVLEOHVYHVWLJLRV
\SUXHEDVPDWHULDOHVGHVXSHUSHWUDFLyQ

',/,*(1&,$ '( 127,),&$&,1 '3 $FWXDFLyQ SURFHVDO TXH UHIOHMD HQ

HOH[SHGLHQWHHOFXPSOLPLHQWRGHODRUGHQSUHYLDGHOyUJDQRMXGLFLDOGH
QRWLILFDURKDFHUVDEHUXQDUHVROXFLyQDODVSDUWHVHQHOSURFHVR

',/,*(1&,$'(25'(1$&,1'35HVROXFLyQGHO6HFUHWDULR-XGLFLDOTXH
WLHQHSRUREMHWRGDUDORVDXWRVHOFXUVRRUGHQDGRSRUOD/H\

',/,*(1&,$ '( 35(6(17$&,1 '3 $FWXDFLyQ SURFHVDO TXH DFUHGLWD

ODHQWUDGDHQHOWULEXQDOGHGHPDQGDVHVFULWRVGHLQLFLDFLyQGHOSURFH
GLPLHQWR\GHFXDOHVTXLHUDRWURVFX\DSUHVHQWDFLyQHVWpVXMHWDDSOD]R
SHUHQWRULR UHVHxiQGRVH HO GtD \ OD KRUD GH SUHVHQWDFLyQ \ IDFLOLWDQGR
UHFLERGHORVHVFULWRV\GRFXPHQWRVHQFXHVWLyQ

',/,*(1&,$'2 '3 &XPSOLGR PHGLDQWH OD YHULILFDFLyQ GH ODV RSRUWXQDV

GLOLJHQFLDV

',/,*(1&,$(1%86&$'3&,QWHQWRGHORFDOL]DFLyQVLQp[LWRGHXQD
SHUVRQD FRQ HO ILQ GH HQWHQGHUVH FRQ pO XQD GHWHUPLQDGD DFWXDFLyQ
SURFHVDO

',/,*(1&,$),1$/'3&9pDVH'LOLJHQFLDV)LQDOHVGH3UXHED

',/,*(1&,$6'39pDVH$XWRV

',/,*(1&,$6),1$/(6'(358(%$'3&3UiFWLFDGHXQDRYDULDVSUXH
EDVTXHHOWLWXODUGHOyUJDQRMXGLFLDORUGHQDGHRILFLRRDLQVWDQFLDGH
SDUWH WUDV VHU GHFODUDGR HO SOHLWR FRQFOXVR SDUD VHQWHQFLD LQWHUUXP
SLpQGRVHSRUWDQWRHOSOD]RGHGLFWDUODPLVPDFRQHOILQGHUHVROYHU
ODFRQWURYHUVLDSODQWHDGDGHXQDPDQHUDPiVDFHUWDGD/DDQWHULRU/H\
GH(QMXLFLDPLHQWR&LYLOGHQRPLQDEDDHVWDPLVPDDFWXDFLyQ'LOLJHQFLDV
SDUDPHMRUSURYHHU


',&&,21$5,2352&(6$/%6,&2

',/,*(1&,$6 3$5$ 0(-25 3529((5 '3& 9pDVH 'LOLJHQFLDV )LQDOHV

GHSUXHED

',/,*(1&,$635(/,0,1$5(6'3&&RQMXQWRGHDFWXDFLRQHVHQFDPLQD
GDVDSUHSDUDUXQMXLFLRPHGLDQWHODVFXDOHVTXLHQSUHWHQGHIRUPXODU
HQHOIXWXURXQDGHPDQGDVROLFLWDGHOWULEXQDOTXHVHFLWHDOTXHVHUiHQ
VXGtDGHPDQGDGRSDUDODYHULILFDFLyQDQWHHOyUJDQRMXGLFLDOGHGHWHU
PLQDGDVGLOLJHQFLDV

',/,*(1&,$635(9,$6'33)DVHRSHULRGRGHO3URFHGLPLHQWR$EUHYLDGR
TXH HTXLYDOH D OD GH LQVWUXFFLyQ HQ HO 6XPDULR 2UGLQDULR FX\R REMHWR
HVGHWHUPLQDUODQDWXUDOH]D\FLUFXQVWDQFLDVGHOKHFKRLQYHVWLJDGRODV
SHUVRQDVTXHHQpOKD\DQSDUWLFLSDGR\HOyUJDQRMXGLFLDOFRPSHWHQWH
SDUDVXHQMXLFLDPLHQWR\UHVROXFLyQ

',387$'22(0LHPEURGHO&RQJUHVRGHORV'LSXWDGRV

',5(&&,1 *(1(5$/ '( /26 5(*,67526 < '(/ 127$5,$'2 2(

UJDQRGHO0LQLVWHULRGH-XVWLFLDTXHRVWHQWDHOOXJDUPiVHOHYDGRHQOD
HVWUXFWXUDMHUiUTXLFDRUJDQL]DWLYDGHORVVHUYLFLRVTXHSUHVWDQ1RWDUtDV
5HJLVWURV&LYLOHV\GHOD3URSLHGDG

',925&,2'&Y'LVROXFLyQRH[WLQFLyQGHOYtQFXORPDWULPRQLDO

'2%/(,167$1&,$'33ULQFLSLRSURFHVDOHQYLUWXGGHOFXDO\SRUODYtD
GHOUHFXUVRSXHGHQVHUUHYLVDGDVODVUHVROXFLRQHVGLFWDGDVSRUXQyUJD
QRMXGLFLDOSRURWURTXHVHDMHUiUTXLFDPHQWHVXSHULRU

'2&80(172,1'8%,7$'2'3&6HGLFHGHDTXHOTXHHVFRQVLGHUDGR
DXWpQWLFRSRUDPEDVSDUWHVHQXQSURFHGLPLHQWR\TXHVHUYLUiGHPR
GHORSDUDVXFRPSDUDFLyQRFRWHMRFRQHOTXHKDVLGRFDOLILFDGRGHIDOVR
SRUDOJXQDGHHOODV

'2&80(17235,9$'2'36HGLFHGHDTXHOTXHKDVLGRDXWRUL]DGRR
UHDOL]DGR SRU SDUWLFXODUHV \ TXH SRU WDQWR VyOR KDFH SUXHED FRQWUD
TXLHQHVORKDQVXVFULWR\VXVKHUHGHURV

 
 ',&&,21$5,2352&(6$/%6,&2

'2&80(172 3%/,&2 '3 6H GLFH GH DTXHO TXH KD VLGR DXWRUL]DGR
SRUXQDSHUVRQDTXHWLHQHDWULEXLGDODIHS~EOLFDHVGHFLUHORILFLRGH
FHUWLILFDUODIHFKDORVVXMHWRVLQWHUYLQLHQWHV\ORVDFWRVUHDOL]DGRVDVX
SUHVHQFLD

'2&80(172635(&2167,78,'26'3&$TXHOORVGRFXPHQWRVDSRUWD
GRVMXQWRFRQORVHVFULWRVGHGHPDQGD\GHFRQWHVWDFLyQDODGHPDQGD
DORVTXHVHUHPLWHQODVSDUWHVXQDYH]LQLFLDGRHO-XLFLRR9LVWD

'2/2'3Q$FWXDFLyQPDOLFLRVDRLQWHQFLRQDGD

'20,1,2'&Y3OHQLWXGGHORVGHUHFKRVTXHODVOH\HVUHFRQRFHQDOSURSLH
WDULRGHXQDFRVDSDUDGLVSRQHUGHHOOD


',&&,21$5,2352&(6$/%6,&2

(',&72'3$YLVRSRUHVFULWRGHO6HFUHWDULR-XGLFLDOTXHVHILMDHQHOWDEOyQ
GHDQXQFLRVGHODV2ILFLQDV-XGLFLDOHVRTXHVHLQVHUWDHQODVSiJLQDV
GHSHULyGLFRVRILFLDOHVRSULYDGRVSDUDSRQHUDOJRHQFRQRFLPLHQWRGH
ODVSHUVRQDVLQWHUHVDGDVHQHOSURFHGLPLHQWRTXHVHWUDPLWDHVWpQRQR
SHUVRQDGDVVHJ~QORVFDVRVRFX\RGRPLFLOLRVHLJQRUH

()(&72'(92/87,92'3&RQVHFXHQFLDTXHDFDUUHDODLQWHUSRVLFLyQGH
GHWHUPLQDGRVUHFXUVRV\TXHLPSOLFDHOHQYtRGHOH[SHGLHQWHREMHWRGH
ORVPLVPRVDXQyUJDQRMXGLFLDOVXSHULRUSDUDVXUHVROXFLyQ

()(&726863(16,92'3&RQVHFXHQFLDTXHDFDUUHDODLQWHUSRVLFLyQGH
GHWHUPLQDGRV UHFXUVRV \ TXH LPSOLFD OD LQHMHFXFLyQ SURYLVLRQDO GH OR
GHFUHWDGRHQODUHVROXFLyQLPSXJQDGD

(-(&8&,1'3&RQMXQWRGHWUiPLWHVHPSOHDGRVSRUXQD2ILFLQD-XGLFLDO
SDUDGDUFXPSOLPLHQWRDOPDQGDWRFRQWHQLGRHQODUHVROXFLyQSURFHVDO
TXH SRQJD ILQ DO SURFHGLPLHQWR HQ XQ DFXHUGR WUDQVDFFLRQDO R HQ XQ
ODXGRDUELWUDO

(-(&8&,1 3529,6,21$/ '3& &RQMXQWR GH WUiPLWHV HPSOHDGRV SRU

XQD2ILFLQD-XGLFLDOSDUDGDUFXPSOLPLHQWRDOPDQGDWRFRQWHQLGRHQOD
UHVROXFLyQTXHD~QQRKDDOFDQ]DGRILUPH]DSUHYLDSUHVWDFLyQGHILDQ]D
SRUSDUWHGHTXLHQODLQVWDDOREMHWRGHSDOLDUORVGDxRV\SHUMXLFLRVTXH
WDODFWXDFLyQSXHGDJHQHUDU

 
 ',&&,21$5,2352&(6$/%6,&2

(-(&87$'2 '3& 'HPDQGDGR SHUVRQD IUHQWH D OD TXH VH GHVSDFKD OD
HMHFXFLyQ

(-(&87$17( '3& 'HPDQGDQWH DFWRU SHUVRQD TXH SLGH \ REWLHQH HO

GHVSDFKRGHODHMHFXFLyQ

(-(&8725,$ '3 'RFXPHQWR S~EOLFR \ VROHPQH HQ HO TXH VH FRQVLJQD
XQDVHQWHQFLDILUPH

(/(9$&,1 '( /$ '(7(1&,1 $ 35,6,1 $872 '(&5(7$1'2 /$

'33 5HVROXFLyQ MXGLFLDO HQ YLUWXG GH OD FXDO VH WUDVIRUPD HQ SULVLyQ
SURYLVLRQDOODVLWXDFLyQGHGHWHQFLyQHQODTXHKDVWDHVHLQVWDQWHVH
HQFRQWUDEDHOSUHVXQWRUHVSRQVDEOHGHXQGHOLWRDOFRQFXUULUHQHOFDVR
FLUFXQVWDQFLDV TXHOHJDOPHQWHDVtORDFRQVHMDQ\DQWHVGHTXHKD\DQ
WUDQVFXUULGRVHWHQWD\GRVKRUDVGHVGHHOPRPHQWRHQHOTXHVHSURGXMR
ODGHWHQFLyQ

(0$1&,3$5'&Y6DFDUGHODSDWULDSRWHVWDGRGHODWXWHODDOPHQRUGH
HGDGSHURFRQGLHFLVpLVDxRVFXPSOLGRVFRQVLGHUiQGRORWUDVHOORPD\RU
GHHGDGDWRGRVORVHIHFWRVOHJDOHV

(0%$5*2 '3 5HWHQFLyQ GH ELHQHV SURSLHGDG GH XQD SHUVRQD TXH VH
UHDOL]DSRURUGHQGHOVHFUHWDULRMXGLFLDODIHFWiQGRORVGHVWLQiQGRORVD
JDUDQWL]DUHOSDJRGHXQDGHXGD

(0%$5*2'(),1,7,92'36HGLFHGHDTXHOTXHVHGHFUHWDHQORVWUiPL
WHVVHJXLGRVSDUDODHMHFXFLyQGHXQDVHQWHQFLDDXWRRGHFUHWR

(0%$5*21(*$7,9226,1()(&72'36HGLFHGHDTXHOTXHQRDOFDQ
]DVXREMHWLYRDOFDUHFHUHOGHXGRUGHELHQHVTXHUHWHQHU\FRQORVTXH
JDUDQWL]DUHOSDJRGHORGHELGR

(0%$5*235(9(17,92'36HGLFHGHDTXHOTXHVHOOHYDDFDERDQWHV
GHVHUGLFWDGDVHQWHQFLDDXWRRGHFUHWRTXHSRQJDILQDOSURFHVRHQORV
FDVRVSUHYLVWRVSRUOD/H\\TXHSRUWDQWRSRGUiVHUGHMDGRVLQHIHFWR
RUDWLILFDGRHQODUHVROXFLyQMXGLFLDOTXHSRQJDILQDOSOHLWRRHQIDVH
GHHMHFXFLyQ


',&&,21$5,2352&(6$/%6,&2

(03/$=$0,(172',/,*(1&,$'('3$FWXDFLyQSURFHVDOUHDOL]DGDSRU
HOIXQFLRQDULRFRPSHWHQWHFX\RREMHWRHVFRPXQLFDUDOGHVWLQDWDULRGHOD
PLVPDTXHGHEHSHUVRQDUVH\UHDOL]DUXQDGHWHUPLQDGDDFWXDFLyQFRQ
FRQVHFXHQFLDVMXUtGLFDVGHQWURGHOSHULRGRGHWLHPSRTXHVHOHFRQFHGH
DOHIHFWR

(1&$5*$'2 '(/ 5(*,6752 &,9,/ 5& -XH] TXH WLHQH DWULEXLGDV HQ
XQDFLXGDGRHQXQSXHEORWRGDVODVFRPSHWHQFLDVLQKHUHQWHVRUHODWLYDV
DO5HJLVWUR&LYLO

(1&8%5,'25'3Q3HUVRQDTXHSDUWLFLSDHQODVUHVSRQVDELOLGDGHVGHXQ
GHOLWRSRUIDYRUHFHUODRFXOWDFLyQRODIXJDGHOGHOLQFXHQWHSRULPSHGLU
TXHVHGHVFXEUDHOTXHEUDQWDPLHQWRGHOD/H\RSRUDSURYHFKDUVHGH
VXVHIHFWRV

(1(59$5 '* $QXODU  (Q ORV SURFHGLPLHQWRV HQ ORV TXH VH HMHUFH OD
DFFLyQGHGHVDKXFLRSRUIDOWDGHSDJRGHODVUHQWDVXRWUDVFDQWLGDGHVD
FX\RDERQRHVWpREOLJDGRHODUUHQGDWDULRGHPDQGDGRODHQHUYDFLyQGH
WDODFFLyQLPSOLFDHODUFKLYRGHOSURFHGLPLHQWRFXDQGRWDOGHPDQGDGR
SDJD OD WRWDOLGDG GH ODV VXPDV GHELGDV HQ ORV FDVRV \ HQ ORV SOD]RV
SUHYLVWRV OHJDOPHQWH UHKDELOLWiQGRVH HO FRQWUDWR GH DUUHQGDPLHQWR 
9pDVH5HKDELOLWDU

(175$'$<5(*,6752$872'('335HVROXFLyQMXGLFLDOTXHRUGHQDOD
LQFXUVLyQHQXQGRPLFLOLRRGHSHQGHQFLDSULYDGDFRQHOILQGHKDOODUHQ
HOPLVPRDOUHVSRQVDEOHGHXQGHOLWRRHIHFWRVRLQVWUXPHQWRVYLQFXOD
GRVFRQHOPLVPRDVtFRPROLEURVSDSHOHVXRWURVREMHWRVTXHSXHGDQ
VHUYLUSDUDVXGHVFXEULPLHQWRRFRPSUREDFLyQ

(6&5,72 '( '()(16$ '33 'RFXPHQWR SUHVHQWDGR SRU OD UHSUHVHQWD

FLyQ SURFHVDO GHO SURFHVDGR 6XPDULR R GHO LQFXOSDGR 3URFHGLPLHQWR
$EUHYLDGR WUDV OD IRUPXODFLyQ FRQWUD pO GH ORV HVFULWRV GH DFXVDFLyQ
HQHOTXHUHVSRQGHDORVDUJXPHQWRVGHWRGRWLSRTXHHQVXFRQWUDVH
KD\DQIRUPXODGRHQUHIHULGRVHVFULWRV9pDVHFRPSOHPHQWDULDPHQWH
&RQFOXVLRQHV

(6&5,726'($&86$&,1'33'RFXPHQWRVSUHVHQWDGRVSRUHO0LQLV
WHULR)LVFDO\SRUODVDFXVDFLRQHVSDUWLFXODUHVHQORVSURFHGLPLHQWRVSH
QDOHVXQDYH]ILQDOL]DGDVXIDVHGHLQVWUXFFLyQRGHGLOLJHQFLDVSUHYLDV

 
 ',&&,21$5,2352&(6$/%6,&2

VROLFLWDQGRODFHOHEUDFLyQGHMXLFLRFRQWUDTXLHQHVHOORVFRQVLGHUDQSUH
VXQWRVUHVSRQVDEOHVGHOGHOLWRSHUVHJXLGRHIHFWXDQGRXQUHVXPHQGHORV
KHFKRVFDOLILFDQGRSHQDOPHQWHORVPLVPRV\SURSRQLHQGRORVPHGLRV
GHSUXHEDTXHHVWLPHQRSRUWXQRVSDUDODDFUHGLWDFLyQGHVXVDUJXPHQ
WRV9pDVHFRPSOHPHQWDULDPHQWH&RQFOXVLRQHV

(6&5,785$3%/,&$'&Y'RFXPHQWRRLQVWUXPHQWRQRWDULDOFRQHOTXH
VHSUXHEDRDFUHGLWDXQKHFKR

(6&5,785$3%/,&$0$75,='&Y'RFXPHQWRQRWDULDORULJLQDOFRQHO
TXHVHSUXHEDRDFUHGLWDXQKHFKRFRQVHUYDGRHQHODUFKLYRGHOD1RWD
UtDTXHVHGHQRPLQD3URWRFROR

(67$'2'*&RPXQLGDGRUJDQL]DGDHQXQWHUULWRULRGHILQLGRTXHFXHQWD
FRQOH\HV\SRGHUHVSURSLRV

(67$'2&,9,/5&&XDOLGDGGHODSHUVRQDTXHVHFRQVLGHUDIXQGDPHQWDO
\TXHSURGXFHHIHFWRVMXUtGLFRV

(67$)$ '3Q 'HOLWR FRQWUD OD SURSLHGDG TXH FRQVLVWH HQ HQJDxDU D DO
JXLHQXWLOL]DQGRDEXVRGHFRQILDQ]D\FRQiQLPRGHOXFUR

(67$7872'($872120$'*1RUPDLQVWLWXFLRQDOEiVLFDRSULPRUGLDO
GHFDGDXQDGHODV&RPXQLGDGHV$XWyQRPDV

(67,38/$&,21(6'*&DGDXQDGHODVFODXVXODVFRQGLFLRQHVRGLVSRVL
FLRQHVGHXQFRQWUDWRRGHXQDVXEDVWD

(678352'3Q'HQRPLQDFLyQTXHUHFLEtDHQHODQWLJXR&yGLJR3HQDOOD
DFWXDOPRGDOLGDGGHGHOLWRFRQWUDODOLEHUWDGHLQGHPQLGDGVH[XDOGHODV
SHUVRQDVGHQWURGHORVDEXVRVVH[XDOHVTXHFRQVLVWHHQWHQHUDFFHVR
FDUQDOFRQRWUDPD\RUGHWUHFHDxRVSHURPHQRUGHGLHFLVpLVLQWHUYL
QLHQGRHQJDxRRSUHYDOLpQGRVHHODJUHVRUSDUDHOORGHVXVXSHULRULGDG
FXDOTXLHUDTXHIXHUHODFDXVDTXHODRULJLQH

(;$&&,1'3&REURGHXQGpELWRTXHVHHIHFW~DFRQWUDODYROXQWDGGHO
GHXGRU9pDVH$SUHPLR9tDGH


',&&,21$5,2352&(6$/%6,&2

(;&('(1&,$ '* 6LWXDFLyQ DGPLQLVWUDWLYD HQ OD TXH VH HQFXHQWUD XQ
IXQFLRQDULR S~EOLFR TXH HVWi WHPSRUDOPHQWH DSDUWDGR IRU]RVDPHQWH R
GHPDQHUDYROXQWDULDSHURQRFRPRFRQVHFXHQFLDGHXQDVDQFLyQGHO
VHUYLFLRTXHSUHVWDDO(VWDGR

(;&(3&,1'3&7RGRPHGLRGHGHIHQVDTXHHOGHPDQGDGRSXHGHHV
JULPLUIUHQWHDODGHPDQGD\FRQHOTXHSUHWHQGHFRQVHJXLUVXDEVROX
FLyQSURYLVLRQDORGHILQLWLYDUHVSHFWRDORVSHGLPHQWRVHIHFWXDGRVSRU
ODSDUWHFRQWUDULD

(;&(3&,10$7(5,$/'3&9pDVH([FHSFLyQ

(;+2572'3&RPXQLFDFLyQHVFULWDTXHUHPLWHXQDRILFLQDMXGLFLDODRWUD
SDUDTXHSRUHOUHFHSWRUVHUHDOLFHDOJXQDDFWXDFLyQSURFHVDOHQQRPEUH
GHOSULPHUR9pDVH$X[LOLR-XGLFLDO

(;3(',(17($'0,1,675$7,92'$$FWXDFLRQHVUHDOL]DGDVDQWHOD$G
PLQLVWUDFLyQ TXH WLHQHQ VX RULJHQ HQ XQD SHWLFLyQ IRUPXODGD DQWH OD
PLVPDSRUXQFLXGDGDQR\FX\DUHVROXFLyQILQDODOVHULPSXJQDGDDQWH
HOyUJDQRMXULVGLFFLRQDOSHUWLQHQWHGDOXJDUDODLQFRDFLyQGHO5HFXUVR
&RQWHQFLRVR$GPLQLVWUDWLYR

(;3(',(17( '( '20,1,2 '3 $FWXDFLRQHV GH -XULVGLFFLyQ 9ROXQWDULD

TXHWLHQHQSRUREMHWRODLQVFULSFLyQHQHO5HJLVWURGHOD3URSLHGDGSRU
YH]SULPHUDGHXQDILQFDTXHQRHVWDEDLQPDWULFXODGDRODUHDQXGDFLyQ
GHOWUDFWRVXFHVLYRLQWHUUXPSLGRSRUQRKDEHUWHQLGRUHIOHMRHQHOPLVPR
5HJLVWURXQRRYDULRVFDPELRVGHWLWXODULGDGGHODILQFDDFDHFLGRVHQ
ORV~OWLPRVDxRV

(;3(',(17( '( 5(*,6752 &,9,/ 5& $FWXDFLRQHV YHULILFDGDV DQWH

FXDOTXLHUDGHORVyUJDQRVFRPSHWHQWHVHQHVWDPDWHULDVREUHFXHVWLRQHV
YLQFXODGDVFRQWHPDVTXHOHVRQSURSLRV

(;3/25$&,1'(810(125'337RPDGHPDQLIHVWDFLyQTXHHO-XH]
UHFLEHDXQPHQRUGHHGDGSHQDOHQSUHVHQFLDGHO0LQLVWHULR)LVFDOR
GHVXUHSUHVHQWDQWHOHJDOUHVSHFWRDKHFKRVGHWUDVFHQGHQFLDSDUDHO
SURFHGLPLHQWRGHORVTXHSXHGDGDUQRWLFLD

 
 ',&&,21$5,2352&(6$/%6,&2

(;75$',&,1'333URFHGLPLHQWRTXHUHJXODODSRVLEOHHQWUHJDSRUXQ
(VWDGRDRWURGHXQDSHUVRQDTXHVHHQFXHQWUDUHIXJLDGDHQHOSULPHUR
\TXHHVUHFODPDGDSRUHOVHJXQGRFRQHOILQGHMX]JDUORFRQIRUPHDVXV
OH\HVSRUGHOLWRVFRPHWLGRVHQVXWHUULWRULRRSDUDTXHFXPSODHQpOOD
FRQGHQDTXHWLHQHSHQGLHQWH

(;75$',&,1$&7,9$'33&XDQGRHVHO(VWDGRHVSDxROHOTXHVROLFLWD
DRWURODHQWUHJDGHXQDSHUVRQD

(;75$',&,13$6,9$'33&XDQGRHVRWUR(VWDGRHOTXHVROLFLWDDOHV
SDxROODHQWUHJDGHXQDSHUVRQD


',&&,21$5,2352&(6$/%6,&2

)$/627(67,021,2'3Q'HOLWRTXHFDVWLJDHOKDEHUIDOWDGRDODYHUGDG
WDQWRHQSURFHGLPLHQWRVFLYLOHVFRPRHQSOHLWRVSHQDOHVFXDQGRVHKD
GHFODUDGR R LQIRUPDGR HQ ORV PLVPRV EDMR MXUDPHQWR R SURPHVD HQ
FDOLGDGGHWHVWLJRRGHSHULWR

)$/7$'3Q$FFLyQXRPLVLyQTXHVXSRQHXQDLQIUDFFLyQOHJDO\TXHHVWi
FDVWLJDGDFRQSHQDOHYH

)$//$5'35HVROYHUGHFLGLUHQXQSURFHVRROLWLJLR

)$//2'33DUWHGLVSRVLWLYDGHODVHQWHQFLDHQODTXHVHFRQWLHQHODGH
FLVLyQGHOWULEXQDOWUDVODH[SRVLFLyQGHORVKHFKRV\GHORVIXQGDPHQWRV
GHGHUHFKR

)$6(6'(/26352&(',0,(1726&,9,/(6'3&(WDSDVTXHFRQIRUPDQ
ODWUDPLWDFLyQQRUPDOGHHVWHWLSRGHSOHLWRV\TXHVRQODGHDOHJDFLRQHV
ODGHSURSRVLFLyQ\SUiFWLFDGHSUXHEDV\ODGHFRQFOXVLRQHV

)$6(6'(/352&(',0,(1723(1$/'33(WDSDVTXHLQWHJUDQODWUDPL
WDFLyQGHHVWDFODVHGHSURFHVRV\TXHVRQEiVLFDPHQWHODGHLQVWUXF
FLyQODGHSUHSDUDFLyQGHOMXLFLRRUDO\ODGHMXLFLRRUDO

 
 ',&&,21$5,2352&(6$/%6,&2

)(&+$'*'DWRUHIHULGRDOWLHPSRRPRPHQWRDFWXDOHQHOTXHWLHQHOXJDU
XQDDFWXDFLyQSURFHVDOGHWHUPLQDGD

)('$7$5,2'*'HQRPLQDFLyQJHQpULFDDSOLFDEOHDO1RWDULRDO6HFUHWDULR
-XGLFLDO\DRWURVIXQFLRQDULRVTXHJR]DQGHODIHRFUHGLELOLGDGS~EOLFD

)( 3%/,&$ '* &UHGLELOLGDG JHQHUDO TXH VH UHFRQRFH D ORV 1RWDULRV
\TXHVHH[WLHQGHDORVFRQWUDWRV\DRWURVDFWRVVROHPQHVHQORVTXH
LQWHUYLHQHQ

)( 3%/,&$ -8',&,$/ '3 &UHGLELOLGDG JHQHUDO TXH VH UHFRQRFH D ORV
6HFUHWDULRV -XGLFLDOHV \ TXH VH H[WLHQGH D WRGDV \ D FDGD XQD GH ODV
DFWXDFLRQHVGHORVGLIHUHQWHVyUJDQRVMXULVGLFFLRQDOHVHQODVTXHLPSH
UDWLYDPHQWHGHEHQLQWHUYHQLU

),$1=$'&Y9pDVH$YDO

),/,$&,1 '&Y 5HODFLyQ TXH XQH D ORV SDGUHV FRQ VXV KLMRV \D VHDQ
HVWRVQDWXUDOHVRDGRSWLYRV

),1&$'&Y%LHQLQPXHEOHGHQDWXUDOH]DU~VWLFDRXUEDQD

),50(=$'3(VWDGRTXHDOFDQ]DXQDUHVROXFLyQMXGLFLDOFXDQGRFRQWUD
OD PLVPD QR FDEH OD LQWHUSRVLFLyQ GH UHFXUVR DOJXQR VLHQGR SRU HOOR
LQDPRYLEOH

),6&$/2-9pDVH0LQLVWHULR)LVFDO

),6&$/'(5($2-)LVFDOtDFUHDGDFXDQGRHOYROXPHQGHDVXQWRVHO
Q~PHURGHyUJDQRVMXGLFLDOHVGHQWURGHXQDSURYLQFLDRODFUHDFLyQGH
XQDVHFFLyQGHOD$XGLHQFLD3URYLQFLDOHQVHGHGLVWLQWDGHODFDSLWDOGH
ODPLVPDORDFRQVHMHQ

)25(16(2-9pDVH0pGLFR)RUHQVH


',&&,21$5,2352&(6$/%6,&2

)2508/$5,2 ,035(62 2 62/,&,78' '( '(0$1'$ '3& (VFULWR

PHGLDQWHHOFXDOXQDSHUVRQDDFWRUVROLFLWDGHO-X]JDGRXQDGHWHUPL
QDGD WXWHOD MXUtGLFD IUHQWH D RWUD GHPDQGDGR TXH QR KD GH REVHUYDU
ORV HVWULFWRV UHTXLVLWRV IRUPDOHV TXH Vt KDQ GH FRQWHQHU ODV GHPDQGDV
SURSLDPHQWHGLFKDV(QHORUGHQMXULVGLFFLRQDOFLYLOHVSRVLEOHVXHPSOHR
SDUDIRUPXODUODSHWLFLyQLQLFLDOFRQODTXHGDFRPLHQ]RHO-XLFLR0RQL
WRULRDVtFRPRHQHO-XLFLR9HUEDOFXDQGRODUHFODPDFLyQTXHVHHIHFW~H
VHDLQIHULRUDQRYHFLHQWRVHXURV

)8(52'3'*-XULVGLFFLyQ/H\R&yGLJRPHGLHYDO

)81&,21$5,2'*7UDEDMDGRUS~EOLFR(PSOHDGRGHOD$GPLQLVWUDFLyQ

)81&,21$5,2'(&$55(5$'*6HGLFHGHDTXHODOTXHOD/H\SHUPLWH
HODVFHQVRRSURPRFLyQSURIHVLRQDOGHQWURGHOD$GPLQLVWUDFLyQDODTXH
SHUWHQHFHWUDVHOFXPSOLPLHQWRGHGHWHUPLQDGDVFRQGLFLRQHV

)81'$0(1726'('(5(&+2'3$UJXPHQWRVOHJDOHVXWLOL]DGRVSRUODV
SDUWHV HQ GHIHQVD GH VXV SUHWHQVLRQHV R SRU HO yUJDQR MXGLFLDO FRPR
EDVHGHODUHVROXFLyQGLFWDGDSDUDVROYHQWDUODFRQWURYHUVLDDQWHpOSODQ
WHDGD

 
',&&,21$5,2352&(6$/%6,&2

*(1(5$/(6'(/$/(<'33UHJXQWDVTXHKDQGHIRUPXODUVHDWRGRWHV
WLJRWUDVSUHVWDUMXUDPHQWRRSURPHVD\DQWHVGHFRPHQ]DUHOLQWHUUR
JDWRULRHVSHFtILFRUHODWLYDVWDQWRDVXVFLUFXQVWDQFLDVSHUVRQDOHVFRPR
DODUHODFLyQTXHSXHGHQPDQWHQHUFRQODVSDUWHVDOREMHWRGHGHVSHMDU
GXGDVUHVSHFWRDODYHUDFLGDGRSDUFLDOLGDGGHVXGHFODUDFLyQ

*(67,1352&(6$/<$'0,1,675$7,9$2-9pDVH&XHUSRGH*HVWLyQ
3URFHVDO\$GPLQLVWUDWLYD

*5$9$0(1'&Y9pDVH&DUJD

*8$5'$56$/$'*)XQFLyQGHORVIXQFLRQDULRVLQWHJUDQWHVGHO&XHUSR
GH$X[LOLR-XGLFLDOFRQVLVWHQWHHQPDQWHQHUHORUGHQHQORVDFWRVS~EOL
FRVFHOHEUDGRVHQORV-X]JDGRV\7ULEXQDOHV

 
',&&,21$5,2352&(6$/%6,&2

+$%($6&25386'33'HUHFKRTXHWLHQHWRGRFLXGDGDQRGHWHQLGRDVHU
RtGRSRUXQ-XH]LQPHGLDWD\S~EOLFDPHQWHSDUDUHVROYHUVLVXDUUHVWR
IXHRQROHJDO\VLGHEHDO]DUVHRPDQWHQHUVH3URFHGLPLHQWRHPSOHDGR
SDUDHMHUFLWDUHOGHUHFKRDQWHVGHILQLGR

+$%,/,7$&,1 2- $FFLyQ SRU OD FXDO VH IDFXOWD D XQ IXQFLRQDULR SDUD
UHDOL]DUDFWRVTXHVLQHOODOHHVWDEDQYHGDGRV\FX\DYHULILFDFLyQQROH
FRUUHVSRQGtDRULJLQDULDPHQWHHQDWHQFLyQDVXHVWDWXVRFDWHJRUtDSUR
IHVLRQDO

+(&+26'3&DVRVRVXFHVRVTXHPRWLYDQRVLUYHQGHEDVH\DQWHFHGHQWH
DXQSURFHGLPLHQWRRFDXVD

+(&+26352%$'26'36XFHVRVTXHVHKDQGHFODUDGRDFUHGLWDGRVHQ
ODVHQWHQFLDHQEDVHDFXDQWRVHKDPDQLIHVWDGRDFWXDGR\SUREDGR
HQHOH[SHGLHQWH

+,327(&$'&Y&DUJDRJUDYDPHQTXHSHVDVREUHELHQHVLQPXHEOHVSDUD
JDUDQWL]DUHOFXPSOLPLHQWRGHXQDREOLJDFLyQRHOSDJRGHXQDGHXGD

+20,&,',2'3Q0XHUWHTXHXQDSHUVRQDGDDRWUD

 
 ',&&,21$5,2352&(6$/%6,&2

+2125$5,26 '* 6XPD GH GLQHUR FRQ OD TXH VH UHPXQHUD HO WUDEDMR
UHDOL]DGRSRUXQSURIHVLRQDOOLEHUDOHVGHFLUSRUTXLHQODERUDSRUFXHQWD
SURSLDHMHUFLHQGROLEUHPHQWHVXSURIHVLyQ

+8(/*$'/6XVSHQVLyQFROHFWLYDGHOWUDEDMRDGRSWDGDSRULQLFLDWLYDGH
ORVWUDEDMDGRUHVDFWXDQGRGHFRP~QDFXHUGR

+8572'3Q'HOLWRRIDOWDFRQVLVWHQWHHQODWRPDRDSURSLDFLyQGHELHQHV
DMHQRVUHDOL]DGDVLQYLROHQFLD


',&&,21$5,2352&(6$/%6,&2

,03$5&,$/,'$''31HXWUDOLGDGGHODTXHGHEHQJR]DUORV-XHFHVHQHO
HMHUFLFLRGHVXVIXQFLRQHV

,03(',0(172 '&Y 2EVWiFXOR OHJDO TXH LPSLGH OD FHOHEUDFLyQ GH XQ
PDWULPRQLR

,0358'(1&,$'3Q9pDVH&XOSD

,038*1$&,1 '3 5HFKD]R IRUPDO PDQLIHVWDGR SRU FXDOTXLHUD GH ODV

SDUWHVRSRUDPEDVUHVSHFWRDGHWHUPLQDGDVDFWXDFLRQHVSURFHVDOHVR
UHVROXFLRQHVMXGLFLDOHVFRQHOILQGHTXHVHDQUHYLVDGDV\PRGLILFDGDV

,038*1$&,1'(81$5(62/8&,1$3(/$'$'3&5HFKD]RGHXQD
UHVROXFLyQTXHKDVLGRDSHODGDSRUXQDSDUWHTXHHIHFW~DRWUDGLVWLQWD
HQORTXHDTXHOODOHUHVXOWDGHVIDYRUDEOH

,038*1$&,1 '( 81 5(&8562 (6&5,72 '( '3 6H GLFH GH DTXHO
TXHFRQWLHQHORVDUJXPHQWRVXWLOL]DGRVSRUXQDGHODVSDUWHVHQVXiQL
PRGHUHIXWDUORVHPSOHDGRVSRUODFRQWUDULDHQHOHVFULWRGHLQWHUSRVL
FLyQGHOUHFXUVR

 
 ',&&,21$5,2352&(6$/%6,&2

,038/62352&(6$/'3&DUDFWHUtVWLFDGHOSURFHVRHQYLUWXGGHODFXDO
ODVDFWXDFLRQHVTXHORFRPSRQHQVHVXFHGHQXQDVDRWUDVVHJ~QHORUGHQ
OHJDOPHQWHHVWDEOHFLGR

,038/62 352&(6$/ '( 2),&,2 '3 6H GLFH GH DTXHO TXH SURYRFD HO
yUJDQRMXGLFLDOVLQQHFHVLGDGGHTXHORSLGDQODVSDUWHVVLHQGRFDUDFWH
UtVWLFRGHORVSURFHVRVSHQDOHV

,038/62352&(6$/'(3$57('36HGLFHGHDTXHOTXHUHDOL]DHOyUJD
QRMXGLFLDODLQVWDQFLDRUHTXHULPLHQWRGHXQDGHODVSDUWHVRGHDPEDV

,0387$'2'3Q9pDVH,QFXOSDGR

,1$'(&8$&,1'(352&(',0,(172'3&([FHSFLyQTXHFRQVLVWHHQ
PDQLIHVWDUDOyUJDQRMXGLFLDOTXHHOFDPLQRRSURFHVRHOHJLGRSRUHODFWRU
SDUDSODQWHDUVXSUHWHQVLyQQRHVHOTXHOHJDOPHQWHSURFHGH

,1$'0,6,1 '( '2&80(1726 '3& 5HFKD]R TXH GHFUHWD HO yUJDQR

MXULVGLFFLRQDOUHVSHFWRDORVGRFXPHQWRVTXHODVSDUWHVDSRUWDQDORVDX
WRVELHQSRUQRKDEHUORVSUHVHQWDGRMXQWRFRQODGHPDQGDRFRQODFRQ
WHVWDFLyQDODPLVPDELHQSRUFXDOTXLHUDRWUDFDXVDSUHYLVWDHQOD/H\

,1$029,/,'$''3&XDOLGDGGHODTXHGHEHQJR]DUORV-XHFHVTXHFRQ
VLVWHHQVXSHUPDQHQFLDHQODIXQFLyQTXHVHOHVDWULEX\ySRU/H\VLQTXH
SXHGDQ VHU DOHMDGRV GH OD PLVPD DUELWUDULDPHQWH VLQR SRU ODV FDXVDV
OHJDOPHQWHSUHYLVWDV

,1&,'(17('39pDVH&XHVWLyQ,QFLGHQWDO

,1&2$5 '3 'DU FRPLHQ]R D XQ SURFHVR SOHLWR H[SHGLHQWH R D DOJXQD

RWUDDFWXDFLyQMXGLFLDO

,1&203(7(1&,$'3)DOWDGHFRPSHWHQFLD

,1&2167,78&,21$/'&&RQWUDULRDOD&RQVWLWXFLyQDMHQRDHOOD


',&&,21$5,2352&(6$/%6,&2

,1&2167,78&,21$/,'$' &8(67,1 '( '& 9pDVH &XHVWLyQ GH ,Q

FRQVWLWXFLRQDOLGDG

,1&2167,78&,21$/,'$'5(&8562'('&9pDVH5HFXUVRGH,QFRQV
WLWXFLRQDOLGDG

,1&8/3$'2'336XMHWRFRQWUDHOTXHVHGLULJHODDFXVDFLyQHQHOSUR
FHVRSHQDOIUHQWHDOTXHVHDGRSWDQSRUHOORGLVWLQWDVUHVROXFLRQHV\
VH SUDFWLFDQ GLYHUVDV GLOLJHQFLDV WHQGHQWHV WRGDV HOODV D DVHJXUDU VX
SHUVRQD\ELHQHV

,1'()(16,1'36LWXDFLyQLOHJDOHQODTXHTXHGDXQDGHODVSDUWHVHQ
XQSURFHVRFXDQGRVHOHLPSLGHHOHMHUFLFLRGHXQGHUHFKRGHQDWXUDOH]D
SURFHVDOUHVWULQJLHQGRRDQXODQGRVXVSRVLELOLGDGHVGHGHIHQVD

,1'(3(1'(1&,$ '3 &XDOLGDG GH OD TXH GHEHQ JR]DU ORV -XHFHV HQ HO
HMHUFLFLRGHVXVIXQFLRQHV\TXHFRQVLVWHHQVXVREHUDQtD\DXWRQRPtD
DEVROXWDQRVyORUHVSHFWRDODVSDUWHVHQHOSURFHVRVLQRWDPELpQFRQ
UHVSHFWRDORVUHSUHVHQWDQWHVGHORV3RGHUHV(MHFXWLYR\/HJLVODWLYR\DO
UHVWR GH ORV yUJDQRV MXULVGLFFLRQDOHV VXSHULRUHV HQ GHILQLWLYD IUHQWH D
WRGRV\DQWHWRGRV

,1',&,26'*+HFKRVGHORVFXDOHVVHGHVSUHQGHQRGHGXFHQRWURVGH
WUDVFHQGHQFLDSDUDODDGHFXDGDUHVROXFLyQGHOSURFHVR

,1)250$&,13$5$/$3(53(78$0(025,$'3([SHGLHQWHGH-X
ULVGLFFLyQ9ROXQWDULDHPSOHDGRSDUDREWHQHUXQDUHVROXFLyQMXGLFLDOTXH
DYDOHRJDUDQWLFHORVKHFKRVGHGLYHUVDQDWXUDOH]DTXHVHKD\DQDOHJD
GRSRUHOSURPRWRUHQVXHVFULWRLQLFLDO

,1)250$&,17(67,),&$/'30DQLIHVWDFLyQTXHVHUHFLEHSRUHOyUJD
QRMXGLFLDODORVWHVWLJRVRIUHFLGRVSRUHOSURPRWRUGHXQH[SHGLHQWHGH
-XULVGLFFLyQ9ROXQWDULDHQHOHVFULWRLQLFLDO

,1)250('(6$1,'$''331RWLFLDH[DFWD\SRUPHQRUL]DGDTXHGDHO
0pGLFR)RUHQVHGHODFXUDFLyQREWHQLGDSRUTXLHQKDVXIULGROHVLRQHV\
GHOSURFHVRUHTXHULGRSDUDHOOR

 
 ',&&,21$5,2352&(6$/%6,&2

,1)250(3(5,&,$/'3'LFWDPHQTXHHPLWHHOSHULWRYHUEDOPHQWHRSRU
HVFULWRUHVSHFWRDDTXHOORTXHKDVLGRREMHWRGHVXHVWXGLRSRURUGHQGHO
yUJDQRMXULVGLFFLRQDORDSHWLFLyQGHSDUWH

,1)5$&&,1 '( 1250$6 352&(6$/(6 '3& 9pDVH 5HFXUVR GH &D

VDFLyQ

,1)5$&&,1 352&(6$/ 5(&8562 (;75$25',1$5,2 325 '3&

9pDVH5HFXUVR([WUDRUGLQDULRSRU,QIUDFFLyQ3URFHVDO

,1+,%,56('3'HMDUGHFRQRFHUGHXQDVXQWRSRUHVWLPDUHOMX]JDGRUTXH
QRWLHQHFRPSHWHQFLDSDUDHOOR

,1-85,$'3Q,QVXOWRXOWUDMHDJUDYLRUHDOL]DGRGHREUDRGHSDODEUD

,10(',$&,1'3'HEHUGH-XHFHV\0DJLVWUDGRVPLHPEURVGHO7ULEXQDO
TXHHVWpFRQRFLHQGRGHXQDVXQWRGHSUHVHQFLDUODVYLVWDV\FRPSDUHQ
FLDVODVGHFODUDFLRQHVGHODVSDUWHV\GHWHVWLJRVORVFDUHRVODH[SRVL
FLRQHVH[SOLFDFLRQHV\UHVSXHVWDVTXHKD\DQGHRIUHFHUORVSHULWRVDVt
FRPRODFUtWLFDRUDOGHVXVGLFWiPHQHV\FXDOTXLHURWURPHGLRGHSUXHED
TXHFRQIRUPHDORGLVSXHVWRHQODOH\GHEHOOHYDUVHDFDERFRQWUDGLFWR
ULD\S~EOLFDPHQWHWRGRHOOREDMRSHQDGHQXOLGDGGHSOHQRGHUHFKRGH
ODVFRUUHVSRQGLHQWHVDFWXDFLRQHV

,108(%/('&Y9pDVH%LHQ,QPXHEOH

,17(59(1&,135292&$'$62/,&,78''('3&3RVLELOLGDGTXHOD
/H\FRQFHGHDGHPDQGDQWH\GHPDQGDGRHQORVSURFHVRVFLYLOHVSDUD
VROLFLWDUGHO7ULEXQDOODOODPDGDDOSOHLWRHQFXUVRGHTXLHQLQLFLDOPHQWH
QRIXHOODPDGRDOPLVPRSDUDVXLQWHUYHQFLyQHQpODWRGRVORVHIHFWRV

,16$&8/$5'*6RUWHDU3RQHUHQXQUHFLSLHQWHFpGXODVRSDSHOHVFRQ
ORVQRPEUHVGHSHUVRQDVRGHFRVDVSDUDKDFHUXQVRUWHR

,16&5,3&,15&'+9pDVH$VLHQWR5HJLVWUDO


',&&,21$5,2352&(6$/%6,&2

,16&5,3&,10$5*,1$/5&'+9pDVH$QRWDFLyQ0DUJLQDO

,16&5,3&,1 35,1&,3$/ 5&'+ $VLHQWR TXH DEUH IROLR HQ ORV OLEURV
UHJLVWUDOHV

,162/9(1&,$'*&DUHQFLDDEVROXWDGHLQJUHVRV\SDWULPRQLRTXHLPSLGH
DXQDSHUVRQDKDFHUIUHQWHDVXVREOLJDFLRQHVRVDOGDUVXVGHXGDV

,163(&&,12&8/$5'339pDVH'LOLJHQFLDGH,QVSHFFLyQ2FXODU

,167$1&,$'$'RFXPHQWRTXHVHSUHVHQWDDQWHOD$GPLQLVWUDFLyQ3~
EOLFDVROLFLWDQGRFXDOTXLHUWLSRGHSHWLFLyQ\TXHRULJLQDODLQFRDFLyQGH
XQH[SHGLHQWHDGPLQLVWUDWLYR

,167$1&,$'2%/('39pDVH'REOH,QVWDQFLD

,16758&&,1 '( '(5(&+26 '33,QIRUPDFLyQFRPSUHQVLEOH H LQPH

GLDWDTXHGHEHIDFLOLWDUVHDWRGDSHUVRQDTXHVHDGHWHQLGDRDSUHVDGD
UHVSHFWRGHORVKHFKRVTXHVHOHLPSXWDQODVUD]RQHVTXHKDQPRWLYDGR
VXSULYDFLyQGHOLEHUWDGDVtFRPRGHORVGHUHFKRVOHJDOPHQWHSUHYLVWRV
TXHOHFRUUHVSRQGHQ

,17(5',&726 '3& 3URFHGLPLHQWRV FLYLOHV PHGLDQWH ORV TXH DQWHV GH

OD HQWUDGD HQ YLJRU GH OD YLJHQWH /(&Y VH WUDWDED GH SURWHJHU VLWXD
FLRQHV UHODFLRQDGDV FRQ OD SRVHVLyQ GH ELHQHV R GHUHFKRV H[LVWLHQGR
FXDWURFODVHV,QWHUGLFWRVGH$GTXLULUOD3RVHVLyQ,QWHUGLFWRVGH5HWHQHU
R5HFREUDUOD3RVHVLyQ,QWHUGLFWRVGH2EUD1XHYDH,QWHUGLFWRVGH2EUD
5XLQRVD/DVDFFLRQHVTXHDQWHULRUPHQWHVHHMHUFLWDEDQDWUDYpVGHHVWH
WLSR GH SURFHGLPLHQWRV DFWXDOPHQWH VH KDFHQ YDOHU PHGLDQWH HO -XLFLR
9HUEDO9pDVHWXWHODVXPDULDGHODSRVHVLyQ\GHODSURSLHGDG

,17(5(6&219(1&,21$/'**DUDQWtDREHQHILFLRGLQHUDULRTXHVHKD
SDFWDGRSRUODVSDUWHVHQXQFRQWUDWRHQIDYRUGHODTXHSUHVWDRIDFLOLWD
DODRWUDXQDVXPDGHGLQHUR

,17(5(6'(/(<5(&8562(1'3&9pDVH5HFXUVRHQ,QWHUpVGH/H\

 
 ',&&,21$5,2352&(6$/%6,&2

,17(5(6/(*$/'*6HGLFHGHDTXHOEHQHILFLRRJDQDQFLDGLQHUDULDTXH
OD/H\DWULEX\HHQIDYRUGHDTXHOODSDUWHTXHPHGLDQWHFRQWUDWRSUHVWDD
RWUDXQDVXPDGHGLQHURFXDQGRHVWDVQRORKDQSDFWDGRH[SUHVDPHQWH
HQODVFODXVXODVRFRQGLFLRQHVGHOGRFXPHQWRVXVFULWR

,17(5(6 325 025$ '* (V HO EHQHILFLR GLQHUDULR TXH VH DWULEX\H HQ
IDYRUGHODFUHHGRUFXDQGRHOGHXGRUVHUHWUDVDHQHOSDJRGHODVXPD
GHELGDLQFXPSOLHQGRORVSOD]RVSDFWDGRVSDUDHOOR

,17(5326,&,1'(815(&8562'3)RUPDOL]DFLyQGHRSRVLFLyQRUH
FKD]RUHVSHFWRDXQDUHVROXFLyQGLFWDGDHQXQSURFHGLPLHQWRMXGLFLDO
FRQHOILQGHTXHVHDGHMDGDVLQHIHFWRRPRGLILFDGDWRWDORSDUFLDOPHQ
WHSRUHOPLVPRyUJDQRTXHODGLFWyRSRURWURMHUiUTXLFDPHQWHVXSHULRU

,17(552*$725,2 '33 'HFODUDFLyQ TXH SUHVWD HQ ORV SURFHGLPLHQWRV

SHQDOHVHOTXHHVWiFRQVLGHUDGRFRPRSUHVXQWRUHVSRQVDEOHGHOKHFKR
LQYHVWLJDGR

,17(552*$725,2'(/$63$57(6'3&9pDVH3UXHEDGH,QWHUURJDWRULR
GHODV3DUWHV

,17(552*$725,2 '( 35(*817$6 '3& 9pDVH 3UHJXQWDV ,QWHUURJD

WRULRGH

,17(552*$725,2'(7(67,*26'3&9pDVH3UXHEDGH,QWHUURJDWRULR
GH7HVWLJRV

,17(59(1&,1'(&$8'$/+(5(',7$5,2'3&9pDVH3URFHGLPLHQWR
SDUDOD,QWHUYHQFLyQGH&DXGDO+HUHGLWDULR

,19(17$5,2'&Y5HODFLyQRUGHQDGDGHORVELHQHV\GHPiVSHUWHQHQFLDV
SURSLHGDGGHXQDSHUVRQDRHQWLGDG


',&&,21$5,2352&(6$/%6,&2

-(5$548$ 1250$7,9$ '* 2UGHQDFLyQ HVFDORQDGD \ SUHIHUHQFLDO GH

ODVQRUPDVMXUtGLFDVGHPRGRTXHODVGHUDQJRLQIHULRUQRSXHGHQFRQ
WUDGHFLUQLYXOQHUDUORHVWDEOHFLGRSRUODVGHUDQJRVXSHULRU

-8(&(62-)XQFLRQDULRVS~EOLFRVRVWHQWDGRUHVGHO3RGHU-XGLFLDOGHO(V
WDGR TXH WLHQHQ OD SRWHVWDG GH MX]JDU VHQWHQFLDU \ KDFHU HMHFXWDU OR
MX]JDGR

-8,&,2'33URFHGLPLHQWR$FWRSURFHVDOS~EOLFRHQHOTXHODVSDUWHV
SRUVtRDWUDYpVGHVXVUHSUHVHQWDQWHVSURFHVDOHVH[SRQHQDQWHHOyU
JDQRMXGLFLDOORVDUJXPHQWRVTXHHVWLPDQDGHFXDGRVSDUDVXGHIHQVD
SUDFWLFiQGRVHDVtPLVPRSUXHEDV

-8,&,2&$0%,$5,2'3&$TXHOSURFHGLPLHQWRFLYLOSRUPHGLRGHOFXDO
VHUHFODPDHOLPSRUWHLPSDJDGRGHXQDOHWUDGHFDPELRXQFKHTXHR
XQSDJDUpTXHUH~QDQORVUHTXLVLWRVSUHYLVWRVHQOD/H\&DPELDULD\GHO
&KHTXH

-8,&,2'()$/7$6'333URFHGLPLHQWRSHQDOHPSOHDGRSDUDHOHQMXLFLD
PLHQWR\UHVROXFLyQGHODV)DOWDVHVGHFLUGHODVLQIUDFFLRQHVSHQDOHV
VDQFLRQDGDVFRQSHQDVOHYHVDFWXDOPHQWHUHJXODGDVHQHO/LEUR,,,GHO
YLJHQWH&yGLJR3HQDO

 
 ',&&,21$5,2352&(6$/%6,&2

-8,&,2'(7(67$0(17$5,$'3&3URFHGLPLHQWRXWLOL]DGRSDUDGLVWULEXLU
HQWUHORVEHQHILFLDULRVGHXQDKHUHQFLDHOFDXGDOGHELHQHVGHMDGRSRU
HOIDOOHFLGR

-8,&,2021,725,2'3&9pDVH3URFHGLPLHQWR0RQLWRULR

-8,&,2 25$/ '33 )DVH GH ORV SURFHGLPLHQWRV SHQDOHV RUGLQDULRV TXH
FRPLHQ]DWUDVODFRQFOXVLyQGHODHWDSDGHLQVWUXFFLyQRGHGLOLJHQFLDV
SUHYLDVTXHFRQVWDHVHQFLDOPHQWHGHODFHOHEUDFLyQS~EOLFDGHOGHEDWH
\ODSUiFWLFDGHSUXHEDVILQDOL]DQGRFRQODVHQWHQFLD

-8,&,225',1$5,2'3&3URFHGLPLHQWRFLYLOGHFODUDWLYRSRUPHGLRGHO
FXDOVHGHFLGLUiQODVGHPDQGDVFX\DFXDQWtDH[FHGDGHVHLVPLOHXURV
DTXHOODVFX\RLQWHUpVHFRQyPLFRUHVXOWHLPSRVLEOHGHFDOFXODUQLVLTXLH
UDGHPRGRUHODWLYRDVtFRPRDTXHOODVRWUDV TXHWHQJDQSRUREMHWR
DWtWXORGHHMHPSORORVGHUHFKRVKRQRUtILFRVGHODSHUVRQDODLPSXJQD
FLyQGHDFXHUGRVVRFLDOHVUHWUDFWRHWF

-8,&,25$3,'2'339pDVH3URFHGLPLHQWRSDUDHO(QMXLFLDPLHQWR5iSLGR
GH'HWHUPLQDGRVGHOLWRV
juicio universal..... concurso acredores p.ej. donde hay pluralidad de objetos y pluralidad partes

-8,&,2 9(5%$/'3&3URFHGLPLHQWRFLYLOGHFODUDWLYRSRUPHGLRGHOFXDO
VHGHFLGLUiQODVGHPDQGDVFX\DFXDQWtDQRH[FHGDGHVHLVPLOHXURVFX\R
FRQRFLPLHQWRQRHVWpUHVHUYDGRDO-XLFLR2UGLQDULRDVtFRPRGHPDQGDV
TXHWHQJDQSRUREMHWRRWUDVDFFLRQHVFRPRSRUHMHPSORHOGHVDKXFLRSRU
IDOWDGHSDJRGHODVUHQWDVRSRUH[SLUDFLyQGHOSOD]RFRQWUDFWXDOROHJDOOD
UHFXSHUDFLyQGHODSRVHVLyQODVXVSHQVLyQGHXQDREUDQXHYDHWF

-817$6(/(&725$/(62(UJDQRVFRQVWLWXLGRVDQLYHOGH3DUWLGR-XGL
FLDO3URYLQFLD&RPXQLGDG$XWyQRPDR(VWDGRSDUDVXSHUYLVDUHOOHJDO
GHVDUUROOR GH ORV GLYHUVRV SURFHVRV HOHFWRUDOHV TXH WLHQHQ OXJDU FRPR
FRQVHFXHQFLDGHODYLGDGHPRFUiWLFDGHODQDFLyQ

-85$'2'337ULEXQDOSRSXODUFRPSXHVWRSRUXQQ~PHURGHWHUPLQDGRGH
SHUVRQDVItVLFDVTXHSDUWLFLSDQHQODDGPLQLVWUDFLyQGHOD-XVWLFLDLQ
WHUYLQLHQGRMXQWRD-XHFHVR7ULEXQDOHVSURIHVLRQDOHVHQODUHVROXFLyQGH
GHWHUPLQDGRVSURFHVRVSHQDOHV9pDVH3URFHGLPLHQWRDQWHHO7ULEXQDO
GHO-XUDGR9pDVH7ULEXQDOGHO-XUDGR


',&&,21$5,2352&(6$/%6,&2

-85$0(172'3$FWRSRUHOFXDOVHSUHWHQGHJDUDQWL]DUODYHUDFLGDGGH
XQDGHFODUDFLyQSRQLHQGRD'LRVSRUWHVWLJROD3DWULDRHOSURSLRKRQRU
GHOGHFODUDQWH

-85$0(172 2 3520(6$ '( $&78$5 &21 2%-(7,9,'$' '3& 6H

GLFHGHDTXHOTXHVHH[LJHDOSHULWRGHVLJQDGRDQWHVGHDFHSWDUVXFDUJR
RDQWHVGHHPLWLUVXLQIRUPH

-85$0(17223520(6$'('(&,59(5'$''3&6HGLFHGHDTXHO
TXHVHH[LJHDORVWHVWLJRVSURSXHVWRVSRUODVSDUWHVDQWHVGHFRQWHVWDUD
ODVSUHJXQWDVTXHVHOHKDQGHIRUPXODUHQODSUXHEDGHVX,QWHUURJDWRULR

-85,6',&&,1'*)XQFLyQGHO(VWDGRTXHFRQVLVWHHQLPSDUWLU-XVWLFLD
DWUDYpVGH-XHFHV\7ULEXQDOHVMX]JDQGR\KDFLHQGRTXHVHHMHFXWHOR
MX]JDGR

-85,6',&&,1 &,9,/ 2- $TXHOOD TXH FRQRFH GH ODV UHFODPDFLRQHV R

SHWLFLRQHVEDVDGDVHQHO'HUHFKR3ULYDGR

-85,6',&&,1&217(1&,262$'0,1,675$7,9$2-$TXHOODTXHFR
QRFHGHORVUHFXUVRVFRQWUDDFWRV\GLVSRVLFLRQHVGHILQLWLYRVGLFWDGRVSRU
OD$GPLQLVWUDFLyQ

-85,6',&&,1'(0(125(62-$TXHOODTXHFRQRFHGHODVFDXVDVTXH
SUHWHQGHQLPSRQHUVDQFLRQHVFRUUHFFLRQHVRSHQDVDSHUVRQDVFRQHGD
GHV FRPSUHQGLGDV HQWUH  \  DxRV \ HQ DOJXQRV FDVRV KDVWD 
DxRVFRPRFRQVHFXHQFLDGHODFRPLVLyQSRUVXSDUWHGHDFWRVFRQVLGH
UDGRVGHOLWRVRIDOWDVSRUODOHJLVODFLyQSHQDO

-85,6',&&,1/$%25$/2-$TXHOODTXHWLHQHDWULEXLGDODIXQFLyQGH
MX]JDU\HMHFXWDUORMX]JDGRHQORVOLWLJLRVTXHVHSURPXHYDQHQDSOLFD
FLyQGHODUDPDVRFLDOGHO'HUHFKR

-85,6',&&,10,/,7$52-(VDTXHOODHVSHFLDOTXHHVWiOLPLWDGDDOiP
ELWRHVWULFWDPHQWHFDVWUHQVHUHVSHFWRGHKHFKRVWLSLILFDGRVFRPRGHOLWRV
PLOLWDUHVHQHO&yGLJR3HQDO0LOLWDU

 
 ',&&,21$5,2352&(6$/%6,&2

-85,6',&&,13(1$/2-$TXHOODTXHFRQRFHGHODVFDXVDVTXHSUHWHQ
GHQLPSRQHUSHQDVFRPRFRQVHFXHQFLDGHODFRPLVLyQGHDFWRVSXQLEOHV
FRQVLGHUDGRVGHOLWRVRIDOWDVSRUODOHJLVODFLyQSHQDO

-85,6',&&,192/817$5,$'3/DTXHFRQRFHGHWRGRVDTXHOORVDFWRV
HQORVTXHVHDQHFHVDULDRVHVROLFLWHODLQWHUYHQFLyQGHOyUJDQRMXGLFLDO
VLQTXHHVWpHPSHxDGDQLVHSURPXHYDFXHVWLyQDOJXQDHQWUHSDUWHVFR
QRFLGDV\GHWHUPLQDGDVQRKD\GXDOLGDGGHSDUWHVQLSRUWDQWRSRVWX
UDVFRQWUDULDVRHQIUHQWDGDV3RUHMHPSORXQDGHFODUDFLyQGHKHUHGHURV

-85,6358'(1&,$'*(QVHxDQ]DGRFWULQDOGLPDQDQWHGHORVIDOORVRGHFL
VLRQHVGHO7ULEXQDO6XSUHPRTXHVXSOHODVRPLVLRQHVGHOD/H\RLQWHUSUH
WDODPLVPDUHVSHFWRDFDVRVLJXDOHVRTXHWLHQHQVHPHMDQ]DRDQDORJtD

-867,&,$'*'HUHFKR5D]yQ(TXLGDG

-867,&,$*5$78,7$'39pDVH%HQHILFLRGH$VLVWHQFLD-XUtGLFD*UDWXLWD

-8=*$'22-UJDQRMXULVGLFFLRQDOXQLSHUVRQDORVHDLQWHJUDGRSRUXQ
VRORMX]JDGRU-XH]R0DJLVWUDGR9pDVH8QLGDG3URFHVDOGH$SR\R'L
UHFWR9pDVH6HUYLFLR&RP~Q3URFHVDO9pDVH8QLGDG$GPLQLVWUDWLYD

-8=*$'2&(175$/'(0(125(62-$TXHOFRQVHGHHQ0DGULGMXULV
GLFFLyQHQWRGD(VSDxDLQWHJUDGRHQOD$XGLHQFLD1DFLRQDOTXHFRQRFH
UiGHODVFDXVDVTXHOHDWULEX\DODOHJLVODFLyQUHJXODGRUDGHODUHVSRQVD
ELOLGDGSHQDOGHORVPHQRUHVUHVSHFWRGHODVFRQGXFWDVGHORVPHQRUHV
GHHGDGSHQDOWLSLILFDGDVSRUOD/H\FRPRGHOLWRRIDOWD

-8=*$'26 &(175$/(6 '( ,16758&&,1 2- $TXHOORV FRQ VHGH HQ

0DGULGMXULVGLFFLyQHQWRGD(VSDxDHLQWHJUDGRVHQOD$XGLHQFLD1DFLR
QDOTXHEiVLFDPHQWHLQVWUXLUiQODVFDXVDVSHQDOHVFX\RHQMXLFLDPLHQWR
FRUUHVSRQGHUi D OD 6DOD GH OR 3HQDO GH OD $XGLHQFLD 1DFLRQDO R D ORV
-X]JDGRV&HQWUDOHVGHOR3HQDO

-8=*$'26&(175$/(6'(/2&217(1&,262$'0,1,675$7,922-
$TXHOORVTXHFRQVHGHHQ0DGULG\MXULVGLFFLyQHQWRGR(VSDxDLQWH
JUDGRVHQOD$XGLHQFLD1DFLRQDOFRQRFHQGHORVUHFXUVRVFRQWHQFLRVR
DGPLQLVWUDWLYRVTXHOHDWULEX\HOD/H\UHJXODGRUDGHHVWDMXULVGLFFLyQ


',&&,21$5,2352&(6$/%6,&2

-8=*$'26&(175$/(6'(/23(1$/2-$TXHOORVFRQVHGHHQ0DGULG
MXULVGLFFLyQHQWRGD(VSDxDHLQWHJUDGRVHQOD$XGLHQFLD1DFLRQDOTXH
IXQGDPHQWDOPHQWHHQMXLFLDQ\UHVXHOYHQDOJXQDVGHODVFDXVDVSHQDOHV
SUHYLDPHQWHLQVWUXLGDVSRUORV-X]JDGRV&HQWUDOHVGH,QVWUXFFLyQ

-8=*$'26 &(175$/(6 '( 9,*,/$1&,$ 3(1,7(1&,$5,$ 2- $TXH

OORV FRQ VHGH HQ 0DGULG MXULVGLFFLyQ HQ WRGD (VSDxD H LQWHJUDGRV HQ
OD $XGLHQFLD 1DFLRQDO TXH DVXPHQ ODV IXQFLRQHV TXH FRUUHVSRQGHQ D
ORV-X]JDGRVGH9LJLODQFLD3HQLWHQFLDULDSHURHQUHODFLyQFRQSUHVRVTXH
ORVRQFRPRFRQVHFXHQFLDGHODHMHFXFLyQGHVHQWHQFLDVGLFWDGDVHQHO
iPELWRGHODSURSLD$XGLHQFLD1DFLRQDO9pDVH-X]JDGRVGH9LJLODQFLD
3HQLWHQFLDULD

-8=*$'26'(*8$5',$2-9pDVH-X]JDGRVGH,QVWUXFFLyQGH*XDUGLD

-8=*$'26'(,16758&&,12-$TXHOORVVLWXDGRVHQFDSLWDOHVGHSUR
YLQFLDRHQFLXGDGHVGHUHODWLYDLPSRUWDQFLDFRQMXULVGLFFLyQHQWRGRHO
3DUWLGR-XGLFLDODOTXHSHUWHQHFHQTXHFRQRFHQHVHQFLDOPHQWHGHOD
LQVWUXFFLyQGHODVFDXVDVSHQDOHVTXHPiVWDUGHHQMXLFLDUiQ\UHVROYHUiQ
ORV-X]JDGRVGHOR3HQDORODV$XGLHQFLDV3URYLQFLDOHVDVtFRPRGHOD
LQVWUXFFLyQ\IDOORGHGHWHUPLQDGRV-XLFLRVGH)DOWDV

-8=*$'26'(,16758&&,1'(*8$5',$2--X]JDGRGH,QVWUXFFLyQ
TXHDVXPHGXUDQWHHOSHULRGRWHPSRUDOGHGXUDFLyQGHODJXDUGLDXQD
VHPDQDYHLQWLFXDWURKRUDVVHJ~QODFLXGDGHQODTXHHVWpXELFDGROD
FRPSHWHQFLDSDUDODUHDOL]DFLyQGHDFWXDFLRQHVLQVWUXFWRUDVGHFDUiFWHU
XUJHQWH WDOHV FRPR DWHQFLyQ D GHWHQLGRV UHFHSFLyQ GH GHFODUDFLRQHV
\SURQXQFLDPLHQWRVREUHVXVLWXDFLyQSHUVRQDOOHYDQWDPLHQWRVGHFD
GiYHU HWF DVt FRPR WUDV OD HQWUDGD HQ YLJRU GH OD QXHYD QRUPDWLYD
UHJXODGRUDGHORV-XLFLRVGH)DOWDV\GHORV3URFHGLPLHQWRVSDUDHO(Q
MXLFLDPLHQWR5iSLGRGH'HWHUPLQDGRV'HOLWRVDVtFRPRODFRPSHWHQFLD
SDUDODFHOHEUDFLyQXUJHQWHGH-XLFLRVGH)DOWDV\HOGLFWDGRHQORVFDVR
TXHSURFHGDGHVHQWHQFLDVGHFRQIRUPLGDGFRQIRUPHDODUWGHOD
/(&UHQHO~OWLPRGHORVSURFHGLPLHQWRVFLWDGRV

-8=*$'26'(/2&217(1&,262$'0,1,675$7,922-$TXHOORVFRQ
VHGHHQODVFDSLWDOHVGHSURYLQFLDRFLXGDGHVGHFRQVLGHUDEOHLPSRUWDQ
FLD\FRQMXULVGLFFLyQVREUHWRGRHOWHUULWRULRGHODPLVPDDXQTXHSRU
HOYROXPHQGHDVXQWRVSRGUiDPSOLDUVHRUHVWULQJLUVHHOiPELWRWHUULWRULDO

 
 ',&&,21$5,2352&(6$/%6,&2

GHVXMXULVGLFFLyQTXHFRQRFHUiQHQSULPHUDR~QLFDLQVWDQFLDGHORV
UHFXUVRVFRQWHQFLRVRDGPLQLVWUDWLYRVQRDWULEXLGRVDRWURVyUJDQRVGHO
PLVPRRUGHQMXULVGLFFLRQDO

-8=*$'26'(/20(5&$17,/2-$TXHOORVH[LVWHQWHVFRQFDUiFWHUJH
QHUDOHQFDGDSURYLQFLDFRQMXULVGLFFLyQHQWRGDHOOD\VHGHHQVXFDSL
WDOTXHFRQRFHQGHFXDQWDVFXHVWLRQHVVHVXVFLWHQHQPDWHULDFRQFXUVDO
TXLHEUDVVXVSHQVLRQHVGHSDJRVFRQFXUVRVGHDFUHHGRUHVHWFVHJ~Q
OD/H\&RQFXUVDO

-8=*$'26'(/23(1$/2-$TXHOORVFRQVHGHHQODVFDSLWDOHVGHSUR
YLQFLDRFLXGDGHVGHFRQVLGHUDEOHLPSRUWDQFLD\FRQMXULVGLFFLyQVREUH
WRGR VX WHUULWRULR TXH HQMXLFLDUiQ \ UHVROYHUiQ DOJXQDV GH ODV FDXVDV
LQVWUXLGDVSUHYLDPHQWHSRUORV-X]JDGRVGH,QVWUXFFLyQ

-8=*$'26 '( /2 62&,$/ 2- $TXHOORV FRQ VHGH HQ ODV FDSLWDOHV GH
SURYLQFLDRHQFLXGDGHVGHLPSRUWDQFLDFXDQGRODVFLUFXQVWDQFLDVDVtOR
DFRQVHMHQTXHFRQRFHUiQHQSULPHUDR~QLFDLQVWDQFLDGHORVSURFHVRV
VREUHPDWHULDVSURSLDVGHHVWHRUGHQMXULVGLFFLRQDOVRFLDOTXHQRHVWpQ
DWULEXLGDVDRWURVyUJDQRVLQWHJUDQWHVGHOPLVPR

-8=*$'26'(0(125(62-$TXHOORVTXHHMHUFHQODVIXQFLRQHVHVWD
EOHFLGDV HQ OD /H\ SDUD FRQ ORV PHQRUHV GH HGDG SHQDO TXH KXELHUHQ
LQFXUULGRHQFRQGXFWDVWLSLILFDGDVSRUOD/H\FRPRGHOLWRRIDOWD

-8=*$'26'(3$=2-$TXHOORVVHUYLGRVSRU-XHFHVQRSURIHVLRQDOHVGH
VLJQDGRVDSURSXHVWDGHORV$\XQWDPLHQWRVXELFDGRVHQORVPXQLFLSLRV
GRQGHQRH[LVWD-X]JDGRGH3ULPHUD,QVWDQFLDH,QVWUXFFLyQFRQMXULV
GLFFLyQVREUHVXSURSLRWpUPLQRPXQLFLSDOTXHFXHQWDQFRQOLPLWDGDV
FRPSHWHQFLDVHQORVyUGHQHVFLYLO\SHQDO\HQPDWHULDGH5HJLVWUR&LYLO

-8=*$'26'(35,0(5$,167$1&,$2-$TXHOORVVLWXDGRVHQFDSLWDOHV
GHSURYLQFLDRHQFLXGDGHVGHUHODWLYDLPSRUWDQFLDFRQMXULVGLFFLyQVR
EUHWRGRHO3DUWLGR-XGLFLDODOTXHSHUWHQHFHQTXHFRQRFHQHQSULPHUD
LQVWDQFLD GH FXDQWDV UHFODPDFLRQHV WLHQHQ VX EDVH HQ HO 'HUHFKR 3UL
YDGR DVXPLHQGR LJXDOPHQWH ODV WDUHDV SURSLDV GHO 5HJLVWUR &LYLO HQ
DOJXQRVFDVRV


',&&,21$5,2352&(6$/%6,&2

-8=*$'26'(35,0(5$,167$1&,$(,16758&&,12-$TXHOORVVL
WXDGRVHQODFLXGDGTXHHVFDSLWDOGHO3DUWLGR-XGLFLDOFRQMXULVGLFFLyQ
VREUHWRGRHOWHUULWRULRGHOPLVPRTXHUH~QHODVFRPSHWHQFLDVTXHSRU
VHSDUDGR FRUUHVSRQGHQ D ORV -X]JDGRV GH  ,QVWDQFLD \ D ORV GH ,QV
WUXFFLyQ

-8=*$'26'(9,*,/$1&,$3(1,7(1&,$5,$2-UJDQRMXULVGLFFLRQDO
XQLSHUVRQDOGHiPELWRSURYLQFLDOGHQWURGHORUGHQSHQDOTXHWHQGUiODV
IXQFLRQHV MXULVGLFFLRQDOHV SUHYLVWDV HQ OD /H\ *HQHUDO 3HQLWHQFLDULD HQ
PDWHULDGHHMHFXFLyQGHSHQDVSULYDWLYDVGHOLEHUWDG\PHGLGDVGHVHJX
ULGDGFRQWUROMXULVGLFFLRQDOGHODSRWHVWDGGLVFLSOLQDULDGHODVDXWRULGD
GHVSHQLWHQFLDULDVDPSDURGHORVGHUHFKRV\EHQHILFLRVGHORVLQWHUQRV
HQORVHVWDEOHFLPLHQWRVSHQLWHQFLDULRV\GHPiVTXHVHxDOHODOH\

-8=*$'26'(9,2/(1&,$62%5(/$08-(52-$TXHOORVH[LVWHQWHVHQ
FDGD3DUWLGR-XGLFLDOTXHFRQRFHUiQHQHORUGHQSHQDOGHODLQVWUXFFLyQ
GHORVSURFHVRVSDUDH[LJLUUHVSRQVDELOLGDGSHQDOSRUORVGHOLWRVFRQV
WLWXWLYRVGHXQDFWRGHYLROHQFLDFRQWUDODPXMHUWLSLILFDGRFRPRWDOHQ
OD/H\GH0HGLGDVGH3URWHFFLyQ,QWHJUDOFRQWUDOD9LROHQFLDGH*pQHUR

 
',&&,21$5,2352&(6$/%6,&2

/$1=$0,(172'3&'HVDORMRREOLJDWRULRUHDOL]DGRSRURUGHQMXGLFLDOGH
XQDILQFDU~VWLFDRXUEDQDGHTXLHQLOHJtWLPDPHQWHODRFXSDEDMXQWR
FRQVXVSHUWHQHQFLDV

/(*$-2'*&RQMXQWRGHGRFXPHQWRVTXHVHJXDUGDQXQLGRVSRUWUDWDU
GHODPLVPDPDWHULD

/(*,6/$&,1'*&RQMXQWRGHOH\HVGHXQ(VWDGR

/(*,7,0$&,1'3&DSDFLGDGOHJDOSDUDHQWDEODUXQSURFHVROHJLWLPD
FLyQDFWLYDTXHFRUUHVSRQGHDODFWRURSDUDGHIHQGHUVHHQpOOHJLWLPD
FLyQSDVLYDTXHFRUUHVSRQGHDOGHPDQGDGR

/(6,21(6'3Q0HQRVFDERGHODVDOXGRGHODLQWHJULGDGFRUSRUDOTXH
DEDUFD WDQWR D ODV DIHFFLRQHV GHO FXHUSR FRPR D ODV GH OD PHQWH DVt
FRPRDODVVHFXHODVTXHGHULYHQGHHOODV

/(6,9,'$''$9pDVH'HFODUDFLyQGH/HVLYLGDG

/(75$'(&$0%,2'0'RFXPHQWRPHUFDQWLOTXHVLFXPSOHORVUHTXL
VLWRVSUHYLVWRVHQOD/H\&DPELDULD\GHO&KHTXHJR]DGHIXHU]DSDUD
H[LJLU HO FXPSOLPLHQWR GH OD REOLJDFLyQ GH SDJR TXH FRQWLHQH SRU ORV
FDXFHVGHO3URFHGLPLHQWR(MHFXWLYR

 
 ',&&,21$5,2352&(6$/%6,&2

/(75$'2'*9pDVH$ERJDGR

/(75$'2'(/(67$'2'*9pDVH$ERJDGRGHO(VWDGR

/(75$'2'(/$&2081,'$'$87120$'*9pDVH$ERJDGRGHOD
&RPXQLGDG$XWyQRPD

/(9$17$0,(172'(&$'$9(5',/,*(1&,$'('33$FWXDFLyQMXGL
FLDOTXHVHUHDOL]DFXDQGRODLQVWUXFFLyQGHODFDXVDSHQDOWXYLHUHOXJDU
SRUPXHUWHYLROHQWDRVRVSHFKRVDFULPLQDOPHQWHGHXQDSHUVRQD\TXH
SUHWHQGHWDQWRODLGHQWLILFDFLyQDGHFXDGDGHOIDOOHFLGRFRPRODGHVFULS
FLyQGHWDOODGDGHVXHVWDGR\FLUFXQVWDQFLDV\GHWRGRFXDQWRSXGLHUH
WHQHUUHODFLyQFRQHOKHFKRSXQLEOH

/(< '*1RUPDGH'HUHFKRGHFDUiFWHUJHQHUDOHPDQDGDGHO(VWDGRD
WUDYpVGHVX3RGHU/HJLVODWLYRGHIRUPDHVFULWD\PHGLDQWHXQSURFHGL
PLHQWRVROHPQH

/(<'(%$6(6'*1RUPDDSUREDGDSRUODV&RUWHV*HQHUDOHVHQODTXH
VHGHOHJDHQHO*RELHUQRODSRWHVWDGGHGLFWDUXQWH[WRFRQUDQJRGH/H\
TXHDGRSWDUiODIRUPDGH'HFUHWR/HJLVODWLYR

/(< '( (1-8,&,$0,(172 &,9,/ '* 1RUPD TXH UHJXOD ORV GLIHUHQWHV
SURFHGLPLHQWRVGHODMXULVGLFFLyQFRQWHQFLRVDFLYLOFRQIRUPHDORVFXDOHV
VHVXEVWDQFLDUiQFXDQWDVSUHWHQVLRQHVVHGHGX]FDQSRUSDUWLFXODUHVHQ
UHODFLyQFRQHO'HUHFKR3ULYDGR

/(< '( (1-8,&,$0,(172 &5,0,1$/ '* 1RUPD TXH UHJXOD ORV GLIH
UHQWHV SURFHGLPLHQWRV FRQIRUPH D ORV FXDOHV VH SUHWHQGH VDQFLRQDU R
H[FXOSDUODVFRQGXFWDVSUHVXQWDPHQWHFRQVWLWXWLYDVGHGHOLWRRIDOWD

/(<'(/$-85,6',&&,1&217(1&,262$'0,1,675$7,9$'*1RU
PD TXH UHJXOD ORV GLIHUHQWHV SURFHGLPLHQWRV HPSOHDGRV SDUD WUDPLWDU
ODV LPSXJQDFLRQHV HIHFWXDGDV FRQWUD GLVSRVLFLRQHV R DFWRV GHILQLWLYRV
HPDQDGRVGHOD$GPLQLVWUDFLyQ


',&&,21$5,2352&(6$/%6,&2

/(<'(352&(',0,(172/$%25$/'*1RUPDTXHUHJXODORVGLIHUHQ
WHV SURFHVRV XWLOL]DGRV SDUD VROYHQWDU ODV FRQWURYHUVLDV VXUJLGDV HQ OD
DSOLFDFLyQGHODUDPDVRFLDOGHO'HUHFKR

/(<25',1$5,$'*(VODIRUPDQRUPDOGHH[SUHVLyQGHO3RGHU/HJLV
ODWLYRSRUPHGLRGHODFXDOVHUHJXODQPDWHULDVQRUHVHUYDGDVDOD/H\
2UJiQLFD

/(<25*$1,&$'*1RUPDTXHUHJXODGHWHUPLQDGDVPDWHULDVFRQVWLWX
FLRQDOPHQWHLGHQWLILFDGDVSDUDFX\DDSUREDFLyQVHH[LJHSRUHOPLVPR
WH[WRVXSUHPRHOYRWRIDYRUDEOHGHODPD\RUtDDEVROXWDGHORVPLHPEURV
GHO&RQJUHVRGHORV'LSXWDGRV

/,%(57$'&21',&,21$/'33%HQHILFLRTXHSXHGHVHUFRQFHGLGRDORV
UHRVTXHFXPSOHQSHQDHQHO~OWLPRSHULRGRGHVXFRQGHQDSDUDTXH
DEDQGRQHQODSULVLyQEDMRODFRQGLFLyQGHREVHUYDUEXHQDFRQGXFWD

/,%(57$'3529,6,21$/%$-2),$1=$'336LWXDFLyQGHDXWRQRPtDR
LQGHSHQGHQFLDGHODTXHGLVIUXWDWHPSRUDOPHQWH\WUDVKDEHUSUHVWDGR
SDUD HOOR ILDQ]D EDVWDQWH \D VHD SHUVRQDO GLQHUDULD \D GH ODV RWUDV
FODVHVDGPLWLGDVHQ'HUHFKRHOSUHVXQWRUHVSRQVDEOHGHXQGHOLWRHQHO
VHQRGHODFDXVDLQVWUXLGDSDUDVXDYHULJXDFLyQ

/,%(57$'3529,6,21$/%$-22%/,*$&,1$38'$&7$'(&203$
5(&(5'336LWXDFLyQGHDXWRQRPtDRLQGHSHQGHQFLDGHODTXHGLV
IUXWDHOSUHVXQWRUHVSRQVDEOHGHXQGHOLWRHQHOVHQRGHODFDXVDLQVWUXL
GDSDUDVXDYHULJXDFLyQWHPSRUDOPHQWH\WUDVKDEHUVHFRPSURPHWLGR
DSXG DFWD D SHUVRQDUVH ORV GtDV TXH IXHUHQ VHxDODGRV D WDO HIHFWR \
DTXHOORV QR GHWHUPLQDGRV SUHYLDPHQWH HQ TXH SRU FXDOTXLHU PRWLYR
IXHUHOODPDGR\DDQWHHO-X]JDGRR7ULEXQDOTXHHQHVHLQVWDQWHFRQR]FD
GHODFDXVD\DDQWHDTXHOTXHHQHOIXWXURSXHGDKDFHUOR

/,%(57$' 3529,6,21$/ ,1&21',&,21$/ '33 6LWXDFLyQ GH DXWRQR

PtDHLQGHSHQGHQFLDGHODTXHGLVIUXWDWHPSRUDOPHQWH\VLQFRQGLFLyQ
DOJXQD HO SUHVXQWR UHVSRQVDEOH GH XQ GHOLWR HQ HO VHQR GH OD FDXVD
LQVWUXLGDSDUDVXHVFODUHFLPLHQWR

 
 ',&&,21$5,2352&(6$/%6,&2

/,%526 '( &20(5&,2 '0 &RQMXQWRV RUGHQDGRV \ HQFXDGHUQDGRV GH

KRMDVTXHUHFRJHQORVDVLHQWRVFRQWDEOHV\ODVRSHUDFLRQHVGLDULDVUHOD
WLYDVDOHMHUFLFLRHPSUHVDULDOTXHKDQGHVHUREOLJDWRULDPHQWHFXPSOL
PHQWDGRV

/,&,7$&,1'36XEDVWD2IUHFLPLHQWRGHXQSUHFLRRFDQWLGDGGHGLQH
URSRUXQELHQTXHVHYHQGHHQVXEDVWDS~EOLFD

/,&,7$'25'33HUVRQDTXHRIUHFHXQSUHFLRRVXPDGHGLQHURSRUXQELHQ
TXHVHYHQGHHQS~EOLFDVXEDVWD

/,48,'$&,1 '( &21'(1$ '33 $FWXDFLyQ SURFHVDO UHDOL]DGD SRU HO

6HFUHWDULR-XGLFLDORSRUHOIXQFLRQDULRTXHOHJDOPHQWHKDJDVXVYHFHV
TXHFRQVLVWHHQGHWHUPLQDUHOFRPLHQ]R\HOILQDOGHODSHQDLPSXHVWDDO
FRQGHQDGR\DVHDSULYDWLYDGHOLEHUWDGGHUHWLUDGDGHOSHUPLVRGHFRQ
GXFLURGHODOLFHQFLDGHFD]DRGHODSRVLELOLGDGGHREWHQHUORVWHQLHQGR
HQ FXHQWD \ FRPSXWDQGR SDUD VX DERQR HO WLHPSR TXH SURYLVLRQDO \
FDXWHODUPHQWHKD\DHVWDGRSULYDGRDORODUJRGHODFDXVDGHFXDOTXLHUD
GHWDOHVGHUHFKRVRGRFXPHQWRVGHOLEHUWDGGHOSHUPLVRGHFRQGXFLUR
GHODOLFHQFLDGHFD]D

/,48,'$&,1 '( ,17(5(6(6 '3 $FWXDFLyQ SURFHVDO UHDOL]DGD SRU HO

6HFUHWDULR-XGLFLDORSRUHOIXQFLRQDULRTXHOHJDOPHQWHKDJDVXVYHFHV
TXHFRQVLVWHHQILMDUODVXPDGHGLQHURTXHGHEHVHUVDWLVIHFKDDODFUHH
GRURDOSHUMXGLFDGRSRUHOFRQGHQDGRDHOORFRQHOILQGHFRPSHQVDUHO
UHWUDVRSURGXFLGRHQHOFXPSOLPLHQWRGHODREOLJDFLyQRHQHODERQRGH
LQGHPQL]DFLRQHV

/,7,*$17(6'3&3HUVRQDVTXHSOHLWHDQRGLVSXWDQXQSOHLWR

/,7,*,2'3&3OHLWRSURFHGLPLHQWRMXLFLR

/,7,6&21625&,2'3&3OXUDOLGDGGHVXMHWRVTXHVHGDHQXQSURFHGL
PLHQWRWRGRVHOORVFRQSOHQLWXGGHGHUHFKRVFDUJDV\GHEHUHVSURFHVD
OHVIRUPDQGRXQDVRODSDUWH


',&&,21$5,2352&(6$/%6,&2

/,7,6&21625&,2$&7,92'3&3OXUDOLGDGGHVXMHWRVHQODSRVLFLyQGHO
DFWRU

/,7,6&21625&,2 0,;72 '3& 3OXUDOLGDG GH VXMHWRV HQ ODV SRVLFLRQHV

GHODFWRU\GHOGHPDQGDGR

/,7,6&21625&,23$6,92'3&3OXUDOLGDGGHVXMHWRVHQODSRVLFLyQGHO
GHPDQGDGR

/,7,63(1'(1&,$ '3 ([FHSFLyQ TXH FRQVLVWH HQ SUHWHQGHU LPSHGLU OD

VXEVWDQFLDFLyQGHXQVHJXQGRSURFHVRSRUWHQHULGpQWLFRREMHWRDRWUR
DQWHULRU\SHQGLHQWHGHUHVROXFLyQ

/2&$/,=$&,1 3(50$1(17( '3 3HQD SULYDWLYD GH OLEHUWDG FRQ GX

UDFLyQ GH KDVWD GRFH GtDV TXH REOLJD DO SHQDGR D SHUPDQHFHU HQ VX
GRPLFLOLRRHQOXJDUGHWHUPLQDGRILMDGRSRUHOMXH]HQVHQWHQFLD

 
',&&,21$5,2352&(6$/%6,&2

0$*,675$'22-&DWHJRUtDDODTXHSHUWHQHFHDTXHOPLHPEURGHOD&D
UUHUD -XGLFLDOTXHSUHVWDVXVVHUYLFLRVHQ7ULEXQDOHV\HQ-X]JDGRVGH
FDSLWDOHVGHSURYLQFLDRORFDOLGDGHVDVLPLODGDVDHVWDV\TXHDOFDQ]D
WDO HVWDWXV \D SRU HO VLPSOH SDVR GHO WLHPSR \D WUDV OD VXSHUDFLyQ GH
SUXHEDVHVSHFtILFDVFRQYRFDGDVDOHIHFWR

0$*,675$'2'(/75,%81$/6835(022-&DWHJRUtDDODTXHSHUWH
QHFHDTXHOPLHPEURGHOD&DUUHUD-XGLFLDOTXHSUHVWDVXVVHUYLFLRVHQHO
7ULEXQDO6XSUHPR

0$1'$0,(172'3&RPXQLFDFLyQHPLWLGDSRUHO6HFUHWDULR-XGLFLDOTXH
SUHWHQGHODSUiFWLFDGHFXDOTXLHUGLOLJHQFLDFX\DHMHFXFLyQFRUUHVSRQGD
HQWUHRWURVDORV5HJLVWUDGRUHVGHOD3URSLHGDG1RWDULRV&RUUHGRUHVGH
&RPHUFLRPLHPEURVGHO&XHUSRGH$X[LOLR-XGLFLDOHWF

0$1'$0,(172&2038/625,2'3$TXHOTXHWLHQHSRUREMHWRODHPL
VLyQSRUSDUWHGHVXGHVWLQDWDULRGHXQDFHUWLILFDFLyQRFRSLDDXWpQWLFD
GHGHWHUPLQDGRGRFXPHQWRFX\RRULJLQDOREUDHQVXDUFKLYR

0$1'$0,(172'(/,%(57$''33$TXHOGLULJLGRDOUHVSRQVDEOHGHXQ
HVWDEOHFLPLHQWRSHQLWHQFLDULRTXHWLHQHSRUREMHWRODSXHVWDHQOLEHUWDG
GHXQDSHUVRQDLQJUHVDGDHQGLFKRFHQWURSRURUGHQGHOUHPLWHQWHVLGH
HOODQRHVWXYLHUHSULYDGRSRURWUDFDXVDRPRWLYROHJDO

 
 ',&&,21$5,2352&(6$/%6,&2

0$1'$0,(172'(3$*2'32UGHQHVFULWD\SODVPDGDHQXQLPSUHVR
OHJDOPHQWHIRUPDOL]DGRTXHUHPLWHHOWLWXODUGHOyUJDQRMXGLFLDODOUHV
SRQVDEOH GH OD HQWLGDG EDQFDULD HQ OD TXH WLHQH DELHUWD OD &XHQWD GH
'HSyVLWRV\&RQVLJQDFLRQHV-XGLFLDOHVSDUDTXHFRQFDUJRDODPLVPD
DERQHDGHWHUPLQDGDSHUVRQDXQDVXPDFRQFUHWDGHGLQHUR

0$1'$0,(172 '( 35,6,1 '33 (O TXH VH UHPLWH DO UHVSRQVDEOH R
GLUHFWRUGHXQHVWDEOHFLPLHQWRSHQLWHQFLDULRFRQHOSURSyVLWRGHREWHQHU
HOLQJUHVRHQHOPLVPRGHGHWHUPLQDGRLQGLYLGXR

0$<25$ '( ('$' &,9,/ '&Y /tPLWH GH HGDG HVWDEOHFLGR SRU OD /H\
DSDUWLUGHOFXDOXQDSHUVRQDSXHGHUHJLUOLEUHPHQWHVXSHUVRQD\VXV
ELHQHV

0$<25$'(('$'3(1$/'3/tPLWHGHHGDGILMDGROHJDOPHQWHDSDUWLU
GHO FXDO XQD SHUVRQD HV SHQDOPHQWH UHVSRQVDEOH GH VXV DFWXDFLRQHV
SXGLHQGRVHUFDVWLJDGDSRUODVFRQVHFXHQFLDVGHODVPLVPDV

0(',$&,1 '&Y ,QWHQWR GH REWHQHU HO DFHUFDPLHQWR \ DFXHUGR HQWUH

TXLHQHV PDQWLHQHQ SRVWXUDV HQIUHQWDGDV UHVSHFWR D DOJR SURFXUDQGR
UHFRQFLOLDUORV

0(',&2'(/5(*,6752&,9,/2-9pDVH0pGLFR)RUHQVH

0(',&2 )25(16( 2- )XQFLRQDULR S~EOLFR /LFHQFLDGR HQ 0HGLFLQD \

&LUXJtD DO VHUYLFLR GH OD $GPLQLVWUDFLyQ GH -XVWLFLD HQFDUJDGR GH OD
UHDOL]DFLyQ SDUD -X]JDGRV \ 7ULEXQDOHV GH FXDQWRV LQIRUPHV SUHFLVHQ
SDUDVXHPLVLyQGHORVFRQRFLPLHQWRVSURSLRVGHVXHVSHFLDOLGDGWDQWR
HQSURFHGLPLHQWRVFLYLOHVSHQDOHVHWFFRPRHQDVXQWRVYLQFXODGRVDO
5HJLVWUR&LYLO

0(','$6&$87(/$5(6235(&$8725,$6'3$TXHOODVTXHXQyUJDQR
MXGLFLDOSXHGHDFRUGDUHQODVSULPHUDVIDVHVGHXQSURFHGLPLHQWRDQWHV
GH VHU GLFWDGD OD VHQWHQFLD FRQWUD XQD SHUVRQD R VXV ELHQHV FRQ HO
SURSyVLWRGHDVHJXUDUODHMHFXFLyQVLQSUREOHPDVGHXQDSRVLEOHVHQWHQ
FLDFRQGHQDWRULD(QORVSURFHGLPLHQWRVFLYLOHV(PEDUJRVSUHYHQWLYRV
DQRWDFLRQHV SUHYHQWLYDV GH ODV GHPDQGDV HWF (Q ORV SURFHGLPLHQWRV
SHQDOHV(PEDUJRVGHELHQHVSULYDFLRQHVSURYLVLRQDOHVGHOLEHUWDGHWF


',&&,21$5,2352&(6$/%6,&2

0(','$63529,6,21$/(62&2(7$1($6'3&$TXHOODVTXHVHDGRS
WDQMXGLFLDOPHQWHDOSULQFLSLRGHXQSURFHGLPLHQWRPDWULPRQLDOWUDVOD
DGPLVLyQGHODGHPDQGDTXHWLHQGHQDUHVROYHUVLWXDFLRQHVSHUVRQDOHV
\ SDWULPRQLDOHV GH ORV OLWLJDQWHV ORV PLHPEURV GH OD SDUHMD GXUDQWH
ODWUDPLWDFLyQGHOSOHLWRVLHQGRUDWLILFDGDVPRGLILFDGDVRGHMDGDVVLQ
HIHFWRHQODVHQWHQFLDTXHVHGLFWH

0(','$6 3529,6,21$/(6 35(9,$6 2 3529,6,21$/6,0$6 '3&

$TXHOODVTXHVHGHFUHWDQMXGLFLDOPHQWHSDUDUHVROYHUVLWXDFLRQHVSHUVR
QDOHV\SDWULPRQLDOHVGHORVPLHPEURVGHXQPDWULPRQLRDIHFWDGRSRU
XQDFULVLVJUDYHFRQFDUiFWHUXUJHQWH\FRQXQDGXUDFLyQGHVXVHIHFWRV
GHWUHLQWDGtDVTXHGDQGRODVPLVPDVDQXODGDVVLHQGLFKRSOD]RQRVH
DFUHGLWDODLQWHUSRVLFLyQGHODRSRUWXQDGHPDQGDGHVHSDUDFLyQGLYRUFLR
RQXOLGDGPDWULPRQLDO

0(',26'(5(352'8&&,1'(/$3$/$%5$(/621,'2</$,0$
*(1'3&9pDVH3UXHEDGH0HGLRVGH5HSURGXFFLyQGHOD3DODEUDHO
6RQLGR\OD,PDJHQ

0(-25$ '( (0%$5*2 '3 1XHYD GLOLJHQFLD GH HPEDUJR TXH VH UHDOL
]DVREUHORVELHQHVGHOGHXGRUFXDQGRHOyUJDQRMXGLFLDOGHRILFLRRD
LQVWDQFLDGHSDUWHVHJ~QHORUGHQMXULVGLFFLRQDOHQHOTXHQRVKDOOHPRV
HVWLPDTXHHOFRQMXQWRGHELHQHVTXHOHKDQVLGRHPEDUJDGRVKDVWDHVH
PRPHQWRQRWLHQHXQYDORUVXILFLHQWHFRPRSDUDJDUDQWL]DUHOSDJRGHOD
GHXGDRGHODVLQGHPQL]DFLRQHVSHQGLHQWHV

0,1,67(5,2),6&$/2-)XQFLRQDULRS~EOLFRTXHFRQVXMHFLyQDOSULQFL
SLRGHLPSDUFLDOLGDGWLHQHHQFRPHQGDGDFRPRSULQFLSDOIXQFLyQSURPR
YHUODDFFLyQGHOD-XVWLFLDHQGHIHQVDGHODOHJDOLGDGGHORVGHUHFKRV
GHORVFLXGDGDQRV\GHOLQWHUpVS~EOLFRDVtFRPRYHODUSRUODLQGHSHQ
GHQFLDGH-X]JDGRV\7ULEXQDOHV)XQFLRQDULRS~EOLFRHQFDUJDGRGHOD
LQVWUXFFLyQGHODVFDXVDVRH[SHGLHQWHVSHQDOHVSRUKHFKRVFRPHWLGRV
SRUPHQRUHVGHHGDGSHQDOHQDSOLFDFLyQGHOD/HJLVODFLyQGH0HQRUHV

0,187$'*([WUDFWRERUUDGRUQRWDGHXQFRQWUDWRRGHRWUDH[SRVLFLyQ
XRUGHQTXHVHKDGHH[WHQGHURFRSLDUFRQODVIRUPDOLGDGHVOHJDOHV
&XHQWDGHORVKRQRUDULRVGHORV$ERJDGRV

025$'&Y5HWUDVRHQHOFXPSOLPLHQWRGHXQDREOLJDFLyQ

 
 ',&&,21$5,2352&(6$/%6,&2

08/7$'33HQDRVDQFLyQSHFXQLDULDFRQVLVWHQWHHQHODERQRDO(VWDGR
GHXQDGHWHUPLQDGDFDQWLGDGGHGLQHURTXHVHUiILMDGDSRUHOMX]JDGRU
HQIXQFLyQGHODFDSDFLGDGHFRQyPLFDGHOFRQGHQDGR9pDVH'tDPXOWD


',&&,21$5,2352&(6$/%6,&2

1$&,21$/,'$' '&Y 5& /D]R R UHODFLyQ GHO LQGLYLGXR VXMHWR GH GHUH
FKRVTXHOHDGVFULEHDXQDQDFLyQGHWHUPLQDGD

1(*/,*(1&,$'3'&Y9pDVH&XOSD

127$ '( 5()(5(1&,$ 5& $SXQWH SRU HVFULWR UHDOL]DGR DO PDUJHQ GH
XQD LQVFULSFLyQ SULQFLSDO TXH GHMD FRQVWDQFLD HQ OD PLVPD GH OD SUR
GXFFLyQ GHXQ KHFKRtQWLPDPHQWHUHODFLRQDGRFRQORTXH HVEDVHGHO
FRQWHQLGRGHDTXHOOD

127$0$5*,1$/5&7RGRDSXQWHUHDOL]DGRDOPDUJHQGHXQDLQVFULS
FLyQSULQFLSDOFRQGLYHUVRFRQWHQLGRUHODWLYRDKHFKRVFX\RUHIOHMRHQ
ORVOLEURVGHO5HJLVWUR&LYLOQRGHEDUHYHVWLUODIyUPXODGHODLQVFULSFLyQ
PDUJLQDO

127$5$'*2ILFLR\RILFLQDGH1RWDULR

127$5,2 '* )XQFLRQDULR S~EOLFR DXWRUL]DGR SDUD GDU IH GH FRQWUDWRV
WHVWDPHQWRV\RWURVDFWRVH[WUDMXGLFLDOHVFRQIRUPHDODVOH\HV

127,),&$&,1',/,*(1&,$'('3$FWXDFLyQSURFHVDOUHDOL]DGDSRUHO
IXQFLRQDULRFRPSHWHQWHPHGLDQWHODFXDOVHSRQHHQFRQRFLPLHQWRGH
FDGDXQDGHODVSDUWHVHQHOSURFHGLPLHQWRRHQVXFDVRGHWHUFHUD
SHUVRQDHOFRQWHQLGRGHODVUHVROXFLRQHVTXHVHGLFWDQHQHOPLVPRFRQ
ODVIRUPDOLGDGHVHVWDEOHFLGDVHQODVOH\HV

 
',&&,21$5,2352&(6$/%6,&2

2%/,*$&,1&2167,78,'$$38'$&7$'3&RPSURPLVRILUPHGHKD
FHURGHMDUGHKDFHUDOJXQDFRVDDVXPLGRHQFRPSDUHFHQFLDUHDOL]DGD
DQWHXQ-XH]RXQ6HFUHWDULR-XGLFLDO\UHIOHMDGDHQXQDFWD

2%5$18(9$$&&,1'('3&/DTXHVHHMHUFLWDDWUDYpVGHO-XLFLR
9HUEDOFRQODSUHWHQVLyQGHHYLWDUHOSHUMXLFLRTXHDODSRVHVLyQSXHGH
FDXVDUHODO]DPLHQWRRUHDOL]DFLyQGHXQDREUDQXHYD

2%5$58,126$$&&,1'('3&/DTXHVHXWLOL]DPHGLDQWHHO-XLFLR
9HUEDOSDUDLPSHGLUHOSHUMXLFLRTXHDODSRVHVLyQSXHGHFDXVDUXQELHQ
XREMHWRHQUXLQD

2),&,$/(6'(/$$'0,1,675$&,1'(-867,&,$2-)XQFLRQDULRVGH
FDUUHUDSHUWHQHFLHQWHVDOFXHUSRQDFLRQDOGHOPLVPRQRPEUHDOVHUYLFLR
GH OD $GPLQLVWUDFLyQ GH -XVWLFLD FX\D IXQFLyQ HVHQFLDO FRPR FRODER
UDGRUHVLQPHGLDWRVGHORV6HFUHWDULRV-XGLFLDOHVHUDODWUDPLWDFLyQGH
WRGDFODVHGHSURFHGLPLHQWRVH[SHGLHQWHVGLOLJHQFLDVHWFDVLVWLHQGR
DO-XH]RDO6HFUHWDULRHQODUHGDFFLyQGHODVUHVROXFLRQHVTXHGLFWHQ
6XV PLHPEURV VH HQFXHQWUDQ DFWXDOPHQWH LQWHJUDGRV HQ HO &XHUSR GH
*HVWLyQ3URFHVDO\$GPLQLVWUDWLYD9pDVH&XHUSRGH*HVWLyQ3URFHVDO
\$GPLQLVWUDWLYD

 
 ',&&,21$5,2352&(6$/%6,&2

2),&,1$ -8',&,$/2-2UJDQL]DFLyQTXHVLUYHGHVRSRUWH\DSR\RDOD
DFWLYLGDGMXULVGLFFLRQDOGHMXHFHV\WULEXQDOHV9pDVH8QLGDG3URFHVDO
GH $SR\R 'LUHFWR  9pDVH 6HUYLFLR &RP~Q 3URFHVDO  9pDVH 8QLGDG
$GPLQLVWUDWLYD

2),&,2 '3 &RPXQLFDFLyQ GLULJLGD SRU 6HFUHWDULRV -XGLFLDOHV \ WDPELpQ

SRU-XHFHV\7ULEXQDOHVDIXQFLRQDULRV\DXWRULGDGHVH[WUDxRVDORVGLV
WLQWRV yUGHQHV MXULVGLFFLRQDOHV VROLFLWiQGROHV VX FRODERUDFLyQ R DX[LOLR
SDUDODYHULILFDFLyQGHDOJXQDGLOLJHQFLD

2),&,23$3(/'('*9pDVH3DSHOGH2ILFLR

2)5(&,0,(172'($&&,21(6'33,QYLWDFLyQTXHVHUHDOL]DDORIHQGLGR
SRUXQGHOLWRRIDOWDRDVXUHSUHVHQWDQWHOHJDOHQHODFWRGHUHFLELUOHVX
SULPHUDGHFODUDFLyQSDUDTXHVHPXHVWUHSDUWHHQHOSURFHVR\UHQXQFLH
RUHFODPHODUHVWLWXFLyQGHODFRVDODUHSDUDFLyQGHOGDxRRODLQGHPQL
]DFLyQGHOSHUMXLFLRTXHVHOHKDFDXVDGRSRUHOKHFKRSXQLEOH

2,5325(6&5,72'3([SUHVLyQOHJDOXWLOL]DGDHQODUHJXODFLyQGHGHWHU
PLQDGRVSURFHGLPLHQWRVSDUDLQGLFDUHOWUiPLWHFRQVLVWHQWHHQGDUWUDV
ODGRDODVSDUWHVRDXQDGHHOODVGHFLHUWDGRFXPHQWDFLyQREUDQWHHQ
ORVDXWRVSDUDTXHFRQUHVSHFWRDODPLVPDVHSURQXQFLHQSRUHVFULWR
\DOHJXHQORTXHDVXGHUHFKRSXHGDFRQYHQLU

2326,&,1$815(&8562(6&5,72'('3&9pDVH,PSXJQDFLyQGH
XQ5HFXUVR(VFULWRGH

25'(1$0,(172-85,',&2'*&RQMXQWRGHQRUPDVMXUtGLFDVYLJHQWHV
HQXQ(VWDGRRHQFXDOTXLHURWUDFRPXQLGDGSROtWLFDGHWHUPLQDGD

25'(1'($/(-$0,(172 '33/DTXHHVGLFWDGDSRUXQ-X]JDGRGH
IRUPDUD]RQDGD\FXDQGRUHVXOWHHVWULFWDPHQWHQHFHVDULRDOILQGHSUR
WHFFLyQGHODYtFWLPDFRQVLVWHQWHHQLPSRQHUSUHYHQWLYDPHQWHDODFXVD
GRODSURKLELFLyQGHUHVLGLUHQXQGHWHUPLQDGROXJDUEDUULRPXQLFLSLR
SURYLQFLDXRWUDHQWLGDGORFDOR&RPXQLGDG$XWyQRPDRODSURKLELFLyQ
GHDFXGLUDGHWHUPLQDGRVOXJDUHVEDUULRVPXQLFLSLRVSURYLQFLDVXRWUDV
HQWLGDGHVORFDOHVR&RPXQLGDGHV$XWyQRPDVRGHDSUR[LPDUVHRFRPX
QLFDUVHFRQODJUDGXDFLyQTXHVHDSUHFLVDDGHWHUPLQDGDVSHUVRQDV


',&&,21$5,2352&(6$/%6,&2

25'(1 '( 3527(&&,1 ,17(*5$/ $ )$925 '( /$6 9,&7,0$6 '(

9,2/(1&,$ '20e67,&$ '33 /D TXH HV GLFWDGD SRU HO -X]JDGR GH
9LROHQFLDVREUHOD0XMHUSDUDODSURWHFFLyQGHODVYtFWLPDVGHODYLROHQ
FLDGRPpVWLFDFXDQGRUHVXOWHXQDVLWXDFLyQREMHWLYDGHULHVJRSDUDODV
PLVPDVFRPSUHQGLHQGRWDQWRPHGLGDVFDXWHODUHVRSUHYHQWLYDVFLYLOHV
\SHQDOHVFRPRPHGLGDVGHDVLVWHQFLD\SURWHFFLyQVRFLDO

25'(1(8523($'('(7(1&,1<(175(*$'335HVROXFLyQMXGLFLDO
GLFWDGDHQXQ(VWDGRPLHPEURGHOD8QLyQ(XURSHDFRQYLVWDVDODGH
WHQFLyQ\HQWUHJDSRURWUR(VWDGRPLHPEURGHXQDSHUVRQDDODTXHVH
UHFODPDSDUDHOHMHUFLFLRGHDFFLRQHVSHQDOHVRSDUDODHMHFXFLyQGHXQD
SHQDRXQDPHGLGDGHVHJXULGDGSULYDWLYDGHOLEHUWDG

27526,',*2'3([SUHVLyQHPSOHDGDSDUDLQWURGXFLUHQXQHVFULWRTXHVH
SUHVHQWDDQWHXQyUJDQRMXULVGLFFLRQDOFDGDXQDGHODVSHWLFLRQHVTXHVH
IRUPXODQDFRQWLQXDFLyQGHODSULQFLSDOFRQWHQLGDHQHOVXSOLFR

 
',&&,21$5,2352&(6$/%6,&2

3$*$5e'0'RFXPHQWRHVFULWRPHGLDQWHHOFXDOXQDSHUVRQDVHFRP
SURPHWHDSDJDUDRWUDXQDGHWHUPLQDGDFDQWLGDGGHGLQHURHQXQDIHFKD
DFRUGDGDSUHYLDPHQWH

3$3(/'(2),&,2'*6HGLFHGHDTXHOHODERUDGRFRQIRUPHDODVFDUDF
WHUtVWLFDVWpFQLFDVILMDGDVSRUHO0LQLVWHULRGH-XVWLFLDRODV&RPXQLGDGHV
$XWyQRPDVFRQFRPSHWHQFLDVHQHOTXHVHSODVPDQWRGDV\FDGDXQD
GHODVDFWXDFLRQHVUHVROXFLRQHVRGLOLJHQFLDVGHORVGLIHUHQWHVyUJDQRV
MXULVGLFFLRQDOHVHQVXWDUHDGHDGPLQLVWUDUMXVWLFLD9pDVH8QH$

3$5(17(6&2'&Y/D]RGHYLQFXODFLyQHQWUHORVVHUHVKXPDQRVSRUFRQ
VDQJXLQLGDGDILQLGDGRDGRSFLyQ

3$5/$0(1722(9pDVH&RUWHV*HQHUDOHV

3$57('33HUVRQDRSHUVRQDVTXHSUHWHQGHQPHGLDQWHXQSURFHVROD
REWHQFLyQ DQWH XQ -X]JDGR R 7ULEXQDO GH XQD FRQFUHWD WXWHOD MXUtGLFD
DFWRUHVDVtFRPRSHUVRQDRSHUVRQDVUHVSHFWRGHODVFXDOHVRIUHQWHD
ODVFXDOHVVHSUHWHQGHHVDWXWHODGHPDQGDGRV

3$57( '( $'(/$172 '33 &RPXQLFDFLyQ VHPDQDO TXH HO -XH] KD GH
UHPLWLU DO 3UHVLGHQWH GH OD $XGLHQFLD 3URYLQFLDO GH TXH GHSHQGD LQGL
FiQGROHODVFDXVDVTXHLPSLGHQODFRQFOXVLyQGHOVXPDULRTXHLQVWUX\H
FXDQGRKD\DWUDQVFXUULGRXQPHVGHVGHVXLQFRDFLyQ

 
 ',&&,21$5,2352&(6$/%6,&2

3$57('((67$'2'33,QIRUPHUHDOL]DGRSHULyGLFDPHQWHSRUHO0pGLFR
)RUHQVHDO-X]JDGRR7ULEXQDOPHGLDQWHRILFLRRDWUDYpVGHFRPSDUHFHQ
FLDUHVSHFWRDODHYROXFLyQGHORVGDxRVItVLFRVRVtTXLFRVVXIULGRVSRU
XQOHVLRQDGRDFRQVHFXHQFLDGHOKHFKRLOtFLWRLQYHVWLJDGRHQHOSURFHVR

3$57('(,1&2$&,1'33&RPXQLFDFLyQTXHHO-XH]TXHLQFRDXQ6X
PDULRUHPLWHDO)LVFDO-HIHGHOD$XGLHQFLD3URYLQFLDOGHODTXHGHSHQGH
\DO3UHVLGHQWHGHODPLVPDLQIRUPiQGROHGHODVFLUFXQVWDQFLDVEiVLFDV
\HVHQFLDOHVGHWDOFRPLHQ]R\GHOGHOLWRDOTXHVHUHILHUH&RPXQL
FDFLyQTXHHO-XH]TXHLQFRDXQ3URFHGLPLHQWRUHJXODGRSRUOD/H\GHO
7ULEXQDOGHO-XUDGRUHPLWHDO)LVFDOSDUDTXHFRPSDUH]FDHLQWHUYHQJDHQ
FXDQWDVDFWXDFLRQHVWHQJDQOXJDU

3$57(',6326,7,9$'3)UDJPHQWRGHXQDUHVROXFLyQMXGLFLDOTXHFRQ
WLHQHODRUGHQHOPDQGDWRRODGHFLVLyQGHOyUJDQR

3$57,'2 -8',&,$/ 2- 7HUULWRULR TXH QRUPDOPHQWH FRPSUHQGH YDULRV

SXHEORV GH XQD SURYLQFLD HQ HO FXDO \ SDUD OD DGPLQLVWUDFLyQ GH OD
MXVWLFLDHMHUFHVXMXULVGLFFLyQXQ-XH]GH3ULPHUD,QVWDQFLDH,QVWUXFFLyQ

3$75,021,2'&Y&RQMXQWRGHELHQHVTXHXQDSHUVRQDSRVHHKDELHQGR
VLGRDGTXLULGRVSRUFXDOTXLHUWtWXOR

3(1$'3Q&DVWLJROHJDOLPSXHVWRDTXLHQKDFRPHWLGRXQGHOLWRRXQD
IDOWD

3(1$'2'3Q3HUVRQDDODTXHXQ-XH]R7ULEXQDOFDVWLJDSRUODFRPLVLyQ
GHXQGHOLWRRIDOWDHQDSOLFDFLyQGHODOHJLVODFLyQYLJHQWHHQHOPRPHQWR
GHFRPHWHUOR

3(5'1 '(/ 2)(1','2 '3Q &OHPHQFLD PDQLIHVWDGD DQWH HO yUJDQR

MXGLFLDOSRUHOSHUMXGLFDGRSRUXQGHOLWRRXQDIDOWDTXHLPSOLFDHODUFKLYR
GHOSURFHGLPLHQWRSHQDOHQORVFDVRVHVSHFtILFRVSUHYLVWRVOHJDOPHQWH
\VLHPSUHTXHSDUDODWUDPLWDFLyQGHODFDXVDKD\DVLGRSUHFHSWLYDOD
IRUPXODFLyQGHGHQXQFLD


',&&,21$5,2352&(6$/%6,&2

3(5,2'2'(358(%$'3&(WDSDRIDVHGHORVSURFHGLPLHQWRVFLYLOHV
HQODFXDOODVSDUWHVSURSRQHQODSUXHEDTXHOHVLQWHUHVDSDUDMXVWLILFDU
VXV SUHWHQVLRQHV SUDFWLFiQGRVH WRGD DTXHOOD TXH VHD GHFODUDGD SHUWL
QHQWHSRUHOWLWXODUGHOyUJDQRMXGLFLDOHQHOTXHHOSOHLWRVHWUDPLWD

3(5,72 '3 3HUVRQD FRQ DFHQWXDGRV FRQRFLPLHQWRV DUWtVWLFRV FLHQWtIL

FRVRSUiFWLFRVFX\RLQIRUPHHVQHFHVDULRHQXQSURFHGLPLHQWRSDUDOD
FRUUHFWDDSUHFLDFLyQSRUHOyUJDQRMXGLFLDOGHGHWHUPLQDGRVKHFKRVGH
LQIOXHQFLDHQHOSOHLWR

3(5,7235$&7,&2'36HGLFHGHDTXHOTXHQRSRVHHWLWXODFLyQDFDGp
PLFD RILFLDO DOJXQD TXH DYDOH R MXVWLILTXH VX FDSDFLGDG SDUD LQIRUPDU
KDFLpQGRORHQEDVHDORVFRQRFLPLHQWRVDGTXLULGRVVREUHODPDWHULDSRU
VXH[SHULHQFLD\FRQH[LyQFRQHOODDORODUJRGHORVDxRV

3(5-8',&$'2'333HUVRQDTXHKDVXIULGRXQGDxRRGHWULPHQWRYDORUD
EOHHFRQyPLFDPHQWHDFRQVHFXHQFLDGHODFRPLVLyQGHXQGHOLWRRIDOWD

3(50,626'*/LFHQFLDVGHGLIHUHQWHGXUDFLyQFRQFHGLGDVDORVIXQFLR
QDULRVSRUGLYHUVRVPRWLYRVOHJDOPHQWHSUHYLVWRVSDUDDXVHQWDUVHGHVX
SXHVWRGHWUDEDMR\GHOOXJDUGHVXUHVLGHQFLD

3(5621$1$785$/2),6,&$'&Y6HUKXPDQRLQGLYLGXDOFRQODVIDFXO
WDGHVGHUHFKRV\UHVSRQVDELOLGDGHVTXHOHUHFRQRFHQODVOH\HV

3(5621$-85,',&$'&Y(QWLGDGFDSD]GHDVXPLUGHUHFKRV\REOLJDFLR
QHVDXQTXHFDUHQWHGHH[LVWHQFLDLQGLYLGXDOItVLFDWDOFRPRXQDFRUSR
UDFLyQDVRFLDFLyQHWF

3(5621$56('33UHVHQWDUVHFRPRSDUWHHQXQSURFHGLPLHQWRMXGLFLDO
DOREMHWRGHTXHDSDUWLUGHHVHPRPHQWRVHHQWLHQGDQFRQHOSHUVR
QDGR ODV VXFHVLYDV DFWXDFLRQHV MXGLFLDOHV GH ODV TXH GHEHUi GiUVHOH
FRQRFLPLHQWR

3,(=$'(5(63216$%,/,'$'&,9,/'335DPRVHSDUDGRTXHVHIRUPD
HQHO6XPDULRRHQHO3URFHGLPLHQWR$EUHYLDGRHQHOTXHVHUHIOHMDWRGR
ORUHODWLYRDODVREOLJDFLRQHVSHFXQLDULDVRHFRQyPLFDVGLUHFWDVRVXE
VLGLDULDVGLPDQDQWHVGHOGHOLWRSUHVXQWDPHQWHFRPHWLGR\TXHVHKDQ
GHFUHWDGRSUHYLDPHQWHHQHOH[SHGLHQWHSULQFLSDO

 
 ',&&,21$5,2352&(6$/%6,&2

3,(=$'(6,78$&,13(5621$/'335DPRVHSDUDGRTXHVHIRUPDHQ
HO6XPDULRRHQHO3URFHGLPLHQWR$EUHYLDGRHQHOTXHVHUHIOHMDWRGROR
UHODFLRQDGRFRQODOLEHUWDGRSULVLyQSURYLVLRQDOGHODFXVDGR\TXHVHKD
GHFUHWDGRSUHYLDPHQWHHQHOH[SHGLHQWHSULQFLSDO

3,(=$6 '( &219,&&,1 '33 6H GLFH GH ODV DUPDV LQVWUXPHQWRV R
HIHFWRVGHFXDOTXLHUFODVHTXHHO-XH]LQVWUXFWRUUHFRJHHQORVSULPHURV
PRPHQWRVGHOOXJDUHQTXHHOGHOLWRVHFRPHWLyRGHVXVLQPHGLDFLRQHV
RSRUHVWDUHQSRGHUGHOUHRRHQRWURVLWLRFRQRFLGRSRUSUHVXPLUVHVX
UHODFLyQFRQHOKHFKRGHOLFWLYRFRPHWLGR

3,(=$6(3$5$'$'3&RQMXQWRGHDFWXDFLRQHVSURFHVDOHVWUDPLWDGDVDO
PDUJHQGHOH[SHGLHQWHSULQFLSDOHQXQUDPRDELHUWRDOHIHFWRtQWLPD
PHQWHFRQHFWDGDVFRQHOREMHWRGHDTXHO

3,*125$5'&Y'DUXQELHQPXHEOHHQSUHQGDSDUDDVHJXUDUHOSDJRGH
XQDGHXGD9pDVH3UHQGD9pDVH%LHQ0XHEOH

3/$=2'33HULRGRGHWLHPSRTXHVHFRQFHGHDODVSDUWHVHQXQSURFHVR
SDUDUHDOL]DUXQDGHWHUPLQDGDDFWXDFLyQ

3/,&$'36REUHFHUUDGR\VHOODGRHQHOTXHVHJXDUGDDOJ~QGRFXPHQWR
TXHQRKDGHKDFHUVHS~EOLFRKDVWDODOOHJDGDGHXQDIHFKDXRFDVLyQ
GHWHUPLQDGD

3/,(*2'(326,&,21(6'3&9pDVH,QWHUURJDWRULRGH3UHJXQWDVDODV
3DUWHV(QOD/H\GH(QMXLFLDPLHQWR&LYLOGH\DGHURJDGDGRFX
PHQWRTXHFRQWHQtDODVSUHJXQWDVRFXHVWLRQHVTXHXQDSDUWHSODQWHDED
DODFRQWUDULDHQXQSURFHGLPLHQWRFLYLOSDUDVXFRQWHVWDFLyQHQODSUXH
EDGHFRQIHVLyQMXGLFLDO

32'(5(-(&87,922(UJDQRRFRQMXQWRGHyUJDQRVTXHGHVHPSHxDQ
EiVLFDPHQWHODVWDUHDVGHHMHFXFLyQGHODVOH\HV\GHJRELHUQRGHO(VWDGR

32'(5 (63(&,$/ 3$5$ 3/(,726 '* $SRGHUDPLHQWR R PDQGDWR TXH

VHRWRUJDDIDYRUGH3URFXUDGRUSDUDTXHSXHGDUHDOL]DUHQVXQRPEUH
YiOLGDPHQWHGHWHUPLQDGRVDFWRVSURFHVDOHVDORVTXHODOH\FRQILHUHHV
SHFLDOVLQJXODULGDG


',&&,21$5,2352&(6$/%6,&2

32'(5 *(1(5$/ 3$5$ 3/(,726 '3 $SRGHUDPLHQWR R PDQGDWR TXH

VHRWRUJDDIDYRUGHXQ3URFXUDGRUSDUDTXHUHDOLFHHQVXQRPEUHYiOL
GDPHQWHWRGRVORVDFWRVSURFHVDOHVFRPSUHQGLGRVGHRUGLQDULRHQOD
WUDPLWDFLyQGHDTXHOORV

32'(5-8',&,$/2(UJDQRRFRQMXQWRGHyUJDQRVTXHGHVHPSHxDQOD
WDUHDGHDGPLQLVWUDUMXVWLFLD

32'(5/(*,6/$7,922(UJDQRRFRQMXQWRGHyUJDQRVTXHGHVHPSH
xDQEiVLFDPHQWHODVIXQFLRQHVGHHODERUDUUHIRUPDU\GHURJDUODVOH\HV

32'(5 3$5$ 3/(,726 '3 $XWRUL]DFLyQ HIHFWXDGD DQWH 1RWDULR R DQWH

6HFUHWDULR-XGLFLDOPHGLDQWHODFXDOXQDSHUVRQDIDFXOWDDRWUDJHQH
UDOPHQWH3URFXUDGRUGHORV7ULEXQDOHVSDUDTXHHQOXJDUGHHOOD\UHSUH
VHQWiQGRODFRPSDUH]FD\DFW~HHQMXLFLR

32/,&$-8',&,$/2-/DTXHWLHQHFRPRPLVLyQODDYHULJXDFLyQGHORV
GHOLWRV S~EOLFRV \ OD SHUVHFXFLyQ GH ORV GHOLQFXHQWHV DFWXDQGR HQ HO
FXPSOLPLHQWR GH HVDV WDUHDV EDMR ODV yUGHQHV GLUHFWDV GHO 0LQLVWHULR
)LVFDOGHORV-XHFHV\GHORV7ULEXQDOHV

326(6,1'&Y7HQHQFLDGHXQDFRVDPDWHULDORFRUSyUHDFRQiQLPRGH
FRQVHUYDUODSDUDVtRSDUDRWUR

326,&,21(63/,(*2'('3&9pDVH3OLHJRGH3RVLFLRQHV

326725'39pDVH/LFLWDGRU

32678/$&,1'37pUPLQRFRQHOTXHVHGHVLJQDHOUHTXLVLWRSURFHVDO
FRQVLVWHQWHHQH[LJLUSDUDXQDDFWXDFLyQYiOLGDHQHOSOHLWRODDVLVWHQFLD
GHODSDUWHSRUGHWHUPLQDGRVSURIHVLRQDOHVHVSHFLDOPHQWHFXDOLILFDGRV
FRPRVRQHO3URFXUDGRU\HO$ERJDGR

326785$'32IHUWDUHDOL]DGDSRUHOSRVWRUROLFLWDGRUUHVSHFWRDXQELHQ
VXEDVWDGRS~EOLFDPHQWH

 
 ',&&,21$5,2352&(6$/%6,&2

35(&$5,2'&Y3RVHVLyQSRUXQDWHUFHUDSHUVRQDGHXQELHQLQPXHEOH
JUDFLDVDODPHUDWROHUDQFLDRYROXQWDGGHVXSURSLHWDULRVLQTXHSRUHOOR
HOSRVHHGRUOHDERQHUHQWDDOJXQD

35(&/86,1'3(IHFWRTXHVREUHORVDFWRVSURFHVDOHVSURGXFHHOWUDQV
FXUVRRILQDOL]DFLyQGHSOD]RV\WpUPLQRVSUHYLVWRVSDUDHOORV\TXHLP
SOLFDTXHXQDYH]FRQFOXLGRVGLFKRVDFWRVVRQLPSRVLEOHVRLQHILFDFHV

35((;,67(1&,$'(&/$5$&,1'('33,QIRUPDFLyQIDFLOLWDGDSRUWHV
WLJRVUHVSHFWRDODVFDUDFWHUtVWLFDVItVLFDVHVHQFLDOHVGHREMHWRVTXHKDQ
VLGRUREDGRV\QRUHFXSHUDGRVSDUDTXHVXGHVFULSFLyQVLUYDGHEDVHD
ORVSHULWRVTXHKDQGHLQIRUPDUVREUHVXDSUR[LPDGRYDORU

35(*817$6'(/,17(552*$725,2$/$63$57(6'3&,QWHUURJDQWHV
TXHVHIRUPXODQRUDOPHQWHDXQDGHODVSDUWHVHQXQSURFHGLPLHQWRFLYLO
DLQVWDQFLDGHODFRQWUDULDHQHOVHQRGHODSUXHEDGH,QWHUURJDWRULRGH
ODVSDUWHV

35(*817$6 '(/ ,17(552*$725,2 $ 7(67,*26 '3& ,QWHUURJDQWHV

TXHVHSODQWHDQRUDOPHQWHHQXQSURFHGLPLHQWRFLYLODORVWHVWLJRVSUR
SXHVWRVSRUFDGDSDUWHDLQVWDQFLDGHODTXHKDLQWHUHVDGRODSUXHED
RGHODFRQWUDULDHQHOVHQRGHODSUXHEDGH,QWHUURJDWRULRGH7HVWLJRV

35(1'$'&Y%LHQPXHEOHTXHVHVXMHWDHVSHFLDOPHQWHDODVHJXULGDGR
FXPSOLPLHQWRGHXQDREOLJDFLyQGHPDQHUDTXHVLODREOLJDFLyQQRVH
FXPSOHHOELHQPXHEOHGDGRHQSUHQGDSLJQRUDGRSDVDDVHUSURSLHGDG
GHOWLWXODUGHODREOLJDFLyQRVHYHQGHHQVXEDVWDSDUDFRQHOSURGXFWR
KDFHUSDJRGHODPLVPD9pDVH3LJQRUDU

35(3$5$&,1'(/-8,&,225$/'33)DVHLQWHUPHGLDGHORVSURFHVRV
SHQDOHVXELFDGDHQWUHODILQDOL]DFLyQGHODLQVWUXFFLyQRGLOLJHQFLDVSUH
YLDV\HOFRPLHQ]RGHODVVHVLRQHVGHOMXLFLRRUDOHQODTXHVHGHVDUUROOD
EiVLFDPHQWHHOWUiPLWHGHHODERUDFLyQ\SUHVHQWDFLyQGHORVHVFULWRVGH
DFXVDFLyQRFDOLILFDFLyQ\GHGHIHQVD

35(3$5$&,1 '( 81 5(&8562 (6&5,72 '( '3 6H GLFH GH DTXHO
TXHVHSUHVHQWDDQWHHOyUJDQRMXGLFLDOTXHGLFWyODUHVROXFLyQFRQODTXH
QRVHHVWiFRQIRUPHPHGLDQWHHOFXDOVHDQXQFLDHOGHVHRGHODSDUWH


',&&,21$5,2352&(6$/%6,&2

TXHORDSRUWDGHLQWHUSRQHUUHFXUVRFRQWUDHOODLQWHUSRVLFLyQHVWDTXH
VHHIHFWXDUiSRVWHULRUPHQWHDQWHHOPLVPR7ULEXQDORDQWHDTXHOTXHOR
KD\DGHUHVROYHU

35(6&5,3&,1'3Q&DXVDGHH[WLQFLyQGHODUHVSRQVDELOLGDGFULPLQDO
EDVDGD HQ HO WUDQVFXUVR GH WLHPSR \ TXH DIHFWD WDQWR D ORV GHOLWRV \
IDOWDVFRPRDODVSHQDVLPSXHVWDVSDUDVXFDVWLJR

35(62'335HRLQGLYLGXRLQWHUQDGRHQXQHVWDEOHFLPLHQWRSHQLWHQFLDULR
\DVHDSURYLVLRQDOPHQWHDODHVSHUDGHTXHVHUHVXHOYDVXFDXVDRSUR
FHVR\DFXPSOLHQGRODFRQGHQDSULYDWLYDGHOLEHUWDGTXHOHKD\DVLGR
LPSXHVWDSRUVHQWHQFLDILUPH

35(681&,21(6358(%$'('&Y'3&9pDVH3UXHEDGH3UHVXQFLRQHV

35(9(1&,1$&78$&,21(6$'339pDVH$FWXDFLRQHVD3UHYHQFLyQ

35,0(5$&23,$'36HGLFHGHDTXHOODH[WUDtGDGLUHFWDPHQWHGHODPD
WUL]GHXQDHVFULWXUDS~EOLFD\TXHVDOYRVLH[SUHVDPHQWHHVLPSXJQDGD
VXDXWHQWLFLGDGFRQVWLWX\HSUXHEDGRFXPHQWDOS~EOLFDSRUVtPLVPDVLQ
QHFHVLGDGGHDFWXDFLyQDOJXQDFRPSOHPHQWDULD

35,1&,3,2$&86$725,2'331RUPDHQYLUWXGGHODFXDOHOyUJDQRMX
ULVGLFFLRQDOSHQDOHVWiYLQFXODGRDODKRUDGHDGRSWDUGHWHUPLQDGDVGH
FLVLRQHVVLQTXHSXHGDUHDOL]DUWDOHVSURQXQFLDPLHQWRVVLQTXHOHVHDQ
VROLFLWDGRVSRUHO0LQLVWHULR)LVFDORODVDFXVDFLRQHVSHUVRQDGDV0DQL
IHVWDFLRQHVGHHVWHSULQFLSLRVRQSRUHMHPSOR1RVHSXHGHFRQGHQDUD
XQDSHUVRQDVLODDFXVDFLyQQRORSLGH1RVHSXHGHLPSRQHUDOFRQGH
QDGRXQDSHVDVXSHULRUDODPD\RUGHODVVROLFLWDGDVSRUODDFXVDFLyQ
QRVHSXHGHRUGHQDUHOLQJUHVRHQSULVLyQSURYLVLRQDOGHXQGHWHQLGRR
LPSXWDGRVLQTXHWDOPHGLGDVHDLQWHUHVDGDSRUODDFXVDFLyQYpDVHFRQ
UHVSHFWRDHVWH~OWLPRHMHPSOR5DWLILFDFLyQGHODSULVLyQ$XWRGH

35,6,1'3Q3HQDGHSULYDFLyQGHOLEHUWDGTXHSRGUiVHUJUDYHPHQRV
JUDYHROHYHVHJ~QVXGXUDFLyQVHDPD\RURPHQRU$FWXDOPHQWH\MXQWR
FRQODSHQDGH$UUHVWRGH)LQGH6HPDQDHVOD~QLFDSHQDSULYDWLYDGH
OLEHUWDGSUHYLVWDHQQXHVWUR'HUHFKR3HQDO

 
 ',&&,21$5,2352&(6$/%6,&2

35,6,10$<25'3Q3HQDSULYDWLYDGHOLEHUWDGVXSULPLGDSRUHOYLJHQWH
&yGLJR3HQDOTXHWHQtDXQDGXUDFLyQGHHQWUHVHLVDxRV\XQGtDKDVWD
GRFHDxRV

35,6,10(125'3Q3HQDSULYDWLYDGHOLEHUWDGVXSULPLGDSRUHOYLJHQ
WH&yGLJR3HQDOTXHWHQtDXQDGXUDFLyQGHHQWUHVHLVPHVHV\XQGtD
KDVWDVHLVDxRV

35,6,13529,6,21$/'33/DTXHVHLPSRQHWHPSRUDOPHQWHDOSUH
VXQWRUHVSRQVDEOHGHXQGHOLWRPHGLDQWHDXWRPRWLYDGR\HQORVFDVRV
SUHYLVWRVHQOD/H\SXGLHQGRGHFUHWDUVHHQFXDOTXLHUPRPHQWRGHOSUR
FHVRSHQDODQWHVGHTXHUHFDLJDVHQWHQFLDILUPH

35,6,13529,6,21$/&2081,&$'$'33/DTXHVHLPSRQHDOSUH
VXQWR UHVSRQVDEOH GH XQ GHOLWR FRQGLFLRQDO R LQFRQGLFLRQDOPHQWH VLQ
SULYDUOH GHO GHUHFKR D UHFLELU YLVLWDV HQ OD IRUPD \ FRQ OD IUHFXHQFLD
HVWDEOHFLGDHQODOHJLVODFLyQSHQLWHQFLDULD

35,6,1 3529,6,21$/ &21',&,21$/ '33 /D TXH HO yUJDQR MXGLFLDO

GHFUHWD UHVSHFWR DO SUHVXQWR UHVSRQVDEOH GH XQ GHOLWR \ GH OD TXH VH
SRGUiOLEUDUVLSUHVWDODILDQ]DTXHOHVHDH[LJLGD

35,6,13529,6,21$/,1&2081,&$'$'33/DTXHVHLPSRQHDOSUH
VXQWRUHVSRQVDEOHGHXQGHOLWRFRQGLFLRQDORLQFRQGLFLRQDOPHQWHUHV
WULQJLHQGRRDQXODQGRWHPSRUDOPHQWHHOGHUHFKRGHOSUHVRDUHFLELUODV
YLVLWDVDXWRUL]DGDVFRQFDUiFWHUJHQHUDOHQODOHJLVODFLyQSHQLWHQFLDULD

35,6,13529,6,21$/,1&21',&,21$/'33/DTXHVHLPSRQHDOSUH
VXQWR UHVSRQVDEOH GH XQ GHOLWR HQ ORV FDVRV OHJDOPHQWH SUHYLVWRV VLQ
GHWHUPLQDUVHFRQGLFLyQDOJXQDFX\RFXPSOLPLHQWRSXHGDOLEUDUOHGHHOOD

352&(',0,(172'*&RQMXQWRGHDFWXDFLRQHVMXGLFLDOHV([SHGLHQWH
MXGLFLDO$XWRV

352&(',0,(172$%5(9,$'2'33([SHGLHQWHMXGLFLDOSHQDOWUDPLWDGR
SDUDHOHQMXLFLDPLHQWR\UHVROXFLyQGHGHOLWRVFDVWLJDGRVFRQSHQDSULYD
WLYDGHOLEHUWDGQRVXSHULRUDQXHYHDxRVRELHQFRQFXDOHVTXLHUDRWUDV


',&&,21$5,2352&(6$/%6,&2

SHQDVGHGLVWLQWDQDWXUDOH]DPXOWDVUHWLUDGDGHSHUPLVRVGHFRQGXFLU
R OLFHQFLDV GH FD]D HWF ELHQ VHDQ ~QLFDV FRQMXQWDV R DOWHUQDWLYDV
LQGHSHQGLHQWHPHQWHGHVXFXDQWtDRGXUDFLyQ

352&(',0,(172$17((/75,%81$/'(/-85$'2'33([SHGLHQWH
MXGLFLDOSHQDOWUDPLWDGRSDUDHOHQMXLFLDPLHQWR\UHVROXFLyQSRUSDUWHGHO
7ULEXQDOGHO-XUDGRGHGHWHUPLQDGRVGHOLWRVSUHGHWHUPLQDGRVSRUOD/H\

352&(',0,(172'($35(0,2'39pDVH$SUHPLR9tDGH9pDVH(MH
FXFLyQ

352&(',0,(172 '( &2*1,&,1 '3& ([SHGLHQWH MXGLFLDO FLYLO \D

LQH[LVWHQWH WUDV OD HQWUDGD HQ YLJRU GH OD /H\ GH (QMXLFLDPLHQWR &LYLO
GHGH(QHURTXHVHUYtDGHFDXFHEiVLFDPHQWHSDUDHOHQMXL
FLDPLHQWR\UHVROXFLyQGHFXHVWLRQHVFLYLOHVFX\RYDORURFXDQWtDVXSH
UDEDODVRFKHQWDPLOSHVHWDV(XURV\QRH[FHGtDGHRFKRFLHQWDV
PLO(XURV

352&(',0,(172 '( '(6$+8&,2 '3& ([SHGLHQWH MXGLFLDO FLYLO \D

LQH[LVWHQWH WUDV OD HQWUDGD HQ YLJRU GH OD /H\ GH (QMXLFLDPLHQWR &LYLO
GHGHHQHURTXHVHUYtDGHFDXFHSDUDUHVROYHUSHWLFLRQHVGH
UHVFLVLyQGHFRQWUDWRVGHDUUHQGDPLHQWRWDQWRU~VWLFRVFRPRXUEDQRV
SRUIDOWDGHSDJRDOSURSLHWDULRGHODVUHQWDVRDOTXLOHUHVSDFWDGRV(Q
ODDFWXDOLGDGHVWDDFFLyQODGH'HVDKXFLRVHHMHUFLWDDWUDYpVGHO-XLFLR
9HUEDO9pDVH$FFLyQGH'HVDKXFLR\-XLFLR9HUEDO

352&(',0,(172'((-(&8&,1'3&9pDVH(MHFXFLyQ

352&(',0,(172'()$/7$6'339pDVH-XLFLRGH)DOWDV

352&(',0,(172 '( 0$<25 &8$17$ '3& ([SHGLHQWH MXGLFLDO FLYLO

\DLQH[LVWHQWHWUDVODHQWUDGDHQYLJRUGHOD/H\GH(QMXLFLDPLHQWR&LYLO
GHGH(QHURTXHVHUYtDGHFDXFHEiVLFDPHQWHSDUDHOHQMXL
FLDPLHQWR\UHVROXFLyQGHFXHVWLRQHVFLYLOHVFX\RYDORURFXDQWtDH[FHGtD
GHFLHQWRVHVHQWDPLOORQHVGHSHVHWDVHXURV

 
 ',&&,21$5,2352&(6$/%6,&2

352&(',0,(172 '( 0(125 &8$17$ '3& ([SHGLHQWH MXGLFLDO FLYLO

\DLQH[LVWHQWHWUDVODHQWUDGDHQYLJRUGHOD/H\GH(QMXLFLDPLHQWR&LYLO
GHGH(QHURTXHVHUYtDGHFDXFHEiVLFDPHQWHSDUDHOHQ
MXLFLDPLHQWR\UHVROXFLyQGHFXHVWLRQHVFLYLOHVFX\RYDORURFXDQWtDHUD
LQGHWHUPLQDGRRVXSHUDEDODVRFKRFLHQWDVPLOSHVHWDV(XURV
QRH[FHGLHQGRGHFLHQWRVHVHQWDPLOORQHVHXURV

352&(',0,(172 '( 5(75$&72 '3& -XLFLR 2UGLQDULR FLYLO TXH VLUYH

GHFDXFHSDUDHQMXLFLDU\UHVROYHUUHVSHFWRDOGHUHFKRGHXQDSHUVRQDD
DGTXLULUODILQFDU~VWLFDRXUEDQDFRPSUDGDSRURWURHQORVFDVRVSUH
YLVWRVHQOD/H\\HQODVPLVPDVFRQGLFLRQHVTXHVHUHDOL]yODRSHUDFLyQ
RULJLQDO9pDVH5HWUDFWR

352&(',0,(172 (-(&87,92 '3& ([SHGLHQWH MXGLFLDO FLYLO \D LQH[LV

WHQWHWUDVODHQWUDGDHQYLJRUGHOD/H\GH(QMXLFLDPLHQWR&LYLO
GH  GH (QHUR TXH VHUYtD GH EDVH DO HQMXLFLDPLHQWR \ UHVROXFLyQ GH
UHLYLQGLFDFLRQHVGLQHUDULDVEDVDGDVHQDFWRVRGRFXPHQWRVDORVTXHOD
/H\UHFRQRFHH[SUHVDPHQWHODSRVLELOLGDGGHHPSOHDUHVWDYtDSDUDVX
UHFODPDFLyQSRURWRUJDUOHVORTXHVHOODPDIXHU]DHMHFXWLYD(QODDFWXD
OLGDG\GHQWURGHOSDQRUDPDSURFHVDOHVSDxROVXSDSHOKDVLGRDVXPLGR
IXQGDPHQWDOPHQWHSRUHO-XLFLR0RQLWRULR\HO-XLFLR&DPELDULR9pDVH
-XLFLR0RQLWRULR9pDVH-XLFLR&DPELDULR9pDVH(MHFXFLyQ

352&(',0,(172 ,1&,'(17$/ '3& $TXHO HQ HO TXH VH VXVWDQFLDQ \

GHFLGHQFXHVWLRQHVLQFLGHQWDOHV9pDVH&XHVWLyQ,QFLGHQWDO

352&(',0,(172 ,17(5',&7$/ '3& ([SHGLHQWH FLYLO KR\ LQH[LVWHQWH

WUDVODHQWUDGDHQYLJRUGHOD/H\GH(QMXLFLDPLHQWR&LYLOGHGH
HQHURTXHVHUYtDGHFDXFHSDUDWUDPLWDUODVGLVWLQWDVDFFLRQHVSRVHVRULDV
GHDGTXLULUODSRVHVLyQUHWHQHURUHFREUDUODPLVPDREUDQXHYD\REUDUXL
QRVD$FWXDOPHQWHVXSDSHOKDVLGRDVXPLGRSRUHO-XLFLR9HUEDO9pDVH
$GTXLULUOD3RVHVLyQ$FFLyQGH9pDVH2EUD1XHYD$FFLyQGH9pDVH2EUD
5XLQRVD$FFLyQGH9pDVH5HFREUDUR5HWHQHUODSRVHVLyQ$FFLyQGH

352&(',0,(172021,725,2'3&-XLFLRGHORUGHQMXULVGLFFLRQDOFLYLO
DOTXHGHEHUiDFXGLUTXLHQSUHWHQGDGHRWURHOSDJRGHXQDGHXGDGL
QHUDULDYHQFLGD\H[LJLEOHGHFDQWLGDGGHWHUPLQDGDTXHQRH[FHGDGH
GRVFLHQWRVFLQFXHQWDPLO(XURVFXDQGRDOGHXGDGHHVDFDQWLGDGUHVXOWH
DFUHGLWDGDGRFXPHQWDOPHQWHHQODIRUPDSUHYLVWDHQOD/H\


',&&,21$5,2352&(6$/%6,&2

352&(',0,(17225',1$5,2'3&9pDVH-XLFLR2UGLQDULR

352&(',0,(172680$5,$/'339pDVH6XPDULR2UGLQDULR

352&(',0,(1729(5%$/'3&9pDVH-XLFLR9HUEDO

352&(',0,(172 3$5$ (/ (1-8,&,$0,(172 53,'2 '( '(7(50,

1$'26 '(/,726 '33 3URFHGLPLHQWR SHQDO TXH VH DSOLFD D OD LQV
WUXFFLyQ\DOHQMXLFLDPLHQWRGHGHOLWRVFDVWLJDGRVFRQSHQDSULYDWLYDGH
OLEHUWDGTXHQRH[FHGDGHFLQFRDxRVRFRQFXDOHVTXLHUDRWUDVSHQDV
ELHQVHDQ~QLFDVFRQMXQWDVRDOWHUQDWLYDVFX\DGXUDFLyQQRH[FHGDGH
GLH]DxRVFXDOTXLHUDTXHVHDVXFXDQWtDVLHPSUHTXHHOSURFHVRSHQDO
VHLQFRHHQYLUWXGGHXQDWHVWDGRSROLFLDO\TXHOD3ROLFtD-XGLFLDOKD\D
GHWHQLGRDXQDSHUVRQD\ODKD\DSXHVWRDGLVSRVLFLyQGHO-X]JDGRGH
JXDUGLDRTXHDXQVLQGHWHQHUODODKD\DFLWDGRSDUDFRPSDUHFHUDQWH
HO-X]JDGRGHJXDUGLDSRUWHQHUODFDOLGDGGHGHQXQFLDGRHQHODWHVWDGR
SROLFLDO\DGHPiVFRQFXUUDFXDOTXLHUDGHODVFLUFXQVWDQFLDVVLJXLHQWHV
4XHVHWUDWHGHGHOLWRVIODJUDQWHV4XHVHWUDWHGHDOJXQRGHORV
VLJXLHQWHVGHOLWRVD'HOLWRVGHOHVLRQHVFRDFFLRQHVDPHQD]DVRYLR
OHQFLDItVLFDRSVtTXLFDKDELWXDOFRPHWLGRVFRQWUDODVSHUVRQDVDTXHVH
UHILHUHHODUWtFXORGHO&yGLJR3HQDOE'HOLWRVGHKXUWRF'HOLWRVGH
URERG'HOLWRVGHKXUWR\URERGHXVRGHYHKtFXORVH'HOLWRVFRQWUDOD
VHJXULGDGGHOWUiILFR4XHVHWUDWHGHXQKHFKRSXQLEOHFX\DLQVWUXF
FLyQVHDSUHVXPLEOHTXHVHUiVHQFLOOD

352&(',0,(1723$5$/$',9,6,1'(81$+(5(1&,$'3&&RQ
MXQWR GH WUiPLWHV SURFHVDOHV TXH SUHWHQGHQ OD GLYLVLyQ GH ORV ELHQHV
LQWHJUDQWHVGHXQDKHUHQFLD\VXGLVWULEXFLyQHQWUHORVKHUHGHURV

352&(',0,(172 3$5$ /$ ,17(59(1&,1 '( &$8'$/ +(5(',7$

5,2 '3& &RQMXQWR GH WUiPLWHV SURFHVDOHV TXH WLHQHQ SRU REMHWR HO
DVHJXUDPLHQWRGHORVELHQHVGHXQDKHUHQFLD\GHORVGRFXPHQWRVGH
XQGLIXQWR

352&(',0,(1726$55(1'$7,&,26'3&([SHGLHQWHVMXGLFLDOHVDWUD
YpVGHORVFXDOHVVHWUDPLWDQ\UHVXHOYHQWHPDVUHODFLRQDGRVFRQORVFRQ
WUDWRVGHDUUHQGDPLHQWRVU~VWLFRV\XUEDQRV$FWXDOPHQWHODVDFFLRQHV
DUUHQGDWLFLDVVHWUDPLWDQDWUDYpVGHO-XLFLR2UGLQDULR\GHO-XLFLR9HUEDO
VHJ~QVHDHOREMHWRGHODVPLVPDV

 
 ',&&,21$5,2352&(6$/%6,&2

352&(',0,(1726&217(1&,262$'0,1,675$7,9263&$([SHGLHQ
WHVMXGLFLDOHVTXHVLUYHQGHFDXFHSDUDHOHQMXLFLDPLHQWR\UHVROXFLyQGH
LPSXJQDFLRQHVUHDOL]DGDVFRQWUDDFWRV\GLVSRVLFLRQHVGHILQLWLYRVGLFWD
GRVSRUOD$GPLQLVWUDFLyQ

352&(',0,(1726'(787(/$680$5,$'(/$326(6,1'3&/RV
UHJXODGRVHQOD/H\GH(QMXLFLDPLHQWR&LYLOSDUDODUiSLGDSURWHFFLyQGH
ORVGHUHFKRVGHORVSRVHHGRUHVGHELHQHVRGHUHFKRV6HFDUDFWHUL]DQWDQWR
SRUQRWHQHUODVHQWHQFLDTXHVHGLFWHHIHFWRVGHFRVDMX]JDGDFRPRSRU
HVWDUOLPLWDGRVSDUDODVSDUWHVORVPHFDQLVPRVGHDOHJDFLyQRGHIHQVD

352&(',0,(1726 '( 787(/$ 680$5,$ '( /$ 3523,('$' '3&

/RVUHJXODGRVHQOD/H\GH(QMXLFLDPLHQWR&LYLOSDUDODUiSLGDSURWHFFLyQ
GHORVGHUHFKRVUHDOHVLQVFULWRVHQHO5HJLVWURGHOD3URSLHGDGSURSLH
GDGXVXIUXFWR6HFDUDFWHUL]DQWDQWRSRUQRWHQHUODVHQWHQFLDTXHVH
GLFWHHIHFWRVGHFRVDMX]JDGDFRPRSRUHVWDUOLPLWDGRVSDUDODVSDUWHV
ORVPHFDQLVPRVGHDOHJDFLyQRGHIHQVD

352&(',0,(1726/$%25$/(6'/&RQMXQWRGHH[SHGLHQWHVMXGLFLDOHV
XWLOL]DGRVSDUDHQMXLFLDU\UHVROYHUFXHVWLRQHVYLQFXODGDVFRQODOHJLVOD
FLyQODERUDO

352&(',0,(17260$75,021,$/(6'3&([SHGLHQWHVMXGLFLDOHVDWUD
YpVGHORVFXDOHVVHSUHWHQGHREWHQHUODVHSDUDFLyQHOGLYRUFLRRGLVROX
FLyQRODQXOLGDGGHORVPDWULPRQLRVFXDOTXLHUDTXHKD\DVLGRVXIRUPD
GHFHOHEUDFLyQ$FWXDOPHQWHHVWDVDFFLRQHVVHWUDPLWDQFRQIRUPH DOR
GLVSXHVWRSDUDHO-XLFLR9HUEDOFRQDOJXQDVPRGLILFDFLRQHV

352&(6$'2'333HUVRQDDODTXHVHSUHVXPHUDFLRQDO\FULPLQDOPHQWH
UHVSRQVDEOH GH OD FRPLVLyQGHXQGHOLWRGHFODUiQGRORDVt HO -XH] ,QV
WUXFWRUHQDXWRGLFWDGRDOHIHFWRHQODIDVHGHLQVWUXFFLyQGHO6XPDULR
DGRSWDQGRHQLQGLFDGDUHVROXFLyQFRQWUDGLFKRLQGLYLGXRGLYHUVDVPHGL
GDVWHQGHQWHVDDVHJXUDUWDQWRVXSHUVRQDFRPRVXVELHQHVFRQHOILQGH
JDUDQWL]DUODHMHFXFLyQGHXQDSRVLEOH\IXWXUDVHQWHQFLDFRQGHQDWRULD

352&(6$0,(172$872'('335HVROXFLyQMXGLFLDOPRWLYDGDTXHGLFWD
HQ-XH]HQODIDVHGHLQVWUXFFLyQGHO6XPDULRGHFODUDQGRSURFHVDGDDOD
SHUVRQDUHVSHFWRGHODFXDOH[LVWHQLQGLFLRVUDFLRQDOHVGHFULPLQDOLGDG
DGRSWiQGRVHFRQWUDODPLVPDPHGLGDVDVHJXUDWLYDVWDQWRGHVXSHUVRQD


',&&,21$5,2352&(6$/%6,&2

FRPRGHVXVELHQHVFRQHOILQGHJDUDQWL]DUODHMHFXFLyQGHXQDSRVLEOH
\IXWXUDVHQWHQFLDFRQGHQDWRULD

352&(62'((-(&8&,1'3&9pDVH(MHFXFLyQ

352&85$'25'33URIHVLRQDOOLEHUDOTXHHQYLUWXGGHXQSRGHURWRUJDGR
DQWH1RWDULRRDQWH6HFUHWDULR-XGLFLDOHMHUFHOHJDOPHQWHDQWH-X]JDGRV
\7ULEXQDOHVODUHSUHVHQWDFLyQGHTXLHQORKDDSRGHUDGRDFWXDQGRYiOL
GDPHQWHHQVXQRPEUH

3520(6$'39pDVH-XUDPHQWR

3520(6$ '( $&78$5 &21 2%-(7,9,'$' '3& 9pDVH -XUDPHQWR R

3URPHVDGH$FWXDUFRQ2EMHWLYLGDG

3520(6$ '( '(&,5 9(5'$' '3& 9pDVH -XUDPHQWR R 3URPHVD GH

'HFLU9HUGDG

35202&,1,17(51$'*$VFHQVRGHORVIXQFLRQDULRVS~EOLFRVGHVGH
FXHUSRV GH QLYHO LQIHULRU D RWURV GH VXSHULRU FXDOLILFDFLyQ D WUDYpV GH
FRQFXUVRVGHPpULWRVHQWUHHPSOHDGRVS~EOLFRVQRPHGLDQWHRSRVLFLyQ
OLEUHHQFRPSHWHQFLDLJXDOLWDULDFRQTXLHQD~QQRORHV

3523,('$' '&Y 'HUHFKR TXH WHQHPRV VREUH ORV ELHQHV TXH QRV SHU
WHQHFHQ SDUD XVDU \ GLVSRQHU GH HOORV OLEUHPHQWH \ SDUD UHFODPDU OD
GHYROXFLyQGHORVTXHHVWpQHQSRGHUGHWHUFHUDVSHUVRQDV

35272&2/,=$&,1'3$FFLyQ\HIHFWRSRUHOTXHVHLQFRUSRUDXQGRFX
PHQWRRH[SHGLHQWHDODUFKLYRRSURWRFRORQRWDULDO

35272&2/2'*$UFKLYRGHO1RWDULR

3529,'(1&,$'35HVROXFLyQGHO-XH]RWULEXQDOTXHVHGLFWDUiFXDQWR
HO SURQXQFLDPLHQWR VH UHILHUD D FXHVWLRQHV SURFHVDOHV \ SRU WDQWR GH
WUiPLWHTXHUHTXLHUDQXQDGHFLVLyQMXGLFLDOSRUDVtHVWDEOHFHUOROD/H\
VLHPSUHTXHHQWDOHVFDVRVQRVHH[LMDH[SUHVDPHQWHODIRUPDGHDXWR

 
 ',&&,21$5,2352&(6$/%6,&2

3529,6,1'()21'26'3$QWLFLSRHFRQyPLFRTXHHOSRGHUGDQWHGHEH
UHDOL]DUDO3URFXUDGRUDFX\RIDYRUKDRWRUJDGRSRGHURPDQGDWRSDUD
TXHOHUHSUHVHQWHHQXQGHWHUPLQDGRSURFHVRDOREMHWRGHTXHFRQHO
GLQHURHQWUHJDGRHOUHSUHVHQWDQWHSXHGDFRPHQ]DUDSDOLDUORVJDVWRV
TXHVHJHQHUHQ

358(%$'3&DGDXQRGHORVPHGLRVXWLOL]DGRVSRUODVSDUWHVHQXQSUR
FHVRSDUDDFUHGLWDUDQWHHOyUJDQRMXGLFLDOODFHUWH]DGHORVKHFKRVTXH
VRQEDVHGHVXVSUHWHQVLRQHV

358(%$$17,&,3$&,1<$6(*85$0,(172'(/$'3&3UiFWLFDDQ
WLFLSDGDGHDOJ~QDFWRGHSUXHEDTXHWLHQHOXJDUDSHWLFLyQGHSDUWH\
SUHYLD DXWRUL]DFLyQ GHO WULEXQDO FXDQGR H[LVWD WHPRU IXQGDGR GH TXH
SRU FDXVD GH ODV SHUVRQDV R GHO HVWDGR GH ODV FRVDV GLFKRV DFWRV QR
SRGUiQUHDOL]DUVHHQHOPRPHQWRSURFHVDOJHQHUDOPHQWHSUHYLVWR

358(%$ '( &21)(6,1 -8',&,$/ '3& 9pDVH &RQIHVLyQ -XGLFLDO 

9pDVH3UXHEDGH,QWHUURJDWRULRGHODV3DUWHV

358(%$'(&27(-2'(/(75$6'3&3UXHEDSHULFLDOTXHVHSUDFWLFD
FXDQGRVHQLHJDRQRVHUHFRQRFHODDXWHQWLFLGDGGHXQGRFXPHQWRSUL
YDGRSUHVHQWDGRHQMXLFLR

358(%$'(',&7$0(1'(3(5,726'3&0HGLRGHSUXHEDFRQVLVWHQ
WHHQODHPLVLyQDLQVWDQFLDGHSDUWHRGHRILFLRSRUXQDRYDULDVSHU
VRQDVH[SHUWDVHQPDWHULDVFLHQWtILFDVDUWtVWLFDVRWpFQLFDVGHXQGLFWD
PHQGLULJLGRDSHUPLWLUDOyUJDQRMXGLFLDOHOFRQRFLPLHQWRRDSUHFLDFLyQ
FRUUHFWRGHFLHUWRVKHFKRVGHFRQWHQLGRRFDUDFWHUtVWLFDVQRMXUtGLFDV

358(%$'('2&80(172635,9$'26'3&$TXHOODFRQVLVWHQWHHQOD
DSRUWDFLyQDOSURFHVRGHGRFXPHQWRVIRUPDGRVSRUSDUWLFXODUHVKDELHQ
GR LQWHUYHQLGR HQ VX UHGDFFLyQ VyOR ORV SURSLRV LQWHUHVDGRV  9pDVH
'RFXPHQWR3ULYDGR

358(%$'('2&80(172638%/,&26'3&$TXHOODFRQVLVWHQWHHQOD
DSRUWDFLyQDOSOHLWRGHGRFXPHQWRVDXWRUL]DGRSRU1RWDULRRSRUIXQFLR
QDULRS~EOLFRFRPSHWHQWHFRQODVVROHPQLGDGHVSUHYLVWDVHQOD/H\
9pDVH'RFXPHQWR3~EOLFR


',&&,21$5,2352&(6$/%6,&2

358(%$'(,17(552*$725,2'(/$63$57(6'3&0HGLRGHSUXH
EDH[LVWHQWHHQORVSURFHGLPLHQWRVFLYLOHVHQYLUWXGGHOFXDOFDGDSDUWH
SRGUiVROLFLWDUGHOWULEXQDOHOLQWHUURJDWRULRGHODVGHPiVVREUHKHFKRV
\FLUFXQVWDQFLDVGHORVTXHWHQJDQQRWLFLD\TXHJXDUGHQUHODFLyQFRQ
HOREMHWRGHOMXLFLR$QWHVGHODHQWUDGDHQYLJRUGHOD/H\GH
(QMXLFLDPLHQWR&LYLOHVWDSUXHEDHUDGHQRPLQDGD&RQIHVLyQ-XGLFLDO
9pDVH3UHJXQWDVGHO,QWHUURJDWRULRDODV3DUWHV

358(%$'(,17(552*$725,2'(7(67,*26'3&0HGLRGHSUXHED
FRQVLVWHQWHHQODIRUPXODFLyQGHGLYHUVDVFXHVWLRQHVRSUHJXQWDVVREUH
HOREMHWRGHOSURFHVRDWHUFHUDVSHUVRQDVDMHQDVDOPLVPR9pDVH3UH
JXQWDVGHO,QWHUURJDWRULRSDUD7HVWLJRV

358(%$ '( 0(',26 '( 5(352'8&&,1 '( /$ 3$/$%5$ /$ ,0$
*(1<(/621,'2'3&0HGLRGHSUXHEDFRQVLVWHQWHHQODDGPLVLyQ
FRPRVLVWHPDDFUHGLWDWLYRGHXQRVKHFKRVGHPHGLRVGHUHSURGXFFLyQ
GHODSDODEUDODLPDJHQ\HOVRQLGRDVtFRPRGHORVLQVWUXPHQWRVTXH
SHUPLWHQDUFKLYDU\FRQRFHURUHSURGXFLUSDODEUDVGDWRVFLIUDV\RSHUD
FLRQHVPDWHPiWLFDVOOHYDGDVDFDERFRQILQHVFRQWDEOHVRGHRWUDFODVH
UHOHYDQWHVSDUDHOSURFHVR

358(%$ '( 35(681&,21(6 '3& $FWXDFLyQ LQWHOHFWXDO TXH FRQVLVWH

HQWHQHUFRPRFLHUWRXQKHFKRTXHVHSUHVXPHDSDUWLUGHODDVXQFLyQ
FRPRYHUGDGHURGHRWURKHFKRGLVWLQWRTXHOHVLUYHDOSULPHURGHLQGLFLR
REDVH

358(%$'(5(&212&,0,(172-8',&,$/'3&0HGLRGHSUXHEDFRQ
VLVWHQWHHQHOH[DPHQTXHUHDOL]DSRUVtPLVPRHOSURSLR-XH]TXHWUDPLWD
HODVXQWRGHOVLWLRRFRVDOLWLJLRVDSODVPDQGRHQXQDFWDOHYDQWDGDDO
HIHFWRODVLPSUHVLRQHVTXHWDODSUHFLDFLyQOHSURGXFH

358(%$',/,*(1&,$6),1$/(6'('3&9pDVH'LOLJHQFLDV)LQDOHVGH
3UXHED

358(%$ '2&80(17$/ 35,9$'$ '3&9pDVH3UXHEDGH'RFXPHQWRV

3ULYDGRV

 
 ',&&,21$5,2352&(6$/%6,&2

358(%$ '2&80(17$/ 3%/,&$ '3& 9pDVH 3UXHED GH 'RFXPHQWRV

3~EOLFRV

358(%$3(5,&,$/'3&9pDVH3UXHEDGH'LFWDPHQGH3HULWRV

358(%$7(67,),&$/'3&9pDVH3UXHEDGH,QWHUURJDWRULRGH7HVWLJRV


',&&,21$5,2352&(6$/%6,&2

48(%5$17$0,(172 '( &21'(1$ '3Q 'HOLWR FRQVLVWHQWH HQ HO LQ

FXPSOLPLHQWRYROXQWDULRHLOHJDOSURWDJRQL]DGRSRUHOFRQGHQDGRGHOD
SHQDTXHVHOHKDLPSXHVWR

48(%5$17$0,(172'()250$'39pDVH5HFXUVRGH&DVDFLyQ

48(-$'39pDVH5HFXUVRGH4XHMD

48(5(//$'33$FXVDFLyQDQWH-XH]R7ULEXQDOFRPSHWHQWHHMHFXWDGD
SRUHVFULWR\REVHUYDQGRODVVROHPQLGDGHVSUHYLVWDVHQOD/H\SRUODTXH
VHFRQVWLWX\HTXLHQODIRUPXODTXHUHOODQWHFRPRSDUWHHQHOSURFHVR
HMHUFLWiQGRVHDVXWUDYpVODDFFLyQSHQDOFRQWUDODSHUVRQDRSHUVRQDV
TXHUHOODGRVTXHTXLHQODVXVFULEHFRQVLGHUDSUHVXQWDPHQWHUHVSRQVD
EOHVGHOGHOLWRTXHVHSRQHHQFRQRFLPLHQWRGHOyUJDQRMXGLFLDO

48(5(//$'2 '33 3HUVRQD FRQWUD OD TXH VH IRUPXOD XQD TXHUHOOD SRU
HVWLPDUOHUHVSRQVDEOHGHODFRPLVLyQGHXQGHOLWR

48(5(///$17('333HUVRQDTXHLQWHUSRQHXQDTXHUHOOD

48,(%5$ -8,&,2 '( '3& 3OHLWR FX\R REMHWR HV OLTXLGDU \ FDOLILFDU OD
VLWXDFLyQ GHO FRPHUFLDQWH R HPSUHVDULR TXH QR SXHGH KDFHU IUHQWH DO
FXPSOLPLHQWRGHODVREOLJDFLRQHVTXHWLHQHFRQWUDtGDV

 
',&&,21$5,2352&(6$/%6,&2

5$026(3$5$'2'39pDVH3LH]D6HSDUDGD

5$7,),&$&,1'(/$35,6,1$872'('335HVROXFLyQMXGLFLDOPR
WLYDGDTXHHO-XH]GH,QVWUXFFLyQKDGHGLFWDUFXDQGRKD\DRUGHQDGRHO
LQJUHVRHQSULVLyQSURYLVLRQDOGHXQDSHUVRQDDQWHODFRQFXUUHQFLDGHXQD
H[WUDRUGLQDULD\XUJHQWHFDXVDVLQSHWLFLyQHOHIHFWRUHDOL]DGDSRUODDFX
VDFLyQ'HFUHWDGDODSULVLyQSRUHO-XH]VLQVROLFLWXGSUHYLDGHEHUiVHUFH
OHEUDGDODFRPSDUHFHQFLDOHJDOPHQWHSUHYLVWD\DODYLVWDGHVXUHVXOWDGR
VHGLFWDUiODUHVROXFLyQTXHVHGHILQHXRWUDGHMDQGRVLQHIHFWRODSULVLyQ
HQHOFDVRGHTXHQLQJXQDGHODVSDUWHVSHUVRQDGDVODKD\DLQWHUHVDGR

5$=21$0,(1726-85,',&26'33DUWHGHODVUHVROXFLRQHVGHQRPLQD
GDV $XWR R 'HFUHWR TXH FRQWLHQH ORV IXQGDPHQWRV OHJDOHV HQ ORV
TXHHOyUJDQRMXGLFLDORHO6HFUHWDULR-XGLFLDOVHEDVDQSDUDGHFLGLUOD
FXHVWLyQ

5(%(/'('3'HPDQGDGRTXHQRFRPSDUHFHHQIRUPDHQODIHFKDRHQ
HOSOD]RVHxDODGRHQODFLWDFLyQRHPSOD]DPLHQWRVLHQGRGHFODUDGRHQ
VLWXDFLyQSURFHVDOGHUHEHOGtDVLQTXHHOORVHDFRQVLGHUDGRFRPRDOOD
QDPLHQWRRDGPLVLyQGHORVKHFKRVGHODGHPDQGD9pDVH5HFXUVRGH
5HVFLVLyQGH6HQWHQFLDV)LUPHV

5(%(/'$'39pDVH'HFODUDFLyQGH5HEHOGtD

 
 ',&&,21$5,2352&(6$/%6,&2

5(&,%,0,(172$358(%$5(62/8&,12$&8(5'2'('3&$TXHO
HQ HO TXH ILQDOL]DGD OD IDVH GH DOHJDFLRQHV VH DFXHUGD HO LQLFLR GHO
SHULRGRGHOSOHLWRHQHOTXHODVSDUWHVSURSRQGUiQDOyUJDQRMXGLFLDOORV
PHGLRVGHSUXHEDTXHDVXGHUHFKRLQWHUHVHQ\VHSUDFWLFDUiODTXHWDO
yUJDQRGHFODUHSHUWLQHQWHDFRUGiQGRVHORQHFHVDULRSDUDHOOR

5(&/86,1 0$<25 '3Q 3HQD SULYDWLYD GH OLEHUWDG VXSULPLGD SRU HO
YLJHQWH&yGLJR3HQDOTXHWHQtDXQDGXUDFLyQGHHQWUHYHLQWHDxRV\XQ
GtD\WUHLQWDDxRV

5(&/86,1 0(125 '3Q 3HQD SULYDWLYD GH OLEHUWDG VXSULPLGD SRU HO
YLJHQWH&yGLJR3HQDOTXHWHQtDXQDGXUDFLyQGHHQWUHGRFHDxRV\XQR
GtD\YHLQWHDxRV

5(&212&,0,(172 (1 58('$ '33 $FWXDFLyQ MXGLFLDO XWLOL]DGD SDUD

REWHQHUODFRUUHFWDLGHQWLILFDFLyQGHODFXVDGRSRUSDUWHGHOGHQXQFLDQWH
RGHWHVWLJRVTXHVHHMHFXWDSRQLHQGRDODYLVWDGHOTXHKXELHUHGHYHUL
ILFDUORDODSHUVRQDTXHKD\DGHVHUUHFRQRFLGDKDFLpQGRODFRPSDUHFHU
HQXQLyQGHRWUDVGHFLUFXQVWDQFLDVH[WHULRUHVVHPHMDQWHVWDQWRItVLFDV
FRPRGHLQGXPHQWDULD

5(&212&,0,(172 -8',&,$/ '3& 9pDVH 3UXHED GH 5HFRQRFLPLHQWR

-XGLFLDO

5(&212&,0,(1723(5,&,$/'3&([DPHQTXHHOSHULWRHQFDUJDGRGH
LQIRUPDUDOyUJDQRMXGLFLDOUHDOL]DSRUVtPLVPRGHOELHQRFRVDREMHWR
GHVXDQiOLVLVFRPRUHTXLVLWRSUHYLRSDUDODHPLVLyQGHVXGLFWDPHQ
9pDVH3UXHEDGH'LFWDPHQGH3HULWRV

5(&216758&&,1'($8726'3&/DERUTXHKDGHUHDOL]DUVHFXDQGR
ODVDFWXDFLRQHVMXGLFLDOHVRH[SHGLHQWHVTXHVHFRQVHUYDQHQOD2ILFLQD
-XGLFLDOKDQGHVDSDUHFLGRRVHKDQPXWLODGRWRWDORSDUFLDOPHQWH

5(&219(1&,1'3&3UHWHQVLyQRSUHWHQVLRQHVTXHHOGHPDQGDGRIRU
PXODDOFRQWHVWDUDODGHPDQGDFRQWUDHOTXHSURPRYLyHOMXLFLRSDUD
TXHVHVXVWDQFLHQHQHOPLVPRSURFHVR\VHGHFLGDQHQODPLVPDVHQWHQ
FLDTXHUHVROYHUiHOFRQWHQLGRGHODGHPDQGDRULJLQDULD


',&&,21$5,2352&(6$/%6,&2

5(&8562 '3 $FFLyQ TXH OD /H\ FRQFHGH DO LQWHUHVDGR HQ XQ SURFHGL
PLHQWRSDUDUHFODPDUFRQWUDODVUHVROXFLRQHVGLFWDGDVSRUORVyUJDQRV
MXGLFLDOHV\GHORVVHFUHWDULRVMXGLFLDOHVSDUDVXUHYLVLyQSRUHOPLVPR
TXH ODV HPLWLy R SRU RWUR GLVWLQWR \ VXSHULRU FRQ HO ILQ GH REWHQHU VX
UHYRFDFLyQWRWDORSDUFLDO

5(&8562&217(1&,262$'0,1,675$7,923&$9pDVH3URFHGLPLHQ
WRV&RQWHQFLRVR$GPLQLVWUDWLYRV

5(&8562&217(1&,262(/(&725$/3&$3URFHGLPLHQWRTXHVHWUD
PLWD DQWH ORV yUJDQRV GH OD -XULVGLFFLyQ &RQWHQFLRVR $GPLQLVWUDWLYD
SDUDUHVROYHULPSXJQDFLRQHVHIHFWXDGDVFRQWUDGHWHUPLQDGRVDFXHUGRV
GHODVGLIHUHQWHV-XQWDV(OHFWRUDOHV

5(&8562'($03$52'&(OTXHKDELOLWDDOFLXGDGDQRDIHFWDGRSDUD
UHFDEDUDQWHHO7ULEXQDO&RQVWLWXFLRQDOODWXWHODGHXQGHUHFKRROLEHUWDG
FRQFXOFDGRSRUORVSRGHUHVS~EOLFRV

5(&8562 '( $18/$&,1 '33 5HFXUVR LQWHUSRQLEOH SRU DTXHO TXH

KDVLGRFRQGHQDGRHQDXVHQFLDHQHO3URFHGLPLHQWR$EUHYLDGRRHQHO
3URFHGLPLHQWRSDUDHO(QMXLFLDPLHQWR5iSLGRGH'HWHUPLQDGRV'HOLWRV
FRQWUDODVHQWHQFLDGLFWDGDHQHOPLVPRSOD]R\FRQLJXDOHVUHTXLVLWRV
\ HIHFWRV TXH ORV HVWDEOHFLGRV HQ HO UHFXUVR GH DSHODFLyQ (O SOD]R VH
FRQWDUi GHVGH HO PRPHQWR HQ TXH VH DFUHGLWH TXH HO FRQGHQDGR WXYR
FRQRFLPLHQWRGHODVHQWHQFLD

5(&8562'($3(/$&,1'35HFXUVRLQWHUSRQLEOHFRQWUDGHWHUPLQDGDV
UHVROXFLRQHVMXGLFLDOHVTXHVHUiVROYHQWDGRSRUHOyUJDQRLQPHGLDWRVX
SHULRUGHOTXHGLFWyODGHFLVLyQLPSXJQDGD

5(&8562 '( &$6$&,1 '3 (O TXH VH GHVDUUROOD DQWH HO 7ULEXQDO 6X
SUHPRRDQWHORV7ULEXQDOHV6XSHULRUHVGH-XVWLFLDFXDQGRHOREMHWRGHO
SURFHVRVHDXQDQRUPDGH'HUHFKR)RUDOSDUDODDQXODFLyQGHVHQWHQ
FLDVGLFWDGDVSRUyUJDQRVMXGLFLDOHVLQIHULRUHVHQSURFHGLPLHQWRVHQORV
TXHVHDOHJDSRUHOUHFXUUHQWHLQIUDFFLyQGHODVQRUPDVDSOLFDEOHVSDUDOD
WUDPLWDFLyQRODUHVROXFLyQGHODVFXHVWLRQHVREMHWRGHOSURFHVR

 
 ',&&,21$5,2352&(6$/%6,&2

5(&8562'(,1&2167,78&,21$/,'$''&,PSXJQDFLyQTXHIRUPXOD
TXLHQOHJDOPHQWHHVWiIDFXOWDGRSDUDHOORDQWHHO7ULEXQDO&RQVWLWXFLRQDO
UHVSHFWR D XQD /H\ R QRUPD TXH VH HVWLPD FRQWUDULD D QXHVWUR WH[WR
FRQVWLWXFLRQDO

5(&8562'(48(-$'3(QJHQHUDOHOTXHVHSURPXHYHDQWHXQ7ULEXQDO
VXSHULRUDFRQVHFXHQFLDGHODQHJDWLYDRUHVLVWHQFLDGHOLQIHULRUDDGPLWLU
XQ UHFXUVR GH $SHODFLyQ GH &DVDFLyQ R ([WUDRUGLQDULR SRU ,QIUDFFLyQ
3URFHVDOFRQWUDDOJXQDUHVROXFLyQSRUHVWH~OWLPRGLFWDGD

5(&8562'(5()250$'33(OTXHVHLQWHUSRQHHQXQSURFHGLPLHQWR
SHQDOSDUDSHGLUDORV-XHFHVODPRGLILFDFLyQGHVXVUHVROXFLRQHVFXDQ
GRHOREMHWRGHOUHFXUVRQRVHDXQDVHQWHQFLD

5(&8562'(5(326,&,1'3&(OTXHVHLQWHUSRQHHQXQSURFHGLPLHQ
WR FLYLO FRQWHQFLRVR DGPLQLVWUDWLYR R VRFLDO SDUD SHGLU D ORV -XHFHV R
6HFUHWDULRV-XGLFLDOHVODPRGLILFDFLyQGHVXVSURSLDVUHVROXFLRQHVSURYL
GHQFLDVyGLOLJHQFLDVGHRUGHQDFLyQDVtFRPRDXWRV\GHFUHWRVFXDQGR
HVWRV~OWLPRVQRVHDQGHILQLWLYRVHVGHFLUQRSRQJDQILQDOSURFHGLPLHQWR
R LPSLGDQ VX FRQWLQXDFLyQ (Q HO SURFHVR SHQDO HO UHFXUVR GH UHSRVL
FLyQ WDPELpQ HVWi SUHYLVWR SHUR H[FOXVLYDPHQWH SDUD VX LQWHUSRVLFLyQ
FRQWUDGLOLJHQFLDVGHRUGHQDFLyQ\GHFUHWRVQRGHILQLWLYRVGHO6HFUHWDULR
-XGLFLDO

5(&8562 '( 5(6&,6,1 '( 6(17(1&,$6 ),50(6 '3& $TXHO TXH

SRGUiQXWLOL]DUORVGHPDQGDGRVTXHKD\DQSHUPDQHFLGRFRQVWDQWHPHQWH
HQUHEHOGtDSUHWHQGLHQGRTXHVHGHMHVLQHIHFWRODVHQWHQFLDILUPHGLFWD
GDHQORVFDVRVFRQFUHWRVTXHSUHYpODOH\

5(&8562'(5(9,6,1'3(OTXHVHLQWHUSRQHGLUHFWDPHQWHFRQWUDGH
FUHWRVGHO6HFUHWDULR-XGLFLDOTXHVRQGHILQLWLYRVHVGHFLUTXHSRQHQILQ
DOSURFHGLPLHQWRRTXHLPSLGHQVXFRQWLQXDFLyQDGHPiVGHHQDTXHOORV
VXSXHVWRVHQORVTXHODVOH\HVSURFHVDOHVDVtORHVWDEOHFHQ

5(&8562'(6,(572$872'(&/$5$1'281'35HVROXFLyQGLFWDGD
SRUHOyUJDQRMXGLFLDOVXSHULRUHQFDUJDGRGHUHVROYHUXQUHFXUVRFXDQGR
HOUHFXUUHQWHKDGHMDGRWUDQVFXUULUVLQSHUVRQDUVHDQWHHOPLVPRWUDVVHU
HPSOD]DGRHOSOD]RFRQFHGLGRSDUDHOORSRUHOyUJDQRLQIHULRUTXHGLFWy
ODUHVROXFLyQLPSXJQDGD


',&&,21$5,2352&(6$/%6,&2

5(&8562'(63/,&$'3$FWXDOPHQWHLQH[LVWHQWHUHJXODGRHQORVyU
GHQHVMXULVGLFFLRQDOHVVRFLDO\FRQWHQFLRVRDGPLQLVWUDWLYRSDUDSHGLUD
ORVMX]JDGRV\WULEXQDOHVODPRGLILFDFLyQGHVXVSURSLDVUHVROXFLRQHV
FXDQGRpVWDVQRVHDQVHQWHQFLDV

5(&8562'(683/,&$&,1'/(QODMXULVGLFFLyQVRFLDOHOTXHVHLQ
WHUSRQH FRQWUD ODV VHQWHQFLDV GLFWDGDV SRU ORV -X]JDGRV GH OR 6RFLDO
SDUDVXXOWHULRUFRQRFLPLHQWRSRUODV6DODVGHOR6RFLDOGHORV7ULEXQDOHV
6XSHULRUHVGH-XVWLFLD

5(&8562(1,17(5(6'(/(<'3&$TXHOTXHVHLQVWDSDUDFRQVHJXLU
ODXQLGDGGHODGRFWULQDMXULVSUXGHQFLDOUHVSHFWRGHVHQWHQFLDVTXHUH
VXHOYDQUHFXUVRVH[WUDRUGLQDULRVSRULQIUDFFLyQGHOH\SURFHVDOFXDQGR
ODV 6DODV GH OR &LYLO \ 3HQDO GH ORV 7ULEXQDOHV 6XSHULRUHV GH -XVWLFLD
VRVWXYLHUDQFULWHULRVGLVFUHSDQWHVVREUHODLQWHUSUHWDFLyQGHOQRUPDVSUR
FHVDOHV

5(&8562 (;75$25',1$5,2 '( 5(9,6,1 '3 (O TXH VH LQWHUSRQH

SDUDREWHQHUODUHYRFDFLyQGHXQDVHQWHQFLDILUPHHQODVFDVRVH[WUDRU
GLQDULRVILMDGRVSRUODVOH\HV

5(&8562(;75$25',1$5,2325,1)5$&&,1352&(6$/'3&5H
FXUVRTXHVHUiFRQRFLGRSRUODV6DODVGHOR&LYLO\3HQDOGHORV7ULEXQDOHV
6XSHULRUHVGH-XVWLFLDFRPR6DODVGHOR&LYLOFRQWUDVHQWHQFLDV\DXWRV
GLFWDGRVHQVHJXQGDLQVWDQFLDSRUODV$XGLHQFLDV3URYLQFLDOHVTXHVyOR
SRGUiIXQGDUVHHQODLQIUDFFLyQGHQRUPDVVREUHMXULVGLFFLyQFRPSHWHQ
FLDREMHWLYDRIXQFLRQDOQRUPDVSURFHVDOHVUHJXODGRUDVGHODVHQWHQFLD
QRUPDVOHJDOHVTXHULJHQORVDFWRV\JDUDQWtDVGHOSURFHVRRELHQSRU
YXOQHUDFLyQGHORVGHUHFKRVIXQGDPHQWDOHVUHFRQRFLGRVHQHODUWGH
OD&RQVWLWXFLyQ

5(&86$&,1'3$FFLyQGHSRQHUWDFKDRH[FHSFLyQDXQ-XH]6HFUHWD
ULR-XGLFLDO)XQFLRQDULRSHULWRWHVWLJRHWFFRQHOILQGHORJUDUTXHVH
DSDUWHGHOFRQRFLPLHQWRRGHODLQWHUYHQFLyQHQXQSOHLWRSURYRFDQGRHQ
VXFDVRVXVVXVWLWXFLyQFXDQGRHQDTXHOORVVHGHDOJXQDGHODVFLUFXQV
WDQFLDVSUHYLVWDVOHJDOPHQWHHQUHODFLyQFRQORVVXMHWRVRFRQHOREMHWR
GHODVXQWRTXHOHVKDJDGXGDUVREUHVXLPSDUFLDOLGDGHQHOGHVHPSHxR
GHVXFRPHWLGR9pDVH7DFKD

 
 ',&&,21$5,2352&(6$/%6,&2

5(&86$5'33RQHUWDFKDRH[FHSFLyQDXQ-XH]6HFUHWDULR-XGLFLDOSH
ULWRWHVWLJRHWFTXHLQWHUYLHQHHQXQSURFHVRSDUDTXHQRDFW~HHQpO

5()250$ &2167,78&,21$/ '& 0RGLILFDFLyQ WRWDO R SDUFLDO GH XQD

&RQVWLWXFLyQ

5(*,6752&(175$/'(3(1$'262(2ILFLQDLQWHJUDGDHQHO0LQLV
WHULRGH-XVWLFLDHQODTXHVHUHFRJHQ\DUFKLYDQODVQRWDVUHODWLYDVD
ODVFRQGHQDVLPSXHVWDVDORVFLXGDGDQRVHQORVSURFHGLPLHQWRVSHQDOHV
SRUGHOLWRV\TXHOHVRQUHPLWLGDVSRUORV-X]JDGRV\7ULEXQDOHVVHQWHQ
FLDGRUHV

5(*,6752&(175$/'(5(%(/'(6&,9,/(62(2ILFLQDLQWHJUDGDHQ
HO0LQLVWHULRGH-XVWLFLDHQODTXHVHUHFRJHHOGRPLFLOLR\GDWRVSHUVR
QDOHVGHWRGRVDTXHOORVGHPDQGDGRVTXHQRKDQSRGLGRVHUORFDOL]DGRV
SHVHDODUHDOL]DFLyQSRUSDUWHGHOWULEXQDOGHDFWXDFLRQHVWHQGHQWHVDOD
DYHULJXDFLyQGHDTXHO

5(*,6752&,9,/2(2ILFLQDS~EOLFDHQODTXHVHWRPDUD]yQGHFXDQWDV
VLWXDFLRQHVFRQFLHUQHQDOHVWDGRFLYLOGHODVSHUVRQDV

5(*,6752'(/$3523,('$'2($TXHOHQHOTXHVHLQVFULEHQWRGRV
ORVELHQHVLQPXHEOHVGHODGHPDUFDFLyQRSDUWLGRFRQH[SUHVLyQGHVXV
GXHxRVKDFLHQGRFRQVWDUDGHPiVORVFDPELRV\OLPLWDFLRQHVGHGHUH
FKRTXHGLFKRVELHQHVH[SHULPHQWDQ

5(*,6752 0(5&$17,/ 2( $TXHO HQ HO TXH VH LQVFULEHQ ORV DFWRV \
FRQWUDWRVGHFRPHUFLRRHPSUHVDULDOHV

5(*/$0(172'*1RUPDHVFULWDGHUDQJRJHQHUDO\FRQFDUiFWHUVXERU
GLQDGRDOD/H\HPDQDGDGHOD$GPLQLVWUDFLyQTXHODGLFWDHQYLUWXGGHO
HMHUFLFLRGHVXSURSLDFRPSHWHQFLDSDUDHOOR

5(+$%,/,7$5'3F9ROYHUDKDFHUKiELOORTXHKDEtDSHUGLGRYLJHQFLDR
YDOLGH](QUHODFLyQDOFRQWUDWRGHDUUHQGDPLHQWRHOPLVPRVHUHKDEL
OLWDFXDQGRHODUUHQGDWDULRGHPDQGDGRSDJDDODUUHQGDGRUGHPDQGDQWH
WRGR OR TXH OH DGHXGD HQ ORV FDVRV \ SOD]RV SUHYLVWRV SRU OD OH\ DU


',&&,21$5,2352&(6$/%6,&2

FKLYiQGRVHVHJXLGDPHQWHHOSURFHGLPLHQWRMXGLFLDOLQLFLDGRSDUDDQXODU
DTXHOFRQWUDWR\FRQVHJXLUHOODQ]DPLHQWRGHOGHXGRUGHODILQFDDUUHQ
GDGD(QUHODFLyQDORVFRQWUDWRVGHSUpVWDPRFRQJDUDQWtDKLSRWHFD
ULDHMHFXFLRQHVKLSRWHFDULDVHOPLVPRVHUHKDELOLWDFXDQGRHOGHXGRU
GHPDQGDGR SDJD DO DFUHHGRU KLSRWHFDULR GHPDQGDQWH WRGR OR TXH OH
DGHXGDHQORVFDVRV\SOD]RVSUHYLVWRVSRUODOH\DUFKLYiQGRVHVHJXLGD
PHQWHHOSURFHGLPLHQWRMXGLFLDOLQLFLDGR9pDVH(QHUYDU

5(,9,1',&$725,$$&&,1'3&/DHMHUFLGDHQXQSURFHGLPLHQWRFLYLO
SDUD UHFXSHUDU OR TXH SHUWHQHFH SRU 'HUHFKR \ TXH HVWi HQ SRGHU GH
RWUR

5(0$7('33XMDSRVWXUDXRIHUWDTXHFRQVLJXHODDGMXGLFDFLyQDIDYRUGH
TXLHQODHIHFW~DGHORVELHQHVYHQGLGRVHQS~EOLFDVXEDVWD

5(0,6,1&21',&,21$/'3Q9pDVH&RQGHQD&RQGLFLRQDO

5(02&,1'('(36,72'&Y'3&&DPELRHQODSHUVRQDTXHRVWHQWD
HOFDUJRGHGHSRVLWDULR

5(181&,$'3&$FFLyQGHDEDQGRQRSRUSDUWHGHODFWRUHQXQSURFHGL
PLHQWRFLYLOGHODDFFLyQHMHUFLWDGDHQHOPLVPRRGHOGHUHFKRHQTXH
VHIXQGDVXSUHWHQVLyQTXHSURYRFDUiHOGLFWDGRSRUSDUWHGHOWULEXQDO
GH VHQWHQFLD DEVROYLHQGR DO GHPDQGDGR VDOYR TXH OD UHQXQFLD IXHUH
OHJDOPHQWHLQDGPLVLEOH

5(48(5,0,(172',/,*(1&,$'('3$FWRSURFHVDOTXHUHDOLFHHOIXQ
FLRQDULR FRPSHWHQWH HQ YLUWXG GHO FXDO VH RUGHQD D XQD SHUVRQD XQD
FRQGXFWDRLQDFWLYLGDGDGPLWLpQGRVHHQODGLOLJHQFLDTXHVHOHYDQWDDO
HIHFWRODSRVLEOHUHVSXHVWDGHOUHTXHULGR

5(48,6,725,$'33$YLVRROODPDGDIRUPDOTXHVHLQVHUWDHQHOILFKHUR
DXWRPDWL]DGRFRUUHVSRQGLHQWHGHODV)XHU]DV\&XHUSRVGH6HJXULGDG\
FXDQGRVHFRQVLGHUHRSRUWXQRHQORVPHGLRVGHFRPXQLFDFLyQHVFULWD
TXH HV UHDOL]DGD SRU HO yUJDQR MXGLFLDO HQ XQ SURFHGLPLHQWR SHQDO DO
DFXVDGRDXVHQWHYROXQWDULDHLQMXVWLILFDGDPHQWHGHOPLVPRFX\RREMHWR
HVKDOODUOH\KDFHUOHFRPSDUHFHUDSUHVHQFLDMXGLFLDO

 
 ',&&,21$5,2352&(6$/%6,&2

5(6&,6,1'(6(17(1&,$6),50(6'3&9pDVH5HFXUVRGH5HVFLVLyQ
GH6HQWHQFLDV)LUPHV

5(63216$%,/,'$'&,9,/'3Q'33&RPSHQVDFLyQHFRQyPLFD\GLQH
UDULDTXHHODXWRUGHXQGHOLWRRIDOWDGHEHVDWLVIDFHUDOSHUMXGLFDGRSRU
HOPLVPRSDUDSDOLDUORVGDxRV\ORVSHUMXLFLRVFDXVDGRVSRUVXLOHJDO
FRQGXFWD

5(63216$%/( &,9,/ ',5(&72 '33 3HUVRQD R HQWLGDG TXH DVXPH OD

VDWLVIDFFLyQGHODVUHVSRQVDELOLGDGHVFLYLOHVVXUJLGDVSRUODFRPLVLyQGH
XQGHOLWRRIDOWDSRUVHUHODXWRUGHOPLVPRRHVWDUOODPDGRDHOORSRU
LPSHUDWLYROHJDO

5(63216$%/(&,9,/68%6,',$5,2'333HUVRQDRHQWLGDGTXHDVXPH
OD VDWLVIDFFLyQ GH ODV UHVSRQVDELOLGDGHV FLYLOHV QDFLGDV GH XQ GHOLWR R
IDOWDXQDYH]GHFODUDGDODLQVROYHQFLDGHOUHVSRQVDEOHFLYLOGLUHFWR

5(35(6(17$&,1352&(6$/'*9pDVH3URFXUDGRU

5(7(1(5<5(&2%5$5$&&,1'('3&/DTXHDWUDYpVGHO-XLFLR
9HUEDO VH HMHUFH SRU HO SRVHHGRU ELHQ SDUD GHIHQGHUVH GH ORV DWDTXHV
TXHDPHQD]DQDVXSRVHVLyQELHQSDUDUHFXSHUDUODSRVHVLyQSHUGLGD

5(75$&72 '&Y 'HUHFKR GH XQD SHUVRQD D DGTXLULU OD ILQFD U~VWLFD R
XUEDQDFRPSUDGDSRURWURHQODVPLVPDVFRQGLFLRQHVHQTXHVHFHUUyOD
SULPHUDRSHUDFLyQ\HQORVFDVRVSUHYLVWRVHQOD/H\

5(92&$5'*$QXODUGHMDUVLQHIHFWR


',&&,21$5,2352&(6$/%6,&2

6$/$'3&RQMXQWRGH0DJLVWUDGRVTXHFRQIRUPDQXQ7ULEXQDO

6$/$'($8',(1&,$2-3LH]DRKDELWDFLyQGHO3DODFLRGH-XVWLFLDHQ
ODTXHVHFRQVWLWX\HHO-XH]RHO7ULEXQDOSDUDODFHOHEUDFLyQGHDFWRV
S~EOLFRV

6$7,6)$&&,1(;75$352&(6$/3&$'3&XPSOLPLHQWRTXHOD$GPL
QLVWUDFLyQ R XQ SDUWLFXODU UHDOL]D GH ODV SUHWHQVLRQHV GHO DFWRU HQ HO
UHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRRHQXQSURFHGLPLHQWRFLYLOUHVSHF
WLYDPHQWHUHDOL]DGRDOPDUJHQGHGLFKRSURFHGLPLHQWRMXGLFLDO

6(&&,15&2-&DGDXQRGHORVGHSDUWDPHQWRVHQORVTXHHVWiHVWUXF
WXUDGD OD RILFLQD GHO 5HJLVWUR &LYLO 1DFLPLHQWRV 0DWULPRQLRV 'HIXQ
FLRQHV\7XWHODV'LYLVLyQRUJiQLFDHQODTXHVHGLVSRQHQORVyUJDQRV
MXULVGLFFLRQDOHVFROHJLDGRV

6(&5(7$5,2&225',1$'253529,1&,$/2-UJDQRVXSHULRUMHUiUTXL
FRGHO&XHUSRGH6HFUHWDULRV-XGLFLDOHVTXHUHVSHFWRGHORVTXHHVWpQ
GHVWLQDGRVHQODSURYLQFLDHMHUFHODVIXQFLRQHVGHFRRUGLQDFLyQGLUHF
FLyQ\GLVFLSOLQDULDVTXHILMDOD/H\

6(&5(7$5,2'(*2%,(5122-UJDQRVXSHULRUMHUiUTXLFRGHO&XHUSR
GH6HFUHWDULRV-XGLFLDOHVTXHH[WLHQGHVXMXULVGLFFLyQDOWHUULWRULRGHXQD
&RPXQLGDG$XWyQRPD\TXHUHVSHFWRGHDTXHOORVTXHHVWiQGHVWLQDGRV
HQHVWHiPELWRHMHUFHODVIXQFLRQHVGHFRRUGLQDFLyQGLUHFFLyQGLVFLSOL
QDULDVHWFTXHGHWHUPLQDOD/H\

 
 ',&&,21$5,2352&(6$/%6,&2

6(&5(7$5,26-8',&,$/(62-)XQFLRQDULRVGHFDUUHUDSHUWHQHFLHQWHVDO
FXHUSRQDFLRQDOGHOPLVPRQRPEUHDOVHUYLFLRGHOD$GPLQLVWUDFLyQGH
-XVWLFLDTXHHMHUFHQVRPHWLGRVDORVSULQFLSLRVGHXQLGDGGHDFWXDFLyQ
\GHSHQGHQFLDMHUiUTXLFDODIHS~EOLFDMXGLFLDOFRQSOHQLWXGGHHIHFWRV
DVLVWHQD-XHFHV\7ULEXQDOHVHQHOHMHUFLFLRGHVXVIXQFLRQHVRVWHQWDQOD
GLUHFFLyQSURFHVDOGHOSHUVRQDOGHOD6HFUHWDUtDVRQUHVSRQVDEOHV~QLFRV
GHORVVHUYLFLRVFRPXQHVSURFHVDOHVHWF

6(*81'$,167$1&,$'35HSODQWHDPLHQWRGHXQDVXQWRDQWHXQyUJDQR
MXGLFLDOVXSHULRUWUDVVHUUHFXUULGDSDUDHOORODUHVROXFLyQGLFWDGDSRUHO
-X]JDGRR7ULEXQDOTXHFRQRFLyGHOSOHLWRHQSULPHUDLQVWDQFLDHVGHFLU
SRUYH]SULPHUD

6(1$'22(&iPDUDGHUHSUHVHQWDFLyQWHUULWRULDOGHO(VWDGRVHJXQGDGH
ODV&RUWHV*HQHUDOHVTXHFRPSDUWHFRQHO&RQJUHVRGHORV'LSXWDGRV
FRPRSULQFLSDOHVIXQFLRQHVHOHMHUFLFLRGHO3RGHU/HJLVODWLYR\HOFRQWURO
GHODDFFLyQGHO*RELHUQRR3RGHU(MHFXWLYR

6(17(1&,$'35HVROXFLyQGLFWDGDSRUHO-XH]R7ULEXQDOFRQFOXLGRHO
SURFHVRUHVROYLHQGRILQDOPHQWHVREUHHODVXQWRSULQFLSDOSODQWHDGR

6(17(1&,$$%62/8725,$'33/DTXHDOILQDOGHXQSURFHVRSHQDOH[
FXOSDH[LPHGHUHVSRQVDELOLGDGFULPLQDODOKDVWDHVHLQVWDQWHSUHVXQWR
UHVSRQVDEOHGHOGHOLWRRIDOWDTXHGLRRULJHQDODLQFRDFLyQGHORVDXWRV

6(17(1&,$&21'(1$725,$'33/DTXHDOILQDOGHXQSURFHVRSHQDO
FRQVLGHUD FULPLQDOPHQWH UHVSRQVDEOH GHO GHOLWR R IDOWD TXH GLR RULJHQ
D OD LQFRDFLyQ GHO H[SHGLHQWH D TXLHQ KDVWDHVH PRPHQWR VyOR OR HUD
SUHVXQWDPHQWH

6(17(1&,$),50('3/DTXHSRUQRVHUUHFXUULEOHRKDEHUVLGRFRQVHQ
WLGDSRUODVSDUWHVHVGHILQLWLYD\HMHFXWRULD

6(3$5$&,10$75,021,$/'&Y,QWHUUXSFLyQGHODYLGD\GHODFRPX
QLGDGFRQ\XJDODVXPLGDGHFRP~QDFXHUGRSRUORVFyQ\XJHVRLPSXHV
WDSRUXQRGHHOORVFXDQGRH[LVWHFDXVDOHJDOTXHODMXVWLILTXH


',&&,21$5,2352&(6$/%6,&2

6(59,&,2$&7,92'*6LWXDFLyQDGPLQLVWUDWLYDHQODTXHVHHQFXHQWUD
HOIXQFLRQDULRTXHRFXSDSOD]DHQODSODQWLOODRUJiQLFDGHOFXHUSRDOTXH
SHUWHQHFH DXQTXH HVWp SHQGLHQWH GH WRPDU SRVHVLyQ HQ RWUR GHVWLQR
HVWp GLVIUXWDQGR GH DOJ~Q SHUPLVR R OLFHQFLD UHJODPHQWDULR R OH KD\D
VLGRFRQFHGLGDFRPLVLyQGHVHUYLFLR

6(59,&,2 &201 352&(6$/ 2- 7RGD DTXHOOD XQLGDG GH OD 2ILFLQD
MXGLFLDOTXHVLQHVWDULQWHJUDGDHQXQyUJDQRMXGLFLDOFRQFUHWRDVXPH
ODERUHV FHQWUDOL]DGDV GH JHVWLyQ \ DSR\R HQ DFWXDFLRQHV GHULYDGDV GH
ODDSOLFDFLyQGHODVOH\HVSURFHVDOHV(VWiQGLULJLGDV\JHVWLRQDGDVSRU
6HFUHWDULRV-XGLFLDOHV

6(59,&,26(63(&,$/(6'*6LWXDFLyQDGPLQLVWUDWLYDHQODTXHVHHQ
FXHQWUDHOIXQFLRQDULRFXDQGRFRQFXUUDHQVXFDVRDOJXQDGHODVFLUFXQV
WDQFLDVWD[DWLYDPHQWHGHWHUPLQDGDVHQOD/H\

6,1',&$7262($VRFLDFLRQHVGHWUDEDMDGRUHVSRUFXHQWDDMHQDSDUDOD
GHIHQVD\SURPRFLyQGHORVLQWHUHVHVTXHOHVVRQSURSLRV

62%5(6(,0,(172$872'('335HVROXFLyQTXHSRQHILQDOSURFHVR
SHQDOVLQSURQXQFLDPLHQWRVREUHHOIRQGRGHODVXQWR

62%5(6(,0,(172/,%5($872'('33(OTXHVHGLFWDFXDQGRGHOD
LQVWUXFFLyQSHQDOUHVXOWDSDWHQWHTXHRQRVHKDSURGXFLGRLQIUDFFLyQ
SHQDODOJXQDRTXHVXVDXWRUHVHVWiQH[HQWRVGHUHVSRQVDELOLGDGSRU
ORTXHVHSURGXFHHODUFKLYRGHILQLWLYRGHOH[SHGLHQWHFRQORVPLVPRV
HIHFWRVGHFRVDMX]JDGDTXHVLVHKXELHUDGLFWDGRVHQWHQFLDDEVROXWRULD

62%5(6(,0,(1723529,6,21$/$872'('33(OTXHVHGLFWDFXDQ
GRH[LVWHQGXGDVVREUHODFRPLVLyQGHOKHFKRRVREUHVXDXWRUtDGHFUH
WiQGRVHXQDPHUDVXVSHQVLyQGHOSURFHVR

62/,&,78' '( &223(5$&,1 -85',&$ ,17(51$&,21$/ '3 'H

PDQGD GH FRODERUDFLyQ TXH UHDOL]D XQ yUJDQR MXGLFLDO HVSDxRO D RWUR
H[WUDQMHURIXQGDPHQWDOPHQWHGHOD8QLyQ(XURSHDHQEDVHDO7UDWDGR
,QWHUQDFLRQDOGH6FKHQJHQ9pDVH&RPLVLyQ5RJDWRULD

62/9(1&,$'3&DSDFLGDGSDUDVDWLVIDFHURSDJDUORTXHVHGHEH

 
 ',&&,21$5,2352&(6$/%6,&2

68%$67$'39HQWDS~EOLFDGHELHQHVTXHVHKDFHDOPHMRUSRVWRUSRU
PDQGDWR\FRQLQWHUYHQFLyQGHOD$XWRULGDG

68%52*$5'&Y6XVWLWXLUUHHPSOD]DUSRQHUDXQDSHUVRQDRFRVDHQHO
OXJDUGHRWUD9pDVH5HWUDFWR

68&(6,1'&Y&RQMXQWRGHELHQHVGHUHFKRV\REOLJDFLRQHVTXHDOPR
ULUVHXQDSHUVRQDHVWUDQVPLWLGRDVXVKHUHGHURV

68&(6,1&2/$7(5$/'&Y/DTXHFRUUHVSRQGHDKHUPDQRVWtRVVR
EULQRV \ RWURV IDPLOLDUHV TXH QL DVFLHQGHQ QL GHVFLHQGHQ GLUHFWDPHQWH
GHOIDOOHFLGR

68&(6,1',5(&7$'&Y/DTXHFRUUHVSRQGHDORVIDPLOLDUHVGHOIDOOH
FLGRTXHVRQVXVDVFHQGLHQWHVRGHVFHQGLHQWHVHQOtQHDUHFWD$EXHORV
SDGUHVKLMRVQLHWRVHWF

68&(6,1,17(67$'$'&Y/DTXHVHHIHFW~DSRUPDQGDWRGHOD/H\
\QRSRUWHVWDPHQWRDOQRKDEHURWRUJDGRHOPLVPRTXLHQKDIDOOHFLGR

68&(6,1352&(6$/'3&&DPELRTXHDWRGRVORVHIHFWRVVHSURGXFH
HQ XQ SURFHVR FXDQGR XQD SHUVRQD VXFHGH D RWUD HQ OD SRVLFLyQ TXH
pVWDYHQtDRFXSDQGRFXDQGRORTXHVHDREMHWRGHOSOHLWRRMXLFLRKDVLGR
WUDQVPLWLGRDTXLHQUHFLHQWHPHQWHVHLQFRUSRUDELHQPRUWLVFDXVDVX
FHVLyQSURFHVDOSRUPXHUWHELHQLQWHUYLYRVVXFHVLyQSURFHVDOFRPR
FRQVHFXHQFLDGHOWUiILFRFLYLORPHUFDQWLO

68&(6,17(67$'$'&Y/DUHJXODGDSRUODYROXQWDGGHOIDOOHFLGRSODV
PDGDHQXQWHVWDPHQWRTXHUH~QDORVUHTXLVLWRVH[LJLGRVSRUOD/H\

680$5,('$''*%UHYHGDGFHOHULGDGHQODWUDPLWDFLyQGHXQSURFHVR

680$5,2'336XPDULR2UGLQDULR)DVHGHLQVWUXFFLyQGHO6XPDULR2U
GLQDULRFRQVWLWXLGDSRUHOFRQMXQWRGHDFWXDFLRQHVHQFDPLQDGDVDODDYH
ULJXDFLyQGHOGHOLWR\GHVXDXWRU\DODILMDFLyQGHPHGLGDVFDXWHODUHV


',&&,21$5,2352&(6$/%6,&2

680$5,2 25',1$5,2 '33 3URFHGLPLHQWR SHQDO TXH HV XWLOL]DGR SDUD

HQMXLFLDUGHOLWRVPX\JUDYHVVDQFLRQDGRVFRQSHQDVSULYDWLYDVGHOLEHU
WDGVXSHULRUHVDSULVLyQPD\RU

680,6,1 '3& 6RPHWLPLHQWR YROXQWDULR TXH ODV SDUWHV UHDOL]DQ D XQ

-XH]GHWHUPLQDGRSDUDTXHFRQR]FDGHOSOHLWRDTXHGHRULJHQHOHMHUFLFLR
GHODVDFFLRQHVTXHOHVFRUUHVSRQGDQ

680,6,1(;35(6$'3&/DTXHUHDOL]DQORVLQWHUHVDGRVUHQXQFLDQGR
FODUD\WHUPLQDQWHPHQWHDVXSURSLRIXHUR\GHVLJQDQGRFRQWRGDSUHFL
VLyQHO-XH]DTXLHQVHVRPHWLHUHQ

680,6,17&,7$'3&/DTXHVHHQWLHQGHKHFKDSRUHOGHPDQGDQWHSRU
HOPHURKHFKRGHDFXGLUDXQ-XH]LQWHUSRQLHQGRODGHPDQGD\SRUHO
GHPDQGDGRSRUHOKHFKRGHUHDOL]DUGHVSXpVGHSHUVRQDGRHQHOMXLFLR
FXDOTXLHUJHVWLyQTXHQRVHDSURSRQHUHQIRUPDODFXHVWLyQGHFRPSH
WHQFLDSRUGHFOLQDWRULD

683/,&$725,2'33,QVWDQFLDTXHXQ-XH]R7ULEXQDOHOHYDDO&RQJUHVR
R DO 6HQDGR SLGLHQGR DXWRUL]DFLyQ SDUD SURFHGHU FRQIRUPH D 'HUHFKR
FRQWUD DOJ~Q PLHPEUR GH GLFKR FXHUSR OHJLVODWLYR SUHVXQWDPHQWH UHV
SRQVDEOHGHODFRPLVLyQGHXQGHOLWR

683/,&2'3)UDJPHQWRILQDOGHORVHVFULWRVTXHODVSDUWHVGLULJHQDORV
yUJDQRV MXGLFLDOHV HQ HO TXH VH HVSHFLILFD FRQ FODULGDG \ SUHFLVLyQ OD
SHWLFLyQTXHUHFDEDQSRUPHGLRGHOPLVPR

683/,'26'*'LQHURDQWLFLSDGRSRUHO3URFXUDGRUTXHHVHQWUHJDGRD
FXHQWD\FDUJRGHVXFOLHQWHFRQPRWLYRGHODUHSUHVHQWDFLyQTXHHVWH
KDFRQIHULGRDVXIDYRUSDUDHOHMHUFLFLRGHVXVWUDEDMRVSURIHVLRQDOHV
9pDVH&XHQWDGHO3URFXUDGRU

6863(16,1'(&21'(1$'3Q9pDVH&RQGHQD&RQGLFLRQDO

6867$1&,$&,1'37UDPLWDFLyQGHXQSURFHGLPLHQWR

 
',&&,21$5,2352&(6$/%6,&2

7$&+$'3&5HFXVDFLyQGH3HULWRV\7HVWLJRV9pDVH5HFXVDFLyQ

7$6$&,1'(&267$6'39DORUDFLyQGHORVJDVWRVKDELGRVHQXQSUR
FHGLPLHQWRUHDOL]DGDSRUHO6HFUHWDULR-XGLFLDORSRUHOIXQFLRQDULRTXH
OHJDOPHQWHKDJDVXVYHFHV9pDVH&RVWDV3URFHVDOHV

7$6$325(/(-(5&,&,2'(/$$&7,9,'$'-85,6',&&,21$/'37UL
EXWRTXHVHSDJDSRUHOHMHUFLFLRGHODSRWHVWDGMXULVGLFFLRQDODLQVWDQFLD
GHSDUWHHQORVyUGHQHVMXULVGLFFLRQDOHVFLYLO\FRQWHQFLRVRDGPLQLVWUDWL
YRPHGLDQWHODUHDOL]DFLyQGHORVVLJXLHQWHVDFWRVSURFHVDOHV
 /D LQWHUSRVLFLyQ GH OD GHPDQGD HQ WRGD FODVH GH SURFHVRV GHFOD
UDWLYRV \ GH HMHFXFLyQ HQ HO RUGHQ MXULVGLFFLRQDO FLYLO DVt FRPR OD
IRUPXODFLyQGHUHFRQYHQFLyQ
 /DLQWHUSRVLFLyQGHUHFXUVRVGHDSHODFLyQH[WUDRUGLQDULRSRULQIUDF
FLyQSURFHVDO\GHFDVDFLyQHQHORUGHQFLYLO
 /DLQWHUSRVLFLyQGHUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYR
 /DLQWHUSRVLFLyQGHUHFXUVRVGHDSHODFLyQ\FDVDFLyQHQHOiPELWRGH
ODMXULVGLFFLyQFRQWHQFLRVRDGPLQLVWUDWLYD

7(5&(5$'&Y'3&'HUHFKRTXHGHGXFHXQWHUFHURFRQWUDGRVRPiV
OLWLJDQWHVSRUHVWLPDUTXHUHVSHFWRDXQELHQTXHHVREMHWRGHOSOHLWR
WLHQHVXSURSLHGDGRGRPLQLR7HUFHUtDGH'RPLQLRRJR]DGHPHMRUGH
UHFKRVREUHpO7HUFHUtDGH0HMRU'HUHFKR-XLFLRHQHOTXHVHHMHUFLWD
HVWHGHUHFKR

 
 ',&&,21$5,2352&(6$/%6,&2

7(5&(5,67$ '3& 3DUWH GHPDQGDQWH HQ XQ SURFHGLPLHQWR R MXLFLR GH

7HUFHUtD

7(50,12'30RPHQWRGHWHUPLQDGRDSDUWLUGHOFXDOXQQHJRFLRRDF
WXDFLyQMXUtGLFDRSURFHVDOGHEHFRPHQ]DUDSURGXFLUHIHFWRVRGHMDUGH
KDFHUOR

7(50,12 '( 358(%$ '3& 0RPHQWR R SOD]R FRQFHGLGR OHJDOPHQWH

SDUDTXHODVSDUWHVSURSRQJDQORVPHGLRVGHSUXHEDTXHOHVLQWHUHVHQ\
WUDVVXDGPLVLyQ\GHFODUDFLyQGHSHUWLQHQFLDSRUHOWULEXQDOVHSURFHGD
DVXSUiFWLFD

7(67$0(172'&Y'HFODUDFLyQGHVX~OWLPDYROXQWDGTXHKDFHXQDSHU
VRQDGLVSRQLHQGRGHVXVELHQHV\GHORVDVXQWRVRQHJRFLRVTXHOHSHU
WHQHFHQSDUDGHVSXpVGHVXPXHUWH

7(67$0(172$%,(572'&Y(OTXHVHRWRUJDGHSDODEUDDQWH1RWDULR
FRQ ODV FRQGLFLRQHV H[LJLGDV HQ OD /H\ \ TXH VH SODVPD HQ HVFULWXUD
S~EOLFD

7(67$0(172&(55$'2'&Y(OTXHVHRWRUJDHVFULELHQGRRKDFLHQGR
HVFULELUHOWHVWDGRUVX~OWLPDYROXQWDGHLQWURGXFLHQGRHOGRFXPHQWRHQ
XQVREUHRSOLFDTXHVHFLHUUD\GHHVWDIRUPDVHOOHYDDO1RWDULRTXH
H[WLHQGHHQVXSDUWHH[WHULRUXQDFWDDXWRUL]iQGRORHQODIRUPDSUHYLVWD
HQOD/H\

7(67$0(1722/2*5$)2'&Y(OTXHGHMDHOWHVWDGRUHVFULWR\ILUPDGR
GHVXSXxR\OHWUD\TXHHVDXWHQWLILFDGR\SURWRFROL]DGR GHVSXpV GH
VXPXHUWH

7(67,),&$/'3&9pDVH3UXHEDGH,QWHUURJDWRULRGH7HVWLJRV

7(67,*2'33HUVRQDTXHGDQRWLFLDDQWHHO-X]JDGRGHXQDFRVDRGHXQ
KHFKRSRUKDEHUORSUHVHQFLDGRRWHQHUYHUGDGHUR\GLUHFWRFRQRFLPLHQWR
GHpO

7(67,*26'(35((;,67(1&,$'339pDVH'HFODUDFLyQGH3UHH[LVWHQFLD


',&&,21$5,2352&(6$/%6,&2

7(67,021,2'&Y9pDVH&HUWLILFDFLyQ

7(;72/(*$/'*/LEURHVFULWRTXHFRQWLHQHODUHGDFFLyQRUHSURGXFFLyQ
GHGLVSRVLFLRQHVQRUPDWLYDVGHFDUiFWHUJHQHUDO

7,78/2 (-(&87,92 '3& $TXHO DFWR R GRFXPHQWR HQ HO TXH VH EDVH
HO HMHUFLFLR GH OD $FFLyQ (MHFXWLYD  9pDVH $FFLyQ (MHFXWLYD  9pDVH
3URFHVRGH(MHFXFLyQ

75$%$'(%,(1(6'3&9pDVH(PEDUJR

75$%$-26(1%(1(),&,2'(/$&2081,'$''3Q3HQDLQWURGXFLGD
SRUHOYLJHQWH&yGLJR3HQDOFRQVLVWHQWHHQODUHDOL]DFLyQSRUSDUWHGHO
FRQGHQDGRGHGLYHUVRVWUDEDMRVFRQVLGHUDGRVGHXWLOLGDGS~EOLFD

75$0,7$&,1 352&(6$/ < $'0,1,675$7,9$ 2- 9pDVH &XHUSR GH

7UDPLWDFLyQ3URFHVDO\$GPLQLVWUDWLYD

75$16$&&,1'&$FXHUGRDOFDQ]DGRHQWUHODVSDUWHVVREUHHOREMHWRGHO
SOHLWRTXHSRQHILQDOSURFHGLPLHQWR

75$16&5,3&,1'3&$FFLyQHQYLUWXGGHODFXDOHO6HFUHWDULR-XGLFLDO
UHSURGXFHSRUHVFULWRSDUDVXXQLyQDXQH[SHGLHQWHFLYLODLQVWDQFLDGHO
WULEXQDOFXDQWRKDVXFHGLGR\VHKDPDQLIHVWDGRHQXQDFWRSURFHVDO
S~EOLFRFX\RGHVDUUROORKDVLGRJUDEDGRHQDXGLR\HQYtGHR

75$7$'26,17(51$&,21$/(6'&Y$FXHUGRVFHOHEUDGRVHQWUHVXMHWRV
MXUtGLFRVGHORUGHQLQWHUQDFLRQDO(VWDGRV2UJDQLVPRVVXSUDQDFLRQDOHV
HWFTXHXQDYH]VXVFULWRV\UDWLILFDGRVSRUORVPLVPRVHQWUDQDIRUPDU
SDUWHGHORUGHQDPLHQWRMXUtGLFRGHORVFRQWUDWDQWHV

75,%81$/ &2167,78&,21$/ 2( UJDQR GH QDWXUDOH]D MXULVGLFFLRQDO

HQFDUJDGRGHYHULILFDUHOUHVSHWRGHODVOH\HVDOD&RQVWLWXFLyQ

75,%81$/'(&8(17$62(6XSUHPRyUJDQRILVFDOL]DGRUGHODVFXHQWDV
\GHODJHVWLyQHFRQyPLFDGHO(VWDGR\GHWRGRHOVHFWRUS~EOLFR

 
 ',&&,21$5,2352&(6$/%6,&2

75,%81$/ '(/ -85$'2 2- UJDQR MXULVGLFFLRQDO LQWHJUDGR SRU XQ

0DJLVWUDGR TXH OR SUHVLGH \ SRU QXHYH FLXGDGDQRV HOHJLGRV DO D]DU
GH HQWUH DTXHOORV TXH FXPSOHQ ORV UHTXLVLWRV OHJDOPHQWH HVWDEOHFLGRV
FRPSHWHQWH SDUD HQMXLFLDU FDXVDV SRU GHWHUPLQDGRV GHOLWRV DVt PLVPR
SUHGHWHUPLQDGRVSRUOD/H\

75,%81$/(62-UJDQRVMXULVGLFFLRQDOHVFROHJLDGRVHVGHFLULQWHJUDGRV
RVHUYLGRVSRUYDULRV0DJLVWUDGRV

75,%81$/(6 683(5,25(6'(-867,&,$ 2-UJDQRVMXULVGLFFLRQDOHV

FROHJLDGRVFRQVHGHRILFLDOGHFDGD&RPXQLGDG$XWyQRPD\MXULVGLFFLyQ
VREUHWRGRHOWHUULWRULRGHODPLVPDFRQFRPSHWHQFLDHQPDWHULDFLYLO
SHQDOFRQWHQFLRVRDGPLQLVWUDWLYDVRFLDO\GHPHQRUHV

75,%81$/6835(022-UJDQRMXGLFLDOFROHJLDGRFRQVHGHHQ0DGULG
\ MXULVGLFFLyQ VREUH WRGR HO WHUULWRULR GHO (VWDGR TXH MHUiUTXLFDPHQWH
RFXSDHOOXJDUHOHYDGRHQWRGRVORVyUGHQHVFLYLOSHQDOFRQWHQFLRVRDG
PLQLVWUDWLYRVRFLDO\PLOLWDUVDOYRORGLVSXHVWRHQPDWHULDGHJDUDQWtDV
FRQVWLWXFLRQDOHVPDWHULDHVWDHQODTXHODF~VSLGHMHUiUTXLFDHVRFXSDGD
SRUHO7ULEXQDO&RQVWLWXFLRQDO

78512 /,%5( '* )RUPD GH DFFHVR D ORV GLIHUHQWHV FXHUSRV GH IXQ
FLRQDULRV S~EOLFRV TXH VH HIHFW~D PHGLDQWH OD VXSHUDFLyQ GH SUXHEDV
VHOHFWLYDVRSRVLFLRQHVTXHVHFRQYRFDQRILFLDOPHQWHUHVSHWDQGRHQVX
GHVDUUROORORVSULQFLSLRVGHLJXDOGDGSXEOLFLGDGPpULWR\FDSDFLGDG\
HQODVTXHSRGUiQSDUWLFLSDUWRGDVODVSHUVRQDVTXHUH~QDQORVUHTXLVLWRV
EiVLFRVOHJDOPHQWHH[LJLGRVSDUDHOOR


',&&,21$5,2352&(6$/%6,&2

81($'*7DPDxRGHOSDSHOGHRILFLRTXHVHHPSOHDSRU-X]JDGRV\
7ULEXQDOHV9pDVH3DSHOGH2ILFLR

81,&$,167$1&,$'33ULQFLSLRSURFHVDOHQYLUWXGGHOFXDOODVUHVROXFLR
QHVMXGLFLDOHVGLFWDGDVHQSULPHUDLQVWDQFLDQRSXHGHQVHUUHYLVDGDVSRU
XQyUJDQRMXGLFLDOVXSHULRU

81,'$' $'0,1,675$7,9$ 2- $TXpOOD TXH VLQ HVWDU LQWHJUDGD HQ OD
2ILFLQDMXGLFLDOVHFRQVWLWX\HHQHOiPELWRGHODRUJDQL]DFLyQGHOD$G
PLQLVWUDFLyQ GH -XVWLFLD SDUD OD MHIDWXUD RUGHQDFLyQ \ JHVWLyQ GH ORV
UHFXUVRVKXPDQRVGHOD2ILFLQDMXGLFLDOVREUHORVTXHVHWLHQHQFRPSH
WHQFLDVDVtFRPRVREUHORVPHGLRVLQIRUPiWLFRVQXHYDVWHFQRORJtDV\
GHPiVPHGLRVPDWHULDOHV

81,'$'352&(6$/'($32<2',5(&722-$TXpOODFpOXODRXQLGDGGH
OD2ILFLQDMXGLFLDOTXHGLUHFWDPHQWHDVLVWHDMXHFHV\PDJLVWUDGRVHQHO
HMHUFLFLRGHODVIXQFLRQHVTXHOHVVRQSURSLDVUHDOL]DQGRODVDFWXDFLRQHV
QHFHVDULDVSDUDHOH[DFWR\HILFD]FXPSOLPLHQWRGHFXDQWDVUHVROXFLRQHV
GLFWHQ &DGD -X]JDGR R 6HFFLyQ GH $XGLHQFLD FRQVWLWX\H XQD 8QLGDG
3URFHVDOGH$SR\R'LUHFWR

868)58&72'&Y'HUHFKRDXVDU\GLVIUXWDUXQELHQVLQGHWHULRUDUOR

 
',&&,21$5,2352&(6$/%6,&2

9$$'0,1,675$7,9$'$&RQMXQWRGHWUiPLWHVTXHVHGHVDUUROODQDQWH
ORVGLIHUHQWHVyUJDQRVGHOD$GPLQLVWUDFLyQ3~EOLFDWUDVVHUIRUPXODGD
SRUXQFLXGDGDQRPHGLDQWHLQVWDQFLDXQDSHWLFLyQ

9$'($35(0,2'39pDVH$SUHPLR9tDGH

9,2/(1&,$'20e67,&$'339pDVH2UGHQGH3URWHFFLyQ,QWHJUDODIDYRU
GHYtFWLPDVGHYLROHQFLDGRPpVWLFD9pDVH-X]JDGRVGH9LROHQFLDVREUH
OD0XMHU

9,67$ 3%/,&$ '33 '3& $FWR HQ HO TXH VH UHODFLRQD DQWH HO -XH] R
HO 7ULEXQDO XQD FDXVD R SOHLWR SUHYLDPHQWH LQVWUXLGR DQWHV GH GLFWDU
VHQWHQFLD$FWXDFLyQHQORVSOHLWRVFLYLOHVHQODTXHODVSDUWHVH[SR
QHQRUDOPHQWHDO-XH]RDO7ULEXQDOORTXHDVXGHUHFKRFRQYLHQH\HV
SURFHGHQWHFRQIRUPHDODIDVHSURFHVDOHQODTXHODYLVWDVHSURGX]FD

9,67$75$(5$/$'33RQHUDGLVSRVLFLyQGHO-XH]R7ULEXQDOHOH[SH
GLHQWH SDUD TXH UHVXHOYD ELHQ XQD FXHVWLyQ LQFLGHQWDO SODQWHDGD KD
FLpQGRORPHGLDQWHDXWRELHQODSHWLFLyQIXQGDPHQWDOGHOSURFHVRTXH
VHVROYHQWDUiSRUVHQWHQFLD

9,67$6'3&9pDVH9LVWD3~EOLFD