8QLYHUVLGDG$UJHQWLQD-RKQ).

HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



1(85275$160,6,Ï1

/RV WHMLGRV HVSHFLDOL]DGRV GHO RUJDQLVPR QHFHVLWDQ IXQFLRQDU HQ IRUPD LQWHJUDGD \
FRRUGLQDGD\ORKDFHQPHUFHGDVLVWHPDVGHFRQWURO
DHO VLVWHPD QHUYLRVR TXH PHGLDQWH XQD UHG HOHFWURTXtPLFD \ GH PHQVDMHURV TXtPLFRV
GHQRPLQDGRV QHXURWUDQVPLVRUHV QHXURKRUPRQDV \ QHXURPRGXODGRUHV PDQWLHQH VX
FRQH[LyQFRQORVGLYHUVRVWHMLGRV
EHOVLVWHPDHQGyFULQRPHGLDQWHPHQVDMHURVTXtPLFRVGHQRPLQDGRVKRUPRQDV\
FHOVLVWHPDLQPXQHDWUDYpVGHVXVPHQVDMHURVOODPDGRVLQWHUOHXNLQDVWDPELpQFRQRFLGDV
SRUFLWRFLQDVROLQIRFLQDV

&DGD XQR GH HVWRV WUHV JUDQGHV VLVWHPDV QRV DVHJXUD XQD IXQFLyQ GH SURWHFFLyQ GHO
RUJDQLVPR GH VX GHVDUUROOR \ GH VX UHJXODFLyQ IXQFLRQDQGR HQ XQD UHG LQWHJUDGD
LQWHUDFWLYDHLQWHJUDGRUD(QWHQGHPRVSRULQWHUDFWLYDHOKHFKRGHUHODFLRQDUHVWRVVLVWHPDV
HQWUHVt\FRQHOUHVWRGHORUJDQLVPR
9HDPRVHQWRQFHVODGLIHUHQFLDHQWUHQHXURWUDQVPLVRUQHXURKRUPRQDQHXURPRGXODGRU
KRUPRQDHLQWHUOHXNLQD
6H OODPDQ QHXURWUDQVPLVRUHV D ODV HVSHFLHV PROHFXODUHV OLEHUDGDV SRU GHVSRODUL]DFLyQ
GHODSUHVLQDSVLV\TXHDIHFWDQODSRVWVLQDSVLVPHGLDQGRODFRPXQLFDFLyQTXtPLFDQHXUDO
/RV FULWHULRV SDUD TXH XQD VXVWDQFLD VHD FRQVLGHUDGD XQ QHXURWUDQVPLVRU VRQ ORV
VLJXLHQWHV
DGHEHVHUVLQWHWL]DGDSRUODQHXURQDSUHVLQiSWLFD\DOPDFHQDUVHHQODVYHVtFXODVVLQiSWLFDV
EGHEHVHUOLEHUDGDSRUHOHVWtPXORQHXUDOILVLROyJLFR
FGHEHDFWXDUVREUHODSRVWVLQDSVLVHQIRUPDVLPLODUDOHVWtPXORQRUPDOGHODYtDDQDOL]DGD
FULWHULR GH LGHQWLGDG GH DFFLyQ (V GHFLU LGHQWLGDG HQWUH ORV HIHFWRV ILVLROyJLFRV GHO
WUDQVPLVRU\ORVGHODHVWLPXODFLyQSUHVLQiSWLFD
GLGHQWLGDGHQWUHODUHVSXHVWDDODHVWLPXODFLyQSUHVLQiSWLFD\ODUHVSXHVWDDODDSOLFDFLyQ
GHOWUDQVPLVRULGHQWLGDGIDUPDFROyJLFD
HGHEHQH[LVWLUPHFDQLVPRVHIHFWLYRV SDUD ODWHUPLQDFLyQ GHVXDFFLyQ UHFDSWDFLyQ HQ HO
WHUPLQDOQHXUDOGLIXVLyQDOHVSDFLRH[WUDVLQiSWLFRPHWDEROLVPRTXHJDUDQWLFHQODQHFHVDULD
UDSLGH]\IXJDFLGDGGHODDFFLyQGHOWUDQVPLVRU9HUGHVDUUROORRQWRJpQLFR\IOXMRGHOD
LQIRUPDFLyQVLQDSVLV
(VWDV VHxDOHV HOHFWURTXtPLFDV GHO VLVWHPD QHUYLRVR FLUFXODQ SRU FLUFXLWRV QHXURQDOHV
HVSHFtILFRV PLHQWUDV TXH ODV KRUPRQDV QHUYLRVDV GHQRPLQDGDV QHXURKRUPRQDV VRQ
YHUWLGDVDODVDQJUHRELHQDFW~DQVREUHRWUDV]RQDVGHOVLVWHPDQHUYLRVRYHUPiVDGHODQWH
$VtVHH[SOLFDHOFRQWUROGHOVLVWHPDQHUYLRVRVREUHODKLSyILVLVDQWHULRURDGHQRKLSyILVLV
TXHVHUHDOL]DPHGLDQWHSpSWLGRVVLQWHWL]DGRVHQHOKLSRWiODPR\DORVTXHVHORVGHQRPLQD
³IDFWRUHV´ X KRUPRQDV KLSRWDOiPLFDV (VWRV ³IDFWRUHV´ OOHJDQ D OD DGHQRKLSyILVLV SRU YtD
 8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



KHPiWLFD HVSHFtILFDPHQWH SRU HO VLVWHPD SRUWDKLSRILVDULR 7DPELpQ VH SXGR GHPRVWUDU OD
SURGXFFLyQ GHQHXURKRUPRQDV HQ ORV Q~FOHRVVXSUDySWLFR \ SDUDYHQWULFXODU KLSRWDOiPLFRV
TXH OOHJDQ SRU YtD QHUYLRVD D OD KLSyILVLV SRVWHULRU R QHXURKLSyILVLV TXH ODV UHVHUYD R
DFXPXODSDUDOXHJRSDVDUHYHQWXDOPHQWHDODVDQJUHYHUHQGRFULQR
6H GHQRPLQD HVHQFLDOPHQWH QHXURPRGXODGRU D OD VXVWDQFLD TXH SUHVHQWD ODV VLJXLHQWHV
FDUDFWHUtVWLFDV
D TXHWHQJDXQRULJHQQHXURQDOHVWRH[FOX\HHQWUHRWUDVVXVWDQFLDVDODVKRUPRQDV\D
RWUDVPROpFXODVPHQVDMHUDVRQROLEHUDGDVSRUODVFpOXODVGHODQHXURJOtD
E XQDOLEHUDFLyQDOH[WHULRUGHODVQHXURQDV
F XQDDXVHQFLDGHHIHFWRRDFFLyQSURSLRV(VWDVHUtDODGLIHUHQFLDIXQGDPHQWDOFRQORV
QHXURWUDQVPLVRUHV
G 3URGXFH OD PRGLILFDFLyQ GH OD VLQDSVLV WDO TXH OD HILFDFLD GH OD PLVPD VH YHD
PRGLILFDGDSRUHIHFWRLQGLUHFWR
/RV QHXURPRGXODGRUHV GHVGH HO SXQWR GH YLVWD TXtPLFR VRQ HVHQFLDOPHQWH SpSWLGRV
ORFDOL]iQGRVHHQODVPLVPDVWHUPLQDFLRQHVTXHHOQHXURWUDQVPLVRUSULQFLSDOFRORFDOL]DFLyQ\
TXHVHOLEHUDQFRQpOFROLEHUDFLyQ$OQRDFWXDUSRUVtPLVPRODIXQFLyQGHOQHXURPRGXODGRU
HV PRGLILFDU HO HIHFWR GHO QHXURWUDQVPLVRU ³PRGXODQGR´ OD WUDQVPLVLyQ VLHQGR HQWRQFHV HO
PHFDQLVPR³SDUDVLQiSWLFRDFWXDQGRVREUHUHFHSWRUHVHVSHFtILFRVYHUPiVDGHODQWHDQLYHO
SRVWVLQiSWLFR
(Q OD DFWXDOLGDG VH FRQVLGHUD TXH XQD KRUPRQD HV FXDOTXLHU VXVWDQFLD TXH OLEHUDGD SRU
XQD FpOXOD DFW~D VREUH RWUD WDQWR FHUFDQD FRPR OHMDQD VLQ WHQHU HQ FXHQWD OD YtD HPSOHDGD
SDUD VX WUDQVSRUWH VHD pVWD OD FLUFXODFLyQ VDQJXtQHD HO IOXMR D[RSODVPiWLFR R HO HVSDFLR
LQWHUVWLFLDO
6HGHQRPLQDLQWHUOHXNLQDFLWRFLQDVROLQIRFLQDVDODVPROpFXODVGLIHUHQWHVDORV
DQWLFXHUSRV\TXHVRQSURGXFLGDVSRUORVOLQIRFLWRV7UDQVSRUWDQVHxDOHVHQWUHODVFpOXODVGHO
VLVWHPD LQPXQH \ SHUPLWHQ D HVWH ~OWLPR FRQHFWDUVH HQ UHG FRQ ORV VLVWHPDV QHUYLRVR \
HQGRFULQR
$OKDEODUGHPHQVDMHURVHVLPSUHVFLQGLEOHUHIHULUQRVDODQRFLyQGHUHFHSWRUELROyJLFR6H
HQWLHQGHSRUUHFHSWRUELROyJLFRDODHVWUXFWXUDTXHSRUXQODGRVHHQFDUJDGHUHFRQRFHUDXQ
PHQVDMHUR TXtPLFR \ SRU HO RWUR VH HQFDUJD GH OD HMHFXFLyQ GH OD RUGHQ ELROyJLFD TXH HVWi
FRQWHQLGDHQHOPHQVDMH
3RUORWDQWRSRGHPRVGHFLUTXHXQUHFHSWRUELROyJLFRHVXQDHVWUXFWXUDELSRODUFRQ
 XQ SROR GH UHFRQRFLPLHQWR TXH VH VLW~D VREUH OD FDUD H[WHUQD GH OD PHPEUDQD
FLWRSODVPiWLFD(VWHVHUiHOVLWLRUHFHSWRUSURSLDPHQWHGLFKRDWUDYpVGHOFXDOHOWUDQVPLVRU
VHXQHDODPHPEUDQD
 XQSRORHIHFWRURSRORHMHFXWLYRTXHVHHQFXHQWUDVREUHODFDUDLQWHUQDGHODPHPEUDQD
FLWRSODVPiWLFD\HVHOTXHWUDQVPLWHODRUGHQGHDFFLyQ
(O SURFHVR GH UHFRQRFLPLHQWR HV PX\ JHQHUDO HQ ELRORJtD \ VRQ GH OD PLVPD QDWXUDOH]D ODV
UHDFFLRQHVDQWLFXHUSRDQWtJHQRRHQ]LPD±VXEVWUDWR
(QHOFDVRGHORVQHXURWUDQVPLVRUHVORVUHFHSWRUHVVRQFDGHQDVSURWHLFDVFRQVWLWXLGDVSRU
OD DOWHUQDQFLD GH XQ FLHUWR Q~PHUR GH FDPSRV LQWUD \ H[WUD PHPEUDQDUHV \ HV HO
 8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



³UHFRQRFLPLHQWRUHFtSURFR´HQWUHHOUHFHSWRU\HOQHXURWUDQVPLVRUORTXHYDDGDUODVHxDOGH
SDUWLGDGHODFDGHQDGHUHDFFLRQHVTXHWHUPLQDUiFRQHOHIHFWRILVLROyJLFR
3DUD FDGD VLVWHPD GH QHXURWUDQVPLVLyQ H[LVWHQ YDULRV WLSRV GH UHFHSWRUHV (Q XQD PLVPD
VLQDSVLVSXHGHUHTXHULUVHODDFWLYDFLyQGHGRVRYDULRVWLSRVGHUHFHSWRUHV
(VWHIXQFLRQDPLHQWRSXHGHVHUH[SOLFDGRGHVGHXQDSHUVSHFWLYDHYROXWLYDDSDUWLUGHXQJHQ
DQFHVWUDO VH KDQ GLIHUHQFLDGR YDULDV XQLGDGHV SURWHLFDV TXH  SRU VX QDWXUDOH]D \ GLVSRVLFLyQ
FRQGXMHURQDXQDPXOWLSOLFLGDGGHORVWLSRVGHUHFHSWRUHV\SRUORWDQWRGHXQDGLYHUVLILFDFLyQ
GHODVLQIRUPDFLRQHVTXHVHSXHGHQWUDQVPLWLUSRUHQGHDXQPHMRUDPLHQWRGHODSHUIRUPDQFH
RGHVHPSHxRYHUHVSHFLILFLGDG3RUORWDQWRVHORJUDXQDPD\RUGLYHUVLGDGGHIXQFLRQHVFRQ
XQD PLVPD VXVWDQFLD TXtPLFD HVWR LPSOLFD SRU XQ ODGR VH SXHGH FRQVLGHUDU D HVWD
\X[WDSRVLFLyQSRVLFLRQDUXQRMXQWRDRWURGHYDULRVWLSRVGHUHFHSWRUHVFRPRXQIDFWRUTXH
FRQWULEX\HDODSODVWLFLGDGVLQiSWLFDWDQWRGXUDQWHHOFUHFLPLHQWRFRPRGXUDQWHODYLGDDGXOWD
(VWR FRODERUD DGHPiV D OD RSWLPL]DFLyQ HQ HO XVR GH ORV UHFXUVRV HQHUJpWLFRV FRQ ORV  TXH
FXHQWDHOVLVWHPDQHUYLRVR
5HFRUGHPRVTXH³HOFRQFHSWRGHSODVWLFLGDGVLQiSWLFDPRGLILFDHOORFDOL]DFLRQLVPRUtJLGR\
SHUPLWHXELFDUWRGDDFWLYLGDGFHUHEUDOGHQWURGHXQGLQDPLVPRHQGRQGHORVRFLDOPRGLILFDOD
HVWUXFWXUD\IXQFLyQ´

1(85275$160,625(6
/RVQHXURWUDQVPLVRUHVLGHQWLILFDGRVSDUFLDORWRWDOPHQWHHQODVYtDVQHXUDOHVFRPSUHQGHQ
WUHVJUDQGHVIDPLOLDV
DODVDPLQDVELyJHQDVRPRQRDPLQDVQRUDGUHQDOLQD1$DGUHQDOLQDDFHWLOFROLQD$&K
VHURWRQLQD+7KLVWDPLQDGRSDPLQD'$HWF
EORV DPLQRiFLGRVR iFLGRV DPLQDGRV JOXWDPDWR R iFLGR JOXWiPLFR DVSDUWDWR iFLGR
JDPPDDPLQREXWtULFR*$%$JOLFLQD$XQTXHQRVRQDPLQRiFLGRVVXHOHLQFOXLUVHHQHVWH
JUXSR D ORV GHULYDGRV SXUtQLFRV DGHQRVLQD $73 DGHQRVLQD WULIRVIDWR \ TXH PiV ELHQ
MXHJDQXQUROQHXURPRGXODGRU
FORVQHXURSpSWLGRVTXHVRQPiVGHHVWUXFWXUDVGLIHUHQWHVLGHQWLILFDGDVKDVWDODIHFKD
8Q DVSHFWR D FRQVLGHUDU HQ ORV QHXURWUDQVPLVRUHV HV OD GLYHUVLGDG GH YHVtFXODV VLQiSWLFDV
XWLOL]DGDV
DSHTXHxDVFODUDVHVIpULFDVSDUDDFHWLOFROLQD\DPLQRiFLGRVH[FLWDWRULRV
ESHTXHxDVFODUDVDSODQDGDVSDUDDPLQRiFLGRVLQKLELWRULRVFRPRHO*$%$RODJOLFLQD
FSHTXHxDVGHFHQWURGHQVRSDUDDPLQDVELyJHQDVSRUHMFDWHFRODPLQDVVHURWRQLQD
GJUDQGHVGHFHQWURGHQVRSDUDQHXURSpSWLGRVUHODFLRQDUFRQHVSHFLILFLGDG



5LVXHxR$OLFLD³1HXURSVLFRORJtD&HUHEUR3VLTXH\&RJQLFLyQ´%V$V(UUH(PH(GLWSDJ
 8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



6(52721,1$
/DVHURWRQLQDR+7VHORFDOL]DHQODVSODTXHWDVQRWLHQHQODFDSDFLGDGGHVLQWHWL]DUOD
VyORODFDSWDQ\ODDOPDFHQDQHQXQGHOWRWDOFpOXODVGHOLQWHVWLQRHQXQ\FpOXODV
QHUYLRVDVQRPiVGHO
/D VHURWRQLQD VH ORFDOL]D HQ ODV QHXURQDV GHO 6LVWHPD 1HUYLRVR &HQWUDO \ GHO 6LVWHPD
1HUYLRVR$XWyQRPR/DFDVLWRWDOLGDGGHODVQHXURQDVVHURWRQLQpUJLFDVVHKDOODQDQLYHOGHO
WURQFRHQFHIiOLFRQ~FOHRVGHOUDIHSHURRWUDVHVWUXFWXUDVFRPRHOKLSRWiODPRWDPELpQODV
DOEHUJDQ9HUFXDGUR

+,67$0,1$
&RQVLGHUDGDHQSULPHUDLQVWDQFLDFRPRXQDPLQRiFLGR\DTXHVXELRVtQWHVLVHVXQSURFHVR
GHXQDVRODHWDSDODGHVFDUER[LODFLyQGHODKLVWLGLQDDFWXDOPHQWHHVFRQVLGHUDGDXQDDPLQD
ELyJHQD(QORVSULPHURVSDVRVGHOHVWXGLRGHODKLVWDPLQD+$IXHPiVFRQRFLGDSRUVXV
SURSLHGDGHVUHDFWLYDVSHULIpULFDVFRPRODVUHDFFLRQHVDOpUJLFDVTXHSRUVXSUHVHQFLDHQODV
QHXURQDV $ SHVDU GH VX SUHVHQFLD HQ HO 61& D~Q VH GHVFRQRFHQ ODV DFWLYLGDGHV
QHXURWUDQVPLVRUDVGHHVWDVXVWDQFLDTXtPLFD

$&(7,/&2/,1$
/D DFHWLOFROLQD $FK R $FR IXH LGHQWLILFDGD D SULQFLSLRV GHO VLJOR ;; \ HV UHFRQRFLGD
FRPRXQQHXURWUDQVPLVRUGHVGHORVDxRV6XIXQFLyQHVFRQVLGHUDGDSULQFLSDOPHQWH
FRPR H[FLWDGRUD HQ VLQDSVLV PXVFXODUHV \ FHQWUDOHV (V GHFLU IDYRUHFH  OD UHDOL]DFLyQ  GH
FRQGXFWDVPRWRUDVIDFLOLWDODFRQVROLGDFLyQGHODPHPRULD
/DVFpOXODVFROLQpUJLFDVHQHO61&VHORFDOL]DQWDQWRGLVSHUVDVHQFLHUWDVHVWUXFWXUDVFRPR
DFXPXODGDVHQQ~FOHRV
• $LVODGDPHQWH VH WUDWD GH PRWRQHXURQDV FpOXODV GHO VLVWHPD QHUYLRVR YHJHWDWLYR H
LQWHUQHXURQDV
 8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



/DV PRWRQHXURQDV HVSLQDOHV VH HQFDUJDQ GH WRGDV ODV IXQFLRQHV GH ORV P~VFXORV
HVTXHOpWLFRV /RV Q~FOHRV YLVFHURPRWRU \ VRPDWRPRWRU GH ORV SDUHV FUDQHDOHV ,,, 9 9,
9,,,;;\;,,WDPELpQDOEHUJDQFXHUSRVQHXURQDOHVFROLQpUJLFRV
(Q QXPHURVDV HVWUXFWXUDV FHQWUDOHV FRPR HQ HO FXHUSR HVWULDGR VH KDOODQ SUHVHQWHV
LQWHUQHXURQDVFROLQpUJLFDV3DUWLFLSDQHQHOSURFHVRGHPRWULFLGDGH[WUDSLUDPLGDO
• 6HDFXPXODQHQQ~FOHRVHQGRV]RQDVFHUHEUDOHVSULQFLSDOPHQWHHOWURQFRFHUHEUDO\
HOSURVHQFpIDOR
5HFLHQWHV HVWXGLRV KDQ GHPRVWUDGR WDQWR XQD IXHUWH FRUUHODFLyQ HQWUH OD SpUGLGD GH $FR
FHUHEUDO\ODGLVPLQXFLyQGHORVUHQGLPLHQWRVFRJQLWLYRVFRPRODDOWHUDFLyQSDUWLFXODUGHO
VLVWHPDFROLQpUJLFREDMDGHOQ~PHURGHFpOXODVFROLQpUJLFDVHQHOFHUHEURHQOD'HPHQFLD
6HQLOGHWLSR$O]KHLPHU'7$

125$'5(1$/,1$<$'5(1$/,1$
/D QRUDGUHQDOLQD 1$ HV XQ QHXURWUDQVPLVRU FDUDFWHUL]DGR OD DGUHQDOLQD $' HQ
FDPELR DO QR SRVHHU UHFHSWRU SURSLR GHEH VHU FRQVLGHUDGD PiV ELHQ FRPR XQ
QHXURPRGXODGRU
(VWDVGRVVXVWDQFLDVSRVHHQXQDGREOHIXQFLyQGHDFXHUGRDOOXJDUGHVXVtQWHVLV3RUXQ
ODGR VRQ KRUPRQDV VLQWHWL]DGDV \ VHFUHWDGDV SRU OD JOiQGXOD  VXSUDUUHQDO YHU HQGRFULQR
VREUH WRGR HQ VLWXDFLRQHV GH HVWUpV \ SRU HO RWUR VRQ QHXURWUDQVPLVRU \ QHXURPRGXODGRU
UHVSHFWLYDPHQWHYHUFXDGUR



9HU3DWRORJtDV([WUDSLUDPLGDOHVHQ,GLGSDJ$SXQWH$VSHFWRVQHXURSVLFROyJLFRVGHORV&LUFXLWRV
EDVDOHV
 8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



'23$0,1$
6HKDQGHVFULSWRWUHVVLVWHPDVGRSDPLQpUJLFRVSULQFLSDOHVHQHOFHUHEUR
D(OVLVWHPDQHJURHVWULDGRGRQGHORVFXHUSRVFHOXODUHVVHKD\DQORFDOL]DGRVHQODVXVWDQFLD
QHJUD\VXVD[RQHVSUR\HFWDQKDFLDHOQHRHVWULDGRQ~FOHRVFDXGDGR\SXWDPHQ6HFRQVLGHUD
SDUWHGHOOODPDGRVLVWHPDH[WUDSLUDPLGDO
E(OVLVWHPDPHVROtPELFR\PHVRFRUWLFDOTXHVHRULJLQDHQHOiUHDWHJPHQWDOYHQWUDOGHO
PHVHQFpIDOR\HQYtDVXVD[RQHVKDFLDHVWUXFWXUDVHVWULDWDOHVOtPELFDV\FRUWLFDOHV\
F(OVLVWHPDWXEHURLQIXQGLEXODUFRQILEUDVUHODWLYDPHQWHFRUWDVTXHQDFHQHQHOKLSRWiODPR
Q~FOHRDUFXDWR\SHULYHQWULFXODU\WHUPLQDQHQODKLSyILVLVOyEXORLQWHUPHGLR\ODHPLQHQFLD
PHGLD
([LVWHQWDPELpQLQWHUQHXURQDVGRSDPLQpUJLFDVHQODUHWLQDHOEXOERROIDWRULR\HOKLSRWiODPR

/RV UHFHSWRUHV GRSDPLQpUJLFRV SDUWLFLSDQ HQ JUDQ Q~PHUR GH HIHFWRV IDUPDFROyJLFRV
LQFOX\HQGRORVGHDJHQWHVWUDQTXLOL]DQWHVDQWLGHSUHVLYRVDQWLSDUNLQVRQLDQRV\HVWLPXODQWHV\
HQ SDWRORJtDV QHXUROyJLFDV \ SVLTXLiWULFDV VHULDV FRPR OD HQIHUPHGDG GH 3DUNLQVRQ \D
PHQFLRQDGDODHVTXL]RIUHQLD\HQIHQyPHQRVGHDGLFFLyQDGURJDV
 8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



*/87$0$72\$63$57$72
/DVGRVPROpFXODVVRQGHHVWUXFWXUD\SURSLHGDGHVPX\VHPHMDQWHV\HQJHQHUDOQRORJUDQ
GLIHUHQFLDUVH FXDQGR VH ODV HVWXGLD 7DQWR DVt TXH SDUD GHVLJQDU HO FRQMXQWR GH HVWDV GRV
PROpFXODV VH XWLOL]D OD H[SUHVLyQ DPLQRiFLGRV H[FLWDWRULRV $$( $O KDEODU GH WUDQVPLVLyQ
JOXWDPDWpUJLFD TXHGD HQWHQGLGR TXH OD WUDQVPLVLyQ SXHGH IXQFLRQDU FRQ JOXWDPDWR \R
DVSDUWDWR\DTXHHVWRVGRVDPLQRiFLGRVDFWLYDQORVPLVPRVUHFHSWRUHV
7RGDV ODV UHJLRQHV GHO QHRFyUWH[ VH SUR\HFWDQ VREUH GLIHUHQWHV SDUWHV GHO HVWULDGR \ GHO
WiODPR SRU YtDV JOXWDPDWpUJLFDV H[LVWLHQGR WDPELpQ XQD UHWURDFFLyQ JDEDpUJLFD VREUH HO
FyUWH[YHU$VSHFWRVQHXURSVLFROyJLFRVGHORVFLUFXLWRVEDVDOHV
(Q HO FHUHEHOR ODV DIHUHQFLDV H[FLWDWRULDV TXH OOHJDQ SRU ODV ILEUDV PXVJRVDV \ ODV ILEUDV
WUHSDGRUDVHVWiQPHGLDGDVSRUDPLQRiFLGRVH[FLWDWRULRV$$(
(QODVYtDVDXGLWLYDVJXVWDWLYDVROIDWRULDV\VRPDWRHVWpVLFDVVXFHGHORPLVPR

$&,'2*$00$$0,12%87,5,&2*$%$
(O*$%$HVXQRGHORVQHXURWUDQVPLVRUHVPiVH[WHQGLGRVHQHO6LVWHPD1HUYLRVR&HQWUDO
HVWLPiQGRVHHQXQODSURSRUFLyQGHVLQDSVLVHQODVTXHLQWHUYLHQH
(VWHQHXURWUDQVPLVRUYHKLFXOL]DGLIHUHQWHVWLSRVGHLQKLELFLyQ\MXHJDXQUROHQWUHRWURVHQ
HOFRQWUROGHODVIXQFLRQHVPRWULFHV/DVFpOXODVJDEDpUJLFDVGHOHVWULDGRHMHUFHQXQFRQWURO
PX\LPSRUWDQWHVREUHODPRWULFLGDGH[WUDSLUDPLGDOFRQSUR\HFFLRQHVTXHFRQVWLWX\HQ XQD
PDOOD GH FLUFXLWRV SROLVLQiSWLFRV TXH VH FDUDFWHUL]DQ IXQFLRQDOPHQWH SRU XQD VXFHVLyQ GH
VLQDSVLV LQKLELWRULDV (VWR H[SOLFD OD DFFLyQ UHJXODGRUD UHFtSURFD TXH HMHUFHQ ORV
QHXURWUDQVPLVRUHVH[FLWDWRULRVHLQKLELWRULRVYHUJOXWDPDWR\DVSDUWDWR
3HURODVFpOXODVJDEDpUJLFDVGHOHVWULDGRWDPELpQWLHQHQGRVEODQFRVSULQFLSDOHVTXHVRQODV
FpOXODV GH OD 6XVWDQFLD 1HJUD \ ODV FpOXODV GHO VHJPHQWR LQWHULRU GHO *ORER 3iOLGR /DV
FpOXODV GH DPERV Q~FOHRV VH SUR\HFWDQ KDFLD ORV FHQWURV SUHPRWRUHV GHO GLHQFpIDOR \ GHO
WURQFRFHUHEUDO

*/,&,1$
(VHODPLQRiFLGRQDWXUDOPiVSHTXHxR\HQSDUWLFXODUVHORHQFXHQWUDGHVHPSHxDQGRVXURO
HQ LQWHUQHXURQDV LQKLELGRUDV JOLFLQpUJLFDV GH QXPHURVRV FLUFXLWRV ORFDOHV HQ OD PpGXOD
HVSLQDO\HQHOEXOERRPpGXODREORQJD
(QWUHRWUDVORFDOL]DFLRQHVVHSXHGHQFLWDUDIHUHQFLDVHVSLQDOHVGHODIRUPDFLyQUHWLFXODGD\
GHO UDIH \ SUR\HFFLRQHV GH OD FRUWH]D SUHIURQWDO VREUH HO KLSRWiODPR (Q ORV GRV FDVRV
DQWHULRUHVWDPELpQVHREVHUYDXQHIHFWRLQKLELWRULR

1(85275$160,625(6<1(852(1'2&5,12/2*Ë$
/D FRPXQLFDFLyQ TXtPLFD LQWHUFHOXODU GHQWUR GHO 6LVWHPD 1HUYLRVR VH UHDOL]D FRPR
GLMpUDPRVDWUDYpVGHQHXURWUDQVPLVRUHVFRQWHQLGRVHQODVWHUPLQDFLRQHVQHUYLRVDVTXHORV
 8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



OLEHUDQ\TXHUHFRUUHQXQHVSDFLRQRKHPiWLFRPX\SHTXHxRHOHVSDFLRVLQiSWLFR/XHJRVRQ
FDSWDGRVSRUUHFHSWRUHVHVSHFtILFRVHQODVXSHUILFLHSRVWVLQiSWLFD
3HUR DOJXQRV QHXURWUDQVPLVRUHV SXHGHQ DFWXDU FRPR QHXURKRUPRQDV SXHV DO VHU YHUWLGRV DO
WRUUHQWH VDQJXtQHR SURGXFHQ HIHFWRV D GLVWDQFLD FRPR SRU HMHPSOR OD DGUHQDOLQD \
QRUDGUHQDOLQD
/D VHURWRQLQD DFW~D VREUH HO HTXLOLEULR KRUPRQDO PRGLILFDQGR OD OLEHUDFLyQ HQGRFULQD FRPR
SRU HMHPSOR OD OLEHUDFLyQ GH RFLWRFLQD WDPELpQ VH SRGUi OHHU R[LWRFLQD \ GH SURODFWLQD
DFWXDQGRHQHOKLSRWiODPR
(QODDFWXDOLGDGVHFRQVLGHUDTXHODGRSDPLQDFXPSOHODIXQFLyQGHQHXURKRUPRQDGDGRTXH
GHVGH HO KLSRWiODPR OOHJD D OD DGHQRKLSyILVLV VH DUJXPHQWD TXH HV HO PLVPR 3,) IDFWRU
LQKLELGRUGHODSURODFWLQDHLQKLEHODVHFUHFLyQGHSURODFWLQD
(O *$%$ WDPELpQ HV FRQVLGHUDGR XQ LQKLELGRU GH ODV KRUPRQDV DGHQRKLSRILVDULDV
HVSHFLDOPHQWHGHODVHFUHFLyQGHSURODFWLQD
/DKLVWDPLQDVHHQFXHQWUDHQHOKLSRWiODPRHQDOWDVFRQFHQWUDFLRQHVORTXHKDFHVXSRQHUTXH
VHVLQWHWL]DGHQWURGHOPLVPR$SDUHQWHPHQWHHOHIHFWRPiVLPSRUWDQWHHVWDUtDYLQFXODGRFRQ
ODVHFUHFLyQGHSURODFWLQD

/,%(5$&,21'(1(85275$160,625
/D OOHJDGD GHO SRWHQFLDO GH DFFLyQ DO WHUPLQDO VLQiSWLFR SURGXFH VX GHVSRODUL]DFLyQ
SRWHQFLDO VHFUHWRU (Q OD PHPEUDQD GHO WHUPLQDO VH ORFDOL]DQ FDQDOHV GH &D UHJXODGRV SRU
YROWDMHTXHVHDEUHQSRUODGHVSRODUL]DFLyQSHUPLWLHQGRDVtODHQWUDGDGHOFDWLyQ
(O DXPHQWR EUXVFR GH OD FRQFHQWUDFLyQ FLWRSODVPiWLFD GH &D SURGXFH OD IXVLyQ GH ODV
PHPEUDQDV GH ODV YHVtFXODV VLQiSWLFDV FRQ OD PHPEUDQD FHOXODU OD DSHUWXUD GH ODV YHVtFXODV
VLQiSWLFDV \ HO YDFLDPLHQWR H[RFLWyWLFR GH VX FRQWHQLGR HQ OD KHQGLGXUD VLQiSWLFD &RPR HO
YDFLDPLHQWR GH FDGD YHVtFXOD HV WRWDO OD FDQWLGDG GH WUDQVPLVRU OLEHUDGR VHUi VLHPSUH XQ
P~OWLSOR GH OD FRQFHQWUDFLyQ XQLWDULD SUHVHQWH HQ FDGD YHVtFXOD $ HVWR VH OR GHQRPLQD
OLEHUDFLyQFXiQWLFDGHOWUDQVPLVRU
/D FDQWLGDG GH YHVtFXODV TXH VH IXVLRQDQ FRQ OD PHPEUDQD \ SRU OR WDQWR OD FDQWLGDG GH
WUDQVPLVRUOLEHUDGRHV IXQFLyQGHOQ~PHURGH FDQDOHVGH &DDFWLYDGRV \ GHO WLHPSR HQ TXH
HVWRV SHUPDQHFHQ DELHUWRV 6LQ HPEDUJR OD OLEHUDFLyQ GH QHXURWUDQVPLVRU VH EORTXHD VL VH
LPSLGHODHQWUDGDSUHVLQiSWLFDGH&DPHGLDQWHDJHQWHVEORTXHDQWHVGHORVFDQDOHVGH&D
'HEH QRWDUVH TXH QR WRGDV ODV VXVWDQFLDV OLEHUDGDV SRU ODV QHXURQDV OR VRQ SRU H[RFLWRVLV
6HJXQGRVPHQVDMHURVTXHVHOLEHUDQDOHVSDFLRH[WUDFHOXODUFRPRODVSURVWDJODQGLQDVXRWURV
GHULYDGRVGHOiFLGRDUDTXLGyQLFRDWUDYLHVDQODPHPEUDQDFHOXODUSRUGLIXVLyQ

+25021$6
'HVGHHOSXQWRGHYLVWDGHVXHVWUXFWXUDTXtPLFDSRGHPRVFODVLILFDUDODVKRUPRQDVHQ
• $PLQDVFRPRODDGUHQDOLQD\QRUDGUHQDOLQDGHODPpGXODVXSUDUUHQDOODWLUR[LQD\
WUL\RGRWLURQLQDGHODJOiQGXODWLURLGHV\ODPHODWRQLQDGHODJOiQGXODSLQHDO
 8QLYHUVLGDG$UJHQWLQD-RKQ).HQQHG\'SWRGH%LRSVLFRORJtD
,QVWLWXWRGH,QYHVWLJDFLyQ\'RFHQFLDHQ1HXURSVLFRORJtD



• (VWHURLGHV GHULYDQ GHO FROHVWHURO FRPR ODV KRUPRQDV VH[XDOHV HVWUDGLRO

SURJHVWHURQD WHVWRVWHURQD ODV KRUPRQDV FRUWLFRDGUHQDOHV PLQHUDORFRUWLFRLGHV
JOXFRFRUWRFRLGHV\ORVFRUWLFRLGHVVH[XDOHV\ORVPHWDEROLWRVDFWLYRVGHODYLWDPLQD
'
• 3pSWLGRVHQJHQHUDOXQDSURWHtQDSURJHQLWRUDGHDOWRSHVRPROHFXODURULJLQDYDULDV
KRUPRQDVSHSWtGLFDVGHPHQRUSHVRPROHFXODU\GHDFFLRQHVGLIHUHQWHV VXJLULHQGR
RUtJHQHV ILORJHQpWLFRV FRPXQHV &RPR HMHPSORV VH SXHGHQ FLWDU HO )DFWRU
+LSRWDOiPLFR /LEHUDGRU GH 7LURWURILQD TXH HV XQ WULSpSWLGR R HO )DFWRU GH
&UHFLPLHQWR ,QVXOLQDVtPLO TXH SRVHH  DPLQRiFLGRV (QWUH ORV SpSWLGRV VH
HQFXHQWUDQ  KRUPRQDV WDOHV FRPR OD DGUHQRFRUWLFRWURILQD GH OD DGHQRKLSyILVLV OD
KRUPRQD PHODQRFLWR HVWLPXODQWH GH OD KLSyILVLV HO JOXFDJyQ GHO SiQFUHDV OD
VHFUHWLQDGHOWUDFWRLQWHVWLQDOODFDOFLWRQLQDGHODJOiQGXODWLURLGHVHWF
• 3URWHtQDVHQHVWHFDVRVRQ KRUPRQDV GH DOWRSHVRPROHFXODU FRPRODLQVXOLQD GHO
SiQFUHDV OD KRUPRQD SDUDWLURLGHD GH OD JOiQGXOD SDUDWLURLGHV OD KRUPRQD GH
FUHFLPLHQWR *+ OD SURODFWLQD 35/ OD KRUPRQD IROtFXORHVWLPXODQWH )6+ OD
OXWHLQL]DQWH/+ODWLURWURILQD76+HWF