Florentina Popescu (Curs de Baza - Baschet)

)/25(17,1$323(6&8
%$6&+(7&856'(%$=

Universitatea SPIRU HARET

'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL
323(6&8)/25(17,1$
%DVFKHW&XUVSUDFWLF)ORUHQWLQD3RSHVFX±%XFXUHúWL
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
SFP
%LEOLRJU
,6%1

(GLWXUD)XQGD LHL5RPkQLDGH0kLQH

5HGDFWRU2FWDYLDQ&+( $1
7HKQRUHGDFWRU0LKDHOD672,&29,&,
&RSHUWD0DULOHQD% /$1
%XQGHWLSDU&ROLWLSDU
)RUPDWu
(GLWXUDúL7LSRJUDILD)XQGD LHL5RPkQLDGH0kLQH
6SODLXO,QGHSHQGHQ HLQU%XFXUHúWL6HFWRU23
7HO)D[ZZZVSLUXKDUHWUR
HPDLOFRQWDFW#HGLWXUDURPDQLDGHPDLQHUR

81,9(56,7$7($63,58+$5(7
)$&8/7$7($'(('8&$ ,(),=,& ù,63257

)/25(17,1$323(6&8

&856'(%$=

(',785$)81'$ ,(,520Æ1,$'(0Æ,1(
%XFXUHúWL


&835,16

&XYkQWvQDLQWH«««««««««««««««««««««
'RPHQLXOMRFXOXLGHEDVFKHW««««««««««««««
-RFVSRUWLYFROHFWLY«««««««««««««««««
6SRUW««««««««««««««««««««««
'LVFLSOLQ VSRUWLY «««««««««««««««««
0LMORFDOHGXFD LHLIL]LFHúLVSRUWLYH««««««««««
6SRUWFRPSOHPHQWDU««««««««««««««««
'LVFLSOLQ GHvQY PkQW««««««««««««««
%D]HOHJHQHUDOHDOHWHRULHLEDVFKHWXOXL««««««««««
$SDUL LDúLHYROX LDMRFXOXLGHEDVFKHW«««««««««
2ELHFWXOúLSUREOHPHOHWHRULHLúLPHWRGLFLLEDVFKHWXOXL«««
&DUDFWHULVWLFLOHJHQHUDOHDOHMRFXOXL««««««««««
&DUDFWHULVWLFLúLWHQGLQ HDOHMRFXOXLDFWXDO««««««««
2ULHQW ULDOHMRFXOXLSDUWLFXODUL]DWHODFRSLLúLMXQLRUL«««
7HKQLFDMRFXOXL««««««««««««««««««««
$VSHFWHJHQHUDOHHOHPHQWvQVXERUGLQHVLVWHPDWL]DUHD
HOHPHQWHORUúLSURFHGHHORUWHKQLFHDOHMRFXOXLGHEDVFKHW««
-RFXOI U PLQJH««««««««««««««««««
-RFXOFXPLQJHD««««««««««««««««««
7DFWLFDMRFXOXL««««««««««««««««««««
7DFWLFDúLHOHPHQWHOHvQVXERUGLQH«««««««««««
)RUPHOHúLPLMORDFHOHWDFWLFLL«««««««««««««
%D]HOHWDFWLFLLvQDWDF««««««««««««««««
%D]HOHWDFWLFLLvQDS UDUH«««««««««««««««
$F LXQLOHWHKQLFRWDFWLFHLQGLYLGXDOHvQDWDF«««««««
&RPELQD LLOHWHKQLFRWDFWLFHLQGLYLGXDOHvQDS UDUH««««
&RPELQD LLOHWHKQLFRWDFWLFHGHMXF WRULvQDWDF««««
&RPELQD LLOHWHKQLFRWDFWLFHGHMXF WRULvQDS UDUH«««


&RQWUDDWDFXO«««««««««««««««««««
0HWRGRORJLDSUHG ULLMRFXOXL««««««««««««
6LVWHPHGHDWDFvPSRWULYDDS U ULLRPODRP««««««
6LVWHPXOGHDS UDUHRPODRP««««««««««««
6LVWHPXOGHDS UDUHSUHVVLQJ«««««««««««««
6LVWHPXOGHDS UDUHvQ]RQ «««««««««««««
0HWRGLFDvQY ULLMRFXOXL««««««««««««««
%DVFKHWXOvQOHF LDGHHGXFD LHIL]LF vQúFRDO «««««««
%DVFKHWXOvQFLFOXOJLPQD]LDO«««««««««««««
0HWRGLFDXWLOL] ULLMRFXULORUGHPLúFDUHvQvQY DUHDMRFXOXL
GHEDVFKHW««««««««««««««««««««
3UHJ WLUHDHFKLSHLUHSUH]HQWDWLYHúFRODUHSHQWUXúFRDODJHQHUDO «
&RPSHWL LLOHGHEDVFKHW««««««««««««««««
2UJDQL]DUHDFRPSHWL LLORUGHEDVFKHW««««««««««
1R LXQLGHUHJXODPHQW«««««««««««««««
%LEOLRJUDILH««««««««««««««««««««««


&89 17Ì1$,17(

3UH]HQWXO FXUV GH EDVFKHW VH DGUHVHD] vQ PRG VSHFLDO VWXGHQ LORU
)DFXOW LL GH (GXFD LH )L]LF úL 6SRUW GLQ FDGUXO 8QLYHUVLW LL 6SLUX +DUHW
FDUH SULQ FXUVXO GH ED] VWXGLD] DWkW FRPSRQHQWHOH IXQGDPHQWDOH DOH
MRFXOXL GH EDVFKHW FkW úL VSHFLILFLWDWHD DSOLF ULL DFHVWRU FRPSRQHQWH OD
QLYHOXOFHULQ HORUDFWXDOHDOHúFROLL
&DUDFWHUXOGLGDFWLFDOFXUVXOXLVHGDWRUHD] IDSWXOXLF vQHODERUDUHD
úL UHGDFWDUHD OXL VD XUP ULW DVLJXUDUHD FRQFRUGDQ HL GHSOLQH FX SURJUDPD
SUHY ]XW SHQWUXFXUVXOGHED] DOVWXGHQ LORU
3ULQ FRQ LQXWXO V X vúL SURSXQH V FRQWULEXLH OD vQWUHJLUHD SURILOXOXL
YLLWRUXOXLSURIHVRUGHHGXFD LHIL]LF RIHULQGXLFXQRúWLQ HOHVSHFLILFHDFHVWXL
SURILO FXQRVF WRU DO ED]HORU WHRUHWLFH úL GHPRQVWUDQW OD QLYHOXO FHULQ HORU
SUHG ULLHOHPHQWHORUMRFXOXLGHEDVFKHWFRQIRUPFXUULFXOXPXOXLQD LRQDODO
vQY PkQWXOXLSUHXQLYHUVLWDU
0DLPXOWSULQLFRQRJUDILDSUH]HQWDW vQWH[WOXFUDUHDG SRVLELOLWDWHD
RULF UXL SURIHVRU GH HGXFD LH IL]LF úL VSRUW I U DSURIXQGDUHD MRFXOXL GH
EDVFKHWODVSHFLDOL]DUHV úLFRPSOHWH]HXQEDJDMPLQLPGHFXQRúWLQ HSHQWUX
DFRQGXFHOHF LLOHFXWHPHGLQEDVFKHWvQvQY PkQWXOJLPQD]LDO
&XUVXOGHID FXSULQGHED]HOHWHRUHWLFHDOHGLVFLSOLQHLEDVFKHWDYkQG
FD VXSRUW úWLLQ LILF IXQGDPHQW UL DOH WHRULHL úL PHWRGLFLL MRFXULORU VSRUWLYH
GDWRUDWHvQSULQFLSDOSURIXQLYGU/HRQ7HRGRUHVFXSURIXQLYGU7HRGRUD
3UHGHVFXSURIXQLY&RUQHOLX1HJXOHVFX
/XFUDUHD UHSUH]LQW XQ DSRUW WHRUHWLF OD vPERJ LUHD FXQRúWLQ HORU
SULFHSHULORU úL GHSULQGHULORU VWXGHQ LORU IDFXOW LL QRDVWUH úL VH vQVFULH vQ
ELEOLRJUDILD GH VSHFLDOLWDWH LQGLVSHQVDELO RULF UXL SURIHVRU GH HGXFD LH
IL]LF úLVSRUW

&RQIXQLYGU)ORUHQWLQD3RSHVFX



'20(1,8/-2&8/8,'(%$6&+(7


-RFVSRUWLYFROHFWLY
%DVFKHWXOHVWHXQMRFVSRUWLYFROHFWLYGHHFKLS I FkQGSDUWHGLQ
FDWHJRULD MRFXULORU VSRUWLYH LQYHQWDWH &DOLWDWHD VD GH MRF VSRUWLY vO
vQFDGUHD] FDVXEGRPHQLXVSHFLDOL]DWDOFXOWXULLúLHGXFD LHLVSRUWLYHDO
FLYLOL]D LHLVSRUWLYHÌQFDGUDUHDEDVFKHWXOXLvQGRPHQLXOFXOWXULLVSRUWLYH
±úLLPSOLFLWDOFXOWXULL±HVWHGHWHUPLQDW GHIDSWXOF EDVFKHWXOFDúL
FHOHODOWH VSRUWXUL HVWH vQ SULPXO UkQG R FUHD LH D RPXOXL R FXFHULUH
FXOWXUDO LDU SUDFWLFDUHD OXL FRQVWLWXLH XQ DFW GH FXOWXU &RQFHSWXDO
EDVFKHWXOQXWUHEXLHFRQVLGHUDWXQLODWHUDOUHVSHFWLYQXPDLGLQSXQFWXO
GHYHGHUHDOHIHFWHORUOXLDVXSUDFRPSRQHQWHLELRORJLFHDSHUVRQDOLW LL
XPDQHFLLQWHJUDWLYSULQSULVPDWXWXURUFRPSRQHQWHORUDFHVWHLD
-RFXOGHEDVFKHWHVWHÄXQPRGVSHFLILFGHPDQLIHVWDUHúLWRWRGDW
GH SUDFWLFDUH FX FDUDFWHU OXGLF úL VSRUWLY D DFWLYLW LL FRUSRUDOH úL D
H[HUFL LXOXLIL]LFODFDUHSDUWLFLSDQ LLFRQVWLWXL LvQGRX HFKLSHDFkWH
FLQFL MXF WRUL DIOD L WHPSRUDU vQWUXQ UDSRUW GH DGYHUVLWDWH QHRVWLO
WLSLF MRFXULORUVSRUWLYHGHQXPLW ULYDOLWDWHVSRUWLY OXSW SHXQWHUHQ
VSHFLDODPHQDMDWFXFRúXULGHEDVFKHWSHQWUXRE LQHUHDYLFWRULHLILHFDUH
vQFHUFkQGV UHDOL]H]HPDLPXOWHDUXQF ULUHXúLWHvQFRúXODGYHUVDULORU
HIHFWXDWHFXDMXWRUXOPLQJLLGHEDVFKHWPDQHYUDWHvQFRQGL LLSUHY ]XWH
vQ UHJXODPHQWXO MRFXOXL´ / 7HRGRUHVFX 7 3UHGHVFX / 9DVLOHVFX
S
6SRUW
'LQSXQFWXOGHYHGHUHDODFWLYLW LLDOSUDFWLFLLVSRUWLYHJOREDOH
FDUH QX IDFH GLIHUHQ LHUL vQWUH VSRUWXUL úL MRFXUL VSRUWLYH EDVFKHWXO
SRDWHILFRQVLGHUDWúLFDVSRUW'LQDFHVWSXQFWGHYHGHUHEDVFKHWXOVH
vQFDGUHD] vQVIHUDJHQHUDO DQR LXQLLGHVSRUWGHILQLWFDR³DFWLYLWDWH
VSHFLILF GH vQWUHFHUH vQ FDUH VH YDORULILF LQWHQVLY IRUPHOH GH
SUDFWLFDUHDH[HUFL LLORUIL]LFHvQYHGHUHDRE LQHULLGHF WUHLQGLYLGVDX
FROHFWLY D SHUIHF LRQ ULL SRVLELOLW LORU PRUIRIXQF LRQDOH úL SVLKLFH
FRQFUHWL]DWH vQWUXQ UHFRUG R GHS úLUH SURSULH VDX D SDUWHQHUXOXL´
/7HRGRUHVFX73UHGHVFX/9DVLOHVFXS
'LQ DFHVW SXQFW GH YHGHUH FD VSRUW FRQVLGHU P F EDVFKHWXO
SRDWH IL SUDFWLFDW FD VSRUW GH PDV VSRUW SHQWUX ED]D GH PDV D
SHUIRUPDQ HL VSRUW GH SHUIRUPDQ úL GH PDUH SHUIRUPDQ ÌQ DFHVW
FRQWH[WVXEOLQLHPDULDIRDUWHFXSULQ] WRDUHGHSUDFWLFDUHDDFHVWXLMRF
VSRUWLY HO SXWkQG IL SUDFWLFDW OD WRDWH YkUVWHOH SH FDWHJRULL DWkW GH
E UED LFkWúLGHIHPHL


'LVFLSOLQ VSRUWLY
&RQVLGHUDUHD EDVFKHWXOXL FD VSRUW FRQIHU MRFXOXL GH EDVFKHW
VWDWXW GDU úL GHQXPLUHD GH GLVFLSOLQ VSRUWLY 6WDWXWXO GH GLVFLSOLQ
VSRUWLY HVWHGHWHUPLQDWGHFDGUXORUJDQL]DWRULFRVSRUWLYLQVWLWX LRQDOL]DW
SH SODQ QD LRQDO úL LQWHUQD LRQDO DO WXUL GH DOWH QXPHURDVH GLVFLSOLQH
VSRUWLYH$PLQWLPF RFRQGL LHVLQHTXDQRQSHQWUXDWULEXLUHDVWDWXWXOXL
GH GLVFLSOLQ VSRUWLY HVWH DFHHD FD SXWHUHD GH VWDW GLQWUR DU V
UHFXQRDVF SHGHRSDUWHFDGUXORUJDQL]DWRULFRVSRUWLYLQVWLWX LRQDOL]DW
SH SODQ QD LRQDO DO GLVFLSOLQHL VSRUWLYH vQ FDX] úL V DFFHSWH WRWRGDW
DGHUDUHD DFHVWXLD OD RUJDQXO LQWHUQD LRQDO GH FRRUGRQDUH úL FRQGXFHUH
OLPLWDW DDFHOHLGLVFLSOLQHVSRUWLYHvQUHOD LLOHVSRUWLYHLQWHUQD LRQDOH
UHVSHFWLYODIHGHUD LDLQWHUQD LRQDO
'LQSXQFWXOGHYHGHUHH[SULPDWEDVFKHWXOURPkQHVFDO WXULGH
DFHODGLQDOWHSHVWHGH ULDOHF URUIHGHUD LLQD LRQDOHVXQWDILOLDWH
OD)HGHUD LD,QWHUQD LRQDO GH%DVFKHW$PDWRU),%$DUHVWDWXWGH
GLVFLSOLQ VSRUWLY GHRDUHFH vQ DUD QRDVWU H[LVW R ED] LQVWLWX
LRQDOL]DW SHQWUXDFWLYLWDWHDGHEDVFKHWFRQVWkQGGLQ
8QLW L VSRUWLYH ± FOXEXUL úL DVRFLD LL VSRUWLYH ± XQGH VXQW
FRQVWLWXLWHHFKLSHFXMXF WRULOHJLWLPD LFDUHVHSUHJ WHVFRUJDQL]DWúL
SDUWLFLS vQ FDGUXO XQXL VLVWHP FRPSHWL LRQDO OD FRQFXUVXUL RILFLDOH
LQWHUQH LQVWLWXLWH vQ YHGHUHD RE LQHULL GH WLWOXUL GH FDPSLRQL QD LRQDOL
SHQWUX FDWHJRULD UHVSHFWLY FDOLILF ULL HFKLSHL SHQWUX R FDWHJRULH
VXSHULRDU VDX PHQ LQHUHD FDOLILF ULL HL vQ DFHHDúL FDWHJRULH RE LQHULL
XQHLFODVLILF ULVSRUWLYHSHQWUXMXF WRULHWF
7UDVHXOSLUDPLGHLFRPSHWL LRQDOHGHSHUIRUPDQ úLLPSOLFLWDO
P LHVWULHLVSRUWLYHGHODED] ODYkUIFXSULQGH)HVWLYDOXOQD LRQDOGH
PLQLEDVFKHWÄ6WHOLDQ*KHRUJKLX´&DPSLRQDWHOHGHFRSLLúLMXQLRUL,,
'LYL]LDúFRODU úLGHMXQLRUL'LYL]LD%úL$
([LVWHQ D )HGHUD LHL 5RPkQH GH %DVFKHW ± RUJDQ FHQWUDO ± FX
VWDWXW GH SHUVRDQ MXULGLF ± DILOLDW OD ),%$ ± FDUH FRQGXFH úL
FRRUGRQHD] DFWLYLWDWHDXQLW LORUGHEDVFKHWDVLJXU DSOLFDUHDXQLWDU
D UHJXOLORU GH MRF DSUREDWH GH ),%$ úL vQWUH LQH UHOD LL VWDWXWDUH FX
DFHDVWDúLFXIHGHUD LLOHQD LRQDOHGLQDOWH UL
([LVWHQ DúLSDUWLFLSDUHDODFRPSHWL LLOHLQWHUQD LRQDOHVXEHJLGD
),%$DHFKLSHORUUHSUH]HQWDWLYHFRQVWLWXLWHVSHFLDOvQYHGHUHDDFHVWHL
SDUWLFLS ULSUHFXPúLDHFKLSHORUGHFOXE


0LMORFDOHGXFD LHLIL]LFHúLVSRUWLYH
&RQVLGHUDUHD EDVFKHWXOXL FD PLMORF DO HGXFD LHL IL]LFH DO WXUL GH
FHOHODOWH VSRUWXUL úL MRFXUL VSRUWLYH DWUDJH GXS VLQH UHFXQRDúWHUHD
IXQF LHLIRUPDWLYHDDFHVWXLD$FHDVW IXQF LHFRQVWLWXLHRFRPSRQHQW
GHRVHELWGHLPSRUWDQW DFRQFHSWXOXLGHEDVFKHWFDOLWDWHRILFLDOL]DW vQ
SURJUDPHOHGHHGXFD LHIL]LF úFRODU $FHDVW GLPHQVLXQHDFRQGXVOD
UHDOL]DUHD XQHL WU V WXUL FRPXQH HGXFD LHL IL]LFH úL HGXFD LHL VSRUWLYH
DFHDVWDGLQXUP UHSUH]HQWkQGvQHVHQ XWLOL]DUHDVSRUWXULORUúLMRFXULORU
VSRUWLYH QX QXPDL SHQWUX UHDOL]DUHD RELHFWLYHORU VSRUWXOXL GH SHU
IRUPDQ úL GH PDV FL úL SHQWUX UHDOL]DUHD RELHFWLYHORU úL IXQF LLORU
HGXFD LHLIL]LFH$FHDVWDDGHWHUPLQDWvQFDGUDUHDHGXFD LHLIL]LFHSULQWUH
DFWLYLW LOHFDUHFRQWULEXLHODFXOWXUDúLHGXFD LDVSRUWLY DWLQHULORU
'LQ DFHDVW SHUVSHFWLY EDVFKHWXO HVWH FRQVLGHUDW FD PLMORF QX
QXPDL DO HGXFD LHL VSRUWLYH VDX DO HGXFD LHL IL]LFH FL FD XQXO GLQWUH
PLMORDFHOHWLSLFHDOHHGXFD LHLVSRUWLYHúLIL]LFHPRGHUQHGHRDUHFHHO
FRQWULEXLH OD LQWHJUDUHD VRFLDO D FRSLLORU úL WLQHULORU úL OD SUHJ WLUHD
PXOWLODWHUDO DDFHVWRUDSULQDFWLYLWDWHDOXGLF VSHFLILF SUDFWLF ULLOXL
&RQVLGHUDWVXEDFHVWDVSHFWHGXFD LRQDOEDVFKHWXOFRQWULEXLHOD
UHDOL]DUHDIXQF LLORUHGXFD LHLIL]LFHúLVSRUWLYHGLQWUHFDUHHQXPHU P
FkWHYD IXQF LD VDQRJHQHWLF VDX VDQRWURILF vQW ULUHD V Q W LLGH]
YROWDUHDFDOLW LORUPRWULFHDFDSDFLW LLPRWULFHHGXFDUHDFDOLW LORU
SVLKLFHDVSLULWXOXLGHDXWRRUJDQL]DUHúLDXWRFRQGXFHUH
6SRUWFRPSOHPHQWDU
&DOLWDWHD GH VSRUW FRPSOHPHQWDU HVWH R FRQVHFLQ D YDORULL OXL
HGXFDWLYHPXOWLODWHUDOHUHVSHFWLYDLQIOXHQ HORUSUDFWLF ULLEDVFKHWXOXL
DVXSUD FDOLW LORU PRWULFH úL SVLKLFH LQFOXVLY SULQ DVSHFWHOH PRUDOH úL
GHYRLQ
'LQWUHWRDWHMRFXULOHVSRUWLYHEDVFKHWXOHVWHIUHFYHQWXWLOL]DWFD
VSRUWFRPSOHPHQWDUQXQXPDLvQPHWRGRORJLDDQWUHQDPHQWXOXLFHORU
ODOWHVSRUWXULGDUúLvQDFHHDDFHORUODOWHMRFXULVSRUWLYH
$O WXULGHDWOHWLVPHVWHVSRUWXOFRPSOHPHQWDUFDUHVHUHFRPDQG
DILSUDFWLFDWvQWRDWHSHULRDGHOHDQWUHQDPHQWXOXLGHFLúLvQFHDFRPSH
WL LRQDO $FHDVW UHFRPDQGDUH VH ED]HD] vQWUH DOWHOH SH IDSWXO F
LQIOXHQ HOHOXLDVXSUDPRWULFLW LLSVLKLFXOXLúLIXQF LXQLORURUJDQLVPXOXL
VSRUWLYLORUSRWILSRWHQ DWH±LQWHJUDWLYVDXL]RODWSHFDOLW LPRWULFH±vQ
IXQF LHGHRELHFWLYHOHPHWRGLFHDOHHWDSHLGHDQWUHQDPHQWUHVSHFWLYHÌQ


DIDUD LQIOXHQ HORU SR]LWLYH DU WDWH EDVFKHWXO SUH]LQW úL DYDQWDMXO GH D
SXWHDILSUDFWLFDWúLVXEIRUPDXQXLMRFVLPSOLILFDWFDQXP UGHMXF WRUL
úLHYHQWXDOFDVXSUDID DWHUHQXOXLGHMRFGHH[HPSOXFRQWUDSHWRW
WHUHQXOVDXQXPDLODXQSDQRXFHHDFHSHUPLWHDQWUHQRUXOXLV SRWHQ H]H
LQIOXHQ HOH MRFXOXL vQ UDSRUW GH RELHFWLYXO PHWRGLF SURSXV 3RDWH IL
SUDFWLFDW QX QXPDL FD PLMORF GH SUHJ WLUH IL]LF JHQHUDO GDU úL FD
H[HUFL LXGHvQF O]LUHJHQHUDO úLFDPLMORFGHRGLKQ DFWLY úLUHFUHHUH
'LVFLSOLQ GHvQY PkQW

$FHDVW LSRVWD] DEDVFKHWXOXLVHUHIHU ODXQLW LOHGHvQY PkQW
FDUH IRUPHD] úL FDOLILF VSHFLDOLúWLL GH GLIHULWH QLYHOXUL ± vQ EDVFKHW
UHVSHFWLY IDFXOW LOH GH HGXFD LH IL]LF úFROLOH GH DQWUHQRUL HWF (VWH
YRUED GHFL GH XQLW LOH GH vQY PkQW FDUH SUHJ WHVF SURIHVRULL GH
HGXFD LHIL]LF DQWUHQRULDQWUHQRULLGHEDVFKHWFHUFHW WRULLvQGRPHQLX
úLSURIHVRULLGHHGXFD LHIL]LF $EVROYHQ LLDFHVWRUXQLW LGHvQY PkQW
WUHEXLHV FXQRDVF WRDWHLSRVWD]HOHDIHUHQWHFRQFHSWXOXLGHEDVFKHW(L
WUHEXLHIRUPD LWHRUHWLFúLSUDFWLFFXFXQRúWLQ HSULFHSHULúLGHSULQGHUL
vQSULQFLSDOPHWRGRORJLFHQHFHVDUHIRUP ULLúLSHUIHF LRQ ULLMXF WRULORU
úL HFKLSHORU FDUH DFWLYHD] vQ WRDWH HúDORDQHOH EDVFKHWXOXL GH SHUIRU
PDQ úLGHPDV $FHVWRUYLLWRULVSHFLDOLúWLOLVHSUHG WHRUHWLFúLSUDFWLF
GLVFLSOLQDúWLLQ LILF VSRUWLY DSOLFDWLY EDVFKHW3UREOHPDIXQGDPHQWDO
úLFHDPDLGLILFLO SHQWUXFHLFHSUHGDXEDVFKHWXOFDGLVFLSOLQ GHvQY
PkQWHVWHFHDFDUDFWHULVWLF vQWUHJXOXLvQY PkQWVXSHULRUFRUHODUHD
ORJLFLL SHGDJRJLFH GLGDFWLFD PHWRGRORJLD SUHG ULL FX ORJLFD úWLLQ HL
EDVFKHWXOXL D GLVFLSOLQHL úWLLQ LILFH VSRUWLYH vQ FDGUXO FHOXL PDL
DYDQVDW FRQFHSW GH vQY PkQW UHVSHFWLY vQ LQWHJUDUHD vQY PkQWXOXL
FXFHUFHWDUHDúLSUDFWLFDSUDFWLFDSURIHVLRQDO GHSURILO


%$=(/(*(1(5$/(
$/(7(25,(,%$6&+(78/8,

$SDUL LDúLHYROX LDMRFXOXLGHEDVFKHW

,QYHQWDUHDMRFXOXLGHEDVFKHW
ÌQDQLLDQWHULRULLQYHQW ULLúLDSDUL LHLMRFXOXLGHEDVFKHWV OLOHGH
JLPQDVWLF GLQ 6WDWHOH 8QLWH DOH $PHULFLL GHQXPLWH vQ DFHD HSRF
ÄJ\PQDVLXP´HUDXGRPLQDWHGHRVHULHGHDFWLYLW LIL]LFHID GHFDUH
SRSXODULWDWHDDGHS LORUPLúF ULLVF GHDWUHSWDW$FHúWLDQXPDLGRYHGHDX
SUHDPDUHLQWHUHVID GHSURJUDPXOULJLGGHPLúF ULJLPQLFHúLDWOHWLFH
SUHFXP úL GH DOWH DFWLYLW L VSHFLILFH GDU F URUD OH OLSVHD VSLULWXO GH
vQWUHFHUHFRPSHWL LD6DLYLWDVWIHOQHFHVLWDWHDDSDUL LHLXQXLMRFFDUH
V SRDW ILSUDFWLFDWvQSULQFLSDOvQWURVDO ODOXPLQDDUWLILFLDO GDUúL
vQDHUOLEHUFDUHV QXILHSUHDJUHXGHMXFDWúLvQDFHODúLWLPSV ILH
LQWHUHVDQWSULQVWLPXODUHDFDUDFWHULVWLFLORUOXGLFH
7UDGL LRQDOLVPXOVLVWHPXOXLHGXFD LRQDODQJORVD[RQGLQ,QWHUQDWLRQDO
7UDLQLQJ6FKRRO<0&$GLQ6SULQJILHOG±0DVVDFKXVHWWV68$vO
GHWHUPLQ SH WkQ UXO SURIHVRU -$0(6 $ 1$,60,7+ vQGHPQDW úL
vQFXUDMDW GH GLUHFWRUXO úFROLL V FDXWH QRL PLMORDFH SULQ FDUH V GH
WHUPLQH R SDUWLFLSDUH PDL HQWX]LDVW D WLQHULORU V L VWXGHQ L OD RUHOH GH
HGXFD LHIL]LF GLQWLPSXOLHUQLL
-DPHV$1DLVPLWKGHRULJLQHFDQDGLDQ QHFRQWDPLQDWGHUXWLQD
RELúQXLQ HLFRQWHVWDWDUDOWUDGL LLORUvQYHFKLWHúLPRúWHQLWHGLQFROHJLX
QXYUHDV VHUHVHPQH]HODQLYHOXOXQRUOHF LLDULGHGHJLPQDVWLF SUDFWL
FDWHvQWLPSXOLHUQLLúLVHJkQGHúWHODXQMRFFROHFWLYFDUHV UHDGXF YRLD
EXQ úLHQWX]LDVPXOOHF LLORUGLQWLPSXOYHULLSULQFDUHVWXGHQ LLV LV
DOHUJHV WUDQVSLUHV úLvPEXQ W HDVF SUHJ WLUHDIL]LF
ÌQGHFHPEULHSURIHVRUXO-DPHV$1DLVPLWKJ VLVHvQVIkUúLW
LGHHDIXQGDPHQWDO FDUHV OFRQGXF ODLQYHQWDUHDXQXLMRFGHHFKLS
SULQ FDUH V L DWUDJ SH VWXGHQ LL V L OD SUDFWLFDUHD H[HUFL LXOXL IL]LF vQ
SHULRDGDGLQWUHVIkUúLWXOVH]RQXOXLGHIRWEDODPHULFDQúLGHEXWXOFHOXLGH
EDVHEDOOFDUHV FRQWULEXLHODPHQ LQHUHDIRUPHLIL]LFHDDFHVWRUD
1DLVPLWK FX DMXWRUXO LQWHQGHQWXOXL FROHJLXOXL SURFXU GLQ
PDJD]LH GRX FRúXUL URWXQGHGHQXLHOHDOF URUGLDPHWUXODJXU HUD


GHDSUR[LPDWLYLQFKHVFPSHFDUHOHDIL[DWSHWUDYHUVHOH
LQIHULRDUH DOH EDOXVWUDGHL EDOFRQXOXL DIODWH OD R vQ O LPH GH
SLFLRDUH FPODFHOHGRX H[WUHPLW LDOHV OLL'HUHPDUFDWF
DFHVWHGRX GLPHQVLXQLQXDXIRVWQLFLRGDW PRGLILFDWHGHDOXQJXOD
SHVWHGHDQLGHH[LVWHQ FRPSHWL LRQDO DMRFXOXLGHEDVFKHW
&RQFHS LDUHOLJLRDV DOXL-DPHV$1DLVPLWKVHUHIOHFW PDLDOHV
vQGRX SXQFWHUHPDUFDELOHGLQWUHUHJXOLOHGHMRFSXQFWHFDUHDXIRVW
vQWRWGHDXQDUHVSHFWDWHGH)HGHUD LD,QWHUQD LRQDO GH%DVFKHW),%$
RULGHFkWHRULVDXI FXWPRGLILF ULDOHWH[WXOXLUHJXODPHQWXOXLGHMRF
¾ ,QWHUGLF LD GH D VH UHFXUJH OD IRU D IL]LF vPSRWULYD XQXL
DGYHUVDU FDUH FRUHVSXQGH SULQFLSLXOXL ÄGUDJRVWHL ID GH DSURDSHOH
QRVWUXÚHVSHFWXOXLID GHDGYHUVDUúLID GHILLQ DXPDQ úL
¾ 2EOLJDWLYLWDWHD GH D ULGLFD EUD XO GXS FH DUELWUXO D VHPQDODW
FRPLWHUHD XQHL JUHúHOL IDSW FH FRUHVSXQGH UHFXQRDúWHULL FXOSDELOLW LL
GLQHWLFDUHOLJLRDV
1DLVPLWK D IL[DW SULPHOH UHJXOL DOH QRXOXL V X MRF FDUH
FRQVWLWXLDXRUHSOLF DUHJXOLORUMRFXOXLvQDHUOLEHULQDSOLFDELOHvQVDO
GDWRULW VSD LXOXLUHVWUkQVúLQXP UXOXLPDUHGHH[HFXWDQ L
3ULPXO MRF VD GHVI úXUDW vQWUH GRX HFKLSH D FkWH MXF WRUL
GHRDUHFHFODVDQXP UDVWXGHQ L0LQJHDHUDSXV vQMRFSULQDUXQFDUH
ODFHQWUXHFKLSHOHILLQGDOLQLDWHSHOLQLLOHGHIXQGFDODSROR-RFXOD
SO FXWIRDUWHPXOWúLXQVWXGHQWODGHQXPLWEDVFKHWEDOODGLF PLQJHDOD
FRúEDVFKHW FRúEDOO PLQJH
8QHOHL]YRDUHUHIHULWRDUHODLVWRULFXOMRFXOXLDPLQWHVFF SULPHOH
MRFXUL VDX GHVI úXUDW SH HFKLSH GH FkWH GH MXF WRUL úL FX GRX
FRúXUL GH IUXFWH DúH]DWH SH S PkQW PLQJHD ILLQG MXFDW QXPDL SULQ
URVWRJROLUH'LQFDX]DEXVFXODGHORUFHVHLYHDXvQDSURSLHUHDFRúXULORU
DIRVWQHYRLHFDDFHVWHDV ILHULGLFDWHGHODS PkQWFDV QXILHDWLQVH
7HKQLFD HYROXkQG D IRVW QHFHVDU VFRDWHUHD IXQGXOXL FRúXOXL GHRD
UHFHGXS ILHFDUHFRúvQVFULVPLQJHDWUHEXLDV ILHVFRDV SULQXUFDUHD
SH R VFDU -RFXO DWU JHD PXO L VSHFWDWRUL VWXGHQ L FDUH SULYHDX GLQ
EDOFRDQHOH GH FDUH HUDX SULQVH FRúXULOH ÌQ ]HOXO ORU VSHFWDWRULL
LQWHUYHQHDXGHIRDUWHPXOWHRULúLGLULMDXPLQJHDVSUHFRúFDXUPDUH
FRúXULOHDXIRVWSULQVHGHSDQRXULVSHFLDODPHQDMDWHSHQWUXDSXWHDIL
FkWPDLGHSDUWHGHVSHFWDWRUL
1DLVPLWK QX SXWHD V SUHYDG VXFFHVXO SH FDUH DYHD V O RE LQ
DFHVW MRF GHD OXQJXO FHORU SHVWH GH DQL GH OD PHPRUDELOD SULP
SDUWLG GLVSXWDW vQGHFHPEULHOD6SULQJILHOGvQ0DVVDFKXVHWWV(O
YDVLP LvQV U VSODWDPLQ LLVDOHRGDW FXLQWHJUDUHDMRFXOXLGHEDVFKHW


vQ SURJUDPXO -RFXULORU 2OLPSLFH GLQ %HUOLQ ± *HUPDQLD FkQG
LQYLWDW ILLQG GH F WUH &RPLWHWXO GH RUJDQL]DUH IDFH ³SULPD DQJDMDUH D
PLQJLLvQWUHGRLÓDSULPXOMRFROLPSLFGHEDVFKHW

(YROX LDMRFXOXLGHEDVFKHWSHSODQPRQGLDO
%DVFKHWXOPDVFXOLQ
'LQSXQFWGHYHGHUHRUJDQL]DWRULFFLQFLDQLGXS LQYHQWDUHDOXL
EDVFKHWXO GHYLQH VSRUW RILFLDO GLVSXWDW vQ FDPSLRQDWXO QD LRQDO
DPHULFDQ SHQWUX FD vQ OD PDUWLH V DLE ORF SULPXO MRF vQ
FDUHDXHYROXDWFRQWUDMXF WRUL8QLYHUVLWDWHD<DOHvQYLQJHSHFHD
GLQ3HQQV\OYDQLDFXOD
ÌQ R HFKLS QRUGDPHULFDQ DSDUH OD 3DULV DGXFkQG
JHUPHQXOMRFXOXLGHEDVFKHWSHS PkQWXOÄE WUkQXOXL´FRQWLQHQW
ÌQ LD QDúWHUH vQ 68$ /LJD ,QWHUXQLYHUVLWDU GLQ (VWH
SHQWUX FD vQ XUPD &RQIHULQ HL 9HVWLFH EDVFKHWXO V VH U VSkQGHDVF
GHOD2FHDQXO$WODQWLFSkQ vQ3DFLILFGLQ*ROIXO0H[LFXOXLSkQ OD
IURQWLHUDFDQDGLDQ úLGXS DFHHDSHvQWUHJJOREXO
/D -RFXULOH 2OLPSLFH GLQ GH OD 6DLQW /RXLV 68$ VD
RUJDQL]DWRGHPRQVWUD LHGHF WUHGRX HFKLSHVWXGHQ HúWL
ÌQ SURIHVRUXO GU 6FKPLGW FDUH DVLVWDVH OD GHPRQVWUD LD
I FXW FXRFD]LD-RFXULORU2OLPSLFHGHOD6DLQW/RXLVLQWURGXFHMRFXO
GHEDVFKHWvQ*HUPDQLD
<0&$ GLQ6SULQJILHOGDIRVWDUELWUXOUHJXOLORUGHMRFGLQSULPLL
GRLDQLGXS FDUHVHXQHúWHFX$$8ùFROLOHVXQWQHPXO XPLWHúLvQ
Ä$VRFLD LD 1D LRQDO $WOHWLF D &ROHJLLORU´ VLD OXDW VDUFLQD
vQWRFPLULL UHJXODPHQWXOXL SHQWUX FROHJLL ÌQ DQXO FRPLWHWXO
FRPXQ SHQWUX UHJXOLOH MRFXOXL GH EDVFKHW HUDFRPSXVGLQ 1&$$úL
$$80DLG LQXLDXvQV vQ68$GLIHULWHUHJXODPHQWHGXS FDUHHUD
MXFDWEDVFKHWXO
3ULPXOWXUQHXLQWHUQD LRQDODUHORFOD3DULVvQLXQLHODFDUH
LDXSDUWHHFKLSDPLOLWDULORUGLQ68$HFKLSD)UDQ HLúLFHDD,WDOLHL
ÌQOD-RFXULOH2OLPSLFHGHOD3DULVEDVFKHWXOHVWHSUH]HQW
QXPDLFDGHPRQVWUD LH
ÌQ OD LXQLH GHOHJD LLOH GLQ 0DUHD %ULWDQLH $UJHQWLQD
&HKRVORYDFLD*UHFLD,WDOLD/LWXDQLD(OYH LD3RUWXJDOLDúL 520Æ1,$
UHSUH]HQWDW GH'XPLWUX7HLF KRW U VFvQFDGUXOXQHLúHGLQ HIHVWLYH
vQILLQ DUHD )('(5$ ,(, ,17(51$ ,21$/( '( %$6&+(7 $0$725
),%$FXVHGLXOOD*HQHYD(OYH LD&XDFHDVW RFD]LH/HRQ%RXIIDUG


(OYH LD D IRVW DOHV SUHúHGLQWH DO ),%$ FD YLFHSUHúHGLQWH D IRVW
GHVHPQDW *LRUJLR $VLQDUL GL 6DQ 0DU]DQR ,WDOLD LDU :LOOLDP -RQHV
0DUHD%ULWDQLHVHFUHWDUJHQHUDO3ULQFLSDOXORELHFWLYDOQRXvQILLQ DWHL
IHGHUD LLDFRQVWDWGLQVWDQGDUGL]DUHDUHJXOLORUGHMRFSHQWUXDPDWRULúL
UHGDFWDUHDXQXLXQLFUHJXODPHQWDODFHVWXLMRFVSRUWLYIDSWPDWHULDOL]DW
vQ
&RQVDFUDUHD DFHVWXL MRF vQ 6WDWHOH 8QLWH DUH ORF vQ OD
GHFHPEULHFkQGOD0DGLVRQ6TXDUH*DUGHQHFKLSD1HZ<RUN&LW\EDWH
FX8QLYHUVLWDWHD1RWUH'DPHvQID DDGHVSHFWDWRUL
$QXO DGXFH SH ILUPDPHQWXO VSRUWLY HXURSHDQ SULPD PDUH
FRPSHWL LHEDVFKHWEDOLVWLF &$03,21$78/0$6&8/,1(8523($1
GHVI úXUDWOD*HQHYDFDPSLRQDWFkúWLJDWGHUHSUH]HQWDWLYD/HWRQLHLúL
ODFDUHDSDUWLFLSDWúL DUDQRDVWU XQGHRFXS ORFXOGLQWRWDWkWHD
SDUWLFLSDQWH
'HSOLQD úL GHILQLWLYD FRQVDFUDUH D MRFXOXL GH EDVFKHW SH SODQ
PRQGLDOYDDYHDORFvQFkQGYDILLQFOXVvQSURJUDPXO-RFXULORU
2OLPSLFH GH OD %HUOLQ /D WXUQHXO ROLPSLF SDUWLFLS XQ QXP U GH
HFKLSH PDVFXOLQH UHSUH]HQWkQG WRW DWkWHD QD LXQL ILQDOD ROLPSLF
ILLQGFkúWLJDW GHHFKLSD6WDWHORU8QLWHFDUHvQYLQJHSHFHDD&DQDGHL
FX
3ULPD HGL LH D &DPSLRQDWXOXL PRQGLDO D IRVW RUJDQL]DW OD
%XHQRV $LUHV $UJHQWLQD vQ DQXO ILQDOD GLVSXWkQGXVH vQWUH
UHSUH]HQWDWLYHOH $UJHQWLQHL úL 6WDWHORU 8QLWH WURIHXO ILLQG FkúWLJDW GH
DUDRUJDQL]DWRDUHvQYLQJ WRDUHFX
%DVFKHWXOIHPLQLQ
'DU SUDFWLFDUHD MRFXOXL GH EDVFKHW QX D UHSUH]HQWDW SHQWUX
SULPD OXL SHULRDG GH OD LQYHQWDUHD OXL GH F WUH -DPHV 1DLVPLWK XQ
DSDQDMVWULFWDOE UED LORU5 VXQHWXOXQXLMRFVSRUWLYDF UXLDWUDF LH
FUHHD] XQ HQWX]LDVP GHRVHELW SDUWLFLSDQ LORU OXL GHS úHúWH XUJHQW
JUDQL HOH FROHJLXOXL GLQ 6SULQJILHOG U VSkQGLQGXVH OD vQFHSXW vQ
PHGLLOHúFRODUHúLXQLYHUVLWDUHIHPLQLQHGLQMXUXO6SULQJILHOGXOXL
$úDF vQOD%XFNLQJKDP*UDQGH6FKRROvQPDUWLHDUH
ORF SULPXO MRF IHPLQLQ vQWUH GRX HFKLSH DOH DFHVWHL úFROL SULQWUH
FRPSHWLWRDUH HYROXkQG úL GRPQLúRDUD 6KHUPDQ YLLWRDUHD GRDPQ
1DLVPLWKLDUvQMRFXOYDILSUDFWLFDWúLGHVWXGHQWHOHGHOD6PLWK
&ROOHJH GLQ 1RUWKDPWRQ &X WRDWH DFHVWHD U VSkQGLUHD EDVFKHWXOXL
IHPLQLQvQWkPSLQ XQHOHLPSHGLPHQWHOHJDWHPDLDOHVGHFRQFHS LLOH
PRUDOHFHGRPLQDXDFHOHYUHPLÌQDFHDSHULRDG GDWRULW SXULWDQLVPXOXL


GRFWULQDU FDUH GRPLQD OXPHD 6WDWHORU 8QLWH SULQFLSDOD SUREOHP UHD
LQXWDYHVWLPHQWDU VSRUWLY DIHPHLORUIDSWFDUHLQWHU]LFHDE UED LORU
YL]LRQDUHD XQHL vQWUHFHUL VSRUWLYH vQ FDUH IHPHLOH DU IL DS UXW vQ
FRVWXPH GH VSRUW ÌQ SOXV QXPHURúL SURIHVRUL HVWLPDX F UHJXOLOH
OHJLIHUDWHGH1DLVPLWKQXDUILFRUHVSXQVSUDFWLF ULLDFHVWXLMRFVSRUWLY
GHF WUHIHPHLDMXQJkQGXVHDVWIHOFDWHUHQXOGHMRFV ILHvPS U LWvQ
WUHL]RQHMXF WRDUHOHGLQWUR]RQ QHDYkQGGUHSWXOGHDVHGHSODVDvQ
DOW ]RQ GHFkW FHD LQL LDO $FHVW IDSW D IUkQDW R EXQ SHULRDG
U VSkQGLUHDEDVFKHWXOXLIHPLQLQvQFRQWLQHQWXOHXURSHDQ
6HSDUHF EDVFKHWXOIHPLQLQYDILLQWURGXVvQ(XURSDvQSUHDMPD
SULPXOXL U ]ERL PRQGLDO )UDQ D ILLQG DUD FDUHO DGRSW SULPD FD
XUPDUH D LQIOXHQ HORU EHQHILFH DOH LGHLORU IHPLQLVWH GH HPDQFLSDUH
FDUHYRUILSURPXOJDWHGH)HGHUD LD)UDQFH] D6SRUWXOXL)HPLQLQ&X
WRDWHDFHVWHDGHDELDvQvQXUPDXQXLWXUQHXvQWUHSULQVGHHFKLSD
FDQDGLHQFHORU GH OD ùFRDOD &RPHUFLDO GLQ (GPRQWRQ EDVFKHWXO
IHPLQLQ IUDQFH] vúL vQFHSH DVFHQVLXQHD SULQ RUJDQL]DUHD SULPXOXL
FDPSLRQDW QD LRQDO FD XUPDUH D vQILLQ ULL D QXPHURDVH FOXEXUL
IHPLQLQHGHEDVFKHW
3XWHP HYLGHQ LD GUHSW SULP FRPSHWL LHIHPLQLQ GHDPSORDUH
GLVSXWDUHD vQ OD 3UDJD D SULPHL HGL LL D -RFXULORU )HPLQLQH
0RQGLDOHvQSURJUDPXOF URUDILJXUDúLMRFXOGHEDVFKHWHGL LDD,,D
ILLQGSURJUDPDW vQOD/RQGUD0DUHD%ULWDQLH
7RW SULYLWRU OD DFWLYLW LOH FRPSHWL LRQDOH IHPLQLQH GH DPSORDUH
WUHEXLHV PHQ LRQ PRUJDQL]DUHDSULPHLHGL LLD&DPSLRQDWHORUHXURSHQH
GHEDVFKHWIHPLQLQvQDQXOOD5RPD,WDOLDSULPXORUDúFHRUJDQL
]HD] DFHDVW FRPSHWL LHLDUPXOWPDLWkU]LX),%$RUJDQL]HD] SULPXO
&DPSLRQDW PRQGLDO IHPLQLQ D F UXL RUJDQL]DUH HVWH DWULEXLW FDSLWDOHL
VWDWXOXL&KLOH6DQWLDJRvQ
HVWH DQXO LQWURGXFHULL vQ SURJUDPXO -RFXULORU 2OLPSLFH
GHVI úXUDWH OD 0RQWUHDO &DQDGD D EDVFKHWXOXL IHPLQLQ DFWLYLWDWH FH
VDGHVI úXUDWGHDWXQFLSHUPDQHQWODILHFDUHHGL LHDDFHVWRUMRFXUL

$SDUL LDúLHYROX LDMRFXOXLGHEDVFKHWvQ5RPkQLD
3 WUXQGHUHD MRFXOXL GH EDVFKHW vQ DUD QRDVWU VH SODVHD] vQ
FRQWH[WXO JHQHUDO SROLWLF HFRQRPLF úL VRFLDO DO (XURSHL GLQ SHULRDGD
LPHGLDWXUP WRDUHSULPXOXLU ]ERLPRQGLDO3HQWUX5RPkQLDDFHDVW
SHULRDG DU SXWHD IL FDUDFWHUL]DW FD GRPLQDW GH R VWDUH GH KDRV
HFRQRPLF DJUDU LQGXVWULDO úL ILQDQFLDU FRQVHFLQ D FRWURSLULL XQHL
EXQH S U L D WHULWRULXOXL ULL GH F WUH IRU HOH EHOLJHUDQWH SUHFXP úL D


GLVWUXJHULORU FDX]DWH GH VXV LQHUHD FRQIOLFWXOXL DUPDW SH WHULWRULXO
5RPkQLHLÌQDFHVWHFRQGL LLJXYHUQXOURPkQHVWHQHYRLWV DFFHSWHR
VHULHGHFRPSURPLVXULFDUHYL]DXUHIDFHUHDSRWHQ LDOXOXLDJURLQGXVWULDO
DOHFRQRPLHLQD LRQDOH
$QLLUHSUH]LQW RSHULRDG GHGH]YROWDUHDFFHQWXDW D
IRU HORU GH SURGXF LH FX R LQIOXHQ GLUHFW úL SXWHUQLF DVXSUD YLH LL
HFRQRPLFRVRFLDOH D ULL $FHDVWD FRUHVSXQGH GH DOWIHO FX SHULRDGD
GH]YROW ULL HFRQRPLFH úL VWDELOL] ULL UHODWLYH D FDSLWDOLVPXOXL SH SODQ
LQWHUQD LRQDOVWDUHFXLQIOXHQ HEHQHILFHúLSHQWUX DUDQRDVWU
'H]YROWDUHDDJUDULQGXVWULDO GLQ DUDQRDVWU UHIOHFWDW vQFUHú
WHUHDHYLGHQW DSURGXVXOXLLQWHUQEUXWVDUHSHUFXWDWúLvQSODQXULFH
YL]HD] YLD DVRFLDO úLFXOWXUDO DURPkQLORU
&HHDFHQHLQWHUHVHD] GLQDFHVWSXQFWGHYHGHUHHVWHUHSUH]HQWDW
GHDFFHSWDUHDúLVSULMLQLUHDDWkWGHF WUHJXYHUQDQ LúLGH3DODWXOUHJDO
DLQWURGXFHULLvQ DU DXQXLVLVWHPHGXFD LRQDOFXOWXUDOGDUúLVSRUWLY
VSHFLILF DPHULFDQ UHSUH]HQWDW SULQ 6RFLHWDWHD <0&$ $FHDVW VR
FLHWDWHVHYDRFXSDGHRUJDQL]DUHDúLU VSkQGLUHDvQUkQGXOWLQHULORUGLQ
5RPkQLDDDFWLYLW LORUFXOWXUDOHGDUPDLDOHVVSRUWLYH
$VWIHO vQ VRFLHWDWHD DPHULFDQ <0&$<RXQJ 0HQV
&KULVWLDQV$VVRFLDWLRQvúLGHVFKLGHILOLDODSHQWUX5RPkQLDODvQFHSXW
RUJDQL]kQGDFWLYLWDWHDFXOWXUDOVSRUWLY DRVWDúLORUDUPDWHLURPkQHSULQ
vQILLQ DUHDÄ&DVHORURVW úHúWL´XQGHSHOkQJ DOWHDFWLYLW LVSRUWLYHD
IRVW SUHGDW úL vQY DUHD MRFXOXL GH EDVFKHW $FHDVW DFWLYLWDWH GLQ
DUPDW YDILSUHOXDW GHRIL HULLURPkQLFDUHvQVFXUWWLPSYRUUHQXQ D
OD SUH]HQ D vQ FRQGXFHUHD DFHVWRU RUJDQL]D LL PLOLWDUH UHSUH]HQWD LD
VRFLHW LL<0&$
ÌQFRQVHFLQ W UkPXOGHGHVI úXUDUHDODFWLYLW LLDPHULFDQHYD
U PkQH GRDU vQ PHGLXO FLYLO úL DQXPH vQ UkQGXO úFRODULORU úL PDL
DSRLDOVWXGHQ LORU
3ULQWUH SULQFLSDOHOH PLMORDFH IRORVLWH GH <0&$ vQ FDGUXO
DQVDPEOXOXL GH PLMORDFH IRORVLWH SHQWUX UHDOL]DUHD VFRSXOXL XUP ULW
VD J VLW úL VSRUWXO FX GHRVHELUH RFXSkQGXVH FX MRFXULOH VSRUWLYH GH
VDO $VWIHO SXWHP FRQVLGHUD DQLL FD DQLL vQ FDUH MRFXOGH
EDVFKHW HVWH ÄLPSRUWDW´ úL GH DUD QRDVWU GLQ 6WDWHOH 8QLWH SULQ
LQWHUPHGLXODFHVWHLVRFLHW L
3ULQWUH SULPLL SURIHVRUL GH HGXFD LH IL]LF FH IDF FXQRúWLQ FX
MRFXO GH EDVFKHW úL SH FDUHO LQWURGXF vQ úFROLOH ORU VH QXP U
%XFRYLQHDQX 'X HVFX =DKLUQLF ,RQ 3RSRYLFL 5 VSkQGLUHD vQPHGLXO
úFRODUDDFHVWXLMRFIDFHFDvQOXQDLXQLHV VHRUJDQL]H]HSHQWUX


HFKLSHOHúFRODUHSULPDFRPSHWL LHGHEDVFKHWGLQ DU GRWDW FX&XSD
WUDQVPLVLELO D VRFLHW LL <0&$ /D FRPSHWL LH VH vQVFULX HFKLSH
úFRODUH GLQWUH FDUH SXWHP UHPDUFD SDUWLFLSDUHD XQXL OLFHX FX SURILO
LQGXVWULDOúLDQXPHÄùFRDODGH$SOLFD LL´)LQDODDUHORFvQWUHHFKLSHOH
OLFHHORU0LKDL9LWHD]XúL6SLUX+DUHWSULPLLFkúWLJkQGFXVFRUXOGH
&RPSHWL LDVHYDGHVI úXUDúLvQDQLLXUP WRULFXSDILLQGFkúWLJDW
GHILQLWLYGH/LFHXO0LKDL9LWHD]XFDUHFkúWLJ WUHLHGL LLFRQVHFXWLYHDOH
DFHVWHLD
2GDW FXWUHFHUHDSULPLORUMXF WRULvQIDFXOW LEDVFKHWXOLHVHGLQ
FHUFXOUHVWUkQVDOúFROLORUúLvQvOJ VLPSUDFWLFDWGHF WUHVWXGHQ LL
GLQ$FDGHPLD1D LRQDO GH(GXFD LH)L]LF $1()%XFXUHúWL
9RUWUHFHvQV DO LFk LYDDQLúLGHDELDvQYRPvQWkOQLSULPXO
FDPSLRQDW SHQWUX HFKLSH GH FOXEXUL FDPSLRQDW GLVSXWDW vQ VLVWHP
HOLPLQDWRULXGHXQQXP UGHHFKLSHúLFkúWLJDWGHHFKLSD7(1,6&/8%
520Æ17&5
&DPSLRQDWXOGLQGLVSXWDWGXS DFHHDúLIRUPXO UHYLQHWRW
HFKLSHL7&5FDUHvQYLQJHSH9LLWRUXO'DFLDvQWUXQMRFWHUPLQDWvQ
SUHOXQJLUL
$QXOUHSUH]LQW DQXOGHDYkQWDOGH]YROW ULLDFHVWXLMRFDWkW
SULQ QXP UXO GH HFKLSH FH VH vQILLQ HD] FkW úL SULQ RUJDQL]DUHD PDL
PXOWRUFRPSHWL LL
'HDELD vQ DSDU XQHOH SUHRFXS UL SHQWUX RILFLDOL]DUHD
MRFXOXL DVWIHO F IRUXULOH GH UHVRUW KRW U VF vQILLQ DUHD )('(5$ ,(,
520Æ1( '( %$6&+(7 ù, 92/(, )5%9 IRQGDWRDUH ILLQG XQ
QXP UGHFOXEXULFXHFKLSHGHEDVFKHWúLYROHL <0&$7&59LLWRUXO
'DFLD-XYHQWXV6SRUWXO6WXGHQ HVF0DFDEL7XUGD377úL$S U WRULL
3DWULHL &UHDUHD XQHL IHGHUD LL FRPXQH LOXVWUHD] FDUDFWHUXO GH FHUF
UHVWUkQV SH FDUHO DYHDX FHOH GRX VSRUWXUL ÄPLQRUH´ DL F URU DGHS L
GDWRULW FRVWXULORUQHFHVLWDWHGHFRQVWUXF LDúLvQWUH LQHUHDED]HLPDWH
ULDOHHUDXFHLFHGLVSXQHDXúLGHPLMORDFHILQDQFLDUH
)HGHUD LD HVWH FRQGXV GH XQ &RPLWHW IHGHUDO DO F UXL SULP
SUHúHGLQWH D IRVW SURIHVRUXO GH HGXFD LH IL]LF & 0DULQHVFX LDU
YLFHSUHúHGLQWHSURIHVRUXO1'X HVFX
ÌQ VXE UHGDF LD SURIHVRUXOXL 1 'X HVFX DSDUH SULPXO
5HJXODPHQW DO MRFXOXL GH EDVFKHW FRPHQWDW FDUH vQORFXLHúWH SULPD
WUDGXFHUH D YHUVLXQLL DPHULFDQH ODQVDWH GH <0&$ HIHFWXDW GH
5LFKDUG+LOODUG
ÌQDFHODúLDQRGHOHJD LHURPkQ SDUWLFLS OD*HQHYDODIRQGDUHD
)HGHUD LHL ,QWHUQD LRQDOH GH %DVFKHW $PDWRU ),%$ 5RPkQLD


vQVFULLQGXVH FX DFHVW SULOHM SULQWUH PHPEULL IRQGDWRUL úL DILOLD L DL
DFHVWXLIRULQWHUQD LRQDO
ÌQFHSkQG FX VH]RQXO &DPSLRQDWXO UHJLRQDO DO
0XQWHQLHLvúLYDGLVSXWDFXUHJXODULWDWHHGL LLOHVDOHDQWHEHOLFH
ÌQLDXILLQ SULPHOHHFKLSHIHPLQLQHFDUHVHYRUvQWUHFHvQ
FRPSHWL LD Ä/LJD 0XQWHQLHL´ OD FDUH SDUWLFLS XQ QXP U GH HFKLSH
FkúWLJDW vQDFHODQGHHFKLSD7&5'HVI úXUDW FXRPDLPLF UHJX
ODULWDWH GHFkW FDPSLRQDWXO PDVFXOLQ vQ XUP WRULL DQL FRPSHWL LD HVWH
FkúWLJDW GH 7&5 7HOHIRQ FOXE úL 6SRUWXO 6WXGHQ HVF
%DVFKHWXOIHPLQLQU PkQHSUDFWLFDWvQWUXQFHUFUHVWUkQV
PDMRULWDWHD VSRUWLYHORU SURYHQHDX GLQ &DSLWDOD ULL ILLQG vQ JHQHUDO
SHUVRDQHFDUHGLVSXQHDXGHSRVLELOLW LILQDQFLDUH
'HEXWXODFWLYLW LLLQWHUQD LRQDOHHVWHvQUHJLVWUDWvQLDQXDULH
FkQG HFKLSD FOXEXOXL -XYHQWXV LD XQ SULP FRQWDFW FX EDVFKHWXO GLQ
&HKRVORYDFLDMXFkQGGRX MRFXULOD%UQRFXHFKLSD.UDORYR3ROHDSRL
FXVHOHF LRQDWDRUDúXOXL1LPEUXFNúLOD3UDJDDOWHGRX MRFXUL5H]XO
WDWHOHQHIDYRUDELOHvQWRDWHFHOHFLQFLMRFXULGRYHGHVFF VXQWHPGHSDUWH
GH YDORDUHD EDVFKHWXOXL SUDFWLFDW OD DFHD GDW vQ (XURSD 'H DOWIHO
DFHVWOXFUXYDILFRQILUPDWúLGHSDUWLFLSDUHDHFKLSHLQRDVWUHQD LRQDOHOD
SULPXO&DPSLRQDWHXURSHDQPDVFXOLQGHOD*HQHYDGLQXQGHQH
FODV PSHORFXOGLQWRWDWkWHDHFKLSHSDUWLFLSDQWH
ÌQ FRQWLQXDUH YRU DYHD ORF R VHULH GH MRFXUL úL vQWkOQLUL
LQWHUQD LRQDOH RUJDQL]DWH GH IHGHUD LH vQ DU úL VWU LQ WDWH SHQWUX
FOXEXULPDLDOHVFHHDFHGRYHGHúWHF DFHVWOXFUXDFRQWULEXLWvQWUR
RDUHFDUHP VXU ODRYLWDOL]DUHDEDVFKHWXOXLDXWRKWRQ7RWXúLQLYHOXO
SUDFWLF ULLOXLU PkQHVXILFLHQWGHVF ]XWSHSODQQD LRQDO
%DVFKHWXO ILLQG VRFRWLW XQ VSRUW ÄPLQRU´ úL ÄQHSURGXFWLY´ FX
SULQGHDvQVIHUDOXLGHDFWLYLWDWHGLQ DUDQRDVWU XQQXP UUHVWUkQVGH
MXF WRULDSUR[LPDWLYQXP UXOHFKLSHORUILLQGvQMXUXODÌQ
DIDUD JUXS ULORU úL D FOXEXULORU VSRUWLYH EDVFKHWXO PDL HUD SUDFWLFDW vQ
úFROLXQLYHUVLW LúLFKLDUvQDUPDW GDUGHFHOHPDLPXOWHRULVSRUDGLF
ÌQ WLPSXO FHOXL GHDO GRLOHD U ]ERL PRQGLDO DFWLYLWDWHD
EDVFKHWEDOLVWLF FXQRDúWHRVWDJQDUHRVHULHGHFOXEXULGHVILLQ kQGXúL
HFKLSHOHGLQOLSV GHMXF WRULHLILLQGvQFRUSRUD LVDXF ]X LODGDWRULH
SHQWUX DU
2 GDW FX vQFHWDUHD VW ULL GH EHOLJHUDQ úL vQFKHLHUHD S FLL
DFWLYLWDWHD EDVFKHWEDOLVWLF HVWH UHOXDW ILLQG FRQGXV GH R FRPLVLH
LQWHULPDU FDUH D DFWLYDW vQ FDGUXO IHGHUD LHL SkQ OD vQILLQ DUHD
2UJDQL]D LHL6SRUWXOXL3RSXODU263Ì1


263XO D VSULMLQLW LQWHQV DFWLYLWDWHD EDVFKHWEDOLVWLF FH vQWUH
FXQRDúWHRUHYLJRUDUHSHvQWUHJFXSULQVXO ULL
ÌQDQXOOD%XFXUHúWLvQOD7LUDQDúLvQOD6RILD
DXORFFRPSHWL LLLQWHUQD LRQDOHGRWDWHFXÄ&XSD%DOFDQLF ´DWkWSHQWUX
HFKLSHOH QD LRQDOH PDVFXOLQH FkW úL SHQWUX FHOH IHPLQLQH LDU vQ
FRPSHWL LDGHYLQHÄ&DPSLRQDWXO%DOFDQLF´
/DLXQLHVHvQILLQ HD] &RPLWHWXOSHQWUX&XOWXU IL]LF úL
6SRUW&&)6vQORFXLQG263XOIDSWFDUHFRQGXFHúLODGHVS U LUHD
GHILQLWLY RUJDQL]DWRULF D FHORU GRX GLVFLSOLQH VSRUWLYH EDVFKHWXO úL
YROHLXO 6HFUHWDU DO QRLL )HGHUD LL 5RPkQH GH %DVFKHW )5% D IRVW
QXPLWSURIHVRUXO(PLO0DQHDVXEFRQGXFHUHDF UXLDMRFXOGHEDVFKHW
FXQRDúWHXQDYkQWSULQ
¾ vQILLQ DUHD GH QRL FOXEXUL úL VHF LL GH EDVFKHW vQ WRDW DUD
7J 0XUHú &OXM 2UDGHD 7LPLúRDUD 6DWX 0DUH $UDG &UDLRYD ,DúL
3LWHúWL 6LELX &RQVWDQ D %UDúRY *DOD L ± XQGH VH RUJDQL]HD] FDP
SLRQDWHORFDOH
¾ vQILLQ DUHDXQRUúFROLGHDQWUHQRULSUHFXPúLDXQRUFHQWUHGH
LQL LHUHúLSUHJ WLUHDHOHYLORUvQDFHDVW GLVFLSOLQ VSRUWLY
¾ HGLWDUHD QRLL YHUVLXQL PRGLILFDWH GH ),%$ D UHJXODPHQWXOXL
GHMRF
¾ DFRUGDUHD SULPHORU WLWOXUL SHQWUX PHULWH GHRVHELWH vQ VSRUW
UHVSHFWLYvQEDVFKHW&1HJXOHVFX
ÌQ SULP YDUD DQXOXL VDX GHILQLW FRQGL LLOH RUJDQL] ULL úL
SDUWLFLS ULLODSULPXO&DPSLRQDWQD LRQDOGHEDVFKHWGHYHQLWXOWHULRU
'LYL]LD 1D LRQDO Ä$´ FRPSHWL LH FkúWLJDW GH HFKLSD 0HWDOXO
%XFXUHúWL úL OD FDUH DX SDUWLFLSDW XQ QXP U GH HFKLSH GLQ vQWUHDJD
DU (GL LLOHXUP WRDUHYRUILFkúWLJDWHGXS FXPXUPHD] ±377
%XFXUHúWL±0HWDOXO%XFXUHúWL±'LQDPR%XFXUHúWL
±&&$%XFXUHúWL±'LQDPR%XFXUHúWL
±&&$%XFXUHúWL±6WHDXD%XFXUHúWL
±'LQDPR%XFXUHúWL6WHDXD%XFXUHúWL
±'LQDPR%XFXUHúWL
± 6WHDXD %XFXUHúWL ± 'LQDPR %XFXUHúWL ±
6WHDXD%XFXUHúWL±'LQDPR%XFXUHúWL±
6WHDXD%XFXUHúWL±'LQDPR%XFXUHúWL±6WHDXD
%XFXUHúWL±8QLYHUVLWDWHD&OXM±'LQDPR%XFXUHúWL
'LQDPR%XFXUHúWL&68)RUHVW6LELX860,19(67
&OXM 1DSRFD ± 'LQDPR %XFXUHúWL ± 'LQDPR %XFXUHúWL
&68)RUHVW6LELX±&68±,6$3LWHúWL±:HVW


3HWURP $UDG ± :HVW 3HWURP $UDG ± 'LQDPR %XFXUHúWL
± $VHVRIW 3ORLHúWL $VHVRIW 3ORLHúWL ± $VHVRIW 3ORLHúWL
±$VHVRIW3ORLHúWL
ÌQ FHHD FH SULYHúWH EDVFKHWXO IHPLQLQ DFHDVW SHULRDG GXS XQ
vQFHSXW PDL JUHRL SULYLQG FRQVWLWXLUHD XQXL QXP U FUHVFXW GH HFKLSH
FXQRDúWH R DFWLYLWDWH FRPSHWL LRQDO DVFHQGHQW FDUH vQ VH
PDWHULDOL]HD] SULQRUJDQL]DUHDSULPXOXL&DPSLRQDWQD LRQDOIHPLQLQGH
EDVFKHWHGL LHSHFDUHRFkúWLJ HFKLSD&68%XFXUHúWL2UJDQL]DWVXE
GLIHULWH IRUPXOH GH GLVSXWDUH FDPSLRQDWXO QD LRQDO IHPLQLQ GHYHQLW
XOWHULRU 'LYL]LD QD LRQDO Ä$´ HVWH FkúWLJDW GXS FXP XUPHD]
±/RFRPRWLYD077&%XFXUHúWL±ùWLLQ D&OXM±
ùWLLQ D ,&) %XFXUHúWL ± (QHUJLD %XFXUHúWL ±
&RQVWUXFWRUXO%XFXUHúWL±5DSLG%XFXUHúWL
± ùWLLQ D %XFXUHúWL ± 5DSLG %XFXUHúWL ±
3ROLWHKQLFD %XFXUHúWL ± 5DSLG %XFXUHúWL ± 3ROLWHKQLFD
%XFXUHúWL ± 5DSLG %XFXUHúWL ± 3ROLWHKQLFD
%XFXUHúWL ± ,()6 %XFXUHúWL ± 5DSLG
%XFXUHúWL ± &ULúXO 2UDGHD ± 3ROLWHKQLFD &66 1U
%XFXUHúWL8QLYHUVLWDWHD&OXM±9RLQ D%XFXUHúWL
± 8QLYHUVLWDWHD &OXM
1DSRFD ± %DVFKHW &OXE $UDG ± 2 HOXO 7kUJRYLúWH
± $&52 %XFXUHúWL ± %DVFKHW &OXE
$UDG%&,&,0$UDG±/,9$67kUJRYLúWH±/,9$6
7kUJRYLúWH±/,9$67kUJRYLúWH±/,9$67kUJRYLúWH±
%&,&,0$5$'
3HSODQLQWHUQD LRQDOEDVFKHWXOURPkQHVFDFXQRVFXWRSHULRDG
GH DILUPDUH HFKLSHOH UHSUH]HQWDWLYH DOH ULL QRDVWUH RFXSkQG ORFXUL
RQRUDQWHvQWXUQHHOHILQDOHDOH&DPSLRQDWHORUHXURSHQHDWkWODVHQLRUL
FkWúLODVHQLRDUHSkQ vQMXUXODQXOXL8UP WRDUHDSHULRDG YDIL
XQD GH GHFOLQ YDORULF DQL EXQL HFKLSHOH UHSUH]HQWDWLYH QHPDLUHXúLQG
FDOLILF ULvQWXUQHHOHILQDOHDOHFDPSLRQDWHORUHXURSHQH
ÌQ FRQWLQXDUH YRP PHQ LRQD ORFXULOH PHULWRULL RE LQXWH GH
5RPkQLDODFDPSLRQDWHOHHXURSHQH
(&+,3$0$6&8/,1 %XGDSHVWD±ORFXO6RILD
± ORFXO ,VWDPEXO±ORFXO%HOJUDG±ORFXO
+HOVLQNL±ORFXO(VVHQ±ORFXO
(&+,3$ )(0,1,1 %XGDSHVWD ± ORFXO 6RILD
ORFXO0XOKXVH±ORFXO%XGDSHVWD±ORFXO
&OXM±ORFXO5RWHUGDP±ORFXO9DUQD±ORFXO


&DJOLDUL±ORFXO/RG]±ORFXO%DQMD/XND±
ORFXO
3DUWLFLSDUHDODFRPSHWL LLOHHXURSHQHSHQWUXHFKLSHOHGHFOXEXUL
DXUPDWDFHHDúLWUDLHFWRULHSHULRDGDILLQGXQDGHDILUPDUH
HFKLSHOHQRDVWUH'LQDPRúL6WHDXDGDUPDLDOHVFHOHIHPLQLQH,()6
3ROLWHKQLFD úL 5DSLG GLQ %XFXUHúWL VDX 8QLYHUVLWDWHD &OXM DYkQG
FRPSRUW UL PHULWRULL FDOLILFkQGXVH FKLDU úL vQ VHPLILQDOHOH &XSHL
&DPSLRQLORU(XURSHQLVDXDOH&XSHL&XSHORU
2ELHFWXOúLSUREOHPHOHWHRULHLúLPHWRGLFLLEDVFKHWXOXL
%$6&+(78/ ± MRF VSRUWLY GH HFKLS DS UXW FD XUPDUH D XQRU
FHULQ HVRFLDOHRELHFWLYHILLQGXWLOL]DWvQVFRSXULHGXFDWLYHGHHPXOD LH
IRUPDWLYH UHFUHDWLYH úL XOWHULRU FRPSHWLWLYH )RUPHOH GH SUDFWLFDUH D
MRFXOXLVXQW
VSRUWGHSHUIRUPDQ ±FDUHDUHXQFDUDFWHUVXSHULRURUJDQL]DW
GHWHUPLQDWSULQ
¾FDGUX RUJDQL]DWRULFRVSRUWLY LQVWLWX LRQDOL]DW SH SODQ
QD LRQDOúLLQWHUQD LRQDO
¾VWDWXW úL UHJXODPHQW GH MRF HODERUDWH GH )HGHUD LD
,QWHUQD LRQDO GH %DVFKHW ),%$ úL DGRSWDWH GH )HGHUD LD 5RPkQ GH
%DVFKHW)5%
¾HVWH vQFDGUDW vQWUXQ VLVWHP FRPSHWL LRQDO QD LRQDO úL
LQWHUQD LRQDO
¾HVWH SUDFWLFDW vQ VHF LLOH DVRFLD LLORU úL FOXEXULORU VSRUWLYH
GLIHUHQ LDWH SH FDWHJRULL GH SUHJ WLUH MXQLRUL ± WLQHUHW ± VHQLRUL
IHPLQLQ ± PDVFXOLQ VDX vQ FOXEXUL VSRUWLYH úFRODUH úFROL JHQHUDOH úL
OLFHH FX FODVH FX SURJUDP VSHFLDO GH EDVFKHW PLQLEDVFKHW FRSLL
FDGH LúLGLYL]LHúFRODU
¾IDYRUL]HD] DILUPDUHDWDOHQWHORUFDXUPDUHDH[LVWHQ HLXQXL
FRQ LQXWúLIRUPHGHSUHJ WLUHXQLWDU±QD LRQDOHGDUúLDXQXLVLVWHP
GHFULWHULLSUREHúLQRUPHGHFRQWUROSHQWUXVHOHF LDMXQLRULORU
PLMORF DO HGXFD LHL IL]LFH ± SUDFWLFDW vQ vQY PkQWXO GH WRDWH
JUDGHOH VLVWHPDWL]DUHD OXL ILLQG FXSULQV vQ FRQ LQXWXO SURJUDPHORU
DQDOLWLFH GH HGXFD LH IL]LF vQGHSOLQLQG FHULQ HOH LQVWUXLULL FX SULYLUH OD
vPEXQ W LUHD LQGLFLORU GH SUHJ WLUH IL]LF JHQHUDO D HOHYLORU úL
VWXGHQ LORU
DFWLYLWDWH GH ³ORLVLU´ GH SHWUHFHUH D WLPSXOXL OLEHU SULQ
SUDFWLFDUHDMRFXOXLGHEDVFKHWFDPLMORFGHRGLKQ úLUHFUHHUHDFWLY úL
VSRUWLY


VSRUW FRPSOHPHQWDU FRQVHFLQ D YDORULL OXL HGXFDWLYH
PXOWLODWHUDOHSUDFWLFDWFDPLMORFGHSUHJ WLUHIL]LF JHQHUDO GDUúLFD
H[HUFL LXGHvQF O]LUHJHQHUDO DRUJDQLVPXOXL
%$6&+(78/ ± FD GRPHQLX SDUWLFXODU GH FXQRDúWHUH DUH R
WHRULHúLRSUDFWLF SURSULH
7(25,$ -2&8/8, '( %$6&+(7 FRQVWLWXLH XQ DQVDPEOX GH
FXQRúWLQ HRUGRQDWHVLVWHPDWLFFRQIRUPSULQFLSLLORUELRPHFDQLFLLúLD
OHJ WXULORUSVLKRIL]LRORJLFHDOHIRUP ULLúLSHUIHF LRQ ULLFDOLW LORUúL
GHSULQGHULORU PRWULFH OD FDUH VH DGDXJ FXQRúWLQ HOH GH VSHFLDOLWDWH
RUGRQDWHVLVWHPDWLFGXS QHFHVLW LGHRUGLQSUDFWLFGHGHVFULHUHGH
DSOLFD LHGHIRORVLUHWDFWLF vQMRF
7HRULDMRFXOXLGHEDVFKHWDSUHFLD] úLVWDELOHúWHFRQ LQXWXOUHDODO
MRFXOXLFRPSHWL LRQDOOXFUXQHFHVDUSHQWUXIXQGDPHQWDUHDúWLLQ LILF úL
PHWRGLF D ED]HORU DQWUHQDPHQWXOXL VSRUWLY (D IRUPXOHD] úL HOD
ERUHD] FRQFHS LDGHMRFFDUHYDILDSOLFDW GHF WUHRHFKLS vQIXQF LH
GH SRWHQ LDOXO WHKQLFRWDFWLF DO ORWXOXL SURSULX GH MXF WRUL GkQG
WRWRGDW LQGLFD LLFXSULYLUHODDSOLFDUHDHLFUHDWRDUH7HRULDMRFXOXLGH
EDVFKHWDQDOL]HD] ED]HOHWHRUHWLFHDOHWHKQLFLLúLWDFWLFLLúLOHJ WXUDORU
FXSUHJ WLUHDIL]LF
ÌQDIDUDFHORUHQXQ DWHPDLVXVWHRULDMRFXOXLGHEDVFKHWVWXGLD]
úL OHJ WXUD LQWHUGLVFLSOLQDU FX XQHOH úWLLQ H IL]LRORJLD SHGDJRJLD
SVLKRORJLDELRPHFDQLFDHWFSUHFXPúLFXDOWHUDPXULVSRUWLYH
2%,(&78/',6&,3/,1(,%$6&+(7DWkWFDPLMORFDOHGXFD LHL
IL]LFHFkWúLFDVSRUWHVWHUHSUH]HQWDWSULQ
¾VWXGLXO FRQ LQXWXOXL MRFXOXLWHKQLFDúLWDFWLFDFDUDFWHULVWLFLOH
ORUGHVFULHUHDH[HUFL LXOXLFXLPSOLFD LLOHGHRUGLQELRPHFDQLFHWF
¾VWXGLHUHDDSDUL LHLúLDHYROX LHLMRFXOXL
¾VWXGLHUHD úL LQWHUSUHWDUHD UHJXODPHQWXOXL úL D PHWRGLFLL
DUELWUDMXOXL
¾VWXGLHUHD PHWRGLFLL GH vQY DUH úL DQWUHQDPHQW FX UHIHULUL OD
IDFWRULLDQWUHQDPHQWXOXLúLODGLIHULWHQLYHOXULGHSUHJ WLUH
¾VWXGLXOPHWRGHORUúLF LORUSULQFDUHVHUHDOL]HD] FDSDFLWDWHD
GHSHUIRUPDQ DMXF WRULORU
¾VWXGLXO FRQGL LLORU PDWHULDOH úL RUJDQL]DWRULFH DIHUHQWH úL
QHFHVDUHSUDFWLF ULLMRFXOXLúLRUJDQL] ULLFRPSHWL LLORU
¾VWXGLHUHD OHJ WXULORU FX úWLLQ HOH VSHFLDOL]DWH úL FX FHOHODOWH
GLVFLSOLQHVSRUWLYHELRPHFDQLFDIL]LRORJLDDWOHWLVPXOJLPQDVWLFDHWF
FDUHFRQIHU PLMORDFHFRPSOHPHQWDUHvQYHGHUHDUHDOL] ULLSHUIHF LRQ ULL
GLIHULWHORUFDOLW LúLGHSULQGHULPRWULFH


0(72',&$ %$6&+(78/8, ± 3DUWH LQWHJUDQW D WHRULHL EDV
FKHWXOXLPHWRGLFDH[SULP úLYDORULILF IXQF LDDSOLFDWLY DDFHVWHLDHD
UHSUH]HQWkQGDúD]LVDGLGDFWLF VSHFLDO (DFXSULQGHSULQFLSLLPHWRGH
SURFHGXULPHWRGLFHúLPLMORDFHVSHFLILFHLQVWUXLULLúLDQWUHQDPHQWXOXLvQ
EDVFKHW $FHVWHD VXQW SUHOXDWH H[SOLFDWH úL JHQHUDOL]DWH GLQ SUDFWLFD
vQDLQWDW D DQWUHQRULORU úL SURIHVRULORU GH HGXFD LH IL]LF úL GLQ UH]XO
WDWHOHFHUFHW ULLúWLLQ LILFRPHWRGLFHSURSULL
0HWRGLFDEDVFKHWXOXLHVWHRSDUWHFRQVWLWXWLY úLLQGLVSHQVDELO D
SUHJ WLULL DQWUHQRULORU úL SURIHVRULORU (D FRQVW GLQ FXQRúWLQ HOH
SULFHSHULOH úL GHSULQGHULOH QHFHVDUH WHKQRORJLHL LQVWUXLULL DQWUHQ ULL
úLHGXF ULLMXF WRULORUúLHFKLSHORUDFWLYLWDWHGHQXPLW úLDQWUHQRUDW
$QWUHQRUDWXOUHSUH]LQW IXQF LDSUDFWLF DPHWRGLFLLFRQFUHWL]DW
vQFRQGXFHUHDSURFHVXOXLLQVWUXWLYHGXFDWLY
0HWRGLFD EDVFKHWXOXL QX VH OLPLWHD] QXPDL OD SURFHVXO GH
LQVWUXLUHFLVHH[WLQGHODvQWUHDJDSUDFWLF DGRPHQLXOXLSUHGRPLQDQW
FDDPSORDUHúLSURIXQ]LPHGHVSHFLDOLWDWHU PkQkQGvQV DQWUHQRUDWXO
35$&7,&$ %$6&+(78/8, 'H OD XQ MRF VSRUWLY vQFDGUDW vQ
SUDFWLFD VRFLDO EDVFKHWXO VD GH]YROWDW DMXQJkQG V JHQHUH]H XQ
GRPHQLXGHDFWLYLWDWHVRFLDO 3UDFWLFDMRFXOXLGHEDVFKHWVDGH]YROWDW
úLSHUIHF LRQDWJHQHUkQGvQPRGQHFHVDU
¾ DFWLYLW L úL P VXUL RUJDQL]DWRULFH GH H[HPSOX HFKLSH FOXEXUL
FRPSHWL LLHWF
¾ DOWHDFWLYLW LVSHFLDOHúLVSHFLDOLúWLFRUHVSXQ] WRULSULQFDUHV
VHDVLJXUHSHUIHF LRQDUHDFRQWLQX DSUDFWLFLLEDVFKHWXOXLFXPVXQWGH
H[HPSOX DQWUHQDPHQWXO úL UHVSHFWLY DQWUHQRULL DUELWUDMXO ± DUELWULL
FRQVWUXFWRULLGHWHUHQXULúLGHLQVWDOD LLVSHFLILFHHWF
&RQVHFLQ DDFHVWXLIDSWvQWUHSUDFWLF úLWHRULHVDVWDWRUQLFLWR
VWUkQV LQWHUGHSHQGHQ RSHUPDQHQW FRQGL LRQDUHUHFLSURF $FHDVW
FRQGL LRQDUH GHWHUPLQ PXWD LL SR]LWLYH GH RUGLQ FLFOLF $VWIHO WHRULD
MRFXOXLGHEDVFKHWUHSUH]HQWkQGJHQHUDOL]DUHDDFWLYLW LLSUDFWLFHODXQ
PRPHQWGDWGHWHUPLQ RvPERJ LUHDFRQ LQXWXOXLPHWRGLFLLFDUHOD
UkQGXOHLLQIOXHQ HD] vQPRGIDYRUDELOSDWULPRQLXODFWLYLW LLSUDFWLFH
YLLWRDUH
'HFLSULQFLSDOXO ,=925DOWHRULHLúLPHWRGLFLLMRFXOXLGHEDVFKHW
D IRVW SUDFWLFD FHHD FH D FRQWULEXLW FRQWLQXX úL FRQVWLWXLH R VXUV
SULPRUGLDO SHQWUX JHQHUDOL] UL WHRUHWLFRPHWRGLFH 3UDFWLFD vúL DGXFH
FRQWULEX LD OD DSDUL LD HODERUDUHD úL H[HFXWDUHD XQRU QRL SURFHGHH
WHKQLFHODVXFFHVLXQHDXQRUH[HUFL LLGHvQY DUHHWF


8Q DOW L]YRU LPSRUWDQW DO WHRULHL úL PHWRGLFLL MRFXOXL GH EDVFKHW
HVWH UHSUH]HQWDW GH PRúWHQLUHD H[SHULHQ HL SR]LWLYH D JHQHUD LLORU GH
VSHFLDOLúWL VWU LQL úL URPkQL H[SHULHQ FRQVHPQDW vQ OXFU ULOH GH
VSHFLDOLWDWH GH XQGH HVWH SUHOXDW úL YDORULILFDW vQ DFWXDOHOH FRQGL LL
PDWHULDOH úL RUJDQL]DWRULFH *HQHUDOL]DUHD H[SHULHQ HL SR]LWLYH FRQ
WHPSRUDQHúLDGDSW ULOHFHUXWHGHVWDGLXOGH]YROW ULLMRFXOXLGHEDVFKHW
SUDFWLFDWDWkWSHSODQLQWHUQD LRQDOFkWúLvQ DUDQRDVWU FRQVWLWXLHRDOW
FDOHGHvPEXQ W LUHDSDWULPRQLXOXLWHRUHWLFúLPHWRGLF
&DL]YRUDOWHRULHLúLPHWRGLFLLMRFXOXLGHEDVFKHWSRDWHILFRQVL
GHUDW úL FHUFHWDUHD úWLLQ LILF (D DERUGHD] GRPHQLL IRDUWH YDULDWH
SUHFXPGLQDPLFDFDOLW LORUPRWULFHúLSVLKRPRWULFHFRUHODWHFXFDSD
FLWDWHDGHvQY DUHPRWULF úLFHDGHDGDSWDUHDRUJDQLVPXOXLODHIRUWXO
VSHFLILF FRQFHSWXO GH SUHJ WLUH SDUWLFXODUL]DW SH VH[H YkUVW úL QLYHO
GH SUHJ WLUH GLQDPLFD VSHFLILF D SURFHVXOXL GH SUHJ WLUH D FRSLLORU
MXQLRULORU úL VHQLRULORU SUREOHPHOH UHIDFHULL UDSLGH GXS HIRUW OXSWD
vPSRWULYD X]XULL IL]LFH úL SVLKLFH VFXUWDUHD WLPSXOXL GH UHIDFHUH SULQ
GLIHULWHPLMORDFHWHUDSLHR[LJHQDUHDOLPHQWD LHDOFDOLQ E LPDVDMH
PHFDQLFHúLPDQXDOHDQWUHQDPHQWODDOWLWXGLQHHWF
ÌQ FRQFOX]LH MRFXO GH EDVFKHW DUH R 7(25,( úL R 0(72',&
SURSULHVSHFLILF UH]XOWDWHGLQJHQHUDOL]DUHD (;3(5,(1 (,35$&7,&(
úL FDUH úLDX FRQVROLGDW %$=$ ù7,,1 ,),& SULQ LQWHJUDUHD GDWHORU
XQRUFHUFHW ULúWLLQ LILFH
&DUDFWHULVWLFLOHJHQHUDOHDOHMRFXOXL
$VSHFWHGHRUGLQJHQHUDO
'HDOXQJXODQLORUúLFXGHRVHELUHvQXOWLPLLGHDQLMRFXOGH
EDVFKHW D VXSRUWDW SURIXQGH PXWD LL IDSW PDUFDW SULQ HYROX LD
GLQDPLFLL MRFXULORU GLVSXWDWH vQ FDGUXO WXUQHHORU ILQDOH DOH GLIHULWHORU
FRPSHWL LLRUJDQL]DWHSHSODQHXURSHDQVDXPRQGLDOLQFOX]kQGDLFLúL
-RFXULOH2OLPSLFH
6HOHF LDULJXURDV DMXF WRULORUvQYHGHUHDIRUP ULLHFKLSHORUGH
SHUIRUPDQ SUHJ WLUHD ORU PXOW PDL ULJXURDV úL ED]DW SH DSRUWXO
úWLLQ HORUDúD]LVHÄGHJUDQL ´DOHDQWUHQDPHQWXOXLVSRUWLYIL]LRORJLD
ELRFKLPLD SVLKRSHGDJRJLD HWF R VHULH GH PRGLILF UL RSHUDWH GH
)HGHUD LD ,QWHUQD LRQDO GH %DVFKHW ),%$ vQ UHJXODPHQWXO MRFXOXL
SUHFXPúLvPEXQ W LULOHDGXVHvQJHQHUDOGHVSHFLDOLúWLLGRPHQLXOXL
PHWRGRORJLHLDQWUHQDPHQWXOXLVSRUWLYDXWUDQVIRUPDWSURIXQGDVSHFWXO
MRFXOXLFRPSHWL LRQDOGHPDUHSHUIRUPDQ


$FHVWHWUDQVIRUP ULVXQWPDWHULDOL]DWHDVW ]LGUHSWSURGXVDOXQHL
HYROX LLGLDOHFWLFHDUDSRUWXOXLGLQWUHWHKQLF WDFWLF úLUHJXOLOHMRFXOXL
IDSWFDUHQHGHWHUPLQ V DILUP PF XQHOHIRUPHGHMRFIRORVLWHDOW
GDW vQEDVFKHWQXúLPDLSRWJ VLSUH]HQ DDVW ]L

&DUDFWHULVWLFLOHJHQHUDOHDOHMRFXOXL
%$6&+(78/ HVWH MRFXO VSRUWLY FH SRDWH IL SUDFWLFDW GH FRSLL úL
WLQHULGHDPEHOHVH[HRDPHQLFXRYkUVW FHYDPDLvQDLQWDW DWkWvQ
VFRSFRPSHWL LRQDOFkWúLFDDFWLYLWDWHIL]LF UHFUHDWLY GHvQWUH LQHUH
VDXOXGLF
(VWHMRFXOVSRUWLYFHGLVSXQHGHXQDGLQWUHFHOHPDLERJDWHJDPH
GHSURFHGHHWHKQLFHGHDF LXQLWDFWLFHGHODFHOHPDLVLPSOHSkQ ODFHOH
PDLFRPSOH[H$FHVWIDSWVROLFLW SUDFWLFDQ LORURSUHJ WLUHFRQWLQX úL
SHUVHYHUHQW LDU SURIHVRULORU HúDORQDUHD WUHSWDW vQ SUHGDUH D VXFFH
VLXQLLGHvQY DUHúLSHUIHF LRQDUHD7(+1,&,,úL7$&7,&,,DFHVWXLMRF
OXFUXFDUHFRQWULEXLHODFRQIHULUHDXQHLQRWHVSRULWHGHVSHFWDFXOR]LWDWH
0XOWLWXGLQHD úL YDULHWDWH FX FDUH VH VXFFHG ID]HOH GH MRF
DOWHUQDUHDUDSLG DVLWXD LLORURIHQVLYHFXFHOHGHDS UDUHSRVLELOLW LOH
SH FDUH OH RIHU MXF WRULORU GH DúL HWDOD IDQWH]LD úL FDSDFLWDWHD ORU
LQYHQWLY GLIHULWHOHUH]ROY ULWDFWLFHDOHID]HORUGHMRFDUXQF ULOHODFRú
DFUREDWLFHVDXVXEWLOLWDWHDXQRUSDVHH[HFXWDWHFXPDUHILQH HSDVLXQHD
vQWUHFHULLWRDWHRIHU DWkWMXF WRULORUGDUvQVSHFLDOSXEOLFXOXLVSHFWDWRU
PRPHQWHGHRGHRVHELW VSHFWDFXOR]LWDWH
'LPHQVLXQLOHUHODWLYUHGXVHDOHWHUHQXOXLGHMRFSUHFXPúLQXP UXO
PLFGHMXF WRULFHVHvQWUHFSHWHUHQPDLUHFHQWOHJLIHUDUHDMRFXOXLGH
FRQWUDVXEIRUPDÄVWUHHWEDVNHWXOXL´GHWHUPLQ GHSODV ULDOHDFHVWRUD
úLRFLUFXOD LHDPLQJLLIRDUWHUDSLGHMXF WRULLSDUWLFLSkQGSHUPDQHQWúL
vQHJDO P VXU DWkWODGHVI úXUDUHDDWDFXOXLFkWúLDDS U ULL
ÌQVXúL UHJXODPHQWXO GH MRF SULQ UHJXOLOH GH úL GH
VHFXQGH GHWHUPLQ XQ GLQDPLVP DO GHVI úXU ULL ID]HORU GH MRF GLQ
SULPXOúLSkQ vQXOWLPXOPLQXWDOXQHLSDUWLGH
9DULHWDWHDSURFHGHHORUWHKQLFHDF URUFRQFUHWL]DUHVHPDQLIHVW vQ
GHVI úXUDUHD DF LXQLORU WHKQLFRWDFWLFH RIHU PDUL SRVLELOLW L GH VWXGLX
SUDFWLFRWHRUHWLF GH O UJLUH D EDJDMXOXL GH FXQRúWLQ H úL GH VWLPXODUH D
LQL LDWLYHLFUHDWRDUHDWkWSHQWUXMXF WRULFkWúLSHQWUXDQWUHQRUL&DDWDUH
SUHJ WLUHD WHRUHWLF GHYLQH R QHFHVLWDWH D SURFHVXOXL GH LQVWUXLUH úL
DQWUHQDPHQW
3URFHVXO GH SUHJ WLUH úL GH SUDFWLFDUH RUJDQL]DW D MRFXOXL GH
EDVFKHW LQIOXHQ HD] SR]LWLY GH]YROWDUHD PXOWLODWHUDO D SRSXOD LHL


úFRODUH FRQWULEXLQG SH OkQJ FDUDFWHUXO HL VDQRWURILF GH vQW ULUH D
V Q W LLúLODGH]YROWDUHDXQRUFDOLW LPRUDOHúLGHYRLQ -RFXOGH
EDVFKHWUHSUH]LQW XQPLMORFH[FHOHQWDOHGXFD LHLIL]LFHúLLPSOLFLWDO
HGXFD LHL vQWUXQ VSLULW GHPRFUDWLF DO FHORU FHO SUDFWLF HGXFDUH FH
WUHEXLH V VH UHDOL]H]H SHUPDQHQW vQ DFWLYLWDWHD GH HGXFD LH IL]LF úL
VSRUWLY DWkW vQ OHF LLOH GH FODV vQ DQWUHQDPHQWH FkW úL SULQ MRF
9DORDUHDPDUHHGXFDWLY DMRFXOXLVHGDWRUHD] úLUHJXODPHQWXOXLV X
FDUHOREOLJ SHMXF WRUODRFRPSRUWDUHGHPQ ODVSRUWLYLWDWHODÄIDLU
SOD\´FUHkQGXLGHSULQGHULPRUDOHGHPDUHYDORDUH
&DUDFWHULVWLFLúLWHQGLQ HDOHMRFXOXLDFWXDO
5HIHULQGXQHOD %$6&+(78/,17(51$ ,21$/HOILLQGHWDORQXO
HYLGHQ LHULL FDUDFWHULVWLFLORU FH WUHEXLH FXQRVFXWH GH VSHFLDOLúWLL SUDFWL
FDQ LGLQWRDWHHúDORDQHOHDFHVWHLGLVFLSOLQHYRPSUHFL]DSHVFXUWGUHSW
SULQFLSDOH&$5$&7(5,67,&,DOHMRFXOXLDFWXDOXUP WRDUHOH
¾ /XSWD SHQWUX LPSULPDUHD ULWPXOXL úL D WHPSRXOXL GH MRF
YDULD LLGHULWPvQIXQF LHGHHYROX LDVFRUXOXL
¾ &UHúWHUHD LPSRUWDQ HL úL IRORVLUHD WRW PDL IUHFYHQW D MRFXOXL
DHULDQ vQ OXSWD SHQWUX UHFXSHUDUHD PLQJLL GHWHUPLQDWH GH FUHúWHUHD
JDEDULWXOXLVWDWXULLúLDGHWHQWHLMXF WRULORU
¾ $SDUL LDÄFXSOXULORU´VWDELOHGHúLMXF WRUL
¾ 6LPSOLILFDUHDFRQVWUXLULLDWDFXOXLFROHFWLYGHWHUPLQDW GH
¾ ILQDOL]DUHDDF LXQLORUGHOXSW GLUHFW FXDGYHUVDUXOUHOD LDGH
FRQWUDúLGXEODUHDDWDFDQWXOXL
¾ DFFHOHUDUHD YLWH]HL GH H[HFX LH vQ ID]D ILQDO D DF LXQLL GH
ILQDOL]DUH
¾ FUHúWHUHDSRQGHULLFRQWUDDWDFXOXLúLDDWDFXOXLUDSLG
¾ JHQHUDOL]DUHDDUXQF ULLODFRúGLQV ULWXU úLDIUHFYHQ HLILQDOL
] ULORUGHSXQFWH
¾ &UHúWHUHD HILFLHQ HL DS U ULL SULQ FRPELQDUHD VLVWHPHORU GH DS
UDUH SULQ DJUHVLYLWDWH SHUPDQHQW JHQHUDOL]DUHD SUHVVLQJXOXL WHPSRUDU
FUHúWHUHDSRQGHULLLQWHUFHS LHLúLDvQFKLGHULLS WUXQGHULORUWDFWLFLVSHFLDOH
vPSRWULYDVXSHUMXF WRULORUVDXDOLGHULORUHFKLSHLDGYHUVH
ÌQ UHOD LD DWDFDQWDS U WRU VH FDXW SHUPDQHQW D VH UHDOL]D R
VXSHULRULWDWHGHSODVDPHQWVDXQXPHULF
8UPDUH D XQXL SHUPDQHQW úL FRQWLQXX SURFHV GH VHOHF LH
LQVWUXLUH úL SUHJ WLUH GHVI úXUDW SH ED]H úWLLQ LILFH GLQ FH vQ FH PDL
ULJXURDVHDVLVW PDVW ]LODRFRQWLQX FUHúWHUHDQLYHOXOXLP LHVWULHL


DWkW LQGLYLGXDOH D MXF WRULORU FkW úL FROHFWLYH D HFKLSHORU vQ SUDFWLFD
MRFXOXL FRPSHWL LRQDO 'LQ DFHDVWD DP SXWXW GHVSULQGH XUP WRDUHOH
7(1',1 ( GH GH]YROWDUH SURSULL MRFXOXL GH EDVFKHW DFWXDO FH VH
PDQLIHVW DVW ]LPDLSUHJQDQWSHSODQLQWHUQD LRQDO
¾ &UHúWHUHDPHGLHLGHvQ O LPHDHFKLSHLSULQJHQHUDOL]DUHDFRP
SRQHQ HLIRUPD LHLGLQWHUHQODXQPLQLPGHMXF WRULGHSHVWHPHWUL
PODIHPHLDOHF URUFDOLW LELRPRWULFHGHvQGHPkQDUHPREL
OLWDWHúLYLWH] VXQWGH]YROWDWHODQLYHOXOMXF WRULORUGHVWDWXU PHGLH
¾ 6DUFLQLOHFRPSOH[HVROLFLWDWHGHMRFXODFWXDOVHYRUUHDOL]DFD
XUPDUH D vPELQ ULL DUPRQLRDVH D SDUWLFXODULW LORU GH RUGLQ WHKQLF
WDFWLFWHPSHUDPHQWDOúLSVLKLFDOHILHF UXLMXF WRUFDLQGLYLGFXFHOH
DOHSUHJ WLULLJHQHUDOHúLVSHFLILFH
¾ 'DWRULW SXWHUQLFLLGH]YROW ULDDF LXQLORUWHKQLFRWDFWLFHLQGL
YLGXDOHúLFROHFWLYHGHDWDFDS UDUHDSHQWUXDSXWHDFRQWUDFDUDRIHQ
VLYDDvPSUXPXWDWXQFDUDFWHUGLQFHvQFHPDLDFWLYúLDJUHVLY
¾ 3ULQ WDFWLFD FROHFWLY GH HFKLS VH YDORULILF OD FHO PDL vQDOW
QLYHOSRWHQ LDOXOLQGLYLGXDODOILHF UXLMXF WRU LQkQGFRQWGHLQWHUDF
LXQHDOXLFXFRHFKLSLHUXOFHOPDLDSURSLDWúLI U DLPSLHWDvQJHQHUDO
DVXSUDFDOLW LLúLFDUDFWHUXOXLGHMRFFROHFWLY
¾ 0RELOLWDWHDFDSDFLW LLGHDGDSWDUHDSUHJ WLULLILHF UHLHFKLSH
ID GH DFHVWH WHQGLQ H vQ UDSRUW FX SRVLELOLW LOH SURSULL U PkQH XQ
IDFWRU GH PDUH LPSRUWDQ vQ RULHQWDUHD SUHJ WLULL vQFHSkQG FKLDU FX
HWDSDLQL LHULLFRSLLORU
¾ 0DQLIHVWDUHDXQHLDWLWXGLQLGLQFHvQFHPDLFRQúWLHQWHID GH
SUHJ WLUHGXV GHPXOWHRULSkQ ODXQHOHVDFULILFLLSUHFXPúLDXQHL
LQXWH FRUHFWH vQ DIDUD DFHVWHLD ID GH FHULQ HOH LPSXVH GH MRFXO
FRPSHWL LRQDOODQLYHOXOFHOHLPDLvQDOWHSHUIRUPDQ H
2ULHQW ULDOHMRFXOXLSDUWLFXODUL]DWHODFRSLLúLMXQLRUL
3DUWLFXODUL]kQGDFHVWHFDUDFWHULVWLFLúLWHQGLQ HODQLYHOXOHFKLSHORU
GHFRSLLúLMXQLRULGLQ DUDQRDVWU ±HúDORQODFDUHVHUHIHU FXUVXOGH
ED] 25,(17 5,/( LPSOLFDWH vQ SURFHVXO GH SUHJ WLUH úL MRF SRW IL
H[SULPDWHDVWIHO
¾&RQWUDDWDFXO IRORVLW FD SULQFLSDO IRUP GH DWDF FX WUHFHUHD
PLQJLLSULQSDV GLUHFW ODMXF WRUXOÄYkUI´VDXFXGULEOLQJSHFXORDUXO
PHGLDQDOWHUHQXOXLFXILQDOL]DUHGHVXEFRúVDXGLQV ULWXU GHODOLQLD
GHDUXQF ULOLEHUH


¾$WDFXOUDSLGGHFODQúDWSULQUHSXQHULUDSLGHDOHPLQJLLvQMRF
GLQRULFHVLWXD LH
¾$WDFXOSR]L LRQDOFXMXF WRUFHQWUXVDXFHVHED]HD]
SHDF LXQLLQGLYLGXDOHSHFRPELQD LLGHÄG úLGXWH´úLSHÄvQFUXFLú UL´
¾3HUPDQHQWD SUHRFXSDUH SHQWUX UHFXSHUDUHD RIHQVLY úL
GHIHQVLY
¾$S UDUHRPODRPSHWRWWHUHQXOPDUFDMDJUHVLYúLGLIHUHQ LDW
¾&UHúWHUHD WHPSRXOXL GH MRF SULQ UHDOL]DUHD XQXL QXP U PDL
PDUHGHILQDOL] UL
¾6SRULUHDSUHRFXS ULORUSHQWUXILQDOL] ULOHGHSXQFWH
¾$PELGH[WULHvQH[HFX LDSDVHORUDGULEOLQJXOXLúLHYHQWXDOD
DUXQF ULORUGLQDSURSLHUHDFRúXOXL
¾*HQHUDOL]DUHDDUXQF ULORUODFRúGLQV ULWXU
¾6SRULUHD FDSDFLW LL MXF WRULORU GH D DF LRQD vQ UHOD LD DWDFDQW
DS U WRUvQIXQF LHGHSR]L LDDS U WRUXOXLGLVWDQ DID GHSDQRXHWF
¾$WUDJH DWHQ LD SUHJ WLUHD DWOHWLF D MXF WRULORU FX DFFHQW SH
DQVDPEOXO FDOLW LORU IRU YLWH] SH FDSDFLWDWHD FUHVFXW GH SDUWL
FLSDUHDMXF WRULORUvQGLIHULWHUHJLPXULGHVROLFLWDUHIL]LF úLvQFRUGDUH
QHUYRDV vQFRPSHWL LL&DUDFWHULVWLFHVWHIDSWXOF vQDVHPHQHDVLWXD
LL MXF WRULL DX VXILFLHQWH UHVXUVH GH PRELOL]DUH FDUH QX GLPLQXHD]
UDGLFDOHILFLHQ DORUUHDO


7(+1,&$-2&8/8,

$VSHFWHJHQHUDOHHOHPHQWHOHvQVXERUGLQHVLVWHPDWL]DUHD
HOHPHQWHORUúLSURFHGHHORUWHKQLFHDOHMRFXOXLGHEDVFKHW
$63(&7(*(1(5$/(
7HKQLFD MRFXOXL GH EDVFKHW UHSUH]LQW ÄDQVDPEOXO DF LXQLORU úL
VWUXFWXULORU PRWULFH VSHFLILFH FXQRVFXWH úL VXE GHQXPLUL SUHFXP DFWH
PRWULFHJHVWXULWHKQLFRVSRUWLYHGHSULQGHULWHKQLFHPLúF ULPRWULFHSH
FDUHOHH[HFXW XQMXF WRUvQWLPSXOSUDFWLF ULLMRFXOXLvQFRQFRUGDQ FX
UHJXOLOHDFHVWXLDSUHFXPúLVDUFLQLOHULGLFDWHGHSDUWLFLSDUHDHFKLSHLVDOH
vQ FRPSHWL LH´ / 7HRGRUHVFX 7HKQLFD SUHVXSXQH GHILQLUHD
UD LRQDO úLHFRQRPLF DXQXLDQXPLWWLSGHPLúF ULVSHFLILFHMRFXOXLGH
EDVFKHW HIHFWXDWH vQ YHGHUHD RE LQHULL XQXL UDQGDPHQW PD[LP vQ
FRQGL LLOHGLILFLOHDOHMRFXOXLFRPSHWL LRQDO
$FHVW DQVDPEOX GH PLúF UL VSHFLILFH JUXSHD] QR LXQLOH GH HOH
PHQWH WHKQLFH SURFHGHH WHKQLFH PDQLIHVWDUHD XQXL VWLO SHUVRQDO vQ
DQXPLWH H[HFX LL WHKQLFH WRDWH ULGLFDWH OD XQ QLYHO VXSHULRU GH
P LHVWULH WHKQLF úL VH UHIHU vQ HJDO P VXU OD PDQHYUDUHD
RELHFWXOXL GH MRF GDU úL OD GHSODV ULOH I FXWH GH MXF WRUL vQ YHGHUHD
DFHVWHLPDQHYU UL
ÌQSURFHVXOGHMRFFRPSHWL LRQDOWHKQLFDDUHRLPSRUWDQ GHR
VHELW (DQXWUHEXLHY ]XW FDXQIDFWRUL]RODWÌQWUHWHKQLF úLFHLODO L
IDFWRUL DL FRQ LQXWXOXL MRFXOXL IL]LF WDFWLF SVLKLF úL WHRUHWLF H[LVW R
LQWHUGHSHQGHQ úLFRQGL LRQDUHUHFLSURF PDQLIHVWkQGXVHILHFDUHvQ
UHJLPXO FHORUODO L IDFWRUL vQWUR SURSRU LH YDULDELO 7HKQLFD vúL DUH
GUHSW SULQFLSDO VXSRUW vQ PRGXO VXSHULRU GH PDQLIHVWDUH D FDOLW LORU
PRWULFH 1LYHOXO GH SUHJ WLUH WHKQLF D XQXL MXF WRU GHSLQGH vQ PDUH
P VXU GHQLYHOXOLQL LDOúLGHH[SHULHQ DPRWULF DDFHVWXLD2WHKQLF
FRUHVSXQ] WRDUHSHUPLWHPDQLIHVWDUHDDSWLWXGLQLORUMXF WRUXOXLDSURDSH
GHQLYHOXOPD[LPDOSRVLELOLW LORUOXL7HKQLFDHVWHDFHHDFDUHFRQGL
LRQHD] WDFWLFDvQV HVWHVXERUGRQDW DFHVWHLDÌQFRQVHFLQ WHKQLFD
úLWDFWLFDVHLQIOXHQ HD] UHFLSURFSHIRQGXOXQRUPDQLIHVW ULODQLYHO
RSWLPDOFDOLW LORUPRWULFH


(/(0(17(Ì168%25',1(
*HQHUDOL]kQG WUHEXLH DU WDW F ILHF UXL MRF VSRUWLYvLFRUHVSXQG
IRUPH JHQHUDOH GH PLúFDUH OD ED]D F URUD VWDX (/(0(17(/(
7(+1,&(DOHUHVSHFWLYXOXLMRF&RQGL LLOHGHMRFFDUHDSDUvQWLPSXO
GHVI úXU ULL OXL úL vQ FDUH VXQW DSOLFDWH HOHPHQWHOH WHKQLFH UHVSHFWLY
ID]HOH IXQGDPHQWDOH DOH MRFXOXL VSRUWLY $7$&8/ úL $3 5$5($ DX
FRQGXV OD IRUPDUHD úL SHUIHF LRQDUHD XQRU 352&('(( 7(+1,&(
FRQFUHWH RSHUD LRQDOH SHQWUX UH]ROYDUHD UHVSHFWLYHORU VDUFLQL DOH
MRFXOXLFRPSHWL LRQDO
(/(0(178/7(+1,&
5HSUH]LQW QR LXQHDGHJHQHUDOL]DUHDH[HFX LHLPDLPXOWRUSUR
FHGHHWHKQLFHFDWHJRULLJHQHUDOHGHPLúF ULFDUDFWHUL]DWHSULQQR LXQL
DEVWUDFWH FDUH VXQW vQV PDWHULDOL]DWH RELHFWLYL]DWH SULQ SURFHGHHOH
WHKQLFHFDPLMORDFHGHUHDOL]DUHúLPDQLIHVWDUHvQMRF
352&('(8/7(+1,&
5HSUH]LQW ÄR VWUXFWXU PRWULF FRQFUHW PRGHODW ´ VDX ÄXQ
PRGHOSDUWLFXODUGHRUJDQL]DUHúLDGDSWDUHvQMRFDHOHPHQWXOXLWHKQLF´
DYkQG XQ FDUDFWHU FRQFUHW GH H[HFX LH FX XQ PHFDQLVP FRPSOH[ GH
PLúF ULH[HFXWDWHFRQúWLHQWvQID]DGHvQVXúLUHHOWUHEXLHV UHSUH]LQWH
PRGHOXOFRUHFWGHH[HFX LHELRPHFDQLF VDXGHNLQRJUDP $SRLSULQ
H[HUVDUH VH VXSUDvQYD GHYHQLQG VWHUHRWLS DXWRPDWL]DW vQ MRFXO
FRPSHWL LRQDOSURFHGHXOWHKQLFILLQGDSOLFDWvQWURVXFFHVLXQHUD LRQDO
FX HILFLHQ PD[LP úL vQWUXQ VFRS SUHFLV 6SUH H[HPSOLILFDUH
SUH]HQW PVFKHPDGHPDLMRV
(/(0(177(+1,& 352&('(87(+1,&
3DVDFXGRX PkLQLGHODSLHSWGHSHORF
3DVDFXRPkQ GLQGUHSWXOXP UXOXLGLQDOHUJDUH
3DVDUHDPLQJLL
3DVDÄvQFkUOLJ´
HWF
&kQGvQVXúLUHDSURFHGHXOXLWHKQLFVHIDFHL]RODWvQDIDUDSURFHVXOXL
GH MRF DYHP GHD IDFH FX XQ SURFHGHX VLPSOX (O UHSUH]LQW XQ JHVW
PRWULFRPLúFDUHDF UXLH[HFX LHVHvQFDGUHD] vQFRQGL LLDSURDSH
LGHQWLFHSR]L LHLQL LDO H[HFX LDSURSULX]LV úLSR]L LDILQDO
$FHVWSURFHGHXWHKQLFVLPSOXFDUHvQMRFXOFRPSHWL LRQDODSDUH
QXPDLDWXQFLFkQGRSR]L LDDGYHUVDUXOXLHVWHFDúLLQH[LVWHQW SHQWUXD
SXWHDILIRORVLWvQFRQGL LLOHFRQFUHWHDOHMRFXOXLYDWUHEXLSHUIHF LRQDW


QXPDL vQO Q XLW FX DOWH SURFHGHH WHKQLFH úL vQ UDSRUW FX VLWXD LLOH SH
FDUH MXF WRUXO WUHEXLH V OH UH]ROYH vQ PRPHQWXO GDW ([HPSOLILFkQG
SXWHPDU WDF SURFHGHXOWHKQLFVLPSOXVHPDQLIHVW IRDUWHUDUvQMRFXO
GH EDVFKHW vQ H[HFX LD DUXQF ULORU OLEHUH OD UHSXQHUHD PLQJLL vQ MRF
GLQDIDUDWHUHQXOXL
ÌQSURFHVXOGHMRFH[HFX LDSURFHGHHORUWHKQLFHVLPSOHvúLSLHUG
FDUDFWHUXO LQYDULDELO GDWRULW VLWXD LLORU vQ FRQWLQX VFKLPEDUH DOH
FRQGL LLORUGHMRF$FHVWHVLWXD LLLPSXQYDULD LLGHULWPLQWHQVLWDWHúL
DPSOLWXGLQH SR]L LL LQL LDOH GH]HFKLOLEUDWH vQWUHUXSHUL VDX UHOX UL DOH
H[HFX LHL XQXL DQXPLW SURFHGHX VDX XQHL DQXPLWH VWUXFWXUL PRWULFH
VSHFLILFHvQFDUHVXQWOHJDWHPDLPXOWHSURFHGHHWHKQLFHVLPSOH$FHVW
OXFUX GHWHUPLQ DSDUL LD XQHL IRUPH FRPSOH[H GH VWUXFWXU PRWULFH
LPSOLFLWDXQXLSURFHGHXWHKQLFFRPSOH[
([HPSOLILFkQG XQ DVWIHO GH SURFHGHX HVWH UHSUH]HQWDW GH H[H
FX LD DUXQF ULL OD FRú GLQ GULEOLQJ OD FRPSOH[LWDWHD DFHVWHL VWUXFWXUL
PRWULFHDVRFLLQGXVHDOHUJDUHDSULQGHUHDPLQJLLH[HFX LDGULEOLQJXOXL
úLDDUXQF ULLSURSULX]LVHODFRú
&XFkWQXP UXOGHSURFHGHHWHKQLFHVLPSOHVDXFRPSOH[HvQVXúLWH
HVWHPDLPDUHFXDWkWMXF WRUXOYDUH]ROYDPDLXúRUPDLUHSHGHúLPDL
IDYRUDELO VLWXD LD UHVSHFWLY ÌQ DFHDVW VLWXD LH VH SRDWH YRUEL GH
VWUXFWXULGHSURFHGHHWHKQLFHVDXGHFRPSOH[HGHSURFHGHHWHKQLFH
([HFX LD DF LXQLORU WHKQLFRWDFWLFH LQGLYLGXDOH SUHFXP ÄGHS
úLUHD´ ÄXUP ULUHD úL UHFXSHUDUHD PLQJLL OD SDQRX´ VDX ÄPDUFDMXO´
UHSUH]LQW H[HPSOHGHVWUXFWXULGHSURFHGHHWHKQLFH
6XEOLQLHP IDSWXO F GHúL ILHFDUH SURFHGHX WHKQLF VLPSOX
FRPSOH[VDXVXEIRUPDXQHLVWUXFWXULvúLDUHRVWUXFWXU ELRPHFDQLF
SURSULH PDQLIHVWDUHD OXL vQ MRF FRPSRUW YDULDQWH VWUXFWXUDOH GH
H[HFX LH GH SH ORF GLQ DOHUJDUH GLQ V ULWXU VDX HVWH HIHFWXDW vQ
DQXPLWH UHJLPXUL GH VROLFLWDUH PRWULF vQ YLWH] vQ IRU DQGXUDQ
vQGHPkQDUH úL SVLKLF VW UL HPR LRQDOH SR]LWLYH VDX QHJDWLYH
vQFRUGDUHQHUYRDV VWUHVVÌQDFHVWVHQVQLVHSDUHLQWHUHVDQW VFKHPD
ODQVDW GH$'UDJQHD
ÌQVXúLUHDPHFDQLVPXOXLGHED] DOWHKQLFLLDUHXQPDUFDWFDUDFWHU
LQGLYLGXDO LPSULPDW GH SDUWLFXODULW LOH PRUIRORJLFH IXQF LRQDOH úL
SVLKLFH GLPHQVLXQLOH FRUSRUDOH ± DQWURSRPHWULFH FDOLW LOH PRWULFH
DWLWXGLQLOHúLWU V WXULOHGHSHUVRQDOLWDWHDOHMXF WRUXOXLDMXQVvQVWDGLXO
P LHVWULHL VSRUWLYH $XWRPDWL]DUHD SURFHGHHORU WHKQLFH FD GHSULQGHUL


PRWULFHVSHFLILFHODQLYHOXOMXF WRULORUGHvQDOW FODV VXIHU GHFHOHPDL
PXOWH RUL R QRW SHUVRQDO vQ GLIHULWHOH H[HFX LL QRW FXQRVFXW VXE
GHQXPLUHDGH67,/7(+1,&

0HFDQLVPXOGHED] DOSURFHGHXOXLWHKQLF'UDJQHD$

0 HVWULDWHKQLF UHSUH]LQW JUDGXOvQDOWDOFDSDFLW LLWHKQLFHSH
FDUHXQVSRUWLYvORE LQHFDUH]XOWDWDOSUHJ WLULLFROHFWLYHúLLQGLYLGXDOH
úL VH PDQLIHVW SULQ SULFHSHUHD VWDELOLWDWHD YLUWXR]LWDWHD SUHFL]LD úL
HILFLHQ DFXFDUHH[HFXW HOHPHQWHOHúLSURFHGHHOHWHKQLFHvQFRQGL LLOH
JUHOHGLQFRQFXUV


6,67(0$7,=$5($(/(0(17(/25ù,352&('((/257(+1,&(
$/(-2&8/8,'(%$6&+(7



-RFXOI U PLQJH
&D vQ WRDWH MRFXULOH VSRUWLYH FROHFWLYH úL vQ EDVFKHW RELHFWXO GH
MRF SRVHVLD DFHVWXLD UHVSHFWLY PLQJHD QX SRDWH IL PDQHYUDW GHFkW
QXPDLGHSRVHVRUXOOXLÌQFRQVHFLQ WR LFHLODO LMXF WRULvQMRFXOORU
I U PLQJH WUHEXLH V DGRSWH HOHPHQWHOH WHKQLFH FDUDFWHULVWLFH DFHVWXL
VSHFLILF &X WRDWH DFHVWHD WR L FHL FDUH VH RFXS GH SUREOHPHOH OHJDWH
DWkWGHLQVWUXLUHDFRSLLORUúLMXQLRULORUFkWúLGHP LHVWULDMXF WRULORUGH
SHUIRUPDQ UHVSHFWLY SURIHVRULLDQWUHQRUL VDX DQWUHQRULL QHJOLMHD]
DFHVWSULQFLSDOFRQ LQXWDOMRFXOXL

)LJXUD3R]L LDIXQGDPHQWDO DDS U WRUXOXLODDWDFDQWXOI U PLQJH

)LJXUD3R]L LDIXQGDPHQWDO DDS U WRUXOXLODDWDFDQWXOFXPLQJH


$3R]L LDIXQGDPHQWDO )LJXUDúL
'HVFULHUHDPRGHOXOXLGHH[HFX LH
3LFLRDUHOH FX JHQXQFKLL XúRU vQGRL L úL RULHQWD L VSUH LQWHULRU
VXQWGHS UWDWHvQODWHUDODSUR[LPDWLYODSURLHF LDO LPLLXPHULORU
*OH]QHOHvQGRLWHJUHXWDWHDFRUSXOXLUHSDUWL]DW HJDOSHvQWUHDJD
VXSUDID DW OSLORUDúH]DWHSDUDOHOSHVROúLFXRRULHQWDUHDYkUIXULORU
XúRUVSUHLQWHULRUXOSROLJRQXOXLGHVXV LQHUH
(FKLOLEUDUHD DQWHURSRVWHULRDU HVWH UHDOL]DW ± DWXQFL FkQG HVWH
FD]XOSULQvPSLQJHUHDVSUHvQDLQWHFXPD[LPXPMXP WDWHGHWDOS D
XQXLDGLQWUHSLFLRDUH
7UXQFKLXODUFXLWHVWHXúRUDSOHFDWVSUHvQDLQWHFRERUkUHDFHQWUXOXL
GHJUHXWDWHDOFRUSXOXLILLQGUHDOL]DW SULQIOH[LDDUWLFXOD LLORUJOH]QHORU
JHQXQFKLORUúLDúROGXULORU8PHULLUHOD[D LFXEUD HOHXúRUGHS UWDWHvQ
ODWHUDOSUHJ WLWHSHQWUXDDF LRQDvQWRDWHSODQXULOHúLVHQVXULOHvQYHGHUHD
SULQGHULLPLQJLLVDXPLúF ULLDGYHUVDUXOXL&DSXOúLE UELDVHPHQ LQvQ
VXVSULYLUHDF XWkQGV FXSULQG R]RQ FkWPDLPDUHGLQWHUHQ
*UHúHOLIUHFYHQWH
¾ 'HS UWDUHDH[DJHUDW DSLFLRDUHORUVDXDSURSLHUHDORUPRGLILF
QHIDYRUDELOED]DGHVXV LQHUHDFRUSXOXL
¾ $UWLFXOD LLOH JOH]QHORU úL DOH JHQXQFKLORU SUHD SX LQ vQGRLWH
GHWHUPLQ RSR]L LHFXFHQWUXOGHJUHXWDWHSUHDULGLFDWVDXRDSOHFDUH
H[DJHUDW DWUXQFKLXOXL
¾ *UHXWDWHDFRUSXOXLLQHJDOUHSDUWL]DW SHDPEHOHSLFLRDUH
¾ &ULVSDUHDPXVFXODWXULLDQWDJRQLFHGHWHUPLQ RDWLWXGLQHULJLG
úLPDLSX LQPRELO
,QGLFD LL PHWRGLFH ÌQ vQY DUH DFFHQWXO YD F GHD SH UHDOL]DUHD
XQHLED]HGHVXV LQHUHFRUHVSXQ] WRDUHSULQRELúQXLUHDUHSDUWL] ULLHJDOH
D JUHXW LL FRUSXOXL SH DPEHOH SLFLRDUH FDUH V DVLJXUH MXF WRUXOXL R
SHUPDQHQW VWDELOLWDWH,VHDIHFWHD] XQQXP UPDLPLFGHUHSHW ULvQ
FDGUXO PHWRGLFLL GH vQY DUH L]RODW FRQVROLGDUHD UHDOL]kQGXVH R GDW
FXFHOHODOWHHOHPHQWHWHKQLFHI U úLFXPLQJH
0HWRGLFDvQY ULLSR]L LHLIXQGDPHQWDOH
([HUFL LLGHSHORF
¾ J VLUHDSR]L LHLRSWLPH
¾ EDODQVYHUWLFDOODWHUDOúLDQWHURSRVWHULRU


¾ GH]HFKLOLEU ULSHSHUHFKLXQMXF WRUvQSR]L LHIXQGDPHQWDO
FHO ODOWvQFHDUF V OGH]HFKLOLEUH]H
¾ V ULWXUL FX DWHUL]DUH vQ SR]L LH IXQGDPHQWDO I U VFKLPEDUHD
SODQXOXLGHDWHUL]DUHFXVFKLPEDUHDSODQXOXLGHDWHUL]DUH
([HUFL LLGLQGHSODVDUH
¾ GLQDOHUJDUHODVHPQHúLVHPQDOHRSULUHvQSR]L LHIXQGDPHQWDO
¾ GLQDOHUJDUHODVHPQDOV ULWXU FXDWHUL]DUHvQSR]L LHIXQGD
PHQWDO SH GLUHF LD GH GHSODVDUH FX VFKLPEDUHD SODQXOXL ID GH
GLUHF LDGHGHSODVDUH
¾ SH SHUHFKL ID Q ID GHSODVDUH vQ SR]L LH IXQGDPHQWDO OD
VHPQDOVFKLPE GLUHF LDGHSODV ULL
¾ SH SHUHFKL PHQ LQkQG SR]L LD IXQGDPHQWDO ÄOHDSúD´ FX
DWLQJHUHDJHQXQFKLORU
6WUXFWXULGHSURFHGHHWHKQLFH
¾ GHSODV UL vQ SR]L LH IXQGDPHQWDO OD SDúL DG XJD L ODWHUDO
V ULWXU VDXJKHPXLUHFXV ULWXU úLFRQWLQXDUHDGHSODV ULLvQSR]L LH
IXQGDPHQWDO
¾ GHSODV UL vQ SR]L LH IXQGDPHQWDO FX SDúL DG XJD L vQDLQWH
vQDSRLODWHUDOREOLFvQDLQWHREOLFvQDSRLGLULMD LGHSURIHVRUFDUHHVWH
SODVDWvQID DFROHFWLYXOXL
¾ HOHYLL H[HFXW MRF GH SLFLRDUH úL OXFUX GH EUD H GLULMD L GH
SURIHVRUODVHPQDOHOHYLLH[HFXW RvQWRDUFHUHRSLUXHW GHIHQVLY úL
DSRLV ULWXU FXVLPXODUHDFXOHJHULLPLQJLL
¾ HOHYLL H[HFXW MRF GH SLFLRDUH úL OXFUX GH EUD H OD SULPXO
VHPQDO VSULQWHD] P OD XUP WRUXO VHPQDO H[HFXW DOHUJDUH FX
VSDWHOH
'(3/$6 5,/(
0DMRULWDWHD DF LXQLORU MXF WRULORU FX PLQJH úL I U PLQJH VH
HIHFWXHD] GLQGHSODVDUHÌQDFHVWHGHSODV ULVHXUP UHúWHFDSHOkQJ
FkúWLJDUHDXQHLYLWH]HGHGHSODVDUHMXF WRUXOV DLE SRVLELOLWDWHDGHD
H[HFXWD FX XúXULQ GLIHULWH SURFHGHH WHKQLFH QHFHVDUH UH]ROY ULL
VLWXD LLORU MRFXOXL VFKLPE UL GH GLUHF LH IUkQ UL OXFUX FX PLQJHD
IHQWHV ULWXULHWF3HQWUXDFHDVWDGHSODV ULOHWUHEXLHV FRUHVSXQG
UH]ROY ULLDFHVWRUVDUFLQLPDLPXOWV XúXUH]HH[HFX LDORU
ÌQMRFXOGHEDVFKHWVXQWIRORVLWHXUP WRDUHOHSURFHGHHGHGHSOD
VDUH $/(5*$5($ 1250$/ RELúQXLW DVHP Q WRDUH FHOHL GLQ
DWOHWLVPIRORVLW vQJHQHUDOSHQWUXGHSODVDUHDMXF WRULORUvQWHUHQVDX


FD DOHUJDUH GH YLWH] vQ VLWXD LLOH GH SOHFDUH SH FRQWUDDWDF VDX GH
XUP ULUHDMXF WRUXOXLFDUHFRQWUDDWDF
$OHUJDUHDvQDLQWHVHIDFHSULQS úLULVXFFHVLYHSLFLRDUHOHF OFkQG
VSUHvQDLQWHúLXúRUODWHUDOvQVFRSXOP ULULLED]HLGHVXV LQHUH&RQWDFWXO
FX VROXO VH LD ILH SH WRDW VXSUDID D W OSLORU FDUHúL S VWUHD] SDUDOH
OLVPXOvQWLPSXOGHSODV ULLILHSULQUXODMXOW OSLORUF OFkLWDOS YkUI
*HQXQFKLL SX LQ vQGRL L FHGHD] XúRU vPSUHXQ FX JOH]QHOH vQ
PRPHQWXO FRQWDFWXOXL FX VROXO úL vúL S VWUHD] WHQGLQ D GH RULHQWDUH
VSUH LQWHULRU 7UXQFKLXO HVWH SX LQ DSOHFDW VSUH vQDLQWH FX FHQWUXO GH
JUHXWDWH FRERUkW úL D F UXL SURLHF LH FDGH SX LQ vQDLQWHD ED]HL GH
VXV LQHUH %UD HOH SHQGXOHD] OD SRUQLUH vQ UHVWXO DOHUJ ULL ILLQG SUH
J WLWHSHQWUXDSULQGHPLQJHD
&DUDFWHULVWLFLGHH[HFX LH
¾-XF WRUXOVHGHSODVHD] DYkQGRF OF WXU XúRUGHS UWDW PHQ
LQkQGRED] GHVXV LQHUHO UJLW
¾&RQWDFWXO FX VROXO VH IDFH SH WRDW WDOSD VDX SULQ UXODUHD
ODEHORUSLFLRDUHORUYkUIXULOHILLQGXúRURULHQWDWHF WUHLQWHULRU
¾*DPEHOH QX VH vQGRDLH SUHD PXOW GLQ JHQXQFKL DOHUJDUHD
I FkQGXVHSULQS úLULSX LQDOXQHFDWH
*UHúHOLIUHFYHQWH
¾ÌQGHSODVDUHH[LVW WHQGLQ DGHDV ULSULQULGLFDUHDW OSLORUGH
SHVRO
¾6H PLFúRUHD] ED]D GH VXV LQHUH GDWRULW IDSWXOXL F QX VH
S úHúWHúLSX LQODWHUDOVDXFRQWDFWXOFXVROXOQXVHLDSHWRDW WDOSD
$/(5*$5($Ì1$32,FXVSDWHOH
'HVFULHUHDPRGHOXOXLGHH[HFX LHDWHKQLFLLGHH[HFX LH
-XF WRUXOVHGHSODVHD] VSUHvQDSRLDYkQGODEHOHSLFLRDUHORUXúRU
GHS UWDWH F OFkLHOH RULHQWDWH F WUH DIDU &RQWDFWXO FX VROXO VH IDFH
SULQ UXODUH YkUIWDOS F OFkL úL PXOW vQDSRL ID GH SURLHF LD FHQWUXOXL
GHJUHXWDWHSHVRO$FHDVWDSHQWUXDHYLWDF GHULOHSHVSDWH'HSODVDUHD
SLFLRDUHORUVHIDFHSULQDOXQHFDUH7UXQFKLXOHVWHXúRUDSOHFDWvQDLQWH
SHQWUXDPHQ LQHFHQWUXOGHJUHXWDWHvQDLQWH%UD HOHU PkQOkQJ FRUS
XúRUGHS UWDWHúLIOH[DWHGLQFRDWH
*UHúHOLIUHFYHQWH
¾6HDOHDUJ FXWUXQFKLXOO VDWSHVSDWHIDSWFDUHSURYRDF GH]
HFKLOLEUX
¾6HVDUHvQWLPSXODOHUJ ULL


8WLOL]DUHWDFWLF
3URFHGHXIRORVLWvQUHWUDJHUHDGLQ]RQDGHDWDFvQ]RQDGHDS UDUH
úLvQJHQHUDOvQDF LXQLOHGHDS UDUHIORWDUHDJORPHUDUH'HDVHPHQHD
vQ XUP ULUHD XQXL DGYHUVDU FDUH VH vQGUHDSW F WUH FRú úL VH DIO OD
GLVWDQ PDLPDUHGHFRú
3$68/ $' 8*$7 Ì1$,17( VDX Ì1$32, VSHFLILF DS U ULL FD
SURFHGHXGHPLúFDUHvQWHUHQSHUPLWHDS U WRUXOXLPHQ LQHUHDSR]L LHL
IXQGDPHQWDOHvQRULFHPRPHQWDOMRFXOXL
)DFHSDUWHGLQEDJDMXOWHKQLFFXQRVFXWVXEGHQXPLUHDGHÄMRFXO
GH SLFLRDUH DO DS U WRUXOXL´ UHSUH]HQWkQG XQ PLMORF GH UHDOL]DUH D
DF LXQLLWHKQLFRWDFWLFHLQGLYLGXDOH Ä0$5&$-8/´(OVHDVHDP Q FX
SDVXO ER[HXUXOXL úL SUH]LQW GUHSW FDUDFWHULVWLF IDSWXO F SLFLRUXO GLQ
XUP QX GHS úHúWH QLFLRGDW vQ GHSODVDUH SLFLRUXO GLQ ID 3DVXO
DG XJDW VH H[HFXW vQ GLUHF LLOH vQDLQWH vQDSRL REOLF vQDLQWH úL REOLF
vQDSRL

)LJXUD'HSODVDUHDFXSDVDG XJDWvQDLQWH

'LQSR]L LDIXQGDPHQWDO GHDS UDUHMXF WRUXOS VWUkQGFRQWDFWXO
FX VROXO SH WRDW WDOSD vQFHSH PLúFDUHD SULQ GHSODVDUHD VSUH vQDLQWH D
SLFLRUXOXL GLQ ID %UD XO ULGLFDW GHWHUPLQ R SR]L LH SX LQ REOLF D
WUXQFKLXOXL úL ODEHL SLFLRUXOXL GLQ VSDWH 3LFLRUXO GLQ XUP HVWH WUDV FX
UHSH]LFLXQHVSUHFHOGLQID I U vQV DILULGLFDWGHSHVRODS U WRUXO


UHYHQLQGGLQQRXvQSR]L LDGLQDLQWHGDUDYDQVkQGFXOXQJLPHDSDVXOXL
I FXW&HO ODOWEUD EDODQVHD] vQODWHUDO
0HFDQLVPXOHVWHDVHP Q WRUúLSHQWUXGHSODVDUHDVSUHvQDSRLFX
GHRVHELUHDF SLFLRUXOGLQVSDWHHVWHFHOFDUHvQFHSHGHSODVDUHDDFHVWD
ILLQGWkUúkLWSHYkUIúLDúH]DWDSRLSHWRDW WDOSD
*UHúHOLIUHFYHQWH
¾'HSODVDUHDVHIDFHSULQV ULWXULIDSWFHGHWHUPLQ RVFLOD LLDOH
FHQWUXOXLGHJUHXWDWHDOFRUSXOXLDS U WRUXOXLúLGHFLGH]HFKLOLEU UL
¾6HIDFS úLULSUHDOXQJL
¾6HvQFUXFLúHD] SLFLRDUHOHSULQGHS úLUHDSLFLRUXOXLGLQID GH
F WUHFHOGLQXUP vQFD]XOSDVXOXLDG XJDWvQDLQWHúLLQYHUV
¾/DEHOHSLFLRDUHORUVXQWRULHQWDWHFXYkUIXULOHF WUHGLUHF LDGH
GHSODVDUH
¾1XVHPHQ LQHRSR]L LHMRDV FXFHQWUXOGHJUHXWDWHFRERUkW
8WLOL]DUHWDFWLF
ÌQ JHQHUDO SDVXO DG XJDW DUH R UD] GH DF LXQH UHGXV OD FLUFD
PHWUL HVWH IRORVLW vQ DF LXQLOH GH DS UDUH SHQWUX DSURSLHUHD VDX
GHS UWDUHD GH DGYHUVDU OD UHWUDJHUHD SHQWUX DS UDUHD FRúXOXL OD
VFRDWHUHDPLQJLLGLQGULEOLQJFDúLvQSODVDPHQWXOSHQWUXPHQ LQHUHD
XQHLGLVWDQ HFRQYHQDELOHID GHDGYHUVDUXOGLUHFW
3$68/ $' 8*$7 /$7(5$/ úL $/(5*$5($ /$7(5$/ ±
UHSUH]LQW FHO PDL LPSRUWDQW PLMORF WHKQLF DO ÄMRFXOXL GH SLFLRDUH DO
DS U WRUXOXL´ UHDOL]DW SHQWUX XUP ULUHD DGYHUVDUXOXL VDX D FLUFXOD LHL
GHPLQJHvQDS UDUHDvQ]RQ

)LJXUD3DVXODG XJDWODWHUDO
3R]L LD LQL LDO U PkQH FHD IXQGDPHQWDO MRDV VSHFLILF DS
U ULL 'HSODVDUHD vQFHSH SULQ GXFHUHD VSUH ODWHUDO D SLFLRUXOXL GH SH


GLUHF LDGHSODV ULLWDOSDDFHVWXLSLFLRUILLQGPHQ LQXW FkWPDLDSURDSH
SRVLELOGHVXSUDID DVROXOXL'XS FHLDFRQWDFWFXVROXOFHO ODOWSLFLRU
VH DSURSLH WDOSD DFHVWXLD DOXQHFkQG SH VXSUDID D VROXOXL ÌQ WLPSXO
GHSODV ULL FRUSXO U PkQH RULHQWDW ODWHUDO ID GH GLUHF LD GH GHSODVDUH
LDU EUD HOH SX LQ vQGRLWH GLQ FRDWH RULHQWDWH ODWHUDO OXFUHD] DFWLY
SHQWUXVWkQMHQLUHDFLUFXOD LHLPLQJLLvQFKLGHUHDFXORDUHORUGHSDVDUH
VDXVFRDWHUHDDFHVWHLDGHODDGYHUVDU3R]L LDHVWHvQJHQHUDOFRERUkW
SULQvQGRLUHDDUWLFXOD LLORUJOH]QHORUúLDJHQXQFKLORUWUXQFKLXOS VWUkQG
SHFkWSRVLELOYHUWLFDOLWDWHD
&DUDFWHULVWLFL GH H[HFX LH SHQWUX SDVXO DG XJDW vQDLQWH vQDSRL
úLODWHUDO
¾&RQWDFWXOFXVROXOVHIDFHSHWRDW WDOSD
¾6HSRUQHúWHFXSLFLRUXOGLQGLUHF LDGHSODV ULL
¾0HQ LQHUHD vQ WLPSXO GHSODV ULL D XQXL FRQWDFW SHUPDQHQW FX
VROXOSULQGHSODVDUHDSLFLRDUHORUIRDUWHDSURDSHGHVRODOXQHFDUH
¾0HQ LQHUHDXQHLGHSODV ULFRQYHQDELOHDSLFLRDUHORUGHWHUPLQ
RED] GHVXV LQHUHFDUHDVLJXU REXQ VWDELOLWDWHFRUSXOXL
*UHúHOLIUHFYHQWH
¾ÌQFUXFLúDUHD SLFLRDUHORU úL WUHFHUHD JUHXW LL FRUSXOXL SH XQ
VLQJXUSLFLRUGHVSULMLQ
¾5LGLFDUHD FHQWUXOXL GH JUHXWDWH DO FRUSXOXL SR]L LD ILLQG
RERVLWRDUH PDL DOHV vQFHS WRULL FDUH DX WHQGLQ D GH vQWLQGHUHD D
DUWLFXOD LLORUGHWHUPLQ GH]HFKLOLEU UL
¾([HFXWDUHDGHV ULWXULvQWLPSXOGHSODV ULLMXF WRUXOI FkQGXQ
EDODQVYHUWLFDOVDXODWHUDO
¾5LGLFDUHDSLFLRDUHORUGHSHVROvQORFFDGHSODVDUHDV VHIDF
SULQDOXQHFDUH
8WLOL]DUHWDFWLF
$FHVWSURFHGHXVHIRORVHúWHvQDF LXQLOHGHPDUFDMvQXUP ULUHD
DGYHUVDUXOXL FDUH VH GHSODVHD] úL vQ JHQHUDO SHQWUX RE LQHUHD XQXL
SODVDPHQWFkWPDLEXQvQDS UDUH
0HWRGLFDvQY ULLSDVXOXLDG XJDW
([HFX LD SDVXOXL DG XJDW vQDLQWH vQDSRL REOLF vQDLQWH REOLF
vQDSRLúLODWHUDOVHIDFHSHQWUXILHFDUHSURFHGHXVHSDUDW
¾LPLWDUH
vQJUXSSURIHVRUXOGHPRQVWUkQGvQRJOLQG
SHSHUHFKL
¾ODVHPQDOHSULQGLULMDUHvQJUXS


DXGLWLYH
YL]XDOH
¾ VXEIRUP GHFRQFXUVSHGLVWDQ HOLPLWDWH
úWDIHWHFXSURFHGHHL]RODWH
úWDIHWHFXSURFHGHHFRPELQDWH
¾ VXE IRUPD FRPSOH[HORU GH SURFHGHH WHKQLFH GH GHSODVDUH
MRFXOGHSLFLRDUHDODS U WRUXOXL
SHSHUHFKL
LQGLYLGXDOvQUHSUL]HGH[´FXSDX]H
SDúLDG XJD LvQDLQWHVSULQWRSULUHúLUHWUDJHUHvQDOHUJDUHFX
VSDWHOH
LGHPFXSDúLDG XJD LODWHUDOGUHDSWDVWkQJD
MRFGHEUD HúLSLFLRDUHVSULQWPHWULRSULUHFRQWLQXDUHD
MRFXOXLGHEUD HúLSLFLRDUHODVHPQDOUHWUDJHUHvQDOHUJDUHFXVSDWHOH
6&+,0% 5,/('(',5(& ,(
5HSUH]LQW XQHOHPHQWLPSRUWDQWvQMRFXOGHEDVFKHWIRORVLWFX
GHRVHELUH GH F WUH DWDFDQ L vQ UHDOL]DUHD DF LXQLL GH GHPDUFDM LQGL
YLGXDO3ULQDFHVWHOHPHQWMXF WRUXOvúLDVLJXU WUHFHUHDGHSHRGLUHF LH
GHDOHUJDUHSHDOWDI U DPDLILQHYRLWV VHRSUHDVF 'HRVHELPGRX
SURFHGHHGHH[HFX LH
¾VFKLPEDUHDGHGLUHF LHFXIUkQDUHSHXQSLFLRUúL
¾VFKLPEDUHDGHGLUHF LHFXIUkQDUHSHDPEHOHSLFLRDUH
6&+,0%$5($'(',5(& ,(&8)5Æ1$5(3(813,&,25

)LJXUD6FKLPEDUHDGHGLUHF LHFXIUkQDUHSHXQSLFLRU


'LQ GHSODVDUH MXF WRUXO GHWHUPLQ PRPHQWXO GH GHFODQúDUH D
VFKLPE ULLGHGLUHF LHSULQWURRSULUHFXRXúRDU JKHPXLUHSHSLFLRUXO
RSXVQRLLGLUHF LLDOF UXLJHQXQFKLU PkQHvQGRLW3ULQWURS úLUHPDL
OXQJ SHDFHVWSLFLRUWDOSDVHDúHD] REOLFSHVROILLQGRULHQWDW VSUH
QRXD GLUHF LH $SDUH XQ PRPHQW HYLGHQW GH IUkQDUH úL GH WUDQVOD LH D
PLúF ULL PRPHQW FDUH SHQWUX D QX ÄUXSH´ PLúFDUHD HVWH DPRUWL]DW
SULQWUR vQGRLUH DFFHQWXDW GLQ DUWLFXOD LLOH JOH]QHL JHQXQFKLXOXL úL
FR[RIHPXUDO DDFHVWXLSLFLRU
&HQWUXOGHJUHXWDWHHVWHSURLHFWDWvQLQWHULRUXORFROLULLJUHXWDWHD
FRUSXOXL ILLQG UHSDUWL]DW SH SLFLRUXO H[WHULRU 3ULQ LPSXOVLD DFHVWXL
SLFLRU ± ED]LQXO ILLQG SURLHFWDW vQ LQWHULRUXO RFROLULL ± VH GHWHUPLQ
U VXFLUHDHQHUJLF DFRUSXOXLXUPDW GHDúH]DUHDSHVROODRGLVWDQ
PDLPLF GHFkWS úLUHDQRUPDO DSLFLRUXOXLGLQLQWHULRUXORFROLULLSH
QRXDGLUHF LH
ÌQ WLPSXO VFKLPE ULL GH GLUHF LH VH DFFHQWXHD] SR]L LD MRDV D
FRUSXOXL vQ UDSRUW FX YLWH]D GH GHSODVDUH GH GLQDLQWHD VFKLPE ULL GH
GLUHF LH
6&+,0%$5($ '( ',5(& ,( &8 )5Æ1$5( 3( $0%(/(
3,&,2$5(

)LJXUD6FKLPEDUHDGHGLUHF LHFXIUkQDUHDSHDPEHOHSLFLRDUH


'LQ GHSODVDUH MXF WRUXO H[HFXW R XúRDU V ULWXU 3LFLRDUHOH VH
GXFvQDLQWHúLLDXFRQFRPLWHQWFRQWDFWFXVROXO9kUIXULOHYRUILRULHQ
WDWHVSUHQRXDGLUHF LH
*UHXWDWHDFRUSXOXLYDILUHSDUWL]DW FHYDPDLPXOWSHSLFLRUXOGLQ
DIDUD RFROLULL úL SH PDUJLQHD W OSLORU GLQ LQWHULRUXO RFROLULL ÌQGRLUHD
JOH]QHORU DPRUWL]HD] úRFXO IUkQ ULL JHQXQFKLL ILLQG SURLHFWD L VSUH
QRXDGLUHF LH
&RUSXOH[HFXW RU VXFLUHúLÄSORQMHD] ´SHQRXDGLUHF LHSOHFDUHD
H[HFXWkQGXVHFXSLFLRUXOGLQLQWHULRUXORFROLULL
3HQWUXDPEHOHSURFHGHH
¾ 3 úLUHDSHQRXDGLUHF LHVHIDFHSULQULGLFDUHDW OSLLGHSHVRO
I U vQV D IL ULGLFDW úL FHQWUXO GH JUHXWDWH DO FRUSXOXL QX DUH ORF R
V ULWXU
¾ 3XQFWXOGHVSULMLQGHSHVROWUHEXLHV VHJ VHDVF XQGHYDSH
YHFKHD GLUHF LH GH GHSODVDUH úL vQ DIDUD SROLJRQXOXL GH SURLHF LH DO
FHQWUXOXLGHJUHXWDWHDOFRUSXOXLSHVRO
¾ *HQXQFKLL SUHVHD] F WUH LQWHULRU úL SH QRXD GLUHF LH FHQWUXO
GH JUHXWDWH DO FRUSXOXL ILLQG SURLHFWDW F WUH LQWHULRUXO RFROLULL úL SH
QRXDGLUHF LH
*UHúHOLIUHFYHQWH
¾ 3R]L LDvQDOW GHWHUPLQ GH]HFKLOLEU ULvQSODQDQWHULRU
¾ 3LFLRUXOGLQLQWHULRUXORFROLULLVHDúHD] SUHDGHS UWDWSHQRXD
GLUHF LHOXFUXFHvQWkU]LHSOHFDUHD
¾ &HQWUXO GH JUHXWDWH QX VH SURLHFWHD] VXILFLHQW vQ LQWHULRUXO
RFROLULLIDSWFHGHWHUPLQ GH]HFKLOLEU UL
8WLOL]DUHWDFWLF
(OHPHQWVSHFLILFDF LXQLORURIHQVLYHGHGHPDUFDMvPSRWULYDDS
U ULORULQGLYLGXDOHHVWHIRORVLWSHQWUXSURYRFDUHDJUHúHOLORUGHPDUFDM
SUHFXPúLFDIHQWHGHÄLHúLUHODPLQJH´
,QGLFD LLPHWRGLFHJHQHUDOH
3URFHGHXOGHED] vQSUHGDUHDHOHPHQWHORUMRFXOXLGHEDVFKHWvQ
úFRDO ± HVWH FHO FX IUkQDUH SH XQ SLFLRU ILLQG FHO PDL IUHFYHQW úL
HILFDFHvQFXUVXOMRFXOXL
0HWRGLFDvQY ULLVFKLPE ULORUGHGLUHF LH
¾ 'HSODVDUH SH WRDW VXSUDID D WHUHQXOXL FX HIHFWXDUHD VFKLP
E ULLGHGLUHF LH±OXFUXLQGLYLGXDOVXEIRUP GHVWXGLXDOPLúF ULL


6FKLPE ULGHGLUHF LHODVHPQHúLVHPQDOH
¾
'LQ GHSODVDUH VFKLPE UL GH GLUHF LH OD VHPQDOH YL]XDOH VDX
¾
DXGLWLYHFRPDQGDWHGHSURIHVRU
¾/HDSúDvQGRLSHVXSUDID OLPLWDW GHWHUHQ
127 ([HFX LLOHSRWILI FXWHLQGLYLGXDOGHYRLHVDXVXEIRUP
GHvQWUHFHUH±úWDIHW
¾6XEIRUPDFRPSOH[HORUGHSURFHGHHWHKQLFH
i DOHUJDUHQRUPDO VFKLPEDUHGHGLUHF LHVSULQW
i DOHUJDUH FX VSDWHOH VFKLPEDUH GH GLUHF LH VSUH vQDSRL OD
VHPQDOVSULQWVSUHvQDLQWH
i DOHUJDUHQRUPDO VFKLPEDUHGHGLUHF LHIUkQDUHúLUHWUDJHUHvQ
DOHUJDUHFXVSDWHOH
i MRFXO GH SLFLRDUH úL OXFUX GH EUD H VSULQW FX VFKLPE UL GH
GLUHF LHIUkQDUHúLUHWUDJHUHvQDOHUJDUHFXVSDWHOH
i GHSODV ULVSHFLILFHDWDFDQWXOXLDOHUJDUHvQULWPYDULDWRFR
OLULVFKLPE ULGHGLUHF LHIHQWHVSULQWXULEUXúWHSHMXP WDWHGHWHUHQ
i SH SHUHFKL DF LXQL GH GHPDUFDM DWDFDQWDS U WRU GHSODV ULOH
I FkQGXVHSHòWHUHQVDXSHWRWWHUHQXO
3,58(7$
(VWH R SLYRWDUH I U PLQJH vQ FDUH SLFLRUXO SH FDUH VH IDFH
vQWRDUFHUHDSRDWHILULGLFDWvQWLPSXOH[HFX LHL3RDWHILH[HFXWDW GHSH
ORF±GLQSR]L LHVWDWLF DDWDFDQWXOXLVDXFDHOHPHQWGHVFKLPEDUHGH
GLUHF LHGLQGHSODVDUH
8WLOL]DUHWDFWLF
6H IRORVHúWH FD SURFHGHX vQ H[HFXWDUHD VFKLPE ULLGHGLUHF LHOD
SOHF ULOH GLQ EORFDM OD EORFDMHOH GHIHQVLYH OD HYLWDUHD EORFDMHORU GH
F WUHDS U WRUODFRQWLQXDUHDDF LXQLLGHPDUFDMvQDS UDUHDRPODRP
6 5,785,/(
6 ULWXULOHVXQIRDUWHIUHFYHQWIRORVLWHvQMRFXOGHEDVFKHW2EXQ
V ULWXU PRPHQWXOGHUHDF LHúLvQ O LPHDHL±YDSXQHvQWRWGHDXQDvQ
YDORDUHH[HFX LDXQRUSURFHGHHWHKQLFH
¾ XUP ULUHDúLUHFXSHUDUHDPLQJLLULFRúDWHGLQSDQRXDWkWvQDWDF
FkWúLvQDS UDUH
¾ H[HFX LDDUXQF ULORUODFRúGLQV ULWXU úLGLQYROH
(OHDVLJXU XQDVFHQGHQWLPSRUWDQWvQOXSWDGLUHFW FXDGYHUVDUXO
6 ULWXULOHIRORVLWHvQMRFXOGHEDVFKHWVXQWGHRVHELWHGHFHOHGLQDWOHWLVP
HOH XUP ULQG úL PHQ LQHUHD XQHL SR]L LL FkW PDL HFKLOLEUDWH vQ WLPSXO


V ULWXULLvQYHGHUHDH[HFX LHLXQRUSURFHGHHGHPDUHSUHFL]LH6 ULWXULOH
SRWILH[HFXWDWH
¾ FXGHVSULQGHUHGHSHDPEHOHSLFLRDUH
i GHSHORF
i SUHFHGDWHGHGHSODVDUH
¾ FXGHVSULQGHUHGHSHXQSLFLRU
i SUHFHGDWHGHGHSODVDUH
0HWRGLFDvQY ULL
([HUFL LLLQGLYLGXDOH
¾ SHORFV ULWXULLQGLYLGXDOHFXGHVSULQGHUHSHGRX SLFLRDUH
¾ V ULWXULSHXQSLFLRUFXGHSODVDUHPDSRLVDXODvQWRDU
FHUHV ULWXULSHFHO ODOWSLFLRU
¾ SDVV OWDW
¾ SH ORF V ULWXUL SH GRX SLFLRDUH OD VHPQDO V ULWXU FX
DWLQJHUHDXQXLRELHFWVXVSHQGDWSODVDSDUWHDGHMRVDSDQRXOXL
([HUFL LLSHSHUHFKLVDXvQJUXS
¾ V ULWXULFXGHVSULQGHUHGHSHGRX SLFLRDUHFXEUD HOHULGLFDWH
úLDWLQJHUHDSDOPHORUVXVvQWUHSDUWHQHUL
¾ SH SHUHFKL GHSODVDUH FX SDúL DG XJD L ODWHUDO OD VHPQDO
V ULWXU FXDWLQJHUHDSDOPHORUvQWUHSDUWHQHUL
¾ DOHUJDUHvQMXUXOWHUHQXOXLODVHPQHSDQRXULRELHFWHVXVSHQ
GDWHV ULWXU FXDWLQJHUHDRELHFWXOXL
¾ DOHUJDUH SH WRDW VXSUDID D WHUQXOXL OD VHPQDO V ULWXUL
FXJHQXQFKLLODSLHSW
¾ MRF GH SLFLRDUH úL OXFUX GH EUD H OD VHPQDO V ULWXUL FX
EUD HOHVXVGXS FDUHVHUHLDMRFXOGHSLFLRDUHFXOXFUXOGHEUD H
¾ MRF GH SLFLRDUH úL OXFUX GH EUD H OD VHPQDO VSULQW P
RSULUHúLV ULWXU FXGHVSULQGHUHSHGRX SLFLRDUHUHWUDJHUHvQDOHUJDUH
FXVSDWHOH
¾ MRF GH SLFLRDUH úL OXFUX GH EUD H OD VHPQDO V ULWXU VSULQW R
OXQJLPHGHWHUHQV ULWXULúLDOHUJDUHFXVSDWHOH
¾ DUXQFDUHD PLQJLL vQ SDQRX LQGLYLGXDO DOHUJDUH V ULWXU FX
UHFXSHUDUHDPLQJLLGULEOLQJvQSDUWHDRSXV DWHUHQXOXL
/8&58/'(%5$ (ù,-2&8/'(3,&,2$5(
3URFHGHHOH WHKQLFH DOH GHSODV ULL vQ WHUHQ QX OH vQWkOQLP vQ MRF
H[HFXWDWHL]RODWFLvQFDGUXOXQXLFRPSOH[GHSURFHGHHQXPLWÄMRFXOGH
SLFLRDUH´vQVR LWvQDS UDUHúLGHÄOXFUXOGHEUD H´


'HVFULHUHDPRGHOXOXLDWHKQLFLLGHH[HFX LH
-XF WRUXOSHQWUXDúLPHQ LQHFkWPDLPXOWSR]L LDIXQGDPHQWDO
VSHFLILF GHDS UDUHvQFDGUXOUHOD LHLÄFRQWUD´H[HFXW RVXFFHVLXQH
GHSURFHGHHWHKQLFHPHQ LQkQGFDUDFWHULVWLFLOHGHH[HFX LHDOHILHF UXLD
/DÄMRFXOGHSLFLRDUH´VHDGDXJ DFWLYLWDWHDSHUPDQHQW DEUD HORUFDUH
OXFUHD] PDLDOHVvQSODQODWHUDO$FHVWDQVDPEOXGHPLúF ULVW ODED]D
MRFXOXLDS U WRUXOXLvQHIHFWXDUHDPDUFDMXOXL
8WLOL]DUHWDFWLF
Ä/XFUXOGHEUD H´VHIRORVHúWHvQDF LXQLOHGHIHQVLYHODUHDOL]DUHD
PDUFDMXOXLLQWHUFHSWDUHDúLVPXOJHUHDPLQJLLvQFKLGHUHDS WUXQGHULORU
úLPDLDOHVFkQGHFKLSDDGRSW RDS UDUHvQ]RQ
Ä-RFXO GH SLFLRDUH´ HVWH XWLOL]DW vQ PRG GHRVHELW vQ DF LXQLOH
GHIHQVLYHSHQWUXDDVLJXUDUDSLGLWDWHDGHGHSODVDUHDDS U WRUXOXLGDU
úLvQDF LXQLOHRIHQVLYHFDPLMORFGHUHDOL]DUHDGHPDUFDMXOXL
0HWRGLFDvQY ULL
([HUFL LLLQGLYLGXDOH
¾ GHSODVDUH vQ SR]L LH IXQGDPHQWDO FX SDV DG XJDW ODWHUDO
vQDLQWHvQDSRLREOLFvQDLQWHREOLFvQDSRLGXS XQDWDFDQWLPDJLQDU
¾ GHSODVDUH vQ SR]L LH IXQGDPHQWDO XUP ULQG WUDVHH GHVHQDWH
SHVRO
([HUFL LLSHSHUHFKLVDXvQJUXS
¾ ÄOHDSúDSHSHUHFKL´FXDWLQJHUHDJHQXQFKLORUDJOH]QHORU
¾ SH SHUHFKL MRF GH SLFLRDUH úL OXFUX GH EUD H H[HFXWDW ÄvQ
RJOLQG ´
¾ JUXSH GH HOHYL H[HFXW MRF GH SLFLRDUH úL OXFUX GH EUD H
GHSODVkQGXVH GXS GLUHF LL LQGLFDWH GH SURIHVRU FDUH VW vQ ID D
JUXSXOXL[VHF
¾ 'HSODV ULÄvQSOLF´H[HFXWDWHSULQGLIHULWHSURFHGHHWHKQLFHGH
SDVDG XJDWODWHUDOREOLFvQDLQWHREOLFvQDSRLvQDLQWHúLvQDSRL
¾ 3HSHUHFKLDWDFDQWXOH[HFXW GHSODVDUHSHO LPHDWHUHQXOXLFX
SURFHGHH WHKQLFH VSHFLILFHDOHUJDUH VFKLPEDUH GH GLUHF LH SLUXHW
V ULWXU LDU DS U WRUXO VH GHSODVHD] IRORVLQG MRFXO GH SLFLRDUH úL
OXFUXOGHEUD HV ULWXULI U DILGHS úLWGHDWDFDQW
¾ $FHODúLH[HUFL LXFXPLQJHDS U WRUXOQXLQWHUYLQHODPLQJH


-RFXOFXPLQJHD
35,1'(5($0,1*,,
5HSUH]LQW XQHOHPHQWLPSRUWDQWGLQWHKQLFDGHED] DMRFXOXLGH
EDVFKHW vQWUXFkW G SRVLELOLWDWHD XQHL UHFHS LRQ UL FRUHFWH D PLQJLL
SUHFXP úL D XUP WRDUHL H[HFX LL SH FDUH R YD HIHFWXD MXF WRUXO FX
PLQJHDSDV GULEOLQJVDXDUXQFDUHODFRú
3ULQGHUHD PLQJLL SUHVXSXQH vQ H[HFX LH GRL MXF WRUL XQXO FDUH
SDVHD] úLDOWXOFDUHSULPHúWH&HOFDUHXUPHD] V IDF SULQGHUHDPLQJLL
YDWUHEXLV RSULYHDVF GLQPRPHQWXOvQFDUHDFHDVWDS U VHúWHPkLQLOH
FRHFKLSLHUXOXL úL SkQ vQ PRPHQWXO vQ FDUH R SULQGH 7RWRGDW FD R
FRQGL LHvQUHDOL]DUHDXQHLLQWU ULVLJXUHvQSRVHVLDPLQJLLSULPLWRUXOYD
WUHEXLV H[HFXWHRLHúLUHvQvQWkPSLQDUHDHLVSUHGLUHF LDGHXQGHHVWH
SDVDW &RQGL LLOHGHSULPLUHDPLQJLLILLQGIRDUWHYDULDWHHVWHQHFHVDUFD
vQ XúXUDUHD XQHL SULQGHUL GH PLQJH V VH UHDOL]H]H R SR]L LH FkW PDL
UHOD[DW DFRUSXOXLvQPRPHQWXOSULQGHULLLDUWUXQFKLXOúLPDLDOHVEUD HOH
V DPRUWL]H]HSULQGHUHDPLQJLLSULQWURPLúFDUHGHFHGDUHVSUHvQDSRL
2ULFDUHDUILSURFHGHXOIRORVLWSHQWUXSULQGHUHDPLQJLLFXGRX
PkLQL VDX FX R PkQ MXF WRUXO vQWkPSLQ PLQJHD FX SDOPHOHSDOPD
RULHQWDWHF WUHGLUHF LDGLQFDUHYLQHPLQJHDSHQWUXDRFRQWURODúLDSRL
DDPRUWL]DSULQGHUHDHL
3ULQGHUHDPLQJLLVHSRDWHHIHFWXD
¾FXGRX PkLQLúLFXRPkQ
¾GHSHORFGLQDOHUJDUHGLQV ULWXU
35(=(17$5($02'(/8/8,DWHKQLFLLGHH[HFX LH
ÌQWUXFkW PHFDQLVPXO SULQGHULL HVWH DVHP Q WRU vQ PDMRULWDWHD
VLWXD LLORUGHMRFYRPIDFHGHVFULHUHDSURFHGHXOXLWHKQLFGHED] GH
SULQGHUHDPLQJLLFXGRX PkLQLGHSHORF
3R]L LD LQL LDO MXF WRUXO FDUH XUPHD] V SULQG PLQJHD YD
F XWD vQ SULPXO UkQG FD SULQWUR GHSODVDUH XúRDU V VH RULHQWH]H FX
ID DVSUHGLUHF LDGHXQGHYLQHPLQJHDS VWUkQGSHFkWSRVLELOSR]L LD
IXQGDPHQWDO FXEUD HOHvQWLQVHSDUDOHOHúLFXGHJHWHOHU VILUDWH
3R]L LDLQWHUPHGLDU ÌQPRPHQWXOGHFRQWDFWFXPLQJHDGHJHWHOH
VH YRU vQFRUGD LDU DUWLFXOD LLOH SXPQLORU YRU H[HUFLWD R FHGDUH VSUH
vQDSRLFHVHYDWUDQVPLWHúLEUD HORUFDUHSULQvQGRLUHDORUGLQFRDWHYRU
UHDOL]DDPRUWL]DUHDSULQGHULLúLDGXFHUHDPLQJLLvQGUHSWXOSLHSWXOXL
3R]L LDILQDO -XF WRUXOvQSR]L LHIXQGDPHQWDO FXPLQJHDvQ
GUHSWXO SLHSWXOXL EUD HOH FX FRDWHOH IOH[DWH XúRU GHS UWDWH GH FRUS
vQWURSR]L LHFkWPDLUHOD[DW


)LJXUD3ULQGHUHDPLQJLLFXGRX PkLQLGHSHORF

&DUDFWHULVWLFGHH[HFX LH
¾3DOPHOH SDOPD VXQW RULHQWDWH vQWRWGHDXQD FX GHJHWHOH F WUH
GLUHF LDGHYHQLUHDPLQJLLFXID DSDOPDU XúRUF WUHPLQJH
¾&RQWDFWXOFXPLQJHDVHLDFXID DSDOPDU DGHJHWHORU
¾3ULPXOFRQWDFWFXPLQJHDFRQVWLWXLHvQFHSXWXODPRUWL] ULL3H
P VXU FHVHIDFHDPRUWL]DUHDVHWUHFHvQ LQHUHDFRUHFW DPLQJLLúLVH
FRUHFWHD] HYHQWXDOSUL]D
¾'LQSXQFWGHYHGHUHWDFWLFVHUHFRPDQG ÄLHúLUHDODPLQJH´
*UHúHOLIUHFYHQWH
¾3DOPHOHVXQWRULHQWDWHID vQID IDSWFHGHWHUPLQ GLVSDUL LD
PLúF ULL GH DXWRUH]LVWHQ GLQ DUWLFXOD LLOH SXPQLORU PLQJHD SRDWH
WUHFHFXXúXULQ SULQWUHSDOPH
¾&RQWDFWXOHVWHOXDWGLUHFWFXSDOPHOHSHPLQJHúLQXFXGHJHWHOH
¾$PRUWL]DUHDQXVHIDFHSULQVXFFHVLXQHDPLúF ULORUGHDXWRUH
]LVWHQ úLGHFHGDUHDGHJHWHORUSDOPHORUúLEUD HORU
¾8WLOL]DUH WDFWLF ÌQ VLWXD LD FkQG PLQJHD YLQH OD vQ O LPHD
FDSXOXLVDXPDLVXVEUD HOHVHvQWLQGVSUHPLQJHREOLFvQVXVúLvQDLQWH
ÌQPRPHQWXOFkQGPLQJHDLDFRQWDFWFXGHJHWHOHEUD HOHVHvQGRDLHúL
DGXFPLQJHDVSUHSLHSW'DF PLQJHDYLQHFXYLWH] PDUHDPRUWL]DUHD


HVWHDFFHQWXDW SULQWURvQGRLUHPDLH[DJHUDW DEUD HORUÌQFD]XOFkQG
PLQJHDYLQHSUHDMRVVHYDF XWDFDSULQGHUHDV VHIDF FRERUkQGFkW
PDLPXOWWUXQFKLXOFDXUPDUHDIOHFW ULLWUHQXOXLLQIHULRUEUD HOHILLQG
RULHQWDWH REOLF vQ MRV úL vQDLQWH FX SDOPHOH RULHQWDWH VSUH vQDLQWH úL vQ
VXV3UL]DLQL LDO YDILGHMRVúLGLQODWHUDOXUPkQGFDvQWLPSXODGXFHULL
PLQJLLODSLHSWSUL]DV ILHVFKLPEDW vQ LQHUHFXGRX PkLQLODSLHSWvQ
SUL] VLPHWULF QRUPDO
LQHUHDPLQJLL
5HSUH]HQWkQGSURFHGHXOLQL LDOGHSOHFDUHvQH[HFX LDPDMRULW LL
HOHPHQWHORU WHKQLFH FX PLQJH vQY DUHD XQHL LQHUL FRUHFWH D PLQJLL
GHWHUPLQ RGHVI úXUDUHXOWHULRDU FRUHFW DSURFHGHXOXLFDUHYDXUPD
2EXQ LQHUHDPLQJLLDVLJXU XQEXQFRQWURODODFHVWHLDRH[HFX LH
FRUHFW úL HILFDFH 2 LQHUH LQFRUHFW JHQHUHD] JUHúHOL GH H[HFX LH
PLFúRUHD] HILFDFLWDWHDvQJUHXQHD] SURWHF LDúLWUDQVPLWHUHDPLQJLL
&XQRDúWHPXUP WRDUHOHPRGDOLW L
¾LQHUHDPLQJLLFXDPEHOHPkLQL
¾LQHUHDPLQJLLFXRPkQ
LQHUHDPLQJLLFXDPEHOHPkLQLHVWHVSHFLILF MRFXOXLGHEDVFKHW
ILLQG IRORVLW IRDUWH GHV vQ MRF úL PDL DOHV GH F WUH FRSLL úL MXQLRUL (D
SUH]LQW VLJXUDQ DWkWvQ LQHUHDSURSULX]LV FkWúLvQPDQHYUDUHDFkW
PDL UHOD[DW D PLQJLL 6H GHRVHEHVF XUP WRDUHOH SURFHGHH GH LQHUH D
PLQJLL
¾ FDUHIRORVHVFRSUL] VLPHWULF SHPLQJH
LQHUHDFXGRX PkLQLvQGUHSWXOSLHSWXOXL
LQHUHDFXGRX PkLQLGHDVXSUDFDSXOXL
LQHUHDFXGRX PkLQLvQGUHSWXOED]LQXOXL
¾ FDUHIRORVHVFSUL]DDVLPHWULF FHSXQvQJHQHUDOvQHYLGHQ
OXFUXOFXRVLQJXU PkQ
LQHUHDPLQJLLFXGRX PkLQLODSLHSWvQSUL] VLPHWULF
3UH]HQWDUHDPRGHOXOXLGHH[HFX LH
0LQJHD HVWH LQXW GH FDORWD VD LQIHULRDU GLQ ODWHUDO úL SX LQ
GLQDSRL 'HJHWHOH FkW PDL U VILUDWH VH DúHD] SH PLQJH FX WRDW
VXSUDID DORU(OHWUHEXLHV FXSULQG PLQJHDvQDúDIHOvQFkWXOWLPLOH
IDODQJHDOHGHJHWHORULQHODUHV VWHDFKLDUSHD[DPLQJLL'HJHWHOHPDUL
IRUPHD] SULQ SUHOXQJLUHD ORU XQ XQJKL GH úL vQ UDSRUW GH P
ULPHDSDOPHORUDFHVWHDVWDXGHS UWDWHXQXOGHDOWXOODFP3DOPHOH
VHYRUJ VLvQSUHOXQJLUHDDQWHEUD HORUvQWURIOH[LHUDGLDORGRUVDO GLQ
DUWLFXOD LLOHSXPQLORUHYLWkQGXVHOLSLUHDSRGXOXLSDOPHLSHPLQJH


$QWHEUD HOHvQGRLWHGLQFRDWHIDFFDPLQJHD
V ILH LQXW OD QLYHOXO SLHSWXOXL SHUPL kQG
SULYLUHDSHVWHPLQJH&RDWHOHSX LQGHS UWDWH
GHFRUSvQWURSRVWXU FkWPDLUHOD[DW úLFRQ
YHQDELO VSHFLILFXOXL FRQIRUPD LHL ILHF UXL
MXF WRU
*UHúHOLIUHFYHQWH
¾ RULHQWDUHDSDOPHORUFXGHJHWHOHVSUH
vQDLQWHVDXvQMRV
¾ GHJHWHOHPDULVXQWRSR]DQWHVDXSUHD
DSURSLDWHvQSUL]DSHPLQJH
¾ SRGXOSDOPHORULDFRQWDFWFXVXSUD
ID DPLQJLL
¾ FRDWHOH PXOW GHS UWDWH GHWHUPLQ R
)LJXUD LQHUHDPLQJLL LQHUHSUHDGLQODWHUDODPLQJLL
FXGRX PkLQL ¾ QXVHPHQ LQHSUL]DIHUP SHPLQJH
vQGUHSWXOSLHSWXOXL DFHVWDILLQGvQYkUWLW vQSDOPH
8WLOL]DUHWDFWLF *KLGHD] H[HFX LDPDMRULW LLHOHPHQWHORUWHKQLFH
vQ VSHFLDO vQ ID]D LQL LDO FRQVWLWXLQG SURFHGHXO FHO PDL IRORVLW GH
PDMRULWDWHDMXF WRULORU
LQHUHDPLQJLLFXGRX PkLQLvQID vQSUL] DVLPHWULF
3UL] VSHFLILF ILQDOL] ULORUFXRVLQJXU
PkQ GDUPDLDOHVvQPkQXLUHDPLQJLLIHQWH
SDVHSOHFDUHvQGULEOLQJ
0kQDFDUHH[HFXW UHVSHFWLYXOSURFHGHX
WHKQLFHVWHDúH]DW SHPLQJHvQDSRLDDFHVWHLD
FHDODOW PkQ VSULMLQLQGRGLQODWHUDOúLGHMRV
'HJHWHOHDPEHORUPkLQLVXQWU VILUDWHSHPLQJH
0LQJHD HVWH LQXW vQ GUHSWXO E UELHL OD R
GHS UWDUH GH DSUR[LPDWLY FP GH SLHSW
3DOPD PkLQLL FDUH H[HFXW SURFHGHXO WHKQLF
XUP WRUYDILIOH[DW GRUVDOLDUFRWXORULHQWDW

SHGLUHF LDGHWULPLWHUHDPLQJLLF WUHFRú±vQ )LJXUD LQHUHDPLQJLL
FD]XO H[HFX LHL XQHL ILQDOL] UL FHYD PDL FXGRX PkLQLvQID
DSURSLDWGHFRUSúLSHDFHODúLD[FXSDOPD vQSUL] DVLPHWULF


*UHúHOLIUHFYHQWH
¾ GHJHWHOHPkLQLORUQXVXQWVXILFLHQWGHPXOWU VILUDWHSHPLQJH
¾ SUL]DSHPLQJHHVWHSDVLY GHJHWHOHPkLQLLGHLPSXOVLHILLQG
RULHQWDWHVSUHvQDLQWHúLQXvQVXV
¾ SDOPDPkLQLLFDUHVSULMLQ PLQJHDHVWHDúH]DW vQID GHDVX
SUDVDXVXEPLQJH
8WLOL]DUHWDFWLF 5HSUH]LQW SUL]DSHPLQJHFDUHúLIDFHORFGLQ
FHvQFHPDLPXOWvQMRFXOGHEDVFKHWPRGHUQúLFDXUPDUHYDWUHEXL
LQVLVWDW DVXSUD DFHVWHLD úL vQ LQVWUXLUHD FRSLLORU UHSUH]HQWkQG ID]D
LQL LDO DXQRUSURFHGHHWHKQLFHFHVROLFLW vQH[HFX LDILQDO XQVLQJXU
EUD vQ PRG GHRVHELW DUXQFDUHD OD FRú FX R PkQ GH SH ORF GLQ
V ULWXU úLGLQDOHUJDUHSUHFXPúLSHQWUXSDVDFXRPkQ VDXSOHFDUHD
vQGULEOLQJ
0HWRGLFDvQY ULLSULQGHULLúL LQHULLPLQJLL
([HUFL LLVSHFLILFHGHWHKQLF
¾ ([HUFL LLSUHJ WLWRDUHGLQúFRDODPLQJLL
i WUHFHUHD PLQJLL vQ MXUXO FDSXOXL úROGXULORU JHQXQFKLORU
JOH]QHORUGLQWURPkQ vQDOWD
i PLQJHD HVWH LQXW FX DPEHOH PkLQL vQ ID HVWH O VDW V
FDG úLWUHEXLHSULQV vQDLQWHFDHDV DWLQJ VROXO
i PLQJHD LQXW FXDPEHOHPkLQLEUD HOHvQWLQVHvQDLQWHHVWH
O VDW V FDG HOHYXO H[HFXW R E WDLH GLQ SDOPH GXS FDUH UHSHGH
SULQGHPLQJHDI U FDHDV DWLQJ VROXO
i DFHODúLH[HUFL LXFXGRX E W LGLQSDOPH
i FRQGXFHUHDPLQJLLURVWRJROLWHSHVROFXPkQDGUHDSW FX
PkQDVWkQJ DOWHUQDWLYVLPXOWDQFXDPEHOHPkLQLvQDLQWHvQDSRLFXR
PLQJHVDXGRX PLQJL
i MRFXULSUHJ WLWRDUHGLQúFRDODPLQJLL
([HUFL LLGHSHORFFXFRQWUROXOÄSUL]HL´FRUHFWH
¾ DOXQHFDUHDSDOPHORUúLGHJHWHORUSHPLQJHDDIODW SHVRO
¾ ULGLFDUHDPLQJLLGHSHVROFRQWUROXOSUL]HLFRUHFWHúL]YkFQLUL
GLQDUWLFXOD LLOHSXPQLORU
¾ VFKLPEDUHDORFXOXLGH LQHUHDPLQJLLVXVMRVODWHUDO
¾ SUHOXDUHDPLQJLLGLQPkLQLOHSDUWHQHUXOXLúLFRQWUROXO LQHULLHL
¾ DUXQFDUHD PLQJLL vQ VXV úL SULQGHUHD HL SH ORF vQ V ULWXU
FRQWUROXOSUL]HLFRUHFWH
¾ IHQWH GH SDVDUH GH DUXQFDUH OD FRú GH SOHFDUH vQ GULEOLQJ FX
FRQWUROXOÄSUL]HL´FRUHFWH


127 $FHVWHH[HUFL LLSRWILH[HFXWDWHLQGLYLGXDOSHSHUHFKLvQ
IRUPD LH SH GRX OLQLL ID Q ID GLVWDQ P XUPkQG V ILH
vQVR LWHúLGHWUDQVPLWHUHDPLQJLLSULQÄDUXQFDUH´F WUHSDUWHQHUFDUH
YDvQVXúLSULQGHUHDPLQJLLvQSUL] VLPHWULF
([HUFL LLGLQGHSODVDUH
¾ WUDQVSRUWXOPLQJLLFX LQHUHDDFHVWHLDFXGRX PkLQLODSLHSW
GHDVXSUDFDSXOXLODVSDWH
¾ WUDQVSRUWXO PLQJLL FX LQHUHD DFHVWHLD FX R PkQ vQ HFKLOLEUX
SHSDOP FXEUD XOvQWLQVvQDLQWHODWHUDOVXVODVSDWH
¾ WUDQVSRUWXOPDLPXOWRUPLQJL
¾ R PLQJH LQXW FX GRX PkLQL OD SLHSW FHDODOW FRQGXV FX
SLFLRUXO
¾ R PLQJH FRQGXV SULQ LPSXOVLL GULEOLQJ FHDODOW LQXW vQ
HFKLOLEUXSHSDOP FXEUD XOvQWLQVvQDLQWHODWHUDOVXV
¾ R PLQJH LQXW FX GRX PkLQL OD SLHSW FHDODOW PLQJH LQXW
vQWUH JOH]QH JHQXQFKL ± GHSODVDUH SULQ V ULWXUL FX GHVSULQGHUH SH
GRX SLFLRDUH
127 3ULQGHUHDúL LQHUHDPLQJLLVHUHSHW úLVHSHUIHF LRQHD]
OD vQY DUHD úL FRQVROLGDUHD H[HFX LHL RSULULL SLYRW ULL úL SURWHF LHL
PLQJLLvQFDGUXOXQRUVWUXFWXULGHSURFHGHHWHKQLFH
3DVDUHDPLQJLL
&D XUPDUH D VWDWLVWLFLORU HIHFWXDWH DFHVW HOHPHQW UHSUH]LQW vQ
PHGLH vQWUH GLQ JDPD HOHPHQWHORU IXQGDPHQWDOH IRORVLWH vQ
MRFXOFRPSHWL LRQDO
3DVD HVWH HOHPHQWXO FDUH DUH XQ URO GHWHUPLQDQW vQ UH]ROYDUHD
VFRSXOXLMRFXOXLHDDVLJXU FDUDFWHUXOFROHFWLYDOMRFXOXLSULQOHJ WXUD
SHFDUHRIDFHvQWUHDF LXQLOHLQGLYLGXDOHúLFHOHFROHFWLYH
3ULQHVHQ DVDWHKQLFRWDFWLF DFHVWHOHPHQWSHOkQJ IDSWXOF
SUH]LQW R JDP ERJDW GH SURFHGHH SUHVXSXQH QHDS UDW SUH]HQ D
SDUWHQHUXOXL H[HFX LD OXL ILLQG FRQGL LRQDW GH SR]L LD úL YLWH]D GH
GHSODVDUH D DFHVWXLD GH VSHFLILFXO ID]HL GH MRF GH SODVDPHQWXO
DGYHUVDUXOXLHWF
3DVD HVWH GHFL FRQGL LRQDW GH H[LVWHQ D XQXL MXF WRU FDUH R
HIHFWXHD] úL GH D DOWXLD F UXLD L VH DGUHVHD] /D UHXúLWD HL DPELL
MXF WRULWUHEXLHV úLGHDFRQFXUVXO
¾ $VWIHOMXF WRUXOFDUHSDVHD] WUHEXLH
i V ILHDWHQWFDSDVDSHFDUHRH[HFXW V ILHWUDQVPLV XQXL
FRHFKLSLHU GHPDUFDW D F UXL DF LXQH V R DQWLFLSH]H FkW PDL RSRUWXQ
SRVLELO


i V GHWHUPLQH UDSLG ÄFXORDUXO´ GH SDVDUH VSUH FRHFKLSLHUXO
F UXLDvLWUDQVPLWHPLQJHDúLSHSR]L LDYLLWRDUHDDFHVWXLD
i V DVLJXUH SURWHF LD PLQJLL vQ WLPSXO SDVHL HOLPLQkQG
SRVLELOLW LOHGHLQWHUFHS LHGLQSDUWHDDGYHUVDULORUPDLDSURSLD L
i V IRORVHDVF vQPDMRULWDWHSDVHOHVFXUWH
i V OXFUH]H OD IHO GH ELQH FX DPEHOH PkLQL DPELGH[WULD
FRQVWLWXLQGRFHULQ DMRFXOXLPRGHUQ
¾ -XF WRUXOFDUHXUPHD] V SULPHDVF PLQJHDWUHEXLH
i V VHGHPDUFHúLV GHDSRVLELOLWDWHDFHOXLFDUHSDVHD] V L
DQWLFLSH]HDF LXQHD
i V SDUWLFLSH OD GHWHUPLQDUHD ÄFXORDUXOXL´ GH SDVDUH SULQ
RE LQHUHDXQXLSODQPDLDYDQVDWVDXSULQÄLHúLUHDÓDPLQJHUDSRUWDWOD
DGYHUVDUXOV XGLUHFW
i V IRORVHDVF PRPHQWXO LQWU ULL vQ SRVHVLD PLQJLL FD ID]
LQL LDO SHQWUXDF LXQHDYLLWRDUH
¾ 'HDVHPHQHDSHQWUXFDRSDV V ILHXWLOL]DELO VXQWQHFHVDUH
UHVSHFWDUHDXQRUFRQGL LL
i V DLE DGUHV V QX SURYRDFH JUHXW L GH SULQGHUH FHOXL
F UXLDvLHVWHDGUHVDW
i V DLE DGkQFLPH úL V QX WUDYHUVH]H WHUHQXO GH OD R OLQLH
ODWHUDO ODFHDODOW DFHVWOXFUXGkQGSRVLELOLWDWHDGHLQWHUFHS LH
i IRU D GH WULPLWHUH V FRUHVSXQG GLVWDQ HL úL GLUHF LHL GH
GHSODVDUH D SDUWHQHUXOXL F UXLD vL HVWH DGUHVDW SUHFXP úL GLVWDQ HL OD
FDUHVHDIO DS U WRUXODFHVWXLD
i V QXVHLPSULPHHIHFWURWD LHPLQJLLDFHVWOXFUXvQJUHX
QkQGSULQGHUHDHL
i SDVDV QXILHÄWHOHIRQDW ´SHQWUXFDDGYHUVDUXOV QXSRDW
VHVL]D XQGH úL FXP VH YD SDVD FL GLPSRWULY VH UHFRPDQG D IL
SUHFHGDW GHRIHQW úLH[HFXWDW FkWPDLUDSLG
i SURFHGHXOGHSDVDUHV FRUHVSXQG VLWXD LHLWDFWLFHGLQDFHO
PRPHQWDOMRFXOXLUDSRUWDWODDGYHUVDULúLSDUWHQHUL
$1$/,=$ 35,1&,3$/(/25 352&('(( 7(+1,&( '( 3$6$5( $
0,1*,,
3DVDFXGRX PkLQLGHODSLHSWGHSHORF
$FHVWSURFHGHXIDFHSDUWHGLQJUXSDSDVHORUIXQGDPHQWDOHILLQG
IRORVLWSHQWUXSDVDUHDPLQJLLODGLVWDQ HPLFLúLPHGLLGHSkQ OD
PHWUL(VWHSDVDGHED] úLVSHFLILF MRFXOXLGHEDVFKHW


)LJXUD3DVDFXGRX PkLQLGHODSLHSWGHSHORF

'LQSR]L LHIXQGDPHQWDO FXPLQJHD LQXW vQGUHSWXOSLHSWXOXL
vQSUL] FXGRX PkLQLVHvQFHSHPLúFDUHDGHH[WLQGHUHDEUD HORUVSUH
vQDLQWH
3DUWHDILQDO DH[HFX LHLG XQLPSXOVPLQJLLSULQWURPLúFDUHGH
ÄELFLXLUH´ H[HFXWDW GLQ DUWLFXOD LLOH SXPQLORU úL GH vPSLQJHUH GLQ
GHJHWHPDLSX LQGHJHWHOHPDUL
'DWRULW LPSXOVXOXL GDW PLQJLL ± FDUH S U VHúWH PkLQLOH
MXF WRUXOXLEUD HOHvQSDUWHDILQDO DH[HFX LHLVXQWvQWLQVHvQDLQWH
ODvQ O LPHDXPHULORUF WUHGLUHF LDGHSDVDUHFXSDOPHOHRULHQWDWHvQ
MRVúLSX LQODWHUDOFXGHJHWHOHU VILUDWH
ÌQFD]XOvQFDUHPLQJHDWUHEXLHWUDQVPLV ODRGLVWDQ PDLPDUH
PLúFDUHDEUD HORUYDILvQVR LW úLGHRPLúFDUHDMXW WRDUHGDWSULQWUR
SLYRWDUHSULQS úLUHVSUHvQDLQWH
/DDYDQVD LFXUVDEUD HORUVHUHGXFHUDSRUWDWODGLVWDQ DúLIRU D
VROLFLWDW GHH[HFX LDSDVHLUHVSHFWLYHÌQVFKLPEOXFUXOGLQDUWLFXOD LD
SXPQLORUVHDFFHQWXHD]
*UHúHOLIUHFYHQWH
¾LQHUHDPLQJLLvQSUL] SDVLY
¾ H[HFXWDUHDGLQDUWLFXOD LLOHSXPQLORUDXQRUPLúF ULVXSOLPHQ
WDUH FX PLQJHD vQDLQWH GH H[HFX LD SURSULX]LV D SDVHL VDX D XQHL
PLúF ULGHURWDUHGLQEUD HSULQFRERUkUHDPLQJLLVSUHDEGRPHQ
¾ DF LRQDUHD vQ ID]D ILQDO GH LPSXOVLH D SDVHL SULQ vQGRLUHD
IDODQJHORUGHJHWHORUúLvPSLQJHUHDPLQJLLFXGHJHWHOHPDUL
¾ GHS UWDUHD ÄXPIODUHD´ H[DJHUDW D FRDWHORU vQ ODWHUDO vQ
WLPSXO H[HFX LHL FHHD FH GXFH OD DQXODUHD IRU HL GH SDVDUH úL OD
HIHFWXDUHDXQHLPLúF ULULJLGH


8WLOL]DUHWDFWLF 3DVDIRORVLW FXGHRVHELUHvQDWDFXOSR]L LRQDO
úLvQVSHFLDOvPSRWULYDDS U ULLvQ]RQ vQDF LXQLOHGHPDQHYUDUHúLGH
SUHJ WLUHDDWDFXOXLRUJDQL]DW
0HWRGLFDvQY ULLSDVHORU
3DVDUHDPLQJLLGHSHORFFXGRX PkLQLGHODSLHSW
¾ SDVDUHD PLQJLL FX GRX PkLQL GH OD SLHSW vQWUH GRL MXF WRUL
DIOD L OD GLVWDQ GH P XQXO GH FHO ODOW 6H YD LQVLVWD DVXSUD
PLúF ULL ILQDOH ÄGH ELFLXLUH´ HIHFWXDW GLQ DUWLFXOD LLOH SXPQLORU 6H
vQYD SDVDFXGRX PkLQLGHODSLHSWGLUHFW
¾ SDVDUHDPLQJLLvQIRUPD LLFXF SLWDQILJXUD
i vQOLQLH
i vQVHPLFHUF
i vQFHUF
i vQúLUFXJKHPXLUHGXS SDVDUH

)LJXUD

SDVDUHDPLQJLLvQWULXQJKLILJXUDúLvQS WUDWILJXUD
¾
i VSUHGUHDSWD
i VSUHVWkQJD
i FXVFKLPEDUHDVHQVXOXLGHSDVDUHODVHPQDO

)LJXUD)LJXUD


SDVDUHDPLQJLLvQVWHDILJXUDvQURPEILJXUD
¾

)LJXUD)LJXUD

3DVDUHDPLQJLLGHSHORFFXGRX PkLQLGHODSLHSWXUPDW
GHGHSODVDUH
¾ VXYHLF VLPSO
i FXGHSODVDUHODFRDGDúLUXOXLSURSULXILJXUD
i FXGHSODVDUHODFRDGDúLUXOXLODFDUHVDSDVDWILJXUD

)LJXUD

)LJXUD

SDVDvQWULXQJKLXUPDW GHGHSODVDUH
¾
i FXGHSODVDUHODFRDGDúLUXOXLSURSULXILJXUD
i FXGHSODVDUHODFRDGDúLUXOXLODFDUHVDSDVDWILJXUD
i FXGHSODVDUHODúLUXORSXVFHOXLF UXLDVDSDVDWILJXUD
i FXRFROLUHDFHORUODOWHúLUXULILJXUD

)LJXUD)LJXUD)LJXUD


)LJXUD
127
YDULDQWH GH H[HFX LH SDVD GLUHFW FX S PkQWXO GH GHDVXSUD
¾
FDSXOXL
VHSRDWHSDVDVSUHSDUWHDGUHDSW VDXVSUHSDUWHDVWkQJ
¾
3DVDvQS WUDWFXYDULDQWHGHH[HFX LHúLGHSODVDUHFDODSDVD
¾
vQWULXQJKLILJXULOH

)LJXUD)LJXUD)LJXUD
VXYHLFDGXEO ILJXULOH
¾

)LJXUD)LJXUD
IRUPD LLFXF SLWDQ
¾
i úLUFXF SLWDQILJXUD
i GRX úLUXULFXF SLWDQILJXUD

)LJXUD)LJXUD


SDVHvQWULXQJKLFXMXF WRUXOÄFHQWUXÍLJXUD
¾
SDVHvQWULXQJKLFXGRLMXF WRULÄFHQWULÍLJXUD
¾

)LJXUD)LJXUD
VWUXFWXULGHSURFHGHHWHKQLFH
¾
i LHúLUHODPLQJH±SULQGHUH±RSULUH±SDV GHSODVDUHILJXUD
i LHúLUHODPLQJH±SULQGHUH±RSULUH±SLYRWDUH±SDV ±GHSOD
VDUHvQSDUWHDRSXV ILJXUD

)LJXUD

)LJXUD
3DVDFXGRX PkLQLGHGHDVXSUDFDSXOXL
3DV IXQGDPHQWDO SHQWUX MXF WRULL FRQVDFUD L FX VWDWXU vQDOW
MXF WRUL SLYR L VDX FHQWUL PDL SX LQ UHFRPDQGDW FRSLLORU vQWUXFkW
VROLFLW vQH[HFX LHVXILFLHQWGHPXOW IRU vQEUD H

)LJXUD3DV FXGRX PkLQL
GHGHDVXSUDFDSXOXLGHSHORF


'LQ SR]L LH IXQGDPHQWDO vQDOW PLQJHD ILLQG LQXW GHDVXSUD
FDSXOXL úL vQ GUHSWXO IUXQ LL FX EUD HOH XúRU vQGRLWH GLQ FRDWH ± FDUH
VXQW RULHQWDWH REOLF vQDLQWH F WUH GLUHF LD GH SDVDUH ± SULQWUR XúRDU
DUFXLUH D WUXQFKLXOXL úL R HYHQWXDO S úLUH VSUH vQDLQWH EUD HOH VH
vQWLQG REOLF vQDLQWH úL vQ VXV LPSXOVXO ILQDO GDW PLQJLL ILLQG H[HFXWDW
SULQPLúFDUHDGHÄELFLXLUH´GLQDUWLFXOD LLOHSXPQLORU
3R]L LDILQDO DSDOPHORUFXGHJHWHOHU VILUDWHHVWHvQMRVúLvQDLQWH
6H UHFRPDQG FD WUDLHFWRULD LPSULPDW PLQJLL V ILH vQWLQV
DWXQFLFkQGSDVDQXWUHEXLHV WUHDF SHVWHYUHXQDGYHUVDU
$FHVW SURFHGHX HVWH HILFDFH FkQG VH H[HFXW GLQ V ULWXU
MXF WRUXO DIODW vQ SXQFWXO PD[LP DO V ULWXULL WUDQVPLWH PLQJHD DSRL
DWHUL]HD] SHDPEHOHSLFLRDUHGHRGDW
*UHúHOLIUHFYHQWH
¾GXFHUHD PLQJLL SUHD vQDSRL SHVWH FDS IDSW FH vQWkU]LH úL
vQJUHXLD] SDVDUHD
¾PLúFDUHDSUHDDPSO GLQEUD HvQGHWULPHQWXOFHOHLGHD]YkUOLUH
GLQDUWLFXOD LLOHSXPQLORU
¾RULHQWDUHDFRDWHORUvQODWHUDOúLQXVSUHvQDLQWHúLvQMRV
8WLOL]DUHWDFWLF 3DV IRORVLW GHMXF WRULLvQDO LSLYR LFHQWULL
SHQWUX D GHJDMD PLQJHD GLQ DJORPHU ULOH GH VXE FRú VDX DWXQFL FkQG
SULQGHUHDXQHLSDVHVDI FXWODvQ O LPHDFDSXOXLúLvQVLWXD LDWDFWLF
VROLFLW WUDQVPLWHUHDIRDUWHUDSLG DPLQJLLvQID]DQRXDS UXW
0HWRGLFDvQY ULLVXQWIRORVLWHDFHOHDúLIRUPD LLGHOXFUXFDOD
SDVDFXGRX PkLQLGHODSLHSWGHSHORF
1RW 3DVHOH GH SH ORF XUPDWH GH GHSODVDUH vQ VWUXFWXUL GH
SURFHGHHWHKQLFHVHFRQVROLGHD] SULQMRFXULSUHJ WLWRDUH
3DVDFXRPkQ GLQGUHSWXOXP UXOXLGHSHORF
5HSUH]LQW SURFHGHXO FHO PDL IRORVLW GH SDVDUH D PLQJLL FX R
PkQ FRQVWLWXLQGDO WXULGHSDVDFXGRX PkLQLGHODSLHSWSDVHOHGH
ED] DOHMRFXOXLGHEDVFKHW
([HFX LD DFHVWXL SURFHGHX DUH OD ED] R PLúFDUH QDWXUDO
DVHP QkQGXVHFXPLúFDUHDGHD]YkUOLUHDXQHLSLHWUH
'LQSR]L LHIXQGDPHQWDO FXSLFLRUXORSXVEUD XOXLGHH[HFX LH
vQDLQWHFXPLQJHD LQXW vQDPEHOHPkLQLvQSUL] DVLPHWULF EUD HOH
FRQGXFPLQJHDvQODWHUDO±vQGUHSWXOXP UXOXLWLPSvQFDUHWUXQFKLXO
VHU VXFHúWHSX LQvQVHQVXOEUD XOXLGHSDVDUH


)LJXUD([HFX LDSDVHLFXRPkQ
GLQGUHSWXOXP UXOXLGHSHORF
0LQJHDHVWHvPSLQV GHPkQDRSXV FHOHLGHSDVDUHvQHFKLOLEUX
vQSDOPDEUD XOXLGHSDVDUHvQGUHSWXOXP UXOXLúLSX LQODWHUDO%UD XO
HVWH vQGRLW FX FRWXO OD QLYHOXO XP UXOXL SDOPD FX GHJHWHOH PXOW
U VILUDWHHVWHvQDSRLúLVXEPLQJH&HO ODOWEUD VHDIO vQID vQGRLW
GLQFRWDVLJXUkQGSURWHMDUHDPLQJLL
ÌQWLQGHUHD EUXVF D EUD XOXL VSUH vQDLQWH FX SUHOXDUHD IRU HL
WUDQVPLVH FD R XQG GH OD SLFLRUXO GLQ VSDWH úROG úL WUXQFKL GDX XQ
LPSXOV FH HVWH FRQWLQXDW SULQ PLúFDUHD GH ÄELFLXLUH´ GLQ DUWLFXOD LLOH
SXPQXOXLúLGLQGHJHWH
&RQFRPLWHQWJUHXWDWHDFRUSXOXLHVWHWUHFXW SHSLFLRUXOGLQID
ILQDOXO PLúF ULL J VLQG EUD XO GH SDVDUH FRPSOHW vQWLQV FX GHJHWHOH
RULHQWDWHvQDLQWHúLvQMRV3DVDUHDPLQJLLSRDWHILvQVR LW úLGHRS úLUH
VSUH vQDLQWH SH SLFLRUXO EUD XOXL GH SDVDUH DWXQFL FkQG GLVWDQ D GH
WUDQVPLWHUHDPLQJLLHVWHPDUH
/D MXF WRULL DYDQVD L LPSXOVXULOH FRPSOHPHQWDUH GLVSDU vQ
PLúFDUH SDUWLFLSkQG OXFUXO GLQ DUWLFXOD LD SXPQXOXL SULQ ]YkFQLUHD VD
SXWHUQLF SUHFXP úL FHO DO DQWHEUD XOXL FDUH IRORVHúWH URWD LD GLQ
DUWLFXOD LDXP UXOXLFRWXOU PkQkQGODDFHODúLQLYHO
&DUDFWHULVWLFL
¾3DOPD EUD XOXL GH SDVDUH FRQVWLWXLH XOWLPXO SODQ GLUHFWRU DO
PLúF ULLHDJ VLQGXVH±vQID]DLQWHUPHGLDU DH[HFX LHL±FXID DVSUH
GLUHF LDGHSDVDUHúLvQDSRLDPLQJLL
¾3HQWUXWUDQVPLWHUHDPLQJLLODGLVWDQ HVFXUWHFXUVDEUD XOXLVH
PLFúRUHD] XUPkQG FD PLúFDUHD V ILH HIHFWXDW vQ SULQFLSDO GLQ
OXFUXODUWLFXOD LHLSXPQXOXL
¾5HSUH]LQW SURFHGHXOGLQFDUHDXGHULYDWDOWHIRUPHGHSDVDUH
D PLQJLL FX R PkQ SULQ PRGLILFDUHD SODQXOXL GH LPSXOVLH D PLQJLL
SDVDvPSLQV SDVDGLQODWHUDOSDVDGHMRV


*UHúHOLIUHFYHQWH
¾ PLúFDUHD HVWH H[HFXWDW DVHP Q WRU FHOHL GH DUXQFDUH D
JUHXW LL QX GH D]YkUOLUH GDWRULW DSURSLHULL PLQJLL GH XP U úL D
vQGRLULLH[DJHUDWHDJHQXQFKLORU
¾ FRWXO EUD XOXL FDUH SDVHD] QX HVWH OD QLYHOXO XP UXOXL úL vQ
ODWHUDO OXFUX FH LQIOXHQ HD] DVXSUD GLUHF LHL WUDLHFWRULHL úL IRU HL GH
SDVDUH
¾ VHSLHUGHFRQWUROXODVXSUDPLQJLLvQID]DILQDO SDOPDU PkQH
EORFDW GLQDUWLFXOD LDSXPQXOXL
8WLOL]DUH WDFWLF 5HSUH]LQW SURFHGHXO GH SDVDUH IRORVLW SHQWUX
WUDQVPLWHUHDPLQJLLODRULFHGLVWDQ úLFXGHRVHELUHODGLVWDQ HPHGLLúL
OXQJL GHFL VSHFLILF vQ GHFODQúDUHD DWDFXOXL UDSLG úL PDL DOHV D
FRQWUDDWDFXOXL
0HWRGLFDvQY ULLVXQWIRORVLWHDFHOHDúLIRUPD LLGHOXFUXFDOD
SDVDFXGRX PkLQLGHODSLHSWGHSHORF

)LJXUD3DVDUHDPLQJLLFXGRX PkLQLGLQDOHUJDUH


3DVDFXGRX PkLQLGLQDOHUJDUH)LJXUD
([HFX LD XQHL SDVH GLQ GHSODVDUH VH SUH]LQW VXE IRUPD XQXL
FRPSOH[ vQ FDUH VH vPELQ DOHUJDUHD FX SULQGHUHD PLQJLL úL H[HFX LD
SURSULX]LV D SDVHL ± FDUH QX GLIHU FX QLPLF FD SURFHGHX GH FHOH
GHVFULVHODSDVHOHH[HFXWDWHGHSHORF
(OHPHQWXO SULQFLSDO vQ H[HFXWDUHD XQHL SDVH GLQ DOHUJDUH vO
FRQVWLWXLH UHVSHFWDUHD UHJXOLL ÄSDúLORU´ SULQ FDUH MXF WRUXOXL QX L VH
SHUPLWHV HIHFWXH]HPDLPXOWGHGRX S úLULFXPLQJHD LQXW vQPkLQL
([HFX LD SDVHL GLQ DOHUJDUH SRDWH IL SUHFHGDW úL GH SULQGHUHD
PLQJLLGLQGULEOLQJ
-XF WRUXODIODWvQGULEOLQJYDF XWDFDODXOWLPDÄE WDLH´DPLQJLL
vQ VRO V LPSULPH DFHVWHLD XQ LPSXOV PDL SXWHUQLF FDUH V L SHUPLW
XúXUDUHD SULQGHULL PLQJLL 6XFFHVLXQHD XOWHULRDU D PLúF ULORU HVWH
DVHP Q WRDUHFHOHLGHVFULVHPDLVXV

)LJXUD'LDJUDPDH[HFX LHLXQHLSDVHGLQDOHUJDUH
SUHFHGDWHGHSULQGHUHDPLQJLLGLQGULEOLQJ
*UHúHOLIUHFYHQWH
¾QHUHVSHFWDUHDUHJXOLLSDúLORU
¾vQWUH FHOH GRX S úLUL MXF WRUXO QX S VWUHD] R SR]L LH VWDELO GH
LQHUHDPLQJLLEDODQVkQGRvQODWHUDOGUHDSWDVWkQJDOXFUXFHGXFHOD
GH]HFKLOLEU UL
¾QX VH LQH FRQW GH GLUHF LD úL YLWH]D GH GHSODVDUH D SDUWHQHUXOXL
F UXLDvLHVWHDGUHVDW SDVDDFHDVWDQHH[HFXWkQGXVHSHSR]L LHYLLWRDUH
vQFDUHMXF WRUXOUHVSHFWLYYDDMXQJHRGDW FXPLQJHD
¾FHOHODOWHJUHúHOLFHPDLSRWDS UHDVXQWOHJDWHGHH[HFX LDSURSULX
]LV DSULQGHULLúLDSDV ULLPLQJLL
0HWRGLFDvQY ULL
¾ SDVDvQFHUFFXF SLWDQILJXUD
¾ HOHYLLDúH]D LvQúLUDOHDUJ VSUHSURIHVRUSULPHVFúLSDVHD]
PLQJHDGLQGHSODVDUHFRQWLQX GHSODVDUHDFXRFROLUHDSURIHVRUXOXLúL
VHDúHD] ODFRDGDúLUXOXLILJXUD


¾ SHSHUHFKLID QID GLVWDQ PDOHUJDUHSHORFFXQXP
UDUHDFHORUGRX S úLULvQWUHSULQGHUHDúLSDVDUHDPLQJLLILJXUD

)LJXUD)LJXUD
SDVHvQGRLGLQDOHUJDUHILJXUD
¾

)LJXUD)LJXUD
VXYHLF VLPSO FXSDVHGLQGHSODVDUHILJXUD
¾

)LJXUD
SDVHvQWUHLI U VFKLPEGHORFXULILJXUD
¾

)LJXUD


SDVHQWUHLFXVFKLPEGHORFXULILJXUDFULVVFURVV
¾

)LJXUD
¾6WUXFWXULGHSURFHGHHWHKQLFH
i SDVH vQ GRL GLQ GHSODVDUH GXS SULQGHUH ± GULEOLQJXUL
ILJXUD
i SDVHvQGRLGLQGHSODVDUHFXvQFUXFLú ULvQGULEOLQJILJXUD

)LJXUD

)LJXUD


3DVDUHDPLQJLLÄFXS PkQWXO´
&D SURFHGHH GH SDVDUH SRW IL IRORVLWH DWkW SDVHOH H[HFXWDWH FX
GRX PkLQLFkWúLFHOHH[HFXWDWHFXRPkQ FXVLQJXUDREVHUYD LHFD
SUL]HOHLQL LDOHV QXGHS úHDVF vQ O LPHDSLHSWXOXLH[HFXWDQWXOXL
3DVDUHD PLQJLL FX S PkQWXO VH SRDWH H[HFXWD ILH GH SH ORF ILH
GLQDOHUJDUH
ÌQ H[HFX LD XQHL SDVH FX S PkQWXO VH UHFRPDQG FD PLQJHD V
ORYHDVF VROXOvQFHDGHDGRXDWUHLPHDGLVWDQ HLGLQWUHMXF WRUXOFDUH
SDVHD] úLSULPLWRU0LQJLLvLWUHEXLHLPSULPDW RIRU FDUHV RIDF
FD ULFRúHXO FX VROXO V DMXQJ DSUR[LPDWLY OD vQ O LPHD DEGRPHQXOXL
FHOXLF UXLDvLHVWHDGUHVDW &DH[HFX LHPHFDQLVPXOHVWHDVHP Q WRU
SURFHGHXOXLGHSDVDUHGLUHFW FXGHRVHELUHDF EUD HOHVHvQWLQGVSUH
vQ MRV úL vQDLQWH LDU SR]L LD IXQGDPHQWDO D H[HFXWDQWXOXL YD IL FHYD
PDLFRERUkW vQFD]XOXQHLSDVHGDWHGHSHORF
*UHúHOLIUHFYHQWH
¾ PLQJHDHVWHD]YkUOLW VDXWUkQWLW vQVROvQORFV ILHvPSLQV
¾ PLúFDUHD GH ÄELFLXLUH´ HIHFWXDW SULQ OXFUXO GLQ DUWLFXOD LLOH
SXPQLORUHVWHOHQW LPSULPkQGXVHPLQJLLXQLPSXOVVODEFDXUPDUH
PLQJHDULFRúHD] SX LQGLQVROúLODPLF vQ O LPHFUHkQGGLILFXOW LvQ
SULQGHUHDHLGHF WUHSDUWHQHUXOF UXLDvLHVWHDGUHVDW SDVD
8WLOL]DUH WDFWLF 5HSUH]LQW XQ SURFHGHX DO MRFXOXL PRGHUQ
IRORVLW SHQWUX WUDQVPLWHUHD PLQJLL OD GLVWDQ H PLFL úL PLMORFLL
vPSRWULYD DS U ULORU vQ ]RQ ± SUHFHGDW GH IHQW ± VDX vPSRWULYD
DS U ULORUDFWLYDJUHVLYH
3R]L LDWULSOHLDPHQLQ UL
2UL GH FkWH RUL XQ DWDFDQW SULPHúWH PLQJHD HO YD WUHEXL V
DF LRQH]H GLQWUR SR]L LH IXQGDPHQWDO VSHFLILF DFHDVWD RIHULQGXL
SHUPDQHQW R VLWXD LH GH DYDQWDM vQ DF LXQHD VD vPSRWULYD DS U WRUXOXL
GLUHFWSXWkQGGLQDFHDVW SR]L LHV DUXQFHODFRúV SOHFHvQGULEOLQJ
VDXV SDVH]H
$FHDVW SR]L LHVSHFLILF PLúF ULLvQWHUHQDMXF WRUXOXLFXPLQJH
UHSUH]LQW PLMORFXOSULQFDUHVHUHDOL]HD] Ä75,3/$$0(1,1 $5(´
8Q MXF WRU vQ Ä32=, ,$ 75,3/(, (0(1,1 5,´ HVWH XQ
DWDFDQWDOF UXLSRWHQ LDORIHQVLYU PkQHLQWDFWHOYDSXWHDV DUXQFHOD
FRú V SOHFH vQ GULEOLQJ VDX V SDVH]H OXFUX FDUH SHQWUX DS UDUH
UHSUH]LQW RDPHQLQ DUHSHUPDQHQW


)LJXUD3R]L LDIXQGDPHQWDO DDWDFDQWXOXLFXPLQJH
3R]L LDWULSOHLDPHQLQ UL

3R]L LDWULSOHLDPHQLQ ULFRQVWLWXLHIXQGDPHQWXOQHFHVDUSHFDUH
WUHEXLHV VHED]H]HWHKQLFDúLWDFWLFDLQGLYLGXDO RIHQVLY

)LJXUD3RVLELOLW LOHGHDF LRQDUH
GLQSR]L LDWULSOHLDPHQLQ UL
3HQWUXDGDHILFLHQ DFHVWHLWULSOHDPHQLQ ULMXF WRUXOYDWUHEXL
V UHXúHDVF V DMXQJ XQDWDFDQWFRPSOHW
¾HOYDF XWDV GHSULQG RH[HFX LHUDSLG úLSUHFLV DDUXQF ULL
ODFRúGHODGLVWDQ VDXVHPLGLVWDQ


¾vúL YD GH]YROWD SULYLUHD SHULIHULF úL VLJXUDQ D XQHL H[HFX LL
SUHFLVHSHQWUXDILXQSDVHXUDELO
¾vúL YD SHUIHF LRQD WHKQLFD XQRU SOHF UL UDSLGH vQ GULEOLQJ
SHQWUX D UHDOL]D DF LXQL WHKQLFRWDFWLFH LQGLYLGXDOH GH GHS úLUH D
SURSULXOXLDS U WRU
235,5,/(
(OHPHQW VSHFLILF MRFXOXL GH EDVFKHW FH HVWH OHJDW vQ PRG GLUHFW
GH SUHYHGHULOH UHJXODPHQWDUH SULYLWRDUH OD ÄvQDLQWDUHD FX PLQJHD´
UHJXODSDúLORU
2SULUHD HVWH SUHFHGDW vQWRWGHDXQD GH SULQGHUHD PLQJLL FDUH VH
SRDWH IDFH ILH SULQ SULQGHUH GLQ SDV ILH SULQ SULQGHUH GLQ GULEOLQJ
'HRVHELPGRX SURFHGHHWHKQLFHGHH[HFX LHDRSULULL
¾ vQWUXQWLPSSULQV ULWXU
¾ vQGRLWLPSLSULQS úLUH
2SULUHDvQWUXQWLPSSULQV ULWXU
3UH]HQWDUHDPRGHOXOXL
5HSUH]LQW SURFHGHXOFXFDUHVHvQFHSHvQY DUHDDFHVWXLHOHPHQW
úL VH H[HFXW GLQ DOHUJDUH SUHFHGDW GH SULQGHUHD PLQJLL GLQ SDV VDX
GLQGULEOLQJ
ÌQ PRPHQWXO FDUH SUHFHGH SULQGHUHD PLQJLL GLQ SDV MXF WRUXO
H[HFXW RXúRDU V ULWXU vQDLQWH3ULQGHUHDPLQJLLVHIDFHvQV ULWXU
DWHUL]DUHD H[HFXWkQGXVH SH DPEHOH SLFLRDUH FDUH YRU IL SURLHFWDWH
SX LQ vQDLQWH FHQWUXO GH JUHXWDWH DO FRUSXOXL U PkQkQG vQDSRLD
SROLJRQXOXL GH VSULMLQ DO W OSLORU SHQWUX D DQXOD LQHU LD úL D RIHUL
HFKLOLEUXFRUSXOXL*OH]QHOHJHQXQFKLLúLWUXQFKLXOVHIOHFWHD] DVWIHO
vQFkWMXF WRUXOV LQWUHvQSR]L LHIXQGDPHQWDO

)LJXUD([HFX LDRSULULLvQWUXQWLPS


'DF YLWH]DGHGHSODVDUH±FDUHSUHFHGHRSULUHD±HVWHPDUHVH
UHFRPDQG FDGXS HIHFWXDUHDDWHUL] ULLSURSULX]LVHXQSLFLRUV ILH
GXV vQDLQWH WUHFkQG vQ SLYRWDUH SULQ S úLUH úL UHDOL]kQG DVWIHO R QRX
IUkQDUH
2SULUHDvQGRLWLPSLSULQS úLUH
3URFHGHXFXRIUHFYHQ GLQFHvQFHPDLPDUHvQMRFXOPRGHUQ
GDWRULW YLWH]HLFUHVFkQGHGHGHVI úXUDUHDMRFXOXL7HKQLFDGHH[HFX LH
HVWHDVHP Q WRDUHRSULULLvQWUXQWLPSXúRDU V ULWXU FRQFRPLWHQW FX
SULQGHUHDPLQJLLDWHUL]DUHSHSULPXOSLFLRUFDUHLDFRQWDFWFXVROXOSH
F OFkLJHQXQFKLXOILLQGvQWLQV8UPHD] IOH[LDDFHVWXLJHQXQFKL±PLúFDUH
FDUH FRQWULEXLH OD DPRUWL]DUHD úRFXOXL GH DWHUL]DUH ± RSULUH 3URLHF LD
FHQWUXOXLGHJUHXWDWHDOFRUSXOXLSHVROGLQSR]L LDGLQDSRLDW OSLLGH
FRQWDFW HVWH GHSODVDW VSUH vQDLQWHLQHU LDDOHUJ ULLFXPúLHYHQWXDOD
GH]HFKLOLEUDUHDFRUSXOXLILLQGDQXODWHSULQDúH]DUHDvQDLQWHDFHOXLODOW
SLFLRUFXWDOSDRULHQWDW REOLFVSUHLQWHULRUFRQWDFWXOFXVROXOOXkQGX
VH PDL PXOW SH PDUJLQHD LQWHUQ D ODEHL SLFLRUXOXL 7UXQFKLXO VH
DSOHDF U VXFLQGXVH XúRU XP UXO GH SH SDUWHD SLFLRUXOXL GLQ ID
GXFkQGXVHREOLFvQDLQWHSHGLUHF LDGHDúH]DUHDDFHVWXLSLFLRU
*UHXWDWHD FRUSXOXL vQFHSH V ILH UHSDUWL]DW SH DFHVW SLFLRU GDU
HDYDWUHEXLV U PkQ PDLPXOWSHSLFLRUXOFDUHDOXDWSULPXOFRQWDFW
FXVROXOÌQFD]XOvQFDUHLQHU LDQXSRDWHILvQYLQV WRWFXSLFLRUXOFHOXL
GHDOGRLOHDWLPSDORSULULLVHYDH[HFXWDRQRX S úLUHvQDLQWHI U vQV
FD SLFLRUXO GH FRQWDFW FX VROXO ± SLFLRUXO SLYRW±V ILHULGLFDW'XS
RSULUHSLFLRUXOGLQID YDILUHWUDVMXF WRUXOXUPkQGV LQWUHvQSR]L LD
IXQGDPHQWDO DDWDFDQWXOXLFXPLQJHÄSR]L LDWULSOHLDPHQLQ UL´

)LJXUD([HFX LDRSULULLvQGRLWLPSL


&DUDFWHULVWLFLJHQHUDOHGHH[HFX LH
¾ 7HKQLFD RSULULORU WUHEXLH vQ HOHDV FD ILLQG DFHD PLúFDUH SULQ
FDUH MXF WRUXO WUHFH GLQWUR VWDUH GLQDPLF GH PXOWH RUL IRDUWH DFWLY
DOHUJDUH VDX V ULWXU vQWUR VWDUH VWDWLF SR]L LH IXQGDPHQWDO
SLYRWDUHSURWHF LHGHPLQJH
¾ ÌQH[HFX LDRSULULORUMXF WRUXOWUHEXLHV úLS VWUH]HHFKLOLEUXO
FRUSXOXL LQGLIHUHQW GH WUDLHFWRULD SH FDUH VH vQVFULH DFHVWD vQ WLPSXO
V ULWXULL
¾ 3LFLRDUHOH YRU IL vPSLQVH SH GLUHF LD GHSODV ULL vQ PRPHQWXO
DWHUL] ULLDVWIHOFDVXSUDID DGHVSULMLQV SUHFHDG SURLHF LDFHQWUXOXL
GH JUHXWDWH SH VRO &X FkW YLWH]D GH GHSODVDUH HVWH PDL PDUH FX DWkW
VXSUDID D GH VSULMLQ YD IL PDL GHS UWDW GH SURLHF LD FHQWUXOXL GH
JUHXWDWHSHVRO3HP VXU FHLQHU LDHVWHvQYLQV SURLHF LDFHQWUXOXLGH
JUHXWDWH SH VRO VH YD DSURSLD úL YD LQWUD vQ LQWHULRUXO VXSUDIH HL GH
VSULMLQ
¾ ÌQYLQJHUHD LQHU LHL VH IDFH SULQ OXFUXO GH FHGDUHIUkQDUH
H[HFXWDWSULQvQGRLUHDSLFLRDUHORU
¾ ,QGLIHUHQW GH SURFHGHXO IRORVLW ODEHOH SLFLRDUHORU YRU IL
GHS UWDWHSHQWUXDDVLJXUDRED] GHVXV LQHUHFRUHVSXQ] WRDUH
*UHúHOLIUHFYHQWH
¾ vQ WLPSXO V ULWXULL SHQWUX UHDOL]DUHD RSULULL FRUSXO VH DSOHDF
vQDLQWH
¾ ODDWHUL]DUHSLFLRDUHOHQXVXQWGXVHvQDLQWHVXILFLHQWvQDLQWHD
SURLHF LHL FHQWUXOXL GH JUHXWDWH SH VRO QX VH IOHFWHD] JHQXQFKLL
VXILFLHQW DVWIHO FD vQ ILQDOXO RSULULL V VH DMXQJ vQWUR JKHPXLUH D
FRUSXOXL
¾ 3LFLRDUHOH ± OD RSULUHD vQ GRL WLPSL ± VH DúHD] XQXO vQ
SUHOXQJLUHDFHOXLODOWSROLJRQXOGHVXV LQHUHILLQGDVWIHOPXOWvQJXVWDW
8WLOL]DUHWDFWLF (VWHHOHPHQWXOIRORVLWRULGHFkWHRULMXF WRUXO
DIODWvQDOHUJDUHSULPHúWHPLQJHDVDXGULEOkQGGRUHúWHVDXWUHEXLHV
VHRSUHDVF 3UHFHGDWGHSULQGHUHDPLQJLLHVWHIRORVLWFDIHQW SHQWUX
UHDOL]DUHD GHPDUFDMXOXL LQGLYLGXDO vQDLQWHD H[HFXW ULL XQHL DF LXQL
WHKQLFRWDFWLFH LQGLYLGXDOH GH ÄGHS úLUH´ 2SULUHD UHSUH]LQW WRWRGDW
HOHPHQWXO FRPSRQHQW DO DF LXQLL WDFWLFH LQGLYLGXDOH GH ³LHúLUH OD
PLQJH´vQYHGHUHDDVLJXU ULLSULQGHULLPLQJLL
0HWRGLFDvQY ULL
([HUFL LLVSHFLILFHGHWHKQLF
¾ H[HUFL LLI U PLQJH
i GLQPHUVXúRDU DOHUJDUHODVHPQHVDXVHPQDOHVHH[HFXW
V ULWXU XúRDU FXDWHUL]DUHvQSR]L LHIXQGDPHQWDO


i V ULWXULUHSHWDWHFXDWHUL]DUHvQSR]L LHIXQGDPHQWDO
i VWUXFWXULGHSURFHGHHWHKQLFHI U PLQJH
¾ H[HUFL LLFXPLQJH
i GHSHORFDUXQFDUHDPLQJLLvQVXV±SULQGHUHFXV ULWXU
i DUXQFDUHD PLQJLL vQ VXV úL vQDLQWH ± SULQGHUH ± RSULUH
ILJXUD

)LJXUD
i SULQGHUHGHPLQJHGLQSDV
i SULQGHUHGHPLQJHGLQGULEOLQJ
¾ VWUXFWXULGHSURFHGHHWHKQLFH
i SH SHUHFKLLHúLUH OD PLQJH ± SULQGHUH ± RSULUH ± SDV ±
UHWUDJHUHFXVSDWHOHILJXUD

)LJXUD
i úLU FX F SLWDQ LHúLUH OD PLQJH±SULQGHUH±RSULUH±SDV ±
UHYHQLUHODFRDGDúLUXOXLILJXUD

)LJXUD
i VXYHLF VLPSO LHúLUHODPLQJH±SULQGHUH±RSULUH±SLYRWDUH
SDV ODúLUXOSURSULX±GHSODVDUHODFRDGDúLUXOXLRSXVILJXUD

)LJXUD
i GULEOLQJ±RSULUH±SLYRWDUHSDV úLGHSODVDUHODFRDGDúLUXOXL
ILJXUD
i GULEOLQJ±RSULUH±DUXQFDUHODFRúGHSHORFFXRPkQ GHVXV
ILJXUD


)LJXUD)LJXUD
MRFFXWHP
¾
i ODLQWUDUHDvQSRVHVLDPLQJLLREOLJDWRULXRSULUH
i SDV QXPDLGXS RSULUHDGLQGULEOLQJ
i UHVSHFWDUHDVWUXFWXULLLHúLUHODPLQJH±RSULUH±GULEOLQJ
±RSULUH±DUXQFDUHODFRú
3,927$5($
(VWHXQXOGLQWUHFHOHPDLIRORVLWHHOHPHQWHvQMRFXOGHEDVFKHW
vQWUX WRWXO VSHFLILF DFHVWXL MRF VSRUWLY 5HSUH]LQW UHDOL]DUHD SR]L LHL
IXQGDPHQWDOH D DWDFDQWXOXL FX PLQJH vQ GLIHULWH FRQGL LL GH H[HFX LH
DVLJXUkQG HFKLOLEUDUHD MXF WRUXOXL FD XUPDUH D XQHL RSULUL SURWHF LD
LQGLYLGXDO DPLQJLLVDXIHQW RIHQVLY vQUHDOL]DUHDDF LXQLLWHKQLFR
WDFWLFHLQGLYLGXDOHGHÄGHS úLUH´VDXDXQHLDUXQF ULODFRúGHSHORF
VDXGLQV ULWXU
3LYRWDUHD HVWH HOHPHQWXO WHKQLF DO MRFXOXL GH EDVFKHW D F UXL
H[HFX LH HVWH FRQGL LRQDW GH SUHYHGHULOH UHJXODPHQWXOXL GH MRF
([HFX LD JUHúLW GHWHUPLQ FRPLWHUHD DEDWHULL GH ÄSDúL´ VDQF LRQDW
SULQSLHUGHUHDSRVHVLHLPLQJLL
&ODVLILFDUHDSURFHGHHORUGHSLYRWDUHHVWHXUP WRDUHD
¾ 'LQSXQFWGHYHGHUHDOH[HFX LHL
i SLYRWDUHSULQS úLUH
i SLYRWDUHSULQvQWRDUFHUH
¾ 'LQSXQFWGHYHGHUHWDFWLF
i SLYRWDUHRIHQVLY VSUHvQDLQWH
i SLYRWDUHGHIHQVLY VSUHvQDSRL
3LYRWDUHDSULQS úLUHVSUHvQDLQWHVSUHvQDSRL
-XF WRUXO±RSULWvQSR]L LHIXQGDPHQWDO FXPLQJHDvQSURWHF LH
SULQOXFUXGHEUD H±WUHFHJUHXWDWHDFRUSXOXLSHSLFLRUXODOHVFDÄSLFLRU
SLYRW´H[HFXWkQGRXúRDU IOH[LHvQWRDWHDUWLFXOD LLOHWUHQXOXLLQIHULRU


&RUSXOVHDSOHDF VSUHvQDLQWHF OFkLXOSLFLRUXOXLSLYRWVHULGLF GHSH
VRO úL SULQWUR XúRDU H[WHQVLH vQ DUWLFXOD LLOH DFHVWXL SLFLRU MXF WRUXO
H[HFXW R S úLUH VSUH vQDLQWH FX FHO ODOW SLFLRU 3LQJHDXD SLFLRUXOXL
SLYRWQXVHYDULGLFDGHSHVRO
ÌQ WLPSXO H[HFX LHL SLFLRUXO SH FDUH VH S úHúWH PRELO QX
U PkQHvQWLQVFLHVWHXúRUvQGRLWGLQJHQXQFKLFkQGLDFRQWDFWGLQQRX
FXVROXODFHVWDSUHLDRSDUWHGLQJUHXWDWHDFRUSXOXL
ÌQH[HFXWDUHDSLYRW ULLSULQS úLUHVSUHvQDSRLH[HFX LDPLúF ULL
HVWH DFHHDúL GDU vQ VHQV LQYHUV FX H[FHS LD F OFkLXOXL SLFLRUXOXL GH
SLYRWDUHFDUHQXVHULGLF GHSHVRO

)LJXUD3LYRWDUHDSULQS úLUH
3LYRWDUHDSULQvQWRDUFHUHVSUHvQDLQWHVSUHvQDSRL
0LúFDUHD HVWH DVHP Q WRDUH FHOHL GHVFULVH vQDLQWH ,PSRUWDQW vQ
DFHDVW PLúFDUH HVWH GHVF UFDUHD GH JUHXWDWH D SLFLRUXOXL RVFLODQW úL
LPSXOVXO GDW GH XúRDUD U VXFLUH D XP UXOXL WUXQFKLXOXL úROGXOXL úL D
SLFLRUXOXLF WUHGLUHF LDvQWRDUFHULLÌQWLPSXOSLYRW ULLFDUHVHH[HFXW
SH SDUWHD DQWHULRDU D W OSLL SLQJHDXD SLFLRUXOXL SLYRW SLFLRUXO
RVFLODQW DOXQHF XúRU SH VRO /D WHUPLQDUHD vQWRDUFHULL SLYRW ULL
MXF WRUXOVHYDDIODvQSR]L LHIXQGDPHQWDO FXED]DGHVXV LQHUHFDYD
PDLPDUHúLRULHQWDW VSUHQRXDGLUHF LH
&DUDFWHULVWLFLJHQHUDOHGHH[HFX LH
¾ ÌQWLPSXOH[HFX LHLSLYRW ULLVHXUP UHúWHPHQ LQHUHDSR]L LHL
IXQGDPHQWDOHFRQFRPLWHQWFXUHDOL]DUHDSURWHF LHLPLQJLL


¾ 3LFLRUXO RVFLODQW PRELO QX VH YD GHSODVD QLFLRGDW SkQ vQ
SR]L LDvQFDUHVHDIO SHDFHHDúLOLQLHFXSLFLRUXOSLYRW

)LJXUD3LYRWDUHDSULQvQWRDUFHUH
¾ /DEHOH SLFLRDUHORU WUHEXLH V ILH DSUR[LPDWLY SDUDOHOH úL FX
VSULMLQSHSLQJHDSHQWUXDUHDOL]DRSR]L LHFkWPDLHFKLOLEUDW
¾ $UWLFXOD LLOH JOH]QHORU úL JHQXQFKLORU VXQW SHUPDQHQW IOH[DWH
LQGLIHUHQWGHDF LXQHDúLGLVWDQ DGLQWUHODEHOHSLFLRDUHORU
*UHúHOLIUHFYHQWH
¾ 3LYRWDUHDVHH[HFXW SHF OFkLXOSLFLRUXOXLúLQXSHSLQJHD
¾ ÌQ WLPSXO H[HFX LHL VH vQWLQG JHQXQFKLL úL JOH]QHOH FUHkQG R
SR]L LHULJLG DvQWUHJXOXLFRUS
¾ 6HvQFUXFLúHD] SLFLRDUHOHQXVHS VWUHD] SDUDOHOLVPXOW OSLORU
¾ /LSVD GH FRRUGRQDUH vQ PLúF ULOH H[HFXWDWH SHQWUX SURWHF LD
PLQJLL GHWHUPLQ GH]HFKLOLEUDUHD FRUSXOXL vQ WLPSXO H[HFX LHL
SLYRW ULL
8WLOL]DUHWDFWLF 3LYRWDUHDHVWHIRORVLW vQMRFXORIHQVLYRULGH
FkWH RUL MXF WRUXO DUH PLQJHD úL H[HFXW RSULUL SURWHF LH GH PLQJH
EORFDMHRIHQVLYHIHQWHSUHFXPúLvQMRFXOMXF WRUXOXLSLYRWVDXFHQWUX
0HWRGLFDvQY ULL
([HUFL LLVSHFLILFH
¾ H[HUFL LLI U PLQJH
i SLUXHWHPHUVXOSHÄWURWLQHW ´FXSXQFWIL[SHVRO
i S úLUL vQDLQWH vQDSRL ODWHUDO FX UHYHQLUH vQ SR]L LH IXQGD
PHQWDO


i vQWRDUFHULSULQS úLULUHSHWDWHvQDLQWHvQDSRL
GLQ GHSODV UL YDULDWH DOHUJDUH QRUPDO GHSODVDUH FX VSDWHOH
¾
GHSODVDUHODWHUDO RSULULúLSLYRW ULGHYRLHODVHPQHVDXVHPQDOH
¾ SHSHUHFKLDUXQFDUHDPLQJLLvQVXVúLSX LQvQDLQWH±GHSODVDUH
±SULQGHUHRSULUHSLYRWDUHSULQS úLUH±SDV ILJXUD

)LJXUD
¾ DFHODúLH[HUFL LXFXSLYRWDUHSULQvQWRDUFHUHSkQ VHDMXQJHFX
ID DODSHUHFKH
¾ SLYRWDUHFXVFKLPEDUHDORFXOXLGH LQHUHDPLQJLLHOHPHQWHGH
SURWHF LH
¾ GULEOLQJ±RSULUH±SLYRWDUH±SDV ±GHSODVDUHODFRDGDúLUXOXL
ILJXUD
¾ GULEOLQJ±RSULUHSLYRWDUHDUXQFDUHODFRúUHFXSHUDUHILJXUD
¾ SDV VFKLPEDUHGHGLUHF LHLHúLUHODPLQJH±SULQGHUH±RSULUH
SLYRWDUHDUXQFDUH OD FRúUHFXSHUDUH GHSODVDUH vQ GULEOLQJ OD FRDGD
úLUXOXLILJXUD

)LJXUD)LJXUD)LJXUD
¾GULEOLQJRSULUH FX SULQGHUH SLYRWDUHDUXQFDUH OD FRú
UHFXSHUDUHGHSODVDUHFXGULEOLQJODFRDGDúLUXOXLRSXVILJXUD
¾GULEOLQJ±VFKLPE ULGHGLUHF LH±RSULUH±DUXQFDUHODFRúGH
SHORF±UHFXSHUDUHúLUHYHQLUHODFRDGDúLUXOXLvQGULEOLQJILJXUD
¾SDVH±QGRLFXGULEOLQJúLILQDOL]DUHFXDUXQFDUHODFRúGHSH
ORFILJXUD
¾MRF[[[SHòWHUHQFXWHP
i GXS SULQGHUH±RSULUHVHH[HFXW REOLJDWRULXSLYRWDUH
¾GULEOLQJ±RSULUH±SLYRWDUH±SDV


)LJXUD)LJXUD)LJXUD
MRF[[[SHòWHUHQFXWHP
¾
i GXS SULQGHUH±RSULUHVHH[HFXW REOLJDWRULXSLYRWDUH
i GULEOLQJ±RSULUH±SLYRWDUH±SDV
-RF[SHòúLWHUHQFXWHP
¾
'5,%/,1*8/
5HSUH]LQW HOHPHQWXO WHKQLF FDUH G SRVLELOLWDWHD MXF WRUXOXL FX
PLQJHV VHGHSODVH]HvQWHUHQI U DVHDEDWHGHODÄUHJXODSDúLORU´
vQDLQWDUHDFXPLQJHD
0RGXOGHH[HFX LHDGULEOLQJXOXLVHUHJ VHúWHvQWUXQDUWLFROGLQ
UHJXODPHQWXOMRFXOXLFDUHGXS FHDUDW FHVHvQ HOHJHSULQGULEOLQJ
HQXQ FHHDFHUHSUH]LQW DEDWHUHGHODDFHDVW UHJXO úLDQXPH
Ä«8Q GULEOLQJ VH WHUPLQ vQ PRPHQWXO vQ FDUH XQ MXF WRU
DWLQJH VLPXOWDQ PLQJHD FX DPEHOH PkLQL VDX FkQG UH LQH PLQJHD FX
XQDVDXDPEHOHPkLQL«´
³«8QMXF WRUQXSRDWHGULEODDGRXDRDU GXS FHDWHUPLQDW
SULPXOGULEOLQJGRDUGDF DSLHUGXWFRQWUROXOPLQJLLFDXUPDUH
¾ DXQHLDUXQF ULODFRú
¾ DORYLULLPLQJLLGHF WUHXQDGYHUVDU
¾ DXQXLFRQWUROVODEVDXDXQHLSDVHFkQGPLQJHDDWLQJHVDXD
IRVWDWLQV GHXQDOWMXF WRU«´
&RQIRUPSUHYHGHULORUUHJXODPHQWDUHGULEOLQJXOSRDWHILH[HFXWDW
SULQ vPSLQJHUHD URVWRJROLUHD VDX ORYLUHD PLQJLL vQ VRO 3URSULX]LV
GULEOLQJXO FRQVW GLQWUR VHULH GH LPSXOVXUL LPSULPDWH PLQJLL FDUH R
IDF V ULFRúH]H GLQ VRO vQ UDSRUW FX GLUHF LD LPSXOVLHL úL YLWH]D GH
GHSODVDUHDMXF WRUXOXL
&D XUPDUH GHRVHELP GULEOLQJXO vQDOW VDX MRV H[HFXWDW SH ORF
VDX vQ DOHUJDUH WRDWH DFHVWHD ILLQG GHWHUPLQDWH GH VLWXD LD WDFWLF
LPSXV GHPRPHQWXOMRFXOXL
'H SH ORF VDX GLQ DOHUJDUH PHFDQLVPXO GH H[HFX LH DO PLúF ULL
HVWH DFHODúL 6LQJXUD GHRVHELUH FRQVW vQ XQJKLXO VXE FDUH HVWH


LPSXOVLRQDW PLQJHD VSUH VRO DFHVWD ILLQG GHWHUPLQDW GH YLWH]D GH
GHSODVDUHDMXF WRUXOXL

)LJXUD'ULEOLQJ)LJXUD'ULEOLQJGHWUHFHUH
SHQWUXSURWHF LDPLQJLLGLQWHUHQXOGHDS UDUH
VDXGHDúWHSWDUHvQDWDF

)LJXUD'ULEOLQJvQDF LXQHDWDFWLF
LQGLYLGXDO GHÄGHS úLUH´DDGYHUVDUXOXL

ÌQGULEOLQJXOSHORFGHDúWHSWDUHLPSXOVLDLPSULPDW PLQJLLYD
IL YHUWLFDO vQ FD]XO GULEOLQJXOXL GLQ DOHUJDUH LPSXOVLD YD IL vQDSRLD
D[XOXLYHUWLFDODOPLQJLLSHSDUWHDGLQVSUHMXF WRULPSDFWXOPLQJLLFX
VROXO DYkQG XQ XQJKL FX DWkW PDL PDUH FX FkW YLWH]D GH GHSODVDUH D
DWDFDQWXOXLHVWHPDLPDUH
3DOPDFXGHJHWHOHU VILUDWH±IRUPkQGRFXS LQYHUV LDFRQWDFW
FX PLQJHD vQF SH WUDLHFWRULD HL DVFHQGHQW GLQ ULFRúHXO VROXOXL
DFRSHULQG R SDUWH GLQ FDORWD VXSHULRDU SX LQ vQDSRL D PLQJLL SULQ
IOH[DUHDEUD XOXLGLQDUWLFXOD LLOHFRWXOXLúLDOHPkLQLLFHDDSXPQXOXL
VH DPRUWL]HD] IRU D DVFHQVLRQDO D PLQJLL FDUH HVWH WRWRGDW
FRQWURODW LPHGLDW SDOPD LPSULP PLQJLL R QRX LPSXOVLH VSUH VRO
SULQWUR PLúFDUH D DQWHEUD XOXL GLQ DUWLFXOD LD FRWXOXL D SXPQXOXL úL
GHJHWHORUFRQGXFkQGPLQJHDSHDFHDVW WUDLHFWRULHDVFHQGHQW
,PSXOVXOGDWPLQJLLVSUHVROYDILRULHQWDWSX LQODWHUDOREOLFúL
vQDLQWHID GHMXF WRUXQJKLXOGHFRQWDFWDOPLQJLLFXVROXOGHSLQ]kQG
GHYLWH]DGHGHSODVDUHDMXF WRUXOXL


6HQVXOLPSXOVLHLHVWHFRQWURODWGHOXFUXOGLQDUWLFXOD LLOHSXPQXOXL
úL GHJHWHORU FHHD FH GHWHUPLQ WRWRGDW vQ O LPHD úL YLWH]D FX FDUH
PLQJHDYDULFRúDGLQVROSUHFXPúLGLUHF LDSHFDUHDFHDVWDRYDF S WD
ÌQWUHJDFHVWDQVDPEOXGHPLúF ULOXFUXO
EUD XOXLDQWHEUD XOXLúLDOSDOPHLSHWUDLHFWRULD
DVFHQGHQW úL GHVFHQGHQW D PLQJLL HVWH FX
QRVFXWVXEGHQXPLUHDSODVWLF GHÄPLúFDUHGH
SRPSDUHÍLJXUDILLQGDVHPXLW FHOHLVSH
FLILFHVFRDWHULLDSHLFXDMXWRUXOXQHLSRPSHGH
WLSDPHULFDQÌQWLPSXOH[HFX LHLFRUSXOQXVH
EDODQVHD] OXFUXO EUD XOXL ILLQG LQGHSHQGHQW
GH PLúF ULOH FHORUODOWH VHJPHQWH DOH FRUSXOXL
$FHVWDS VWUHD] RSR]L LHXúRUDSOHFDW vQFOL )LJXUDÄ0LúFDUHD
QDUHDOXLILLQGUDSRUWDW ODYLWH]DGHGHSODVDUH GHSRPSDUH´DEUD XOXL
D MXF WRUXOXL OD R YLWH] GH GHSODVDUH PDL FXFDUHVHHIHFWXHD]
PDUHFRUSXOHVWHPDLULGLFDWFXWUXQFKLXOPDL GULEOLQJXO
GUHSW
%UD XORSXVFHOXLFXFDUHVHGULEOHD] HVWHXúRUvQGRLWGLQFRWúL
FRQVWLWXLHXQHOHPHQWGHSURWHF LHDPLQJLLGLQODWHUDO
&DSXOHVWHULGLFDWFXSULYLUHDFXSULQ]kQGXQFkPSYL]XDOFkWPDL
PDUH
*UHúHOLIUHFYHQWH
¾0LQJHD HVWH SOHVQLW VDX ORYLW úL QX vPSLQV SULQ OXFUXO
EUD XOXLúLDOSDOPHL
¾7UXQFKLXOSUHDDSOHFDWGLQIOH[LDED]LQXOXLPLFúRUHD] FkPSXO
YL]XDODOMXF WRUXOXL
¾&RUSXOVHEDODQVHD] YHUWLFDOvQWLPSXOH[HFXW ULLGULEOLQJXOXL
¾6HSULYHúWHPLQJHDúLQXMRFXOvQDQVDPEOXOOXL
8WLOL]DUH WDFWLF )RORVLUHD DFHVWXL HOHPHQW RIHQVLY GH PLúFDUH
vQWHUHQDMXF WRUXOXLFXPLQJHDWUHEXLHV ILHPRWLYDW WDFWLFvQWLPSXO
MRFXOXL
¾GHWUHFHUHDPLQJLLGLQDS UDUHvQWHUHQXOGHDWDF
¾FDHOHPHQWGHRUJDQL]DUHDVLVWHPXOXLGHDWDF
¾vQDWDFXOvQVXSHULRULWDWHQXPHULF vQDF LXQLOHGHÄGHS úLUH´
SHFRQWUDDWDF
¾vPSRWULYDDS U ULORUDJUHVLYH
¾SHQWUX VFRDWHUHD GHJDMDUHD PLQJLL GLQ ]RQH DJORPHUDWH úL
GXS UHFXSHUDUHDODSDQRX


)RORVLUHDQHPRWLYDW WDFWLFDGULEOLQJXOXLFRQGXFHODvQWkU]LHUHD
DF LXQLORU GH DWDF úL OD SRVLELOLWDWHD RUJDQL] ULL DS U ULL vQ YHGHUHD
FRQWUDFDU ULLDF LXQLORURIHQVLYH
0HWRGLFDvQY ULL
([HUFL LLSHQWUXvQVXúLUHDWHKQLFLLLQGLYLGXDO
¾ GULEOLQJSHORF
i FXPkQDGUHDSW FXPkQDVWkQJ
i vQDOWPHGLXMRV
i FXWUHFHUHDPLQJLLvQGULEOLQJvQMXUXOSLFLRDUHORU
i vQID WUHFHUHDPLQJLLFXRLPSXOVLHGLQWURPkQ vQDOWD
¾ GULEOLQJGLQPHUVúLXúRDU DOHUJDUH
i FXPkQDGUHDSW FXPkQDVWkQJ
i vQDLQWHvQDSRLFXID DFXVSDWHOHODWHUDOH[HUFL LLGLULMDWHGH
SURIHVRU
i vQDOWPHGLXMRV
¾ GULEOLQJFXYDULD LLGHULWPODGLIHULWHVHPQHúLVHPQDOH
¾ GULEOLQJSULQWUHREVWDFROHVFKLPEkQGPkQDvQGUHSWXOILHF UXL
REVWDFROVHGULEOHD] FXPkQDRSXV REVWDFROXOXL)LJXUD

)LJXUD
¾vQ IRUPD LH GH úLU GULEOLQJ GXS XQ MXF WRU PDL vQGH
PkQDWLFLPLWkQGGHSODV ULOHDFHVWXLD
¾GULEOLQJ SH VXSUDIH H OLPLWDWH FX VFKLPE UL GH GLUHF LH úL FX
VFRDWHUHDPLQJLLGLQGULEOLQJDFROHJLORU
¾ÄPLFXOPDUDWRQ´vQGULEOLQJ
¾GULEOLQJFXVFKLPE ULGHGLUHF LH
i FXWUHFHUHDPLQJLLSULQID
i FXWUHFHUHDPLQJLLSHODVSDWH
i FXWUHFHUHDPLQJLLSULQWUHSLFLRDUH
i FXSLUXHW


¾ GULEOLQJ±RSULUH±SDV ±GHSODVDUHODFRDGDúLUXOXLXQGHVD
SDVDWILJXUD

)LJXUD
¾ GULEOLQJ±RSULUH±SLYRWDUH±SDV ±UHYHQLUHODFRDGDúLUXOXL
ILJXUD
¾ GULEOLQJ±DUXQFDUHODFRúGLQGULEOLQJILJXUD

)LJXUD)LJXUD
MXF WRUXO H[HFXW GULEOLQJ DUXQFDUH OD FRú GLQ GULEOLQJ
GHSODVDUHODFRDGDFHOXLODOWúLU
MXF WRUXOUHFXSHUHD] PLQJHDH[HFXW GULEOLQJSHPHGLDQD
WHUHQXOXL RSULUH SLYRWDUH SDV úL GHSODVDUH OD FRDGD úLUXOXL XQGH D
SDVDW
¾
SDVHvQGRLFXvQFUXFLúDUHvQGULEOLQJILJXUD

)LJXUD
¾GULEOLQJ vQ SUH]HQ D DS U WRUXOXL [ OD vQFHSXW I U LQWHUYHQ LH OD
PLQJH
¾MRF[[SHòWHUHQFXWHP
iVHH[HFXW GULEOLQJXULúLDSRLVHSDVHD]
iVHH[HFXW GULEOLQJQXPDLGXS SULQGHUHFXRSULUHvQWUXQWLPS


iVHSRDWHSDVDQXPDLGXS H[HFX LDRSULULLGLQGULEOLQJ
MRF[SHòWHUHQSHWRWWHUHQXOFXWHP
¾
$581&$5($/$&2ù
$UXQFDUHD OD FRú UHSUH]LQW HOHPHQWXO FHO PDL LPSRUWDQW DO
MRFXOXL GH EDVFKHW SULQ FDUH VH FRQFUHWL]HD] VFRSXO ILQDO DO MRFXOXL
vQVFULHUHDGHSXQFWH
¾ 5HSUH]LQW HOHPHQWXO WHKQLF FDUH VH EXFXU GH FHD PDL PDUH
DWHQ LH vQ SURFHVXO GH vQY DUH úL DQWUHQDPHQW SH WRDWH WUHSWHOH úL OD
WRDWHQLYHOXULOHGHSUHJ WLUH
¾ 5HSUH]LQW R DF LXQH LQGLYLGXDO GH PDUH U VSXQGHUH FRQVWL
WXLQGvQILQDOUH]XOWDWXOHIRUWXULORUGHSXVHGHWR LMXF WRULLHFKLSHL
¾ 5HSUH]LQW HOHPHQWXO FDUH SRDWH V RIHUH VXSUHPD VDWLVIDF LH
DWkWMXF WRULORUFkWúLFHORUFDUHDVLVW ODGHVI úXUDUHDXQXLMRF
)LQH HDUH]XOWDW GLQvQGHPkQDUHFRQVWLWXLHIDFWRUXOSULPRUGLDO
vQ H[HFX LD DUXQF ULORU OD FRú LDU IDSWXO F SULQ DUXQFDUHD OD FRú
PLQJHD HVWH WULPLV GLQWUR DF LXQH vQ PLúFDUH VSUH XQ SXQFW IL[
VXVSHQGDWúLvQSODQRUL]RQWDOULGLF JUDGXOGHGLILFXOWDWHDOH[HFX LHL
WHKQLFHFDUHWUHEXLHV DLE RDGUHV FkWPDLSUHFLV
ÌQ MRF DUXQFDUHD OD FRú QX SRDWH úL QX WUHEXLH V ILH R DF LXQH
vQWkPSO WRDUHI FXW I U QLFLXQGLVFHUQ PkQW(DWUHEXLH
±V DLE ODED] XQSURFHGHXWHKQLFGHDUXQFDUHELQHvQVXúLW
± V DLE R MXVWLILFDUH WDFWLF D H[HFX LHL vQ PRPHQWXO GDW DO
MRFXOXL
$UXQFDUHD OD FRú SULQ vQV úL JUDGXO ULGLFDW GH GLILFXOWDWH DO
H[HFX LHLúLDGUHVHLVROLFLWDWHHVWHLQIOXHQ DW GHRVHULHGHIDFWRULGH
RUGLQLQWHUQVDXH[WHUQ
&D)$&725,,17(51,GHRUGLQELRPHFDQLFFRQVLGHU P
¾ 3URFHGHXOGHH[HFX LHLV FRUHVSXQG FkWPDLELQHPRGHOXOXL
RSWLPDOGHH[HFX LHGLQSXQFWXOGHYHGHUHDO
±FDUDFWHULVWLFLLPLúF ULLUHVSHFWLYHSURFHGHXWHKQLF
±OHJLORUELRPHFDQLFH
¾ $UXQFDUHDSURSULX]LV V ILHH[HFXWDW FDXUPDUHDUHDOL] ULL
DúDQXPLWXOXLÄPRPHQWGHHFKLOLEUX´DOvQWUHJXOXLFRUS
¾ ÌQ WLPSXO H[HFX LHL JUXSDUHD IRU HORU ELRPHFDQLFH DOH
FRPSOH[XOXL GH PLúF UL UHDOL]DW FD XUPDUH D LQWHUDF LXQLL QHXUR
PXVFXODUH FRQGXFH OD XúXUDUHD FRQGL LLORU GH H[HFX LH D DUXQF ULL
QHFHVLWDWHDFRRUGRQ ULLDF LXQLLGLQWUHOXFUXOEUD XOXLVDXEUD HORU
úLFHODOSLFLRDUHORU


¾ ÌQ H[HFX LD ILQDO D PLúF ULL SDOPD SDOPHOH FRQVWLWXLH
XOWLPXO SODQ GLUHFWRU ILQDOL]DUHD WHKQLFLL GH DUXQFDUH SULQ DF LXQHD
SDOPHLFRQVWLWXLHvQPDMRULWDWHDFHULQ HORUHOHPHQWXOGHWHUPLQDQW
¾ &DQWLWDWHDGHOXFUXUHDOL]DW vQSUHJ WLUHSUHFXPúLH[SHULHQ D
SUDFWLF GREkQGLW GHMXF WRUFRQGXFODRGHWHUPLQDUHGLQFHvQFHPDL
SUHFLV DDSUHFLHULLFRQGL LLORUGHH[HFX LHDDUXQF ULLGHS UWDUHDGH
FRúXQJKLXOID GHFRúvQ O LPHDWUDLHFWRULHLGHDUXQFDUHDUXQFDUHOD
LQHOVDXFXSDQRXO
¾ 0RGXOGHIL[DUHDUHSHUXOXLGHDUXQFDUHSHQWUXDUXQF ULOHGH
ODVHPLGLVWDQ úLGLVWDQ VHUHFRPDQG DUXQFDUHDODFRúI U SDQRX
FD XUPDUH SULYLUHD MXF WRUXOXL VH YD IL[D DVXSUD XQXL SXQFW VLWXDW
DSUR[LPDWLY OD FP GHDVXSUD PDUJLQLL DQWHULRDUH D LQHOXOXL
$UXQFDUHD FX SDQRXO VH UHFRPDQG D IL IRORVLW SHQWUX ILQDOL] ULOH
HIHFWXDWHGLQDSURSLHUHDFRúXOXLVDXGHODPLF GLVWDQ SULYLUHDILLQG
vQGUHSWDW VSUHXQORFGLQLQWHULRUXOGUHSWXQJKLXOXLPLFvQVFULVSHSDQRX
7RW vQ FDWHJRULD IDFWRULORU LQWHUQL GDU GH RUGLQ SVLKLF úL FX R
PDUHGR] GHVXELHFWLYLVPvQDSUHFLHUHDDFHVWRUDFRQVLGHU P
¾ 6WDUHDSVLKLF SUHRFXS ULOHGLQDIDUDSURFHVXOXLGHSUHJ WLUH
úLGHMRFvQFHWLQHVFUHIOH[HOHúLvPSLHGLF FRQFHQWUDUHDDWHQ LHLDFHDVWD
HVWH XQD GLQWUH UD LXQLOH SHQWUX FDUH MXF WRULL WUHEXLH V úL S VWUH]H
SHUPDQHQWFDOPXOvQWHUHQRULFDUHDUILVLWXD LDvPSRWULYDORUSXEOLFXO
FDUHVWULJ DGYHUVDUXOFDUHLSURYRDF SDUWHQHULLFDUHJUHúHVFDUELWULL
F URUDHLQXOHvQ HOHJGHFL]LLOH«
¾ &RQFHQWUDUHDDWHQ LHLFDOPXOúLvQFUHGHUHDSHUPLWMXF WRUXOXL
GH D MXGHFD VLWXD LD GH MRF PRPHQWXO WDFWLF RSRUWXQ úL V ÄIL[H]H´
UHSHUXODUXQF ULLODFRúúLWRWRGDW V VHFRQFHQWUH]HDVXSUDH[HFX LHL
VDOHvQDLQWHvQWLPSXOúLGXS ILQDOL]DUH
¾ ÌQFUHGHUHD vQ UHXúLWD DUXQF ULL HVWH GHWHUPLQDW GH VWDUHD
DIHFWLY úL HPR LRQDO D MXF WRUXOXL GH SUHJ WLUHD VD GH VWDELOLWDWHD
VLVWHPXOXLV XQHUYRVGHGLVSR]L LDPRPHQWXOXLUHVSHFWLY
¾ 5HOD[DUHDSHUPDQHQW DvQWUHJXOXLRUJDQLVPúLFXSUHF GHUHD
DUWLFXOD LHLPkLQLLPkLQLORUFXFDUHHIHFWXHD] ILQDOL]DUHD
&D )$&725, (;7(51,SXWHPHQXPHUDWR LIDFWRULLOHJD LGH
PDWHULDOHLQVWDOD LLDJHQ LIL]LFLQDWXUDOLFkQGVHIRORVHúWHWHUHQXOvQ
DHUOLEHUPHGLXODPELDQW
&RQVLGHU PQHFHVDUDVXEOLQLDXQHOHSUREOHPHOHJDWHGHWUDLHFWRULD
PLQJLLvQDUXQF ULOHODFRú$FHDVWDLQIOXHQ HD] GLUHFWDVXSUDLQWU ULL
PLQJLLvQFRúDSUHFL]LHL7UDLHFWRULDPLQJLLID GHFRúSRDWHIL


vQDOW PLQJHDYLQHúLFDGHDSURDSHSHUSHQGLFXODUDYkQGDFFHVLELO
¾
DSUR[LPDWLY ±LPL GLQ VXSUDID D FRúXOXL 3UH]LQW GH]DYDQWDMXO F
OXQJLPHD]ERUXOXLPLQJLLLQIOXHQ HD] DVXSUDSUHFL]LHLDUXQF ULL
¾PHGLHSUH]LQW DYDQWDMHOHúLGH]DYDQWDMHOHGLVWDQ HLSHFDUHR
SDUFXUJHPLQJHDGHVFKLGHUHDFRúXOXLILLQGGH±LPLGLQVXSUDID DOXL
¾vQWLQV PLQJHDDUXQFDW ODFRú]ERDU SX LQGHDVXSUDFRúXOXL
úL QX SRDWH DYHD GHFkW PLQLPXP ±LPH GHVFKLGHUH GLQ VXSUDID D
FRúXOXL$UHvQVFKLPEDYDQWDMXOF PLQJHDSDUFXUJkQGRGLVWDQ PDL
PLF SkQ ODFRúSRVLELOLW LOHGHGHYLHUHDDFHVWHLDVXQWPLFL
'LQ FDUDFWHULVWLFLOH FHORU WUHL WUDLHFWRULL UHLHVH F FHD PDL
DYDQWDMRDV HVWHWUDLHFWRULDPHGLHGHRDUHFHRIHU RVXSUDID GHVWXOGH
PDUHGLQFRúGHVFKLV PLQJHDSDUFXUJkQGvQ]ERURGLVWDQ FHYDPDL
PLF SkQ ODFRúúLSRVLELOLW LOHGHGHYLHUHVXQWPDLPLFL
3HQWUX RE LQHUHD FHOHL PDL RSWLPH WUDLHFWRULL VH UHFRPDQG FD
XQJKLXOVXEFDUHSOHDF PLQJHDID GHRUL]RQWDO V ILHvQJHQHUDO
GHúLQLFLRGDW VXE0LQJHDSHWUDLHFWRULDVDWUHEXLHV DWLQJ
SXQFWXOPD[LPGHvQ O LPHvQDGRXDWUHLPHDGLVWDQ HLGLQWUHMXF WRUúL
FRú

)LJXUD7LSXULOHGHWUDLHFWRULH
DPLQJLLDUXQFDWHODFRú
6,67(0$7,=$5($$581& 5,/25/$&2ù
$UXQFDUHDODFRúHVWHHOHPHQWXOWHKQLFFXFHDPDLPDUHYDULHWDWH
GHSURFHGHHGHH[HFX LH
ÌQ SUH]HQWDUHD QRDVWU YRP DERUGD QXPDL SURFHGHHOH WHKQLFH
FHOH PDL LPSRUWDQWH SH FDUH OH FRQVLGHU P FD IXQGDPHQWDOH úL VXQW
SUH]HQWH WRWRGDW úL vQ FXUULFXOXP úFRODU SURJUDPD úFRODU GH
VSHFLDOLWDWH
&ODVLILFDUHDDUXQF ULORUODFRúSRDWHILVLVWHPDWL]DW DVWIHO
'LQSXQFWGHYHGHUHDOSR]L LHLMXF WRUXOXL
DUXQF ULGHSHORF


DUXQF ULGLQDOHUJDUH
SUHFHGDWHGHSULQGHUHDPLQJLLGLQGULEOLQJ
SUHFHGDWHGHSULQGHUHDPLQJLLGLQSDV
DUXQF ULGLQV ULWXU
'LQSXQFWGHYHGHUHDOGLVWDQ HL
DUXQF ULFXYDORDUHGHSXQFWDUXQF ULOLEHUH
DUXQF ULFXYDORDUHGHSXQFWH
DGLQDSURSLHUHDFRúXOXLSkQ ODPGLVWDQ GHFRú
EGHODVHPLGLVWDQ ±PGHFRú
DUXQF ULFXYDORDUHGHSXQFWH
DGHODGLVWDQ SHVWHPGHFRú
'LQSXQFWGHYHGHUHDOH[HFX LHL
DDUXQF ULODFRúFXGRX PkLQL
DUXQF ULODFRúFXRPkQ
EDUXQF ULODFRúFXSDQRXO
DUXQF ULODFRúI U SDQRXGLUHFWODLQHO
FSURFHGHHGHED] IXQGDPHQWDOH
SURFHGHHVSHFLDOH
$581& 5,/(/$&2ù'(3(/2&
&X R IUHFYHQ GLQ FH vQ FH PDL PLF vQ MRFXO FRPSHWL LRQDO
DUXQF ULOHODFRúGHSHORFQXPDLDXRSRQGHUHDWkWGHPDUHGDWRULW
DS U ULORUFDUHDXGHYHQLWGLQFHvQFHPDLDFWLYHúLDJUHVLYH7RWRGDW
PHQ LRQ P F úL WHKQLFD D HYROXDW GDWRULW DFHVWRU VLWXD LL H[HFX LD
DUXQF ULORUODFRúWUHEXLQGV GHS úHDVF SRVLELOLW LOHGHDF LRQDUHDOH
DS U WRULORU
$UXQF ULOH OD FRú GH SH ORF U PkQ WRWXúL SURFHGHH WHKQLFH GH
ED] SHQWUX IRUPDUHD PHFDQLVPXOXL úL D VWHUHRWLSLHL PLúF ULL GH
DUXQFDUHODFRúvQHWDSDGHLQL LHUH(OHU PkQGHED] úLSHQWUXIDSWXO
F DUXQF ULOHOLEHUHODRULFHQLYHOGHSUHJ WLUHVXQWH[HFXWDWHWRWGHSH
ORFF vQMRFXOMXQLRULORUúLVHQLRDUHORUGH LQWRWXúLRSRQGHUHPDUHvQ
ILQDOL] ULOHH[HFXWDWHGHODGLVWDQ
$581&$5($/$&2ù&8'28 0Æ,1,'(/$3,(37
$UXQF ULOH OD FRú FX GRX PkLQL VXQW XWLOL]DWH vQ EDVFKHWXO
PRGHUQ GLQ FH vQ FH PDL UDU FX XQHOH PLFL H[FHS LL UHIHULWRU OD
ILQDOL] ULOHGHODGLVWDQ HIHFWXDWHGHXQHOHMXF WRDUH/RFXOORUDIRVW
OXDWGHDUXQF ULOHODFRúH[HFXWDWHFXRPkQ GHSHORFVDXGLQV ULWXU
7RWXúLSHQWUXFRSLLúLMXQLRDUHSOHG PSHQWUXRLQL LHUHúLvQY DUHD
DUXQF ULLODFRúFXGRX PkLQLGHODSLHSWGHSHORFFRQVLGHUkQGF


DFHVW SURFHGHX WHKQLF U PkQH XQ SURFHGHX GH ED] HOH VXSOLQLQG vQ
JHQHUDOOLSVDIRU HLvQEUD HDDFHVWRUD
-XF WRUXO RULHQWDW FX ID D SH GLUHF LD DUXQF ULL DIODW vQ SR]L LH
IXQGDPHQWDO PHGLH FX PLQJHD LQXW vQ SUL] VLPHWULF vQ GUHSWXO
SLHSWXOXL SULYLUHD WUHFkQG SH GHDVXSUD PLQJLL IL[HD] FRúXO
3LFLRDUHOHFXW OSLOHSDUDOHOHúLHYHQWXDOXQDSX LQvQDLQWHDFHOHLODOWH
VXQWGHS UWDWHQRUPDOFXJHQXQFKLLúLJOH]QHOHVHPLIOH[DWH7UXQFKLXO
SX LQ DSOHFDW VSUH vQDLQWH FX EUD HOH vQGRLWH úL FRDWHOH DSURSLDWH GH
FRUS FX DUWLFXOD LLOH SXPQLORU vQ IOH[LH GRUVDO SHQWUX D GD R SUL]
DFWLY vQ LQHUHDPLQJLL

)LJXUD$UXQFDUHDODFRúFXPkLQLGHODSLHSW
([HFX LD vQFHSH SULQWUXQ LPSXOV DO SLFLRDUHORU vQVR LW GH
ULGLFDUHD FRUSXOXL úL GXFHUHD PLQJLL SULQ GUHSWXO IH HL vQ VXV úL VSUH
vQDLQWH%UD HOHVHvQWLQGGLQFRDWHúLPLQJHDS U VHúWHPkLQLOHFkWPDL
VXVSRVLELOúLGDWRULW PLúF ULLÄGHELFLXLUH´H[HFXWDW GLQDUWLFXOD LLOH
SXPQLORULVHLPSULP DFHVWHLDXQXOWLPLPSXOVúLRURWDUHvQWLPSXO
WUDLHFWRULHL
ÌQ ILQDOXO DUXQF ULL FRUSXO MXF WRUXOXL HVWH vQWLQV FX EUD HOH
RULHQWDWH REOLF vQ VXV FX SDOPHOH vQ MRV úL SX LQ vQ DIDU GHJHWHOH
vQWLQVH úL U VILUDWH ÌQ WRW WLPSXO DUXQF ULL SULYLUHD QX WUHEXLH V
S U VHDVF LQWDVSUHFDUHDIRVWDUXQFDW PLQJHDLQHOVDXSDQRX
*UHúHOLIUHFYHQWH
¾LQHUHDPLQJLLvQSUL] SDVLY SDOPHOH LQPLQJHDGHFDORWDHL
VXSHULRDU
¾ ([HFXWDUHDGLQDUWLFXOD LLOHSXPQLORUDXQHLPLúF ULVXSOLPHQWDUH
FXPLQJHDMRVVXVVDXDXQHLPLúF ULGHURWDUHSULQFRERUkUHDPLQJLL
VSUHDEGRPHQ)LJXUD


)LJXUD*UHúHOLvQWHKQLFDGHH[HFX LH
DDUXQF ULLODFRúFXGRX PkLQLGHODSLHSWGHSHORF
*UHúHOLIUHFYHQWHGHH[HFX LHDDUXQF ULLODFRúFXGRX PkQLGH
ODSLHSWGHSHORF
¾ ,QVXILFLHQWDFRRUGRQDUHDLPSXOVLHLGLQWUHSLFLRDUHúLEUD H
¾ %UD HOHVHvQWLQGQXPDLvQDLQWHLPSULPkQGPLQJLLRWUDLHFWRULH
vQWLQV
¾ %UD HOH DF LRQHD] LQHJDO PRGLILFkQG GLUHF LD GH DUXQFDUH D
PLQJLL
8WLOL]DUH WDFWLF 3URFHGHX IRORVLW vQ HWDSD GH LQL LHUH úL P DL
DSRL GRDU GH F WUH MXF WRDUH vQ HIHFWXDUHD DUXQF ULORU OD FRú GH OD
GLVWDQ VDX VHPLGLVWDQ vPSRWULYD DS U ULORU PDL SX LQ DFWLYH úL
PRELOH
$581&$5($/$&2ù&820Æ1 ',1)$
$UXQFDUHD OD FRú FX R PkQ D GHYHQLW XQ HOHPHQW IXQGDPHQWDO
GHILQDOL]DUHvQMRFXOPRGHUQ%LRPHFDQLFDGHH[HFX LHDS U LLILQDOHD
DUXQF ULL HVWH DVHP Q WRDUH SHQWUX WRDWH SURFHGHHOH úL FRQGL LLOH GH
H[HFX LHDDUXQF ULORUODFRúÌQUDSRUWGHSDUWLFXODULW LOHúLFDOLW LOH
PRWULFHDOHILHF UXLMXF WRUH[HFX LDDUXQF ULLODFRúFXRPkQ GHSH
ORF D F S WDW XQHOH YDULDQWH SULQ FDUH GRDU SR]L LDLQL LDO GH LQHUHD
PLQJLLHVWHPRGLILFDW $VWIHOYRPvQWkOQL
)LJXUD $UXQFDUHD OD )LJXUD $UXQFDUHD OD
FRú GLQ LQHUHD PLQJLL vQ FRú GLQ LQHUHD PLQJLL
GUHSWXOXP UXOXL±vQFDUH GHDVXSUD FDSXOXL ± vQ
PLQJHD HVWH SODVDW ODWH FDUHPLQJHDHVWHGXV vQ
UDOvQGUHSWXOXP UXOXLúL WLPSXO ÄHODQXOXL´ SHQWUX
vQ PRPHQWXO H[HFX LHL DUXQFDUH GHDVXSUD FDSX
SUH]LQW XQ PRPHQW vQ OXL H[HFX LD VROLFLWkQG
FDUH DFHDVWD U PkQH vQ PDLPXOW IRU vQEUD XO
HFKLOLEUX SH SDOPD EUD X GHDUXQFDUH
OXLGHDUXQFDUH


$581&$5($ /$ &2ù ',1 ,1(5($ 0,1*,, '($6835$
&$38/8,),*85$
&DUDFWHULVWLFLGHH[HFX LH
-XF WRUXO±vQSR]L LHIXQGDPHQWDO PHGLHHVWHRULHQWDWF WUHFRúFX
WUXQFKLXOSX LQDSOHFDWvQDLQWHFXW OSLOHSDUDOHOHúLGHS UWDWHDSUR[LPDWLY
OD O LPHD XPHULORU 3LFLRUXO GH SDUWHD EUD XOXL GH DUXQFDUH HVWH FX R
MXP WDWH GH WDOS vQDLQWHD FHOXLODOW *UHXWDWHD FRUSXOXL HVWH HJDO UHSDUWL
]DW SHDPEHOHSLFLRDUHSHvQWUHDJDVXSUDID DW OSLORU
0LQJHD HVWH LQXW vQ SUL] DVLPHWULF FX GRX PkLQL 3DOPD
PkLQLL FDUH H[HFXW DUXQFDUHD VH DIO vQDSRL úL SX LQ VXE PLQJH FX
GHJHWHOHU VILUDWHúLFXFRWXORULHQWDWF WUHGLUHF LDFRúXOXLúLODQLYHOXO
XP UXOXLFHDODOW PkQ VSULMLQ PLQJHDGLQODWHUDO
([HFX LD DUXQF ULL vQFHSH SULQWUR WULSO IOH[LH D PHPEUHORU
LQIHULRDUHFDUHIDFFDFHQWUXOGHJUHXWDWHDOFRUSXOXLV FRERDUHSX LQ
vQ DFHVW WLPS PLQJHD U PkQH vQ GUHSWXO IUXQ LL EUD XO IRUPkQG FX
DQWHEUD XOXQXQJKLDSURDSHGUHSW
'LQDFHDVW SR]L LHLQWHUPHGLDU vQFDUHPLQJHDFRQWLQX V ILH
LQXW FX GRX PkLQL VH H[HFXW R WULSO H[WHQVLH FRQFRPLWHQW úL
FRRUGRQDW FX GXFHUHD EUD HORU vQ VXV ÌQ FRQWLQXDUH PLQJHD HVWH
WUHFXW SHSDOPDEUD XOXLGHDUXQFDUHúLS U VHúWHPkQDFDXUPDUHD
XQHL XOWLPH LPSXOVLL GDWH SULQWUR IOH[LH SDOPDU SURQXQ DW GLQ
DUWLFXOD LD SXPQXOXL PLúFDUHD ÄGH ELFLXLUH´ &HO ODOW EUD FRQVWLWXLH
HOHPHQWGHSURWHF LHSHXOWLPDSDUWHDDUXQF ULL
ÌQILQDOXOH[HFX LHLFRUSXOHVWHH[WLQVXúRUSHYkUIXULFXJUHXWDWHD
UHSDUWL]DW vQPRGHJDOSHDPEHOHSLFLRDUHEUD XOGHDUXQFDUHHVWHvQWLQV
vQ VXV úL vQDLQWH SDOPD FX GHJHWHOH U VILUDWH RULHQWDW vQ MRV úL SX LQ vQ
DIDU 'HJHWHOHLQGH[úLPLMORFLXVXQWvQGUHSWDWHF WUHGLUHF LDDUXQF ULL
*UHúHOLIUHFYHQWH
¾ 3UL]DODPLQJHQXHVWHDVLPHWULF PLQJHDILLQG LQXW vQSDOPHvQ
IRUP GHÄSkOQLH´XQDvQID LDUFHDODOW vQDSRLDPLQJLL
¾ &RWXO EUD XOXL GH DUXQFDUH HVWH RULHQWDW vQ ODWHUDO úL QX SH
GLUHF LDDUXQF ULLODFRú
¾ 'HJHWHOH PkLQLL FDUH DUXQF QX DFRSHU R VXSUDID FkW PDL
PDUHGHSHFDORW QHILLQGU VILUDWHVXILFLHQWSHPLQJH
¾ 3R]L LD LQL LDO LQFRUHFW MXF WRUXO LQH vQDLQWH SLFLRUXO RSXV
EUD XOXL FX FDUH H[HFXW DUXQFDUHD OD FRú LDU JUHXWDWHD FRUSXOXL HVWH
UHSDUWL]DW SHSLFLRUXOGLQID
¾ 1X VH LPSULP PLQJLL vQ SDUWHD ILQDO D DUXQF ULL PLúFDUHD
ÄGH ELFLXLUH´ FDUH WUHEXLH V ILH GDW SULQ LPSXOVLD GLQ DUWLFXOD LD


SXPQXOXLLDUSODQXOSDOPHLQXHVWHSHUSHQGLFXODUSHGLUHF LDDUXQF ULL
ODFRú
8WLOL]DUH WDFWLF $UXQFDUHD OD FRú FX R PkQ GH SH ORF
UHSUH]LQW SURFHGHXOFHOPDLIRORVLWvQMRFXO DFWXDOGHEDVFKHWSHQWUX
DUXQF ULOHHIHFWXDWHGHODGLVWDQ HPHGLLúLPDUL5HSUH]LQW WRWRGDW
PHFDQLVPXO GH ED] SHQWUX DUXQF ULOH FX R PkQ H[HFXWDWH GLQ
GHSODVDUHúLGLQV ULWXU
$FHVWSURFHGHXWHKQLFWUHEXLHvQVXúLWGHWR LMXF WRULLLQGLIHUHQW
GHVH[úLYkUVW
0HWRGLFDvQY ULL
([HUFL LLWHKQLFH
¾ $UXQFDUHDODFRúGHSHORFFXRPkQ VDXFXGRX PkLQL)LJXUD
i GLQ DSURSLHUHD SDQRXOXL P GLQ XQJKL GH ID GH
SDQRX VH YD LQVLVWD DVXSUD FRRUGRQ ULL EUD HSLFLRDUH úL OXFUXOXL GLQ
DUWLFXOD LDSXPQXOXL
i VFKLPEDUHDXQJKLXOXLGHDUXQFDUHúLDS U LLSDQRXOXL
XQJKLXULGHED] ±ODWHUDOHODúLSHUSHQGLFXODUSHSDQRX

)LJXUD )LJXUD
¾,QGLYLGXDOILHFDUHMXF WRUDUXQF ODFRúUHFXSHUHD] PLQJHDúL
RSDVHD] XUP WRUXOXLGLQúLUGXS FDUHVHGHSODVHD] ODFRDGDúLUXOXL
)LJXUD
¾'LQ DFHLDúL IRUPD LH VH P UHúWH WUHSWDW GLVWDQ D I U V
DIHFWH]HH[HFX LDFRUHFW ±PHFDQLVPXOGHED] VHVFKLPE SDUWHDúL
XQJKLXOVHSRDWHDUXQFDvQDFHDVW HWDS úLI U SDQRX
¾([HUFL LL GH DUXQFDUH OD FRú FX GRX úLUXUL DUXQF WRUL ±
SDVDWRUL)LJXUD


¾([HUFL LL GH DUXQF UL FX úLUXUL DUXQF WRUL ± UHFXSHUDWRUL ±
SDVDWRUL)LJXUD

)LJXUD )LJXUD
&RQFXUVGHDUXQF UL
¾
i ÄFLQHvQVFULHPDLUHSHGHFRúXUL"´
i ÄFLQHvQVFULHPDLPXOWHFRúXULGLQDUXQF UL"´
i ÄFLQHvQVFULHPDLUHSHGHFRúXULFRQVHFXWLYH"´
i ÄFLQHvQVFULHPDLUHSHGHFRúXULGLQSR]L LLGLIHULWH"´
127 FRQFXUVXULOH GH DUXQF UL VH SRW RUJDQL]D LQGLYLGXDO SH
SHUHFKLVDXSHHFKLSHvQIXQF LHGHQXP UXOGHPLQJLúLGHSDQRXUL
¾ IHQW GHDUXQFDUH±DUXQFDUHODFRú
¾ IHQW GHSDVDUH±DUXQFDUHODFRú
¾ IHQW GHGHS úLUH±UHWUDJHUH±DUXQFDUHODFRú
¾ DUXQFDUHDPLQJLLvQDLQWHP±GHSODVDUH±SULQGHUH±RSULUH±
DUXQFDUH OD FRú ±UHFXSHUDUH ±SDV OD úLU ±GHSODVDUH OD FRDGD úLUXOXL
)LJXUD
¾ GULEOLQJ±SULQGHUH±RSULUH±DUXQFDUHODFRú±UHFXSHUDUH±SDV
±GHSODVDUHODFRDGDúLUXOXLSURSULXVDXRSXV)LJXUD
¾ GULEOLQJ ±SULQGHUH ±RSULUH ±DUXQFDUH OD FRú ±UHFXSHUDUH ±
GULEOLQJ ±SDV GLQ DOHUJDUH ±GHSODVDUH OD FRDGD úLUXOXL SURSULX VDX
RSXV)LJXUD
¾ DUXQFDUHODFRúGHSHORFFXDGYHUVDUFXWHP
i PDUFDMODGLVWDQ
i PDUFDM FX LHúLUH vQWkU]LDW OD MXF WRUXO FDUH DUXQF OD FRú
)LJXUD
i MRFFXWHP [[ODXQSDQRX[ELODWHUDO


)LJXUD )LJXUD

)LJXUD )LJXUD
127 WHPDSRDWHILYDORDUHDFRúXOXLPDUFDW GXS RDQXPLW
VWUXFWXU GHSURFHGHHWHKQLFHHVWHGHSXQFWHHWF
$581&$5($/$&2ù&820Æ1 '(686',1'5,%/,1*
3UH]HQWDUHDPRGHOXOXL)LJXULOHúL
5HSUH]LQW GLQWUH WRDWH SURFHGHHOH GH ILQDOL]DUH GLQ DOHUJDUH
DúDQXPLWXO SURFHGHX ÄFODVLF´ PRGHOXO FHO PDL XúRU GH UHDOL]DW
vQWUXFkW H[HFX LD OXL VH IDFH GLQ DSURSLHUHD FRúXOXL úL GH FHOH PDL
PXOWHRULFXSDQRXO
'ULEOkQG vQ DOHUJDUH MXF WRUXO YD GD XQ LPSXOV PDL SXWHUQLF
PLQJLLODXOWLPXOGULEOLQJvQVROSHQWUXDDYHDSRVLELOLWDWHDV HIHFWXH]H
RS úLUHPDLOXQJ FXSLFLRUXOGHSHSDUWHDPkLQLLGHDUXQFDUHGHFkW
FHD QRUPDO GLQ WLPSXO DOHUJ ULL ,PSXOVLD PDL SXWHUQLF D PLQJLL vQ
VROFRRUGRQDW FXDFHDVW S úLUHPDLOXQJ SHUPLWHFDPLQJHDV SRDW
ILXúRUSULQV FXGRX PkLQLúLDGXV ODSLHSW


$OHUJDUHDHVWHFRQWLQXDW FXRDGRXDS úLUH±SHFHO ODOWSLFLRU
FDUH LD FRQWDFW FX VROXO DYkQG UROXO GH D IUkQD úL EORFD YLWH]D GH
WUDQVOD LH SHQWUX FD SULQ UXODUHD ÄF OFkL ± WDOS ± YkUI´ D ODEHL
SLFLRUXOXLÄGHE WDLH´DFHDVWDV ILHWUDQVIRUPDW vQIRU GHvQ O DUHvQ
V ULWXU

)LJXUDúL
'HVSULQGHUHD GH SH VRO HVWH DMXWDW úL SULQ SHQGXODUHD GLQDSRL
VSUH vQDLQWH úL vQ VXV D JHQXQFKLXOXL FHOXLODOW SLFLRU FX GXFHUHD
FRDSVHLDFHVWXLDSkQ ODRUL]RQWDO
&RUSXO úL SLFLRUXO ÄGH E WDLH´ VH H[WLQG PLúFDUHD GH DUXQFDUH
ILLQGvQFHSXW GHEUD SULQGXFHUHDPLQJLLGHDVXSUDQLYHOXOXLFDSXOXL±
vQGUHSWXOIUXQ LLEUD XOIRUPkQGFXDQWHEUD XOXQXQJKLDSURDSHGUHSW
'LQ PRPHQWXO vQ FDUH PkQD FDUH VSULMLQ PLQJHD QX PDL DUH
FRQWDFW FX DFHDVWD EUD XO UHVSHFWLY IOH[DW GLQ FRW úL RULHQWDW VSUH vQ
DIDU VH FRQVWLWXLH GUHSW HOHPHQW GH SURWHF LH D PLQJLL vQ WLPSXO
DUXQF ULLSURSULX]LVH
$UXQFDUHDODFRúVHH[HFXW vQSXQFWXOPD[LPDOV ULWXULLFRUSXO
ILLQGvQWLQVEUD XORULHQWDWSHGLUHF LDDUXQF ULLPLQJHDS U VLQGPkQD
FD XUPDUH D XQXL XOWLP LPSXOV GDW SULQ IOH[LD SDOPDU D DUWLFXOD LHL
SXPQXOXL DúD ±QXPLWD PLúFDUH ÄGH ELFLXLUH´ $FHVWD GHWHUPLQ XQ
ILQDOvQFDUHSDOPDFXGHJHWHOHvQWLQVHúLU VILUDWHHVWHRULHQWDW vQMRV
úLSX LQvQDIDU
$WHUL]DUHDVHIDFHSHDPEHOHSLFLRDUHúLSHFkWSRVLELOFkWPDL
DSURDSH GH ORFXO GH GHVSULQGHUH vQ V ULWXU DFHDVWD SHQWUX FD


MXF WRUXO vQ FD] GH QHUHXúLW D ILQDOL] ULL V SRDW SDUWLFLSD OD
UHFXSHUDUHHYHQWXDOODRQRX DUXQFDUH
*UHúHOLIUHFYHQWH
¾ 1XVHUHVSHFW ÄUHJXODSDúLORU´MXF WRUXOHIHFWXkQGPDLPXOW
GHGRX S úLULFXPLQJHDvQPkQ
¾ *HQXQFKLXOGHSHSDUWHDEUD XOXLGHDUXQFDUHQXHVWHSHQGXODW
FRUHVSXQ] WRUGHWHUPLQkQGRIRDUWHPLF vQ O DUHvQV ULWXU
¾ 3HQGXODUHD ODWHUDO D PLQJLL vQWUH FHOH GRX S úLUL GHWHUPLQ
GH]HFKLOLEU UL
¾ %UD XO GH DUXQFDUH QX VH vQWLQGH FRPSOHW LDU SDOPD QX
LPSULP PLQJLL DFHO LPSXOV ILQDO ÄGH ELFLXLUH´ GHWHUPLQDW GH IOH[LD
SDOPDU DDUWLFXOD LHLSXPQXOXL
¾ 6ODED FRODERUDUH GLQWUH OXFUXO SLFLRDUHORU úL DO EUD XOXL GH
DUXQFDUHGHWHUPLQ RDWHUL]DUHGH]HFKLOLEUDW úLSHXQVLQJXUSLFLRU
8WLOL]DUH WDFWLF 3URFHGHXO GHVFULV HVWH IRORVLW FD ILQDOL]DUH GLQ
DSURSLHUHDFRúXOXLVDXHYHQWXDOGHODGLVWDQ HPDLPLFLID GHDFHVWD
FD XUPDUH D XQRU DF LXQL WHKQLFRWDFWLFH LQGLYLGXDOH ÄGHS úLUH´ úL
ÄS WUXQGHUH´ÄVXSHULRULWDWHQXPHULF ´vQFRQWUDDWDFHWFVDXFROHFWLYH
FRPELQD LLGHúLMXF WRULUHDOL]DWHvQFDGUXOVLVWHPXOXLRIHQVLYDO
HFKLSHL
0HWRGLFDvQY ULL
([HUFL LLSHQWUXvQY DUHDPHFDQLVPXOXLGHED] WHKQLFH
¾ GLQDSURSLHUHDSDQRXOXLPGLQXQJKLGHGHSDQRXFX
PLQJHD LQXW vQSUL] DVLPHWULF FXGRX PkLQLVHH[HFXW S úLUHSH
SLFLRUXO VWkQJ SHQWUX GUHSWDFL GHVSULQGHUH vQ V ULWXU VLPXOWDQ FX
GXFHUHD FRDSVHL SLFLRUXOXL GUHSW OD RUL]RQWDO DUXQFDUH OD FRú
DWHUL]DUHSHDPEHOHSLFLRDUHDSUR[LPDWLYvQORFXOGHVSULQGHULL
¾ VHP UHúWHGLVWDQ DFXXQSDVVHH[HFXW RS úLUHSHSLFLRUXO
GUHSW PDL OXQJ S úLUH SH SLFLRUXO VWkQJ FX GHVSULQGHUH vQ V ULWXU
VLPXOWDQFXGXFHUHDFRDSVHLSLFLRUXOXLGUHSWODRUL]RQWDO DUXQFDUHOD
FRúDWHUL]DUHSHDPEHOHSLFLRDUHDSUR[LPDWLYvQORFXOGHVSULQGHULL
¾ GH OD R GLVWDQ GH±PID GHFRúVHH[HFXW S úLUHFX
SLFLRUXO VWkQJ VLPXOWDQ FX WULPLWHUHD PLQJLL vQ VRO vQDLQWH S úLUH FX
SLFLRUXO GUHSW R GDW FX SULQGHUHD PLQJLL YHQLWH GLQ VRO S úLUH SH
SLFLRUXO VWkQJ GHVSULQGHUH vQ V ULWXU úL DUXQFDUH OD FRú XUPDW GH
DWHUL]DUHSHDPEHOHSLFLRDUHFkWPDLDSURDSHGHORFXOGHVSULQGHULL
¾ GHODRGLVWDQ GHPID GHFRúVHH[HFXW GULEOLQJSHORF
RLPSXOVLHDPLQJLLPDLSXWHUQLF vQDLQWHFHHDFHvQVHDPQ VHPQDOXO
GH S úLUH FX SLFLRUXO VWkQJ S úLUH FX SLFLRUXO GUHSW VLPXOWDQ FX


SULQGHUHD PLQJLL S úLUH FX SLFLRUXO VWkQJ ±GHVSULQGHUH vQ V ULWXU ±
DUXQFDUHODFRú±DWHUL]DUHSHDPEHOHSLFLRDUH
¾ GH OD R GLVWDQ GH P ID GH FRú VH H[HFXW GULEOLQJ FX
ILQDOL]DUHFXDUXQFDUHODFRúGLQGULEOLQJ±UHFXSHUDUHDPLQJLL±GULEOLQJ
úLSDV ODMXF WRUXOFDUHXUPHD] H[HFX LDúLGHSODVDUHODFRDGDúLUXOXL
)LJXUD

)LJXUD )LJXUD
¾ GULEOLQJ ± RSULUH ± SLYRWDUH ± SDV ± VFKLPEDUH GH GLUHF LH ±
S WUXQGHUHVSUHFRúSULQGHUHDPLQJLL±GULEOLQJ±DUXQFDUHODFRúGLQ
GULEOLQJ±GHSODVDUHODFRDGDúLUXOXLRSXVILJXUD
¾ SDVHQGRLGLQGHSODVDUHFXvQFUXFLúDUHvQGULEOLQJúLILQDOL]DUH
FXDUXQFDUHODFRúGLQGULEOLQJILJXUD

)LJXUD


MRF[[FXWHP
¾
i FRúXO PDUFDW GLQ GULEOLQJ YDORUHD] SXQFWH FkúWLJ
HFKLSDFDUHDMXQJHPDLUHSHGHODSXQFWHHWF
¾ MRF[ELODWHUDOFXWHP
$581&$5($/$&2ù&820Æ1 '(686',1$/(5*$5(
$FHVWSURFHGHXGHILQDOL]DUHDUHRELRPHFDQLF DSURDSHLGHQWLF
FHOHL GHVFULVH DQWHULRU FX VLQJXUD GHRVHELUH F PLQJHD vL HVWH SDVDW
MXF WRUXOXL FDUH XUPHD] V ILQDOL]H]H )LJXULOH úL $FHVWD vQ
DOHUJDUHvúLFRRUGRQHD] DVWIHOSDúLLFDPRPHQWXOGHSULQGHUHDPLQJLL
V FRLQFLG FX R S úLUH FHYD PDL OXQJ GHFkW vQ PRG RELúQXLW SH
SLFLRUXOPkLQLLGHDUXQFDUH

)LJXUD

)LJXUD


ÌQWLPSXOÄ]ERUXOXL´H[HFXW SULQGHUHDPLQJLLFXGRX PkLQLSH
FDUH R GXFH VSUH SLHSW 'H DLFL VXFFHVLXQHD FRPSOH[XOXL GH PLúF UL
S úLUH PDL VFXUW SH SLFLRUXO ÄGH E WDLH´ ± WLPS vQ FDUH SULYLUHD VH
vQGUHDSW VSUHSXQFWXOGHÄ LQWLUH´VSUHUHSHUXOGHSHSDQRXÄE WDLD´
GHVSULQGHUHD Ä]ERUXO´ DUXQFDUHD SURSULX]LV úL DWHUL]DUHD HVWH
LGHQWLFFHOXLGHVFULVODDUXQFDUHDODFRúGLQGULEOLQJ
*UHúHOLIUHFYHQWH
¾ 1XVHUHVSHFW ÄUHJXODSDúLORU´MXF WRUXOHIHFWXkQGPDLPXOW
GHGRX S úLULFXPLQJHDvQPkQ
¾ *HQXQFKLXOGHSHSDUWHDEUD XOXLGHDUXQFDUHQXHVWHSHQGXODW
FRUHVSXQ] WRUGHWHUPLQkQGRIRDUWHPLF vQ O DUHvQV ULWXU
¾ %UD XO GH DUXQFDUH QX VH vQWLQGH FRPSOHW LDU SDOPD QX LP
SULP PLQJLLDFHOLPSXOVILQDOSULQIOH[LDDFWLY SDOPDU DDUWLFXOD LHL
SXPQXOXL
¾ 6ODEDFRRUGRQDUHGLQWUHOXFUXOSLFLRDUHORUúLEUD XOXLGHDUXQ
FDUHGHWHUPLQ RDWHUL]DUHGH]HFKLOLEUDW úLSHXQVLQJXUSLFLRU
8WLOL]DUH WDFWLF 3URFHGHXO GHVFULV PDL VXV HVWH XWLOL]DW FX
SUHF GHUHvQDF LXQLOHGHÄS WUXQGHUH´HIHFWXDWHDWkWSHSDUWHDPLQJLL
FkW úL SH FHD RSXV DFHVWHLD vQ FRPELQD LLOH GH ÄG úL GXWH´ úL GH
ÄvQFUXFLúDUH´
0HWRGLFDvQY ULL
([HUFL LLWHKQLFHSHQWUXvQY DUHDPHFDQLVPXOXLGHED]
¾ DOHUJDUH±SULQGHUHDPLQJLLVLPXOWDQFXS úLUHOXQJ SHSLFLR
UXOGUHSW±S úLUHSHSLFLRUXOVWkQJ±GHVSULQGHUHvQV ULWXU ±DUXQFDUHOD
FRú GLQ DOHUJDUH ±DWHUL]DUH SH GRX SLFLRDUH DSURDSH GH ORFXO
GHVSULQGHULLSHQWUXGUHSWDFL
¾ VXFFHVLXQHDSULQGHULLPLQJLLXUPHD] PHWRGRORJLD
i PLQJH OXDW GLQ PkLQLOH
SURIHVRUXOXLVDXHOHYGLVWULEXLWRU
i PLQJH SDVDW GH SURIHVRU
SH GLUHF LD GH GHSODVDUH D HOHYXOXL
)LJXUD
GH SH SDUWHD PkLQLL vQGHPkQDWLFH
GUHDSWDSHQWUXGUHSWDFLVWkQJDSHQWUX
VWkQJDFL
GH SH SDUWHD RSXV PkLQLL vQGHPk
)LJXUD QDWLFH


¾ GULEOLQJ ± SDV ± GHSODVDUH ± SULQGHUH ± DUXQFDUH OD FRú GLQ
DOHUJDUH±)LJXUD

)LJXUD )LJXUD
¾VFKLPEDUHGHGLUHF LH±S WUXQGHUHVSUHFRú±SULQGHUHDPLQJLL
GLQSDV ±DUXQFDUHODFRúGLQDOHUJDUH±)LJXUD
¾MRF[[ODXQSDQRXFXWHP SHòWHUHQ
¾MRF[ELODWHUDOFXWHP
$581& 5,/(/$&2ù',16 5,785
5DSLGLWDWHD GHVI úXU ULL MRFXOXL GH EDVFKHW PRGHUQ úLD DIODW
FRQFUHWL]DUHDSUDFWLF DILQDOL] ULORUSULQSURFHGHHOHGHDUXQFDUHODFRú
H[HFXWDWH GLQ V ULWXU FDUH SH OkQJ VSHFWDFXOR]LWDWHD H[HFX LHL ORU
DFFHQWXHD] úL HILFLHQ D MRFXOXL GDWRULW VXUSUL]HL SURYRFDWH FD úL D
JUDGXOXL FUHVFXW GH GLILFXOWDWH vQ DQLKLODUHD DFHVWHL DUXQF UL GH F WUH
DS U WRU
'HYHQLWH SURFHGHH WHKQLFH GH ILQDOL]DUH JHQHUDOL]DWH FD H[HFX
LH SHQWUX WRDWH GLVWDQ HOH GH DUXQFDUH GLQ DSURSLHUHD FRúXOXL GH OD
VHPLGLVWDQ úLGHODGLVWDQ IRORVLWHDFWXDOPHQWHDWkWGHE UED LFkW
úL GH IHPHL HOH FRQIHU SULQ UDSLGLWDWHD H[HFX LHL ORU XQ DYDQWDM GH
FDUHDWDFDQWXOGLVSXQHvQOXSWDVDFXDS U WRUXOGLUHFW
$UXQF ULOH OD FRú GLQ V ULWXU FD SURFHGHH VXQW DVHP Q WRDUH
DUXQF ULORUODFRúFXRPkQ GHGHDVXSUDFDSXOXLH[HFXWDWHGHSHORF
$UXQF ULOHODFRúGLQV ULWXU VHSRWH[HFXWD
±FXGHVSULQGHUHGHSHORF
±SUHFHGDWHGHGHSODVDUHúLRSULUHvQWUXQWLPSVDXGRLWLPSLGLQ
GULEOLQJVDXGXS SULQGHUHDPLQJLLGLQSDV


$581&$5($/$&2ù',16 5,785 35(&('$7
'('(3/$6$5(ù,235,5(Ì175817,03
3ULQGHUHDPLQJLL-XF WRUXODIODWvQDOHUJDUHVDXvQGULEOLQJvúL
FRRUGRQHD] SDúLL vQ DúD IHO vQFkW PRPHQWXO SULQGHULL PLQJLL V
FRUHVSXQG FX LQWHUYDOXO GLQWUH GRX S úLUL vQWUR V ULWXU 0LQJHD
HVWH GHFL UHFHS LRQDW vQ PRPHQWXO ÄGH ]ERU´ $WHUL]DUHD VH IDFH
SULQWUR RSULUH vQWUXQ WLPS D VH YHGHD HOHPHQWXO WHKQLF RSULUHD
SLFLRDUHOH OXkQG VLPXOWDQ FRQWDFW FX VROXO úL UXOkQG F OFkLWDOS
*OH]QHOHúLJHQXQFKLLVHIOH[HD] FHYDPDLPXOWDFHDVW DWHUL]DUHSULQ
DPRUWL]DUHGHWHUPLQkQGPRPHQWXOLPHGLDWXUP WRU)LJXUD

)LJXUD
% WDLDVHH[HFXW VLPXOWDQSHDPEHOHSLFLRDUHSULQFRQWLQXDUHD
UXO ULL F OFkLWDOS YkUI SHQWUX D VH UHDOL]D R V ULWXU FkW PDL
HFKLOLEUDW úL vQDOW WUDQVIRUPkQG YLWH]D GH WUDQVOD LH vQ YLWH]
DVFHQVLRQDO
6 ULWXUD GHVSULQGHUHD GH SH VRO VH IDFH FkW PDL DSURDSH GH
YHUWLFDO ODPDULLMXF WRULFKLDUSX LQvQDSRLSULQLPSXOVLDSXWHUQLF
UHDOL]DW GLQYkUIXULOHSLFLRDUHORUFRRUGRQDWHVLPXOWDQ&RUSXOU PkQH
FkWPDLHFKLOLEUDWYHUWLFDOPLúFDUHDILLQGFRRUGRQDW FXFHDDEUD HORU
FDUH vQFHS DUXQFDUHD SURSULX]LV ÌQ WLPSXO V ULWXULL MXF WRUXO YD


F XWD V DVLJXUH ÄR SOXWLUH´ DGLF R RDUHFDUH vQWkU]LHUH vQ SXQFWXO
PD[LPDOV ULWXULLSHQWUXDSUHJ WLILQDOXODUXQF ULLODFRú
$UXQFDUHD OD FRú HVWH DVHP Q WRDUH FD SURFHGHX DUXQF ULL OD
FRúGHSHORF0RPHQWXOGHH[HFX LHDOÄE W LL´FRUHVSXQGHSR]L LHLGH
LQHUH D PLQJLL GHDVXSUD FDSXOXL ÌQ SXQFWXO PD[LP DO V ULWXULL úL vQ
WLPS FH VH UHDOL]HD] DFHD ÄSOXWLUH´ EUD XO VH GHVWLQGH vQ VXV úL
vQDLQWH3DUWHDILQDO DDUXQF ULLVHH[HFXW vQPRPHQWXOvQFDUHFRUSXO
vQFHSH V FRERDUH GLQ V ULWXU úL FRQVW GLQ PLúFDUHD ÄGH ELFLXLUH´
I FXW SULQIOH[LDSXWHUQLF úLUDSLG GLQDUWLFXOD LDSXPQXOXL
$WHUL]DUHDVHIDFHvQPRGRELúQXLWSHDPEHOHSLFLRDUHFDUHvQ
WLPSXO V ULWXULL DX IRVW SX LQ GHS UWDWH WRFPDL vQ DFHVW VFRS 8QHOH
DWHUL] UL vQV VH IDF SX LQ GH]HFKLOLEUDW DFHDVWD FD XUPDUH D XQRU
vQFHUF ULGHHYLWDUHDFDSDFXOXLDS U WRUXOXL
*UHúHOLIUHFYHQWH
&X SULYLUH OD DUXQFDUHD SURSULX]LV DFHVWHD DX IRVW GHVFULVH OD
SURFHGHHOHUHVSHFWLYHLGHPúLODRSULUL
¾ 'HVSULQGHUHDvQV ULWXU VHIDFHGH]HFKLOLEUDWVROLFLW PLúF UL
FRPSHQVDWRULL DOH WUHQXOXL VXSHULRU IDSW FH LQIOXHQ HD] QHJDWLY
SUHFL]LDvQH[HFX LDILQDOL] ULLUHVSHFWLYH
¾ $UXQFDUHDODFRúHVWHH[HFXWDW vQDLQWHFDMXF WRUXOvQV ULWXU
V ILDWLQVSXQFWXOPD[LPGHvQ O DUHOLSVDDFHOXLÄPRPHQWGHSOXWLUH´
PDUFDWGHPRPHQWXOGHvQ O DUHPD[LP vQV ULWXU
8WLOL]DUH WDFWLF $UXQFDUH GH PDUH HILFLHQ vQ MRFXO DFWXDO GH
EDVFKHW FH PDQLIHVW RSRODUL]DUHDSURDSHWRWDO vQUkQGXOPRGDOLW LORU
GH ILQDOL]DUH )RORVLW GH WR L MXF WRULL GH EDVFKHW FKLDU úL GH SLYR L VDX
FHQWULL SHQWUX H[HFX LD GH OD RULFH GLVWDQ D DUXQF ULL OD FRú DWkW
vPSRWULYDWXWXURUYDULDQWHORUDS U ULLRPODRPFkWúLDOHFHORUvQ]RQ
0HWRGLFDvQY ULL
([HUFL LLWHKQLFH
¾ GLQ XQJKL GH ID GH SDQRX GLVWDQ D DSUR[LPDWLY P
GHVSULQGHUHGHSHGRX SLFLRDUHVLPXOWDQFXGXFHUHDPLQJLLGHDVXSUD
FDSXOXL vQ SUL] DVLPHWULF DUXQFDUH OD FRú GLQ V ULWXU ±DWHUL]DUH SH
GRX SLFLRDUH$FFHQWXOVHSXQHSHPRPHQWXODUXQF ULLFDUHVXFFHGH
DWLQJHUHD SXQFWXOXL FHO PDL vQDOW DO V ULWXULL VH QXP U WLPSL
GHVSULQGHUHDDUXQFDUHD
¾ VH P UHúWH GLVWDQ D úL MXF WRUXO vúL DUXQF PLQJHD vQ VXV úL
vQDLQWH ±VH GHSODVHD] ±SULQGH PLQJHD FX RSULUH vQWUXQ WLPS ±GHV
SULQGHUHGHSHGRX SLFLRDUH±DUXQFDUHODFRúGLQV ULWXU )LJXUD


¾MXF WRUXO H[HFXW WRW SH SDUWHD PkLQLL vQGHPkQDWLFH XQ VLQ
JXUGULEOLQJ±RSULUH±SULQGHUH±DUXQFDUHODFRúGLQV ULWXU )LJXUD

)LJXUD )LJXUD
¾ MXF WRUXODUXQF ODFRúGLQV ULWXU GXS SULQGHUHDPLQJLLGLQ
SDV SULPLW GHSHSDUWHDPkLQLLFDUHH[HFXW DUXQFDUHD)LJXUD
¾ IHQW GHDUXQFDUH±DUXQFDUHODFRúGLQV ULWXU
¾ IHQW GHSDV ±DUXQFDUHODFRúGLQV ULWXU
¾ IHQW GHSOHFDUHvQGULEOLQJGHGHS úLUH±DUXQFDUHODFRúGLQ
V ULWXU

)LJXUD )LJXUD

GULEOLQJ±RSULUH±DUXQFDUHODFRúGLQV ULWXU
¾
GULEOLQJFXVFKLPEDUHGHGLUHF LH±RSULUH±SULQGHUH±DUXQFDUH
¾
ODFRúGLQV ULWXU )LJXUD
¾ SDVH±GRLWUHLGLQDOHUJDUHFXDUXQFDUHODFRúGLQV ULWXU
¾ DUXQFDUHODFRúGLQV ULWXU FXDGYHUVDUFXWHP


i PDUFDMODGLVWDQ
i PDUFDMFXDSDUL LHvQWkU]LDW GXS SDV
¾MRFFXWHP
i [ILQDOL]HD] GLQV ULWXU DWDFDQWXOOLEHU
i [[SHòWHUHQ
i [SHWRWWHUHQXOFXPDUFDMDJUHVLY
127 FRQFXUVXO GH DUXQF UL U PkQH SHUPDQHQW H[HUFL LXO FHO
PDL IRORVLW úL FHO PDL HILFDFH SHQWUX FRQVROLGDUH úL SHUIHF LRQDUH OD
WRDWHSURFHGHHOHGHDUXQFDUH


7$&7,&$-2&8/8,

ÌQ MRFXULOH VSRUWLYH WDFWLFD UHSUH]LQW FRQWULEX LD DFWLY D
IDFWRUXOXLFRQúWLLQ DWkWvQFDGUXOPHFLXOXLFkWúLvQWLPSXOSUHJ WLULL
VSRUWLYHÌQPHFLWDFWLFDHVWHPLMORFXOSULQFDUHRHFKLS vQFHDUF V úL
YDORULILFH SDUWLFXODULW LOH MXF WRULORU SURSULL SUHFXP úL DOWH FDOLW L
DFXPXODWH vQ WLPSXO SUHJ WLULL 9DORULILFDUHD HVWH FRQGL LRQDW GH
FUHDUHDSULQDF LXQLFROHFWLYHúLLQGLYLGXDOHDFRQGL LLORUúLVLWXD LLORU
GHMRFIDYRUDELOH
2SUHJ WLUHWDFWLF FRUHFWRULHQWDW RIHU SRVLELOLWDWHDGHDREOLJD
HFKLSD DGYHUV V SULPHDVF OXSWD vQ FRQGL LL GH]DYDQWDMRDVH GDU
IDYRUDELOH HFKLSHL SURSULL $FHVWH VLWXD LL úL FRQGL LL GH MRF WUHEXLH
FUHDWH DVWIHO vQFkW OLSVXULORU HYLGHQWH vQ SUHJ WLUHD IL]LF WHKQLF
WDFWLF SVLKRORJLF D DGYHUVDULORU V OL VH RSXQ FRPSRQHQWHOH FHOH
PDL ELQH GH]YROWDWH DOH SUHJ WLULL MXF WRULORU SURSULL 5ROXO WDFWLFLL vQ
RE LQHUHDYLFWRULHLFUHúWHSDUDOHOFXYDORDUHDHFKLSHORUFDUHVHvQWUHF
PDLDOHVGDF VXEDVSHFWXOSUHJ WLULLIL]LFHWHKQLFHúLSVLKRORJLFHVXQW
VHQVLELODSURSLDWH
7DFWLFDSUHVXSXQHH[LVWHQ DXQHLFRQFHS LLXQLWDUHGHGHVI úXUDUHD
MRFXOXL UHDOL]DW SULQ DF LXQL LQGLYLGXDOH úL FROHFWLYH RUJDQL]DWH úL
FRRUGRQDWH vQ YHGHUHD RE LQHULL YLFWRULHL 5HDOL]DUHD WDFWLFLL HVWH
FRQGL LRQDW GHSUHJ WLUHDWHKQLF úLIL]LF WHKQLFDDVRFLDW FXJkQGLUHD
WDFWLF FRQVWLWXLH IDFWRUXO SULQFLSDO FDUH FRQFUHWL]HD] úL PDWHULDOL]HD]
FRQFHS LD úL LQWHQ LLOH WDFWLFH 7HKQLFD úL WDFWLFD IRUPHD] R XQLWDWH HOH
FRQGL LRQkQGXVH úL LQIOXHQ kQGXVH UHFLSURF ÌQ OXSWD VSRUWLY ED]D
VXFFHVXOXLRFRQVWLWXLHFDSDFLWDWHDGHDMXGHFDvQWLPSXOOXSWHL7HKQLFD
RIHU PLMORDFHFHWUHEXLHIRORVLWHX]kQGGHUD LXQH) U DQHJDVDXQHJOLMD
FRQWULEX LD SUHJ WLULL IL]LFH úL SVLKRORJLFH DILUP P F XQ MRF VSRUWLY VH
FDUDFWHUL]HD] úLFRQVW GLQWHKQLF SOXVJkQGLUHWDFWLF *kQGLUHDWDFWLF
±GHQXPLUHFRQYHQ LRQDO ±HVWHDFHHDFDUHG FRQ LQXWWDFWLFSURFHGHHORU
WHKQLFH(DDUHXQFDUDFWHUDFWLYIDYRUL]kQGFUHD LDvQMRFúLHVWHSUH]HQW


vQ RULFH DF LXQH *kQGLUHD WDFWLF VH SRDWH FRQFUHWL]D HILFDFH FkQG
MXF WRUXOGLVSXQHGHXQIRQGERJDWGHSURFHGHHWHKQLFHGHH[SHULHQ GH
MRFúLGHSUHJ WLUHWDFWLF FRUHVSXQ] WRDUH
3HQWUX D IL HILFDFH WDFWLFD DGRSWDW úL DSOLFDW GH R HFKLS
WUHEXLHV VHFDUDFWHUL]H]HvQWUHDOWHOHSULQ
¾DFFHVLELOLWDWH DGLF V FRUHVSXQG QLYHOXOXL WHKQLF
SDUWLFXODULW LORU IL]LFH úL SVLKLFH DOH MXF WRULORU 'H H[HPSOX vQ
EDVFKHW SUH]HQ D vQ HFKLS D MXF WRULORU vQDO L SHUPLWH IRORVLUHD
DWDFXOXLFXVDXMXF WRULSLYRW
¾HODVWLFLWDWH OXFUX FH SUHVXSXQH DVLJXUDUHD SRVLELOLW LL
MXF WRULORUSURSULLGHDVHDGDSWDODVLWXD LLOHQHSUHY ]XWHGLQMRFúLGH
DOHUH]ROYDFUHDWRUvQIDYRDUHDHFKLSHLSURSULLDFHDVW FDUDFWHULVWLF
HVWHRSXV ULJLGLW LLúLúDEORQLVPXOXL
7DFWLFDúLHOHPHQWHOHvQVXERUGLQH
7DFWLFD6XEGHQXPLUHDGHWDFWLF vQ HOHJHPÄWRWDOLWDWHDDF LXQLORU
LQGLYLGXDOHúLFROHFWLYHGLQGRPHQLXOSUHJ WLULLWHKQLFHIL]LFHSVLKRORJLFH
úLWHRUHWLFHSUHFXPúLDOWHP VXULVSHFLILFH±DOHMXF WRULORUXQHLHFKLSH±
UD LRQDOH úL RSRUWXQH vQ PHFL vQ OLPLWHOH UHJXODPHQWXOXL GH MRF úL DOH
VSRUWLYLW LL FX VFRSXO UHDOL] ULL YLFWRULHL $FHDVWD LPSXQH YDORULILFDUHD
FDOLW LORU úL SDUWLFXODULW LORU MXF WRULORU HFKLSHL SURSULL SUHFXP úL D
OLSVXULORUvQSUHJ WLUHDOHDGYHUVDULORU´
$WDF DS UDUH &X IRDUWH UDUH H[FHS LL OD DQJDM ULOH vQWUH GRL
HWF RULFH HFKLS vQ WLPSXO XQXL MRF VH DIO vQ DWDF VDX vQ DS UDUH
ÌQ HOHJHP SULQ DWDF ÄVLWXD LD WDFWLF ID]D IXQGDPHQWDO vQ FDUH R
HFKLS VHDIO vQSRVHVLDPLQJLLSXFXOXLEDORQXOXLHWFúLvúLFUHHD]
SRVLELOLWDWHD V vQWUHSULQG DF LXQL RIHQVLYH SHQWUX D vQVFULH SXQFWH´
Ä$S UDUHDUHSUH]LQW VLWXD LDWDFWLF ID]DGHMRFIXQGDPHQWDO vQFDUH
R HFKLS OXSW SHQWUX D LQWUD vQ SRVHVLD PLQJLL vQ YHGHUHD
vQWUHSULQGHULL GH DF LXQL RIHQVLYH I U D FRPLWH LQIUDF LXQL úL I U D
SHUPLWHDGYHUVDULORUV UHDOL]H]HXQSXQFW´
)RUPHOHúLPLMORDFHOHWDFWLFLL
7DFWLFDLQGLYLGXDO UHSUH]LQW ÄDQVDPEOXOGHDF LXQLLQGLYLGXDOH
IRORVLWHFRQúWLHQWGHXQMXF WRUvQOXSWDFXXQXOVDXPDLPXO LDGYHUVDUL
úLvQFRODERUDUHFXFRHFKLSLHULLvQVFRSXOUHDOL] ULLVDUFLQLORUMRFXOXLDWkW
vQDWDFFkWúLvQDS UDUH´


$F LXQHD LQGLYLGXDO UHSUH]LQW ÄVHOHF LRQDUHD úL DSOLFDUHD
FRQúWLHQW GHF WUHXQMXF WRUvQWURID] DFHOXLPDLLQGLFDWFRPSOH[
GHSURFHGHHWHKQLFHvQVFRSXOUHDOL] ULLXQHLVDUFLQLSDU LDOHDMRFXOXL´
'HUHJXO DF LXQHDLQGLYLGXDO VHGHVI úRDU vQOXSW FXXQXOVDXPDL
PXO L DGYHUVDUL ÌQWUXFkW DUH FRQ LQXW WHKQLF YRP GHQXPL DF LXQLOH
WDFWLFHLQGLYLGXDOHDF LXQLWHKQLFRWDFWLFH
&RPELQD LDWDFWLF UHSUH]LQW ÄFRRUGRQDUHDDF LXQLORULQGLYLGXDOH
DGRLVDXPDLPXO LFRHFKLSLHULvQWURID] DMRFXOXLFXVFRSXOUHDOL] ULL
XQHL VDUFLQL SDU LDOH D MRFXOXL GH DWDF VDX DS UDUH´ &RPELQD LLOH WDFWLFH
VXQWSURSULLRULF UXLVLVWHPGHMRF
6FKHPD WDFWLF UHSUH]LQW R IRUP D FRPELQD LHL WDFWLFH PDL
HYROXDW DSOLFDW FX SUHF GHUH vQ DWDF (D HVWH PDL FRPSOH[ GDU
WRWRGDW PDLULJLG úLVWHUHRWLS /DHIHFWXDUHDHLSDUWLFLS GHRELFHL
XQQXP UPDLPDUHGHMXF WRUL6HDSOLF PDLDOHVvQPRPHQWHOHIL[H
ID]HOH DOH MRFXOXL UHSXQHUHD PLQJLL GLQ DIDUD WHUHQXOXL DQJDMDUHD
vQWUHGRL6HIRORVHúWHFXVFRSXOGHDGHUXWDDGYHUVDUXOúLGHDSXQHvQ
YDORDUH vQ ID]HOH GHFLVLYH DOH PHFLXOXL FDOLW LOH XQXL VSRUWLY
FUHkQGXLFRQGL LLIDYRUDELOHGHDF LXQH6FKHPDWDFWLF SUHVXSXQHXQ
GLVSR]LWLYIL[vQFDGUXOF UXLDMXF WRULLúLPLQJHDFLUFXO VWHUHRWLS(D
VH DSOLF vQ PRG GHOLEHUDW GH JUXSXO GH MXF WRUL úL WUHEXLH SUHJ WLU
IRDUWH EXQH vQ DQWUHQDPHQW OXFUX FH QHFHVLW PXOW WLPS $SOLFDUHD
VFKHPHLWDFWLFHVHGHRVHEHúWHGHFHDDFRPELQD LHLWDFWLFHSULQIDSWXO
F XOWLPDDUHXQFDUDFWHUVSRQWDQúLFUHDWRUvQIXQF LHGHID]DGHMRF
&LUFXOD LDWDFWLF VHIRORVHúWHFXSUHF GHUHvQDWDF(DUHSUH]LQW
RIRUP VXSHULRDU DVFKHPHLWDFWLFH&XDMXWRUXOFLUFXOD LHLWDFWLFHVH
UHDOL]HD] ID]D GH SUHJ WLUH D DWDFXOXL vQ FDGUXO VLVWHPXOXL GH MRF
DGRSWDWGHHFKLS 6FRSXOHVWHLGHQWLFFXFHODOVFKHPHLWDFWLFH±FUHDUHD
VLWXD LLORUIDYRUDELOHUHDOL] ULLSXQFWHORU&LUFXOD LDVHIRORVHúWHvQID D
XQHL DS U UL RUJDQL]DWH (D FRQVW GLQ FRPELQD LL WDFWLFH úL DF LXQL
LQGLYLGXDOH VLPXOWDQH úL VXFFHVLYH FH VH GHVI úRDU FRQIRUP XQXL
DQXPLWSODQGHRUJDQL]DUH-XF WRULLúLPLQJHDFLUFXO VXFFHVLYRFXSkQG
ORFXULGLQDLQWHVWDELOLWHXUP ULQGSHUPDQHQWSXQHUHDDS U ULLvQVLWXD LD
GH D JUHúL RULFH JUHúHDO GH DS UDUH ± FH DSDUH vQ XUPD IRORVLULL
FLUFXOD LHL WDFWLFH ± WUHEXLH YDORULILFDW vQFHUFkQG V VH UHDOL]H]H XQ
SXQFW
&LUFXOD LD WDFWLF UHSUH]LQW IRUPD HYROXDW GH DSOLFDUH D
SULQFLSLXOXLSDUWLFLS ULLODMRFDWXWXURUFRPSRQHQ LORUHFKLSHL3HQWUX
UHDOL]DUHDFLUFXOD LHLWDFWLFHVHVWDELOHVFGLQDLQWHSULQFLSLLOHFLUFXOD LHL
MXF WRULORUGHH[HPSOXvQSDUWHDRSXV GLUHF LHLGHSDVDUHDPLQJLL


SUHFXPúLVHQVXOULWPXOGHMRFHWF2EXQ FLUFXOD LHWDFWLF WUHEXLHV
VHFDUDFWHUL]H]HSULQ
¾ DJUHVLYLWDWH ± GHPDUFDMHOH VXFFHVLYH DOH MXF WRULORU úL
FLUFXOD LD PLQJLL V ILH RULHQWDWH VSUH SRDUWD VDX FRúXO DGYHUV DVWIHO
vQFkWV FRQVWLWXLHRDPHQLQ DUHSHUPDQHQW SHQWUXDS UDUH
¾ V SXQ vQ VLWXD LD GH D vQVFULH SH WR L VDX SH PDMRULWDWHD
MXF WRULORU FDUH SDUWLFLS úL QXPDL vQ FD]XUL ELQH PRWLYDWH SH XQXO
VLQJXUFXPVHvQWkPSO GHFHOHPDLPXOWHRULFXVFKHPHOHWDFWLFH
¾ UHYHUVLELOLWDWH±V VHSRDW H[HFXWDDWkWSHSDUWHDGUHDSW FkW
úL SH SDUWHD VWkQJ D WHUHQXOXL VFKLPEkQGXVH VHQVXO I U D VH
vQWUHUXSHVDXUHRFXSDGLVSR]LWLYXOLQL LDO
¾ DFFHVLELOLWDWH ± V SRDW IL vQY DW UHODWLY XúRU úL V
FRUHVSXQG SUHJ WLULLWHKQLFHDMXF WRULORU
¾ V DVLJXUH DS UDUHD vQ FD] GH HúHF SUHYHQLQGXVH vQ VSHFLDO
FRQWUDDWDFXO
6LVWHPXO GH MRF UHSUH]LQW ÄIRUPD JHQHUDO GH RUJDQL]DUH
VWUXFWXUD DF LXQLORU MXF WRULORU vQ DWDF úL vQ DS UDUH VWDELOLQG VDUFLQL
SUHFLVHúLSULQFLSLLGHFLUFXOD LHGHFRODERUDUHvQFDGUXOXQXLGLVSR]LWLY
SUHVWDELOLW´ 6SUH GHRVHELUH GH XQHOH DFFHS LXQL FXUHQWH VLVWHPXO GH
MRFDUHRVIHU PDLUHVWUkQV GHFkWWDFWLFDILLQGLQFOXVvQQR LXQHDGH
WDFWLF 2HFKLS vúLSRDWHFRQVWUXLWDFWLFDIRORVLQGVLVWHPHGHDWDF
úLDS UDUH6LVWHPXOVHFDUDFWHUL]HD] GHFLSULQGLVSR]LWLYDúH]DUHDGH
ED] DMXF WRULORUSHWHUHQúLSULQVWUXFWXUDUHDUHOD LLORUGLQWUHMXF WRUL
DFHúWLDSRWILJUXSD LvQFRPSDUWLPHQWHVDXOLQLL
&RQFHS LD GH MRF ÌQ HOHJHP SULQ FRQFHS LH GH MRF ÄSDUWLFXOD
ULW LOH VDX FDUDFWHULVWLFLOH DSOLF ULL WDFWLFLL GH F WUH R HFKLS ´ 3HQWUX
ILHFDUH MRF VSRUWLY FDSLWROXO WDFWLF HVWH IRDUWH YDVW ([LVW IRDUWH
PXOWH VLVWHPH GH DWDF úL GH DS UDUH GDU úL PDL QXPHURDVH VXQW
FRPELQD LLOH VFKHPHOH úL FLUFXOD LLOH WDFWLFH 1XP UXO ORU FUHúWH
FRQWLQXXGDWRULW DFWLYLW LLFUHDWRDUHDDQWUHQRULORUúLMXF WRULORU
$OHJHUHDVLVWHPHORUGHMRFúLDFLUFXOD LLORUúLVFKHPHORUWDFWLFH
UHYLQH DQWUHQRULORU vQ SOXV HL OH DGDSWHD] vQ PRG PDL PXOW VDX PDL
SX LQFUHDWRUODVSHFLILFXOMXF WRULORUúLHFKLSHLSURSULL6HOHF LRQDUHD
úLDGDSWDUHDVHIDFvQED]DDQXPLWRUFULWHULLFRUHVSXQ] WRDUHFRQFHS LHL
GH MRF D DQWUHQRUXOXL FRQFHS LH SH FDUH úLR IRUPHD] SULQ VWXGLX úL
SULQ IRORVLUHD H[SHULHQ HL SURSULL úL D DOWRU VSHFLDOLúWL 6XEOLQLHP F
FHHD FH HVWH SULQFLSDO vQ FRQFHS LD XQXL DQWUHQRU SRDWH IL VHFXQGDU
SHQWUXDOWXO


6XEOLQLHPGHDVHPHQHDF RHFKLS DUHRFRQFHS LHGHMRFGH
ED] úL F SHQWUX ILHFDUH PHFL DQWUHQRUXO HODERUHD] XQ SODQ WDFWLF
VSHFLDOWDFWLFDvQIXQF LHGHDGYHUVDU3ODQXOWDFWLFVSHFLDOUHSUH]LQW
WRW R FRQFHS LH GH MRF GDU FX DSOLFDWLYLWDWH WHPSRUDU QXPDL SHQWUX
DFHO PHFL vPSRWULYD DFHOXL DGYHUVDU DFHDVW FRQFHS LH GH MRF
WHPSRUDU FRQVW GLQWUR DGDSWDUH D FRQFHS LHL WDFWLFH GH ED] D
HFKLSHL (ODERUDUHD DFHVWXL SODQ WDFWLF VSHFLDO SUHJ WLUHD DSOLF ULL OXL
SULQ DQWUHQDPHQW SUHFXP úL DOWH P VXUL SUHDODELOH PHFLXOXL
FRQVWLWXLHVWUDWHJLD$úDGDUVWUDWHJLDSUHFHGHPHFLXOSUHFHGHWDFWLFD
DFHDVWDGLQXUP DYkQGXQFDUDFWHUDSOLFDWLYúLRSHUDWLY5H]XOW F
FHHD FH XQLL UHSRUWHUL úL FRPHQWDWRUL VSRUWLYL GHQXPHVF LPSURSULX
VWUDWHJLH UHIHULQGXVH OD DSOLFDUHD vQ WLPSXO PHFLXOXL D XQRU P VXUL
VSHFLDOHOXDWHDGKRFGHDQWUHQRUFRQVWLWXLHGHIDSWWDFWLFDRSHUDWLY
SULQDVWIHOGHP VXULRSRUWXQHVFKLPEDUHDXQRUMXF WRULGHH[HPSOX
DQWUHQRUXO UHVSHFWLY VD GRYHGLW D IL XQ EXQ WHKQLFLDQ GHRDUHFH
FDOLW LOHVDOHGHVWUDWHJVHDSUHFLD] GXS HILFLHQ DFHORUvQWUHSULQVHvQ
SUHJ WLUHDHFKLSHLDQWHULRUvQFHSHULLPHFLXOXL
'H FHOH PDL PXOWH RUL FRQFHS LD GH MRF D HFKLSHORU IUXQWDúH PDL
DOHVDDFHORUDUHSUH]HQWDWLYHH[SULP FRQFHS LDGHMRFSHSODQQD LRQDO
&RQFHS LD GH MRF WUHEXLH SULYLW úL FD R WHQGLQ FDUH LQGLF
RULHQWDUHD MRFXOXL úL SHUVSHFWLYHOH OXL GH GH]YROWDUH DWkW OD QLYHOXO
HFKLSHORUGHFOXEFkWúLODQLYHOXOMRFXOXLUHVSHFWLYSHSODQQD LRQDO
FRQWLQHQWDOúLFKLDUPRQGLDOÌQFRQVHFLQ FRQFHS LDGHMRFWUHEXLHV
DLE XQFDUDFWHUSURJUHVLVWMRFXOHFKLSHLúLWHQGLQ HOHOXLGHGH]YROWDUH
FRUHVSXQ]kQG VDX FKLDU GHYDQVkQG RULHQWDUHD FHORU PDL EXQH HFKLSH
DWkWSHSODQLQWHUQFkWúLLQWHUQD LRQDO
%D]HOHWDFWLFLLvQDWDF
$WDFXO vPSUHXQ FX DS UDUHD FRQVWLWXLH FHOH GRX )$=(
)81'$0(17$/(DOHMRFXOXL
) U D GLPLQXD UROXO DS U ULL vQ MRFXO GH EDVFKHW DWDFXO HVWH
IDFWRUXOGHFDUHGHSLQGHVXFFHVXOYLFWRULDvQWUXQPHFL
-RFXO GH EDVFKHW FRQVW GLQWUR OXSW FRQWLQX vQWUH DS UDUH úL
DWDFDYDQWDMXOILLQGGHFHOHPDLPXOWHRULGHSDUWHDDWDFXOXLGHRDUHFH
SRVHVLDPLQJLLFRQVWLWXLHRJDUDQ LHDSRVLELOLW LORUGHDvQVFULHFRúúL
SUH]LQW DYDQWDMXO GH D GH LQH LQL LDWLYD DS UDUHD HVWH REOLJDW V
SUHYLQ úLV IDF ID DFHVWRUDYDQWDMHF XWkQGV OHDQLKLOH]HVDXV
OHHFKLOLEUH]H


3OHFkQG GH OD GHVI úXUDUHD DWDFXOXL vQ FDGUXO MRFXOXL YRP
SUH]HQWDvQFHOHFHXUPHD] VXFFHVLYSUREOHPHOHOHJDWHGHRUJDQL]DUHD
úLSUHJ WLUHDOXLFXQRVFXWHVXEGHQXPLUHDGHÄ%$=(/( 7$&7,&,,Ì1
$7$&´SULQFLSLLID]HIDFWRULIRUPHúLWLSXUL
35,1&,3,,/( $7$&8/8, SHQWUX RUJDQL]DUHD FkW PDL EXQ D
DF LXQLORUWHKQLFRWDFWLFHLQGLYLGXDOHúLDFRPELQD LLORUFROHFWLYHSUHFXP
úL SHQWUX HILFDFLWDWHD ORU HVWH QHFHVDU FD MXF WRULL vQ GHVI úXUDUHD
DWDFXOXLV DSOLFHRVHULHGHSULQFLSLLVDXUHJXOLWDFWLFH
3ULQFLSLLOH DWDFXOXL WUHEXLH FRQVLGHUDWH vQ UHOD LD DQWDJRQLF
GLQWUHDS UDUHúLDWDF LQkQGXVHVHDPDGHSULQFLSLLOHDS U ULL
3ULQFLSLXODWDF ULLFRúXOXLDGYHUV
$SOLFDUHD DFHVWXL SULQFLSLX FRQVWLWXLH QRWD VSHFLILF D DWDFXOXL
GHWHUPLQkQGRULHQWDUHDWXWXURUDF LXQLORUvQGLUHF LDUHDOL] ULLVFRSXOXL
LPHGLDWDOILHF UHLID]HRIHQVLYHGHMRF
3ULQFLSLXO DWDF ULL FRúXOXL WUHEXLH V VWHD OD ED]D VWDELOLULL
FRQFHS LHLGHDWDFDHFKLSHLSUHFXPúLODED]DFLUFXOD LLORUWDFWLFH
FDUHVXQWXWLOL]DWHvQSUHJ WLUHDDWDFXOXL
ÌQ FDGUXO VLVWHPHORU GH DWDF DSOLFDUHD DFHVWXL SULQFLSLX VH
UHDOL]HD] SULQ RULHQWDUHD FLUFXOD LHL GH PLQJH úL GH MXF WRUL vQ
ÄDGkQFLPH´F WUHFRú
3 VWUDUHDSRVHVLHLPLQJLL
5HSUH]LQW FRQGL LDHVHQ LDO DDWDFXOXL6HFXQRDúWHFkWGHJUHX
vL HVWH XQHL HFKLSH V LQWUH vQ SRVHVLD PLQJLL I U D SULPL FRú 'DF
VLWXD LDGHSLHUGHUHDSRVHVLHLPLQJLLI U DvQVFULHXQFRúVHUHSHW GH
PDLPXOWHRULUH]XOWDWXOQXLSRDWHILIDYRUDELOHFKLSHLUHVSHFWLYH
$SOLFDUHDSULQFLSLXOXLSRVHVLHLPLQJLLSUHVXSXQHDQXVHSLHUGH
PLQJHDGHFkWFDXUPDUHDXQHLHYHQWXDOHDUXQF ULODFRúUDWDWH$WDFXO
WUHEXLH DVWIHO GHVI úXUDW vQFkW V VH WHUPLQH FX DUXQFDUH OD FRú
PRWLYDW WDFWLF3 VWUDUHDSRVHVLHLPLQJLLvQDF LXQLOHWHKQLFRWDFWLFH
LQGLYLGXDOHVHUHDOL]HD] SULQWUREXQ SURWHMDUHDHLÌQFRPELQD LLOH
FROHFWLYHSRVHVLDPLQJLLVHS VWUHD] SULQWUREXQ FLUFXOD LHWDFWLF
SULQHFKLOLEUXOGHIHQVLYúLSULQDF LXQHDGHÄGXEODUH´
$GDSWDUHDDWDFXOXLODVSHFLILFXODS U ULL
3HQWUXFDMXF WRULLvQDWDFV PDQLIHVWHLQL LDWLY úLV úLLPSXQ
ULWPXOGHMRFHVWHQHFHVDUV LQ VHDPDGHSDUWLFXODULW LOHDS U ULL
DGYHUVH úL GH VLVWHPXO GH DS UDUH IRORVLW GH DFHDVWD ÌQ IXQF LH GH
DFHVWHSDUWLFXODULW LDWDFDQ LLWUHEXLHV DOHDJ úLV DSOLFHvQMRFDWkW
VLVWHPXO GH DWDF FkW úL DF LXQLOH WHKQLFRWDFWLFH LQGLYLGXDOH úL
FROHFWLYHFHOHPDLLQGLFDWH


'HWHUPLQDUHD DS U WRULORU V FRPLW JUHúHOL úL YDORULILFDUHD
DFHVWRUD
2UJDQL]DUHD úL SUHJ WLUHD DWDFXOXL XUP UHúWH V vQYLQJ
UH]LVWHQ D DS U ULL FRQWUDFDUkQG P VXULOH SH FDUH OHD OXDW DFHDVWD
SHQWUXDQXSHUPLWHvQVFULHUHDGHFRúXUL3UHJ WLUHDDWDFXOXLGHWHUPLQ
DGYHUVDUXOV IDF JUHúHOLvQDS UDUHJUHúHOLFDUHOSXQvQLQIHULRULWDWH
vQ OXSWD GLUHFW FX DWDFDQWXO $FHVWH JUHúHOL WUHEXLH YDORULILFDWH HOH
RIHULQGFRQGL LLPDLXúRDUHGHUH]ROYDUHDDF LXQLORUILQDOH
)$=(/($7$&8/8,
,QWUDUHDvQSRVHVLDPLQJLL
3HQWUXDSXWHDGHVI úXUDDWDFXOHFKLSDWUHEXLHV ILHvQSRVHVLD
PLQJLL,QWUDUHDvQSRVHVLDPLQJLLFRQVWLWXLHvQFRQVHFLQ SULPDID]
DDWDFXOXL
3HQWUXDVHUHDOL]DDFHDVW ID] DDWDFXOXLWUHEXLHV VHLDP VXUL
vQF GLQVLWXD LDGHIHQVLY DHFKLSHLDIODWHvQDFHOPRPHQWvQID]DGH
DS UDUH $FHVWH P VXUL VH UHDOL]HD] SULQWUR FRUHFW UHSDUWL]DUH D
DGYHUVDULORU vQ PDUFDM SULQ LQL LDWLY úL SULQWUXQ SODVDPHQW FRUHFW DO
DS U WRULORU UDSRUWDW OD DGYHUVDUL úL OD PLQJH FDUH WUHEXLH DVWIHO
HIHFWXDWvQFkWV IDYRUL]H]HvQHJDO P VXU DWkWLQWUDUHDvQSRVHVLD
PLQJLLFkWúLFRQWLQXDUHDLPHGLDW DDFHVWHLID]HFXDF LXQLGHDWDF
,QWUDUHDvQSRVHVLDPLQJLLVHUHDOL]HD] SULQDF LXQLOHGHLQWHUFHS LH
VPXOJHUH VFRDWHUHD PLQJLL GLQ GULEOLQJ XUP ULUHD úL UHFXSHUDUHD
GHIHQVLY DPLQJLLULFRúDWHGLQSDQRXVDXLQHO'HDVHPHQHDVHPDLSRDWH
LQWUD vQ SRVHVLD PLQJLL FD XUPDUH D XQHL LQIUDF LXQL JUHúHDO SHUVRQDO
VDXDEDWHUHFRPLV GHDGYHUVDU
7UHFHUHDvQWHUHQXOGHDWDF
3RDWHILFRQVLGHUDW FDRID] GHVLQHVW W WRDUHVDXFDXQPLMORF
GHSUHJ WLUHDDWDFXOXL7UHFHUHDMXF WRULORUVDXDPLQJLLvQWHUHQXOGH
DWDFWUHEXLHV VHGHVI úRDUHvQPRGRUJDQL]DW
2 EXQ WUHFHUH vQ WHUHQXO GH DWDF WUHEXLH V VXUSULQG DS UDUHD
DGYHUV GH]RUJDQL]DW LDUvQDFHVWFD]DWDFXOSRDWHILQDOL]DI U DPDL
ILQHFHVDU ID]DGHDúH]DUHvQGLVSR]LWLYúLGHSUHJ WLUHDDWDFXOXL
7UHFHUHD GLQ DS UDUH vQ DWDF VH SRDWH UHDOL]D SULQ XUP WRDUHOH
PRGDOLW L WUHFHUHD UDSLG WUHFHUHD OHQW WUHFHUHD SULQ FRPELQD LL
(D VH UHDOL]HD] vQ FDGUXO XQRU FLUFXOD LL GH PLQJH úL GH MXF WRUL 6H
XUP UHúWH FD PLQJHD V DMXQJ vQ FHO PDL VFXUW WLPS vQ DSURSLHUHD
SDQRXOXLDGYHUVvQDLQWHFDWR LDS U WRULLV VHILUHSOLDW


7UHFHUHDUDSLG VHUHDOL]HD] vQSULQFLSDOSULQFRQWUDDWDFvQ
VLWXD LD vQ FDUH QXP UXO DWDFDQ LORU DIOD L vQ WHUHQXO GH DWDF HVWH HJDO
VDXFKLDUPDLPDUHGHFkWFHODODS U WRULORU
7UHFHUHDOHQW VHIRORVHúWHvQVLWXD LDFkQGDGYHUVDULLVDXUHWUDV
vQ GLVSR]LWLYXO GH DS UDUH VDX FkQG DFHúWLD VXQW vQ VXSHULRULWDWH
QXPHULF úL DX XQ SODVDPHQW DYDQWDMRV (D VH IDFH ILH LQGLYLGXDO ±
IRORVLQGXVH GULEOLQJXO ILH vQ MXF WRUL FDUH IRORVHVF SDVHOH
H[HFXWDWHGLQWURGHSODVDUHOHQW
7UHFHUHD SULQ FRPELQD LL VH FDUDFWHUL]HD] SULQ IDSWXO F
LQL LDWLYDQXDSDU LQHLQWHJUDODWDFDQ LORUHLILLQGREOLJD LV FRPELQH
FD U VSXQV OD DF LXQLOH GH PDUFDM DFWLYDJUHVLYH DOH DS U WRULORU
FDUHvQFHDUF V LQWUHvQSRVHVLDPLQJLL
2FXSDUHDGLVSR]LWLYXOXLGHDWDF
&RQVWLWXLHRID] REOLJDWRULHQXPDLvQFD]XULOHvQFDUHFRQWUDDWDFXO
úLWUHFHUHDUDSLG DXIRVWRSULWHGHDS UDUHDDGYHUV
(VWHRID] FDUDFWHULVWLF VLVWHPHORUGHDWDFSR]L LRQDORUJDQL]DWúL
HVWHREOLJDWRULHvQFD]XOFkQGDS UDUHDDGYHUV VDRUJDQL]DW2FXSDUHD
GLVSR]LWLYXOXLGHDWDFWUHEXLHV FRQVWLWXLHRFRQWLQXDUHILUHDVF DDFHVWHL
ID]HGHMRFI U vQWUHUXSHULvQFLUFXOD LDGHPLQJHúLGHMXF WRULHDWUHEXLH
V GXUH]HFkWPDLSX LQ
3UHJ WLUHDDWDFXOXL
(VWHRID] LPSRUWDQW DDWDFXOXLVFRSXOHLILLQGDFHODGHDFUHD
XQXLVDXPDLPXOWRUDWDFDQ LXQSODVDPHQWúLSR]L LLFkWPDLIDYRUDELOH
GH DUXQFDUH OD FRú 3UHJ WLUHD DWDFXOXL FRQVW GLQWUR VHULH GH DF LXQL
WHKQLFRWDFWLFH LQGLYLGXDOH úL FROHFWLYH 6XFFHVXO ORU HVWH FRQGL LRQDW
GHQXP UXOúLQLYHOXOGHvQVXúLUHDOSURFHGHHORUWHKQLFHúLGHQLYHOXO
GHGH]YROWDUHDJkQGLULLWDFWLFH
)LQDOL]DUHDDWDFXOXL
$UXQFDUHD SURSULX]LV OD FRú FRQVWLWXLH DF LXQHD FHD PDL
LPSRUWDQW $SOLFDUHD HL vQ MRF FHUH PXOW GLVFHUQ PkQW GLQ SDUWHD
MXF WRULORU 2 DUXQFDUH OD FRú QHPRWLYDW SRDWH VWULFD WRW FHHD FH D
UH]ROYDWELQHDWDFXOSkQ DWXQFL
5HFXSHUDUHDRIHQVLY
5HSUH]LQW XOWLPDID] DDWDFXOXLILLQGvQWRWGHDXQDSUHFHGDW GH
XUP ULUHD PLQJLL DUXQFDWH OD FRú 5HXúLWD DFHVWHL DF LXQL VSRUHúWH
FRQVLGHUDELO QXP UXO GH DWDFXUL HIHFWXDWH GH R HFKLS 6XQW PXOWH
FD]XULOHvQFDUHHFKLSHOHFkúWLJ MRFXULOHGDWRULW PXOWRUUHFXSHU ULGH
PLQJLGLQDUXQF ULOHUDWDWHGHúLDXXQSURFHQWDMPDLVODEODDUXQF ULOH
GLQDF LXQH


3UREOHPD UHFXSHU ULL D GHWHUPLQDW IRORVLUHD SH VFDU ODUJ D
MXF WRULORU vQDO L ÌQ MRFXO PRGHUQ VH SXQH XQ DFFHQW GHRVHELW SH
FkúWLJDUHD PLQJLORU vQ XUPD ILQDOL] ULORU QHUHXúLWH 5HFXSHUDUHD
RIHQVLY VHHIHFWXHD] GXS DUXQFDUHDSURSULHúLGXS DUXQFDUHDXQXL
FRHFKLSLHU
)$&725,,$7$&8/8,
&RQVWLWXLHPLMORDFHOHWDFWLFHIXQGDPHQWDOHSULQFDUHVHvQFHDUF
SXQHUHDvQYDORDUHDSDUWLFXODULW LORUvQSUHJ WLUHSUHFXPúLSHFHOHGH
DOWRUGLQIL]LFSVLKLFHWFDOHDWDFDQ LORUvQYHGHUHDRE LQHULLVXFFH
VXOXLvQGHVI úXUDUHDDWDFXOXL
3ODVDPHQWXOvQDWDFúLDQWLFLSDUHDDF LXQLORU
3ODVDPHQWXO HVWH XQ IDFWRU GH ED] DO MRFXULORU úL vQ DWDF
SUHFHGH DF LXQHD WHKQLFRWDFWLF LQGLYLGXDO GH ÄGHPDUFDM´ 3ULQ
SODVDPHQW VH XUP UHúWH RFXSDUHD XQHL SR]L LL DFWLYH FDUH SH GH R
SDUWH V SHUPLW SDUWLFLSDUHD HIHFWLY vQ GHVI úXUDUHD DWDFXOXL ±
LQFOXVLY SRVLELOLWDWHD GH D SULPL PLQJHD ± LDU SH GH DOW SDUWH V
FRQVWLWXLHXQSHULFROSHQWUXDS UDUH3URFHGHHOHFHOHPDLLQGLFDWHvQ
HIHFWXDUHD GHPDUF ULL VXQW VFKLPE ULOH GH GLUHF LH RSULULOH úL
SOHF ULOHEUXúWHvQDOHUJDUHVFKLPE ULOHGHULWPvQDOHUJDUHSLUXHWHOH
IHQWHOHHWF
&LUFXOD LDGHMXF WRUL
5HSUH]LQW GHSODV ULOHHIHFWXDWHGHMXF WRULLXQHLHFKLSHvQDWDF
GLQPRPHQWXOLQWU ULLvQSRVHVLDPLQJLLúLSkQ ODID]DGHILQDOL]DUHD
DWDFXOXLVDXGHSLHUGHUHDSRVHVLHLPLQJLL
ÌQMRFXOGHEDVFKHWH[LVW GRX WLSXULGHFLUFXOD LL
¾ WLSXOGHFLUFXOD LHLQGLYLGXDO
¾ WLSXOGHFLUFXOD LLFXFRPELQD LL
&LUFXOD LDPLQJLL
5HSUH]LQW WRWDOLWDWHDSDVHORUHIHFWXDWHGLQPRPHQWXOLQWU ULLvQ
SRVHVLDPLQJLLúLSkQ ODSLHUGHUHDHL
&LUFXOD LDGHPLQJHWUHEXLHV UHVSHFWHXUP WRDUHOHUHJXOL
¾ V DPHQLQ HvQSHUPDQHQ FRúXOV DLE YDULHWDWHFDGLUHF LH
ULWPúLSURFHGHXWHKQLFGHH[HFX LH0LQJHDSRDWHDYHDvQFLUFXOD LDHL
GLUHF LD GH FRú ÄvQ DGkQFLPH´ VDX ODWHUDO vQ VFRS GH SURWHF LH VDX
GHFRPELQD LHWDFWLF
¾ V DLE FRQWLQXLWDWHPLQJHDV FLUFXOHQHvQWUHUXSWúLFXIHQWH
GHILQDOL]DUHVDXGHDF LXQLGHÄGHS úLUH´
¾ V VHSDVH]HSDUWHQHUXOXLDIODWvQDOHUJDUHSHÄSR]L LHYLLWRDUH´


2UJDQL]DUHDDWDFXOXLúLIRORVLUHDXQHLVXSUDIH HFkWPDLH[WLQVH
GLQWHUHQXOGHDWDF
3HQWUX D UHXúL DWDFXO WUHEXLH V VH GHVI úRDUH RUJDQL]DW LDU
DF LXQLOHMXF WRULORUV ILHFRRUGRQDWH
3HQWUXRUJDQL]DUHDDWDFXOXLVHIRORVHúWHXQGLVSR]LWLYGHDWDFvQ
FDUH VH VWDELOHVF VDUFLQLOH MXF WRULORU SH SRVWXUL FLUFXOD LD úL
FRPELQD LLOHWDFWLFH
-XF WRULLDIOD LvQDWDFvQID]DGHSUHJ WLUHWUHEXLHV IRORVHDVF R
VXSUDID FkWPDLPDUHGLQWHUHQXOGHDWDFSHQWUXDSXWHDDF LRQD
PDLOHMHUúLDGHVWU PDFDUDFWHUXOFROHFWLYDODS U ULL
'HS úLUHDQXPHULF úLVXSHULRULWDWHDQXPHULF
5HSUH]LQW FRPELQD LL WDFWLFH IXQGDPHQWDOH FDUH VH SRW UHDOL]D
SULQS WUXQGHULSOHF ULGLQEORFDMHVFKLPEDUHDDWDFXOXLDOWHUQDWLYGH
SH R SDUWH SH DOWD D WHUHQXOXL (OH WUHEXLH UHDOL]DWH FX GHRVHELUH vQ
]RQHOH DSURSLDWH GH SDQRX GH XQGH ILQDOL]DUHD VH SRDWH H[HFXWD vQ
FRQGL LLIRDUWHEXQH
6XUSUL]D
$F LXQLOHDWDFDQ LORUQXWUHEXLHV GHDDS U WRULORUSRVLELOLWDWHDGH
DOH OH DQWLFLSD 6XUSUL]DVHUHDOL]HD] SULQFRQWLQXLWDWHvQDFWLYLWDWHDGH
SUHJ WLUHDDWDFXOXLUHYHUVLELOLWDWHDFLUFXOD LLORUWDFWLFHVFKLPE ULOHGH
ULWPvQGHVI úXUDUHDFLUFXOD LLORUGHMXF WRULúLGHPLQJH
'LULMDUHDMRFXOXLvQWHUHQ
'DW ILLQG FDUDFWHUXO GLQDPLF DO DWDFXOXL úL QXP UXO PDUH GH
SRVLELOLW LDOHDWDFDQ LORUHVWHQHFHVDUFDvQFRRUGRQDUHDDFHVWRUDF LXQL
V H[LVWH XQ IDFWRU FDUH V OH GLULMH]H úL V U VSXQG vQ DFHODúL WLPS
$FHDVW PLVLXQHHVWHvQFUHGLQ DW XQXLMXF WRUH[SHULPHQWDWFXDXWRULWDWH
vQ FDGUXO FROHFWLYXOXL GH MXF WRUL FDSDELO V DSOLFH vQ PRG LVFXVLW OD
FRQGL LLOH FRQFUHWH DOH PHFLXOXL OLQLD WUDVDW vQ SUHJ WLUHD HIHFWXDW GH
HFKLS 'HRELFHLDFHVWMXF WRUFRQGXF WRUXOGHMRFÄSOD\PDNHU´HVWH
F SLWDQXOHFKLSHLúLGHFHOHPDLPXOWHRULOLGHUXODFHVWHLD
5LWPXOGHMRF
5HSUH]LQW H[HFX LD OHQW VDX UDSLG D FLUFXOD LLORU GH PLQJH úL
GHMXF WRUL
ÌQJHQHUDOULWPXOGHMRFVHFDUDFWHUL]HD] SULQQXP UXOPDLPLF
VDXPDLPDUHGHSURFHGHHWHKQLFHúLGHDF LXQLWHKQLFRWDFWLFHIRORVLWH
vQ DWDF vQ XQLWDWHD GH WLPS SHULRDG UHSUL] SUHOXQJLUH PHFL HWF
SUHFXPúLGHH[HFX LDUDSLG DORU
)250(/('(25*$1,=$5($$7$&8/8,
D3HQWUXDDYHDHILFDFLWDWHDWDFXOWUHEXLHV VHGHVI úRDUHvQPRG
RUJDQL]DW LDU DF LXQLOH DWDFDQ LORU V ILH IRDUWH ELQH FRRUGRQDWH


2UJDQL]DUHDMRFXOXLVHRE LQHSULQVWDELOLUHDGLVSR]LWLYXOXLGHDWDFD
]RQHORUGHDF LRQDUHSHSRVWXULDOHMXF WRULORUSUHFXPúLvQIXQF LHGH
VDUFLQLOHSHFDUHWUHEXLHV OHvQGHSOLQHDVF MXF WRULLvQFRQIRUPLWDWHFX
FHULQ HOH SRVWXOXL RFXSDW vQ FDGUXO GLVSR]LWLYXOXL RIHQVLY DO HFKLSHL
)RUPD JHQHUDO GH RUJDQL]DUH úL FRRUGRQDUH D DF LXQLORU DWDFDQ LORU
FRQVWLWXLHFHHDFHQXPLP6,67(0'($7$&
(OHPHQWXOFDUHVHUYHúWHODGLIHUHQ LHUHDXQXLVLVWHPGHDWDFID
GH DOWXO vL FRQVWLWXLH SUH]HQ D XQXLD VDX D PDL PXOWRU MXF WRUL
VSHFLDOL]D L FDUH GHWHUPLQ PRGXO GH GLVWULEXLUH úL GH UHDOL]DUH D
VDUFLQLORUFHORUODO LDWDFDQ L$FHúWLDWDFDQ LVSHFLDOL]D LVXQWMXF WRUXO
SLYRWúLMXF WRUXOFHQWUX
ÌQMRFXOGHEDVFKHWGHRVHELPXUP WRDUHOHVLVWHPHGHDWDF
D 6LVWHPXO GH DWDF FX DúH]DUHD MXF WRULORU vQWUXQ GLVSR]LWLY vQ
IRUP GHVHPLFHUFI U MXF WRULSLYRWVDXFHQWUX
E6LVWHPXOGHDWDFFXMXF WRULSLYRWXQXOVDXPDLPXO LSLYR L
úLFKLDUMXF WRULSLYRW
F6LVWHPXOGHDWDFFXXQXOVDXGRLMXF WRULFHQWUX
G6LVWHPXOGHDWDFFXMXF WRUSLYRWúLMXF WRUFHQWUX
ÌQ FDGUXO ILHF UXL VLVWHP VH IRORVHVF GLIHULWH YDULDQWH FDUDFWH
UL]DWH SULQ GLVSR]LWLYXO GH DWDF úL FLUFXOD LLOH WDFWLFH XWLOL]DWH vQ
SUHJ WLUHDúLILQDOL]DUHDDWDFXOXL
7,385,/($7$&8/8,vQMRFXOGHEDVFKHWDWDFXOVHSRDWH
GHVI úXUD OHQW VDX UDSLG &DUDFWHUXO GH UDSLGLWDWH VDX GH GHVI úXUDUH
OHQW vOG WHPSRXOvQFDUHVHH[HFXW SURFHGHHOHWHKQLFHGHPDQHYUDUH
DPLQJLLúLFLUFXOD LDDWDFDQ LORUGHQXP UXOGHFRPELQD LLWDFWLFHúL
GHGXUDWDSUHJ WLULLDWDFXOXL
%D]HOHWDFWLFLLvQDS UDUH
$úD FXP DP DU WDW MRFXO GH EDVFKHW VH FDUDFWHUL]HD] SULQWUR
OXSW SHUPDQHQW vQWUH DWDF úL DS UDUH UH]XOWDWXO ILLQG KRW UkW GH
HFKLSDFDUHDF LRQHD] PDLRUJDQL]DWvQDPEHOHID]HIXQGDPHQWDOHDOH
MRFXOXL
9DULHWDWHD úL VSHFWDFXOR]LWDWHD MRFXOXL GH EDVFKHW QX GHSLQG
QXPDL GH DWDF FL úL GH PRGXO FXP VH UH]ROY ID]HOH GLILFLOH GLQ
DS UDUH2PLQJHLQWHUFHSWDW XQÄFDSDFÉLQHHIHFWXDWRUHFXSHUDUH
GHIHQVLY HILFDFH FUHHD] GLQ SXQFW GH YHGHUH SVLKRORJLF XQ HIHFW
SR]LWLYSHQWUXHFKLSDvQFDX] úLOGHPRUDOL]HD] SHDGYHUVDU
(VWHDGHY UDWF VXFFHVXOXQHLHFKLSHHVWHGHWHUPLQDWvQFHDPDL
PDUH P VXU GH DWDF vQV FkQG DFHVWD HVWH GH YDORDUH DSURSLDW OD
DPEHOHHFKLSHGLIHUHQ DRIDFHID]DGHDS UDUH


6XFFHVXOXQHLHFKLSHvQDS UDUHHVWHGHWHUPLQDWvQPDUHP VXU
GHFDSDFLWDWHDDS U WRULORUGHDDQWLFLSDDF LXQLOHDWDFDQ LORUúLGHDOXD
FHOHPDLFRUHVSXQ] WRDUHP VXULSHQWUXSUHYHQLUHDúLDQLKLODUHDORU
3HQWUX D SXWHD IDFH ID DFHVWRU VLWXD LL DS U WRUXO WUHEXLH V
SRVHGH R JDP ODUJ GH SURFHGHH WHKQLFH V DLE R EXQ SUHJ WLUH
WDFWLF úLWHRUHWLF SULQFDUHV SRDW UHDOL]DvQPRGXOFHOPDLIDYRUDELO
ID]DUHVSHFWLY GHDS UDUH
(OHPHQWHOH IXQGDPHQWDOH SULQ FDUH VH UHDOL]HD] RUJDQL]DUHD
DS U ULL VXQW JUXSDWH vQ SULQFLSLL ID]H IDFWRUL IRUPH úL WLSXUL GH
DS UDUH
35,1&,3,,/($3 5 5,,
%DVFKHWXO PRGHUQ QX SRDWH IL FRQFHSXW GHFkW DYkQG OD ED]D
SUDFWLF ULLOXLRVHULHGHSULQFLSLLúLUHJXOLWDFWLFHELQHSUHFL]DWHFDUH
vQVXúLWH úL DSOLFDWH FUHDWRU SHUPLW GHVI úXUDUHD XQXL MRF OD QLYHOXO
H[LJHQ HORUDFWXDOH
5HVSHFWDUHD SULQFLSLLORU WDFWLFH DVLJXU RUJDQL]DUHD DF LXQLORU
MXF WRULORU vPEXQ W HúWH FRRUGRQDUHD vQWUH FRHFKLSLHUL SHQWUX
UH]ROYDUHD IDYRUDELO D VLWXD LLORU FH DSDU vQ WLPSXO MRFXOXL $FHVWH
SULQFLSLLDVLJXU OLQLLOHGLUHFWRDUHDOHMRFXOXL
$S UDUHDFRúXOXL
&RQVWLWXLHSULQFLSLXOFHOPDLLPSRUWDQWH[SULPDWúLVXEIRUPDGH
ÄDvPSLHGLFDDGYHUVDUXOV vQVFULHSXQFWH´$FHVWSULQFLSLXVHUHIHU OD
DS UDUHDvPSRWULYDDUXQF ULORUODFRúQHSHUPL kQGDGYHUVDUXOXLV
HIHFWXH]H DFHVWH ILQDOL] UL vQ FRQGL LL EXQH SUHFXP úL OD GLULMDUHD
DF LXQLORUILQDOHDOHDWDFDQWXOXLF WUH]RQHOHFkWPDLGHS UWDWHGH
FRúúLGLQFDUHHILFLHQ DOXLHVWHPDLVODE
ÌQWUDMXWRUDUHD
$S UDUHD WUHEXLH V DLE vQ SHUPDQHQ XQ FDUDFWHU FROHFWLY
$FHVWFDUDFWHUHVWHFRQFUHWL]DWSULQWURVHULHGHDF LXQLGHFRODERUDUH
vQWUHMXF WRUL
ÌQWUDMXWRUDUHDVHDSOLF vQVLWXD LLOHFkQGXQDS U WRUHVWHSXVvQ
GLILFXOWDWH GH F WUH XQ DWDFDQW &D UHJXOL LPSRUWDQWH vQ DSOLFDUHD
DFHVWXLSULQFLSLXPHQ LRQ P
¾ SULPHúWH DMXWRU vQ SULPXO UkQG DS U WRUXO FDUH HVWH vQ
DSURSLHUHD SURSULXOXL SDQRX úL OXSW vPSRWULYD DWDFDQWXOXL DIODW vQ
SRVHVLDPLQJLL
¾ DS U WRUXODOF UXLDWDFDQWHIHFWXHD] RDF LXQHGHÄGHS úLUH´
SULQÄvQFKLGHUHDFXORDUXOXLGHS WUXQGHUH´
¾ DS U WRUXO DO F UXL DWDFDQW HVWH XQ IRDUWH EXQ ILQDOL]DWRU vQ
DF LXQLOHGLQDSURSLHUHDFRúXOXLSULQDF LXQHDGHÄIORWDUH´


ÌQWUDMXWRUDUHD YD IL GDW QXPDL GH DS U WRUXO QHDQJUHQDW vQ
DF LXQHDGLUHFW GHDS UDUH
$GDSWDUHDDS U ULLODVSHFLILFXODWDFXOXLDGYHUVúLSURSULX
7DFWLFD MRFXOXL GH EDVFKHW VH FDUDFWHUL]HD] SULQWUR PDUH
DGDSWDELOLWDWH$FHDVWDHVWHGLFWDW GHSDUWLFXODULW LOHDGYHUVDULORUúL
FRHFKLSLHULORUSUHFXPúLGHXQHOHFRQGL LLFRQFUHWHDOHMRFXOXL
$FHVW SULQFLSLX WUHEXLH vQ HOHV FD R PRGLILFDUH D VLVWHPXOXL D
IRUPHORUúLDF LXQLORUGHDS UDUHIRORVLWHODFHULQ HOHLPSXVHGHDWDFXO
DGYHUV'HH[HPSOXDSOLFDUHDDS U ULLvQ]RQ vPSRWULYDXQHLHFKLSH
FXGRLMXF WRULEXQLILQDOL]DWRULGHODGLVWDQ úLFXGRLMXF WRULvQDO L
FDUH DF LRQHD] VXE SDQRX vQVHDPQ ULJLGLWDWH WDFWLF úL GHFL OLSVD
DSOLF ULLSULQFLSLXOXLDQXQ DW
'HWHUPLQDUHD DGYHUVDUXOXL V FRPLW JUHúHOL úL YDORULILFDUHD
DFHVWRUD
2ULFH JUHúHDO FRPLV vQ PDQHYUDUHD PLQJLL vQ HIHFWXDUHD
GLIHULWHORU SURFHGHH úL DF LXQL WHKQLFRWDFWLFH WUHEXLH YDORULILFDW
LPHGLDW GH DS U WRU F XWkQG D LQWUD vQ SRVHVLD PLQJLL úL PDL PXOW
FKLDUDFHVWHJUHúHOLQXWUHEXLHDúWHSWDWHFLSURYRFDWH
ÌQJHQHUDOSULQFLSLXOHQXQ DWPDLVXVGXFHODSUHOXDUHDLQL LDWL
YHL GH F WUH DS U WRUL úL GHWHUPLQ SH DWDFDQ L V UHQXQ H OD XQHOH
DF LXQLRIHQVLYH
,QWUDUHDvQSRVHVLDPLQJLL
'HVI úXUDUHDMRFXULORUGHEDVFKHWGRYHGHúWHF YLFWRULDDSDU LQH
HFKLSHORUFDUHDXVXSHULRULWDWHvQQXP UXODWDFXULORUHIHFWXDWHúLGHFL
DX IRVW GH PDL PXOWH RUL vQ SRVHVLD PLQJLL 3HQWUX DFHDVWD DS UDUHD
WUHEXLHV DLE XQFDUDFWHUDFWLYV SUHLDLQL LDWLYDúLV QXúLOLPLWH]H
DFWLYLWDWHD H[FOXVLY OD D U VSXQGH OD DF LXQLOH DWDFXOXL $S U WRULL
WUHEXLHV FDXWHFDSULQPLMORDFHUHJXODPHQWDUHV SUHLDSRVHVLDPLQJLL
vQFHOPDLVFXUWWLPSúLV vQWUHSULQG DF LXQLRIHQVLYH$FHVWSULQFLSLX
HVWHFDUDFWHULVWLFDS U ULORUPRGHUQH
)$=(/($3 5 5,,
(FKLOLEUXOGHIHQVLY
5HSUH]LQW SULPDID] DDS U ULLFDUHDSOLFDW ULJXURVFRQWULEXLH
OD SUHvQWkPSLQDUHD FRQWUDDWDFXULORU DGYHUVH úL G FXUDM FRHFKLSLHULORU
V VHDYkQWHFXXQFRHILFLHQWGHULVFUD LRQDOvQHIHFWXDUHDDUXQF ULORU
OD FRú FKLDU GLQ VLWXD LL PDL GLILFLOH (FKLOLEUXO GHIHQVLY FRQVW GLQ
DQXPLWHP VXULGHDS UDUHSUHYHQWLYHOXDWHGHHFKLSDDIODW vQDWDFvQ
WLPSXORUJDQL] ULLXQHLDF LXQLFXILQDOL]DUHODFRú


(FKLOLEUXOGHIHQVLYVHDVLJXU GHXQXOGRLMXF WRULFDUHVHSODVHD]
vQ]RQDGHDWDFvQWUHFHUFXOFHQWUDOúLSULPXOVDXSULPLLDS U WRUL
3LHUGHUHDSRVHVLHLPLQJLL
(VWHID]DFDUHGHWHUPLQ WUHFHUHDHFKLSHLGLQVLWXD LDGHDWDFvQ
FHDGHDS UDUH3LHUGHUHDSRVHVLHLPLQJLLSRDWHILGHWHUPLQDW GH
¾DUXQFDUHODFRúUHXúLW SLHUGHUHQRUPDO
¾DUXQFDUHODFRúQHUHXúLW SLHUGHUHSODX]LELO
¾FRPLWHUHD XQRU LQIUDF LXQL SDúL GXEOX GULEOLQJ JUHúHDO
SHUVRQDO VDXSLHUGHULGHPLQJHSDV ODLQWHUFHS LHVFRDWHUHDPLQJLL
GLQGULEOLQJHWF SLHUGHUHQHRELúQXLW
2SULUHDFRQWUDDWDFXOXLDGYHUV
2SULUHD FRQWUDDWDFXOXL LQL LDW GH DGYHUVDUL FD XUPDUH D XQHL
SLHUGHULQHRELúQXLWHDPLQJLLH[HPSOXLQWHUFHS LHUHYLQHMXF WRULORU
FDUHDVLJXU HFKLOLEUXOGHIHQVLY(LYRUDF LRQDXQXOODMXF WRUXOFDUHD
LQWUDWvQSRVHVLDPLQJLLúLvQFHDUF V ODQVH]HFRQWUDDWDFXOFHO ODOWOD
YkUIXOGHFRQWUDDWDF
ÌQ FD]XO ODQV ULL FRQWUDDWDFXOXL FD UH]XOWDW DO UHFXSHU ULL
GHIHQVLYH RSULUHD YD IL HIHFWXDW GH MXF WRUXO DIODW vQ LPHGLDWD
DSURSLHUHDFHOXLFDUHDUHFXSHUDWPLQJHD
5HSOLHUHDUHWUDJHUHDvQDS UDUH
(VWHDF LXQHDFDUHGHFHOHPDLPXOWHRULFRQGL LRQHD] VXFFHVXO
FHORUODOWH ID]H FDUH XUPHD] vQ DS UDUH 'XS SLHUGHUHD SRVHVLHL
PLQJLL vQ DWDF MXF WRULL WUHEXLH V VH UHWUDJ LPHGLDW vQ DS UDUH FX
H[FHS LD FHORU FDUH vQFHDUF V RSUHDVF FRQWUDDWDFXO 5HSOLHUHD VH
HIHFWXHD] UHVSHFWkQGDQXPLWHUHJXOL
¾UHWUDJHUHD VH IDFH SULQ DOHUJDUH FX VSDWHOH SHQWUX D VH SXWHD
XUP ULPLQJHDúLDWDFDQ LL
¾DOHUJDUHD VH IDFH vQ OLQLH GUHDSW FRQYHUJHQW VSUH SURSULXO
SDQRXúLvQPDUHYLWH]
¾UHSOLHUHD VH H[HFXW VXFFHVLY vQFHSkQG FX MXF WRULL GLQ
DSURSLHUHDOLQLHLGHFHQWUX
¾VHYRUvQFHUFDDF LXQLGHLQWHUFHS LHDPLQJLLvQVSHFLDOFkQG
MXF WRULLVXQWvQVLWXD LHVXSUDQXPHULF
2FXSDUHDúLRUJDQL]DUHDGLVSR]LWLYXOXLGHDS UDUH
$FHDVW ID] vQFHSHFXUHWUDJHUHDMXF WRULORUvQDS UDUHvQFDUH
ILHFDUHDS U WRUvPSLHGLF DWDFXOV vQVFULHFRúúLvQDFHODúLWLPSvúL
RUJDQL]HD] ]RQDGHDS UDUHEDUkQGF LOHGHDFFHVVSUHFRú
5HOXDUHD SRVWXULORU vQ DS UDUH FRLQFLGH FX RUJDQL]DUHD
GLVSR]LWLYXOXLvQFDGUXOVLVWHPXOXLGHIHQVLYDGRSWDWGHHFKLS


$S UDUHDvQGLVSR]LWLY
&RQVW GLQDSOLFDUHDDF LXQLORULQGLYLGXDOHúLFROHFWLYHvQFDGUXO
GLVSR]LWLYXOXL VLVWHPXOXL GHIHQVLY DO HFKLSHL (D DUH XQ FDUDFWHU
RUJDQL]DW úL VFRDWH vQ HYLGHQ UHOD LD DWDFDQWDS U WRU SUHFXP úL
QLYHOXOGHSUHJ WLUHDODFHVWRUD$S UDUHDvQGLVSR]LWLYFRQVWLWXLHID]D
GHED] FXFHDPDLPDUHIUHFYHQ DDS U ULLúLDUHGXUDWDGHDSOLFDUH
FHDPDLvQGHOXQJDW
8UP ULUHDúLUHFXSHUDUHDGHIHQVLY
&RQVWLWXLH XOWLPD ID] D DS U ULL (D DUH ORF FD XUPDUH D XQHL
ILQDOL] UL UDWDWH GH DGYHUVDUL ILLQG FDUDFWHULVWLF SHQWUX LQWUDUHD vQ
SRVHVLDPLQJLLULFRúDWHGLQSDQRXVDXLQHOúLVFRDWHvQHYLGHQ XQHOH
FDOLW L úL SDUWLFXODULW L DOH MXF WRULORU FXP VXQW VWDWXUD GHWHQWD
FRPEDWLYLWDWHDHWF
)$&725,,$3 5 5,,
-XF WRULL DIOD L vQ DS UDUH vúL UHDOL]HD] VDUFLQLOH SULQ IRORVLUHD
XQRU FRPSOH[H GH SURFHGHH WHKQLFH $FHVWH FRPSOH[H GH SURFHGHH
WHKQLFHVXQWFXQRVFXWHVXEGHQXPLUHDGHDF LXQLWHKQLFRWDFWLFH
$F LXQLOH WHKQLFRWDFWLFH VXQW GH GRX IHOXUL LQGLYLGXDOH úL
FROHFWLYHVDXÄFRPELQD LLOHGHúLMXF WRUL´
3HQWUX DSOLFDUHD DFHVWRUD vQ FkW PDL EXQH FRQGL LL MXF WRUXO
WUHEXLHV DLE vQYHGHUHXUP WRULLIDFWRULSUHPHUJ WRULDF LXQLORU
3ODVDPHQWXO
3HQWUXDRE LQHVXFFHVvQDF LXQLOHGHIHQVLYHDS U WRUXOWUHEXLH
V úL J VHDVF SHUPDQHQW XQ ORF vQ WHUHQ GH XQGH V SRDW YHGHD
vQWUHDJDGHVI úXUDUHDID]HLGHMRF
3ODVDPHQWXO vQ DS UDUH FRQVW GLQ RFXSDUHD ORFXOXL FHO PDL
FRUHVSXQ] WRU vQ WHUHQ FDUH V IDYRUL]H]H HIHFWXDUHD DF LXQLORU
GHIHQVLYH$FHDVWDVHUHDOL]HD] vQUDSRUWGHSDQRXGHORFXORFXSDWvQ
WHUHQGHDGYHUVDUúLGHORFXOXQGHVHDIO PLQJHDvQWHUHQ
$QWLFLSDUHDDF LXQLORU
5HSUH]LQW FRQWULEX LD SH FDUH JkQGLUHD MXF WRUXOXL WUHEXLH V R
DGXF vQ GHVI úXUDUHD DF LXQLORU GH DS UDUH 1X HVWH VXILFLHQW FD XQ
MXF WRUV GLVSXQ QXPDLGHSURFHGHHOHWHKQLFHFLHOWUHEXLHV úWLHV
OH DSOLFH UD LRQDO úL RSRUWXQ vQ UDSRUW FX VLWXD LLOH GH MRF DS UXWH vQ
WHUHQ
$QWLFLSDUHD DF LXQLORU VH FDUDFWHUL]HD] SULQ J VLUHD FHORU PDL
EXQH VROX LL vQ UH]ROYDUHD DQXPLWRU ID]H GH MRF FDUH XUPHD] V ILH
HIHFWXDWHGHMXF WRUXOVDXMXF WRULLDGYHUúLDIOD LvQDWDF


$QWLFLSkQG DF LXQHD MXF WRUXOXL GLQ DWDF DS U WRUXO SUHLD
LQL LDWLYDSULQP VXULOHGHSUHYHQLUHSHFDUHOHLDúLFDUHOGHWHUPLQ SH
DWDFDQWV UHQXQ HODDF LXQHDSURLHFWDW VDXV FRPLW JUHúHOL
&LUFXOD LD
3ULQFLUFXOD LHvQDS UDUHVHvQ HOHJHGUXPXOSDUFXUVGHXQXOVDX
PDLPXO LMXF WRULDIOD LvQID]DIXQGDPHQWDO GHMRFGHIHQVLY$FHDVW
GHSODVDUH vQ DS UDUH HVWH GHWHUPLQDW GH FLUFXOD LD PLQJLL úL D
DWDFDQ LORU(DWUHEXLHV UHVSHFWHSHUPDQHQWSODVDPHQWXOFRUHFWúLV
IDYRUL]H]HGHSODV ULOHFRHFKLSLHULORU
$F LXQLOHWHKQLFRWDFWLFHLQGLYLGXDOHúLFROHFWLYHvQDS UDUH
$F LXQLOHWHKQLFRWDFWLFHVHFDUDFWHUL]HD] SULQGLQDPLVPúLSULQ
SDUWLFLSDUHD IDFWRUXOXL FRQúWLHQW DGLF D JkQGLULL 'HFL DF LXQHD
WHKQLFRWDFWLF SUHVXSXQH R VXFFHVLXQH GH SURFHVH GH DQDOL] úL
VLQWH] ODFDUHVHDGDXJ DFWLYLWDWHDFRQFUHW SUDFWLF
9DORDUHDXQXLMXF WRUVDXDXQHLHFKLSHQXVHSRDWHDSUHFLDQXPDL
SHED]DUHXúLWHLDF LXQLORUGHDWDFFLúLGXS PRGXOvQFDUHUHXúHúWHV
QHXWUDOL]H]H DF LXQLOH RIHQVLYH DOH DWDFDQ LORU 8Q MXF WRU FDUH G XQ
UDQGDPHQW GHRVHELW vQ DWDF GDU QXúL DGXFH DSRUWXO úL OD vQGHSOLQLUHD
VDUFLQLORUGHIHQVLYHQXFRQWULEXLHODVXFFHVXOHFKLSHLVDOH
6DUFLQLOH MXF WRULORU vQ DS UDUH VH FRQFUHWL]HD] SULQ DF LXQL
WHKQLFRWDFWLFHLQGLYLGXDOHúLFRPELQD LLGHMXF WRUL
$F LXQLOH WHKQLFRWDFWLFH LQGLYLGXDOH IRORVLWH vQ DS UDUH VXQW
PDUFDMXO VFRDWHUHD PLQJLL GLQ GULEOLQJ LQWHUFHS LD XUP ULUHD úL
UHFXSHUDUHDGHIHQVLY DPLQJLLHWF
&RPELQD LLOH GH úL MXF WRUL VXQW vQFKLGHUHD FXORDUXOXL GH
S WUXQGHUHDOXQHFDUHDIORWDUHDDJORPHUDUHDVFKLPEDUHDGHDGYHUVDU
DS UDUHDvQLQIHULRULWDWHQXPHULF HWF
)250(/('(25*$1,=$5($$3 5 5,,
&RQVWDXGLQVLVWHPHOHvQFDUHVHRUJDQL]HD] úLVHFRRUGRQHD]
DFWLYLWDWHDMXF WRULORUDIOD LvQID]DIXQGDPHQWDO GHDS UDUH
ÌQ FXUVXO HYROX LHL MRFXOXL GH EDVFKHW VDX FRQWXUDW WUHL PDUL
VLVWHPH GH DS UDUH DS UDUHD RP OD RP DS UDUHD vQ ]RQ úL
DS UDUHDSUHVVLQJ$S UDUHDPRGHUQ DFUHDWvQFDGUXOILHF UXLPDUH
VLVWHP R VHULH GH YDULDQWH FDUH VH FDUDFWHUL]HD] SULQ DGRSWDUHD XQRU
SULQFLSLL úL UHJXOL VSHFLILFH FHORUODOWH VLVWHPH DS U ULOH FRPELQDWH
]RQHOHGHSUHVVLQJHWF
7,385,/('($3 5$5(
7LSXOGHDS UDUHHVWHGHWHUPLQDWGHVXSUDID DGHWHUHQSHFDUHVH
GHVI úRDU DF LXQLOHDS U WRULORUGHGLVWDQ DúLGHSR]L LDDS U WRULORU
ID GHDWDFDQ L$VWIHODS U ULOHSRWIL


GHWLSQRUPDO
¾
GHWLSDFWLYDJUHVLY
¾
$S U ULOH FX FDUDFWHU QRUPDO VH GHVI úRDU SH R VXSUDID
OLPLWDW vQ DSURSLHUHD FRúXOXL LQL LDWLYD DSDU LQkQG DWDFDQ LORU LDU
DF LXQLOHDS U WRULORUVHUHGXFODvPSLHGLFDUHDDWDFDQ LORUGHDILQDOL]D
DF LXQLOHRIHQVLYHSULQDUXQF ULODFRú'LVWDQ DLQL LDO GLQWUHDS U WRU
úL DWDFDQW HVWH PDL PDUH LDU SODVDPHQWXO DS U WRULORU VH IDFH vQWUH
DWDFDQ LúLFRú
ÌQ DS U ULOH FX FDUDFWHU DFWLY LQL LDWLYD WUHFH GH SDUWHD
DS U ULL DS U WRULL DF LRQkQG SHQWUX LQWUDUHD vQ SRVHVLD PLQJLL úL
SHQWUX DS UDUHD FRúXOXL 'LVWDQ D GLQWUH DS U WRU úL DWDFDQW HVWH PLF
VHHIHFWXHD] XQPDUFDMÄVWUkQV´úLSHVXSUDIH HH[WLQVHGLQWHUHQLDU
SODVDPHQWXO DS U WRUXOXL HVWH vQWUH DGYHUVDU FRú úL PLQJH PDUFDM OD
LQWHUFHS LH5LWPXOGHMRFVHFDUDFWHUL]HD] SULQQXP UXOGHSURFHGHH
úLDF LXQLWHKQLFRWDFWLFHIRORVLWHvQDS UDUHvQXQLWDWHDGHWLPSúLSULQ
DJUHVLYLWDWHDDS U WRULORUvQHIHFWXDUHDPDUFDMXOXL
5HFDSLWXOkQGED]HOHWDFWLFHSHQWUXFHOHGRX ID]HIXQGDPHQWDOH
DOHMRFXOXLGHEDVFKHWSUH]HQW PXUP WRDUHDVLQWH]
$F LXQLOHWHKQLFRWDFWLFHLQGLYLGXDOHvQDWDF
'(0$5&$-8/
5HSUH]LQW DF LXQHD GH WDFWLF LQGLYLGXDO IRORVLW vPSRWULYD
DS U ULORU RP OD RP SULQ FDUH XQ DWDFDQW FDXW V VFDSH GH VXE
PDUFDMXODS U WRUXOXLGLUHFWIRORVLQGPLMORDFHSHUVRQDOHvQVFRSXOGH
DSXWHDSULPLPLQJHDúLvQWUHSULQGHDF LXQLRIHQVLYH
ÌQ GHPDUFDMXO LQGLYLGXDO DWDFDQWXO IRORVHúWH R JDP YDULDW GH
SURFHGHHWHKQLFHSRUQLULEUXúWHSOHF ULIDOVHDOHUJ ULFXVFKLPE ULGH
ULWPGHGLUHF LHSLUXHWHRSULULOHIHQWHOH
ÌQ FRQWLQXDUH YRP DQDOL]D GLQ SXQFW GH YHGHUH WDFWLF SULQFLSDOHOH
PLMORDFH LQGLYLGXDOH FH VXQW IRORVLWH PDL IUHFYHQW SHQWUX UHDOL]DUHD
GHPDUFDMXOXL
,(ù,5($/$0,1*(
5HSUH]LQW R DF LXQH WHKQLFRWDFWLF LQGLYLGXDO GH GHPDUFDM
ODWHUDOFXVFRSGHPDQHYU SULQFDUHDWDFDQWXOIRORVLQGRVXFFHVLXQH
GHPLMORDFHDOHMRFXOXLRIHQVLYI U PLQJHVFDS SHQWUXXQPRPHQWGH
VXEVXSUDYHJKHUHDDS U WRUXOXLGLUHFWvQYHGHUHDSULPLULLPLQJLLGHOD
XQ FRHFKLSLHU (VWH R YDULDQW GH GHPDUFDM FDUH D GHYHQLW GH VLQH
VW W WRDUHGDWILLQGVXFFHVLXQHDPLMORDFHORUFDUHRFRPSXQúLDQXPH


¾IHQW GHSOHFDUHVDXVFKLPEDUHGHGLUHF LHSLUXHW HIHFWXDW
GLQDOHUJDUH
¾SULQGHUHDPLQJLLFRQFRPLWHQWFXRSULUHúLSLYRWDUH
3 7581'(5($
6DX GHPDUFDMXO ÄvQ DGkQFLPH´ UHSUH]LQW DF LXQHD WHKQLFR
WDFWLF LQGLYLGXDO HIHFWXDW GHDWDFDQWXOI U PLQJHFDUHFDXW V úL
GHS úHDVF DS U WRUXO GLUHFW úL V VWU SXQJ DS UDUHD FX GLUHF LH GH
FRú (D DUH XQ FDUDFWHU DJUHVLY S WUXQ] WRUXO SULQ DF LXQHD VD
IDYRUL]kQG SULPLUHD PLQJLL FH WUHEXLH V L ILH SDVDW SH DúD ]LVD
ÄSR]L LHYLLWRDUH´VDXÄODvQWkOQLUH´
7HKQLFDGHH[HFX LH
$WDFDQWXO FDXW FD SULQWUR IHQW GH SOHFDUH VDX SRUQLQG EUXVF
V úLVXUSULQG DS U WRUXOGLUHFW3 WUXQ]kQGSHGLUHF LHGHFRúvQWUXQ
ÄFXORDU´GHWHUPLQDWvQWUHSDUWHQHUXOFXPLQJHúLDGYHUVDUXOV XGLUHFW
FDXW XQGHPDUFDMSULQVXUSULQGHUHDDFHVWXLDvQHYHQWXDOLWDWHDSULPLULL
XQHL SDVH 3ULPLQG PLQJHD YD DYHD SRVLELOLWDWHD ILH GH D ILQDOL]D
IRORVLQGSURFHGHHGHDUXQFDUHODFRúGLQDOHUJDUHVDXGLQV ULWXU ILH
V SDVH]HvQFRQWLQXDUHPLQJHDXQXLFRHFKLSLHU
8WLOL]DUHWDFWLF )LLQGRDF LXQHGHGHPDUFDMÄvQDGkQFLPH´VH
EXFXU GHDFHLDúLHILFLHQ WDFWLF vPSRWULYDRULF UXLVLVWHPGHDS UDUH
RPODRP]RQ VDXYDULDQWHGHSUHVVLQJ&DVLWXD LLGHMRFWUHEXLHV
ILHSUH]HQW RULGHFkWHRULPDUFDMXODS U WRUXOXLHVWHSUHDDSURDSHGH
DWDFDQW VDX OD LQWHUFHS LH vQ XUPD GHPDUFDMXOXL FX DMXWRUXO
FRHFKLSLHUXOXLEORFDMvQFUXFLúDUHvQFRPELQD LLOHGHÄG úLGXWH´vQ
GHWHUPLQDUHDDWDFXOXLvQVXSHULRULWDWHQXPHULF
'(3 ù,5($
5HSUH]LQW DF LXQHD WDFWLF LQGLYLGXDO SULQ FDUH DWDFDQWXO FX
PLQJH IRORVHúWH XQ DQVDPEOX GH SURFHGHH FX DMXWRUXO F URUD VH
GHPDUF úL IRORVLQG GULEOLQJXO DWDF FRúXO 6DUFLQD SULQFLSDO vQ
UHDOL]DUHDGHS úLULLRFRQVWLWXLHRE LQHUHDGHF WUHDWDFDQWXOSRVHVRUDO
PLQJLLDSULRULW LLGHDF LXQHúLLPHGLDWGXS DFHDVWDDSULRULW LLGH
SODQID GHDGYHUVDUXOGLUHFW3OHFDUHDvQGULEOLQJFDUHWUHEXLHI FXW
vQWUXQ ULWP FkW PDL UDSLG QHFHVLW R WHKQLF FRUHFW SHQWUX D HYLWD
DEDWHUHDGHÄSDúLÓDSOHFDUH5HDPLQWLPF UHJXODPHQWXOMRFXOXLDUDW
F MXF WRUXO DWXQFL FkQG SOHDF vQ GULEOLQJ WUHEXLH V GHD GUXPXO
PLQJLLvQDLQWHFDSLFLRUXOSLYRWV S U VHDVF VROXO
7HKQLFDGHH[HFX LH
'LQSR]L LDÄWULSOHLDPHQLQ UL´DWDFDQWXOvQIXQF LHGHIHOXOvQ
FDUHHVWHPDUFDWYDSUHFHGDvQWRWGHDXQDSOHFDUHDvQGHS úLUHSULQWUR


IHQW $VWIHOvQFD]XOvQFDUHDS U WRUXOVHPHQ LQHODRGLVWDQ FHYD
PDLPDUHHOYDWUHEXLV H[HFXWHRIHQW GHDUXQFDUHODFRúSULQFDUH
V OGHWHUPLQHSHDS U WRUV VHDSURSLHGHHO
'DF DS U WRUXOH[HFXW XQPDUFDMDSURSLDWHILFLHQ DXQHLIHQWH
GH SOHFDUH VSUH VWkQJD FX SLFLRUXO GH SH DFHDVW SDUWH GHWHUPLQ
GHSODVDUHDDS U WRUXOXLvQDFHDVW GLUHF LHIDSWFHLXúXUHD] SOHFDUHD
vQGHS úLUHSHSDUWHDGUHDSW
5HYHQLUHD GLQ DFHDVW IHQW GH S úLUH ÄGHVFKLV ´ úL SOHFDUHD vQ
GHS úLUHFXGULEOLQJVHYDIDFHSULQWURS úLUHÄvQFUXFLú´HIHFWXDW FX
SLFLRUXO VWkQJ SHVWH GUHSWXO SURWHMkQG PLQJHD vQDLQWH GH HIHFWXDUHD
SULPHLLPSXOVLLvQGULEOLQJ
8WLOL]DUH WDFWLF $FHDVW DF LXQH WDFWLF SUH]LQW DFHLDúL HILFLHQ
vPSRWULYDRULF UHLIRUPHGHDS UDUHRPODRPYDULDQWHGHSUHVVLQJRUL
GHFkWHRULDS U WRUXOH[HFXW PDUFDMIRDUWHVWUkQVSUHFXPúLvQFRPEL
QD LLOHWDFWLFHGHúLMXF WRULEORFDMvQFUXFLúDUHHWF
5(&83(5$5($0,1*,,Ì1$7$&
5HSUH]LQW DF LXQHD WHKQLFRWDFWLF LQGLYLGXDO SULQ FDUH XQ
DWDFDQW vQFHDUF V UHFkúWLJH PLQJHD vQ XUPD XQHL DUXQF UL OD FRú
QHUHXúLWHHIHFWXDW GHHOVDXGHXQFRHFKLSLHU
-RFXO PRGHUQ LPSXQH FD RULFH ILQDOL]DUH V ILH GXEODW GH
DF LXQHD GH XUP ULUH úL UHFXSHUDUH D PLQJLL vQ FD]XO QHUHXúLWHL
DUXQF ULLODFRú
$F LXQHDSURSULX]LV vQFHSHGLQPRPHQWXOvQFDUHPLQJHDDIRVW
DUXQFDW ODFRúDWDFDQWXOFDUHvQWUHSULQGHDFHDVW DF LXQHvQGLVSXW FX
DS U WRUXO V X XUP ULQGR SULQ DSURSLHUHD úL SODVDUHD VD vQWUXQ ORF
SUH]XPWLYXQGHYDF GHDPLQJHD
$F LXQHDRIHQVLY GHXUP ULUHúLUHFXSHUDUHDPLQJLLODSDQRXVH
UHDOL]HD] GHRELFHLGHMXF WRULLFDUHVHJ VHVFFHOPDLDSURDSHGHFRú
vQ UHVSHFWLYXO PRPHQW DO ILQDOL] ULL GH RELFHL MXF WRULL SLYR L VDX
H[WUHPHúLFDUHDXUHXúLWV RE LQ SULPSODQXOID GHFRúúLDS U WRULL
ORUGLUHF L
ÌQ DFHDVW VLWXD LH HL YRU F XWD V UHDOL]H]H R QRX ILQDOL]DUH
IRORVLQGXVHGHSURFHGHHVSHFLILFHYROHLERODUHDVDXvPSLQJHUHDGHVXV
vQMRVDPLQJLLvQFRú
ÌQ FRQFOX]LH UHFXSHUDUHD RIHQVLY HVWH PXOW PDL GLILFLO GH
UHDOL]DWFRPSDUDWLYFXFHDGHIHQVLY (DSUHVXSXQHRE LQHUHDSULPXOXL
SODQID GHFRúvQGLVSXWDFXDS U WRUXOFDUHSULQSR]L LDOXLGHIHQVLY
HVWHGHODvQFHSXWDYDQWDMDWJ VLQGXVHvQWUHDWDFDQWúLFRú


$F LXQLOHWHKQLFRWDFWLFHLQGLYLGXDOHvQDS UDUH
0$5&$-8/1250$/
5HSUH]LQW DF LXQHDWHKQLFRWDFWLF LQGLYLGXDO GHIHQVLY SULQFDUH
XQ DS U WRU IRORVLQG SURFHGHHOH WHKQLFH VSHFLILFH úL QHVSHFLILFH GH
GHSODVDUH vQ WHUHQ FDXW vQ OLPLWHOH UHJXODPHQWXOXL V vPSLHGLFH
DF LXQLOHRIHQVLYHvQWUHSULQVHGHDWDFDQWXOGLUHFWvQVFRSXOGHPDUF ULLOXL
3URFHGHHOH WHKQLFH VSHFLILFH SULQ FDUH VH UHDOL]HD] PDUFDMXO
VXQWFHOHDOHGHSODV ULLvQWHUHQSR]L LDIXQGDPHQWDO PHGLHúLMRDV
SDVXO DG XJDW H[HFXWDW vQ WRDWH VHQVXULOH úL vQVR LW GH OXFUXO EUD HORU
DOHUJ ULOH±vQVSHFLDOFXVSDWHOHIUkQ ULOHIHQWHOH
6XEDVSHFWXOSUHJ WLULLWDFWLFHDS U WRUXOWUHEXLHV GHDGRYDGD
XQHLJkQGLULUDSLGHúLVSRQWDQHV vQFHUFHV DQWLFLSH]HSHFkWSRVLELO
DF LXQLOHDGYHUVDUXOXL
3HQWUXPDUFDMXODWDFDQWXOXLI U PLQJHVHXUP UHúWH
¾ vPSLHGLFDUHD DFHVWXLD GH D RFXSD vQ WHUHQ XQ ORF FRQYHQDELO
XQGHV SRDW SULPLPLQJHDúLV DF LRQH]HGHPDUFDWF WUHFRú
¾ vPSLHGLFDUHD DWDFDQWXOXL GH D RFXSD SR]L LL IDYRUDELOH GH
DUXQFDUHODFRú
¾ LQWHUFHSWDUHDSDVHLDGUHVDWHDGYHUVDUXOXLGLUHFW
3HQWUX UHDOL]DUHD DFHVWRU VDUFLQL DS U WRUXO WUHEXLH V UHVSHFWH
UHJXOLOHGHED] DOHPDUFDMXOXL
6 VHSODVH]HvQWUHDGYHUVDUúLFRúXOGHDS UDWSULRULWDWHGH
SODQ SH OLQLD LPDJLQDU FDUH OHDJ DGYHUVDUXO FX FRúXO GH DS UDW
SULRULWDWHGHFXORDUWRWXOUDSRUWDWODORFXOPLQJLL
'LVWDQ DGHPDUFDMHVWHvQIXQF LHGHJUDGXOGHSHULFXOR]LWDWH
SH FDUHO SUH]LQW vQ VLWXD LD GDW DWDFDQWXO FX FkW DWDFDQWXO HVWH PDL
DSURDSH GH FRú HVWH PDL SHULFXORV úL GHFL DS U WRUXO WUHEXLH V VH
SODVH]HPDLDSURDSHGHDGYHUVDUúLLQYHUV
$S U WRUXO YD DGRSWD R SR]L LH IXQGDPHQWDO MRDV FX
EUD HOH GHVI FXWH SHQWUX D VXSUDYHJKHD XQ VSD LX FkW PDL PDUH úL D
SUHvQWkPSLQD R Ä kúQLUH´ D DGYHUVDUXOXL $FHDVW SR]L LH IDYRUL]HD]
HIHFWXDUHDvQWUXQWLPSIRDUWHVFXUWDDF LXQLORUGHDS UDUH
3ULYLUHD DS U WRUXOXL YD IL vQGUHSWDW VSUH PLMORFXO
DGYHUVDUXOXL SULYLUHD SHULIHULF VXSUDYHJKLQG DWkW PLúF ULOH
SLFLRDUHORUFkWúLORFXOSHFkWSRVLELO±XQGHVHDIO PLQJHD
'HSODVDUHDDS U WRUXOXLVHIDFHSHGUXPXOFHOPDLVFXUWSH
VHJPHQWHGHOLQLHGUHDSW úLQXSHDUFGHFHUFIRORVLQGSDúLLDG XJD L
DOHUJDUHDODWHUDO úLFHDFXVSDWHOH


7HKQLFDGHH[HFX LH
$S U WRUXO WUHEXLH V IRORVHDVF R SR]L LH IXQGDPHQWDO FX DWkW
PDL MRDV FX FkW DGYHUVDUXO HVWH PDL GHSDUWH GH FRú SHQWUX D QX IL
GHS úLW vQ DSURSLHUHD FRúXOXL SR]L LD HVWH PDL vQDOW SHQWUX D
vPSLHGLFD DUXQFDUHD 3LFLRDUHOH DSUR[LPDWLY OD DFHODúL QLYHO VDX XQ
SLFLRUSX LQPDLvQDLQWHDFHOXLODOWFkQGDWDFDQWXOHVWHGUHSWDFLúLGHFL
S WUXQGHPDLHILFDFHSULQGUHDSWDVWkQJDDS U WRUXOXLSLFLRUXOGUHSW
YDILvQDLQWHOXFUXFDUHLYDSHUPLWHV IDF XQSDVDG XJDWVSUHvQDSRL
±VWkQJDPDLUDSLGúLPDLPDUHGHFkWvQFD]XOvQFDUHDUDYHDSLFLRUXO
VWkQJvQDLQWH%UD HOHVXQWvQODWHUDOJDWDSHQWUXDFRQIHULSHUPDQHQW
HFKLOLEUXFRUSXOXLvQWLPSXOGHSODV ULLúLDvPSLHGLFDRHYHQWXDO SDV
DGUHVDW DWDFDQWXOXL
(IHFWXDUHDSDVXOXLDG XJDWVSUHvQDSRLúLODWHUDOQHFHVLW RGHS UWDUH
D SLFLRDUHORU FDUH vQV QX WUHEXLHV ILHH[DJHUDWGHPDUHSHQWUXDQXO
GH]HFKLOLEUD SH DS U WRU 'LVWDQ D DFHVWXLD ID GH DGYHUVDU DWXQFL FkQG
DWDFDQWXODF LRQHD] vQ]RQHGHWHUHQPDLGHS UWDWHGHFRúSHVWHPYD
ILGHDSUR[LPDWLYPDFHDVWDSHQWUXDQXILVXUSULQVúLGHS úLWvQFD]XO
XQHLDF LXQLLQGLYLGXDOHGHGHPDUFDM
ÌQVR LUHD DWDFDQWXOXL FDUH VH GHSODVHD] VH YD IDFH SULQ SDúL
DG XJD LI U DV ULDvQFUXFLúDSLFLRDUHOHúLFXJUHXWDWHDFRUSXOXLFkW
PDLHJDOSRVLELOUHSDUWL]DW SHDPEHOHSLFLRDUH
0$5&$-8/$*5(6,9
5HSUH]LQW YDULDQWD FHD PDL DFWLY GH HIHFWXDUH D DF LXQLL WDFWLFH
GHIHQVLYH GH PDUFDM úL VH FDUDFWHUL]HD] SULQ PLFúRUDUHD GLVWDQ HL GH
PDUFDM SkQ OD OLPLWHOH HL UHJXODPHQWDUH $F LXQHD WDFWLF GH PDUFDM
GHYLQH DJUHVLY SULQ DFWLYDUHD MRFXOXL GH EUD H úL SLFLRDUH DS U WRUXO
F XWkQGV PLFúRUH]HODPD[LPXPSRVLELOLW LOHDGYHUVDUXOXLV XGHDVH
GHPDUFDúLDLQWUDvQSRVHVLDPLQJLL&DXUPDUHHOWUHEXLHV ÄDF LRQH]H
FRQWLQXX´SHQWUXDOvPSLHGLFDSHDFHVWDV SRDW SULPLRHYHQWXDO SDV
PDLDOHVvQVLWXD LDFkQGSRVHVRUXOPLQJLLDWHUPLQDWGULEOLQJXO
'DW ILLQG VROLFLWDUHD IL]LF úL QHUYRDV OD FDUH HVWH VXSXV
DS U WRUXO FDUH HIHFWXHD] PDUFDMXO DJUHVLY VH UHFRPDQG IRORVLUHD
DFHVWHL YDULDQWH GH PDUFDM vQ VLWXD LL PDL GHRVHELWH SH FDUH MRFXO OH
LPSXQH$FHDVW YDULDQW GHPDUFDMUHSUH]LQW PLMORFXOGHED] SULQ
FDUHVHUHDOL]HD] DS U ULOHDFWLYDJUHVLYHSUHVVLQJXOSHMXP WDWHúLSH
WRWWHUHQXO]RQDSUHVVLQJHWF
ÌQMRFXOGHEDVFKHWVLWXD LLOHGHIHQVLYHVROLFLW IRORVLUHDDF LXQLL
WHKQLFRWDFWLFHGHPDUFDMvQGLIHULWHIRUPHUDSRUWDWHODDF LXQLOHvQWUH
SULQVHGHDWDFDQW&DXUPDUHGLVWLQJHPDúDQXPLWXOPDUFDMGLIHUHQ


LDW UHSUH]HQWDW SULQ PDL PXOWH IRUPH GH HIHFWXDUH D PDUFDMXOXL
QRUPDOVDXDJUHVLYvQFDUHDS U WRUXOXQXLDWDFDQWYDWUHEXLV DF LR
QH]HUDSRUWDWODVLWXD LLOHGLIHUHQ LDWHSHFDUHOHFRQIHU SRVHVLDPLQJLL
¾PDUFDMXODWDFDQWXOXLFDUHXUPHD] V SULPHDVF PLQJHD
¾PDUFDMXODWDFDQWXOXLDIODWvQSRVHVLDPLQJLLGDUFDUHQXDGULEODW
¾PDUFDMXODWDFDQWXOXLFDUHGULEOHD]
¾PDUFDMXODWDFDQWXOXLFDUHDWHUPLQDWGULEOLQJXO
3HQWUXFDXQDS U WRUV SRDW VDWLVIDFHFHULQ HOHHIHFWX ULLXQXL
PDUFDMGLIHUHQ LDWEXQHVWHQHFHVDUFDHOV FXQRDVF SRVLELOLW LOHGH
DF LRQDUH GH FDUH GLVSXQH DGYHUVDUXO V X DIODW vQWUXQD GLQ VLWXD LLOH
HQXPHUDWHPDLVXV
5(&83(5$5($0,1*,,Ì1$3 5$5(
5HSUH]LQW DF LXQHDWHKQLFRWDFWLF LQGLYLGXDO SULQFDUHDS U WRUXO
FDXW V LQWUH vQ SRVHVLD PLQJLL vQ XUPD XQHL DUXQF UL OD FRú QHUHXúLWH
HIHFWXDW GH XQ DWDFDQW $FHDVW DF LXQH VH UHDOL]HD] vQWRWGHDXQD GH
DS U WRULLFDUHVHJ VHVFFHOPDLDSURDSHGHSURSULXOSDQRXvQVLWXD LDGH
MRFGDW
7HKQLFDGHH[HFX LH
$FHDVW DF LXQH FRQVW GLQWUR SLUXHW EORFDM GHIHQVLY SULQ
FDUH DS U WRUXO UHDOL]HD] vQFKLGHUHD FXORDUXOXL GH XUP ULUH DO
DGYHUVDUXOXLGLUHFWúLRE LQHUHDXQXLSODVDPHQWvQSULPXOSODQID GH
FRúúLDGYHUVDUODDSUR[LPDWLYPGHSDQRXV ULWXU úLSULQGHUHD
YROHLERODUHDF WUHXQFRHFKLSLHUPLQJLLULFRúDWHGLQLQHOVDXSDQRX
3H GXUDWD EORFDMXOXL GHIHQVLY SkQ OD HIHFWXDUHD V ULWXULL
DS U WRUXO ± DF LRQHD] FX VSDWHOH OD DWDFDQWXO GLUHFW ±YD WUHEXL V O
ÄFRQWUROH]H´SHDFHVWDSULQWUXQFRQWDFWFXEUD XOÄDQWHQ Í U DVH
DEDWHGHODUHJXODPHQW3R]L LDDS U WRUXOXLHVWHMRDV FXSROLJRQXOGH
VXV LQHUH O UJLW SULQ GHS UWDUHD SLFLRDUHORU úL ÄXPIODUHD´ FRDWHORU vQ
ODWHUDOQHFHVDU HODQXOXLSHQWUXV ULWXUDODSDQRXSHQWUXUHFXSHUDUH
ÌQ V ULWXU DS U WRUXO WUHEXLH V DGRSWH R SR]L LH FX EUD HOH
GHVFKLVH úL vQWLQVH ODUJ VSUH vQDLQWH úL vQ ODWHUDO úL SLFLRDUHOH XúRU
GHS UWDWHSHQWUXDSURWHMDPLQJHDGHDGYHUVDUXOGLUHFWGLQVSDWHOHV X
GDF DUHRV ULWXU PDLvQDOW GHFkWHO
ÌQPRPHQWXOPD[LPDOV ULWXULLSULQGHUHDPLQJLLWUHEXLHI FXW
FX DPEHOH PkLQL SHQWUX D UHDOL]D R LQHUH FkW PDL IHUP 0LQJHD
UHFXSHUDW WUHEXLHELQHSURWHMDW FXFRDWHOHGHS UWDWHSULQVFKLPEDUHD
SR]L LHGH LQHUHDWkWvQWLPSXOV ULWXULFkWúLGXS DWHUL]DUH
$WHUL]DUHD HVWH ELQH V VH IDF SH DPEHOH SLFLRDUH GHRGDW
XPHULLRULHQWD LVSUHGLUHF LDHYHQWXDOHLSDVH


&RPELQD LLOHWHKQLFRWDFWLFHGHMXF WRULvQDWDF
2ULFH FRPELQD LH WHKQLFRWDFWLF FRQVW GLQWUR FRRUGRQDUH D
DF LXQLORULQGLYLGXDOHDGRLVDXWUHLFRHFKLSLHULFXVFRSELQHGHILQLWúL
UDSRUWDWILHODDWDFIDYRUL]DUHDGHPDUFDMXOXLS WUXQGHULLGHS úLULLúL
ILQDOL] ULLDWDFXOXLSULQDUXQFDUHODFRúILHODDS UDUHUHDOL]DUHDXQXL
PDUFDMFkWPDLHILFLHQWúLDDF LXQLORUSHQWUXUHFkúWLJDUHDPLQJLL
'HQXPLWHúLFRPELQD LLWHKQLFRWDFWLFHIXQGDPHQWDOHHOHFRQVWLWXLH
ED]DDF LXQLORUWDFWLFHFROHFWLYHGHHFKLS vQDWDFVDXvQDS UDUH
&20%,1$ ,$7(+1,&27$&7,& Ä' ù,'87(´
(VWH UHFRPDQGDW vQ WRDWH OXFU ULOH GH VSHFLDOLWDWH GUHSW
FRPELQD LDWDFWLF IXQGDPHQWDO GHDWDFGHVI úXUDW vQWUHGRLMXF WRUL
FH SRDWH IL LQWHJUDW vQ RULFH VLVWHP GH FLUFXOD LH RIHQVLY SULQ FDUH
MXF WRUXOFDUHSDVHD] S WUXQGHvQPRGVLVWHPDWLFVSUHFRúvQVFRSXO
UHDOL] ULLXQHLDF LXQLGHILQDOL]DUH
3UH]HQWDUHDPRGHOXOXL)LJXUD
&RPELQD LD ÄG úL GXWH´ VH
UHDOL]HD] vQWUH GRL MXF WRUL MXF WR
UXODIODWvQSRVHVLDPLQJLLRYDSDVD
XQXL FRHFKLSLHU DSURSLDW GXS FDUH
H[HFXW R DF LXQH GH GHPDUFDM LQGL
YLGXDO FX GLUHF LH GH FRú S WUXQ
GHUH SHQWUX D SULPL PLQJHD vQ YH
GHUHDXQHLILQDOL] ULODFRú
$OWH IRUPH VDX YDULDQWH DOH
FRPELQD LHL WHKQLFRWDFWLFH ÄG úL
GXWH´
)LJXUD&RPELQD LDÄ' úL ¾ GHPDUFDUHDMXF WRUXOXLFDUHD
GXWH´vQWUHIXQGDúúLH[WUHP SDVDWFXDMXWRUXOFRHFKLSLHUXOXLFDUHD
SULPLWPLQJHDvQFUXFLúDUHVLPSO SHMXF WRUVWDWLF
¾ GHPDUFDUHD XQXL DO WUHLOHD MXF WRU FD XUPDUH D EORFDMXOXL
HIHFWXDWGHSDVDWRU
&RPSRQHQWHOHFRPELQD LHL
ÌQ H[HFX LD FRPELQD LHL ÄG úL GXWH´ GHRVHELP PDL PXOWH
DF LXQLWHKQLFRWDFWLFHLQGLYLGXDOHFDUHFRQVWLWXLHPLMORDFHGHUHDOL]DUH
DUHVSHFWLYHLID]HGHMRFúLFDUHWUHEXLHFRRUGRQDWHvQUDSRUWGHVLWXD LD
FRQFUHW GHMRF
D 7UDQVPLWHUHD PLQJLL úL LQWUDUHD vQ SRVHVLD DFHVWHLD GH
F WUHSDUWHQHUSUHVXSXQH


¾ GLQSDUWHDFHOXLFDUHH[HFXW SDVDDFHDVWDV ILHSUHFHGDW GH
IHQW SHQWUX D GHWHUPLQD ÄFXORDUXO GH SDVDUH´ SULQ DWUDJHUHD DWHQ LHL
DS U WRUXOXLSHRDOW GLUHF LH
¾ GLQ SDUWHD SULPLWRUXOXL FkúWLJDUHD SULRULW LL GH SODQ ID GH
DS U WRUXO GLUHFW vQ UDSRUW GH PLQJH SULQ H[HFX LD XQHL ÄLHúLUL OD
PLQJH´úLGHIRORVLUHDPRPHQWXOXLGHLQWUDUHvQSRVHVLDPLQJLLGUHSW
ID] LQL LDO SHQWUXDF LXQHDXUP WRDUH
E'HPDUFDMXOLQGLYLGXDODOSDVDWRUXOXLXUPDWGHS WUXQGHUHD
FXGLUHF LHGHFRúIRORVLQGvQDFHVWVFRSXUP WRDUHOHPLMORDFH
¾ S WUXQGHUHD GLUHFW F WUH FRú SULQ VXUSULQGHUH GLQ SR]L LH
VWDWLF
¾ IHQW GH SOHFDUH SH GLUHF LD RSXV úL S WUXQGHUH SH SDUWHD
PLQJLL
¾ SOHFDUHIDOV FXVFKLPEDUHGHGLUHF LHúLS WUXQGHUHSHSDUWHD
PLQJLL
¾ VXQWFXQRVFXWHGUHSWFODVLFHS WUXQGHULOHDF URUFLUFXOD LHvQ
WHUHQGHVFULXOLWHUHOHÄ/´Ä&´VDXÄ6´vQIXQF LHGHSR]L LDLQL LDO vQ
WHUHQ úL GHPDUFDMXO SH FDUHO UHDOL]HD] FHO FDUH H[HFXW DF LXQHD GH
S WUXQGHUH
F3DVDGHDQJDMDUHDS WUXQ] WRUXOXLYDWUHEXLV ILHSUHFHGDW
GHIHQW GHDUXQFDUHODFRúGHODVHPLGLVWDQ IHQW GHGHS úLUH
8WLOL]DUHDWDFWLF DFRPELQD LHL
6LPSO FRQFHSWXDOXúRUGHH[HFXWDWúLIRORVLWvQMRFFRPELQD LD
ÄG úL GXWH´ HVWH UHSUH]HQWDWLY SHQWUX vQY DUHD MRFXOXL FROHFWLY
RUJDQL]DW(DHVWHIRORVLW vQVSHFLDOvPSRWULYDDS U ULORULQGLYLGXDOH
PDLDOHVDFHORUDJUHVLYH7RWXúLQXGHSX LQHRULDFHDVW FRPELQD LH
HVWHIRORVLW úLvPSRWULYDDS U ULLvQ]RQ SHQWUXDGHWHUPLQDGHS úLUHD
QXPHULF SHDQXPLWHVXE]RQH
)RORVLQG DúH] ULOH GLQ GLVSR]LWLYXO SUHFRQL]DW SULQ PRGHOXO GH
MRFúLGHSUHJ WLUHODQLYHOXOHúDORQXOXLHFKLSHORUúFRODUHúLGHMXQLRUL
VLVWHPXO GH DWDF FX MXF WRU FHQWUX vPSRWULYD DS U ULL
LQGLYLGXDOH GLVWLQJHP PDL PXOWH YDULDQWH GH IRORVLUH D FRPELQD LHL
WHKQLFRWDFWLFH ÄG úL GXWH´ vQ FDGUXO XQRU FXSOXUL SUHVWDELOLWH GH
MXF WRUL
¾ IXQGDúH[WUHP GHSHDFHLDúLSDUWH
¾ IXQGDúIXQGDú
¾ H[WUHP IXQGDúGHSHDFHLDúLSDUWH
¾ H[WUHP MXF WRUFHQWUX
¾ MXF WRUFHQWUXH[WUHP


Ì1&58&,ù$5($6,03/ vQGRLMXF WRUL
5HSUH]LQW FRPELQD LDWHKQLFRWDFWLF IXQGDPHQWDO GLQFDUHUH]XO
W GHPDUFDMXOXQXLDWDFDQWSULQLQWHUSXQHUHDvQGUXPXODS U WRUXOXLDFHV
WXLD D XQXL FXSOXDWDFDQWDS U WRUFDUHFUHHD] SHQWUXPRPHQWXQDúD
QXPLWÄSDUDYDQ´VSRQWDQ
3UH]HQWDUHD 0RGHOXOXL )LJXUD

ÌQFUXFLúDUHDVLPSO VHUHDOL]HD]
vQWUH GRL DWDFDQ L MXF WRUXO DIODW vQ
SRVHVLD PLQJLL GULEOHD] F WUH SDUWH
QHUXOV XLQWHUSXQkQGXVHvQWUHDFHVWD
úL DGYHUVDUXO OXL 'LQ DOHUJDUH VDX
H[HFXWkQG R RSULUH úL SLYRWDUH GHIHQ
VLY vLSDVHD] PLQJHDSDUWHQHUXOXLGH
FRPELQD LH DFHVWD FRQWLQXkQG DF LX
)LJXUD&RPELQD LDGH QHDGHvQFUXFLúDUHSULQHIHFWXDUHDXQHL
vQFUXFLúDUHVLPSO S WUXQGHULvQGULEOLQJVSUHFRúSHQWUXD
ILQDOL]D
ùL DFHDVW FRPELQD LH WHKQLFRWDFWLF SUH]LQW R PXOWLWXGLQH GH
YDULDQWHGHH[HFX LH
¾ HIHFWXDW vQWUH GRL DWDFDQ L I U PLQJH XUPkQG FD FHO FH VH
GHPDUF SH SDUWHD PLQJLL V SULPHDVF SDVD GH OD XQ OD WUHLOHD
FRHFKLSLHU)LJXUD

)LJXUD )LJXUD
¾ FX GHVI úXUDUHD vQ FRQWH[WXO XQXL vQFHSXW GH ÄRSW SDUDYDQDW´
)LJXUD


¾ FXGHVI úXUDUHvQFRQWH[WXOFRPELQD LHLWHKQLFRWDFWLFHÄG úL
GXWH´DPELLDWDFDQ LILLQGvQPLúFDUH)LJXUD
¾ XQXOVWD LRQDUÄvQFUXFLúDUHVLPSO SHMXF WRUVWDWLF´GHRELFHL
vQFUXFLúDUHDI FkQGXVHSHMXF WRUXOFHQWUX)LJXUD

)LJXUD )LJXUD
$FHDVW XOWLP YDULDQW D FRPELQD LHL GH ÄvQFUXFLúDUH VLPSO SH
MXF WRUVWDWLF´DVRFLDW FXFRPELQD LDÄG úLGXWHÚHSUH]LQW VLWXD LLGHV
vQWkOQLWHvQPXOWLWXGLQHDVLVWHPHORURIHQVLYHIRORVLWHvPSRWULYDDS U ULORU
RPODRP&DXUPDUHYRPIDFHúLSUH]HQWDUHDDFHVWXLPRGHO)XQGDúXO
DIODWvQSRVHVLDPLQJLLH[HFXW RSDV F WUHMXF WRUXOFHQWUXFXFDUH
XUPHD] V FRPELQH )RORVLQG PLMORDFHOH VSHFLILFH GHPDUFDMXOXL ÄvQ
DGkQFLPH´ VFKLPE ULOH GH ULWP vQ DOHUJDUH VFKLPEDUHD GH GLUHF LH
SLUXHWDYDWUHFHIRDUWHDSURDSHGHFRHFKLSLHUXOF UXLDLDSDVDWúLGHOD
FDUH UHSULPHúWH PLQJH UHDOL]kQG R DF LXQH GH S WUXQGHUH vQ GULEOLQJ FX
GLUHF LH GH FRú -XF WRUXO FHQWUX DUH VDUFLQD GH D DQWLFLSD DF LXQHD
FRHFKLSLHUXOXLV XH[HFXWkQGRÄLHúLUHODPLQJH´XUPDW GHDQJDMDUHDFkW
PDLRSRUWXQ DDWDFDQWXOXLvQPRPHQWXOWUHFHULLDFHVWXLDSHOkQJ HO
&RPELQD LD WHKQLFRWDFWLF ÄvQFUXFLúDUH VLPSO ´ HIHFWXDW vQWUH
GRL DWDFDQ L DUH R GHRVHELW HILFLHQ DWkW vQ FDGUXO XQHL FLUFXOD LL
RIHQVLYHFkWúLFDDF LXQHGHILQDOL]DUHDXQXLDWDF
&RRUGRQDUHDDF LXQLORULQGLYLGXDOHDOHFHORUGRLDWDFDQ LUHSUH]LQW
ÄFKHLDÚHXúLWHLDFHVWHLFRPELQD LLWHKQLFRWDFWLFHIXQGDPHQWDOH
D$WDFDQWXOFDUHLQL LD] FRPELQD LDGULEOHD] VSUHSDUWHQHUXO
FX FDUH XUPHD] V FRPELQH FX LQWHQ LD Y GLW GH D S WUXQGH vQWUH
DFHVWD úL DS U WRUXO OXL FUHkQG R ÄSDUDYDQDUH´ VSRQWDQ vQ PDUFDMXO
HIHFWXDW GH UHVSHFWLYXO DS U WRU 0RPHQWXO LQWHUSXQHULL YD WUHEXL V


FRLQFLG ILH FX H[HFX LD XQHL SDVH GLUHFWH F WUH FRHFKLSLHUXO FDUH
ÄWUHFH´ SULQ vQDSRLD OXL ILH FX H[HFX LD XQHL RSULUL XUPDW GH R
SLYRWDUH GHIHQVLY úL SDV ÄRIHULW ´ F WUH FRHFKLSLHUXO FDUH WUHFH SH
OkQJ HO
E $WDFDQWXO I U PLQJH WUHEXLH V FRQWULEXLH OD UHXúLWD
FRPELQD LHL &D XUPDUH HO YD SUHFHGD PRPHQWXO GH vQFUXFLúDUH FX R
IHQW GHS WUXQGHUHVDXS WUXQGHUHIDOV VSUHFRú±SHGLUHF LHRSXV
SHQWUXDGHWHUPLQDRUHWUDJHUHDDGYHUVDUXOXLV XFDUHYDP ULDVWIHO
GLVWDQ D GH PDUFDM DSRL VFKLPEkQG EUXVF GLUHF LD GH GHSODVDUH úL
WUHFkQGVXILFLHQWGHDSURDSHSHOkQJ SDUWHQHUXOV XSULPHúWHPLQJHD
ÌQXUPDDFHVWRUDF LXQLGHVI úXUDWHGHFHLGRLDWDFDQ LGLQPRPHQWXO
vQFDUHXOWLPXOSULPHúWHSDVDHOYDGLVSXQHGHXUP WRDUHOHSRVLELOLW L
GHILQDOL]DUH
¾V DUXQFH OD FRú GLQ V ULWXU IRORVLQG ÄSDUDYDQXO´ FUHDW SULQ
SUH]HQ DFRHFKLSLHUXOXLGHODFDUHDSULPLWPLQJHDVDX
¾SURILWkQG GH vQWkU]LHUHD vQ PDUFDM UHDOL]DW SULQ LQWHUSXQHUHD
FXSOXOXL FRHFKLSLHUDS U WRU vQ GUXPXO DS U WRUXOXL V X GLUHFW V
UHDOL]H]H R DF LXQH GH GHS úLUH vQ GULEOLQJ ILQDOL]kQG GLQ DSURSLHUHD
FRúXOXL
8WLOL]DUHWDFWLF
&RPELQD LD GH ÄvQFUXFLúDUH VLPSO ´ HVWH VSHFLILF DWDFXOXL
vPSRWULYD DS U ULORU LQGLYLGXDOH vQGHRVHEL FHOH FX FDUDFWHU DFWLY
DJUHVLY (D SRDWH IL IRORVLW DWkW vQ FDGUXO GHVI úXU ULL XQRU FLUFXOD LL
RIHQVLYHGHSUHJ WLUHDDWDFXOXLFkWúLGUHSWFRPELQD LHGHILQDOL]DUHD
DWDFXOXL 9DULDWHOH IRUPH VXE FDUH VH SRDWH GHVI úXUD úL vQ FRQWH[WXO
DOWRU FRPELQD LL R LPSXQ GUHSW FRPELQD LH IXQGDPHQWDO vQ MRFXO
RIHQVLYGHVI úXUDWODRULFHQLYHOGHSUHJ WLUH
Ì1&58&,ù$5($'8%/
5HSUH]LQW FRPELQD LD WHKQLFRWDFWLF IXQGDPHQWDO FDUH VH
GHVI úRDU FXSDUWLFLSDUHDDWUHLDWDFDQ LGLQWUHFDUHXQXO±FHOSHFDUH
ÄVHvQFUXFLúHD] ´HVWHVWDWLF0LQJHDVHSRDWHDIODILHODDWDFDQWXOSH
FDUH VH H[HFXW vQFUXFLúDUHD ILH OD DOW DWDFDQW FDUH SDVHD]
FRHFKLSLHUXOXLFDUHVDGHPDUFDWvQXUPDH[HFX LHLDFHVWHLFRPELQD LL
-XF WRUXOFHQWUXvQSRVHVLDPLQJLLHVWHIRORVLWGUHSWÄSDUDYDQ´
VWD LRQDUSHQWUXDS U WRULLFHORUGRLSDUWHQHULúLvQGHSODV ULOHSH
FDUHDFHúWLDOHIDFSULQID DVD
9D SULPL PLQJHD vQWRWGHDXQD FHO GHDO GRLOHD S WUXQ] WRU
FDUH SH OkQJ SDUDYDQXO VWD LRQDU DO MXF WRUXOXL FHQWUX IRORVHúWH


SHQWUX D VH GHPDUFD úL vQWkU]LHUHD
SURYRFDW DGYHUVDUXOXL V X GLUHFW
$ GH S WUXQGHUH HIHFWXDW GH
SDUWHQHUXOV X)LJXUD
(ILFDFLWDWHD DFHVWHL FRPELQD LL
HVWH GHWHUPLQDW GH PDQHYUHOH FX
FRQ LQXW WDFWLF SH FDUH OH vQWUHSULQG
FHL GRL S WUXQ] WRUL úL DQXPH SOH
FDUHDIDOV úLVFKLPEDUHDGHGLUHF LH
VFKLPEDUHDULWPXOXLGHDOHUJDUHGX
FHUHD DGYHUVDUXOXL GLUHFW vQ SDUDYD )LJXUD&RPELQD LDWDFWLF
QXO MXF WRUXOXL VWD LRQDU DVWIHO FD ÌQFUXFLúDUHDGXEO
DFHVWD V ILH REOLJDW V O RFROHDVF
SLHU]kQG ÄFRQWDFWXO´ FX DGYHUVDUXO V X $WXQFL FkQG PLQJHD HVWH SDVDW
MXF WRUXOXL FHQWUX GH F WUH XQXO GLQWUH S WUXQ] WRUL DFHVWD YD
S WUXQGH SULPXO ± I U D PDL IHQWD WUHFkQG VXILFLHQW GH DSURDSH SH
OkQJ MXF WRUXOFHQWUXSHQWUXDúLRULHQWDDGYHUVDUXOV X%vQSDUDYDQXO
VWDWLFFRQVWLWXLWGHSHUHFKHDMXF WRUFHQWUXúLDS U WRUXODFHVWXLD($O
GRLOHD S WUXQ] WRU IRORVHúWH PRPHQWXO GH S WUXQGHUH DO SDUWHQHUXOXL
V X WLPS vQ FDUH SULQWUR IHQW GH SOHFDUH SH GLUHF LD RSXV vúL
FRQFHQWUHD] DS U WRUXOGLUHFWDVXSUDXQHLHYHQWXDOHDF LXQLLQGLYLGXDOH
GXS FDUHYDS WUXQGHSUHFHGDWGHRVFKLPEDUHGHGLUHF LHvQFUXFLúkQGX
úLGLUHF LDVDGHGHSODVDUHFXFHDDFRHFKLSLHUXOXLV XLDUODWUHFHUHDSH
OkQJ MXF WRUXO FHQWUX YD SULPL SDVD GH OD DFHVWD XUPkQG V ILQDOL]H]H
SULQWURDUXQFDUHODFRúGLQV ULWXU VDXGLQGULEOLQJ
ÌQ FD]XO vQ FDUH DS U WRULL UHDF LRQHD] H[HFXWkQG VFKLPEDUHD
DGYHUVDULORUFRPELQD LDVHWUDQVIRU
P vQWUR DF LXQH LQGLYLGXDO vQWUH
SULQV vQWUH MXF WRUXO FHQWUX FDUH
SRDWHDF LRQDILHSULQWURS WUXQGHUH
FX GULEOLQJ VSUH FRú ILH ILQDOL]kQG
SULQWURDUXQFDUHODFRúGLQV ULWXU
&D YDULDQWH GH H[HFX LH D
DFHVWHL FRPELQD LL PDL SUHFL] P
XUP WRDUHOHVLWXD LL
¾vQFUXFLúDUHGXEO H[HFXWD
W GH IXQGDú úL H[WUHP SH MXF
)LJXUD WRUXOSLYRW)LJXUD


¾ vQFUXFLú UL VXFFHVLYH SH MXF WRUXO FHQWUX vQ FDGUXO XQRU
FLUFXOD LL RIHQVLYH RSWXO vQ SDWUX MXF WRUL )LJXUD VDX ÄFHUFXULOH
VHFDQWH´)LJXUD

)LJXUD )LJXUD
8WLOL]DUHWDFWLF
ÄÌQFUXFLúDUHD GXEO ´ SRDWHILIRORVLW vQGLIHULWHFLUFXOD LLRIHQVLYH
GH SUHJ WLUH D DWDFXOXL FkW úL GUHSW FRPELQD LH WDFWLF GH ILQDOL]DUH D
DWDFXOXL vPSRWULYD DS U ULORU RP OD RP vQGHRVHEL YDULDQWHOH DFWLY
DJUHVLYH(DVHHIHFWXHD] GHRELFHLSHMXF WRUXOFHQWUXVDXSLYRWFDUHILH
F VH SODVHD] SH ORFXULOH ORU VSHFLILFH GH DF LRQDUH vQ FDGUXO GLVSR]LWL
YXOXLRIHQVLYDGRSWDWILHF ÄDSDU´SHDFHVWHORFXUL
0HWRGLFDvQY ULLFRPELQD LLORUWDFWLFHGHDWDF
,QGLFD LLPHWRGLFHJHQHUDOHFXSULYLUHODvQY DUHDúLSHUIHF LR
QDUHDFRPELQD LLORUWHKQLFRWDFWLFHIXQGDPHQWDOH
ÌQY DUHD FRPELQD LLORU WHKQLFRWDFWLFH GH DWDF VH YD IDFH vQ
VWUkQV OHJ WXU vQSDUDOHOFXFRPELQD LLOHGHDS UDUHúLLQYHUV
ÌQY DUHD FRPELQD LLORU WDFWLFH GH DWDF SUHFHGH vQWRWGHDXQD
vQY DUHDFHORUGHDS UDUHPDLDOHVSULYLWRUODSULPDHWDS DvQY ULL
±DFRQGL LLORUL]RODWHGHMRF
ÌQY DUHDFRPELQD LLORUWHKQLFRWDFWLFHVHYDIDFHQXPDLGXS
FH MXF WRULL úLDX vQVXúLW XQ EDJDM WHKQLF PLQLPDO SDVD GULEOLQJXO
DUXQFDUH OD FRú VFKLPEDUHD GH GLUHF LH RSULUHD SLYRWDUHD MRFXO GH
EUD HúLSLFLRDUHGHSODV ULOHVSHFLILFH
ÌQY DUHD FRPELQD LLORU WHKQLFRWDFWLFH SUHVXSXQH QHDS UDW
vQVXúLUHD DF LXQLORU LQGLYLGXDOH OD XQ QLYHO VDWLVI F WRUGHPDUFDMXO
LQGLYLGXDOGHS úLUHDS WUXQGHUHDUHFXSHUDUHDRIHQVLY


ÌQY DUHD FRPELQD LLORU WHKQLFRWDFWLFH QHFHVLW R SHULRDG
OXQJ GDUvQDFHODúLWLPSSUH]LQW DYDQWDMXOIRORVLULLXQRUH[HUFL LLúL
IRUPD LLVWUXFWXUDWHSHPRGHOXOVLVWHPXOXLGHMRFSUHFRQL]DWPLMORDFH
FDUH SULQ FDUDFWHUXO ORU GH vQWUHFHUH úL DWUDFWLYLWDWH P UHVF vQ PRG
GHRVHELWLQWHUHVXOMXF WRULORUvQSUHJ WLUH
ÌQY DUHDFRPELQD LLORUYDUHVSHFWDFHOHWUHLHWDSHvQFRQGL LL
L]RODWH GH MRF vQY DUHD SURSULX]LV D FRPELQD LHL D FRQGL LLORU
DSURSLDWHGHMRFvQUHOD LHGHDGYHUVLWDWHFXPDUFDMSDVLYVHPLDFWLYúL
DFWLYúLvQFRQGL LLGHMRFvQFDGUDUHDFRPELQD LHLvQVLVWHPFXWHP
GHVLWXD LHHWF
&RPELQD LLOHWHKQLFRWDFWLFHGHMXF WRULvQDS UDUH

&DUDFWHUXOFROHFWLYDOMRFXOXLGHEDVFKHWLPSXQHFDDF LXQLOHGH
DS UDUH V ILH WRW FROHFWLYH $FHVW FDUDFWHU FROHFWLY VH PDQLIHVW SULQ
DF LXQLOHGHvQWUDMXWRUDUHúLGXEODUHUHFLSURF SULQVSLULWGHFRODERUDUH
2ULFDUH DU IL IRUPD DGRSWDW SULQ VLVWHPXO GHIHQVLY MRFXO vQ
DS UDUHVROLFLW FDDF LXQLOHFXFDUDFWHULQGLYLGXDOvQWUHSULQVHGHMXF WRUL
V ILHRUJDQL]DWHúLFRRUGRQDWHvQFDGUXOXQRUFRPELQD LLWHKQLFRWDFWLFH
GHúLMXF WRUL
&RODERUDUHDDS U WRULORUvQDFWLYLWDWHDGHIHQVLY P UHúWHFDUDFWHUXO
DFWLY DO DS U ULL úL FRQVWLWXLH SUHPLVD VXFFHVXOXL DFHVWHLD vPSRWULYD
RIHQVLYHLDGYHUVH
Ì1&+,'(5($&8/2$58/8,'(3 7581'(5(
5HSUH]LQW FRPELQD LD WHKQLFRWDFWLF SULQ LQWHUPHGLXO F UHLD
GRL DS U WRUL FRODERUHD] vQ YHGHUHD DQLKLO ULL XQHL HYHQWXDOH DF LXQL
RIHQVLYHGHGHS úLUHVDXDXQHLFRPELQD LLGH³G úLGXWH´

$S U WRULL % úL & FDUH DX
SODVDPHQWXO FHO PDL DSURSLDW GH
FRHFKLSLHUXO ORU $ FDUHO PDUFKHD]
SHDWDFDQWXOFXPLQJHVHYRUSODVD
LQL LDO vQ DIDUD D[HL DGYHUVDUFRú
DSURSLLQGXVH úL PLFúRUkQG GLVWDQ D
ID GH DFHVWD 6DUFLQD ORU FRQVW vQ
vQFKLGHUHD FXORDUXOXL F WUH FRú úL GH
GXEODUH D PDUFDMXOXL UHDOL]DW GH DS
U WRUXO$vPSRWULYDDWDFDQWXOXLFDUH )LJXUD


SRDWHvQFHUFDRDF LXQHLQGLYLGXDO GHGHS úLUHVDXV FRPELQHSULQWUXQ
ÄG úL GXWH´ FX DWDFDQWXO VDX 3ULQ DFHDVW DF LXQH DS U WRUXO FDUH
LQWU vQ FRPELQD LH vQFHUFkQG vQFKLGHUHD FXORDUXOXL GH S WUXQGHUH SH
SDUWHD SH FDUH YD DF LRQD DWDFDQWXO VH YD GHSODVD RFXSkQG R SR]L LH
vQDSRLDDS U WRUXOXL$vQFHUFkQGFKLDUVFRDWHUHDVDXLQWHUFHSWDUHDPLQJLL
DF LXQHIDYRUL]DW GHIDSWXOF DWDFDQWXORSURWHMHD] FHYDPDLSX LQID
GHHO
8WLOL]DUHWDFWLF
ÄÌQFKLGHUHD FXORDUXOXL GH S WUXQGHUH´ UHSUH]LQW FRPELQD LD
WHKQLFRWDFWLF IXQGDPHQWDO FDUH HVWH IRORVLW vQ RULFDUH IRUP GH
DS UDUHLQGLIHUHQWGHQLYHOXOWHKQLFRWDFWLFDOHFKLSHL
Ä$/81(&$5($´
&D XUPDUH D FLUFXOD LLORU RIHQVLYH DOH DWDFDQ LORU GHVI úXUDWH SH
VXSUDID D UHODWLY PLF D WHUHQXOXL DSDU DJORPHU UL FDUH VWkQMHQHVF FLU
FXOD LD DS U WRULORU GHWHUPLQkQG vQWkU]LHUL vQ HIHFWXDUHD PDUFDMXOXL UHV
SHFWLYLORUDWDFDQ L3HQWUXDHYLWDDFHVWHVLWXD LLSHFDUHDWDFDQWXOGHPDUFDW
OHSRDWHIRORVLFKLDUúLSHQWUXRHYHQWXDO ILQDOL]DUHDDWDFXOXLDS U WRULL
WUHEXLH V IRORVHDVF Ä$/81(&$5($´ (D UHSUH]LQW FRPELQD LD WHK
QLFRWDFWLF GLQWUHGRLMXF WRULSULQFDUHXQDS U WRUvúLDMXW FRHFKLSLHUXO
FUHkQGXLGUXPOLEHUGHGHSODVDUHvQXUP ULUHDDGYHUVDUXOXLGLUHFWSULRUL
WDWHvQDF LXQHDGHÄDOXQHFDUH´DYkQGDS U WRUXODOF UXLDWDFDQWDUHPLQ
JHDVDXS WUXQGHFXGLUHF LHGHFRú
$S U WRUXO $ VHVL]HD] GLUHF LD
GHGHSODVDUHvQGULEOLQJDDWDFDQWXOXL
úLSHQWUXDLSHUPLWHFRHFKLSLHUXOXLV X
%PHQ LQHUHDvQPDUFDMDDGYHUVDUXOXL
± DFHVWD ILLQG VXILFLHQW GH SHULFXORV
SULQVLWXD LDOXLWDFWLF SRVHVLDPLQJLL
vQGULEOLQJúLGLUHF LDOXLGHGHSODVDUH
VHUHWUDJHSX LQVFKLPEkQGWRWRGDW úL
SR]L LDSODVDPHQWXOXLID GHDWDFDQWXO
GLUHFWPLQJHúLFRúO VkQGXLVSD LX
)LJXUD FRHFKLSLHUXOXL V X % FD V ÄDOXQHFH´
vQXUP ULUHDOXLGXS FDUHUHYLQHODGLVWDQ DRSWLP GHHIHFWXDUHD
PDUFDMXOXLODDGYHUVDUXOV XvQUDSRUWGHHYROX LDID]HLGHMRF
8WLOL]DUHWDFWLF
Ä$OXQHFDUHD´ HVWH R FRPELQD LH VSHFLILF DS U ULL LQGLYLGXDOH
ILLQG IRORVLW vPSRWULYD FLUFXOD LHL RIHQVLYH D DWDFDQ LORU VDX FKLDU


vPSRWULYD XQRU FRPELQD LL FX vQFUXFLú UL VDX EORFDMH HIHFWXDWH GH
DFHúWLD
Ä)/27$5($´
5HSUH]LQW R FRPELQD LH WHKQLFRWDFWLF VSHFLILF DS U ULL FDUH
DUH XQ Y GLW FDUDFWHU FROHFWLY SULQ DF LXQHD GH vQWUDMXWRUDUH HIHFWXDW
GHXQXOVDXGRLDS U WRUL(DVHUHDOL]HD] SULQUHWUDJHUHDWHPSRUDU D
DS U WRUXOXL GH OD DGYHUVDUXO V X GLUHFW FDUH QX DUH PLQJHD úL VH
J VHúWH vQ WHUHQ PDL GHSDUWH GH DFHVWD vQ YHGHUHD vQW ULULL DS U ULL
XQHLVXSUDIH HGHMRFvQFDUHVHSRDWHFRQFHQWUDDWDFXODGYHUVGDWRUDW
SUH]HQ HLXQXLDWDFDQWSHULFXORVILHSULQvQ O LPHDOXLILHSULQQLYHOXO
SUHJ WLULL OXL WHKQLFRWDFWLFH $WXQFL FkQG DWDFDQWXO DS U WRUXOXL FDUH
ÄIORWHD] ´ UHSULPHúWH PLQJHD HO YD UHYHQL vQ PDUFDMXO QRUPDO DO
DFHVWXLD)LJXULOHúL

)LJXUD )LJXUD
$S U WRULL DL F URU DWDFDQ L VXQW PDL GHS UWD L GH PLQJH ±
UHVSHFWLY%úL'±VHYRUUHWUDJHGHODDGYHUVDULLORUGLUHF LÄIORWkQG´
vQ DFRSHULUHD ]RQHL GLQ DSURSLHUHD FRúXOXL SHQWUX DL VWkQMHQL MRFXO
MXF WRUXOXL SLYRW FkW úL HYHQWXDOHOH DF LXQL LQGLYLGXDOH SH FDUH OH
SRDWH vQWUHSULQGH DWDFDQWXO DIODW vQ SRVHVLD PLQJLL $S U WRULL
DWDFDQ LORU úL H[HFXW XQ PDUFDM DFWLY ILLQG DVLJXUD L vPSRWULYD
XQRUHYHQWXDOHGHS úLUL
8WLOL]DUHWDFWLF
Ä)ORWDUHD´ SRDWH DYHD XQ FDUDFWHU WHPSRUDU DWXQFL FkQG HVWH
HIHFWXDW GH DS U WRULL FDUH vQ ID]D GDW VH J VHVF PDL GHS UWD L GH
PLQJHúLRGDW FXUHYHQLUHDPLQJLLvQSRVHVLDDGYHUVDUXOXLORUGLUHFW
UHYLQODXQPDUFDMQRUPDO±úLXQFDUDFWHUSHUPDQHQW±DWXQFLFkQG


VH HIHFWXHD] GH OD XQ DWDFDQW PDL VODE vQ DF LXQLOH RIHQVLYH FDUH
FLUFXO PDLSX LQúLQXHVWHHILFDFHvQDUXQF ULOHODFRúGHODGLVWDQ úL
VHPLGLVWDQ
Ä$*/20(5$5($´
&RPELQD LH WHKQLFRWDFWLF GHIHQVLY PXOW DVHP Q WRDUH
ÄIORW ULL´ vQ FDUH DS U WRULL D GRL VDX WUHL DWDFDQ L vúL XUP UHVF
SHUPDQHQW vQV OD R GLVWDQ PXOW P ULW DGYHUVDULL GLUHF L vQ
GHSODV ULOH ORU I U D S U VL R ]RQ ELQH GHOLPLWDW GLQ DSURSLHUHD
FRúXOXLvQVFRSXOvQW ULULLDS U ULLDFHVWHL]RQH
2ULGHFkWHRULDGYHUVDUXOGLUHFWDOXQXLDGLQWUHDFHúWLDS U WRUL
FDUH ÄDJORPHUHD] ´ S WUXQGH vQ VXSUDID D GLQ DSURSLHUHD FRúXOXL HO
HVWHSUHOXDWvQPDUFDMDFWLYGHDS U WRUXOV X
$S U WRUXO ( vO PDUFKHD]
DFWLYSHMXF WRUXOSLYRWODIHOFDúL
%SHDWDFDQWXODFHúWLDILLQGDFDQ LL
FHL PDL ÄSHULFXORúL´ DL DGYHUVDULORU
$S U WRULL $ & úL ' IDF ÄDJORPH
UDUHD´ VXSUDIH HL GH UHVWULF LH SHQWUX
D DQLKLOD DF LXQLOH MXF WRUXOXL VDX
HYHQWXDOHOH S WUXQGHUL vQ DFHDVW
]RQ DOH FHORUODO L DWDFDQ L ÌQ PR
PHQWXO vQ FDUH DWDFDQWXO S WUXQGH
VSUH FRú LQWUkQG vQ VXSUDID D GLQ
)LJXUD
DSURSLHUHD FRúXOXL DS U WRUXO OXL
GLUHFW $ FDUH D H[HFXWDW XQ PDUFDM vQ VXSUDYHJKHUH ÄDJORPHUkQG´
DFHDVW VXSUDID vOSUHLDvQPDUFDMDFWLY)LJXUD
8WLOL]DUHWDFWLF
5HSUH]LQW R FRPELQD LH SULQ FDUH VXQW DGDSWDWH OD VSHFLILFXO
DS U ULLRPODRPUHJXOLDOHVLVWHPXOXLGHDS UDUHvQ]RQ SODVDPHQWXO
MXF WRULORU FDUH ÄDJORPHUHD] ´ ILLQG GHWHUPLQDW GH FLUFXOD LD PLQJLL
PDQHYUDWH GH DGYHUVDUL $FHDVW FRPELQD LH HVWH IRORVLW DFXP GH
HFKLSHOHFXQLYHOGHSUHJ WLUHFHYDPDLFRERUkW
0HWRGLFDvQY ULLFRPELQD LLORUWHKQLFRWDFWLFHvQDS UDUH
&RQVWDWkQGXVH GLQ SUDFWLF F EDODQ D GLQWUH FDQWLWDWHD GH
PXQF DORFDW DF LXQLORU GH DS UDUH úL FHD DORFDW DF LXQLORU GH DWDF
vQFOLQ vQ IDYRDUHD FHOHL GHD GRXD SURIHVRULORU GH HGXFD LH IL]LF OH
UHYLQHVDUFLQDGHDIDFHXQHFKLOLEUXvQWUHDFHVWHGRX ID]HDOHMRFXOXL
GHEDVFKHW$FHDVWDVHSRDWHUHDOL]DSULQ


¾ VHOHF LRQDUHDSUHOXDUHDúLLPDJLQDUHDXQRUH[HUFL LLGHDS UDUH
FkWPDLDWUDFWLYH
¾ XWLOL]DUHDXQRUH[HUFL LLVXEIRUP GHvQWUHFHUHFDUHV FUHH]H
XQFOLPDWGHDILUPDUHDSHUVRQDOLW LLMXF WRUXOXLDS U WRU
¾ O PXULUHD MXF WRULORU DVXSUD IDSWXOXL F DF LXQLOH GH DS UDUH
VXQWUH]XOWDWXOJkQGLULLWDFWLFH
¾ DOF WXLUHDXQRUH[HUFL LLFXFRQ LQXWWDFWLFGHDWDFúLDS UDUHvQ
SDUDOHO
&RPELQD LLOH WHKQLFRWDFWLFH FROHFWLYH IXQGDPHQWDOH GH DS UDUH
VH ED]HD] SH SULQFLSLLOH DS U ULL úL FRQVWLWXLH VXSRUWXO PRUDO DO
HFKLSHL
3ULPHOH QR LXQL GH DS UDUH FRPELQD LL VH WUDQVPLW HOHYLORU
MXF WRULORUvQF GLQSULPHOHOHF LLDOHvQY ULLDF LXQLORULQGLYLGXDOH
H[HPSOX RGDW FX S WUXQGHUHD úL GHS úLUHD VH vQYD úL ÄvQFKLGHUHD
FXORDUXOXLGHS WUXQGHUH´
3HQWUX vQY DUHD FRPELQD LLORU WHKQLFRWDFWLFH VH XUP UHúWH
vPEXQ W LUHDSUHJ WLULLMXF WRULORUSHQWUXFHOHWUHLFRPSRQHQWHIL]LF
WHKQLFWDFWLF'HFLVHYDXUP ULIRORVLUHDPLMORDFHORUGLQEDVFKHWFDUH
GH]YROW FDOLW LOHPRWULFHQHFHVDUHHOHPHQWHORUúLSURFHGHHORUWHKQLFH
QHFHVDUHFRPELQD LHLFDUHVHvQYD
/D vQFHSXW VH YRU SHUIHF LRQD L]RODW úL DSRL vQ MRFXO GH UHOD LH
DWDFDQWDS U WRU 'LQ SXQFW GH YHGHUH DO SUHJ WLULL WHKQLFRWDFWLFH
LQGLYLGXDOHVHYRUSHUIHF LRQD
¾ PDUFDMXODGYHUVDUXOXLFXPLQJHI U PLQJHPDUFDMHVSHFLDOH
úLGLIHUHQ LDWH
¾ VFRDWHUHDPLQJLLGLQGULEOLQJ
¾ LQWHUFHS LD³FDSDFXOÚHFXSHUDUHDGHIHQVLY
&RQWUDDWDFXO
6LVWHP GH DWDF DúD GXS FXP XQLL DQWUHQRUL VDX DXWRUL GH
PDQXDOHWLQGV JHQHUDOL]H]HDFHDVW IRUP GHDWDFGDUPDLSUHFLVR
IRUP GH RUJDQL]DUH D WUHFHULL UDSLGH GLQ DS UDUH vQ DWDF HIHFWXDW vQ
FHD PDL PDUH YLWH] úL SULQWUXQ QXP U UHGXV GH SDVH FRQWUDDWDFXO
XUP UHúWH R ILQDOL]DUH GLQ DSURSLHUHD FRúXOXL FD XUPDUH D UHDOL] ULL
XQXLDWDFvQVXSHULRULWDWHQXPHULF
&RQWUDDWDFXO UHSUH]LQW IRUPD GH DWDF FHD PDL VSHFWDFXORDV
DWkWSHQWUXVSHFWDWRULFkWúLSHQWUXMXF WRULIRUPDUHODWLYXúRDU GHD
vQVFULH SXQFWH vQ MRFXO GH EDVFKHW UHSUH]HQWkQG WRWRGDW PRGXO GH
H[SULPDUHDSHUVRQDOLW LLLPDJLQD LHLúLvQGHPkQ ULLMXF WRULORU


&RQWUDDWDFXOVROLFLW RIRDUWHEXQ SUHJ WLUHIL]LF SUHJ WLUHFDUH
FRQIHU MXF WRULORUFDSDFLWDWHDGHDMXFDFkWPDLUDSLGV SDVH]HúLV
SRDW DUXQFDODFRúFkWPDLSUHFLVúLGLQPDUHYLWH]
&/$6,),&$5($&2175$$7$&8/8,
D&RQWUDDWDFXOGLUHFW
¾ FXGULEOLQJ)LJXUD

)LJXUD
FXSDV GLUHFW ODMXF WRUXOÄYkUI´GHFRQWUDDWDF)LJXUD
¾

)LJXUD
E&RQWUDDWDFXOFXLQWHUPHGLDU
FXXQMXF WRULQWHUPHGLDU)LJXUD
¾
FXGRLMXF WRULLQWHUPHGLDUL)LJXUD
¾
F3UH]HQWDUHDPRGHOXOXL
5HSUH]HQWkQG R IRUP GH RUJDQL]DUH úL GHVI úXUDUH D DF LXQLORU
RIHQVLYHFDRULFHVLVWHPGHDWDFFRQWUDDWDFXOSUH]LQW RVXFFHVLXQHGH
ID]HvQGHVI úXUDUHDOXL


)LJXUD

)LJXUD
3ULPDID] RFRQVWLWXLH ,175$5($ Ì1 326(6,$ 0,1*,,úLVH
SRDWHIDFHSULQ
¾ LQWHUFHSWDUHDPLQJLL
¾ UHFXSHUDUHD GHIHQVLY D PLQJLL FD XUPDUH D XQHL DUXQF UL OD
FRúQHUHXúLWHDDGYHUVDUXOXL
¾ GXS vQVFULHUHDXQXLFRúGHF WUHDGYHUVDU
¾ GXS R DEDWHUH VDX R JUHúHDO SHUVRQDO FRPLV vQ DWDF GH
DGYHUVDU SULQ UHSXQHUHD UDSLG D PLQJLL vQ MRF GLQ DIDUD WHUHQXOXL
GXS vQPkQDUHDDFHVWHLDGHF WUHDUELWUX
¾ GXS RDQJDMDUHOD
,QWUDUHDvQSRVHVLDPLQJLLYDWUHEXLHvQWRWGHDXQDV ILHUH]XOWDWXO
JkQGLULL WDFWLFH D MXF WRULORU GH DQWLFLSDUH úL VHVL]DUH D UHVSHFWLYHL
SRVLELOLW L $FHDVWD YD FRQWULEXL FD GHFODQúDUHD FRQWUDDWDFXOXL V


FDSHWHXQFDUDFWHUJHQHUDOL]DWSXWkQGILODQVDWGHRULFHMXF WRUGHSH
RULFDUHSDUWHDWHUHQXOXLvQIXQF LHGHVLWXD LH
'XS LQWUDUHDvQSRVHVLDPLQJLLXUP WRDUHDID] HVWH 75(&(5($
Ì17(5(18/'($7$&
$FHDVW ID] ± SHQWUX FRQWUDDWDFXO FX GRL LQWHUPHGLDUL
FXSULQGH
D &LUFXOD LD MXF WRULORU VH GHVI úRDU FRQIRUP XQRU VDUFLQL
GHWHUPLQDWH GH UROXO SH FDUHO DUH ILHFDUH MXF WRU vQ GHVI úXUDUHD
FRQWUDDWDFXOXLSUHFXPúLGHSODVDPHQWXODGYHUVDULORU
¾ MXF WRUXO FDUH LQWU SULPXO vQ SRVHVLD PLQJLL vQ IXQF LH GH
VLWXD LH YD F XWD V WUDQVPLW PLQJHD XQXL FRHFKLSLHU GHPDUFDW FD
LQWHUPHGLDUODWHUDOIRORVLQGSHQWUXRPDLXúRDU GHJDMDUHXQGULEOLQJ
F WUHR]RQ OLEHU GHXQGHV SRDW H[HFXWDSULPDSDV F WUHMXF WRUXO
LQWHUPHGLDU)LJXUD

)LJXUD
¾ MXF WRULL LQWHUPHGLDUL ± GH UHJXO VXQW GRL úL DIOD L vQ
SULPXO SODQ DO DS U ULL ± DX VDUFLQD GH D VH GHPDUFD vQ ]RQHOH OLEHUH
SHQWUX D XúXUD WUDQVPLWHUHD PLQJLL FkW PDL UDSLG SRVLELO úL GH D
FRQWLQXD WUHFHUHD vQ WHUHQXO GH DWDF SULQ SDV F WUH DO GRLOHD
LQWHUPHGLDU FDUH VD GHPDUFDW vQWUR ]RQ vQ DSURSLHUHD FHQWUXOXL
WHUHQXOXLúLGHXQGHFRQWLQX DF LXQHDRIHQVLY FXGULEOLQJSHPHGLDQD
WHUHQXOXL
¾ YkUIXULOH GH FRQWUDDWDF VXQW GH RELFHL MXF WRUXO GH SH SDUWHD
RSXV SULPHL SDVH GH FRQWUDDWDF GLQ DO GRLOHD SODQ GH DS UDUH vQ
PRGHOXOQRVWUXMXF WRUXOúLSULPXOMXF WRULQWHUPHGLDU(LDXFD
VDUFLQ SULQFLSDO GHS úLUHD FkW PDL UDSLG D SODQXULORU DS U WRULORU
DIOD L vQ UHWUDJHUH úL GHWHUPLQDUHD vQ MXP WDWHD RIHQVLY GH WHUHQ D
DWDFXOXLvQVXSHULRULWDWHQXPHULF DF LRQkQGFXGLUHF LHGHFRú


&LUFXOD LD MXF WRULORU vQ ID]D GH WUHFHUH VH YD HIHFWXD vQ OLQLH
GUHDSW SH FHOH WUHL FXORDUH GH FRQWUDDWDF $FHDVW FLUFXOD LH VH YD
GHVI úXUD SH R VXSUDID ODUJ GLQ WHUHQ SH FXORDUHOH LQGLFDWH úL vQ
PD[LPXPGHYLWH] )LJXUD

)LJXUD
E&LUFXOD LDPLQJLL/DQVDUHDFRQWUDDWDFXOXLSRDWHILI FXW SULQ
SDV OXQJ WUDQVPLV GLUHFW OD ÄYkUIXO´ GH FRQWUDDWDF VDX SULQ SDVH
VFXUWHWUDQVPLVHSULQMXF WRULLLQWHUPHGLDULÄYkUIXULORU´GHFRQWUDDWDF
&LUFXOD LD PLQJLL WUHEXLH V ILH UDSLG SDVHOH V ILH GDWH ÄvQ
DGkQFLPH´ úL SH SR]L LL YLLWRDUH SXWHUQLF SUHFLV úL vQ FHD PDL PDUH
YLWH]
&RQFHSWXO FX SULYLUH OD IRORVLUHD GULEOLQJXOXL vQ ID]D GH WUHFHUH
YDWUHEXLUHFRQVLGHUDW-RFXOPRGHUQDSHULPDWWHRULDFDUHVXV LQHDF
FRQWUDDWDFXO WUHEXLH UHDOL]DW QXPDL SULQ SDVH I U GULEOLQJ $VWIHO
GULEOLQJXO YD IL IRORVLW SHQWUX UHDOL]DUHD DWDFXOXL vQ VXSHULRULWDWH
QXPHULF SHQWUXRHYHQWXDO DWUDJHUHDDS U ULLDGYHUVHSHRSDUWHD
WHUHQXOXLvQVFRSXOFUH ULLXQHL]RQHOLEHUHSHSDUWHDRSXV
0RGHOXO RSWLP GH UHDOL]DUH D ID]HL GH WUHFHUH vQ GHVI úXUDUHD
FRQWUDDWDFXOXL YD WUHEXL V ILH SUHFHGDW GH vQVXúLUHD DFHORU PRGHOH
LQWHUPHGLDUHVSHFLILFHMRFXOXLSUDFWLFDWODQLYHOXOHFKLSHORUGHHOHYL
FRSLLVDXMXQLRUL
3ULPXOPRGHOLQWHUPHGLDUSUHVXSXQHGXS LQWUDUHDvQSRVHVLD
PLQJLL vQDLQWDUHD GLUHFW vQ GULEOLQJ D FHOXL FDUH D LQWUDW SULPXO vQ
SRVHVLD PLQJLL F WUH FXORDUXO PHGLDQ DO WHUHQXOXL DWDFkQG FRúXO
DGYHUV -XF WRULL FHL PDL DYDQVD L GLQ DS UDUHD LQL LDO YRU WUHEXL V
VSULQWH]HVSUHWHUHQXODGYHUVvQFHUFkQGXQGXEODMDODF LXQLLFHOXLFX
PLQJHD)LJXUD


$OGRLOHDPRGHOLQWHUPHGLDUSHQWUXID]DGHWUHFHUHGLQWHUHQXOGH
DS UDUH vQ FHO GH DWDF SUHVXSXQH GXS LQWUDUHD vQ SRVHVLD PLQJLL
UHDOL]DUHD XQHL SDVH ODWHUDOH F WUH XQ MXF WRU LQWHUPHGLDU FDUH
VHVL]kQG DF LXQHD VH GHPDUF vQWUR ]RQ ODWHUDO D WHUHQXOXL GH
DS UDUH 'XS UHFHS LRQDUHD SDVHL DFHVWD GULEOkQG vQ FHD PDL PDUH
YLWH] VH YD GHSODVD VSUH FXORDUXO PHGLDQ DO WHUHQXOXL vQDLQWkQG FX
GLUHF LHGHFRú$F LXQHDYDILGXEODW GHDO LGRLFRHFKLSLHULFDUHYRU
FLUFXODSHFXORDUHOHODWHUDOHDOHWHUHQXOXL)LJXUD

)LJXUD

)LJXUD
8OWLPD ID] D FRQWUDDWDFXOXLRFRQVWLWXLH ),1$/,=$5($úLVH
UHDOL]HD] FD XUPDUH D UH]ROY ULL DWDFXOXL vQ VXSHULRULWDWH QXPHULF
FRQWUD VDX FRQWUD SULQ DUXQFDUH OD FRú GLQ DSURSLHUH FX
UHFRPDQGDUHDFDDFHDVWDV ILHH[HFXWDW FXSDQRXO/DXQQLYHOPDL
ULGLFDWGHSUHJ WLUHSRDWHILIRORVLW SHQWUXILQDOL]DUHúLDUXQFDUHDOD
FRú GLQ V ULWXU GH OD QLYHOXO OLQLHL GH DUXQF UL OLEHUH VDX PDL
PRGHUQGLQDIDUDVHPLFHUFXOXLGHP


$FHDVW XOWLP ID] LPSXQHúLUHDOL]DUHDÄGXEODMXOXL´MXF WRUXOXL
FDUHH[HFXW DUXQFDUHDODFRúvQYHGHUHDDVLJXU ULLUHFXSHU ULLRIHQVLYH
DPLQJLLvQFD]XOQHUHXúLWHLDUXQF ULL
&RQ LQXWXOWHKQLFRWDFWLFDOFRQWUDDWDFXOXL
5HDOL]DUHDvQEXQHFRQGL LLDFRQWUDDWDFXOXLGHSLQGHQXQXPDLGH
PRGXOvQFDUHHVWHRUJDQL]DW GHVI úXUDUHDOXLFLvQPRGHGHRVHELWGH
FDOLW LOHúLGHSULQGHULOHWHKQLFRWDFWLFHvQVXúLWHGHMXF WRUL
'LQSXQFWGHYHGHUHIL]LFSUHRFXSDUHDvQSUHJ WLUHDMXF WRULORU
VHYDD[DSH
¾ vPEXQ W LUHDYLWH]HLGHGHSODVDUHúLUHDF LH
¾ vPEXQ W LUHDYLWH]HLGHH[HFX LHDSURFHGHHORUWHKQLFH
¾ GH]YROWDUHDUH]LVWHQ HLvQUHJLPGHYLWH]
([HUFL LLOHSHQWUXSHUIHF LRQDUHDSURFHGHHORUúLDVWUXFWXULORU
WHKQLFHVSHFLILFHFRQWUDDWDFXOXLYRUXUP ULSHUIHF LRQDUHD
¾ HOHPHQWHORU GH PLúFDUH vQ WHUHQ vQ VSHFLDO VFKLPE ULOH GH
GLUHF LHRSULULOHúLV ULWXULOH
¾ SDVHORUOXQJLFXRPkQ GHSHORFúLGLQGHSODVDUH
¾ SDVHORU VFXUWH GLQ DOHUJDUH FX úL I U vQFUXFLúDUH FX úL I U
GULEOLQJ
¾ DUXQF ULORU OD FRú GLQ DOHUJDUH FX ILQDOL]DUH GH OD P GH
FRúSUHFHGDWHGHSULQGHUHDPLQJLLGLQSDV GLQGULEOLQJ
ÌQ JHQHUDO UHFRPDQG P IRORVLUHD XUP WRDUHORU SURFHGHH GH
ILQDOL]DUH
¾ SHQWUX DUXQF ULOH OD FRú GLQ DSURSLHUHD SDQRXOXL FHOH FX R
PkQ GHVXVvQVHPLFkUOLJúLGHMRV
¾ SHQWUXDUXQF ULOHPDLGHSDUWHGHFRúFHOHGLQV ULWXU SUHFHGDWH
GHRSULUHvQWUXQWLPSVDXGRLWLPSL
¾ DGULEOLQJXOXLFXWRDWHYDULDQWHOHOXLFXVFKLPEDUHGHULWPGH
GLUHF LHHWF
'LQ SXQFW GH YHGHUH WDFWLF FRPSRQHQWHOH FRQWUDDWDFXOXL YRU
WUHEXLHV ILHSHUIHF LRQDWH
¾ UHFXSHUDUHDGHIHQVLY úLRIHQVLY
¾ LQWHUFHS LD
¾ GHPDUFDMXO
¾ GXEODMXO
¾ DWDFXOvQVXSHULRULWDWHQXPHULF FRQWUDúLFRQWUD
$7$&8/Ì1683(5,25,7$7(180(5,&
5HSUH]LQW R VLWXD LH WDFWLF IUHFYHQW vQWkOQLW vQ GHVI úXUDUHD
MRFXOXL GH EDVFKHW PDL DOHV vQ ID]D GH ILQDOL]DUH D FRQWUDDWDFXOXL
5H]ROYDUHDHLLPSXQHRVHULHGHVDUFLQLFXFDUDFWHUWDFWLFGHWHUPLQDWH
GHUHOD LDFRQWUDVDXFRQWUD


$WDFDQWXOFXPLQJH
¾IRU HD] SULQ GULEOLQJ SH GUXPXO FHO PDL VFXUW úL vQ FHD PDL
PDUHYLWH] DWDFDUHDFRúXOXL
¾GDF QX HVWH RSULW GH XQ DS U WRU ILQDOL]HD] DWDFXO SULQ
DUXQFDUHGLQDSURSLHUHDFRúXOXL
¾QXPDL vQ FD]XO vQ FDUH DS U WRUXO DWDF GHFLVLY SDVHD]
FRHFKLSLHUXOXLGHPDUFDW
¾GXS SDV SUHLD VDUFLQLOH GH MXF WRU I U PLQJH GXEODMXO
DWDFDQWXOXL FX PLQJH SDUWLFLSDUH OD UHFXSHUDUH vQ FD] GH QHUHXúLW D
DUXQF ULLODFRú
$WDFDQWXOI U PLQJH
¾RFXS SODQúLFXORDUGLIHULWID GHDWDFDQWXOFXPLQJH
¾FDXW V DWUDJ DVXSUDVDDS U WRUXO
¾GXEOHD] RIHQVLYVDXGHIHQVLYDWDFDQWXOFXPLQJH
¾SDUWLFLS OD UHFXSHUDUHD RIHQVLY D PLQJLL vQ FD]XO QHUHXúLWHL
DUXQF ULLODFRú
$7$&8/Ä&2175$´
,GHHD GH ED] vQ UH]ROYDUHD DFHVWXL DWDF R FRQVWLWXLH DWUDJHUHD
DS U WRUXOXLODPDUFDMXODWDFDQWXOXLFXPLQJH)LJXUD
$WDFDQWXOGULEOHD] GHSODVkQGXVHvQFHDPDLPDUHYLWH] VSUH
FRú,QWUDWvQ]RQDGHPDUHSHULFXOR]LWDWHGLQDSURSLHUHDFRúXOXLHOYD
IL DWDFDW GH DS U WRUXO $ FDUH YD vQFHUFD RSULUHD OXL GLQ DF LXQH
PRPHQWFDUHYDFRLQFLGHFXH[HFX LDXQHLSDVHF WUHFRHFKLSLHUXOV X
DIODWvQDF LXQHGHGXEODMRIHQVLYúLFDUHYDILQDOL]DDWDFXODUXQFkQG
GLQ DSURSLHUHD FRúXOXL &HL GRL DWDFDQ L úL YRU FLUFXOD RFXSkQG
SODQXULúLFXORDUHGLIHULWH
$7$&8/Ä&2175$´
$FHVWDWDFSHQWUXDDYHDHILFDFLWDWHYDWUHEXLHV ILHSXUWDWSH
PHGLDQD WHUHQXOXL MXF WRUXO FX PLQJH GULEOkQG vQ PDUH YLWH] FX
GLUHF LH GH FRú FRHFKLSLHULL V L úL vO GXEOHD] RIHQVLY VDX
GHIHQVLYRFXSkQGSODQXULúLFXORDUHGLIHULWH)LJXUD
$SURSLLQGXVH GH ]RQD GH PDUH SHULFXOR]LWDWH GLQ DSURSLHUHD
FRúXOXL DS U WRUXO $ LHúLQG GLQ GLVSR]LWLYXO GHIHQVLY vO RSUHúWH SH
DWDFDQWXOGLQGULEOLQJ$FHDVW vPSHUHFKHUHvQUHOD LDDWDFDQWDS U WRU
vL YD VFRDWH SH $ úL GLQ DWDFXO Ä FRQWUD ´ 3DVD H[HFXWDW F WUH
DWDFDQWXOFRPSOHWGHPDUFDWúLvQVLWXD LDGHDILQDOL]DGLQWURIRDUWH
EXQ SR]L LH ID GH FRú vO YD GHWHUPLQD SH FHO ODOW DS U WRU % V úL
S U VHDVF SODVDPHQWXOLQL LDOúLV ODWDFHGHFLVLY$WDFDQWXOUH]ROY


DFHDVW VLWXD LH GH DWDF Ä FRQWUD ´ SULQ SDVD DGUHVDW OXL vQ
DSURSLHUHDFRúXOXLFDUHYDILQDOL]DDFHVWDWDFvQVXSHULRULWDWHQXPHULF

)LJXUD )LJXUD
'HVI úXUDUHD DWDFXOXL vQ VXSHULRULWDWH QXPHULF Ä FRQWUD ´
SUH]LQW PDL PXOWH YDULDQWH GHWHUPLQDWH GH PRGXO vQ FDUH DF LRQHD]
FHLGRLDS U WRUL
6LWXD LD WDFWLF GH DWDF vQ VXSHULRULWDWH QXPHULF vúL J VHúWH
UH]ROYDUH SULQ IRORVLUHD HILFLHQW D SULQFLSDOHORU HOHPHQWH WHKQLFH HO
MRFXOXL GULEOLQJXO SDVD úL DUXQFDUHD OD FRú GLQ DOHUJDUH VDX V ULWXU
LQWHJUDWHvQDF LXQLOHLQGLYLGXDOHVROLFLWDWHGHPDUFDMGHS úLUHGXEODMúL
ILQDOL]DUHvQFRQGL LLOHMRFXOXLGHUHOD LHFHSUHFHGHILQDOL]DUHDDWDFXOXL
8WLOL]DUHWDFWLF
$WDFXOvQVXSHULRULWDWHQXPHULF HVWHVSHFLILFID]HLGHILQDOL]DUHD
FRQWUDDWDFXOXLVDXDWDFXOXLUDSLGVROLFLWkQGvQPRGGHRVHELWRHILFLHQ
ULGLFDW DWHKQLFLLGHH[HFX LHDFRPSRQHQWHORUWHKQLFRWDFWLFH
$S UDUHD vQ LQIHULRULWDWH QXPHULF UHSUH]LQW VLWXD LD GLQ WLPSXO
MRFXOXLvQFDUHDS UDUHDHVWHVXUSULQV GHDWDFXOvQVXSHULRULWDWHQXPHULF
UHDOL]DW SULQWUXQ FRQWUDDWDF DO DGYHUVDULORU 6DUFLQD GH ED] GLQ DFHDVW
VLWXD LH VROLFLW DS U WRULORU VDWLVIDFHUHD FHULQ HORU GH DS UDUH D FRúXOXL
SURSULXFRQFRPLWHQWFXvQWkU]LHUHDDF LXQLLGHILQDOL]DUHDFRQWUDDWDFXOXL
DGYHUVvQYHGHUHDUHVWDELOLULLXQXLHFKLOLEUXQXPHULFSULQUHWUDJHUHDUDSLG
DSDUWHQHULORU&HOHPDLIUHFYHQWHVLWXD LLVXQWGHXQDS U WRUvPSRWULYDD
GRLDWDFDQ LúLGHGRLDS U WRULvPSRWULYDDWUHLDWDFDQ L
81$3 5 725Ì03275,9$$'2,$7$&$1 ,)LJXUD
ÌQDFHDVW VLWXD LHDS U WRUXO$DUHWHQGLQ DGHUHWUDJHUHvQ]RQD
GHDS UDUHDFRúXOXLIRORVLQGPLMORDFHOHVSHFLILFHIHQWHLHúLULIDOVHOD


MXF WRUXOFXPLQJHvQVFRSXOGHDOGHWHUPLQDSHDWDFDQWV H[HFXWH
R SDV SUHFXP úL vQFHUFDUHD GH LQWHUFHSWDUH D DFHVWHL HYHQWXDOH SDVH
F WUHDWDFDQWXOFDUHGXEOHD] DWDFXO3ODVDPHQWXOV XVHYDPHQ LQH
vQWUHFHLGRLDWDFDQ LFXRRDUHFDUHSRQGHUHVSUHDWDFDQWXOFXPLQJH

)LJXUD )LJXUD
ÌQ PRPHQWXO vQ FDUH DWDFDQWXO FX PLQJH LQWU vQ ]RQD GH
SHULFXOR]LWDWH D FRúXOXL DS U WRUXO DUH REOLJD LD GH DO SUHOXD GHFLVLY
vQPDUFDMIRORVLQGFDPLMORDFHVFRDWHUHDPLQJLLGLQGULEOLQJRSULUHD
GLQGULEOLQJÄFDSDFXO´úLFKLDUJUHúHDODSHUVRQDO GDF VLWXD LDWDFWLF
DMRFXOXLRLPSXQH
'2,$3 5 725,Ì03275,9$$75(,$7$&$1 ,)LJXUD
$WXQFLFkQGGRLDS U WRULVXQWVXUSULQúLGHXQDWDFvQVXSHULRULWDWH
QXPHULF HL VH YRU UHWUDJH vQ DS UDUHD FRúXOXL IRORVLQG PLMORDFH GH
VLPXODUHDPDUFDMXOXLODMXF WRUXOFXPLQJHXQSODVDPHQWSHSODQXULúL
FXORDUH GLIHULWH ÄvQ VFDU ´ vQFHUFkQG SULQ PLMORDFHOH GHVFULVH PDL
vQDLQWHvQWkU]LHUHDDWDFXOXL$SURSLHUHDMXF WRUXOXLFXPLQJHGH]RQD
GH SHULFXOR]LWDWH D FRúXOXL YD GHWHUPLQD DFWLYDUHD PDUFDMXOXL OD DFHVW
MXF WRUFDUHYDILHIHFWXDWGHDS U WRUXO$FHO ODOWDS U WRU%GXEOkQGX
LDF LXQHDFXVDUFLQLGHDS UDUHDFRúXOXLúLPDUFDMGHVXSUDYHJKHUHvQWUH
DWDFDQWXOúLDVHP Q WRUVLWXD LHLFRQWUD
8WLOL]DUHWDFWLF
$FHDVW VLWXD LHWDFWLF GHDS UDUHHVWHGHVvQWkOQLW vQMRFXOvQFDUH
ILHXQDILHDPEHOHHFKLSHIRORVHVFFRQWUDDWDFXO$úDFXPDWDFXOWUHEXLH
V SUHJ WHDVF UH]ROYDUHD VXSHULRULW LL QXPHULFH úL DS UDUHD FX WRDWH
P VXULOHGHDVLJXUDUHDXQXLHFKLOLEUXGHIHQVLYFkWPDLSXWHUQLFWUHEXLH
V VH SUHJ WHDVF vQ YHGHUHD UH]ROY ULL FkW PDL IDYRUDELOH D DFHVWHL
VLWXD LLGHIHQVLYHvQFDUHDYDQWDMXOHVWHGHVWXOGHQHWGHSDUWHDDWDFXOXL


0HWRGLFDvQY ULLFRQWUDDWDFXOXL
ÌQY DUHD FRQWUDDWDFXOXL YD XUP UL vPEXQ W LUHD LQGLFLORU
FRPSRQHQWHLIL]LFHWHKQLFHúLWDFWLFHDFRQWUDDWDFXOXL
ÌQ FDGUXO H[HUFL LLORUSUHJ WLWRDUHFRQGL LLOHDSURSLDWHGHMRFúLGH
MRFVXQWvQSDUWHUHDOL]DWHSULQWHPSRXOvQFDUHVHGHVI úRDU DF LXQLOHSULQ
ULWPXO GH H[HFX LH D SURFHGHHORU WHKQLFH SULQ FLUFXOD LD vQ DGkQFLPH D
MXF WRULORUúLDPLQJLL3ULQLQWURGXFHUHDXQRUDS U WRULvQFDGUXODFHVWRU
H[HUFL LL SUHJ WLWRDUH FRQGL LLOH GH OXFUX VH DSURSLH úL PDL PXOW GH FRQ
GL LLOH GH MRF SUH]HQ D XQRU PDFKHWH úL D XQRU DS U WRUL SDVLYL SH
SDUFXUVXO H[HUFL LLORU FUHHD] SUREOHPH VHULRDVH SHQWUX vQFHS WRUL 0DL
WkU]LX FkQG FRQWUDDWDFXOVHSHUIHF LRQHD] VHYRUXWLOL]DDS U WRULVHPL
DFWLYLúLDFWLYLFRQIRUPUHJXOLORUGHDS UDUHvPSRWULYDFRQWUDDWDFXOXL
0HWRGRORJLDSUHG ULLMRFXOXL


6LVWHPHGHDWDFvPSRWULYDDS U ULLRPODRP
$WDFXOvPSRWULYDDS U ULLRPODRPVHFDUDFWHUL]HD] SULQ
FLUFXOD LD MXF WRULORU FDUH HVWH RIHQVLY UDSLG FRQWLQX
¾
FROHFWLY úLvQUHJLPYDULDW
¾ GHWHUPLQDUHDDS U WRULORUV JUHúHDVF V QXUHVSHFWHUHJXOLOH
GHPDUFDM
¾ FLUFXOD LD MXF WRULORU V GH]DJORPHUH]H VXSUDID D GLQ DSURSL
HUHD FRúXOXL REOLJkQGXO SH DGYHUVDU V VH DSHUH SH R VXSUDID GH
WHUHQFkWPDLPDUH
¾ S WUXQGHULOHV VHHIHFWXH]HSULQFXORDUXOPHGLDQDOWHUHQXOXL
úLDSRLV VHFRQWLQXHGHSODVDUHDF WUHFRO XULOHWHUHQXOXL
¾ SDVHOHV ILHGDWHSHSR]L LLYLLWRDUHúLUDSRUWDWHODSODVDPHQWXO
DS U WRULORU
¾ FLUFXOD LDPLQJLLV ILHGHSHQGHQW GHFLUFXOD LDMXF WRULORU
¾ IRORVLUHDGULEOLQJXOXLFDDUP GHDWDF
0LMORDFHOHGHED] IRORVLWHvQDWDFXOvPSRWULYDDS U ULLRPODRP
VXQW
¾ DF LXQLOHWHKQLFRWDFWLFHLQGLYLGXDOH
¾ FRPELQD LLOHWHKQLFRWDFWLFHGHMXF WRUL
¾ FLUFXOD LLOHRUJDQL]DWH
$S UDUHDRPODRPSRDWHILDWDFDW SULQGRX IRUPHGHDWDF
DDWDFXOUDSLG
EDWDFXOSR]L LRQDORUJDQL]DW
$7$&8/ 5$3,' FXSULQGH GRX YDULDQWH FRQWUDDWDFXO úL DWDFXO
UDSLG SURSULX]LV &RQWUDDWDFXO VH FDUDFWHUL]HD] SULQ UHDOL]DUHD VXSH
ULRULW LL QXPHULFH vQ ID]D GH WUHFHUH úL ILQDOL]DUH DWDFXO UDSLG VH GHV
I úRDU vQWUXQHFKLOLEUXQXPHULFDODWDFDQ LORUID GHDS U WRULGDUFX
XQQXP UUHGXVGHMXF WRUL
&DUDFWHULVWLFD FRPXQ D DFHVWRU GRX YDULDQWH GH DWDF FRQVW vQ
VXUSULQGHUHDQHRUJDQL]DW DDS U ULLDGYHUVHSODVDPHQWQHFRUHVSXQ] WRU
vPSHUHFKHULJUHúLWHvQPDUFDMUHWUDJHULGLVSHUVDWHHWF
$7$&8/ 32=, ,21$/ VDX 25*$1,=$7 VH FDUDFWHUL]HD]
SULQ IDSWXO F GHVI úXUDUHD OXL VH IDFH GLQWUXQ GLVSR]LWLY GLQDLQWH
VWDELOLWvPSRWULYDXQHLDS U ULRUJDQL]DWH
$WDFXOSR]L LRQDOIRORVLWvPSRWULYDXQXLVLVWHPGHDS UDUHRPOD
RP vQ IXQF LH GH GLVSR]LWLYXO GH DúH]DUH úL GH DF LXQLOH DWDFDQ LORU
SRDWHDYHDPDLPXOWHYDULDQWHúLDQXPH
¾ VLVWHPXOGHDWDFvQVHPLFHUF


VLVWHPXOGHDWDFFXXQXOVDXGRLMXF WRULSLYRW
¾
VLVWHPXOGHDWDFFXXQXOVDXGRLMXF WRULFHQWUX
¾
VLVWHPXOGHDWDFFXMXF WRUFHQWUXúLMXF WRUSLYRW
¾
6LVWHPHOH GH DWDF SR]L LRQDO FH VXQW UHFRPDQGDWH OD QLYHOXO OD
FDUH VH UHIHU FXUVXO QRVWUX úL GHFL VXQW PDL IUHFYHQW IRORVLWH
vPSRWULYDDS U ULLRPODRPVXQW
DVLVWHPXOGHDWDFvQVHPLFHUF
EVLVWHPXOGHDWDFFXXQMXF WRUFHQWUX
FVLVWHPXOGHDWDFFXXQMXF WRUSLYRWILJXUD

)LJXUD )LJXUD'LVSR]LWLYXOGHDúH]DUH
DMXF WRULORUvQDWDFXOÄvQVHPLFHUF´
ÄvQSRWFRDY ´
6,67(08/'($7$&Ì16(0,&(5&
$WDFXOvQVHPLFHUFHVWHDVWIHOGHQXPLWGDWRULW DúH] ULLMXF WRULORUvQ
FDGUXOGLVSR]LWLYXOXLGHDWDF)LJXUD
-XF WRULL VXQW SODVD L ID GH FRú OD R GLVWDQ DSUR[LPDWLY GH
PHWULO VkQGOLEHU VXSUDID DGLQDSURSLHUHDFRúXOXL'LVSR]LWLYXO
GH DWDF vPSDUWH WHUHQXO vQ VXSUDIH H DSUR[LPDWLY HJDOH FDUH UHSUH
]LQW ]RQHOH FRUHVSXQ] WRDUH GH DF LRQDUH DOH UHVSHFWLYHORU SRVWXUL
RFXSDWHGHMXF WRUL
)LJXUD 'RL MXF WRUL úL VXQW SODVD L SH FRO XULOH
WHUHQXOXLRFXSkQGSRVWXULOHGH (;75(0 $FHúWLDWUHEXLHV DUXQFH
ELQH OD FRú GH SH ORF úL GLQ V ULWXU V DQJDMH]H FX XúXULQ SH
S WUXQ] WRULL GLQ SDUWHD RSXV V FXQRDVF S WUXQGHULOH úL GHS úLULOH
PDL DOHV FHOH HIHFWXDWH SH OLQLD GH IXQG D WHUHQXOXL ILQDOL]kQG GLQ
DSURSLHUHD FRúXOXL úL GLQ FLUFXOD LD GH VXE SDQRX 6XQW MXF WRULL FDUH
SDUWLFLS OD UHFXSHUDUHD RIHQVLY FX SRVLELOLW L GH D FRUHFWD SULQ
DUXQF ULGLQYROHDUXQF ULOHQHUHXúLWHDOHFRHFKLSLHULORU


$O LGRLMXF WRULúLVXQWSODVD LODQLYHOXOOLQLHLGHDUXQF UL
OLEHUH úL F WUH OLQLLOH ODWHUDOH HL ILLQG MXF WRULL ,17(50(',$5, ÌQ
SUHJ WLUHDORUOLVHVROLFLW REXQ HILFDFLWDWHvQDUXQF ULOHODFRúGHOD
VHPLGLVWDQ úL GLVWDQ V FXQRDVF S WUXQGHULOH úL GHS úLULOH V
SDUWLFLSHODHFKLOLEUXOGHIHQVLYúLV FRPELQHFXMXF WRULLH[WUHP
-XF WRUXO )81'$ù RFXS XQ SODVDPHQW SH OLQLD PHGLDQ D
WHUHQXOXL SX LQ PDL GHSDUWH GH VHPLFHUFXO VXSUDIH HL GH UHVWULF LH (O
WUHEXLH V SRVHGH DFHOHDúL FXQRúWLQ H WHKQLFRWDFWLFH FD DOH FHORUODO L
FRHFKLSLHUL HVWH MXF WRUXO FDUH vQ SULQFLSDO DVLJXU HFKLOLEUXO GHIHQVLY
FX VDUFLQ VSHFLDO GH UHWUDJHUH vQ DS UDUH LPHGLDW GXS SLHUGHUHD
SRVHVLHL PLQJLL ÌQ JHQHUDO DFHVW MXF WRU HVWH FRQGXF WRUXO GH MRF vQ
GHVI úXUDUHDDWDFXOXL
&DUDFWHULVWLFLOHVLVWHPXOXLGHDWDFvQVHPLFHUF
¾'LVSR]LWLYXOGHDWDFSODVHD] WR LMXF WRULLGHSDUWHGHFRú
¾(FKLOLEUDUHD]RQHLGHDWDFFXMXF WRULvQDIDUDGLVSR]LWLYXOXL
GH DS UDUH DGYHUV SUH]LQW DYDQWDMXO XQHL PDL XúRDUH FLUFXOD LL D
PLQJLLGDWRULW GLVWDQ HORUPLFLGLQWUHMXF WRUL
¾ÌLREOLJ SHDS U WRULV DSHUHRVXSUDID PDUHGHWHUQ
¾&UHHD] vQDS UDUHR]RQ PDUHOLEHU RVXSUDID YXOQHUDELO
vQDSURSLHUHDFRúXOXLvQFHDPDLSHULFXORDV SRU LXQHDDS U ULL
¾$VLJXU XQHFKLOLEUXGHIHQVLYSXWHUQLFFXMXF WRUL
¾(IHFWXDUHD UHFXSHU ULORU RIHQVLYH HVWH FHYD PDL GLILFLO
GDWRULW SODVDPHQWXOXLPDLGHS UWDWDODWDFDQ LORUGHFRú
&LUFXOD LDMXF WRULORUDUHvQSULQFLSDOGLUHF LHGHFRúúLvQVHFXQ
GDU FLUFXOD LH ODWHUDO VDX GH FRPSHQVD LH SHQWUX PHQ LQHUHD GLVSR]L
WLYXOXL -XF WRULL vQ FLUFXOD LH vQFHDUF V GH]DJORPHUH]H VXSUDID D
YXOQHUDELO GLQ DSURSLHUHDFRúXOXLV QXVWD LRQH]HvQVXSUDID DUHVSHF
WLY 3 WUXQGHULOH VXQW UHJOHPHQWDWH HYLWkQGXVH DJORPHUDUHD úL O VkQG
OLEHU OXSWDGLUHFW FRQWUDvQDSURSLHUHDFRúXOXL'LUHF LLOHGHFLUFX
OD LHDOHMXF WRULORUVXQWLQGLFDWHvQILJXUD
&LUFXOD LD PLQJLL GXEOHD] DF LXQLOH RIHQVLYH DOH DWDFDQ LORU
SDVHOHYRUILGDWHvQÄDGkQFLPH´F XWkQGvQJHQHUDOFRO XULOHWHUQXOXL
GHXQGHVHSRDWHDQJDMDPDLXúRUMXF WRUXOS WUXQ] WRU)LJXUD
&RPELQD LLOHGHED] DOHVLVWHPXOXL
3ULQVSHFLILFXOGLVSR]LWLYXOXLSULQFLSDOHOHDF LXQLILQDOHVXQWS
WUXQGHULOH úL GHS úLULOH &X SUHF GHUH VH YRU IRORVL S WUXQGHULOH GLQ
SDUWHDRSXV PLQJLL
3HQWUX DVLJXUDUHD XQHL UHJOHPHQW UL vQ S WUXQGHUL VH XWLOL]HD]
FLUFXOD LDRUJDQL]DW SULQÄSDV úLS WUXQGHUH´S WUXQGHUHDILLQGSUH
FHGDW GHRSOHFDUHIDOV )LJXUD


)LJXUD&LUFXOD LDMXF WRULORU )LJXUD&LUFXOD LDPLQJLL
vQFDGUXOGLVSR]LWLYXOXLDWDFXOXL vQFDGUXOGLVSR]LWLYXOXLDWDFXOXL
ÄvQVHPLFHUF´ ÄvQVHPLFHUF´
3 WUXQ] WRUXO GHPDUFDW YD SX
WHDILDQJDMDWSHQWUXDILQDOL]DDWDFXO
ÌQFD]FRQWUDUHOYDFRQWLQXDFLUFXOD
LD F WUH FRO XULOH WHUHQXOXL FHLODO L
MXF WRULI FkQGRGHSODVDUHÄGHFRP
SHQVD LH´ SHQWUX D UHVWDELOL GLVSR
]LWLYXO GH DWDF $FHDVW FLUFXOD LH VH
SUHWHD] IRDUWHELQHLQWHJU ULLFRPEL
QD LHLWHKQLFRWDFWLFHGHÄG úLGXWH´
8WLOL]DUHWDFWLF
6LVWHPXO GH DWDF FX DúH]DUH
ÄvQ VHPLFHUF´ VH UHFRPDQG D IL
)LJXUD0RGHOGHLQWHJUDUH IRORVLWvQXUP WRDUHOHVLWXD LL
DFRPELQD LHLGHÄG úLGXWH´ ¾ FkQG HFKLSD GLVSXQH GH
vQFDGUXOGLVSR]LWLYXOXLGHDWDF MXF WRUL UDSL]L EXQL S WUXQ] WRUL úL
ÄvQVHPLFHUF´ FXRWHKQLF DYDQVDW
¾FkQGHFKLSDGLVSXQHGHMXF WRULEXQLDUXQF WRULGHODVHPLGLVWDQ
¾FkQGHFKLSDSURSULHQXGLVSXQHGHMXF WRULSLYRWVDXFHQWUX
¾vQSULPDHWDS GHvQY DUHDWDFWLFLLFROHFWLYHGHHFKLS
¾vPSRWULYD XQXL DGYHUVDU FDUH VH DS U DFWLY VDX DJUHVLY SH
MXP WDWHGHWHUHQ
6,67(08/'($7$&&8-8& 725&(1758
6LVWHPXOGHDWDFFXMXF WRUFHQWUXPDLHVWHGHQXPLWFDXUPDUHD
GLVSR]LWLYXOXLDGRSWDWúLDWDFXO-XF WRULLVXQWSODVD LVXEIRUPD
XQXL]DUGHIRUPkQGWUHLSODQXULGHDWDF3UH]HQ DMXF WRUXOXLFHQWUX


vQWUHOLQLLOHGHDWDFDOHMXF WRULORU
H[WUHP úLFHDDIXQGDúLORUIDFHR
PDLEXQ OHJ WXU vQWUHFHLSDWUX
S WUXQ] WRUL)LJXUD
-8& 725,,(;75(0
úLDYkQGVDUFLQDGHDSDUWLFLSD
OD UHFXSHUDUH WUHEXLH V ILH GH
VWDWXU vQDOW (L WUHEXLH V
FXQRDVF SURFHGHHOHGHSDVDUHFX
FLUFXOD LD SH VXE SDQRXO RIHQVLY
SUHFXP úL DUXQF ULOH OD FRú
VSHFLILFH DFHVWHL FLUFXOD LL V
DUXQFH SUHFLV OD FRú GH SH ORF úL )LJXUD
GLQ V ULWXU GLQ FRO XO WHUHQXOXL
V VW SkQHDVF ELQHDF LXQLOHWHKQLFRWDFWLFHLQGLYLGXDOHGHS WUXQGHUH
úL GHS úLUH $FHúWL MXF WRUL FRPELQ FX MXF WRUXO FHQWUX DQJDMkQGXO
FXSDVHvQFUXFLúkQGSHHOVDXUHDOL]kQGFRPELQD LLGHÄG úLGXWH´
-8& 7258/ &(1758 HVWH VRFRWLW MXF WRUXO ÄFKHLH´ DO
DWDFXOXL(OvQGHSOLQHúWHVDUFLQDGHGLVWULEXLWRUUHDOL]DWRUúLUHFXSHUDWRU
VXSUDID D OXL GH DF LRQDUH HVWH GH OD MXP WDWHD VXSUDIH HL GH VHFXQGH
F WUHOLQLDGHDUXQF ULOLEHUH
(VWH GH GRULW FD HO V DLE XQ EDJDM GH SURFHGHH GH SDVDUH FkW
PDLYDULDWV PkQXLDVF ELQHPLQJHDFXDPEHOHPkLQLDPELGH[WULH
V DLE REXQ HILFDFLWDWHvQDUXQF ULOHODFRúSHFDUHV OHH[HFXWHGLQ
SUL] vQDOW IRORVLQG SURFHGHHOH GH DUXQFDUH OD FRú GLQ V ULWXU úL FX
vQWRDUFHUH
-XF WRUXOFHQWUXDF LRQkQGFXVSDWHOHODFRúWUHEXLHV FXQRDVF
úL V DSOLFH DF LXQLOH WHKQLFRWDFWLFH LQGLYLGXDOH GH S WUXQGHUH úL GH
GHS úLUH SH FDUH V OH HIHFWXH]H SH DPEHOH S U L V FXQRDVF úL V
IRORVHDVF FkW PDL PXOW IHQWHOH GH SDVDUH úL GH DUXQFDUH OD FRú
QHFHVDUHvQUHXúLWDFRPELQD LHLGHvQFUXFLúDUH$FHVWMXF WRUWUHEXLHV
ILHXQMXF WRUFXRPDUHPRELOLWDWH
ÌQXOWLPXOSODQGHDWDFVXQWSODVD LFHLGRL -8& 725,)81'$ù
úL$FHúWLMXF WRULWUHEXLHV ILHGLQDPLFLV SDVH]HúLV DUXQFH
OD FRú GH OD GLVWDQ úL VHPLGLVWDQ V ILH EXQL S WUXQ] WRUL úL V
H[HFXWH GHS úLUL (L VXQW MXF WRULL FDUH DVLJXU HFKLOLEUXO GHIHQVLY DO
VLVWHPXOXLGHDWDF
&DUDFWHULVWLFLOHVLVWHPXOXLGHDWDFFXXQMXF WRUFHQWUX
¾3ODVDPHQWXO MXF WRULORU vQ GLVSR]LWLYXO DVLJXU R
HFKLOLEUDUHD]RQHORUGHDF LXQHDOHWXWXURUMXF WRULORU


¾ 3ULQ SODVDPHQWXO MXF WRUXOXL FHQWUX VH GH]DJORPHUHD] ]RQD GH
VXEFRúGkQGDVWIHOSRVLELOLWDWHHIHFWX ULLS WUXQGHULORUúLGHS úLULORU
¾ &LUFXOD LDMXF WRULORUVHSRDWHIDFHvQWRDWHGLUHF LLOH
&LUFXOD LDMXF WRULORUúLDPLQJLL
&LUFXOD LDMXF WRULORUHVWHDFWLY RIHQVLY ±FXGLUHF LHGHFRúúL
ODWHUDO GHSUHJ WLUHDILQDOL] ULL)LJXUD

)LJXUD&LUFXOD LDMXF WRULORU )LJXUD
vQFDGUXOGLVSR]LWLYXOXLGHDWDF
FXMXF WRUFHQWUX
&LUFXOD LDPLQJLLWUHEXLHV ILHSHUPDQHQWSURWHMDW F XWkQGvQ
JHQHUDODQJDMDUHDMXF WRUXOXLFHQWUX
6LVWHPXOGHDWDFFXMXF WRUFHQWUXRIHU FRQGL LLGHRVHELWHSHQWUX
HIHFWXDUHDFRPELQD LHLGHÄG úLGXWH´DvQFUXFLú ULLVLPSOHúLGXEOH
vQWUHIXQGDúúLH[WUHP vQWUHH[WUHP úLMXF WRUFHQWUXúLSHMXF WRUXO
FHQWUX)LJXULOH

)LJXUD )LJXUD


8WLOL]DUHWDFWLF
6LVWHPXOGHDWDFFXMXF WRUFHQWUXVHXWLOL]HD]
¾ vPSRWULYD HFKLSHORU FX R VODE DS UDUH D FRúXOXL FDUH MRDF
GHVFKLV
¾ FkQGHFKLSDSURSULHDUHEXQLS WUXQ] WRULúLvúLED]HD] DWDFXOSH
RFLUFXOD LHDFWLY GHMXF WRUL
¾ vPSRWULYDHFKLSHORUFDUHIRORVHVFvQDS UDUHIRUPHDFWLYH
6LVWHPXOSUH]LQW XUP WRDUHOHDYDQWDMH
¾ $úH]DUHDMXF WRULORUvQGLVSR]LWLYSHWUHLSODQXULGHDWDFP UHúWH
SRVLELOLW LOHGHDF LXQLILQDOH
¾ 'HWHUPLQ SHDS U WRULV DSHUHRVXSUDID PDLPDUHGHWHUHQ
¾ $VLJXU SHUPDQHQW XQ MRF RIHQVLY DQJUHQkQG vQ FLUFXOD LH WR L
MXF WRULL
6,67(08/'($7$&&881-8& 7253,927
$WDFXOFXXQMXF WRUSLYRWVHEXFXU GHFHDPDLPDUHSRSXODULWDWH
vQEDVFKHWXOFRQWHPSRUDQ8WLOL]DUHDOXLGHF WUHPDMRULWDWHDHFKLSHORU
VH GDWRUHD] vQ EXQ P VXU SUH]HQ HL XQXL MXF WRU FX VWDWXU IRDUWH
vQDOW JLJDQWRLG vQ DSURSLHUHD FRúXOXL )DSWXO F DFHVW MXF WRU SLYRW
VWD LRQHD] vQ VXSUDID D FHD PDL YXOQHUDELO D FRúXOXL GXEODW GH
vQ O LPHD OXL UHSUH]LQW XQ SHUPDQHQW SHULFRO SHQWUX HFKLSD DGYHUV
9DORDUHD DFHVWXL VLVWHP GH DWDF D FUHVFXW SH P VXU FH HFKLSHOH DX
vQFHSXWV XWLOL]H]HMXF WRULSLYR LFHGHS úHVFvQ O LPHDGHP
6LVWHPXO GH DWDF FX MXF WRU
SLYRWHVWHFXQRVFXWúLVXEGHQXPLUHD
GH ÄDWDFXO SOXV ´ $FHDVW GHQX
PLUH YLQH GH OD DúH]DUHD MXF WRULORU
vQGLVSR]LWLYXOGHDWDFSDWUXS WUXQ
] WRUL SOXV XQ MXF WRU SLYRW 'DF
LQHP FRQW GH vQ HOHJHUHD FRQYHQ
LRQDO GHQXPLQG SULQ FLIUH PRGXO
GH DúH]DUH DO MXF WRULORU vQ GLVSR]L
WLYXOGHDWDFVLVWHPXOGHDWDFFXXQ
MXF WRUSLYRWFRUHVSXQGHDúH] ULL
)LJXUD'LVSR]LWLYXOGH )LJXUD$FHVWGLVSR]LWLYGHDWDF
DúH]DUHDMXF WRULORUvQDWDFXO vL SODVHD] SH MXF WRUL vQWURDúH]DUH
FXMXF WRUSLYRW FHDVLJXU RUHSDUWL]DUHHFKLOLEUDW D
]RQHLGHDWDF
$VWIHO MXF WRUXO SLYRW HVWH SODVDW vQWUR ]RQ GLQ DSURSLHUHD
FRúXOXL úL DF LRQHD] FXSULQ]kQG PDL ELQH GH MXP WDWH GLQ ]RQD GH
UHVWULF LHúLS U LOHODWHUDOHDOHFXORDUXOXLGHDUXQF ULOLEHUH


-8& 7258/3,927 WUHEXLHV ILHXQVSRUWLYFXRvQ O LPH
GHSHVWHFPODIHWHúLSHVWHFPODE LH LUREXVWFXFDOLW L
IL]LFH GH]YROWDWH IRU YLWH] vQGHPkQDUH V FXQRDVF SURFHGHH
YDULDWH GH WUDQVPLWHUH D PLQJLL GLQ SUL] vQDOW V ILH HILFDFH vQ
DUXQF ULOHODFRúGHSHORFúLGLQV ULWXU GLQFLUFXOD LHSHVXESDQRX
úLvQVSHFLDOV IRORVHDVF SDVHúLDUXQF ULSURWHMDWH
6 FXQRDVF S WUXQGHULOH úL GHS úLULOH VSHFLILFH DF LXQLORU vQWUXQ
VSD LXúLRVXSUDID OLPLWDWHV UHFXSHUH]HODSDQRXV FRUHFWH]HDUXQ
F ULOH OD FRú QHUHXúLWH GH FRHFKLSLHUL SULQ YROHLERO UL V FRODERUH]H FX
FHLODO L MXF WRUL GH FkPS FRPELQkQG FX DFHúWLD GHSODVkQGXVH SHQWUX D
FUHDFXORDUHGHS WUXQGHUHV LGXEOH]HSHDFHúWLDFkQGvQWUHSULQGDF LXQL
RIHQVLYH
'RL-8& 725,(;75(0 úLFDUHVXQWSODVD LSHFRO XULOH
WHUHQXOXL (L WUHEXLH V ILH MXF WRUL GLQDPLFL FX YLWH] IRU GH
S WUXQGHUH SRVHGkQG SURFHGHH YDULDWH GH SDVDUH vQ VSHFLDO SHQWUX
DQJDMDUHD SLYRWXOXL EXQL DUXQF WRUL OD FRú GLQ ]RQHOH ORU GH DF LXQH
XWLOL]kQG SURFHGHH GH ILQDOL]DUH GH SH ORF úL GLQ V ULWXU EXQL
S WUXQ] WRUL (L WUHEXLH V H[HFXWH DF LXQL LQGLYLGXDOH GH GHS úLUH
IRORVLQGSURFHGHHYDULDWHGHH[HFX LHúLV FXQRDVF DF LXQLOHVSHFLILFH
GLQFLUFXOD LDSHVXESDQRX
ÌQ MRF HL FRODERUHD] FX MXF WRUXO SLYRW DQJDMkQGXO FRPELQ
FX DFHVWD SULQ vQFUXFLú UL EORFDMH úLL GXEOHD] DF LXQLOH RIHQVLYH
3DUWLFLS OD UHFXSHU ULOH RIHQVLYH vPSUHXQ FX MXF WRUXO SLYRW
FRODERUHD] FXMXF WRULLIXQGDúLSULQDF LXQLDVHP Q WRDUHMXF WRULORU
H[WUHP GLQDWDFXOvQVHPLFHUF
'RL-8& 725,)81'$ù,úLVXQWSODVD LvQXOWLPXOSODQGH
DWDF &X DFHLDúL SUHJ WLUH IL]LF úL WHKQLFRWDFWLF FD FHLODO L HL DX
VDUFLQDGHDDVLJXUDHFKLOLEUXOGHIHQVLYDOVLVWHPXOXLÌQJHQHUDOXQXO
GLQWUH HL HVWH úL FRQGXF WRUXO GH MRF ÌQ VLWXD LD FkQG XQXO GLQWUH HL
S WUXQGH VSUH FRú MXF WRUXO H[WUHP GH SH SDUWHD OXL HVWH REOLJDW V
FLUFXOH ÄvQ FRPSHQVD LH´ SHQWUX D PHQ LQH SHUPDQHQW XQ HFKLOLEUX
GHIHQVLYGHGRLMXF WRUL
&DUDFWHULVWLFLOHVLVWHPXOXLGHDWDFFXXQMXF WRUSLYRW
¾ 'LVSR]LWLYXOGHDWDFSODVHD] XQMXF WRUVXEFRúúLSDWUXMXF WRUL
ÄvQDIDU ´DúH]D LSHFRO XULOHXQXLWUDSH]FXED]DPDUHF WUHFRú
¾ 'LVSR]LWLYXOGHDWDFHVWHIRUPDWGLQGRX SODQXULGHDWDF
¾ 6ROLFLW XQ MXF WRU VSHFLDOL]DW úL FX FDOLW L VWDWXU PRELOLWDWH
SURFHGHHWHKQLFHVSHFLILFHWDFWLF LQGLYLGXDO VSHFLILF
¾ $WDFDUHD VXSUDIH HL YXOQHUDELOH GLQ DSURSLHUHD FRúXOXL HVWH
SHUPDQHQW


¾ 3UH]HQ DSHUPDQHQW DSLYRWXOXLvQWUHFHLSDWUXMXF WRULGHFkPS
DVLJXU SRVLELOLW L YDULDWH GH FLUFXOD LH D PLQJLL GH SH R SDUWH SH DOWD D
WHUHQXOXL
¾ $WDFDUHDFRúXOXLVHSRDWHIDFHFXXúXULQ DOWHUQkQGDUXQF ULOH
GHVXEFRúFXFHOHGHODVHPLGLVWDQ úLGLVWDQ
&LUFXOD LDMXF WRULORUúLDPLQJLL
ÌQVLVWHPXOGHDWDFFXMXF WRUSLYRWFLUFXOD LDMXF WRULORUGHFkPS
HVWHGLIHUHQ LDW GHFLUFXOD LDMXF WRUXOXLSLYRW&LUFXOD LDDFHVWRUDWUHEXLH
V LQ FRQW GH XUP WRULL IDFWRUL V ILH RIHQVLY ± SULQ DWDFDUHD FRúXOXL
SULQFXORDUXOPHGLDQDOWHUHQXOXLV DVLJXUHHFKLOLEUDUHD]RQHLGHDWDFúL
PHQ LQHUHD GLVSR]LWLYXOXL V GH]DJORPHUH]H VXSUDID D GH DF LRQDUH D
MXF WRUXOXLSLYRW
&LUFXOD LD MXF WRUXOXL SLYRW WUHEXLH V ILH FRRUGRQDW FX FHD D
MXF WRULORU GH FkPS HYLWkQG vQFKLGHUHD S WUXQGHULORU DFHVWRUD 6H YD
LQH FRQW GH GLUHF LD DWDFXOXL úL D FLUFXOD LHL PLQJLL MXF WRUXO SLYRW
ÄDS UkQG´GLQSDUWHDRSXV ODDQJDMDUH)LJXUD
ÌQWUHDJDFLUFXOD LHGHMXF WRULWUHEXLHV ILHVXERUGRQDW ORFXOXL
XQGH VH GHVI úRDU DWDFXO ÌQ FD]XO FkQG PLQJHD HVWH vQ SRVHVLD
MXF WRUXOXLSLYRWS WUXQ] WRULLYRUIDFHRFLUFXOD LHFRPELQDWLY úLGH
FRPSHQVD LH &kQG PLQJHD VH DIO OD MXF WRULL S WUXQ] WRUL SLYRWXO
FLUFXO SHQWUX D O VD OLEHU VXSUDID D GLQ DSURSLHUHD FRúXOXL GH SH
SDUWHDDWDFDQWXOXLFXPLQJH

)LJXUD )LJXUD
&LUFXOD LDPLQJLLWUHEXLHV VHIDF vQDGkQFLPHHYLWkQGSDVHOH
SHVWHGRX SODQXULGHDS UDUH(DWUHEXLHV DLE YDULHWDWHDOWHUQkQGX
VHDWDFXOGHVXESDQRXFXFHOGLQDIDU úLFHOGHSHRSDUWHFXDFHODGH
SHSDUWHDFHDODOW DWHUHQXOXL)LJXUD


$QJDMDUHD MXF WRUXOXL SLYRW HVWH ELQH V ILH SUHFHGDW GH VLPX
ODUHDDUXQF ULLODFRúIHQW SHQWUXDQXGDSRVLELOLWDWHDDS U WRUXOXL
GLUHFWV DJORPHUH]HVDXV IORWH]H
$FHVWHDVHSRWvPS U LvQ
¾ DF LXQLLQGLYLGXDOHDOHS WUXQ] WRULORUVDXDOHMXF WRUXOXLSLYRW
¾ FRPELQD LLvQWUHMXF WRULLS WUXQ] WRUL
¾ FRPELQD LLvQWUHMXF WRULLS WUXQ] WRULúLSLYRW
¾ FRPELQD LLvQWUHMXF WRUXOSLYRWúLMXF WRULLS WUXQ] WRUL
$F LXQLOHLQGLYLGXDOHDOHMXF WRULORUS WUXQ] WRULVXQWLGHQWLFHFX
FHOHSUH]HQWDWHODDWDFXOvQVHPLFHUF2VLQJXU SUHFL]DUHWUHEXLHI FXW
S WUXQ] WRULLYRU LQHFRQWGHSODVDPHQWXOMXF WRUXOXLSLYRWLDUDFHVWDYD
F XWDV FLUFXOHvQUDSRUWGHVLWXD LHHOLEHUkQGFXORDUHOHGHS WUXQGHUH
-XF WRUXO SLYRW YD DF LRQD vQ JHQHUDO SH SDUWHD RSXV PLQJLL
IRORVLQG S WUXQGHULOH vQ ]RQHOH YXOQHUDELOH GLQ DSURSLHUHD FRúXOXL ÌQ
GHS úLULHOYDHYLWDV IRORVHDVF GULEOLQJXO'HS úLULOHVSHFLILFHVXQW
vQJHQHUDOFHOHFXFLUFXOD LHSHVXESDQRX
&HD PDL IUHFYHQW FRPELQD LH HVWH FHD GH ÄG úL GXWH´ FDUH
H[HFXWDW FX MXF WRUXO SLYRW FUHHD] GRX SRVLELOLW L GH DF LXQH
ILQDO DSLYRWXOXLLDUvQFD]GHQHUHXúLW DQJDMDUHDS WUXQ] WRUXOXLúL
ILQDOL]DUHDGHF WUHDFHVWD
)RDUWH HILFDFH VXQW DQJDM ULOH MXF WRUXOXL SLYRW GH F WUH MXF WRUXO
H[WUHP XUPDW GHRS WUXQGHUHHIHFWXDW GLQSDUWHDRSXV DWHUHQXOXL
&RPELQD LLOHFXMXF WRUXOSLYRWED]DWHSHEORFDMHúLvQFUXFLú UL
VXQWGHRVHELWGHHILFDFHGHRDUHFHVHUHDOL]HD] vQDSURSLHUHDFRúXOXL
XQGHRULFHJUHúHDO VDXGHS úLUHDDS U ULLDGYHUVHFXJUHXPDLSRDWH
ILFRUHFWDW )LJXULOH±

)LJXUD )LJXUD


)LJXUD )LJXUD
8WLOL]DUHWDFWLF
)RORVLUHDDFHVWXLVLVWHPGHDWDFVHYDIDFHDWXQFL
¾FkQG HFKLSD DUH XQ MXF WRU FX FDOLW L úL HVWH VSHFLDOL]DW SHQWUX
DFHVW SRVW GHRDUHFH HO YD GH LQH FHD PDL LPSRUWDQW PLVLXQH vQ FDGUXO
DFHVWXLVLVWHPGHDWDF
¾FkQGS WUXQ] WRULLDUXQF HILFDFHGHODVHPLGLVWDQ úLGLVWDQ
¾vPSRWULYDRULF URUYDULDQWHGHDS UDUHSHP VXU FHDS UDUHDYD
DYHDXQFDUDFWHUPDLDJORPHUDWMXF WRUXOSLYRWWUHEXLHV ILHPDLvQDOW
úLPDLELQHSUHJ WLW
$7$&8/Ì03275,9$$3 5 5,,Ì1=21
'DF vQ DWDFXO vPSRWULYD DS U ULL RP OD RP DF LXQLOH RIHQVLYH
VXQW UH]ROYDWH vQ XOWLP LQVWDQ SULQ OXSWD GLUHFW GLQWUH DWDFDQW úL
DS U WRUXO FDUHO PDUFKHD] vQ DWDFXO vPSRWULYD DS U ULL vQ ]RQ
DFHDVW OXSW HVWHLQVXILFLHQW úLQXvQWRWGHDXQDHILFDFH
6DUFLQD SULQFLSDO vQ DWDFXO vPSRWULYD DS U ULL vQ ]RQ HVWH GH
DQJUHQDUH D WXWXURU DWDFDQ LORU vQ SUHJ WLUHD DWDFXOXL ) U XQ DWDF
FROHFWLY ELQH RUJDQL]DW QX VH SRDWH GH]RUJDQL]D R DS UDUH vQ ]RQ
PDL DOHV GDF DFHDVWD HVWH ELQH SUHJ WLW úL U VSXQGH FRUHVSXQ] WRU
GLIHULWHORUIRUPHVDXVLVWHPHGHDWDF
)DSWXO F DS UDUHD vQ ]RQ HVWH SULQ H[FHOHQ R DS UDUH FX
FDUDFWHU FROHFWLY úL DWDFDUHD HL FHUH XQ HIRUW FROHFWLY GLQ SDUWHD FHORU
FLQFLDWDFDQ L
$FHDVW RUJDQL]DUHúLSUHJ WLUHDDWDFXOXLFXSDUWLFLSDUHDWXWXURU
DWDFDQ LORU FHUH R JkQGLUH WDFWLF VXSHULRDU FDUH V UH]ROYH DWkW
DVSHFWHOH GH WDFWLF LQGLYLGXDO FkW úL DVSHFWHOH GH WDFWLF FROHFWLY
FHUHGLQSDUWHDWXWXURUMXF WRULORUXQQLYHOGHFXQRúWLQ HULGLFDW
ÌQDWDFXOvPSRWULYDDS U ULLvQ]RQ WUHEXLHV VH LQ VHDPDGH
FDUDFWHULVWLFLOH SH FDUH OH SUH]LQW YDULDQWD GH DS UDUH GH VXSUDIH HOH


YXOQHUDELOH DOH DFHVWHLD GH DYDQWDMHOH úL GH]DYDQWDMHOH SH FDUH OH
SUH]LQW ]RQD
3ULQFLSLXO GH ED] vQ DWDFDUHD DS U ULL vQ ]RQ vO UHSUH]LQW
ÄDWDFDUHDS U LORUYXOQHUDELOHVDXVODEHDOHDS U ULLúLYDORULILFDUHDORU´
ÌQDWDFXOGH]RQ VHYDDYHDvQYHGHUHXUP WRDUHOHFDUDFWHULVWLFL
DOHDS U ULLvQ]RQ
¾ DS U R VXSUDID GH WHUHQ OLPLWDW OD PHWUL vQ DSURSLHUHD
FRúXOXL
¾ SUH]LQW VXSUDIH HYXOQHUDELOHvQRULFHYDULDQW GHDS UDUH
¾ HVWH LQIHULRDU vQ ID D DWDFXOXL VXSUDQXPHULF HIHFWXDW vQ ]RQD
XQXLDS U WRU
$S UDUHDvQ]RQ VHSRDWHDWDFDSULQGRX IRUPH
¾ DWDFXOUDSLGúLFRQWUDDWDFXO
¾ DWDFXOSR]L LRQDOVDXSUHOXQJLW
&XQRVFkQGF DS UDUHDvQ]RQ QXSRDWHVDWLVIDFHFHULQ HOHXQHL
DS U UL GHFkW vQ PRPHQWXO vQ FDUH vQWUHJXO GLVSR]LWLY HVWH RUJDQL]DW
SULPDÄDUP ´GHDWDFIRORVLW vPSRWULYDHLYDILFRQWUDDWDFXOÌQFD]GH
QHUHXúLW DFRQWUDDWDFXOXLVHYDvQFHUFDSkQ ODUHWUDJHUHDFHORUFLQFL
DS U WRUL DWDFXO UDSLG 'H vQGDW FH GLVSR]LWLYXO GH DS UDUH D IRVW
RUJDQL]DWVHWUHFHODDWDFXOSR]L LRQDO
'LVSR]LWLYXOGHDWDFYDILDOHVvQIXQF LHGH
9$5,$17$'($3 5$5(
2ULFDUH YDULDQW GH DS UDUH DUH MXF WRULL SODVD L SH GRX VDX WUHL
SODQXULFDDWDUHúLDWDFXOvQIXQF LHGHDFHVWHSODQXULYDDúH]DMXF WRULLvQ
GRX VDXWUHLSODQXUL
=21(/(98/1(5$%,/($/($3 5 5,,
'LVSR]LWLYXOGHDWDFYDSODVDDWDFDQ LLvQ]RQHOHYXOQHUDELOHDOH
DS U ULLvQFDUHDS U WRULLVDWLVIDFPDLJUHXFHULQ HOHXQXLEXQPDUFDM
'(7(50,1$5($'(3 ù,5,,180(5,&(
ÌQ DS UDUHD vQ ]RQ SUH]HQ D XQHL VXSHULRULW L QXPHULFH vQ ]RQD
XQXL DS U WRU FRQVWLWXLUH R JUHXWDWH vQ HIHFWXDUHD PDUFDMXOXL vQ VXE]RQD
UHVSHFWLY $FHDVW GHS úLUHQXPHULF VHYDF XWDV VHUHDOL]H]HILHSULQ
DúH]DUHDLQL LDO DMXF WRULORUILHSULQFLUFXOD LDORU'HS úLUHDQXPHULF
VHSRDWHUHDOL]DSHXQSODQGHDS UDUH)LJXUD±VDXSHGRX SODQXUL
DOHDS U ULLvQ]RQ )LJXUD
$*/20(5$5($3(23$57($7(5(18/8,
'DWRULW GHS úLULLQXPHULFHFDUHVHUHDOL]HD] SHPDLPXOWHSODQXUL
úLVXE]RQHUH]XOW RDJORPHUDUHSHRSDUWHDWHUHQXOXLDJORPHUDUHDFDUH
GHWHUPLQ VFRDWHUHDGLQGLVSR]LWLYDDS U WRUXOXLUHVSHFWLY±)LJXUD


)LJXUD )LJXUD
$6,*85$5($(&+,/,%58/8,
'()(16,9
&XQRVFkQGF DS UDUHDvQ]RQ
SUH]LQW DYDQWDMXOODQV ULLFRQWUDDWD
FXOXL DWDFXO WUHEXLH V LD WRDWH P
VXULOHSHQWUXFRQWUDFDUDUHDOXL±UHV
SHFWLY DVLJXUDUHD HFKLOLEUXOXL GHIHQ
VLY
$6,*85$5($5(&83(5 5,
/252)(16,9(
)RORVLUHD XQXL PDUH QXP U GH
)LJXUD DUXQF UL OD FRú GH OD GLVWDQ úL VHPL
GLVWDQ QHFHVLW úLREXQ RUJDQL]DUHDUHFXSHU ULORURIHQVLYH$O WXULGH
DFHVWDVSHFWDPLQWLPúLDFHODF DS UDUHDvQ]RQ VHFDUDFWHUL]HD] SULQWUR
EXQ UHFXSHUDUHGHIHQVLY GHWHUPLQDW GHSODVDPHQWXODS U WRULORU
3ULQFLSDOHOHPLMORDFHGHDWDFDUHDDS U ULLvQ]RQ
DDUXQF ULOHODFRúGHODGLVWDQ úLVHPLGLVWDQ
EFLUFXOD LDPLQJLL
&LUFXOD LD PLQJLL UHSUH]LQW HOHPHQWXO SULQFLSDO vQ GHVWU PDUHD
DS U ULLLDUSHQWUXDWDFDFHDVWDFRQVWLWXLHIDFWRUXOSULPvQGH]RUJDQL]DUHD
DS U ULLvQ]RQ
&LUFXOD LD PLQJLL vQ DWDFXO vPSRWULYD DS U ULL vQ ]RQ VH
FDUDFWHUL]HD] SULQ
¾ OXFUXOFXPLQJHDvQSUL] vQDOW GDWRULW FHULQ HORUGHSURWHF LH
DPLQJLLvQVXSUDIH HDJORPHUDWH
¾ SDVHúLDUXQF ULODFRúGLQSUL] vQDOW
¾ FLUFXOD LH GH PLQJH SUHFHGDW GH IHQW SHQWUX D VFRDWH SH
DS U WRUGLQ]RQ PDLDOHVSULQIRORVLUHDIHQWHORUGHDUXQFDUHODFRú


FLUFXOD LDPLQJLL³GLQRPvQRP´GLQDSURDSHvQDSURDSH
¾
GDWRULW IDSWXOXLF RELHFWLYXOSULQFLSDODODS U ULLvQ]RQ HVWH
¾
PLQJHD úL FLUFXOD LD HL DFHDVWD QX YD IL WUDQVPLV SHVWH PDL PXOWH
SODQXULGHDS UDUH
¾ SDVHOHYRUILUDSLGHVFXUWHSUHFLVHYDULLQGGLUHF LDGHWUDQVPL
WHUHDPLQJLL±VFKLPEkQGDWDFXOGHSHRSDUWHSHDOWDD]RQHL
¾ FLUFXOD LDGHPLQJHWUHEXLHV ILHSHUPDQHQWRIHQVLY
¾ FLUFXOD LDPLQJLLSULQGULEOLQJVHXWLOL]HD] FHYDPDLSX LQFX
H[FHS LDVLWXD LLORUFkQGXUPHD] V VHRFXSHRVXSUDID YXOQHUDELO VDX
V VHDWUDJ DS U WRUXOGLQVXE]RQDVDGH]RUJDQL]kQGDVWIHOGLVSR]LWLYXO
FFLUFXOD LDMXF WRULORU
&LUFXOD LDMXF WRULORUHVWHGHWHUPLQDW GHFLUFXOD LDPLQJLLILLQG
IDFWRUXO VHFXQG vQ DWDFXO ]RQHL (D HVWH OLPLWDW FD GLVWDQ úL VH
GHVI úRDU DWkW vQ DIDUD ]RQHL FkW úL vQ LQWHULRUXO HL &LUFXOD LD GH
MXF WRULHVWHVDFDGDW ±vQWUHUXSW
&HHD FHIDFHFDFLUFXOD LDMXF WRULORUV FRQWULEXLHvQWURP VXU
PDLPDUHODDWDFXODS U ULLvQ]RQ HVWHGHWHUPLQDUHDGHS úLULLQXPHULFH
$FHDVW GHS úLUH VH YD HIHFWXD vQ JHQHUDO vQ ]RQD DS U WRUXOXL FDUHO
PDUFKHD] SHDWDFDQWXOFXPLQJH±)LJXUD
&LUFXOD LD VLPSO D PLQJLL QX SRDWH UH]ROYD GHFkW SDU LDO DWDFXO
]RQHL SULQ DUXQF UL OD FRú HIHFWXDWH GH OD GLVWDQ úL VHPLGLVWDQ GH
DFHHDHDWUHEXLHFRUHODW FXFLUFXOD LDGHMXF WRUL
'HS úLULOHFDUHVHHIHFWXHD] vQFDGUXODWDFXOXLGH]RQ XUP UHVF
VFRDWHUHDDS U WRUXOXLGLQSODQXOV XGHDS UDUHVDXUHDOL]DUHDILQDOL] ULL
± DUXQFDUHD OD FRú ÌQ JHQHUDO VH IRORVHúWH FD SURFHGHX GH ILQDOL]DUH
DUXQFDUHDODFRúGLQV ULWXU SUHFHGDW GHXQVLQJXUGULEOLQJ
ÌQRULFHVLWXD LHGHLQWUDUHDXQXLDWDFDQWvQ]RQ DFHVWDWUHEXLH
GXEODWSHGRX VDXWUHLSODQXUL

)LJXUD )LJXUD


2UJDQL]DUHD DWDFXOXL DS U ULL vQ ]RQ WUHEXLH V VH GHVI úRDUH
SULQvPELQDUHDDF LXQLORUGHILQDOL]DUHGHODVHPLGLVWDQ úLGLVWDQ FX
FHOHGHVXEFRú)LJXUD
$WDFDUHDGLIHULWHORUYDULDQWHDOHDS U ULLvQ]RQ VHYDIDFHSULQ
DFHOHDúL VLVWHPH GH DWDF SUH]HQWDWH OD FDSLWROXO Ä$WDFXO vPSRWULYD
DS U ULLRPODRPÚHVSHFWLY
¾ VLVWHPXOGHDWDFFXMXF WRUSLYRW
¾ VLVWHPXOGHDWDFFXMXF WRUFHQWUX
¾ VLVWHPXOGHDWDFFXMXF WRUFHQWUXúLSLYRW
6,67(08/'($7$&&8-8& 725&(1758ù,3,927
6LVWHPXOGHDWDFFXMXF WRUFHQWUXúLSLYRWHVWHFXQRVFXWvQDWDFXO
]RQHLVXEGHQXPLUHDGHDWDFXOÌQEDVFKHWXODFWXDODFHDVW YDULDQW
GHDWDFDDS U ULLvQ]RQ VHEXFXU GHIRDUWHPXOW SRSXODULWDWH
9DULDQWD HVWH DOF WXLW GLQ WUHL SODQXUL GH DWDF úL XQHRUL
FKLDU GLQ SDWUX OXFUX FDUH XUP UHúWH SRVLELOLW LOH GH UHDOL]DUH D
GHS úLULLQXPHULFH)LJXUD
ÌQ SULPXO SODQ HVWH SODVDW -8& 7258/ 3,927 FDUH DUH
VDUFLQLOHGHDUHDOL]DGLVWULEXLúLUHFXSHUD
3ODQXO DO GRLOHD HVWH IRUPDW GLQ WUHL MXF WRUL FDUH SRW IL SODVD L
DSUR[LPDWLYSHDFHHDúLOLQLH-XF WRULLúLVXQW -8& 725,, (;75(
0 HLWUHEXLHV DLE REXQ HILFDFLWDWHvQDUXQF ULOHODFRúV FLUFXOHvQ
ÄDGkQFLPH´SHODWXULOHWHUHQXOXLúLQXVSUH]RQDGHUHVWULF LHSHQWUXDQX
VWkQMHQLDF LXQLOHMXF WRULORUFHQWUXVDXSLYRW(LDVLJXU SHUkQGHFKLOL
EUXOGHIHQVLYDODWDFXOXLGXEOkQGXOSHIXQGDú
-8& 7258/&(1758WUHEXLHV ILHIRDUWHPRELOV SDUWLFLSH
SHUPDQHQWODGHWHUPLQDUHDGHS úLULLQXPHULFHúLV GXEOH]HRIHQVLYSHWR L
FRHFKLSLHULLV L6DUFLQDOXLFRQVW vQDILGLVWULEXLWRUúLUHDOL]DWRU

)LJXUD )LJXUD


ÌQ XOWLPXO SODQ GH DWDF HVWH SODVDW -8& 7258/ )81'$ù
MXF WRUFXRPDUHH[SHULHQ FRPSHWL LRQDO HOILLQGFHOFDUHFRQGXFH
MRFXO HFKLSHL VDOH (O WUHEXLH V PDQHYUH]H FkW PDL ELQH úL SUHFLV
PLQJHDV VFKLPEHDWDFXOGHSHRSDUWHSHDOWDDWHUHQXOXLV ILHXQEXQ
UHDOL]DWRUGHFRúXULGHODGLVWDQ 7RWRGDW HOHVWHMXF WRUXOGHED] vQ
DVLJXUDUHDHFKLOLEUXOXLGHIHQVLYvQID]DIXQGDPHQWDO DMRFXOXLvQDWDF
ÌQDWDFXOXQUROGHRVHELWvQDF LXQLOHILQDOHvODXMXF WRULL
SLYRW úL FHQWUX FDUH WUHEXLH V DLE XQ SODVDPHQW GH GXEODM YHUWLFDO
ILHFDUHDF LRQkQGvQDOWSODQDODS U ULLDGYHUVH±)LJXUD
$F LXQLOH ILQDOH vQ DWDFXO FX MXF WRU FHQWUX úL SLYRW VH
UHDOL]HD] ILHGHMXF WRULLH[WUHP úLIXQGDú±SULQDUXQF ULODFRúGHOD
VHPLGLVWDQ úL GLVWDQ ILH SULQ MXF WRULL SLYRW úL FHQWUX ± SULQ
DUXQF UL GLQ DSURSLHUHD FRúXOXL ÌQWUH MXF WRUL VXQW FRPELQD LL ED]DWH
SH DJORPHUDUH SH R SDUWH D WHUHQXOXL )LJXUD GDU úL FRPELQD LL
vQWUHMXF WRULLFHQWUXúLSLYRW)LJXULOH

)LJXUD )LJXUD
'LVSR]LWLYXOGHDWDFVHXWL
OL]HD] vPSRWULYD RULF UHL YDULDQWH GH
DS UDUHvQ]RQ úLvQVSHFLDOvPSRWULYD
YDULDQWHORUúL
0HWRGLFD vQY ULL VLVWHPHORU
GHDWDF
3UHJ WLUHD ED]HORU VLVWHPXOXL VH
UHDOL]HD] SULQWURSUHJ WLUHDIDFWRULORU
DQWUHQDPHQWXOXL IL]LF WHKQLF úL WDFWLF
LQGLYLGXDOWDFWLF FROHFWLY
)LJXUD


ÌQ FDGUXO FRPSRQHQWHL IL]LFH VH IDF H[HUFL LL SULQ FDUH VH UHDOL
]HD] GH]YROWDUHDFDOLW LORUPRWULFHVROLFLWDWHGHVLVWHPHOHGHDWDF
¾ IRU DPHPEUHORUVXSHULRDUHúLLQIHULRDUH
¾ YLWH] GHUHDF LHúLGHH[HFX LH
¾ vQGHPkQDUHvQUHJLPGHYLWH] úLWHKQLF
'LQ FRPSRQHQWD WHKQLF HVWH QHFHVDU V VH FXQRDVF úL V VH
H[HUVH]H
¾ GLQPLúFDUHDvQWHUHQRSULUHDvQWUXQWLPSSLYRWDUHDvQDLQWHúL
vQDSRLVFKLPEDUHDGHGLUHF LHFXIUkQDUHSHXQSLFLRU
¾ GLQSDVHSDVDFXGRX PkLQLGHODSLHSWGHGHDVXSUDFDSXOXL
FXS PkQWXOúLSDVDFXRPkQ GHODXP USULQGHUHDPLQJLLOHJDW GH
SURWHF LHúLSUHFHGDW GHLHúLUHODPLQJHSULQGHUHDPLQJLLGLQDOHUJDUH
XUPDW GHGULEOLQJúLDUXQFDUHODFRúVDXRSULUHúLDUXQFDUH
¾ GLQ DUXQF ULOH OD FRú DUXQFDUHD OD FRú GLQ GULEOLQJ úL GLQ
DOHUJDUHDUXQFDUHDODFRúGLQV ULWXU
&RPSRQHQWDWDFWLF LQGLYLGXDO
¾ GHPDUFDMXOvQDGkQFLPHúLvQODWHUDO
¾ S WUXQGHUHDSHSDUWHDPLQJLLúLGLQSDUWHDRSXV PLQJLL
¾ GHS úLUH GH SH ORF úL GLQ GHSODVDUH SH SDUWHD GUHDSW úL SH
SDUWHDVWkQJ
¾ S WUXQGHUHúLGHS úLUHFXILQDOL]DUH
¾ UHFXSHUDUHRIHQVLY
&RPSRQHQWDWDFWLF FROHFWLY
¾ FRPELQD LDÄG úLGXWH´
¾ EORFDMXOODMXF WRUXOFXúLI U PLQJH
¾ vQFUXFLúDUHDVLPSO úLGXEO
¾ DWDFXOvQVXSHULRULWDWHQXPHULF
¾ WULXQJKLXOGHV ULWXU
'XS FHVDXvQY DWHOHPHQWHOHWHKQLFHDF LXQLOHLQGLYLGXDOHúL
FRPELQD LLOH WHKQLFRWDFWLFH GH MXF WRUL VH WUHFH OD vQY DUHD SUR
SULX]LV D VLVWHPXOXL 6H SUHFL]HD] DúH]DUHD vQ GLVSR]LWLY ]RQHOH GH
DF LRQDUHúLVHPHQ LRQHD] VDUFLQLOHSHSRVWXULDOHILHF UXLMXF WRU6H
vQYD FLUFXOD LDGHPLQJHúLGHMXF WRUL6HLQWURGXFDF LXQLOHWHKQLFR
WDFWLFH LQGLYLGXDOH GHS úLUHD S WUXQGHUHD UHFXSHUDUHD RIHQVLY 6H
vQYD vQ VLVWHP FRPELQD LLOH WHKQLFRWDFWLFH GH MXF WRUL VSHFLILFH
VLVWHPXOXL
6LVWHPXOGHDS UDUHRPODRP
$FHVW VLVWHP GH DS UDUH UHSUH]LQW IRUPD GH ED] D MRFXOXL GH
EDVFKHWILLQGDSUHFLDWFDIXQGDPHQWDODFFHVLELORULF UHLHFKLSHFKLDU


REOLJDWRULX vQ VWDGLXO GH vQY DUH D MRFXOXL ÌQ FDGUXO DFHVWXL VLVWHP
MXF WRULLvQYD V úLSHUIHF LRQH]HDF LXQLOHLQGLYLGXDOHGHDS UDUHSH
FDUHOHYRUSXWHDDSOLFDvQWRDWHFHOHODOWHYDULDQWHGHDS UDUH
6LVWHPXO GH DS UDUH RP OD RP SULQ PRGXO V X GH RUJDQL]DUH
SXQHvQHYLGHQ MRFXODS U WRUXOXLvQUHOD LDGLUHFW DS U WRUDWDFDQW
6DUFLQLOHILHF UXLDS U WRUVXQWSUHFLVHGDUvQDFHODúLWLPSSRWDS UHD
úLOLSVXULOHOXLGLQSUHJ WLUH
)LHF UXL DS U WRU L VH UHSDUWL]HD] FkWH XQ DWDFDQW SH FDUH HVWH
REOLJDWV OÄPDUFKH]H´SHWRDW GXUDWDMRFXOXLILLQGGLUHFWU VSXQ] WRU
GHDF LXQLOHDFHVWXLD$S U WRUXOvúLFRQFHQWUHD] DWHQ LDDVXSUDDWDFDQ
WXOXLGLUHFWGDUvQDFHODúLWLPSFXYHGHUHDSHULIHULF YDFXSULQGHvQWUR
UD] GH DSUR[LPDWLY PHWUL FkPSXO GH MRF úL FLUFXOD LD PLQJLL
$FHDVWDGXFHODRPDLEXQ RULHQWDUHvQMRFDMXWkQGXOV LDP VXULGH
FRRSHUDUHFXFHLODO LFRHFKLSLHUL
$S UDUHDLQGLYLGXDO RPODRPUHSUH]LQW úLRDS UDUHFROHFWLY
MXF WRULLDIOD LvQDS UDUHFRODERUkQGVSULMLQLQGXVHUHFLSURF$F LXQLOH
DS U WRULORUVXQWOHJDWHvQWUHHOHSULQGHSODV ULSODVDPHQWHÄDOXQHF UL´
vQFKLGHULGHFXORDUHGHS WUXQGHUHVFKLPE ULGHDGYHUVDUÄGXEODMH´
$VW ]LQXVHPDLFRQFHSHRDS UDUHLQGLYLGXDO VWULFW ODDS U
WRUXOGLUHFWFLDFHVWHLDS U ULLVDLPSULPDWXQFDUDFWHUFROHFWLY(D
HVWHvQWUDGHY UXQVLVWHPFROHFWLYGHDS UDUHLQGLYLGXDO
&DUDFWHULVWLFL
¾ 3ODVDPHQWXO FLUFXOD LD úL RUJDQL]DUHD DF LXQLORU DS U WRULORU
VXQWGHWHUPLQDWHGHFLUFXOD LDDWDFDQ LORU
¾ 6HSRDWHDSOLFDSHvQWUHDJDVXSUDID GHMRF
¾ 2EOLJ DGYHUVDUXOV MRDFHPLQJHDHDDYkQGXQFDUDFWHUDFWLY
¾ $F LRQHD] SHQWUX LQWUDUHD vQ SRVHVLD PLQJLL SURYRFkQG DGYHU
VDUXOODJUHúHOL
5HJXOL
¾ 5HSDUWL]DUHDDGYHUVDULORUYDUHVSHFWDFULWHULLOHIL]LFSUHJ WLUH
WHKQLF úLWDFWLF LQGLYLGXDO VWDWXU úLJDEDULW
¾ 3ODVDPHQWXOSHUPDQHQWvQWUHDGYHUVDUúLFRúDS UDUHDFRúXOXL
FDUHJXO GHED]
¾ $S U WRUXO vúL vQVR HúWH FX DWHQ LH DWDFDQWXO vQFUHGLQ DW
XUP ULQGvQDFHODúLWLPSGHVI úXUDUHDvQDQVDPEOXDMRFXOXL
8WLOL]DUHWDFWLF
¾ ÌPSRWULYDRULF UXLVLVWHPGHDWDF
¾ (VWH LQGLFDW vPSRWULYD HFKLSHORU FDUH DX MXF WRUL FX R EXQ
SUHFL]LHvQDUXQF ULOHODFRúGHODVHPLGLVWDQ úLGLVWDQ
¾ ÌPSRWULYD MXF WRULORU FX R VODE SUHJ WLUH WHKQLF úL WDFWLF
LQGLYLGXDO


$YDQWDMH
¾ 6FRDWHvQHYLGHQ U VSXQGHUHDSHUVRQDO DILHF UXLDS U WRU
¾ 5HSDUWL]DUHD MXF WRULORU DGYHUúL VH SRDWH IDFH GXS VWDWXU
JDEDULWSUHJ WLUHWHKQLFRWDFWLF
¾ $S UDUHDSRDWHSURILWDGHVO ELFLXQLOHDWDFDQ LORUDWkWLQGLYL
GXDOFkWúLFROHFWLY
¾ 6HSRDWHDGDSWDvQIXQF LHGHVLWXD LLOHWDFWLFHGHMRFDFFHQWXkQ
GXVH DVWIHO ]RQHOH GH DF LXQH DS UDUHD FRúXOXL VDX H[WLQGHUHD HL SH
MXP WDWHVDXSHWRWWHUHQXO
¾ 6HSRDWHGDVDUFLQLSUHFLVHILHF UXLDS U WRUDS U WRUXOQHSX
WkQGXVHHVFKLYDVO ELFLXQLOHREVHUYkQGXVHXúRU
'H]DYDQWDMH
¾ 6ROLFLW FDOLW L UHODWLY HJDOH DOH DGYHUVDUXOXL VWDWXU FDOLW L
PRWULFHSUHJ WLUHHWF
¾ $UHVXSUDIH HGHWHUHQYXOQHUDELOHVXSUDID DGLQMXUXOFRúXOXL
FHQWUXWHUHQXOXLORFXOGHODQVDUHDOFRQWUDDWDFXOXL
¾ $S U WRULLFRPLWSUHDXúRUJUHúHOLSHUVRQDOH
¾ /DQVDUHD FRQWUDDWDFXOXL VH IDFH PDL JUHX GLQ DFHVW VLVWHP
FRPSDUDWLYFXDS UDUHDvQ]RQ
9DULDQWHOHVLVWHPXOXLGHDS UDUHRPODRP
'H]YROWkQGXVH vQ FXUVXO HYROX LHL MRFXOXL GH EDVFKHW VLVWHPXO
GH DS UDUH RP OD RP VD vPEXQ W LW PHUHX SUH]HQWkQG GLIHULWH YDUL
DQWH)LHFDUHYDULDQW GHDS UDUHHVWHGHWHUPLQDW GHSR]L LDDS U WR
UXOXLID GHDWDFDQWID GHORFXOPLQJLLúLDVXSUDIH HLGHWHUHQXQGH
vúLUHDOL]HD] VDUFLQLOHGHDS UDUH
9DULDQWHOHVLVWHPXOXLGHDS UDUHRPODRPVXQWXUP WRDUHOH
¾ $S UDUHDRPODRPQRUPDO
¾ $S UDUHDRPODRPDJUHVLY SUHVVLQJ
¾ $S UDUHDRPODRPFXDJORPHUDUH
¾ $S UDUHDRPODRPFXIORWDUH
$3 5$5($20/$201250$/
(VWHYDULDQWDFHDPDLXWLOL]DW ODHFKLSHOHGHvQFHS WRUL(VWHSULPD
IRUP GH DS UDUH vQ SURFHVXO vQY ULL MRFXOXL GH EDVFKHW /D vQFHSXWXO
MRFXOXL ILHF UXL VSRUWLY L VH UHSDUWL]HD] XQ DWDFDQW SH FDUHO YD
VXSUDYHJKHD GLUHFW ÌQ WLPSXO GHVI úXU ULL MRFXOXL DS U WRULL vúL vQVR HVF
DWDFDQ LLvQVLWXD LLOHGHMRFSHFDUHDFHúWLDOHLQL LD] vQVXSUDID DGHMRF
GLQ WHUHQXO GH DWDF GHSODVkQGXVH vQ SR]L LH IXQGDPHQWDO PHGLH VDX
MRDV SODVkQGXVHvQSULQFLSDOvQWUHDGYHUVDUúLFRúDYkQGvQUD]DORUGH
DF LXQHSHOkQJ DGYHUVDUXOORUGLUHFWúLORFXOPLQJLL$S U WRULLWUHEXLH
V PDQLIHVWHLQL LDWLY vQDWDFDUHDMXF WRUXOXLDIODWvQSRVHVLDPLQJLLSULQ


vPSLHGLFDUHDOXLUHJXODPHQWDU vQSDVDUHGHSODVDUHvQGULEOLQJRSULUHvQ
GULEOLQJ VPXOJHUHD PLQJLL ÌQ FDGUXO DFHVWHL YDULDQWH IXQGDPHQWDOH GH
DS UDUH DS UDUHD LQGLYLGXDO WUHEXLH vQW ULW FX FRODERUDUHD úL vQWUDMXWR
UDUHDFHORUODO LDS U WRULSULQÄDOXQHF ULÓDS WUXQGHULOHDWDFDQ LORUI U
PLQJH ÄvQFKLGHUHD FXORDUXOXL GH S WUXQGHUH úL D WXúHL´ OD GHS úLUL úL
S WUXQGHUL ÄPDUFDUHD´ SLYR LORU VDX D MXF WRULORU FHQWUX ÄXUP ULUHD úL
UHFXSHUDUHDGHIHQVLY ´SULQIRUPDUHDWULXQJKLXOXLGHV ULWXU
7RW vQ FDGUXO DFHVWHL YDULDQWH DS U WRULL WUHEXLH V FXQRDVF
DF LXQHD GH RSULUH D FRQWUDDWDFXOXL SULQ ÄPDUFDM´ OD MXF WRUXO FDUH D
LQWUDW SULPXO vQ SRVHVLD PLQJLL úL UHWUDJHUHD FHORUODO L SH GUXPXO FHO
PDL VFXUW vQ MXP WDWHD SURSULH GH WHUHQ SHQWUX DS UDUHD FRúXOXL úL
SUHOXDUHDLPHGLDW vQÄPDUFDM´DDGYHUVDULORUGLUHF LUHSDUWL]D LLQL LDO
$S U WRULL YRU UHVSHFWD UHJXOLOH JHQHUDOHDOHPDUFDMXOXL)LJXUD
DSOLFkQG DúDQXPLWXO ÄPDUFDM GH VXSUDYHJKHUH´ PDUFDMXO
DGDSWkQGXVH FX DF LXQLOH LQGLYLGXDOH vQ IXQF LH GH VLWXD LD GH DWDF
FUHDW DUXQF UL GH OD VHPLGLVWDQ VDX GLVWDQ S WUXQGHUL GHS úLUL
HWF0DUFDMXOVHYDUHDOL]DSHRVXSUDID GHWHUHQGHWHUPLQDW GHOLQLD
GHIXQGDWHUHQXOXLúLH[WLQV ODPHWULGHDFHDVWD)LJXUD

)LJXUD )LJXUD
'LVWDQ DGHPDUFDMVHP UHúWHSHP VXU FHDWDFDQ LLVHGHS UWHD]
GH]RQDFRúXOXL±)LJXUD'HvQGDW FHDFHúWLDVHDSURSLHGHFRúúL
GHYLQ PDL SHULFXORúL DS U WRULL PDUFKHD] DFWLY PLFúRUkQG GLVWDQ D GH
PDUFDM
&DUDFWHUXOPRELOúLHILFLHQWDODFHVWHLYDULDQWHGHDS UDUHRPODRP
UHLHVH GLQ ILJXUD vQFDUHDS U WRUXO$vOPDUFKHD] vQGHDSURDSHSH
DWDFDQWXO DIODW vQ SRVHVLD PLQJLL DS U WRUXO % vO PDUFKHD] OD VXSUD
YHJKHUHSHDWDFDQWXOODIHOFDúL&SH±DIOD LvQ]RQDPLQJLL$S U
WRUXO'VHUHWUDJHDMXWkQGPDUFDMXOMXF WRUXOXLFHQWUXVDXODvQFKLGHUHD


FXORDUXOXLGHS WUXQGHUHDODFHVWXLDODIHOYDSURFHGDúLHJDWDSHQWUXR
HYHQWXDO LQWHUFHS LHVDXODvQFKLGHUHDFXORDUXOXLGHSHSDUWHDOXL

)LJXUD )LJXUD
$3 5$5($20/$20$*5(6,9
5HSUH]LQW YDULDQWD FDUH LPSXQH LQL LDWLYD DS U WRULORU vQ RULFH
VLWXD LHSRVLELO SHWRWWHUHQXOSHôGLQWHUHQVDXSHMXP WDWHGLQWHUHQ
3RDWHFRQVWLWXLXQVLVWHPGHVLQHVW W WRUODHFKLSHOHGHPLQLEDVFKHWúLGH
vQFHS WRULVHSRDWHDSOLFDLQWHJUDOVDXWHPSRUDUODFHOHODOWHFDWHJRULLGH
HFKLSHúFRODUHúLGHMXQLRULGHVHQLRULVHQLRDUH)LJXULOH
ÌQDS UDUHDRPODRPDJUHVLY VHDF LRQHD] FXÄPDUFDM´VWUkQV
GHWHUPLQkQG DWDFD LL V JUHúHDVF SDVH OD LQWHUFHS LH SDúL LPSRVLEL
OLWDWH GH SDVDUH $FHDVW YDULDQW FHUH GLQ SDUWHD MXF WRULORU R EXQ
SUHJ WLUHIL]LF vQPRGGHRVHELWUH]LVWHQ vQUHJLPGHYLWH] vQOXFUXO
GH EUD H úL MRFXO GH SLFLRDUH úL R SUHJ WLUH SVLKLF GHRVHELW 7UHFHUHD
UDSLG GHODDF LXQLOHRIHQVLYHGLQDWDFODDF LXQLOHDJUHVLYHGLQDS UDUH
IDFH FD MXF WRULL V GHSXQ R DFWLYLWDWH FRQWLQX úL VXV LQXW vPEXQ
W LQG WHPSRXO MRFXOXL úL HYLGHQ LLQG WHKQLFD LQGLYLGXDO FX úL I U
PLQJHDILHF UXLMXF WRUvQSDUWHDWDFDQWDS U WRU
ÌQDS UDUHDRPODRPDJUHVLY LPHGLDWGXS FHVDSLHUGXWPLQJHD
GXS FRú vQVFULV VDX FRPLWHUHD XQRU JUHúHOL DGYHUVDULL YRU IL OXD L
LPHGLDWvQPDUFDMFKLDUSHORFXOvQFDUHHLVHJ VHVFvQDFHOPRPHQW'H
UHJXO VHYDUHVSHFWDUHSDUWL]DUHDLQL LDO 2DWHQ LHGHRVHELW YDILDFRU
GDW SRVHVRUXOXLGHPLQJHSHFDUHDS U WRUXOYDvQFHUFDV OGLULMH]HF WUH
PDUJLQHD WHUHQXOXL LQFRPRGkQGXO UHJXODPHQWDU vQ WUHFHUHD PLQJLL vQ
WHUHQXOGHDWDFHYHQWXDORSULQGXOGLQGULEOLQJFHLODO LFRHFKLSLHULvLYRU
PDUFDIRDUWHDSURDSHSHDWDFDQ LF XWkQGSULQWRDWHPLMORDFHOHGHDS UDUH
V L vPSLHGLFH V LQWUH vQ SRVHVLD PLQJLL V GHFODQúH]H FRQWUDDWDFXO úL
FKLDUV RFXSHGLVSR]LWLYXOGHDWDF


)LJXUD(FKLSDDIODW vQDS UDUHDJUHVLY vQIXQF LHGHWLSXO
GHDS UDUHDGRSWDWSHWRWWHUHQXOSHôGLQWHUHQVDXSHMXP WDWHGHWHUHQ
vúLGLVWULEXLHDS U WRULLHIHFWXkQGPDUFDMvQGHDSURDSHODRGLVWDQ GHSkQ
ODFP)D GHDWDFDQ LLGLUHF L
8WLOL]DUHWDFWLF
¾ $S UDUHDDFWLYDJUHVLY VHIRORVHúWHvQXUP WRDUHOHVLWXD LL
¾ ÌPSRWULYD HFKLSHORU FX R VODE SUHJ WLUH IL]LF úL WHKQLFR
WDFWLF LQGLYLGXDO úLFXMXF WRULOHQ L
¾ ÌPSRWULYDMXF WRULORUFXPDUHSUHFL]LHvQDUXQF ULOHODFRúGH
ODVHPLGLVWDQ úLGLVWDQ
¾ ÌPSRWULYD HFKLSHORU FX XQ EXQ FRQWUDDWDF úL FDUH IRORVHVF
WUHFHUHDUDSLG GLQDS UDUHvQDWDF
¾ &kQGDGYHUVDUXOG Y GLWHVHPQHGHRERVHDO
¾ ÌQGLIHULWHVLWXD LLGDWHGHHYROX LDVFRUXOXL
$3 5$5($20/$20&8$*/20(5$5(
&RPSDUDWLYFXDS UDUHDRPDORP±YDULDQWDQRUPDO ±FDUHVH
DSOLF SH R VXSUDID GH PHWUL vQ MXUXO FRúXOXL úL FX IRUPD DFWLY


DJUHVLY ±FDUHVHH[WLQGHSHvQWUHDJDVXSUDID DWHUHQXOXLYDULDQWD
RP OD RP FX DJORPHUDUH IRORVHúWH FHO PDL FRQVHFYHQW ÄSULQFLSLXO
DS U ULL FRúXOXL´ UHVWUkQJkQG DS U WRULL SH R VXSUDID PLF vQ MXUXO
]RQHLGHUHVWULF LHODDSUR[LPDWLYPHWULvQMXUXOFRúXOXL)LJXUD
(D HVWH IRORVLW QXPDL vPSRWULYD HFKLSHORU OLSVLWH DSURDSH WRWDO
GH HILFDFLWDWH vQ DUXQF ULOH GH OD VHPLGLVWDQ úL GLVWDQ úL FDUHúL
FRQFHQWUHD] DF LXQLOHILQDOHSHILQDOL] ULOHGHVXEFRúDOHMXF WRULORU
SLYRWILHDOHMXF WRULORUS WUXQ] WRUL
ÌQDFHDVW YDULDQW DS U WRULLDXSRVLELOLWDWHDV DSOLFHvQH[FHOHQ
DF LXQLOH FROHFWLYH GH DS UDUH vQFKLGHUHD S WUXQGHULORU VFKLPEDUHD
WHPSRUDU GH DGYHUVDU $WHQ LD vQWUHJLL DS U UL HVWH D[DW SH DQLKLODUHD
MRFXOXLDGYHUVDULORUVXESDQRXOSURSULX
$JORPHUDUHDvQDS UDUHDRPODRPSRDWHILHIHFWXDW SDU LDOGH
MXF WRUL VDX GH WR L MXF WRULL 0DUFDUHD DGYHUVDULORU DIOD L vQ
DSURSLHUHD VXSUDIH HL GH UHVWULF LH VH IDFH OD R GLVWDQ IRUDWH PLF
DYkQG FKLDU XQHRUL XQ FDUDFWHU DFWLYDJUHVLY vQ WLPS FH DS U WRULL
DIOD LODGLVWDQ GHFRúVXSRUW XQPDUFDMÄvQVXSUDYHJKHUHÍ U vQV
FDDFHúWLDV ILHQHJOLMD L
3ULQFLSLXO vQWUDMXWRU ULL DUH R PDUH HILFLHQ JUHúHOLOH XQXL
DS U WRUILLQGUHPHGLDWHPDLXúRUGHF WUHFRHFKLSLHULLV L

)LJXUD )LJXUD
8WLOL]DUHWDFWLF
$FHDVW YDULDQW GH DS UDUH RP OD RP VH XWLOL]HD] vPSRWULYD
HFKLSHORU DL F URU MXF WRUL QX DX SUHFL]LH vQ DUXQF ULOH OD FRú GH OD
VHPLGLVWDQ úL GLVWDQ úL FDUHúL ED]HD] DWDFXO vQ H[FOXVLYLWDWH SH
S WUXQ] WRULúLSHMRFXOSLYR LORU
6H PDL UHFRPDQG IRORVLUHD HL vPSRWULYD DWDFXOXL ED]DW SH
FRPELQD LL úL VFKHPH IL[H FX ILQDOL] UL GH VXE SDQRX $UH HILFDFLWDWH


DWXQFL FkQG HVWH IRORVLW vQ PRG WHPSRUDU vQ FDGUXO MRFXOXL vQ
DOWHUQDQ FXDOWHYDULDQWHGHDS UDUH1XRUHFRPDQG PDILDGRSWDW
FDVLVWHPGHED] vQDS UDUHDXQHLHFKLSH
$3 5$5($20/$20&8)/27$5(
&DUDFWHULVWLF DFHVWHL YDULDQWH GH DS UDUH RP OD RP vL HVWH
ÄvQWUDMXWRUDUHD´ XQXL FRHFKLSLHU vQ PDUFDUHD XQXL DWDFDQW HILFDFH vQ
]RQDFRúXOXL$FHVWDMXWRUGHQXPLWÄIORWDUH´SRDWHILHIHFWXDWGHXQXO
VDXPDLPXO LDS U WRULvQPRGSHUPDQHQWVDXWHPSRUDU)LJXUD
)ORWDUHD WHPSRUDU VH XWLOL]HD] QXPDL FkQG DWDFDQWXO DS U WR
UXOXLFDUHIORWHD] QXDUHPLQJHD$FHDVW VLWXD LHIUHFYHQW GHIORWDUH
HVWH DSOLFDW vPSRWULYD MXF WRUXOXL SLYRW (D VH HIHFWXHD] GLQ SDUWHD
RSXV SUH]HQ HLPLQJLLÌQGDW FHDWDFDQWXOGHODFDUHVDIORWDWLQWU vQ
SRVHVLDPLQJLLDS U WRUXOUHYLQHvQPDUFDMQRUPDO
)ORWDUHD SHUPDQHQW VH HIHFWXHD] DWXQFL FkQG XQXO VDX PDL
PXO L DS U WRUL DMXW SHUPDQHQW FRHFKLSLHULL FH DX VDUFLQL GLIHULWH vQ
DS UDUH3 U VLUHDDWDFDQWXOXLVDXDDWDFDQ LORUPDLSX LQSHULFXORúLVH
IDFHSULQUHWUDJHUHDvQ]RQDSHULFXORDV GLQDSURSLHUHDFRúXOXL
8WLOL]DUHWDFWLF
¾ÌPSRWULYDHFKLSHORUFXDWDFSXWHUQLFVXESDQRXSUH]HQ DXQRU
MXF WRULSLYRWVDXFHQWUXHILFDFL
¾ÌPSRWULYD XQRU HFKLSH FX DWDFDQ L OLSVL L GH SUHFL]LH vQ
DUXQF ULOHODFRúGHODVHPLGLVWDQ úLGLVWDQ
¾ÌPSRWULYDMRFXOXLED]DWSHFRPELQD LLVXFFHVLYHDOWHUQDWHVXE
SDQRXúLGHODVHPLGLVWDQ
6LVWHPXOGHDS UDUHSUHVVLQJ
Ä3UHVVLQJXO´ VD GHWDúDW FD VLVWHP LQGHSHQGHQW HYROXkQG FX
DVSHFWHQRLRPODRPúLvQ]RQ ÌQVWDGLXODFWXDOHVWHFRQVLGHUDWFHO
PDLPRGHUQVLVWHPGHDS UDUHSUH]HQWSULQXWLOL]DUHDXQHLDVDXDPDL
PXOWRU YDULDQWH GH DS UDUH IRORVLWH FX FDUDFWHU WHPSRUDU VDX SHUPD
QHQWGHDOXQJXOXQXLMRFGHEDVFKHW
&DUDFWHULVWLFL
¾ (VWH VLVWHPXO GH DS UDUH FHO PDL DFWLY FDUH XUP UHúWH V
vPSLHGLFH DWDFDQ LL FX VDX I U PLQJH V úL GHVI úRDUH DWDFXO SULQ
DF LXQLLQGLYLGXDOHGDUúLSULQFRPELQD LLOHWHKQLFRWDFWLFHVSHFLILFH
¾ $UH FD SULRULWDWH ÄLQWUDUHD vQ SRVHVLD PLQJLL´ úL vQ VHFXQGDU
ÄDS UDUHDFRúXOXL´
¾ 3URGXFH VXUSUL] SURYRDF GHUXW úL GHWHUPLQ DGYHUVDUXO V
FRPLW JUHúHOLSHFDUHHFKLSDOHYDORULILF


,PSXQHXQWHPSRXIRDUWHUDSLGMRFXOXL
¾
3UHVXSXQH FRQGL LD GH DSOLFDUH D ÄPDUFDMXOXL GXEOX´ UHDOL]DW
¾
SULQÄFDSFDQ ´±FRPELQD LHGHIHQVLY WDFWLF VSHFLILF
¾8UP UHúWH GH]RUJDQL]DUHD FRQWUDDWDFXOXL DGYHUV D WUHFHULL vQ
WHUHQXOGHDWDFSUHFXPúLDRFXS ULLGLVSR]LWLYXOXLGHF WUHDGYHUVDUL
SUHJ WLQGLQWUDUHDvQSRVHVLDPLQJLLvQDLQWHFDDFHúWLDV SRDW ILQDOL]D
¾6HDSOLF SHIRQGXODS U ULLRPODRPDJUHVLYHúLODLQWHUFHS LH
LQWHUSXQHUHDDS U WRUXOXLvQWUHPLQJHúLDWDFDQW
9DULDQWHOHVLVWHPXOXLGHDS UDUHÄSUHVVLQJ´
¾Ä3UHVVLQJ´RPODRPSHWRWWHUHQXO
¾Ä3UHVVLQJ´RPODRPSHMXP WDWHGHWHUHQ
¾Ä=RQDSUHVVLQJ´SHWRWWHUHQXO
¾Ä=RQDSUHVVLQJ´SHMXP WDWHGHWHUHQ
$3 5$5($Ä35(66,1*´20/$203(7277(5(18/
ÌQFHDUF V YDORULILFHVLWXD LDIDYRUDELO GHVXSHULRULWDWHQXPHULF
GXS WRDWH ID]HOH vQ FDUH HFKLSD DGYHUV vQFHSH DWDFXO SULQ UHSXQHUHD
PLQJLLvQMRFGLQDIDUDWHUHQXOXLGHODOLQLLOHGHIXQGVDXODWHUDOH
Ä3UHVVLQJXO´DUHFDUDFWHULVWLFPDUFDMXOFRQWLQXXODLQWHUFHS LHvP
SRWULYD DWDFDQ LORU I U PLQJH GHFL SULPD VDUFLQ D DS U WRULORU HVWH
DFHHD GH D vPSLHGLFD SULPLUHD PLQJLL GH F WUH DFHúWLD ± )LJXUD
)RORVHúWH GUHSW FRPELQD LH GH ED] ÄPDUFDMXO GXEOX´ ÄFDSFDQD´
HIHFWXDWODSULPLWRUXOSDVHL

)LJXUD
)D]HOHSUHVVLQJXOXLRPODRPVXQW
)D]D,6HXUP UHúWHvPSLHGLFDUHDDGYHUVDUXOXLGHDODQVDFRQWUD
DWDFXO WUHFHUHD UDSLG vQ WHUHQXO GH DWDF SULQ LQWHUFHSWDUHD PLQJLL OD
UHSXQHUHDHLvQMRF


)D]D ,, ÌQWkU]LHUHD DWDFDQ LORU GH D WUHFH OLQLD GH FHQWUX LQWHU
FHSWDUHD PLQJLL SURYRFDUHD DGYHUVDULORU GH D FRPLWH DEDWHUL GH OD
UHJXOLOHGHúLVHFXQGH
)D]D ,,, 2UJDQL]DUHD GLVSR]LWLYXOXL SURSULX GH DS UDUH vQ ]RQD
GLQDSURSLHUHDFRúXOXL
$3 5$5($ Ä35(66,1*´ 20 /$ 20 3( -80 7$7( '(
7(5(1
(VWH YDULDQWDGHSUHVVLQJIUHFYHQWIRORVLW GHUHJXO SUHFHGDW GH
SUHVVLQJXOSHWRWWHUHQXOFXFDUDFWHUWHPSRUDUúLPDLIUHFYHQWFXÄPDUFDM
GXEOX´ OD SXUW WRUXO PLQJLL vQ GULEOLQJ &D UHJXO GH H[HFX LH vQ DIDUD
FHORUGRLDS U WRULDQJDMD LvQÄPDUFDMXOGXEOX´FHLODO LDS U WRULVHUHWUDJ
vQMXP WDWHDSURSULHGHWHUHQSUHOXkQGXúLDGYHUVDULLLQL LDOLSHP VXU FH
DFHúWLDGHS úHVFOLQLDGHFHQWUX3UHVVLQJXOSHMXP WDWHGHWHUHQVHSRDWH
DSOLFDDOWHUQDWLYFXDS UDUHDRPODRPVDX]RQ FUHkQGVXUSUL]HSHQWUX
DWDFXODGYHUV
$3 5$5($Ì1Ä=21$35(66,1*´
Ä=RQDSUHVVLQJ´SXQHúLPDLPXOWvQHYLGHQ WRDWHDYDQWDMHOHúL
HILFDFLWDWHD vQWUHJXOXL ÄVLVWHP SUHVVLQJ´ GDU úL D DS U ULL RP OD RP
FRPELQDW FXFHDvQ]RQ H[WLQ]kQGODOLPLW HILFDFLWDWHDúLDYDQWDMHOH
WXWXURUDFHVWRUVLVWHPH
(ILFLHQ D Ä]RQHL SUHVVLQJ´ HVWH FRQGL LRQDW GH QLYHOXO GH GH]YRO
WDUHDFDOLW LORUPRWULFHúLGHQLYHOXOGHFXQRúWLQ HúLGHSULQGHULWHKQLFR
WDFWLFH DOH DS U WRULORU 6XFFHVXO DFHVWHL DS U UL HVWH GHWHUPLQDW GH
FDSDFLWDWHDGHDGDSWDUHúLGHFRRUGRQDUHDVDUFLQLORUGHIHQVLYHLQGLYLGXDOH
DOH FHORU FLQFL DS U WRULÄ=RQDSUHVVLQJ´HVWHDS UDUHDFDUHIDYRUL]HD]
RSULUHDMXF WRUXOXLFDUHGULEOHD] úLvQFKLGHFXORDUHOHGHSDVDUHQXSHU
PLWH DGYHUVDUXOXL V úL RUJDQL]H]H FRQWUDDWDFXO úL WUHFHUHD UDSLG vQ
WHUHQXOGHDWDFDWDFXOUDSLGúLDWDFXORUJDQL]DW
Ä=RQD SUHVVLQJ´ SUHVXSXQH VDUFLQL SUHFLVH SH SRVWXUL vQ FDGUXO
ILHF UHL YDULDQWH VSHFLDOL]DUHD DS U WRULORU SH SRVWXUL ILLQG FRUHODW FX
VDUFLQLOHúLVSHFLDOL]DUHDORUFDDWDFDQ LÄYkUIXULOH´GLQ]RQ VXQWÄYkUIX
ULOH´ GH FRQWUDDWDF FHQWUXO VDX FHQWULL ]RQHL VXQW MXF WRULL H[WUHP LDU
IXQGDúLLGLQ]RQ MXF WRULLSLYRWFHLFXFHOPDLPDUHJDEDULW
6LVWHPXOGHDS UDUHvQ]RQ
6LVWHPXOGHDS UDUHvQ]RQ UHSUH]LQW DS UDUHDFROHFWLY FDUHVH
GHVI úRDU SH R VXSUDID OLPLWDW GLQ ID D FRúXOXL vQ FDUH FHL FLQFL


DS U WRUL VXQW SODVD L vQWUXQ GLVSR]LWLY VSHFLDO ILHFDUH DYkQG VDUFLQD
GH D VXSUDYHJKHD R DQXPLW SRU LXQH GLQ WHUHQ GLQDLQWH VWDELOLW
PDUFkQGvQSHUPDQHQ SHDWDFDQWXOFDUHDSDUHvQVXE]RQDVD
*UXSDUHDMXF WRULORUvQDSURSLHUHDFRúXOXLúLOLPLWDUHDVXSUDIH HL
GHDS UDUHVHIDFHSULQDúH]DUHDDS U WRULORUvQOLQLLGHDS UDUH
ÌQ FDGUXO DS U ULL vQ ]RQ ILHFDUH DS U WRU DUH DQXPLWH VDUFLQL
LQGLYLGXDOHFDUHVXQWGHWHUPLQDWHGHMRFXOúLFLUFXOD LDPLQJLLvQUDSRUW
GHDF LXQLOHDWDFDQ LORUúLvQDFHODúLWLPSGHDS U WRULLYHFLQL
/LQLLOH GH DS UDUH VDX SODQXULOH GH DS UDUH LPSXQ DS U WRULORU
GHSODV UL vQWUR FRRUGRQDUH SHUIHFW SHQWUX D VH SUH]HQWD FD XQ ÄWRW´
XQLWDU2ULFHOLSV GHDWHQ LHúLGHFRODERUDUHRSRUWXQ GXFHODFUHDUHDGH
ÄVSD LL´DúD]LVYXOQHUDELOHGHFDUHLPSOLFLWDGYHUVDUXOSRDWHSURILWD
-XF WRULL GLQ FHOH GRX VDX WUHL OLQLL GH DS UDUH WUHEXLH V FROD
ERUH]HúLV VHDMXWHvQPRGUHFLSURF&HLGLQOLQLD,DF LRQHD] RIHQVLY
OD FLUFXOD LD GH PLQJH FHL GLQ OLQLD D ,,D GXEOHD] VXSUDID D SHULFX
ORDV GHVXESDQRX
'HúLFDUDFWHULVWLFDSULQFLSDO DVLVWHPXOXLGHDS UDUHvQ]RQ HVWH
DS UDUHD FROHFWLY vQ FDUH IXQF LRQHD] DSURDSH LQWHJUDO ÄvQWUDMXWRUD
UHDÉD]DW SHÄDJORPHUDUHIORWDUH´ÄvQFKLGHUHDFXORDUXOXLGHS WUXQ
GHUH´ÄGXEODMXO´WRWXúLvQVXE]RQDVDDS U WRUXOvúLPDUFKHD] RPOD
RPDWDFDQWXOGLUHFWILHF HVWHVDXQXvQSRVHVLDPLQJLL
&DUDFWHULVWLFL
¾ ,PSXQHDúH]DUHDDS U ULORUvQWUXQGLVSR]LWLYSUHFLVGXS FDUH
GHIDSWvúLLDúLGHQXPLUHD]RQDHWF
¾ $S U WRULL XUP UHVF vQ SULQFLSDO PLQJHD úL MXF WRUXO FX
PLQJHDúLvQVHFXQGDUDWDFDQWXOGLQVXE]RQDVD
¾ $S UDUHD HVWH RUJDQL]DW QXPDL vQ PRPHQWXO FkQG WR L FHL
FLQFLDS U WRULIRUPHD] GLVSR]LWLYXOGHDS UDUH
¾ )RORVHúWH UHJXOLOH PDUFDMXOXL LQGLYLGXDO vQ VXE]RQD VD úL OD
DS UDUHDDWDFDQWXOXLDIODWvQSRVHVLDPLQJLL
¾ &HUH úL GH]YROW vQ DFHODúL WLPS JkQGLUHD WDFWLF GDWRULW
FDUDFWHUXOXLV XRUJDQL]DWúLGHSHQGHQWILHFDUHDS U WRUID GHFHLODO L
FRHFKLSLHUL
5HJXOL
¾ &LUFXOD LDPLQJLLGHWHUPLQ GHSODVDUHDDS U WRULORUvQ]RQ HL
WUHEXLQG V VH GHSODVH]H FD XQ JUXS FRPSDFW úL XQLWDU ORFXO PLQJLL
GHWHUPLQkQG vQ SHUPDQHQ SODVDPHQWXO DS U WRULORU $WHQ LD DS U WR
ULORUHVWHvQGUHSWDW vQSULQFLSDODVXSUDORFXOXLúLFLUFXOD LHLPLQJLLúLvQ
VHFXQGDUDVXSUDSODVDPHQWXOXLDWDFDQWXOXLDIODWvQVXE]RQDORU


¾5HWUDJHUHD vQ DS UDUH WUHEXLH V VH IDF LPHGLDW GXS FH VD
SLHUGXW PLQJHD vQ DSURSLHUHD FRúXOXL VH LDX WUHSWDW SODVDPHQWHOH vQ
FDGUXOGLVSR]LWLYXOXLGHDS UDUHvQ]RQ
¾-RFXO vQ DS UDUH DWkW LQGLYLGXDO FkW úL FROHFWLY WUHEXLH V
DVLJXUH]RQHLREXQ PRELOLWDWHúLHODVWLFLWDWH
¾3ULQPRELOLWDWHvQ HOHJHPFDSDFLWDWHDDS U ULLvQ]RQ GHDVH
GHSODVDFXUDSLGLWDWHRULGHFkWHRULVHUHDOL]HD] VFKLPE ULvQORFXOúL
FLUFXOD LDPLQJLL
$YDQWDMH
¾3RDWH IL IRORVLW VXE GLIHULWH YDULDQWH DGDSWkQGXVH GHVWXO GH
XúRUVLVWHPXOXLGHDWDFIRORVLWGHDGYHUVDUL
¾$S U FXHILFDFLWDWHFUHVFXW VXSUDID DGHVXESDQRX
¾)DYRUL]HD] IRUPDUHD WULXQJKLXOXL GH V ULWXU XUP ULUHD úL
UHFXSHUDUHDGHIHQVLY DPLQJLLWUHFHUHDGLQDS UDUHvQDWDFSUHFXPúL
RUJDQL]DUHDúLGHVI úXUDUHDFRQWUDDWDFXOXL
¾ÌQ RULFH VLWXD LH GH MRF SHUPLWH FHORU FLQFL DS U WRUL V YDG
vQWUHDJDGHVI úXUDUHDDWDFXOXL
'H]DYDQWDMH
¾(VWHYXOQHUDELO vPSRWULYDHFKLSHORUFDUHMRDF PXOWSHFRQWUDDWDF
¾'LVSR]LWLYXO GH DS UDUH VH RUJDQL]HD] FHYD PDL JUHRL úL VH
DSOLF SHRVXSUDID OLPLWDW GHWHUHQ
¾$UHÄVSD LLÝXOQHUDELOHFDUHVXQWYDORULILFDWHGHF WUHDGYHUVDUL
SULQS WUXQGHULúLDUXQF ULODFRúHIHFWXDWHGLQDFHVWHVXSUDIH H
¾(VWH FRPSOHW LQHILFDFH vPSRWULYD DWDFXOXL XQHL HFKLSH FX R
EXQ SUHFL]LHvQDUXQF ULOHODFRúGHODVHPLGLVWDQ úLGLVWDQ
9DULDQWHOHVLVWHPXOXLGHDS UDUHvQ]RQ
'XS SODVDPHQWXO DS U WRULORU vQWUXQ DQXPLW GLVSR]LWLY SH
VDXSODQXULGHDS UDUH]RQHOHSRWILRIHQVLYHVDXGHIHQVLYH
=21(/( 2)(16,9( DX SODVD L PDL PXO L MXF WRUL vQ SULPXO
SODQGHDS UDUHVXSUDYHJKHD] RSRU LXQHPDLPDUHGHWHUHQúLDXFD
VFRS SULQFLSDO LQWUDUHD FkW PDL UDSLG vQ SRVHVLD PLQJLL úL ODQVDUHD
FRQWUDDWDFXOXL
=21(/( '()(16,9(DXSODVD LMXF WRULLvQDGRXDVDXDWUHLD
OLQLH GH DS UDUH vQWUR VXSUDID PDL PLF GH WHUHQ DYkQG FD VFRS
vPSLHGLFDUHD DWDFDQ LORU GH DS WUXQGHvQDSURSLHUHDFRúXOXLSHQWUXD
ILQDOL]DVDXUHFXSHUDPLQJHD
9DULDQWHOHVLVWHPXOXLGHDS UDUHvQ]RQ VXQWXUP WRDUHOH
¾=RQHRIHQVLYHGHWLSDFWLY
¾=RQHGHIHQVLYH


$3 5$5($Ì1=21 ±±
(VWHYDULDQWDGHED] DVLVWHPXOXLGHDS UDUHvQ]RQ ILLQGSULPD
YDULDQW FDUHWUHEXLHvQY DW DWXQFLFkQGVHDERUGHD] DFHDVW DS UDUH
'LVSR]LWLYXO GH DS UDUH vPSDUWH FHO PDL MXGLFLRV VDUFLQLOH
DS U WRULORUúLDF LXQLOHORU'LVSXQHUHDDS U WRULORUSHFHOHWUHLSODQXUL
GHDS UDUHvQW UHúWHGLVSR]LWLYXOúLPLFúRUHD] VXSUDIH HOHYXOQHUDELOH
GLQLQWHULRUXO]RQHL)LHFDUHDS U WRUvQFDUXODFHVWXLGLVSR]LWLYDUHGH
VXSUDYHJKHDWRVXE]RQ PDLPLF GHVWXOGHXúRUGHDS UDW
$S U WRULLVXQWPDLJUXSD LvQDSURSLHUHDFRúXOXLGLVWDQ DGLQWUH
HLHVWHPDLPLF úLvQWUDMXWRUDUHDVHSRDWHIDFHPDLXúRU)LJXUD
$FHVWGLVSR]LWLYHFKLOLEUHD] VXSUDIH HOHVXE]RQHORUO VkQGSRVLEL
OLWDWHD GH D WUHFH FX XúXULQ GLQWUR ]RQ RIHQVLY vQWUXQD GHIHQVLY úL
LQYHUVOXFUXGHWHUPLQDWGHSODVDPHQWXODS U WRUXOXLFHQWUXGLQ]RQ
5HSUH]LQW YDULDQWDFXFHDPDLPDUHPRELOLWDWHúLHODVWLFLWDWH
)LJXUD )LJXUD
$3 5$5($Ì1=21 ±
$FHDVW DS UDUHDSDU LQHYDULDQWHORUFXREXQ UHFXSHUDUHGHIHQ
VLY 'LVSR]LWLYXO SUH]LQW GRX SODQXUL GH DS UDUH SULPXO SODQ IRU
PDW GLQ GRL MXF WRUL PRELOL FDUH WUHEXLH V K U XLDVF DF LXQLOH DWD
FDQ LORU GLQ ID D GRXD OLQLH IRUPDW GLQ WUHL DS U WRUL ± XQ FHQWUX
UHWUDVúLGRLIXQGDúL±)LJXUD6HIRORVHúWHvPSRWULYDHFKLSHORUFX
DWDFEXQvQVXSUDID DGHVXESDQRXFDUHIRORVHVFMXF WRULSHSRVW
GHMXF WRUSLYRW'HDVHPHQHDVHIRORVHúWHúLvPSRWULYDHFKLSHORUFDUH
DXXQDWDFPDLVODEvQILQDOL] ULOHGHODVHPLGLVWDQ úLGLVWDQ


0HWRGLFDvQY ULLMRFXOXL
1LYHOXOULGLFDWDOSUDFWLF ULLMRFXOXLGHEDVFKHWVDDWLQVGDWRULW
SURFHVXOXLGHvQY DUHúLSHUIHF LRQDUHDWHKQLFLLúLWDFWLFLLMRFXOXL3H
GH R SDUWH LQL LHUHD vQ WDLQHOH MRFXOXL GH OD YkUVW WLPSXULH úL SH GH
DOW SDUWHJ VLUHDF LORUúLPLMORDFHORUFHOHPDLFRUHVSXQ] WRDUHVXQW
IDFWRULLFDUHDO WXULGHFRQGL LLOHPDWHULDOHFRQVWLWXLHSUHPLVHOHXQHL
DFWLYLW LURGQLFH
-RFXOGHEDVFKHWWUHEXLHDSUHFLDWFDILLQGFRQVWLWXLWGLQWURVXLW
GH DF LXQL vQWUHSULQVH GH MXF WRUL vQ GLIHULWHOH ID]H DOH DWDFXOXL VDX
DS U ULLDSOLFDWHvQOXSWDFXDGYHUVDULLvQOLPLWHOHUHJXODPHQWXOXL
ÌQMRFSURFHGHHOHWHKQLFHOHvQWkOQLPFDRvQO Q XLUHGHPLMORDFH
LDURSRUWXQLWDWHDvQO Q XLULLúLXWLOL] ULLORUVXQWFRQGXVHGHUD LXQHvQ
FRQGL LLOHPHUHXVFKLPE WRDUHDOHOXSWHLFXDGYHUVDULLúLFRODERU ULLFX
SDUWHQHULL 'HFL MRFXO FRQVW GLQ vQO Q XLUL GH SURFHGHH GLQ FDUH
UH]XOW DF LXQLGHMRFúLQXSURFHGHHL]RODWH
ÌQvQY DUHDSURFHGHHORUWHKQLFHWUHEXLHV IRUP PHOHYLORUGHSULQ
GHUL PRWULFH VWHUHRWLSXUL GLQDPLFH DSURIXQGDWH SkQ OD DXWRPDWL]DUH
GHJDMkQG DVWIHO VFRDU D FHUHEUDO GH FRQGXFHUHD GHWDOLLORU úL GkQGXL
SRVLELOLWDWHDMXF WRUXOXLGHDVHFRQFHQWUDvQWHUHQSHSUREOHPHGHRULHQ
WDUH GH FRQGXFHUH D OXSWHL FX DGYHUVDULL úL GH FRODERUDUH FX SDUWHQHULL
DF LRQkQGDVWIHOFUHDWRUvQVLWXD LLOHVSRQWDQHDS UXWHvQMRF
3URFHVXO GH vQY DUH úL SHUIHF LRQDUH WUHEXLH FRQFHSXW GXS
PRGHOXOMRFXOXL-XF WRUXOWUHEXLHV FXQRDVF úLV H[HFXWHSURFHGHH
WHKQLFH vQO Q XLWH vQDLQWH GH LQWUDUHD vQ SRVHVLD PLQJLL vQ WLPSXO
PDQHYU ULLHLFkWúLXOWHULRUDFHVWHLPDQHYU UL
&DPHWRGHXWLOL]DWHvQSURFHVXOGHSUHGDUHDMRFXOXLGHEDVFKHW
DPLQWLPXUP WRDUHOH
¾ H[SOLFD LD
¾ GHPRQVWUD LD
¾ H[HUVDUHD
¾ REVHUYD LD
¾ PHWRGDMRFXULORUGLQDPLFHSUHJ WLWRDUH
¾ XWLOL]DUHDNLQRJUDPHORUIRWRJUDILLORU
5HFRPDQG PXUP WRDUHDJUDGDUHPHWRGLF vQvQY DUH
¾ vQY DUHDSULQH[HUVDUHLQGLYLGXDO
¾ vQY DUHDúLSHUIHF LRQDUHDSULQFRODERUDUHFXSDUWHQHULL
¾ vQY DUHDúLSHUIHF LRQDUHDvQUHOD LHGHDGYHUVLWDWH
ÌQ PHWRGLFD vQY ULL úL SHUIHF LRQ ULL WHKQLFLL úL WDFWLFLL MRFXOXL
GHEDVFKHWUHFRPDQG PXUP WRDUHDVXFFHVLXQHGHH[HUFL LL
¾ H[HUFL LLSHQWUXvQY DUHDSURFHGHHORUWHKQLFH


H[HUFL LLFXVWUXFWXULGHSURFHGHHWHKQLFH
¾
IRORVLUHD FRQFXUVXOXL SHQWUX ILHFDUH SURFHGHX WHKQLF vQ YHGH
¾
UHDSHUIHF LRQ ULLH[HFX LHLWHKQLFH
¾ H[HUFL LL FRPSOH[H SH ò WHUHQ úL WHUHQ FX FRODERUDUHD
SDUWHQHULORU
¾ H[HUFL LLVLPSOHFXDGYHUVDUSDVLYVHPLDFWLYDFWLY
¾ H[HUFL LLFRPSOH[HFXDGYHUVDU
¾ H[HUFL LLVXEIRUP GHMRFXULGLQDPLFH
¾ vQFDGUDUHDH[HUFL LLORUWHKQLFHvQDF LXQLWHKQLFRWDFWLFHLQGLYL
GXDOHúLFROHFWLYHMXF WRUL
¾ vQFDGUDUHDDF LXQLORUWHKQLFRWDFWLFHvQVLVWHPDWDFúLDS UDUH
¾ MRFFXWHP SHWHUHQUHGXVúLSHWRWWHUHQXO
¾ MRFúFRDO
¾ H[HUFL LLVSHFLILFHSHSRVWXUL
¾ MRFvQWUHJUXSHFODVH
,QGLFD LLPHWRGLFHJHQHUDOH
¾ GXUDWDWHPHLGLQMRFXOGHEDVFKHWvQOHF LDGHHGXFD LHIL]LF
PLQXWH
¾ XWLOL]DUHDJUXSHORUFXHIHFWLYPLFSHQWUXDVLJXUDUHDQXP UXOXL
GHUHSHW UL
¾ H[LJHQ vQH[HFX LDFRUHFW DWHKQLFLLúLWDFWLFLLvQvQY DUH
¾ H[HUFL LLVXEIRUP GHFRQFXUV
¾ úWDIHWHúLMRFXULGHPLúFDUH
¾ WHPHOHV ILHPHQ LQXWHOHF LL
¾ XWLOL]DUHDH[HUFL LLORUFXGHVI úXUDUHSHòúLòWHUHQ
¾ MRFODXQSDQRXVDXELODWHUDOvQILHFDUHOHF LH
¾ UHJXOL VLPSOLILFDWH GH MRF DQJDMDUH vQWUH GRL SDúL GXEOX
GULEOLQJUHSXQHUHDPLQJLLGLQDIDUDWHUHQXOXLJUHúHDODSHUVRQDO
6HPQHOHFRQYHQ LRQDOHIRORVLWHvQMRFXOGHEDVFKHW


%$6&+(78/Ì1/(& ,$
'(('8&$ ,(),=,& Ì1ù&2$/

$FWLYLWDWHDGHHGXFD LHIL]LF úLVSRUWSULQYDOHQ HOHGDOHIRUPDWLYH
FRQVWLWXLHXQPHGLXEXQGHVRFLDOL]DUHDHOHYLORUGHRDUHFHLQWHJUDUHDORU
ODDFHDVW YkUVW vQWUXQFROHFWLYFXPHVWHJUXSDFODVDHFKLSDOHGH]YROW
SHUVRQDOLWDWHDDMXWkQGXLV VHLQWHJUH]HPDLXúRUvQVRFLHWDWH
ÌQWUHDJDDFWLYLWDWHGHHGXFD LHIL]LF HVWHRULHQWDW GHWHQGLQ HOH
úLRULHQW ULOHPHWRGRORJLFHPRGHUQHúLSXQHvQFHQWUXODFWLYLW LLVDOH
GH]YROWDUHD SHUVRQDOLW LL HOHYXOXL SRWULYLW SRVLELOLW LORU úL GRULQ HORU
DFHVWXLD
) U D LJQRUD LPSRUWDQ D FHORUODOWH FDWHJRULL GH H[HUFL LL VDX
GLVFLSOLQHVSRUWLYHMRFXULOHVSRUWLYHRIHU PHWRGHúLPLMORDFHVSHFLILFH
GH LQVWUXLUH FDSDELOH V VWLPXOH]H PDL PXOW PRWLYD LLOH LQWHUQH DOH
HOHYLORUFXPDUILFRPEDWLYLWDWHYRLQ DVSLULWXOGHHFKLS GRULQ DGH
FRODERUDUHHPXOD LD
-RFXO GH EDVFKHW UHDOL]HD] vQ WRWDOLWDWH RELHFWLYHOH FDGUX DOH
SURJUDPHLGHHGXFD LHIL]LF úLDQXPH
¾GH]YROWDUHDFDSDFLW LLPRWULFHJHQHUDOHDOHHOHYLORUQHFHVDUH
GHVI úXU ULLDFWLYLW LLVSRUWLYH
¾DVLPLODUHDSURFHGHHORUWHKQLFHúLDDF LXQLORUWDFWLFHVSHFLILFH
SUDFWLF ULL MRFXOXL GH EDVFKHW GH F WUH HOHYL vQ úFRDO úL vQ DIDUD
DFHVWHLD
¾IDYRUL]DUHD vQWUH LQHULL úL vPEXQ W LULL VW ULL GH V Q WDWH
FRQIRUPSDUWLFXODULW LORUGHYkUVW úLGHVH[DOHHOHYLORU
¾GH]YROWDUHD WU V WXULORU GH SHUVRQDOLWDWH IDYRUDELOH LQWHJU ULL
VRFLDOH
5HFXQRDúWHUHD FDUDFWHUXOXL IRUPDWLY DO MRFXOXL GH EDVFKHW úL
RILFLDOL]DUHD VD FD PLMORF DO HGXFD LHL IL]LFH vQ SURJUDPHOH PRGHUQH
GHWHUPLQ FDGUHOHGLGDFWLFHSURIHVRULLGHHGXFD LHIL]LF V U VSXQG FX
PDL PXOW VLP FLYLF SURIHVLRQDO úL FRPSHWHQ vQ UHDOL]DUHD IRQGXOXL
PRWULFH VSHFLILF FRQ LQXW vQ FDGUXO SURJUDPHL GDU úL GHS úLUHD DFHVWHLD
DWXQFLFkQGSRVLELOLW LOHELRPRWULFHDOHFRSLLORURSHUPLW


%DVFKHWXOvQFLFOXOJLPQD]LDO
2ELHFWLYHGHUHIHULQ ([HPSOHGHDFWLYLW LGHvQY DUH
&ODVDD9D
$VLPLODUHD SURFHGHHORU WHKQLFH úL D DF LXQLORU WDFWLFH VSHFLILFH
SUDFWLF ULLGLIHULWHORUVSRUWXULGHF WUHHOHYLvQúFRDO úLvQDIDUDDFHVWHLD
/D VIkUúLWXO FODVHL D 9D HOHYXO 3HSDUFXUVXOFODVHLD9DVHUHFR
YDILFDSDELO PDQG XUP WRDUHOHDFWLYLW L
V DSOLFHSURFHGHHOHWHKQLFH H[HUVDUHDWHKQLFLLILHF UXL
úL DF LXQLOH WDFWLFH vQVXúLWH vQ SURFHGHXSkQ ODvQVXúLUHD
VWUXFWXULVLPSOH PHFDQLVPXOXLGHED]
H[HUVDUHDGHVWUXFWXULWHKQLFH
FXSULQ]kQGSURFHGHH
H[HUVDUHDDF LXQLORUWDFWLFH
LQGLYLGXDOHVLPSOH
DSOLFDUHDSURFHGHHORUWHKQLFH
úLDF LXQLORUWDFWLFHvQVXúLWHvQ
MRFXULGLQDPLFHúLSUHJ WLWRDUH
úWDIHWHvQWUHFHUL
V UHDOL]H]H DF LXQL PRWULFH SDUWLFLSDUHD OD vQWUHFHUL GHVI
VSHFLILFHUDPXULORUGHVSRUWúLV úXUDWHvQOHF LLVXEIRUP GHMR
VH LQWHJUH]H vQ DFWLYLW L GHVI FXUL GLQDPLFH SUHJ WLWRDUH úL
úXUDWHVXEIRUP GHvQWUHFHUH úWDIHWH
&RQ LQXWXUL
%DVFKHW
3URFHGHHWHKQLFHIRORVLWHvQDWDF
¾ SULQGHUHD LQHUHDúLSDVDUHDPLQJLLFXGRX PkLQLGHODSLHSW
GHSHORFúLXUPDW GHGHSODVDUH
¾ RSULUHDvQWUXQWLPS
¾ SLYRWDUHDSULQS úLUHúLvQWRDUFHUH
¾ GULEOLQJPHGLX
¾ DUXQFDUHDODFRúFXGRX PkLQLGHODSLHSW
¾ DUXQFDUHDODFRúGLQGULEOLQJ
3URFHGHHWHKQLFHIRORVLWHvQDS UDUH
¾ SR]L LDIXQGDPHQWDO
¾ GHSODV ULOHFXSDúLDG XJD L
¾ OXFUXOGHEUD HúLMRFXOGHSLFLRDUH


$F LXQLWDFWLFHIRORVLWHvQDWDF
¾ GHPDUFDMXO
¾ GHS úLUHD
$F LXQLWDFWLFHIRORVLWHvQDS UDUH
¾ PDUFDMXOQRUPDO
-RFGHEDVFKHWFXDSOLFDUHDSURFHGHHORUvQY DWHFXUHJXOLDGDSWDWH
¾ MRF[[ODXQSDQRX
¾ [ODGRX SDQRXUL
9HULILFDUHúLDSUHFLHUH
(YDOXDUHDVHIDFHFXQRWHGHODOD
6WUXFWXUDGULEOLQJ±RSULUH±SLYRWDUH±SDV FXGRX PkLQLGH
ODSLHSWQRWDPD[LP
-RF[SHQWUXQRWD
6LVWHPHGHDF LRQDUH
2ELúQXLUHDFXPLQJHD
PLQJHDSHVWHSRG
PLQJHDSULQWXQHO
WUDQVSRUWXOPLQJLORU
3DVDUHDPLQJLL
SULQGHUH±SDV
LHúLUHODPLQJH±SULQGHUH±RSULUH±SDV
LHúLUHODPLQJH±SULQGHUH±RSULUH±SLYRWDUH±SDV
SDV GHSHORFXUPDW GHGHSODVDUH
GULEOLQJ±RSULUH±SDV ±GHSODVDUH
'ULEOLQJ
GULEOLQJGHSHORFFXPkQDGUHDSW úLPkQDVWkQJ
GULEOLQJvQDLQWHGLQPHUVúLXúRDU DOHUJDUHFXPkQDGUHDSW
FXPkQDVWkQJ
GULEOLQJFXYDULD LLGHULWP
GULEOLQJ±RSULUH±SDV
GULEOLQJ±RSULUH±SLYRWDUHSDV
GULEOLQJ±RSULUH±DUXQFDUHODFRú
$UXQFDUHODFRú
DUXQFDUHODFRúFXRPkQ GHVXVSHQWUXE LH LúLFXPkLQLGH
ODSLHSWSHQWUXIHWH
SULQGHUH±DUXQFDUH±XUP ULUH
SULQGHUH±RSULUH±DUXQFDUH±XUP ULUH
DUXQFDUHODFRúGLQGULEOLQJ


-RFXULSUHJ WLWRDUH
FLQH LQHPLQJHDPDLPXOW
MRFI U GULEOLQJ
PLQJHDIULJH
SDVHD] ODQXP UXOVWULJDW
5HJXODPHQW
DQJDMDUHvQWUHGRL
SDúL
GXEOXGULEOLQJ
JUHúHDODSHUVRQDO
UHSXQHUHDPLQJLLGLQDIDUDWHUHQXOXL
&ODVDD9,D
$VLPLODUHD SURFHGHHORU WHKQLFH úL DF LXQLORU WDFWLFH VSHFLILFH SUDFWL
F ULLGLIHULWHORUVSRUWXULGHF WUHHOHYLvQúFRDO úLvQDIDUDDFHVWHLD
/DVIkUúLWXOFODVHLD9,±DHOHYXO 3HSDUFXUVXOFODVHLD9,±DVH
YDILFDSDELO UHFRPDQG XUP WRDUHOHDFWLYLW L
V DSOLFHSURFHGHHOHWHKQLFH H[HFXWDUHDSURFHGHHORUvQVXúLWH
úLWDFWLFHvQVXúLWHUHVSHFWkQG vQVWUXFWXULYDULDWH
UHJXOLOHFXQRVFXWH MRFXULSUHJ WLWRDUHFRQFXUVXUL
vQWUHFHUL
V VHLQWHJUH]HvQDFWLYLW LOH vQWUHFHULúLFRQFXUVXULFXUHJXOL
GHSUDFWLFDUHDUDPXULORUGHVSRUW DGDSWDWHRUJDQL]DWHvQOHF LLúLOD
ODQLYHOXOFODVHLúFROLLúLvQWLPSXO QLYHOXOúFROLL
OLEHU
&RQ LQXWXUL
%DVFKHW
¾ SULQGHUHD LQHUHDúLSDVDUHDPLQJLLFXGRX PkLQLGHODSLHSW
GLQGHSODVDUH
¾ RSULUHDvQWUXQWLPS
¾ SLYRWDUH
¾ GULEOLQJFXYDULD LLGHULWP
¾ DUXQFDUHD OD FRú GH SH ORF FX R PkQ GLQ ID VDX FX GRX
PkLQLGHODSLHSW
¾ DUXQFDUHDODFRúGLQGULEOLQJ
¾ GHSODV ULVSHFLILFHvQSR]L LHIXQGDPHQWDO
¾ OXFUXGHEUD HúLMRFXOGHSLFLRDUH


¾ GHPDUFDMXO
¾ GHS úLUHD
¾ S WUXQGHUHD
¾ PDUFDMXOQRUPDO
¾ PDUFDMXODJUHVLY
-RF GH EDVFKHW FX DSOLFDUHD SURFHGHHORU vQY DWH úL UHVSHFWDUHD
UHJXOLORUIDXOWúLGXEOXGULEOLQJ
¾ [úL[ODXQSDQRX
¾ [ODGRX SDQRXUL
(YDOXDUHDVHIDFHFXQRWDUHGHODOD
DUXQFDUHODFRúGLQGULEOLQJPD[LPQRWD
MRF[ODXQSDQRXSHQWUXQRWD
6LVWHPHGHDF LRQDUH
2ELúQXLUHDFXPLQJHD
PLQJHDF O WRDUH
WUDQVSRUWGHPLQJL
úWDIHWH
3DVDUHDPLQJLL
SDVDGLQGHSODVDUH
SDVDGLQGHSODVDUHFXvQFUXFLúDUHvQGULEOLQJ
SDV GLQGHSODVDUH±DUXQFDUHODFRúGHSHORF
SDVHGLQGHSODVDUH±DUXQFDUHODFRúGLQGULEOLQJ
'ULEOLQJ
GULEOLQJSULQWUHMDORDQH
GULEOLQJFXVFKLPEDUHGHGLUHF LH
GULEOLQJSDV GHSODVDUHGULEOLQJDUXQFDUHODFRúGLQGULEOLQJ
$UXQFDUHODFRú
DUXQFDUHODFRúFXRPkQ GHSHORFVDXFXGRX GHODSLHSW
VWUXFWXULGHSURFHGHHWHKQLFH
-RFXULSUHJ WLWRDUH
SDVDvQRUGLQHQXPHULF
OHDSúDvQGULEOLQJ
FLQHvQVFULHPDLPXOWHFRúXULGLQDUXQF UL"
5HJXODPHQW
DQJDMDUHvQWUHGRL


SDúL
GXEOXGULEOLQJ
JUHúHDODSHUVRQDO
&ODVDD9,,D
$VLPLODUHDSURFHGHHORUWHKQLFHúLDF LXQLORUWDFWLFHVSHFLILFHGLIH
ULWHORUVSRUWXULGHF WUHHOHYLvQúFRDO úLvQDIDUDDFHVWHLD
V LQWHJUH]HSURFHGHHOH 3HSDUFXUVXOFODVHLD9,DVHUH
WHKQLFHvQY DWHvQDF LXQLWDFWLFH FRPDQG XUP WRDUHOHDFWLYLW L
VLPSOH vQVXúLUHD SURFHGHHORU WHKQLFH
úLDF LXQLORUWDFWLFHQRL
H[HUVDUHD SURFHGHHORU WHKQLFH
vQ VWUXFWXUL WHKQLFRWDFWLFH LQGL
YLGXDOHúLFROHFWLYHVLPSOH
DSOLFDUHD SURFHGHHORU WHKQLFH
úLDF LXQLORUWDFWLFHvQFRQGL LLGH
vQWUHFHUHFXUHJXOLDGDSWDWH
V DSOLFHHILFLHQWFXQRúWLQ HOH H[HUVDUHDJOREDO DUDPXULORUVDX
úLGHSULQGHULOHvQVXúLWHvQSUDFWLFD SUREHORUVSRUWLYHFXDGDSWDUHDGLV
UHDJOREDO DUDPXULORUúLSUREHORU WDQ HORUHIHFWLYHORUGXUDWHLúLD
VSRUWLYHFXUHVSHFWDUHDSULQFLSDOH UHJXOLORUGHSUDFWLFDUH
ORUUHJXOL
&RQ LQXWXUL
%DVFKHW
¾ SDVDFXGRX PkLQLGHODSLHSWGHSHORFúLGLQGHSODVDUHGLUHFW
úLFXS PkQWXO
¾ SDVDFXRPkQ GLQGUHSWXOXP UXOXL
¾ RSULUHDvQWUXQWLPSúLSLYRWDUHD
¾ GULEOLQJDOWHUQDWLY
¾ DUXQFDUHDODFRúGLQDOHUJDUH
¾ DUXQFDUHDGLQV ULWXU
¾ GHSODV ULFXSDúLDG XJD LvQDLQWHvQDSRLúLODWHUDO
¾ PLúF ULVSHFLILFHGHEUD HúLSLFLRDUH
¾ FXOHJHUHDPLQJLLGHSHVRO
¾ VFRDWHUHDPLQJLLGLQGULEOLQJ


¾GHPDUFDMXO
¾S WUXQGHUHD
¾GHS úLUHD
¾ÄG úLGXWH´
¾PDUFDMXOQRUPDO
¾PDUFDMXODJUHVLY
¾LQWHUFHS LD
-RFELODWHUDOFXDSOLFDUHDUHJXOLORUSDúLGXEOXGULEOLQJúLIDXOW
¾[úL[ODXQSDQRX
¾[ODGRX SDQRXUL
6WUXFWXUDGULEOLQJ±SDV ±GHSODVDUH±DUXQFDUHODFRúGLQ
DOHUJDUHSHQWUXPD[LPXPQRWD
-RF[ODXQSDQRXSHQWUXQRWD
6LVWHPHGHDF LRQDUH
2ELúQXLUHDFXPLQJHD
WUDQVSRUWGHPLQJL
úWDIHWH
H[HUFL LLGLQúFRDODPLQJLL
'HSODV ULvQWHUHQ
OXFUXvQRJOLQG vQSR]L LHIXQGDPHQWDO
OHDSúDSHVXSUDID OLPLWDW
3DVDUHDPLQJLL
SDVDGHSHORFXUPDW GHGHSODVDUH
SDVDGLQGHSODVDUH
SDVDFXVFKLPEGHORFXUL
SDVDvQVWUXFWXULGHSURFHGHHWHKQLFH
'ULEOLQJ
GULEOLQJDOWHUQDWLYvQDLQWH±vQDSRL
GULEOLQJSULQWUHMDORDQH
GULEOLQJFXVFKLPE ULGHGLUHF LH
$UXQFDUHODFRú
DUXQFDUHODFRúFXRPkQ GHSHORFUHFXSHUDUH
DUXQFDUHODFRúGLQDOHUJDUH
FRQFXUVGHDUXQF ULODFRú


-RFXULSUHJ WLWRDUH
OHDSúDvQGULEOLQJ
FLQHSDVHD] PDLPXOWSHVXSUDID OLPLWDW
ÄGRX ]HFLúLXQX´
-RFGHEDVFKHWFXWHP
DUXQFDUHODFRúGXS S WUXQGHUH
DUXQFDUHODFRúGXS GHS úLUH
5HJXODPHQW
DQJDMDUHvQWUHGRL
SDúLGXEOXGULEOLQJ
JUHúHDODSHUVRQDO
&ODVDD9,,,D
$VLPLODUHD SURFHGHHORU WHKQLFH úL D DF LXQLORU WDFWLFHVSHFLILFHSUDF
WLF ULLGLIHULWHORUVSRUWXULGHF WUHHOHYLvQúFRDO úLvQDIDUDDFHVWHLD
/DVIkUúLWXOFODVHLD9,,,DHOHYXO SHSDUFXUVXOFODVHLD9,,,DVH
YDILFDSDELO UHFRPDQG XUP WRDUHOHDFWLYLW L
V IRORVHDVF DGHFYDWSURFH UHSHWDUHDXQRUVWUXFWXULFXFRQ L
GHHOHWHKQLFHúLDF LXQLOHWDFWLFH QXWXULWHKQLFRWDFWLFHYDULDWH
vQFRQGL LLGHvQWUHFHUH FUHDUHDúLUH]ROYDUHDGHVLWXD LL
FRPSOH[HSULQvQWUHFHUL
V DSOLFHHILFLHQWFXQRúWLQ HOH FRQFXUVXULúLMRFXULELODWHUDOH
úLGHSULQGHULOHvQVXúLWHvQSUDFWL DUELWUDWH
FDUHDJOREDO DUDPXULORUúLSUREH
ORUVSRUWLYHFXUHVSHFWDUHDUHJXOD
PHQWXOXLRILFLDO
&RQ LQXWXUL
%DVFKHW
¾SDVDFXXQDúLFXGRX PkLQLvQWUHMXF WRULGLQGHSODVDUH
FXúLI U VFKLPEDUHDORFXULORU
¾SDVDOXQJ GHFRQWUDDWDF
¾GULEOLQJDOWHUQDWLY
¾RSULUHDvQXQXúLGRLWLPSLXUPDW GHSLYRWDUH
¾DUXQFDUHDODFRúGLQDOHUJDUHúLGLQV ULWXU
¾SR]L LDIXQGDPHQWDO úLGHSODV ULOHVSHFLILFH
¾VFRDWHUHDPLQJLLGLQGULEOLQJ


¾VPXOJHUHDPLQJLLGHODDGYHUVDU
¾FDSDFXO
¾GHPDUFDMXO
¾S WUXQGHUHD
¾GHS úLUHD
¾UHFXSHUDUHD
¾ÄG úLGXWH´
¾DWDFXOFXDúH]DUHvQVHPLFHUF
¾FRQWUDDWDFXO
¾PDUFDMXODGYHUVDUXOXL
¾XUP ULUHDODSDQRX
¾LQWHUFHS LD
¾UHSOLHUHD
¾VLVWHPXOGHDS UDUHRPODRP
¾MRFELODWHUDO
SDVHvQWUHLGLQDOHUJDUHFXVFKLPEGHORFXULFXDUXQFDUHOD
FRúGLQGULEOLQJSHQWUXPD[LPXPQRWD
MRFODSHWRWWHUHQXOSHQWUXQRWD
6LVWHPHGHDF LRQDUH
2ELúQXLUHDFXPLQJHD
H[HUFL LLGLQúFRDODPLQJLL
úWDIHWH
'HSODV ULvQWHUHQ
OHDSúDvQSHUHFKL
VWUXFWXULGHSURFHGHHI U PLQJH
3DVDUHDPLQJLL
SDVDGHSHORFXUPDW GHGHSODVDUH
SDVDGLQGHSODVDUH
SDVDFXVFKLPEGHORFXULvQúLHOHYL
'ULEOLQJ
GULEOLQJDOWHUQDWLY
GULEOLQJFXVFKLPE ULGHGLUHF LH
$UXQFDUHODFRú
DUXQFDUHODFRúGHSHORF±UHFXSHUDUH


DUXQFDUHODFRúGLQDOHUJDUH
DUXQFDUHODFRúGLQV ULWXU
-RFXULSUHJ WLWRDUH
FRQFXUVGHSDVHSHVXSUDID OLPLWDW
FRQFXUVGHDUXQF ULODFRú
OHDSúDvQGULEOLQJ
-RFGHEDVFKHWFXWHP
DUXQFDUHGXS S WUXQGHUHGHS úLUH
DUXQFDUHODFRúGLQV ULWXU GXS ÄG úLGXWH´
DUXQFDUHGXS FRQWUDDWDFYDORUHD] SXQFWH
5HJXODPHQW
DQJDMDUHvQWUHGRL
JUHúHDODSHUVRQDO
SDúLGXEOXGULEOLQJ
VHFXQGH
0HWRGLFDXWLOL] ULLMRFXULORUGHPLúFDUH
vQvQY DUHDMRFXOXLGHEDVFKHW
-RFXOGHPLúFDUHHVWHRYDULDQW DDFWLYLW LLGHMRFDYkQGODED]
GLIHULWHDF LXQLPRWULFHPRWLYDWHGHRWHP UHVSHFWkQGDQXPLWHUHJXOL
úLXUP ULQGDWLQJHUHDXQXLVFRSSUHFLV$F LXQLOHPRWULFHDXFRPSRQHQ
WHOHDOHUJDUHDDUXQFDUHV ULWXUDH[HFXWDWHFXLQGLFLGHYLWH] DF LXQL
FHYL]HD] GHSULQGHULVSHFLILFHGLIHULWHORUUDPXULVSRUWLYHWRDWHH[HFX
WDWHvQGLIHULWHIRUPD LL
-RFXO HVWH SULQFLSDOXO PLMORF SULQ FDUH FRSLOXO GHVFRSHU YLD D
GLQ MXUXO V X úL DVWIHO HO QX FRQVWLWXLH R VLPSO GLVWUDF LH 3ULQ MRF
FRSLOXOvQYD FXORULOHIRUPDúLvQVXúLULOHPDWHULHLUDSRUWXULOHVSD LDOH
FXQRDúWHSODQWHOHDQLPDOHOHYLD DFHORUDGXO LGDUDFHDVW FXQRDúWHUH
VHGHVI úRDU vQWURIRUP DFFHVLELO úLLQWHUHVDQW SHQWUXFRSLL
-RFXO FUHHD] FRQGL LLOH FHOH PDL IDYRUDELOH SHQWUX GH]YROWDUHD
FRSLOXOXLVXEWRDWHDVSHFWHOHÌQWLPSXOMRFXOXLLVHGH]YROW IDFXOW LOH
LQWHOHFWXDOH JkQGLUHD DWHQ LD VSLULWXO GH REVHUYD LH vúL vPERJ HúWH
OLPEDMXOvúLGH]YROW SHUVRQDOLWDWHDúLv LHGXF YRLQ D
&X DMXWRUXO MRFXULORU GLQDPLFH IRUP P OD HOHYL FXQRúWLQ H
SULFHSHULúLGHSULQGHULPRWULFHGHED] úLGH]YROW PvQDFHODúLWLPS
FDOLW LPRWULFHQHFHVDUHvQYLD DGHUHOD LHWRDWHDFHVWHDvQWURIRUP
SO FXW úLXúRUDFFHVLELO
ÌQ GRPHQLXO HGXFD LHL IL]LFH úL VSRUWXOXL FRQVLGHU F HVWH
SULQFLSDO XUP WRDUHDFODVLILFDUH


MRFXULGHPLúFDUHMRFXULGLQDPLFH
¾
MRFXULSUHJ WLWRDUHSHQWUXMRFXULOHVSRUWLYH
¾
MRFXULVSRUWLYH
¾
-RFXOGLQDPLFWUHEXLHV FRQWULEXLHODVDUFLQL
)RUPDUHD úL SHUIHF LRQDUHD GHSULQGHULORU PRWULFH GH ED]
DSOLFDWLYHúLVSHFLILFHUDPXULORUVSRUWLYH
'H]YROWDUHDFDOLW LORUPRWULFH
)RUPDUHD úL GH]YROWDUHD FDOLW LORU SVLKLFH LQL LDWLY YRLQ
VW SkQLUHGHVLQHU VSXQGHUHSHUVRQDO SHUVHYHUHQ FXUDM
0XOWLWXGLQHD VDUFLQLORU MRFXULORU GLQDPLFH úL PXOWLWXGLQHD
IRUPHORUDFHVWRUDLPSXQHRRUGRQDUHDORUSHED]DXQRUFULWHULLSHQWUX
DSXWHDILPDLMXGLFLRVvQ HOHVHúLIRORVLWH
3UDFWLFD úL OLWHUDWXUD GH VSHFLDOLWDWH VWDELOHúWH PDL PXOWH FULWHULL
GH FODVLILFDUH XQHOH OHJDWH GH IRUPD MRFXOXL DOWHOH GH FRQ LQXWXO
MRFXOXLDOWHOHGHHIHFWLYXOGHMRFVDXDQRWLPSXOvQFDUHVHSUDFWLF
3HQWUX UHDOL]DUHD VDUFLQLORU vQ DOHJHUHD MRFXULORU GLQDPLFH
WUHEXLHV VHvQGHSOLQHDVF XUP WRDUHOHFHULQ H
¾ V VH LQ FRQWGHVDUFLQLOHMRFXOXL
¾ ORFXO MRFXOXL GH PLúFDUH vQ OHF LD GH HGXFD LH IL]LF SULPD
YHULJ YHULJLOHWHPDWLFH
¾ YkUVWD MXF WRULORU úL SDUWLFXODULW LOH PRUIRIXQF LRQDOH úL
SVLKLFHDOHFRSLLORUFXFDUHVHOXFUHD]
¾ QLYHOXOGH]YROW ULLúLSUHJ WLULLIL]LFHDFRSLLORUVWDUHDGHV Q
WDWH
¾ SDUWLFXODULW LOHGHVH[
¾ FRQGL LLOHPDWHULDOHSULYLQGORFXOGHGHVI úXUDUHúLLQYHQWDUXO
GHPDWHULDOHGHFDUHGLVSXQHP
¾ FRQGL LLOHDWPRVIHULFHGDF VHOXFUHD] vQDHUOLEHU
5HVSHFWkQG DFHVWH FHULQ H DOHJHUHD MRFXOXL WUHEXLH V DVLJXUH
DFFHVLELOLWDWHDFRSLLORUúLvQDFHODúLWLPSWUHEXLHV WUH]HDVF LQWHUHVXO
HOHYLORU
3HQWUXRPDLEXQ GHVI úXUDUHDMRFXOXLWUHEXLHV VH LQ FRQW
GHXUP WRDUHOH
$VLJXUDUHDFRQGL LLORUPDWHULDOHQHFHVDUHGHVI úXU ULLMRFXOXL
,QYHQWDUXOWUHEXLHV FXSULQG XUP WRDUHOHPDWHULDOHFHUFXULPLQJLGH
FDXFLXF GH WRDWH P ULPLOH PLQJL GH EDVFKHW KDQGEDO IRWEDO YROHL
RLQ V FXOH L FX QLVLS GH GLIHULWH P ULPL EDVWRDQH FRU]L P FLXFL
VWHJXOH HIDQLRDQHHúDUIHEHQ]LFRORUDWHSLHSWDUHQXPHUH
0DWHULDOHOHGHMRFWUHEXLHV vQGHSOLQHDVF XUP WRDUHOHFRQGL LL
¾ V ILHvQVWDUHGHIRORVLQ FXUDWH


¾ V ILHGLQSXQFWGHYHGHUHDOGLPHQVLXQLORUúLJUHXW LLFRUHV
SXQ] WRDUHYkUVWHLHOHYLORU
¾ V ILHvQQXP UFRUHVSXQ] WRUMRFXOXLDOHV
3UHJ WLUHD ORFXOXL GH MRF LPSOLF DWkW UHVSHFWDUHD FRQGL LLORU
LJLHQLFHFkWúLDPHQDMDUHDDFHVWXLDFRUHVSXQ] WRUFXFHULQ HOHMRFXOXL
0HWRGLFDRUJDQL] ULLFROHFWLYXOXLSHQWUXMRF
3ULQ RUJDQL]DUHD FROHFWLYXOXL VH vQ HOHJH DVLJXUDUHD IRUPD LLORU
FDUHYRUGHVI úXUDMRFXOÌQFD]XOvQFDUHMRFXODOHVQHFHVLW vPS U LUHD
FROHFWLYXOXLSHHFKLSHREXQ RUJDQL]DUHDHFKLSHORUSUHVXSXQHFD
¾ HFKLSHOHV ILHHJDOHFDQXP U
¾ V ILHHJDOHFDYDORDUHELRPRWULF
¾ HFKLSHOHV ILHHJDOHVXEDVSHFWXOEDJDMXOXLGHGHSULQGHULPRWULFH
&DPRGDOLW LGHIRUPDUHDHFKLSHORUVHSRWIRORVLXUP WRDUHOH
¾ SULQQXP U WRDUH
¾ SULQDOHJHUHGHF WUHF SLWDQ
¾ SULQQXPLUHGHF WUHSURIHVRU
¾ SULQSUREHGHYHULILFDUH
([SOLFDUHDúLGHPRQVWUDUHDMRFXOXL
([SOLFD LLOHYRUILGDWHGXS FHFROHFWLYXODIRVWDúH]DWvQIRUPD
LD vQ FDUH XUPHD] V VH GHVI úRDUH MRFXO 'HPRQVWUDUHD MRFXOXL WUH
EXLH V VH IDF vQ PRG FRUHVSXQ] WRU FX SDUWLFXODULW LOH GH YkUVW
$VWIHO OD FLFOXO SULPDU VH YRU GD H[SOLFD LLOH FRQFRPLWHQW FXGHPRQ
VWUD LDGHRDUHFHFRSLLLQXSRWV úLUHSUH]LQWHDF LXQLOHQXPDLSHED]D
H[SOLFD LLORU /D YkUVWD úFRODU PLMORFLH FLFOXO JLPQD]LDO GHPRQV
WUD LDYDXUPDH[SOLFD LHLQXPDLGDF MRFXOHVWHPDLFRPSOLFDW
&RQGXFHUHD MRFXOXL GH F WUH SURIHVRU SUHVXSXQH XUP ULUHD
DWHQW GH F WUH DFHVWD D GHVI úXU ULL MRFXOXL SHQWUX D SXWHD REVHUYD
FRUHFWLWXGLQHDH[HFX LHLHOHYLORUúLUHVSHFWDUHDUHJXOLORU(OWUHEXLHV
ILHLPSDU LDOvQVWDELOLUHDUH]XOWDWHORUúLV DVLJXUHGLVFLSOLQDHOHYLORUvQ
MRFDFHDVWDvQVHPQkQGUHVSHFWDUHDUHJXOLORUúLFHULQ HORUMRFXOXL
'R]DUHD HIRUWXOXL vQ MRF vQVHDPQ VWDELOLUHD FHULQ HORU vQ
UDSRUW FX SDUWLFXODULW LOH GH YkUVW úL VH[ DOH HOHYLORU QLYHOXO GH
GH]YROWDUH IL]LF DO DFHVWRUD FDQWLWDWHD GH HIRUW IL]LF úL LQWHOHFWXDO
GHSXV DQWHULRUOHF LHLGHHGXFD LHIL]LF
*UDGDUHD HIRUWXOXL VH SRDWH UHDOL]D SULQ XUP WRDUHOH P VXUL
PHWRGLFH
¾ P ULUHDVDXPLFúRUDUHDVXSUDIH HLGHMRFvQIXQF LHGHQXP UXO
GHSDUWLFLSDQ LGHYkUVWDúLVH[XODFHVWRUDP ULUHDWUHSWDW DGLVWDQ HL
SHQWUXúWDIHWH


P ULUHDGXUDWHLMRFXOXL
¾
P ULUHD QXP UXOXL GH REVWDFROH VDX D VDUFLQLORU GH vQGHSOLQLW
¾
SHSDUFXUVXOMRFXOXL
¾ VLPSOLILFDUHD VDX FRPSOLFDUHD UHJXOLORU GH MRF úL P ULUHD
QXP UXOXLDFHVWRUD
¾ VFKLPEDUHDIRUPD LHLGHOXFUX
ÌQFKHLHUHDMRFXOXLVHYDIDFHSULQVWDELOLUHDGHF WUHSURIHVRUD
ÄFkúWLJ WRULORU´ DQXQ kQG SXQFWDMXO ILQDO úL GH DVHPHQHD YD IDFH R
DQDOL] DFRPSRUW ULLHOHYLORU
ÌQ RUJDQL]DUHD MRFXULORU FX FRSLLL WUHEXLH V VH DLE vQ YHGHUH
IDSWXO F HOHYLL VXQW LQWHUHVD L SHQWUX DFHDVW DFWLYLWDWH LDU SURIHVRULL
WUHEXLHV OHGHDVDWLVIDF LHSULQFUHDUHDvQSHUPDQHQ DQRXOXLvQMRF
$ERUGkQGFODVLILFDUHDMRFXULORUGHPLúFDUHvQOHF LDGHHGXFD LH
IL]LF FXWHP FRQ LQXWGLQEDVFKHWDYHP
MRFXULSHQWUXGH]YROWDUHDFDOLW LORUPRWULFHQHFHVDUHSUDFWLF ULL
MRFXOXLGHEDVFKHW
MRFXULSHQWUXvQY DUHDúLSHUIHF LRQDUHDGHSULQGHULORUPRWULFH
VSHFLILFHMRFXOXLGHEDVFKHW
([HUFL LLVXEIRUP GHFRQFXUVúLMRFXULSUHJ WLWRDUH
SHQWUXFDOLW LPRWULFH
-RFXULSUHJ WLWRDUHSHQWUXGH]YROWDUHDYLWH]HL
¾
i OHDSúD
i DOWUHLOHDIXJH
i úRDUHFHOHúLSLVLFD
i FXUVDvQFHUF
i úDUSHOHvúLSULQGHFRDGD
i XOWLPXODOHDUJ vQID
i GHDSULQVHOHDFXDMXWRU
i Q YRGXOúLSHVFDULL
i úWDIHWDvQ]LJ]DJ
i úWDIHWDFXDOHUJDUH
i FXUVDSHQXPHUH
i FXUVDvQWUHLSLFLRDUH
i PLQJHDvQFHUF
i PLQJHDvQVXYHLF
i GHDSULQVHOHDFXJKHPXLUH
i DOEQHJUX


i EXFKH HOHOH
i FUDELLúLFUHYH LL
i GUXPOXQJ
i FXUVDVSDWHvQVSDWH
i XOLLúLSRUXPEHLL
i RFXS ORFXO
-RFXULSUHJ WLWRDUHSHQWUXGH]YROWDUHDIRU HLSLFLRDUHEUD H
¾
i OXSWDFRFRúLORU
i úWDIHWDFXFRDUGD
i XQGL DÄFHUFXO]EXU WRU´
i úWDIHW FXV ULWXULvQWUXQSLFLRUGLQFHUFvQFHUF
i ÄVDUHE XO´
i SRGXO
i V ULWXU SHGRX SLFLRDUHvQFHUF
i WUHQXOV OW UH
i V ULWXUDvQvQ O LPH
i V ULPSHVWHE
i FLQHDUXQF PDLGHSDUWH
i PLQJHDURVWRJROLW vQFHUF
i LQWDURVWRJROLWRDUH
i YkQ WRULLúLUD HOH
i DWDFXOFHW LL
i RFKLWRULL
i HOLEHUHD] ÄSUL]RQLHULL´
i FHUFXO]EXU WRU
i UHOHXGHV ULWXUL
i RFKHúWHPLQJHD
i URDED
i FXUVDvQVSDWHJHPHQLL
-RFXULSHQWUXGH]YROWDUHDvQGHPkQ ULLúLUH]LVWHQ HL
¾
i PLQJHDSHVWHSRG
i PLQJHDSULQWXQHO
i ÄXQGD´
i ÄúXUXEXO´
i úRVHWD
i PLQJHDF O WRDUH
i VHP QDWXOúLFXOHVXOPLQJLORU
i PLQJHDOD LQW
i GULEOLQJSULQWUHMDORDQH


i úWDIHWDFXGULEOLQJ
i úWDIHWDFXGULEOLQJFXGRX PLQJL
i PLQJHDODF SLWDQ
i FXUVDSHQXPHUHFXGULEOLQJ
i úWDIHW FXPLQJHDURVWRJROLW
i OHDSúDSHSHUHFKL
i OHDSúDFXGULEOLQJSHVXSUDID OLPLWDW
i ÄFLQH LQHPLQJHDPDLPXOW"´
i MRF[[[SHòúLSHWRWWHUHQXOI U GULEOLQJ
i MRF[SHWRWWHUHQXOI U GULEOLQJ
-RFXULSHQWUXSUHJ WLUHDWHKQLF
-RFXULSHQWUXPLúFDUHDvQWHUHQ
¾
i úWDIHW FXDOHUJDUHGHSODVDUHSULQV ULWXULGLQGLIHULWHSR]L LL
VWkQG FX ID D FX VSDWHOH OD GLUHF LD GH GHSODVDUH DúH]DW FX ID D VDX FX
VSDWHOH VSUH GLUHF LD GH GHSODVDUH DúH]DW FX SLFLRDUHOH vQFUXFLúDWH FX
EUD HOHvQGLIHULWHSR]L LLFXOFDWIDFLDOVDXGRUVDOODWHUDOSHPHWUL
i úWDIHW FXSDVDG XJDWvQDLQWHSHGLVWDQ DGHPHWUL
i úWDIHW FXSDVDG XJDWODWHUDOvQDSRLSHGLVWDQ DGH
PHWUL
i FRQFXUVFXGHSODVDUHvQSR]L LHIXQGDPHQWDO FXSDVDG XJDW
ODWHUDO vQWUH GRX OLQLL SDUDOHOH OD R GLVWDQ GH PHWUL FRQWUDFURQR
PHWUX
i úWDIHWHFRPELQDWHFXVWUXFWXULGHHOHPHQWHWHKQLFHI U PLQJH
i OHDSúDvQGRLSHSHUHFKL
i OHDSúDvQJUXS
i FXUVDvQFHUF
i SODVD
i ODQ XO
i GHDSULQVHOHDFXvQFUXFLúDUH
i SULQGHOSHFHOFXPLQJH
i úDUSHOHvúLSULQGHFRDGD
i EXFKH HOHOH
i DOXQJ OSHDOWUHLOHD
¾ -RFXULSUHJ WLWRDUHSHQWUXSDVH
i PLQJHDODF SLWDQvQOLQLHvQúLUvQVHPLFHUFvQFHUF
i VXYHLF VLPSO
i DS U úLDWDF


i YkQ WRULLúLUD HOH
i MRFGHSDVHvQGRL
i PLQJHDvQFHUF
i DWLQJHPLQJHD
i FLQHDUXQF PDLGHSDUWH"
i DWDFXOFHW LL
i HOLEHUHD] SUL]RQLHULL
i KXúWLXOXF
i SDVHD] ODQXPHOHVWULJDW
i SDVHD] ODQXP UXOVWULJDW
i SDVHD] vQRUGLQHQXPHULF
i PLQJHDVDOYHD]
i RFWRJRQXO
i FDUXVHOXO
i PLQJLOHvQ]LJ]DJ
i PLQJHDvQGRL
i FRQFXUV GH SDVH vQ FRQWUDWLPS VDX VH IL[HD] XQ
QXP UGHSDVH
¾-RFXULSUHJ WLWRDUHSHQWUXGULEOLQJ
i úWDIHWHFXGULEOLQJSHòWHUHQúLSHWRWWHUHQXO
i FXPkQDGUHDSW GXVvQWRUV
i FXPkQDVWkQJ GXVvQWRUV
i FXPkQDGUHDSW GXVFXPkQDVWkQJ vQWRUV
i GULEOLQJvQDLQWHFXID D±vQDSRLFXVSDWHOH
i GULEOLQJvQDLQWHFXVSDWHOH±vQDSRLFXID D
i GULEOLQJSULQWUHMDORDQH
i GULEOLQJ FX VFKLPEDUH GH GLUHF LH FX WUHFHUHD PLQJLL SULQ
ID SHODVSDWHSULQWUHSLFLRDUHFXSLUXHW
i GULEOLQJFXYDULD LLGHULWP
i úWDIHWHFXGULEOLQJFXGRX PLQJL
xvQDLQWHúLvQDSRLFXLPSXOVLLVLPXOWDQH
xvQDLQWHúLvQDSRLFXLPSXOVLLDOWHUQDWLYH
xDOHUJDUHQXPDLFXID DODGLUHF LDGHGHSODVDUHFXFHOH
GRX YDULDQWHGHvPSLQJHUHDPLQJLLvQVRO
i RFROHúWHFHUFXO
i úWDIHWDEDVFKHWEDOLVWXOXL
i GULEOHD] úLRSUHúWHWHODVHPQDO
i FXUVDSHQXPHUH
i PLQJHDSHF UDUH


-RFXULSUHJ WLWRDUHSHQWUXDUXQF ULOHODFRú
¾
i FRQFXUVÄ&LQHvQVFULHPDLUHSHGHFRúXUL"´
i FHOPDLEXQGLQDUXQF ULOLEHUH
i REOLJ OV vQVFULH
i FHOPDLEXQGLQWUHLSURFHGHH
i FHOPDLEXQGLQFLQFLSR]L LL
i FLQHUHXúHúWHFRúXULFRQVHFXWLYHPDLUHSHGH"
i FDUHHFKLS vQVFULHPDLUHSHGHFRúXUL"
i WXUXOSDQRXULORU
i QXO VDPLQJHDV FDG DUXQF ULGLQGULEOLQJGHSHORF
i PHGX]D
i FHUFXOURWDWLY
i FULVVFURVV FX vQVFULHUHD D FRúXUL GLQ FkW PDL SX LQH
OXQJLPLGHWHUHQ
i Ä´
i Ä´
-RFXULSHQWUXSUHJ WLUHDWDFWLF
-RF[SHòúLSHWRWWHUHQXO
¾
-RF[FXWHP
¾
i ODXQSDQRXODSDQRXULOHODWHUDOH
i I U GULEOLQJ FX GULEOLQJ FX XQ VLQJXU GULEOLQJ FX GRX
GULEOLQJXUL
i FXGHS úLUH
i FXS WUXQGHUH
i FXÄG úLGXWH´
i FXUHFXSHUDUHODDUXQFDUHDSURSULH
i FXPDUFDMDJUHVLYSHòúLSHWRWWHUHQXO
¾-RF[FXDFHOHDúLWHPHGHODMRFXO[
¾-RF[SHWRWWHUHQXOLGHPMRF[
i FXFRQWUDDWDFFXGULEOLQJ
i FXSDV GLUHFW ODYkUI
i FXSDV ODLQWHUPHGLDU
¾-RF[FXWHPH
i VHDUXQF ODFRúGXS UHDOL]DUHDXQHLVWUXFWXULGHSURFHGHH
WHKQLFH

i FRúXO vQVFULV GLQ GHS úLUH S WUXQGHUH vQFUXFLúDUH YDORUHD]
SXQFWH
i FLQHvQVFULHSHFRQWUDDWDFEHQHILFLD] GHXQDWDFSR]L LRQDO


i FXWHP SHQWUXDS UDUH
i FXWHP GHFRQWUDDWDF
i FXWHP GHDWDFSR]L LRQDOVHDUXQF ODFRúGXS SDVH
i MRFI U GULEOLQJ
i MRFFXDS UDUHDJUHVLY SHòWHUHQúLUHWUDJHUHvQ]RQ
3UHJ WLUHDHFKLSHLUHSUH]HQWDWLYHúFRODUH
SHQWUXúFRDODJHQHUDO
2UJDQL]DUHD úL FRQ LQXWXO OHF LLORU H[WUDFXUULFXODUH WUHEXLH V
DVLJXUHSRVLELOLW LOHWHKQLFRWDFWLFHGHSUDFWLFDUHDMRFXOXLGHEDVFKHW
vQ YHGHUHD GHSLVW ULL XOWHULRDUH D FHORU PDL WDOHQWDWH HOHPHQWH SHQWUX
IRUPDUHDHFKLSHORUFRPSHWLWLYHúFRODUHGDUúLRULHQWDUHDHOHYLORUF WUH
VSRUWXOGHSHUIRUPDQ
$FHVW SURFHV GH LQVWUXLUH FD RULFH DFWLYLWDWH FX RELHFWLYH ELQH
FRQWXUDWHWUHEXLHV ILHRUJDQL]DWúLSODQLILFDWVLVWHPDWLFúLSURJUHVLY
FODVHOHD9DD9,±DúLD9,,±DD9,,,DUHVSHFWkQGSDUWLFXODUL
W LOHGHYkUVW úLVH[DOHHOHYLORU
,QL LDWLYD DWLWXGLQHD DFWLY GH SDUWLFLSDUH OD GLIHULWH DF LXQL
H[WUDúFRODUH FRRSHUDUHD úL FRQOXFUDUHD RSWLPLVPXO úL HQWX]LDVPXO
FLQVWHD úL FRUHFWLWXGLQHD VSLULWXO GH GLVFLSOLQ GRULQ D GH DILUPDUH úL
FRQWLQX DXWRGHS úLUH VXQW FHULQ H FH UHYLQ VLVWHPXOXL HGXFD LRQDO vQ
DQVDPEOXO V X úL UHVSHFWLY HGXFD LHL IL]LFH úL VSRUWLYH vQ FDGUXO
RUJDQL]DWDOúFROLL
ÌQDFHVWDPSOXSURFHVXQUROKRW UkWRUUHYLQHSURIHVRUXOXL3ULQ
PXQFDúLFRPSRUWDUHDORUSURIHVRULLGHHGXFD LHIL]LF WUHEXLHV IDF
GRYDGD XQXL vQDOW VSLULW GH U VSXQGHUH úL SUHJ WLUH SURIHVLRQDO GH
SDVLXQHúLGHYRWDPHQWID GHPLVLXQHDFHOHHVWHvQFUHGLQ DW vQDPSOD
DF LXQHGHIRUPDUHúLHGXFDUHDWLQHUHORUJHQHUD LL
/HF LLOH FX JUXSHOH ÄRS LRQDOH´ úL ÄH[WUDFXUULFXODUH´ VH GHVI
úRDU VXE IRUPD OHF LLORU GH DQWUHQDPHQW úL DX GUHSW VFRS ILQDO FDSD
FLWDUHDHOHYLORUFXSULFHSHULúLGHSULQGHULVSHFLILFHMRFXOXLGHEDVFKHW
QHFHVDUHDFWLYLW LORUFRPSHWL LRQDOHODQLYHOXOúFROLLúLFDPSLRQDWHORU
úFRODUH

&HULQ D GH ED] D DFWLYLW LL VSRUWLYH OD QLYHOXO úFROLL HVWH DOF
WXLUHD HFKLSHL UHSUH]HQWDWLYH úFRODUH VHOHF LD HOHYLORU SHQWUX DFHDVW
DFWLYLWDWHFRPSHWL LRQDO


ÌQWUXFkW FRQGL LLOH GH VHOHF LH VXQW IRDUWH GLIHULWH úL SDUWLFXODUH
ILHF UHLúFROLVDXOLFHXFRQVLGHU PF XUP WRDUHOHFULWHULLVWDXODED]D
FHULQ HORUVHOHF LHLLQGLIHUHQWGHúFRDO
$VLJXUDUHDXQHLPHGLLULGLFDWHDVWDWXULLHFKLSHL
¾ MXF WRULGLQFRPSRQHQ DHFKLSHLYRUILIRDUWHvQDO LGLQWUH
DFHúWLDVHYRUVLWXDODQLYHOXOFHORUPDLvQDO LHOHYLGLQúFRDO
¾ MXF WRUL YRU IL VHOHF LRQD L SH FULWHULXO PRWULFLW LL JHQH
UDOHúLVSHFLILFHvQXUPDSUREHORUGHFRQWURO
ÌQFRPSRQHQ DHFKLSHLHVWHQHFHVDUV ILHFXSULQúL
¾ MXF WRUL FDUH V FRQVWLWXLH IRUPD LD GH ED] D UHSUH]HQWD
WLYHL
¾ MXF WRULGHSHUVSHFWLY FDUHLYRUvQORFXLSHFHLFDUHYRU
SOHFDDQXOXUP WRUvQDOWHúDORQDOEDVFKHWXOXLúFRODU
¾ 3HQWUX RFXSDUHD SRVWXULORU vQ FDGUXO HFKLSHL UHFRPDQG P
XUP WRDUHDRULHQWDUH
¾ MXF WRULSLYR LGLQWUHFDUHMXF WRULÄJLJDQ L´SHQWUXYkUVWD
UHVSHFWLY FDUH V SRDW MXFD vQ DSURSLHUHD FRúXOXL FX VDUFLQL GH
ILQDOL]DUHúLUHFXSHUDUH
¾ MXF WRULvQDO LFXPRELOLWDWHFDUHV GXEOH]HSHSULPLLGRLFX
VDUFLQLVSHFLILFHSRVWXOXLH[WUHP úLFHQWUX
¾ MXF WRUL H[WUHPH GLQWUH FDUH MXF WRUL FX GXEOX SURILO
H[WUHP ±FRO ±SLYRWVDXH[WUHP ±FRO FHQWUXEXQLUHFXSHUDWRUL
EXQL ILQDOL]DWRUL GH OD VHPLGLVWDQ úL GLVWDQ IRDUWH EXQL DS U WRUL
MXF WRULODLQWHUFHS LHFXSDUWLFLS ULSHFRQWUDDWDF
¾ MXF WRULIXQGDúLGLQWUHFDUH
i MXF WRUL FX MRF RIHQVLY EXQL DUXQF WRUL GH OD GLVWDQ úL
VHPLGLVWDQ DFWLYLSHFRQWUDDWDFIRDUWHEXQLDS U WRUL
i MXF WRUL FRRUGRQDWRUL FX UDSLGLWDWH VXSOH H FDUDFWHU
FULWLF vQ JkQGLUH FX IRDUWH EXQ PRWULFLWDWH vQGHRVHEL vQ GULEOLQJ
DJUHVLYLvQMRFXOGLQDS UDUH
6HOHF LD
3UH]HQW P PDL MRV WDEHOH FX GDWH DQWURSRPHWULFH RULHQWDWLYH
SHQWUX VHOHF LD HOHYLORU vQ HFKLSD UHSUH]HQWDWLY úFRODU GLQ
JLPQD]LX


7DEHOXOQU0 VXU WRULDQWURSRPHWULFHSHQWUXHOHYLLGHJLPQD]LX
RULHQWDWLYHvQVHOHF LH
&ODVD % LH L )HWH
6WDWXU *UHXWDWH 6WDWXU *UHXWDWH
D9D FP NJ FP NJ
D9,D FP NJ FP NJ
D9,,D FP NJ FP NJ
D9,,,D FP NJ FP NJ

7DEHOXOQU0RWULFLWDWHDHOHYLORUE LH L
SHQWUXVHOHF LDvQHFKLSDUHSUH]HQWDWLY
&ODVD 9LWH] 'HWHQW $EGRPHQ )ORW UL 5H]LVWHQ
P P
D9D V FP ¶´
D9,D V FP ¶´
D9,,D V FP ¶´
D9,,,D V FP ¶´

7DEHOXOQU0RWULFLWDWHDHOHYLORUIHWH
SHQWUXVHOHF LDvQHFKLSDUHSUH]HQWDWLY
&ODVD 9LWH] 'HWHQW $EGRPHQ )ORW UL 5H]LVWHQ
P P
D9D V FP ¶´
D9,D V FP ¶´
D9,,D V FP ¶´
D9,,,D V FP ¶´

0RGHOXOMRFXOXL
6H YD IRORVL FRQWUDDWDFXO GLQ RULFH VLWXD LH GH UHFXSHUDUH D
PLQJLLFDUHSHUPLWHUHDOL]DUHDGHS úLULLQXPHULFH[[úL[
úLDWDFXOUDSLGvQUHOD LLOH[[úL[
ÌQDWDFXORUJDQL]DWVHYDIRORVLDWDFXOFXXQMXF WRUFHQWUX
FX MXF WRU SLYRW VDX DWDFXO FX MXF WRU FHQWUX úL SLYRW vQ
IXQF LHGHFRPSRQHQ DHFKLSHL
2ELHFWLYHOHLQVWUXLULL
'H]YROWDUHD IL]LF DUPRQLRDV FRQFRPLWHQW FX GH]YROWDUHD
FDOLW LORUPRWULFHGHED]
ÌQY DUHDXQRUSURFHGHHWHKQLFHúLDF LXQLWHKQLFRWDFWLFHQRL
úLSHUIHF LRQDUHDFHORUvQVXúLWHDQWHULRU


$SURIXQGDUHDFXQRDúWHULLUHJXODPHQWXOXLGHMRF
ÌQVXúLUHD FXQRúWLQ HORU WHRUHWLFH OHJDWH GH VLVWHPHOH GH MRF
SHQWUXDWDFúLDS UDUHVWDELOLWHSHQWUXHFKLS
ÌQVXúLUHD FXQRúWLQ HORU OHJDWH GH UHDOL]DUHD vQF O]LULL SHQWUX
ÄDQWUHQDPHQW´úLMRF
ÌQVXúLUHDHOHPHQWHORUFDUDFWHULVWLFHDFWLYLW LLLQGHSHQGHQWHvQ
WLPSXOOLEHUvQVFRSXOvPEXQ W LULLSUHJ WLULLVSHFLILFH
5HDOL]DUHDOHJ WXULLSHUPDQHQWHFXIDPLOLD
&RQ LQXWXOLQVWUXLULL
$3UHJ WLUHDIL]LF
([HUFL LL SHQWUX GH]YROWDUH IL]LF DUPRQLRDV GLQ DWOHWLVP
JLPQDVWLF DFUREDWLF
¾ H[HUFL LLFXFDUDFWHUVHOHFWLYSHQWUXJUXSHúLODQ XULPXVFXODUH
¾ H[HUFL LL SHQWUX vQW ULUHD DUWLFXOD LLORU GHJHWHORU JOH]QHORU
SXPQLORUúLJHQXQFKLORU
¾ H[HUFL LLSHQWUXGH]YROWDUHDVLP XOXLHFKLOLEUXOXLúLDRULHQW ULL
VSD LRWHPSRUDOH
([HUFL LL SHQWUX GH]YROWDUHD YLWH]HL VXE WRDWH IRUPHOH GH
PDQLIHVWDUH
([HUFL LL SHQWUX GH]YROWDUHD vQGHPkQ ULL FX DFFHQW SH ULWP
DPSOLWXGLQHGLUHF LHGLVWDQ XQJKLDPELGH[WULHODWHUDOLWDWH
([HUFL LLSHQWUXGH]YROWDUHDIRU HL
¾ H[HUFL LLSHQWUXGH]YROWDUHDIRU HLH[SOR]LYHGHWHQWD)9
¾ H[HUFL LLFXvQJUHXLHULKDOWHUHPLFLJDQWHUHPLQJLPHGLFLQDOH
¾ H[HUFL LLFXJUHXW LPLFLvQUHJLPGHYLWH]
i SHQWUXEUD HSkQ ODGLQSXWHUHDPD[LP
i SHQWUXSLFLRDUHSkQ ODGLQSXWHUHDPD[LP
i H[HUFL LLGHFHGDUH±vQYLQJHUHGHVXVMRVVXVV ULWXUL
FXDWLQJHUHDSXQFWXOXLPD[LPV ULWXULODFRDUG H[HUFL LLFXGHVSULQGHUH
SHúLSLFLRDUHSHYHUWLFDO H[HUFL LLPL[WHL]RPHWULFHúLL]RWRQLFH
([HUFL LLSHQWUXGH]YROWDUHDUH]LVWHQ HL
¾ H[HUFL LL SHQWUX GH]YROWDUHD FDSDFLW LL DHUREH FX GXUDWD
PLQXWHFXSDX]HHJDOHFXHIRUWXOVDXPDLPLFL
¾ H[HUFL LLSHQWUXGH]YROWDUHDFDSDFLW LLDQDHUREH
¾ H[HUFL LL FX GXUDWD VHFXQGH SDX]H SkQ OD UHYHQLUHD
PDULORUIXQF LXQL)&
¾ H[HUFL LL VLPLODUH FX GXUDWD XQRU ID]H GH MRF PLQXWH FX
SDX] GHPLQXWHFXVHFYHQ HGHDWDFúLDS UDUHUHOD LDFRQWUD
FRQWUDSHWRWWHUHQXO


%3UHJ WLUHDWHKQLF
3HUIHF LRQDUHDSURFHGHHORUWHKQLFHIXQGDPHQWDOH
¾ GHDWDF
i DUXQFDUHDODFRúGHSHORFGLQGULEOLQJGLQDOHUJDUHúLGLQ
V ULWXU GULEOLQJXO vQ YLWH] VSHFLILF FRQWUDDWDFXOXL FX VFKLPE UL GH
GLUHF LH FX WUHFHUHD PLQJLL SULQ ID SH OD VSDWH SULQWUH SLFLRDUH FX
SLUXHW FXYDULD LLGHULWPSHQWUXUHDOL]DUHDGHS úLULL
i RSULUHDSLYRWDUHDúLSURWHF LDPLQJLL
i SULQGHUHDPLQJLLGLQGULEOLQJúLGLQSDV
i SDVHGLQGHSODVDUHFXXQDúLGRX PkLQL
¾ GHDS UDUH
i GHSODV ULOH vQ SR]L LH IXQGDPHQWDO VSHFLILFH MRFXOXL I U
PLQJH
i PDUFDMQRUPDOúLDJUHVLY
i VFRDWHUHDPLQJLLGLQGULEOLQJ
i ÄFDSDFXO´
ÌQY DUHDGHQRLSURFHGHH
¾ vQDWDF
i SDVDUHD GH OD ORFXO SULQGHULL PLQJLL SDVDUHD FX R PkQ GH
MRVGLQODWHUDOvQDSRLSHVWHXP USHODVSDWHGHSHORFúLGLQGHSODVDUH
i YROHLERODUHDPLQJLLFXGRX PkLQLGHSHORFúLGLQGHSODVDUH
FXWULPLWHUHDPLQJLLF WUHFRúVDXSDUWHQHU
i vQY DUHD SURFHGHHORU WHKQLFH VSHFLILFH SRVWXULORU SLYRW
H[WUHP IXQGDúRIHQVLYSLYRW±H[WUHP FHQWUXSLYRW±FHQWUX
¾ vQDS UDUH
i YROHLERODUHDFXGRX PkLQLXWLOL]DW ODDF LXQHDGHUHFXSHUDUH
&3UHJ WLUHDWDFWLF
3UHJ WLUHDDF LXQLORUWHKQLFRWDFWLFHGHDWDFúLDS UDUHvQY DWH
DQWHULRU
ÌQY DUHDGHDF LXQLWHKQLFRWDFWLFHQRL
¾ vQDWDF
i vQY DUHDEORFDMXOXLúLDLHúLULLGLQEORFDM
i vQY DUHDvQFUXFLú ULLVLPSOH
i vQY DUHDvQFUXFLú ULLGXEOHSHMXF WRUIL[FHQWUX
i vQY DUHD FRQWUDDWDFXOXL FX SULPD SDV OD LQWHUPHGLDU SH
PDUJLQHúLDGRXDSHFHQWUXWHUHQXOXL
i vQY DUHDVLVWHPXOXLGHDWDFFXMXF WRUFHQWUX
VDX


vQDS UDUH
¾
i vQY DUHDVFKLPE ULLGHDGYHUVDU
i vQY DUHDPDUFDMXOXLGXEOXFDSFDQDODMXF WRUXOFXPLQJH
i vQY DUHDPDUFDMXOXLvQLQIHULRULWDWHQXPHULF
i vQY DUHD EORFDMXOXL GHIHQVLY FROHFWLY úL UHDOL]DUHD WULXQ
JKLXOXLGHV ULWXU ODUHFXSHUDUH
i vQY DUHD VLVWHPXOXL GH DS UDUH DJUHVLY RP OD RP SH WRW
WHUHQXOFXPDUFDMODLQWHUFHS LHFXDJORPHUDUHVFKLPEDUHGHDGYHUVDU
úLPDUFDMGXEOX
ÌQWUHDJD DFWLYLWDWH GH SUHJ WLUH SH FDUH SURIHVRUXO R GHVI úRDU
FX HOHYLL VHOHF LRQD L vQ HFKLSD UHSUH]HQWDWLY úFRODU WUHEXLH V ILH
RULHQWDW F WUHDFWLYLWDWHDFRPSHWL LRQDO úFRODU
&RQGXFHUHD MRFXOXL GH SH PDUJLQH GH F WUH SURIHVRU WUHEXLH
FRQVLGHUDW FDRFRQWULEX LHvQVHPQDW vQDGDSWDUHDSODQXOXLWDFWLF
3UH]HQW PFkWHYDGLQWUHDVSHFWHOHFRQVWDQWHFHWUHEXLHV VWHDvQ
DWHQ LDSURIHVRUXOXLvQWLPSXOMRFXOXL
¾ GLQDPLFDHYROX LHLVFRUXOXLFRQFUHWL]DW SULQHILFLHQ DMRFXOXL
¾ DWDFXO úL UDQGDPHQWXO DFHVWXLD GH FH QX VH vQVFULX SXQFWH"
FLQHQXILQDOL]HD] "úLGHFH"
¾ DS UDUHDúLUDQGDPHQWXODFHVWHLD
¾ UDQGDPHQWXOLQGLYLGXDO
¾ SLHUGHUHD SRVHVLHL PLQJLL úL FDX]HOH FDUH R GHWHUPLQ SDVHOH
JUHúLWHFRQWUROXOVODE
¾ VO ELUHDSUHJ WLULLIL]LFHDHFKLSHLVDXDOLGHUXOXLDFHVWHLDSHQWUXD
VHVROLFLWDPLQXWGHvQWUHUXSHUHVDXVFKLPEDUHDMXF WRUXOXLRERVLW
¾ LQVWDELOLWDWHD SVLKRORJLF D XQRUD GLQWUH MXF WRUL FDUH SRDWH
LQIOXHQ DDVXSUDUDQGDPHQWXOXLHFKLSHL
5HFRPDQG P D VH FHUH PLQXW GH vQWUHUXSHUH RUL GH FkWH RUL
HFKLSDSRDWHILDMXWDW GHSURIHVRUúLDQXPH
¾ FkQGDGYHUVDUXODUHRVXLW GHFRúXULUHXúLWH
¾ FkQGHFKLSDSURSULHQXUHVSHFW WDFWLFDGHMRF
¾ FkQGVHLPSXQHVFKLPEDUHDWDFWLFLLGHMRF
¾ FkQGSURSULDHFKLS HVWHVXUSULQV GHULWPXOGHMRFLPSXVGH
DGYHUVDU
)LHFDUHMRFUHSUH]LQW RYHULILFDUHDPXQFLLGHSUHJ WLUHGHVI úXUDW
GHSURIHVRUFXHOHYLLV L$QDOL]DMRFXULORUGHVI úXUDWHUHSUH]LQW RSDUWH
LQWHJUDQW D SURFHVXOXL LQVWUXFWLYHGXFDWLY GHVI úXUDW úL GH DFHHD
SURIHVRUXO DUH REOLJD LDV LQ RHYLGHQ FkWPDLSUHFLV DFRPSRUW ULL
HOHYLORUV LvQFDGUXOWXWXURUMRFXULORUVXV LQXWHGHHFKLSDúFROLL


&203(7, ,,/('(%$6&+(7

2UJDQL]DUHDFRPSHWL LLORUGHEDVFKHW
6LVWHPXOGHRUJDQL]DUHúLGHVI úXUDUHDFRPSHWL LLORUGHEDVFKHW
GLQ DUD QRDVWU DUH XQ SURIXQG FDUDFWHU GLQDPLF ILLQGvQGUHSWDWVSUH
FXSULQGHUHDXQRUPDVHFkWPDLODUJLGHWLQHULvQSUDFWLFDUHDUHJXODW D
DFHVWXL MRF VSRUWLY VWLPXOkQG LQL LDWLYD FUHDWRDUH D SURIHVRULORU GH
HGXFD LHIL]LF DDQWUHQRULORUúLVSRUWLYLORU
&RPSHWL LLOH VSRUWLYH GHVI úXUDWH OD GLIHULWH QLYHOXUL SRW IL
RUJDQL]DWHVXEGRX IRUPHDPLFDOHúLRILFLDOH
&RPSHWL LLOHDPLFDOHVXQWGHPDLPXOWHIHOXUL
¾ FRPSHWL LLGHDQWUHQDPHQW
¾ FRPSHWL LLGHYHULILFDUH
¾ FRPSHWL LLGHVHOHF LHMRFXULGHWULDO
¾ FRPSHWL LLGHPRQVWUDWLYH
&RPSHWL LLOHRILFLDOHOHPDLvQWkOQLPúLVXEGHQXPLUHDGHFDPSLR
QDWHúLDXXUP WRDUHOHIRUPH
¾ FDPSLRQDWHSHFDWHJRULL
¾ FDPSLRQDWHGHFDOLILFDUH
¾ FDPSLRQDWHFXFDUDFWHUGHFXS
¾ FDPSLRQDWHFXKDQGLFDS
&RPSHWL LLOH FX KDQGLFDS VH RUJDQL]HD] DWXQFL FkQG HFKLSHOH
SDUWLFLSDQWH SUH]LQW YDORUL GLIHULWH 3HQWUX HFKLOLEUDUHD IRU HORU HFKL
SHORUSDUWLFLSDQWHúLSHQWUXUHXúLWDFRPSHWL LLORUVHDFRUG XQQXP UGH
SXQFWHFRúXULvQSOXVHFKLSHORUPDLSX LQYDORURDVH
2ULFH IRUP GH FRPSHWL LH VDX FDPSLRQDW VH SRDWH GHVI úXUD
GXS GRX VLVWHPHGHGLVSXWDUHHOLPLQDWRULXúLWXUQHX
),%$ úL IHGHUD LLOH QD LRQDOH DOH FHORU SHVWH GH UL DILOLDWH
RUJDQL]HD] FRPSHWL LLFXFDUDFWHURILFLDOODQLYHOQD LRQDOúLLQWHUQD LRQDO
%DVFKHWXO HVWH SUH]HQW OD FHO PDL vQDOW QLYHO FRPSHWL LRQDO
-RFXULOH2OLPSLFH6XQWRUJDQL]DWHGHDVHPHQHDDWkWODPDVFXOLQFkW
úLODIHPLQLQ&DPSLRQDWH0RQGLDOH(XURSHQH


ÌQDOHJHUHDVLVWHPXOXLGHGLVSXWDUHWUHEXLHV VH LQ VHDPDGH
¾ QXP UXOHFKLSHORUSDUWLFLSDQWH
¾ QLYHOXOGHSUHJ WLUHDOHFKLSHORU
¾ ORFXOGHGHVI úXUDUH
¾ WLPSXODORFDWFRPSHWL LHL
¾ U VSkQGLUHDWHULWRULDO
3HOkQJ FHOHGRX VLVWHPHVXVQXPLWHVHPDLSUDFWLF úLVLVWHPXO
PL[W YDULDQW FH IRORVHúWH DPEHOH VLVWHPH HOLPLQDWRULX úL WXUQHX 6H
IRORVHúWHFkQGSDUWLFLS XQQXP UIRDUWHPDUHGHHFKLSHU VSkQGLWHSH
]RQHJHRJUDILFHvQGHS UWDWH
6LVWHPXOSOD\RIIUHSUH]LQW FHDPDLPRGHUQ IRUP GHGHVI úXUDUH
DXQHLILQDOHGHFRPSHWL LHLQGLIHUHQWGHVLVWHPXODGRSWDWGHFDOLILFDUHD
HFKLSHORUvQID]DDQWHULRDU
2ULFH FRPSHWL LH VSRUWLY WUHEXLH V VH RUJDQL]H]H vQ ED]D XQXL
UHJXODPHQWFDUHSUHFL]HD] FRQGL LLOHGHGHVI úXUDUH5HJXODPHQWXOGH
GHVI úXUDUHWUHEXLHV FXSULQG
¾ 7LWOXOFRPSHWL LHL
¾ 6FRSXO
¾ &LQHFRQGXFHúLRUJDQL]HD] GLUHFWRUXOFRPSHWL LHLFRPSRQHQ D
FRPLVLHL WHKQLFH FRPLVLD GH SURSDJDQG FRPLVLD GH YDOLGDUH D SDUWLFL
SDQ LORUFRPLVLDPHGLFDO úLDGPLQLVWUDWLY
¾ 'DWDúLORFXOGHVI úXU ULL
¾ 3URJUDPXOFRPSHWL LHL
¾ 3DUWLFLSDQ LLWHUPHQXOGHvQVFULHUHúLFRQGL LLOHGHSDUWLFLSDUH
¾ &RQGL LLOHGHVWDELOLUHDUH]XOWDWHORUúLSUHPLLOH
1R LXQLGHUHJXODPHQW
0LQJHDGHEDVFKHWWUHEXLHV ILHVIHULF DOF WXLW GLQWURDQYHORS
GH SLHOH FDXFLXF VDX PDWHULDO VLQWHWLF GH FXORDUH SRUWRFDOLH $UH
FLUFXPIHULQ DGHFHQWLPHWULúLRJUHXWDWHGHJUDPH
¾
5HJXODSDúLORU
Ä3DúL´ VDX DYDQVDUHD FX PLQJHD vQ LQWHULRUXO WHUHQXOXL GH MRF
HVWH PLúFDUHD SLFLRDUHORU vQ RULFH GLUHF LH vQ WLPS FH PLQJHD HVWH
LQXW vQPkQ SULQULGLFDUHDGHSHVRODSLFLRUXOXLSLYRWDVHYHGHDFH
HVWH SLYRWDUHD Ä3DúLL´ VH VDQF LRQHD] FX SLHUGHUHD SRVHVLHL PLQJLL
FDUH UHYLQH DGYHUVDUXOXL úL R UHSXQH vQ MRF GLQD DIDUD WHUHQXOXL GH OD
ORFXOLQIUDF LXQLL


¾ 5HJXODGULEOLQJXOXL
8Q GULEOLQJ vQFHSH vQ PRPHQWXO FkQG XQ MXF WRU DUH FRQWUROXO
PLQJLL úL R DUXQF R ORYHúWH VDX R URVWRJROHúWH SH VRO GXS FDUH R
UHDWLQJHGLQQRXvQDLQWHFDHDV ILHDWLQV GHDOWMXF WRU
8Q GULEOLQJ VH WHUPLQ vQ PRPHQWXO vQ FDUH XQ MXF WRU DWLQJH
VLPXOWDQPLQJHDFXDPEHOHPkLQLVDXFkQGUH LQHPLQJHDFXXQDVDX
FXDPEHOHPkLQL'XEOXGULEOLQJVHVDQF LRQHD] FXSLHUGHUHDSRVHVLHL
PLQJLLFDUHHVWHUHSXV vQMRFGHHFKLSDDGYHUV GHODORFXOLQIUDF LXQLL
GLQDIDUDWHUHQXOXL
¾ 5HJXODFHORUVHFXQGH
'DF RHFKLS DUHFRQWUROXOPLQJLLSHWHUHQúLFURQRPHWUXOHVWH
vQIXQF LXQHXQMXF WRUDODFHOHLHFKLSHQXSRDWHU PkQHSHQWUXPDL
PXOW GH VHFXQGH FRQVHFXWLYH vQ ]RQD GH UHVWULF LH DGYHUV 'DF
HFKLSD HVWH VDQF LRQDW FX Ä VHFXQGH´ SLHUGH SRVHVLD PLQJLL LDU
MRFXOVHUHLDLGHQWLFODFHOHGRX LQIUDF LXQLGLQDLQWHSUH]HQWDWH
*UHúHDODSHUVRQDO IDFHSDUWHGLQLQIUDF LXQLOHVDQF LRQDWHSULQ
UHJXODPHQW HVWH LQWHU]LV RULF UXL MXF WRU GH D SURYRFD FRQWDFWH
SHUVRQDOH vQ WLPSXO MRFXOXL $UELWULL VXQW FHL FDUH GHFLG FkQG VD
SURGXV LQIUDF LXQHD (FKLSD OH]DW YD UHSXQH PLQJHD vQ MRF GLQ DIDUD
WHUHQXOXLGHODOLQLDFHDPDLDSURSLDW ORFXOXLXQGHVDFRPLVJUHúHDOD
7HUHQXOGHMRFúLLQVWDOD LLOH

'LPHQVLXQLOHWHUHQXOXLGHEDVFKHW


'LPHQVLXQLOHVXSUDIH HORUGHDUXQF ULOLEHUH

'LPHQVLXQLOHSDQRXULORUGHEDVFKHW


'LPHQVLXQLOHFRúXOXLGHEDVFKHW


%,%/,2*5$),(

$OEXOHVFX 9DOHQWLQ %DVFKHW 0LF HQFLFORSHGLH (GLWXUD 6SRUW ±
7XULVP%XFXUHúWL
$QGHUVRQ%RE/HVWUHWFKLQJ(G6RODU3DULV
&ROLEDED 'XPLWUX(YXOH %RWD ,RDQ -RFXUL VSRUWLYH 7HRULH úL
PHWRGLF (GLWXUD$OGLQ%XFXUHúWL
'UDJQHD $GULDQ %RWD $XUD 7HRULD DFWLYLW LORU PRWULFH (GLWXUD
'LGDFWLF úL3HGDJRJLF 5$%XFXUHúWL
'U JDQ ,RQ (UJRIL]LRORJLH 'LULMDUHD PHGLFDO D DQWUHQDPHQWXOXL
(GLWXUD8QLYHUVLWDWHD(FRORJLF %XFXUHúWL
'kUMDQ &RQVWDQWLQ %DVFKHW 0HWRGLFD LQVWUXLULL MXQLRULORU (GLWXUD
)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWL
(SXUDQ 0LKDL +RUJKLGDQ 9DOHQWLQD 3VLKRORJLD HGXFD LHL IL]LFH
$1()6%XFXUHúWL
*KHRUJKH 'DQLHO 7HRULD DQWUHQDPHQWXOXL VSRUWLY (GLWXUD )XQGD LHL
5RPkQLDGH0kLQH%XFXUHúWL
+ULúF $ULVWHLD 3UHGHVFX 7HRGRUD 'kUMDQ &RQVWDQWLQ %DVFKHW OD
FRSLLúLMXQLRUL(GLWXUD6SRUW±7XULVP%XFXUHúWL
0DQQR5HQDWR/HVEDVHVGH/¶HQWUDvQHPHQWVSRUWLI(GLWLRQ5HYXH(36
3DULVWUDGXFHUHvQ6'315&&36%XFXUHúWL
0LOHD 1LFRODH 6WXGLX H[SHULPHQWDO SULYLQG vPEXQ W LUHD FDSDFLW LL
PRWULFHDHOHYLORUSULQIRORVLUHDPHWRGHORUGHLQVWUXLUHGLQMRFXULOH
VSRUWLYH vQ OHF LD GH HGXFD LH IL]LF 7H] GH GRFWRUDW %XFXUHúWL

0RDQ $OLQD 'DQLHOD 3UHJ WLUHD IL]LF vQ MRFXO GH EDVFKHW (GLWXUD
352%XFXUHúWL
1HJXOHVFX &RUQHOLX %DVFKHW %D]H JHQHUDOH DOH WHRULHL úL SUDFWLFLL
MRFXOXL(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWL
1HJXOHVFX &RUQHOLX %DVFKHW %D]H WHRUHWLFH úL PHWRGLFH vQ SUDFWLFD
MRFXOXL GH SHUIRUPDQ (GLWXUD )XQGD LHL 5RPkQLD GH 0kLQH
%XFXUHúWL


3RSHVFX)ORUHQWLQD0HWRGRORJLDvQY ULLWHKQLFLLMRFXULORUVSRUWLYH
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWL
3RSHVFX )ORUHQWLQD %DVFKHWXO vQ úFRDO (GLWXUD )XQGD LHL 5RPkQLD
GH0kLQH%XFXUHúWL
3RSHVFX )ORUHQWLQD 3UHJ WLUHD IL]LF vQ MRFXULOH VSRUWLYH (GLWXUD
3UHGHVFX7HRGRUD%DVFKHW&XUVGHED] 0(1$1()6%XFXUHúWL

3UHGHVFX7HRGRUD*KL HVFX*DEULHO%DVFKHW3UHJ WLUHDHFKLSHORUGH
SHUIRUPDQ (GLWXUD6HPQH%XFXUHúWL
7HRGRUHVFX/HRQ3UREOHPHGHWHRULHúLPHWRGLF vQMRFXULOHVSRUWLYH
(GLWXUD6SRUW7XULVP%XFXUHúWL
7HRGRUHVFX/3UHGHVFX79DVLOHVFX/%DVFKHW(GLWXUD6SRUW7XULVP
%XFXUHúWL
7RGHD6HSWLPLX)ORULDQ0HWRGLFDHGXFD LHLIL]LFHúLVSRUWLYH(GLWXUD
7RGHD6HSWLPLX)ORULDQ-RFXULGHPLúFDUH(GLWXUD)XQGD LHL5RPkQLD
GH0kLQH%XFXUHúWL
9DVLOHVFX/XFLDQ&XUVGHVSHFLDOL]DUH(GLWXUD)XQGD LHL5RPkQLDGH
0kLQH%XFXUHúWL


Florentina Popescu (Curs de Baza - Baschet)

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Florentina Popescu (Curs de Baza - Baschet)

Încărcat de

Drepturi de autor:

Formate disponibile

)/25(17,1$323(6&8

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

'LVFLSOLQ GHvQY PkQW

Universitatea SPIRU HARET

$SDUL LDúLHYROX LDMRFXOXLGHEDVFKHW

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

Universitatea SPIRU HARET

'LVFLSOLQ GHvQY PkQW

$SDUL LDúLHYROX LDMRFXOXLGHEDVFKHW