Sistemas de Comunicacion de Datos

6LVWHPDVGH&RPXQLFDFLyQGH'DWRV
,QGLFH
35(6(17$&,Ï1
2%-(7,926'(/$$6,*1$785$
352)(625$'2
352*5$0$
35È&7,&$6(1/$%25$725,2
%,%/,2*5$)Ë$
,1752'8&&,Ï1
,1752'8&&,Ï1
&/$6,),&$&,Ï1'(/$5('(6
35272&2/26<$548,7(&785$'(35272&2/26
02'(/2'(5()(5(1&,$ 26,
35272&2/26 7&3,3
1LYHOGHVXEUHG
1LYHOGH,QWHUUHG
1LYHOGHWUDQVSRUWH
1LYHOGHDSOLFDFLyQ
&203$5$&,Ï126,967&3,3
25*$1,6026'(1250$/,=$&,Ï1
75$160,6,Ï1'('$726
7(50,12/2*Ë$
7UDQVPLVLyQGHGDWRVDQDOyJLFD\GLJLWDO
3HUWXUEDFLRQHVHQODWUDQVPLVLyQ
$WHQXDFLyQ
'LVWRUVLyQGHUHWDUGR
5XLGR
&$3$&,'$''(81&$1$/
0(',26'(75$160,6,Ï1
*XLDGRV
3DUWUHQ]DGR
&RD[LDO
)LEUDySWLFD
1RJXLDGRV
0LFURRQGDVWHUUHVWUHV
,QIUDUURMRV
2QGDVGHUDGLR
&2',),&$&,Ï1'( '$726
$/*25,7026
15=15=/1RQ5HWXUQWR]HUR/HYHO
15=,15=,QYHUWLGR
0DQFKHVWHU
0DQFKHVWHUGLIHUHQFLDO
3VHXGRWHUQDULR
$0,$OWHUQDWH0DUN,QYHUVLRQ
%=6%LSRODUZLWK=HURV6XEVWLWXWLRQ
/XLV%5DPtUH]GHO3LQR
+'%³+LJK'HQVLW\%LSRODU=HURV´

)RUPDGHRQGDGHHVWDVFRGLILFDFLRQHV
'$726',*,7$/(6$6(f$/($1$/Ï*,&$
'HVSOD]DPLHQWRHQDPSOLWXG$6.$PSOLWXG6KLIW.H\LQJ
'HVSOD]DPLHQWRHQIUHFXHQFLD)6.
'HVSOD]DPLHQWRHQIDVH36.
'$726$1$/Ï*,&26$6(f$/(6',*,7$/(6
0RGXODFLyQSRULPSXOVRVFRGLILFDGRV
'$726$1$/Ï*,&26$6(f$/$1$/Ï*,&$
,17(5)$&(6'(&$3$)Ë6,&$
&21&(3726
7UDQVPLVLyQVtQFURQD\DVtQFURQD
7UDQVPLVLyQDVtQFURQD
7UDQVPLVLyQVtQFURQD
,17(5)$&(6
56
02'(0GHGLVWDQFLDOLPLWDGD
02'(0GHODUHGWHOHIyQLFD
02'(01XOR
1,9(/'((1/$&(
,1752'8&&,Ï1
(175$0$'2
&21752/'()/8-2
3DUDGD\HVSHUD
$QiOLVLVGHSUHVWDFLRQHV
9(17$1$'(6/,=$17(
&21752/'((5525(6
&yGLJRVGHSURWHFFLyQIUHQWHDHUURUHV
3URWHFFLyQGHHUURUHVWLSRV
3DULGDG
3DULGDGEORTXHRPXOWLGLPHQVLRQDO
&yGLJR+DPPLQJ
&5&
7pFQLFDVGHFRUUHFFLyQGHHUURUHV
$54
$54GHSDUDGD\HVSHUD
$54GHUHFKD]RVLPSOH
$54GHUHFKD]RVHOHFWLYR
3UHVWDFLRQHVGH$54
$UTGHSDUDGD\HVSHUD
$54FRQUHFKD]RVLPSOH\VHOHFWLYR
)(&)RUZDUG(UURU&RQWURO
7pFQLFDVPL[WDV
)(&)(&
$54)(&
35272&2/26'(1,9(/'((1/$&(
6/,36HULDO/LQN,3
3333RLQWWR3RLQW3URWRFRO
/XLV%5DPtUH]GHO3LQR
+'/&+LJKOHYHO'DWD/LQN&RQWURO

352%/(0$6
1,9(/'((1/$&(0(',2&203$57,'2
08/7,3/(;$&,Ï1
7'0
)'0
:'0
&'0
35272&2/2 $/2+$
$/2+$SXUR
&È/&8/2'(35(67$&,21(6
$/2+$UDQXUDGR
&60$
&60$SHUVLVWHQWH
&60$QRSHUVLVWHQWH
&60$SSHUVLVWHQWH
&60$&'
3$62'(7(67,*2
/$1
(WKHUQHW,(((
7RNHQ5LQJ,(((
)'',
7RNHQ%XV,(((
352%/(0$6
/XLV%5DPtUH]GHO3LQR
3UHVHQWDFLyQ
2EMHWLYRVGHODDVLJQDWXUD
6HSUHWHQGHTXHORVDOXPQRV
x DGTXLHUDQ FRQRFLPLHQWRV JHQHUDOHV DFHUFD GH ODV UHGHV GH GDWRV

FODVLILFDFLyQWLSRVGHFRQPXWDFLyQFRQFHSWRVGHLQWHUID]VHUYLFLR\SURWRFROR
x FRPSUHQGDQFRQFHSWRVUHODWLYRVDOQLYHOItVLFRGHODFRPXQLFDFLyQ
x FRPSUHQGDQ\VHDQFDSDFHVGHDQDOL]DU \UHFUHDUODVWpFQLFDVXVDGDVHQHOQLYHO
GHHQODFHWDQWRHQHQODFHVSXQWRDSXQWRFRPRHQHQODFHVGHDFFHVRP~OWLSOH
3URIHVRUDGR
x &DUORV*DUFtD5XELR5HVSRQVDEOH
x -RVp/XLV+HUQiQGH])HUQiQGH]
3URJUDPD
,QWURGXFFLyQ
x +LVWRULD\XVRGHODVUHGHVGHGDWRV
x &ODVLILFDFLyQGHUHGHVGHRUGHQDGRUHV
x &RQFHSWRV%iVLFRV
x 'HVFRPSRVLFLyQHQQLYHOHVGHORVVLVWHPDVGHFRPXQLFDFLyQGHGDWRV
,QWHUIDFHV
6HUYLFLRV
3URWRFRORV
x 0RGHORGHUHIHUHQFLD26,
x 0RGHOR7&3,3
1LYHO ItVLFR
x 7UDQVPLVLyQGHGDWRV
x 0HGLRVGHWUDQVPLVLyQ
x &RGLILFDFLyQGHGDWRV
x ,QWHUIDFHVGHFRPXQLFDFLyQGHGDWRV
1LYHOGHHQODFH
x &RQWUROGHHQODFH
'HILQLFLRQHV\UHSUHVHQWDFLRQHV
)XQFLRQHVGHOQLYHOGHHQODFH
7LSRVGHHQODFH
&yGLJRVGHGHWHFFLyQ\FRQWUROGHHUURUHV7pFQLFDV)(&
(MHPSOR6/,3333
3URWRFRORVGHFRQWUROGHHUURUHV7pFQLFDV$54
(MHPSOR+'/&
x 7pFQLFDVGHDFFHVRDOPHGLR
/XLV%5DPtUH]GHO3LQR
5HVHUYD)'07'07'0HVWDGtVWLFD

&RQWLHQGD$ORKD&60$

6HOHFFLyQ3DVRGHWHVWLJR

x 5HGHVGHiUHDORFDO
&RQFHSWRV%iVLFRV
$UTXLWHFWXUD
(WKHUQHW,(((\)DVW(WKHUQHW
7RNHQ5LQJ,(((
)'',,62
,QWHUFRQH[LyQGH6XEUHGHV
x 1LYHO)tVLFR5HSHWLGRUHV
x 1LYHOGH(QODFH%ULGJHV
%ULGJHV7UDQVSDUHQWHV
%ULGJHVFRQ(QFDPLQDPLHQWRIXHQWHV
1RPHQFODWXUD5HSHWLGRUHV+XEV%ULGJH6ZLWFK
3UiFWLFDVHQODERUDWRULR
$GHPiVGHODVFODVHVGHWHRUtD\GHSUREOHPDVVHUHDOL]DUiQSUiFWLFDVHQODERUDWRULR
x /DVSUiFWLFDVFRPLHQ]DQHOGH1RYLHPEUHGH
x (OKRUDULRGHSUiFWLFDVVHUiORVPLpUFROHV FRLQFLGLHQGRFRQODVKRUDV
GH FODVH GH D \ GH D VL ELHQ SRGUiQ KDFHUVH
WDPELpQ IXHUD GH KRUDV GH FODVH FRQHFWiQGRVH D ORV SXHVWRV GHO
ODERUDWRULR SRU WHOQHW R VORJLQ GHVGH FXDOTXLHU RUGHQDGRU GH ,QWHUQHW \
WUDEDMDQGRHQUHPRWRFXDOTXLHUGtDGHODVHPDQDDFXDOTXLHUKRUD
x /DV SUiFWLFDV VH UHDOL]DUiQ HQ HO ODERUDWRULR GHO ÈUHD GH ,QJHQLHUtD
7HOHPiWLFD $ HQ 3&V FRQ VLVWHPD RSHUDWLYR /LQX[ &RPR \D
KHPRV FRPHQWDGR SXHGH FRQHFWDUVH D HVWRV RUGHQDGRUHV D WUDYpV GH
,QWHUQHWVHOODPDQLWODELWXFPHV DLWODELWXFPHV
x 3DUDSRGHUHQWUDUHQORVRUGHQDGRUHVGHOODERUDWRULRQHFHVLWDWHQHUXQD
FXHQWD DELHUWD 3XHGH VROLFLWDUOR D WUDYpV GHO VLJXLHQWHIRUPXODULR /DV
FXHQWDV VH VROLFLWDUiQ LQGLYLGXDOPHQWH FDGD DOXPQR WLHQH GHUHFKR D
WHQHU XQD FXHQWD (VWD FXHQWD OH VHUYLUi DGHPiV SDUD HO UHVWR GH ODV
DVLJQDWXUDVTXHFXUVHHQHOÈUHDGH,QJHQLHUtD7HOHPiWLFD
x /DV SUiFWLFDV VH KDUiQ \ VH HQWUHJDUiQ REOLJDWRULDPHQWH SRU SDUHMDV

/HD HQ HO HQXQFLDGR GH OD SUiFWLFDV ODV QRUPDV VREUH FyPR QRWLILFDU
FXiOHVVRQORVFRPSRQHQWHVGHFDGDSDUHMD
x 3XOVHDTXtSDUDDFFHGHUDOHQXQFLDGRGHODSUiFWLFD
%LEOLRJUDItD
>7DQHQEDXP@
/XLV%5DPtUH]GHO3LQR
$QGUHZ 6 7DQHQEDXP &RPSXWHU 1HWZRUNV 7KLUG (GLWLRQ 3UHQWLFH +DOO

,QWHUQDWLRQDO WDPELpQHQ(VSDxRO
>6WDOOLQJV@
:LOOLDP6WDOOLQJV'DWDDQG&RPSXWHU&RPPXQLFDWLRQV)LIWK(GLWLRQ3UHQWLFH
+DOO,QWHUQDWLRQDO WDPELpQHQ(VSDxRO
>3HUOPDQ@
5DGLD3HUOPDQ,QWHUFRQQHFWLRQV %ULGJHVDQG 5RXWHUV $GGLVRQ :HVOH\
@
/DUU\ / 3HWHUVRQ %UXFH 6 'DYLH&RPSXWHU 1HWZRUNV $ 6\VWHPV $SSURDFK
0RUJDQ.DXIPDQQ3XEOLVKHUV
>6FKZDUW]@
0LVFKD 6FKZDUW] 7HOHFRPPXQLFDWLRQ 1HWZRUNV 3URWRFROV 0RGHOOLQJ DQG
$QDO\VLV$GGLVRQ:HVOH\
>3HWHUVRQ@
/DUU\ / 3HWHUVRQ %UXFH 6 'DYLH&RPSXWHU 1HWZRUNV $ 6\VWHPV $SSURDFK
0RUJDQ.DXIPDQQ3XEOLVKHUV
>%HUWVHNDV@
'LPLWUL %HUWVHNDV 5REHUW *DOODJHU'DWD 1HWZRUNV 6HFRQG (GLWLRQ 3UHQWLFH
+DOO,QWHUQDWLRQDO
>+DOVDOO@
)UHG +DOVDOO 'DWD &RPPXQLFDWLRQV &RPSXWHU 1HWZRUNV DQG 2SHQ 6\VWHPV
)RXUWK(GLWLRQ $GGLVRQ:HVOH\
/XLV%5DPtUH]GHO3LQR
,QWURGXFFLyQ
,QWURGXFFLyQ
(O SURFHVDPLHQWR GH OD LQIRUPDFLyQ ,QIRUPiWLFD \ OD GLVWULEXFLyQ GH OD
LQIRUPDFLyQ7HOHFRPXQLFDFLRQHVFRQYHUJHQDPEDVWLHQGHQKDFLDODWHOHPiWLFD
'H ORV VLVWHPDV LQIRUPiWLFRV FHQWUDOL]DGRV KD\ XQD HYROXFLyQ D ORV VLVWHPDV
GLVWULEXLGRV
7HOHPiWLFDHVHOHVWXGLRGHODVUHGHVGHRUGHQDGRUHV6&'
$OJXQDVGHILQLFLRQHV
x 5HGGHRUGHQDGRUHV(VXQDFROHFFLyQLQWHUFRQHFWDGDSHUPLWHHOLQWHUFDPELRGH
LQIRUPDFLyQGHRUGHQDGRUHVDXWyQRPRVHTXLSRVTXHHQSULQFLSLRQRQHFHVLWDQ
ODUHGSDUDIXQFLRQDU
x 7HOHFRPXQLFDFLyQ &RPXQLFDFLyQ D GLVWDQFLD &XDOTXLHU LQWHUFDPELR GH
LQIRUPDFLyQ\DVHDHQWUHKRPEUHRPiTXLQDLQGHSHQGLHQWHPHQWHGHODGLVWDQFLD
XQRV SRFRV PHWURV R KDVWD NLOyPHWURV (Q SULQFLSLR HV XQD FRPXQLFDFLyQ
ELODWHUDODXQTXHSXHGHKDEHUVLVWHPDVXQLODWHUDOHVGLIXVLyQGHUDGLRR79
x 5HGHV GH RUGHQDGRUHV VLPpWULFDV HQ ODV TXH ODV FRPXQLFDFLRQHV VH SURGXFHQ
LJXDOHQXQVHQWLGRTXHHQRWUR
0RGHOR VLPSOLILFDGR GH XQ VLVWHPD GH WHOHFRPXQLFDFLRQHV XQD GLUHFFLyQ SRU
VLPSOLILFDU
)8(17( 6PD[ H 5(' 5(&(3725 '(67,12
3RGUtDPRVYHUORVIXQGLGRVHQXQVRORRUGHQDGRU
3RGUtDPRVYHUORVIXQGLGRVHQXQVRORRUGHQDGRU
/D IXHQWH HV OD TXH JHQHUD OD LQIRUPDFLyQ D WUDQVPLWLU HQ QXHVWUR FDVR HO
RUGHQDGRU (O WUDQVPLVRU WUDQVIRUPD OD LQIRUPDFLyQ GH OD IXHQWH HQ VHxDOHV
HOHFWURPDJQpWLFDV VXVFHSWLEOHV GH VHU HQYLDGDV D WUDYpV GH XQD UHG (Q HO FDVR GH XQ
RUGHQDGRUVHUtDXQ02'(0RXQDWDUMHWDGHUHG/DUHGHVXQFRQMXQWRGHUHFXUVRV \
IDFLOLGDGHVTXH SHUPLWLUiQ ODWUDQVPLVLyQGHHVDV VHxDOHV(OUHFHSWRU FDSWD ODVVHxDOHV
GHODUHG\ODVWUDQVIRUPD DOIRUPDWRTXHQHFHVLWDHOGHVWLQR(OGHVWLQRHVHOTXHUHFLEH
ORVGDWRVHQYLDGRVSRUODIXHQWH8QHMHPSORQRLQIRUPiWLFRVHUtD
5('
)8(17( 75$160,625 5(&(3725 '(67,12
'HILQLFLRQHV
/XLV%5DPtUH]GHO3LQR
x 7UDQVPLVLyQ3URFHVRGHHQYtRGHLQIRUPDFLyQDWUDYpVGHXQDUHG(QSULQFLSLR
OD LQIRUPDFLyQ KD GH WUDQVIRUPDUVH SDUD SRGHU VHU HQYLDGD SRU OD UHG HOHFWUR
PDJQpWLFR
x 6HxDO,QIRUPDFLyQWUDQVIRUPDGDDGHFXDGDPHQWHSDUDVHUHQYLDGDSRUUHG
x 3URWRFROR5HJODVTXHGHILQHQFRPRVHFRGLILFDODVHxDO\VXRUJDQL]DFLyQSDUD
VHU WUDQVPLWLGD SRU UHG SURWRFROR GH FRPXQLFDFLRQHV (VWRV QHFHVLWDQ HO
LQWHUFDPELRGHRWUDVVHxDOHVTXHQRVRQLQIRUPDFLyQ
x 6HxDOL]DFLyQ 6HxDOHV TXH QR VRQ LQIRUPDFLyQ SHUR LQWHUYLHQHQ HQ OD
FRPXQLFDFLyQ\WUDQVPLVLyQGHHVWD
(OVLVWHPDGH FRPXQLFDFLyQPiVHOHPHQWDOFRQVWDUiGHGRV HTXLSRVXQLGRVSRU

XQPHGLRGHWUDQVPLVLyQ
)8(17( 75$160,625 5(&(3725 '(67,12
x 0HGLRVGHWUDQVPLVLyQ6HFODVLILFDQHQGRVWLSRV
*XLDGRV /DV RQGDV HOHFWURPDJQpWLFDV VH FRQILQDQ HQ HO LQWHULRU GH XQ
PHGLR VyOLGR FDEOH PHWiOLFR UHG FRD[LDO HWF R QR PHWiOLFR ILEUD
ySWLFD
1RJXLDGRV6HWUDQVPLWHQODVVHxDOHVVLQFRQILQDUODVHQQLQJ~QPHGLRD
WUDYpVGHODLUHRYDFtR7DPELpQVHOODPDWUDQVPLVLyQLQDOiPEULFD
6LHQOXJDUGHHTXLSRVWHQHPRVQHFHVLWDPRVPHGLRVGHWUDQVPLVLyQ\HQ
FDGD PiTXLQD LQWHUIDFHVGH
, ,
FRPXQLFDFLyQ
&RQ HTXLSRV VHtD
0HGLRGH7[
PHGLRV GH WUDQVPLVLyQ \
, LQWHUIDFHVSRUPiTXLQD
0HGLRGH7[ 0HGLRGH7[ , &RQ Q HTXLSRV
LQWHUFRQHFWDGRV

QQ
QHFHVLWDUtDPRV

, , PHGLRVGHWUDQVPLVLyQ\FDGD
PiTXLQD KDEUtD GH WHQHU Q
LQWHUIDFHV
x 5HGGHFRPXQLFDFLRQHV6LVWHPDFRPSDUWLGRTXHSHUPLWHUHGXFLU HOQ~PHURGH
PHGLRV GH WUDQVPLVLyQ \ HO
Q~PHUR GH LQWHUIDFHV
QHFHVDULRV HQ FDGD PiTXLQD
FRPSDUWLpQGRORV \ KDFLHQGR
TXH FDGD PiTXLQD FRQHFWDGD
DODUHGWHQJDXQVRORLQWHUID]
XQD VROD YtD GH HQWUDGD \
VDOLGDGHLQIRUPDFLyQ
/XLV%5DPtUH]GHO3LQR
&ODVLILFDFLyQGHODUHGHV
6HSXHGHQFODVLILFDUVHJ~QGLYHUVRVFULWHULRV
x 6HJ~QVXWpFQLFDGHFRPXQLFDFLyQ
5HGHV SXQWR D SXQWR GHGLFDGDV R PDOODGDV ([LVWH XQD UHG GH

FRPXQLFDFLyQSDUDFDGDSDUHMDGHHTXLSRVFRQHFWDGRV
9(17$-$6 &RPXQLFDFLyQ PX\ VHQFLOOD SXHV FDGD SDUHMD GH
HTXLSRV WLHQH XQ PHGLR H[FOXVLYR VLQ FRPSDUWLU 1R KD\ TXH HOHJLU HO
FDPLQRSRUGRQGHOOHYDUODLQIRUPDFLyQ
,1&219(1,(17(6 6X FRVWH \ FRPSOHMLGDG FXDQGR KD\
PXFKRVHTXLSRV
5HGHVGHGLIXVLyQ ([LVWHXQ~QLFRPHGLRGHWUDQVSRUWHFRPSDUWLGRSRU
WRGRVORVHTXLSRVSRUHOORVHQHFHVLWDXQPHFDQLVPRHQODUHGGHFRQWURO
GH DFFHVR D HVH PHGLR FRPSDUWLGR SDUD HYLWDU TXH HVWH VHD XVDGR SRU
YDULDVPiTXLQDVVLPXOWiQHDPHQWH/DFRPSDUWLFLyQVHFRQVLJXHPHGLDQWH
PXOWLSOH[DFLyQ2WUDFDUDFWHUtVWLFDHVTXHFRPRHOPHGLRHVFRPSDUWLGR
FXDQGRDOJXLHQWUDQVPLWHDOJRHQHOPHGLRHVUHFLELGRSRUHOUHVWRGHORV
HTXLSRVGHODUHG
9(17$-$6 8Q ~QLFR PHGLR GH WUDQVPLVLyQ 6L TXHUHPRV
WUDQVPLWLUDWRGDVOHVOOHJDFRQXQD~QLFDWUDQVPLVLyQ
,1&219(1,(17(63ULYDFLGDGQRVyOROHOOHJDDOGHVWLQRVLQR
DWRGDVODVPiTXLQDVGHODUHG/DFDSDFLGDGGHOFDQDOVHGLYLGHHQWUHHO
Q~PHUR GH HVWDFLRQHV SDUD XQ Q~PHUR GH HVWDFLRQHV HOHYDGR EDMDQ ODV
SUHVWDFLRQHV
8Q HMHPSOR HV OD GLIXVLyQ GH SDTXHWHV SRU
UDGLR
2WURHMHPSORVRQODVUHGHVSRUVDWpOLWH
6RQ UHGHV FRQ XQ PHGLR GH WUDQVPLVLyQ
QRJXLDGR
2WURHMHPSORVHUtDQODVUHGHVHQEXV
5HGHVGHFRQPXWDFLyQ$GHPiVGHOPHGLRGH
WUDQVPLVLyQYDDKDEHUXQRVHTXLSRVOODPDGRVQRGRVGHFRQPXWDFLyQGH
WDO IRUPD TXH ORV HTXLSRV TXH VH FRQHFWDQ D OD UHG QR HVWiQ XQLGRV
GLUHFWDPHQWHVLQRTXHVHXQHQDXQQRGRGHFRQPXWDFLyQHQHOLQWHULRU
GH OD UHG &XDQGR XQ HTXLSR TXLHUH WUDQVPLWLU DOJR SDVD D VX QRGR GH
FRQPXWDFLyQ \ HVWH VH HQFDUJD GH KDFHUOR OOHJDU KDVWD HO QRGR GH
FRQPXWDFLyQGHOHTXLSRGHVWLQR
/RV QRGRV GH FRQPXWDFLyQ HVWiQ
FRQHFWDGRV HQWUH Vt 6L OD UHG HV SHTXHxD \ WLHQH
SRFRV QRGRV HQWRQFHV ORV QRGRV SXHGHQ
FRQHFWDUVH FRPR VL IXHUD XQD UHG LQWHUQD SXQWR D
SXQWR3HURVLODUHGHVPiVJUDQGHQRH[LVWLUiQWDQWRVHQODFHVSRUORTXH
VLHPSUHGHEHH[LVWLUDOPHQRVXQFDPLQRSDUDOOHJDUGHFXDOTXLHUSXQWRD
RWURDXQSDVDQGRSRUYDULRVQRGRV3RUPRWLYRVGHILDELOLGDGVXHOHKDEHU
PiVGHXQFDPLQR
/XLV%5DPtUH]GHO3LQR
'HSHQGLHQGRGHOWLSRGHUHGORVQRGRVUHFLEHQXQQRPEUHXRWUR
HQ7&3,3VRQHQFDPLQDGRUHVHQWHOHIRQtDVRQFHQWUDOLWDV6HJ~QHO
IXQFLRQDPLHQWR GH ORV QRGRV VH
GLYLGHQHQWUHVWLSRV
&RQPXWDFLyQ GH FLUFXLWRV
6RQ ORV PiV DQWLJXRV TXH
H[LVWHQ\VHEDVDQHQTXHORV
HQODFHV HQWUH QRGRV GH
FRQPXWDFLyQ (VWiQ
IRUPDGRV SRU YDULRV PHGLRV
GHWUDQVPLVLyQ
/DFRPXQLFDFLyQVHSURGXFHHQWUHVIDVHV
(VWDEOHFLPLHQWRGHFRQH[LyQ(ORULJHQLQGLFDFRQTXH
GHVWLQR TXLHUH FRPXQLFDU /RV QRGRV YDQ FRQHFWDQGR
ItVLFDPHQWH XQD GH VXV HQWUDGDV \ XQD GH VXV VDOLGDV
KDVWD HQFRQWUDU XQ FDPLQR TXH YD DO HPLVRU \ DO
UHFHSWRU 6L WLHQH p[LWR WHQHPRV XQ HQODFH GHGLFDGR
SXQWRDSXQWRH[FOXVLYR
7UDQVIHUHQFLD GH LQIRUPDFLyQ 6H LQWHUFDPELD OD
LQIRUPDFLyQTXHVHGHVHH
/LEHUDFLyQ GH FRQH[LyQ 6H FRPXQLFD D ORV QRGRV GH
FRQPXWDFLyQ TXH VH SXHGHQ OLEHUDU ORV HQODFHV 6H
OLEHUD ORV HQODFHV LQWHUQRV TXH FUHDQ ORV QRGRV
GHMiQGRORVOLEUHVSDUDRWUDVFRPXQLFDFLRQHV
9HDPRVXQHMHPSORFRQXQGLDJUDPDGHWLHPSRV
%
$

, $ %
0LUDVLKD\HQODFHOLEUH
+DVWD DTXt HV WRGR

'$726 VHxDOL]DFLyQ D~Q QR VH
KDHQYLDGRLQIRUPDFLyQ
/LEHUDFRQH[LyQ
/XLV%5DPtUH]GHO3LQR
9(17$-$6 8QD YH] HVWDEOHFLGD OD FRQH[LyQ H FRPR VL

WXYLpVHPRVXQFDEOHGHGLFDGRSDUDODFRPXQLFDFLyQGH$FRQ%
SRUHOOR12KD\UHWDGRHQORVQRGRVGHFRQPXWDFLyQUHWDUGRTXH
VLVHSURGXFHDOSULQFLSLRKDVWDTXHVHHQFXHQWUDHOFLUFXLWRVROR
HOUHWDUGRLPSOtFLWRGHOPHGLR(VXQDWHFQRORJtDFRQRFLGDSRUOR
TXHVHWLHQHH[SHULHQFLDHQHOOD
,1&219(1,(17(6 6H QRV WDULILFDUi SRU HO FLUFXLWR
HVWDEOHFLGRLQGHSHQGLHQWHPHQWHGHORTXHWUDQVPLWDPRV$XQTXH
HQ FLHUWRV PRPHQWRV QR JHQHUHPRV WUiILFR VHJXLUHPRV
GLVSRQLHQGRGHOFDQDO
(OUHWDUGRGHHVWDEOHFLPLHQWRGH FRQH[LyQHVPX\ JUDQGH
$ &XDQGR OD UHG VH FRPLHQ]D D FRQJHVWLRQDU HO SULPHUR TXH
FRQVLJD HVWDEOHFHU FRPXQLFDFLyQ WLHQH XQ VHUYLFLR SHUIHFWR
PLHQWUDV QR GHVFRQHFWH \ HO UHVWR QR FRQVLJXH WUDQVPLWLU QR
FRQVLJXH XQ FLUFXLWR (Q XQD UHG GH GDWRV OR LGHDO HV RFXSDU
UHFXUVRVGHODUHG PLHQWUDVVHHVWiWUDQVPLWLHQGR
6LKD\FRQJHVWLyQGHODUHGHOVHUYLFLRQRVHGHJUDGDLJXDO
SDUDWRGRVORVXVXDULRV(PSLH]DQDHVFDVHDUHQODFHVHQWUHQRGRV
GH FRQPXWDFLyQ TXLHQ WLHQH VXHUWH \ HQFXHQWUD HQODFHV OLEUHV
WLHQHXQVHUYLFLRSHUIHFWRSHURHO UHVWRQRWLHQHQLQJ~QVHUYLFLR
3HVHDVHUXQDGHODVWHFQRORJtDVPiVDQWLJXDV\QRVHUXQ
GH ODV PHMRUHV IRUPDV GH WUDQVPLWLU LQIRUPDFLyQ HV GH ODV PiV
HPSOHDGDV(M5HGGHOHIyQLFR5'6,
&RQPXWDFLyQ GH PHQVDMHV 1R H[LVWHQ UHDOPHQWH VLQR

FRQFHSWXDOPHQWH 6RQ UHGHV
GLULJLGDV HVSHFLDOPHQWH D OD
WUDQVPLVLyQGHGDWRVORVQRGRVGH $
%

+($'(5
FRQPXWDFLyQ VRQ RUGHQDGRUHV FRQ '$7$
VX PHPRULD GLVFR HWF GRQGH
JXDUGDQ FRVDV WHPSRUDOPHQWH 1R
KD\ HVWDEOHFLPLHQWR GH FRQH[LyQ VLQR TXH FXDQGR $ TXLHUH
HQYLDUDOJRD% LQVHUWD XQDFDEHFHUD HQODLQIRUPDFLyQDHQYLDU
GRQGH LQGLFDUi HO GHVWLQDWDULR $ VH OR HQYtD DO QRGR TXH OR
DOPDFHQDUi (O QRGR OR GLVWULEXLUi DO QRGR GHO GHVWLQDWDULR ILQDO
6H GLFH TXH VRQ UHGHV GH DOPDFHQDPLHQWR \ UHHQYtR /RV
$ %
5HWDUGR9DULDEOH
&DEHFHUD
0HQVDMH
(OUHWDUGRHQHOQRGRHVYDULDEOHSRU
TXHSXHGHUHFLELUYDULRVPHQVDMHV
VLPXOWiQHDPHQWH
/XLV%5DPtUH]GHO3LQR
PHQVDMHVVHHQFRODQ\HO QRGRORVYDGHVHQFRODQGR\SURFHVDQGR
(QHOQRGRGHVWLQRWDPELpQVHHQFRODQDOUHFLELU
9(17$-$61RKD\TXHHVWDEOHFHUFLUFXLWRVHHQYLD\\D
HVWi 1R FRQVXPLPRV QLQJ~Q UHFXUVR DO WUDQVPLWLU 6ROR VH QRV
WDULILFDUi SRU HO XVR TXH KDFHPRV GH OD UHG GHOD FDQWLGDG GH
LQIRUPDFLyQ TXH HQYLDPRV /DV SUHVWDFLRQHV VRQ PiV JUDQGHV \
HTXLWDWLYDV *UDGXDO SRU TXH VHJ~Q KD\ PiV WUiILFR KD\ PiV
UHWDUGRSHURWRGRVSXHGHQHQYLDU
,1&219(1,(17(6 +D\ TXH OLPLWDU HO WDPDxR GHO
PHQVDMH SXHV VL QR HO UHWDUGR HQ FDGD VDOWR SRGUtD HOHYDUVH
GHPDVLDGRRLQFOXVRSRUUHWDUGRRFXSDUHOFDQDOPXFKRWLHPSR
(VH WDPDxR Pi[LPR HV HO TXH REOLJD D IUDJPHQWDU OD
LQIRUPDFLyQDHQYLDUOODPDQGRDFDGDIUHDJPHQWR3$48(7(
&RQPXWDFLyQGHSDTXHWHV(OPHQVDMHVHWURFHDHQSDTXHWHVFRQ
XQD ORQJLWXG Pi[LPD HVSHFtILFD 6HJ~Q HO WLSR GH HQYLR SXHGH
VHU
3RU GDWDJUDPD &DGD XQR GH ORV IUDJPHQWRV WLHQH XQD
FDEHFHUD TXHLQGLFD HOGHVWLQR \XQQ~PHURGHVHFXHQFLD
HQWUH RWUDV FRVDV &DGD SDTXHWH VH HQYtD SRU VHSDUDGR
FRPR HQ FRQPXWDFLyQ GH PHQVDMHV \ HO GHVWLQR GHEH
UHRUGHQDUORVSDTXHWHVDVXUHFHSFLyQ
,1&219(1,(17(6
%
(Q FDGD SDTXHWH YD OD
% GLUHFFLyQ GH GHVWLQR WHQLHQGR
TXH GHFLGLU SRU FDGD QRGR GH

$
%

FRQPXWDFLyQ \ SDTXHWH HO
% FDPLPR GH ODV WUDPDV SDUD LU
DOGHVWLQR2WURLQFRQYHQLHQWH
HV TXH FRPR VH SXHGH LU
W
$ %
GHVGH HO RULJHQDO GHVWLQR SRU
YDULRVFDPLQRVXQRVSDTXHWHV
OOHJDQ DQWHV TXH RWURV (VWR
REOLJD DO GHVWLQR D WHQHU
PHPRULD SDUD DOPDFHQDU ORV
SDTXHWHV\UHRUGHQDUORVOXHJR

9(17$-$6 (V PX\
VHQFLOOR 8Q HMHPSOR HV
6HWDULILFDSRU ,QWHUQHWSURWRFROR,3
WUiILFRQRKD\
FDQDOGHGLFDGR (V PiV UiSLGR TXH OD

FRQPXWDFLyQ GH PHQVDMHV

$QWHV WHQtDPRV TXH HVSHUDU D
UHFLELU WRGR HO PHQVDMH SDUD
UHHQYLDU DXQTXH QR KD\D
UHFLELGRHOUHVWR
3RUFLUFXLWRVYLUWXDOHV/DGHFLVLyQGHHQFDPLQDPLHQWRGH
$D%VyORVHSURGXFHXQDYH]6HKDFHFRPXQLFDFLyQHQ
WUHVIDVHVFRPRHQODVUHGHVGHFRQPXWDFLyQGHFLUFXLWRV
3ULPHUR VH HQYtD XQ SDTXHWH HVSHFLDO D OD UHG GRQGH VH
GLFH TXH VH TXLHUH HVWDEOHFHU XQ FLUFXLWR YLUWXDO FRQ HO
GHVWLQR HVWH FLUFXLWR YLUWXDO QR HV UHDO QR VH HVWDEOHFH
/XLV%5DPtUH]GHO3LQR
UHDOPHQWH XQ FLUFXLWR YLUWXDO FRQ HO GHVWLQR (O SULPHU

QRGRQRVFRQWHVWDFRQXQLGHQWLILFDGRUGHFLUFXLWRYLUWXDO
(O QRGR D FRQWLQXDFLyQ GHFLGH SRU GRQGH GHEHQ LU HVRV
SDTXHWHV &UHD XQD WDEOD TXH DVLJQD XQ LGHQWLILFDGRU GH
FLUFXLWR YLUWXDO D XQ QRGR TXH VHUi HO VLJXLHQWH QRGR GH
FRQPXWDFLyQ 8Q QRGR OH VROLFLWD DO RWUR HO
HVWDEOHFLPLHQWR GH XQ FLUFXLWR YLUWXDO JXDUGDQGR HO
VHJXQGR HQ XQD WDEOD TXH SDUD HO FLUFXLWR YLUWXDOQ ; VH
HQYtD D WUDYpV GHO QRGR Q R VH HQWUHJD DO GHVWLQR $O
WHUPLQDU GH GHFLGLU HO FDPLQR VHLQLFLD HO HQYtR GH ORV
SDTXHWHVDxDGLHQGRHQODFDGHQDHOQGHFLUFXLWRYLUWXDOD
VHJXLU
6L IDOOD OD UHG R XQ
% QRGR VH FLHUUD HO FLUFXLWR \
%
% KD\ TXH YROYHU D VROLFLWDU
FLUFXLWR\UHHQYLDU6HOODPDQ

$
FLUFXLWRV YLUWXDOHV SRU TXH VH
%

SDUHFHQ D OD FRQPXWDFLyQ GH
FLUFXLWRV SHUR VRQ YLUWXDOHV
%

SRUTXHUHDOPHQWHQRH[LVWHQ
6L QR WUDQVPLWLPRV QR FRQVXPLPRV SXHV QR WHQHPRV OD
UXWD GHGLFDGD 6L KD\ SRFRV SDTXHWHV HV PHMRU SRU
GDWDJUDPD SXHV QR SLHUGHV WLHPSR HVWDEOHFLHQGR XQ
FLUFXLWR 6L VRQ PXFKRV SDTXHWHV FRPSHQVD HVWDEOHFHU HO
FLUFXLWR (V DGHFXDGR SDUD UHGHV GH DOWD YHORFLGDG (O
QXPHUR GH FLUFXLWR YLUWXDO HV PiV SHTXHxR TXH HQ XQD
GLUHFFLyQGHUHGSRUORTXHODFDEHFHUDHVPiVSHTXHxD
(MHPSOR ; )UDPH5HOD\ E\WHV $70
E\WHVRFRQPXWDFLyQGHFpOXODVORVSDTXHWHVVRQPX\
SHTXHxRV
$OILQDOVHHQYtDXQPHQVDMHHVSHFLDOSDUDOLEHUDUHO
FLUFXLWR YLUWXDO ERUUDQGR ORV Q~PHURV GH ODV WDEODV GH
HQFDPLQDPLHQWR TXHGDQGR HVH LGHQWLILFDGRU OLEUH SDUD
RWUR FLUFXLWR YLUWXDO (O GLDJUDPD GH WLHPSR VHUtD HO
VLJXLHQWH
$ % (OUHWDUGRVH
(VWDEOHFLPLHQWR GXSRQH TXH HV PHQRU
GHFLUFXLWRYLUW SRU TXH \D HVWi
FDOFXODGD OD UXWD \
DXQTXH VH WDUGH HQ

HVWDEOHFHU \ OLEHUDU
FRPSHQVD OD VXPD GH

UHWDUGRV
+D\ XQD

SHTXHxD SDUWH GH
WDULILFDFLyQ SRU HO

WLHPSR TXH WHQHPRV
/LEHUDFLyQGHOFY HVWDEOHFLGRHOFLUFXLWR\

HOUHVWRHVSRUHOWUiILFR
GHUHG
/XLV%5DPtUH]GHO3LQR
6L QR VH WUDQVPLWH QR VH FRQVXPH QLQJ~Q UHFXUVR

GHODUHG \DTXHFXDOTXLHUDSRGUtDHQYLDUSRUHVHHQODFH
DGLIHUHQFLDGHORVFLUFXLWRVYLUWXDOHV
8QD YH] HVWDEOHFLGD OD FRQH[LyQ FDGD SDTXHWH
LQFOXLUi HQ ODV FDEHFHUDV HO Q GH FLUFXLWR YLUWXDO
~QLFDPHQWH PDQGiQGRORV D OD UHG HQ HO RUGHQ DGHFXDGR
/DDFFLyQGHHQFDPLQDPLHQWRVHUHDOL]DDOFRPLHQ]RGHOD
FRQH[LyQ\QRVHYXHOYHDKDFHU
9(17$-$6 /D GHFLVLyQ GH HQFDPLQDPLHQWR VH
UHDOL]D XQD VROD YH] DO FRPLHQ]R GH OD FRQH[LyQ /RV
SDTXHWHVOOHJDQRUGHQDGRV
,1&219(1,(17(66HKDGHHVWDEOHFHU\OLEHUDU
OD FRQH[LyQ 6L VH HQYtDQ SRFRV SDTXHWHV HV PHMRU SRU
GDWDJUDPD VL VRQ PXFKRV SRU FLUFXLWR YLUWXDO SRUTXH
VRORKD\TXHHQFDPLQDUXQDYH]
/D WDULILFDFLyQ UHDOL]DGD HV HQ FRQPXWDFLyQ GH FLUFXLWRV

SRUHOWLHPSRTXHHVWpHVWDEOHFLGRHOFLUFXLWRLQGHSHQGLHQWHPHQWH
GHOWUiILFRJHQHUDGR(QGDWDJUDPDVFRPXQLFDFLyQSRUSDTXHWHV
SRUHOWUiILFRJHQHUDGRVLVHWUDQVPLWHVHFREUDVLQRVHWUDQVPLWH
QR (Q FRQPXWDFLyQ GH SDTXHWHV SRU FLUFXLWRV YLUWXDOHV VH FREUD
XQD SHTXHxD FDQWLGDG SRU HO WLHPSR TXH SDVD GHVGH TXH VH
HVWDEOHFHHOFLUFXLWRYLUWXDOKDVWDTXHVHOLEHUDSRUHOHVSDFLRHQ
PHPRULD SDUD DOPDFHQDU HO FLUFXLWR YLUWXDO 3HUR
IXQGDPHQWDOPHQWHVHFREUDSRUODFDQWLGDGGHELWVTXHVHPDQGDQ
FRQVXPHQDQFKRGHEDQGDHOORVHQODFHVGHODUHG
x 6HJ~Q VX H[WHQVLyQ JHRJUiILFD 6H SXHGHQ FODVLILFDU HQ 5HGHV ORFDOHV /$1
UHGHV PHWURSROLWDQDV 0$1 UHGHV H[WHQVDV :$1 R UHGHV GH VREUHPHVD
'$1
/$1'HVGHXQODERUDWRULRXQRVSRFRVPHWURVSDVDQGRSRUXQHGLILFLR
RYDULRVHGLILFLRVSUy[LPRVHQWUHVtDORVXPR.PGHGLiPHWUR3RU
HMHPSORXQFDPSXV
0$1&XEULUiXQDFLXGDG\VXVDOUHGHGRUHV
:$1&XEUHXQDUHJLyQFRPXQLGDG SDtVFRQWLQHQWHHLQFOXVRWRGR HO
SODQHWD(OWDPDxRGHODUHGLQIOX\HHQHOSURWRFRORDXWLOL]DU
'$1 /DV UHGHV PHWURSROLWDQDV 0$1 HVWiQ FD\HQGR HQ GHVXVR
,QFOXVR HVWiQ DSDUHFLHQGR XQDV QXHYDV UHGHV ODV UHGHV GH VREUHPHVD
'HVN $UHD 1HWZRUN R '$1 6RQ UHGHV GH FHQWtPHWURV TXH XQHQ XQ
SURFHVDGRUFRQORVSHULIpULFRV(QPiTXLQDVPXOWLSURFHVDGRUVLUYHQSDUD
XQLUORVGLVWLQWRVSURFHVDGRUHV
x 6HJ~QVXH[SORWDFLyQ7HQHPRVUHGHVSULYDGDV\S~EOLFDV
5HGHV3ULYDGDV6RQODVTXHWLHQHQODVRUJDQL]DFLRQHVSDUDGDUVHVHUYLFLR
DVtPLVPDV
5HGHV 3~EOLFDV 3URSLHGDG GH XQD HPSUHVD TXH FREUD SRU VX XVR D
WHUFHURV 'HSHQGLHQGR GHO WLSR GH UHG H[LVWHQ SURWRFRORV PiV R PHQRV
DGHFXDGRVFRVWHWLHPSRHWF
(O KHFKR GH TXH VHD S~EOLFD R SULYDGD YD D DIHFWDU D ORV SURWRFRORV GH
FRPXQLFDFLRQHV(QODVUHGHVS~EOLFDVKD\TXHFXLGDUDVSHFWRVQRQHFHVDULRVHQ
ODVSULYDGDVFRPRWDULILFDFLyQFREUDUDORVXVXDULRVVHJXULGDGORVGDWRVTXH
/XLV%5DPtUH]GHO3LQR
HQYtDXQXVXDULRKDQGHVHUUHFLELGRVSRUHOGHVWLQDWDULR(QXQDUHGSULYDGDQR
HV WDQ LPSRUWDQWH JDUDQWL]DU OD FRQILGHQFLDOLGDG GH ORV GDWRV HQ OD UHG
JDUDQWL]DUODFDOLGDGGHOVHUYLFLRHOXVXDULRSDJDSRUHOVHUYLFLRSDJDSRUXQRV
0ELWVSRUVHJXQGR\KD\TXHGiUVHOR
7DPELpQ KD KDELGR XQD WHQGHQFLD D LGHQWLILFDU /$1 FRQ UHG SULYDGD \
:$1FRQUHGS~EOLFD
3URWRFRORV\DUTXLWHFWXUDGHSURWRFRORV
3DUD TXH XVXDULRV KHWHURJpQHRV 62 HWF VH SXHGDQ FRPXQLFDU KDQ GH
SRQHUVHGHDFXHUGRHQHOOHQJXDMHDXWLOL]DUTXHFRVDVVHYDQDGHFLUFRPR\FXDQGR
8QSURWRFRORGHFRPXQLFDFLRQHVHVXQFRQMXQWRGHUHJODVPXWXDPHQWHDFHSWDGDV
TXH YDQ D UHJLU HO GLiORJR HQWUH ORV HTXLSRV GH XQD UHG 6H FRPSRQH GH XQDVLQWD[LV
IRUPDWR GH HQYtR GH GDWRV FRPR FRGLILFDUORV WLSRV GH PHQVDMHV D LQWHUFDPELDU
XQD VHPiQWLFD D FDGD PHQVDMH OH GD XQ VLJQLILFDGR FRQFUHWR \ XQDWHPSRUL]DFLyQ
LQGLFDFXDQGRSXHGRHQYLDUXQPHQVDMHRTXpUHVSXHVWDVSXHGRPDQGDUDXQPHQVDMH
(O SUREOHPD GH OD FRPXQLFDFLyQ HQWUH RUGHQDGRUHV GH GLYLGH HQ VXESUREOHPDV
PiVIiFLOHVGHDWDFDUWLSRVGHFDEOHVGHFRQHFWRUHVFRPRVRQODVVHxDOHVHWF(VWR
HVORTXHSHUVLJXHQODVDUTXLWHFWXUDVGHSURWRFRORVGHFRPXQLFDFLRQHVGHVFRPSRQHUHO
SUREOHPD GH OD FRPXQLFDFLyQ GH RUGHQDGRUHV HQ XQD VHULH GH VXESUREOHPDV OODPDGRV
QLYHOHV RFDSDV
&DGDIDEULFDQWHGHILQLyVXSURSLRSURWRFROR,%0FRQ61$6HUR[FRQ'1$
SHURVHUHTXHUtDXQDDUTXLWHFWXUDQRUPDOL]DGDSDUDTXHWRGRHOPXQGRXVDVHODPLVPD
(QWUHHOORVHVWiQHOPRGHORGHUHIHUHQFLD26,DUTXLWHFWXUD7&3
0RGHORGHUHIHUHQFLD26,
,62 2UJDQL]DFLyQ LQWHUQDFLRQDO GH HVWDQGDUL]DFLyQ FUHy XQ FRPLWp SDUD
GHILQLU XQD DUTXLWHFWXUD GH SURWRFRORV TXH SXGLHUD VHU XQD UHIHUHQFLD
XQLYHUVDO/ROODPy0RGHORGH$UTXLWHFWXUDGH,QWHUFRQH[LyQGHVLVWHPDV
DELHUWRV0$5,6$HQHVSDxROX26,
)HFKD GH SXEOLFDFLyQ GH OD QRUPD ILQDO ,62 'HILQH OD
GHVFRPSRVLFLyQGHOSUREOHPDGHODFRPXQLFDFLyQHQXQDVHULHGHQLYHOHV
QLYHOHV )tVLFR HQODFH UHG WUDQVSRUWH VHVLyQ SUHVHQWDFLyQ \
DSOLFDFLyQ
(VWHPRGHORHVJHQpULFRHVWiGLYLGLGRHQFDSDV&DGDFDSDDJUXSDXQFRQMXQWR
GH IXQFLRQHV UHODFLRQDGDV \ D VX YH] FDGD FDSD KDFH XVR GH ODV IXQFLRQHV GHO QLYHO
LQIHULRUSDUDUHDOL]DUVXVIXQFLRQHV(VWiPX\LQIOXLGRSRUODDUTXLWHFWXUD61$GH,%0
/XLV%5DPtUH]GHO3LQR
(QJHQHUDOXQQLYHOQ KDFHXVRGHORVVHUYLFLRVGHOQLYHOQ \RIUHFHVHUYLFLRVDO

QLYHOQ6HGLFHTXHHOQLYHO QUHFLEHVHUYLFLRGHOQLYHOQ \RIUHFHVHUYLFLRDOQLYHO
Q
(O QLYHO Q DFFHGH DO VHUYLFLR GHO QLYHOQ D WUDYpV GH XQRV SXQWRV GH DFFHVR
6$3R6HUYLFH$FFHVV3RLQW$VXYH]RIUHFHHVWRVSXQWRVGHDFFHVRDOQLYHOVXSHULRU
6HSXHGHQYHUFRPRIXQFLRQHVTXHSXHGHQVHUOODPDGDVSDUDHQYLDU\UHFLELUGDWRV
(OFRQMXQWRGHORV6$3TXHRIUHFHFDGDQLYHOHVHOLQWHUID]GHHVHQLYHO
x 1LYHO)tVLFR1LYHOPiVEDMRGHODWRUUH26,(VHOTXHUHDOPHQWHYDDXWLOL]DUHO
PHGLR ItVLFR SDUD HQYLDU \ UHFLELU GDWRV (O VHUYLFLR TXH YD D RIUHFHU DO QLYHO
VXSHULRU HV HO HQYtR \ UHFHSFLyQ GH ELWV 3DUD HOOR ORV HVWiQGDUHV GH HVWH QLYHO
GHEHQ GHILQLUHO PHGLRGH WUDQVPLVLyQ \ ORV FRQHFWRUHVGHVGH FXDWUR SXQWRVGH
YLVWDPHFiQLFRHOpFWULFRIXQFLRQDO\SURFHGLPHQWDO
R 0HFiQLFRFDEOHFREUHHWFDLVODQWHDXWLOL]DUHWF
R (OpFWULFR6HxDOHVDHQYLDUFRPRUHSUHVHQWDU\IUHFXHQFLDIRUPDGH
RQGDYHORFLGDGHWF
R )XQFLRQDOHV&RQHFWRUHVFXDQWRVSLQHVSDUDTXHVLUYHFDGDSLQ
R 3URFHGLPHQWDOHV1RVGLFHORVSDVRVDVHJXLUHQORVHQYtRVPDQGDUXQ
$&. SRU HO SLQ HVSHUD UHVSXHVWD SRU HO SLQ R VHD VHFXHQFLD GH
RUGHQHVDVHJXLUFRQHOFRQHFWRU
(MHPSORV GH QRUPDV GH QLYHO ItVLFR 56 SXHUWR VHULH 9[ 9
9,6'15'6,\/$1
x 1LYHO GH HQODFH (O VHUYLFLR TXH RIUHFH DO QLYHO GH UHG HV WUDQVPLVLyQ \
UHFXSHUDFLyQ ILDEOH GH WUDPDV 5HDOL]D FLHUWDV IXQFLRQHV &RQWURO GH HUURUHV
GHWHFFLyQFRUUHFFLyQGHOLPLWDFLyQGHWUDPDV\PXOWLSOH[DFLyQ
(O QLYHO ItVLFR VyOR YH ELWV GHEHPRV GHWHUPLQDU GRQGH DFDED XQ PHQVDMH \
FRPLHQ]DHOVLJXLHQWH(VRHVORTXHKDFHHOFRQWUROGHWUDPDV$QLYHOGHHQODFH
VHOODPDWUDPDV \DQLYHOGHUHGVHOODPDSDTXHWHV/DLQIRUPDFLyQVHHQPDUFD
FRQ ELWV GH FRQWURO )UDPH HQ LQJOpV (Q ODV UHGHV GH GLIXVLyQ WRGRV ORV
RUGHQDGRUHV HVWiQ LQWHUFRQHFWDGRV QHFHVLWDQGR DOJR TXH UHJXOH HO DFFHVR DO
PHGLR FRPSDUWLGR OD UHG (VWR HV OR TXH VH OODPD PXOWLSOH[DFLyQ (V WDUHD
WDPELpQGHOQLYHOGHHQODFH
(QXQDUHGFRQPXWDGDHOQLYHOItVLFR\HOQLYHOGHUHGQRVUHVXHOYHQHQWUH
XQHTXLSR\VXQRGRGHFRQPXWDFLyQ\HQWUHQRGRVGHFRQPXWDFLyQSXHGHTXH
SDUDORVVDOWRVKD\DPHGLRVGHWUDQVPLVLyQ \SURWRFRORVGHHQODFHGLVWLQWRV6H
JDUDQWL]DTXHVDOWRDVDOWRORVELWVHVWiQOLEUHVGHHUURUHVHQWUHHVRVGRV
8QSURWRFRORGHOQLYHOGHHQODFHQRWLHQHSRUTXHLPSOHPHQWDUWRGDVODV
IXQFLRQHV$OJXQRVSURWRFRORVGHOQLYHOGHHQODFHVRQ',&6/,3333,6'1\
/$1/$3%/$3'
(OQLYHOItVLFR\HOGHHQODFHVRQORVTXHYHPRVHQODDVLJQDWXUD
x 1LYHOGH UHG 1RV YD DGDUXQ VHUYLFLR GHWUDQVPLVLyQ \ UHFHSFLyQ GH SDTXHWHV
H[WUHPR D H[WUHPR ,PSOHPHQWD
ODV IXQFLRQHV GH
HQFDPLQDPLHQWR IUDJPHQWDFLyQ
\ UHHQVDPEODGR (Q XQD UHG GH
FRQPXWDFLyQHOQLYHOItVLFR\GH
HQODFH WUDEDMDQ VDOWR D VDOWR (O 1LYHO)tVLFRQRWLHQHQ
QLYHOTXHVHHQFDUJDGHHQFRQWUDU TXHVHULJXDOHV
HOWUD\HFWRGHRULJHQDGHVWLQRHV
HOGHUHG
/XLV%5DPtUH]GHO3LQR
(QODVUHGHVSXQWRDSXQWR\HQODVUHGHVGHGLIXVLyQQRYDDKDFHUIDOWDHO
QLYHOGHUHGWHQHPRVFRQH[LRQHVH[WUHPRDH[WUHPR(VPiVQHFHVDULRHQODV
GH FRQPXWDFLyQ WDQWR HQ GDWDJUDPDV KDUi HO HQFDPLQDPLHQWR GH ORV
GDWDJUDPDV\HQODVGHFLUFXLWRVYLUWXDOHVHOHVWDEOHFLPLHQWRGHFLUFXLWR
6HUiQHFHVDULRWDPELpQHOQLYHOGHUHGFXDQGRLQWHUFRQHFWHPRVUHGHV
/D LQWHUFRQH[LyQ GH HVDV
UHGHV VH KDFH FRQHFWDQGR
HQFDPLQDGRUHV TXH VH XQHQ
HQWUH Vt HQ XQ HQODFH SXQWR D
SXQWR (V HQWRQFHV XQD UHG GH
FRQPXWDFLyQ GH SDTXHWHV FX\RV
GLVSRVLWLYRV FRQHFWDGRV VRQ D VX (QFDPLQDGRUHV
YH] UHGHV GH GLVWLQWDV

WHFQRORJtDV
/RV HQFDPLQDGRUHV R
QRGRV GH FRQPXWDFLyQ GH UHGHV
FRQPXWDGDV VyOR QHFHVLWDQ
LPSOHPHQWDUKDVWDHOQLYHOGHUHGGHODWRUUH26,
(O QLYHOGH UHG WLHQH TXH VHUHO
PLVPRHQWRGDODUHG
(MHPSORV GH SURWRFRORV GH (O QLYHO GH HQODFH\ ItVLFR SXHGHQ VHU

QLYHOGHUHGVRQ;,3
GLVWLQWRVSDUDHOVLJXLHQWHVDOWR

x 1LYHOGHWUDQVSRUWH9DDSURSRUFLRQDU
WUHVVHUYLFLRV

¶
¶
¶
¶
´
´

R &RQPXWDFLyQ ILDEOH H[WUHPR D
H[WUHPR 3XHGHQ OOHJDU ORV GDWRV GHVRUGHQDGRV DO GHVWLQR GDWDJUDPDV VL
VLJXHQ GLVWLQWRV FDPLQRV H LQFOXVR SXHGH TXH DOJXQRV QR OOHJXHQ QR SRU
HUURUHVHQHOPHGLRGHWUDQVPLVLyQxSRUTXHVHDVHJXUDTXHGH$D%YDD
OOHJDUVLQHUURUHVVHYHULILFDVDOWRDVDOWRVLQRSRU FRQJHVWLyQ1yWHVHTXH
HV XQD UHG GH DOPDFHQDPLHQWR \ UHHQYtR TXH D XQ QRGR OOHJDQ PXFKRV
SDTXHWHV\ORVYDDOPDFHQDQGRKDVWDTXHHOHQODFHGHVDOLGDTXHGDOLEUH6LOD
PHPRULD VH OOHQD FRQJHVWLyQ FXDQGR OOHJD XQ QXHYR SDTXHWH HO QRGR OR
WLUDVHSLHUGH(OQLYHOGHWUDQVSRUWHGHEH UHRUGHQDUORVGDWRVHQYLDGRVDVt
FRPRSHGLUDTXHOORVSDTXHWHVTXHQROHOOHJDQ
R 2IUHFHU OD FDOLGDG GH VHUYLFLR GHPDQGDGD SRU HO XVXDULR TXH HO UHWDUGR
Pi[LPRVHD[TXHKD\DXQUHWDUGRFRQVWDQWHHQWUHORVSDTXHWHVHM(QYtRGH
YR]
R 0XOWLSOH[DFLyQ GH DSOLFDFLRQHV $O HQYLDU PHQVDMHV GH YDULDV DSOLFDFLRQHV
GLVWLQWDV SXHGHQ HVWDU LQWHUFDPELDQGR GDWRV HQWUH HO PLVPR RULJHQ \ HO
PLVPRGHVWLQRGHUHV(M'HQLYHOGHWUDQVSRUWH8'37&3753
&RQ HO QLYHO GH WUDQVSRUWH WHQHPRV FRPXQLFDFLRQHV ILDEOHV HQWUH
FXDOTXLHUPiTXLQDGHXQDUHG
x 1LYHO GH VHVLyQ 5HDOL]D IXQFLRQHV GH RUJDQL]DFLyQ \ VLQFURQL]DFLyQ GH OD
FRPXQLFDFLyQTXHVRQPHFDQLVPRVFRPSOHMRVTXHFRQVLJXHQGHWHUPLQDUHQTXH
SXQWR VH HQFXHQWUD H[DFWDPHQWH OD FRPXQLFDFLyQ VL RFXUUH XQ HUURU IDWDO (M
&DMHUR1RVHVXHOHXVDUVRQSDUDDSOLFDFLRQHVPX\HVSHFtILFDV
x 1LYHOGHSUHVHQWDFLyQ5HDOL]DIXQFLRQHV
R 5HSUHVHQWDFLyQ GH GDWRV 6H GHILQHQ PHFDQLVPRV LQGHSHQGLHQWHV GH OD
PiTXLQD GH FRGLILFDFLyQ GH LQIRUPDFLyQ GH WDO PDQHUD TXH WRGDV ODV
PiTXLQDVUHSUHVHQWHQORVGDWRVUHFLELGRVGHODPLVPDIRUPDORVFDUDFWHUHV
/XLV%5DPtUH]GHO3LQR
VHDQORVPLVPRVHWF (MHPSORV GH PRGHORV GH UHSUHVHQWDFLyQ VRQ ;'5

$61
R &RPSUHVLyQGHORVGDWRV
R &LIUDGRGHORVGDWRV
(QODSUiFWLFDHVWDVIXQFLRQHVVXHOHOOOHYDUVHDQLYHOGHDSOLFDFLyQ
x 1LYHOGHDSOLFDFLyQ1RVRQODVDSOLFDFLRQHVVRQXQDVIXQFLRQHVGHXVRFRP~Q
SDUD PXFKDV DSOLFDFLRQHV ODV DSOLFDFLRQHV HVWiQ SRU HQFLPD HM (QYtR GH
ILFKHURV(VWHQLYHOWLHQHXQDDUTXLWHFWXUDPX\FRPSOHMD
/RVQLYHOHVGHVHVLyQSUHVHQWDFLyQ\DSOLFDFLyQVXHOHQREYLDUVHHQODSUiFWLFD\
VHFRQVLGHUDQFRPRDSOLFDFLRQHV
(QODSDUWHVXSHULRUGHODWRUUH26,VHHQFXHQWUDODDSOLFDFLyQTXHTXLHUHHQYLDU
XQRV GDWRV D RWUD PiTXLQD /RV GDWRV ORV SDVD DO QLYHO GH DSOLFDFLyQ TXH DxDGH XQD
FDEHFHUDGHOQLYHOGHDSOLFDFLyQ
(OFRQMXQWRGHORVGDWRV\ODFDEHFHUDIRUPDQXQD3'83URWRFRO'DWD8QLWR
XQLGDGGHGDWRVGHSURWRFRORSDUDFDGDQLYHO
$VtVHKDFHSDUDWRGRVORVQLYHOHV
(QHOQLYHOGHHQODFHVHDxDGHDGHPiVGHODFDEHFHUDXQDFRODSDUDGHWHUPLQDU
ODVWUDPDVSHURQRVLHPSUHHVDVt
(OQLYHOItVLFRQRDxDGHQDGD
&DGD QLYHO OR ~QLFR TXH SURFHVD HV OD FDEHFHUD \ HO UHVWR VH OR YD SDVDQGR DO
QLYHOVXSHULRUKDVWDTXHDOILQDOORHQWUHJDDOGHVWLQR
&DGDQLYHOWUDWDDODFDEHFHUDGHO QLYHOVXSHULRUFRPRVLIXHUDQGDWRV
$3/,&$&,21 $3/,&$&,21
'$726
$+
'$726
3+ '$726
6+ '$726
7+ '$726 &ROD
5+
'$726
(+ '$726 7

3XHGHRFXUULUTXHOD73'8VHDPD\RUTXHHOWDPDxRPi[LPRSHUPLWLGRSRUOR
TXHVHKDGHIUDJPHQWDUHQHOQLYHOGHUHG
73'8
7+
1+ 1+ 1+
(+
3URWRFRORV7&3,3
x 7ULXQIDURQIUHQWHDV,62
x 6RQPiVVHQFLOORVPHQRVDPELFLRVRV
x /DVLPSOHPHQWDFLRQHVVRQPiVIiFLOHVGHKDFHU\VDOHQDQWHVDOPHUFDGRTXHORV
SURWRFRORVTXHGHILQH,62
x 6H GHVDUUROODQ GHQWUR GHO GHSDUWDPHQWR GH GHIHQVD DPHULFDQR HV HO PD\RU
FOLHQWH GH 6: GHO PXQGR PXFKDV HPSUHVDV HPSLH]DQ D GHVDUUROODU HVWRV
SURWRFRORV
/XLV%5DPtUH]GHO3LQR
x 1R VH GLVHxy XQD DUTXLWHFWXUD VHJ~QODV QHFHVLGDGHV GH FRPXQLFDFLyQ VH LEDQ
FUHDQGRSURWRFRORV\DVRFLiQGRODVFRQODDUTXLWHFWXUD
/DDUTXLWHFWXUDTXHGHILQHHV
7&3,3 26,
$3/,&$&,21(6
$3/,&$&,21(6

1RHOQLYHOGH
DSOLFDFLRQHV
75$163257(
,17(55('
$&&(62$/$5('
68%5('

),6,&2
68%5('
68%5(' 6$7(/,7(
)5$0(5(/$<
(QFDPLQDGRUHVRURXWHUV
JDWHZD\
68%5('
/$1
&DGD VXEUHG SXHGH VHU GLVWLQWD \ FRQ GLVWLQWRV SURWRFRORV XQD UHG SXHGH HVWDU
FRPSXHVWDSRUXQFRQMXQWRGHVXEUHGHV
1LYHOGHVXEUHG
'HILQH FRPR VH UHDOL]D OD FRPXQLFDFLyQ HQWUH HTXLSRV FRQHFWDGRV D OD PLVPD
VXEUHG(VWDFDSDKDUiPiVRPHQRVIXQFLRQHVGHSHQGLHQGRGHODFRPSOHMLGDGGHODUHG
HM3XQWRDSXQWRIUDPHUHOD\
1LYHOGH,QWHUUHG
+DFH SRVLEOH TXH ORV GDWRV YLDMHQ HQWUH PiTXLQDV FRQHFWDGDV HQ VXEUHGHV
GLVWLQWDV+DFHQHOHQFDPLQDPLHQWRDWUDYpVGHORVURXWHUV3DUDHOORVHUiQHFHVDULRGDU
YDULRVVDOWRVGHRULJHQDGHVWLQRXWLOL]DQGRYDULRVHQFDPLQDGRUHV(OURXWHUHVXQHTXLSR
TXHWLHQHHQODFHVDYDULDVVXEUHGHVHVWiFRQHFWDGRDGRVRPiVVXEUHGHV(VWRVGDWRV
SRGUiQOOHJDUGHVRUGHQDGRV\FRQHUURUHV
1LYHOGHWUDQVSRUWH
'D XQ VHUYLFLR H[WUHPR D H[WUHPR ILDEOH QR KD\ SHUGLGD GH GDWRV \ OOHJDQ
RUGHQDGRV\WRGRVORVSDUiPHWURVGH FDOLGDGGHOVHUYLFLRTXHH[LMDHOXVXDULR$VHJXUD
TXHORVGDWRVOOHJXHQGHVGHODDSOLFDFLyQRULJHQDODDSOLFDFLyQGHGHVWLQRHQHOPLVPR
RUGHQHWF
/XLV%5DPtUH]GHO3LQR
1LYHOGHDSOLFDFLyQ
(VWiQ GLUHFWDPHQWH ODV DSOLFDFLRQHV HM (PDLO WHOQHW HQ FRQWUDSRVLFLyQD
26,
6,67(0$),1$/ 6,67(0$),1$/
$3/,&$&,Ï1 $3/,&$&,Ï1
75$163257( 5287(5 75$163257(
,3 ,3 ,3
68%5(' 68%5(' 68%5(' 68%5('

(O HQFDPLQDGRU VROR LPSOHPHQWD ORV SURWRFRORV GH VXEUHV \ GH ,QWHUUHG /RV
SURWRFRORV GH WUDQVSRUWH \ DSOLDFLyQ VRQ SURWRFRORV H[WUHPR D H[WUHPR VROR HVWiQ
LPSOHPHQWDGRVHQORVVLVWHPDVILQDOHV
$3/,&$&,Ï1
'$726 38(572
75$163257( 16(&8(1',$
&21752/'((5525(6
6(*0(172
,3 ',5,325,*(1'(67,12
68%5(' '$7$*5$0$6
75$0$6
',5 68%5(' 25,*(1 < '(67,12
/D FDEHFHUD GH WUDQVSRUWH LQFOX\H HQ VX FDEHFHUD HO SXHUWR RULJHQ \ GHVWLQR
6$/72$6$/72
DSOLFDFLRQHVRULJHQ\GHVWLQRGHORVGDWRV
(OFRQWUROGHHUURUHVVLUYHSDUDVDEHUVLVHKDSHUGLGRDOJ~QSDTXHWHHQODUHG\
SHGLUODUHWUDQVPLVLyQ
(VWHVHJPHQWRHVSDVDGRDOQLYHO,3 TXHVHJXUDPHQWHORSULPHURTXHKDJDVHD
IUDJPHQWDUOR LQFOX\HQGR HQ FDGD IUDJPHQWR XQD FDEHFHUD /D FDEHFHUD ,3 FRQWLHQH OD
GLUHFFLyQ,3RULJHQ\GHVWLQRSDUDHQFDPLQDUODLQIRUPDFLyQHQWUHVXEUHGHVGHORULJHQDO
GHVWLQR
/RVGDWRVVHSDVDQDOQLYHOGHVXEUHG\VHOHVDxDGHXQDFDEHFHUD\XQDFROD/D
FDEHFHUDLQFOX\HODGLUHFFLyQGHVXEUHGRULJHQ\GHVWLQRGHFDGDVDOWRVDOWRDVDOWR
/DWUDPDVH HQYtD DWUDYpVGHODUHG&RQHOSDTXHWH,3VHFRQWUX\HQ VXFHVLYDV
WUDPDV SDUD HO QLYHO GH VLEUHG \ HO SDTXHWH ,3 QR FDPELD (O URXWHU UHFLEHOD WUDPD
H[WUDHODFDEHFHUD\ODFRQD\ODHQFDSVXODFRQODVXEUHG
&RPSDUDFLyQ26,YV7&3,3
$3/,&$&,21(6 $SOLFDFLyQ

6103
6073
+773

7)73
)73

7UDQVSRUWH 573
7&3 8'3
,QWHUUHG ,3 ,&03 263) 5,3
6XEUHG

$70
/$1
;
57&
26, 7&3,3 35272&2/26
/XLV%5DPtUH]GHO3LQR
2UJDQLVPRVGHQRUPDOL]DFLyQ
/DVQRUPDVVHGLYLGHQHQGRVWLSRV
x 'H IDFWR 6RQ DTXHOODV TXH DSDUHFHQ VLQ QLQJXQD LQWHQFLyQ GH FUHDUODV
VLPSOHPHQWH SRU VX EUDQ GLIXVLyQ HQ HO PHUFDGR (Q HO PXQGR GH ODV
FRPXQLFDFLRQHVODVQRUPDVGHLSVRVRQUDUDV
x 'H,XUH6RQQRUPDVFUHDGDVSRUDOJ~QRUJDQLVPRGHQRUPDOL]DFLyQOHJDOPHQWH
DFHSWDGR
/RVRUJDQLVPRVGHQRUPDOL]DFLyQVRQGHGRVWLSRV
x (VWDEOHFLGRVSRURUJDQL]DFLRQHVLQWHUQDFLRQDOHV
R ,78 8QLyQ LQWHUQDFLRQDO GH FRPXQLFDFLRQHV 'HSHQGLHQWH GH OD 218
&UHDGRHQ/DVQRUPDVTXHKDFHOD,78VHOODPDQUHFRPHQGDFLRQHV
\ VX IRUPDWR HV ,787 WHOHFRPXQLFDFLRQHV ,785
UDGLRFRPXQLFDFLRQHV (M ,787 ,787 ; /HWUD
PD\XVFXODQ~PHUR
R ,62 RUJDQL]DFLyQ ,QWHUQDFLRQDO GH HVWDQGDUL]DFLyQ 7LHQH XQ iPELWR
PXFKR PiV DPSOLR TXH HO GH ODV WHOHFRPXQLFDFLRQHV 6XUJLy HQ
FRPRDJUXSDFLyQGHRUJDQL]DFLRQHVGHQRUPDOL]DFLyQGHGLVWLQWRVSDtVHV
HQ (VSDxD $(125,62 HVWi GLYLGLGR HQ FRPLWpVWpFQLFRV TXH
HVWDQGDUL]DQ GLVWLQWDV FRVDV HO 7& HVWDQGDUL]D RUGHQDGRUHV \
SURFHVDPLHQWRGHODLQIRUPDFLyQ
x 5HDOL]DGDVSRURUJDQLVPRVVLQiQLPRGHOXFUR
R ,((( ,QVWLWXWR GH ,QJHQLHURV (OpFWULFRV \ (OHFWUyQLFRV +D SDWURFLQDGR
DOJXQDVQRUPDVODVPiVLPSRUWDQWHVVRQODVQRUPDV/$1UHDOL]DGDVSRU
HOFRPLWp
R ,$% &RPLWp GH DFWLYLGDGHV GH ,QWHUQHW &RPLWp GH H[SHUWRV SDUD
GHFLGLU TXH FRVDV HUD QHFHVDULR QRUPDOL]DU HQ ,QWHUQHW (VWDVQRUPDV VH
OODPDQ57&¶V
/XLV%5DPtUH]GHO3LQR
7UDQVPLVLyQGHGDWRV
6WDOOLQJV
7HUPLQRORJtD
/DWUDQVPLVLyQGHGDWRVHQWUHXQHPLVRU\XQUHFHSWRUVLHPSUHVHUHDOL]DDWUDYpV
GHXQPHGLRGHWUDQVPLVLyQ/RVPHGLRVGHWUDQVPLVLyQVHSXHGHQFODVLILFDUHQJXLDGRV
\QRJXLDGRV(QDPERVFDVRVODFRPXQLFDFLyQ VHUHDOL]DFRQRQGDVHOHFWURPDJQpWLFDV
(QORVPHGLRVJXLDGRVFRPRSRUHMHPSORHQORVSDUHVWUHQ]DGRVORVFDEOHVFRD[LDOHV\
ODVILEUDVySWLFDVODVRQGDVVHWUDQVPLWHQFRQILQiQGRODVDORODUJRGHOFDPLQRItVLFR3RU
HO FRQWUDULR ORV PHGLRV QR JXLDGRV SURSRUFLRQDQ XQD IRUPD GH WUDQVPLWLU ODV RQGDV
HOHFWURPDJQpWLFDV SHUR VLQ HQFDX]DUODV FRPR SRU HMHPSOR HQ OD SURSDJDFLyQ D WUDYpV
GHODLUHHOPDURHOYDFtR
(O WHUPLQR HQODFH GLUHFWR KDFH UHIHUHQFLD DO FDPLQR GH WUDQVPLVLyQ HQWUH GRV
GLVSRVLWLYRVHQHOTXHODVHxDOVHSURSDJDGLUHFWDPHQWHGHOHPLVRUDOUHFHSWRUVLQQLQJ~Q
RWUR GLVSRVLWLYR LQWHUPHGLR TXH QR VHD XQ DPSOLILFDGRU R UHSHWLGRU (VWRV ~OWLPRV VH
XVDQSDUDLQFUHPHQWDUODHQHUJtDGHODVHxDO
(OPHGLRGHWUDQVPLVLyQJXLDGRHVSXQWRDSXQWR VL
SURSRUFLRQD XQ HQODFH GLUHFWR HQWUH ORV GRV ~QLFRV
GLVSRVLWLYRV TXH FRPSDUWHQ HO PHGLR (Q XQD FRQILJXUDFLyQ JXLDGD PXOWLSXQWR HO
PLVPRPHGLRHVFRPSDUWLGRSRUPiVGHGRVGLVSRVLWLYRV
8Q PHGLR GH WUDQVPLVLyQ SXHGH VHUVLPSOH[ KDOIGXSOH[ R IXOOGXSOH[ (Q OD
WUDQVPLVLyQVLPSOH[ ODVVHxDOHVVHWUDQVPLWHQVyORHQXQD~QLFDGLUHFFLyQ VLHQGRXQD
HVWDFLyQ OD HPLVRUD \ RWUD OD UHFHSWRUD (Q KDOIGXSOH[ DPEDV HVWDFLRQHV SXHGHQ
WUDQVPLWLU SHUR QR VLPXOWiQHDPHQWH (Q IXOOGXSOH[ DPEDV HVWDFLRQHV SXHGHQ
LJXDOPHQWH WUDQVPLWLU SHUR DKRUD VLPXOWiQHDPHQWH (Q HVWH ~OWLPR FDVR HO PHGLR
WUDQVSRUWD VHxDOHV HQ DPERV VHQWLGRV DO PLVPR WLHPSR 3RVWHULRUPHQWH VH H[SOLFDUi
FyPRVHUHDOL]DHVWHWLSRGHWUDVPLVLyQ
/D VHxDO HV OD UHSUHVHQWDFLyQ HQ IRUPD GH RQGDV HOHFWURPDJQpWLFDV GH OD
LQIRUPDFLyQHPLWLGDSRUXQDHVWDFLyQ/DVHxDOHVXQDIXQFLyQGHOWLHPSRSHURWDPELpQ
VHSXHGHUHSUHVHQWDUHQIXQFLyQGHODIUHFXHQFLDHVGHFLUODVHxDOHVWiFRQVWLWXLGDSRU
FRPSRQHQWHVGHGLVWLQWDVIUHFXHQFLDV
7HQLHQGR HQ FXHQWD OD VHxDO FRPR IXQFLyQ GHO WLHPSR SRGHPRV WHQHU VHxDOHV
FRQWLQXDV \GLVFUHWDV8QDVHxDOFRQWLQXDHVDTXHOODHQODTXHODLQWHQVLGDGGHODVHxDO
YDUtDVXDYHPHQWHHQHOWLHPSR(VGHFLUQRVHSUHVHQWDQVDOWRVRGLVFRQWLQXLGDGHV/D
GHILQLFLyQPDWHPiWLFDGHVHxDOHV6WHVFRQWLQXDVL
OLP 6 W 6 D D
W oD
8QD VHxDO GLVFUHWD HV DTXHOOD HQ OD TXH OD LQWHQVLGDG VH PDQWLHQH FRQVWDQWH
GXUDQWH XQ GHWHUPLQDGR SHUtRGR GH WLHPSR WUDV HO FXDO OD VHxDO FDPELD D RWUR YDORU
FRQVWDQWH /D VHxDO FRQWLQXD SXHGH FRUUHVSRQGHU D OD YR] \ OD GLVFUHWD D ORV YDORUHV
ELQDULRV
/XLV%5DPtUH]GHO3LQR
(OWLSRGHVHxDOHVPiVVHQFLOODVTXHVHSXHGHQFRQVLGHUDUVRQODVSHULyGLFDVTXH
VH FDUDFWHUL]DQ SRU FRQWHQHU XQ SDWUyQ TXH VH UHSLWH D OR ODUJR GHO WLHPSR $
FRQWLQXDFLyQVHPXHVWUDXQHMHPSORGHVHxDOSHULyGLFDFRQWLQXDXQDRQGDVLQXVRLGDO\
XQHMHPSORGHVHxDOSHULyGLFDGLVFUHWDXQDRQGDFXDGUDGD
0DWHPiWLFDPHQWHXQDVHxDOVWVHGLFHTXHHVSHULyGLFDVL\VRORVL
6 W 6 W 7 W
GRQGH OD FRQVWDQWH 7 HV HO SHUtRGR GH OD VHxDO 7 GHEH VHU HO PHQRU YDORU TXH
FXPSOHODHFXDFLyQ(QFXDOTXLHURWURFDVRODVHxDOQRHVSHULyGLFD

I IUHFXHQFLD GH OD VHxDO
7
/D RQGD VHQR HV OD VHxDO FRQWLQXD IXQGDPHQWDO SRU H[FHOHQFLD &XDOTXLHU RQGD
VHQRVHUHSUHVHQWDPHGLDQWHWUHVSDUiPHWURVODDPSOLWXG$ODIUHFXHQFLDI\ODIDVH
N/DDPSOLWXGHVHOYDORUGHSLFRGHODVHxDOHQHOWLHPSRWtSLFDPHQWHHVWHYDORUVH
PLGHHQYROWLRV/DIUHFXHQFLDHVODUD]yQHQFLFORVSRUVHJXQGRR+HUW]LRV>+]@DOD
TXH OD VHxDO VH UHSLWH 8Q SDUiPHWURHTXLYDOHQWH HV HO SHUtRGR 7 GHILQLGR FRPR OD
FDQWLGDG GH WLHPSR WUDQVFXUULGR HQWUH GRV UHSHWLFLRQHV FRQVHFXWLYDV GH OD VHxDO SRU
WDQWR7HQLHQGRHQFXHQWDODHFXDFLyQDQWHULRUVHREWLHQH

I
7
/DIDVHHVXQDPHGLGDGHODSRVLFLyQUHODWLYDGHODVHxDOGHQWURGHXQSHUtRGRGH
ODPLVPD
/DH[SUHVLyQJHQHUDOSDUDXQDRQGDVHQRLGDOHV
V W $ÂVHQÂ3 IW )
3HUtRGR 7 I 3HUtRGR 7 I
3DUDXQDVHxDOVHGHILQHODORQJLGXGGHRQGD FRPRODGLVWDQFLDTXHRFXSDXQ
FLFOR HQ RWUDV SDODEUDV OD GLVWDQFLD HQWUH GRV SXQWRV GH LJXDO IDVH HQ GRV FLFORV
FRQVHFXWLYRV 6XSyQJDVH TXH OD VHxDO VH SURSDJD D XQD YHORFLGDGY (Q HVH FDVR OD
ORQJLWXGGHRQGDVHSXHGHUHODFLRQDUFRQHOSHULRGRGHODVHxDODWUDYpVGHODVLJXLHQWH
H[SUHVLyQ O 7 ÂY GHIRUPDHTXLYDOHQWH O Â I Y (VIUHFXHQWHHOFDVRHQHOTXHY F
HVWRHVHOFDVRHQHOTXHODYHORFLGDGGHSURSDJDFLyQHQHOPHGLRHVLJXDODODGHODOX]
HQHOHVSDFLROLEUHTXHFRPRHVVDELGRHVF ÂPV
/RQJLWXGGHRQGD
$QiOLVLVGH)RXULHU
7RGD VHxDO FRQWLQXD R GLVFUHWD VH SXHGH GHVFRPSRQHU FRPR VXPD GH RQGDV
VLQXVRLGDOHV GH GLVWLQWDV IUHFXHQFLDV \ DPSOLWXGHV 3RU OR JHQHUDO HO Q GH RQGDV TXH
KDFHQIDOWDHVLQILQLWR
/XLV%5DPtUH]GHO3LQR
(O FRQMXQWR GH RQGDV VLQXVRLGDOHV GH GLVWLQWDV IUHFXHQFLDV TXH FRPSRQHQ OD
VHxDO VH OODPD HVSHFWUR GH OD VHxDO (VH HVSHFWUR VH SXHGH REWHQHU PHGLDQWH OD
WUDQVIRUPDGDGH)RXULHU
V W ³ 6 I ÂH M 3IW GI
f
³
f
W [ I ÂH M3IW GW
f
f
(VWD WUDQVIRUPDGD GH )RXULHU QRV SHUPLWH SDVDU GH XQD UHSUHVHQWDFLyQ HQ HO
WLHPSRGHODVHxDODXQDUHSUHVHQWDFLyQHQIUHFXHQFLD
6L FRJHPRV RQGDV VHQR GH
ODVIUHFXHQFLDVGHOVHJXQGRJUiILFR
6W 6I
$PSOLWXGHV
FRQ OD DPSOLWXG6I REWHQHPRV OD
I VHxDO6W
W )UHFXHQFLDV
/D7UDQVIRUPDGDGH)RXULHU
GH XQD VHxDO YD D WHQHU XQ DVSHFWR HQ IXQFLyQ GH FyPR VHD HVD VHxDO (M 2QGD
VLQXVRLGDO
(V XQ VROR YDORU GH OD
6W 6I
IUHFXHQFLD\DPSOLWXGGHODVHxDO
<D TXH OD WUDQVIRUPDGD GH
)RXULHU HV OD VXPD GH VHxDOHV
W I
VLQXVRLGDOHV FRQ XQD ~QLFD RQGD

VHQRTXHGDUtDUHSUHVHQWDGD
(QJHQHUDOKD\FXDWURWLSRVGHWUDQVIRUPDGDV 6I
x 6XPD GH XQ Q~PHUR ILQLWR GH RQGDV &RPR HVWH

HMHPSORFRQRQGDV
I
x 6XPD GH LQILQLWDV IUHFXHQFLDV 3RU HMHPSOR OD 6I

WUDQVIRUPDGDGHXQDRQGDFXDGUDGD(QHVWHFDVRVL7
IODWUDQVIRUPDGDWHQGUiSXQWRVHQIÂIÂI I
x 6XPD GH LQILQLWDV IUHFXHQFLDV LQILQLWDPHQWH

MXQWDVXQDVGHODVRWUDV
6I
x 6XPD GH LQILQLWDV IUHFXHQFLDV TXH HV H[WLHQGHQ

6I KDVWD HO LQILQLWR I
(VWDV VHxDOHV
KDQGHVHULQWHJUDEOHVSRUORTXHODVDPSOLWXGHV
I
YDQWHQGLHQGRDFHURSDUDTXHODVXPDVHDILQLWD
(QWRGDWUDQVIRUPDGDVLHPSUHSRGHPRVLGHQWLILFDUODIUHFXHQFLDPiVDOWDSXHGH
VHU LQILQLWR \ OD PiV EDMD TXH VHD GLVWLQWD GH FHUR $ OD GLIHUHQFLD HQWUH DPEDV VH OH
OODPDDQFKRGHEDQGD GHODVHxDO%:(VWHDQFKRGHEDQGDHV LQILQLWRxSDUDORVWLSRV
\
(QORVFDVRVHQORVTXHHO%:HVLQILQLWRVHGHILQH 6I
HO $QFKR GH %DQGD (IHFWLYR D ODV IUHFXHQFLDV TXH VXPDQ
KDVWDHOGHODVHxDO
(Q FRQFUHWR OD 6W GHULYDGD GHO GH XQD RQGD
$%( I
LQILQLWD \ GH RWUDQR LQILQLWD TXH FRLQFLGD FRQ HO GH OD SULPHUDVRQ WDQVLPLODUHV
TXHPXFKDVDSOLFDFLRQHVODVFRQVLGHUDQLGpQWLFDV
(ODQFKRGHEDQGDWDPELpQVHPLGHHQ+HUW]LRV
3RU~OWLPRLQGLFDUTXHKD\HVSHFWURVRQGH6 \RWURVGRQGH6(O
YDORUHQHOSXQWR6VHOODPDFRQSRQHQWHFRQWLQXDGHODVHxDO\ HTXLYDOHDOYDORU
PHGLRGHODVHxDO HQHOGRPLQLRGHOWLHPSR
/XLV%5DPtUH]GHO3LQR
(OFRPSRUWDPLHQWRGHORVPHGLRVGHWUDQVPLVLyQHVGLVWLQWRVHJ~QODIUHFXHQFLD
/DV VHxDOHV DO YLDMDUGLVPLQX\HQ VX
DPSOLWXG SRU YDULRV SUREOHPDV FDORU
$
(VWD DWHQXDFLyQ HV GLVWLQWD VHJ~Q OD

IUHFXHQFLDGHODVHxDOSRUORTXHODVHxDO
SRGUtDOOHJDUFRQDPSOLWXG$\ODVHJXQGD
)
$ FRQXQDDPSOLWXGGH$
$GHPiVODYHORFLGDGGHWUDQVPLVLyQ
WDPELpQFDPELDFRQODIUHFXHQFLDDXQTXHHO
FDPELRHQODYHORFLGDGVHQRWDPHQRVTXHHO
GHODDPSOLWXG
)
6LORTXHVHWUDQVPLWHHVODVXPDGHODVGRVVHxDOHVODVHxDOGHVWLQRVHSDUHFHUi
SRFR D OD RULJLQDO \D TXH XQD FRPSRQHQWH VH DWHQXD PHQRV TXH OD RWUD 6 GHFLU FDGD
FRPSRQHQWHGHXQDWUDQVIRUPDGDVHDWHQ~DGHXQDIRUPDGLVWLQWD
/DUHVSXHVWDRFRPSRUWDPLHQWRHQIUHFXHQFLD GHXQPHGLRGHWUDQVPLVLVLyQHVOD
DWHQXDFLyQTXHYDDLQWURGXFLUHQORVGLVWLQWRVFRPSRQHQWHVGHODIUHFXHQFLD
6H UHSUHVHQWD HQ HO GRPLQLR GH OD IUHFXHQFLD LQGLFDQGR FyPR DWHQ~D SDUD ORV
GLVWLQWRVYDORUHVGHIUHFXHQFLD
(V GHFLU DQWH VHxDOHV FRQ OD PLVPD DPSOLWXG \
IUHFXHQFLDV I I \ I OD DPSOLWXG GH VDOLGD VHUtDÂ%Â% \
Â%SDUDFDGDXQDGHHOODV6LVHWUDQVPLWHFRQXQDIUHFXHQFLD I I I I I

IQODVDOLGDWHQGUiXQDDPSOLWXG3RU~OWLPRODUHODFLyQHQWUH$DPSOLWXGRULJLQDO\

%DPSOLWXGPi[LPDHQUHFHSFLyQGHSHQGHGHODORQJLWXGGHOFDEOH
(ODQFKRGHEDQGDGHXQPHGLR HVODGLIHUHQFLDHQWUHODIUHFXHQFLDPiVDOWD\OD
PiVEDMDTXHSXHGHQDWUDYHVDUGLFKRPHGLRGHFRPXQLFDFLyQ
(O PHGLR GH WUDQVPLVLyQ LGHDO WHQGUtD HVWD IRUPD (V GHFLU
XQD IUHFXHQLFD R QR SDVD R SDVD FRQ DWHQXDFLyQ (Q OD UHDOLGDG OD
UHVSXHVWD GH XQ PHGLR UHDO WLHQH XQD ]RQD FHQWUDO FDVL SODQD SHUR
DODFHUFDUVHDI \I FDHUiODUHVSXHVWD
I I
3DUD PHGLRV PHWiOLFRV HVWD UHVSXHVWD

HVPX\UHJXODUSHURSDUDHODLUHODUHVSXHVWDHV
LUUHJXODU

6LVHHQYtDXQDVHxDOHVSHFWURHQWUHI \I
I I I I
FXDQGRHOPHGLRDGPLWHHQWUHI \IODVDOLGDHQWUHI \I VHUiµQDGD¶HQWUHI \I VHUi

SDUHFLGRDORULJLQDO\OD]RQDHQWUHI \I QRSDVDUi
5HVSXHVWD0HGLR 6HxDO(VSHFWUR
6HxDOVDOLGDHVSHFWUR
I ) I I I I I I I I I I
(V GHFLU VL OD UHVSXHVWD GHO PHGLR HVWi HQWUH I \ I VyOR VH SXHGHQ HQYLDU
VHxDOHVGHQWURGHODQFKRGHEDQGDHIHFWLYRHQWUHI \I
$GHPiVHQXQPHGLRGHWUDQVPLVLyQUHDOFRPRKD\]RQDVLQWHUPHGLDVHQWUH\
FHUFDGHORVERUGHVSDUDWUDQVPLWLUXQDVHxDOFRQXQ%: :HODQFKRGHEDQGDKDGH
VHUDSUR[LPDGDPHQWH:
(Q FRQFUHWR HO DQFKR GH EDQGD GH XQD
VHxDO GLJLWDO GHSHQGHUi GH OD WpFQLFD GH
0HGLR 6HxDO
5HDO
FRGLILFDFLyQ \ GH OD YHORFLGDG GH WUDQVPLVLyQ

TXH QR HV OR PLVPR TXH OD GH SURSDJDFLyQ (O
DQFKR GH EDQGD GHOPHGLROLPLWDUi HO %: GH OD
I I :
:
/XLV%5DPtUH]GHO3LQR
VHxDOTXHSXHGRPHWHU\SRUFRQVLJXHLQWHODYHORFLGDGGHWUDQVPLVLyQ
7UDQVPLVLyQGHGDWRVDQDOyJLFD\GLJLWDO
$QDOyJLFR\GLJLWDOHVDVLPLODEOHDFRQWLQXR\GLVFRQWLQXR\SXHGHVHUDSOLFDGR
DORVGDWRVODVHxDO\ODWUDQVPLVLyQ
/RVGDWRVLQIRUPDFLyQSXHGHQVHUDQDOyJLFRVRGLJLWDOHV/RVSULPHURVSRGUtDQ
WRPDUFXDOTXLHUYDORUHQXQLQWHUYDORFRQWLQXRODYR]\DTXHVRQRQGDVGHSUHVLyQ2V
GDWRVGLJLWDOHVVyORSXHGHQWRPDUFLHUWRVYDORUHVFRQFUHWRVWH[WRHQ$16,(VWRVGDWRV
VHUHSUHVHQWDQPHGLDQWHVHxDOHV
8QDVHxDOHVDQDOyJLFDFXDQGRHVFRQWLQXDHVGHFLUVXDPSOLWXGYDUtDGHIRUPD
FRQWLQXD\HVGLJLWDOFXDQGRHVGLVFUHWD&XDOTXLHUWLSRGHGDWRV$QDOyJLFRR'LJLWDO
SXHGHVHUWUDQVPLWLGRGHFXDOTXLHUDGHODVIRUPDV3RUHMHPSOR
'DWRV 6HxDO
7HOpIRQR $ $
3&02'(0 ' $
&2'(/9R]RYtGHRGLJLWDOL]DGR $ '
7UDQVPLVRUGLJLWDO3& ' '
8QWUDQVPLVRUGLJLWDOVHQFLOORVHEDVDHQDVLJQDUYDO\±YDOGLJLWDO
3RU ~OWLPR OD WUDQVPLVLyQ GH OD VHxDO GHO RULJHQ DO GHVWLQR WDPELpQ SXHGH VHU
$QDOyJLFDR'LJLWDO
x 6HUiDQDOyJLFDFXDQGRODVHxDOVHSURSDJDDEDVHGHDPSOLILFDGRUHV
x 6HUiGLJLWDOVLVHSURSDJDDEDVHGHUHSHWLGRUHV
8Q DPSOLILFDGRU VLPSOHPHQWH DXPHQWD OD DPSOLWXG GH OD RQGD SRU XQ
GHWHUPLQDGR YDORU SHM [6X SUREOHPD HV TXH WDPELpQVH DPSOLILFD HO UXLGR \ ODV
SHUWXUEDFLRQHV
8Q UHSHWLGRU SXHGH VHU XVDGR VROR FRQ VHxDOHV GLJLWDOHV (Q FRQFUHWR QR
DPSOLILFD VLQR TXH OHH OD VHxDO \ OD UHWUDQVPLWH VLQ SHUWXUEDFLRQHV FRQ OD PLVPD
DPSOLWXG TXH HO RULJLQDO 6RQ PiV FRPSOHMRV \ PiV FDURV DKRUD QR WDQWR SHUR VH
SXHGHQ XVDU WDQWRV FRPR VH TXLHUD VLQ HVWURSHDU OD VHxDO D GLIHUHQFLD GH ORV
DPSOLILFDGRUHV 3RU HVR VH WLHQGH D XVDU WUDQVPLVLyQ GLJLWDO $GHPiV ODV VHxDOHV
GLJLWDOHVRFXSDQPHQRVDQFKRGHEDQGD
3HUWXUEDFLRQHVHQODWUDQVPLVLyQ
(VWDVSHUWXUEDFLRQHVSXHGHQVHUDWHQXDFLyQGLVWRUVLyQGHUHWDUGRRUXLGR
$WHQXDFLyQ
(V OD SHUGLGD GH HQHUJtD TXH RIUHFH OD VHxDO VHJ~Q YLDMD SRU HO PHGLR (VWR
RFXUUHHQWRGRVORVPHGLRVSRU HMHPSORHQXQFDEOHPHWiOLFROD DPSOLWXGEDMDSRU OD
UHVLVWHQFLD GH ORVHOHFWURQHV OR TXH KDFH TXH DSDUH]FD XQ FDOHQWDPLHQWR HQ HO FDEOH \
SRU OD JHQHUDFLyQ GH UDGLDFLRQHV HOHFWURPDJQpWLFDV \D TXH WRGR FDEOH IXQFLRQD FRPR
XQDDQWHQDTXHUDGLDSDUWHGHODVHxDOTXHFRQGXFH
/XLV%5DPtUH]GHO3LQR
&DORU
6LW 6RW
5DGLDFLyQ
6L OODPDPRV 3L \ 3R D OD SRWHQFLD HQ ZDWLRV GH OD HQWUDGD \ OD VDOLGD OD
DWHQXDFLyQHQGHFLEHOLRVHV
3
$G% ÂORJ L
3R
(QHOPHGLRLGHDO3L 3R \ $ 'E \ HQHOSHRUGHORVFDVRV3R SRUORTXH
$ f G%
6H XVDQ ORV G% FRPR PHGLGD \D TXH HVSHFLDOPHQWH HQ PHGLRV JXLDGRV OD
DWHQXDFLyQHVSURSRUFLRQDODODORQJLWXGGHOFDEOHHQPHGLGDVORJDUtWPLFDV
3L Z 3R Z
3 Z
$GHPiVODDWHQXDFLyQWDPELpQGHSHQGHGHODIUHFXHQFLDSRUORTXHQRW\RGDVODV
IUHFXHQFLDVVXIUHQODPLVPDDWHQXDFLyQHQXQPHGLR
'LVWRUVLyQGHUHWDUGR
/D YHORFLGDG GH SURSDJDFLyQ GH ODV VHxDOHV HQ XQ

PHGLRYDUtDFRQOD IUHFXHQFLD (VWDGLIHUHQFLD HVDOJRPiV
DSUHFLDEOHHQORVPHGLRVPHWiOLFRV
Y
5XLGR
&XDOTXLHUHPLVLyQQRGHVHDGDTXHVHLQVHUWHHQWUHHOHPLVRU\HOUHFHSWRU
5HFHSWRU
(PLVRU
5XLGR
6HJ~Q HO RULJHQ GHO UXLGR HVWH SXHGH VHU GH FXDWUR WLSRV WpUPLFR GH
LQWHUPRGXODFLyQGHGLDIRQLDHLPSXOVLYR
x 7pUPLFR 5XLGR EODQFR R JDXVVLDQR SURYLHQHGH OD DJLWDFLyQ GH ODV PROpFXODV
GHOPHGLRGHWUDQVPLVLyQGHELGRDODWHPSHUDWXUD
1 : . Â7 Â%:
6LHQGR . OD FRQVWDQWH GH %ROW]PDQ Â -XOLRVN 7 OD
WHPSHUDWXUDHQJUDGRV.HOYLQ\%ZHODQFKRGHEDQGDHQKHUW]LRV
x ËQWHUPRGXODFLyQ 7LHQHVXRULJHQHQQROLQHDOLGDGHVGHOPHGLRGHWUDQVPLVLyQ
I I 3HUR VL
PHWHPRV SRU II II
III I
I I QIIQI I
5XLGRGHLQWHUPRGXODFLyQ
/XLV%5DPtUH]GHO3LQR
HMHPSORODVXPDGHGRVRQGDVVHQR
x 'LDIRQtD 6H GHEH DO DFRSODPLHQWR HOpFWULFR HQWUH PHGLRV GH WUDQVPLVLyQ
FHUFDQRV GH IRUPD TXH SDUWH GH OD VHxDOGH XQ PHGLR SDVD FRPR UXLGR DO RWUR
PHGLR(QLQJOpVVHOODPD&52667$/.
x ,PSXOVLYR(VXQUXLGRLUUHJXODUFRQVLVWLHQGRHQXQSLFRGHFRUWDGXUDFLyQTXH
VH LQWURGXFH HQ HO PHGLR GH WUDQVPLVLyQ \ WLHQH XQD DPSOLWXG UHODWLYDPHQWH
JUDQGH
8QD FDXVD SXHGHQ VHU ODV WRUPHQWDV HOpFWULFDV ORV WXERV IOXRUHVFHQWHV
TXHFRQVXPHQPXFKDHQHUJtDDOHQFHQGHUVHSXGLHQGRDIHFWDUDFDEOHVFHUFDQRV
3DUDOD WUDQVPLVLyQ DQDOyJLFD OD DWHQXDFLyQ LQWHUPRGXODFLyQ \ OD GLDIRQtD VRQ

GDxLQDV SXHV WUDQVIRUPDQ OD VHxDO REWHQLHQGR DOJR D OD VDOLGD HQ GRQ GH HV GLItFLO
GLVFHUQLUTXHHVVHxDO\TXHHVUXLGR 3DUD OD WUDQVPLVLyQ GLJLWDO QR VRQ WDQ
SUREOHPiWLFRV
6LQ HPEDUJR HO UXLGR LPSXOVLYR HV SHRU SRU OD WUDQVPLVLyQ GLJLWDO SLVWD DO
UHYpVDELWVVHJXQSLFRGHFHQWpVLPDQRVFDPELDXQSRUXQ6HFRUULJHQ
FRQWpFQLFDVGHGHWHFFLyQ\FRUUHFFLyQGHHUURUHV
&DSDFLGDGGHXQFDQDO
(VWDFDSDFLGDGUHSUHVHQWDHOQ~PHURPi[LPRGHELWVSRUVHJXQGRGHXQPHGLR
(ODQFKRGHEDQGDGHXQPHGLRHVOLPLWDGR
x )tVLFDPHQWHSRUODUHVSXHVWDHQIUHFXHQFLDHVWiOLPLWDGRSRUODLQIRUPDFLyQTXH
VH SXHGH PHWHUHQ VX %: (VWH %: SRGUtD VHUPX\ JUDQGHSHURHVWi VLHPSUH
OLPLWDGRSHHQHOYDFtRVHSXHGHWUDQVPLWLUGHVGH.+]KDVWD7+]3RUORTXH
QR VH GHMD WUDQVPLWLU HQ WRGR HO %: VLQR TXH VH GLYLGH HQ FDQDOHV XQRV SDUD
UDGLRSDUD79SDUDPyYLOHVVDWpOLWH
x (FRQyPLFDPHQWHODEDQGDDVLJQDGDDOPHGLRGHFRPXQLFDFLyQ
$OJXQRVPHGLRVWLHQHQXQ%:PX\DOWR\ODVHxDOODWLHQHPX\EDMDSRUORTXH
VHVXHOHGLYLGLUHQFDQDOHV\VHDVLJQDXQFDQDODFDGDXVXDULR
'LYLGLPRV HQ YDULRV FDQDOHV \ OH DVLJQDPRV D FDGD
XVXDULR XQ FDQDO SHUR FRQ OD
IUHFXHQFLD TXH KD\ TXH WUDQVPLWLU
0HGLR
I
OHVREUD
9DPRV D GLVSRQHU GH XQ
6HxDO
DQFKR GH EDQGD OLPLWDGR \D ELHQ VHD GHO PHGLR R GH XQ
VROR FDQDO 1RV SUHJXQWDUHPRV FXDQWRV ELWV SRU VHJXQGR
SRGUpWUDQVPLWLUFRQHVHDQFKRGHEDQGD
9DDKDEHUFXDWURIDFWRUHV
x &ELWVVHJ!&DSDFLGDG
x %:+]!$QFKRGHEDQGD
x 1ZDWW!5XLGR
x 3H ! 7DVD GH HUURUHV R SRVLELOLGDG GH HUURU TXH WROHUDPRV ELWV TXH
VHUHPRVFDSDFHVGHUHFLELUPDO
)LMDGRVIDFWRUHVHOFXDUWRYLHQHGDGR
/D UDPD GH ODV WHOHFRPXQLFDFLRQHV TXH HVWXGLD HVWR VH OODPD ³WHRUtD GH OD
LQIRUPDFLyQ´
/XLV%5DPtUH]GHO3LQR
6XSRQJDPRV XQ FDQDO VLQ UXLGR FRQ XQ DQFKR GH EDQGD %: +HUW]LRV \ HQ HO
TXHVHHPSOHDXQDFRGLILFDFLyQDGRVQLYHOHVSDUDXQHQYtR±Y\SDUDHOHQYtRY
RVHDVyORGRVQLYHOHVGHYROWDMH1\TXLVWGHPRVWUyTXHHQHVWHPHGLR
§ ELWV ·
& ¨¨ ¸¸ Â%:
© VHJ ¹
6LWHQHPRVXQDQFKRGHEDQGDGH.+]SRGUHPRVWUDQVPLWLU.EVHJ
6H SRGUtDQ WUDQVPLWLU PiV ELWV SRU VHJXQGR SHUR HPSOHDQGR FRGLILFDFLyQ
PXOWLQLYHO FRQVLVWHQWH HQ DJUXSDU YDULRV ELWV DVLJQDQGR D FDGD JUXSR XQ YDORU GH
WHQVLyQ
0XOWLQLYHOFRQFXDWURQLYHOHV0 VHFRJHGHHQORVELWV

6LFRJHPRVELWV0 QLYHOHVGHWHQVLyQ
& ELWV Â%: ÂORJ 0
VHJ
6L TXHUHPRV HQYLDU PXFKRV ELWV SRU VHJXQGR GHEHUtDPRV WHQHU XQ 0 PX\
JUDQGHORTXHLPSOLFDPtQLPDVGLIHUHQFLDVHQWUHORVQLYHOHVFRQORTXHDOPiVPtQLPR
UXtGRIDOODUtDHOHQYtR6yORVHUtDSRVLEOHHQXQPHGLROLEUHGHHUURUHV¢(QXQFDQDOFRQ
UXLGRFXDQGRSXHGHVHUHOYDORUGH0"
&DQDOFRQUXLGR ODUHODFLyQVHxDOUXLGRDODVDOLGDGHOFDQDOHVODGLYLVLyQHQWUH6
\1VHxDO\UXLGR
6 :DWWV
1 :DWWV
6
1 G%
ÂORJ
6
1
3DUDXQVLVWHPDDVt6KDQRQHQGHPRVWUyTXH
& §¨ ELW · ÂORJ §¨ 6 · /LPLWHGH6KDQRQ

© VHJ ¹̧
© 1 ¹̧
(VODFDQWLGDGGHELWVDWUDQVPLWLUVLQHUURUHV
(MHPSOR/tQHDWHOHIyQLFDEiVLFD
/D PD\RU SDUWH GH OD
%: +] YR] VH FRQFHQWUD HQWUH
61G% G% I
\+]
61GE ORJ61
+] +]
61

/DSRWHQFLDGHODYR]DOWHOpIRQRHVYHFHVVXSHULRUDO
UXLGRTXHVHJHQHUDHLQWHUILHUH
& ÂORJ ELWVVHJRVHDTXHGHLJXDOTXHWHFRPSUHVXQ
02'(0GH
(VWDIRUPXODQRVGLFHHOPi[LPRSHURQRFyPRDOFDQ]DUOR1RVGDHOUpJLPHQ
ELQDULRQDGDPiV
$ODYLVWDGHODIRUPXOD¢TXpVHSXHGHKDFHUSDUDDXPHQWDUHOUpJLPHQELQDULR"
$XPHQWDUHO%:ODSRWHQFLDGHODVHxDO6RGLVPLQXLUHOUXLGR11RHVWDQVHQFLOOR
HO UXLGR HV SRU FDXVDV H[WHUQDV $XPHQWDU HO %: WLHQH XQ HIHFWR GH DXPHQWR GH OD
/XLV%5DPtUH]GHO3LQR
WHPSHUDWXUD\SRUHOORGHOUXLGR$XPHQWDUODSRWHQFLDGHODVHxDOQRVOOHYDDLQWURGXFLU
QROLQHDOLGDGHVDXPHQWDQGRHOUXLGRGHLQWHUPRGXODFLyQ
0HGLRVGHWUDQVPLVLyQ
3XHGHQ VHU JXLDGRV SDU WUHQ]DGR FRD[LDO R ILEUD ySWLFD R QR JXLDGRV PLFUR
RQGDVUDGLRHLQIUDUURMR
*XLDGRV
3DUWUHQ]DGR
(VHOPHGLRPiVEDUDWR\PiVXVDGR
'HVFULSFLyQItVLFD
6RQGRVKLORVGHFREUHXQRHQYXHOWRVFRQXQDLVODQWH\HQWUHFUX]DGRVHQIRUPD
GHHVSLUDO&DGDSDUGHFDEOHVFRQVWLWX\HVyORXQHQODFHGHFRPXQLFDFLyQ7tSLFDPHQWH
VH XWLOL]DQ KDFHV HQ ORV TXH VH HQFDSVXODQ YDULRV SDUHV PHGLDQWH XQD HQYROWXUD
SURWHFWRUD (Q DSOLFDFLRQHV GH ODUJD GLVWDQFLD OD HQYROWXUD SXHGH FRQWHQHU FLHQWRV GH
SDUHV (O XVR GHO WUHQ]DGR WLHQGH D GLVPLQXLU ODV LQWHUIHUHQFLDV HOHFWURPDJQpWLFDV
GLDIRQtDHQWUHORVSDUHVDG\DFHQWHVGHQWURGHXQDPLVPDHQYROWXUD3DUDHVWHILQORV
SDUHV DG\DFHQWHV GHQWUR GH XQD PLVPD HQYROWXUD SURWHFWRUD VH WUHQ]DQ FRQ SDVRV GH
WRUVLyQGLIHUHQWHV7tSLFDPHQWHSDUDHQODFHVGHODUJDGLVWDQFLDODORQJLWXGGHOWUHQ]DGR
YDUtD HQWUH \ FP /RV FRQGXFWRUHV TXH IRUPDQ HO SDU WLHQHQ XQ JURVRU TXH YDUtD
WtSLFDPHQWH HQWUH \ SXOJDGDV &RP~QPHQWH HQ FRPXQLFDFLRQHV HV PiV
IUHFXHQWHHOGHSDUHV
$SOLFDFLRQHV
7DQWRSDUDVHxDOHVDQDOyJLFDVFRPRSDUDVHxDOHVGLJLWDOHVHOSDUWUHQ]DGRHVFRQ
GLIHUHQFLDHOPHGLRGHWUDQVPLVLyQPiVXVDGR3RUVXSXHVWRHVHOHPHGLRPiVXVDGRHQ
ODV UHGHV GH WHOHIRQtD LJXDOPHQWH VX XVR HV EiVLFR HQ HO HVWDEOHFLPLHQWR GH UHGHV GH
FRPXQLFDFLyQGHQWURGHHGLILFLRV
(QWHOHIRQtDHOWHUPLQDOGHDERQDGRVHFRQHFWDDODFHQWUDOORFDOPHGLDQWHFDEOH
GHSDUWUHQ]DGRGHQRPLQDGR³EXFOHGHDERQDGR´,JXDOPHQWHGHQWURGHXQHGLILFLRGH
RILFLQDV FDGD WHOpIRQR VH FRQHFWD D OD FHQWUDO SULYDGD 3%; ³3ULYDWH %UDQFK
([FKDQJH´ PHGLDQWH XQ SDU WUHQ]DGR (VWDV LQVWDODFLRQHV EDVDGDV HQ SDUHV WUHQ]DGRV
VH GLVHxDURQ SDUD WUDQVSRUWDU WUiILFR GH YR] PHGLDQWH VHxDOL]DFLyQ DQDOyJLFD 1R
REVWDQWHFRQHOXVRGHORVPyGHPVHVWDLQIUDHVWUXFWXUDSXHGHXWLOL]DUVHSDUDWUDQVSRUWDU
WUiILFRGLJLWDODYHORFLGDGHVGHWUDQVPLVLyQUHGXFLGDV
(Q DSOLFDFLRQHV GLJLWDOHV HO SDU WUHQ]DGR HV LJXDOPHQWH HO PiV XWLOL]DGR
7tSLFDPHQWHORVSDUHVWUHQ]DGRVVHXWLOL]DQSDUDODVFRQH[LRQHVDOFRQPXWDGRUGLJLWDOR
DOD3%;GLJLWDOFRQYHORFLGDGHVGHKDVWD.ESV(OSDUWUHQ]DGRVHXWLOL]DWDPELpQ
HQUHGHVGHiUHDORFDOGHQWURGHHGLILFLRVSDUDORV0ESV1RREVWDQWHUHFLHQWHPHQWH
VH DK GHVDUUROODGR UHGHV GH iUHD ORFDO FRQ YHORFLGDG GH 0ESV PHGLDQWH SDUHV
WUHQ]DGRV DXQTXH HVWDV FRQILJXUDFLRQHV HVWiQ EDVWDQWH OLPLWDGDV SRU HO Q~PHUR GH
SRVLEOHVGLVSRVLWLYRVFRQHFWDGRV\H[WHQVLyQJHRJUiILFDGHODUHG3DUDDSOLFDFLRQHVGH
/XLV%5DPtUH]GHO3LQR
ODUJD GLVWDQFLD HO SDU WUHQ]DGR VH SXHGH XWLOL]DU D YHORFLGDGHV GH 0ESV R LQFOXVR
PD\RUHV
(O SDU WUHQ]DGR HV PXFKR PHQRV FRVWRVR TXH FXDOTXLHU RWUR PHGLR GH
WUDQVPLVLyQ JXLDGR FDEOH FRD[LDO \ ILEUD ySWLFD \ D OD YH] HV VHQFLOOR GH PDQHMDU
$KRUDELHQFRPSDUDGRFRQORVDQWHULRUHVHVWiPiVOLPLWDGRHQWpUPLQRVGHYHORFLGDGGH
WUDQVPLVLyQ\GHGLVWDQFLDPi[LPD
&DUDFWHUtVWLFDVGHWUDQVPLVLyQ
/RVFDEOHVGHSDUHVVHSXHGHQXVDUSDUDWUDQVPLWLUWDQWRVHxDOHVDQDOyJLFDVFRPR
GLJLWDOHV 3DUD VHxDOHV DQDOyJLFDV VH QHFHVLWDQ DPSOLILFDGRUHV FDGD .P 3DUD
VHxDOHVGLJLWDOHVVHUHTXLHUHQUHSHWLGRUHVFDGDR.P
&RPSDUDGR FRQ RWURV PHGLRV JXLDGRV FRD[LDO \ ILEUD ySWLFD HO SDU WUHQ]DGR
SHUPLWHPHQRUHVGLVWDQFLDVPHQRUDQFKRGHEDQGD\PHQRUYHORFLGDGGHWUDQVPLVLyQ
(VWHPHGLRVHFDUDFWHUL]DSRUVXJUDQ VXVFHSWLELOLGDGDODVLQWHUIHUHQFLDV\DOUXLGRSRU
HMHPSOR FDPSRV HOHFWURPDJQpWLFRV H[WHULRUHV SXHGHQDIHFWDUOH QHJDWLYDPHQWH$Vt SRU
HMHPSORXQFDEOHFRQGXFWRUVLWXDGRHQSDUDOHORFRQXQDOtQHDGHSRWHQFLDTXHFRQGX]FD
FRUULHQWH DOWHUQD VH YHUi QHJDWLYDPHQWH DIHFWDGR SRU pVWD (O UXLGR LPSXOVLYR WDPELpQ
DIHFWDDORVSDUHVWUHQ]DGRV
3DUD UHGXFLU HVWRV HIHFWRV QHJDWLYRV HV SRVLEOH WRPDU DOJXQDV PHGLGDV 3RU
HMHPSOR HO DSDQWDOODPLHQWR GHO FDEOH FRQ XQD PDOODPHWiOLFD UHGXFH ODVLQWHUIHUHQFLDV
H[WHUQDV(OWUHQ]DGRHQORVFDEOHVUHGXFHODVLQWHUIHUHQFLDVGHEDMDIUHFXHQFLD\HOXVR
GHGLVWLQWRVSDVRVGHWRUVLyQHQWUHSDUHVDG\DFHQWHVUHGXFHODGLDIRQtD
3DUD OD VHxDOL]DFLyQ DQDOyJLFD SXQWR D SXQWR XQ SDU WUHQ]DGR SXHGH RIUHFHU
KDVWDN+]GHDQFKRGHEDQGD(QHOFDVRGHVHxDOL]DFLyQGLJLWDOSXQWRDSXQWRGH
ODUJD GLVWDQFLD VH SXHGHQ FRQVHJXLU GHO RUGHQ GH XQRV SRFRV 0ESV SDUD GLVWDQFLDV
FRUWDVDFWXDOPHQWH\DKD\GLVSRQLEOHVSURGXFWRVFRPHUFLDOHVTXHDOFDQ]DQORVESV
3DUHVWUHQ]DGRVDSDQWDOODGRV\VLQDSDQWDOODU
+D\ GRV YDULDQWHV GH SDUHV WUHQ]DGRV DSDQWDOODGR \ VLQ DSDQWDOODU (O SDU
WUHQ]DGR QR DSDQWDOODGR 873 ³8QVKLHOGHG 7ZLVWHG 3DLU´ HV HO PHGLR KDELWXDO HQ
WHOHIRQtD $FWXDOPHQWH HV SUiFWLFD KDELWXDO HQ HO FDEOHDGR GH HGLILFLRV XWLOL]DQGR
GLPHQVLRQHVTXHHVWiQPX\SRUHQFLPDGHODVQHFHVLGDGHVUHDOHVGHORTXHVHQHFHVLWD
SDUDWHOHIRQtD(VWRHVDVt\DTXHKR\SRUKR\HOSDUVLQDSDQWDOODUHVHOPHQRVFDURGH
WRGRVORVPHGLRVGHWUDQVPLVLyQTXHVHXVDQHQODVUHGHVGH iUHD ORFDODGHPiVGHVHU
IiFLOGHLQVWDODU\GHPDQLSXODU
(O SDU WUHQ]DGR VLQ DSDQWDOODU VH SXHGH YHU DIHFWDGR SRU LQWHUIHUHQFLDV
HOHFWURPDJQpWLFDV H[WHUQDV LQFOX\HQGR LQWHUIHUHQFLDV FRQ SDUHG FHUFDQRV \ IXHQWHV GH
UXLGR 8QD PDQHUD GH PHMRUDU ODV FDUDFWHUtVWLFDV GH WUDQVPLVLyQ GH HVWH PHGLR HV
HPEXWLpQGRORGHQWURGH XQDPDOODPHWDOLFD UHGXFLpQGRVH DVtODVLQWHUIHUHQFLDV(OSDU
WUHQ]DGRDSDQWDOODGR673³6KLHOGHG7ZLVWHG3DLU´SURSRUFLRQD PHMRUHVUHVXOWDGRVD
YHORFLGDGHV GH WUDQVPLVLyQ EDMDV $KRUD ELpQ HVWH ~OWLPR HV PiV FRVWRVR \ GLItFLO GH
PDQLSXODUTXHHODQWHULRU
(QHOSDUWUHQ]DGRDSDQWDOODGRFDGDSDUYDHQYXHOWRSRUXQDPDOODPHWiOLFD\D
VXYH]SRURWUDSDUDOXHJRHVWDUWRGRHOFRQMXQWRFXELHUWRSRUDLVODQWH/DVPDOODVHVWiQ
D PDVD YROWLRV IRUPDQGR XQD ³-DXOD GH )DUDGD\´ $Vt UHGXFH ODV HPLVLRQHV \
UHFHSFLRQHVGHVHxDOHVHOHFWURPDJQpWLFDV
873WLSR\WLSR
/XLV%5DPtUH]GHO3LQR
(QODPD\RUtDGHORVHGLILFLRVVHKDFHXQDSUHLQVWDODFLyQFRQXQSDUWUHQ]DGRGH
RKPLRVGHQRPLQDGRGHFDOLGDGWHOHIyQLFD3RUWDQWRHVWHWLSRGHSUHLQVWDODFLRQHV
VHGHEHQFRQVLGHUDUVLHPSUHFRPRXQDDOWHUQDWLYDEDVWDQWHDWUDFWLYD\SRFRFRVWRVDSDUD
/$1 1R REVWDQWH KD\ TXH WHQHU HQ FXHQWDTXH ODV YHORFLGDGHV GH WUDQVPLVLyQ \ ODV
GLVWDQFLDVTXHVHSHXGHQDOFDQ]DUFRQHVWHPHGLRQRVLHPSUHDOFDQ]DQODVQHFHVLGDGHV
PtQLPDV
(QOD(,$³(OHFWURQLF,QGXVWULHV$VVRFLDWLRQ´SXEOLFyQHOHVWiQGDU(,$
GHQRPLQDGR ³&RPPHUFLDO %XLOGLQJ 7HOHFRPPXQLFDWLRQV &DEOLQJ 6WDQGDUG´ TXH
GHILQH HO XVR GH SDUHV WUHQ]DGRV VLQ DSDQWDOODU GH FDOLGDG WHOHIyQLFD \ GH SDUHV
DSDQWDOODGRV FRPR PHGLRV SDUD DSOLFDFLRQHV GH WUDQVPLVLyQ GH GDWRV HQ HGLILFLRV
1yWHVHTXHSRUDTXHOWLHPSRODVFDUDFWHUtVWLFDVGHGLFKRVPHGLRVHUDQVXILFLHQWHVSDUD
HOUDQJRGHIUHFXHQFLDV\YHORFLGDGHVWtSLFDVQHFHVDULDVHQHQWRUQRVRILPiWLFRV(VPiV
HQ HVD pSRFD HO LQWHUYDOR GH LQWHUpVSDUD HO GLVHxR GH /$1 HVWDED HQWUH \ 0ESV
&RQ HO WLHPSR ORV XVXDULRV KDQ LGR PLJUDQGR WDQWR D HVWDFLRQHV GH WUDEDMR FRPR D
DSOLFDFLRQHVGHPD\RUHVSUHVWDFLRQHV3RUWDQWRKDEtDFDGDYH]XQLQWHUpVFUHFLHQWHHQ
GLVHxDU /$1V TXH SURSRUFLRQDUDQ KDVWD 0ESV VREUH PHGLRV QR FRVWRVRV &RPR
UHVSXHVWDDHVDQHFHVLGDGHQVHSURSXVRHO(,$!(VWHHVWiQGDULQFRUSRUDORV
PiV UHFLHQWHV DYDQFHV WDQWR HQ HO GLVHxR GH FDEOHV \ FRQHFWRUHV FRPR HQ PpWRGRV GH
WHVW (Q HVWD HVSHFLILFDFLyQ VH FRQVLGHUDQ WDQWR FDEOHV GH SDUHV DSDQWDOODGRV D
RKPLRVFRPRSDUHVQRDSDQWDOODGRVGHRKPLRV
(QHOHVWiQGDU(,$$VHFRQVLGHUDQWLSRVGHFDEOHV873
x 7LSRFRQVLVWHHQFDEOHV\VXKDUGZDUH DVRFLDGRGLVHxDGRVSDUDIUHFXHQFLDVGH
KDVWD0+]
x 7LSRFRQVLVWHHQFDEOHV\VXKDUGZDUHDVRFLDGRGLVHxDGRVSDUDIUHFXHQFLDVGH
KDVWD0+]
x 7LSRFRQVLVWHHQFDEOHV\VXKDUGZDUHDVRFLDGRGLVHxDGRVSDUDIUHFXHQFLDVGH
KDVWD0+]
'H HQWUH ORV DQWHULRUHV ORV WLSRV \ VRQ ORV PiV XWLOL]DGRV HQ ORV HQWRUQRV
/$1(OWLSR FRUUHVSRQGHDORVFDEOHVGHFDOLGDGWHOHIyQLFDTXHH[LVWHQHQOD
PD\RUtDGHORVHGLILFLRVGHRILFLQDV&RQXQGLVHxRDSURSLDGR\DGLVWDQFLDVOLPLWDGDV
FRQ FDEOHV WLSR VH SXHGHQ FRQVHJXLU YHORFLGDGHV GH KDVWD 0ESV (O WLSR HV XQ
FDEOH GH PHMRUHV FDUDFWHUtVWLFDV SDUD OD WUDQVPLVLyQ GH GDWRV \ FDGD YH] VH HVWi
XWLOL]DQGRPiV\PiVFRPRSUHLQVWDODFLyQHQORVQXHYRVHGLILFLRVGHRILFLQDV&RQXQ
GLVHxRDSURSLDGR\D GLVWDQFLDVOLPLWDGDVFRQWLSRVHSXHGHQDOFDQ]DU0ESV
/DGLIHUHQFLDHVHQFLDOHQWUHORVFDEOHVWLSR\HVWiHQHOQ~PHURGHWUHQ]DVSRU
XQLGDG GH GLVWDQFLD (O SDVR GH WRUVLyQ HQ HO WLSR HV GHO RUGHQ GH D WUHQ]DV SRU
FHQWtPHWUR PLHQWUDV TXH HQ OH WLSR WLHQH XQD WUHQ]D FDGD R FHQWtPHWURV (O
WUHQ]DGR GHO WLSR HV SRU VXSXHVWR PiV FDUR DKRUD ELHQ SURSRUFLRQD SUHVWDFLRQHV
VXSHULRUHVTXHHOGHWLSR
/RV FRQHFWRUHV VRQ 5- FDEOH GH UHG R ODWLJXLOOR 0X\ SDUHFLGR DO GHO
WHOpIRQR5-
(O FRQHFWRU 673 HV PX\ SDUHFLGR SHUR FRQ XQD FXELHUWD PHWiOLFD GRQGH VH
FRQHFWDQODVPDOODVPHWiOLFDVSDUDSRQHUODVDPDVD
/D QRUPD (,$7,$ FRPHQWDGD DQWHULRUPHQWH TXH GHILQtD HO FDEOHDGR GH
XQHGLILFLRQRUHVLGHQFLDOVHFRQRFHFRPR ³6LVWHPDGHFDEOHDGRHVWUXFWXUDGR´
/XLV%5DPtUH]GHO3LQR
'HEH KDEHU XQDVDOD SULQFLSDOGH HTXLSRV HQ OD

SODQWD EDMD R VyWDQR $ HOOD OOHJDQ WRGDV ODV
OtQHDVGHOH[WHULRU
(QFDGDSODQWDKDEUiXQRRYDULRVUHSHWLGRUHV GH
SODQWD /RV VXILFLHQWHV SDUD TXH KD\D HQ FDGD
SXQWR GH OD SODQWD XQ UHSHWLGRU D PHQRVGH
PHWURV
(Q FDGD SXHVWR GH XVXDULR GHEH KDEHU XQD

URVHWD FRQVLVWHQWH HQ DO PHQRV GRV WRPDV GH
UHGXQDSDUDYR]\RWUDSDUDGDWRV
/DQRUPDGLFHTXHORVFDEOHVGHEHQVHUWHQGLGRV
GHVGH OD VDOD GH HTXLSRV D FDGD XQR GH ORV
UHSHWLGRUHV (V HO FDEOHDGR WURQFDO R YHUWLFDO
(VWDQRUPDUHFRPLHQGDILEUDySWLFDGHKDVWD.PGHORQJLWXG
'HFDGDUHSHWLGRUGHSODQWDVDOHQFDEOHVSDUDFDGDURVHWD6HOHOODPDFDEOHDGR
KRUL]RQWDO 'HEH PHGLU FRPR Pi[LPR PHWURV UHFRPHQGiQGRVH SDU
WUHQ]DGRVLQDSDQWDOODGR873
,PSHGDQFLDFDUDFWHUtVWLFDGHXQFDEOH
(VODUHVLVWHQFLDTXHWLHQHXQFDEOHGHORQJLWXGLQILQLWDDIUHFXHQFLDLQILQLWD&RQ
FRUULHQWH FRQWLQXD OD UHVLVWHQFLD GH XQ FDEOH FUHFH &RQ FRUULHQWH DOWHUQD FUHFH KDVWD
DSUR[LPDUVHDODLPSHGDQFLDFDUDFWHUtVWLFD
6L XQ FDEOH WLHQH LPSHGDQFLD GH RKPLRV SRQJR XQD LPSHGDQFLD GH
RKPLRVDOILQDOODVHxDOTXHOOHJDDOH[WUHPRHVPi[LPD&RQRWUDFRQILJXUDFLyQOOHJDUi
PHQRVVHxDOQRODPi[LPD
$SOLFDFLRQHVGHOSDUWUHQ]DGR
x /tQHDWHOHIyQLFD
x &RPXQLFDFLyQGHGDWRV5'6,,6'1/$1DPHWURVVHOOHJDDFRQVHJXLU
HQWUH\0EV
x $'6/ .P\MKDVWD0VHJ
&RD[LDO
'HVFULSFLyQItVLFD
(O FDEOH FRD[LDO DO LJXDO TXH HO SDU WUHQ]DGR WLHQH GRV FRQGXFWRUHV SHUR HVWi
FRQVWUXLGR GH IRUPD GLIHUHQWH SDUD TXH SXHGD RSHUDU VREUH XQ UDQJR PD\RU GH
IUHFXHQFLDV &RQVLVWH HQ XQ FRQGXFWRU FLOtQGULFR H[WHUQR TXH URGHD D XQ FDEOH
FRQGXFWRU(OFRQGXFWRULQWHULRUVHPDQWLHQHDORODUJRGHOHMHD[LDOPHGLDQWHXQDVHULH
GH DQLOORV DLVODQWHV UHJXODUPHQWH HVSDFLDGRV R ELHQ PHGLDQWH XQ PDWHULDO VyOLGR
GLHOpFWULFR(OFRQGXFWRUH[WHULRUVHFXEUHFRQXQD
&REUH
FXELHUWD R IXQGD SURWHFWRUD (O FDEOH H[WHULRU VH
XQH D PDVD IRUPDQGR XQD MDXOD GH IDUDGD\ (O
FDEOHFRD[LDOWLHQHXQGLiPHWUR TXHYDGHD
FP DSUR[LPDGDPHQWH 'HELGR DO WLSR GH
DSDQWDOODPLHQWR UHDOL]DGR HV GHFLU D OD
GLVSRVLFLyQFRQFpQWULFDGHORVGRVFRQGXFWRUHVHO
FDEOH FRD[LDO HV PXFKR PHQRV VXVFHSWLEOH D LQWHUIHUHQFLDV \ GLDIRQtDV TXH HO SDU
/XLV%5DPtUH]GHO3LQR
WUHQ]DGR &RPSDUDQGR FRQ HVWH HO FDEOH FRD[LDO VH SXHGH XVDU SDUD FXEULU PD\RUHV
GLVWDQFLDVDVtFRPRFRQHFWDUXQQ~PHURPD\RUGHHVWDFLRQHVHQXQDOtQHDFRPSDUWLGD
$SOLFDFLRQHV
(O FDEOH FRD[LDOHV TXL]i HO PHGLR GH WUDQVPLVLyQ PiVYHUViWLO SRU OR TXH HVWi
VLHQGR FDGD YH] PiV XWLOL]DGR HQ XQD JUDQ YDULHGDG GH DSOLFDFLRQHV /DV PiV
LPSRUWDQWHVVRQ
x 'LVWULEXFLyQGHWHOHYLVLyQ
x 7HOHIRQtDDODUJDGLVWDQFLD
x &RQH[LyQFRQSHULIpULFRVDFRUWDGLVWDQFLD
x 5HGHVGHÈUHD/RFDO
(OFDEOHFRD[LDOVHHVWiXWLOL]DQGRSDUDODGLVWULEXFLyQGHOD79SRUFDEOHKDVWD
ORVKRJDUHVGHORVXVXDULRV'LVHxDGRLQLFLDOPHQWHSDUDSURSRUFLRQDUVHUYLFLRGHDFFHVR
D iUHDV UHPRWDV &$79 ³&RPPXQLW\ $QWHQQD 7HOHYLVLyQ´ OD 79 SRU FDEOH HQ XQ
IXWXUR PX\ FHUFDQR OOHJDUi D FDVL WDQWRV KRJDUHV \ RILFLQDV FRPR HO DFWXDO VLVWHPD
WHOHIyQLFR (O VLVWHPD GH 79 SRU FDEOH SXHGH WUDQVSRUWDUGRFHQDVH LQFOXVR FLHQWRV GH
FDQDOHVDGHFHQDVGHNLOyPHWURV
7UDGLFLRQDOPHQWHHO FRD[LDOKD VLGR IXQGDPHQWDO HQ OD UHG GH WHOHIRQtD D ODUJD
GLVWDQFLD DXQTXH HQ OD DFWXDOLGDG WLHQH XQD IXHUWH FRPSHWHQFLD HQ OD ILEUD ySWLFD ODV
PLFURRQGDVWHUUHVWUHV \ ODVFRPXQLFDFLRQHVYtD VDWpOLWH&XDQGRVH XVD PXOWLSOH[DFLyQ
FRQGLYLVLyQHQIUHFXHQFLD)'0³)UHFXHQF\'LYLVLRQ0XOWLSOH[LQJ´HOFDEOHFRD[LDO
SXHGHWUDQVSRUWDUPiVGHFDQDOHVGHYR]VLPXOWiQHDPHQWH
(OFDEOHFRD[LDOWDPELpQVHXVDFRQIUHFXHQFLDSDUDFRQH[LRQHVHQWUHSHULIpULFRV
D FRUWD GLVWDQFLD &RQ VHxDOL]DFLyQ GLJLWDO HO FRD[LDO VH SXHGH XVDU FRPR PHGLR GH
WUDQVPLVLyQHQFDQDOHVGHHQWUDGDVDOLGDHQFRPSXWDGRUHV
2WURiUHDGHDSOLFDFLyQGHOFDEOHFRD[LDOHVHQODVUHGHVGHDUHDORFDO(OFDEOH
FRD[LDO DGPLWH XQ JUDQ Q~PHUR GH GLVSRVLWLYRV FRQ XQD JUDQ GLYHUVLGDG GH WLSRV GH
GDWRV\WUiILFRFRQFREHUWXUDVTXHYDQGHVGHXQVRORHGLILFLRDYDULRVVLHPSUHSUy[LPRV
HQWUHHOORV
(O FDEOH FRD[LDOVH XVD SDUDWUDQVPLWLU WDQWR VHxDOHVDQDOyJLFDV FRPR GLJLWDOHV

7LHQH UHVSXHVWD HQ IUHFXHQFLD VXSHULRU D OD GHO SDU WUHQ]DGR SHUPLWLHQGR SRU WDQWR
PD\RUHV IUHFXHQFLDV \ YHORFLGDGHV GH WUDQVPLVLyQ &RPR \D VH KD GLFKR SRU
FRQVWUXFFLyQ HO FDEOH FRD[LDOHV PXFKR PHQRV VXVFHSWLEOH TXH HO SDU WUHQ]DGR WDQWR D
LQWHUIHUHQFLDVFRPRDGLDIRQtD6XVSULQFLSDOHVOLPLWDFLRQHVVRQODDWHQXDFLyQHOUXLGR
WpUPLFR \ HO UXLGR GH LQWHUPRGXODFLyQ (VWH ~OWLPR DSDUHFH VyOR FXDQGR VH XVDQ
VLPXOWiQHDPHQWHYDULRVFDQDOHVREDQGDVGHIUHFXHQFLDV
3DUD OD WUDQVPLVLyQ GH VHxDOHV DQDOyJLFDV D ODUJD GLVWDQFLD VH QHFHVLWDQ
DPSOLILFDGRUHV VHSDUDGRV SRU PX\ SRFRV NLOyPHWURV HVWDQGR PHQRV VHSDUDGRV FXDQWR
PD\RUHVODIUHFXHQFLD GHWUDEDMR(OHVSHFWURGHODVHxDOL]DFLyQDQDOyJLFDVHH[WLHQGH
KDVWD ORV 0+] 3DUD VHxDOL]DFLyQ GLJLWDO HQ FDPELR VH QHFHVLWD XQ UHSHWLGRU
DSUR[LPDGDPHQWHFDGDNLOyPHWURHVWRHVODVHSDUDFLyQHQWUHUHSHWLGRUHVHVPHQRU
)LEUDySWLFD
/XLV%5DPtUH]GHO3LQR
'HVFULSFLyQItVLFD
/D ILEUD ySWLFD HV XQ PHGLR IOH[LEOH \ H[WUHPDGDPHQWH ILQR GH D PP
FDSD] GH FRQGXFLU HQHUJtD GH QDWXUDOH]D ySWLFD 3DUD OD ILEUD VH SXHGHQ XVDU GLYHUVRV
WLSRVGHFULVWDOHV\SOiVWLFRV/DVSpUGLGDVPHQRUHVVHKDQFRQVHJXLGRFRQODXWLOL]DFLyQ
GH ILEUDV GH VLOLFLR IXQGLGR XOWUD SXUR /DV ILEUDV XOWUDSXUDV VRQ PX\ GLItFLOHV GH
IDEULFDU ODV ILEUDV GH FULVWDO PXOWLFRPSRQHQWH WLHQHQ PD\RUHV SpUGLGDV \ VRQ PiV
HFRQyPLFDVSHURSURSRUFLRQDQXQDVSUHVWDFLRQHVVXILFLHQWHV/DILEUDGHSOiVWLFRWLHQH
WRGDYtDXQFRVWHPHQRU\ VHSXHGHQXWLOL]DUSDUDHQODFHVGHGLVWDQFLDVFRUWDVSDUDORV
TXHVRQDFHSWDEOHVSpUGLGDVPRGHUDGDPHQWHDOWDV
HQYROWXUD 8Q FDEOH GH ILEUD ySWLFD WLHQH IRUPD
FLOtQGULFD \ HVWi IRUPDGR SRU WUHV VHFFLRQHV
FRQFpQWULFDV HO Q~FOHR HO UHYHVWLPLHQWR \ OD
Q~FOHR
FXELHUWD (O Q~FOHR HV OD VHFFLyQ PiV LQWHUQD HVWi

FXELHUWD
FRQVWLWXLGR SRU XQD R YDULDV KHEUDV R ILEUDV PX\

ILQDVGHFULVWDORSOiVWLFR&DGDILEUDHVWiURGHDGDSRUVXSURSLRUHYHVWLPLHQWRTXHQRHV
VLQR RWUR FULVWDO R SOiVWLFR FRQ SURSLHGDGHV ySWLFDV GLVWLQWDV D ODVGHO Q~FOHR /D FDSD
PiVH[WHULRUTXHHQYXHOYHDXQRRYDULRVUHYHVWLPLHQWRVHVODFXELHUWD/DFXELHUWDHVWi
KHFKD GH SOiVWLFR \ RWURV PDWHULDOHV GLVSXHVWRV HQ FDSDV SDUD SURSRUFLRQDU SURWHFFLyQ
FRQWUDODKXPHGDGODDEUDVLyQDSODVWDPLHQWRV\RWURVSHOLJURV
$SOLFDFLRQHV
8QRGHORVDYDQFHVWHFQROyJLFRVPiVVLJQLILFDWLYRVHQODWUDQVPLVLyQGHGDWRVKD
VLGRHOGHVDUUROORGHORVVLVWHPDVGHFRPXQLFDFLyQGHILEUDySWLFD1RHQYDQRODILEUD
GLVIUXWDGHXQDJUDQDFHSWDFLyQSDUDODVWHOHFRPXQLFDFLRQHVDODUJDGLVWDQFLD\FDGDYH]
PiV HVWi VLHQGR PiV SRSXODU HQ ODV DSOLFDFLRQHV PLOLWDUHV 6X SHUIHFFLRQDPLHQWR
FRQWLQXDGRDVtFRPRVXUHGXFFLyQHQSUHFLRKDQFRQWULEXLGRDFRQYHUWLUODHQXQPHGLR
DWUDFWLYR SDUD ORV HQWRUQRV /$1 /DV FDUDFWHUtVWLFDV GLIHUHQFLDOHV GH OD ILEUD ySWLFD
IUHQWHDOFDEOHFRD[LDO\DOSDUWUHQ]DGRVRQ
x 0D\RU DQFKR GH EDQGD (O DQFKR GH EDQGD \ SRU WDQWR OD YHORFLGDG GH
WUDQVPLVLyQHQODVILEUDVHVHQRUPH([SHULPHQWDOPHQWHVHKDGHPRVWUDGRTXH
VH SXHGHQ FRQVHJXLU YHORFLGDGHV GH WUDQVPLVLyQ GH *ESV SDUD GHFHQDV GH
NLOyPHWURVGHGLVWDQFLD&RPSiUHVHFRQHOPi[LPRTXHVHSXHGHFRQVHJXLUHQHO
FDEOHFRD[LDOFLHQWRVGH0ESVVREUHDSUR[LPDGDPHQWH.P\FRQORVHVFDVRV
0ESVTXHVHSXHGHQREWHQHUHQODPLVPDGLVWDQFLDSDUDSDUH]WUHQ]DGRVRFRQ
ORV 0ESV TXH VH FRQVLJXHQ HQ SDUHV WUHQ]DGRV VL OD GLVWDQFLD VH UHGXFH D
XQDVSRFDVGHFHQDVGHPHWURV
x 0HQRUWDPDxR\SHVR /DVILEUDVySWLFDVVRQDSUHFLDEOHPHQWHPiVILQDVTXHHO
FDEOHFRD[LDORTXHORVSDUHVWUHQ]DGRVHPEXWLGRVSRUORPHQRVHQXQRUGHQGH
PDJQLWXG SDUD FDSDFLGDGHV GH WUDQVPLVLyQ FRPSDUDEOHV (Q ODV FRQGXFFLRQHV
HVWUHFKDV SUHYLVWDV HQ ODV HGLILFDFLRQHV SDUD HO FDEOHDGR DVt FRPR HQ ODV
FRQGXFFLRQHV S~EOLFDV VXEWHUUiQHDV OD XWLOL]DFLyQ GH WDPDxRV SHTXHxRV WLHQH
XQDV YHQWDMDV HYLGHQWHV /D UHGXFFLyQ HQ WDPDxR OOHYD D VX YH] DSDUHMDGD XQD
UHGXFFLyQHQSHVRTXHGLVPLQX\HODLQIUDHVWUXFWXUDQHFHVDULD
x $WHQXDFLyQ PHQRU /D DWHQXDFLyQ HV VLJQLILFDWLYDPHQWH PHQRU HQ ODV ILEUDV
ySWLFDVTXHHQORVFDEOHVFRD[LDOHV\SHUDVWUHQ]DGRVDGHPiVHVFRQVWDQWHHQXQ
JUDQLQWHUYDORGHIUHFXHQFLDV
x $LVODPLHQWRHOHFWURPDJQpWLFR/RVVLVWHPDVGHILEUDySWLFDQRVHYHQDIHFWDGRV
SR ORV HIHFWRV GH FDPSRV HOHFWURPDJQpWLFRV H[WHULRUHV (VWRV VLVWHPDV QR VRQ
/XLV%5DPtUH]GHO3LQR
YXOQHUDEOHVDLQWHUIHUHQFLDVUXLGRLPSXOVLYRRGLDIRQtD<SRUODPLVPDUD]yQ
ODVILEUDVQRUDGLDQHQHUJtDSURGXFLHQGRLQWHUIHUHQFLDVGHVSUHFLDEOHVFRQRWURV
HTXLSRV \ SURSRUFLRQDQGR D OD YH] XQ DOWR JUDGR GH SULYDFLGDG DGHPiV
UHODFLRQDGR FRQ HVWR OD ILEUD HV SRU FRQVWUXFFLyQ GLItFLO GH LQWHUYHQLU R
FRORTXLDOPHQWH³SLQFKDU´
x 0D\RU VHSDUDFLyQ HQWUH UHSHWLGRUHV &XDQWRV PHQRV UHSHWLGRUHV KD\D HO FRVWH
VHUiPHQRUDGHPiVGHKDEHUPHQRVIXHQWHVGHHUURU'HVGHHVWHSXQWRGHYLVWD
ODV SUHVWDFLRQHV GH ORV VLVWHPDV GH ILEUD ySWLFD KDQ VLGR PHMRUDGDV
SURJUHVLYDPHQWH3RUHMHPSOR$7 7KDGHVDUUROODGRXQVLVWHPDGHWUDQVPLVLyQ
TXH FRQVLJXH *ESV VREUH XQD GLVWDQFLD GH .P VLQ QHFHVLGDG GH
UHSHWLGRUHV /RV VLVWHPDV EDVDGRV HQ FRD[LDO \ SDUHV WUHQ]DGRV UHTXLHUHQ
UHSHWLGRUHVFDGDSRFRVNLOyPHWURV
/DVFLQFRDSOLFDFLRQHVEiVLFDVHQODVTXHODILEUDySWLFDHVLPSRUWDQWHVRQ
x 7UDQVPLVLRQHVDODUJDGLVWDQFLD
x 7UDQVPLVLRQHVPHWURSROLWDQDV
x $FFHVRDiUHDVUXUDOHV
x %XFOHVGHDERQDGR
x 5HGHVGHiUHDORFDO
/DWUDQVPLVLyQDODUJDVGLVWDQFLDVPHGLDQWHILEUDVHVFDGDYH]PiVFRP~QHQOD
UHGGHWHOpIRQRV(QHVWDVUHGHVODVGLVWDQFLDVPHGLDVVRQDSUR[LPDGDPHQWHNP\
WLHQHQ XQD JUDQ FDSDFLGDG WtSLFDPHQWH GH D FDQDOHV GH YR] (VWRV
VLVWHPDV VRQ FRPSHWLWLYRV HQ FXDQWR D FRVWH FRQ ORV HQODFHV GH PLFURRQGDV \ HVWiQ
PX\SRUGHEDMRHQFRVWHGHOFDEOHFRD[LDO/DGLIHUHQFLDHVWDOTXHLQFOXVRHQDOJXQRV
SDtVHVHQGHVDUUROORHOFRD[LDOVHHVWiTXHGDQGRGHVIDVDGRSDUDVXXWLOL]DFLyQHQUHGHV
GHWHOHIRQtD
/RV FLUFXLWRV PHWURSROLWDQRV WLHQHQ XQD ORQJLWXG PHGLD GH NP \ SXHGHQ
WHQHU KDVWD FDQDOHV GH YR] /D PD\RUtD GH ORV VHUYLFLRV VH HVWiQ LQVWDODQGR
XVDQGR FRQGXFFLRQHV VXEWHUUiQHDV VLQ UHSHWLGRUHV TXH VH XVDQ SDUD HQOD]DU FHQWUDOHV
WHOHIyQLFDVGHQWURGHOiUHDPHWURSROLWDQD(QHVWDFDWHJRUtDHVWiQODVUXWDVTXHHQOD]DQ
ODVOtQHDVGHODUJDGLVWDQFLDGHPLFURRQGDVTXHOOHJDQKDVWDODViUHDVSHULPHWUDOHVGHODV
FLXGDGHVFRQODVFHQWUDOHVGHWHOHIRQtDVLWXDGDVGHQWURGHOFDVFRXUEDQR
/RVDFFHVRVDiUHDVUXUDOHVWLHQHQWtSLFDPHQWHORQJLWXGHVTXHYDQGHVGHORV
D ORV NP (Q (VWDGRV 8QLGRV HVWRV HQODFHV D VX YH] FRQHFWDQ IUHFXHQWHPHQWH
FHQWUDOHV WHOHIyQLFDV SHUWHQHFLHQWHV D GLIHUHQWHV FRPSDxtDV /D PD\RUtD GH HVWRV
VLVWHPDVWLHQHQPHQRVGH FDQDOHV GH YR] 8VXDOPHQWHOD WHFQRORJtD XWLOL]DGD HQ
HVWDVDSOLFDFLRQHVFRPSLWHFRQODVPLFURRQGDV
/RV EXFOHV GH DERQDGR VRQ ILEUDV TXH YDQ GLUHFWDPHQWH GHVGH ODV FHQWUDOHV DO
DERQDGR(OXVRGHODILEUDHQHVWRVVHUYLFLRVHVWiHPSH]DQGRDGHVSOD]DUDORVHQODFHV
PHGLDQWH SDUHV WUHQ]DGRV \ FRD[LDOHV GDGR TXH FDGD YH] PiV ODV UHGHV GH WHOHIRQtD
HVWiQ HYROXFLRQDQGR KDFLD UHGHV LQWHJUDGDV FDSDFHV GH JHVWLRQDU QR VyOR YR] \ GDWRV
VLQRWDPELpQLPiJHQHV\YLGHR(OXVRGHODILEUDHQHVWDVDSOLFDFLRQHVHVWiHQFDEH]DGR
IXQGDPHQWDOPHQWHSRUJUDQGHVFOLHQWHVHPSUHVDVQRREVWDQWHODILEUDFRPRPHGLRGH
DFFHVRGHVGHORVGRPLFLOLRVSDUWLFXODUHVDSDUHFHUiHQXQIXWXURDFRUWRSOD]R
)LQDOPHQWHXQDDSOLFDFLyQLPSRUWDQWHGHODILEUDySWLFDHVWiHQODVUHGHVGHiUHD
ORFDO 5HFLHQWHPHQWH VH KDQ GHVDUUROODGR HVWiQGDUHV \ SURGXFWRV SDUD UHGHV GH ILEUD
ySWLFD TXH WLHQHQ XQD FDSDFLGDG GH 0ESV \ SHUPLWHQ FLHQWRV R LQFOXVR PLOHV GH
HVWDFLRQHVHQJUDQGHVHGLILFLRVGHRILFLQDV
/XLV%5DPtUH]GHO3LQR
/DVYHQWDMDVGHODILEUDySWLFDUHVSHFWRGHOSDUWUHQ]DGRR GHOFDEOHFRD[LDOVRQ
FDGD YH] PiV FRQYLQFHQWHV FRQIRUPH YD DXPHQWDQGR OD GHPDQGD GH OD LQIRUPDFLyQ
PXOWLPHGLDYR]GDWRVLPiJHQHV\YLGHR
/D ILEUD ySWLFD IXQFLRQD HQ XQ UDQJR GH IUHFXHQFLDV TXH YD GHVGH KDVWD
+]FXEULHQGRWRGRHOHVSHFWURYLVLEOH\SDUWHGHOHVSHFWURLQIUDUURMR
(O SULQFLSLR TXH ULJH OD WUDQVPLVLyQ HQ OD ILEUD ySWLFD HV HO VLJXLHQWH /D OX]
SURYHQLHQWHGHODIXHQWHSHQHWUDHQHOQ~FOHRFLOtQGULFRGHFULVWDORSOiVWLFR/RVUD\RV
TXHLQFLGHQFRQiQJXORVVXSHUILFLDOHVVHUHIOHMDQ\VHSURSDJDQGHQWURGHOQ~FOHRGHOD
ILEUD PLHQWUDV TXH SDUD RWURV iQJXORV ORV UD\RV VRQ DEVRUELGRV SRU HO PDWHULDO TXH
IRUPD HO UHYHVWLPLHQWR (VWH WLSR GH SURSDJDFLyQ VH OODPD PXOWLPRGDO DOXGLHQGR DO
KHFKRGHTXHKD\PXOWLWXGGHiQJXORVSDUDORVTXHVHODUHIOH[LyQWRWDO&XDQGRHOUDGLR
GHOQ~FOHRVHUHGXFHODUHIOH[LyQVHGDUiHQXQQ~PHURPHQRUGHiQJXORV$OUHGXFLUHO
UDGLRGHOQ~FOHRDGLPHQVLRQHVGHORUGHQGHODPDJQLWXGGHODORQJLWXGGHRQGDXQVROR
iQJXOR R PRGR SRGUi SDVDU HO UD\R D[LDO (VWD SURSDJDFLyQ PRQRPRGR SURSRUFLRQD
SUHVWDFLRQHV VXSHULRUHV SRU ODV UD]RQHV TXH VH HVJULPHQ D FRQWLQXDFLyQ (Q OD
WUDQVPLVLyQ PXOWLPRGR H[LVWHQ P~OWLSOHV FDPLQRV GH SURSDJDFLyQ FDGD XQR FRQ
ORQJLWXGGLIHUHQWH \SRU WDQWRFRQGLIHUHQWHVWLHPSRVGHSURSDJDFLyQHQODILEUD(VWR
KDFHTXHORVHOHPHQWRVGHODVHxDOVHGLVSHUVHQHQHOWLHPSRORTXHOLPLWDODYHORFLGDG
GH WUDQVPLVLyQ DO D TXH VH SXHGH UHFLELU DGHFXDGDPHQWH 'DGR TXH HQ OD WUDQVPLVLyQ
PRQRPRGRVyORKD\XQFDPLQRSRVLEOHHOWLSRGHGLVWRUVLyQLQGLFDGRQRSXHGHGDUVH
)LQDOPHQWH VH SXHGH FRQVHJXLU XQ WHUFHU PRGR GH WUDQVPLVLyQ YDULDQGR
JUDGXDOPHQWH HO tQGLFH GH UHIUDFFLyQ GHO Q~FOHR GHQRPLQDGR PXOWLPRGR GH tQGLFH
JUDGXDO/DVFDUDFWHUtVWLFDVGHHVWH~OWLPRPRGRHVWiQHQWUHODVGHORVRWURVGRVPRGRV
FRPHQWDGRV(OtQGLFHGHUHIUDFFLyQYDULDEOHWLHQHFRPRFRQVHFXHQFLDXQPHMRUHQIRTXH
GHORVUD\RVTXHHQHOFDVRGHODWUDQVPLVLyQPXOWLPRGRRUGLQDULDWDPEtHQGHQRPLQDGD
PXOWLPRGRGHtQGLFHGLVFUHWR
(QORVVLVWHPDVGHILEUDySWLFDVHXVDQGRVWLSRVGLIHUHQWHVGHIXHQWHVGHOX]ORV
GLRGRV /(' ³/LJWK (PLWWLQJ 'LRGHV´ \ ORV GLRGRV ,/' ³,QMHFWLRQ /DVHU 'LRGH´
$PERVVRQGLVSRVLWLYRVVHPLFRQGXFWRUHVTXHHPLWHQXQKD]GHOX]FXDQGRVHOHVDSOLFD
XQDWHQVLyQ(O/('HVPHQRVFRVWRVRRSHUDHQXQ PD\RUUDQJRGHWHPSHUDWXUDV\WLHQH
XQD YLGD PHGLD VXSHULRU (O ,/' HV PiV HILFD] \ SXHGH SURSRUFLRQDU YHORFLGDGHV GH
WUDQVPLVLyQVXSHULRUHV
([LVWH XQD UHODFLyQ HVWDEOHFLGD HQWUH OD ORQJLWXG GH RQGD XWLOL]DGD HO WLSR GH
WUDQVPLVLyQ\ODYHORFLGDGGHWUDQVPLVLyQTXHVHSXHGHFRQVHJXLU7DQWRHOPRQRPRGR
FRPR HO PXOWLPRGR SXHGHQ DGPLWLU YDULDV ORQJLWXGHV GH RQGD GLIHUHQWHV \ SXHGHQ
XWLOL]DU FRPR IXHQWHV WDQWR ODFHUHV FRPR GLRGRV /(' (Q ODV ILEUDV ySWLFDV OD OX] VH
SURSDJD PHMRU HQ WUHV UHJLRQHV R ³YHQWDQDV´ GH ORQJLWXGHV GH RQGD FHQWUDGDV D
\ QDQyPHWURV QP 7RGDVHVWDV IUHFXHQFLDV HVWiQ HQ OD ]RQDLQIUDUURMD GHO
HVSHFWURSRU GHEDMRGHOHVSHFWURYLVLEOHTXH HVWiVLWXDGRHQWUHORV \ QP /DV
SpUGLGDVVRQPHQRUHVFXDQWRPD\RUHVODORQJLWXGGHRQGD(QODDFWXDOLGDGODPD\RUtD
GHODVDSOLFDFLRQHVXVDQFRPRIXHQWHVORVGLRGRV/('DQP$XQTXHHVWDHOHFFLyQ
HVUHODWLYDPHQWHEDUDWDVXXVRHVWiJHQHUDOPHQWHOLPLWDGRDYHORFLGDGHVGHWUDQVPLVLyQ
SRU GHEDMR GH 0ESV \ D GLVWDQFLDV GH SRFRV NLOyPHWURV 3DUD FRQVHJXLU PD\RUHV
YHORFLGDGHV GH WUDQVPLVLyQ \ PD\RUHV GLVWDQFLDV HV QHFHVDULR WUDQVPLWLU HQ OD YHQWDQD
FHQWUDGDDQPXVDQGRWDQWROiVHUFRPRGLRGRV\VLWRGDYtDVHQHFHVLWDQPHMRUHV
SUHVWDFLRQHVHQWRQFHVKD\TXHUHFXUULUDOXVRGHHPLVRUHVOiVHUDQP
/XLV%5DPtUH]GHO3LQR
1RJXLDGRV
(Q PHGLRV JXLDGRV WDQWR OD WUDQVPLVLyQ FRPR OD UHFHSFLyQ VH OOHYD D FDER
PHGLDQWH DQWHQDV (Q OD WUDQVPLVLyQ OD DQWHQD UDGLD HQHUJtD HOHFWURPDJQpWLFD HQ HO
PHGLR QRUPDOPHQWH HO DLUH \ HQ OD UHFHSFLyQ OD DQWHQD FDSWD ODV RQGDV
HOHFWURPDJQpWLFDV GHO PHGLR TXH OD URGHD %iVLFDPHQWH KD\ GRV WLSRV GH
FRQILJXUDFLRQHVSDUDODVWUDQVPLVLRQHVLQDOiPEULFDVGLUHFFLRQDO \RPQLGLUHFFLRQDO(Q
OD SULPHUD OD DQWHQD GH WUDQVPLVLyQ HPLWH OD HQHUJtD HOHFWURPDJQpWLFD FRQFHQWUiQGROD
HQ XQ KD] SRU WDQWR HQ HVWH FDVR ODV DQWHQDV GH HPLVLyQ \ UHFHSFLyQ GHEHQ HVWDU
SHUIHFWDPHQWH DOLQHDGDV (Q HO FDVR RPQLGLUHFFLRQDO SRU HO FRQWUDULR HO GLDJUDPD GH
UDGLDFLyQGHODDQWHQDHVGLVSHUVRHPLWLHQGRHQWRGDVGLUHFFLRQHVSXGLHQGRODVHxDOVHU
UHFLELGD SRU YDULDV DQWHQDV (Q HVWH FDVR OD VHxDO VH DWHQ~D PXFKR PiV UiSLGR (Q
JHQHUDOFXDQGRPD\RUHVODIUHFXHQFLDGHODVHxDOWUDQVPLWLGDHVPiVIDFWLEOHFRQILQDU
ODHQHUJtDHQXQKD]GLUHFFLRQDO
(Q HO HVWXGLR GH ODV FRPXQLFDFLRQHV LQDOiPEULFDV VH YDQ D FRQVLGHUDU WUHV
UDQJRVGHIUHFXHQFLDV(OSULPHULQWHUYDORTXHYDGHVGHORV*+]*LJDKHUW]LR
+HUW]LRVKDVWDORV*+] VHGHQRPLQDIUHFXHQFLDVPLFURRQGDV(QHVWDVIUHFXHQFLDV
GHWUDEDMRVHSXHGHQFRQVHJXLUKDFHVDOWDPHQWHGLUHFFLRQDOHVSRUORTXHODVPLFURRQGDV
VRQ DGHFXDGDV SDUD HQODFHV SXQWR D SXQWR /DV PLFURRQGDV WDPELpQ VH XVDQ SDUD ODV
FRPXQLFDFLRQHV YtD VDWpOLWH /DV IUHFXHQFLDV TXH YDQ GHVGH 0+] K *+] VRQ
DGHFXDGDV SDUD ODV DSOLFDFLRQHV RPQLGLUHFFLRQDOHV $ HVWH UDQJR GH IUHFXHQFLDV OR
GHQRPLQDUHPRVLQWHUYDORGHRQGDVGHUDGLR/DV PLFURRQGDVFXEUHQSDUWHGHODEDQGD
GH8+)\FXEUHQWRWDOPHQWHODEDQGD6+)ODEDQGHGHRQGDVGHUDGLRFXEUHOD9+)\
SDUWHGHODEDQGD8+)
(V SUHIHULEOH OD FRPXQLFDFLyQ GLUHFFLRQDO DXQTXH VROR HV SRVLEOH D IUHFXHQFDV
HOHYDGDVSRUTXHGHEHUtDPRVWHQHUXQDDQWHQDGHOWDPDxRGHODORQJLWXGGHRQGD6OOD
IUHFXHQFLDHVEDMDODORQJLWXGGHODRQGDHVPX\ DOWD \QRSRGHPRVFRQVWUXLUDQWHQDV
PX\JUDQGHV
2WURUDQJRGHIUHFXHQFLDVLPSRUWDQWHSDUDODVDSOLFDFLRQHVGHtQGROHORFDOHVOD
]RQDGHLQIUDUURMRVGHOHVSHFWURTXHYDHQWpUPLQRVJHQHUDOHVGHVGHORVÂ KDVWDORV
Â +]/RVLQIUDUURMRVVRQ~WLOHVSDUDODVFRQH[LRQHVORFDOHVSXQWR DSXQWRDVtFRPR
SDUD DSOLFDFLRQHV PXOWLSXQWR GHQWUR GH iUHDV GH FREHUWXUD OLPLWDGD FRPR SRU HMHPSOR
XQDKDELWDFLyQ
0LFURRQGDVWHUUHVWUHV
'HVFULSFLyQItVLFD
/D DQWHQD PiV FRP~Q HQ ODV PLFURRQGDV HV OD GH WLSR SDUDEyOLFR (O WDPDxR
WtSLFRHVGHXQGLiPHWURGHXQRVPHWURV(VWDDQWHQDVHILMDUtJLGDPHQWH\WUDQVPLWHXQ
KD] HVWUHFKR TXH GHEH HVWDU SHUIHFWDPHQWH HQIRFDGR KDFLD OD DQWHQD UHFHSWRUD /DV
DQWHQDV GH PLFURRQGDV VH VLW~DQ D XQD DOWXUD DSUHFLDEOH VREUH HO QLYHO GHO VXHOR SDUD
FRQ HOOR FRQVHJXLU PD\RUHV VHSDUDFLRQHV SRVLEOHV HQWUH HOODV \ SDUD VHU FDSDFHV GH
VDOYDUSRVLEOHVREVWiFXORV6LQRKD\REVWiFXORVLQWHUPHGLRVODGLVWDQFLDPi[LPDHQWUH
DQWHQDVYHULILFD
G .K
6LHQGRGODGLVWDQFLDGHVHSDUDFLyQHQWUHODVDQWHQDVH[SUHVDGDHQNLOyPHWURVK
HVODDOWXUDGHODDQWHQDHQPHWURV\NHVXQIDFWRUGHFRUUHFFLyQTXHWLHQHHQFXHQWDTXH
ODVPLFURRQGDVVHGHVYtDQRUHIUDFWDQFRQODFXUYDWXUDGHODWLHUUDOOHJDQGRSRUWDQWR
/XLV%5DPtUH]GHO3LQR
PiVOHMRVGHORTXHORKDUtDQVLVHSURSDJDVHQHQOtQHDUHFWD8QDEXHQDDSUR[LPDFLyQ
HV FRQVLGHUDU . 3RU WDQWR D PRGR GH HMHPSOR GRV DQWHQDV GH PLFURRQGDV FRQ
DOWXUDGHPHWURVSXHGHQVHSDUDUVHXQDGLVWDQFLDLJXDODG .P
3DUDOOHYDUDFDERWUDQVPLVLRQHVDODUJDGLVWDQFLDVHXWLOL]DODFRQFDWHQDFLyQGH
HQODFHV SXQWR D SXQWR HQWUH DQWHQDV VLWXDGDV HQ WRUUHV DG\DFHQWHV KDVWD FXEULU OD
GLVWDQFLDGHVHDGD
$SOLFDFLRQHV
(O XVR SULQFLSDO GH ORV VLVWHPDV GH PLFURRQGDV WHUUHVWUHV VRQ ORV VHUYLFLRV GH
WHOHFRPXQLFDFLyQ GH ODUJD GLVWDQFLD FRPR DOWHUQDWLYD DO FDEOH FRD[LDO R D ODV ILEUDV
ySWLFDV /D XWLOL]DFLyQ GH PLFURRQGDV UHTXLHUH PHQRU Q~PHUR GH UHSHWLGRUHV R
DPSOLILFDGRUHVTXHHOFDEOHFRD[LDOSHURSRUHOFRQWUDULRQHFHVLWDTXHODVDQWHQDVHVWpQ
DOLQHDGDV (O XVR GH ODV PLFURRQGDVHV IUHFXHQWH HQ OD WUDQVPLVLyQ GH WHOHYLVLyQ \ GH
YR]
2WUR XVR FDGD YH] PiV IUHFXHQWH HV SDUD HQODFHV SXQWR D SXQWR D FRUWDV
GLVWDQFLDVHQWUHHGLILFLRV(QHVWH~OWLPRFDVRVHSXHGHHPSOHDUSDUDFLUFXLWRVFHUUDGRV
GH 79 R SDUD OD LQWHUFRQH[LyQ GH UHGHV ORFDOHV $GHPiV ODV PLFURRQGDV D FRUWD
GLVWDQFLDWDPELpQVHXWLOL]DQHQODVDSOLFDFLRQHVGHQRPLQDGDVGH³E\SDVV´FRQODVTXH
XQDGHWHUPLQDGDFRPSDxtDSXHGHHVWDEOHFHUXQHQODFHSULYDGRKDVWDHOFHQWURSURYHHGRU
GH WUDQVPLVLRQHV D ODUJD GLVWDQFLD HYLWDQGR DVt WHQHU TXH FRQWUDWDU HO VHUYLFLR D OD
FRPSDxtDWHOHIyQLFDORFDO
(OUDQJRGHODVPLFURRQGDVFXEUHXQDSDUWHVXVWDQFLDOGHOHVSHFWR/DEDQGDGH
IUHFXHQFLDV HVWi FRPSUHQGLGD HQWUH \ *+] &XDQWR PD\RU VHD OD IUHFXHQFLD
XWLOL]DGD PD\RU HV HO DQFKR GH EDQGD SRWHQFLDO \ SRU WDQWR PD\RU HV YLUWXDOPHQWH OD
YHORFLGDGGHWUDQVPLVLyQ
$OLJXDOTXHHQFXDOTXLHUVLVWHPDGHWUDQVPLVLyQODSULQFLSDOFDXVDGHSpUGLGDV
HQ ODV PLFURRQGDV HV OD DWHQXDFLyQ 3DUD ODV PLFURRQGDV \ WDPELpQ SDUD OD EDQGD GH
IUHFXHQFLDVGHUDGLRODVSHUGLGDVVHSXHGHQH[SUHVDUFRPR
§ 3 G ·

/ ÂORJ¨ G%
© O ¹̧
GRQGH G HV OD GLVWDQFLD \O HV OD ORQJLWXG GH RQGD H[SUHVDGDV HQ ODV PLVPDV
XQLGDGHV3RUWDQWRODVSpUGLGDVYDUtDQFRQHOFXDGUDGRGHODGLVWDQFLD3RUHOFRQWUDULR
HQ HO FDEOH FRD[LDO \ HO SDU WUHQ]DGR ODV SpUGLGDV WLHQHQ XQD GHSHQGHQFLD ORJDUtWPLFD
FRQODGLVWDQFLDOLQHDOHQGHFLEHOLRV3RUWDQWRHQORVVLVWHPDVTXHXVDQPLFURRQGDV
ORVDPSOLILFDGRUHVRUHSHWLGRUHVVHSXHGHQGLVWDQFLDU PiVGHDNPWtSLFDPHQWH
TXH HQ ORVFRD[LDOHV \ SDUHV WUHQ]DGRV /D DWHQXDFLyQ DXPHQWD FRQ ODVOOXYLDV VLHQGR
HVWH HIHFWR VLJQLILFDWLYR SDUD IUHFXHQFLDV SRU HQFLPD GH *+] 2WUD GLILFXOWDG
DGLFLRQDO VRQ ODV LQWHUIHUHQFLDV &RQ OD SRSXODULGDG FUHFLHQWH GH ODV PLFURRQGDV ODV
iUHDV GH FREHUWXUDVH SXHGHQVRODSDUKDFLHQGR TXH ODVLQWHUIHUHQFLDV VHDQ VLHPSUHXQ
SHOLJURSRWHQFLDO$VtSXHVODDVLJQDFLyQGHEDQGDVWLHQHTXHUHDOL]DUVHVLJXLHQGRXQD
UHJXODFLyQHVWULFWD
/DVEDQGDVPiVXVXDOHVHQODWUDQVPLVLyQDODUJDGLVWDQFLDVHVLW~DQHQWUH*+]
\ *+] 'HELGR D OD FRQJHVWLyQ SURJUHVLYD TXH HVWiQ VXIULHQGR HVWDV EDQGDV
UHFLHQWHPHQWH OD EDQGD GH *+] VH HVWi HPSH]DQGR D XWLOL]DU /D EDQGD GH ORV
*+]VHXVDSDUDOD79SRUFDEOH /RV HQODFHVGHPLFURRQGDVVHXVDQLJXDOPHQWHSDUD
WUDQVPLWLUVHxDOGH79 HQODVLQVWDODFLRQHV&$79ORFDOHVSRVWHULRUPHQWHGLFKDVHxDO
/XLV%5DPtUH]GHO3LQR
VHKDFHOOHJDUDOXVXDULRLQGLYLGXDOPHGLDQWHFDEOHFRD[LDO)LQDOPHQWHFDEHFLWDUTXH
ODVPLFURRQGDVGHDOWDVIUHFXHQFLDVVHHVWiQ XWLOL]DQGRSDUDHQODFHVFRUWRVSXQWRDSXQWR
HQWUH HGLILFLRV 3DUD WDO ILQ VH XVD WtSLFDPHQWH OD EDQGD GH *+] /DV EDQGDV GH
IUHFXHQFLDV VXSHULRUHVVRQ PHQRV~WLOHVSDUDGLVWDQFLDVPiVODUJDV GHELGR D TXH FDGD
YH] OD DWHQXDFLyQ HV PD\RU DKRUD ELHQ VRQ EDVWDQWH DGHFXDGDV SDUD GLVWDQFLDV PiV
FRUWDV<DGHPiVDIUHFXHQFLDVVXSHULRUHVODVDQWHQDVVRQPiVSHTXHxDV\PiVEDUDWDV
,QIUDUURMRV
/DV FRPXQLFDFLRQHV PHGLDQWH LQIUDUURMRV VH OOHYDQ D FDER PHGLDQWH

WUDQVPLVRUHVUHFHSWRUHV ³WUDQVFHLYHUV´ TXH PRGXODQ OX] LQIUDUURMD QR FRKHUHQWH /RV
WUDQVFHLYHUV GHEHQ HVWDU DOLQHDGRV ELHQ GLUHFWDPHQWH R PHGLDQWH OD UHIOH[LyQ HQ XQD
VXSHUILFLHFRORUHDGDFRPRSXHGHVHUHOWHFKRGHXQDKDELWDFLyQ
8QD GLIHUHQFLD VLJQLILFDWLYD HQWUH OD WUDQVPLVLyQ GH UD\RV LQIUDUURMRV \ ODV
PLFURRQGDV HV TXH ORV SULPHURV QR SXHGHQ DWUDYHVDU ODV SDUHGHV 3RU WDQWR ORV
SUREOHPDV GH VHJXULGDG \ GH LQWHUIHUHQFLDV TXH DSDUHFHQ HQ ODV PLFURRQGDV QR VH
SUHVHQWDQ HQ HVWH WLSR GH WUDQVPLVLyQ (V PiV QR KD\ SUREOHPDV GH DVLJQDFLyQ GH
IUHFXHQFLDV\DTXHHQHVWDEDQGDQRVHQHFHVLWDQSHUPLVRV
2QGDVGHUDGLR
'HVFULSFLyQItVLFD
/DGLIHUHQFLDPiVSDOSDEOHHQWUHODVPLFURRQGDV\ODVRQGDVGHUDGLRHVTXHHVWDV
~OWLPDV VRQ RPQLGLUHFFLRQDOHV PLHQWUDV TXH ODV SULPHUDV WLHQHQ XQ GLDJUDPD GH
UDGLDFLyQ PXFKR PiV GLUHFFLRQDO 3RU WDQWR ODV RQGDV GH UDGLR QR QHFHVLWDQ DQWHQDV
SDUDEyOLFDVQLQHFHVLWDQTXHGLFKDVDQWHQDVHVWpQLQVWDODGDVVREUHXQDSODWDIRUPDUtJLGD
SDUDHVWDUDOLHQDGDV
$SOLFDFLRQHV
&RQHOWpUPLQRRQGDVGHUDGLRVHDOXGHGHXQDPDQHUDSRFRSUHFLVDDWRGDVODV
EDQGDV GH IUHFXHQFLDV GHVGH N+] D *+] $TXt GLFKR WpUPLQR VH FRQVLGHUD TXH
DEDUFDODEDQGD9+)\SDUWHGHOD8+)GH0+]D*+](VWHIDQJRFXEUHODUDGLR
FRPHUFLDO)0DVtFRPRWHOHYLVLyQ8+)\9+)(VWHIDQJRWDPELpQVHXWLOL]DSDUDXQD
VHULHGHDSOLFDFLRQHVGHUHGHVGHGDWRV
(OUDQJRGHIUHFXHQFLDVFRPSUHQGLGRHQWUH0+]\*+]HVPX\DGHFXDGR
SDUD OD GLIXVLyQ VLPXOWiQHD D YDULRV GHVWLQRV $ GLIHUHQFLD GH ODV RQGDV
HOHFWURPDJQpWLFDVFRQIUHFXHQFLDVPHQRUHVODLQRQRVIHUDHVWUDQVSDUHQWHSDUDODVRQGDV
GH UDGLR VXSHULRUHV D 0+] $Vt SXHV OD WUDQVPLVLyQ HV SRVLEOH FXDQGR ODV DQWHQDV
HVWiQ DOLHQDGDV QR SURGXFLpQGRVH LQWHUIHUHQFLDV HQWUH ORV WUDQVPLVRUHV GHELGDV D ODV
UHIOH[LRQHVFRQODDWPyVIHUD$GLIHUHQFLDGHODUHJLyQGHODVPLFURRQGDVODVRQGDVGH
UDGLRVRQPHQRVVHQVLEOHVDODDWHQXDFLyQSURGXFLGDSRUODOOXYLD
/XLV%5DPtUH]GHO3LQR
&RPRHQHOFDVRDQWHULRUGRQGHODWUDQVPLVLyQVLJXHXQDOtQHDUHFWDHQHVWHFDVR
WDPELpQ VH YHULILFD OD HFXDFLyQ G .K HV GHFLU OD GLVWDQFLD Pi[LPD HQWUH HO
WUDQVPLVRU\HOUHFHSWRUHVOLJHUDPHQWHPD\RUTXHHODOFDQFHYLVXDO$OLJXDOTXHHQODV
PLFURRQGDV OD DWHQXDFLyQ GHELGD VLPSOHPHQWH D OD GLVWDQFLD YHULILFD OD HFXDFLyQ
§ 3 G ·

/ ÂORJ¨ G% <D TXH WLHQHQ XQD ORQJLWXG GH RQGD PD\RU ODV RQGDV GH UDGLR
© O ¹̧
VXIUHQHQWpUPLQRVUHODWLYRVXQDDWHQXDFLyQPHQRU
8Q IDFWRU GHWHUPLQDQWH HQ ODV RQGDV GH UDGLR VRQ ODV LQWHUIHUHQFLDV SRU
PXOWLWUD\HFWRULDV (QWUH ODV DQWHQDV GHELGR D OD UHIOH[LyQHQ OD VXSHUILFLH WHUUHVWUH HO
PDU \ RWURV REMHWRV SXHGHQ DSDUHFHU PXOWLWUD\HFWRULDV (VWH HIHFWR VH REVHUYD FRQ
IUHFXHQFLDHQHOUHFHSWRUGH79\FRQVLVWHHQTXHVHSXHGHQREVHUYDUYDULDVLPiJHQHVR
VRPEUDVFXDQGRSDVDXQDYLyQ
/XLV%5DPtUH]GHO3LQR
&RGLILFDFLyQGHGDWRV
8QDVHxDOGLJLWDOHVXQDVHFXHQFLDGHSXOVRVGHWHQVLyQGLVFUHWRV\GLVFRQWLQXRV
GRQGHFDGDSXOVRHVXQHOHPHQWRGHVHxDO/RVGDWRVELQDULRVVHWUDQVPLWHQFRGLILFDQGR
FDGD ELW GH GDWRV HQ FDGD HOHPHQWR GH VHxDO (Q HO FDVR PiV VHQFLOOR KDEUi XQD
FRUUHVSRQGHQFLDXQRDXQRHQWUHORVELWV\GLFKRVHOHPHQWRV
8QSRFRGHWHUPLQRORJtD6LWRGRVORVHOHPHQWRVGHVHxDOWLHQHQHOPLVPRVLJQR
DOJHEUDLFRHVGHFLUVLVRQWRGRVSRVLWLYRVRWRGRVQHJDWLYRVODVHxDOVHGLFHXQLSRODU
(QXQDVHxDOSRODUSRUHOFRQWUDULRXQHVWDGROyJLFRVHUHSUHVHQWDUiPHGLDQWHXQQLYHO
SRVLWLYRGHWHQVLyQ\HORWURPHGLDQWHXQQLYHOQHJDWLYR/DUD]yQGHGDWRVGHXQDVHxDO
HVODYHORFLGDGGHWUDQVPLVLyQH[SUHVDGDHQELWVSRUVHJXQGRDODTXHVHWUDQVPLWHQORV
GDWRV /D GXUDFLyQ R ORQJLWXG GH XQ ELW VH GHILQH FRPR HO WLHPSR HPSOHDGR HQ HO
WUDQVPLVRUSDUDWUDQVPLWLUXQELWSDUDXQDUH]yQGHGDWRV5ODGXUDFLyQGHXQELWHV5
/DUD]yQGHPRGXODFLyQSRUHOFRQWUDULRHVODYHORFLGDGRUD]yQFRQODTXHFDPELDHO
QLYHO GH OD VHxDO TXH GHSHQGHUi GHO HVTXHPD GH FRGLILFDFLyQ HOHJLGR /D UD]yQ R
YHORFLGDG GH PRGXODFLyQ VH H[SUHVD HQ EDXGLRV TXH HTXLYDOH D XQ HOHPHQWR GH VHxDO
SRUVHJXQGR3DUDFRQFOXLUSRUUD]RQHVKLVWyULFDVVHXVDQORVWpUPLQRVPDUFD\HVSDFLR
DOXGLHQGRDORVGtJLWRVELQDULRV\UHVSHFWLYDPHQWH
3DUDLQWHUSUHWDUODVVHxDOHVGLJLWDOHVHQSULPHUOXJDUHOUHFHSWRUGHEHFRQRFHUR
GHWHUPLQDUOD GXUDFLyQ GH FDGD ELW (V GHFLUHO UHFHSWRU FRQ PD\RUR PHQRUSUHFLVLyQ
GHEH FRQRFHU FXDQGR FRPLHQ]D \ DFDED FDGD ELW (Q VHJXQGR OXJDU HO UHFHSWRU GHEH
GHWHUPLQDUVLHOQLYHOSDUDFDGDELWHVDOWRREDMR
¢4XpIDFWRUHVGHWHUPLQDQHOp[LWRRHOIUDFDVRGHOUHFHSWRUDOLQWHUSUHWDUODVHxDO
GHHQWUDGD"+D\IDFWRUHVLPSRUWDQWHVODUHODFLyQVHxDOUXLGRRPHMRU(E1ODUD]yQ
GHGDWRVRYHORFLGDGGHWUDQVPLVLyQ\HODQFKRGHEDQGD6HVXSRQHQORVRWURVIDFWRUHV
FRQVWDQWHVVHSXHGHQHVWDEOHFHUODVVLJXLHQWHVDILUPDFLRQHV
x 8QDXPHQWRGHODUD]yQGHGDWRVDXPHQWDUiODUD]yQGHHUURUSRUELWHVGHFLUOD
SUREDELOLGDGGHTXHXQELWVHUHFLEDHUUyQHDPHQWH
x 8QDXPHQWRGHODUHODFLyQ61UHGXFHODWDVDGHHUURUSRUELW
x 8QLQFUHPHQWRGHODQFKRGHEDQGDSHUPLWHXQDXPHQWRHQODUD]yQGHGDWRV
+D\RWURIDFWRUTXHVHSXHGHXWLOL]DUSDUDPHMRUDUODVSUHVWDFLRQHVGHOVLVWHPD\
HVWH QR HV RWUR TXH HO SURSLR HVTXHPD GH FRGLILFDFLyQ (O HVTXHPD GH FRGLILFDFLyQ HV
VLPSOHPHQWH OD FRUUHVSRQGHQFLD TXH VH HVWDEOHFH HQWUH ORV ELWV GH ORV GDWRV FRQ ORV
HOHPHQWRVGHVHxDO
6H KDQ LQWHQWDGR XQD JUDQ GLYHUVLGDG GH DSUR[LPDFLRQHV (Q OR TXH VLJXH VH
GHVFULEHQDOJXQDVGHODVPiVXWLOL]DGDV
$OJXQRVSURFHGLPLHQWRVSDUDHYDOXDU\FRPSDUDUODVGLVWLQWDVWpFQLFDVVRQ
x (VSHFWUR GH OD VHxDO +D\ YDULRV DVSHFWRV GHO HVSHFWUR GH OD VHxDO TXH VRQ
LPSRUWDQWHV /D DXVHQFLD GH FRPSRQHQWHV D DOWDV IUHFXHQFLDV VLJQLILFD TXH VH
QHFHVLWD PHQRV DQFKR GH EDQGD SDUD VX WUDQVPLVLyQ (V PiV OD DXVHQFLD GH
FRPSRQHQWHHQFRQWLQXDGFHVWDPELpQXQDFDUDFWHUtVWLFDGHVHDEOH6LODVHxDO
WLHQH FRQWLQXD SDUD VX WUDQVPLVLyQ VH UHTXLHUH OD H[LVWHQFLD GH XQD FRQH[LyQ
ItVLFDGLUHFWDVLODVHxDOQRWLHQHFRPSRQHQWHFRQWLQXDHVSRVLEOHVXWUDQVPLVLyQ
PHGLDQWHWUDQVIRUPDGRUHVDFRSODGRV(VWRSURSRUFLRQDXQDLVODPLHQWRHOpFWULFR
H[FHOHQWH UHGXFLHQGR DVt ODV LQWHUIHUHQFLDV 3RU ~OWLPR OD LPSRUWDQFLD GH ORV
/XLV%5DPtUH]GHO3LQR
HIHFWRVUHODFLRQDGRVFRQODGLVWRUVLyQGHODVHxDO\ODVLQWHUIHUHQFLDVGHSHQGHGH
ODVSURSLHGDGHVHVSHFWUDOHVGHODVHxDOWUDVPLWLGD(QODSUiFWLFDHVIUHFXHQWHTXH
OD IXQFLyQ GH WUDQVIHUHQFLD GHOFDQDO VHDSHRU FHUFD GH ORVOtPLWHVGH OD EDQGD
3RUWDQWRXQEXHQGLVHxRGHEHUtDFRQFHQWUDUODSRWHQFLDWUDQVPLWLGDHQODSDUWH
FHQWUDO GHO DQFKR GH EDQGD GH OD VHxDO (Q WDO FDVR VH WHQGUi XQD GLVWRUVLyQ
PHQRUHQ OD VHxDOUHFLELGD 3DUD FRQVHJXLU HVWH REMHWLYR VH SXHGHQ GLVHxDUORV
FyGLJRV GH IRUPD TXH VH PRGHOH DGHFXDGDPHQWH HO HVSHFWUR GH OD VHxDO
WUDQVPLWLGD
x 6LQFURQL]DFLyQ<DVHKDPHQFLRQDGRODQHFHVLGDGGHGHWHUPLQDUHOSULQFLSLR\
ILQGHFDGDELW(VWRQRHVXQDWDUHDIiFLO8QDDSUR[LPDFLyQEDVWDQWHFRVWRVDHV
WUDQVPLWLU XQD VHxDO GH UHORM SRU VHSDUDGR SDUD VLQFURQL]DU HO UHFHSWRU FRQ HO
WUDQVPLVRU /D DOWHUQDWLYD HV SURSRUFLRQDU OD VLQFURQL]DFLyQ PHGLDQWH OD SURSLD
VHxDO WUDQVPLWLGD OR TXH SXHGH FRQVHJXLUVH VL VH DGRSWD XQ HVTXHPD GH
FRGLILFDFLyQDGHFXDGR
x 'HWHFFLyQ GH HUURUHV (V ~WLO GLVSRQHU GH DOJXQD FDSDFLGDG GH GHWHFFLyQ GH
HUURUHV LQFRUSRUDGD HQ HO HVTXHPD GH FRGLILFDFLyQ VLWXDGR HQ OD FDSD ItVLFD
3HUPLWLpQGRVHFRQHOORTXHORVHUURUHVVHGHWHFWHQPiVUiSLGDPHQWH
x ,QPXQLGDG DO UXLGR H LQWHUIHUHQFLDV $OJXQRV FyGLJRV H[KLEHQ XQ
FRPSRUWDPLHQWR VXSHULRU TXH RWURV HQ SUHVHQFLD GH HVH UXLGR (VWR VH PLGH HQ
WpUPLQRVGHODWDVDGHHUURUSRUELW
x &RVWH\FRPSOHMLGDGDXQTXHHOFRVWHGHODOyJLFDGLJLWDOFRQWLQ~DEDMDQGRQRVH
GHEHLJQRUDUHVWHIDFWRU(QSDUWLFXODUFXDQWRPD\RUHVODUD]yQGHHOHPHQWRVGH
VHxDOSDUDXQDYHORFLGDGGHWUDQVPLVLyQGDGDPD\RUHVHOFRVWH

15=/
15=,
%LSRODU$0,
3VHXGRWHUQDULR
0DQFKHVWHU
0DQFKHVWHU
GLIHUHQFLDO
$OJRULWPRV
15=15=/1RQ5HWXUQWR]HUR
/HYHO
/D IRUPD PiV IUHFXHQWH \ IiFLO GH WUDQVPLWLU VHxDOHV GLJLWDOHV HV PHGLDQWH OD
XWLOL]DFLyQGHXQQLYHOGHWHQVLyQGLIHUHQWHSDUDFDGDXQRGHORVELWV/RV FyGLJRVTXH
VLJXHQ HVWD HVWUDWHJLD FRPSDUWHQ OD SURSLHGDG GH TXH HO QLYHO GH WHQVLyQ VH PDQWLHQH
FRQVWDQWHGXUDQWHODGXUDFLyQGHXQELWHVGHFLUQRKD\WUDQVLFLRQHVQRKD\UHWRUQRDO
/XLV%5DPtUH]GHO3LQR
QLYHO FHUR GH WHQVLyQ 3RU HMHPSOR OD DXVHQFLD GH WHQVLyQ VH SXHGH XVDU SDUD
UHSUHVHQWDU XQ ELQDULR PLHQWUDV TXH XQ QLYHO FRQVWDQWH \ SRVLWLYR GH WHQVLyQ SXHGH
UHSUHVHQWDUDO$XQTXHHVPiVIUHFXHQWHXWLOL]DUXQQLYHOQHJDWLYRSDUDUHSUHVHQWDUXQ
YDORU ELQDULR \ XQD WHQVLyQ SRVLWLYD SDUD UHSUHVHQWDU DO RWUR (VWH ~OWLPR VH GHQRPLQD
FyGLJR 1LYHO QR UHWRUQR D FHUR 15=/ ³1RQUHWXUQWR=HUR/HYHO´ 15=/ VH XVD
JHQHUDOPHQWH SDUD JHQHUDU R LQWHUSUHWDU ORV GDWRV ELQDULRV HQ ORV WHUPLQDOHV \ RWURV
GLVSRVLWLYRV6LVHXWLOL]DXQFyGLJRGLIHUHQWHpVWHVHJHQHUDUiXVXDOPHQWHDSDUWLUGHOD
VHxDO15=/
3RUOR WDQWR SDUD UHSUHVHQWDU HO YDORU OyJLFR VH XWLOL]DUiXQ QLYHODOWR \ SDUD
UHSUHVHQWDUHOYDORUOyJLFRVHXWLOL]DUiXQQLYHOEDMR
9HQWDMDVHVPX\VHQFLOOR
,QFRQYHQLHQWHV WLHQH SUREOHPDV GH VLQFURQL]DFLyQ \D TXH VL WHQHPRV XQD VHFXHQFLD
PX\ODUJDGHR WHQGUHPRVGXUDQWHPXFKRWLHPSRHOQLYHOGHWHQVLyQGLILFXOWDQGRDO
UHFHSWRUHOVDEHUFXDQWRVELWVOOHJDQGHHVHQLYHO6LQRKD\HOPLVPRQ~PHURGH\
OD VHxDO WLHQH FRPSRQHQWH FRQWLQXD OD PHGLD HV GLVWLQWD GH GDQGR SUREOHPDV FRQ
PXFKRVPHGLRVGHWUDQVPLVLyQSRUTXHpVWRVVXHOHQDWHQXDUPiVODFRUULHQWHFRQWLQXD
15=,15=,QYHUWLGR
8QDYDULDQWHGHO15=VHGHQRPLQD15=, ³1RQUHWXUQWR]HURLQYHURQRQHV´
$OLJXDOTXH15=/HO 15=,PDQWLHQHFRQVWDQWHHOQLYHOGHWHQVLyQPLHQWUDVGXUDXQ
ELW/RVGDWRVVHFRGLILFDQPHGLDQWHODSUHVHQFLDRDXVHQFLDGHXQDWUDQVLFLyQGHODVHxDO
DOSULQFLSLRGHOLQWHUYDORGHGXUDFLyQGHXQELW8QVHFRGLILFDPHGLDQWHODWUDQVLFLyQ
EDMR D DOWR R DOWR D EDMR DO SULQFLSLR GHO LQWHUYDOR GHO ELW PLHQWUDV TXH XQ FHUR VH
UHSUHVHQWDSRUODDXVHQFLDGHWUDQVLFLyQ
3RUORWDQWR!1RVHFDPELDODWHQVLyQ+D\TXHGHFLGLUXQYDORUGHDUUDQTXH
\VHLQYLHUWHODWHQVLyQ
15=,HVXQHMHPSORGHFRGLILFDFLyQGLIHUHQFLDO(QODFRGLILFDFLyQGLIHUHQFLDO
HQOXJDUGHGHWHUPLQDUHOYDORUDEVROXWRODVHxDOVHFRGLILFDFRPSDUDQGRODSRODULGDGGH
ORVHOHPHQWRVGHVHxDODG\DFHQWHV8QDYHQWDMDGHHVWHHVTXHPDHVTXHHQSUHVHQFLDGH
UXLGRSXHGHVHUPiVVHJXURGHWHFWDUXQD WUDQVLFLyQ HQOXJDUGHFRPSDUDUXQYDORUFRQ
XQXPEUDO2WUDYHQWDMD HVTXHHQXQVLVWHPDFRPSOLFDGRGHWUDQVPLVLyQQRHVGLItFLO
SHUGHUODSRODULGDGGHODVHxDO3RUHMHPSORHQXQDOtQHDGHSDUWUHQ]DGRVLORVFDEOHV
VHLQYLHUWHQDFFLGHQWDOPHQWHWRGRVORV\HQHO17=/VHLQYHUWLUiQ(VWRQRSDVDHQ
XQHVTXHPDGLIHUHQFLDO
/RVFyGLJRV15=VRQORVPiVIiFLOHVGHLPSOHPHQWDU\DGHPiVVHFDUDFWHUL]DQ
SRUKDFHUXQXVRHILFD]GHODQFKRGHEDQGD
/DSULQFLSDOOLPLWDFLyQGHORVFyGLJRV15=HVODSUHVHQFLDGHXQDFRPSRQHQWH
FRQWLQXD \ OD DXVHQFLD GH FDSDFLGDG GH VLQFURQL]DFLyQ 3DUD LOXVWUDU HVWD ~OWLPD
GHVYHQWDMDWpQJDVHHQFXHQWDTXHXQDFDGHQDODUJDGHXQRVRGHFHURVHQXQHVTXHPD
15=/ R XQD FDGHQD GH FHURV HQ 15=, VH FRGLILFDUi FRPR XQ QLYHO GH WHQVLyQ
FRQVWDQWH GXUDQWH XQ ODUJR LQWHUYDOR GH WLHPSR (Q HVWDV FLUFXQVWDQFLDV FXDOTXLHU
IOXFWXDFLyQ HQWUH ODV WHPSRUL]DFLRQHV GHO WUDQVPLVRU \ HO UHFHSWRU GDUiQ OXJDU D XQD
SpUGLGDGHVLQFURQL]DFLyQHQWUHDPERV
'HELGRDVXVHQFLOOH]\DODUHVSXHVWDHQEDMDVIUHFXHQFLDVORVFyGLJRV15=VH
XWLOL]DQ FRQ IUHFXHQFLD HQ ODV JUDEDFLRQHV PDJQpWLFDV 1R REVWDQWH VXV OLPLWDFLRQHV
KDFHQTXHHVWRVFyGLJRVQRVHDQDWUDFWLYRVSDUDDSOLFDFLRQHVGHWUDQVPLVLyQGHVHxDOHV
/XLV%5DPtUH]GHO3LQR
0DQFKHVWHU
(Q HO FyGLJR 0DQFKHVWHU VLHPSUH KD\ XQD WUDQVLFLyQ HQ PLWDG GHO LQWHUYDOR GH
GXUDFLyQ GHO ELW (VWD WUDQVLFLyQ HQ OD PLWDG GHO ELW VLUYH FRPR XQ SURFHGLPLHQWR GH
VLQFURQL]DFLyQ D OD YH] TXH VH WUDQVPLWHQ ORV GDWRV XQD WUDQVLFLyQ GH EDMR D DOWR
UHSUHVHQWDXQ \XQDWUDQVLFLyQGHDOWRDEDMRUHSUHVHQWDXQ
!1LYHODOWR\DPLWDGGHOELWVHFDPELD
!1LYHOEDMR\DPLWDGGHOELWVHFDPELD
$VLJQDPRVHQWRGRVORVELWVXQFDPELRQRWHQLHQGRHOPLVPRQLYHOGHWHQVLyQ
GXUDQWHPXFKRWLHPSR
/D WUDQVLFLyQ D PLWDG GHO LQWHUYDOR VH XWLOL]D WDQ VROR SDUD SURSRUFLRQDU
VLQFURQL]DFLyQ\VLHPSUHH[LVWHWUDQVLFLyQDPLWDGGHOLQWHUYDOR/DFRGLILFDFLyQGHXQ
VHUHSUHVHQWDSRUODSUHVHQFLDGHXQDWUDQVLFLyQDOSULQFLSLRGHOLQWHUYDORGHOELW\XQ
VHUHSUHVHQWDPHGLDQWHODDXVHQFLDGHWUDQVLFLyQ(O0DQFKHVWHUGLIHUHQFLDOWLHQHFRPR
YHQWDMDVDGLFLRQDOHVODVGHULYDGDVGHODXWLOL]DFLyQGHXQDDSUR[LPDFLyQGLIHUHQFLDO1R
HVSUHFLVRTXHHOUHFHSWRUWHQJDXQUHORMPX\SUHFLVR6LHPSUHWHQGUiXQDVHxDOPHGLD
GH QR KDELHQGR FRPSRQHQWH FRQWLQXD(O LQFRQYHQLHQWH HV TXH FRQVXPH PiVDQFKR
GHEDQGD
/D FRGLILFDFLyQ 0DQFKHVWHU HV XQD FRGLILFDFLyQ %% SRU TXH HV FRPR VL
FRJLHVHXQELW\ORVXVWLWX\HVHSRUELWV
!!15=
!!15=
+D\FRGLILFDFLRQHVJHQHUDOHV[%\%FRPR%%!)',\%%HQ)$67(7+
(OUHVXOWDGRVHWUDQVPLWHFRPR15=
(MHPSORGH%%
o 'HODVWUDQVLFLRQHVGH ELWVFRJHUHPRVVyOR ODVTXH

o WHQJDQ\SRUPHGLR
o
««

9HPRVDKRUDDOJXQRVDOJRULWPRVWHUQDULRVWUHVQLYHOHVGHWHQVLyQ\
3VHXGRWHUQDULR
!YROW
!$OWHUQD\±
/XLV%5DPtUH]GHO3LQR
(O ELW VH UHSUHVHQWD SRU OD DXVHQFLD GH VHxDO \ HO PHGLDQWH SXOVRV GH
SRODULGDGDOWHUQDQWH1RKD\YHQWDMDVSDUWLFXODUHVGHHVWDFRGLILFDFLyQUHVSHFWRGH$0,
VLELHQHVODEDVHGHPXFKDVDSOLFDFLRQHV
$0,$OWHUQDWH0DUN,QYHUVLRQ

!YROW
!DOWHUQD\±
8Q ELQDULR VH UHSUHVHQWD SRU DXVHQFLD GH VHxDO \ HO ELQDULR VH UHSUHVHQWD
FRPRXQSXOVRSRVLWLYRRQHJDWLYR/RVSXOVRVFRUUHVSRQGLHQWHVDORVGHEHQWHQHUXQD
SRODULGDGDOWHUQDQWH
9HQWDMDVGHORVWHUQDULRV(VWHWLSRGHHVTXHPDWLHQHODVVLJXLHQWHVYHQWDMDV(QSULPHU
OXJDUQRKDEUiSUREOHPDVGHVLQFURQL]DFLyQHQHOFDVRGHTXHKD\DXQDFDGHQDODUJDGH
&DGD IXHU]D XQD WUDQVLFLyQ SRU OR TXH HO UHFHSWRU VH SXHGH VLQFURQL]DU HQ GLFKD
WUDQVLFLyQ8QDFDGHQDODUJDGHFHURVWRGDYtDHVXQSUREOHPD(QVHJXQGROXJDU\DTXH
ORV HOHPHQWRV GH VHxDO FRUUHVSRQGLHQWHV D DOWHUQDQ HO QLYHO GH WHQVLyQ QR KD\
FRPSRQHQWH FRQWLQXD $GHPiV HO DQFKR GH EDQGD GH OD VHxDO UHVXOWDQWH HV
FRQVLGHUDEOHPHQWHPHQRUTXHHOFRUUHVSRQGLHQWHD15=3RU~OWLPRODDOWHUQDQFLDHQWUH
ORVSXOVRV SURSRUFLRQD XQDIRUPD VHQFLOOD GH GHWHFWDU HUURUHV &XDOTXLHU HUURU DLVODGR
WDQWR VL HOLPLQD FRPR VL LQWURGXFH XQ SXOVR VLJQLILFD XQ LQFXPSOLPLHQWR GH GLFKD
SURSLHGDG
,QFRQYHQLHQWHVGHORVWHUQDULRV6LWHQHPRVXQDFDGHQDODUJDGHHQ$0,RGH¶VHQHO
RWUR WHQGUHPRV GXUDQWH PXFKR WLHPSR HO PLVPR QLYHO WHQLHQGR SUREOHPDV GH
VLQFURQLVPR 3DUD VROYHQWDU HVWRV SUREOHPDV H[LVWHQ YDULDQWHV TXH YHUHPRV D
FRQWLQXDFLyQ%=686$+'%(85-31

$0,
%=6
+'%
%=6%LSRODUZLWK=HURV6XEVWLWXWLRQ

6HEDVDHQ$0,ELSRODU<DVDEHPRVTXHODSUHVHQFLDGHXQDVHFXHQFLDODUJDGH
FHURV SXHGH GDU OXJDU D XQD SpUGLGD GH VLQFURQL]DFLyQ 3DUD HYLWDU HVWH SUREOHPD VH
UHDOL]DXQDFRGLILFDFLyQGHDFXHUGRFRQODVVLJXLHQWHVUHJODV
x 6LDSDUHFHXQRFWHWRWRGRFHURVRFKRFHURV\HO~OWLPRYDORUGHWHQVLyQDQWHULRU
DGLFKRRFWHWRIXHSRVLWLYRFRGLILFDUGLFKRRFWHWRFRPR
x 6LDSDUHFHXQRFWHWRFRQWRGRFHURV\HO~OWRPRYDORUGHWHQVLyQDQWHULRUDGLFKR
RFWHWRIXHQHJDWLYRFRGLILFDUGLFKRRFWHWRFRPR
&RQHVWHSURFHGLPLHQWRVHIXHU]DQGRVYLRODFLRQHVGHFyGLJRGHOFyGLJR$0,OR
FXDO HV PX\ LPSUREDEOH TXH KD\D VLGR FDXVDGR SRU UXLGR X RWURV GHIHFWRV HQ OD
/XLV%5DPtUH]GHO3LQR
WUDQVPLVLyQ(OUHFHSWRULGHQWLILFDUiHVHSDWUyQ\ORLQWHUSUHWDUiFRQYHQLHQWHPHQWHFRPR
XQRFWHWRWRGRFHURV
+'%´+LJK'HQVLW\%LSRODU=HURVµ

(VWHHVTXHPDVHXWLOL]DHQ(XURSD\-DSyQ$OLJXDOTXHHODQWHULRUVHEDVDHQOD
FRGLILFDFLyQ $0, (Q HVWH HVTXHPD VH UHHPSOD]DQ ODV FDGHQDV GH FXDWUR FHURV SRU
FDGHQDVTXHFRQWLHQHQXQRRGRVSXOVRV(QHVWHFDVRHOFXDUWRFHURVHVXVWLWX\HSRUXQ
HVWDGRGHVHxDOQRSHUPLWLGRHQHOFyGLJRHVWH SURFHGLPLHQWRVHGHQRPLQDYLRODFLyQGHO
FyGLJR(QHVWHFyGLJRVHVLJXHHOVLJXLHQWHHVTXHPDGHVXVWLWXFLyQ
1XPHURGHSXOVRVELSRODUHVXQRVGHVGHOD

~OWLPDVXVWLWXFLyQ
3RODULGDGGHO ,PSDU 3DU
SXOVRDQWHULRU

)RUPDGHRQGD GHHVWDVFRGLILFDFLRQHV

9HDPRVODGHQVLGDGHVSHFWUDOGHSRWHQFLD
15=15=,
3RUTXHWLHQHQ $0, 3VHXGRWHUQDULR
FRPSRQHQWHFRQWLQXDz %=6+'%
0DQFKHVWHU
I5 )UHFXHQFLD+]

5pJLPHQELQDULRELWVVHJ
6LTXLHURWUDQVPLWLU0%VHJ
0+] 0+] 0+]
&RQ15=15=, &RQ$0,SVHXGRWHUQDULR &RQ0DQFKHVWHU
'DWRVGLJLWDOHVDVHxDOHDQDOyJLFD
6HVXHOHHPSOHDUHOPRGHPSDUDODFRQYHUVLyQ
o 02'(0o 6HxDODQDOyJLFD
/XLV%5DPtUH]GHO3LQR
'LVSRQHPRVGHYDULRVWLSRVGHFRGLILFDFLyQ
'HVSOD]DPLHQWRHQDPSOLWXG$6.
$PSOLWXG6KLIW.H\LQJ

o $ÂVHQ3 IW
V W ®
¯ o
'HVSOD]DPLHQWRHQIUHFXHQFLD)6.

o $ÂVHQ3 IW
V W ®
¯ o $ÂVHQ3 I W
6yOR VH FDPELD OD IUHFXHQFLDGHODRQGDVHQR
'HVSOD]DPLHQWRHQIDVH36.

o $ÂVHQ3 IW
V W ®
¯ o $ÂVHQ3 IW 3
0LVPDIUHFXHQFLDSHURGHVSOD]DGDHQIDVH
6HVXHOHHPSOHDUXQDFRPELQDFLyQGHORVHVTXHPDV
/DV QRUPDV 9 ESV 9 ELV ESV 9 ESV 9 ELV
ESV 9 ESV 9 ESV VH EDVDQ HQ FRPELQDFLRQHV GH IDVH
IUHFXHQFLD\DPSOLWXG
'DWRVDQDOyJLFRVDVHxDOHVGLJLWDOHV
'DWRVDQDOyJLFRVo 'DWRVGLJLWDOHVo 6HxDOHVGLJLWDOHV
/D YR] DXGLR YLGHR R LPiJHQHV VH WUDQVIRUPDQ D GDWRV ELQDULRV PHGLDQWH OD
GLJLWDOL]DFLyQTXHSHUPLWHSDVDUGDWRVDQDOyJLFRVDGLJLWDOHV
$OJXQRVDOJRULWPRVGHGLJLWDOL]DFLyQVRQSDUDYLGHR03(*RSDUDDXGLR03
+DFH DOJXQRV DxRV HQ OD FRPXQLFDFLyQ WHOHIyQLFD VH FRPHQ]y D WUDQVPLWLU
GLJLWDOPHQWH(VORTXHVHOODPDPRGXODFLyQSRULPSXOVRVFRGLILFDGRV 0,&R3&0HQ
LQJOpVGH 3XOVH&RGH0RGXODWLRQ
/XLV%5DPtUH]GHO3LQR
0RGXODFLyQSRULPSXOVRVFRGLILFDGRV
&RQVLVWHHQWUDQVIRUPDUXQFDQDOWHOHIyQLFRRGHYR]HQXQDVHFXHQFLDGHELWV6H
KDFHPHGLDQWHSURFHVRV0XHVWUHR \FXDQWLILFDFLyQ
0HGLDQWHODYLEUDFLyQGHODPHPEUDQDGHOPLFUyIRQRVHFUHDXQDRQGDHOpFWULFD
XQDVHxDO3DUDGLJLWDOL]DUHVDRQGDSULPHURVHPXHVWUHDRVHDVHPLGHHOYDORUGHHVD
RQGDQYHFHVSRUVHJXQGR6HWHQGUiQWDPELpQQQLYHOHVGHWHQVLyQ&DGDXQRGHHVRV
YDORUHVVHDSUR[LPDDOYDORUPiVFHUFDQRHVRHVODFXDQWLILFDFLyQ
(Q OD UHFHSFLyQ VH WLHQHQ PXHVWUDV YDORUHV VXHOWRV 6H UHFXSHUD OD VHxDO
PLGLHQGRWRGRVHVRVSXQWRV
W W
1YHFHVSRUVHJXQGR
1QLYHOHV (QODUHFHSFLyQ
7RPDQGRPXFKDVPXHVWUDVSRUVHJXQGR\WHQLHQGRPXFKRVQLYHOHVODVHxDOTXH
VHUHFRPSRQHHQHOGHVWLQRVHSDUHFHUiPXFKRDODRULJLQDO3DUDYR]HVVXILFLHQWHWRPDU
PXHVWUDVSRUVHJXQGR/RVQLYHOHVQRHVWiQHVSDFLDGRVSXHVODUHFHSFLyQGHORtGR
GHSHQGHGHODVDPSOLWXGHVGHODVIUHFXHQFLDV
$~Q KDELHQGR PiV GLIHUHQFLD HO RtGR OR SHUFLEH SHRU

FUHHTXHVHSDUHFHQORVVRQLGRV
PXHVWUDVVHJFXDQWLILFDGDVFRQELWVHQ(XURSD
VRQ.EVHJ(Q86$VHUtDQ.EVHJ
/H\PQLYHOHVELWVHQ86$

/H\$QLYHOHVELWVHQ(XURSD
'DWRVDQDOyJLFRVDVHxDODQDOyJLFD
+D\YDULRVWLSRV
x 0RGXODFLyQGHDPSOLWXG V W $Â [W ÂVHQ3 IW (QUDGLRHV$0
x 0RGXODFLyQGHIDVH V W VHQ3 IW $Â [W
x 0RGXODFLyQGHIUHFXHQFLD V W VHQ3 IW $Â I Â [W (QUDGLRHV)0
/XLV%5DPtUH]GHO3LQR
,QWHUIDFHVGHFDSDItVLFD
&RQFHSWRV
7UDQVPLVLyQVtQFURQD\DVtQFURQD
$OHQYLDU\UHFLELUGDWRVGHEHKDEHUXQDWHPSRUL]DFLyQHQWUHHPLVRU\UHFHSWRU
ORVGRVWLHQHQTXHHVWDUGHDFXHUGRHQGRQGHHPSLH]D\DFDEDFDGDELWFXDQWRGXUDOD
WUDQVPLVLyQHWF
6XSRQLHQGRTXHHPSOHDPRVFRGLILFDFLyQ15= \HQYLDQGR0EVHJLELWFDGD
PLFURVHJXQGR
PV
(O UHFHSWRU XVWR HQ HO SXQWR PHGLR
7UDQVPLVRU FXDQGRSDVDQPVGHEHUtDYHUTXHQLYHOKD\
SDUDGHGXFLUHOELWFRUUHVSRQGLHQWH
5HFHSWRU ¢4Xp SDVD VL KD\ XQ HUURU GHO HQWUH
PV
ORV UHORMHV GHO WUDQVPLVRU \ GHO UHFHSWRU" FDGD
PVHORWURKDFRQWDGRPV
7UDVELWVHOUHFHSWRUHVWDUiKDFLHQGRHOPXHVWUHRHQODWUDQVLFLyQGHXQQLYHODRWUR
/D VROXFLyQ VtQFURQD HV PiV UXGLPHQWDULD \ DQWLJXD \ OD VLQFURQD HV PHMRU \ PiV
PRGHUQD
7UDQVPLVLyQDVtQFURQD
(Q VXV RUtJHQHV KDEtD TXH UHPRQWDUVH DO WHOpJUDIR $~Q KR\ VH HPSOHD HQ
FRPXQLFDFLRQHVSXHUWRVHULH
7UDQVPLWLPRV VLHPSUH JUXSRV SHTXHxRV GH ELW SRU HYLWDU HO IDOOR WUDV XQRV
FXDQWRV ELWV /D WUDQVPLVLyQ VH UHDOL]D FDUiFWHU D FDUiFWHU GRQGH XQ FDUiFWHU HV XQ
JUXSRGHELWVHQ\ELWVGHSHQGLHQGRGHOVLVWHPD$6&,,FRQELWV(%&',&FRQ
ELWV
6LQRKD\QDGDTXHWUDQVPLWLUVHHQYtDXQDVHxDOGHUHSRVRTXHVHFRUUHVSRQGH
FRQXQELQDULRQLYHOEDMRGHWHQVLyQ
6LKD\TXHWUDQVPLWLUDOJRVHHQYtDXQELWGHFRPLHQ]RELQDULRQLYHODOWRD
FRQWLQXDFLyQHOFDUiFWHUFRGLILFDGRFRQ15=QLYHODOWRQLYHOEDMRGHVSXpVXQELW
GHSDULGDGRGHSHQGLHQGRGHOQWRWDOGH³´SDULGDGSDUQ~PHURSDUGHHQWUHHO
FDUiFWHU\HOELWGHSDULGDG,PSDUQLPSDUGHXQRVHQWUHHOFDUiFWHU\HOELWGHSDULGDG
$OILQDOVHHQYtDXQHOHPHQWRGHSDUDGDELQDULRGHGXUDFLyQRELWV
6LKXELHVHTXHWUDQVPLWLUPiVYHQGUtDXQ
ELWGHFRPLHQ]R
5HSRVR
FRPLHQ]R
%LWGH
SDULGDG
%LWGH
&DUiFWHUSXHGHQVHU¶VR¶V 3DUDGD 5HSRVR
x %LWGHFRPLHQ]R
x &DUiFWHU15=
x %LWSDULGDGR
x (OHPHQWRGHSDUDGD!GHGXUDFLyQRELWVGHSHQGLHQGRGHOVLVWHPD
/XLV%5DPtUH]GHO3LQR
9HQWDMDVGHODWUDQVPLVLyQDVtQFURQD
x (VPX\VHQFLOOD
x 3RFRH[LJHQWHHQFXDQWRDODVLQFURQL]DFLyQDOWUDQVPLWLUVHSRFRVELWVVHWROHUD
XQHUURUGHKDVWDHO
,QFRQYHQLHQWHV
x (VSRFRHILFLHQWH3RUFDGDELWVTXHTXHUHPRVWUDQVPLWLUWUDQVPLWLPRVHQ
UHDOLGDG
7UDQVPLVLyQVtQFURQD
&XDQGR HO UHFHSWRU SXHGH UHFXSHUDU HO VLQFURQLVPR GHO WUDQVPLVRU &RQ 15=
HVWDVHFXHQFLD

1RVHSHUPLWHDOUHFHSWRUVLQFURQL]DUVHVDEHUFXDQGRVHSDVDGHXQELWDORWUR
SXHVHVWiPXFKRWLHPSRHQHOPLVPRQLYHOGHWHQVLyQ
(O SUREOHPD HV VDEHU FXDQGR WHUPLQD XQ HQYtR \ FRPLHQ]D RWUR 3RU HOOR OD
LQIRUPDFLyQVHHQFDSVXODHQ;IUDPHV
75$0$o 35(È0%8/2 &21752/ '$726 &21752/ 35(È0%8/2 &21752/ HWF
(Q ORV SURWRFRORV GH WUDQVPLVLyQ VtQFURQD ',& SRU HMHPSOR HVWRV FDPSRV
QXQFD H[FHGHQ GH ORV ELWV HQ ',&VLQ ELWV PLHQWUDVTXH ORV GDWRV SXHGHQ VHU
PXFKRVELWV
0XFKDHILFLHQFLD7UDQVPLWLPRVPLOHVGHELWVFRQVRORGHFDEHFHUD
,QWHUIDFHV
&XDQGRXQRUGHQDGRUVHFRQHFWDDXQDUHGOODPDPRVLQWHUID]DODHVSHFLILFDFLyQ
GHFDUDFWHUtVWLFDVPHFiQLFDVHOpFWULFDVIXQFLRQDOHV\GHSURFHGLPLHQWRGHFRQH[LyQ
x &DUDFWHUtVWLFDV PHFiQLFDV 7DPDxR GHO FRQHFWRU SLQHV GLVWDQFLD HQWUH HVWRV
HWF
x &DUDFWHUtVWLFDV HFOpFWLFDV 4XH FRGLILFDFLyQ VH XVD 15= 0DQFKHVWHU HWG
TXHQLYHOHVGHWHQVLyQTXHUpJLPHQELQDULRELWVVHJGLVWDQFLDTXHSXHGHPHGLU
HOFDEOH
x &DUDFWHUtVWLFDV IXQFLQDOHV &DGD XQR GH ORV SLQHV R KLORV GHO FDEOH TXH VHxDO
OOHYDYWLHUUDUHORMHWF
x &DUDFWHUtVWLFDV GH SURFHGLPLHQWR 3RU UHDOL]DUVH OD FRPXQLFDFLyQ HQ TXH RUGHQ
KDQGHLQWHUFDPELDUVHODVVHxDOHVSRUHVHLQWHUID]
$ YHFHV XWLOL]DPRV XQ HTXLSR LQWHUPHGLR 02'(0 SRU HMHPSOR $TXt QRV
HQFRQWUDPRV LQWHUIDFHV RUGHQDGRU02'(0 \ 02'(0UHG (VWR SUHVHQWD ODV
VLJXLHQWHVYHQWDMDV1XHVWURRUGHQDGRUSXHGH WHQHUXQDLQWHUID]PX\FRP~Q 56R
86% DO TXH FRQHFWDPRV HO HTXLSR LQWHUPHGLR (O RUGHQDGRU VLJXH FRQ HO PLVPR
LQWHUID]\VRORFDPELDPRVFXDQGRHVQHFHVDULRHOHTXLSRLQWHUPHGLR
/XLV%5DPtUH]GHO3LQR
(OHTXLSRTXHHVHOWUDQVPLVRUUHFHSWRUGHGDWRVVHOODPD'7('DWD7HUPLQDO
(TXLSPHQW
(O HTXLSR LQWHUPHGLR VH
5(' GHQRPLQD '&( 'DWD &LUFXLRW
WHUPLQDWLQJ(TXLSPHQW
'7(
'LVSRVLWLYR '&(
LQWHUIi]GH +D\ XQ LQWHUID] PX\
OtQHD
LPSRUWDQWH HQWUH '7( \ '&(
OODPDGR56
56
(VHOSXHUWRVHULH(OQRPEUHDFWXDOHV(,$((VWDQRUPDHVSHFLILFDORV
WLSRVGHFDUDFWHUtVWLFDVGHODFRQH[LyQ
x 0HFiQLFD,62
x (OpFWULFDV,7879
x )XQFLRQDOHV\SURFHGLPHQWDOHV ,7879
(VHOLQWHUID]TXHHPSOHDQORVPRGHPVHQWUHRWURV
¾ 0HFiQLFDV&RQHFWRUGHSLQHV6HVXHOHQXWLOL]DUFRPRPXFKRSLQHV

SLQHV
SLQHV
¾ (OpFWULFDV6HHPSOHDFyGLJR15=!Y<±Y3XHGHDOFDQ]DU.ESVD
PHWURVGHGLVWDQFLD
¾ )XQFLRQDOHV (VSHFLILFD OD VHxDO TXH OOHYD FDGD SLQ HVDV VHxDOHV VH SXHGHQ
DJUXSDUHQ
R 'DWRV SLQHV SDUD WUDQVPLWLU SDUD UHFLELU \ RWURV VHFXQGDULRV
SDUDIXQFLRQDPLHQWRVVHPLGXSOH[SDUDFRQWURODUHUURUHVHQHVWHWLSRGH
FRQH[LRQHV
R 7HPSRUL]DFLyQSLQHVSLQ!'7(PDQGDUHORMD'&(SLQ!'&(
PDQGDUHORMD'7(\RWURVHFXQGDULR
R 7LHUUDSLQ
R &RQWUROHOUHVWR6HHVWDEOHFHXQDOODPDGDHWF
02'(0GHGLVWDQFLDOLPLWDGD
6LUYHQSDUDFRQHFWDURUGHQDGRUHVHQWUHVLDWUDYpVGHXQFDEOH
02'(0 02'(0
'7( 56 '&( '&( 56 '&(
(VWRVPRGHPVVyORXVDQSLQHV
¾ 6HxDOWLHUUDJQG

¾ 7UDQVPLVLyQ7[ '7(o'&(
¾ 5HFHSFLyQGHGDWRV5[' '7(m'&(
¾ 3HWLFLyQGHHQYtR5765HTXHVW7R6HQG '7(o'&(
/XLV%5DPtUH]GHO3LQR
¾ 3UHSDUDGRSDUDHQYLDU&76&OHDU7R6HQG '7(m'&(

¾ '&(SUHSDUDGR'65 '7(m'&(
¾ 'HWHFFLyQGHVHxDO&'&DUULHU'HWHFW '7(m'&(
$OHQFHQGHUVHHO02'(0SRQHD21ODVHxDO'65SLQ\VLJXHDVt

02'(0
'7( '&(
'6521
6LTXLHURHQYLDUDOJR
576
&76
7['
&'
5;'
02'(0GHODUHGWHOHIyQLFD
'&( '&(
57&
'7( 56 56 '7(
'HORVSLQHVVyORVHXVDQSLQHVORVVLHWHGHOFDVRDQWHULRUPDVRWURVGRV
¾ '7(3UHSDUDGR'75
¾ ,QGLFDFLyQGHOODPDGD5,
6XSRQLHQGRTXHHOGHODL]TXLHUGDOODPDDOGHODGHUHFKD
'&( 57& '&(

'7( '7(
'75 '75
'65 '65
(QYtRGH
7[' /ODPDGD 5,
576
FRPDQGRV+D\HV
SDUDFRQILUPDUHO
02'(0
1HJRFLDFLyQHQWUH02'(0YHORFLGDGHVGH7[HWF
(VWRQRHV56
&' &76
5[' 7['
576RII
&'RII &76RII
&RPDQGRV+D\HV
1DOTXHVHOODPD
77RQRV
$7' ;;;;;;;;;;;
33XOVRV
(PSLH]DDWUDQVPLWLUHOTXHUHFLELUi ORVGDWRV
/XLV%5DPtUH]GHO3LQR
8QDYH]TXHDFDEDGHHQYLDUHOUHFHSWRUFRPLHQ]DDHQYLDUHOOODPDQWH
576
&76 &'
7;' 5['
576RII
&76RII
&'RII
$SDUWLUGHDTXtHOOODPDGRSXHGHYROYHUDWUDQVPLWLU
&XDQGRQDGLHTXLHUHWUDQVPLWLUPiVSDUDFROJDUVHKDFHHVWR
'75RII
'65RII
3DUD
'75
'65
YROYHUD
FRPHQ]DU
02'(01XOR
56
'7(
7LHUUD 7LHUUD
7;' 7;'
5;' 5;'
576 576
&76 &76
&' &'
'65 '65
'75 '75
5, 5,
/XLV%5DPtUH]GHO3LQR
1LYHOGHHQODFH
,QWURGXFFLyQ
1LYHOItVLFR7UDQVPLVLyQGHELWVQRILDEOH
1LYHO GH HQODFH 6HUYLFLR GH WUDQVIHUHQFLD GH EORTXHV GH ELWV TXH IRUPDQ XQ
PHQVDMHOODPDGRWUDPDTXHVHKDFHDGHPiVGHIRUPDVHJXUD
)XQFLRQHVGHOQLYHOGHHQODFHQRVLHPSUHHVWiQWRGDVSUHVHQWHV
¾ (QWUDPDGR VLQFURQL]DFLyQ GH WUDPD &RQVLVWH HQ GHWHFWDU HQ HVH IOXMR GH ELWV
GRQGHHVWiHOILQGHXQDWUDPD\HOFRPLHQ]RGHODVLJXLHQWH
¾ &RQWURO GH IOXMR $ YHFHV OD HVWDFLyQ UHFHSWRUD QR HV FDSD] GH DEVRUEHU R
SURFHVDUORVGDWRVTXHUHFLEHWDQUiSLGRFRPRVRQ HQYLDGRVSRUHOHPLVRU(VWR
VHGHEHDTXHDOUHFLELUXQDWUDPDKD\TXHKDFHUDOJRGHSURFHVDPLHQWRSDVDUOR
DQLYHOHVVXSHULRUHVHWF6HYDQDOPDFHQDQGRODVWUDPDVHQXQDPHPRULDKDVWD
VX SURFHVR SXGLpQGRVH GHVERUGDU (VWD IXQFLyQ HV SDUD FRQWURODU\ IUHQDU DO
WUDQVPLVRUSRUSDUWHGHOUHFHSWRU
¾ &RQWURO GH HUURUHV $O QLYHO ItVLFR VH SXHGHQ LQWURGXFLU HUURUHV GHELGRV D
FXHVWLRQHVGHORVPHGLRVGHWUDQVPLVLyQUXLGRVHWF+D\TXHVDEHUFXDQGRVH
SURGXFHXQHUURU\FRUUHJLUOR
¾ *HVWLyQ GHO HQODFH D YHFHV QR HVWi SUHVHQWH $ YHFHV OD FRPXQLFDFLyQ HQWUH
RULJHQ X GHVWLQR QR HV SHUPDQHQWH WHQLHQGR TXH HVWDEOHFHU \ OLEHUDU HO HQODFH
FDGDYH]TXHVHTXLHUDLQWHUFDPELDULQIRUPDFLyQ'HLQFOXLUFRQWUROSRUHOLQLFLR
PDQWHQLPLHQWR\OLEHUDFLyQGHOHQODFH
¾ &RQWURO GHO DFFHVR DO PHGLR FRPSDUWLGR D YHFHV (Q UHGHV GH GLIXVLyQ R
PXOWLSXQWRYDULDVHVWDFLRQHVFRPSDUWLUiQHOPHGLRGHWUDQVPLVLyQ3RUHOORKDFH
IDOWDUHJXODUHOXVRGHHVHPHGLRSDUDHYLWDUTXHWRGDVWUDQVPLWDQDODYH]
¾ 'LUHFFLRQDPLHQWR (Q UHGHV GH GLIXVLyQ R PXOWLSXQWR VL UHFLELPRV XQD
WUDQVPLVLyQ QR VDEHPRV HO RULJHQ 3RU HOOR KD\ TXH SURSRUFLRQDU XQ
GLUHFFLRQDPLHQWR TXH SHUPLWD LGHQWLILFDU HO RULJHQ \ HO GHVWLQR GH FDGD
WUDQVPLVLyQ
/DVWUHVSULPHUDVIXQFLRQHVHVWiQSUHVHQWHVHQWRGDVODVUHGHV\HQWHUPLQRORJtD
26, VH ODV HQJORED FRPR IXQFLRQHV GH &21752/ '(/ (1/$&( /Ï*,&2 //&
ORJLFDOOLQNFRQWURO
/DV~OWLPDVIXQFLRQHVWLHQHQXQVHQWLGRHQUHGHVFRPSDUWLGDVGHGLIXFLyQHQ
ODV TXH HO PHGLR HV FRPSDUWLGR SRU YDULDV PiTXLQDV HQJOREiQGRVH FRQ HO QRPEUH GH
IXQFLRQHVGH&21752/'($&&(62$/0(',20$&PpGLXPDFFHVVFRQWURO
5HG
//&
(QODFH 0$& 1HFHVDULRVyORHQPHGLRVFRPSDUWLGRV
)tVLFR
(QHVWHWHPDYHUHPRVODIXQFLRQHV//&(OVLJXLHQWHWHPDVHUiSDUD0$&
(QWUDPDGR
/XLV%5DPtUH]GHO3LQR
&RQVLVWH HQ LGHQWLILFDU HO FRPLHQ]R \ ILQ GH WUDPD HQ HO IOXMR GH ELWV (VWR OR
KDFHODWDUMHWDGHLQWHUID]GHUHG+D\FXDWURPpWRGRV
&XHQWDGHFDUDFWHUHV&RQVLVWHHQTXHXQFDPSRHQODFDEHFHUDGHODWUDPDQRV
GLJD FXDQWRV ELWV R FDUDFWHUHV IRUPDQ OD WUDPD 3UHVHQWD ORV VLJXLHQWHV
SUREOHPDV+D\TXHVDEHUGyQGHHPSLH]DODWUDPD(OFDPSRTXHOOHYDODFXHQWD
SXHGHFRQWHQHUHUURU \SHUGHUtDPRVODVLQFURQL]DFLyQ3RUHOORHVWHPpWRGRQR
VHHPSOHDSRUVtVRORDXQTXHVtFRPELQiQGRORFRQRWUROV
3URWRFRORVRULHQWDGRVDFDUiFWHU6HFRQVLGHUDODWUDPDFRPRFRPSXHVWDSRUXQ
FRQMXQWRGHFDUDFWHUHVGHXQGHWHUPLQDGRFyGLJRRMXHJR(VWiQPX\RULHQWDGRV
DODWUDQVPLVLyQDVtQFURQD$OJXQRVHPHPSORVVRQ%6&>(%&',&@,%06/&
>$6&,,@
6HHPSOHDQFLHUWRVFDUDFWHUHVGHOFyGLJRSDUDLQGLFDULQLFLR\ILQGHWUDPD
(M
&yGLJR$6&,,o ELWVo FDUDFWHUHV
+D\FDUDFWHUHVHQHOIOXMRGHDFDUiFWHUGHFRQWUROTXHVHHPSOHDEDSDUD
HVWRVILQHV
'/('DWD/LQN(VFDSH
67;6WDUWRI7H[W
(7;(QGRI7H[W
3DUDLQGLFDUHOFRPLHQ]RGHXQDWUDPDVHHQYLDEDQFDUDFWHUHVXQ'HOVHJXLGR
GHXQ67;3DUDILQDOL]DUODWUDPD'/(\(7;
¢4Xp VXFHGH VL HQ ORV SURSLRV GDWRV YDQ LQFOXLGRV HVRV FDUDFWHUHV" 3RU HVR VH
HPSOHD UHOOHQR GH FDUDFWHUHV R FDUDFWHUHV VWXIILQJ FRQVLVWHQWH HQ FDGD YH] TXH
HQFRQWUDPRVHQORVGDWRVHOFDUiFWHU'/(ORVXVWLWXLPRVSRU'/('/(GXSOLFiQGROR
'/( 67; o ,QLFLR

'/( (7; o )LQ
'/( '/( o '/(
'/( m (UURU
,QFRQYHQLHQWHGHHVWDWpFQLFDHVTXHHVWiPX\OLJDGDDOFyGLJRGHFDUDFWHUHV
3URWRFRORV RULHQWDGRV D ELW 6RQ SURWRFRORV SDUD WUDQVPLVLyQ VtQFURQD GRQGH

WUDQVPLWLPRV XQ FRQWLQXR GH ELWV 'HQWUR GH HVH IOXMR VH LQGLFD HO FRPLHQ]R \
ILQDOGHODWUDPDFRQXQDFDGHQDHVSHFLDOGHELWVOODPDGR,1',&$'25
o ,QGLFDGRU
'RQGHHQFRQWUHPRVHVHSDWUyQILQDOL]DUiXQDWUDPD\FRPHQ]DUiODVLJXLHQWH
6LHQORVGDWRVDSDUHFH HOSDWUyQFRUUHJLUHPRV HOSUREOHPDFRQUHOOHQR GHELWV
ELWVWXIILQJFRQVLVWHQWHHQTXHFDGDYH]TXHWHQHPRVHQHPLVLyQXQVHJXLGR
GHXQRVLQVHUWDPRVXQFHURDQWHVGHVHJXLUFRQHOHQYtRGHGDWRV
(QUHFHSFLyQVLVHUHFLEHXQVHJXLGRGHXQRVVLDFRQWLQXDFLyQYLHQHXQ
VH LJQRUD HV GH UHOOHQR VL YLHQH XQ \ XQ HV XQ LQGLFDGRU ILQ LQLFLR GH
WUDPD \VLOOHJDQXQRVHVXQHUURU$OJXQRVSURWRFRORVFRQHVWHPHFDQLVPR
VRQ',&GHODIDPLOLDGH'/&,%0/$$3%333
9LRODFLyQ GH FyGLJR (O SULQFLSLR \ ILQDO GH WUDPD VH PDUFD FRQ FyGLJRV GHO
QLYHOItVLFRQRYiOLGRV(MHPSOR
/XLV%5DPtUH]GHO3LQR

'RV FyGLJRV QR YiOLGRV GH

0DQFKHVWHU%% 0DQFKHVWHU VHUiQ GRV FHURV

>ELWFRQELWV@ VHJXLGRVOODPDGR-HQDOJXQDV

UHGHV\FyGLJR.
(Q JHQHUDO HQ FRPELQDFLRQHV
%% SRU HMHPSOR FRPELQDFLRQHV GH ELWV VH FRGLILFDQ FRQ KDEUtD
YLRODFLRQHVGHFyGLJR
8QHMHPSORGHXVRORHQFRQWUDPRVHQODVUHGHV72.(15,1*)''HWF/D
YHQWDMDHVTXHQRWHQHPRVTXHKDFHUVWXIILQJUHOOHQR
0XFKDV UHGHV HPSOHDQ ODFRPELQDFLyQ GH ORV PpWRGRV YLVWRV DQWHULRUPHQWH
3RU HMHPSOR SXHGHQ XVDU SURWRFRORV RULHQWDGRV D FDUiFWHU \ XQD FXHQWD GH
FDUDFWHUHV
'/( 67; (7; '/(
1
(VWRVHKDFHSRUUHGXQGDQFLD
&RQWUROGHIOXMR
&RQVLVWHHQTXHHOWUDQVPLVRUQRHQYtDWUDPDVPiVUiSLGRTXHORTXHHVFDSD]GH
SURFHVDUHOUHFHSWRU
/D WDUMHWD GH UHG UHDOL]D ODV IXQFLRQHV GHO
QLYHOItVLFR\GHHQODFH8QDYH]SURFHVDGDODWUDPD
FRQWURO GH HUURUHV HWF OD WUDPD SDVD DO EXIIHU \
3+< %XIIHU
&DEOHGHUHG 0$& //&

OD WDUMHWD ODQ]D XQD LQWHUUXSFLyQ TXH DWHQGHUi HO
SURFHVDGRU,54
/DUXWLQDDGHFXDGDDWUDSDUiODLQWHUUXSFLyQ\
7DUMHWDGHUHG FRSLDUiODWUDPDDOD5$0SDUDSURFHVDUOD
(O EXIIHU VXHOH VHU SHTXHxR .E .E 3RGUi DOPDFHQDU HQWUH \
WUDPDVFRPRPXFKR&XDQGRVHOOHQDHOEXIIHUWLUDODVWUDPDV<DTXtHVGRQGHHQWUD
HOFRQWUROGHIOXMR
(VWH FRQWURO GH IOXMR FRQVLVWH HQ TXH HO UHFHSWRU WHQJD DOJ~Q PHFDQLVPR GH
UHWURDOLPHQWDFLyQKDFLDHOHPLVRUSDUDGHFLUOHTXHQRWUDQVPLWDPiVWUDPDV6XPLVLyQ
HVHYLWDUTXHVHOOHQHHOEXIIHU
/RVPHFDQLVPRVSDUDHOFRQWUROGHIOXMRVRQ ORVVLJXLHQWHV
3DUDGD\HVSHUD
&RQVLVWHHQTXHHOHPLVRUDOWUDQVPLWLUXQDWUDPDGHEHHVSHUDUXQDFRQILUPDFLyQ
GHOUHFHSWRUDQWHVGHWUDQVPLWLUXQDVHJXQGDWUDPD6HPDQGDODFRQILUPDFLyQDOVDFDUOD
WUDPDGHOEXIIHUQRDOWHUPLQDUGHSURFHVDUODHQODPHPRULD/DFRQILUPDFLyQVHOODPD
$&.RDVHQWLPLHQWR
6XSRQLHQGRTXHQRH[LVWHQHUURUHVWHQHPRVHOFDVR
6LKD\XQDWUDPDTXHQROOHJDHUURUHQODWUDQVPLVLyQHOUHFHSWRUQRPDQGDHO
$&.\HOHPLVRUVHTXHGDHVSHUDQGRHWHUQDPHQWH
/XLV%5DPtUH]GHO3LQR
(OSURWRFRORGHSDUDGD \HVSHUDLQFRUSRUDSDUDVROYHQWDUHVWRXQWHPSRUL]DGRU
6LWUDVXQWLHPSR7
( 5 ( 5
(O WLHPSR 7 KD
GH VHU OR
VXILFLHQWHPHQWH JUDQGH
7UDPD FRPRSDUDTXHOHGHDOD
WUDPD WLHPSR D OOHJDU (UURU
/R PLVPR SRGUtD 7
$&. RFXUULUFRQHO$&.FRQ
OR FXDO HO UHFHSWRU DO
DFDEDU HO WHPSRUL]DGRU
UHHQYLDUtDHO$&. $&.
7UDPD /D PiTXLQD
HPLVRUD PDQGD OD (UURU
WUDPD OOHJD SHUR HO 7
HPLVRU WDUGD HQ PDQGDU
HO $&. SRU TXH OD
PiTXLQDUHFHSWRUDHVWiPX\FDUJDGD\WDUGDHQSURFHVDU
ODLQWHUUXSFLyQ(OWHPSRUL]DGRUH[SLUDDQWHVGHOOHJDUHO
$&. FRQ OR FXDO VH UHWUDQVPLWH \ OOHJD XQ GXSOLFDGR
7UDPD
3XHGH RFXUULU HO FDVR FRQWUDULR WDPELpQ R VHD TXH

VXFHGDORPLVPRFRQHO$&. 7
3DUD GLVWLQJXLU TXp WUDPDV OOHJDQ UHSHWLGDV $&.

H[LVWHORTXHVHOODPD%,7$/7(51$17((VXQELWHQ
ODFDEHFHUDGHODWUDPDTXHYDOH\ DOWHUQDWLYDPHQWH
HQFDGDHQYtRGHWUDPD/RPLVPRSDUDHO$&.
$&.
3DUDGD\HVSHUD 7(0325,=$'25
%,7$/7(51$17(
/XLV%5DPtUH]GHO3LQR
( 5 ( 5
7UDPD 7 7UDPD 7
$&. 7 $&.
$&.
$&.
(UURU
$&.
7UDPD 7
7UDPD 7
(UURU
7
7UDPDGXSOLFDGD
$&. VHWLUD\VHUHHQYtD
7UDPD 7 HO$&.
$&.
$&.
$&.
$&.
6HSLHUGHXQDWUDPD 6HSLHUGHXQ$&.
( 5
7
7
7 $&.
7 $&.
$&.
7 7GXSOLFDGR
7 $&.
$&.
$&.
$&.
$&.
7DUGD PXFKR HQ FRQWHVWDU

FRQHO$&.HOUHFHSWRU
(OJUDQLQFRQYHQLHQWHGHSDUDGD\HVSHUDHVTXHVHSDVDPXFKRWLHPSRHOHPLVRU
\HOUHFHSWRUHVSHUDQGRHO$&.\PX\SRFRWLHPSRHQYLDQGRGDWRV
/XLV%5DPtUH]GHO3LQR
( 5
&DEOH'LVWDQFLDHQPHWURV
YPVHJ
5ELWVVHJ
7UDPDVGHWDPDxR
/ELWV
77; 7LHPSRGHWUDQVPLVLyQ
/
73523 7LHPSRGH SURSDJDFLyQ 7352&75$0$ 7LHPSRGH

SURFHVDPLHQWRDQWHV
GHHQYLDU$&.
775$0$ 7LHPSRGHVGHTXHHQYtR
XQDWUDPDKDVWDTXH 7$&. 7LHPSRGHWUDQVPLVLyQ
SXHGRHQYLDURWUDVLQ GHO$&.
73523 ,JXDOHQUHGHVVLPpWULFDV
7352&$&. 7LHPSRGH VXHOHQVHUOR
SURFHVDPLHQWRGHO
$&.VLORWLUDHWF
775$0$ 77; 73523 7352375$0$ 7$&. 73523 7352&$&.
6DOYRLQGLFDFLyQHQFRQWUDORVWLHPSRVGHSURFHVDPLHQWR7352&75$0$ \7352&
$&. VH FRQVLGHUDQ GHVSUHFLDEOHV /D WUDPD GH DVHQWLPLHQWR $&. HV PX\ SHTXHxD
UHVSHFWR D XQD WUDPD SRU OR TXH DVXPLUHPRV WDPELpQ VDOYR LQGLFDFLyQ HQ FRQWUD
GHVSUHFLDEOHVXWLHPSR/DIRUPXODTXHGDUtDDVt
775$0$ 77; Â73523
'HILQLFLyQ
7SURS G
Y G5
)DFWRUD GHXQHQODFH )$&725 D
77; / /Y
5
&RQORTXH775$0$ 77; 73523
/D HILFLHQFLD YD PHGLGD SRU ³8´ TXH HV HO WLHPSR TXH UHDOPHQWH VH HVWi
WUDQVPLWLHQGR(OUHVWRGHOWLHPSRHVSHUDPRVSRUHO$&.
77; 77;
8
775$0$ 77; Â73523 D
/R LGHDO VHUtD XQD XWLOL]DFLyQ 8 6HUi PHMRU OD

8 XWLOL]DFLyQFXDQWRPiVSHTXHxDVHDD
D
D VHUi SHTXHxD VL GÂ5 HV PMX\ JUDQGH SDUDGD \ HVSHUD UHVXOWD
G Â5
SRFRHILFLHQWH D
/ÂY
/DGLVWDQFLDHQWUHODVHVWDFLRQHV\HOUpJLPHQELQDULRORPiVSHTXHxR\ODWUDPD
FXDQWRPiVJUDQGHPHMRUODY QRSRGHPRVDOWHUDUOD
6H WUDQVPLWHQ5 ELWV SRU VHJXQGR SHURHO XVXDULR VyOR YH TXH WUDQVPLWH / ELWV
FDGD775$0$ VHJXQGRVVHSXHGHHVSHUDQGRSRU$&.
/ELW
&HI &DXGDOHILFD]5pJLPHQELQDULRPHGLRTXHFRQVLJXHHOXVXDULR
775$0$ VHJ
/XLV%5DPtUH]GHO3LQR
6HGHPXHVWUDTXH &HI 5Â8
9HQWDQDGHVOL]DQWH
/DLGHDHVSRGHUWUDQVPLWLUPiVGHXQDWUDPDDQWHVGHUHFLELUHODVHQWLPLHQWRGH
OD SULPHUD 3DUD HOOR VH QHFHVLWD XQ EXIIHU R PHPRULD GH YDULDV WUDPDV WDQWR HQ HO
UHFHSWRU FRPR HQ HO HPLVRU (Q HO HPLVRU VLUYH SDUD JXDUGDU ODV WUDPDV D~Q QR
FRQILUPDGDV SRU VL VH QHFHVLWD UHWUDQVPLVLyQ (VRV EXIIHUV VH OODPDQ YHQWDQD GH
WUDQVPLVLyQ \ YHQWDQD GH UHFHSFLyQ (Q OD SULPHUD VH FRSLDQ ODV WUDPDV HQYLDGDV D OD
HVSHUD GH $&. (Q OD YHQWDQD GH UHFHSFLyQ VH JXDUGDQ ODV WUDPDV TXH VH UHFLEHQ
PLHQWUDVQRVHSDVHQDOQLYHOVXSHULRU\VHHQYtHHO$&.FRUUHVSRQGLHQWH
(OHPLVRU\HOUHFHSWRUWLHQHQTXHDFRQUGDUXQWDPDxRGHYHQWDQDFRQILJXUDGR
SRU GHIHFWR R QHJRFLDGR 6H OODPDUi: 6yOR VH SXHGHQ HQYLDU: WUDPDV VLQ UHFLELU
FRQILUPDFLyQ 3RU HOOR HO UHFHSWRU WHQGUi PiV GH WUDPDV HVSHUDQGR D VHU SDVDGDV DO
QLYHOVXSHULRU
(OEXIIHUHVFLUFXODU\VHSXHGHUHSUHVHQWDUDVt
:

(QHOHPLVRUFDGDWUDPDTXHVHWUDQVPLWHVHJXDUGDHQHOEXIIHU&DGDWUDPDVH
WUDQVPLWH LQGLFDQGR HQ XQ FDPSR XQ Q~PHUR OODPDGR VHFXHQFLD GH WUDQVPLVLyQ
LQGLFDQGRVXSRVLFLyQHQHOEXIIHU1V
$OWUDQVPLWLUXQDWUDPDWUDVKDEHUHQYLDGR:WUDPDVYROYHPRVDFRPHQ]DUFRQ
HOQXPHUR$OOOHJDUXQ$&.HOHPLVRUFDPELDXQSXQWHURTXHWLHQHDODSRVLFLyQGH
OD~OWLPDWUDPDGHODTXHUHFLELyVX$&.7DPELpQWLHQHXQSXQWHURDOD~OWLPDWUDPD
HQYLDGD/DGLVWDQFLDHQWUHHVWRVSXQWHURVQRSXHGHVHUPD\RUGH:
:FRPRPXFKR

8OWLPR$&. 8OWLPRWUDPD
UHFLELGR HQYLDGD
$GHPiV HO WUDQVPLVRU DVRFLD XQ WHPSRUL]DGRU D ODV WUDPDV UHWUDQVPLWLHQGRODV

HQFDVRGHTXHQRVHUHFLEDHO$&.HQHOWLHPSRHVWDEOHFLGRSDUDODWUDPD
(Q HO UHFHSWRU ODV WUDPDV UHFLELGDV VH YDQ JXDUGDQGR HQ XQ EXIIHU +D\ XQ
SXQWHURDODV~OWLPDWUDPDDVHQWLGD\RWURDOD~OWLPDWUDPDUHFLELGD
: 6L VH FRQILUPD XQD WUDPD VH

FRQILUPDQWRGDVODVDWHULRUHV
3RGHPRV VHJXLU UHFLELHQGR WUDPDV

8OWLPDWUDPD 8OWLPRWUDPD PLHQWUDVODGLVWDQFLDHQWUHORVSXQWHURVVHD
UHFLELGD DVHQWLGD
PHQRURLJXDOTXH:
(MHPSOR
1GHELWV :
/XLV%5DPtUH]GHO3LQR
3RGHPRVWUDQVPLWLUWUDPDVVLQUHFLELU$&. 3RGHPRVUHFLELUWUDPDVVLQDVHQWLUQLQJXQD

,
,
, 5HFRJLGDVSHURQR
6RORSXHGRHQYLDUPiVVLQKDEHUUHFLELGR$&.V SDVDGDVDOQLYHOVXSHULRU
55

,
,
,
,
55

515
55
([LVWH RWUR WLSR GH DVHQWLPLHQWR 515 5HFHLYHU 1RW 5HDG\ SDUD FXDQGR HO
UHFHSWRUHVWiPX\FDUJDGR3DUDTXHHOHPLVRUQRSLHQVHTXHVHSHUGLy\UHWUDQVPLWDVH
HQYtDHVWDVHxDO$VtGLFHTXHKDQOOHJDGRODVWUDPDVSHURQRKDOLEHUDGRHOEXIIHU1R
WLHQHHIHFWRVGHVGHHOSXQWRGHYLVWDGHODVYHQWDQDV
&RPR VXHOH KDEHU WUiILFR ELGLUHFFLRQDO ODV WUDPDV GH GDWRV HQ OD FDEHFHUD
GLVSRQHQGHFDPSRVQGHVHFXHQFLDGHWUDQVPLVLyQ\QGHVHFXHQFLDGHUHFHSFLyQ
1GHVHFXHQFLDGHWUDPD
&DEHFHUD 1GHWUDPDDVHQWLPLHQWR
( 5
16 15 '$726 ,
,
,
(PLWLGRHODVHQWLGRHO ,
,
(PLWLGR HO DVHQWLGRV ORV ,
SULPHURV
,
3DUDHOFDVRQ :dQd
6L:IXHVH
3RGUtD SDUHFHU YiOLGR QR VH UHSLWHQ ORV QXPHURV GH
VHFXHQFLD
6LQRVOOHJD55QRVDEHPRVVLFRQILUPDUTXHKDQ
55 55 OOHJDGRWRGRVRQLQJXQR
/XLV%5DPtUH]GHO3LQR
7HQGUHPRVHQYtR FRQWLQXRVLDQWHVGHDJRWDUOD YHQWDQDUHFLELPRVDOJ~Q$&.

( 5 6LODYHQWDQDHVSHTXHxDJDVWDUHPRVOD
YHQWDQD\WHQGUHPRVTXHHVSHUDUDOJ~Q
DVHQWLPLHQWR SDUD SRGHU VHJXLU
7
HQYLDQGR
7;
73523
( 5
: (QYtRQR
7 7352&75$0$ : FRQWLQXR
7$&.
(VSHUD
73523
7352&$&.
77;
¢&RQGLFLyQGHOHQYtRFRQWLQXR"
GHVSUHFLDEOHV
: Â 7 7; t 7 5HFRUGDQGRHOYDORUGH7 77; 73523 7352375$0$ 7$&. 73523 7352&$&.
: Â77; t 7; 73523 7| 77; Â73523
73523
: t D 5HFRUGDPRVTXHGHILQtDPRVXQIDFWRUD D
77;
1RVGDHOOD8
: D o (QYtRQRFRQWLQXR
: Â77;
8 o 8VRGHODUHG
7
: Â77; : :
8 8
77; Â73523 D D
D :
&RQWUROGHHUURUHV
6H HQFDUJDGH GHWHFWDU FXDQGR KD\ HUURUHV HQ ORV ELWV TXH IRUPDQ XQD WUDPD \
UHFXSHUDUVHGHHVRVHUURUHV
/DUHFXSHUDFLyQGHHUURUHVVHSXHGHKDFHUGHIRUPDVFRUULJLpQGRORVRWLUDQGR
OD WUDPD \ SLGLHQGR UHWUDQVPLVLyQ /D SULPHUD IRUPD VH OODPD 5(& )RUZDUG (UURU
&RQWUROODVHJXQGD$54$XWRPDWLF5HSHDW5HTXHVW
/XLV%5DPtUH]GHO3LQR
&yGLJRVGHSURWHFFLyQIUHQWHDHUURUHV
/DLGHDHVTXHHQHOHPLVRUVHUHFLELUiQGHOQLYHOVXSHULRUQRUPDOPHQWHHOQLYHO
GHUHGORVGDWRVDUHWUDQVPLWLU(OQLYHO GHHQODFHOHDxDGLUiXQDFDEHFHUDGRQGHHQWUH
RWUDVFRVDVPHWHUiHOQXPHURGHVHFXHQFLDGHWUDQVPLVLyQ\HOGHDVHQWLPLHQWRDGHPiV
GHODVGLUHFFLRQHVRULJHQ\GHVWLQRVLHVXQDWUDPD(7+HWF$GHPiVGHHVDFDEHFHUD
D WRGD OD LQIRUPDFLyQ OH SDVDUi XQD IXQFLyQ TXH GD FRPR UHVXOWDGR VX FyGLJR GH
SURWHFFLyQFRQWUDHUURUHV OODPDGR((QODFROD GHOPHQVDMHHVGRQGHYDHOFyGLJR(
TXHJHQHUDOPHQWHHVXQDIXQFLyQGHORVGDWRV
&DEHFHUD 'DWRV &DEHFHUD 'DWRV (

5HFHSWRU
I'DWRV&DE &DEHFHUD 'DWRV (
I'DWRV&DE (¶
(QHOUHFHSWRUVHFDOFXODODIXQFLyQVREUHODFDEHFHUD\ORVGDWRVREWHQLHQGRVH
(¶(QWRQFHVFRPSDUDPRV(¶FRQ(\VLVRQLJXDOHVWRGRKDLGRELHQ6LVRQGLVWLQWRV
DOJR KD IDOODGR SLGLHQGRVH OD UHWUDQVPLVLyQ 2WURV FyGLJRV LQFOXVR VRQ FDSDFHV GH
DYHULJXDU GyQGH HVWi HO HUURU \ FRUUHJLUOR +D\ XQD SUREDELOLGDG GH TXH QR VH KD\D
GHWHFWDGRHUURU\ORKD\DHLQFOXVRGHTXHORGHWHFWH\ORFRUULMDPDO
&XDQWRVPiVELWVVHDFDSD]GHFRUUHJLUPiVELWVFRQVHJXLUiGHWHFWDU
P &RGLILFDGRU W
LQIRUPDFLyQR SDODEUDFyGLJRWLHQH
PHQVDMH PiVELWVTXHHO
RULJLQDOODGLIHUHQFLD
GHELWVVHOODPD
UHGXQGDQFLD
$FDGDPHQVDMHVHOHDVLJQDXQDSDODEUDFyGLJRGLVWLQWD(MHPSOR
UHGXQGDQFLD 'DGR XQ FyGLJR VH GHILQH OD
',67$1&,$ GH HVH FyGLJR R GLVWDQFLD
+DPPLQJFRPR HO PtQLPR Q~PHUR GH ELWV
HQ TXH VH GLIHUHQFLDQ SDODEUDV FyGLJR GH
G
G
HVHFyGLJRG9LHQGRHOFyGLJRDQWHULRUOD

G G
PtQLPD HV G &RQ OR TXH HVWH FyGLJR

G

G
WHQGUiGLVWDQFLD+DPPLQJGH
'H OD GLVWDQFLD GH XQ FyGLJR
GHSHQGHQVXVSURSLHGDGHVGHWHFWRUDV\FRUUHFWRUDVGHHUURUHV
6LXQFyGLJRWLHQHXQDGLVWDQFLDG
x 3XHGHGHWHFWDUFRPRPi[LPRGHUURUHV
G
x 3XHGHFRUUHJLU HUURUHV

x 6LTXHUHPRVGHWHFWDU\FRUUHJLUDODYH]GHWHFWDUµ[¶\FRUUHJLUµ\¶ODGLVWDQFLD
WLHQHTXHFXPSOLUTXHGt[\
6LTXHUHPRVGHWHFWDUHUURUHVQHFHVLWDPRVXQFyGLJRFRQGt
6LTXHUHPRVFRUUHJLUHUURUHVQHFHVLWDPRVXQFyGLJRFRQGt
6L TXHUHPRV GHWHFWDU HUURUHV GH KDVWD ELWV \ FRUUHJLU ORV GH ELWV R PHQRV
KDFHIDOWDXQFyGLJRFRQGt
/XLV%5DPtUH]GHO3LQR
3URWHFFLyQGHHUURUHVWLSRV
3DULGDG
&RQVLVWHHQDxDGLUXQELWHQORVPHQVDMHVELWGHSDULGDG&XDQGRKD\SDULGDG
SDUFRQWDQGRHVHELW\HOUHVWRKDQGHFRPSOHWDUXQQ~PHURSDUGHµ¶3DUDODSDULGDG
LPSDUHVMXVWRORPLVPRSDURWLHQHTXHKDEHUXQQ~PHURLPSDUGHµ¶
$6&,,ELWELWSDULGDG
3DULGDGSDUSRQGUtDPRV

3DULGDGSDUSRQGUtDPRV
/D PD\RU SDUWH GH ORV SURWRFRORV DVtQFURQRV HPSOHDQ SDULGDG LPSDU \ OD
PD\RUtDGHORVVtQFURQRVSDULGDGSDU\QRSRUQLQJ~QPRWLYRHVSHFLDO/DGLVWDQFLDG
SHUPLWHGHWHFWDUHUURUVyORXQR1RWLHQHSRWHQFLDSDUDFRUUHJLUOR
3DULGDGEORTXHRPXOWLGLPHQVLRQDO
&RQVLVWH HQ GLYLGLU HO EORTXH GH ELWV D HQYLDU HQ WUR]RV GH R P ELWVGD
LJXDO&DOFXODPRVHOELWGHSDULGDGSRUFDGDXQRGHORVEORTXHVGHPELWVSRUHMHPSOR
SDULGDGSDU
&DOFXODPRV ODV SDULGDGHV YHUWLFDOHV
WDPELpQ 7UDQVPLWLUHPRV HO EORTXH HQYLDQGR
ELWV GH L]TXLHUGD D GHUHFKD \ GH DUULED DEDMR
Q P
FRPRVHOHH
/RV EORTXHV QR WLHQHQ SRU TXH VHU
FXDGUDGRV
3DULGDGKRUL]RQWDO

¢&XiOVHUtDODGLVWDQFLDGHHVWHFyGLJR"
6L FDPELDPRV VyOR XQ ELW FDPELDPRV
P
ELWVGHSDULGDG2VHDTXHODGLVWDQFLD
3DULGDGYHUWLFDO HVG
6H GHWHFWDQ KDVWD HUURUHV 6L
3$5,'$' &58=$'$ $SDUHFH WDQWR VHSURGXFHQPiVSXHGHTXHVHGHWHFWH
SXHGHTXHQR
HQ OD YHUWLFDO FRPR HQ OD KRUL]RQWDO \
WLHQHTXHFRLQFLGLU
6H GHPXHVWUD WDPELpQ TXH GHWHFWD KDVWD
HUURUHVVLQRFDPELDQORVELWVTXHIRUPDQXQFXDGUDGR
(VWR TXH KHPRV YLVWR HV SDULGDG ELGLPHQVLRQDO +D\ PiV
SURFHGLPLHQWRV SDUD FDOFXODU OD SDULGDG WULGLPHQVLRQDO QGLPHQVLRQDO
HWF
1RHVIiFLOFRUUHJLUHUURUHVFRQHVWHPpWRGR
&yGLJR+DPPLQJ
(VXQFyGLJRGHSDULGDGFRQGLVWDQFLDG 3RUFDGDPELWVGHPHQVDMHDxDGHU
ELWVGHUHGXQGDQFLDGHIRUPDTXHVHFXPSODTXHUtPUU VHUiHOQtQLPRYDORUTXH
FXPSODHVWR
/RV ELWV GH SDULGDG QR VH FRORFDQ DO ILQDO GH FDGD PHQVDMH VLQR HQ SRVLFLRQHV
TXHVRQSRWHQFLDGH
&DGDELWGHOPHQVDMHYDDDSDUHFHUHQODSDULGDGGHRPiVGHHVRVU ELWVORV
FXDOHV FDOFXODQ OD SDULGDG GH XQ VXEFRQMXQWR GHP 1R YD D KDEHU ELWV GH P TXH
DSDUH]FDQHQORVPLVPRVUHQODSDULGDGGHOPLVPRFRQMXQWR
/XLV%5DPtUH]GHO3LQR
1RSXHGHKDEHUHQFRQMXQWRVODPLVPDVHFXHQFLDGHELWV6LHQDSDUHFHQ
\ QR SXHGH KDEHU RWUR FRQMXQWR FRQ \ SXHV QR VDEUtDPRV PiV WDUGH TXH
FRQMXQWRKDIDOODGR
(M
&RGLILFDUPHGLDQWH+DPPLQJHOPHQVDMH
P ELWV
U PtQLPRWDOTXHUtPU
3UREDPRVFRQ U !t12
U !t6,
3RUORWDQWRHOPHQVDMHWHQGUiELWVPU

/DVSRVLFLRQHVTXHQRVRQSRWHQFLDGHVHSRQHQFRPRVXPDGHSRWHQFLDVGH
$KRUDPLUDPRVHQFXiOHVGHHOODVDSDUHFHQODVSRWHQFLDVGH

&RQ HVWR KHPRV FRQVHJXLGR
o TXHORVELWVGHPHQVDMHDSDUH]FDQHQ
o FRQMXQWRVGLIHUHQWHVHWF

o
8QD YH] TXH WHQHPRV WRGR
o
HVWR VyOR TXHGD FRPSRQHU HO
PHQVDMHFRPRVHYDDWUDQVPLWLUSDUDHOORKD\TXHLQVHUWDUHQODVSRVLFLRQHVSRWHQFLDGH
ORVELWVGHSDULGDGTXHDFDEDPRVGHREWHQHU

9HDPRVDKRUDTXHVXFHGHDOUHFLELUORVGDWRV

&RPR HV +DPPLQJ ORV ELWV GH
UHGXQGDQFLDHVWiQHQODVSRVLFLRQHV[6H

KD UHFLELGR FRUUHFWDPHQWH OD FDGHQD

2. 2.
2.
2.
2WURHMHPSORGHFDGHQDUHFLELGDHV
+DPPLQJVyORFRUULJHHUURU6L
VH HPSOHD FRPR FRUUHFWRU VyOR GHWHFWD

6LVRORVHXVDFRPRGHWHFWRUKDVWD
0$/ 2.
0$/
0$/
/XLV%5DPtUH]GHO3LQR
6LVXSRQHPRVTXHKDKDELGRXQHUURUHOFXOSDEOHHVHOELWSXHVDSDUHFHHQHO
JUXSR GHO HO \ HO 2 VHD TXH VXPDQGR ORV ELWV TXH IDOODQ \ QRV GD OD
SRVLFLyQHUUyQHD
2WURHMHPSOR

/RV ELWV \ QR SXHGHQ VHU
HUUyQHRVVLQRVHUtDQHUUyQHRVORVJUXSRV

HQ TXH DSDUHFHQ 3RU HOOR HV HO SURSLR
ELWGHSDULGDGHOTXHIDOOy
0$/ 2.
2.
2.
8QDIRUPDGHFRGLILFDFLyQPiVVHQFLOODHVODVLJXLHQWH

P U ; ; ; ;
&RJHPRV ODV SRVLFLRQHV TXH WLHQHQ YDORU \ \ ODV HVFULELPRV HQ
ELQDULRFRQWDQWRVELWVFRPRVDOJDELWV
/DVXPDVHUHDOL]DVLQDFDUUHR
8QDYH]UHDOL]DGDODVXPDORVELWVREWHQLGRV
VHFRORFDQHQODVSRVLFLRQHVTXHIDOWDQHQODFDGHQD
DQWHULRUFRPHQ]DQGRSRUHOELWPiVDODGHUHFKDHQ
ODSRVLFLyQXQR\FRQWLQXDQGRKDFLDODL]TXLHUGDHQ
RUGHQ
3ULPHUELWGHSDULGDG 5HVXOWDQGRODFDGHQD
6HJXQGRELWGHSDULGDG
7HUFHUELWGHSDULGDG
&XDUWRELWGHSDULGDG
¢4XpVHKDFHHQHOUHFHSWRU"
&RJHPRV ODV

SRVLFLRQHV GH ORV ELWV

TXH YDOHQ\VHSRQHQHQ
ELQDULR\VHVXPDQ
6LHOUHVXOWDGRHVQRKD\HUURUODVXPDVHKDFHVLQDFDUUHR

2WURHMHPSOR

1RHVFRQORTXHWHQHPRVDOJ~QHUURU\HOELWHUUyQHRHVHO
TXHLQGLFDODVXPDHQGHFLPDOHO

/XLV%5DPtUH]GHO3LQR
/RV FyGLJRVFRUUHFWRUHVVHHPSOHDQFXDQGRHVPX\GLItFLOFRVWRVRLQHILFLHQWH
HWFSHGLUUHWUDQVPLVLRQHV+DFHUXQFyGLJRFRUUHFWRUHVPX\FRPSOLFDGR\SUHFLVDGH
PXFKD UHGXQGDQFLD FRQ OR TXH VH SUHILHUH FyGLJRV GHWHFWRUHV TXH SXHGHQ GHWHFWDU
PXFKRVIDOORVFRQSRFDUHGXQGDQFLD\DOGHWHFWDUIDOORSHGLUUHWUDQVPLVLyQ
6HVXHOHQHPSOHDUHQHQODFHVVDWpOLWHSXHVHOUHWDUGRHVPX\JUDQGH\HQUHGHV
GHXQVRORVHQWLGRWHOHYLVLyQGLJLWDO
&5&
&yGLJRVGHUHGXQGDQFLDFtFOLFDRSROLQyPLFRV
7HQGUHPRVXQPHQVDMH0GHP ELWVDOTXHVHOHDxDGLUiQU ELWVGHUHGXQGDQFLD
TXHIRUPDQHO&5&R)&6)UDPH&KHFN6pTXHQVH(OWRWDOHVXQDWUDPD7
P U 7
(VWRV FyGLJRV VH EDVDQ HQ XQ SDWUyQ GH ELWV U OODPDGR 3 SROLQRPLR
JHQHUDGRU
(QHPLVLyQU PÂU SUHVWR
(QUHFHSFLyQQRKD\HUURUVLODWUDPD7GLYLGLGRSRU3GDUHVWR
3UELWV
6HUHSUHVHQWDQFRPRXQSROLQRPLRGHJUDGRUGHDKtVXQRPEUH
3; ;;; Â;Â;Â;Â;Â;Â;Â;Â;
(MHPSOR
'HWHUPLQDUHOUHVXOWDGRGHFRGLILFDUHVWHGDWRGHELWVPHGLDQWH&5&
\XQSROLQRPLRJHQHUDGRU3; ;;
3oU 6LHOJUDGRGH3HVU
0 Â U
mDxDGLUUFHURVDOSROLQRPLR
3
P U
'LYLVLyQELQDULD25H[FOXVLYRVLHPSLH]D
SRUHOFRFLHQWHHPSLH]DSRU\VL
HPSLH]DSRUHQHVWHFDVREDMDPRVHO

VLJXLHQWH

(OUHVWRGHEHWHQHUUELWV
6HWUDQVPLWLUi &5&

P U
(QUHFHSFLyQVHGLYLGHORUHFLELGRHQWUH 3 \PLUDPRVHOUHVWR6LHOUHVWRGD
VLJQLILFD TXH QR KD KDELGR HUURUHV GH WUDQVPLVLyQ (Q FDVR FRQWUDULR VLJQLILFD TXH KD
KDELGRDOJ~QHUURUHQODWUDQVPLVLyQSHURQRQRVGLFHFRPRSRGHPRVORFDOL]DUOR
6L VH HOLJH DGHFXDGDPHQWH HO SROLQRPLR VH SXHGHQ GHWHFWDU PXFKRV HUURUHV
7RGRVORVFyGLJRV&5&GHWHFWDQWRGRVORVHUURUHVGHELW
/XLV%5DPtUH]GHO3LQR
6L 3; WLHQH DO PHQRV XQRV VH GHWHFWDQ WRGRV ORV HUURUHV GH ELWV 6L
3;;^`GDUHVWRGHWHFWDFXDOTXLHUQLPSDUGHHUURUHV6LHPSUHGHWHFWD
WRGDVODVUiIDJDVGHKDVWDUHUURUHVFRQVHFXWLYRV
7pFQLFDVGHFRUUHFFLyQGHHUURUHV
x $54 $XWRPDWLF 5HSHDW 5HTXHVW 6L GHWHFWDPRV IDOOR SRU &5& HWF VH
SLGHUHWUDQVPLVLyQGHHVDWUDPD
x )(&)RUZDUG(UURU&RQWURO
$54 HVWi PX\ OLJDGR DO FRQWURO GH IOXMR UHFRUGHPRV SDUDGDHVSHUD \ YHQWDQD
GHVOL]DQWH
+D\YDULDQWHVGH$54
x $54GHSDUDGD\HVSHUD
x $54GHUHFKD]RVLPSOH
x $54GHUHFKD]RVHOHFWLYR
$54
$54GHSDUDGD\HVSHUD
2$54VLPSOH6HEDVDHQHOFRQWUROGHIOXMRGHSDUDGD\HVSHUD\WDPELpQVH
EDVD HQ $&. DO UHFLELU XQD WUDPD FRUUHFWDPHQWH 7DPELpQ SXHGH HPSOHDU XQ
( 5 WHPSRUL]DGRU \ VL HQ HO WLHPSR HVWDEOHFLGR QR VH UHFLEH OD
,
WUDPD VH UHWUDQVPLWH 7DPELpQ VH XVD HO ELW DOWHUQDQWH SDUD
ODVWUDPDVFRQVHFXWLYDV
$&. ¢&yPR VH UHFXSHUD HO UHFHSWRU GH HUURUHV JUDFLDV D
, HVWRVSXQWRV"
$O UHFLELU XQD WUDPD HO $&. VH HQYtD FRQ HO
7LPHU
VLJXLHQWHTXHVHHVSHUD6LODWUDPDVHSLHUGHROOHJDHUUyQHD
,
; DO DFDEDU HO WLHPSR GHO WHPSRUL]DGRU VH UHHQYtD 6L HO
$&. DVHQWLPLHQWR OOHJD PDO DO ILQDOL]DU HO WHPSRUL]DGRU VH
, UHHQYtD
(Q HVWH ~OWLPR FDVR GDGR TXH HO UHFHSWRU \D WLHQH OD
$&.
WUDPD TXH HO HPLVRU DFDED GH HQYLDU VLPSOHPHQWH OD WLUD \
DVLHQWHVXOOHJDGDFRQXQQXHYR$&.
7LPHU
,
9HQWDMDV(VXQPpWRGRPX\VHQFLOOR
$&.
,QFRQYHQLHQWHV6XVSUHVWDFLRQHVVRQSREUHVKD\TXH
HVSHUDUDORVWHPSRUL]DGRUHVVLDOJRIDOOD
$54GHUHFKD]RVLPSOH
2 $54 GH UHFKD]R FRQWLQXR 6H EDVD HQ HO FRQWURO GH IOXMR GH YHQWDQD
GHVOL]DQWH7DPELpQVHOHVXHOHOODPDU³$54GHYXHOWDDWUiVQ´6HHPSOHDQWDPELpQ
/XLV%5DPtUH]GHO3LQR
FRQILUPDFLRQHV 55 \ 515 DSDUWH GH ODV XVXDOHV VH HPSOHD RWUR WLSR GH
FRQILUPDFLRQHVFRQILUPDFLyQQHJDWLYD5HFKD]RVLPSOH5(-
7DPELpQDOLJXDOTXHDQWHVVHHPSOHDUiQWHPSRUL]DGRUHV6HHPSOHDQQ~PHURV
GHVHFXHQFLD\HQRFDVLRQHVVHHPSOHDHOOODPDGRELW3SROOLQJ
&XDQGRVHSLHUGHRHOQGHVHFXHQFLDQRHVHOHVSHUDGRHOUHFHSWRUJHQHUDXQD
WUDPDQHJDWLYD5(-TXHHVXQUHFKD]RUHMHFW(VWHUHFKD]RVHOODPDVLPSOHSRUTXH
LQGLFDDOHPLVRUTXHWLHQH TXHUHWUDQVPLWLUHVDWUDPD \WRGDVODVSRVWHULRUHVRVHDXQ
UHFKD]RLQGLFDTXHVHGHEHQUHHQYLDUWRGDVODVWUDPDVDSDUWLUGHODWUDPDUHFKD]DGD
1 ELWVSDUDLQGLFDUHOQGHVHFXHQFLD
( 5
, :d 1 : d VXSRQGUHPRV : SDUD HVWH
, HMHPSOR
55 QR SXHGH HQYLDU PiV GH WUDPDV VLQ QDEHU UHFLELGR
,
, FRQILUPDFLyQ
5(-
, 6HWLUD
,
55
, (O ELW ³3´ VXHOH LU D SRQLpQGRVH D FXDQGR
,
5(- 6HWLUD
TXHUHPRV REOLJDU DO RWUR H[WUHPR D PDQGDUQRV VX
, HVWDGR 1R WRGRV ORV SURWRFRORV DGPLWHQ R HPSOHDQ HO
,
55 ELW 3 VXHOH SHGLU OD UHWUDQVPLVLyQ GH WRGDV ODV WUDPDV
, GHVGHODTXHIDOOyHQDGHODQWH
6L UHFKD]DPRV OD SRU FXDOTXLHU IDOOR HVR
,
55
LPSOLFDDVHQWLUODVXSRQLHQGRTXHHOIDOORVHSURGXFH
7LPHU
3
HQODWUDPDOOHJDQGRELHQDODSULPHUD
55
,
, (O UHFHSWRU SRGUtD HQYLDU \ UHFLELU $&. HQ YH]
GH HVSHUDU /R QRUPDO HV HVSHUDU SDUD DVHQWLU YDULDV
7LPHU
3
55 WUDPDV
,
,
$54GHUHFKD]RVHOHFWLYR
2 $54 FRQ UHFKD]R FRQWLQXR 6H EDVD HQ HO FRQWURO GH IOXMR GH YHQWDQD
GHVOL]DQWH(VFRPRHODQWHULRUSHURHQYH]GHHPSOHDUXQDWUDPD GHUHFKD]R 5(-VH
HPSOHD XQD WUDPD GH UHFKD]R VHOHFWLYR 65(- &XDQGR VH UHFKD]D XQD WUDPD VyOR VH
UHFKD]D HVD WUDPD \ VyOR KD\ TXH UHHQYLDU HVD WUDPD (V PiVHILFLHQWH SXHV VyOR KD\
TXHUHWUDQVPLWLUODVWUDPDVGHIHFWXRVDVSHURDFDPELRREOLJDDPiVFRPSOHMLGDGHQHO
UHFHSWRU
( 5 9HQWDMDV 6yOR VH UHWUDQVPLWH OD WUDPD
UHFKD]DGD
,
,
55 ,QFRQYHQLHQWHV 2EOLJD HQ HO UHFHSWRU D
UHRUGHQDUODVWUDPDV\HVWRQRHVVHQFLOOR
,
5(- ,
,
55
1RVHWLUDOD $XQTXHSDUHFHPHMRUTXHHOUHFKD]RVLPSOH
VH HPSOHD PHQRV SXHV HV XQ JUDQ SUREOHPD HO
WUDPD
6HKDUHFLELGRELHQ
UHRUGHQDPLHQWRGHWUDPDV
ODVWUDPDV\ &RQUHFKD]RVHOHFWLYRVLQRVHXVDHOELW ³3´
HOWDPDxRGHYHQWDQDWLHQHTXHVHUPiVSHTXHxR: 1SDUDTXHQRKD\DSUREOHPDV
GHDPELJHGDGHV
/XLV%5DPtUH]GHO3LQR
(M
6L1 \:
( 5
,
,
,
,
,
,
3DUDHYLWDUHVWR:d 1
,
55
,
,
,
5(-
9HDPRVTXHFRQ1 \: QRKD\HVHSUREOHPD

( 5
,
,
,
,
55
7LPHU 1RVHFRQIXQGHFRQWUDPDVIXWXUDV
,
,
,
,
3UHVWDFLRQHVGH$54
3! 3UREDELOLGDG GH HUURU GH ELW LQGHSHQGLHQWHPHQWH \ XQLIRUPHPHQWH

GLVWULEXtGD
3(%!3UREDELOLGDGGHHUURUGHWUDPD7UDPD EORTXHGHQELWV
3(% 3Q
$UTGHSDUDGD\HVSHUD
7|77;73523
( 5 17 Q PHGLR GH WUDQVPLVLRQHV TXH KD\ TXH
73523 77;
QDFHUGHXQDWUDPDKDVWDTXHOOHJDVLQHUURUHV
7 17 77;73523
7
1GHWUDQVPLVLRQHV 3URE
3(%
3(% 3(%
3(%Â3(% 3(% 3(% 3(%
« ««
L 3(%L 3(%
6XSRQHPRVTXHQRKD\HUURUHQORVDVHQWLPLHQWRV
/XLV%5DPtUH]GHO3LQR
17 3(%3(% 3(%3(% 3(%««
¦ LÂ3(% 3(% 3(% ¦ LÂ3(% ¦ LÂ ;

f f f

17
L L L
L L L ;

17
3(%
77; 77; 8WLOL]DFLyQGHOFDVRLGHDO
73523
8 VLQHUURUHV VLHQGR D
7 17 77; 73523 D ;
8 LGHDO 3(%
8
17 D
3(%
8
D
$54FRQUHFKD]RVLPSOH\VHOHFWLYR
8 LGHDO
7DPELpQVHFXPSOHTXH8 HUURUHV o8GHODYHQWDQDGHVOL]DQWHYHUDQWHV
17

x 17 HQUHFKD]RVHOHFWLYRHVLJXDOTXHSDUDGD\HVSHUD 1 7
3(%
DÂ3(%
x 17 HQUHFKD]RVLPSOHYDOH 1 7
3(%
)(&)RUZDUG(UURU&RQWURO
&yGLJR GH FRQWURO GH HUURUHV FRQ SURSLHGDGHV FRUUHFWRUDV VLQ SHGLU
UHWUDQVPLVLyQ 6H HPSOHDQ FXDQGR SHGLU XQD UHWUDQVPLVLyQ HV PX\ FRVWRVR R
LPSRVLEOHHPLVLRQHVGHWHOHYLVLyQRUDGLRGLJLWDOFXDQGRKD\XQUHWDUGRPX\ JUDQGH
WUDQVPLVLRQHVYtDVDWpOLWHHQYtRGHDXGLRYLGHRHQWLHPSRUHDO
8QHMHPSORHVHOFyGLJR+DPPLQJ6RQEDVWDQWHFRPSOHMRV
3UHVHQWDQXQDVHULHGHLQFRQYHQLHQWHV
x 6HQHFHVLWDPXFKDUHGXQGDQFLDSDUDREWHQHUFLHUWDILDELOLGDGHVSUHFLVRHQYLDU
PXFKRVELWVGHFyGLJR
x 6RQDOJRULWPRVPX\FRPSOHMRVVLHQGRVXLPSOHPHQWDFLyQPX\FRVWRVDWDQWRHQ
HOHPLVRUFRPRHQHOUHFHSWRU
x (VWiQ RULHQWDGRV D FLHUWRV HUURUHV DOJXQRV IXQFLRQDQ PHMRU SDUD HUURUHV
FRQVHFXWLYRVRWURVSDUDHUURUHVGLVSHUVRVHWF
7DPELpQSUHVHQWDQXQDVHULHGHYHQWDMDVIUHQWHD$54
x 1RVHQHFHVLWDXQFDQDOGHUHWRUQRGHUHFHSWRUDHPLVRU
x (O FDXGDO HILFD] \ HO UHWDUGR VRQ FRQVWDQWHV HQ $54
GHVGH TXH PDQGDV XQ SDTXHWH KDVWD TXH UHFLEHV RWUR HV
( 5
YDULDEOHWHORSXHGHQUHFKD]DUSHGLUWHUHWUDQVPLVLyQ(Q

)(&QRHVDVt
/XLV%5DPtUH]GHO3LQR
7pFQLFDVPL[WDV
)(&)(&
(PSOHDQ )(& XQR SDUD VROYHQWDU HUURUHV GLVSHUVRV \ HO RWUR SDUD HUURUHV
VHJXLGRV
$54)(&
(PSOHDQ XQFyGLJRHQ SULQFLSLR FRUUHFWRU SHURVL HQ ; WUDPDV FRQVHFXWLYDVHO

DOJRULWPRWLHQHTXHFRUUHJLUHUURUHVDVXPHTXHHQ HVDVFRQGLFLRQHVKD\PXFKRUXLGR\
VH SRQH HQ IXQFLRQDPLHQWR HQ PRGR GHWHFWRU 6L UHFLEH ; WUDPDV FRUUHFWDV
FRQVHFXWLYDPHQWH DVXPH TXH OD VLWXDFLyQ GH UXLGR KD ILQDOL]DGR \ YXHOYH DO PRGR
FRUUHFWRU
3URWRFRORVGHQLYHOGHHQODFH
(MHPSORVGHSURWRFRORVGHQLYHOGHHQODFHVRQ6/,3333\+'/&
6/,36HULDO/LQN,3

3HQVDGR SDUD PDQGDU SRU XQD OtQHD VHULH SXQWR D SXQWR HQWUH RUGHQDGRUHV
SDTXHWHV,3
6/,3 GH WRGDV ODV IXQFLRQHV GHO QLYHO GH HQODFH VyOR KDFH OD GH HQWUDPDGR
GRQGH DFDED XQ SDTXHWH ,3 \ FRPLHQ]D HO VLJXLHQWH (V XQ SURWRFROR RULHQWDGR D
FDUiFWHUE\WH
6LHOVHSDUDGRUDSDUHFHGHQWURGHOSDTXHWHVHVXVWLWX\HSRURWURSDWUyQ
1R WLHQH FRQWURO GH IOXMR VH XQ RUGHQDGRU HV PiV UiSLGR HQYLDQGR HO RWUR QR
SRGUiSURFHVDUORVGDWRV\ORVSDTXHWHVVHSHUGHUiQ6HFRQItDHQTXHXQQLYHOVXSHULRU
ORGHWHFWD\SRGHODUHWUDQVPLVLyQ
7DPSRFR KD\ FRQWURO GH HUURUHV VH GHMD SDUD QLYHOHV VXSHULRUHV 7DPSRFR VH
KDFHQDGDVREUHODJHVWLyQGHHQODFH
3333RLQWWR3RLQW3URWRFRO

3HQVDGR SDUD FRPXQLFDFLRQHV SXQWR D SXQWR HQWUH PiTXLQDV 1R HV XQ
SURWRFROROLJDGRDOQLYHOGHUHGVHSXHGHHPSOHDU,3RFXDOTXLHURWURHVLQGHSHQGLHQWH
GHOQLYHOGHUHG
(VXQSURWRFRORRULHQWDGRDELWSXHVHOGHOLPLWDGRUGHFRPLHQ]R\ILQHV
'$726 )&6
)&6VRQELWVGHFRUUHFFLyQGHHUURUHV
6LVHUHSLWHHOSDWUyQHQORVGDWRVVHKDFHELWVWXIILQJ/RVGDWRVWLHQHQTXHVHU
XQQ~PHURHQWHURGHE\WHVQ~PHURGHELWVP~OWLSORGH7LHQHGHWHFFLyQGHHUURUHV\
SXHGH SHGLU UHWUDQVPLVLyQ /R PiV LPSRUWDQWH HV TXH LQFOX\H JHVWLyQ GHO HQODFH
/XLV%5DPtUH]GHO3LQR
&XDQGR PiTXLQDV FRPLHQ]DQ D FRPXQLFDUVH FRQ 333 HPSOHDQ HO SURWRFROR /&3
/LQN &HQWUDO 3URWRFRO FRQVLVWHQWH HQ XQ LQWHUFDPELR GH PHQVDMHV SDUD SRQHUVH GH
DFXHUGRHQHOSURWRFRORGHOQLYHOGHUHGDHPSOHDUWLSRGHGDWRVDWUDQVSRUWDUTXpWLSR
GHFRQWUROGHIOXMRYDQDKDFHUVLORVGDWRVVHYDQDFRPSULPLURQRHWF$ODFDEDUOD
QHJRFLDFLyQVHSDVDDRWUDIDVHOODPDGD1&31HWZRUN&RQWURO3URWRFROTXHGHSHQGH
GHO SURWRFROR GH QLYHO GH UHG HVFRJLGR DQWHULRUPHQWH VH HQFDUJD GH TXH HO XVXDULR
PDQGHXQORJLQ\XQSDVVZRUGDGHPiVGHDVLJQDUQRVXQDGLUHFFLyQ,3
+'/&+LJKOHYHO'DWD/LQN&RQWURO

%DVWDQWH DQWLJXR SHUR PX\ LPSRUWDQWH SXHV GH pO VH KDQ GHULYDGR PXFKRV
SURWRFRORV PiV TXH GHULYDUVH HV TXH +'/& WLHQH PXFKDV YDULDQWH X RSFLRQHV GH
IXQFLRQDPLHQWR+D\PXFKRVSURWRFRORVTXHHQHOQLYHOGHHQODFHHPSOHDQ+'/&FRQ
FLHUWDVRSFLRQHV
(Q5'6,,6'1VHHPSOHDQSURWRFRORVGHQLYHOGHHQODFH/$3%\/$3'
TXHVRQSDUWLFXODUL]DFLRQHV GH+'/&
(QORV)UDPH5HOD\VHHPSOHD/$3)\HQORV/$1HV//&
(VXQSURWRFRORRULHQWDGRDELW\VXIRUPDWRGHWUDPDHV
D
&21752/ '$726 &5&
(OFRQWUROOOHYD
x 7LSRGHWUDPD'DWRVVLHVXQ555155(-65(-
x 1GHVHFXHQFLDGHWUDPD\GHDVHQWLPLHQWR
x %LW3
+'/& WDPELpQ WLHQH JHVWLyQ GHO HQODFH DO SULQFLSLR VH QHJRFLD HQ TXp QRGR
IXQFLRQDUiHOHQODFH$54GHSDUDGD\HVSHUDUHFKD]RVLPSOHHWF
3UREOHPDV
5HDOLFHXQHVWXGLRFRPSDUWLGRGHOFDQDOHILFD] SRUODVWpFQLFDV$54GHSDUDGD\HVSHUD
UHFKD]RVLPSOH\UHFKD]RVHOHFWLYRFRQVLGHUDQGRORVVLJXLHQWHVGDWRV
x 1GHELWVGHLQIRUPDFLyQHQWUDPDGHGDWRVELWV
x 1GHELWVGHFRQWUROHQWUDPDVGHGDWRVELWV
x 1GHELWVHQWUDPDV$&.ELWV
x 9HORFLGDGGHWUDQVPLVLyQELWVVHJ
x 3UREDELOLGDGGHHUURUGHELWÂ
x 5HWDUGRGHSURSDJDFLyQPV
$54FRQSDUDGD\HVSHUD
/XLV%5DPtUH]GHO3LQR
77;
77; ½
8
7 °°
73523
7 7352&
7$&.
7352& | ¾ 6LQ HUURUHV
7$&. | °
°
¿
73523
6XSRQHPRVTXHORVHUURUHVVHSURGXFHQHQODWUDPD
/7; m /RQJLWXG GH WUDPD ELWV
77; VHJ
5 m 5pJLPHQELQDULR ELWV
VHJ
73523 GDGR HQHO HQXQFLDGR PV VHJ
/$&. m ORQJLWXG ELWV $&. ELW
7$&. !)OXMRPiVSHTXHxRGHWUDQVPLVLyQVRQR
5 m 5pJLPHQELQDULR ELW VHJ
ORGHVSUHFLDPRVWHQGUtDPRVTXHFRQWDUORVHUURUHVSURGXFLGRVHQHOHQYtRGH$&.1R
ORFRQVLGHUDPRV7$&.|
73523
D
77;
3HE 3 /7;
3UREDELOLGDGGHHUURUGHEORTXH
$54FRQSDUDGD\HVSHUD
3HE
8 8WLOL]DFLyQ GHO GH ORV ELWV HPSOHDGRV (O RWUR VH
D
SLHUGHHQUHWUDQVPLVLRQHVRHVSHUDVGH$&.
(OUpJLPHQELQDULRRFDXGDOHILFD] &HIHVÂ ELWVVHJ

( 5
6H HPSOHDUtDQ HVWDV IRUPXODV VL QR H[LVWH HQYtR
FRQWLQXR

$&.
(QYtR FRQWLQXR VL DO OOHJDU HO $&. GH OD SULPHUD WUDPD OD YHQWDQD QR VH KD
DJRWDGR\QRQRVKHPRVWHQLGRTXHSDUDU
3HE
8
D3HE
&HI ELWV VHJ
(QHO$54GHUHFKD]RVHOHFWLYRVyORVHUHHQYtDODWUDPDHUUyQHD
8 3HE
&HI ELWV VHJ
/XLV%5DPtUH]GHO3LQR
/DXWLOL]DFLyQGH$54GHSDUDGD\HVSHUDHVPX\JUDQGHSRUTXHYLPRVTXHVL
ODGXUDFLyQGHODWUDPDHVPXFKRPiVJUDQGHTXHHOUHWDUGRHVPHQRVPDOR
&RQORVRWURVGRVPHFDQLVPRVVHREWLHQHQPHMRUHV UHVXOWDGRVTXHFRQSDUDGD\
HVSHUDVLHQGRPXFKRPiVFRPSOHMRV
¢3RUTXpQRKD\PXFKDGLIHUHQFLDHQWUHUHFKD]RVLPSOH\VHOHFWLYR"3RUTXHHO
WDPDxRGHWUDPDHVPX\JUDQGH\HOHUURUGHELWHVPX\SHTXHxR
6LKXELpVHPRVHVFRJLGRODDSUR[LPDFLyQODIRUPXODGHDVHUtD
77; 7$&.
D
73523
352%/(0$
6XSRQJDPRV HVWDFLRQHV WHUUHVWUHV TXH VH FRPXQLFDQ YtD VDWpOLWH /D FDSDFLGDG GHO
FDQDOGHOVDWpOLWHHVGH.ELWVVHJSHURVHGLYLGHHQ FDQDOHVGH.ELWVVHJXQR
SDUD FDGD VHQWLGR 6H GHFLGH XWLOL]DU FRQWURO GH IOXMR SRU YHQWDQD GHVOL]DQWH FRQ
³SLJJ\EDFNLQJ´ DSURYHFKDU HO DVHQWLPLHQWR SDUD HQYLDU LQIRUPDFLyQ DGLFLRQDO SRU HO
RWURFDQDOVHHQYtDODWDUPD\HODVHQWLPLHQWRGHOD~OWLPDUHFLELGD
6XSRQHPRVTXHDPDVWHVWDFLRQHVVLHPSUHWLHQHQ WUDPDVTXHHQYLDU(OWLHPSRGH
SURSDJDFLyQHQWUHWLHUUD\VDWpOLWHHVPV<TXHODORQJLWXGGHODWUDPDQHVGH
E\WHV
6HSLGHFDOFXODUORVVLJXLHQWHSDUiPHWURV
D77;
/ Â ELWV
77; PV
5 ELWV VHJ
E7LHPSRGHVGHODWUDQVPLVLyQGHOHU ELWGHXQD WUDPDKDVWDODUHFHSFLyQGHO~OWLPR
77; 7 77; 73523 PV

77 73523
F7LHPSRGHODWUDQVPLVLyQGHVGHHOHU ELWGHXQDWUDPDKDVWDHO~OWLPRELWGHODWUDPD
GHDVHQWLPLHQWR
77; 7 77; PV

77 73523
77; E\WHV SRU HO SLJJ\EDFNLQJ

73523 PDQGDWDPELpQLQIRUPDFLyQ
GWDPDxRGHYHQWDQDySWLPR
:Â77; t PV

:t
77 Q : ! o QHFHVLWDPRV ELWV SRU HO Q~PHUR GH
VHFXHQFLD 3RGHPRV HQYLDU WUDPDV QXPHUDGDV FRQ
FRGLILFDFLyQELQDULDGHELWV
/XLV%5DPtUH]GHO3LQR
1LYHOGHHQODFH0HGLRFRPSDUWLGR
(Q PHGLRV FRPSDUWLGRV KD\ TXH UHJXODU TXH QR WRGRV WUDQVPLWDQ DOD YH]
0HUHPRVTXpPHGLRVKD\SDUDUHJXODUHODFFHVRDOPHGLRFRPSDUWLGR
0XOWLSOH[DFLyQ
&RQVLVWH HQ GLYLGLU HO XVR GHO PHGLR GH WUDQVPLVLyQ GH IRUPD HVWiWLFD HQWUHORV
XVXDULRV
(VDGLYLVLyQVHSXHGHKDFHUGHYDULDVIRUPDV
x 0XOWLSOH[DFLyQSRUGLYLVLyQ HQHOWLHPSR7'0R7'0$
x 0XOWLSOH[DFLyQSRUGLYLVLyQHQIUHFXHQFLD)'0R)'0$
x 0XOWLSOH[DFLyQSRUGLYLVLyQHQORQJLWXGGHRQGD:'0R:'0$
x 0XOWLSOH[DFLyQSRUGLYLVLyQGHFyGLJR&'0R&'0$
7'0
(QHVHPHGLRFRPSDUWLGRVHYDDDVLJQDUDFDGDHVWDFLyQXQ LQWHUYDORGHWLHPSR
SDUDWUDQVPLWLUGHWDOIRUPDTXHVHYDQSDVDQGRHOWXUQRVXFHVLYDPHQWH
3RUHOPHGLRFLUFXODXQDWUDPDSHULyGLFDTXHFRPLHQ]DHQXQLQVWDQWHW \YDXQD
VXFHVLyQGHELWVHQYLDGRVSRUFDGDHVWDFLyQ
$ YHFHV KD\ XQD FDEHFHUD TXH HV ODTXH FRPLHQ]D D JHQHUDU OD WUDPD 6L QR
H[LVWH WRGDV ODV HVWDFLRQHV WLHQHQ TXH WHQHU XQ UHORM FRP~Q $~Q DVt FRQ FDEHFHUD
WRGDVODVHVWDFLRQHVHVFXFKDQODWUDPDSDUDVLQFURQL]DUVH
$O ILQDO HQ HO PHGLR HQ XQ LQVWDQWH [ VyOR SXHGH WUDQVPLWLU XQR \ VL SXHGH
HQYLDUPiVGH[ELWVWLHQHTXHHVSHUDUDTXHOHOOHJXHGHQXHYRHOWXUQR
6L VH WUDQVPLWHQ 5 ELWVVHJ SRU HO PHGLR FDGD HVWDFLyQ SXHGH HQYLDU 51
ELWVVHJDOJRPHQRVSRUTXHWDPELpQKD\FDEHFHUDV
6HHPSOHDQGHVGHKDFHPXFKRHQODUHGWHOHIyQLFD
x (XURSDYR]D.ELWVVHJ
x 86$YR]D.ELWVVHJ
8QVRORFDEOHSDUDWRGDV
ODVFRPXQLFDFLRQHV
(QHXURSDKD\XQVLVWHPD7'0HO(GH0ELWVVHJTXHFRQVLVWHHQXQD

WUDPDGHFDQDOHVGHELWV

ELWV
/XLV%5DPtUH]GHO3LQR
6HUHSLWHFDGDPVHJ6HUHSLWHQFDQDOHVD .ELWVVHJGDQGROXJDUDORV
0ELWVVHJ
)'0
(VWHGLYLGHHODQFKRGHEDQGDGHOPHGLRGHWUDQVPLVLyQ
6HDVLJQDXQDSRUFLyQDFDGDHVWDFLyQ$ODHVWDFLyQ
SRU HMHPSOR OD REOLJDPRV D PRGXODU VX VHxDO SDUD TXH VX
WUDQVPLVLyQ VH HQFXHQWUHMXVWR HQWUHOD EDQGDGH IUHFXHQFLDV
TXHVHOHKDDVLJQDGR
:
(OUpJLPHQELQDULRHV: :ORJ0
(O UpJLPHQ ELQDULR TXH SXHGH REWHQHU HVD HVWDFLyQ HV 51 SXHVWR TXH :1
&RQ)'0WUDQVPLWHQWRGRVDODYH]SHURSRUEDQGDVGHIUHFXHQFLDGLVWLQWDV\DPHQRU
YHORFLGDG51ELWVVHJ
(Q)'0GDGDHVWDFLyQWUDQVPLWHDYHORFLGDG5SHURVyORGXUDQWHXQSHTXHxR
WLHPSR(QPHGLDWUDQVPLWHD51SHURSXQWXDOPHQWHD5
6HXVDPHQRVHQUHGHVGLJLWDOHVDXQTXHVHXVDHQUHGHVGHWHOHIRQtDHVSUHYLRD
7'0\VHXQDPHQRVTXHpVWH
:'0
(VORPLVPRTXH)'0VyORTXHHVFXDQGRKDEOHPRVGHIUHFXHQFLDVPX\DOWDV
HQHOHVSHFWURGHODOX]/DLGHDHVODPLVPD6HXWLOL]DHQILEUDySWLFDPDQGDQGRSRU
HVWDSXOVRVGHOX]GHGLIHUHQWHIUHFXHQFLDRORQJLWXGGHRQGDRVHDFRPRPDQGDUOX]
GHGLIHUHQWHVFRORUHV
&'0
6RQ WpFQLFDV GH HVSHFWURHQVDQFKDGR SHQVDGDV SDUD HQWRUQRV FRQ PXFKR UXLGR
3RUVXFRPSOHMLGDGQRORVYHUHPRV(QWHOHIRQtDPyYLOVHHPSOHDQ&'0FRQ)'0
9HQWDMDV GH OD PXOWLSOH[DFLyQ 6RQ PpWRGRV VHQFLOORV \ FDGD XVXDULR WLHQH XQ
UDQJRRJDPDSRUHPLWLUSRUHOWHQLHQGRFDGDXVXDULRVXSRUFLyQGHDQFKRGHEDQGD
,QFRQYHQLHQWHV (V SRFD IOH[LEOH SXHV D FDGD XVXDULR VH OH DVLJQD
SHUPDQHQWHPHQWH VX SRUFLyQ LQGHSHQGLHQWHPHQWH GH VL WUDQVPLWH R QR 3DUD
DVLJQDFLRQHVGLQiPLFDVKD\RWURVPHFDQLVPRV
3URWRFROR$/2+$
$/2+$SXUR
(VWH VLVWHPD VH GLFH TXH HV XQ VLVWHPD GH FRQWLHQGD SRUTXH ORV XVXDULRV QR
WLHQHQDVLJQDGDXQDSRUFLyQVLQRTXHWLHQHQTXHFRPSHWLUSRUHOXVRGHHVDUHG
/XLV%5DPtUH]GHO3LQR
)XHGHVDUUROODGRHQORVHQOD XQLYHUVLGDGGH+DZDL\ FRQVLVWHHQVHVXHOH

HPSOHDUHQUHGHVSDUDUDGLRRVDWpOLWH(QWHOHIRQtDPyYLOHOPyYLOHQYtDXQDSHWLFLyQGH
OODPDGDSRUHOPpWRGR$/2+$FRPSLWLHQGRFRQHOUHVWRGHPyYLOHV
&XDQGRXQDHVWDFLyQTXLHUHWUDQVPLWLUWUDQVPLWH3XHGHRFXUULUTXHRWUDHVWDFLyQ
WUDQVPLWDDODYH]SURGXFLpQGRVHXQDFROLVLyQ
3RU FXHVWLRQHV GH UHWDUGR ODV HVWDFLRQHV QR HVFXFKDQ HO PHGLR D YHU VL HVWi
RFXSDGR
/R TXH VL KDFH GHVSXpV GH KDEHU WUDQVPLWLGR HV HVFXFKDU \ VL HVFXFKD XQD
FROLVLyQ UHLQWHQWH HO HQYtR (O UHLQWHQWR VH SURGXFH WUDV XQ WLHPSR DOHDWRULR (VSHUD
HVFXFKDQGR HO WLHPSR Pi[LPR GH UHWDUGR GH OD UHG SDUD DVHJXUDUVH TXH VX HQYtR QR
SURGXMRFROLVLyQ
(VWH WLSR GH UHGHV HVWi ELHQ SDUD SRFR WUDILFR SRUTXH VL QR KDEUtD PXFKDV
FROLVLRQHVSURYRFDQGRUHWUDQVPLVLRQHV\PiVFROLVLRQHV
&iOFXORGHSUHVWDFLRQHV
6XSRQGUHPRVTXHODVWUDPDVWUDQVPLWLGDVVRQGHWDPDxRILMR/ELWV(OUpJLPHQ
ELQDULRHV5ELWVVHJ
/RTXHVHWDUGDHQWUDQVPLWLUXQDWUDPDWLHPSRGHWUDPDW
/
W
5
7DPELpQVHVXSXVRTXHODSREODFLyQHUDPX\JUDQGHWLHQGHDLQILQLWR
6VHUiHOQ~PHURPHGLRGHWUDPDVQXHYDVTXHHVDSREODFLyQTXLHUHWUDQVPLWLUSRU
HOWLHPSRGHWUDPD
1 WUDPDV QXHYDV
6
WLHPSR WUDPD
6WDPELpQVHOODPDWUiILFRQXHYRRIUHFLGR(OQ~PHURGHWUDPDVWRWDO
QXHYDV UHWUDQVPLVLRQHV
*
WLHPSR GH WUDPD
6HOODPDWDPELpQWUiILFRWRWDORIUHFLGR
¢&XiQWDVWUDPDVVHHQYLDUiQVLQFROLVLyQ"
7UiILFR FXUVDGR 6 SRUTXH VH UHWUDQVPLWLUi OD WUDPD WDQWDV YHFHV FRPR KDJD
IDOWD
6
3 3UREDELOLGDGGHTXHXQDWUDPDQRFROLVLRQHV !6 *Â3
*
1DGLHGHEHHPLWLUGXUDQWHHOLQWHUYDORGHGXUDFLyQW
WW W WW
/ /
6PD[ H

/XLV%5DPtUH]GHO3LQR
6XSRQGUHPRV TXH ODV WUDPDV VHUiQ JHQHUDGDV SRU ODV HVWDFLRQHV GH IRUPD DOHDWRULD
VLJXLHQGR XQD GLVWULEXFLyQ GH SRLVRQ 3 >N @

1 N H 1
FRQ N UHWUDQVPLVLRQHV GRQGH 1
W N
HVHOQPHGLRGHWUDQVPLVLRQHVHQHOLQWHUYDORW HQWLHPSR
(QFDVRGHTXHQRTXHUDPRVFROLVLRQDUW W1 *\N
3 H*
6 *ÂH*
/DUHSUHVHQWDFLyQJUiILFDHVODVLJXLHQWH
(VWRV YDORUHVPi[LPRVQRV GLFHQ TXH SRGHPRV
6 6PD[ H HQYLDUFRPRWUiILFRQXHYRHO6LHVXQDUHG
GH.ELWVVHJFRQDORKD SRGUHPRVWUDQVPLWLU
.ELWVVHJ
*
*PD[ (O WUiILFR WRWDO QXHYR VHUi GHO \ OD
GLIHUHQFLD HQWUH \ VHUiQ
UHWUDQVPLVLRQHV
&DOFXODPRV HO Q~PHUR PHGLR GH LQWHQWRV KDVWD WUDQVPLWLU FRQ p[LWR XQD WUDPD
$QWHVGHHVRWHQHPRVTXHYHUODSRVLELOLGDGGHTXHWUDQVPLWDPRVHQNLQWHQWRV
3URENLQWHQWRV 3N Â3 H*N ÂH*
3VLKD\FROLVLyQ3 QRFROLVLyQ
¦ N Â3
f
1PHGLRGHWUDQVPLVLRQHV ( Â3 Â3 Â3 N H *
.
33UREDELOLGDGGHHQYLDUODDODSULPHUD3SUREDELOLGDGGHHQYLDUODDODVHJXQGD
( H *
$/2+$UDQXUDGR
7RGDVODVHVWDFLRQHVFRPSDUWHQXQUHORMQRWUDQVPLWLHQGRFXDQGRTXLHUDQVLQR
TXH FXDQGR VH TXLHUH WUDQVPLWLU KD\ TXH HVSHUDUVH DO VLJXLHQWH LQVWDQWH GH WLHPSR
P~OWLSORGHOWLHPSRGHWUDQVPLVLyQGHWUDPD
/ ELW ½ /
¾W 5
5 ELW VHJ ¿
W W W W W W
/D YHQWDMD HV TXH VH

UHGXFHQODVFROLVLRQHV
/
(VSHURKDVWDW
/XLV%5DPtUH]GHO3LQR
WW WW W WW WW
6yORFROLVLRQDQFRQQRVRWURVODVWUDPDVTXHOOHJDQ
HQWUH WW \ W VLHQGR XQ SHULRGR W QR W FRPR HQ
$/2+$SXUR
(VSHUD
FROLVLyQ
¢&RPRDIHFWDHVWRDODVSUHVWDFLRQHV"
(VSHUD
W W
1 *QRWFRPRDQWHV
(VSHUD
6XVWLWX\HQGRHQSRLVVRQ
3 H* !6 *ÂH*
( H*
(HVHOQ~PHURPHGLRGHLQWHQWRV
*UiILFDPHQWH
&RQ $/2+$ UDQXUDGR SRGHPRV
6 6PD[ H OOHJDU KDVWD HO HQ XQD UHG GH
.ELWVV SRGHPRV HQYLDU KDVWD WUDPDV
QXHYDV D .ELWVV VLHQGR HO UHVWR
UHWUDQVPLVLRQHV
*
*PD[
&60$
&DUULHU6HQVH0XOWLSOH$FFHVV$FFHVRP~OWLSOHFRQGHWHFFLyQGHSRUWDGRUD
(VXQDYDULDQWHGH$/2+$SDUDUHGHVFRQXQUHWDUGRGHSURSDJDFLyQEDMR(Q
$/2+$VHWROHUDQJUDQGHVGLVWDQFLDV\VHWUDQVPLWHFXDQGRVHTXLHUHQRVHHVFXFKD
/RVHQYtRVSXHGHQWDUGDUHQOOHJDU
6LODUHGHVPiVSHTXHxDODWUDQVPLVLyQWDUGDPHQRVHQOOHJDUDOUHFHSWRU$OVHU
HOUHWDUGRPHQRUVHSXHGHQHYLWDUFROLVLRQHVVLDQWHVGHHPLWLUHVFXFKDDYHUVLDOJXLHQ
HVWiWUDQVPLWLHQGRVHHVSHUDKDVWDTXHHOPHGLRTXHGDOLEUH
+D\GLIHUHQWHVYDULDQWHGH&60$
&60$SHUVLVWHQWH
&RQVLVWH HQ TXH VL DO HVFXFKDU HO PHGLR HVWi RFXSDGR VH HVSHUD D TXH TXHGH
OLEUH SDUD WUDQVPLWLU 6L FROLVLRQD VH UHLQWHQWD XQ WLHPSR DOHDWRULR SRU TXH VL QR
FROLVLRQDUtDVLHPSUH
&60$QRSHUVLVWHQWH
/XLV%5DPtUH]GHO3LQR
6LHOPHGLRHVWiRFXSDGRVHHVSHUDXQWLHPSRDOHDWRULRDQWHVGHYROYHUDLQWHQWDU
HOHQYtR
&60$SSHUVLVWHQWH
3HVWiHQWUH\HVXQDSUREDELOLGDG6HHVFXFKDHOPHGLR\VLHVWiRFXSDGR
FRQ SUREDELOLGDG S SHUPDQH]FR D OD HVFXFKD KDVWD TXH HVWp OLEUH \ HQYtR \ FRQ
SUREDELOLGDGSHVSHUDXQWLHPSRDOHDWRULR\UHLQWHQWRHOHQYtR
,QWXLWLYDPHQWH&60$SHUVLVWHQWHFRQVLJXHWUDQVPLWLUDQWHVSHURHVPD\RUOD
SUREDELOLGDG GH FROLVLyQ 1R HV UHFRPHQGDEOH FRQ WUiILFR DOWR GD OXJDU D PXFKDV
FROLVLRQHV
(Q HO &60$ QR SHUVLVWHQWH HO UHWDUGR HV PD\RU SXHV VL HVWi RFXSDGR QR
WUDQVPLWRFXDQGRTXHGDOLEUHVLQRFXDQGRSXHGD\WUDVXQSHUtRGRDOHDWRULRGHWLHPSR
7LHQHPHQRVFROLVLRQHV
&60$&'
&DUULHU 6HQVH 0XOWLSOH $FFHVV &ROOLVLRQ 'HWHFWLRQ $FFHVR P~OWLSOH FRQ
GHWHFFLyQGHSRUWDGRUDGHWHFFLyQGHFROLVLyQ
0HMRUDGH&60$SDUDFXDQGRHOUHWDUGRHVPHQRUD~Q
6L ODV GLVWDQFLDV VRQ PX\ SHTXHxDV VyOR SRGUi KDEHU FROLVLRQHV HQ OD SULPHUD
SDUWHGHODWUDPD
73 HVHOWLHPSRGHSURSDJDFLyQ
73
W
W 73 H
W 73 H
6HSURGXFHFROLVLRQVLHQXQLQVWDQWHDQWHVGHWODRWUDHVWDFLyQWUDQVPLWH
/D FROLVLyQ SURFHGH GH OD VXPD GH VHxDOHVHOpFWLFDV SRU OR TXH KDVWD TXH QR
SDVDXQWLHPSRWQRVHGHWHFWDUiODFROLVLyQ
W 73
'HVSXpV GH W 73 QR SXHGH KDEHU FROLVLyQ SXHV OD HVWDFLyQ GHVWLQR \D KD
UHFLELGRODWUDQVPLVLyQ
6HVXHOHHPSOHDUHQHWKHUQHW
5 0ELWVVHJ
(OUHWDUGRHVGHPV
.P
(OSHRUFDVRGHFROLVLyQVHSURGXFHWUDVPV&RPRWUDQVPLWRELWVPVYHU
5GHVGHTXHHPSLH]RDWUDQVPLWLUKDVWD TXHUHFLERODFROLVLyQKHWUDQVPLWLGRELWV
E\WHV (O WDPDxR Qi[LPR GH WUDPD HWKHUQHW HV E\WHV 'HVSXHV GH KDEHU
/XLV%5DPtUH]GHO3LQR
HQYLDGR E\WHV HV LPSRVLEOH TXH KD\D FROLVLyQ \D &RQ HOOR FRQFOXtPRV TXH ODV
FROLVLRQHVVHSURGXFHQHQORVSULPHURVE\WHV
6L FROLVLRQR WUDV HQYLDU E\WHV HV WRQWHUtD VHJXLU WUDQVPLWLHQGR DVt TXH VH
DERUWDODWUDQVPLVLyQ
(Q ODV UHGHV &60$&' VH LPSRQHXQ WDPDxR PtQLPR GH WUDPDTXH HO HO
FDVRGHHWKHUQHWHVGH.E\WHV LJXDODORVE\WHVTXHVHSXHGHQSURSDJDUKDVWDTXH
UHFLERODFROLVLyQHQHOSHRUFDVR(VWDLPSRVLFLyQHVSDUDVDEHUDOWUDQVPLWLUVLODWUDPD
OOHJyFRQp[LWR
(O LQFRQYHQLHQWH HV TXH HVH WDPDxRPtQLPR HVWi UHODFLRQDGR FRQ HO UHWDUGRHO
UpJLPHQELQDULRHWF
6LVHTXLVLHUDGLVHxDUXQDHWHUQHWFRQ5 0ELWVVFRQORVPLVPRV.PGH
FDEOH HO WDPDxR PtQLPR SDVD D VHU E\WHV (Q OD SUDFWLFD VH KDQ FRQFHUYDGR HO
WDPDxRPtQLPRGHE\WHVSRUORTXHODUHGSDUDTXHWHQJDXQUHWDUGRGHPVHQ
YH]GHPVVHFRUWDHOFDEOHDP
3DUDFRQVHJXLU*ELWVHJFRPRPi[LPRHOFDEOHPHGLUiP
127$
7DQWR $/2+$ SXUR FRPR HO UDQXUDGR \ WRGRV ORV &60$ VRQ WpFQLFDV GH
FRQWLHQGD SRUTXH KD\ FROLVLyQ HQWUH HVWDFLRQHV +D\ RWUDV WHFQLFDV VLQ FROLVLyQ FRPR
SXHGHVHUHO³SDVRGHWHVWLJR´
3DVRGHWHVWLJR
8QD HVWDFLyQ SDUD WUDQVPLWLU WLHQH TXH KDEHU UHFLELGR XQD WUDPD HVSHFLDO
OODPDGD ³7HVWLJR´ (VD WUDPD OD WLHQH LQLFLDOPHQWH XQD HVWDFLyQ \ OR TXH KDFH HV
WUDQVPLWLUODDODVLJXLHQWH7RGDVODVHVWDFLRQHVVDEHQFXDOHVODVLJXLHQWH
3DUDWUDQVPLWLUKD\ TXH HVSHUDUDWHQHUHOWHVWLJR $OUHFLELUHOWHVWLJRVH SXHGH
WUDQVPLWLU$ODFDEDUSDVDHOWHVWLJRDODHVWDFLyQVLJXLHQWH
7HVWLJR
8QD HVWDFLyQ QR SXHGH WHQHU HO WHVWLJR GLHPSUH SXHGH WUDQVPLWLU GXUDQWH XQ
WLHPSRPi[LPR6LWUDVHVHWLHPSRTXHUH VHJXLUWUDQVPLWLHQGRWLHQHTXHHVSHUDU\VROWDU
HOWHVWLJR
2WUR SUREOHPD SXHGH OOHJDU VL OD HVWDFLyQ GHO WHVWLJR VH FDH 'HEH KDEHU XQD
HVWDFLyQGHPDQWHQLPLHQWRTXHYLJLOHHOWHVWLJR\VLKDFHIDOWDSRQJDRWURHQFLUFXODFLyQ
/$1
/DVSULQFLSDOHVVRQ
(WKHUQHW,(((

7HFQRORJtDHQEXVFRQ&60$&'
/XLV%5DPtUH]GHO3LQR
+D\ YDULDQWHV D 0EV 0EV *EV +D\ VREUH FRD[LDO GH GLIHUHQWHV
WLSRVILEUDySWLFDSDUWUHQ]DGRHWF
9DULDQWHV
x %$6( \%$6( FRD[LDOD0ELWVEDVHFRD[LDOGHEDMDFDOLGDG
EDVHDOWDFDOLGDG(O\HO RVHDP\PGDQHOQGHPHWURV
TXHSXHGHPHGLUHOFDEOH6HSXHGHQDODUJDUFRQUHSHWLGRUHVVLHPSUH \FXDQGR
QRVHVXSHUHQORV.PPV
x %$6(70ELWVFRQXQFDEOHGHWLSR7SDUWUHQ]DGR3XHGHPHGLUKDVWD
PVLQUHSHWLGRUHV
x %$6())LEUDySWLFDKDVWD.P
x %$6(7
x %$6()
x *LJDELW(WKHUQHW *ELWV
7RNHQ5LQJ,(((

7RSRORJtD HQ DQLOOR HPSOHD HO SDVR GH WHVWLJR +D\ \ D 0ELWVHJ (PSOHD
SDUWUHQ]DGR\ILEUD ySWLFD
)'',
(QDQLOORFRQSDVRGHWHVWLJR(VGH0ELWV'HILEUDySWLFD
7RNHQ%XV,(((

7HFQRORJtD GH EXV FRQ SDVR GH WHVWLJR 6H HPSOHD HQ UHGHV LQWHUQDV SDUD
FRPXQLFDUURERWVHQFDGHQDVGHPRQWDMH
352%/(0$6
352%/(0$
8QJUXSRGH1HVWDFLRQHVFRPSDUWHQXQFDQDO$/2+$SXURGH5 .ELWVV&DGD
HVWDFLyQPDQGDFRPRPHGLDXQDWUDPDGH/ ELWVFDGDVHJXQGRVLQFOXVRVL
ODDQWHULRUQRKDVLGRHQYLDGD
¢&XDOHVHOQPi[LPRGHHVWDFLRQHVIXQFLRQDQGR"
6ROXFLyQ
60$; H

¢&XiQWRHVHOWLHPSRGHWUDPD"
775$0$ /5 ELWELWV VHJ
/XLV%5DPtUH]GHO3LQR
¢&XDQWDVWUDPDVQXHYDVWLHPSRWUDPDJHQHUDFDGDHVWDFLyQ"
775$0$775$0$(67$&,Ï1
718(9$6 WUDPD VHJ 75$0$6
Â &DGDHVWDFLyQJHQHUDHVWR
775$0$ (67$&,21 VHJ WUDPD 775$0$
¢&XiQWDVWUDPDVQXHYDVVHJHQHUDQHQWRWDO"
75$0$6
6 1 0$; Â LJXDODPRV D
775$0$

1 0$; Â ! 1 0$; HVWDFLRQHV

352%/(0$
8QDJUDQSREODFLyQGHXVXDULRVGH$/2+$UDQXUDGRJHQHUDSHWLFLRQHVSRUVHJXQGR
WUDPDVVHJLQFOX\HQGRWUDPDVQXHYDV\UHWUDQVPLVLRQHV(OWDPDxRGHODUDQXUDGHO
$/2+$HVGHPV
¢&XiOHVODSUREDELOLGDGGHp[LWRHQHOSULPHULQWHQWR"
6
6 *ÂH*
(Q $ORKD UDQXUDGR WUDQVPLWLPRV HQ W FRQ OR FXDO HO WLHPSR
*
GHWUDPDHVPV
W PV Â VHJWUDPD

* WUDPDVVHJÂÂ VHJWUDPD 7UDPDV775$0$
6

3 SUREGHHQYtRVLQFROLVLRQHV H* VyORHO
GHODVWUDPDVYDQDOD
*
]RQDPDODPXFKDVFROLVLRQHV
¢&XiOHVHOQXPHURPHGLRGHLQWHQWRVGHWUDQVPLWLUQHFHVDULRV"
( H* LQWHQWRV
352%/(0$
/DV PHGLGDV KHFKDV HQ XQ FDQDO $ORKD UDQXUDGR FRQ XQ Q~PHUR LQILQLWR GH XVXDULRV
PXHVWUDQTXHVyORHOGHODVUDQXUDVHVWiQYDFtDV
¢&XiOHVHOWUiILFRRFDUJDWRWDO*HQHVWDUHG"
5DQXUD YDFtD HV HQ OD TXH QDGLH YDFtD
WUDQVPLWH
W W W W W W W QW
/XLV%5DPtUH]GHO3LQR
3>N @
* N ÂH *
ELVVRQ
N
3>@ 3 H* SUREDELOLGDGGHTXHQRWUDQVPLWHQDGLH
3
H* !*
¢&XiQWRHVHOWUiILFRFXUVDGR6GHODUHG"
6 *ÂH*
¢(QTXHFRQGLFLRQHVHVWiHVWH$/2+$VREUHFDUJDGRRLQIUDXWLOL]DGR"
LQIUDXWLOL]DGR VDWXUDGR
(VWiVDWXUDGR
6

*
/XLV%5DPtUH]GHO3LQR

Sistemas de Comunicacion de Datos

Cargado por

Información del documento

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

Sistemas de Comunicacion de Datos

Cargado por

Copyright:

Formatos disponibles

6LVWHPDVGH&RPXQLFDFLyQGH'DWRV

 +'% ³+LJK'HQVLW\%LSRODU=HURV´ 

 +'/& +LJKOHYHO'DWD/LQN&RQWURO 

x DGTXLHUDQ FRQRFLPLHQWRV JHQHUDOHV DFHUFD GH ODV UHGHV GH GDWRV

x /DV SUiFWLFDV VH KDUiQ \ VH HQWUHJDUiQ REOLJDWRULDPHQWH SRU SDUHMDV

$QGUHZ 6 7DQHQEDXP &RPSXWHU 1HWZRUNV 7KLUG (GLWLRQ 3UHQWLFH +DOO

)8(17( 6PD[ H  5(' 5(&(3725 '(67,12

)8(17( 75$160,625 5(&(3725 '(67,12

(OVLVWHPDGH FRPXQLFDFLyQPiVHOHPHQWDOFRQVWDUiGHGRV HTXLSRVXQLGRVSRU

)8(17( 75$160,625 5(&(3725 '(67,12

 5HGHV SXQWR D SXQWR GHGLFDGDV R PDOODGDV  ([LVWH XQD UHG GH

+DVWD DTXt HV WRGR

9(17$-$6 8QD YH] HVWDEOHFLGD OD FRQH[LyQ H FRPR VL

 &RQPXWDFLyQ GH PHQVDMHV 1R H[LVWHQ UHDOPHQWH VLQR

UHDOPHQWH XQ FLUFXLWR YLUWXDO FRQ HO GHVWLQR  (O SULPHU

6L QR VH WUDQVPLWH QR VH FRQVXPH QLQJ~Q UHFXUVR

/D WDULILFDFLyQ UHDOL]DGD HV HQ FRQPXWDFLyQ GH FLUFXLWRV

(QJHQHUDOXQQLYHOQ KDFHXVRGHORVVHUYLFLRVGHOQLYHOQ \RIUHFHVHUYLFLRVDO

YH] UHGHV GH GLVWLQWDV

VHDQORVPLVPRVHWF  (MHPSORV GH PRGHORV GH UHSUHVHQWDFLyQ VRQ ;'5

75$163257( 5287(5 75$163257(

68%5(' 68%5(' 68%5(' 68%5('

26, 7&3,3 35272&2/26

3HUtRGR 7 I 3HUtRGR 7 I

VLQXVRLGDOHV FRQ XQD ~QLFD RQGD

x 6XPD GH XQ Q~PHUR ILQLWR GH RQGDV &RPR HVWH

x 6XPD GH LQILQLWDV IUHFXHQFLDV 3RU HMHPSOR OD 6 I

x 6XPD GH LQILQLWDV IUHFXHQFLDV LQILQLWDPHQWH

x 6XPD GH LQILQLWDV IUHFXHQFLDV TXH HV H[WLHQGHQ

(VWD DWHQXDFLyQ HV GLVWLQWD VHJ~Q OD

IQODVDOLGDWHQGUiXQDDPSOLWXG3RU~OWLPRODUHODFLyQHQWUH$ DPSOLWXGRULJLQDO \

  3DUD PHGLRV PHWiOLFRV   HVWD UHVSXHVWD

FXDQGRHOPHGLRDGPLWHHQWUHI \IODVDOLGDHQWUHI \I VHUiµQDGD¶HQWUHI \I VHUi

FRGLILFDFLyQ \ GH OD YHORFLGDG GH WUDQVPLVLyQ

/D YHORFLGDG GH SURSDJDFLyQ GH ODV VHxDOHV HQ XQ

3DUDOD WUDQVPLVLyQ DQDOyJLFD OD DWHQXDFLyQ LQWHUPRGXODFLyQ \ OD GLDIRQtD VRQ

& §¨ ELW · ÂORJ §¨  6 · /LPLWHGH6KDQRQ

61  

 'HEH KDEHU XQDVDOD SULQFLSDOGH HTXLSRV HQ OD

 (Q FDGD SXHVWR GH XVXDULR GHEH KDEHU XQD

(O FDEOH FRD[LDOVH XVD SDUDWUDQVPLWLU WDQWR VHxDOHVDQDOyJLFDV FRPR GLJLWDOHV

FXELHUWD (O Q~FOHR HV OD VHFFLyQ PiV LQWHUQD HVWi

FRQVWLWXLGR SRU XQD R YDULDV KHEUDV R ILEUDV PX\

/DV FRPXQLFDFLRQHV PHGLDQWH LQIUDUURMRV VH OOHYDQ D FDER PHGLDQWH

o 'HODVWUDQVLFLRQHVGH ELWV  FRJHUHPRVVyOR ODVTXH

 $0, $OWHUQDWH0DUN,QYHUVLRQ

 %=6 %LSRODUZLWK=HURV6XEVWLWXWLRQ

 +'% ´+LJK'HQVLW\%LSRODU=HURVµ

1XPHURGHSXOVRVELSRODUHV XQRV GHVGHOD

 )RUPDGHRQGD GHHVWDVFRGLILFDFLRQHV

I5 )UHFXHQFLD +] 

0+] 0+] 0+]

&RQ15=15=, &RQ$0,SVHXGRWHUQDULR &RQ0DQFKHVWHU

o 02'(0o 6HxDODQDOyJLFD

 'HVSOD]DPLHQWRHQIUHFXHQFLD )6.

6yOR VH FDPELD OD IUHFXHQFLDGHODRQGDVHQR

 'HVSOD]DPLHQWRHQIDVH 36.

$~Q KDELHQGR PiV GLIHUHQFLD HO RtGR OR SHUFLEH SHRU

/H\PQLYHOHV ELWV HQ86$

&DUiFWHU SXHGHQVHU¶VR¶V 3DUDGD 5HSRVR

75$0$o 35(È0%8/2 &21752/ '$726 &21752/ 35(È0%8/2 &21752/ HWF

'7( 56 '&( '&( 56 '&(

¾ 6HxDOWLHUUD JQG 

¾ 3UHSDUDGRSDUDHQYLDU &76&OHDU7R6HQG  '7(m'&(

+'%³+LJK'HQVLW\%LSRODU=HURV´

+'/&+LJKOHYHO'DWD/LQN&RQWURO

x /DV SUiFWLFDV VH KDUiQ \ VH HQWUHJDUiQ REOLJDWRULDPHQWH SRU SDUHMDV

$QGUHZ 6 7DQHQEDXP &RPSXWHU 1HWZRUNV 7KLUG (GLWLRQ 3UHQWLFH +DOO

)8(17( 6PD[ H 5(' 5(&(3725 '(67,12

5HGHV SXQWR D SXQWR GHGLFDGDV R PDOODGDV ([LVWH XQD UHG GH

9(17$-$6 8QD YH] HVWDEOHFLGD OD FRQH[LyQ H FRPR VL

&RQPXWDFLyQ GH PHQVDMHV 1R H[LVWHQ UHDOPHQWH VLQR

UHDOPHQWH XQ FLUFXLWR YLUWXDO FRQ HO GHVWLQR (O SULPHU

6L QR VH WUDQVPLWH QR VH FRQVXPH QLQJ~Q UHFXUVR

/D WDULILFDFLyQ UHDOL]DGD HV HQ FRQPXWDFLyQ GH FLUFXLWRV

(QJHQHUDOXQQLYHOQ KDFHXVRGHORVVHUYLFLRVGHOQLYHOQ \RIUHFHVHUYLFLRVDO

VHDQORVPLVPRVHWF (MHPSORV GH PRGHORV GH UHSUHVHQWDFLyQ VRQ ;'5

68%5(' 68%5(' 68%5(' 68%5('

26, 7&3,3 35272&2/26

3HUtRGR 7 I 3HUtRGR 7 I

VLQXVRLGDOHV FRQ XQD ~QLFD RQGD

x 6XPD GH XQ Q~PHUR ILQLWR GH RQGDV &RPR HVWH

x 6XPD GH LQILQLWDV IUHFXHQFLDV 3RU HMHPSOR OD 6I

x 6XPD GH LQILQLWDV IUHFXHQFLDV LQILQLWDPHQWH

IQODVDOLGDWHQGUiXQDDPSOLWXG3RU~OWLPRODUHODFLyQHQWUH$DPSOLWXGRULJLQDO\

3DUD PHGLRV PHWiOLFRV HVWD UHVSXHVWD

FXDQGRHOPHGLRDGPLWHHQWUHI \IODVDOLGDHQWUHI \I VHUiµQDGD¶HQWUHI \I VHUi

3DUDOD WUDQVPLVLyQ DQDOyJLFD OD DWHQXDFLyQ LQWHUPRGXODFLyQ \ OD GLDIRQtD VRQ

& §¨ ELW · ÂORJ §¨ 6 · /LPLWHGH6KDQRQ

61

'HEH KDEHU XQDVDOD SULQFLSDOGH HTXLSRV HQ OD

(Q FDGD SXHVWR GH XVXDULR GHEH KDEHU XQD

(O FDEOH FRD[LDOVH XVD SDUDWUDQVPLWLU WDQWR VHxDOHVDQDOyJLFDV FRPR GLJLWDOHV

FXELHUWD (O Q~FOHR HV OD VHFFLyQ PiV LQWHUQD HVWi

o 'HODVWUDQVLFLRQHVGH ELWVFRJHUHPRVVyOR ODVTXH

$0,$OWHUQDWH0DUN,QYHUVLRQ

%=6%LSRODUZLWK=HURV6XEVWLWXWLRQ

+'%´+LJK'HQVLW\%LSRODU=HURVµ

1XPHURGHSXOVRVELSRODUHVXQRVGHVGHOD

)RUPDGHRQGD GHHVWDVFRGLILFDFLRQHV

I5 )UHFXHQFLD+]

0+] 0+] 0+]

&RQ15=15=, &RQ$0,SVHXGRWHUQDULR &RQ0DQFKHVWHU

o 02'(0o 6HxDODQDOyJLFD

'HVSOD]DPLHQWRHQIUHFXHQFLD)6.

6yOR VH FDPELD OD IUHFXHQFLDGHODRQGDVHQR

'HVSOD]DPLHQWRHQIDVH36.

$~Q KDELHQGR PiV GLIHUHQFLD HO RtGR OR SHUFLEH SHRU

/H\PQLYHOHVELWVHQ86$

&DUiFWHUSXHGHQVHU¶VR¶V 3DUDGD 5HSRVR

75$0$o 35(È0%8/2 &21752/ '$726 &21752/ 35(È0%8/2 &21752/ HWF

'7( 56 '&( '&( 56 '&(

¾ 6HxDOWLHUUDJQG

¾ 3UHSDUDGRSDUDHQYLDU&76&OHDU7R6HQG '7(m'&(

$OHQFHQGHUVHHO02'(0SRQHD21ODVHxDO'65SLQ\VLJXHDVt

3URWRFRORV RULHQWDGRV D ELW 6RQ SURWRFRORV SDUD WUDQVPLVLyQ VtQFURQD GRQGH

0DQFKHVWHU%% 0DQFKHVWHU VHUiQ GRV FHURV

3XHGH RFXUULU HO FDVR FRQWUDULR WDPELpQ R VHD TXH

3DUD GLVWLQJXLU TXp WUDPDV OOHJDQ UHSHWLGDV $&.

73523 7LHPSRGH SURSDJDFLyQ 7352&75$0$ 7LHPSRGH

775$0$ 77; 73523 7352375$0$ 7$&. 73523 7352&$&.

775$0$ 77; Â73523

/R LGHDO VHUtD XQD XWLOL]DFLyQ 8 6HUi PHMRU OD

6HGHPXHVWUDTXH &HI 5Â8

$GHPiV HO WUDQVPLVRU DVRFLD XQ WHPSRUL]DGRU D ODV WUDPDV UHWUDQVPLWLHQGRODV

7HQGUHPRVHQYtR FRQWLQXRVLDQWHVGHDJRWDUOD YHQWDQDUHFLELPRVDOJ~Q$&.

PtQLPD HV G &RQ OR TXH HVWH FyGLJR

SRVLFLRQHV GH ORV ELWV

3; ;;; Â;Â;Â;Â;Â;Â;Â;Â;

9HDPRVTXHFRQ1 \: QRKD\HVHSUREOHPD

3! 3UREDELOLGDG GH HUURU GH ELW LQGHSHQGLHQWHPHQWH \ XQLIRUPHPHQWH

17 3(%3(% 3(%3(% 3(%««

¦ LÂ3(% 3(% 3(% ¦ LÂ3(% ¦ LÂ ;

)(&)RUZDUG(UURU&RQWURO

YDULDEOHWHORSXHGHQUHFKD]DUSHGLUWHUHWUDQVPLVLyQ(Q

(PSOHDQ XQFyGLJRHQ SULQFLSLR FRUUHFWRU SHURVL HQ ; WUDPDV FRQVHFXWLYDVHO

6/,36HULDO/LQN,3

3333RLQWWR3RLQW3URWRFRO

+'/&+LJKOHYHO'DWD/LQN&RQWURO

77; 7 77; 73523 PV

77; 7 77; PV

77; E\WHV SRU HO SLJJ\EDFNLQJ

(QHXURSDKD\XQVLVWHPD7'0HO(GH0ELWVVHJTXHFRQVLVWHHQXQD

)XHGHVDUUROODGRHQORVHQOD XQLYHUVLGDGGH+DZDL\ FRQVLVWHHQVHVXHOH