&21*5(621$&,21$/'(352'8&725(6$6(625(6'(6(*8526

321(1&,$

³352%/(0$7,&$$&78$/'(/$&2%(5785$'(5(63216$%,/,'$'&,9,/'( 352'8&726$/$
/8='(/$/(<'('()(16$'(/&21680,'25´

$8725/,&)(51$1'2*7251$72

6tQWHVLVFRQFHSWXDO

6LQOXJDUDGXGDVXQDGHODVFREHUWXUDVPiVGLItFLOHVGHFRQVHJXLUHQQXHVWURPHUFDGRH
5HVSRQVDELOLGDG&LYLOGH3URGXFWRV&DVLODWRWDOLGDGGHORVFRQWUDWRVGHUHDVHJXURDXWRPiWLFRG
UHVSRQVDELOLGDGFLYLOH[FOX\HQHVWDFREHUWXUDODFXDOLQGHIHFWLEOHPHQWHGHEHFRQWUDWDUVHHQIRUP
IDFXOWDWLYD/DFRQRFLGDFULVLVLQWHUQDFLRQDOGHOUHDVHJXURTXHWUDMRDSDUHMDGRXQIXHUWHLQFUHPHQW
SULPDVVXPDGDDODSpUGLGDGHSUHVWLJLRGHOPHUFDGRDVHJXUDGRUDUJHQWLQR± FRPRSDUWHLQWHJUDQW
HFRQRPtDGHXQSDtVHQ³GHIDXOW´± \ODQHJDWLYDGHODVFRPSDxtDVDVHJXUDGRUDVDEULQGDUHVWDF
EDMRVXSURSLDUHWHQFLyQVLQHODX[LOLRGHOUHDVHJXURVLW~DHVWDSyOL]DGHQWURGHODVPiVFRQIOLFWLYD
PHUFDGR

3DUDDJUDYDUPiVODVLWXDFLyQHOPDUFROHJDOFUHDGRSRUOD/H\GH'HIHQVDGHO&RQVXPLGR
LPSRQHHQIRUPDFDVLLQGLVSHQVDEOHODQHFHVLGDGGHFRQWDUFRQVHJXURVGHUHVSRQVDELOLGDGFLYLO
SURGXFWRVQRVyORSDUDORVIDEULFDQWHVGHELHQHVVLQRWDPELpQSDUDDTXHOORVGLVWULEXLGRUHV\YHQGHGRUH
TXHIRUPDQSDUWHGHODFDGHQDGHFRPHUFLDOL]DFLyQGHORVPLVPRV

 /$&2%(5785$'(5(63216$%,/,'$'&,9,/'(352'8&726

/DV FRQGLFLRQHV WpFQLFRFRQWUDFWXDOHV GH OD SyOL]D GH 6HJXUR GH 5HVSRQVDELOLGDG &LYLO 3URGXFWRV
TXH RULJLQDULDPHQWH VH FRPHUFLDOL]DED HQ QXHVWUR PHUFDGR IXHURQ DSUREDGDV FRQ FDUiFWHU XQLIRUPH
PHGLDQWH&LUFXODU1žGHOD6XSHULQWHQGHQFLDGH6HJXURVGHOD1DFLyQGHRFWXEUHGH

(VWD SyOL]D FRSLDED PXFKR GH ORV OLQHDPLHQWRV GH ODV SyOL]DV HXURSHDV SDUD HVWD FODVH GH VHJXURV
(QWUHRWURVDVSHFWRVSXHGHQPHQFLRQDUVHORVVLJXLHQWHV

D 6HPDQWHQtDLQGHPQHDO DVHJXUDGRHQUD]yQGHVXUHVSRQVDELOLGDGFLYLO³SRUHOXVRRFRQVXPR
GHSURGXFWRVLQKHUHQWHVDVXDFWLYLGDG´VLQFDUDFWHUL]DUORQHFHVDULDPHQWHFRPRXQIDEULFDQWHGH
SURGXFWRV 3DUD PXFKRV OD SyOL]D DVt HVWUXFWXUDGD SRGtD UHVXOWDU DSOLFDEOH D IDEULFDQWHV
SULPDULRVGLVWULEXLGRUHV\YHQGHGRUHV

E /DSyOL]DQRHVSHFLILFDEDVLODFREHUWXUDHUDFRQWUDFWXDORH[WUDFRQWUDFWXDOORFXDOUHVXOWDEDSRU
GHPiVOyJLFR\DTXHVLELHQD~QKR\HQGtDODMXULVSUXGHQFLD\ODGRFWULQDQRVRQXQiQLPHVDO
UHVSHFWR SRGUtD HVWDU FXEULpQGRVH OD UHVSRQVDELOLGDG GH XQ IDEULFDQWH QR YHQGHGRU
H[WUDFRQWUDFWXDORGHXQIDEULFDQWHYHQGHGRUGLUHFWRFRQWUDFWXDO

F 6H H[FOXtDQ ODV UHFODPDFLRQHV SRU HO YDORU GHO SURGXFWR HQ Vt PLVPR DVt FRPR WDPELpQ ORV
JDVWRVGHUHSRVLFLyQUHSDUDFLyQ\RUHHPSOD]RGHOSURGXFWR

G /D FREHUWXUD DPSDUDED H[FOXVLYDPHQWH UHVSRQVDELOLGDGHV GHULYDGDV GH GHILFLHQFLDV HQ HO
SURFHVRGHIDEULFDFLyQHQYDVDGRFODVLILFDFLyQHWLTXHWDGRDFRQGLFLRQDPLHQWR\RLPSUHVLyQGH
LQVWUXFFLRQHV GHO SURGXFWR H[FOX\HQGR HUURUHV HQ OD FRQFHSFLyQ WpFQLFD GH IyUPXODV GLVHxRV
SODQRVHVSHFLILFDFLRQHV\RPDWHULDOGHSURSDJDQGD
 H 6H H[FOXtDQ ORV JDVWRV GH UHWLUR GHO PHUFDGR H[FOXVLyQ WtSLFD GH ODV SyOL]DV H[WUDQMHUDV DXQ
FXDQGRVHLQGLFDEDFRPR FDUJDHVSHFLDOTXH HODVHJXUDGRGHEtDUHWLUDUGHLQPHGLDWRFXDOTXLHU
SURGXFWR TXH HIHFWLYD R SUHVXPLEOHPHQWH HVWXYLHUD HQ HVWDGR GHIHFWXRVR EDMR SHQD GH
FDGXFLGDG $ PL MXLFLR HVWD H[FOXVLyQ HQWUD HQ FROLVLyQ FRQ ORV DUWV  \  GH OD /H\ GH
6HJXURV2EOLJDFLyQGHVDOYDPHQWR\UHHPEROVRGHJDVWRVGHVDOYDPHQWRORVTXHSRUVX
QDWXUDOH]D UHVXOWDUtDQ LQPRGLILFDEOHV GH DFXHUGR DO DUW  (Q ODV SyOL]DV H[WUDQMHUDV HO
JDVWR GH UHWLUR GHO SURGXFWR GHO PHUFDGR FRQRFLGR FRPR ³UHFDOO´ VH SXHGH DVHJXUDU FRQ XQD
VXPDLQGHSHQGLHQWHFX\RPRQWR\FRVWRGHVHJXURGHSHQGHUiGHODPDVLYLGDGGHOSURGXFWRHQ
FXHVWLyQ

/D FREHUWXUD VyOR DPSDUDED SURGXFWRV FRPHUFLDOL]DGRV GHQWUR GHO WHUULWRULR GH OD 5HS~EOLFD $UJHQWLQD
(QORUHODWLYRDDVSHFWRVWDULIDULRVODSyOL]DSUHYHtDXQPHFDQLVPRGHWDULIDFLyQVREUHYHQWDVFRQXQDSULPD
PtQLPD\GHGHSyVLWRVXMHWDDDMXVWHHQIXQFLyQGHODVYHQWDVUHDOHV/DLQIRUPDFLyQUHTXHULGDSDUDFRWL]DU
HUD PtQLPD /DV FRPSDxtDV DVHJXUDGRUDV SRGtDQ RIUHFHU D VXV FOLHQWHV HVWD FREHUWXUD  VLQ PD\RUHV
GLILFXOWDGHV VLHQGR HO UHDVHJXUR FHGLGR DO ,QVWLWXWR 1DFLRQDO GH 5HDVHJXURV ,1GH5 EDMR HO FRQWUDWR
DXWRPiWLFRGHUHDVHJXURV

6LQ HPEDUJR OD GHVUHJXODFLyQ GHO PHUFDGR DVHJXUDGRU SURGXFLGD SRU OD OLTXLGDFLyQ GHO PHQFLRQDGR
,1GH5 JHQHUy SURIXQGRV FDPELRV HQ OD PRGDOLGDG GH FRQWUDWDFLyQ GH ODV FREHUWXUDV GHO UDPR
5HVSRQVDELOLGDG &LYLO HQ JHQHUDO \ PX\ HVSHFLDOPHQWH HQ HVWD FREHUWXUD GH 5& 3URGXFWRV 'H VHU XQD
SyOL]DTXHSRGtDFRQWUDWDUVHFRQUHODWLYDVHQFLOOH]\FDVLVLQPD\RULQIRUPDFLyQVREUHHODVHJXUDGRH[FHSWR
SRU HO WLSR GH SURGXFWR \ ODV YHQWDV GHO DxR DQWHULRU OD VXVFULSFLyQ VH FRQYLUWLy HQ DOJR PXFKR PiV
UHVWULQJLGR\DUWHVDQDOGRQGHSRUORJHQHUDOUHVXOWDQHFHVDULROOHQDUXQFXHVWLRQDULRGHYDULDVKRMDVFRQOD
PiVGLYHUVDLQIRUPDFLyQGHODVHJXUDGRWDOFRPRORVDxRVTXHOOHYDHQODIDEULFDFLyQ\RYHQWDGHOSURGXFWR
ODVQRUPDVGHFDOLGDGTXHFXPSOHHOPLVPROXJDUHVGHGLVWULEXFLyQFRQYHQLRVFRQRWURVGLVWULEXLGRUHVHWF

/D FDVLWRWDOLGDG GHORVFRQWUDWRV GHUHDVHJXURDXWRPiWLFRGHUHVSRQVDELOLGDGFLYLOTXH KR\SURWHJHQ D

ODV FRPSDxtDV GH VHJXURV H[FOX\HQ HVWD FREHUWXUD OD FXDO LQGHIHFWLEOHPHQWH GHEH FRQWUDWDUVH HQ IRUPD
IDFXOWDWLYD 0X\ SRFDV FRPSDxtDV H[WUDQMHUDV FXHQWDQ FRQ UHDVHJXUR DXWRPiWLFR SDUD FREHUWXUD GH 5&
3URGXFWRVUHVWULQJLGDDSURGXFWRVGHPX\EDMDSHOLJURVLGDG

(QWUHORVSURGXFWRVFRQVLGHUDGRVULHVJRVRVRSRFRDVHJXUDEOHVSXHGHQPHQFLRQDUVHORVVLJXLHQWHV

 3URGXFWRVPHGLFLQDOHV\RYHWHULQDULRVHQJHQHUDO
 3URGXFWRVFRVPpWLFRV
 9HKtFXORV\RSDUWHVPHFiQLFDVGHYHKtFXORVHQJHQHUDO
 +HUUDPLHQWDV
 3URGXFWRVTXtPLFRV

6LELHQFDVLQRH[LVWHQVHJXURVREOLJDWRULRVSRU5&3URGXFWRVH[LVWHXQFDVRH[FHSFLRQDOGHULYDGRGH
OD QRUPDWLYD GHO (1$5*$6 (VWH 2UJDQLVPR GLFWy OD 5HVROXFLyQ  LPSRQLHQGR OD REOLJDFLyQ GH
FRQWUDWDUXQ6HJXURGH5HVSRQVDELOLGDG&LYLO&RQWUDFWXDO\([WUDFRQWUDFWXDOPHGLDQWHSyOL]D&RPSUHQVLYD\
GH 3URGXFWRV  SDUD ORV RSHUDGRUHV GH *1& FRQVLGHUDQGR FRPR WDOHV D ORV  SURGXFWRUHV GH HTXLSRV
FRPSOHWRV 3(& D ORV IDEULFDQWHV GH SDUWHV GH HTXLSRV \ D ORV LPSRUWDGRUHV GH HTXLSRV \ SDUWHV
SUHFLVDPHQWH WRGRV ORV TXH FRQIRUPDQ OD FDGHQD GH GLVWULEXFLyQ GHO SURGXFWR GH DFXHUGR DO DUW  GH OD
/H\ GH 'HIHQVD GHO &RQVXPLGRU DGHPiV GH ORV &HQWURV GH 5HYLVLyQ 3HULyGLFD GH &LOLQGURV /D VXPD
DVHJXUDGD SDUD HVWDV FREHUWXUDV GHEHUi VHU FRPR PtQLPR GH   SDUD HO FDVR GHO IDEULFDQWH GH
FLOLQGURV\GHSDUDORVUHVWDQWHVRSHUDGRUHV1RREVWDQWHORHOHYDGRGHORVPRQWRVDVHJXUDGRV\
HO KHFKR GH WUDWDUVH GH XQD DXWRSDUWH HVWD FREHUWXUD SXHGH FRQVHJXLUVH KR\ HQ HO PHUFDGR DXQTXH VyOR
FRQXQJUXSRPX\UHGXFLGRGHDVHJXUDGRUDVy

 /$/(<'('()(16$'(/&21680,'25

+DVWD HO DxR  QR H[LVWtD XQ UpJLPHQ HVSHFtILFR TXH FRQWHPSODUD HVWD UHVSRQVDELOLGDG \ HQ
FRQVHFXHQFLDORVUHFODPRVGHULYDGRVGHODUHVSRQVDELOLGDGFLYLOSURGXFWRVHQFRQWUDEDVXHQFXDGUHOHJDOHQ
ORVFRQFHSWRVJHQHUDOHVGHO&yGLJR&LYLOUHODWLYRVDODUHVSRQVDELOLGDGFRQWUDFWXDO\H[WUDFRQWUDFWXDO
 (QVHSWLHPEUHGHODxRVHVDQFLRQyOD/H\1žWDPELpQFRQRFLGDFRPR/H\GH 'HIHQVD
GHO&RQVXPLGRUOXHJRFRPSOHPHQWDGDFRQODLQFRUSRUDFLyQGHODUWPHGLDQWH/H\GHMXOLRGH
OD FXDO KD LQWURGXFLGR SURIXQGRV \ WUDVFHQGHQWDOHV FDPELRV HQ ODV UHODFLRQHV HQWUH FRPSUDGRUHV \
YHQGHGRUHVGHSURGXFWRV\VHUYLFLRV\UHVXOWDSUiFWLFDPHQWHGHVFRQRFLGDSDUDODJUDQPD\RUtDGHOPHUFDGR
GH VHJXURV UHILULpQGRPH QR VyOR ORVVXVFULSWRUHV GH ODV FRPSDxtDV GH VHJXURV TXH RIUHFHQ FREHUWXUDV GH
UHVSRQVDELOLGDGFLYLOVLQRWDPELpQDORVSURGXFWRUHVDVHVRUHVGHVHJXURVTXLHQHVGHEHQ± SUHFLVDPHQWH±
DVHVRUDUDVXVFOLHQWHVSDUDPDQWHQHUORVGHELGDPHQWHSURWHJLGRV

&RPR VRVWLHQH HO PDHVWUR 0RVVHW,WXUUDVSH ³/DVOtQHDV YHUWHEUDOHV R EiVLFDVGH OD QRUPD VRQ ODV
VLJXLHQWHV D XELFD OD UHVSRQVDELOLGDG HQ HO iPELWR FRQWUDFWXDO E H[WLHQGH OD UHVSRQVDELOLGDG D WRGRV ORV
LQWHJUDQWHVGHODFDGHQD SURGXFWLYDR GHFRPHUFLDOL]DFLyQFLJXDODODVVLWXDFLRQHV GHODVFRVDVELHQHV R
SURGXFWRV FRQ OD GH ORV VHUYLFLRV G FRQVDJUD XQD LPSXWDFLyQ R DWULEXFLyQ REMHWLYD H HQ FRQVHFXHQFLD
SUHVFLQGHGHODSUXHEDGHODFXOSDELOLGDGIEDVDHVDDWULEXFLyQREMHWLYDHQODFUHDFLyQGHULHVJRRSHOLJURJ
FRQVDJUD OD VROLGDULGDG HQWUH WRGRV ORV LQWHUYLQLHQWHV K H[SOLFLWD FRPR FDXVD GH OLEHUDFLyQ OD DMHQLGDG R
H[WUDxHLGDG GHO GDxR´ 0266(7 ,7855$63( -RUJH ³'HIHQVD GHO &RQVXPLGRU´ S (G 5XELQ]DO
&XO]RQL

6LQ OXJDU D GXGDV SRU VX UHODFLyQ FRQ HO VHJXUR GH 5HVSRQVDELOLGDG &LYLO GH 3URGXFWRV KD\ TXH
DQDOL]DU HO PHQFLRQDGR DUW  GH HVWD OH\ HO FXDO VH HQFRQWUDED HQ HO SUR\HFWR RULJLQDO GH  SHUR IXH
YHWDGRSRUHO(MHFXWLYRVLHQGRLQWURGXFLGRQXHYDPHQWHSRUPD\RUtDGHO6HQDGRHQODPRGLILFDFLyQGH
(VWHWUDVFHQGHQWDODUWtFXORHVWDEOHFHTXH

³6LHOGDxRDOFRQVXPLGRUUHVXOWDGHOYLFLRRULHVJRGHODFRVDRGHODSUHVWDFLyQGHOVHUYLFLRUHVSRQGHUiQHO
SURGXFWRU HO IDEULFDQWH HO LPSRUWDGRU HO GLVWULEXLGRU HO SURYHHGRU HO YHQGHGRU \ TXLHQ KD\D SXHVWR VX
PDUFDHQODFRVDRVHUYLFLR(OWUDQVSRUWLVWDUHVSRQGHUiSRUORVGDxRVRFDVLRQDGRVDODFRVDFRQPRWLYRRHQ
RFDVLyQGHOVHUYLFLR

/DUHVSRQVDELOLGDGHVVROLGDULDVLQSHUMXLFLRGHODVDFFLRQHVGHUHSHWLFLyQTXHFRUUHVSRQGDQ6yORVHOLEHUDUi
WRWDORSDUFLDOPHQWHTXLHQGHPXHVWUHTXHODFDXVDGHOGDxROHKDVLGRDMHQD´

1R TXLHUR H[WHQGHUPH LQQHFHVDULDPHQWH HQ FRQFHSWRV EDVWDQWH HVWXGLDGRV \ GH ORV FXDOHV GDQ
FXHQWD LQQXPHUDEOH FDQWLGDG GH OLEURV \ DUWtFXORV 6HQFLOODPHQWH DILUPDUp TXH HQ ORV ~OWLPRV DxRV VH KD
SURGXFLGR XQ GHILQLWLYR YLUDMH HQ HO SXQWR GH DQiOLVLV \ DVt OD UHVSRQVDELOLGDG SRU FXOSD VXEMHWLYD KD VLGR
GHVSOD]DGD SRUODUHVSRQVDELOLGDGSRUULHVJRREMHWLYD

/DVWHRUtDVPRGHUQDVHQPDWHULDGHUHVSRQVDELOLGDGFLYLOEXVFDQSRUVREUHWRGRODSURWHFFLyQGHOD
YtFWLPD\DVtHVTXHVHDGYLHUWHFODUDPHQWHXQDSRVWXUDTXHEXVFD³JDUDQWL]DUOH´DODYtFWLPDODUHSDUDFLyQ
GHVXGDxRLQFOXVRFREUDQGRGHTXLHQHVHQSULQFLSLRQRVHUtDQORVUHVSRQVDEOHVGLUHFWRVGHOGDxRVLQRTXH
HQ WRGR FDVR VX UHVSRQVDELOLGDG REHGHFH D KDEHU VLGR SDUWH GH OD ³FRPXQLGDG´ GHO QHJRFLR HQWHQGLHQGR
FRPR WDO D FDGD XQD GH ODV SDUWHV TXH SDUWLFLSD GH OD FDGHQD GH FRPHUFLDOL]DFLyQ GH XQ SURGXFWR
IDEULFDQWH GLVWULEXLGRU PD\RULVWD YHQGHGRU PLQRULVWD LPSRUWDGRU HWF \ TXH REWLHQH XQ OXFUR SRU VX
SDUWLFLSDFLyQ

/DDGTXLVLFLyQGHXQSURGXFWRWUDHLPSOtFLWDXQDREOLJDFLyQGHVHJXULGDGSURPHWLGD DOFRQVXPLGRUR
TXH pVWH UD]RQDEOHPHQWH HVSHUD TXH HO SURGXFWR UHVXOWH LQRFXR (VWH GHEHU GH VHJXULGDG LPSOLFD XQD
REOLJDFLyQGHUHVXOWDGR

(VLQGXGDEOHTXHOD/H\GH'HIHQVDGHO&RQVXPLGRUFUHDXQDUHVSRQVDELOLGDGGHWLSRREMHWLYDGDGR
TXH QR HV PDWHULD GH DQiOLVLV HO FRPSRUWDPLHQWR GH TXLHQ YD D VHU UHVSRQVDELOL]DGR VL DFWXy FRQ
LPSUXGHQFLD FRQ QHJOLJHQFLD R QR H[LVWLy GHVFXLGR GH VX SDUWH \D TXH QR VH DGPLWH OD SUXHED TXH WRPy
WRGDV ODV SUHFDXFLRQHV TXH FRUUHVSRQGtDQ < DTXt HQFRQWUDPRV XQD YLUWXDO LQYHUVLyQ GH OD FDUJD GH OD
SUXHED\DTXHDHVDSDUWHVHODFRQVLGHUDFXOSDEOHKDVWDTXHSUXHEHTXHODFDXVDGHOGDxROHIXHDMHQD
DXQFXDQGROXHJRVHDFRQGHQDGRVROLGDULDPHQWH
 3/$17(2'(/352%/(0$

&RPR \D VH H[SOLFy FRQ DQWHULRULGDG HO DUW  HVWDEOHFH OD UHVSRQVDELOLGDG VROLGDULD GH WRGRV
TXLHQHVLQWHUYLHQHQHQODFDGHQDGHFRPHUFLDOL]DFLyQGHXQSURGXFWR7DPELpQVHHVWLSXODODOLEHUDFLyQWRWDO
RSDUFLDOSDUDTXLHQGHPXHVWUHTXHODFDXVDGHOGDxROHKDVLGRDMHQD6LQHPEDUJRGHVGHODySWLFDMXGLFLDO
VLHPSUH KD UHVXOWDGR PXFKR PiV VHQFLOOR HO IDOODU FRQGHQDV VROLGDULDV \ DVHJXUDUOH D OD YtFWLPD R
HYHQWXDOPHQWH D VXV GHUHFKRKDELHQWHV TXH SHUFLELUiQ XQ UHVDUFLPLHQWR SRU ORV GDxRV GHMDQGR SDUD XQ
MXLFLR SRVWHULRU OD UHSHWLFLyQ TXH SXHGD FRUUHVSRQGHU HQWUH ORV FRGHPDQGDGRV 1RUPDOPHQWH OD SDUWH PiV
VROYHQWHHVODTXHYDDVHUUHTXHULGDGHLQGHPQL]DUHQXQDSULPHUDLQVWDQFLD

¢4XpUHFHSFLyQHVWiWHQLHQGROD/H\GH'HIHQVDGHO&RQVXPLGRUHQODMXULVSUXGHQFLD"6LVHWLHQH
HQFXHQWDHOSOD]RTXHWDUGDXQMXLFLRHQOOHJDUDVHQWHQFLDHQQXHVWURVWULEXQDOHVHQWUH\DxRVSURPHGLR
SDUD XQ FDVR TXH OOHJXH D &iPDUD FRPR SDUD VHQWDU MXULVSUXGHQFLD VH SXHGH DILUPDU TXH HVWD OH\ 
WRPDQGR HO DxR  HQ TXH VH LQFOX\y HO DUW   HV UHODWLYDPHQWH ³QXHYD´  1R REVWDQWH  ORV SULPHURV
IDOORVTXHFRPLHQ]DQDDSDUHFHUUHVXOWDQFRQWXQGHQWHV

,  (Q XQD VHQWHQFLD GH VHSWLHPEUH GHO  OD 6DOD & GH OD &iPDUD 1DFLRQDO GH $SHODFLRQHV HQ OR
&RPHUFLDOFRQIXQGDPHQWRHQHOFLWDGRDUWFRQGHQyDOSDJRGHXQDLQGHPQL]DFLyQHQIRUPDVROLGDULDD
ODDXWRPRWUL]9RONVZDJHQIDEULFDQWH\DODFRQFHVLRQDULDYHQGHGRUDSRUORVGDxRV\SHUMXLFLRVVXIULGRVSRU
HOGHPDQGDQWHTXHOHVDGTXLULyXQURGDGRTXHWHQtDGHIHFWRVGHIiEULFD(OGHIHFWRFRQVLVWLyHQXQDIDOODGHO
PHFDQLVPR GH DSHUWXUD GHO FDSRW HO FXDO VH DEULy LPSUHYLVWDPHQWH SURYRFDQGR XQ DFFLGHQWH PHQRU &UHR
LPSRUWDQWHUHVDOWDUTXHORTXHORVMXHFHVDQDOL]DURQSDUDGLFWDUVXIDOORHVHOGDxRFRPRIXHQWHGHUHVDUFLU\
QRVXH[WHQVLyQHVGHFLUTXHVLHODFFLGHQWHKXELHVHRFDVLRQDGRYDULRVOHVLRQDGRVRIDOOHFLGRVODFRQGHQD
KXELHVH VLGR OD PLVPD ³+HOEOLQJ &DUORV 0 F6HYLWDU 6$ \ RWUR´ 5HYLVWD GH 5HVSRQVDELOLGDG &LYLO \
6HJXURV± (G/D/H\± 1ž0DU]R$EULOGH

,,(QLJXDOIRUPDRSLQDURQODV6DODV%\$GHOD&iPDUD1DFLRQDOGH$SHODFLRQHVHQOR&RPHUFLDOHQFDVRV
VLPLODUHV FDXVDV ³6LOYD GH %XHQ 7HUHVD 0 \ RWUR F $XWRODWLQD $UJHQWLQD 6$ \ RWURV´ /D /H\ W&
SiJ\ ³$UWHPLV&RQVWUXFFLRQHV6$F'L\yQ6$\RWUR´'-3iJYLQFXODGRVDUHFODPRVGH
FRPSUDGRUHVSRUGDxRVUHVXOWDQWHVGHGHIHFWRVGHIDEULFDFLyQHQORVYHKtFXORVDGTXLULGRV

(Q HO VHJXQGR GH ORV FDVRV PHQFLRQDGRV OD &iPDUD RSLQy TXH ³(O FRQFHVLRQDULR TXH YHQGLy XQ
URGDGR \ HO IDEULFDQWH VRQ UHVSRQVDEOHV VROLGDULDPHQWH SRU ORV YLFLRV UHGKLELWRULRV TXH OR DIHFWHQ ± HQ HO
FDVR IDOODV HQ OD LQVWDODFLyQ HOpFWULFD TXH OH LPSLGHQ FXPSOLU VX GHVWLQR ± VLQ SHUMXLFLR GH ODV DFFLRQHV GH
UHSHWLFLyQTXHSXGLHUDQFRUUHVSRQGHUHQWUHHOORV´'HVHRUHVDOWDUTXHHQHOSURFHVRVHGLRSRUGHPRVWUDGR
\OD&iPDUDDVtORH[SRQHTXHODFDXVDGHOYLFLRGHODXWRPRWRUHUDH[FOXVLYDUHVSRQVDELOLGDGGHOIDEULFDQWH

(V LPSRUWDQWH DFODUDU TXH ORV YLFLRV UHGKLELWRULRV QR VRQ REMHWR GH FREHUWXUD SRU OD SyOL]D GH 5&
3URGXFWRV DXQTXH VL ORV PLVPRV KXELHVHQ RFDVLRQDGR XQ DFFLGHQWH Vt HVWDUtDPRV IUHQWH D XQ KHFKR
FXELHUWR

&RQVLGHURTXHORV)DOORVDQWHVVHxDODGRVPXHVWUDQTXHHVGHHVSHUDUTXHVHSURGX]FDQPiV
6HQWHQFLDVVLPLODUHV\HQWRQFHVODVIDUPDFLDVVHDQFRQGHQDGDVSRUGHIHFWRVGHORVPHGLFDPHQWRV
TXH YHQGH ORV TXLRVFRV SRU ORV GDxRV RFDVLRQDGRV SRU JRORVLQDV ODV FDVDV GH HOHFWURGRPpVWLFRV
SRUORVGHORVWHOHYLVRUHVHWF

%DMR HVWD SHUVSHFWLYD DOJXQRV ULHVJRV WHQGUtDQ VHULDV GLILFXOWDGHV SDUD FRQVHJXLU FREHUWXUD SRU
HMHPSOR ORV PD[LTXLRVFRV VXHOHQ YHQGHU DOJXQRV SURGXFWRV TXH VRQ FRQVLGHUDGRV FDVL LQDVHJXUDEOHV
PHGLFDPHQWRVFRVPpWLFRV\FLJDUULOORV2WURULHVJRGHGLItFLODVHJXUDPLHQWRVHUtDHVHOGHORVQHJRFLRVGH
YHQWDGHUHSXHVWRVGHODXWRPRWRURODVJRPHUtDV(QODYHUHGDRSXHVWDORVJUDQGHVVXSHUPHUFDGRVVLHPSUH
KDQWHQLGRLQFOXLGDHQVXSyOL]DODFREHUWXUDGH5&3URGXFWRVTXL]iVSRUTXHORVVXVFULSWRUHVSLHQV$QTXH
HO~QLFRUHVSRQVDEOHVHUtDHOIDEULFDQWHORFXDODODOX]GHORTXHKHVHxDODGRHQORVSiUUDIRVSUHFHGHQWHV
YHPRVTXHQRHVDVt

(QWRQFHVUHVXOWDQHFHVDULRKDFHUQRVODVLJXLHQWHSUHJXQWD¢(VWiHOPHUFDGRDVHJXUDGRUSUHSDUDGR
SDUD RIUHFHU FREHUWXUDV SDUD HVWH ULHVJR " /DPHQWDEOHPHQWH FUHR TXH OD UHVSXHVWD HV XQ URWXQGR 12
4XLHQHVLQWHQWDQFRQVHJXLUFXDOTXLHUFODVHGHFREHUWXUDGHUHVSRQVDELOLGDGFLYLOSDUDVXVDVHJXUDGRVVDEHQ
DTXpPHUHILHUR(QJHQHUDOODRIHUWDGHFREHUWXUDVGHUHVSRQVDELOLGDGFLYLOHVSHFtILFDVHOLPLWDKR\WDQVyOR
DSyOL]DVGH*DUDMHVSyOL]DVHVSHFtILFDVGH&DOGHUDV$VFHQVRUHV\&DUWHOHV\SyOL]DVGH5&&RPSUHQVLYD
DXQTXHHQJHQHUDOHVWDVYDQLQFOXLGDVHQSyOL]DVLQWHJUDOHVFRPRODVGH&RQVRUFLRR&RPHUFLR&XDOTXLHU
LQWHQWRGHFRQVHJXLUXQDFREHUWXUDXQSRFRPiV³FRPSOLFDGD´SXHGHWUDQVIRUPDUVHSDUDHOSURGXFWRUHQXQ
YHUGDGHUR³YtDFUXFLV´SRUHOPHUFDGR\HQODJUDQPD\RUtDGHORVFDVRVWHUPLQDUiH[SOLFiQGROHDVXFOLHQWH
TXHQRVHSXHGHDVHJXUDUHOULHVJR

1RKD\XQDUD]yQ~QLFDSDUDHVWDGLVPLQXFLyQGHODRIHUWDSRUSDUWHGHODVDVHJXUDGRUDV/DFULVLV
GHOUHDVHJXUR\ODGHYDOXDFLyQKL]RTXHKR\ORVFRQWUDWRVHQFXDOTXLHUUDPRVHDQPiVFDURVTXHDxRVDWUiV
\DGHPiVHQPXFKRVFDVRVKDQVXELGRODVSULRULGDGHVHQGyODUHV(VWRVLJQLILFDTXHSDUDVHJXLUWHQLHQGR
XQ FRQWUDWR GH UHDVHJXUR VREUH OD PLVPD FDUWHUD GH ULHVJRV GH UHVSRQVDELOLGDG FLYLO HO DVHJXUDGRU GHEH
SDJDUXQFRVWRPD\RU\DOPLVPRWLHPSRDXPHQWDUODSULRULGDGDVXFDUJRGDGRTXHHQODPD\RUtDGHORV
FDVRV ORV FRQWUDWRV GH UHDVHJXUR GH UHVSRQVDELOLGDG FLYLO VRQ ³QR SURSRUFLRQDOHV´ HV GHFLU TXH HO
UHDVHJXUDGRUFXEUHHQH[FHVRGHORTXHSULPHURSDJDHODVHJXUDGRU

4XL]iVSRUHVDPD\RULPSOLFDQFLDHFRQyPLFDGHODVHJXUDGRUIUHQWHDXQSRVLEOHVLQLHVWUR \WDPELpQ
FUHR TXH SRU HO GHVFRQRFLPLHQWR WpFQLFRMXUtGLFR GH JUDQ SDUWH GH ORV VXVFULSWRUHV  FDGD YH] UHVXOWD PiV
OLPLWDGDODRIHUWDGHFREHUWXUDVGHUHVSRQVDELOLGDGFLYLO

&RQFOXVLyQ VH REVHUYD TXH ORV SURGXFWRUHV DVHVRUHV GH VHJXURV KR\ GHEHQ UHFRPHQGDUOH D VXV
DVHJXUDGRV DTXHOORV TXH VHDQ IDEULFDQWHV \R LPSRUWDGRUHV \R GLVWULEXLGRUHV \R YHQGHGRUHV GH
FXDOTXLHU FODVH GH SURGXFWR TXH WRPHQ XQD FREHUWXUD SDUD XQD UHVSRQVDELOLGDG D OD TXH HVWiQ
FODUDPHQWH H[SXHVWRV HQ YLUWXG GH HVWD QXHYD OH\ \ OD WHQGHQFLD MXULVSUXGHQFLDO SHUR TXH OD JUDQ
PD\RUtDGHOPHUFDGRQRRIUHFH

%XHQRV$LUHVRFWXEUHGHO