&DSLWROXO




32/,7,&$'(',675,%8

,(




2ELHFWLYH


'HILQLUHDFRQFHSWXOXLGLVWULEX LHL

&XQRDWHUHDRS LXQLORUVWUDWHJLFHvQGRPHQLXOGLVWULEX LHL

,GHQWLILFDUHDSROLORUGHLQWHUHVGLQGRPHQLXOGLVWULEX LHL

'HILQLUHDLFDUDFWHUL]DUHDFDQDOHORUGHGLVWULEX LH




&21&(378/'(',675,%8

,(&$7(*25,,63(&,),&(5(3(5(

,6725,&(

&RQFHSWXO GH GLVWULEX LH D P UIXULORU  VHUYLFLLORU SULQ ORFXO L UROXO SH FDUH vO RFXS  vQ VIHUD
UHSURGXF LHL VRFLDOH DSDU LQH FHOHL GHD WUHLD ID]H D UHSURGXF LHL L DQXPH VFKLPEXOXL ID]HOH
UHSURGXF LHL VRFLDOH ILLQG SURGXF LD UHSDUWL LD VFKLPEXO L FRQVXPXO 'LVWULEX LD SURGXVHORU 
VHUYLFLLORU DFRSHU  DQVDPEOXO RSHUD LLORU SULQ FDUH XQ EXQ  VHUYLFLX FH LHVH GLQ VIHUD GH IDEULFD LH
HVWHSXVODGLVSR]L LDFRQVXPDWRUXOXLVDXXWLOL]DWRUXOXL
Q GRPHQLXO GLVWULEX LHL P UIXULORU L VHUYLFLLORU DYkQG vQ YHGHUH LPSRUWDQ D GLYHUVHORU
DFWLYLW

L OHJDWH vQ SULQFLSDO GH WUDQVIHUXO EXQXULORU  VHUYLFLLORU GLQ VIHUD SURGXF LHL vQ VIHUD

FRQVXPXOXLDDS UXWRPDUHGLYHUVLWDWHGHFRQFHSWH
Q WHRULD HFRQRPLF  FD L vQ SUDFWLF  QR LXQLOH GH FLUFXLW GHGLVWULEX LHLFDQDOGHGLVWULEX LH
VXQW DGHVHD FRQIXQGDWH 6H FRQVLGHU  F  QR LXQHD GH FLUFXLW HVWH PDLYDVW GHFkWQR LXQHDGHFDQDO
SH FDUH R vQJOREHD]  8Q FDQDO GH GLVWULEX LH HVWH XQ DQVDPEOX GH DJHQ L GH GLVWULEX LH FH SRVHG 
FDUDFWHULVWLFL MXULGLFH L FRPHUFLDOH FRPXQH HQJURVLWL GHWDLOLWL FRPLVLRQDUL VXFXUVDOH VRFLHW
GHYkQ]DUHSULQFRUHVSRQGHQ

L

FHQWUDOHGHFXPS UDUH8QFLUFXLWGHGLVWULEX LHHVWHXQDQVDPEOX

GH FDQDOH XWLOL]DWH SHQWUX GLVWULEXLUHD XQHL FDWHJRULL GH SURGXVH ELQH GHILQLWH GH OD SURGXF WRU 
LPSRUWDWRUODFRQVXPDWRUXOXWLOL]DWRUXOILQDO
2 UH HD GH GLVWULEX LH SRDWH IL GHILQLW  FD XQ DQVDPEOX GH SHUVRDQH IL]LFH VDX MXULGLFH FDUH
FRQWULEXLH OD YkQ]DUHD XQXL SURGXV )LOLDOD HVWH XQ VLVWHP HFRQRPLF FDUH DFRSHU  WRDWH FDQDOHOH GH
GLVWULEX LH XWLOL]DWH GH DQVDPEOXO SURGXF WRULORU  GLVWULEXLWRULORU FDUH FRPHUFLDOL]HD]  DFHHDL
IDPLOLHGHSURGXVHSHRSLD

GHFRQVXPGDW 

$VXSUD GLPHQVLXQLL GLVWULEX LHL SURGXVHORU  VHUYLFLLORU DF LRQHD]  R VHULH GLYHUV  GH IDFWRUL
XQLLFXDF LXQHIDYRUDELO DO LLFXLQIOXHQ

QHIDYRUDELO 3URILOXOXQXLFDQDOGHGLVWULEX LHQXSRDWH

IL DFHODL vQ FRQGL LLOH vQ FDUH SLD D HVWH vQ FRQWLQX  PLFDUH FDQDOXO GH GLVWULEX LH QX SRDWH
UHSUH]HQWD XQ VFRS vQ VLQH FL XQ PLMORF GH DVLJXUDUH D YkQ] ULL RSWLPH D SURGXVHORU  VHUYLFLLORU
UHDOL]DWH GH R ILUP  3UDFWLFD  HFRQRPLF  D SURGXF LHL L GLVWULEX LHL EXQXULORU  VHUYLFLLORU
HYLGHQ LD]  IDSWXO F  GLPHQVLXQHD  SURILOXO FLUFXLWHORU L FDQDOHORU GH GLVWULEX LH QX SRDWH U PkQH
LPRELO QWUHSROLWLFDGHSURGXVSROLWLFDGHSUH LSROLWLFDGHGLVWULEX LHH[LV RVWUkQV OHJ WXU 
D vQ ID]D GH ODQVDUH SH SLD

 GDF  HVWH YRUED GH XQ SURGXV GH WHKQLFLWDWH ULGLFDW  SURGXV

DQRUPDOILUPDSRDWHRSWDSHQWUXRGLVWULEX LHVHOHFWLY GLPSRWULY GDF HVWHYRUEDGHXQSURGXV

EDQDO FHUHUH FXUHQW  ILUPD SRDWH DSHOD OD R DOW  IRUP  GH GLVWULEX LH GHVFKLV   GH PDV  'DF 
SURGXVXO HVWH QRX SH R SLD

 vQ FDUH FRQFXUHQ D QX DUH XQ URO LPSRUWDQW vQF  vQ SHUVSHFWLYD XQHL

EXQH SR]L LRQ UL D SURGXVXOXL ILUPD SRDWH RSWD SHQWUX VWUDWHJLD GH VPkQWkQLUH D SLH HL
GLVWULEXLQGXOODXQSUH vQDOWLvQWURPDQLHU VHOHFWLY FKLDUH[FOXVLY 

E GDF  SURGXVXO HVWH vQ ID]D GH FUHWHUH SH SLD

 vQ FD]XO XQXL SURGXV EDQDO ILUPD SRDWH

DSHOD OD R SROLWLF  GH GLVWULEX LH GLYHUVLILFDW  GH PDV  DYkQG vQ YHGHUH IHQRPHQXO GH LQILGHOLWDWH
GHPDUF FDUHVHPDQLIHVW SHSLD



F vQ ID]D GH PDWXULWDWH vQ FDUH SURGXVHOH VDX LQVWDODW ELQH SH SLD

 WUHEXLH V  VH SURFHGH]H

FXDWHQ LHHVWHXRUV DIO PGDF XQSURGXVHVWHvQID]DGHODQVDUHVDXFUHWHUHGDUGHVWXOGHJUHX

V VWDELOLPFkWGXUHD] FUHWHUHDDOWIHOVSXVFkQGvQFHSHID]DGHPDWXULWDWHSHSLD
1XWUHEXLHSLHUGXWGLQYHGHUHF SHSLD



DF LRQHD] SURGXF WRULGLYHULDIOD LvQFRQFXUHQ



LPSRUWDWRUL FX LQWHUHVH RSXVH SUHVFULSWRUL GLVWULEXLWRUL  JURVLWL L GHWDLOLWL H[LVW  GHFL XQ HFUDQ
GHVWXOGHGHQVvQWUHSURGXF WRULXWLOL]DWRULLSURGXVXOXLV X3URGXF WRUXOWUHEXLHV FXQRDVF H[DFW
VWDUHD ELQRPXOXL SURGXV  SLD

 LQW  SHQWUX D IL vQ P VXU  V  LD R GHFL]LH SURPSW  UHDOLVW  L

HILFDFH ODQVHD]  SURGXVXO SH R DOW  SLD

 LQW  UHSURLHFWHD]  SURGXVXO GH]YROW  XQ SURGXV QRX

vQORFXLWRUDOFHOXLYHFKLFHXUPHD] DILUHWUDVGHSHSLD

HWF

&HOH SUH]HQWDWH IDF LQGXELWDELO GRYDGD IDSWXOXL F  SROLWLFD GH GLVWULEX LH  FD PRPHQW DO
DGHY UXOXL FRQIUXQW ULL SURGXVXOXL FX SLD D  UHSUH]LQW  R FRPSRQHQW  HVHQ LDO  D PDUNHWLQJXOXL
PL[DOILUPHL
1X WUHEXLH V  RPLWHP IDSWXO F  GLIHUL LL RSHUDWRUL HFRQRPLFL SDUWLFLSDQ L OD SURFHVXO GH
GLVWULEX LH D SURGXVHORU  VHUYLFLLORU QX DX vQWRWGHDXQD LQWHUHVH FRPXQH 'LPSRWULY  DX L LQWHUHVH
SURSULL SDUWLFXODUH SULQ XUPDUH FRQIOLFWHOH VXQW LQHUHQWH ILHFDUH GRUHWH V  RE LQ  PD[LPXO GH
SURILWPDUMDGHSURILWPD[LPSHFDUHvOSRDWHVXSRUWDSLD DFRQVXPDWRUXOVHvPSDUWHvQWUHPHPEULL
FDQDOXOXLGHGLVWULEX LH
QYHGHUHDHYLW ULLDSDUL LHLGHFRQIOLFWHSDUWLFLSDQ LLODSURFHVXOGHGLVWULEX LHSRWRSWDSHQWUX
GLYHUVHVROX LL
D vQ HOHJHUHD  FRRSHUDUHD SH ED]D XQRU FRQWUDFWH ELQH FRQFHSXWH GLQ FKLDU PRPHQWXO
SURLHFW ULLFDQDOHORUGHGLVWULEX LH
E SURGXF WRUXO WUHEXLH V  QX FDG  vQ FDSFDQD LOX]LHL GH D IL IXUQL]RUXO XQRU PDUL
GLVWULEXLWRUL HO ULVF  V VL SLDUG  OLEHUWDWHD GH SLD

 GDF  DFFHSW  FD XQ QXP U PLF GH LQWHUPHGLDUL

V L DFKL]L LRQH]H vQ WRWDOLWDWH SURGXF LD UHDOL]DW  DVWIHO GH FRQWUDFWH GH YkQ]DUH GH H[FOXVLYLWDWH
vQFKHLDWH GH XQ SURGXF WRU FX XQ HQJURVLVW vO IDF GHSHQGHQW SH SURGXF WRU FHHD FH ODU SXWHD SXQH
vQWURSR]L LHGHLQIHULRULWDWHSHSLD



F SURGXF WRUXO SHQWUX D IL OHDGHUXO FDQDOXOXL GH GLVWULEX LH SRDWH WUHEXLH V  GLVSXQH GH
PDJD]LQH SXQFWH GH YkQ]DUH SURSULL SUDFWLFkQG SH OkQJ  YkQ]DUHD F WUH HQJURVLWL  GHWDLOLWL L
YkQ]DUHDGLUHFW F WUHFRQVXPDWRUL
G SHQWUX SUHYHQLUHD FDX]HORU GH FRQIOLFW SURGXF WRUXO SRDWH FRQFHSH R JDP  GH SURGXVH
VSHFLDOUH]HUYDWHSHQWUXILHFDUHIHOGHGLVWULEX LHQDFHVWPRGDSURFHGDW&RFD&RODVWLFOHOHPLFL
SHQWUX EDUXUL VWLFOHOH PLMORFLL L PDUL    O SHQWUX PDJD]LQHOH GH SUR[LPLWDWH FDUWRDQHOH FX
 VWLFOH SHQWUX KLSHUPDJD]LQH FXWLLOH PHWDOLFH SHQWUX PDQLIHVWD LL VSRUWLYH SHQWUX WUDVHHOH
DHULHQH
'LIHULWHOHSROLWLFLGHGLVWULEX LHDOHSURGXVHORUDFWXDOHQRLLQFOXVLYFRPELQD LLOHFXSROLWLFLOH
GHSURPRYDUHDXFRQGXVODQRLWLSXULVWUDWHJLFHGHGLVWULEX LH
Q FHOH FH XUPHD]  YRP SUH]HQWD FkWHYD QXPH LOXVWUH FDUH VH DIO  OD RULJLQHD FHORU PDL PXOWH
FRQFHSWHDOHGLVWULEX LHLPRGHUQH$VWIHO
 $ULVWLGH %RXFLFTXW )UDQ D    HVWH FRQVLGHUDW D IL LQYHQWDWRUXO vQ  DO
IRUPXOHL PDUHOXL PDJD]LQ RUJDQL]DW SH ED]D XUP WRDUHORU SULQFLSLL UHGXFHUHDPDUMHLFRPHUFLDOH
OD  DGRSWDUHD VLVWHPXOXL SUH XULORU DILDWH SUDFWLFDUHD XQXL IHO GH GUHSW OD HURDUH vQORFXLUHD
SURGXVXOXLFOLHQWHOHLOLEHUDLQWUDUHSUDFWLFDYkQ] ULORUSURPR LRQDOHGLYHUVLILFDUHDDVRUWLPHQWXOXL
SXQHUHDODSXQFWDXQXLVHUYLFLXGHOLYUDUHODGRPLFLOLXSXQHUHDODSXQFWDXQHLSROLWLFLGHSHUVRQDO
VWLPXODWLYH
 )UDQFN : :RROZRUWK 86$ LQYHQWDWRUXO PDJD]LQXOXL SRSXODU  (O REVHUY 
LPSRUWDQ DFRQWDFWXOXLGLUHFWFOLHQWSURGXVGUHSWSHQWUXFDUHvQGHVFKLGHXQERXWLTXH)LYH
 7HQ SURSXQkQG DUWLFROH FXUHQWH OD GRX  SUH XUL VF ]XWH  L  FHQ L IRUPXOD PDJD]LQXOXL FX
SUH XULXQLFHHVWHODRULJLQHDFRQFHSWXOXLGHPDJD]LQSRSXODU
0DULOHSULQFLSLLDOHIRUPXOHLPDJD]LQXOXLSRSXODUFRQIRUPLQL LDWRUXOXLVXQW

DPSODVDUHDPDJD]LQHORUSRSXODUHvQDUWHUHOHFHOHPDLDQLPDWHDOHRUDXOXL
DFKL]L LRQDUHDSURGXVHORUGLUHFWGHODIDEULFDQW
RIHULUHDXQHLPDULYDULHW

LGHDUWLFROHFRQVXPDWRULORU

OLPLWDUHDDVRUWLPHQWXOXLODSURGXVHOHGHPDUHFRQVXPYkQ]DUHDODSUH XQLF
 &ODUHQFH 6DXQGHUV 86$ LQYHQWDWRUXO vQ  DO SULPXOXL GHSR]LW GH JURV FX
IXQF LRQDUH SULQ DXWRVHUYLUH Q  GHVFKLGH SULPXO PDJD]LQ HQ GHWDLO FX IXQF LRQDUH SULQ
DXWRVHUYLUH&DUHSUH]HQWDQWDOXQXLJURVLVWHOFRQVWDW F GRX VXQWJUHHOLOHIDOLPHQWDUHFKHOWXLHOL
JHQHUDOH SUHD PDUL L YkQ] ULOH SH FUHGLW 3OHFkQG GH OD DFHVWH FRQVWDW UL RUJDQL]HD]  R QRX 
IRUPXO GHGHSR]LWWLSFDVKDQGFDUU\
 0LFKDHO &XOOHQ 86$ HVWH LQYHQWDWRUXO IRUPXOHL VXSHUPDJD]LQ vQ DQXO   3ULPXO
V X PDJD]LQ .LQJ &XOOHQ HUD XQ GLVFRXQW KRXVH  PLQLPDJD]LQ FX YkQ] UL HQ GHWDLO FDUH
SUDFWLF YkQ]DUHDJHQHUDOL]DW FXPDUMHUHGXVH
3ULQFLSLLOHGHED] DOHIRUPXOHLVXSHUPDJD]LQFRQIRUPOXL&XOOHQVXQW
LQVWDODUHDPDJD]LQXOXLvQLQFLQWDVWU ]LORUFRPHUFLDOH
UHGXFHUHDLQYHVWL LLORUODPD[LPXP
OLPLWDUHDODPLQLPXPDFKHOWXLHOLORUJHQHUDOH
RUJDQL]DUHDXQHLPDVLYHSXEOLFLW

LDVXSUDDUWLFROHORUVFXPSH

'RQ &DVWR 86$HVWHLQYHQWDWRUXOIRUPXOHLFHQWUXOFRPHUFLDOGHSHULIHULHvQ(O

D SOHFDW GH OD GXEOD FRQVWDWDUH vQ 86$ GHSODVDUHD VH IDFH FX DXWRPRELOXO HVWH GHFL QHFHVDU FD
PDJD]LQXOV GLVSXQ GHORFXULGHSDUFDUHLDURDPHQLLDXRELFHLXOV LDV vQDIDUDRUDHORU
 $QGUH (VVHO 0D[ 7KHUHW )UDQ D IRQGDWRULL )1$&IHGHUD LD QD LRQDO  D FDGUHORU
VSHFLDOL]DWH vQ YkQ] UL  FXPS U UL vQ  (VWH YRUED GH IHGHUD LD FRPHUFLDQ LORU VSHFLDOL]D L vQ
YkQ]DUHD IRWRJUDILLORU OD R YDORDUH FX  PDL PLF  Q  )1$& ODQVHD]  vQ SUHPLHU 
PRQGLDO  )1$& (FRQWH IRUP  GH FRPHUFLDOL]DUH SULQ WHOHIRQ D GLVFXULORU vQ DFHODL DQ D ODQVDW
SULPDED] GHGDWHFXGLVFXULFRPSDFWHFRPHUFLDOL]DWHSULQ0LQLWHO
 0DUFHO )RXUQLHU )UDQ D LQYHQWDWRUXO IRUPXOHL KLSHUPDJD]LQXOXL Q  vPSUHXQ  FX
'HQLV L -DFTXV 'HIIRUH\ D IRQGDW &DUUHIRXU ELQHFXQRVFXW  VRFLHWDWH FRPHUFLDO  QX QXPDL vQ
)UDQ DGDULvQSODQLQWHUQD LRQDOPDUF GHGLVWULEXLWRUODQ GHPDJD]LQHvQ(XURSDL86$



(/(0(17('(0$1$*(0(17,0$5.(7,1*35,9,1'381&78/'(
91=$5(

0DQDJHPHQWXOODQLYHOXOGLVWULEX LHLP UIXULORUVHUYLFLLORUDUSXWHDILDQDOL]DWODWUHLQLYHOXUL
 PDFURPDUNHWLQJXO FDUH DUH XUP WRDUHOH RELHFWLYH VWUDWHJLFH SULQFLSDOH DOHJHUHD IRUPHORU
GH PLFDUH D P UIXULORU RSWLPL]DUHD SURLHFW ULL FLUFXLWHORU L FDQDOHORU GH GLVWULEX LH DVLJXUDUHD
SROLWLFLORU GH GLVWULEX LH DGHFYDWH GLIHULWHORU FXSOXUL SURGXV  SLD
GLVWULEX LHvQFRQVRQDQ

FXFLFOXOGHYLD

 FRRUGRQDUHD VWUDWHJLHL GH

DOSURGXVXOXLHFKLOLEUXOPL[XOXLGHPDUNHWLQJ

 PH]RPDUNHWLQJXO FDUH vL SURSXQH RSWLPL]DUHD SROLWLFLORU GH GLVWULEX LH OD QLYHOXO
RSHUDWRULORU



ILUPHORU

PHPEULL

DL

GLIHULWHORU

FDQDOH

GH

GLVWULEX LH

VDX

FDUH DF LRQHD] 

LQGHSHQGHQW
 PLFURPDUNHWLQJXO FDUH VH D[HD]  SH DF LXQLOH  RSHUD LXQLOH UHDOL]DWH OD QLYHOXO SXQFWXOXL
GHYkQ]DUHPDJD]LQHORU
3XQFWXOGHYkQ]DUHvQVHQVXOFHOPDLVLQWHWLFSRDWHILGHILQLWFDORFXOGHvQWkOQLUHDOFOLHQWXOXL
FX SURGXVXO  VHUYLFLXO PDWHULDO FX VDX I U  LQWHUPHGLHUHD YkQ] WRUXOXL 'DF  UHDOL]DUHD DFWXOXL GH
FXPS UDUH VH DVLJXU  SULQ LQWHUPHGLXO GLDORJXOXL YkQ] WRU  FXPS U WRU VH DSUHFLD]  F  YkQ]DUHD
FXPS UDUHD VD vQFKHLDW vQ PRG FODVLF  WUDGL LRQDO 'LPSRWULY  OLSVD YkQ] WRUXOXL GLQ FDGUXO
SURFHVXOXL GH YkQ]DUH  FXPS UDUH HVWH DSUHFLDW  FD R IRUP  PRGHUQ  GH YkQ]DUH HILFLHQW 
HFRQRPLFLVRFLDO
'HVLJXU F  SUH]HQ D YkQ] WRUXOXL DSDUH FKLDU GDF  QX GLUHFW FD R QHFHVLWDWH vQ IRDUWH PXOWH
IRUPH PRGHUQH GH YkQ]DUH 'H DOWIHO DWULEXWHOH  VDUFLQLOH SURIHVLRQDOH DOH YkQ] WRUXOXL FODVLF DX

HYROXDW DVWIHO vQFkW vQV L SURIHVLD GH YkQ] WRU VD GLYHUVLILFDW D F S WDW QRL YDOHQ H L H[LJHQ H
DGDSWkQGXVHODFHULQ HOHSHUPDQHQWvQVFKLPEDUHDOHSLH HL
9 ]XW GLQ SULVPD FRPSRQHQWHORU GLPHQVLRQDOH DOH XQXL FDQDO GH GLVWULEX LH SXQFWXO GH
YkQ]DUHDSDUHFDILLQGSXQFWXOWHUPLQXVSULQLQWHUPHGLXOF UXLDP UIXULOHLHVGLQVIHUDFLUFXOD LHL
LLQWU vQVIHUDFRQVXPXOXLILQDOVDXLQWHUPHGLDU
3XQFWXOGHYkQ]DUHHVWHRFRPSRQHQW VWUXFWXUDO DXQHLXQLW

LFRPHUFLDOHFDUHvQWHRULHFDL

vQSUDFWLF SRDUW GHQXPLULGLIHULWHUDLRQSXQFWGHVHUYLUHPDJD]LQXQLWDWHFRPHUFLDO GHSR]LWFX

YkQ]DUH HWF 8Q SXQFW GH YkQ]DUH SRDWH IL VXERUGRQDW RUJDQL]DWRULF L LHUDUKLF ILH XQHL ILUPH FX
ULGLFDWDILHXQHLILUPHFXDP QXQWXOXQXLSURGXF WRULPSRUWDWRUHWF
3ULQFLSDOHOH DFWLYLW

L  RSHUD LXQL FDUH VH UHDOL]HD]  OD QLYHOXO XQXL SXQFW GH YkQ]DUH VH SRW

JUXSDDVWIHO
D RSHUD LXQL GH YkQ]DUH SURSULX]LV  FXSULQG XQ DQVDPEOX GLYHUV GH RSHUD LXQL SUHJ WLWRDUH
UHDOL]DWH vQDLQWH GH YkQ]DUHD SURSULX]LV  XUPHD]  RSHUD LXQLOH GH YkQ]DUH SURSULX]LVH GLIHULWH vQ
IXQF LH GH IRUPD GH YkQ]DUH SUDFWLFDW  vQ VIkULW VXQW UHDOL]DWH GLYHUVH RSHUD LXQLVHUYLFLL GXS 
YkQ]DUHDSURSULX]LV 
E RSHUD LXQL GH DSURYL]LRQDUH L FRQVWLWXLUH D VWRFXULORU QHFHVDUH DVLJXU ULL FRQWLQXLW
ULWPLFLW

L 

LLDSURYL]LRQ ULLFOLHQ LORU

FRSHUD LXQLGHSURPRYDUHLFRPXQLFDUHDPDJD]LQXOXLFXSLD D

$FWXOGHYkQ]DUHHVWHHOHPHQWXOFHQWUDODOWXWXURURSHUD LXQLORUGHVI XUDWHvQFDGUXOSXQFWXOXL
GH YkQ]DUH ILLQG UH]XOWDWXO PRGLILF ULORU VXUYHQLWH vQ FRPHU XO PRGHUQ PDL DOHV vQ XUPD
UHYROX LLORU FRPHUFLDOH FDUH DX DYXW ORF 6H SRDWH GHILQL YkQ]DUHD FD R VHULH GH DF LXQL GHVWLQDWH
YDORULILF ULL L DQLP ULL SURGXVHORU OD ORFXO GH YkQ]DUH 9kQ]DUHD U VSXQGH DVWIHO OD WUHL SROL GH
LQWHUHVHLQWHUDFWLYHFRQVXPDWRUXOSURGXF WRUXOIDEULFDQWXOLPSRUWDWRUXOLGLVWULEXLWRUXO
3HQWUX FRQVXPDWRU LQWHUHVXO GH YkQ]DUH UH]LG  vQ SRVLELOLWDWHD GH D J VL U VSXQVXUL OD
DWHSW ULOH VDOH VRUWLPHQW DGHFYDW GLVSRQLELOLWDWH FRQVWDQW  D SURGXVHORU GRULWH FODULWDWHD OLQLHL
DWUDFWLYLWDWH LQIRUPD LL DVXSUD SURGXVHORU GLVSRQLELOH SUH  DFFHSWDELO vQ IXQF LH GH YHQLWXO
GLVSRQLELO 3HQWUX SURGXF

WRU DFHVWD HVWH XQXO GLQ HOPHQWHOH PDUNHWLQJXOXL L UHVRUWXO SULQFLSDO DO

VWUDWHJLHL FRPHUFLDOH SH GH DOW  SDUWH WHKQLFLOH GH YkQ]DUH vL YRU SHUPLWH V  GLVSXQ  GH R OLQLH GH
VRUWLPHQWHLGHXQDPSODVDPHQWDGHFYDWVLWXD LHLVDOHQRUPDOHSHSLD

3HQWUXGLVWULEXLWRUDFHDVWD

VH FRQFUHWL]HD]  vQ H[SORDWDUHD RSWLPDO  D OLQLDUXOXL GH FDUH GLVSXQH UHVSHFWLY ED]D XQHL EXQH
UHQWDELOLW

L

9kQ]DUHD HVWH SHQWUX LQWHUPHGLDU XQ PLMORF HILFDFH GH D GLVSXQH GH R RIHUW  FDUH U VSXQGH
QHYRLORU PDMRULW

LL FOLHQ LORU  LQkQG FRQW GH SDUWLFXODULW

LOH FDUH vL VXQW SURSULL LPDJLQHD ILUPHL

VLWXD LH JHRJUDILF  8Q SURGXV I U  YkQ]DUH HILFDFH SHQDOL]HD]  SURGXF WRUXO DS VkQG JDPD VD L
IUkQkQGLPSODQWDUHDVDSHOLQLLOHGLVWULEXLWRUXOXL
2 YkQ]DUH HILFLHQW  HFRQRPLF L VRFLDO VH UHIHU  OD YkQ]DUHD XQXL EXQ FRUHVSXQ] WRU OD ORFXO
LODWLPSXOSRWULYLWvQFDQWLW

LOHLVRUWLPHQWHOHSRWULYLWHLODXQSUH PDLEXQ

$FHVWHD VXQW FHULQ HOHH[LJHQ HOH PDUFKDQGLVLQJXOXL FDUH vQVHDPQ  PD[LPL]DUHD YkQ] ULORU
PD[LPL]DUHDSURILWXOXLPD[LPL]DUHDVDWLVIDFHULLFOLHQ LORU
0DUFKDQGLVLQJXO D DS UXW GXS  FXP VH DSUHFLD]  vQ WHRULD L SUDFWLFD FRPHUFLDO  GDWRULW 
DEXQGHQ HLSURGXVHORULFUHWHULLQXP UXOXLGHRIHUWHFDUHQHFHVLW WHKQLFLSHQWUXDVHGLIHUHQ LDL
ILGHOL]D FOLHQWHOD 6H FLWHD]  H[HPSOXO FODVLF GH FRPHUFLDOL]DUH D SRUWRFDOHORU SHQWUX D YLQGH PDL
PXOW DX DS UXW GRX  WHKQLFL R SUH]HQWDUH SLUDPLGDO  SHQWUX D DWUDJH DWHQ LD L W LHUHD vQ MXP WDWH D
SRUWRFDOHLSHQWUXDVXVFLWDVHWHDGRULQ D7HKQLFD$,'$GHMDIXVHVHSXV ODSXQFW$
LQWHUHV'

GRULQ

$

DWHQ LH,

DF LXQH

$VW ]L GDWHOH SUREOHPHL VXQW GLIHULWH SURGXVHOH VXQW VLQJXUH vQ UDLRQ HOH WUHEXLH V  VH IDF 
FXQRVFXWH VLQJXUH 3HQWUX DFHDVWD XQ SURFHV  GH H[LVWHQ
MXUXO SURGXVXOXL SHQWUX FUHWHUHD QRWRULHW

FRPXQLFDUH YD IL SXV vQ SUDFWLF  vQ

LL VDOH SHQWUX IDFLOLWDUHD LGHQWLILF ULL VDOH SHQWUX

FRQWXUDUHD PRWLYD LLORU FOLHQWHOHL SRWHQ LDOH L SHQWUX D OH SURSXQH OD ORFXO WLPSXO FDQWLW

LOH L

SUH XULOHSRWULYLWH
&RQIRUP

GHILQL LHL

OXL

$ODLQ

:HOOKRII

XQXO

GLQ

IRQGDWRULL

LQVWLWXWXOXL

IUDQFH]

PDUFKDQGLVLQJXOXL SULQ PDUFKDQGLVLQJ VH vQ HOHJH DQVDPEOXO GH PHWRGH L WHKQLFL FH FRQFXU

DO

 OD D

GD SURGXVXOXL XQ URO DFWLY OD YkQ]DUH SULQ SUH]HQWDUHD VD PHGLXOXL V

X SHQWUX D RSWLPL]D

UHQWDELOLWDWHD SURGXVXOXL'LQFHvQFHPDLPXOWWRDWHILUPHOHGHGLVWULEX LHDXSURSULXOVHUYLFLXGH

PDUFKDQGLVLQJ  9kQ] WRUXO SULQ FDSDFLW

LOH VDOH GH DQDOL] VLQWH]  RELHFWLYLWDWH R EXQ 

FXQRDWHUH D  SURGXVHORU SLH HORU L FOLHQ LORU UHSUH]LQW  R UHDO  IRU

 GH YkQ]DUH FDUH LQWU  vQ

UHOD LHGHFRRSHUDUHFRQOXFUDUHFXFOLHQ LLUHVSRQVDELOLLGHPDJD]LQHIXUQL]RULL3RVWXOGHYkQ] WRU

QHFHVLW UHDOHFDOLW

LGHDWHQ LHLUHDF LHODQRXW

LODWHQGLQ HOHSLH HL

Q OHJ WXU  FX GHFL]LD GH vQILLQ DUH D XQXLPDJD]LQOLWHUDWXUDGHVSHFLDOLWDWHLQFOXVLYSUDFWLFD

FRPHUFLDO VXEOLQLD] FDXQSULQFLSLXLPSHUDWLYDO WXULGHHODERUDUHDXQXLVWXGLXWHKQLFRHFRQRPLF
GH QHFHVLWDWHRSRUWXQLWDWHIH]DELOLWDWH D vQILLQ

ULL IL[DUHDDOHJHUHD XQHL SROLWLFL GH PDUNHWLQJ

VSHFLILFH SURSULL FDUH V  GLIHUHQ LH]H FRQFXUHQ LDO XQLWDWHD FRPHUFLDO  SHQWUX D  R IDFH  PDL
DWUDFWLY 
(OHPHQWHOH GH DWUDFWLYLWDWH vQ IDSW FRPSRQHQWHDOHPDUFKDQGLVLQJXOXLVHSRWSUH]HQWDGXS 
FXPXUPHD] 
)LUPDHPEOHPDHVWHSULPDLPDJLQHSHFDUHFRQVXPDWRUXORYDDYHDGHVSUHSXQFWXOGH
YkQ]DUH $VW ]L HOHPHQWHOH GH DUKLWHFWXU  PRGHUQ  DX I FXW FD UROXO YLWULQHL V  VH HVWRPSH]H UROXO
ILLQGSUHOXDWGHILUP ,PSODQWDUHDWDOLDFXORULOHIRORVLWHWUHEXLHV ILHFDOFXODWHDVWIHOvQFkWFOLHQ LL
V OHSRDW YL]XDOL]DUDSLGLGHODRGLVWDQ

FkWPDLPDUH

$FFHVXOLSDUFDUHDWUHEXLHV ILHFkWPDLIXQF LRQDOHSHQWUXDFUHWHVDWLVIDF LDFOLHQWHOHL

6HPQDOL]DUHD DFHVWRU XWLOLW

L HVWH LPSRUWDQW  SHQWUX F  VH UHGXFH ULVFXO GH DFFLGHQWH LOXPLQDWXO

DVLJXU VHFXULWDWHDFOLHQWHOHLWUDQDUHDDOHLORUIDFLOLWHD] LQWUDUHDLLHLUHDGLQPDJD]LQ

 &

UXFLRDUHOH DVLJXU  YHKLFXODUHD P UIXULORU GLQ VDOD GH YkQ]DUH SkQ  OD SDUNLQJXO

PDJD]LQXOXLHOHUHSUH]LQW RQHFHVLWDWHSHQWUXXQSXQFWGHYkQ]DUHPRGHUQ

 6SD LXO GH SULPLUH DUH R LPSRUWDQ

 DSDUWH SHQWUX F  SHUPLWH R EXQ  FRPXQLFDUH vQWUH R

FOLHQWHO  FDUH YLQH V  VH O PXUHDVF  V  VH LQIRUPH]HVDX FKLDU V  VH SOkQJ  L R HFKLS  VSHFLDO
IRUPDW SHQWUXDU VSXQGHODDWHSW ULOHGLYHUVHIRUPXODWH
 ,OXPLQDWXO R DOW  FRQGL LH HVHQ LDO  SHQWUX SURPRYDUHD YkQ] ULORU VH WUHFH GH OD
LOXPLQDWXODUWLILFLDOODFHODO]LOHLGLQFKLDUVLVWHPXOGHDUKLWHFWXU DOFRQVWUXF LHLFRPHUFLDOH
 0X]LFD  DVLJXU  FUHDUHD XQHL DPELDQ H vQ PDJD]LQ FD R QHFHVLWDWH SHQWUX  D GHWHUPLQD
FOLHQWXO V  FXPSHUH 6RQRUL]DUHD PDJD]LQHORU U VSXQGH OD GRX  RELHFWLYH V  GHVWLQG  FOLHQWXO L V 
DVLJXUH LQIRUPD LL WHKQLFHFRPHUFLDOH GHVSUH SURGXVHOH RIHULWH VSUH YkQ]DUH LQFOXVLY VHUYLFLLOH
FRPHUFLDOHRIHULWH
2UJDQL]DUHD LQWHULRDU

 D V OLL GH YkQ]DUH FRPSDUWLPHQWDUHD L GLPHQVLRQDUHD UDLRDQHORU

VWDELOLUHDIOX[XULORULPSXVHVDXOLEHUDOHVHSHQWUXFOLHQ LP UIXULLYkQ] WRULUHSUH]LQW WRWDWkWHD

GHFL]LL FDUH SRW IDFH GRYDGD RUJDQL] ULL SURPR LRQDOH VDX GLPSRWULY  $OHJHUHD PRELOLHUXOXL
FRPHUFLDO WLSXO GLPHQVLXQHD FXORULOH DPSODVDUHD P UIXULORU UHSUH]LQW  QX QXPDL R DUW 
FRPHUFLDO  GDU VH UHDOL]HD]  FRQIRUP XQRU SULQFLSLL OHJL VSHFLILFH FRPHUFLDOH HUJRQRPLFH GH
SVLKRORJLHFRPHUFLDO DVWIHOvQFkWV VHvQGHSOLQHDVF FHULQ HOHLH[LJHQ HOHPDUFKDQGLVLQJXOXLFD
XQVXEDQVDPEOXGHWHKQLFLLLQVWUXPHQWHGHPDUNHWLQJ
1X VXQW RPLVH vQWUR RUJDQL]DUH WLLQ LILF  GH PDQDJHPHQW SHUIRUPDQW DO SXQFWXOXL GH
YkQ]DUHQLFLFRQFHSWHOHWHKQLFHULJXURDVHGHFDOFXOWHKQLFRFRPHUFLDOSUHFXP
D DPSODVDUHD SURGXVHORU SRZHU LQWHPV vQWUR SR]L LH VWUDWHJLF  vQ PDJD]LQSXQFWXO GH
YkQ]DUHVDXODFDS WXOJRQGROHLREOLJkQGFOLHQ LLV VHGHSODVH]HGHODRH[WUHPLWDWHODDOWD
E vQF UFDUHD RSWLP  D PRELOLHUXOXL FRPHUFLDO JRQGROH UDIWXUL SRUQLQGXVH GH OD FDOFXOH
WHKQLFHLFRPHUFLDOHDGHFYDWHLIRORVLQGHOHPHQWHWHKQLFHPHWUXOLQLDUOLQLDULWDWHODVROOLQLDULWDWH
GH]YROWDW IDFLQJVDXOXQJLPHDOLQLDULW

LLVRUWLPHQWODUJLSX LQSURIXQGODUJLSURIXQGUHVWUkQV

LSX LQSURIXQGUHVWUkQVLSURIXQGSUH]HQWDUHHWDODUHDVWRFXOXLYHUWLFDO LRUL]RQWDO 

F JHVWLXQHD OLQHDUXOXL SH ED]  GH LQGLFDWRUL HFRQRPLFL SUHFXP SUH XO GH YkQ]DUH PDUMD
EUXW  FRHILFLHQWXO PXOWLSOLFDWRU EHQHILFLXO EUXW VWRFXO PHGLX FRHILFLHQWXO GH URWD LH LQGLFH GH
DWUDFWLYLWDWH DO UDLRQXOXL GH FXPS UDUH GH DWUDF LH GH WUHFHUH SURGXFWLYLWDWHD OLQLHL UHQWDELOLWDWHD
OLQLHLLQGLFHGHUHQWDELOLWDWH
GDQDOL]DUHQWDELOLW
IXQGDPHQWDOH

LLSHSURGXVJUXS GHSURGXVH6HSRUQHWHGHODXUP WRDUHOHWUHLUHOD LL

SUH XOGHYkQ]DUHFXDP QXQWXOSUH XOGHDFKL]L LH

PDUM EUXW GLIHULWHDYDQWDMHFRPHUFLDOH

PDUM EUXW 

PDUM EUXW DMXVWDW 

PDUM EUXW DMXVWDW FRVWXULGLUHFWHGHGLVWULEX LHSHSURGXV

SURILWGLUHFWSHSURGXV3'3

$QDOL]D SURILWXOXL GLUHFW SH SURGXV SH XQLWDWH FRPHUFLDO  L D FLIUHL GH DIDFHUL SH V SW PkQ 
SHUPLWHFDUDFWHUL]DUHDSURGXVHORUvQWHUPHQLGHPDUFKDQGLVLQJ
HXWLOL]DUHDPHWRGHORUGHJHVWLXQHDVWRFXULORU
0HWRGD $%& GH JHVWLXQH D VWRFXULORU GH P UIXUL OD QLYHOXO SXQFWXOXL GH YkQ]DUH UDLRQ
PDJD]LQGHSR]LWFRPSOH[FRPHUFLDOSHUPLWHGHWHUPLQDUHDDUWLFROHORUGLQVWRFXOGHP UIXULDVXSUD
F URUDYDWUHEXLV QHvQGUHSW PHIRUWXULOHGHFRQGXFHUH$FHVWOXFUXYDILMXVWLILFDWGHSRQGHUHDvQ
QXP UXOGHDUWLFROHLvQYROXPXOWRWDODOYkQ] ULORU&$
3URGXVHOHVXQWJUXSDWHvQWUHLFDWHJRULL
JUXSD$UHSUH]LQW GLQQXP UXOUHIHULQ HORUGHVWRFLGLQYROXPXOYkQ] ULL
JUXSD%UHSUH]LQW GLQQXP UXOUHIHULQ HORUGHVWRFLGLQYROXPXOYkQ] ULORUJUXSD&
UHSUH]LQW   GLQ QXP UXO UHIHULQ HORU GH VWRF L  GLQ YROXPXO YkQ] ULORU SH XQLWDWH
5HSUH]HQWDUHDJUDILF DPHWRGHLHVWHSUH]HQWDW vQILJXUDQU3HQWUXILHFDUHGLQFHOHWUHLIDPLOLL
GH SURGXVH VH YD DSOLFD R SROLWLF  VSHFLILF  GH DSURYL]LRQDUHVWRFDUHGHVIDFHUH LQkQG FRQW GH
QDWXUDSURGXVHORUIUHFYHQ DLLQWHQVLWDWHDFHUHULLVXEVWLWXLUHDSURGXVHORUvQFRQVXP
'H H[HPSOX SHQWUX JUXSD $ QX VH YRU DGPLWH UXSWXULOH GH VWRF VH SRDWH vQFHUFD GLYL]DUHD
VXUVHORUGHDSURYL]LRQDUHvQYHGHUHDDVLJXU ULLVLJXUDQ HLDSURYL]LRQ ULLFXP UIXULDSRSXOD LHLVDX
FRQWLQXLWDWHDIOX[XOXLGHSURGXF LH

&$




















%&

$








1XP UUHIHULQ HVWRF



)LJXUDQU0HWRGD$%&GHJHVWLXQHDVWRFXULORU

0HWRGD  GH JHVWLXQH D VWRFXULORU DUH vQ YHGHUH vPS U LUHD VWRFXULORU GH P UIXUL vQ
GRX JUXSHIDPLOLLGHSURGXVHJUXSD,FXSULQGHGLQQXP UXOVRUWLPHQWXOXLLGLQ&$LDU
JUXSD ,,  GLQ QXP UXO VRUWLPHQWXOXL L  GLQ &$ (VWH HYLGHQW F  FHORU GRX  JUXSH GH
SURGXVH OL VH YRU DSOLFD SROLWLFL GH JHVWLXQH GLVWLQFWH GH R DWHQ LH VSHFLDO  VH YD EXFXUD JUXSD ,
GHRDUHFH RFXS  SRQGHUHD KRW UkWRDUH  DVXSUD SODQXOXL GH YkQ] UL LQFOXVLY DVXSUD FHUHULL
VDWLVI FXWHDSRSXOD LHL
Q OHJ WXU  FX SR]L LRQDUHD XQXL SURGXVP UFL WUHEXLH J VLW  R FRHUHQ
QHYRLD FRQVXPDWRULORU LPDJLQHD YHKLFXODW  GH FRQFXUHQ

 vQWUH WUHL HOHPHQWH

 SURGXVXO LPDJLQHD L FDUDFWHULVWLFLOH

VDOH 3ULQFLSDOHOH FULWHULL SHQWUX R EXQ  SR]L LRQDUH D SURGXVHORU XQXLSXQFWGHYkQ]DUHPDJD]LQ
SRWIL
VLPSOLWDWHDSXEOLFLWDWHDSRDWHSURGXFHGHUXW GHWXUQDUHDFOLHQWXOXL
RULJLQDOLWDWHDGHPDUFDUHDGHFRQFXUHQ

DOWSURGXVVDXPDJD]LQ

FUHGLELOLWDWHDED]DW SHFDOLWDWHDSURGXVXOXL
2DOW GRYDG DSURIHVLRQDOLVPXOXLDSOLFDWODQLYHOXOSXQFWXOXLGHYkQ]DUHGRYDG vQDFHODL
WLPSDLPSRUWDQ HLSXQFWXOXLGHYkQ]DUHvQVWUXFWXUDRSHUDWRULORUDFWRULSDUWLFLSDQ LODSURFHVXOGH
GLVWULEX LH UHSUH]LQW  PHWRGD GH JHVWLXQH D OLQHDUXOXL  PDWULFHD *2/'  GXS  SUHVFXUWDUHD *
JHVWLXQH2

RSWLP /OLQHDU'

GH]YROWDWGHVI XUDWSUH]HQWDW SHODUJvQOLWHUDWXUDIUDQFH] 



352,(&7$5($,*(67,81($818,&$1$/'(',675,%8

,(


Q HSRFD SURGXF LHL LQGXVWULDOH D IDFH FD P UIXULOH GLQWUXQ FHQWUX GH SURGXF LH V  DMXQJ 
vQ FHQWUHOH GH FRQVXP FHOH PDL vQGHS UWDWH UHSUH]LQW  UROXO PDMRU DO FDQDOHORU  FLUFXLWHORU GH
GLVWULEX LH Q OLWHUDWXUD GH VSHFLDOLWDWH PDUNHWLQJ VH XWLOL]HD]  DWkW WHUPHQXO GH FLUFXLW GH
GLVWULEX LHFkWLFHOGHFDQDOGHGLVWULEX LHI U FDDFHVWHDV ILHHFKLYDOHQWH
$SURDSHWRDWHGHILQL LLOHFDQDOHORUGHGLVWULEX LHUH LQDWkWRYL]LXQHLQVWLWX LRQDO FDUHVXQW
RSHUDWRULL FDUH LQWHUYLQ vQ FDQDO FkW L R YL]LXQH IXQF LRQDO  FDUH VXQW IXQF LLOH VDUFLQLOH UROXO
ILHF UXLD vQ DVLJXUDUHD GLIHULWHORU IOX[XUL GLQ FDQDO  UHDO  GH PLFDUHYHKLFXODUH D P UIXULORU
ILQDQFLDUGHSODW DFRQWUDYDORULLEXQXULORUGHWUDQVIHUDOGUHSWXOXLGHSURSULHWDWHLQIRUPD LRQDOL
GHFRPXQLFDUHPDQDJHULDO
'H]YROWDUHDI U SUHFHGHQWDSURGXF LHLLQGXVWULDOHVXV LQXW GHUHYROX LDWHKQLFRWLLQ LILF 
D I FXW SRVLELO  GHVI XUDUHD vQ FRPHU  D XQXL SURFHV GH UHYROX LL VSHFLILFH 5HPDUF P IDSWXO F 
PDUHD PDMRULWDWH D WHQGLQ HORU FDUH VDX PDQLIHVWDW SULQ FHHD FH GHQXPLP UHYROX LL FRPHUFLDOH VH

UHIHU ODFRPHU XOFXDP QXQWXOPDJD]LQHOHGHSUR[LPLWDWH

$FHVWH VWUXFWXUL FRPHUFLDOH VXQW FRPSRQHQWH DOH FDQDOHORU GH GLVWULEX LH DPSODVDWH vQ
SDUWHD ILQDO  5 PkQ DVWIHO vQ DIDUD DQDOL]HL FDQDOXOXL GH GLVWULEX LH FHOHODOWH HWDMH OD IHO GH
LPSRUWDQWHSURGXF WRUXOLPSRUWDWRUXOFRPHUFLDQ LLFXULGLFDWD
3UREOHPD DOHJHULL L  VDX SURLHFW ULL FDQDOHORU GH GLVWULEX LH HVWH R SUREOHP  GH VWUDWHJLH
FRPHUFLDO  D LQL LDWRUXOXL  SURGXF WRU  LPSRUWDWRU  H[SRUWDWRU VDX DOW RUJDQ HFRQRPLF FDUH vL
SURSXQH V  ILH OHDGHU QWUDGHY U D DOHJH XQGH" FXP" L FX FLQH" V  GLVWULEXL SURGXVHOHVHUYLFLLOH
WDOH HVWH SHQWUX R ILUP  R GHFL]LH GH LPSRUWDQ

 VWUDWHJLF  3URLHFWDUHD UHPRGHODUHDDOHJHUHD XQXL

QRX FDQDO GH GLVWULEX LH SUHVXSXQH RSWLPL]DUHD GHFL]LLORU FX SULYLUH OD XUP WRDUHOH WUHL SUREOHPH
IXQGDPHQWDOH
$ DQDOL]D LQVWLWX LRQDO  D FDQDOHORU GH GLVWULEX LH &' H[LVWHQWH VDX FXP V  DWLQJHP FRWD
GHSLD

SURSXV 
%DQDOL]DFRPSRUWDPHQWDO D&'VDXFXPV FRQWUROH]LRSLD

I UkPL DW 

&DQDOL]DPDQDJHULDO D&'VDXFXPV DOHJLFDQDOHOHGHGLVWULEX LHRSWLPH

$ $QDOL]D LQVWLWX LRQDO

 D FDQDOHORU GH GLVWULEX LH U VSXQGH PDL PXOWRU VFRSXUL SULQWUH

FDUH
 SUHFL]HD]  IXQF LLOH SH FDUH GLIHUL LL LQWHUPHGLDUL OH vQGHSOLQHVF GH UHJXO  GHD OXQJXO
FDQDOXOXL
UHDOL]HD] RDQDOL] VWUXFWXUDO D[DW SHQXP UXORSWLPDOLQWHUPHGLDULORUFDUHDF LRQHD] 
vQFDGUXOXQXLFDQDO
$FHDVW FRQHFWDUHGHQDWXU HFRQRPLF ED]DW SHRFHUFHWDUHDRSWLPXOXLGHIXQF LRQDUHD
FDQDOHORU GH GLVWULEX LH GXS  FULWHULL GH FRVW L XWLOLWDWH SHUPLWH MXVWLILFDUHD GH D IL D ILHF UXL
LQWHUPHGLDU LQFOXV vQWUXQ FDQDO RDUHFDUH Q JHQHUDO SHQWUX DL MXVWLILFD H[LVWHQ D ILHFDUH
LQWHUPHGLDUvLSURSXQHV FUHH]HSHGHRSDUWHXWLOLW

LOHDWHSWDWHvQIXQF LHGHQDWXUDSURGXVXOXL

GH YkQGXW YROXP JUHXWDWH WHKQLFLWDWH LDU SH GH DOWD XWLOLW

LOH DWHSWDWH vQ IXQF LH GH QDWXUD

FHUHULL FRQVXPDWRULORU SRWHQ LDOL RELFHLXUL GH FXPS UDUH YHQLW WUDGL LH JHRJUDILF  HWF $FHVWH

XWLOLW

L LDX IRUPH GLYHUVH ILLQG RIHULWH vQ PRGDOLW

L DGHFYDWH VSHFLILFHSULQILHFDUHLQWHUPHGLDUvQ

FDGUXODFHOXLDLFDQDOGHGLVWULEX LH
Q OHJ WXU  FX IXQF LLOH UHDOL]DWH GH GLIHUL LL RSHUDWRUL GLQ FDGUXO XQXL FDQDO GH GLVWULEX LH
OLWHUDWXUD GH VSHFLDOLWDWH VXEOLQLD]  H[LVWHQ D D GRX  PDUL FDWHJRULL GH IXQF LL DOH FDQDOHORU GH
GLVWULEX LHVSD LDOHLWHPSRUDOH
)XQF LD VSD LDO

 DVLJXU  WUDQVSRUWXO P UIXULORU GH OD ORFXO GH SURGXFHUH OD ORFXO GH

FRQVXP FRQFRPLWHQW FX DOWH DFWLYLW

L RSHUDWLY  SURGXFWLYH SRU LRQDUHD EXQXULORU vQ FDQWLW

L

DGHFYDWHFRQVXPXOXLWUDQVIRUPDUHDVRUWLPHQWXOXLLQGXVWULDOvQVRUWLPHQWFRPHUFLDO
)XQF LD WHPSRUDO

 HVWH IRUPDW  GLQ WUHL FRPSRQHQWH HVHQ LDOH VWRFDMXO SH IOX[XO

FDQDOXOXL ILQDQ DUHD SURGXF LHL L GLVWULEX LD GHD OXQJXO FDQDOXOXL GH GLVWULEX LH &' LQFOXVLY
FRPHUFLDOL]DUHDF WUHGLYHULXWLOL]DWRULDSURGXVHORU
6WRFDMXO GHD OXQJXO FDQDOXOXL GH GLVWULEX LH SXQH SUREOHHD GHRVHELWH QX DWkW DYkQG vQ
YHGHUHGHFDODMHOHGLQWUHPRPHQWHOHSURGXF LHLLFRQVXPXOXLFkWPDLDOHVvQOHJ WXU FXDORFDUHD
RSWLP DVWRF ULLvQWUHGLIHUL LLPHPEULLDLFDQDOXOXLGHGLVWULEX LH
3kQ  vQ  VWRFDMXO GH EXQXUL vQ 5RPkQLD OD QLYHOXO GLIHULWHORU FDQDOH GH GLVWULEX LH VDX
vQ FDGUXO GLIHUL LORU RSHUDWRUL QX D UHIOHFWDW RSLQLD  LQWHUHVXO  GHFL]LD DFHVWRUD SUREOHPDWLFD
VWRFXULORU DSDU LQHD FD GHFL]LH RUJDQHORU FHQWUDOH FD GH DOWIHO PDUHD PDMRULWDWH D DFWHORU GH
GHFL]LHQHWDSDDFWXDO IXQF LDGHVWRFDMHVWHvQWURWRWDO UHRUJDQL]DUHILLQGSXV SHFXWRWXODOWH
ED]H SURGXF WRULL  LPSRUWDWRULL vL SRW FRQFHSH SURSULLOH FDQDOH GH GLVWULEX LH 1X WUHEXLH vQV 
RPLV  WHQGLQ D FDUH VH PDQLIHVW  vQ

ULOH GH]YROWDWH GLQ SXQFW GH YHGHUH HFRQRPLF SDUWHQHULDWXO

GLQWUHSURGXF WRULLGLVWULEXLWRULLLQWHUPHGLDULLGHSURGXVHGHODUJFRQVXP
)XQF LD GH ILQDQ DUH VH JUHIHD]  SH IXQF LD GH VWRFDM DYkQG vQ YHGHUH F  P UIXULOH FLUFXO 
vQWUHSDUWHQHULLDSDU LQkQGDFHOXLDLFDQDOGHGLVWULEX LH&XPVHWLHRPDUI OLYUDW QXHVWHLPHGLDW
YkQGXW  OD HDORQXO XUP WRU FRVWXO JOREDO DO VWRFDMXOXL HVWH IRDUWH JUHX GH DVXPDW  VXSRUWDW
FKHOWXLHOL GH SURGXF LH LPRELOL] UL GH FDSLWDO FKHOWXLHOL GH SURPRYDUH ULVFXO GHWHULRU ULL L  VDX
QHYDQGDELOLW

LLHWF

)XQF LDFRPHUFLDO

SULQFRPSOH[LWDWHDVDILLQGDWkWVXUV GHYLD

FkWLVXUV GHFRQIOLFW

PRDUWH SHQWUX GLYHUVHOH &' HVWH GH PXOWH RUL WUDWDW  DXWRQRP LQGHSHQGHQW GH FHOHODOWH IXQF LL
GHL FRPSOH[LWDWHD IOX[XULORU L DFWLYLW

LORU QX VH SRDWH REVHUYD GHFkW SULQWUR WUDWDUH VLVWHPLF  vQ

EORF
)XQF LDFRPHUFLDO DUHFDS U LFRPSRQHQWHXUP WRDUHOHDFWLYLW

L

D RSWLPL]DUHD VRUWLPHQWXOXL FRPHUFLDO GH ED]  L FRPSOHPHQWDU DWkW SHQWUX GLIHULWHOH

WLSXULGH8&$GDULODQLYHOGHJURVLWL
E SURLHFWDUHD VLVWHPXOXL GH LQIRUPDUH  FRPXQLFDUH  GHD OXQJXO FDQDOXOXL GH GLVWULEX LH
vQFHSkQGGLQDYDOVSUHDPRQWHGDULLQYHUV
FUHDOL]DUHDXQXLVLVWHPLQWHJUDOGHVHUYLFHDWkWSHQWUXPHPEULLFDQDOXOXLGHGLVWULEX LHFkW
PDLDOHVSHQWUXXWLOL]DWRULEHQHILFLDULSHUVRDQHIL]LFHMXULGLFHQWURHFRQRPLHDEHOXJXOXLGH
RIHUW FRQVXPDWRUXOGRUHWHV RE LQ FkWPDLPXOWFRPHUFLDQ LLVXQWGHDFRUGF SHDFHVWWHUHQVH
YD FkWLJD U ]ERLXO FX FRQFXUHQ D L DF LRQHD]  vQ FRQVHFLQ

 SH OLQLD SHUIHF LRQ ULL VHUYLFLLORU

FRPHUFLDOH DO LQWHJU ULL DFHVWRUD FX DOWH VHUYLFLL vQ FDSWDUHD LQWHUHVXOXL  DWHSW ULORU FRQVXPD
WRULORU
)LLQG vQ FRQWDFW GLUHFW L SHUPDQHQW FX PDUHD GLYHUVLWDWH D FOLHQWHOHL GLVWULEXLWRUXO 
GHWDLOLVW HVWH SXUW WRUXO LPDJLQLL FDOLW

LL QX QXPDL D SURGXVHORU RIHULWH GDU L D VLVWHPXOXL GH

GLVWULEX LH vQ JHQHUDO 3URGXF WRUXOXL  LPSRUWDWRUXOXL  HQJURVLVWXOXL QXL HVWH LQGLIHUHQW  LPDJLQHD
GH PDUF  D SURGXVHORU VDOH SH SLD

 GH DFHHD HO DVLJXU  ORJLVWLF vQWUHJ VXSRUWXOVHUYLFHXOXLDIHUHQW

FDQDOHORUGHGLVWULEX LHSHFDUHOHFRRUGRQHD] 
$QDOL]DVWUXFWXUDO

DFDQDOHORUGHGLVWULEX LHDUHFDVFRSLGHQWLILFDUHDSXQFWHORUVODEHL

WDUL DOH ILHF UXL FDQDO GH GLVWULEX LH vQ YHGHUHD UHSURLHFW ULL ORU vQ FRQVHQV FX H[LJHQ HOH SLH HORU SH
FDUHOHVHUYHVF
7RDWH IXQF LLOH GLVWULEX LHL  SUH]HQWDWH VXPDU PDL VXV  VXQW JUXSDWH SH GRX  QLYHOXUL
HWDMHHDORDQHODQLYHOXOILHF UXLFDQDOGHGLVWULEX LHQLYHOXOGHJURVLQLYHOXOGHGHWDLO

1LYHOXO GH JURV  VH FRQVWLWXLH GLQ XQD  PDL PXOWH VRFLHW

L FRPHUFLDOH GH GLVWULEX LH FX

ULGLFDWD L DUH FD VFRS DFKL]L LRQDUHD GH P UIXUL vQ YHGHUHD UHYkQ] ULL ORU OD DO L LQWHUPHGLDUL DO L
JURVLWLVDXGHWDLOLWL
1LYHOXO GH GHWDLO HVWH IRUPDW GLQ VRFLHW

L FRPHUFLDOH GH GLVWULEX LH FX DP QXQWXO FDUH

DFKL]L LRQHD]  P UIXUL vQ SDUWL]L PDUL SHQWUX D OH UHYLQGH vQ SDUWL]L PLFL 3ULQ LQWHUPHGLXO
PXOWLSOHORU VWDELOLPHQWH FRPHUFLDOH DPSODVDWH vQ WHULWRULX VRFLHW

LOH FRPHUFLDOH GH GLVWULEX LH FX

DP QXQWXOVHDIO vQFRQWDFWSHUPDQHQWFXSXEOLFXOFRQVXPDWRU
'H UHJXO  DYkQG vQ YHGHUH QXP UXO SDUWLFLSDQ LORU vQ FDGUXO XQXL FDQDO GH GLVWULEX LH VH
GLVWLQJXUP WRDUHOHFDWHJRULLFODVHGHFDQDOHDVHREVHUYDJUXSDUHDGHPDLMRV
D FDQDOHOH OXQJL   FXSULQG GRL  WUHL LQWHUPHGLDUL GH JURV L GH GHWDLO vQWUH SURGXF WRU 
LPSRUWDWRULFRQVXPDWRU
E FDQDOHOH VFXUWH  FXSULQG XQ QXP U UHGXV GH LQWHUPHGLDUL vQWUH SURGXF WRULPSRUWDWRU
LFRQVXPDWRU
F FDQDOH XOWUDVFXUWH  FDUH H[FOXG LQWHUPHGLDULL UHDOL]kQG XQ FRQWDFW GLUHFW vQWUH
SURGXF WRUFRQVXPDWRU
'H PXOWH RUL XQ QXP U PDUH GH LQWHUPHGLDUL vQWUXQ FDQDO GH GLVWULEX LH D O VDW V  VH
vQ HOHDJ  FDUDFWHUXO SDUD]LWDULQXWLOFRVWLVLWRU DO XQRUD GLQWUH DFHWLD 6XSULPDUHD ORU DU WUDQVIRUPD
FDQDOXO GH GLVWULEX LH vQWUXQXO PDL RSHUDWLY  HFRQRPLF 5HGXFHUHD QXP UXOXL GH LQWHUPHGLDUL QX
WUHEXLH Y ]XW  FD XQ SDQDFHX SHQWUX GLPLQXDUHD FRVWXULORU GLVWULEX LHL L GHFL D UHGXFHULL SUH XULORU
SHQWUXSXEOLFXOFRQVXPDWRU
$ JkQGL DVWIHO SRDWH IL R HURDUH SHQWUX F  ILHFDUH RSHUDWRU DUH UROXO  ORFXO V X 3UREOHPD
HVWH GH D WL GDF  vQ FDGUXO XQXL &' VH SRDWH UHDOL]D PDL ELQH L OD FRVWXUL PDL PLFL IXQF LLOH
GLVWULEX LHL ,QWHJUDUHD vQ DYDO VDX vQ DPRQWH HVWH VXSXV  FHULQ HORU OHJLORU SLH LL ILLQG H[WUHP GH
GLILFLO V  DIOL SXQFWXO vQ FDUH LQFRQYHQLHQWHOH XQXL LQWHUPHGLDU VXQW PDL PDULPLFL GHFkW DYDQWDMHOH
FDUH UH]XOW  GLQ PXQFD OXL GHFL GDF  VH MXVWLILF  VDX QX H[LVWHQ D VD vQ FDQDOXO GH GLVWULEX LH
DQDOL]DW Q JHQHUDO GDF  XQ FDQDO DUH PXO L LQWHUPHGLDUL HVWH YRUED GH R SLD

 I UkPL DW  FX PXO L

RIHUWDQ LP UXQ LLFXPXO LGHWDLOLWLPLFLLIRDUWHPLFLFDUHYRUYLQGHFDQWLW

LPLFLGHP UIXULGH

H[HPSOXSLD DSURGXVHORUGLQFDUQHSURDVS W 
3H R SLD

 I UkPL DW  QXP UXO FRQWUDFWHORU FRPHUFLDOH FDUH VH vQFKHLH vQWUH RSHUDWRUL VH

PXOWLSOLF $SDUL LDXQXLLQWHUPHGLDUvQWUHSDUWHQHULFRQGXFHODUHGXFHUHDQXP UXOXLGHFRQWUDFWH

&DQDOHOH OXQJL  VXQW SUH]HQWH DSURDSH vQ WRDWH VHFWRDUHOH GH DFWLYLWDWH L FRQVWDX vQ
IRORVLUHDPDLPXOWRUJURVLWLLGHWDLOLWLLQFOXVLYvQYkQ]DUHDSULQFHQWUDOHJUXSXULGHFXPS UDUH
'XS  QDWXUD SURGXVXOXL FDQDOXO YD LQFOXGH PDL PXOWH HDORDQH GH JURVLWL L GHWDLOLWL
XQXO GRL VDX PDL PXO L QHJXVWRUL FDUH LQWHUYLQ vQWUH SURGXF WRULPSRUWDWRU L JURVLWL SHQWUX D
IDFLOLWDWUDQ]DF LLOHFRQWUDXQXLFRPLVLRQ
$FHVW WLS GH FDQDO GH GLVWULEX LH SUH]LQW  SHQWUX SURGXF WRULLLPSRUWDWRUL RSHUDWRUL DWkW
DYDQWDMHFkWLGH]DYDQWDMHSUH]HQWDWHPDLMRV

$YDQWDMH

'H]DYDQWDMH

(FKLS GHYkQ]DUHUHGXV 

5LVFXOIRUP ULLXQXLHFUDQSDUDYDQFXSLD D

$FRSHULUHJHRJUDILF PDLUHGXV 

3LHUGHUHDFRQWDFWXOXLFXGHWDLOLWLL

5HJODUHDVWRFXULORUYkQ] ULORUVHIDFHPDL

,QILGHOLWDWHDJURVLWLORUFDUHSRWSXQH

ELQHGDWRULW VWRFDMHORUI FXWHODLQWHUPHGLDUL

VW SkQLUHSHFDQDOXOGHGLVWULEX LH

)LQDQ DUHDPDLVXSO DSURGXF LHL

'HSHQGHQ

5HGXFHUHDFKHOWXLHOLORUGHIDFWXUDUHL

3UHVLXQLDVXSUDSUH XOXLUDEDWXOXLvQFD]XO

WUDQVSRUW

JUXSXOXLGHFXPS UDUH

GHJURVLWL


&DQDOHOH VFXUWH  VXQW XWLOL]DWH SHQWUX FRPHUFLDOL]DUHD GH SURGXVH PRELO  PHQDM HGLWXU 
HOHFWURFDVQLFH QWUH SURGXF WRUL L GHWDLOLWL QX VH PDL LQWHUSXQ DO L RSHUDWRUL JURVLWLL &D IRUPH
GHYkQ]DUHVHSUDFWLF YkQ]DUHDSULQGHWDLOLWLH[FOXVLYLVLVWHPXOIUDQFKLVLQJ
$FHVW WLS GH FDQDO GH GLVWULEX LH DUH DWkW DYDQWDMH FkW L GH]DYDQWDMH DD FXP VXQW
SUH]HQWDWHPDLMRV


$YDQWDMH

'H]DYDQWDMH

(FRQRPLVLUHDPDUMHLJURVLVWXOXL

&KHOWXLHOLGHYkQ]DUHULGLFDWHSHQWUX

%XQ FRRSHUDUHFXGHWDLOLWLL

IXUQL]RUL

6HUYLFLLSRVWYkQ]DUHIRDUWHEXQH

,QVROYDELOLWDWHDGHWDLOLWLORUPLFL

0DLEXQDFXQRDWHUHDSLH HL

'LYHUVLILFDUHDULVFXOXLLQILGHOLW

)LGHOLWDWHDVLJXUDW vQFD]GHIUDQFKLVLQJ

6WRFDMHPXOWPDLULGLFDWH

&UHWHUHUDSLG DQRWRULHW

LLP UFLL

LL

1HFHVLWDWHDXQRUDF LXQLSURPR LRQDOHVSUH

SURGXF WRUXOXL

FRQVXPDWRUGHFLFKHOWXLHOL
$MXWRUGHJHVWLXQHLDVLVWHQ

WHKQLF vQ

FD]GHIUDQFKLVLQJ

&DQDOHOH XOWUDVFXUWH GLUHFWH SUHVXSXQ H[FOXGHUHD GLQ FDQDOXO GH GLVWULEX LH DWkW D
JURVLWLORU FkW L D GHWDLOLWLORU SURGXF WRUXO  LPSRUWDWRUXO UHDOL]kQG XQ FRQWDFW GLUHFW FX XWLOL
]DWRUXO
$FHVW WLS GH FDQDO GH GLVWULEX LH XWLOL]HD]  PDL PXOWH IRUPH GH YkQ]DUH SULQWUH FDUH
YkQ]DUHD

SULQ

UHSUH]HQWDQ L

SHUVRQDOL

YkQ]DUHD

LPSRUWDWRULORU YkQ]DUHD GLUHFW  SULQ FRUHVSRQGHQ

GLUHFW 

GLQ

GHSR]LWHOH

SURGXF WRULORU



 L DOWHOH 'LQWUH DYDQWDMHOH L GH]DYDQWDMHOH

DFHVWXLWLSGHFDQDOGHGLVWULEX LHUH LQHP


$YDQWDMH

'H]DYDQWDMH

&XQRDWHUHDIRQGXOXLQHYRLORUSLH HL

6WRFDMIRDUWHULGLFDW

I UkPL DWH

2UJDQL]DUHDLFRQGXFHUHDGLILFLO D

/DQVDUHDPDLUDSLG DSURGXVHORUQRL

YkQ] ULORU

2IHULUHDGHVHUYLFLLODFHUHUHSHQWUXFOLHQ L

)LUPDWUHEXLHV GLVSXQ GHRFDSDFLWDWH

&kWLJSDU LDODOPDUMHORULQWHUPHGLDULORU

ILQDQFLDU IRDUWHEXQ 

HOLPLQD L

2IHUW OLPLWDW ODSURGXVHOHSURSULLILUPHL


8Q SURGXF WRU  LPSRUWDWRU  H[SRUWDWRU YD UHFXUJH OD GLYHUVH FDQDOH GH GLVWULEX LH GH
GLPHQVLXQLGLIHULWH LQkQGFRQWGHRELHFWLYHOHVWUDWHJLFHSURSXVH
&UHDUHD XQXL FLUFXLW GH GLVWULEX LH GH F WUH XQ RSHUDWRU  vL YD SHUPLWH V  U VSXQG 
GLIHULWHORU VHJPHQWH GH XWLOL]DWRUL WHVWkQG vQ DFHODL WLPS RSRUWXQLWDWHD IRORVLULL ORU vQ GLIHULWHOH
PHGLLVRFLRHFRQRPLFH
% $QDOL]D FRPSRUWDPHQWDO

 D &' FXP V  FRQWUROH]L SLD D I UkPL DW  FRPSOHWHD] 

DQDOL]D VWUXFWXUDO LQVWLWX LRQDO  vQWUXFkW RIHU  LQIRUPD LL vQ OHJ WXU  FX PRWLYD LD  DWLWXGLQHD L
RELHFWLYHOHDYXWHvQYHGHUHGHILHFDUHSDUWLFLSDQWvQFDGUXOXQXL&'
&DQDOHOH GH GLVWULEX LH VXQW GLYL]DWH vQWUH PDL PXO L DFWRUL ILHFDUH DF LRQkQG DXWRQRP L
QHJRFLLQGDIDFHULOHFDUHvOLQWHUHVHD] 
$FHDVW  YL]LXQH FRQGXFH OD SXQHUHD SUREOHPHL JHVWLXQLL FDQDOXOXL GH GLVWULEX LH vQ WRDWH
FRPSRQHQWHOH VDOH GH IOX[XUL L RSHUD LXQL YHJKLQGXVH FD WUDQJXO ULOH V  ILH FkW PDL PLFL FX
SXWLQ

LDUvQILQDO&'V FRUHVSXQG FkWPDLELQHH[LJHQ HORUSLH HL

(VWH QHFHVDU L PDL DOHV DYDQWDMRV V  VH IDF  DQDOL]D OD vQWUHJXO &' GHFkW L]RODW SH ILHFDUH

RSHUDWRUSDUWLFLSDQW
QWUDGHY U SURGXF WRUXO FRQFHSH SURGXVHOH VDOH LQFOXVLY &' RULHQWkQGXVH FRQIRUP
QHYRLORUXWLOL]DWRULORU6XQWVHOHFWD LLQWHUPHGLDULLFRQIRUPXQHLGXEOHH[LJHQ HLQWHUHVXOOHDGHUXOXL
GHFDQDOLLQWHUHVHOHFRQVXPDWRUXOXL
3URGXF WRULL  LPSRUWDWRULL QX VH SRW PXO XPL QXPDL FX YkQ]DUHD SURGXVHORU ORU OD
LQWHUPHGLDUL HL DX LQWHUHVXO V L FRQVHUYH YL]LXQHD ORU GHVSUH SLD

 L GHFL V  VH DVLJXUH F 

LQWHUPHGLDULL FXSULQL vQ FDQDOHOH ORU GH GLVWULEX LH QX DU SXWHD DOWHUD LPDJLQHD P UFLL ORU D
SURGXVHORULFKLDUDFDQDOXOXL

3ULQXUPDUHFDQDOHOHGHGLVWULEX LHvQYL]LXQHGHPDUNHWLQJVXQWRFRPSRQHQW DVWUDWHJLHL

SURGXF WRUXOXL vQ OHJ WXU  FX SLD D LDU SDUWLFLSDQ LL OD XQ FDQDO QX VXQW VLPSOL RSHUDWRUL
LQGHSHQGHQ LFLS U LDOHXQXLVLVWHPFDUHXUP UHVFXQRELHFWLY LQW ELQHSUHFL]DW
6HYHGHFODUF DVSHFWHOHFRPSRUWDPHQWDOHDOHILHF UXLSDUWLFLSDQWOHDGHUVDXLQWHUPHGLDU
vQWUXQ &' YRU MXFD XQ URO LPSRUWDQW vQ vQ HOHJHUHD IXQF LRQ ULL FDQDOXOXL /HDGHUXO XQXL &' vQ
FDOLWDWHD VD GH FRPDQGDQW DO FDQDOXOXL DUH FDSDFLWDWHD GH D FRQWUROD YDULDELOHOH FDUH FDUDFWHUL]HD] 
VWUDWHJLDGHPDUNHWLQJDFHORUODO LPHPEULLRSHUDWRULSDUWLFLSDQ LODFDQDOXOUHVSHFWLY
3UREOHPD FDUH VH SXQH vQ SUDFWLFD FRPHUFLDO  HVWH FLQH V  ILH FRPDQGDQW SURGXF WRUXO 
LPSRUWDWRUXOH[SRUWDWRUXODQJURVLVWXOVDXGHWDLOLVWXO"
'DF  IDEULFDQWXO UHDOL]HD]  XQ VRUWLPHQW GLYHUV GH SURGXVH FX XQ HYDQWDL ODUJ GH VHUYLFLL
LDUFDQDOXOFUHDWGHHODUHLQWHUPHGLDULH[FOXVLYLVLVWHPIUDQFKLVLQJHVWHLQGLFDWV LDVXPHHOUROXO
GHOHDGHU
8QHRULGHWDLOLWLLVHDVRFLD] H[HPSOXODQ XULGHPDJD]LQHLVHSRWLPSXQHSHSLD

ILH

SULQPHWRGHGHYkQ]DUHILHSULQSUH XULOHSUDFWLFDWHVDXDULDJHRJUDILF SHFDUHRDFRSHU LFDDWDUH

SRWMXFDUROXOGHOHDGHUvQWUXQFDQDOGHGLVWULEX LH
3UDFWLFDGHPRQVWUHD] F LDQJURVLWLLvLDVXP UROXOGHOHDGHUGDWRULW FDSDFLW
FUHDRJDP GHSURGXVHFRPHUFLDOHHFKLYDOHQWHSHQWUXXQDQXPLWVHJPHQWGHSLD

LLORUGHD

VDXSULQIRU D

ILQDQFLDU HWFDVLJXUkQGFRQWUROXODVXSUDPLFLORUGHWDLOLWL
'HVXEOLQLDWIDSWXOF vQWUXQ&'UROXOGHOHDGHUQXHVWHFHYDGDWRGDW SHQWUXWRWGHDXQD
HOVHYDQHJRFLDRULGHFkWHRULHVWHQHYRLH/HDGHUXOQXYDFRQILVFDWRDWHDFWLYLW  LOHIOX[XULOH
FL YD FRRUGRQDSODQLILFD HOHPHQWHOH HVHQ LDOH L GH DQVDPEOX GHOHJkQG LQWHUPHGLDULORU FHL PDL DS L
UHDOL]DUHDGLIHULWHORUDFWLYLW
'DF 
GLVIXQF LRQDOLW

DWULEX LLOH

LQHFHVDUHSHQWUXRSWLPL]DUHDFLUFXLWXOXL
OLGHUXOXL

XQXL

&'

QX

VXQW

vQGHSOLQLWH

FRUHVSXQ] WRU

SRW

DSDUH

LGHUHJO UL vQ DFWLYLWDWHD JOREDO  D FDQDOXOXL GH H[HPSOX GXEODUHD LQXWLO  D

DFHORUDL IXQF LL UHDOL]DWH GH GLIHUL L LQWHUPHGLDUL OLSVD GH UHVSRQVDELOLW

L FODUH SHQWUX R IXQF LH

SUHFLV GHUHDOL]DWGHDOXQJXOFDQDOXOXL
6WXGLXOFRPSRUWDPHQWXOXLRSHUDWRULORUXQXL&'DI FXWRELHFWXOXQRUPXOWLSOHGH]EDWHULvQ
OLWHUDWXUD GH VSHFLDOLWDWH 'LQWUH SUREOHPHOH FHOH PDL WHQWDQWH DWkW WHRUHWLF FkW L SUDFWLF UH LQHP
FRQFHQWUDUHD H[FHVLY  D SXWHULL GHD OXQJXO XQXL &' L WHQWD LD  QHFHVLWDWHD DSDUL LHL XQHL
FRQWUDSXQHUL OHDGHUXO IRUPDO L LQIRUPDO vQWUXQ &' LGHQWLILFDUHD VHPQDOHORU GH SLHUGHUH D
SXWHULLOHDGHUXOXLvQWUXQ&'FXDQWLILFDUHDIRU HLSXWHULLOHDGHUXOXLLDOWHOH
/DSHQHWUDUHDSHRSLD
SHSLD

SURGXF WRUXOvQWkOQHWHRSR]L LDGLVWULEXLWRULORUSXWHUQLFLH[LVWHQ L

vQGHRVHELDDFHORUDFXFDUHSURGXVXOODQVDWLQWU vQFRPSHWL LHFRQFXUHQ



&RQIOLFWHOH SRW IL PXOWLSOH DX FDX]H GLIHULWH  RSR]L LH FH SURYLQH GLQ SHUFHS LD GLIHULW  D
UHDOLW

LL SLH HL RSR]L LH FH UH]XOW  GLQ GLIHUHQ H GH RELHFWLYH LQWHUHVH RSXVH RSR]L LH FH SRDWH

SURYHQL GLQ DSUHFLHUHD GLIHULW  D YROXPXOXL SLH HL GLQ PRGXO GH FRQFHSHUH D SROLWLFLL GH JHVWLXQH D
VWRFXOXLDVWUDWHJLHLFHORU3HWF
1X OLSVLWH GH LQWHUHV VXQW L FRQIOLFWHOH FDUH SRW LQWHUYHQL FKLDU vQ LQWHULRUXO XQXL FDQDO GH
GLVWULEX LHGDF FRQIOLFWHOHFDUHDSDUvQWUHILUPHSURGXF WRDUHVDXRSHUDWRULDSDU LQkQGXQRUJUXSXUL
GH LQWHUHVH VXQW H[SOLFDELOH OD QLYHOXO XQXL FDQDO GH GLVWULEX LH FRQIOLFWHOH DU WUHEXL V  OLSVHDVF 
DVWIHO
D FRQIOLFWHOH RUL]RQWDOH   DSDU vQWUH ILUPHOH GH DFHODL WLS L GH OD DFHODL QLYHO DO
FDQDOXOXL GH GLVWULEX LH GH H[HPSOX FRQIOLFWHOH GLQWUH GRL RSHUDWRUL FX DP QXQWXO FDUH SUDFWLF 
DFHLDLIRUP GHYkQ]DUH
EFRQIOLFWHOHLQWHUWLSDSDUvQILUPHGHWLSXULGLIHULWHGDUDIODWHODDFHODLQLYHODO&'GH
H[HPSOX FRQIOLFWHOH vQWUH GRL RSHUDWRUL FX DP QXQWXO GDU FDUH SUDFWLF  IRUPH GLIHULWH GH YkQ]DUH
PDJD]LQHFXSUH XULXQLFHLPDJD]LQHFXSUH XULGLIHULWH
FFRQIOLFWHOH YHUWLFDOHVXQWFRQIOLFWHFDUHDSDUvQWUHILUPHVLWXDWHODQLYHOHGLIHULWHDOH
&'GHH[HPSOXFRQIOLFWHOHGLQWUHJURVLWLLGHWDLOLWL
)LH F  HVWH YRUED GH FRQIOLFWH ODWHQWH VDX GHFODUDWH FRQVHFLQ HOH ORU vQ IXQF LRQDUHD L
HILFLHQ DXQXL&'VXQWGHRLPSRUWDQ

PDMRU DWkWSHQWUXSUDFWLF FkWLSHQWUXWHRULH'LQSXQFWGH

YHGHUH WHRUHWLF FHUFHW WRUXO &:DOGPDQ vQ  D  HODERUDW R WLSRORJLH GH VROX LRQDUH D

FRQIOLFWHORU

DOF WXLW 

GLQ

XUP WRDUHOH

FLQFL

IRUPH

GRPLQDUHD

FRPSURPLVXO

FRODERUDUHD

DFRPRGDUHDLQHDFRUGDUHDDWHQ LHL
QSUDFWLF HVWHGHVXEOLQLDWIDSWXOF QXVHSRWIRORVLUH HOHOHPRGHOHOHvQPRGDEVROXW
VH YD LQH FRQW GH UDSRUWXO GH IRU H GLQWUH SDUWHQHUL FDUH QX HVWH VWDELO WLSXO GH SLD

 SURGXVHOH

GLVWULEXLWH
7RDW  SUREOHPD HVWH GH D WL FkQG L vQ FH FRQGL LL XQ FRQIOLFW YD WUHFH GH OD R UH]ROYDUH
HILFDFHODXQDLQHILFDFH
8Q VLVWHP GH GLVWULEX LH DOF WXLW GLQ XQXO  PDL PXOWH FDQDOH GH GLVWULEX LH SRDWH
VXSUDYLH XLvQP VXUDvQFDUHVRFLHW

LOHFRPHUFLDOHSDUWLFLSDQWHVHUYHVFLDS U PL[XOGHPDUNHWLQJ

FDUHDVWDWODED]DFRQFHSHULLVDOH'HUHPDUFDWIDSWXOF GLVWULEX LDQXWUHEXLHV ILHXQVFRSvQVLQH

FLXQPLMORFLQVWUXPHQWSHQWUXUHDOL]DUHDRELHFWLYHORUVWUDWHJLFHDOHILUPHL
6H SRDWH REVHUYD F  RULFH PHPEUX DO XQXL FDQDO GH GLVWULEX LH HVWH OHJDW SULQWUXQ
DQJDMDPHQW GH FXSOXO SURGXVSLD

 LQFOXVLY SULQWUXQ FRQWUDFW PRUDO SULQ LQWHUPHGLXO F UXLD HL

DSDU LQDFHOXLDLVLVWHPGHGLVWULEX LHDFHOXLDLLQWHUHV

'DF  DFHDVW  XQLILFDUH VH SRDWH IDFH DFHDVWD FRQGXFH OD R FRRSHUDUH IRDUWH EXQ  vQWUH
FRSDUWLFLSDQ LL OD DFHODL &' QWUDGHY U VXQW PXOW PDL PXOWH RELHFWLYH FRQYHUJHQWH GHFkW
GLYHUJHQWHDVWIHOF HVWHRUHDOLWDWHVWDUHDGHFRRSHUDUHvQWUXQ&'
&RRSHUDUHDHVWHY ]XW FDVWDELOLUHDXQHLVLQJXUHVWUDWHJLLSHQWUXWR LPHPEULL&'ILHFDUH
LQWHUPHGLDU OLPLWkQGXVH V  UH LQ  QXPDL GHFL]LLOH VWUDWHJLFH SURSULL FRPSDWLELOH FX VWUDWHJLD
JHQHUDO DGPLV GHWR LPHPEULL&'
'DF  XQ JURVLVW D VWDELOLW FX PDL PXO L GHWDLOLWL R VWUDWHJLH SHQWUX D FXFHUL R SLD

IUDJPHQWDW vQDFHVWFD]XQSURGXF WRUQXWUHEXLHV UHIX]HDFHDVW VWUDWHJLHGDF HOYL]HD] DFHLDL

SLD


& 6WXGLXO PDQDJHULDO DO FDQDOHORU GH GLVWULEX LH VDX FXP V  DOHJL  SURLHFWH]L 

UHSURLHFH]LXQFDQDOGHGLVWULEX LHRSWLP

8WLOL]kQGXQFDQDOGHGLVWULEX LHSHXQDQXPLWVHJPHQWGHSLD

RSHUDWRUXOHFRQRPLFFDUH

DUH LQWHQ LD V  GHYLQ  OHDGHU HVWH REOLJDW V L FRQFHQWUH]H DWHQ LD DVXSUD VHUYLFLLORU FDUH WUHEXLHVF
vQGHSOLQLWH GH F WUH GLIHUL LL PHPEULL vQ YHGHUHD DVLJXU ULL XQXL IOX[ FRUHVSXQ] WRU GH P UIXUL 
VHUYLFLL  LQIRUPD LL DVXSUD MRFXOXL VXEWLO GH IRU H FDUH VH FRQIUXQW  vQ FDQDO SHQWUX D HYLWD
FRQIOLFWHOHvQWUHGLIHULWHOHLQWHUHVHGLYHUJHQWH
(IHFWXkQG DFHVW GHPHUV QX WUHEXLH XLWDWH VRFLHW

LOH FRPHUFLDOH FDUH XUP ULQG GLIHULWH

LQWHUHVH L VXSXQkQGXVH OD QXPHURDVH FRQVWUkQJHUL YRU DOHJH R VDUFLQ   DOWD XQ RELHFWLY  DOWXO
HYLGHQ LLQG DVWIHO YRLQ D ORU GH D DF LRQD vQWUXQ VHQV VDX DOWXO DO FRRSHU ULL VDX GRPLQ ULL
SDUWHQHULORUGHDIDFHULGLQFDGUXOSLH HL
6WXGLXOPDQDJHULDOVHVLWXHD] vQWUXQFDGUXRSHUD LRQDOLDERUGHD] vQJHQHUDOFDQDOXOGH
GLVWULEX LH SULQ SULVPD ILUPHORU FDUH vO FRPSXQ Q FD]XO XQXL SURGXF WRU FDUH FDXW  V  SURLHFWH]H
XQ VLVWHP GH GLVWULEX LH SHQWUX SURGXVHOH VDOH HO vL SXQH SUREOHPDGHDWLFHQXP ULFHWLSGH
LQWHUPHGLDULYDWUHEXLV FRQYLQJ V LYkQG SURGXVOH LQkQGFRQWGHRELHFWLYHOHGHSLD

SHFDUHOH

XUP UHWH L GH FRQVWUkQJHULOH LQWHUQH L H[WHUQH SH FDUH OH UHVLPWH (OLPLQkQG FLUFXLWXO GLUHFW FDUH
QXFRUHVSXQGHLQWHUHVHORUVDOHSURGXF WRUXOYDWUHEXLV HODERUH]HPDLPXOWHYDULDQWHVWUDWHJLFHGH
GLVWULEX LH FDUH SRW IL UH]RQDELOH  UHDOLVWH SH FDUH V  OH PRGHOH]H  DGDSWH]H OD FHULQ HOH FXSOXOXL
SURGXVSLD

LOXkQGvQFRQVLGHUD LHRELHFWLYHOHSURSULL

2ELHFWLYHOHPDMRUHGHSLD

DYXWHvQYHGHUHGHF WUHXQYLLWRUOHDGHUGHFDQDOGHGLVWULEX LH

SRWILFRQIRUPFHUFHW WRUXOXL'-%RZHUVR[

  RE LQHUHD XQXL YROXP IL[DW GH YkQ]DUH L SURILW I U  D DYHD vQ YHGHUH vQ WLPS
PD[LPL]DUHDSURILWXOXL
DWLQJHUHDXQHLFRWLW

LSUHFL]DWHGHSLD

VDXUDW GHSHQHWUDUHSHRSLD

DVLJXUDUHDXQHLDQXPLWHVWUXFWXULGHDVLVWHQ
DWLQJHUHDXQXLDQXPLWRELHFWLYDOUHQWDELOLW

GHUHIHULQ



VHUYLFLL
LLLQYHVWL LLORUDIDFHULL

$FHVWH RELHFWLYH LQW  JkQGLWH GH OHDGHU vQ SURFHVXO GH SURLHFWDUH  UHPRGHODUH D FDQDOHORU
GH GLVWULEX LH QX SRW IL DYXWH vQ YHGHUH I U  DQDOL]D SHUWLQHQW  D FRQVWUkQJHULORU OD FDUH VXQW VXSXL
DWkWRSHUDWRULLFkWLSURGXVHOHSHRULFHSLD



'LQWUH FHOH PDL LPSRUWDQWH FRQVWUkQJHUL LQWHUQH LVDX H[WHUQH FDUH VH PDQLIHVW  SH SLD

UH LQHP

$

SLD D LQW 

'

QDWXUDLQWHUPHGLDULORUIRORVL L

%

QDWXUDFRQFXUHQ HL

(

FDUDFWHULVWLFLOHOHDGHUXOXLSURGXF WRU

SURGXVXOGHGLVWULEXLW

&

GLVWULEXLWRU


D&RQVWUkQJHUHDOHJDW
SLD

GHSLD D LQW

 5DSRUWDUHD SURGXVXOXL vQ SHUPDQHQ

UHIOHFW DQJDMDPHQWXOSULYLQGFXSOXOSURGXV

 OD SLD

 DFROR XQGH XUPHD]  V  VH FRQIUXQWH FX

FHUHUHDXQGHXUPHD] V ILHUHFXQRVFXWQFRQGL LLOHDFWXDOHSLD DQXPDLHVWHSHUFHSXW vQPDQLHU 

FDQWLWDWLY FLvQGHRVHELFDOLWDWLY 'HVLJXUF QXP UXOFOLHQ LORUSRWHQ LDOLSR]L LDJHRJUDILF MRDF 
XQ URO HVHQ LDO vQ HYDOXDUHD SLH HL GDU WRW PDL PXOW IDFWRULL FRPSRUWDPHQWDOL RELFHLXULOH GH
FXPS UDUH UHDF LLOH FX SULYLUH OD GLIHULWH YDULDELOH GH PDUNHWLQJ SUH  SURPRYDUH VHUYLFLL
FRPHUFLDOH HWF DX R YDORDUH DSDUWH Q DFHVW FRQWH[W  FDQDOXO GH GLVWULEX LH DYXW vQ YHGHUH VH
PRGLILF vQPRGVSHFLILFODH[LJHQ HOHSLH HL LQW 
E&RQVWUkQJHULOH OHJDWH GH FRQFXUHQ

GHPHGLXOH[WHUQvQFRQMXU WRUSRWILPDLPXOW

PDLSX LQIDYRUDELOHRE LQHULLXQHLSR]L LLGHPRQRSRO3UREOHPDFRQVW vQDWLGDF VHGRUHWHR

GHPDUFD LH GH FDQDOHOH FRQFXUHQWH LPDJLQH GLIHUHQ LDW  GLIX]DUH IRDUWH ODUJ  L UDSLG  VDX
GLPSRWULY DILSUH]HQWvQDFHOHDLPDJD]LQHSHFDUHLFRQFXUHQ DOHIRORVHWH
&RQMXQFWXUDHFRQRPLF HVWHGHDVHPHQHDRFRQVWUkQJHUHRUHFHVLXQHFRQGXFHODDOHJHUHD
GH FDQDOH VFXUWH L HOLPLQDUHD XQRU LQWHUPHGLDUL 7RDWH VLVWHPHOH FDUH FRQGXF OD FUHDUHD XQXL
PRQRSRO VDX OD VO ELUHD FRQFXUHQ HL DX IRVW VHYHU FRQWURODWH GH H[HPSOX UHIX]XO GH D YLQGH XQRU
RSHUDWRULFDUHQXDSDU LQXQXL&'DFRUGXULOHGHH[FOXVLYLWDWH
F &RQVWUkQJHULOH OHJDWH GH SURGXVXO  SURGXVHOH GH GLVWULEXLW  VXQW GH PXOWH RUL
GHRVHELW GH LPSRUWDQWH SHQWUX DOHJHUHD XQXL &'  SURGXVHOH GH PRG  VDX SHULVDELOH VH YRU
FRPHUFLDOL]D SULQ FDQDOH VFXUWH L  VDX XOWUDVFXUWH  'LPSRWULY  SURGXVHOH VWDQGDUGL]DWH L FX XQ
JUDG ULGLFDW GH WHKQLFLWDWH YRU IRORVL FDQDOHOH OXQJL I U  V  VH H[FOXG  vQV  GLVWULEX LD SULQ
FRQFHVLXQHLVDXVLVWHPXOGLVWULEX LHLH[FOXVLYHUHSUH]HQWDQ LSURSULL
G&RQVWUkQJHULOH OHJDWH GH LQWHUPHGLDULL IRORVL L  YL]D LVXQWH[SOLFDWHSULQGLYHULVWDWHD
ORUFDP ULPHRELHFWLYHH[LJHQ

HWF

3ULPD SUREOHP  vQ DOHJHUHD XQXL LQWHUPHGLDU FDUH V  GHYLQ  PHPEUX DO XQXL FDQDO GH
GLVWULEX LHSURLHFWDWFRQVW vQGHWHUPLQDUHDDFWLYLW

LORUSHFDUHDFHVWDOHSRDWHUHDOL]DvQvQGHSOLQLUHD

IXQF LLORUGHGLVWULEX LHFDUHLDXIRVWDWULEXLWHVWDELOLWH(VWHGLQSXQFWGHYHGHUHWHKQLFILQDQFLDU

LXPDQDFHVWDJHQWHFRQRPLFDSWV U VSXQG DFHVWRUH[LJHQ H"
$ GRXD SUREOHP  FRQVW  vQ DQDOL]D RELHFWLYHORU SURSULL DFHVWXL LQWHUPHGLDU vQ UDSRUW FX
RELHFWLYHOH JHQHUDOH VWDELOLWH GH OHDGHU SHQWUX &' SURLHFWDW 6H YD MXGHFD SULQ XUPDUH FRPSDWL
ELOLWDWHDRELHFWLYHORUSDUWHQHULORUPHPEULLDLDFHOXLDL&'
$OHJHUHDQRPLQDO DLQWHUPHGLDULORUHVWHHVHQ LDO vQFRPSXQHUHDXQXLFDQDOGHGLVWULEX LH
vQP VXUDvQFDUHILHFDUHUHSUH]LQW RIRU

RYLWDOLWDWHSRWHQ LDO FDUHSRDWHILOXDW vQFRQVLGHUDUH

SHQWUXSHUVSHFWLYDDIDFHULLvQWRWDOLWDWH
6DUFLQD HVWH FX DWkW PDL FRPSOH[  FX FkW vQWUXQ VHFWRU JHRJUDILF GDW LQWHUPHGLDULL GH
FDOLWDWHVXQWGHMDFXQRVFX LLvQUHOD LLFXDO LIXUQL]RULDSDU LQDOWRU&'
$L FRQYLQJH V  DGDXJH XQ SURGXV JDPHL ORU GH P UIXUL FRPHUFLDOL]DWH vQVHDPQ  DL SXQH
vQFRQIOLFWGHLQWHUHVHFXDOWHFDQDOHGHGLVWULEX LHH[LVWHQWHOHDGHUXODFHVWXLFDQDOGHGLVWULEX LHVDU
SXWHD IRORVL GH DF LXQHD vQ FRQFXUHQ

 QHORLDO  ILH vPSRWULYD SDUWHQHUXOXL GH FDQDO ILH vPSRWULYD

LQL LDWRUXOXL&'QRX
$FHDVWDvQVHDPQ F DOHJHUHDSDUWHQHUXOXLGHDIDFHUHXQ&'SRDWHILRDIDFHUHSHQWUXWR L
SDUWLFLSDQ LL QX VH IDFH SULQWUR FHUFHWDUH GH ELURX FL GLPSRWULY  SULQWUR FHUFHWDUH GH WHUHQ vQ
FRQWDFW QHPLMORFLW FX SLD D 3HQWUX DFHDVWD VH YRU DOHJH L YHULILFD LQIRUPD LL vQ OHJ WXU  FX
LQWHUPHGLDULL SRWHQ LDOL 'LQWUH DVSHFWHOH FDUH vO LQWHUHVHD]  SH YLLWRUXO OHDGHU vQ YHGHUHD DOHJHULL
RSWLPHDLQWHUPHGLDULORUQHFHVDULSHQWUXFRQVWUXLUHDXQXLQRX&'UH LQHP

 LQGLFDWRULL GH SHUIRUPDQ

 HFRQRPLFRILQDQFLDU  FDSLWDO VRFLDO ED]  WHKQLFRPDWHULDO 

UHVXUVHXPDQHGLQDPLFD&$
YDGXOFRPHUFLDOFOLHQWHODLPDJLQHDILUPHLQRWRULHWDWH
]RQDGHSLD

DFRSHULW SHUVSHFWLYH

SR]L LDvQUDSRUWFXFRQFXUHQ D

YDORDUHDGHRUJDQL]DUHDIRU HLGHYkQ]DUH
FDSDFLWDWHDPDQDJHULDO GLQFDUHFRPHUFLDO LILQDQFLDU 
FDOLWDWHDFOLHQWHOHLSURSULLVHJPHQWXOGHSLD

 LQW 

 FRPSHWLWLYLWDWHD JHQHUDO  %9& FRQWXO GH SURILW  SLHUGHUL 71 )51 1)5
WUH]RUHULHQHW IRQGGHUXOPHQWQHWQHYRLHGHIRQGGHUXOPHQW
3HQWUX DVLJXUDUHD XQHL HILFLHQ H FRUHVSXQ] WRDUH D GLVWULEX LHL SURGXF WRUXO  JURVLVWXO
OHDGHU YD SURLHFWD PRGDOLW

LOH RSWLPH GH FRPXQLFDUH L FRRUGRQDUH D HIRUWXULORU VLQHUJLFH DOH

WXWXURUPHPEULORUFDQDOXOXLGHGLVWULEX LH
3ROLWLFD GH FRPXQLFDUH D OHDGHUXOXL GH &' GH FHOH PDLPXOWHRULVHDOLQLD] FRRUGRQDWHORU
SROLWLFLLFRPHUFLDOHRELHFWLYHOHFHORUGRX SROLWLFLDUILXQQRQVHQVGDF QXDUILFRQVRQDQWH
3UDFWLFD DIDFHULORU VXEOLQLD]  FD RSRUWXQH GRX  SURFHGHH GH DF LXQH D OHDGHUXOXL DVXSUD
PHPEULORUSDUWLFLSDQ LODDFHODL&'vQYHGHUHDUHDOL] ULLRELHFWLYHORUJHQHUDOH
D SURFHGHXO GH DF LXQH SULQ DVSLUDUH SULQ FDUH OHDGHUXO vQFHDUF  V  RE LQ  FRODERUDUHD
LQWHUPHGLDULORUVWLPXOkQGFHUHUHDILQDO SHQWUXSURGXVHOHVDOHXWLOL]kQGLQVWUXPHQWHFDSXEOLFLWDWH
IRDUWH DJUHVLY  DFRPSDQLDW  GH GLVWULEX LH JUDWXLW  GH XWLODMH DOH ILUPHL VHUYLFLXO GH WUDQVSRUW DO
P UIXULORU OD VHGLXO 5&$ (VWH YRUED GH R IRU

 GHRVHELW  D SLH HL FDUH SHQHWUHD]  &' DVSLUkQG

LQWHUPHGLDULLSkQ ODIDEULFDQW
E SURFHGHXO GH DF LXQH SULQ SUHVLXQH DVXSUD PHPEULORU FDQDOXOXL GH GLVWULEX LH /HDGHUXO
vL SUHVHD]  V  VH RFXSH GH SURGXVHOH VDOH DFRUGkQGXOH PDUMH FRPHUFLDOH ULGLFDWH RIHULQGXOH
DMXWRDUH DVXSUD ORFXOXL GH YkQ]DUH VWRFXUL GH SURGXVH JUDWXLWH PHUJkQG SkQ  DFROR vQFkW SURSXQH
XQRUGHWDLOLWLV VHPQH]HFRQWUDFWHGHH[FOXVLYLWDWH$FHDVW PRGDOLWDWHHVWHPDLLHIWLQ GHFkWSULPD
LHVWHSUHIHUDW DWkWGHPDULLFkWLGHPLFLLSURGXF WRUL
H&RQVWUkQJHULOHOHJDWHGHvQWUHSULQGHUHDSURGXF

WRDUHOHDGHUJURVLVW

'H UHJXO  ILUPHOH FX UHVXUVH ILQDQFLDUH DGHFYDWH VXQW PDL SX LQ FRQVWUkQVH GHFkW FHOHODOWH
FDUHYRUUHFXUJHODLQWHUPHGLDULDVRFLD LSDUWHQHULSHQWUXUHDOL]DUHDRELHFWLYHORUORU
6LWXD LD ILQDQFLDU  OLPLWHD]  DWkW GLUHFW FkW L LPHGLDW SDUWHD GLQ SLD D YL]DW  LQFOXVLY
SXWHUHDGHQHJRFLHUHFXSDUWHQHULLvQYHGHUHDSURLHFW ULLUHSURLHFW ULLXQXL&'
8Q SURGXF WRU FDUH UHDOL]HD]  R JDP  ODUJ  GH SURGXVH YD SXWHD PDL UHSHGH V  FUHH]H R
IRU

GHYkQ]DUHSURSULHGHFkWXQSURGXF WRUFDUHIDEULF XQVLQJXUSURGXV

8Q DOW IDFWRU FDUH QX SRDWH IL QHJOLMDW  H[SHULHQ D DFXPXODW  vQ PDWHULH GH GLVWULEX LH D

P UIXULORU  2 ILUP  FX PDL PXOW  H[SHULHQ

 YD VWDELOL PDL UHSHGH FRQWDFWH FX XQ QXP U PDUH GH

LQWHUPHGLDUL
'XS 

DQDOL]HOH

PXOWLFULWHULDOH

UHDOL]DWH

IXQF LRQDO

VWUXFWXUDO

LQVWLWX LRQDO

FRPSRUWDPHQWDODWLWXGLQDOLPDQDJHULDOvQID DXQXLSURLHFWDQWGH&' LQkQGFRQWGHLQWHQVLWDWHD

UHOD LHLSURGXVFOLHQWVHvQI

LHD] XUP WRDUHOHYDULDQWHVWUDWHJLFHGHGLVWULEX LH

DGLVWULEX LDLQWHQVLY 
EGLVWULEX LDVHOHFWLY 
FGLVWULEX LDH[FOXVLY 
D  'LVWULEX LD LQWHQVLY

  FXQRVFXW  L VXE QXPHOH GH GLVWULEX LH GH PDV  FRQVW  vQ D

YLQGH RULF UXL FRPHUFLDQW  SHUVRDQ  IL]LF MXULGLF   FDUH DFFHSW  V  S VWUH]H vQ VWRF SURGXVHOH
ILUPHL[LQL LDWRDUHGHVLVWHPGHGLVWULEX LHvQYHGHUHDUHYkQ] ULLORUXWLOL]DWRULORULQGXVWULDOLLVDX
LQGLYLGXDOL  6RFLHW

LOH FRPHUFLDOHFDUHDXvQYHGHUHDFHVWWLSGHGLVWULEX LHDXFDVFRSV VDWXUH]H

FHOPDLUDSLGSRVLELOSLD DSRWHQ LDO RELHFWLYXOORUHVWHPD[LPL]DUHDFLIUHLGHDIDFHUL

3URGXF WRULL GH EXQXUL GH FRQVXP VSHU  F  DFHDVW  RULHQWDUH VH YD PDWHULDOL]D vQWUR
SXWHUQLF &$LRSDUWHFRWLWDWHGHSLD
WUHEXLHV IDF ID

FkWPDLULGLFDW 7RWRGDW DFHWLSURGXF WRULLPSRUWDWRUL

DQXPLWRULQFRQYHQLHQWHGLQWUHFDUH

  XQ FRVW GH GLVWULEX LH PDUH MXVWLILFDW GH vQWUH LQHUH GH UHOD LL GH SDUWHQHULDW FX IRDUWH
PXO LLQWHUPHGLDUL
  ULVFXO HURG ULL LPDJLQLL GH PDUF  GDF  XQ SURGXV GH PDUF  HVWH FXPS UDW GH PDUHD
PDV GHFXPS U WRULHOGHYLQHEDQDO
  ULVFXO SLHUGHULL FRQWUROXOXL PL[XOXL GH PDUNHWLQJ SURSULX FDX]D SRDWH IL LGHQWLILFDW 
SULQDWDFXULOHPHPEULORUGLQSURSULXOVLVWHP
FRVWXULLPSRUWDQWHGHFRPXQLFD LLOHFXSXEOLFXO
'LVWULEX LD LQWHQVLY  IRORVHWH GH UHJXO  FDQDOH GH GLVWULEX LH OXQJL L IRDUWH OXQJL XQHRUL
FRPELQDWHLFXDOWHVLVWHPHGHGLVWULEX LH
E 'LVWULEX LD VHOHFWLY

 ,QL LDWRUXO DFHVWXL WLS GH GLVWULEX LHSURGXF WRU LPSRUWDWRU

H[SRUWDWRU JURVLVW JUXS GH GHWDLOLWL HWF YD VHOHFWD GLQWUR ]RQ  VHJPHQW GH SLD

 SUHFL]DW   XQ

QXP UOLPLWDWGHLQWHUPHGLDULFXDMXWRUXOF URUDYDUHDOL]DGLVWULEX LDSURGXVHORUSURSULLLPSRUWDWH

H[SRUWDWH  DFKL]L LRQDWH /LPLWkQG QXP UXO LQWHUPHGLDULORU GHWDLOLWLORU  SURGXF WRUXO VSHU  V 
VWDELOHDVF UHOD LLPDLSXWHUQLFHVWUkQVHGHFRRSHUDUHFXILHFDUHGLQWUHHLIRUWLILFkQGDVWIHOFDQDOXO
GHGLVWULEX LHSURSULX
'LVWULEX LD VHOHFWLY  SHUPLWH LQL LDWRUXOXL GH FDQDO GH GLVWULEX LH V  DOHDJ  VHOHFWLY
LQWHUPHGLDULL V L vQ IXQF LH GH FULWHULLOH VHOHFWDWH GH HO SXWHUH ILQDQFLDU  LPDJLQHD L GLQDPLVPXO
V X

GLPHQVLXQHD

VDX

IRU D

GH

YkQ]DUH



FDOLWDWHD

VHUYLFLLORU

RIHULWH

FOLHQ LORU

SURGXVHOH

FRPSOHPHQWDUHVLPLODUHSHFDUHOHYkQGHWF
'LVWULEX LDVHOHFWLY HVWHELQHDOHDV DWXQFLFkQGLQL LDWRUXOXQXLFDQDOGHGLVWULEX LHGRUHWH
R UHQWDELOLWDWH vQDOW  ED]DW  SH YkQ] UL OLPLWDWH L SH R PDUM  FRPHUFLDO  FRQIRUWDELO  GDU QX VH
SRDWHUHDOL]DGHFkWFXSURGXVHVHUYLFLLGHPDUF LFXPS U ULSHQWUXUHGRWDUH
Q FDGUXO XQHL GLVWULEX LL VHOHFWLYH VH UHDOL]HD]  R FRRSHUDUH HIHFWLY  vQWUH DXWRULL PHPEULL
DL FDQDOXOXL GH GLVWULEX LH IDEULFDQWXO FRQWULEXLH SXWHUQLF OD SURPRYDUHD SURGXVXOXL  FDQDOXOXL LDU
LQWHUPHGLDULL GHSXQ HIRUWXUL SH P VXU  SHQWUX vPSLQJHUHD SURGXVXOXL VSUH XWLOL]DWRUXO ILQDO VDX
ODQVDUHDGHQRLSURGXVHvQFDQDOXOGHGLVWULEX LH
$FHDVW VWUDWHJLHGHGLVWULEX LHVHOHFWLY SUHVXSXQHXWLOL]DUHDGHFDQDOHVFXUWHHVWHJUHXGH
DFFHSWDW F  XQ LQWHUPHGLDU JURVLVW V L OLPLWH]H IXQF LD HVHQ LDO  OD DOHJHUHD FOLHQ LORU V L GHWDLOLWL
FDQDOHOH VFXUWH OLPLWHD]  OD PD[LPXP H[LVWHQ D JURVLWLORU 'LVWULEX LD VHOHFWLY  HVWH ULVFDQW 
SHQWUX SURGXF WRU vQ P VXUD vQ FDUH DFHDVWD SRDWH IUkQD SHQHWUDUHD SH SLD

 D SURGXVHORU VDOH

LQVXILFLHQ DFXPS U WRULORUFOLHQ LDLGHWDLOLWLORUVHOHF LRQD L

F'LVWULEX LDH[FOXVLY

HVWHRSXV GLVWULEX LHLLQWHQVLYHSHQWUXF QXDXWRUL]HD] GHFkWXQ

FRPHUFLDQW vQWUR UHJLXQH GDW  V  GH LQ  vQ VWRF L V  UHYkQG  FOLHQ LORU SURGXVXO LQL LDWRUXOXL GH
FDQDO
$FHVW WLS GH GLVWULEX LH HVWH IRORVLW  GH SURGXF WRULL GH EXQXUL GH PDUF  GH OX[ FDUH
DFRUG LQWHUPHGLDUXOXLGUHSWXOGHYkQ]DUHH[FOXVLY FXH[FOXGHUHDYkQ] ULLSURGXVHORUVDXP UFLORU
FRQFXUHQWH
3URGXF WRUXODFRUGkQGSULYLOHJLXOH[FOXVLYLW
SLD

LLXQXLLQWHUPHGLDUSHXQDQXPLWVHJPHQWGH

DUHDWkWDYDQWDMHXQIRDUWHEXQFRQWURODOGLVWULEX LHLSHSODQXOFDOLW

LLVHUYLFLLORUSUH XOXLL

DO SUHVWLJLXOXL FkW L GH]DYDQWDMH SRDWH VDFULILFD R SDUWH D SLH LL I FkQG PDL GLILFLO DFFHVXO OD
SURGXVHOHVDOH
&kW SULYHWH LQWHUPHGLDUXO EHQHILFLDU DO FRQWUDFWXOXL FRPHUFLDO GH H[FOXVLYLWDWH LQWHUHVXO
V X LQHGHFRWDGHEHQHILFLXFRQIRUWDELO VWDELOLW GHILUPDSURGXF WRDUHFKLDUGDF DFWLYLWDWHDVDVH
UHVWUkQJHFRQIRUPFRQ LQXWXOXLFRQWUDFWXOXLRXQLWDWHGHSUH]HQWDUHLGHVIDFHUHEHQHILFLDU DXQXL
FRQWUDFW GH H[FOXVLYLWDWH UHSUH]LQW  ILUPD FX FDUH D vQFKHLDW DFHVW FRQWUDFW HVWH GHFL REOLJDW V QX
FRPHUFLDOL]H]H SURGXVHOH DOWRU ILUPH FRQFXUHQWH SHQWUX SDUWHQHUXO V X 'H H[HPSOX FRQWUDFWXO GH
IUDQFKLVLQJ HVWH R IRUP  SDUWLFXODU  GH GLVWULEX LH H[FOXVLY  8Q SURGXF WRU GHQXPLW IUDQFKLVHXU
RIHU  XQXL GHWDLOLVW GHQXPLW IUDQFKL]DW  IUDQFKLVHV R FROHF LH GH SURGXVH VHUYLFLL LQFOXVLY XQ
VDYRLUIDLUHLRPDUF vQUHJLVWUDW SHFDUHV OHFRPHUFLDOL]H]HH[FOXVLYvQWURUD] GHDF LXQH
'XS  LGHQWLILFDUHD VLVWHPHORU GH GLVWULEX LH SRVLELOH GH DSOLFDW SURGXF WRUXO LPSRUWDWRUXO
LVDX LQL LDWRUXO VLVWHPXOXL GH GLVWULEX LH HVWH REOLJDW V  IDF  R HYDOXDUH D DFHVWRUD SHQWUX D DOHJH
XQXOVDXPDLPXOWHFDQDOHGHGLVWULEX LHvQIXQF LHGHRELHFWLYHOHSUHVWDELOLWH



5H]XPDW

QWURHFRQRPLHGHSLD

UHDO LHFKLOLEUDW FDUDFWHUL]DW SULQWURSURGXF LHGHPDV LRIHUW 

DEXQGHQW  JHQHUDW  GH H[WLQGHUHD I U  SUHFHGHQW D UHYROX LHL WHKQLFRWLLQ LILFH vQ WRDWH UDPXULOH
HFRQRPLFH

RUJDQL]DUHD

FRPHUFLDOL] ULL

P UIXULORU

L

VHUYLFLLORU

IXQF LD

GH

FRPHUFLDOL]DUH

PDUNHWLQJHVWH WRW DWkW GH GLILFLO  GDF  QX FKLDU PDL GLILFLO  GHFkW RUJDQL]DUHD SURFHVXOXL GH
SURGXF LHSURSULX]LVIXQF LDGHSURGXF LH
'HPRQHWL]DW GHYDORUL]DW  R EXQ  EXFDW  GH WLPS PHVHULD GH YkQ] WRU UHFDS W  LPSRUWDQ

RGDW  FH DIDFHULOH GHYLQ WRW PDL GLILFLOH DSDUL LD L H[WLQGHUHD PXOWLSOHORU FUL]H  HQHUJHWLFH L GH
PDWHULLSULPHDJULFROHHFRQRPLFHFXOWXUDOHPRUDOHHWFFDUHGXUHD] GHPDLELQHGHGHDQL
1HJ VLPDVW ]LvQID DXQRUYkQ] WRULGLQFHvQFHPDLLQIRUPD LFRPSHWHQ LFDUHSUDFWLF FHOH
PDLPRGHUQHIRUPHGHYkQ]DUHVDXDQJDMD LDLXQRUPDULILUPHGHPDUNHWLQJSXUW WRULDLFHORUPDL
QRLWHKQLFLLLQVWUXPHQWHGHGLVWULEX LHDP UIXULORUVHUYLFLLORU
0DULOH VRFLHW

L FRPHUFLDOH GH GLVWULEX LH VXQW GLQ FH vQ FH PDL DWHQWH OD FRVWXUL vQFHUFkQG V 

UD LRQDOL]H]HYkQ] ULOHODPD[LPXPSUDFWLFkQGFHOHPDLPRGHUQHPHWRGHWHKQLFLLLQVWUXPHQWHGH
PDUNHWLQJvQVOXMEDPD[LPL] ULLUH]XOWDWHORU

&RQFHSWHFKHLH

 'LVWULEXWRU LQGXVWULDO 6RFLHWDWH LQGHSHQGHQW  FDUH FXPS U  VWRFKHD]  L YLQGH SURGXVH
LQGXVWULDOH
 'LVWULEXWRU EXQXUL GH FRQVXP 6RFLHWDWH LQGHSHQGHQW  FDUH FXPS U  VWRFKHD]  L YLQGH
SURGXVHEXQXULGHFRQVXP
 'LVWULEX LH GH HDQWLRDQH 2IHUW  GH HDQWLRDQH JUDWXLW  vQ IDYRDUHD FRQVXPDWRULORU VDX XQ
FXSRQYkQGXWODXQSUH GHODQVDUHH[FHS LRQDO
 'LVWULEX LH H[FOXVLY

 'LVWULEX LH vQ FXUVXO F UHLD QXP UXO GH LQWHUPHGLDUL  HVWH OLPLWDW OD XQ

WHULWRULX
 'LVWULEX LD H[WHQVLY

  3ROLWLF  GH GLVWULEX LH FDUH FDXW  V  DFRSHUH FHO PDL PXOW SRVLELO R SLD

JHRJUDILF GDW 
 'LVWULEX LD LQWHQVLY
DFHLDLSLD

 'LVWULEX LH SULQ FHO PDL PDUH QXP U SRVLELO GH SXQFWH GH YkQ]DUH SH

 LQW 

 'LVWULEX LDVHOHFWLY

8WLOL]DUHDXQXLFLUFXLWGHGLVWULEX LHOLPLWDWODFkWHYDSXQFWHGHYkQ]DUHSH

XQWHULWRULXGDW
 'LVWULEX LH PDWHULDO

 7RDWH DFWLYLW

LOH FDUH DVLJXU  GLVWULEX LD PDWHULLORU SULPH JHVWLXQHD

SURGXF LHLOLYUDUHDSURGXVHORUILQLWHGHODYkQ] WRUSkQ ODFRQVXPDWRU

&HQWUXGHGLVWULEX LH/RFXOGHVWRFDMFDUHSULPHWHFRPHQ]LOHLOLYUHD] SURGXVHOH
'HWDLOLVW&RPHUFLDQWFDUHYLQGHP UIXULOHvQFDQWLW

LPLFLGLUHFW

FRQVXPDWRUXOXLILQDO
 (QJURVLVW JHQHUDOLVW   )LUP  GH FRPHU  FX ULGLFDWD FDUH YLQGH XQ YDVW VRUWLPHQW GH
SURGXVH,QWHUPHGLDUvQWUHIDEULFDQWLGHWDLOLVW
(QJURVLVWH[FOXVLY*URVLVWFDUHQXYLQGHGHFkWXQDGRX JDPHGHSURGXVH
(QJURVLVWLQGHSHQGHQW,QWHUPHGLDUJURVLVWFDUHSRVHG ILUPDVDSULQFDUHvLGHUXOHD] DIDFHULOH
 (QJURVLVW VSHFLDOL]DW  (QJURVLVW FDUH SURSXQH XQ QXP U OLPLWDW GH SURGXVH vQ DWHQ LD XQRU
FOLHQ LFDUHDXQHYRLVSHFLILFH
 0DUHD VXSUDID

 FH SUDFWLF

 GLVFRXQWXO  +LSHUPDJD]LQ FH SUDFWLF  DXWRVHUYLUHD ORFDOL]DW OD

SHULIHULDRUDHORU3UH XULOHVXQWLQIHULRDUHFHORUSUDFWLFDWHvQVXSHUPDJD]LQ
 0DUHOH PDJD]LQ XQLYHUVDO 0DUH VXSUDID

 GH YkQ]DUH DPSODVDW  vQ FHQWUXO SULQFLSDO GH

YkQ]DUH

SUHGRPLQDQW

VWUXFWXUD

FRQVLGHUDELO

SURGXVHORU

YkQGXWH

ILLQG

QHDOLPHQWDUH

$VRUWLPHQWXO

HVWH

0DJD]LQXOIDEULFLL0DJD]LQFXYkQ]DUHGLUHFW DSDU LQkQGSURGXF WRUXOXL

FDUHYLQGHP UIXULPDUF GHIDEULF ODSUH XULPDLPLFLGHFkWvQDOWHPDJD]LQHDSDU LQkQGWHU LORU
 0DJD]LQ GH SUR[LPLWDWH 0DJD]LQ DPSODVDW vQ DSURSLHUHD ORFXOXL GH  GRPLFLOLX  GH PXQF  DO
FOLHQWXOXLFDUHYLQGHXQDVRUWLPHQWGHSURGXVHGLYHUVH
 0DJD]LQ VSHFLDOL]DW 0DJD]LQ GH YkQ]DUH FX DP QXQWXO vQ FDUH VH YkQG SURGXVH SDUWLFXODUH 
VSHFLDOH6HDGUHVHD] XQXLVHJPHQWGHSRSXOD LHELQHSUHFL]DW
 0DJD]LQ SRSXODU 0DUH VXSUDID

 GH YkQ]DUH ]LV  FX SUH XUL XQLFH GH VXSUDID

 PHGLH L FDUH

GLVSXQHGHXQVRUWLPHQWUHGXV
0DJD]LQFXVXFXUVDOH0DJD]LQFDUHGLVSXQHGHPDLPXOWGHSDWUXPXOWLSOHSXQFWHGHYkQ]DUH
0DJD]LQFROHFWLY&HQWUXFRPHUFLDOFDUHUHJUXSHD] XQFROHFWLYGHFRPHUFLDQ LLQGHSHQGHQ L
 6XSHUHWWH 0LF VXSHUPDJD]LQ FX R VXSUDID

 vQWUH  PS (VWH XQ PLQLPDJD]LQ FX

DXWRVHUYLUH
 6XSHUPDJD]LQ  8Q SXQFW GH YkQ]DUH FX R VXSUDID

 PHGLH GH  PS FH SUDFWLF 

DXWRVHUYLUHD 3UHGRPLQ  SURGXVHOH DOLPHQWDUH 6XQW YkQGXWH DUWLFROHOH FHOXL GHDO FLQFLOHD UDLRQ
SURGXVHGHvQWUH LQHUHWRLOHWWHED]DU(VWHDPSODVDWvQDJORPHUD LLOHXUEDQH
 +LSHUPDJD]LQ 8Q SXQFW GH YkQ]DUH GH PDUH VXSUDID
UDEDWXO GLVFRXQWXO DVXSUD WRWDOLW

  ! PS SUDFWLF  DXWRVHUYLUHD

LL P UIXULORU YkQGXWH 3RQGHUHD SURGXVHORU DOLPHQWDUH L

QHDOLPHQWDUHHVWHDSURDSHHJDO 
(VWHDPSODVDWGHUHJXO ODLQWUDUHDVDXvQDIDUDDJORPHUD LLORUXUEDQH
 0HWRGH GH YkQ]DUH   'H R PDUH GLYHUVLWDWH vQFHSkQG FX FHOH WUDGL LRQDOH FX YkQ] WRUL 
WHMJKHD

DSRL

DXWRVHUYLUHD

YkQ]DUHD

SULQ

FRUHVSRQGHQ



YkQ]DUHD

OD

GRPLFLOLXOFOLHQ LORUYkQ]DUHDSULQGLVWULEXLWRDUHDXWRPDWHFRPHUFLDOH

HWF
 &DVK DQG FDUU\ 8Q GHSR]LW GH JURV UH]HUYDW FRPHUFLDQ LORU GHWDLOLWL DUWL]DQLORU KRWHOLHULORU
FXPS U WRULORU SURIHVLRQDOL SHQWUX DSURYL]LRQDUHD ILUPHORU SURSULL )XQF LRQHD]  SH ED]  GH
HDQWLRDQHFXVXEVHUYLUHFDVK

FOLHQWXOSO WHWHSHORFFXEDQLJKHD

PDUIDFXPS UDW FDUU\

FOLHQWXODVLJXU WUDQVSRUWXOP UILLFXPS UDWHGHODGHSR]LWODILUPDSURSULH

 &RQFHVLRQDUXO (VWH XQ FRPHUFLDQW DOHV GH F WUH SURGXF WRU GDWRULW  FDOLILF ULL OXLSURIHVLRQDOH
SHQWUXDLYLQGHvQFHOHPDLEXQHFRQGL LLSURGXVHOHP UFLOHSURSULLQWUHSURGXF WRULFRQFHVLRQDU
VHvQFKHLHXQFRQWUDFWSULQFDUHVHDFRUG GUHSWXOGHDYLQGHSURGXVHOHP UFLOHIDEULFDQWXOXLvQWUR
]RQ GHWHUPLQDW LFRQWUDXQHLUHPXQHUD LLGHFRPXQDFRUGVWDELOLW 
 =RQ

 GH DWUDF LH =RQD vQ FDUH ORFXLWRULL UHSUH]LQW  FOLHQWHOD SRWHQ LDO  D XQXL SXQFW GH YkQ]DUH

PDJD]LQ 6H DUH   vQ YHGHUH IHQRPHQXO GH DWUDF LH FRPHUFLDO  ORFXLWRULL GLQ DOWH ]RQH VH YRU
DSURYL]LRQD GH OD DFHO SXQFW GH YkQ]DUH GDU L IHQRPHQXO GH  PLJUDUH D FHUHULL ORFXLWRULL GLQ
UD]DSHULPHWUXO ]LV QRUPDO GH DWUDF LH VH YRU GHSODVD SHQWUX DSURYL]LRQDUHD FX P UIXUL F WUH DOWH
PDJD]LQHDPSODVDWHvQDOWH]RQHFRPHUFLDOH
)UDQFL]D(VWHXQVLVWHPGHGLVWULEX LHFRQIRUPF UXLDRILUP SHUVRQDO FXFDSLWDOSURSULXHVWH
FRQGXV  FD   L FXP DU IL R YDVW  RUJDQL]D LH GLVSXQH GH R PDUF  QD LRQDO  XQ vQVHPQ R ILUP 
HFKLSDPHQWH  L WHKQRORJLL VWDQGDUG SURSULL UHDOL]kQG SURGXVHVHUYLFLL VWDQGDUG SH ED]D XQXL
VDYRLUHIDLUH
 )UDQFL]RUXO (VWH SURSULHWDUXO IUDQFL]HL SH FDUHRSRDWHFHGDXQXLIUDQFL]DWEHQHILFLDU
XWLOL]DWRUFRQWUDXQXLEHQHILFLX
 )UDQFL]DWXO 8WLOL]DWRUXO IUDQFKL]HL FRQWUD XQHL UHGHYHQ H SURSRU LRQDOH FX &$ UHDOL]DW 
VXEVHPQXOIUDQFL]HLDQJDMkQGXVHV UHVSHFWHFRQGL LLOHWHKQLFHLGHFRPHUFLDOL]DUHSUHVFULVHGH
IUDQFL]RU