5HYLVWD-XGLFLDO&RVWD5LFD1ž6HWLHPEUH

/$2%/,*$&,Ï1&,9,/520$1$</$6
*$5$17Ë$6'(/'(5(&+2'(&5e',72

06F-RUJH-LPpQH]%RODxRV 

680$5,2

, ,QWURGXFFLyQ
 (OHPHQWRVGHODREOLJDFLyQMXUtGLFD
 $QiOLVLVVREUHHOYtQFXORMXUtGLFR
 $QiOLVLVGHODREOLJDFLyQFLYLOURPDQD
 (YROXFLyQGHOFRQFHSWRGHREOLJDFLyQHQHO'HUHFKR5RPD1ž
 *DUDQWtDV3HUVRQDOHV\5HDOHVGHOGHUHFKRGHFUpGLWRHQ5RPD
 $QiOLVLVFRPSDUDWLYRHQWUHODREOLJDFLyQFLYLOURPDQD\HOFRQFHSWRGHREOLJDFLyQ
FLYLOPRGHUQD

5HVXPHQ

/D REOLJDFLyQ MXUtGLFD VH UH¿HUH D XQ YtQFXOR MXUtGLFR HQ YLUWXG GHO FXDO XQ VXMHWR VH HQFXHQWUD
REOLJDGRFRQRWURDUHDOL]DUXQDGHWHUPLQDGDSUHVWDFLyQ3DUDORVURPDQRVODREOLJDFLyQFRQVLVWtD
HQXQYtQFXORMXUtGLFRSRUHOTXHHVWDEDFRQVWUHxLGRQHFHVDULDPHQWHDUHDOL]DUXQDGHWHUPLQDGD
SUHVWDFLyQ\pVWDREOLJDFLyQVHSRGtDJDUDQWL]DUPHGLDQWHODV¿JXUDVGHOD¿DQ]D¿GXFLDSLJQXV
HK\SKRWHFD

$SHVDUGHODVHPHMDQ]DGHVXVIXQGDPHQWRVODREOLJDFLyQMXUtGLFDPRGHUQD\ODURPDQDYDUtDQ
HQODVFDUDFWHUtVWLFDVGHVXVYtQFXORV

3DODEUDVFODYH2EOLJDFLyQMXUtGLFDYtQFXORMXUtGLFRGHXGRUDFUHHGRUQH[XPJDUDQWtDV

$EVWUDFW

7KHOHJDOREOLJDWLRQUHIHUVWRDOHJDOERQGLQZKLFKDSHUVRQLVERXQGWRDQRWKHUSHUVRQWRFDUU\RXW
DFHUWDLQVHUYLFH)RUWKH5RPDQVWKHREOLJDWLRQFRQVLVWHGLQDOHJDOERQGE\ZKLFKDSHUVRQZDV
FRQVWUDLQHGWRQHFHVVDULO\FDUU\RXWDSDUWLFXODUVHUYLFH7KLVREOLJDWLRQFRXOGEHJXDUDQWHHGE\WKH
¿JXUHVRIWUXVW¿GXFLDU\SLJQXVDQGK\SKRWHFD

'HVSLWHWKHVLPLODULWLHVRIWKHLUIRXQGDWLRQVWKHPRGHUQOHJDOREOLJDWLRQDQGURPDQOHJDOREOLJDWLRQ
YDU\LQWKHFKDUDFWHULVWLFVRIWKHLUERQGV

.H\ZRUGV/HJDOREOLJDWLRQOHJDOERQGGHEWRUFUHGLWRUQH[XPJXDUDQWHHV
 5HYLVWD-XGLFLDO&RVWD5LFD1ž6HWLHPEUH
/$2%/,*$&,Ï1&,9,/520$1$</$6
*$5$17Ë$6'(/'(5(&+2'(&5e',72
 ,QWURGXFFLyQ
/D LGHD TXH VH SHUVLJXH FRQ HVWH WUDEDMR
HQ VHQWDU ODV FDUDFWHUtVWLFDV SURSLDV GH
OD REOLJDFLyQ MXUtGLFD PRGHUQD SDUD SRGHU
GLIHUHQFLDUODGHODREOLJDFLyQFLYLOWDO\FRPR
IXHFRQFHELGDSRUORVMXULVWDVURPDQRV
(QXQDSULPHUDSDUWHVHUHDOL]DUiXQDQiOLVLV
FRQFHSWXDO\SRVWHULRUPHQWHDJURVVRPRGR
H[SOLFDUHPRV ODV GLIHUHQWHV JDUDQWtDV GH
FXPSOLPLHQWR GH OD REOLJDFLyQ FLYLO URPDQD
TXHWHQtDHODFUHHGRUHQHO'HUHFKR5RPD1ž
6REUHHOLQVWLWXWRGHODREOLJDFLyQMXUtGLFDVH
KDQ HVFULWR LQQXPHUDEOHV OLEURV \ WUDWDGRV
WHQGLHQWHVDGHOLPLWDUVXFRQFHSWR\DQDOL]DU
VXVHOHPHQWRVHVHQFLDOHV
(O VLJXLHQWH DSDUWH EXVFD UHDOL]DU XQD
06F-RUJH-LPpQH]%RODxRV
 (OHPHQWRVGHOD2EOLJDFLyQ
-XUtGLFD
6HJ~Q OD FOiVLFD GH¿QLFLyQ GH -XVWLQLDQR
OD REOLJDFLyQ HV HO YLQFXOR MXUtGLFR TXH QRV
DSUHPLD R FRQVWULxH D SDJDU D RWUR DOJXQD
FRVD &RQ PD\RU ULJRU FLHQWt¿FR SRGHPRV
GHFLU TXH HV HO YtQFXOR MXUtGLFR HVWDEOHFLGR
HQWUHGRVSHUVRQDVSRUHOFXDOXQDGHHOODV
SXHGH H[LJLU GH OD RWUD OD HQWUHJD GH XQD
FRVD R HO FXPSOLPLHQWR GH XQ VHUYLFLR R GH
XQDDEVWHQFLyQ
/RV MXULVWDV FOiVLFRV SHVH D TXH WXYLHURQ
FODUR FRQFHSWR GH ODV YLUWXDOLGDGHV GH
OD REOLJDFLyQ QR GLHURQ VX GH¿QLFLyQ VH
OLPLWDURQ BFRPR *D\R ,QVWLWXWD ,,B D
XELFDUODHQWUHODVUHVLQFRUSRUDOHV
5HFLpQ HQ ODV ,QVWLWXWDV GH -XVWLQLDQR 
SUHFLVLyQ FRQFHSWXDO VREUH OD REOLJDFLyQ
MXUtGLFD \ D WUDYpV GH VXV FDUDFWHUtVWLFDV
PiV LPSRUWDQWHV GHOLPLWDU HO FRQFHSWR \
GHWHUPLQDU VX LQGLYLGXDOLGDG GHQWUR GHO
XQLYHUVR MXUtGLFR 3RVWHULRUPHQWH KDFHU XQ
DQiOLVLV FRPSDUDWLYR FRQ OD REOLJDFLyQ FLYLO
SU VH HQFXHQWUD VX FDUDFWHUL]DFLyQ HQ
HVWRV WpUPLQRV /D REOLJDFLyQ HV XQ YtQFXOR
MXUtGLFR GH DFXHUGR FRQ QXHVWUR 'HUHFKR
&LYLO TXH QRV FRQVWULxH D SDJDU DOJXQD
FRVD 2EOLJDWLR HVW MXULV YLQFXOXPTXR
QHFHVVLWDWH DGVWULQJLPXU DOLFXMXV VROYHQGDH
URPDQD\FXiOHVHUDQODVJDUDQWtDVGHFUpGLWR UHLVHFXQGXP QRVWUDH FLYLWDWHV MXUD (VWH
TXHWHQtDHODFUHHGRUHQHVDpSRFD FULWHULR UHVXOWD FRPSOHPHQWDGR FRQ HO WH[WR

 3URIHVRU&DWHGUiWLFR8QLYHUVLGDGGH&RVWD5LFD
 *XLOOHUPR$%RUGD7UDWDGRGH'HUHFKR&LYLO2EOLJDFLRQHV,HGLFLyQHGLWRULDO3HUURW%XHQRV$LUHV
 

GH3DXORTXHUHFRJLyHO'LJHVWRSU SURGXFHLQGHSHQGLHQWHPHQWHGHODYROXQWDG

/DHVHQFLDGHODREOLJDFLyQFRQVLVWHQRHQ
TXHKDJDQXHVWUDXQDFRVDFRUSyUHDRXQD
VHUYLGXPEUHVLQRHQTXHFRQVWULxDDRWURVD
GDUQRVKDFHUQRVRSUHVWDUQRVDOJXQDFRVD´
(O DUWtFXOR  GH QXHVWUR &yGLJR &LYLO
&RVWDUULFHQVHQRVLQGLFD³3DUDODYDOLGH]GH
ODREOLJDFLyQHVHVHQFLDOPHQWHLQGLVSHQVDEOH KDFHUYDOHULQWHUHVHVHQHOPXQGRGHO'HUHFKR
 &DSDFLGDGGHSDUWHGHTXLHQVHREOLJD
 2EMHWRRFRVDFLHUWD\SRVLEOHTXHVLUYD
GHPDWHULDDODREOLJDFLyQ
 &DXVD-XVWD´
/DQRUPDGHFRPHQWDULRDUWtFXOR&yGLJR
GH OD SHUVRQD D TXLHQ DIHFWD OD QHFHVLGDG
MXUtGLFDGHOUHVDUFLPLHQWRRGHOSDJR´

³/DFDSDFLGDGGHDFWXDUGHVLJQDODSRVLELOLGDG
TXH HO 'HUHFKR UHFRQRFH DO VXMHWR TXH VH
HQFXHQWUD HQ ORV SUHVXSXHVWRV GH KHFKR
SUHYLVWRSDUDVXUHFRQRFLPLHQWRGHUHYHODU\
GHWHUPLQDGR FRQ VX SURSLR FRPSRUWDPLHQWR
OD DSOLFDFLyQ GH ODV QRUPDV \ HO QDFLPLHQWR
GHORVHIHFWRVSRUHOODVSUHGLVSXHVWRV
(Q RWUDV SDODEUDV OD FDSDFLGDG GH DFWXDU
HV OD SRVLELOLGDG GH UHDOL]DU SHUVRQDOPHQWH
FRPSRUWDPLHQWRV TXH SURYRFDQ OD FRQVWLWX
FLyQGHHIHFWRVMXUtGLFRV´
&LYLOQRVGH¿QHORVHOHPHQWRVTXHFRQIRUPD
ODREOLJDFLyQMXUtGLFD0iVDGHODQWHKDUHPRV
XQ DQiOLVLV SURIXQGR GH FDGD XQR GH
HVWRVHOHPHQWRV
 /D FDSDFLGDG REYLDPHQWH VH UH¿HUH
D ORV VXMHWRV DFUHHGRU \ GHXGRU TXH
FRQIRUPDQODREOLJDFLyQ\VHUH¿HUHDOD
FDSDFLGDGGHDFWXDU
³(OUHTXLVLWRGHODFDSDFLGDGHVQHFHVDULRSDUD
ODYDOLGH]GHODVREOLJDFLRQHVQDFLGDVGHORV
FRQYHQLRVPDVQRDTXHOODVTXHSUHFHGHQGH
ORVFXDVLFRQWUDWRVGHORVKHFKRVLOtFLWRVRGH
ODOH\HQFXDQWRJUDYHQHOSDWULPRQLRGHORV
REOLJDGRV SRUTXH HQWRQFHV OD REOLJDFLyQ VH
 (OREMHWRKDFHUHIHUHQFLDDODSUHVWDFLyQHV
GHFLUDODFRQGXFWDTXHGHEHUiGHVSOHJDU
HO GHXGRU SDUD VDWLVIDFHU HO LQWHUpV GHO
DFUHHGRU\DVtORJUDUHOFXPSOLPLHQWRFRQ
HIHFWRVH[WLQWLYRV\OLEHUDWRULRV
³3RU REMHWR GH OD REOLJDFLyQ VH HQWLHQGH
DTXHOOR TXH HO DFUHHGRU SXHGH H[LJLU
GHO GHXGRU OR TXH IRUPD OD PDWHULD GHO
FRPSURPLVR\TXHVHGHVLJQDFRQHOQRPEUH
GHSUHVWDFLyQ´

 /D FDXVD MXVWD VH UH¿HUH D OD UD]yQ
MXUtGLFD REOLJDFLRQDO SRU TXp VH
HQFXHQWUD REOLJDGR HO GHXGRU HQ OD
UHODFLyQREOLJDWRULD

 $WLOLR$QLEDO$OWHULQL'HUHFKRGH2EOLJDFLRQHV&LYLOHV\FRPHUFLDOHVFXDUWDHGLFLyQDEHOHGR3HUURW%XHQRV$LUHV
 6DODV0XULOOR(YHO\Q&yGLJR&LYLOSULPHUDHGLFLyQ6DQ-RVp%LEOLRWHFD-XUtGLFD'LNHS
 3XHGHQFRQVXOWDUVHVREUHORVHOHPHQWRVGHOFRQWUDWRODVVLJXLHQWHVUHVROXFLRQHV5HVROXFLyQQ~PHURGHO7ULEXQDO
6XSHULRU 6HJXQGR &LYLO GH ODV FDWRUFH KRUDV GLH] PLQXWRV GHO YHLQWLFLQFR GH MXQLR GHO GRV PLO X1ž 6REUH YLFLRV GHO
FRQVHQWLPLHQWR5HVROXFLyQQ~PHURGHO7ULEXQDO6XSHULRU6HJXQGR&LYLOVHFFLyQ3ULPHUDGHODVGLH]KRUDVWUHLQWD
\FLQFRPLQXWRVGHOYHLQWLRFKRGHIHEUHURGHOGRVPLOX1ž
 %UHQHV&yUGRED$OEHUWRRSFLWS
 3pUH]9DUJDV9tFWRU'HUHFKR3ULYDGRHG/LWRJUDItDHLPSUHQWD/LO6$S
 %UHQHV&yUGRED$OEHUWRRSFLWS
 
³6HJ~QODQDWXUDOH]DPiVH[WHQGLGDOODPDVH
FDXVD HO IXQGDPHQWR HO SRUTXp OD UD]yQ
MXUtGLFDGHODREOLJDFLyQ
1RHVSRVLEOHHQHOFDPSRGHOGHUHFKRTXH
ODSHUVRQDVHREOLJXHRHVWHREOLJDGDVLQTXH
H[LVWD XQ IXQGDPHQWR GH MXVWLFLD VRFLDO TXH
KD\DSURGXFLGRHOYtQFXORREOLJDWRULR´
 (OYtQFXORMXUtGLFRHVODUHODFLyQGHSRGHU
\ GHEHU FRUUHODWLYRV TXH FRQGLFLRQD OD
FRQGXFWDUHVSHFWLYDGHORVVXMHWRV
(Q VtQWHVLV OD UHODFLyQ REOLJDFLRQDO VH
GHVFRPSRQH HVWUXFWXUDOPHQWH HQ ORV
VLJXLHQWHVHOHPHQWRV FKR VXEMHWLYR GH FUpGLWR GHO DFUHHGRU H[LVWH
³6XMHWRV8QRDFWLYRRDFUHHGRUHVHOWLWXODU
GHOGHUHFKRVXEMHWLYRGHOFUpGLWRWLWXODUSXHV
GHO SRGHU MXUtGLFR GH H[LJLU OD SUHVWDFLyQ <
RWUR SDVLYR REOLJDGR R GHXGRU HV DTXHO HQ
TXLHQ UHFDH HO GHEHU MXUtGLFR GH SUHVWDFLyQ
$PERV WpUPLQRV VXEMHWLYRV SXHGHQ HVWDU
LQWHJUDGRVSRUXQDRPiVSHUVRQDV
2EMHWR (V OD SUHVWDFLyQ TXH HO DFUHHGRU
SXHGHH[LJLU\TXHHOGHXGRUGHEHFXPSOLUOD
SUHVWDFLyQDVXYH]SXHGHWHQHUXQREMHWR
REMHWRPHGLDWRGHODREOLJDFLyQODVFRVDV\
 $QiOLVLV6REUHHO9tQFXOR
-XUtGLFR
2EOLJDFLyQFLYLOHIHFWRV
([LVWHQFLDGHXQ9tQFXOR-XUtGLFR
/D REOLJDFLyQ MXUtGLFD FRPR OR KHPRV PHQ
FLRQDGRDQWHVHVSXHVDQWHWRGRXQYtQFXOR
MXUtGLFR HQ YLUWXG GHO FXDO XQ VXMHWR VH HQ
FXHQWUD REOLJDGR SDUD FRQ RWUR VXMHWR D UHD
OL]DU XQD GHWHUPLQDGD SUHVWDFLyQ TXH SXHGH
FRQVLVWLU HQ XQ GDU XQ KDFHU R XQ QR KDFHU
VLHQGRFDUDFWHUtVWLFRGHHVWDHOGHVHUUHODWLYD
HVWRHVTXHVHWUDWDGHVXMHWRVGHWHUPLQDGRV
\TXHHVFRUUHODWLYDHVGHFLUIUHQWHDOGHUH
XQGHEHUMXUtGLFRGHOGHXGRUTXHOHFRPSHOH
DFXPSOLUODSUHVWDFLyQQRSRGHPRVVHSDUDU
DPEDVVLWXDFLRQHVMXUtGLFDVGHWDOIRUPDTXH
DPEDV VH FRQGLFLRQDQ UHFtSURFDPHQWH (O
GHUHFKRVXEMHWLYRGHFUpGLWRGHODFUHHGRUGH
H[LJLUODSUHVWDFLyQQRSXHGHH[LVWLUHQIRUPD
DLVODGDVLQODH[LVWHQFLDGHOGHEHUMXUtGLFRFR
UUHODWLYR/RDQWHULRUDXQDGRDOKHFKRGHTXHOD
REOLJDFLyQWLHQHXQFRQWHQLGRSDWULPRQLDO\TXH
JR]DGHXQDWHPSRUDOLGDGOLPLWDGDHVGHFLUOD
REOLJDFLyQQDFHSDUDVHUFXPSOLGD\FXPSOLGD
VH H[WLQJXH FRQIRUPDQGR ODV QRWDV FDUDFWH
UtVWLFDVTXHQRVGH¿QHQ\QRVD\XGDGLVWLQJXLU
ORVVHUYLFLRV HVWHLQVWLWXWRGHQWURGHO8QLYHUVR-XUtGLFR

9tQFXOR (V OD UHODFLyQ GH SRGHU \ GHEHU 9tQFXOR-XUtGLFR

FRUUHODWLYRV TXH FRQGLFLRQD OD FRQGXFWD GH
ORVVXMHWRV (VHQFLDMXUtGLFD

&DXVD (V OD UD]yQ MXUtGLFD GH H[LJLELOLGDG $OVHUODREOLJDFLyQMXUtGLFDXQYtQFXORMXUtGLFR

GH OD SUHVWDFLyQ OD FRQGLFLyQ SDUD TXH HO TXHXQHDOGHXGRUFRQVXDFUHHGRUODGRFWULQD
GHUHFKRVDQFLRQHXQFRQGLFLRQDPLHQWRGHOD KDFXHVWLRQDGRFXiOHVHQUHDOLGDGODHVHQFLD
FRQGXFWDTXHVLQODREOLJDFLyQVHUtDOLEUH´ GHOYtQFXORMXUtGLFRH[LVWHQWHHQWUHDPERV

 ,ELGS
 &RQVWUXFFLyQ&RQFHSWXDOUHDOL]DGDDSDUWLUGH6DQFKR5HEXOOLGDRSFLWS
 
$FRQWLQXDFLyQH[SRQHPRVEUHYHPHQWHXQD
VtQWHVLVGHODVWHRUtDVPiVLPSRUWDQWHVDFHU
FDGHODHVHQFLDGHOYtQFXORMXUtGLFR
7HRUtD&OiVLFD
/DWHRUtDFOiVLFDHQXQFLDGDHQVXIRUPDPiV
FRPSOHWD SRU 6$9,*1, YH OD HVHQFLD GHO
YtQFXOR HQ OD FRQGXFWD R HQ ORV DFWRV GHO
GHXGRU HV OD VXVWUDFFLyQ GH GHWHUPLQDGRV
DFWRV D VX HVIHUD GH OLEHUWDG \ HQ HO
VRPHWLPLHQWRGHORVPLVPRVDODYROXQWDGGHO
DFUHHGRUODVUHODFLRQHVMXUtGLFDVSXHGHQFDHU
VREUHFRVDVRVREUHSHUVRQDVHQHOFDVRGH
ODREOLJDFLyQDGHWHUPLQDGRVDFWRV
%ULQ]LPSXJQyODWHRUtDFOiVLFDDOGHWHUPLQDU
TXH H[WUDHU GH OD SHUVRQD GHO GHXGRU VXV
DFWRV\FRQVLGHUDUORVFRPRFRVDXREMHWRGHO
VHxRUtRGHODFUHHGRUHVHUUyQHR
(VFDVLFRPRFDHUHQODYLQFXODFLyQPDWHULDO
TXH HMHUFtD HO DFUHHGRU VREUH HO GHXGRU HQ
HO DQWLJXR 'HUHFKR 5RPDQR OR FXDO IXH
DQDOL]DGRDOLQLFLR
7HRUtD3DWULPRQLDOLVWD
$SDUWLUGHODFUtWLFDGH%5,1=VXUJHODWHRUtD
SDWULPRQLDOLVWD OD FXDO SURSXJQDED TXH
LQGHSHQGLHQWHPHQWH GH ORV DFWRV TXH GHEH
UHDOL]DU HO GHXGRU HO LQWHUpV GHO DFUHHGRU
SXHGH VDWLVIDFHUVH DO PDUJHQ GH HVWD
FRQGXFWD\HVWDQRSXHGHVHUODHVHQFLDGHO
YtQFXOR REOLJDFLRQDO (O DFUHHGRU SXHGH YHU
VDWLVIHFKR VX LQWHUpV HQ HO SDWULPRQLR GHO
GHXGRUGHDOOtODH[SUHVLyQHVHOSDWULPRQLR
HOTXHGHEHDOSDWULPRQLR
 &RQVWUXFFLyQ&RQFHSWXDODSDUWLUGH6DQFKR5HEXOOLGDRSFLWS
 6DQFKR5HEXOOLGD)UDQFLVFRRSFLWS
 ,ELGS
6LQ HPEDUJR ³D ODV WHRUtDV SDWULPRQLDOLVWDV
VH OH KD REMHWDGR TXH OD UHODFLyQ MXUtGLFD
VROR SXHGH GDUVH HQWUH SHUVRQDV \ TXH
EXVFDODHVHQFLDGHODREOLJDFLyQHQODSDUWH
SDWROyJLFDHQHOLQFXPSOLPLHQWR´
(VHQFLDGHOYtQFXORREOLJDFLRQDO
$FWXDOPHQWH OD GRFWULQD PD\RULWDULD YH OD
HVHQFLDGHOYtQFXORHQGRVDVSHFWRVTXHFRQ
IRUPDQHOIHQyPHQRGHOYtQFXORREOLJDFLRQDO
(O GpELWR \ OD UHVSRQVDELOLGDG (V GHFLU HO
GpELWR GHO GHXGRU QR HUD H[LJLEOH VLQR VH
OH DxDGtD XQ KHFKR JHQHUDGRU GH JDUDQWtD
ODUHVSRQVDELOLGDG
³$VtORSURSLDPHQWHYLQFXODGRHVODFRQGXFWD
GHOGHXGRUQRHQHOVHQWLGRGHTXHVXVDFWRV
VHDQ REMHWR GHO VHxRUtR GHO DFUHHGRU VLQR
SRUFXDQWRXQVHFWRUGHVXFRPSRUWDPLHQWR
DQWHV MXUtGLFDPHQWH LQGLIHUHQWH TXHGD
SRODUL]DGR D FRQVHFXHQFLD GHO YtQFXOR HQ
XQDGHWHUPLQDGDGLUHFFLyQ\VHQWLGRHQHOGH
ODSUHVWDFLyQ3HURVLHOGHXGRULQFXPSOHOD
PLVPD YLQFXODFLyQ DFDUUHD LQHYLWDEOHPHQWH
\ FDVL DXWRPiWLFDPHQWH TXH HO LQWHUpV GHO
DFUHHGRU VH VDWLVIDJD HQ HO SDWULPRQLR
GHOGHXGRU´
/D HVHQFLD WRGD GH OD REOLJDFLyQ VH FHQWUD
HQ HO FRQFHSWR GHO YtQFXOR (V HVWH XQ
YtQFXOR DEVWUDFWR TXH OLJD D OD SHUVRQD GHO
GHXGRUDODGHODFUHHGRU\HVXQYtQFXORGH
GHUHFKRFDUDFWHUL]DGRSRUODQHFHVVLWDVTXH
QR FRQVLHQWH D TXLHQ VH KDOOD VXMHWR D HOOD
HO HOXGLUOD DUELWUDULDPHQWH HV XQ OLJDPHQ
TXHOLPLWDODOLEHUWDGLQGLYLGXDOGHOGHXGRU\
 

FRQ¿HUHDODFUHHGRUXQDIDFXOWDGHMHUFLWDEOH  $QiOLVLVGHOD2EOLJDFLyQ

FRQWUD HO REOLJDGR HQ YLUWXG GHO FXDO HVWH &LYLO5RPDQD
UHVXOWD FRQVWUHxLGR D GHWHUPLQDGD DFWLYLGDG
SRVLWLYD R QHJDWLYD \ DTXHO SXHGH REWHQHU
VDWLVIDFFLyQHQHOSDWULPRQLRGHOREOLJDGRHQ
HOFDVRGHOLQFXPSOLPLHQWR
(OGHXGRUWLHQHXQGHEHUMXUtGLFRVLHQGRDVt
VX WUDQVJUHVLyQ GHULYD HQ UHVSRQVDELOLGDG
MXUtGLFD1RTXHGDUDLPSXQHHOLQFXPSOLPLHQWR
HO DFUHHGRU WHQGUi IDFXOWDGHV SDUD HMHUFHU
HO GHUHFKR GH FUpGLWR TXH FRQVLVWLUi HQ HO
FXPSOLPLHQWR GH OD SUHVWDFLyQ SUR\HFWDGD
/DV JDUDQWtDV GH FUpGLWR HQ HO 'HUHFKR
5RPDQR
³(QODVSURSLDVIXHQWHVURPDQDVHQFRQWUDPRV
XQ FRQFHSWR GH REOLJDFLyQ FRQFHSWR WDUGtR
SXHV DSDUHFH HQ ODV ,QVWLWXFLRQHV GH -XVWL
QLDQRSUREOLJDWLRHVWLXULVYLQFXOXPTXR
QHFHVVLWDWH DGVWULQJLPXU DOLFXLXV VROYHQGDH
UHL VHFXQGXP QRVWUDH FLYLWDWLV LXUD OD REOLJD
FLyQHVXQYtQFXORMXUtGLFRSRUHOTXHHVWDPRV
$UWtFXORGHO&yGLJR&LYLO FRQVWUHxLGRV QHFHVDULDPHQWH D UHDOL]DU XQD
 GHWHUPLQDGDSUHVWDFLyQVHJ~QHORUGHQDPLHQ
&RPR\DVHKDVHxDODGRODREOLJDFLyQHVXQ WRMXUtGLFRGHQXHVWUDFLXGDG6HWUDWDGHXQD
YtQFXOR MXUtGLFR OLJDPHQ HQ YLUWXG GHO FXDO GH¿QLFLyQWDUGtDQRSXHGHSRUHQGHUHÀHMDUVL
XQDSHUVRQDOODPDGDGHXGRUGHEHREVHUYDU WXDFLRQHV SULPLWLYDV VLQR TXH VH UH¿HUH D XQ
XQD GHWHUPLQDGD FRQGXFWD SUHVWDFLyQ R PRPHQWRHYROXFLRQDGRGHO'HUHFKR5RPDQR
FRQGXFWD SUHVWDFLRQDO HQ IDYRU GH RWUD
SHUVRQD OODPDGR DFUHHGRU 0DV SXHGH
RFXUULU \ QR HV H[WUDxR TXH DVt VXFHGD TXH
HO GHXGRU QR REVHUYH HO FRPSRUWDPLHQWR DO
TXHHVWiVXMHWRHVGHFLUTXHHVSRUpOGHELGR
(QWRQFHV HO RUGHQDPLHQWR MXUtGLFR SUHYp XQ
FRQFUHWR LQVWUXPHQWR TXH GHQRPLQDPRV
UHVSRQVDELOLGDG(QODVXMHFLyQGHORVELHQHV
GHO GHXGRU DO FXPSOLPLHQWR FRDFWLYR GH OD
GHXGDIUHQWHDOSRGHURIDFXOWDGGHDJUHVLyQ
SRUSDUWHGHODFUHHGRU
&XDQGR DQDOL]DPRV OD REOLJDFLyQ MXUtGLFD
YHPRV GRV PRPHQWRV GLIHUHQWHV \ FRQ
HQTXHODQRFLyQGHREOLJDWLRVHFRQYLHUWHHQ
DOJRDEVWUDFWRHQXQQRPHQLXULVSURFHVRFRQ
FHSWXDOL]DGRUSURSLRGHODpSRFDUHSXEOLFDQD´
/DDFWLRLQSHUVRQDPQRHVDEVROXWD\HUJD
RQPHV \D TXH VROR SXHGH HVWDEOHFHUVH
FRQWUDXQDSHUVRQDGHWHUPLQDGDQRHVXQD
DFFLyQDEVROXWD
/RV5RPDQRV\DGLIHUHQFLDEDQORVGHUHFKRV
UHDOHV GH ODV REOLJDFLRQHV DO LQGLFDU ³3DXOR
HQ'SU2EOLJDWLRQXPVXEVWDQWLDQRQ
LQHRFRQVLVWLWXWDOLTXRGFRUSXVQRVWUXPDXW
VHUYLWXWHPQRVWUDPIDFLDWVHGXWDOLXPQRELV
WUDSXHVWRV HO GHO GpELWR VFKXOG TXH HV
OD REOLJDFLyQ GHO GHXGRU GH UHDOL]DU OD
SUHVWDFLyQ\HOGHODUHVSRQVDELOLGDGRVHDHO
SRGHURIDFXOWDGTXHFRUUHVSRQGHDODFUHHGRU
HQ HO SDWULPRQLR GH DTXHO SDUD UHDOL]DU
VXFUpGLWR
REVWULQJDW DG GDQGXQ DOLTXLG YHO IDFLHQGXP
YHO SUDHVWDQGXP´ /D QDWXUDOH]D GH OD
REOLJDFLyQ QR FRQVLVWH HQ KDFHUQRV DGTXLULU
XQD FRVD FRUSRUDO R XQD VHUYLGXPEUH VLQR
TXHRWUDSHUVRQDTXHGHFRQVWUHxLGDDGDUQRV
DOJRRKDFHUDOJRRUHVSRQGHUSRUDOJR

 5XJJLHUR'H5REHUWR,QVWLWXFLRQHVGH'HUHFKR&LYLO9RO,7RPRGRV,QVWLWXWRHGLWRULDO5HXVS

 7RUUHQW$UPDQGR0DQXDOGHGHUHFKRSULYDGRURPD1ž=DUDJR]D/LEUHUtD&HQWUDOS
 ËGHPS
 
 %UHYH5HVHxD+LVWRULFDGH
ODHYROXFLyQGHOFRQFHSWR
GHREOLJDFLyQHQHO
 'HUHFKR5RPDQR
/D ¿JXUD PiV DQWLJXD UHODWLYD DO LQVWLWXWR GH
OD REOLJDFLyQ HQ HO 'HUHFKR 5RPDQR HV OD
VSRQVLR ULWR DQWLTXtVLPR TXH VH EDVDED HQ
OD IXHU]D UHOLJLRVD GH XQ MXUDPHQWR DQWH ORV
GLRVHVOXHJRHVVXVWLWXLGDHQODVGRFHWDEODV
SRU XQ GHEHU ODLFR IXQGDPHQWiQGRVH HQ HO
RSRUWHUHTXHHUDXQGHEHUFLYLOUHFRQRFLGRSRU
HO RUGHQDPLHQWR \ SHUPLWtD OD HMHFXFLyQ FLYLO
D WUDYpV GH OD OHJLV DFWLR SHU LXGLFLV DUELWULYH
SRVWXODWLRQHP/DVSRQVLRSDVyGHWHQHUXQD
YLQFXODFLyQ UHOLJLRVD D WHQHU XQD YLQFXODFLyQ
MXUtGLFD (O VSRQVRU TXHGDED YLQFXODGR D OD
DFWLRGHOUHFHSWRUGHLJXDOIRUPDRHQIRUPD
SDUDOHOD VLJXLy HO QH[XP HO PRGR HQ TXH
HO GHXGRU VH HPDQFLSDED DVt PLVPR GHO
DFUHHGRUHQWUDQGRHQVXPDQFLSLXQ\SRUHOOR
HOGHXGRUHUDQH[XVREOLJDWXVHQHVWDpSRFD
SULPLWLYDHQTXHHOGHXGRUUHVSRQGtDFRQVX
SHUVRQDVLHQGRHOYtQFXORXQYtQFXORPDWHULDO
³/DV FRQVHFXHQFLDV GHO QH[XP VRQ PDO
FRQRFLGDV 6H VDEH VLQ HPEDUJR TXH HUDQ
PX\ ULJXURVDV (Q YLUWXG GHO FRQWUDWR \ VLQ
DHVHWOLEUD&RQODOH[SRHWHOLDSRVWHULRPHQWH
VHSDVyDXQYtQFXORLXULV
³1R REVWDQWH HO FRQFHSWR GH REOLJDFLyQ GH
ORV URPDQRV HUD OLPLWDGR \ VROR FRUUHVSRQ
GtD D GHWHUPLQDGDV VLWXDFLRQHV WtSLFDV 6H
WLSL¿FDURQ GHWHUPLQDGDV FRQYHQFLRQHV ELOD
WHUDOHVDWUDYpVGHORVFRQFHSWRVGHODFWXP
HOJHVWXP\HOFRQWUDFWXP$O¿QDOHOWpUPLQR
FRQWUDKHUH IXH HO FRQFHSWR SRU HO TXH JLUD
URQODVREOLJDFLRQHVELODWHUDOHVEDMRODLGHD
GHODFRQVWLWXFLyQGHUHODFLRQHVMXUtGLFDVHQ
IRUPDYROXQWDULD´
6H KD TXHULGR SRU SDUWH GH XQ VHFWRU GH OD
GRFWULQDLQWHUSUHWDUTXHODREOLJDFLyQURPDQD
HVWDED FRPSXHVWD SRU XQ GpELWR \ XQD
UHVSRQVDELOLGDG /D LGHD GH YLQFXODFLyQ GH
XQDSHUVRQDDXQGHEHU\ODUHVSRQVDELOLGDG
HQ FDVR GH TXH LQFXPSOLHUD HVH GHEHU (Q
SULPHUD LQVWDQFLD FXDQGR HO QH[XP HUD
PDWHULDOHUDLQQHFHVDULRKDEODUGHODVSHFWR
GHODUHVSRQVDELOLGDGSXHVHOGHXGRUHVWDED
PDWHULDOPHQWH EDMR HO QH[XP R HO SRGHU
PDWHULDOGHODFUHHGRU(OGHXGRUSHUPDQHFtD
EDMR HO QH[XP REOLJDWXV PDWHULDOPHQWH
REOLJDGR\SHUPDQHFtDHQHVWDVLWXDFLyQGH
VXMHFLyQSRUSDUWHGHODFUHHGRUPLHQWUDVQR
SDJDVHODGHXGDRPLHQWUDVQRSDJDVHRWUR
MXLFLR HO GHXGRU TXH QR SDJDED HVWDED
VRPHWLGRDODPDQXVLQMHFWRHVSHFLHGHWRPD
GH FXHUSR HMHUFLGD SRU HO DFUHHGRU \ TXH
QHFHVLWDED OD LQWHUYHQFLyQ GHO PDJLVWUDGR
'HVGHHQWRQFHVHOGHXGRUGHFODUDGRQH[XV
HVWDED D PHUFHG GHO DFUHHGRU TXH SRGtD
HQFDGHQDUOH \ WUDWDUOH FRPR D VX HVFODYR
GHKHFKR\VLQRGHGHUHFKR(OQH[XVQRVH
OLEHUWDEDPiVTXHFRQODD\XGDGHXQSDJR
HVSHFLDODFRPSDxDGRGHODVROHPQLGDGGHOD
 &RQVWUXFFLRQFRQFHSWXDODSDUWLUGH7RUUHQWS
 7RUUHQWRSFLWS
SRUpOQH[LOLEHUDWLRHQXQDpSRFDSULPLWLYD
HQTXHODREOLJDFLyQHUDDQWHWRGRODVXMHFLyQ
PDWHULDOGHODSHUVRQDGHOGHXGRUDOSDJRGH
ODGHXGD´
3RVWHULRUPHQWH FXDQGR VH GHMy GH ODGR HO
QH[XPPDWHULDODSDUWLUGHODVGRFHWDEODV\
SULQFLSDOPHQWH FRQ OD OH[ SRHWHOLD 3DULD GHO
 DF TXHGDED DELHUWR HO FDPLQR KDFLD
HO YLQFXOXP LXUL QR REVWDQWH QR VH OOHJy
 
DO JUDGR GH DEVWUDFFLyQ UHTXHULGD \ VROR
DSDUHFHQGHWHUPLQDGRVKHFKRVWtSLFRVFRPR
FRQVWLWXWLYRVGHREOLJDFLRQHVFRPRHODFWXP
HOJHVWXP\HOFRQWUDFWXP
/DGRFWULQDWUDGLFLRQDOHQWLHQGHTXHODREOLJD
FLyQQDFHGHVGHVXLQLFLRDSDUWLUGHOGHOLWRGH
OD UHODFLyQ RIHQGLGRGHOLQFXHQWH OXHJR %HWWWL
FRQVLGHUyTXHODREOLJDFLyQQDFHRWLHQHVXV
RUtJHQHVGHVGHODVLGHDVGHOFRQWUDWR VDWLVIDFHUVHHQFDVRGHLQFXPSOLPLHQWR
(QHOGHUHFKRJHUPiQLFRVtVHFRQWHPSOyHVD
GLYLVLyQHQWUHHO6&+8/'<(/+$)781*WDO
\ FRPR OR GHQRPLQDURQ OD REOLJDFLyQ QDFH
D UDt] GH OD IXVLyQ GH HVWRV GRV FRQFHSWRV
FODUDPHQWHLQGLYLGXDOL]DGRVHVGHFLUHOGpELWR
GHXQDSHUVRQDVHXQtDDODUHVSRQVDELOLGDG
HQ FDVR GH TXH QR FXPSOLHUD FRQ GLFKR
GHEHU(VWDVHSDUDFLyQGHFRQFHSWRVTXHVH
YHHQHO'HUHFKRJHUPiQLFRSULPLWLYRQRVH
YHHQHOGHUHFKRURPDQRFXDQGRVHDQDOL]D
OD LGHD R HO FRQFHSWR GH REOLJDFLyQ GDGR OR
TXHPHQFLRQDPRVOtQHDVDWUiV
 *DUDQWtDV 3HUVRQDOHV \
5HDOHV GHO 'HUHFKR GH &UpGLWR
HQ5RPD
/D IXQFLyQ GHO FUpGLWR HQ XQD HFRQRPtD
DELHUWD HV LPSRUWDQWtVLPD SXHV D WUDYpV
GH pVWH VH PXHYH WRGR HO GHVDUUROOR GH
ODHFRQRPtD
(Q HO 'HUHFKR 5RPDQR HVWR QR HUD OD
H[FHSFLyQ HOORV \D FRQRFtDQ IRUPDV HQ
TXHVHGDEDVHJXULGDGMXUtGLFDDODSHUVRQD
 &RQVWUXFFLyQFRQFHSWXDOGH7RUUHQWS
 /D REOLJDWLR HV XQD DWDGXUD GH OD SURSLD SHUVRQD XQ VRPHWLPLHQWR SHUVRQDO DO SRGHUPDQXVGHO DFUHHGRU SURSLR R
DMH1ž/DREOLJDWLRHVHOQH[XQRVHDODPDQFLSDWLRTXHKDFHHOGHXGRUGHVXSURSLDSHUVRQDHQJDUDQWtDGHOFUpGLWR
&RQVWUXFFLyQFRQFHSWXDODSDUWLUGH-XDQ,JOHVLDVHQ'HUHFKR5RPDQR,QVWLWXFLRQHVGHGHUHFKR3ULYDGRS
TXH SUHVWDED GLQHUR R HQWUHJDED ELHQHV
HFRQyPLFRVDRWUDVSHUVRQDV
8QD GHXGD SXHGH JDUDQWL]DUVH GH GLYHUVRV
PRGRV ORV FXDOHV VH UHGXFHQ WRGRV D GRV
LGHDVIXQGDPHQWDOHVRTXHXQWHUFHURDVXPD
ODUHVSRQVDELOLGDGSRUIDOWDGHFXPSOLPLHQWR
R TXH TXHGH UHVHUYDGD D GLVSRVLFLyQ GHO
DFUHHGRU XQD FRVD VREUH OD FXDO pO SXHGD
(Q 5RPD VH GDEDQ GH GRV IRUPDV HVWDV
VHJXULGDGHV ELHQ D WUDYpV GH XQD SHUVRQD
TXHDODSDUGHOGHXGRUJDUDQWL]DEDHOFUpGLWR
RELHQODSHUVRQDGDEDRSRQtDDUHVSRQGHU
XQELHQFRPRJDUDQWtDGHHVHFUpGLWRVREUH
HOFXDOSRGtDVDWLVIDFHUVXLQWHUpVHQFDVRGH
LQFXPSOLPLHQWRGHODREOLJDFLyQSULQFLSDO
(OFXPSOLPLHQWRGHWRGDREOLJDFLyQHVWiUHV
SDOGDGRSRUHODFWLYRSDWULPRQLDOGHOGHXGRU
3DUDDVHJXUDURUHIRU]DUHOFXPSOLPLHQWRGH
ODVREOLJDFLRQHVVHYLQFXODEDXQGHWHUPLQD
GRREMHWRDODDFFLyQGLUHFWDGHODFUHHGRUKD
EOiQGRVHHQWRQFHVGHJDUDQWtDVUHDOHVFRPR
OD SUHQGD R OD KLSRWHFD R ELHQ XQD SHUVRQD
GLVWLQWDGHOGHXGRUTXHUHVSRQGHFRQVXSD
WULPRQLRKDEOiQGRVHGHJDUDQWtDVSHUVRQDOHV
FRPR OD ¿DQ]D HO PDQGDWR GH DSHUWXUD GH
FUpGLWR \ OD FRQVWLWXFLyQ GH SOD]R FRQVWLWX
WXPSRUGHXGDDMHQDGHELWLDOLHQL

/D)LDQ]D
/D¿DQ]DYLHQHDVHUODPDQHUDHQTXHVHGD
XQDJDUDQWtDSHUVRQDODWUDYpVGHODFXDOXQD
SHUVRQD VH REOLJD D UHVSRQGHU XQD GHXGD
DMHQDFRQVXSURSLRSDWULPRQLR
 $UDQJLR±5XL]9LQFHQ]R,QVWLWXFLRQHVGHGHUHFKRURPD1ž%XHQRV$LUHV(GLFLRQHV'HSDOPDS
 

7LFLRDFXGHD&D\RSDUDTXHOHSUHVWHGLQHUR
&D\RDFHSWDGDGRTXH6HPSURQLRSHUVRQD
VROYHQWHUHVSRQGHGHVXGHYROXFLyQ
6H KDQ FRQRFLGR WUHV IRUPDV GH )LDQ]D D
WUDYpVGHODKLVWRULD
 /DVSRQVLRTXHHVODPiVDQWLJXD)RUPD
VROHPQH\IRUPDOLVWDTXHVHPDQL¿HVWDD
WUDYpVGHOHPSOHRGHOYHUERVSRQGHUH
 /D )LGHSURPLVVLR ,QVWLWXFLyQ GHO ,XV
JHQWLXQ 6H VXSHUD HO YDORU PiJLFR
UHOLJLRVRGHODSDODEUDTXHGHMDSDVRDOD
)LGHVOHDOWDG\UHVSHWRDODSDODEUDGDGD
\SRGtDXVDUVHSRUORVSHUHJULQL
 /D IRUPD PiV HYROXFLRQDGD IXH OD
)LGHLXVVLR TXH SRVLELOLWDED JDUDQWL]DU
WRGRWLSRGHREOLJDFLRQHV
/D ¿DQ]D HUD DFFHVRULD \ VXEVLGLDULD SXHV
GHSHQGtD GH XQD REOLJDFLyQ SULQFLSDO TXH
GHEtD JDUDQWL]DU \ HO ¿DGRU UHVSRQGtD VROR
PDQGDWR GH FUpGLWR HQ TXH XQD SHUVRQD
PDQGDQWHHQFDUJDEDDRWURPDQGDWDULRDGDU
FUpGLWRDXQWHUFHURPHGLRLQGLUHFWRGHJDUDQ
WtDSXHVVLHOWHUFHURQRUHVWLWXtDODVXPDUHFL
ELGDDOPDQGDWDULRHVWHSRGUtDDFWXDUFRQWUD
HOPDQGDQWHSDUDORJUDUVXUHHPEROVR
*DUDQWtDV5HDOHV
(O FUpGLWR HV OD EDVH GH XQD VRFLHGDG GH
FRQVXPRVLQODJDUDQWtDGHFXPSOLPLHQWRGH
ORVFUpGLWRVODHFRQRPtDVHSDUDOL]DUtD
/RVFUpGLWRVHQ5RPDVHDVHJXUDEDQGHGRV
IRUPDV\DVHDDWUDYpVGHODJDUDQWtDSHUVRQDO
TXHDQDOL]DPRVOtQHDVDWUiVRGHODJDUDQWtD
UHDO FXDQGR DOJXLHQ SRQH D UHVSRQGHU XQ
ELHQHQJDUDQWtDGHXQDREOLJDFLyQ
(Q 5RPD VLQ HPEDUJR VH SUH¿ULy D ODV JD
UDQWtDVSHUVRQDOHVHODFUHHGRUVHVLHQWHPiV
VHJXURVLSURPHWHHOSDJRGHODGHXGDDRWUD
SHUVRQDDGHPiVGHOGHXGRUSULQFLSDOHQFDVR
GHQRSDJRGHODREOLJDFLyQHODFUHHGRUSUHIH
HQ FDVR GH TXH QR FXPSOLHUD HO GHXGRU
6LQ HPEDUJR RULJLQDOPHQWH HO ¿DGRU HUD HO
~QLFR UHVSRQVDEOH GHVSXpV OR KDUtD HQ XQ
PLVPR JUDGR HO GHXGRU ±LQ VROLGXP \ FRQ
-XVWLQLDQRVHDOFDQ]DHOJUDGR¿QDOPHQWHGH
ODDFFHVRULHGDGHQODFXDOVHUHVSRQGHVROR
HQFDVRGHLQFXPSOLUHOGHXGRU
(O ¿DGRU QR VH REOLJDED D PiV GHO GHXGRU
SHURVLSRGtDKDFHUORDPHQRV1RVRODPHQWH
HQ OR TXH UHVSHFWD D OD FDQWLGDG VLQR HQ
FXDQWR D OR RQHURVR GH OD REOLJDFLyQ \ VH
REOLJDEDVRORHQHOWDQWRDORTXHHODFUHHGRU
QRSRGtDFRQVHJXLUGHOGHXGRU
2WUR PHGLRV GH JDUDQWL]DU ODV REOLJDFLRQHV
IXHURQ HO PDQGDWXP SHFXQLDH FUHGHQGDH
 7yUUHQWRSFLWS
UtDLUVHFRQWUDODSHUVRQDJDUDQWH¿DGRU
(QORVGHUHFKRVUHDOHVGHJDUDQWtDHODFUHHGRU
WLHQHSRGHUGLUHFWRVREUHODFRVD(QXQSULPHU
PRPHQWR KLVWyULFR HO DFUHHGRU DGTXLUtD
OD SURSLHGDG GH OD FRVD GDGD HQ JDUDQWtD
KDFLpQGROD VX\D HQ VXVWLWXFLyQ GHO FUpGLWR
LQVDWLVIHFKR HQ pSRFDV PiV HYROXFLRQDGDV
HODFUHHGRUWHQtDHOLXVYHQGHQGLHOGHUHFKR
GH YHQGHU OD FRVD VDWLVIDFLpQGRVH FRQ HO
SUHFLR KDVWD OD FRQFXUUHQFLD GHO FUpGLWR (O
SURSLHWDULR QR SRGtD GLVSRQHU GH OD FRVD
KDVWDTXHHVWXYLHUDSHQGLHQWHODGHXGD
(Q HO 'HUHFKR 5RPDQR VH FRQRFLHURQ WUHV
IRUPDV IXQGDPHQWDOHV GH JDUDQWtD UHDO
/D¿GXFLDODSUHQGD\ODKLSRWHFD
 
)LGXFLD
(V XQ DFWR VROHPQH PHGLDQWH HO FXDO HO
GHXGRU WUDQVPLWH OD SURSLHGDG GH XQD FRVD
VX\DDODFUHHGRUSRUHOFXDOHODFUHHGRUVH
REOLJDDHPDQFLSDUODFRVDDOGHXGRUFXDQGR
OHIXHUHSDJDGDODGHXGDSDUDTXHHOGHXGRU
UHFXSHUDVH VX GRPLQLXQ H[ LXUH 4XLULWLXP
HQWUDQGRHQSRVHVLyQGHODFRVDHODFUHHGRU
~QLFDPHQWH HQ FDVR GH LQFXPSOLPLHQWR GH
ODREOLJDFLyQ
/D KLSRWHFD WLHQH VXV RUtJHQHV HQ HO
DUUHQGDPLHQWR GH IXQGRV U~VWLFRV (O
DUUHQGDWDULR SDUD JDUDQWL]DU HO SDJR GHO
FDQRQ FRQVWLWXtD HQ JDUDQWtD ORV LQYHFWD HW
6LHQGR XQ DFWR VROHPQH UHDOL]DGR LQWHU
SUDHVHQWHV\VRORDQWHFLXGDGDQRVURPDQRV
(O ¿GXFLDULR SXHGH GLVSRQHU GH OD FRVD
\ SXHGH HMHUFLWDU WRGDV ODV DFFLRQHV TXH
FRUUHVSRQGHQ DO SURSLHWDULR SXGLHQGR
YHQGHUODDXQWHUFHUR
(Q HVWH QHJRFLR VH GHEtD HVWDEOHFHU XQ
SOD]RSDUDHOFXPSOLPLHQWRGHODREOLJDFLyQ\
ODGHWHUPLQDFLyQGHODVFRQGLFLRQHVGHYHQWD
GHOELHQ
3LJQXV
(V XQD ¿JXUD HQ FX\D YLUWXG HO DFUHHGRU
UHFLEH OD SRVHVLyQ GH XQD FRVD GHO GHXGRU
HQ JDUDQWtD GH SDJR /D GLIHUHQFLD FRQ OD
DQWHULRU HV TXH FRQ HO SLJQXV VH HQWUHJDED
~QLFDPHQWH OD SRVHVLyQ GH OD FRVD QR
ODSURSLHGDG
(O SURSLHWDULR PDQWHQtD HO GHUHFKR GH
SURSLHGDGVREUHODFRVDHVWDQGROHJLWLPDGR
SDUDHVWDEOHFHUODUHLYLQGLFDWLRODDFWLRIXUWL\
ODDFWLRLQLXULDUXP
+\SRWKHFD
/D KLSRWHFD HV HO GHUHFKR UHDO GH JDUDQWtD
VREUHXQDFRVDDMHQDQRWHQLHQGRHODFUHHGRU
ODSRVHVLyQGHPDQHUDTXHHVXQDJDUDQWtD
 &RQVWUXFFLyQFRQFHSWXDODSDUWLUGH7RUUHQWRSFLWS
 9HUFRPHQWDULRVUHIHUHQWHVDOYtQFXORMXUtGLFRHQS
LOODWDDQLPDOHVGHODEUDQ]D
3RVWHULRUPHQWHVHSDVyGHORVDUUHQGDPLHQWRV
GH IXQGRV U~VWLFRV D RWURV FDPSRV GH OD
DFWLYLGDGHFRQyPLFD6LHQGRDVtODKLSRWHFD
VHFRQVWLWX\HFRPRLQVWUXPHQWRGHPRYLOLGDG
GHULTXH]D\GHXQPHGLRIXQGDPHQWDOSDUD
REWHQHUULTXH]D
(OGHXGRUQRSHUGtDORVDWULEXWRVGHSURSLHWDULR
SXGLHQGRYHQGHUHOELHQRKLSRWHFDUORDRWUR
6LQHPEDUJRFXDQGRH[LVWtDQYDULRVFUpGLWRV
KLSRWHFDULRV HQ OD SUHODFLyQ GHO FREUR GH
ORV FUpGLWRV VH DSOLFDED HO SULQFLSLR SULRU LQ
WHPSRUHSRWLRULQLXUH
 $QiOLVLV&RPSDUDWLYR
HQWUHOD2EOLJDFLyQ&LYLO
5RPDQD\HO&RQFHSWRGH
2EOLJDFLyQ&LYLO0RGHUQR
 3RGHPRVGHFLUTXHHOGHUHFKR5RPDQR
LQLFLDOPHQWH FRQFLELy HO YtQFXOR HQWUH
DFUHHGRU \ GHXGRU FRPR XQ QH[XQ
PDWHULDO XQ YHUGDGHUR DWDU GH OD
SHUVRQDGHOGHXGRUGHWDOVXHUWHTXHVL
HVWH QR FXPSOtD HO GHXGRU UHVSRQGtD
FRQ VX SHUVRQD 3RVWHULRUPHQWH HVWH
ULJRUIXHVXDYL]DGRHQHOVHQWLGRGHTXH
HO GHXGRU UHVSRQGtD SHUVRQDOPHQWH
VROR VXSOHWRULDPHQWH HQ FDVR GH TXH
 
QRDOFDQ]DVHHOSDWULPRQLRGHpVWHSDUD
UHVSRQGHUDOFXPSOLPLHQWR
 8QD FDUDFWHUtVWLFD GH OD REOLJDFLyQ HQ
SURFHVRV FRQFXUVDOHV WtWXORV YDORUHV
HO 'HUHFKR 5RPDQR HUD VX WLSLFLGDG
GH WDO PDQHUD TXH VROR SRGtD HQFDMDU
HVWD ¿JXUD HQ VLWXDFLRQHV MXUtGLFDV \D
HVWDEOHFLGDV SUHYLDPHQWH \ UHJXODGDV
HQODOH\\VXFXPSOLPLHQWRVHHVWDEOHFtD
EDMRIRUPDVVROHPQHV
 (O YtQFXOR MXUtGLFR QR VH GLVWLQJXtD
FODUDPHQWH ORV DVSHFWRV GHELGDPHQWH
GLIHUHQFLDGRV HQWUH GpELWR \ UHVSRQ
VDELOLGDG HQ OD REOLJDFLyQ FLYLO PRGHUQD
QR HUDQ FODUDPHQWH GLIHUHQFLDGRV HQ OD
2EOLJDFLyQ &LYLO 5RPDQD VLQR TXH VH
FRQFHEtDQ FRPR XQR VROR HV GHFLU HO
ÀH[LEOHV R LQVWUXPHQWRV PiV H¿FDFHV
PHGLDQWH ORV FXDOHV HO DFUHHGRU SXHGH
YHU JDUDQWL]DGR HO SDJR GH VX FUpGLWR
¿GHLFRPLVR FUpGLWRV SULYLOHJLDGRV
WDUMHWDV GH FUpGLWR  HO XVR GHO LQWHUQHW
SURWHFFLyQ HVSHFLDO D ORV GHUHFKRV GHO
FRQVXPLGRU´HWF
 < FRPR ELHQ OR GLFH %RUGD HQ HVH
VHQWLGR ³3HUR VL OD DSDULHQFLD IRUPDO
SHUPDQHFHPiVRPHQRVLQPXWDEOHODV
WUDQVIRUPDFLRQHV VH KDQ RSHUDGR HQ
OD VXVWDQFLD $Vt VH DGYLHUWH XQ PD\RU
LQWHUYHQFLRQLVPR GHO (VWDGR HQ ORV
FRQWUDWRV HQWUH SDUWLFXODUHV  DXQTXH
GHVGH OXHJR 5RPD QR GHVFRQRFLy HVH
LQWHUYHQFLRQLVPR ELHQ TXH QR FRQ OD
GpELWR\ODUHVSRQVDELOLGDGVHFRQFHEtDQ
FRPR XQD XQLGDG HV GHFLU XQ PLVPR
IHQyPHQRMXUtGLFR
 (QODREOLJDFLyQFLYLOPRGHUQDSRGHPRV
GLVWLQJXLU HO GpELWR \ OD UHVSRQVDELOL
GDG FRPR GRV IHQyPHQRV FODUDPHQWH
GLIHUHQFLDGRV
 /D REOLJDFLyQ FLYLO PRGHUQD VH EDVD
HQ XQ FRQFHSWR JHQpULFR QR WtSLFR SRU
HO FXDO VH HVWi IUHQWH D XQD REOLJDFLyQ
VLHPSUH TXH XQ GHXGRU VH HQFXHQWUD
FRQVWUHxLGR D XQ GDU KDFHU R QR KDFHU
GH FRQWHQLGR SDWULPRQLDO HVWR HV TXH
SXHGDVHUYDORUDGRHFRQyPLFDPHQWH
 /D REOLJDFLyQ URPDQD VH JDUDQWL]DED D
WUDYpV GH OD ¿DQ]D HO SLJQXV OD ¿GXFLD
\ODKLSRWHFDVLQHPEDUJRHQHOGHUHFKR
PRGHUQR H[LVWHQ IRUPDV PXFKR PiV
 %RUGD$*XLOOHUPRRSFLWSDJ
H[WHQVLyQDFWXDOODFRQFHSFLyQHVWULFWD
GH ORV GHUHFKRV VXEMHWLYRV FRPR XQD
SRWHVWDG DEVROXWD H LQFDXVDGD HV
KR\ VXVWLWXLGD SRU OD GH ORV GHUHFKRV
HQFDPLQDGRV KDFLD XQ ¿Q OtFLWR GH ORV
FXDOHVQRVHSXHGHDEXVDUODQRFLyQGH
ODEXHQDIHKDLQYDGLGRWRGRHOGHUHFKR
GH ODV REOLJDFLRQHV \ ORV FRQWUDWRV
LOXPLQiQGRORV FRQ XQD QXHYD OX] OD
OHVLyQ DGPLWLGD \D HQ 5RPD VH DSOLFD
KR\HQFDVLWRGRHOPXQGRVREUHODEDVH
GHSULQFLSLRVPiVDPSOLRV\JHQHUDOHVOD
LGHDGHFXOSDFRPRIXQGDPHQWRH[FOXVLYR
GH OD UHVSRQVDELOLGDG H[WUDFRQWUDFWXDO
KD VLGR FRPSOHWDGD \ YLJRUL]DGD FRQ OD
WHRUtD GHO ULHVJR FUHDGR KDQ DSDUHFLGR
QXHYDV IyUPXODV FRPR OR FRQWUDWRV
FROHFWLYRVORVFRQWUDWRVGHDGKHVLyQOD
WHRUtDGHODLPSUHYLVLyQODVREOLJDFLRQHV
QDFLGDVGHYROXQWDGXQLODWHUDO´
 

%LEOLRJUDItD ,JOHVLDV - 'HUHFKR 5RPDQR ,QVWLWXFLRQHV

GH GHUHFKR 3ULYDGR  HG %DUFHORQD
/LEURV (GLWRULDO$ULHO

$WLOLR$QLEDO$OWHULQL'HUHFKRGH2EOLJDFLRQHV 0RQWHUR)2EOLJDFLRQHVHG6DQ

&LYLOHV\FRPHUFLDOHVFXDUWDHGLFLyQDEHOHGR -RVp3UHPLD(GLWRUHV
3HUURW%XHQRV$LUHV
3pUH] 9  'HUHFKR 3ULYDGR  HG
$UDQJLR 9  ,QVWLWXFLRQHV GH GHUHFKR /LWRJUDItDHLPSUHQWD/LO6$
URPD1ž%XHQRV$LUHV(GLFLRQHV'HSDOPD
6DODV ( &RGLJR &LYLO HG 6DQ -RVp
%UHQHV$7UDWDGRGHODV2EOLJDFLRQHV %LEOLRWHFD-XUtGLFD'LNH
HG6DQ-RVp(GLWRULDO-XULFHQWUR6$
6DQFKR )  9R] 2EOLJDFLyQ
%RUGD$*XLOOHUPR7UDWDGRGHO'HUHFKR&LYLO 0DGULG 3XEOLFDGR HQ *UDQ HQFLFORSHGLD
2EOLJDFLRQHV,HGLWRULDO3HUURW%XHQRV$LUHV 5LDOSHGLFLRQHV
4XLQWDHGLFLyQ
7RUUHQW$0DQXDOGHGHUHFKRSULYDGR
'H&RVVtR$,QVWLWXFLRQHVGH'HUHFKR URPD1ž=DUDJR]D/LEUHUtD&HQWUDO
&LYLOHG0DGULG$OLDQ]D8QLYHUVLGDG
/H\HV\&yGLJRVFRQVXOWDGRV
'H5XJJLHUR5,QVWLWXFLRQHVGH'HUHFKR&L
YLO9RO,7RPRGRV,QVWLWXWRHGLWRULDO5HXV &yGLJR&LYLO&RVWDUULFHQVH

'LH] / *XOOyQ $  6LVWHPD GH &yGLJR&LYLO(VSDxRO

'HUHFKR &LYLO  HG 9RO ,, 0DGULG
(GLWRULDO7HFQRV &yGLJR&LYLO,WDOLD1ž