&203(7(1&,$62%5(3(5621$6'20,&,/,$'$6(1(/3(5 &DVL WRGDV ODV OH\HV PRGHUQDV TXH UHJXODQ VREUH MXULVGLFFLyQ WRPDQ HQ FXHQWD

FRPRFULWHULRGHFLVLYRHOGHORVLQWHUHVHVHQFRQIOLFWR HQWUHODVSDUWHV 'HHOOR VH

$57,&8/2 GHULYD TXH GHEHUi KDFHUVH XQD YDORUDFLyQ GH ORV LQWHUHVHV GHO GHPDQGDQWH \ HO
GHPDQGDGRHQFDGDVXSXHVWR\HVWDEOHFHUVHXQDIyUPXODTXHSHUPLWDODPi[LPD
/RV WULEXQDOHV SHUXDQRV VRQ FRPSHWHQWHV SDUD FRQRFHU GH ODV DFFLRQHV FRQWUD SURWHFFLyQSDUDDPEDVSDUWHV/DYDORUDFLyQGHLQWHUHVHVVHJ~QODUHODFLyQGHTXH
SHUVRQDVGRPLFLOLDGDVHQHOWHUULWRULRQDFLRQDO VHWUDWHQRVSHUPLWLUiGHWHUPLQDUFXiQGRXQFDVRHVWiORVXILFLHQWHPHQWHYLQFXODGR
DXQRUGHQMXULGLFRFRPRSDUDTXHVXVPDJLVWUDGRVVHDQFRPSHWHQWHV
&21&25'$1&,$6
(QIRUPD VXFLQWD SRGHPRVVHxDODU TXHSDUDHO GHPDQGDQWH H[LVWLUiQGRVSXQWRV
&& DUWR\VV SULQFLSDOHVGHLQWHUpV(OSULPHURFRQVLVWLUiHQHQWDEODU ODDFFLyQDQWHXQWULEXQDO
&3&DUWV HQHOTXHHVSHUDSRGHUHMHFXWDUVXVHQWHQFLDHVWRHVORTXHVHOODPDHOSULQFLSLR
&'3 DUWR GHHIHFWLYLGDG'HSRFRVHUYLUiDODFFLRQDQWHJDQDUXQSOHLWRDQWHORVWULEXQDOHVGH
VX(VWDGRQDFLRQDOVLDODKRUDGHFREUDUODVXPDDGHXGDGDQRH[LVWHQELHQHVHQ
&RPHQWDULR HOWHUULWRULRGHODUHIHULGDMXULVGLFFLyQ\WRGRHVIXHU]RVHUiYDQRVLOXHJRGHWHUPLQD
TXH GH DFXHUGR FRQ ODV UHJODV GH FRPSHWHQFLD LQGLUHFWD GHO (VWDGR HQ HO TXH
0DUtDGHO&DUPHQ,EYDU*LO SXHGH FXPSOLUVH OD RUGHQ MXGLFLDO OD VHQWHQFLD HQ FXHVWLyQ QR SXHGD VHU
HMHFXWDGD(V QHFHVDULR SDUDHO GHPDQGDQWH HQFRQWUDU XQ FULWHULRTXH SHUPLWD OD
(O 7tWXOR 6HJXQGR GHO /LEUR ; HVWDEOHFH ODV QRUPDV GH MXULVGLFFLyQ LQWHUQDFLRQDO HIHFWLYLGDGGHODV QFLDVTXHVHGLFWHQ(VWHLQWHUpVGHODSDUWHGHPDQGDQWH
SHUXDQD (V GHFLU ODV QRUPDV TXH D IDOWD GH WUDWDGR GHILQHQ FXiQGR HO MXH] HV WDPELpQ LQ UpV GHO OHJLVODGRU GHO (VWDGR SXHV QRSDUHFH DFHSWDEOH SUHWHQGHU
SHUXDQRHVFRPSHWHQWHHQXQDUHODFLyQMXUtGLFDFRQHOHPHQWRVYLQFXODGRVDPiV TXHVHLQYLDHOHVIXHU]RGHVXPDTXLQDULDMXGLFLDO\HOWLHPSRGHVXVPDJLVWUDGRV
GHXQ(VWDGR/RLGHDOVHUtDTXHWRGRVORV(VWDGRVWXYLHUHQHQFRP~QXQVLVWHPD HQ HPLWLU UHVROXFLRQHV TXH QR SXHGDQ VHU HMHFXWDGDV SRU FDUHFHU GH XQD
GHFRPSHWHQFLDMXULVGLFFLRQDOLQWHUQDFtRQDO&-,$VtVHSRGUtDHVWDEOHFHUDSULRUL
TXp MXHFHV VHUiQ FRPSHWHQWHV SDUD FDGD FDWHJRUtD GH UHODFtRQHV (VWR KDUtD
SRVLEOHDVHJXUDUTXHXQDYH]TXHODDXWRULGDGMXULVGLFFLRQDOGHXQ(VWDGRQDFLRQDO
GHWHUPLQDGRDVXPHFRPSHWHQFLDHQXQFRQIOLFWRFRQFUHWRODVRWUDVMXULVGLFFLRQHV
VH LQKLEDQ GH FRQRFHU HO FDVR 6LQ HPEDUJR QR KD\ SRU HO PRPHQWR QRUPDV
LQWHUQDFLRQDOHV TXH HVWDEOH]FDQ XQ VLVWHPD DUPRQL]DGR GH MXULVGLFFLRQDO
LQWHUQDFLRQDO\FDGD(VWDGRGHEHWHQHU\WLHQHVXVSURSLDVQRUPDVGH&-,
(Q JHQHUDO ORV (VWDGRV VXHOHQ HVWDU LQFOLQDGRV D FRQFHGHU D VXV WULEXQDOHV XQD
FRPSHWHQFLD WHUULWRULDO PiV DPSOLD GH OD TXH HVWiQ GLVSXHVWRV D UHFRQRFHU D ORV
WULEXQDOHV H[WUDQMHURV 1R KD\ UHJOD GH 'HUHFKR ,QWHUQDFLRQDO TXH LPSLGD WDO
GLVFRUGDQFLD 9HPRV SXHV TXH OD GHWHUPLQDFLyQ GH OD FRPSHWHQFLD GH ORV
WULEXQDOHV GH FDGD (VWDGR TXHGD D FULWHULR GH FDGD OHJLVODGRU QDFLRQDO \ HV pO
TXLHQ UHVXHOYH GH DFXHUGR FRQ OR TXH D VX MXLFLR UHVXOWH HO SXQWR GH YLVWD
IXQGDPHQWDOGHVXMXULVGLFFLyQORVDOFDQFHVGHODPLVPD
&RPR FRQVHFXHQFLD GH HVWR HO (VWDGR HQ HO TXH VH FRQVLGHUH TXH HO REMHWLYR
SULQFLSDOGHVXV WULEXQDOHVHVVHUYLU DVXVQDFLRQDOHV WHQGUiMXULVGLFFLyQVLHPSUH
TXHHOGHPDQGDQWHVHDGHODQDFLRQDOLGDGGHO(VWDGR7DOHVHOFDVRSRUHMHPSOR
GHO'HUHFKRIUDQFpV
(O(VWDGRTXHVRVWHQJDTXHODWDUHDGHVXVWULEXQDOHVHVDSOLFDU\GHVDUUROODUVX
SURSLR'HUHFKRGLVSRQGUiTXHVXVMXHFHVVRQFRPSHWHQWHVVRORVLVXVQRUPDVGH
FRQIOLFWR VHxDODQ HQ HO FDVR FRPR OH\ DSOLFDEOH OD /H[ IRUL (VWD UHJOD VL ELHQ
SXHGHVHU~WLOQRGHEHVHUH[DJHUDGDQLVXSRQHTXHORLGyQHRVHDHVWDEOHFHUOD
LGHQWLGDGHQWUHMXH]FRPSHWHQWH\QRUPDDSOLFDEOHHQWRGRVORVFDVRV
YLQFXODFLyQHIHFWLYDVXILFLHQWHFRQODUHODFLyQHQFXHVWLyQ
(OVHJXQGRLQWHUpVGHOGHPDQGDQWHHVTXHVXDFFLyQVHDHVWLPDGDSRUXQWULEXQDO
TXHOHVHDIiFLOPHQWHDFFHVLEOH(VWHVHJXQGRLQWHUpVVRORSRGUiVHUSURWHJLGRSRU
HO OHJLVODGRU FXDQGR QR FROLVLRQH FRQ HO LQWHUpV GHO GHPDQGDGR 9DOH GHFLU OD
HOHFFLyQGHO WULEXQDOSRU ODSDUWH GHPDQGDQWH VROR SRGUi VHUDFHSWDGDFXDQGRHO
WULEXQDO HOHJLGR JXDUGH XQD UHDO \ HIHFWLYD YLQFXODFLyQ FRQ HO GHPDQGDGR 'H OR
FRQWUDULR VH UHFRUWDULD HO GHUHFKR GHO PLVPR D FRPSDUHFHU \ GHIHQGHUVH HQ HO
MXLFLR
/RVLQWHUHVHVGHOGHPDQGDQWHUHODFLRQDGRVDOIiFLODFFHVRDOWULEXQDOVRORSRGUiQ
VHUSURWHJLGRVVLHOFULWHULRTXHVHXWLOL]DQRDIHFWDHVWHLQWHUpVGHOGHPDQGDGR1R
SXHGHWDPSRFRGHMDUVHGHODGRHQODHYDOXDFLyQORTXHHVHOLQWHUpVS~EOLFRTXH
SXHGHHVWDULQWHUHVDGRHQHOSURFHVRFXDQGRVHDIHFWHQFDWHJRUtDVGHGHUHFKRV
TXHLQWHUHVDQDO(VWDGR
(OOHJLVODGRUSHUXDQRXWLOL]DFRPRFULWHULRJHQHUDOSDUDHVWDEOHFHUVXFRPSHWHQFLD
MXULVGLFFLRQDO HO GRPLFLOLR (O DUWtFXOR  GHO &yGLJR &LYLO HVWDEOHFH XQD FODUD
UHJODJHQHUDOGHFRPSHWHQFLD
/RVWULEXQDOHVSHUXDQRVVRQFRPSHWHQWHVVLHPSUH\SDUDWRGRVORVFDVRVFXDQGR
ODSDUWHGHPDQGDGDVHDXQDSHUVRQDGRPLFLOLDGDHQHO 3HU~4XHGDFODURTXHHO
VRORKHFKRGHGRPLFLOLDUHQHOWHUULWRULRGHO(VWDGRSHUXDQRHVFRQVLGHUDGRFRPR
HOHPHQWRVXILFLHQWHSDUDYLQFXODUDORVWULEXQDOHVGHO3HU~DFRQRFHUGHXQFDVR
DXQFXDQGRHVWpYLQFXODGRDRWURVIRURV
(VWR HV LQGHSHQGLHQWH GHO GHUHFKR TXH UHVXOWH DSOLFDEOH DVXQWR TXH VH GLOXFLGD
GHVSXpVGHHVWDEOHFLGDODFRPSHWHQFLDMXGLFLDOSHUXDQDDSOLFDQGRODVQRUPDVGH
FRQIOLFWRGHOIRUR
9HPRV HQWRQFHV TXH HO OHJLVODGRU KD RSWDGR HQ PDWHULD GH MXULVGLFFLyQ FRPR
QRUPD JHQHUDO SRU HO GRPLFLOLR GHO GHPDQGDGR 6H KD FRQVLGHUDGR TXH HVWH
HOHPHQWR SRU HVWDU UHIHULGR DO FHQWUR GH YLGD GH OD SHUVRQD HV XQ FULWHULR GH
YLQFXODFLyQ HIHFWLYD TXH GHEH OOHYDU DO (VWDGR D FRQVLGHUDU TXH WLHQH LQWHUpV HQ
FRQRFHUHODVXQWR
/D RSFLyQ GHO IRUR GHO GRPLFLOLR GHO GHPDQGDGR UHVSRQGH D OD UHJOD FOiVLFD GHO
DFWRU VHTXLWXU IRUXP UHL FRQVDJUDGD HQ HO 'HUHFKR FRPSDUDGR 3RGHPRV SXHV
VRVWHQHU TXH OD UHJOD FRQVWLWX\H XQD UHJOD EiVLFD GH FRPSHWHQFLD LQWHUQDFLRQDO
FRP~QDORVGLVWLQWRVVLVWHPDVGHFRPSHWHQFLDMXGLFLDOWDQWRGHVGHODSHUVSHFWLYD
KLVWyULFDFRPRGHODGHO'HUHFKRFRPSDUDGRDFWXDO
/DHOHFFLyQFRPRFULWHULRJHQHUDOGHMXULVGLFFLyQGHOGRPLFLOLRGHOGHPDQGDGRHV
DGHFXDGD\UHVSRQGH GH PDQHUD DFHUWDGDDORV LQWHUHVHV GH ODV SDUWHV3HUPLWH
TXH OD GHPDQGDVH HQWDEOH HQ XQ OXJDU HQ HO TXH HO GHPDQGDGR WLHQH DFFHVR D
GHIHQGHUVH\HQHO TXH SRU ORJHQHUDO GDGRTXH HVVXFHQWURGH DFWLYLGDGWLHQH
FRQIUHFXHQFLDELHQHVFRQORVTXHSXHGHUHVSRQGHUSRUVXVREOLJDFLRQHV
(Q FRQVHFXHQFLD TXLHQ HOLMD GHPDQGDU DQWH ORV WULEXQDOHV SHUXDQRV D XQ
GRPLFLOLDGRHQOD5HS~EOLFDHVWDUiDFXGLHQGRDXQWULEXQDOFRPSHWHQWHVDOYRORV
FDVRV GH FRPSHWHQFLD QHJDWLYD TXH VH VHxDODQ HQ HO DUWtFXOR  GHO SURSLR
&yGLJR&LYLO
'2&75,1$
%$57,1 3ULQFLSHV GH 'URLW ,QWHUQDWLRQDO 3ULYH G
DSUpV OD ORL HW ODMXULVSUXGHQFH GRPLFLOLDGR HO GHPDQGDGR HVWH WLHQH HQ YLUWXG GH OD UHODFLyQ VXEOLWLV XQD
IUDQFDLVH7RPR3DUtV&$/92&$5$9$&$$OIRQVR/XLV\&$55$&26$
*21=/(= -DYLHU 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 9ROXPHQ   HGLFLyQ
(GLWRULDO &ROPDUHV 0,$-$ '( /$ 08(/$ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 
WRPRV  HGLFLyQ *UiILFDV <D 0DGULG  5(925('2 0$56$12 'HOLD
&203(7(1&,$(1$&&,21(63$75,021,$/(6
$57,&8/2
/RVWULEXQDOHVSHUXDQRVWLHQHQFRPSHWHQFLDSDUDFRQRFHUGHORVMXLFLRVRULJLQDGRV
SRU HO HMHUFLFLR GH DFFLRQHV GH FRQWHQLGR SDWULPRQLDO DXQ FRQWUD SHUVRQDV
GRPLFLOLDGDVHQSDtVH[WUDQMHURHQORVFDVRVVLJXLHQWHV
&XDQGRVHYHQWLOHQDFFLRQHVUHODWLYDVDGHUHFKRVUHDOHVVREUHELHQHVVLWXDGRV
HQOD5HS~EOLFD7UDWiQGRVHGHSUHGLRVGLFKDFRPSHWHQFLDHVH[FOXVLYD
&XDQGRVHYHQWLOHQDFFLRQHVUHODWLYDVDREOLJDFLRQHVTXHGHEDQHMHFXWDUVHHQ
HO WHUULWRULR GH OD 5HS~EOLFD R TXH GHULYHQ GH FRQWUDWRV FHOHEUDGRV R GH KHFKRV
UHDOL]DGRVHQGLFKRWHUULWRULR7UDWiQGRVHGHDFFLRQHVFLYLOHVGHULYDGDVGHGHOLWRVR
IDOWDV SHUSHWUDGRVRFX\RVUHVXOWDGRVVHKD\DQSURGXFLGRHQOD5HS~EOLFD GLFKD
FRPSHWHQFLDHVH[FOXVLYD
 &XDQGRODVSDUWHVVHVRPHWDQH[SUHVDR WiFLWDPHQWHDVXMXULVGLFFLyQ 6DOYR
FRQYHQFLyQHQFRQWUDULRFRQWHPSRUiQHRRDQWHULRUD ODVXPLVLyQ OD HOHFFLyQGHO
WULEXQDOHVH[FOXVLYD
&21&25'$1&,$6
&H DUWV<66<VV
&SHDUW
&',S DUWV
&RPHQWDULR
0DUtDGHO&DUPHQ,EYDU*LO
6L ELHQ HO GRPLFLOLR GHO GHPDQGDGR HV HO FULWHULR JHQHUDO SDUD OD
FRPSHWHQFLD GH ORVWULEXQDOHVSHUXDQRV H[LVWHQVXSXHVWRVHQORVTXHQRVLHQGR
YLQFXODFLyQVXILFLHQWHSDUDVHUHPSOD]DGRDFRPSDUHFHUDQWHORVMXHFHVSHUXDQRV
(VWRUHVSRQGHDORTXHHQODGRFWULQDVHFRQRFHFRPRHOSULQFLSLRGHSUR[LPLGDG
UD]RQDEOH6HSHUPLWHTXHXQDSHUVRQDQRGRPLFLOLDGDSXHGDVHUHPSOD]DGDDQWH
FRPS&yGLJR&LYLO([SRVLFLyQGH0RWLYRV\&RPHQWDULRV7RPR9,HGLFLyQ ORVWULEXQDOHVGHRWUR(VWDGRVLVHGDXQDFRQH[LyQGHODUHODFLyQDTXHVHUHILHUH
/LPD  5(925('2 0$56$12 'HOLD FRPS 3UR\HFWRV \ $QWHSUR\HFWRV
GH OD 5HIRUPD GHO &yGLJR &LYLO 3ULPHU 7RPR )RQGR (GLWRULDO GH OD 8QLYHUVLGDG
&DWyOLFD GHO 3HU~  HGLFLyQ /LPD  9,5*26 625,$12 0LJXHO \
*$5&,0$57t1 $/)e5(= )UDQFLVFR 'HUHFKR 3URFHVDO &LYLO ,QWHUQDFLRQDO
OLWLJDFLyQ LQWHUQDFLRQDO 9,5*26 625,$12 0LJXHO \ 52'5t*8(= 3,$1$8
(OHQD &RPSHWHQFLD MXGLFLDO LQWHUQDFLRQDO \ UHFRQRFLPLHQWR GH UHVROXFLRQHV
MXGLFLDOHV H[WUDQMHUDVMXULVSUXGHQFLD GHO 7ULEXQDO (XURSHR GH -XVWLFLD :2/)
HOSURFHVRTXHSHUPLWDVRVWHQHUTXHH[LVWHHQWUHHOGHPDQGDGR\HO(VWDGRXQD
YLQFXODFLyQUD]RQDEOH
'H DKt TXH ORVDUWtFXORV   <  GHO &yGLJR &LYLO KD\DQ SUHYLVWR XQD
VHULHGHVXSXHVWRVHQORVFXDOHVSXHGHGHPDQGDUVHDQWHHOIRURQDFLRQDODXQQR
GRPLFLOLDGR
0DUWLQ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 7UDGXFFLyQ  HGLFLyQ LQJOHVD %RVK $GLIHUHQFLDGHODQRUPDGHODUWtFXORGHO&yGLJR&LYLOTXHHVXQDQRUPDGH
%DUFHORQD FRPSHWHQFLD JHQHUDO ORV GLVSRVLWLYRV PHQFLRQDGRV VRQ GHFDUiFWHU HVSHFLDO (Q
FRQVHFXHQFLD HQ SULQFLSLR XQ QR GRPLFLOLDGR QRSXHGHVHU GHPDQGDGRDQWH ORV
WULEXQDOHVSHUXDQRV\VRORSRGUiVHULRFXDQGRVHWUDWHGHXQDDFFLyQLQFOXLGDHQ
XQD GH ODV FDWHJRUtDV TXH VH VHxDODQ H[SUHVDPHQWH HQ ODV QRUPDV GH
FRPSHWHQFLDMXULVGLFFLRQDOLQWHUQDFLRQDOSRVLWLYD
(O DUWtFXOR  HVWDEOHFH OD FRPSHWHQFLD GH ORV MXHFHV SHUXDQRV UHVSHFWR GH
DFFLRQHVGHFRQWHQLGRSDWULPRQLDOLQLFLDGDVFRQWUDSHUVRQDVQRGRPLFLOLDGDVHQHO
3HU~ $O WUDWDUVH GH DFFLRQHV GHFRQWHQLGR SDWULPRQLDO GHEHPRV HQWHQGHU TXH D
WUDYpV GH OD DFFLyQ VH SHUVLJXH REWHQHU XQD GHFODUDFLyQ MXGLFLDO FRQ
FRQVHFXHQFLDVGHFDUiFWHUHFRQyPLFR/DGHWHUPLQDFLyQFRPRSDWULPRQLDOGHXQD
UHODFLyQGHEHUiHVWLPDUVHSDUDFDGDUHODFLyQHQSDUWLFXODU
/D FRPSHWHQFLD TXH ODV QRUPDV RWRUJDQ DO MXH] SHUXDQR SXHGH VHU GH FDUiFWHU
IDFXOWDWLYR R H[FOXVLYR &XDQGR KDEODPRV GH FRPSHWHQFLD IDFXOWDWLYD GHO MXH]
SHUXDQRTXHUHPRVVHxDODUTXHHOOHJLVODGRUKDDXWRUL]DGRDOGHPDQGDQWHTXHDVt
OR GHVHH D LQWHUSRQHU XQD DFFLyQ DQWH HO MXH] SHUXDQR VREUH OD PDWHULD TXH VH
VHxDODHQODQRUPD(VGHFLUTXLHQGHPDQGDDQWHHOMXH]SHUXDQRHQHOVXSXHVWR
SUHYLVWR HQ OD QRUPD GHPDQGD ELHQ \ SXHGH HPSOD]DU DO QR GRPLFLOLDGR D
FRPSDUHFHU D MXLFLR HQ HO 3HU~ SXHV HO PDJLVWUDGR QDFLRQDO HVWi LQYHVWLGR GH
SRGHUVXILFLHQWHSDUDUHVROYHUHOFDVR
6LQHPEDUJRWUDWiQGRVHGHFRPSHWHQFLDIDFXOWDWLYDHOLQWHUHVDGRSXHGHRSWDUSRU
GHPDQGDU DQWH RWUR MXH] \ SRGUi FRQVHJXLU OXHJR HO UHFRQRFLPLHQWR GH OD
VHQWHQFLD TXH VH GLFWH HQ HVD RWUD MXULVGLFFLyQ HQ HO 3HU~ (Q RWUDV SDODEUDV
SXHGHQ GDUVH FDVRV HQ TXH PiV GH XQ (VWDGR WHQJD GH DFXHUGR D VXV QRUPDV
FRPSHWHQFLD SDUD UHVROYHU XQD PLVPD DFFLyQ 7UDWiQGRVH GH VXSXHVWRV GH
FRPSHWHQFLD IDFXOWDWLYD HO SRWHQFLDO GHPDQGDQWH SXHGH HOHJLU HQWUH ORV IRURV GH
ORVSDtVHVLQYROXFUDGRVHQODUHODFLyQOLWLJLRVD\HMHFXWDUODGHPDQGDHQHVHXRWUR
(VWDGR GLVWLQWR FRQ HO UHTXLVLWR GH TXH OD UHVROXFLyQ MXGLFLDO HQ FXHVWLyQ FXPSOD
FRQ XQDVHULH GH FRQGLFLRQHVTXHVHxDODHO RUGHQ MXUtGLFR HQ HOTXHVH SUHWHQGH
HMHFXWDU OD VHQWHQFLD (Q HO FDVR GH QXHVWUR &yGLJR HVWRV UHTXLVLWRV HVWiQ
VHxDODGRVHQHO7tWXOR,9GHO/LEURGH'HUHFKR,QWHUQDFLRQDO3ULYDGR
/D FRPSHWHQFLD IDFXOWDWLYD HV OD UHJOD JHQHUDO \ VL QR VH VHxDOD VL OD
FRPSHWHQFLDHVIDFXOWDWLYDRH[FOXVLYDGHEHPRVFRQVLGHUDUTXHHVIDFXOWDWLYD
([LVWHQ XQD VHULH GH VXSXHVWRV HQ ORV TXH HO OHJLVODGRU SHUXDQR KD FRQVLGHUDGR
TXH VROR SXHGHQ VHU YiOLGDPHQWH UHVXHOWRV DQWH VX IXHUR (Q HVWRV FDVRV DXQ
FXDQGR RWURV (VWDGRV FRQVLGHUHQ D VXV WULEXQDOHV FRPR FRPSHWHQWHV SDUD
DERFDUVHDOOLWLJLRODUHVROXFLyQTXHHPLWDQQRVHUiSRVLEOHGHHMHFXWDUHQWHUULWRULR
SHUXDQR&RPRKHPRVLQGLFDGRORVFDVRVGHH[FOXVLYLGDGHQODFRPSHWHQFLDVRQ
H[FHSFLyQ D OD UHJOD JHQHUDO TXH HV OD FRPSHWHQFLD IDFXOWDWLYD \ VH OLPLWDQ D ORV
TXHH[SUHVDPHQWHVHxDODHO&yGLJR
&RPHQWDUHPRV FDGD XQR GH ORV WUHV QXPHUDOHV GHO DUWtFXOR  LQGLFDQGR
SULPHURHOVXSXHVWRJHQHUDOTXHHVGHFRPSHWHQFLDIDFXOWDWLYD\PHQFLRQDUHPRV
ORVVXSXHVWRVGHFRPSHWHQFLDH[FOXVLYDTXHVHHVWDEOHFHQ
1XPHUDOSULPHUR
(O QXPHUDO SULPHUR GHO DUWtFXOR  HVWDEOHFH FRPSHWHQFLD GHO MXH] SHUXDQR
VREUH QR GRPLFLOLDGRV SDUD DFFLRQHV TXH VH UHILHUDQ D GHUHFKRV UHDOHV VREUH
ELHQHVVLWXDGRVHQOD5HS~EOLFD
6H FRQVLGHUD TXH HO KHFKR GH HVWDU XQ ELHQ VLWXDGR HQ HO OXJDU HO IRUR HV
YLQFXODFLyQ VXILFLHQWH SDUD TXH VH Gp FRPSHWHQFLD DO MXH] GHO OXJDU (O DUWtFXOR
UHVSRQGHGHDFXHUGRFRQORTXHLQGLFDOD([SRVLFLyQGH0RWLYRVGHODQWHSUR\HFWR
DO SULQFLSLR /H[ UHL VLWXV SULQFLSLR DGPLWLGR XQiQLPHPHQWH SRU OD GRFWULQD
LQWHUQDFLRQDO 'HEH VLQ HPEDUJR SUHFLVDUVH TXH HQ ORV FDVRV HQ TXH HO MXH]
SHUXDQR VH FRQVLGHUD FRPSHWHQWH VREUH XQ QR GRPLFLOLDGR SRU UD]yQ GH OD
XELFDFLyQGHOELHQDOSUREOHPDGHIRQGRPDWHULDGHGLVFXVLyQQRQHFHVDULDPHQWH
OHVHUiDSOLFDGDODOH\SHUXDQD
&RPRSXHGHYHUVHHODUWtFXORGHO&yGLJR&LYLOHVWDEOHFHTXHODOH\DSOLFDEOH
DO FRQWHQLGR FRQVWLWXFLyQ \ H[WLQFLyQ GH GHUHFKRV UHDOHV HV OD GH OD VLWXDFLyQ DO
PRPHQWRGHFRQVWLWXFLyQGHOGHUHFKRUHDO(OOXJDUGHXELFDFLyQGHOELHQDOTXHVH
UHILHUHHOQXPHUDOGHODUWtFXORGHO&yGLJR&LYLOGHEHFRQVLGHUDUVHFRPRGH
XELFDFLyQ DO PRPHQWR GH LQLFLDUVH OD DFFLyQ \ QR WLHQH TXH FRLQFLGLU
QHFHVDULDPHQWH FRQ HO OXJDU GH XELFDFLyQ DOPRPHQWRGHFRQVWLWXLUVH HOGHUHFKR
UHDO TXH SXHGH VHU GLVWLQWR VDOYR HQ PDWHULD GH SUHGLRV HQ ORV TXH SRU OD
QDWXUDOH]D GHO ELHQ VH GDUi VLHPSUH OD LGHQWLGDG HQWUH HO MXH] \ OD OH\ DSOLFDEOH
3RGHPRVHQWRQFHVGHFLUTXHSDUDHODUWtFXORPDWHULDGHFRPHQWDULRHVPiVH[DFWD
ODH[SUHVLyQ)RULUHLVLWXVTXH/H[UHLVLWXV
(O OHJLVODGRU SHUXDQRFRQVLGHUDTXHVXYLQFXODFLyQFRQ ORVLQPXHEOHV VLWRV HQ HO
SDtV HV GH WDO LPSRUWDQFLD TXH H[FOX\H OD SRVLELOLGDG GH LQWHUYHQFLyQ GH XQ MXH]
H[WUDQMHUR FDOLILFDQGR HVWH VXSXHVWR GH FRPSHWHQFLD MXULVGLFFLRQDO LQWHUQDFLRQDO
FRPR GH FRPSHWHQFLD H[FOXVLYD /D IRUPD GH FRUWDU SDVR D OD SRVLELOLGDG GH
DSOLFDFLyQGHODOH\H[WUDQMHUDDORVSUHGLRVXELFDGRVHQHO3HU~HVHYLWDUTXHRWUR
MXH]FRPSHWHQWHGHDFXHUGRDVXSURSLRRUGHQMXUtGLFRFRQXQDQRUPDGHFRQIOLFWR
GLVWLQWD D OD SHUXDQD SXHGD HPLWLU XQD UHVROXFLyQ HMHFXWDEOH HQ OD 5HS~EOLFD
7HQHPRV SXHV TXH HQ HVWH FDVR OD H[FOXVLYLGDG HQ OD MXULVGLFFLyQ JDUDQWL]D QR
VRORODQRLQWHUYHQFLyQGHODDXWRULGDGMXGLFLDOH[WUDQMHUDHQDFFLRQHVUHDOHVVREUH
SUHGLRVXELFDGRVHQHO3HU~VLQRODHOLPLQDFLyQGHODDSOLFDFLyQDODVPLVPDVGH
XQDOH\GLVWLQWDDODSHUXDQD
1XPHUDOVHJXQGR
(O QXPHUDO  GHO DUWtFXOR  GHO &yGLJR &LYLO HVWDEOHFH FRPSHWHQFLD GH ORV
WULEXQDOHVGHO3HU~HQPDWHULDGHREOLJDFLRQHVSDUDDFFLRQHVHQODVTXHSRUXQDX
RWUDFLUFXQVWDQFLDKD\XQHOHPHQWRLPSRUWDQWHGHYLQFXODFLyQGHODVSDUWHVFRQHO
WHUULWRULRGHOD5HS~EOLFD/RVVXSXHVWRVGHOLQFLVRPDWHULDGHHVWHSXQWRVRQWUHV
6H WUDWD HQ WRGRV HOORV GH REOLJDFLRQHV TXH HO OHJLVODGRU KD FRQVLGHUDGR TXH
SUHVHQWDQ IDFWRUHV FRQVXILFLHQWH \ UHFRQRFLGD IRUWDOH]D SDUD YLQFXODU OD UHODFLyQ
FRQHOIRURGHOSDtV
(QSULPHU OXJDU QRVUHIHULUHPRV DOFDVRGHREOLJDFLRQHVFRQWUDFWXDOHV/DQRUPD
FRQVLGHUD DO MXH] SHUXDQR FRPSHWHQWH SDUD FRQRFHU GH XQD DFFLyQ MXGLFLDO
UHODFLRQDGDDXQFRQWUDWRDXQFRQWUDXQDSHUVRQDQRGRPLFLOLDGDHQHO3HU~VLHO
FRQWUDWRVHFHOHEUyHQQXHVWURSDtV
(O IXQGDPHQWR SDUD DWULEXLU MXULVGLFFLyQ VREUH QR GRPLFLOLDGRV HQ DFFLRQHV
UHODWLYDVDFRQWUDWRV TXHVHKD\DQFHOHEUDGR HQHOSDtVVH IXQGDHQOD SULRULGDG
FURQROyJLFD TXH HVWH IDFWRU GH FRQH[LyQ SUHVHQWD IUHQWH D ORV GHPiV SXQWRV GH
FRQH[LyQ FRQWUDFWXDOHV \D TXH OD H[LVWHQFLD \ FXPSOLPLHQWR GHSHQGHQ GH VX
FHOHEUDFLyQ+D\GRVUHODFLRQDGRVDHVWHIDFWRUGHFRQH[LyQ(OORVVRQFXiQGRVH
FRQVLGHUDFRPRHIHFWLYDPHQWHFHOHEUDGRXQFRQWUDWR\FyPRVHGHWHUPLQDUiVLHO
PLVPRVHFHOHEUyHQHO3HU~3DUDUHVROYHUHOSUREOHPDVREUHFXiQGRGHEHPRV
,FRQVLGHUDUFHOHEUDGRXQFRQWUDWRGHEHPRVXWLOL]DUODVGLVSRVLFLRQHV\FULWHULRVGH
LQWHUSUHWDFLyQGHODOH\SHUXDQD
7HQGUHPRVDVtTXHGHDFXHUGRDODUWtFXORGHO&yGLJR&LYLOSRUUHJODJHQHUDO
ORV FRQWUDWRVVH SHUIHFFLRQDQ SRU HO FRQVHQWLPLHQWR GH ODV SDUWHV 6H H[FHSW~DQ
DTXHOORV TXH DGHPiV GHEDQ REVHUYDU XQD IRUPD GHWHUPLQDGD H[SUHVDPHQWH
VHxDODGDSRUODOH\EDMRVDQFLyQGHQXOLGDG
3RGHPRV HQWRQFHV HVWDEOHFHU FRPR SULQFLSLR JHQHUDO TXH XQ FRQWUDWR VH
FRQVLGHUDFHOHEUDGRHQHO3HU~FXDQGRODVSDUWHVGLHURQVXFRQVHQWLPLHQWRHQHO
3HU~ (Q PXFKRV FRQWUDWRV \ HQ HVSHFLDO HQ ORV TXH H[LVWHQ HOHPHQWRV
LQWHUQDFLRQDOHV ODV SDUWHV QR VH HQFXHQWUDQ UHXQLGDV HQ XQ PLVPR WHUULWRULR D
HIHFWRVGHFHOHEUDUHOFRQWUDWR
6H GD OD ILJXUD TXH OD GRFWULQD GHQRPLQD HO FRQWUDWR HQWUH DXVHQWHV TXH SXHGH
FRQFUHWDUVH\DVHDDWUDYpVGHFRUUHVSRQGHQFLDID[FRUUHRHOHFWUyQLFRWHOpIRQR
R FXDOTXLHU PHGLR TXH SHUPLWD HO LQWHUFDPELR GH PDQLIHVWDFLRQHV GH YROXQWDG D
GLVWDQFLD(QHVWRVVXSXHVWRVSDUDHVWDEOHFHUVLHOFRQWUDWRVHFHOHEUyHQHO3HU~
WHQGUHPRVTXHDFXGLUD ODVUHJODVTXHHVWDEOHFHQORVDUWtFXORV\VLJXLHQWHV
GHO&yGLJR&LYLO
&RPR UHJOD JHQHUDO SRGHPRV GHFLU TXH HO FRQWUDWR HQWUH DXVHQWHV VH FRQVLGHUD
SHUIHFFLRQDGR HQ HO 3HU~ FXDQGR OD DFHSWDFLyQ HV FRQRFLGD SRU HO RIHUHQWH
HQFRQWUiQGRVHHQHOWHUULWRULRSHUXDQR6HUiQGHDSOLFDFLyQODVUHJODVGHO7tWXOR
6HFFLyQ 3ULPHUD GHO /LEUR 6pWLPR GHO &yGLJR &LYLO SDUD FXDOTXLHU SUREOHPD TXH
SXGLHUD VXUJLU SDUD HVWDEOHFHU OD YDOLGH] GH OD RIHUWD \ OD DFHSWDFLyQ SDUD
REOLJDFLRQHV HQJHQHUDOVLQHVSHFLILFDUVL VH WUDWD GH REOLJDFLRQHVFRQWUDFWXDOHV
,QFOX\HHQWRGRFDVRWDQWRODVFRQWUDFWXDOHVFRPRRWUDVREOLJDFLRQHV
(QWRGRFDVRFRPRFRQVHFXHQFLDGHHVWDUHJODSXHGHQVHUFRQRFLGDVSRUHOMXH]
SHUXDQR DFFLRQHV FRQWUD XQD SHUVRQD QR GRPLFLOLDGD TXH GHULYHQ GH REOLJDFLyQ
FRQWUDFWXDOFXDQGRVHWUDWHGHSUHVWDFLRQHVTXHVHHMHFXWHQHQHO3HU~5HVSHFWR
GHORTXHVRQREOLJDFLRQHVFRQWUDFWXDOHVHVLQWHUHVDQWHPHQFLRQDUTXHHVWDUHJOD
GH FRPSHWHQFLD SHUXDQD HVVLPLODU D OD GH OD &RQYHQFLyQ GH %UXVHODV GH 
UHVSHFWRGHODFXDOKD\DEXQGDQWHMXULVSUXGHQFLDGHO7ULEXQDOGH-XVWLFLD(XURSHR
(O IXQGDPHQWR SDUD HVWDEOHFHU OD FRPSHWHQFLD GHO MXH] SHUXDQR HQ XQD DFFLyQ
FRQWUD XQ QR GRPLFLOLDGR HV OD H[LVWHQFLD GH XQD SUR[LPLGDG IiFWLFD UD]RQDEOH
HQWUHOD UHODFLyQ\HO IRUR6L XQDSHUVRQDVH REOLJD SRUXQFRQWUDWRD HMHFXWDU OD
SUHVWDFLyQ FRQWUDFWXDO TXH OH FRUUHVSRQGH HQ HO 3HU~ HV UD]RQDEOH HVWDEOHFHU
TXH SXHGH VHU GHPDQGDGR HQ HO 3HU~ SRU HO FXPSOLPLHQWR GH HVD PLVPD
SUHVWDFLyQ
7UDWiQGRVH GH FRQWUDWRV OR XVXDO VHUi TXH KD\D PiV GH XQD REOLJDFLyQ D VHU
HMHFXWDGD \ HV SHUIHFWDPHQWH IDFWLEOH TXH KD\D REOLJDFLRQHV TXHVH HMHFXWHQ HQ
PiV GH XQ SDtV /R FRUUHFWR VHUi LQWHUSUHWDU TXH HO MXH] SHUXDQR WHQGUi
FRPSHWHQFLDFRQWUDXQQRGRPLFLOLDGR VREUH ODEDVHGHHVWDQRUPDVL ODDFFLyQ
YHUVDVREUHXQDREOLJDFLyQGHOFRQWUDWRTXHVHHMHFXWyRGHELyHMHFXWDUVHHQHO
3HU~ 'H DFXHUGRDHVWHDUWtFXOR QRFDEHTXH HOMXH]SHUXDQR WHQJDMXULVGLFFLyQ
FRQWUDXQQRGRPLFLOLDGRUHVSHFWRGHDFFLRQHVUHODFLRQDGDVDREOLJDFLRQHVTXHQR
VHHMHFXWDQHQHO3HU~
$VtSRUHMHPSORVLHQXQFRQWUDWRGHFRPSUDYHQWDODHQWUHJDGHPHUFDGHUtDVVH
UHDOL]D HQ HO 3HU~ SHUR HO SDJR HQ XQ WHUFHU SDtV VH SRGUiQ LQLFLDU HQ HO 3HU~
DFFLRQHV GH LQFXPSOLPLHQWRUHODFLRQDGDVFRQ ODHQWUHJD GHOD PHUFDGHUtD3RGUi
GLVFXWLUVH HQWUH RWURV PDWHULDV UHODFLRQDGDV D OD RSRUWXQLGDG GH HQWUHJD GH OD
PHUFDGHUtDODFDOLGDGRFDQWLGDGGHPHUFDGHUtDUHFLELGD1RSRGUiVLQHPEDUJRD
WUDYpV GH OD FRPSHWHQFLD MXULVGLFFLRQDO HVWDEOHFLGD SRU HVWD QRUPD RWRUJDUVH
FRPSHWHQFLD DO MXH]SHUXDQR FRQWUDXQQRGRPLFLOLDGR HQ DFFLRQHVUHODFLRQDGDV
FRQHOSDJRGHOSUHFLR
'HEH HQWHQGHUVH TXH VH FRQVLGHUDUi HO 3HU~ FRPR HO OXJDU GH HMHFXFLyQ GH OD
SUHVWDFLyQ FXDQGR HVWp SDFWDGR HQ HO FRQWUDWR $O UHVSHFWR GHEH DQRWDUVH TXH
SDUDRWRUJDUMXULVGLFFLyQDOMXH]SHUXDQRODGHVLJQDFLyQSRUODVSDUWHVGHOOXJDUGHO
FXPSOLPLHQWRGHOFRQWUDWRGHEHVHUYiOLGDFRQIRUPHDO'HUHFKRQDFLRQDODSOLFDEOH
GHWHUPLQDU TXLpQ HV HO RIHUHQWH HQ FDVR GH RIHUWDV \ FRQWUDRIHUWDV \ SDUD WRGR
DTXHOORTXHUHVXOWHQHFHVDULRDHIHFWRVGHLQWHUSUHWDUVLHOFRQVHQWLPLHQWRVHGHEH
FRQVLGHUDUFRPRRWRUJDGRHQWHUULWRULRQDFLRQDO
(OVHJXQGRQXPHUDOGHODUWtFXORFRQILHUHWDPELpQFRPSHWHQFLDSHUXDQDSDUD
DFFLRQHV UHODWLYDV D REOLJDFLRQHV TXH GHEDQ HMHFXWDUVH HQ OD 5HS~EOLFD $
GLIHUHQFLD GH OR HVWDEOHFLGR HQ HO FDVR DQWHULRU VH DOXGH VLPSOHPHQWH D
DO FRQWUDWR 1R VH LQGLFD TXp VXFHGH VL QR HVWi HVWDEOHFLGR HO OXJDU GH
FXPSOLPLHQWR GH OD REOLJDFLyQ (Q WDO FDVR GHEH HQWHQGHUVH TXH HO 3HU~ VHUi HO
OXJDUGHOFXPSOLPLHQWRGHODREOLJDFLyQFXDQGRDVtORGHWHUPLQHODOH\DSOLFDEOH(V
LOXVWUDWLYRHQHVHVHQWLGRORVHxDODGRSRUHO7ULEXQDO(XURSHRGH-XVWLFLDTXHHQHO
FDVR ,QGXVWULH 7HVVLOL ,WDOLDQD &RPR FRQWUD 'XQORS $* VHxDOy TXH HO OXJDU HQ HO
TXH KD\DVLGR RGHEDVHUFXPSOLGD OD REOLJDFLyQVH GHWHUPLQDVHJ~QODV QRUPDV
GHFRQIOLFWRGHOyUJDQRMXULVGLFFLRQDOTXHFRQRFHGHODVXQWR
2WUDGLILFXOWDGTXHSXHGHSUHVHQWDUVHHVTXHHQHOSURFHVRVHFXHVWLRQHODYDOLGH]
GHO FRQWUDWR (Q HVWH FDVR DXQ FXDQGR OR TXH VH FXHVWLRQH VHD OD YDOLGH] GHO
FRQWUDWRHOMXH]GHEHFRQVLGHUDUVHFRPSHWHQWHSDUDHOPLVPR(QHVHVHQWLGRHV
LQWHUHVDQWH OR VHxDODGR SRU HO 7ULEXQDO (XURSHR GH -XVWLFLD LQGLFDQGR TXH /D
FRPSHWHQFLD GHO yUJDQR MXULVGLFFLRQDO QDFLRQDO SDUD UHVROYHU ODV FXHVWLRQHV
UHODWLYDV D XQ FRQWUDWR FRPSUHQGH OD GH DSUHFLDU OD H[LVWHQFLD GH ORV HOHPHQWRV
FRQVWLWXWLYRV GHO SURSLR FRQWUDWR SRU VHU GLFKD DSUHFLDFLyQ LQGLVSHQVDEOH SDUD
SHUPLWLUDOyUJDQRMXULVGLFFLRQDOQDFLRQDOTXHFRQRFHGHODGHPDQGDFRPSUREDUVX
HQULTXHFLPLHQWRLQGHELGR\WRGRWLSRGHKHFKRRDFWRMXUtGLFRTXHVHUHDOLFHHQHO
WHUULWRULRSHUXDQRTXHQRWHQJDHOFDUiFWHUGHFRQWUDFWXDO
(VWDUtDQ WDPELpQ LQFOXLGDV HQ HVWD FDWHJRUtD ODV REOLJDFLRQHV TXH QDFHQ SRU
PDQGDWRGHODOH\FXDQGRHOKHFKRRULJLQDULRGHODREOLJDFLyQVHUHDOLFHHQHO3HU~
(VWRFRQYLHUWHGHDOJ~QPRGRDOVXSXHVWRPDWHULDGHHVWHSXQWRHQXQDFDWHJRUtD
TXH SHUPLWH HVWDEOHFHU FRPSHWHQFLD QDFLRQDO SDUD ORV FDVRV QR SUHYLVWRV
H[SUHVDPHQWHHQRWUDVFDWHJRUtDVVLHPSUHTXHH[LVWDXQDYLQFXODFLyQHIHFWLYDGH
FRPSHWHQFLD
2WURFDVRSDUWLFXODUVHUiFXDQGRODVREOLJDFLRQHVQRVRQItVLFDPHQWHHMHFXWDEOHV
7DOHVHOFDVRGHODVREOLJDFLRQHVGHQRKDFHU(QWDOFDVRKDEUtDTXHFRQVLGHUDU
VLKD\DOJ~QOXJDUHVSHFtILFRDOTXHHVWpYLQFXODGRODREOLJDFLyQGHQRKDFHU6LHV
XQD REOLJDFLyQ JHQHUDO TXH QR SXHGH YLQFXODUVH D XQ OXJDU HVSHFLILFR VX QR
HMHFXFLyQQRSRGUiPDWHULDOL]DUVHHQXQGHWHUPLQDGROXJDU\SRUORWDQWRQRFDEH
XVDUHVWDQRUPDSDUDGHWHUPLQDUODFRPSHWHQFLDGHOMXH]
(VWH PLVPR QXPHUDO FRQVDJUD FRPSHWHQFLD MXULVGLFFLRQDO SRVLWLYD SHUXDQD VREUH
QR GRPLFLOLDGRV SDUD DFFLRQHV TXH GHULYHQ GH KHFKRV UHDOL]DGRV HQ HO SDtV
$PERV WHPDV HV GHFLU HO GH DFFLRQHV UHODWLYDV D REOLJDFLRQHV QRFRQWUDFWXDOHV
TXHGHEDQHMHFXWDUVHHQHO3HU~\DDFFLRQHVUHODWLYDVDREOLJDFLRQHVWDPELpQQR
FRQWUDFWXDOHV TXH GHULYHQ GH KHFKRV UHDOL]DGRV HQ HO 3HU~ GHEHQ WUDWDUVH
FRQMXQWDPHQWH 6H WUDWD HQ WRGRV ORV FDVRV GH DFFLRQHV TXH SHUVLJXHQ XQD
UHFODPDFLyQ SDWULPRQLDO UHVSHFWR GH REOLJDFLRQHV TXH FX\D IXHQWH QR HV HO
FRQWUDWR
1R WLHQHQ TXH OLPLWDUVH ORV VXSXHVWRV FRPSUHQGLGRV HQ HVWH SXQWR D ORV TXH
FRQVLGHUDPRV FRPR UHVSRQVDELOLGDG H[WUDFRQWUDFWXDO UHJXODGD HQ ORV DUWLFXORV
\VLJXLHQWHVGHQXHVWUR&yGLJR&LYLORDODVDFFLRQHVFLYLOHVTXHGHULYHQGH
XQGHOLWR
ODUHODFLyQFRQHORUGHQQDFLRQDO
(O VXSXHVWR PiV IUHFXHQWH HV HO GH UHVSRQVDELOLGDG SRU GDxRV D WHUFHURV 6HUi
FRPSHWHQWHHQHVWRVFDVRVHOMXH]QDFLRQDOHQDFFLRQHVFRQWUDQRGRPLFLOLDGRVVL
ORVKHFKRV TXH JHQHUDQHO GDxRVH UHDOL]DURQHQHO WHUULWRULRGHO3HU~(O &yGLJR
&LYLO RSWDSRURWRUJDU MXULVGLFFLyQFXDQGRORVKHFKRVVHUHDOL]DURQ HQ HOWHUULWRULR
SHUXDQR \ QR FXDQGR HO GDxR VH VXIUH HQ HO WHUULWRULR QDFLRQDO 6L ELHQ HQ OD
JHQHUDOLGDGGHORVFDVRVHOGDxRVHVXIUHHQHOOXJDUGRQGHVHGDQORVKHFKRVTXH
ORJHQHUDQHVWRQRHVVLHPSUHDVt
'HEH GHVWDFDUVH TXH HV VXILFLHQWH TXH HO KHFKR VH UHDOLFH HQ HO 3HU~ DXQ
FXDQGRORVHIHFWRVRFRQVHFXHQFLDVGHOPLVPRVHGHQHQWHUULWRULRH[WUDQMHURSDUD
TXH VHD FRPSHWHQWH HO MXH] QDFLRQDO &RVD GLVWLQWD VHUi VL OR TXH VH GD HQ
WHUULWRULR QDFLRQDO VRQ ORV HIHFWRV R FRQVHFXHQFLDV VLHQGR TXH HO KHFKR TXH ORV
SURYRFy WXYR OXJDU IXHUD GHO SDtV (QHVWHVHJXQGR FDVRQRKDEUtDFRPSHWHQFLD
MXGLFLDOSHUXDQDFRQWUDXQQRGRPLFLOLDGR
6RQWDPELpQGHFRPSHWHQFLDH[FOXVLYDSHUXDQDODVDFFLRQHVFLYLOHVGHULYDGDVGH
GHOLWRVRIDOWDVSHUSHWUDGRVRFX\RVUHVXOWDGRVVHKDQSURGXFLGRHQOD5HS~EOLFD
6H PDQWLHQH HQ HO QXHYR &yGLJR HVWH VXSXHVWR GH FRPSHWHQFLD MXULVGLFFLRQDO
H[FOXVLYD(OFULWHULRDGRSWDGRSHUPLWHXQLIRUPLGDGGHODMXULVGLFFLyQSHUXDQDSHQDO
\FLYLO
1XPHUDOWHUFHUR
 (Q HVH VHQWLGR YpDVH HO FDVR 6LHJILHG =HOJHU FRQWUD 6HEDVWLDQR 6DOLQDWUL HQ 9,5*26
625,$12 0LJXHO \ 52'5,*8(= 3,$1$8 (OHQD &RPSHWHQFLD MXGLFLDO LQWHUQDFLRQDO \ (OQXPHUDOGHODUWtFXORGHO&yGLJR&LYLOVHxDODTXHWLHQHQFRPSHWHQFLDORV
UHFRQRFLPLHQWRGHUHVROXFLRQHVMXGLFLDOHVH[WUDQMHUDVS
9,5*26625,$120LJXHO\52'5,*8(=3,$1$8(OHQD2SFLWS
3XHGHQ H[LVWLU RWUDV UHODFLRQHV VXVFHSWLEOHV GH VHU LQFOXLGDV HQ HVWD FDWHJRUtD
(QWUHORTXHSXHGDLQFOXLUVHFRPRKHFKRVUHDOL]DGRVHQHO3HU~\VLWXDFLRQHVTXH
SXHGDQ JHQHUDU REOLJDFLRQHV D HMHFXWDUVH HQ QXHVWUR SDtV SRGHPRV WHQHU XQ
iPELWR PX\ H[WHQVR \ YDULDGR GH SRVLEOHV DFFLRQHV TXH QR SRGHPRV SUHWHQGHU
DJRWDUHQHVWHFRPHQWDULR
7HQHPRV HQWRQFHV TXH HQWUH ODV UHODFLRQHV MXUtGLFDV TXH SXHGHQ HQFXDGUDUVH
GHQWUR GH HVWD FDWHJRUtD HVWDUiQ DGHPiV GH ORV GDxRV GHULYDGRV GH
UHVSRQVDELOLGDGH[WUDFRQWUDFWXDOODSURPHVDXQLODWHUDOODJHVWLyQGHQHJRFLRVHQ
WULEXQDOHV GHO 3HU~ FXDQGR HO GHPDQGDGR QR GRPLFLOLDGR VH VRPHWH H[SUHVD R
WiFLWDPHQWHDODMXULVGLFFLyQQDFLRQDO
(Q FRQVHFXHQFLD \D VHD TXH SRU SDFWR FRQWUDFWXDO HQWUH ODV SDUWHV VH KXELHVH
GHWHUPLQDGR FRPRFRPSHWHQWHDO MXH] SHUXDQRR TXHVHFRQWHVWH XQDGHPDQGD
UHFRQRFLHQGR OD MXULVGLFFLyQ SHUXDQD R VLPSOHPHQWH QR FXHVWLRQiQGROD VH
FRQVLGHUDUiTXHHOFDVRSXHGHVHUUHVXHOWRSRUORVMXHFHVQDFLRQDOHV
6H UHFRQRFH DVL HO SULQFLSLR TXH SDUD VX 'HUHFKR 3URFHVDO LQWHUQR FRQVDJUDQ
PXFKRV SDtVHV GH FRQVLGHUDU OD FRPSHWHQFLD WHUULWRULDO FRPR GH 'HUHFKR
GLVSRVLWLYR \ SRU OR WDQWR VXVFHSWLEOH GH TXHGDU VLQ HIHFWR DQWH OD YROXQWDG
FXDQWR D ODV UHODFLRQHV HQWUH HO JHVWRU \ HO GXHxR GH ORV ELHQHV R QHJRFLR HO FRQWUDULDGHODVSDUWHVTXHSXHGHQVRPHWHUVHH[SUHVDRWiFLWDPHQWHDXQWULEXQDO
LQFRPSHWHQWHHQHO RUGHQ WHUULWRULDOR GHVFDUWDU ODFRPSHWHQFLDGHO TXHOD SRVHD
6LJQLILFDTXHODVSDUWHVHVWiQGDQGRMXULVGLFFLyQDXQGHWHUPLQDGRIRUR(OHIHFWR (OHQD &RPSHWHQFLD MXGLFLDO LQWHUQDFLRQDO \ UHFRQRFLPLHQWR GH UHVROXFLRQHV
GH RWRUJDU HVWD FRPSHWHQFLD HV TXH LQGLUHFWDPHQWH HQ SULQFLSLR VH HVWi MXGLFLDOHV H[WUDQMHUDV MXULVSUXGHQFLD GHO 7ULEXQDO (XURSHR GH -XVWLFLD :2/)
GHURJDQGRODFRPSHWHQFLDGHRWURVIRURV 0DUWLQ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 7UDGXFFLyQ D HGLFLyQ LQJOHVD %RVK
%DUFHORQD
(VSUHFLVRWDPELpQLQGLFDUTXHDOGHILQLUODFRPSHWHQFLDMXULVGLFFLRQDOVHUHGXFHOD
LQFHUWLGXPEUH GH OD VROXFLyQ GHO FDVR SXHV VH SHUPLWH TXH ODV SDUWHV SXHGDQ
VDEHU GH DQWHPDQR D TXp MXH] FRUUHVSRQGH DFXGLU SDUD SRGHU UHVROYHU XQ
FRQIOLFWR (VWR WLHQH FRPR FRQVHFXHQFLD TXH VH OLPLWH WDPELpQ XQ LQGLVFULPLQDGR
IyUXPVKRSSLQJ \XQDFDUUHUDHQWUH ODVSDUWHVHQFRQIOLFWRSDUD ORJUDUVRPHWHUHO
SUREOHPDDODDXWRULGDGTXHFRQVLGHUDQHVGHVXFRQYHQLHQFLD

/D LQFRUSRUDFLyQ GH HVWD QRUPD GH VXPLVLyQ SURFHVDO LQWHUQDFLRQDO JXDUGD
DGHPiV DUPRQtD FRQ OD SRVLFLyQ DGRSWDGD UHVSHFWR GH OD DXWRQRPtD GH OD
YROXQWDG HQ GHWHUPLQDGDVFDWHJRUtDV GH OH\ DSOLFDEOH 6H HQWLHQGH VLQ HPEDUJR
TXH DGHPiV GH XQ UHFRQRFLPLHQWR D OD DXWRQRPtD GH OD YROXQWDG HQ Vt HV XQ
UHFRQRFLPLHQWR D TXH ODV SDUWHV HQ XQ FDVR LQWHUQDFLRQDO GHILQDQ FXiO HV HO IRUR
REMHWLYDPHQWHPiVDGHFXDGRSDUDUHVROYHUVXVFRQWURYHUVLDV$OVHUHOODVTXLHQHV
PHMRUFRQRFHQVXSURSLDVLWXDFLyQ\ODVFDUDFWHUtVWLFDVGHODUHODFLyQTXHTXHGDUi
VRPHWLGD DOIRUR VRQWDPELpQHOODV ODV PiVDGHFXDGDV SDUDVHxDODU ODDXWRULGDG
TXHGHEHGHUHVROYHUVXVFRQIOLFWRV

(OWHUFHU\~OWLPRVXSXHVWRGHMXULVGLFFLyQH[FOXVLYDSHUXDQDHVWiSUHYLVWRSRUHVWH
QXPHUDOGHODUWtFXORGHO&&$OPLVPRWLHPSRTXHVHHVWDEOHFHODSRVLELOLGDG
GHVRPHWLPLHQWRH[SUHVRDXQDMXULVGLFFLyQGHWHUPLQDGDVHLQGLFDTXHVLVHRSWD
SRU WDO SRVLELOLGDG YDOH GHFLU VL VH HOLJH FRQWUDFWXDOPHQWH XQD MXULVGLFFLyQ OD
HOHFFLyQ HV H[FOXVLYD H LPSRUWD HQ FRQVHFXHQFLD OD LQFRPSHWHQFLD GH ORV
WULEXQDOHV QR HOHJLGRV &DEH GHVGH OXHJR FRQYHQFLyQ HQ FRQWUDULR HQ PRPHQWR
DQWHULRU R FRQWHPSRUiQHR DO SDFWR HVWDEOHFLHQGR MXULVGLFFLRQHV DOWHUQDWLYDV R
LQFOXVR VLPSOHPHQWH LQGLFDQGR TXH QR HV H[FOXVLYD OD HOHFFLyQ 1R FDEH TXH HO
FRQYHQLR HQ FRQWUD GH OD H[FOXVLYLGDGVHDSRVWHULRU D OD HOHFFLyQ GH MXULVGLFFLyQ
(QWDOFDVRQXHVWUDVQRUPDVGH'HUHFKR,QWHUQDFLRQDO3ULYDGRFRQVLGHUDUtDQTXH
ODHOHFFLyQGHOWULEXQDOIXHH[FOXVLYD

'2&75,1$

%$57,1 3ULQFLSHV GH 'URLW ,QWHUQDWLRQDO 3ULYH G

DSUpV OD ORL HW ODMXULVSUXGHQFH
IUDQFDLVH7RPR3DULV&$/92&$5$9$&$$OIRQVR/XLV\&$55$&26$
*21=/(= -DYLHU 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 9ROXPHQ  D HGLFLyQ
(GLWRULDO &ROPDUHV 0,$-$ '( /$ 08(/$ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 
WRPRV D HGLFLyQ *UiILFDV <D 0DGULG  5(925('2 0$56$12 'HOLD
FRPS&yGLJR&LYLO([SRVLFLyQGH0RWLYRV\&RPHQWDULRV7RPR9,DHGLFLyQ
/LPD  5(925('2 0$56$12 'HOLD FRPS 3UR\HFWRV \ $QWHSUR\HFWRV
GH OD 5HIRUPD GHO &yGLJR &LYLO 3ULPHU 7RPR )RQGR (GLWRULDO GH OD 8QLYHUVLGDG
&DWyOLFD GHO 3HU~ D HGLFLyQ /LPD  9,5*26 625,$12 0LJXHO \
*$5&,0$57t1 $/)e5(= )UDQFLVFR 'HUHFKR 3URFHVDO &LYLO ,QWHUQDFLRQDO
OLWLJDFLyQ LQWHUQDFLRQDO 9,5*26 625,$12 0LJXHO \ 52'5t*8(= 3,$1$8
680,6L17&,7$
$57,&8/2
6HVRPHWHWiFLWDPHQWHDXQDMXULVGLFFLyQTXLHQVHDSHUVRQDHQHOMXLFLRVLQKDFHU
UHVHUYD
1R LPSOLFDQ VXPLVLyQ QL SUyUURJD HQ IDYRU GH XQ WULEXQDO ORV DFWRV SURFHVDOHV
HQFDPLQDGRV D RSRQHUVH D GLFKD MXULVGLFFLyQ R UHDOL]DGRV EDMR OD DPHQD]D R OD
LPSRVLFLyQ GH PHGLGDV FRHUFLWLYDV VREUH OD SHUVRQD R VREUH VXV GHUHFKRV R
ELHQHV
&21&25'$1&,$6
&HDUO
&SHDUO
&',S DUOV
&RPHQWDULR
0DUDGHO&DUPHQ,EYDU*LO
(O WHUFHU QXPHUDO GHO DUWtFXOR  GHO &yGLJR &LYLO VH YHFRPSOHPHQWDGR
SRUORHVWDEOHFLGRHQORVDUWtFXORV\
(Q HO UHIHULGR QXPHUDO VH HVWDEOHFH FRPR EDVH GH FRPSHWHQFLD
MXULVGLFFLRQDO SHUXDQD HO VRPHWLPLHQWR (O VRPHWLPLHQWR SXHGH VHU H[SUHVR R
WiFLWR
&XDQGRHVH[SUHVRSXHGHVHUDQWHULRUDOOLWLJLRRGDUVHDOPRPHQWRGHFRQWHVWDUOD
GHPDQGD(QHOSULPHUFDVRHVWDUHPRVDQWHXQDFRQYHQFLyQHQODFXDOODVSDUWHV
LQWHUHVDGDV SUHYLDPHQWH KDQ HVWDEOHFLGR TXH UHFRQRFHQFRPRMXH]FRPSHWHQWH
DO MXH]SHUXDQRDXQFXDQGRVXVQRUPDVGH'HUHFKR ,QWHUQDFLRQDO 3ULYDGR QR OH
LUURJDQ WDO FRPSHWHQFLD 6L ELHQ HQ SULQFLSLR OD HOHFFLyQ GHXQ WULEXQDO VXSRQH OD
GHURJDFLyQ GH ODV QRUPDV GH FRPSHWHQFLD GH ORV RWURV HO SUHFHSWR PDWHULD GH
FRPHQWDULR SHUPLWH TXH OD FRQYHQFLyQ HQWUH ODV SDUWHV HVWDEOH]FD PiV GH XQ
WULEXQDOFRPSHWHQWHSDUDHOFDVR
&DEH HQWRQFHV TXH VH DFXHUGH SRU HMHPSOR TXH SDUD FXDOTXLHU DVXQWR OLWLJLRVR
GHULYDGR GHO FRQWUDWR HQWUH $ \ 6 VHUi WULEXQDO FRPSHWHQWH HO SHUXDQR R HO
IUDQFpV D HOHFFLyQ GH OD SDUWH GHPDQGDQWH H LQFOXVR SRGUtD SDFWDUVH TXH SDUD
WRGRDTXHOORUHODWLYRDODYDOLGH]GHOFRQWUDWRHVWULEXQDOFRPSHWHQWHHOSHUXDQR\
SDUD FXDOTXLHU DFFLyQ UHODWLYD DO FXPSOLPLHQWR GHO PLVPR HO WULEXQDO IUDQFpV
&RQYHQLRV GH HVWH WLSR VRQ SHUIHFWDPHQWH YiOLGRV VLHPSUH \ FXDQGR VH SDFWHQ
DQWHV GH HIHFWXDUVH OD VXPLVLyQ HQWLpQGDVH DTXt VXPLVLyQ FRPR HO PRPHQWR
SURFHVDO GH FRQWHVWDU OD GHPDQGD 6LQ HPEDUJR GH HVWDEOHFHUVH TXHHO WULEXQDO
FRPSHWHQWH HV HO SHUXDQR VLQ KDFHU UHVHUYD DOJXQD QL HVWDEOHFHU RWUR WULEXQDO
FRPR DOWHUQDWLYR VH FRQVLGHUD TXH OD HOHFFLyQ GHO WULEXQDO HV H[FOXVLYD \ HQ
FRQVHFXHQFLD ORVyUJDQRVMXULVGLFFLRQDOHVSHUXDQRVQRUHFRQRFHUiQFRPRYiOLGD
XQDVHQWHQFLDGHXQWULEXQDOH[WUDQMHUR
/D QRUPDGHO&yGLJR&LYLOH[LJH TXH HODFXHUGR VHDH[SUHVR SHURQRH[LJH TXH
VHD HVFULWR $XQ FXDQGR VHUi GLItFLO SUREDU XQ DFXHUGR H[SUHVR VLQ XQD SUXHED
HVFULWD GHEHPRV UHFRQRFHU TXH QR H[LVWH HO UHTXLVLWR GH TXH HO FRQYHQLR VHD
HVFULWR\ SRU OR WDQWR VLTXLHQ DOHJD HODFXHUGR SXHGH GHPRVWUDUTXHODVSDUWHV
SDFWDURQH[SUHVDPHQWHODMXULVGLFFLyQHOMXH]GHEHUiDGPLWLUHOVRPHWLPLHQWR
/DVHJXQGDSRVLELOLGDGGHVRPHWLPLHQWRH[SUHVRHVHQHOSURSLRMXLFLRSXHVFDEH
TXH VLHQGR HO GHPDQGDGR XQ QR GRPLFLOLDGR HQ XQ FDVR HQ HO TXH QR WHQJD
QDWXUDOPHQWH FRPSHWHQFLD HO MXH] DTXHO VLQ HPEDUJR RSWH SRU FRQWHVWDU OD
GHPDQGD VHxDODQGR H[SUHVDPHQWH TXHDGPLWH ODFRPSHWHQFLDGHO MXH] SHUXDQR
0X\FHUFDQRDHVWHVXSXHVWRHVHOVRPHWLPLHQWRWiFLWRTXHFRQVLVWHHQFRQWHVWDU
ODGHPDQGDVLQKDFHUUHVHUYDDOJXQDUHVSHFWRDODFRPSHWHQFLDGHOMXH]
(O DUWtFXOR  WUDWD SDUWLFXODUPHQWH GHO VRPHWLPLHQWR WiFLWR 'HILQH OR TXH VH
HQWLHQGH SRU VXPLVLyQ WiFLWD D XQD MXULVGLFFLyQ &RQVLGHUD TXH HVWH WLSR GH
VXPLVLyQVHGDFXDQGRHOGHPDQGDGRVHDSHUVRQDVLQKDFHUSUyUURJD(VGHFLUVH
VRPHWHWiFLWDPHQWHTXLHQFRQWHVWDVLQFXHVWLRQDUODFRPSHWHQFLDGHOWULEXQDO1R
VH VRPHWH HQWRQFHV TXLHQ FRQWHVWD VROLFLWDQGR OD GHFOLQDWRULD GH MXULVGLFFLyQ R
LQWHUSRQHH[FHSFLyQGHLQFRPSHWHQFLD
7DPSRFR FRQVLGHUD HVWH DUWtFXOR GHQWUR GH OR TXH GHILQH FRPR VRPHWLPLHQWR
WiFLWRORVDFWRVSURFHVDOHVTXHSXGLHUDUHDOL]DUHOGHPDQGDGREDMRODDPHQD]DR
OD LPSRVLFLyQ GH PHGLGDV FRHUFLWLYDV VREUH OD SHUVRQD R VREUH VXV GHUHFKRV R
ELHQHV
'HEH HQWHQGHUVH HQWRQFHV TXH TXLHQ LQWHUYLHQH SRU HMHPSOR HQ XQD GLOLJHQFLD
GHHPEDUJRVREUHVXVELHQHVHQXQMXLFLRHMHFXWLYRLQLFLDGRFRQWUDVXSHUVRQDQR
VH VRPHWH D OD MXULVGLFFLyQ DXQ FXDQGR VXVFULED HO DFWD TXH VH OHYDQWH HQ OD
UHIHULGD GLOLJHQFLD R HO HPEDUJR 'HO PLVPR PRGR TXLHQ FRQFXUUH D XQ MX]JDGR
FLWDGREDMRDSHUFLELPLHQWRGHGHWHQFLyQWDPSRFRHVWiUHFRQRFLHQGRMXULVGLFFLyQ
'HOR FRPHQWDGR HQ HVWH SXQWRGHEHGHULYDUVHWDPELpQRWURDVSHFWRLPSRUWDQWH
(QXQDDFFLyQSDWULPRQLDOHOMXH]DOUHFLELUODGHPDQGDSHVHDQRVHUHQSULQFLSLR
FRPSHWHQWH GH DFXHUGR D VXV QRUPDV GH 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR GHEH
GDUOHWUiPLWHDODGHPDQGD\QRSXHGHLQKLELUVHGHOFDVR(OORSRUFXDQWRVLODRWUD
SDUWH DFHSWD VX MXULVGLFFLyQ WHQGUi FRPSHWHQFLD HQ HO SURFHGLPLHQWR 8QD
H[FHSFLyQDHVWRVRQORVVXSXHVWRVGHFRPSHWHQFLDQHJDWLYDHQORVTXHHOMXH]Vt
GHEHUtD GH RILFLR GHFOLQDU MXULVGLFFLyQ DPSDUiQGRVH HQ VX IDOWD GH FRPSHWHQFLD
SDUDFRQRFHUGHOFDVR
&DEH VLQ HPEDUJR DFRWDU TXH VL HO GHPDQGDGR QR GRPLFLOLDGR QR FRQWHVWD OD
GHPDQGDQRSXHGHGHFODUiUVHOHUHEHOGH\VRPHWHUORDODMXULVGLFFLyQSHUXDQD(O
VXSXHVWR TXH RWRUJD MXULVGLFFLyQ DO MXH] SHUXDQR HV HO VRPHWLPLHQWR WiFLWR WDO \
FRPR VH GHILQH HQ HVWH DUWtFXOR (VWR HV HO VRPHWLPLHQWR SRU DSHUVRQDUVH VLQ
KDFHUUHVHUYD4XLHQQRVHDSHUVRQDQRVHVRPHWH(QFRQVHFXHQFLDVLQRWLILFDGR
HOGHPDQGDGR\YHQFLGRHOSOD]RSDUDFRQWHVWDUODGHPDQGDHOGHPDQGDGRQROD
KD FRQWHVWDGR HO MXH] VLPSOHPHQWH GHEH GHFODUDUVH LQFRPSHWHQWH \ DUFKLYDU HO
SURFHVR
'2&75,1$ 35552*$ 2 (/(&&L1 '( 75,%81$/ (;75$1-(52 (1 $681726 '(
&203(7(1&,$1$&,21$/
%$57,1 3ULQFLSHV GH 'URLW ,QWHUQDWLRQDO 3ULYH G
DSUpV OD ORL HW OD MXULVSUXGHQFH
IUDQFDLVH7RPR3DUtV&$/92&$5$9$&$$OIRQVR/XLV\&$55$&26$ $57,&8/2
*21=/(=-DYLHU'HUHFKR,QWHUQDFLRQDO3ULYDGR9ROXPHQHGLFLyQ(GLWRULDO
&ROPDUHV 0,$-$ '( /$ 08(/$ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR  WRPRV  /DHOHFFLyQGHXQWULEXQDOH[WUDQMHURRODSUyUURJDGHMXULVGLFFLyQHQVXIDYRUSDUD
HGLFLyQ *UiILFDV <D 0DGULG  5(925('2 0$56$12 'HOLD FRPS FRQRFHU GH ORV MXLFLRV RULJLQDGRV SRU HO HMHUFLFLR GH DFFLRQHV GH FRQWHQLGR
&yGLJR &LYLO ([SRVLFLyQ GH 0RWLYRV \ &RPHQWDULRV 7RPR 9,  HGLFLyQ /LPD SDWULPRQLDO VHUiQ UHFRQRFLGDV VLHPSUH TXH QR YHUVHQ VREUH DVXQWRV GH
 5(925('2 0$56$12 'HOLD FRPS 3UR\HFWRV \ $QWHSUR\HFWRV GH OD MXULVGLFFLyQSHUXDQDH[FOXVLYDQLFRQVWLWX\DQDEXVRGHGHUHFKRQLVHDQFRQWUDULDV
5HIRUPDGHO&yGLJR&LYLO3ULPHU7RPR)RQGR(GLWRULDOGHOD8QLYHUVLGDG&DWyOLFD DORUGHQS~EOLFRGHO3HU~
GHO 3HU~  HGLFLyQ /LPD  9,5*26 625,$12 0LJXHO \ *$5&,0$57t1
$/)e5(=)UDQFLVFR'HUHFKR3URFHVDO&LYLO,QWHUQDFLRQDOOLWLJDFLyQLQWHUQDFLRQDO &21&25'$1&,$6
9,5*26625,$120LJXHO\52'5t*8(=3,$1$8(OHQD&RPSHWHQFLDMXGLFLDO
LQWHUQDFLRQDO \ UHFRQRFLPLHQWR GH UHVROXFLRQHV MXGLFLDOHV H[WUDQMHUDV && DUWVQH
MXULVSUXGHQFLD GHO 7ULEXQDO (XURSHR GH -XVWLFLD :2/) 0DUWLQ 'HUHFKR &3& DUWV
,QWHUQDFLRQDO3ULYDGR7UDGXFFLyQHGLFLyQLQJOHVD%RVK%DUFHORQD &',3 DUWV

&RPHQWDULR

0DUtDGHO&DUPHQ7RYDU*LO

(O OHJLVODGRU SHUXDQR FRQVLGHUD TXH HQ DFFLRQHV GH FRQWHQLGR SDWULPRQLDO H
LQFOXVR HQ DFFLRQHV GH FRQWHQLGR QR SDWULPRQLDO VXV MXHFHV SXHGHQ VHU
FRPSHWHQWHV EDVDGRV H[FOXVLYDPHQWH HQ HO VRPHWLPLHQWR GH ODV SDUWHV &RPR
FRQWUDSDUWLGD HO OHJLVODGRU QDFLRQDO UHFRQRFH TXH WDPELpQ HO MXH] H[WUDQMHUR
SXHGHVHUFRPSHWHQWHFXDQGRODVSDUWHVVHVRPHWHQDODMXULVGLFFLyQH[WUDQMHUD
(VWH DUWtFXOR  YLHQH HQWRQFHV D VHU HO FRUUHODWLYR GHO QXPHUDO  GHO DUWtFXOR
 \ GHO QXPHUDO  GHO DUWtFXOR  (Q HVWRV GRV GLVSRVLWLYRV VH HVWDEOHFHQ
FDVRVHQORVFXDOHVHOMXH]SHUXDQRHVFRPSHWHQWHEDVDGRHQTXHODVSDUWHVVH
VRPHWHQDVXMXULVGLFFLyQ

6HFRPSOHPHQWDWDPELpQFRQHOQXPHUDOGHODUWtFXOR(OPHQFLRQDGRWH[WR
HVWDEOHFHTXHHOSDFWRTXHVHxDODFRPRFRPSHWHQWHDXQMXH]H[WUDQMHUR LPSOLFD
TXHHOMXH]SHUXDQRQRWLHQHFRPSHWHQFLD(VGHFLUUHFRJHHOVRPHWLPLHQWRDOMXH]
H[WUDQMHURFRPRXQFDVRGHFRPSHWHQFLDQHJDWLYDSHUXDQD

(ODUWtFXORVHUHILHUHDVtDODVSHFWRQHJDWLYRRSURUURJDWRULRGHODDXWRQRPtD
GHODYROXQWDGFRQUHVSHFWRDODMXULVGLFFLyQQDFLRQDO(QHOQXPHUDOGHODUWtFXOR
\HOQXPHUDOGHOVHYHHODVSHFWRSRVLWLYRSXHVVHUHILHUHDTXHKD\
XQDYROXQWDGFRP~QGHODVSDUWHVGHRWRUJDUOH MXULVGLFFLyQDOMXH]SHUXDQR(Q HO
DUWtFXOR  HQ FDPELR DO UHFRQRFHUOH MXULVGLFFLyQ D RWUD DXWRULGDG VLQ KDFHU
UHVHUYD HQ IDYRU GH OD SHUXDQD VH HVWi QHJDQGR R SURUURJDQGR OD MXULVGLFFLyQ
QDFLRQDO

(VWR LPSOLFD TXH HQ ORV FDVRV HQ TXH ODV QRUPDV GHO /LEUR ; FRQVLGHUDQ
FRPSHWHQWH DO MXH] SHUXDQR HVWD FRPSHWHQFLD SXHGH TXHGDU VLQ HIHFWR FRPR
FRQVHFXHQFLDGHOVRPHWLPLHQWRGHOFDVRDXQMXH]H[WUDQMHUR
'HVGHOXHJRODYDOLGH]GHODFOiXVXODSDUDDWULEXLUFRPSHWHQFLDDOMXH]H[WUDQMHUR
QRSXHGHVHUDQDOL]DGDGHVGHODSHUVSHFWLYDGHQXHVWURRUGHQDPLHQWROHJDOVLQR
VROR GHVGH HO RUGHQDPLHQWR GHO SURSLR MXH] OODPDGR SRU ODV SDUWHV D UHVROYHU HO
FRQIOLFWR(QFRQVHFXHQFLDODSUyUURJDHVWDUiVXSHGLWDGDDTXHGLFKDQRUPDWLYDOD
DFHSWH
DSUpV OD ORL HW OD MXULVSUXGHQFH
&DEH LQGLFDU TXH HO DUWtFXOR QR GLVWLQJXH VL OD SUyUURJD UHVSRQGH D XQ DFXHUGR
HQWUH ODV SDUWHV R D XQ VRPHWLPLHQWR YROXQWDULR 1R VH VHxDOD XQD IRUPD R
IRUPDOLGDG FRPR QHFHVDULD SDUD TXH VH GH OD SUyUURJD (Q XQD LQWHUSUHWDFLyQ
VLVWHPiWLFD GHO DUWtFXOR FRQ HO QXPHUDO  GHO DUWtFXOR  GHO &yGLJR &LYLO
FRQYHQLHQWH SDUD HO VLVWHPD LQWHUQDFLRQDO 3RU OR WDQWR \ GDGR VX FDUiFWHU GH
QRUPDGHH[FHSFLyQGHEHLQWHUSUHWDUVHHQIRUPDUHVWULFWLYD
'2&75,1$
%$57,1 3ULQFLSHV GH 'URLW ,QWHUQDWLRQDO 3ULYH G
IUDQFDLVH7RPR3DUtV&$/92&$5$9$&$$OIRQVR/XLV\&$55$&26$
*21=/(= -DYLHU 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 9ROXPHQ  HGLFLyQ
(GLWRULDO &ROPDUHV 0,$-$ '( /$ 08(/$ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 
WRPRV  HGLFLyQ *UiILFDV <D 0DGULG  5(925('2 0$56$12 'HOLD
GHEHPRV FRQFOXLU TXH DVt FRPR HO VRPHWLPLHQWR DO MXH] SHUXDQR SXHGH VHU FRPS&yGLJR&LYLO([SRVLFLyQGH0RWLYRV\&RPHQWDULRV7RPR9,HGLFLyQ
H[SUHVR R WiFLWR WDPELpQ OD SUyUURJD GH MXULVGLFFLyQ HQ IDYRU GH MXULVGLFFLyQ /LPD  5(925('2 0$56$12 'HOLD FRPS 3UR\HFWRV \ $QWHSUR\HFWRV
H[WUDQMHUDSXHGHVHU GH OD 5HIRUPD GHO &yGLJR &LYLO 3ULPHU 7RPR )RQGR (GLWRULDO GH OD 8QLYHUVLGDG
&DWyOLFD GHO 3HU~  HGLFLyQ /LPD  9,5*26 625,$12 0LJXHO \
H[SUHVDR *$5&,0$57t1 $/)e5(= )UDQFLVFR 'HUHFKR 3URFHVDO &LYLO ,QWHUQDFLRQDO
WiFLWD OLWLJDFLyQ LQWHUQDFLRQDO9,5*26 625,$12 0LJXHO \ 52'5t*8(= 3,$1$8
(OHQD &RPSHWHQFLD MXGLFLDO LQWHUQDFLRQDO \ UHFRQRFLPLHQWR GH UHVROXFLRQHV
(QFRQVHFXHQFLDOD SUyUURJDGH MXULVGLFFLyQGHHVWHDUWtFXORRSHUDWDQWR FXDQGR MXGLFLDOHV H[WUDQMHUDV MXULVSUXGHQFLD GHO 7ULEXQDO (XURSHR GH -XVWLFLD :2/)
KD\ XQ DFXHUGR HQWUHODV SDUWHVSRU HMHPSOR XQD FOiXVXODHQXQFRQWUDWRFRPR 0DUWLQ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 7UDGXFFLyQ  HGLFLyQ LQJOHVD %RVK
FXDQGR ODV SDUWHV VLPSOHPHQWH KDQ LQLFLDGR HO SURFHVR HQ RWUD MXULVGLFFLyQ %DUFHORQD
VRPHWLpQGRVHYROXQWDULDPHQWHDHOOD(QHVWHVHJXQGRFDVRVLQHPEDUJRHQWUDUi
DWDOODUWDPELpQHODUWtFXORVREUHOLWLVSHQGHQFLDLQWHUQDFLRQDO
6H HVWDEOHFHQ WUHV OtPLWHV SDUD HO UHFRQRFLPLHQWR SRU HO MXH] SHUXDQR GH OD
SUyUURJD GH MXULVGLFFLyQ HQ IDYRU GHO MXH] H[WUDQMHUR 'RV GH HOORV UHFRJHQ
SULQFLSLRV JHQHUDOHV \D LQFOXLGRV HQ HO VLVWHPD SHUXDQR \ FRPSDWLEOHV FRQ OD
GRFWULQD(OWHUFHURHVPiVVXEMHWLYR\SDUWLFXODU

(O SULPHU OtPLWH HVTXHQRVHWUDWHGHDVXQWR GHFRPSHWHQFLD H[FOXVLYD SHUXDQD

(VWR HV FRQVHFXHQFLD GH OD SURSLD GHILQLFLyQ GH FRPSHWHQFLD H[FOXVLYD (O
OHJLVODGRUQDFLRQDO KD VHxDODGRDOJXQRVVXSXHVWRVSXQWXDOHV TXHFRQVLGHUD VROR
SXHGHQ VHU YLVWRV SRU HO MXH] SHUXDQR (VWR VLJQLILFD TXH QR UHFRQRFHUi XQD
VHQWHQFLDH[WUDQMHUD VREUHOD PDWHULD(UJR VLOD SUyUURJDGHMXULVGLFFLyQ TXHODV
SDUWHVHIHFW~DQHQIDYRUGHXQMXH]H[WUDQMHURHVVREUHXQDPDWHULDUHVSHFWRGHOD
TXHQRVHUHFRQRFHUiXQDVHQWHQFLDHQHO3HU~HVOyJLFRTXHVHUHFKDFHGHSODQR
HOVRPHWLPLHQWRDOMXH]H[WUDQMHUR1RHVSUHFLVRHVSHUDUODVHQWHQFLDSXHVPD\RU
VHUtD HO SHUMXLFLR GH ODV SDUWHV FXDQGR \D HVWi GHILQLGR TXH GLFKD VHQWHQFLD QR
WHQGUiYDORUHQHO3HU~

(OVHJXQGROtPLWHHVHORUGHQS~EOLFRLQWHUQDFLRQDO\ODVEXHQDVFRVWXPEUHV(VWH
HVXQOtPLWHQDWXUDOUHFRJLGRSRUODVQRUPDVSDUDSURWHJHUHOVLVWHPDGHO'HUHFKR
QDFLRQDO

(OWHUFHUOtPLWHHVEDVWDQWHPiVVXEMHWLYR6HGLFHTXHQRVHDFHSWDODHOHFFLyQGHO
MXH] H[WUDQMHUR VL FRQVWLWX\H DEXVR GHO 'HUHFKR (Q UHDOLGDG HVWH OtPLWH SRGtD
KDEHUVLGRREYLDGRWHQLHQGRHQFXHQWDTXHHOOtPLWHDQWHULRUSURWHJHDODVSDUWHV
GHXQVRPHWLPLHQWRFRQWUDULRDORUGHQS~EOLFRLQWHUQDFLRQDO(QWRGRFDVRDOLQFOXLU
XQ LQJUHGLHQWH VXEMHWLYR VH JHQHUD PD\RU LQVHJXULGDG OR TXH QR UHVXOWD
&203(7(1&,$(1$&&,21(662%5(81,9(56$/,'$''(%,(1(6
$57,&8/2 
/RVWULEXQDOHVSHUXDQRVWLHQHQFRPSHWHQFLDSDUDFRQRFHUGHORVMXLFLRVRULJLQDGRV
SRU HO HMHUFLFLR GH DFFLRQHV UHODWLYDV D XQLYHUVDOLGDGHV GH ELHQHV DXQ FRQWUD
SHUVRQDV GRPLFLOLDGDV HQ SDtV H[WUDQMHUR FXDQGR HO GHUHFKR SHUXDQR VHD HO
DSOLFDEOHSDUDUHJLUHODVXQWRGHDFXHUGRDVXVQRUPDVGH'HUHFKR,QWHUQDFLRQDO
3ULYDGR
6LQ HPEDUJR VH UHVSHWD OD FRPSHWHQFLD SHUXDQD SDUD FRQRFHU GH ODV DFFLRQHV
UHODWLYDVDOSDWULPRQLRGHOGHFODUDGRHQTXLHEUDUHVSHFWRDORVELHQHVVLWXDGRVHQ
HO3HU~\VLQSHUMXLFLRGHORGLVSXHVWRHQHO7tWXOR,9GHHVWH/LEUR
&21&25'$1&,$6
&& DUWV
&3&DUW
&',3 DUWV
&RPHQWDULR
0DUtDGHO&DUPHQ,EYDU*LO
(O DUWtFXOR  GHO &yGLJR &LYLO HVWDEOHFH TXH HO MXH] QDFLRQDO WHQGUi
FRPSHWHQFLDFXDQGRVHWUDWHGHDFFLRQHVUHODWLYDVDXQLYHUVDOLGDGHVGHELHQHVVL
UHVXOWDUHDSOLFDEOHDODUHODFLyQHO'HUHFKRSHUXDQR8WLOL]DFRPRSXHGHYHUVHHO
PLVPR FULWHULR TXH HO DUWtFXOR  DO UHJXODU DVXQWRV GHO (VWDGR FDSDFLGDG \
UHODFLRQHV IDPLOLDUHV FRQVLGHUDQGR TXH VL HO 'HUHFKR SHUXDQR HV DSOLFDEOH D OD
UHODFLyQSXHGHGHFLUVHTXHHVWiORVXILFLHQWHPHQWHYLQFXODGDDOWHUULWRULRSHUXDQR
FRPR SDUD TXH VXV MXHFHV OD VRPHWDQ D VXV GHFLVLRQHV 9XHOYH SXHV D
SUHVHQWDUVHXQFDVRHQHOFXDOVHLQYLHUWHHORUGHQQDWXUDOGHOPpWRGRGH'HUHFKR
,QWHUQDFLRQDO 3ULYDGR \ QRV YHPRV SUHFLVDGRV D GHWHUPLQDU SULPHUR OD OH\
DSOLFDEOHSDUDVRORHQWRQFHVHVWDEOHFHUODFRPSHWHQFLDMXGLFLDO
'HQWURGHODFDWHJRUtDXQLYHUVDOLGDGHVHQFRQWUDUHPRVGRVJUDQGHVVXEFDWHJRUtDV
8QD HV OD GH DFFLRQHV UHODWLYDV D VXFHVLRQHV \ RWUD OD GH DFFLRQHV UHODWLYDV DO
LQVROYHQWH
&RQUHVSHFWRDODVDFFLRQHVUHODWLYDVDVXFHVLRQHVODUHJODJHQHUDOTXHVHxDODOD
OH\ DSOLFDEOH D ODV VXFHVLRQHV HV HO DUWtFXOR  GHO &yGLJR &LYLO 'H VX WHQRU
SXHGHHVWDEOHFHUVHTXH HV DSOLFDEOH HO 'HUHFKR SHUXDQR SDUD HVWDFDWHJRUtD GH
UHODFLRQHV FXDQGR HO 3HU~ KXELHUH VLGR HO ~OWLPR GRPLFLOLR GHO FDXVDQWH (V HO
~QLFR SUHFHSWR TXH VH UHILHUH D OD PDWHULD GH 'HUHFKR 6XFHVRULR GH OR TXH
GHEHPRVFROHJLUTXHHO FULWHULRGHYLQFXODFLyQVHXWLOL]DSDUDFXDOTXLHUDFFLyQ \D
VHDTXHVHWUDWHGHVXFHVLyQWHVWDPHQWDULDRLQWHVWDGD
/D JDPD GH SRVLELOLGDGHV TXH VH SUHVHQWDQ HV DPSOLD 'HVGH OXHJR TXH QR VH
GDUiFRPSHWHQFLDSHUXDQD SDUD XQDDFFLyQ GH GHFODUDWRULDGHKHUHGHURV GH XQD
SHUVRQD TXH DO WLHPSR GH PRULU GRPLFLOLDED HQ HO H[WUDQMHUR SXHV HO IDFWRU GH
FRQH[LyQ~OWLPRGRPLFLOLRLPSOLFDTXHODOH\ SHUXDQDQRVHUtDDSOLFDEOHDOFDVR\
SRUORWDQWRQRKDEUiFRPSHWHQFLDSHUXDQDSDUDWDODFFLyQ
/DVRODH[FHSFLyQDHVWDUHJODODFRQVWLWXLUtDHOFDVRTXHFRQVDJUDHODUWtFXOR
GHO && UHIHULGR D OD KHUHQFLD YDFDQWH /D PHQFLRQDGD QRUPD GLVSRQH TXH VL
FRQIRUPH D OD OH\ GHO GRPLFLOLR GHO FDXVDQWH ELHQHV VLWXDGRV HQ HO 3HU~ GHEHQ
SDVDUDXQ(VWDGRH[WUDQMHURRDVXVLQVWLWXFLRQHVODOH\SHUXDQDULJHODVXFHVLyQ
(QFRQVHFXHQFLDORVMXHFHVSHUXDQRVSRGUtDQFRQVLGHUDUVHFRPSHWHQWHVHQXQD
DFFLyQ GH GHFODUDWRULD GH KHUHGHURV GH XQ QR GRPLFLOLDGR FXDQGR FRQIRUPH D OD
OH\ GHO SDtV TXH RULJLQDOPHQWH GHEHUtD UHJLU OD VXFHVLyQ \ GH DFXHUGR FRQ HO
DUWtFXORGHO&yGLJR&LYLOELHQHVVLWRVHQHOSDtVGHEHUtDQSDVDUDPDQRVGH
XQ (VWDGR H[WUDQMHUR SRU QR KDEHU KHUHGHURV /D FRPSHWHQFLD SHUXDQD H[LVWLUi
DXQFXDQGRODOH\H[WUDQMHUDFDOLILTXHDO(VWDGRH[WUDQMHURFRPRKHUHGHUROHJDOGH
~OWLPR RUGHQ D IDOWD GH RWURV KHUHGHURV OHJDOHV R WHVWDPHQWDULRV R D IDOWD GH
OHJDWDULRV\DTXHHQSXULGDGODKHUHQFLDYDFDQWHSHUVLVWH1RRSHUDODH[FHSFLyQ
VL HO (VWDGR HV OODPDGR D WtWXOR GH KHUHGHUR R OHJDWDULR SRU GLVSRVLFLyQ
WHVWDPHQWDULDGHOFDXVDQWH\DTXHHQHVWHFDVRQRFRQILJXUDODKHUHQFLDYDFDQWH
3XHGHYHUVHTXHDOLJXDOTXHHQRWURVFDVRVHVWXGLDGRVHQPDWHULDGHIDPLOLDHO
MXH] WHQGUi TXH OOHJDU D OD VROXFLyQ ILQDO GHO FDVR SDUD SRGHU HVWDEOHFHU
FRPSHWHQFLD
5HVSHFWR D OD H[FHSFLyQ FRQVDJUDGD HQ HO VXSXHVWR GH KHUHQFLD YDFDQWH QRV
SDUHFHTXHSXHGHUHVXOWDUVLHQGRGHSRFDDSOLFDFLyQ'HFLPRVHVWRSRUFXDQWROD
PDWHULD GH VXFHVLRQHV QR HV GH FRPSHWHQFLD H[FOXVLYD SHUXDQD QL SRU UHJOD
JHQHUDOQLDXQSDUDHOFDVRGHODH[FHSFLyQTXHFRQVDJUDHODUWtFXORGHO&&
(Q FRQVHFXHQFLD VL ELHQ HO (VWDGR SHUXDQR SRGUtD VHU FRPSHWHQWH SDUD OD
GHFODUDWRULD GH KHUHGHURV GH DTXHO FX\R GRPLFLOLR IXH HO 3HU~ VDEHPRV TXH WDO
FRPSHWHQFLDQRHVH[FOXVLYD\TXHGHVHUHOFDVRTXHDQWHRWUR(VWDGRVHKXELHUH
VHJXLGR XQ SURFHGLPLHQWR VXFHVRULR OD VHQWHQFLD H[SHGLGD SRU HO PLVPR VHUtD
YiOLGDHQQXHVWURSDtVVLHPSUHTXHFXPSODFRQORVUHTXLVLWRVGHODUWtFXOR
/R PLVPR HQ HO FDVR GH XQ SURFHGLPLHQWR VXFHVRULR GH XQ QR GRPLFLOLDGR TXH
VHJXLGRHQHOH[WUDQMHURGpFRPRUHVXOWDGRTXHELHQHVVLWRVHQHOSDtVSDVHQDXQ
(VWDGRH[WUDQMHUR1RH[LVWHPRWLYRSDUDTXHODVHQWHQFLDH[WUDQMHUDQRGHEDVHU
UHFRQRFLGDHQHO3HU~SXHVQRVLHQGRPDWHULDGH MXULVGLFFLyQH[FOXVLYDQRWLHQH
HQSULQFLSLRHO(VWDGRSHUXDQRSRUTXpGHVFRQRFHUOD(QFRQVHFXHQFLDSDUDTXH
VHDSOLTXHHQODSUiFWLFDODH[FHSFLyQGHODUWtFXORGHO&&WHQGUtDTXHH[LVWLU
XQDHVSHFLDOGLOLJHQFLDHQHODVXQWRSRUSDUWHGHORVSRWHQFLDOHVEHQHILFLDULRVGHOD
KHUHQFLDYDFDQWHHQHO3HU~SDUDTXHDVtHOMXH]SHUXDQRWHQJDODSRVLELOLGDGGH
HMHUFHUVXFRPSHWHQFLDDQWHVTXHHODVXQWRVHDUHVXHOWRSRUXQMXH]H[WUDQMHUR
6RQ PXFKDV ODV DFFLRQHV TXH UHODWLYDV D PDWHULD VXFHVRULD VH SXHGHQ LQLFLDU
FRQWUD QR GRPLFLOLDGRV 3RGUtD SRU HMHPSOR WUDWDUVH GH XQFDXVDQWH GRPLFLOLDGR
HQHO3HU~FX\RVSUHVXQWRVKHUHGHURV\ELHQHVVHHQFXHQWUHQHQGLVWLQWRVSDLVHV
OR TXH SRGUtD GDU OXJDU D DFFLRQHV UHLYLQGLFDWRULDV GH LQGLJQLGDG GH
GHVKHUHGDFLyQHWF
(OVHJXQGRJUXSRGHDFFLRQHVTXHHQFXDGUDQGHQWURGHODFDWHJRUtDGHDFFLRQHV
UHODWLYDVD XQLYHUVLGDGHVGHELHQHV HV ODDFFLyQ GH LQVROYHQFLD GH XQ GHXGRU (O
WH[WRGHQXHVWUDOH\VHUHILHUHDODVDFFLRQHVUHODWLYDVDOSDWULPRQLRGHOGHFODUDGR
HQ TXLHEUD $WHQLHQGR D OD UHJXODFLyQ YLJHQWH XVDPRV HO WpUPLQR VLWXDFLyQ GH
FRQFXUVRHQOXJDUGHTXLHEUD'HEHPRVFRQVLGHUDUHQWRQFHVTXHGHDFXHUGRDOD
SULPHUD SDUWH GHO DUWLFXOR  HV FRPSHWHQWH HO MXH] SHUXDQR HQ XQ
SURFHGLPLHQWR FRQFXUVDO LQLFLDGR FRQWUD XQ QR GRPLFLOLDGR FXDQGR GH DFXHUGR D
ODVQRUPDVGHFRQIOLFWRGHVX'HUHFKR,QWHUQDFLRQDO3ULYDGROD OH\DSOLFDEOHD OD
PLVPDVHDODSHUXDQD
/D SUHJXQWD D UHVROYHU HQ FRQVHFXHQFLD VHUi FXiQGR HV DSOLFDEOH HO 'HUHFKR
SHUXDQR D XQD TXLHEUD HQ OD TXH H[LVWHQ HOHPHQWRV LQWHUQDFLRQDOHV" $O LQWHQWDU
DEVROYHUHVWDLQWHUURJDQWHQRVGDPRVFRQODVRUSUHVDGHTXHQRKD\HQHO7tWXOR
 GHO /LEUR GH 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR QLQJXQD FDWHJRUtD HQ OD TXH HVWp
FODUDPHQWH FRPSUHQGLGD OD UHODFLyQ MXUtGLFD TXLHEUD GH XQ GHXGRU (O &yGLJR QR
QRV GLFH H[SUHVDPHQWH TXp OH\ VH DSOLFD GH DFXHUGR D ODV QRUPDV GH 'HUHFKR
,QWHUQDFLRQDO3ULYDGRDXQDTXLHEUDTXHHVWpYLQFXODGDDPiVGHXQRUGHQDPLHQWR
MXUtGLFR
(VFODURTXHHOMXH]SHUXDQRHVFRPSHWHQWHHQODGHFODUDFLyQGHFRQFXUVRGHXQD
SHUVRQD DXQ FXDQGR OD UHODFLyQ WHQJD HOHPHQWRV HQ GLIHUHQWHV (VWDGRV FXDQGR
DSUpV OD ORL HW ODMXULVSUXGHQFH
HOODGRPLFLOLDHQHO3HU~
3HURVLODSHUVRQDQRGRPLFLOLDHQHO3HU~QXHVWUDQRUPDHVWDEOHFHTXHVRORFDEH
TXHODDXWRULGDGSHUXDQDWHQJDMXULVGLFFLyQFXDQGRVHDSOLFDHO'HUHFKRSHUXDQR
TXH RULJLQDURQ OD LQVROYHQFLD KDEUi TXH JXLDUVH SRU OD OH\ DSOLFDEOH
FRQFXUUHQWHPHQWHDODPD\RUtDGHREOLJDFLRQHVLQYROXFUDGDV3XHGHQGHVGHOXHJR
SUHVHQWDUVHFDVRVGHPX\GLItFLOUHVROXFLyQ
$XQFXDQGRQRVHDDSOLFDEOHODOH\SHUXDQDGHDFXHUGRFRQODUHJODJHQHUDOGHO
DUWtFXORGHO&&WHQGUiFRPSHWHQFLDHOMXH]SHUXDQRFXDQGRH[LVWDQELHQHV
VLWXDGRVHQHO3HU~6LQHPEDUJRHQWRGRFDVRODFRPSHWHQFLDTXHHVWDEOHFHHO
DUWtFXORGHO&&FRQUHODFLyQDODVLWXDFLyQGHFRQFXUVRHVIDFXOWDWLYD\VH
GHEHQ UHVSHWDU ODV VHQWHQFLDV H[WUDQMHUDV VREUH OD PDWHULD GH DFXHUGR FRQ ODV
UHJODV TXH VREUH OD PDWHULD GH UHFRQRFLPLHQWR \ HMHFXFLyQ GH VHQWHQFLDV
H[WUDQMHUDVFRQVDJUDHO7LWXOR,95HJODVTXHGHEHPRVGHFLUVRQHQUHODFLyQFRQ
HVWD PDWHULD HVSHFLDOPHQWH HVWULFWDV \ FDXWHODGRUDV GH ORV LQWHUHVHV GH ORV
DFUHHGRUHVGRPLFLOLDGRVHQHOSDtV
3DUDWHUPLQDUHVWHSXQWRGHEHPRVGHFLUTXHHVQXHVWUDRSLQLyQTXHVLVHGHFLGLy
UHPLWLUODGHWHUPLQDFLyQGHODFRPSHWHQFLDSHUXDQDHQPDWHULDGHLQVROYHQFLDDORV
FDVRVHQTXHVXOH\VHDDSOLFDEOHGHELyHVWDEOHFHUVHODFDWHJRUtDLQVROYHQFLDGHO
GHXGRUHQODVQRUPDVGHFRQIOLFWR
&UHHPRV QR REVWDQWH TXH PHMRU KXELHUD VLGR UHJXODU OD FRPSHWHQFLD SHUXDQD
VREUHTXLHEUDVFRQXQIDFWRUGHFRQH[LyQSURSLR\DGHFXDGR
'2&75,1$
%$57,1 3ULQFLSHV GH 'URLW ,QWHUQDWLRQDO 3ULYH G
IUDQFDLVH7RPR3DUtV&$/92&$5$9$&$$OIRQVR/XLV\&$55$&26$
*21=/(= -DYLHU 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 9ROXPHQ  D HGLFLyQ
(GLWRULDO &ROPDUHV 0,$-$ '( /$ 08(/$ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 
WRPRV D HGLFLyQ *UiILFDV <D 0DGULG  5(925('2 0$56$12 'HOLD
$QWHV GH VHJXLU DGHODQWH HQ OD GHWHUPLQDFLyQ GH FXiQGR HV FRPSHWHQWH HO MXH] FRPS&yGLJR&LYLO([SRVLFLyQGH0RWLYRV\&RPHQWDULRV7RPR9,DHGLFLyQ
SHUXDQR HQ XQD TXLHEUD FRQWUD XQ QR GRPLFLOLDGR \ SDUD DFODUDU HO SDQRUDPD /LPD  5(925('2 0$56$12 'HOLD FRPS 3UR\HFWRV \ $QWHSUR\HFWRV
UHFRUGHPRV TXH OD VHJXQGD SDUWH GHO DUWtFXOR  GHO && SUHFLVD WUDV VX GH OD 5HIRUPD GHO &yGLJR &LYLO 3ULPHU 7RPR )RQGR (GLWRULDO GH OD 8QLYHUVLGDG
HQXQFLDGR JHQHUDO YDOH GHFLU WUDV LQGLFDU TXH HQ ODV DFFLRQHV UHODWLYDV D &DWyOLFD GHO 3HU~ D HGLFLyQ /LPD  9,5*26 625,$12 0LJXHO \
XQLYHUVDOLGDGHV GH ELHQHV HV FRPSHWHQWH HO MXH] SHUXDQR FXDQGR VX OH\HV *$5&,0$57t1 $/)e5(= )UDQFLVFR 'HUHFKR 3URFHVDO &LYLO ,QWHUQDFLRQDO
DSOLFDEOH TXH VH UHVSHWD OD FRPSHWHQFLD SHUXDQD HQ DFFLRQHV UHODWLYDV DO OLWLJDFLyQ LQWHUQDFLRQDO 9,5*26 625,$12 0LJXHO \ 52'5t*8(= 3,$1$8
SDWULPRQLR GHO GHFODUDGR HQ TXLHEUD UHVSHFWR GH ORV ELHQHV VLWXDGRV HQ HO 3HU~ (OHQD &RPSHWHQFLD MXGLFLDO LQWHUQDFLRQDO \ UHFRQRFLPLHQWR GH UHVROXFLRQHV
VLQ SHUMXLFLR GH OR GLVSXHVWR HQ ODV QRUPDV GH UHFRQRFLPLHQWR \ HMHFXFLyQ GH MXGLFLDOHV H[WUDQMHUDVMXULVSUXGHQFLD GHO 7ULEXQDO (XURSHR GH -XVWLFLD :2/)
VHQWHQFLDVH[WUDQMHUDV 0DUWLQ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 7UDGXFFLyQ D HGLFLyQ LQJOHVD %RVK
%DUFHORQD
3RGHPRVGHFLUHQWRQFHVORVLJXLHQWH

/D UHJOD HV TXH HO MXH] SHUXDQR UHVXOWH FRPSHWHQWH HQ XQD LQVROYHQFLD FRQ
HOHPHQWRV LQWHUQDFLRQDOHV FRQWUD XQ QR GRPLFLOLDGR FXDQGR OD OH\ SHUXDQD VHD
DSOLFDEOH 1R REVWDQWH QR KD\ XQD QRUPD GH FRQIOLFWR TXH HVWDEOH]FD OD OH\
DSOLFDEOH D ODFDWHJRUtD TXLHEUDGHXQGHXGRUSRU ORTXHD QXHVWUR MXLFLR KDEUi
TXHFRQVLGHUDUTXHHVFRPSHWHQWHHOMXH]SHUXDQRFXDQGRVXOH\VHDDSOLFDEOHD
OD REOLJDFLyQ TXH RULJLQy OD LQVROYHQFLD /D FRPSHWHQFLD WHQGUi HQWRQFHV TXH
GHWHUPLQDUVH FDVXLVWLFDPHQWH \ HQ FDVR GH TXH VHD PiV GH XQD REOLJDFLyQ ODV
&203(7(1&,$ )$&8/7$7,9$ 3$5$ /$6 $&&,21(6 5(/$7,9$6 $/ SDUD FRQRFHU GH ODV DFFLRQHV FRQWUD SHUVRQDV GRPLFLOLDGDV HQ HO WHUULWRULR
(67$'2&$3$&,'$'<5(/$&,21(6)$0,/,$5(6 QDFLRQDO

$57,&8/2 
/RV WULEXQDOHV SHUXDQRV VRQ FRPSHWHQWHV SDUD FRQRFHU GH ORV MXLFLRV RULJLQDGRV
SRU HO HMHUFLFLR GH DFFLRQHV UHODWLYDV DO HVWDGR \ OD FDSDFLGDG GH ODV SHUVRQDV
QDWXUDOHVRDODVUHODFLRQHVIDPLOLDUHVDXQFRQWUDSHUVRQDVGRPLFLOLDGDVHQSDtV
H[WUDQMHURHQORVFDVRVVLJXLHQWHV
&XDQGRHO'HUHFKRSHUXDQRHVHODSOLFDEOHGHDFXHUGRFRQ
VXVQRUPDVGH'HUHFKR,QWHUQDFLRQDO3ULYDGRSDUDUHJLUHODVXQWR
&XDQGRODVSDUWHVVHVRPHWDQH[SUHVDRWiFLWDPHQWHDVXMXULVGLFFLyQVLHPSUH
TXHODFDXVDWHQJDXQDHIHFWLYDYLQFXODFLyQFRQHOWHUULWRULRGHOD5HS~EOLFD
&21&25'$1&,$6
&& DUWVD
&3&DUW
&RPHQWDULR
&DUPHQ-XOLD&DEHOOR0DWDPDOD
(Q HO FDVR SHUXDQR OD OHJLVODFLyQ FLYLO \ SURFHVDO FLYLO KDQ VXIULGR QRWDEOHV
FDPELRVHQHVWDPDWHULD SDUWLFXODUPHQWHHQOR UHODWLYR DOHVWDGR \ FDSDFLGDG GH
ORVQDFLRQDOHV
$VtSRGHPRVREVHUYDUTXHHQFXDQWRDODVQRUPDVVREUHMXULVGLFFLyQHOGHURJDGR
&yGLJRGH3URFHGLPLHQWRV&LYLOHVHQVXDUWtFXORHVWDEOHFtDTXHQRWLHQHQ
IXHU]D HQ OD 5HS~EOLFD ODV UHVROXFLRQHV GLFWDGDV SRU XQ WULEXQDO H[WUDQMHUR TXH
HVWDWX\HQ VREUH OD FRQGLFLyQ FLYLO FDSDFLGDG SHUVRQDO R UHODFLRQHV GH IDPLOLD GH
SHUXDQRVRGHH[WUDQMHURVGRPLFLOLDGRVHQHO3HU~
(Q HO FDVR GH ORV QDFLRQDOHV OD FRPSHWHQFLD GH ORV WULEXQDOHV SHUXDQRV HUD
H[FOXVLYD SRU FXDQWR HO IDFWRU GH FRQH[LyQ QDFLRQDOLGDG H[FOXtD FXDOTXLHU
SRVLELOLGDGGHFRQRFLPLHQWRSRUSDUWHGHRWUR(VWDGRHQDVXQWRVGHHVWDPDWHULD
PLHQWUDV TXH HQ HO FDVR GH H[WUDQMHURV OD H[FOXVLYLGDG VROR RSHUDED HQ WDQWR
GRPLFLOLDUDQODVSDUWHVHQHOSDtV
(O &yGLJR &LYLO GH  GHURJy HVWD QRUPD GLVSRQLHQGR UHVSHFWR GH OD
FRPSHWHQFLDLQWHUQDFLRQDOGLUHFWDHVWRHVFXDQGRORVMXHFHVQDFLRQDOHVFRQRFHQ
GHORVMXLFLRVRULJLQDGRVSRUHOHMHUFLFLRGHDFFLRQHVUHODWLYDVDOHVWDGRFDSDFLGDG
\UHODFLRQHVIDPLOLDUHVORVVLJXLHQWHVFULWHULRV
E3RUUD]yQGHODPDWHULDHODUWtFXORGHO&yGLJR&LYLOLQVWLWX\HGRVFDVRVGH
FRPSHWHQFLD IDFXOWDWLYD GLVSRQLHQGR D PRGR GH H[FHSFLyQ TXH QXHVWURV
WULEXQDOHVVRQFRPSHWHQWHVHQHVWRVMXLFLRVDXQFRQWUDSHUVRQDVGRPLFLOLDGDVHQ
HOH[WUDQMHURFXDQGR
(O 'HUHFKR SHUXDQR HV HO DSOLFDEOH GH DFXHUGR D VXV QRUPDV GH 'HUHFKR
,QWHUQDFLRQDO 3ULYDGR SDUD UHJLU HO DVXQWR (Q OR UHODWLYR D HVWH VXSXHVWR GHEH
FRPHQWDUVH TXH VH KD LQYHUWLGR HO PpWRGR WUDGLFLRQDO GHO 'HUHFKR ,QWHUQDFLRQDO
3ULYDGRDOVXMHWDUVHODGHWHUPLQDFLyQGHODFRPSHWHQFLDGHOMXH]DOKHFKRGHTXH
VHDVXOH\DSOLFDEOHFXDQGRORXVXDOHVHVWDEOHFHUSULPHURHOWULEXQDOFRPSHWHQWH
\OXHJRODOH\TXHVHKDGHDSOLFDU
3UyUURJD FRQYHQFLRQDO \ WiFLWD GH OD FRPSHWHQFLD WHUULWRULDO OD TXH RSHUD FRQ OD
FRQGLFLyQ GH TXH OD FDXVD WHQJD XQD HIHFWLYD YLQFXODFLyQ FRQ HO WHUULWRULR GH OD
5HS~EOLFD REVHUYiQGRVH TXH HO FULWHULR GH WHUULWRULDOLGDG VH VXERUGLQD DO GH OD
PDWHULD 9LQFXODFLyQ UHTXHULGD \ TXH VH PDWHULDOL]D SRU KHFKRV FRPR OD
QDFLRQDOLGDGGHDOJXQRGHORVFyQ\XJHVVHUHOOXJDUGHFHOHEUDFLyQRUHJLVWURGHO
PDWULPRQLRQDFLPLHQWRRGRPLFLOLRGHORVKLMRVKDELGRVGHODUHODFLyQHQFRQWUDUVH
ORVELHQHV GH ODVRFLHGDGFRQ\XJDO XELFDGRV HQ HOWHUULWRULRGHOD5HS~EOLFD HWF
&RPRSXHGHDSUHFLDUVHODODERUGHORVPDJLVWUDGRVHQODYDORUDFLyQGHOHOHPHQWR
YLQFXODQWH FRQ HO WHUULWRULR GH OD 5HS~EOLFD \ QR VROR FRQ OD OHJLVODFLyQ QDFLRQDO
UHVXOWD IXQGDPHQWDO SRU FXDQWR GH QR DSUHFLDUVH WDO YLQFXODFLyQ HO yUJDQR
MXULVGLFFLRQDOGHEHVXVWUDHUVHGHOFRQRFLPLHQWRGHODFDXVDDOHQFRQWUDUVHIUHQWH
DXQFDVRGHFRPSHWHQFLDQHJDWLYD
/D FRQVDJUDFLyQ GH PRGR JHQHUDO GHO FULWHULR GHO GRPLFLOLR FRPR IDFWRU GH
FRQH[LyQ DEDQGRQiQGRVH HO GH QDFLRQDOLGDG SDUD ORV SHUXDQRV KD LPSRUWDGR
OLEHUDUGHOLPLWDFLRQHVDORVQDFLRQDOHVTXLHQHVWHQtDQTXHOLWLJDUQHFHVDULDPHQWH
HQ HOSDtVQRREVWDQWHGHGRPLFLOLDUHQHO H[WUDQMHUR \FRQWDU HQ PXFKRVFDVRV
FRQ GHUHFKRV YiOLGDPHQWH GHFODUDGRV R LQVWLWXLGRV HQ SURFHVRV MXGLFLDOHV
H[WUDQMHURV $O HVWDEOHFHUVH OD FRPSHWHQFLD IDFXOWDWLYD HQ HVWD PDWHULD ORV
LQWHUHVDGRV SXHGHQ VRPHWHUVH D QXHVWURV WULEXQDOHV VL QXHVWUR 'HUHFKR HV HO
DSOLFDEOHRH[LVWHXQDYLQFXODFLyQHIHFWLYDFRQHOWHUULWRULRGHOD5HS~EOLFDRHQVX
FDVR VROLFLWDU OD KRPRORJDFLyQ GH VHQWHQFLDV H[WUDQMHUDV DQWH ORV WULEXQDOHV
QDFLRQDOHV
'2&75,1$
&$/92 &$5$9$&$$OIRQVR /XLV \ &$55$&26$ *21=$/(= -DYLHU 'HUHFKR
,QWHUQDFLRQDO 3ULYDGR 9ROXPHQ  D HGLFLyQ (GLWRULDO &ROPDUHV '(/*$'2
D 3RU UD]yQ GHO WHUULWRULR HO DUWtFXOR  GHO &yGLJR &LYLO FRQWLHQH OD QRUPD %$55(72 &pVDU '(/*$'2 0(1e'(= 0DUtD $QWRQLHWD \ &$1'(/$
JHQHUDOGHFRPSHWHQFLDVHxDODQGRTXHORVWULEXQDOHVSHUXDQRVVRQFRPSHWHQWHV 61&+(= &pVDU /LQFROQ ,QWURGXFFLyQ DO 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR D
HGLFLyQ)RQGR(GLWRULDOGH OD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~0,$-$'(
/$08(/$ $GROIR'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 7RPRVDHGLFLyQ*UiILFDV )252'(1(&(6,'$'
<D 0DGULG  5(925('2 0$56$12 'HOLD FRPS &yGLJR &LYLO
([SRVLFLyQ GH 0RWLYRV \ &RPHQWDULRV 7RPR 9, D HGLFLyQ /LPD  $57,&8/2 
5(925('2 0$56$12 'HOLD FRPS 3UR\HFWRV \ $QWHSUR\HFWRV GH OD
5HIRUPDGHO&yGLJR&LYLO7RPRDHGLFLyQ)RQGR(GLWRULDOGHOD8QLYHUVLGDG
&DWyOLFDGHO3HU~/LPD
/RV WULEXQDOHV SHUXDQRV VRQ FRPSHWHQWHV SDUD GLFWDU PHGLGDV SURYLVLRQDOHV GH
SURWHFFLyQ GH ODV SHUVRQDV QDWXUDOHV TXH VH HQFXHQWUHQ HQ HO WHUULWRULR GH OD
5HS~EOLFDDXQFRQWUDSHUVRQDVGRPLFLOLDGDVHQSDtVH[WUDQMHURDXQTXHFDUH]FDQ
GHMXULVGLFFLyQSDUDFRQRFHUGHOIRQGRGHODVXQWR
&21&25'$1&,$6
HHDUWHSHDUW
&RPHQWDULR
0DUtDGHO&DUPHQ,EYDU*LO
$OHVWDEOHFHUVXVVLVWHPDVGHQRUPDVGHDWULEXFLyQGHFRPSHWHQFLDMXULVGLFFLRQDO
LQWHUQDFLRQDO ORV (VWDGRV GHEHQ DVSLUDU D JDUDQWL]DU XQD WXWHOD MXULVGLFFLRQDO
LQWHUQDFLRQDO HIHFWLYD 6H WUDWD DVt GH SURSLFLDU TXH SDUD WRGR FRQIOLFWR FRQ
HOHPHQWRV LQWHUQDFLRQDOHV H[LVWD XQD DXWRULGDG MXULVGLFFLRQDO QDFLRQDO
FRPSHWHQWH \ TXH OR TXH HVD DXWRULGDG UHVXHOYD SXHGD VHU HIHFWLYDPHQWH
HMHFXWDGR\DVHDSRUODSURSLDDXWRULGDGMXULVGLFFLRQDOTXHUHVXHOYHHOFDVRWXWHOD
SRU GHFODUDFLyQ R SRU RWUD DXWRULGDG MXULVGLFFLRQDO TXH UHFRQRFH \ HMHFXWD OD
VHQWHQFLDGLFWDGDSRUHVWDWXWHODSRUUHFRQRFLPLHQWR3DUDTXHHVWRVHDUHDOLGDG
VHUHTXLHUHHQPXFKRVFDVRVODFRRSHUDFLyQLQWHUQDFLRQDO

9LQFXODGD D OD WXWHOD MXULVGLFFLRQDO HIHFWLYD HQ JHQHUDO HVWi OD WXWHOD FDXWHODU
MXULVGLFFLRQDO(VGHFLUODQHFHVLGDGGHXQDSURWHFFLyQSURYLVLRQDOGHORVLQWHUHVHV
SULYDGRV HQ FRQIOLFWR PLHQWUDV VH UHVXHOYH HO PLVPR 6L OD WXWHOD FDXWHODU HV
LPSRUWDQWHDQLYHOGHXQSURFHVRQDFLRQDOHVGHFLUGHXQSURFHVRHQHOTXHWRGRV
ORVHOHPHQWRVHVWiQHQXQPLVPR(VWDGRORHVLQFOXVRPiVFXDQGRVHWUDWDGHXQ
SURFHVR LQWHUQDFLRQDO HQ HO TXH SRU ODV FDUDFWHUtVWLFDV SURSLDV GH OD VLWXDFLyQ
H[LVWH PD\RU ULHVJR GH TXH VL VH HVSHUD FXOPLQDU HO SURFHVR OD UHVROXFLyQ TXH
UHVXOWHGHOPLVPRQRSXHGDVHUHMHFXWDGD

(VHQHVHFRQWH[WRTXHHO'HUHFKR3URFHVDO,QWHUQDFLRQDOUHFRQRFHODQHFHVLGDG
GH TXH ORV (VWDGRV LQWURGX]FDQ OD SRVLELOLGDG GH LPSOHPHQWDU VLVWHPDV GH WXWHOD
FDXWHODULQWHUQDFLRQDOHIHFWLYD([LVWHFRQVHQVRHQODGRFWULQDGHTXHSDUDORJUDU
XQ VLVWHPD FDXWHODU LQWHUQDFLRQDO HIHFWLYR VH GHEH IDFLOLWDU TXH ODV SDUWHV TXH
LQLFLDQXQSURFHVRSXHGDQDFFHGHUDWXWHODFDXWHODUWDQWRHQHOIRURSULQFLSDOFRPR
HQXQIRURHVSHFLDO

(O SRVWXODU TXH ODV SDUWHV SXHGDQ DFFHGHU D WXWHOD FDXWHODU D WUDYpV GHO IRUR
SULQFLSDO VXSRQH TXH HO MXH] FRPSHWHQWH HQ HO SURFHVR SXHGD WRPDU PHGLGDV
FDXWHODUHV TXH VHDQ VXVFHSWLEOHV GH VHU HMHFXWDGDV SRU RWUR MXH] (V GHFLU VH
WUDWD GH TXH XQ MXH] TXH QR HVWi YLHQGR HO FDVR SXHGD HMHFXWDU XQD PHGLGD
FDXWHODU GLFWDGD SRU XQ MXH] H[WUDQMHUR (VWR HV GLVWLQWR D OD HMHFXFLyQ GH OD *21=/(= -DYLHU 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 9ROXPHQ  D HGLFLyQ
VHQWHQFLD &XDQGR KDEODPRV GH HMHFXWDU XQD VHQWHQFLD QRV UHIHULPRV D XQD (GLWRULDO &ROPDUHV 0,$-$ '( /$ 08(/$ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 
UHVROXFLyQ TXH SRQH ILQ D XQ SURFHVR MXGLFLDO (Q HVWH FDVR QR VH WUDWD GH XQD WRPRV D HGLFLyQ *UiILFDV <D 0DGULG  5(925('2 0$56$12 'HOLD
UHFRQRFHU XQD UHVROXFLyQ GHILQLWLYD VLQR GH UHFRQRFHU \ HMHFXWDU XQD PHGLGD FRPS&yGLJR&LYLO([SRVLFLyQGH0RWLYRV\&RPHQWDULRV7RPR9,DHGLFLyQ
FDXWHODU3DUDWDOHIHFWRHOMXH]TXHGHEHHMHFXWDUODFDXWHODUGHEHFRQWDUFRQXQ
PDUFROHJDOTXHOHSHUPLWDUHFRQRFHU\HMHFXWDUHVWHWLSRGHUHVROXFLRQHV
/DRWUDSRVLELOLGDGGHWXWHODFDXWHODUODWXWHODDQWHIRURHVSHFLDOFRQVLVWHHQTXH
TXLHQ LQLFLD HO SURFHVR DQWH XQ MXH] SXHGD VROLFLWDU GLUHFWDPHQWH D XQ VHJXQGR
MXH]TXHHMHFXWHXQDPHGLGDFDXWHODU3DUDWDOHIHFWRVHUiSUHFLVRTXHODVQRUPDV
GHFRPSHWHQFLDGHOVHJXQGRMXH]OHDXWRULFHQDVXPLUFRPSHWHQFLDSDUDHOSURFHVR
FDXWHODUDSHVDUGHQRVHUHOMXH]FRPSHWHQWHGHOSURFHVRSULQFLSDO
/LPD  5(925('2 0$56$12 'HOLD FRPS 3UR\HFWRV \ $QWHSUR\HFWRV
GH OD 5HIRUPD GHO &yGLJR &LYLO 3ULPHU 7RPR )RQGR (GLWRULDO GH OD 8QLYHUVLGDG
&DWyOLFD GHO 3HU~ D HGLFLyQ /LPD  9,5*26 625,$12 0LJXHO \
*$5&,0$57t1 $/)e5(= )UDQFLVFR 'HUHFKR 3URFHVDO &LYLO ,QWHUQDFLRQDO
OLWLJDFLyQ LQWHUQDFLRQDO9,5*26 625,$12 0LJXHO \ 52'5t*8(= 3,$1$8
(OHQD &RPSHWHQFLD MXGLFLDO LQWHUQDFLRQDO \ UHFRQRFLPLHQWR GH UHVROXFLRQHV
MXGLFLDOHV H[WUDQMHUDV MXULVSUXGHQFLD GHO 7ULEXQDO (XURSHR GH -XVWLFLD :2/)
0DUWLQ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 7UDGXFFLyQ D HGLFLyQ LQJOHVD %RVK
([LVWHQQRUPDVGHWXWHODFDXWHODUHQDOJXQRVGHORVWUDWDGRVVXVFULWRVSRUHO3HU~ %DUFHORQD
+D\ QRUPDV VREUH HO SDUWLFXODU HQ HO 7UDWDGR GH 0RQWHYLGHR GH  \ HQ OD
&RQYHQFLyQVREUH(MHFXFLyQGH0HGLGDV3UHYHQWLYDVDSUREDGDHQOD&RQIHUHQFLD
,QWHUDPHULFDQD GH 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR GH 3DQDPi  &,',3 
7DPELpQ SXHGHQ HQFRQWUDUVH QRUPDVVREUH HOSDUWLFXODU HQ OD &RQYHQFLyQ VREUH
5HVWLWXFLyQ GH 0HQRUHV DSUREDGD HQ OD &RQIHUHQFLD ,QWHUDPHULFDQD GH 'HUHFKR
,QWHUQDFLRQDO3ULYDGRGH8UXJXD\\HQHO7UDWDGRGHOD+D\DVREUHVHFXHVWUR
GHPHQRUHV

1XHVWUR /LEUR ; GHO &yGLJR &LYLO QR LQFRUSRUD XQ VLVWHPD GH WXWHOD FDXWHODU
LQWHUQDFLRQDO6DOYRSRUHODUWtFXORQRKD\PHQFLyQDODSRVLELOLGDGGHO MXH]
SHUXDQR GH HMHUFHU WXWHOD FDXWHODU HIHFWLYD QL SDUD HMHFXWDU OD UHVROXFLyQ
SURYLVLRQDO GLFWDGD SRU XQ MXH] H[WUDQMHUR QL SDUD GLFWDU XQD PHGLGD FDXWHODU
UHVSHFWRGHXQSURFHVRLQLFLDGRDQWHXQMXH]H[WUDQMHUR
(Q HO DUWtFXOR  VH UHFRQRFH DO MXH] SHUXDQR FRPR IRUR HVSHFLDO GH WXWHOD
FDXWHODU(VWRVLJQLILFDTXHHOMXH]SHUXDQRSXHGHWRPDUPHGLGDVSURYLVLRQDOHVR
FDXWHODUHVVLQLPSRUWDUVLWLHQHSRWHQFLDOPHQWHFRPSHWHQFLDSDUDGHILQLUHOSRVLEOH
FRQIOLFWR\RTXHHOFRQIOLFWRVHHVWpWUDPLWDQGRDQWHXQMXH]H[WUDQMHUR

(O iPELWR GHO DUWtFXOR HV VLQ HPEDUJR EDVWDQWH UHVWULQJLGR 6ROR VH OH RWRUJD DO
MXH] SHUXDQR OD SRVLELOLGDG GH SHGLU XQD PHGLGD SURYLVLRQDO FXDQGR VH WUDWD GH
SURWHJHUDXQDSHUVRQDQDWXUDO(QWHQGHPRVTXHHVWDUiQHQHVWRVFDVRVLQFOXLGDV
PHGLGDVUHODFLRQDGDVFRQODVLWXDFLyQGHWHQHQFLD\SDWULDSRWHVWDGGHPHQRUHV\
HQJHQHUDOPHGLGDVUHVSHFWRGHORVLQFDSDFHV3RGUtDQWDPELpQFRQVLGHUDUVHHQ
HOiPELWRGHHVWHDUWtFXORPHGLGDVUHODFLRQDGDVFRQORVDOLPHQWRVDOVHUHVWHPiV
TXH XQ GHUHFKR SDWULPRQLDO XQ GHUHFKR GH SURWHFFLyQ GH OD VXEVLVWHQFLD GH OD
SHUVRQD $VLPLVPR DFFLRQHV GH FDXWHOD UHODFLRQDGDV FRQ ORV GHUHFKRV GH OD
SHUVRQDFRPRVRQVXFDSDFLGDGVXLPDJHQVXQRPEUHHWF

'2&75,1$

%$57,1 3ULQFLSHV GH 'URLW ,QWHUQDWLRQDO 3ULYH G

DSUpV OD ORL HW ODMXULVSUXGHQFH
IUDQFDLVH7RPR3DUtV&$/92&$5$9$&$$OIRQVR/XLV\&$55$&26$
$5%,75$-( ,17(51$&,21$/ < (;75$1-(52 < /$ (9(178$/ 680,6L1 &OiXVXOD TXLQWD /DV SDUWHV DFXHUGDQ HO VRPHWLPLHQWR GH OD FRQWURYHUVLD D ORV
$/)8(52-8',&,$/3(58$12 MXHFHV\WULEXQDOHVGHODFLXGDGGH/LPD

$57,&8/2  (Q HVWH FDVR WDPSRFR HVWDPRV DQWH HO VXSXHVWR GH OD QRUPD GHO &yGLJR &LYLO
VLQR DQWH OR TXH OD GRFWULQD LGHQWLILFD FRPR XQD FOiXVXOD SDWROyJLFD %(51$/
(O WULEXQDO SHUXDQR GHFOLQDUi VX FRPSHWHQFLD VL ODV SDUWHV KXELHVHQ FRQYHQLGR &5$,* 3$5.  3$8/6621 \D TXH HO DFXHUGR SRU VL PLVPR HV LPSOLFDQWH DO
VRPHWHUDDUELWUDMHXQDVXQWRGHMXULVGLFFLyQSHUXDQDIDFXOWDWLYDDPHQRVTXHHO KDEHUVHSDFWDGRDOPLVPRWLHPSRHOVRPHWLPLHQWRDODUELWUDMH\DOIXHURMXGLFLDO
FRQYHQLRDUELWUDOKD\DSUHYLVWRODHYHQWXDOVXPLVLyQDOIXHURSHUXDQR (QHVWHVXSXHVWRODVROXFLyQQRVHHQFXHQWUDHQHODUWtFXORGHO&yGLJR&LYLO
VLQRHQODVUHJODVGHLQWHUSUHWDFLyQFRQWUDFWXDO\HQODSROtWLFDHQSURRHQFRQWUD
&21&25'$1&,$6 GHODUELWUDMHTXHWHQJDQODV&RUWHV

& DUWRQH $VtDPRGRGHHMHPSOR/RUFD\6LOJXHURFLWDQXQIDOORGHOGHMXQLRGHHQ

&& DUWV HO TXH HO 3RGHU -XGLFLDO HVSDxRO PRVWUDQGR XQD DFWLWXG HQ SUR GHO DUELWUDMH
HSF DUWR LQWHUSUHWyXQDFOiXVXODSDWROyJLFDGHODVLJXLHQWHPDQHUD6HREVHUYDWDPELpQHO
/(< DUWV FRQWUDVHQWLGR TXH LPSOLFDED HO KHFKR GH TXH SRU XQ ODGR FOiXVXOD 
UHQXQFLDVHQORVLQWHUHVDGRVDODMXULVGLFFLyQRUGLQDULDFRPRPHGLRSDUDGLULPLUVXV
GLIHUHQFLDV\SRURWURVHSUHYLHUDHOVRPHWLPLHQWRDORV-X]JDGRV\7ULEXQDOHVGH
&RPHQWDULR $OLFDQWH FOiXVXOD  SDUD FDVR GH OLWLJLR IODJUDQWH FRQWUDGLFFLyQ R LQFRKHUHQFLD
TXH D FULWHULR GHO DSHODQWH QR SXHGH UHVROYHUVH PiV TXH FRQVLGHUDQGR QXOD OD
)HUQDQGR&DQWXDULDV6DODYHUU\ VXPLVLyQ H[SUHVD GH OD HVWLSXODFLyQ GRFHDYD \ HQWHQGLHQGR YiOLGD OD GH
VRPHWLPLHQWR D DUELWUDMH YDOHQ DTXt ODV REVHUYDFLRQHV DSXQWDGDV OtQHDV DUULED D
/D QRUPD FX\R WH[WR RULJLQDO KD VLGR VXVWLWXLGR SRU OD 6HJXQGD 'LVSRVLFLyQ SURSyVLWR GH ORV QRPEUHV GH $OLFDQWH WDFKDGRV \ VXVWLWXLGRV HQ HO WH[WR LPSUHVR
0RGLILFDWRULD GH OD /H\ *HQHUDO GH$UELWUDMH 1  HQ DGHODQWH /*$ UHJXOD SRU ORV GH $OPHUtD SHUR UHVXOWD RSRUWXQR DxDGLU DGHPiV WDQVROR SRU OD YtD GH
XQ VXSXHVWR DEVROXWDPHQWH H[FHSFLRQDO HO HYHQWXDO SDFWR GH VXPLVLyQ DO IXHUR FRPSOHPHQWR TXH QR KD\WDOFRQWUDGLFFLyQHQHO KHFKRGHTXHVLPXOWiQHDPHQWH
MXGLFLDOSHUXDQRFRQWHQLGRHQXQFRQYHQLRDUELWUDO5(925('2 VHSUHYHDODLQWHUYHQFLyQSDUDMXGLFLDOGHFLVRULDGHORViUELWURVGHHTXLGDG\HO
IXHURWHUULWRULDOHQIDYRUGHORV-X]JDGRV\7ULEXQDOHVGHXQDGHWHUPLQDGDFLXGDG
L&XiQGRHVWDPRVDQWHHOVXSXHVWRFRQWHQLGRHQHVWDQRUPDO SXHV OD DFWXDFLyQ GH OD MXULVGLFFLyQ RUGLQDULD SXHGH VHU QHFHVDULD DXQ HQ ORV
FDVRV GH DUELWUDMH SDUD ORV WUiPLWHVGHIRUPDOL]DFLyQ MXGLFLDOGHFRPSURPLVR 
,PDJLQHPRV SRU HMHPSOR TXH ODV SDUWHV FHOHEUDQ HO VLJXLHQWH FRQYHQLR
DUELWUDO
&XDOTXLHU FRQWURYHUVLD UHVXOWDQWH UHODFLRQDGD R GHULYDGD GH HVWH FRQWUDWRVHUi
UHVXHOWDPHGLDQWHDUELWUDMHHQ/LPD3HU~
/DV SDUWHV DFXHUGDQ HO VRPHWLPLHQWR D ORV MXHFHV \ WULEXQDOHV GH OD FLXGDG GH
/LPDHQFDVRVHUHTXLHUDVXLQWHUYHQFLyQFRQIRUPHDOD/*$
(QHVWHFDVR QRVH GD HOVXSXHVWRFRQWHQLGRHQHO DUWtFXOR EDMR HVWXGLR SRUTXH
ODV SDUWHV KDQ DFRUGDGR HO VRPHWLPLHQWR GH OD FRQWURYHUVLD D DUELWUDMH \ KDQ
UHVHUYDGR OD LQWHUYHQFLyQ GH ORV PDJLVWUDGRV GH OD FLXGDG GH /LPD VROR SDUD
FXDQGR HO 3RGHU -XGLFLDO GHED GH LQWHUYHQLU HQ HO DUELWUDMH FRQIRUPH D ODV
GLVSRVLFLRQHVGHOD/*$
DX[LOLRGHORViUELWURVGHODSUiFWLFDGHODVSUXHEDV\HMHFXFLyQGHOODXGR
(Q FDPELR Vt HVWDUHPRV DQWH HO VXSXHVWR GH OD QRUPD EDMR DQiOLVLV FXDQGR VH
SDFWHSRUHMHPSORORVLJXLHQWH
&XDOTXLHU FRQWURYHUVLD UHVXOWDQWH UHODFLRQDGD R GHULYDGD GH HVWH FRQWUDWRVHUi
UHVXHOWDPHGLDQWHDUELWUDMHHQ/LPD3HU~6LQHPEDUJRODVSDUWHVDFXHUGDQTXH
VHUiGHFRPSHWHQFLDGHORVWULEXQDOHVGHODFLXGDGGH/LPDFXDOTXLHUSUHWHQVLyQ
UHIHULGDDODQXOLGDGGHOFRQWUDWR
&RPRVHSXHGHDSUHFLDUHQHVWHFDVRHIHFWLYDPHQWHHOFRQYHQLRDUELWUDOFRQWLHQH
XQD VXPLVLyQ DO IXHUR MXGLFLDO SHUXDQR GH XQD SDUWH GH ODV SRWHQFLDOHV
FRQWURYHUVLDV SRU OR TXH VL VH GHPDQGD MXGLFLDOPHQWH HO WHPD GH OD QXOLGDG GHO
7H[WRVHJ~QPRGLWLFDWRULDLQWURGXFLGDSRUODGLVSPRGLWGHOD/H\1GH
$KRUDDQDOLFHPRVHOVLJXLHQWHSDFWR
&OiXVXODFXDUWD&XDOTXLHUFRQWURYHUVLDUHVXOWDQWHUHODFLRQDGDRGHULYDGDGH
HVWHFRQWUDWRVHUiUHVXHOWDPHGLDQWHDUELWUDMHHQ/LPD3HU~
FRQWUDWRHOMXH]SHUXDQRQRWHQGUiTXHUHQXQFLDUDVXFRPSHWHQFLDDXQFXDQGR
VH LQWHUSRQJD HQ WpUPLQR RSRUWXQR OD H[FHSFLyQ GH FRQYHQLR DUELWUDO \D TXH ODV
SDUWHVH[SUHVDPHQWHKDQDFRUGDGRODHYHQWXDOVXPLVLyQGHHVHFRQIOLFWRDO3RGHU
-XGLFLDO
6XERUGLQDFLyQGHODQRUPDEDMRHVWXGLRDOD/*$\DOD&RQYHQFLyQGH1XHYD
<RUN
/D GLVSRVLFLyQ EDMR HVWXGLR QHFHVDULDPHQWH GHEHUi FRQFRUGDUVH \ VXERUGLQDU VX
DSOLFDFLyQDORTXHGLVSRQHQ
7UDWiQGRVHGHDUELWUDMHLQWHUQDFLRQDO
&XDQGRODVSDUWHVKD\DQSDFWDGRHOVRPHWLPLHQWRGHXQDFRQWURYHUVLDDODUEL
WUDMHTXHWHQJDFRPRVHGHHO3HU~\DGHPiVVHWUDWHGHXQDUELWUDMHLQWHUQDFLRQDO
3XEOLVKHUV 'HYHQWRQ  %RVWRQ  &$178$5,$6 6$/$9(55< )HUQDQGR
$UELWUDMH QDFLRQDO LQWHUQDFLRQDO \ H[WUDQMHUR HQ OD /H\ *HQHUDO GH $UELWUDMH (Q
*DFHWD -XUtGLFD  $FWXDOLGDG -XUtGLFD 7  /LPD  &$178$5,$6
6$/$9(55< )HUQDQGR\$5$0%85<=$*$ 0DQXHO 'LHJR (O DUELWUDMH HQ HO
3HU~ GHVDUUROOR DFWXDO \ SHUVSHFWLYDV IXWXUDV)XQGDFLyQ 0- %XVWDPDQWH 'H OD
)XHQWH /LPD  &$5%211($8 7RP &DVHV DQG PDWHULDOV RQ FRPPHUFLDO
DUELWUDWLRQ9RO-XULV3XEOLVKLQJ1HZ<RUN&5$,*:/DXUHQFH3$5.
:LOOLDP : \ 3$8/6621 -DQ ,QWHUQDWLRQDO FKDPEHU RI FRPPHUFH DUELWUDWLRQ
2FHDQD 3XEOLFDWLRQV ,QFOO&& 3XEOLVKLQJ 6$  *$552 $OHMDQGUR 0
(QIRUFHPHQWRIDUELWUDWLRQDJUHHPHQWVDQGMXULVGLFWLRQRIDUELWUDOWULEXQDOVLQ/DWLQ
FRQIRUPH DOR GLVSXHVWR HQHODUWtFXORGHOD /*$ &$178$5,$6HO MXH] TXH $PHULFD (Q -RXUQDO RI ,QWHUQDWLRQDO $UELWUDWLRQ 9RO  1   /25&$
FRQR]FDHVDFRQWURYHUVLDUHVSHFWRGHODFXDOODSDUWHLQWHUHVDGDKD\DLQWHUSXHVWR $QWRQLR0DUtD\6,/*8(52(67$*1$1-RDTXtQ'HUHFKRGHDUELWUDMHHVSDxRO
HQ WpUPLQR RSRUWXQR ODH[FHSFLyQ GHFRQYHQLRDUELWUDORRGHEHUi UHPLWLUD ODV '\NLQVRQ 0DGULG  02172<$ $/%(57, 8OLVHV /D &RQYHQFLyQ GH 1XHYD
SDUWHV DO DUELWUDMH D PHQRV TXH VH FRPSUXHEH TXH GLFKR FRQYHQLR HV <RUN GH  VREUH UHFRQRFLPLHQWR \ HMHFXFLyQ GH VHQWHQFLDV DUELWUDOHV
PDQLILHVWDPHQWHQXORRRRTXHODPDWHULDVHDGHFRPSHWHQFLDH[FOXVLYDGHORV H[WUDQMHUDV(Q5HYLVWDGHO)RUR1&ROHJLRGH$ERJDGRVGH/LPD/LPD
WULEXQDOHVGHOD5HS~EOLFDRYLROHHORUGHQS~EOLFRLQWHUQDFLRQDORR>V@LODPDWHULD 48,*/(< /HRQDUG 9 $FFHVVLRQ E\ WKH 8QLWHG 6WDWHV WR WKH 8QLWHG 1DWLRQV
\D HVWXYLHUD VRPHWLGD DO FRQRFLPLHQWR GH ORV iUELWURV HO MXH] GHEHUi DPSDUDU OD FRQYHQWLRQRQWKHUHFRJQLWLRQDQGHQIRUFHPHQWRIIRUHLJQDUELWUDODZDUGV(Q7KH
H[FHSFLyQ GH FRQYHQLR DUELWUDO D PHQRV TXH OD PDWHULD VHD GH FRPSHWHQFLD <DOH/DZ-RXUQD9RO15$8$ODQ6FRWW7KH1HZ<RUN&RQYHQWLRQLQ
H[FOXVLYD GH ORVWULEXQDOHVGHOD 5HS~EOLFDR YLROH HORUGHQS~EOLFR LQWHUQDFLRQDO $PHULFDQ &RXUWV (Q 7KH $PHULFDQ 5HYLHZ RIOQWHUQDWLRQDO $UELWUDWLRQ 9RO 
SULPHU\WHUFHUSiUUDIRVGHODUWtFXORGHOD/*$&$178$5,$6\$5$0%85  5(925('2 'HOLD 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR (Q &yGLJR &LYLO
([SRVLFLyQGH0RWLYRV\&RPHQWDULRV'HOLD5HYRUHGR&RPSLODGRUD/LPD
7UDWiQGRVHGHDUELWUDMHH[WUDQMHUR 9$1 '(1 %(5* $OEHUW -DQ 7KH 1HZ <RUN &RQYHQWLRQ  &RQVROLGDWHG
(Q FDVR GH TXH DQWH XQ WULEXQDO MXGLFLDO SHUXDQR VH GHGX]FD XQD H[FHSFLyQ GH
FRQYHQLRDUELWUDOSRUH[LVWLUXQSDFWRHQHOTXHVHDFXHUGDDUELWUDUXQDFRQWURYHUVLD
IXHUDGHO3HU~GHEHWHQHUVHSUHVHQWHTXHKDELHQGRUDWLILFDGRHO(VWDGRSHUXDQR
VLQ UHVHUYDV HO &RQYHQLR VREUH 5HFRQRFLPLHQWR \ (MHFXFLyQ GH ODV 6HQWHQFLDV
FRPPHQWDU\ FDVHV UHSRUWHG LQ YROXPHV ;,,, ;,9 (Q <HDUERRN
&RPPHUFLDO $UELWUDWLRQ 9RO ;,9  9$1 '(1 %(5* $OEHUW -DQ 1RQ
GRPHVWLF DUELWUDO DZDUGV XQGHU WKH  1HZ <RUN &RQYHQWLRQ (Q $UELWUDWLRQ
,QWHUQDWLRQD9RO1
$UELWUDOHV([WUDQMHUDVPiVFRQRFLGRFRPROD&RQYHQFLyQGH1XHYD<RUNGH
48,*/(<%2515$802172<$VHUiGHDSOLFDFLyQHOLQFLVRGHODUWtFXOR
GHGLFKR&RQYHQLRHOFXDOHVWDEOHFHORVLJXLHQWH

(O 7ULEXQDO GH XQR GH ORV (VWDGRV FRQWUDWDQWHV DO TXH VH VRPHWD XQ OLWLJLR
UHVSHFWRGHOFXDOODVSDUWHVKD\DQFRQFOXLGRXQDFXHUGRHQHOVHQWLGRGHOSUHVHQWH
DUWtFXORUHPLWLUiDODVSDUWHVDODUELWUDMHDLQVWDQFLDGHXQDGHHOODVDPHQRVTXH
FRPSUXHEHTXH GLFKR DFXHUGR HV QXOR LQHILFD]RLQDSOLFDEOH 9$1'(1 %(5*
&$5%211($8%251*$552

'2&75,1$

2WUR FDVR VLPLODU VHUtD FXDQGR XQD SDUWH GHPDQGDUD DQWH HO 3RGHU -XGLFLDO
SHUXDQR \ OD RWUD SDUWH QR GHGXMHUD D WLHPSR OD H[FHSFLyQ GH FRQYHQLR DUELWUDO
FRQILJXUiQGRVH DVt XQD VXPLVLyQ WiFLWD GH OD FRQWURYHUVLD DO 3RGHU -XGLFLDO
FRQFRUGDGRFRQHOLQFLVRGHODUWtFXORGHO&yGLJR&LYLO
%(51$/ *87,e55(= 5DIDHO (O DUELWUDMH HQ *XDWHPDOD DSR\R D ODMXVWLFLD
&HQWUR GH $UELWUDMH \ &RQFLOLDFLyQ &(1$& *XDWHPDOD  %251 *DU\ %
,QWHUQDWLRQDOFRPPHUFLDODUELWUDWLRQLQWKH8QLWHG6WDWHV.OXZHU/DZDQG7D[DWLRQ
81,'$''(/)252 FRQVLJQDUHVWHUHTXLVLWRSRUHVWDUGRFWULQDULDPHQWHDFHSWDGRTXHODUHFRQYHQFLyQ
GHEHHVWDUYLQFXODGDDODGHPDQGD
$57,&8/2 
(QWRGRFDVRHQQXHVWUDRSLQLyQUHVXOWDGHVDIRUWXQDGDODPXWLODFLyQSXHVSXHGH
(O WULEXQDO SHUXDQR TXH FRQRFH YiOLGDPHQWH GH OD GHPDQGD HV WDPELpQ OOHYDUDODFRQIXVDLGHDGHTXHHOMXH]FRPSHWHQWHSDUDXQDDFFLyQSXHGHFRQRFHU
FRPSHWHQWHSDUDFRQRFHUGHODUHFRQYHQFLyQ GHRWUDWRWDOPHQWHDMHQDDOFDVRVLQQHFHVLGDGGHQXHYRVRPHWLPLHQWR6HUiWDUHD
GH OD GRFWULQD \ OD MXULVSUXGHQFLD QDFLRQDO UHVWULQJLU OD LQWHUSUHWDFLyQ D ORV MXVWRV
&21&25'$1&,$6 OtPLWHV\HYLWDUDVtTXHVHDEXVHDOSUHVXPLUGHOGHPDQGDQWHXQDYROXQWDGTXHQR
SXHGH VHU OD VX\D FXDO HV OD GH VRPHWHUVH WiFLWDPHQWH D XQ WULEXQDO SDUD XQ
&3&DUW DVXQWRTXHQRHVWiHQOLWLJLRHQHVHPRPHQWR

&RPHQWDULR
0DUtDGHO&DUPHQ,EYDU*LO
DSUpV OD ORL HW ODMXULVSUXGHQFH
(O DUWtFXOR  GHO &yGLJR &LYLO GtVSRQH TXH HO WULEXQDO SHUXDQR TXH FRQRFH
YiOLGDPHQWH GH OD GHPDQGD HV WDPELpQ FRPSHWHQWH SDUD FRQRFHU GH OD
UHFRQYHQFLyQ (Q FRQVHFXHQFLD VL XQ QR GRPLFLOLDGR LQLFLD XQD DFFLyQ DQWH ORV
WULEXQDOHVSHUXDQRVFRVDSHUIHFWDPHQWHYLDEOHSXHVQRH[LVWHQUHVWULFFLRQHVSDUD
'2&75,1$
%$57,1 3ULQFLSHV GH 'URLW ,QWHUQDWLRQDO 3ULYH G
IUDQFDLVH7RPR3DUtV&$/92&$5$9$&$$OIRQVR/XLV\&$55$&26$
*21=/(= -DYLHU 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 9ROXPHQ  D HGLFLyQ
(GLWRULDO &ROPDUHV 0,$-$ '( /$ 08(/$ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 
WRPRV D HGLFLyQ *UiILFDV <D 0DGULG  5(925('2 0$56$12 'HOLD
TXH XQ QR GRPLFLOLDGR DFXGD D ORV yUJDQRVMXULVGLFFLRQDOHV SHUXDQRV \ OD SDUWH FRPS&yGLJR&LYLO([SRVLFLyQGH0RWLYRV\&RPHQWDULRV7RPR9,DHGLFLyQ
GHPDQGDGDORUHFRQYLHQHHOMXH]SHUXDQRSRGUiFRQRFHUGHODUHFRQYHQFLyQDXQ
FXDQGR QR VH WUDWH GH XQR GH ORV VXSXHVWRV TXH ODV QRUPDV MXULVGLFFLRQDOHV
SHUXDQDVVHxDODQFRPRGHVXFRPSHWHQFLD
/DUD]yQGHHVWRHVWULEDHQTXHVHFRQVLGHUDTXHHOQRGRPLFLOLDGRTXHLQLFLDXQD
DFFLyQDQWHHO MXH] SHUXDQRVHKDVRPHWLGRWiFLWDPHQWHDVX IXHUR\ PDOSXHGH
OXHJR SUHWHQGHU SULYDUOR GH OD MXULVGLFFLyQ TXH OH UHFRQRFLy 9HPRV SXHV HVWH
/LPD  5(925('2 0$56$12 'HOLD FRPS 3UR\HFWRV \ $QWHSUR\HFWRV
GH OD 5HIRUPD GHO &yGLJR &LYLO 3ULPHU 7RPR )RQGR (GLWRULDO GH OD 8QLYHUVLGDG
&DWyOLFD GHO 3HU~  D HGLFLyQ /LPD  9,5*26 625,$12 0LJXHO \
*$5&,0$57t1 $/)e5(= )UDQFLVFR 'HUHFKR 3URFHVDO &LYLO ,QWHUQDFLRQD
OLWLJDFLyQ LQWHUQDFLRQDO 9,5*26 625,$12 0LJXHO \ 52'5t*8(= 3,$1$8
(OHQD &RPSHWHQFLD MXGLFLDO LQWHUQDFLRQDO \ UHFRQRFLPLHQWR GH UHVROXFLRQHV
MXGLFLDOHV H[WUDQMHUDV MXULVSUXGHQFLD GHO 7ULEXQDO (XURSHR GH -XVWLFLD :2/)
DUWtFXORFODUDPHQWHYLQFXODGRDOQXPHUDOGHODUWtFXOR\DODUWtFXORGHO 0DUWLQ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 7UDGXFFLyQ D HGLFLyQ LQJOHVD %RVK
&yGLJR&LYLO %DUFHORQD

(QHOSUR\HFWRVXVWLWXWRULRGHO7tWXOR3UHOLPLQDUIXHQWHGHODUWtFXORVHSRQtD
XQDFRUWDSLVDDODFRPSHWHQFLDGHOMXH]HQFDVRGHUHFRQYHQFLRQHVLQGLFDQGRTXH
SDUD TXH HO MXH] SXGLHUD FRQRFHU YiOLGDPHQWH GHEtD H[LVWLU DOJXQD YLQFXODFLyQ
HQWUH OD GHPDQGD \ OD UHFRQYHQFLyQ (O PRWLYR SRU HO TXH VH FRQVLGHUDED
FRQYHQLHQWH GDU DO MXH] FRPSHWHQFLD VREUH ODV UHFRQYHQFLRQHV HVWDED HQ OD
QHFHVLGDG GH VDOYDJXDUGDU OD XQLGDG GHO SURFHVR (Q FRQVHFXHQFLD VH
FRQVLJQDED H[SUHVDPHQWH TXH VROR SRGtD SUHVXPLUVH OD VXPLVLyQ WiFtWD GHO
GHPDQGDQWH SDUD DTXHOODV UHFRQYHQFLRQHV TXH WXYLHUDQ XQD HIHFWLYDYLQFXODFLyQ
FRQ OD GHPDQGD OR TXH UHVXOWD OyJLFR SXHV HV H[DJHUDGR SUHWHQGHU SUHVXPLU OD
VXPLVLyQ WiFLWD GHO GHPDQGDQWH SDUD DTXHOODV UHFRQYHQFLRQHV QR YLQFXODGDV DO
OLWLJLRTXHVHLQLFLD

(OWH[WRGHODUWtFXORVXSULPH ODH[LJHQFLDGHYLQFXODFLyQHIHFWLYD1RUHVXOWD
FODUR VL VH SUHWHQGLy FRQ HVWD VXSUHVLyQ RWRUJDU FRPSHWHQFLD D ORV MXHFHV HQ
UHFRQYHQFLRQHV TXH VHDQ DFFLRQHV WRWDOPHQWH DMHQDV D OD GHPDQGD R VL VX
GHVDSDULFLyQ UHVSRQGH PiV ELHQ D TXH HO OHJLVODGRU FRQVLGHUy LQQHFHVDULR
/O7,63(1'(1&,$\&26$-8=*$'$
$57,&8/2 
&XDQGR HVWp SHQGLHQWH XQD DFFLyQ DQWHULRU VREUH HO PLVPR REMHWR \ HQWUH ODV
PLVPDVSHUVRQDVHOWULEXQDOSHUXDQRVXVSHQGHUiODFDXVDVLSXHGHSUHYHUTXHOD
MXULVGLFFLyQ H[WUDQMHUD HPLWLUi GHQWUR GHO ODSVR QR PD\RU GH WUHV PHVHV XQD
UHVROXFLyQTXHSXHGDVHUUHFRQRFLGD\HMHFXWDGDHQHO3HU~
(OMXLFLRVHJXLGRHQHO3HU~VHFRQVLGHUDLQLFLDGRHQODIHFKDGHODQRWLILFDFLyQGH
ODGHPDQGDDOGHPDQGDGR
(OWULEXQDOSHUXDQRGHMDVLQHIHFWRORDFWXDGRVLOHHVSUHVHQWDGDXQDUHVROXFLyQ
H[WUDQMHUD
&21&25'$1&,$6
QHFHVDULDPHQWH TXH HQ DPERV FDVRV GHEHQ WHQHU OD PLVPD SRVLFLyQ SURFHVDO
3XHGH TXH Vt WHQJDQ OD PLVPD SRVLFLyQ SURFHVDO 3RU HMHPSOR FXDQGR XQD
SHUVRQD KD SODQWHDGR FRPR GHPDQGDQWH OD PLVPD DFFLyQ HQ GRV WULEXQDOHV GH
GRVSDtVHVGLVWLQWRV3HURSXHGHQWHQHUSRVLFLRQHVGLVWLQWDV3RUHMHPSORFXDQGR
XQD SDUWH KD LQWHUSXHVWR OD DFFLyQ FRPR GHPDQGDQWH HQ XQ SDtV \ KD VLGR
HPSOD]DGDFRPRGHPDQGDGDHQRWURSDtV
(Q DPERV FDVRV HVWDUHPRV DQWH XQ FDVR GH OLWLVSHQGHQFLD LQWHUQDFLRQDO VL OD
PDWHULD XREMHWRGHOSURFHVRVRQORV PLVPRV(QQXHVWUDOHJLVODFLyQ VH KDEOD GH
TXHVHWUDWHGHDFFLRQHVVREUHHOPLVPRREMHWR/RUHOHYDQWHQRHVHOSHWLWRULRGH
OD DFFLyQ HQ HO VHQWLGR WpFQLFR VLQR TXH VH HVWp GLVFXWLHQGR HVHQFLDOPHQWH OR
PLVPR /R TXH OD GRFWULQD DOHPDQD KD OODPDGR WHRUtD GHO Q~FOHR FRP~Q $Vt HO
7ULEXQDOGH-XVWLFLDGHOD&RPXQLGDG(XURSHDLQWHUSUHWyTXHKD\LGHQWLGDGVLSRU
HMHPSOR HQ XQ SULPHU WULEXQDO VH SODQWHD XQD DFFLyQ GH FRQGHQD SRU
LQFXPSOLPLHQWR\HQXQVHJXQGRWULEXQDOVHSODQWHDXQDDFFLyQGHH[RQHUDFLyQGH
&& DUORQH UHVSRQVDELOLGDG6HQWHQFLDV\
&S& DUOR
&',3
 DUOR $GHPiVGHOD LGHQWLGDG GH PDWHULDV\SDUWHVVHGHEHGHWHUPLQDU TXH HOSURFHVR
HQHOH[WUDQMHURVHHQFXHQWUHSHQGLHQWHFXDQGRODDFFLyQVHLQLFLDHQHO3HU~(Q
&RPHQWDULR SULPHUOXJDUGHEHYHUVHTXHHOSURFHVRVHFRQVLGHUDSHQGLHQWHHQODMXULVGLFFLyQ
H[WUDQMHUD\ODIHFKDDSDUWLUGHODFXDOHVWiSHQGLHQWH/DFDOLILFDFLyQHQHVWHFDVR
0DUtDGHO&DUPHQ,EYDU*LO GHEHVHUHYDOXDGDGHDFXHUGRDODVQRUPDVGHOOXJDUGHOSURFHVR$SDUWLUGHTXp
PRPHQWRHVWDVFRQVLGHUDQTXHHOSURFHVR\DH[LVWHFRPRWDO\HVWiSHQGLHQWH(Q
/DGRFWULQDWUDWDGRVILJXUDVUHODFLRQDGDVFRQODH[LVWHQFLDGHMXLFLRVSDUDOHORVHQ ODSUiFWLFDHVWRVHGDUiSUREDEOHPHQWHFXDQGRODGHPDQGDKD\DVLGRDGPLWLGDD
GRV MXULVGLFFLRQHV QDFLRQDOHV (VWDV VRQ OD OLWLVSHQGHQFLD LQWHUQDFLRQDO \ OD WUiPLWHRKD\DVLGRQRWLILFDGDDOGHPDQGDGR
FRQH[LGDG $ WUDYpV GH DPEDV ILJXUDV VH LQWHQWD DVHJXUDU OD XQLIRUPLGDG GH OD
WXWHODMXULVGLFFLRQDOLQWHUQDFLRQDO (QUHDOLGDG KXELHUH VLGR PHMRUHVWDEOHFHUXQD UHJODREMHWLYDGHFDUiFWHU JHQHUDO
(VXQKHFKRTXHDOWHQHUFDGD(VWDGRVHUYLFLRVMXULVGLFFLRQDOHVDORVTXHSXHGHQ SDUD GHILQLU OD SHQGHQFLD 3RU HMHPSOR VHxDODU TXH VH FRQVLGHUD SHQGLHQWH HO
DFXGLU ODV SDUWHV H[LVWDQ IRURV DOWHUQDWLYRV D ORV TXH HVWDV SXHGHQ VRPHWHU VXV SURFHVR HQ HO H[WUDQMHUR FXDQGR OD GHPDQGD SUHVHQWDGD DQWH HVH IRUR KD VLGR
FRQIOLFWRV DGPLWLGDDWUiPLWH(ORWURHOHPHQWRUHOHYDQWHHVODIHFKDHQODTXHVHSUHVHQWDOD
DFFLyQHQHO3HU~(ODUWtFXORFRQVLGHUDTXHHOSURFHVRVHKDLQLFLDGRHQHO
/D OLWLVSHQGHQFLD WLHQH SRU REMHWR LPSHGLU TXH VH SXHGD SODQWHDU HO PLVPR OLWLJLR 3HU~HQHOPRPHQWRHQTXHVHQRWLILFDDOGHPDQGDGR
DQWHWULEXQDOHVGHGRV(VWDGRVGLVWLQWRV/DFRQH[LGDGVHUHILHUHDSURFHVRVHQWUH
ODVPLVPDVSDUWHVSHURTXHQRVRQLJXDOHVRLGpQWLFRVVLQRFRQH[RV\TXHSRUVX 3DUD TXH SURFHGD OD OLWLVSHQGHQFLD OD DFFLyQ SURPRYLGD HQ HO H[WUDQMHUR GHEH
UHODFLyQHVWUHFKDHVFRQYHQLHQWHWUDPLWDUORVFRQMXQWDPHQWH
1XHVWUDOHJLVODFLyQUHFRJHODILJXUDGHODOLWLVSHQGHQFLD\HVWDHVWUDWDGDHQ
HO DUWtFXOR  (Q HO DUWtFXOR  VH UHFRQRFH DVt TXH XQ FDVR FRQ
YLQFXODFLRQHVLQWHUQDFLRQDOHVSXHGHVHUSUHVHQWDGRDQWHPiVGHXQMXH]QDFLRQDO
\ HQ WDO VLWXDFLyQ HV FRQYHQLHQWH WRPDU PHGLGDV SUHYHQWLYDV SDUD HYLWDU GRV
VHQWHQFLDV VREUH OD PLVPD FDXVD 6H EXVFD DVHJXUDU H[ DQWH OD DUPRQtD
LQWHUQDFLRQDOGHGHFLVLRQHVMXGLFLDOHV
3DUDWDOHIHFWRVHHVWDEOHFHTXHVLXQDDFFLyQHVSUHVHQWDGDDQWHHOMXH]SHUXDQR
ODWUDPLWDFLyQGHHVWDSXHGHVHUVXVSHQGLGDVLHVTXHVHKXELHUDLQLFLDGRDQWHVXQ
SURFHVRHQXQWHUFHU(VWDGR
&RPRSUHVXSXHVWREiVLFRGHODUWtFXORHVWiODLGHQWLGDGHQWUHODVSDUWHV(VWR
VXSRQH TXH HQ DPERV FDVRV ODV SDUWHV GHEHQ VHU ODV PLVPDV 1R VLJQLILFD
KDEHUVHSODQWHDGRHVWDUSHQGLHQWHDQWHVTXHHQHO3HU~6LODDFFLyQVHSUHVHQWD
HQ HO 3HU~ DQWHV TXH HQ HO H[WUDQMHUR QR KD\ OLWLVSHQGHQFLD SRVLEOH (O MXH]
SHUXDQRGHEHUtDVLPSOHPHQWHUHFKD]DUODOLWLVSHQGHQFLDSRUFRQVLGHUDUTXHVHKD
SUHVHQWDGRODDFFLyQSULPHURDQWHpO(VWRHVFRPSDWLEOHFRQHOKHFKRGHTXHGH
FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO QXPHUDO  GHO DUWtFXOR  GHO && QR VH
SXHGHUHFRQRFHUXQDVHQWHQFLDH[WUDQMHUDVLXQSURFHVRLGpQWLFRVHKDEtDLQLFLDGR
DQWHVHQHO3HU~
)LQDOPHQWH HV UHOHYDQWH VHxDODU TXH HO DUWtFXOR HVWDEOHFH TXH HQ HO FDVR GH
SURFHVRV LQLFLDGRV SUHYLDPHQWH HQ HO H[WUDQMHUR HO MXH] SHUXDQR VXVSHQGHUi VX
MXULVGLFFLyQ HQ GRV FDVRV 8QR VL SXHGH SUHYHU TXH OD MXULVGLFFLyQ H[WUDQMHUD
HPLWLUiXQDVHQWHQFLDGHQWURGHOODSVRGHWUHVPHVHV/DRWUDVLVLPSOHPHQWHVHOH
SUHVHQWDODVHQWHQFLDH[WUDQMHUD
(OSHULRGRGHWUHVPHVHVUHVXOWDH[DJHUDGDPHQWHFRUWR\VXSUHGHFLELOLGDGGLItFLO
RFDVLLPSRVLEOHSDUDHOMXH]SHUXDQR/RFLHUWRHVTXHHQHVWHFDVRHVGHFLUHQ
HO FDVR GH GRV SURFHVRV SDUDOHORV LQLFLDGR HO SULPHUR HQ HO H[WUDQMHUR \ HO
VHJXQGR HQ HO 3HU~ VL VH OOHJD D WHQHU GRV VHQWHQFLDV VH SUHIHULUi D OD PiV
DQWLJXD(QFRQVHFXHQFLDVLHOMXH]SHUXDQRSHVHDTXHVHOHDFUHGLWDXQSURFHVR
DQWHULRU HQ XQD MXULVGLFFLyQ H[WUDQMHUD GHFLGH VHJXLU DGHODQWH FRQ HO SURFHVR
SRUTXH QR SXHGH SUHYHU TXH GLFKR SURFHVR WHUPLQDUi HQ WUHV PHVHV ILQDOPHQWH
WHQGUi TXH GHMDU VLQ HIHFWR HO SURFHVR VL HO MXH] H[WUDQMHUR HPLWH XQD UHVROXFLyQ
GHILQLWLYDDQWHVTXHpO
(V WDPELpQ UHTXLVLWR TXH OD VHQWHQFLD TXH YD\D D VHU GLFWDGD SRU HO WULEXQDO
H[WUDQMHURVHDXQDTXHSXHGDVHUHMHFXWDGDHQHO3HU~3DUDHVWRVHIHFWRVGHEHUi
DQDOL]DUVHODSRVLELOLGDGGHTXHHVWDVHQWHQFLDFXPSODFRQORVUHTXLVLWRVGHO7tWXOR
,9GHO/LEUR;
'2&75,1$
%$57,1 3ULQFLSHV GH 'URLW ,QWHUQDWLRQDO 3ULYH G
DSUpV OD ORL HW ODMXULVSUXGHQFH &21&25'$1&,$6
IUDQFDLVH7RPR3DUtV&$/92&$5$9$&$$OIRQVR/XLV\&$55$&26$
&203(7(1&,$1(*$7,9$'(/75,%81$/3(58$12
$57,&8/2 
/D FRPSHWHQFLD MXULVGLFFLRQDO GH ORV WULEXQDOHV SHUXDQRV SDUD FRQRFHU GH ODV
DFFLRQHV LQWHQWDGDV FRQWUD (VWDGRV H[WUDQMHURV R VXV MHIHV UHSUHVHQWDQWHV
GLSORPiWLFRV RUJDQLVPRV LQWHUQDFLRQDOHV \ VXV UHSUHVHQWDQWHV VH UHJXOD SRU OR
GLVSXHVWRHQORVWUDWDGRVLQWHUQDFLRQDOHVVREUH ODPDWHULDUDWLILFDGRVSRUHO3HU~
6DOYRORGLVSXHVWRHQHVWHWtWXORORVWULEXQDOHVSHUXDQRVFDUHFHQGHFRPSHWHQFLD
MXULVGLFFLRQDOSDUDFRQRFHU
 'H ODV DFFLRQHV UHODWLYDV D GHUHFKRV UHDOHV VREUH SUHGLRV VLWXDGRV HQ HO
H[WUDQMHUR
'HORVDVXQWRVTXHKXELHVHQVLGRVRPHWLGRVSRUODVSDUWHV DXQDMXULVGLFFLyQ
H[WUDQMHUDGHFRQIRUPLGDGFRQORSUHYLVWRHQHODUWtFXOR
'HODVDFFLRQHVUHODWLYDVDO(VWDGR\ODFDSDFLGDGGHODVSHUVRQDVQDWXUDOHVR
DODVUHODFLRQHVIDPLOLDUHVVLODFDXVDQRWLHQHQLQJXQDYLQFXODFLyQHIHFWLYDFRQHO
WHUULWRULRGHOD5HS~EOLFD
*21=/(= -DYLHU 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 9ROXPHQ  HGLFLyQ && DUWVLQHV\LQF
(GLWRULDO &ROPDUHV 0,$-$ '( /$ 08(/$ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR  &3& DUWR
WRPRV  HGLFLyQ *UiILFDV <D 0DGULG  5(925('2 0$56$12 'HOLD &',3 DUWVD
FRPS&yGLJR&LYLO([SRVLFLyQGH0RWLYRV\&RPHQWDULRV7RPR9,HGLFLyQ
/LPD  5(925('2 0$56$12 'HOLD FRPS 3UR\HFWRV \ $QWHSUR\HFWRV &RPHQWDULR
GH OD 5HIRUPD GHO &yGLJR &LYLO 3ULPHU 7RPR )RQGR (GLWRULDO GH OD 8QLYHUVLGDG
&DWyOLFD GHO 3HU~  HGLFLyQ /LPD  9,5*26 625,$12 0LJXHO \ 0DUtDGHO&DUPHQ,EYDU*LO
*$5&,0$57t1 $/)e5(= )UDQFLVFR 'HUHFKR 3URFHVDO &LYLO ,QWHUQDFLRQDO
OLWLJDFLyQ LQWHUQDFLRQDO 9,5*26 625,$12 0LJXHO \ 52'5t*8(= 3,$1$8 ,QWURGXFFLyQ
(OHQD &RPSHWHQFLD MXGLFLDO LQWHUQDFLRQDO \ UHFRQRFLPLHQWR GH UHVROXFLRQHV
MXGLFLDOHV H[WUDQMHUDV MXULVSUXGHQFLD GHO 7ULEXQDO (XURSHR GH -XVWLFLD :2/) (O VLVWHPD GH FRPSHWHQFLD MXULVGLFFLRQDO SHUXDQD WLHQH VX EDVH HQ HVWDEOHFHU OD
0DUWLQ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 7UDGXFFLyQ  HGLFLyQ LQJOHVD %RVK
%DUFHORQD
FRPSHWHQFLDGHORVPDJLVWUDGRVSHUXDQRVHQIXQFLyQGHODFDOLGDGGHGRPLFLOLDGR
R QR GRPLFLOLDGR GHO GHPDQGDGR 6H FRQVDJUDQ GRV UHJODV /D SULPHUD GH
MXULVGLFFLyQ SRVLWLYD JHQHUDO FRQWUD WRGR GRPLFLOLDGR /D VHJXQGD GH MXULVGLFFLyQ
SRVLWLYDH[FHSFLRQDOFRQWUDQRGRPLFLOLDGRV+DVWDDTXtWHQHPRVHQWRQFHVTXHOD
SULPHUDSUHRFXSDFLyQGHO MXH]VHUiHVWDEOHFHUODFDOLGDGGHGRPLFLOLDGRRQRGHO
GHPDQGDGR
(O/LEURGH'HUHFKR,QWHUQDFLRQDO3ULYDGRGHO&yGLJR&LYLOFRQWLHQHXQDH[FHSFLyQ
DHVWDIRUPDGHGHWHUPLQDU ODFRPSHWHQFLD(VHOFDVRTXHH[LVWHQXQDVHULHGH
UHODFLRQHV D ODV TXH SRU XQR \ RWUR PRWLYR HO OHJLVODGRU KD FRQVLGHUDGR
FRQYHQLHQWH SURKLELU TXH VHDQYLVWDV SRUVXV WULEXQDOHV(OOR LQGHSHQGLHQWHPHQWH
GH VL HO GHPDQGDGR HV R QR GRPLFLOLDGR /DV FRQVLGHUDFLRQHV HQ TXH VH IXQGD
HOOHJLVODGRU SDUD HVWDEOHFHU ORV FDVRV GH FRPSHWHQFLD QHJDWLYD VRQ YDULRV \
GLVWLQWRV$FRQWLQXDFLyQORVDQDOL]DUHPRVXQRSRUXQR

([FHSFLyQDODFRPSHWHQFLDMXULVGLFFLRQDOLQWHUQDFLRQDO&-,SRULQPXQLGDG

 (O WHPD GH OD LQPXQLGDG MXULVGLFFLRQDO GH ORV (VWDGRV \ RWURV VXMHWRV GH
'HUHFKR,QWHUQDFLRQDOKDVLGRDPSOLDPHQWHWUDWDGRHQODGRFWULQD\HQHO'HUHFKR
FRPSDUDGR\KDWHQLGRLQWHUHVDQWHVGHVDUUROORVWDQWRHQODOHJLVODFLyQFRPRHQOD
MXULVSUXGHQFLDLQWHUQDFLRQDO
(Q QXHVWUR PHGLR HV XQ WHPD UHODWLYDPHQWH SRFR FRQRFLGR PRWLYR SRU HO TXH
FRQVLGHUDPRV SUHFLVRKDFHUXQFRPHQWDULRHVSHFLDOL]DGR VREUH ORVDQWHFHGHQWHV
\HYROXFLyQGHODGRFWULQDGHODLQPXQLGDGMXULVGLFFLRQDOGHORVVXMHWRVGH'HUHFKR
,QWHUQDFLRQDO
/RV (VWDGRV QDFLRQDOHV VRQ VREHUDQRV SDUD GHILQLU ODV QRUPDV TXH ULJHQ OD
FRPSHWHQFLD GH VXV WULEXQDOHV 6LQ HPEDUJR FXDQGR VH WUDWD GH UHODFLRQHV TXH
SUHVHQWDQ HOHPHQWRV LQWHUQDFLRQDOHV ORV (VWDGRV GHEHQ HVWDEOHFHU VXV QRUPDV
GHFRPSHWHQFLDMXULVGLFFLRQDOHQIRUPDFRPSDWLEOHFRQORVSULQFLSLRVJHQHUDOHVGH
FRPSHWHQFLDSURFHVDOLQWHUQDFLRQDO
(Q OD SUiFWLFD VL ELHQ H[LVWHQ FULWHULRV \ EDVHV SDUD VHxDODU FXiQGR OD
FRPSHWHQFLDSRVLWLYDGHORV(VWDGRVHVFRPSDWLEOHFRQORVSULQFLSLRVJHQHUDOHVGH
FRPSHWHQFLD LQWHUQDFLRQDO HV GLItFLO HQFRQWUDU UHJODV FRQFUHWDV GH FRPSHWHQFLD
MXGLFLDOSRVLWLYDXQLIRUPHHQWUH ORV(VWDGRV/RVWUDWDGRVTXHLQWHQWDQXQLIRUPL]DU
FULWHULRVVRQHVFDVRV\DEDUFDQJUXSRVOLPLWDGRVGHUHODFLRQHV/RTXHVtH[LVWHHQ
FDPELR HV XQD UHJOD DFHSWDGD UHIHUHQWH D FXiQGR ORV (VWDGRV FDUHFHQ GH
FRPSHWHQFLD (V DGPLWLGR SOHQDPHQWH TXH GHWHUPLQDGRV VXMHWRV HVWiQ
H[FHSWXDGRV SRU VX SURSLD QDWXUDOH]D R OD QDWXUDOH]D GH VXV IXQFLRQHV GH ODV
MXULVGLFFLRQHVQDFLRQDOHV
/DLQPXQLGDGMXULVGLFFLRQDOFRQVWLWX\HXQDH[FHSFLyQHQIDYRUGHVXVWLWXODUHVTXH
GHURJDODUHJODGH'HUHFKRFRP~QGHXQ(VWDGRHOFXDOHQFRQVLGHUDFLyQDHVWD
SUHUURJDWLYD VH DEVWLHQH GH FRQRFHU XQD FDXVD SDUD OD TXH VHUtD QRUPDOPHQWH
FRPSHWHQWH /RV VXMHWRV TXH GHWHQWDQ LQPXQLGDG OR KDFHQ FRPR SULYLOHJLR FRQ
UHVSHFWRDOUHVWRGHVXMHWRVTXHDFW~DQHQODFRPXQLGDGMXUtGLFD
(V D HVWD UHJOD D OD TXH VH UHILHUH HO DUWtFXOR  GHO &yGLJR &LYLO FXDQGR
PHQFLRQDMXQWR FRQORVRWURVVXSXHVWRV GHFRPSHWHQFLD MXULVGLFFLRQDO QHJDWLYDD
ODV DFFLRQHV TXH VH LQLFLHQ FRQWUD ORV (VWDGRV UHSUHVHQWDQWHV GLSORPiWLFRV \
RUJDQLVPRVLQWHUQDFLRQDOHV\VXVIXQFLRQDULRV
(O 3HU~ QR WLHQHRWUDUHJOD GH GHUHFKR LQWHUQRTXHUHFRQR]FD ODLQPXQLGDG(VWR
SRGUtD OOHYDU D SHQVDU TXH HQ SULQFLSLR VROR SRGUi VHU LQYRFDGR HVWH SULYLOHJLR
FXDQGRH[LVWDXQWUDWDGRLQWHUQDFLRQDODSOLFDEOHVREUHHOWHPD&RQVLGHUDPRVTXH
HVDQRGHEHVHUODFRQFOXVLyQVLVHKDLQWURGXFLGRHOVXSXHVWRHQHODUWtFXOR
SDUD LQWURGXFLU HO SULQFLSLR GH 'HUHFKR ,QWHUQDFLRQDO \ HQ WRGR FDVR VL QR KD\
WUDWDGRRUHJXODFLyQHVSHFLILFDGHEHVRVWHQHUVHTXHHQDSOLFDFLyQDODUWtFXOR
GHO && ORV DOFDQFHV VHUiQ ORV TXH HVWDEOH]FDQ OD GRFWULQD GHO 'HUHFKR
,QWHUQDFLRQDO
(ORULJHQ\IXQGDPHQWRGHODLQPXQLGDGMXULVGLFFLRQDOUHVSHFWRGHFDGDXQRGHORV
VXMHWRVWLWXODUHVGHODPLVPDQRHVVLHPSUHLJXDO\ORVDOFDQFHVTXHVHRWRUJDDOD
LQPXQLGDGMXULVGLFFLRQDOHVWDUiQPX\OLJDGRVDORTXHHVVXRULJHQ\IXQGDPHQWR
9DPRV HQWRQFHV D FRPHQWDU FXiO HV HO RULJHQ \ FXiOHV VRQ ORV DOFDQFHV TXH OD
GRFWULQD UHFRQRFH D OD LQPXQLGDG MXULVGLFFLRQDO GH DFXHUGR DO VXMHWR GH TXH VH
WUDWH
/RV(VWDGRV
/DLQPXQLGDGMXULVGLFFLRQDOFRQFHGLGDDORV(VWDGRVH[WUDQMHURVWLHQHVXRULJHQHQ
OD QHFHVLGDG GH ORV (VWDGRV GH UHVSHWDU OD VREHUDQtD H[WUDQMHUD 3DU LQ SDUHP
QRQKDEHWMXULVGLFFWLRQHQ
/D LQPXQLGDG MXULVGLFFLRQDO UHVSRQGH HQ HO FDVR GH ORV (VWDGRV H[WUDQMHURV DO
HOHPHQWRVREHUDQtD
/RVSDUHVORVLJXDOHVQRSXHGHQVRPHWHUVHHQWUHVt8QFLXGDGDQRSDUWLFXODUGH
XQ(VWDGRQRSXHGHVRPHWHUXQLODWHUDOPHQWHDVXVPDQGDWRVRGHFLVLRQHVDRWUR
SDUWLFXODU\SDUDHOORGHEHDFXGLUDXQDDXWRULGDG'HOPLVPRPRGRXQ(VWDGRQR
SXHGHVRPHWHUDRWUR(VWDGRDVXPDQGDWRRGHFLVLyQ\SRUORWDQWRXQSDUWLFXODU
QRSXHGHVRPHWHUDXQ(VWDGRDODVGHFLVLRQHVGHODVFRUWHVGHRWUR(VWDGR
3DUDSRGHUVRPHWHUDXQ(VWDGRDODMXULVGLFFLyQGHXQDFRUWHHVWHGHEHKDEHUVH
VRPHWLGR D GLFKD MXULVGLFFLyQ (VWR VXFHGH SRU HMHPSOR FXDQGR HQ XQ WUDWDGR
LQWHUQDFLRQDOORV(VWDGRVVHVRPHWHQDXQVLVWHPDGHVROXFLyQGHFRQWURYHUVLDVR
DOD MXULVGLFFLyQ GHXQDFRUWHRWULEXQDOGHWHUPLQDGR3HURVLHVWRQRVXFHGHVLQ
SHUMXLFLR GH OR TXH VHxDODUHPRV PiV DGHODQWH ORV (VWDGRV VROR SRGUiQ VHU
VRPHWLGRVDODMXULVGLFFLyQGHVXVSURSLDVFRUWHV
&RPR GLMLPRV OD LQPXQLGDG MXULVGLFFLRQDO FRQFHGLGD D ORV (VWDGRV H[WUDQMHURV
WLHQHVXRULJHQHQHO UHFRQRFLPLHQWRGHOD PXWXDREOLJDFLyQGH ORV(VWDGRVGHOD
FRPXQLGDGLQWHUQDFLRQDOGHUHVSHWDUODVREHUDQtDH[WUDQMHUD
5HVSHFWRDORVDOFDQFHVGHODLQPXQLGDGMXULVGLFFLRQDOGHORV(VWDGRVH[WUDQMHURV
H[LVWHQ GRV JUDQGHV WHRUtDV FRQRFLGDV FRPR WHRUtD GH OD LQPXQLGDG DEVROXWD \
WHRUtD UHVWULFWLYD GH OD LQPXQLGDG /D GRFWULQD FRQVLGHUD TXH HO GHUHFKR D OD
LQPXQLGDG VREHUDQD HVWi EDVDGR HQ HO 'HUHFKR ,QWHUQDFLRQDO (V XQD GH ODV
UHJODVGHO'HUHFKR,QWHUQDFLRQDOTXHXQ(VWDGRVREHUDQRQRSXHGHVHUSURFHVDGR
HQODVFRUWHVGHRWUR(VWDGRHQFRQWUDGHVXYROXQWDG&RPRWRGDVODVUHJODVGHO
'HUHFKR,QWHUQDFLRQDOHVWDUHJODVHGLFHHPDQDGDGHOFRQVHQVRGHODVQDFLRQHV
/DLQPXQLGDGDEVROXWDUHFRQRFtDDO(VWDGRSRUVXFDOLGDGGHSHUVRQDHVWDWDOXQD
LQPXQLGDGMXULVGLFFLRQDOSOHQD/DVFRUWHVGHORVSDtVHVVHJ~QHVWDLQWHUSUHWDFLyQ
GHEtDQ GH DEVWHQHUVH GH WRGR SURFHGLPLHQWR LQLFLDGR FRQWUD (VWDGRV H[WUDQMHURV
VLQHQWUDUDQLQJ~QWLSRGHFDOLILFDFLyQVREUHHODVXQWR
/D GRFWULQD UHVWULFWLYD GH OD LQPXQLGDG VRVWLHQH TXH OD WHRUtD GH OD LQPXQLGDG
DEVROXWDVHRULJLQy HQ XQFRQWH[WRGLIHUHQWHGHODFWXDO (Q HOVLJOR ;,; \SULPHUD
SDUWHGHOVLJOR;;XQ(VWDGRQRHQWUDEDHQUHODFLRQHVFRPHUFLDOHV6HVXMHWDEDD
VX WUDGLFLRQDO IXQFLyQ FRPR VREHUDQR FHQWUDGD SULQFLSDOPHQWH HQ OD PDQWHQFLyQ
GHORUGHQLQWHUQRHQODGLUHFFLyQGHODVUHODFLRQHVLQWHUQDFLRQDOHV\HQODGHIHQVD
GHO SDtV (V HQ HVH FRQWH[WR HQ HO TXH VH KL]R IXHUWH OD WHRUtD GH OD LQPXQLGDG
DEVROXWD\GHDKtTXHGXUDQWHPXFKRWLHPSRIXHUDODUHJODYLJHQWHHQHO'HUHFKR
,QWHUQDFLRQDO6LQHPEDUJRHOUROGHO(VWDGRKDVXIULGRXQDUDGLFDOWUDQVIRUPDFLyQ
HQ FXDQWR D VXV IXQFLRQHV (O (VWDGR PRGHUQR KD HQWUDGR HQ DFWLYLGDGHV
FRPHUFLDOHV \ D WUDYpV GH VXV yUJDQRV LQFXUVLRQD HQ ORV PHUFDGRV
LQWHUQDFLRQDOHVDGTXLHUHPHUFDQFtDVIOHWDEXTXHVILUPDGRFXPHQWRVGHFUpGLWR
(VWD H[WHQVLyQ HQ ODV DFWLYLGDGHV GH ORV (VWDGRV KD GDGR OXJDU D TXH SDUD
UHFRQRFHUOHV LQPXQLGDG MXULVGLFFLRQDO UHVXOWDUi FRQYHQLHQWH ILMDU FRQGLFLRQHV (V
HQHVWDVFLUFXQVWDQFLDVTXHVHGHVDUUROOyODWHRUtDUHVWULFWLYDGHODLQPXQLGDG$QWH
ODVLWXDFLyQGHVFULWDUHVXOWyQHFHVDULRSUHJXQWDUVHVLODLQPXQLGDGVHGHEtDRWRUJDU
DWRGRVORVDFWRVGHORV(VWDGRVRVRORDDTXHOORVHIHFWXDGRVHQHMHUFLFLRGHVXV
\ VH FRQVLGHUD TXH OD EDVH GH HOOD VH HQFXHQWUD HQ OD QHFHVLGDG GH SHUPLWLU XQ
OLEUH\FRPSOHWRHMHUFLFLRGHODPLVLyQGLSORPiWLFD\GHPDQWHQHUODGLJQLGDGGHORV
UHSUHVHQWDQWHVSRUUHVSHWRDO(VWDGRDOTXHUHSUHVHQWDQ/DVUHJODVVXHOHQWHQHU
FRPR JXtD OD UHFLSURFLGDG HQWUH (VWDGRV FRPR IUXWR GHO UHFRQRFLPLHQWR GH OD
QHFHVLGDGGHJDUDQWL]DU XQD LQGHSHQGHQFLD IXQFLRQDO D ORVUHSUHVHQWDQWHV GH XQ
(VWDGRH[WUDQMHURHQVXDFWXDFLyQFRPRGLSORPiWLFRVGHGLFKR(VWDGR
(V LPSRUWDQWH DQRWDU TXH ODV PLVLRQHV GLSORPiWLFDV GH ORV (VWDGRV SRGUtDQ VHU
FRQVLGHUDGDVFRPRSDUWHGHOVXMHWR(VWDGRH[WUDQMHURDOTXHQRVKHPRVUHIHULGR
HQ HO OLWHUDO DQWHULRU 6LQ HPEDUJR OD LQPXQLGDG TXHVH UHFRQRFH D ODV PLVLRQHV
GLSORPiWLFDV HV HVSHFLDO \ WLHQH XQ IXQGDPHQWR HVSHFtILFR TXH QR HV HO PLVPR
TXH DTXHOTXHKHPRV GHILQLGR \ TXH VXVWHQWDOD LQPXQLGDGGHORV (VWDGRV HQVt
GHUHFKRV VREHUDQRV DFWR LXUH LPSHULW /D FXHVWLyQ GLR OXJDU D XQD DUGXD
GLVFXVLyQ GRFWULQDULD TXH GLYLGLy ODV RSLQLRQHV GH ODV FRUWHV GXUDQWH PXFKR
WLHPSR/DWHRUtDGHODLQPXQLGDGUHVWULFWLYDGLVWLQJXHHQWUHORVDFWRVLXUHLPSHULL\
ORVLXUHJHVWLRQLV&RQVLGHUDTXHVRORSRUORVSULPHURVHO(VWDGRH[WUDQMHURSXHGH
LQYRFDU LQPXQLGDG MXULVGLFFLRQDO 6H SDUWH SDUD HOOR GH TXH OD LQPXQLGDG HV
UHFRQRFLGDDORV(VWDGRVH[WUDQMHURVHQVXFDOLGDGGHVREHUDQRV
6H VRVWLHQH TXH FXDQGR XQR GH ORV (VWDGRV VREHUDQRV VDOH GHO iPELWR GH OD
DFWLYLGDG VREHUDQD \ HVWi UHDOL]DQGR DFWRV GH GHUHFKR SULYDGR R WUDQVDFFLRQHV
FRPHUFLDOHV QR SXHGH H[FHSWXDUVH GH OD FRPSHWHQFLD MXGLFLDO H[WUDQMHUD
LQYRFDQGR LQPXQLGDG MXULVGLFFLRQDO /D GLVWLQFLyQ HQWUHORVDFWRVTXH ORV(VWDGRV
UHDOL]DQFRPRJRELHUQR\ORVTXHUHDOL]DQFRPRSDUWLFXODUQRHVVLHPSUHIiFLO(V
QHFHVDULR HQ HVH VHQWLGR GHILQLU WpUPLQRV \ HVWDEOHFHU FRQGLFLRQHV 0XFKRV
SDtVHV FX\DV FRUWHV KDQ LQFRUSRUDGR OD GRFWULQD UHVWULFWLYD GH OD LQPXQLGDG KDQ
VDQFLRQDGR OH\HV LQWHUQDV DO UHVSHFWR 6RQ HMHPSORV GH HVWR (VWDGRV 8QLGRV
,QJODWHUUD \ &DQDGi FX\DV FRUWHV KDEtDQ DGRSWDGR HVWD WHRUtD LQFOXVR DQWHV GH
GLFWDUVHORVDFWRVOHJLVODWLYRVSRUODVTXHVHUHJXODURQ
+R\ HQ GtD SXHGH FRQVLGHUDUVH TXH OD GRFWULQD SUHYDOHFLHQWH UHVSHFWR D ORV
(VWDGRV VREHUDQRV HV OD WHRUtD UHVWULFWLYD GH OD LQPXQLGDG (VWR TXHGD
FRUURERUDGRSRUTXHODVFRUWHVGHPXFKRVSDtVHVVHKDQSURQXQFLDGRHQIDYRUGH
HVWDGRFWULQD\SRUTXHKD\XQDFRUULHQWHOHJLVODWLYDHQHVHVHQWLGR
/DVPLVLRQHVGLSORPiWLFDVH[WUDQMHUDV
/RV SULYLOHJLRV H LQPXQLGDGHV GLSORPiWLFDVVRQ DTXHOORV GH ORV TXHJR]DQ
ODVPLVLRQHVGLSORPiWLFDVDFUHGLWDGDVDQWHXQ(VWDGRH[WUDQMHUR
3DUDH[SOLFDUODQDWXUDOH]DGHORVSULYLOHJLRVHLQPXQLGDGHVGHODVPLVLRQHV
GLSORPiWLFDVH[WUDQMHUDVVHKDDFXGLGRDGLVWLQWDVWHRUtDV
/D PiV UHOHYDQWH IXH OD WHRUtD GH OD H[WUDWHUULWRULDOLGDG TXH HUD GHILQLGD SRU
*URWLXV FRPR TXH OD SRVLFLyQ GH H[FHSFLyQ GH XQ HPEDMDGRU VXSULPtD WRGD
WHUULWRULDOLGDGGHO(VWDGR\ODSHUVRQDH[WUDWHUULWRULDOGHEtDVHUFRQVLGHUDGDFRPR
QRUHVLGHQWHHQHO(VWDGRH[WUDQMHUR$FWXDOPHQWHVHSUHILHUHEDVDUODLQPXQLGDG
MXULVGLFFLRQDOGHODVPLVLRQHV\DJHQWHVGLSORPiWLFRVHQFULWHULRVPiVSUDJPiWLFRV
PLVPRV
7RGRV ORV (VWDGRV DFUHGLWDQ PLVLRQHV GLSORPiWLFDV DQWH RWURV (VWDGRV (VWDV
PLVLRQHVPiVDOOi\DGHPiVGHVHUGHSHQGHQFLDVGHXQ(VWDGRH[WUDQMHURWLHQHQ
ODSDUWLFXODULGDGGHWHQHUTXHFXPSOLUVXIXQFLyQQHFHVDULDPHQWHHQHOWHUULWRULRGHO
RWUR(VWDGRH[WUDQMHUR
/RV (VWDGRV GH OD FRPXQLGDG LQWHUQDFLRQDO GHEHQ JDUDQWL]DUVH PXWXDPHQWH TXH
QR LQWHUYHQGUiQ HQ ODV IXQFLRQHV GH ODV PLVLRQHV DFUHGLWDGDV DQWH HOORV \ TXH
UHVSHWDUiQ VX LQGHSHQGHQFLD (V FRPR JDUDQWtD GH HVWH FRPSURPLVR GH RWRUJDU
IDFLOLGDGHV \ UHVSHWDU HO OLEUH HMHUFLFLR GH ODV IXQFLRQHV GH ODV PLVLRQHV
GLSORPiWLFDVTXH ORV(VWDGRVVHUHFRQRFHQPXWXDPHQWH XQDVHULHGHSULYLOHJLRV
SDUDVXVORFDOHV\IXQFLRQDULRV
'RV VRQ ORV SULYLOHJLRV IXQGDPHQWDOHV (OORV VRQ OD LQPXQLGDG MXULVGLFFLRQDO \ OD
LQYLRODELOLGDG3DUDXQDDFWXDFLyQWRWDOPHQWHOLEUHGHLQWHUIHUHQFLDV\SUHVLRQHVSRU
HO (VWDGR UHFHSWRU R (VWDGRVHGH HVWH QR GHEH SRGHU VRPHWHU D ODV PLVLRQHV \
DJHQWHVGLSORPiWLFRVH[WUDQMHURVDPDQGDWRVGHVXVDXWRULGDGHV'HHVWDUHQ
FDSDFLGDG GH VRPHWHUORV GLFKD LQGHSHQGHQFLD VH YHUtD DPHQD]DGD 3RU HOOR HO
IXQGDPHQWR GH OD LQPXQLGDG MXULVGLFFLRQDO GH ODV PLVLRQHV GLSORPiWLFDV
H[WUDQMHUDVUDGLFDHQODQHFHVLGDGIXQFLRQDO\HQODUHFLSURFLGDG/RVHxDODGRSDUD
ODVPLVLRQHVGLSORPiWLFDVHVDSOLFDEOHWDPELpQSDUDODVRILFLQDVFRQVXODUHV
'HVGH OXHJR \ VLQ SHUMXLFLR GH TXH OD UHJOD TXH UHFRQRFH OD LQPXQLGDG
MXULVGLFFLRQDO VH H[WLHQGH D WRGRV  (VWDGRV GHEHPRV UHFRQRFHU TXH HQ OD
PHGLGDHQTXHODVFRUWHVGHXQGHWHUPLQDGR(VWDGRVHDQPiVLQGHSHQGLHQWHVGHO
SRGHUSROtWLFR\JRFHQGHPD\RUSUHVWLJLRODLPSRUWDQFLDUHODWLYDGHOSULYLOHJLRVHUi
PHQRU (Q FDPELR HQ  (VWDGRV TXH WLHQHQ 3RGHUHV -XGLFLDOHV
LQVWLWXFLRQDOPHQWH GpELOHV \R VRPHWLGRV DO SRGHU SROtWLFR OD LPSRUWDQFLD GHO
SULYLOHJLRVHKDFHPD\RU\SXHGHVHUIXQGDPHQWDOSDUDJDUDQWL]DUODDFWXDFLyQGH
ODVUHSUHVHQWDFLRQHVGLSORPiWLFDVH[WUDQMHUDV
/RVSULYLOHJLRVHLQPXQLGDGHVGHTXHJR]DQGHDFXHUGRDO'HUHFKR,QWHUQDFLRQDO
ODVPLVLRQHV \DJHQWHVGLSORPiWLFRVHVWiQUHIOHMDGRVHQ OD&RQYHQFLyQ GH9LHQD
VREUHUHODFLRQHVGLSORPiWLFDVVXVFULWDHOGHDEULOGHTXHHQWUyHQYLJRUHQ
 6RQ SDUWH GH HOOD FHUFD GH  (VWDGRV 3DUD ODV RILFLQDV \ IXQFLRQDULRV UHJXODQGR HVWH SULYLOHJLR \ VXV H[FHSFLRQHV 1RV UHIHULPRV HQ IRUPD HVSHFLDO D
FRQVXODUHVH[LVWHRWUDFRQYHQFLyQHVSHFtILFDGH HVWHFXHUSRGHQRUPDVSRUTXHHO3HU~DGHPiVGHUDWLILFDUORFRPR\DLQGLFDPRV
KDUHJODPHQWDGRVXVGLVSRVLFLRQHVPHGLDQWHXQGHFUHWRVXSUHPRGHO0LQLVWHULRGH
/D&RQYHQFLyQGH9LHQDVHUHILHUHGLUHFWDPHQWHDODLQPXQLGDGGHMXULVGLFFLyQGH
ORV DJHQWHV GLSORPiWLFRV \ QR H[SUHVDPHQWH D OD LQPXQLGDG MXULVGLFFLRQDO GH OD
SURSLDPLVLyQFRPRGHSHQGHQFLDGHO(VWDGRH[WUDQMHUR6HHQWLHQGHTXHODPLVLyQ
DO VHU SDUWH GH XQ (VWDGR H[WUDQMHUR HVWDUi DPSDUDGD SRU OD LQPXQLGDG GH
MXULVGLFFLyQTXHGHEHUHFRQRFHUVHDORV(VWDGRVH[WUDQMHURV
5HVSHFWR D ODV LQPXQLGDGHV TXH VH FRQFHGHQ D ORV DJHQWHV GLSORPiWLFRV VH
HVWDEOHFH LQPXQLGDG GH MXULVGLFFLyQ SHQDO FLYLO \ DGPLQLVWUDWLYD (VWR HV
LQPXQLGDGMXULVGLFFLRQDOSOHQD/RVFRQFHSWRVTXHVHXWLOL]DQVRQJHQHUDOHVSDUD
VHUDSOLFDGRVHQPiVGHSDtVHV3RUHOORODLQPXQLGDGMXULVGLFFLRQDOUHIHULGDD
SURFHVRVMXGLFLDOHVVHGLYLGHVLPSOHPHQWHHQFLYLO\SHQDO\VHFRPSOHPHQWDFRQOD
LQPXQLGDGDGPLQLVWUDWLYD
5HVSHFWRDODLQPXQLGDGFLYLO\DGPLQLVWUDWLYDTXHHVODTXHLQWHUHVDSDUDHIHFWRV
GH HVWH LQIRUPH HOOD DOFDQ]D WRGRV  DFWRV TXH UHDOL]DQ ORV DJHQWHV
GLSORPiWLFRV SDUD HO FXPSOLPLHQWR GH VXV IXQFLRQHV /D &RQYHQFLyQ LQGLFD
H[SUHVDPHQWHORVDFWRVTXHVHH[FOX\HQGHODLQPXQLGDG
3DUDHOFXPSOLPLHQWRGHODVDFWLYLGDGHVSURSLDVGHODPLVLyQHVWDHVWDEOHFHUiHQ
5HODFLRQHV([WHULRUHV'615(GHOGHMXOLRGH
/RVRUJDQLVPRVLQWHUQDFLRQDOHV
(OIXQGDPHQWRMXUtGLFRGHODLQPXQLGDGMXULVGLFFLRQDOHVGLVWLQWRVHJ~QHOVXMH
WRGHGHUHFKRGHTXHVHWUDWHDXQFXDQGRHQODSUiFWLFDORVDOFDQFHVSXHGDQVHU
HYHQWXDOPHQWH ORV PLVPRV (O IXQGDPHQWR MXUtGLFR GH OD LQPXQLGDG GH ORV
RUJDQLVPRV LQWHUQDFLRQDOHV HVWi HQ HO UHFRQRFLPLHQWR D OD ODERU TXH HVWDV
HQWLGDGHVFXPSOHQDQLYHOLQWHUQDFLRQDO6LQHQWUDUDTXtDXQHVWXGLRGHODWHRUtD
GH ODV RUJDQL]DFLRQHV LQWHUQDFLRQDOHV GHEHPRV H[SUHVDU TXH VX H[LVWHQFLD HV
UHVSXHVWDDXQDQHFHVLGDGTXHHVODGHOOHQDUXQYDFtRGHJRELHUQRHQHOVLVWHPD
PXQGLDO VDWLVIDFLHQGR IXQFLRQHV TXH UHEDVDQ OD FRPSHWHQFLD GH (VWDGRV \
VRFLHGDGHVQDFLRQDOHV
6L ELHQ ORV RUJDQLVPRV LQWHUQDFLRQDOHV VRQ HQWLGDGHV FRQVWLWXLGDV FRQ OD
SDUWLFLSDFLyQ FRQMXQWD GH ORV (VWDGRV HVWDV VRQ FUHDGDV FRQ HO SURSyVLWR GH
FXPSOLU IXQFLRQHV VXSUDQDFLRQDOHV TXH H[FHGHQ GH OD FRPSHWHQFLD R TXH
UHTXLHUHQGHOFRQFXUVRGHYDULRV(VWDGRV
HO (VWDGRUHFHSWRU UHODFLRQHVGHGLVWLQWRFDUiFWHUFRQORV QDFLRQDOHVGHOUHIHULGR
(VWDGR 6H HQWLHQGH TXH HVWDV UHODFLRQHV VRQ HVWDEOHFLGDV GLUHFWDPHQWH SRU HO
(VWDGR DFUHGLWDQWH $ OD PLVLyQ FRPR GHSHQGHQFLD GHO (VWDGR H[WUDQMHUR OH
DOFDQ]D OD LQPXQLGDG TXH VH UHFRQRFH DO (VWDGR DFUHGLWDQWH /D SUHJXQWD HV
HQWRQFHVVLDODPLVLyQVHOHDSOLFDODWHRUtDUHVWULFWLYDGHODLQPXQLGDG
&RQVLGHUDPRVTXHODUHVSXHVWDGHEHVHUQHJDWLYD6LDOJXQDDFWLYLGDGGHO(VWDGR
FXPSOHULJXURVDPHQWHFRQHVWDULQFOXLGDHQORTXHVRQDFWRVGHVREHUDQtDVRQODV
DFWLYLGDGHVTXHFXPSOHQODVPLVLRQHVGLSORPiWLFDVH[WUDQMHUDV3RUGHILQLFLyQODV
PLVLRQHV GLSORPiWLFDV UHDOL]DQ DFWLYLGDGHV MXUH MPSHULL 'HEHPRV SXHV DVXPLU
TXHODDFWLYLGDGUHDOL]DGDSRUODPLVLyQGLSORPiWLFDHVWDUiGHQWURGHODVIXQFLRQHV
TXHOHVRQSURSLDVSRUORTXHGHDFXHUGRDODVQRUPDVLQWHUQDFLRQDOHVFRQVWLWX\H
HOHMHUFLFLRGHDFWRVMXUHMPSHULL\WRGDVVXVDFWLYLGDGHVHVWDUiQDPSDUDGDVSRUOD
LQPXQLGDG
(O3HU~KDVXVFULWR\ UDWLILFDGRGRVFRQYHQFLRQHVLPSRUWDQWHV(VWiGHXQODGROD
&RQYHQFLyQ VREUH )XQFLRQDULRV 'LSORPiWLFRV VXVFULWD HQ /D +DEDQD HO  GH
IHEUHUR GH  \ UDWLILFDGD SRU HO 3HU~ HO  GH DEULO GH  \ GH RWUR ODGR OD
DQWHVPHQFLRQDGD&RQYHQFLyQGH9LHQDVREUH5HODFLRQHV'LSORPiWLFDVGHOGH
DEULO GH  UDWLILFDGD SRU QXHVWUR SDtV SRU '/ 1  (VWD ~OWLPD
&RQYHQFLyQPHQFLRQDGDFRQWHPSODODIXQFLyQGLSORPiWLFDHQXQVHQWLGRDPSOLR\
',(='(9(/$6&20DQXHO,QVWLWXFLRQHVGH'HUHFKR,QWHUQDFLRQDO3~EOLFR0DGULGS

7RGRV ORV (VWDGRV WLHQHQ LQWHUpV HQ TXH OD RUJDQL]DFLyQ SXHGD FXPSOLU VXV
IXQFLRQHV 6LQ HPEDUJR HO RUJDQLVPR LQWHUQDFLRQDO GHEH OOHYDU DGHODQWH VXV
DFWLYLGDGHV HQ HO WHUULWRULR GH DOJXQR GH ORV (VWDGRV PLHPEUR 3DUD JDUDQWL]DU
TXpDFWLYLGDGHVGHORV RUJDQLVPRV LQWHUQDFLRQDOHVSXHGDQUHDOL]DUVH FRQOLEHUWDG
VLQ OD LQWHUYHQFLyQ R SUHVLyQ GH ORV (VWDGRV ORV (VWDGRV TXH ODV FRQVWLWX\HQ \
SULQFLSDOPHQWH ORV (VWDGRV TXH OHV GDQ VHGH OHV UHFRQRFHQ XQD VHULH GH
SULYLOHJLRVHLQPXQLGDGHV/DLQPXQLGDGMXULVGLFFLRQDOHVODSULQFLSDOJDUDQWtDSDUD
DVHJXUDU HO FXPSOLPLHQWR LQGHSHQGLHQWH GH ODV IXQFLRQHV GH HVWRV VXMHWRV
LQWHUQDFLRQDOHV
3HVH DO UHFRQRFLPLHQWR TXH H[LVWH D HVWH SULYLOHJLR QR KD\ XQD FRQYHQFLyQ R
WUDWDGR PXOWLODWHUDO TXH UHJXOH OD LQPXQLGDG GH MXULVGLFFLyQ GH RUJDQLVPRV
LQWHUQDFLRQDOHV\GHEHPRVDFXGLUDFRQYHQFLRQHVGHWLSRSDUWLFXODUUHIHULGDVDXQ
RUJDQLVPR LQWHUQDFLRQDO HVSHFtILFR 7HQHPRV WUHV FODVHV GH WUDWDGRV HQ ORV TXH
SXHGHKDOODUVHODUHJODTXHUHFRQRFHLQPXQLGDG(QSULPHUOXJDUORVWUDWDGRVTXH
FUHDQ XQ RUJDQLVPR LQWHUQDFLRQDO (VWRV WUDWDGRV VXHOHQ UHFRQRFHU D OD
RUJDQL]DFLyQ TXH VHFRQVWLWX\HVLQ HQWUDU HQ UHJXODUVLQRHQIRUPD PX\JHQHUDO
SULYLOHJLRV H LQPXQLGDGHV 6L HO 3HU~ HV SDUWH GH XQ FRQYHQLR GH HVWH WLSR \ OR
VDWLVIDFWRULR6HWUDWDGHXQLQVWUXPHQWRJHQHUDOSXHVVHKDQDGKHULGRDpOXQ UDWLILFD OR HVWi LQFRUSRUDQGR D VX 'HUHFKR LQWHUQR \ SRU OR WDQWR UHFRQRFH HQ
XQLYHUVRH[WHQVRGH(VWDGRVTXHDGHPiVUHFRJHGHIRUPDPX\FRPSOHWDORTXH IDYRU GH OD HQWLGDG LQWHUQDFLRQDO LQPXQLGDG GH MXULVGLFFLyQ (Q HVWH FDVR ORV
HVHO'HUHFKRPRGHUQRVREUHODVUHODFLRQHVGLSORPiWLFDV6XVDUWtFXORV\VH DOFDQFHV GH OD LQPXQLGDG GHEHUiQ VHU GHOLPLWDGRV GH DFXHUGR DO 'HUHFKR
UHILHUHQHVSHFLDOPHQWHDODLQPXQLGDGGHMXULVGLFFLyQSHQDOFLYLO\DGPLQLVWUDWLYD ,QWHUQDFLRQDOJHQHUDO
(QYLUWXGGHODVGLILFXOWDGHVTXHSXHGHSUHVHQWDUHOQRUHJODPHQWDUORVSULYLOHJLRV
H LQPXQLGDGHV HV TXH ODV RUJDQL]DFLRQHV LQWHUQDFLRQDOHV FXLGDQ GH FHOHEUDU
DFXHUGRV LQWHUQDFLRQDOHV \D VHDQPXOWLODWHUDOHVR ELODWHUDOHV FRQORVSDtVHVFRQ
ORVTXH VRVWLHQHQFRQWLQXDPHQWHUHODFLRQHVGHWDOODQGR ORVDOFDQFHV \ OtPLWHVGH
ORVSULYLOHJLRVTXHOHVRQDSOLFDEOHV(VHQHVWRVWUDWDGRVHQWUHORV(VWDGRVVHGH\
ORV RUJDQLVPRV GRQGH JHQHUDOPHQWH VH HQFXHQWUD FRQVDJUDGR HO SULYLOHJLR GH
LQPXQLGDGMXULVGLFFLRQDOTXHORVH[FHSW~DGHODVMXULVGLFFLRQHVQDFLRQDOHV
3UHGLRVVLWXDGRVHQHOH[WUDQMHUR
(O &yGLJR &LYLO HQ HO QXPHUDO  GH VX DUWtFXOR  RWRUJD DO MXH] SHUXDQR
FRPSHWHQFLD H[FOXVLYD VREUH ODV DFFLRQHV UHODWLYDV D GHUHFKRV UHDOHV VREUH
SUHGLRVXELFDGRVHQOD5HS~EOLFD(VWRVLJQLILFDTXHQRVHUiSRVLEOHHMHFXWDUHQHO
3HU~XQDVHQWHQFLDH[WUDQMHUD TXHUHVXHOYDVREUH XQDDFFLyQ GH HVWD QDWXUDOH]D
HQUHODFLyQDXQSUHGLRVLWXDGRHQHOSDtV&RKHUHQWHPHQWHFRQVXSRVLFLyQGHQR
UHFRQRFLPLHQWR D HVWH WLSR GH UHVROXFLyQ GH XQD DXWRULGDG MXGLFLDO H[WUDQMHUD HO
OHJLVODGRUGHHVWDEOHFHFRPRFRQWUDSDUWLGDODFRPSHWHQFLDQHJDWLYDGHVXV
, MXHFHV HQ DFFLRQHV UHODWLYDV D GHUHFKRV UHDOHV VREUH SUHGLRV VLWXDGRV HQ HO
H[WUDQMHUR 6HFRQVDJUD ODUHJOD )RUL UHL VLWXV SDUDDFFLRQHV UHODWLYDVDGHUHFKRV
UHDOHVVREUHSUHGLRVHQIRUPDH[WUHPDHOLPLQDQGRGHOODQRODSRVLELOLGDGGHTXH
XQ MXH] VH DERTXH D HVWH WLSR GH DFFLRQHV FXDQGR XQ SUHGLR QR HVWi HQ VX
MXULVGLFFLyQWHUULWRULDO
 $FFLRQHV UHODWLYDV DO HVWDGR \ OD FDSDFLGDG GH ODV SHUVRQDV QDWXUDOHV R ODV
UHODFLRQHVIDPLOLDUHV
(Q IRUPD FRQVLVWHQWH FRQ OR HVWDEOHFLGR HQ HO DUWtFXOR  GHO && HO
OHJLVODGRU RUGHQD DO MXH] SHUXDQR DEVWHQHUVH GH FRQRFHU GH XQD FDXVD
UHODFLRQDGD FRQ ODV SHUVRQDV R OD IDPLOLD FXDQGR OD FDXVD QR WLHQH QLQJXQD
YLQFXODFLyQ HIHFWLYD FRQ HO WHUULWRULR GH OD 5HS~EOLFD 6L ELHQ QXHVWUR &yGLJR QR
UHFRJH OD H[FHSFLyQ GH IUDXGH D OD OH\ FRQWLHQH QRUPDV TXH QR SHUPLWHQ D
SHUVRQDV QR UHODFLRQDGDV D QXHVWUR VLVWHPD D SODQWHDU FDXVDV TXH FDUHFHQ GH
YLQFXODFLyQFRQQXHVWUR(VWDGR
'2&75,1$
&$/92 &$5$9$&$$OIRQVR /XLV \ &$55$&26$ *21=$/(= -DYLHU 'HUHFKR
,QWHUQDFLRQDO 3ULYDGR 9ROXPHQ   HGLFLyQ (GLWRULDO &ROPDUHV '( 9,66+(5
&KDUOHV 7HRULDV \ UHDOLGDGHV HQ 'HUHFKR ,QWHUQDFLRQDO 3~EOLFR )(55(5 9,
(<5$1RWDVVREUHSULYLOHJLRVHLQPXQLGDGHVHQ2UJDQLVPRV,QWHUQDFLRQDOHV\HQ
HVSHFLDO HQ OD 2($ ,PSUHQWD GH OD 8QLYHUVLGDG GH &yUGRED $UJHQWLQD 
/25' 'HQQLQJ 05 (Q 7UHQGWH[ 7UDGLQJ &RUSRUDWLRQ YV &HQWUDO %DQN RI
1LJHULD 8QLWHG .LQJGRP &RXUW RI $SSHDO 'HFLVLRQ ,QWHPDWLRQDO /HJDO 0DWHULDOV
9ROXPHQ ;9, 1  0D\R  0(',1$ 0DQXHO /DV RUJDQL]DFLRQHV
LQWHUQDFLRQDOHV $OLDQ]D 8QLYHUVLGDG 7H[WRV 0DGULG  5(925('2
6RPHWLPLHQWRDMXULVGLFFLyQH[WUDQMHUD 0$56$12 'HOLD FRPS &yGLJR &LYLO ([SRVLFLyQ GH 0RWLYRV \ &RPHQWDULRV
7DPELpQHVWHFDVRSXHGHFRQVLGHUDUVHFRPRFRUUHODWLYRDODRSFLyQGHOQXPHUDO
GHO DUWtFXOR  GHO && TXH SUHVXPH TXH OD HOHFFLyQ SRU ODV SDUWHV GH XQ
WULEXQDO GHWHUPLQDGR HV H[FOXVLYD (V UHVSHWDQGR WDO H[FOXVLYLGDG TXH GHFLGH HO
OHJLVODGRU GHO  SURKLELU D VXV WULEXQDOHV TXH FRQR]FDQ HQ QLQJ~Q FDVR GH
DFFLRQHV UHODWLYDV D DVXQWRV TXH KDQ VLGR VRPHWLGRV SRU ORV LQWHUHVDGRV D XQD
MXULVGLFFLyQH[WUDQMHUD(ODUWtFXORLQGLFDDGHPiVTXHODDXVHQFLDGHFRPSHWHQFLD
SHUXDQDHVWiFRQGLFLRQDGDDTXHVHFXPSODFRQORGLVSXHVWRSRUHODUWtFXOR
GHO&&YDOHGHFLUTXHVHWUDWHGHDFFLRQHVSDWULPRQLDOHV\TXHQRYHUVDQVREUH
DVXQWRV GH MXULVGLFFLyQ SHUXDQD H[FOXVLYD QL FRQVWLWX\DQ DEXVR GHO GHUHFKR QL
VHDQFRQWUDULRVDORUGHQS~EOLFRGHO3HU~9DOHODSHQDGHVWDFDUTXHDXQFXDQGR
HVWR~OWLPRQRHVWXYLHUHGLFKRH[SUHVDPHQWHH[LVWLUtDQORVFRQGLFLRQDPLHQWRVDOD
SRVLELOLGDG GH SUyUURJD GH MXULVGLFFLyQ SXHV HOODV VRQ UHIOHMR SUiFWLFR GH ORV
SULQFLSLRV FRQVDJUDGRVHQ ODV GLVSRVLFLRQHVJHQHUDOHV GHO /LEUR ; HQ VX DUWtFXOR

7HQHPRVDGHPiVDTXtXQSULQFLSLRTXHVLELHQSRGUtDFRQVLGHUDUVHFRPSUHQGLGR
HQ HOHVStULWXGHO &yGLJR QR VH KDOOD H[SUHVDPHQWH VHxDODGR HQ ORVGLVSRVLWLYRV
JHQHUDOHV FXDO HV TXH QR VH DGPLWHQ SDFWRV VREUH DVXQWRV GH FRPSHWHQFLD
H[FOXVLYD/DDXWRQRPtDGHOD YROXQWDG HQ FXDQWRDOD HOHFFLyQGHXQIRURHVWi
OLPLWDGDDORVVXSXHVWRVGHMXULVGLFFLyQIDFXOWDWLYD
7RPR 9,  HGLFLyQ /LPD  5(925('2 0$56$12 'HOLD FRPS
3UR\HFWRV \ $QWHSUR\HFWRV GH OD 5HIRUPD GHO &yGLJR &LYLO  HGLFLyQ )RQGR
(GLWRULDO GH OD 3RQWLILFLD 8QLYHUVLGDG &DWyOLFD GHO 3HU~ /LPD  5,*$8;
)UDQFRLV 'UDLW 3XEOLF HW 'UDLW 3ULYp GDQV OH UHODWLRQV LQWHUQDWLRQDOHV 3XEOLFDFLyQ
GHOD5HYXH*HQHUDOHGH'URLW,QWHUQDWLRQDO3XEOLF13DUtV$3HGRQH6+$:
/,(Q7UHQGWH[7UDGLQJ&RUSRUDWLRQYV&HQWUDO%DQNRI1LJHULD8QLWHG.LQJGRP
&RXUWRI$SSHDO'HFLVLRQ,QWHUQDWLRQDO/HJDO0DWHULDOV19ROXPHQ;9,0D\R
 9,5*26 625,$12 0LJXHO \ *$5&,0$57,1 $/)(5(= )UDQFLVFR
'HUHFKR3URFHVDO&LYLO,QWHUQDFLRQDO OLWLJDFLyQLQWHUQDFLRQDO 9,5*26625,$12
0LJXHO \ 52'5t*8(= 3,$1$8 (OHQD &RPSHWHQFLD MXGLFLDO LQWHUQDFLRQDO \
UHFRQRFLPLHQWRGHUHVROXFLRQHVMXGLFLDOHVH[WUDQMHUDV -XULVSUXGHQFLDGHO7ULEXQDO
(XURSHR GH -XVWLFLD 8//2$ $OEHUWR 'HUHFKR ,QWHUQDFLRQDO 3~EOLFR 7RPR 
',(= '( 9(/$6&2 0DQXHO ,QVWLWXFLRQHV GH 'HUHFKR ,QWHUQDFLRQDO 3~EOLFR
0DGULG