LO 11-2021 Dopaje en El Deporte

%2/(7Ë12),&,$/'(/(67$'2
1~P 0LpUFROHVGHGLFLHPEUHGH 6HF,3iJ
,',6326,&,21(6*(1(5$/(6
-()$785$'(/(67$'2
/H\ 2UJiQLFD GH GH GLFLHPEUH GH OXFKD FRQWUD HO GRSDMH HQ HO
GHSRUWH
)(/,3(9,
5(<'((63$f$
$WRGRVORVTXHODSUHVHQWHYLHUHQ\HQWHQGLHUHQ
6DEHG 4XH ODV &RUWHV *HQHUDOHV KDQ DSUREDGR \ <R YHQJR HQ VDQFLRQDU OD
VLJXLHQWHOH\RUJiQLFD
Ë1',&(
3UHiPEXOR
7tWXORSUHOLPLQDU 'LVSRVLFLRQHVJHQHUDOHV
&DStWXOR, 2EMHWR\iPELWRGHDSOLFDFLyQGHODOH\
$UWtFXOR 2EMHWRGHODOH\
$UWtFXOR 'HILQLFLyQGHGRSDMH
$UWtFXOR ÈPELWRGHDSOLFDFLyQGHODOH\
$UWtFXOR &ODVLILFDFLyQGHORV\ODVGHSRUWLVWDVDORVHIHFWRVGHHVWDOH\
&DStWXOR,, 2UJDQL]DFLyQDGPLQLVWUDWLYDSDUDODOXFKDFRQWUDHOGRSDMH
$UWtFXOR &RPSHWHQFLDVHVWDWDOHV
$UWtFXOR $JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH
$UWtFXOR &RPXQLGDGHV$XWyQRPDV
7tWXOR, &RQWUROHVGHGRSDMH
$UWtFXOR 2EOLJDFLRQHVGHORV\ODVGHSRUWLVWDVVXMHWRVDODOH\
$UWtFXOR $FWLYLGDGHVTXHFRPSUHQGHQORVFRQWUROHVGHGRSDMH
$UWtFXOR &ODVHVGHFRQWUROHV
$UWtFXOR &RQWUROHVGHGRSDMHDUHDOL]DUHQFRPSHWLFLRQHVLQWHUQDFLRQDOHVTXHVH
FHOHEUHQHQ(VSDxD
$UWtFXOR &RPSHWHQFLDVSDUDODUHDOL]DFLyQGHORVFRQWUROHV
$UWtFXOR 3ODQLILFDFLyQGHORVFRQWUROHV
$UWtFXOR *DUDQWtDV HQ OD SUiFWLFD GH ORV FRQWUROHV 3HUVRQDO KDELOLWDGR SDUD VX
UHDOL]DFLyQ
$UWtFXOR &RQGLFLRQHVGHUHDOL]DFLyQGHORVFRQWUROHV
$UWtFXOR &RPSHWHQFLD\UHJLVWURGHWUDWDPLHQWRVPpGLFRV
$UWtFXOR $XWRUL]DFLRQHVGHXVRWHUDSpXWLFR
9HULILFDEOHHQKWWSVZZZERHHV
$UWtFXOR 7LWXODULGDG\FRQVHUYDFLyQGHODVPXHVWUDV\DQiOLVLVGHODVPLVPDV
7tWXOR,, 5pJLPHQVDQFLRQDGRUHQPDWHULDGHGRSDMH
FYH%2($
&DStWXOR, 5HVSRQVDEOHVLQIUDFFLRQHV\VDQFLRQHV
$UWtFXOR 5HVSRQVDELOLGDG GHO GHSRUWLVWD \ GH ODV GHPiV SHUVRQDV \ HQWLGDGHV
VXMHWDVDODOH\
$UWtFXOR ,QIUDFFLRQHVHQPDWHULDGHGRSDMH
%2/(7Ë12),&,$/'(/(67$'2
$UWtFXOR 6DQFLRQHV
$UWtFXOR 6DQFLRQHVDFOXEHVHTXLSRVGHSRUWLYRVOLJDVSURIHVLRQDOHVHQWLGDGHV
RUJDQL]DGRUDVS~EOLFDVRSULYDGDVGHFRPSHWLFLRQHVGHSRUWLYDVHQWLGDGHVUHVSRQVDEOHV
GHLQVWDODFLRQHVGHSRUWLYDV\IHGHUDFLRQHVGHSRUWLYDV
$UWtFXOR 6DQFLRQHVDOSHUVRQDOGHDSR\RDOGHSRUWLVWD\DO SHUVRQDOGHFOXEHV
HTXLSRV GHSRUWLYRV OLJDV SURIHVLRQDOHV HQWLGDGHV RUJDQL]DGRUDV GH FRPSHWLFLRQHV \
UHVSRQVDEOHVGHHVWDEOHFLPLHQWRVGHSRUWLYRV\IHGHUDFLRQHVGHSRUWLYDV
$UWtFXOR ,PSRVLFLyQGHVDQFLRQHVSHFXQLDULDVDFFHVRULDV
$UWtFXOR 2WUDVVDQFLRQHVDFFHVRULDV
$UWtFXOR &ULWHULRV SDUD OD LPSRVLFLyQ GH VDQFLRQHV HQ PDWHULD GH GRSDMH
&LUFXQVWDQFLDVH[LPHQWHV\DWHQXDQWHV
$UWtFXOR &LUFXQVWDQFLDVDJUDYDQWHV
$UWtFXOR 5HLQFLGHQFLD\FRQFXUVRGHLQIUDFFLRQHV
$UWtFXOR $QXODFLyQGHUHVXOWDGRV
$UWtFXOR (IHFWRVGHODVVDQFLRQHV
$UWtFXOR &RODERUDFLyQFRQODVDXWRULGDGHVMXGLFLDOHV
$UWtFXOR ([WLQFLyQGHODUHVSRQVDELOLGDGGLVFLSOLQDULD
$UWtFXOR 3UHVFULSFLyQGHODVLQIUDFFLRQHV\ODVVDQFLRQHV
$UWtFXOR &RODERUDFLyQHQODGHWHFFLyQGHODXWLOL]DFLyQGHVXVWDQFLDV\PpWRGRV
SURKLELGRV
&DStWXOR,, 'HOSURFHGLPLHQWRSDUDODLPSRVLFLyQGHVDQFLRQHV
$UWtFXOR &RPSHWHQFLD HQ PDWHULD GH SURFHGLPLHQWRV VDQFLRQDGRUHV SDUD OD
UHSUHVLyQGHOGRSDMHHQHOGHSRUWH
$UWtFXOR ,QIRUPDFLyQ\GLOLJHQFLDVUHVHUYDGDV
$UWtFXOR 0HGLGDVSURYLVLRQDOHV
$UWtFXOR ,QLFLDFLyQGHOSURFHGLPLHQWRVDQFLRQDGRU
$UWtFXOR $OHJDFLRQHV\PHGLRVGHSUXHED
$UWtFXOR 5HJODVHVSHFtILFDVHQUHODFLyQFRQHOSDVDSRUWHELROyJLFR
$UWtFXOR )LQDOL]DFLyQGHOSURFHGLPLHQWR
$UWtFXOR 'XUDFLyQGHOSURFHGLPLHQWR\FDGXFLGDG
$UWtFXOR (IHFWRVGHODUHVROXFLyQVDQFLRQDGRUD
$UWtFXOR 3XEOLFDFLyQGHODVUHVROXFLRQHVVDQFLRQDGRUDV
$UWtFXOR 1RWLILFDFLRQHV
&DStWXOR,,, 'HO&RPLWp6DQFLRQDGRU$QWLGRSDMH
$UWtFXOR &RPLWp6DQFLRQDGRU$QWLGRSDMH
$UWtFXOR &RPSHWHQFLDVGHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
$UWtFXOR 5HFXUVRHVSHFLDODQWHHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
$UWtFXOR 5HFXUVRVFRQWUDODVUHVROXFLRQHVGHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
7tWXOR,,, 7UDWDPLHQWRGHGDWRVSHUVRQDOHVUHODWLYRVDOGRSDMH
$UWtFXOR 5HVSRQVDELOLGDG GHO SHUVRQDO TXH SUHVWD VHUYLFLRV SDUD OD UHDOL]DFLyQ
GHORVFRQWUROHV
$UWtFXOR 5HVSRQVDELOLGDGGHORVGLULJHQWHVGHOSHUVRQDOGHHQWLGDGHVGHSRUWLYDV
\GHRWUDVSHUVRQDV
$UWtFXOR $XWRUL]DFLyQGHFHVLyQGHGDWRVSHUVRQDOHV
FYH%2($
%2/(7Ë12),&,$/'(/(67$'2
7tWXOR ,9 &RQWURO \ VXSHUYLVLyQ JHQHUDO GH ORV SURGXFWRV VXVFHSWLEOHV GH SURGXFLU
GRSDMHHQHOGHSRUWH
&DStWXOR , 0HGLGDV GH FRQWURO \ VXSHUYLVLyQ GH SURGXFWRV PHGLFDPHQWRV \

FRPSOHPHQWRVQXWULFLRQDOHV
$UWtFXOR 2EOLJDFLyQ GH GHFODUDFLyQ GH ORV SURGXFWRV VXVFHSWLEOHV GH SURGXFLU
GRSDMHHQHOGHSRUWH
$UWtFXOR ,QIRUPDFLyQVREUHODFRPHUFLDOL]DFLyQGHGHWHUPLQDGRVSURGXFWRV
$UWtFXOR 3RWHVWDGGHLQVSHFFLyQ
$UWtFXOR 'HFRPLVR
&DStWXOR ,, &RQGLFLRQHV GH XWLOL]DFLyQ GH ORV SURGXFWRV VXVFHSWLEOHV GH SURGXFLU
GRSDMHHQHOGHSRUWH
$UWtFXOR &RPHUFLDOL]DFLyQ\XWLOL]DFLyQGHSURGXFWRVDOLPHQWLFLRV
$UWtFXOR 3URKLELFLRQHV HVSHFtILFDV D OD FRPHUFLDOL]DFLyQ HQ HVWDEOHFLPLHQWRV
GHGLFDGRV D DFWLYLGDGHV GHSRUWLYDV GH GHWHUPLQDGRV SURGXFWRV TXH FRQWHQJDQ
VXVWDQFLDVSURKLELGDVHQHOGHSRUWHSRUVHUVXVFHSWLEOHVGHSURGXFLUGRSDMH
$UWtFXOR 3XEOLFLGDG\YHQWDDWUDYpVGHVLVWHPDVHOHFWUyQLFRV
'LVSRVLFLyQDGLFLRQDOSULPHUD 2UJDQL]DFLyQ1DFLRQDO$QWLGRSDMH
'LVSRVLFLyQ DGLFLRQDO VHJXQGD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWH
'LVSRVLFLyQ DGLFLRQDO WHUFHUD /XFKD FRQWUD HO GRSDMH DQLPDO HQ FRPSHWLFLRQHV
GHSRUWLYDV
'LVSRVLFLyQDGLFLRQDOFXDUWD 3URWHFFLyQGHGDWRVGHFDUiFWHUSHUVRQDO
'LVSRVLFLyQWUDQVLWRULDSULPHUD ,QIUDFFLRQHVFRPHWLGDVDQWHVGHODHQWUDGDHQYLJRU
GHODOH\\SURFHGLPLHQWRVGLVFLSOLQDULRVHQFXUVR
'LVSRVLFLyQWUDQVLWRULDVHJXQGD +DELOLWDFLRQHVSDUDORVFRQWUROHVGHGRSDMH
'LVSRVLFLyQWUDQVLWRULDWHUFHUD 5HLQFLGHQFLDEDMRGLIHUHQWHVQRUPDWLYDV
'LVSRVLFLyQ WUDQVLWRULD FXDUWD (MHUFLFLR GH FRPSHWHQFLDV VDQFLRQDGRUDV KDVWD OD
HIHFWLYDFRQVWLWXFLyQGHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
'LVSRVLFLyQGHURJDWRULD~QLFD
'LVSRVLFLyQ ILQDO SULPHUD 0RGLILFDFLyQ GH OD /H\ GH GH RFWXEUH GHO
'HSRUWH
'LVSRVLFLyQILQDOVHJXQGD 1DWXUDOH]DGHODOH\
'LVSRVLFLyQILQDOWHUFHUD 7tWXORVFRPSHWHQFLDOHV
'LVSRVLFLyQILQDOFXDUWD $SOLFDFLyQVXSOHWRULDGHODVQRUPDVJHQHUDOHVGHGHUHFKR
DGPLQLVWUDWLYR
'LVSRVLFLyQILQDOTXLQWD 'HVDUUROORUHJODPHQWDULR\KDELOLWDFLyQQRUPDWLYD
'LVSRVLFLyQILQDOVH[WD (QWUDGDHQYLJRU
$QH[R 'HILQLFLRQHV
35(È0%8/2
/D OXFKD FRQWUD HO GRSDMH HQ HO GHSRUWH D QLYHO JOREDO VH HVWi OOHYDQGR D FDER D
FYH%2($
WUDYpVGHO3URJUDPD0XQGLDO$QWLGRSDMHTXHDEDUFDWRGRVORVDVSHFWRVQHFHVDULRVSDUD
DUPRQL]DU FROHFWLYDPHQWH ODV DFFLRQHV GLULJLGDV D FRPEDWLU ODV SUiFWLFDV GH GRSDMH 6X
REMHWLYR~OWLPRHVODSURWHFFLyQGHODVDOXGGHORV\ODVGHSRUWLVWDVVLELHQWDPELpQDVSLUD
DIDYRUHFHUODVFRQGLFLRQHVSDUDDOFDQ]DUODH[FHOHQFLDGHSRUWLYD\KXPDQDHUUDGLFDQGR
%2/(7Ë12),&,$/'(/(67$'2
HOXVRGHVXVWDQFLDVRPpWRGRVSURKLELGRVTXHDGXOWHUDQODVUHJODVGHXQDFRPSHWHQFLD
OHDO\HQFRQGLFLRQHVGHLJXDOGDGHQODVGLVWLQWDVSUiFWLFDVGHSRUWLYDV
$XQTXH OD SUHYHQFLyQ \ SHUVHFXFLyQ GHO GRSDMH HQ HO GHSRUWH SHUVLJXH \ FRDG\XYD
GHFLVLYDPHQWHDODSURWHFFLyQGHODVDOXGMXVWDPHQWHHVDRWUDILQDOLGDGGHJDUDQWL]DUHO
GHVDUUROORGHODVFRPSHWLFLRQHVGHSRUWLYDVHQWpUPLQRVGHLJXDOGDG\GHDFXHUGRFRQODV
FDSDFLGDGHV QDWXUDOHV \ SUHSDUDFLyQ GH ORV \ ODV GHSRUWLVWDV UHFODPD OD DGRSFLyQ \
SXHVWDHQSUiFWLFDGHHVSHFtILFDV\VLQJXODUHVPHGLGDVGLULJLGDVGLUHFWDPHQWHDDWDMDU\
HOLPLQDU HO XVR GH VXVWDQFLDV \ OD XWLOL]DFLyQ GH PpWRGRV TXH DOWHUDQ IUDXGXOHQWDPHQWH
HVDVFDSDFLGDGHVQDWXUDOHV
3DUD ORJUDU XQD PD\RU HILFDFLD HQ OD HOLPLQDFLyQ GH ODV SUiFWLFDV GH GRSDMH HQ HO
GHSRUWH FRPSHWLWLYR \ IDFLOLWDQGR FRQ HOOR WDPELpQ XQD PHMRU SURWHFFLyQ GH OD VDOXG GH
ORV \ ODV GHSRUWLVWDV VH KD FRQVLGHUDGR FRQYHQLHQWH LQWURGXFLU FDPELRV HQ HO PDUFR
UHJXODGRUGHHVWDPDWHULDSURFHGLHQGRIXQGDPHQWDOPHQWHDGHVOLQGDUODVFRPSHWHQFLDV
HVSHFtILFDV HQ PDWHULD GH OXFKD FRQWUD HO GRSDMH GH ODV PiV JHQHUDOHV UHODWLYDV D OD
SURWHFFLyQ GH OD VDOXG \ HQ FRQVHFXHQFLD D HQFRPHQGDU \ FLUFXQVFULELU HO HMHUFLFLR GH
ODV SULPHUDV D XQD HQWLGDG HVSHFLDOL]DGD HQ WDOHV FRPHWLGRV OD $JHQFLD (VWDWDO
&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH
&RQ OD SUHVHQWH OH\ VH FXOPLQD SXHV HO SURFHVR GH GLYLVLyQ GH FRPHWLGRV \
UHVSRQVDELOLGDGHV HQ UHODFLyQ FRQ OD HVSHFtILFD OXFKD FRQWUD HO GRSDMH \ OD PiV JHQpULFD
SURWHFFLyQ GH OD VDOXG HQ HO GHSRUWH TXH SRU RWUR ODGR \D VH LQLFLy FRQ HO
5HDO'HFUHWROH\SRUHOTXHVHPRGLILFDOD/H\2UJiQLFDGHGHMXQLRGH
SURWHFFLyQGHODVDOXGGHOGHSRUWLVWD\OXFKDFRQWUDHOGRSDMHHQODDFWLYLGDGGHSRUWLYD\VH
DGDSWDDODVPRGLILFDFLRQHVLQWURGXFLGDVSRUHO&yGLJR0XQGLDO$QWLGRSDMHGH)UHQWH
D ODV SUiFWLFDV GH GRSDMH GHSRUWLYR FDGD YH] PiV VRILVWLFDGDV \ GLItFLOHV GH GHWHFWDU VH
UHTXLHUH DGRSWDU DFFLRQHV HVSHFLDOPHQWH ULJXURVDV TXH ODV SUHYHQJDQ PHGLDQWH OD
LQWHQVLILFDFLyQ GH ORV FRQWUROHV \ HQ VX FDVR GH ODV PHGLGDV GH UHDFFLyQ HQ FDVR GH
SURGXFLUVH (O UHIRU]DPLHQWR H LQWHQVLILFDFLyQ GH ODV PHGLGDV DQWLGRSDMH VH HULJH HQ
FRQVHFXHQFLDHQHOFRQFUHWR\HVSHFtILFRREMHWLYRGHODOH\
,,
3RU RWUD SDUWH FRPR HV QRWRULR OD OXFKD DQWLGRSDMH WLHQH XQD IXHUWH GLPHQVLyQ
LQWHUQDFLRQDO/DSUiFWLFDGHSRUWLYDVHH[WLHQGHKR\HQGtDSRUWRGRHOPXQGR\ODOXFKD
FRQWUDODODFUDGHOGRSDMHHQHOGHSRUWHVHKDFRQYHUWLGRHQXQHVIXHU]RFRPSDUWLGRHQWUH
ORV(VWDGRV\HOPRYLPLHQWRGHSRUWLYR
$VtHOSULPHULQVWUXPHQWRLQWHUQDFLRQDOHQODPDWHULDIXHHO&RQYHQLRGHO&RQVHMRGH
(XURSD FRQWUD HO GRSDMH GH GH QRYLHPEUH GH GHO TXH (VSDxD HV SDUWH
GHVGH
(Q HO iPELWR GH OD 81(6&2 OD &RQYHQFLyQ ,QWHUQDFLRQDO FRQWUD HO GRSDMH HQ HO
GHSRUWHGHIXHILUPDGDSRU(VSDxDHQHODxR\SRVWHULRUPHQWHUDWLILFDGDHQHO
DxR /D &RQYHQFLyQ HVWDEOHFH TXH ORV (VWDGRV ILUPDQWHV GHEHUiQ XWLOL]DU ODV
PHGLGDV OHJLVODWLYDV UHJODPHQWRV SROtWLFDV R GLVSRVLFLRQHV DGPLQLVWUDWLYDV QHFHVDULDV
SDUDFXPSOLUFRQORVFULWHULRVILMDGRVSRUOD$JHQFLD0XQGLDO$QWLGRSDMHFRPSURPHWLHQGR
ODOXFKDFRQWUDHOGRSDMHSRUSDUWHGHWRGRVORVJRELHUQRVILUPDQWHV
$VLPLVPR FRPR SULQFLSDO RUJDQLVPR SDUD LPSXOVDU OD OXFKD FRQWUD HO GRSDMH HQ HO
iPELWRLQWHUQDFLRQDOVHFUHyHQOD$JHQFLD0XQGLDO$QWLGRSDMHFRQILJXUDGDFRPR
XQD IXQGDFLyQ LQGHSHQGLHQWH TXH IUXWR GH OD LQLFLDWLYD FROHFWLYD GHO &RPLWp 2OtPSLFR
,QWHUQDFLRQDO\RWUDVLQVWLWXFLRQHVDFW~DSURPRYLHQGRFRRUGLQDQGR\PRQLWRUL]DQGRORV
HVIXHU]RV FRQWUD HO GRSDMH HQ HO GHSRUWH D QLYHO PXQGLDO FRQ HO DSR\R GH XQD
KHUUDPLHQWD HVHQFLDO SDUD JDUDQWL]DU XQ GHSRUWH OLPSLR HO &yGLJR 0XQGLDO $QWLGRSDMH
FYH%2($
GRFXPHQWR IXQGDPHQWDO HQ HO TXH VH EDVD HO 3URJUDPD 0XQGLDO $QWLGRSDMH HQ HO
GHSRUWH(OSURSyVLWRGHGLFKR&yGLJRHVSURPRYHUODOXFKDFRQWUDHOGRSDMHPHGLDQWHOD
DUPRQL]DFLyQ FROHFWLYD \ XQLYHUVDO GH ORV HVIXHU]RV GH RUJDQL]DFLRQHV QDFLRQDOHV
DQWLGRSDMH\GHIHGHUDFLRQHVGHSRUWLYDVLQWHUQDFLRQDOHV(O&yGLJRHVWDEOHFHODVQRUPDV
\ SULQFLSLRV FRQFUHWRV D ORV TXH GHEHQ VRPHWHUVH HVDV RUJDQL]DFLRQHV D OD KRUD GH
%2/(7Ë12),&,$/'(/(67$'2
DGRSWDU DSOLFDU \ H[LJLU HO FXPSOLPLHQWR GH ODV QRUPDV DQWLGRSDMH WDQWR D QLYHO
LQWHUQDFLRQDOFRPRDQLYHOQDFLRQDO
(O SULPHU &yGLJR 0XQGLDO $QWLGRSDMH VH DGRSWy HQ HO DxR \ DO PLVPR KDQ
VHJXLGR QXHYDV YHUVLRQHV TXH OD $JHQFLD 0XQGLDO $QWLGRSDMH KD LGR DSUREDQGR FDGD
VHLVDxRVHQ\(QFRQVHFXHQFLDHOGHHQHURGHKDHQWUDGRHQYLJRU
XQ QXHYR &yGLJR 0XQGLDO $QWLGRSDMH TXH DO LQFRUSRUDU FDPELRV \ QRYHGDGHV
UHOHYDQWHVREOLJDLQHOXGLEOHPHQWHWDPELpQDUHDMXVWDUOD/H\2UJiQLFDGHGH
MXQLR GH SURWHFFLyQ GH OD VDOXG GHO GHSRUWLVWD \ OXFKD FRQWUD HO GRSDMH HQ OD DFWLYLGDG
GHSRUWLYDFRQHOILQGHDFRPRGDUODDORVPLVPRV
&RQYLHQH WHQHU SUHVHQWH TXH OD UHIRUPD GHO UHIHULGR &yGLJR HQ UHVXOWy
HQRUPHPHQWH FRPSOHMD \ JHQHUy QXPHURVDV GLILFXOWDGHV SXHVWR TXH DQWH OD IDOWD GH
DGHFXDFLyQDOPLVPRGHODQRUPDWLYDHVSDxRODOD$JHQFLD0XQGLDO$QWLGRSDMHSURFHGLy
DODGHFODUDFLyQIRUPDOGH©LQFXPSOLPLHQWRGHO&yGLJRªGHDFXHUGRFRQORGLVSXHVWRHQ
VX DUWtFXOR OR TXH REOLJy D OD LQWHUYHQFLyQ QRUPDWLYD XUJHQWH \ H[WUDRUGLQDULD GHO
*RELHUQRHQYLUWXGGHO5HDO'HFUHWROH\GHGHIHEUHUR
(QHVWHPRPHQWRORVLPSDFWRVGHULYDGRVGHXQDIDOWDGHDGDSWDFLyQGHODQRUPDWLYD
LQWHUQD D OD QXHYD YHUVLyQ GHO &yGLJR DIHFWDUtDQ GLUHFWDPHQWH D WRGRV ORV QLYHOHV GH OD
RUJDQL]DFLyQSODQLILFDFLyQ\GHVDUUROORGHODVSROtWLFDVS~EOLFDVGHSRUWLYDVDVtFRPRDOD
SUiFWLFD SURIHVLRQDO \ DPDWHXU GHO GHSRUWH \ DO GHUHFKR D OD VDOXG GH TXLHQHV OR
SUDFWLFDQ 5HVXOWD LQFXHVWLRQDEOH SRU WDQWR OD QHFHVLGDG GH DFRPRGDU OD QRUPDWLYD
HVSDxROD DO PLVPR HYLWDQGR FRQ HOOR ORV SHUMXLFLRV LQPHGLDWRV TXH HQ RWUR FDVR VH
SURGXFLUtDQ HQ HO LQWHUpV JHQHUDO YLQFXODGR DO IRPHQWR GHO GHSRUWH \ HQ ORV SURSLRV
LQWHUHVHVLQGLYLGXDOHVGHORV\ODVGHSRUWLVWDV
,,,
/DSUHVHQWHOH\GHOXFKDFRQWUDHOGRSDMHHQHOGHSRUWHFRQVWDGHFLQFXHQWD\QXHYH
DUWtFXORVTXHVHHVWUXFWXUDQHQXQWtWXORSUHOLPLQDU\FXDWURWtWXORVFXDWURGLVSRVLFLRQHV
DGLFLRQDOHV FXDWUR GLVSRVLFLRQHV WUDQVLWRULDV XQD GLVSRVLFLyQ GHURJDWRULD \ VHLV
GLVSRVLFLRQHV ILQDOHV (O WtWXOR SUHOLPLQDU \ HO WtWXOR ,9 VH GLYLGHQ HQ GRV FDStWXORV FDGD
XQR\HOWtWXOR,,HQWUHV)LQDOPHQWHVHFRPSOHWDHOWH[WRFRQXQDQH[R
(OWtWXORSUHOLPLQDUFRQWLHQHODVGLVSRVLFLRQHVJHQHUDOHV\YLHQHDFODULILFDU\SUHFLVDU
HQDUDVGHXQDPD\RUVHJXULGDGMXUtGLFDHQHOFDStWXOR,HOiPELWRREMHWLYR\VXEMHWLYR
GHDSOLFDFLyQGHODOH\DVtFRPRODFODVLILFDFLyQGHORVWLSRVGHGHSRUWLVWDVVXMHWRVDOD
PLVPD (Q HVWH SXQWR FRQYLHQH GHVWDFDU OD LQFRUSRUDFLyQ GH OD ILJXUD GHO GHSRUWLVWD
DILFLRQDGR HQ FXPSOLPLHQWR GH ODV QXHYDV UHJODV FRQWHQLGDV HQ HO &yGLJR 0XQGLDO
$QWLGRSDMHGH
,JXDOPHQWH HQ HO FDStWXOR ,, VH GHWHUPLQD OD RUJDQL]DFLyQ DGPLQLVWUDWLYD SDUD OD
OXFKD FRQWUD HO GRSDMH GHVHPSHxDQGR XQ SDSHO HVHQFLDO OD $JHQFLD (VWDWDO &RPLVLyQ
(VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH QXHYD GHQRPLQDFLyQ GH OD $JHQFLD
(VSDxROD GH 3URWHFFLyQ GH OD 6DOXG HQ HO 'HSRUWH TXH HQ OR GHPiV FRQVHUYD VX
QDWXUDOH]D\FDUDFWHUtVWLFDVHVHQFLDOHV'HEHUHVDOWDUVHQRREVWDQWHODLQWURGXFFLyQGHO
&RPLWp 6DQFLRQDGRU $QWLGRSDMH FRPR yUJDQR HVSHFtILFR GH OD $JHQFLD HQ PDWHULD
VDQFLRQDGRUD ,JXDOPHQWH OD $JHQFLD FRQWDUi FRQ XQ yUJDQR GH SDUWLFLSDFLyQ
FRRUGLQDFLyQ \ VHJXLPLHQWR HQ HO TXH HVWDUiQ UHSUHVHQWDGRV ORV \ ODV GHSRUWLVWDV DVt
FRPRORVyUJDQRV\RUJDQLVPRVFRPSHWHQWHVHQPDWHULDGHOXFKDFRQWUDHOGRSDMHGHODV
&RPXQLGDGHV$XWyQRPDV
$FRQWLQXDFLyQHOWtWXOR,VHUHILHUHDORVFRQWUROHVGHGRSDMHDGRSWDQGRPHGLGDVTXH
IDYRUHFHQXQDDFFLyQLQVSHFWRUD\UHDFWLYDPiVHIHFWLYDIUHQWHDORV\ODVGHSRUWLVWDVTXH
WUDWDQ GH DGXOWHUDU ODV UHJODV TXH GHEHQ SUHVLGLU WRGD FRPSHWLFLyQ HQ FRQGLFLRQHV GH
FYH%2($
LJXDOGDGGHPHGLRVFDSDFLGDG\HVIXHU]RSRQLHQGRHQULHVJRVXVDOXG\ODGHORVGHPiV
GHFRQIRUPLGDGFRQORGLVSXHVWRSRUHO&yGLJR0XQGLDO$QWLGRSDMHGHTXHLQFRUSRUD
SRU SULPHUD YH] REOLJDFLRQHV VREUH SURJUDPDV \ SODQHV DQWLGRSDMH DO VHUYLFLR GH XQD
DFFLyQ HIHFWLYD IUHQWH DO GRSDMH HQ HO GHSRUWH 7DPELpQ VH FRQWHPSODQ ODV FODVHV GH
FRQWUROHVDUHDOL]DUDVtFRPRODVFRPSHWHQFLDVSDUDOOHYDUORVDFDER\ODVFRQGLFLRQHV\
%2/(7Ë12),&,$/'(/(67$'2
JDUDQWtDVDDSOLFDUSRUHOSHUVRQDOKDELOLWDGRDOHIHFWR3DUDIDFLOLWDUHOGHVFDQVRQRFWXUQR
GHO GHSRUWLVWD VH PRGLILFD OD IUDQMD KRUDULD HQ OD TXH QR SRGUi HIHFWXDUVH XQ FRQWURO GH
GRSDMH IXHUD GH FRPSHWLFLyQ SDVDQGR D HVWDU FRPSUHQGLGD HQWUH ODV \
ODVKRUDVVLQSHUMXLFLRGHTXHHQFDVRVGHELGDPHQWHMXVWLILFDGRV\GHDFXHUGRFRQ
HO SULQFLSLR GH SURSRUFLRQDOLGDG SXHGD OOHYDUVH D FDER XQ FRQWURO HQ OD FLWDGD IUDQMD
KRUDULDVLHPSUHTXHVHLQIRUPHDOGHSRUWLVWDGHODVUD]RQHVDOHIHFWR
$VLPLVPRVHUHJXODODDXWRUL]DFLyQGHXVRWHUDSpXWLFRUHVSHFWRDORVPHGLFDPHQWRV
TXHFRQWHQJDQVXVWDQFLDVSURKLELGDV\VHRUGHQDODWLWXODULGDGFRQVHUYDFLyQ\DQiOLVLV
GHODVPXHVWUDVREWHQLGDVHQORVFRQWUROHVGHGRSDMHODVFXDOHVSRGUiQVHUDQDOL]DGDV
LQPHGLDWDPHQWH GHVSXpV GH VX UHFRJLGD R HQ FXDOTXLHU PRPHQWR SRVWHULRU D LQVWDQFLD
GH GLIHUHQWHV DXWRULGDGHV DQWLGRSDMH SDUD GHWHFWDU VXVWDQFLDV R PpWRGRV SURKLELGRV R
SDUDHODERUDUXQSHUILOGHORVSDUiPHWURVELROyJLFRVGHOGHSRUWLVWD
3RUVXSDUWHHOWtWXOR,,HVWDEOHFHHOUpJLPHQVDQFLRQDGRUHQPDWHULDGHGRSDMH3DUD
HOOR HO FDStWXOR , VH UHILHUH D OD UHVSRQVDELOLGDG GH ORV \ ODV GHSRUWLVWDV \ SHUVRQDV R
HQWLGDGHVVXMHWDVDODOH\DODWLSLILFDFLyQGHODVLQIUDFFLRQHVHQPDWHULDGHGRSDMH\DO
UpJLPHQGHVDQFLRQHVLQFOX\HQGRODVFLUFXQVWDQFLDVH[LPHQWHVDWHQXDQWHV\DJUDYDQWHV
GHODUHVSRQVDELOLGDGDVtFRPRODVFDXVDVGHH[WLQFLyQGHODPLVPD/DOH\FRQVWLWX\H
XQLPSRUWDQWHDYDQFHHQODDSOLFDFLyQGHODVPHGLGDVVDQFLRQDGRUDVDOGLIHUHQFLDUWUHV
QLYHOHVGHGHSRUWLVWDV\DFRPRGDUSDUDORV\ODVGHSRUWLVWDVDILFLRQDGRVXQUpJLPHQGH
VDQFLRQHVPiVDGHFXDGDV\SURSRUFLRQDGDVDVXWUDVFHQGHQFLD\UHOHYDQFLDGHSRUWLYD
7DPELpQ LPSOLFD XQD PHMRUD VLJQLILFDWLYD OD GHILQLFLyQ GH OD FDWHJRUtD GH SHUVRQD
SURWHJLGDTXHLQFOX\HDORVPHQRUHV\DRWUDVSHUVRQDVFDUHQWHVGHFDSDFLGDGGHREUDU
FX\DSURWHFFLyQDEDUFDGHVGHODSURSRUFLRQDOLGDGGHODVDQFLyQHQIXQFLyQGHOJUDGRGH
ODIDOWDKDVWDXQHQGXUHFLPLHQWRGHOFDVWLJRSDUDDTXHOORVTXHSDUWLFLSHQHQODFRPLVLyQ
GHODVLQIUDFFLRQHVHQPDWHULDGHGRSDMH$XPHQWDDVLPLVPRODSURSRUFLRQDOLGDGHQOD
JUDGXDFLyQ GH ODV VDQFLRQHV HQ IXQFLyQ GH OD LPSRUWDQFLD GH OD LQIUDFFLyQ GiQGRVH
HQWUDGDDGHPiVDODWRPDHQFRQVLGHUDFLyQGHXQQXHYRWLSRGHVXVWDQFLDVSURKLELGDV
ODVGHQRPLQDGDVVXVWDQFLDVGHDEXVRHQHOGHSRUWHGHILQLGDVFRPRDTXpOODVGHODVTXH
OD VRFLHGDG DEXVD FRQ IUHFXHQFLD HQ FRQWH[WRV GLVWLQWRV GHO GHSRUWLYR /D OH\ UHFRQRFH
TXHVXXVRHQHOiPELWRGHSRUWLYRGHEHVHULJXDOPHQWHHUUDGLFDGRVLQSHUMXLFLRGHTXH
HVDXWLOL]DFLyQFRQOOHYHVDQFLRQHVPHQRVVHYHUDVHLQFOXVRHQORVFDVRVGHGHSRUWLVWDV
DILFLRQDGRV\GHSHUVRQDVSURWHJLGDVODVDQFLyQSXHGDDFDEDUPRGHUiQGRVHDWUDYpVGH
FRUUHFWLYRV TXH SHUPLWDQ OD HGXFDFLyQ SUHYHQWLYD GH ORV LQIUDFWRUHV \ OD SURQWD
UHLQVHUFLyQGHORVPLVPRVHQXQDSUiFWLFDGHSRUWLYDEHQHILFLRVDSDUDODVDOXG
$VXYH]HOFDStWXOR,,GHVDUUROODHOSURFHGLPLHQWRSDUDODLPSRVLFLyQGHVDQFLRQHVHQ
PDWHULDGHGRSDMHDVHJXUDQGRSRUXQODGRHOSOHQRUHVSHWRDODVJDUDQWtDVSURSLDVGHO
GHUHFKRGHGHIHQVDGHORVSUHVXQWRVLQIUDFWRUHV\SRURWURODQHFHVDULDREVHUYDQFLDGH
OD QRUPDWLYD LQWHUQDFLRQDO 'HVWDFD HO UpJLPHQ GH HMHFXWLYLGDG LQPHGLDWD GH ODV
UHVROXFLRQHV VDQFLRQDGRUDV GLVWLQWR DO FRQWHPSODGR FRQ FDUiFWHU JHQHUDO HQ OD
/H\ GH GH RFWXEUH GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q GH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV (VWD HVSHFLDOLGDG UHVSRQGH D GRV FLUFXQVWDQFLDV 3RU XQD
SDUWH HO &yGLJR 0XQGLDO $QWLGRSDMH H[LJH XQ HIHFWR YLQFXODQWH DXWRPiWLFR GH ODV
GHFLVLRQHVDGRSWDGDVSRUODVRUJDQL]DFLRQHVDQWLGRSDMHVLJQDWDULDVGHELHQGRUHFRJHUVH
HVWH DXWRPDWLVPR HQ OD OH\ D SDUWLU GH OD HMHFXWLYLGDG LQPHGLDWD GH ODV UHVROXFLRQHV
VDQFLRQDGRUDV 3RU RWUD SDUWH HO DSOD]DPLHQWR R OD GHPRUD GH OD HILFDFLD GH HVWDV
UHVROXFLRQHV HQ HVSHUD GH OD GHFLVLyQ GH ORV UHFXUVRV LQWHUSXHVWRV SURGXFLUtD XQD
GLODFLyQHQODHMHFXFLyQTXHSHUPLWLUtDDGHSRUWLVWDVILQDOPHQWHVDQFLRQDGRVSURORQJDUHO
FXPSOLPLHQWR GH ODV VDQFLRQHV GXUDQWH DxRV GH PRGR TXH OHV SHUPLWLUtD VHJXLU
SDUWLFLSDQGR HQ FRPSHWLFLRQHV HQ SHUMXLFLR GH pVWDV \ GH RWURV GHSRUWLVWDV \
QDWXUDOPHQWH GH OD LPDJHQ GHO GHSRUWH HVSDxRO \ GHO FRPSURPLVR FRQ OD ILUPH]D HQ OD
FYH%2($
OXFKD FRQWUD HO GRSDMH 7RGR HOOR VLQ SHUMXLFLR GH TXH HO yUJDQR TXH GHED FRQRFHU GHO
UHFXUVRSXHGDDFRUGDUODVXVSHQVLyQGHODUHVROXFLyQUHFXUULGDFRQDUUHJORDODVQRUPDV
JHQHUDOHVGHOSURFHGLPLHQWRDGPLQLVWUDWLYR
)LQDOPHQWH HO FDStWXOR ,,, UHFRJH ODV FRPSHWHQFLDV GHO &RPLWp 6DQFLRQDGRU
$QWLGRSDMH \ ORV UHFXUVRV TXH SXHGHQ LQWHUSRQHUVH FRQWUD VXV UHVROXFLRQHV &RQ HO
%2/(7Ë12),&,$/'(/(67$'2
SURSyVLWRGHPHMRUDUODJHVWLyQGHOSURFHGLPLHQWRSDUDODGHSXUDFLyQGHODVLQIUDFFLRQHV
\ODLPSRVLFLyQGHODVVDQFLRQHVGHDFXHUGRXQDYH]PiVFRQODQRUPDWLYDLQWHUQDFLRQDO
VH HQFRPLHQGD OD UHVROXFLyQ GH ORV H[SHGLHQWHV VDQFLRQDGRUHV SRU LQIUDFFLRQHV GH
GRSDMH D HVWH QXHYR &RPLWp TXH PDQWLHQH XQ DOWR JUDGR GH LQGHSHQGHQFLD
DGPLQLVWUDWLYD \ RSHUDFLRQDO HQ OD DGRSFLyQ GH VXV GHFLVLRQHV 6X FRPSHWHQFLD VH
H[WHQGHUi WDPELpQ DO FRQRFLPLHQWR GHO UHFXUVR DGPLQLVWUDWLYR HVSHFLDO HQ PDWHULD GH
GRSDMHHQHOGHSRUWH
(OWtWXOR,,,VHUHILHUHDOWUDWDPLHQWRGHGDWRVSHUVRQDOHVUHODWLYRVDOGRSDMH\UHJXOD
GH IRUPD XQLWDULD GLFKR WUDWDPLHQWR DGDSWiQGROR D OR HVWDEOHFLGR HQ OD /H\
2UJiQLFDGHGHGLFLHPEUHGH3URWHFFLyQGH'DWRV3HUVRQDOHV\JDUDQWtDVGH
ORV GHUHFKRV GLJLWDOHV HQ FRQVRQDQFLD FRQ OR HVWDEOHFLGR HQ HO 5HJODPHQWR 8(
GHO 3DUODPHQWR (XURSHR \ GHO &RQVHMR GH GH DEULO GH UHODWLYR D OD
SURWHFFLyQGHODVSHUVRQDVItVLFDVHQORTXHUHVSHFWDDOWUDWDPLHQWRGHGDWRVSHUVRQDOHV
\DODOLEUHFLUFXODFLyQGHHVWRVGDWRV\SRUHOTXHVHGHURJDOD'LUHFWLYD&(
3RU ~OWLPR HO WtWXOR ,9 VH RFXSD GHO FRQWURO \ VXSHUYLVLyQ JHQHUDO GH ORV SURGXFWRV
VXVFHSWLEOHVGHSURGXFLUGRSDMHHQHOGHSRUWH'LIHUHQFLDGRVFDStWXORVHOSULPHURGHHOORV
GHGLFDGR D UHFRJHU ODV PHGLGDV GH FRQWURO \ VXSHUYLVLyQ GH SURGXFWRV PHGLFDPHQWRV \
FRPSOHPHQWRV QXWULFLRQDOHV 6H WUDWD GH SUHYLVLRQHV HVSHFtILFDV HQFDPLQDGDV D
JDUDQWL]DU HO DGHFXDGR FRQWURO GH ORV SURGXFWRV VXVFHSWLEOHV GH SURGXFLU GRSDMH HQ HO
GHSRUWH 3DUD HOOR VH UHFRQRFH D OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMH HQ HO 'HSRUWH OD IDFXOWDG GH UHDOL]DU DFWXDFLRQHV GH LQVSHFFLyQ FRQ HO ILQ GH
DVHJXUDUHOFXPSOLPLHQWRGHODOH\(QHOHMHUFLFLRGHHVWDVDFWXDFLRQHVORVLQVSHFWRUHVGH
OD$JHQFLD(VWDWDOWHQGUiQODFRQVLGHUDFLyQGHDXWRULGDGS~EOLFDRVWHQWDQGRHQWUHRWUDV
ODSRWHVWDGGHHQWUDUOLEUHPHQWHHQHVWDEOHFLPLHQWRVRLQVWDODFLRQHVGHSRUWLYDVRGHWRPDU
PXHVWUDVELROyJLFDVSDUDFRQVWDWDUHOUHVSHWRDODQRUPDWLYD
(OFDStWXOR,,UHFRJHODVFRQGLFLRQHVGHXWLOL]DFLyQGHHVWRVSURGXFWRVHQORTXHVH
UHILHUH D OD FRPHUFLDOL]DFLyQ \ XWLOL]DFLyQ GH SURGXFWRV DOLPHQWLFLRV PDQWHQLHQGR ODV
REOLJDFLRQHV GH HVWDEOHFHU PHFDQLVPRV \ SURFHGLPLHQWRV GH LQIRUPDFLyQ \ GHFODUDFLyQ
GH WDOHV SURGXFWRV DVt FRPR OD SURKLELFLyQ GH FRPHUFLDOL]DUORV HQ HVWDEOHFLPLHQWRV
GHGLFDGRVDDFWLYLGDGHVGHSRUWLYDV$VLPLVPRVHSUHYpODLPSOHPHQWDFLyQGHSURJUDPDV
HVSHFtILFRVHQPDWHULDGHSXEOLFLGDG\YHQWDHOHFWUyQLFD
/D OH\ VH FRPSOHWD FRQ FXDWUR GLVSRVLFLRQHV DGLFLRQDOHV TXH FDOLILFDQ D OD $JHQFLD
(VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH FRPR RUJDQL]DFLyQ
QDFLRQDO DQWLGRSDMH SUHYpQ TXH OD $JHQFLD (VSDxROD GH 3URWHFFLyQ GH OD 6DOXG HQ HO
'HSRUWH SDVH D GHQRPLQDUVH $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMH HQ HO 'HSRUWH \ UHPLWHQ HO UpJLPHQ GH FRQWURO GH GRSDMH SDUD DQLPDOHV HQ
FRPSHWLFLRQHVGHSRUWLYDVDODDSUREDFLyQGHODFRUUHVSRQGLHQWHIHGHUDFLyQTXHGHEHUi
HQWRGRFDVRUHVSHWDUODQRUPDWLYDDSUREDGDSRUODUHVSHFWLYDIHGHUDFLyQLQWHUQDFLRQDO\
HO &yGLJR 0XQGLDO $QWLGRSDMH FXDWUR GLVSRVLFLRQHV WUDQVLWRULDV UHODWLYDV D ORV
SURFHGLPLHQWRVGLVFLSOLQDULRVHQFXUVRODVKDELOLWDFLRQHVSDUDORVFRQWUROHVGHGRSDMH\
HOFRQFXUVRGHLQIUDFFLRQHVXQDGLVSRVLFLyQGHURJDWRULD\VHLVGLVSRVLFLRQHVILQDOHVTXH
VH UHILHUHQ D OD PRGLILFDFLyQ GHO DUWtFXOR GH OD /H\ GH GH RFWXEUH GHO
'HSRUWH D OD GHVFULSFLyQ GH ORV SUHFHSWRV RUJiQLFRV GH OD OH\ DO WtWXOR FRPSHWHQFLDO
KDELOLWDQWHDODDSOLFDFLyQVXSOHWRULDGHODVQRUPDVJHQHUDOHVGHGHUHFKRDGPLQLVWUDWLYR
DOGHVDUUROORUHJODPHQWDULR\DODHQWUDGDHQYLJRUGHODOH\
)LQDOPHQWHVHLQFRUSRUDXQDQH[RGHGHILQLFLRQHVGHDFXHUGRFRQODVLVWHPiWLFDGHO
&yGLJR0XQGLDO$QWLGRSDMHGRQGHVHUHFRJHQFRQFHSWRV
(QWUH HVRV FRQFHSWRV VH LQFOX\H HO 3DVDSRUWH %LROyJLFR LQVWUXPHQWR HILFD] \
VROYHQWHHQODSHUVHFXFLyQGHOGRSDMHHQHOGHSRUWH
(Q GHILQLWLYD FRQ HVWD QXHYD OH\ VH SURFHGH D DFWXDOL]DU \ PRGHUQL]DU ODV
FYH%2($
UHJXODFLRQHVSUHFHGHQWHVDGDSWDQGRSOHQDPHQWHHORUGHQDPLHQWRMXUtGLFRHVSDxRODODV
QRUPDVLQWHUQDFLRQDOHVGHOXFKDFRQWUDHOGRSDMHORTXHKDGHVXSRQHUXQFODURDYDQFH
SRUVXPD\RUFDSDFLGDG\HILFDFLDDODKRUDGHODSUHYHQFLyQ\UHDFFLyQIUHQWHDOPLVPR
%2/(7Ë12),&,$/'(/(67$'2
,9
/D SUHVHQWH OH\ UHVSRQGH D ORV SULQFLSLRV GH EXHQD UHJXODFLyQ HVWDEOHFLGRV HQ HO
DUWtFXOR GH OD /H\ GH GH RFWXEUH \ HQ SDUWLFXODU D ORV SULQFLSLRV GH
QHFHVLGDG\HILFDFLD\DTXHDFWXDOL]DODUHJXODFLyQHQPDWHULDGHOXFKDFRQWUDHOGRSDMH
HQ HO GHSRUWH \ OD DGHF~D D OD QRUPDWLYD LQWHUQDFLRQDO YLJHQWH HQ HVSHFLDO D ODV
GLVSRVLFLRQHVFRQWHQLGDVHQHOQXHYR&yGLJR0XQGLDO$QWLGRSDMHHQYLJRUGHVGHHOGH
HQHUR GH 6H FRQVLGHUD TXH HVWD QRUPD HV HO LQVWUXPHQWR PiV DGHFXDGR SDUD
JDUDQWL]DUODFRQVHFXFLyQGHORVILQHVSHUVHJXLGRV
,JXDOPHQWHVHDMXVWDDOSULQFLSLRGHSURSRUFLRQDOLGDGHQODPHGLGDHQTXHFRQWLHQH
ODV PHGLGDV LPSUHVFLQGLEOHV SDUD OD FRQVHFXFLyQ GHO REMHWLYR GH HVWDEOHFHU ODV QRUPDV
DQWLGRSDMH HQ HO iPELWR GH OD SUiFWLFD GHSRUWLYD HQ FRQVRQDQFLD FRQ ORV FRPSURPLVRV
LQWHUQDFLRQDOHV DVXPLGRV SRU (VSDxD \ HOOR FRQ OD ILQDOLGDG GH JDUDQWL]DU HO GHVDUUROOR
GHODFRPSHWLFLRQHVGHSRUWLYDVHQFRQGLFLRQHVGHLJXDOGDG\DGDSWDFLyQGHODVSURSLDV
FDSDFLGDGHV QDWXUDOHV GH ORV \ ODV GHSRUWLVWDV HYLWDQGR VX DGXOWHUDFLyQ PHGLDQWH OD
XWLOL]DFLyQ GH VXVWDQFLDV SURKLELGDV R GH PpWRGRV SURKLELGRV HQ ORV WpUPLQRV
HVWDEOHFLGRVHQODQRUPDWLYDYLJHQWH
'HDFXHUGRFRQHOSULQFLSLRGHVHJXULGDGMXUtGLFDODQRUPDHVFRKHUHQWHFRQHOUHVWR
GHO RUGHQDPLHQWR MXUtGLFR QDFLRQDO GH OD 8QLyQ (XURSHD H LQWHUQDFLRQDO HQ WDQWR HQ
FXDQWR D WUDYpV GH OD PLVPD VH DGDSWDQ VXV GLVSRVLFLRQHV D OD QRUPDWLYD QDFLRQDO \
HXURSHDHQPDWHULDGHGRSDMH\SURWHFFLyQGHGDWRVGHFDUiFWHUSHUVRQDO
(Q FXDQWR DO SULQFLSLR GH WUDQVSDUHQFLD HQ OD HODERUDFLyQ GH OD QRUPD VH KDQ
VHJXLGR WRGRV ORV WUiPLWHV GH SDUWLFLSDFLyQ \ DXGLHQFLD TXH HVWDEOHFH OD QRUPDWLYD
DSOLFDEOH /D OH\ VH GLFWD DO DPSDUR GH OR GLVSXHVWR HQ HO DUWtFXOR GH OD
&RQVWLWXFLyQ(VSDxRODUHODWLYRDODVDQLGDGH[WHULRUEDVHV\FRRUGLQDFLyQJHQHUDOGHOD
VDQLGDG \ OHJLVODFLyQ VREUH SURGXFWRV IDUPDFpXWLFRV \ HQ HO DUWtFXOR GH OD
PLVPD UHODWLYR D ODV EDVHV GHO UpJLPHQ MXUtGLFR GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV \ HO
SURFHGLPLHQWR DGPLQLVWUDWLYR FRP~Q \ DGHPiV SRU ORV WtWXORV FRPSHWHQFLDOHV SUHYLVWRV
HQHODUWtFXOR\GHOD&RQVWLWXFLyQ
(QODWUDPLWDFLyQVHKDVRPHWLGRHOWH[WRDDXGLHQFLDGH&RPXQLGDGHV$XWyQRPDV
VHFWRU GHO GHSRUWH \ $JHQFLD 0XQGLDO $QWLGRSDMH DVt FRPR D LQIRUPDFLyQ S~EOLFD
,JXDOPHQWHVHKDQUHFDEDGRLQIRUPHVGHODSURSLD$JHQFLD(VSDxRODGH3URWHFFLyQGH
OD6DOXGHQHO'HSRUWHGHOD$JHQFLD(VSDxRODGH3URWHFFLyQGH'DWRV\GHO0LQLVWHULR
GH &XOWXUD \ 'HSRUWH 0LQLVWHULR GH 6DQLGDG 0LQLVWHULR GHO ,QWHULRU \ 0LQLVWHULR GH
-XVWLFLD DVt FRPR HO LQIRUPH FRPSHWHQFLDO \ OD DSUREDFLyQ SUHYLD GHO 0LQLVWHULR GH
3ROtWLFD7HUULWRULDO\)XQFLyQ3~EOLFD3RU~OWLPRIXHUHPLWLGRDO&RQVHMRGH(VWDGRSDUD
VXSUHFHSWLYRGLFWDPHQ
7Ë78/235(/,0,1$5
'LVSRVLFLRQHVJHQHUDOHV
&$3Ë78/2,
2EMHWR\iPELWRGHDSOLFDFLyQGHODOH\
$UWtFXOR 2EMHWRGHODOH\
/DSUHVHQWHOH\WLHQHSRUREMHWRHVWDEOHFHUODVQRUPDVDQWLGRSDMHHQHOiPELWRGH
ODSUiFWLFDGHSRUWLYDHQFRQVRQDQFLDFRQORVFRPSURPLVRVLQWHUQDFLRQDOHVDVXPLGRVSRU
(VSDxD FRQ OD ILQDOLGDG GH JDUDQWL]DU HO GHVDUUROOR GH ODV FRPSHWLFLRQHV GHSRUWLYDV HQ
FYH%2($
FRQGLFLRQHV GH LJXDOGDG \ DGDSWDFLyQ D ODV SURSLDV FDSDFLGDGHV QDWXUDOHV GH ORV \ ODV
GHSRUWLVWDV HYLWDQGR VX DGXOWHUDFLyQ PHGLDQWH OD XWLOL]DFLyQ GH VXVWDQFLDV SURKLELGDV R
GHPpWRGRVSURKLELGRVHQORVWpUPLQRVHVWDEOHFLGRVHQODQRUPDWLYDLQWHUQDFLRQDO\HQOD
SURSLDOH\
%2/(7Ë12),&,$/'(/(67$'2
/DVQRUPDV\GHILQLFLRQHVGHHVWDOH\VHLQWHUSUHWDUiQGHDFXHUGRFRQODVUHJODV
\ FULWHULRV FRQWHQLGRV HQ HO &yGLJR 0XQGLDO $QWLGRSDMH HQ ODV QRUPDV \ HVWiQGDUHV
LQWHUQDFLRQDOHV\HQODVQRUPDVWpFQLFDVTXHLQWHJUDQHO3URJUDPD0XQGLDO$QWLGRSDMH
TXHDWDOILQVHSXEOLFDUiQHQHO©%ROHWtQ2ILFLDOGHO(VWDGRª
$UWtFXOR 'HILQLFLyQGHGRSDMH
$ORVHIHFWRVGHODSUHVHQWHOH\VHHQWLHQGHSRUGRSDMHODFRPLVLyQGHXQDRYDULDV
GHODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOR
$UWtFXOR ÈPELWRGHDSOLFDFLyQGHODOH\
&RQVWLWX\H HO iPELWR REMHWLYR GH DSOLFDFLyQ GH HVWD OH\ HO GH ODV FRPSHWLFLRQHV
GHSRUWLYDVRILFLDOHVRDXWRUL]DGDVTXHVHRUJDQLFHQHQHOPDUFRGHOD/H\GH
GHRFWXEUHGHO'HSRUWH
4XHGDQ VXMHWRV D OD DSOLFDFLyQ GH OD SUHVHQWH OH\ FRQ HO DOFDQFH TXH HQ FDGD
FDVRVHGHWHUPLQH
D /RV \ ODV GHSRUWLVWDV TXH HVWpQ R KD\DQ HVWDGR HQ SRVHVLyQ GH OLFHQFLD
IHGHUDWLYD HVWDWDO R DXWRQyPLFD KRPRORJDGD DXQTXH VH HQFXHQWUH VXVSHQGLGD R
TXLHQHV OD KD\DQ VROLFLWDGR SDUD SDUWLFLSDU HQ FXDOHVTXLHUD FRPSHWLFLRQHV RILFLDOHV R
DXWRUL]DGDV
E /RV\ODVGHSRUWLVWDVFRQOLFHQFLDQRHVSDxRODTXHSDUWLFLSHQRSXHGDQSDUWLFLSDU
HQFRPSHWLFLRQHVRILFLDOHVRDXWRUL]DGDVHQ(VSDxDRTXHVHHQFXHQWUHQHQWUHQDQGRHQ
WHUULWRULRHVSDxRO
1RREVWDQWHODWUDPLWDFLyQGHORVH[SHGLHQWHVGLVFLSOLQDULRVTXHSXHGDQLQFRDUVHD
ORV PLVPRV VH UHDOL]DUi HQ OD IRUPD TXH HVWDEOH]FD OD FRUUHVSRQGLHQWH QRUPDWLYD
LQWHUQDFLRQDO
F (OSHUVRQDOGHDSR\RDOGHSRUWLVWDGHDFXHUGRFRQODGHILQLFLyQTXHGHOPLVPR
VHUHFRJHHQHODQH[RGHODSUHVHQWHOH\
G /RV FOXEHV HTXLSRV GHSRUWLYRV OLJDV SURIHVLRQDOHV HQWLGDGHV RUJDQL]DGRUDV
S~EOLFDVRSULYDGDVGHFRPSHWLFLRQHVRILFLDOHVRDXWRUL]DGDVHQWLGDGHVUHVSRQVDEOHVGH
LQVWDODFLRQHVGHSRUWLYDV\IHGHUDFLRQHVGHSRUWLYDV
$UWtFXOR &ODVLILFDFLyQGHORV\ODVGHSRUWLVWDVDORVHIHFWRVGHHVWDOH\
/RV\ODVGHSRUWLVWDVVXMHWRVDODDSOLFDFLyQGHODOH\VHFODVLILFDQHQGHSRUWLVWDV
GHQLYHOLQWHUQDFLRQDOGHSRUWLVWDVGHQLYHOQDFLRQDO\GHSRUWLVWDVDILFLRQDGRV
6HFRQVLGHUDGHSRUWLVWDGHQLYHOLQWHUQDFLRQDODOGHSRUWLVWDGHILQLGRFRPRWDOSRU
FDGDIHGHUDFLyQLQWHUQDFLRQDOGHFRQIRUPLGDGFRQOD1RUPD,QWHUQDFLRQDOSDUD&RQWUROHV
H,QYHVWLJDFLRQHV
6H FRQVLGHUD GHSRUWLVWD GH QLYHO QDFLRQDO DO GHSRUWLVWD TXH QR WHQLHQGR OD
FRQGLFLyQ GH GHSRUWLVWD GH QLYHO LQWHUQDFLRQDO \ VLHQGR IHGHUDGR FXPSOH R KD FXPSOLGR
HQ ORV FLQFR DxRV DQWHULRUHV D VX UHFRQRFLPLHQWR DOJXQD R DOJXQDV GH ODV FRQGLFLRQHV
VLJXLHQWHV
D 3DUWLFLSDU R KDEHU SDUWLFLSDGR HQ FRPSHWLFLRQHV RILFLDOHV GH iPELWR HVWDWDO

GRQGHH[LVWDQFRQWUDWRVSURIHVLRQDOHVWDQWRHQGHSRUWHVLQGLYLGXDOHVFRPRHQGHSRUWHV
GHHTXLSR
E 2EWHQHU R KDEHU REWHQLGR LQJUHVRV DVRFLDGRV D OD DFWLYLGDG GHSRUWLYD

GHVDUUROODGD\DVHDSRUFRQWUDWRSURIHVLRQDORGHSDWURFLQLRGHSRUWLYRRHQFRQFHSWRGH
SUHPLRV EHFDV VXEYHQFLRQHV R FXDOTXLHU RWUD IRUPD GH DSR\R ILQDQFLHUR RWRUJDGR
FYH%2($
GLUHFWDPHQWH SRU FXDOTXLHU IHGHUDFLyQ R DVRFLDFLyQ GHSRUWLYD R SRU FXDOTXLHU

$GPLQLVWUDFLyQ3~EOLFDRHQWLGDGHQODTXHSDUWLFLSHXQD$GPLQLVWUDFLyQ3~EOLFDRKDEHU
GLVIUXWDGRGHFXDOHVTXLHUDRWUDVYHQWDMDVHFRQyPLFDVREHQHILFLRVILVFDOHVUHODFLRQDGRV
FRQVXSUiFWLFDGHSRUWLYDTXHSXGLHUDREWHQHUGHDTXHOODV
F 3DUWLFLSDURKDEHUSDUWLFLSDGRHQ-XHJRV2OtPSLFRVR3DUDOtPSLFRV
%2/(7Ë12),&,$/'(/(67$'2
G 3DUWLFLSDU R KDEHU SDUWLFLSDGR HQ XQ &DPSHRQDWR 0XQGLDO R &RQWLQHQWDO GH OD
Pi[LPDFDWHJRUtDGHXQGHSRUWH\RHVSHFLDOLGDG
H 3DUWLFLSDU R KDEHU SDUWLFLSDGR HQ OD FDWHJRUtD DEVROXWD GH XQ GHSRUWH R XQD
HVSHFLDOLGDG HQ HO &DPSHRQDWR 1DFLRQDO RUJDQL]DGR SRU OD FRUUHVSRQGLHQWH IHGHUDFLyQ
GHSRUWLYD
I (VWDU R KDEHU HVWDGR LQFOXLGR HQ DOJXQR GH ORV *UXSRV 5HJLVWUDGRV GH &RQWURO
GHWHUPLQDGRSRUFXDOTXLHU2UJDQL]DFLyQ1DFLRQDO$QWLGRSDMHRIHGHUDFLyQLQWHUQDFLRQDO
J 7HQHU R KDEHU WHQLGR OD FRQVLGHUDFLyQ GH GHSRUWLVWD GH DOWR QLYHO R GH DOWR
UHQGLPLHQWRRFXPSOLUORVFULWHULRVHVWDEOHFLGRVSDUDWHQHUODGHDFXHUGRFRQODVUHJODV\
FULWHULRVHVWDEOHFLGRVSRUHO&RQVHMR6XSHULRUGH'HSRUWHV
K +DEHUSDUWLFLSDGRFRPRUHSUHVHQWDQWHGHXQSDtVHQXQDFRPSHWLFLyQGHSRUWLYD
LQWHUQDFLRQDOHQODFDWHJRUtDDEVROXWD
L (QORVGHSRUWHVLQGLYLGXDOHVHVWDURKDEHUHVWDGRLQFOXLGRHQWUHORVSULPHURV
FODVLILFDGRV GHO UDQNLQJ R FODVLILFDFLyQ DQXDO TXH HODERUH OD FRUUHVSRQGLHQWH IHGHUDFLyQ
GHSRUWLYDHVSDxRODHQODFDWHJRUtDDEVROXWDSDUDFDGDHVSHFLDOLGDGGHSRUWLYD
M +DEHUWHQLGRODFRQGLFLyQGHGHSRUWLVWDGHQLYHOLQWHUQDFLRQDO
/D FRQGLFLyQ GH GHSRUWLVWD GH QLYHO QDFLRQDO VH SHUGHUi WUDVFXUULGRV FLQFR DxRV
GHVGHTXHGHMDUDQGHFRQFXUULUODVFLUFXQVWDQFLDVTXHGHWHUPLQDURQVXDGTXLVLFLyQRSRU
KDEHUVHDGTXLULGRODFRQGLFLyQGHGHSRUWLVWDGHQLYHOLQWHUQDFLRQDO
6H FRQVLGHUD GHSRUWLVWD DILFLRQDGR DO GHSRUWLVWD TXH QR HV GH QLYHO QDFLRQDO QL
LQWHUQDFLRQDO
(Q QLQJ~Q FDVR WHQGUi HVWD FRQGLFLyQ TXLHQ HQ ORV FLQFR DxRV DQWHULRUHV D OD
FRPLVLyQ GH XQD LQIUDFFLyQ GH ODV QRUPDV DQWLGRSDMH KD\D VLGR GHSRUWLVWD GH QLYHO
LQWHUQDFLRQDORELHQGHSRUWLVWDGHQLYHOQDFLRQDOKD\DUHSUHVHQWDGRDDOJ~QSDtVHQXQD
FRPSHWLFLyQGHFDUiFWHULQWHUQDFLRQDOHQXQDFDWHJRUtDDEVROXWDRDELHUWDRSHQRKD\D
VLGRLQFOXLGRHQFXDOTXLHUJUXSRUHJLVWUDGRGHFRQWUROGHXQDIHGHUDFLyQLQWHUQDFLRQDOR
GHXQD2UJDQL]DFLyQ1DFLRQDO$QWLGRSDMH
&$3Ë78/2,,
2UJDQL]DFLyQDGPLQLVWUDWLYDSDUDODOXFKDFRQWUDHOGRSDMH
$UWtFXOR &RPSHWHQFLDVHVWDWDOHV
(Q HO iPELWR GH ODV FRPSHWHQFLDV HVWDWDOHV FRUUHVSRQGH DO *RELHUQR OD
IRUPXODFLyQLPSXOVR\GLUHFFLyQGHXQDSROtWLFDHILFD]FRQWUDHOGRSDMHHQHOGHSRUWH
$VLPLVPR FRUUHVSRQGH DO *RELHUQR HO HVWDEOHFLPLHQWR GH XQ PDUFR JHQHUDO GH
FRODERUDFLyQ FRQ ODV HQWLGDGHV GHSRUWLYDV LQFOXLGDV ODV IHGHUDFLRQHV SDUD IDFLOLWDU OD
HMHFXFLyQGHODVSROtWLFDVS~EOLFDVHQODPDWHULD\FRDG\XYDUHQHOFRPSURPLVRFRP~QGH
FRQVHJXLU XQ GHSRUWH H[HQWR GH SUiFWLFDV GH GRSDMH PiV VDOXGDEOH \ FRQ PD\RUHV
FRPSURPLVRVpWLFRV
$UWtFXOR $JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH
/D $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH
HVHORUJDQLVPRS~EOLFRDGVFULWRDO0LQLVWHULRFRQFRPSHWHQFLDVHQODSROtWLFDGHSRUWLYD
GH ORV SUHYLVWRV HQ HO DUWtFXOR D GH OD /H\ GH GH RFWXEUH GHO
5pJLPHQ -XUtGLFR GHO 6HFWRU 3~EOLFR D WUDYpV GHO FXDO VH HODERUDQ \ HMHFXWDQ ODV
SROtWLFDV GH OXFKD FRQWUD HO GRSDMH FRUUHVSRQGLpQGROH OD SODQLILFDFLyQ OD UHDOL]DFLyQ GH
FYH%2($
FRQWUROHV\ODWUDPLWDFLyQ\UHVROXFLyQGHORVH[SHGLHQWHVVDQFLRQDGRUHV
/DRUJDQL]DFLyQIXQFLRQHV\SURFHGLPLHQWRVGHDFWXDFLyQGHOD$JHQFLD(VWDWDO
&RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH VH GHWHUPLQDUiQ HQ VXV
HVWDWXWRV GH FRQIRUPLGDG FRQ OR SUHYLVWR HQ HVWD OH\ DSOLFiQGRVH VXSOHWRULDPHQWH OD
/H\ GH GH RFWXEUH GH 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q GH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV (Q WRGR FDVR FRQWDUi FRQ XQ &RPLWp 6DQFLRQDGRU
%2/(7Ë12),&,$/'(/(67$'2
$QWLGRSDMH FRQ OD QDWXUDOH]D FRPSRVLFLyQ \ IXQFLRQHV SUHYLVWDV HQ HO FDStWXOR ,,, GHO
WtWXOR,,GHHVWDOH\\XQ&RPLWpGH$XWRUL]DFLRQHVGH8VR7HUDSpXWLFRTXHHMHUFHUiODV
FRPSHWHQFLDVHVWDEOHFLGDVHQHODUWtFXOR
(QVXyUJDQRFROHJLDGRGHJRELHUQRSDUWLFLSDUiQORVDJHQWHVGHOGHSRUWH\GHQWURGH
ORVPLVPRVHVSHFtILFDPHQWHODVIHGHUDFLRQHVGHSRUWLYDV
/D$JHQFLDFRQWDUiFRQXQyUJDQRGHSDUWLFLSDFLyQFRRUGLQDFLyQ\VHJXLPLHQWRHQHO
TXH HVWDUiQ UHSUHVHQWDGRV ORV \ ODV GHSRUWLVWDV DVt FRPR ORV yUJDQRV \ RUJDQLVPRV
FRPSHWHQWHVHQPDWHULDGHOXFKDFRQWUDHOGRSDMHGHODV&RPXQLGDGHV$XWyQRPDV
DFW~DFRQSOHQDLQGHSHQGHQFLDIXQFLRQDOFXDQGRHVWDEOHFH\HMHFXWDPHGLGDVGHFRQWURO
GHO GRSDMH VREUH ORV \ ODV GHSRUWLVWDV VXMHWRV D OD SUHVHQWH OH\ QR SXGLHQGR UHFLELU
yUGHQHVRLQVWUXFFLRQHVGHyUJDQRRDXWRULGDGDOJXQRVHQHOHMHUFLFLRGHVXVIXQFLRQHV\
HVSHFLDOPHQWHHQODLQVWUXFFLyQ\UHVROXFLyQGHORVSURFHGLPLHQWRVVDQFLRQDGRUHVFX\D
FRPSHWHQFLDOHHVWpDWULEXLGD
3DUD OD UHDOL]DFLyQ GH ODV IXQFLRQHV TXH OH DWULEX\D VX HVWDWXWR OD $JHQFLD
(VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH SRGUi IRUPDOL]DU
FRQYHQLRVRFRQFLHUWRVFRQFXDOHVTXLHUDHQWLGDGHVS~EOLFDVRSULYDGDVGHFRQIRUPLGDG
FRQORHVWDEOHFLGRHQOD/H\GHGHRFWXEUH\HQVXFDVRHQODOHJLVODFLyQGH
FRQWUDWRVGHOVHFWRUS~EOLFR
(Q VX FRQGLFLyQ GH RUJDQLVPR HVSHFLDOL]DGR HQ OD LQYHVWLJDFLyQ FRQWURO \
HMHFXFLyQGHODSROtWLFDFRQWUDHOGRSDMHHQHOGHSRUWHODFRPLVLyQVHFRQILJXUDFRPRHO
RUJDQLVPR S~EOLFR HVWDWDO GH DVHVRUDPLHQWR \ FRODERUDFLyQ FRQ ODV )XHU]DV \ &XHUSRV
GH 6HJXULGDG GHO (VWDGR OD SROLFtD MXGLFLDO \ ORV GHPiV SRGHUHV S~EOLFRV FRQ
FRPSHWHQFLDVUHODFLRQDGDVFRQVXiPELWRGHDFWXDFLyQ\DUHTXHULPLHQWRGHpVWRVFRQ
ORVMXHFHV\WULEXQDOHV
/RV PLHPEURV GH ORV yUJDQRV PHQFLRQDGRV HQ HO SUHVHQWH DUWtFXOR \ GH ORV
GHPiV TXH SXHGDQ LQWHJUDUVH HQ HO VHQR GH OD FRPLVLyQ VH GHVLJQDUiQ FRQIRUPH D
FULWHULRV GH SURIHVLRQDOLGDG \ DPSOLR UHFRQRFLPLHQWR HQ HO PXQGR GHO GHSRUWH \ GH OD
OXFKDFRQWUDHOGRSDMHDVtFRPRGHDFXHUGRFRQHOSULQFLSLRGHSUHVHQFLDHTXLOLEUDGDGH
PXMHUHV\KRPEUHVVDOYRUD]RQHVREMHWLYDPHQWHIXQGDGDV\GHELGDPHQWHPRWLYDGDV6H
HQWHQGHUiSRUSUHVHQFLDHTXLOLEUDGDHOGHPXMHUHV\GHKRPEUHV
VHULJHSRUORGLVSXHVWRHQODSUHVHQWHOH\HQODVHFFLyQGHOFDStWXOR,,,GHOWtWXOR,,GH
OD/H\GHGHRFWXEUH\HQHOUHVWRGHODVQRUPDVTXHOHVHDQGHDSOLFDFLyQ
$UWtFXOR &RPXQLGDGHV$XWyQRPDV
/D IRUPXODFLyQ GH ODV SROtWLFDV HQ PDWHULD GH FRQWURO GH GRSDMH \ GH SURWHFFLyQ
GH OD VDOXG GH ORV \ ODV GHSRUWLVWDV SRU SDUWH GH ODV &RPXQLGDGHV $XWyQRPDV HQ VXV
UHVSHFWLYRViPELWRVFRPSHWHQFLDOHVGHEHUiUHDOL]DUVHHQHOPDUFRGHORVFRPSURPLVRV
LQWHUQDFLRQDOHV DVXPLGRV SRU (VSDxD \ HQ ORV WUDWDGRV \ FRQYHQLRV TXH UHVXOWHQ GH
DSOLFDFLyQHQ(VSDxD
(Q HO FDVR GH FRPSHWLFLRQHV GHSRUWLYDV RILFLDOHV GH iPELWR HVWDWDO R GH
FRPSHWLFLRQHV GHSRUWLYDV LQWHUQDFLRQDOHV RUJDQL]DGDV SRU XQ RUJDQLVPR ROtPSLFR R
SDUDOtPSLFR R SRU ODV IHGHUDFLRQHV GHSRUWLYDV LQWHUQDFLRQDOHV ODV $GPLQLVWUDFLRQHV
DXWRQyPLFDVSRGUiQFHOHEUDUFRQYHQLRVFRQOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUD
OD/XFKD$QWLGRSDMHHQHO'HSRUWHRDODVRUJDQL]DFLRQHVRIHGHUDFLRQHVLQWHUQDFLRQDOHV
UHVSRQVDEOHVGHODVPLVPDVFRQHOILQGHUHDOL]DUPDWHULDOPHQWHORVFRQWUROHVGHGRSDMH
/DV $GPLQLVWUDFLRQHV DXWRQyPLFDV SRGUiQ FHOHEUDU FRQYHQLRV FRQ OD $JHQFLD
(VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH R FRQ ODV
FYH%2($
RUJDQL]DFLRQHV R IHGHUDFLRQHV DXWRQyPLFDV R LQWHUQDFLRQDOHV UHVSRQVDEOHV SDUD

UHDOL]DU FRQWUROHV GH GRSDMH HQ FRPSHWLFLyQ R IXHUD GH HOOD D GHSRUWLVWDV FRQ OLFHQFLD
HVWDWDOFRQOLFHQFLDDXWRQyPLFDRWRUJDGDSRUXQD&RPXQLGDG$XWyQRPDRFRQOLFHQFLD
LQWHUQDFLRQDO
%2/(7Ë12),&,$/'(/(67$'2
7Ë78/2,
&RQWUROHVGHGRSDMH
$UWtFXOR 2EOLJDFLRQHVGHORV\ODVGHSRUWLVWDVVXMHWRVDODOH\
/RV\ODVGHSRUWLVWDVVXMHWRVDODSUHVHQWHOH\WLHQHQODREOLJDFLyQGHVRPHWHUVHDORV
FRQWUROHVGHGRSDMHTXHFRQDUUHJORDORGLVSXHVWRHQODPLVPDGHWHUPLQHOD$JHQFLD
(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH
$UWtFXOR $FWLYLGDGHVTXHFRPSUHQGHQORVFRQWUROHVGHGRSDMH
$ ORV HIHFWRV GH HVWD OH\ VH FRQVLGHUDQ FRQWUROHV GH GRSDMH WRGRV ORV SURFHVRV \
IDVHV GHVGH OD SODQLILFDFLyQ GH OD GLVWULEXFLyQ GH ORV FRQWUROHV KDVWD OD UHVROXFLyQ
GHILQLWLYD GH ORV UHFXUVRV VL ORV KXELHUH \ OD LPSRVLFLyQ GH ODV VDQFLRQHV LQFOXLGRV D
WtWXOR PHUDPHQWH HQXQFLDWLYR WRGRV ORV SURFHVRV \ IDVHV LQWHUPHGLRV HQWUH HOORV ORV
FRQWUROHV ODV LQYHVWLJDFLRQHV UHODWLYDV D ODV ORFDOL]DFLRQHV ODV DXWRUL]DFLRQHV GH XVR
WHUDSpXWLFR OD UHFRJLGD \ JHVWLyQ GH ODV PXHVWUDV ORV DQiOLVLV GH ODERUDWRULR OD
VXEVWDQFLDFLyQ \ UHVROXFLyQ GHO HYHQWXDO SURFHGLPLHQWR VDQFLRQDGRU ORV UHFXUVRV \ VX
UHVROXFLyQ\ODVLQYHVWLJDFLRQHVRSURFHGLPLHQWRVUHODWLYRVDLQIUDFFLRQHV
$UWtFXOR &ODVHVGHFRQWUROHV
/RV FRQWUROHV SRGUiQ GHVDUUROODUVH GXUDQWH OD FHOHEUDFLyQ GH OD FRPSHWLFLyQ R
IXHUDGHFRPSHWLFLyQ
/RV FRQWUROHV IXHUD GH FRPSHWLFLyQ SXHGHQ UHDOL]DUVH SRU VRUSUHVD R SUHYLD
FLWDFLyQ (Q HO SULPHU VXSXHVWR ORV \ ODV GHSRUWLVWDV \ GHPiV SHUVRQDV VXMHWDV D OD
SUHVHQWH OH\ TXHGDQ REOLJDGRV D VRPHWHUVH DO FRQWURO \ HQ HO VHJXQGR TXHGDQ
REOLJDGRVDFRPSDUHFHU\VRPHWHUVHDOPLVPR
(ODOFDQFH\ODIRUPDGHUHDOL]DFLyQGHDPEDVPRGDOLGDGHVGHFRQWUROVHDMXVWDUiQD
ORV SURWRFRORV H LQVWUXFFLRQHV TXH D WDO HIHFWR HVWpQ SUHYLVWRV HQ HO FRUUHVSRQGLHQWH
(VWiQGDU,QWHUQDFLRQDODSUREDGRSRUOD$JHQFLD0XQGLDO$QWLGRSDMH
3DUDODUHDOL]DFLyQ\ODPD\RUHILFDFLDSRVLEOHGHORVFRQWUROHVDTXHVHUHILHUHHO
DSDUWDGRORV\ODVGHSRUWLVWDVVXVHQWUHQDGRUHVIHGHUDWLYRVRSHUVRQDOHVORVHTXLSRV
\FOXEHV\ORVGLUHFWLYRVGHEHUiQIDFLOLWDUHQORVWpUPLQRVTXHVHHVWDEOH]FDQPHGLDQWH
2UGHQGHODSHUVRQDWLWXODUGHO0LQLVWHULRGH&XOWXUD\'HSRUWHORVGDWRVTXHSHUPLWDQOD
ORFDOL]DFLyQ KDELWXDO GH ORV \ ODV GHSRUWLVWDV GH IRUPD TXH VH SXHGDQ UHDOL]DU
PDWHULDOPHQWHORVFRQWUROHVGHGRSDMH
,JXDOPHQWHPHGLDQWH2UGHQGHODSHUVRQDWLWXODUGHO0LQLVWHULRGH&XOWXUD\'HSRUWH
SRGUi FRQFUHWDUVH GLFKD REOLJDFLyQ HQ IXQFLyQ GH ODV FDUDFWHUtVWLFDV GH OD SUiFWLFD
GHSRUWLYD\GHODLQFOXVLyQGHORV\ODVGHSRUWLVWDVHQORVJUXSRVUHJLVWUDGRVGHFRQWUROGH
iPELWRHVWDWDORLQWHUQDFLRQDO
/D LQIRUPDFLyQ VREUH ORFDOL]DFLyQ KDELWXDO GH ORV \ ODV GHSRUWLVWDV VH FXVWRGLDUi HQ
XQ ILFKHUR HQ OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO
'HSRUWH TXH SRGUi FHGHU ORV GDWRV GH DTXHOORV GHSRUWLVWDV LQFOXLGRV HQ ORV SODQHV GH
VHJXLPLHQWRGHODVIHGHUDFLRQHVLQWHUQDFLRQDOHVDOD$JHQFLD0XQGLDO$QWLGRSDMHSDUDOD
UHDOL]DFLyQGHVXVIXQFLRQHVSUHYLDMXVWLILFDFLyQGHGLFKDLQFOXVLyQ
(VWD FHVLyQ GH LQIRUPDFLyQ ~QLFDPHQWH SRGUi UHDOL]DUVH SDUD OD SODQLILFDFLyQ
FRRUGLQDFLyQRUHDOL]DFLyQGHFRQWUROHVGHELHQGRVHUGHVWUXLGRVORVGDWRVFXDQGR\DQR
VHDQ~WLOHVSDUDGLFKRVILQHV
(QHOVXSXHVWRGHTXHXQGHSRUWLVWDIXHUDLQFOXLGRHQXQJUXSRUHJLVWUDGRGHFRQWURO
FYH%2($
GHDOJXQDIHGHUDFLyQLQWHUQDFLRQDO\RSRUOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD
/XFKD $QWLGRSDMH HQ HO 'HSRUWH ODV GHFODUDFLRQHV KHFKDV H LQFOXLGDV HQ OD EDVH GH
GDWRV GH OD $JHQFLD 0XQGLDO $QWLGRSDMH VH FRQVLGHUDUiQ VXILFLHQWHV D ORV HIHFWRV GHO
FXPSOLPLHQWRGHODVREOLJDFLRQHVGHORFDOL]DFLyQSUHYLVWDVHQHVWDOH\FXDQGROD$JHQFLD
(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHSXHGDWHQHUDFFHVRD
GLFKRVGDWRV
%2/(7Ë12),&,$/'(/(67$'2
/RV \ ODV GHSRUWLVWDV HQ HO PRPHQWR HQ TXH VH VRPHWDQ D ORV FRQWUROHV GH
GRSDMH LQGLFDUiQ ORV WUDWDPLHQWRV PpGLFRV D TXH HVWpQ VXMHWRV DVt FRPR TXLHQHV VRQ
ORVUHVSRQVDEOHVGHORVPLVPRV\HODOFDQFHGHGLFKRVWUDWDPLHQWRV
$VLPLVPRHOSHUVRQDOGHDSR\RGHOGHSRUWLVWDWLHQHODREOLJDFLyQGHVXPLQLVWUDUGLFKD
LQIRUPDFLyQVDOYRTXHpVWHQHJDUHH[SUHVDPHQWHVXDXWRUL]DFLyQ
$UWtFXOR &RQWUROHV GH GRSDMH D UHDOL]DU HQ FRPSHWLFLRQHV LQWHUQDFLRQDOHV TXH VH
FHOHEUHQHQ(VSDxD
/DUHVSRQVDELOLGDGGHODRUGHQDFLyQ\UHDOL]DFLyQGHFRQWUROHVGHGRSDMHHQODV
FRPSHWLFLRQHV LQWHUQDFLRQDOHV FHOHEUDGDV HQ (VSDxD FRUUHVSRQGH DO &RPLWp 2OtPSLFR
,QWHUQDFLRQDO D ODV IHGHUDFLRQHV GHSRUWLYDV R LQVWLWXFLRQHV LQWHUQDFLRQDOHV TXH ODV
RUJDQLFHQRDDTXHOODVHQWLGDGHVHQODVTXHVHGHOHJXHODFLWDGDRUJDQL]DFLyQ
$VLPLVPR FRUUHVSRQGH D ODV UHIHULGDV HQWLGDGHV HQ HO PDUFR GH VX iPELWR
FRPSHWHQFLDO HO HMHUFLFLR GH OD SRWHVWDG GLVFLSOLQDULD VLQ SHUMXLFLR GH OR SUHYLVWR HQ HO
DUWtFXORHQUHODFLyQFRQODHILFDFLDGHODVVDQFLRQHVTXHORVPLVPRVSXHGDQLPSRQHU
SRGUi UHDOL]DU FRQWUROHV GH GRSDMH HQ ODV FRPSHWLFLRQHV LQWHUQDFLRQDOHV FHOHEUDGDV HQ
(VSDxD HQ ODV TXH OD FRUUHVSRQGLHQWH IHGHUDFLyQ LQWHUQDFLRQDO QR KD\D RUGHQDGR OD
UHDOL]DFLyQGHFRQWUROHV
/DV IHGHUDFLRQHV R LQVWLWXFLRQHV LQWHUQDFLRQDOHV TXH RUJDQLFHQ FRPSHWLFLRQHV
LQWHUQDFLRQDOHV HQ (VSDxD SRGUiQ VXVFULELU DFXHUGRV \ FRQYHQLRV DVHJXUDQGR OD
ILQDQFLDFLyQ QHFHVDULD FRQ OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMH HQ HO 'HSRUWH SDUD TXH VHD HVWD ~OWLPD OD TXH UHDOLFH PDWHULDOPHQWH ORV
FRQWUROHVGHGRSDMHHQHVDVFRPSHWLFLRQHV
$UWtFXOR ࣩ&RPSHWHQFLDVSDUDODUHDOL]DFLyQGHORVFRQWUROHV
/D SURJUDPDFLyQ \ UHDOL]DFLyQ GH ORV FRQWUROHV HQ FRPSHWLFLyQ \ IXHUD GH HOOD
FRUUHVSRQGH D OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO
'HSRUWHTXHFRQWDUiFRQXQDILQDQFLDFLyQVXILFLHQWHSDUDWDOFRPSHWHQFLD
(QORVFRQWUROHVGHGRSDMHUHDOL]DGRVHQFRPSHWLFLyQRIXHUDGHFRPSHWLFLyQORV
DQiOLVLV GHVWLQDGRV D OD GHWHFFLyQ GH VXVWDQFLDV \ PpWRGRV SURKLELGRV HQ ORV \ ODV
GHSRUWLVWDVVHUHDOL]DUiQHQFXDOTXLHUDGHORVODERUDWRULRVDFUHGLWDGRVRDSUREDGRVSRU
OD$JHQFLD0XQGLDO$QWLGRSDMH
1R REVWDQWH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO
'HSRUWHSRGUiDFUHGLWDUODH[LVWHQFLDGHLQIUDFFLRQHVGHODVQRUPDVDQWLGRSDMHDWUDYpV
GHFXDOTXLHURWURPHGLRILDEOHWDOHVFRPRHVWXGLRVIRUHQVHVSDUiPHWURVUHOHYDQWHVHQOD
RULQDVDQJUHXRWUDPDWUL]GHOGHSRUWLVWDFX\RXVRHVWXYLHUDDXWRUL]DGR\UHFRQRFLGRSRU
OD$JHQFLD0XQGLDO$QWLGRSDMH
/DV&RPXQLGDGHV$XWyQRPDVSRGUiQFHOHEUDUFRQYHQLRVFRQOD$JHQFLD(VWDWDO
&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHFRQHOILQGHTXHpVWDDVXPD
HOHMHUFLFLRGHODVFRPSHWHQFLDVHQPDWHULDGHFRQWUROGHGRSDMHUHODWLYDVDGHSRUWLVWDV
FRQOLFHQFLDH[SHGLGDSRUVXVUHVSHFWLYDVIHGHUDFLRQHVGHSRUWLYDVGHiPELWRDXWRQyPLFR
\HQSUXHEDVGHiPELWRDXWRQyPLFR
$UWtFXOR 3ODQLILFDFLyQGHORVFRQWUROHV
&RUUHVSRQGH D OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH
HQ HO 'HSRUWH SODQLILFDU GHWHUPLQDU \ OOHYDU D FDER FRQ PHGLRV SURSLRV R DMHQRV ORV
FRQWUROHVGHGRSDMH
FYH%2($
/DV IHGHUDFLRQHV GHSRUWLYDV \ ODV OLJDV SURIHVLRQDOHV SRGUiQ DFRUGDU FRQ OD
$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHODUHDOL]DFLyQ
GH FRQWUROHV GH GRSDMH DGLFLRQDOHV TXH VH HVWLPHQ FRQYHQLHQWHV FRQ FDUJR D VXV
SURSLRVSUHVXSXHVWRV
%2/(7Ë12),&,$/'(/(67$'2
/D SODQLILFDFLyQ GH ORV FRQWUROHV WHQGUi HQ FXHQWD ODV FRPSHWLFLRQHV PiV
UHOHYDQWHV HQ FDGD PRGDOLGDG GHSRUWLYD DVt FRPR ORV HOHPHQWRV WpFQLFRV TXH VHDQ
VXPLQLVWUDGRV D OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO
'HSRUWH FRQ HO ILQ GH REWHQHU OD Pi[LPD HILFDFLD \ SRQGHUDUi DGHFXDGDPHQWH OD
DFWLYLGDG FRPSHWLWLYD \ OD GH SUHSDUDFLyQ \ SDUWLFLSDFLyQ GH ORV \ ODV GHSRUWLVWDV HQ
JUDQGHV HYHQWRV LQWHUQDFLRQDOHV $ WDO ILQ ODV IHGHUDFLRQHV \ HQ VX FDVR ODV OLJDV
SURIHVLRQDOHV SURIHVLRQDOL]DGDV R GH DILFLRQDGRV GHEHUiQ UHPLWLU D OD $JHQFLD (VWDWDO
&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHLQIRUPDFLyQQHFHVDULDVREUH
HOFDOHQGDULRGHFRPSHWLFLRQHV
/D SODQLILFDFLyQ HODERUDGD SRU OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD
/XFKD$QWLGRSDMHHQHO'HSRUWHVHUiVHFUHWD\QRSRGUiVHUSXEOLFDGDQLGLYXOJDGD/D
YXOQHUDFLyQGHHVWDREOLJDFLyQVHFDVWLJDUiGHDFXHUGRFRQORGLVSXHVWRHQHODUWtFXOR
GHHVWDOH\
/D$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHD
WUDYpVGHODSHUVRQDWLWXODUGHVX'LUHFFLyQSRGUiDFRUGDUPRWLYDGDPHQWHODUHDOL]DFLyQ
GH FRQWUROHV HVSHFtILFRV DO PDUJHQ GH OD SODQLILFDFLyQ \D VHDQ GHQWUR R IXHUD GH
FRPSHWLFLyQGDQGRWUDVODGRGHGLFKRDFXHUGRDOGHSRUWLVWDHQHOPRPHQWRGHVRPHWHUOH
DOFRQWUROGHGRSDMH
$UWtFXOR *DUDQWtDV HQ OD SUiFWLFD GH ORV FRQWUROHV 3HUVRQDO KDELOLWDGR SDUD VX
UHDOL]DFLyQ
/RV FRQWUROHV GH GRSDMH VLHPSUH VH UHDOL]DUiQ SRU HO SHUVRQDO H[SUHVDPHQWH
KDELOLWDGR SRU OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO
'HSRUWHSDUDHOGHVHPSHxRGHHVWDIXQFLyQ
(ORWRUJDPLHQWRGHODKDELOLWDFLyQUHTXHULUiHOFXPSOLPLHQWRGHORVUHTXLVLWRVGH
FDSDFLGDG WLWXODFLyQ \ IRUPDFLyQ TXH VH HVWDEOH]FDQ PHGLDQWH 2UGHQ GH OD SHUVRQD
WLWXODU GHO 0LQLVWHULR GH &XOWXUD \ 'HSRUWH GH DFXHUGR FRQ OR SUHYLVWR HQ OD QRUPDWLYD
DSOLFDEOH
(Q WRGR FDVR OD KDELOLWDFLyQ SDUD OD UHDOL]DFLyQ GH FRQWUROHV TXH FRQVLVWDQ HQ OD
H[WUDFFLyQ GH VDQJUH GHO GHSRUWLVWD VyOR SRGUi RWRUJDUVH D SHUVRQDO VDQLWDULR FRQ
FDSDFLWDFLyQOHJDOSDUDUHDOL]DUGLFKDH[WUDFFLyQ
/D$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH\
ORVyUJDQRVFRPSHWHQWHVGHODV&RPXQLGDGHV$XWyQRPDVSRGUiQGHVDUUROODUXQVLVWHPD
GH UHFRQRFLPLHQWR PXWXR GH KDELOLWDFLRQHV PHGLDQWH OD VXVFULSFLyQ GH FRQYHQLRV
HVSHFtILFRV
$VLPLVPR SRGUi UHDOL]DU ODV IXQFLRQHV GH FRQWURO GH GRSDMH HO SHUVRQDO TXH VH
HQFXHQWUH KDELOLWDGR SRU ODV IHGHUDFLRQHV LQWHUQDFLRQDOHV SRU OD $JHQFLD 0XQGLDO
$QWLGRSDMHRSRUODVRUJDQL]DFLRQHVQDFLRQDOHVDQWLGRSDMHGHRWURVSDtVHV/RVFRQWUROHV
GH GRSDMH DVt UHDOL]DGRV R FXDOTXLHUD GH ODV DFWXDFLRQHV HQ HOORV FRPSUHQGLGD VHUiQ
SOHQDPHQWHYDOLGRVDORVHIHFWRVSUHYLVWRVHQHVWDOH\
/RV IXQFLRQDULRV GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMH HQ HO 'HSRUWH \ HO SHUVRQDO H[SUHVDPHQWH KDELOLWDGR SRU pVWD SDUD OD
UHDOL]DFLyQGHORVFRQWUROHVGHGRSDMHWHQGUiQHQVXVDFWRVGHVHUYLFLRRFRQPRWLYRGH
ORVPLVPRVODFRQVLGHUDFLyQGHDJHQWHVGHODDXWRULGDGDORVHIHFWRVHQVXFDVRGHOD
H[LJHQFLD GH OD UHVSRQVDELOLGDG TXH SURFHGD D TXLHQHV VH UHVLVWDQ X REVWDFXOLFHQ VX
ODERUGHFRQWURO
(Q HO HMHUFLFLR GH ODV IXQFLRQHV VHxDODGDV HQ HO DSDUWDGR SULPHUR GHO SUHVHQWH
DUWtFXOR HO FLWDGR SHUVRQDO SRGUi UHTXHULU D ODV SHUVRQDV D ODV TXH VH UHILHUH HO
DSDUWDGRGHODUWtFXORFXDQWDVLQIRUPDFLRQHVIXHUDQQHFHVDULDVDHIHFWRVGHOFRQWURO
FYH%2($
GHGRSDMHRGHODLQYHVWLJDFLyQGHFXDOHVTXLHUDLQIUDFFLRQHVWLSLILFDGDVHQHVWDOH\\HQ
VX FDVR GHQXQFLDUiQ DQWH HO yUJDQR FRPSHWHQWH SDUD OD LQFRDFLyQ GHO FRUUHVSRQGLHQWH
H[SHGLHQWH VDQFLRQDGRU ODV FRQGXFWDV \ DFWXDFLRQHV TXH FRQWUDYHQJDQ ODV
GLVSRVLFLRQHVHVWDEOHFLGDVHQODPLVPD\HQVXVQRUPDVGHGHVDUUROOR
$VLPLVPR SRGUiQ VROLFLWDU D WUDYpV GH OD DXWRULGDG JXEHUQDWLYD FRUUHVSRQGLHQWH HO
DSR\RQHFHVDULRGHORVFXHUSRV\IXHU]DVGHVHJXULGDG
%2/(7Ë12),&,$/'(/(67$'2
/RV KHFKRV FRQVWDWDGRV GLUHFWDPHQWH SRU HO SHUVRQDO UHIHULGR HQ HO DSDUWDGR
DQWHULRUWHQGUiQYDORUSUREDWRULRFXDQGRVHIRUPDOLFHQHQGRFXPHQWRS~EOLFRREVHUYDQGR
ORV UHTXLVLWRV OHJDOHV SHUWLQHQWHV VLQ SHUMXLFLR GH ODV SUXHEDV TXH HQ GHIHQVD GH VXV
UHVSHFWLYRVGHUHFKRVRLQWHUHVHVSXHGDQVHxDODURDSRUWDUORVSURSLRVLQWHUHVDGRV
$UWtFXOR &RQGLFLRQHVGHUHDOL]DFLyQGHORVFRQWUROHV
3DUD IDFLOLWDU HO GHVFDQVR QRFWXUQR GHO GHSRUWLVWD GHQWUR GH OD IUDQMD KRUDULD
FRPSUHQGLGD HQWUH ODV \ ODV KRUDV QR VH SURFHGHUi D OD UHDOL]DFLyQ GH
FRQWUROHVGHGRSDMHIXHUDGHFRPSHWLFLyQVDOYRTXHHOGHSRUWLVWDHQFXPSOLPLHQWRGHOD
REOLJDFLyQ SUHYLVWD HQ HO DUWtFXOR GH HVWD OH\ ILMDUH VX ORFDOL]DFLyQ HQ XQ KRUDULR
FRPSUHQGLGRHQDTXHOODIUDQMDKRUDULD
1R REVWDQWH HQ FDVRV GHELGDPHQWH MXVWLILFDGRV \ GH DFXHUGR FRQ HO SULQFLSLR GH
SURSRUFLRQDOLGDG VHUi SRVLEOH VX UHDOL]DFLyQ VLHPSUH TXH HQ HO PRPHQWR GH OOHYDUOR D
FDER VH LQIRUPH DO GHSRUWLVWD GH ODV UD]RQHV TXH MXVWLILFDQ OD QR REVHUYDQFLD GH OD
OLPLWDFLyQKRUDULDHVWDEOHFLGDHQHOSiUUDIRDQWHULRU
/RV FRQWUROHV GH GRSDMH VH UHDOL]DUiQ FRQ SOHQR UHVSHWR D ORV GHUHFKRV
IXQGDPHQWDOHVGHODSHUVRQD\DODSURWHFFLyQGHVXLQWLPLGDG\GDWRVSHUVRQDOHV
$VLPLVPR VH DMXVWDUiQ DO SULQFLSLR GH PtQLPD LQWHUYHQFLyQ FRQ REVHUYDQFLD GHO
SULQFLSLRGHSURSRUFLRQDOLGDG
/RV\ODVGHSRUWLVWDVVHUiQLQIRUPDGRVHQHOPRPHQWRGHUHFLELUODQRWLILFDFLyQGHO
FRQWURO\HQVXFDVRDOLQLFLDUVHODUHFRJLGDGHODPXHVWUDGHORVGHUHFKRV\REOLJDFLRQHV
TXH OHV DVLVWHQ HQ UHODFLyQ FRQ HO FLWDGR FRQWURO GH ORV WUiPLWHV HVHQFLDOHV GHO
SURFHGLPLHQWR \ GH VXV SULQFLSDOHV FRQVHFXHQFLDV GHO WUDWDPLHQWR \ FHVLyQ GH ORV GDWRV
SUHYLVWRVHQODSUHVHQWHOH\DVtFRPRGHODSRVLELOLGDGGHHMHUFLWDUORVGHUHFKRVGHDFFHVR
UHFWLILFDFLyQ VXSUHVLyQ \ RSRVLFLyQ HVWDEOHFLGRV HQ HO 5HJODPHQWR 8( GHO
3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHDEULOGHUHODWLYRDODSURWHFFLyQGHODV
SHUVRQDV ItVLFDV HQ OR TXH UHVSHFWD DO WUDWDPLHQWR GH GDWRV SHUVRQDOHV \ D OD OLEUH
FLUFXODFLyQ GH HVWRV GDWRV \ SRU HO TXH VH GHURJD OD 'LUHFWLYD &( \ HQ OD
/H\2UJiQLFDGHGHGLFLHPEUHGH3URWHFFLyQGH'DWRV3HUVRQDOHV\JDUDQWtDGH
ORVGHUHFKRVGLJLWDOHV
$ ORV HIHFWRV GH ORV SURFHGLPLHQWRV GLVFLSOLQDULRV HQ PDWHULD GH GRSDMH OD
QHJDWLYD VLQ MXVWLILFDFLyQ YiOLGD D VRPHWHUVH D ORV FRQWUROHV XQD YH] GRFXPHQWDGD
FRQVWLWXLUi SUXHED VXILFLHQWH D ORV HIHFWRV GH H[LJLU OD UHVSRQVDELOLGDG GLVFLSOLQDULD GHO
GHSRUWLVWD
1RVHUiQMXVWLILFDFLRQHVYiOLGDVSDUDQHJDUVHDOFRQWUROGHGRSDMHODVFLUFXQVWDQFLDV
GH WLHPSR R OXJDU R GH FXDOTXLHU RWUD QDWXUDOH]D TXH KD\DQ VLGR EXVFDGDV R GHFLGLGDV
LQWHQFLRQDGDPHQWHSRUHOGHSRUWLVWD
6HFRQVLGHUDMXVWLILFDFLyQYiOLGDODLPSRVLELOLGDGGHDFXGLUDOFRQWUROGHGRSDMHFRPR
FRQVHFXHQFLD DFUHGLWDGD GH OHVLyQ TXH LPSLGD REMHWLYDPHQWH VRPHWHUVH DO PLVPR R
FXDQGRODUHDOL]DFLyQGHOFRQWUROSRQJDHQJUDYHULHVJRODVDOXGGHOGHSRUWLVWD
(O GRFXPHQWR TXH DFUHGLWH OD QHJDWLYD VLQ MXVWLILFDFLyQ YiOLGD D TXH VH UHILHUH HO
SiUUDIR DQWHULRU UHDOL]DGD SRU HO SHUVRQDO KDELOLWDGR VHUi VXILFLHQWH SDUD LQLFLDU HO
FRUUHVSRQGLHQWH SURFHGLPLHQWR GLVFLSOLQDULR VLQ SHUMXLFLR GHO GHUHFKR GH GHIHQVD GHO
LQWHUHVDGR
HVWDEOHFHUiXQPRGHORQRUPDOL]DGRGHLQIRUPDFLyQSDUDODUHFRJLGDGHODVPXHVWUDVHQ
ODUHDOL]DFLyQGHORVFRQWUROHVGHGRSDMH
$UWtFXOR &RPSHWHQFLD\UHJLVWURGHWUDWDPLHQWRVPpGLFRV
FYH%2($
/DVIHGHUDFLRQHVFOXEHVRUJDQL]DFLRQHVJUXSRV\GHPiVHQWLGDGHVGHSRUWLYDVD
ODV TXH VH UHILHUH HO WtWXOR ,,, GH OD /H\ GH GH RFWXEUH GHO 'HSRUWH R TXH
SDUWLFLSHQHQDFWLYLGDGHVRFRPSHWLFLRQHVGHSRUWLYDVRUJDQL]DGDVHQHOPDUFRGHODFLWDGD
OH\ SRGUiQ H[LJLU OD OOHYDQ]D GH XQ OLEUR GH UHJLVWUR TXH GHEHUi HVWDU GHELGDPHQWH
UHJLVWUDGR HQ OD HQWLGDG TXH OR DFRUGDUD \ GH FX\D LQWHJULGDG H[LVWD JDUDQWtD HQ HO TXH
%2/(7Ë12),&,$/'(/(67$'2
KDUiQFRQVWDUODVDXWRUL]DFLRQHVGHXVRWHUDSpXWLFR\ORVWUDWDPLHQWRVPpGLFRV\VDQLWDULRV
TXHKD\DQSUHVFULWRVXVIDFXOWDWLYRVDORV\ODVGHSRUWLVWDVEDMRVXGLUHFFLyQVLHPSUHTXH
HVWRVDXWRULFHQGLFKDLQVFULSFLyQ\H[WHQGLHQGRXQDFRSLDRFHUWLILFDFLyQGHFDGDDVLHQWR
D LQVWDQFLDGH ORV\ ODVGHSRUWLVWDV GRQGHFRQVWHLGHQWLILFDGRHOIDFXOWDWLYRRSURIHVLRQDO
VDQLWDULR TXH EDMR VX GLUHFFLyQ KXELHUD SUHVFULWR R UHDOL]DGR HO WUDWDPLHQWR PpGLFR R
VDQLWDULRFRQH[SUHVLyQGHODIHFKD\ODILUPDRHOVHOORGHOSURIHVLRQDOVDQLWDULR
/DVHQWLGDGHVDTXHVHUHILHUHHOSiUUDIRDQWHULRUSRGUiQFRPSOHPHQWDURVXVWLWXLUHO
OLEUR UHJLVWUR SRU SURFHGLPLHQWRV FHQWUDOL]DGRV GH EDVH GH GDWRV FRQ XWLOL]DFLyQ GH ODV
WHFQRORJtDV GH OD LQIRUPDFLyQ \ OD FRPXQLFDFLyQ H LGHQWLILFDFLyQ HOHFWUyQLFD FRPR OD
ILUPDGLJLWDO\ORVVLVWHPDVGHKLVWRULDHOHFWUyQLFD~QLFD\FHQWUDOL]DGD
3RU VX SDUWH ODV IHGHUDFLRQHV SRGUiQ GHVDUUROODU LQWHUQDPHQWH XQ UHJODPHQWR
SDUD IRUPDOL]DU \ HVWDEOHFHU ODV REOLJDFLRQHV GH ORV FOXEHV TXH SDUWLFLSHQ HQ VXV
FRPSHWLFLRQHV QDFLRQDOHV FRQ UHVSHFWR DO UHJLVWUR GH ORV WUDWDPLHQWRV PpGLFRV \
VDQLWDULRVGHORV\ODVGHSRUWLVWDV
'LFKRVOLEURV\FHUWLILFDFLRQHVWHQGUiQODFRQVLGHUDFLyQGHGRFXPHQWRVDQLWDULRD
ORVHIHFWRVGHDFFHVRDODLQIRUPDFLyQTXHFRQWLHQH\GHFXVWRGLD\SURWHFFLyQGHGDWRV
\ HVWDUi VRPHWLGR D OD OHJLVODFLyQ YLJHQWH HQ PDWHULD GH GHUHFKRV \ REOLJDFLRQHV GH
LQIRUPDFLyQ \ GRFXPHQWDFLyQ FOtQLFD UHFHWD PpGLFD \ yUGHQHV GH GLVSHQVDFLyQ \ DO
UHVWRGHODOHJLVODFLyQJHQHUDOVREUHVDOXGS~EOLFD\DFFHVRDODLQIRUPDFLyQS~EOLFD
1R REVWDQWH HO FRQWHQLGR GH HVWRV OLEURV SRGUi VHU UHTXHULGR SRU HO yUJDQR
FRPSHWHQWH SDUD UHVROYHU ORV H[SHGLHQWHV VDQFLRQDGRUHV SRU GRSDMH R DSRUWDGR D
LQVWDQFLD GH SDUWH FRPR PHGLR GH SUXHED HQ ORV SURFHGLPLHQWRV VDQFLRQDGRUHV D ORV
HIHFWRV GH GHWHUPLQDU OD FRQFXUUHQFLD GH FULWHULRV H[LPHQWHV R DWHQXDQWHV GH OD
UHVSRQVDELOLGDGSRUODVLQIUDFFLRQHVSUHYLVWDVHQHVWDOH\
$UWtFXOR $XWRUL]DFLRQHVGHXVRWHUDSpXWLFR
/RV \ ODV GHSRUWLVWDV SXHGHQ VROLFLWDU XQD DXWRUL]DFLyQ GH XVR WHUDSpXWLFR DO
&RPLWp GH $XWRUL]DFLRQHV GH 8VR 7HUDSpXWLFR DGVFULWR D OD $JHQFLD (VWDWDO &RPLVLyQ
(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHTXHDSOLFDUiORVFULWHULRVGHHYDOXDFLyQ
FRQWHQLGRVHQHODQH[R,,GHOD&RQYHQFLyQLQWHUQDFLRQDOFRQWUDHOGRSDMHHQHOGHSRUWH\
HQODVQRUPDVSDUDODFRQFHVLyQGHDXWRUL]DFLRQHVGHXVRWHUDSpXWLFRDGRSWDGDVSRUOD
$JHQFLD0XQGLDO$QWLGRSDMH(OSURFHGLPLHQWRGHVROLFLWXGGHODVDXWRUL]DFLRQHVGHXVR
WHUDSpXWLFRILJXUDHVWDEOHFLGRHQHOUHIHULGRDQH[R,,
/DVDXWRUL]DFLRQHVGHXVRWHUDSpXWLFRTXHVHRWRUJXHQFRQIRUPHDHVWDOH\\ODV
GLVSRVLFLRQHVTXHODGHVDUUROOHQVXUWLUiQHIHFWRGHVGHODIHFKDGHVXFRQFHVLyQ\SRUHO
SHULRGRGHWLHPSRTXHHQHOODVVHHVWDEOH]FD
(OWUDQVFXUVRGHOSOD]RGHXQPHVGHVGHTXHODVROLFLWXGGHODDXWRUL]DFLyQKD\D
WHQLGRHQWUDGDHQHOyUJDQRFRPSHWHQWHSDUDVXFRQFHVLyQVLQTXHVHKD\DQRWLILFDGROD
UHVROXFLyQ H[SUHVD GHWHUPLQDUi TXH OD PLVPD VH FRQVLGHUH GHQHJDGD D ORV H[FOXVLYRV
HIHFWRVGHSRGHUUHFXUULUDQWHHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
(Q HO VXSXHVWR GH GHSRUWLVWDV GH QLYHO LQWHUQDFLRQDO FRUUHVSRQGHUi D OD
IHGHUDFLyQLQWHUQDFLRQDOODFRQFHVLyQGHODDXWRUL]DFLyQGHXVRWHUDSpXWLFRFRQIRUPHD
VXSURSLDQRUPDWLYD(ORWRUJDPLHQWRGHODDXWRUL]DFLyQXQDYH]ILUPHWHQGUiSOHQRYDORU
HQODVFRPSHWLFLRQHV\DFWLYLGDGHVGHSRUWLYDVHVWDWDOHV
6LHOGHSRUWLVWDTXHGLVSRQHGHXQDDXWRUL]DFLyQGHXVRWHUDSpXWLFRDGTXLHUHGH
PDQHUDVREUHYHQLGDODFRQGLFLyQGHGHSRUWLVWDGHQLYHOLQWHUQDFLRQDOGHEHUiFRPXQLFDU
LQPHGLDWDPHQWH D OD IHGHUDFLyQ LQWHUQDFLRQDO FRUUHVSRQGLHQWH OD SRVHVLyQ GH HVD
DXWRUL]DFLyQ GH XVR WHUDSpXWLFR 6L OD IHGHUDFLyQ LQWHUQDFLRQDO FRQVLGHUD TXH GLFKD
DXWRUL]DFLyQGHXVRWHUDSpXWLFRQRHVYiOLGDHOGHSRUWLVWDROD$JHQFLD(VWDWDO&RPLVLyQ
FYH%2($
(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHSRGUiQUHFXUULUDQWHOD$JHQFLD0XQGLDO
$QWLGRSDMHHQORVWpUPLQRVSUHYLVWRVSRUVXSURSLDQRUPDWLYD
0LHQWUDV QR KD\D WUDQVFXUULGR HO SOD]R SDUD UHFXUULU R GH KDEHUVH UHFXUULGR OD
GHFLVLyQ DQWH OD $JHQFLD 0XQGLDO $QWLGRSDMH HQ WDQWR pVWD QR UHVXHOYD HO UHFXUVR OD
DXWRUL]DFLyQ GH XVR WHUDSpXWLFR FRQVHUYDUi VX YDOLGH] \ HILFDFLD D ORV HIHFWRV HQ HO
iPELWRHVWDWDOWDQWRHQFRPSHWLFLyQFRPRIXHUDGHFRPSHWLFLyQ
%2/(7Ë12),&,$/'(/(67$'2
/D GHFLVLyQ GH OD $JHQFLD 0XQGLDO $QWLGRSDMH GHEHUi VHU DVXPLGD PHGLDQWH
UHVROXFLyQH[SUHVDGHO'LUHFWRUGHOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD
$QWLGRSDMHHQHO'HSRUWHVLQSHUMXLFLRGHOGHUHFKRGHOGHSRUWLVWDDUHFXUULUODGHDFXHUGR
FRQORGLVSXHVWRHQHO&yGLJR0XQGLDO$QWLGRSDMH
(QHOVXSXHVWRGHTXHODGHFLVLyQGHODIHGHUDFLyQLQWHUQDFLRQDOQRVHUHFXUUDDQWHOD
$JHQFLD0XQGLDO$QWLGRSDMH\VLHPSUHTXHHOGHSRUWLVWDKXELHUDSHUGLGRODFRQGLFLyQGH
GHSRUWLVWD GH QLYHO LQWHUQDFLRQDO OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWHUHVROYHUiVREUHODYDOLGH]GHODDXWRUL]DFLyQGHXVRWHUDSpXWLFR
TXHKXELHUDRWRUJDGRVLELHQFRQHIHFWRVH[FOXVLYDPHQWHHQHOiPELWRHVWDWDO
/RV yUJDQRV GLVFLSOLQDULRV GHSRUWLYRV QR SRGUiQ FRQVLGHUDU YiOLGDV ODV
DXWRUL]DFLRQHVGHXVRWHUDSpXWLFRTXHQRVHHQFXHQWUHQGHELGDPHQWHUHJLVWUDGDVHQOD
$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHRGHODVTXH
QRWHQJDFRQVWDQFLDVXILFLHQWHDWUDYpVGHOD$JHQFLD0XQGLDO$QWLGRSDMH
$UWtFXOR 7LWXODULGDG\FRQVHUYDFLyQGHODVPXHVWUDV\DQiOLVLVGHODVPLVPDV
/DV PXHVWUDV REWHQLGDV HQ ORV FRQWUROHV GH GRSDMH VHUiQ FHGLGDV SRU HO
GHSRUWLVWDDODDXWRULGDGDQWLGRSDMHTXHODVWRPHGXUDQWHXQSHULRGRGHGLH]DxRVGHVGH
VXUHFRJLGD\SRGUiQVHUREMHWRGHDQiOLVLVLQPHGLDWDPHQWHGHVSXpVGHVXUHFRJLGDRHQ
FXDOTXLHU PRPHQWR SRVWHULRU ELHQ D LQVWDQFLD GH OD DXWRULGDG GH GRSDMH TXH ODV WRPR
ELHQDLQVWDQFLDGHOD$JHQFLD0XQGLDO$QWLGRSDMHRGHRWUDDXWRULGDGDQWLGRSDMHTXHOR
VROLFLWDUD VL DFUHGLWDVH MXVWD FDXVD FRQ HO ILQ GH GHWHFWDU OD VXVWDQFLD \ PpWRGRV
SURKLELGRVRSDUDHODERUDUXQSHUILOGHORVSDUiPHWURVELROyJLFRVGHOGHSRUWLVWD
/DV PXHVWUDV FHGLGDV SRGUiQ VHU DOPDFHQDGDV FRQ ODV GHELGDV JDUDQWtDV GH
FRQVHUYDFLyQ D ORV ILQHV SUHYLVWRV HQ HO SiUUDIR DQWHULRU GXUDQWH HO SOD]R GH GLH] DxRV
FRQWDGRVGHVGHODUHFRJLGD
/RVDQiOLVLV\GHPiVHOHPHQWRVGHODFRPXQLFDFLyQGHOODERUDWRULRGHFRQWUROGHO
GRSDMH TXH SXHGHQ GDU OXJDU D OD LQFRDFLyQ GHO SURFHGLPLHQWR VDQFLRQDGRU VH
FRPXQLFDUiQ~QLFDPHQWHDOyUJDQRFRPSHWHQWHSDUDDFRUGDUGLFKDLQFRDFLyQ
$VLPLVPR ORV ODERUDWRULRV DGRSWDUiQ ODV PHGLGDV QHFHVDULDV SDUD TXH HVWD
FRPXQLFDFLyQ VH UHDOLFH HQ FRQGLFLRQHV TXH SHUPLWDQ PDQWHQHU OD FRQILGHQFLDOLGDG \ OD
UHVHUYDGHODLGHQWLGDGGHOGHSRUWLVWD
8QD YH] FXPSOLGR HO SOD]R GH SUHVFULSFLyQ GH ODV LQIUDFFLRQHV SUHYLVWR HQ HO
DUWtFXORGHHVWDOH\RFXDQGRKXELHUDUHFDtGRUHVROXFLyQILUPHHQHOFRUUHVSRQGLHQWH
SURFHGLPLHQWRVDQFLRQDGRURHQODFDXVDSHQDOORVODERUDWRULRVGHFRQWUROGHOGRSDMHX
RWURVODERUDWRULRVQRSRGUiQPDQWHQHUPXHVWUDVYLQFXODGDVDXQDSHUVRQDLGHQWLILFDEOH
SRGUiFHGHUDOD$JHQFLD0XQGLDO$QWLGRSDMHHQFXDOTXLHUPRPHQWRGHQWURGHOSHULRGR
GHGLH]DxRVHVWDEOHFLGRHQHODSDUWDGRGHHVWHDUWtFXORODVPXHVWUDVREWHQLGDVSDUD
TXH SXHGD OOHYDU D FDER HO DQiOLVLV GH ODV PLVPDV $VLPLVPR \ GXUDQWH HO PLVPR
SHULRGR OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH
SRGUi DXWRUL]DU HO DQiOLVLV GH ODV PXHVWUDV SRU RWUDV DXWRULGDGHV DQWLGRSDMH FRQ
FRPSHWHQFLDSDUDHOORVLDVtORVROLFLWDUDQ
/RV ODERUDWRULRV DFUHGLWDGRV SRGUiQ DQDOL]DU ODV PXHVWUDV HQ WDQWDV RFDVLRQHV
FRPR VHD QHFHVDULR DQWHV GH SURFHGHU D FRPXQLFDU DO GHSRUWLVWD ORV UHVXOWDGRV TXH
VLUYDQ GH EDVH SDUD LPSXWDUOH OD FRPLVLyQ GH XQD LQIUDFFLyQ GH GRSDMH GHMDQGR
FRQVWDQFLDHQWRGRFDVRGHOUHVXOWDGRGHFDGDXQRGHORVDQiOLVLV
7UDV GLFKD FRPXQLFDFLyQ OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWHVyORSRGUiRUGHQDUXQQXHYRDQiOLVLVGHODVPXHVWUDVFXDQGRHO
GHSRUWLVWDPXHVWUHVXFRQIRUPLGDG1RREVWDQWHHQFDVRGHTXHHOUHVXOWDGRGHODQiOLVLV
FYH%2($
VHD QHJDWLYR ODV PXHVWUDV SRGUiQ VHU REMHWR GH XQ QXHYR DQiOLVLV D LQVWDQFLD GH OD
$JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH R GH OD
$JHQFLD0XQGLDO$QWLGRSDMH
/D$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH
OD $JHQFLD 0XQGLDO $QWLGRSDMH R ORV ODERUDWRULRV DQWLGRSDMH GHELGDPHQWH DFUHGLWDGRV \
FRQ OD DSUREDFLyQ GH OD $JHQFLD 0XQGLDO $QWLGRSDMH R GH OD $JHQFLD (VWDWDO &RPLVLyQ
%2/(7Ë12),&,$/'(/(67$'2
(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHSRGUiQGLYLGLUDVXYH]ODPXHVWUD$R
ODPXHVWUD%WRPDGDVDOGHSRUWLVWDHQHOPLVPRFRQWUROGHGRSDMHHQXQDSDUWH$SDUD
DQiOLVLV \ RWUD SDUWH % SDUD FRQILUPDFLyQ GHO UHVXOWDGR VL IXHVH QHFHVDULR (Q WDO FDVR
DQWHV GH UHDOL]DU OD GLYLVLyQ HO GHSRUWLVWD VHUi LQIRUPDGR D ILQ GH TXH SXHGD HVWDU
SUHVHQWHHQODDSHUWXUDGHODVPXHVWUDV
7Ë78/2,,
5pJLPHQVDQFLRQDGRUHQPDWHULDGHGRSDMH
&$3Ë78/2,
5HVSRQVDEOHVLQIUDFFLRQHV\VDQFLRQHV
$UWtFXOR 5HVSRQVDELOLGDG GHO GHSRUWLVWD \ GH ODV GHPiV SHUVRQDV \ HQWLGDGHV
VXMHWDVDODOH\
/RV \ ODV GHSRUWLVWDV LQFOXLGRV HQ HO iPELWR GH DSOLFDFLyQ GH HVWD OH\ GHEHUiQ
PDQWHQHU XQD FRQGXFWD DFWLYD GH OXFKD FRQWUD HO GRSDMH \ OD XWLOL]DFLyQ GH PpWRGRV
SURKLELGRVHQHOGHSRUWH\KDEUiQGHDVHJXUDUVHGHTXHQLQJXQDVXVWDQFLDSURKLELGDVH
LQWURGX]FD HQ VX RUJDQLVPR \ GH TXH QR XWLOL]DQ QLQJ~Q PpWRGR SURKLELGR VLHQGR
UHVSRQVDEOHVFXDQGRVHSURGX]FDODGHWHFFLyQGHODSUHVHQFLDGHODVXVWDQFLDSURKLELGD
R GH VXV PHWDEROLWRV R PDUFDGRUHV SRU Vt VROD R HQ FDQWLGDG VXSHULRU D ORV OtPLWHV
HVWDEOHFLGRV SRU OD $JHQFLD 0XQGLDO $QWLGRSDMH HQ ODV 1RUPDV ,QWHUQDFLRQDOHV SDUD
/DERUDWRULRV \ HQ ORV GRFXPHQWRV WpFQLFRV GH GHVDUUROOR R GHO XVR GH XQ PpWRGR
SURKLELGRHQORVWpUPLQRVHVWDEOHFLGRVHQHVWDOH\
/RV\ODVGHSRUWLVWDVVXVHQWUHQDGRUHVGLUHFWLYRVDVtFRPRORVFOXEHV\HTXLSRV
GHSRUWLYRV D ORV TXH HVWp DGVFULWR HO GHSRUWLVWD UHVSRQGHUiQ GHO LQFXPSOLPLHQWR GH ODV
REOLJDFLRQHVLPSXHVWDVHQPDWHULDGHORFDOL]DFLyQKDELWXDOGHORV\ODVGHSRUWLVWDV
/RV \ ODV GHSRUWLVWDV UHVSRQGHUiQ SRU HO LQFXPSOLPLHQWR GH ODV REOLJDFLRQHV
LPSXHVWDV SRU ODV DXWRUL]DFLRQHV GH XVR WHUDSpXWLFR R GHO LQFXPSOLPLHQWR GH OD
REOLJDFLyQGHVROLFLWDUODV
/RV HQWUHQDGRUHV GHSRUWLYRV PpGLFRV \ GHPiV SHUVRQDO VDQLWDULR DVt FRPR ORV
GLUHFWLYRVGHFOXEHV\RUJDQL]DFLRQHVGHSRUWLYDVGHEHUiQLQIRUPDUVLHPSUHDLQVWDQFLD
GHORV\ODVGHSRUWLVWDV\SUHYLDVXDXWRUL]DFLyQSDUDODXWLOL]DFLyQGHWDOHVGDWRVVREUH
ODVHQIHUPHGDGHVGHOGHSRUWLVWDORVWUDWDPLHQWRVPpGLFRVDORVTXHHVWpVRPHWLGRDVt
FRPRVXDOFDQFH\HOUHVSRQVDEOHGHOWUDWDPLHQWR
/RV FOXEHV DVRFLDFLRQHV GHSRUWLYDV \ IHGHUDFLRQHV GHSRUWLYDV WLHQHQ OD
REOLJDFLyQ GH FRODERUDU FRQ OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWHHQODVDFWLYLGDGHVGHOXFKDFRQWUDHOGRSDMH\HVSHFLDOPHQWH
GHEHUiQ IDFLOLWDU FRQ GLOLJHQFLD D OD FLWDGD $JHQFLD OD LQIRUPDFLyQ UHODFLRQDGD FRQ OD
OXFKDFRQWUDHOGRSDMHTXHODPLVPDSXHGDVROLFLWDUOHV
/R GLVSXHVWR HQ HVWH SUHFHSWR VH HQWLHQGH VLQ SHUMXLFLR GH ODV GHPiV
REOLJDFLRQHV\GHOUpJLPHQVDQFLRQDGRUHVWDEOHFLGRHQODSUHVHQWHOH\
/RV \ ODV GHSRUWLVWDV LQFOXLGRV HQ HO iPELWR GH DSOLFDFLyQ GH HVWD OH\ QR SRGUiQ
UHFLELUSUHVWDFLyQGHVHUYLFLRVUHODFLRQDGRVFRQHOGHSRUWHQLPDQWHQHUUHODFLyQSURIHVLRQDO
GHFXDOTXLHUFODVHLQFOXLGDODUHSUHVHQWDFLyQHODVHVRUDPLHQWRIRUPDFLyQRFRODERUDFLyQ
PHGLH R QR UHPXQHUDFLyQ HFRQyPLFD FRQ FXDOTXLHU SHUVRQD TXH HVWp FXPSOLHQGR XQ
SHULRGRGHVXVSHQVLyQSRUDOJXQDLQIUDFFLyQHQPDWHULDGHOXFKDFRQWUDHOGRSDMHLPSXHVWD
SRUDXWRULGDGHVHVSDxRODVRH[WUDQMHUDVKD\DVLGRFRQGHQDGDSRUXQGHOLWRGHGRSDMHHQ
FYH%2($
(VSDxD R IXHUD GH (VSDxD R KD\D VLGR VDQFLRQDGD SURIHVLRQDO R GLVFLSOLQDULDPHQWH SRU
KHFKRVTXHKXELHUDQFRQVWLWXLGRGRSDMHFRQIRUPHDODSUHVHQWHOH\
/D SURKLELFLyQ VH PDQWHQGUi GXUDQWH WRGR HO WLHPSR GH GXUDFLyQ GH OD VDQFLyQ GH
LQKDELOLWDFLyQGHODFRQGHQDRGHODVDQFLyQGLVFLSOLQDULD
&XDQGR HO VDQFLRQDGR R FRQGHQDGR QR HVWXYLHVH FRPSUHQGLGR HQ HO iPELWR GH
DSOLFDFLyQ GH HVWD OH\ OD SURKLELFLyQ WHQGUi XQD GXUDFLyQ GH VHLV DxRV GHVGH OD
%2/(7Ë12),&,$/'(/(67$'2
LPSRVLFLyQ GH XQD FRQGHQD R VDQFLyQ SURIHVLRQDO R GLVFLSOLQDULD VL OD GXUDFLyQ GH OD
FRQGHQDRVDQFLyQHIHFWLYDPHQWHLPSXHVWDWXYLHVHXQDGXUDFLyQLQIHULRU
$UWtFXOR ,QIUDFFLRQHVHQPDWHULDGHGRSDMH
$ORVHIHFWRVGHODSUHVHQWHOH\VRQLQIUDFFLRQHVHQPDWHULDGHGRSDMH
D /DSUHVHQFLDGHXQDVXVWDQFLDSURKLELGDRGHVXVPHWDEROLWRVRPDUFDGRUHVHQ
ODVPXHVWUDVELROyJLFDVGHOGHSRUWLVWD
E /DXWLOL]DFLyQXVRRFRQVXPRGHVXVWDQFLDVRPpWRGRVSURKLELGRVHQHOGHSRUWH
F /D HYLWDFLyQ UHFKD]R R LQFXPSOLPLHQWR SRU DFFLyQ X RPLVLyQ VLQ MXVWLILFDFLyQ
YiOLGD GH OD REOLJDFLyQ GH VRPHWHUVH D ORV FRQWUROHV GH GRSDMH WUDV OD FRPXQLFDFLyQ
YiOLGDPHQWH HIHFWXDGD GH HVWD REOLJDFLyQ SRU FXDOTXLHU PHGLR DFUHGLWDGR R GHO TXH
TXHGH DFUHGLWDFLyQ VLHPSUH TXH FRPR UHVXOWDGR GH VX FRQGXFWD QR IXHUD SRVLEOH
REWHQHUODVPXHVWUDVGHOGHSRUWLVWDHQHOFRQWUROGHGRSDMH
G /D D\XGD LQFLWDFLyQ FRQWULEXFLyQ LQVWLJDFLyQ FRQVSLUDFLyQ HQFXEULPLHQWR R
FXDOTXLHU RWUR WLSR GH FRODERUDFLyQ HQ OD FRPLVLyQ GH FXDOTXLHUD GH ODV LQIUDFFLRQHV
SUHYLVWDVHQHOSUHVHQWHDUWtFXOR
H /DPDQLSXODFLyQIUDXGXOHQWDGHFXDOTXLHUSDUWHGHOSURFHVRGHFRQWUROGHGRSDMH
SRUSDUWHGHXQGHSRUWLVWDXRWUDSHUVRQD
I /D SRVHVLyQ SRU ORV \ ODV GHSRUWLVWDV R SRU HO SHUVRQDO GH DSR\R \D VHD HQ
FRPSHWLFLyQRIXHUDGHFRPSHWLFLyQGHVXVWDQFLDVSURKLELGDVHQGLFKRViPELWRVRGHORV
HOHPHQWRV QHFHVDULRV SDUD OD XWLOL]DFLyQ GH PpWRGRV SURKLELGRV FXDQGR VH FDUH]FD GH
XQD DXWRUL]DFLyQ GH XVR WHUDSpXWLFR SDUD VX DGPLQLVWUDFLyQ R GLVSHQVDFLyQ R GH RWUD
MXVWLILFDFLyQOHJDORUHJODPHQWDULDPHQWHFDOLILFDGDFRPRVXILFLHQWH
/D WHQHQFLD GH XQD DXWRUL]DFLyQ GH XVR WHUDSpXWLFR QR H[FOXLUi OD FRPLVLyQ GH OD
LQIUDFFLyQ VL ODV SHUVRQDV UHVSRQVDEOHV GLVSRQHQ GH XQD FDQWLGDG GH VXVWDQFLDV R
PpWRGRV SURKLELGRV WDQ VXSHULRU D OD TXH FRUUHVSRQGHUtD DO VLPSOH XVR TXH DPSDUD OD
DXWRUL]DFLyQ LQGLFDGD TXH SXGLHUD UD]RQDEOHPHQWH VXSRQHUVH TXH HVWiQ GLULJLGDV DO
WUiILFRSUHYLVWRHQODOHWUDKGHHVWHSUHFHSWR
J /DDGPLQLVWUDFLyQRIUHFLPLHQWRIDFLOLWDFLyQRVXPLQLVWURDORV\ODVGHSRUWLVWDVGH
VXVWDQFLDVSURKLELGDVRGHPpWRGRVSURKLELGRVHQODSUiFWLFDGHSRUWLYD\DVHSURGX]FDQ
HQFRPSHWLFLyQRIXHUDGHFRPSHWLFLyQ
K (OWUiILFRGHVXVWDQFLDV\PpWRGRVSURKLELGRV
L (O TXHEUDQWDPLHQWR GH ODV VDQFLRQHV R PHGLGDV SURYLVLRQDOHV LPSXHVWDV
FRQIRUPHDHVWDOH\
M /DWHQWDWLYDGHFRPLVLyQGHODVFRQGXFWDVGHVFULWDVHQODVOHWUDVEGHJ\K
N &XDOTXLHUDFWXDFLyQTXHFRQVLVWDHQLQWLPLGDURWUDWDUGHLQWLPLGDUDXQWHVWLJRX
RWUD SHUVRQD FRQ OD LQWHQFLyQ GH GLVXDGLUORV GH FRPXQLFDU GH EXHQD IH D XQD
RUJDQL]DFLyQDQWLGRSDMHDODVIXHU]DVGHORUGHQDXQRUJDQLVPRUHJXODGRURGLVFLSOLQDULR
SURIHVLRQDO D ORV yUJDQRV FRPSHWHQWHV SDUD VX FRQRFLPLHQWR \ UHVROXFLyQ R D XQD
SHUVRQD TXH HVWp OOHYDQGR D FDER XQD LQYHVWLJDFLyQ HQ QRPEUH GH FXDOTXLHU
RUJDQL]DFLyQ DQWLGRSDMH LQIRUPDFLyQ UHODWLYD D XQD SUHVXQWD LQIUDFFLyQ GH ODV QRUPDV
DQWLGRSDMHRXQSUHVXQWRLQFXPSOLPLHQWRGHODOH\
O 7RPDU UHSUHVDOLDV GH QDWXUDOH]D ODERUDO VRFLDO HFRQyPLFD SDWULPRQLDO
SURIHVLRQDOGHSRUWLYDRUHSXWDFLRQDOFRQWUDXQDSHUVRQDTXHKDLQIRUPDGRGHEXHQDIH
GHXQDSUHVXQWDLQIUDFFLyQGHODVQRUPDVDQWLGRSDMHRGHXQSUHVXQWRLQFXPSOLPLHQWRGH
ODOH\DXQDRUJDQL]DFLyQDQWLGRSDMHDODVIXHU]DVGHORUGHQRDXQRUJDQLVPRUHJXODGRU
RGLVFLSOLQDULRSURIHVLRQDODORVyUJDQRVFRPSHWHQWHVSDUDVXFRQRFLPLHQWR\UHVROXFLyQ
R D XQD SHUVRQD TXH HVWp OOHYDQGR D FDER XQD LQYHVWLJDFLyQ HQ QRPEUH GH FXDOTXLHU
RUJDQL]DFLyQDQWLGRSDMH
FYH%2($
P (OLQFXPSOLPLHQWRGHODVREOLJDFLRQHVUHODWLYDVDODSUHVHQWDFLyQGHLQIRUPDFLyQ
VREUH ORFDOL]DFLyQ R GLVSRQLELOLGDG GHO GHSRUWLVWD SDUD UHDOL]DU ORV FRQWUROHV HQ GLFKD
ORFDOL]DFLyQ
6H FRQVLGHUDUi TXH H[LVWH LQIUDFFLyQ FXDQGR HO GHSRUWLVWD KD\D IDOWDGR D ODV
REOLJDFLRQHV HQ PDWHULD GH ORFDOL]DFLyQ HQ WUHV RFDVLRQHV GXUDQWH XQ SOD]R GH GRFH
%2/(7Ë12),&,$/'(/(67$'2
PHVHV (O SOD]R HPSH]DUi D FRPSXWDUVH GHVGH HO GtD GHO SULPHU LQFXPSOLPLHQWR TXH
KD\DGHWHQHUVHHQFXHQWD
Q /D UHFHSFLyQ GH VHUYLFLRV UHODFLRQDGRV FRQ HO GHSRUWH R GH FXDOTXLHU WLSR GH
DVHVRUDPLHQWR IRUPDFLyQ R FRODERUDFLyQ R HO HVWDEOHFLPLHQWR R PDQWHQLPLHQWR GH
UHODFLyQ SURIHVLRQDO GH FXDOTXLHU FODVH LQFOXLGD OD UHSUHVHQWDFLyQ PHGLH R QR
UHPXQHUDFLyQ HFRQyPLFD FRQ FXDOTXLHU SHUVRQD TXH HVWp FXPSOLHQGR XQ SHULRGR GH
VXVSHQVLyQ SRU DOJXQD LQIUDFFLyQ HQ PDWHULD GH OXFKD FRQWUD HO GRSDMH LPSXHVWD SRU
DXWRULGDGHV HVSDxRODV R H[WUDQMHUDV R TXH KXELHUD VLGR FRQGHQDGD SRU XQ GHOLWR GH
GRSDMHHQ(VSDxDRIXHUDGH(VSDxDRVDQFLRQDGDSURIHVLRQDORGLVFLSOLQDULDPHQWHSRU
KHFKRVFRQVWLWXWLYRVGHXQDLQIUDFFLyQGHGRSDMHFRQIRUPHDODSUHVHQWHOH\GHDFXHUGR
FRQORSUHYLVWRHQHODUWtFXORGHHVWDOH\
$UWtFXOR 6DQFLRQHV
/DFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQODVOHWUDVDE\IGHODUWtFXORGH

ODSUHVHQWHOH\VHVDQFLRQDUiFRQ
D /D LPSRVLFLyQ GH OD VXVSHQVLyQ GH OLFHQFLD IHGHUDWLYD SRU XQ SHUtRGR GH FXDWUR
DxRV \ OD LPSRVLELOLGDG GH REWHQHUOD GXUDQWH HVH PLVPR SHULRGR GH WLHPSR FXDQGR OD
LQIUDFFLyQVHUHILHUDDXQDVXVWDQFLDRPpWRGRSURKLELGRQRHVSHFtILFR(QHOFDVRGHTXH
OD SHUVRQD LQIUDFWRUD SUXHEH TXH OD SUHVHQFLD XVR R FRQVXPR R SRVHVLyQ QR IXH
LQWHQFLRQDO OD VDQFLyQ SRGUi VHU UHGXFLGD D GRV DxRV (Q HO FDVR GH TXH OD SHUVRQD
LQIUDFWRUDSUXHEHTXHODSUHVHQFLDXVRRFRQVXPRRSRVHVLyQQRVHGHEHDXQDFXOSDR
QHJOLJHQFLDJUDYHVHOSHULRGRGHVDQFLyQSRGUiVHUUHGXFLGRHQXQPi[LPRGHODPLWDG
GHODGXUDFLyQGHODVDQFLyQTXHGHRWURPRGRKXELHUDFRUUHVSRQGLGR
E /D LPSRVLFLyQ GH OD VDQFLyQ GH FXDWUR DxRV GH VXVSHQVLyQ GH OLFHQFLD H
LPSRVLELOLGDGGHREWHQHUODGXUDQWHHVHPLVPRSHULRGRGHWLHPSRFXDQGRODLQIUDFFLyQVH
UHILHUDDXQPpWRGRRVXVWDQFLDSURKLELGDHVSHFtILFD\UHVXOWHDFUHGLWDGRSRUOD$JHQFLD
(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHTXHVXSUHVHQFLDXVR
R FRQVXPR R SRVHVLyQ IXH LQWHQFLRQDO HQ RWUR FDVR OD VDQFLyQ VHUi GH GRV DxRV (O
GHSRUWLVWD SRGUi SUREDU DXVHQFLD GH QHJOLJHQFLD R FXOSDELOLGDG JUDYH HQ FX\R FDVR OD
LQIUDFFLyQ VH FDVWLJDUi FRQ XQD DPRQHVWDFLyQ VLQ UHWLUDGD GH OLFHQFLD R FRQ OD
LPSRVLFLyQGHVXVSHQVLyQGHOLFHQFLDIHGHUDWLYDGHKDVWDGRVDxRV\ODLPSRVLELOLGDGGH
REWHQHUOD GXUDQWH HO PLVPR SHULRGR GH WLHPSR DWHQGLHQGR DO JUDGR GH FXOSD R
QHJOLJHQFLDGHODXWRU
F (QHOFDVRGHTXHHOGHSRUWLVWDSUREDVHDXVHQFLDGHFXOSDRQHJOLJHQFLDJUDYH\
TXH OD VXVWDQFLD SURKLELGD GHWHFWDGD SURYLQLHUD GH XQ SURGXFWR FRQWDPLQDGR OD
LQIUDFFLyQ VHUi FDVWLJDGD FRQ XQD DPRQHVWDFLyQ VLQ UHWLUDGD GH OLFHQFLD R FRQ
VXVSHQVLyQ GH OLFHQFLD IHGHUDWLYD GH KDVWD GRV DxRV \ OD LPSRVLELOLGDG GH REWHQHUOD
GXUDQWHHVHPLVPRSHULRGRGHWLHPSRDWHQGLHQGRDOJUDGRGHFXOSDELOLGDGRQHJOLJHQFLD
GHODXWRU
G (Q HO FDVR GH TXH OD SHUVRQD LQIUDFWRUD VHD XQD SHUVRQD SURWHJLGD R XQ
GHSRUWLVWDDILFLRQDGR\SUREDVHDXVHQFLDGHFXOSDRQHJOLJHQFLDJUDYHODLQIUDFFLyQVHUi
FDVWLJDGD FRQ XQD DPRQHVWDFLyQ VLQ UHWLUDGD GH OLFHQFLD R FRQ VXVSHQVLyQ GH OLFHQFLD
IHGHUDWLYDGHKDVWDGRVDxRV\ODLPSRVLELOLGDGGHREWHQHUODGXUDQWHHVHPLVPRSHULRGR
GHWLHPSRDWHQGLHQGRDOJUDGRGHFXOSDELOLGDGRQHJOLJHQFLDGHODXWRU
(Q ORV VXSXHVWRV SUHYLVWRV HQ HVWH DSDUWDGR QR VH DSUHFLDUi LQWHQFLRQDOLGDG HQ HO
GHSRUWLVWD FXDQGR HO UHVXOWDGR DQDOtWLFR DGYHUVR OR IXHUD SRU OD GHWHFFLyQ GH XQD
VXVWDQFLD SURKLELGD R VXV PHWDEROLWRV R PDUFDGRUHV HQ XQD PXHVWUD WRPDGD HQ
FRPSHWLFLyQ \ HO SUHVXQWR LQIUDFWRU DFUHGLWH TXH OD VXVWDQFLD IXH HPSOHDGD IXHUD GH
FYH%2($
FRPSHWLFLyQVLQHOSURSyVLWRGHDXPHQWDUVXUHQGLPLHQWRGHSRUWLYR\HQXQFRQWH[WRQR
UHODFLRQDGRFRQGLFKRUHQGLPLHQWR
$VLPLVPRFXDQGRODVFRQGXFWDVGHVFULWDVHQORVDSDUWDGRVDERIGHODUWtFXOR
YLQLHUDQ UHIHULGDV D XQD VXVWDQFLD FDWDORJDGD HQ OD /LVWD GH 6XVWDQFLDV \ 0pWRGRV
3URKLELGRV FRPR VXVWDQFLD GH DEXVR \ HO GHSRUWLVWD SUREDVH TXH IXH XVDGD IXHUD GH
%2/(7Ë12),&,$/'(/(67$'2
FRPSHWLFLyQ \ VLQ HO SURSyVLWR GH LQFUHPHQWDU VX UHQGLPLHQWR GHSRUWLYR VH VDQFLRQDUi
FRQ OD LPSRVLFLyQ GH OD VXVSHQVLyQ GH OD OLFHQFLD IHGHUDWLYD \ OD LPSRVLELOLGDG GH
REWHQHUODSRUXQSHULRGRGHWUHVPHVHV/DVXVSHQVLyQSRGUiVHUUHGXFLGDDXQPHVVLOD
SHUVRQDLQIUDFWRUDFRPSOHWDXQSURJUDPDHGXFDWLYRFRQWUDHOXVRLQGHELGRGHVXVWDQFLDV
GHELGDPHQWH DSUREDGR SRU OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
/DFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQODVOHWUDVF\HGHODUWtFXORGHOD
SUHVHQWHOH\VHVDQFLRQDUiFRQODLPSRVLFLyQGHVXVSHQVLyQGHOLFHQFLDIHGHUDWLYDSRUXQ
SHUtRGRGHGRVDFXDWURDxRV\ODLPSRVLELOLGDGGHREWHQHUODGXUDQWHHOPLVPRSHULRGRGH
WLHPSRHQDWHQFLyQDOJUDGRGHFXOSDELOLGDGGHODXWRU6LODSHUVRQDLQIUDFWRUDDFUHGLWDTXH
ODLQIUDFFLyQQRIXHLQWHQFLRQDGDODVXVSHQVLyQWHQGUiXQDGXUDFLyQGHGRVDxRV
$VLPLVPR WDQWR HQ LQIUDFFLRQHV GH OD OHWUD F FRPR H VL OD SHUVRQD LQIUDFWRUD HV
XQDSHUVRQDSURWHJLGDRXQGHSRUWLVWDDILFLRQDGRODVDQFLyQVHUiHQDWHQFLyQDOJUDGR
GH FXOSDELOLGDG OD GH DGYHUWHQFLD VLQ SHULRGR GH VXVSHQVLyQ R OD GH VXVSHQVLyQ GH
OLFHQFLD SRU XQ SHULRGR Pi[LPR GH GRV DxRV \ OD LPSRVLELOLGDG GH REWHQHUOD GXUDQWH HO
PLVPRSHULRGRGHWLHPSR
(O SHULRGR GH VXVSHQVLyQ GH OD OLFHQFLD \ GH LPSRVLELOLGDG GH REWHQHUOD HQWUH GRV \
FXDWUR DxRV TXH FRUUHVSRQGD LPSRQHU SRGUi VHU UHGXFLGR VL OD SHUVRQD LQIUDFWRUD
DFUHGLWD OD FRQFXUUHQFLD GH FLUFXQVWDQFLDV TXH DWHQ~HQ OD UHVSRQVDELOLGDG \ MXVWLILTXHQ
GLFKDUHGXFFLyQ
/DFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQODVOHWUDVJ\KGHODUWtFXORGHOD
SUHVHQWHOH\VHVDQFLRQDUiFRQODLPSRVLFLyQGHVXVSHQVLyQGHOLFHQFLDIHGHUDWLYDHQWUH
FXDWUR DxRV H LQKDELOLWDFLyQ GHILQLWLYD \ OD LPSRVLELOLGDG GH REWHQHUOD GXUDQWH HO PLVPR
SHULRGRGHWLHPSR
/DFRPLVLyQGHODLQIUDFFLyQSUHYLVWDHQODOHWUDMGHODUWtFXORGHODSUHVHQWH
OH\ HQ OR TXH VH UHILHUH D OD WHQWDWLYD GH WUiILFR \ GH DGPLQLVWUDFLyQ GH VXVWDQFLDV
SURKLELGDV VH VDQFLRQDUi FRQ OD LPSRVLFLyQ GH VXVSHQVLyQ GH OLFHQFLD IHGHUDWLYD HQWUH
FXDWUR DxRV H LQKDELOLWDFLyQ GHILQLWLYD \ OD LPSRVLELOLGDG GH REWHQHUOD GXUDQWH HO PLVPR
SHULRGRGHWLHPSR6LODLQIUDFFLyQSUHYLVWDHQODOHWUDMVHUHILHUHDORVGHPiVVXSXHVWRV
FRQWHPSODGRVHQODPLVPDVHVDQFLRQDUiFRQODLPSRVLFLyQGHVXVSHQVLyQGHODOLFHQFLD
IHGHUDWLYD SRU XQ SHULRGR GH WLHPSR LJXDO DO TXH FRUUHVSRQGHUtD D OD FRQGXFWD
FRQVXPDGD\ODLPSRVLELOLGDGGHREWHQHUODGXUDQWHHOPLVPRSHULRGRGHWLHPSR
/DFRPLVLyQGHODLQIUDFFLyQSUHYLVWDHQODOHWUDGGHODUWtFXORGHODSUHVHQWH
OH\VHVDQFLRQDUiFRQODLPSRVLFLyQGHVXVSHQVLyQGHOLFHQFLDIHGHUDWLYDSRUXQSHULRGR
HQWUH GRV DxRV H LQKDELOLWDFLyQ GHILQLWLYD \ OD LPSRVLELOLGDG GH REWHQHUOD GXUDQWH HVH
PLVPRSHULRGRGHWLHPSRHQIXQFLyQGHODJUDYHGDGGHODLQIUDFFLyQ
/DFRPLVLyQGHODLQIUDFFLyQSUHYLVWDHQODOHWUDLGHODUWtFXORGHODSUHVHQWH
OH\VHVDQFLRQDUiFRQODLPSRVLFLyQGHVXVSHQVLyQGHOLFHQFLDIHGHUDWLYDSRUXQSHULRGR
GHWLHPSRLJXDODOSHULRGRGHVDQFLyQLPSXHVWRHQODVDQFLyQTXHEUDQWDGDRDOSHULRGR
GHVXVSHQVLyQSURYLVLRQDO\ODLPSRVLELOLGDGGHREWHQHUODGXUDQWHHVHPLVPRSHULRGR
/DFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQODVOHWUDVN\OGHODUWtFXORGHOD
SUHVHQWHOH\VHVDQFLRQDUiFRQODLPSRVLFLyQGHVXVSHQVLyQGHOLFHQFLDIHGHUDWLYDSRUXQ
SHULRGRHQWUHGRVDxRVHLQKDELOLWDFLyQGHILQLWLYD\ODLPSRVLELOLGDGGHREWHQHUODGXUDQWH
HVHPLVPRSHULRGRHQIXQFLyQGHODJUDYHGDGGHODLQIUDFFLyQ
/DFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQODVOHWUDVP\QGHODUWtFXORGH
OD SUHVHQWH OH\ VH VDQFLRQDUi FRQ OD LPSRVLFLyQ GH VXVSHQVLyQ GH OLFHQFLD IHGHUDWLYD
SRU XQ SHULRGR GH XQR D GRV DxRV \ OD LPSRVLELOLGDG GH REWHQHUOD GXUDQWH HO PLVPR
SHULRGRHQIXQFLyQGHOJUDGRGHFXOSDELOLGDG\GHRWUDVFLUFXQVWDQFLDVGHOFDVR(QHO
FDVRGHLQIUDFFLRQHVSUHYLVWDVHQODOHWUDPGHODUWtFXORDORV\ODVGHSRUWLVWDVTXH
FRQ HO SURSyVLWR GH HYLWDU VRPHWHUVH D ORV FRQWUROHV FDPELDVHQ GH ORFDOL]DFLyQ GH
FYH%2($
~OWLPD KRUD R FRQ LGpQWLFR SURSyVLWR OOHYDUDQ D FDER RWUDV FRQGXFWDV TXH GLILFXOWHQ R
LPSLGDQVXORFDOL]DFLyQVHOHVVDQFLRQDUiFRQVXVSHQVLyQGHOLFHQFLDIHGHUDWLYDSRUXQ
SHULRGRGHGRVDxRV
%2/(7Ë12),&,$/'(/(67$'2
$UWtFXOR 6DQFLRQHV D FOXEHV HTXLSRV GHSRUWLYRV OLJDV SURIHVLRQDOHV HQWLGDGHV

RUJDQL]DGRUDV S~EOLFDV R SULYDGDV GH FRPSHWLFLRQHV GHSRUWLYDV HQWLGDGHV
UHVSRQVDEOHVGHLQVWDODFLRQHVGHSRUWLYDV\IHGHUDFLRQHVGHSRUWLYDV
&XDQGRODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOROHWUDVDEFGHIJKL

M N \ O GH HVWD OH\ VHDQ FRPHWLGDV SRU ORV FOXEHV HTXLSRV GHSRUWLYRV OLJDV
SURIHVLRQDOHVHQWLGDGHVRUJDQL]DGRUDVS~EOLFDVRSULYDGDVGHFRPSHWLFLRQHVGHSRUWLYDV
HQWLGDGHV UHVSRQVDEOHV GH LQVWDODFLRQHV GHSRUWLYDV R IHGHUDFLRQHV GHSRUWLYDV VH
LPSRQGUi VLHPSUH TXH VHD SRVLEOH D ORV UHVSRQVDEOHV GH ORV PLVPRV HQ DWHQFLyQ D OD
JUDYHGDGGHORVKHFKRVDGHPiVGHODPXOWDSUHYLVWDHQHODUWtFXORXQDRYDULDVGH
ODVVLJXLHQWHVVDQFLRQHV
D 3pUGLGDGHSXQWRVHOLPLQDWRULDRSXHVWRVHQODFODVLILFDFLyQGHODFRPSHWLFLyQ
E 'HVFHQVRGHFDWHJRUtDRGLYLVLyQ
$UWtFXOR 6DQFLRQHV DO SHUVRQDO GH DSR\R DO GHSRUWLVWD \ DO SHUVRQDO GH FOXEHV
HTXLSRVGHSRUWLYRVOLJDVSURIHVLRQDOHVHQWLGDGHVRUJDQL]DGRUDVGHFRPSHWLFLRQHV\
UHVSRQVDEOHVGHHVWDEOHFLPLHQWRVGHSRUWLYRV\IHGHUDFLRQHVGHSRUWLYDV
/DVLQIUDFFLRQHVGHVFULWDVHQHODUWtFXORGHHVWDOH\DGHPiVGHODVVDQFLRQHV
TXH FRUUHVSRQGDQ SRU DSOLFDFLyQ GH ORV DUWtFXORV \ FRQOOHYDUiQ OD LQKDELOLWDFLyQ
SDUD HO HMHUFLFLR GH IXQFLRQHV VDQLWDULDV R SURIHVLRQDOHV YLQFXODGDV D GHSRUWLVWDV
HQWLGDGHV FOXEHV HTXLSRV IHGHUDFLRQHV R HVWDEOHFLPLHQWRV GHSRUWLYRV SRU XQ SHUtRGR
GHFXDWURDxRV
&XDQGRHQODVLQIUDFFLRQHVSUHYLVWDVHQORVDSDUWDGRVJK\MGHODUWtFXOR
VH HPSOHDUDQ VXVWDQFLDV QR HVSHFtILFDV \ IXHUDQ FRPHWLGDV SRU SHUVRQDO GH DSR\R
HVWDQGR LPSOLFDGDV SHUVRQDV SURWHJLGDV VH LPSRQGUi D GLFKR SHUVRQDO GH DSR\R OD
VDQFLyQGHLQKDELOLWDFLyQGHILQLWLYD
6LQ SHUMXLFLR GH OR GLVSXHVWR HQ HO DSDUWDGR GHO DUWtFXOR \ GH ODV
UHVSRQVDELOLGDGHVTXHSURFHGDH[LJLUSRUODVFRQGXFWDVWLSLILFDGDVFRPRLQIUDFFLRQHVORV
yUJDQRV GLVFLSOLQDULRV FRPXQLFDUiQ D ORV FRUUHVSRQGLHQWHV &ROHJLRV 3URIHVLRQDOHV ORV
DFWRV UHDOL]DGRV SRU HO SHUVRQDO TXH UHDOLFH IXQFLRQHV VDQLWDULDV D ORV HIHFWRV
GLVFLSOLQDULRV RSRUWXQRV /D FRPXQLFDFLyQ VH KDUi FRQ OD GHELGD UHVHUYD GH ORV GDWRV
UHODWLYRVDORV\ODVGHSRUWLVWDVLPSOLFDGRV
$UWtFXOR ,PSRVLFLyQGHVDQFLRQHVSHFXQLDULDVDFFHVRULDV
/DV VDQFLRQHV SHUVRQDOHV GH PXOWD HQ ORV FDVRV GH GHSRUWLVWDV VyOR SRGUiQ
LPSRQHUVHFXDQGRpVWRVREWHQJDQRKD\DQREWHQLGRLQJUHVRVTXHHVWpQDVRFLDGRVDOD
DFWLYLGDGGHSRUWLYDGHVDUUROODGD
3RUODFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOROHWUDVDEIM
P\QVHLPSRQGUiODPXOWDGHDHXURV
3RUODFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOROHWUDVFGHN
\OVHLPSRQGUiODPXOWDGHDHXURV
3RUODFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOROHWUDVJKHLVH
LPSRQGUiPXOWDGHDHXURV
&XDQGRODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOROHWUDVDEFGHIJ
K L M N \ O GH HVWD OH\ VHDQ FRPHWLGDV SRU FOXEHV HTXLSRV GHSRUWLYRV OLJDV
SURIHVLRQDOHVHQWLGDGHVRUJDQL]DGRUDVS~EOLFDVRSULYDGDVGHFRPSHWLFLRQHVGHSRUWLYDV
HQWLGDGHV UHVSRQVDEOHV GH LQVWDODFLRQHV GHSRUWLYDV R IHGHUDFLRQHV GHSRUWLYDV VH

LPSRQGUi D ORV UHVSRQVDEOHV GH ORV PLVPRV HQ DWHQFLyQ D OD JUDYHGDG GH ORV KHFKRV
FYH%2($
PXOWDGHDHXURV
&XDQGRHQODVFRQGXFWDVUHIHULGDVHQHVWHSXQWRHVWpLQYROXFUDGRXQPHQRUGH
HGDGRSHUVRQDSURWHJLGDRHQORVVXSXHVWRVSUHYLVWRVHQHODUWtFXORODVDQFLyQVHUi
GHDHXURV
&XDQGR ODV LQIUDFFLRQHV SUHYLVWDV HQ HO DUWtFXOR OHWUDV P \ Q GH HVWD OH\
VHDQ FRPHWLGDV SRU FOXEHV HTXLSRV GHSRUWLYRV OLJDV SURIHVLRQDOHV HQWLGDGHV
%2/(7Ë12),&,$/'(/(67$'2
RUJDQL]DGRUDVS~EOLFDVRSULYDGDVGHFRPSHWLFLRQHVGHSRUWLYDVHQWLGDGHVUHVSRQVDEOHV
GHLQVWDODFLRQHVGHSRUWLYDVRIHGHUDFLRQHVGHSRUWLYDVVHLPSRQGUiDORVUHVSRQVDEOHVGH
ORVPLVPRVHQDWHQFLyQDODJUDYHGDGGHORVKHFKRVPXOWDGHDHXURV
(O LQFXPSOLPLHQWR GH ODV REOLJDFLRQHV GH FRODERUDFLyQ FRQ OD $JHQFLD (VWDWDO
&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHHQODVDFWLYLGDGHVGHOXFKD
FRQWUDHOGRSDMHHVWDEOHFLGDVHQHODUWtFXORSRUORVFOXEHVDVRFLDFLRQHVGHSRUWLYDV\
IHGHUDFLRQHVGHSRUWLYDVVHUiVDQFLRQDGRHQDWHQFLyQDODJUDYHGDGGHORVKHFKRVFRQ
PXOWDGHDHXURV
/DV PXOWDV LPSXHVWDV SRU OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWHVHUiQHMHFXWDGDVHQFDVRGHLPSDJRGHIRUPDIRU]RVDVHJ~Q
ORVWpUPLQRVHVWDEOHFLGRVHQODQRUPDWLYDYLJHQWHHQPDWHULDGHUHFDXGDFLyQ
(OSURGXFWRGHODVPXOWDVUHFDXGDGRSRUOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUD
OD/XFKD$QWLGRSDMHHQHO'HSRUWHSRUHOSURFHGLPLHQWRSUHYLVWRHQHODSDUWDGRDQWHULRU
FRQVWLWX\HXQLQJUHVRGHGHUHFKRS~EOLFRTXHVHDIHFWDDOFXPSOLPLHQWRGHORVILQHVGH
LQYHVWLJDFLyQ\TXHSHUPLWLUiQJHQHUDUHQHOSUHVXSXHVWRGHOD$JHQFLD(VWDWDO&RPLVLyQ
(VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH ORV FUpGLWRV QHFHVDULRV SDUD HO
GHVDUUROORGHGLFKDDFWLYLGDGFX\DUHDOL]DFLyQPDWHULDOVHOOHYDUiDFDERGHFRQIRUPLGDG
FRQORHVWDEOHFLGRHQHVWDOH\
6HUiQGHDSOLFDFLyQORVSRUFHQWDMHVGHUHGXFFLyQGHODVDQFLyQHVWDEOHFLGRVHQ
HO DUWtFXOR GH OD /H\ GH GH RFWXEUH VL FRQFXUUHQ ODV FLUFXQVWDQFLDV
SUHYLVWDVHQHOPLVPR
8Q SRUFHQWDMH QR PHQRU DO GH ORV UHFXUVRV TXH VH REWHQJDQ D
FRQVHFXHQFLD GH OD LPSRVLFLyQ GH VDQFLRQHV HFRQyPLFDV D ORV \ ODV GHSRUWLVWDV TXH
FRPHWDQ GRSDMH VHUiQ UHSDUWLGRV GH IRUPD HTXLWDWLYD HQWUH ODV GLIHUHQWHV 6HFUHWDUtDV
$XWRQyPLFDV GH 'HSRUWH GH ODV UHVSHFWLYDV &RPXQLGDGHV $XWyQRPDV SDUD TXH HVWDV
UHDOLFHQFDPSDxDVGHSURPRFLyQGHOGHSRUWHOLPSLR\FRQWUDHOGRSDMHHQHOGHSRUWH
$UWtFXOR 2WUDVVDQFLRQHVDFFHVRULDV
/DV LQIUDFFLRQHV WLSLILFDGDV HQ HO DUWtFXOR DGHPiV GH ODV VDQFLRQHV TXH
FRUUHVSRQGDQ SRU DSOLFDFLyQ GH ORV DUWtFXORV \ FRQOOHYDUi OD LQKDELOLWDFLyQ SDUD
GHVHPSHxDU FDUJRV R HPSOHRV UHPXQHUDGRV R QR HQ FXDOHVTXLHUD HQWLGDGHV R
LQVWLWXFLRQHVTXHGLUHFWDRLQGLUHFWDPHQWHRUJDQLFHQSURPXHYDQSDUWLFLSHQGLVFLSOLQHQ
GHVDUUROOHQRILQDQFLHQDFWLYLGDGHVGHSRUWLYDVSRUXQSHULRGRLJXDODOGHODVXVSHQVLyQGH
OLFHQFLDRLQKDELOLWDFLyQTXHVHKXELHUHLPSXHVWR
/DV SHUVRQDV ItVLFDV R MXUtGLFDV TXH UHDOLFHQ ODV FRQGXFWDV WLSLILFDGDV FRPR
LQIUDFFLRQHV VLQ GLVSRQHU GH OLFHQFLD IHGHUDWLYD R GH KDELOLWDFLyQ HTXLYDOHQWH \ SUHVWHQ
VHUYLFLRVRDFW~HQSRUFXHQWDGHIHGHUDFLRQHVGHSRUWLYDVHVSDxRODVOLJDVSURIHVLRQDOHV
R HQWLGDGHV RUJDQL]DGRUDV GH FRPSHWLFLRQHV GHSRUWLYDV GH FDUiFWHU RILFLDO SRU
GHOHJDFLyQ GH ODV DQWHULRUHV DVt FRPR ODV SHUVRQDV R HQWLGDGHV LQWHJUDGDV HQ GLFKDV
RUJDQL]DFLRQHV QR SRGUiQ HMHUFHU FDUJRV GHSRUWLYRV HQ FXDOTXLHU HQWLGDG UHODFLRQDGD
FRQ HO GHSRUWH REWHQHU OLFHQFLD GHSRUWLYD R KDELOLWDFLyQ HTXLYDOHQWH QL HMHUFHU ORV
GHUHFKRVGHULYDGRVGHODOLFHQFLDGHSRUWLYDSRUXQSHUtRGRHTXLYDOHQWHDODGXUDFLyQGH
ODV VDQFLRQHV GH LQKDELOLWDFLyQ SDUD HO GHVHPSHxR GH FDUJRV GHSRUWLYRV SULYDFLyQ R
VXVSHQVLyQGHOLFHQFLDGHSRUWLYDRKDELOLWDFLyQHTXLYDOHQWH
/DV LQIUDFFLRQHV PHQFLRQDGDV HQ HO DUWtFXOR VHUiQ FRQVLGHUDGDV FRPR
WUDQVJUHVLyQ GH OD EXHQD IH FRQWUDFWXDO D ORV HIHFWRV GHO DUWtFXOR G GHO WH[WR
UHIXQGLGR GH OD /H\ GHO (VWDWXWR GH ORV 7UDEDMDGRUHV DSUREDGR SRU 5HDO 'HFUHWR
/HJLVODWLYRGHGHRFWXEUH
/DV IHGHUDFLRQHV GHSRUWLYDV HVSDxRODV OLJDV SURIHVLRQDOHV \ HQWLGDGHV
FYH%2($
RUJDQL]DGRUDV GH FRPSHWLFLRQHV GHSRUWLYDV GH FDUiFWHU RILFLDO DGDSWDUiQ VX QRUPDWLYD
SDUDLQFOXLUHVWDVSUHYLVLRQHVTXHVHUiQFRPSDWLEOHVFRQODUHVSRQVDELOLGDGFLYLOTXHHQ
FDGDFDVRSURFHGD\FRQODGHSXUDFLyQGHODVUHVSRQVDELOLGDGHVTXHUHVXOWHQH[LJLEOHV
HQYLUWXGGHORGLVSXHVWRHQHOSUHVHQWHWtWXOR
%2/(7Ë12),&,$/'(/(67$'2
$UWtFXOR &ULWHULRV SDUD OD LPSRVLFLyQ GH VDQFLRQHV HQ PDWHULD GH GRSDMH
&LUFXQVWDQFLDVH[LPHQWHV\DWHQXDQWHV
/D LPSRVLFLyQ GH ODV VDQFLRQHV SUHYLVWDV HQ ORV DUWtFXORV SUHFHGHQWHV VH
UHDOL]DUiDWHQGLHQGRDODVFLUFXQVWDQFLDVFRQFXUUHQWHVHQFDGDFDVRHVSHFLDOPHQWHODV
TXHVHUHILHUHQDOFRQRFLPLHQWRDOJUDGRGHFXOSDELOLGDGDOJUDGRGHUHVSRQVDELOLGDGGH
ODVIXQFLRQHVGHVHPSHxDGDVSRUODSHUVRQDLQIUDFWRUD\DODQDWXUDOH]DGHORVSHUMXLFLRV
RFDVLRQDGRV
6HFRQVLGHUDUiQFLUFXQVWDQFLDVH[LPHQWHVGHODUHVSRQVDELOLGDGGLVFLSOLQDULD
D 4XHHOGHSRUWLVWDRSHUVRQDDIHFWDGDSRUHOSURFHGLPLHQWRVDQFLRQDGRUDFUHGLWH
TXHSDUDHVHFDVRFRQFUHWRQRKDH[LVWLGRFXOSDRQHJOLJHQFLDDOJXQDSRUVXSDUWH(VWD
FLUFXQVWDQFLDH[LPHQWHQRVHUiGHDSOLFDFLyQHQHOVXSXHVWRSUHYLVWRHQHODUWtFXOR
SDUDWHUFHUDVRXOWHULRUHVLQIUDFFLRQHV
(QSDUWLFXODUHOGHSRUWLVWDHQHOVXSXHVWRGHODLQIUDFFLyQSUHYLVWDHQODOHWUDDGHO
DUWtFXORSDUDTXHGDUH[HQWRGHUHVSRQVDELOLGDGGHEHUiMXVWLILFDUODIRUPDHQTXHVH
LQWURGXMRODVXVWDQFLDSURKLELGDHQVXRUJDQLVPR
E 4XHVHKD\DREWHQLGRXQDDXWRUL]DFLyQGHXVRWHUDSpXWLFRDOFDQ]DQGRODH[LPHQWH
~QLFDPHQWHDODVVXVWDQFLDVRPpWRGRVSURKLELGRVTXHVHFRQWHQJDQHQODDXWRUL]DFLyQ
6HFRQVLGHUDUiQFLUFXQVWDQFLDVDWHQXDQWHVGHODUHVSRQVDELOLGDGGLVFLSOLQDULD
D /DDXVHQFLDGHFXOSDRQHJOLJHQFLDJUDYHHQODDFWXDFLyQGHOGHSRUWLVWDRGHOD
SHUVRQDUHVSRQVDEOHGHODLQIUDFFLyQGHELGDPHQWHDFUHGLWDGD
(QHVWHFDVRVHSRGUiUHGXFLUODVDQFLyQKDVWDODPLWDGGHODTXHIXHUDDSOLFDEOHGH
QRFRQFXUULUWDOFLUFXQVWDQFLD
E /D DGPLVLyQ YROXQWDULD GH OD FRPLVLyQ GH OD FRQGXFWD FRQVWLWXWLYD GH LQIUDFFLyQ
UHDOL]DGD DQWH HO yUJDQR FRPSHWHQWH DQWHV GH KDEHU UHFLELGR FXDOTXLHU LQWHQWR GH
QRWLILFDFLyQTXHSXGLHUDPDQLIHVWDUODSRVLEOHH[LJHQFLDGHUHVSRQVDELOLGDGSRUWDOFRQGXFWD
(Q HVWH FDVR SUHYLR LQIRUPH GH OD $JHQFLD 0XQGLDO $QWLGRSDMH VH SRGUi UHGXFLU OD
VDQFLyQKDVWDODPLWDGGHODTXHIXHUDDSOLFDEOHGHQRFRQFXUULUWDOFLUFXQVWDQFLD
F /D FRQIHVLyQ LQPHGLDWD GH OD H[LVWHQFLD GH OD LQIUDFFLyQ GHVSXpV GH KDEHU VLGR
LQLFLDGRHOSURFHGLPLHQWRVDQFLRQDGRUFRQSDJRGHODVDQFLyQDLPSRQHUGHDFXHUGRFRQ
ORSUHYLVWRHQHODUWtFXORVLHPSUHTXHVHUHDOLFHDQWHVGHOWUDQVFXUVRGHYHLQWHGtDVD
FRQWDU GHVGH HO GtD VLJXLHQWH D DTXpO HQ TXH WHQJD OXJDU OD QRWLILFDFLyQ GHO LQLFLR GHO
SURFHGLPLHQWR
(Q HVWH FDVR SUHYLR LQIRUPH GH OD $JHQFLD 0XQGLDO $QWLGRSDMH SRGUi UHGXFLUVH OD
VDQFLyQGHVXVSHQVLyQGHODOLFHQFLDIHGHUDWLYDKDVWDXQPi[LPRGHXQDxR
(QFDVRGHTXHFRQFXUUDQGRVRPiVFLUFXQVWDQFLDVDWHQXDQWHVGHODVSUHYLVWDV
HQHOSUHVHQWHDUWtFXORVHSRGUiUHGXFLUODVDQFLyQKDVWDODFXDUWDSDUWHGHODTXHIXHUD
DSOLFDEOHGHQRFRQFXUULUWDOFLUFXQVWDQFLD
(Q HO VXSXHVWR GH TXH OD VDQFLyQ SUHYLVWD SDUD OD LQIUDFFLyQ FRPHWLGD VHD OD
LQKDELOLWDFLyQ GHILQLWLYD GH OD OLFHQFLD IHGHUDWLYD HO SHUtRGR GH VXVSHQVLyQ UHGXFLGR HQ
DSOLFDFLyQGHHVWHDUWtFXORQRSRGUiVHULQIHULRUDRFKRDxRV
(QFDVRGHTXHODLQIUDFFLyQHQODTXHFRQFXUUDQODVFLUFXQVWDQFLDVDWHQXDQWHV
IXHUDODVHJXQGDFRPHWLGDSRUODSHUVRQDLQIUDFWRUDHOSHUtRGRGHVXVSHQVLyQDSOLFDEOH
VH ILMDUi HQ SULPHU OXJDU GH DFXHUGR FRQ HO DUWtFXOR GH OD SUHVHQWH OH\ \ VREUH HO
SHUtRGRTXHFRUUHVSRQGDVHDSOLFDUiODFRUUHVSRQGLHQWHUHGXFFLyQ
7UDVODDSOLFDFLyQGHODVFLUFXQVWDQFLDVDWHQXDQWHVHOSHUtRGRGHVXVSHQVLyQVHUiDO
PHQRVODFXDUWDSDUWHGHOSHUtRGRGHVXVSHQVLyQTXHGHEHUtDDSOLFDUVHHQFDVRGHQR
FYH%2($
FRQFXUULUDWHQXDQWHDOJXQD
%2/(7Ë12),&,$/'(/(67$'2
$UWtFXOR &LUFXQVWDQFLDVDJUDYDQWHV
(Q LQIUDFFLRQHV GLVWLQWDV GH ODV SUHYLVWDV HQ HO DUWtFXOR OHWUDV G K N R O
VHUiQFLUFXQVWDQFLDVDJUDYDQWHV
D (O XVR R SRVHVLyQ GH P~OWLSOHV VXVWDQFLDV SURKLELGDV R PpWRGRV SURKLELGRV HO
XVRRSRVHVLyQGHXQDVXVWDQFLDSURKLELGDRXQPpWRGRSURKLELGRHQP~OWLSOHVRFDVLRQHV
RODFRPLVLyQHQP~OWLSOHVRFDVLRQHVGHRWUDVLQIUDFFLRQHVGHODVQRUPDVDQWLGRSDMH
E (OGLVIUXWHGHXQDPHMRUDGHOUHQGLPLHQWRFRPRFRQVHFXHQFLDGHODVLQIUDFFLRQHV
GH ODV QRUPDV DQWLGRSDMH PiV DOOi GHO SHULRGR GH LQKDELOLWDFLyQ TXH KDEUtD VLGR GH
DSOLFDFLyQ
F /DSDUWLFLSDFLyQHQDFFLRQHVHQJDxRVDVXREVWUXFWLYDVSDUDHYLWDUODGHWHFFLyQR
GHWHUPLQDFLyQGHXQDLQIUDFFLyQGHODVQRUPDVDQWLGRSDMH
G /DSDUWLFLSDFLyQHQPDQLSXODFLRQHVGXUDQWHODJHVWLyQGHUHVXOWDGRVRHOSURFHVR
GHDXGLHQFLDHODEXVRGHVXSHULRULGDGRGHFRQILDQ]DFRPHWHUODLQIUDFFLyQSRUPRWLYRV
UDFLVWDV DQWLVHPLWDV X RWUD FODVH GH GLVFULPLQDFLyQ UHIHUHQWH D OD LGHRORJtD UHOLJLyQ R
FUHHQFLDVGHODYtFWLPDODHWQLDUD]DRQDFLyQDODTXHSHUWHQH]FDVXVH[RRULHQWDFLyQ
RLGHQWLGDGVH[XDOUD]RQHVGHJpQHURODHQIHUPHGDGTXHSDGH]FDRVXGLVFDSDFLGDG
H 5HDOL]DUODFRQGXFWDDFDPELRGHSUHFLRUHFRPSHQVDRSURPHVD
I 3UHYDOHUVHGHOFDUiFWHUS~EOLFRTXHWHQJDODSHUVRQDLQIUDFWRUDRHQDWHQFLyQDOD
HVSHFLDOLPSRUWDQFLDGHORVGDxRV\SHUMXLFLRFDXVDGRVFRQVXFRQGXFWD
/D FRQFXUUHQFLD GH XQD R PiV GH ODV FLUFXQVWDQFLDV DJUDYDQWHV GHVFULWDV HQ HO
SiUUDIR DQWHULRU GHWHUPLQDUiQ OD LPSRVLFLyQ GH ODV VDQFLyQ GH VXVSHQVLyQ GH OLFHQFLD
GHSRUWLYD H LPSRVLELOLGDG GH REWHQHUOD TXH FRUUHVSRQGLHUD D OD LQIUDFFLyQ FRPHWLGD GH
DFXHUGRFRQORSUHYLVWRHQHODUWtFXORLQFUHPHQWDGDVHQXQSHULRGRDGLFLRQDOGHKDVWD
GRVDxRVHQIXQFLyQGHODJUDYHGDGGHORVKHFKRV\ODQDWXUDOH]DGHODFLUFXQVWDQFLDR
FLUFXQVWDQFLDV DJUDYDQWHV FRQFXUUHQWHV D PHQRV TXH OD SHUVRQD VDQFLRQDGD SXHGD
GHPRVWUDUTXHQRFRPHWLyODLQIUDFFLyQGHPDQHUDLQWHQFLRQDO
&XDQGRHQODVLQIUDFFLRQHVSUHYLVWDVHQORVDSDUWDGRVJK\MVHHPSOHDUDQ
VXVWDQFLDVQRHVSHFtILFDV\IXHUDQFRPHWLGDVSRUSHUVRQDOGHDSR\RHVWDQGRLPSOLFDGDV
SHUVRQDVSURWHJLGDVVHLPSRQGUiDGLFKRSHUVRQDOGHDSR\RODVDQFLyQGHLQKDELOLWDFLyQ
GHSRUYLGD
$UWtFXOR 5HLQFLGHQFLD\FRQFXUVRGHLQIUDFFLRQHV
$ORVHIHFWRVGHHVWDOH\KD\UHLQFLGHQFLDFXDQGRODSHUVRQDLQIUDFWRUDFRPHWHXQD
VHJXQGD R XOWHULRUHV LQIUDFFLRQHV FRQ SRVWHULRULGDG D OD DSHUWXUD GHO FRUUHVSRQGLHQWH
H[SHGLHQWHVDQFLRQDGRUSRUODFRPLVLyQGHXQDLQIUDFFLyQDQWHULRU
1R REVWDQWH OR HVWDEOHFLGR HQ HO SiUUDIR DQWHULRU SDUD DSUHFLDU HVWD FLUFXQVWDQFLD
VHUiSUHFLVRTXHODLQIUDFFLyQDQWHULRUKD\DVLGRVDQFLRQDGDHQYLUWXGGHUHVROXFLyQILUPH
HQYtDDGPLQLVWUDWLYD
(Q HO VXSXHVWR GH TXH OD FRPLVLyQ GH OD VHJXQGD R XOWHULRUHV LQIUDFFLRQHV VH
KXELHVH SURGXFLGR FRQ DQWHULRULGDG D OD DSHUWXUD GHO H[SHGLHQWH VDQFLRQDGRU WRGDV ODV
LQIUDFFLRQHVVHUiQWUDWDGDVFRPRXQD~QLFDLQIUDFFLyQ\ODVDQFLyQDSOLFDEOHVHUiODPiV
JUDYHGHODVSUHYLVWDVSDUDODVLQIUDFFLRQHVHQFRQFXUVR
(Q WRGR FDVR VH DQXODUiQ ORV UHVXOWDGRV GH WRGDV ODV FRPSHWLFLRQHV GHSRUWLYDV
GHVGHODIHFKDGHODLQIUDFFLyQPiVDQWLJXD
6L GXUDQWH HO SHULRGR GH FXPSOLPLHQWR GH OD VDQFLyQ LPSXHVWD VH LPSXVLHUD XQ
QXHYRSHULRGRGHVXVSHQVLyQGHOLFHQFLDFRPRFRQVHFXHQFLDGHODFRPLVLyQGHFXDOTXLHU
LQIUDFFLyQ GH ODV SUHYLVWDV HQ HO DUWtFXOR HO FXPSOLPLHQWR GH ORV SHULRGRV GH
FYH%2($
VXVSHQVLyQLPSXHVWRVHUiVXFHVLYR\QRVLPXOWiQHRFRPHQ]DQGRHOFXPSOLPLHQWRGHOD
VHJXQGDVDQFLyQHOSULPHUGtDVLJXLHQWHDOILQDOGHOSULPHUSHULRGRGHVXVSHQVLyQ
6LODVHJXQGDRXOWHULRULQIUDFFLyQVHKXELHVHFRPHWLGRGXUDQWHHOFXPSOLPLHQWRGH
XQD VDQFLyQ LPSXHVWD SRU XQD LQIUDFFLyQ DQWHULRU R HQ ORV GRFH PHVHV DQWHULRUHV R
SRVWHULRUHV D OD DSHUWXUD GHO H[SHGLHQWH VDQFLRQDGRU FRUUHVSRQGLHQWH D OD SULPHUD
%2/(7Ë12),&,$/'(/(67$'2
LQIUDFFLyQ\VHLPSXVLHUDQVDQFLRQHVSRUWDOHVLQIUDFFLRQHVHOFXPSOLPLHQWRGHODVPLVPDV
VHUiVXFHVLYRFXPSOLpQGRVHODVVDQFLRQHVHQHORUGHQHQTXHIXHURQLPSXHVWDV
6LODLQIUDFFLyQFRPHWLGDIXHUDFXDOTXLHUDGHODVSUHYLVWDVHQORVDSDUWDGRVHN
\ O GHO DUWtFXOR \ GXUDQWH OD UHDOL]DFLyQ GHO FRQWURO GH GRSDMH VH FRPHWLHUD RWUD
LQIUDFFLyQ GLVWLQWD ODV LQIUDFFLRQHV FRPHWLGDV VH FRQVLGHUDUiQ HQ FRQFXUVR UHDO GH
LQIUDFFLRQHV \ ODV VDQFLRQHV VH FXPSOLUiQ VXFHVLYDPHQWH HQ HO PLVPR RUGHQ HQ TXH
IXHUDQLPSXHVWDV
/D FRPLVLyQ GH XQD VHJXQGD LQIUDFFLyQ GH ODV QRUPDV DQWLGRSDMH GHQWUR GH ORV
GLH] DxRV SRVWHULRUHV D OD FRPLVLyQ GH OD SULPHUD GDUi OXJDU D OD LPSRVLFLyQ GH XQD
VDQFLyQ TXH FRQVLVWLUi HQ OD VXVSHQVLyQ GH OD OLFHQFLD IHGHUDWLYD SRU HO PD\RU GH ORV
VLJXLHQWHVSHULRGRV
D 6HLVPHVHVDOPHQRVR
E 8Q SHULRGR GH VXVSHQVLyQ GH XQD GXUDFLyQ FRPSUHQGLGD HQWUH OD VXPD GHO
SHULRGR GH VXVSHQVLyQ LPSXHVWR D FDXVD GH OD SULPHUD LQIUDFFLyQ PiV HO SHULRGR TXH
FRQOOHYDUtDODVHJXQGDVLVHWRPDVHFRPRSULPHUD\HOGREOHGHOSHULRGRGHVXVSHQVLyQ
TXHKDEUtDGHDSOLFDUVHDODVHJXQGDLQIUDFFLyQFRQVLGHUDGDFRPRVLIXHUDXQDSULPHUD
LQIUDFFLyQGHWHUPLQiQGRVHODGXUDFLyQGHGLFKRSHULRGRHQIXQFLyQGHODWRWDOLGDGGHODV
FLUFXQVWDQFLDV \ HO JUDGR GH FXOSDELOLGDG GH OD SHUVRQD LQIUDFWRUD HQ UHODFLyQ FRQ OD
VHJXQGDLQIUDFFLyQ
/DFRPLVLyQGHXQDWHUFHUDLQIUDFFLyQGHODVQRUPDVDQWLGRSDMHGHQWURGHOSOD]R
GHGLH]DxRVDFRQWDUGHVGHODFRPLVLyQGHODSULPHUDGDUiOXJDUDODLQKDELOLWDFLyQGHOD
OLFHQFLD GHSRUWLYD GHILQLWLYD 6L VH WUDWD GH XQD LQIUDFFLyQ FRUUHVSRQGLHQWH DO
DUWtFXORPRVLQRKD\QHJOLJHQFLDRFXOSDELOLGDGJUDYHODGXUDFLyQGHODVXVSHQVLyQ
VHUiGHXQPtQLPRGHRFKRDxRVKDVWDVXVSHQVLyQGHILQLWLYD
(Q ORV VXSXHVWRV SUHYLVWRV HQ HVWH DUWtFXOR VH LPSRQGUi DGHPiV OD VDQFLyQ GH
PXOWDTXHFRUUHVSRQGDGHDFXHUGRFRQORSUHYLVWRHQHODUWtFXOR
$ ORV HIHFWRV GH OR GLVSXHVWR HQ ORV SiUUDIRV DQWHULRUHV VH WHQGUi HQ FXHQWD OD
H[LVWHQFLDGHVDQFLRQHVLPSXHVWDVSRUDXWRULGDGHVDQWLGRSDMHH[WUDQMHUDVTXHFXPSODQORV
UHTXLVLWRVQHFHVDULRVSDUDVXUHFRQRFLPLHQWRFRQIRUPHDODUWtFXORGHODSUHVHQWHOH\
SRGUi VROLFLWDU GH OD $JHQFLD 0XQGLDO $QWLGRSDMH R GH OD FRUUHVSRQGLHQWH IHGHUDFLyQ
LQWHUQDFLRQDOLQIRUPDFLyQVREUHODH[LVWHQFLDGHLQIUDFFLRQHVDQWHULRUHVHQORVFDVRVTXH
SXGLHUDQKDEHUVLGRREMHWRGHSURFHGLPLHQWRVVDQFLRQDGRUHV
$UWtFXOR $QXODFLyQGHUHVXOWDGRV
/DFRPLVLyQGHXQDFRQGXFWDGHODVSUHYLVWDVHQODSUHVHQWHOH\FRPRLQIUDFFLRQHV
SRUSDUWHGHXQGHSRUWLVWDHQHOPDUFRGHXQDFRPSHWLFLyQLQGLYLGXDO\FRPRFRQVHFXHQFLD
GH OD UHDOL]DFLyQ GH XQ FRQWURO HQ FRPSHWLFLyQ VHUi FDXVD GH QXOLGDG DXWRPiWLFD GH ORV
UHVXOWDGRV REWHQLGRV HQ HVD FRPSHWLFLyQ FRQ OD SpUGLGD GH WRGDV OD PHGDOODV SXQWRV
SUHPLRV\FXDOHVTXLHUDRWUDVFRQVHFXHQFLDVYLQFXODGDVDOUHVXOWDGRREWHQLGRHQODPLVPD
FRQ LQGHSHQGHQFLD GH TXH FRQFXUUD XQD FDXVD GH DWHQXDFLyQ GH UHVSRQVDELOLGDG R GH
TXHSRUFRQFXUULUXQDFDXVDGHH[HQFLyQQRVHOOHJDUHDLPSRQHUVDQFLyQ
6LQ SHUMXLFLR GH OR GLVSXHVWR HQ HO SiUUDIR DQWHULRU HQ HO VXSXHVWR GH TXH XQ
GHSRUWLVWD KD\D FRPHWLGR XQD LQIUDFFLyQ GH ODV SUHYLVWDV HQ OD SUHVHQWH OH\ GXUDQWH XQ
HYHQWRGHSRUWLYRRHQUHODFLyQFRQHOPLVPRHOyUJDQRFRPSHWHQWHSRGUiDQXODUWRGRV
ORV UHVXOWDGRV REWHQLGRV SRU HO GHSRUWLVWD HQ GLFKR HYHQWR /D DQXODFLyQ VXSRQGUi OD
SpUGLGD GH WRGDV ODV PHGDOODV SXQWRV SUHPLRV \ FXDOHVTXLHUD RWUDV FRQVHFXHQFLDV
YLQFXODGDVDOUHVXOWDGRDQXODGR
FYH%2($
&XDQGRHQDSOLFDFLyQGHORGLVSXHVWRHQORVDSDUWDGRVDQWHULRUHVVHKXELHVHQ
UHFXSHUDGRORVSUHPLRVFXDOTXLHUDTXHIXHVHVXQDWXUDOH]DRDXQFXDQGRQRKXELHUDQ
VLGR HQWUHJDGRV DO GHSRUWLVWD LQIUDFWRU OD DXWRULGDG FRPSHWHQWH SDUD FRQRFHU GH ODV
LQIUDFFLRQHVGHGRSDMHLQVWDUiDORVRUJDQL]DGRUHVGHODVFRPSHWLFLRQHVGHSRUWLYDVDOD
HQWUHJD GH GLFKRV SUHPLRV D ORV \ ODV GHSRUWLVWDV D TXLHQHV OHV FRUUHVSRQGLHVHQ XQD
%2/(7Ë12),&,$/'(/(67$'2
YH] DQXODGRV ORV UHVXOWDGRV GH OD SHUVRQD LQIUDFWRUD R SHUVRQDV LQIUDFWRUDV GH ODV
QRUPDVDQWLGRSDMH
$GHPiVGHORSUHYLVWRHQORVGRVDSDUWDGRVDQWHULRUHVVHUiQDQXODGRVWRGRVORV
GHPiVUHVXOWDGRVREWHQLGRVHQODVFRPSHWLFLRQHVFHOHEUDGDVGHVGHODIHFKDHQTXHVH
SURGXMR HO FRQWURO GH GRSDMH GHO TXH VH GHULYH OD VDQFLyQ HQ ORV VXSXHVWRV GH ODV
LQIUDFFLRQHVSUHYLVWDVHQHODUWtFXORDF\H\HQHODSDUWDGRMHQORTXHVHUHILHUH
DODWHQWDWLYDGHPDQLSXODFLyQIUDXGXOHQWDRGHVGHODIHFKDHQODTXHVHSURGXMHURQORV
KHFKRVFRQVWLWXWLYRVGHLQIUDFFLyQHQODVGHPiVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOR
KDVWD TXH UHFDLJD OD VDQFLyQ R OD VXVSHQVLyQ SURYLVLRQDO GH OD OLFHQFLD IHGHUDWLYD
DSOLFDQGRWRGDVODVFRQVHFXHQFLDVTXHVHGHULYHQGHWDODQXODFLyQVDOYRTXHODGHFLVLyQ
VREUH OD VXVSHQVLyQ SURYLVLRQDO R OD VDQFLyQ VH KXELHUD GHPRUDGR SRU FDXVDV QR
LPSXWDEOHVDOGHSRUWLVWD\ORVUHVXOWDGRVREWHQLGRVHQHVDVFRPSHWLFLRQHVQRHVWXYLHUDQ
LQIOXLGRVSRUODLQIUDFFLyQFRPHWLGD
(Q ORV GHSRUWHV GH HTXLSR VLHPSUH \ FXDQGR PiV GH XQR GH VXV PLHPEURV
KD\DQ FRPHWLGR XQD LQIUDFFLyQ HQ PDWHULD GH GRSDMH GXUDQWH HO SHUtRGR GH FHOHEUDFLyQ
GHXQHYHQWRGHSRUWLYRVHUHDOL]DUiQDHVHHTXLSRFRQWUROHVGLULJLGRV&XDQGRTXLHQHV
KD\DQ FRPHWLGR LQIUDFFLRQHV VHDQ PiV GH GRV \ FRQ LQGHSHQGHQFLD GH ODV VDQFLRQHV
TXH SXHGDQ FRUUHVSRQGHU HQ YLUWXG GH ODV GLVSRVLFLRQHV SUHYLVWDV HQ HVWD OH\ ORV
yUJDQRVGLVFLSOLQDULRVGHEHUiQSURQXQFLDUVHVREUHODSURFHGHQFLDGHDOWHUDUHOUHVXOWDGR
GHORVHQFXHQWURVSUXHEDVFRPSHWLFLRQHVRFDPSHRQDWRVGHFLGLHQGRSpUGLGDGHSXQWRV
R GHVFDOLILFDFLyQ GHO HYHQWR R FRPSHWLFLyQ 3DUD HOOR SRQGHUDUiQ OD LPSOLFDFLyQ GH
PHQRUHVGHHGDGRSHUVRQDVSURWHJLGDVHQODVUHIHULGDVFRQGXFWDV
$UWtFXOR (IHFWRVGHODVVDQFLRQHV
/D LPSRVLFLyQ GH VDQFLRQHV UHODFLRQDGDV FRQ HO GRSDMH HQ HO GHSRUWH
FRQVWLWX\H FXDQGR DVt OR H[LMD OD QDWXUDOH]D GH OD VDQFLyQ LPSXHVWD XQ VXSXHVWR GH
LPSRVLELOLGDG GH REWHQHU R HMHUFHU ORV GHUHFKRV GHULYDGRV GH OD OLFHQFLD GHSRUWLYD HQ
FXDOTXLHU iPELWR WHUULWRULDO HQ ORV WpUPLQRV SUHYLVWRV HQ HO DUWtFXOR GH OD
/H\GHGHRFWXEUH
&XDOHVTXLHUD UHVROXFLRQHV GLFWDGDV SRU ODV DXWRULGDGHV DQWLGRSDMH GH RWURV
(VWDGRV SRU ODV IHGHUDFLRQHV R HQWLGDGHV LQWHUQDFLRQDOHV FRPSHWHQWHV R SRU ORV
WULEXQDOHVDUELWUDOHVFXDQGRDFW~HQFRPRLQVWDQFLDGHDSHODFLyQGHODVGHFLVLRQHVGHODV
IHGHUDFLRQHV GHSRUWLYDV LQWHUQDFLRQDOHV R GH OD $JHQFLD 0XQGLDO $QWLGRSDMH VHUiQ
UHFRQRFLGDV GH PDQHUD LQPHGLDWD \ GHVSOHJDUiQ SOHQRV HIHFWRV HQ (VSDxD HQ ORV
WpUPLQRV\FRQGLFLRQHVHVWDEOHFLGRVHQHO&yGLJR0XQGLDO$QWLGRSDMH\FRUUHVSRQGDQDO
iPELWRGHFRPSHWHQFLDVGHHVDHQWLGDG
VHUi OD HQFDUJDGD GH SURFHGHU HQ WRGR FDVR DO UHFRQRFLPLHQWR GH GLFKDV UHVROXFLRQHV
GH RILFLR R D LQVWDQFLD GH ORV \ ODV GHSRUWLVWDV VLHPSUH TXH ODV PLVPDV QR VHDQ
FRQWUDULDVDORVGHUHFKRVIXQGDPHQWDOHVRDORUGHQS~EOLFR(QORVFDVRVGHVDQFLRQHV
GH VXVSHQVLyQ GH OD OLFHQFLD OD SHUVRQD VDQFLRQDGD QR SRGUi SDUWLFLSDU HQ QLQJXQD
FRPSHWLFLyQRDFWLYLGDGDXWRUL]DGDXRUJDQL]DGDSRUFXDOTXLHUD GHORVVLJQDWDULRVGHOD
&RQYHQFLyQGHOD81(6&2ODVIHGHUDFLRQHVGHSRUWLYDVFOXEHVXRWUDVRUJDQL]DFLRQHV
SHUWHQHFLHQWHV D ORV PLVPRV R HQ FRPSHWLFLRQHV DXWRUL]DGDV X RUJDQL]DGDV SRU
FXDOTXLHU /LJD SURIHVLRQDO R FXDOTXLHU RUJDQL]DGRU GH HYHQWRV GHSRUWLYRV QDFLRQDOHV R
LQWHUQDFLRQDOHV VHD FXDO VHD OD PRGDOLGDG R HVSHFLDOLGDG GHSRUWLYD HQ OD TXH VH
SUHWHQGDSDUWLFLSDU
1RREVWDQWHORDQWHULRUSRGUiSDUWLFLSDUHQSURJUDPDVHGXFDWLYRVRGHUHKDELOLWDFLyQ
FRQ DXWRUL]DFLyQ SUHYLD GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
FYH%2($
,JXDOPHQWHGXUDQWHHOSHULRGRGHVXVSHQVLyQQRSRGUiREWHQHUOLFHQFLDIHGHUDWLYDHQ
QLQJXQDIHGHUDFLyQGLVWLQWDGHDTXHOODEDMRFX\DOLFHQFLDIXHVDQFLRQDGR
&XDOTXLHU GHSRUWLVWD R SHUVRQD VXMHWD D XQ SHUtRGR GH VXVSHQVLyQ SHUPDQHFHUi
VXMHWDDORVFRQWUROHVSUHYLVWRVHQHODUWtFXORGHHVWDOH\DVtFRPRDODREOLJDFLyQGH
%2/(7Ë12),&,$/'(/(67$'2
ORFDOL]DFLyQHQORVFDVRVHQTXHVHDUHTXHULGRSRUOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxROD
SDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH
/DV SHUVRQDV TXH VHDQ VDQFLRQDGDV SRU OD FRPLVLyQ GH FXDOTXLHU LQIUDFFLyQ GH
ODV QRUPDV DQWLGRSDMH GH OD SUHVHQWH OH\ VH YHUiQ SULYDGDV GH OD WRWDOLGDG GHO DSR\R
ILQDQFLHUR RWRUJDGR GLUHFWDPHQWH SRU ODV $GPLQLVWUDFLRQHV 3~EOLFDV R SRU FXDOTXLHU
HQWLGDGHQODTXHSDUWLFLSHXQD$GPLQLVWUDFLyQ3~EOLFDDVtFRPRGHFXDOHVTXLHUDRWUDV
YHQWDMDV HFRQyPLFDV R EHQHILFLRV ILVFDOHV UHODFLRQDGRV FRQ OD SUiFWLFD GHSRUWLYD TXH
SXGLHUDQREWHQHUGHODVPLVPDV
/D UHFXSHUDFLyQ GH ODV FDQWLGDGHV REWHQLGDV VH UHDOL]DUi GH FRQIRUPLGDG FRQ OR
HVWDEOHFLGR HQ OD /H\ GH GH QRYLHPEUH *HQHUDO GH 6XEYHQFLRQHV \ VXV
GLVSRVLFLRQHVGHGHVDUUROORHQOD/H\GHGHGLFLHPEUH*HQHUDO7ULEXWDULDR
HQFXDOHVTXLHUDRWUDVIRUPDVSHUPLWLGDVSRUHORUGHQDPLHQWRMXUtGLFR
6L GXUDQWH HO SHULRGR GH FXPSOLPLHQWR GH OD VDQFLyQ LPSXHVWD VH LPSXVLHUD XQ
QXHYRSHULRGRGHVXVSHQVLyQGHOLFHQFLDFRPRFRQVHFXHQFLDGHODFRPLVLyQGHFXDOTXLHU
LQIUDFFLyQ GH ODV SUHYLVWDV HQ HO DUWtFXOR HO FXPSOLPLHQWR GH ORV SHULRGRV GH
VXVSHQVLyQLPSXHVWRVHUiVXFHVLYR\QRVLPXOWiQHRFRPHQ]DQGRHOFXPSOLPLHQWRGHOD
VHJXQGDVDQFLyQHOSULPHUGtDVLJXLHQWHDOILQDOGHOSULPHUSHULRGRGHVXVSHQVLyQ
6LODSHUVRQDVDQFLRQDGDORKDVLGRFRQXQSHULRGRGHWLHPSRVXSHULRUDFXDWUR
DxRVGHVXVSHQVLyQGHOLFHQFLDGHSRUWLYDGHVSXpVGHFXPSOLUORVSULPHURVFXDWURDxRV
GH VX VDQFLyQ SRGUi WRPDU SDUWH HQ FRPSHWLFLRQHV GHSRUWLYDV GH iPELWR LQIHULRU DO
HVWDWDOTXHQRHVWpQEDMRODDXWRULGDGGHXQVLJQDWDULRGHO&yGLJR0XQGLDO$QWLGRSDMHX
RUJDQL]DFLyQ PLHPEUR GH DOJ~Q VLJQDWDULR 7RGR HOOR VLHPSUH TXH GLFKD FRPSHWLFLyQ QR
VLUYD FRPR FDOLILFDFLyQ GLUHFWD R LQGLUHFWDPHQWH SDUD FRPSHWLU R DFXPXODU SXQWRV SDUD
KDFHUORHQXQFDPSHRQDWRQDFLRQDORHQDOJ~QHYHQWRLQWHUQDFLRQDO\QRLPSOLTXHTXH
HOVDQFLRQDGRWUDEDMHGHQLQJXQDPDQHUDFRQSHUVRQDVSURWHJLGDV
(O GHSRUWLVWD SRGUi UHJUHVDU DO HQWUHQDPLHQWR FRQ VX HTXLSR R DO XVR GH ODV
LQVWDODFLRQHVGHXQFOXERHQWLGDGGHSRUWLYDGXUDQWHORVGRV~OWLPRVPHVHVGHOSHULRGR
GHVXVSHQVLyQRGXUDQWHHO~OWLPRFXDUWRGHOSHULRGRGHVXVSHQVLyQVLHVWHWLHPSRIXHUD
LQIHULRU
(OUHFRQRFLPLHQWR\HMHFXFLyQGHODVVHQWHQFLDVILUPHVGLFWDGDVSRUORVWULEXQDOHV
H[WUDQMHURV HQ PDWHULD GH GRSDMH \ GH ORV ODXGRV GLFWDGRV SRU WULEXQDOHV DUELWUDOHV
FXDQGR QR DFW~HQ FRPR LQVWDQFLD GH DSHODFLyQ GH ODV GHFLVLRQHV GH ODV IHGHUDFLRQHV
GHSRUWLYDV LQWHUQDFLRQDOHV R GH OD $JHQFLD 0XQGLDO $QWLGRSDMH VH DMXVWDUi D OR
HVWDEOHFLGR HQ HO WtWXOR 9 GH OD /H\ GH GH MXOLR GH FRRSHUDFLyQ MXUtGLFD
LQWHUQDFLRQDO HQ PDWHULD FLYLO VREUH HO UHFRQRFLPLHQWR \ HMHFXFLyQ GH UHVROXFLRQHV
MXGLFLDOHV \ GRFXPHQWRV S~EOLFRV H[WUDQMHURV GH OD LQVFULSFLyQ HQ 5HJLVWURV S~EOLFRV \
GHODVQRUPDVLQWHUQDFLRQDOHVDSOLFDEOHVHQ(VSDxD
'XUDQWH OD WUDPLWDFLyQ GHO FRUUHVSRQGLHQWH SURFHGLPLHQWR GH UHFRQRFLPLHQWR VH
VXVSHQGHUiQSURYLVLRQDOPHQWHORVHIHFWRVGHODOLFHQFLDGHOGHSRUWLVWDHQ(VSDxDHQHO
VXSXHVWR GH TXH OD VDQFLyQ IXHVH GH VXVSHQVLyQ R LQKDELOLWDFLyQ SDUD FRPSHWLU QR
SXGLHQGRHQQLQJ~QFDVRVHUVXSHULRUODGXUDFLyQGHODVXVSHQVLyQSURYLVLRQDODODGHOD
VDQFLyQGHLQKDELOLWDFLyQTXHVHKXELHUHLPSXHVWR
$UWtFXOR &RODERUDFLyQFRQODVDXWRULGDGHVMXGLFLDOHV
6LOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH
WXYLHUD FRQRFLPLHQWR HQ HO HMHUFLFLR GH VXV IXQFLRQHV GH OD SRVLEOH H[LVWHQFLD GH
FRQGXFWDVTXHSXGLHUDQVHUFRQVWLWXWLYDVGHOGHOLWRSUHYLVWRHQHODUWtFXORTXLQTXLHV
GHO&yGLJR3HQDOORSRQGUiGHLQPHGLDWRHQFRQRFLPLHQWRGHODV)XHU]DV\&XHUSRVGH
6HJXULGDGGHO(VWDGRGHO0LQLVWHULR)LVFDORGHO-XH]FRPSHWHQWHSDUDODLQVWUXFFLyQGHO
FYH%2($
FRUUHVSRQGLHQWHSURFHVR
&XDQGR VH LQVWUX\D XQ SURFHVR SHQDO VHJXLGR SRU OD SUHVXQWD LQIUDFFLyQ GHO
DUWtFXOR TXLQTXLHV GHO &yGLJR 3HQDO HO -XH] GH ,QVWUXFFLyQ SRGUi VROLFLWDU GH OD
$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHTXHHPLWDXQ
LQIRUPHVREUHODFRQFXUUHQFLDGHSHOLJURSDUDODYLGDRODVDOXGGHORV\ODVGHSRUWLVWDV
%2/(7Ë12),&,$/'(/(67$'2
$ HVWRV H[FOXVLYRV HIHFWRV HO -XH] SURSRUFLRQDUi D OD $JHQFLD (VWDWDO &RPLVLyQ
(VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH ORV GDWRV R ODV GLOLJHQFLDV GH
LQVWUXFFLyQSUDFWLFDGDVTXHFRQVLGHUHQHFHVDULDVSDUDHPLWLUHOLQIRUPH
(O 0LQLVWHULR )LVFDO SRGUi WDPELpQ VROLFLWDU GHO -XH] LQVWUXFWRU OD SUiFWLFD GH HVWD
GLOLJHQFLDTXHHQWRGRFDVRGHEHUiVHUHPLWLGDHQHOSOD]RGHYHLQWHGtDVGHVGHODIHFKD
GHODQRWLILFDFLyQDOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO
'HSRUWHGHODUHVROXFLyQMXGLFLDOSRUODTXHVHVROLFLWDHOLQIRUPH
8QD YH] HPLWLGR HO LQIRUPH HQ FDVR GH TXH HO -XH] SURFHGD D FRQWLQXDU ODV
DFWXDFLRQHV OR FRPXQLFDUi D OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWH7DQWRHQHVWHFDVRFRPRHQFXDOTXLHURWURVXSXHVWRHQTXHHO
LQIRUPH QR VH KD\D VROLFLWDGR OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMH HQ HO 'HSRUWH VXVSHQGHUi WRGRV ORV SURFHGLPLHQWRV VDQFLRQDGRUHV TXH VH
HVWXYLHUDQ WUDPLWDQGR UHVSHFWR GH ORV SUHVXQWRV UHVSRQVDEOHV GH OD LQIUDFFLyQ SHQDO
GHVGHHOPRPHQWRHQTXHSRUDTXHOODVHDSUHFLHTXHH[LVWHLGHQWLGDGGHKHFKRV
(OFRPLHQ]RRODFRQWLQXDFLyQGHODIDVHGHLQVWUXFFLyQGHOSURFHVRSHQDOVXSRQGUi
TXHOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHSXHGD
DFRUGDU VL SURFHGH SUHYLD DXGLHQFLD GH ORV LQWHUHVDGRV OD VXVSHQVLyQ GH OD OLFHQFLD
IHGHUDWLYD D OD OX] GH ORV SULQFLSLRV GHO DUWtFXOR GHO &yGLJR 0XQGLDO $QWLGRSDMH HQ HO
'HSRUWH
(OWLHPSRGHGXUDFLyQGHODPHGLGDSURYLVLRQDOVHGHVFRQWDUiGHODPHGLGDDVRFLDGD
TXH SXGLHUD GHULYDUVH GH OD FRQGHQD GHO UHVSRQVDEOH GHO GHOLWR VLQ SHUMXLFLR GH OR
SUHYLVWRHQHODSDUWDGRGHODUWtFXOR
(QFDVRGHTXHHOSURFHVRSHQDOILQDOLFHFRQXQDFRQGHQDILUPHSRUODFRPLVLyQGH
XQ GHOLWR SUHYLVWR HQ HO DUWtFXOR TXLQTXLHV GHO &yGLJR 3HQDO OD PLVPD OOHYDUi
DSDUHMDGD DXWRPiWLFDPHQWH FRPR PHGLGD DVRFLDGD OD VXVSHQVLyQ GH OD OLFHQFLD
IHGHUDWLYD SRU HO PLVPR SOD]R HVWDEOHFLGR HQ OD SUHVHQWH OH\ SDUD ODV LQIUDFFLRQHV
DGPLQLVWUDWLYDVHTXLYDOHQWHVLQFOXVRHQHOFDVRGHUHLQFLGHQFLD\ORVGHPiVSUHYLVWRVHQ
HO DUWtFXOR 'LFKD PHGLGD VHUi DGRSWDGD SRU OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD
SDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHXQDYH]WHQJDFRQRFLPLHQWRGHODFRQGHQD(Q
HVWH FDVR \D QR VHUi SRVLEOH VDQFLRQDU D TXLHQ KD\D VLGR DIHFWDGR SRU OD PHGLGD
DVRFLDGDVLHPSUHTXHHQWUHHOGHOLWR\ODLQIUDFFLyQDGPLQLVWUDWLYDVHDSUHFLHTXHH[LVWH
LGHQWLGDGGHKHFKRVVXMHWRV\IXQGDPHQWR
(Q ORV FDVRV HQ TXH FRPR FRQVHFXHQFLD GHO LQIRUPH HPLWLGR SRU OD $JHQFLD
(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHRSRUFXDOTXLHURWUD
FDXVD HO -XH] GH ,QVWUXFFLyQ FRQVLGHUDVH TXH QR SURFHGH FRQWLQXDU ODV DFWXDFLRQHV
SHQDOHVLQGLFDUiDOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO
'HSRUWHODILQDOL]DFLyQGHOSURFHGLPLHQWRSHQDO\pVWDLQLFLDUiRFRQWLQXDUiHQVXFDVR
FRQ OD WUDPLWDFLyQ GH ORV SURFHGLPLHQWRV DGPLQLVWUDWLYRV VDQFLRQDGRUHV HQ FXUVR /D
$JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH SRGUi
VROLFLWDU TXH OH VHD UHPLWLGR HO DXWR GH VREUHVHLPLHQWR OLEUH GH VREUHVHLPLHQWR
SURYLVLRQDO R OD VHQWHQFLD DEVROXWRULD FRQ HO ILQ GH GDU SRU DFUHGLWDGRV ORV KHFKRV
SUREDGRVTXHpVWDFRQWHQJD
SRGUiVROLFLWDUTXHOHVHDQUHPLWLGDVDTXHOODVGLOLJHQFLDVGHLQVWUXFFLyQSUDFWLFDGDVTXH
VHDQ QHFHVDULDV SDUD OD FRQWLQXDFLyQ GH ORV SURFHGLPLHQWRV VDQFLRQDGRUHV 'LFKD
SHWLFLyQVHUiUHVXHOWDSRUHO-XH]GHLQVWUXFFLyQSUHYLDDXGLHQFLDGHORVLQWHUHVDGRVHQ
HO SOD]R GH YHLQWH GtDV (Q GLFKD DXGLHQFLD ORV LQWHUHVDGRV SRGUiQ VROLFLWDU TXH VHDQ
WDPELpQ UHPLWLGRV ORV GRFXPHQWRV TXH OHV SXHGDQ EHQHILFLDU (O -XH] PHGLDQWH
UHVROXFLyQ PRWLYDGD SRGUi DFRUGDU HQWUHJDU D OD $GPLQLVWUDFLyQ ~QLFDPHQWH ODV

GLOLJHQFLDVTXHODDSOLFDFLyQGHOSULQFLSLRGHSURSRUFLRQDOLGDGDXWRULFH
FYH%2($
(Q HO FDVR GH TXH OD FDXVD SHQDO \D QR VH HQFXHQWUH HQ IDVH GH LQVWUXFFLyQ OD
SHWLFLyQ VH GLULJLUi DO yUJDQR MXULVGLFFLRQDO TXH HVWp FRQRFLHQGR GH ODV DFWXDFLRQHV
UHVSHFWRGHODVGLOLJHQFLDVGHLQVWUXFFLyQRGHODVSUXHEDV\DSUDFWLFDGDV
6L VH KXELHUD GLFWDGR \D XQD VHQWHQFLD ORV KHFKRV GHFODUDGRV SUREDGRV HQ HOOD
YLQFXODUiQ D OD $GPLQLVWUDFLyQ KD\D VLGR R QR UHPLWLGD D OD $JHQFLD (VWDWDO &RPLVLyQ
%2/(7Ë12),&,$/'(/(67$'2
(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH,JXDOUHJODVHDSOLFDUiVL\DVHKXELHVH
GLFWDGRDQWHULRUPHQWHXQDUHVROXFLyQDGPLQLVWUDWLYDILUPH
&XDQGRFXDOTXLHU-XH]R7ULEXQDOWHQJDFRQRFLPLHQWRGHODSRVLEOHH[LVWHQFLDGH
XQD LQIUDFFLyQ DGPLQLVWUDWLYD HQ PDWHULD GH GRSDMH SRGUi D VROLFLWXG GH OD $JHQFLD
(VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH SDVDU D HVWD HO
FRUUHVSRQGLHQWHWDQWRGHFXOSD
(QHVWRVFDVRVOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQ
HO 'HSRUWH SURFHGHUi D LQLFLDU ORV SURFHGLPLHQWRV VDQFLRQDGRUHV \ D DGRSWDU HQ VX
FDVR\SUHYLDDXGLHQFLDGHORVLQWHUHVDGRVODPHGLGDSURYLVLRQDOGHVXVSHQVLyQGHOD
OLFHQFLD IHGHUDWLYD 7DO UHVROXFLyQ HVWDUi VRPHWLGD DO VLVWHPD JHQHUDO GH UHFXUVRV
SUHYLVWRHQHVWDOH\
$UWtFXOR ([WLQFLyQGHODUHVSRQVDELOLGDGGLVFLSOLQDULD
/DUHVSRQVDELOLGDGGLVFLSOLQDULDVHH[WLQJXLUi
D 3RUHOFXPSOLPLHQWRGHODVDQFLyQ
E 3RUSUHVFULSFLyQ
$UWtFXOR 3UHVFULSFLyQGHODVLQIUDFFLRQHV\ODVVDQFLRQHV
/DVLQIUDFFLRQHVGHILQLGDVHQHODUWtFXORGHODSUHVHQWHOH\SUHVFULELUiQDORV
GLH]DxRV
(OSOD]RGHSUHVFULSFLyQGHODVLQIUDFFLRQHVFRPHQ]DUiDFRQWDUVHGHVGHHOGtD
HQ TXH OD LQIUDFFLyQ VH KXELHUD FRPHWLGR ,QWHUUXPSLUi OD SUHVFULSFLyQ OD LQLFLDFLyQ FRQ
FRQRFLPLHQWRGHOLQWHUHVDGRGHOSURFHGLPLHQWRVDQFLRQDGRU
/DVVDQFLRQHVGHPXOWDSUHVFULELUiQDORVFLQFRDxRV
/DVVDQFLRQHVGHVXVSHQVLyQGHOLFHQFLDLQKDELOLWDFLyQRSULYDFLyQGHGHUHFKRV
SUHVFULELUiQDORVFLQFRDxRV
(O SOD]R GH SUHVFULSFLyQ GH ODV VDQFLRQHV FRPHQ]DUi D FRQWDUVH GHVGH HO GtD
VLJXLHQWHDDTXHOHQTXHDGTXLHUDILUPH]DODUHVROXFLyQSRUODTXHVHLPSRQHODVDQFLyQ
,QWHUUXPSLUi OD SUHVFULSFLyQ OD LQLFLDFLyQ FRQ FRQRFLPLHQWR GHO LQWHUHVDGR GHO
SURFHGLPLHQWRGHHMHFXFLyQ
$UWtFXOR &RODERUDFLyQ HQ OD GHWHFFLyQ GH OD XWLOL]DFLyQ GH VXVWDQFLDV \ PpWRGRV
SURKLELGRV
/DVVDQFLRQHVGHVXVSHQVLyQGHOLFHQFLDLQKDELOLWDFLyQRSULYDFLyQGHGHUHFKRV
TXH FRUUHVSRQGD LPSRQHU FRQIRUPH D OD SUHVHQWH OH\ SRGUiQ VHU VXVSHQGLGDV SRU
UHVROXFLyQ GHO 'LUHFWRU GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWHUHFXUULEOHDQWHHO&RPLWp6DQFLRQDGRU$QWLGRSDMHGHDFXHUGR
FRQHODUWtFXORHVLHOGHSRUWLVWDXRWUDSHUVRQDSURSRUFLRQDXQDD\XGDVXVWDQFLDO
TXHSHUPLWDGHVFXEULURGHPRVWUDUXQDLQIUDFFLyQGHODVQRUPDVDQWLGRSDMHXQGHOLWRGH
ORV SUHYLVWRV HQ HO DUWtFXOR TXLQTXLHV GHO &yGLJR 3HQDO R XQD LQIUDFFLyQ GH ODV
QRUPDVSURIHVLRQDOHVFRPHWLGRVSRURWUDSHUVRQD
/D VXVSHQVLyQ SUHYLVWD HQ HO DSDUWDGR DQWHULRU QR SRGUi H[FHGHU GH ODV WUHV
FXDUWDVSDUWHVGHOSHUtRGRGHVXVSHQVLyQTXHFRUUHVSRQGD\HQFDVRGHTXHODVDQFLyQ
IXHVH GH LQKDELOLWDFLyQ GHILQLWLYD HO SHUtRGR GH VXVSHQVLyQ GHEHUi VHU DO PHQRV
GHRFKRDxRV
/DVXVSHQVLyQGHOSHUtRGRGHLQKDELOLWDFLyQRGHSULYDFLyQGHOGHUHFKRDREWHQHU
OLFHQFLDIHGHUDWLYDHVWDUiEDVDGDHQODJUDYHGDGGHODLQIUDFFLyQTXHVHKD\DFRPHWLGR\
FYH%2($
HQ OD LPSRUWDQFLD GH OD D\XGD \ FRODERUDFLyQ TXH VH SURSRUFLRQH SDUD OD GHWHFFLyQ GH
RWUDVLQIUDFFLRQHV
6LODGHFLVLyQGHVXVSHQVLyQSDUFLDOGHOSHUtRGRGHLQKDELOLWDFLyQRSULYDFLyQGHO
GHUHFKR D REWHQHU OLFHQFLD IHGHUDWLYD VH WRPDVH XQD YH] UHVXHOWRV ORV UHFXUVRV
FRQWHPSODGRVHQORVDUWtFXORV\RWUDQVFXUULGRHOSOD]RGHSUHVHQWDFLyQGHGLFKRV
UHFXUVRV UHTXHULUi XQ LQIRUPH SUHFHSWLYR HPLWLGR SRU OD $JHQFLD 0XQGLDO $QWLGRSDMH \
%2/(7Ë12),&,$/'(/(67$'2
SRU OD FRUUHVSRQGLHQWH IHGHUDFLyQ LQWHUQDFLRQDO \ VH QRWLILFDUi D WRGDV ODV SHUVRQDV \
yUJDQRVFRQOHJLWLPDFLyQSDUDUHFXUULUOD
/D$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH\
OD $JHQFLD 0XQGLDO $QWLGRSDMH SRGUiQ DFRUGDU TXH VH OLPLWH R VH UHWUDVH OD GLYXOJDFLyQ
GHODVXVSHQVLyQGHODVDQFLyQFRPRFRQVHFXHQFLDGHODD\XGD\FRODERUDFLyQFXDQGR
HOORVHDGHLQWHUpVSDUDODOXFKDFRQWUDHOGRSDMH
(QFDVRVH[FHSFLRQDOHVSRGUiQDSOLFDUVHVXVSHQVLRQHVGHOSHULRGRGHUHWLUDGD
GH OLFHQFLD IHGHUDWLYD LQFOXVR HQ VX WRWDOLGDG \ GH RWUDV FRQVHFXHQFLDV FRPR OD QR
GLYXOJDFLyQGHODVDQFLyQVXSHULRUHVDORVGHVFULWRVHQHOSUHVHQWHDUWtFXOR
&XDOTXLHUSDUWHGHOSHUtRGRGHVXVSHQVLyQGHOLFHQFLDLQKDELOLWDFLyQRSULYDFLyQ
GHO GHUHFKR D REWHQHUOD TXH KXELHVH VLGR VXVSHQGLGR SRGUi VHU UHYRFDGR WRWDO R
SDUFLDOPHQWH FXDQGR HO GHSRUWLVWD X RWUD SHUVRQD QR SURSRUFLRQH ILQDOPHQWH R QR
FRQWLQ~HSURSRUFLRQDQGRODD\XGDVXVWDQFLDOUHFRJLGDHQORVDSDUWDGRVDQWHULRUHV
/DV GHFLVLRQHV DGRSWDGDV HQ HO HMHUFLFLR GH VXV SURSLDV FRPSHWHQFLDV SRU ODV
DXWRULGDGHV H[WUDQMHUDV DFHUFD GH OD UHGXFFLyQ GH ODV VDQFLRQHV SRU GRSDMH FRPR
FRQVHFXHQFLD GH OD D\XGD PHQFLRQDGD HQ ORV DSDUWDGRV DQWHULRUHV SRGUiQ VHU
UHFRQRFLGDV HQ (VSDxD SUHYLD FRPXQLFDFLyQ D OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD
SDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH
/DV GLVSRVLFLRQHV GHO SUHVHQWH DUWtFXOR VH HQWLHQGHQ VLQ SHUMXLFLR GH ODV
FRPSHWHQFLDV TXH OD $JHQFLD 0XQGLDO $QWLGRSDMH WLHQH UHFRQRFLGDV DO DPSDUR GH OR
GLVSXHVWRHQHO&yGLJR0XQGLDO$QWLGRSDMHHQVXiPELWRGHFRPSHWHQFLDV
&$3Ë78/2,,
'HOSURFHGLPLHQWRSDUDODLPSRVLFLyQGHVDQFLRQHV
$UWtFXOR &RPSHWHQFLD HQ PDWHULD GH SURFHGLPLHQWRV VDQFLRQDGRUHV SDUD OD
UHSUHVLyQGHOGRSDMHHQHOGHSRUWH
/DSRWHVWDGVDQFLRQDGRUDHQPDWHULDGHGRSDMHUHVSHFWRGHORV\ODVGHSRUWLVWDV
\ GHPiV SHUVRQDV \ HQWLGDGHV VXMHWDV D OD SUHVHQWH OH\ \ HQ HO iPELWR REMHWLYR GH
DSOLFDFLyQ GH OD PLVPD FRUUHVSRQGH DO &RPLWp 6DQFLRQDGRU $QWLGRSDMH GH OD $JHQFLD
/DV &RPXQLGDGHV $XWyQRPDV SRGUiQ FHOHEUDU FRQYHQLRV SDUD DWULEXLU D OD
$JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH HO HMHUFLFLR
GHODFRPSHWHQFLDVDQFLRQDGRUDHQPDWHULDGHGRSDMHTXHOHVFRUUHVSRQGD
$UWtFXOR ,QIRUPDFLyQ\GLOLJHQFLDVUHVHUYDGDV
HQHO'HSRUWHHQHOiPELWRGHVXVFRPSHWHQFLDVODUHDOL]DFLyQGHODVLQYHVWLJDFLRQHV\
DYHULJXDFLRQHVQHFHVDULDVSDUDDVHJXUDUHOFXPSOLPLHQWRGHORSUHYLVWRHQHVWDOH\\HQ
SDUWLFXODUODSUiFWLFDGHGLOLJHQFLDVUHVHUYDGDVSUHYLDPHQWHDOLQLFLRGHXQSURFHGLPLHQWR
VDQFLRQDGRU
/DV DFWXDFLRQHV \ GLOLJHQFLDV SUHYLDV VH RULHQWDUiQ D GHWHUPLQDU FRQ OD PD\RU
SUHFLVLyQ SRVLEOH ORV KHFKRV VXVFHSWLEOHV GH PRWLYDU OD LQFRDFLyQ GHO SURFHGLPLHQWR OD
LGHQWLILFDFLyQ GH OD SHUVRQD R SHUVRQDV TXH SXGLHUDQ UHVXOWDU UHVSRQVDEOHV \ ODV
FLUFXQVWDQFLDVUHOHYDQWHVTXHFRQFXUUDQHQXQRV\RWURV
/DVDFWXDFLRQHV\GLOLJHQFLDVSUHYLDVVHUiQUHDOL]DGDVSRUORVyUJDQRV\SHUVRQDO
GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH TXH
WHQJDQDWULEXLGDVIXQFLRQHVGHLQYHVWLJDFLyQDYHULJXDFLyQHLQVSHFFLyQHQODPDWHULD\
FYH%2($
HQ GHIHFWR GH pVWRV SRU OD SHUVRQD X yUJDQR DGPLQLVWUDWLYR TXH GHWHUPLQH HO yUJDQR
FRPSHWHQWHSDUDODLQLFLDFLyQGHOSURFHGLPLHQWRVDQFLRQDGRU
/DV GLOLJHQFLDV UHVHUYDGDV GDUiQ OXJDU D OD LQLFLDFLyQ GHO SURFHGLPLHQWR
VDQFLRQDGRU FXDQGR TXHGH DFUHGLWDGD OD H[LVWHQFLD GH LQGLFLRV GH OD LQIUDFFLyQ
SURFHGLpQGRVHHQRWURFDVRDODUFKLYRGHODVPLVPDV
%2/(7Ë12),&,$/'(/(67$'2
LQLFLDUi GLOLJHQFLDV UHVHUYDGDV SDUD LQYHVWLJDU DO SHUVRQDO GH DSR\R GH ORV \ ODV
GHSRUWLVWDVHQORVFDVRVHQTXHOHFRQVWHODH[LVWHQFLDGHXQDLQIUDFFLyQFRPHWLGDFRQXQ
PHQRURSHUVRQDSURWHJLGDRFXDQGRDOJ~QPLHPEURGHOSHUVRQDOGHDSR\RGHORV\ODV
GHSRUWLVWDV KD\D WUDEDMDGR R FRODERUDGR FRQ PiV GH XQ GHSRUWLVWD VDQFLRQDGR SRU XQD
LQIUDFFLyQHQPDWHULDGHGRSDMH
7RGD DXWRULGDG R IXQFLRQDULR S~EOLFR TXH WHQJD FRQVWDQFLD GH OD SRVLEOH
H[LVWHQFLD GH XQD LQIUDFFLyQ DGPLQLVWUDWLYD HQ PDWHULD GH GRSDMH GHEHUi SRQHUOR VLQ
GLODFLyQ HQ FRQRFLPLHQWR GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$UWtFXOR 0HGLGDVSURYLVLRQDOHV
(Q WRGR SURFHGLPLHQWR VDQFLRQDGRU HQ PDWHULD GH GRSDMH TXH VH HQFXHQWUH HQ
WUDPLWDFLyQSRUHOyUJDQRFRPSHWHQWHSDUDODLQFRDFLyQGHOPLVPRVHSRGUiQDGRSWDUHQ
FXDOTXLHUPRPHQWRPHGLDQWHDFXHUGRPRWLYDGR\UHVSHWDQGRORVSULQFLSLRVGHDXGLHQFLD
DO LQWHUHVDGR \ SURSRUFLRQDOLGDG ODV PHGLGDV GH FDUiFWHU SURYLVLRQDO LQFOXLGD OD
VXVSHQVLyQ SURYLVLRQDO GH OD OLFHQFLD IHGHUDWLYD OD LQKDELOLWDFLyQ SDUD REWHQHUOD R OD
LPSRVLELOLGDG GH RFXSDU QLQJ~Q FDUJR GHSRUWLYR QL HMHUFHU IXQFLRQHV VDQLWDULDV R
SURIHVLRQDOHV YLQFXODGDV D GHSRUWLVWDV HQWLGDGHV FOXEHV HTXLSRV R IHGHUDFLRQHV R
HVWDEOHFLPLHQWRV GHSRUWLYRV TXH UHVXOWHQ QHFHVDULDV SDUD DVHJXUDU OD HILFDFLD GH OD
UHVROXFLyQTXHSXGLHUDUHFDHUHOEXHQILQGHOSURFHGLPLHQWRRODSURWHFFLyQFDXWHODUGH
ORVLQWHUHVHVLPSOLFDGRV
/D VXVSHQVLyQ SURYLVLRQDO GH OD OLFHQFLD DVt FRPR FXDOTXLHU RWUD PHGLGD
SURYLVLRQDO VH DFRUGDUi HQ VX FDVR SUHYLD FRPXQLFDFLyQ DO GHSRUWLVWD GH OD
FRUUHVSRQGLHQWH SURSXHVWD D ILQ GH TXH SXHGD IRUPXODU DOHJDFLRQHV SUHYLDV
FRQMXQWDPHQWHFRQODUHVROXFLyQGHLQFRDFLyQGHOSURFHGLPLHQWRVDQFLRQDGRU
(O LQWHUHVDGR SRGUi RSRQHUVH D OD VXVSHQVLyQ SURYLVLRQDO DFRUGDGD IRUPXODQGR
DOHJDFLRQHV HQ HO SOD]R LPSURUURJDEOH GH ORV GLH] GtDV QDWXUDOHV VLJXLHQWHV D OD
UHFHSFLyQGHODQRWLILFDFLyQ
$ OD YLVWD GH ODV DOHJDFLRQHV SUHVHQWDGDV HO yUJDQR FRPSHWHQWH UHVROYHUi VLQ PiV
WUiPLWHVHQHOSOD]RGHRWURVGLH]GtDVQDWXUDOHVFRQWDGRVGHVGHODSUHVHQWDFLyQGHODV
DOHJDFLRQHV 7UDQVFXUULGR GLFKR SOD]R VLQ UHVROXFLyQ H[SUHVD ORV LQWHUHVDGRV SRGUiQ
HQWHQGHUGHVHVWLPDGDVXRSRVLFLyQ
/DVXVSHQVLyQSURYLVLRQDOGHODOLFHQFLDIHGHUDWLYDVHSURORQJDUiGXUDQWHWRGDOD
WUDPLWDFLyQ GHO SURFHGLPLHQWR VDOYR TXH VH DFXHUGH VX OHYDQWDPLHQWR HQ DWHQFLyQ D
FLUFXQVWDQFLDV QR FRQRFLGDV HQ HO PRPHQWR GH VX DGRSFLyQ \ TXH SXGLHUDQ UHVXOWDU
UHOHYDQWHVSDUDODUHVROXFLyQGHOSURFHGLPLHQWR
/D SHUVRQD TXH KD\D UHFLELGR OD QRWLILFDFLyQ GHO LQLFLR GH XQ SURFHGLPLHQWR
VDQFLRQDGRU HQ PDWHULD GH GRSDMH TXH QR FRQOOHYH OD VXVSHQVLyQ SURYLVLRQDO GH OD
OLFHQFLD IHGHUDWLYD FRQIRUPH D OR SUHYLVWR HQ ORV DSDUWDGRV DQWHULRUHV SRGUi
YROXQWDULDPHQWH SHGLU OD PHGLGD SURYLVLRQDO GH VXVSHQVLyQ GH OD PLVPD KDVWD TXH VH
GLFWH OD UHVROXFLyQ GHO SURFHGLPLHQWR FX\D GXUDFLyQ VHUi GH DERQR D OD VXVSHQVLyQ
GHILQLWLYDTXHVHLPSXVLHUD
(Q WRGRV ORV FDVRV GH LPSRVLFLyQ GH VXVSHQVLyQ SURYLVLRQDO GH OD OLFHQFLD
IHGHUDWLYDVXGXUDFLyQVHUiGHDERQRSDUDODVDQFLyQGHILQLWLYDTXHVHLPSRQJDVLHPSUH
\FXDQGRODPLVPDVHKD\DUHVSHWDGRSOHQDHtQWHJUDPHQWH
(Q RWUR FDVR \ FRQ LQGHSHQGHQFLD GH ODV UHVSRQVDELOLGDGHV VDQFLRQDGRUDV TXH
SXGLHUDQ GHULYDUVH GHO TXHEUDQWDPLHQWR GH OD PHGLGD DFRUGDGD QR VHUi GH DERQR
QLQJXQR GH ORV SHULRGRV HIHFWLYDPHQWH FXPSOLGRV GH VXVSHQVLyQ SURYLVLRQDO GH OD
FYH%2($
OLFHQFLD
/D DGRSFLyQ GH OD PHGLGD SURYLVLRQDO GH VXVSHQVLyQ R GH LQKDELOLWDFLyQ SDUD
REWHQHUOLFHQFLDIHGHUDWLYDLPSOLFDUiODVXVSHQVLyQGHFXDOTXLHURWUDOLFHQFLDGHSRUWLYD\
OD LQKDELOLWDFLyQ SDUD REWHQHU XQD QXHYD HQ RWUDV PRGDOLGDGHV R HVSHFLDOLGDGHV
GHSRUWLYDVGLIHUHQWHVGHDTXHOODHQFX\DYLUWXGVHDFRUGyODVXVSHQVLyQ
%2/(7Ë12),&,$/'(/(67$'2
$UWtFXOR ,QLFLDFLyQGHOSURFHGLPLHQWRVDQFLRQDGRU
(OSURFHGLPLHQWRVDQFLRQDGRUVHLQLFLDSRUUHVROXFLyQGHO'LUHFWRUGHOD$JHQFLD
(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHFRPRFRQVHFXHQFLD
GH OD FRPXQLFDFLyQ TXH KDJD GH IRUPD GLUHFWD HO ODERUDWRULR GH FRQWURO GHO GRSDMH
DFWXDQWHRFRPRFRQVHFXHQFLDGHOFRQRFLPLHQWRGHKHFKRVRODUHFHSFLyQGHSUXHEDVR
LQGLFLRVGHFXDOTXLHUWLSRTXHSHUPLWDQIXQGDUODSRVLEOHH[LVWHQFLDGHXQDLQIUDFFLyQHQ
PDWHULDGHGRSDMH
(Q HO DFXHUGR GH LQLFLDFLyQ GHO SURFHGLPLHQWR VDQFLRQDGRU HO 'LUHFWRU GH OD
$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHQRPEUDUiDO
LQVWUXFWRUGHOSURFHGLPLHQWRFRQWUDVODGRGHFXDQWDVDFWXDFLRQHVH[LVWDQDOUHVSHFWR\
VHQRWLILFDUiDORVLQWHUHVDGRVHQWHQGLpQGRVHHQWRGRFDVRSRUWDODOLQFXOSDGR
'LFKR DFXHUGR DVt FRPR OD PHGLGD SURYLVLRQDO TXH HQ VX FDVR VH DGRSWH VH
FRPXQLFDUiQDOD$JHQFLD0XQGLDO$QWLGRSDMHDODVUHVSHFWLYDVIHGHUDFLRQHVQDFLRQDOH
LQWHUQDFLRQDO \ D WRGDV ODV GHPiV SHUVRQDV \ HQWLGDGHV OHJLWLPDGDV SDUD UHFXUULU OD
UHVROXFLyQTXHVHGLFWHHQHOSURFHGLPLHQWR
(ODFXHUGRGHLQLFLDFLyQGHEHUiFRQWHQHUDOPHQRV
D ,GHQWLILFDFLyQGHODSHUVRQDRSHUVRQDVSUHVXQWDPHQWHUHVSRQVDEOHV
E /RVKHFKRVTXHPRWLYDQODLQFRDFLyQGHOSURFHGLPLHQWRVXSRVLEOHFDOLILFDFLyQ\
ODVVDQFLRQHVTXHSXGLHUDQFRUUHVSRQGHUVLQSHUMXLFLRGHORTXHUHVXOWHGHODLQVWUXFFLyQ
F ,GHQWLILFDFLyQGHOLQVWUXFWRUFRQH[SUHVDLQGLFDFLyQGHOUpJLPHQGHUHFXVDFLyQGHO
PLVPR
G ÏUJDQRFRPSHWHQWHSDUDODUHVROXFLyQGHOSURFHGLPLHQWR\QRUPDTXHOHDWULEX\D
WDO FRPSHWHQFLD LQGLFDQGR OD SRVLELOLGDG GH TXH HO SUHVXQWR UHVSRQVDEOH SXHGD
UHFRQRFHU YROXQWDULDPHQWH VX UHVSRQVDELOLGDG FRQ ORV HIHFWRV SUHYLVWRV HQ HO
DUWtFXORF\GGHHVWDOH\
H 0HGLGDV GH FDUiFWHU SURYLVLRQDO TXH VH KD\DQ DFRUGDGR SRU HO yUJDQR
FRPSHWHQWHSDUDLQLFLDUHOSURFHGLPLHQWRVDQFLRQDGRUVLQSHUMXLFLRGHODVTXHVHSXHGDQ
DGRSWDUGXUDQWHHOPLVPR
I &XDQGR OD LQIUDFFLyQ SUHVXQWDPHQWH FRPHWLGD VHD XQD GH ODV SUHYLVWDV HQ HO
DSDUWDGRDGHODUWtFXORHOGHUHFKRGHOGHSRUWLVWDDVROLFLWDUTXHVHUHDOLFHHODQiOLVLV
GH OD PXHVWUD % DO TXH SRGUi DVLVWLU DFRPSDxDGR R SRU PHGLR GH UHSUHVHQWDQWH
GHELGDPHQWHDFUHGLWDGR
J ,QGLFDFLyQ GHO GHUHFKR D IRUPXODU DOHJDFLRQHV \ D OD DXGLHQFLD HQ HO
SURFHGLPLHQWR\GHORVSOD]RVSDUDVXHMHUFLFLRDVtFRPRLQGLFDFLyQGHTXHHQFDVRGH
QRHIHFWXDUDOHJDFLRQHVHQHOSOD]RSUHYLVWRVREUHHOFRQWHQLGRGHODFXHUGRGHLQLFLDFLyQ
pVWH SRGUi VHU FRQVLGHUDGR SURSXHVWD GH UHVROXFLyQ FXDQGR FRQWHQJD XQ
SURQXQFLDPLHQWRSUHFLVRDFHUFDGHODUHVSRQVDELOLGDGLPSXWDGD
(Q HO VXSXHVWR GH QHJDWLYD VLQ MXVWLILFDFLyQ YiOLGD D VRPHWHUVH D XQ FRQWURO OD
UHPLVLyQSRUHODJHQWHKDELOLWDGRGHOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD
$QWLGRSDMH HQ HO 'HSRUWH GHO GRFXPHQWR TXH DFUHGLWH GLFKD QHJDWLYD GDUi OXJDU
DVLPLVPRDODLQLFLDFLyQGHOSURFHGLPLHQWRVDQFLRQDGRU
(Q HO FDVR GH LQFRDUVH HO SURFHGLPLHQWR VDQFLRQDGRU FRPR FRQVHFXHQFLD GH OD
FRPXQLFDFLyQUHDOL]DGDSRUHOODERUDWRULRGHFRQWUROGHOGRSDMHDFWXDQWHGHXQUHVXOWDGR
DQDOtWLFR DGYHUVR OD QRWLILFDFLyQ GHO DFXHUGR GH LQFRDFLyQ GHO SURFHGLPLHQWR VH
DFRPSDxDUi GHO UHVXOWDGR DQDOtWLFR GHO ODERUDWRULR \ GH OD FDGHQD GH FXVWRGLD GH OD
PXHVWUDDQDOL]DGD
$UWtFXOR $OHJDFLRQHV\PHGLRVGHSUXHED
FYH%2($
(O DFXHUGR GH LQLFLDFLyQ GHO SURFHGLPLHQWR FRQFHGHUi DO LQWHUHVDGR HO SOD]R
FRP~Q H LPSURUURJDEOH GH TXLQFH GtDV SDUD HO WUiPLWH GH DOHJDFLRQHV \ SURSRVLFLyQ GH
SUXHEDV
%2/(7Ë12),&,$/'(/(67$'2
(Q HO SURFHGLPLHQWR VDQFLRQDGRU HQ PDWHULD GH GRSDMH OD $GPLQLVWUDFLyQ \ OD
SHUVRQD DIHFWDGD SRU DTXpO SRGUiQ VHUYLUVH GH WRGRV ORV PHGLRV GH SUXHED DGPLVLEOHV
HQ GHUHFKR LQFOXLGR HO SDVDSRUWH ELROyJLFR VL H[LVWLHVHQ GDWRV VREUH HO PLVPR 'LFKDV
SUXHEDV GHEHUiQ YDORUDUVH GH PRGR FRQMXQWR GH DFXHUGR FRQ ODV UHJODV GH OD VDQD
FUtWLFD GH DFXHUGR FRQ ORV SULQFLSLRV \ FULWHULRV GH LQWHUSUHWDFLyQ HVWDEOHFLGRV HQ HO
&yGLJR0XQGLDO$QWLGRSDMH
1RREVWDQWHORGLVSXHVWRHQHODSDUWDGRDQWHULRUVHUiQGHLQH[FXVDEOHDSOLFDFLyQ
ODVVLJXLHQWHVUHJODVHVSHFLDOHVGHSUXHED
D 8Q UHVXOWDGR DQDOtWLFR DGYHUVR HQ XQ FRQWURO GH GRSDMH FRQVWLWXLUi SUXHED GH
FDUJR VXILFLHQWH D ORV HIHFWRV GH FRQVLGHUDU H[LVWHQWHV ODV LQIUDFFLRQHV WLSLILFDGDV HQ HO
DUWtFXOROHWUDVD\EGHHVWDOH\$HVWRVHIHFWRVVHFRQVLGHUDUiSUXHEDVXILFLHQWHOD
FRQFXUUHQFLDGHFXDOTXLHUDGHODVFLUFXQVWDQFLDVVLJXLHQWHV
3UHVHQFLDGHXQDVXVWDQFLDSURKLELGDRGHVXVPHWDEROLWRVRPDUFDGRUHVHQOD
PXHVWUD$GHOGHSRUWLVWDFXDQGRpVWHUHQXQFLHDODQiOLVLVGHODPXHVWUD%\pVWDQRVH
DQDOLFH
&XDQGR OD PXHVWUD % GHO GHSRUWLVWD VH DQDOLFH DXQTXH HO GHSRUWLVWD QR KD\D
VROLFLWDGR VX DQiOLVLV \ HO DQiOLVLV FRQILUPH OD SUHVHQFLD GH OD VXVWDQFLD SURKLELGD R GH
VXVPHWDEROLWRVRPDUFDGRUHVGHWHFWDGRVHQODPXHVWUD$GHOGHSRUWLVWD
6LVHGLYLGHODPXHVWUD%GHOGHSRUWLVWDHQGRVSDUWHV\HODQiOLVLVGHODVHJXQGD
SDUWHFRQILUPDODSUHVHQFLDGHODVXVWDQFLDSURKLELGDRGHVXVPHWDEROLWRVRPDUFDGRUHV
GHWHFWDGRVHQODSULPHUDSDUWH
6LVHGLYLGHODPXHVWUD%GHOGHSRUWLVWDHQGRVSDUWHV\HOGHSRUWLVWDUHK~VDHO
DQiOLVLVGHODVHJXQGDSDUWH
(Q FXDOTXLHU FDVR HO GHSRUWLVWD SRGUi DVLVWLU DFRPSDxDGR R SRU PHGLR GH
UHSUHVHQWDQWH GHELGDPHQWH DFUHGLWDGR D OD DSHUWXUD GH OD PXHVWUD % WDQWR VL KXELHUD
VLGRVROLFLWDGDSRUpORHQFXDOTXLHUDGHORVRWURVVXSXHVWRV
/D$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHSRGUi
VROLFLWDU D XQ ODERUDWRULR DQWLGRSDMH DFUHGLWDGR R DSUREDGR SRU OD $JHQFLD 0XQGLDO
$QWLGRSDMH OD UHDOL]DFLyQ GH DQiOLVLV DGLFLRQDOHV XQD YH] LQLFLDGD OD LQFRDFLyQ GHO
SURFHGLPLHQWRVLHPSUHTXHFXHQWHFRQHOFRQVHQWLPLHQWRGHOGHSRUWLVWD
E 8QUHVXOWDGRDGYHUVRHQHOSDVDSRUWHELROyJLFRGHOGHSRUWLVWDFRQVWLWXLUiSUXHED
GH FDUJR VXILFLHQWH D ORV HIHFWRV GH FRQVLGHUDU H[LVWHQWH OD LQIUDFFLyQ WLSLILFDGD HQ HO
DUWtFXOREGHHVWDOH\
F 6H SUHVXPH TXH ORV ODERUDWRULRV GH FRQWURO GH GRSDMH TXH VH HQFXHQWUHQ
DFUHGLWDGRV R DSUREDGRV SRU OD $JHQFLD 0XQGLDO $QWLGRSDMH UHDOL]DQ ORV DQiOLVLV GH
PXHVWUD\DSOLFDQORVSURFHGLPLHQWRVGHFXVWRGLDFRQIRUPHDODQRUPDWLYDDSOLFDEOH
1R REVWDQWH HO GHSRUWLVWD X RWUD SHUVRQD SXHGHQ GHPRVWUDU TXH HO ODERUDWRULR KD
FRQWUDYHQLGR OD UHJXODFLyQ DSOLFDEOH \ TXH HVWD FLUFXQVWDQFLD SRGUtD UD]RQDEOHPHQWH
KDEHUFDXVDGRHOUHVXOWDGRDQDOtWLFRDGYHUVRHQFX\RFDVRHOyUJDQRFRPSHWHQWHWHQGUi
ODFDUJDGHGHPRVWUDUTXHHVDFRQWUDYHQFLyQGHODQRUPDWLYDDSOLFDEOHQRKDGDGROXJDU
DOPLVPR
(QHVWRVFDVRVOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO
'HSRUWHSRQGUiHVWDFLUFXQVWDQFLDHQFRQRFLPLHQWRGHOD$JHQFLD0XQGLDO$QWLGRSDMHD
ORVHIHFWRVGHODLQWHUSRVLFLyQGHXQSRVLEOHUHFXUVRFRQWUDODGHFLVLyQTXHVHDGRSWH
/RVODERUDWRULRVGHFRQWUROGHGRSDMHGHEHUiQHVWDUVLHPSUHHQGLVSRVLFLyQGHH[KLELU
ORV GRFXPHQWRV HQ ORV TXH FRQVWH OD YLJHQFLD GH OD DFUHGLWDFLyQ FRQFHGLGD SRU OD
$JHQFLD0XQGLDO$QWLGRSDMH
G 6H SUHVXPH VDOYR SUXHED HQ FRQWUDULR OD YDOLGH] FLHQWtILFD GH ORV PpWRGRV
FYH%2($
DQDOtWLFRV\GHORVOtPLWHVGHGHFLVLyQTXHDSOLTXHQORVODERUDWRULRVGHFRQWURODQWLGRSDMH
GHELGDPHQWHDXWRUL]DGRV
H &XDOTXLHU FRQWUDYHQFLyQ GH XQD QRUPD DSOLFDEOH HQ ORV SURFHGLPLHQWRV GH
FRQWUROGHOGRSDMHTXHQRVHDFDXVDGLUHFWDGHXQUHVXOWDGRDQDOtWLFRDGYHUVRRGHRWUD
LQIUDFFLyQQRGHWHUPLQDUiODLQYDOLGH]GHOUHVXOWDGR
%2/(7Ë12),&,$/'(/(67$'2
I (QFDVRGHQHJDWLYDRUHVLVWHQFLDDVRPHWHUVHDORVFRQWUROHVHOGRFXPHQWRTXH
DFUHGLWHODQHJDWLYDVXVFULWRSRUHOSHUVRQDOKDELOLWDGRDTXHVHUHILHUHHODUWtFXORGH
HVWD OH\ WHQGUi YDORU SUREDWRULR VLQ SHUMXLFLR GH ODV SUXHEDV TXH HQ GHIHQVD GH ORV
UHVSHFWLYRVGHUHFKRVRLQWHUHVHVSXHGDQVHxDODURDSRUWDUORVSURSLRVLQWHUHVDGRVDORV
HIHFWRVGHDFUHGLWDUTXHH[LVWtDMXVWLILFDFLyQYiOLGD
J (O SUHVXQWR LQIUDFWRU SRGUi UHIXWDU WRGRV ORV KHFKRV \ SUHVXQFLRQHV TXH OH
SHUMXGLTXHQ\SUREDUORVKHFKRV\FLUFXQVWDQFLDVQHFHVDULRVSDUDVXGHIHQVD
$UWtFXOR ࣩ5HJODVHVSHFtILFDVHQUHODFLyQFRQHOSDVDSRUWHELROyJLFR
(QHOFDVRGHUHVXOWDGRVDQyPDORVHQHOSDVDSRUWHELROyJLFROD$JHQFLD(VWDWDO
&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHUHDOL]DUiODVLQYHVWLJDFLRQHV
FRUUHVSRQGLHQWHV UHFRJLHQGR SUXHEDV D ILQ GH GHWHUPLQDU VL VH KD SURGXFLGR XQD
LQIUDFFLyQGHODVQRUPDVDQWLGRSDMH
6LQ SHUMXLFLR GH OR GLVSXHVWR HQ HO DUWtFXOR DQWHULRU HQ OD WUDPLWDFLyQ GH ORV
SURFHGLPLHQWRV VDQFLRQDGRUHV FRPR FRQVHFXHQFLD GH UHVXOWDGRV DGYHUVRV HQ HO
SDVDSRUWHELROyJLFRVHUHVSHWDUiHQWRGRFDVRHOFRQWHQLGRHVHQFLDOGHODV1RUPDV\
ORV (VWiQGDUHV ,QWHUQDFLRQDOHV VREUH JHVWLyQ GH UHVXOWDGRV VREUH FRQWUROHV H
LQYHVWLJDFLRQHV\VREUHODERUDWRULRVGHOD$JHQFLD0XQGLDO$QWLGRSDMH
$UWtFXOR ࣩ)LQDOL]DFLyQGHOSURFHGLPLHQWR
(O SURFHGLPLHQWR VDQFLRQDGRU HQ PDWHULD GH GRSDMH WHUPLQDUi PHGLDQWH
UHVROXFLyQGHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
8QDYH]FRQFOXLGDODLQVWUXFFLyQGHOSURFHGLPLHQWRHOyUJDQRLQVWUXFWRUIRUPXODUi
SURSXHVWDGHUHVROXFLyQTXHVHUiQRWLILFDGDDORVLQWHUHVDGRVSDUDIRUPXODUDOHJDFLRQHV
HQHOSOD]RGHGLH]GtDV
7UDQVFXUULGRGLFKRSOD]R\HQVXFDVRIRUPXODGDVODVDOHJDFLRQHVHOLQVWUXFWRU
HOHYDUi HO H[SHGLHQWH \ OD FRUUHVSRQGLHQWH SURSXHVWD GH UHVROXFLyQ DO &RPLWp
6DQFLRQDGRU$QWLGRSDMHHOFXDOUHVROYHUiHQHOSOD]RGHWUHVPHVHVDFRQWDUGHVGHTXH
KXELHVHFRQFOXLGRHOUHIHULGRSOD]RGHDOHJDFLRQHV
/DUHVROXFLyQVDQFLRQDGRUDVHUiQRWLILFDGDSRUHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
HQ HO SOD]R GH GLH] GtDV DO 'LUHFWRU GH OD &RPLVLyQ (VSDxROD SDUD OD /XFKD FRQWUD HO
'RSDMH HQ HO 'HSRUWH D OD $JHQFLD 0XQGLDO $QWLGRSDMH D ODV IHGHUDFLRQHV QDFLRQDOHV H
LQWHUQDFLRQDOHVDOFOXERHTXLSRGHSRUWLYRDOTXHSHUWHQH]FDHOGHSRUWLVWDHQHOFDVRGH
ORV GHSRUWHV GH HTXLSR \ D ODV GHPiV HQWLGDGHV OHJLWLPDGDV SDUD UHFXUULUOD GH DFXHUGR
FRQORGLVSXHVWRHQDUWtFXORGHHVWDOH\
(OUHWUDVRHQODQRWLILFDFLyQQRDIHFWDUiDODYDOLGH]GHODUHVROXFLyQGLFWDGD
$UWtFXOR 'XUDFLyQGHOSURFHGLPLHQWR\FDGXFLGDG
(OSURFHGLPLHQWRVDQFLRQDGRUHQPDWHULDGHGRSDMHGHEHUiFRQFOXLUHQHOSOD]R
Pi[LPR GH GRFH PHVHV D FRQWDU GHVGH OD DGRSFLyQ GHO DFXHUGR GH LQFRDFLyQ GHO
SURFHGLPLHQWR
(OYHQFLPLHQWRGHOSOD]RHVWDEOHFLGRHQHOSiUUDIRDQWHULRUSURGXFLUiODFDGXFLGDG
GHO SURFHGLPLHQWR VLHQGR DSOLFDEOHV DO HIHFWR ORV DUWtFXORV \ GH OD
/H\GHGHRFWXEUH
/DGHFODUDFLyQGHFDGXFLGDGSRGUiGLFWDUVHGHRILFLRRDLQVWDQFLDGHOLQWHUHVDGR
HLPSOLFDUiHODUFKLYRGHODVDFWXDFLRQHV
6LQ SHUMXLFLR GH OR DQWHULRU OD FDGXFLGDG TXH VH KXELHUH DFRUGDGR QR LPSHGLUi
LQLFLDUXQQXHYRSURFHGLPLHQWRVDQFLRQDGRUGHQWURGHOSOD]ROHJDOGHSUHVFULSFLyQGHOD
FYH%2($
FRUUHVSRQGLHQWHLQIUDFFLyQ
/DFDGXFLGDGQRSURGXFLUiSRUVtVRODODSUHVFULSFLyQGHODVDFFLRQHVGHOSDUWLFXODUR
GH OD $GPLQLVWUDFLyQ SHUR ORV SURFHGLPLHQWRV FDGXFDGRV QR LQWHUUXPSLUiQ HO SOD]R GH
SUHVFULSFLyQ
%2/(7Ë12),&,$/'(/(67$'2
(QORVFDVRVHQORVTXHVHDSRVLEOHODLQLFLDFLyQGHXQQXHYRSURFHGLPLHQWRSRUQR
KDEHUVHSURGXFLGRODSUHVFULSFLyQSRGUiQLQFRUSRUDUVHDpVWHORVDFWRV\WUiPLWHVFX\R
FRQWHQLGR VH KXELHUD PDQWHQLGR LJXDO GH QR KDEHUVH SURGXFLGR OD FDGXFLGDG (Q WRGR
FDVR HQ HO QXHYR SURFHGLPLHQWR GHEHUiQ FXPSOLPHQWDUVH ORV WUiPLWHV GH DOHJDFLRQHV
SURSRVLFLyQGHSUXHED\DXGLHQFLDDOLQWHUHVDGR
$UWtFXOR (IHFWRVGHODUHVROXFLyQVDQFLRQDGRUD
/DV VDQFLRQHV LPSXHVWDV VRQ LQPHGLDWDPHQWH HMHFXWLYDV GHVGH OD IHFKD HQ TXH VH
QRWLILTXH OD FRUUHVSRQGLHQWH UHVROXFLyQ DGPLQLVWUDWLYD VDOYR TXH HO yUJDQR TXH GHED
FRQRFHUGHOUHFXUVRTXHFRQWUDODVPLVPDVSXGLHUDLQWHUSRQHUVHDFXHUGHVXVXVSHQVLyQ
GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO SiUUDIR VHJXQGR GHO DUWtFXOR R HQ HO
DUWtFXOR GH OD /H\ GH GH RFWXEUH GH 3URFHGLPLHQWR $GPLQLVWUDWLYR
&RP~QGHODV$GPLQLVWUDFLRQHV3~EOLFDV
$UWtFXOR 3XEOLFDFLyQGHODVUHVROXFLRQHVVDQFLRQDGRUDV
/DVUHVROXFLRQHVVDQFLRQDGRUDVILUPHVVHUiQREMHWRGHSXEOLFDFLyQ
1R REVWDQWH HQ HO FDVR GH TXH DIHFWHQ D PHQRUHV SHUVRQDV SURWHJLGDV R
GHSRUWLVWDV DILFLRQDGRV ODV UHVROXFLRQHV VDQFLRQDGRUDV QR VH SXEOLFDUiQ D PHQRV TXH
UD]RQDGDPHQWH VH YDORUH OD FRQYHQLHQFLD GH SURFHGHU D OD SXEOLFDFLyQ DWHQGLHQGR D OD
SHUWLQHQFLDGHODPLVPD\ODVFLUFXQVWDQFLDVGHOFDVR
$VLPLVPR FRQ HO SURSyVLWR GH SURWHJHU OD LGHQWLGDG GH ODV SHUVRQDV TXH SUHVWHQ OD
FRODERUDFLyQ D TXH VH UHILHUH HO DUWtFXOR SRGUi H[FHSFLRQDVH OD SXEOLFDFLyQ GH OD
VDQFLyQVLVHHVWLPDUDTXHODPLVPDSXGLHUDUHYHODUODSUHVWDFLyQGHODD\XGDVXVWDQFLDO
RODFRODERUDFLyQ\FRQHOORSRQHUHQULHVJRRFDXVDUSHUMXLFLRVDTXLHQHVFRODERUHQ
/D SXEOLFDFLyQ ~QLFDPHQWH FRQWHQGUi HO QRPEUH \ DSHOOLGRV GH OD SHUVRQD
LQIUDFWRUDHVSHFLDOLGDGGHSRUWLYDSUHFHSWRYXOQHUDGRVXVWDQFLDRPpWRGRHPSOHDGRV\
VDQFLyQLPSXHVWD
6HUi REMHWR GH SXEOLFDFLyQ OD DGRSFLyQ GH ODV PHGLGDV GH VXVSHQVLyQ
SURYLVLRQDOVLELHQHQHVWRVFDVRVODSXEOLFDFLyQ~QLFDPHQWHFRQWHQGUiODLGHQWLGDGGHOD
SHUVRQDLQIUDFWRUD\ODGXUDFLyQGHODPHGLGDSURYLVLRQDO
3DUD SURFHGHU D OD SXEOLFDFLyQ VH XWLOL]DUiQ GH PDQHUD SUHIHUHQWH PHGLRV
HOHFWUyQLFRV
&XDQGR FRPR FRQVHFXHQFLD GHO UHFXUVR LQWHUSXHVWR FRQWUD OD UHVROXFLyQ
VDQFLRQDGRUD VH GHWHUPLQDUD OD LQH[LVWHQFLD GH OD LQIUDFFLyQ LPSXWDGD DO GHSRUWLVWD R D
RWUD SHUVRQD R VH UHGXMHUD OD VDQFLyQ LPSXHVWD VH SURFHGHUi D OD SXEOLFDFLyQ GH OD
HVWLPDFLyQGHGLFKRUHFXUVRVLHPSUHTXHHOGHSRUWLVWDRGLFKDRWUDSHUVRQDRWRUJDUHVX
FRQVHQWLPLHQWR D GLFKD SXEOLFDFLyQ (Q WDO FDVR OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD
SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH GLYXOJDUi OD GHFLVLyQ GH PDQHUD tQWHJUD R
UHGDFWiQGRODGHXQDIRUPDDFHSWDEOHSDUDHOGHSRUWLVWDRODRWUDSHUVRQD
$UWtFXOR 1RWLILFDFLRQHV
/DV QRWLILFDFLRQHV TXH GHEDQ SUDFWLFDUVH HQ HO SURFHGLPLHQWR VDQFLRQDGRU VH
UHDOL]DUiQ FRQIRUPH D OR GLVSXHVWR HQ HO SUHVHQWH DUWtFXOR \ HQ ORV DUWtFXORV \
VLJXLHQWHVGHOD/H\GHGHRFWXEUH
/DV QRWLILFDFLRQHV GH ODV UHVROXFLRQHV \ DFWRV TXH GLFWH OD $JHQFLD (VWDWDO
&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHVHUHDOL]DUiQHQHOGRPLFLOLR
SRVWDOGHOLQWHUHVDGRRDWUDYpVGHPHGLRVHOHFWUyQLFRVGHDFXHUGRFRQORGLVSXHVWRHQ
ORVDUWtFXORV\GHOD/H\GHGHRFWXEUH$VLPLVPRHOGHSRUWLVWDSRGUi
FYH%2($
GHVLJQDUFRPRGRPLFLOLRGHQRWLILFDFLRQHVHOGHOFOXEHTXLSRRHQWLGDGGHSRUWLYDDODTXH
SHUWHQH]FDRHOGHVXUHSUHVHQWDQWH
(QFXDOTXLHUPRPHQWRGHOSURFHGLPLHQWRVDQFLRQDGRUHOH[SHGLHQWDGRSRGUiIDFLOLWDU
XQQXHYRGRPLFLOLRGHQRWLILFDFLRQHVTXHVXUWLUiHIHFWRDSDUWLUGHGLFKDFRPXQLFDFLyQ
%2/(7Ë12),&,$/'(/(67$'2
/RV LQWHUHVDGRV TXH QR HVWpQ REOLJDGRV D UHFLELU QRWLILFDFLRQHV HOHFWUyQLFDV
SRGUiQFRPXQLFDUHQFXDOTXLHUPRPHQWRDOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD
/XFKD$QWLGRSDMHHQHO'HSRUWHPHGLDQWHORVPRGHORVQRUPDOL]DGRVTXHVHHVWDEOH]FDQ
DO HIHFWR TXH ODV QRWLILFDFLRQHV VXFHVLYDV VH SUDFWLTXHQ R GHMHQ GH SUDFWLFDUVH SRU
PHGLRVHOHFWUyQLFRV
&RPSOHPHQWDULDPHQWH HO LQWHUHVDGR SRGUi LGHQWLILFDU XQ GLVSRVLWLYR HOHFWUyQLFR \R
XQD GLUHFFLyQ GH FRUUHR HOHFWUyQLFR SDUD HO HQYtR GH FXDOHVTXLHUD RWURV DYLVRV \
FRPXQLFDFLRQHV GLVWLQWDV GH ODV QRWLILFDFLRQHV FRQVLGHUiQGRVH HQ RWUR FDVR FRPR
GLUHFFLyQGHFRUUHRHOHFWUyQLFRSDUDHOHQYtRGHGLFKRVDYLVRVODTXHHOGHSRUWLVWDIDFLOLWH
HQHOPLVPRIRUPXODULRGHFRQWUROGHGRSDMH
&$3Ë78/2,,,
'HO&RPLWp6DQFLRQDGRU$QWLGRSDMH
$UWtFXOR &RPLWp6DQFLRQDGRU$QWLGRSDMH
(O&RPLWp6DQFLRQDGRU$QWLGRSDMHHVXQyUJDQRFROHJLDGRDGVFULWRDOD$JHQFLD
(VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH TXH DFW~D HQ HO
HMHUFLFLR GH VXV FRPSHWHQFLDV \ SDUD HO FXPSOLPLHQWR GH VXV IXQFLRQHV FRQ SOHQD
LQGHSHQGHQFLD QR SXGLHQGR UHFLELU yUGHQHV R LQVWUXFFLRQHV GH QLQJ~Q RWUR yUJDQR R
DXWRULGDG \D VHD GH OD SURSLD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWHRH[WHUQR
(O &RPLWp 6DQFLRQDGRU $QWLGRSDMH HVWDUi FRPSXHVWR SRU VLHWH YRFDOHV TXH
VHUiQ QRPEUDGRV SRU DFXHUGR GHO &RQVHMR 5HFWRU D SURSXHVWD GHO 'LUHFWRU GH OD
$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWH
'HORVVLHWHYRFDOHVFXDWURVHUiQHOHJLGRVHQWUHMXULVWDVGHUHFRQRFLGDFRPSHWHQFLD
\SUHVWLJLRSURIHVLRQDOHQHOiPELWRGHOGHUHFKRGHSRUWLYR\WUHVHQWUHSURIHVLRQDOHVGHO
iPELWR FLHQWtILFR PpGLFR R GHSRUWLYR FRQ FRQRFLPLHQWRV HVSHFtILFRV HQ PDWHULD GH
GRSDMH\UHFRQRFLGDWUD\HFWRULDHQVXDFWLYLGDGSURIHVLRQDO
/RV YRFDOHV HOHJLGRV VHUiQ LQDPRYLEOHV GXUDQWH HO SHULRGR GH VX PDQGDWR VLQ
SHUMXLFLR GH OR HVWDEOHFLGR HQ HO DSDUWDGR \ DFWXDUiQ FRQ SOHQD DXWRQRPtD H
LQGHSHQGHQFLDHQHOHMHUFLFLRGHVXVIXQFLRQHV
(O 3UHVLGHQWH GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH VHUi QRPEUDGR SRU HO &RQVHMR
5HFWRU D SURSXHVWD \ GH HQWUH ORV PLHPEURV GH GLFKR &RPLWp (Q FDVRV GH YDFDQWH
DXVHQFLDHQIHUPHGDGXRWUDFDXVDOHJDOHO3UHVLGHQWHVHUiVXVWLWXLGRSRUHOPLHPEURGH
PD\RUDQWLJHGDG\HQFDVRGHLJXDODQWLJHGDGSRUHOGHPD\RUHGDGGHHQWUHHOORV
(O &RQVHMR 5HFWRU GHVLJQDUi D SURSXHVWD GHO 'LUHFWRU GH OD $JHQFLD (VWDWDO
&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHXQ6HFUHWDULRFRQYR]SHUR
VLQ YRWR HQWUH IXQFLRQDULRV GH FDUUHUD SHUWHQHFLHQWHV D XQ FXHUSR GHO VXEJUXSR $
GHVWLQDGRVHQpVWD
(Q OD FRPSRVLFLyQ GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH VH JDUDQWL]DUi OD SUHVHQFLD
HTXLOLEUDGDGHPXMHUHV\KRPEUHVVDOYRSRUUD]RQHVIXQGDGDV\REMHWLYDVGHELGDPHQWH
PRWLYDGDV
1R SRGUiQ VHU GHVLJQDGRV PLHPEURV GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH TXLHQHV
VHDQRKD\DQVLGRGXUDQWHORVGRVDxRVDQWHULRUHVDVXQRPEUDPLHQWRPLHPEURVGHORV
yUJDQRV GH JRELHUQR GH UHSUHVHQWDFLyQ R FRPSOHPHQWDULRV GH ODV IHGHUDFLRQHV
GHSRUWLYDVHVSDxRODVOLJDVSURIHVLRQDOHVRFOXEHVGHSRUWLYRVTXLHQHVKD\DQDVHVRUDGR
GLUHFWD R LQGLUHFWDPHQWH D pVWDV GXUDQWH HO PLVPR SHULRGR R TXLHQHV KD\DQ SUHVWDGR
VHUYLFLRVSURIHVLRQDOHVDGHSRUWLVWDV\RDFXDOTXLHUSHUVRQDMXUtGLFDTXHSDUWLFLSHQHQ
FYH%2($
FRPSHWLFLRQHV R DFWLYLGDGHV GHSRUWLYDV GH FDUiFWHU RILFLDO /RV PLHPEURV GHO &RPLWp
6DQFLRQDGRU $QWLGRSDMH GHEHUiQ ILUPDU XQD GHFODUDFLyQ GH DXVHQFLD GH FRQIOLFWRV GH
LQWHUHVHVUHODFLRQDGRVFRQODVFRPSHWHQFLDVGHHVH&RPLWp
(OPDQGDWRGHORVYRFDOHVVHUiGHFXDWURDxRVSXGLHQGRVHUUHHOHJLGRVSRUXQ
VRORPDQGDWR/DUHQRYDFLyQGHORVPLHPEURVGHO&RPLWpVHKDUiSDUFLDOPHQWHFDGDGRV
%2/(7Ë12),&,$/'(/(67$'2
DxRVVLQTXHHQQLQJ~QFDVRODGXUDFLyQGHOPDQGDWRGHORVPLHPEURVSXHGDH[FHGHU
GHOSUHYLVWRHQHOSUHVHQWHSiUUDIR
(Q FDVR GH TXH OD UHQRYDFLyQ DOFDQ]DVH DO 3UHVLGHQWH GHO &RPLWp 6DQFLRQDGRU
$QWLGRSDMHHO&RQVHMR5HFWRUSURFHGHUiDXQQXHYRQRPEUDPLHQWRHQORVWpUPLQRVGHO
DSDUWDGRDQWHULRU
/RVPLHPEURVGHO&RPLWp6DQFLRQDGRU$QWLGRSDMHFHVDUiQHQHOHMHUFLFLRGHVX
FDUJRSRUODVVLJXLHQWHVFDXVDV
D 3RUH[SLUDFLyQGHVXPDQGDWR
E 3RU UHQXQFLD SUHYLDPHQWH FRPXQLFDGD DO 3UHVLGHQWH GHO &RQVHMR 5HFWRU GH OD
F 3RUIDOOHFLPLHQWR
G 3RUSpUGLGDGHODQDFLRQDOLGDGHVSDxROD
H 3RULQFXPSOLPLHQWRJUDYHGHVXVREOLJDFLRQHVLQFOXLGDVODVLQIUDFFLRQHVJUDYHVD
ODOHJLVODFLyQGHSRUWLYD
I 3RU FRQGHQD D SHQD SULYDWLYD GH OLEHUWDG R GH LQKDELOLWDFLyQ DEVROXWD R HVSHFLDO
SDUDHPSOHRRFDUJRS~EOLFRSRUUD]yQGHGHOLWR
J 3RULQFDSDFLGDGVREUHYHQLGDSDUDHOHMHUFLFLRGHVXIXQFLyQ
K 3RU LQFXUULU HQ DOJXQD GH ODV FDXVDV TXH LPSLGHQ HO HMHUFLFLR GH IXQFLRQHV
S~EOLFDV R HQ DOJXQD GH ODV FDXVDV GH LQHOHJLELOLGDG R LQFRPSDWLELOLGDG FRPR PLHPEUR
GHOSURSLR&RPLWp6DQFLRQDGRU$QWLGRSDMH
/DUHPRFLyQSRUODVFDXVDVSUHYLVWDVHQODVOHWUDVHIJ\KGHEHUiVHUDFRUGDGD

SRUHO&RQVHMR5HFWRUGHOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMH
HQHO'HSRUWHWUDVODWUDPLWDFLyQGHXQH[SHGLHQWHFRQWUDGLFWRULR
(Q FDVR GH FHVDU HQ HO HMHUFLFLR GHO FDUJR HO &RQVHMR 5HFWRU QRPEUDUi HQ
VXVWLWXFLyQ GHO FHVDQWH \ HQ OD IRUPD SUHYLVWD HQ HO DSDUWDGR XQ QXHYR YRFDO TXH
GHEHUiFXPSOLUORVPLVPRVUHTXLVLWRV\FRQGLFLRQHV
6L HO YRFDO FHVDQWH IXHUD HO 3UHVLGHQWH GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH VH
SURFHGHUiDXQDQXHYDGHVLJQDFLyQHQODIRUPDSUHYLVWDHQHODSDUWDGR
(Q HVWRV VXSXHVWRV OD GXUDFLyQ GHO PDQGDWR GH ORV YRFDOHV R GHO 3UHVLGHQWH QR
SRGUiH[FHGHUGHOWLHPSRTXHUHVWDUHDOGHOYRFDOVXVWLWXLGR
/RVPLHPEURVGHOFRPLWpFX\RPDQGDWRKXELHUDH[SLUDGRFRQWLQXDUiQHQHOHMHUFLFLR
GH VXV IXQFLRQHV KDVWD TXH WRPHQ SRVHVLyQ GH VX FDUJR ORV YRFDOHV TXH KD\DQ GH
VXVWLWXLUOHV
(QGHIHFWRGHORSUHYLVWRHVSHFtILFDPHQWHSRUODQRUPDWLYDUHJXODGRUDGHO&RPLWp
6DQFLRQDGRU $QWLGRSDMH VHUi GH DSOLFDFLyQ OR GLVSXHVWR HQ PDWHULD GH yUJDQRV
FROHJLDGRVSRUORVDUWtFXORV\VLJXLHQWHVGHOD/H\GHGHRFWXEUH
$UWtFXOR &RPSHWHQFLDVGHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
(O &RPLWp 6DQFLRQDGRU $QWLGRSDMH HV HO yUJDQR FRPSHWHQWH SDUD UHVROYHU ORV
H[SHGLHQWHV VDQFLRQDGRUHV SRU LQIUDFFLRQHV GH GRSDMH SUHYLVWRV HQ HVWD OH\ FX\D
LQFRDFLyQ DFXHUGH HO 'LUHFWRU GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
(QHOHMHUFLFLRGHVXVFRPSHWHQFLDVDFW~DFRQSOHQDLQGHSHQGHQFLDUHVSHFWRGHORV
GHPiVyUJDQRVGHOD$JHQFLD(VWDWDO
(O &RPLWp 6DQFLRQDGRU $QWLGRSDMH FRQRFHUi DVLPLVPR GHO UHFXUVR
DGPLQLVWUDWLYRHVSHFLDOTXHVHLQWHUSRQJDFRQWUDODVVLJXLHQWHVUHVROXFLRQHV
D /DV GLFWDGDV SRU HO LQVWUXFWRU DFRUGDQGR HO DUFKLYR GH FXDOTXLHU SURFHGLPLHQWR
FYH%2($
VDQFLRQDGRUVHJXLGRSRULQIUDFFLyQGHODVQRUPDVSUHYLVWDVHQODSUHVHQWHOH\ELHQSRU
PRWLYRVIRUPDOHVRSRUFDXVDVGHIRQGR
E /DV TXH DFXHUGHQ R GHVHVWLPHQ XQD VXVSHQVLyQ SURYLVLRQDO GH ODV OLFHQFLDV
IHGHUDWLYDV
F /DVUHODWLYDVDODVDXWRUL]DFLRQHVGHXVRWHUDSpXWLFR
%2/(7Ë12),&,$/'(/(67$'2
G /DV GHFLVLRQHV GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWHGHUHFRQRFHURQRUHFRQRFHUODGHFLVLyQGHRWUDRUJDQL]DFLyQ
DQWLGRSDMHGHDFXHUGRFRQORSUHYLVWRHQHODSDUWDGRGHODUWtFXORGHHVWDOH\
H /DVUHVROXFLRQHVTXHGHFLGDQVREUHODVXVSHQVLyQGHODVVDQFLRQHVLPSXHVWDV
DVtFRPRHOUHLQWHJURRQRUHLQWHJURGHORVSHULRGRVVXVSHQGLGRVHQORVFDVRVSUHYLVWRV
HQHODUWtFXORGHHVWDOH\
I /RV DFWRV GH WUiPLWH GLFWDGRV HQ ORV SURFHGLPLHQWRV DQWHULRUHV FXDQGR GHFLGDQ
GLUHFWDRLQGLUHFWDPHQWHHOIRQGRGHODVXQWRGHWHUPLQHQODLPSRVLELOLGDGGHFRQWLQXDUHO
SURFHGLPLHQWRRFDXVHQLQGHIHQVLyQRSHUMXLFLRLUUHSDUDEOHSDUDORVGHUHFKRVHLQWHUHVHV
OHJtWLPRVGHORVDIHFWDGRV
7HQGUiQ OHJLWLPDFLyQ SDUD LQWHUSRQHU HO UHFXUVR DGPLQLVWUDWLYR HVSHFLDO DQWH HO
&RPLWp6DQFLRQDGRU$QWLGRSDMHTXLHQHVFRQIRUPHDODUWtFXORGHOD/H\GH
GH RFWXEUH WHQJDQ OD FRQGLFLyQ GH LQWHUHVDGRV \ HQ WRGR FDVR ODV VLJXLHQWHV SHUVRQDV
ItVLFDVRMXUtGLFDV
D (OGHSRUWLVWDRVXMHWRDIHFWDGRSRUODUHVROXFLyQ
E /DHYHQWXDOSDUWHFRQWUDULDHQODUHVROXFLyQRORVSHUMXGLFDGRVSRUODGHFLVLyQ
F /DIHGHUDFLyQGHSRUWLYDLQWHUQDFLRQDOFRUUHVSRQGLHQWH
G (O'LUHFWRUGHOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQ
HO'HSRUWH
H /D$JHQFLD0XQGLDO$QWLGRSDMH
I (O&RPLWp2OtPSLFR,QWHUQDFLRQDORHO&RPLWp3DUDOtPSLFR,QWHUQDFLRQDOFXDQGROD
UHVROXFLyQDIHFWHDORV-XHJRV2OtPSLFRVR-XHJRV3DUDOtPSLFRV
$UWtFXOR 5HFXUVRHVSHFLDODQWHHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
(OUHFXUVRHVSHFLDOFRQWUDODVUHVROXFLRQHVUHIHULGDVHQHODUWtFXORGHHVWDOH\GH
DFXHUGRFRQORGLVSXHVWRHQHODUWtFXORGHOD/H\GHGHRFWXEUHVHULJH
SRUODVVLJXLHQWHVUHJODV
D (OSOD]RSDUDODLQWHUSRVLFLyQGHOUHFXUVRVHUiGHXQPHVVLHODFWRIXHUDH[SUHVR
6LHODFWRQRIXHUDH[SUHVRSRGUiLQWHUSRQHUVHHOUHFXUVRHQFXDOTXLHUPRPHQWRDSDUWLU
GHOGtDVLJXLHQWHDDTXpOHQTXHGHDFXHUGRFRQORSUHYLVWRHQHVWDOH\VHSURGX]FDHO
DFWRSUHVXQWR
E 7UDQVFXUULGRVGLFKRVSOD]RVVLQKDEHUVHLQWHUSXHVWRHOUHFXUVRHODFWRGHYHQGUi
FRQVHQWLGR\ILUPH
F (OSOD]RPi[LPRSDUDGLFWDU\QRWLILFDUODUHVROXFLyQGHOUHFXUVRVHUiGHXQPHV
$UWtFXOR 5HFXUVRVFRQWUDODVUHVROXFLRQHVGHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
/DV UHVROXFLRQHV VDQFLRQDGRUDV GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH VRQ

LQPHGLDWDPHQWH HMHFXWLYDV SRQHQ ILQ D OD YtD DGPLQLVWUDWLYD \ SRGUiQ VHU UHFXUULGDV
GLUHFWDPHQWHDQWHODMXULVGLFFLyQFRQWHQFLRVRDGPLQLVWUDWLYDVLQSHUMXLFLRGHSRGHUKDFHU
XVR SRWHVWDWLYR GHO UHFXUVR DGPLQLVWUDWLYR GH UHSRVLFLyQ DQWH HO PLVPR FRPLWp \ HQ ORV
WpUPLQRVGLVSXHVWRVSRUORVDUWtFXORV\GHOD/H\GHGHRFWXEUH
/DV UHVROXFLRQHV GHO UHFXUVR HVSHFLDO SRQHQ ILQ D OD YtD DGPLQLVWUDWLYD \ FRQWUD
ODVPLVPDV~QLFDPHQWHFDEUiUHFXUVRDQWHODMXULVGLFFLyQFRQWHQFLRVRDGPLQLVWUDWLYD
(VWiQOHJLWLPDGRVSDUDUHFXUULUDQWHODMXULVGLFFLyQFRQWHQFLRVRDGPLQLVWUDWLYDODV
UHVROXFLRQHV GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH TXLHQHV WHQJDQ OD FRQGLFLyQ GH
LQWHUHVDGRVFRQIRUPHDODUWtFXORGHOD/H\GHGHRFWXEUH\HQWRGRFDVRODV
FYH%2($
VLJXLHQWHVSHUVRQDVItVLFDVRMXUtGLFDV
D (OGHSRUWLVWDRVXMHWRDIHFWDGRSRUODUHVROXFLyQ
E /DHYHQWXDOSDUWHFRQWUDULDHQODUHVROXFLyQRORVSHUMXGLFDGRVSRUODGHFLVLyQ
F /DIHGHUDFLyQGHSRUWLYDLQWHUQDFLRQDOFRUUHVSRQGLHQWH
%2/(7Ë12),&,$/'(/(67$'2
G (O'LUHFWRUGHOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQ
HO'HSRUWH
H /D$JHQFLD0XQGLDO$QWLGRSDMH
I (O&RPLWp2OtPSLFR,QWHUQDFLRQDORHO&RPLWp3DUDOtPSLFR,QWHUQDFLRQDOFXDQGROD
UHVROXFLyQDIHFWHDORV-XHJRV2OtPSLFRVR-XHJRV3DUDOtPSLFRV
/DVUHVROXFLRQHVVDQFLRQDGRUDVGHO&RPLWp6DQFLRQDGRU$QWLGRSDMHGLFWDGDVHQ
UHODFLyQFRQGHSRUWLVWDVFDOLILFDGRVRILFLDOPHQWHFRPRGHQLYHOLQWHUQDFLRQDORODVTXHVH
GLFWHQ HQ HO PDUFR GH XQD FRPSHWLFLyQ LQWHUQDFLRQDO WDPELpQ SRGUiQ VHU UHFXUULGDV
DOWHUQDWLYDPHQWH DQWH HO yUJDQR \ FRQ DUUHJOR DO VLVWHPD GH UHVROXFLyQ GH FRQIOLFWRV
FRQWHPSODGRHQODQRUPDWLYDSUHYLVWDHQHO&yGLJR0XQGLDO$QWLGRSDMHRHQVXFDVRHQ
ODGHODFRUUHVSRQGLHQWHIHGHUDFLyQLQWHUQDFLRQDO
&XDOHVTXLHUD UHVROXFLRQHV VDQFLRQDGRUDV GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH
SRGUiQVHUUHFXUULGDVDVLPLVPRSRUOD$JHQFLD0XQGLDO$QWLGRSDMHSRUODFRUUHVSRQGLHQWH
IHGHUDFLyQ GHSRUWLYD LQWHUQDFLRQDO \ SRU HO &RPLWp 2OtPSLFR ,QWHUQDFLRQDO R HO &RPLWp
3DUDOtPSLFR ,QWHUQDFLRQDO DQWH HO yUJDQR \ FRQ DUUHJOR DO VLVWHPD GH UHVROXFLyQ GH
FRQIOLFWRVSUHYLVWRHQVXVUHVSHFWLYDVQRUPDWLYDVUHJXODGRUDV
&XDQGR OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO
'HSRUWH HMHUFLHUD FRPSHWHQFLDV VDQFLRQDGRUDV GHOHJDGDV SRU RWUDV RUJDQL]DFLRQHV R
HQWLGDGHV QDFLRQDOHV R LQWHUQDFLRQDOHV DQWLGRSDMH HQ YLUWXG GH DFXHUGR FRQYHQLR R
PHPRUDQGR HO UpJLPHQ GH ORV UHFXUVRV FRQWUD ODV UHVROXFLRQHV GLFWDGDV SRU HO &RPLWp
6DQFLRQDGRU $QWLGRSDMH TXHGDUi VRPHWLGR D OR HVWDEOHFLGR D WDO HIHFWR HQ HO DFXHUGR
FRQYHQLR R PHPRUDQGR \ HQ VX FDVR HQ OD QRUPDWLYD SURSLD GH OD HQWLGDG X
RUJDQL]DFLyQGHOHJDQWH
7Ë78/2,,,
7UDWDPLHQWRGHGDWRVSHUVRQDOHVUHODWLYRVDOGRSDMH
$UWtFXOR 5HVSRQVDELOLGDG GHO SHUVRQDO TXH SUHVWD VHUYLFLRV SDUD OD UHDOL]DFLyQ GH
ORVFRQWUROHV
(OSHUVRQDOTXHGHVHPSHxHODVIXQFLRQHVGHFRQWUROGHOGRSDMHGHEHUiJXDUGDU
FRQILGHQFLDOLGDG \ VHFUHWR UHVSHFWR GH ORV DVXQWRV TXH FRQR]FD SRU UD]yQ GH ODV
IXQFLRQHVTXHGHVDUUROOD
/RVGDWRVSHUVRQDOHVREWHQLGRVHQHOGHVDUUROORGHVXVIXQFLRQHVLQFOXLGRVORV
TXHVHGHULYHQGHODQiOLVLVODVPXHVWUDVFHGLGDVFRQIRUPHDORSUHYLVWRHQHODUWtFXOR
GHHVWDOH\VRORSRGUiQXWLOL]DUVHSDUDORVILQHVSDUDORVFXDOHVKDQVLGRUHFRJLGRV\HQ
VX FDVR SDUD OD GHQXQFLD GH KHFKRV TXH SXHGDQ VHU FRQVWLWXWLYRV GH LQIUDFFLyQ
DGPLQLVWUDWLYD R GH GHOLWR 7DPELpQ SRGUiQ VHU XWLOL]DGRV SDUD HVWXGLRV FLHQWtILFRV
VLHPSUHTXHQRVHUHYHOHODLGHQWLGDGGHODVSHUVRQDV
6LQ SHUMXLFLR GH OD UHVSRQVDELOLGDG TXH SURFHGD GH DFXHUGR FRQ OD OHJLVODFLyQ
HVSHFtILFDPHQWHDSOLFDEOHHQSDUWLFXODUHQPDWHULDGHSURWHFFLyQGHGDWRVGHFDUiFWHU
SHUVRQDOODVLQIUDFFLRQHVHQODFXVWRGLD\HQVXFDVRODGLYXOJDFLyQFRPXQLFDFLyQ\
FHVLyQ LOHJtWLPD GH ORV GDWRV SHUVRQDOHV UHODWLYRV D ORV FRQWUROHV \ SURFHGLPLHQWRV HQ
PDWHULD GH GRSDMH WLHQHQ OD FRQVLGHUDFLyQ GH LQIUDFFLyQ PX\ JUDYH UHVSHFWR GH DTXHO
SHUVRQDOTXHRVWHQWHODFRQGLFLyQGHHPSOHDGRS~EOLFRGHDFXHUGRFRQORSUHYLVWRHQHO
DUWtFXORSGHOWH[WRUHIXQGLGRGHOD/H\GHO(VWDWXWR%iVLFRGHO(PSOHDGR3~EOLFR
DSUREDGR SRU 5HDO 'HFUHWR /HJLVODWLYR GH GH RFWXEUH \ VX OHJLVODFLyQ GH
GHVDUUROOR
FYH%2($
$UWtFXOR 5HVSRQVDELOLGDGGHORVGLULJHQWHVGHOSHUVRQDOGHHQWLGDGHVGHSRUWLYDV\
GHRWUDVSHUVRQDV
/RV GDWRV SHUVRQDOHV REWHQLGRV HQ HO GHVDUUROOR GH VXV IXQFLRQHV SRU ORV
GLULJHQWHV\SRUHOUHVWRGHOSHUVRQDOGHHQWLGDGHVGHSRUWLYDVFRQFRPSHWHQFLDSDUDHOOR
%2/(7Ë12),&,$/'(/(67$'2
VyOR SRGUiQ XWLOL]DUVH SDUD ORV ILQHV SDUD ORV FXDOHV KDQ VLGR UHFRJLGRV \ HQ VX FDVR
SDUDODGHQXQFLDGHKHFKRVTXHSXHGDQVHUFRQVWLWXWLYRVGHLQIUDFFLyQDGPLQLVWUDWLYDR
GHGHOLWR
6LQ SHUMXLFLR GH ODV UHVSRQVDELOLGDGHV TXH SURFHGDQ GH DFXHUGR FRQ OD
OHJLVODFLyQ YLJHQWH ODV LQIUDFFLRQHV D TXH VH UHILHUH HO DSDUWDGR DQWHULRU WHQGUiQ OD
FRQVLGHUDFLyQGHPX\JUDYHVGHHQWUHODVSUHYLVWDVHQHODUWtFXORGHOD/H\
GHGHRFWXEUH
&XDOHVTXLHUDRWUDVSHUVRQDVTXHSDUWLFLSHQHQORVFRQWUROHVGHGRSDMHWHQGUiQ
OD PLVPD REOLJDFLyQ GH FRQILGHQFLDOLGDG \ VHFUHWR UHVSHFWR GH ORV GDWRV SHUVRQDOHV R
LQIRUPDFLRQHV TXH FRQR]FDQ HQ HO HMHUFLFLR GH VXV IXQFLRQHV /D LQIUDFFLyQ GH HVWD
REOLJDFLyQVHUiVDQFLRQDGD\FRPXQLFDGDDORVUHVSHFWLYRVFROHJLRVSURIHVLRQDOHVDORV
HIHFWRVGLVFLSOLQDULRVRSRUWXQRV
$UWtFXOR $XWRUL]DFLyQGHFHVLyQGHGDWRVSHUVRQDOHV
/RV GDWRV UHODWLYRV D ORV FRQWUROHV GH GRSDMH SRGUiQ VHU FHGLGRV HQ ORV WpUPLQRV
SUHYLVWRV HQ OD /H\ 2UJiQLFD GH GH GLFLHPEUH GH 3URWHFFLyQ GH 'DWRV
3HUVRQDOHV\JDUDQWtDVGHORVGHUHFKRVGLJLWDOHVHQFRQVRQDQFLDFRQORHVWDEOHFLGRHQ
HO 5HJODPHQWR 8( GHO 3DUODPHQWR (XURSHR \ GHO &RQVHMR GH GH DEULO
GHUHODWLYRDODSURWHFFLyQGHODVSHUVRQDVItVLFDVHQORTXHUHVSHFWDDOWUDWDPLHQWR
GH GDWRV SHUVRQDOHV \ D OD OLEUH FLUFXODFLyQ GH HVWRV GDWRV D ORV RUJDQLVPRV
LQWHUQDFLRQDOHVS~EOLFRVRSULYDGRVGHORVTXH(VSDxDVHDSDUWH\TXHSDUWLFLSHQHQOD
OXFKD FRQWUD HO GRSDMH HQ HO iPELWR GHSRUWLYR HQ HO PDUFR GH OR TXH GLVSRQJDQ ORV
FRPSURPLVRV LQWHUQDFLRQDOHV OHJDOPHQWH YLQFXODQWHV DVXPLGRV SRU (VSDxD R SDUD
UHDOL]DUHVWDGtVWLFDVRHVWXGLRVGHLQYHVWLJDFLyQ
/D FHVLyQ GH GDWRV UHODWLYRV D FRQWUROHV GH GRSDMH FRQ ILQHV HVWDGtVWLFRV R GH
LQYHVWLJDFLyQFLHQWtILFDVRORSRGUiKDFHUVHFXDQGRWDOFHVLyQVHDSURSRUFLRQDODOREMHWLYR
SHUVHJXLGR UHVSHWH HQ OR HVHQFLDO HO GHUHFKR D OD SURWHFFLyQ GH GDWRV \ VH SURWHMDQ
VXILFLHQWHPHQWHORVLQWHUHVHV\GHUHFKRVIXQGDPHQWDOHVGHOLQWHUHVDGR
7Ë78/2,9
&RQWURO\VXSHUYLVLyQJHQHUDOGHORVSURGXFWRVVXVFHSWLEOHVGHSURGXFLUGRSDMH
HQHOGHSRUWH
&$3Ë78/2,
0HGLGDVGHFRQWURO\VXSHUYLVLyQGHSURGXFWRVPHGLFDPHQWRV\FRPSOHPHQWRV
QXWULFLRQDOHV
$UWtFXOR 2EOLJDFLyQGHGHFODUDFLyQGHORVSURGXFWRVVXVFHSWLEOHVGHSURGXFLUGRSDMH
HQHOGHSRUWH
/RVSURGXFWRV\VXVWDQFLDVVXVFHSWLEOHVGHGDUXQUHVXOWDGRDQDOtWLFRDGYHUVRHQ
XQFRQWUROGHGRSDMHRULJLQDULRVGHXQWHUFHUSDtVTXHYD\DQDLQWURGXFLUVHHQWHUULWRULR
HVSDxRO VHUiQ FRQVLGHUDGRV D WRGRV ORV HIHFWRV FRPR SURFHGHQWHV GH XQ WHUFHU SDtV
UHTXLULHQGRHOFRUUHVSRQGLHQWHFRQWUROVDQLWDULRHQIURQWHUDGHDFXHUGRFRQODOHJLVODFLyQ
YLJHQWHHQODPDWHULD
/DLQWURGXFFLyQHQHOSDtVGHSURGXFWRV\VXVWDQFLDVVXVFHSWLEOHVGHGDUXQUHVXOWDGR
DQDOtWLFRDGYHUVRHQXQFRQWUROGHGRSDMHRULJLQDULRVGHXQSDtVGHO(VSDFLR(FRQyPLFR
(XURSHRVHUHJLUiSRUODQRUPDWLYDQDFLRQDO\HXURSHDDSOLFDEOH
FYH%2($
/RV \ ODV GHSRUWLVWDV HTXLSRV R JUXSRV GHSRUWLYRV \ ORV GLUHFWLYRV TXH ORV
UHSUHVHQWHQLQGHSHQGLHQWHPHQWHGHOSDtVGHSURFHGHQFLDHVWiQREOLJDGRVSUHYLDPHQWH
D VX HQWUDGD R HQ HO PRPHQWR GH HQWUDU HQ (VSDxD SDUD SDUWLFLSDU HQ XQD DFWLYLGDG R
FRPSHWLFLyQ GHSRUWLYD D UHPLWLU D OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMH HQ HO 'HSRUWH GHELGDPHQWH FXPSOLPHQWDGRV ORV IRUPXODULRV GH QRWLILFDFLyQ
%2/(7Ë12),&,$/'(/(67$'2
GH HQWUDGD HQ HO SDtV TXH OD PLVPD HVWDEOH]FD HQ ORV TXH VH LGHQWLILTXHQ ORV
PHGLFDPHQWRV \ SURGXFWRV VDQLWDULRV TXH WUDQVSRUWHQ SDUD VX XVR R SXHGDQ VHU
QHFHVDULRV SDUD DWHQGHU ODV FRQWLQJHQFLDV GHULYDGDV GH FXDOTXLHU XUJHQFLD PpGLFD ODV
XQLGDGHVGHORVPLVPRV\HOPpGLFRUHVSRQVDEOHGHVXDGPLQLVWUDFLyQ(VWRVSURGXFWRV
QRGHEHUiQWHQHUSRUILQDOLGDGDXPHQWDUODVFDSDFLGDGHVItVLFDVGHORV\ODVGHSRUWLVWDV
RPRGLILFDUORVUHVXOWDGRVGHODVFRPSHWLFLRQHVHQODVTXHSDUWLFLSDQ'LFKRVSURGXFWRV
SRGUiQDFRPSDxDUDORVYLDMHURVRVHUHQYLDGRVGHXQPRGRVHSDUDGRSDUDWDOILQ
&XDQGR OD DFWLYLGDG R FRPSHWLFLyQ GHSRUWLYD VHD RUJDQL]DGD SRU IHGHUDFLRQHV
GHSRUWLYDV DXWRQyPLFDV VHUi OD &RPXQLGDG $XWyQRPD UHVSHFWLYD TXLHQ UHFLED ORV
IRUPXODULRV GH QRWLILFDFLyQ D TXH VH UHILHUH HO SiUUDIR DQWHULRU GDQGR WUDVODGR GH OD
LQIRUPDFLyQDOD$JHQFLD(VWDWDO\HMHU]DODVREOLJDFLRQHVGHFRQWUROHQHOiPELWRGHVX
UHVSHFWLYRWHUULWRULR
/DVREOLJDFLRQHVDTXHVHUHILHUHQORVSiUUDIRVDQWHULRUHVVHHQWLHQGHQVLQSHUMXLFLR
GHODVHVWDEOHFLGDVHQPDWHULDGHFRQWUROGHDGXDQDVSDUDDXWRUL]DUODFLUFXODFLyQGHORV
PHGLFDPHQWRVRSURGXFWRVVDQLWDULRVHQWHUULWRULRHVSDxRO
WUDVODUHFHSFLyQGHODSUHFHSWLYDQRWLILFDFLyQGHORVIRUPXODULRVGHHQWUDGDHQHOSDtVHQ
RUGHQ D OD FRPSUREDFLyQ GHO FXPSOLPLHQWR GH OR SUHYLVWR HQ HVWD OH\ \ HQ ODV
GLVSRVLFLRQHV SDUD VX GHVDUUROOR SRGUi LQVSHFFLRQDU HQ HO UHFLQWR DGXDQHUR R HQ
FXDOTXLHU RWUR OXJDU HQ HO TXH SXHGDQ SUHVHQWDUVH PHUFDQFtDV DQWH ODV DXWRULGDGHV
DGXDQHUDVEDMRODFRRUGLQDFLyQGHORVyUJDQRVFRPSHWHQWHVHQODDSOLFDFLyQGHOVLVWHPD
DGXDQHUR GH OD $JHQFLD (VWDWDO GH $GPLQLVWUDFLyQ 7ULEXWDULD GH FRQIRUPLGDG FRQ OR
SUHYLVWR HQ HO DUWtFXOR GHO 5HJODPHQWR 8( Q GHO 3DUODPHQWR (XURSHR \
GHO&RQVHMRGHGHRFWXEUHGHSRUHOTXHVHHVWDEOHFHHOFyGLJRDGXDQHURGHOD
8QLyQORVSURGXFWRV\VXVWDQFLDVVXVFHSWLEOHVGHGDUXQUHVXOWDGRDQDOtWLFRDGYHUVRHQ
XQFRQWUROGHGRSDMHTXHYHQJDQUHIOHMDGRVHQODPLVPDDVtFRPRORVGRFXPHQWRVTXH
ORVDFRPSDxHQ
(QHOFDVRGHGHWHFWDUVHODLQWURGXFFLyQHQHOSDtVGHPHGLFDPHQWRVRSURGXFWRV
VDQLWDULRV VLQ KDEHU UHDOL]DGR OD SUHFHSWLYD QRWLILFDFLyQ GH HQWUDGD HQ HO SDtV D OD
$JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH pVWRV
SRGUiQ VHU LQFDXWDGRV SRU OD FLWDGD FRPLVLyQ /RV SURGXFWRV LQFDXWDGRV SRGUiQ VHU
XWLOL]DGRVSDUDILQHVGHLQYHVWLJDFLyQFXDQGRDVtVHFRQVLGHUHQHFHVDULR
$UWtFXOR ,QIRUPDFLyQVREUHODFRPHUFLDOL]DFLyQGHGHWHUPLQDGRVSURGXFWRV
/D$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHSRGUi
VROLFLWDUODFRODERUDFLyQGHOD$JHQFLD(VSDxRODGH0HGLFDPHQWRV\3URGXFWRV6DQLWDULRV
SDUD TXH OH LQIRUPH VREUH OD FRPHUFLDOL]DFLyQ GH DTXHOORV PHGLFDPHQWRV DXWRUL]DGRV
VXVFHSWLEOHV GH SURGXFLU GRSDMH HQ HO iPELWR GHO GHSRUWH (Q FDVR QHFHVDULR \ HQ HO
iPELWRGHVXFRPSHWHQFLDSRGUiVROLFLWDUODPLVPDFRODERUDFLyQGHOD$JHQFLD(VSDxROD
GH6HJXULGDG$OLPHQWDULD\1XWULFLyQ
$UWtFXOR 3RWHVWDGGHLQVSHFFLyQ
HQ HO 'HSRUWH HQ HO iPELWR GH VXV FRPSHWHQFLDV OD UHDOL]DFLyQ GH ODV LQVSHFFLRQHV
QHFHVDULDVSDUDDVHJXUDUHOFXPSOLPLHQWRGHORSUHYLVWRHQHVWDOH\
/D$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHYHODUi
SRUHOFXPSOLPLHQWRGHHVWDOH\UHDOL]DQGRODVLQVSHFFLRQHVRSRUWXQDVFRQIXQFLRQDULRV
FRQODGHELGDFXDOLILFDFLyQ\IRUPDFLyQXQLYHUVLWDULDHQODVPDWHULDVSHUWLQHQWHV
/D SRWHVWDG GH LQVSHFFLyQ GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
FYH%2($
$QWLGRSDMHHQHO'HSRUWHVHGHVDUUROODUiHQORVWpUPLQRV\FRQORVOtPLWHV\FRQGLFLRQHV
HVWDEOHFLGRVHQODSUHVHQWHOH\\VLQSHUMXLFLRGHODQHFHVLGDGGHUHFDEDUHQVXFDVROD
DXWRUL]DFLyQ R UDWLILFDFLyQ MXGLFLDO SUHYLVWD HQ HO DSDUWDGR VH[WR GHO DUWtFXOR GH OD
/H\GHGHMXOLRUHJXODGRUDGHOD-XULVGLFFLyQ&RQWHQFLRVRDGPLQLVWUDWLYD
%2/(7Ë12),&,$/'(/(67$'2
/DV DFWXDFLRQHV GH LQVSHFFLyQ TXH OOHYH D FDER OD $JHQFLD (VWDWDO &RPLVLyQ
(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHVHUHDOL]DUiQSRUIXQFLRQDULRVS~EOLFRV
TXHHQHOHMHUFLFLRGHVXVIXQFLRQHVWHQGUiQODFRQGLFLyQGHDJHQWHVGHODDXWRULGDG\
SRUWDQWRODFRQVLGHUDFLyQGHDXWRULGDGS~EOLFD
/RVLQVSHFWRUHVGHOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMH
HQ HO 'HSRUWH VHUiQ SURYLVWRV GH XQ GRFXPHQWR RILFLDO TXH DFUHGLWH VX FRQGLFLyQ TXH
VHUiH[SHGLGRSRUHO'LUHFWRUGHODPLVPD
HQ HO 'HSRUWH HQ VX HMHUFLFLR JR]DUiQ GH SOHQD DXWRQRPtD WpFQLFD \ IXQFLRQDO \ VH OHV
JDUDQWL]DUi SURWHFFLyQ IUHQWH D WRGR WLSR GH YLROHQFLD FRDFFLyQ \ DPHQD]D H
LQGHSHQGHQFLDIUHQWHDFXDOTXLHULQIOXHQFLDLQGHELGD
HQ HO 'HSRUWH TXH GHVDUUROOHQ ODV IXQFLRQHV GH LQVSHFFLyQ FXDQGR HMHU]DQ WDOHV
IXQFLRQHV\DFUHGLWHQVXLGHQWLGDGHVWDUiQDXWRUL]DGRVSDUD
D (QWUDU OLEUHPHQWH \ VLQ SUHYLD QRWLILFDFLyQ HQ FXDOTXLHU PRPHQWR HQ WRGR
HVWDEOHFLPLHQWR R LQVWDODFLyQ GHSRUWLYD FHQWUR GHSRUWLYR VHUYLFLR GHSRUWLYR HQWLGDG
GHSRUWLYDRHYHQWRGHSRUWLYRTXHSXHGDHVWDUVXMHWRDHVWDOH\
E 3URFHGHUDODVSUXHEDVLQYHVWLJDFLRQHVRH[iPHQHVQHFHVDULRVSDUDFRPSUREDU
HOFXPSOLPLHQWRGHHVWDOH\\GHODVQRUPDVTXHVHGLFWHQSDUDVXGHVDUUROOR
F 7RPDUPXHVWUDVGHSURGXFWRVRPXHVWUDVELROyJLFDVHQRUGHQDODFRPSUREDFLyQ
GHOFXPSOLPLHQWRGHORSUHYLVWRHQHVWDOH\\HQODVGLVSRVLFLRQHVSDUDVXGHVDUUROOR(Q
WRGR FDVR OD WRPD GH PXHVWUDV ELROyJLFDV GHEHUi VXMHWDUVH D OR GLVSXHVWR HQ HVWD OH\
SDUDODSURWHFFLyQGHGDWRVHQODWRPDGHPXHVWUDVHQORVFRQWUROHVGHGRSDMH
G ,QFDXWDUORVPHGLFDPHQWRV\SURGXFWRVVDQLWDULRVTXHQRKD\DQVLGRQRWLILFDGRV
WDO\FRPRVHSUHYpHQHODUWtFXOR
H 5HDOL]DU FXDQWDV DFWXDFLRQHV VHDQ SUHFLVDV HQ RUGHQ DO FXPSOLPLHQWR GH ODV
IXQFLRQHVGHLQVSHFFLyQTXHGHVDUUROOHQ
/DV DFWDV OHYDQWDGDV SRU ORV LQVSHFWRUHV GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD
SDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHWHQGUiQHOFDUiFWHUGHGRFXPHQWRS~EOLFR\VDOYR
TXHVHDFUHGLWHORFRQWUDULRKDUiQSUXHEDGHORVKHFKRVTXHHQHOODVVHUHFRMDQ
HQ HO GHVHPSHxR GH VXV IXQFLRQHV SRGUi VROLFLWDU OD FRODERUDFLyQ GH ODV )XHU]DV \
&XHUSRVGH6HJXULGDG
(QORVFDVRVHQORVTXHHO'LUHFWRUORFRQVLGHUHRSRUWXQRORVIXQFLRQDULRVGHELGDPHQWH
DFUHGLWDGRV GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO
'HSRUWH SRGUiQ DX[LOLDUVH GH H[SHUWRV WpFQLFRV \ HVSHFLDOLVWDV TXH UHVXOWHQ GH HVSHFLDO
LQWHUpVHQODVWDUHDVGHLQVSHFFLyQ/RVPLVPRVQRWHQGUiQODFRQVLGHUDFLyQGHDJHQWHVGH
OD DXWRULGDG \ VX DFWLYLGDG ~QLFDPHQWH VH FLUFXQVFULELUi DO DX[LOLR \ FRODERUDFLyQ FRQ HO
SHUVRQDOLQVSHFWRUDODVyUGHQHVGHORVFXDOHVHMHUFHUiQVXODERU
(VSHFtILFDPHQWH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMH HQ HO 'HSRUWH SRGUi LQVSHFFLRQDU ORV ERWLTXLQHV GHSRUWLYRV ORFDOHV \ RWURV
HOHPHQWRVTXHSHUPLWDQFXVWRGLDURDOEHUJDUORVSURGXFWRV\VXVWDQFLDVVXVFHSWLEOHVGH
GDU XQ UHVXOWDGR DQDOtWLFR DGYHUVR HQ XQ FRQWURO GH GRSDMH /DV SHUVRQDV R HQWLGDGHV
TXH WHQJDQ DFFHVR D HVWRV ERWLTXLQHV GHSRUWLYRV ORFDOHV \ RWURV HOHPHQWRV GHEHUiQ
SHUPLWLU HQ WRGR PRPHQWR HO DFFHVR D VXV ORFDOHV \ DUFKLYRV D OD $JHQFLD (VWDWDO
&RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH SDUD UHDOL]DU GLFKDV
LQVSHFFLRQHV
'HO PLVPR PRGR ODV )XHU]DV \ &XHUSRV GH 6HJXULGDG GHO (VWDGR ORV VHUYLFLRV GH
FYH%2($
LQVSHFFLyQVDQLWDULDGHO(VWDGRDVtFRPRORVyUJDQRVGHODV&RPXQLGDGHV$XWyQRPDVTXH
WHQJDQDWULEXLGDFRPSHWHQFLDSDUDHOORSRUVXSURSLDLQLFLDWLYDRDLQVWDQFLDGHOD$JHQFLD
(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHSRGUiQLQVSHFFLRQDUORV
ERWLTXLQHV GHSRUWLYRV ORFDOHV \ RWURV HOHPHQWRV TXH SHUPLWDQ FXVWRGLDU R DOEHUJDU ORV
SURGXFWRV\VXVWDQFLDVVXVFHSWLEOHVGHGDUXQUHVXOWDGRDQDOtWLFRDGYHUVRHQXQFRQWUROGH
GRSDMHVLQSHUMXLFLRGHORGLVSXHVWRHQHODSDUWDGRVH[WRGHODUWtFXORGHOD/H\
%2/(7Ë12),&,$/'(/(67$'2
GH GH MXOLR UHJXODGRUD GH OD -XULVGLFFLyQ &RQWHQFLRVR$GPLQLVWUDWLYD HQ ORV FDVRV HQ
TXHVHDDSOLFDEOH
$ORVHIHFWRVGHOHMHUFLFLRGHODSRWHVWDGVDQFLRQDGRUDSRUOD$GPLQLVWUDFLyQVH
WHQGUi HQ FXHQWD HO WLSR GH VXVWDQFLDV HO Q~PHUR GH XQLGDGHV OD MXVWLILFDFLyQ
WHUDSpXWLFD DVt FRPR HO UHVWR GH FXHVWLRQHV GLUHFWDPHQWH YLQFXODGDV D VX HMHUFLFLR
SURIHVLRQDO
0HGLDQWH RUGHQ GH OD SHUVRQD WLWXODU GHO 0LQLVWHULR GH &XOWXUD \ 'HSRUWH VH
HVWDEOHFHUi HO FRQWHQLGR DGPLVLEOH GH ORV ERWLTXLQHV \ HVSHFtILFDPHQWH GH DTXHOORV
PHGLFDPHQWRV \ SURGXFWRV VDQLWDULRV TXH UHVXOWDQ QHFHVDULRV SDUD DWHQGHU ODV
FRQWLQJHQFLDVGHULYDGDVGHFXDOTXLHUXUJHQFLDPpGLFD
/D FXVWRGLD FRQVHUYDFLyQ \ GLVSHQVDFLyQ GH HVWRV PHGLFDPHQWRV GHEHUi FXPSOLU
FRQORHVWDEOHFLGRHQODQRUPDWLYDHVSHFtILFDYLJHQWHTXHOHVHDGHDSOLFDFLyQ
'H ORV UHVXOWDGRV GH ORV FRQWUROHV DGXDQHURV VREUH ERWLTXLQHV \ GHPiV
LQVWUXPHQWRVSUHYLVWRVHQHODSDUWDGRGHHVWHDUWtFXORTXHUHDOLFHQOD$JHQFLD(VWDWDO
GH $GPLQLVWUDFLyQ 7ULEXWDULD \ ORV yUJDQRV FRPSHWHQWHV SDUD HO FRQWURO VDQLWDULR HQ
IURQWHUD HQ HO GHVDUUROOR GH VXV IXQFLRQHV VH LQIRUPDUi DO yUJDQR FRPSHWHQWH HQ ORV
WpUPLQRV TXH VH HVWDEOH]FDQ PHGLDQWH 2UGHQ GH OD SHUVRQD WLWXODU GHO 0LQLVWHULR GH
&XOWXUD\'HSRUWH
GH RILFLR R D UHTXHULPLHQWR GH ODV DXWRULGDGHV DGXDQHUDV SRGUi LQVSHFFLRQDU GLFKRV
ERWLTXLQHVHQRUGHQDODFRPSUREDFLyQGHOFXPSOLPLHQWRGHORSUHYLVWRHQHVWDOH\\HQ
ODV GLVSRVLFLRQHV SDUD VX GHVDUUROOR HQ UHODFLyQ FRQ ORV SURGXFWRV \ VXVWDQFLDV
VXVFHSWLEOHVGHGDUXQUHVXOWDGRDQDOtWLFRDGYHUVRHQXQFRQWUROGHGRSDMH$PERVWLSRV
GHDFWXDFLRQHVVHUHDOL]DUiQDSOLFDQGRORSUHYLVWRHQHODUWtFXORGHO5HJODPHQWR8(
QGHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHRFWXEUHGHSRUHOTXH
VHHVWDEOHFHHOFyGLJRDGXDQHURGHOD8QLyQ
$UWtFXOR 'HFRPLVR
/DVVXVWDQFLDV\SURGXFWRVVXVFHSWLEOHVGHSURGXFLUGRSDMHHQHOGHSRUWHRHQOD
DFWLYLGDG GHSRUWLYD \ ORV LQVWUXPHQWRV R ~WLOHV HPSOHDGRV D WDO ILQ SRGUiQ VHU REMHWR GH
GHFRPLVR SRU ODV DXWRULGDGHV DGPLQLVWUDWLYDV FRPSHWHQWHV FRPR PHGLGD SURYLVLRQDO
GHQWURGHORVSURFHGLPLHQWRVVDQFLRQDGRUHVRSUHYLDDDTXpOORV
(Q HVWH VHJXQGR VXSXHVWR HO yUJDQR FRPSHWHQWH SDUD LQFRDU HO SURFHGLPLHQWR
VDQFLRQDGRU GHEHUi UDWLILFDU HVWD PHGLGD HQ HO FXUVR GH OD WUDPLWDFLyQ GHO H[SHGLHQWH
&XDQGRVHLPSRQJDQODVFRUUHVSRQGLHQWHVVDQFLRQHVHVWDPHGLGDSRGUiFRQYHUWLUVHHQ
GHILQLWLYD /RV HOHPHQWRV GHFRPLVDGRV SRGUiQ VHU GHVWLQDGRV SRU OD $JHQFLD (VWDWDO
&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHDILQHVGHLQYHVWLJDFLyQ
/R SUHYLVWR HQ HO DSDUWDGR DQWHULRU QR VHUi GH DSOLFDFLyQ FXDQGR OD FRQGXFWD
IXHVHFRQVWLWXWLYDGHLQIUDFFLyQGHFRQWUDEDQGRHQFX\RFDVRVHHVWDUiDORGLVSXHVWRHQ
OD/H\2UJiQLFDGHGHGLFLHPEUHGH5HSUHVLyQGHO&RQWUDEDQGR
&$3Ë78/2,,
&RQGLFLRQHVGHXWLOL]DFLyQGHORVSURGXFWRVVXVFHSWLEOHVGHSURGXFLUGRSDMH
HQHOGHSRUWH
$UWtFXOR &RPHUFLDOL]DFLyQ\XWLOL]DFLyQGHSURGXFWRVDOLPHQWLFLRV
(O 0LQLVWHULR GH 6DQLGDG HVWDEOHFHUi GH FRP~Q DFXHUGR FRQ OD $JHQFLD (VWDWDO
&RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH \ GH DFXHUGR FRQ ODV
FYH%2($
&RPXQLGDGHV $XWyQRPDV PHFDQLVPRV GH LQIRUPDFLyQ \ GH SXEOLFLGDG HVSHFtILFRV GH

ORVSURGXFWRVDOLPHQWLFLRVTXHVLQVHUPHGLFDPHQWRVSXHGDQSURGXFLUHQHOiPELWRGHO
GHSRUWHXQUHVXOWDGRDQDOtWLFRDGYHUVRGHGRSDMH
%2/(7Ë12),&,$/'(/(67$'2
(VSHFtILFDPHQWH ODV DXWRULGDGHV DGPLQLVWUDWLYDV HVSDxRODV HVWDEOHFHUiQ ORV

SURFHGLPLHQWRV DGHFXDGRV SDUD OD GHFODUDFLyQ GH ORV SURGXFWRV DOLPHQWLFLRV TXH VH
LQWURGX]FDQHQ(VSDxD\TXHSXHGDQHQWHQGHUVHLQFOXLGRVHQHOiPELWRGHHVWDOH\
$UWtFXOR 3URKLELFLRQHV HVSHFtILFDV D OD FRPHUFLDOL]DFLyQ HQ HVWDEOHFLPLHQWRV

GHGLFDGRV D DFWLYLGDGHV GHSRUWLYDV GH GHWHUPLQDGRV SURGXFWRV TXH FRQWHQJDQ
VXVWDQFLDVSURKLELGDVHQHOGHSRUWHSRUVHUVXVFHSWLEOHVGHSURGXFLUGRSDMH
$ HIHFWRV GH OD SUHVHQWH OH\ TXHGDQ SURKLELGRV OD YHQWD HO GHSyVLWR OD
FRPHUFLDOL]DFLyQ R OD GLVWULEXFLyQ EDMR FXDOTXLHU PRGDOLGDG HQ HVWDEOHFLPLHQWRV
LQVWDODFLRQHV FHQWURV VHUYLFLRV \ HQWLGDGHV GHGLFDGRV D DFWLYLGDGHV GHSRUWLYDV \ HQ
HYHQWRV GHSRUWLYRV GH DTXHOORV SURGXFWRV TXH FRQWHQJDQ VXVWDQFLDV SURKLELGDV HQ HO
GHSRUWHSRUVHUVXVFHSWLEOHVGHSURGXFLUGRSDMHGHFODUDGDVFRPRWDOHVGHFRQIRUPLGDG
FRQHVWDOH\
,JXDOPHQWH VH SURKtEH LQFLWDU DO FRQVXPR GH ORV SURGXFWRV GHWHUPLQDGRV HQ HO
DSDUWDGRDQWHULRUHQORVOXJDUHVDTXHVHUHILHUHHOPLVPR
$UWtFXOR 3XEOLFLGDG\YHQWDDWUDYpVGHVLVWHPDVHOHFWUyQLFRV
HVWDEOHFHUi XQ SURJUDPD HVSHFtILFR GH OXFKD FRQWUD OD SXEOLFLGDG HQJDxRVD HQ HVWD
PDWHULD\HQJHQHUDOFRQWUDDTXHOODVFRQGXFWDVSXEOLFLWDULDVTXHLQFLWHQDVXFRQVXPR
(VSHFtILFDPHQWH \ HQ FRRUGLQDFLyQ FRQ ORV yUJDQRV FRPSHWHQWHV GH OD
$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGRVHHVWDEOHFHUiXQSURJUDPDGHFRQWUROGHODYHQWD\
FRPHUFLDOL]DFLyQGHHVWRVSURGXFWRVSRU,QWHUQHW\RWURVPHGLRVGHYHQWDHOHFWUyQLFD
'LVSRVLFLyQDGLFLRQDOSULPHUD 2UJDQL]DFLyQ1DFLRQDO$QWLGRSDMH
$ORVHIHFWRVSUHYLVWRVHQHO&yGLJR0XQGLDO$QWLGRSDMH\HQODQRUPDWLYDLQWHUQDGH
OD $JHQFLD 0XQGLDO $QWLGRSDMH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWHWHQGUiODFRQVLGHUDFLyQGH2UJDQL]DFLyQ1DFLRQDO$QWLGRSDMH\
HMHUFHUiODVFRPSHWHQFLDVTXHOHFRUUHVSRQGDQHQDTXHOiPELWR
'LVSRVLFLyQ DGLFLRQDO VHJXQGD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$ SDUWLU GH OD HQWUDGD HQ YLJRU GH HVWD OH\ OD $JHQFLD (VSDxROD GH 3URWHFFLyQ GH OD
6DOXG HQ HO 'HSRUWH SDVDUi D GHQRPLQDUVH $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD
/XFKD$QWLGRSDMHHQHO'HSRUWH
'LVSRVLFLyQ DGLFLRQDO WHUFHUD /XFKD FRQWUD HO GRSDMH DQLPDO HQ FRPSHWLFLRQHV
GHSRUWLYDV
(QHOSOD]RGHVHLVPHVHVDFRQWDUGHVGHODHQWUDGDHQYLJRUGHODSUHVHQWHOH\HO
*RELHUQRGHEHUiSUHVHQWDUXQSUR\HFWRGHOH\GHOXFKDFRQWUDHOGRSDMHDQLPDO
'LVSRVLFLyQDGLFLRQDOFXDUWD 3URWHFFLyQGHGDWRVGHFDUiFWHUSHUVRQDO
/RVWUDWDPLHQWRVGHGDWRVSHUVRQDOHVUHJXODGRVHQODSUHVHQWHOH\VHOOHYDUiQD
FDERFRQIRUPHDORGLVSXHVWRHQHO5HJODPHQWR8(GHO3DUODPHQWR(XURSHR
\GHO&RQVHMRGHGHDEULOGHUHODWLYRDODSURWHFFLyQGHODVSHUVRQDVItVLFDVHQ
ORTXHUHVSHFWDDOWUDWDPLHQWRGHGDWRVSHUVRQDOHV\DODOLEUHFLUFXODFLyQGHHVWRVGDWRV
FYH%2($
\ SRU HO TXH VH GHURJD OD 'LUHFWLYD &( \ HQ OD /H\ 2UJiQLFD GH GH
GLFLHPEUHGH3URWHFFLyQGH'DWRV3HUVRQDOHV\JDUDQWtDGHORVGHUHFKRVGLJLWDOHV\HQ
OD/H\2UJiQLFDGHGHPD\RGHSURWHFFLyQGHGDWRVSHUVRQDOHVWUDWDGRVSDUD
ILQHVGHSUHYHQFLyQGHWHFFLyQLQYHVWLJDFLyQ\HQMXLFLDPLHQWRGHLQIUDFFLRQHVSHQDOHV\
GHHMHFXFLyQGHVDQFLRQHVSHQDOHV
%2/(7Ë12),&,$/'(/(67$'2
/RV GHUHFKRV GH DFFHVR UHFWLILFDFLyQ \ VXSUHVLyQ VH HMHUFLWDUiQ FRQIRUPH D OD
QRUPDWLYDUHIHULGDHQHOSiUUDIRDQWHULRU
6RQGDWRVGHFDUiFWHUSHUVRQDOREMHWRGHVXWUDWDPLHQWRSDUDODFRQVHFXFLyQGH
ODV ILQDOLGDGHV GH LQWHUpV S~EOLFR SUHYLVWDV HQ HVWD OH\ WRGRV DTXHOORV TXH UHVXOWHQ
LPSUHVFLQGLEOHV SDUD HO GHVDUUROOR \ HMHFXFLyQ GH ODV DFWXDFLRQHV WpFQLFDV \
SURFHGLPLHQWRV TXH VH DUWLFXODQ HQ JDUDQWtD GHO GHVDUUROOR GH ODV FRPSHWLFLRQHV
GHSRUWLYDV OLPSLDV HQ FRQGLFLRQHV GH LJXDOGDG \ GH SURWHFFLyQ GH OD VDOXG GH ORV \ ODV
GHSRUWLVWDV (Q SDUWLFXODU VRQ REMHWR GH WUDWDPLHQWR GDWRV LGHQWLILFDWLYRV GH ORV \ ODV
GHSRUWLVWDV GH VDOXG GH ORFDOL]DFLyQ GH GHSRUWLVWDV GH LQIUDFFLRQHV \ VDQFLRQHV
DGPLQLVWUDWLYDV\HQVXFDVRSHQDOHVHQWUHRWURV
/DVILQDOLGDGHVSHUVHJXLGDVFRQHOWUDWDPLHQWRGHORVGDWRVUHFDEDGRVHQYLUWXG
GHODVGLVSRVLFLRQHVGHODSUHVHQWHOH\VRQODSUHYHQFLyQ\SHUVHFXFLyQGHOGRSDMHHQHO
GHSRUWH DVt FRPR WDPELpQ JDUDQWL]DU HO GHVDUUROOR GH ODV FRPSHWLFLRQHV GHSRUWLYDV HQ
WpUPLQRVGHLJXDOGDG\GHDFXHUGRFRQODVFDSDFLGDGHVQDWXUDOHV\SUHSDUDFLyQGHORV\
ODV GHSRUWLVWDV 7DPELpQ OR VHUi HO WUDWDPLHQWR GH ORV GDWRV UHFDEDGRV FRQ ILQHV
HVWDGtVWLFRVRSDUDODUHDOL]DFLyQGHHVWXGLRVGHLQYHVWLJDFLyQFLHQWtILFD
6RQ UHVSRQVDEOH GHO WUDWDPLHQWR OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD
/XFKD $QWLGRSDMH HQ HO 'HSRUWH ODV &RPXQLGDGHV $XWyQRPDV GH DFXHUGR FRQ VXV
UHVSHFWLYRV iPELWRV FRPSHWHQFLDOHV \ GH DFXHUGR FRQ ORV &RQYHQLRV VXVFULWRV HQWUH
HVWRV\DTXHOODTXHUHVXOWHQGHDSOLFDFLyQ
6HUiQHQFDUJDGRVGHOWUDWDPLHQWRGHGDWRVWRGDVDTXHOODVHPSUHVDVHQWLGDGHV
RUJDQL]DFLRQHV R SURIHVLRQDOHV DXWyQRPRV TXH SDUD SUHVWDU VHUYLFLRV D OD $JHQFLD
(VSDxRODGHXQVHUYLFLRDXQWHUFHURRWUDHPSUHVDHQWLGDGRUJDQL]DFLyQRSURIHVLRQDO
DXWyQRPR DFFHGDQ \ WUDWHQ QHFHVDULDPHQWH GDWRV GH FDUiFWHU SHUVRQDO GH ORV TXH OD
$JHQFLD (VSDxROD &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH VHD 5HVSRQVDEOH GH
7UDWDPLHQWR
/RV HQFDUJDGRV GHO WUDWDPLHQWR UHDOL]DUiQ VX FRPHWLGR GH DFXHUGR FRQ ODV
LQVWUXFFLRQHV GHO UHVSRQVDEOH GHO WUDWDPLHQWR HQ YLUWXG GH OR HVWDEOHFLGR HQ DUWtFXOR
GHO5HJODPHQWR8((QSDUWLFXODUORVSURFHVRVGHUHDOL]DFLyQGHFRQWUROHVGH
GRSDMHVHUiQUHDOL]DGRVUHVSHWDQGRODVJDUDQWtDVHVWDEOHFLGDVHQODOHJLVODFLyQYLJHQWH
6RQGHVWLQDWDULRVGHORVGDWRVHO&RQVHMR6XSHULRUGH'HSRUWHVORVODERUDWRULRV
GH FRQWURO GH GRSDMH RUJDQL]DFLRQHV QDFLRQDOHV H LQWHUQDFLRQDOHV DQWLGRSDMH ODV
IHGHUDFLRQHV GHSRUWLYDV QDFLRQDOHV H LQWHUQDFLRQDOHV ORV RUJDQL]DGRUHV GH
FRPSHWLFLRQHV GHSRUWLYDV OLJDV SURIHVLRQDOHV R FOXEHV R VRFLHGDGHV GHSRUWLYDV TXH
WHQJDQ LQWHUpV OHJtWLPR yUJDQRV GH UHVROXFLyQ GH FRQIOLFWRV FXDOTXLHUD TXH VHD VX
iPELWR WHUULWRULDO ORV yUJDQRV MXULVGLFFLRQDOHV HO 0LQLVWHULR )LVFDO \ ODV )XHU]DV \
&XHUSRVGH6HJXULGDG
/RV GHVWLQDWDULRV VHUiQ WDPELpQ UHVSRQVDEOHV GHO WUDWDPLHQWR GH ORV GDWRV TXH
KXELHUDVLGRREMHWRGHFRPXQLFDFLyQFRQIRUPHDODVGLVSRVLFLRQHVGHODSUHVHQWHOH\\D
ODQRUPDWLYDTXHOHVUHVXOWHGHDSOLFDFLyQSRUHOPLVPRWUDWDPLHQWR
/DEDVHMXUtGLFDSULQFLSDOGHOWUDWDPLHQWRGHDFXHUGRFRQHOREMHWLYR\ILQDOLGDGGHOD
SUHVHQWH OH\ HV HO FXPSOLPLHQWR GH XQ LQWHUpV S~EOLFR HVHQFLDO DVt FRPR HO HMHUFLFLR GH
SRGHUHVS~EOLFRVHQHOFXPSOLPLHQWRGHXQDPLVLyQUHDOL]DGDHQLQWHUpVS~EOLFRGHDFXHUGR
FRQORGLVSXHVWRHQORVDUWtFXORVJH\GHO5HJODPHQWR8(
$GHPiV H[LVWHQ WUDWDPLHQWRV FX\D EDVH MXUtGLFD VH HQFXHQWUD HQ OD OHWUD F GHO
DUWtFXOR GHO 5HJODPHQWR 8( HQ UHODFLyQ FRQ HO FXPSOLPLHQWR GH XQD
REOLJDFLyQOHJDODSOLFDEOHDOUHVSRQVDEOHGHOWUDWDPLHQWRDVtFRPRHOFRQVHQWLPLHQWRGHO
LQWHUHVDGRGHODSDUWDGRDGHOPLVPRDUWtFXORSDUDXQRRYDULRVILQHVHVSHFtILFRV
(Q FXDQWR DO WUDWDPLHQWR GH FDWHJRUtDV HVSHFLDOHV GH GDWRV VHUi GH DSOLFDFLyQ OR
SUHYLVWRHQHODUWtFXORJGHO5HJODPHQWR8(\HQVXFDVRODSUHYLVWDHQOD
FYH%2($
OHWUD L GHO PLVPR DSDUWDGR \ FRQFRUGDQWHV GH ORV SUHYLVWRV HQ HO DUWtFXOR GHO
5HJODPHQWR8(
/DEDVHMXUtGLFDDSOLFDEOHDODVWUDQVIHUHQFLDVGHGDWRVSHUVRQDOHVDWHUFHURVSDtVHV
X RUJDQL]DFLRQHV LQWHUQDFLRQDOHV \ GH DFXHUGR FRQ OD GHFODUDFLyQ FRQWHQLGD HQ HO
FRQVLGHUDQGR GHO 5HJODPHQWR 8( TXH DOXGH H[SUHVDPHQWH FRPR
%2/(7Ë12),&,$/'(/(67$'2
H[FHSFLyQDODSURKLELFLyQGHWUDVIHUHQFLDVODHOLPLQDFLyQGHOGRSDMHHQHOGHSRUWHVHUi
HODUWtFXORGGHO5HJODPHQWR8(
/RV GDWRV UHFRJLGRV VH OLPLWDUiQ D ORV QHFHVDULRV SDUD HO FXPSOLPLHQWR GH ODV
ILQDOLGDGHVGHVFULWDVGHDFXHUGRFRQHOSULQFLSLRGHPLQLPL]DFLyQGHGDWRV
/D UHFROHFFLyQ GH GDWRV VH KDUi FRQIRUPH D OD OHJLVODFLyQ YLJHQWH FRQ HVSHFLDO
DWHQFLyQ DO FXPSOLPLHQWR GHO GHEHU GH LQIRUPDFLyQ SUHYLD D ORV LQWHUHVDGRV VREUH ODV
FRQGLFLRQHV GHUHFKRV \ REOLJDFLRQHV GHO WUDWDPLHQWR DVt FRPR D ORV SRVLEOHV
GHVWLQDWDULRVHQORVWpUPLQRVSUHYLVWRVHQODOH\
/RV GDWRV REMHWR GH WUDWDPLHQWR SRGUiQ VHU WDPELpQ FRPXQLFDGRV D ORV yUJDQRV
MXULVGLFFLRQDOHV DO 0LQLVWHULR )LVFDO R D ODV )XHU]DV \ &XHUSRV GH 6HJXULGDG SDUD HO
HMHUFLFLR GH VXV FRPSHWHQFLDV GH LQYHVWLJDFLyQ GH GHOLWRV R IDOWDV GH DFXHUGR FRQ OR
SUHYLVWR HQ HVWD OH\ RUJiQLFD VLQ SHUMXLFLR GH OD DSOLFDFLyQ D VX WUDWDPLHQWR GH OD
OHJLVODFLyQ UHJXODGRUD GHO HMHUFLFLR GH OD SRWHVWDG MXULVGLFFLRQDO R ODV TXH HQ VX FDVR
UHVXOWDUHQGHDSOLFDFLyQ
/D FRPXQLFDFLyQ GH ORV GDWRV GH FDUiFWHU SHUVRQDO GH ORV LQWHUHVDGRV HQ ORV
SURFHVRV GH FRQWURO GH GRSDMH VH UHDOL]D VHJ~Q OD QRUPDWLYD GH SURWHFFLyQ GH GDWRV
DSOLFDEOH\ODHVWDEOHFLGDHQODSUHVHQWHOH\\HQVXQRUPDWLYDGHGHVDUUROOR
/DV PXHVWUDV REWHQLGDV GH ORV FRQWUROHV GH GRSDMH QR LUiQ DFRPSDxDGDV GH
LQIRUPDFLyQSHUVRQDOGHORVVXMHWRVREMHWRGHOFRQWUROVLQRTXHVHUiQFDWHJRUL]DGDVFRQ
XQFyGLJRQXPpULFRTXHHYLWHODLGHQWLILFDFLyQGHORVLQWHUHVDGRV
'HDFXHUGRFRQODILQDOLGDGGHOWUDWDPLHQWRVHFRQVHUYDUiQORVGDWRVUHFRJLGRV
HQYLUWXGGHODVGLVSRVLFLRQHVOHJDOHVGXUDQWHHOWLHPSRQHFHVDULRSDUDHOFXPSOLPLHQWR
GHOILQSDUDHOFXDOIXHURQUHFRJLGRV\HQVXFDVRSRUHOWLHPSRQHFHVDULRSDUDDWHQGHUD
ODV UHVSRQVDELOLGDGHV GHULYDGDV GH VX WUDWDPLHQWR DQWH ORV yUJDQRV DGPLQLVWUDWLYRV R
MXULVGLFFLRQDOHV FRPSHWHQWHV 8QD YH] WUDVFXUULGR GLFKR SHULRGR GH FRQVHUYDFLyQ ORV
GDWRV VHUiQ VXSULPLGRV GH PDQHUD TXH VH LPSRVLELOLWH OD FRUUHODFLyQ R LGHQWLILFDFLyQ GH
ORVPLVPRVFRQORVLQWHUHVDGRV
/DV DGPLQLVWUDFLRQHV S~EOLFDV TXH VHDQ UHVSRQVDEOHV GHO WUDWDPLHQWR GHEHUiQ
JDUDQWL]DU OD DSOLFDFLyQ GH ODV PHGLGDV GH VHJXULGDG SUHFHSWLYDV TXH UHVXOWHQ GHO
FRUUHVSRQGLHQWHDQiOLVLVGHULHVJRVWHQLHQGRHQFXHQWDHQWRGRFDVRORSUHYHQLGRHQHO
5HDO 'HFUHWR GH GH HQHUR SRU HO TXH VH UHJXOD HO (VTXHPD 1DFLRQDO GH
6HJXULGDGHQHOiPELWRGHOD$GPLQLVWUDFLyQ(OHFWUyQLFD
/RV GHPiV UHVSRQVDEOHV GHO WUDWDPLHQWR GHEHUiQ JDUDQWL]DU OD DSOLFDFLyQ GH ODV
PHGLGDV GH VHJXULGDG DQiORJDV D ODV DQWHULRUHV JDUDQWL]iQGRVH HO HPSOHR GH OD
WHFQRORJtD DGHFXDGD SDUD HO WUDWDPLHQWR GH GDWRV GH DFXHUGR FRQ HO HVWDGR GH OD
WpFQLFD \ GH ODV QHFHVLGDGHV \ SURFXUiQGRVH HQ ODV FRPXQLFDFLRQHV TXH FRQWHQJDQ
LQIRUPDFLyQSHUVRQDOHOXVRGHOFLIUDGRRHQFULSWDGR
(O HMHUFLFLR GH GHUHFKRV SDUD ODV SHUVRQDV ItVLFDV VXMHWDV D OD QRUPDWLYD GH
SURWHFFLyQ GH GDWRV VH JDUDQWL]DUi FRQIRUPH D GLFKD QRUPDWLYD 6HUiQ DWHQGLGDV ODV
VROLFLWXGHV GH WDOHV GHUHFKRV SRU HO UHVSRQVDEOH GHO WUDWDPLHQWR HQ ORV WpUPLQRV
HVWDEOHFLGRVHQODOHJLVODFLyQYLJHQWH
'LVSRVLFLyQWUDQVLWRULDSULPHUD ,QIUDFFLRQHVFRPHWLGDVDQWHVGHODHQWUDGDHQYLJRUGH
ODOH\\SURFHGLPLHQWRVGLVFLSOLQDULRVHQFXUVR
/DV LQIUDFFLRQHV HQ PDWHULD GH GRSDMH TXH VH KD\DQ FRPHWLGR DQWHV GH OD
HQWUDGDHQYLJRUGHHVWDOH\VHUHJLUiQSRUORGLVSXHVWRHQODQRUPDWLYDDQWHULRU/DVTXH
VHFRPHWDQDSDUWLUGHOGtDGHVXHQWUDGDHQYLJRUVHUHJLUiQSRUODSUHVHQWHOH\
/RV SURFHGLPLHQWRV GLVFLSOLQDULRV HQ PDWHULD GH UHSUHVLyQ GHO GRSDMH HQ HO
GHSRUWHTXHKD\DQVLGRLQLFLDGRVDQWHVGHODHQWUDGDHQYLJRUGHHVWDOH\VHUHJLUiQSRU
FYH%2($
ODQRUPDWLYDDQWHULRUVDOYRTXHHOLQWHUHVDGRRSWHYROXQWDULDPHQWHSRUODDSOLFDFLyQGHOD
SUHVHQWHOH\
%2/(7Ë12),&,$/'(/(67$'2
'LVSRVLFLyQWUDQVLWRULDVHJXQGD +DELOLWDFLRQHVSDUDORVFRQWUROHVGHGRSDMH
/DV KDELOLWDFLRQHV FRQFHGLGDV DO DPSDUR GH OD QRUPDWLYD DQWHULRU FRQWLQXDUiQ
YLJHQWHV XQD YH] SURGXFLGD OD HQWUDGD HQ YLJRU GH HVWD OH\ KDVWD TXH SURFHGD VX
UHQRYDFLyQ TXH VH DMXVWDUi D OR GLVSXHVWR HQ OD SUHVHQWH OH\ \ VX QRUPDWLYD GH
GHVDUUROOR
'LVSRVLFLyQWUDQVLWRULDWHUFHUD 5HLQFLGHQFLDEDMRGLIHUHQWHVQRUPDWLYDV
$HIHFWRVGHORGLVSXHVWRHQORVDSDUWDGRV\GHODUWtFXORGHHVWDOH\FXDQGROD
DQWHULRU R DQWHULRUHV LQIUDFFLRQHV VH KXELHUDQ FRPHWLGR EDMR OD YLJHQFLD GH OD /H\
2UJiQLFDGHGHMXQLRHOSHULRGRGHVDQFLyQSDUDHVWDSULPHUDLQIUDFFLyQVH
FDOFXODUiDSOLFDQGRODVQRUPDVGHODSUHVHQWHOH\
'LVSRVLFLyQ WUDQVLWRULD FXDUWD (MHUFLFLR GH FRPSHWHQFLDV VDQFLRQDGRUDV KDVWD OD

HIHFWLYDFRQVWLWXFLyQGHO&RPLWp6DQFLRQDGRU$QWLGRSDMH
+DVWD OD HIHFWLYD FRQVWLWXFLyQ GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH ODV
FRPSHWHQFLDVDWULEXLGDVDOPLVPRHQODSUHVHQWHOH\VHUiQHMHUFLGDVSRUHO'LUHFWRUGHOD
(QUHODFLyQFRQORGLVSXHVWRHQHODUWtFXORODSULPHUDUHQRYDFLyQGHO&RPLWp
6DQFLRQDGRU$QWLGRSDMHDOFDQ]DUiDWUHVGHHVWRVYRFDOHVTXHSRUHOORGHVHPSHxDUiQXQ
SULPHUPDQGDWRGHGRVDxRV$HVWHUHVSHFWRXQDYH]HOHJLGRVORVVLHWHYRFDOHVGHOD
SULPHUDFRQVWLWXFLyQGHO&RPLWp6DQFLRQDGRU$QWLGRSDMHHO&RQVHMR5HFWRUGHWHUPLQDUi
PHGLDQWH VRUWHR ORV WUHV YRFDOHV QRPEUDGRV SDUD XQ SULPHU PDQGDWR GH GRV DxRV /D
VLJXLHQWHUHQRYDFLyQDIHFWDUiDORVFXDWURUHVWDQWHV\DVtVXFHVLYDPHQWH
'LVSRVLFLyQGHURJDWRULD~QLFD
4XHGDGHURJDGDOD/H\2UJiQLFDGHGHMXQLRGHSURWHFFLyQGHODVDOXG
GHO GHSRUWLVWD \ OXFKD FRQWUD HO GRSDMH HQ OD DFWLYLGDG GHSRUWLYD D H[FHSFLyQ GH ORV
DUWtFXORV\GHOFDStWXOR,GHOWtWXOR,\GHOFDStWXOR,,,GHOWtWXOR,,GHODPLVPDDVtFRPR
FXDOHVTXLHUD SUHFHSWRV GH QRUPDV GH LJXDO R LQIHULRU UDQJR TXH VH RSRQJDQ D OR
GLVSXHVWRHQHVWDOH\
'LVSRVLFLyQ ILQDO SULPHUD 0RGLILFDFLyQ GH OD /H\ GH GH RFWXEUH GHO
'HSRUWH
6HPRGLILFDOD/H\GHGHRFWXEUHGHO'HSRUWHHQORVVLJXLHQWHVWpUPLQRV
8QR 6HPRGLILFDHOTXLQWRSiUUDIR\VHDxDGHQFXDWURQXHYRVSiUUDIRVVpSWLPRD
GpFLPRGHODSDUWDGRGHODUWtFXORTXHTXHGDQUHGDFWDGRVGHOVLJXLHQWHPRGR
©(VWDUiQ LQKDELOLWDGRV SDUD REWHQHU XQD OLFHQFLD GHSRUWLYD TXH IDFXOWH SDUD
SDUWLFLSDU HQ ODV FRPSHWLFLRQHV GH FXDOTXLHU PRGDOLGDG GHSRUWLYD D ODV TXH KDFH
UHIHUHQFLD HO SiUUDIR SULPHUR ORV \ ODV GHSRUWLVWDV \ GHPiV SHUVRQDV GH RWURV
HVWDPHQWRV TXH KD\DQ VLGR VDQFLRQDGRV SRU GRSDMH WDQWR HQ HO iPELWR
DXWRQyPLFR FRPR HQ HO HVWDWDO \ HO LQWHUQDFLRQDO PLHQWUDV VH HQFXHQWUHQ
FXPSOLHQGRODVDQFLyQUHVSHFWLYD(VWDLQKDELOLWDFLyQLPSHGLUiLJXDOPHQWHTXHHO
(VWDGRRTXHODV&RPXQLGDGHV$XWyQRPDVFRPSHWHQWHVUHFRQR]FDQRPDQWHQJDQ
ODFRQGLFLyQGHGHSRUWLVWDRWpFQLFRGHDOWRQLYHO(O&RQVHMR6XSHULRUGH'HSRUWHV
\ODV&RPXQLGDGHV$XWyQRPDVDFRUGDUiQORVPHFDQLVPRVTXHSHUPLWDQH[WHQGHU
FYH%2($
ORV HIHFWRV GH HVWDV GHFLVLRQHV D ORV iPELWRV FRPSHWHQFLDOHV UHVSHFWLYRV DVt
FRPR GRWDU GH UHFRQRFLPLHQWR PXWXR D ODV LQKDELOLWDFLRQHV SDUD OD REWHQFLyQ GH
ODV OLFHQFLDV GHSRUWLYDV TXH SHUPLWDQ SDUWLFLSDU HQ FRPSHWLFLRQHV RILFLDOHV 'H
LJXDO IRUPD \ HQ ORV PLVPRV WpUPLQRV TXH HO SiUUDIR DQWHULRU QR SRGUiQ REWHQHU
OLFHQFLD DTXHOODV SHUVRQDV TXH VH HQFXHQWUHQ LQKDELOLWDGDV FRPR FRQVHFXHQFLD
GHODVLQIUDFFLRQHVSUHYLVWDVHQOD/H\2UJiQLFDGHOXFKDFRQWUDHOGRSDMH
%2/(7Ë12),&,$/'(/(67$'2
HQHOGHSRUWH\HQVXFDVRHQODQRUPDWLYDDXWRQyPLFDYLJHQWH7RGRORGLVSXHVWR
HQHVWHSiUUDIRVHHQWHQGHUiHQORVWpUPLQRVTXHHVWDEOH]FDODOHJLVODFLyQYLJHQWH
HQPDWHULDGHOXFKDFRQWUDHOGRSDMHª
©6L XQ GHSRUWLVWD UHWLUDGR TXH HQ VX PRPHQWR IRUPDED SDUWH GH XQ *UXSR
5HJLVWUDGR GH &RQWURO GHVHD YROYHU D OD SDUWLFLSDFLyQ DFWLYD HQ HO GHSRUWH GHEH
FRPXQLFDUOR SRU HVFULWR D OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMH HQ HO 'HSRUWH VHLV PHVHV DQWHV GH OD IHFKD GH UHLQFRUSRUDFLyQ QR
SXGLHQGR WRPDU SDUWH HQ FRPSHWLFLRQHV GHSRUWLYDV GH QLYHO QDFLRQDO R
LQWHUQDFLRQDO HQ HVH SHULRGR \ VL OR KDFH VHUi GHVFDOLILFDGR VDOYR DXWRUL]DFLyQ
UD]RQDGD SRU SDUWH GH OD $JHQFLD 0XQGLDO $QWLGRSDMH EDVDGD HQ ORV HOHPHQWRV
TXH HO GHSRUWLVWD SXHGD SUHVHQWDU GHPRVWUDQGR TXH HQ VX FDVR OD HVWULFWD
DSOLFDFLyQGHHVWDQRUPDVHUtDLQMXVWD
6LXQGHSRUWLVWDVHUHWLUDGHODFRPSHWLFLyQGXUDQWHXQSHULRGRGHUHWLUDGDGH
OLFHQFLD GHEH FRPXQLFDUOR SRU HVFULWR D OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD
SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH 6L HVH GHSRUWLVWD GHVHD YROYHU D OD
FRPSHWLFLyQGHEHFRPXQLFDUORSRUHVFULWRDOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxROD
SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH VHLV PHVHV DQWHV GH OD IHFKD GH
UHLQFRUSRUDFLyQ R DQWHV GH OD ILQDOL]DFLyQ GHO SOD]R GH UHWLUDGD GH OLFHQFLD TXH
TXHGDEDSHQGLHQWHHQODIHFKDGHFRPXQLFDFLyQGHODUHWLUDGDVLHVHSHULRGRHV
PiVODUJRGHVHLVPHVHV
6LXQGHSRUWLVWDXRWUDSHUVRQDVHUHWLUDGXUDQWHXQSURFHGLPLHQWRQRFRQFOXLGR
SRU LQIUDFFLyQ D ODV QRUPDV DQWLGRSDMH HO SURFHGLPLHQWR SURVHJXLUi HQ WRGRV VXV
SDVRVKDVWDVXUHVROXFLyQ6LXQGHSRUWLVWDXRWUDSHUVRQDVHUHWLUDDQWHVGHTXH
VHLQLFLHODLQVWUXFFLyQGHXQSURFHGLPLHQWRSRULQIUDFFLyQDODVQRUPDVDQWLGRSDMH
HOSURFHGLPLHQWRVHLQVWUXLUiLJXDOPHQWH\SURVHJXLUiHQWRGRVVXVSDVRVKDVWDVX
UHVROXFLyQ
6L HO GHSRUWLVWD HV FDSD] GH GHPRVWUDU GH PRGR IHKDFLHQWH D OD $JHQFLD
(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO'HSRUWHTXHQRKDVLGR
FDSD] GH GLVFHUQLU VL HO QLYHO GH OD FRPSHWLFLyQ HQ FXHVWLyQ HUD QDFLRQDO R
LQWHUQDFLRQDOOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQ
HO'HSRUWHSXHGHQRDQXODUVXVUHVXOWDGRVHQGLFKDFRPSHWLFLyQª
'RV 6H PRGLILFD HO DUWtFXOR &UHDFLyQ GHO 7ULEXQDO $GPLQLVWUDWLYR GHO 'HSRUWH
TXHTXHGDUHGDFWDGRFRPRVLJXH
© (O 7ULEXQDO $GPLQLVWUDWLYR GHO 'HSRUWH HV XQ yUJDQR GH iPELWR HVWDWDO
DGVFULWR RUJiQLFDPHQWH DO &RQVHMR 6XSHULRU GH 'HSRUWHV TXH DFWXDQGR FRQ
LQGHSHQGHQFLDGHpVWHDVXPHODVVLJXLHQWHVIXQFLRQHV
D 'HFLGLU HQ YtD DGPLQLVWUDWLYD \ HQ ~OWLPD LQVWDQFLD ODV FXHVWLRQHV

GLVFLSOLQDULDVGHSRUWLYDVGHVXFRPSHWHQFLD
E 7UDPLWDU \ UHVROYHU H[SHGLHQWHV GLVFLSOLQDULRV D LQVWDQFLD GHO &RQVHMR
6XSHULRUGH'HSRUWHV\GHVX&RPLVLyQ'LUHFWLYDHQORVVXSXHVWRVHVSHFtILFRVD
TXHVHUHILHUHHODUWtFXORGHOD/H\GHO'HSRUWH
F 9HODUGHIRUPDLQPHGLDWD\HQ~OWLPDLQVWDQFLDDGPLQLVWUDWLYDSRUHODMXVWH
D GHUHFKR GH ORV SURFHVRV HOHFWRUDOHV HQ ORV yUJDQRV GH JRELHUQR GH ODV
IHGHUDFLRQHVGHSRUWLYDVHVSDxRODV
G &XDOHVTXLHUDRWUDVTXHVHOHDWULEX\DQHQVXQRUPDWLYDUHJXODGRUD
6X FRPSRVLFLyQ RUJDQL]DFLyQ \ IXQFLRQHV VH GHVDUUROODUiQ

UHJODPHQWDULDPHQWH EDMR ORV FULWHULRV GH PD\RU VLPSOLILFDFLyQ \ UHGXFFLyQ GHO
FYH%2($
JDVWRSRVLEOH(QWRGRFDVRHQVXFRPSRVLFLyQVHJDUDQWL]DUiHOFXPSOLPLHQWRGHO
SULQFLSLR GH SUHVHQFLD HTXLOLEUDGD GH PXMHUHV \ KRPEUHV VDOYR SRU UD]RQHV
REMHWLYDPHQWHIXQGDGDVGHELGDPHQWHPRWLYDGDV
(O SURFHGLPLHQWR GH WUDPLWDFLyQ \ UHVROXFLyQ GH ORV H[SHGLHQWHV GH TXH
FRQR]FD HO 7ULEXQDO $GPLQLVWUDWLYR GHO 'HSRUWH VH DMXVWDUi D OR GLVSXHVWR HQ OD
%2/(7Ë12),&,$/'(/(67$'2
/H\ GH GH RFWXEUH GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q GH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV \ HQ OD /H\ GH GH RFWXEUH GH 5pJLPHQ
-XUtGLFRGHO6HFWRU3~EOLFR
/DV UHVROXFLRQHV GHO 7ULEXQDO $GPLQLVWUDWLYR GHO 'HSRUWH DJRWDQ OD YtD
DGPLQLVWUDWLYD\VHHMHFXWDUiQDWUDYpVGHODFRUUHVSRQGLHQWHIHGHUDFLyQGHSRUWLYD
TXHVHUiUHVSRQVDEOHGHVXHVWULFWR\HIHFWLYRFXPSOLPLHQWRª
'LVSRVLFLyQILQDOVHJXQGD 1DWXUDOH]DGHODOH\
/D SUHVHQWH OH\ WLHQH HO FDUiFWHU GH OH\ RUJiQLFD D H[FHSFLyQ GH ORV VLJXLHQWHV
SUHFHSWRV\GLVSRVLFLRQHV
$UWtFXORVDO
$UWtFXORV\
$UWtFXORVDH[FHSWRORVDUWtFXORV\TXHVtWLHQHQFDUiFWHURUJiQLFR
/DV GLVSRVLFLRQHV DGLFLRQDOHV VDOYR OD GLVSRVLFLyQ DGLFLRQDO FXDUWD TXH Vt WLHQH
FDUiFWHURUJiQLFR
/DVGLVSRVLFLRQHVWUDQVLWRULDVSULPHUDVHJXQGDWHUFHUD\FXDUWD
/DGLVSRVLFLyQGHURJDWRULDHQORTXHQRVHUHILHUDDPDWHULDGHOH\RUJiQLFD
/DVGLVSRVLFLRQHVILQDOHVSULPHUDVHJXQGDWHUFHUDFXDUWDTXLQWD\VH[WD
(ODQH[R
'LVSRVLFLyQILQDOWHUFHUD 7tWXORVFRPSHWHQFLDOHV
6LQSHUMXLFLRGHODFRPSHWHQFLDGHO(VWDGRSDUDUHJXODUODVIDFHWDVTXHLQFLGHQHQOD
HVIHUD GH LQWHUHVHV GHO GHSRUWH IHGHUDGR HVSDxRO HQ VX FRQMXQWR DVt FRPR SDUD GLFWDU
DTXHOORV SUHFHSWRV UHODWLYRV D VX SURSLD RUJDQL]DFLyQ WDO \ FRPR VH SUHYp HQ HO
DUWtFXOR GH OD &RQVWLWXFLyQ HQ PDWHULD GH EDVHV GHO UpJLPHQ MXUtGLFR GH ODV
$GPLQLVWUDFLRQHV S~EOLFDV \ HO SURFHGLPLHQWR DGPLQLVWUDWLYR FRP~Q OD SUHVHQWH OH\ VH
GLFWD DO DPSDUR GHO DUWtFXOR GH OD &RQVWLWXFLyQ HQ PDWHULD GH EDVHV \
FRRUGLQDFLyQ JHQHUDO GH OD VDQLGDG \ OHJLVODFLyQ VREUH SURGXFWRV IDUPDFpXWLFRV D
H[FHSFLyQGHORVVLJXLHQWHVSUHFHSWRV
D (ODUWtFXORTXHVHGLFWDDODPSDURGHODUWtFXOR\GHOD&RQVWLWXFLyQ
VREUH OHJLVODFLyQ ODERUDO \ EDVHV GHO UpJLPHQ MXUtGLFR \ HO UpJLPHQ HVWDWXWDULR GH VXV
IXQFLRQDULRVUHVSHFWLYDPHQWHHQORTXHVHUHILHUHDODUHVSRQVDELOLGDGGHORVHPSOHDGRV
S~EOLFRV
E /RV DUWtFXORV \ TXH VH GLFWDQ DO DPSDUR GHO DUWtFXOR GH OD
&RQVWLWXFLyQTXHVHUHILHUHDODFRPSHWHQFLDH[FOXVLYDGHO(VWDGRVREUHVHJXULGDGS~EOLFD
'LVSRVLFLyQ ILQDO FXDUWD $SOLFDFLyQ VXSOHWRULD GH ODV QRUPDV JHQHUDOHV GH GHUHFKR
DGPLQLVWUDWLYR
(QWRGRORQRSUHYLVWRHQHOFDStWXOR,,GHOWtWXOR,,VHUiQGHDSOLFDFLyQVXSOHWRULDODV
UHJODVSUHYLVWDVSDUDHOSURFHGLPLHQWRVDQFLRQDGRUFRP~Q\SDUDHOHMHUFLFLRGHODSRWHVWDG
VDQFLRQDGRUD FRQWHQLGDV HQ OD /H\ GH GH RFWXEUH GHO 3URFHGLPLHQWR
$GPLQLVWUDWLYR &RP~Q GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV \ HQ OD /H\ GH GH
RFWXEUHGH5pJLPHQ-XUtGLFRGHO6HFWRU3~EOLFR
/RVDFWRVGLVWLQWRVGHORVSUHYLVWRVHQHODUWtFXORGHODSUHVHQWHOH\SRGUiQVHU
REMHWRGHUHFXUVRGHFRQIRUPLGDGFRQORGLVSXHVWRHQOD/H\GHGHRFWXEUH
DVt FRPR HQ OD /H\ GH GH MXOLR UHJXODGRUD GH OD -XULVGLFFLyQ &RQWHQFLRVR
DGPLQLVWUDWLYD
FYH%2($
'LVSRVLFLyQILQDOTXLQWD 'HVDUUROORUHJODPHQWDULR\KDELOLWDFLyQQRUPDWLYD
6H KDELOLWD DO *RELHUQR SDUD GLFWDU ODV GLVSRVLFLRQHV GH GHVDUUROOR GH OD
SUHVHQWHOH\
%2/(7Ë12),&,$/'(/(67$'2
(Q HO SOD]R GH WUHV PHVHV GHVGH OD HQWUDGD HQ YLJRU GH HVWD OH\ HO *RELHUQR
DSUREDUi HO QXHYR HVWDWXWR GH OD $JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD
$QWLGRSDMHHQHO'HSRUWHDGHFXiQGRORDODPLVPD
6H KDELOLWD DO *RELHUQR SDUD DSUREDU FXDQWDV QRUPDV VHDQ SUHFLVDV SDUD
JDUDQWL]DUODHILFDFLDGHODVSUHYLVLRQHVGHODSUHVHQWHOH\
(O DQH[R ©'HILQLFLRQHVª GH OD SUHVHQWH OH\ TXH UHSURGXFH HO SUHYLVWR FRQ OD
PLVPD GHQRPLQDFLyQ HQ HO &yGLJR 0XQGLDO $QWLGRSDMH SRGUi VHU PRGLILFDGR PHGLDQWH
2UGHQGHODSHUVRQDWLWXODUGHO0LQLVWHULRGH&XOWXUD\'HSRUWHHQFDVRGHPRGLILFDFLyQ
GHOFRQWHQLGRGHO&yGLJR0XQGLDO$QWLGRSDMH'LFKRDQH[RVHLQWHJUDHQODSUHVHQWHOH\D
ORVHIHFWRVSUHYLVWRVHQHODUWtFXORGHODPLVPD
'LVSRVLFLyQILQDOVH[WD (QWUDGDHQYLJRU
(VWDOH\HQWUDUiHQYLJRUHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQHQHO©%ROHWtQ2ILFLDOGHO
(VWDGRª
3RUWDQWR
0DQGR D WRGRV ORV HVSDxROHV SDUWLFXODUHV \ DXWRULGDGHV TXH JXDUGHQ \ KDJDQ
JXDUGDUHVWDOH\RUJiQLFD
0DGULGGHGLFLHPEUHGH
)(/,3(5
(O3UHVLGHQWHGHO*RELHUQR
3('526È1&+(=3e5(=&$67(-Ï1
FYH%2($
%2/(7Ë12),&,$/'(/(67$'2
$1(;2
'HILQLFLRQHV
$FWLYLGDGHVDQWLGRSDMH(GXFDFLyQHLQIRUPDFLyQSDUDODOXFKDFRQWUDHOGRSDMH
SODQLILFDFLyQGHODGLVWULEXFLyQGHORVFRQWUROHVPDQWHQLPLHQWRGHXQJUXSRUHJLVWUDGRGH
FRQWURO JHVWLyQ GH ORV SDVDSRUWHV ELROyJLFRV GH ORV \ ODV GHSRUWLVWDV UHDOL]DFLyQ GH
FRQWUROHVRUJDQL]DFLyQGHDQiOLVLVGHPXHVWUDVUHFRSLODFLyQGHLQIRUPDFLyQ\UHDOL]DFLyQ
GHLQYHVWLJDFLRQHVWUDPLWDFLyQGHVROLFLWXGHVGH$87JHVWLyQGHUHVXOWDGRVDXGLHQFLDV
VHJXLPLHQWR\H[LJHQFLDGHOFXPSOLPLHQWRGHODVVDQFLRQHVLPSXHVWDV\WRGDVODVGHPiV
DFWLYLGDGHV GH OXFKD FRQWUD HO GRSDMH VHJ~Q OR SUHYLVWR HQ HO &yGLJR \R ODV 1RUPDV
,QWHUQDFLRQDOHV
$GPLQLVWUDFLyQ /D SURYLVLyQ VXPLQLVWUR VXSHUYLVLyQ IDFLOLWDFLyQ X RWUD
SDUWLFLSDFLyQHQHOXVRRWHQWDWLYDGHXVRSRURWUDSHUVRQDGHXQDVXVWDQFLDSURKLELGDR
PpWRGR SURKLELGR 1R REVWDQWH HVWD GHILQLFLyQ QR LQFOXLUi ODV DFFLRQHV GH SHUVRQDO
PpGLFRGHEXHQDIHTXHVXSRQJDQHOXVRGHXQDVXVWDQFLDSURKLELGDRPpWRGRSURKLELGR
FRQ ILQHV WHUDSpXWLFRV JHQXLQRV \ OHJDOHV R FRQ RWUD MXVWLILFDFLyQ DFHSWDEOH \ WDPSRFR
ODVDFFLRQHVTXHLPSOLTXHQHOXVRGHVXVWDQFLDVSURKLELGDVTXHQRHVWpQSURKLELGDVHQ
ORVFRQWUROHVIXHUDGHFRPSHWLFLyQVDOYRTXHODVFLUFXQVWDQFLDVWRPDGDVHQVXFRQMXQWR
GHPXHVWUHQ TXH GLFKDV VXVWDQFLDV SURKLELGDV QR HVWiQ GHVWLQDGDV D ILQHV WHUDSpXWLFRV
JHQXLQRV\OHJDOHVRWLHQHQSRUREMHWRPHMRUDUHOUHQGLPLHQWRGHSRUWLYR
$JHQFLD 0XQGLDO $QWLGRSDMH $0$ )XQGDFLyQ FUHDGD \ UHJLGD SRU HO 'HUHFKR
6XL]RSDUDFRPEDWLUHOGRSDMHHQHOGHSRUWH
$QXODFLyQ9HU&RQVHFXHQFLDVGHODLQIUDFFLyQGHODVQRUPDVDQWLGRSDMH
$XGLHQFLDSUHOLPLQDU9LVWDGHODVDOHJDFLRQHVIRUPXODGDVSRUHOLQWHUHVDGRSRU
HVFULWRRGHPRGRRUDOHQHOSOD]RLPSURUURJDEOHGHFLQFRGtDVVLJXLHQWHVDODUHFHSFLyQ
GHODQRWLILFDFLyQGHXQDVXVSHQVLyQSURYLVLRQDO
$XWRUL]DFLyQ GH 8VR 7HUDSpXWLFR $87 $XWRUL]DFLyQ SRU PHGLR GH OD FXDO XQ
GHSRUWLVWD VRPHWLGR D XQ WUDWDPLHQWR PpGLFR TXHGD IDFXOWDGR SDUD KDFHU XVR GH XQD
VXVWDQFLD SURKLELGD R XQ PpWRGR SURKLELGR FRQWHQLGR HQ OD /LVWD GH 6XVWDQFLDV \
0pWRGRV3URKLELGRVFRQFHGLGDSRUHO&RPLWpGH$XWRUL]DFLRQHVGH8VR7HUDSpXWLFRGH
DFXHUGRFRQHOSURFHGLPLHQWRHVWDEOHFLGR
$XVHQFLDGHFXOSDRGHQHJOLJHQFLD'HPRVWUDFLyQSRUSDUWHGHXQGHSRUWLVWDX
RWUD SHUVRQD GH TXH LJQRUDED QR VRVSHFKDED \ QR SRGtD KDEHU VDELGR R SUHVXSXHVWR
UD]RQDEOHPHQWH LQFOXVR DSOLFDQGR OD PD\RU GLOLJHQFLD TXH KDEtD XVDGR R VH OH KDEtD
DGPLQLVWUDGR XQD VXVWDQFLD SURKLELGD R XQ PpWRGR SURKLELGR R TXH KDEtD LQIULQJLGR GH
DOJ~QRWURPRGRXQDQRUPDDQWLGRSDMH([FHSWRHQHOFDVRGHXQDSHUVRQDSURWHJLGDR
XQ GHSRUWLVWD DILFLRQDGR SDUD FXDOTXLHU LQIUDFFLyQ SUHYLVWD HQ HO DUWtFXOR D HO
GHSRUWLVWD GHEHUi GHPRVWUDU WDPELpQ FyPR VH LQWURGXMR OD VXVWDQFLD SURKLELGD HQ VX
RUJDQLVPR
$XVHQFLD GH FXOSD R GH QHJOLJHQFLD JUDYHV 'HPRVWUDFLyQ SRU SDUWH GHO
GHSRUWLVWD X RWUD SHUVRQD GH TXH GDGR HO FRQMXQWR GH FLUFXQVWDQFLDV \ WHQLHQGR HQ
FXHQWD ORV FULWHULRV GH DXVHQFLD GH FXOSD R GH QHJOLJHQFLD QR H[LVWLy QHJOLJHQFLD R VX
FXOSDQRIXHVLJQLILFDWLYDUHVSHFWRGHODLQIUDFFLyQGHODQRUPDDQWLGRSDMH([FHSWRHQHO
FDVR GH XQD SHUVRQD SURWHJLGD R XQ GHSRUWLVWD DILFLRQDGR SDUD FXDOTXLHU LQIUDFFLyQ
SUHYLVWDHQHODUWtFXORDHOGHSRUWLVWDGHEHUiGHPRVWUDUWDPELpQFyPRVHLQWURGXMRHQ
VXRUJDQLVPRODVXVWDQFLDSURKLELGD
$\XGDVXVWDQFLDO$ORVHIHFWRVGHORGLVSXHVWRHQORVDUWtFXORVG\GH
HVWDOH\XQDSHUVRQDTXHSURSRUFLRQHD\XGDVXVWDQFLDOGHEHUiUHYHODUSRUFRPSOHWR
PHGLDQWH XQD GHFODUDFLyQ HVFULWD \ ILUPDGD WRGD OD LQIRUPDFLyQ TXH SRVHD HQ UHODFLyQ
FYH%2($
FRQ ODV LQIUDFFLRQHV GH ODV QRUPDV DQWLGRSDMH \ FRODERUDU SOHQDPHQWH HQ OD
LQYHVWLJDFLyQ \ ODV GHFLVLRQHV TXH VH WRPHQ VREUH FXDOTXLHU FDVR UHODFLRQDGR FRQ HVD
LQIRUPDFLyQORTXHLQFOX\HSRUHMHPSORWHVWLILFDUDQWHFXDOTXLHURUJDQLVPRMXULVGLFFLRQDO
R GXUDQWH XQD DXGLHQFLD VL DVt VH OH H[LJH SRU SDUWH GH XQD RUJDQL]DFLyQ DQWLGRSDMH R
WULEXQDOGHH[SHUWRV$VLPLVPRODLQIRUPDFLyQIDFLOLWDGDGHEHVHUFUHtEOH\FRQVWLWXLUXQD
%2/(7Ë12),&,$/'(/(67$'2
SDUWH LPSRUWDQWH GHO FDVR DELHUWR R HQ FDVR GH QR KDEHUVH LQLFLDGR pVWH GHEH KDEHU
SURSRUFLRQDGRXQIXQGDPHQWRVXILFLHQWHVREUHHOFXDOSRGUtDKDEHUVHWUDPLWDGRXQFDVR
&yGLJR(O&yGLJR0XQGLDO$QWLGRSDMH\ODVGHILQLFLRQHVTXHVHFRQWLHQHQHQHO
DQH[RGHOPLVPRSDUDVXLQWHUSUHWDFLyQ
$JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH
&(/$' 2UJDQL]DFLyQ 1DFLRQDO $QWLGRSDMH GH (VSDxD (V HO RUJDQLVPR S~EOLFR D
WUDYpVGHOFXDOVHUHDOL]DQODVSROtWLFDVHVWDWDOHVGHOXFKDFRQWUDHOGRSDMH
&RPLWp2OtPSLFR1DFLRQDO/DRUJDQL]DFLyQUHFRQRFLGDFRPRWDOSRUHO&RPLWp
2OtPSLFR,QWHUQDFLRQDO
&RPLWp 6DQFLRQDGRU $QWLGRSDMH ÏUJDQR FRPSHWHQWH SDUD UHVROYHU ORV
H[SHGLHQWHVVDQFLRQDGRUHVSRULQIUDFFLRQHVGHGRSDMHSUHYLVWRVHQHVWDOH\GHDFXHUGR
FRQHODUWtFXOR
&RPSHWLFLyQ8QDSUXHED~QLFDXQSDUWLGRXQDSDUWLGDRXQFRQFXUVRGHSRUWLYR
FRQFUHWR
&RQVHFXHQFLDV GH OD LQIUDFFLyQ GH ODV QRUPDV DQWLGRSDMH ©&RQVHFXHQFLDVª
/D LQIUDFFLyQ SRU SDUWH GH XQ GHSRUWLVWD R GH RWUD SHUVRQD GH XQD QRUPD DQWLGRSDMH
SXHGHVXSRQHUDOJXQDRYDULDVGHODVFRQVHFXHQFLDVVLJXLHQWHV
D $QXODFLyQ VLJQLILFD OD LQYDOLGDFLyQ GH ORV UHVXOWDGRV GH XQ GHSRUWLVWD HQ XQD
FRPSHWLFLyQRDFRQWHFLPLHQWRFRQFUHWRFRQWRGDVODVFRQVHFXHQFLDVUHVXOWDQWHVFRPR
ODUHWLUDGDGHODVPHGDOODVORVSXQWRV\ORVSUHPLRV
E 6XVSHQVLyQ VLJQLILFD TXH VH SURKtEH DO GHSRUWLVWD R D RWUD SHUVRQD GXUDQWH XQ
SHULRGRGHWLHPSRGHWHUPLQDGRRDSHUSHWXLGDGSDUWLFLSDUHQFDOLGDGDOJXQDHQQLQJXQD
FRPSHWLFLyQRDFWLYLGDGHQORVWpUPLQRVGHODUWtFXOR\\REWHQHUILQDQFLDFLyQHQ
ORVWpUPLQRVGHODUWtFXOR
F 6XVSHQVLyQ SURYLVLRQDO VLJQLILFD TXH VH SURKtEH WHPSRUDOPHQWH DO GHSRUWLVWD X
RWUD SHUVRQD SDUWLFLSDU HQ FXDOTXLHU &RPSHWLFLyQ R DFWLYLGDG KDVWD TXH VH GLFWH OD
GHFLVLyQGHILQLWLYDHQHOSURFHGLPLHQWRVDQFLRQDGRUUHJXODGRHQHOFDStWXOR,,GHOWtWXOR,,
G &RQVHFXHQFLDV HFRQyPLFDV VLJQLILFD XQD VDQFLyQ HFRQyPLFD LPSXHVWD SRU XQD
LQIUDFFLyQGHODVQRUPDVDQWLGRSDMHRFRQHOREMHWRGHUHVDUFLUVHGHORVFRVWHVDVRFLDGRV
DGLFKDLQIUDFFLyQ\
H 'LYXOJDFLyQ R LQIRUPDFLyQ S~EOLFD VLJQLILFD OD GLIXVLyQ R GLVWULEXFLyQ GH
LQIRUPDFLyQ DO S~EOLFR JHQHUDO R D SHUVRQDV QR LQFOXLGDV HQ HO SHUVRQDO DXWRUL]DGR D
WHQHUQRWLILFDFLRQHVSUHYLDVGHDFXHUGRFRQORVDUWtFXORV\GHHVWDOH\(Q
ORV GHSRUWHV GH HTXLSR ORV HTXLSRV WDPELpQ SRGUiQ VHU REMHWR GH ODV FRQVHFXHQFLDV
SUHYLVWDVHQHODUWtFXORGHODSUHVHQWHOH\
&RQVHFXHQFLDV HFRQyPLFDV 9HU DUWtFXOR ,PSRVLFLyQ GH VDQFLRQHV

SHFXQLDULDV
&RQWURO 3DUWH GHO SURFHVR JOREDO GH FRQWURO GHO GRSDMH TXH FRPSUHQGH OD
SODQLILFDFLyQGHGLVWULEXFLyQGHORVFRQWUROHVODUHFRJLGDGHPXHVWUDVODPDQLSXODFLyQGH
PXHVWUDV\VXHQYtRDOODERUDWRULR
&RQWUROHVGLULJLGRV6HOHFFLyQGHGHSRUWLVWDVHVSHFtILFRVSDUDODUHDOL]DFLyQGH
FRQWUROHV FRQIRUPH D ORV FULWHULRV HVWDEOHFLGRV HQ HO (VWiQGDU ,QWHUQDFLRQDO SDUD
&RQWUROHVH,QYHVWLJDFLRQHV
&RQYHQFLyQ GH OD 81(6&2 &RQYHQFLyQ ,QWHUQDFLRQDO FRQWUD HO 'RSDMH HQ HO
'HSRUWHDGRSWDGDGXUDQWHODVHVLyQGHOD$VDPEOHD*HQHUDOGHOD81(6&2HO
GHRFWXEUHGHTXHLQFOX\HWRGDV\FDGDXQDGHODVHQPLHQGDVDGRSWDGDVSRUORV
(VWDGRV3DUWHILUPDQWHVGHOD&RQYHQFLyQ\SRUOD&RQIHUHQFLDGHODV3DUWHVVLJQDWDULDV
GHOD&RQYHQFLyQ,QWHUQDFLRQDOFRQWUDHO'RSDMHHQHO'HSRUWH
FYH%2($
&XOSDELOLGDG &XDOTXLHU LQFXPSOLPLHQWR GH XQD REOLJDFLyQ R DXVHQFLD GH OD
DGHFXDGD DWHQFLyQ D XQD VLWXDFLyQ FRQFUHWD (QWUH ORV IDFWRUHV TXH GHEHQ WRPDUVH HQ
FRQVLGHUDFLyQDOHYDOXDUHOJUDGRGHFXOSDELOLGDGGHOGHSRUWLVWDXRWUDSHUVRQDHVWiQSRU
HMHPSOR VX H[SHULHQFLD VL VH WUDWD GH XQD SHUVRQD SURWHJLGD FRQVLGHUDFLRQHV
HVSHFLDOHV FRPR OD GLVFDSDFLGDG HO JUDGR GH ULHVJR TXH GHEHUtD KDEHU VLGR SHUFLELGR
SRU HO GHSRUWLVWD \ HO JUDGR GH DWHQFLyQ H LQYHVWLJDFLyQ DSOLFDGRV SRU HO PLVPR HQ
%2/(7Ë12),&,$/'(/(67$'2
UHODFLyQFRQORTXHGHEHUtDKDEHUVLGRHOQLYHOGHULHVJRSHUFLELGR$OHYDOXDUHOJUDGRGH
FXOSDELOLGDG GHO GHSRUWLVWD X RWUD SHUVRQD ODV FLUFXQVWDQFLDV DQDOL]DGDV GHEHQ VHU
HVSHFtILFDV \ SHUWLQHQWHV SDUD H[SOLFDU OD GHVYLDFLyQ GH HVWRV GHO SDWUyQ GH FRQGXFWD
HVSHUDGR$VtSRUHMHPSORHOKHFKRGHTXHXQGHSRUWLVWDYD\DDSHUGHUODRSRUWXQLGDG
GHJDQDUJUDQGHVFDQWLGDGHVGHGLQHURGXUDQWHXQSHULRGRGHVDQFLyQRGHTXHTXHGH
SRFR WLHPSR SDUD TXH ILQDOLFH VX FDUUHUD GHSRUWLYD R OD SURJUDPDFLyQ GHO FDOHQGDULR
GHSRUWLYR QR VHUtDQ IDFWRUHV UHOHYDQWHV D WHQHU HQ FXHQWD SDUD UHGXFLU HO SHULRGR GH
VDQFLyQFRQDUUHJORDODUWtFXORGHODSUHVHQWHOH\
'HSRUWH GH HTXLSR 'HSRUWH TXH DXWRUL]D OD VXVWLWXFLyQ GH MXJDGRUHV GXUDQWH
XQDFRPSHWLFLyQ
'HSRUWHLQGLYLGXDO&XDOTXLHUGHSRUWHTXHQRVHDGHHTXLSR
'HSRUWLVWD &XDOTXLHU SHUVRQD TXH KD\D REWHQLGR XQD OLFHQFLD GHSRUWLYD R VH
HQFRQWUDUHHQSURFHVRGHREWHQHUODRWXYLHVHH[SHFWDWLYDVGHVROLFLWDUOD
'HSRUWLVWDDILFLRQDGR'HSRUWLVWDTXHQRHVGHQLYHOQDFLRQDOQLLQWHUQDFLRQDO/D
$JHQFLD (VWDWDO &RPLVLyQ (VSDxROD SDUD OD /XFKD $QWLGRSDMH HQ HO 'HSRUWH WLHQH
SRWHVWDGSDUDDSOLFDUODVQRUPDVDQWLGRSDMHDXQGHSRUWLVWDDILFLRQDGR(QUHODFLyQFRQ
HVWRV GHSRUWLVWDV OD RUJDQL]DFLyQ DQWLGRSDMH SRGUi HOHJLU HQWUH UHDOL]DU FRQWUROHV
OLPLWDGRVRQRUHDOL]DUORVHQDEVROXWRQRXWLOL]DUODWRWDOLGDGGHODUHODFLyQGHVXVWDQFLDV
SURKLELGDV DO DQDOL]DU ODV PXHVWUDV QR UHTXHULU LQIRUPDFLyQ R UHTXHULU LQIRUPDFLyQ
OLPLWDGDVREUHODORFDOL]DFLyQRQRUHTXHULUXQDDXWRUL]DFLyQWHUDSpXWLFDSRUDGHODQWDGR
6LQ HPEDUJR VL XQ GHSRUWLVWD VREUH HO FXDO XQD RUJDQL]DFLyQ DQWLGRSDMH KD GHFLGLGR
HMHUFHU VX FRPSHWHQFLD GH FRQWURO \ TXH FRPSLWH D XQ QLYHO LQIHULRU DO QDFLRQDO R
LQWHUQDFLRQDO FRPHWH XQD LQIUDFFLyQ GH ODV QRUPDV DQWLGRSDMH FRQWHPSODGDV HQ HO
DUWtFXOROHWUDVDFRGKDEUiQGHDSOLFDUVHODVVDQFLRQHVSUHYLVWDVHQODSUHVHQWH
OH\
'LYXOJDFLyQ S~EOLFD R FRPXQLFDFLyQ S~EOLFD 9HU ©&RQVHFXHQFLDV GH OD
LQIUDFFLyQGHODVQRUPDVDQWLGRSDMHª
'XUDFLyQ GH XQ HYHQWR 7LHPSR WUDQVFXUULGR HQWUH HO SULQFLSLR \ HO ILQDO GH XQ
HYHQWRVHJ~QHVWDEOH]FDHORUJDQLVPRUHVSRQVDEOHGHOPLVPR
(GXFDFLyQ 3URFHVR GH DSUHQGL]DMH SDUD WUDVPLWLU YDORUHV \ GHVDUUROODU
FRQGXFWDV TXH IRPHQWHQ \ SURWHMDQ HO HVStULWX GHSRUWLYR \ SDUD SUHYHQLU HO GRSDMH
LQWHQFLRQDGR\QRLQWHQFLRQDGR
(Q FRPSHWLFLyQ 6LJQLILFD TXH HO SHUtRGR FRPLHQ]D GHVGH ODV KRUDV GHO
GtDDQWHULRUDFHOHEUDUVHXQDFRPSHWLFLyQHQODTXHHOGHSRUWLVWDWHQJDSUHYLVWRSDUWLFLSDU
KDVWDHOILQDOGHGLFKDFRPSHWLFLyQ\HOSURFHVRGHUHFRJLGDGHPXHVWUDVUHODFLRQDGRFRQ
HOOD
(YHQWRGHSRUWLYR6HULHRSDUWHGHODVFRPSHWLFLRQHVTXHVHGHVDUUROODQEDMROD
GLUHFFLyQ GH XQ ~QLFR RUJDQLVPR GHSRUWLYR TXH DGRSWD ODV UHJODV GH SDUWLFLSDFLyQ \
RUJDQL]DFLyQGHOPLVPR
3RUHOiPELWRWHUULWRULDOHQHOTXHVHGHVDUUROODQSXHGHQFODVLILFDUVHHQ
± (YHQWR LQWHUQDFLRQDO 8Q HYHQWR R FRPSHWLFLyQ HQ HO TXH HO &RPLWp 2OtPSLFR
,QWHUQDFLRQDO HO &RPLWp 3DUDOtPSLFR ,QWHUQDFLRQDO XQD IHGHUDFLyQ LQWHUQDFLRQDO OD
2UJDQL]DFLyQ 5HVSRQVDEOH GH *UDQGHV (YHQWRV X RWUD RUJDQL]DFLyQ GHSRUWLYD
LQWHUQDFLRQDODFW~DQFRPRRUJDQLVPRUHVSRQVDEOHGHOHYHQWRRQRPEUDQDORVGHOHJDGRV
WpFQLFRVGHOPLVPR
± (YHQWR QDFLRQDO 8Q HYHQWR R FRPSHWLFLyQ TXH QR VHD LQWHUQDFLRQDO
LQGHSHQGLHQWHPHQWHGHTXHSDUWLFLSHQGHSRUWLVWDVGHQLYHOQDFLRQDORLQWHUQDFLRQDO
)XHUDGHFRPSHWLFLyQ7RGRSHULRGRTXHQRVHDHQFRPSHWLFLyQ
FYH%2($
*UXSR 5HJLVWUDGR GH &RQWURO *UXSR GH GHSRUWLVWDV GH OD PiV DOWD SULRULGDG
LGHQWLILFDGRVVHSDUDGDPHQWHDQLYHOLQWHUQDFLRQDOSRUODVIHGHUDFLRQHVLQWHUQDFLRQDOHV\
DQLYHOQDFLRQDOSRUOD$JHQFLD(VWDWDO&RPLVLyQ(VSDxRODSDUDOD/XFKD$QWLGRSDMHHQHO
'HSRUWH TXH HVWiQ VXMHWRV D OD YH] D FRQWUROHV HVSHFtILFRV HQ FRPSHWLFLyQ \ IXHUD GH
FRPSHWLFLyQ HQ HO PDUFR GH OD SODQLILFDFLyQ GH GLVWULEXFLyQ GH ORV FRQWUROHV GH GLFKD
%2/(7Ë12),&,$/'(/(67$'2
IHGHUDFLyQ LQWHUQDFLRQDO R FRPLVLyQ \ TXH HVWiQ REOLJDGRV D SURSRUFLRQDU LQIRUPDFLyQ

DFHUFDGHVXORFDOL]DFLyQFRQIRUPHDODUWtFXORGHHVWDOH\
,QGHSHQGHQFLD LQVWLWXFLRQDO /RV PLHPEURV GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH
HQ IDVH GH UHVROXFLyQ GH UHFXUVRV WHQGUiQ SOHQD LQGHSHQGHQFLD LQVWLWXFLRQDO GH OD
RUJDQL]DFLyQ DQWLGRSDMH HQFDUJDGD GH OD JHVWLyQ GH UHVXOWDGRV SRU OR TXH QR GHEHUiQ
HVWDUHQPRGRDOJXQRVRPHWLGRVDVXDXWRULGDG
,QGHSHQGHQFLD RSHUDFLRQDO /D LQVWUXFFLyQ GH ORV SURFHGLPLHQWRV GHEH VHU
OOHYDGD D FDER SRU SHUVRQDV QR PLHPEURV GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH /RV
PLHPEURVGHO&RPLWp6DQFLRQDGRU$QWLGRSDMHOOHYDUiQDFDERORVSURFHVRVGHDXGLHQFLD
\UHVROXFLyQVLQLQMHUHQFLDVGHODRUJDQL]DFLyQDQWLGRSDMHRGHWHUFHURV
/tPLWH GH GHFLVLyQ 9DORU GHO UHVXOWDGR SDUD XQD VXVWDQFLD XPEUDO HQ XQD
PXHVWUD SRU HQFLPD GHO FXDO VH QRWLILFDUi XQ UHVXOWDGR DQDOtWLFR DGYHUVR VHJ~Q OR
GHILQLGRHQOD1RUPD,QWHUQDFLRQDOSDUD/DERUDWRULRV
/LVWDGH6XVWDQFLDV\0pWRGRV3URKLELGRV/LVWDDSUREDGDSRU5HVROXFLyQGHOD
3UHVLGHQFLD GHO &RQVHMR 6XSHULRU GH 'HSRUWHV \ SXEOLFDGD HQ HO %ROHWtQ 2ILFLDO GHO
(VWDGR GH DFXHUGR FRQ ORV FRPSURPLVRV LQWHUQDFLRQDOHV DVXPLGRV SRU (VSDxD \ HQ
SDUWLFXODU GH OD &RQYHQFLyQ $QWLGRSDMH GH OD 81(6&2 HQ OD TXH FRQVWDQ WRGDV ODV
VXVWDQFLDV \ ORV PpWRGRV TXH HVWiQ SURKLELGRV HQ HO GHSRUWH \ FX\R FRQVXPR R
XWLOL]DFLyQSXHGHQGDUOXJDUDXQDVDQFLyQSRUGRSDMH
0DQLSXODFLyQIUDXGXOHQWD&RQGXFWDLQWHQFLRQDOTXHDOWHUDHOSURFHVRGHFRQWURO
GHOGRSDMHSHURTXHQRVHLQFOXLUtDHQRWURFDVRHQODGHILQLFLyQGHPpWRGRVSURKLELGRV
6H FRQVLGHUDUi PDQLSXODFLyQ IUDXGXOHQWD HQWUH RWUDV FRQGXFWDV RIUHFHU R DFHSWDU
VRERUQRVFRQHOILQGHUHDOL]DURGHMDUGHUHDOL]DUXQDDFFLyQHYLWDUODUHFRJLGDGHXQD
PXHVWUDLQIOXLUHQHODQiOLVLVGHXQDPXHVWUDRKDFHUORLPSRVLEOHIDOVLILFDUGRFXPHQWRV
SUHVHQWDGRVDXQDRUJDQL]DFLyQDQWLGRSDMHFRPLWpGHDXWRUL]DFLRQHVGHXVRWHUDSpXWLFR
R WULEXQDO GH H[SHUWRV REWHQHU IDOVRV WHVWLPRQLRV GH WHVWLJRV R FRPHWHU FXDOTXLHU RWUR
DFWR IUDXGXOHQWR DQWH OD RUJDQL]DFLyQ DQWLGRSDMH R OD LQVWDQFLD GH DXGLHQFLD SDUD LQIOXLU
HQ OD JHVWLyQ GH ORV UHVXOWDGRV R HQ OD LPSRVLFLyQ GH VDQFLRQHV \ FXDOTXLHU RWUD
LQMHUHQFLD R WHQWDWLYD GH LQMHUHQFLD VLPLODU H LQWHQFLRQDGD HQ FXDOTXLHU DVSHFWR GHO
FRQWUROGHOGRSDMH
0DUFDGRU 8Q FRPSXHVWR XQ JUXSR GH FRPSXHVWRV R YDULDEOHV ELROyJLFDV
TXHLQGLFDQHOXVRGHXQDVXVWDQFLDSURKLELGDRGHXQPpWRGRSURKLELGR
0HQRU3HUVRQDItVLFDTXHQRKDDOFDQ]DGRODHGDGGHGLHFLRFKRDxRV
0HWDEROLWR&XDOTXLHUVXVWDQFLDSURGXFLGDSRUXQSURFHVRGHELRWUDQVIRUPDFLyQ
0pWRGR HVSHFtILFR &XDOTXLHU PpWRGR GHVFULWR FRPR WDO HQ OD /LVWD GH
6XVWDQFLDV \ 0pWRGRV 3URKLELGRV 1LQJ~Q PpWRGR SURKLELGR VH FRQVLGHUDUi PpWRGR
HVSHFtILFRDPHQRVTXHILJXUHHVSHFtILFDPHQWHFRPRWDOHQODOLVWDGHSURKLELFLRQHV
0pWRGRSURKLELGR&XDOTXLHUPpWRGRGHVFULWRFRPRWDOHQOD/LVWDGH6XVWDQFLDV
\0pWRGRV3URKLELGRV
0XHVWUD&XDOTXLHUPDWHULDOELROyJLFRUHFRJLGRFRQILQHVGHFRQWUROGHOGRSDMH
1LYHO PtQLPR D HIHFWRV GH QRWLILFDFLRQHV /D FRQFHQWUDFLyQ HVWLPDGD GH XQD
VXVWDQFLDSURKLELGDRGHXQRRYDULRVGHVXVPHWDEROLWRVRPDUFDGRUHVHQXQDPXHVWUD
SRU GHEDMR GH OD FXDO ORV ODERUDWRULRV DFUHGLWDGRV SRU OD $0$ QR GHEHQ QRWLILFDU XQ
UHVXOWDGRDQDOtWLFRDGYHUVRHQUHODFLyQFRQHVDPXHVWUD
1RUPD ,QWHUQDFLRQDO 1RUPD DGRSWDGD SRU OD $JHQFLD 0XQGLDO $QWLGRSDMH HQ
DSR\RGHO&yGLJR(OUHVSHWRGHOD1RUPD,QWHUQDFLRQDOHQFRQWUDSRVLFLyQDRWUDQRUPD
SUiFWLFD R SURFHGLPLHQWR DOWHUQDWLYR EDVWDUi SDUD GHWHUPLQDU TXH VH KDQ HMHFXWDGR
FRUUHFWDPHQWHORVSURFHGLPLHQWRVSUHYLVWRVHQOD1RUPD,QWHUQDFLRQDO
(QWUHODV1RUPDV,QWHUQDFLRQDOHVVHLQFOXLUiFXDOTXLHUGRFXPHQWR7pFQLFRSXEOLFDGR
GHDFXHUGRFRQGLFKD1RUPD,QWHUQDFLRQDO
FYH%2($
2UJDQL]DFLyQ$QWLGRSDMH/D$JHQFLD0XQGLDO$QWLGRSDMHRXQVLJQDWDULRTXHHV
UHVSRQVDEOH GH OD DGRSFLyQ GH QRUPDV SDUD LQLFLDU SRQHU HQ SUiFWLFD R H[LJLU HO
FXPSOLPLHQWR GH FXDOTXLHU SDUWH GHO SURFHVR GH FRQWURO GHO GRSDMH (VWR LQFOX\H SRU
HMHPSOR DO &RPLWp 2OtPSLFR ,QWHUQDFLRQDO DO &RPLWp 3DUDOtPSLFR ,QWHUQDFLRQDO D RWUDV
RUJDQL]DFLRQHV UHVSRQVDEOHV GH JUDQGHV HYHQWRV GHSRUWLYRV TXH UHDOL]DQ FRQWUROHV HQ
%2/(7Ë12),&,$/'(/(67$'2
HYHQWRV GH ORV TXH VHDQ UHVSRQVDEOHV D OD $JHQFLD 0XQGLDO $QWLGRSDMH D ODV
IHGHUDFLRQHVLQWHUQDFLRQDOHV\DODVRUJDQL]DFLRQHVQDFLRQDOHVDQWLGRSDMH
2UJDQL]DFLyQ1DFLRQDO$QWLGRSDMH/DRODVHQWLGDGHVGHVLJQDGDVSRUFDGDSDtV
FRPRDXWRULGDGSULQFLSDOUHVSRQVDEOHGHODDGRSFLyQ\ODSXHVWDHQSUiFWLFDGHQRUPDV
DQWLGRSDMH GH OD UHFRJLGD GH PXHVWUDV GH OD JHVWLyQ GH ORV UHVXOWDGRV \ GH OD
WUDPLWDFLyQ GHO SURFHGLPLHQWR VDQFLRQDGRU D QLYHO QDFLRQDO (Q (VSDxD HV OD $JHQFLD
2UJDQL]DFLRQHV 5HVSRQVDEOHV GH *UDQGHV (YHQWRV /DV DVRFLDFLRQHV
FRQWLQHQWDOHV GH &RPLWpV 2OtPSLFRV 1DFLRQDOHV \ RWUDV RUJDQL]DFLRQHV PXOWLGHSRUWLYDV
LQWHUQDFLRQDOHVTXHIXQFLRQDQFRPRRUJDQLVPRUHFWRUGHXQHYHQWRFRQWLQHQWDOUHJLRQDO
RLQWHUQDFLRQDO
3DUWLFLSDQWH&XDOTXLHUGHSRUWLVWDRSHUVRQDOGHDSR\RDOGHSRUWLVWD
3DVDSRUWH%LROyJLFRGHO'HSRUWLVWD(OSURJUDPD\PpWRGRVGHUHFRJLGD\FRWHMR
GH GDWRV GHVFULWR HQ OD 1RUPD ,QWHUQDFLRQDO SDUD &RQWUROHV H ,QYHVWLJDFLRQHV \ HQ OD
1RUPD,QWHUQDFLRQDOSDUD/DERUDWRULRVGHOD$JHQFLD0XQGLDO$QWLGRSDMH
3HUVRQD8QDSHUVRQDItVLFDRXQDRUJDQL]DFLyQXRWUDHQWLGDG
3HUVRQD3URWHJLGD'HSRUWLVWDXRWUDSHUVRQDItVLFDLTXHHQHOPRPHQWRGHOD
LQIUDFFLyQGHODVQRUPDVDQWLGRSDMHQRKDDOFDQ]DGRODHGDGGHGLHFLVpLVDxRVLLTXH
HQ HO PRPHQWR GH OD LQIUDFFLyQ GH ODV QRUPDV DQWLGRSDMH QR KD DOFDQ]DGR OD HGDG GH
GLHFLRFKRDxRV\QRHVWiLQFOXLGRHQQLQJ~QJUXSRGHVHJXLPLHQWRQLKDFRPSHWLGRQXQFD
HQXQHYHQWRLQWHUQDFLRQDOHQFDWHJRUtDDELHUWDRSHQLLLFDUHQWHGHFDSDFLGDGMXUtGLFD
RGHREUDUSRUUD]RQHVGLVWLQWDVDODHGDG
3HUVRQDO GH DSR\R D ORV \ ODV GHSRUWLVWDV &XDOTXLHU HQWUHQDGRU SUHSDUDGRU
ItVLFR GLUHFWRU GHSRUWLYR DJHQWH GLUHFWLYR SHUVRQDO GHO FOXE GHSRUWLYR R HTXLSR R
SURIHVLRQDO R SHUVRQDO VDQLWDULR R SDUDPpGLFR IDPLOLDU R FXDOTXLHU RWUD SHUVRQD TXH
WUDEDMH FRQ WUDWH R D\XGH D GHSRUWLVWDV TXH SDUWLFLSHQ HQ R VH SUHSDUHQ SDUD
FRPSHWLFLRQHVGHSRUWLYDV
3RVHVLyQ 3RVHVLyQ ItVLFD R GH KHFKR TXH VyOR VH GHWHUPLQDUi VL OD SHUVRQD
HMHUFHRSUHWHQGHHMHUFHUXQFRQWUROH[FOXVLYRGHODVXVWDQFLDRPpWRGRSURKLELGRVRGHO
OXJDUHQHOTXHVHHQFXHQWUHQODVXVWDQFLDRPpWRGRSURKLELGRVGDGRVLQHPEDUJRTXH
VL OD SHUVRQD QR HMHUFH XQ FRQWURO H[FOXVLYR GH OD VXVWDQFLD R PpWRGR SURKLELGR R GHO
OXJDUHQHOTXHVHHQFXHQWUHODVXVWDQFLDRPpWRGRSURKLELGRODSRVHVLyQGHKHFKRVROR
VHDSUHFLDUiVLODSHUVRQDWXYLHUDFRQRFLPLHQWRGHODSUHVHQFLDGHODVXVWDQFLDRPpWRGR
SURKLELGR\WHQtDODLQWHQFLyQGHHMHUFHUXQFRQWUROVREUHpOSRUORWDQWRQRSRGUiKDEHU
LQIUDFFLyQ GH ODV QRUPDV DQWLGRSDMH VREUH OD EDVH GH OD PHUD SRVHVLyQ VL DQWHV GH
UHFLELUFXDOTXLHUQRWLILFDFLyQTXHOHFRPXQLTXHXQDLQIUDFFLyQGHODVQRUPDVDQWLGRSDMH
ODSHUVRQDKDWRPDGRPHGLGDVFRQFUHWDVTXHGHPXHVWUHQTXH\DQRWLHQHYROXQWDGGH
SRVHVLyQ\TXHKDUHQXQFLDGRDHOODGHFODUiQGRORH[SOtFLWDPHQWHDQWHXQDRUJDQL]DFLyQ
DQWLGRSDMH 6LQ SHUMXLFLR GH FXDOTXLHU RWUD DILUPDFLyQ HQ FRQWUDULR UHFRJLGD HQ HVWD
GHILQLFLyQODFRPSUDLQFOXVRSRUPHGLRVHOHFWUyQLFRVRGHRWUDtQGROHGHXQDVXVWDQFLD
R PpWRGR SURKLELGR FRQVWLWX\H SRVHVLyQ SRU SDUWH GH OD SHUVRQD TXH UHDOLFH GLFKD
FRPSUD
3URJUDPD GH 2EVHUYDGRUHV ,QGHSHQGLHQWHV (TXLSR GH REVHUYDGRUHV \R
DXGLWRUHV EDMR OD VXSHUYLVLyQ GH OD $0$ TXH REVHUYD \ RULHQWD VREUH HO SURFHVR GH
FRQWUROGHOGRSDMHDQWHVRGXUDQWHGHWHUPLQDGRVHYHQWRV\FRPXQLFDVXVREVHUYDFLRQHV
FRPRSDUWHGHOSURJUDPDGHVXSHUYLVLyQGHOFXPSOLPLHQWRGHOD$0$
3URGXFWRFRQWDPLQDGR8QSURGXFWRTXHFRQWLHQHXQDVXVWDQFLDSURKLELGDTXH
QR HVWi GHVFULWD HQ OD HWLTXHWD GHO SURGXFWR QL HQ OD LQIRUPDFLyQ GLVSRQLEOH HQ XQD
E~VTXHGDUD]RQDEOHHQ,QWHUQHW
5HVSRQVDELOLGDGGHO'HSRUWLVWD$ORVHIHFWRVGHORSUHYLVWRHQORVDSDUWDGRVD
FYH%2($
\EGHODUWtFXORGHODOH\FRUUHUiDFDUJRGHOGHSRUWLVWDSUREDUODDXVHQFLDGHFXOSDR
QHJOLJHQFLDRHOHUURUGHKHFKRRGHGHUHFKRHQTXHKXELHUDSRGLGRLQFXUULUHQHOXVRR
FRQVXPRGHODVXVWDQFLDRPpWRGRSURKLELGR$ORVHIHFWRVGHODSDUWDGRMGHODUWtFXOR
GH OD OH\ HQ UHODFLyQ FRQ ORV DSDUWDGRV E \ H GHO PLVPR DUWtFXOR FRUUHUi D FDUJR GHO
GHSRUWLVWDSUREDUODLQH[LVWHQFLDGHWHQWDWLYDHQODFRPLVLyQGHODVFRQGXFWDVGHVFULWDV
%2/(7Ë12),&,$/'(/(67$'2
5HVXOWDGR$GYHUVRHQHO3DVDSRUWH8QLQIRUPHLGHQWLILFDGRFRPRXQ5HVXOWDGR
$GYHUVRHQHO3DVDSRUWHGHVFULWRHQODV1RUPDV,QWHUQDFLRQDOHVGHOD$JHQFLD0XQGLDO
$QWLGRSDMHDSOLFDEOHV
5HVXOWDGR$QDOtWLFR$GYHUVR8QLQIRUPHSRUSDUWHGHXQODERUDWRULRDFUHGLWDGR
R DSUREDGR SRU OD $JHQFLD 0XQGLDO $QWLGRSDMH TXH GH FRQIRUPLGDG FRQ OD 1RUPD
,QWHUQDFLRQDOSDUD/DERUDWRULRVLGHQWLILTXHHQXQDPXHVWUDODSUHVHQFLDGHXQDVXVWDQFLD
SURKLELGD R GH VXV PHWDEROLWRV R PDUFDGRUHV R HYLGHQFLDV GHO XVR GH XQ PpWRGR
SURKLELGR
5HVXOWDGR $QyPDOR ,QIRUPH HPLWLGR SRU XQ ODERUDWRULR DFUHGLWDGR R DSUREDGR
SRUOD$JHQFLD0XQGLDO$QWLGRSDMHTXHUHTXLHUHXQDLQYHVWLJDFLyQPiVGHWDOODGDVHJ~QOD
1RUPD ,QWHUQDFLRQDO SDUD /DERUDWRULRV GH OD $JHQFLD 0XQGLDO $QWLGRSDMH R ORV
GRFXPHQWRVWpFQLFRVUHODFLRQDGRVDQWHVGHGHFLGLUVREUHODH[LVWHQFLDGHXQ5HVXOWDGR
$QDOtWLFR$GYHUVR
5HVXOWDGR $QyPDOR HQ HO 3DVDSRUWH 8Q LQIRUPH LGHQWLILFDGR FRPR XQ
5HVXOWDGR $QyPDOR HQ HO 3DVDSRUWH GHVFULWR HQ ODV 1RUPDV ,QWHUQDFLRQDOHV GH OD
$JHQFLD0XQGLDO$QWLGRSDMHDSOLFDEOHV
6HGH GH XQ HYHQWR &DGD XQD GH ODV VHGHV GHVLJQDGDV SRU OD DXWRULGDG
UHVSRQVDEOHGHOHYHQWR
6LJQDWDULRV$TXHOODVHQWLGDGHVILUPDQWHVGHO&yGLJR0XQGLDO$QWLGRSDMH\TXH
DFHSWHQLPSOHPHQWDUHO&yGLJRGHDFXHUGRFRQORSUHYLVWRHQHODUWtFXORGHO&yGLJR
0XQGLDO$QWLGRSDMH
6LVWHPD GH LQIRUPDFLyQ HVWDEOHFLGR SRU OD $JHQFLD 0XQGLDO $QWLGRSDMH
+HUUDPLHQWD SDUD OD JHVWLyQ GH EDVHV GH GDWRV VLWXDGD HQ XQ VLWLR ZHE SDUD LQWURGXFLU
LQIRUPDFLyQ DOPDFHQDUOD FRPSDUWLUOD \ HODERUDU LQIRUPHV FRQ HO ILQ GH D\XGDU D ODV
SDUWHV LQWHUHVDGDV \ D OD $JHQFLD 0XQGLDO $QWLGRSDMH HQ VXV DFWLYLGDGHV FRQWUD HO
GRSDMH GH DFXHUGR FRQ OD OHJLVODFLyQ UHODWLYD D OD SURWHFFLyQ GH GDWRV 'LFKR VLVWHPD
UHFLEH HO QRPEUH HQ OD DFWXDOLGDG GH ©$QWL'RSLQJ $GPLQLVWUDWLRQ DQG 0DQDJHPHQW
6\VWHP$'$06ª
6XVSHQVLyQ SURYLVLRQDO 9HU &RQVHFXHQFLDV GH OD ,QIUDFFLyQ GH ODV 1RUPDV
$QWLGRSDMH
6XVSHQVLyQ9HU&RQVHFXHQFLDVGHOD,QIUDFFLyQGHODV1RUPDV$QWLGRSDMH
6XVWDQFLD GH DEXVR &XDOTXLHU VXVWDQFLD GHVFULWD FRPR WDO HQ OD /LVWD GH
6XVWDQFLDV \ 0pWRGRV 3URKLELGRV /DV VXVWDQFLDV GH DEXVR LQFOX\HQ ODV VXVWDQFLDV
SURKLELGDVTXHILJXUDQHVSHFtILFDPHQWHFRPRWDOHVHQODOLVWDGHSURKLELFLRQHVSRUTXHHQ
ODVRFLHGDGVHDEXVDGHHOODVFRQIUHFXHQFLDHQFRQWH[WRVGLVWLQWRVGHORVGHSRUWLYRV
6XVWDQFLD HVSHFtILFD &XDOTXLHU VXVWDQFLD GHVFULWD FRPR WDO HQ OD /LVWD GH
6XVWDQFLDV \ 0pWRGRV 3URKLELGRV 7RGDV ODV VXVWDQFLDV SURKLELGDV VH FRQVLGHUDUiQ
VXVWDQFLDVHVSHFtILFDVVDOYRTXHVHLQGLTXHHQODOLVWDGHSURKLELFLRQHV
6XVWDQFLD SURKLELGD &XDOTXLHU VXVWDQFLD R JUXSR GH VXVWDQFLDV GHVFULWD FRPR
WDO HQ OD /LVWD GH 6XVWDQFLDV \ 0pWRGRV 3URKLELGRV /D GHWHUPLQDFLyQ SRU SDUWH GH OD
$0$GHODVVXVWDQFLDVSURKLELGDV\ORVPpWRGRVSURKLELGRVTXHVHLQFOXLUiQHQODOLVWDGH
SURKLELFLRQHV OD FODVLILFDFLyQ GH ODV VXVWDQFLDV HQ ODV FDWHJRUtDV GH GLFKD OLVWD OD
FODVLILFDFLyQGHXQDVXVWDQFLDFRPRSURKLELGDVLHPSUHRVRORGXUDQWHODFRPSHWLFLyQ\OD
FODVLILFDFLyQGHXQDVXVWDQFLDRPpWRGRFRPRVXVWDQFLDHVSHFtILFDPpWRGRHVSHFtILFRR
VXVWDQFLDGHDEXVRHVGHILQLWLYD\QRSRGUiVHULPSXJQDGDSRUQLQJ~QGHSRUWLVWDXRWUD
SHUVRQDVREUHODEDVHHQWUHRWUDVDOHJDFLRQHVGHTXHODVXVWDQFLDRPpWRGRQRHVXQ
DJHQWH HQPDVFDUDQWH QR WLHQH HO SRWHQFLDO GH PHMRUDU HO UHQGLPLHQWR GHSRUWLYR QR
UHSUHVHQWDXQULHVJRSDUDODVDOXGRQRYXOQHUDHOHVStULWXGHSRUWLYR
7HQWDWLYD&RQGXFWDYROXQWDULDTXHFRQVWLWX\HXQSDVRVXVWDQFLDOHQHOFXUVRGH
XQD DFFLyQ SODQLILFDGD FX\R REMHWLYR HV OD FRPLVLyQ GH XQD LQIUDFFLyQ GH QRUPDV
FYH%2($
DQWLGRSDMH 1R REVWDQWH QR KDEUi LQIUDFFLyQ GH ODV QRUPDV DQWLGRSDMH EDVDGD
~QLFDPHQWHHQHVWDWHQWDWLYDGHFRPHWHUWDOLQIUDFFLyQVLODSHUVRQDGHVLVWHDQWHVGHVHU
GHVFXELHUWDSRUXQWHUFHURQRLPSOLFDGRHQODPLVPD
7HUFHURGHOHJDGR7RGDSHUVRQDHQODTXHXQDRUJDQL]DFLyQDQWLGRSDMHGHOHJXH
DOJ~QDVSHFWRGHOFRQWUROGHOGRSDMHRORVSURJUDPDVHGXFDWLYRVHQPDWHULDDQWLGRSDMH
%2/(7Ë12),&,$/'(/(67$'2
LQFOXLGRV HQWUH RWURV WHUFHURV X RWUDV RUJDQL]DFLRQHV DQWLGRSDMH TXH OOHYHQ D FDER OD
UHFRJLGDGHPXHVWUDVXRWURVVHUYLFLRVGHFRQWUROGHOGRSDMHRSURJUDPDVGHHGXFDFLyQ
DQWLGRSDMH SDUD OD RUJDQL]DFLyQ DQWLGRSDMH R LQGLYLGXRV TXH DFW~HQ HQ FDOLGDG GH
FRQWUDWLVWDV LQGHSHQGLHQWHV \ OOHYHQ D FDER VHUYLFLRV GH FRQWURO GHO GRSDMH SDUD OD
RUJDQL]DFLyQDQWLGRSDMHSRUHMHPSORDJHQWHVRDVLVWHQWHVGHFRQWURODQWLGRSDMHTXHQR
VHDQHPSOHDGRV(VWDGHILQLFLyQQRLQFOX\HDO7ULEXQDOGH$UELWUDMH'HSRUWLYR
7UiILFR /D YHQWD HQWUHJD WUDQVSRUWH HQYtR UHSDUWR R GLVWULEXFLyQ R OD
SRVHVLyQFRQFXDOTXLHUDGHHVWRVILQHVGHXQDVXVWDQFLDSURKLELGDRPpWRGRSURKLELGR
\D VHD ItVLFDPHQWH R SRU PHGLRV HOHFWUyQLFRV R GH RWUD tQGROH SRU SDUWH GH XQ
GHSRUWLVWD HO SHUVRQDO GH DSR\R DO GHSRUWLVWD R FXDOTXLHU RWUD SHUVRQD VRPHWLGD D OD
MXULVGLFFLyQ GH XQD RUJDQL]DFLyQ DQWLGRSDMH D FXDOTXLHU WHUFHUR QR REVWDQWH HVWD
GHILQLFLyQQRLQFOX\HODVDFFLRQHVGHEXHQDIHTXHUHDOLFHHOSHUVRQDOPpGLFRHQUHODFLyQ
FRQXQDVXVWDQFLDSURKLELGDXWLOL]DGDSDUDSURSyVLWRVWHUDSpXWLFRVJHQXLQRV\OHJDOHVX
RWUDMXVWLILFDFLyQDFHSWDEOH\QRLQFOXLUiDFFLRQHVUHODFLRQDGDVFRQVXVWDQFLDVSURKLELGDV
TXH QR HVWpQ SURKLELGDV IXHUD GH FRPSHWLFLyQ D PHQRV TXH ODV FLUFXQVWDQFLDV HQ VX
FRQMXQWR GHPXHVWUHQ TXH OD ILQDOLGDG GH GLFKDV VXVWDQFLDV SURKLELGDV QR VHD SDUD
SURSyVLWRV WHUDSpXWLFRV JHQXLQRV \ OHJDOHV R TXH WHQJDQ SRU REMHWR PHMRUDU HO
UHQGLPLHQWRGHSRUWLYR
7ULEXQDO $GPLQLVWUDWLYR GHO 'HSRUWH ÏUJDQR GH iPELWR HVWDWDO DGVFULWR
RUJiQLFDPHQWH DO &RQVHMR 6XSHULRU GH 'HSRUWHV TXH DFW~D FRQ LQGHSHQGHQFLD GH pVWH
FUHDGRHQYLUWXGGHODUWtFXORGHOD/H\GHGHRFWXEUHGHO'HSRUWH
7ULEXQDO GH $UELWUDMH 'HSRUWLYR ,QVWLWXFLyQ LQGHSHQGLHQWH SDUD OD VROXFLyQ GH
FRQWURYHUVLDVUHODFLRQDGDVFRQHOGHSRUWHDWUDYpVGHODUELWUDMHRODPHGLDFLyQSRUPHGLR
GH QRUPDV GH SURFHGLPLHQWR DGDSWDGDV D ODV QHFHVLGDGHV HVSHFtILFDV GHO PXQGR GHO
GHSRUWH
8VR /D XWLOL]DFLyQ DSOLFDFLyQ LQJHVWLyQ LQ\HFFLyQ R FRQVXPR SRU FXDOTXLHU
PHGLRGHXQDVXVWDQFLDSURKLELGDRGHXQPpWRGRSURKLELGR
FYH%2($
KWWSVZZZERHHV %2/(7Ë12),&,$/'(/(67$'2 '/0,661;

LO 11-2021 Dopaje en El Deporte

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

LO 11-2021 Dopaje en El Deporte

Cargado por

Copyright:

Formatos disponibles

%2/(7Ë12),&,$/'(/(67$'2

1~P 0LpUFROHVGHGLFLHPEUHGH 6HF,3iJ

&DStWXOR , 0HGLGDV GH FRQWURO \ VXSHUYLVLyQ GH SURGXFWRV PHGLFDPHQWRV \

D 3DUWLFLSDU R KDEHU SDUWLFLSDGR HQ FRPSHWLFLRQHV RILFLDOHV GH iPELWR HVWDWDO

E 2EWHQHU R KDEHU REWHQLGR LQJUHVRV DVRFLDGRV D OD DFWLYLGDG GHSRUWLYD

GLUHFWDPHQWH SRU FXDOTXLHU IHGHUDFLyQ R DVRFLDFLyQ GHSRUWLYD R SRU FXDOTXLHU

RUJDQL]DFLRQHV R IHGHUDFLRQHV DXWRQyPLFDV R LQWHUQDFLRQDOHV UHVSRQVDEOHV SDUD

/DFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQODVOHWUDVDE\IGHODUWtFXORGH

$UWtFXOR 6DQFLRQHV D FOXEHV HTXLSRV GHSRUWLYRV OLJDV SURIHVLRQDOHV HQWLGDGHV

&XDQGRODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOROHWUDVDEFGHIJKL

HQWLGDGHV UHVSRQVDEOHV GH LQVWDODFLRQHV GHSRUWLYDV R IHGHUDFLRQHV GHSRUWLYDV VH

UHVROXFLyQ PRWLYDGD SRGUi DFRUGDU HQWUHJDU D OD $GPLQLVWUDFLyQ ~QLFDPHQWH ODV

/DUHPRFLyQSRUODVFDXVDVSUHYLVWDVHQODVOHWUDVHIJ\KGHEHUiVHUDFRUGDGD

/DV UHVROXFLRQHV VDQFLRQDGRUDV GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH VRQ

&RPXQLGDGHV $XWyQRPDV PHFDQLVPRV GH LQIRUPDFLyQ \ GH SXEOLFLGDG HVSHFtILFRV GH

(VSHFtILFDPHQWH ODV DXWRULGDGHV DGPLQLVWUDWLYDV HVSDxRODV HVWDEOHFHUiQ ORV

$UWtFXOR 3URKLELFLRQHV HVSHFtILFDV D OD FRPHUFLDOL]DFLyQ HQ HVWDEOHFLPLHQWRV

'LVSRVLFLyQ WUDQVLWRULD FXDUWD (MHUFLFLR GH FRPSHWHQFLDV VDQFLRQDGRUDV KDVWD OD

D 'HFLGLU HQ YtD DGPLQLVWUDWLYD \ HQ ~OWLPD LQVWDQFLD ODV FXHVWLRQHV

6X FRPSRVLFLyQ RUJDQL]DFLyQ \ IXQFLRQHV VH GHVDUUROODUiQ

&RQVHFXHQFLDV HFRQyPLFDV 9HU DUWtFXOR ,PSRVLFLyQ GH VDQFLRQHV

IHGHUDFLyQ LQWHUQDFLRQDO R FRPLVLyQ \ TXH HVWiQ REOLJDGRV D SURSRUFLRQDU LQIRUPDFLyQ

KWWSVZZZERHHV %2/(7Ë12),&,$/'(/(67$'2 '/0,661;

También podría gustarte

LO 11-2021 Dopaje en El Deporte

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

LO 11-2021 Dopaje en El Deporte

Cargado por

Copyright:

Formatos disponibles

%2/(7Ë12),&,$/'(/(67$'2

1~P 0LpUFROHVGHGLFLHPEUHGH 6HF,3iJ

&DStWXOR , 0HGLGDV GH FRQWURO \ VXSHUYLVLyQ GH SURGXFWRV PHGLFDPHQWRV \

D 3DUWLFLSDU R KDEHU SDUWLFLSDGR HQ FRPSHWLFLRQHV RILFLDOHV GH iPELWR HVWDWDO

E 2EWHQHU R KDEHU REWHQLGR LQJUHVRV DVRFLDGRV D OD DFWLYLGDG GHSRUWLYD

GLUHFWDPHQWH SRU FXDOTXLHU IHGHUDFLyQ R DVRFLDFLyQ GHSRUWLYD R SRU FXDOTXLHU

RUJDQL]DFLRQHV R IHGHUDFLRQHV DXWRQyPLFDV R LQWHUQDFLRQDOHV UHVSRQVDEOHV SDUD

 /DFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQODVOHWUDVD E \I GHODUWtFXORGH

$UWtFXOR  6DQFLRQHV D FOXEHV HTXLSRV GHSRUWLYRV OLJDV SURIHVLRQDOHV HQWLGDGHV

&XDQGRODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOROHWUDVD E F G H I J K L 

HQWLGDGHV UHVSRQVDEOHV GH LQVWDODFLRQHV GHSRUWLYDV R IHGHUDFLRQHV GHSRUWLYDV VH

UHVROXFLyQ PRWLYDGD SRGUi DFRUGDU HQWUHJDU D OD $GPLQLVWUDFLyQ ~QLFDPHQWH ODV

/DUHPRFLyQSRUODVFDXVDVSUHYLVWDVHQODVOHWUDVH I J \K GHEHUiVHUDFRUGDGD

 /DV UHVROXFLRQHV VDQFLRQDGRUDV GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH VRQ

&RPXQLGDGHV $XWyQRPDV PHFDQLVPRV GH LQIRUPDFLyQ \ GH SXEOLFLGDG HVSHFtILFRV GH

(VSHFtILFDPHQWH ODV DXWRULGDGHV DGPLQLVWUDWLYDV HVSDxRODV HVWDEOHFHUiQ ORV

$UWtFXOR  3URKLELFLRQHV HVSHFtILFDV D OD FRPHUFLDOL]DFLyQ HQ HVWDEOHFLPLHQWRV

'LVSRVLFLyQ WUDQVLWRULD FXDUWD (MHUFLFLR GH FRPSHWHQFLDV VDQFLRQDGRUDV KDVWD OD

D 'HFLGLU HQ YtD DGPLQLVWUDWLYD \ HQ ~OWLPD LQVWDQFLD ODV FXHVWLRQHV

 6X FRPSRVLFLyQ RUJDQL]DFLyQ \ IXQFLRQHV VH GHVDUUROODUiQ

 &RQVHFXHQFLDV HFRQyPLFDV 9HU DUWtFXOR  ,PSRVLFLyQ GH VDQFLRQHV

IHGHUDFLyQ LQWHUQDFLRQDO R FRPLVLyQ \ TXH HVWiQ REOLJDGRV D SURSRUFLRQDU LQIRUPDFLyQ

KWWSVZZZERHHV %2/(7Ë12),&,$/'(/(67$'2 '/0,661;

También podría gustarte

1~P 0LpUFROHVGHGLFLHPEUHGH 6HF,3iJ

&DStWXOR , 0HGLGDV GH FRQWURO \ VXSHUYLVLyQ GH SURGXFWRV PHGLFDPHQWRV \

D 3DUWLFLSDU R KDEHU SDUWLFLSDGR HQ FRPSHWLFLRQHV RILFLDOHV GH iPELWR HVWDWDO

RUJDQL]DFLRQHV R IHGHUDFLRQHV DXWRQyPLFDV R LQWHUQDFLRQDOHV UHVSRQVDEOHV SDUD

/DFRPLVLyQGHODVLQIUDFFLRQHVSUHYLVWDVHQODVOHWUDVDE\IGHODUWtFXORGH

$UWtFXOR 6DQFLRQHV D FOXEHV HTXLSRV GHSRUWLYRV OLJDV SURIHVLRQDOHV HQWLGDGHV

&XDQGRODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXOROHWUDVDEFGHIJKL

UHVROXFLyQ PRWLYDGD SRGUi DFRUGDU HQWUHJDU D OD $GPLQLVWUDFLyQ ~QLFDPHQWH ODV

/DUHPRFLyQSRUODVFDXVDVSUHYLVWDVHQODVOHWUDVHIJ\KGHEHUiVHUDFRUGDGD

/DV UHVROXFLRQHV VDQFLRQDGRUDV GHO &RPLWp 6DQFLRQDGRU $QWLGRSDMH VRQ

&RPXQLGDGHV $XWyQRPDV PHFDQLVPRV GH LQIRUPDFLyQ \ GH SXEOLFLGDG HVSHFtILFRV GH

(VSHFtILFDPHQWH ODV DXWRULGDGHV DGPLQLVWUDWLYDV HVSDxRODV HVWDEOHFHUiQ ORV

$UWtFXOR 3URKLELFLRQHV HVSHFtILFDV D OD FRPHUFLDOL]DFLyQ HQ HVWDEOHFLPLHQWRV

'LVSRVLFLyQ WUDQVLWRULD FXDUWD (MHUFLFLR GH FRPSHWHQFLDV VDQFLRQDGRUDV KDVWD OD

D 'HFLGLU HQ YtD DGPLQLVWUDWLYD \ HQ ~OWLPD LQVWDQFLD ODV FXHVWLRQHV

6X FRPSRVLFLyQ RUJDQL]DFLyQ \ IXQFLRQHV VH GHVDUUROODUiQ

&RQVHFXHQFLDV HFRQyPLFDV 9HU DUWtFXOR ,PSRVLFLyQ GH VDQFLRQHV

KWWSVZZZERHHV %2/(7Ë12),&,$/'(/(67$'2 '/0,661;