Documente Academic
Documente Profesional
Documente Cultură
Decreto 25870
Încărcat de
Mauricio VillegasDrepturi de autor
Formate disponibile
Partajați acest document
Partajați sau inserați document
Vi se pare util acest document?
Este necorespunzător acest conținut?
Raportați acest documentDrepturi de autor:
Formate disponibile
Decreto 25870
Încărcat de
Mauricio VillegasDrepturi de autor:
Formate disponibile
'(&5(726835(021R'(
5(*/$0(172'(/$/(< *(1(5$/'($'8$1$6
+8*2%$1=(568$5(=
35(6,'(17('(/$5(38%/,&$
&216,'(5$1'2
4XH PHGLDQWH /H\ GH GH MXOLR GH HO 3RGHU /HJLVODWLYR H[SLGLy QRUPDV JHQHUDOHV SDUD UHJXODU HO
HMHUFLFLR GH OD SRWHVWDG DGXDQHUD \ ODV UHODFLRQHV MXUtGLFDV TXH VH HVWDEOHFHQ HQWUH OD $GXDQD 1DFLRQDO \ ODV
SHUVRQDV QDWXUDOHV R MXUtGLFDV TXH LQWHUYLHQHQ HQ HO LQJUHVR \ VDOLGD GH PHUFDQFtDV GHO WHUULWRULR DGXDQHUR
QDFLRQDO D ODV FXDOHV GHEH VXMHWDUVH OD $GXDQD 1DFLRQDO \ ORV XVXDULRV SDUD UHJXODU DVSHFWRV GHO FRPHUFLR
H[WHULRU\GHOUpJLPHQGH$GXDQDV
4XH OD OHJLVODFLyQ DGXDQHUD EROLYLDQD GHEH DGHFXDUVH D ODV QRUPDV TXH FRQWHPSOHQ ORV QXHYRV IHQyPHQRV GHO
FRPHUFLRLQWHUQDFLRQDOUHFRJLHQGRODVUHFRPHQGDFLRQHVGHOD2UJDQL]DFLyQ0XQGLDOGH$GXDQDV\ORVSURJUHVRV
WpFQLFRV DOFDQ]DGRV HVSHFLDOPHQWH ODV WHQGHQFLDV OHJLVODWLYDV HQ PDWHULD GH VLPSOLILFDFLyQ DGXDQHUD TXHRWURV
SDtVHVXWLOL]DQ
4XH VH GHEH RWRUJDU DO VHFWRU LQGXVWULDO \ FRPHUFLDO GHELGDPHQWH HVWDEOHFLGR HQ HO SDtV ODV FRQGLFLRQHV
DGHFXDGDV SDUD HO GHVDUUROOR GH VXV DFWLYLGDGHV GH IRUPD WDO TXH OHV SHUPLWD FRPSHWLU GHQWUR GH ORV PHUFDGRV
LQWHUQDFLRQDOHV
4XH HO DUWtFXOR GH OD /H\ *HQHUDO GH $GXDQDV IDFXOWD DO 3RGHU (MHFXWLYR D 5HJODPHQWDU ODV GLVSRVLFLRQHV
FRQFHUQLHQWHVDOUpJLPHQGH$GXDQDV\FRPHUFLRH[WHULRUFRQVXMHFLyQDOPi[LPRGHDSOLFDFLyQGHODPHQFLRQDGD
/H\
(1&216(-2'(0,1,67526
'(&5(7$
$57,&8/2 $SUXpEDVH HO 5HJODPHQWR D OD /H\ *HQHUDO GH $GXDQDV HQ VXV ;,, 7tWXORV \ DUWtFXORV
FRQWHQLGRHQHODQH[RTXHIRUPDSDUWHGHOSUHVHQWH'HFUHWR6XSUHPRTXHVHDSOLFDUiDSDUWLUGHODIHFKDGHVX
SXEOLFDFLyQHQOD*DFHWD2ILFLDOGH%ROLYLD
$57,&8/2 $EUyJDVHORV'HFUHWRV6XSUHPRV1RV GH GHPDU]RGH GHGHGLFLHPEUH
GH GH GH MXOLR GH \ GH GH MXOLR GH \ GHURJDVH WRGDV ODV GLVSRVLFLRQHV \
QRUPDVTXHVHDQFRQWUDULDVDOUHJODPHQWRDQH[RGHOSUHVHQWH'HFUHWR6XSUHPR
$57,&8/2 /RV GHVSDFKRV SURFHGLPLHQWRV \ GHPiV IRUPDOLGDGHV DGXDQHUDV SUHVHQWDGDV D OD $GXDQD
1DFLRQDO FRQ DQWHULRULGDG D OD YLJHQFLD GH HVWH 'HFUHWR VH FRQFOXLUiQ GH FRQIRUPLGDG FRQ ODV GLVSRVLFLRQHV
YLJHQWHVHQHOPRPHQWRGHVXLQLFLDFLyQ
/RV VHxRUHV 0LQLVWURV GH (VWDGR HQ ORV 'HVSDFKRV GH +DFLHQGD 'HVDUUROOR (FRQyPLFR &RPHUFLR ([WHULRU H
,QYHUVLyQ \ GH 5HODFLRQHV ([WHULRUHV \ &XOWR TXHGDQ HQFDUJDGRV GH OD HMHFXFLyQ \ FXPSOLPLHQWR GHO SUHVHQWH
'HFUHWR6XSUHPR
(VGDGRHQHO3DODFLRGH*RELHUQRGHODFLXGDGGH/D3D]DORVRQFHGtDVGHOPHVGH DJRVWRGHGRVPLO
)'2 +8*2 %$1=(5 68$5(= -DYLHU 0XULOOR GH OD 5RFKD :DOWHU *XLWHUDV 'HQLV *XLOOHUPR )RUW~Q 6XiUH]
2VFDU9DUJDV/RUHQ]HWWL5RQDOG0DF/HDQ$EDURDOXDQ$QWRQLR&KDKLQ/XSR-RVp/XLV/XSR)ORUHV7LWR+R]GH
9LOD4XLURJD*XLOOHUPR&XHQWDV<DxH]/XLV9iVTXH]9LOODLQRU2VZDOGR$QWH]DQD9DFD'LH]-RVp/XLV&DUYDMDO
3DOPD&DUORV6DDYHGUD%UXQR5XEpQ3RPD5RMDV0DQIUHGR.HPSII6XiUH]
$1(;2$/'(&5(726835(021R
5(*/$0(172$/$/(<*(1(5$/'($'8$1$6
778/235,0(52
35,1&,3,262%-(720%,72'($3/,&$&,1
',6326,&,21(6*(1(5$/(6
$UWtFXOR $OFDQFHGHOUHJODPHQWR
&$378/21,&2
0%,72'($3/,&$&,1
6DOYR OR GLVSXHVWR HQ FRQYHQLRV LQWHUQDFLRQDOHV YLJHQWHV OD LPSRUWDFLyQ H[SRUWDFLyQ WUiQVLWR DGXDQHUR \
DOPDFHQDPLHQWRGHPHUFDQFtDV\GHPiVRSHUDFLRQHVDGXDQHUDVVHVXMHWDUiQDODVQRUPDVGHOD/H\*HQHUDOGH
$GXDQDV HO SUHVHQWH UHJODPHQWR
\ GHPiV UHJXODFLRQHV FRPSOHPHQWDULDV TXH HPLWDQ ODV DXWRULGDGHV
FRPSHWHQWHV
(VWiQREOLJDGDVDOFXPSOLPLHQWRGHODVFLWDGDVGLVSRVLFLRQHVTXLHQHVLQWURGX]FDQPHUFDQFtDVDOWHUULWRULRQDFLRQDO
R ODV H[WUDLJDQ GHO PLVPR \D VHDQ FRQVLJQDQWHV FRQVLJQDWDULRV SURSLHWDULRV GHVWLQDWDULRV UHPLWHQWHV
'HVSDFKDQWHV GH $GXDQD $JHQFLDV 'HVSDFKDQWHV GH $GXDQD WUDQVSRUWDGRUHV RSHUDGRUHV GH WUDQVSRUWH
PXOWLPRGDO IXQFLRQDULRV GH DGXDQD R FXDOTXLHUD RWUD SHUVRQD TXH WHQJD LQWHUYHQFLyQ HQ OD LQWURGXFFLyQ
H[WUDFFLyQFXVWRGLDDOPDFHQDPLHQWR\PDQHMRGHPHUFDQFtDVTXHVHDQREMHWRGHWUiILFRLQWHUQDFLRQDO
3DUD HIHFWRV GHO SUHVHQWH UHJODPHQWR FXDQGR VH KDJD UHIHUHQFLD D OD /H\ VH HQWHQGHUi TXH VH WUDWD GH OD /H\
*HQHUDOGH$GXDQDV\FXDQGRVHKDJDLQGLFDFLyQGHXQDUWtFXORVLQPHQFLRQDUODQRUPDDODFXDOFRUUHVSRQGHVH
HQWHQGHUi UHIHULGR DO SUHVHQWH UHJODPHQWR &XDQGR VH KDJD UHIHUHQFLD D 'HVSDFKDQWH GH $GXDQD VH HQWHQGHUi
WDPELpQDOD$JHQFLD'HVSDFKDQWHGH$GXDQDHQORVFDVRVTXHFRUUHVSRQGD
$UWtFXOR 3ULQFLSLRVGHODIXQFLyQDGXDQHUD
/RVSULQFLSLRVGHOHJDOLGDGEXHQDIH\WUDQVSDUHQFLDULJHQSDUDWRGDVODVDFWLYLGDGHVSURFHGLPLHQWRV\WUiPLWHV
DGXDQHURVGHOFRPHUFLRH[WHULRUGHQWURGHOPDUFRGHODVHJXULGDGMXUtGLFD
$UWtFXOR 6HUYLFLRVDGXDQHURV
/D SUHVWDFLyQ GH ORV VHUYLFLRV DGXDQHURV HV HVHQFLDO SDUD HO GHVDUUROOR HFRQyPLFR GHO SDtV 6X GHVDUUROOR \
REVHUYDQFLD VH HIHFW~D D WUDYpV GH OD $GXDQD 1DFLRQDO VXV DGPLQLVWUDFLRQHV DGXDQHUDV \ GHPiV XQLGDGHV
RUJiQLFDV
3DUD ORJUDU XQD SOHQD FRKHUHQFLD FRQ ORV SULQFLSLRV GH EXHQD IH \ WUDQVSDUHQFLD QLQJXQD DXWRULGDG R HQWLGDG
HVWDWDOGLVWLQWDGHODDGXDQHUD SRGUiHPLWLUQRUPDVVREUHFRQWURODOFRPHUFLRH[WHULRUGH%ROLYLDTXHGLILFXOWHQHO
OLEUH WUiILFR QDFLRQDO GH SHUVRQDV R PHUFDQFtDV HO WUiQVLWR DGXDQHUR R OD FLUFXODFLyQ SRU WHUULWRULR DGXDQHUR GH
PHUFDQFtDVH[WUDQMHUDVEDMRYLJLODQFLDDGXDQHUDVLQVRPHWHUODVPLVPDVDXQD SUHYLDUHYLVLyQWpFQLFDSRUSDUWH
GHOD$GXDQD1DFLRQDO
$UWtFXOR (MHUFLFLRGHODSRWHVWDGDGXDQHUD
/D$GXDQD1DFLRQDOHMHUFHVXSOHQDSRWHVWDGHQOD]RQDSULPDULDGHOWHUULWRULRDGXDQHURQDFLRQDO
(Q DSOLFDFLyQ GHO DUWtFXOR GH OD /H\ HQ OD ]RQD VHFXQGDULD QR VH UHDOL]DUiQ RSHUDFLRQHV DGXDQHUDV VLQ
HPEDUJROD$GXDQD1DFLRQDOUHDOL]DUiFXDQGRFRUUHVSRQGDODVIXQFLRQHVGHYLJLODQFLD\FRQWURODGXDQHURDODV
SHUVRQDV PHUFDQFtDV HVWDEOHFLPLHQWRV FRPHUFLDOHV \ GHSyVLWRV GH PHUFDQFtDV H[WUDQMHUDV GH GLVWULEXFLyQ
PD\RULVWDHQHVWD]RQD
6H FRQVLGHUD FRPHUFLDQWH PLQRULVWD D ODV SHUVRQDV QDWXUDOHV TXH HVWpQ LQVFULWDV HQ HO 5pJLPHQ 7ULEXWDULR
6LPSOLILFDGR\FXPSODQODVFRQGLFLRQHVHVWDEOHFLGDVHQHO'HFUHWR6XSUHPR1GH GHHQHURGH
/D$GXDQD1DFLRQDOWLHQHSRWHVWDGSDUDLQJUHVDUDORVGHSyVLWRVRDOPDFHQHV\HVWDEOHFLPLHQWRVFRPHUFLDOHVFRQ
HOILQGHYHULILFDUODVFDUDFWHUtVWLFDVGHORVPLVPRV\FRPSUREDUODFRQGLFLyQGHFRPHUFLDQWHPD\RULVWDRPLQRULVWD
(Q OD ]RQD VHFXQGDULD H[LVWH OLEUH FLUFXODFLyQ GH SHUVRQDV \ PHUFDQFtDV VLQ TXH QLQJXQD SHUVRQD R DXWRULGDG
SXHGDHVWDEOHFHUDGXDQLOODVUHWHQHVRWUDQFDVTXHLQWHUUXPSDQHVWDOLEUHFLUFXODFLyQEDMRSHQDGHLQFXUULUHQOR
SUHYLVWRHQHODUWtFXORGHOD/H\
778/26(*81'2
'(/5e*,0(175,%87$5,2$'8$1(52
&$378/2,
/$2%/,*$&,175,%87$5,$$'8$1(5$</$62%/,*$&,21(6
'(3$*2(1$'8$1$6
$UWtFXOR &RPSHWHQFLD\DWULEXFLRQHVGHOD$GXDQD
/D $GXDQD 1DFLRQDO FRPR VXMHWR DFWLYR GH OD REOLJDFLyQ DGXDQHUD WLHQH FRPSHWHQFLD \ DWULEXFLRQHV SDUD OD
UHFDXGDFLyQGHORVWULEXWRVDGXDQHURVHVWDEOHFLGRVHQHODUWtFXORGHOD/H\ODILVFDOL]DFLyQ\FRQWUROGHGLFKRV
WULEXWRV DVt FRPR OD GHWHUPLQDFLyQ GH OD GHXGD DGXDQHUD \ OD FREUDQ]D FRDFWLYD HQ VX FDVR 7DPELpQ WLHQH
IDFXOWDGVDQFLRQDGRUDHQODVFRQWUDYHQFLRQHVDGXDQHUDV
$VLPLVPR WLHQH IDFXOWDG SDUD HVWDEOHFHU PHGLDQWH 5HVROXFLyQ $GPLQLVWUDWLYD GH FDUiFWHU JHQHUDO ORV OXJDUHV
SOD]RV \ RWUDV FRQGLFLRQHV SDUD HO SDJR GH ORV WULEXWRV DGXDQHURV (VWDV 5HVROXFLRQHV VHUiQ SXEOLFDGDV HQ XQ
yUJDQRGHSUHQVDHVFULWDGHFLUFXODFLyQQDFLRQDOSDUDVXDSOLFDFLyQ
$UWtFXOR 2EOLJDFLyQWULEXWDULDDGXDQHUD
/D REOLJDFLyQ WULEXWDULD DGXDQHUD VH RULJLQDDOSURGXFLUVHORVKHFKRVJHQHUDGRUHV GHWULEXWRVDTXHVHUHILHUHHO
DUWtFXOR GH OD /H\ SHUIHFFLRQiQGRVH pVWRV FRQ OD DFHSWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV SRU OD
DGPLQLVWUDFLyQDGXDQHUD
6HHQWLHQGHDFHSWDGDODGHFODUDFLyQGHPHUFDQFtDVHQHOPRPHQWRGHPDWHULDOL]DUVHODQXPHUDFLyQGHODPLVPD
SRUPHGLRPDQXDORLQIRUPiWLFR/RVWULEXWRVDGXDQHURVTXHVHGHEHQOLTXLGDURSDJDUSRUODLPSRUWDFLyQVHUiQ
ORVYLJHQWHVDODIHFKDGHGLFKDQXPHUDFLyQ
(QODREOLJDFLyQWULEXWDULDDGXDQHUDLQWHUYLHQHFRPRVXMHWRSDVLYRHQVXFRQGLFLyQGHGHXGRUHOFRQVLJQDWDULRR
FRQVLJQDQWH FRPR FRQWULEX\HQWH DVt FRPR HO 'HVSDFKDQWH \ OD $JHQFLD 'HVSDFKDQWH GH $GXDQD FRPR
UHVSRQVDEOHVVROLGDULRVFXDQGRpVWRVKXELHUDQDFWXDGRHQHOGHVSDFKRDGXDQHUR
/DUHVSRQVDELOLGDGVROLGDULDGHORVVXMHWRVSDVLYRVVHUHJLUiSRUODV QRUPDVGHO&yGLJR7ULEXWDULR
$UWtFXOR 2EOLJDFLyQGHSDJRHQDGXDQDV
(QODREOLJDFLyQGHSDJRHQDGXDQDVLQWHUYLHQHQFRPRVXMHWRVSDVLYRVHOWLWXODURFRQVLJQDWDULRGHODVPHUFDQFtDV
\ HO 'HVSDFKDQWH R $JHQFLD 'HVSDFKDQWH GH $GXDQD FRPR REOLJDGR \ UHVSRQVDEOH VROLGDULR UHVSHFWLYDPHQWH
H[FHSWRHQORVFDVRVUHIHULGRVHQORVLQFLVRVF \G GHODUWtFXORGHOD/H\HQTXHORVREOLJDGRVGLUHFWRVVRQODV
SHUVRQDVDOOtLQGLFDGDV
(QODREOLJDFLyQGHSDJRHQDGXDQDVODUHVSRQVDELOLGDGVROLGDULDGHORVVXMHWRVSDVLYRVVHUHJLUiSRUODVQRUPDV
GHO&yGLJR7ULEXWDULR
$UWtFXOR /LTXLGDFLyQGHODREOLJDFLyQDGXDQHUD
/DOLTXLGDFLyQGHORVWULEXWRVDGXDQHURVTXHUHDOLFHHO'HVSDFKDQWHGH$GXDQDRODDXWROLTXLGDFLyQHIHFWXDGDSRU
HO FRQVLJQDQWH R H[SRUWDGRU HVWDUi VXMHWD D OD UHYLVLyQ D SRVWHULRUL GH OD $GXDQD 1DFLRQDO HQ WDQWR QR VH
SURGX]FDODSUHVFULSFLyQGHODDFFLyQWULEXWDULDSDUDHOFREURGHGLFKRVWULEXWRV
(QORVFDVRVGHGHOLWRVDGXDQHURVODOLTXLGDFLyQGHORVWULEXWRVVHUiHIHFWXDGDSRUODDGPLQLVWUDFLyQDGXDQHUD
$UWtFXOR 'HXGDDGXDQHUD
6H HQWLHQGH SRU GHXGD DGXDQHUD HO PRQWR GH OD OLTXLGDFLyQ GH ORV WULEXWRV DGXDQHURV VXV DFWXDOL]DFLRQHV H
LQWHUHVHV FRQIRUPHDORVDUWtFXORV\ GHOD/H\/DVPXOWDVIRUPDUiQSDUWHGHOD GHXGDDGXDQHUDFXDQGR
VHDQDSOLFDGDVSRUODFRPLVLyQGHLOtFLWRVDGXDQHURV
/DV PHUFDQFtDV VXMHWDV D FRQWURO DGXDQHUR VH FRQVWLWX\HQ HQ SUHQGD SUHIHUHQWH D IDYRU GH OD $GXDQD SRU OD
GHXGDDGXDQHUD
6LQSHUMXLFLRGH ORHVWDEOHFLGRDQWHULRUPHQWHOD $GXDQD1DFLRQDOSRGUiSHUVHJXLU\DIHFWDUODVPHUFDQFtDVRHO
SDWULPRQLRGHOGHXGRUSDUDFXEULUODVGHXGDVOtTXLGDV\H[LJLEOHVLPSDJDV
$UWtFXOR 3DJR
(OSDJRGHODGHXGDDGXDQHUDVHHIHFWXDUiHQODVHQWLGDGHVEDQFDULDV\VHUHDOL]DUiHQPRQHGDQDFLRQDOVHDHQ
HIHFWLYRRFKHTXHVFHUWLILFDGRVQRWDVGHFUpGLWRILVFDOXRWURVPHGLRVDXWRUL]DGRVSRUOD$GXDQD1DFLRQDO
3RUUHJODJHQHUDOHOSOD]RSDUDHOSDJRGHODVREOLJDFLRQHVDGXDQHUDVVHUiGHWUHV GtDVFRPSXWDGRVGHVGHHO
GtDVLJXLHQWHKiELODODDFHSWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDVSRUODDGPLQLVWUDFLyQDGXDQHUD,JXDOSOD]RVH
DSOLFDUiSDUDHO SDJRGHODVREOLJDFLRQHVHPHUJHQWHVGHODOLTXLGDFLyQTXHHIHFW~HODDGPLQLVWUDFLyQDGXDQHUD\
VH FRPSXWDUi D SDUWLU GH OD QRWLILFDFLyQ FRQ OD OLTXLGDFLyQ /D $GXDQD 1DFLRQDO SRGUi HVWDEOHFHU HQ FDVRV
H[FHSFLRQDOHVODDPSOLDFLyQGHHVWHSOD]RFRQDOFDQFHJHQHUDO
(OSDJRUHDOL]DGRIXHUDGHOSOD]RHVWDEOHFLGRJHQHUDODDSOLFDFLyQGHLQWHUHVHV\ODFRUUHVSRQGLHQWHDFWXDOL]DFLyQ
DXWRPiWLFDGHOLPSRUWHGHORVWULEXWRVDGXDQHURVFRQDUUHJORDORVHxDODGRHQORVDUWtFXORV\ GHOD/H\
(QFDVRGHLQFXPSOLPLHQWRGHSDJRODDGPLQLVWUDFLyQDGXDQHUDQRWLILFDUiDOGHXGRUUHTXLULpQGRORSDUDTXHUHDOLFH
HOSDJRGHODGHXGDDGXDQHUDEDMRDSHUFLELPLHQWRGHFREUDQ]DFRDFWLYD
$UWtFXOR 3DJRGLIHULGR
/DDGPLQLVWUDFLyQDGXDQHUDDFHSWDUiHOSDJRGLIHULGRGHORVWULEXWRVDGXDQHURVHQXQSOD]RTXHQRH[FHGDHODxR
SUHYLRSDJR LQLFLDOQRLQIHULRUDO\HOVDOGRDVROLFLWXGGHOFRQWULEX\HQWHHQFXRWDVPHQVXDOHVELPHVWUDOHV
WULPHVWUDOHV R VHPHVWUDOHV $O HIHFWR VH GHEHUiQ FRQVWLWXLU EROHWDV GH JDUDQWtD EDQFDULD SRU FDGD XQD GH ODV
FXRWDVFRQLQFOXVLyQGHORVUHVSHFWLYRVLQWHUHVHVODVPLVPDVTXHVHHMHFXWDUiQDVXYHQFLPLHQWR
$UWtFXOR 'HXGDPtQLPDVXMHWDDFREUR
(OPRQWRPtQLPRDSDUWLUGHOFXDOVHHIHFWXDUiHOFREURGHODVGHXGDVDGXDQHUDVVHUiILMDGRSRU5HVROXFLyQGHO
'LUHFWRULRGHOD$GXDQD1DFLRQDOWHQLHQGRHQFXHQWDODUHODFLyQFRVWREHQHILFLR
$UWtFXOR 6XMHWRSDVLYRGHODREOLJDFLyQDGXDQHUD
(OSDJRGHODVREOLJDFLRQHVDGXDQHUDVGHEHVHUHIHFWXDGRSRUORVVXMHWRVSDVLYRVLQGLFDGRVHQOD/H\\HQHVWH
5HJODPHQWR
$VLPLVPR SRGUiQ UHDOL]DU HO SDJR WHUFHURV YLQFXODGRV R H[WUDxRV D OD REOLJDFLyQ DGXDQHUD EDMR GHUHFKR GH
UHSHWLFLyQRVXEURJDFLyQHQVXFDVR
$UWtFXOR &RPSHQVDFLyQGHORVWULEXWRVDGXDQHURV
/DV GHXGDV DGXDQHUDVGHOFRQWULEX\HQWHSRGUiQVHUFRPSHQVDGDVFRQORVFUpGLWRVOtTXLGRV\H[LJLEOHVTXHpVWH
WXYLHUHSRUFRQFHSWRGHWULEXWRVDGXDQHURVFRQPDQWHQLPLHQWRGHYDORUHLQWHUHVHVH[LVWHQWHVVLHPSUHTXHVHDQ
UHFDXGDGRVSRUOD$GXDQD1DFLRQDO
'HDFXHUGRDODUWtFXORGHOD/H\QRVHFRPSHQVDUiGHXGDVFRQFUpGLWRVGLIHUHQWHVDORVWULEXWDULRV
(OSURFHGLPLHQWRRSHUDWLYRGHODFRPSHQVDFLyQVHUiUHJODPHQWDGRSRUHO0LQLVWHULRGH+DFLHQGD
$UWtFXOR 'HVLVWLPLHQWR
(OVXMHWRSDVLYRSRGUiGHVLVWLUSRUHVFULWRGHOGHVSDFKRDGXDQHURFRQDQWHULRULGDGDOYHQFLPLHQWRGHOSOD]RSDUDHO
SDJRGHORVWULEXWRVDGXDQHURVTXHFRUUHVSRQGDQVLHPSUHTXH pVWRVQRKD\DQVLGRSDJDGRV/DDGPLQLVWUDFLyQ
DGXDQHUDLQPHGLDWDPHQWHGHMDUiFRQVWDQFLDGHHVWHKHFKRHQODUHVSHFWLYDGHFODUDFLyQGHPHUFDQFtDV\GDUiGH
EDMDHOQ~PHURGHWUiPLWHDVLJQDGR
(Q HVWH FDVR ODV PHUFDQFtDV FRQWLQXDUiQ EDMR HO UpJLPHQ GH GHSyVLWR DGXDQHUR R UpJLPHQ HVSHFLDO GH ]RQD
IUDQFDVHJ~QFRUUHVSRQGDVLQDOWHUDUHOFyPSXWRGHOSOD]RGHSHUPDQHQFLDGHVGHODIHFKDGHVXLQJUHVRLQLFLDO
$UWtFXOR ,QWHUUXSFLyQGHOSOD]RSDUDODSUHVFULSFLyQ
(OSOD]RSDUDODSUHVFULSFLyQGHOFREURGHWULEXWRVDGXDQHURVVHLQWHUUXPSHPHGLDQWHODQRWLILFDFLyQOHJDODOVXMHWR
SDVLYRFRQODOLTXLGDFLyQUHVSHFWLYDRHODFWRLQLFLDOGHILVFDOL]DFLyQHIHFWXDGRSRUODDGPLQLVWUDFLyQDGXDQHUD(O
QXHYRSOD]RGHSUHVFULSFLyQVHFRPSXWDUiDSDUWLUGHOGtD VLJXLHQWHGHSURGXFLGDODLQWHUUXSFLyQ
/DSUHVFULSFLyQGHORVLPSXHVWRVLQWHUQRVVHUHJLUiSRUORHVWDEOHFLGRHQHO&yGLJR7ULEXWDULR
$UWtFXOR 0HUFDQFtDVGHVWUXLGDVWRWDORSDUFLDOPHQWH
/DGHVWUXFFLyQWRWDOGHODVPHUFDQFtDVQRJHQHUDUiODREOLJDFLyQWULEXWDULDDGXDQHUDFXDQGRVHKD\DSURGXFLGR
SRU IXHU]D PD\RU R FDVR IRUWXLWR \ TXH HO VLQLHVWUR VH KXELHVH SURGXFLGR EDMR ORV UHJtPHQHV WUiQVLWR DGXDQHUR
WUDQVERUGR DGPLVLyQ WHPSRUDO GHSyVLWR DGXDQHUR ]RQD IUDQFD R HQ OXJDUHV DXWRUL]DGRV SRU OD DGPLQLVWUDFLyQ
DGXDQHUDSDUDDOPDFHQDPLHQWRGHPHUFDQFtDV\VHFRPXQLTXHSRUHVFULWRDODDGPLQLVWUDFLyQDGXDQHUDDQWHVGH
TXHVHSHUIHFFLRQHHOKHFKRJHQHUDGRUGHORVWULEXWRVDGXDQHURV
/D GHVWUXFFLyQ WRWDO GH PHUFDQFtDV H[WLQJXH OD REOLJDFLyQ WULEXWDULD DGXDQHUD FXDQGR VH KD\D PDWHULDOL]DGR
GHVSXpVGHSURGXFLGRHOKHFKRJHQHUDGRU\DQWHVGHOSDJRGHORVWULEXWRV
(Q FDVR GH OD GHVWUXFFLyQ SDUFLDO R PHUPD GH ODV PHUFDQFtDV ORV WULEXWRV DGXDQHURV TXH FRUUHVSRQGDQ VH
SDJDUiQVREUHHOYDORUGHODVPHUFDQFtDVUHVLGXDOHVTXHGHEHUiHVWDEOHFHUVHHQIRUPDH[SUHVDHQFDGDFDVR
(QWRGRVORVFDVRVODDGPLQLVWUDFLyQDGXDQHUDGHEHUiFRPSUREDUODGHVWUXFFLyQWRWDOSDUFLDORODPHUPDGHOD
PHUFDQFtD
(Q HO FDVR GH YHKtFXORV DXWRPRWRUHV VLQLHVWUDGRV VH H[LJLUi XQD FHUWLILFDFLyQ GH OD DXWRULGDG FRPSHWHQWH GH OD
3ROLFtD1DFLRQDOLQGHSHQGLHQWHPHQWHGHODFRPSUREDFLyQHIHFWXDGDSRUODDGPLQLVWUDFLyQDGXDQHUD
$UWtFXOR 5HVWLWXFLyQGHSDJRVHQGHPDVtDRSDJRVLQGHELGRV
/DDFFLyQGHUHVWLWXFLyQGHSDJRVHQGHPDVtDRSDJRVLQGHELGRVVHLQLFLDUiDLQVWDQFLDVGHOFRQWULEX\HQWHRGHO
'HVSDFKDQWH GH $GXDQD FRQ SRGHU H[SUHVR DQWH OD DGPLQLVWUDFLyQ DGXDQHUD GRQGH VH HIHFWXy HO SDJR
DFRPSDxDQGRHOGRFXPHQWRHQHOTXHFRQVWHHOSDJRUHDOL]DGR
/D DGPLQLVWUDFLyQ DGXDQHUD YHULILFDUi OD H[LVWHQFLD GHO SDJR HQ GHPDVtD \ HO DGHXGR WULEXWDULR TXH WXYLHUD HO
FRQWULEX\HQWH SDUD GLVSRQHU VX GHYROXFLyQ PHGLDQWH 1RWDV GH &UpGLWR )LVFDO R FRPSHQVDFLyQ GH RILFLR /D
UHVROXFLyQGHODDGPLQLVWUDFLyQDGXDQHUDTXHGLVSRQJDODGHYROXFLyQVHUiHOHYDGDHQFRQVXOWDDQWHOD3UHVLGHQFLD
(MHFXWLYDGHOD$GXDQD1DFLRQDO\HQUHYLVLyQGHRILFLRDQWHHO0LQLVWHULRGH+DFLHQGDHQSOD]RVTXHQRVXSHUDUiQ
ORVGLH] GtDVHQFDGDXQDGHODVLQVWDQFLDV
(OPRQWR PtQLPRSDUDODUHVWLWXFLyQGHSDJRVHQGHPDVtDVHUiILMDGRSRU5HVROXFLyQGH'LUHFWRULRGHOD$GXDQD
1DFLRQDO
$UWtFXOR 5HVSRQVDELOLGDGHV\REOLJDFLRQHVDGXDQHUDVGHODVHQWLGDGHVGHOVHFWRUS~EOLFR
/DV HQWLGDGHV GHO VHFWRU S~EOLFR VDOYR GLVSRVLFLyQ OHJDO H[SUHVD HQ FRQWUDULR VH VXMHWDUiQ D ODV PLVPDV
UHVSRQVDELOLGDGHV\REOLJDFLRQHVTXHORVGHPiVVXMHWRVSDVLYRV
&$378/2,,
'(7(50,1$&,1'(/2675,%8726$'8$1(526
$UWtFXOR %DVHLPSRQLEOH
/DEDVHLPSRQLEOHVREUHODFXDOVHOLTXLGDHOJUDYDPHQDUDQFHODULRHVWiFRQVWLWXLGDSRUHOYDORUGHWUDQVDFFLyQGH
OD PHUFDQFtD GHWHUPLQDGR SRU ORV PpWRGRV GH YDORUDFLyQ HVWDEOHFLGRV SRU HO 7LWXOR 2FWDYR GH OD /H\ \ GH HVWH
UHJODPHQWRPiVORVJDVWRVGHFDUJD\GHVFDUJDPiVHOFRVWRGHWUDQVSRUWH\VHJXURKDVWDODDGXDQDGHIURQWHUD
HQWHQGLpQGRVHpVWDFRPRDGXDQDGHLQJUHVRODSDtV
&XDQGR HO PHGLR GH WUDQVSRUWH VHD DpUHR SDUD OD GHWHUPLQDFLyQ GHO YDORU &,) $GXDQD HO FRVWR GHO IOHWH DpUHR
VHUiHOYHLQWLFLQFRSRUFLHQWR GHOLPSRUWHHIHFWLYDPHQWHSDJDGRSRUHVWHFRQFHSWR
$IDOWDGHODGRFXPHQWDFLyQFRPHUFLDOTXHUHVSDOGHHOFRVWRGHWUDQVSRUWHpVWHVHSUHVXPLUiHQHOHTXLYDOHQWHDO
GHOYDORU)2%GHODPHUFDQFtD
&XDQGR OD RSHUDFLyQ GH WUDQVSRUWH VH UHDOLFH VLQ VHJXUR VH SUHVXPLUi HQ FRQFHSWR GH OD SULPD HO LPSRUWH
HTXLYDOHQWHDOGHOYDORU)2%GHODPHUFDQFtD/DSyOL]DGHVHJXURQDFLRQDO~QLFDPHQWHVHUiDGPLWLGDFXDQGR
VHKD\DREWHQLGRIHKDFLHQWHPHQWHFRQDQWHULRULGDGDOHPEDUTXHGHODPHUFDQFtDHQHOSDtVGHRULJHQRSDtVGH
SURFHGHQFLD
/D LPSRUWDFLyQ HIHFWXDGD PHGLDQWH FRQWUDWR GLIHUHQWH D ORV WpUPLQRV ,QFRWHUPV )2% R &,) VH DMXVWDUi D ORV
UHTXLVLWRVDQWHULRUHVDHIHFWRVGHODGHWHUPLQDFLyQGHODEDVHLPSRQLEOH
7UDWiQGRVHGHYHKtFXORVTXHLQJUHVHQSRUVXVSURSLRVPHGLRVRGHHTXLSDMHGHO UpJLPHQGHYLDMHURVSDUDHIHFWRV
GHODGHWHUPLQDFLyQGHODEDVHLPSRQLEOHVHFRQVLGHUDUiSRUFRQFHSWRGHFRVWRVGHWUDQVSRUWHHOGRVSRUFLHQWR
GHOYDORU)2%
3DUD OD OLTXLGDFLyQ GHO ,PSXHVWR DO 9DORU $JUHJDGR \ OD DSOLFDFLyQ GH OD DOtFXRWD SRUFHQWXDO GHO ,PSXHVWR D ORV
&RQVXPRV(VSHFtILFRVHQHOFDVRGHLPSRUWDFLRQHVODEDVHLPSRQLEOHHVWDUiFRQVWLWXLGDSRUHO9DORU&,)IURQWHUD
PiVHO*UDYDPHQ$UDQFHODULRHIHFWLYDPHQWHSDJDGR\RWUDVHURJDFLRQHVQRIDFWXUDGDVQHFHVDULDVSDUDHIHFWXDU
HOGHVSDFKRDGXDQHUR
/D EDVH LPSRQLEOH GHO ,PSXHVWR (VSHFLDO D ORV +LGURFDUEXURV \ VXV 'HULYDGRV \ GHO ,PSXHVWR D ORV &RQVXPRV
(VSHFtILFRVFRQWDVDVHVSHFtILFDVDSOLFDEOHVDODLPSRUWDFLyQVHDSOLFDUiQHQODIRUPD\WpUPLQRVHVWDEOHFLGRVHQ
ODVQRUPDVUHVSHFWLYDV
/DEDVHLPSRQLEOHSDUDODOLTXLGDFLyQGHORVLPSXHVWRVLQWHUQRV\RWURVDSOLFDEOHVDODH[SRUWDFLyQGHPHUFDQFtDV
VHUHJLUiSRUORGLVSXHVWRHQQRUPDVHVSHFtILFDV
3DUDHIHFWRVDGXDQHURV\FiOFXORGHODEDVHLPSRQLEOHORVYDORUHVH[SUHVDGRVHQPRQHGD H[WUDQMHUDGHEHUiQVHU
FRQYHUWLGRVHQPRQHGDQDFLRQDODOWLSRGHFDPELRRILFLDOGHYHQWDHQHO%DQFR&HQWUDOGH%ROLYLDYLJHQWHDO~OWLPR
GtDKiELOGHODVHPDQDDQWHULRUGHODIHFKDGHDFHSWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDVSRUOD$GPLQLVWUDFLyQ
$GXDQHUD
/D $GXDQD 1DFLRQDO HVWDEOHFHUi PHFDQLVPRV GH GLIXVLyQ TXH SHUPLWDQ D ORV FRQVLJQDQWHV FRQVLJQDWDULRV
DX[LOLDUHV GH OD IXQFLyQ S~EOLFD DGXDQHUD IXQFLRQDULRV GH DGXDQD \ RWUDV SHUVRQDV QDWXUDOHV \ MXUtGLFDV TXH
LQWHUYHQJDQ HQ RSHUDFLRQHV GH FRPHUFLR H[WHULRU FRQRFHU FRQ RSRUWXQD DQWLFLSDFLyQ ORV IDFWRUHV GH FRQYHUVLyQ
PRQHWDULDDSOLFDEOHVSDUDXQDDGHFXDGDGHWHUPLQDFLyQ\GHFODUDFLyQGHODEDVHLPSRQLEOH
/RV GHUHFKRV DQWLGXPSLQJ \ FRPSHQVDWRULRV VH OLTXLGDUiQ FRQIRUPH OR GLVSRQJDQ ODV QRUPDV TXH UHJXOHQ GLFKD
PDWHULD
$UWtFXOR )RUPXODULRVSDUDODGHFODUDFLyQGHORVUHJtPHQHVDGXDQHURV
/D $GXDQD 1DFLRQDO HVWi IDFXOWDGD SDUD HVWDEOHFHU \ PRGLILFDU ORV IRUPXODULRV SDUD OD GHFODUDFLyQ GH ORV
UHJtPHQHV DGXDQHURV \ GHPiV PHFDQLVPRV GH OLTXLGDFLyQ \ SDJR GH WULEXWRV DGXDQHURV GH DFXHUGR D ORV
SULQFLSLRV GH VLPSOLILFDFLyQ \ IDFLOLWDFLyQ GH ODV RSHUDFLRQHV GH FRPHUFLR H[WHULRU (VWRV GRFXPHQWRV QR
FRQVWLWX\HQYDORUHVILVFDOHV
778/27(5&(52
/$)81&,21$'8$1(5$
&$378/2,
/$$'8$1$1$&,21$/
$UWtFXOR 3RWHVWDGDGXDQHUD
/DSRWHVWDGDGXDQHUDHVHOFRQMXQWRGHIDFXOWDGHV\DWULEXFLRQHVTXHOD/H\RWRUJDDOD$GXDQD1DFLRQDOSDUDHO
FRQWUROGHOLQJUHVRSHUPDQHQFLD WUDVODGR\VDOLGDGHPHUFDQFtDV GHO WHUULWRULRDGXDQHURQDFLRQDO KDFLD\GHVGH
RWURV SDtVHV R ]RQD IUDQFD SDUD KDFHU FXPSOLU ODV GLVSRVLFLRQHV OHJDOHV \ UHJODPHQWDULDV TXH UHJXODQ ORV
UHJtPHQHV DGXDQHURV FRQIRUPH D ORV DOFDQFHV HVWDEOHFLGRV HQ OD /H\ HO SUHVHQWH UHJODPHQWR \ GHPiV
GLVSRVLFLRQHV FRPSOHPHQWDULDV D WUDYpV GH VX 'LUHFWRULR 3UHVLGHQWH (MHFXWLYR ORV yUJDQRV RSHUDWLYRV \
DGPLQLVWUDWLYRVHVWDEOHFLGRVDQLYHOQDFLRQDO\UHJLRQDO
/D SRWHVWDG DGXDQHUD FRPSUHQGH OD IDFXOWDG QRUPDWLYD HQ PDWHULD GH VX FRPSHWHQFLD WpFQLFDRSHUDWLYD HQ HO
FRQWUROILVFDOL]DFLyQ\IDFLOLWDFLyQGHODVRSHUDFLRQHVDGXDQHUDV \MXULVGLFFLRQDOHQPDWHULDGHFRQWUDYHQFLRQHV\
GHPiVUHFXUVRVDGXDQHURV
$UWtFXOR $GXDQD1DFLRQDO\WXLFLyQ
/D$GXDQD1DFLRQDOWHQGUiDXWRQRPtDWpFQLFDRSHUDWLYDILQDQFLHUD\DGPLQLVWUDWLYD\FXPSOLUiVXVIXQFLRQHVEDMR
WXLFLyQGHO0LQLVWHULRGH+DFLHQGD
6HHQWLHQGHSRUWXLFLyQDODDWULEXFLyQ\UHVSRQVDELOLGDGGHO0LQLVWHULRGH+DFLHQGDGHYHULILFDUHOFXPSOLPLHQWRGH
ODV SROtWLFDV QRUPDV PLVLyQ \ REMHWLYRV DVt FRPR ODV PHWDV \ UHVXOWDGRV SUHYLVWRV HQ HO 3URJUDPD $QXDO GH
2SHUDFLRQHV GH OD $GXDQD 1DFLRQDO HQ FRQFRUGDQFLD FRQ ODV QRUPDV GHO 6LVWHPD GH $GPLQLVWUDFLyQ \ &RQWURO
*XEHUQDPHQWDO 6$)&2
$UWtFXOR 0LVLyQ
/D$GXDQD1DFLRQDOWLHQHFRPRREMHWRSULQFLSDOFRQWURODUUHFDXGDUILVFDOL]DU\IDFLOLWDUHOWUiILFRLQWHUQDFLRQDOGH
PHUFDQFtDVFRQHOILQGHUHFDXGDUFRUUHFWD\RSRUWXQDPHQWHORVWULEXWRVDGXDQHURVTXHODVJUDYHQDVHJXUDQGROD
GHELGD DSOLFDFLyQ GH OD OHJLVODFLyQ UHODWLYD D ORV UHJtPHQHV DGXDQHURV EDMR ORV SULQFLSLRV GH EXHQD IH
WUDQVSDUHQFLD \ OHJDOLGDG DVt FRPR SUHYLQLHQGR \ UHSULPLHQGR ORV LOtFLWRV DGXDQHURV HQ REVHUYDQFLD D OD
QRUPDWLYLGDGYLJHQWHVREUHODPDWHULD
$UWtFXOR 0HWDV\REMHWLYRV
3DUD HIHFWRV GHO FXPSOLPLHQWR GH VX PLVLyQ LQVWLWXFLRQDO OD $GXDQD 1DFLRQDO RULHQWDUi \ GHVDUUROODUi VXV
IXQFLRQHV VREUH OD EDVH GH ODV PHWDV \ REMHWLYRV LQVWLWXFLRQDOHV TXH HVWDEOH]FD HO 'LUHFWRULR GH OD HQWLGDG HQ
FXPSOLPLHQWR GH ODV SROtWLFDV HVWUDWHJLDV \ GLVSRVLFLRQHV GH FDUiFWHU HFRQyPLFR \ FRPHUFLDO HPDQDGDV GHO
*RELHUQR1DFLRQDO
$UWtFXOR ([FOXVLYLGDG
1LQJXQDDXWRULGDGXRUJDQLVPRGHO(VWDGRGLVWLQWDGHODDGXDQHUDSRGUiHMHUFHUIXQFLRQHVGHUHFDXGDFLyQFRQWURO
\ ILVFDOL]DFLyQ DGXDQHUD TXH HQ DSOLFDFLyQ GH OD /H\ OH FRPSHWH H[FOXVLYDPHQWH D OD $GXDQD 1DFLRQDO \ ORV
yUJDQRVRSHUDWLYRV\DGPLQLVWUDWLYRVTXHODLQWHJUDQEDMRUHVSRQVDELOLGDGOHJDO
(VWDGLVSRVLFLyQQRDOFDQ]DDOHMHUFLFLRGHODVIXQFLRQHVGHUHFDXGDFLyQFREUDQ]DFRDFWLYDYDORUDFLyQDGXDQHUD
DGPLQLVWUDFLyQ GH GHSyVLWRV DGXDQHURV X RWUDV HMHFXWDGDV SRU HPSUHVDV R VRFLHGDGHV SULYDGDV DO DPSDUR GH
FRQWUDWRVFRQOD$GXDQD1DFLRQDOVLHPSUHTXHpVWDVQRYXOQHUHQODIXQFLyQILVFDOL]DGRUDGHODPLVPD
/D $GXDQD 1DFLRQDO HV HO RUJDQLVPR GHO (VWDGR D TXLHQ FRPSHWH HPLWLU RSLQLyQ WpFQLFD \ WULEXWDULD DGXDQHUD
VREUHORVDOFDQFHVGHODVGLVSRVLFLRQHVOHJDOHVTXHVHSUR\HFWHQHQPDWHULDDGXDQHUD
$UWtFXOR 3UHVXSXHVWR
5e*,0(1(&210,&2<),1$1&,(52
(O3UHVXSXHVWR$QXDOGHOD$GXDQD1DFLRQDOVHUiDSUREDGRLQWHUQDPHQWHSRU5HVROXFLyQGHVX'LUHFWRULR\VHUi
UHPLWLGRHQSURSXHVWDDO0LQLVWHULRGH+DFLHQGDSDUDVXFRQVLGHUDFLyQHQHO3UHVXSXHVWR*HQHUDOGHOD1DFLyQ(O
SUHVXSXHVWRGHLQJUHVRVHVWDUiFRPSXHVWRSRUORVUHFXUVRVGHO7HVRUR*HQHUDOGHOD1DFLyQORVUHFXUVRVSURSLRV
TXHJHQHUHODLQVWLWXFLyQORVUHFXUVRVGHILQDQFLDPLHQWRH[WHUQRGHODFRRSHUDFLyQLQWHUQDFLRQDO\ODVGRQDFLRQHV
TXH SXGLHUD UHFLELU OD LQVWLWXFLyQ /RV UHFXUVRV GHO 7HVRUR *HQHUDO GH OD 1DFLyQ VHUiQ XQ SRUFHQWDMH GH ODV
UHFDXGDFLRQHVSRUFRQFHSWRGHJUDYDPHQDUDQFHODULRFRQIRUPHDODUWtFXOR GHOD/H\ \HODUWtFXORGH
OD/H\HOPLVPRTXHVHUiHVWDEOHFLGRDQXDOPHQWHSRUHO0LQLVWHULRGH+DFLHQGDDWUDYpVGHO9LFHPLQLVWHULR
GH3UHVXSXHVWR\&RQWDGXUtDHQFRQVXOWDFRQOD$GXDQD1DFLRQDOGHQWURGHOPDUFRGHO&RQYHQLR$QXDODOTXHVH
UHILHUHHODUWtFXORLQFLVRP GHOD/H\
(Q OD PHGLGD TXH HO SDtV UHGX]FD VX JUDYDPHQ DUDQFHODULR HO 9LFHPLQLVWHULR GH 3UHVXSXHVWR \ &RQWDGXUtD
DVLJQDUiVXVWLWXWLYDPHQWHDOSUHVXSXHVWRGHOD$GXDQD1DFLRQDOORVUHFXUVRVTXHFXEUDQHOSRUFHQWDMHDTXHVH
UHILHUHHO&RQYHQLR$QXDOFDOFXODGRVREUHHOJUDYDPHQDUDQFHODULROLEHUDGRHQIXQFLyQGHOSUHVXSXHVWRDSUREDGR
(VWH SUHVXSXHVWR GH LQJUHVRV VROYHQWDUi ODV QHFHVLGDGHV GH IXQFLRQDPLHQWR H LQYHUVLyQ GH OD HQWLGDG SDUD HO
FXPSOLPLHQWRGHODVPHWDVREMHWLYRV\UHVXOWDGRVFRQWHQLGRVHQHOFRUUHVSRQGLHQWH3URJUDPD2SHUDWLYR$QXDOGH
ODLQVWLWXFLyQ(QQLQJ~QFDVROD$GXDQD1DFLRQDOSRGUiHMHFXWDUXQSUHVXSXHVWRPD\RUDOSRUFHQWDMHDVLJQDGRD
VXSUHVXSXHVWRDQXDOFRQIRUPHHODUWtFXOR GHOD/H\
$UWtFXOR 5HWHQFLyQ\$GPLQLVWUDFLyQGH5HFXUVRV
(O9LFHPLQLVWHULRGHO7HVRUR\&UpGLWR3~EOLFRDSULQFLSLRVGHFDGDDxRLQVWUXLUiDOVLVWHPDEDQFDULRODUHWHQFLyQ
DXWRPiWLFD GLDULD GHO SRUFHQWDMH DSUREDGR GH ODV UHFDXGDFLRQHV HQ HIHFWLYR GHO JUDYDPHQ DUDQFHODULR SDUD VX
DERQRHQXQDFXHQWDILVFDOH[FOXVLYDPHQWHDSHUWXUDGDSDUDOD$GXDQD1DFLRQDO
3DUDHMHFXWDUHOSUHVXSXHVWRDSUREDGROD$GXDQD1DFLRQDOJHVWLRQDUiGHVHPEROVRVDQWHHO7HVRUR*HQHUDOGHOD
1DFLyQ SUHVHQWDQGR HO &RPSUREDQWH GH (MHFXFLyQ 3UHVXSXHVWDULD )RUPXODULR & SRU REMHWR GHO JDVWR \
DIHFWDQGR OD FXHQWD ILVFDO PHQFLRQDGD &XDQGR HO 7HVRUR *HQHUDO GH OD 1DFLyQ QRKXELHUDGHVHPEROVDGRHQHO
SOD]R GH FLQFR GtDV KiELOHV VLJXLHQWHV D OD IHFKD GH VXSUHVHQWDFLyQ VHGDUi SRUDXWRUL]DGRHOGHVHPEROVR
VLHPSUH TXH H[LVWD VDOGRV HQ OD FXHQWD ILVFDO \ HQ OD SDUWLGD GH JDVWR \ DGHPiV TXH HO FRPSUREDQWH HVWp
GHELGDPHQWH OOHQDGR 3DUD HVWH SURSyVLWR OD $GXDQD 1DFLRQDO SRGUi DIHFWDU OD FXHQWD ILVFDO PHQFLRQDGD
GLUHFWDPHQWH D WUDYpV GH VXV ILUPDV DXWRUL]DGDV SRU HO PRQWR FRUUHVSRQGLHQWH DO IRUPXODULR & QR DWHQGLGR
QRWLILFDQGRDO7HVRUR*HQHUDOGHOD1DFLyQSDUDODUHJXODUL]DFLyQFRQWDEOH
/RVVDOGRVQRXWLOL]DGRVHQODFXHQWDDSHUWXUDGDSDUDHVWHILQDOGHGLFLHPEUHGHFDGDJHVWLyQILVFDOSRGUiQVHU
GHVWLQDGRVDODFRPSUDGHDFWLYRVILQDQFLHURVTXHVHUiQXWLOL]DGRVVyORSDUDHOSDJRGHLQFHQWLYRVVDODULDOHVSRU
H[FHGHQWHGHUHFDXGDFLRQHVDGTXLVLFLyQGHELHQHVPXHEOHVHLQPXHEOHV\SDJRGHJDVWRVFRPSURPHWLGRVHQOD
JHVWLyQ DQWHULRU SUHYLD PRGLILFDFLyQ GH VX SUHVXSXHVWR HQ OD JHVWLyQ ILVFDO TXH FRUUHVSRQGD /RV LQFHQWLYRV
VDODULDOHVVHUiQFDOFXODGRVFRPRXQSRUFHQWDMHGHOH[FHGHQWHHQWUHODVUHFDXGDFLRQHVWRWDOHVGHODxR\ODPHWDGH
UHFDXGDFLRQHVFRQWHQLGDHQHO&RQYHQLR$QXDOHQWUHHO0LQLVWHULRGH+DFLHQGD\OD$GXDQD1DFLRQDOVLHPSUHTXH
HO LQFUHPHQWR GH UHFDXGDFLRQHV QR VHD FRQVHFXHQFLD GH FLUFXQVWDQFLDV H[WUDRUGLQDULDV DMHQDV D OD $GXDQD
1DFLRQDO
$UWtFXOR ,QJUHVRV3URSLRV
&RQVWLWX\HQLQJUHVRVSURSLRVGHOD$GXDQD1DFLRQDOORVUHFXUVRVJHQHUDGRVSRU
D /RV VHUYLFLRV HVSHFLDOHV TXH SUHVWH WDOHV FRPR SUHFLQWRV DGXDQHURV FRQWURO GH WUiQVLWRV PHGLDQWH WDUMHWD
PDJQpWLFD DIRURV ItVLFRV VHDQ GH LPSRUWDFLyQ R H[SRUWDFLyQ IXHUD GH GHSyVLWRV DGXDQHURV DXWRUL]DGRV
VHUYLFLRV SRU YDORUDFLyQ DGXDQHUD \ RWURV FXDQGR FRUUHVSRQGD HQ HVWH ~OWLPR FDVR SUHYLD DXWRUL]DFLyQ GHO
0LQLVWHULRGH+DFLHQGD
E (OSURGXFWRGHODVPXOWDVSRULQFXPSOLPLHQWRGHFRQWUDWRV\SRUFRQWUDYHQFLRQHV
F /RV SURYHQLHQWHV GH FRQWUDWRV GH FRQFHVLyQ GH VHUYLFLRV RWRUJDGRV D RWUDV LQVWLWXFLRQHV (Q HO FDVR GH ORV
UHFXUVRV FRUUHVSRQGLHQWHV D OD FRQFHVLyQ GH GHSyVLWRV DGXDQHURV pVWRV VyOR SRGUiQ VHU XWLOL]DGRV SDUD HO
PHMRUDPLHQWR R FRQVWUXFFLyQ GH LQIUDHVWUXFWXUD DGXDQHUD \ ORV H[FHGHQWHV VHUiQ WUDQVIHULGRV DO 7HVRUR
*HQHUDOGHOD1DFLyQ
G
(OYDORUGHODVYHQWDVGHLQIRUPDFLyQHVWDGtVWLFDGHXVRFRPHUFLDO\GHSXEOLFDFLRQHV
(OSURGXFWRGHODVVXEDVWDVS~EOLFDVTXHUHDOLFHGHODVPHUFDQFtDVHQHOSRUFHQWDMHOHJDOHVWDEOHFLGRRGHORV
ELHQHVGHVXSDWULPRQLR
H (OSURGXFWRGHODYHQWDGHEDVHVDGPLQLVWUDWLYDVGHOLFLWDFLRQHV\FRQFXUVRV
'LFKRVUHFXUVRVDOLJXDOTXHORVIRQGRVSRUGRQDFLRQHVDSRUWHVH[WUDRUGLQDULRV\WUDQVIHUHQFLDVVHVXMHWDUiQD
ORVSURFHGLPLHQWRVGHHMHFXFLyQSUHVXSXHVWDULDDSUREDGRVSRUHO0LQLVWHULRGH+DFLHQGD
25*$1,=$&,1<)81&,21(6
$UWtFXOR 2UJDQL]DFLyQLQVWLWXFLRQDO
/D $GXDQD 1DFLRQDO D QLYHO HMHFXWLYR \ RSHUDWLYR HVWi RUJDQL]DGD HQ XQLGDGHV WpFQLFDV RSHUDWLYDV \
DGPLQLVWUDWLYDV GHELHQGR GHVFRQFHQWUDUVH UHJLRQDOPHQWH HQ DGPLQLVWUDFLRQHV DGXDQHUDV GH DFXHUGR D OD
HVWUXFWXUDRUJiQLFD\IXQFLRQDOGHWHUPLQDGDHQHO(VWDWXWRTXHDSUXHEHVX'LUHFWRULR
$UWtFXOR )XQFLRQHV
6RQIXQFLRQHVGHOD$GXDQD 1DFLRQDOODVVLJXLHQWHV
D
E
F
G
H
I
J
K
L
M
(PLWLU QRUPDV UHJODPHQWDULDV GLVSRVLFLRQHV \ SURFHGLPLHQWRV GH FDUiFWHU WpFQLFR HQ PDWHULD GH
UHJtPHQHVRSHUDFLRQHV\DFFLRQHVDGXDQHUDVDVtFRPRDTXpOODVTXHUHJXOHQ\FRQWUROHQODDFWLYLGDGGH
ORVXVXDULRVGHOVHUYLFLRDGXDQHUR
5HDOL]DULQVSHFFLRQHVYHULILFDFLRQHVHLQYHVWLJDFLRQHVYLQFXODGDVDVXIXQFLyQILVFDOL]DGRUDTXHUHVSHFWR
D WRGD SHUVRQD PHUFDQFtD R PHGLR GH WUDQVSRUWH VHDQ QHFHVDULDV SDUD HO FXPSOLPLHQWR GH VX PLVLyQ
PHWDV\REMHWLYRV
3URPRYHUFRRUGLQDU\HMHFXWDUDFWLYLGDGHVGHLQYHVWLJDFLyQDQiOLVLVGLYXOJDFLyQIRUPDFLyQFDSDFLWDFLyQ
\SHUIHFFLRQDPLHQWRHQPDWHULDDGXDQHUDDQLYHOQDFLRQDORHQHOH[WUDQMHUR
(VWDEOHFHU UHODFLRQHV LQWHULQVWLWXFLRQDOHV HQ ORV iPELWRV QDFLRQDO H LQWHUQDFLRQDO DVt FRPR FRRUGLQDU
DFFLRQHVDQLYHOQDFLRQDOFRQRWURVRUJDQLVPRVTXHLQWHUYLHQHQHQHOWUiILFR\FRQWUROGHPHUFDQFtDVFRQ
HOREMHWLYRSHUPDQHQWHGHIDFLOLWDUHOFRPHUFLRH[WHULRU\ORJUDUODUHSUHVLyQHIHFWLYDGHLOtFLWRV
(VWDEOHFHUUHODFLRQHV\UHDOL]DUDFFLRQHVSDUDODFDSWDFLyQ\XWLOL]DFLyQGHFRRSHUDFLyQWpFQLFDQDFLRQDOH
LQWHUQDFLRQDOHQPDWHULDDGXDQHUD
&RPSLODULQIRUPDFLyQHVWDGtVWLFDGHOFRPHUFLRH[WHULRUQDFLRQDODFFHGHUDEDVHVGHGDWRVLQWHUQDFLRQDOHV
\JHQHUDUXQDSODWDIRUPDLQIRUPiWLFDSDUDUHVSDOGDU\IDFLOLWDUHOH[SHGLWRGHVDUUROORGHVXVIXQFLRQHV
SURSLDV
(YDOXDU \ ILVFDOL]DU ODV DFWLYLGDGHV GH ORV DX[LOLDUHV GH OD IXQFLyQ S~EOLFD DGXDQHUD \ GH ODV SHUVRQDV
QDWXUDOHV\MXUtGLFDVTXHHIHFW~HQRSDUWLFLSHQHQRSHUDFLRQHVGHFRPHUFLRH[WHULRU
(IHFWXDUDFWRVGHFREUDQ]DFRDFWLYDGHORVWULEXWRVTXHOHFRUUHVSRQGDQ
3URSRUFLRQDU LQIRUPDFLyQ FRPSOHWD \ SUHFLVD VREUH OD FODVLILFDFLyQ DUDQFHODULD GH ODV PHUFDQFtDV DVt
FRPR VREUH ODV GLVSRVLFLRQHV \ SUHVFULSFLRQHVYLJHQWHV GLFWDGDVSDUDOD DSOLFDFLyQGHODUHJODPHQWDFLyQ
DGXDQHUD
'LIXQGLU D WUDYpV GH FLUFXODUHV ODV GLVSRVLFLRQHV OHJDOHV HPLWLGDV SRU WHUFHURV R SRU OD SURSLD $GXDQD
1DFLRQDO HQ PDWHULD DGXDQHUD R GH FRPHUFLR H[WHULRU SDUD JDUDQWL]DU VX LQWHUSUHWDFLyQ \ DSOLFDFLyQ
KRPRJpQHD
/DVGHPiVTXHVHDQQHFHVDULDVSDUDHOFXPSOLPLHQWRGHVXVIXQFLRQHVGHDFXHUGRDODVOH\HV\GHPiV
GLVSRVLFLRQHVYLJHQWHV
$UWtFXOR &RQFHVLyQRFRQWUDWDFLyQGHDFWLYLGDGHV\VHUYLFLRVDGXDQHURV
/D$GXDQD1DFLRQDOSRGUiRWRUJDUHQFRQFHVLyQXRWUDVIRUPDVGHFRQWUDWRDHPSUHVDVRVRFLHGDGHVSULYDGDVGH
RULJHQ QDFLRQDO R LQWHUQDFLRQDO DFWLYLGDGHV \ VHUYLFLRV DGXDQHURV TXH QR DIHFWHQ VX IXQFLyQ ILVFDOL]DGRUD
FRQIRUPHDODV1RUPDV%iVLFDVGHO6LVWHPDGH$GPLQLVWUDFLyQGH%LHQHV\6HUYLFLRVGHOVHFWRUS~EOLFR
$UWtFXOR 'LUHFWRULRGHOD$GXDQD1DFLRQDO
(O'LUHFWRULRHVODPi[LPDDXWRULGDGGHOD$GXDQD1DFLRQDOGHELHQGRFXPSOLU\KDFHUFXPSOLUORGLVSXHVWRHQHO
DUWtFXORGHOD/H\\OHFRUUHVSRQGH
D
E
F
'LFWDUODVQRUPDVUHJODPHQWDULDV\DGRSWDUODVGHFLVLRQHVJHQHUDOHVTXHSHUPLWDQDOD$GXDQD1DFLRQDO
FXPSOLUFRQODVIXQFLRQHVFRPSHWHQFLDV\IDFXOWDGHVTXHOHDVLJQDOD/H\
$SUREDUPRGLILFDUHLQWHUSUHWDUHO(VWDWXWR\ORV5HJODPHQWRV,QWHUQRVGHOD$GXDQD1DFLRQDO
6XVSHQGHU\GHVWLWXLUDOSHUVRQDOMHUiUTXLFRGHOD$GXDQD1DFLRQDO
$UWtFXOR ,QFRPSDWLELOLGDGGHORVPLHPEURVGHO'LUHFWRULR
6HFRQVLGHUDTXHDGHPiVGHODVLQFRPSDWLELOLGDGHVHVWDEOHFLGDVHQOD/H\WLHQHQFRQIOLFWRGHLQWHUHVHVDTXHOORV
GLUHFWRUHVTXHWHQJDQDOJXQDGHODVVLJXLHQWHVFRQGLFLRQHV
D 6HUDFFLRQLVWDPD\RULWDULRRWHQHUXQDSRVLFLyQDFFLRQDULDFRQWURODGRUDRVHUGLUHFWRUVtQGLFRRUHSUHVHQWDQWH
OHJDOGHFXDOTXLHUHPSUHVDTXHWHQJDUHODFLyQFRQWUDFWXDOFRQOD$GXDQD1DFLRQDO
E 6HUDERJDGRSDWURFLQDGRUHQDFFLRQHVOHJDOHVGLULJLGDVFRQWUDOD$GXDQD1DFLRQDO
F 6HU VRFLR GLUHFWRU VtQGLFR R UHSUHVHQWDQWH OHJDO GH $JHQFLD 'HVSDFKDQWH GH $GXDQD WUDQVSRUWDGRU
LQWHUQDFLRQDOGHHPSUHVDFRQFHVLRQDULDGH]RQDIUDQFDRGHSyVLWRDGXDQHUR
G 6HU VRFLR GLUHFWRU VtQGLFR R UHSUHVHQWDQWH OHJDO GH FXDOTXLHU HPSUHVD TXH UHDOLFH WUiPLWHV VXMHWRV D
DXWRUL]DFLyQRILVFDOL]DFLyQ GHOD$GXDQD1DFLRQDOLQFOX\HQGRGHPDQHUD HQXQFLDWLYDSHURQROLPLWDWLYDODV
VLJXLHQWHV LPSRUWDGRUH[SRUWDGRUHPSUHVDGHVHUYLFLRH[SUHVR FRXULHU VDOYRTXHVHLQKLEDRSRUWXQDPHQWH
\SRUHVFULWRGHLQWHUYHQLUHQODGLVFXVLyQRWUDWDPLHQWRGHOWHPDTXHFDXVDUHHOFRQIOLFWRGHLQWHUpV
H 3HUFLELUUHPXQHUDFLyQGLUHFWDGHODVHPSUHVDVLQGLFDGDVHQHOLQFLVRG VDOYR TXHHO'LUHFWRUVHLQKLEDHQOD
WRPDGHGHFLVLRQHVTXHSXHGDJHQHUDUFRQIOLFWRGHLQWHUHVHV(VWDGLVSRVLFLyQQRLPSLGHSHUFLELUKRQRUDULRV
YLiWLFRV \ SDVDMHV HPHUJHQWHV GH GLFWDU VHPLQDULRV WDOOHUHV FRQIHUHQFLDV UHGDFWDU DUWtFXORV \ WH[WRV R GH
HMHUFHUODGRFHQFLD
I
3UHVWDU DVHVRUDPLHQWR SURIHVLRQDO D WHUFHURV HQ PDWHULDV FX\D VLWXDFLyQ MXUtGLFD GHED VHU UHVXHOWD SRU HO
'LUHFWRULR
J 7HQHU UHODFLyQ GH SDUHQWHVFR KDVWD HO VHJXQGR JUDGR GH FRQVDQJXLQLGDG R SULPHUR GH DILQLGDG FRQ
DFFLRQLVWDVUHSUHVHQWDQWHVOHJDOHVRDERJDGRVGHFXDOTXLHUDGHODVHPSUHVDVLQGLFDGDVHQORVLQFLVRVD F
RG VDOYRTXHHO'LUHFWRUVHLQKLEDRSRUWXQDPHQWH\SRUHVFULWRHQODGLVFXVLyQ\GHFLVLyQGHOWHPDHQHOFXDO
H[LVWDFRQIOLFWRGHLQWHUHVHV
/DV OLPLWDFLRQHV VHxDODGDV HQ ORV LQFLVRV D E \ F QR VHUiQ LPSHGLPHQWR SDUD DVXPLU HO FDUJR GH 'LUHFWRU VL
SUHYLDPHQWHUHQXQFLDDDTXHOORTXHFDXVDUDODLQFRPSDWLELOLGDG
$UWtFXOR 3UHVLGHQWH(MHFXWLYR
(O3UHVLGHQWH(MHFXWLYRFRPRPi[LPDDXWRULGDGHMHFXWLYDGHOD$GXDQD1DFLRQDOHMHUFHODUHSUHVHQWDFLyQGH
pVWDHQHOSDtV\HQHOH[WUDQMHUR$GHPiVGHODVDWULEXFLRQHVVHxDODGDVHQHODUWtFXOR GHOD/H\OHFRPSHWH
D
E
9HODU SRU OD DSOLFDFLyQ GH OD /H\ \ SRU HO FXPSOLPLHQWR GH ODV QRUPDV VHxDODGDV HQ HO RUGHQDPLHQWR
MXUtGLFRQDFLRQDO
&RQYRFDU\SUHVLGLUODVUHXQLRQHVGHO'LUHFWRULR
'DUFXPSOLPLHQWRDODVGHFLVLRQHVDGRSWDGDVSRUHO'LUHFWRULRGHOD$GXDQD1DFLRQDO
3UHVHQWDUDO'LUHFWRULRHOSUR\HFWRGHOSUHVXSXHVWRDQXDO
J
K
L
M
N
O
,QIRUPDU DO 'LUHFWRULR GH OD $GXDQD 1DFLRQDO UHVSHFWR DO FXPSOLPLHQWR GH VXV IXQFLRQHV VREUH ORV
UHVXOWDGRVREWHQLGRVHQODJHVWLyQDQXDO\ODPDUFKDGHODLQVWLWXFLyQ
$SOLFDU ODV VDQFLRQHV \ PHGLGDV FRUUHFWLYDV QHFHVDULDV D ORV VHUYLGRUHV S~EOLFRV SRU DFWRV X RPLVLRQHV
TXHGHULYHQGHODLQREVHUYDQFLDGHOD/H\HOSUHVHQWHUHJODPHQWR\GHPiVGLVSRVLFLRQHVDGPLQLVWUDWLYDV
2WRUJDUPDQGDWRHVSHFLDODWHUFHURVSUHYLDDXWRUL]DFLyQGHO'LUHFWRULRGHOD$GXDQD1DFLRQDO
7RPDU DFFLRQHV LQPHGLDWDV GH FDUiFWHU H[FHSFLRQDO HQ FDVRV GH HPHUJHQFLD FX\D FRPSHWHQFLD
FRUUHVSRQGDDO'LUHFWRULRFXDQGRODVFLUFXQVWDQFLDVORMXVWLILTXHQFRQFDUJRDGDUFXHQWDDpVWH
'HOHJDU ODV DWULEXFLRQHV TXH HVWLPH FRQYHQLHQWHV SDUD HO VHUYLFLR DGXDQHUR DO *HUHQWH *HQHUDO X RWUDV
DXWRULGDGHVDGXDQHUDVDQLYHOQDFLRQDO
$FHSWDUORVOHJDGRV\GRQDFLRQHVTXHVHRWRUJXHQDOD$GXDQD1DFLRQDOGHDFXHUGRDOH\
([FHSFLRQDOPHQWH\PHGLDQWHUHVROXFLyQGHELGDPHQWHIXQGDPHQWDGDDGMXGLFDUGLUHFWDPHQWHDHQWLGDGHV
GHO(VWDGRRGHFDUiFWHUDVLVWHQFLDORILFLDOPHQWHUHFRQRFLGDVODVPHUFDQFtDVSHUHFHGHUDVDEDQGRQDGDV
SUHYLDVROLFLWXGGHORVLQWHUHVDGRVFRQDSUREDFLyQGHO'LUHFWRULRGHOD$GXDQD1DFLRQDO
&RQVWLWXLUFRPLWpVRJUXSRVGHWUDEDMR DQLYHOQDFLRQDO\UHJLRQDOLQWHJUDGRVSRUIXQFLRQDULRVRVHUYLGRUHV
GH OD $GXDQD 1DFLRQDO X RWUDV SHUVRQDV QDWXUDOHV R MXUtGLFDV D ILQ GH PDWHULDOL]DU DFFLRQHVRFRQFHUWDU
HVIXHU]RVSDUDXQPHMRUGHVDUUROORGHODVDFWLYLGDGHVDGXDQHUDV
$UWtFXOR $XVHQFLDRLPSHGLPHQWRWHPSRUDO
(Q FDVR GH DXVHQFLD R LPSHGLPHQWR WHPSRUDO GHO 3UHVLGHQWH (MHFXWLYR pVWH VHUi UHHPSOD]DGR SRU HO
9LFHSUHVLGHQWH GHO 'LUHFWRULR FRQ ODV DWULEXFLRQHV TXH OH FRPSHWHQ DO WLWXODU GHO FDUJR HMHFXWLYR FRQIRUPH OR
HVWDEOHFLGRHQHO(VWDWXWRGHOD$GXDQD1DFLRQDO
$UWtFXOR *HUHQWH*HQHUDO
(O 'LUHFWRULR GHVLJQDUi DO *HUHQWH *HQHUDO GH OD LQVWLWXFLyQ D SURSXHVWD GHO 3UHVLGHQWH (MHFXWLYR FRQIRUPH DO
(VWDWXWRGHOD$GXDQD1DFLRQDOSDUDFXPSOLUODVVLJXLHQWHVIXQFLRQHV
D $SR\DUWpFQLFDRSHUDWLYD\DGPLQLVWUDWLYDPHQWHDO3UHVLGHQWH(MHFXWLYR
E *HVWLRQDU\VXVFULELUDFWRV\FRQWUDWRVYLQFXODGRVDODDGPLQLVWUDFLyQLQWHUQDGHODHQWLGDGHQFRKHUHQFLDFRQ
ODVSROtWLFDVHLQVWUXFFLRQHV LPSDUWLGDVSRU HO'LUHFWRULR\HO3UHVLGHQWH(MHFXWLYR\FRQODVOLPLWDFLRQHVTXH
VHxDOHHO(VWDWXWR
F 3DUWLFLSDUHQODVUHXQLRQHVGHO'LUHFWRULRVyORFRQYR]\HMHUFHUOD6HFUHWDULDGHOPLVPR
G 6XSHUYLVDU HO FXPSOLPLHQWR GH ODV IXQFLRQHV GH ODV XQLGDGHV WpFQLFDV RSHUDWLYDV \ DGPLQLVWUDWLYDV GH OD
$GXDQD1DFLRQDO
H (MHFXWDUODVGLUHFWLYDVGHO3UHVLGHQWH(MHFXWLYR\FRRUGLQDUODVIXQFLRQHVGHODVXQLGDGHVWpFQLFDVRSHUDWLYDV
I
\DGPLQLVWUDWLYDVGHOD$GXDQD1DFLRQDO
/DV GHPiV TXH OH VHDQ GHOHJDGDV R UHVXOWHQ QHFHVDULDV SDUD HO FXPSOLPLHQWR GH VXV UHVSRQVDELOLGDGHV
IXQFLRQDOHVGHDFXHUGRD/H\\DO(VWDWXWRGHODLQVWLWXFLyQ
$UWtFXOR 8QLGDGHVRSHUDWLYDVHVSHFLDOHV
/D 8QLGDG GH &RQWURO 2SHUDWLYR $GXDQHUR &2$ \ OD 8QLGDG 7pFQLFD GH ,QVSHFFLyQ GH 6HUYLFLRV $GXDQHURV
87,6$ HQ FXDQWR D VX RUJDQL]DFLyQ \ IXQFLRQHV VH UHJLUiQ SRU VXV UHVSHFWLYRV 5HJODPHQWRV \ 0DQXDOHV GH
3URFHGLPLHQWRV2SHUDWLYRVGHFRQIRUPLGDGFRQHODUWtFXORGHOD/H\
&$378/2,,
/$)81&,13%/,&$$'8$1(5$
$UWtFXOR (MHUFLFLRGHODIXQFLyQS~EOLFDDGXDQHUD
(OHMHUFLFLRGHODIXQFLyQS~EOLFDDGXDQHUDGHEHVHUIDFLOLWDGRUHILFLHQWHKRQHVWRHVSHFLDOL]DGR\GHGHGLFDFLyQ
H[FOXVLYDSDUDHOFXPSOLPLHQWRGHODPLVLyQPHWDV\REMHWLYRVGHOD$GXDQD1DFLRQDOHQREVHUYDQFLDDODUWtFXOR
GHOD/H\
/D IXQFLyQ S~EOLFD DGXDQHUD GHEH VHU GHVDUUROODGD SRU IXQFLRQDULRV LQFRUSRUDGRV D OD SODQWD GH SHUVRQDO
SHUPDQHQWHRHYHQWXDOGHOD$GXDQD1DFLRQDOPHGLDQWHORVSURFHGLPLHQWRVTXHHVWDEOH]FDHOUHJODPHQWRUHODWLYR
D ORV 5HFXUVRV +XPDQRV GH OD HQWLGDG DGXDQHUD HQ FRQFRUGDQFLD FRQ ODV 1RUPDV %iVLFDV GHO 6LVWHPD GH
$GPLQLVWUDFLyQGH3HUVRQDO\HO(VWDWXWRGHO)XQFLRQDULR3~EOLFR
$UWtFXOR &XPSOLPLHQWR\UHVSRQVDELOLGDGIXQFLRQDULD
/RV IXQFLRQDULRV S~EOLFRV DGXDQHURV HVWiQ REOLJDGRV \ VRQ UHVSRQVDEOHV GHO FXPSOLPLHQWR GH ODV IXQFLRQHV
HVWDEOHFLGDV SRU HO PDQXDO GH IXQFLRQHV GH OD $GXDQD 1DFLRQDO HQ HO PDUFR GH OD /H\ HO (VWDWXWR GHO
)XQFLRQDULR 3~EOLFR UHJODPHQWR LQWHUQR GH OD LQVWLWXFLyQ &yGLJR GH eWLFD $GXDQHUD \ GHPiV QRUPDV
DGPLQLVWUDWLYDV DSOLFDEOHV 6XV DFWRV GHEHUiQ VHU GH FRQRFLPLHQWR GH OD DXWRULGDG OLQHDO R IXQFLRQDO
LQPHGLDWDPHQWHVXSHULRU
&$378/2,,,
$8;,/,$5(6'(/$)81&,13%/,&$$'8$1(5$
$UWtFXOR &DOLGDGGHDX[LOLDUGHODIXQFLyQS~EOLFDDGXDQHUD
(O'HVSDFKDQWHGH$GXDQDHVHODX[LOLDUGHODIXQFLyQS~EOLFDDGXDQHUDFRPRSHUVRQDQDWXUDO\SURIHVLRQDOVHD
TXHDFW~HDWtWXORSURSLRRFRPRUHSUHVHQWDQWHOHJDOGHXQD$JHQFLD'HVSDFKDQWHGH$GXDQD
(ODX[LOLDUGHODIXQFLyQS~EOLFDDGXDQHUDWLHQHFRPRILQSULQFLSDOFRODERUDUFRQOD$GXDQD1DFLRQDOHQODFRUUHFWD
DSOLFDFLyQ GH ODV QRUPDV OHJDOHV UHODFLRQDGDV FRQ HO FRPHUFLR H[WHULRU SDUD OD DGHFXDGD HMHFXFLyQ GH ORV
UHJtPHQHVDGXDQHURV\GHPiVSURFHGLPLHQWRVRDFWLYLGDGHVHQPDWHULDDGXDQHUD
&RQHVWHILQHO'HVSDFKDQWHGH$GXDQD\OD$JHQFLD'HVSDFKDQWHGH$GXDQDVRQUHVSRQVDEOHVGHODFRUUHFWD
DSOLFDFLyQGHODQRUPDWLYDDGXDQHUDHQORVDFWRV\SURFHGLPLHQWRVDGXDQHURVHQORVTXHLQWHUYHQJDQ
$UWtFXOR ,QFRPSDWLELOLGDGHV
(O HMHUFLFLR GH 'HVSDFKDQWH GH $GXDQD HV LQFRPSDWLEOH FRQ HO HMHUFLFLR GH FDUJRV HQ OD IXQFLyQ S~EOLFD
H[FHSWXiQGRVH OD GRFHQFLD XQLYHUVLWDULD $VLPLVPR HV LQFRPSDWLEOH FRQ HO HMHUFLFLR VLPXOWiQHR GH OD
DGPLQLVWUDFLyQRUHSUHVHQWDFLyQOHJDOGHOFRQVLJQDQWHRFRQVLJQDWDULRFRQFHVLRQDULRGHGHSyVLWRDGXDQHURR]RQD
IUDQFD WUDQVSRUWDGRU LQWHUQDFLRQDO X RWUDV SHUVRQDV QDWXUDOHV R MXUtGLFDV TXH UHDOL]DQ RSHUDFLRQHV GH FRPHUFLR
H[WHULRU
7DPELpQFRQVWLWX\HLQFRPSDWLELOLGDGHQODDFWLYLGDGHOHMHUFLFLRSURIHVLRQDOD IDYRUGHWHUFHURVTXHQRIXHUHQVXV
FRPLWHQWHVHQDFFLRQHVOHJDOHVFRQWUDOD$GXDQD1DFLRQDO
(;$0(1(6'(68),&,(1&,$'(/75,%81$/(;$0,1$'25
<'(/$/,&(1&,$'('(63$&+$17('($'8$1$
$UWtFXOR 5HTXLVLWRV
3DUDRSWDUDODOLFHQFLDGH'HVSDFKDQWH GH$GXDQDHOSRVWXODQWHGHEHSUHVHQWDUVHDH[iPHQHVGHVXILFLHQFLD
FRQYRFDGRSRUHO'LUHFWRULRGHOD$GXDQD1DFLRQDOSUHYLRFXPSOLPLHQWRGHORVVLJXLHQWHVUHTXLVLWRV
D
7HQHUQDFLRQDOLGDGEROLYLDQD
$FUHGLWDUEXHQDFRQGXFWDPHGLDQWHFHUWLILFDGRVH[SHGLGRVSRUOD3ROLFtD1DFLRQDO
E
G
H
I
J
3UHVHQWDUODGHFODUDFLyQMXUDGDGHEXHQRVDQWHFHGHQWHVHQHOIRUPXODULRTXHDSUXHEHOD$GXDQD1DFLRQDO
&RQWDUFRQ7tWXOR$FDGpPLFRGH7pFQLFR6XSHULRUHQ&RPHUFLR([WHULRURDOWHUQDWLYDPHQWHGH/LFHQFLDGR
HQ &LHQFLDV (FRQyPLFDV R )LQDQFLHUDV $GPLQLVWUDFLyQ GH (PSUHVDV &LHQFLDV -XUtGLFDV ,QJHQLHUtD
&RPHUFLDOR,QGXVWULDO
3RVHHU FRPR PtQLPR GRV DxRV GH H[SHULHQFLD UHODFLRQDGD FRQ OD DFWLYLGDG GH &RPHUFLR ([WHULRU \
2SHUDFLRQHV$GXDQHUDVDFUHGLWDGDVPHGLDQWHKRMD GHYLGDFRQUHVSDOGRGRFXPHQWDGR
1R WHQHU VHQWHQFLD FRQGHQDWRULD HMHFXWRULDGD HQ PDWHULD SHQDO SRU GHOLWRV FRQWUD HO (VWDGR OR TXH VH
SUREDUiPHGLDQWHFHUWLILFDFLyQH[SHGLGDSRUOD&RUWH6XSHULRUGH'LVWULWRGRQGHKD\DWHQLGRVXUHVLGHQFLD
HQORV~OWLPRVFLQFRDxRV
1R KDEHU VLGR GHVWLWXLGR GH OD IXQFLyQ S~EOLFD PHGLDQWH SURFHVR DGPLQLVWUDWLYR FRQ UHVROXFLyQ
HMHFXWRULDGDQLWHQHUFDUJRVSHQGLHQWHVFRQHO(VWDGRHVWDEOHFLGRVHQUHVROXFLRQHVDGPLQLVWUDWLYDVTXH
FDXVHQHVWDGRRIDOORVHMHFXWRULDGRVTXHVHDFUHGLWDUiPHGLDQWHFHUWLILFDGRVH[SHGLGRVSRUOD&RQWUDORUtD
*HQHUDOGHOD5HS~EOLFD
/RV FHUWLILFDGRV UHIHULGRV HQ ORV LQFLVRV F I \ J TXH DQWHFHGHQ GHEHUiQ HVWDU YLJHQWHV D OD IHFKD GH VX
SUHVHQWDFLyQ\KDEHUVLGRHPLWLGRVFRQXQDDQWHULRULGDGQRPD\RUDVHVHQWD GtDV
$UWtFXOR 1~PHURGH'HVSDFKDQWHVGH$GXDQD
(O'LUHFWRULRGHOD$GXDQD1DFLRQDOGHWHUPLQDUiDQXDOPHQWHHOQ~PHURPi[LPRGH'HVSDFKDQWHVGH$GXDQDHQ
IXQFLyQGHOFUHFLPLHQWR\UHTXHULPLHQWRVGHOFRPHUFLRH[WHULRUEROLYLDQR
$UWtFXOR ([iPHQHVGHVXILFLHQFLD
/RV H[iPHQHV GH VXILFLHQFLD SDUD SRVWXODQWHV D OD /LFHQFLD GH 'HVSDFKDQWHV GH $GXDQD VH UHDOL]DUiQ SRU OR
PHQRVXQDYH]DODxRPHGLDQWHFRQYRFDWRULDS~EOLFD6HUiQGHFDUiFWHUWHyULFR\ SUiFWLFRHQHVWUHFKDUHODFLyQD
XQSURJUDPDDSUREDGRDOHIHFWRSRUHO'LUHFWRULRGHOD$GXDQD1DFLRQDO\SXHVWRDGLVSRVLFLyQGHOSRVWXODQWHFRQ
XQDDQWLFLSDFLyQQRPHQRUDWUHLQWD GtDVDQWHVGHODIHFKDGHOH[DPHQ
(OSXQWDMHGHDSUREDFLyQQRVHUiLQIHULRUDOVHWHQWDSRUFLHQWR VREUHHOFLHQSRUFLHQWR GHODQRWDHQ
FDGDXQRGHORVH[iPHQHVWHyULFR\ SUiFWLFR
$UWtFXOR ([iPHQHVUHSUREDGRV
/RVSRVWXODQWHVD'HVSDFKDQWHVGH$GXDQDTXHUHSUXHEHQFXDOHVTXLHUDGHORVH[iPHQHVWHyULFRRSUiFWLFRR
DPERVPiVGHGRV YHFHVQRSRGUiQYROYHUDSUHVHQWDUVHHQXQDQXHYDFRQYRFDWRULD
$UWtFXOR 7ULEXQDO([DPLQDGRU
(O7ULEXQDO([DPLQDGRUHVWDUiFRQIRUPDGRSRUFLQFRPLHPEURVGHODVLJXLHQWHPDQHUD
8QIXQFLRQDULRMHUiUTXLFRGH OD$GXDQD1DFLRQDOTXHDVXPLUiOD3UHVLGHQFLDGHO7ULEXQDO([DPLQDGRU
8QUHSUHVHQWDQWHGHOD&iPDUD1DFLRQDOGH'HVSDFKDQWHVGH$GXDQD
E
G
8QUHSUHVHQWDQWHGHO0LQLVWHULRGH+DFLHQGD
'RVDFDGpPLFRVHQ&RPHUFLR([WHULRUSURYHQLHQWHVGHXQLYHUVLGDGHVRLQVWLWXWRVGHHQVHxDQ]DVXSHULRU
TXHRWRUJXHQ7tWXORVGH/LFHQFLDWXUDGH0DHVWUtDRGH7pFQLFR6XSHULRUHQ&RPHUFLR([WHULRU
3DUDODUHFHSFLyQ\HYDOXDFLyQGHORVH[iPHQHVGHVXILFLHQFLDHO7ULEXQDO([DPLQDGRUIRUPDUiTXyUXPFRQWUHV
GHVXVPLHPEURV
$UWtFXOR $WULEXFLRQHVGHO7ULEXQDO([DPLQDGRU
&RUUHVSRQGH DO7ULEXQDO([DPLQDGRU
D
'HWHUPLQDUODPRGDOLGDGGHOH[DPHQWHyULFR\SUiFWLFR
,QIRUPDU VREUH ORV UHVXOWDGRV GH ORV H[iPHQHV DO 'LUHFWRULR GH OD $GXDQD 1DFLRQDO DGMXQWDQGR ODV
UHVSHFWLYDVDFWDV\ UHFRPHQGDFLRQHVSHUWLQHQWHV
(YDOXDU\FDOLILFDUORVH[iPHQHVLQPHGLDWDPHQWH
5HVROYHUGLIHUHQFLDVHQPDWHULDGHFDOLILFDFLyQGHH[iPHQHVXRWUDV
/,&(1&,$'(/'(63$&+$17('($'8$1$
$UWtFXOR 2WRUJDPLHQWRGHOD/LFHQFLD
(O'LUHFWRULRGHOD$GXDQD1DFLRQDOPHGLDQWHUHVROXFLyQH[SUHVDRWRUJDUiODOLFHQFLDGH'HVSDFKDQWHGH$GXDQD
DOSRVWXODQWHTXHKD\DDSUREDGRORVH[iPHQHVGHVXILFLHQFLD\KD\DFXPSOLGRFRQORVUHTXLVLWRVHVWDEOHFLGRVHQ
HODUWtFXORGHOSUHVHQWHUHJODPHQWR/DOLFHQFLDVHUiH[SHGLGDGHQWURGHORVVLJXLHQWHVTXLQFH GtDVGHOD
IHFKDGHHQWUHJDGHODFWDGHH[DPHQSRUSDUWHGHO7ULEXQDO([DPLQDGRU
/DV5HVROXFLRQHVGHO'LUHFWRULRGHOD$GXDQD1DFLRQDOGHEHQVHxDODUH[SUHVDPHQWHTXHOD/LFHQFLDHVSHUVRQDO
LQGHOHJDEOH LQWUDQVIHULEOH \ GH GXUDFLyQ LQGHILQLGD 1R SRGUiQ RWRUJDUVH SURYLVLRQDO R WHPSRUDOPHQWH HQ QLQJ~Q
FDVRHQFXPSOLPLHQWRDORTXHGLVSRQHHODUWtFXORGHOD/H\
$UWtFXOR 5HYRFDWRULDGHOD/LFHQFLD
(O 'LUHFWRULR GH OD $GXDQD 1DFLRQDO UHYRFDUi OD/LFHQFLDGH'HVSDFKDQWHGH $GXDQDFXDQGRVHFRPSUXHEHHQ
SURFHVR MXGLFLDO FRQ IDOOR HMHFXWRULDGR OD IDOVHGDG PDWHULDO R LGHROyJLFD GH FXDOHVTXLHUD GH ORV FHUWLILFDGRV R
GRFXPHQWRVSUHVHQWDGRVFRPRUHTXLVLWRVSDUDKDELOLWDUVH DORVH[iPHQHVGHVXILFLHQFLD
5(48,6,726<$8725,=$&,13$5$(/(-(5&,&,2'($&7,9,'$'(6'(/'(63$&+$17('($'8$1$
</$6$*(1&,$6'(63$&+$17(6'($'8$1$
$UWtFXOR 5HTXLVLWRVSDUDHOHMHUFLFLRGHDFWLYLGDGHVGHO'HVSDFKDQWHGH$GXDQD
3DUD OD DXWRUL]DFLyQ GH DFWLYLGDGHV GH 'HVSDFKDQWH GH $GXDQD pVWH GHEHUi IRUPXODU SHWLFLyQ HVFULWD DQWH OD
$GXDQD1DFLRQDODFUHGLWDQGRORVVLJXLHQWHVUHTXLVLWRV
D
E
/LFHQFLD GH 'HVSDFKDQWH GH $GXDQD OD FXDO VHUi YHULILFDGD SRU OD $GXDQD 1DFLRQDO GH DFXHUGR D VXV
UHJLVWURV
(VWDULQVFULWRHQHO5HJLVWURQLFRGH&RQWULEX\HQWHV 58& ORTXHVHDFUHGLWDUiFRQIRWRFRSLDOHJDOL]DGD
GHOUHJLVWURHPLWLGRSRUHO6HUYLFLRGH,PSXHVWRV,QWHUQRV
+DEHUFRQVWLWXLGRODJDUDQWtDDQWHOD$GXDQD1DFLRQDO
3UHVHQWDU HO UHJLVWUR GH ILUPD VHOOR \ Q~PHUR GH 0DWUtFXOD 3URIHVLRQDO GH 'HVSDFKDQWH GH $GXDQD
RWRUJDGRSRUOD&iPDUD1DFLRQDOGH'HVSDFKDQWHVGH$GXDQD
6HxDODUHOGRPLFLOLRHQODMXULVGLFFLyQDGXDQHUDGRQGHHMHUFHUiVXVDFWLYLGDGHV
&XDOTXLHUPRGLILFDFLyQXOWHULRUGHODLQIRUPDFLyQUHIHULGDDORVUHTXLVLWRVPHQFLRQDGRVGHEHUiVHUFRPXQLFDGDD
OD$GXDQD1DFLRQDOGHQWURGHORVFLQFR GtDVVLJXLHQWHVGHSURGXFLGRHOFDPELREDMRDSHUFLELPLHQWRGHVDQFLyQ
SRUFRQWUDYHQFLyQ
1R SRGUi REWHQHU DXWRUL]DFLyQ GH HMHUFLFLR HO 'HVSDFKDQWH GH $GXDQD TXH KD\D VLGR VDQFLRQDGR FRQ OD
FDQFHODFLyQ GH VX DXWRUL]DFLyQ GXUDQWH ORV ~OWLPRV FLQFR DxRV DQWHULRUHV D OD SUHVHQWDFLyQ GH OD UHVSHFWLYD
VROLFLWXG
$UWtFXOR 5HTXLVLWRV SDUD OD DXWRUL]DFLyQ GHO HMHUFLFLR GH DFWLYLGDGHV GH $JHQFLDV 'HVSDFKDQWHV GH
$GXDQD
/DV $JHQFLDV 'HVSDFKDQWHV GH $GXDQD HVWDEOHFLGDV FRQIRUPH DO &yGLJR GH &RPHUFLR SDUD REWHQHU OD
DXWRUL]DFLyQ GHO HMHUFLFLR GH DFWLYLGDGHV SUHVHQWDUiQ VROLFLWXG HVFULWD DQWH OD $GXDQD 1DFLRQDO D WUDYpV GH VX
UHSUHVHQWDQWHOHJDODFUHGLWDQGRORVVLJXLHQWHVUHTXLVLWRV
D
E
F
H
I
J
K
/LFHQFLD GHO 'HVSDFKDQWH GH $GXDQD TXH UHSUHVHQWDUi D OD $JHQFLD DGMXQWiQGRVH HO UHVSHFWLYR SRGHU
QRWDULDGRGHELGDPHQWHLQVFULWRHQHO6HUYLFLR1DFLRQDOGHO5HJLVWURGH&RPHUFLR 6(1$5(&
(VWDULQVFULWDHQHO6(1$5(&FRQXQFDSLWDOVRFLDOSDJDGRQRLQIHULRUDOPRQWRHTXLYDOHQWHGHYHLQWHPLO
'HUHFKRV (VSHFLDOHV GH *LUR '(*V \ REMHWR VRFLDO GH GHVSDFKRV DGXDQHURV \
JHVWLRQHVLQKHUHQWHVDRSHUDFLRQHVGHFRPHUFLRH[WHULRU
3UHVHQWDUFRSLDOHJDOL]DGDGHO 5HJLVWURQLFRGH&RQWULEX\HQWHV 58&
1RWHQHUFDUJRVSHQGLHQWHVFRQHO(VWDGRHVWDEOHFLGRVHQUHVROXFLRQHVDGPLQLVWUDWLYDVRIDOORVMXGLFLDOHV
HMHFXWRULDGRV HQ FRQWUD GH HO 'HVSDFKDQWH GH $GXDQD TXH DVXPLUi OD UHSUHVHQWDFLyQ OHJDO GH OD
$JHQFLD'HVSDFKDQWHGH$GXDQD OD$JHQFLD ORVVRFLRVGHOD$JHQFLD ORVPLHPEURVGHOGLUHFWRULR
VLVHWUDWDUHGHVRFLHGDGHVDQyQLPDV(VWHUHTXLVLWRVHDFUHGLWDUiFRQODSUHVHQWDFLyQGHFHUWLILFDFLRQHV
RULJLQDOHV YLJHQWHV \ HPLWLGDV FRQ XQD DQWHULRULGDG QR PD\RU D VHVHQWD GtDV GH OD IHFKD GH VX
SUHVHQWDFLyQH[SHGLGDVSRUOD&RQWUDORUtD*HQHUDOGHOD5HS~EOLFD
+DEHUFRQVWLWXLGRODJDUDQWtDFRUUHVSRQGLHQWHDQWHOD$GXDQD1DFLRQDO
6HxDODUHOGRPLFLOLRHQODVMXULVGLFFLRQHVDGXDQHUDVGRQGHHMHUFHUiDFWLYLGDGHV
3UHVHQWDU HO UHJLVWUR GH OD ILUPD \ VHOOR DVt FRPR OD 0DWUtFXOD 3URIHVLRQDO H[WHQGLGD SRU OD &iPDUD
1DFLRQDOGH'HVSDFKDQWHVGH$GXDQDGHORV'HVSDFKDQWHVGH$GXDQDTXHUHDOLFHQWUiPLWHVSRUFXHQWD
GHOD$JHQFLD\VHxDODUODMXULVGLFFLyQDGXDQHUDGRQGHHMHUFHUiDFWLYLGDGHVFDGDXQRGHHOORV
7HQHUFRPRVRFLRRDFFLRQLVWDDXQ'HVSDFKDQWHGH$GXDQDFRQOLFHQFLDFX\DSDUWLFLSDFLyQVRFLHWDULDQR
VHDLQIHULRUDOFLQFXHQWD\XQRSRUFLHQWR GHOFDSLWDOH[FHSWRHQVRFLHGDGHVDQyQLPDV
&XDOTXLHU PRGLILFDFLyQ XOWHULRU GH OD LQIRUPDFLyQ UHIHULGD D ORV UHTXLVLWRV PHQFLRQDGRV VHUi FRPXQLFDGD D OD
$GXDQD1DFLRQDOGHQWURGHORVFLQFR GtDVGHSURGXFLGRHOFDPELREDMRVDQFLyQGHFRQWUDYHQFLyQDGXDQHUDHQ
FDVRGHLQFXPSOLPLHQWR
1RSRGUiREWHQHUDXWRUL]DFLyQGHIXQFLRQDPLHQWROD$JHQFLD'HVSDFKDQWHGH$GXDQDTXHKD\DVLGRVDQFLRQDGD
FRQ OD FDQFHODFLyQ GH VX DXWRUL]DFLyQ GXUDQWH ORV ~OWLPRV FLQFR DxRV DQWHULRUHV D OD SUHVHQWDFLyQ GH OD
UHVSHFWLYDVROLFLWXG
$UWtFXOR 'HVSDFKDQWHVGH$GXDQDGHHPSUHVDVLQGXVWULDOHVRFRPHUFLDOHV
/DV HPSUHVDV LQGXVWULDOHV R FRPHUFLDOHV OHJDOPHQWH HVWDEOHFLGDV SRGUiQ UHDOL]DU VXV SURSLRV GHVSDFKRV
DGXDQHURV PHGLDQWH XQ 'HVSDFKDQWH GH $GXDQD GHELGDPHQWH DXWRUL]DGR \ DILDQ]DGR FRQIRUPH FRQ OR
HVWDEOHFLGRHQHODUWLFXORGHOSUHVHQWHUHJODPHQWR
$UWtFXOR 2WRUJDPLHQWRGHODDXWRUL]DFLyQSDUDHMHUFLFLRGH DFWLYLGDGHV
&XPSOLGRV ORV UHTXLVLWRV H[LJLGRV HQ ORV DUWtFXORV SUHFHGHQWHV OD $GXDQD 1DFLRQDO DXWRUL]DUi HO HMHUFLFLR GH
DFWLYLGDGHV DO 'HVSDFKDQWH GH $GXDQD R D OD $JHQFLD 'HVSDFKDQWH GH $GXDQD DVLJQiQGROHV XQ &yGLJR GH
5HJLVWURGHQWURGHORVWUHLQWD GtDVVLJXLHQWHVDODSUHVHQWDFLyQGHODVROLFLWXG
$UWtFXOR 5HYRFDWRULDGHDXWRUL]DFLRQHV
/D$GXDQD1DFLRQDOUHYRFDUiHQIRUPDGHILQLWLYDODDXWRUL]DFLyQGHHMHUFLFLRGHDFWLYLGDGHVGHO'HVSDFKDQWHRGH
OD$JHQFLD'HVSDFKDQWHGH$GXDQDTXHKD\DRWRUJDGRFXDQGRVHHVWDEOH]FDPHGLDQWHSURFHVRMXGLFLDOFRQIDOOR
HMHFXWRULDGRODIDOVHGDGPDWHULDORLGHROyJLFDGHFXDOHVTXLHUDGHORVGRFXPHQWRVRLQIRUPDFLyQSUHVHQWDGRVSDUD
DFUHGLWDUHOFXPSOLPLHQWRGHUHTXLVLWRVH[LJLEOHVSDUDWDODXWRUL]DFLyQ
*$5$17,$'(/'(63$&+$17('($'8$1$
$UWtFXOR &RQVWLWXFLyQGHODJDUDQWtD
&RQHOREMHWRGHJDUDQWL]DUHOFXPSOLPLHQWRGHVXVREOLJDFLRQHV\UHVSRQVDELOLGDGHVDQWHHO(VWDGRDVtFRPRHO
SDJRGHWULEXWRVDGXDQHURVDFWXDOL]DFLRQHVLQWHUHVHV\VDQFLRQHVSHFXQLDULDVDTXHKD\DOXJDUHPHUJHQWHVGH
ORVGHVSDFKRVDGXDQHURV\GHODVRSHUDFLRQHVHQODVTXHLQWHUYHQJDQHO'HVSDFKDQWHGH$GXDQDROD$JHQFLD
'HVSDFKDQWHGH$GXDQDSDUDHMHUFHUVXVDFWLYLGDGHVGHEHUiFRQVWLWXLUJDUDQWtDDQWHOD$GXDQD1DFLRQDO
'LFKD JDUDQWtD VHUi ILMDGD HQ 'HUHFKRV (VSHFLDOHV GH *LUR \ FRQVWLWXLGDV HQ GyODUHV GH ORV (VWDGRV 8QLGRV GH
1RUWHDPpULFD\QRSRGUiVHUPHQRUDODVDFWXDOPHQWHFRQVWLWXLGDV
(O0LQLVWHULRGH+DFLHQGDPHGLDQWH5HVROXFLyQ0LQLVWHULDOHVWDEOHFHUiORVPRQWRV\PRGDOLGDGHVGHODVJDUDQWtDV
HQXQSOD]RQRPD\RUDFXDUHQWD \FLQFR GtDVFRPSXWDEOHVDSDUWLUGHODYLJHQFLDGHOSUHVHQWHUHJODPHQWR
$UWtFXOR 'HYROXFLyQGHODJDUDQWtD
/D GHYROXFLyQ GH OD JDUDQWtD ~QLFDPHQWH SURFHGHUi HQ ORV FDVRV SUHYLVWRV HQ HO SUHVHQWH UHJODPHQWR VLHPSUH
TXHQRH[LVWDQFDUJRVXREOLJDFLRQHVSHQGLHQWHV
2%/,*$&,21(6 < 5(63216$%,/,'$'(6 '( /26 '(63$&+$17(6 '( $'8$1$ < '( /$6 $*(1&,$6
'(63$&+$17(6'($'8$1$
$UWtFXOR 2EOLJDFLRQHV
/RV 'HVSDFKDQWHV GH $GXDQD \ ODV $JHQFLDV 'HVSDFKDQWHV GH $GXDQD HQ HO HMHUFLFLR GH VXV DFWLYLGDGHV
GHEHUiQ FXPSOLU FRQ WRGDV ODV REOLJDFLRQHV TXH VHxDOD OD /H\ HO SUHVHQWH UHJODPHQWR \ RWUDV GLVSRVLFLRQHV
OHJDOHVDGXDQHUDVHVSHFLDOPHQWHFRQODVVLJXLHQWHV
D
E
F
2FXSDUVHHQIRUPDGLOLJHQWHGHODVDFWLYLGDGHVSURSLDVGHVXVIXQFLRQHV
(ODERUDUVXVFULELU\SUHVHQWDUODVGHFODUDFLRQHVGHPHUFDQFtDVHQODIRUPDRSRUWXQLGDG\HQORVPHGLRV
TXHVHxDOHOD$GXDQD1DFLRQDO\ODVGLVSRVLFLRQHVOHJDOHVDGXDQHUDV
/OHYDU XQ OLEUR GH UHJLVWUR QRWDULDGR \ IROLDGR R OLVWDGR LPSUHVR GH UHJLVWURV LQIRUPiWLFRV QRWDULDGR \
IROLDGR VHPHVWUDOPHQWH HQ ORV TXH VH GHWDOOHQ FURQROyJLFDPHQWH ORV GHVSDFKRV DGXDQHURV
HIHFWXDGRV\ORVWUiPLWHVLQKHUHQWHVDHVWRVGHELHQGRFRQVHUYDUORVSRUHOWpUPLQRGHSUHVFULSFLyQGHORV
WULEXWRV DGXDQHURV (O FRQWHQLGR GH ORV OLEURV GH UHJLVWUR R OLVWDGRV LPSUHVRV VHUi UHJODPHQWDGR SRU OD
$GXDQD1DFLRQDO
7HQHU DO PRPHQWR GH SUHVHQWDU ODV GHFODUDFLRQHV GH PHUFDQFtDV WRGRV ORV GRFXPHQWRV H[LJLEOHV TXH
DPSDUHQODVPHUFDQFtDVFX\RGHVSDFKRVHVROLFLWD
H
I
J
K
L
M
&RQVHUYDU HQ IRUPD RUGHQDGD GH DFXHUGR D ODV GLVSRVLFLRQHV TXH DO HIHFWR HPLWD OD $GXDQD 1DFLRQDO
WRGDODGRFXPHQWDFLyQLQKHUHQWHDORVGHVSDFKRVDGXDQHURVHIHFWXDGRVEDMRVXUHVSRQVDELOLGDGKDVWDHO
WpUPLQRGHSUHVFULSFLyQGHORVWULEXWRVDGXDQHURV
/HJDOL]DUIRWRFRSLDVGHORVGRFXPHQWRVRULJLQDOHVTXHFRQVHUYDHQDUFKLYRFRQIRUPHDOLQFLVRDQWHULRU
0DQWHQHU YLJHQWHV ODV JDUDQWtDV TXH SUHVHQWH DQWH OD $GXDQD 1DFLRQDOFXPSOLHQGRODVUHJODV\PRQWRV
HVWDEOHFLGRVHQHO5HJODPHQWR
3URSRUFLRQDU D OD $GXDQD 1DFLRQDO LQIRUPDFLyQ \ GRFXPHQWDFLyQ FXDQGR pVWD OD VROLFLWH VREUH ORV
GHVSDFKRVDGXDQHURVHQORVTXHLQWHUYLQR
)DFLOLWDU ODVWDUHDVGHLQVSHFFLyQILVFDOL]DFLyQ HLQYHVWLJDFLyQTXHUHDOLFHOD$GXDQD1DFLRQDOVREUHORV
GRFXPHQWRVTXHFXUVDQHQVXSRGHUUHODWLYRVDGHVSDFKRVDGXDQHURV\GHPiVWUiPLWHVUHODFLRQDGRVFRQ
UHJtPHQHVDGXDQHURVHQORVTXHKD\DLQWHUYHQLGR
&RPXQLFDUDOD$GXDQD1DFLRQDOFXDOTXLHUFDPELRHQVXVLWXDFLyQTXHSXHGDGDUOXJDUDODDOWHUDFLyQGH
VXUHVSRQVDELOLGDGFRPR'HVSDFKDQWHGH$GXDQDR$JHQFLD'HVSDFKDQWHGH$GXDQD
&RQWDU FRQ OD LQIUDHVWUXFWXUD \ HTXLSDPLHQWR QHFHVDULR SDUD JDUDQWL]DU OD DFWXDOL]DFLyQ WHFQROyJLFD
LQGLVSHQVDEOH SDUD OD HODERUDFLyQ WUDQVPLVLyQ HOHFWUyQLFD \ DUFKLYR GRFXPHQWDO GH ODV GHFODUDFLRQHV GH
PHUFDQFtDV\RWURVGRFXPHQWRVHLQIRUPDFLRQHV
$UWtFXOR 6XVFULSFLyQGHGHFODUDFLRQHVGHPHUFDQFtDV
/DVGHFODUDFLRQHVGHPHUFDQFtDVGHGHVSDFKRDGXDQHURVDOYRODVH[FHSFLRQHVSUHYLVWDVHQOD/H\\HOSUHVHQWH
UHJODPHQWRVHUiQVXVFULWDV~QLFDPHQWHSRU'HVSDFKDQWHGH$GXDQDDXWRUL]DGR
/D $GXDQD 1DFLRQDO SRGUi DXWRUL]DU TXH HQ FDVRV GH DXVHQFLD R LPSHGLPHQWR WHPSRUDO GHO 'HVSDFKDQWH GH
$GXDQDGHELGDPHQWHMXVWLILFDGDSRUUD]RQHVGHVDOXGSHUtRGRVYDFDFLRQDOHVXRWUDVFDXVDOHVGHIXHU]DPD\RU
SXHGDILUPDUODV'HFODUDFLRQHVHQVXQRPEUHXQDSRGHUDGR'HVSDFKDQWHGH$GXDQDHQHMHUFLFLRTXLHQDFWXDUi
EDMRVXUHVSRQVDELOLGDG\JDUDQWtDGHOWLWXODUSRUHOSHUtRGRDXWRUL]DGRQRPD\RUDWUHLQWD GtDV
$UWtFXOR 'HVSDFKRVDGXDQHURVGHOVHFWRUS~EOLFR
7RGRV ORV GHVSDFKRV DGXDQHURV GH LPSRUWDFLyQ \ GH RWURV UHJtPHQHV DGXDQHURV TXH HIHFW~HQ ODV HQWLGDGHV
SHUWHQHFLHQWHVDOVHFWRUS~EOLFRVHUHDOL]DUiQDWUDYpVGHXQGHVSDFKDQWHRILFLDOLGyQHRGHVLJQDGR\GHSHQGLHQWH
GHO0LQLVWHULRGH+DFLHQGDSUHYLDDSUREDFLyQGHH[DPHQGHGHVSDFKDQWHGHDGXDQD
$UWtFXOR 5HVSRQVDELOLGDGVROLGDULDHLQGLYLVLEOH
(O 'HVSDFKDQWH GH $GXDQD R OD $JHQFLD 'HVSDFKDQWH GH $GXDQD VHJ~Q FRUUHVSRQGD UHVSRQGHUi
VROLGDULDPHQWHFRQVXFRPLWHQWHFRQVLJQDQWHRFRQVLJQDWDULRGHODVPHUFDQFtDVSRUHOSDJRWRWDOGHORVWULEXWRV
DGXDQHURVDFWXDOL]DFLRQHVHLQWHUHVHVFRUUHVSRQGLHQWHVPXOWDVRVDQFLRQHVSHFXQLDULDVTXHVHGHULYHQGHODV
RSHUDFLRQHVDGXDQHUDVHQODVTXHLQWHUYHQJDQ
/D UHVSRQVDELOLGDG VROLGDULD H LQGLYLVLEOH VREUH OD REOLJDFLyQ WULEXWDULD DGXDQHUD QDFH GHVGH HO PRPHQWR GH OD
DFHSWDFLyQSRUOD$GXDQD1DFLRQDOGHODGHFODUDFLyQGHPHUFDQFtDV
(O 'HVSDFKDQWH GH $GXDQD GH FRQIRUPLGDG DO DUWtFXOR GHOD/H\QRHVUHVSRQVDEOHFXDQGR WUDQVFULEDFRQ
ILGHOLGDG ORV GRFXPHQWRV TXH UHFLEDQ GH VXV FRPLWHQWHV FRQVLJQDQWHV R FRQVLJQDWDULRV GH ODV PHUFDQFtDV QR
REVWDQWHTXHVHHVWDEOH]FDQGLIHUHQFLDVGHFDOLGDGFDQWLGDGSHVRRYDORUXRULJHQHQWUHORGHFODUDGRHQODIDFWXUD
FRPHUFLDO \GHPiV GRFXPHQWRVDGXDQHURVWUDQVFULWRV\ORHQFRQWUDGRHQHOPRPHQWRGHOGHVSDFKRDGXDQHURR
HQODILVFDOL]DFLyQDSRVWHULRUL
6867,78&,1<+$%,/,7$&,1'(/'(63$&+$17('($'8$1$
<&$0%,2'(-85,6',&&,125$=162&,$/
'(/$$*(1&,$'(63$&+$17 ( '($'8$1$
$UWtFXOR 6XVWLWXFLyQ\KDELOLWDFLyQGHO'HVSDFKDQWHGH$GXDQD
/D KDELOLWDFLyQ GH XQ 'HVSDFKDQWH GH $GXDQD HQ UHHPSOD]R GH RWUR SDUD VHU LQFRUSRUDGR HQ XQD $JHQFLD
'HVSDFKDQWHGH$GXDQDRHPSUHVDFRPHUFLDORLQGXVWULDOVHUiVROLFLWDGDSRUODHQWLGDGLQWHUHVDGDFXPSOLHQGR
FRQORVUHTXLVLWRVLQGLFDGRVHQHOSUHVHQWHUHJODPHQWR
/D $GXDQD 1DFLRQDO DXWRUL]DUi R GHQHJDUi GLFKD VROLFLWXG HQ XQ SOD]R QR PD\RU GH TXLQFH GtDV 'H QR
SURQXQFLDUVHHQHVWHSOD]RVHGDUi SRUDXWRUL]DGDODPLVPDGHELHQGRHPLWLUODUHVROXFLyQFRUUHVSRQGLHQWHEDMR
UHVSRQVDELOLGDGIXQFLRQDULDGHQWURGHOSOD]RGHFLQFR GtDVVLJXLHQWHV
/DDXWRUL]DFLyQFRQOOHYDODLQPHGLDWDDFWXDOL]DFLyQGHODLQIRUPDFLyQ\UHJLVWURGHILUPD\VHOORFRUUHVSRQGLHQWHV
$UWtFXOR &DPELRGHGRPLFLOLR\MXULVGLFFLyQDGXDQHUD
(OFDPELRGHGRPLFLOLR\ODMXULVGLFFLyQDGXDQHUDRDPSOLDFLyQGHHVWD~OWLPDVHUiVROLFLWDGRDOD$GXDQD1DFLRQDO
SRUHO'HVSDFKDQWHGH$GXDQDROD$JHQFLD'HVSDFKDQWHGH$GXDQDSUHVHQWDQGRORVVLJXLHQWHVGRFXPHQWRV
D )RWRFRSLDOHJDOL]DGDGHODUHVROXFLyQGHO6(1$5(&TXHDSUXHEHHOFDPELRGHGRPLFLOLR\ODQXHYDPDWUtFXOD
E &HUWLILFDGRRULJLQDOHPLWLGRSRUHO6HUYLFLR1DFLRQDOGH,PSXHVWRV,QWHUQRVFRQXQDDQWHULRULGDGQRPD\RUD
WUHLQWD GtDV GH OD IHFKD GH VX SUHVHQWDFLyQ TXH DFUHGLWH OD LQVFULSFLyQ GHO 'HVSDFKDQWH R OD $JHQFLD
'HVSDFKDQWHGH$GXDQDHQHO5HJLVWURQLFRGHO&RQWULEX\HQWHV 58& FRQHOQXHYRGRPLFLOLR
/D $GXDQD 1DFLRQDO DXWRUL]DUi R GHQHJDUi OD VROLFLWXG HQ XQ SOD]R QR PD\RU GH TXLQFH GtDV 'H QR
SURQXQFLDUVH HQ GLFKR SOD]R VH GDUi SRU DXWRUL]DGD OD PLVPD GHELHQGR HPLWLU UHVROXFLyQ FRUUHVSRQGLHQWH EDMR
UHVSRQVDELOLGDGIXQFLRQDULDGHQWURGHOSOD]RGHFLQFR GtDVVLJXLHQWHV
(O 'HVSDFKDQWH GH $GXDQD R OD $JHQFLD 'HVSDFKDQWH GH $GXDQD TXH GHFLGD FDPELDU GH MXULVGLFFLyQ R DPSOtH
pVWD FRQWLQXDUi DVXPLHQGR WRGDV ODV REOLJDFLRQHV \ UHVSRQVDELOLGDGHV HVWDEOHFLGDV SRU HO HMHUFLFLR GH VXV
IXQFLRQHVHQODMXULVGLFFLyQRMXULVGLFFLRQHVDGXDQHUDVHQODVTXHHMHUFLyIXQFLRQHVDQWHULRUPHQWH
$UWtFXOR &DPELRGHUD]yQVRFLDO
(OFDPELRGHUD]yQVRFLDOVHUiFRPXQLFDGRDOD$GXDQD1DFLRQDOGHQWURGHORVYHLQWH GtDVGHVGHODIHFKDGH
FRQFOXVLyQGHOWUiPLWHDQWHHO6(1$5(&SRUOD$JHQFLD'HVSDFKDQWHGH$GXDQDDWUDYpVGHVXUHSUHVHQWDQWH
OHJDOFXPSOLHQGRORVVLJXLHQWHVUHTXLVLWRV
D
E
F
G
3UHVHQWDUIRWRFRSLDOHJDOL]DGDGHOD5HVROXFLyQGHO6(1$5(&TXHDSUXHEHHOFDPELRGHUD]yQVRFLDO\OD
QXHYDPDWUtFXOD
3UHVHQWDUFHUWLILFDFLyQRULJLQDOYLJHQWHTXHDFUHGLWHODLQVFULSFLyQGHODQXHYDUD]yQVRFLDOHQHO5HJLVWUR
QLFRGH&RQWULEX\HQWHVHPLWLGDSRUHO6HUYLFLRGH,PSXHVWRV,QWHUQRV
3UHVHQWDU OD (VFULWXUD 3~EOLFD GH FDPELR GH UD]yQ VRFLDO H LQVFULSFLyQ GH QXHYRV SRGHUHV GHELGDPHQWH
LQVFULWRVDQWH6(1$5(&HQHOFDVRGHVRFLHGDGHV
3UHVHQWDU &HUWLILFDGRV GH 6ROYHQFLD HPLWLGRV SRU OD &RQWUDORUtD *HQHUDO GH OD 5HS~EOLFD \ GH OD
DGPLQLVWUDFLyQDGXDQHUDGHODMXULVGLFFLyQHQTXHGHVDUUROORDFWLYLGDGHV
$XWRUL]DGDODQXHYDUD]yQVRFLDOOD$JHQFLD'HVSDFKDQWHGH$GXDQDDGHFXDUiVXJDUDQWtDGHIXQFLRQDPLHQWRD
OD QXHYD UD]yQ VRFLDO \ OD $GXDQD 1DFLRQDO OH DVLJQDUi XQ QXHYR &yGLJR GH 5HJLVWUR HQXQ SOD]RQR PD\RUGH
GLH] GtDV
/DVREOLJDFLRQHV\UHVSRQVDELOLGDGHVGHOD$JHQFLD'HVSDFKDQWHGH $GXDQDFX\DUD]yQVRFLDOVHKDFDPELDGR
VHUiQDVXPLGDVSRUOD$JHQFLDFRQODQXHYDUD]yQVRFLDO
6863(16,1 7(0325$/ < '(),1,7,9$ '( $&7,9,'$'(6 '(/ '(63$&+$17( '( $'8$1$<$*(1&,$
'(63$&+$17('($'8$1$
$UWtFXOR 6XVSHQVLyQWHPSRUDOYROXQWDULDGHDFWLYLGDGHV
(O 'HVSDFKDQWH GH $GXDQD R OD $JHQFLD 'HVSDFKDQWH GH $GXDQD TXH GHFLGD YROXQWDULDPHQWH VXVSHQGHU
WHPSRUDOPHQWHVXVDFWLYLGDGHVGHEHUiFRPXQLFDUSRUHVFULWRWDOGHFLVLyQDODDGPLQLVWUDFLyQDGXDQHUDUHVSHFWLYD
$SDUWLUGHODSUHVHQWDFLyQ GHODFRPXQLFDFLyQGHVXVSHQVLyQWHPSRUDOHO'HVSDFKDQWHGH$GXDQDROD$JHQFLD
'HVSDFKDQWH GH $GXDQD QR SRGUi UHDOL]DU GHVSDFKRV DGXDQHURV QL WUiPLWHV LQKHUHQWHV D HVWRV H[FHSWR HQ
DTXHOORVFDVRVUHIHULGRVDGHVSDFKRVDGXDQHURVTXHGHEHQVHUFRQFOXLGRV \ORVTXHFRUUHVSRQGDQSDUDFDQFHODU
SOD]RVSHQGLHQWHV
/DVXVSHQVLyQWHPSRUDOGHDFWLYLGDGHVGHO'HVSDFKDQWHGH$GXDQDR$JHQFLD'HVSDFKDQWHGH$GXDQDQRGDUi
OXJDU D OD FDQFHODFLyQ GHO &yGLJR GH 5HJLVWUR QL D OD GHYROXFLyQ GH OD JDUDQWtD ODPLVPDTXHGHEHPDQWHQHUVH
YLJHQWH $VLPLVPR QR HVWDUi OLEHUDGD GH ODV REOLJDFLRQHV \ UHVSRQVDELOLGDGHV WULEXWDULDV DGXDQHUDV TXH VH
HVWDEOH]FDQHQVXFRQWUD
$UWtFXOR &HVHGHILQLWLYRYROXQWDULRGHDFWLYLGDGHV
(O 'HVSDFKDQWH GH $GXDQD R OD $JHQFLD 'HVSDFKDQWH GH $GXDQD TXH GHFLGD YROXQWDULDPHQWH FHVDU
GHILQLWLYDPHQWHHQVXVDFWLYLGDGHVVROLFLWDUiDQWHOD$GXDQD1DFLRQDOODDQXODFLyQGHVX&yGLJRGH5HJLVWUR\OD
GHYROXFLyQGHVXJDUDQWtD
'HQWURGHOSOD]RGHQRYHQWD GtDVDSDUWLUGHODIHFKDGH ODVROLFLWXGFRUUHVSRQGLHQWHOD$GXDQD1DFLRQDOGHEH
YHULILFDUVLHO'HVSDFKDQWHGH$GXDQDROD$JHQFLD'HVSDFKDQWHGH$GXDQDWLHQHSOD]RVQRFDQFHODGRVWUiPLWHV
SURFHVRVFDUJRVXRWUDVREOLJDFLRQHVSHQGLHQWHV
6L OD JDUDQWtD GH IXQFLRQDPLHQWR GHMDUD GH WHQHU YLJHQFLD HQ HO SOD]R FLWDGR HQ HO SiUUDIR SUHFHGHQWH HO
'HVSDFKDQWHGH$GXDQDGHEHUiUHQRYDUODPLVPDSRULJXDOSOD]R
&XDQGRQRH[LVWLHUHQFDUJRVXRWUDVREOLJDFLRQHVSHQGLHQWHVGHELGDPHQWHFRPSUREDGRVSRUOD$GXDQD1DFLRQDO
pVWD GLVSRQGUi OD DQXODFLyQ GHO &yGLJR GH 5HJLVWUR \ OD GHYROXFLyQ R FDQFHODFLyQ GH OD JDUDQWtD HQ IRUPD
LQPHGLDWD(QFDVRGHH[LVWLUFDUJRVXRWUDVREOLJDFLRQHVSHQGLHQWHVVHGHQHJDUiODVROLFLWXGGHFHVHGHILQLWLYRGH
DFWLYLGDGHV\VHH[LJLUiDOVROLFLWDQWHHOFXPSOLPLHQWRGHODVREOLJDFLRQHVSHQGLHQWHV
(O FHVH GHILQLWLYR GHO 'HVSDFKDQWH GH $GXDQD R OD $JHQFLD 'HVSDFKDQWH GH $GXDQD QR ORV OLEHUD GH ODV
UHVSRQVDELOLGDGHV\REOLJDFLRQHVWULEXWDULDVDGXDQHUDVTXHSXHGDQHVWDEOHFHUVHHQVXFRQWUD
$UWtFXOR 6XVSHQVLyQWHPSRUDOIRU]RVDGHHMHUFLFLR
6LQ SHUMXLFLR GH OD DSOLFDFLyQ GH VDQFLRQHV TXH FRUUHVSRQGDQ SRU OD FRPLVLyQ GH GHOLWRV DGXDQHURV OD $GXDQD
1DFLRQDO SRGUi LPSRQHU D ORV 'HVSDFKDQWHV GH $GXDQD \ $JHQFLDV 'HVSDFKDQWHV OD VDQFLyQ DGPLQLVWUDWLYD GH
VXVSHQVLyQ WHPSRUDO GH HMHUFLFLR HQ ORV FDVRV SUHYLVWRV HQ HO DUWtFXOR GH OD /H\ SUHYLD UHVROXFLyQ
DGPLQLVWUDWLYDHMHFXWRULDGD
6$1&,21(6$'0,1,675$7,9$6
$UWtFXOR 5HYRFDWRULDGHODDXWRUL]DFLyQGHHMHUFLFLR
(O 'LUHFWRULR GH OD $GXDQD 1DFLRQDO PHGLDQWH 5HVROXFLyQ H[SUHVD UHYRFDUi OD DXWRUL]DFLyQ GH HMHUFLFLR GHO
'HVSDFKDQWH R $JHQFLD 'HVSDFKDQWH GH $GXDQD SUHYLR SURFHVR FXDQGR VH SUHVHQWH DOJXQD GH ODV VLJXLHQWHV
VLWXDFLRQHV
D
E
F
([LVWD VHQWHQFLD HMHFXWRULDGD TXH HVWDEOH]FD OD UHVSRQVDELOLGDG R SDUWLFLSDFLyQ GHO 'HVSDFKDQWH GH
$GXDQDHQGHOLWRVDGXDQHURV
([LVWD VHQWHQFLD HMHFXWRULDGD TXH HVWDEOH]FD OD SDUWLFLSDFLyQ GHO GHVSDFKDQWH GH DGXDQD R DJHQFLD
GHVSDFKDQWHGHDGXDQDHQODIDOVHGDGPDWHULDORLGHROyJLFDGHODVGHFODUDFLRQHVMXUDGDVRGRFXPHQWRV
SUHVHQWDGRVDQWHODVDXWRULGDGHVGHOD$GXDQD1DFLRQDO
&XDQGR HQ SURFHVR DGPLQLVWUDWLYR VH HVWDEOH]FD TXH HO 'HVSDFKDQWH GH $GXDQD HMHU]D IXQFLRQHV
LQFRPSDWLEOHV R DFW~H FRPR VRFLR R UHSUHVHQWDQWH OHJDO HQ GRV R PiV $JHQFLDV 'HVSDFKDQWHV GH
G
H
I
$GXDQDH[FHSWRHQHOFDVRSUHYLVWRHQHODUWtFXOR VHJXQGRSiUUDIRGHHVWHUHJODPHQWR
1RKDEHULQLFLDGRGHVSDFKRVDGXDQHURVGHQWURGHORVFLHQWRRFKHQWD GtDVDSDUWLUGHODIHFKDGHOD
DXWRUL]DFLyQGHHMHUFLFLRSRUSDUWHGHOD$GXDQD1DFLRQDO
3DUDOLFHVXVIXQFLRQHV\DFWLYLGDGHVSRUPiVGHFLHQWRRFKHQWD GtDVVLQKDEHUFRPXQLFDGRGHHVWH
KHFKRDOD$GXDQD1DFLRQDO
3HUPLWDRDXWRULFHHOXVRGHVX/LFHQFLDR$XWRUL]DFLyQDWHUFHURV
(O'HVSDFKDQWHGH$GXDQDKD\DIDOOHFLGR
(QHOFDVRGHOLQFLVRJ OD$JHQFLD'HVSDFKDQWHGH$GXDQDSRGUiVROLFLWDUDOD$GXDQD1DFLRQDOODKDELOLWDFLyQ
GHXQQXHYRGHVSDFKDQWHGHDGXDQDSUHYLRFXPSOLPLHQWRGHORVUHTXLVLWRVH[LJLGRVHQHOSUHVHQWHUHJODPHQWR
$UWtFXOR (QWUHJDGHGRFXPHQWRV
&XDQGR SRU 5HVROXFLyQ GH 'LUHFWRULR HPHUJHQWH GH VHQWHQFLD HMHFXWRULDGD R FHVH GHILQLWLYR YROXQWDULR GH
DFWLYLGDGHV VH GLVSRQJD OD FDQFHODFLyQ GH DXWRUL]DFLyQ GH HMHUFLFLR 'HVSDFKDQWH GH $GXDQD R $JHQFLD
'HVSDFKDQWHGH$GXDQDpVWRVGHEHUiQHQWUHJDUDOD$GXDQD1DFLRQDOEDMRLQYHQWDULR\YHULILFDFLyQWpFQLFDORV
GRFXPHQWRVDGXDQHURVORVOLEURVGHUHJLVWUR\DUFKLYRVLQIRUPiWLFRVGHORV~OWLPRVFLQFR DxRVGHELGDPHQWH
QRWDULDGRVGHQWURGHORVWUHLQWD GtDVVLJXLHQWHVDODIHFKDGHHPLVLyQGHODUHVSHFWLYD5HVROXFLyQGH'LUHFWRULR
GHOD$GXDQD1DFLRQDO
/D$GXDQD1DFLRQDOWUDQVIHULUiGLFKRVGRFXPHQWRVDGXDQHURVDO~OWLPR'HVSDFKDQWHGH$GXDQDDXWRUL]DGRSDUD
HOHMHUFLFLRGHDFWLYLGDGHVGHQWURGHODPLVPDMXULVGLFFLyQDGXDQHUD
&$378/2,9
75$163257$'25,17(51$&,21$/
$UWtFXOR PELWRGHDSOLFDFLyQ
/RV WUDQVSRUWDGRUHV LQWHUQDFLRQDOHV TXH UHDOLFHQ HO WUDQVSRUWH GH PHUFDQFtDV R GH SDVDMHURV HQ HO WHUULWRULR
DGXDQHUR QDFLRQDO VH VXMHWDUiQ D ODV QRUPDV SUHYLVWDV SRU OD /H\ HO SUHVHQWH UHJODPHQWR \ ORV $FXHUGRV
7UDWDGRVR&RQYHQLRV,QWHUQDFLRQDOHVVXVFULWRVSRU%ROLYLD
$UWtFXOR 5HTXLVLWRVSDUDHOUHJLVWURDQWHOD$GXDQD1DFLRQDO
/RVWUDQVSRUWDGRUHVLQWHUQDFLRQDOHVGHEHUiQUHJLVWUDUVHDQWHODGH$GXDQD1DFLRQDOFXPSOLHQGRFRQORVVLJXLHQWH
UHTXLVLWRV
D
E
F
G
H
$XWRUL]DFLyQ GH RSHUDFLyQ SDUD WUDQVSRUWH LQWHUQDFLRQDO RWRUJDGR SRU HO 9LFHPLQLVWHULR GH 7UDQVSRUWHV
&RPXQLFDFLRQHV \ $HURQiXWLFD &LYLO SDUD HPSUHVDV GH WUDQVSRUWH WHUUHVWUH R YtD DpUHD \ SDUD HO
WUDQVSRUWH IOXYLDO \ ODFXVWUH GH OD DXWRULGDG FRPSHWHQWH SDUD FDGD XQR GH VXV PHGLRV \ XQLGDGHV GH
WUDQVSRUWH GH XVR FRPHUFLDO R GHO 9LFHPLQLVWHULR GH (QHUJtD H +LGURFDUEXURV SDUD OD LQVWDODFLyQ \
WUDQVSRUWHGHPHUFDQFtDVSRUGXFWRVROtQHDVGHWUDQVPLVLyQHOpFWULFDVHJ~QFRUUHVSRQGD
5HJLVWUR QLFR GH &RQWULEX\HQWHV 58& TXH FHUWLILTXH TXH SHUWHQHFH DO UpJLPHQ JHQHUDO WULEXWDULR SDUD
ODV HPSUHVDV QDFLRQDOHV R FRSLD VLPSOH GHO &HUWLILFDGR GH ,GRQHLGDG SDUD ODV HPSUHVDV GH WUDQVSRUWH
H[WUDQMHUDVHPLWLGRSRUODDXWRULGDGFRPSHWHQWHGHOSDtVHPLVRU
1RPEUHV \ UHJLVWUR GH ILUPDV GH ORV UHSUHVHQWDQWHV DFUHGLWDGRV SDUD OD VXVFULSFLyQ GH GRFXPHQWRV TXH
DPSDUHQHOWUiQVLWRDGXDQHURGHPHUFDQFtDV
&HUWLILFDGR GHO 9LFHPLQLVWHULR GH 7UDQVSRUWHV &RPXQLFDFLRQHV \ $HURQiXWLFD &LYLO TXH DFUHGLWH XQD
FDSDFLGDG GH DUUDVWUH QR LQIHULRU D WRQHODGDV HQ HO FDVR GH HPSUHVDV EROLYLDQDV GH WUDQVSRUWH
LQWHUQDFLRQDOWHUUHVWUH
&RQVWLWXFLyQ GH KLSRWHFD DQWH ORV UHJLVWURV GH OD 'LUHFFLyQ 1DFLRQDO GH 7UiQVLWR \ VX UHJLVWUR HQ HO
6(1$5(&DIDYRUGHOD$GXDQD1DFLRQDOVREUHORVPHGLRVGHWUDQVSRUWHFXDQGRpVWRVVHFRQVWLWX\DQHQ
JDUDQWtDHQDSOLFDFLyQGHODUWtFXORGHOD/H\RFDVRFRQWUDULRJDUDQWtDVXVWLWXWLYD
&HUWLILFDGRGHVROYHQFLDILVFDOH[WHQGLGRSRUOD&RQWUDORUtD*HQHUDOGHOD5HS~EOLFDYLJHQWHDOPRPHQWRGH
ODVROLFLWXGVyORSDUDHOFDVRGHHPSUHVDVQDFLRQDOHV
/D$GXDQD1DFLRQDOSRGUiKDELOLWDUDWUDQVSRUWDGRUHVEROLYLDQRVSDUDTXHUHDOLFHQWUiQVLWRDGXDQHURQDFLRQDOGH
FDUJDLQWHUQDFLRQDOSUHYLRFXPSOLPLHQWRGHORVUHTXLVLWRVE F H \I GHOSUHVHQWHDUWtFXORDGHPiVGHFRQWDU
FRQHOVHJXURREOLJDWRULRGHDFFLGHQWHVFRQWUDWHUFHURV 62$7
$UWtFXOR 5HTXLVLWRVDGLFLRQDOHVSDUDWUDQVSRUWDGRUSRUGXFWRVWXEHUtDV\FDEOHV
/DV HPSUHVDV HVSHFLDOL]DGDV HQ HO WUDVODGR GH PHUFDQFtDV SRU GXFWRV WXEHUtDV \ FDEOHV GHEHUiQ FRQWDU FRQ
DXWRUL]DFLyQH[SUHVDGHODDXWRULGDGQDFLRQDOFRPSHWHQWHGHELpQGRVHHVSHFLILFDU
D
E
F
G
H
/D QDWXUDOH]D \ YROXPHQ GHPHUFDQFtDVDVtFRPRHOPRGRGHWUDQVSRUWHHPSOHDGRSDUD ODLPSRUWDFLyQ
H[SRUWDFLyQRWUiQVLWRDGXDQHURLQWHUQDFLRQDO
(OOXJDUROXJDUHVHQTXHVHXELFDUiHOLQJUHVRRVDOLGDGHOWHUULWRULRQDFLRQDORHQVXFDVRODFRQH[LyQ
FRQPHGLRVGHWUDQVSRUWHVLPLODUHVSHUWHQHFLHQWHVDRWUDVHPSUHVDVHVSHFLDOL]DGDV
/RVWLSRVGHFRQWDGRUHVRORVVLVWHPDVGHPHGLFLyQTXHGHEHUiQLQVWDODUVH
/RVSRUFHQWDMHVGHPHUPDVXRWURVGHPpULWRVHQHOYROXPHQGHPHUFDQFtDVFRQVLGHUDGRVFRPRPiUJHQHV
DFHSWDEOHVDHIHFWRVGHOWUDQVSRUWH
(OSOD]RGHYLJHQFLDGHODDXWRUL]DFLyQ
$UWtFXOR $VLJQDFLyQGHFyGLJRGHUHJLVWURDOWUDQVSRUWDGRULQWHUQDFLRQDO
'HQWURGH ORVYHLQWH GtDVVLJXLHQWHVDODDFHSWDFLyQGHODVROLFLWXG\FXPSOLGRVORVUHTXLVLWRVH[LJLGRVHQHO
DUWtFXOR SUHFHGHQWH OD $GXDQD 1DFLRQDO DVLJQDUi DO WUDQVSRUWDGRU \ D FDGD XQR GH VXV PHGLRV \ XQLGDGHV GH
WUDQVSRUWH HO UHVSHFWLYR FyGLJR GH UHJLVWUR SRU HO WLHPSR GH YDOLGH] GH OD DXWRUL]DFLyQ GH IXQFLRQDPLHQWR GH OD
DXWRULGDGFRPSHWHQWH
&XDQGR OD $GXDQD 1DFLRQDO QR VH KXELHUD SURQXQFLDGR GHQWUR GHO SOD]R DQWHULRU VH HQWHQGHUi TXH KD VLGR
RWRUJDGDODDXWRUL]DFLyQDVRORYHQFLPLHQWRGHGLFKRSOD]RGHELHQGRDVLJQDUHOFyGLJRGHUHJLVWURDOWUDQVSRUWDGRU
\ D FDGD XQR GH VXV PHGLRV \ XQLGDGHV GH WUDQVSRUWH HQ HO SOD]R GH YHLQWH GtDV EDMR UHVSRQVDELOLGDG
IXQFLRQDULD
/D$GXDQD1DFLRQDOUHFKD]DUiHOUHJLVWURGHPHGLRV\XQLGDGHVGHWUDQVSRUWHLQWHUQDFLRQDOGHXVRFRPHUFLDOTXH
QRKXELHVHQVLGRLPSRUWDGRVOHJDOPHQWHDVtFRPRGHORVFRQVLJQDGRVHQODQyPLQDGHWUiQVLWRVLQFRQFOXVRVD~Q
FXDQGRpVWRVKXELHVHQRSHUDGREDMRUHVSRQVDELOLGDGGHRWURVWUDQVSRUWDGRUHV
$UWtFXOR 5HYRFDWRULDGHOFyGLJRGHUHJLVWUR
/D $GXDQD 1DFLRQDO UHYRFDUi HO FyGLJR GH UHJLVWUR GHO PHGLR R XQLGDG GH WUDQVSRUWH LQWHUQDFLRQDO GH XVR
FRPHUFLDOFXDQGRVHHYLGHQFLH TXHpVWRVIXHURQ XWLOL]DGRVHQODFRPLVLyQGHGHOLWRVDGXDQHURVVLQSHUMXLFLRGH
ODVDFFLRQHVOHJDOHVFRUUHVSRQGLHQWHVFRQWUDVXVUHVSRQVDEOHV
$VLPLVPR OD $GXDQD 1DFLRQDO UHYRFDUi HO FyGLJR GH UHJLVWUR FXDQGR HO 9LFHPLQLVWHULR GH 7UDQVSRUWHV
&RPXQLFDFLRQHV\$HURQiXWLFD&LYLOUHYRTXHODDXWRUL]DFLyQGHIXQFLRQDPLHQWRRWRUJDGDDXQPHGLRRXQLGDGGH
WUDQVSRUWHLQWHUQDFLRQDOGHXVRFRPHUFLDO
$UWtFXOR *DUDQWtDV
/RV WUDQVSRUWDGRUHV LQWHUQDFLRQDOHV SDUD HIHFWXDU HO WUDQVSRUWH LQWHUQDFLRQDO GH PHUFDQFtDV GHEHUiQ FRQVWLWXLU
DQWHOD$GXDQD1DFLRQDOXQDJDUDQWtDJOREDORHVSHFtILFDGHDFXHUGRDO7tWXOR2FWDYR&DStWXOR,9GHOD/H\\HO
SUHVHQWH UHJODPHQWR SDUD UHVSRQGHU SRU HO SDJR GH ORV WULEXWRV DGXDQHURV HYHQWXDOPHQWH H[LJLEOHV D ODV
PHUFDQFtDVWUDQVSRUWDGDV
(Q YLUWXG D OR HVWDEOHFLGR HQ HO DUWtFXOR GH OD /H\ ORV PHGLRV \ XQLGDGHV GH WUDQVSRUWH LQWHUQDFLRQDO GH XVR
FRPHUFLDOKDELOLWDGRVVHFRQVWLWX\HQHQJDUDQWtDSUHIHUHQWHHMHFXWDEOHSDUDUHVSRQGHUSRUORVWULEXWRVDGXDQHURV
HYHQWXDOPHQWHH[LJLEOHVDVtFRPRWDPELpQSRUODVVDQFLRQHVSHFXQLDULDVHVWDEOHFLGDVHQOD/H\3DUDHVWHHIHFWR
VHFRQVWLWXLUiKLSRWHFDVREUHHOPHGLRRXQLGDGGHWUDQVSRUWHDIDYRUGHOD$GXDQD1DFLRQDO
&XDQGR HO PHGLR R XQLGDG GH WUDQVSRUWH QR VHD GH SURSLHGDG GHO WUDQVSRUWDGRU LQWHUQDFLRQDO R ORV PLVPRV VH
KDOOHQ KLSRWHFDGRV R JUDYDGRV HO WUDQVSRUWDGRU LQWHUQDFLRQDO HVWDUi REOLJDGR D FRQVWLWXLU D IDYRU GH OD $GXDQD
1DFLRQDO XQD ILDQ]D EDQFDULD R GH VHJXUR TXH JDUDQWLFH HO SDJR GH ORV WULEXWRV DGXDQHURV DSOLFDEOHV D ODV
PHUFDQFtDVTXHWUDQVSRUWDFX\RPRQWRVHUiFDOFXODGRHQIXQFLyQDODFDSDFLGDGGHFDUJDGHOPHGLR\XQLGDGGH
WUDQVSRUWH \ HO YDORU SRU WRQHODGD SURPHGLR FRUUHVSRQGLHQWH D ODV LPSRUWDFLRQHV GH OD JHVWLyQ DQWHULRU (VWRV
IDFWRUHVGHFiOFXORVHUiQUHJODPHQWDGRVSDUDODVGLIHUHQWHVPRGDOLGDGHVGHWUDQVSRUWHPHGLDQWH5HVROXFLyQGHO
'LUHFWRULRGHOD$GXDQD1DFLRQDOVREUHODEDVHGHODLQIRUPDFLyQRILFLDOGHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD ,1(
/DV HPSUHVDV TXH UHDOLFHQ RSHUDFLRQHV GH FRPHUFLR H[WHULRU D WUDYpV GH GXFWRV WHQGLGRV HOpFWULFRV X RWURV
GHEHUiQ SUHVHQWDU XQD JDUDQWtD JOREDO DQXDO SRU HO PRQWR TXH GHWHUPLQH OD $GXDQD 1DFLRQDO HQ IXQFLyQ DO
PRYLPLHQWRGHVXVRSHUDFLRQHVFRQEDVHDODLQIRUPDFLyQGHO9LFHPLQLVWHULRGH(QHUJtDH+LGURFDUEXURV
$UWtFXOR $OWD\EDMDGHUHJLVWUR
/RV WUDQVSRUWDGRUHV LQWHUQDFLRQDOHV SRGUiQ VROLFLWDU DO 9LFHPLQLVWHULR GH 7UDQVSRUWHV &RPXQLFDFLRQHV \
$HURQiXWLFD &LYLO OD LQFRUSRUDFLyQ GH QXHYRV PHGLRV \ XQLGDGHV GH WUDQVSRUWH GH XVR FRPHUFLDO SDUD VX
FRUUHVSRQGLHQWHKDELOLWDFLyQ\UHJLVWURSRUOD$GXDQD1DFLRQDO
(O WUDQVSRUWDGRU LQWHUQDFLRQDO TXH GHFLGD UHWLUDU R GHVYLQFXODU ORV PHGLRV \ XQLGDGHV GH WUDQVSRUWH GH XVR
FRPHUFLDO KDELOLWDGRV GHEHUi VROLFLWDU D OD $GXDQD 1DFLRQDO OD FDQFHODFLyQ GHO UHJLVWUR VLHPSUH TXH HVWH VH
HQFXHQWUHYLJHQWH
/D $GXDQD 1DFLRQDO DXWRUL]DUi OD EDMD GH UHJLVWUR SUHYLD YHULILFDFLyQ GHO FXPSOLPLHQWR GH REOLJDFLRQHV \
UHVSRQVDELOLGDGHVGHOWUDQVSRUWDGRULQWHUQDFLRQDOSRUODVRSHUDFLRQHV UHDOL]DGDV
$UWtFXOR ,QFRPSDWLELOLGDGHV
%DMR QLQJXQD FLUFXQVWDQFLD ORV WUDQVSRUWDGRUHV LQWHUQDFLRQDOHV SRGUiQ UHDOL]DU DFWLYLGDGHV GH FRQFHVLRQDULRV GH
GHSyVLWRVDGXDQHURVR]RQDIUDQFDHMHUFHUIXQFLRQHVGH'HVSDFKDQWHR$JHQFLD'HVSDFKDQWHGH$GXDQDXRWUD
DFWLYLGDGUHODFLRQDGDFRQRSHUDFLRQHVGHFRPHUFLRH[WHULRU
75$163257(08/7,02'$/
$UWtFXOR 7UDQVSRUWHPXOWLPRGDO
3DUD HIHFWRV GHO SUHVHQWH UHJODPHQWR VH HQWHQGHUi SRU WUDQVSRUWH PXOWLPRGDO HO SRUWH GH PHUFDQFtDV SRU GRV
PRGRV GLIHUHQWHV GH WUDQVSRUWH SRU OR PHQRV HQ YLUWXG GHXQ~QLFRFRQWUDWRGHWUDQVSRUWHPXOWLPRGDOGHVGHXQ
OXJDUVLWXDGRHQXQSDtVHQTXHHORSHUDGRUGHWUDQVSRUWHPXOWLPRGDO 270 WRPDODVPHUFDQFtDVEDMRVXFXVWRGLD
KDVWDRWUROXJDUGLIHUHQWHGHVLJQDGRSDUDVXHQWUHJDVLWXDGRHQXQSDtVGLIHUHQWH
3RU 2SHUDGRU GH 7UDQVSRUWH 0XOWLPRGDO 270 VH HQWHQGHUi D WRGD SHUVRQD TXH FHOHEUD XQ FRQWUDWR GH
WUDQVSRUWH PXOWLPRGDO DVXPLHQGR HQ VX FRQGLFLyQ GH WUDQVSRUWDGRU OD UHVSRQVDELOLGDG SRU HO WUDQVSRUWH HQ
GLIHUHQWHVPRGRVKDVWDHOGHVWLQRILQDOGHODVPHUFDQFtDV
3RU &RQWUDWR GH 7UDQVSRUWH 0XOWLPRGDO VH HQWHQGHUi HO FRQWUDWR HQ YLUWXG GHO FXDO XQ RSHUDGRU GH 7UDQVSRUWH
0XOWLPRGDO 270 VHFRPSURPHWHSRUHVFULWRFRQWUDHOSDJRGHXQIOHWHDHMHFXWDU RKDFHUHMHFXWDUHOWUDQVSRUWH
PXOWLPRGDOLQWHUQDFLRQDOGHPHUFDQFtDV
(O RSHUDGRU GH WUDQVSRUWH PXOWLPRGDO 270 HV UHVSRQVDEOH GH ODV PHUFDQFtDV GHVGH HO PRPHQWR HQ TXH ODV
WRPDEDMRVXFXVWRGLDKDVWDVXHQWUHJDDODDGPLQLVWUDFLyQDGXDQHUD
$UWtFXOR 5HJLVWURGHRSHUDGRUHVGHWUDQVSRUWHPXOWLPRGDO
3DUDHMHUFHUODDFWLYLGDGGHRSHUDGRUGHWUDQVSRUWHPXOWLPRGDOVHUHTXLHUHTXHHO270VHHQFXHQWUHGHELGDPHQWH
DXWRUL]DGRSRUHO9LFHPLQLVWHULRGH7UDQVSRUWHV&RPXQLFDFLRQHV\$HURQiXWLFD&LYLO\UHJLVWUDGRDQWHOD$GXDQD
1DFLRQDOSUHYLRFXPSOLPLHQWRGHORVUHTXLVLWRVIRUPDOLGDGHV\JDUDQWtDVTXHGHWHUPLQHODPLVPD
/D $GXDQD 1DFLRQDO HVWDEOHFHUi XQ UHJLVWUR HVSHFLDO SDUD ORV 2SHUDGRUHV GH 7UDQVSRUWH 0XOWLPRGDO 270 HQ
FRRUGLQDFLyQ FRQ HO 9LFHPLQLVWHULR GH 7UDQVSRUWHV &RPXQLFDFLRQHV \ $HURQiXWLFD &LYLO SDUD ILQHV GH FRQWURO
DGXDQHUR
$UWtFXOR 1RUPDWLYDDSOLFDEOH
$GHPiV GH ODV IRUPDOLGDGHV HVWDEOHFLGDV SRU OD /H\ \ HO SUHVHQWH UHJODPHQWR ODV QRUPDV GH ORV 7UDWDGRV \
&RQYHQLRV ,QWHUQDFLRQDOHV VXVFULWRV SRU %ROLYLD VHUiQ GH SOHQD DSOLFDFLyQ HQ PDWHULD GH 7UDQVSRUWH 0XOWLPRGDO
,QWHUQDFLRQDO
$UWtFXOR 6XVFULSFLyQGHORVGRFXPHQWRVGHWUDQVSRUWH
(Q YLUWXG D OR HVWDEOHFLGR HQ FRQYHQLRV LQWHUQDFLRQDOHV ORV GRFXPHQWRV TXH DPSDUDQ HO LQJUHVR R VDOLGD GH
PHUFDQFtDV SRU YtD WHUUHVWUH DpUHD IHUURYLDULD IOXYLDO \ ODFXVWUH GHEHUiQ VHU ILUPDGRV H[FOXVLYDPHQWH SRU ORV
UHSUHVHQWDQWHVDFUHGLWDGRVFRPRWDOHVDQWHOD$GXDQD1DFLRQDO
778/2&8$572
)250$/,'$'(6$'8$1(5$6
&$378/2,
)250$/,'$'(6$'8$1(5$635(9,$6$/$
(175(*$'(0(5&$1&,$6
$UWtFXOR $OFDQFH
6HHQWHQGHUiSRUIRUPDOLGDGHVDGXDQHUDVSUHYLDV DODHQWUHJDGHPHUFDQFtDV DOFXPSOLPLHQWRGHORVUHTXLVLWRV
HVHQFLDOHV TXH GHEHQ HIHFWXDU ORV WUDQVSRUWDGRUHVLQWHUQDFLRQDOHV\RWUDVSHUVRQDVQDWXUDOHVRMXUtGLFDVDQWH OD
$GXDQD 1DFLRQDO GHVGH HO DUULER GH ODV PHUFDQFtDV HQ SXHUWRV GH WUiQVLWR FXDQGR FRUUHVSRQGD R GHVGH OD
LQWURGXFFLyQ DO WHUULWRULR DGXDQHUR QDFLRQDO KDVWD HO PRPHQWR GH VX HQWUHJD D OD DGPLQLVWUDFLyQ DGXDQHUD GH
GHVWLQRSDUDODDSOLFDFLyQGHXQUpJLPHQDGXDQHUR
7RGDV ODVPHUFDQFtDV H[WUDQMHUDVLQWURGXFLGDVDOWHUULWRULRDGXDQHURQDFLRQDOTXHGDQVRPHWLGDVDOFRQWUROGHOD
$GXDQDHVWpQRQRVXMHWDVDOSDJRGHORVWULEXWRVDGXDQHURV\VHDFXDOIXHUHHOSDtVGHRULJHQRGHSURFHGHQFLD
GHODPHUFDQFtD
$UWtFXOR 0DQLILHVWRLQWHUQDFLRQDOGHFDUJD
3DUD HIHFWRV GHO SUHVHQWH UHJODPHQWR FXDQGR VH KDJD UHIHUHQFLD DO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD VH
HQWHQGHUi 0DQLILHVWR ,QWHUQDFLRQDO GH &DUJD 'HFODUDFLyQ GH 7UiQVLWR $GXDQHUR 0,&'7$ &RQR 6XU
0DQLILHVWR GH &DUJD ,QWHUQDFLRQDO 'HFODUDFLyQ GH 7UiQVLWR $GXDQHUR ,QWHUQDFLRQDO 0&,'7$, &RPXQLGDG
$QGLQD GH 1DFLRQHV 7UDQVSRUWH ,QWHUQDFLRQDO )HUURYLDULR 'HFODUDFLyQ GH 7UiQVLWR $GXDQHUR 7,)'7$ R ORV
GRFXPHQWRVHTXLYDOHQWHVHQODVPRGDOLGDGHVGHWUDQVSRUWHSRUYtDDpUHDPDUtWLPDODFXVWUHRIOXYLDO
$UWtFXOR 5HTXLVLWRVHVHQFLDOHVSDUDHOLQJUHVRRVDOLGDGHPHUFDQFtDV
/DV PHUFDQFtDV TXH LQJUHVHQ R VDOJDQ GH WHUULWRULR DGXDQHUR QDFLRQDO GHEHUiQ VHU SUHVHQWDGDV DQWH OD
DGPLQLVWUDFLyQ DGXDQHUD DPSDUDGDV FRQ OD GRFXPHQWDFLyQ DGXDQHUD TXH FRUUHVSRQGD OD PLVPD TXH GHEHUi
FRQWHQHUODLQIRUPDFLyQSHUWLQHQWHVREUHODVPHUFDQFtDVTXHSRUWDQODVSHUVRQDVPHGLRV\XQLGDGHVGHWUDQVSRUWH
GHXVRFRPHUFLDO7RGDSHUVRQDRWUDQVSRUWDGRUTXHLQJUHVHRVDOJDGHOWHUULWRULRDGXDQHURQDFLRQDOGHEHFXPSOLU
FRQORVVLJXLHQWHVUHTXLVLWRVHVHQFLDOHV
D
/RV WUDQVSRUWDGRUHV LQWHUQDFLRQDOHV DXWRUL]DGRV EDMR FXDOTXLHU PRGDOLGDG GH WUDQVSRUWH GHEHUiQ
SUHVHQWDUDQWHODVDGXDQDVGHSDUWLGDGHHQWUDGDGHVDOLGDRGHGHVWLQRODPHUFDQFtDWUDQVSRUWDGDDVt
FRPR HO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD TXH FRUUHVSRQGD HQ YLUWXG D ORV &RQYHQLRV ,QWHUQDFLRQDOHV
FXPSOLHQGRFRQODVIRUPDOLGDGHVDGXDQHUDVH[LJLGDV
E
F
G
H
/RVHQYtRVSRVWDOHVVHUiQPDQLIHVWDGRVSRUVHSDUDGRHQOD*XtDGH&RUUHRVGHDFXHUGRDO&RQYHQLRGH
OD8QLyQ3RVWDO8QLYHUVDOSDUDVXUHWLURLQPHGLDWRSRUSDUWHGHOD(PSUHVDGH&RUUHRVGH%ROLYLD
/DV HPSUHVDV GH VHUYLFLR H[SUHVR LQWHUQDFLRQDO GHEHUiQ SUHVHQWDU D OD DGPLQLVWUDFLyQ DGXDQHUD HO
PDQLILHVWRLQWHUQDFLRQDOGHFDUJDTXHGLVWLQJDORVGRFXPHQWRV\ODVHQFRPLHQGDVLQGLFDQGRODFDQWLGDG
GHVDFDVORVQ~PHURVGHJXtDVTXHLGHQWLILFDQFDGDHQYtRHOUHPLWHQWH\GHVWLQDWDULR
/DV HPSUHVDV DXWRUL]DGDV SDUD HO WUDVODGR GH PHUFDQFtDV YtD GXFWRV WXEHUtDV FDEOHV X RWURV PHGLRV
VLPLODUHV SUHVHQWDUiQ HO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD X RWUR GRFXPHQWR TXH GHWHUPLQH OD $GXDQD
1DFLRQDO
/RV SDVDMHURV \ WULSXODQWHV VRQ VXMHWRV REOLJDGRV D SUHVHQWDU DQWH OD DGPLQLVWUDFLyQ DGXDQHUD ODV
PHUFDQFtDVTXHSRUWHQDVtFRPRVXHTXLSDMHRHIHFWRVSHUVRQDOHV
(O PHGLR \ XQLGDG GH WUDQVSRUWH GH XVR FRPHUFLDO TXH LQJUHVH R VDOJD GHO WHUULWRULR DGXDQHUR QDFLRQDO VLQ
PHUFDQFtDVSUHVHQWDUiHQ OD DGPLQLVWUDFLyQDGXDQHUDGHIURQWHUDFRUUHVSRQGLHQWHHOPDQLILHVWRLQWHUQDFLRQDOGH
FDUJD TXH HVSHFLILTXH WDO FRQGLFLyQ FRQ HO GHWDOOH GH PDWHULDO SURSLR TXH OOHYD HO PHGLR GH WUDQVSRUWH SDUD VX
QRUPDOIXQFLRQDPLHQWR\GHFRUUHVSRQGHUORVQ~PHURVGHORV FRQWHQHGRUHVYDFtRV
/DVPHUFDQFtDVVXMHWDVDFRQWUROSRU/H\GHEHUiQSUHVHQWDUSDUDVXLQJUHVRRVDOLGDGHOWHUULWRULRDGXDQHUR
QDFLRQDODGHPiVGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDODDXWRUL]DFLyQUHVSHFWLYDGHORUJDQLVPRFRPSHWHQWHEDMR
ODH[FOXVLYDUHVSRQVDELOLGDGGHOWUDQVSRUWDGRULQWHUQDFLRQDO\GHOFRQVLJQDQWHRFRQVLJQDWDULR
/DVHPSUHVDVIHUURYLDULDVGHEHUiQLQJUHVDURVDOLUGHWHUULWRULRDGXDQHURQDFLRQDODODPSDURGHO7,)'7$SRUFDGD
YDJyQDGMXQWDQGRDGHPiVHOGRFXPHQWR%ROHWtQGH 7UHQGH,QWHUFDPELRHQHOTXHVHHVSHFLILTXHODLQIRUPDFLyQ
GH ORV YDJRQHV FRQWHQHGRUHV \ ODV PHUFDQFtDV TXH WUDQVSRUWD /D DGPLQLVWUDFLyQ DGXDQHUD SRGUi DFHSWDU
HQWUHJDVHQORWHV SDUFLDOHV RWRUJDQGRSDUDWDOHIHFWRORVSOD]RVPi[LPRVDHIHFWRVGHODUHJXODUL]DFLyQGHOORWH
FRPSOHWR
/D $GXDQD 1DFLRQDOGLIXQGLUi HOIRUPDWRFDUDFWHUtVWLFDV\SURFHGLPLHQWRVGHXVRGHOPDQLILHVWRLQWHUQDFLRQDOGH
FDUJD FRQ DUUHJOR D ORV FRQYHQLRV \ DFXHUGRV LQWHUQDFLRQDOHV VREUH HO WUDQVSRUWH GH PHUFDQFtDV R SDVDMHURV
VXVFULWRVSRU%ROLYLD
&$378/2,,
,1*5(62<6$/,'$'(0(',26<81,'$'(6'(
75$163257('(862&20(5&,$/
$UWtFXOR 5XWDVDGXDQHUDVSOD]RVOXJDUHV\KRUDULRVGHLQJUHVRRVDOLGD
3DUDORVILQHVGHODDSOLFDFLyQGHODUWtFXORGHOD/H\HO'LUHFWRULR GHOD$GXDQD1DFLRQDOPHGLDQWH5HVROXFLyQ
HVWDEOHFHUi ODV UXWDV DGXDQHUDV \ SOD]RV DVt FRPR ODV DGPLQLVWUDFLRQHV DGXDQHUDV GH IURQWHUD \ FUXFHV
IURQWHUL]RV ORV DHURSXHUWRV LQWHUQDFLRQDOHV ORV SXHUWRV IOXYLDOHV R ODFXVWUHV \ ODV WHUPLQDOHV IHUURYLDULDV
DXWRUL]DGRVSDUDHOLQJUHVRRVDOLGDGHORVPHGLRV\XQLGDGHVGHWUDQVSRUWHGHXVRFRPHUFLDOKDELOLWDGRV
/DV DGPLQLVWUDFLRQHV DGXDQHUDV GHQWUR GH VX MXULVGLFFLyQ SRGUiQ KDELOLWDU WUDQVLWRULDPHQWH \ H[FHSFLRQDOPHQWH
OXJDUHVGHHQWUDGD\VDOLGDGHPHUFDQFtDVFXDQGRVHSUHVHQWHQFDVRVIRUWXLWRVRGHIXHU]DPD\RUTXHLPSLGDQHO
XVRGHORVOXJDUHVDXWRUL]DGRVSUHYLRDFXHUGRFRQODVDXWRULGDGHVDGXDQHUDVGHOSDtVYHFLQR
(O 'LUHFWRULR GH OD $GXDQD 1DFLRQDO ILMDUi ORV GtDV \ KRUDV KiELOHV SDUD HO WUiILFR GH PHUFDQFtDV PHGLRV \
XQLGDGHVGHWUDQVSRUWHGHXVRFRPHUFLDOWHQLHQGRHQFXHQWDORVUHTXHULPLHQWRVGHORVRSHUDGRUHV\XVXDULRV\OD
LPSRUWDQFLD GHO FRPHUFLR H[WHULRU WRPDQGR HQ FXHQWD OR GLVSXHVWR HQ DFXHUGRV \ FRQYHQLRV LQWHUQDFLRQDOHV
ELODWHUDOHVRPXOWLODWHUDOHV
(Q HO FDVR GH WUDQVSRUWH GH PHUFDQFtDV \ SDVDMHURV SRU YtD DpUHD R IpUUHD HO WUDQVSRUWDGRU LQWHUQDFLRQDO
LQIRUPDUiDODDGPLQLVWUDFLyQDGXDQHUDFRUUHVSRQGLHQWHFRQXQDDQWLFLSDFLyQQRPHQRUDVHLV KRUDVVREUHHO
LQJUHVRRVDOLGDGHOPHGLR\XQLGDGGHOWUDQVSRUWHDHIHFWRVGHVXDWHQFLyQSRUODDGPLQLVWUDFLyQDGXDQHUD
/RV UHVSRQVDEOHV GH ORV PHGLRV \ XQLGDGHV GH WUDQVSRUWH GHXVRFRPHUFLDOX RWURVDVtFRPRODVSHUVRQDV TXH
FUXFHQRLQWHQWHQFUX]DUODVIURQWHUDVFRQPHUFDQFtDVSRUOXJDUHVUXWDVDGXDQHUDVRYtDVQRDXWRUL]DGDVVHUiQ
SURFHVDGRVSRUGHOLWRGHFRQWUDEDQGR
$UWtFXOR ,QJUHVRGHYHKtFXORVDXWRPRWRUHVSRUVXVSURSLRVPHGLRV
/RV YHKtFXORV DXWRPRWRUHV GHVWLQDGRV D OD LPSRUWDFLyQ SDUD HO FRQVXPR FX\R SHVR EUXWR YHKLFXODU 3%9 HVWp
FRPSUHQGLGR HQWUH GRFH \ YHLQWH WRQHODGDV SRGUiQ LQJUHVDU D WHUULWRULR DGXDQHUR QDFLRQDO SRU VXV
SURSLRV PHGLRV VLQ SRUWDU PHUFDQFtDV SUHVHQWDQGR HO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD SUHYLD DXWRUL]DFLyQ
PHGLDQWHUHVROXFLyQDGPLQLVWUDWLYDH[SUHVDGHODDGPLQLVWUDFLyQDGXDQHUDGHGHVWLQR\FRQVWLWXFLyQGHEROHWDGH
JDUDQWtDEDQFDULDSRUORVWULEXWRVDGXDQHURVHYHQWXDOPHQWHH[LJLEOHV
/RVYHKtFXORVDXWRPRWRUHVGHVWLQDGRVDODLPSRUWDFLyQSDUDHOFRQVXPRVLQSRUWDUPHUFDQFtDV FRQXQSHVREUXWR
YHKLFXODU 3%9 VXSHULRUDYHLQWH WRQHODGDVLQJUHVDUiQSRUVXVSURSLRVPHGLRVDWHUULWRULRDGXDQHURQDFLRQDO
FRQ HO ~QLFR UHTXLVLWR GH H[KLELU HO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD \ OD FDUWD GH SRUWH VXVFULWRV SRU HO
WUDQVSRUWDGRU LQWHUQDFLRQDODXWRUL]DGRRSRUHOFRQVLJQDWDULR
(Q HO FDVR GH YHKtFXORV DXWRPRWRUHV FX\R SHVR EUXWR YHKLFXODU 3%9 VHD LQIHULRU D GRFH WRQHODGDV
H[FHSFLRQDOPHQWHHO0LQLVWHULRGH+DFLHQGDDWUDYpVGHUHVROXFLyQH[SUHVDSRGUiDXWRUL]DUVXLQJUHVRDWHUULWRULR
DGXDQHUR QDFLRQDO SRU VXV SURSLRV PHGLRV VLQ SRUWDU PHUFDQFtDV VL H[LVWLHUHQ FDXVDV GHELGDPHQWH MXVWLILFDGDV
FRQ HO FXPSOLPLHQWR GH ORV UHTXLVLWRV H[LJLGRV HQ HO SULPHU SiUUDIR GHO SUHVHQWH DUWtFXOR \ OR HVWDEOHFLGR HQ OD
UHVROXFLyQPLQLVWHULDOGHVHDJRVWRGH
/RVYHKtFXORVDXWRPRWRUHVTXHLQJUHVHQDWHUULWRULRDGXDQHURQDFLRQDOSRUVXVSURSLRVPHGLRVHVWiQSURKLELGRV
GHWUDQVSRUWDUPHUFDQFtDVGHLPSRUWDFLyQ
$UWtFXOR 2EOLJDFLyQGHLQJUHVDUDOSDtVDODPSDURGHXQPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
(O PDQLILHVWR LQWHUQDFLRQDO GH FDUJD HV HO ~QLFR GRFXPHQWR DO DPSDUR GHO FXDO SXHGHQ LQJUHVDU PHUFDQFtDV D
WHUULWRULRDGXDQHURQDFLRQDO\GHEHUiVHUSUHVHQWDGRDOPRPHQWRGHODOOHJDGDGHOPHGLR\XQLGDGHVGHWUDQVSRUWH
FRPHUFLDODQWHODDGXDQDGHLQJUHVRLQFOXVLYHFXDQGRODVPHUFDQFtDVSURYHQJDQGH]RQDVIUDQFDVORFDOL]DGDVHQ
SDtVHVH[WUDQMHURV
1R VH SHUPLWLUi OD HPLVLyQ GH PDQLILHVWRV LQWHUQDFLRQDOHV GH FDUJD HQ ODV DGXDQDV GH LQJUHVR /D $GXDQD
1DFLRQDO SURFHGHUi HQ FXDOTXLHU SXQWR GHO SDtV DO GHFRPLVR GH OD PHUFDQFtD \ GHO PHGLR GH WUDQVSRUWH VL QR
HVWiQ DPSDUDGRV SRU HO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD D~Q FXDQGR HO PHGLR GH WUDQVSRUWH VH SUHVHQWH DQWH
XQDDGXDQDGHLQJUHVR
/RVWUDQVSRUWDGRUHVLQWHUQDFLRQDOHVSRGUiQHQYLDUODLQIRUPDFLyQUHJLVWUDGDHQHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
FRQDQWHULRULGDGDODOOHJDGDGHOPHGLRGHWUDQVSRUWHDOWHUULWRULRDGXDQHURQDFLRQDOHQODIRUPDTXHHVWDEOH]FDOD
$GXDQD1DFLRQDO
$UWtFXOR 3UHVHQWDFLyQGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDHQODDGXDQDGHLQJUHVR\VDOLGD
(OWUDQVSRUWDGRUSUHVHQWDUiHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDDQWH
D
E
F
/D DGPLQLVWUDFLyQ DGXDQHUD SRU OD FXDO LQJUHVD \ VDOHGHOSDtVHOPHGLRRXQLGDGGHWUDQVSRUWHGHXVR
FRPHUFLDOTXHUHDOLFHXQDRSHUDFLyQGHWUiQVLWRDGXDQHURLQWHUQDFLRQDOFRQGHVWLQRILQDODXQWHUFHUSDtV
/D DGPLQLVWUDFLyQDGXDQHUD GHLQJUHVR FXDQGRHOPHGLRRXQLGDGGHWUDQVSRUWHGHXVRFRPHUFLDOWHQJD
FRPRGHVWLQRILQDOXQDDGPLQLVWUDFLyQDGXDQHUDGHIURQWHUDXQD LQWHULRURXQD]RQDIUDQFDXELFDGDGHQWUR
GHOWHUULWRULRQDFLRQDO
/D DGPLQLVWUDFLyQ DGXDQHUD GH VDOLGD FXDQGR HO PHGLR R XQLGDG GH WUDQVSRUWH GH XVR FRPHUFLDO
DEDQGRQH WHUULWRULR DGXDQHUR QDFLRQDO FRQ FDUJD GHVWLQDGD D XQ WHUFHU SDtV R KXELHVH LQLFLDGR XQD
RSHUDFLyQGHWUiQVLWRDGXDQHURGHVGHXQDDGPLQLVWUDFLyQDGXDQHUDRGH]RQDIUDQFDXELFDGDHQWHUULWRULR
QDFLRQDO
$UWtFXOR &DXVDOHVSDUDQRDFHSWDUHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
/DDGPLQLVWUDFLyQDGXDQHUDYHULILFDUiODFRQVLVWHQFLD GHORVGDWRVGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDDQWHVGH
DFHSWDUOR \ HQ FDVR GH H[LVWLU GLVFUHSDQFLDV KDUi FRQVWDU ODV PLVPDV HQ GLFKR GRFXPHQWR 1R VH DFHSWDUi HO
PDQLILHVWRLQWHUQDFLRQDOGHFDUJDUHVSHFWRGHOFXDOVHFRQILJXUHDOJXQDGHODVVLJXLHQWHVVLWXDFLRQHV
D
E
&XDQGR HO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD QR VH HQFXHQWUH DFRPSDxDGR GH OD FDUWD GH SRUWH R JXtD
DpUHDVHJ~QFRUUHVSRQGD
&XDQGRHOWUDQVSRUWDGRUQRVHHQFXHQWUHUHJLVWUDGRDQWHOD$GXDQD1DFLRQDO
$UWtFXOR $FHSWDFLyQ\ UHJLVWURGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDHQDGXDQDVGHIURQWHUD
(OPDQLILHVWRLQWHUQDFLRQDOGHFDUJDVHUiDFHSWDGRFXDQGRODDGPLQLVWUDFLyQDGXDQHUDGLUHFWDPHQWHRDWUDYpVGH
FRQFHVLRQDULR GH GHSyVLWR DGXDQHUR R GH ]RQD IUDQFD DVLJQH HO Q~PHUR GH WUiPLWH UXWD DGXDQHUD \ SOD]R D
WUDYpVGHOVLVWHPDLQIRUPiWLFRDGXDQHURRSRUPHGLRVPDQXDOHV
/DV DGPLQLVWUDFLRQHV DGXDQHUDV VH FRQVLGHUDQ FRPR DGXDQDV GH SDUWLGD R GH LQJUHVR SDUD HIHFWRV GH OD
QXPHUDFLyQGHORVPDQLILHVWRVLQWHUQDFLRQDOHVGHFDUJD\UHJLVWURLQIRUPiWLFR&XDQGRPHGLDUHQFLUFXQVWDQFLDVGH
IXHU]D PD\RU TXH QR SHUPLWDQ HO UHJLVWUR LQIRUPiWLFR OOHYDUiQ XQ OLEUR GH UHJLVWUR KDELOLWDGR SDUD WDO HIHFWR /D
QXPHUDFLyQGHEHUiPDQWHQHUXQRUGHQFRUUHODWLYRGHDFXHUGRFRQODOOHJDGDRVDOLGDGHORVPHGLRV\XQLGDGHV
GHWUDQVSRUWHGHXVRFRPHUFLDO
8QD YH] QXPHUDGR \ IHFKDGR HO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD HQ OD DGXDQD GH SDUWLGD R LQJUHVR HO
WUDQVSRUWDGRUSRGUiFRQWLQXDUWUiQVLWRKDFLDXQWHUFHUSDtVRDXQDDGXDQDXELFDGDHQHOWHUULWRULRQDFLRQDOVHJ~Q
FRUUHVSRQGD &XDQGR OD PHUFDQFtD HVWp FRQVLJQDGD D OD DGXDQD GH IURQWHUD FRPR DGXDQD GH GHVWLQR HO
WUDQVSRUWDGRULQLFLDUiRSHUDFLRQHVGHGHVFDUJDSDUDODHQWUHJDGHODVPHUFDQFtDVD GHSyVLWRDGXDQHUR
3DUD HO FRQWURO GH WUiQVLWRV OD $GXDQD 1DFLRQDO LPSODQWDUi JUDGXDOPHQWH OD SUHVHQWDFLyQ GH ORV PDQLILHVWRV
LQWHUQDFLRQDOHV GH FDUJD SRU PHGLRV PDJQpWLFRV R WHOHPiWLFRV HQ IXQFLyQ D ORV IOXMRV GH WUDQVSRUWH HQ FDGD
DGXDQDKDVWDOOHJDUDXQDFRPSOHWDLQIRUPDWL]DFLyQGHORVSURFHGLPLHQWRV
$UWtFXOR &RQWLQXLGDGGHOWUDQVSRUWHWHUUHVWUH
/DVDGPLQLVWUDFLRQHVDGXDQHUDVTXHDFW~DQFRPRDGXDQDGHSDUWLGDLQJUHVRRGHVDOLGDSURFHGHUiQDFRQWURODU
HOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD\ODPHUFDQFtDREMHWRGHOWUDQVSRUWHHQHOPHGLR RXQLGDGGHWUDQVSRUWHGHXVR
FRPHUFLDO YHULILFDQGR ORV GDWRV GHO PHGLR R XQLGDG GH WUDQVSRUWH GHXVR FRPHUFLDO FRQVXVQ~PHURVGHSODFD
FKDVLVPRWRU\ GHOUHPROTXHRVHPLUHPROTXHSUHFLQWRV\VHOORVDGXDQHURV
([FHSFLRQDOPHQWH D UHTXHULPLHQWR GH DXWRULGDG FRPSHWHQWH OD DGPLQLVWUDFLyQ DGXDQHUD SRGUi DXWRUL]DU OD
LQVSHFFLyQGHODFDUJDUHJLVWUDQGRHVWHKHFKRHQHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
/DDGPLQLVWUDFLyQDGXDQHUDGHSDVRHQIURQWHUDSDUDPD\RUVHJXULGDG\HQFDVRGHTXHH[LVWDQVLJQRVYLVLEOHV
GHDOWHUDFLyQGHVHOORVRSUHFLQWRVSRGUiDJUHJDUQXHYRVVHOORVRSUHFLQWRVDOPHGLRRDODXQLGDGGHWUDQVSRUWH
GHXVRFRPHUFLDOLQVFULELHQGRHVWHKHFKRHQHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
(QFDVRGHH[LVWLUGLIHUHQFLDREMHWLYDPHQWHHVWDEOHFLGDTXHVXUMDGHODLQVSHFFLyQRFXODUGHEHUiKDFHUVHFRQVWDU
HVWH KHFKR HQ HO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD \ SURFHGHUVH D OD YHULILFDFLyQ GH OD FDUJD HQ OD DGXDQD GH
GHVWLQRDOPRPHQWRGHODUHFHSFLyQGHODPHUFDQFtD
3DUDHOWUDQVSRUWHGHPHUFDQFtDTXHQRVHHQFXHQWUHHQFRQWHQHGRUHOWUDQVSRUWDGRULQWHUQDFLRQDOHVWiREOLJDGRD
XWLOL]DU XQ FDEOH DFHUDGR SDUD DVHJXUDU OD FXELHUWDGHODFDUJD\ODFRORFDFLyQGHOSUHFLQWRSRU ODDGPLQLVWUDFLyQ
DGXDQHUD
/D $GXDQD 1DFLRQDO HVWDEOHFHUi RWURV PHFDQLVPRV GH FRQWURO \ GH VHJXULGDG HQ HO PDUFR GH ORV FRQYHQLRV \
DFXHUGRVLQWHUQDFLRQDOHVVREUHSUHFLQWRVDGXDQHURV
$UWtFXOR 5HJLVWURGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDHQSXHUWRVGHWUiQVLWRHQHOH[WHULRU
/DV DGPLQLVWUDFLRQHV DGXDQHUDV HVWDEOHFLGDV SRU OD $GXDQD 1DFLRQDO HQ SXHUWRV GH WUiQVLWR HQ HO H[WHULRU VH
FRQVWLWX\HQ FRPR DGXDQDV GH SDUWLGD SDUD HO UHJLVWUR GHO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD \ OD DXWRUL]DFLyQ GH
WUiQVLWR GH ODV PHUFDQFtDV SURFHGHQWHV GH XOWUDPDU FRQ GHVWLQR D %ROLYLD EDMR HO UpJLPHQ GH WUiQVLWR DGXDQHUR
LQWHUQDFLRQDO /D $GPLQLVWUDFLyQ GH 6HUYLFLRV 3RUWXDULRV %ROLYLD $63% HQ VX FDOLGDG GH $JHQWH $GXDQHUR
FRDG\XYDUiDOD$GXDQD1DFLRQDOHQODHODERUDFLyQGHORVPDQLILHVWRVLQWHUQDFLRQDOHVGHFDUJDSURSRUFLRQiQGROH
OD LQIRUPDFLyQ UHODFLRQDGD FRQ OD FDUJD GH XOWUDPDU TXH DPSDUD HO PDQLILHVWR HQ ORV FDVRV TXH FRUUHVSRQGD
GHELHQGRUHVSHWDUDSOLFDU\FXPSOLUODVQRUPDVSURFHGLPLHQWRV\ VLVWHPDVGLVSXHVWRVSRUOD$GXDQD1DFLRQDO
(QFDVRGHPHUFDQFtDVHQWUDQVLWRSDUD%ROLYLD\DPSDUDGDVHQFRQRFLPLHQWRVGHHPEDUTXHFRUULGRVORVDJHQWHV
QDYLHURV \ ORV WUDQVSRUWDGRUHV EROLYLDQRV GHELGDPHQWH DXWRUL]DGRV SRGUiQ WUDQVSRUWDU PHUFDQFtDV HQ
FRQWHQHGRUHVFHUUDGRV)&/ )XOO&RQWDLQHU/RDG GHVWLQDGDVDGHSyVLWRVDGXDQHURVR]RQDVIUDQFDVDXWRUL]DGRV
HQ HO SDtV GHELHQGR SUHVHQWDU GLUHFWDPHQWH DQWH OD DGPLQLVWUDFLyQ DGXDQHUD HQ SXHUWR GH WUiQVLWR FLWDQGR OD
GLVSRVLFLyQOHJDOHQHOFRQRFLPLHQWRGHHPEDUTXHFRUULGR\HOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
/DV OtQHDV QDYLHUDV TXH UHDOLFHQ HVWH WLSR GH RSHUDFLRQHV GHEHUiQ FXPSOLU ORV UHTXLVLWRV HVWDEOHFLGRV SDUD ORV
2SHUDGRUHVGH7UDQVSRUWH0XOWLPRGDOH[LJLGRVHQHOSUHVHQWHUHJODPHQWR
(O WUDQVSRUWH GH PHUFDQFtDV SURFHGHQWHV GH XOWUDPDU GHVGH HO SXHUWR GH WUiQVLWR KDVWD OD DGXDQD GH GHVWLQR
GHEHUi UHDOL]DUVH SRU HPSUHVDV WUDQVSRUWDGRUDV EROLYLDQDV GHELGDPHQWH DXWRUL]DGRV EDMR SHQD GH FRQVWLWXLU XQ
LOtFLWRDGXDQHUR
$UWtFXOR 5HVSRQVDELOLGDGHQODPRGDOLGDGGHYXHORVFKDUWHU
&XDQGRSRUUD]RQHVGHIXHU]DPD\RUXQDSHUVRQDMXUtGLFDUHTXLHUDLQWHUQDUPHUFDQFtDVSRUYtDDpUHDDWUDYpVGH
XQ YXHOR FKDUWHU GH OtQHD DpUHD QR DXWRUL]DGD SDUD RSHUDU KDELWXDOPHQWH HQ %ROLYLD GHEHUi LQIRUPDU FRQ
DQWHULRULGDG D OD OOHJDGD GH OD DHURQDYH D OD DGPLQLVWUDFLyQ DGXDQHUD GH GHVWLQR OD FXDO HPLWLUi XQD UHVROXFLyQ
DGPLQLVWUDWLYDDXWRUL]DQGRVXLQJUHVRSUHYLDFRQVWLWXFLyQGHJDUDQWtD/DSHUVRQDMXUtGLFDTXHFRQWUDWyHOVHUYLFLR
DVXPLUiODVREOLJDFLRQHVLQKHUHQWHVDODHQWUHJDGHORVGRFXPHQWRV\GHODFDUJDFRQIRUPHDORHVWDEOHFLGR HQHO
SUHVHQWHUHJODPHQWRVREUHODHQWUHJDGHODVPHUFDQFtDVDQWHODDGPLQLVWUDFLyQDGXDQHUD
&$378/2,,,
/$(175(*$'(0(5&$1&,$6$17(
/$$'0,1,675$&,21$'8$1(5$
$UWtFXOR 3URFHGLPLHQWRSDUDODHQWUHJDGHODVPHUFDQFtDVHQOD$GXDQD
/RV WUDQVSRUWDGRUHV LQWHUQDFLRQDOHV HVWiQ REOLJDGRV LQPHGLDWDPHQWH GHVSXpV GH VX DUULER D HQWUHJDU ODV
PHUFDQFtDV DQWH OD DGPLQLVWUDFLyQ DGXDQHUD GH GHVWLQR GH DFXHUGR DO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD
FRUUHVSRQGLHQWH ODV FXDOHV GHEHUiQ VHU UHFLELGDV SRU HO UHVSRQVDEOH GHO GHSyVLWR DGXDQHUR R GH ]RQD IUDQFD
DXWRUL]DGRVSRUOD$GXDQD1DFLRQDO
/D IHFKDGHSUHVHQWDFLyQGHOPDQLILHVWRLQWHUQDFLRQDOGH FDUJD\GHOD PHUFDQFtDDQWHODDGXDQDGHGHVWLQRVH
WHQGUiFRPRIHFKDGHOOHJDGD
/DV PHUFDQFtDV WUDQVSRUWDGDV SRU GXFWRV WXEHUtDV \ FDEOHV VH HQWHQGHUiQ HQWUHJDGDV D OD DGPLQLVWUDFLyQ
DGXDQHUD HQ HO PRPHQWR TXH VH UHDOLFH ODV FRUUHVSRQGLHQWHV OHFWXUDV GH ORV FRQWDGRUHV DXWRUL]DGRV (Q HVWH
FDVRODDGPLQLVWUDFLyQDGXDQHUDGLUHFWDPHQWHRSRUFRQFHVLRQDULRDXWRUL]DGRHPLWLUiHO3DUWHGH5HFHSFLyQ/D
$GXDQD 1DFLRQDO HVWDEOHFHUi ORV PHFDQLVPRV GH LQVSHFFLyQ FRQWURO \ YLJLODQFLD DGXDQHUD SDUD HO LQJUHVR GH
HVWDVPHUFDQFtDV
$UWtFXOR (QWUHJDGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDDODDGPLQLVWUDFLyQDGXDQHUDGHG HVWLQR
(O PDQLILHVWR LQWHUQDFLRQDO GH FDUJD GHEH UHODFLRQDU HO Q~PHUR GH FRQRFLPLHQWRV GH HPEDUTXH JXtDV DpUHDV R
FDUWDVGHSRUWHVHJ~QFRUUHVSRQGDDOPHGLRGHWUDQVSRUWHQ~PHURGHEXOWRVSHVRLGHQWLILFDFLyQJHQpULFDGHOD
PHUFDQFtD \ OD LQGLFDFLyQ GH FDUJD FRQVROLGDGD FXDQGR DVt YLQLHUD VHxDODQGR HQ HVWH FDVR HO Q~PHUR GHO
GRFXPHQWR TXH DPSDUD OD PHUFDQFtD FRQVROLGDGD \ ORV GRFXPHQWRV TXH OR DGLFLRQHQ PRGLILTXHQ R H[SOLTXHQ
6HUiHQWUHJDGRSRUHOWUDQVSRUWDGRUDODDGPLQLVWUDFLyQDGXDQHUDGHGHVWLQRDODUULERGHOPHGLRGHWUDQVSRUWHGH
XVRFRPHUFLDODQWHVGHTXHVHLQLFLHHOGHVFDUJXHGHODPHUFDQFtD
/RV FRQRFLPLHQWRV GH HPEDUTXH ODV JXtDV DpUHDV R ODV FDUWDV GH SRUWH VHJ~Q FRUUHVSRQGD ORV GRFXPHQWRV
FRQVROLGDGRUHV \ ORV GRFXPHQWRV GH VRSRUWH VHUiQ HQWUHJDGRV SRU HO WUDQVSRUWDGRU LQWHUQDFLRQDO D OD
DGPLQLVWUDFLyQDGXDQHUDGHQWURGHODVVHLV KRUDVVLJXLHQWHVDODHQWUHJDGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
$UWtFXOR 'LIHUHQFLDVHQWUHORPDQLIHVWDGR\ORUHFLELGR
(OUHVSRQVDEOH GHOGHSyVLWRDGXDQHURR]RQDIUDQFDFRPSUREDUiODFDQWLGDG\SHVRGHODVPHUFDQFtDVUHFLELGDV
FRQ OR FRQVLJQDGR HQ HO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD &XDQGR VH HYLGHQFLHQ IDOWDQWHV KDUi FRQVWDU HVWH
KHFKRHQHO3DUWHGH5HFHSFLyQSDUDTXHHOWUDQVSRUWDGRULQWHUQDFLRQDODFODUH\MXVWLILTXHDQWHODDGPLQLVWUDFLyQ
DGXDQHUDORVIDOWDQWHVHQHOSOD]RGHFLQFR GtDVSRVWHULRUHVDODHQWUHJDGHPHUFDQFtDVDGHSyVLWRDGXDQHURR
]RQDIUDQFD'HQRSUHVHQWDUVHODMXVWLILFDFLyQRGHGHFODUDUVHLQVXILFLHQWHODPLVPDVHDSOLFDUiORHVWDEOHFLGRHQ
HODUWtFXORLQFLVRG GHOD/H\
&XDQGRHOWUDQVSRUWDGRUHQWUHJXH\GHVFDUJXHPHUFDQFtDVVREUDQWHVHQSHVRRFDQWLGDGRDPERVHOUHVSRQVDEOH
GHO GHSyVLWR DGXDQHUR R ]RQD IUDQFD KDUi FRQVWDU HVWH KHFKR HQ HO 3DUWH GH 5HFHSFLyQ (Q HVWH FDVR SRU
SULQFLSLR GH EXHQD IH \ WUDQVSDUHQFLD HVWDEOHFLGRV HQ HO DUWtFXOR GH OD /H\ QR VH H[LJLUi DO WUDQVSRUWDGRU
LQWHUQDFLRQDO SUHVHQWDU MXVWLILFDFLyQ DOJXQD \ OD PHUFDQFtD GHEHUi VHU VRPHWLGD D XQ UpJLPHQ DGXDQHUR GH
LPSRUWDFLyQ
/RVHUURUHVGHWUDQVFULSFLyQFRPHWLGRVSRUHOWUDQVSRUWDGRULQWHUQDFLRQDODOHODERUDUHOPDQLILHVWRLQWHUQDFLRQDOGH
FDUJDFRQVWLWXLUiQFRQWUDYHQFLyQDGXDQHUDVLQTXHSURFHGDHOFRPLVRGHODPHUFDQFtDQLGHOPHGLRRXQLGDGGH
WUDQVSRUWH GH XVR FRPHUFLDO VLHPSUH \ FXDQGR OD LQIRUPDFLyQ FRUUHFWD VHD VXVFHSWLEOH GH YHULILFDUVH FRQ ORV
GRFXPHQWRVGHVRSRUWH
(O WUDQVSRUWDGRU LQWHUQDFLRQDO QR VHUi UHVSRQVDEOH FXDQGR VH HQFXHQWUHQ GLIHUHQFLDV GH SHVR FDQWLGDG \
GHVFULSFLyQHQWUHODPHUFDQFtDPDQLIHVWDGD\ODUHFLELGDSRUHOFRQFHVLRQDULRGHGHSyVLWRDGXDQHURR]RQDIUDQFD
VLHPSUH\FXDQGRpVWDVKD\DQVLGRWUDQVSRUWDGDV\HQWUHJDGDVHQFRQWHQHGRUFHUUDGRFRQORVSUHFLQWRVGHRULJHQ
LQWDFWRV
$UWtFXOR 0DUJHQGHWROHUDQFLDSDUDPHUFDQFtDDJUDQHO
(Q OD FDUJD D JUDQHO HO FRQFHVLRQDULR GH GHSyVLWR DGXDQHUR R ]RQD IUDQFD DFHSWDUi KDVWD XQ FLQFR SRU FLHQWR
GH IDOWDQWHV HQ FDQWLGDG R HQ SHVR GH ODV PHUFDQFtDV UHFLELGDV VLQ TXH WDOHV GLIHUHQFLDV VH FRQVLGHUHQ
FRPRXQLOtFLWRDGXDQHURVLHPSUHTXHREHGH]FDDIHQyPHQRVDWPRVIpULFRVItVLFRV\TXtPLFRVMXVWLILFDGRV6LOD
GLIHUHQFLDH[FHGLHUHHOFLQFRSRUFLHQWR VHDSOLFDUiORGLVSXHVWRHQHOSULPHUSiUUDIRGHODUWtFXORDQWHULRU
/D $GXDQD 1DFLRQDO DSUREDUi HO PDUJHQ GH WROHUDQFLD GH IDOWDQWHV SDUD RWUR WLSR GH PHUFDQFtDV WHQLHQGR HQ
FXHQWDVXQDWXUDOH]D\FDUDFWHUtVWLFDV
$UWtFXOR 'HOLPLWDFLyQGHUHVSRQVDELOLGDGGHWUDQVSRUWDGRULQWHUQDFLRQDOGHSDVDMHURV
(O WUDQVSRUWDGRU LQWHUQDFLRQDO GH SDVDMHURV GHEHUi HQWUHJDU D OD DGPLQLVWUDFLyQ DGXDQHUD LQPHGLDWDPHQWH DO
DUULER GHOPHGLRGHWUDQVSRUWHODOLVWDGHSDVDMHURVGH ODWULSXODFLyQ\HOHTXLSDMHDFRPSDxDGR /DOLVWDGHEHUi
HVSHFLILFDU SDUD FDGD XQR GH ORV SDVDMHURV HO GHVWLQR ILQDO DVt FRPR OD FDQWLGDG \ SHVR GHO HTXLSDMH
DFRPSDxDGR
(OWUDQVSRUWDGRULQWHUQDFLRQDOGHSDVDMHURVDVXPLUiUHVSRQVDELOLGDG~QLFDPHQWHSRUODVPHUFDQFtDVTXHQRHVWpQ
FRQVLJQDGDVFRPRHTXLSDMHDFRPSDxDGRGHVXVSDVDMHURV
(OHTXLSDMHQRDFRPSDxDGRGHEHUiHVWDUFRQVLJQDGRHQHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDSDUDVXHQWUHJDDOD
DGPLQLVWUDFLyQDGXDQHUDFXPSOLHQGRODVIRUPDOLGDGHVSUHYLVWDVHQHOSUHVHQWHUHJODPHQWR
$UWtFXOR PELWRGHDSOLFDFLyQ
&$378/2,9
'(63$&+2$'8$1(52
',6326,&,21(6*(1(5$/(6
(O GHVSDFKR DGXDQHUR VH DSOLFD D WRGD PHUFDQFtD H[WUDQMHUD R QDFLRQDO VXMHWD D FRQWURO DGXDQHUR SDUD VHU
GHVWLQDGDDXQUpJLPHQDGXDQHURFRQIRUPHDOD/H\\HOSUHVHQWHUHJODPHQWR
/D$GXDQD1DFLRQDOPHGLDQWH5HVROXFLyQGH'LUHFWRULRSRGUiUHVWULQJLUHOGHVSDFKRDGXDQHURHQGHWHUPLQDGDV
DGPLQLVWUDFLRQHVDGXDQHUDVHQIXQFLyQDODLQIUDHVWUXFWXUDGHTXHGLVSRQJDQpVWDV
$UWtFXOR ([DPHQSUHYLRDOGHVSDFKRDGXDQHUR
$ VROLFLWXG GHO FRQVLJQDWDULR D WUDYpV GH VX 'HVSDFKDQWH GH $GXDQD OD DGPLQLVWUDFLyQ DGXDQHUD DQWHV GHO
GHVSDFKRDGXDQHURDXWRUL]DUiHOH[DPHQSUHYLRGHODVPHUFDQFtDV$VLPLVPRVHDXWRUL]DUiHOH[DPHQSUHYLRGH
ODVPHUFDQFtDVDVROLFLWXGGHODVHPSUHVDVDVHJXUDGRUDV
(Q FDVR GH HQFRQWUDUVH GLIHUHQFLDV HQWUH ODV PHUFDQFtDV REMHWR GH H[DPHQ SUHYLR\ORVGRFXPHQWRVDGXDQHURV
UHVSHFWLYRV VREUH OD QDWXUDOH]D RULJHQ HVWDGR FDQWLGDG \ FDOLGDG TXH DIHFWHQ DO YDORU GH OD PHUFDQFtD HO
'HVSDFKDQWH R OD $JHQFLD 'HVSDFKDQWH GH $GXDQD GHEHUi SUHVHQWDU OD GHFODUDFLyQ GH PHUFDQFtDV KDFLHQGR
FRQVWDUGLFKDVGLIHUHQFLDVSDUDHOFRUUHVSRQGLHQWHSDJRGHWULEXWRVDGXDQHURV6LODVGLIHUHQFLDVLQFUHPHQWDQOD
EDVHLPSRQLEOHODGHFODUDFLyQGHPHUFDQFtDVGHEHUiLQFOXLUWDOHVGLIHUHQFLDVSDUDHOSDJRGHWULEXWRVDGXDQHURV
3RUHOFRQWUDULRVLODVGLIHUHQFLDVRULJLQDQXQPHQRUYDORUORVWULEXWRVDGXDQHURVVHUiQOLTXLGDGRVVREUHODEDVH
LPSRQLEOHTXHVHHVWDEOH]FDDSDUWLUGHOH[DPHQSUHYLRGHODVPHUFDQFtDV
/DDGPLQLVWUDFLyQDGXDQHUD\ORVFRQFHVLRQDULRVGHGHSyVLWRVDGXDQHURVRGH]RQDVIUDQFDVSUHVWDUDQWRGDVODV
IDFLOLGDGHVSDUDHOH[DPHQSUHYLRGHODVPHUFDQFtDV\ODDFHSWDFLyQGHODGHFODUDFLyQGH PHUFDQFtDV
$UWtFXOR 'HFODUDFLyQGHPHUFDQFtDV
/D GHFODUDFLyQ GH PHUFDQFtDV SRGUi SUHVHQWDUVH HQ IRUPD PDQXDO R SRU PHGLRV LQIRUPiWLFRV GH DFXHUGR D ORV
SURFHGLPLHQWRVTXHHVWDEOH]FDOD$GXDQD1DFLRQDO
(O 'LUHFWRULR GH OD $GXDQD 1DFLRQDO D WUDYpV GH UHVROXFLyQ H[SUHVD GHILQLUiODVFDUDFWHUtVWLFDV\XVRGH ODILUPD
HOHFWUyQLFD HQ OD VXVFULSFLyQ \ SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV OD TXH VXUWLUi WRGRV ORV HIHFWRV
OHJDOHV
8QDYH]DFHSWDGDODGHFODUDFLyQGHPHUFDQFtDVSRUODDGPLQLVWUDFLyQDGXDQHUDHOGHFODUDQWHR'HVSDFKDQWHGH
$GXDQDDVXPLUiQUHVSRQVDELOLGDGVREUHODYHUDFLGDG\H[DFWLWXGGHORVGDWRVFRQVLJQDGRVHQHOOD
/DGHFODUDFLyQGHPHUFDQFtDVGHEHUiVHUFRPSOHWDFRUUHFWD\H[DFWD
D
&RPSOHWDFXDQGRFRQWHQJDWRGRVORVGDWRVUHTXHULGRVSRUODVGLVSRVLFLRQHVYLJHQWHV
([DFWDFXDQGRORVGDWRVFRQWHQLGRVHQHOODFRUUHVSRQGDQHQWRGRVVXVWpUPLQRVDODGRFXPHQWDFLyQGH
UHVSDOGRGHODVPHUFDQFtDVRDOH[DPHQSUHYLRGHODVPLVPDVFXDQGRFRUUHVSRQGD
&RUUHFWD FXDQGR ORV GDWRV UHTXHULGRV VH HQFXHQWUH OLEUH GH HUURUHV GH OOHQDGR WDOHV FRPR WDFKDGXUDV
HQPLHQGDVERUURQHVXRWURVGHIHFWRVTXHLQKDELOLWHQVXDFHSWDFLyQ
/D GHFODUDFLyQ GH PHUFDQFtDV GHEHUi FRQWHQHU OD OLTXLGDFLyQ GH ORV WULEXWRV DGXDQHURV DSOLFDEOHV D ODV
PHUFDQFtDVREMHWRGHOGHVSDFKRDGXDQHUR
$UWtFXOR &RUUHFFLyQGHODGHFODUDFLyQGHPHUFDQFtDV
/DGHFODUDFLyQGHPHUFDQFtDVGHVSXpVGHODDFHSWDFLyQSRUODDGPLQLVWUDFLyQDGXDQHUD\KDVWDDQWHVGHOSDJRGH
ORVWULEXWRVDGXDQHURVSRGUiVHUFRUUHJLGDVLQVDQFLyQ\VLQTXHHOORDOWHUHHOFyPSXWRGHOSOD]RSDUDHOSDJRGH
ORVWULEXWRV
/DFRUUHFFLyQGHODGHFODUDFLyQGHPHUFDQFtDVGHVSXpVGHOSDJRGHORVWULEXWRVDGXDQHURVSURFHGHUiSRUXQDVROD
YH]\FRQIRUPHDORVLJXLHQWH
D
6HUiDGPLWLGDODFRUUHFFLyQGHODGHFODUDFLyQGHPHUFDQFtDVVLQVDQFLyQFXDQGRQRDIHFWHDODOLTXLGDFLyQ
GHWULEXWRVDGXDQHURV\QRFRQVWLWX\DGHOLWRDGXDQHUR&XDQGRODFRUUHFFLyQVHSURGX]FDYHQFLGRHOSOD]R
GHQRYHQWD GtDVVHDSOLFDUiODVDQFLyQFRUUHVSRQGLHQWHSRUFRQWUDYHQFLyQDGXDQHUDFRQIRUPHDORV
DUWtFXORVLQFLVRD \SDUiJUDIR,,,GHOD/H\
E
6HUi DGPLWLGD OD FRUUHFFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV FXDQGR DIHFWH D OD OLTXLGDFLyQ GH WULEXWRV
DGXDQHURV\VHHIHFW~HYROXQWDULDPHQWHGHQWURGHOSOD]RGHWUHVPHVHVGHVGHODIHFKDGHSDJRFRQIRUPH
D OR HVWDEOHFLGR HQ HO DUWtFXOR GH OD /H\ FRQ OD VROD DSOLFDFLyQ GH OD PXOWD FRUUHVSRQGLHQWH SRU
FRQWUDYHQFLyQDGXDQHUD
$UWtFXOR 3HUVRQDVDXWRUL]DGDVSDUDVROLFLWDUGHVSDFKRVDGXDQHURV
/DV SHUVRQDV DXWRUL]DGDV SRU /H\ SDUD UHDOL]DU GHVSDFKRV DGXDQHURV DQWH OD DGPLQLVWUDFLyQ DGXDQHUD VRQ ODV
VLJXLHQWHV
D
E
(O'HVSDFKDQWHGH$GXDQDHQODVGLIHUHQWHVPRGDOLGDGHVGHGHVSDFKRDGXDQHURVDOYRODVH[FHSFLRQHV
SUHYLVWDVHQOD/H\\HOSUHVHQWHUHJODPHQWR
(O FRQVLJQDWDULR HQ HO GHVSDFKR DGXDQHUR GH LPSRUWDFLyQ GH PHQRU FXDQWtD \ HO FRQVLJQDQWH HQ HO
GHVSDFKRGHH[SRUWDFLyQDWUDYpVGHO6,9(;RGHPHQRUFXDQWtD6HHQWLHQGHSRUGHVSDFKRDGXDQHURGH
PHQRU FXDQWtD DO GHVSDFKR GH PHUFDQFtDV FRQ YDORU )2% LQIHULRU R LJXDO D XQ PLO GyODUHV
HVWDGRXQLGHQVHV 86 \RWURVFDVRVTXHGHWHUPLQHHO0LQLVWHULRGH+DFLHQGD
'HVSDFKDQWH 2ILFLDO GHO 0LQLVWHULR GH +DFLHQGD SDUD WUDPLWDU ORV GHVSDFKRV DGXDQHURV GH LPSRUWDFLyQ
SDUDLQVWLWXFLRQHVGHOVHFWRUS~EOLFR
$UWtFXOR 5HSUHVHQWDFLyQHQHOGHVSDFKRDGXDQHUR\WUDQVIHUHQFLDGHPHUFDQFtDV
(VWi SHUPLWLGR HO HQGRVR DGXDQHUR GH ORV GRFXPHQWRV GH HPEDUTXH D IDYRU GHO 'HVSDFKDQWH GH $GXDQD
~QLFDPHQWHSDUDHIHFWRVGHUHSUHVHQWDFLyQHQORVGHVSDFKRVDGXDQHURV(VWHHQGRVRDGXDQHURQRWUDQVILHUHHO
GRPLQLRGHODPHUFDQFtD
(QHOFDVRGHORV'HVSDFKDQWHVGH$GXDQDGHHPSUHVDVLQGXVWULDOHVRFRPHUFLDOHVSDUDHOGHVSDFKRDGXDQHUR\
GHPiVJHVWLRQHVDGXDQHUDVQRVHUiQHFHVDULRDGMXQWDUPDQGDWRDOJXQRQLVHH[LJLUiHOHQGRVRDGXDQHURGHORV
GRFXPHQWRVGHHPEDUTXH
(QFDVRGHWUDQVIHUHQFLDGHOGHUHFKRSURSLHWDULRVREUHODVPHUFDQFtDVTXHVHHQFXHQWUDQHQGHSyVLWRDGXDQHURR
HQ]RQDIUDQFDHOFRQVLJQDWDULRSRGUiHQGRVDUDXQWHUFHURODIDFWXUDFRPHUFLDOHOSDUWHGHUHFHSFLyQ\ORVGHPiV
GRFXPHQWRV GH HPEDUTXH VHJ~Q HO PHGLRGHWUDQVSRUWHXWLOL]DGR6LODPHUFDQFtD HVWXYLHVHFRQVLJQDGDD XQD
HQWLGDG GH LQWHUPHGLDFLyQ ILQDQFLHUD TXH LQWHUYLHQH HQ OD RSHUDFLyQ GH FRPHUFLR H[WHULRU OD WUDQVIHUHQFLD VH
HIHFWXDUi~QLFDPHQWHFRQHOHQGRVRGHORVFLWDGRVGRFXPHQWRV
$UWtFXOR $IRUR
(O DIRUR HV OD IDFXOWDG TXH WLHQH OD DGPLQLVWUDFLyQ DGXDQHUD GH YHULILFDU TXH OD GHVFULSFLyQ GH OD PHUFDQFtD VX
FODVLILFDFLyQ DUDQFHODULD VX YDORUDFLyQ VX RULJHQ \ FDQWLGDG VHDQ FRPSOHWRV FRUUHFWRV \ H[DFWRV UHVSHFWR D OD
GHFODUDFLyQGHPHUFDQFtDV\GHDFXHUGRFRQODQRUPDWLYDYLJHQWHDODIHFKDGHDFHSWDFLyQDWUiPLWH
(O DIRUR SRGUi KDFHUVH PHGLDQWH H[DPHQ GRFXPHQWDO R PHGLDQWH UHFRQRFLPLHQWR ItVLFR GH ODV PHUFDQFtDV R
DPERV\VHOOHYDUiDFDERSRUIXQFLRQDULRVDGXDQHURVDXWRUL]DGRV
$UWtFXOR 6LVWHPDVHOHFWLYRRDOHDWRULR
7RGDVODVGHFODUDFLRQHVGHPHUFDQFtDVTXHVHHQFXHQWUHQFRPSOHWDVFRUUHFWDV\H[DFWDV\TXHVHDQDFHSWDGDV
SRU OD DGPLQLVWUDFLyQ DGXDQHUD FRQ OD DVLJQDFLyQ GH XQ Q~PHUR GH WUiPLWH HVWiQ VXMHWDV DO VLVWHPD VHOHFWLYR R
DOHDWRULR VLQ TXH UHTXLHUDQ DGMXQWDU OD GRFXPHQWDFLyQ GH VRSRUWH GH GHVSDFKR DGXDQHUR H[FHSWXDQGR ORV
FHUWLILFDGRVRDXWRUL]DFLRQHVSUHYLDVTXHUHTXLHUDQODVPHUFDQFtDV
(IHFWXDGR\DFUHGLWDGRHOSDJRGHORVWULEXWRVDGXDQHURVFXDQGRFRUUHVSRQGDVHDSOLFDUiHOVLVWHPDVHOHFWLYRR
DOHDWRULRTXHGHWHUPLQDUiXQRGHORVVLJXLHQWHVFDQDOHVSDUDHOGHVSDFKRDGXDQHUR
D
E
&DQDOYHUGH $XWRUL]DUHOOHYDQWHGHODPHUFDQFtDHQIRUPDLQPHGLDWD
&DQDODPDULOOR 3URFHGHUDOH[DPHQGRFXPHQWDO
&DQDOURMR 3URFHGHUDOUHFRQRFLPLHQWRItVLFR\GRFXPHQWDOGHODPHUFDQFtD
&DGDDGPLQLVWUDFLyQDGXDQHUDGHWHUPLQDUiHOSRUFHQWDMHPi[LPRGHODVGHFODUDFLRQHVGHODVPHUFDQFtDVVXMHWDV
D FDQDO URMR TXH HVWLPH QHFHVDULR HO TXH HQ QLQJ~Q FDVR SRGUi VHU VXSHULRU DO YHLQWH SRU FLHQWR GH ODV
GHFODUDFLRQHVGHPHUFDQFtDVDFHSWDGDVGXUDQWHHOPHVDQWHULRU
(OUHFRQRFLPLHQWRItVLFRVHUHDOL]DUiHQORVGHSyVLWRVDGXDQHURVR]RQDVIUDQFDVRHQORVOXJDUHVDXWRUL]DGRVSRU
OD$GXDQD1DFLRQDOSDUDHODOPDFHQDPLHQWRGHPHUFDQFtDV
(OUHFRQRFLPLHQWRItVLFRGHEHUiUHDOL]DUVHHQIRUPDFRQWLQXD\FRQFOXLUVHDPiVWDUGDUHOGtDVLJXLHQWHHQTXHVH
RUGHQHVXSUiFWLFDVDOYRFXDQGRSRUUD]RQHVMXVWLILFDGDVVHUHTXLHUDGHXQSHUtRGRPD\RU
$UWtFXOR 5HFRQRFLPLHQWRItVLFRGHODVPHUFDQFtDVVREUHFDPLyQRYDJyQIHUURYLDULR
3RGUi HIHFWXDUVH HO UHFRQRFLPLHQWR ItVLFR GH OD PHUFDQFtD VREUH FDPLyQ R YDJyQ SUHYLD DSHUWXUD GH SDVLOOR GH
LQVSHFFLyQVyORFXDQGRVHWUDWHGHPHUFDQFtDVDJUDQHOKRPRJpQHDVGHJUDQYROXPHQ\IiFLOUHFRQRFLPLHQWRGH
PDWHULDOHVH[SORVLYRVFRUURVLYRVHLQIODPDEOHV\DQLPDOHVYLYRV
$UWtFXOR 5HJLVWURGHORVUHVXOWDGRVGHDIRUR
6L HO DIRUR DGXDQHUR FRQFOX\H VLQ REVHUYDFLRQHV R LQFLGHQFLDV HO IXQFLRQDULR DGXDQHUR DFWXDQWH UHJLVWUDUi VX
FRQIRUPLGDGEDMRILUPDHQODSURSLDGHFODUDFLyQGHPHUFDQFtDV
(QFDVRGHH[LVWLUREVHUYDFLRQHVHOIXQFLRQDULRDGXDQHURDFWXDQWHHODERUDUiHO$FWDGH5HFRQRFLPLHQWR\GHMDUi
FRQVWDQFLDGHHOORHQODGHFODUDFLyQGHPHUFDQFtDV\HQHOVLVWHPDLQIRUPiWLFR
&XDQGRODREVHUYDFLyQHQHO$FWDGH5HFRQRFLPLHQWRHVWDEOH]FDGLVPLQXFLyQXRPLVLyQHQHOSDJRGHORVWULEXWRV
DGXDQHURV KDVWD XQ Pi[LPR GH GRVFLHQWRV VDODULRV PtQLPRV QDFLRQDOHV HO FRQVLJQDWDULR SRGUi UHLQWHJUDU ORV
WULEXWRVDGXDQHURVFRQHOSDJRGHODPXOWDSUHYLVWDHQHODUWtFXORGHOD/H\RFRQVWLWXLUJDUDQWtDVXILFLHQWHSRU
HOLPSRUWHWRWDOSDUDFRQWLQXDUFRQHOGHVSDFKRDGXDQHUR
$UWtFXOR 5HFODPRVGHDIRUR
(OFRQVLJQDQWHGLUHFWDPHQWHRHOFRQVLJQDWDULRSRULQWHUPHGLRGHO'HVSDFKDQWHGH$GXDQDSRGUiUHFODPDUDQWH
OD DGPLQLVWUDFLyQ DGXDQHUD GHQWUR GH ORV FLQFR GtDV VLJXLHQWHV D OD IHFKD GH HODERUDFLyQ GHO $FWD GH
5HFRQRFLPLHQWRORVUHVXOWDGRVGHODIRURFXDQGRHVWLPHTXHQRVHKDQDSOLFDGRFRUUHFWDPHQWHODVQRUPDVOHJDOHV
\UHJODPHQWDULDVFRQORVVLJXLHQWHVDOFDQFHV
D
/DDGPLQLVWUDFLyQDGXDQHUDGHEHUiUHVROYHUHOUHFODPRGHQWURGHXQSOD]RGHWUHLQWD GtDVGHUHFLELGR
HOPLVPREDMRUHVSRQVDELOLGDGIXQFLRQDULD'HQRUHVROYHUVHGHQWURGHHVWHSOD]RVHGDUiSRUDFHSWDGRHO
UHFODPR GHELHQGR HPLWLUVH OD 5HVROXFLyQ $GPLQLVWUDWLYD FRUUHVSRQGLHQWH HQ ORV VXEVLJXLHQWHV FLQFR
GtDV
(QFDVRGHGHQHJDUHOUHFODPRHOLQWHUHVDGRSRGUiSUHVHQWDUGHQWURGHORVFLQFR GtDVVLJXLHQWHVDOD
QRWLILFDFLyQ HO UHFXUVR MHUiUTXLFR GH UHYRFDWRULD DQWH HO 'LUHFWRULR GH OD $GXDQD 1DFLRQDO TXLHQ GHEHUi
UHVROYHU HQ ~OWLPD LQVWDQFLD GHQWUR GHO SOD]R SHUHQWRULR GH WUHLQWD GtDV &DVR FRQWUDULR VH GDUi SRU
DFHSWDGD OD UHYRFDWRULD GHELHQGR HPLWLUVH OD 5HVROXFLyQ GH 'LUHFWRULR FRUUHVSRQGLHQWH HQ ORV
VXEVLJXLHQWHVFLQFR GtDV
778/248,172
/265(*0(1(6$'8$1(526
&$378/2,
/$,03257$&,1
$UWtFXOR 3URFHGLPLHQWRSDUDHOGHVSDFKRGHPHUFDQFtDV
&XPSOLGDVODVIRUPDOLGDGHVGHHQWUHJDGHPHUFDQFtDVD ODDGPLQLVWUDFLyQDGXDQHUDGHGHVWLQRHOFRQVLJQDWDULR
GLUHFWDPHQWH R D WUDYpV GHO 'HVSDFKDQWH GH $GXDQD VHJ~Q FRUUHVSRQGD SURFHGHUi D OD IRUPDOL]DFLyQ GHO
GHVSDFKRDGXDQHURDFRJLpQGRVHDXQUpJLPHQDGXDQHURPHGLDQWHODSUHVHQWDFLyQGHODUHVSHFWLYDGHFODUDFLyQGH
PHUFDQFtDV
$UWtFXOR 'RFXPHQWRVVRSRUWHGHODGHFODUDFLyQGHPHUFDQFtDV
(OGHVSDFKDQWHGHDGXDQDHVWiREOLJDGRDREWHQHUDQWHVGHODSUHVHQWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDVORV
VLJXLHQWHV GRFXPHQWRV TXH GHEHUi SRQHU D GLVSRVLFLyQ GH OD DGPLQLVWUDFLyQ DGXDQHUD FXDQGR pVWD DVt OR
UHTXLHUD
D
)RUPXODULR5HVXPHQGH'RFXPHQWRV
F
'RFXPHQWRV GH WUDQVSRUWH JXtD DpUHD FDUWD GH SRUWH FRQRFLPLHQWR PDUtWLPR R FRQRFLPLHQWR GH
HPEDUTXH RULJLQDORFRSLD
E
G
H
I
J
K
L
M
N
O
)DFWXUD&RPHUFLDORGRFXPHQWRHTXLYDOHQWHVHJ~QFRUUHVSRQGD
3DUWHGH5HFHSFLyQRULJLQDO
&HUWLILFDGR GH ,QVSHFFLyQ 3UHYLD R GHFODUDFLyQ MXUDGD GHO YDORU HQ DGXDQDV HVWD ~OWLPD VXVFULWD SRU HO
LPSRUWDGRURULJLQDO
3yOL]DGHVHJXURFRSLD
'RFXPHQWRGHJDVWRVSRUWXDULRVRULJLQDO
)DFWXUDGHJDVWRVGHWUDQVSRUWHGHODPHUFDQFtDHPLWLGDSRUHOWUDQVSRUWDGRUFRQVLJQDGRHQHOPDQLILHVWR
LQWHUQDFLRQDOGHFDUJDFRSLD
/LVWDGH(PSDTXHRULJLQDORFRSLD
&HUWLILFDGRGHRULJHQGHODPHUFDQFtDRULJLQDO
&HUWLILFDGRVRDXWRUL]DFLRQHVSUHYLDVRULJLQDO
2WURVGRFXPHQWRVLPSUHVFLQGLEOHVGHDFXHUGRDOUpJLPHQDGXDQHURTXHVHVROLFLWD
/RVGRFXPHQWRVVHxDODGRVHQORVLQFLVRVI KDVWDO VHUiQH[LJLEOHVFXDQGRFRUUHVSRQGDFRQIRUPHDODVQRUPDV
GHOD/H\HOSUHVHQWHUHJODPHQWR\RWUDVGLVSRVLFLRQHVDGPLQLVWUDWLYDV
&DGD XQR GH ORV GRFXPHQWRV VRSRUWH GHEHUi FRQVLJQDU HO Q~PHUR \ IHFKD GH DFHSWDFLyQ GH OD GHFODUDFLyQ GH
PHUFDQFtDVGHLPSRUWDFLyQDODFXDOFRUUHVSRQGHQ
&XDQGR OD GRFXPHQWDFLyQ VHxDODGD HQ HO SUHVHQWH DUWtFXOR FRQVWLWX\D EDVH SDUD GHVSDFKRV SDUFLDOHV HO
'HVSDFKDQWHGH$GXDQDGHEHUiGHMDUFRQVWDQFLDGHFDGDXQDGHODVGHFODUDFLRQHVGHPHUFDQFtDVSUHVHQWDGDVDO
GRUVRGHO GRFXPHQWRFRUUHVSRQGLHQWH
$UWtFXOR &DXVDOHVGHUHFKD]RGHODGHFODUDFLyQGHPHUFDQFtDV
/D DGPLQLVWUDFLyQ DGXDQHUD D WUDYpV GHO VLVWHPD LQIRUPiWLFR DGXDQHUR R SRU PHGLRV PDQXDOHV YDOLGDUi OD
FRQVLVWHQFLD GH ORV GDWRV GH OD GHFODUDFLyQ GH PHUFDQFtDV DQWHV GH DFHSWDUOD VHxDODQGR ODV GLVFUHSDQFLDV
DGYHUWLGDVTXHQRSHUPLWDQODDFHSWDFLyQ
1R VH DFHSWDUi OD GHFODUDFLyQ GH PHUFDQFtDV UHVSHFWR GH OD FXDO VH FRQILJXUH DOJXQD GH ODV VLJXLHQWHV
VLWXDFLRQHV
D
E
&XDQGR OD GHFODUDFLyQ GH PHUFDQFtDV VH SUHVHQWH DQWH XQD DGPLQLVWUDFLyQ DGXDQHUD GLIHUHQWH D OD TXH
WHQJDMXULVGLFFLyQVREUHODPHUFDQFtD
&XDQGRODOLTXLGDFLyQGHORVWULEXWRVDGXDQHURVUHDOL]DGDSRUHOGHVSDFKDQWHGHDGXDQDVHDGLIHUHQWHDOD
F
G
H
I
HIHFWXDGD SRU OD DGPLQLVWUDFLyQ DGXDQHUD D WUDYpV GHO VLVWHPD LQIRUPiWLFR DGXDQHUR R SRU PHGLRV
PDQXDOHVFRQEDVHHQORVGDWRVVXPLQLVWUDGRVSRUHOFRQVLJQDWDULR
&XDQGR QR SUHVHQWH HO FHUWLILFDGR R DXWRUL]DFLyQ SUHYLD TXH UHTXLHUD OD PHUFDQFtD R TXH VH HQFXHQWUH
SURKLELGDSDUDVXLQJUHVRDOSDtV
&XDQGRHOQRPEUHGHOFRQVLJQDWDULRVHDGLIHUHQWHGHOTXHILJXUDHQORVGRFXPHQWRVDGXDQHURVVDOYRTXH
H[LVWLHUHWUDQVIHUHQFLDGHODPHUFDQFtDFRQIRUPHDOSUHVHQWHUHJODPHQWR
&XDQGR ODV PHUFDQFtDV FRUUHVSRQGDQ D GLVWLQWDV IDFWXUDV FRPHUFLDOHV VDOYR TXH HVWDV VH KXELHVHQ
FRQVROLGDGRFRQEDVHDOSURFHGLPLHQWRTXHDOHIHFWRHVWDEOH]FDOD$GXDQD1DFLRQDO
&XDQGRHQODGHFODUDFLyQGHPHUFDQFtDVVHVHxDOHDPiVGHXQFRQVLJQDWDULR
(O UHFKD]RGHODGHFODUDFLyQGHPHUFDQFtDVQRVXVSHQGHHOWpUPLQRGHSHUPDQHQFLDGHODPHUFDQFtDHQGHSyVLWR
DGXDQHURHVWDEOHFLGRHQHOSUHVHQWHUHJODPHQWR
$UWtFXOR $FHSWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDV
/D GHFODUDFLyQ GH PHUFDQFtDV VH HQWHQGHUi DFHSWDGD FXDQGR OD DXWRULGDG DGXDQHUD SUHYLD YDOLGDFLyQ SRU HO
VLVWHPDLQIRUPiWLFRDGXDQHURRSRUPHGLRVPDQXDOHVDVLJQHHOQ~PHURGHWUiPLWH\IHFKDFRUUHVSRQGLHQWH
$UWtFXOR $XWRUL]DFLyQGHOOHYDQWHGHPHUFDQFtDV
(OOHYDQWHGHODVPHUFDQFtDVHVHODFWRSRUHOFXDOODDGPLQLVWUDFLyQDGXDQHUDDXWRUL]DDOFRQVLJQDWDULRDUHWLUDU
GLUHFWDPHQWHRDWUDYpVGHVX'HVSDFKDQWHGH$GXDQDODPHUFDQFtDTXHKDVLGRREMHWRGHGHVSDFKRDGXDQHUR
(O OHYDQWH GH ODV PHUFDQFtDV VyOR SRGUi HIHFWXDUVH XQD YH] TXH VH KD\DQ FXPSOLGR WRGDV ODV IRUPDOLGDGHV
DGXDQHUDV LQFOX\HQGR HO SDJR GH WULEXWRV DGXDQHURV R OD FRQVWLWXFLyQ GH JDUDQWtD SRU HO SDJR GH ORV WULEXWRV
DGXDQHURV GH LPSRUWDFLyQ GLIHULGRV R VXVSHQGLGRV VHJ~Q FRUUHVSRQGD \ OD DSOLFDFLyQ GHO VLVWHPD VHOHFWLYR R
DOHDWRULR
$UWLFXOR 5HWLURGHODVPHUFDQFtDV
(O UHVSRQVDEOH GHO GHSyVLWR DGXDQHUR R GH ]RQD IUDQFD VyOR SRGUi HQWUHJDU OD PHUFDQFtD DO FRQVLJQDWDULR R VX
UHSUHVHQWDQWHTXHSUHVHQWHODGHFODUDFLyQGHPHUFDQFtDVFRQODDXWRUL]DFLyQGHOHYDQWH
&XDQGRODVOH\HVH[LMDQODFRORFDFLyQGHVHOORVHVWDPSLOODVWLPEUHVILMRVIDMDVXRWURVGLVWLQWLYRVSDUDDFUHGLWDUHO
SDJRGHWULEXWRVDGXDQHURVR SHUPLWLUVXOLEUHFLUFXODFLyQHQHOSDtVODVPHUFDQFtDVVyORSRGUiQUHWLUDUVHGHORV
GHSyVLWRVDGXDQHURVR]RQDVIUDQFDVXQDYH]FXPSOLGDGLFKDIRUPDOLGDG
$UWtFXOR 'HFODUDFLyQGHPHUFDQFtDVSDUDXQLGDGHVIXQFLRQDOHV
&XDQGR ODV XQLGDGHV HOHPHQWRV R FRPSRQHQWHV TXH FRQVWLWX\HQ XQD XQLGDG IXQFLRQDO OOHJXHQ DO WHUULWRULR
DGXDQHUR QDFLRQDO HQ GLIHUHQWHV HQYtRV \ DPSDUDGRV HQ XQR R PiV PDQLILHVWRV LQWHUQDFLRQDOHV GH FDUJD SDUD
VRPHWHUVH DO UpJLPHQ DGXDQHUR GH LPSRUWDFLyQ GHEHUi GHFODUDUVH FDGD HQYtRSRUODVXESDUWLGDDUDQFHODULD TXH
SDUD OD XQLGDG IXQFLRQDO VH HVWDEOH]FD HQ HO DUDQFHO DGXDQHUR GH LPSRUWDFLRQHV (Q FDGD GHFODUDFLyQ GH
PHUFDQFtDVGHLPSRUWDFLyQVHGHMDUiFRQVWDQFLDGHTXHODPHUFDQFtDDOOtGHVFULWDHVSDUWHLQWHJUDQWHGHODXQLGDG
IXQFLRQDO
5(*8/$&,21(63$5$(/,1*5(62(,03257$&,1'(0(5&$1&,$6
$UWtFXOR 3URKLELFLRQHV
6LQSHUMXLFLRGHODVSURKLELFLRQHVHVWDEOHFLGDVHQOD/H\HQRWUDVQRUPDVOHJDOHV\HQODVVHxDODGDVHQODVQRWDV
DGLFLRQDOHVGHFDGD6HFFLyQR&DStWXORGHO$UDQFHO$GXDQHURGH,PSRUWDFLyQVHSURKtEHEDMRFXDOTXLHUUpJLPHQ
DGXDQHURRGHVWLQRHVSHFLDO HOLQJUHVRDWHUULWRULRQDFLRQDOGHODVVLJXLHQWHVPHUFDQFtDV
D
E
F
G
H
I
J
K
L
M
3URGXFWRV IDUPDFpXWLFRV PHGLFDPHQWRV GH FRPSRVLFLyQ \ IyUPXODV QR UHJLVWUDGDV DQWH HO 0LQLVWHULR GH
6DOXGGHDFXHUGRFRQOD/H\GHO0HGLFDPHQWR1
3URGXFWRV FRPHVWLEOHV \ SUHSDUDFLRQHV DOLPHQWLFLDV GLYHUVDV EHELGDV OtTXLGRV DOFRKyOLFRVHQHVWDGRGH
GHVFRPSRVLFLyQDGXOWHUDGRVRTXHFRQWHQJDQVXVWDQFLDVQRFLYDVDODVDOXG
$QLPDOHVYLYRVDIHFWDGRVSRUHQIHUPHGDGHV
3ODQWDV IUXWRV FRPHVWLEOHV VHPLOODV \ RWURV SURGXFWRV YHJHWDOHV TXH FRQWHQJDQ JpUPHQHV R SDUiVLWRV
SHUMXGLFLDOHVRTXHVHDQGHFODUDGRVQRFLYRVSRUODVDXWRULGDGHVGHO0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtD
%LOOHWHV GH ORWHUtD H[WUDQMHUD LPLWDFLRQHV GH PRQHGDV \ PDWHULDO PRQHWDULR VHOORV GH FRUUHR X RWURV
YDORUHVILVFDOHVH[FHSWRORVFDWiORJRVQXPLVPiWLFRV\ILODWpOLFRVGHFXDOTXLHUQDWXUDOH]D
3UHQGHUtD YLHMD FRPR VHU URSD LQWLPD GH FDPD \ GH WRFDGRU ]DSDWRV WUDSRV FRUGHOHV FXHUGDV \
FRUGDMHVGHPDWHULDVWH[WLOHVHQGHVSHUGLFLRRGHVHFKR
6XEVWDQFLDV Wy[LFDV FiXVWLFDV UDGLRDFWLYRV \ GHVHFKRV PLQHUDOyJLFRV \ RWURV UHVLGXRV R GHVHFKRV
SHOLJURVRVTXHDIHFWHQHOPHGLRDPELHQWH
'HVSHUGLFLRV \ GHVHFKRV FKDWDUUD GH IXQGLFLyQ KLHUUR R DFHUR SDUWHV \ DFFHVRULRV GH YHKtFXORV
DXWRPyYLOHVXVDGRVXWLOL]DGRVSDUDHOHQVDPEODMHGHYHKtFXORV
9HKtFXORVDXWRPyYLOHVGHODSDUWLGDTXHQRWHQJDQHOYRODQWHGHGLUHFFLyQIDEULFDGRRULJLQDOPHQWHD
ODL]TXLHUGD\FX\DDQWLJHGDGGHIDEULFDFLyQVHDPD\RUDFLQFR DxRV
9HKtFXORVDXWRPyYLOHVGHODVSDUWLGDV\FX\DDQWLJHGDGGHIDEULFDFLyQVHDPD\RUDVLHWH
DxRV
/D WUDQVJUHVLyQ GH OR GLVSXHVWR HQ ORV LQFLVRV SUHFHGHQWHV GDUi OXJDU DO FRPLVR SRU SDUWH GH OD DGPLQLVWUDFLyQ
DGXDQHUD\DOLQLFLRGHOSURFHGLPLHQWRSHQDODGXDQHUR
$UWtFXOR $XWRUL]DFLRQHV3UHYLDV
6LQSHUMXLFLRGHORHVSHFtILFDPHQWHVHxDODGRHQRWUDVQRUPDVOHJDOHV\HQODVQRWDVDGLFLRQDOHVGHFDGD6HFFLyQ
R&DStWXORGHO$UDQFHO$GXDQHURODLPSRUWDFLyQGHPHUFDQFtDVGHWDOODGDVDFRQWLQXDFLyQUHTXLHUHQ$XWRUL]DFLyQ
3UHYLDGHODDXWRULGDGVHxDODGDSRU/H\ODVPLVPDVTXHGHEHUiQVHUHPLWLGDVSRUDXWRULGDGFRPSHWHQWHGHQWURGH
ORVFLQFRGtDVGHSUHVHQWDGDODVROLFLWXG
/DVVROLFLWXGHVGHDXWRUL]DFLyQSUHYLDVHGHEHUiQHIHFWXDUDQWHODVHQWLGDGHVTXHVHPHQFLRQDQDFRQWLQXDFLyQ
$
'HO0LQLVWHULRGH'HIHQVD1DFLRQDO
%
&
$UPDVPXQLFLRQHV\PDWHULDOEpOLFR
3yOYRUD \ H[SORVLYRV SUHSDUDGRV LQFOXLGRV HQ ODV 3DUWLGDV 1RV D GHO $UDQFHO GH
,PSRUWDFLRQHV
'HO0LQLVWHULRGH*RELHUQR
3URGXFWRV TXtPLFRV \ VXVWDQFLDV FRQWURODGDV VXMHWDV D OD /H\ 1R GH GH MXQLR GH
VREUHHO5pJLPHQGHOD&RFD\ 6XVWDQFLDV&RQWURODGDV\GLVSRVLFLRQHVFRQH[DV
'HO0LQLVWHULRGH+DFLHQGD
0iTXLQDV\DSDUDWRVSDUDDFXxDUPRQHGDV
0RQHGDV\%LOOHWHV
'
(
)
*
+
6HOORV GH FRUUHR HVWDPSLOODV IRUPXODULRV SDUD YDORUHV ILVFDOHV WtWXORV GH DFFLRQHV X
REOLJDFLRQHVLPSRUWDGRVH[FOXVLYDPHQWHSRUHQWLGDGHVSDUDVXSURSLRXVR
'HO0LQLVWHULRGH(GXFDFLyQ\&XOWXUD\'HSRUWHV
/LEURVGHOHFWXUDSDUDHQVHxDQ]DEiVLFD
$SDUDWRV HPLVRUHV \ HPLVRUHV UHFHSWRUHV SDUD HO VHUYLFLR GH UDGLR GLIXVLyQ R SDUD WHOHYLVLyQ
VRFLDO DSDUDWRVGHUDGLRGHWHFFLyQ\UDGLRVRQGHR UDGDUHV GHODV3DUWLGDV1RV\GHO
$UDQFHOGH,PSRUWDFLRQHV
'HOD6XSHULQWHQGHQFLDGH7HOHFRPXQLFDFLRQHV
'HO0LQLVWHULRGH'HVDUUROOR(FRQyPLFR
$HURQDYHV KHOLFySWHURVDYLRQHV
6XEVWDQFLDVSURGXFWRVRPHUFDQFtDVTXHFDXVHQRDPHQDFHQFDXVDUHIHFWRVQRFLYRVHQODVDOXG
KXPDQDRPHGLRDPELHQWHRVXVWDQFLDVDJRWDGRUDVGHODFDSDGHR]RQR
'HO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ
'HO0LQLVWHULRGH6DOXG\3UHYLVLyQ6RFLDO
(OHPHQWRVTXtPLFRVSHUKDORJHQDGRVQRFLYRVSDUDODFDSDGHR]RQRSDUWLGD GHO$UDQFHOGH
,PSRUWDFLRQHV
(VWXSHIDFLHQWHV VLFRWUySLFRV DOFDORLGHV HQ JHQHUDO \ VXV GHULYDGRV IDUPDFpXWLFRV VyOR SDUD
HVWDEOHFLPLHQWRVDXWRUL]DGRV\HQODVFRQGLFLRQHVSUHYLVWDVSRUOD/H\1R
$XWRUL]DFLyQ &HUWLILFDGR GHSURWHFFLyQVDQLWDULDGHDUWtFXORVGHSUHQGHUtDXVDGD
/DSUHVHQWDFLyQGHDXWRUL]DFLyQSUHYLDVHUiH[LJLEOHGHOHMHPSODUYiOLGRSDUDHIHFWRGHOGHVSDFKRDGXDQHURGHQWUR
GHOSOD]RGHVXYLJHQFLDHQQLQJ~QFDVRPRGLILFDUiORVSOD]RVSUHYLVWRVSDUDFDGDRSHUDFLyQDGXDQHUDH[FHSWR
FXDQGRH[LVWDQUD]RQHVMXVWLILFDGDVSDUDDPSOLDFLyQGHOSOD]RSRUSDUWHGHODDXWRULGDGFRPSHWHQWH
(OLQJUHVRGHPHUFDQFtDVDQWHULRUPHQWHVHxDODGDVTXHQRFXPSODQHVWHUHTXLVLWRVHUiVDQFLRQDGRFRQHOFRPLVR
GH ODV PLVPDV SRU SDUWH GH OD DGPLQLVWUDFLyQ DGXDQHUD \ VX GHVWLQR R VX GHVWUXFFLyQ VH GHWHUPLQDUi PHGLDQWH
UHVROXFLyQH[SUHVDGHO0LQLVWHULRFRUUHVSRQGLHQWHFRQIRUPHDGLVSRVLFLRQHVOHJDOHVYLJHQWHV
(OGHVSDFKRDGXDQHURGHDUWtFXORVGHSUHQGHUtDXVDGDVVyORSRGUiHIHFWXDUVHHQ ODVDGPLQLVWUDFLRQHVDGXDQHUDV
LQWHULRUHVTXHFXHQWHQFRQLQIUDHVWUXFWXUDDOPDFHQHUD
$UWtFXOR &HUWLILFDGRV
(QFXPSOLPLHQWRGHODUWtFXORGHOD/H\\HQDSOLFDFLyQGHO&2'(;DOLPHQWDULRHVWDEOHFLGRSRUOD2UJDQL]DFLyQ
0XQGLDO GHO &RPHUFLR SDUD HIHFWRV GHO GHVSDFKR DGXDQHUR ORV FHUWLILFDGRV VH OLPLWDUiQ D ODV VLJXLHQWHV
PHUFDQFtDV
/RVSURGXFWRVDOLPHQWLFLRVODVEHELGDV\ORVOtTXLGRVDOFRKyOLFRVUHTXLHUHQODSUHVHQWDFLyQGHFHUWLILFDGR
VDQLWDULR EURPDWROyJLFR WR[LFROyJLFR PLFURELROyJLFR \R UDGLROyJLFR VHJ~Q FRUUHVSRQGD HPLWLGR HQ HO
SDtV GH RULJHQ VHJ~Q QRUPDV LQWHUQDFLRQDOHV YLJHQWHV \ GHO FHUWLILFDGR RWRUJDGR SRU HO 0LQLVWHULR GH
6DOXGTXHDFUHGLWHODLQRFXLGDGSDUDHOFRQVXPRKXPDQR
/RV SURGXFWRV IDUPDFpXWLFRV \ PHGLFDPHQWRV UHJXODGRV SRU /H\ HVSHFLILFD UHTXLHUHQ FHUWLILFDGR GH
UHJLVWUR QDFLRQDO \ DXWRUL]DFLyQ SDUD HO GHVSDFKR DGXDQHUR RWRUJDGR SRU HO 0LQLVWHULR GH 6DOXG GH
DFXHUGRFRQOD/H\0HGLFDPHQWR1R
/DVVHPLOODVRIUXWRVSDUDVLHPEUD SODQWDVYLYDV\SURGXFWRVSDUDODIORULFXOWXUD\IUXWLFXOWXUDUHTXLHUHQOD
SUHVHQWDFLyQ GHO &HUWLILFDGR ILWRVDQLWDULR GH VDQLGDG 9HJHWDO GH OD DXWRULGDG FRPSHWHQWH GHO SDtV GH
SURFHGHQFLD\GHO&HUWLILFDGRRWRUJDGRSRUHO0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtD
(O JDQDGR \ DQLPDOHV YLYRV HVWiQ VXMHWRV D OD SUHVHQWDFLyQ GHO FHUWLILFDGR ]RRVDQLWDULR GH OD DXWRULGDG
FRPSHWHQWHGHOSDtVGHSURFHGHQFLDDVtFRPRGHO&HUWLILFDGRGHVDQLGDGDQLPDORWRUJDGRSRUHO0LQLVWHULR
GH$JULFXOWXUD\*DQDGHUtD
/RVUHFLSLHQWHVGHIXQGLFLyQGHKLHUURRDFHURSDUDJDVHVFRPSULPLGRVROLFXDGRVGHOSHWUyOHRUHTXLHUHQ
FHUWLILFDGRGHFDOLGDGRWRUJDGRSRUHO,QVWLWXWR%ROLYLDQRGH1RUPDOL]DFLyQ\&DOLGDG ,%125&$ \GHORV
FHUWLILFDGRVGHFDOLGDGGHOSDtVGHRULJHQ
/RV HTXLSRV GH UHIULJHUDFLyQ GRPpVWLFD FRPHUFLDO H LQGXVWULDO \ GH FOLPDWL]DFLyQ \R DLUH DFRQGLFLRQDGR
GHEHUiQ FRQWDU FRQ HO FHUWLILFDGR H[SHGLGR SRU HO IDEULFDQWH R SURYHHGRU HQ HO H[WHULRU TXH GLFKRV
SURGXFWRVQRFRQWLHQHQFRPRVXVWDQFLDUHIULJHUDQWHFDUJD GLFORURGLIOXRUXURPHWDQR &)& VXEVWDQFLD
DJRWDGRUDGHODFDSDGHR]RQRTXHVHUiFHUWLILFDGRSRUHO,%125&$
/RV DUWtFXORV GH SUHQGHUtD XVDGRV GHEHUiQ FRQWDU REOLJDWRULDPHQWH FRQ ORV FHUWLILFDGRV VDQLWDULRV GH
GHVLQIHFFLyQGHOSDtVGHRULJHQRSURFHGHQFLD\GHO0LQLVWHULRGH6DOXG
/RV FDUEXUDQWHV OXEULFDQWHV \ GHPiV VXESURGXFWRV GHULYDGRV GHO SHWUyOHR GHEHUiQ FRQWDU FRQ
DXWRUL]DFLyQ H[SUHVD \ FHUWLILFDFLyQ GH OD 6XSHULQWHQGHQFLD GH +LGURFDUEXURV TXH DFUHGLWH TXH HVWRV
SURGXFWRV FXPSOHQ FRQ HVSHFLILFDFLRQHV GH FDOLGDG SDUD ODV PDUFDV \ SURYHHGRUHV FRQIRUPH FRQ OR
HVWDEOHFLGRHQGLVSRVLFLRQHVYLJHQWHVVREUHODPDWHULD
/RV FHUWLILFDGRV VHxDODGRV DQWHULRUPHQWH VHUiQ SUHVHQWDGRV SRU HO LPSRUWDGRU D WUDYpV GHO 'HVSDFKDQWH GH
$GXDQDFRPRUHTXLVLWRLQGLVSHQVDEOHSDUDHOWUiPLWHGHGHVSDFKRDGXDQHUR
/D IDOWD GH SUHVHQWDFLyQ GH ORV FHUWLILFDGRV SUHFHGHQWHPHQWH VHxDODGRV LPSHGLUi HO GHVSDFKR DGXDQHUR \ OD
DGPLQLVWUDFLyQDGXDQHUDHQFRRUGLQDFLyQFRQHORUJDQLVPRFRPSHWHQWHGLVSRQGUiHOGHVWLQRRGHVWUXFFLyQGHODV
PHUFDQFtDV
7RGRV ORV FHUWLILFDGRV GH TXH WUDWD HO SUHVHQWH DUWtFXOR QR UHTXLHUHQ DSUREDFLyQ QL LQWHUYHQFLyQ DOJXQD GH ODV
UHSUHVHQWDFLRQHVFRQVXODUHVGH%ROLYLDHQHOH[WHULRU
$UWtFXOR 3URWHFFLyQDGXDQHUDDORVGHUHFKRVGH DXWRU\DOD3URSLHGDG,QWHOHFWXDO
&RQIRUPHORGLVSRQHHODUWtFXOR GH OD/H\GH$GXDQDVOD/H\1VREUHGHUHFKRVGHDXWRU\RWUDVOH\HV
VREUHSURSLHGDGLQWHOHFWXDOODDGPLQLVWUDFLyQDGXDQHUDDVROLFLWXGGHORUJDQLVPRFRPSHWHQWHSRGUiVXVSHQGHUHO
GHVSDFKR DGXDQHUR GH OD PHUFDQFtD TXH SUHVXQWDPHQWH YLROH GHUHFKRV GH SURSLHGDG LQWHOHFWXDO VLHPSUH \
FXDQGRQRVHKXELHUHDXWRUL]DGRHOOHYDQWHGHODVPHUFDQFtDV
(QFDVRTXH HORUJDQLVPRFRPSHWHQWHLQWHUSRQJDDQWHOD DGPLQLVWUDFLyQDGXDQHUDODVROLFLWXGGH VXVSHQVLyQGH
GHVSDFKRDGXDQHURpVWHGHEHUiSUHVHQWDUHQHOSOD]RGHGLH] GtDVODVSUXHEDVIHKDFLHQWHVTXHGHPXHVWUHQ
TXHVHHVWiQDIHFWDQGRORVGHUHFKRVGHSURSLHGDGLQGXVWULDOGHUHFKRVGHDXWRURGHSURSLHGDGLQWHOHFWXDOPDUFDV
GH IiEULFD R GH FRPHUFLR GLEXMRV PRGHORV LQGXVWULDOHV R SDWHQWHV SURWHJLGRV SRU OD 2UJDQL]DFLyQ 0XQGLDO GH
&RPHUFLR 6L YHQFLGR HO SOD]R QR VH SUHVHQWDQ ODV SUXHEDV GH LQIUDFFLyQ D OD SURSLHGDG LQWHOHFWXDO OD
DGPLQLVWUDFLyQDGXDQHUDGDUiFRQWLQXLGDGDOGHVSDFKRDGXDQHUR
5HDOL]DGDV ODV FRPSUREDFLRQHV VREUH LQIUDFFLRQHV D OD SURSLHGDG LQWHOHFWXDO OD DGPLQLVWUDFLyQ DGXDQHUD
SURFHGHUi DO FRPLVR GH ODV PHUFDQFtDV \ HQ FRRUGLQDFLyQ FRQ HO RUJDQLVPR FRPSHWHQWH GLVSRQGUi HO GHVWLQR R
GHVWUXFFLyQGHODVPLVPDV
$UWtFXOR 0RGDOLGDGHVGHGHVSDFKRDGXDQHURGHLPSRUWDFLyQ
(O FRQVLJQDWDULR SRU LQWHUPHGLR GHO 'HVSDFKDQWH GH $GXDQD R $JHQFLD 'HVSDFKDQWH GH $GXDQD SRGUi HOHJLU
DOWHUQDWLYDPHQWHFXDOTXLHUDGHODVVLJXLHQWHVPRGDOLGDGHVGHGHVSDFKRDGXDQHURGHLPSRUWDFLyQ
D 'HVSDFKRJHQHUDO
E 'HVSDFKRDQWLFLSDGR
'HVSDFKRLQPHGLDWR
/DVPHUFDQFtDVDPSDUDGDV HQXQDVRODIDFWXUDFRPHUFLDOVLHPSUHTXHVHDQKRPRJpQHDV\TXHQR FRQVWLWX\DQ
XQD XQLGDG SRGUiQ VHU REMHWR GH GHVSDFKRV SDUFLDOHV \ VRPHWLGDV D GHVWLQRV DGXDQHURV GLVWLQWRV FRQ HO
SURFHGLPLHQWR \ FRQWUROHV HVWDEOHFLGRV HQ HVWH UHJODPHQWR \ ORV TXH GHWHUPLQH OD $GXDQD 1DFLRQDO (VWi
SHUPLWLGRHOGHVSDFKRSDUFLDOGHPHUFDQFtDVEDMRFXDOTXLHUDGHODVPRGDOLGDGHVGHGHVSDFKRJHQHUDOGHVSDFKR
DQWLFLSDGR\GHVSDFKR LQPHGLDWR
/RVGHVWLQRVDGXDQHURVHVSHFLDOHVRGHH[FHSFLyQHVWiQVXMHWRVDORGLVSXHVWRHQHO&DStWXOR,;GHO7tWXOR6H[WR
GHOSUHVHQWHUHJODPHQWR
$UWtFXOR $OFDQFH
'(63$&+2*(1(5$/
(O GHVSDFKR JHQHUDO GHEHUi UHDOL]DUVH FRQ OD SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV SDUD DSOLFDU XQ
GHWHUPLQDGRUpJLPHQDGXDQHURODFXDOGHEHUiHVWDUDPSDUDGDSRUODGRFXPHQWDFLyQRULJLQDOTXHFRUUHVSRQGD\
HOFXPSOLPLHQWRGHODVIRUPDOLGDGHV\GLVSRVLFLRQHVGHOSUHVHQWHUHJODPHQWR
$UWtFXOR 'HVSDFKRDQWLFLSDGR
'(63$&+2$17,&,3$'2
'HDFXHUGRDODUWtFXORGHOD/H\\ FRQHOREMHWRGHVLPSOLILFDUORVSURFHGLPLHQWRVDGXDQHURVFXDOTXLHUHQWLGDG
GHO VHFWRU S~EOLFR \ SULYDGR OHJDOPHQWH FRQVWLWXLGD SRGUi DFRJHUVH DO GHVSDFKR DQWLFLSDGR DXQ FXDQGR VXV
PHUFDQFtDV QR KD\DQ VLGR SUHVHQWDGDV QL HQWUHJDGDV D OD DGPLQLVWUDFLyQ DGXDQHUD GH GHVWLQR VLHPSUH TXH
FXHQWHFRQODLQIRUPDFLyQLQGLVSHQVDEOH\ORVGRFXPHQWRVMXVWLILFDWLYRVGHVXLPSRUWDFLyQ
$UWtFXOR $FHSWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDV
/DDGPLQLVWUDFLyQDGXDQHUDDFHSWDUiODGHFODUDFLyQGHPHUFDQFtDVSDUDGHVSDFKRDQWLFLSDGRVLQQHFHVLGDGGHOD
LQIRUPDFLyQGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDQLGHO3DUWHGH5HFHSFLyQHQODVFRQGLFLRQHVVLJXLHQWHV
D
E
/DGHFODUDFLyQGHPHUFDQFtDVGHEHUiVHUSUHVHQWDGDDQWHODDGPLQLVWUDFLyQDGXDQHUDGHGHVWLQRDQWHVGH
ODOOHJDGDGHODPHUFDQFtD
3DUDODDFHSWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDVVHDGPLWLUiQORVGRFXPHQWRVGHHPEDUTXH\ODIDFWXUD
FRPHUFLDO R GRFXPHQWR HTXLYDOHQWH UHFLELGRV SRU IDFVtPLO R PHGLRV HOHFWUyQLFRV DXWRUL]DGRV HPLWLGRV
GHVGHRULJHQ\UHIUHQGDGRVSRUHOFRQVLJQDWDULRRSRUVXUHSUHVHQWDQWHOHJDO
$UWtFXOR 3URFHGLPLHQWRSDUDHOGHVSDFKRDQWLFLSDGR
/D GHFODUDFLyQ GH PHUFDQFtDV GHEHUi FRQWHQHU OD LQIRUPDFLyQ VXILFLHQWH SDUD GHWHUPLQDU WRGRV ORV GDWRV
SULQFLSDOHV GH OD RSHUDFLyQ \ OLTXLGDU ORV WULEXWRV DGXDQHURV DSOLFDEOHV 3DUD HO HIHFWR VH XWLOL]DUi HO IRUPDWR
KDELWXDO SDUD HO UpJLPHQ DGXDQHUR GH TXH VH WUDWH GHELHQGR GHVWDFDUVH HQ OD GHFODUDFLyQ GH PHUFDQFtDV VX
FRQGLFLyQGHGHVSDFKRDQWLFLSDGR
$FHSWDGDODGHFODUDFLyQGHPHUFDQFtDVHOFRQVLJQDWDULRDWUDYpVGHVX'HVSDFKDQWHGH$GXDQDGHEHUiSURFHGHU
DOSDJRRDODFRQVWLWXFLyQGHJDUDQWtDSRUORVWULEXWRVDGXDQHURVVXVSHQGLGRVRGLIHULGRV
$ OD OOHJDGD GH ODV PHUFDQFtDVDODDGXDQDGHGHVWLQRODDGPLQLVWUDFLyQDGXDQHUDSURFHGHUi DOUHFRQRFLPLHQWR
ItVLFR\YHULILFDUiHOSDJRGHORVWULEXWRVDGXDQHURVRODFRQVWLWXFLyQGHJDUDQWtD\GHFRUUHVSRQGHUDXWRUL]DUiHO
OHYDQWHLQPHGLDWRGHODVPHUFDQFtDV(O'HVSDFKDQWHGH$GXDQDGHEHUiFRQFOXLUHOWUiPLWHDQWHODDGPLQLVWUDFLyQ
DGXDQHUDGHGHVWLQRDQRWDQGRHQODGHFODUDFLyQGHPHUFDQFtDVORVGDWRVGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD\
GHO3DUWHGH5HFHSFLyQDQWHVGHOUHWLURGHODVPHUFDQFtDV
/D DGPLQLVWUDFLyQ DGXDQHUD \ HO FRQFHVLRQDULR GH GHSyVLWR DGXDQHUR UHVSRQVDEOH GH OD HPLVLyQ GHO 3DUWH GH
5HFHSFLyQGHEHUiQWRPDUODVSUHYLVLRQHVQHFHVDULDVSDUDIDFLOLWDUHOWUiPLWHGHGHVSDFKRDQWLFLSDGR
$UWtFXOR $QXODFLyQRDMXVWHSRUQRDUULERGHODPHUFDQFt D
&XDQGRHQXQWUiPLWHGHGHVSDFKRDQWLFLSDGRQROOHJDUHPHUFDQFtDDOJXQDRODFDQWLGDGUHFLELGDIXHVHLQIHULRUD
ODGHFODUDGDSRUUD]RQHVDMHQDVDOFRQVLJQDWDULRpVWHSRULQWHUPHGLRGHO'HVSDFKDQWHGH$GXDQDLQIRUPDUiDOD
DGPLQLVWUDFLyQDGXDQHUDODIHFKDGHOOHJDGDGHODPHUFDQFtDRFDVRFRQWUDULRSRGUiVROLFLWDUDODDGPLQLVWUDFLyQ
DGXDQHUDODGHYROXFLyQGHODVVXPDVSDJDGDVHQGHPDVtDSRUWULEXWRVDGXDQHURV
$UWtFXOR 5HJXODUL]DFLyQGHOGHVSDFKRDQWLFLSDGR
(O 'HVSDFKDQWH GH $GXDQD TXH HIHFWXp XQ GHVSDFKR DQWLFLSDGR HVWi REOLJDGR D GLVSRQHU GH OD GRFXPHQWDFLyQ
RULJLQDO H[LJLEOH SDUD HO UpJLPHQ DGXDQHUR FRUUHVSRQGLHQWH GHQWUR GH ORV TXLQFH GtDV GH DUULEDGD OD
PHUFDQFtDRHOPHGLRGHWUDQVSRUWHGHXVRFRPHUFLDOODFXDOGHEHUiLQFOXLUVHHQODFDUSHWDFRUUHVSRQGLHQWHSDUD
ODUHYLVLyQSRVWHULRUSRUOD$GXDQD1DFLRQDO
'(63$&+2,10(',$72
$UWtFXOR $OFDQFH
(OGHVSDFKRLQPHGLDWRVHDSOLFDUiVRODPHQWHHQODLPSRUWDFLyQSDUDHOFRQVXPRGHGHWHUPLQDGDVPHUFDQFtDVTXH
SRU VX QDWXUDOH]D R FRQGLFLRQHV GH DOPDFHQDPLHQWR GHEDQ VHU GLVSXHVWDV SRU HO FRQVLJQDWDULR HQ IRUPD
LQPHGLDWD
$UWtFXOR 0HUFDQFtDVDGPLWLGDVSDUDHOGHVSDFKRLQPHGLDWR
(OGHVSDFKRLQPHGLDWRVHUiDGPLWLGRSDUDODVVLJXLHQWHVPHUFDQFtDV
(OHPHQWRV TXtPLFRV UDGLDFWLYRV PDWHULDOHV LQIODPDEOHV R H[SORVLYRV SURGXFWRV YHQHQRVRV R FRUURVLYRV \
RWUDVVXVWDQFLDVSHOLJURVDV
*OiQGXODV \ GHPiV yUJDQRV SDUD XVRV RSRWHUiSLFRV VDQJUH KXPDQD SODVPD \ GHPiV FRPSRQHQWHV GH
VDQJUHKXPDQD
0DWHULDVSHUHFHGHUDV GHVWLQDGDVDODLQYHVWLJDFLyQPpGLFD\DJHQWHVHWLROyJLFRV
6XHURV\YDFXQDV
$QLPDOHVYLYRV
$OLPHQWRVSHUHFHGHURVRDUWtFXORV\SURGXFWRVGHIiFLOGHVFRPSRVLFLyQRORVTXHUHTXLHUDQUHIULJHUDFLyQ
'LDULRVUHYLVWDV\SXEOLFDFLRQHVSHULyGLFDV
&LQWDVDXGLRYLVXDOHVSDUDXVRH[FOXVLYRGHPHGLRVGHFRPXQLFDFLyQVRFLDO
0DWHULDO\HTXLSRSDUDQHFHVLGDGHVGHODSUHQVDUDGLRGLIXVRUDV\WHOHYLVLyQ
3LHGUDV\PHWDOHVSUHFLRVRVELOOHWHVFXxRV\ PRQHGDV
,PSRUWDFLRQHVUHDOL]DGDVSRUHO&XHUSR'LSORPiWLFR\&RQVXODU2UJDQLVPRV,QWHUQDFLRQDOHVDFUHGLWDGRVHQHO
SDtVFRQWUDWDPLHQWRGHH[HQFLyQWULEXWDULDDODPSDURGH&RQYHQLRV,QWHUQDFLRQDOHV
0DWHULDOYLVXDO\DXGLWLYRGHFDUiFWHUHGXFDWLYRFLHQWtILFRRFXOWXUDO
0XHVWUDVVLQYDORUFRPHUFLDO
0HGLFDPHQWRV
'RQDFLRQHV SURFHGHQWHV GHO H[WHULRU \ FRQVLJQDGDV H[SUHVDPHQWH D LQVWLWXFLRQHV GH EHQHILFHQFLD SDUD VX
GLVWULEXFLyQJUDWXLWD
$SDUDWRV R HTXLSRV VLOODV GH UXHGDV \ GHPiV LQVWUXPHQWRV SDUD FHQWURV GH UHKDELOLWDFLyQ \ SHUVRQDV
GLVFDSDFLWDGDV\YHKtFXORVDXWRPyYLOHVDFRQGLFLRQDGRVSDUDSHUVRQDVPLQXVYiOLGDVFRQDYDOWpFQLFRMXUtGLFR
GHO &RPLWp 1DFLRQDO GH OD 3HUVRQD FRQ 'LVFDSDFLGDG GH FRQIRUPLGDG FRQ OD /H\ \ VX 'HFUHWR
5HJODPHQWDULR
0HWDOHVSUHFLRVRVSDUDVHUVRPHWLGRVDOUpJLPHQGHDGPLVLyQWHPSRUDO 5,7(;
3DUWHVSLH]DVVXHOWDVDFFHVRULRVRLQVWUXPHQWRVH[FOXVLYDPHQWHXWLOL]DGDVSRUHOVHFWRUSURGXFWLYR
2WUDV PHUFDQFtDV TXH GHWHUPLQH HO 'LUHFWRULR GH OD $GXDQD 1DFLRQDO HQ UD]yQ GH VX QDWXUDOH]D VX
RSRUWXQLGDGFRPHUFLDO\VXGHVWLQRDOVHFWRUSURGXFWLYR
$UWtFXOR 3URFHGLPLHQWRSDUDHOGHVSDFKRLQPHGLDWR
(OGHVSDFKRLQPHGLDWRVHUiVROLFLWDGRDWUDYpVGH'HVSDFKDQWHGH$GXDQDDQWHODVDGPLQLVWUDFLRQHVDGXDQHUDV
LQWHULRUHV R GH DHURSXHUWR FRQ OD SUHVHQWDFLyQ GHO IRUPXODULR GH GHVSDFKR LQPHGLDWR OD GHFODUDFLyQ GH
PHUFDQFtDV HO GRFXPHQWR GH HPEDUTXH IDFWXUD FRPHUFLDO \ GHPiV GRFXPHQWRV REWHQLGRV SRU IDFVtPLO X RWURV
PHGLRVHOHFWUyQLFRVDXWRUL]DGRVODGHFODUDFLyQMXUDGDGHOYDORUHQDGXDQDV\HOSDJRGHORVWULEXWRV DGXDQHURV
FXDQGRFRUUHVSRQGD
QLFDPHQWH SDUD ODV PHUFDQFtDV TXH SURWHMDQ OD YLGD R OD VDOXG KXPDQD FDVRV GH HPHUJHQFLDV PHGLR
DPELHQWDOHV GHVDVWUHV QDWXUDOHV SURGXFWRV SHUHFHGHURV GHO UHLQR DQLPDO R YHJHWDO SXEOLFDFLRQHV SHULyGLFDV \
RWURV FDVRV GH HPHUJHQFLDV VLPLODUHV VH DGPLWLUi HO GHVSDFKR SUHYLR DO SDJR GH WULEXWRV DGXDQHURV EDMR OD
UHVSRQVDELOLGDGVROLGDULD\PDQFRPXQDGDGHO'HVSDFKDQWHGH$GXDQDFRQODVRODSUHVHQWDFLyQGHOIRUPXODULRGH
GHVSDFKRLQPHGLDWRDGMXQWDQGRODGHFODUDFLyQMXUDGD GHOYDORUHQDGXDQDVHQORVFDVRVTXHFRUUHVSRQGD
/D DGPLQLVWUDFLyQ DGXDQHUD DFHSWDUi OD GHFODUDFLyQ GH PHUFDQFtDV HO IRUPXODULR GH GHVSDFKR LQPHGLDWR FRQ OD
DVLJQDFLyQ GH XQ Q~PHUR GH WUiPLWH \ DXWRUL]DUi HO OHYDQWH GH ODV PHUFDQFtDV SUHYLR UHFRQRFLPLHQWR ItVLFR \
FXDQGRFRUUHVSRQGDODYHULILFDFLyQGHOSDJRGHORVWULEXWRVDGXDQHURV
$UWtFXOR 5HJXODUL]DFLyQGHOGHVSDFKRLQPHGLDWR
/DUHJXODUL]DFLyQGHOGHVSDFKRLQPHGLDWRSDUDODVPHUFDQFtDVVHxDODGDVHQHOVHJXQGRSiUUDIRGHODUWtFXOR
SURFHGHUi HQ XQ WpUPLQR LPSURUURJDEOH GH GLH] GtDV FRQ OD SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV
DFRPSDxDGD GH OD GRFXPHQWDFLyQ GH UHVSDOGR \ HO SDJR GH WULEXWRV DGXDQHURV TXH FRUUHVSRQGD SDUD VX
YHULILFDFLyQSRUSDUWHGHODDGPLQLVWUDFLyQDGXDQHUD
(O 'HVSDFKDQWH GH $GXDQD TXH HIHFW~H GHVSDFKR LQPHGLDWR HVWi REOLJDGR D SUHVHQWDU D OD DGPLQLVWUDFLyQ
DGXDQHUD OD GRFXPHQWDFLyQ RULJLQDO H[LJLEOH GHQWUR GH ORV TXLQFH GtDV VLJXLHQWHV D OD OOHJDGD GH ODV
PHUFDQFtDV
/DV GRQDFLRQHV SURFHGHQWHV GHO H[WHULRU \ FRQVLJQDGDV H[SUHVDPHQWH D LQVWLWXFLRQHV GH EHQHILFHQFLD SDUD VX
GLVWULEXFLyQ JUDWXLWD DVt FRPR ODV LPSRUWDFLRQHV UHDOL]DGDV SRU HO &XHUSR 'LSORPiWLFR \ &RQVXODU 2UJDQLVPRV
,QWHUQDFLRQDOHVDFUHGLWDGRVHQHOSDtV\SRUHQWLGDGHVHVWDWDOHVUHJXODUL]DUiQORVWUiPLWHVGHGHVSDFKRLQPHGLDWR
GHQWUR GHO SOD]R LPSURUURJDEOH GH VHVHQWD GtDV FRQ OD SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV
DFRPSDxDGDGHODGRFXPHQWDFLyQGHUHVSDOGR\ODUHVROXFLyQGH H[RQHUDFLyQWULEXWDULDHPLWLGDSRUHO0LQLVWHULR
GH+DFLHQGDHQORVFDVRVTXHFRUUHVSRQGD
3DUD HIHFWRV GH OR GLVSXHVWR HQ HO SUHVHQWH DUWtFXOR QR VH FRQVLGHUD DGPLQLVWUDFLyQ DGXDQHUD LQWHULRU QL GH
DHURSXHUWRDOD]RQDIUDQFD
&$378/2,,
,03257$&,213$5$(/&216802
$UWtFXOR $OFDQFH
/D GHFODUDFLyQ GH PHUFDQFtDV SDUD OD LPSRUWDFLyQ SDUD HO FRQVXPR GHEHUi SUHVHQWDUVH D OD DGPLQLVWUDFLyQ
DGXDQHUD TXH FRUUHVSRQGD DQWHV GHO SOD]R GH YHQFLPLHQWR GH VX SHUPDQHQFLD HQ GHSyVLWR DGXDQHUR X RWUR
UpJLPHQ VXVSHQVLYR SUHYLDPHQWH DSOLFDGR DO DPSDUR GH ORV GRFXPHQWRV VRSRUWH SUHYLVWRV HQ HO SUHVHQWH
UHJODPHQWR\FRQHOSDJRGHORVWULEXWRVDGXDQHURVTXHFRUUHVSRQGDQ
/DGHFODUDFLyQGHPHUFDQFtDVGHLPSRUWDFLyQSDUDHOFRQVXPRVHSRGUiSUHVHQWDUSRUODWRWDOLGDGRXQDSDUWHGH
ODPHUFDQFtDFRQVLJQDGDHQODIDFWXUDFRPHUFLDO
/D GHFODUDFLyQ GH PHUFDQFtDV GH LPSRUWDFLyQ SDUD HO FRQVXPR GH HQHUJtD HOpFWULFD \ GH RWUDV PHUFDQFtDV TXH
LQJUHVHQ DO WHUULWRULR DGXDQHURHQIRUPDLQLQWHUUXPSLGDGHEHUiSUHVHQWDUVHDPiVWDUGDUGHQWURGHORVFLQFR
GtDV GHYHQFLGRHOPHVSRUHOWRWDOGHODPHUFDQFtDLQJUHVDGDGXUDQWHHVHSHULRGR
(QODFRQWUDWDFLyQGHELHQHV\VHUYLFLRVSRUHQWLGDGHVGHOVHFWRUSXEOLFRpVWDVGHEHUiQH[LJLUDORVSURYHHGRUHV
TXHSDUDODVPHUFDQFtDVLPSRUWDGDVSUHVHQWHQODGHFODUDFLyQGHPHUFDQFtDVGHLPSRUWDFLyQSDUDHOFRQVXPR\HO
SDJRGHWULEXWRVDGXDQHURVVLHPSUHTXHFRUUHVSRQGD\GHPiVGRFXPHQWRVGHVRSRUWH
&$378/2,,,
$'0,6,21'(0(5&$1&,$6&21(;21(5$&,21
'(75,%8726$'8$1(526'(,03257$&,21
$UWtFXOR 5HTXLVLWRV\FRQGLFLRQHVSDUDODH[RQHUDFLyQGHWULEXWRVDGXDQHURV
/RV UHTXLVLWRV FRQGLFLRQHV \ SURFHGLPLHQWRV SDUD OD DGPLVLyQ GH PHUFDQFtDV FRQ H[RQHUDFLyQ GH WULEXWRV
DGXDQHURVGHLPSRUWDFLyQSDUDHOFRQVXPRHVWiQFRQWHQLGRVHQHODUWLFXORGHOD/H\HOSUHVHQWH UHJODPHQWR\
ODVGHPiVGLVSRVLFLRQHVOHJDOHVHVSHFtILFDVVREUHODPDWHULD/DVH[RQHUDFLRQHVGHLPSXHVWRVLQWHUQRVDSOLFDEOHV
DODVLPSRUWDFLRQHVSDUDHOFRQVXPRVHUHJLUiQSRUODVGLVSRVLFLRQHVOHJDOHVSHUWLQHQWHV
$ HVWH HIHFWR HO 'HVSDFKDQWH GH $GXDQD SUHVHQWDUi DQWH OD DGPLQLVWUDFLyQ DGXDQHUD OD GHFODUDFLyQ GH
PHUFDQFtDVHODERUDGDDODPSDURGHODGRFXPHQWDFLyQGHUHVSDOGRGHELHQGRDGMXQWDUODUHVROXFLyQPLQLVWHULDOGH
H[RQHUDFLyQWULEXWDULD
/DV UHVROXFLRQHV GH H[RQHUDFLyQ GH WULEXWRV DGXDQHURV GH LPSRUWDFLyQ VHUiQ GLFWDGDV SRU HO 0LQLVWHULR GH
+DFLHQGDHQIRUPDH[SUHVDHQFDGDFDVR\TXHGDUiQVLQHIHFWRDOYHQFLPLHQWRGHOSOD]RGHVXYLJHQFLDTXHGDQGR
QXODV FXDQGR SUHVHQWHQ ERUURQHV HQPLHQGDV R VXSHUSRVLFLRQHV (O 0LQLVWHULR GH +DFLHQGD HQ FDVRV
GHELGDPHQWHMXVWLILFDGRVSRGUiUHYDOLGDUHOSOD]RGHODUHVROXFLyQSRUXQDVRODYH]
$UWtFXOR 7UDQVIHUHQFLDGHPHUFDQFtDVH[RQHUDGDV
/D WUDQVIHUHQFLD R YHQWD GH ODV PHUFDQFtDV LPSRUWDGDV FRQ H[RQHUDFLyQ GH WULEXWRV DGXDQHURV VyOR SRGUi
HIHFWXDUVHGHFRQIRUPLGDGFRQORVSOD]RVUHTXLVLWRV\FRQGLFLRQHVHVWDEOHFLGRVHQORVFRUUHVSRQGLHQWHV7UDWDGRV
R &RQYHQLRV ,QWHUQDFLRQDOHV \ QRUPDV OHJDOHV HVSHFtILFDV TXH DPSDUHQ GLFKD H[RQHUDFLyQ \ OR GLVSXHVWR HQ HO
'HFUHWR6XSUHPR1RGHGHMXOLR GH (OSUHVHQWHFDStWXORVHVXMHWDUiHQWRGRORTXHFRUUHVSRQGDD
ODVQRUPDVHVWDEOHFLGDVHQHOPHQFLRQDGR'HFUHWR6XSUHPR
&$378/2,9
5(,03257$&,1(1(/0,602(67$'2
$UWtFXOR 5HLPSRUWDFLyQHQHOPLVPRHVWDGR
6H SRGUiQ UHLPSRUWDU PHUFDQFtDV QDFLRQDOHV R QDFLRQDOL]DGDV H[SRUWDGDV WHPSRUDOPHQWH GHQWUR GH ORV SOD]RV
HVWDEOHFLGRVHQHODUWLFXOR GHOD/H\VLQHOSDJRGHWULEXWRVDGXDQHURVGHLPSRUWDFLyQVLHPSUHTXHQRKD\DQ
VXIULGR WUDQVIRUPDFLyQ HODERUDFLyQ UHSDUDFLyQ QL PRGLILFDFLyQ DOJXQD HQ HO H[WUDQMHUR \ VH HVWDEOH]FD
SOHQDPHQWHTXHODVPHUFDQFtDVTXHVHUHLPSRUWDQVRQODVPLVPDVTXHIXHURQH[SRUWDGDV
$HIHFWRVGHOGHVSDFKRDGXDQHURHO'HVSDFKDQWHGH$GXDQDGHEHUiSUHVHQWDUODGHFODUDFLyQGHPHUFDQFtDVGH
UHLPSRUWDFLyQ DGMXQWDQGRORVVLJXLHQWHVGRFXPHQWRV
D
'HFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQWHPSRUDO
3DUWHGH5HFHSFLyQ
'RFXPHQWRGHWUDQVSRUWH
&RQWUDWRGHSUHVWDFLyQGHVHUYLFLRVFXDQGRFRUUHVSRQGD
'LFKDV PHUFDQFtDV VHUiQ UHLPSRUWDGDV FRQ HO PLVPR YDORU )2% \ OD FODVLILFDFLyQ DUDQFHODULD FRQVLJQDGD HQ OD
GHFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQWHPSRUDO
&$378/29
(;3257$&,1'(),1,7,9$
$UWtFXOR ,QLFLR\HWDSDVGHOGHVSDFKRDGXDQHURGHH[SRUWDFLyQ
/RV GHVSDFKRV DGXDQHURV GH H[SRUWDFLyQSRGUiQWUDPLWDUVHGLUHFWDPHQWHSRU ORVH[SRUWDGRUHVRDWUDYpVGHXQ
'HVSDFKDQWHGH$GXDQD\VHLQLFLDUiQFRQODSUHVHQWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQ
'LFKD SUHVHQWDFLyQ SRGUi HIHFWXDUVH SRU HVFULWR R SRU PHGLRV HOHFWUyQLFRV DFRPSDxDQGR OD VLJXLHQWH
GRFXPHQWDFLyQ
D
)DFWXUDFRPHUFLDO
$XWRUL]DFLyQGHVXVWDQFLDVFRQWURODGDVFXDQGRFRUUHVSRQGD
E
G
/LVWDGHHPSDTXHFXDQGRFRUUHVSRQGD
$XWRUL]DFLRQHVSUHYLDVRFHUWLILFDFLRQHVFXDQGRFRUUHVSRQGD
(OSURFHVRGHGHVSDFKRDGXDQHURGHH[SRUWDFLyQ WLHQHODVVLJXLHQWHVHWDSDV
D
E
/DHODERUDFLyQGHODGHFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQ\VXSUHVHQWDFLyQSRUPHGLRVPDQXDOHVR
HOHFWUyQLFRVDFDUJRGHOH[SRUWDGRURSRUHO'HVSDFKDQWHGH$GXDQD\
(O FRQWURO GH FXPSOLPLHQWR GH ODV IRUPDOLGDGHV DGXDQHUDV GH GHVSDFKR D FDUJR GH OD DGPLQLVWUDFLyQ
DGXDQHUD'LFKDVIRUPDOLGDGHVFRPSUHQGHQ
/D YDOLGDFLyQ GH OD LQIRUPDFLyQ FRQWHQLGD HQ OD GHFODUDFLyQ GH PHUFDQFtDV GH H[SRUWDFLyQ TXH
GHEHUiVHUFRPSOHWD\FRUUHFWD
/DYHULILFDFLyQGHO SDJRGHWULEXWRVFXDQGRFRUUHVSRQGD
/D DFHSWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV GH H[SRUWDFLyQ H[SUHVDGD HQ OD DVLJQDFLyQ GH
Q~PHURGHWUiPLWH
/DSUHVHQWDFLyQGHODVPHUFDQFtDVDQWHODDGPLQLVWUDFLyQDGXDQHUDSDUDODDSOLFDFLyQGHOVLVWHPD
VHOHFWLYRRDOHDWRULR
/D SUHVHQWDFLyQ DGPLVLyQ \ QXPHUDFLyQ GHO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD HQ OD
DGPLQLVWUDFLyQDGXDQHUD
/D YHULILFDFLyQ GH OD VDOLGD ItVLFD GH ODV PHUFDQFtDV PHGLDQWH OD HPLVLyQ GHO FRUUHVSRQGLHQWH
&HUWLILFDGRGH6DOLGDSRUSDUWHGHOFRQFHVLRQDULRGHGHSyVLWRDGXDQHUR(QODVDGPLQLVWUDFLRQHV
DGXDQHUDVGHDHURSXHUWR\GRQGHQRH[LVWDFRQFHVLRQDULRGHGHSyVLWRDGXDQHURHO&HUWLILFDGRGH
6DOLGDVHUiHPLWLGRSRUODDGPLQLVWUDFLyQDGXDQHUD
$UWtFXOR 3URKLELFLRQHV
1R VH DGPLWLUi HO GHVSDFKR DGXDQHUR GH PHUFDQFtDV SURKLELGDV GH H[SRUWDFLyQ GH DFXHUGR D GLVSRVLFLRQHV
OHJDOHVYLJHQWHV\ORSUHYLVWRHQHO DUWtFXOR GHOD/H\
(QORVFDVRVHQTXHOD$GXDQD1DFLRQDOGHWHFWHHOLQWHQWRGHVDOLGDGHODVPHUFDQFtDVSURKLELGDVGHH[SRUWDFLyQ
pVWDV VHUiQ REMHWR GH FRPLVR LQPHGLDWR SDUD VX SRVWHULRU GLVSRVLFLyQ D WUDYpV GH 5HVROXFLyQ H[SUHVD HQ
FRRUGLQDFLyQ FRQ OD DXWRULGDG X RUJDQLVPR QDFLRQDO FRPSHWHQWH VLQ SHUMXLFLR GH ODV DFFLRQHV OHJDOHV TXH
FRUUHVSRQGDQ
$UWtFXOR $XWRUL]DFLRQHV\FHUWLILFDFLRQHV
/D GHFODUDFLyQ GH PHUFDQFtDV GH H[SRUWDFLyQ GHEHUi SUHVHQWDUVH FXDQGR FRUUHVSRQGD FRQ ODV DXWRUL]DFLRQHV
SUHYLDV\FHUWLILFDFLRQHVH[LJLGDVSRUGLVSRVLFLRQHVOHJDOHVYLJHQWHV
(Q FDVR TXH VH GHWHFWH OD VDOLGD GH PHUFDQFtDV VLQ FXPSOLU FRQ HVWH UHTXLVLWR OD DGPLQLVWUDFLyQ DGXDQHUD
SURFHGHUiDOFRPLVRGHODVPLVPDV\ODVSRQGUiDGLVSRVLFLyQGHDXWRULGDGFRPSHWHQWH
(O H[SRUWDGRU VHJ~Q OD QDWXUDOH]D GH OD PHUFDQFtD SRGUi REWHQHU ORV FHUWLILFDGRV UHTXHULGRV HQ HO SDtV GH
GHVWLQRVLQTXHHOORVFRQVWLWX\DQUHTXLVLWRSDUDHOGHVSDFKRDGXDQHURGHH[SRUWDFLyQ
$UWtFXOR $IRURSDUDHOGHVSDFKRGHH[SRUWDFLyQ
(ODIRURItVLFRSRGUiVHUHIHFWXDGRHQODDGPLQLVWUDFLyQDGXDQHUDGHVDOLGDRDVROLFLWXGH[SUHVDGHOH[SRUWDGRU
HQVXVSURSLDVLQVWDODFLRQHV\SUHYLRDOHPEDUTXH(QHVWH~OWLPRFDVRQHFHVDULDPHQWHHOPHGLR\ODXQLGDGGH
WUDQVSRUWHGHEHUiQVHUSUHFLQWDGRVSRUODDGPLQLVWUDFLyQDGXDQHUD
$UWtFXOR 3OD]RV\HPEDUTXHVSDUFLDOHV
8QDYH]DFHSWDGD ODGHFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQHOH[SRUWDGRUFRQWDUiFRQVHVHQWD GtDVSDUD
FXPSOLUFRQODVDOLGDItVLFDGHODVPHUFDQFtDV6HDGPLWLUiQHPEDUTXHVSDUFLDOHVGHQWURGHGLFKRSHUtRGRVLHPSUH
TXHpVWRVVHUHDOLFHQEDMRXQDPLVPDPRGDOLGDGGHWUDQVSRUWH
&RQFDUiFWHUH[FHSFLRQDOODDGPLQLVWUDFLyQDGXDQHUDGHVDOLGDSRGUiSURUURJDUSRUXQDVRODYH]GLFKRSOD]RSRU
XQSHULRGRVLPLODUVLHPSUHTXHVHMXVWLILTXHODVROLFLWXGGHOLQWHUHVDGR
'HQWURGHGLFKRSOD]RODDGPLQLVWUDFLyQDGXDQHUDGH VDOLGDSRUPHGLRVLQIRUPiWLFRVRPDQXDOHVUHJLVWUDUiWRGRV
ORVHPEDUTXHVSDUFLDOHVHIHFWLYDPHQWHH[SRUWDGRVFRUUHVSRQGLHQWHVDXQDPLVPDGHFODUDFLyQGHPHUFDQFtDVGH
H[SRUWDFLyQ
/D $GXDQD 1DFLRQDO D WUDYpV GH 5HVROXFLyQ GH 'LUHFWRULR HVWDEOHFHUi SURFHGLPLHQWRV TXH IDFLOLWHQ HO GHVSDFKR
DGXDQHURGHH[SRUWDFLyQWHQLHQGRHQFXHQWDODQDWXUDOH]DGHODVPHUFDQFtDV
$UWtFXOR ([SRUWDFLRQHVHQOLEUHFRQVLJQDFLyQ
/DDGPLQLVWUDFLyQDGXDQHUDDFHSWDUiODVH[SRUWDFLRQHVEDMRPRGDOLGDGHQOLEUHFRQVLJQDFLyQSDUDWRGDVDTXHOODV
PHUFDQFtDV GRQGH HO SUHFLR ILQDO GH OD WUDQVDFFLyQ VH GHILQH SRU SURFHGLPLHQWR GH VXEDVWD HQ ODV WHUPLQDOHV
FRPHUFLDOHVGHGHVWLQRRSRUSURFHGLPLHQWRVGHPHUFDGRVGHIXWXUR
(Q HVWH WLSR GH H[SRUWDFLRQHV OD GHFODUDFLyQ GH PHUFDQFtDV GH H[SRUWDFLyQ VH KDUi VREUH OD EDVH GH SUHFLRV
SURYLVLRQDOHVILMDGRVSRUHOH[SRUWDGRU
$ HIHFWRV GH OD GHYROXFLyQ LPSRVLWLYD SDUD ODV PHUFDQFtDV VXMHWDV DO SDJR GHO ,PSXHVWR &RPSOHPHQWDULR D OD
0LQHUtD \ SDUD ODV PHUFDQFtDV UHODFLRQDGDV FRQ SUHFLRV IXWXURV XQD YH] FRQFOXLGD OD RSHUDFLyQ HQ GHVWLQR HO
H[SRUWDGRU GHEHUi SUHVHQWDU D OD DGPLQLVWUDFLyQ DGXDQHUD GRQGH VH LQLFLy HO WUiPLWH OD IDFWXUD FRPHUFLDO FRQHO
SUHFLRGHILQLWLYRSDUDVXUHJLVWURHQODGHFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQ
$UWtFXOR 'HFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQGHPHQRUFXDQWtD
/D H[SRUWDFLyQ GH PHUFDQFtDV FX\R YDORU )2% QR H[FHGD D GyODUHV DPHULFDQRV XQ PLO 86 SRGUi VHU
UHDOL]DGD GLUHFWDPHQWH SRU OD SHUVRQD QDWXUDO R MXUtGLFD TXH H[SRUWH FRQ OD SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH
PHUFDQFtDV GH H[SRUWDFLyQ GH PHQRU FXDQWtD \ HO FXPSOLPLHQWR GH ODV IRUPDOLGDGHV DGXDQHUDV VLHPSUH TXH QR
FRQVWLWX\DQIUDFFLRQDPLHQWRGHODVPLVPDV
/DVH[SRUWDFLRQHVGHPHQRUFXDQWtDSRGUiQVHUUHDOL]DGDVEDMRFXDOTXLHUPRGDOLGDGGHWUDQVSRUWHLQFOX\HQGRODV
HPSUHVDVSRVWDOHVRGHVHUYLFLRH[SUHVRVLQTXHVHDQHFHVDULDODLQWHUYHQFLyQGHO6,9(;QLGHO'HVSDFKDQWHGH
$GXDQD
$UWtFXOR 5HLPSRUWDFLyQGHPHUFDQFtDVQDFLRQDOHV
/DV PHUFDQFtDV GH SURGXFFLyQ QDFLRQDO TXH KXELHUHQ VLGR H[SRUWDGDV GHILQLWLYDPHQWH \ TXH SRU FDXVDV
MXVWLILFDGDVUHWRUQHQDOSDtVSRGUiQUHLPSRUWDUVHRDGPLWLUVHWHPSRUDOPHQWHVLQHOSDJRGHWULEXWRVDGXDQHURV(Q
FDVR GH UHLPSRUWDFLyQ HO H[SRUWDGRU GHEHUi UHSRQHU ORV WULEXWRV GHYXHOWRV LQFOX\HQGR PDQWHQLPLHQWR GHYDORUH
LQWHUHVHV\FXDOTXLHURWUREHQHILFLRREWHQLGRFRQODH[SRUWDFLyQGHILQLWLYD
778/26(;72
5(*0(1(6$'8$1(526(63(&,$/(6
&$378/2,
7516,72$'8$1(52
$UWtFXOR 0RGDOLGDGHVGHWUiQVLWRDGXDQHUR
6HDXWRUL]DUiODHMHFXFLyQGHWUDQVSRUWHGHPHUFDQFtDVEDMRHOUpJLPHQGHWUDQVLWRDGXDQHURLQWHUQDFLRQDO
D
'HXQDDGXDQDGHHQWUDGDDXQDGHVDOLGD WUiQVLWRGH\KDFLDWHUFHURVSDtVHV
'HXQDDGXDQDLQWHULRUDXQDDGXDQDGHVDOLGD WUiQVLWRKDFLDHOH[WHULRU
E
G
'HXQDDGXDQDGHHQWUDGDDXQDDGXDQDLQWHULRU WUiQVLWRKDFLDHOLQWHULRU
'HXQDDGXDQDLQWHULRUDRWUDLQWHULRU WUiQVLWRLQWHUQR
(OWUiQVLWRLQWHUQRVHHIHFWXDUiEDMRFRQWURO\DXWRUL]DFLyQDGXDQHUDVLHPSUH\FXDQGRQRVHWUDWHGHUHHPEDUTXH
GHPHUFDQFtDV
3DUD HIHFWRV GH OD DSOLFDFLyQ GHO SUHVHQWH DUWtFXOR \ FRQ OD H[FHSFLyQ GH TXH WUDWH HO DUWtFXOR GHO SUHVHQWH
UHJODPHQWRVHHQWHQGHUiDOD]RQDIUDQFDFRPRDGXDQDLQWHULRU
$UWtFXOR 5XWDVDGXDQHUDV\SOD]RV
(OWUDQVSRUWDGRUHVWiREOLJDGRDFXPSOLUODRSHUDFLyQGHWUDQVLWRDGXDQHURSRUODVYtDVUXWDVDGXDQHUDV\HQORV
SOD]RVTXHOHDVLJQHODDGPLQLVWUDFLyQDGXDQHUDFRUUHVSRQGLHQWH
$UWtFXOR &DPELRGHGHVWLQR
QLFDPHQWH VH DGPLWLUi HO FDPELR GH GHVWLQR GH ODV PHUFDQFtDV D XQD DGXDQD GLVWLQWD D OD TXH IXHURQ
FRQVLJQDGDVHQORVVLJXLHQWHVFDVRV
D
E
(QSXHUWRVRORFDOLGDGHVGHWUiQVLWRHQHOH[WHULRUVLQQHFHVLGDGGHDXWRUL]DFLyQ
(Q DGPLQLVWUDFLRQHV DGXDQHUDV GH IURQWHUD PHGLDQWH UHVROXFLyQ DGPLQLVWUDWLYD FXDQGR OD PHUFDQFtD VH
HQFXHQWUHUHVWULQJLGDGHQDFLRQDOL]DFLyQHQIURQWHUDRUHTXLHUDLQVSHFFLyQHQXQDDGXDQDLQWHULRU
$UWtFXOR &DPELRGHOPHGLRGHWUDQVSRUWHRGHODXQLGDGGHFDUJDGHXVRFRPHUFLDO
/DDGPLQLVWUDFLyQDGXDQHUDSRGUiDXWRUL]DUHOFDPELRGHOPHGLRRGHODXQLGDGGHWUDQVSRUWHGHXVRFRPHUFLDOD
RWURGHELGDPHQWHDXWRUL]DGRSRUFLUFXQVWDQFLDVGHIXHU]DPD\RURFDVRIRUWXLWRGHELGDPHQWHSUREDGDV(QHVWH
FDVRQRVH UHTXHULUiGHODHPLVLyQGHXQQXHYRPDQLILHVWRLQWHUQDFLRQDOGHFDUJDGHELHQGRGHMDUFRQVWDQFLDHQ
GLFKR GRFXPHQWR HO FDPELR GHO PHGLR R XQLGDG GH WUDQVSRUWH GH XVR FRPHUFLDO $VLPLVPR OD DGPLQLVWUDFLyQ
DGXDQHUDTXHLQWHUYHQJDFRORFDUiQXHYRVSUHFLQWRVFXDQGRFRUUHVSRQGDHLQIRUPDUiGHHVWHKHFKRDODDGXDQD
GHGHVWLQR
$UWtFXOR 'HVWUXFFLyQGHODPHUFDQFtDHQWUiQVLWRDGXDQHUR
(QFDVRGHSURGXFLUVHODGHVWUXFFLyQWRWDORSDUFLDOGHODPHUFDQFtDVRPHWLGDDOUpJLPHQGHWUiQVLWRDGXDQHURHO
WUDQVSRUWDGRUGHEHUiLQIRUPDUDODDGPLQLVWUDFLyQDGXDQHUDPiVSUy[LPDGRQGHVHSURGXMRHOKHFKRSDUDTXHpVWD
UHDOLFH XQD LQVSHFFLyQ H LQYHQWDULR GH ODV PHUFDQFtDV FRQ HO ILQ GH GHWHUPLQDU HO SRUFHQWDMH GH GHVWUXFFLyQ
GHMDQGR FRQVWDQFLD GH HOOR HQ HO UHVSHFWLYR PDQLILHVWR LQWHUQDFLRQDO GH FDUJD \ GLVSRQLHQGR OD FRQWLQXDFLyQ GHO
YLDMHVLIXHUDHOFDVR
$UWtFXOR $GPLVLyQWHPSRUDOGHPHGLRV\XQLGDGHVGHWUDQVSRUWHGHXVRFRPHUFLDO
/RV PHGLRV \ XQLGDGHV GH WUDQVSRUWH GH XVR FRPHUFLDO SHUWHQHFLHQWHV D HPSUHVDV H[WUDQMHUDV DXWRUL]DGDV
LQFOXLGRV HO PDWHULDO \ KHUUDPLHQWDV GHVWLQDGRV D OD SURWHFFLyQ GH OD FDUJD \ IXQFLRQDPLHQWR GHO YHKtFXOR
DXWRPRWRU FRQ HO FXPSOLPLHQWR GH ORV UHTXLVLWRV SHUWLQHQWHV VHUiQ DGPLWLGRV WHPSRUDOPHQWH HQ WHUULWRULR
DGXDQHURQDFLRQDOVLQODH[LJHQFLDGHJDUDQWtDV
$UWtFXOR &RQFOXVLyQGHOWUiQVLWRDGXDQHUR
(OWUiQVLWRDGXDQHURGHPHUFDQFtDVFRQGHVWLQRILQDODXQDDGPLQLVWUDFLyQDGXDQHUDXELFDGDHQWHUULWRULRQDFLRQDO
FRQFOXLUi FRQ OD HQWUHJD GHODPHUFDQFtDHQGHSyVLWRDGXDQHURRHQOD]RQDIUDQFDGHODDGXDQDGHGHVWLQR(O
FRQFHVLRQDULR GH GHSyVLWR DGXDQHUR R GH ]RQD IUDQFD GHEHUi HQWUHJDU DO WUDQVSRUWDGRU XQD FRSLD GHO
FRUUHVSRQGLHQWH3DUWHGH5HFHSFLyQ
(Q ODV DGXDQDV GRQGH QR H[LVWD GHSyVLWR DGXDQHUR OD DGPLQLVWUDFLyQ DGXDQHUD HQWUHJDUi DO WUDQVSRUWDGRU XQD
FRSLD GHO FRUUHVSRQGLHQWH 3DUWH GH 5HFHSFLyQ GHELHQGR ODV PHUFDQFtDV VHU REMHWR GH GHVSDFKR DGXDQHUR R
VRPHWHUVHDODPRGDOLGDGGHGHSyVLWRWUDQVLWRULRHVWDEOHFLGRHQHOSUHVHQWHUHJODPHQWR
(O 3DUWH GH 5HFHSFLyQ VH FRQVWLWX\H HQ HO ~QLFR GRFXPHQWR DGXDQHUR YiOLGR SDUD GHPRVWUDU OD FRQFOXVLyQ GHO
WUiQVLWRDGXDQHUR
(QHOFDVRGHPHUFDQFtDVPDQLIHVWDGDVDXQWHUFHUSDtVHOWUiQVLWRDGXDQHURFRQFOXLUiFRQVXVDOLGDHIHFWLYDGHO
WHUULWRULRDGXDQHURQDFLRQDODFUHGLWDGRSRUHO&HUWLILFDGRGH6DOLGDKDELOLWDGRSRUOD$GXDQD1DFLRQDO\HOUHJLVWUR
GHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJDHQODDGXDQDGHOSDtVOLPtWURIH
$UWtFXOR &ODVHVGHWUDQVERUGR
&$378/2,,
75$16%25'2
(OWUDQVERUGRSXHGHVHU
D
E
'LUHFWRVLVHHIHFW~DVLQLQWURGXFLUODVPHUFDQFtDVDXQGHSRVLWRDGXDQHURRDXQD]RQDIUDQFD(QHVWH
FDVR HO WUDQVSRUWDGRU GHEHUi VROLFLWDU OD DXWRUL]DFLyQ GH WUDQVERUGR D OD DGPLQLVWUDFLyQ DGXDQHUD PiV
SUy[LPDSDUDHOUHJLVWURHQHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
,QGLUHFWRFXDQGRVHUHDOL]DHQGHSRVLWRDGXDQHURR]RQDIUDQFD
$UWtFXOR $XWRUL]DFLyQ\WUiPLWHGHWUDQVERUGRLQGLUHFWR
(O WUDQVSRUWDGRU LQWHUQDFLRQDO HO RSHUDGRU GH WUDQVSRUWH PXOWLPRGDO R OD SHUVRQD TXH WHQJD GHUHFKRV VREUH OD
PHUFDQFtD SRGUi VROLFLWDU HO WUDQVERUGR LQGLUHFWR HO FXDO VH DXWRUL]DUi LQGHSHQGLHQWHPHQWH GH VX RULJHQ
SURFHGHQFLD R GHVWLQR (O VROLFLWDQWH VHUi UHVSRQVDEOH DQWH OD DGPLQLVWUDFLyQ DGXDQHUD GHO FXPSOLPLHQWRGHODV
IRUPDOLGDGHVDGXDQHUDVTXHGHULYHQGHHVWHUpJLPHQ
$ODGHFODUDFLyQGHPHUFDQFtDVWUDQVERUGDGDVHDGMXQWDUiHOUHVSHFWLYRPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
/DVPHUFDQFtDVGHWUDQVERUGR LQGLUHFWRQRVHUiQ REMHWRGHUHFRQRFLPLHQWRVDOYRHQORVFDVRVGHEXOWRVHQPDO
HVWDGR
$UWtFXOR 'HILQLFLyQ
&$378/2,,,
'(36,72'($'8$1$
(VHOUpJLPHQDGXDQHURTXHSHUPLWHDOPDFHQDUPHUFDQFtDVH[WUDQMHUDVHQOXJDUHVDXWRUL]DGRV\EDMRFRQWUROGH
ODDGXDQDVLQHOSDJRGHWULEXWRVDGXDQHURV
/RVGHSyVLWRVGHDGXDQDVRQORVHVSDFLRVFXELHUWRVRGHVFXELHUWRVSHUIHFWDPHQWHGHOLPLWDGRVKDELOLWDGRVSRUOD
$GXDQD 1DFLRQDO FRPR ]RQDV SULPDULDV TXH WLHQHQ SRU REMHWR HO GHELGR DOPDFHQDPLHQWR \ FXVWRGLD GH ODV
PHUFDQFtDVKDVWDTXHVHDSOLTXHXQUpJLPHQDGXDQHURGHQWURGHORVSOD]RVHVWDEOHFLGRV
$UWtFXOR 0RGDOLGDGHVGHGHSyVLWRDGXDQHUR
3RGUiQH[LVWLUODVVLJXLHQWHVPRGDOLGDGHVGHGHSyVLWRVDGXDQHURVEDMRFRQWUROGHODDGPLQLVWUDFLyQDGXDQHUD
D
'HSyVLWR7HPSRUDO 'RQGHODVPHUFDQFtDVSRGUiQSHUPDQHFHUSRUHOSOD]RPi[LPRGHVHVHQWD GtDV
'HSyVLWR 7UDQVLWRULR 6RQ GHSyVLWRV DXWRUL]DGRV SRU OD DGPLQLVWUDFLyQ DGXDQHUD SUHYLD FRQVWLWXFLyQ GH
JDUDQWtDSDUDHODOPDFHQDPLHQWRGHPHUFDQFtDVSRUHO SOD]RPi[LPRGHVHVHQWD GtDV
'HSyVLWRGH$GXDQD 'RQGHODVPHUFDQFtDVKDQVLGRGHVWLQDGDVGHVGHRULJHQR WUDQVIHULGDVGHGHSyVLWR
WHPSRUDOSDUDVXSHUPDQHQFLDSRUXQDSOD]RPi[LPRGHGRV DxRV
'HSyVLWRV(VSHFLDOHV 6RQGHSyVLWRVDXWRUL]DGRVSRUODDGPLQLVWUDFLyQDGXDQHUDSDUDHODOPDFHQDPLHQWR
GHPHUFDQFtDVSHOLJURVDVSRUHOSOD]RPi[LPRGHVHVHQWD GtDVFRPRH[WHQVLyQGHORVGHSyVLWRVGH
DGXDQDDFDUJRGHFRQFHVLRQDULRV
/DV PRGDOLGDGHV GH ORV GHSyVLWRV VHxDODGDV HQ ORV LQFLVRV D E \ G HVWDUiQ EDMR UHVSRQVDELOLGDG GHO
FRQFHVLRQDULRGHGHSRVLWRGHDGXDQD
$UWtFXOR 'HSyVLWRVWUDQVLWRULRV
/DV DGPLQLVWUDFLRQHV DGXDQHUDV GH GHVWLQR SRGUiQ DXWRUL]DU D SHUVRQDV MXUtGLFDV HO DOPDFHQDPLHQWR GH
PHUFDQFtDVHQGHSyVLWRVWUDQVLWRULRVSUHYLDFRQVWLWXFLyQGHJDUDQWtDDIDYRUGHOD$GXDQD1DFLRQDOSRUHOSDJR
GH ORV WULEXWRV DGXDQHURV VXVSHQGLGRV /D UHVSHFWLYD VROLFLWXG GHEHUi VHU SUHVHQWDGD DQWH OD DGPLQLVWUDFLyQ
DGXDQHUDGHGHVWLQRFRQXQDDQWHODFLyQQRPHQRUDYHLQWLFXDWUR KRUDVDQWHVGHODOOHJDGDGHODPHUFDQFtD
(QHO3DUWHGH5HFHSFLyQGHODPHUFDQFtDVHKDUiFRQVWDUHOWUDVODGRGHODPHUFDQFtDDGHSyVLWRWUDQVLWRULR(Q
HVWH FDVR OD DGPLQLVWUDFLyQ DGXDQHUD VHJ~Q FRUUHVSRQGD QR VH KDUi UHVSRQVDEOH SRU OD FXVWRGLD GH OD
PHUFDQFtD
/DVPHUFDQFtDVDOPDFHQDGDVHQGHSyVLWRWUDQVLWRULRQRSRGUiQVHUREMHWRGHOLEUHGLVSRVLFLyQWUDQVIRUPDFLyQQL
PRYLOL]DFLyQKDVWDHOPRPHQWRHQTXHVHVRPHWDQDOUpJLPHQGHLPSRUWDFLyQSDUDHOFRQVXPRRVXUHHPEDUTXH
DOH[WUDQMHURFRQHOFXPSOLPLHQWRGHODVIRUPDOLGDGHVDGXDQHUDVHVWDEOHFLGDVSRU/H\
$UWtFXOR 'HSyVLWRVHVSHFLDOHV
/DVDGPLQLVWUDFLRQHVDGXDQHUDVGHGHVWLQRSRGUiQ DXWRUL]DUDSHUVRQDVQDWXUDOHV\MXUtGLFDVHODOPDFHQDPLHQWR
GH PHUFDQFtDV HQ GHSyVLWRV HVSHFLDOHV TXH SRU VX QDWXUDOH]D UHTXLHUDQ VHU DOPDFHQDGDV HQ XQ DPELHQWH
HVSHFLDO R VH SUHVXPD TXH SXHGDQ RFDVLRQDU SHOLJUR SDUD OD VHJXULGDG GHO GHSyVLWR R SDUD RWUDV PHUFDQFtDV
DOPDFHQDGDVEDMRUHVSRQVDELOLGDGGHOFRQFHVLRQDULRGHGHSyVLWRGHDGXDQD
/D UHVSHFWLYD VROLFLWXG GHEHUi VHU SUHVHQWDGD D WUDYpV GHO FRQFHVLRQDULR GH GHSyVLWR GH DGXDQD FRQ XQD
DQWHODFLyQQRPHQRUDYHLQWLFXDWUR KRUDVDQWHVGHODOOHJDGDGHODPHUFDQFtD
(OFRQFHVLRQDULRGHOGHSyVLWRGHDGXDQDDVXPLUi\UHVSRQGHUiSRUHOFRQWUROGHORVGHSyVLWRVHVSHFLDOHV\SRUODV
PHUFDQFtDVTXHHQHOORVVHDOPDFHQHQ
$UWtFXOR &DPELRGHGHSyVLWRWHPSRUDODGHSyVLWRGHDGXDQD
$QWHVGHOYHQFLPLHQWRGHOSOD]RGHGHSyVLWRWHPSRUDOHOFRQVLJQDWDULRSRGUiVROLFLWDUDODDGPLQLVWUDFLyQDGXDQHUD
TXHFRUUHVSRQGDHOFDPELRDGHSyVLWRGHDGXDQD(OSOD]RGHSHUPDQHQFLDHQGHSyVLWRGHDGXDQDVHFRPSXWDUi
DSDUWLUGHODIHFKDGHLQJUHVRHQGHSyVLWRWHPSRUDO
/D DGPLQLVWUDFLyQ DGXDQHUD UHFKD]DUi HO FDPELR VyOR HQ HO FDVR GH TXH OD VROLFLWXG KD\D VLGR HIHFWXDGD FRQ
SRVWHULRULGDGDOYHQFLPLHQWRGHSOD]RGHGHSyVLWRWHPSRUDO
$UWtFXOR 5HVSRQVDELOLGDGHLQFRPSDWLELOLGDGGHORVFRQFHVLRQDULRV
6LQSHUMXLFLRGHODUHVSRQVDELOLGDGIUHQWHDWHUFHURVGHFRQIRUPLGDGFRQODVOH\HVYLJHQWHVORVFRQFHVLRQDULRVGH
GHSyVLWRV GH DGXDQD VRQ UHVSRQVDEOHV DQWH HO (VWDGR SRU ORV WULEXWRV DGXDQHURV GH LPSRUWDFLyQ GH ODV
PHUFDQFtDVTXHVHDQVXVWUDtGDVSHUGLGDVRDYHULDGDVGXUDQWHHODOPDFHQDPLHQWR
%DMR QLQJXQD FLUFXQVWDQFLD ORV FRQFHVLRQDULRV GH ORV GHSyVLWRV GH DGXDQD SRGUiQ UHDOL]DU ODERUHV GH
FRQVROLGDFLyQ R GHVFRQVROLGDFLyQ GH FDUJD WUDQVSRUWH R HMHUFHU IXQFLRQHV GH 'HVSDFKDQWH GH $GXDQD X RWUD
DFWLYLGDGUHODFLRQDGDFRQRSHUDFLRQHVGHFRPHUFLRH[WHULRU
$UWtFXOR *DUDQWtDVH[LJLEOHVDORVFRQFHVLRQDULRVGHGHSyVLWRGHDGXDQD
/RV FRQFHVLRQDULRV GH GHSyVLWR GH DGXDQD HVWiQ REOLJDGRV D FRQVWLWXLU XQD JDUDQWtD D IDYRU GH OD $GXDQD
1DFLRQDOFX\RPRQWR\PRGDOLGDGVHUiHVWDEOHFLGRHQORVFRUUHVSRQGLHQWHVFRQWUDWRVGHFRQFHVLyQ
$UWtFXOR 5HFHSFLyQGHODVPHUFDQFtDV
/RVFRQFHVLRQDULRVGHGHSyVLWRVGHDGXDQDVRQUHVSRQVDEOHVGHODUHFHSFLyQGHODVPHUFDQFtDVHQWUHJDGDVSRU
ORVWUDQVSRUWDGRUHV\SRUODDGPLQLVWUDFLyQDGXDQHUD\GHVXFXVWRGLDKDVWDHOPRPHQWRGHVXUHWLUR
(OSURFHVRGHUHFHSFLyQVHOOHYDUiDFDERFXPSOLHQGRORVVLJXLHQWHVSDVRV
D
E
F
G
H
I
$ODUULERGHOPHGLRGHWUDQVSRUWHHOHQFDUJDGRGHDOPDFpQGHEHUiYHULILFDUODFDQWLGDG\HOHVWDGRGHORV
EXOWRVVXVPDUFDV\Q~PHURVFRQWUDVWiQGRODVFRQODLQIRUPDFLyQFRQWHQLGDHQHOPDQLILHVWRLQWHUQDFLRQDO
GHFDUJD
/RVEXOWRVGDxDGRVVHUiQUHSDUDGRVFRQFDUJRDOWUDQVSRUWDGRURDOFRQVLJQDWDULRVHJ~QFRUUHVSRQGD
6L ORV EXOWRV R PHUFDQFtDV KDFHQ SUHVXPLU DYHUtD PHUPD R GHWHULRUR REOLJDWRULDPHQWH GHEHUiQ VHU
SHVDGRV LQGLYLGXDOPHQWH \ VH OHYDQWDUi LQYHQWDULR EDMR DFWD GH LQVSHFFLyQ TXH VHUi ILUPDGD
QHFHVDULDPHQWHSRUHOHQFDUJDGRGHDOPDFpQHOIXQFLRQDULRGHDGXDQD\HOWUDQVSRUWDGRUVLQSHUMXLFLRGH
ODUHYLVLyQ\DFFLyQTXHFRUUHVSRQGDQDOLPSRUWDGRU\DVHJXUDGRUHQVXFDVR'LFKDDFWDVHLQWHJUDUiDO
3DUWHGH5HFHSFLyQ
7HUPLQDGR HO SURFHVR GH UHFHSFLyQ GH ODV PHUFDQFtDV HO WRWDO GH ORV EXOWRV UHFLELGRV VHUiQ LQJUHVDGRV
SUHYLDFRPSUREDFLyQGHSHVR&XDQGR QRVHDSRVLEOHYHULILFDUHOSHVRVHUHJLVWUDUiHOSHVRFRQVLJQDGR
HQHOPDQLILHVWR
&XDQGR H[LVWDQ EXOWRV VREUDQWHV R IDOWDQWHV HQ OD UHFHSFLyQ GH ODV PHUFDQFtDV GHWDOODGDV HQ XQ
PDQLILHVWRHODOPDFHQLVWDGHEHUiKDFHUORFRQVWDU HQHO3DUWHGH5HFHSFLyQ\FRPXQLFDUiHQHODFWRGLFKD
FLUFXQVWDQFLDDODDGPLQLVWUDFLyQDGXDQHUD
(PLVLyQ\HQWUHJDGHO3DUWHGH5HFHSFLyQ
3DUD OD UHFHSFLyQ GH PHUFDQFtDV HQ GHSyVLWR WUDQVLWRULR R HVSHFLDO OD $GXDQD 1DFLRQDO HVWDEOHFHUi HO
SURFHGLPLHQWR\ORVPHGLRVGHFRQWURODGHFXDGRV
$UWtFXOR 3DUWHGH5HFHSFLyQ
(O 3DUWH GH 5HFHSFLyQ GH PHUFDQFtDV FRQVWLWX\H HO ~QLFR GRFXPHQWR TXH DFUHGLWD OD HQWUHJD \ UHFHSFLyQ GH OD
PHUFDQFtD HQ HO GHSyVLWR DGXDQHUR SDUD ORV ILQHV OHJDOHV FRQVLJXLHQWHV (VWD SUHYLVLyQ LQFOX\H ODV PHUFDQFtDV
LQJUHVDGDV D WHUULWRULR QDFLRQDO HQ HO PRGR GH WUDQVSRUWH SRU GXFWRV WXEHUtDV FDEOHV \ RWURV HQ IXQFLyQ D ODV
QRUPDV\SURFHGLPLHQWRVTXHILMHOD$GXDQD1DFLRQDO
6XHPLVLyQGHEHUiHIHFWXDUVHSRUPHGLRVLQIRUPiWLFRVFRQIRUPHDORVSURFHGLPLHQWRVRSHUDWLYRVTXHHVWDEOH]FD
OD$GXDQD1DFLRQDOLQFOX\HQGRHOIRUPDWRFRQWHQLGR\Q~PHURGHHMHPSODUHVGHELHQGRHQWUHJDUVHXQDFRSLDDO
WUDQVSRUWDGRU
&$378/2,9
'(92/8&,1'(/*5$9$0(1$5$1&(/$5,2 '5$:%$&.
$UWtFXOR 'HYROXFLyQ'UDZ%DFN
/D GHYROXFLyQ D IDYRU GH ORV H[SRUWDGRUHV GHO JUDYDPHQ DUDQFHODULR 'UDZ %DFN SDJDGR HQ OD LPSRUWDFLyQ GH
PHUFDQFtDV XWLOL]DGDV R FRQVXPLGDV HQ OD DFWLYLGDG H[SRUWDGRUD VH VXMHWDUi D OD OHJLVODFLyQ QDFLRQDO HVSHFtILFD
YLJHQWHVREUHODPDWHULD
&$378/29
$'0,6,17(0325$/3$5$5((;3257$&,1
'(0(5&$1&,$6(1(/0,602(67$'2
$UWtFXOR 0HUFDQFtDVTXHSXHGHQDGPLWLUVHWHPSRUDOPHQWH
3RGUiQVHUREMHWRGHDGPLVLyQWHPSRUDOSDUDUHH[SRUWDFLyQHQHOPLVPRHVWDGRODVVLJXLHQWHVPHUFDQFtDV
D
E
F
0XHVWUDVFRQYDORUFRPHUFLDOSODQRV\PDTXHWDVSDUDVXH[KLELFLyQHQIHULDVRH[SRVLFLRQHVDXWRUL]DGDV
SRUODDXWRULGDGFRPSHWHQWHGHO3RGHU(MHFXWLYR
9HKtFXORV DSDUDWRV PiTXLQDV LQVWUXPHQWRV PXVLFDOHV YHVWXDULR DQLPDOHV YLYRV GHFRUDFLRQHV \ RWURV
GHVWLQDGRVDODUHDOL]DFLyQGHHVSHFWiFXORVWHDWUDOHVFLUFHQVHV\RWURVGHUHFUHDFLyQS~EOLFD
(TXLSRV\DFFHVRULRVSDUDODUHSDUDFLyQGHPDTXLQDULDV
(TXLSRVDSDUDWRV\PDWHULDOHVSDUDFRQIHUHQFLDV\H[SRVLFLRQHV
0iTXLQDVDSDUDWRVLQVWUXPHQWRV\PDWHULDOSDUDVXXVRHQH[SHGLFLRQHV\HYHQWRVFLHQWtILFRV
(TXLSRVSDUDODILOPDFLyQGHSHOtFXODV\YLGHRVLQWURGXFLGDVDODPSDURGHOD/H\GHO&LQH
K
L
M
N
O
P
Q
R
(TXLSRVLQVWUXPHQWRVDQLPDOHV\PDWHULDOHVGHFDPSDxDSDUDODSHVFDSDUDHOWXULVPR\FRPSHWHQFLDV
GHSRUWLYDV
0ROGHV\PDWULFHVLQGXVWULDOHV
0iTXLQDVDSDUDWRVHTXLSRVHLQVWUXPHQWRVGHVWLQDGRVDODFRQVWUXFFLyQGHFDUUHWHUDV\ODVFRQVLJQDGDV
D <DFLPLHQWRV 3HWUROtIHURV )LVFDOHV %ROLYLDQRV \ VXV FRQWUDWLVWDV R VXEFRQWUDWLVWDV SDUD UHDOL]DU
DFWLYLGDGHV RSHUDFLRQHV \ VHUYLFLRV H[FOXVLYRV QHFHVDULRV GH SURVSHFFLyQ H[SORUDFLyQ \ SHUIRUDFLyQ GH
\DFLPLHQWRVKLGURFDUEXUtIHURVDPSDUDGRVHQFRQWUDWRVVXVFULWRVFRQHO(VWDGR
$HURQDYHV FRQ DXWRUL]DFLyQ H[SUHVD GHO 9LFHPLQLVWHULR GH 7UDQVSRUWHV &RPXQLFDFLRQHV \ $HURQiXWLFD
&LYLO
+HUUDPLHQWDVPDQXDOHVHLQVWUXPHQWRVGHXVRSURIHVLRQDOSHUVRQDOHV
6RSRUWHVFLQHPDWRJUiILFRVRGHYtGHRJUDEDFLRQHVDVHUXWLOL]DGDVSRUODVHVWDFLRQHVGH7HOHYLVLyQR HQ
IHULDVH[SRVLFLRQHVRVHPLQDULRV
9HKtFXORV\HTXLSRVTXHVHWUDLJDQFRQODILQDOLGDGGHWRPDUSDUWHHQFRPSHWHQFLDVGHSRUWLYDV
9HKtFXORV DXWRPRWRUHV QXHYRV SDUD VX H[SRVLFLyQ LQWHUQDGRV SRU HPSUHVDV FRPHUFLDOHV OHJDOPHQWH
HVWDEOHFLGDV
0DTXLQDULDLQGXVWULDOGHVWLQDGDDRSHUDFLRQHVPLQHUDVGHSURVSHFFLyQH[SORUDFLyQ\SHUIRUDFLyQ
/D DGPLQLVWUDFLyQ DGXDQHUD DXWRUL]DUi OD DGPLVLyQ WHPSRUDO SRU HO SOD]R GH QRYHQWD GtDV SURUURJDEOHV SRU
LJXDOSOD]RFXDQGRH[LVWDQFDXVDVGHELGDPHQWHMXVWLILFDGDVSUHYLDFRQVWLWXFLyQGHEROHWDGHJDUDQWtDEDQFDULDR
VHJXURGHILDQ]DSRUHOFLHQSRUFLHQWR GHORVWULEXWRVDGXDQHURVVXVSHQGLGRV
(QODVDGPLVLRQHVWHPSRUDOHVDXWRUL]DGDVSRUODDGPLQLVWUDFLyQDGXDQHUDHO0LQLVWHULRGH+DFLHQGDSRGUiRWRUJDU
XQ SOD]RDGLFLRQDOGHKDVWDXQDxRH[FHSWRODDGPLVLyQWHPSRUDOGHODVPHUFDQFtDVGHVFULWDVHQHOLQFLVRL GHO
SUHVHQWHDUWtFXORTXHSRGUiVHUSRUHOSOD]RHVWLSXODGRHQVXVUHVSHFWLYRVFRQWUDWRV
3DUDODDGPLVLyQWHPSRUDOGHPHUFDQFtDVGHVWLQDGDVDHYHQWRVFLHQWtILFRVFXOWXUDOHVRUHFUHDWLYRVVyORVHH[LJLUi
ODJDUDQWtDGHO'HVSDFKDQWHGH$GXDQDFRQODFRUUHVSRQGLHQWHSUHVHQWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDV
$UWtFXOR $GPLVLyQWHPSRUDOGHRWUDVPHUFDQFtDV
/D DGPLVLyQ WHPSRUDO GH PHUFDQFtDV QR GHVFULWDV HQ HO DUWtFXOR DQWHULRU VLHPSUH TXH ODV PLVPDV HVWpQ
GHVWLQDGDVD ODDFWLYLGDGSURGXFWLYDGHELHQHV\VHUYLFLRV\TXHFRQWULEX\DQDOGHVDUUROORHFRQyPLFR\VRFLDOGHO
SDtVVHUiDXWRUL]DGDSRUHO0LQLVWHULRGH+DFLHQGDSUHYLDFRQVWLWXFLyQGHODEROHWDGHJDUDQWtDEDQFDULDRVHJXUR
GH ILDQ]D DQWH OD $GXDQD 1DFLRQDO SRU HO FLHQ SRU FLHQWR GH ORV WULEXWRV DGXDQHURV GH LPSRUWDFLyQ
VXVSHQGLGRV(O0LQLVWHULRGH+DFLHQGDDXWRUL]DUiHOWpUPLQRGHSHUPDQHQFLDKDVWDXQDxRSURUURJDEOHSRU~QLFD
YH]SRUXQSOD]RLJXDOVLODVFLUFXQVWDQFLDVDVtORH[LJHQ
/DV DGPLQLVWUDFLRQHV DGXDQHUDV HMHFXWDUiQ ODV JDUDQWtDV FRUUHVSRQGLHQWHV FXDQGR LQFXPSODQ ODV REOLJDFLRQHV
SUHYLVWDVVLQSHUMXLFLRGHODVDFFLRQHVOHJDOHVDTXHKXELHUHOXJDU
$UWtFXOR $GPLVLyQWHPSRUDOGHPHUFDQFtDVHQDUUHQGDPLHQWR
(O0LQLVWHULRGH+DFLHQGDDXWRUL]DUiODDGPLVLyQWHPSRUDOGHPDTXLQDULD\HTXLSRHQDUUHQGDPLHQWRILQDQFLHURX
RSHUDWLYR GHVWLQDGR DO VHFWRU SURGXFWLYR GH ELHQHV \ VHUYLFLRV SRU HO WLHPSR GH SHUPDQHQFLD GH DFXHUGR D VXV
UHVSHFWLYRVFRQWUDWRVSUHYLDFRQVWLWXFLyQDQWHOD$GXDQD1DFLRQDOGHODEROHWDGHJDUDQWtDEDQFDULDRVHJXURGH
ILDQ]DSRUHOFLHQSRUFLHQWR GHORVWULEXWRVDGXDQHURVGHLPSRUWDFLyQVXVSHQGLGRV\HOSDJRHQODDGXDQD
GH GHVWLQR GHO XQR SRU FLHQWR VREUH HO LPSRUWH GHO JUDYDPHQ DUDQFHODULR SRU FDGD WULPHVWUH R IUDFFLyQ GH
WULPHVWUHGHVXSHUPDQHQFLDHQHOWHUULWRULRDGXDQHURQDFLRQDO
/RV WULEXWRV DGXDQHURV VXVSHQGLGRV GHEHUiQ VHU OLTXLGDGRV D OD IHFKD GH OD SUHVHQWDFLyQ \ DFHSWDFLyQ GH OD
GHFODUDFLyQGHPHUFDQFtDVGHDGPLVLyQWHPSRUDO
3DUDHOFDVRGHDHURQDYHVGHXVRFRPHUFLDOGHVHUYLFLRS~EOLFRRGHIXPLJDFLyQHQDUUHQGDPLHQWRILQDQFLHURX
RSHUDWLYRODJDUDQWtDDQWHOD$GXDQD1DFLRQDO\HOSDJRGHOXQRSRUFLHQWR GHOJUDYDPHQDUDQFHODULRVHUiQ
GHWHUPLQDGRVWRPDQGRFRPREDVHHOHTXLYDOHQWHDOFDQRQDQXDOSUHYLVWRHQHOFRQWUDWRGHDUUHQGDPLHQWR
$UWtFXOR 'HVSDFKRDGXDQHURSDUDOD$GPLVLyQ7HPSRUDO
(OGHVSDFKREDMRHO UpJLPHQDGXDQHURGHDGPLVLyQWHPSRUDOSDUDUHH[SRUWDFLyQHQHOPLVPRHVWDGRVHHIHFWXDUi
D WUDYpV GH XQ 'HVSDFKDQWH GH $GXDQD FRQ OD SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV GH DGPLVLyQ
WHPSRUDO VRSRUWDGD HQ OD GRFXPHQWDFLyQ GHILQLGD HQ HO SUHVHQWH UHJODPHQWR DGHPiV GH OD JDUDQWtD FRQVWLWXLGD
DQWHOD$GXDQD1DFLRQDO\GHFRUUHVSRQGHUODDXWRUL]DFLyQGHO0LQLVWHULRGH+DFLHQGD
/RV HTXLSRV DSDUDWRV LQVWUXPHQWRV \ PDWHULDOHV GHVWLQDGRV D RSHUDFLRQHV GH DX[LOLR SRGUiQ VHU DGPLWLGRV
WHPSRUDOPHQWH HQ HO SDtV FRQ OD VROD SUHVHQWDFLyQ GH GRFXPHQWRV GH RULJHQ \ SHUPDQHFHU SRU HO WLHPSR TXH
GHPDQGHVXXWLOL]DFLyQ
$UWtFXOR 5HH[SRUWDFLyQ\FDPELRGHUpJLPHQ
$QWHVGHOYHQFLPLHQWRGHOSOD]RGHSHUPDQHQFLDODVPHUFDQFtDVDGPLWLGDVWHPSRUDOPHQWHGHEHUiQUHH[SRUWDUVHR
FDPELDUVHDOUpJLPHQDGXDQHURGHLPSRUWDFLyQSDUDHOFRQVXPRPHGLDQWHODSUHVHQWDFLyQGHODGHFODUDFLyQGH
PHUFDQFtDV\HOSDJRGHORVWULEXWRVDGXDQHURVVREUHODEDVHLPSRQLEOHGHWHUPLQDGDDOPRPHQWRGHVXDGPLVLyQ
WHPSRUDO
&$378/29,
'(/$$'0,6,17( 0325$/3$5$3(5)(&&,21$0,(172
$&7,92 5,7(;
$UWtFXOR $OFDQFH
0HGLDQWHHOUpJLPHQDGXDQHUR GH$GPLVLyQ7HPSRUDOSDUD3HUIHFFLRQDPLHQWR$FWLYR 5,7(;VHSHUPLWHUHFLELU
HQ HO WHUULWRULR DGXDQHUR FRQ VXVSHQVLyQ GHO SDJR GH ORV WULEXWRV DGXDQHURV D OD LPSRUWDFLyQ GHWHUPLQDGDV
PHUFDQFtDV FRQVLVWHQWHV HQ PDWHULD SULPD \ ELHQHV LQWHUPHGLRV SDUD VX WUDQVIRUPDFLyQ \ HODERUDFLyQ HQ XQ
SURFHVR SURGXFWLYR JHQHUDGRU GH SURGXFWRV ILQDOHV TXHVHUiQUHH[SRUWDGRV6HH[FOX\HQGH HVWHUpJLPHQDORV
ELHQHVGHFDSLWDOVXVUHSXHVWRVKHUUDPLHQWDVFRPEXVWLEOHVKLGURFDUEXURVOXEULFDQWHV\HQHUJtDHOpFWULFD
$UWtFXOR 6ROLFLWXG
/DV VROLFLWXGHV GH DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR VHUiQ SUHVHQWDGDV DQWH OD DGPLQLVWUDFLyQ
DGXDQHUD DFRPSDxDQGR OD SULPHUD YH] OD 5HVROXFLyQ $GPLQLVWUDWLYD HPLWLGD SRU HO 9LFHPLQLVWHULR GH
([SRUWDFLRQHVTXHDXWRULFHODLQFRUSRUDFLyQGHODHPSUHVDDO5,7(;ODTXHVHUiUHJLVWUDGDFRQHOSURSyVLWRGH
TXHHQODVVXFHVLYDVYHFHVVHKDJDODVROLFLWXGVLQODSUHVHQWDFLyQGHHVWHGRFXPHQWR
$UWtFXOR 'HVSDFKRHQDGPLVLyQWHPSRUDO5,7(;
/RVGHVSDFKRVDGXDQHURVGHPHUFDQFtDVHQDGPLVLyQWHPSRUDOSDUDSHUIHFFLRQDPLHQWRDFWLYRSRGUiQHIHFWXDUVH
HQ WRGDV ODV DGPLQLVWUDFLRQHV DGXDQHUDV PHGLDQWH GHFODUDFLyQ GH PHUFDQFtDV GH DGPLVLyQ WHPSRUDO FRQ
LQWHUYHQFLyQGH'HVSDFKDQWHGH$GXDQD
$UWtFXOR *DUDQWtD
&DGD RSHUDFLyQ GH DGPLVLyQ WHPSRUDO GHEHUi JDUDQWL]DUVH PHGLDQWH EROHWD GH JDUDQWtD EDQFDULD R VHJXUR GH
ILDQ]D HQ IDYRU GH OD $GXDQD 1DFLRQDO HTXLYDOHQWH DO GH ORV WULEXWRV DGXDQHURV GH LPSRUWDFLyQ
VXVSHQGLGRV $OWHUQDWLYDPHQWH ODV HPSUHVDV DXWRUL]DGDV SDUD RSHUDFLRQHV 5,7(; SRGUiQ JDUDQWL]DU FDGD
RSHUDFLyQ GH DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR PHGLDQWH 'HFODUDFLyQ -XUDGD GH /LTXLGDFLyQ \
3DJR(VWD'HFODUDFLyQ-XUDGDVHUiVXVFULWDSRUHOUHSUHVHQWDQWHOHJDOGHODHPSUHVDDXWRUL]DGDSDUDRSHUDFLRQHV
5,7(;
$UWtFXOR 3OD]RGHSHUPDQHQFLDGHODVPHUFDQFtDV
(OSOD]RGHSHUPDQHQFLDGHODPDWHULDSULPD\ELHQHVLQWHUPHGLRVDGPLWLGRVWHPSRUDOPHQWHVHUiRWRUJDGRSRUOD
DGPLQLVWUDFLyQDGXDQHUDDUHTXHULPLHQWRGHODHPSUHVDDXWRUL]DGDSDUDRSHUDFLRQHV5,7(;SRUXQPi[LPRGH
FLHQWR RFKHQWD GtDV FRPSXWDEOHV D SDUWLU GH OD IHFKD GH DFHSWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV HQ
DGPLVLyQWHPSRUDOSDUDSHUIHFFLRQDPLHQWRDFWLYR
/D DGPLQLVWUDFLyQDGXDQHUD SURUURJDUiHOSOD]RDTXHVHUHILHUHHOSiUUDIRSUHFHGHQWHSRUFLHQWRRFKHQWD
GtDV D VROLFLWXG GHO LQWHUHVDGR (VWD VROLFLWXG GHEHUi HIHFWXDUVH FRQ XQD DQWLFLSDFLyQ QR PHQRU D GRV GtDV
KiELOHV DO YHQFLPLHQWR GHO SOD]R LQLFLDO GHELHQGR OD HPSUHVD DXWRUL]DGD SDUD RSHUDFLRQHV 5,7(; UHQRYDU ODV
JDUDQWtDV SRU HO PRQWR GH ORV WULEXWRV FRUUHVSRQGLHQWHV D OD PDWHULD SULPD \ ELHQHV LQWHUPHGLRV DGPLWLGRV
WHPSRUDOPHQWH \ QR UHH[SRUWDGRV DO PRPHQWR GH OD VROLFLWXG (O LQFXPSOLPLHQWR GH HVWH UHTXLVLWR GDUi OXJDU DO
UHFKD]RGHODLQGLFDGDVROLFLWXG
$UWtFXOR 0HUFDQFtDVQRUHH[SRUWDGDV
&XDQGR OD UHH[SRUWDFLyQ QR VH UHDOLFH SRU UD]RQHV MXVWLILFDGDV OD HPSUHVD DXWRUL]DGD SDUD RSHUDFLRQHV 5,7(;
GHEHUi FDPELDU GH UpJLPHQ DGXDQHUR D LPSRUWDFLyQ SDUD HO FRQVXPR FRQ HO SDJR GH ORV WULEXWRV DGXDQHURV GH
LPSRUWDFLyQ FRUUHVSRQGLHQWHV FDOFXODGRV D OD IHFKD GH DFHSWDFLyQ SRU OD $GXDQD 1DFLRQDO GH OD GHFODUDFLyQ GH
PHUFDQFtDVGHDGPLVLyQWHPSRUDO
6LODUHH[SRUWDFLyQQROOHJDUDDHIHFWXDUVHRQRVHSURGXMHUDHOFDPELRGHUpJLPHQKDVWDHOYHQFLPLHQWRGHOSOD]R
GHSHUPDQHQFLDRWRUJDGROD$GXDQD1DFLRQDOHMHUFLWDUiODVVLJXLHQWHVDFFLRQHVFRQWUDODHPSUHVDDXWRUL]DGD
D
E
6XVSHQVLyQGHODVRSHUDFLRQHVGHDGPLVLyQWHPSRUDOGHODHPSUHVDLQIUDFWRUD
(MHFXFLyQGHODV JDUDQWtDVHQFRQFHSWRGHWULEXWRVDGXDQHURVGH LPSRUWDFLyQLQWHUHVHV DFWXDOL]DFLyQ\
VDQFLRQHVFRUUHVSRQGLHQWHVDODRSHUDFLyQGHDGPLVLyQWHPSRUDOQRFDQFHODGD
,QLFLDFLyQGHORVSURFHVRVUHVSHFWLYRVSRUODFRPLVLyQGHLOtFLWRVDGXDQHURVVLFRUUHVSRQGH
(MHFXFLyQ GH PHGLGDV FDXWHODUHV HVWDEOHFLGDV HQ OD /H\ *HQHUDO GH $GXDQDV \ HO &yGLJR 7ULEXWDULR VL
FRUUHVSRQGH
$UWtFXOR &DQFHODFLyQGHODDGPLVLyQWHPSRUDO5,7(;
/DV RSHUDFLRQHV GH DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR VH FDQFHODUiQ WRWDO R SDUFLDOPHQWH FRQOD
SUHVHQWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQGHILQLWLYD5,7(;FRUUHVSRQGLHQWHHQODFXDOGHEHQ
FRQVWDUORV Q~PHURVGH ODVGHFODUDFLRQHVGHDGPLVLyQWHPSRUDOSDUDSHUIHFFLRQDPLHQWRDFWLYR TXHVHFDQFHODQ
FRQVLJQDQGR HO YDORU DJUHJDGR TXH VH DSOLFy D ODV PHUFDQFtDV GXUDQWH VX SHUPDQHQFLD HQ WHUULWRULR DGXDQHUR
QDFLRQDO
/DDGPLQLVWUDFLyQDGXDQHUDSRGUiUHDOL]DUODLQVSHFFLyQItVLFDRDIRURGHORVELHQHVILQDOHVGHUHH[SRUWDFLyQHQORV
TXH GHEHUiQ LQFOXLUVH ODV PHUFDQFtDV DGPLWLGDV WHPSRUDOPHQWH YHULILFDQGR OD FDQWLGDG HQ EDVH DO FRHILFLHQWH
WpFQLFRDSUREDGRSRUHO0LQLVWHULRGH&RPHUFLR([WHULRUH,QYHUVLyQ
/D DGPLQLVWUDFLyQ DGXDQHUD OOHYDUi HO UHJLVWUR GH ODV RSHUDFLRQHV UHDOL]DGDV EDMR HO UpJLPHQ DGXDQHUR GH
DGPLVLyQWHPSRUDO\HIHFWXDUiHOVHJXLPLHQWRFRUUHVSRQGLHQWH
$UWtFXOR &DQFHODFLyQGHODVJDUDQWtDV
/DDGPLQLVWUDFLyQDGXDQHUDFDQFHODUiODVJDUDQWtDVFRUUHVSRQGLHQWHVFXDQGRODUHH[SRUWDFLyQGHODVPHUFDQFtDV
HODERUDGDV\HOGHVFDUJRGHVREUDQWHVPHUPDV\GHVSHUGLFLRVGHPHUFDQFtDVDGPLWLGDVWHPSRUDOPHQWHFXEUDQ
ODWRWDOLGDGGHODPDWHULDSULPD\ELHQHVLQWHUPHGLRVDGPLWLGRVWHPSRUDOPHQWH
$UWtFXOR 'HVWLQRGHORVGHVSHUGLFLRV\VREUDQWHV
/RV VREUDQWHV SRGUiQ UHH[SRUWDUVH R DFRJHUVH DO UpJLPHQ GH LPSRUWDFLyQ SDUD HO FRQVXPR GHQWUR GHO SOD]R GH
SHUPDQHQFLDDXWRUL]DGRHQEDVHDOGRFXPHQWRTXHHVWDEOH]FDVXFDQWLGDGFDOLGDG\YDORUUHFRQRFLGRRHPLWLGR
SRUODDGPLQLVWUDFLyQDGXDQHUD
/RV GHVSHUGLFLRV GHEHUiQ GHVWUXLUVH R UHH[SRUWDUVH GHQWUR GHO SOD]R GH SHUPDQHQFLD DXWRUL]DGR SDUD ODV
PHUFDQFtDVEDMRUHVSRQVDELOLGDGGHODHPSUHVD5,7(;
$UWtFXOR 9DORUDJUHJDGRQDFLRQDO
(OYDORUDJUHJDGRQDFLRQDOLQFRUSRUDGRDODVPHUFDQFtDVUHH[SRUWDGDVWHQGUiQHOWUDWDPLHQWRWULEXWDULRSUHYLVWRHQ
ODV/H\HV \ VXVGHFUHWRVUHJODPHQWDULRV\GHPiVGLVSRVLFLRQHVOHJDOHVHVWDEOHFLGDVSDUDHOUpJLPHQ
DGXDQHURGHH[SRUWDFLyQGHILQLWLYD
$UWtFXOR 'HVSDFKRLQPHGLDWRGHPHWDOHVSUHFLRVRV
(VWi SHUPLWLGR EDMR OD PRGDOLGDG GH GHVSDFKR LQPHGLDWR HO LQJUHVR GH ORV PHWDOHV SUHFLRVRV TXH OOHJXHQ D XQ
DHURSXHUWR LQWHUQDFLRQDO FRPR HTXLSDMH DFRPSDxDGR SDUD VHU VRPHWLGRV DO UpJLPHQ DGXDQHUR GH DGPLVLyQ
WHPSRUDO GH PHUFDQFtDV SDUD SHUIHFFLRQDPLHQWR DFWLYR 5,7(; FRQ HO FXPSOLPLHQWR GH ODV IRUPDOLGDGHV
SUHYLVWDVHQHOSUHVHQWHUHJODPHQWR
/D UHH[SRUWDFLyQ GH HVWRV SURGXFWRV ILQDOHV SRGUi VHU UHDOL]DGD FRPR HTXLSDMH DFRPSDxDGR D WUDYpV GH ORV
DHURSXHUWRV LQWHUQDFLRQDOHV GHO SDtV SUHVHQWDQGR OD GHFODUDFLyQ GH PHUFDQFtDV TXH FRUUHVSRQGD \ HO
FXPSOLPLHQWRGHODVIRUPDOLGDGHVDGXDQHUDV
QLFDPHQWH SDUD OD LPSRUWDFLyQ GH PHWDOHV SUHFLRVRV R H[SRUWDFLyQ GH SURGXFWRV ILQDOHV FRPR HTXLSDMH
DFRPSDxDGRHOGHVSDFKDQWHGH$GXDQD\RHOFRQVLJQDQWHGHEHUiQFXPSOLUFRQWRGRVORVUHTXLVLWRVHVWDEOHFLGRV
HQ HVWH UHJODPHQWR H LQIRUPDU D OD DGPLQLVWUDFLyQ DGXDQHUD GHO DUULER R VDOLGD GH HVWDV PHUFDQFtDV FRQ XQD
DQWLFLSDFLyQGHKRUDV
&$378/29,,
5e*,0(1'(5(326,&,1'(0(5&$1&$6
$UWtFXOR $OFDQFH
(1)5$148,&,$$5$1&(/$5,$
0HGLDQWHHOUpJLPHQGHUHSRVLFLyQGHPHUFDQFtDVHQIUDQTXLFLDDUDQFHODULDODVSHUVRQDVQDWXUDOHVRMXUtGLFDVTXH
SUHYLDPHQWHKXELHUHQH[SRUWDGRIXHUDGHOSDtVSURGXFWRVHQORVTXHVHKDQXWLOL]DGRPHUFDQFtDVQDFLRQDOL]DGDV
WHQGUiQ GHUHFKR D OD REWHQFLyQ GHO &HUWLILFDGR GH 5HSRVLFLyQ RWRUJDGR SRU OD $GXDQD 1DFLRQDO &RQ HVWH
FHUWLILFDGR VH SRGUiQ LPSRUWDU OLEUH GH WULEXWRV DGXDQHURV PHUFDQFtDV HTXLYDOHQWHV LGpQWLFDV SRU VX HVSHFLH
FDOLGDGFDQWLGDG\FDUDFWHUtVWLFDVWpFQLFDV
3RGUiVHUREMHWRGHUHSRVLFLyQWRGDPHUFDQFtDH[WUDQMHUD QDFLRQDOL]DGDFRQVLVWHQWHHQPDWHULDSULPDHLQVXPRV
TXHVHLQFRUSRUHQHQIRUPDGLUHFWDHQHOSURFHVRGHWUDQVIRUPDFLyQRHODERUDFLyQGHXQELHQGHH[SRUWDFLyQFRQ
H[FHSFLyQGHODVPHUFDQFtDVVHxDODGDVHQHOSiUUDIRVHJXQGRGHODUWtFXOR GHOD/H\
$UWtFXOR &HUWLILFDGRGH5HSRVLFLyQ
(O&HUWLILFDGRGH5HSRVLFLyQHPLWLGRSRUODDGPLQLVWUDFLyQDGXDQHUDGHEHUiFRQWHQHUHOGHWDOOHGHODVPHUFDQFtDV
QDFLRQDOL]DGDVTXHIXHURQLQFRUSRUDGDVHQHOELHQH[SRUWDGRSDUDVXUHSRVLFLyQHQODPLVPDFDQWLGDGFDOLGDG\
GHPiV FDUDFWHUtVWLFDV WpFQLFDV (VWH FHUWLILFDGR QR DOFDQ]DUi OD UHSRVLFLyQ SDUD ORV UHVLGXRV GHVSHUGLFLRV \
VXESURGXFWRVFRQYDORUFRPHUFLDOVDOYRTXHORVPLVPRVVHDQH[SRUWDGRVSUHYLDDFUHGLWDFLyQGRFXPHQWDOGHQR
KDEHUVHREWHQLGRODGHYROXFLyQGHORVWULEXWRVDGXDQHURVSRUODH[SRUWDFLyQ
(O&HUWLILFDGRGH5HSRVLFLyQVHUiHPLWLGRSRUODDGPLQLVWUDFLyQDGXDQHUDGHQWURGHORVWUHLQWD GtDVGHUHFLELGD
ODVROLFLWXG\WHQGUiYLJHQFLDSRUHOSOD]RGHXQDxRDSDUWLUGHODIHFKDGHVXHPLVLyQSXGLHQGRVHUWUDQVIHULGRSRU
VLPSOHHQGRVR(VWHFHUWLILFDGRTXHGDUiFDQFHODGRSRUODUHSRVLFLyQWRWDORDOYHQFLPLHQWRGHVX YLJHQFLD
$UWtFXOR 3URFHGLPLHQWR
(IHFWXDGD OD LPSRUWDFLyQ GH OD PDWHULD SULPD R LQVXPRV \ XQD YH] LQFRUSRUDGDV HVWDV PHUFDQFtDV HQ XQ ELHQ
ILQDO GHEHUiQ VHU H[SRUWDGDV HQ HO SOD]R GH XQ DxR PHGLDQWH OD GHFODUDFLyQ GH PHUFDQFtDV GH H[SRUWDFLyQ
HVSHFLILFDQGRODDSOLFDFLyQGHOUpJLPHQGHUHSRVLFLyQGHPHUFDQFtDVHQIUDQTXLFLDDUDQFHODULD
(IHFWXDGD OD H[SRUWDFLyQ \ DQWHV GHO WpUPLQR GH XQ DxR HO H[SRUWDGRU VROLFLWDUi DQWH OD DGPLQLVWUDFLyQ
DGXDQHUD GRQGH VH LQLFLy HO WUiPLWH GH H[SRUWDFLyQ OD HPLVLyQ HQ VX IDYRU GH XQ FHUWLILFDGR GH UHSRVLFLyQ HQ
SURSRUFLyQ HTXLYDOHQWH D ODV PHUFDQFtDV TXH KDELHQGR VLGR QDFLRQDOL]DGDV IXHURQ LQFRUSRUDGDV HQ HO ELHQ ILQDO
H[SRUWDGR
&RQ HO FHUWLILFDGR GH UHSRVLFLyQ VH SRGUi LPSRUWDU HQ IRUPD WRWDO R SDUFLDO OLEUH GH WULEXWRV DGXDQHURV GH
LPSRUWDFLyQODVPHUFDQFtDVHTXLYDOHQWHVDODVTXHIXHURQLQLFLDOPHQWHQDFLRQDOL]DGDV\SUHYLDPHQWHH[SRUWDGDV
(QORVFDVRVGHUHSRVLFLyQSDUFLDOODDGPLQLVWUDFLyQDGXDQHUDKDUiFRQVWDU\OOHYDUiHOFRQWUROGHHVWHKHFKRHQHO
UHYHUVRGHOFHUWLILFDGR
/D $GXDQD 1DFLRQDO GHWHUPLQDUi ODV FRQGLFLRQHV QHFHVDULDV TXH GHEHUi FRQWHQHU OD GHFODUDFLyQ GH PHUFDQFtDV
GHH[SRUWDFLyQDFRJLGDVDpVWHUpJLPHQSDUDSHUPLWLUDODDGPLQLVWUDFLyQDGXDQHUDHOFRQWURODGHFXDGRVREUHOD
QDWXUDOH]D\ODFDQWLGDGGHODVPHUFDQFtDVREMHWRGHUHSRVLFLyQ
(O 0LQLVWHULRGH&RPHUFLR([WHULRUH,QYHUVLyQUHJODPHQWDUiORVDVSHFWRVFRPSOHPHQWDULRVSDUDOD DSOLFDFLyQGH
HVWHUpJLPHQ
&$378/29,,,
(;3257$&,17(0325$/3$5$3(5)(&&,21$0,(1723$6,92
$UWtFXOR 'HVSDFKRHQH[SRUWDFLyQWHPSRUDOSDUDSHUIHFFLRQDPLHQWRSDVLYR
(O GHVSDFKR DGXDQHUR VH IRUPDOL]DUi PHGLDQWH OD SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV GH H[SRUWDFLyQ
WHPSRUDOSDUDSHUIHFFLRQDPLHQWRSDVLYRDFRPSDxDGDGHODGRFXPHQWDFLyQH[LJLEOH
(OSOD]RPi[LPRSDUDODH[SRUWDFLyQWHPSRUDOVHUiGHFLHQWRRFKHQWD GtDVSURUURJDEOHSRULJXDOSOD]RSRU
UD]RQHVMXVWLILFDGDVDVROLFLWXGGHOLQWHUHVDGR
$UWtFXOR 5HLPSRUWDFLyQFRQYDORUDJUHJDGR
/D UHLPSRUWDFLyQ FRQ YDORU DJUHJDGR HV DSOLFDEOH D PiTXLQDV DSDUDWRV LQVWUXPHQWRV \ RWURV ELHQHV H[SRUWDGRV
WHPSRUDOPHQWHSDUDVXWUDQVIRUPDFLyQHODERUDFLyQUHSDUDFLyQRFRPSOHPHQWDFLyQHQHOH[WHULRURHQ ]RQDIUDQFD
LQGXVWULDO
'LFKDVPHUFDQFtDVDVXUHWRUQRDOSDtVVHVXMHWDUiQDOUpJLPHQGHLPSRUWDFLyQSDUDHOFRQVXPRFRQHOSDJRGH
WULEXWRV DGXDQHURV VREUH HO YDORU DJUHJDGR LQFRUSRUDGR HQ OD PHUFDQFtD \ TXH FRQVWH HQ OD IDFWXUD FRPHUFLDO
HPLWLGD HQ HO SDtV R ]RQD IUDQFD LQGXVWULDO GRQGH VH SURGXMR OD WUDQVIRUPDFLyQ HODERUDFLyQ UHSDUDFLyQ R
FRPSOHPHQWDFLyQ$HIHFWRVGHOFiOFXORGHODEDVHLPSRQLEOHVHFRQVLGHUDUiHQIRUPDSURSRUFLRQDOHOLPSRUWHTXH
FRUUHVSRQGDDOIOHWH\DOVHJXURUHVSHFWRGHOYDORUDJUHJDGR
/D PHUFDQFtD TXHUHWRUQHDOWHUULWRULRDGXDQHURQDFLRQDOFRQYDORUDJUHJDGRTXHQRLPSOLTXHWUDQVIRUPDFLyQVH
FODVLILFDUiHQODPLVPDVXESDUWLGDDUDQFHODULDVHxDODGDHQODGHFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQWHPSRUDO
/D PHUFDQFtD TXH UHWRUQH DO WHUULWRULR DGXDQHUR QDFLRQDO FRQ YDORU DJUHJDGR TXH LPSOLTXH XQD WUDQVIRUPDFLyQ
VXVWDQWLYDVHFODVLILFDUiHQODVXESDUWLGDDUDQFHODULDTXHOHFRUUHVSRQGDDODPHUFDQFtDWUDQVIRUPDGD
$UWtFXOR &DPELRGHUpJLPHQ
&XDQGRHOLQWHUHVDGRVROLFLWHHOFDPELRGHUpJLPHQGHH[SRUWDFLyQWHPSRUDODGHILQLWLYDRFXDQGRODUHLPSRUWDFLyQ
QRVHKXELHUHHIHFWXDGRHQHOSOD]RSUHYLVWRODDGPLQLVWUDFLyQDGXDQHUDSRGUiDXWRUL]DUHOFDPELRGHUpJLPHQD
H[SRUWDFLyQGHILQLWLYD
(Q HO FDVR GH YHQFLPLHQWR GH SOD]R VLQ TXH HO H[SRUWDGRU KD\D VROLFLWDGR FDPELR GH UpJLPHQ D H[SRUWDFLyQ
GHILQLWLYDRQRKD\DUHLPSRUWDGRHVWDRPLVLyQFRQVWLWXLUiFRQWUDYHQFLyQDGXDQHUD
$UWtFXOR 6DOLGDGHUHVHUYDVLQWHUQDFLRQDOHV
/DVDOLGDGHOWHUULWRULRDGXDQHURQDFLRQDOGHODVUHVHUYDVLQWHUQDFLRQDOHVFRQIRUPDGDVSRUGLYLVDVFRQYHUWLEOHV\
RUR HQ YLUWXG GH RSHUDFLRQHV HIHFWXDGDV SRU HO %DQFR &HQWUDO GH %ROLYLD FRQ RUJDQLVPRV ILQDQFLHURV
LQWHUQDFLRQDOHV \ RWUDV LQVWLWXFLRQHV GHO H[WHULRU GHULYDGDV GH VXV IXQFLRQHV GH EDQFD FHQWUDO R TXH VH UHDOLFHQ
SDUD IDFLOLWDU ODV RSHUDFLRQHV GH SDJR \ FUpGLWR GHEHUi UHDOL]DUVH FRQIRUPH D GLVSRVLFLRQHVOHJDOHVDSOLFDEOHV\
SUHYLDSUHVHQWDFLyQGHOD5HVROXFLyQGHO0LQLVWHULRGH+DFLHQGDTXHDXWRULFHWDORSHUDFLyQ
$UWtFXOR $OFDQFH
&$378/2,;
'(67,126$'8$1(526(63(&,$/(62'((;&(3&,1
5e*,0(1'(9,$-(526
3DUDHIHFWRVGHDSOLFDUODVIUDQTXLFLDVDWXULVWDVRYLDMHURVVHHVWDEOHFHFRPRSULQFLSLRJHQHUDOHOWUDWRLJXDOLWDULR
DQDFLRQDOHV\H[WUDQMHURV/D$GXDQD1DFLRQDOUHJODPHQWDUiORVFRQWUROHVDVHUDSOLFDGRVFRQEDVHDFULWHULRV
REMHWLYRV WDOHV FRPR GHFODUDFLyQ GHO SDVDMHUR GXUDFLyQ GHO YLDMH OD SHULRGLFLGDG FRQ TXH HO SDVDMHUR YLDMD \ OD
DFWLYLGDGTXHUHDOL]D
6H HQWHQGHUi SRU YLDMHUR R WXULVWD D OD SHUVRQD QDFLRQDO R H[WUDQMHUD TXH LQJUHVD WHPSRUDOPHQWH DO SDtV R TXH
UHJUHVDOXHJRGH KDEHUSHUPDQHFLGRWHPSRUDOPHQWHHQHOH[WUDQMHUR
7UDWiQGRVH GH YLDMHURV IUHFXHQWHV OD IUDQTXLFLD QR VHUi DSOLFDEOH FXDQGR KD\D WUDQVFXUULGR XQ SHULRGR PHQRU D
QRYHQWD GtDVGHVGHVX~OWLPRLQJUHVRDOSDtV
$UWtFXOR 'HFODUDFLyQMXUDGDGHHTXLSDMHDFRPSDxDGR
/DV HPSUHVDV TXH SUHVWDQ VHUYLFLRV GH WUDQVSRUWH LQWHUQDFLRQDO GH SDVDMHURV WLHQHQ OD REOLJDFLyQGH HQWUHJDUD
ORVSDVDMHURVFRQGHVWLQRD%ROLYLDOD'HFODUDFLyQ-XUDGDGH(TXLSDMH$FRPSDxDGRODFXDOGHEHUiVHUOOHQDGDSRU
FDGDSDVDMHURLQGLYLGXDORSRUJUXSRIDPLOLDU\SUHVHQWDGDDODDGPLQLVWUDFLyQDGXDQHUD
6HHQWHQGHUiSRUWUDQVSRUWHLQWHUQDFLRQDOGHSDVDMHURVDTXHOTXHKDELpQGRVHLQLFLDGRHQHOH[WUDQMHURFRQFOX\H
HQQXHVWURSDtV
$UWtFXOR )UDQTXLFLDVSDUDHTXLSDMHDFRPSDxDGR
6HSHUPLWLUiLQWURGXFLUVLQHOSDJRGHWULEXWRVDGXDQHURVFRPRHTXLSDMHDFRPSDxDGRORVVLJXLHQWHVELHQHV
D
E
F
3UHQGDVGHYHVWLU\HIHFWRVSHUVRQDOHVXVDGRV
/LEURVUHYLVWDVHLPSUHVRVGHWRGRFDUiFWHU\GRFXPHQWRVSXEOLFLWDULRVGHYLDMHURVGH QHJRFLRV
/RVDUWtFXORVGHXVR\FRQVXPRSHUVRQDOXVDGRVTXHVHGHWDOODQDFRQWLQXDFLyQ
8QDPiTXLQDIRWRJUiILFD
8QDILOPDGRUD\DFFHVRULRV
G
8QDFRPSXWDGRUDSRUWiWLO
8QDJUDEDGRUDUDGLRJUDEDGRUDRUDGLRUHFHSWRU
8QWHOpIRQRFHOXODU
$UWtFXORVSDUDGHSRUWHV
8QLQVWUXPHQWRPXVLFDOSRUWiWLO
&RFKHVSDUDQLxRVVLOODVGHUXHGDVSDUDLQYiOLGRV\GHPiVELHQHVGHXVRRUWRSpGLFRSHUVRQDO
+DVWDWUHV OLWURVGHEHELGDVDOFRKyOLFDV
+DVWDFLQFXHQWD FLJDUURVRTXLQLHQWRV JUDPRVGHWDEDFRSLFDGR
/RVDUWtFXORVQXHYRVGHHVWULFWRXVRRFRQVXPRSHUVRQDOVLQILQHVFRPHUFLDOHVKDVWDSRUXQYDORU)2%GH
XQPLOGyODUHVHVWDGRXQLGHQVHV 86 FRQODVVLJXLHQWHVOLPLWDFLRQHV
+DVWDFXDWURFLHQWRV FLJDUULOORV
&XDQGRHOYDORU)2%GHORVDUWtFXORVQXHYRVVREUHSDVHODIUDQTXLFLDGH XQPLOGyODUHVHVWDGRXQLGHQVHV
86 SHUR QR H[FHGD HO PRQWR GH GRV PLO GyODUHV HVWDGRXQLGHQVHV 86 HOH[FHGHQWH
VREUHODIUDQTXLFLDGHEHUiQDFLRQDOL]DUVHPHGLDQWHGHFODUDFLyQGHPHUFDQFtDVGHLPSRUWDFLyQSDUDHOFRQVXPRGH
PHQRUFXDQWtDFRQHOFRUUHVSRQGLHQWHSDJRGHWULEXWRVDGXDQHURV
(OHTXLSDMHDFRPSDxDGRGHHIHFWRVSHUVRQDOHVQXHYRVTXHH[FHGDQORVGRVPLOGyODUHVHVWDGRXQLGHQVHV
86 GHEHUiVHUQDFLRQDOL]DGRPHGLDQWHODSUHVHQWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDVGHLPSRUWDFLyQ
SDUDHOFRQVXPRFRQLQWHUYHQFLyQGH'HVSDFKDQWHGH$GXDQD
/DVSHUVRQDVGHOH[WHULRUTXHLQJUHVDQWHPSRUDOPHQWHDWHUULWRULRDGXDQHURQDFLRQDOFRQHOILQGHSDUWLFLSDUHQ
HYHQWRV FXOWXUDOHV FLHQWtILFRV GHSRUWLYRV X RWURV ILQHV GH UHFUHDFLyQ TXH VHDQ SDWURFLQDGDV SRU LQVWLWXFLRQHV
S~EOLFDVGHO(VWDGR%ROLYLDQRPLVLRQHVGLSORPiWLFDVXRUJDQLVPRVLQWHUQDFLRQDOHVDFUHGLWDGRVHQHOSDtVSRGUiQ
LQWHUQDU WHPSRUDOPHQWH PHUFDQFtDV GHVWLQDGDV D GLFKRV HYHQWRV GH DFXHUGR D OD QyPLQD \ GHVFULSFLyQ
H[SUHVDPHQWH VHxDODGD SRU OD HQWLGDG SDWURFLQDQWH \ EDMR VX JDUDQWtD \ UHVSRQVDELOLGDG SRU OD UHH[SRUWDFLyQ
(VWRVREMHWRVGHEHUiQVHUUHJLVWUDGRVHQHOUHVSHFWLYRSDVDSRUWHGHOYLDMHURSDUDHOFRQWURODGXDQHURFRQIRUPHDO
UHJODPHQWRTXHDOHIHFWRHVWDEOH]FDHO'LUHFWRULRGHOD$GXDQD1DFLRQDO
$UWtFXOR &RQWURODOHDWRULR
/D$GXDQD1DFLRQDOGHEHUiGLVSRQHUHQORVDHURSXHUWRVLQWHUQDFLRQDOHVGHVHxDOL]DFLRQHVYLVLEOHV\GLIHUHQFLDGDV
SDUDORVYLDMHURVTXHQRWLHQHQQDGDTXHGHFODUDURSDUDTXLHQHVSRUWHQPHUFDQFtDVVXMHWDVDOSDJRGHWULEXWRV
DGXDQHURV
/RV YLDMHURV TXH SUHVHQWHQ OD 'HFODUDFLyQ -XUDGD GH (TXLSDMH $FRPSDxDGR VLQ QDGD TXH GHFODUDU VHUiQ
VRPHWLGRVDXQVLVWHPDDOHDWRULRGHUHYLVLyQGHHTXLSDMHFRQXVRGHVHPiIRURVYHUGH\ URMR
4XLHQVHDVRUSUHQGLGRHQODRSFLyQQDGDTXHGHFODUDUFRQPHUFDQFtDVTXHH[FHGHQVXIUDQTXLFLDGHHTXLSDMH
GHYLDMHURVVHUiVXMHWRDSURFHVRSRULOtFLWRDGXDQHURFRQIRUPHDOSURFHGLPLHQWRHVWDEOHFLGRHQOD/H\
/RVYLDMHURVTXHSUHVHQWHQOD'HFODUDFLyQ-XUDGDGH(TXLSDMH$FRPSDxDGRFRQPHUFDQFtDVDVHUQDFLRQDOL]DGDV
GHEHUiQ VRPHWHU VX HTXLSDMH D UHYLVLyQ \ HQ IXQFLyQ DO YDORU GH ODV PLVPDV DFRJHUVH D OR GLVSXHVWR HQ HO
DUWtFXORSUHFHGHQWH
$UWtFXOR 9LDMHURVTXHDUULEHQSRURWURPHGLRGLVWLQWRGHODpUHR
/D$GXDQD1DFLRQDOHVWDEOHFHUiSURFHGLPLHQWRVGHUHYLVLyQ\FRQWURODOHDWRULRGHYLDMHURVTXHVRQWUDQVSRUWDGRV
SRUPHGLRVGHWUDQVSRUWHWHUUHVWUHVLQWHUQDFLRQDOHVXRWURVPHGLRVGLVWLQWRVGHODpUHR
$UWtFXOR PELWRGHDSOLFDFLyQ
0(1$-('20e67,&2
/RVFLXGDGDQRVEROLYLDQRVTXHUHWRUQHQDOSDtVHQORVWpUPLQRVHVWDEOHFLGRVSRUHOLQFLVRE GHO$UWtFXORGHOD
/H\ DVt FRPR ORV H[WUDQMHURV TXH LQJUHVHQ D %ROLYLD SDUD ILMDU VX UHVLGHQFLD SUHYLD SUHVHQWDFLyQ GH OD YLVD GH
REMHWRGHWHUPLQDGRWHQGUiQGHUHFKRDLQWHUQDUVXPHQDMHGRPpVWLFRXVDGROLEUHGHOSDJRGHWULEXWRVDGXDQHURV
GHLPSRUWDFLyQ
$UWtFXOR $OFDQFHGHODIUDQTXLFLDSDUDPHQDMHGRPpVWLFR
(O PHQDMH GRPpVWLFR QR HVWi VXMHWR DO SDJR GH WULEXWRV DGXDQHURV GH LPSRUWDFLyQ \ FRPSUHQGH ORV PXHEOHV
DSDUDWRV\DFFHVRULRVGHXWLOL]DFLyQQRUPDOHQXQDYLYLHQGDTXHFRUUHVSRQGHQDXQDXQLGDGIDPLOLDU(OYDORU)2%
Pi[LPR GHO PHQDMH GRPpVWLFR QR SRGUi VHU VXSHULRU D WUHLQWD \ FLQFR PLO GyODUHVHVWDGRXQLGHQVHV 86
1RVHFRQVLGHUDPHQDMHGRPpVWLFRORVYHKtFXORVDXWRPRWRUHV
$UWtFXOR 3OD]RSDUDODOOHJDGDGHOPHQDMHDOSDtV
/DOOHJDGDGHOPHQDMHGRPpVWLFRDOWHUULWRULRDGXDQHURQDFLRQDOVyORHVWDUiSHUPLWLGRSRUXQD~QLFDDGPLQLVWUDFLyQ
DGXDQHUDHQHOSOD]RFRPSUHQGLGRHQWUHXQ PHVDQWHV\KDVWDFXDWUR PHVHVGHVSXpVGHODIHFKDGHDUULER
GHVXSURSLHWDULRUHVSRQVDEOH
&XDQGR HO PHQDMH GRPpVWLFR OOHJXH D WHUULWRULR DGXDQHUR QDFLRQDO DQWHV GH TXH HO YLDMHUR \ VX JUXSR IDPLOLDU
UHWRUQHQDOSDtVHOPLVPRQRSRGUiGHVDGXDQL]DUVHKDVWDTXHHOFRQVLJQDWDULRSURSLHWDULRRVXDSRGHUDGROHJDO
VHDSHUVRQHDHIHFWRVGHWUDPLWDUODGHFODUDFLyQGHPHUFDQFtDGHLPSRUWDFLyQSDUDHOFRQVXPRFRQODIUDQTXLFLD
GHPHQDMHGRPpVWLFR
$UWtFXOR 'HFODUDFLyQ\FDUDFWHUtVWLFDVGHOPHQDMH
6yOR SRGUi DXWRUL]DUVH OD LQWURGXFFLyQ GH PHQDMH GRPpVWLFR SRU XQLGDG IDPLOLDU GHELHQGR HVWDU FRQVLJQDGD D
QRPEUHGHVXSURSLHWDULR
/D QDFLRQDOL]DFLyQ GHHVWDPHUFDQFtDGHEHUi UHDOL]DUVHFRQODSUHVHQWDFLyQGHODGHFODUDFLyQGHPHUFDQFtDVGH
LPSRUWDFLyQFRQLQWHUYHQFLyQGH'HVSDFKDQWHGH$GXDQDDSOLFDQGRODIUDQTXLFLDGHPHQDMHGRPpVWLFR
(1926'(3$48(7(63267$/(6<'(&255(6321'(1&,$
$UWtFXOR 7UiILFRSRVWDO\HQYtRVGHFRUUHVSRQGHQFLD
6HHQWLHQGHSRUHQYtRVGHFRUUHVSRQGHQFLDDOLQJUHVR\VDOLGDGHFDUWDVWDUMHWDVSRVWDOHVORVLPSUHVRVLQFOXVLYH
LPSUHVLRQHVUHOLHYH SDUDXVRGHFLHJRV\ORVHQYtRVIRQRSRVWDOHV(OLQJUHVRGHFRUUHVSRQGHQFLDDWUDYpVGHOD
(PSUHVDGH&RUUHRVGH%ROLYLD (&2%2/ QRHVWDUiVXMHWDDOFRQWUROKDELWXDOGHODDGPLQLVWUDFLyQDGXDQHUD
3RGUiQ VHUREMHWRGHLPSRUWDFLyQDWUDYpVGH(&2%2/OLEUHGHOSDJRGHWULEXWRVDGXDQHURVODVHQFRPLHQGDV
SRVWDOHV\ORVHQYtRVXUJHQWHV (06 GHILQLGRVSRUHO&RQYHQLRGHOD8QLyQ3RVWDO8QLYHUVDO 838 TXHUHTXLHUDQ
iJLOHQWUHJDDVXGHVWLQDWDULR
6H HQWLHQGH SRU HQFRPLHQGDV SRVWDOHV \ HQYtRV XUJHQWHV DTXHOORV TXH FRQWHQJDQ PHUFDQFtDV TXH QR VRQ
UHPLWLGRVSRUHPSUHVDVFRPHUFLDOHVFX\DLPSRUWDFLyQQRHVWpSURKLELGDRVRPHWLGDD DXWRUL]DFLyQSUHYLD\TXH
FXPSODQVLPXOWiQHDPHQWHORVVLJXLHQWHVUHTXLVLWRVSUHYLVWRVHQHO$FXHUGRGHOD8QLyQ3RVWDO8QLYHUVDO
D
E
F
G
4XHVXYDORUQRH[FHGDGHFLHQGyODUHVHVWDGRXQLGHQVHV 86
4XH VX SHVR QR H[FHGD GH GRV NLORJUDPRV HQ HO FDVR GH SDTXHWHV SRVWDOHV \ GH YHLQWH
NLORJUDPRVSDUDORVHQYtRVXUJHQWHV
4XH QR LQFOX\DQ PHUFDQFtDV VREUH ODV FXDOHV H[LVWDQ UHVWULFFLRQHV OHJDOHV R DGPLQLVWUDWLYDV SDUD VX
LPSRUWDFLyQ
4XH VXV PHGLGDV QR VXSHUHQ XQ PHWUR FRQ FLQFXHQWD FHQWtPHWURV PW HQ FXDOTXLHUD GH VXV
GLPHQVLRQHV QL GH WUHV PHWURV PW OD VXPD GH OD ORQJLWXG \ HO PD\RU FRQWRUQR WRPDQGR HQ VHQWLGR
GLIHUHQWHDOGHODORQJLWXGFXDQGRVHWUDWHGHSDTXHWHVSRVWDOHV
/DV ODERUHV GH UHFHSFLyQ UHPLVLyQ \ HQWUHJD GH LPSRUWDFLRQHV GH HQFRPLHQGDV SRVWDOHV \ HQYtRV XUJHQWHV D
WUDYpV GH (&2%2/ VH UHDOL]DUi XWLOL]DQGR ORV IRUPXODULRV GH GHFODUDFLyQ HVSHFLDO GH OD $GXDQD DSOLFDEOH D ORV
HQYtRVSRVWDOHV &1 HVWDEOHFLGRHQHO$FXHUGRGHOD838
/DVHQFRPLHQGDVSRVWDOHV\HQYtRVXUJHQWHVTXHH[FHGDQWDOHVOtPLWHVVHUiQVRPHWLGRVDOUpJLPHQGHLPSRUWDFLyQ
SDUDHOFRQVXPR
$UWtFXOR (QFRPLHQGDVSRVWDOHV\HQYtRVXUJHQWHV
/DVHQFRPLHQGDVSRVWDOHV\HQYtRVXUJHQWHVDWUDYpVGH(&2%2/FRQXQYDORU)2%PD\RUDFLHQGyODUHV
HVWDGRXQLGHQVHV 86 \ QR VXSHULRU D XQ YDORU )2% GH XQ PLO GyODUHV HVWDGRXQLGHQVHV 86
\ XQ SHVR QR VXSHULRU D FXDUHQWD NLORJUDPRV VHUiQ REMHWR GH XQD QRWLILFDFLyQ DO GHVWLQDWDULR
PHGLDQWH HO $YLVR GH &RUUHRV \ QDFLRQDOL]DGRV GLUHFWDPHQWH HQ OD $GXDQD 3RVWDO FRUUHVSRQGLHQWH SRU HO
GHVWLQDWDULRPHGLDQWHODGHFODUDFLyQGHPHUFDQFtDVGHPHQRUFXDQWtD\VXMHWRVDFRQWURODOHDWRULR
/DVHQFRPLHQGDVSRVWDOHV\HQYtRVXUJHQWHVTXHH[FHGDQORVOLPLWHVHVWDEOHFLGRVHQHOSUHVHQWHDUWtFXORGHEHUiQ
VHUQDFLRQDOL]DGDVDWUDYpVGH'HVSDFKDQWHGH$GXDQD
$UWtFXOR (QYtRVGHVRFRUUR
&RQVWLWX\HQHQYtRVGHVRFRUURODVPHUFDQFtDVTXHLQJUHVDQDOSDtVFRPRDX[LOLRSDUDGDPQLILFDGRVGHFDWiVWURIHV
VLQLHVWURV \ HSLGHPLDV SDUD VX GLVWULEXFLyQ JUDWXLWD /D DGPLQLVWUDFLyQ DGXDQHUD GHEHUi HPLWLU XQD UHVROXFLyQ
DGPLQLVWUDWLYDTXHGHWDOOHODPHUFDQFtDLQWHUQDGD\HOGHVWLQRGHHOOD
/RVHQYtRVGHVRFRUURGHEHQYHQLUFRQVLJQDGDVDLQVWLWXFLRQHVS~EOLFDVRLQVWLWXFLRQHVSULYDGDVGHEHQHILFHQFLD
GHELGDPHQWHDFUHGLWDGDV
'LFKRV HQYtRV VHUiQ LQWHUQDGRV VLQ UHTXHULU GHFODUDFLyQ GH PHUFDQFtDV \ VX GHVSDFKR VH HIHFWXDUi FRQ OD VROD
SUHVHQWDFLyQGHGRFXPHQWRVGHRULJHQOLPLWiQGRVHHOFRQWUROGHODDGPLQLVWUDFLyQDGXDQHUDDOPtQLPRQHFHVDULR
7UDWiQGRVHGHHTXLSRVDSDUDWRVLQVWUXPHQWRV\PDWHULDOHVGHVWLQDGRVDRSHUDFLRQHVGHDX[LOLRTXHLQJUHVHQHQ
DGPLVLyQWHPSRUDOQRVHH[LJLUiGHFODUDFLyQ\SRGUiQSHUPDQHFHUHQHOSDtVSRUHOWLHPSRQHFHVDULRTXHGXUHOD
HPHUJHQFLD
(035(6$6'(6(59,&,2(;35(62
$UWtFXOR (PSUHVDVGHVHUYLFLRH[SUHVR
3DUDHIHFWRVGHOSUHVHQWHUHJODPHQWRVHHQWHQGHUi
D
E
F
3RUHPSUHVDVGHVHUYLFLRH[SUHVRDODVSHUVRQDVMXUtGLFDVOHJDOPHQWHHVWDEOHFLGDVFX\RJLURRDFWLYLGDG
SULQFLSDOHVODSUHVWDFLyQGHVHUYLFLRVGHWUDQVSRUWHLQWHUQDFLRQDOH[SUHVRDWHUFHURVGHFRUUHVSRQGHQFLD
GRFXPHQWRV\HQYtRVXUJHQWHVGHPHUFDQFtDVTXHUHTXLHUDQGHWUDVODGR\GLVSRVLFLyQLQPHGLDWDSRUSDUWH
GHOGHVWLQDWDULR
3RUGRFXPHQWRVFXDOTXLHUPHQVDMHLQIRUPDFLyQRGDWRVHQYLDGRVDWUDYpVGHSDSHOHVFDUWDVIRWRJUDItDV
RDWUDYpVGHPHGLRVPDJQpWLFRVRHOHFWURPDJQpWLFRVGHtQGROHEDQFDULD FRPHUFLDOMXGLFLDOGHVHJXURV
GHSUHQVDFDWiORJRVHQWUHRWURVH[FHSWRVRIWZDUH
3RUHQYtRVXUJHQWHVWRGDPHUFDQFtDTXHUHTXLHUHGHXQGHVSDFKRH[SUHVRVXMHWDDODVUHJXODFLRQHVGHO
SUHVHQWHUHJODPHQWR\ODVTXHHVWDEOH]FDOD$GXDQD1DFLRQDO
$UWtFXOR $XWRUL]DFLyQ\UHJLVWUR
/DV HPSUHVDV GH VHUYLFLR H[SUHVR GHEHUiQ REWHQHU OLFHQFLD GH RSHUDFLyQ GHO 9LFHPLQLVWHULR GH 7UDQVSRUWHV
&RPXQLFDFLRQHV\$HURQiXWLFD&LYLODVtFRPRLQVFULELUVH\FRQVWLWXLUJDUDQWtDDQWH OD$GXDQD1DFLRQDOEDMRODV
PRGDOLGDGHV\FRQGLFLRQHVTXHpVWDHVWDEOH]FD
$UWtFXOR (QYtRVXUJHQWHV
3RGUiQ VRPHWHUVH D WUDWDPLHQWR H[SUHVR ORV HQYtRV XUJHQWHV FRQ XQ YDORU )2% PHQRU R LJXDO D XQ PLO
GyODUHVHVWDGRXQLGHQVHV 86 \XQSHVRLJXDORPHQRUDFXDUHQWD NLORJUDPRV
7RGRV ORV SDTXHWHV \ HQYtRV XUJHQWHV GHEHUiQ HVWDU URWXODGRV FRQ OD LQGLFDFLyQ GHO QRPEUH \ GLUHFFLyQ GHO
UHPLWHQWH QRPEUH GH OD (PSUHVD GH 6HUYLFLR ([SUHVR QRPEUH \ GLUHFFLyQ GHO FRQVLJQDWDULR GHVFULSFLyQ \
FDQWLGDGGHODVPHUFDQFtDVYDORUH[SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV\VXSHVREUXWRH[SUHVDGRHQNLORV
$UWtFXOR 5HVSRQVDELOLGDGGHOD(PSUHVDGH6HUYLFLR([SUHVR
6HUi UHVSRQVDELOLGDG GH OD (PSUHVD GH 6HUYLFLR ([SUHVR GLIHUHQFLDU DTXHOORV HQYtRV XUJHQWHV TXH UHTXLHUDQ
DXWRUL]DFLRQHV FHUWLILFDFLRQHV R LQWHUYHQFLyQ SUHYLD GH DOJ~Q RUJDQLVPR QDFLRQDO RWRUJiQGROHV XQ WUiPLWH SRU
VHSDUDGR
/DVHPSUHVDVGHVHUYLFLRH[SUHVRGHEHUiQVHSDUDUHQVDFDVGHFRORUYHUGHODFRUUHVSRQGHQFLDHQVDFDVGHFRORU
URMR ORV HQYtRV XUJHQWHV \ HQ VDFDV GH FRORU D]XO ORV HQYtRV XUJHQWHV GH UHSUHVHQWDFLRQHV GLSORPiWLFDV \
RUJDQLVPRVLQWHUQDFLRQDOHVDFUHGLWDGRVHQHOSDtV
/DVHPSUHVDVGHVHUYLFLRH[SUHVRVRQUHVSRQVDEOHVGHFRQVLJQDUHQHOPDQLILHVWRH[SUHVRHOYDORUWRWDOGHOSRUWH
RIOHWHSDJDGRDVtFRPRGHOYDORUGHFODUDGRGHODVPHUFDQFtDVWUDQVSRUWDGDV
$GHPiVVRQUHVSRQVDEOHVGHODVVLJXLHQWHVRSHUDFLRQHV
D
E
F
3UHVHQWDFLyQ \ HQWUHJD DQWH ODDGPLQLVWUDFLyQDGXDQHUDGHORVEXOWRVWUDQVSRUWDGRVPHGLDQWHPDQLILHVWR
H[SUHVR
5HVSRQGHUDQWHODDGPLQLVWUDFLyQDGXDQHUDSRUORVWULEXWRVDGXDQHURVTXHFRUUHVSRQGDQFXDQGRVHWUDWHQ
GHPHUFDQFtDVVXMHWDVDGLFKRSDJR
5HVSRQGHU DQWH OD DGPLQLVWUDFLyQ DGXDQHUD SRU FXDOTXLHU GLIHUHQFLD TXH VH SURGX]FD HQ FDQWLGDG
QDWXUDOH]D\YDORUGHODVPHUFDQFtDVGHFODUDGDVUHVSHFWRGHORHIHFWLYDPHQWHDUULEDGRRHPEDUFDGR
$UWtFXOR 0DQLILHVWRH[SUHVR
(VHOGRFXPHQWRTXHFRQWLHQHODLQGLYLGXDOL]DFLyQGHFDGDXQDGHODVJXtDVGHVHUYLFLRH[SUHVRPHGLDQWHHOFXDO
ODVPHUFDQFtDVVHSUHVHQWDQ\HQWUHJDQDODDGPLQLVWUDFLyQDGXDQHUDDILQGHDFFHGHUDOWUDWDPLHQWRH[SUHVR
(O PDQLILHVWR H[SUHVR SRGUi VHU SUHVHQWDGR HQ IRUPD PDQXDO R YtD HOHFWUyQLFD SXGLHQGR DFHSWDUVH VX
SUHVHQWDFLyQ DQWH OD DGPLQLVWUDFLyQ DGXDQHUD HQ IRUPDDQWLFLSDGD\VHUVXVFULWRSRUHOUHSUHVHQWDQWH DXWRUL]DGR
GHOD(PSUHVDGH6HUYLFLR$pUHR([SUHVR
$UWtFXOR *XtDGHVHUYLFLRH[SUHVR
(V HO GRFXPHQWR TXH GD FXHQWD GHO FRQWUDWR HQWUH HO H[SHGLGRU \ OD (PSUHVD GH 6HUYLFLR ([SUHVR \ GHEH
HVSHFLILFDUGHWDOODGDPHQWH HOFRQWHQLGRGHFDGDXQRGHORVEXOWRVTXHDPSDUDHOYDORU)2%GHODPHUFDQFtDHO
FRVWRGHWUDQVSRUWH\ODSULPDGHOVHJXUR\GHPiVGDWRVTXHORLQGLYLGXDOLFHQ
$UWtFXOR 'HVSDFKRGHGRFXPHQWRV
/RVGRFXPHQWRVSXHGHQGHVSDFKDUVHGLUHFWDPHQWHFRQ ODSUHVHQWDFLyQGHODJXtDGHVHUYLFLRH[SUHVRVLQHOSDJR
GHORVWULEXWRVDGXDQHURV\SUHYLDDXWRUL]DFLyQGHODDGPLQLVWUDFLyQDGXDQHUD
$UWtFXOR 'HVSDFKRGHHQYtRVXUJHQWHV
(QIRUPDDQWLFLSDGDRDODUULERGHODVPHUFDQFtDVDWHUULWRULRDGXDQHUR QDFLRQDOOD(PSUHVDGH6HUYLFLR([SUHVR
GHEHUiSUHVHQWDUDQWHODDGPLQLVWUDFLyQDGXDQHUDGHGHVWLQRHOPDQLILHVWRH[SUHVR
8QD YH] DUULEDGRV ORV EXOWRV GHEHUiQ VHU HQWUHJDGRV GH LQPHGLDWR D OD DGPLQLVWUDFLyQ DGXDQHUD SDUD VX
UHFRQRFLPLHQWR(QFDVRGHH[LVWLUGLIHUHQFLDVHQWUHORUHFLELGR\ORPDQLIHVWDGROD(PSUHVDGH6HUYLFLR([SUHVR
SRGUiDFODUDUORVPDQLILHVWRVGHQWURGHOSOD]RGHFLQFR GtDVGHDUULEDGDODPHUFDQFtD
(O GHVSDFKR DGXDQHUR GH HQYtRV XUJHQWHV VH HIHFWXDUi D WUDYpV GH XQD GHFODUDFLyQ GH PHUFDQFtDV SDUD
LPSRUWDFLyQDFRQVXPRGHPHQRUFXDQWtDFRQHOSDJRLQPHGLDWRGHORVWULEXWRVDGXDQHURVSXGLHQGRVHUVXVFULWD
SRUHOUHSUHVHQWDQWHGHOD(PSUHVDGH6HUYLFLR([SUHVR
/DVPHUFDQFtDVTXHVXSHUHQHOYDORU)2%GHXQPLOGyODUHVHVWDGRXQLGHQVHV 86 RHOSHVRGH
FXDUHQWD NLORJUDPRV GHEHUiQ DFRJHUVH DO UpJLPHQ GH LPSRUWDFLyQ SDUD HO FRQVXPR FRQ LQWHUYHQFLyQ GH
'HVSDFKDQWHGH$GXDQD
/DV PHUFDQFtDV VXMHWDV D DXWRUL]DFLyQ SUHYLD DQWHV GH VX QDFLRQDOL]DFLyQ VHUiQ UHWHQLGDV SRU OD DGPLQLVWUDFLyQ
DGXDQHUDKDVWDHOPRPHQWRHQTXHFXHQWHQFRQODDXWRUL]DFLyQUHVSHFWLYDGHORUJDQLVPRFRPSHWHQWH
$UWtFXOR )RUPDOLGDGHVHQHQYtRVXUJHQWHV
/RVHQYtRVXUJHQWHVGHEHUiQSUHVHQWDUVHVHOODGRV\DGHPiVGHEHUiQFRQWHQHUXQDHWLTXHWDTXHFRQVLJQHFRPR
PtQLPRODVLJXLHQWHLQIRUPDFLyQ
D
1RPEUH\GLUHFFLyQGHOH[SHGLGRU
1RPEUH\GLUHFFLyQGHOFRQVLJQDWDULR
E
G
H
I
1RPEUHGHOD(PSUHVDGH6HUYLFLR$pUHR([SUHVR
'HVFULSFLyQ\FDQWLGDGGHODVPHUFDQFtDVTXHFRQWLHQH
9DORU)2%GHODVPHUFDQFtDVH[SUHVDGRHQGyODUHVHVWDGRXQLGHQVHV
3HVRGHOEXOWRH[SUHVDGRHQNLORVEUXWRV
$UWtFXOR $OPDFHQDPLHQWR
/DVPHUFDQFtDVLQWURGXFLGDVDOSDtVEDMRODPRGDOLGDGGHHQYtRVXUJHQWHVSRGUiQSHUPDQHFHUDOPDFHQDGDVHQ
GHSyVLWRWHPSRUDO
$UWtFXOR PELWRGHDSOLFDFLyQ
&$%27$-(
&DERWDMHHVHOUpJLPHQDGXDQHURTXHUHJXODHOWUDQVSRUWHGHPHUFDQFtDVEDMRFRQWURODGXDQHURFX\DFLUFXODFLyQ
HVWpUHVWULQJLGDSRUDJXDRSRUDLUHHQWUHGRV SXHUWRVRDHURSXHUWRVKDELOLWDGRVGHQWURGHOWHUULWRULRDGXDQHUR
QDFLRQDO
/D $GXDQD 1DFLRQDOGLVSRQGUiTXHHVWHUpJLPHQVHDSOLTXHVyORDWUD\HFWRVUHDOL]DGRVGHQWURGHFLHUWRVOtPLWHV
JHRJUiILFRVSUHFLVRV$VLPLVPRGHWHUPLQDUiORVOXJDUHVHQGRQGHVHDXWRUL]DODFDUJD\GHVFDUJDGHPHUFDQFtDV
HQUpJLPHQGHFDERWDMHDVtFRPRORVGtDV\KRUDVHQTXHHVWDVRSHUDFLRQHVSXHGHQHIHFWXDUVH
$UWtFXOR (PSUHVDVDXWRUL]DGDVSDUDUHDOL]DUFDERWDMHV
/DV RSHUDFLRQHV GH FDERWDMH GHEHUiQ UHDOL]DUVH SRU ODV HPSUHVDV WUDQVSRUWDGRUDV TXH VH HQFXHQWUHQ
GHELGDPHQWH DXWRUL]DGDV SRU HO 0LQLVWHULR GH 'HIHQVD R HO 9LFHPLQLVWHULR GH 7UDQVSRUWHV &RPXQLFDFLRQHV \
$HURQiXWLFD&LYLO\UHJLVWUDGDVHQOD$GXDQD1DFLRQDO
$UWtFXOR *DUDQWtDHQHOFDERWDMH
(O WUDQVSRUWDGRU GHEHUi FRQVWLWXLU DQWH OD $GXDQD 1DFLRQDO XQD JDUDQWtD JOREDO QR PHQRU D GLH] PLO GyODUHV
HVWDGRXQLGHQVHV
$UWtFXOR 3URFHGLPLHQWR
(O SURFHGLPLHQWR SDUD HO UpJLPHQ GH FDERWDMH VH VXMHWDUi D ODV QRUPDV FRPSOHPHQWDULDV TXH DO HIHFWR GLFWH OD
$GXDQD1DFLRQDO
$UWtFXOR $OFDQFH
7,(1'$6/,%5(6'(75,%8726 '87<)5((6+236
/DV WLHQGDV OLEUHV GH WULEXWRV H[KLELUiQ \ YHQGHUiQ PHUFDQFtDV QDFLRQDOHV R H[WUDQMHUDV VXVFHSWLEOHV GH VHU
SRUWDGDV SRU HO YLDMHUR LQWHUQDFLRQDO TXH VDOH GHO SDtV GH DFXHUGR DO SUHVHQWH UHJODPHQWR \ ODV FRQGLFLRQHV
WpFQLFDV\GHVHJXULGDGTXHODDXWRULGDGDGXDQHUDGHWHUPLQHSDUDHODGHFXDGRFRQWURO
/RV OLFRUHV EHELGDV DOFRKyOLFDV \ FLJDUULOORV QDFLRQDOHV OOHYDUiQ HQ VX HQYDVH XQD HWLTXHWD R PDUEHWH FRQ OD
VLJXLHQWHOH\HQGD H[FOXVLYRSDUDH[SRUWDFLyQSURKLELGDVXYHQWD\FRQVXPRHQ%ROLYLD
3RU QLQJ~Q PRWLYR HVWDV PHUFDQFtDV SRGUiQ VHU H[KLELGDV QL YHQGLGDV IXHUD GH OD ]RQD GH VDOLGD GH SDVDMHURV
LQWHUQDFLRQDOHVGHORVDHURSXHUWRVFDVRFRQWUDULRORVUHVSRQVDEOHVVHUiQVXMHWRVGHSURFHVRSHQDODGXDQHURSRU
GHOLWRGHFRQWUDEDQGR
$UWtFXOR $XWRUL]DFLyQ
/D $GXDQD 1DFLRQDO DXWRUL]DUi HO IXQFLRQDPLHQWR GH ODV WLHQGDV OLEUHV GH WULEXWRV HQ ORV DHURSXHUWRV
LQWHUQDFLRQDOHV R D ERUGR GH DHURQDYHV SDUD OD YHQWDV GH PHUFDQFtDV D SDVDMHURV HQ WUiQVLWR LQWHUQDFLRQDO RD
YLDMHURVQDFLRQDOHVRH[WUDQMHURVTXHVDOHQGHOSDtV
/DV DXWRUL]DFLRQHV VHUiQ FRQFHGLGDV SRU OD $GXDQD 1DFLRQDO SRU HO SOD]R GH XQ DxR UHQRYDEOHV SRU SHUtRGRV
DQXDOHVFRQHOFXPSOLPLHQWRGHORVVLJXLHQWHVUHTXLVLWRV
D
E
F
&RQWUDWR GH DUUHQGDPLHQWR GH ORV HVSDFLRV GRQGH IXQFLRQDUi OD WLHQGD OLEUH VXVFULWR FRQ 6HUYLFLRV
$HURSRUWXDULRVGH%ROLYLD6$ 6$%6$ HPSUHVDFRQFHVLRQDULDGHOD$GPLQLVWUDFLyQGHORV$HURSXHUWRV
GH%ROLYLD
%ROHWDGHJDUDQWtDEDQFDULDSRUHOLPSRUWHHTXLYDOHQWHDORVWULEXWRVDGXDQHURVGHLPSRUWDFLyQHVWLPDGRV
SDUDODJHVWLyQRWRPDQGRHQFXHQWDODVDGPLVLRQHVWHPSRUDOHVGHODJHVWLyQDQWHULRU
'RFXPHQWRGH&RQVWLWXFLyQGH6RFLHGDG\PDWUtFXODGHLQVFULSFLyQHQHO6HUYLFLR1DFLRQDO GH5HJLVWURGH
&RPHUFLR 6(1$5(&
G
H
I
J
&HUWLILFDGRGHLQVFULSFLyQHQHO5HJLVWURQLFRGH&RQWULEX\HQWHV 58&
,QH[LVWHQFLD GH FDUJRV SHQGLHQWHV FRQ HO (VWDGR HVWDEOHFLGDV FRQ UHVROXFLRQHV MXGLFLDOHV R
DGPLQLVWUDWLYDV HMHFXWRULDGDV OR TXH VH DFUHGLWDUi PHGLDQWH ODV FHUWLILFDFLRQHV H[WHQGLGDV SRU OD
&RQWUDORUtD*HQHUDOGHOD5HS~EOLFD\ORVWULEXQDOHVFRPSHWHQWHVGHO'LVWULWR-XGLFLDOTXHFRUUHVSRQGD
,QVWDODFLyQ GH 0DTXLQDV UHJLVWUDGRUDV \ HTXLSRV SDUD HO UHJLVWUR \ SURFHVDPLHQWR \ FRQWURO GH ODV
RSHUDFLRQHVGHDFXHUGRDODVHVSHFLILFDFLRQHVWpFQLFDVTXHDOHIHFWRHPLWDOD$GXDQD1DFLRQDO
,QYHQWDULRV %DODQFH ,QLFLDO GH *HVWLyQ \ %DODQFH GH FLHUUH GH JHVWLyQ SDUD HO FDVR GH UHQRYDFLyQ GH OD
DXWRUL]DFLyQHLQYHQWDULRILQDO
$UWtFXOR *DUDQWtDV\UHVSRQVDELOLGDG
/RV WLWXODUHV GH ODV WLHQGDV OLEUHV GH WULEXWRV GHEHUiQ FRQVWLWXLU XQD EROHWD GH JDUDQWtD EDQFDULD D IDYRU GH OD
$GXDQD1DFLRQDOSDUDDVHJXUDUHOFXPSOLPLHQWRGHODVREOLJDFLRQHVFRQWHPSODGDVHQHOSUHVHQWHUHJODPHQWR\HO
SDJRGHORVWULEXWRVDGXDQHURV\RVDQFLRQHVDTXHKXELHUHOXJDU
/DVWLHQGDVOLEUHVGHWULEXWRVVHUiQUHVSRQVDEOHVDQWHOD$GXDQD1DFLRQDOSRUHOSDJRGHORVWULEXWRVDGXDQHURV
GHODVPHUFDQFtDVVXVWUDtGDVRSHUGLGDVHQVXVGHSHQGHQFLDV
$UWtFXOR 0HUFDQFtDVQDFLRQDOHV
/D LQWURGXFFLyQ GH PHUFDQFtDV GH RULJHQ QDFLRQDO D WLHQGDV OLEUHV VH UHDOL]DUi D WUDYpV GH XQD GHFODUDFLyQ GH
LQJUHVR 3DUD OD IRUPDOL]DFLyQ GH OD H[SRUWDFLyQ GHILQLWLYD ODV WLHQGDV OLEUHV SUHVHQWDUiQ D OD DGPLQLVWUDFLyQ
DGXDQHUD GH DHURSXHUWR OD UHVSHFWLYD GHFODUDFLyQ GH PHUFDQFtDV GH H[SRUWDFLyQ GH DFXHUGR D OD /H\ \ HO
SUHVHQWHUHJODPHQWRHQIRUPDWULPHVWUDOSRUHOWRWDOGHODVPHUFDQFtDVQDFLRQDOHVYHQGLGDVHQGLFKRSHUtRGR
$UWtFXOR 0HUFDQFtDVH[WUDQMHUDV
/DVPHUFDQFtDVH[WUDQMHUDVGHEHUiQHVWDUPDQLIHVWDGDVGHVGHRULJHQDODDGPLQLVWUDFLyQDGXDQHUDGHDHURSXHUWR
GRQGH VH HQFXHQWUH XELFDGD OD WLHQGD OLEUH \ FRQVLJQDGD D pVWD /DV PHUFDQFtDV GHEHUiQ VHU UHWLUDGDV GH
GHSyVLWR DGXDQHUR PHGLDQWH GHFODUDFLyQ GH PHUFDQFtDV GH DGPLVLyQ WHPSRUDO SDUD UHH[SRUWDFLyQ HQ HO PLVPR
HVWDGREDMRHOFXDOSRGUiQSHUPDQHFHUSRUHOSOD]RPi[LPRGHXQ DxR
6HSURKtEHODUHH[SRUWDFLyQDOH[WHULRURD]RQDVIUDQFDVLQGXVWULDOHVRFRPHUFLDOHVGHPHUFDQFtDVLQWHUQDGDVSRU
ODVWLHQGDVOLEUHVGHWULEXWRV
(QWRGRORGHPiVVHUHJLUiQSRUORGLVSXHVWRHQHOUpJLPHQGHDGPLVLyQWHPSRUDOSDUDUHH[SRUWDFLyQHQHOPLVPR
HVWDGR
$UWtFXOR 9HQWDVHQWLHQGDVOLEUHVGHWULEXWRV
/DV YHQWDV GH PHUFDQFtD QDFLRQDO R H[WUDQMHUD TXH VH UHDOLFHQ GHEHUiQFRQVWDUHQIDFWXUDVFRPHUFLDOHVTXHVH
H[WHQGHUiQ HQ FXDWUR HMHPSODUHV HQ ODV FXDOHV VH FRQVLJQDUiQ HO QRPEUH GH OD FRPSDxtD GH DYLDFLyQ HO
QRPEUHGHOSDVDMHURHOQ~PHURGHOSDVDSRUWHORVDUWtFXORVYHQGLGRV\VXSUHFLR(VWDVIDFWXUDVVHGLVWULEXLUiQHQ
ODVLJXLHQWHIRUPD
(O RULJLQDO SDUD OD DGPLQLVWUDFLyQ DGXDQHUD GH DHURSXHUWR TXH VHUi HQWUHJDGR LQPHGLDWDPHQWH GHVSXpV GH OD
VDOLGDGHFDGDYXHORODSULPHUDFRSLDSDUDODWLHQGDYHQGHGRUDGHODPHUFDQFtDVHJXQGDFRSLDSDUDHOFRPSUDGRU
\WHUFHUDFRSLDTXHVHDGMXQWDUiDODGHFODUDFLyQGHPHUFDQFtDVGHUHH[SRUWDFLyQRGHH[SRUWDFLyQGHILQLWLYDSDUD
FRQWUROGHVDOLGD
$ ORV HIHFWRV GHO UHVSHFWLYR FRQWURO DGXDQHUR HV LPSUHVFLQGLEOH TXH ODV PHQFLRQDGDV GHFODUDFLRQHV GH
PHUFDQFtDVHVWpQGHELGDPHQWHDPSDUDGDVSRUODVFRUUHVSRQGLHQWHVIDFWXUDVFRPHUFLDOHV
/D$GXDQD1DFLRQDOHQEDVHDODVGLVSRVLFLRQHVOHJDOHVYLJHQWHVDODIHFKDGHHPLVLyQGHOSUHVHQWHUHJODPHQWR
HPLWLUiXQLQVWUXFWLYRFRPSOHPHQWDULRSDUDHOIXQFLRQDPLHQWRGHODVWLHQGDVOLEUHV
)(5,$6,17(51$&,21$/(6<08(675$6
$UWtFXOR $GPLVLyQWHPSRUDOGHPHUFDQFtDVFRQGHVWLQRDIHULDVLQWHUQDFLRQDOHV
&RQGHVWLQRDIHULDVLQWHUQDFLRQDOHVODDGPLQLVWUDFLyQDGXDQHUDSRGUiDGPLWLUWHPSRUDOPHQWHFRQVXVSHQVLyQGHO
SDJR GHWULEXWRVDGXDQHURV\SUHYLDFRQVWLWXFLyQGHODEROHWDGHJDUDQWtDEDQFDULDRVHJXURGHILDQ]DSRUHOFLHQ
SRUFLHQWR GHORVWULEXWRVDGXDQHURVGHLPSRUWDFLyQODVPHUFDQFtDVH[WUDQMHUDVSURFHGHQWHVGHOH[WHULRUR
GH ]RQDV IUDQFDV SDUD VX H[SRVLFLyQ \ VX SRVWHULRU YHQWD LQFOX\HQGR ORV PDWHULDOHV \ KHUUDPLHQWDV
LQGLVSHQVDEOHV SDUD OD LQVWDODFLyQ GH SDEHOORQHV \ SXHVWRV GH H[KLELFLyQ VLHPSUH TXH HQ HO PDQLILHVWR
LQWHUQDFLRQDO GH FDUJD \ ORV GHPiV GRFXPHQWRV DGXDQHURV VH KDJD FRQVWDUTXHLQJUHVDQDOSDtVFRQGHVWLQR D
XQD IHULD LQWHUQDFLRQDO OR TXH GHEH VHU FHUWLILFDGR SRU OD HQWLGDG UHVSRQVDEOH GH OD RUJDQL]DFLyQ GH OD IHULD
LQWHUQDFLRQDO
/DV PHUFDQFtDV GHVWLQDGDV D IHULDV LQWHUQDFLRQDOHV LQJUHVDUiQ GLUHFWDPHQWH D GHSyVLWR IHULDO /D DGPLQLVWUDFLyQ
DGXDQHUD FRUUHVSRQGLHQWH HMHUFHUi HO FRQWURO GH OD UHFHSFLyQ GH OD PHUFDQFtD PDQLIHVWDGD GHELHQGR ORV
FRQFHVLRQDULRVGHGHSyVLWRVDGXDQHURVRGH]RQDVIUDQFDVVHJ~QFRUUHVSRQGDHPLWLUHO3DUWHGH5HFHSFLyQ\HO
'HVSDFKDQWHGH$GXDQDSUHVHQWDUODGHFODUDFLyQGHPHUFDQFtDVGHDGPLVLyQWHPSRUDOHQHOSOD]RGHYHLQWLFXDWUR
KRUDVGHVSXpVGHODUULERGHODVPHUFDQFtDV
/DVHPSUHVDVRUJDQL]DGRUDVGHIHULDVLQWHUQDFLRQDOHVGHEHUiQFXPSOLUFRQORVVLJXLHQWHVUHTXLVLWRV
D
E
F
6HxDODU OD UD]yQ VRFLDO DFWLYLGDG FDSLWDO GRPLFLOLR GH OD HPSUHVD Q~PHUR GH PDWUtFXOD GHO5HJLVWURGH
&RPHUFLR\QRPEUHGHOUHSUHVHQWDQWHOHJDO
,QVFULSFLyQHQHO5HJLVWURQLFRGH&RQWULEX\HQWHV 58&
,QH[LVWHQFLD GH FDUJRV SHQGLHQWHV FRQ HO (VWDGR HVWDEOHFLGRV PHGLDQWH UHVROXFLRQHV MXGLFLDOHV R
DGPLQLVWUDWLYDVHMHFXWRULDGDVTXHGHEHVHUDFUHGLWDGRSRUODVFHUWLILFDFLRQHVHPLWLGDVSRUOD&RQWUDORUtD
*HQHUDOGHOD5HS~EOLFDGRQGHWHQJDQVXGRPLFLOLRRUHDOLFHQDFWLYLGDGHVODVHPSUHVDVRUJDQL]DGRUDV
&URQRJUDPDGHODIHULD
/RVUHTXLVLWRVE \F GHEHQVHUDFUHGLWDGRVPHGLDQWHFHUWLILFDFLRQHVRULJLQDOHVH[SHGLGDVFRQXQDDQWHULRULGDGQR
PD\RU D WUHLQWD GtDV D OD IHFKD GH VX SUHVHQWDFLyQ /D SHUVRQHUtD GHO UHSUHVHQWDQWH OHJDO VH DFUHGLWDUi
PHGLDQWHSRGHUFRQIHULGRDQWHHO1RWDULRGH)H3~EOLFD
$UWtFXOR +DELOLWDFLyQGH)HULD\H[SRVLFLRQHVGHFDUiFWHU,QWHUQDFLRQDO
(O WUiPLWH GH KDELOLWDFLyQ GHEHUi LQLFLDUVH SRU OR PHQRV FRQ GLH] GtDV GH DQWLFLSDFLyQ D OD UHDOL]DFLyQ GH OD
IHULD LQWHUQDFLRQDO /D DGPLQLVWUDFLyQ DGXDQHUD GH OD MXULVGLFFLyQ WHUULWRULDO UHVSHFWLYD PHGLDQWH 5HVROXFLyQ
$GPLQLVWUDWLYDGHFODUDUiGHSyVLWRIHULDODODVLQVWDODFLRQHVGHODIHULDLQWHUQDFLRQDOSRUHOSOD]RVROLFLWDGRSRUOD
HPSUHVDRUJDQL]DGRUDGHODIHULDTXHQRH[FHGHUiDORVVHVHQWD GtDV'XUDQWHHVWHSOD]RGHEHUiHIHFWXDUVH
WDQWRODLQVSHFFLyQ\UHFRQRFLPLHQWRGHODVPHUFDQFtDVDGPLWLGDVWHPSRUDOPHQWHFRPRVXH[SRVLFLyQ\YHQWDGH
DFXHUGRDFURQRJUDPDTXHDSUXHEHOD5HVROXFLyQ$GPLQLVWUDWLYDUHIHULGDSUHFHGHQWHPHQWH
$UWtFXOR 3URKLELFLyQ
1LQJXQDPHUFDQFtDSXHGHVHUH[WUDtGDGHOGHSyVLWRIHULDOGXUDQWHHOSHULRGRGHH[SRVLFLyQEDMRUHVSRQVDELOLGDG
GHODHPSUHVDRUJDQL]DGRUD\HOFRQVLJQDWDULR
$UWtFXOR 0DWHULDOFRQILQHVSURPRFLRQDOHV\SX EOLFLWDULRV
&XDOTXLHU H[SRVLWRU GH OD IHULD LQWHUQDFLRQDO SRGUi LQWURGXFLU DO WHUULWRULR DGXDQHUR QDFLRQDO FRQ ILQHV
SURPRFLRQDOHV \ SXEOLFLWDULRV VLQ HO SDJR GH ORV WULEXWRV DGXDQHURV GH LPSRUWDFLyQ SDUDVXGLVWULEXFLyQJUDWXLWD
DUWtFXORV GH SURSDJDQGD TXH HVWpQ PDUFDGRV FRPR PXHVWUD VLQ YDORU FRPHUFLDO FRPR ODSLFHURV OODYHURV
HQFHQGHGRUHVFDOHQGDULRV\RWURVDUWtFXORVVLPLODUHVVLHPSUHTXHOOHYHQXQDLQVFULSFLyQTXHLGHQWLILTXHODFDOLGDG
GHSURSDJDQGDFRPHUFLDOGHGLVWULEXFLyQJUDWXLWD\TXHHOYDORUXQLWDULRGHFDGDDUWtFXORQR H[FHGDHOYDORU)2%
GH FLQFR GyODUHVHVWDGRXQLGHQVHV 86 \HOYDORUWRWDOQRH[FHGDDGRV PLO GyODUHVHVWDGRXQLGHQVHV 86
$UWtFXOR &DPELRGHUpJLPHQ
$QWHVGHOYHQFLPLHQWRGHOSOD]RGHSHUPDQHQFLDODVPHUFDQFtDVDGPLWLGDVWHPSRUDOPHQWHSRGUiQUHH[SRUWDUVHR
SURFHGHU DO FDPELR GH UpJLPHQ DGXDQHUR GH LPSRUWDFLyQ SDUD HO FRQVXPR PHGLDQWH OD SUHVHQWDFLyQ GH OD
GHFODUDFLyQ GH PHUFDQFtDV GH LPSRUWDFLyQ \ HO SDJR GH ORV WULEXWRV DGXDQHURV GH LPSRUWDFLyQ VREUH OD EDVH
LPSRQLEOHGHWHUPLQDGDDOPRPHQWRGHVXDGPLVLyQWHPSRUDORLQJUHVDUDGHSyVLWRDGXDQHURGHODDGPLQLVWUDFLyQ
DGXDQHUDTXHDXWRUL]yODDGPLVLyQGHODPHUFDQFtDDIHULDVRH[SRVLFLRQHV/DVPHUFDQFtDVLQJUHVDGDVDGHSyVLWR
DGXDQHURSRGUiQWUDQVIHULUVHDRWUDIHULDLQWHUQDFLRQDODUHDOL]DUVHHQHOSDtVPHGLDQWHPDQLILHVWRGHFDUJD
6L YHQFLGR HO SOD]R GH SHUPDQHQFLD OD PHUFDQFtD QR KD VLGR UHH[SRUWDGD QDFLRQDOL]DGD R VRPHWLGD D UpJLPHQ
DGXDQHUR GH GHSyVLWR GH DGXDQD VH HMHFXWDUi OD JDUDQWtD RWRUJDGD SRU HO PRQWR FRUUHVSRQGLHQWH D ORV WULEXWRV
DGXDQHURVVXVSHQGLGRVGHODPHUFDQFtDQRUHJXODUL]DGD
1R HVWiQ VXMHWRV DO SDJR GH WULEXWRV DGXDQHURV GH LPSRUWDFLyQ QL KDEUi HMHFXFLyQ GH ODV JDUDQWtDV FXDQGR SRU
IXHU]D PD\RU R FDVR IRUWXLWR ODV PHUFDQFtDV VRPHWLGDV D OD DGPLVLyQ WHPSRUDO SDUD UHH[SRUWDFLyQ HQ HO PLVPR
HVWDGRVHGHVWUX\DQRSHUH]FDQVLHPSUHTXHWDOHVFLUFXQVWDQFLDVSXHGDQVHUFRPSUREDGDVDVDWLVIDFFLyQSRUOD
$GXDQD1DFLRQDO
$UWtFXOR 0XHVWUDULRVXWLOL]DGRVHQ)HULDV R([SRVLFLRQHV,QWHUQDFLRQDOHV
6H DGPLWLUiQ HQ HO WHUULWRULR DGXDQHUR QDFLRQDO ORV PXHVWUDULRV XWLOL]DGRV SDUD OD YHQWD GH PHUFDQFtDV
HQWHQGLpQGRVHFRPRWDOHVHOVXUWLGRGHREMHWRVYDULDGRV\FROHFFLRQDEOHVTXHVHWUDHQSDUDGDUDFRQRFHUHQHO
SDtV ODV PHUFDQFtDV TXH HOORV UHSUHVHQWHQ SRU HO SOD]R TXH GXUH OD H[SRVLFLyQ IHULDO LQWHUQDFLRQDO SUHYLD
FRQVWLWXFLyQGHEROHWDGHJDUDQWtDEDQFDULDRVHJXURGHILDQ]DSRUHOSDJRGHOGHORVWULEXWRVDGXDQHURVGH
LPSRUWDFLyQVXVSHQGLGRV3DUDHO HIHFWR GHEHUiQSUHVHQWDUHOGRFXPHQWRFRPHUFLDOTXHDPSDUHODPHUFDQFtD\
XQDOLVWDHQODTXHVHFRQVLJQHSRUtWHPVODVFDQWLGDGHV\YDORUHVGHGLFKRVPXHVWUDULRV
/D DGPLVLyQ WHPSRUDO GH PXHVWUDULRV VH IRUPDOL]DUi PHGLDQWH OD SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV
VXVFULWD SRU HO 'HVSDFKDQWH GH $GXDQD GHELHQGR DO YHQFLPLHQWR GHO SOD]R UHH[SRUWDUVH QDFLRQDOL]DUVH R
VRPHWHUVHDOUpJLPHQDGXDQHURGHGHSyVLWRGHDGXDQD
(Q OR TXH FRUUHVSRQGD VHDSOLFDUiQODVGLVSRVLFLRQHVUHODWLYDVDOUpJLPHQDGXDQHURGH$GPLVLyQ7HPSRUDOSDUD
5HH[SRUWDFLyQGH0HUFDQFtDVHQHO0LVPR(VWDGR
/RVPDWHULDOHVGHFRQVWUXFFLyQSDUDORVVWDQGVGHH[SRVLFLyQFRQVXPLEOHVDVROLFLWXGGHORUJDQL]DGRUGHOHYHQWR
IHULDO FRQ OD DXWRUL]DFLyQ GH OD DGPLQLVWUDFLyQ DGXDQHUD UHVSHFWLYD SRGUiQ VHU GDGRV GH EDMD SDUD ORV HIHFWRV
DGXDQHURVTXHFRUUHVSRQGDQ
(035(6$6'(&2162/,'$&,1<'(6&2162/,'$&,1
'(&$5*$,17(51$&,21$/
$UWtFXOR $XWRUL]DFLyQ
/DVHPSUHVDVGHGLFDGDVDODSUHVWDFLyQGHVHUYLFLRVGHFRQVROLGDFLyQ\GHVFRQVROLGDFLyQGHFDUJDLQWHUQDFLRQDO
VHGHEHUiQUHJLVWUDUDQWHOD$GXDQD1DFLRQDOSUHYLDVROLFLWXG\FXPSOLPLHQWRGHORVVLJXLHQWHVUHTXLVLWRV
D
$XWRUL]DFLyQGHO9LFHPLQLVWHULRGH7UDQVSRUWHV&RPXQLFDFLRQHV\$HURQiXWLFD&LYLO
*DUDQWtDJOREDOPHGLDQWHEROHWDGHJDUDQWtDEDQFDULDRVHJXURGHILDQ]DSRUODVXPDGHYHLQWHPLO
GyODUHVHVWDGRXQLGHQVHV 68 DQWHOD$GXDQD1DFLRQDO
&HUWLILFDGRGHLQVFULSFLyQHQHO5HJLVWURQLFRGH&RQWULEX\HQWHV 58&
&RQWUDWR GH VHUYLFLRV GH PXWXD SUHVWDFLyQ VXVFULWR FRQ XQR R PiV WUDQVSRUWDGRUHV LQWHUQDFLRQDOHV
DXWRUL]DGRV
&RQYHQLRFRQXQDRPiVHPSUHVDV&RQVROLGDGRUDV\'HVFRQVROLGDGRUDVGHOH[WUDQMHURTXHDXWRULFHDOD
HPSUHVD&RQVROLGDGRUD\'HVFRQVROLGDGRUDVROLFLWDQWHDFWXDUHQVXQRPEUH\UHSUHVHQWDFLyQ
$UWtFXOR 5HVSRQVDELOLGDGHVHLQFRPSDWLELOLGDGHV
/DVHPSUHVDV&RQVROLGDGRUDVR'HVFRQVROLGDGRUDVVRQUHVSRQVDEOHVGHSUHVHQWDUDODDGPLQLVWUDFLyQDGXDQHUD
ODV PHUFDQFtDV GHVFRQVROLGDGDV GH DFXHUGR D ORV GHVWLQRV FRQVLJQDGRV HQ ORV PDQLILHVWRV LQWHUQDFLRQDOHV GH
FDUJD DGMXQWDQGR FRSLD GHO FRQRFLPLHQWR GH HPEDUTXH JXtD DpUHD R FDUWD SRUWH HQ HO SOD]R GH WUHV GtDV
FRPSXWDEOHVDSDUWLUGHOGtDGHDUULERGHODPHUFDQFtD
%DMR QLQJXQD FLUFXQVWDQFLD OD HPSUHVDV GH FRQVROLGDFLyQ \ GHVFRQVROLGDFLyQ GH FDUJD LQWHUQDFLRQDO SRGUiQ
UHDOL]DU DFWLYLGDGHV GH GHSyVLWR GH DGXDQD ]RQD IUDQFD WUDQVSRUWDGRU LQWHUQDFLRQDO R HMHUFHU IXQFLRQHV GH
GHVSDFKDQWHGHDGXDQD
$UWtFXOR $OFDQFH
0$7(5,$/3$5$862$(521$7,&2
/DV HPSUHVDV DpUHDV QDFLRQDOHV R LQWHUQDFLRQDOHV SRGUiQ LQWURGXFLU EDMR FRQWURO DGXDQHUR \ OLEUH GHO SDJR GH
WULEXWRVDGXDQHURVHOPDWHULDODHURQiXWLFRGHVWLQDGRDODUHSDUDFLyQ\PDQWHQLPLHQWRGHDHURQDYHVDVtFRPRGH
ORV HTXLSRV SDUD OD UHFHSFLyQ GH FDUJD PDQLSXOHR \ GHPiV ELHQHV QHFHVDULRV SDUD VX SURSLR XVR HQ ODV
RSHUDFLRQHV GH QDYHJDFLyQ DpUHD GHQWUR GH XQ HVSDFLR ItVLFR GHOLPLWDGR \ DXWRUL]DGR SRU OD DGPLQLVWUDFLyQ
DGXDQHUDHQORVDHURSXHUWRVLQWHUQDFLRQDOHVGHOSDtVRSDUDVXLQFRUSRUDFLyQHQODVDHURQDYHV
(O PDWHULDO SDUD XVR DHURQiXWLFR GHEHUi VHU HQWUHJDGR D OD DGPLQLVWUDFLyQ DGXDQHUD DO DPSDUR GHO PDQLILHVWR
LQWHUQDFLRQDO GH FDUJD OD IDFWXUD FRPHUFLDO R GRFXPHQWR HTXLYDOHQWH \ OD OLVWD GH HPSDTXH /D DGPLQLVWUDFLyQ
DGXDQHUDGHDHURSXHUWRHPLWLUiODUHVROXFLyQDGPLQLVWUDWLYDDXWRUL]DQGRVXWUDVODGRDGHSyVLWRDHURQiXWLFR
3RUPDWHULDODHURQiXWLFRVHHQWLHQGHWRGRVDTXHOORVELHQHVQHFHVDULRVSDUDSHUPLWLUODVRSHUDFLRQHVGHYXHORGH
OD DHURQDYH WDOHV FRPR PRWRUHV WXUELQDV UHSXHVWRV \ HTXLSRV GLUHFWDPHQWH UHODFLRQDGRV FRQ VX
IXQFLRQDPLHQWR
$UWtFXOR 'HSyVLWRVDHURQiXWLFRV
/D DGPLQLVWUDFLyQ DGXDQHUD PHGLDQWH UHVROXFLyQ DGPLQLVWUDWLYD DXWRUL]DUi \ KDELOLWDUi GHQWUR GHO SUHGLR GH ORV
DHURSXHUWRV LQWHUQDFLRQDOHV GHSyVLWRV DHURQiXWLFRV \ GHPiV iUHDV R LQVWDODFLRQHV SDUD OD SHUPDQHQFLD GHO
PDWHULDODHURQiXWLFRVLHPSUHTXHFXPSODQODVFRQGLFLRQHVGHVHJXULGDGTXHOD$GXDQD1DFLRQDOGHWHUPLQH
(O PDWHULDO DHURQiXWLFR GHEHUi HVWDU PDQLIHVWDGR \ FRQVLJQDGR GHVGH HO OXJDU GH SURFHGHQFLD D QRPEUH GH OD
HPSUHVDGH QDYHJDFLyQDpUHD
/D$GXDQD1DFLRQDOHVWDEOHFHUiORVPHFDQLVPRVGHFRQWUROPDQXDORLQIRUPiWLFRGHORVPDWHULDOHVDHURQiXWLFRV
DOPDFHQDGRVRXWLOL]DGRVHQODVRSHUDFLRQHVDpUHDV
$UWtFXOR 3URKLELFLyQ
(OPDWHULDODHURQiXWLFRGHVWLQDGRDODUHSDUDFLyQ\PDQWHQLPLHQWRGHODVRSHUDFLRQHVGHODVDHURQDYHVDVtFRPR
ORVHTXLSRVSDUDODUHFHSFLyQGHSDVDMHURVPDQLSXOHRGHFDUJD\GHPiVELHQHVQHFHVDULRVSDUDODVRSHUDFLRQHV
GHQDYHJDFLyQDpUHDQRSRGUiQVHUH[WUDtGRVGHORVOtPLWHVILMDGRVSRUOD$GXDQD1DFLRQDO\QRVHUiQREMHWRGH
OLEUHFLUFXODFLyQGHQWURHOWHUULWRULRDGXDQHURQDFLRQDOHQIRUPDVHSDUDGDDODDHURQDYH
$UWtFXOR 7UiILFRIURQWHUL]R
75),&2)5217(5,=2
(O WUiILFR IURQWHUL]R VH OLPLWD H[FOXVLYDPHQWH D ODV ]RQDV GH LQWHUFDPELR GH PHUFDQFtDV GHVWLQDGDV DO XVR \
FRQVXPR GRPpVWLFR GH ODV SREODFLRQHV IURQWHUL]DV VXMHWRV HQ ORV SULQFLSLRV VHxDODGRV HQ ORV &RQYHQLRV
,QWHUQDFLRQDOHVYLJHQWHVHQORVWpUPLQRVGHODPiVDPSOLDUHFLSURFLGDG\FRQEDVHDORVUHJODPHQWRVTXHH[SLGD
OD$GXDQD1DFLRQDO
/D$GXDQD1DFLRQDOILMDUiODFDQWLGDG\HOYDORUPi[LPRGHODVPHUFDQFtDVTXHVHUiQREMHWRGHWUDILFRIURQWHUL]R
VLQHOSDJRGHORVWULEXWRVDGXDQHURV
()(&7263(5621$/(6'(0,(0%526'(/$75,38/$&,1
$UWtFXOR (IHFWRVSHUVRQDOHV
/RVHIHFWRVSHUVRQDOHVGHORVPLHPEURVGHODWULSXODFLyQLQFOXLGRVSLORWRV\FRQGXFWRUHVFRQVLVWHQWHVHQDUWtFXORV
\ SUHQGDV GH YHVWLU GH XVR QRUPDO HQ YLDMHV IUHFXHQWHV VLHPSUH TXH VHDQ XVDGRV LQJUHVDUiQ DO WHUULWRULR
DGXDQHURQDFLRQDOH[HQWRVGHOSDJRGHWULEXWRVDGXDQHURVGHLPSRUWDFLyQ
1RHVWiSHUPLWLGRDQLQJ~QPLHPEURGHODWULSXODFLyQODLQWHUQDFLyQGHPHUFDQFtDVFRQILQHVFRPHUFLDOHVHQHVWH
FDVRVHSURFHGHUiDOGHFRPLVRGHORVPLVPRV\DODDSOLFDFLyQGHODVVDQFLRQHVGHDFXHUGRD/H\
$UWtFXOR 9HKtFXORVGHWXULVPR
9(+&8/26'(785,602
(OLQJUHVRSHUPDQHQFLD\VDOLGDGHYHKtFXORVGHXVRSULYDGRSDUDWXULVPRSURFHGHUiFRQODSUHVHQWDFLyQGHOD
/LEUHWD$QGLQDGH3DVRSRU$GXDQDGHOD/LEUHWD,QWHUQDFLRQDOGH3DVRSRU$GXDQDRIRUPXODULRDSUREDGRSRUOD
$GXDQD1DFLRQDOHQODVFRQGLFLRQHV\SOD]RVHVWDEOHFLGRVHQGLFKRVGRFXPHQWRV
/D$GXDQD1DFLRQDOHVWDEOHFHUiHO WUiPLWHVLPSOLILFDGRSDUDDXWRUL]DUHOLQJUHVRRVDOLGDWHPSRUDOGHYHKtFXORVGH
SDUWLFXODUHVTXHUHDOLFHQYLDMHVGHWXULVPRDRGHVGHSDtVHVOLPtWURIHV
(O GRFXPHQWR DGXDQHUR TXH DXWRULFH HO LQJUHVR R VDOLGD GH YHKtFXORV GH WXULVPR GHEHUi FRQWHQHU OD VLJXLHQWH
LQIRUPDFLyQ PDUFDQ~PHURGHPRWRUDxRGHOPRGHORFRORUSODFDGHOSDtVGHPDWUtFXOD\GHPiVFDUDFWHUtVWLFDV
TXHORVLQGLYLGXDOLFHQ
(O SOD]R Pi[LPR GH SHUPDQHQFLD SDUD ORV YHKtFXORV GH WXULVPR VHUi GH VHLV PHVHV SURUURJDEOHV SRU OD
DXWRULGDG DGXDQHUD KDVWD SRU RWUR SOD]R LJXDO FRQGLFLRQDGR DO WLHPSR GH SHUPDQHQFLD HQ HO WHUULWRULR DGXDQHUR
QDFLRQDORWRUJDGRHQODYLVDDOWXULVWD
(Q FDVR GH DFFLGHQWH FRPSUREDGR DQWH OD DXWRULGDG DGXDQHUD pVWD SRGUi DXWRUL]DU XQ SOD]R HVSHFLDO
FRQGLFLRQDGRSRUHOWLHPSRTXHVHUHTXLHUDSDUDODUHSDUDFLyQGHOPHGLRGHWUDQVSRUWHRSDUDTXHSXHGDVDOLUGHO
SDtVHQFRQGLFLRQHVPtQLPDVGHVHJXULGDG
(QFDVRGHGHVWUXFFLyQRSpUGLGDGHOYHKtFXORHVWHKHFKRGHEHUiVHUDFUHGLWDGRDQWHODDXWRULGDGDGXDQHUD
/D VDOLGD GH HVWRV YHKtFXORV SRGUi HIHFWXDUVH SRUFXDOTXLHUDGXDQDGHOSDtV(QFDVRTXHHOYHKtFXORVDOJDGHO
SDtV SRU XQD DGXDQD GLIHUHQWH D OD GH LQJUHVR OD DGXDQD GH VDOLGD GHEHUi LQIRUPDU LQPHGLDWDPHQWH D OD GH
LQJUHVRSDUDHOFRQWURODGXDQHUR
6L XQD YH] YHQFLGR HO WpUPLQR GH SHUPDQHQFLD DXWRUL]DGR QR VH KD SURGXFLGR VX VDOLGD GHO WHUULWRULR DGXDQHUR
QDFLRQDOSURFHGHUiVXFRPLVR
%,(1(6'(8620,/,7$5<0$7(5,$/%(/,&2
$UWtFXOR ,PSRUWDFLyQGHPDWHULDOEpOLFR
/DV)XHU]DV$UPDGDVGHOD1DFLyQLQWHUQDUiQDWHUULWRULRDGXDQHURQDFLRQDOPDWHULDOEpOLFRHQFXPSOLPLHQWRGHOD
/H\1RDODPSDURGHXQPDQLILHVWRLQWHUQDFLRQDOGHFDUJDGHDFXHUGRDODVVLJXLHQWHVFRQGLFLRQHV
D
E
4XHH[LVWDFRPXQLFDFLyQHVFULWDGHO0LQLVWURGH'HIHQVDDO3UHVLGHQWH(MHFXWLYRGHOD$GXDQD1DFLRQDO
4XHHOPDWHULDOEpOLFRVHDWUDQVSRUWDGRGHVGHHOH[WUDQMHURKDVWDORVDOPDFHQHVPLOLWDUHVHQYHKtFXORVGH
SURSLHGDGGHODV)XHU]DV$UPDGDVRSRUWUDQVSRUWDGRUHVLQWHUQDFLRQDOHVDXWRUL]DGRV
/D LPSRUWDFLyQ GH PDWHULDO EpOLFR VH VRPHWHUi HQ OR TXH FRUUHVSRQGD D OR SUHYLVWR HQ HO SUHVHQWH UHJODPHQWR
H[FHSWR HQ OR UHODWLYR D OD REOLJDFLyQ GH GHVFULELU ODV PHUFDQFtDV HQ OD GHFODUDFLyQ GH PHUFDQFtDV OD FXDO VH
HQWHQGHUiFXPSOLGDLQGLFDQGRTXHVHWUDWDGHPDWHULDOEpOLFR/DDGPLQLVWUDFLyQDGXDQHUDFRQODLQWHUYHQFLyQGHO
'HVSDFKDQWH2ILFLDOGHO0LQLVWHULRGH+DFLHQGD DXWRUL]DUiHOOHYDQWHLQPHGLDWRGHHVWDVPHUFDQFtDV
$UWtFXOR ,PSRUWDFLyQGHELHQHVGHXVRPLOLWDU
(OLQJUHVRGHELHQHVGHXVRPLOLWDUFRQVLJQDGRVGHVGHRULJHQDODV)XHU]DV$UPDGDVGHOD1DFLyQVHHIHFWXDUi
DO DPSDUR GHO PDQLILHVWR LQWHUQDFLRQDO GH FDUJD \ FRQ HO FXPSOLPLHQWR GH ODV IRUPDOLGDGHV DGXDQHUDV /D
LPSRUWDFLyQGHGLFKDVPHUFDQFtDVVHHIHFWXDUiDWUDYpVGHO'HVSDFKDQWH2ILFLDOGHO0LQLVWHULRGH+DFLHQGDFRQ
ODSUHVHQWDFLyQGHODFRUUHVSRQGLHQWHGHFODUDFLyQGHPHUFDQFtDVGHLPSRUWDFLyQSDUDHOFRQVXPRFRQHOVRSRUWH
GHODGRFXPHQWDFLyQUHTXHULGDHQHOSUHVHQWHUHJODPHQWR
$UWtFXOR 0DWHULDO0RQHWDULR
0$7(5,$/021(7$5,2
(VWi H[HQWD GHO SDJR GH ORV WULEXWRV DGXDQHURV OD LPSRUWDFLyQ GH PDWHULDO PRQHWDULR ELOOHWHV \ PRQHGDV
UHDOL]DGRV H[FOXVLYDPHQWH SRU HO %DQFR &HQWUDO GH %ROLYLD OD TXH GHEHUi VHUi DXWRUL]DGD PHGLDQWH 5HVROXFLyQ
0LQLVWHULDO HPLWLGD SRU HO 0LQLVWHULR GH +DFLHQGD D VROLFLWXG GHO 3UHVLGHQWH GHO %DQFR &HQWUDO GH %ROLYLD (Q OD
VROLFLWXGVHGHEHUiDGMXQWDUORVGRFXPHQWRVQHFHVDULRVH[LJLGRVSDUDHOGHVSDFKRDGXDQHURGHLPSRUWDFLyQ
(48,3$0,(172'(67,1$'2$/$6,167,78&,21(63%/,&$6'(
6$/8'<0$48,1$5,$'(67,1$'$$/6(&72538%/,&2
$UWtFXOR $OFDQFH
/D H[RQHUDFLyQ GH WULEXWRV DGXDQHURV HQ OD LPSRUWDFLyQ GH HTXLSRV FRQVLJQDGRV D ODV LQVWLWXFLRQHV S~EOLFDV GH
VDOXGGHSHQGLHQWHVGHO0LQLVWHULRGH6DOXG\3UHYLVLyQ6RFLDO\SDUDODPDTXLQDULDFRQVLJQDGDDOVHFWRUS~EOLFR
VHDXWRUL]DUiPHGLDQWH5HVROXFLyQ0LQLVWHULDOH[SUHVDGLFWDGDSRUHO0LQLVWHULRGH+DFLHQGDGHELHQGRFXPSOLUVH
FRQ OD SUHVHQWDFLyQ GH ORV GRFXPHQWRV TXH FRQVWLWX\HQ UHTXLVLWRV SDUD HO GHVSDFKR DGXDQHUR D WUDYpV GH
'HVSDFKDQWH2ILFLDOGHO0LQLVWHULRGH+DFLHQGD
(OSURFHGLPLHQWRDSOLFDEOHVHUiHOSUHYLVWRHQHOUpJLPHQGHDGPLVLyQGHPHUFDQFtDVFRQH[RQHUDFLyQGHWULEXWRV
0$7(5,$/(6<680,1,675263$5$),1(6'(,19(67,*$&,1
&,(17),&$<7(&12/*,&$
$UWtFXOR $OFDQFH
3DUDHOGHVSDFKRDGXDQHURGHPDWHULDOHV\VXPLQLVWURVSDUDILQHVGHLQYHVWLJDFLyQFLHQWtILFD\WHFQROyJLFDGHEHUi
SUHVHQWDUVHODGHFODUDFLyQGHPHUFDQFtDVVHJ~QDOUpJLPHQDTXHVHDFRMDQ
'HFRUUHVSRQGHUH[RQHUDFLyQGHWULEXWRVDGXDQHURVpVWDVHUiDXWRUL]DGDSRUHO0LQLVWHULRGH+DFLHQGDPHGLDQWH
UHVROXFLyQ H[SUHVD SUHYLR UHJLVWUR \ DXWRUL]DFLyQ GHO 0LQLVWHULR FRPSHWHQWH \ DO DPSDUR GH FRQYHQLRV
LQWHUQDFLRQDOHVVXVFULWRVSRUOD5HS~EOLFDGH%ROLYLD
(Q OD DGPLVLyQ WHPSRUDO GH HVWDV PHUFDQFtDV SDUD UHH[SRUWDFLyQ HQ HO PLVPR HVWDGR QR VHUi QHFHVDULD OD
SUHVHQWDFLyQGHODJDUDQWtDVLHQGRVXILFLHQWHODUHVROXFLyQGHO0LQLVWHULRFRPSHWHQWH
778/26e37,02
5(*,0(1(63(&,$/
$UWtFXOR $OFDQFHGHOUpJLPHQ
&$378/21,&2
=21$6)5$1&$6
/DVPHUFDQFtDVTXHVHLQWURGX]FDQD]RQDIUDQFDWHQGUiQHOVLJXLHQWHWUDWDPLHQWRWULEXWDULRDGXDQHUR
D
E
/DV PHUFDQFtDV SURFHGHQWHV GHO H[WUDQMHUR JR]DQ GH XQ UpJLPHQ VXVSHQVLYR HQ HO SDJR GH ORV WULEXWRV
DGXDQHURVGHLPSRUWDFLyQKDVWDHOPRPHQWRHQTXHVHOHVDSOLTXHRWURUpJLPHQDGXDQHUR
/DV PHUFDQFtDV TXH LQJUHVDQ D ]RQD IUDQFD GHO UHVWR GHO WHUULWRULR DGXDQHUR QDFLRQDO VH FRQVLGHUD TXH
KDQVLGRH[SRUWDGDVFRQODFRQGLFLyQGHTXHHQORVWpUPLQRVGHODUWtFXOR GHOD/H\VDOJDQDOWHUULWRULR
H[WUDQMHURSDUDSHUPDQHFHUGHILQLWLYDPHQWHIXHUDGHOSDtV
$UWtFXOR &RQWUROQRKDELWXDOGHODDGXDQD
/DV =RQDV )UDQFDV \ ODV PHUFDQFtDV TXH HQ HOODV VH HQFXHQWUHQ HVWiQ VRPHWLGDV DO FRQWURO QR KDELWXDO GH OD
DGXDQD6LQSHUMXLFLROD$GXDQD1DFLRQDOSRGUiUHDOL]DUORVVLJXLHQWHVDFWRVGHFRQWURO
D
E
&RQWUROGHLQJUHVR\VDOLGDGHPHUFDQFtDVYHKtFXORV\SHUVRQDV
&RQWUROSHULyGLFRGHLQYHQWDULRVGHPHUFDQFtDVHQ]RQDVIUDQFDVSURFHGHQWHVGHOH[WHULRURGHOUHVWRGHO
WHUULWRULRDGXDQHURQDFLRQDOHQFXDOTXLHUPRPHQWR
$UWtFXOR 2SHUDFLRQHVDXWRUL]DGDVHQ]RQDVIUDQFDVLQGXVWULDOHV
/DV=RQDV)UDQFDV,QGXVWULDOHVVRQiUHDVHQODVFXDOHVODVPHUFDQFtDVSURFHGHQWHVGHOH[WUDQMHUR\GHOUHVWRGHO
WHUULWRULR QDFLRQDO VRQ VRPHWLGDV D RSHUDFLRQHV GH SHUIHFFLRQDPLHQWR FRQ LQFRUSRUDFLyQ GH ELHQHV \ VHUYLFLRV
SDUDVHULPSRUWDGDVRUHLPSRUWDGDVDOWHUULWRULRDGXDQHURQDFLRQDORVHUUHH[SHGLGDVDWHUULWRULRH[WUDQMHUR
$UWtFXOR 2SHUDFLRQHVDXWRUL]DGDVHQ]RQDVIUDQFDVFRPHUFLDOHV
/DV =RQDV )UDQFDV &RPHUFLDOHV VRQ iUHDV HQ ODV FXDOHV ODV PHUFDQFtDV LQWURGXFLGDV SXHGHQ SHUPDQHFHU VLQ
OtPLWH GH WLHPSR VLQ VHU VRPHWLGDV D WUDQVIRUPDFLyQ DOJXQD H[FHSWR ODV RSHUDFLRQHV QHFHVDULDV SDUD VX
FRQVHUYDFLyQ \ ODV PDQLSXODFLRQHV RUGLQDULDV GHVWLQDGDV D PHMRUDU VX SUHVHQWDFLyQ FDOLGDG FRPHUFLDO \ HO
DFRQGLFLRQDPLHQWRSDUDVXWUDQVSRUWHFRPRVXGLYLVLyQRFRQVROLGDFLyQHQEXOWRVIRUPDFLyQGHORWHVFODVLILFDFLyQ
GHPHUFDQFtDV\FDPELRGHHPEDODMHV
$UWtFXOR (QWUHJD\UHFHSFLyQGHPHUFDQFtDVHQ]RQDVIUDQFDV
$ODV]RQDVIUDQFDVVHLQWURGXFLUiQVRODPHQWHDTXHOODVPHUFDQFtDVTXHHVWpQH[SUHVDPHQWHGHVWLQDGDVDHOODV\
DXQXVXDULRGHODVPLVPDVORFXDOGHEHUiFRQVWDUHQHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
/D HQWUHJD \ UHFHSFLyQ GH PHUFDQFtDV HQ ]RQDV IUDQFDV VH UHJLUi GH DFXHUGR D OR GLVSXHVWR HQ 7tWXOR &XDUWR
&DStWXOR7HUFHUR\ORVDUWtFXORV\GHOSUHVHQWHUHJODPHQWR
/DHQWUHJDGHPHUFDQFtDVQDFLRQDOHV\QDFLRQDOL]DGDVD]RQDVIUDQFDVVHHIHFWXDUiDODPSDURGHXQDGHFODUDFLyQ
GHPHUFDQFtDVGHH[SRUWDFLyQFRQVXGRFXPHQWDFLyQUHVSDOGDWRULD
(OFRQFHVLRQDULRGH]RQDIUDQFDGHEHUiHPLWLUXQQXHYRSDUWH GHUHFHSFLyQSDUDODVPHUFDQFtDVDOPDFHQDGDVTXH
VHDQREMHWRGHFRQVROLGDFLyQIUDFFLRQDPLHQWR\GHFHVLyQHQWUHXVXDULRVGHOD]RQDIUDQFD
/D LQWURGXFFLyQ GH GRFXPHQWRV IROOHWRV OLEURV PXHEOHV GH RILFLQD HTXLSRV GH RILFLQD ELHQHV GH DVHR \ RWURV
LQVXPRV SDUD VHU XWLOL]DGRV R FRQVXPLGRV SRU HO FRQFHVLRQDULR R XVXDULRV HQ OD ]RQD IUDQFD VH HIHFWXDUi
PHGLDQWH IRUPXODULR TXH DO HIHFWR KDELOLWH OD $GXDQD 1DFLRQDO \ QR VH FRQVLGHUDUi H[SRUWDFLyQ GH WHUULWRULR
DGXDQHURQDFLRQDO
$UWtFXOR 5HJtPHQHVDGXDQHURVDSOLFDEOHV
/DV PHUFDQFtDV TXH VH HQFXHQWUHQ HQ XQD ]RQD IUDQFD FRPHUFLDO R LQGXVWULDO LQGHSHQGLHQWHPHQWH D VX RULJHQ
SRGUiQ VHU VRPHWLGDV D FXDOTXLHUD GH ORV UHJtPHQHV DGXDQHURV SUHYLVWRV HQ HO DUWtFXOR SDUiJUDIR ,, GH OD
/H\
$UWtFXOR 9HQWDVDOSRUPHQRU
(Q ODV ]RQDV IUDQFDV FRPHUFLDOHV VLWXDGDV HQ WHUULWRULR QDFLRQDO SRGUiUHDOL]DUVHODYHQWDGHPHUFDQFtDVDOSRU
PHQRUVLHPSUHTXHVHFXPSODFRQODVFRQGLFLRQHVGHWHUPLQDGDVSRUOD$GXDQD1DFLRQDOPHGLDQWH5HVROXFLyQGH
VX'LUHFWRULRDORVHIHFWRVGHODUWtFXORGHOD/H\
6X LPSRUWDFLyQ DO UHVWR GHO WHUULWRULR DGXDQHUR QDFLRQDO GHEHUi VHU HIHFWXDGD PHGLDQWH OD SUHVHQWDFLyQ GH OD
GHFODUDFLyQ GH PHUFDQFtDV \ HO SDJR GH ORV WULEXWRV DGXDQHURV GH LPSRUWDFLyQ FRQ R VLQ LQWHUYHQFLyQ GHO
'HVSDFKDQWHGH$GXDQDVHJ~QORVOtPLWHVGHYDORUTXHGHWHUPLQHOD$GXDQD1DFLRQDO
'H FRQIRUPLGDG DO DUWtFXOR SiUUDIR VHJXQGR GH OD /H\ HQ OD LPSRUWDFLyQ GH PHUFDQFtDV DGTXLULGDV HQ ]RQDV
IUDQFDVQRHVDSOLFDEOHODH[HQFLyQGHORV WULEXWRVDGXDQHURVGHLPSRUWDFLyQ
$UWtFXOR $EDQGRQR\UHPDWHGHPHUFDQFtDV
/DV PHUFDQFtDV TXH VH HQFXHQWUHQHQ]RQDVIUDQFDVSRGUiQVHUGHFODUDGDV HQDEDQGRQRFXDQGRORVGHUHFKRV
GH DOPDFHQDMHGHpVWDVQRKD\DQVLGRSDJDGRVDODHPSUHVDFRQFHVLRQDULDGXUDQWHWUHVPHVHVFRQWLQXRVRSRU
XQ PHVHQHOFDVRGHPHUFDQFtDV SHUHFHGHUDVSUHYLD QRWLILFDFLyQDOSURSLHWDULRSRUSDUWHGHOFRQFHVLRQDULR(Q
HVWRVFDVRVHOUHSUHVHQWDQWHOHJDOGHOD]RQDIUDQFDGHEHUiFRPXQLFDUSRUHVFULWRDODDGPLQLVWUDFLyQDGXDQHUD
\ VROLFLWDU DXWRUL]DFLyQ SDUD HO UHPDWHGHODVPLVPDVHOFXDOVHUiRWRUJDGRHQXQSOD]RQRPD\RUDTXLQFH
GtDV
(OUHPDWHGHPHUFDQFtDVHQ]RQDVIUDQFDVVHUiHIHFWXDGRSRUXQPDUWLOOHURHQSUHVHQFLDGHXQUHSUHVHQWDQWHGHO
FRQFHVLRQDULR GH ]RQD IUDQFD HQ VXMHFLyQ DO SURFHGLPLHQWR GLVSXHVWR HQ HO 7tWXOR 1RYHQR GHO SUHVHQWH
UHJODPHQWRHQORTXHVHDDSOLFDEOHGHELHQGRQRWLILFDUDOSURSLHWDULRRFRQVLJQDWDULR/DEDVHGHOUHPDWHVHUiHO
YDORU &,) IURQWHUD 'HO SURGXFWR GH UHPDWH SUHYLD GHGXFFLyQ GHO YDORU GH ODV WDULIDV SRU VHUYLFLRV TXH SUHVWD OD
]RQD IUDQFD HO DGPLQLVWUDGRU GH pVWD UHVWLWXLUi HO VDOGR DO SURSLHWDULR FRQVLJQDWDULR R FRQVLJQDQWH GH ODV
PHUFDQFtDV\DGHPiVHQWUHJDUiDODGMXGLFDWDULRODIDFWXUDGHUHH[SHGLFLyQSRUHOYDORUGHODYHQWD
/DVPHUFDQFtDVREMHWRGHUHPDWHVyORSRGUiQUHH[SHGLUVHRQDFLRQDOL]DUVHHQHOSOD]RGHGRV GtDVPHGLDQWH
OD SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV SDUD HO FRQVXPR HO SDJR GH WULEXWRV DGXDQHURV FXDQGR
FRUUHVSRQGD\HOFXPSOLPLHQWRGHODVIRUPDOLGDGHVDGXDQHUDVVHxDODGDVHQHOSUHVHQWHUHJODPHQWR(QHVWHFDVR
DHIHFWRVGHFiOFXORGHODEDVHLPSRQLEOHVHFRQVLGHUDUiHOLPSRUWHGHODIDFWXUDGHUHH[SHGLFLyQFRPRYDORU&,)
)URQWHUD
$UWtFXOR 'LIHUHQFLDVHQODVPHUFDQFtDVDOPDFHQDGDV
6L FRPR FRQVHFXHQFLD GHO FRQWURO QR KDELWXDO TXH KLFLHUD OD DGPLQLVWUDFLyQ DGXDQHUD D ODV ]RQDV IUDQFDV VH
HQFRQWUDVHQ GLIHUHQFLDV HQWUH OD PHUFDQFtD LQJUHVDGD \ OD DOPDFHQDGD R OD TXH KXELHVH VLGR LPSRUWDGD R
UHH[SHGLGD OD DGPLQLVWUDFLyQ DGXDQHUD \ HO 0LQLVWHULR 3~EOLFR SURFHGHUiQ GH DFXHUGR D ODV SUHVFULSFLRQHV
FRQWHQLGDVHQHO7tWXOR'pFLPR3ULPHURGHOD/H\
6LQSHUMXLFLRGHODUHVSRQVDELOLGDGIUHQWHDWHUFHURVGHFRQIRUPLGDGFRQODVOH\HVYLJHQWHVORVFRQFHVLRQDULRVGH
]RQD IUDQFD VRQ UHVSRQVDEOHV DQWH HO (VWDGR SRU ORV WULEXWRV DGXDQHURV GH LPSRUWDFLyQ GH ODV PHUFDQFtDV TXH
VHDQVXVWUDtGDVSHUGLGDVRDYHULDGDVGXUDQWHHODOPDFHQDPLHQWRVLQSHUMXLFLRGHTXHGLFKDUHVSRQVDELOLGDGVHD
UHSHWLGDFRQWUDORVFDXVDQWHVGHODVXVWUDFFLyQRSpUGLGD
%DMR QLQJXQD FLUFXQVWDQFLD ORV FRQFHVLRQDULRV GH ]RQD IUDQFD SRGUiQ UHDOL]DU DFWLYLGDGHV GH WUDQVSRUWH
LQWHUQDFLRQDORHMHUFHUIXQFLRQHVGH'HVSDFKDQWHGH$GXDQD
$UWtFXOR 6DOLGDWUDQVLWRULDGHPHUFDQFtDV
(Q FXPSOLPLHQWR FRQ HO DUWtFXOR GH OD /H\ HO FRQFHVLRQDULR \ ORV XVXDULRV GH ODV ]RQDV IUDQFDV SUHYLD
FRQVWLWXFLyQ GH %ROHWD GH *DUDQWtD %DQFDULD SRU HO FLHQ SRU FLHQWR GH ORV WULEXWRV DGXDQHURV DSOLFDEOHV
SRGUiQ H[WUDHU WUDQVLWRULDPHQWH GH OD ]RQD IUDQFD ODV PDTXLQDULDV \ HTXLSRV H[LVWHQWHV SDUD VX UHYLVLyQ
PDQWHQLPLHQWRRUHSDUDFLyQSRUXQSOD]RQRPD\RUDVHVHQWD GtDVSUHYLDDXWRUL]DFLyQGHODDGPLQLVWUDFLyQ
DGXDQHUD
$UWtFXOR 5HH[SHGLFLyQ
3UHYLDFRQVWLWXFLyQGHXQDILDQ]DDIDYRUGHOD$GXDQD1DFLRQDOPHGLDQWHEROHWDGHJDUDQWtDEDQFDULDRVHJXUR
GH ILDQ]D SRU HO FLHQ SRU FLHQWR GH ORV WULEXWRV DGXDQHURV GH LPSRUWDFLyQ VXVSHQGLGRV ODV PHUFDQFtDV
DOPDFHQDGDVHQ]RQDV IUDQFDVSXHGHQVHUUHH[SHGLGDVFRQ IDFWXUDGHUHH[SHGLFLyQ\DODPSDURGHOPDQLILHVWR
LQWHUQDFLRQDOGHFDUJDDWHUULWRULRH[WUDQMHURGHXQD]RQDIUDQFDLQGXVWULDODRWUDLQGXVWULDORGHXQD]RQDIUDQFD
LQGXVWULDODXQDFRPHUFLDORYLFHYHUVD
/DV PHUFDQFtDV H[SRUWDGDV D ]RQDV IUDQFDV R SURGXFLGDV HQ ]RQDV IUDQFDV LQGXVWULDOHV VHUiQ UHH[SHGLGDV DO
H[WHULRUGHOSDtVVLQODSUHVHQWDFLyQGHODEROHWDGHJDUDQWtDEDQFDULDRVHJXURGHILDQ]DDODPSDURGHOPDQLILHVWR
LQWHUQDFLRQDOGHFDUJD\ FRQEDVHDODGHFODUDFLyQGHPHUFDQFtDVGHH[SRUWDFLyQRIDFWXUDGHUHH[SHGLFLyQ
6H KDOOD SURKLELGD OD UHH[SHGLFLyQ GH PHUFDQFtDV GH XQD ]RQD IUDQFD FRPHUFLDO D RWUD ]RQD IUDQFD FRPHUFLDO
H[FHSWR GH ODV PHUFDQFtDV GH RULJHQ H[WUDQMHUR TXH LQJUHVDQ D ]RQDV IUDQFDV VLWXDGDV HQ 3XHUWRV 1DFLRQDOHV
XELFDGRVVREUHDJXDVLQWHUQDFLRQDOHVGHDFXHUGRD&RQYHQLRV,QWHUQDFLRQDOHV
778/22&7$92
',6326,&,21(6$'8$1(5$6
&$378/2,
9$/25(1$'8$1$6(,163(&&,135(9,$$/$(;3(',&,1
$UWtFXOR 2UJDQL]DFLyQ$GPLQLVWUDWLYDSDUDHO&RQWUROGH9DORUHQ$GXDQD
/D $GXDQD 1DFLRQDO HVWDEOHFHUi OD RUJDQL]DFLyQ DGPLQLVWUDWLYD QHFHVDULDSDUDOD DSOLFDFLyQGHOYDORUHQDGXDQD
FRQIRUPH OR HVWDEOHFH HO DUWtFXOR GH OD /H\ \ FUHDUi ORV PHFDQLVPRV QHFHVDULRV SDUD HO FRQWURO SULPDULR
GLIHULGR \ SRVWHULRU GLVSRQLHQGR GH XQ FXHUSR GH IXQFLRQDULRV HVSHFLDOL]DGRV \ FDSDFLWDGRV SDUD HIHFWXDU OD
FRPSUREDFLyQGHOYDORUGHFODUDGR
$UWtFXOR 5HVSRQVDELOLGDGGHO'HVSDFKDQWHGH$GXDQD
(O'HVSDFKDQWHGH$GXDQDSRGUiGHOLPLWDUVXUHVSRQVDELOLGDGHQODGHWHUPLQDFLyQGHOYDORUHQDGXDQDWHQLHQGR
FRPRUHVSDOGRODGHFODUDFLyQMXUDGDGHOYDORUHQDGXDQDV\ODGRFXPHQWDFLyQTXHGHEHHQWUHJDUOHVXPDQGDQWH
FRQIRUPH D ODV QRUPDV GLFWDGDV SRU OD $GXDQD 1DFLRQDO /D GHFODUDFLyQ MXUDGD GHO YDORU HQ DGXDQD \ VXV
UHVSHFWLYDVLQVWUXFFLRQHVVHUiQGHWHUPLQDGDVSRUOD$GXDQD1DFLRQDO
$UWtFXOR 0pWRGRVGHYDORUDFLyQ
/RVPpWRGRVVXFHVLYRVSDUDODDSOLFDFLyQGHOYDORUHQDGXDQDVHJ~QORVDUWtFXORVDOGHO$FXHUGRGHO9DORU
GHO*$77GH \VXVQRWDVLQWHUSUHWDWLYDVVRQORVVLJXLHQWHV
D
0pWRGRGHOYDORUGHWUDQVDFFLyQ
0pWRGRGHOYDORUGHWUDQVDFFLyQGHPHUFDQFtDVVLPLODUHV
E
G
H
I
0pWRGRGHOYDORUGHWUDQVDFFLyQGHPHUFDQFtDVLGpQWLFDV
0pWRGRGHSURFHGLPLHQWRGHGXFWLYR
0pWRGRGHSURFHGLPLHQWRUHFRQVWUXLGR
0pWRGRGHO~OWLPRUHFXUVR
$UWtFXOR $FHSWDFLyQGHOYDORUGHWUDQVDFFLyQ
3DUDODDSOLFDFLyQGHHVWHPpWRGRVHGHEHUiWHQHUHQFXHQWDORVUHTXLVLWRVVHxDODGRVSRUORVDUWtFXORV\GHO
$FXHUGRGHO9DORUGHO*$77GH \VXVQRWDVLQWHUSUHWDWLYDVHVSHFLDOPHQWHHQORVLJXLHQWH
(O SUHFLR UHDOPHQWH SDJDGR R SRU SDJDU OD IDFWXUD FRPHUFLDO OD LQIOXHQFLD GH OD YLQFXODFLyQ HQ HO SUHFLR \ ODV
SUXHEDVSDUDFRPSUREDUTXHHVWHQRVHHQFXHQWUD LQIOXLGRSRUODYLQFXODFLyQORVDMXVWHVDOSUHFLRSDJDGRRSRU
SDJDU\ODVFOiXVXODVGHUHYLVLyQGHSUHFLRV
$UWtFXOR &DUJDGHODSUXHED
&RUUHVSRQGH DO LPSRUWDGRU OD FDUJD GH SUXHED FXDQGR OD DGPLQLVWUDFLyQ DGXDQHUD OH VROLFLWH ORV GRFXPHQWRV H
LQIRUPDFLyQ QHFHVDULD SDUD HVWDEOHFHU TXH HO YDORU HQ DGXDQD GHFODUDGR FRUUHVSRQGH DO YDORU UHDO GH OD
WUDQVDFFLyQ\DODVFRQGLFLRQHVSUHYLVWDVHQHO$FXHUGRGHO9DORUGHO*$77GH
$UWtFXOR 0RPHQWRSDUDODYDORUDFLyQ
(OPRPHQWRSDUDODGHWHUPLQDFLyQGHOYDORUHQDGXDQDHVODIHFKDHQODTXHODDGPLQLVWUDFLyQDGXDQHUDUHVSHFWLYD
DFHSWD OD GHFODUDFLyQ GH PHUFDQFtDV (O SUHFLR UHDO IDFWXUDGR VH GHEH DFHSWDU FRPR EDVH GH YDORUDFLyQ VL QR
KXELHVHRWURVPRWLYRVSDUDUHFKD]DUORFXDOTXLHUDVHDODIHFKDGHOFRQWUDWRRGHODIDFWXUDGHYHQWD
$UWtFXOR 9DORUDFLyQGHPDTXLQDULDHTXLSRV\RWUDVPHUFDQFtDVXVDGDV
3DUD OD GHWHUPLQDFLyQ GH OD EDVH LPSRQLEOH GH PDTXLQDULD HTXLSRV \ RWUDV PHUFDQFtDV XVDGDV VH WRPDUi HQ
FXHQWDHOYDORUTXHWHQtDQHQHVWDGRQXHYR\HQODpSRFDGHVXIDEULFDFLyQ'HWHUPLQDGRHVWHYDORUVHDSOLFDUiXQ
YHLQWHSRUFLHQWR GHGHSUHFLDFLyQSRUHOSULPHUDxRGHXVR\GLH]SRUFLHQWR SRUFDGDDxRDGLFLRQDO
WUDQVFXUULGRFRQXQPi[LPRGHGHSUHFLDFLyQSRUSUHVXQFLyQGHXVRGHOVHVHQWDSRUFLHQWR
6yORSDUDHOFDVRGHDUWtFXORVGHSUHQGHUtDXVDGDQRVHDSOLFDUiODGHSUHFLDFLyQGLVSXHVWDHQHOSUHVHQWHDUWtFXOR
$UWtFXOR 9DORUDFLyQGH9HKtFXORVXVDGRV
(QHOFDVRGHYHKtFXORVXVDGRVGHO&DStWXORGHODUDQFHOGHDGXDQDVSDUDHVWDEOHFHUODYDORUDFLyQVHGHEHUi
WHQHUHQFRQVLGHUDFLyQODVVLWXDFLRQHVVLJXLHQWHV
D
E
4XHHOYHKtFXORVHVLJDIDEULFDQGRHQXQDYHUVLyQDFWXDO R
4XH VX IDEULFDFLyQ KD\D VLGR GHVFRQWLQXDGD \ QR VH FXHQWH FRQ XQ PRGHOR GHO DxR SDUD HIHFWXDU OD
FRPSDUDFLyQ
(QHOSULPHUFDVRORVDxRVGHDQWLJHGDGRXVRVHGHSUHFLDUiQDSDUWLUGHOSUHFLRGHYHQWDGHOPRGHORGHODxRHQ
TXHVHUHDOL]DODYDORUDFLyQUHDOL]iQGRVHDSDUWLUGHHVHYDORUODGHSUHFLDFLyQPHQFLRQDGDHQHOVHJXQGRSiUUDIR
GHODUWtFXORSUHFHGHQWH
(QHOVHJXQGRFDVRVHWRPDUiHOYDORUGHO~OWLPRPRGHOR TXHVHFRQVWUX\y\VHDFWXDOL]DUiFRQtQGLFHGHSUHFLR
PD\RULVWD DFHSWDEOH VHJ~Q SDtV GH RULJHQ HQWUH OD IHFKD GHO ~OWLPR PRGHOR IDEULFDGR \ HO PRPHQWR HQ TXH VH
UHDOL]DODLPSRUWDFLyQOXHJRGHORFXDOVHGHSUHFLDUiQRFDVWLJDUiQHQODIRUPDVHxDODGDHQ HODUWtFXORDQWHULRUFRQ
XQPi[LPRGH/D$GXDQD1DFLRQDOUHJODPHQWDUiODDSOLFDFLyQGHpVWDIRUPDGHYDORUDFLyQSDUDORVFDVRVGH
UHPDWHGHPHUFDQFtDV
$UWtFXOR ([HQFLyQGHOGLOLJHQFLDPLHQWR\SUHVHQWDFLyQGHODGHFODUDFLyQMXUDGDGHYDORUHQ DGXDQDV
(Q DSOLFDFLyQ GHO $UWtFXOR GH OD 'HFLVLyQ GH OD &RPXQLGDG $QGLQD HVWiQ H[HQWDV GH OD REOLJDFLyQ GH
GLOLJHQFLDU\HQWUHJDUODGHFODUDFLyQGHOYDORU
D
,PSRUWDFLRQHV FX\R YDORU )2% QR VXSHUH XQ PRQWR TXH VHUi GHWHUPLQDGR SRU OD $GXDQD 1DFLRQDO HO
PLVPRTXHQRSRGUiVHUPD\RUDFLQFRPLOGyODUHVHVWDGRXQLGHQVHV 86 H[FHSWR
0HUFDQFtDV DPSDUDGDV HQ GLVWLQWDV IDFWXUDV FRPHUFLDOHV FRQVLJQDGDV D XQ PLVPR LPSRUWDGRU
HPLWLGDVSRUXQPLVPRSURYHHGRUH[WUDQMHUR\TXHDUULEHQHQXQ PLVPRYHKtFXORWUDQVSRUWDGRUVL
HQFRQMXQWRVRQPD\RUHVDOPRQWRPtQLPRHVWLSXODGR R
(QYtRVSDUFLDOHVFRUUHVSRQGLHQWHVDXQPLVPRFRQWUDWRRQHJRFLDFLyQHQWUHHOPLVPRLPSRUWDGRU\
SURYHHGRUH[WUDQMHURFX\RYDORUVHDVXSHULRUDOPRQWRPtQLPRHVWLSXODGR
E
F
G
H
I
J
K
L
,PSRUWDFLRQHV HIHFWXDGDV SRU HO FXHUSR GLSORPiWLFR R FRQVXODU \ SRU RUJDQLVPRV LQWHUQDFLRQDOHV
DFUHGLWDGRVHQHOSDtV
,PSRUWDFLRQHVHIHFWXDGDVDODPSDURGHOH\DFXHUGRV\FRQYHQLRVLQWHUQDFLRQDOHVHQORVTXHVHSUHYHD
WDOH[HQFLyQ
,PSRUWDFLRQHV HIHFWXDGDV DO DPSDUR GH FRQWUDWRV VXVFULWRV SRU HO (VWDGR %ROLYLDQR FRQ JRELHUQRV R
HQWLGDGHVH[WUDQMHUDV
0HUFDQFtDV LQJUHVDGDV DO DPSDUR GH ORV VLJXLHQWHV 5HJtPHQHV $GXDQHURV DGPLVLyQ WHPSRUDO SDUD
SHUIHFFLRQDPLHQWRDFWLYR LPSRUWDFLyQ WHPSRUDOFRQUHH[SRUWDFLyQHQHOPLVPRHVWDGR GUDZEDFN UpJLPHQ
GH GHSyVLWR GH DGXDQDV WUiQVLWR DGXDQHUR UHSRVLFLyQ HQ IUDQTXLFLD DUDQFHODULD H[SRUWDFLyQ WHPSRUDO
SDUD SHUIHFFLRQDPLHQWR SDVLYR UHLPSRUWDFLyQ HQ HO PLVPR HVWDGR \ OD LQWURGXFFLyQ GH PHUFDQFtDV D
]RQDVIUDQFDV
'RQDFLRQHVHLPSRUWDFLRQHVHIHFWXDGDVSRUHQWLGDGHVVLQILQHVGHOXFURS~EOLFDVRSULYDGDVGHVWLQDGDVD
FXEULUVHUYLFLRVGHVDOXGDOLPHQWDFLyQDVLVWHQFLDWpFQLFDEHQHILFHQFLDHGXFDFLyQLQYHVWLJDFLyQFLHQWtILFD
\FXOWXUD
'RQDFLRQHV H LPSRUWDFLRQHV HIHFWXDGDV SRU HQWLGDGHV S~EOLFDV R SULYDGDV GHVWLQDGDV D DWHQGHU
FDWiVWURIHV\FDVRVVLPLODUHVGHHPHUJHQFLDQDFLRQDO
%LHQHVGHXVRPLOLWDU\PDWHULDOEpOLFRGHVWLQDGRVDODVHJXULGDG\GHIHQVDQDFLRQDO
'RFXPHQWRV\DUWtFXORVGLYHUVRVVLQYDORUFRPHUFLDO
(QFRPLHQGDVSRVWDOHV\HQYtRVXUJHQWHVWUDQVSRUWDGRVSRUHPSUHVDVGHVHUYLFLRDpUHRH[SUHVR
2EMHWRVGHDUWH
N
P
Q
2EMHWRVUHOLJLRVRVXWLOL]DGRVHQHOFXOWR
(TXLSDMHV\HIHFWRVGHPHQDMHGRPpVWLFRLPSRUWDGRVFRQPRWLYRGHWUDVODGRVGHGRPLFLOLRV \
0DWHULDOPRQHWDULRLPSRUWDGRSRUHO%DQFR&HQWUDOGH%ROLYLD
$UWtFXOR 'XGDUD]RQDEOH
/D $GXDQD 1DFLRQDOHQDSOLFDFLyQGHODUWtFXORGHO$FXHUGRGHO9DORU GHO *$77GH SRGUiHVWDEOHFHUOD
GXGDUD]RQDEOHVREUHHOYDORUGHFODUDGRSRUHOLPSRUWDGRUFRQEDVHDGDWRVREMHWLYRVREWHQLGRVVHJ~QODVQRUPDV
GHORVPpWRGRVGHYDORUDFLyQDORVTXHVHUHILHUHHODUWtFXORGHOSUHVHQWHUHJODPHQWR
$UWtFXOR ,QIRUPHVGHYDULDFLyQGHYDORU
(O,QIRUPHGH9DULDFLyQGH9DORUHVHOLQVWUXPHQWRTXHVHIRUPXODHQHOSURFHVRGHYDORUDFLyQGHODVPHUFDQFtDV\
GHWHUPLQDFLyQGHORVWULEXWRVDGXDQHURVDSOLFDEOHVVHxDODQGRODVGLIHUHQFLDVGHYDORUFRQUHVSHFWRDORGHFODUDGR
SRUHOLPSRUWDGRUHQODGHFODUDFLyQMXUDGDGHYDORUHQDGXDQDV(OLQIRUPHGHYDULDFLyQGHYDORUVHUiHODERUDGR
SRUHOIXQFLRQDULRDGXDQHUREDViQGRVHHQGDWRVREMHWLYRV\FXDQWLILFDEOHV
/D$GXDQD1DFLRQDOGHWHUPLQDUiODUHOHYDQFLDGHOLQIRUPHGHYDULDFLyQGHYDORUSDUDODILVFDOL]DFLyQSRVWHULRU
$UWtFXOR 6XVSHQVLyQGHOOHYDQWHGHPHUFDQFtDV
&XDQGROD$GXDQD1DFLRQDOGLVSRQJDGHXQDEDVHGHGDWRVGHSUHFLRVGHUHIHUHQFLDHOLQIRUPHGHYDULDFLyQGH
YDORUSRGUiGDUOXJDUDODVXVSHQVLyQGHOOHYDQWHGHODVPHUFDQFtDV(QHVWHFDVRVyORSURFHGHUiHOOHYDQWHGHODV
PHUFDQFtDVFXDQGRHO LPSRUWDGRUSDJXHRFRQVWLWX\DXQDJDUDQWtDSRUODGLIHUHQFLDGHORVWULEXWRVDGXDQHURVGH
DFXHUGRDOYDORUGHWHUPLQDGRHQHOLQIRUPHGHYDULDFLyQGHYDORUUHVSDOGDGRHQODFLWDGDEDVHGHGDWRVVLQPXOWD
QLVDQFLyQDOJXQD
$UWtFXOR 3URFHGLPLHQWRSDUDODGHWHUPLQDFLyQGHYDULDFLyQGHOYDORU
(PLWLGR HO LQIRUPH GH YDULDFLyQ GHO YDORU VH QRWLILFDUi DO FRQVLJQDWDULR R DO GHVSDFKDQWH GH DGXDQD SRU VX
FRPLWHQWH SDUD TXH RIUH]FD GHQWUR GH ORV VLJXLHQWHV YHLQWH GtDV OD GRFXPHQWDFLyQ UHVSDOGDWRULD DVt FRPR
DFODUDFLRQHVTXHVHOHVROLFLWHQVREUHORGHFODUDGR(VWRVGDWRVVHUiQDQDOL]DGRVSRUODDGPLQLVWUDFLyQDGXDQHUD
TXH UHVROYHUi GLFWDQGR 5HVROXFLyQ $GPLQLVWUDWLYD HQ HO SOD]R QR PD\RU D GLH] GtDV VLQ SHQDOL]DFLyQ DO
LPSRUWDGRU QL DO 'HVSDFKDQWH GH $GXDQD HQ WDQWR QR H[LVWD GHOLWR DGXDQHUR (VWD 5HVROXFLyQ $GPLQLVWUDWLYD
GHEHUi LQGLFDU ODV UD]RQHV HQ ODV TXH VH IXQGD DVt FRPR LQGLFDU VL H[LVWH UHFXUVR XOWHULRU \ HO SOD]R SDUD
LQWHUSRQHUOR
$UWtFXOR 1RWLILFDFLRQHV
7RGDVODV5HVROXFLRQHV$GPLQLVWUDWLYDVTXHGHWHUPLQHQHOYDORUGHODVPHUFDQFtDVVHUiQQRWLILFDGDVSRUHVFULWRHQ
HOGRPLFLOLRVHxDODGRSRUHOLPSRUWDGRURVX'HVSDFKDQWHGH$GXDQD
$UWtFXOR 5HFXUVRV
$QWHV GH LQWHUSRQHU FXDOTXLHU UHFXUVR HO LPSRUWDGRU GHEHUi KDFHU HIHFWLYR HO SDJR WRWDO GHO UHLQWHJUR GH ORV
WULEXWRVDGXDQHURVRPLWLGRVPiVDFWXDOL]DFLRQHV\FRVWDVMXGLFLDOHVFXDQGRIXHUDQDSOLFDEOHV
/DV 5HVROXFLRQHV $GPLQLVWUDWLYDV TXH GHWHUPLQHQ DMXVWHV DO YDORU HQ DGXDQDV DGPLWLUiQ HO 5HFXUVR GH
5HYRFDWRULDHQODIRUPD\SOD]RSUHYLVWRVHQORVDUWtFXORV DO GHOSUHVHQWHUHJODPHQWRVLQSHQDOL]DFLyQ
SDUDHOLPSRUWDGRUHQQLQJXQDGHVXVLQVWDQFLDV
$UWtFXOR 6HUYLFLRGHYDORUDFLyQLQIRUPDWL]DGR
/D$GXDQD1DFLRQDOSRGUiHVWDEOHFHUXQVHUYLFLRGHYDORUDFLyQLQIRUPDWL]DGRGHPHUFDQFtDVGHLPSRUWDFLyQFRQ
HOUHVSDOGRGHEDVHVGHGDWRVSURSLDVRGHLQIRUPDFLyQDFWXDOL]DGDDODTXHDFFHGHUiFRQHOILQGHVXVWHQWDUFRQ
LQIRUPDFLyQ REMHWLYD HO FRUUHFWR SURFHVR GH DSOLFDFLyQ GHO YDORU GH DFXHUGR D ORV FRPSURPLVRV VXVFULWRV HQ ORV
FRQYHQLRV LQWHUQDFLRQDOHV VREUH OD PDWHULD 8QD YH] TXH ODV HPSUHVDV GH ,QVSHFFLyQ 3UHYLD D OD ([SHGLFLyQ
FRQFOX\DQ VXV FRQWUDWRV \ OD $GXDQD 1DFLRQDO SUHVWH HO VHUYLFLR GH YDORUDFLyQ pVWD SRGUi DSOLFDU XQD WDULID
UHWULEXWLYDPi[LPDGHOGHOYDORUGHWUDQVDFFLyQFRPRFRQWUDSUHVWDFLyQSRUHVWHVHUYLFLRWpFQLFR
/DV PHUFDQFtDV H[LPLGDV GH OD REOLJDFLyQ GH LQVSHFFLyQ SUHYLD D OD H[SHGLFLyQ SRGUiQ VXMHWDUVH DO VHUYLFLR
HQXQFLDGRHQHOSUHVHQWHDUWtFXORGHHQFRQWUDUVHGLVSRQLEOH
/D$GXDQD1DFLRQDOILMDUiSRU5HVROXFLyQ$GPLQLVWUDWLYDORVUHJtPHQHVGHVWLQRV\RSHUDFLRQHVDGXDQHUDVHQORV
TXHQHFHVDULDPHQWHGHEHUiKDFHUVHXVRGHHVWHVHUYLFLR
$UWtFXOR (PSUHVDVGHLQVSHFFLyQSUHYLDDODH[SHGLFLyQ
/DVHPSUHVDVGHLQVSHFFLyQSUHYLDDODH[SHGLFLyQSRGUiQDFWXDUHQHOSURFHVRGHGHWHUPLQDFLyQGHOYDORUGHODV
PHUFDQFtDVSRUFRQWUDWRVXVFULWRFRQOD$GXDQD1DFLRQDOFXDQGRVHFRQVLGHUHQHFHVDULR\GHFRQIRUPLGDGFRQHO
DUWtFXOR GHOD/H\SDUDUHVSDOGDUWpFQLFDPHQWHODIXQFLyQDGXDQHUDGHDIRURGHODVPHUFDQFtDV/D$GXDQD
1DFLRQDOVHxDODUiODVRSHUDFLRQHVVXMHWDVDHVWRVVHUYLFLRV\HQVXFDVRSRGUiSUHVFLQGLUGHORVPLVPRVFXDQGR
ORFRQVLGHUHFRQYHQLHQWH
(O&HUWLILFDGRGH,QVSHFFLyQSUHYLDHPLWLGRSRUODVHPSUHVDVGHLQVSHFFLyQSUHYLDDODH[SHGLFLyQVHUYLUiGHEDVH
SDUD HO GHVSDFKR DGXDQHUR HQ WpUPLQRV GH ILMDFLyQ GH OD FDOLGDG FDQWLGDG YDORU \ FODVLILFDFLyQ DUDQFHODULD
GHELHQGR DGHPiV DMXVWDUVH SOHQDPHQWH D ORV SULQFLSLRV GHO YDORU HQ DGXDQDV HVWDEOHFLGRV HQ OD /H\ \ HQ HO
SUHVHQWHUHJODPHQWR
/DVPHUFDQFtDVTXHKD\DQVLGRLQVSHFFLRQDGDVHQRULJHQGHEHUiQLQJUHVDUDOWHUULWRULRDGXDQHURQDFLRQDOHQXQ
SOD]R QR PD\RU D QRYHQWD GtDV D SDUWLU GH OD IHFKD GH VX LQVSHFFLyQ 9HQFLGR HVWH SOD]R ODV PHUFDQFtDV
GHEHUiQVRPHWHUVHDXQDQXHYDLQVSHFFLyQHQGHVWLQR
$UWtFXOR ,QWHUSUHWDFLyQ\DSOLFDFLyQ
/D LQWHUSUHWDFLyQ \ DSOLFDFLyQ GHO SUHVHQWH FDStWXOR GHEH HIHFWXDUVH HQ FRQFRUGDQFLD FRQ OR HVWDEOHFLGR HQ HO
$FXHUGR GHO 9DORU GHO *$77 GH ODV 'HFLVLRQHV \ GH OD &RPLVLyQ GHO $FXHUGR GH &DUWDJHQD ODV
RSLQLRQHV FRQVXOWLYDV FRPHQWDULRV QRWDV H[SOLFDWLYDV HVWXGLRV GH FDVRV \ HVWXGLRV GHO &RPLWp 7pFQLFR GH
9DORUDFLyQGHOD2UJDQL]DFLyQ0XQGLDOGH$GXDQDVDVtFRQODVGHFLVLRQHVGHO&RPLWpGH9DORUDFLyQHQ$GXDQDV
GHO$FXHUGRGHO9DORUGHO*$77GH TXHIRUPDQSDUWHGHOSUHVHQWHUHJODPHQWR
&$378/2,,
1250$65(/$7,9$6$/25,*(1'(/$60(5&$1&$6
358(%$6'2&80(17 $/(6<&21752/'(/$6358(%$6
$UWtFXOR $SOLFDFLyQGHQRUPDVGHRULJHQ
/DV PHUFDQFtDV VRQ RULJLQDULDV GHO SDtV GRQGH KDQ VLGR SURGXFLGDV R IDEULFDGDV FLUFXQVWDQFLD TXH VH SUREDUi
PHGLDQWHODSUHVHQWDFLyQGHOFHUWLILFDGRFRUUHVSRQGLHQWHH[SHGLGRSRUODDXWRULGDGRODHQWLGDGKDELOLWDGDSDUDHO
HIHFWRHQHOSDtVH[SRUWDGRU
(QOD LPSRUWDFLyQGHPHUFDQFtDVVXMHWDVDOFXPSOLPLHQWRGHQRUPDVGHRULJHQHOLPSRUWDGRUGHEHUiDFUHGLWDUHO
RULJHQ GH ODV PLVPDV DQWH OD $GXDQD 1DFLRQDO GH DFXHUGR D ORV UHTXLVLWRV \ H[LJHQFLDV TXH HVWDEOH]FDQ HQ OD
QRUPDWLYDDSOLFDEOHHQYLUWXGDFRQYHQLRV\DFXHUGRVLQWHUQDFLRQDOHVUDWLILFDGRVSRU%ROLYLD
(Q OD H[SRUWDFLyQ GH PHUFDQFtDV HO RULJHQ GH ODV PLVPDV VH FHUWLILFDUi SRU ORV RUJDQLVPRV RSHUDWLYRV GHO
0LQLVWHULRGH&RPHUFLR([WHULRUH,QYHUVLyQRSRUHOH[SRUWDGRUPHGLDQWHDXWRFHUWLILFDFLyQGHFRQIRUPLGDGFRQODV
QRUPDVVREUHODPDWHULD\FRQYHQLRV\DFXHUGRVLQWHUQDFLRQDOHVVXVFULWRVSRU%ROLYLD
$UWtFXOR &DVRVTXHUHTXLHUHQSUREDUHORULJHQGHODPHUFDQF tD
(O RULJHQ GH ODV PHUFDQFtDV VH SRGUi GHWHUPLQDU SDUD HIHFWRV SUHIHUHQFLDOHV DUDQFHODULRV R QR SUHIHUHQFLDOHV
DSOLFDFLyQ GHFXSRVRSDUDFXDOTXLHURWUDPHGLGDTXHVHHVWDEOH]FD(ORULJHQSRGUiFRUUHVSRQGHUDXQRRPiV
SDtVHVRDXQD]RQDRWHUULWRULRJHRJUiILFRGHWHUPLQDGR
6DOYR OR GLVSXHVWR HQ &RQYHQLRV ,QWHUQDFLRQDOHV OD SUXHED GRFXPHQWDO GH RULJHQ GH ODV PHUFDQFtDV VH H[LJLUi
UHVSHFWRGHDTXHOODVTXHVHGHFODUHQSDUDODLPSRUWDFLyQSDUDHOFRQVXPR\FX\RRULJHQGHWHUPLQDHOWUDWDPLHQWR
DUDQFHODULR SUHIHUHQFLDO R PHGLGDV HFRQyPLFDV R FRPHUFLDOHV FRQYHQFLRQDOHV R FXDOTXLHU RWUD GLVSRVLFLyQ GH
RUGHQSXEOLFR\VDQLWDULR
(O'HVSDFKDQWHGH$GXDQDYHULILFDUiTXHHOFHUWLILFDGRGHRULJHQFRUUHVSRQGHDODIDFWXUDFRPHUFLDO\HOSOD]RGH
YDOLGH]GHOPLVPR
/DDGPLQLVWUDFLyQDGXDQHUDDWUDYpVGHPHGLRVLQIRUPiWLFRVDGXDQHURVRPDQXDOHVYHULILFDUiHOFRQWHQLGR\ODV
ILUPDVDXWRUL]DGDVGHODSUXHEDGRFXPHQWDOSUHVHQWDGDVLQSHUMXLFLRGHODILVFDOL]DFLyQSRVWHULRU
&XDQGR HQ OD SUXHED GRFXPHQWDO GH RULJHQ VH KDJD UHIHUHQFLD D XQD SDUWLGD DUDQFHODULD \ pVWD GLILHUD FRQ OD
SDUWLGDDUDQFHODULDQDFLRQDOVHDSOLFDUiODSUHIHUHQFLDDUDQFHODULDFRUUHVSRQGLHQWHVLHPSUH\FXDQGRHOSURGXFWR
GHVFULWRVHDHOPLVPRDOFRQVLJQDGRHQHODFXHUGRRFRQYHQLRQHJRFLDGR
/DV QRUPDV HVWDEOHFLGDV HQ HO $UWtFXOR GH OD /H\ VHUiQ SOHQDPHQWH DSOLFDEOHV D ODV LPSRUWDFLRQHV GH
PHUFDQFtDVDPSDUDGDVHQODVQRUPDVGHRULJHQGHDFXHUGRD&RQYHQLRV,QWHUQDFLRQDOHV
6H SURKtEH HO LQJUHVR GH PHUFDQFtDV PDUFDGDV R URWXODGDV FRQ XQ RULJHQ IDOVR R FRQ FXDOTXLHU GHVFULSFLyQ R
GHFODUDFLyQIDOVDLQFOXLGDVODVSDODEUDVXRWURVVtPERORVTXHWLHQGDQDGHVFULELURLGHQWLILFDUIDOVDPHQWHHORULJHQ
/RVLQIUDFWRUHVVHUiQSURFHVDGRV\VDQFLRQDGRVGHDFXHUGRDOD/H\
/DV PHUFDQFtDV VH VRPHWHUiQ D GHVSDFKR DGXDQHUR GHQWUR GHO SOD]R GH YDOLGH] GHO FHUWLILFDGR GH RULJHQ
FRUUHVSRQGLHQWHSDUDEHQHILFLDUVHGHODVSUHIHUHQFLDVDUDQFHODULDV
$UWtFXOR 1RUPDVGHRULJHQDSOLFDEOHVHQ]RQDVIUDQFDV
/DVPHUFDQFtDVH[WUDQMHUDVRULJLQDULDV\SURFHGHQWHVGHORVSDtVHVFRQORVFXDOHV%ROLYLDKDVXVFULWR$FXHUGRVR
7UDWDGRV GH ,QWHJUDFLyQ (FRQyPLFD UHODWLYDV D SURJUDPDV GH OLEHUDFLyQ TXH LQJUHVHQ D ODV ]RQDV IUDQFDV
FRPHUFLDOHVXELFDGDVHQWHUULWRULRQDFLRQDOVHVXMHWDUiQDODUHJODPHQWDFLyQHVWDEOHFLGDSRUGLFKRV$FXHUGRVGH
,QWHJUDFLyQ(FRQyPLFDPDQWHQLHQGRHORULJHQGHGLFKDVPHUFDQFtDVFXDQGRFRUUHVSRQGDSUHYLRFXPSOLPLHQWRGH
ORVUHTXLVLWRVFRQWHPSODGRVHQODVQRUPDVGHRULJHQGHODVPHUFDQFtDVSDUDODDSOLFDFLyQGHODVFRUUHVSRQGLHQWHV
SUHIHUHQFLDVDUDQFHODULDV
3DUDHOFDVRGHODVPHUFDQFtDVLQJUHVDGDVD]RQDVIUDQFDVLQGXVWULDOHVVHSRGUiDSOLFDUDOJXQDGHODVVLJXLHQWHV
SUHIHUHQFLDVDUDQFHODULDV
D
E
F
*UDYDU HO FRPSRQHQWH H[WUDQMHUR GH ODV PHUFDQFtDV HODERUDGDV HQ ]RQD IUDQFD LQGXVWULDO FXDQGR GLFKR
ELHQVHGHVSDFKHSDUDFRQVXPR
&XDQGR HO DJUHJDGR H[WHUQR VHDGHRULJHQ\SURFHGHQFLDVXEUHJLRQDO VHFRQVLGHUDUiORFDOSDUD HIHFWRV
DGXDQHURV \ VH GHVSDFKDUi SDUD VX FRQVXPR OLEUH GH JUDYDPHQ DUDQFHODULR SHUR ORV GHPiV LPSXHVWRV
VHUiQDSOLFDGRV
&XDQGR VH WUDWH GH PHUFDQFtDV QDFLRQDOHV HODERUDGDV HQ HO SDtV \ DOPDFHQDGDV HQ ]RQDV IUDQFDV
FRPHUFLDOHVpVWDVUHFLELUiQORVEHQHILFLRVGHOLEUHDFFHVR
&$378/2,,,
5((0%$548(
$UWtFXOR $XWRUL]DFLyQGHUHHPEDUTXH
/DVDGPLQLVWUDFLRQHVDGXDQHUDVSRGUiQDXWRUL]DUHOUHHPEDUTXHGHPHUFDQFtDVTXHVHHQFXHQWUHQHQGHSyVLWRV
DGXDQHURV DXWRUL]DGRV H[FHSWR GH GHSyVLWR WUDQVLWRULR DQWHV GH OD H[SLUDFLyQ GHO WpUPLQR OHJDO GH DEDQGRQR
VLHPSUH TXH HO FRQVLJQDWDULR SUHVHQWH XQD EROHWD GH JDUDQWtD EDQFDULD SRU HO FLHQ SRU FLHQWR GH ORV
WULEXWRVDGXDQHURVVXVSHQGLGRVSDUDJDUDQWL]DUODVDOLGDItVLFDGHODPHUFDQFtDGHOWHUULWRULRDGXDQHURQDFLRQDO\
HOLQJUHVRGHODPLVPDDWHUULWRULRDGXDQHURH[WUDQMHURORFXDOGHEHUiDFUHGLWDUVHPHGLDQWHODSUHVHQWDFLyQGHO
FHUWLILFDGRHPLWLGRSRUODDXWRULGDGDGXDQHUDDXWRUL]DGD\GHOFRQFHVLRQDULRGHORVVHUYLFLRVGHUHJLVWURFRQWUROGH
ODVPHUFDQFtDVXELFDGDVHQODVDGXDQDVGHSDVRGHIURQWHUDGHQWURGHOSOD]RGHWUHLQWD GtDVVLJXLHQWHVDOD
IHFKDGHUHHPEDUTXH/DILDQ]DDQWHVPHQFLRQDGDGHEHUiFRQVWLWXLUVHSRULJXDOSOD]R
/DGHFODUDFLyQGHPHUFDQFtDVGHUHHPEDUTXHGHEHUiVHUSUHVHQWDGDSRUHO'HVSDFKDQWHGH$GXDQDDGMXQWDQGR
HO3DUWHGH5HFHSFLyQ\ODVPHUFDQFtDVVHUiQWUDQVSRUWDGDVDODPSDURGHOPDQLILHVWRLQWHUQDFLRQDOGHFDUJD
1RVHSHUPLWLUiHOUHHPEDUTXHGHXQDDGXDQDDRWUDGHQWURGHWHUULWRULRDGXDQHURQDFLRQDO
&$378/2,9
&2167,78&,1'(*$5$17$6$'8$1(5$6
$UWtFXOR 'HILQLFLyQ\PRGDOLGDGHV
(QORVFDVRV TXHFRUUHVSRQGDQVHGHEHUiQFRQVWLWXLUJDUDQWtDVSDUDDVHJXUDUHOSDJRGHWULEXWRVDGXDQHURVVXV
LQWHUHVHV PDQWHQLPLHQWR GH YDORU PXOWDV \ HO FXPSOLPLHQWR GH RWUDV UHVSRQVDELOLGDGHV HPHUJHQWHV GH ODV
DFWLYLGDGHV DGXDQHUDV /DV JDUDQWtDV VHUiQ FRQVWLWXLGDV D IDYRU GH OD $GXDQD 1DFLRQDO \ HQ VX FDVR FXDQGR
FRUUHVSRQGD D IDYRU GHO 0LQLVWHULR GH +DFLHQGD SRU ORV SOD]RV H LPSRUWHV TXH HVWDEOH]FD OD /H\ HO SUHVHQWH
UHJODPHQWR\GHPiVGLVSRVLFLRQHVOHJDOHVDSOLFDEOHV
$UWtFXOR 0RGDOLGDGHV
3RGUiQ FRQVWLWXLUVH JDUDQWtDV JOREDOHV SDUD DVHJXUDU HO FXPSOLPLHQWR GHODVREOLJDFLRQHVWULEXWDULDVHPHUJHQWHV
GHRSHUDFLRQHVGHUXWLQD\SRUHOWLHPSRRIUDFFLyQGHWLHPSRHQTXHVHUHDOLFHQODVRSHUDFLRQHVKDELWXDOHV
3RGUiQFRQVWLWXLUVHJDUDQWtDVHVSHFLDOHV~QLFDPHQWHSDUDODUHDOL]DFLyQGHXQDRSHUDFLyQDGXDQHUDODVPLVPDV
TXHQRVHH[WHQGHUiQDRWUDVRSHUDFLRQHV
/DVRSHUDFLRQHVDGXDQHUDVVHSRGUiQJDUDQWL]DUPHGLDQWH
D
E
F
%ROHWD GH JDUDQWtD EDQFDULD HPLWLGD SRU XQD HQWLGDG EDQFDULD DXWRUL]DGD SRU OD 6XSHULQWHQGHQFLD GH
%DQFRV\(QWLGDGHV)LQDQFLHUDV
)LDQ]D GH VHJXUR HPLWLGD SRU FRPSDxtD DVHJXUDGRUD DXWRUL]DGD SRU OD 6XSHULQWHQGHQFLD GH 6HJXURV
9DORUHV\3HQVLRQHV
+LSRWHFDGHELHQHVLQPXHEOHVPHGLRV\XQLGDGHVKDELOLWDGRVSDUDHOWUDQVSRUWH(O GRFXPHQWRS~EOLFRSRU
HO TXH VH FRQVWLWX\D OD KLSRWHFD GHEHUi FRQWHQHU HO PRQWR DILDQ]DGR FRQ LQGLFDFLyQ GHO SOD]R GH
YHQFLPLHQWR GH OD REOLJDFLyQ JDUDQWL]DGD \ DVHJXUDUi OD YtD H[SHGLWD SDUD OD HMHFXFLyQ FRDFWLYD GH OD
JDUDQWtDVLQSUHYLRUHTXHULPLHQWRMXGLFLDORH[WUDMXGLFLDO
6H DGPLWH OD FRQVWLWXFLyQ GH JDUDQWtD GH WRGRV ORV ELHQHV SUHVHQWHV \ IXWXURV GH OD HPSUHVD DXWRUL]DGD SDUD
5,7(;PHGLDQWHGHFODUDFLyQMXUDGDGHOLTXLGDFLyQ\SDJR~QLFDPHQWHDHIHFWRVGHJDUDQWL]DUODVRSHUDFLRQHVGH
DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR 3DUD HVWH FDVR ODV PHUFDQFtDV DGPLWLGDV WHPSRUDOPHQWH VH
FRQVWLWX\HQHQSUHQGDDGXDQHUDVLQGHVSOD]DPLHQWR
$UWtFXOR &RQGLFLRQHV\HMHFXFLyQ
/DVJDUDQWtDVHVWDUiQH[SUHVDGDVHQGyODUHVGHORV(VWDGRV8QLGRVGH1RUWHDPpULFD\GHEHQQHFHVDULDPHQWHVHU
LUUHYRFDEOHVLQFRQGLFLRQDOHV\GHHMHFXFLyQLQPHGLDWDDQWHHOLQFXPSOLPLHQWRGHODREOLJDFLyQDILDQ]DGD
/D HMHFXFLyQ GH ODV JDUDQWtDV SRGUi VHU WRWDO R SDUFLDO VHJ~Q VH KXELHUH LQFXPSOLGR HQ WRGR R HQSDUWHODRODV
REOLJDFLRQHVDILDQ]DGDV/DVKLSRWHFDV\SUHQGDVVHUiQHMHFXWDGDVGHDFXHUGRDODVQRUPDVTXHVHDQDSOLFDEOHV
$QWHV GH OD HMHFXFLyQ GH ODV JDUDQWtDV HO LQWHUHVDGR SRGUi OLEHUDU ODV PLVPDV PHGLDQWH HO SDJR GH ODV
REOLJDFLRQHVDILDQ]DGDV
(QHOFDVRGHHMHFXFLyQGHODVJDUDQWtDVFRQVWLWXLGDVSRUSHUVRQDVQDWXUDOHV\MXUtGLFDVTXHUHDOL]DQRSHUDFLRQHV
DGXDQHUDVGHEHUiQUHSRQHUODVPLVPDVSDUDHOHMHUFLFLRGHVXVDFWLYLGDGHV
778/2129(12
'(/$%$1'212'(0(5&$1&$6
&$378/21,&2
$%$1'212(;35(62<7&,72'(0(5&$1&$6
$UWtFXOR $EDQGRQROHJDO
&XDQGR OD PHUFDQFtD SHUPDQH]FD HQ GHSyVLWRV DGXDQHURV DXWRUL]DGRV SRU WLHPSR VXSHULRU DO VHxDODGR HQ HVWH
UHJODPHQWR VLQ TXH VH KD\D SUHVHQWDGR OD GHFODUDFLyQ GH XQ UpJLPHQ DGXDQHUR VH FRQVLGHUDUi DEDQGRQDGD D
IDYRUGHO(VWDGR
$UWtFXOR $EDQGRQRH[SUHVRRYROXQWDULR
(O DEDQGRQR YROXQWDULR R H[SUHVR GH ODV PHUFDQFtDV HQ GHSyVLWRV DGXDQHURV DXWRUL]DGRV VH IRUPDOL]DUi SRU
HVFULWRDQWHODDGPLQLVWUDFLyQDGXDQHUDHQODIRUPDFRQGLFLRQHV\FRQORVHIHFWRVSUHYLVWRVHQHO7tWXOR1RYHQRGH
OD /H\ \ HO SUHVHQWH UHJODPHQWR 6H SUHVXPH TXH HV DFHSWDGR FXDQGR QR VHD UHFKD]DGR SRU OD DGPLQLVWUDFLyQ
DGXDQHUDGHQWURGHORVVLHWH GtDVGHKDEHUWHQLGRFRQRFLPLHQWRGHODPDQLIHVWDFLyQGHDEDQGRQR
/D PHUFDQFtD DEDQGRQDGD \ DFHSWDGD SRU OD $GXDQD 1DFLRQDO VHUi UHPDWDGD GH DFXHUGR DO SURFHGLPLHQWR
HVWDEOHFLGRHQHOSUHVHQWH7tWXOR
$UWtFXOR $EDQGRQRWiFLWRRGHKHFKR
(O DEDQGRQR WiFLWR RGHKHFKRGH ODVPHUFDQFtDV VHSURGXFLUi SRUODVFDXVDVSUHYLVWDVHQHODUWtFXORGHOD
/H\DIDYRUGHO(VWDGRGHELHQGRQRWLILFDUVHDOFRQVLJQDWDULR
/DVPHUFDQFtDVLQWURGXFLGDVHQGHSyVLWRVDGXDQHURVDXWRUL]DGRVFDHUiQHQDEDQGRQRDOYHQFLPLHQWRGHOWpUPLQR
DGPLWLGRSDUDHODOPDFHQDPLHQWR1R KDEUiDEDQGRQRWiFLWRRGHKHFKRHQGHSyVLWRWUDQVLWRULRGHELHQGRHQHVWH
FDVRHMHFXWDUVHODILDQ]DFRQVWLWXLGDDHIHFWRVGHOSDJRGHWULEXWRVVLQSHUMXLFLRGHODDSOLFDFLyQGHODVDFFLRQHV
TXHFRUUHVSRQGDQ
'HQWUR GHO SOD]R GH TXLQFH GtDV GH YHQFLGR HO SOD]R GH DOPDFHQDPLHQWR DGPLWLGR OD DGPLQLVWUDFLyQ GHO
GHSyVLWRDGXDQHURLQIRUPDUiGHHVWHKHFKRDODDGPLQLVWUDFLyQDGXDQHUDSDUDTXHpVWDHPLWDOD5HVROXFLyQSRUOD
TXHVHGHFODUHHODEDQGRQR(VWD5HVROXFLyQTXHGDUiHMHFXWRULDGDFRQHODFWRGHOUHPDWH
$UWtFXOR /HYDQWDPLHQWRGHDEDQGRQR
3URFHGHUi HO OHYDQWDPLHQWR GH DEDQGRQR WiFLWR R GH KHFKR FXDQGR DQWHV GHO UHPDWH GH OD PHUFDQFtD HO
FRQVLJQDWDULR R SURSLHWDULR SUHVHQWH OD GHFODUDFLyQ GH PHUFDQFtDV GH LPSRUWDFLyQ X RWUR UpJLPHQ DGXDQHUR
DSOLFDEOH PiV HO SDJR GHO WUHV SRU FLHQWR VREUH HO YDORU &,) IURQWHUD \ GH FRUUHVSRQGHU ORV JDVWRV TXH
KXELHUHGHPDQGDGRHOWUDVODGR
$UWtFXOR $EDQGRQRGHPHUFDQFtDVHQSXHUWRVRORFDOLGDGHVGHWUDQVLWR
6LQSHUMXLFLRGHORHVWDEOHFLGRHQORV7UDWDGRVR&RQYHQLRV,QWHUQDFLRQDOHVGH/LEUH7UiQVLWR$GXDQHURUDWLILFDGRV
SRU HO (VWDGR EROLYLDQR HO WLHPSR GH SHUPDQHQFLD GH ODV PHUFDQFtDV HQ SXHUWRV R ORFDOLGDGHV GH WUiQVLWR HQ HO
H[WHULRUQRGHEHH[FHGHUORVQRYHQWD GtDVLPSURUURJDEOHV FRPSXWDEOHVDSDUWLUGHODIHFKDGHVXOOHJDGD$O
YHQFLPLHQWRGHHVWHWpUPLQRFDHUiQHQDEDQGRQR
/D DGPLQLVWUDFLyQ DGXDQHUD HQ HO H[WHULRU GH RILFLR \ EDMR VX UHVSRQVDELOLGDG WULPHVWUDOPHQWH GHEH HQYLDU ODV
PHUFDQFtDVFDtGDVHQDEDQGRQRDODDGPLQLVWUDFLyQDGXDQHUDLQWHULRUPiVSUy[LPDTXHFXHQWHFRQLQIUDHVWUXFWXUD
DOPDFHQHUD/DFXDOGLVSRQGUiHOUHPDWHGHODPHUFDQFtDRHOOHYDQWDPLHQWRGHDEDQGRQR
$UWtFXOR 3URFHVRGH UHPDWH
/DV PHUFDQFtDV DEDQGRQDGDV HQ IRUPD H[SUHVD R WiFLWD VHUiQ UHPDWDGDV WULPHVWUDOPHQWH EDMR OD GLUHFFLyQ \
UHVSRQVDELOLGDGGHOWLWXODUGHODDGPLQLVWUDFLyQDGXDQHUDUHVSHFWLYD
/DEDVHGHOYDORUGHODVPHUFDQFtDVSDUDHOUHPDWHVHUiGHWHUPLQDGDSRUODDGPLQLVWUDFLyQDGXDQHUDUHVSHFWLYD
FRQVLGHUDQGRHOVHWHQWDSRUFLHQWR GHOYDORUHQDGXDQDSDUDDUWtFXORVDOLPHQWLFLRV\HQHOVHVHQWDSRUFLHQWR
GHOYDORUHQDGXDQDSDUDODVGHPiVPHUFDQFtDVGHDFXHUGRDORHVWDEOHFLGRHQHODUWtFXORGHOD/H\
(O YDORU HQ DGXDQD VHUi GHWHUPLQDGR SRU OD DGPLQLVWUDFLyQ DGXDQHUD HQ EDVH GHO YDORU HVWDEOHFLGR SRU ODV
HPSUHVDVHVSHFLDOL]DGDVHQ,QVSHFFLyQ3UHYLDDOD([SHGLFLyQRSRUHOVLVWHPDGHYDORUDFLyQDGXDQHUDFRQIRUPH
DODUWLFXORGHOSUHVHQWHUHJODPHQWR
3DUD HO YHULILFDWLYR GHO UHPDWH \ HQ FDOLGDG GH HGLFWR GH QRWLILFDFLyQ VH SXEOLFDUi HO DYLVR SRU GRV YHFHV FRQ
LQWHUYDORGHFLQFRGtDVHQXQSHULyGLFRGHFLUFXODFLyQQDFLRQDOGHELHQGRVHUSXEOLFDGRHOSULPHUDYLVRFRQXQD
DQWLFLSDFLyQ QR PHQRU D TXLQFH GtDV D OD IHFKD GHO DFWR GH UHPDWH (O DYLVR GH UHPDWH GHEH FRQWHQHU
HVHQFLDOPHQWHHOOXJDUODIHFKD\KRUDGHODFWRGHUHPDWHODGHVFULSFLyQGHODPHUFDQFtDHOYDORUEDVHHOQRPEUH
RUD]yQVRFLDOGHOFRQVLJQDWDULRTXLHQSRGUiHMHUFHUVXGHUHFKRDOOHYDQWDPLHQWRKDVWDDQWHVGHODFWRGHOUHPDWH
&XDQGRVHGHFODUHGHVLHUWRHOSULPHUUHPDWHHODYLVRGHORVVLJXLHQWHVDFWRVGHUHPDWHVHHIHFWXDUiSRUXQDVROD
YH]
(QHODFWRGHUHPDWHFRQFXUULUiHOWLWXODUGHODDGPLQLVWUDFLyQDGXDQHUDHOUHSUHVHQWDQWHGHO0LQLVWHULR3~EOLFRHO
1RWDULRGH*RELHUQRRGH)H3~EOLFD\HOPDUWLOOHURFRQWUDWDGRDOHIHFWR
(O SRVWRU VH DGMXGLFDUi OD PHUFDQFtD UHPDWDGD GHSRVLWDQGR HO YHLQWLFLQFR SRU FLHQWR GHO YDORU GH
DGMXGLFDFLyQGH ODPHUFDQFtDHQHODFWRGHOUHPDWH\HOPRQWRUHVWDQWHGHQWURGHOWpUPLQRGHVHWHQWD\GRV
KRUDV VLJXLHQWHV FRQ OD SUHVHQWDFLyQ GH OD GHFODUDFLyQ GH PHUFDQFtDV GH UHPDWH VXVFULWD SRU 'HVSDFKDQWH GH
$GXDQD\ODFRUUHVSRQGLHQWHDFWDGHUHPDWH&XDQGRHODGMXGLFDWDULRQRFDQFHODUHHOSUHFLRWRWDOGHODPHUFDQFtD
GHQWURGHGLFKRWpUPLQRVHGHFODUDUiQXODODDGMXGLFDFLyQFRQSpUGLGDGHOGHSyVLWRDIDYRUGHOD$GXDQD1DFLRQDO
GHELHQGRGLVSRQHUVHXQDQXHYDIHFKDGHUHPDWH
&XDQGRVHGHFODUHGHVLHUWRHOSULPHUUHPDWHHOYDORUEDVHGHODVPHUFDQFtDVSDUDHOVHJXQGR\WHUFHUUHPDWHVH
ILMDUiFRQXQD UHEDMDGHOTXLQFHSRUFLHQWR UHVSHFWRGHOD~OWLPDEDVH(QFDVRTXHVHGHFODUHGHVLHUWRHO
UHPDWHSRUWHUFHUDYH]ODVPHUFDQFtDVVHUiQSXHVWDVDODYHQWDHQHOSUHFLRGHORFKHQWDSRUFLHQWR VREUHOD
~OWLPD EDVH R SRGUi OD $GXDQD 1DFLRQDO PHGLDQWH 5HVROXFLyQ GH 'LUHFWRULR GLVSRQHU TXH ODV PLVPDV WRWDO R
SDUFLDOPHQWHVHDQHQWUHJDGDVDWtWXORGHGRQDFLyQDODVLQVWLWXFLRQHVS~EOLFDVGHDVLVWHQFLDVRFLDO
/D$GXDQD1DFLRQDOSRGUiFRQWUDWDUDHPSUHVDVSULYDGDVSDUDHOVHUYLFLRGHUHPDWHGHPHUFDQFtDVDEDQGRQDGDV
GHDFXHUGRDODV1RUPDV%iVLFDVGHO6LVWHPDGH$GPLQLVWUDFLyQGH%LHQHV\6HUYLFLRV
$UWtFXOR 0HUFDQFtDVSURKLELGDVSDUDUHPDWH
1RHQWUDUiQHQSURFHVRGHUHPDWHDGXDQHURODVPHUFDQFtDVLPSRUWDGDVFX\REHQHILFLDULRVHDXQDHQWLGDGS~EOLFD
R XQ SUR\HFWR HQ TXH HO HVWDGR WHQJD SDUWLFLSDFLyQ DQLPDOHV YLYRV R SODQWDV IUXWRV VHPLOODV DIHFWDGDV SRU
HQIHUPHGDGHVSURGXFWRVDOLPHQWLFLRVEHELGDVOtTXLGRVDOFRKyOLFRVHQHVWDGRGHGHVFRPSRVLFLyQDGXOWHUDGRVR
TXH FRQWHQJDQ VXVWDQFLDV QRFLYDV D OD VDOXG PDWHULDOHV Wy[LFRV UDGLDFWLYRV R GHVHFKRV PLQHUDOyJLFRV
FRQWDPLQDQWHV \ RWUDV PHUFDQFtDV TXH HQ UD]yQ GH VX QDWXUDOH]D SHOLJURVD R QRFLYD GHWHUPLQH OD $GXDQD
1DFLRQDOODVFXDOHVGHEHUiQVHUGHVWUXLGDVEDMRFRQWURODGXDQHUR
(Q HO FDVR GH DUPDV PXQLFLRQHV SyOYRUD \ H[SORVLYRV GHEHUiQ VHU HQWUHJDGDV DO FRQWURO GHO 0LQLVWHULR GH
'HIHQVD
/DV PHUFDQFtDV TXH FRQVWLWX\HQ VXVWDQFLDV FRQWURODGDV FRQIRUPH D OD /H\ GHEHUiQ VHU HQWUHJDGDV D OD
DXWRULGDGFRPSHWHQWHGHVXVWDQFLDVFRQWURODGDV
$UWtFXOR $GMXGLFDFLyQH[FHSFLRQDOGHPHUFDQFtDVDEDQGRQDGDV
/DVPHUFDQFtDVSHUHFHGHUDV\GHIiFLOGHVFRPSRVLFLyQHQVLWXDFLyQGHDEDQGRQRSRGUiQH[FHSFLRQDOPHQWHVHU
DGMXGLFDGDVGLUHFWDPHQWHSRUHO'LUHFWRULRGHOD$GXDQD1DFLRQDODHQWLGDGHVGHO(VWDGRRDHQWLGDGHVSULYDGDV
VLQILQHVGHOXFURUHFRQRFLGDVSRUHO(VWDGR
(VWDVDGMXGLFDFLRQHVGHEHUiQVHUDXWRUL]DGDVSRUHO3UHVLGHQWH(MHFXWLYRGHOD$GXDQD1DFLRQDO
$UWtFXOR 'HOSURGXFWRGHOUHPDWH
'HO SURGXFWR GHO UHPDWH GH PHUFDQFtDV DEDQGRQDGDV VH GHGXFLUiQ ORV VLJXLHQWHV FRQFHSWRV HQ HO RUGHQ TXH
VLJXH
D
3DJRGHWULEXWRVDGXDQHURVVREUHHOYDORUDGMXGLFDGR
(QHOFDVRGHDEDQGRQRWiFLWRHOUHPDQHQWHSRGUiVHUUHFODPDGRSRUHOFRQVLJQDWDULRGHODVPHUFDQFtDV
GHQWURGHOSOD]RSUHYLVWRHQOD/H\
*DVWRV RSHUDWLYRV FRPR VHU 3XEOLFDFLRQHV ODV WDVDV GH DOPDFHQDMH JDVWRV GH PDUWLOOHUR VHUYLFLRV GH
YDORUDFLyQ KRQRUDULRV DO 'HVSDFKDQWH GH $GXDQD TXH LQWHUYLHQH HQ OD QDFLRQDOL]DFLyQ GH OD PHUFDQFtD
GHVSXpVGHOUHPDWH\RWURVTXHSXGLHUDQDGHXGDUVH
$UWtFXOR 1XOLGDG
6HUiQXORHOUHPDWHSRUODFRQFXUUHQFLDGHFXDOTXLHUDGHODVVLJXLHQWHVFDXVDOHV
D
E
&XDQGRQRVHGHWHUPLQHODEDVHGHOUHPDWHGHDFXHUGRDODVQRUPDVGHOSUHVHQWHUHJODPHQWR
&XDQGRQRVHFXPSODFRQODSXEOLFDFLyQGHODYLVRFRQIRUPHDORHVWDEOHFLGRHQHOSUHVHQWHUHJODPHQWR
&XDQGRQRFRQFXUUDDODFWRGHUHPDWHHOWLWXODUGHODDGPLQLVWUDFLyQDGXDQHUDRHO1RWDULRGH*RELHUQRR
GH)H3~EOLFD
778/2'e&,02
352&(',0,(17 2'(&2175$9(1&,21(6$'8$1(5$6
&$378/2,
&2175$9(1&,1$'8$1(5$
$UWtFXOR 3ULQFLSLRGHOHJDOLGDG
3DUD TXH XQ DFWR KHFKR X RPLVLyQ VHD FDOLILFDGR FRPR FRQWUDYHQFLyQ DGXDQHUD GHEHUi H[LVWLU LQIUDFFLyQ GH OD
/H\ GHO SUHVHQWH UHJODPHQWR R GHPiV GLVSRVLFLRQHV DGPLQLVWUDWLYDV TXH QR FRQVWLWX\DQ GHOLWRV DGXDQHURV 1R
KDEUiFRQWUDYHQFLyQSRULQWHUSUHWDFLyQH[WHQVLYDRDQDOyJLFDGHODQRUPD
&XDQGRSRUXQPLVPRKHFKRVHLQFXUUDHQPiVGHXQDFRQWUDYHQFLyQVHDSOLFDUiODVDQFLyQPD\RURPiVJUDYH
$UWtFXOR )DFXOWDGSDUDFDOLILFDUFRQWUDYHQFLRQHV
/D $GXDQD 1DFLRQDO D WUDYpV GH VXV DXWRULGDGHV FRPSHWHQWHV WLHQH OD IDFXOWDG GH FDOLILFDU \ VDQFLRQDU
DGPLQLVWUDWLYDPHQWHODFRQWUDYHQFLyQDGXDQHUDFRQIRUPHDORSUHYLVWRSRUOD/H\\HOSUHVHQWH UHJODPHQWR
$UWtFXOR &ODVHVGHFRQWUDYHQFLRQHV
/D $GXDQD 1DFLRQDO PHGLDQWH 5HVROXFLyQ GH VX 'LUHFWRULR DSUREDUi OD FODVLILFDFLyQ GH FRQWUDYHQFLRQHV \ OD
JUDGXDFLyQ HQ OD DSOLFDFLyQ GH VDQFLRQHV SUHYLVWDV HQ OD /H\ \ HO SUHVHQWH UHJODPHQWR HQ FRQVLGHUDFLyQ D OD
JUDYHGDGGHODVPLVPDV\ORVFULWHULRVGHUHLQFLGHQFLDREMHWLYLGDGJHQHUDOLGDGHTXLGDG\QRGLVFUHFLRQDOLGDG
/DV FRQWUDYHQFLRQHV DGXDQHUDV VHUiQ REMHWR GH SURFHVR DGPLQLVWUDWLYR DGXDQHUR 3RGUi FRQFOXLUVH
DQWLFLSDGDPHQWHHOSURFHVR FXDQGRHOFRQWUDYHQWRUDFHSWHVXUHVSRQVDELOLGDG\GHFXPSOLPLHQWRDODVDQFLyQHQHO
OtPLWHPtQLPRTXHOHFRUUHVSRQGD
/DV FRQWUDYHQFLRQHV SUHYLVWDV HQ ORV LQFLVRV H \ I GHO DUWtFXOR GH OD /H\ \ DTXHOODV VDQFLRQDGDV FRQ XQD
PXOWDLJXDODXQVDODULRPtQLPRQDFLRQDOQRHVWDUiQVXMHWDVDOSURFHVRDGPLQLVWUDWLYRDTXHVHUHILHUHHOSiUUDIR
SUHFHGHQWH\FRQVXFDQFHODFLyQVHKDEUiFXPSOLGRODVDQFLyQGHODFRQWUDYHQFLyQ
$UWtFXOR &DXVDOHVDWHQXDQWHV\H[FOX\HQWHVGHUHVSRQVDELOLGDG
4XLHQ SRQJD HQ FRQRFLPLHQWR GH OD DXWRULGDG DGXDQHUD SRU SURSLD LQLFLDWLYD H LQWHUpV FXDOTXLHU FRQWUDYHQFLyQ
DGXDQHUDDQWHVGHXQDILVFDOL]DFLyQRUHTXHULPLHQWRSRUSDUWHGHOD$GXDQDVHUiSDVLEOHDODVDQFLyQPtQLPDTXH
OHFRUUHVSRQGD
/D UHVSRQVDELOLGDG SHUVRQDO HPHUJHQWH GH OD FRPLVLyQ GH XQD FRQWUDYHQFLyQ DGXDQHUD SRGUi VHU PDWHULD GH
H[FOXVLyQHQFDVRVGHIXHU]DPD\RURFDVRIRUWXLWRGHELGDPHQWHDFUHGLWDGRV
&$378/2,,
352&(',0,(172
$UWtFXOR &RPSHWHQFLD
6RQFRPSHWHQWHVSDUDLQYHVWLJDUSURFHVDU\DSOLFDUVDQFLRQHV
D
E
/DVDGPLQLVWUDFLRQHVDGXDQHUDVGHODMXULVGLFFLyQGRQGHVHFRPHWLyODFRQWUDYHQFLyQDGXDQHUD
/DVXQLGDGHVGHILVFDOL]DFLyQGHOD$GXDQD1DFLRQDOHQODVFRQWUDYHQFLRQHVVHxDODGDVSRUORVLQFLVRVH \
I GHODUWtFXORGHOD/H\
/D3UHVLGHQFLD(MHFXWLYDGHOD$GXDQD1DFLRQDOHQFRQWUDYHQFLRQHVQRVXMHWDVDSURFHVRDGPLQLVWUDWLYR
(O'LUHFWRULRGHOD$GXDQD1DFLRQDOHQ LQVWDQFLDGHUHFXUVRMHUiUTXLFRGHDFXHUGRDODUWtFXORGHOD
/H\
$UWtFXOR 3UHVHQWDFLyQGHGHVFDUJRV\SUXHEDV
&XDQGRODDGPLQLVWUDFLyQDGXDQHUDWHQJDFRQRFLPLHQWRGHXQDFRQWUDYHQFLyQDGXDQHUDRGLIHUHQFLDGHSDJRGH
WULEXWRVTXHQRLPSOLTXHODFRPLVLyQGHXQGHOLWRDGXDQHURHODGPLQLVWUDGRUGHDGXDQDHPLWLUiHODFWRGHLQLFLRGHO
SURFHVRDGPLQLVWUDWLYRTXHFRQWHQGUiODUHODFLyQSRUPHQRUL]DGDGHOKHFKRODFDOLILFDFLyQGHODFRQWUDYHQFLyQOD
OLTXLGDFLyQGHORVWULEXWRVRPLWLGRV\ODVPXOWDVTXHIXHUHQDSOLFDEOHV
(OSURFHVDGRXQDYH]QRWLILFDGROHJDOPHQWHFRQHODFWRGHLQLFLRGHOSURFHVRDGPLQLVWUDWLYRGHQWURGHOSOD]RGH
FLQFR GtDV SRGUi SUHVHQWDU HQ IRUPD HVFULWD VXV GHVFDUJRV R MXVWLILFDWLYRV DFODUDFLRQHV \ SUXHEDV DQWH OD
DXWRULGDG DGXDQHUD FRPSHWHQWH FRQ HO SURSyVLWR TXH VHDQ HYDOXDGRV FRQ FDUiFWHU SUHYLR D OD UHDOL]DFLyQ GH OD
DXGLHQFLD
$UWtFXOR $XGLHQFLD
(Q HO GtD \ KRUD VHxDODGRV VH UHDOL]DUi OD DXGLHQFLD FRQYRFDGD DQWH OD DXWRULGDG DGXDQHUD FRPSHWHQWH (Q OD
PLVPDHOSURFHVDGRSRGUiDSRUWDUODVSUXHEDVTXHHVWLPHSHUWLQHQWHVUDWLILFDURDPSOLDUODV\DRIUHFLGDVH[SRQHU
ORVGHVFDUJRV\HIHFWXDUODVDFODUDFLRQHVQHFHVDULDV
/DDXWRULGDGDGXDQHUDFRPSHWHQWHSUHYLDHYDOXDFLyQ\YDORUDFLyQGHORVDQWHFHGHQWHVGHVFDUJRVRMXVWLILFDWLYRV
DFODUDFLRQHV \ SUXHEDV DSRUWDGDV HQ SUHVHQFLD R DXVHQFLD GHO SURFHVDGR SURQXQFLDUi OD UHVROXFLyQ
FRUUHVSRQGLHQWH
$UWtFXOR 5HVROXFLyQIXQGDPHQWDGD
/DDXWRULGDGDGXDQHUDFRPSHWHQWHGHEHUiH[SRQHUREOLJDWRULDPHQWHORVIXQGDPHQWRVGHKHFKR\GHGHUHFKRTXH
VXVWHQWHQ VX UHVROXFLyQ 'LFKD UHVROXFLyQ VHUi QRWLILFDGD DO SURFHVDGR GHQWUR GHO WpUPLQR GH WUHV GtDV GH
UHDOL]DGDODDXGLHQFLD
$UWtFXOR ,PSXJQDFLyQSRUUHFXUVRGHUHYRFDWRULD
&XDQGROD5HVROXFLyQ$GPLQLVWUDWLYDVHDDGYHUVDDOSURFHVDGRHVWHSRGUiLQWHUSRQHUHQIRUPDHVFULWDHOUHFXUVR
GH UHYRFDWRULDGHELGDPHQWHIXQGDPHQWDGRGHQWURGHOWpUPLQRIDWDOGHGLH] GtDVVLJXLHQWHVDVXQRWLILFDFLyQ
DQWHODPLVPDDXWRULGDGDGXDQHUDTXHGLFWyODUHVROXFLyQUHFXUULGD(QHOUHFXUVRGHUHYRFDWRULDSRGUiQDGPLWLUVH
QXHYDVSUXHEDV
$UWtFXOR ,PSURFHGHQFLDGHOUHFXUVR
6L HO UHFXUVR GH UHYRFDWRULD VH SUHVHQWDVH IXHUD GHO SOD]R SUHYLVWR HQ HO DUWtFXOR GH OD /H\ HO PLVPR VHUi
GHFODUDGRLPSURFHGHQWHTXHGDQGRDJRWDGDODYtDDGPLQLVWUDWLYD\GDUiOXJDUDODHMHFXFLyQGHODUHVROXFLyQ
&XDQGRHOSURFHVDGRQRSUHVHQWHLPSXJQDFLyQDODUHVROXFLyQPHGLDQWHHOUHVSHFWLYRUHFXUVRGHUHYRFDWRULDVH
GDUiSRUDJRWDGDODYtDDGPLQLVWUDWLYDSURFHGLpQGRVHDODHMHFXFLyQGHODUHVROXFLyQHPLWLGD
$UWtFXOR 5HVROXFLyQGHOUHFXUVRGHUHYRFDWRULD
(Q HO FDVR GH GHQHJDWRULDGHOUHFXUVRGH UHYRFDWRULDHQDSOLFDFLyQGHODUWtFXORGHOD/H\ORVDFWXDGRVGHO
SURFHVRVHUHPLWLUiQDO'LUHFWRULRGHOD$GXDQD1DFLRQDOVLQPiVWUiPLWHHQXQSOD]RQRPD\RUGHWUHV GtDV
$UWtFXOR 5HFXUVRMHUiUTXLFR
8QD YH] TXH HO SURFHVR KD\D VLGR UHPLWLGR DO 'LUHFWRULR GH OD $GXDQD 1DFLRQDO pVWH GLVSRQGUi VX HVWXGLR \
HYDOXDFLyQFRUUHVSRQGLHQWHSRUHOPLHPEURUHODWRUTXHVHGHVLJQH(O'LUHFWRULRVHSURQXQFLDUiHQXQSOD]RTXH
QRH[FHGHUiGHTXLQFH GtDVGHUHFLELGRORVDFWXDGRV
&RQWUDODUHVROXFLyQGHQHJDWRULDGHOUHFXUVRMHUiUTXLFRSURQXQFLDGDSRUHOGLUHFWRULRGHOD$GXDQD1DFLRQDOTXH
DJRWD HO SURFHGLPLHQWR DGPLQLVWUDWLYR SRGUi LQWHUSRQHUVH GHPDQGD FRQWHQFLRVR DGPLQLVWUDWLYD FRQIRUPH D ODV
SUHYLVLRQHV FRQWHQLGDV HQ ORV $UW GH OD /H\ \ , QXPHUDO GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
GLULJLGD FRQWUD HO 3UHVLGHQWH (MHFXWLYR GH OD $GXDQD 1DFLRQDO GHQWUR GHO WpUPLQR SHUHQWRULR GH FLQFR GtDV
FRPSXWDEOHVDSDUWLUGHVXQRWLILFDFLyQOHJDO
$UWtFXOR 7UiPLWHGHHMHFXFLyQ
/DV UHVROXFLRQHV DGPLQLVWUDWLYDV GLFWDGDV SRU HO 'LUHFWRULR GH OD $GXDQD 1DFLRQDO \ ODV DXWRULGDGHV
MXULVGLFFLRQDOHV FRPSHWHQWHV GH OD PDWHULD GHELGDPHQWH HMHFXWRULDGDV \R SDVDGDV HQ DXWRULGDG GH FRVD
MX]JDGDGHEHUiQVHUHMHFXWDGDVSRUODDXWRULGDGDGXDQHUDTXHFRQRFLyODFDXVDHQSULPHUDLQVWDQFLDHQXQSOD]R
QRPD\RUGHFLQFR GtDVGHVXUDGLFDWRULDEDMRUHVSRQVDELOLGDGHQFDVRGHLQFXPSOLPLHQWR
(Q HO FREUR GH ODV VDQFLRQHV SHFXQLDULDV DSOLFDGDV HQ UHVROXFLRQHV HMHFXWRULDGDV R HQ UHVROXFLRQHV MXGLFLDOHV
SDVDGDV HQ DXWRULGDG GH FRVD MX]JDGD FRQIRUPH DO SURFHGLPLHQWR SUHYLVWR HQ HO 7tWXOR 'pFLPR 6HJXQGR GH OD
/H\VHDSOLFDUiHOSURFHGLPLHQWRFRDFWLYRVHxDODGRHQHO&yGLJR7ULEXWDULR
778/2 'e&,0235,0(52
&21752/<),6&$/,=$&,21$'8$1(5$
&$378/21,&2
&21752/<),6&$/,=$&,21$'8$1(5$
$UWtFXOR )DFXOWDGGHFRQWURO\ILVFDOL]DFLyQ
/D $GXDQD 1DFLRQDO HMHUFHUi OD IDFXOWDG GH FRQWURO \ ILVFDOL]DFLyQ DGXDQHUD HQ HO WHUULWRULR QDFLRQDO VREUH ODV
VLJXLHQWHVSHUVRQDVQDWXUDOHVRMXUtGLFDVGHVFULWDVGHPDQHUDHQXQFLDWLYD\QROLPLWDWLYD
D
,PSRUWDGRUHV
7UDQVSRUWDGRUHV,QWHUQDFLRQDOHV
E
G
H
I
J
K
L
M
N
O
([SRUWDGRUHV
(PSUHVDVGH,QVSHFFLyQ3UHYLDDOD([SHGLFLyQ
$JHQFLDV'HVSDFKDQWHVGH$GXDQD\'HVSDFKDQWHVGH$GXDQD
&RQFHVLRQDULRVGH7LHQGDV/LEUHV 'XW\)UHH6KRSV
&RQFHVLRQDULRVGH'HSyVLWRV$GXDQHURV
&RQFHVLRQDULRVGH=RQDV)UDQFDV
8VXDULRVGH=RQDV)UDQFDV
(QWLGDGHVEDQFDULDVFRQWUDWDGDVSRUOD$GXDQD1DFLRQDO
(PSUHVDV&RQVROLGDGRUDV\'HVFRQVROLGDGRUDV
(PSUHVDVGH6HUYLFLR([SUHVR FRXULHU
$UWtFXOR $WULEXFLRQHVGHILVFDOL]DFLyQ
(QFXPSOLPLHQWRGHORGLVSXHVWRSRUHODUWtFXORGHOD/H\OD$GXDQD1DFLRQDOSRGUi
D
E
F
G
H
I
J
K
5HTXHULU OD SUHVHQWDFLyQ GH OLEURV \ UHJLVWURV FRQWDEOHV GHFODUDFLRQHV DGXDQHUDV LQYHQWDULRV GH
PHUFDQFtDV\GRFXPHQWRVFRPHUFLDOHVUHODFLRQDGRVGLUHFWDPHQWHFRQODVRSHUDFLRQHVDGXDQHUDV
3UDFWLFDU ODV PHGLGDV QHFHVDULDV SDUD GHWHUPLQDU HO WLSR FODVH HVSHFLH QDWXUDOH]D SXUH]D FDQWLGDG
FDOLGDGPHGLGD RULJHQSURFHGHQFLDYDORUFRVWRGHSURGXFFLyQPDQLSXODFLyQWUDQVIRUPDFLyQWUDQVSRUWH
\FRPHUFLDOL]DFLyQGHODVPHUFDQFtDV
,QVSHFFLRQDU ORVVLVWHPDV LQIRUPiWLFRVGHODV SHUVRQDVQDWXUDOHVRMXUtGLFDVYLQFXODGDVFRQRSHUDFLRQHV
DGXDQHUDV FRPR ORV SURJUDPDV GH VLVWHPD VRIWZDUH GH EDVH SURJUDPDV GH DSOLFDFLyQ VRIWZDUH GH
DSOLFDFLyQ ORVGDWRV\UHJLVWURVDOPDFHQDGRVHQORVVLVWHPDVGHORVGHSyVLWRVDGXDQHURV]RQDVIUDQFDV
WLHQGDVOLEUHV\RWURVHVWDEOHFLPLHQWRVYLQFXODGRVFRQHOFRPHUFLRH[WHULRU
5HDOL]DULQVSHFFLyQHLQYHQWDULRGHPHUFDQFtDVHQHVWDEOHFLPLHQWRVYLQFXODGRVFRQHOFRPHUFLRH[WHULRU
5HTXHULU LQIRUPDFLyQ D RWUDV LQVWLWXFLRQHV GHO (VWDGR \ HQWLGDGHV SULYDGDV UHODFLRQDGDV FRQ ODV
RSHUDFLRQHVGHFRPHUFLRH[WHULRU
6ROLFLWDUDODVDGXDQDVGHRWURVSDtVHVLQVWLWXFLRQHVRUJDQLVPRVLQWHUQDFLRQDOHVXRWUDVRUJDQL]DFLRQHV
HQ IRUPD GLUHFWD R D WUDYpV GH FRQYHQLRV LQWHUQDFLRQDOHV LQIRUPDFLyQ R GRFXPHQWRV UHODFLRQDGRV FRQ
RSHUDFLRQHVDGXDQHUDVUHDOL]DGDVHQHOWHUULWRULRQDFLRQDO
5HDOL]DU HQ FRRUGLQDFLyQ FRQ ODV DXWRULGDGHV DGXDQHUDV GHO SDtV LQWHUHVDGR LQYHVWLJDFLRQHV IXHUD GHO
WHUULWRULR QDFLRQDO FRQ HO REMHWR GH REWHQHU HOHPHQWRV GH MXLFLR SDUD SUHYHQLU LQYHVWLJDU FRPSUREDU R
UHSULPLUGHOLWRV\FRQWUDYHQFLRQHVDGXDQHUDV
5HDOL]DU DFWXDFLRQHV GH LQVSHFFLyQ PDWHULDO GH ELHQHV DOPDFHQHV H LQVWDODFLRQHV UHODFLRQDGDV FRQ ODV
RSHUDFLRQHVGHFRPHUFLRH[WHULRU
/DVODERUHVGHILVFDOL]DFLyQVHUHDOL]DUiQFRQODSUHVHQWDFLyQGHODRUGHQGHILVFDOL]DFLyQVXVFULWDSRUODDXWRULGDG
DGXDQHUD FRPSHWHQWH \ SUHYLD LGHQWLILFDFLyQ GH ORV IXQFLRQDULRV DGXDQHURV HQ FXDOTXLHU OXJDU HGLILFLR R
HVWDEOHFLPLHQWR GH SHUVRQDV QDWXUDOHV R MXUtGLFDV (Q FDVR GH UHVLVWHQFLD OD $GXDQD 1DFLRQDO GHEHUi UHFDEDU
RUGHQGHDOODQDPLHQWRGHODDXWRULGDGFRPSHWHQWH\HQVXFDVRSRGUiUHFXUULUDODX[LOLRGHODIXHU]DS~EOLFDSDUD
DVHJXUDU ODV IXQFLRQHV GH ILVFDOL]DFLyQ $VLPLVPR SRGUi VROLFLWDU DQWH OD DXWRULGDG FRPSHWHQWH OD FXVWRGLD
WHPSRUDOGHORVOLEURV\UHJLVWURVFRQWDEOHVDUFKLYRVGHGRFXPHQWRVLQFOX\HQGRPHGLRVPDJQpWLFRVFRQHOILQGH
SUHFDXWHODUODLQIRUPDFLyQVLQLPSHGLUHOQRUPDOGHVHQYROYLPLHQWRGHORVRSHUDGRUHVGHFRPHUFLRH[WHULRU
$UWtFXOR 'HEHUHVGHODVSHUVRQDVQDWXUDOHV\MXUtGLFDV
/DVSHUVRQDVQDWXUDOHV\MXUtGLFDVTXHLQWHUYLHQHQHQHOLQJUHVR\VDOLGDGHPHUFDQFtDVGHOWHUULWRULRQDFLRQDODVt
FRPR HQ RWUDV RSHUDFLRQHV GH FRPHUFLR H[WHULRU TXHGDUiQ VXMHWDV D OD SRWHVWDG GH OD$GXDQD1DFLRQDOSDUDOD
YHULILFDFLyQGHOFXPSOLPLHQWRGHVXVREOLJDFLRQHVDGXDQHUDV$OHIHFWRGHEHUiQFXPSOLUORVVLJXLHQWHVGHEHUHV
D
)DFLOLWDUODVWDUHDVGHILVFDOL]DFLyQTXHUHDOL]DOD$GXDQD1DFLRQDO
&RQVHUYDU HQ IRUPD RUGHQDGD HQ VX GRPLFLOLR SRU HO SOD]R GH SUHVFULSFLyQ ORV OLEURV GH FRQWDELOLGDG
UHJLVWURV HVSHFLDOHV GHFODUDFLRQHV LQIRUPHV FRPSUREDQWHV PHGLRV GH DOPDFHQDPLHQWR GDWRV H
LQIRUPDFLyQFRPSXWDUL]DGD\GHPiVGRFXPHQWRVGHUHVSDOGRGHVXVDFWLYLGDGHV
&RQFXUULUDODVRILFLQDVGHOD$GXDQD1DFLRQDOSHUVRQDOPHQWHRSRUPHGLRGHVXVUHSUHVHQWDQWHVOHJDOHV
FXDQGRIXHUHQFLWDGRVIRUPDOPHQWH
778/2'(&,026(*81'2
',6326,&,21(6&203/(0(17$5,$6
&$378/2,
',6326,&,21(6$'8$1(5$6&203/(0(17$5,$6
$UWtFXOR 1RPHQFODWXUD$UDQFHODULD
6XDSOLFDFLyQVHQRUPDSRUODV5HJODV*HQHUDOHVGH,QWHUSUHWDFLyQGHOD1RPHQFODWXUDODV1RWDV([SOLFDWLYDVGHO
6LVWHPD$UPRQL]DGRODV1RWDV/HJDOHVFRPSOHPHQWDULDV\DGLFLRQDOHVGH6HFFLyQ\&DStWXORWH[WRGHSDUWLGDR
VXESDUWLGD\ODV5HJODV*HQHUDOHVGHDSOLFDFLyQGHO$UDQFHO$GXDQHUR
(O $UDQFHO $GXDQHUR GH ,PSRUWDFLRQHV ODV HQPLHQGDV R PRGLILFDFLRQHV D OD 1RPHQFODWXUD \ D ODV 1RWDV
([SOLFDWLYDVGHOVLVWHPDDUPRQL]DGRTXHLQFRUSRUHOD2UJDQL]DFLyQ0XQGLDOGH$GXDQDVROD&RPXQLGDG$QGLQD
SDUD VX YLJHQFLD HQ HO SDtV GHEHUiQ VHU SUHYLDPHQWH DSUREDGDV SRU HO 0LQLVWHULR GH +DFLHQGD PHGLDQWH
5HVROXFLyQH[SUHVD
$UWtFXOR (VWUXFWXUDGHO$UDQFHO$GXDQHUR
(O$UDQFHO$GXDQHURGH,PSRUWDFLRQHVHQVXHVWUXFWXUDFRUUHVSRQGHDOD1RPHQFODWXUD$UDQFHODULD&RP~QGHORV
3DtVHV 0LHPEURV GH OD &RPXQLGDG $QGLQD 1$1',1$ DSUREDGD PHGLDQWH OD 'HFLVLyQ GH OD &RPLVLyQ GHO
$FXHUGRGH&DUWDJHQDRODVQRUPDVTXHODVXVWLWX\DQPRGLILTXHQRDGLFLRQHQODTXHDVXYH]HVWDEDVDGDHQOD
YHUVLyQ~QLFDHQLGLRPDHVSDxROGHO6LVWHPD$UPRQL]DGRGH'HVLJQDFLyQ\&RGLILFDFLyQGH0HUFDQFtDV
/DVWDVDVGHORVWULEXWRVDGXDQHURVDVtFRPRHOWUDWDPLHQWRSUHIHUHQFLDODUDQFHODULRVHJ~QORVSDtVHVGHRULJHQ
GHODVPHUFDQFtDVHVWDUiQFRQWHPSODGRVHQHO$UDQFHO$GXDQHURGH,PSRUWDFLRQHV
$UWtFXOR 0HUFDQFtDVGHFRPLVDGDV\UHPDWDGDVSRUHO3RGHU-XGLFLDO
'HO SURGXFWR GHO UHPDWH GH PHUFDQFtDV GHFRPLVDGDV SRU GHOLWR GH FRQWUDEDQGR VH GHGXFLUiQ ORV VLJXLHQWHV
FRQFHSWRVHQHORUGHQTXHVLJXH
3DJRGHWULEXWRVDGXDQHURVDGHXGDGRVVREUHHOYDORUDGMXGLFDGR
D
E
F
G
*DVWRV RSHUDWLYRV FRPR VHU 3XEOLFDFLRQHV ODV WDVDV SRU DOPDFHQDMH JDVWRV GH PDUWLOOHUR VHUYLFLRV GH
YDORUDFLyQ\RWURVTXHSXGLHUDQDGHXGDUVH
9HLQWH SRU FLHQWR GHO YDORU DGMXGLFDGR D XQ IRQGR GH UHSUHVLyQ DO FRQWUDEDQGR GH OD $GXDQD
1DFLRQDOTXHSRGUiQGHVWLQDUVHDOHTXLSDPLHQWRFRPSHQVDFLyQDIXQFLRQDULRVDGXDQHURV\RWURVJDVWRV
TXHHVWDEOH]FDHO'LUHFWRULRGHOD$GXDQD1DFLRQDO
'LH] SRU FLHQWR GHO YDORU DGMXGLFDGR DO HTXLSDPLHQWR \ DSR\R VDODULDO D ORV ILVFDOHV DGVFULWRV D OD
$GXDQD1DFLRQDO
(OUHPDQHQWHVHGHVWLQDUiDO7HVRUR*HQHUDOGHOD1DFLyQ
$UWtFXOR 'LVWULEXFLyQGHPXOWDV
/DVPXOWDVHPHUJHQWHVGHUHVROXFLRQHVHMHFXWRULDGDVSRUGHOLWRVDGXDQHURVWHQGUiQODVLJXLHQWHGLVWULEXFLyQ
9HLQWHSRUFLHQWR DXQIRQGRGHUHSUHVLyQDOFRQWUDEDQGRGHOD$GXDQD1DFLRQDOTXHSRGUiQGHVWLQDUVHDO
HTXLSDPLHQWRFRPSHQVDFLyQDIXQFLRQDULRVDGXDQHURV\RWURVJDVWRVTXHHVWDEOH]FDHO'LUHFWRULRGHOD$GXDQD
1DFLRQDO
D
E
'LH]SRUFLHQWR DOHTXLSDPLHQWR\DSR\RVDODULDODORVILVFDOHVDGVFULWRVDOD$GXDQD1DFLRQDO
(OUHPDQHQWHVHGHVWLQDUiDO7HVRUR*HQHUDOGHOD1DFLyQ
$UWtFXOR 5HVSRQVDELOLGDGIXQFLRQDULD
/RVIXQFLRQDULRVDGXDQHURVWLHQHQODREOLJDFLyQ\UHVSRQVDELOLGDGGHFXPSOLU\KDFHUFXPSOLU OD/H\HOSUHVHQWH
UHJODPHQWR\ORVSURFHGLPLHQWRVDGXDQHURV
$UWtFXOR $SOLFDFLyQGHSOD]RV
$ORVHIHFWRVGHDSOLFDFLyQGHSOD]RVVHDGRSWDUiQODVVLJXLHQWHVUHJODV
D
7RGRVORVSOD]RVKDVWDGtDVVHWHQGUiQSRUGtDVKiELOHV
/RV SOD]RVTXHYHQFLHUDQHQGtDVQRKiELOHVRHQGtDVIHULDGRVVHWUDVODGDUiQDOGtDKiELOVLJXLHQWH
E
G
/RVSOD]RVVXSHULRUHVDGtDVVHFRPSXWDUiQFRPRGtDVFDOHQGDULRV
3OD]RVHQDxRVRPHVHVVHUiQFRQWLQXRV\YHQFHUiQHQHO~OWLPRPRPHQWRKiELOGHOGtDLQPHGLDWRDQWHULRU
DOHTXLYDOHQWHGHODxRRPHVUHVSHFWLYR
$UWtFXOR 9LJHQFLDGHODOLFHQFLDGH'HVSDFKDQWHGH$GXDQD
/DVOLFHQFLDVGHORV'HVSDFKDQWHVGH$GXDQDHPLWLGDVSRUHO0LQLVWHULRGH+DFLHQGD\TXHKXELHVHQUHQRYDGRVX
LQVFULSFLyQFRQDQWHULRULGDGDODSXEOLFDFLyQGHOSUHVHQWHUHJODPHQWRWLHQHQYDOLGH]\GXUDFLyQLQGHILQLGDSDUDORV
HIHFWRVHVWDEOHFLGRVHQOD/H\\HOSUHVHQWHUHJODPHQWR
&$378/2,,
',6326,&,21(6),1$/(6
$UWtFXOR )DFXOWDGHVGHO0LQLVWHULRGH+DFLHQGD
(O0LQLVWHULRGH+DFLHQGDDGHPiVGHODVDWULEXFLRQHVDVLJQDGDVHQOD/H\*HQHUDOGH$GXDQDV\HQRWUDVQRUPDV
OHJDOHVGHEHFRQRFHU\UHVROYHUORVFDVRVQRSUHYLVWRVHQHOSUHVHQWHUHJODPHQWR
(Q ORV FDVRV QR SUHYLVWRV HQ OD /H\ \ HVWH UHJODPHQWR VH DSOLFDUiQ VXSOHWRULDPHQWH HQ OR SHUWLQHQWH ODV
GLVSRVLFLRQHVGHO&yGLJR7ULEXWDULRGHO&yGLJRGH&RPHUFLR\GHO&yGLJR&LYLO&yGLJRGH3URFHGLPLHQWR&LYLO\
HQVXFDVRORV3ULQFLSLRV*HQHUDOHVGHO'HUHFKRHQUHODFLyQFRQODPDWHULDGHTXHVHWUDWH
&$378/2,,,
',6326,&,21(675$16,725,$6
$UWtFXOR &RPLWpGH6ROXFLRQHV
'XUDQWHHOSHUtRGRHQTXHODVHPSUHVDVGHLQVSHFFLyQSUHYLDDODH[SHGLFLyQUHDOLFHQORVVHUYLFLRVDORVTXHVH
UHILHUH HO DUWtFXOR GHO SUHVHQWH UHJODPHQWR HO 'LUHFWRULR GH OD $GXDQD 1DFLRQDO QRPEUDUi XQ &RPLWp GH
6ROXFLRQHVHOFXDOVHUiSOHQDPHQWHFRPSHWHQWHSDUDFRQRFHU\UHVROYHUODVFRQWURYHUVLDVTXHSXGLHUDQVXUJLUFRQ
HVWDVHPSUHVDVVHDSRUUHFODPRGHORVXVXDULRVRGHODVDGPLQLVWUDFLRQHVDGXDQHUDV(VWHyUJDQRGHFLGLUiVREUH
OD FRQWURYHUVLD SUHVHQWDGD SXGLHQGR HQ VX FDVR PRGLILFDU ORV FHUWLILFDGRV GH LQVSHFFLyQ TXH IXHUDQ REMHWR GH
REVHUYDFLyQ
/DVUHVROXFLRQHVHPDQDGDVGHOFRPLWpGHVROXFLRQHVSRGUiQVHUUHFXUULGDVHQ~QLFDLQVWDQFLDDQWHHO'LUHFWRULR
GHOD$GXDQD1DFLRQDO
/D$GXDQD1DFLRQDOUHJODPHQWDUiORVSURFHGLPLHQWRVDSOLFDEOHVSDUDODVXVWDQFLDFLyQGHHVWHSURFHGLPLHQWR
$UWtFXOR 9DORUHQDGXDQD
/DDSOLFDFLyQGHORVPpWRGRVHVSHFtILFRVGHYDORUDFLyQDGXDQHUDGHO*$77 HQWUDUiHQYLJHQFLDDSDUWLUGHO
PRPHQWRHQTXHVXDSOLFDFLyQVHDH[LJLEOHDOD5HS~EOLFD GH%ROLYLDHQHOPDUFRGHORVDFXHUGRVRFRQYHQLRVGH
ORVTXH%ROLYLDIRUPDSDUWH&RUUHVSRQGHUiDOD$GXDQD1DFLRQDODLQVWUXLUVXDSOLFDFLyQWRWDORSDUFLDOPHQWHFRQ
DQWHULRULGDGDOFXPSOLPLHQWRGHOWpUPLQRVHxDODGRHQHO$FXHUGRGH9DORUDFLyQGHO*$77
$UWtFXOR 9LJHQFLDGHORV&HUWLILFDGRVGH,QVSHFFLyQ3UHYLD
/RVFHUWLILFDGRVGHLQVSHFFLyQSUHYLDHPLWLGRVSRUHPSUHVDVGHLQVSHFFLyQSUHYLDDODH[SHGLFLyQFRQWUDWDGDVSRU
HO(VWDGRWHQGUiQDSOLFDFLyQKDVWDTXHOD$GXDQD1DFLRQDOGLVSRQJDODYLJHQFLDSOHQDGHOD'HFODUDFLyQMXUDGD
GHOYDORUHQDGXDQDV
$UWtFXOR $FWXDOL]DFLyQGHLQYHQWDULRVHQ]RQDVIUDQFDV\GHSyVLWRVDGXDQHURV
(QXQSOD]RGHQRYHQWD GtDVDSDUWLUGHODIHFKDGHYLJHQFLDGHOSUHVHQWHUHJODPHQWRWRGDVODV]RQDVIUDQFDV
\ GHSyVLWRV DGXDQHURV GHEHUiQ HQWUHJDU XQ HVWDGR FRPSOHWR GH LQYHQWDULR GH ODV PHUFDQFtDV DOOt GHSRVLWDGDV
(VWHLQYHQWDULRGHEHUiPDQWHQHUVHSRUPHGLRVLQIRUPiWLFRVHQXQDSODWDIRUPDGHUHGSDUDXQH[SHGLWRFRQWUROHQ
OtQHDGHSDUWHGHODV DXWRULGDGHVDGXDQHUDV
$UWtFXOR $GHFXDFLyQGHOFDSLWDOVRFLDOGHODV$JHQFLDV'HVSDFKDQWHVGH$GXDQD
/DV$JHQFLDV'HVSDFKDQWHVGH$GXDQDHQHOSOD]RGHFLHQWRRFKHQWD GtDVFRPSXWDEOHVDSDUWLUGHODIHFKD
GH SXEOLFDFLyQ GHO SUHVHQWH UHJODPHQWR DGHFXDUiQ VX FDSLWDO VRFLDO SDJDGR HQ PRQHGD QDFLRQDO HQ HO PRQWR
HTXLYDOHQWHQRLQIHULRUDYHLQWHPLO'HUHFKRV(VSHFLDOHVGH*LUR '(*
V GHDFXHUGRDO DUWtFXORGHOD
/H\
$UWtFXOR 7UDQVIHUHQFLDGHODUHSUHVHQWDFLyQHQFRQWUDWRV GHVHUYLFLRDGXDQHUR
$SDUWLUGHODSXEOLFDFLyQGHOSUHVHQWHUHJODPHQWROD$GXDQD1DFLRQDOHMHUFHUiODUHSUHVHQWDFLyQGHO0LQLVWHULRGH
+DFLHQGDHQORVFRQWUDWRVVXVFULWRVFRQODVHPSUHVDVFRQFHVLRQDULDVGHGHSyVLWRVDGXDQHURVGHOSDtV$OHIHFWR
VHWUDQVILHUHDOD$GXDQD1DFLRQDOODSURSLHGDGGHORVELHQHVPXHEOHVHLQPXHEOHVGHSURSLHGDGGHO0LQLVWHULRGH
+DFLHQGDDIHFWDGRVDODFRQFHVLyQHQYLUWXGGHGLFKRVFRQWUDWRV
(O 0LQLVWHULR GH +DFLHQGD \ OD $GXDQD 1DFLRQDO LPSOHPHQWDUiQ ORV PHFDQLVPRV QRUPDWLYRV DGPLQLVWUDWLYRV \
RSHUDWLYRVQHFHVDULRVSDUDHOWUDVSDVRGHODGRFXPHQWDFLyQSHUWLQHQWH
$UWtFXOR 7UDQVIHUHQFLDGHORVWUiPLWHVHIHFWXDGRVDQWHHO0LQLVWHULRGH+DFLHQGD
$SDUWLUGHODSXEOLFDFLyQGHOSUHVHQWHUHJODPHQWROD$GXDQD1DFLRQDOFRQRFHUiORVWUiPLWHVTXHOHFRUUHVSRQGD
HQ YLUWXG D OD /H\ GHELHQGR HO 0LQLVWHULR GH +DFLHQGD WUDQVIHULU OD GRFXPHQWDFLyQ \ WUiPLWHV H[LVWHQWHV HQ VX
SRGHU
$UWtFXOR $SOLFDFLyQGHOVLVWHPDVHOHFWLYRRDOHDWRULR
+DVWD TXH OD $GXDQD 1DFLRQDO GLVSRQJD GH ORV SURFHGLPLHQWRV \ GHVDUUROORV LQIRUPiWLFRV DGXDQHURV TXH
JDUDQWLFHQODSUHVHQWDFLyQFRQWLQXDHLQLQWHUUXPSLGDGHOVHUYLFLRDGXDQHUR\FRQHOILQGHHYLWDUODGLVFUHFLRQDOLGDG
IXQFLRQDULDHQODDSOLFDFLyQGHORVPHFDQLVPRVGHFRQWUROSUHYLVWRVHQHOSUHVHQWHUHJODPHQWRSDUDORVGHVSDFKRV
\ WUiPLWHV DGXDQHURV OD $GXDQD 1DFLRQDO DGRSWDUi ODV PHGLGDV QHFHVDULDV SDUD OD DSOLFDFLyQ GHO VLVWHPD
VHOHFWLYRRDOHDWRULRPHGLDQWH ODXWLOL]DFLyQ GHPHGLRV GRFXPHQWDOHVItVLFRVRPDJQpWLFRVLQGHSHQGLHQWHPHQWH
GHOSURFHVRGHLPSOHPHQWDFLyQGHOVLVWHPDLQIRUPiWLFRDGXDQHUR
$UWtFXOR &RQGLFLRQHVSDUDHOWUDQVSRUWHPXOWLPRGDO
'H FRQIRUPLGDG D OR GLVSXHVWR DO DUWtFXOR GH OD /H\ HO 0LQLVWHULR GH +DFLHQGD \ HO 0LQLVWHULR GH 'HVDUUROOR
(FRQyPLFR HQ HO SOD]R GH VHVHQWD GtDV UHJODPHQWDUi ODV RSHUDFLRQHV GH WUDQVSRUWH PXOWLPRGDO GH
FRQIRUPLGDGDODVQRUPDVHVWDEOHFLGDVHQHO&RQYHQLRGH7UDQVSRUWH,QWHUQDFLRQDOGHORVSDtVHVGHO&RQR6XU
$UWtFXOR $FWXDOL]DFLyQ\VLPSOLILFDFLyQGHFHUWLILFDGRV\DXWRUL]DFLRQHVSDUDGHVSDFKRDGXDQHUR
(Q XQ SOD]R QR PD\RU D QRYHQWD GtDV D OD SXEOLFDFLyQ GHO SUHVHQWH UHJODPHQWR HO 0LQLVWHULR GH +DFLHQGD
FRQYRFDUi D ORV RUJDQLVPRV GHO 3RGHU (MHFXWLYR TXH LQWHUYLHQHQ HQ OD FRQFHVLyQ GH OD DXWRUL]DFLyQ SUHYLD \
FHUWLILFDFLRQHVSDUDODLPSRUWDFLyQR H[SRUWDFLyQGHPHUFDQFtDVDOD$GXDQD1DFLRQDO\DO6HFWRU3ULYDGRSDUD
TXHHODERUHQFRQMXQWDPHQWHPHGLGDVGHVLPSOLILFDFLyQ\IDFLOLWDFLyQGHpVWRVWUiPLWHVTXHLQFOXLUiQHQWUHRWURV
ODV VXESDUWLGDV DUDQFHODULDV GH ODV PHUFDQFtDV UHJXODGDV \ ORV IRUPDWRV GH ODVFHUWLILFDFLRQHVRDXWRUL]DFLRQHV
FRQVXSOD]RGHYDOLGH]SDUD VXFRUUHVSRQGLHQWHSURPXOJDFLyQSRU'HFUHWR6XSUHPRFX\RWH[WRRUGHQDGRVHUi
DQH[RDHVWHUHJODPHQWR
$UWtFXOR $FWXDOL]DFLyQGHO*ORVDULR
(O 0LQLVWHULR GH +DFLHQGD HQ XQ SOD]R QR PD\RU D QRYHQWD GtDV D OD SXEOLFDFLyQ GHO SUHVHQWH UHJODPHQWR
DFWXDOL]DUiHOJORVDULRGHWpUPLQRVDGXDQHURV\GHFRPHUFLRH[WHULRUTXHILJXUDQFRPRDQH[RDOD/H\GHDFXHUGR
DORGLVSXHVWRHQHODUWtFXORGHOD/H\
$UWtFXOR $GHFXDFLyQGHGHVSDFKDQWHVGHDGXDQD\WUDQVSRUWDGRUHVLQWHUQDFLRQDOHV
(QHOSOD]RGHFLHQWRRFKHQWD GtDVFRPSXWDEOHVDSDUWLUGHODYLJHQFLDGHOSUHVHQWHUHJODPHQWRODVDJHQFLDV
GHVSDFKDQWHV GH DGXDQD DGHFXDUDQ VX FDSLWDO VRFLDO PtQLPR SDJDGR HQ PRQHGD QDFLRQDO HTXLYDOHQWH D YHLQWH
PLO'HUHFKRV(VSHFLDOHVGH*LUR '(*V GLVSXHVWRHQHODUWtFXORGHOD/H\
'HQWURGHOPLVPRSOD]RORVGHVSDFKDQWHVGHDGXDQD\ORVWUDQVSRUWDGRUHVLQWHUQDFLRQDOHVGHEHUiQDGHFXDUVXV
JDUDQWtDVSDUDHOHMHUFLFLRGHVXVDFWLYLGDGHV
S-ar putea să vă placă și
- GC-PR-05. Procedimiento Acciones Preventivas HseqDocument6 paginiGC-PR-05. Procedimiento Acciones Preventivas HseqMauricio VillegasÎncă nu există evaluări
- Gc-pr-06 Procedimiento Calidad y MejoraDocument27 paginiGc-pr-06 Procedimiento Calidad y MejoraMauricio VillegasÎncă nu există evaluări
- Gestion Por Procesos IIDocument12 paginiGestion Por Procesos IIMauricio VillegasÎncă nu există evaluări
- Gestion Por Procesos Sesion IDocument16 paginiGestion Por Procesos Sesion IMauricio VillegasÎncă nu există evaluări
- Estructura Documental ConsolidadorDocument16 paginiEstructura Documental ConsolidadorMauricio VillegasÎncă nu există evaluări
- Reuniones de ComiteDocument9 paginiReuniones de ComiteMauricio VillegasÎncă nu există evaluări
- AUDITORIASDocument13 paginiAUDITORIASMauricio VillegasÎncă nu există evaluări
- Decreto Supremo #772, 19 de Enero de 2011Document29 paginiDecreto Supremo #772, 19 de Enero de 2011Mauricio VillegasÎncă nu există evaluări
- Implementación Sistemas de Gestión - ASEGESTDocument20 paginiImplementación Sistemas de Gestión - ASEGESTMauricio VillegasÎncă nu există evaluări
