Professional Documents
Culture Documents
Final
Final
DE PROCEDIMIENTOS
EDUCACIN
ESPECIAL
7$%/$'(&217(1,'2
3JLQDV
%DVH/HJDO
/RFDOL]DFLQ\5HJLVWUR
3URFHVRGH(YDOXDFLQ
(OHJLELOLGDG
8ELFDFLQ
7UDVODGRGH(VWXGLDQWHV
8ELFDFLQ8QLODWHUDO
5HHYDOXDFLQ
(YDOXDFLQGHO3URJUHVRGHORV(VWXGLDQWHV
$R(VFRODU([WHQGLGR
$VLVWHQFLD7HFQROJLFD
7UDQVSRUWDFLQ
6HUYLFLRVD1LRVGH(GDG3UHHVFRODU
6HUYLFLRV\3URFHGLPLHQWRV$VRFLDGRVDO3URFHVR
GH7UDQVLFLQGHOD(VFXHODDOD9LGD$GXOWD
3DUWLFLSDFLQGH(VWXGLDQWHVFRQ,PSHGLPHQWRV
HQHO3URJUDPD7WXOR,
,QIRUPHGH(JUHVRV
3URFHGLPLHQWRV'LVFLSOLQDULRV
5HVROXFLQGH&RQWURYHUVLDV
&RQILGHQFLDOLGDGGHOD,QIRUPDFLQ3HUVRQDO,GHQWLILFDEOH
'HVDUUROOR3URIHVLRQDO
$FXHUGRV,QWHUDJHQFLDOHV
,QGLFDGRUHVGH(MHFXFLQ
0RQLWRULD
&RPLW&RQVXOWLYR
'HUHFKRVGHORV3DGUHV
$SQGLFH
*DUDQWDV3URFHVDOHV ,
)XQFLRQHVGHORV1LYHOHV2SHUDFLRQDOHV ,,
%$6(/(*$/
/H\ 1P GH GH MXQLR GH /H\ SDUD DVHJXUDU OD SUHVWDFLQ GH VHUYLFLRV
HGXFDWLYRVLQWHJUDOHVSDUDSHUVRQDVFRQLPSHGLPHQWRVFUHDUOD6HFUHWDUD$X[LOLDUGH
6HUYLFLRV (GXFDWLYRV ,QWHJUDOHV SDUD 3HUVRQDV FRQ ,PSHGLPHQWRV \ RWRUJDUOH ORV
SRGHUHV\ODVIDFXOWDGHVSDUDFRRUGLQDUODSUHVWDFLQGHVHUYLFLRVGHODVDJHQFLDVSDUD
HVWDEOHFHU ODV UHVSRQVDELOLGDGHV GH ODV DJHQFLDV SDUD UHDXWRUL]DU HO &RPLW
&RQVXOWLYRUHGHILQLUVXFRPSRVLFLQVXVIXQFLRQHV\GHEHUHVSDUDDVLJQDUIRQGRV\
SDUD GHURJDU OD /H\ 1P GH GH MXOLR GH FRQRFLGD FRPR /H\ GHO
3URJUDPDGH(GXFDFLQ(VSHFLDO
/H\1PGHGHMXOLRGHVHJQHQPHQGDGDFRQRFLGDFRPROD /H\
2UJQLFDSDUDHO'HSDUWDPHQWRGH(GXFDFLQ3EOLFDGH3XHUWR5LFR (VWD/H\FUHD
XQVLVWHPDGH(GXFDFLQ3EOLFDEDVDGRHQHVFXHODVGHODFRPXQLGDGFRQDXWRQRPD
DFDGPLFD ILVFDO \ DGPLQLVWUDWLYD GLVSRQH ORV GHUHFKRV \ REOLJDFLRQHV GH ORV
HVWXGLDQWHV\HOSHUVRQDOGRFHQWH\QRGRFHQWHGHODVHVFXHODVGHILQHODVIXQFLRQHV
GHO6HFUHWDULRGH(GXFDFLQODVGHO'LUHFWRU\ODVGHO)DFLOLWDGRUDXWRUL]DDO6HFUHWDULR
GH (GXFDFLQ D IRUPXODU H LPSODQWDU UHJODPHQWRV SDUD HO JRELHUQR GHO 6LVWHPD GH
(GXFDFLQ3EOLFD
/H\3EOLFDHQPHQGDGDHOGHRFWXEUHGHFRQRFLGDFRPROD/H\
&DUO ' 3HUNLQV WLHQH HO SURSVLWR GH GHVDUUROODU ODV GHVWUH]DV DFDGPLFDV
YRFDFLRQDOHV\WFQLFDVGHORVHVWXGLDQWHVTXHSDUWLFLSDQGHSURJUDPDVGHHGXFDFLQ
YRFDFLRQDO \ WHFQROJLFD LQFOX\HQGR ORV HVWXGLDQWHV FRQ LPSHGLPHQWRV (VWD OH\
JDUDQWL]DODLJXDOGDGGHDFFHVRDORVVHUYLFLRVHGXFDWLYRV\GHDSR\RRIUHFLGRVHQOD
DOWHUQDWLYDPHQRVUHVWULWLFWLYD
/H\3EOLFDGHVHJQHQPHQGDGD/D/H\)HGHUDOSDUD$VLVWHQFLDHQ
$VXQWRV5HODFLRQDGRVFRQOD7HFQRORJDDSHUVRQDVFRQLPSHGLPHQWRVVHDSUREHQ
3URYHH D ORV HVWDGRV D\XGD HFRQPLFD SDUD DVLVWLU HQ HO GHVDUUROOR H
LPSODQWDFLQGHSURJUDPDVGHD\XGDUHODFLRQDGRVFRQODWHFQRORJDSDUDSHUVRQDVFRQ
LPSHGLPHQWRV GH WRGDV ODV HGDGHV /RV SURJUDPDV YDQ GLULJLGRV D GHVDUUROODU
FRQFLHQFLDGHODQHFHVLGDG\XWLOLGDGGHHVWRVHTXLSRV\IDFLOLWDUODLGHQWLILFDFLQGHORV
UHFXUVRVGLVSRQLEOHVSDUDSURYHHUORV
/H\ 1P GH GH DJRVWR GH (VWD OH\ VH FRQRFH FRPR OD /H\ SDUD HO
%LHQHVWDU \ 3URWHFFLQ ,QWHJUDO GH OD 1LH] /D PLVPD FRQVLGHUD XQ GHOLWR GH OD
SHUVRQDHQFDUJDGDGHOELHQHVWDUGHOPHQRUHOGHMDUGHSURYHHUOHVHUYLFLRVDGHFXDGRV
GHVDOXGRHGXFDFLQ/HVLPSRQHDGHPVVDQFLRQHVSRUDEXVRIVLFRFRQWUDDTXHO
PHQRU TXH HVW EDMR VX FXVWRGLD /D UHVSRQVDELOLGDG GH LPSODQWDU HVWD OH\
FRUUHVSRQGHDO'HSDUWDPHQWRGHOD)DPLOLDTXHGHEHUOOHYDUDQWHORVWULEXQDOHVD
DTXHOODVSHUVRQDVHQFDUJDGDVGHOELHQHVWDUGHPHQRUTXLHQHVSUHYLDLQYHVWLJDFLQDO
HIHFWRKD\DQLQFXUULGRHQFXDOHVTXLHUDGHODVFDXVDVTXHVDQFLRQDODOH\
/H\1PGHGHDJRVWRGHVHJQHQPHQGDGDFRQRFLGDFRPR/H\GH
3URFHGLPLHQWR8QLIRUPH(VWDOH\GHFODUDFRPRSROWLFDSEOLFDGHO(VWDGRHODOHQWDU
OD VROXFLQ LQIRUPDO GH ODV FRQWURYHUVLDV DGPLQLVWUDWLYDV GH PDQHUD TXH UHVXOWH
LQQHFHVDULDODVROXFLQIRUPDOGHORVDVXQWRVVRPHWLGRVDQWHOD$JHQFLD3DUDHOOR
UHTXLHUHTXHODVDJHQFLDVHVWDEOH]FDQODVUHJODV\SURFHGLPLHQWRVTXHSHUPLWDQOD
VROXFLQLQIRUPDOGHORVDVXQWRVVRPHWLGRVDQWHVXFRQVLGHUDFLQVLQPHQRVFDEDUORV
GHUHFKRVTXHJDUDQWL]DODOH\
/DVDJHQFLDVLQYROXFUDGDVHQODSUHVWDFLQGHVHUYLFLRVDHVWXGLDQWHVFRQLPSHGLPHQWRV
EDMR OD /H\ FXHQWDQ DGHPV FRQ RWUD OHJLVODFLQ HVWDWDO \ IHGHUDO TXH GHILQH VXV
SURSVLWRV\REOLJDFLRQHVSDUDFRQODVSHUVRQDVFRQLPSHGLPHQWRV/DEDVHOHJDOEDMROD
FXDORSHUDQHVWDVDJHQFLDVGHOJRELHUQRDSDUHFHGHVFULWDHQORVGLIHUHQWHVUHJODPHQWRV
HODERUDGRVSDUDFXPSOLUFRQODVGLVSRVLFLRQHVGHOD/H\
/2&$/,=$&,1<5(*,6752
(O'HSDUWDPHQWRGH(GXFDFLQGH3XHUWR5LFRWLHQHFRPRPHWDHOSURYHHURSRUWXQLGDGHV
HGXFDWLYDVSOHQDVDQLRV\MYHQHVFRQLPSHGLPHQWRV/D/H\GH3XHUWR5LFR\OD/H\
)HGHUDO ,QGLYLGXDOVZLWK'LVDELOLWLHV(GXFDWLRQ$FW ,'($UHTXLHUHQTXHVHUHDOLFHQ
HVIXHU]RVSDUDORFDOL]DUDQLRV\MYHQHVFRQQHFHVLGDGHVGHVHUYLFLRVGHHGXFDFLQ
HVSHFLDO$GHPVHVWDEOHFHQHOGHUHFKRGHWRGRQLRRMRYHQFRQLPSHGLPHQWRVGHD
DRVGHHGDGGHUHFLELUXQDHGXFDFLQSEOLFDJUDWXLWD\DSURSLDGD
/DORFDOL]DFLQGHHVWRVQLRV\MYHQHVHVWGLULJLGDSRUHO'HSDUWDPHQWRGH(GXFDFLQ\
HO 'HSDUWDPHQWR GH 6DOXG $JHQFLDV /GHUHV EDMR OD /H\ FRQ HO DSR\R GH RWUDV
DJHQFLDVGHJRELHUQRFRQUHVSRQVDELOLGDGHVEDMRGLFKDOH\7DQWRHO'HSDUWDPHQWRGH
6DOXGFRPRHO'HSDUWDPHQWRGH(GXFDFLQFXHQWDQFRQSURFHGLPLHQWRV\PHFDQLVPRV
SDUDGLYXOJDUORVFULWHULRVGHHOHJLELOLGDGGLVSRQLELOLGDGGHVHUYLFLRV\IRUPDVGHORJUDU
DFFHVRDORVPLVPRV$PEDVDJHQFLDVFRODERUDQHVWUHFKDPHQWHVHJQORDFRUGDGRHQHO
&RQYHQLR ,QWHUDJHQFLDO SDUD ORJUDU HVWH SURSVLWR \ FRPSDUWHQ LQIRUPDFLQ VREUH HO
QPHURGHQLRVORFDOL]DGRV\HOHJLEOHVFRQIRUPHDOFRQWHRDQXDOGHQLRVTXHUHDOL]DQ
/DV GHPV DJHQFLDV GHO JRELHUQR LQFOXLGDV HQ OD OH\ WDPELQ HVWQ OODPDGDV D
FRODERUDUHQODGLYXOJDFLQGHORVVHUYLFLRVGLVSRQLEOHV\HQHOUHIHULGRGHQLRV\MYHQHV
FRQSRVLEOHVLPSHGLPHQWRVFRPRSDUWHGHVXHVIXHU]RSDUDODORFDOL]DFLQHLGHQWLILFDFLQ
GHORVPLVPRVHQDUPRQDFRQVXVUHVSRQVDELOLGDGHVEDMRODPHQFLRQDGDOH\
/DVDJHQFLDVTXHSDUWLFLSDUQHQODGLYXOJDFLQGHOD/H\SURSLFLDQGRODORFDOL]DFLQGH
QLRV\MYHQHVFRQLPSHGLPHQWRVFRQIRUPHDORV&RQYHQLRV,QWHUDJHQFLDOHVHVWDEOHFLGRV
ORVRQ
-
'HSDUWDPHQWRGH(GXFDFLQ
'HSDUWDPHQWRGH6DOXG
'HSDUWDPHQWRGHOD)DPLOLD
'HSDUWDPHQWRGH&RUUHFFLQ\5HKDELOLWDFLQ
'HSDUWDPHQWRGHO7UDEDMR
'HSDUWDPHQWRGH5HFUHDFLQ\'HSRUWHV
8QLYHUVLGDGGH3XHUWR5LFR
(VWDVDJHQFLDVFRODERUDUQPHGLDQWHDFWLYLGDGHVGHGLYXOJDFLQTXHLQFOX\HQHOGHVDUUROOR
\GLVWULEXFLQGHPDWHULDOLPSUHVRHOSURYHHURULHQWDFLQVREUHOD/H\HQDFWLYLGDGHV
FHOHEUDGDV SRU ODV DJHQFLDV HO UHIHULU QLRV R MYHQHV DO 'HSDUWDPHQWR GH 6DOXG R
(GXFDFLQ FXDQGR VRVSHFKDQ TXH VWRV WLHQHQ LPSHGLPHQWRV \ RWUDV DFFLRQHV TXH
UHVXOWHQDSURSLDGDV
$QXDOPHQWHHO'HSDUWDPHQWRGH(GXFDFLQOOHYDUDFDERXQFRQWHRGHQLRV\MYHQHV
TXH UHFLEHQ VHUYLFLRV GH HGXFDFLQ HVSHFLDO \ VHUYLFLRV UHODFLRQDGRV $O KDFHUOR
FRQVLGHUDUODLQIRUPDFLQUHFRSLODGDDWUDYVGHODVHVFXHODVSEOLFDVGHO6LVWHPDODV
HVFXHODVSULYDGDVHO3URJUDPDGH+HDG6WDUW\RWUDVLQVWLWXFLRQHVXRUJDQL]DFLRQHVTXH
RIUHFHQVHUYLFLRVDODPDWUFXODHOHJLEOH(VWDLQIRUPDFLQHVWDUGLVSRQLEOHDWUDYVGHOD
6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO
(O'HSDUWDPHQWRGH6DOXGSRUVXSDUWHUHFRSLODULQIRUPDFLQVREUHHOQPHURGHLQIDQWHV
\QLRVTXHUHFLEHQVHUYLFLRVGH,QWHUYHQFLQ7HPSUDQD$PEDVDJHQFLDVFRPSDUWLUQOD
LQIRUPDFLQUHFRSLODGD\KDUQGLVSRQLEOHHVWRVGDWRVDRWUDVDJHQFLDVGHOJRELHUQR\DO
SEOLFRHQJHQHUDOVHJQVHOHVVROLFLWH/DUHFRSLODFLQ\HOXVRGHODLQIRUPDFLQGHOD
ORFDOL]DFLQ GH QLRV \ MYHQHV FRQ LPSHGLPHQWRV HVW VXMHWD D ODV GLVSRVLFLRQHV GH
FRQILGHQFLDOLGDGGHVFULWDVHQHVWH0DQXDO
&RQVLGHUDFLRQHVJHQHUDOHVHQWRUQRDOSURFHVRGHUHJLVWUR
/D /H\ GH GH MXQLR GH OH FRQILHUH D OD 6HFUHWDUD $VRFLDGD GH (GXFDFLQ
(VSHFLDO 6$(( OD DXWRQRPD QHFHVDULD SDUD HVWDEOHFHU HVWUXFWXUDV \ SURFHVRV
DGPLQLVWUDWLYRV TXH OH SHUPLWDQ DJLOL]DU OD SUHVWDFLQ GH ORV VHUYLFLRV UHTXHULGRV SDUD
SHUVRQDVFRQLPSHGLPHQWRVKDVWDORVDRVGHHGDGLQFOXVLYH$WRQRFRQHOSRGHUTXH
OHFRQILHUHODOH\OD6$((SURSRQHODFUHDFLQGHORV&HQWURVGH2ULHQWDFLQ\5HJLVWUR
&RQWLQXR&25&FRPRDOWHUQDWLYDTXHIDFLOLWHHOORJURGH
D
8QSURFHVRGHUHJLVWURFRQWLQXRTXHRSHUHGXUDQWHORVGDVODERUDEOHVGHO
DR
E
8QSURFHVRGHUHJLVWURTXHUHVSRQGDDODVQHFHVLGDGHVGH RULHQWDFLQ \
DSR\RGHORVSDGUHVTXHVROLFLWDQHOVHUYLFLRSRUSULPHUDYH]
F
8QSURFHVRGHUHJLVWURLQIRUPDGRTXHFXPSODFRQHOREMHWLYRGHRULHQWDUORV
SDGUHV VREUH ORV GHUHFKRV TXH ORV DPSDUDQ EDMR ODV OH\HV YLJHQWHV DV
FRPRORVVHUYLFLRVGLVSRQLEOHVSDUDHVWXGLDQWHVFRQLPSHGLPHQWRV
G
8QWUPLWHJLOGHGRFXPHQWRVHQWUHHO&25&\HO&HQWURGH(YDOXDFLQ \
7HUDSLD &(7 TXH IDFLOLWH OD HYDOXDFLQ LQLFLDO GHO HVWXGLDQWH GHQWUR GHO
WLHPSRUHJODPHQWDULR
H
8QSURFHVRGHUHJLVWURFRQXQHQIRTXHHVSHFLDOL]DGRTXHDVHJXUHTXHHO
SHUVRQDO TXH ODERUD HQ HVWD WDUHD FXHQWD FRQ ODV GHVWUH]DV \ DFWLWXGHV
QHFHVDULDV SDUD DVHJXUDU OD SUHVWDFLQ GH XQ VHUYLFLR GH RULHQWDFLQ \
UHJLVWURGHP[LPDFDOLGDG
/DVIXQFLRQHVGHO&25&VHFRQFHQWUDUQHQODVUHDVGH
-
2ULHQWDFLQ
'LYXOJDFLQ
5HJLVWUR
5HIHULGR
6LVWHPDGHLQIRUPDFLQ
/RV&25&GHODVUHJLRQHVHGXFDWLYDVWHQGUQFRPRPLVLQHOIDFLOLWDUTXHORVVHUYLFLRVGH
UHJLVWURVHSURYHDQGHIRUPDJLO\TXHORVSDGUHVUHFLEDQHODSR\RQHFHVDULRDVFRPR
LQIRUPDFLQUHODFLRQDGDFRQVXVGHUHFKRV\FRQORVVHUYLFLRVTXHVHRIUHFHQDQLRV\
MYHQHVFRQLPSHGLPHQWRVHQFRQIRUPLGDGFRQODOHJLVODFLQYLJHQWH
1R VH FRQVLGHUDUQ FRPR LQWHUUXSFLRQHV DTXHOORV UHFHVRV FRUWRV GHFUHWDGRV SRU HO 6HFUHWDULR GH
(GXFDFLQFRPRSDUWHGHOIXQFLRQDPLHQWRGHOD$JHQFLD(VWRLQFOX\HHOUHFHVRGXUDQWHHOSHULRGRGH
1DYLGDG
(VWRV &HQWURV GH 2ULHQWDFLQ \ 5HJLVWUR &RQWLQXR &25& HVWDUQ ORFDOL]DGRV HQ
IDFLOLGDGHVFRQWLJXDVDORV&HQWURVGH(YDOXDFLQ\7HUDSLDGHODVUHJLRQHVHGXFDWLYDVFRQ
HOSURSVLWRGHDJLOL]DUHOWUPLWHFRUUHVSRQGLHQWHDODHYDOXDFLQLQLFLDOGHOHVWXGLDQWH/RV
&25&\ORV&(7HVWDUQXELFDGRVHQOXJDUHVFQWULFRV\DFFHVLEOHVDOSEOLFRHQJHQHUDO
/D WUDQVLFLQ GHO SURFHVR GH UHJLVWUR GHO QLYHO GLVWULWR D ORV &HQWURV GH 2ULHQWDFLQ \
5HJLVWUR &RQWLQXR GH ODV UHJLRQHV HGXFDWLYDV VH OOHYDU D FDER HQ IRUPD JUDGXDO \
SODQLILFDGD JDUDQWL]DQGR OD FRQWLQXLGDG \ GLVSRQLELOLGDG GH HVWH VHUYLFLR $GHPV ODV
UHJLRQHVHGXFDWLYDVFRQVLGHUDQGRVXVFDUDFWHUVWLFDVSDUWLFXODUHVSRGUQXWLOL]DURWUDV
HVWUDWHJLDVSDUDKDFHUDFFHVLEOHVORVVHUYLFLRVGHRULHQWDFLQ\UHJLVWURHQGHWHUPLQDGDV
UHDVJHRJUILFDVFXDQGRHVWDVHVWUDWHJLDVKD\DQVLGRGLVFXWLGDV\DSUREDGDVSRUOD
6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO(VWDVHVWUDWHJLDVHVWDUQGLULJLGDVDDPSOLDU
ODVRSRUWXQLGDGHVSDUDRIUHFHUORVVHUYLFLRV\QRVXVWLWXLUQHOSURFHVRGHRULHQWDFLQ\
UHJLVWURGHOQLYHOUHJLRQDOVHJQFRQWHPSODGRHQHVWH0DQXDO
/D HVFXHOD VHU WDPELQ UHVSRQVDEOH GH OOHYDU D FDER DFWLYLGDGHV GH REVHUYDFLQ
FHUQLPLHQWR\GLDJQVWLFRHGXFDWLYRTXHOHSHUPLWDQLGHQWLILFDUSRVLEOHVFDQGLGDWRVSDUD
UHFLELUVHUYLFLRVGHUHJLVWUR\HYDOXDFLQIRUPDOFRQHOSURSVLWRGHGHVFDUWDURFRQILUPDUOD
SUHVHQFLDGHLPSHGLPHQWRV
/D UHJLQ HGXFDWLYD HQ XQLQ DO GLVWULWR HVFRODU VHUQ UHVSRQVDEOHV GH SURYHHU
LQIRUPDFLQDODVHVFXHODVHLQVWLWXFLRQHVSEOLFDV\SULYDGDVUHODFLRQDGDFRQORVVHUYLFLRV
GHHGXFDFLQHVSHFLDOTXHRIUHFHHOVLVWHPDSEOLFROH\HV\SURFHGLPLHQWRVGH(GXFDFLQ
(VSHFLDODVFRPRODLQIRUPDFLQQHFHVDULDSDUDUHJLVWUDUXQHVWXGLDQWHHQHOUHJLVWUR
FRQWLQXRGH(GXFDFLQ(VSHFLDO
(OGLVWULWRHQXQLQDVXVHVFXHODVLQFOXLUHQVXSODQGHWUDEDMRDQXDODTXHOORVREMHWLYRV
\DFWLYLGDGHVGHGLYXOJDFLQTXHOHSHUPLWDQPDQWHQHUDODFRPXQLGDGELHQLQIRUPDGDGH
ORVVHUYLFLRVSURYLVWRVSRUOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO
/DVUHJLRQHVHGXFDWLYDV\HOQLYHOFHQWUDOGHVDUUROODUQDFWLYLGDGHVGHGLYXOJDFLQDQXDOHV
DWUDYVGHORVPHGLRVGHFRPXQLFDFLQSDUDFRQWULEXLUDODORFDOL]DFLQGHORVQLRV\
MYHQHV TXH QHFHVLWDQ VHUYLFLRV GH HGXFDFLQ HVSHFLDO (VWDV DFWLYLGDGHV SURYHHUQ
LQIRUPDFLQ VREUH OD PDQHUD GH VROLFLWDU ORV VHUYLFLRV QHFHVDULRV 3UHYLR D FXDOTXLHU
DFWLYLGDGJHQHUDOGHORFDOL]DFLQUHJLVWURRHYDOXDFLQOD$JHQFLDQRWLILFDUDOSEOLFR
PHGLDQWH HO XVR GH SHULGLFRV X RWUR PHGLR R DPERV FRQFLUFXODFLQDGHFXDGDSDUD
LQIRUPDUVREUHHVWDDFWLYLGDGDORVSDGUHVDWUDYVGHWRGR3XHUWR5LFR(OSURFHVRGH
ORFDOL]DFLQGHHVWXGLDQWHVVHUGHQDWXUDOH]DFRQWLQXD
/D $JHQFLD PRQLWRUHDU D WUDYV GH ODV UHJLRQHV HGXFDWLYDV HO FXPSOLPLHQWR FRQ HO
SURFHVRGHORFDOL]DFLQ\UHTXHULUDQXDOPHQWHLQIRUPDFLQUHODFLRQDGDFRQHOQPHURGH
QLRV QLDV \ MYHQHV SRU FDWHJRUD GH LPSHGLPHQWR TXH KDQ VLGR ORFDOL]DGRV \
HYDOXDGRV6HOOHYDUQDFDERDFWLYLGDGHVGHYDOLGDFLQSDUDDVHJXUDUTXHODLQIRUPDFLQ
UHFRSLODGD VHD SUHFLVD (Q DGLFLQ D HVWR VH UHFRSLODU LQIRUPDFLQ DGHFXDGD SDUD
HYDOXDU OD HIHFWLYLGDG GH ORV SURFHGLPLHQWRV HVWDEOHFLGRV XWLOL]DQGR XQ SURFHGLPLHQWR
XQLIRUPHGHUHFRSLODFLQGHGDWRV
3URFHGLPLHQWRGH5HJLVWUR
3UHYLRDOUHJLVWUR
$
1LRVTXHDVLVWHQDHVFXHODVSEOLFDV
(OUHJLVWURRILFLDOGHORVHVWXGLDQWHVHQ(GXFDFLQ(VSHFLDOUHTXLHUHTXHVHKD\DQOOHYDGR
DFDERDFWLYLGDGHVGLULJLGDVDORFDOL]DUORV\UHIHULUORVSDUDUHFLELUORVVHUYLFLRV
(VWRV HVWXGLDQWHV VH SXHGHQ ORFDOL]DU XWLOL]DQGR FRPR FULWHULRV ORV UHVXOWDGRV GH
REVHUYDFLRQHV GHO PDHVWUR SUXHEDV GH DSURYHFKDPLHQWR SUXHEDV GH FHUQLPLHQWR GH
YLVLQ \ DXGLFLQ KLVWRULDOHV GH GHVDUUROOR \ GH VDOXG REVHUYDFLRQHV GH ORV SDGUHV \
FXDOTXLHUDRWUDLQIRUPDFLQGLVSRQLEOH
&XDQGRORVPDHVWURV\RWURSHUVRQDOGHODHVFXHODFRQVLGHUDQTXHXQHVWXGLDQWHHVW
FRQIURQWDQGRGLILFXOWDGHVHQVXIXQFLRQDPLHQWRDFDGPLFRHVFRODU\HQWLHQGHQTXHGLFKDV
GLILFXOWDGHVGHEHQVHUGLVFXWLGDVFRQORVSDGUHVHOGLUHFWRUSURFHGHUDLQYLWDUORVDOD
HVFXHODSDUDHYDOXDUODVQHFHVLGDGHVHGXFDWLYDVGHOHVWXGLDQWH)RUPXODULR
3UHYLRDODUHXQLQHOGLUHFWRUVROLFLWDUDORVPDHVWURVGHOQLRMRYHQTXHFXPSOLPHQWHQHO
,QIRUPHVREUHHO)XQFLRQDPLHQWR(VFRODU$FDGPLFR/DLQIRUPDFLQUHFRSLODGDHQHVWH
LQIRUPHVHUYLUGHEDVHSDUDODGLVFXVLQHQODUHXQLQ
(Q OD UHXQLQ FRQ ORV PDHVWURV \ HO GLUHFWRU HO SDGUH R WXWRU UHFLELU LQIRUPDFLQ \
RULHQWDFLQVREUHHOIXQFLRQDPLHQWRGHOHVWXGLDQWH\FRPRSDUWHGHODQOLVLVVHGLVFXWLUOD
SRVLEOHQHFHVLGDGGHVHUYLFLRVGHHGXFDFLQHVSHFLDO
6LHOSDGUHDFHSWDUHJLVWUDUDVXKLMRHOGLUHFWRUGHODHVFXHODRIXQFLRQDULRGHVLJQDGR
1) 2ULHQWDUDOSDGUHHQIRUPDYHUEDO\HVFULWDVREUHODORFDOL]DFLQGHO&HQWURGH
2ULHQWDFLQ\5HJLVWURTXHOHFRUUHVSRQGHLQFOX\HQGRGLUHFFLQIVLFDWHOIRQRV
QPHURV GH ID[ \ OR H[KRUWDU D YLVLWDUOR SDUD VROLFLWDU HO UHJLVWUR RILFLDO GHO
HVWXGLDQWHXQDYH]VHKD\DQFXPSOLPHQWDGRORVGRFXPHQWRVQHFHVDULRV
2) ,QIRUPDUDOSDGUHVREUHODIHFKDHQTXHOHKDUHQWUHJDGHORVGRFXPHQWRV
QHFHVDULRVSDUDHOUHJLVWUR
$GHPV
6ROLFLWDUDOWUDEDMDGRUVRFLDOGHODHVFXHODTXHSUHSDUHHO+LVWRULDO,QLFLDO
GHO'HVDUUROORSDUDODHYDOXDFLQGHOHVWXGLDQWHUHFRSLOHORVGRFXPHQWRV
QHFHVDULRV\RIUH]FDVHJXLPLHQWRDOFDVR
6ROLFLWDU D ORV PDHVWURV TXH RIUHFHQ VHUYLFLRV DO HVWXGLDQWH TXH
UHFRSLOHQ\KDJDQGLVSRQLEOHPXHVWUDVGHWUDEDMRVUHDOL]DGRVSRUVWH
TXHSXHGDQDSRUWDULQIRUPDFLQVREUHVXIXQFLRQDPLHQWRHGXFDWLYR\VXV
QHFHVLGDGHV
8QDYH]UHFRSLODGRVORVGRFXPHQWRVOOHQDUHOIRUPXODULR5HIHULGRSDUD
5HJLVWUR((E\QRWLILFDUDOSDGUHODGLVSRQLELOLGDGGHORVPLVPRV
XWLOL]DQGRHOIRUPXODULR((D
(QDTXHOORVFDVRVH[FHSFLRQDOHVGRQGHH[LVWHXQDUD]QGHSHVRTXHLPSLGHTXHHOSDGUH
DFXGD DO &HQWUR GH 2ULHQWDFLQ \ 5HJLVWUR D VROLFLWDU ORV VHUYLFLRV SDUD VX KLMR VH
SURFHGHU FRQIRUPH D OR HVWDEOHFLGR HQ OD VHFFLQ GH 5HJLVWUR %DMR &LUFXQVWDQFLDV
(VSHFLDOHVGHHVWH0DQXDO3DUDHVWHSURSVLWRVHXWLOL]DUHOIRUPXODULR((FSDUD
QLRVRMYHQHVTXHDVLVWHQDODHVFXHODRHOIRUPXODULR((GSDUDQLRVRMYHQHVIXHUD
GHODHVFXHOD
/DHVFXHODFRQVHUYDUFRSLDGHWRGRVORVGRFXPHQWRVHQWUHJDGRVDOSDGUH\FRSLDGHO
UHFLERGHORVPLVPRVILUPDGRSRUHOSDGUH
5HJLVWURHQHO&25&
/RVSDGUHVGHHVWXGLDQWHVFRQSRVLEOHVLPSHGLPHQWRVDFXGLUQDO&25&GHVXUHJLQ
HGXFDWLYDSDUDVROLFLWDUHOUHJLVWUR\VHUYLFLRVGHHYDOXDFLQLQLFLDO
(OSHUVRQDOGHO&25&SURFHGHUD
2ULHQWDUDOSDGUHFRQUHODFLQD
D /RVVHUYLFLRVTXHRIUHFHOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO
10
E /DEDVHOHJDOTXHVXVWHQWDHORIUHFLPLHQWRGHGLFKRVVHUYLFLRV
/H\ ,'($
/H\ /H\GH6HUYLFLRV(GXFDWLYRV,QWHJUDOHVSDUD3HUVRQDV
FRQ,PSHGLPHQWRV
F 'HUHFKRVGHORVSDGUHV\HVWXGLDQWHVHOHJLEOHVHQYLUWXGGHODVOH\HV
YLJHQWHV
/OHQDUOD3ODQLOODGH5HJLVWURGHO(VWXGLDQWH((I
$VLJQDU HO QPHUR GH UHJLVWUR GHO HVWXGLDQWH GH DFXHUGR DO GLVWULWR GH
UHVLGHQFLD
/OHQDUORVUHIHULGRVSDUDHYDOXDUDOHVWXGLDQWHGHDFXHUGRDOLPSHGLPHQWR
TXH VH VRVSHFKD XWLOL]DQGR HO IRUPXODULR 6ROLFLWXG GH (YDOXDFLQ
5HHYDOXDFLQ((E
(QWUHJDU FRSLD GH OD SODQLOOD GH UHJLVWUR DO SDGUH \ HQYLDU FRSLD GH HVWH
GRFXPHQWRDOGLVWULWRHVFRODUGHUHVLGHQFLD
6ROLFLWDUDOSDGUHTXHFRQWHVWHHOFXHVWLRQDULRVREUHHOGHVDUUROORGHOQLR
6ROLFLWXGGH,QIRUPDFLQ%VLFDGHO(VWXGLDQWH((FSDUDVHUXWLOL]DGR
SRUORVHVSHFLDOLVWDVTXHORHYDOXDUQ(QHOFDVRGHXQSDGUHTXHHVW
LQFDSDFLWDGRSDUDOHHU\RHVFULELUXQIXQFLRQDULRGHO&25&GHEHUGDUOHOD
DVLVWHQFLDQHFHVDULDSDUDFRPSOHWDUHVWHIRUPXODULR
11
7UDPLWDUGHLQPHGLDWRORVUHIHULGRVDO&HQWURGH(YDOXDFLQ\7HUDSLD&(7
SDUDFRRUGLQDUODVFLWDVGHHYDOXDFLQQHFHVDULDV
$O FRPSOHWDU HO SURFHVR HO IXQFLRQDULR GHO &25& DEULU XQ H[SHGLHQWH DO HVWXGLDQWH
UHJLVWUDGR\HQWUHJDUDOSDGUHRWXWRUXQDFRSLDGHOGRFXPHQWR'HUHFKRGHORV3DGUHV
SUHYLDPHQWHGLVFXWLGR6HVROLFLWDUDFDGDSDGUHTXHUHFLEHHOGRFXPHQWRGHRULHQWDFLQ
VREUH VXV GHUHFKRV TXH ILUPH XQD FRSLD GHO GRFXPHQWR TXH SHUPDQHFHU HQ HO
H[SHGLHQWHGHOQLRLQGLFDQGRODIHFKDHQODTXHHOSDGUHIXHRULHQWDGRDOUHVSHFWR(O
H[SHGLHQWHGHOHVWXGLDQWHVHWUDPLWDUDO&(7FRQORVUHIHULGRVQHFHVDULRVSDUDOOHYDUD
FDERHOSURFHVRGHHYDOXDFLQ
1LRVTXH$VLVWHQD(VFXHODV3ULYDGDV\RWURV&HQWURVGH6HUYLFLRV
(O SHUVRQDO GH ORV &25& GH ODV UHJLRQHV HGXFDWLYDV VHU UHVSRQVDEOH GH RIUHFHU
LQIRUPDFLQDODVHVFXHODVSULYDGDV\RWURV&HQWURVGH6HUYLFLRVHQVXMXULVGLFFLQVREUH
ORV VHUYLFLRV GLVSRQLEOHV SDUD HVWXGLDQWHV FRQ LPSHGLPHQWRV DV FRPR ODV OH\HV \
SURFHGLPLHQWRVDSOLFDEOHV(VWRLQFOXLUHOSURYHHULQIRUPDFLQHVFULWDVREUHODPDQHUDGH
VROLFLWDU VHUYLFLRV GH HGXFDFLQ HVSHFLDO \ OD ORFDOL]DFLQ GHO &25& GH OD UHJLQ
FRUUHVSRQGLHQWH7DPELQSURYHHUQDVWRVFRSLDGHDTXHOORVGRFXPHQWRV\IRUPXODULRV
TXHVHFRQVLGHUDQQHFHVDULRVSDUDOOHYDUDFDERHOSURFHGLPLHQWRGHUHJLVWURLQFOX\HQGRHO
,QIRUPHGH5HIHULPLHQWRD6HUYLFLRV+LVWRULDO,QLFLDOGHO'HVDUUROOR\JDUDQWDVSURFHVDOHV
FRUUHVSRQGLHQWHVDOSURFHVR(QDTXHOORVFDVRVGRQGHHOQLRUHFLEHVHUYLFLRVGH+HDG
6WDUWHOUHIHULGRSDUDUHJLVWURYHQGUDFRPSDDGRGHDTXHOORVGRFXPHQWRVUHTXHULGRV
VHJQHVWDEOHFLGRHQHO&RQYHQLR,QWHUDJHQFLDO
&XDQGRXQHVWXGLDQWHXELFDGRHQXQDHVFXHODSULYDGDQHFHVLWHVHUYLFLRVGHHGXFDFLQ
HVSHFLDOODHVFXHODVHJXLUXQSURFHGLPLHQWRVLPLODUDOHVWDEOHFLGRHQODVHFFLQDQWHULRU
$QWHVGHUHIHULUHOSDGUHDO&25&HOORVPDHVWURVFRPSOHWDUQHO,QIRUPH6REUHHO
)XQFLRQDPLHQWR(VFRODU$FDGPLFR((\MXQWRDOGLUHFWRUGHODHVFXHODVHUHXQLUQ
FRQHOSDGUHSDUDHYDOXDUODSRVLEOHQHFHVLGDGGHVHUYLFLRVGHHGXFDFLQHVSHFLDO'H
HVWDUGHDFXHUGRFRQODQHFHVLGDGOOHQDUQHOIRUPXODULR5HIHULGRSDUD5HJLVWUR((E
12
(O +LVWRULDO ,QLFLDO GHO 'HVDUUROOR GH ORV HVWXGLDQWHV XELFDGRV HQ HVFXHODV SULYDGDV VH
OOHQDUHQHO&25&FXDQGRODHVFXHODQRFXHQWHFRQXQWUDEDMDGRUVRFLDOGLVSRQLEOHSDUD
FXPSOLPHQWDUHOPLVPR8QDYH]HOSDGUHYLVLWDHO&25&VHVHJXLUHOSURFHGLPLHQWR
GHVFULWRDQWHULRUPHQWH
1LRVFRQSRVLEOHVLPSHGLPHQWRVTXHKDQDVLVWLGRSUHYLDPHQWHDODHVFXHOD
(QDTXHOORVFDVRVGHHVWXGLDQWHVTXHHVWQIXHUDGHODHVFXHODSHURTXHKDQDVLVWLGR
SUHYLDPHQWHDODPLVPDHOSHUVRQDOGHO&25&VROLFLWDUDODHVFXHODDODTXHDVLVWLHO
HVWXGLDQWHSRUOWLPDYH]TXHSURYHDWRGDODLQIRUPDFLQGLVSRQLEOHHQHOH[SHGLHQWHGHO
HVWXGLDQWHVREUHHOIXQFLRQDPLHQWRHVFRODUGHVWH(O&25&SRGUVROLFLWDUDGLFKD
HVFXHODRDRWUDTXHVHFRQVLGHUHDSURSLDGDHOTXHHYDOHHOIXQFLRQDPLHQWRHGXFDWLYR
SUHVHQWHGHOHVWXGLDQWH\FRODERUHHQODSUHSDUDFLQGHORVGRFXPHQWRVQHFHVDULRV(O
&25&YHODUSRUODDJLOLGDGGHORVSURFHVRV\WHQGUODOLEHUWDG\REOLJDFLQGHXWLOL]DU
WRGRVVXVUHFXUVRVSDUDDVHJXUDUTXHORVHVWXGLDQWHVFRQSRVLEOHVLPSHGLPHQWRVTXH
HVWQ IXHUD GH OD HVFXHOD LQFOX\HQGR HVWXGLDQWHV TXH VH WUDVODGDQ FRQ IUHFXHQFLD \
HVWXGLDQWHVPLJUDQWHVRVLQKRJDUVHDQUHJLVWUDGRV\UHIHULGRVSDUDHYDOXDFLQLQLFLDOVLQ
GLODFLQ
1LRVFRQSRVLEOHVLPSHGLPHQWRVTXHQXQFDKDQDVLVWLGRDODHVFXHOD
/RVQLRVFRQSRVLEOHVLPSHGLPHQWRVTXHHVWQIXHUDGHODHVFXHOD\QXQFDKDQDVLVWLGRD
ODPLVPDSXHGHQUHJLVWUDUVHHQHO&HQWURGH2ULHQWDFLQ\5HJLVWUR&RQWLQXR&25&GH
ODUHJLQHGXFDWLYDFRUUHVSRQGLHQWHDOUHDGHUHVLGHQFLD
(O SHUVRQDO GHO &25& RIUHFHU RULHQWDFLQ DO SDGUH R WXWRU TXH VROLFLWD HO UHJLVWUR \
SUHSDUDUQORVGRFXPHQWRVQHFHVDULRVSDUDUHJLVWUDU\HYDOXDUDOQLR
1LRVFRQSRVLEOHVLPSHGLPHQWRVLGHQWLILFDGRVSRUVXVSDGUHV
&XDQGRXQSDGUHVRVSHFKHTXHVXQLRWLHQHDOJQLPSHGLPHQWRTXHHVWLQWHUILULHQGRFRQ
VXFDSDFLGDGSDUDEHQHILFLDUVHGHOVHUYLFLRHGXFDWLYRTXHVHOHSURYHHVWHSRGUVROLFLWDU
DOGLUHFWRUGHODHVFXHODTXHLQLFLHORVSURFHGLPLHQWRVSDUDUHJLVWUDUDOQLRHQHO3URJUDPD
GH(GXFDFLQ(VSHFLDO/DVROLFLWXGGHOSDGUHFRQOOHYDUTXHHOSHUVRQDOHVFRODUVHUHQD
13
FRQVWHSDUDHYDOXDUHOIXQFLRQDPLHQWRHGXFDWLYRGHOHVWXGLDQWH\VXSRVLEOHQHFHVLGDG
GHVHUYLFLRVGHHGXFDFLQHVSHFLDO(QHVWRVFDVRVVHREVHUYDUXQSURFHGLPLHQWRLJXDO
DOHVWDEOHFLGRSDUDUHIHULUDHVWXGLDQWHVTXHKDQVLGRLGHQWLILFDGRVSRUHOSHUVRQDOHVFRODU
/RFDOL]DFLQ\5HJLVWURGH,QIDQWHV
/D/H\HVWDEOHFHTXHHO'HSDUWDPHQWRGH6DOXGHVODDJHQFLDOGHUSDUDODSURYLVLQ\
FRRUGLQDFLQ GH ORV 6HUYLFLRV GH ,QWHUYHQFLQ 7HPSUDQD 3DUWH & GH ,'($ SDUD ORV
LQIDQWHV\DQGDULQHVGHVGHVXQDFLPLHQWRKDVWDORVDRVLQFOXVLYH
&XDQGRHO'HSDUWDPHQWRGH6DOXGGHWHUPLQDODHOHJLELOLGDGGHXQLQIDQWHSDUDVHUYLFLRVEDMR
OD3DUWH&GHOD/H\,'($HOSDGUHSXHGHVROLFLWDUTXHVXQLRVHDLQFOXLGRHQHO5HJLVWUR
&HQWUDO&RQWLQXRTXHPDQWHQGUHO'HSDUWDPHQWRGH(GXFDFLQ3DUDKDFHUOR
WUDHUFRSLDGHDTXHOORVGRFXPHQWRV\FHUWLILFDFLRQHVTXHHVWDEOHFHQODHOHJLELOLGDGSDUDOD
3DUWH&
(OLQFOXLUXQLQIDQWHHQHO5HJLVWUR&HQWUDO&RQWLQXRGHO'HSDUWDPHQWRGH(GXFDFLQQR
UHSUHVHQWDXQDGHWHUPLQDFLQGHHOHJLELOLGDGSDUDVHUYLFLRVEDMROD3DUWH%GHOD/H\,'($R
OD/H\(VWDWDOXQDYH]HOQLRDOFDQFHORVWUHVDRVGHHGDG/DHOHJLELOLGDGSDUDUHFLELU
VHUYLFLRVGHHGXFDFLQHVSHFLDODSDUWLUGHORVWUHVDRVGHEHVHUGHWHUPLQDGDFRPRSDUWH
GHOSURFHVRGHWUDQVLFLQGHOLQIDQWHGHORVVHUYLFLRVGHOD3DUWH&DORVGHOD3DUWH%
5HJLVWUR%DMR&LUFXQVWDQFLDV(VSHFLDOHV5&(
&XDQGR H[LVWD HYLGHQFLD GH TXH XQ SDGUH R WXWRU SRU UD]RQHV VLJQLILFDWLYDV GH VDOXG
LQFDSDFLGDG X RWUD UD]Q GH SHVR HVW LPSRVLELOLWDGR GH YLVLWDU HO &25& GHVXUHJLQ
HGXFDWLYDVHVHJXLUHOSURFHGLPLHQWRGHVFULWRDFRQWLQXDFLQ
14
6LHOQLRRMRYHQHVWHQXQDHVFXHOD
D
/DHVFXHODOOHYDUDFDERWRGRVORVSURFHGLPLHQWRVDQWHULRUPHQWHGHVFULWRV
E
(OSDGUHRWXWRUOOHQDUXQDVROLFLWXGXWLOL]DQGRHOIRUPXODULR5HJLVWUR%DMR
&LUFXQVWDQFLDV(VSHFLDOHV((F\HOIRUPXODULR,QIRUPDFLQ3HUVRQDOGHO
6ROLFLWDQWH((H
F
(O SDGUH SURYHHU DTXHOOD HYLGHQFLD UD]RQDEOH TXH HVW GLVSRQLEOH SDUD
MXVWLILFDUVXVROLFLWXG6HDFRPSDDUFRSLDGHWRGRGRFXPHQWRSUHVHQWDGR
SRUHOSDGUH
G
(OWUDEDMDGRUVRFLDORGLUHFWRU GHODHVFXHODFHUWLILFDUQODQHFHVLGDGGHO
5&(GHDFXHUGRDVXFRQRFLPLHQWRGHOFDVR
H
(OGLUHFWRUGHODHVFXHODVHUUHVSRQVDEOHGHKDFHUOOHJDUORVGRFXPHQWRV\
OD VROLFLWXG GHO 5&( DO &25& (VWH JXDUGDU FRSLD GH ORV GRFXPHQWRV
HQWUHJDGRVDO&25&DVFRPRFRSLDGHODKRMDGHWUPLWHILUPDGD
I
3HUVRQDOGHO&25&DVLJQDGRSDUDDWHQGHUODVVROLFLWXGHVGHO5&(OOHYDUD
FDERHODQOLVLVFRUUHVSRQGLHQWHSDUDHYDOXDUODVROLFLWXG\VHFRPXQLFDU
FRQHOVROLFLWDQWH\FRQORVIXQFLRQDULRVGHOGLVWULWRSDUDDFRUGDUODIHFKD\
OXJDUHQTXHVHOOHYDUDFDERHOSURFHVRGHUHJLVWUR
6LHOQLRQLDRMRYHQHVWIXHUDGHODHVFXHOD
(OSDGUHDFXGLUDODRILFLQDGHOVXSHULQWHQGHQWHGHVXGLVWULWRGHUHVLGHQFLD\OOHQDUOD
VROLFLWXG5HJLVWUR%DMR&LUFXQVWDQFLDV(VSHFLDOHV((G\HOIRUPXODULR,QIRUPDFLQ
3HUVRQDOGHO6ROLFLWDQWH((H(OGLVWULWRKDUOOHJDUHVWDVROLFLWXGDO&25&3HUVRQDO
GHO&25&VHFRPXQLFDUFRQHOVROLFLWDQWH\FRQORVIXQFLRQDULRVGHOGLVWULWRSDUDDFRUGDU
IHFKD\OXJDUHQTXHVHOOHYDUDFDERHOSURFHVRGHUHJLVWUR
15
352&(62'((9$/8$&,1
7RGDSHUVRQDFRQSRVLEOHLPSHGLPHQWRUHJLVWUDGDGHEHUVHUHYDOXDGDSRUXQHTXLSR
PXOWLGLVFLSOLQDULRFRQHOSURSVLWRGHGHWHUPLQDUVXHOHJLELOLGDGSDUDUHFLELUVHUYLFLRVGH
HGXFDFLQHVSHFLDO(QDTXHOORVFDVRVHQTXHODQHFHVLGDGGHHGXFDFLQHVSHFLDOHV
HYLGHQWH SXHGH OOHYDUVH D FDER XQD SUHXELFDFLQ PHGLDQWH DFXHUGR FRQ HO SDGUH
XWLOL]DQGRHOIRUPXODULR1RWLILFDFLQDO3DGUHVREUHOD2SRUWXQLGDGGH3UHXELFDFLQGHO
1LRR-RYHQHQ(GXFDFLQ(VSHFLDO((/DSUHXELFDFLQVHKDUFRQHOSURSVLWRGH
SURYHHU VHUYLFLRV DO HVWXGLDQWH PLHQWUDV VH FRPSOHWD HO SURFHVR GH HYDOXDFLQ \
SUHSDUDFLQGHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGR3(,FRQIRUPHDORVWUPLQRVGH
WLHPSRHVWDEOHFLGRVSDUDHVWRVSURSVLWRV/DHYDOXDFLQLQLFLDOGHOQLRRMRYHQOOHYDUVHD
FDERHQXQSHULRGRGHGDVFDOHQGDULRVXEVLJXLHQWHVDODIHFKDGHUHJLVWUR
3URWHFFLQHQORV3URFHGLPLHQWRVGH(YDOXDFLQ
/D OHJLVODFLQ YLJHQWH HVWDEOHFH ODV VLJXLHQWHV JDUDQWDV HQ ORV
SURFHGLPLHQWRVGHHYDOXDFLQ
D /DVSUXHEDV\RWURVLQVWUXPHQWRVGHHYDOXDFLQ\ORVSURFHGLPLHQWRVGH
HYDOXDFLQ GHO QLR R MRYHQ GHEHQ VHOHFFLRQDUVH \ DGPLQLVWUDUVH GH
PDQHUD TXH QR GLVFULPLQHQ FXOWXUDO UDFLDOPHQWH R SRU UD]Q GHO
LPSHGLPHQWR 6H GHEH XWLOL]DU XQD YDULHGDG GH KHUUDPLHQWDV GH
HYDOXDFLQ\HVWUDWHJLDVSDUDUHFRSLODULQIRUPDFLQGHOIXQFLRQDPLHQWR\
GHVDUUROORGHOQLRRMRYHQDVFRPRLQIRUPDFLQRIUHFLGDSRUHOSDGUHH
LQIRUPDFLQUHODFLRQDGDFRQODSDUWLFLSDFLQ\SURJUHVRGHOHVWXGLDQWHHQ
HOFXUUFXORJHQHUDOTXHSXHGDD\XGDUDGHWHUPLQDU
VLHOQLRRMRYHQWLHQHXQLPSHGLPHQWR
HOFRQWHQLGRGHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGR3(,
E /DVSUXHEDV\RWURVLQVWUXPHQWRVHVWDQGDUL]DGRVGHHYDOXDFLQGHEHQ
HVWDUYDOLGDGRV\UHIOHMDUFRQH[DFWLWXGODVKDELOLGDGHVDSWLWXGHV\QLYHO
GHDSURYHFKDPLHQWRGHOQLRRMRYHQHQDTXHOODVUHDVTXHVHSUHWHQGH
16
PHGLU$GHPVGHEHQVHUDGPLQLVWUDGDVFRQIRUPHDODVLQVWUXFFLRQHV
SURYLVWDVSDUDHVWDVSUXHEDV6LXQDSUXHEDRLQVWUXPHQWRVHDGPLQLVWUD
HQIRUPDPRGLILFDGDVHGHEHUGHVFULELUHQTXFRQVLVWLODPRGLILFDFLQ
RPRGLILFDFLRQHV
H /D HYDOXDFLQ GHO QLR R MRYHQ GHEH LQFOXLU WRGDV ODV UHDV GH
QHFHVLGDGHVUHODFLRQDGDVFRQVXLPSHGLPHQWRLQGHSHQGLHQWHPHQWHGH
TXHVWDVVHDQFRPQPHQWHDVRFLDGDVDODFDWHJRUDGHLPSHGLPHQWR
GHOQLR
I 1RVHXWLOL]DUXQVORFULWHULRSDUDGHWHUPLQDUODHOHJLELOLGDGGHXQQLRR
MRYHQSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDO
J 6LHOSDGUHUHKXVDUDHYDOXDUDVXKLMRHO'HSDUWDPHQWRGH(GXFDFLQ
SRGU VROLFLWDU OD FHOHEUDFLQ GH XQD UHXQLQ GH PHGLDFLQ R YLVWD
DGPLQLVWUDWLYD
17
L /DVSUXHEDV\RWURVLQVWUXPHQWRVGHHYDOXDFLQXWLOL]DGRVSRUOD$JHQFLD
GHEHQ DSRUWDU LQIRUPDFLQ SDUD HYDOXDU OD FRQWULEXFLQ UHODWLYD GH
IDFWRUHVFRJQRVFLWLYRV\GHFRQGXFWDHQDGLFLQDIDFWRUHVIVLFRVRGHO
GHVDUUROOR
M /RVPDWHULDOHV\SURFHGLPLHQWRVXWLOL]DGRVSDUDHYDOXDUDXQQLRQLDR
MRYHQ FRQ GRPLQLR OLPLWDGR GHO HVSDRO VH VHOHFFLRQDQ \ DGPLQLVWUDQ
DVHJXUDQGRTXHVWRVPLGDQVLH[LVWHXQLPSHGLPHQWR\VLKD\QHFHVLGDG
GHHGXFDFLQHVSHFLDOHQYH]GHPHGLUODVGHVWUH]DVTXHSRVHHHQHO
LGLRPDHVSDRO
N /RVUHVXOWDGRVGHODVSUXHEDVTXHVHVHOHFFLRQDQ\DGPLQLVWUDQDXQ
QLRFRQGLILFXOWDGHVHQGHVWUH]DVVHQVRULDOHVPDQLSXODWLYDVRGHKDEOD
GHEHQUHIOHMDUODVDSWLWXGHVRQLYHOGHDSURYHFKDPLHQWRRFXDOTXLHURWUR
IDFWRUTXHODSUXHEDSUHWHQGDPHGLU\QRHOLPSHGLPHQWRTXHSUHVHQWDHO
HVWXGLDQWHHQWDOHVUHDVDQRVHUTXHHVWRVHSUHWHQGDPHGLUDWUDYV
GHODSUXHEDTXHVHDGPLQLVWUD
O (OSDGUHWLHQHGHUHFKRDFRQRFHU\DTXHVHOHH[SOLTXHQORVUHVXOWDGRV
GHODVHYDOXDFLRQHVDGPLQLVWUDGDVDOQLRRMRYHQ\DUHFLELUFRSLDGHORV
PLVPRV(OGLVWULWRHVFRODURODHVFXHODGHEHQSURYHHUODRSRUWXQLGDG
SDUDGLVFXWLUORVUHVXOWDGRVGHODVHYDOXDFLRQHVSUHYLRDODGHWHUPLQDFLQ
GHHOHJLELOLGDG\SUHSDUDFLQGHO3(,
P 6LHOSDGUHQRHVWGHDFXHUGRFRQORVUHVXOWDGRVGHODVHYDOXDFLRQHV
TXHODDJHQFLDOOHYDFDERSXHGHVROLFLWDUTXHVHKDJDDVXKLMRXQD
HYDOXDFLQLQGHSHQGLHQWH/D$JHQFLDGHEHUVLQGHPRUDLQQHFHVDULD
LQLFLDU XQD YLVWD DGPLQLVWUDWLYD VL FRQVLGHUD TXH VX HYDOXDFLQ HV
DSURSLDGD R DVHJXUDU TXH VH SURYHD XQD HYDOXDFLQ LQGHSHQGLHQWH D
FRVWRSEOLFRDQRVHUTXHOD$JHQFLDGHPXHVWUHDWUDYVGHXQDYLVWD
TXHODHYDOXDFLQREWHQLGDSRUORVSDGUHVQRUHQHORVFULWHULRVGHOD
DJHQFLDFRQUHVSHFWRDODHYDOXDFLQ
18
/D$JHQFLDQRLPSRQGUFRQGLFLRQHVRWUPLQRVGHWLHPSRUHODFLRQDGRV
FRQODREWHQFLQGHXQDHYDOXDFLQLQGHSHQGLHQWHDFRVWRSEOLFR
'HDFXHUGRFRQORVUHVXOWDGRVGHODYLVWDDGPLQLVWUDWLYDRDSHODFLQDO
7ULEXQDO HO 'HSDUWDPHQWR GH (GXFDFLQ SDJDU R QR OD HYDOXDFLQ
LQGHSHQGLHQWH
Q 8QDHYDOXDFLQSHGLWULFDRGHRWUDQGROHSRUVVRODQRFRQVWLWXLUUD]Q
VXILFLHQWHSDUDGHWHUPLQDUTXHRWUDVHYDOXDFLRQHVHVSHFLDOL]DGDVQRVRQ
QHFHVDULDVHQQLRVRMYHQHVTXHVHVRVSHFKHSUHVHQWHQSUREOHPDV
HVSHFILFRVGHDSUHQGL]DMHGLVWXUELRVHPRFLRQDOHVUHWDUGRPHQWDOOHYH\
PRGHUDGRSUREOHPDVGHYLVLQ\DXGLFLQ
&RQWHQLGRGHOD(YDOXDFLQ
/DGHWHUPLQDFLQGHHOHJLELOLGDGGHXQQLRRMRYHQSDUDUHFLELUVHUYLFLRVGH
HGXFDFLQHVSHFLDOUHTXLHUHHOTXHVHOOHYHDFDERXQDHYDOXDFLQGHWRGDV
ODVUHDVUHODFLRQDGDVFRQHOLPSHGLPHQWRTXHVHVRVSHFKD
/DHYDOXDFLQGHOQLRRMRYHQGHEHLQFOXLU
D
E
19
F
6HUHTXLHUHWDPELQTXHFRPRSDUWHGHOFRQWHQLGRGHODHYDOXDFLQGHXQ
HVWXGLDQWHFRQSRVLEOHVSUREOHPDVHVSHFILFRVGHDSUHQGL]DMHVHXWLOLFHQ
RWURVFULWHULRVVHJQVHGHVFULEHQDFRQWLQXDFLQ
D ,QIRUPH GH REVHUYDFLQ HQ OD VDOD GH FODVHV SRU XQ PDHVWUR R
PLHPEURGHO&RPLWHGH3URJUDPDFLQ\8ELFDFLQ&2038TXH
QR RIUH]FD VHUYLFLRV DO HVWXGLDQWH GRQGH VH GRFXPHQWHQ ODV
GLILFXOWDGHV\UHDVGHQHFHVLGDGREVHUYDGDV$QHMR,,,QIRUPH
VREUHHO)XQFLRQDPLHQWR(VFRODU$FDGPLFR((
E (QHOFDVRGHXQQLRGHHGDGSUHHVFRODURGHXQQLRRMRYHQ
TXH HVW IXHUD GH OD HVFXHOD XQ PLHPEUR GHO &2038 GHEHU
REVHUYDUORHQXQDPELHQWHDSURSLDGRDVXHGDG$QHMR,,QIRUPH
VREUHHO)XQFLRQDPLHQWR(VFRODU$FDGPLFR((
F ,QVWUXPHQWRVIRUPDOHVRLQIRUPDOHVTXHDSRUWHQLQIRUPDFLQVREUH
ODVKDELOLGDGHVGHOQLRRMRYHQHQODVUHDVGH
([SUHVLQRUDO
([SUHVLQHVFULWD
&RPSUHVLQDXGLWLYD
'HVWUH]DVEVLFDVGHOHFWXUD
20
&RPSUHQVLQGHOROHGR
&OFXORVPDWHPWLFRV
5D]RQDPLHQWRDULWPWLFR
&RPR SDUWH GHO SURFHVR HYDOXDWLYR SDUD GHWHUPLQDU OD SUHVHQFLD GH ORV VLJXLHQWHV
LPSHGLPHQWRVVHUHTXHULUTXHDGHPVGHODLQIRUPDFLQHGXFDWLYD\GHOGHVDUUROORVRFLDO
ODHYDOXDFLQEVLFDLQFOX\D
'LVWXUELR(PRFLRQDO
(YDOXDFLQSVLFROJLFD(YDOXDFLQSVLTXLWULFD
GHVHUUHFRPHQGDGDSRUHOSVLFORJR
6RUGR&LHJR
DXGLROJLFD
6RUGR6RUGR3DUFLDO
(YDOXDFLQDXGLROJLFD
3UREOHPDV(VSHFILFRV$SUHQGL]DMH (YDOXDFLQ
SVLFROJLFD
YHU
UHTXLVLWRV
DGLFLRQDOHVGHVFULWRVDQWHULRUPHQWH
5HWDUGR0HQWDO
(YDOXDFLQSVLFROJLFD
,PSHGLPHQWRV0OWLSOHV
LPSHGLPHQWRVRVSHFKDGR
,PSHGLPHQWR2UWRSGLFR
(YDOXDFLQPGLFDSRUHVSHFLDOLVWDGHOUHDGH
QHFHVLGDG
3UREOHPDVGH6DOXG
(YDOXDFLQPGLFDGHOHVSHFLDOLVWDGHOUHDGH
QHFHVLGDG
3UREOHPDVGHO+DEOD
(YDOXDFLQGH+DEOD\/HQJXDMH
21
9LVLQ
(YDOXDFLQGHDJXGH]DYLVXDOXRIWDOPROJLFD
$XWLVPR
FDGDUHDTXHVHVRVSHFKDDIHFWDGD
'DR&HUHEUDOSRU7UDXPD
(YDOXDFLQPGLFD
$OFRQVLGHUDUODVHYDOXDFLRQHVTXHVHOHDGPLQLVWUDUQDXQQLRRMRYHQHO'LUHFWRUGHO
&(7HQXQLQDSURIHVLRQDOHVGHODVUHDVGHHVSHFLDOLGDGDQDOL]DUQODLQIRUPDFLQ
VREUHHOHVWXGLDQWHUHJLVWUDGR\FRRUGLQDUQDFWLYLGDGHVGHFHUQLPLHQWRFX\RVUHVXOWDGRV
SXHGDQ VHU FRQVLGHUDGRV SDUD GHWHUPLQDU OD QHFHVLGDG GH RWUDV HYDOXDFLRQHV (VWR
LQFOX\HFHUQLPLHQWRYLVXDODXGLWLYRGHVDOXG\RWURVGHVHUQHFHVDULR
3URFHGLPLHQWRDVHJXLUHQODHYDOXDFLQGHSHUVRQDVFRQSRVLEOHVLPSHGLPHQWRV
D
&DGDUHJLQHGXFDWLYDRSHUDUXQ&HQWURGH(YDOXDFLQ\7HUDSLD&(7
GHVGH HO FXDO VH FRRUGLQDUQ ORV VHUYLFLRV GH HYDOXDFLRQHV SURYLVWRV SRU
SVLFORJRV SDWORJRV GHO KDEOD \ OHQJXDMH WHUDSLVWDV RFXSDFLRQDOHV \
IVLFRV WUDEDMDGRUHVVRFLDOHV\RULHQWDGRUHVYRFDFLRQDOHVHQWUHRWURVGH
DFXHUGRDODQHFHVLGDGGHOQLRRMRYHQ
(O 'LUHFWRU GHO &(7 VHU UHVSRQVDEOH GH JHVWLRQDU \ FRRUGLQDU ODV
HYDOXDFLRQHVQHFHVDULDVSDUDODSHUVRQDFRQSRVLEOHVLPSHGLPHQWRVDORV
ILQHVGHTXHVWDVVHOOHYHQDFDERHQHOWUPLQRGHWLHPSRHVWDEOHFLGR
22
E
(Q HO FDVR GH TXH KD\D FRQRFLPLHQWR GH TXH RWUDV DJHQFLDV SEOLFDV R
SULYDGDV KDQ HYDOXDGR DO QLR R MRYHQ FRQ SRVLEOHV LPSHGLPHQWRV
SUHYLDPHQWH VH VROLFLWDU DXWRUL]DFLQ HVFULWD DO SDGUH SDUD TXH VWDV
SURYHDQDO'HSDUWDPHQWRGH(GXFDFLQODLQIRUPDFLQTXHWHQJDQVREUHHO
QLRRMRYHQFRQGXFHQWHVDIDFLOLWDUHOSURFHVRGHHYDOXDFLQXWLOL]DQGRHO
IRUPXODULR $XWRUL]DFLQ SDUD TXH $JHQFLDV 3EOLFDV \ 3ULYDGDV )DFLOLWHQ
,QIRUPDFLQ((
F
(O'LUHFWRUGHO&(7VHUUHVSRQVDEOHGHTXHVHQRWLILTXHQODVIHFKDVSDUD
ODV HYDOXDFLRQHV DO SDGUH R HQFDUJDGR FRQ SRU OR PHQRV GDV GH
DQWLFLSDFLQPHGLDQWHOODPDGDWHOHIQLFD\FDUWDVHJQVHDDSURSLDGR
G
(QHOFDVRGHTXHH[LVWDQHYDOXDFLRQHVSULYDGDVSUHYLDVHO'LUHFWRUGHO&(7
SRGU UHFLELU DTXHOODV TXH HVWLPH QHFHVDULDV SDUD IDFLOLWDU \ DJLOL]DU HO
SURFHVR GH HYDOXDFLQ /D LQIRUPDFLQ H[LVWHQWH VHU DQDOL]DGD SRU HO
HTXLSRPXOWLGLVFLSOLQDULRGHO&(7SDUDLGHQWLILFDUODQHFHVLGDGGHOOHYDUD
FDERHYDOXDFLRQHVDGLFLRQDOHVSDUDGHWHUPLQDUHOHJLELOLGDG(ODQOLVLVGHOD
LQIRUPDFLQH[LVWHQWHSRGUOOHYDUVHDFDERVLQTXHVHUHTXLHUDXQDUHXQLQ
H
&DGDHVSHFLDOLVWDOOHYDUDFDERODVSUXHEDVTXHVHUHTXLHUDQGHQWURGHVX
HVSHFLDOLGDGSDUDODHYDOXDFLQGHODSHUVRQDFRQSRVLEOHLPSHGLPHQWRGH
DFXHUGRDOLPSHGLPHQWRVRVSHFKDGR
I
8QDYH]FRPSOHWDGRHOSURFHVRGHHYDOXDFLQHO&(7HQYLDUHOH[SHGLHQWH
DOGLVWULWRHVFRODU\DEDVHGHORVUHVXOWDGRVGHODVSUXHEDVDGPLQLVWUDGDVHO
&2038 VH UHXQLU \ FRQ OD SDUWLFLSDFLQ GHO SDGUH GHWHUPLQDU OD
HOHJLELOLGDG GHO QLR R MRYHQ SDUD UHFLELU HGXFDFLQ HVSHFLDO \ VHUYLFLRV
UHODFLRQDGRV $O KDFHUOR UHGDFWDU XQ LQIRUPH EUHYH TXH LQGLTXH VX
GHWHUPLQDFLQ\UHVXPDORVKDOOD]JRVGHODVHYDOXDFLRQHVXWLOL]DGDVFRPR
EDVHSDUDODPLVPDHQHOIRUPXODULR'HWHUPLQDFLQGH(OHJLELOLGDG((
23
J
/RVSDGUHVUHFLELUQFRSLDGHO,QIRUPHGH(OHJLELOLGDGDVFRPRLQIRUPDFLQ
VREUHVXVGHUHFKRVUHODFLRQDGRVFRQHVWDGHWHUPLQDFLQ
HYDOXDFLQ
D
/RVHVSHFLDOLVWDVUHQGLUQXQLQIRUPHGHORVUHVXOWDGRVGHODVHYDOXDFLRQHV
UHDOL]DGDVDODSHUVRQDFRQSRVLEOHVLPSHGLPHQWRVGHQWURGHGLH]GDV
FDOHQGDULR VXEVLJXLHQWHV D OD IHFKD GH OD HYDOXDFLQ D WHQRU FRQ ORV
VLJXLHQWHVUHTXLVLWRV
HVWDUUHGDFWDGRHQIRUPDOHJLEOHFODUD\SUHFLVDFRQXQPQLPRGH
WUPLQRVWFQLFRV
GHVFULELUHOQLYHOGHIXQFLRQDPLHQWRDFWXDOGHODSHUVRQDHYDOXDGDHQ
WUPLQRVGHIRUWDOH]DV\QHFHVLGDGHV
H[SUHVDUVLORVUHVXOWDGRVGHODHYDOXDFLQUHIOHMDQRQRODSUHVHQFLD
GHXQLPSHGLPHQWR
GH LGHQWLILFDU XQ LPSHGLPHQWR OD HYDOXDFLQ GHEH RIUHFHU XQD
LPSUHVLQGLDJQVWLFDDVFRPRREVHUYDFLRQHV\UHFRPHQGDFLRQHV
TXH IDFLOLWHQ OD FRPSUHQVLQ GH ODV LPSOLFDFLRQHV HGXFDWLYDV GHO
LPSHGLPHQWRLGHQWLILFDGR
E
(O'LUHFWRUGHO&(7JHVWLRQDUORVVHUYLFLRVDVHUSURYLVWRVFRQORVUHFXUVRV
GLVSRQLEOHVHQODDJHQFLDRDWUDYVGHHVSHFLDOLVWDVEDMRFRQWUDWR(QHO
FDVR TXH VH QHFHVLWH XQ HVSHFLDOLVWD QR GLVSRQLEOH HQ HO &HQWUR R EDMR
FRQWUDWRHO'LUHFWRUGHO&(7VROLFLWDUFRODERUDFLQDRWUDVUHJLRQHV\DO
QLYHOFHQWUDOSDUDLGHQWLILFDU\FRQWUDWDUHOUHFXUVRQHFHVDULR
F
(OPDHVWURRSDGUHSRGUSUHVHQWDUXQDVROLFLWXGGHHYDOXDFLQDO&2038
HQFXDOTXLHUHWDSDGHOSURFHVR
24
G
(O SURFHVR GH HYDOXDFLQ GH SHUVRQDV FRQ SRVLEOHV LPSHGLPHQWRV TXH
DVLVWHQDHVFXHODVSULYDGDVRTXHHVWQIXHUDGHODHVFXHODVLJXHHOPLVPR
SURFHGLPLHQWRH[SOLFDGRDQWHULRUPHQWH
H
&XDQGRXQSUREOHPDGHWUDQVSRUWDFLQLQWHUILHUDFRQODSURYLVLQGHOVHUYLFLR
GH HYDOXDFLQ HO GLVWULWR HVFRODU WRPDU ODV PHGLGDV QHFHVDULDV SDUD
JDUDQWL]DUTXHODHYDOXDFLQSXHGDOOHYDUVHDFDER
I
(O 'LUHFWRU GHO &(7 PDQWHQGU DFWXDOL]DGR XQ GLUHFWRULR GH SHUVRQDO
SURIHVLRQDOGLVSRQLEOHSDUDRIUHFHUVHUYLFLRVHVSHFLDOL]DGRVHQHOFDVRGH
TXHORVSDGUHVVROLFLWHQHYDOXDFLRQHVLQGHSHQGLHQWHV
J
&XDQGRHOSDGUHVROLFLWHXQDHYDOXDFLQLQGHSHQGLHQWHHOGLUHFWRUGHO&(7OH
RIUHFHU LQIRUPDFLQ VREUH ORV FULWHULRV GH OD $JHQFLD TXH DSOLFDQ D XQD
HYDOXDFLQ\ORVQRPEUHVGHSURIHVLRQDOHVFXDOLILFDGRVGHVXGLUHFWRULRTXH
QRVRQHPSOHDGRVGHOD$JHQFLD
8VRGHVHJXURVPGLFRVSEOLFRVRSULYDGRVSDUDSURYHHUVHUYLFLRVGHHYDOXDFLQ
RWUDWDPLHQWR
D
/D UHVSRQVDELOLGDG ILQDQFLHUD GH OD DJHQFLD HVWDWDO GH 0HGLFDLG \ RWUDV
DVHJXUDGRUDVSEOLFDVGHDJHQFLDVTXHWLHQHQUHVSRQVDELOLGDGGHSURYHHU
VHUYLFLRVTXHSXHGHQVHUFRQVLGHUDGRVFRPRHGXFDFLQHVSHFLDORVHUYLFLRV
UHODFLRQDGRVSUHFHGHDODUHVSRQVDELOLGDGGHO'HSDUWDPHQWRGH(GXFDFLQ
5HJODPHQWR)HGHUDOD
E
(OVHJXURPGLFRSULYDGRGHORVSDGUHVSXHGHVHUXWLOL]DGRSDUDSURYHHUXQ
VHUYLFLR UHTXHULGR FRPR SDUWH GH OD HYDOXDFLQ R WUDWDPLHQWR GH XQ
HVWXGLDQWH VOR VL HO SDGUH KD SURYLVWR VX FRQVHQWLPLHQWR LQIRUPDGR SRU
HVFULWRDQWHODVROLFLWXGGHOD$JHQFLD(VWRVLJQLILFDTXHHOSDGUHHQWLHQGHOD
25
DFFLQTXHVHYDDOOHYDUDFDERTXHHVWGHDFXHUGRFRQODPLVPDTXH
FRQRFH TXH VX FRQVHQWLPLHQWR HV YROXQWDULR \ TXH SXHGH UHYRFDUOR HQ
FXDOTXLHUPRPHQWR/RVSDGUHVGHEHUQDVHVRUDUVHFRQVXDVHJXUDGRUD
VREUH VL VX FRQVHQWLPLHQWR DIHFWD R OLPLWD VXV VHUYLFLRV IXWXURV (O QR
DXWRUL]DUHOXVRGHOSODQPGLFRSULYDGRQRLPSOLFDTXHHOVHUYLFLRSXHGHVHU
GHQHJDGR SRU ODV DJHQFLDV VL VWH HV UHTXHULGR SDUD TXH HO HVWXGLDQWH
UHFLEDXQDHGXFDFLQDSURSLDGD
F
&XDQGRHOSDGUHGDVXFRQVHQWLPLHQWRSDUDHOXVRGHVXVHJXURPGLFRFRQ
HOSURSVLWRGHHYDOXDUDOQLRRMRYHQSDUDGHWHUPLQDUVXHOHJLELOLGDGSDUD
VHUYLFLRVGHHGXFDFLQHVSHFLDO\HVWRFRQOOHYDHOSDJRGHXQGHGXFLEOHHO
'HSDUWDPHQWRGH(GXFDFLQSXHGHXWLOL]DUIRQGRVGHOD3DUWH%GH,'($
SDUDUHHPEROVDUGLFKRJDVWR
26
(/(*,%,/,'$'
&ULWHULRVGH(OHJLELOLGDG
/D HOHJLELOLGDG SDUD UHFLELU VHUYLFLRV GH HGXFDFLQ HVSHFLDO VH HVWDEOHFH
FXDQGRVHGHWHUPLQDTXH
D
OD SHUVRQD WLHQH XQ LPSHGLPHQWR VHJQ GHILQLGR HQ OD OHJLVODFLQ
IHGHUDO\HVWDWDODSOLFDEOH
E
HO
LPSHGLPHQWR
LGHQWLILFDGR
DIHFWD
DGYHUVDPHQWH
VX
&RQVLGHUDFLRQHVHQWRUQRDODGHWHUPLQDFLQGHHOHJLELOLGDG
D /D FRQVLGHUDFLQ GH HOHJLELOLGDG SDUD UHFLELU VHUYLFLRV GH HGXFDFLQ
HVSHFLDOHVXQDGHQDWXUDOH]DLQGLYLGXDOL]DGD
E /DHOHJLELOLGDGSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDOHVGHWHUPLQDGDSRU
XQ JUXSR GH SURIHVLRQDOHV FXDOLILFDGRV \ ORV SDGUHV GHO QLR R MRYHQ
(VWDVHEDVDHQLQIRUPDFLQREWHQLGDGHYDULDVIXHQWHVLQFOX\HQGRODV
SUXHEDV\RWURVLQVWUXPHQWRVGHHYDOXDFLQ
LQIRUPDFLQSURYLVWDSRUORVSDGUHV
UHFRPHQGDFLRQHVGHORVPDHVWURVGHOQLRRMRYHQ
LQIRUPDFLQUHODFLRQDGDDODFRQGLFLQIVLFDVRFLDO\WUDVIRQGR
FXOWXUDOFRQGXFWDDGDSWDGD
/DLQIRUPDFLQREWHQLGDGHWRGDVHVWDVIXHQWHVGHEHVHUGRFXPHQWDGD
FXLGDGRVDPHQWH FXDQGR VH GHWHUPLQD OD HOHJLELOLGDG GHO QLRQLD R
MRYHQ
27
G (O QLYHO GH LQWHOLJHQFLD GH OD SHUVRQD HYDOXDGD SRU V VOR QR OR
GHVFDOLILFDSDUDUHFLELUVHUYLFLRVGHHGXFDFLQHVSHFLDO
H 8QQLRRMRYHQSXHGHVHUHOHJLEOHSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDO
DXQTXHHVWORJUDQGRSURPRYHUVHGHJUDGRHQJUDGR
I 1RWRGDVODVSHUVRQDVFRQLPSHGLPHQWRVHQWUHORVDORVDRVGH
HGDG QHFHVLWDQ VHUYLFLRV GH HGXFDFLQ HVSHFLDO /D SUHVHQFLD GH XQ
LPSHGLPHQWRSRUVVRORQRHVWDEOHFHHOHJLELOLGDGSDUDUHFLELUVHUYLFLRV
HGXFDWLYRV \ UHODFLRQDGRV EDMR OD /H\ )HGHUDO ,'($ R OD /H\
(VWDWDO&RQVWLWX\HWDPELQXQUHTXLVLWRHOTXHGLFKRLPSHGLPHQWR
HVW DIHFWDQGR DGYHUVDPHQWH HO DSURYHFKDPLHQWR HVFRODU \ TXH ODV
GLILFXOWDGHV SDUD HO DSUHQGL]DMH QR VHDQ HO UHVXOWDGR GH IDFWRUHV
DPELHQWDOHVVRFLDOHVRGHGHVYHQWDMDFXOWXUDORHFRQPLFD
J /DUHFRPHQGDFLQGHXQVHUYLFLRGHWHUDSLDSRUVVRORQRUHSUHVHQWD
HOHJLELOLGDG SDUD UHFLELU VHUYLFLRV GH HGXFDFLQ HVSHFLDO EDMR OD
OHJLVODFLQ YLJHQWH /D GHWHUPLQDFLQ GH HOHJLELOLGDG HQ HVWRV FDVRV
HVWDUEDVDGDHQODFRQVLGHUDFLQLQGLYLGXDOL]DGDGHODVQHFHVLGDGHVGHO
QLRRMRYHQYLVWDVGHVGHXQDSHUVSHFWLYDHGXFDWLYD
K (QORVFDVRVGHSHUVRQDVTXHUHVXOWHQHOHJLEOHVEDMRODFDWHJRUDGH
3UREOHPDV(VSHFILFRVGH$SUHQGL]DMHHVQHFHVDULRTXHHO&2038TXH
VHUHQHFRQHOSURSVLWRGHGHWHUPLQDUGLFKDHOHJLELOLGDGSUHSDUHXQ
LQIRUPHGRQGHVHHVWDEOH]FDTXHODVGLILFXOWDGHVGHOHVWXGLDQWHREHGHFHQ
DSUREOHPDVHVSHFILFRVGHDSUHQGL]DMH\QRDRWURVIDFWRUHVGHQGROH
DPELHQWDOFXOWXUDORGHGHVYHQWDMDHFRQPLFD$QHMR,)RUPXODULR((
L
28
HGXFDFLQ HVSHFLDO EDVQGRVH HQ FULWHULRV GH IDOWD GH LQVWUXFFLQ HQ
OHFWXUDRPDWHPWLFDVRGRPLQLROLPLWDGRGHOHVSDRO
M
&RSLDGHOLQIRUPHGH'HWHUPLQDFLQGH(OHJLELOLGDGVHUHQWUHJDGDDO
SDGUHGHOQLRRMRYHQ
N /D $JHQFLD EXVFDU ORV PHGLRV SDUD UHFREUDU IRQGRV GH OD /H\ ,'($
XWLOL]DGRV SDUD SURYHHU VHUYLFLRV D XQ QLRQLD R MRYHQ FODVLILFDGR
HOHJLEOH H LQFOXLGR FRPR QLRQLD R MRYHQ FRQ LPSHGLPHQWR
HUUQHDPHQWH
'HILQLFLRQHVGHODV&DWHJRUDVGH,PSHGLPHQWRV,QFOXLGDVHQOD/HJLVODFLQ
9LJHQWH
'LVWXUELRV(PRFLRQDOHV
&RQGLFLQTXHH[KLEHXQDRPVGHODVVLJXLHQWHVFDUDFWHUVWLFDVSRU
XQ ODUJR SHULRGR GH WLHPSR HQ JUDGR PDUFDGR \ TXH DIHFWD
DGYHUVDPHQWHHOIXQFLRQDPLHQWRHGXFDWLYR
D 'LILFXOWDG SDUD DSUHQGHU TXH QR SXHGH H[SOLFDUVH SRU IDFWRUHV
VRFLRFXOWXUDOHVLQWHOHFWXDOHVVHQVRULDOHVRGHVDOXG
E 'LILFXOWDGSDUDHVWDEOHFHURPDQWHQHUUHODFLRQHVLQWHUSHUVRQDOHV
VDWLVIDFWRULDVFRQVXVFRPSDHURV\PDHVWURV
G (VWDGRJHQHUDOGHWULVWH]DRGHSUHVLQ
H 7HQGHQFLDDGHVDUUROODUVQWRPDVIVLFRVRPLHGRVDVRFLDGRVFRQ
SUREOHPDV SHUVRQDOHV R HVFRODUHV (O WUPLQR LQFOX\H
29
HVTXL]RIUQLFRV1RLQFOX\HDSHUVRQDVFRQGHVDMXVWHVRFLDOD
PHQRVTXHVHGHWHUPLQHTXHVWRVWLHQHQGLVWXUELRVHPRFLRQDOHV
6RUGR&LHJR
3UHVHQFLD GH GHILFLHQFLDV DXGLWLYDV \ YLVXDOHV FX\D FRPELQDFLQ
FDXVDQHFHVLGDGHVGHWDOQDWXUDOH]DHQHOUHDGHFRPXQLFDFLQGHO
GHVDUUROOR \ GHO DSUHQGL]DMH TXH QR SXHGHQ VHU DWHQGLGDV HQ
SURJUDPDVHVSHFLDOHVGLVHDGRVHVWULFWDPHQWHSDUDSHUVRQDVFRQ
LPSHGLPHQWRVDXGLWLYRVRLPSHGLPHQWRVYLVXDOHV
6RUGR
'HILFLHQFLD DXGLWLYD VHYHUD TXH GLILFXOWD DO QLR R MRYHQ HO
SURFHVDPLHQWRGHLQIRUPDFLQOLQJVWLFDPHGLDQWHODDXGLFLQFRQR
VLQDPSOLILFDFLQ\TXHDIHFWDDGYHUVDPHQWHODHMHFXFLQHGXFDWLYD
GHOQLR
3UREOHPDVGH$XGLFLQ
'HILFLHQFLD DXGLWLYD SHUPDQHQWH R IOXFWXDQWH TXH DIHFWD
DGYHUVDPHQWHODHMHFXFLQHGXFDWLYDGHOHVWXGLDQWHQRHVWLQFOXLGR
HQODGHILQLFLQGHVRUGR
3UREOHPDV(VSHFILFRVGH$SUHQGL]DMH
(O WUPLQR QLRV R MYHQHV FRQ SUREOHPDV HVSHFILFRV GH
DSUHQGL]DMH VH UHILHUH D QLRV R MYHQHV TXH GHPXHVWUDQ
GHVUGHQHV HQ XQR R PV GH ORV SURFHVRV SVLFROJLFRV EVLFRV
XVDGRVHQODFRPSUHQVLQRHQHOXVRGHOOHQJXDMH\DVHDKDEODGRR
HVFULWR\TXHSXHGHPDQLIHVWDUVHHQGLILFXOWDGSDUDHVFXFKDUSHQVDU
KDEODUOHHUHVFULELUGHOHWUHDUROOHYDUDFDERFOFXORVPDWHPWLFRV
DIHFWDQGRDGYHUVDPHQWHVXHMHFXFLQHGXFDWLYD
30
31
2WURV,PSHGLPHQWRVGH6DOXG
/LPLWDFLQ GH IXHU]D YLWDOLGDG R DWHQFLQ LQFOX\HQGR XQ QLYHO GH
DWHQFLQ H[FHVLYR D HVWPXORV GHO DPELHQWH TXH UHVXOWD HQ OD
OLPLWDFLQGHODDWHQFLQDODPELHQWHHGXFDWLYRGHELGRDSUREOHPDV
DJXGRVGHVDOXGWDOHVFRPRFRQGLFLRQHVGHOFRUD]QWXEHUFXORVLV
ILHEUH UHXPWLFD KHPRILOLD DQHPLD IDOFLIRUPH DVPD GILFLW GH
DWHQFLQFRQ\VLQKLSHUDFWLYLGDGQHIULWLVOHXFHPLDRGLDEHWHVTXH
DIHFWDQDGYHUVDPHQWHODHMHFXFLQHGXFDWLYDGHOQLR
3UREOHPDVGHO+DEODR/HQJXDMH
'HVRUGHQ GH FRPXQLFDFLQ FRPR OD WDUWDPXGH] HUURUHV GH
DUWLFXODFLQ GHVRUGHQ GHO OHQJXDMH R GH OD YR] TXH DIHFWD
DGYHUVDPHQWHODHMHFXFLQHGXFDWLYDGHOQLR
,PSHGLPHQWR9LVXDO
'HILFLHQFLD YLVXDO TXH DQ GHVSXV GH OD FRUUHFFLQ DIHFWD
DGYHUVDPHQWH OD HMHFXFLQ HGXFDWLYD GHO QLR (O WUPLQR LQFOX\H
WDQWRODYLVLQSDUFLDOFRPRFHJXHUDWRWDO
$XWLVPR
,PSHGLPHQWR GHO GHVDUUROOR TXH DIHFWD VLJQLILFDWLYDPHQWH OD
FRPXQLFDFLQYHUEDO\QRYHUEDO\ODLQWHUDFFLQVRFLDOJHQHUDOPHQWH
HYLGHQWHDQWHVGHORVDRVTXHDIHFWDDGYHUVDPHQWHODHMHFXFLQ
HVFRODUGHODSHUVRQD2WUDVFDUDFWHUVWLFDVTXHJHQHUDOPHQWHVH
DVRFLDQ DO DXWLVPR VRQ PRYLPLHQWRV HVWHUHRWLSDGRV \ DFWLYLGDGHV
UHSHWLWLYDVUHVLVWHQFLDDFDPELRVHQHODPELHQWH\HQODUXWLQDGLDULD\
UHVSXHVWDVLQDSURSLDGDVDH[SHULHQFLDVVHQVRULDOHV(OWUPLQRQR
DSOLFDDQLRVFRQGLVWXUELRVHPRFLRQDOHVVHJQGHILQLGRVHQHVWH
0DQXDO8QQLRTXHPDQLILHVWDFDUDFWHUVWLFDVGHDXWLVPRGHVSXV
GHFXPSOLGRVORVDRVSXHGHVHULQFOXLGREDMRHVWDFDWHJRUDVL
UHQHODVFDUDFWHUVWLFDVDQWHVPHQFLRQDGDV
32
'DR&HUHEUDOSRU7UDXPD
'DRGHOFHUHEURDGTXLULGRFDXVDGRSRUIXHU]DVIVLFDVH[WHUQDVTXH
WLHQHFRPRFRQVHFXHQFLDXQLPSHGLPHQWRIXQFLRQDOWRWDORSDUFLDOR
XQ LPSHGLPHQWR VLFRVRFLDO R DPERV TXH DIHFWD DGYHUVDPHQWH OD
HMHFXFLQ HGXFDWLYD GH OD SHUVRQD (O WUPLQR DSOLFD D JROSHV
KHULGDVDELHUWDVRFHUUDGDVTXHUHVXOWDQHQLPSHGLPHQWRVHQXQDR
PVUHDVWDOHVFRPRFRJQRVFLWLYDVOHQJXDMHPHPRULDDWHQFLQ
UD]RQDPLHQWRSHQVDPLHQWRDEVWUDFWRMXLFLRVROXFLQGHSUREOHPDV
KDELOLGDGHV PRWRUDV SHUFHSWXDOHV \ VHQVRULDOHV FRQGXFWD
VLFRVRFLDOIXQFLRQHVIVLFDVSURFHVDPLHQWRGHLQIRUPDFLQ\KDEOD
(OWUPLQRQRDSOLFDDGDRFHUHEUDOFRQJQLWRRGHJHQHUDWLYRRGDR
FHUHEUDOSHULQDWDO
5HVXPHQGHO3URFHVRD3DUWLUGHO5HJLVWUR
8QDYH]HOQLRRMRYHQHVUHJLVWUDGRHO&25&WUDPLWDORVUHIHULGRVDO&HQWURGH
(YDOXDFLQ\7HUDSLDSDUDTXHVHOHFRRUGLQHQODVFLWDVGHHYDOXDFLQQHFHVDULDV
3DUDKDFHUORHQYDHOH[SHGLHQWHGHOHVWXGLDQWHDO&(7
(O&(7QRWLILFDODVIHFKDVGHODVHYDOXDFLRQHVDORVSDGUHV\UHFLEHORVLQIRUPHV\
FHUWLILFDFLRQHVGHKDOOD]JRVGHORVHVSHFLDOLVWDVTXHKDQHYDOXDGRDOQLR(VWRV
LQIRUPHVVHUHFRSLODQHQHOH[SHGLHQWHGHOHVWXGLDQWH8QDYH]VHFRPSOHWDQODV
HYDOXDFLRQHVEVLFDVUHFRPHQGDGDVHO&(7HQYDHOH[SHGLHQWHDOGLVWULWRHVFRODU
GHUHVLGHQFLDSDUDODDFFLQFRUUHVSRQGLHQWH
(OGLVWULWRUHFLEHHOH[SHGLHQWHHOFXDOUHFRJHWRGDODGRFXPHQWDFLQGHOHVWXGLDQWH
UHFRSLODGDDSDUWLUGHOPRPHQWRGHUHJLVWUR\SURFHGHDFRPXQLFDUVHFRQHOSDGUH
SDUDFRRUGLQDUXQDIHFKDGHUHXQLQHQODFXDOVHGLVFXWLUQORVUHVXOWDGRVGHODV
HYDOXDFLRQHV FRQ HO SURSVLWR GH TXH HO &2038 FRQYRFDGR SRU HO GLVWULWR
GHWHUPLQHODHOHJLELOLGDGGHOQLRRMRYHQSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDO
33
6LHO&2038GHWHUPLQDTXHHOQLRRMRYHQHVHOHJLEOHSXHGHLQLFLDUHOSURFHVRGH
SUHSDUDFLQGH3(,GHLQPHGLDWRVLORVSDGUHVHVWQGHDFXHUGRRSXHGHQDFRUGDU
XQD IHFKD SRVWHULRU SDUD UHXQLUVH D SUHSDUDU HO 3(, /D GHWHUPLQDFLQ GH
HOHJLELOLGDG \ ORV DFXHUGRV VH UHFRJHUQ HQ HO ,QIRUPH GH 'HWHUPLQDFLQ GH
(OHJLELOLGDG\HQODPLQXWDUHVSHFWLYDPHQWH
6LHO&2038GHWHUPLQDTXHHOQLRRMRYHQQRHVHOHJLEOHDVORLQGLFDUHQHO
,QIRUPHGH'HWHUPLQDFLQGH(OHJLELOLGDG
8QD FRSLD GHO ,QIRUPH GH 'HWHUPLQDFLQ GH (OHJLELOLGDG VHU HQWUHJDGD D ORV
SDGUHV
6LHOSDGUHQRHVWGHDFXHUGRFRQODGHFLVLQGHO&2038SXHGHVROLFLWDUXQD
UHXQLQGH0HGLDFLQR9LVWD$GPLQLVWUDWLYDVLJXLHQGRHOSURFHGLPLHQWRHVWDEOHFLGR
PVDGHODQWHHQHVWH0DQXDO
(OSURFHVRGHORFDOL]DFLQUHJLVWURHYDOXDFLQ\GHWHUPLQDFLQGHHOHJLELOLGDGSDUDUHFLELU
VHUYLFLRV GH HGXFDFLQ HVSHFLDO FRQWHPSOD HO GHVDUUROOR GH YDULDV DFWLYLGDGHV TXH
GHSHQGHQGHODDFFLQGHPOWLSOHVIXQFLRQDULRV&XDOTXLHULQVDWLVIDFFLQUHODFLRQDGDFRQ
OD GHPRUD LUUD]RQDEOH HQ HVWRV SURFHVRV SXHGH VHU GLOXFLGDGD D WUDYV GH ORV
SURFHGLPLHQWRVGHUHVROXFLQGHFRQWURYHUVLDVGHVFULWRVHQHVWH0DQXDO
34
352*5$0$('8&$7,92,1',9,'8$/,=$'23(,
$ WRGR QLR R MRYHQ TXH UHVXOWH HOHJLEOH SDUD VHUYLFLRV GH HGXFDFLQ HVSHFLDO VH OH
SUHSDUDUXQ3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGR3(,(QHO3(,VHHVWDEOHFHUQORV
VHUYLFLRVHGXFDWLYRV\UHODFLRQDGRVTXHKDEUQGHFRQVWLWXLUHOSURJUDPDHGXFDWLYRGHO
QLRRMRYHQSRUXQSHULRGRQRPD\RUGHXQDR'LFKR3(,GHEHFRQWHQHUORVLJXLHQWH
XQD LQGLFDFLQ GHO QLYHO GH IXQFLRQDPLHQWR HGXFDWLYR SUHVHQWH GHO QLR
LQFOX\HQGR
SDUDQLRVSUHHVFRODUHVVHJQVHDDSURSLDGRFPRODVQHFHVLGDGHV
TXH UHVXOWDQ GHO LPSHGLPHQWR DIHFWDQ OD SDUWLFLSDFLQ GH VWH HQ
DFWLYLGDGHVSURSLDVDVXHGDG
PHWDVDQXDOHVPHGLEOHV\REMHWLYRVDFRUWRSOD]RGLULJLGRVD
OOHQDUDTXHOODVQHFHVLGDGHVGHOQLRTXHUHVXOWDQGHVXLPSHGLPHQWR
GH IRUPD TXH OH SHUPLWDQ SDUWLFLSDU \ SURJUHVDU HQ HO FXUUFXOR
JHQHUDO
OOHQDUHOUHVWRGHODVQHFHVLGDGHVHGXFDWLYDVGHOQLRTXHUHVXOWDQGH
VXLPSHGLPHQWR
35
ODVUD]RQHVSDUDHVWDGHWHUPLQDFLQ
HO PWRGR DOWHUQR TXH VH XWLOL]DU SDUD HYDOXDU HO SURJUHVR GHO
HVWXGLDQWH
XQHVWLPDGRGHODIHFKDGHLQLFLRDVFRPRODIUHFXHQFLDOXJDU\GXUDFLQ
DQWLFLSDGDGHORVVHUYLFLRV
XQDLQGLFDFLQGHFPRVHPHGLUHOSURJUHVRGHOHVWXGLDQWHKDFLDHOORJUR
GHODVPHWDVDQXDOHVFPRVHLQIRUPDUDORVSDGUHVVREUHHOSURJUHVRGH
VXKLMRSRUORPHQRVFRQODPLVPDIUHFXHQFLDTXHSDUDORVHVWXGLDQWHVVLQ
LPSHGLPHQWRV\HQTXPHGLGDGLFKRSURJUHVRHVVXILFLHQWHSDUDSHUPLWLU
TXHHOQLRRMRYHQDOFDQFHODVPHWDVHVWDEOHFLGDVDOILQDOGHODRHVFRODU
SDUDHVWXGLDQWHVGHDRVRDQWHVGHVHUDSURSLDGRXQDLQGLFDFLQDQXDO
GHODVQHFHVLGDGHVGHVHUYLFLRVGHWUDQVLFLQUHODFLRQDGDFRQVXSURJUDPD
GHHVWXGLRVWDOHVFRPRSDUWLFLSDFLQHQFXUVRVDYDQ]DGRVRSURJUDPDGH
HVWXGLRYRFDFLRQDO
SDUD HVWXGLDQWHV GH DRV R DQWHV GH VHU DSURSLDGR ORV VHUYLFLRV GH
WUDQVLFLQDVHUSURYLVWRVLQFOX\HQGRGHVHUDSURSLDGRXQDGHFODUDFLQGHOD
UHVSRQVDELOLGDGLQWHUDJHQFLDORFXDOTXLHUHQODFHQHFHVDULR
36
XQDGHFODUDFLQGHTXHVHOHKDLQIRUPDGRDOHVWXGLDQWH\VXVSDGUHVVREUH
ODWUDQVIHUHQFLDGHGHUHFKRVDOFXPSOLUODPD\RUDGHHGDGDOPHQRVXQDR
DQWHV GH TXH HVWR RFXUUD GH VHU DSURSLDGR /D WUDQVIHUHQFLD GH ORV
GHUHFKRV DO HVWXGLDQWH SRU UD]Q GH PD\RUD GH HGDG LQFOX\H DTXHOORV
UHODFLRQDGRVFRQODFRQILGHQFLDOLGDG\HODFFHVRDORVH[SHGLHQWHV
&RPLWGH3URJUDPDFLQ\8ELFDFLQGH(GXFDFLQ(VSHFLDO&2038
$ WHQRU FRQ ODV GLVSRVLFLRQHV GH OD UHJODPHQWDFLQ YLJHQWH HO 3(, OR
SUHSDUDUXQ&RPLWFRPSXHVWRSRU
D ORVSDGUHVGHOQLR
E DOPHQRVXQPDHVWURUHJXODUGHOQLR
F DOPHQRVXQPDHVWURGHHGXFDFLQHVSHFLDO
G XQ UHSUHVHQWDQWH GH OD DJHQFLD SEOLFD TXH SXHGD SURYHHU R
VXSHUYLVDUODSUHVWDFLQGHORVVHUYLFLRVGHHGXFDFLQHVSHFLDOTXH
WHQJD FRQRFLPLHQWRV VREUH HO FXUUFXOR JHQHUDO \ FRQR]FD OD
GLVSRQLELOLGDGGHUHFXUVRV
H XQDSHUVRQDTXHSXHGDLQWHUSUHWDUODVLPSOLFDFLRQHVHGXFDWLYDVGH
ORVUHVXOWDGRVGHODVHYDOXDFLRQHVSXHGHVHUXQRGHORVSDUWLFLSDQWHV
HQXPHUDGRVGHODEDODI
I RWUDVSHUVRQDVTXHFRQR]FDQRWHQJDQH[SHULHQFLDUHODFLRQDGDFRQ
ODV QHFHVLGDGHV GHO QLR R MRYHQ D GLVFUHFLQ GH ORV SDGUHV R OD
DJHQFLD
J HOHVWXGLDQWHGHVHUDSURSLDGR
6LHOSURSVLWRGHODUHXQLQGH3(,HVFRQVLGHUDUQHFHVLGDGHVGHVHUYLFLRV
GH WUDQVLFLQ HO HVWXGLDQWH GHEH VHU LQYLWDGR D SDUWLFLSDU GH OD PLVPD
$GHPV VH GHEH LQYLWDU XQ UHSUHVHQWDQWH GH FXDOTXLHU RWUD DJHQFLD TXH
SDUWLFLSDUHQODSURYLVLQGHVHUYLFLRVGHWUDQVLFLQ
37
FRQVLGHUDU\WRPDUGHFLVLRQHVVREUHODLGHQWLILFDFLQHYDOXDFLQ
XELFDFLQ\QHFHVLGDGHVGHVHUYLFLRVUHODFLRQDGRV\GHDSR\RGH
ORVHVWXGLDQWHV
3UHSDUDFLQGHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGR
D (O&2038SUHSDUDUHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGRWRPDQGRHQ
FRQVLGHUDFLQORVUHVXOWDGRVGHODVHYDOXDFLRQHVKHFKDVDOQLR\XQD
YH] VH KD\D HVWDEOHFLGR VX HOHJLELOLGDG SDUD VHUYLFLRV GH HGXFDFLQ
HVSHFLDO(O3(,VHSUHSDUDUGHQWURGHGDVFDOHQGDULRDSDUWLUGHOD
IHFKDGHUHJLVWUR
E (O VXSHUYLVRU GH ]RQD R OD SHUVRQD GHVLJQDGD HQ HO GLVWULWR HVFRODU
FRRUGLQDUFRQHOSDGUH\HOUHVWRGHORVIXQFLRQDULRVTXHFRPSRQHQHO
&RPLWGH3URJUDPDFLQ\8ELFDFLQODVUHXQLRQHVQHFHVDULDVSDUDOD
SUHSDUDFLQGHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGRLQLFLDOGHOQLR/DV
IHFKDVSDUDOOHYDUDFDERHVWDVUHXQLRQHVGHEHQVHOHFFLRQDUVHPHGLDQWH
DFXHUGRFRQORVSDGUHVGHPDQHUDTXHVHDVHJXUHVXSDUWLFLSDFLQ
F (OVXSHUYLVRUGH]RQDRSHUVRQDGHVLJQDGDFLWDUDOSDGUHXWLOL]DQGRHO
IRUPXODULR,QYLWDFLQD5HXQLQSDUD'HVDUUROORGHO3URJUDPD(GXFDWLYR
,QGLYLGXDOL]DGR (( R ((7UDQVLFLQ VHJQ VHD DSURSLDGR
7UDPLWDUHVWDFRPXQLFDFLQFRQGLH]GDVFDOHQGDULRGHDQWLFLSDFLQ
LQFOX\HQGR FRQ OD PLVPD XQD FRSLD GHO GRFXPHQWR 'HUHFKRV GH ORV
3DGUHV6LODIHFKDGHODUHXQLQVHKDILMDGRPHGLDQWHDFXHUGRYHUEDO
HQWUHODVSDUWHVODFRPXQLFDFLQHVFULWDSXHGHVHUWUDPLWDGDFRQPHQRU
DQWLFLSDFLQ
G (OSDGUH\HO'HSDUWDPHQWRGH(GXFDFLQGHEHUQSURYHHUFRSLDGHORV
UHVXOWDGRV GH HYDOXDFLRQHV SUHYLDV VL ODV KXELHUD SRU OR PHQRV FRQ
FLQFR GDV GH DQWLFLSDFLQ D OD IHFKD GH SUHSDUDFLQ GHO 3URJUDPD
39
(GXFDWLYR,QGLYLGXDOL]DGRVLLQWHUHVDQTXHVWRVVHDQFRQVLGHUDGRVHQOD
SUHSDUDFLQGHOPLVPR
H (OKHFKRGHTXHHOSDGUHQRWUDLJDORVUHVXOWDGRVGHODVHYDOXDFLRQHV
SUHYLDVQRVHUPRWLYRGHGLODFLQHQHOSURFHVRGHSUHSDUDFLQGHO3(,
XELFDFLQ\SUHVWDFLQGHVHUYLFLRV
I (OVXSHUYLVRUGH]RQDGHHGXFDFLQHVSHFLDORODSHUVRQDGHVLJQDGDSRU
HOGLVWULWRHVFRODUFRQYRFDUDORVPLHPEURVGHO&2038SDUDSUHSDUDUHO
3(,XQDYH]HOSDGUHKD\DFRQILUPDGRVXDVLVWHQFLD
J (OSDGUHLQIRUPDUDOD$JHQFLDFRQDQWLFLSDFLQVLQHFHVLWDHOVHUYLFLR
GHLQWUSUHWHRWUDGXFWRUSDUDSDUWLFLSDUHQODUHXQLQGHO&2038
K 6LHOSDGUHQRUHVSRQGHHQWUHVIHFKDVVLQMXVWDFDXVDDOD FLWDFLQ
SDUDODSUHSDUDFLQGHO3(,HO&2038SURFHGHUDUHGDFWDUORHQWRGDV
VXVSDUWHV3DUDHOORGHEHPDQWHQHUHYLGHQFLDGHTXHODDJHQFLDQRKD
SRGLGRFRQYHQFHUDORVSDGUHVGHTXHDVLVWDQDHVWDUHXQLQ(QHVWH
FDVR HO GLVWULWR HVFRODU GHEH PDQWHQHU UFRUG GH ORV LQWHQWRV SDUD
DFRUGDUFRQORVSDGUHVODIHFKD\OXJDUGHODUHXQLQ0DQWHQGUUFRUG
GHYLVLWDVOODPDGDVWHOHIQLFDV\ORVUHVXOWDGRVGHODVPLVPDVFRSLDGH
FRUUHVSRQGHQFLD D ORV SDGUHV \ UHVSXHVWDV UHFLELGDV \ FXDOTXLHU RWUD
DFFLQHQFDPLQDGDDORJUDUODSDUWLFLSDFLQGHORVSDGUHVHQODUHXQLQ
L
(O &2038 SXHGH WDPELQ RIUHFHU OD RSRUWXQLGDG DO SDGUH GH TXH
SDUWLFLSH \ SURYHD LQIRUPDFLQ SDUD OD SUHSDUDFLQ GHO 3(, PHGLDQWH
OODPDGDWHOHIQLFDLQGLYLGXDORFRQIHUHQFLDWHOHIQLFDFXDQGRQRKDVLGR
SRVLEOHORJUDUVXDVLVWHQFLDDODUHXQLQSDUDODSUHSDUDFLQGHO3(,
M
(O&2038GHOGLVWULWRHVFRODURODHVFXHODSXHGHWDPELQXWLOL]DUFRPR
HVWUDWHJLDHOSUHSDUDUXQERUUDGRURSURSXHVWDGH3(,SDUDXQHVWXGLDQWH
40
(VWR VH KDFH FRQ HO SURSVLWR GH IDFLOLWDU OD GLVFXVLQ GHO &2038
SURYH\HQGRXQSXQWRGHSDUWLGDSDUDHODQOLVLVGHODVQHFHVLGDGHVGHO
QLR \ OD GHWHUPLQDFLQ GH ORV VHUYLFLRV QHFHVDULRV (O SHUVRQDO TXH
ODERUD HQ HO GHVDUUROOR GH HVWH GRFXPHQWR GHEH JDUDQWL]DU TXH HO
ERUUDGRURSURSXHVWDGH3(,
-
VHGHVDUUROOHOXHJRGHXQDQOLVLVFXLGDGRVRGHODLQIRUPDFLQ
GLVSRQLEOH VREUH HO HVWXGLDQWH LQFOX\HQGR HO UHVXOWDGR GH
HYDOXDFLRQHV UHDOL]DGDV REVHUYDFLRQHV FXHVWLRQDULRV R
FRPHQWDULRV HVFULWRV GH ORV SDGUHV PDHVWURV \ RWURV
SURIHVLRQDOHVFRQFRQRFLPLHQWRGHOQLR
-
VH GLVFXWD HQ GHWDOOH \ HQ WRGDV VXV SDUWHV HQ OD UHXQLQ GHO
&2038 GH PDQHUD TXH VX FRQWHQLGR SXHGD VHU DQDOL]DGR \
PRGLILFDGRSDUDHOLPLQDURDDGLUDTXHOORVDVSHFWRVUHOHYDQWHV
PHWDV\REMHWLYRVTXHUHVXOWHQDSURSLDGRV
N (O&2038FHOHEUDUODUHXQLQSDUDODSUHSDUDFLQGHO3(,HQODIHFKD
DFRUGDGD'XUDQWHODPLVPDGHEHDVLJQDUVHXQDQRWDGRUSDUDTXHWRPH
ODPLQXWDGHODUHXQLQ
O
/RVUHVXOWDGRVGHODVHYDOXDFLRQHVVHOHH[SOLFDUQDOSDGUHGHPDQHUD
TXHHQWLHQGDODQDWXUDOH]DGHOLPSHGLPHQWRGHVXKLMR\FRPRVWHDIHFWD
VXHMHFXFLQHVFRODU
P (O &2038 DQDOL]DU OD LQIRUPDFLQ UHFRSLODGD ORV UHVXOWDGRV GH ODV
HYDOXDFLRQHV\HOIXQFLRQDPLHQWRHGXFDWLYRGHOQLRSDUDGHWHUPLQDUORV
VHUYLFLRVDSURSLDGRVSDUDVWH\HOSRUFLHQWRGHWLHPSRHQTXHHOQLR
SDUWLFLSDUHQHOSURJUDPDUHJXODUGHFODVHV\ODDOWHUQDWLYDGHXELFDFLQ
TXHUHVSRQGHDVXVQHFHVLGDGHV
41
Q /DSHUVRQDTXHDFWHFRPRDQRWDGRULUHVFULELHQGRORVDFXHUGRVTXHVH
WRPHQHQXQDFRSLDGHOIRUPXODULRTXHVHSURYHHSDUDODUHGDFFLQGHO
3(,(OSDGUHGHEHUHQWHQGHUFODUDPHQWHORTXHVHYD\DDQRWDQGRHQHO
IRUPXODULR \ GH VHU QHFHVDULR VH OH H[SOLFDUQ DTXHOORV WUPLQRV R
FRQFHSWRVTXHOQRHQWLHQGD/XHJRGHUHGDFWDGRHQVXIRUPDILQDOHO
IRUPXODULR 3URJUDPD (GXFDWLYR ,QGLYLGXDOL]DGR VHU ILUPDGR SRU ORV
SDUWLFLSDQWHV
R (QFDVRGHTXHHOSDGUHFRPRPLHPEURGHO&2038LQWHUHVHFRQRFHU
ODVDOWHUQDWLYDVGHXELFDFLQSUHVHQWDGDVVROLFLWDUTXHVHSRVSRQJDOD
DSUREDFLQ\ILUPDGHO3(,SRUXQP[LPRGHGDVODERUDEOHVSDUD
OOHYDUDFDERHVDJHVWLQ(OVXSHUYLVRUGH]RQDRIXQFLRQDULRGHVLJQDGR
JHVWLRQDUFRQHOORVGLUHFWRUHVGHHVFXHODFRUUHVSRQGLHQWHVODIHFKD
\ KRUD HQ TXH VH OOHYDUQ D FDER ODV YLVLWDV D ODV DOWHUQDWLYDV
SURSXHVWDV
S $XQTXH VH UHFRPLHQGD TXH HO 3(, VH SUHSDUH HQ XQD VROD UHXQLQ
FXDQGRVHUHTXLHUDPVGHXQDODIHFKDSDUDODSU[LPDUHXQLQGHEHU
GHFLGLUVHHQHVDSULPHUDUHXQLQ\VHDODUVHSDUDORDQWHVSRVLEOH
T /XHJRGHFRPSOHWDUHO3(,\VWHVHUDSUREDGRPHGLDQWHODVILUPDVGH
WRGRVORVSDUWLFLSDQWHVVHOHHQWUHJDUFRSLDGHOPLVPRDOSDGUH
U 6LOXHJRGHDJRWDGRVORVSURFHGLPLHQWRVHOSDGUHQRDVLVWHDODUHXQLQ
SDUDODSUHSDUDFLQGHO3(,XQDYH]VHUHGDFWHHOPLVPRVHOHFLWDU
PHGLDQWHHOIRUPXODULR,QYLWDFLQSDUD$SUREDFLQR'HVDSUREDFLQGHO
3URJUDPD (GXFDWLYR ,QGLYLGXDOL]DGR ((D SDUD TXH H[DPLQH \
DSUXHEHRGHVDSUXHEHHO3(,
V (OSDGUHH[DPLQDUHO3(,\GDUVXDSUREDFLQILUPDQGRHOPLVPR(O
FRQVHQWLPLHQWR GHO SDGUH VHU UHTXLVLWR SDUD LQLFLDU ORV VHUYLFLRV GH
HGXFDFLQHVSHFLDODOQLRRMRYHQ
42
W 6LHOSDGUHQRUHVSRQGHDODLQYLWDFLQVHGHEHPDQWHQHUHYLGHQFLDGHO
HQYRGHODPLVPD6HPDQWHQGUDOHVWXGLDQWHHQODXELFDFLQSUHVHQWH
KDVWDWDQWRVHORJUHHOFRQVHQWLPLHQWRGHOSDGUHSDUDLQLFLDUORVVHUYLFLRV
GHHGXFDFLQHVSHFLDO
X 6L HO SDGUH UHVSRQGH D OD LQYLWDFLQ SHUR UHKVD DSUREDU HO 3(, HO
&2038 SURFHGHU D GLDORJDU FRQ VWH FRQ HO SURSVLWR GH OOHJDU D
DFXHUGRVVDWLVIDFWRULRV
Y 6L HO SDGUH QR UHVSRQGH R LQVLVWH HQ GHQHJDU VX DSUREDFLQ DO 3(,
FXDOTXLHUDGHODVSDUWHVSRGUVROLFLWDUXQDUHXQLQGHPHGLDFLQRYLVWD
DGPLQLVWUDWLYDVLJXLHQGRHOSURFHGLPLHQWRHVWDEOHFLGRSDUDHOOR
Z 3DUD ORV QLRV R MYHQHV XELFDGRV SRU OD $JHQFLD HQ HVFXHODV H
LQVWLWXFLRQHV SULYDGDV OD SUHSDUDFLQ GHO 3(, VHJXLU ORV PLVPRV
SURFHGLPLHQWRVGHVFULWRV/D$JHQFLDDVHJXUDUTXHHOHVWXGLDQWHDV
XELFDGR UHFLED ORV VHUYLFLRV HGXFDWLYRV \ UHODFLRQDGRV FRQIRUPHDVX
3(,VLQFRVWRSDUDORVSDGUHV
3UHSDUDFLQGHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGRGHQLRVTXHYDQDVHU
UHIHULGRV SDUD XELFDFLQ HQ HVFXHODV R LQVWLWXFLRQHV SULYDGDV R
DGPLQLVWUDGDVSRURWUDVDJHQFLDV
(QODSUHSDUDFLQGHO3(,GHXQQLRTXHYDDVHUUHIHULGRSDUDXELFDFLQD
XQDHVFXHODRLQVWLWXFLQSULYDGDRDGPLQLVWUDGDSRURWUDDJHQFLDVHVHJXLU
HOSURFHGLPLHQWRRUGLQDULRH[FHSWRTXHHOVXSHUYLVRUGH]RQDGHHGXFDFLQ
HVSHFLDOFRRUGLQDUSDUDTXHXQUHSUHVHQWDQWHGHODHVFXHODLQVWLWXFLQR
DJHQFLD HVW SUHVHQWH GXUDQWH OD UHXQLQ GH SUHSDUDFLQ GH 3(, 6L HO
UHSUHVHQWDQWH QR SXHGH DVLVWLU VH HPSOHDUQ RWURV PWRGRV WDOHV FRPR
FRQIHUHQFLDV WHOHIQLFDV SDUD DVHJXUDU OD SDUWLFLSDFLQ GH OD HVFXHOD
LQVWLWXFLQRDJHQFLDHQODUHXQLQGHSUHSDUDFLQGHO3(,
43
'LVSRVLFLRQHVJHQHUDOHVDOSUHSDUDUHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGR
&RQVLGHUDFLRQHV*HQHUDOHV
D (O 'HSDUWDPHQWR GH (GXFDFLQ DVHJXUDU TXH FDGD DJHQFLD SEOLFD
GHVDUUROOH H LPSODQWH XQ 3(, SDUD FDGD HVWXGLDQWH FRQ LPSHGLPHQWRV
VHUYLGR SRU GLFKD DJHQFLD LQFOX\HQGR HVWXGLDQWHV XELFDGRV SRU OD
$JHQFLDHQHVFXHODVSULYDGDVXRWUDVIDFLOLGDGHV(VWRDSOLFDWDQWRDO
'HSDUWDPHQWR GH (GXFDFLQ FRPR D RWUDV DJHQFLDV SEOLFDV TXH
SURYHHQ VHUYLFLRV HGXFDWLYRV \ UHODFLRQDGRV ELHQ VHD GLUHFWDPHQWH
PHGLDQWHFRQWUDWDFLQRPHGLDQWHRWURDFXHUGR
E $O LQLFLR GHO FXUVR HVFRODU WRGR HVWXGLDQWH FRQ LPSHGLPHQWRV GHEH
FRQWDUFRQXQ3(,YLJHQWH
F (O3(,GHEHVHUUHGDFWDGRSUHYLRDOLQLFLRGHODSURYLVLQGHVHUYLFLRV
HGXFDWLYRV\UHODFLRQDGRV
G (O3(,GHEHVHULPSODQWDGRWDQSURQWRFRPRVHDSRVLEOHOXHJRGHOD
UHXQLQGH&2038SHURQRPVWDUGHGHGDVFDOHQGDULRDSDUWLUGH
ODIHFKDGHUHJLVWUR
H (QHOFDVRGHTXHQLQJXQRGHORVPLHPEURVGHO&RPLWGH3URJUDPDFLQ
\8ELFDFLQWHQJDSUHSDUDFLQHQHOUHDGHOLPSHGLPHQWRGHOQLRVH
UHTXHULUDDOJXQRGHORVGLUHFWRUHVGHODVHVFXHODVGHODFRPXQLGDGTXH
DVLJQHQ XQ PDHVWUR SUHSDUDGR HQ GLFKD UHD SDUD SDUWLFLSDU HQ OD
SUHSDUDFLQGHO3(,
I 6LHOGLVWULWRHVFRODUQRFXHQWDFRQHOUHFXUVRSUHSDUDGRDFXGLUDXQ
GLVWULWRHVFRODUFHUFDQRTXHORWHQJD\VHVROLFLWDUDXWRUL]DFLQSDUDTXH
VWH SDUWLFLSH HQ OD SUHSDUDFLQ GHO 3(, 'H QR REWHQHUVH GH HVWD
PDQHUDVHVROLFLWDUHVWHUHFXUVRDODUHJLQHGXFDWLYD
44
J (OGLVWULWRHVFRODURQFOHRHVFRODUVHJQVHDHOFDVRGHEHUPDQWHQHU
LQIRUPDFLQGHORVSURFHVRVOOHYDGRVDFDERHQODSUHSDUDFLQ\UHYLVLQ
GHO 3(, GH FDGD QLR LQFOX\HQGR DJHQGDV PLQXWDV QRWLILFDFLRQHV D
SDGUHVLQIRUPHVGHYLVLWDVDOKRJDUHQFDVRGHTXHVHKD\DQHIHFWXDGR
UHODFLQGHOODPDGDVWHOHIQLFDV\FXDOTXLHURWUDGRFXPHQWDFLQFRPR
HYLGHQFLDGHGLFKRVSURFHVRV
K /D2ILFLQDGHO6XSHULQWHQGHQWHGH(VFXHODVGHEHPDQWHQHUXQDFRSLDGHO
3(,GHFDGDHVWXGLDQWHXELFDGRSRUOD$JHQFLDHQHVFXHODVSULYDGDV\
RWUDVLQVWLWXFLRQHV
L
(OGLVWULWRHVFRODUDVHJXUDUTXHVHLPSODQWHQ\UHYLVHQORV3(,GHWRGRV
ORV QLRV R MYHQHV TXH UHFLEHQ HGXFDFLQ HVSHFLDO \ VHUYLFLRV
UHODFLRQDGRV
M
(O3(,VHUHYLVDUFXDQWDVYHFHVVHDQHFHVDULRSHURSRUORPHQRVXQD
YH]DODRHQODHVFXHODRLQVWLWXFLQDODTXHDVLVWHHOQLRRMRYHQ6H
HQYLDUXQDQRWLILFDFLQDOSDGUHSDUDTXHVWHDVLVWDDODUHXQLQGH
UHYLVLQ GHO 3(, /D UHYLVLQ OD OOHYDU D FDER HO &2038 D QLYHO GH
HVFXHOD
N (OGLVWULWRHVFRODUVHDVHJXUDUGHTXHVHOOHYHDFDERODUHYLVLQGHO3(,
GHORVHVWXGLDQWHVXELFDGRVSRUOD$JHQFLDHQHVFXHODVHLQVWLWXFLRQHV
SULYDGDV\HQRWUDVDJHQFLDV'LFKDUHYLVLQSXHGHHVWDUDFDUJRGHOD
HVFXHODLQVWLWXFLQRDJHQFLD(QWDOFDVRHOGLVWULWRWRPDUODVPHGLGDV
FRUUHVSRQGLHQWHVSDUDDVHJXUDUTXHXQUHSUHVHQWDQWHGHOGLVWULWR\ORV
SDGUHVSDUWLFLSHQHQODWRPDGHFXDOTXLHUGHFLVLQDFHUFDGHO3(,\TXH
VWRVDSUXHEHQDOJQFDPELRSURSXHVWRDQWHVGHTXHGLFKRFDPELRVH
OOHYHDFDER
45
O
(QODSUHSDUDFLQGHO3(,VHGLVFXWLU\GHWHUPLQDUSRUHO&2038OD
QHFHVLGDGGHSURYHHUDOHVWXGLDQWHVHUYLFLRVGHDRHVFRODUH[WHQGLGR
/DSUHVWDFLQ\HODOFDQFHGHHVWRVVHUYLFLRVVHGLVSRQGUHQHO3(,
P &XDQGRXQRGHORVSURSVLWRVGHODUHXQLQGH3(,HVODFRQVLGHUDFLQ
GHVHUYLFLRVGHWUDQVLFLQVHGHEHULQYLWDUDOHVWXGLDQWHDSDUWLFLSDUGHOD
PLVPD6LVWHQRDVLVWHVHGHEHQWRPDUWRGDVODVPHGLGDVQHFHVDULDV
SDUDDVHJXUDUTXHVXVSUHIHUHQFLDVHLQWHUHVHVVHDQFRQVLGHUDGRV6LVH
KDLQYLWDGRDRWUDDJHQFLDDSDUWLFLSDUHQODUHXQLQ\HOUHSUHVHQWDQWHGH
GLFKDDJHQFLDQRDVLVWHVHGHEHUQWRPDURWUDVPHGLGDVSDUDDVHJXUDU
ODSDUWLFLSDFLQGHHVDDJHQFLDHQODSODQLILFDFLQGHORVVHUYLFLRV(VWDV
PHGLGDV SXHGHQ LQFOXLU FRPXQLFDFLRQHV HVFULWDV \ FRQIHUHQFLDV
WHOHIQLFDVHQWUHRWUDV
R /RVPDHVWURVGHO3URJUDPD5HJXODU\RWURVSURYHHGRUHVGHVHUYLFLRVDO
HVWXGLDQWH GHEHQ HVWDU LQIRUPDGRV GH VX UHVSRQVDELOLGDG HQ OD
LPSODQWDFLQGHO3(,GHOHVWXGLDQWHLQFOX\HQGRODSURYLVLQGHDFRPRGRV
\PRGLILFDFLRQHVDVFRPRWHQHUDFFHVRDGLFKRGRFXPHQWR$GHPV
GHEHQ VHU RULHQWDGRV VREUH HO UHTXLVLWR GH FRQILGHQFLDOLGDG GH OD
LQIRUPDFLQSHUVRQDOLGHQWLILFDEOH
46
&RQVLGHUDFLRQHVHVSHFLDOHVUHODFLRQDGDVFRQHOGHVDUUROORR UHYLVLQGHO
3(,
(O&2038GHEHFRQVLGHUDUORVVLJXLHQWHVIDFWRUHVDOGHVDUUROODUHO3(,
/DV IRUWDOH]DV GHO HVWXGLDQWH \ ODV SUHRFXSDFLRQHV GH ORV SDGUHV
HQWRUQRDOPHMRUDPLHQWRGHODHGXFDFLQGHVXVKLMRV
/RV UHVXOWDGRV GH OD HYDOXDFLQ LQLFLDO R PV UHFLHQWH TXH VH OH
KD\DDGPLQLVWUDGRDOQLRQLDRMRYHQ
/RVUHVXOWDGRVGHODHMHFXFLQGHOHVWXGLDQWHHQORVSURJUDPDVGH
PHGLFLQJHQHUDOHVRGHGLVWULWRVLHVWRUHVXOWDDSURSLDGR
$GHPVHO&2038GHEHFRQVLGHUDUORVVLJXLHQWHVIDFWRUHVHVSHFLDOHVDO
GHVDUUROODUHO3(,
D (QHOFDVRGHHVWXGLDQWHVFX\DFRQGXFWDLQWHUILHUDFRQVXDSUHQGL]DMH
RFRQHODSUHQGL]DMHGHRWURVGHVHUDSURSLDGRVHGHEHQFRQVLGHUDU
HVWUDWHJLDVHLQWHUYHQFLRQHVSDUDDWHQGHUHVWDQHFHVLGDG
E (Q HO FDVR GH HVWXGLDQWHV FRQ SURILFLHQFLD OLPLWDGD GHO HVSDRO
FRQVLGHUDUODVQHFHVLGDGHVGHOHQJXDMH
F (QHOFDVRGHXQHVWXGLDQWHFRQSUREOHPDVGHYLVLQRFLHJRSURYHHU
SDUDODLQVWUXFFLQ\XVRGHO%UDLOOHDQRVHUTXHHO&2038OXHJRGH
HYDOXDU ODV GHVWUH]DV GH OHFWRHVFULWXUD GHO HVWXGLDQWH HO PHGLR
DSURSLDGR SDUD GHVDUUROODU ODV PLVPDV \ VXV QHFHVLGDGHV IXWXUDV GH
LQVWUXFFLQRXVRGHO%UDLOOHGHWHUPLQHTXHQRHVDSURSLDGRSDUDVWH
47
H 1HFHVLGDGHVGHVHUYLFLRV\HTXLSRVGHDVLVWHQFLDWHFQROJLFD6LGXUDQWH
ODFRQVLGHUDFLQGHFRQGLFLRQHVHVSHFLDOHVDQWHVGHVFULWDVHO&2038
GHWHUPLQDTXHHOQLRQLDRMRYHQQHFHVLWDXQVHUYLFLRRHTXLSRSDUD
EHQHILFLDUVHGHODHGXFDFLQSEOLFDJUDWXLWD\DSURSLDGDVHGHEHLQFOXLU
HQHO3(,XQDGHFODUDFLQDWDOHVHIHFWRV
5HYLVLQGHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGR
(O3(,VHUHYLVDUSRUORPHQRVXQDYH]DODR'LFKDUHYLVLQVHOOHYDUD
FDERHQODHVFXHODRLQVWLWXFLQDODTXHDVLVWHHOHVWXGLDQWHRHQHOOXJDUTXH
DFXHUGHQODVSDUWHV(O3(,WDPELQSXHGHUHYLVDUVHHQRWUDVRFDVLRQHVD
SHWLFLQGHOSDGUHROD$JHQFLDSDUDDWHQGHUVLWXDFLRQHVUHODFLRQDGDVFRQ
IDOWDGHSURJUHVRHVSHUDGRKDFLDHOORJURGHODVPHWDV\HQHOFXUUFXOR
JHQHUDOGHVHUDSURSLDGR
ORVUHVXOWDGRVGHUHHYDOXDFLRQHVRHYDOXDFLRQHVDGLFLRQDOHVOOHYDGDVD
FDER
LQIRUPDFLQDGLFLRQDOSURYLVWDSRUHOSDGUHRDVWH
QHFHVLGDGHVDQWLFLSDGDVGHOHVWXGLDQWH
3URFHGLPLHQWRVDVHJXLUHQODUHYLVLQGHO3(,
D /DUHYLVLQGHO3(,ODKDUHO&RPLWGH3URJUDPDFLQ\8ELFDFLQ
&2038DQLYHOGHOQFOHRHVFRODURLQVWLWXFLQDODTXHDVLVWHHO
HVWXGLDQWH(O&2038HVWDUFRPSXHVWRSRU
48
HOGLUHFWRUGHODHVFXHODRLQVWLWXFLQRVXUHSUHVHQWDQWH
HOPDHVWURGHHGXFDFLQHVSHFLDO
DOPHQRVXQPDHVWURUHJXODUGHOQLRRMRYHQ
ORVSDGUHV
HOHVWXGLDQWHVHJQVHDDSURSLDGR
FXDOTXLHURWURUHFXUVRTXHVHHVWLPHQHFHVDULRDGLVFUHFLQGHODV
SDUWHV
&XDQGRVHDQHFHVDULRUHYLVDUHO3(,GHXQHVWXGLDQWHFRPRSDUWHGH
ODFRQVLGHUDFLQGHXQFDPELRGHDOWHUQDWLYDGHXELFDFLQHOGLUHFWRU
GHODHVFXHODRLQVWLWXFLQSURFHGHUDQRWLILFDUSRUHVFULWRDOSDGUHR
HQFDUJDGR PHGLDQWH HO IRUPXODULR ,QYLWDFLQ D 5HXQLQ SDUD
'HVDUUROORGHO3(,((
3UHYLRDODUHYLVLQGHO3(,HOPDHVWURGHEHSUHSDUDUXQLQIRUPHGHO
SURJUHVRDOFDQ]DGRSRUHOHVWXGLDQWH(QFDVRGHTXHHOQLRRMRYHQ
KD\D UHFLELGR VHUYLFLRV UHODFLRQDGRV ORV HVSHFLDOLVWDV TXH KDQ
SURYLVWR ORV PLVPRV GHEHQ SUHSDUDU XQ LQIRUPH GHO SURJUHVR
DOFDQ]DGRSRUHOQLRRMRYHQPHGLDQWHVXLQWHUYHQFLQ(OFRPLW
TXHUHYLVDUHO3(,GHEHFRQWDUFRQODLQIRUPDFLQQHFHVDULDSDUD
SURFHGHUDODUHYLVLQGHOPLVPR
(O UHSUHVHQWDQWH GHO GLUHFWRU GHEH VHU XQ IXQFLRQDULR TXH SXHGD VXSHUYLVDU R SURYHHU VHUYLFLRV GH
HGXFDFLQHVSHFLDOTXHWHQJDFRQRFLPLHQWRVGHOFXUUFXORJHQHUDO\HVWDOWDQWRGHODGLVSRQLELOLGDGGH
UHFXUVRV
49
(QODUHYLVLQGHO3(,VHVHJXLUQORVPLVPRVSURFHGLPLHQWRVTXHHQ
ODSUHSDUDFLQGHO3(,LQLFLDO
6LHOVHUYLFLRHGXFDWLYRDVHUSURYLVWRUHTXLHUHTXHHOQLRRMRYHQVH
UHXELTXHHQRWUDHVFXHODRLQVWLWXFLQVHVHJXLUQORVSURFHGLPLHQWRV
GHXELFDFLQGHVFULWRVHQHVWH0DQXDO
5HVSRQVDELOLGDGSRUORV5HVXOWDGRVGHOD,PSODQWDFLQGHO3(,
/RVSURIHVLRQDOHVTXHSURYHHQHGXFDFLQHVSHFLDO\VHUYLFLRVUHODFLRQDGRVDXQHVWXGLDQWH
FRQLPSHGLPHQWRVGHEHUQKDFHUXQHVIXHU]RGHEXHQDIHSDUDD\XGDUDOHVWXGLDQWHD
ORJUDUODVPHWDV\REMHWLYRVHGXFDWLYRVHVWDEOHFLGRVHQVX3(,/DOH\YLJHQWHSRURWUD
SDUWHQRKDFHUHVSRQVDEOHDOD$JHQFLDDDOJQPDHVWURRSURIHVLRQDOVLHOHVWXGLDQWHQR
ORJUDODVPHWDV\REMHWLYRVHVWDEOHFLGRV(OSDGUHSXHGHVROLFLWDUTXHHO3(,VHDUHYLVDGR
RTXHVHFHOHEUHXQDYLVWDDGPLQLVWUDWLYDVLVWHFRQVLGHUDTXHORVHVIXHU]RVQHFHVDULRVQR
VHHVWQUHDOL]DQGR
50
8%,&$&,1
8ELFDFLQGHOHVWXGLDQWHSDUDUHFLELUVHUYLFLRVGH(GXFDFLQ(VSHFLDO
8QD YH] VH KD FRPSOHWDGR OD SUHSDUDFLQ GHO 3URJUDPD (GXFDWLYR ,QGLYLGXDOL]DGR HO
&2038DQDOL]DUODVSRVLEOHVDOWHUQDWLYDVGHXELFDFLQGRQGHSRGUDLPSODQWDUVHHO3(,
GHVDUUROODGR $O KDFHUOR HYDOXDU ODV DOWHUQDWLYDV D OD OX] GH ODV QHFHVLGDGHV GHO
HVWXGLDQWH FRQWHQLGDV HQ HO 3(, ORV UHFXUVRV \IDFLOLGDGHVH[LVWHQWHVHQFDGDXQDGH
VWDVGDQGRDGHPVHVSHFLDODWHQFLQDODVRSRUWXQLGDGHVTXHFDGDXQDEULQGDSDUD
HGXFDUDOHVWXGLDQWHMXQWRDRWURVTXHQRWLHQHQLPSHGLPHQWRV
&RQVWLWX\H XQ UHTXLVLWR HO TXH WRGR HVWXGLDQWH HOHJLEOH SDUD VHUYLFLRV GH HGXFDFLQ
HVSHFLDOVHXELTXHHQODDOWHUQDWLYDPHQRVUHVWULFWLYDRVHDHQDTXHOODGRQGHSXHGDQ
DWHQGHUVH VXV QHFHVLGDGHV HGXFDWLYDV SDUWLFXODUHV PDQWHQLQGRVH D VX YH] OR PV
LQWHJUDGRSRVLEOHFRQORVHVWXGLDQWHVVLQLPSHGLPHQWRVHQDFWLYLGDGHVWDQWRDFDGPLFDV
QR DFDGPLFDV DV FRPR H[WUDFXUULFXODUHV HQ OD P[LPD PHGLGD DSURSLDGD D ODV
QHFHVLGDGHVGHOQLRQLDRMRYHQ$OGHWHUPLQDUODDOWHUQDWLYDHGXFDWLYDGHXQQLRQLDR
MRYHQ FRQ LPSHGLPHQWRV LQFOX\HQGR DTXOORV GH HGDG SUHHVFRODU OD $JHQFLD GHEHU
DVHJXUDUTXHGLFKDGHFLVLQ
HV WRPDGD SRU XQ JUXSR GH SHUVRQDV LQFOX\HQGR ORV SDGUHV \ RWUDV
SHUVRQDVTXHFRQRFHQDOQLRQLDRMRYHQHOFRQWHQLGRGHODVHYDOXDFLRQHV
\ODVRSFLRQHVGHDOWHUQDWLYDVGHXELFDFLQ
VH WRPD HQ FRQIRUPLGDG FRQ ODV GLVSRVLFLRQHV GH DOWHUQDWLYD PHQRV
UHVWULFWLYDVVHFFLQ
$OVHOHFFLRQDUODDOWHUQDWLYDPHQRVUHVWULFWLYDSDUDXQHVWXGLDQWHVHGHEHUFRQVLGHUDU
FXDOTXLHUGDRSRWHQFLDODOQLRRMRYHQRDODFDOLGDGGHORVVHUYLFLRVTXHVWHQHFHVLWD
'XUDQWHHODQOLVLVTXHUHDOL]DHO&2038VWHGHEHHYDOXDUODVDOWHUQDWLYDVGHXELFDFLQ
SDUDLGHQWLILFDUODTXHVHDDSURSLDGDHLQGLFDUODVUD]RQHVSRUODVFXDOHVRWUDVKDQVLGR
51
GHVFDUWDGDV $GHPV GHEH HVWDEOHFHU SRU HVFULWR OD DOWHUQDWLYD GH XELFDFLQ
UHFRPHQGDGDSDUDODLPSODQWDFLQGHO3(,/DDOWHUQDWLYDGHXELFDFLQUHFRPHQGDGDSDUD
XQHVWXGLDQWHGHEHVHUUHYLVDGDWDQWDVYHFHVFRPRVHDQHFHVDULRSHURDOPHQRVXQDYH]
DODRFRQFDGDUHYLVLQGHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGR
/DXELFDFLQGHXQHVWXGLDQWHHQFODVHVRIDFLOLGDGHVVHSDUDGDVRFXUULUVORFXDQGRHO
&2038GHWHUPLQHTXHSRUODQDWXUDOH]DRVHYHULGDGGHOLPSHGLPHQWRVWHQRSXHGH
EHQHILFLDUVHGHORVVHUYLFLRVTXHVHRIUHFHQHQODVDODGHFODVHVUHJXODUDXQTXHVHOH
SURYHDQD\XGDV\VHUYLFLRVVXSOHPHQWDULRV8QQLRRMRYHQQRGHEHUVHUUHPRYLGRGHO
VDOQ UHJXODU GRQGH SDUWLFLSD FRQ HVWXGLDQWHV GH VX HGDG VOR SRUTXH QHFHVLWD
PRGLILFDFLRQHVSDUDSDUWLFLSDUGHOFXUUFXORJHQHUDO
$GHPVVHKDUQODVJHVWLRQHVQHFHVDULDVSDUDTXHHOQLRRMRYHQFRQLPSHGLPHQWRVVHD
XELFDGRWDQFHUFDFRPRVHDSRVLEOHGHVXOXJDUGHUHVLGHQFLDHQODHVFXHODDODTXH
KDEUD DVLVWLGR GH QR WHQHU LPSHGLPHQWR VLHPSUH TXH HVWD XELFDFLQ UHVSRQGD D ODV
QHFHVLGDGHVLGHQWLILFDGDVHQHO3(,
3DUDIDFLOLWDUODXELFDFLQGHORVHVWXGLDQWHVHQDTXHOODVDOWHUQDWLYDVGHODVFXDOHVSXHGDQ
EHQHILFLDUVH OD DJHQFLD GLVSRQH GH XQ FRQWLQXR GH VHUYLFLRV VHJQ VH LQGLFD D
FRQWLQXDFLQ
6DOQUHJXODUFRQVHUYLFLRVVXSOHPHQWDULRV\GHDSR\R
6DOQUHJXODUFRQVHUYLFLRVGHVDOQUHFXUVR
6DOQHVSHFLDOHQHVFXHODUHJXODU
(VFXHOD(VSHFLDO
,QVWUXFFLQHQHOKRJDU
,QVWUXFFLQHQKRVSLWDO
,QVWUXFFLQHQLQVWLWXFLRQHV
/RV PDHVWURV DGPLQLVWUDGRUHV \ RWUR SHUVRQDO VHUQ RULHQWDGRV VREUH VXV
UHVSRQVDELOLGDGHV SDUD OD LPSODQWDFLQ GH OD $OWHUQDWLYD 0HQRV 5HVWULFWLYD \ GHEHUQ
UHFLELUODDVLVWHQFLDWFQLFD\DGLHVWUDPLHQWRQHFHVDULRSDUDD\XGDUORVHQHVWHHVIXHU]R
52
LPSHGLPHQWRV
D /D$JHQFLDGHEHUXWLOL]DUGLYHUVRVPWRGRVSDUDDVHJXUDUODSDUWLFLSDFLQGH
ORV SDGUHV FXDQGR VWRV QR SXHGHQ SDUWLFLSDU HQ OD UHXQLQ SDUD GHFLGLU OD
DOWHUQDWLYD GH XELFDFLQ GH VX QLRQLD R MRYHQ (VWR LQFOX\H OODPDGDV
WHOHIQLFDVLQGLYLGXDOHVRHQFRQIHUHQFLDRFRQIHUHQFLDVPHGLDQWHYLGHR
E 'HVSXVGHVHUDSUREDGRHO3(,VHSURFHGHUDXELFDUDOQLRRMRYHQHQOD
DOWHUQDWLYDHGXFDWLYDVHDODGDHQHOPLVPR
F (O VXSHUYLVRU GH ]RQD GH HGXFDFLQ HVSHFLDO R OD SHUVRQD GHVLJQDGD HQ HO
GLVWULWRHVFRODUFRPSOHWDU\HQWUHJDUDOSDGUHHOIRUPXODULR1RWLILFDFLQVREUH
8ELFDFLQ(VFRODU(($GHPVWUDPLWDUHOIRUPXODULR5HIHULPLHQWRGHO
1LR SDUD 8ELFDFLQ (VFRODU ((D HO FXDO VH HQYLDU DO GLUHFWRU GH OD
HVFXHODRLQVWLWXFLQHQTXHVHXELFDUDOQLRRMRYHQ
G 6LOD$JHQFLDKDGHWHUPLQDGRSURYHHUHOVHUYLFLRGHHGXFDFLQHVSHFLDOHQXQD
HVFXHODSULYDGDXRWUDLQVWLWXFLQDODTXHDVLVWDHOHVWXGLDQWHVHVROLFLWDUSRU
HVFULWRXQDUHXQLQFRQUHSUHVHQWDQWHVGHODHVFXHODSULYDGDRLQVWLWXFLQSDUD
OD FRRUGLQDFLQ GH ORV VHUYLFLRV 6L HVWH UHSUHVHQWDQWH QR SXHGH DVLVWLU HO
VXSHUYLVRUGH]RQDRSHUVRQDGHVLJQDGDGHOGLVWULWRGHEHUXWLOL]DUGLIHUHQWHV
PHGLRVSDUDDVHJXUDUODSDUWLFLSDFLQGHODHVFXHODSULYDGDRLQVWLWXFLQGHORV
FXDOHVFRQVHUYDUHYLGHQFLD
H /DVGLVSRVLFLRQHVUHODFLRQDGDVFRQODXELFDFLQGHHVWXGLDQWHVHQODDOWHUQDWLYD
PHQRV UHVWULFWLYD DSOLFDQ WDPELQ FXDQGR OD $JHQFLD XELFD HVWXGLDQWHV HQ
HVFXHODVSULYDGDV
I (O VXSHUYLVRU GH ]RQD GH HGXFDFLQ HVSHFLDO R OD SHUVRQD GHVLJQDGD HQ HO
GLVWULWRHVFRODUHQWUHJDUHOH[SHGLHQWHFRQHO3(,GHOQLRRMRYHQDOGLUHFWRUGH
ODHVFXHODRLQVWLWXFLQHQODFXDOVHXELFDUSDUDTXHLQLFLHODSUHVWDFLQGHORV
53
VHUYLFLRVUHFRPHQGDGRVHQHOSURJUDPD(OGLUHFWRUGHODHVFXHODRLQVWLWXFLQ
PDQWHQGU\FRQVHUYDUHOH[SHGLHQWHHQXQOXJDUVHJXURSDUDJDUDQWL]DUVX
FRQILGHQFLDOLGDG
J 6LHOSDGUHGHOQLRRMRYHQREMHWDTXHVWHVHDXELFDGRGHDFXHUGRDO3(,
FXDOTXLHUD GH ODV SDUWHV SRGU VROLFLWDU OD FHOHEUDFLQ GH XQD UHXQLQ GH
PHGLDFLQRYLVWDDGPLQLVWUDWLYD/DDJHQFLDHGXFDWLYDGHEHUOOHYDUDFDER
DFWLYLGDGHVSDUDDVHJXUDUTXHWRGDVODVDJHQFLDVSDUWLFLSDQWHVLPSODQWDQORV
UHTXLVLWRV GH DOWHUQDWLYD PHQRV UHVWULFWLYD 6L DOJXQD DJHQFLD SEOLFD TXH
SURYHHHGXFDFLQHVSHFLDOWRPDGHFLVLRQHVGHXELFDFLQLQFRQVLVWHQWHVFRQ
HVWRVUHTXLVLWRVGHEHUUHYLVDUODMXVWLILFDFLQGHGLFKDDJHQFLDSDUDWDODFFLQ\
FRODERUDUHQODSODQLILFDFLQHLPSODQWDFLQGHFXDOTXLHUDFFLQFRUUHFWLYD
K &XDQGRHO'HSDUWDPHQWRGH(GXFDFLQXELFDDXQHVWXGLDQWHHQXQDHVFXHOD
SULYDGD X RWUD DJHQFLD HQWUHJDU DO GLUHFWRU R SHUVRQD D FDUJR FRSLD GHO
GRFXPHQWR 'HUHFKR GH ORV 3DGUHV \ SURYHHU XQD H[SOLFDFLQ GH HVWRV
GHUHFKRVFRQHOSURSVLWRGHDVHJXUDUODLPSODQWDFLQHIHFWLYDGHODVJDUDQWDV
SURFHVDOHVGHHVWXGLDQWHVFRQLPSHGLPHQWRV
6ROLFLWXGGH$VLVWHQFLD7FQLFDSDUDOD8ELFDFLQGHO(VWXGLDQWH
&XDQGR HO &2038 GHWHUPLQD TXH HO GLVWULWR GH UHVLGHQFLD GHO QLR QR FXHQWD FRQ HO
VHUYLFLRTXHVWHQHFHVLWDHOVXSHUYLVRUGH]RQDRIXQFLRQDULRGHVLJQDGRHQHOGLVWULWR
HVFRODUJHVWLRQDUSRUHVFULWRHOVHUYLFLRHQRWURGLVWULWRGHODUHJLQHGXFDWLYDRGHRWUD
UHJLQSDUDORJUDUXELFDUHOHVWXGLDQWHHQHOVHUYLFLRDGHFXDGR6LGHVSXVGHKDEHU
H[SORUDGR WRGDV ODV DOWHUQDWLYDV GH DFXHUGR D VX FRQRFLPLHQWR HQFXHQWUD TXH ORV
VHUYLFLRV GLVSRQLEOHV QR VRQ DSURSLDGRVVROLFLWDUSRUHVFULWRODDVLVWHQFLDWFQLFDGHO
SHUVRQDOGHODUHJLQHGXFDWLYDHQYLDQGRFRSLDGHODVROLFLWXGGH$VLVWHQFLD7FQLFDSDUD
OD8ELFDFLQGH(VWXGLDQWHV((EDO1LYHO&HQWUDO
$QWH HVWD VROLFLWXGXQ6XSHUYLVRUGHO1LYHO&HQWUDO\HOSHUVRQDOXELFDGRHQODUHJLQ
SRGUQ
54
D DVHVRUDUDO&2038VREUHSRVLEOHVDOWHUQDWLYDVTXHIXHURQSDVDGDVSRUDOWR\TXH
GHEHQVHUFRQVLGHUDGDV
E MXVWLILFDUORVUHFXUVRVQHFHVDULRVSDUDFUHDUHOVHUYLFLRDGHFXDGRSDUDDWHQGHUOD
QHFHVLGDGGHOHVWXGLDQWHR
F HYDOXDUODFRPSUDGHVHUYLFLRVHGXFDWLYRVFRPRDOWHUQDWLYDSDUDVHUYLUDOHVWXGLDQWH
&XDQGRVHGHWHUPLQHTXHHVQHFHVDULRVROLFLWDUDVLVWHQFLDWFQLFDSDUDODXELFDFLQGHXQ
HVWXGLDQWHVHHVWDEOHFHUFODUDPHQWHHQWRGRIRUPXODULRRPLQXWDUHODFLRQDGDFRQHVWH
DVXQWRTXHGLFKDVROLFLWXGQRFRQVWLWX\HXQFRPSURPLVRGHFRPSUDGHVHUYLFLRVKDVWD
WDQWR QR TXHGH HVWDEOHFLGR FRQ OD D\XGD GHO SHUVRQDO GHO 1LYHO &HQWUDO TXH HO
'HSDUWDPHQWR GH (GXFDFLQ QR GLVSRQH GH XQD XELFDFLQ SEOLFD DSURSLDGD SDUD HO
HVWXGLDQWH
3RURWUDSDUWHODFRPSUDGHVHUYLFLRVDQLYHOSULYDGRHVXQDGHWHUPLQDFLQTXHVHUHYLVDU
DQXDOPHQWHFRQFDGDUHYLVLQGH3(,&XDQGRODVLWXDFLQTXH RULJLQODFRPSUDGH
VHUYLFLRVKD\DYDULDGR\DVHDSRUTXHODVQHFHVLGDGHVGHOHVWXGLDQWHQRVRQODVPLVPDVR
SRUTXHHOGLVWULWRHVFRODUKDORJUDGRLGHQWLILFDUXQDDOWHUQDWLYDGHXELFDFLQDSURSLDGDD
QLYHOSEOLFRHVWRVHUFRQVLGHUDGRSRUHO&2038SDUDGHWHUPLQDUODXELFDFLQIXWXUDGHO
HVWXGLDQWH
/DFRPSUDGHXQVHUYLFLRSULYDGRUHTXHULUODDXWRUL]DFLQGHO6HFUHWDULRD$VRFLDGRDGH
(GXFDFLQ(VSHFLDO(OGLVWULWRHVFRODUVHUUHVSRQVDEOHGHHYLGHQFLDUTXHODLQVWLWXFLQ
TXHVHVHOHFFLRQHFXHQWDFRQ
XQFXUUFXORDSURSLDGRDOQLYHOGHDSURYHFKDPLHQWRGHOQLR
XQDHVWUXFWXUDIVLFDDSURSLDGDTXHSHUPLWDODPRYLOLGDGGHOQLR
GLVSRVLFLQSDUDDFHSWDUYLVLWDVGHPRQLWRUDV
SURFHGLPLHQWRV HVWDEOHFLGRV SDUD HO RIUHFLPLHQWR GH ORV VHUYLFLRV GH
HGXFDFLQHVSHFLDOFRQIRUPHDORVSDUPHWURVTXHUHTXLHUHOD$JHQFLD
55
/D$JHQFLDUHDOL]DUPRQLWRUDVSDUDYHULILFDUHOFXPSOLPLHQWRGHORVUHTXLVLWRVGH
OH\HQODVHVFXHODVSULYDGDVHQODVTXHXELFDHVWXGLDQWHV$GHPVGLYXOJDUVXV
UHODFLRQDGRVFRQODSURYLVLQGHVHUYLFLRV\GDUSDUWLFLSDFLQDGLFKDVHVFXHODVHQ
HOGHVDUUROOR\UHYLVLQGHGLFKRVFULWHULRV/DVHVFXHODVHLQVWLWXFLRQHVSULYDGDV
GHEHQ REVHUYDU ODV QRUPDV VREUH FRQILGHQFLDOLGDG GH OD LQIRUPDFLQ SHUVRQDO
LGHQWLILFDEOHHVWDEOHFLGDVSRUHO'HSDUWDPHQWRGH(GXFDFLQ
-
/RVHVWXGLDQWHVXELFDGRVSRUOD$JHQFLDHQLQVWLWXFLRQHVRHVFXHODVSULYDGDVWLHQHQ
ORVPLVPRVGHUHFKRVTXHORVHVWXGLDQWHVVHUYLGRVHQHO6LVWHPD3EOLFR
6LHOSDGUHQRHVWGHDFXHUGRFRQODXELFDFLQUHFRPHQGDGDSDUDVXKLMR\QRVHOOHJDD
XQ FRQVHQVR HO SDGUH R HO 'HSDUWDPHQWR GH (GXFDFLQ SXHGHQ VROLFLWDU XQD YLVWD
DGPLQLVWUDWLYD
56
75$6/$'2'((678',$17(6
(QHOFDVRGHHVWXGLDQWHVTXHWUDVODGDQVXOXJDUGHUHVLGHQFLDGHXQGLVWULWRHVFRODUDRWUR
VHVHJXLUHOSURFHVRGHVFULWRDFRQWLQXDFLQWRPDQGRHQFRQVLGHUDFLQTXHORVWUPLWHV
QHFHVDULRVGHEHUQDJLOL]DUVHGHPDQHUDTXHVHDVHJXUHODFRQWLQXLGDGGHORVVHUYLFLRV
3URFHGLPLHQWRDVHJXLUSDUDHIHFWXDUXQWUDVODGR
D
(OSDGUHVROLFLWDUSRUHVFULWRHOWUDVODGRPHGLDQWHHOIRUPXODULR6ROLFLWXGGH
7UDVODGR((VHDODQGRODIHFKDHQTXHVHWUDVODGDUDYLYLUDOQXHYR
OXJDU\ODGLUHFFLQGHOPLVPR(QHOFDVRGHXQSDGUHTXHHVWLQFDSDFLWDGR
SDUDOHHU\RHVFULELUXQIXQFLRQDULRGHEHUGDUOHODDVLVWHQFLDQHFHVDULD
SDUDFRPSOHWDUHVWHIRUPXODULR
E
(OGLVWULWRHVFRODUGHSURFHGHQFLDFRPSOHWDUHOIRUPXODULRTXHHVWLSXODORV
VHUYLFLRV HGXFDWLYRV \ VHUYLFLRV UHODFLRQDGRV TXH HO HVWXGLDQWH UHFLED DO
PRPHQWRGHOWUDVODGR\VHORHQWUHJDUDOSDGUHSDUDTXHOROOHYHDOGLVWULWR
DOTXHVHWUDVODGD$GHPVVHDVHJXUDUGHTXHHOSDGUHWHQJDXQDFRSLD
GHO3(,YLJHQWHSDUDTXHSXHGDVHUXWLOL]DGRSRUHOGLVWULWRTXHUHFLEHDO
HVWXGLDQWH SDUD OD WRPD GH GHFLVLRQHV UHVSHFWR D XELFDFLQ \ VHUYLFLRV
QHFHVDULRVPLHQWUDVVHUHFLEHHOH[SHGLHQWHRILFLDO
(OSDGUHOOHYDUODVROLFLWXGGHWUDVODGRDOGLVWULWRHVFRODUSDUDHOSURFHVRGH
UHJLVWUR\HOLQLFLRGHORVVHUYLFLRVHGXFDWLYRV\UHODFLRQDGRV
F
(OGLVWULWRHVFRODUTXHUHFLEHDOHVWXGLDQWHVROLFLWDUDO&25&GHODUHJLQHO
QPHURGHUHJLVWURTXHOHVHUDVLJQDGRDVWH(OWUPLWHGHUHJLVWURFRPR
SDUWHGHXQWUDVODGRVHUOOHYDGRDFDERSRUHOSHUVRQDOGHOGLVWULWRTXH
UHFLEHDOHVWXGLDQWH
57
G
&RPRSDUWHGHORVWUPLWHVGHOWUDVODGRHOGLVWULWRHVFRODUGHSURFHGHQFLD
GHOHVWXGLDQWHFRPSOHWDUHOIRUPXODULRGHDMXVWHSRUWUDVODGR\HQYLDUSRU
FRUUHR FHUWLILFDGR R HQWUHJDU SHUVRQDOPHQWH HO H[SHGLHQWH DO GLVWULWR
HVFRODUTXHUHFLELUDOHVWXGLDQWH(OGLVWULWRTXHUHFLEHDOHVWXGLDQWHGDU
VHJXLPLHQWRDODHQWUHJDGHOH[SHGLHQWHPHGLDQWHJHVWLRQHVSHUVRQDOHV
WHOHIQLFDV\HVFULWDV/DVFRPXQLFDFLRQHVHVFULWDVSDUDGDUVHJXLPLHQWRDO
HQYRGHOH[SHGLHQWHGHEHUQHQYLDUVHFRQFRSLDDOD6HFUHWDUD$VRFLDGD
GH(GXFDFLQ(VSHFLDO
H
(O GLVWULWR HVFRODU GH SURFHGHQFLD GHO HVWXGLDQWH GDU VHJXLPLHQWR \ VH
DVHJXUDUGHTXHVWHFRPLHQFHDUHFLELUORVVHUYLFLRVHGXFDWLYRVHQHO
GLVWULWRDOTXHVHWUDVODGD
I
(OGLVWULWRHVFRODUTXHUHFLEH\UHJLVWUDDOHVWXGLDQWHVHUUHVSRQVDEOHGH
FRQWLQXDUODSURYLVLQGHVHUYLFLRVHGXFDWLYRV\UHODFLRQDGRVHVWLSXODGRVHQ
VX3(,GHQWURGHOSHULRGRGHGDVFDOHQGDULRVXEVLJXLHQWHVDOWUDVODGR
GHOQLR
J
/RV GLVWULWRV HVFRODUHV VH DVHJXUDUQ GH DFWXDOL]DU OD LQIRUPDFLQ GHO
HVWXGLDQWHHQHOVLVWHPDPHFDQL]DGR
1RWD
(OQRKDEHUUHFLELGRHOH[SHGLHQWHRILFLDOGHXQHVWXGLDQWHTXHVHWUDVODGDDO
GLVWULWR QR DIHFWDU HO TXH D VWH VH OH SURYHDQ VHUYLFLRV HGXFDWLYRV \
UHODFLRQDGRVGHDFXHUGRDODFRSLDGHO3(,YLJHQWHHQWUHJDGDDORVSDGUHV
(OGLVWULWRTXHUHFLEHDOHVWXGLDQWHXWLOL]DUODFRSLDGHO3(,SDUDLQLFLDUORV
VHUYLFLRV\DVORHVWDEOHFHUHQXQDPLQXWDTXHGHEHUVHUILUPDGDSRUORV
SDGUHV
58
8%,&$&,181,/$7(5$/
&XDQGRORVGLVWULWRVHVFRODUHVKDQLGHQWLILFDGRXQDDOWHUQDWLYDGHXELFDFLQDSURSLDGDD
QLYHOSEOLFRSDUDLPSODQWDUHO3(,GHOHVWXGLDQWHSHURHOSDGUHRSWDSRUPDWULFXODUORHQ
XQDHVFXHODRLQVWLWXFLQSULYDGDHO'HSDUWDPHQWRGH(GXFDFLQQRWLHQHODREOLJDFLQGH
SDJDUSRUODHGXFDFLQGHOHVWXGLDQWHHQODHVFXHODSULYDGD7DPSRFRWLHQHODREOLJDFLQ
GHSDJDUHOVHUYLFLRHGXFDWLYRSULYDGRFXDQGRHOHVWXGLDQWHKDHVWDGRPDWULFXODGRHQOD
HVFXHODSULYDGD\OXHJRGHOSURFHVRGHUHJLVWURLGHQWLILFDFLQHYDOXDFLQ\GHWHUPLQDFLQ
GHHOHJLELOLGDGHOGLVWULWRHVFRODUKDRIUHFLGRORVVHUYLFLRV HQHVFXHODVSEOLFDVGRQGH
SXHGHLPSODQWDUVHDSURSLDGDPHQWHHO3(,\VWRVVRQUHFKD]DGRVSRUORVSDGUHV
(O'HSDUWDPHQWRGH(GXFDFLQHVWOODPDGRDORFDOL]DU\DHYDOXDUORVQLRV\MYHQHVFRQ
SRVLEOHVLPSHGLPHQWRVGHDDRVGHHGDGXELFDGRVHQHVFXHODVSEOLFDVRSULYDGDV
&XDQGRHOQLRRMRYHQVHGHWHUPLQDHOHJLEOHSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDOVH
KDFHQORVDUUHJORVQHFHVDULRVSDUDTXHHO&2038VHUHQD\SUHSDUHXQ3(,SDUDHO
HVWXGLDQWH EDVDGR HQ VXV QHFHVLGDGHV HGXFDWLYDV (VWH 3(, GHVFULEH ORV VHUYLFLRV
QHFHVDULRVTXHVHUDQSURYLVWRVDOHVWXGLDQWHHQHO6LVWHPD3EOLFR6LHOSDGUHSUHYLRD
ODSUHSDUDFLQGHO3(,UHFKD]DODSRVLELOLGDGGHXELFDFLQHQHO6LVWHPD3EOLFR\QR
DFHSWDFRODERUDUSDUDODSUHSDUDFLQGHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGRVXUHFKD]R
VHUGRFXPHQWDGRHQHOH[SHGLHQWHGHOHVWXGLDQWH
3RU RWUD SDUWH VL HO 3(, VH KD SUHSDUDGR \ HO SDGUH GHFLGH QR DFHSWDU ORV VHUYLFLRV
HGXFDWLYRVDSURSLDGRVTXHHO6LVWHPD3EOLFROHRIUHFHHVWH3(,QRVHLPSODQWDU(O
SHUVRQDOGHOGLVWULWRHVFRODURULHQWDUDOSDGUHVREUHODVGLVSRVLFLRQHVGHOH\TXHDSOLFDQD
HVWXGLDQWHVXELFDGRVXQLODWHUDOPHQWHGHPDQHUDTXHHOSDGUHSXHGDWRPDUXQDGHFLVLQ
LQIRUPDGD (O HVWXGLDQWH FX\RV SDGUHV KDQ UHFKD]DGR HO VHUYLFLR HGXFDWLYR D QLYHO
SEOLFRVHUDWHQGLGRHQFRQIRUPLGDGFRQODVGLVSRVLFLRQHV\HOUHJODPHQWRGHOD/H\
)HGHUDO,'($(VWDOH\GLVSRQHHOTXHVHXWLOLFHXQDFDQWLGDGSURSRUFLRQDOGHORV
IRQGRV IHGHUDOHV UHFLELGRV SRU OD DJHQFLD HGXFDWLYD HQ FDGD DR ILVFDO SDUD SURYHHU
VHUYLFLRVDHVWXGLDQWHVUHJLVWUDGRV\HOHJLEOHVTXHDVLVWHQDHVFXHODVSULYDGDVXELFDGRV
59
SRUVXVSDGUHV(VWDFDQWLGDGGHGLQHURVHGHWHUPLQDUDQXDOPHQWH$GHPVGLVSRQH
TXH OD DJHQFLD HGXFDWLYD OXHJR GH OOHYDU D FDER XQD FRQVXOWD FRQ UHSUHVHQWDQWHV GH
HVFXHODVSULYDGDVGHWHUPLQDUFDGDDRFPRLQYHUWLUORVIRQGRVGHVWLQDGRVDVHUYLFLRV
SDUDHVWXGLDQWHVXELFDGRVXQLODWHUDOPHQWHHQGLFKDVHVFXHODV(VWRLQFOX\HHOGHFLGLUTX
VHUYLFLRVVHRIUHFHUQ\VLORVVHUYLFLRVDVHUSURYLVWRVHVWDUQGLVSRQLEOHVSDUDODWRWDOLGDG
R SDUD XQD SDUWH GH ORV HVWXGLDQWHV HOHJLEOHV XELFDGRV SRU VXV SDGUHV HQ HVFXHODV
SULYDGDV/RVFRVWRVUHODFLRQDGRVFRQODVDFWLYLGDGHVGHORFDOL]DFLQLGHQWLILFDFLQ\
HYDOXDFLQGHORVHVWXGLDQWHVGHHVFXHODVSULYDGDVQRVHUQGHGXFLGRVGHODFDQWLGDGTXH
OD $JHQFLD LQYHUWLU HQ SURYHHU VHUYLFLRV D GLFKRV HVWXGLDQWHV /RV VHUYLFLRV TXH VH
RIUH]FDQDHVWRVHVWXGLDQWHVVHLQGLFDUQHQXQGRFXPHQWRTXHVHFRQRFHUFRPR3ODQGH
6HUYLFLRVHODERUDGRSRUOD$JHQFLDSDUDHVWXGLDQWHVXELFDGRVXQLODWHUDOPHQWH
3DUDOOHYDUDFDERVXVIXQFLRQHVUHODFLRQDGDVFRQHVWHWLSRGHXELFDFLQHO'HSDUWDPHQWR
GH(GXFDFLQDWUDYVGHOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDOOOHYDUDFDEROD
FRQVXOWDDQXDOFRQUHSUHVHQWDQWHVGHODVHVFXHODVSULYDGDV$GHPVUHFLELUFRPHQWDULRV
\UHFRPHQGDFLRQHVHVFULWDVGHORVSDGUHVFX\RVKLMRVUHFLEHQVHUYLFLRVDWUDYVGHHVWDV
GLVSRVLFLRQHV/DLQIRUPDFLQUHFRSLODGDDWUDYVGHHVWDFRQVXOWDVHXWLOL]DUSDUDIDFLOLWDU
ODWRPDGHGHFLVLRQHVUHODFLRQDGDFRQODVSULRULGDGHVGHVHUYLFLR\ODXWLOL]DFLQGHORV
IRQGRVIHGHUDOHVGLVSRQLEOHVEDMRODVHFFLQGHOUHJODPHQWRGH,'($
$QXDOPHQWHORVGLVWULWRVHVFRODUHVLQYLWDUQDUHSUHVHQWDQWHVGHODVHVFXHODVSULYDGDV
ORFDOL]DGDVHQVXUHDJHRJUILFDDTXHSDUWLFLSHQGHODDFWLYLGDGGHRULHQWDFLQSDUDHO
FRQWHRDQXDOGHHVWXGLDQWHVFRQLPSHGLPHQWRVUHJLVWUDGRV\HOHJLEOHVSDUDVHUYLFLRVGH
HGXFDFLQHVSHFLDO&KLOG&RXQW(QGLFKDRULHQWDFLQDPEDVSDUWHVOOHJDUQDDFXHUGRV
VREUHODPDQHUDHQTXHFRODERUDUQSDUDODORFDOL]DFLQLGHQWLILFDFLQ\HYDOXDFLQGHORV
HVWXGLDQWHVFRQLPSHGLPHQWRV
&DGDGLVWULWRHVFRODUPDQWHQGUXQH[SHGLHQWHFRQLQIRUPDFLQTXHLQFOX\DHOQPHUR\OD
LGHQWLGDGGHORVHVWXGLDQWHVHOHJLEOHVXELFDGRVXQLODWHUDOPHQWHHQHVFXHODVSULYDGDV\ORV
VHUYLFLRVTXHVWRVUHFLEHQHQFDGDDRILVFDO/D$JHQFLDDVHJXUDUTXHHOFRQWHRSDUD
HVWRVSURSVLWRVVHOOHYHDFDERHOURGHGLFLHPEUHGHFDGDDR
60
5HPRFLQGH(VWXGLDQWHVGHO6LVWHPD3EOLFR
&XDQGRXQHVWXGLDQWHUHFLEHVHUYLFLRVGHHGXFDFLQHVSHFLDOHQXQDHVFXHODGHO6LVWHPD
3EOLFR\HOSDGUHGHFLGHXQLODWHUDOPHQWHUHPRYHUOR\XELFDUORHQXQDHVFXHODSULYDGD
VWH GHEH QRWLILFDU DO GLVWULWR HVFRODU VREUH OD DFFLQ TXH VH SURSRQH UHDOL]DU (VWD
QRWLILFDFLQSXHGHSURYHHUVHHQODPVUHFLHQWHUHXQLQGH&2038SUHYLRDUHPRYHUDO
HVWXGLDQWHRDWUDYVGHXQDFRPXQLFDFLQHVFULWDGLULJLGDDOVXSHUYLVRUGHOGLVWULWRSURYLVWD
DOPHQRVGDVODERUDEOHVDQWHVGHUHPRYHUDOHVWXGLDQWHGHVXXELFDFLQSEOLFD/D
QRWLILFDFLQGHOSDGUHGHEHLQFOXLUVXUHFKD]RGHODXELFDFLQSURSXHVWDDVFRPRVXV
SUHRFXSDFLRQHVUHODFLRQDGDVFRQODPLVPD\VXLQWHQFLQGHPDWULFXODUDOQLRHQXQD
HVFXHODSULYDGDDFRVWRSEOLFR
$QWHODQRWLILFDFLQGHORVSDGUHVHOGLVWULWRHVFRODUHYDOXDUGHLQPHGLDWRODVVLWXDFLRQHV
SODQWHDGDV SRU VWRV \ SRGU VROLFLWDU TXH HO QLR R MRYHQ HVW GLVSRQLEOH SDUD VHU
HYDOXDGR$GHPVVHFRQYRFDUDO&2038SDUDGLOXFLGDUHOPRWLYRGHODLQVDWLVIDFFLQ\
HYDOXDUSRVLEOHVDOWHUQDWLYDVSDUDUHVROYHUODFRQWURYHUVLD(OSDGUHVHULQYLWDGRDHVWD
UHXQLQ 6L HO SDGUH GHFOLQD SDUWLFLSDU HQ OD UHXQLQ VWD VH OOHYDU D FDER VLQ VX
SDUWLFLSDFLQ(OGLVWULWRHVFRODUVROLFLWDUODDVLVWHQFLDGHXQIXQFLRQDULRGHOD8QLGDGGH
6HJXLPLHQWR GH OD 6HFUHWDUD $VRFLDGD GH (GXFDFLQ (VSHFLDO $GHPV SUHSDUDU HO
H[SHGLHQWHGHOHVWXGLDQWH\WRGDVODVHYLGHQFLDVQHFHVDULDVSDUDVHUXWLOL]DGDVGHVXUJLU
DOJXQD DFFLQ DGPLQLVWUDWLYD LQLFLDGD SRU ORV SDGUHV FRQ HO SURSVLWR GH ORJUDU XQ
UHHPEROVR
(OMXH]DGPLQLVWUDWLYRDFDUJRGHXQFDVRUHODFLRQDGRFRQODUHPRFLQGHXQHVWXGLDQWH
GHO6LVWHPD3EOLFRSXHGHUHGXFLURGHQHJDUHOUHHPEROVRFXDQGRVWHGHWHUPLQHTXHHQ
ODPVUHFLHQWHUHXQLQGH&2038SUHYLRDODUHPRFLQGHOHVWXGLDQWHORVSDGUHVQR
LQIRUPDURQVXUHFKD]RDODXELFDFLQSEOLFDSURSXHVWDSRUOD$JHQFLDLQFOX\HQGRVXV
SUHRFXSDFLRQHV\VXLQWHQFLQGHPDWULFXODUDOHVWXGLDQWHHQXQDHVFXHODSULYDGDDFRVWR
SEOLFR \ WDPSRFR SURYH\HURQ HVWD LQIRUPDFLQ D WUDYV GH XQD QRWLILFDFLQ HVFULWD
VRPHWLGD DO PHQRV GDV ODERUDEOHV SUHYLR D OD UHPRFLQ GHO HVWXGLDQWH (O MXH]
DGPLQLVWUDWLYRSXHGHDGHPVUHGXFLURGHQHJDUXQUHHPEROVRVLSUHYLRDTXHHOSDGUH
UHPRYLHUDDOQLRQLDRMRYHQGHODHVFXHODSEOLFD
61
DDJHQFLDQRWLILFDORVSDGUHVVXLQWHQFLQGHHYDOXDUDVWHSHURORVSDGUHVQROR
KLFLHURQGLVSRQLEOHSDUDGLFKDHYDOXDFLQ
FXDQGRVWHGHWHUPLQHTXHHOHVWXGLDQWHWXYRDFFHVRDXQDHGXFDFLQDSURSLDGD
FXDQGRVWHGHWHUPLQHTXHORVSDGUHVDFWXDURQGHPDQHUDLUUD]RQDEOH
8QMXH]DGPLQLVWUDWLYRSXHGHSRURWUDSDUWHRUGHQDUXQUHHPEROVRFXDQGRXQHVWXGLDQWH
FRQLPSHGLPHQWRVTXHSUHYLDPHQWHUHFLEHHGXFDFLQHVSHFLDO\VHUYLFLRVUHODFLRQDGRVHQ
HOVLVWHPDSEOLFRHVUHPRYLGRSDUDVHUXELFDGRHQXQDHVFXHODSULYDGD\VWHHQFXHQWUD
TXHODDJHQFLDQRSURYH\RSRUWXQDPHQWHXQDHGXFDFLQDSURSLDGDDGLFKRHVWXGLDQWH
/DXELFDFLQSULYDGDVHOHFFLRQDGDSRUORVSDGUHVSXHGHVHUGHWHUPLQDGDFRPRDSURSLDGD
SRU XQ MXH] DGPLQLVWUDWLYR R SRU HO WULEXQDO DQ FXDQGR VWD QR OOHQH ORV HVWQGDUHV
HVWDWDOHVGHDFUHGLWDFLQRFHUWLILFDFLQTXHDSOLFDQDODHGXFDFLQTXHSURYHHOD$JHQFLD
(OUHTXLVLWRGHODQRWLILFDFLQHVFULWDSRUSDUWHGHORVSDGUHVFXDQGRVWRVVHSURSRQHQ
UHPRYHU HO QLR GHO VLVWHPD HVFRODU SEOLFR QR VHU FRQVLGHUDGR SDUD SURSVLWR GH OD
GHWHUPLQDFLQGHXQD9LVWD$GPLQLVWUDWLYDFXDQGRORVSDGUHVHYLGHQFLHQTXHHOFXPSOLU
FRQHOPLVPRKDEUDUHVXOWDGRHQGDRIVLFRRHQXQVHULRGDRHPRFLRQDOSDUDHOQLR
FXDQGRORVSDGUHVVRQDQDOIDEHWDVFXDQGRHOGLVWULWRHVFRODUQROHVSURYH\LQIRUPDFLQ
VREUHHVWHUHTXLVLWRRLPSLGLDORVSDGUHVTXHSURYH\HUDQGLFKDQRWLILFDFLQ
2WUDVGLVSRVLFLRQHVGHODUHJODPHQWDFLQIHGHUDOUHODFLRQDGDVFRQODXELFDFLQXQLODWHUDO
(OSURFHGLPLHQWRGHYLVWDDGPLQLVWUDWLYDQRVHUXWLOL]DGRSDUDUHVROYHUFRQWURYHUVLDV
VREUHORVVHUYLFLRVRIUHFLGRVDHVWXGLDQWHVFRQLPSHGLPHQWRVXELFDGRVSRUVXVSDGUHV
HQHVFXHODVSULYDGDV&)5D
(O3URFHGLPLHQWRGH4XHMDVGHVFULWRHQHVWH0DQXDOSXHGHVHUXWLOL]DGRSDUDUHVROYHU
FRQWURYHUVLDVUHODFLRQDGDVFRQODLGHQWLILFDFLQHYDOXDFLQ\ORVVHUYLFLRVRIUHFLGRVD
HVWXGLDQWHVGHHVFXHODVSULYDGDVF
62
(OSURFHGLPLHQWRGHYLVWDDGPLQLVWUDWLYDSXHGHVHUXWLOL]DGRSDUDUHVROYHUFRQWURYHUVLDV
UHODFLRQDGDV FRQ OD ORFDOL]DFLQ HYDOXDFLQ GHWHUPLQDFLQ GH HOHJLELOLGDG \
GLVSRQLELOLGDGGHXQSURJUDPDDSURSLDGRDQLYHOSEOLFRSDUDXQHVWXGLDQWHGHHVFXHOD
SULYDGDE
/RV VHUYLFLRV GH HVWXGLDQWHV FRQ LPSHGLPHQWRV GH HVFXHODV SULYDGDV GHEHQ VHU
SURYLVWRV SRU SHUVRQDO TXH OOHQH ORV PLVPRV UHTXLVLWRV TXH HO SHUVRQDO TXH RIUHFH
VHUYLFLRVDHVWXGLDQWHVGHHVFXHODVSEOLFDVD
/RV HVWXGLDQWHV FRQ LPSHGLPHQWRV XELFDGRV XQLODWHUDOPHQWH HQ HVFXHODV SULYDGDV
SXHGHQ UHFLELU XQD FDQWLGDG GLIHUHQWH GH VHUYLFLRV D OD TXH KDEUDQ UHFLELGR HQ HO
VLVWHPDSEOLFRD
1LQJQHVWXGLDQWHFRQLPSHGLPHQWRVXELFDGRXQLODWHUDOPHQWHHQXQDHVFXHODSULYDGD
WLHQHGHUHFKRLQGLYLGXDODUHFLELUXQVHUYLFLRRXQDFDQWLGDGGHWHUPLQDGDGHVHUYLFLRV
TXHKDEUDUHFLELGRVLHVWXYLHVHPDWULFXODGRHQXQDHVFXHODSEOLFDD
/RV VHUYLFLRV D VHU RIUHFLGRV VH GHWDOODUQ HQ XQ 3ODQ GH 6HUYLFLRV TXH GHEH VHU
GHVDUUROODGRFRQODSDUWLFLSDFLQGHOSDGUH\XQUHSUHVHQWDQWHGHODHVFXHODSULYDGDD
ODTXHDVLVWHHOHVWXGLDQWHF
6LQRHVSRVLEOHORJUDUODSDUWLFLSDFLQGHOUHSUHVHQWDQWHGHODHVFXHODSULYDGDDODTXH
DVLVWH HO HVWXGLDQWH HO GLVWULWR HVFRODU WRPDU RWUDV PHGLGDV SDUD IDFLOLWDU VX
SDUWLFLSDFLQLQFOX\HQGRHOXVRGHOODPDGDVWHOHIQLFDVLQGLYLGXDOHVRHQFRQIHUHQFLD
F
(OSODQGHVHUYLFLRVGHXQHVWXGLDQWHXELFDGRXQLODWHUDOPHQWHGHEHOOHQDUORVUHTXLVLWRV
GHO3(,HQORTXHFRQFLHUQHHVSHFILFDPHQWHDORVVHUYLFLRVTXHOHVHUQRIUHFLGRV
E
63
(OSODQGHVHUYLFLRVVHUGHVDUUROODGR\UHYLVDGRFRQIRUPHDORVSURFHGLPLHQWRVTXHVH
XWLOL]DQSDUDGHVDUUROODU\UHYLVDUXQ3(,E
/RVVHUYLFLRVDVHUSURYLVWRVDHVWXGLDQWHVGHHVFXHODVSULYDGDVSXHGHQVHURIUHFLGRV
HQODVHVFXHODVDODVTXHVWRVDVLVWDQLQFOX\HQGRHVFXHODVUHOLJLRVDVD
/D DJHQFLD SURYHHU WUDQVSRUWDFLQ VL HVWR HV UHTXHULGR SDUD TXH HO HVWXGLDQWH VH
EHQHILFLHGHORVVHUYLFLRVDVHUSURYLVWRV(OFRVWRGHODWUDQVSRUWDFLQFRQVLGHUDGDHQ
HVWD VHFFLQ SXHGH VHU LQFOXLGD HQ HO FOFXOR GH OD DJHQFLD SDUD GHWHUPLQDU VL KD
FXPSOLGRFRQHOUHTXLVLWRGHXVRGHIRQGRVSDUDSURYLVLQGHVHUYLFLRVDHVWXGLDQWHV
XELFDGRVXQLODWHUDOPHQWHHQHVFXHODVSULYDGDV/DDJHQFLDQRSURYHHUWUDQVSRUWDFLQ
GHOKRJDUDODHVFXHODSULYDGDDODTXHDVLVWHHOHVWXGLDQWH
/RV VHUYLFLRV D VHU SURYLVWRV D HVWXGLDQWHV XELFDGRV SRU VXV SDGUHV HQ HVFXHODV
SULYDGDVVHRIUHFHUQFRQIRUPHDORGLVSXHVWRHQODVVHFFLRQHVGHO
UHJODPHQWRIHGHUDOGH,'($LQFOX\HQGR
/RVIRQGRVSURYLVWRVQRVHUQXWLOL]DGRVSDUDEHQHILFLDUDODHVFXHODSULYDGD
RDODPDWUFXODJHQHUDOGHHVWXGLDQWHVGHGLFKDHVFXHOD
/RVIRQGRVSXHGHQXWLOL]DUVHSDUDSDJDUIXQFLRQDULRVSEOLFRVTXHRIUH]FDQ
ORVVHUYLFLRVQHFHVDULRVEDMRHVWDVHFFLQHQIDFLOLGDGHVSULYDGDVVLGLFKRV
VHUYLFLRVQRVRQRIUHFLGRVSRUODHVFXHODSULYDGD
&XDOTXLHU HTXLSR R PDWHULDO SURYLVWR FRQ IRQGRV GH OD $JHQFLD SDUD OD
SURYLVLQ GH VHUYLFLRV D HVWXGLDQWHV XELFDGRV HQ HVFXHODV SULYDGDV VHU
SURSLHGDGGHO'HSDUWDPHQWR\VHPDQWHQGUEDMRVXFRQWURODGPLQLVWUDWLYR
DXQTXH HO PLVPR VHD FXVWRGLDGR SRU OD HVFXHOD SULYDGD (O HTXLSR VH
XWLOL]DUHVWULFWDPHQWHSDUDORVSURSVLWRVHVWDEOHFLGRVEDMROD3DUWH%GH
,'($\SRGUVHUUHPRYLGRFXDQGR\DQRVHQHFHVLWHRHOPLVPRQRVHD
XWLOL]DGRVHJQKD\DVLGRDXWRUL]DGR
64
/D$JHQFLDQRXWLOL]DUIRQGRVGHOD/H\,'($SDUDVXIUDJDUJDVWRVGHFODVHV
VHSDUDGDVRUJDQL]DGDVXWLOL]DQGRHOFULWHULRGHPDWUFXODRUHOLJLQGHORV
HVWXGLDQWHV
/RV IRQGRV GH OD 3DUWH % GH ,'($ QR VH XWLOL]DUQ SDUD UHSDUDFLRQHV
UHPRGHODFLRQHVRFRQVWUXFFLRQHVHQIDFLOLGDGHVHVFRODUHVSULYDGDV
65
5((9$/8$&,1
/DV OH\HV \ UHJODPHQWRV YLJHQWHV UHTXLHUHQ TXH VH OOHYH D FDER XQD HYDOXDFLQ GHO
HVWXGLDQWHFDGDWUHVDRVRDQWHVGHVHUQHFHVDULRFRQHOSURSVLWRGHGHWHUPLQDUTXH
VWHFRQWLQDVLHQGRXQQLRRMRYHQFRQLPSHGLPHQWRVVHJQORGHILQHOD/H\)HGHUDO
,'($\OD/H\(VWDWDO1PHUR\TXHSRUUD]QGHVXVQHFHVLGDGHVHVDQHOHJLEOH
SDUDUHFLELUVHUYLFLRVGHHGXFDFLQHVSHFLDO
&RPR SDUWH GHO SURFHVR GH HYDOXDFLQ LQLFLDO VL HVWR HV DSURSLDGR \ FRPR SDUWH GHO
SURFHVR GLULJLGR D OD HYDOXDFLQ WULDQXDO GH FDGD HVWXGLDQWH HO &2038 \ RWURV
SURIHVLRQDOHV FXDOLILFDGRV VHJQ VHD DSURSLDGR OOHYDU D FDER XQ DQOLVLV GH OD
LQIRUPDFLQGLVSRQLEOHVREUHVWHLQFOX\HQGR
HYDOXDFLRQHVHLQIRUPDFLQSURYLVWDSRUORVSDGUHV
HYDOXDFLRQHV\REVHUYDFLRQHVHQHOVDOQGHFODVHV
REVHUYDFLRQHVGHPDHVWURV\RWURVSURYHHGRUHVGHVHUYLFLRVUHODFLRQDGRV
(VWDLQIRUPDFLQVHUXWLOL]DGDSDUDGHWHUPLQDUVLODPLVPDHVRQRVXILFLHQWHSDUD
GHWHUPLQDUTXHHOHVWXGLDQWHFRQWLQDVLHQGRXQHVWXGLDQWHFRQLPSHGLPHQWRV
LGHQWLILFDUVXVQHFHVLGDGHVHGXFDWLYDV\IXQFLRQDPLHQWRHGXFDWLYRDFWXDO
GHWHUPLQDUTXHDFDXVDGHOLPSHGLPHQWRHOHVWXGLDQWHQHFHVLWDVHUYLFLRVGH
HGXFDFLQHVSHFLDO\VHUYLFLRVUHODFLRQDGRV
GHWHUPLQDUODVPRGLILFDFLRQHVQHFHVDULDVSDUDTXHHOHVWXGLDQWHORJUHVXVPHWDV
DQXDOHV\SDUWLFLSHKDVWDGRQGHVHDDSURSLDGRGHOFXUUFXORJHQHUDO
66
(O &2038 VH UHXQLU XQD YH] VH FXPSODQ GRV DRV D SDUWLU GH OD IHFKD GH OD OWLPD
HYDOXDFLQGHOLPSHGLPHQWR\GHWHUPLQDFLQGHHOHJLELOLGDGFRQHOSURSVLWRGHOOHYDUD
FDERHVWHDQOLVLVHOFXDOGRFXPHQWDUQXWLOL]DQGRHOIRUPXODULR$QOLVLVGH,QIRUPDFLQ
([LVWHQWH (( 6L HO &2038 FRQ OD SDUWLFLSDFLQ GHO SDGUH FRQVLGHUD TXH OD
LQIRUPDFLQTXHWLHQHGLVSRQLEOHVREUHHOHVWXGLDQWHHVVXILFLHQWHSDUDGHWHUPLQDUTXHVWH
FRQWLQD VLHQGR XQ QLR R MRYHQ FRQ LPSHGLPHQWRV HOHJLEOH SDUD UHFLELU VHUYLFLRV GH
HGXFDFLQHVSHFLDO\TXHODLQIRUPDFLQH[LVWHQWHVLUYHGHEDVHSDUDSUHSDUDUXQ3(,
DSURSLDGRSDUDHOQLRRMRYHQQRWLILFDUSRUHVFULWRDOSDGUHVREUHHVWDGHFLVLQXWLOL]DQGR
HOIRUPXODULR((D7DPELQOHLQIRUPDUVREUHVXGHUHFKRDVROLFLWDUXQDHYDOXDFLQHQ
FDVR GH TXH VWH OR FRQVLGHUH QHFHVDULR SDUD GHWHUPLQDU TXH HO HVWXGLDQWH FRQWLQD
VLHQGRXQQLRRMRYHQFRQLPSHGLPHQWRVVHJQORGHILQHODOHJLVODFLQYLJHQWH
3RURWUDSDUWHHO&2038SXHGHGHWHUPLQDUTXHODLQIRUPDFLQFRQODTXHFXHQWDQRHV
VXILFLHQWH\TXHQHFHVLWDRWUDVSUXHEDVRFULWHULRVIRUPDOHVRLQIRUPDOHVSDUD
GHWHUPLQDUODFRQWLQXLGDGGHODHOHJLELOLGDGGHOHVWXGLDQWH\VXVQHFHVLGDGHVHGXFDWLYDV
&XDQGRHVWRHVDVXQDYH]DQDOL]DGDODLQIRUPDFLQGLVSRQLEOHHO&2038GRFXPHQWDU
OD QHFHVLGDG GH FDGD HYDOXDFLQ VROLFLWDGD \ SURFHGHU D OOHQDU HO UHIHULGR GH DTXHOOD
HYDOXDFLQTXHGHEDVHUFDQDOL]DGDDWUDYVGHO&HQWURGH(YDOXDFLQ\7HUDSLDGHOD
UHJLQ
HGXFDWLYD
FRUUHVSRQGLHQWH
PHGLDQWH
HO
IRUPXODULR
6ROLFLWXG
GH
(YDOXDFLQ5HHYDOXDFLQ ((D (V WDPELQ SRVLEOH TXH OD LQIRUPDFLQ TXH VH
QHFHVLWDVREUHHOHVWXGLDQWHSXHGDVHUREWHQLGDPHGLDQWHPHFDQLVPRVRLQVWUXPHQWRV
LQIRUPDOHVDGPLQLVWUDGRVDVWHHQODPLVPDHVFXHODDODTXHDVLVWH&XDQGRVHDDVVH
DQRWDU HQ HO IRUPXODULR $QOLVLV GH ,QIRUPDFLQ ([LVWHQWH (( HO QRPEUH GH OD
SHUVRQDRSHUVRQDVGHOQFOHRHVFRODUTXHFRRUGLQDUQ\RDGPLQLVWUDUQODVSUXHEDV
VROLFLWDGDV
&XDQGRHO&2038VHUHQDSDUDOOHYDUDFDERHVWHDQOLVLV\GHWHUPLQHTXHQHFHVLWD
DOJXQD LQIRUPDFLQ DGLFLRQDO VH DVHJXUDU GH QRWLILFDU SRU HVFULWR DO SDGUH HQ GLFKD
UHXQLQ \ VROLFLWDU HO SHUPLVR HVFULWR GH VWH SDUD HYDOXDU DO HVWXGLDQWH XWLOL]DQGR HO
IRUPXODULR((E
67
68
6LHO&2038DOFXPSOLUVHGRVDRVGHODOWLPDHYDOXDFLQOOHYDVHDFDERHODQOLVLVGH
ODLQIRUPDFLQGLVSRQLEOH\GHWHUPLQDVHTXHQRQHFHVLWDLQIRUPDFLQDGLFLRQDOSDUDFXPSOLU
FRQ ORV SURSVLWRV GH OD HYDOXDFLQ WULDQXDO \ HVWR KD VLGR QRWLILFDGR D ORV SDGUHV
LQIRUPQGROHVVREUHVXVGHUHFKRVHO&2038PHGLDQWHFRQVHQVRSXHGHGHFLGLUTXHQR
HVQHFHVDULRHVSHUDUXQDRDGLFLRQDOSDUDGHWHUPLQDUTXHHOHVWXGLDQWHFRQWLQDVLHQGR
XQQLRRMRYHQFRQLPSHGLPHQWRVHOHJLEOHSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDO'HVHU
DVHO&2038SXHGHSURFHGHUDFRPSOHWDUHOIRUPXODULR'HWHUPLQDFLQGH(OHJLELOLGDG
((VLQPVGHPRUD/DIHFKDHQTXHVHGHWHUPLQDHOHJLELOLGDGEDVQGRVHHQOD
LQIRUPDFLQH[LVWHQWHVHXWLOL]DUFRPRSXQWRGHUHIHUHQFLDSDUDHVWDEOHFHUODIHFKDHQ
TXHFRUUHVSRQGHUDOOHYDUDFDERODSU[LPDHYDOXDFLQWULDQXDO
3RURWUDSDUWHHQFXDOTXLHUPRPHQWRHQTXHHO&2038RORVSDGUHVFRQVLGHUHQTXHHO
IXQFLRQDPLHQWRHGXFDWLYRGHOHVWXGLDQWHFRQLPSHGLPHQWRVKDYDULDGR\TXHSRUWDOUD]Q
VWH\DQRQHFHVLWDVHUYLFLRVGHHGXFDFLQHVSHFLDOHOHVWXGLDQWHVHUUHHYDOXDGRFRPR
SDUWHGHOSURFHVRGHUHFRSLODULQIRUPDFLQSDUDHYLGHQFLDUTXHHOQLRRMRYHQ\DQRUHQH
ORVFULWHULRVSDUDVHUFRQVLGHUDGRFRPRXQHVWXGLDQWHFRQLPSHGLPHQWRVGHDFXHUGRDOD
GHILQLFLQGHODVOH\HV\UHJODPHQWRVTXHULJHQOD(GXFDFLQ(VSHFLDO
1RVHUQHFHVDULRVLQHPEDUJRUHHYDOXDUXQHVWXGLDQWHFRQLPSHGLPHQWRVSRUUD]QGH
TXHVWHHJUHVDGHORVVHUYLFLRVGHELGRDJUDGXDFLQGHHVFXHODVXSHULRUFRQGLSORPDR
SRUTXHKD\DDOFDQ]DGRODPD\RUDGHHGDG
69
(9$/8$&,1'(/352*5(62'(/26(678',$17(6
0(',&,1
/D OHJLVODFLQ IHGHUDO YLJHQWH HVWDEOHFH OD QHFHVLGDG GH LQFOXLU D ORV HVWXGLDQWHV FRQ
LPSHGLPHQWRVHQORVSURJUDPDVGHPHGLFLQDQLYHOHVWDWDORGLVWULWDOFRQHOSURSVLWRGH
HYDOXDUVXVORJURV
(QDUPRQDFRQODVGLVSRVLFLRQHVGHOD/H\,'($ORVHVWXGLDQWHVTXHUHFLEHQHGXFDFLQ
HVSHFLDOSDUWLFLSDUQGHORVSURJUDPDVGHPHGLFLQTXHOD$JHQFLDGHVDUUROOHFRQORV
DFRPRGRVQHFHVDULRVVLHPSUHTXHHVWDSDUWLFLSDFLQVHDDSURSLDGD&XDQGRHO3URJUDPD
GH0HGLFLQ5HJXODUTXHDGPLQLVWUDOD$JHQFLDQRUHVXOWHDSURSLDGRVHGHVDUUROODUQ
SURFHGLPLHQWRV GH PHGLFLQ DOWHUQRV TXH IDFLOLWHQ OD HYDOXDFLQ GH ORV ORJURV GHO
HVWXGLDQWHGHDFXHUGRDOFRQWHQLGRFXUULFXODUGHVXSURJUDPDGHHVWXGLRV
! &RQVLGHUDFLRQHVUHODFLRQDGDVFRQODSDUWLFLSDFLQGHHVWXGLDQWHVFRQLPSHGLPHQWRV
HQHO3URJUDPDGH0HGLFLQ5HJXODU
0XFKRV HVWXGLDQWHV FRQ LPSHGLPHQWRV SXHGHQ SDUWLFLSDU HQ HO 3URJUDPD GH
0HGLFLQ5HJXODUGHODPLVPDIRUPDTXHORVGHPVHVWXGLDQWHVVLQLPSHGLPHQWRV
2WURV HVWXGLDQWHV FRQ LPSHGLPHQWRV SXHGHQ SDUWLFLSDU GH ODV SUXHEDV SHUR
QHFHVLWDQ FLHUWDV PRGLILFDFLRQHV R DFRPRGRV SDUD SRGHU FRQWHVWDU ODV PLVPDV
WLHPSRDGLFLRQDOOHFWRULQWUSUHWHPDWHULDODPSOLDGRXRWURV
$OJXQRV HVWXGLDQWHV XWLOL]DQ FLHUWDV HVWUDWHJLDV R HTXLSRV FRPR SDUWH GH ORV
VHUYLFLRVGHDSR\RTXHQHFHVLWDQHQVXSURFHVRGHDSUHQGL]DMH(QODPD\RUDGH
ORVFDVRVHVWRVHVWXGLDQWHVQHFHVLWDUQORVPLVPRVVHUYLFLRVGHDSR\RSDUDSRGHU
SDUWLFLSDUHQHO3URJUDPDGH0HGLFLQ5HJXODU(VWRVLJQLILFDTXHHODFRPRGRD
XWLOL]DUVHHQODDGPLQLVWUDFLQGHODVSUXHEDVGHEHUVHUHOPLVPRRFRQVLVWHQWH
FRQHOTXHHOHVWXGLDQWHUHFLEHHQVXDPELHQWHLQVWUXFFLRQDOGLDULR
70
(ODFRPRGRSXHGHLUGLULJLGRKDFLDODIRUPDGHSUHVHQWDUODVSUXHEDVODIRUPDGH
FRQWHVWDUODVPLVPDVHODPELHQWHROXJDUGHODSUXHED\HOWLHPSRRLWLQHUDULR
/DGHFLVLQGHOWLSRGHDFRPRGRTXHUHFLELUHOHVWXGLDQWHGHEHUVHUWRPDGDSRU
ODVSHUVRQDVTXHFRPSRQHQHO&2038GHODHVFXHODRGHOGLVWULWREDVQGRVHHQ
ODV QHFHVLGDGHV SDUWLFXODUHV GHO HVWXGLDQWH (VWD GHFLVLQ VH KDU GXUDQWH OD
SUHSDUDFLQGHO3(,GHOHVWXGLDQWH
! &RQVLGHUDFLRQHVUHODFLRQDGDVFRQHO3URJUDPDGH0HGLFLQ$OWHUQR
/D$JHQFLDGHEHULPSODQWDUHO3URJUDPDGH0HGLFLQ$OWHUQRFRPHQ]DQGRHO
URGHMXOLRGH
(O3URJUDPDGH0HGLFLQ$OWHUQRHVDTXHOTXHVHXWLOL]DSDUDHYDOXDUORVORJURV
GHORVHVWXGLDQWHVFRQLPSHGLPHQWRVSDUDORVTXHHO3URJUDPDGH0HGLFLQ
5HJXODUQRHVDSURSLDGR
(O3URJUDPDGH0HGLFLQ$OWHUQRVHDGPLQLVWUDUVORDDTXHOORVHVWXGLDQWHV
FRQLPSHGLPHQWRV
TXHSDUWLFLSHQGHXQSURJUDPDFX\RQIDVLVFXUULFXODUQR
HVWGLULJLGRDOGHVDUUROORGHODVGHVWUH]DVDFDGPLFDVGHO3URJUDPD5HJXODU
&XDQGRHO&2038GHWHUPLQHHOSURJUDPDGHPHGLFLQGHOFXDOSDUWLFLSDUHOHVWXGLDQWH
OD GHFLVLQ VH KDU FRQVWDU HQ OD SDUWH FRUUHVSRQGLHQWH GHO 3URJUDPD (GXFDWLYR
,QGLYLGXDOL]DGRGHVWH$GHPVVHLQGLFDUQDTXHOORVDFRPRGRVTXHUHVXOWHQQHFHVDULRV
SDUDTXHHOHVWXGLDQWHSDUWLFLSHGHGLFKRSURJUDPD
,QIRUPHVGHORVUHVXOWDGRVGHODVSUXHEDVGHO3URJUDPDGH0HGLFLQ
/D $JHQFLD KDU GLVSRQLEOH DO SEOLFR H LQIRUPDU HO QPHUR GH HVWXGLDQWHV FRQ
LPSHGLPHQWRV SDUWLFLSDQWHV GHO 3URJUDPD GH 0HGLFLQ 5HJXODU \ GHO 3URJUDPD GH
0HGLFLQ $OWHUQR FRQ OD PLVPD IUHFXHQFLD \ GH OD PLVPD IRUPD TXH OR KDFH FRQ ORV
UHVXOWDGRVGHO3URJUDPDGH0HGLFLQDGPLQLVWUDGRDHVWXGLDQWHVVLQLPSHGLPHQWRV
71
/RVUHVXOWDGRVGHODHMHFXFLQGHHVWRVHVWXGLDQWHVFRQLPSHGLPHQWRVVHUQ
LQIRUPDGRVDOSEOLFRVLVHFRQVLGHUDTXHVWRVVRQHVWDGVWLFDPHQWHYOLGRV\
VXGLYXOJDFLQQRDIHFWDHOUHTXLVLWRGHFRQILGHQFLDOLGDG
/RVUHVXOWDGRVVHUQLQIRUPDGRVGHPDQHUDDJUHJDGD\VHJUHJDGD
! 2WUDVFRQVLGHUDFLRQHVUHODFLRQDGDVFRQODHYDOXDFLQGHOSURJUHVRGHORVHVWXGLDQWHV
$GHPVGHODSDUWLFLSDFLQGHORVHVWXGLDQWHVFRQLPSHGLPHQWRVHQHO3URJUDPD
GH 0HGLFLQ 5HJXODU R DOWHUQRHVLPSRUWDQWHTXHVHHYDOHHOSURJUHVRGHO
HVWXGLDQWHKDFLDHOORJURGHODVPHWDV\REMHWLYRVGHVX3(,
/DHYDOXDFLQGHOSURJUHVRHGXFDWLYRGHORVHVWXGLDQWHVFRQLPSHGLPHQWRVHV
XQSURFHVRFRQWLQXRTXHGHEHFRQVLGHUDUGLIHUHQWHVFULWHULRV
/RVSDGUHVGHORVHVWXGLDQWHVFRQLPSHGLPHQWRVGHEHQVHULQIRUPDGRVVREUHHO
SURJUHVRGHVXVKLMRVDOPHQRVFRQODPLVPDIUHFXHQFLDFRQODTXHVHLQIRUPDHO
SURJUHVRGHORVHVWXGLDQWHVVLQLPSHGLPHQWRVHQHOVLVWHPDHVFRODU
(O&2038TXHVHUHQHSDUDGHVDUUROODURUHYLVDUHO3(,GHOHVWXGLDQWHGHEHU
GHWHUPLQDU HO 3URJUDPD GH 0HGLFLQ GHO FXDO SDUWLFLSDU HO HVWXGLDQWH ORV
DFRPRGRVTXHQHFHVLWDUSDUDSDUWLFLSDUGHVWHORVSURFHGLPLHQWRVTXHVH
XWLOL]DUQSDUDHYDOXDUHOSURJUHVRGHOHVWXGLDQWHUHVSHFWRDVX3(,\ODIRUPD
HQTXHORVSDGUHVVHUQLQIRUPDGRVVREUHGLFKRSURJUHVR
72
(OSURJUHVRGHORVHVWXGLDQWHVKDFLDHOORJURGHODVPHWDV\REMHWLYRVGHO3(,
SXHGHVHULQIRUPDGRDORVSDGUHVDWUDYVGHXQDFRSLDGHO3(,HYDOXDGRSRUHO
PDHVWURGH(GXFDFLQ(VSHFLDO3XHGHSRURWUDSDUWHVHULQIRUPDGRDWUDYV
GH RWURV PHFDQLVPRV TXH VHDQ DFRUGDGRV HQ HO UHXQLQ GHO &RPLW GH
3URJUDPDFLQ\8ELFDFLQHQODFXDOVHSUHSDUDHO3(,
/RVSDGUHVGHORVHVWXGLDQWHVFRQLPSHGLPHQWRVTXHHVWQPDWULFXODGRVHQHO
3URJUDPD5HJXODU$FDGPLFRFRPRFDQGLGDWRVDSURPRFLQGHEHQUHFLELUXQ
LQIRUPHGHQRWDVHQWRGRVDTXHOORVFXUVRVHQORVFXDOHVHOHVWXGLDQWHSDUWLFLSD
TXHVRQUHTXHULGRVSDUDFRQVLGHUDUODSURPRFLQDOSU[LPRJUDGR$GHPV
UHFLELUQ HO LQIRUPH GH SURJUHVR UHODFLRQDGR FRQ VX 3(, /RV PDHVWURV GHO
3URJUDPD5HJXODU\ORVPDHVWURVGHHGXFDFLQHVSHFLDOGHEHQFRPSDUWLUOD
LQIRUPDFLQTXHWLHQHQGLVSRQLEOHVREUHORVORJURVGHOHVWXGLDQWHGHIRUPDWDO
TXHVHSURSLFLHXQDHYDOXDFLQFRODERUDWLYD
/RV HVWXGLDQWHV FRQ LPSHGLPHQWRV TXH VRQ LQWHJUDGRV FRQ HO SURSVLWR GH
SURPRYHUVXGHVDUUROORVRFLDO\FRJQRVFLWLYRSHURFX\RSURJUDPDGHHVWXGLRVQR
HVWHQIRFDGRHQORJUDUGRPLQLRGHODVGHVWUH]DVGHOJUDGRFRQSURSVLWRVGH
SURPRFLQSXHGHQUHFLELUXQLQIRUPHGHQRWDVRSURJUHVRVHJQORDFXHUGHHO
&2038FRQODSDUWLFLSDFLQGHOPDHVWURUHJXODUTXHOHRIUHFHVHUYLFLRV1R
REVWDQWHHO&2038KDUFRQVWDUHQODPLQXWDGHODUHXQLQTXHKDRULHQWDGRD
ORVSDGUHVVREUHHOKHFKRGHTXHHOLQIRUPHGHQRWDVTXHUHFLELUHOHVWXGLDQWH
UHIOHMDUHOSURJUHVRGHVWHDOFRPSDUDUVHFRQVLJRPLVPR\QRFRQHOJUXSRGHO
JUDGR FRUUHVSRQGLHQWH (VWH LQIRUPH QR SRGU VHU XWLOL]DGR SDUD UHFODPDU
GHUHFKRDODSURPRFLQ
1DGDHQORDQWHULRUPHQWHHVFULWRLPSLGHTXHXQHVWXGLDQWHFRQLPSHGLPHQWRV
TXHVHEHQHILFLDGHFRPSDUWLU\SDUWLFLSDUHQXQJUXSRUHJXODUSXHGDFRQWLQXDU
FRQVXJUXSRGHHVWXGLRVVHJQVWHVHSURPXHYHDGLIHUHQWHVJUDGRV&XDQGR
HO &2038 FRQ OD SDUWLFLSDFLQ GHO PDHVWUR UHJXODU FRQVLGHUD TXH HVWD
73
SDUWLFLSDFLQHVDSURSLDGD\SURPXHYHHOSURJUHVRHGXFDWLYRGHOHVWXGLDQWH\ORV
SDGUHVFRPSUHQGHQVHJQVHHYLGHQFLDHQODVPLQXWDVTXHHVWDLQWHJUDFLQQR
HVWGLULJLGDDODSURPRFLQVHSXHGHQORJUDUDFXHUGRVTXHSURSLFLHQHOPD\RU
JUDGRGHLQWHJUDFLQSRVLEOHGHORVHVWXGLDQWHVFRQLPSHGLPHQWRVHQVDORQHV
UHJXODUHVGHFODVH
&XDQGR XQ HVWXGLDQWH FRQ LPSHGLPHQWRV TXH SDUWLFLSD GH XQ SURJUDPD GH
HVWXGLRV TXH QR HVW GLULJLGR D OD SURPRFLQ GHPXHVWUH GRPLQLR GH ODV
GHVWUH]DV GH XQ JUDGR HQ SDUWLFXODU HO &2038 GHEH DQDOL]DU ODV SRVLEOHV
HVWUDWHJLDV SDUD IDFLOLWDU TXH D VWH VH OH RWRUJXH HO JUDGR DFDGPLFR TXH
FRUUHVSRQGDDOGRPLQLRGHGHVWUH]DVDOFDQ]DGRFXDQGRHVWRVHGHWHUPLQH
DSURSLDGRFRQIRUPHDORVHYLGHQFLDVGHORJURV\UHVXOWDGRVGHH[PHQHVGH
XELFDFLQ
/D HYDOXDFLQ GHO SURJUHVR GHO HVWXGLDQWH GHEH FRQVLGHUDU ORV DFRPRGRV
QHFHVDULRVSDUDTXHVWHSXHGDGHPRVWUDUORDSUHQGLGR(OFRQFHGHUWLHPSR
DGLFLRQDOSDUDFRQWHVWDUSUXHEDVRGHVDUUROODUSUR\HFWRVHOXVRGHXQOHFWRUR
DQRWDGRU\HOXVRGHH[PHQHVRUDOHVVRQDOJXQRVGHORVDFRPRGRVTXHVH
XWLOL]DQFRQPD\RUIUHFXHQFLD/DPDQHUDHQTXHHYDOXDPRVDXQHVWXGLDQWH
GHEHGLVHDUVHGHIRUPDWDOTXHDSRUWHLQIRUPDFLQVREUHHOFRQRFLPLHQWRR
GRPLQLRTXHVWHWLHQHVREUHDTXHOORTXHGHVHDPRVHYDOXDU$OVHOHFFLRQDU
HVWUDWHJLDV DSURSLDGDV SRGHPRV HYLWDU TXH HO UHVXOWDGR GH OD HYDOXDFLQ
FRQVWLWX\DXQUHIOHMRGHOLPSHGLPHQWRGHOHVWXGLDQWH\QRXQUHIOHMRGHORTXH
VWHKDORJUDGRDSUHQGHU
1LQJXQD GLVSRVLFLQ GH OH\ R UHJODPHQWR LPSLGH TXH XQ HVWXGLDQWH FRQ
LPSHGLPHQWR IUDFDVH HQ XQ JUDGR HVFRODU 6LQ HPEDUJR DO FRQVLGHUDU OD
SRVLELOLGDGGHIUDFDVDURSURPRYHUXQHVWXGLDQWHDOSU[LPRJUDGRHOGLUHFWRU\
HO &2038 GH OD HVFXHOD GHEHQ DQDOL]DU ODV D\XGDV \ DFRPRGRV TXH HO
HVWXGLDQWHKDUHFLELGRHQHOSURFHVRHGXFDWLYR/DLQIRUPDFLQFRQVLGHUDGD
74
75
$R(VFRODU([WHQGLGR
(ORIUHFLPLHQWRGHVHUYLFLRVHGXFDWLYRVDSURSLDGRVSDUDHVWXGLDQWHVFRQLPSHGLPHQWRVHQ
RFDVLRQHVLQFOX\HODSURYLVLQGHVHUYLFLRVH[WHQGLGRVGXUDQWHHOUHFHVRGHYHUDQRSDUD
DTXHOORV HVWXGLDQWHV TXH GHELGR D XQR R POWLSOHV IDFWRUHV QR VH EHQHILFLDUDQ GH ORV
VHUYLFLRVTXHVHOHRIUHFHQHQHODRHVFRODUUHJXODUHQDXVHQFLDGHVHUYLFLRVH[WHQGLGRVR
H[SHULPHQWDQUHJUHVLQHQODVGHVWUH]DVDGTXLULGDVDOLQWHUUXPSLUVXVVHUYLFLRVSRVH\HQGR
DGHPVXQDFDSDFLGDGOLPLWDGDGHUHFXSHUDFLQ(VWRLPSOLFDTXHQRUHFREUDQHOGRPLQLR
GHODVGHVWUH]DVRWDUGDQH[FHVLYDPHQWHHQORJUDUHOQLYHOGHIXQFLRQDPLHQWRTXHWHQDQ
DQWHVGHODLQWHUUXSFLQGHOVHUYLFLRSRUORTXHUHTXLHUHQVHUYLFLRVH[WHQGLGRVFRPRSDUWH
GHVXHGXFDFLQDSURSLDGD
/RVVHUYLFLRVGH$R(VFRODU([WHQGLGRVHFRQVLGHUDQSDUWHGHODHGXFDFLQDSURSLDGDGH
XQHVWXGLDQWHFRQLPSHGLPHQWRVFXDQGROXHJRGHODQOLVLVGHODLQIRUPDFLQGLVSRQLEOH
VREUHVXIXQFLRQDPLHQWR\VXVPOWLSOHVQHFHVLGDGHVVHGHWHUPLQDTXHVWHQRSRGUD
GHULYDU\PDQWHQHUHOEHQHILFLRGHORVVHUYLFLRVHGXFDWLYRVTXHVHOHRIUHFHQGXUDQWHHODR
HVFRODUUHJXODUHQDXVHQFLDGHVHUYLFLRVHGXFDWLYRV\UHODFLRQDGRVRIUHFLGRVPVDOOGHO
FDOHQGDULRUHJXODUGHFODVHV
/DQHFHVLGDGGHVHUYLFLRVGH$R(VFRODU([WHQGLGR$((GHEHVHUGHWHUPLQDGDSRUHO
&RPLWGH3URJUDPDFLQ\8ELFDFLQ&2038\HVWDEOHFLGDHQHO3URJUDPD(GXFDWLYR
,QGLYLGXDOL]DGR 3(, GHO HVWXGLDQWH (O &2038 GHEH VHDODU FXOHV GH ODV PHWDV
REMHWLYRV\VHUYLFLRVUHODFLRQDGRVFRQWLQXDUQVLHQGRGHVDUUROODGRVXRIUHFLGRVHQHO$R
(VFRODU([WHQGLGR(VSRVLEOHTXHXQHVWXGLDQWHQRQHFHVLWHVHUYLFLRVH[WHQGLGRVHQWRGDV
ODVUHDVGHVX3(,SRUORFXDOHO&2038GHEHGHWHUPLQDUODVUHDVGHQHFHVLGDGHQOD
FXDOHVHOHVWXGLDQWHUHQHORVFULWHULRVGHHOHJLELOLGDG
/D GHWHUPLQDFLQ GH HOHJLELOLGDG SDUD ORV VHUYLFLRV GH $R (VFRODU ([WHQGLGR HV
LQGLYLGXDOL]DGD\ODFRQVLGHUDFLQGHODQHFHVLGDGGHHVWRVVHUYLFLRVQRGHEHH[FOXLUD
QLQJQHVWXGLDQWHSRUPRWLYRGHODFDWHJRUDGHVXLPSHGLPHQWRRSRUODQDWXUDOH]DGHVXV
76
QHFHVLGDGHV$TXHOORVHVWXGLDQWHVTXHH[SHULPHQWDQUHJUHVLQVLJQLILFDWLYDHQODVUHDV
DFDGPLFDV \ TXH QR UHFXSHUDQ VXV GHVWUH]DV GHQWUR GH ORV SULPHURV GRV PHVHV GH
FODVHVDSHVDUGHHVWDUUHFLELHQGRORVVHUYLFLRVQHFHVDULRVGHEHQVHUFRQVLGHUDGRVSDUD
GHWHUPLQDUVXHOHJLELOLGDGSDUDUHFLELUVHUYLFLRVGH$R(VFRODU([WHQGLGR
7RGRV ORV HVWXGLDQWHV FRQ LPSHGLPHQWRV WLHQHQ GHUHFKR D VHU FRQVLGHUDGRV
LQGLYLGXDOPHQWHSDUDGHWHUPLQDUVXHOHJLELOLGDGSDUDVHUYLFLRVGHDRHVFRODUH[WHQGLGR
1RREVWDQWHDOGHVDUUROODUORVSURJUDPDV\HVWUDWHJLDVGHVHUYLFLRVGHEHPRVUHFRUGDUTXH
HO$R(VFRODU([WHQGLGR
-
1R HV XQ SURJUDPD PDQGDWRULR GH PHVHV GH VHUYLFLRV SDUD WRGRV ORV
HVWXGLDQWHV FRQ LPSHGLPHQWRV VLQR XQR GLULJLGR D D\XGDU D XQ QPHUR GH
HVWXGLDQWHVDPDQWHQHUVXQLYHOGHIXQFLRQDPLHQWRHOFXDOVHSHUGHUDDOR
ODUJRGHOUHFHVRGHYHUDQR
-
1RHVQHFHVDULDPHQWHXQDFRQWLQXLGDGGHODWRWDOLGDGGHO3URJUDPD(GXFDWLYR
,QGLYLGXDOL]DGRTXHVHOHSURYHHDOHVWXGLDQWHGXUDQWHHODRUHJXODUVLQRGH
DTXHOORV VHUYLFLRV HVSHFILFRV TXH PDQWHQGUQ HO QLYHO GH GHVDUUROOR GH
GHVWUH]DVDOFDQ]DGR
-
1RWLHQHTXHVHUSURYLVWRWRGRVORVGDVQLGXUDQWHWRGRHOGDVLQRFRPRVH
DMXVWHDOREMHWLYRGHPDQWHQHUHOQLYHOGHIXQFLRQDPLHQWRGHOHVWXGLDQWH
-
1R HV XQ SURJUDPD SURYLVWR DXWRPWLFDPHQWH DR WUDV DR VLQR UHYLVDGR
DQXDOPHQWHSDUDGHWHUPLQDUVXQHFHVLGDG
-
1RSUHWHQGHHQVHDUQXHYDVGHVWUH]DVRDXPHQWDUHOSURJUHVRDOFDQ]DGRVLQR
PDQWHQHUHOQLYHOGHGHVWUH]DVORJUDGRGXUDQWHHODRHVFRODU
77
1R VH UHFRPLHQGD SRUTXH HO HVWXGLDQWH SXHGD EHQHILFLDUVH GHO PLVPR VLQR
FXDQGRHVWRHVUHTXHULGRSDUDTXHHOHVWXGLDQWHGHULYH\PDQWHQJDHOEHQHILFLR
HGXFDWLYRGHXQDRDRWUR
/D QHFHVLGDG GH XQ HVWXGLDQWH GH UHFLELU VHUYLFLRV GH DR HVFRODU H[WHQGLGR GHEH
FRQVLGHUDUVHGXUDQWHODSUHSDUDFLQRUHYLVLQDQXDOGHO3(,'HLGHQWLILFDUVHHQDOJQ
RWURPRPHQWRODQHFHVLGDGGHVHUYLFLRVGHDRHVFRODUH[WHQGLGRSDUDXQHVWXGLDQWHFX\R
3(,QRLQFOX\HGLFKRVHUYLFLRHO&2038VHUHXQLUSDUDH[DPLQDUODLQIRUPDFLQTXHVLUYH
GHEDVHSDUDHVWDEOHFHUHVWDQHFHVLGDG\UHYLVDUHO3(,GHGHWHUPLQDUVHDSURSLDGR
$QXDOPHQWHGXUDQWHHOPHVGHPDU]RORVGLVWULWRVHVFRODUHVVRPHWHUQXQDSURSXHVWDD
OD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDOHQODTXHVROLFLWDUQORVUHFXUVRVQHFHVDULRV
SDUD HO GHVDUUROOR GH VHUYLFLRV GH DR HVFRODU H[WHQGLGR FRQIRUPH D ODV QHFHVLGDGHV
LGHQWLILFDGDVHQVXVHVWXGLDQWHV
&XDOTXLHULQVDWLVIDFFLQRFRQWURYHUVLDUHODFLRQDGDFRQODQHFHVLGDGXRIUHFLPLHQWRGH
VHUYLFLRV GH $R (VFRODU ([WHQGLGR SXHGH VHU GLOXFLGDGD D WUDYV GH ORV SURFHVRV GH
UHVROXFLQGHFRQWURYHUVLDVGHVFULWRVHQHVWH0DQXDO
78
$6,67(1&,$7(&12/*,&$
/RVHVWXGLDQWHVFRQLPSHGLPHQWRVVHUYLGRVSRUHOVLVWHPDHVFRODUGHEHQWHQHUDFFHVRD
DTXHOORVVHUYLFLRV\HTXLSRVGH$VLVWHQFLD7HFQROJLFD$7TXHVHUHTXLHUHQSDUDHOORJUR
GH VXV PHWDV HGXFDWLYDV HVWDEOHFLGDV HQ HO 3(, /D DVLVWHQFLD WHFQROJLFD SXHGH
XWLOL]DUVHFRPRVHUYLFLRVXSOHPHQWDULRGLULJLGRDSURSLFLDUODLQWHJUDFLQGHOHVWXGLDQWHFRQ
LPSHGLPHQWRVHQORVJUXSRVUHJXODUHVGHIRUPDWDOTXHVWHSXHGDHGXFDUVHFRQVXV
SDUHVVLQLPSHGLPHQWRV\EHQHILFLDUVHGHOFXUUFXORJHQHUDO/RVVHUYLFLRV\HTXLSRVGH
DVLVWHQFLDWHFQROJLFDSXHGHQWDPELQFRQVLGHUDUVHFRPRVHUYLFLRVUHODFLRQDGRVRGH
DSR\RFXDQGRVWRVVRQUHTXHULGRVSDUDTXHHOHVWXGLDQWHVHEHQHILFLHGHOD(GXFDFLQ
(VSHFLDO
7DQWR OD /H\ ,'($ HQ VXV PV UHFLHQWHV HQPLHQGDV FRPR OD /H\ (VWDWDO 1P
HVWDEOHFHQODFRQVLGHUDFLQGHODQHFHVLGDGGHVHUYLFLRVGHDVLVWHQFLDWHFQROJLFDFRPR
SDUWH GHO SURFHVR GH GHWHUPLQDU OD HGXFDFLQ DSURSLDGD TXH KDEU GH RIUHFUVHOH D
HVWXGLDQWHVFRQLPSHGLPHQWRV
/DUHVSRQVDELOLGDGGHFRQVLGHUDUODVQHFHVLGDGHVGHVHUYLFLRVHQHVWDUHDUHFDHHQHO
&RPLWGH3URJUDPDFLQ\8ELFDFLQ&2038HOFXDOHVWOODPDGRDUHDOL]DUHODQOLVLV
GHODVQHFHVLGDGHVHGXFDWLYDVGHOHVWXGLDQWH
&RQHOSURSVLWRGHRIUHFHUDVLVWHQFLDDORV&RPLWVGH3URJUDPDFLQ\8ELFDFLQGHORV
GLVWULWRV\HVFXHODVHQHODQOLVLV\HYDOXDFLQGHODVQHFHVLGDGHVGHVHUYLFLRV\HTXLSRV
GHDVLVWHQFLDWHFQROJLFDOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDOPDQWHQGUXQ
&RPLW $VHVRU HQ $VLVWHQFLD 7HFQROJLFD &$$7 (O &$$7 HVWDU FRQVWLWXLGR SRU
SURIHVLRQDOHVDGLHVWUDGRVHQHOUHDGHDVLVWHQFLDWHFQROJLFDLQFOX\HQGRPDHVWURVGH
HGXFDFLQHVSHFLDOHVSHFLDOLVWDVHQSDWRORJDGHKDEODWHUDSLDRFXSDFLRQDOWHUDSLDIVLFD
\RWURV
79
/RV0LHPEURVGHO&$$7
(VWDUQ GLVSRQLEOHV SDUD VHU DGLHVWUDGRV \ UHDGLHVWUDGRV HQ HO UHD GH
DVLVWHQFLDWHFQROJLFDGHIRUPDWDOTXHVHPDQWHQJDQLQIRUPDGRVVREUHODV
DOWHUQDWLYDVGHHTXLSRV\VHUYLFLRVGLVSRQLEOHVSDUDORVHVWXGLDQWHV
(YDOXDUQODVQHFHVLGDGHVGHDVLVWHQFLDWHFQROJLFDGHORVHVWXGLDQWHVTXH
OHVHDQUHIHULGRVSRUORV&2038GHODVHVFXHODV\GLVWULWRVHVFRODUHV
2IUHFHUQDOWHUQDWLYDVSDUDOOHQDUODVQHFHVLGDGHVGHHTXLSRDVLVWLYRGHORV
HVWXGLDQWHV
$VHVRUDUQDO&2038VREUHODDGTXLVLFLQXVRPDQHMR\XWLOLGDGGHORV
HTXLSRVUHFRPHQGDGRVVHJQVHGHWHUPLQHQHFHVDULR
&XDQGRHO&2038FRQVLGHUHTXHHOHVWXGLDQWHFRQLPSHGLPHQWRVUHTXLHUHVHUYLFLRVGH
DVLVWHQFLDWHFQROJLFDSDUDOOHQDUXQDQHFHVLGDGLGHQWLILFDGDVWHUHIHULUDOHVWXGLDQWH
SDUD XQD HYDOXDFLQ HQ DVLVWHQFLD WHFQROJLFD 3DUD KDFHUOR OOHQDU HO IRUPXODULR GH
VROLFLWXGGHHYDOXDFLQGHODPLVPDIRUPDTXHORKDFHSDUDVROLFLWDUFXDOTXLHURWURVHUYLFLR
HYDOXDWLYR
(O'LUHFWRUGHO&HQWURGH(YDOXDFLQ\7HUDSLDEDMRHOFXDORSHUDUHO&$$7WUDPLWDUOD
VROLFLWXGDDOJXQRGHORVPLHPEURVGHO&RPLWVHJQVHDDSURSLDGRFRQVLGHUDQGRHOUHD
GH QHFHVLGDG SUHVHQWDGD (O PLHPEUR GHO &$$7 SRGU VROLFLWDU DVLVWHQFLD D RWURV
HVSHFLDOLVWDV GHO HTXLSR FXDQGR ODV QHFHVLGDGHV GHO HVWXGLDQWH VHDQ GH POWLSOH
QDWXUDOH]D\DPHULWHQXQDHYDOXDFLQLQWHUGLVFLSOLQDULD
(OHVSHFLDOLVWDHYDOXDGRUROGHUGHOHTXLSRTXHHYDODSUHSDUDUXQLQIRUPHEUHYHTXH
UHFRMDORVKDOOD]JRVODVUHFRPHQGDFLRQHV\DOWHUQDWLYDVTXHSXHGHQVHUFRQVLGHUDGDVSRU
HO&2038SDUDOOHQDUODQHFHVLGDGGHOHVWXGLDQWH
80
$OFRQVLGHUDUODVQHFHVLGDGHVGHHTXLSRVGHDVLVWHQFLDWHFQROJLFDWDQWRHO&$$7FRPRHO
&2038WRPDUQHQFRQVLGHUDFLQORVLJXLHQWH
/DUHODFLQHQWUHODVQHFHVLGDGHVGHOHVWXGLDQWHORVREMHWLYRVHGXFDWLYRV
HVWDEOHFLGRV HQ HO 3(, \ ODV DOWHUQDWLYDV GH HTXLSR TXH HVWQ VLHQGR
FRQVLGHUDGDV
/DFRVWRHIHFWLYLGDGGHODVDOWHUQDWLYDVGHHTXLSRVFRQVLGHUDQGRHOSURSVLWR
SDUDHOFXDOVHUDQUHFRPHQGDGRV
&XDQGR HO &2038 GHWHUPLQH OD QHFHVLGDG GH DGTXLULU DOJQ HTXLSR GH DVLVWHQFLD
WHFQROJLFDVWHGHEHFRQFOXLUTXHGLFKRHTXLSRHVHVHQFLDO\UHTXHULGRSDUDHOORJURGH
ODVPHWDVXREMHWLYRVWUD]DGRVSDUDHOHVWXGLDQWH\RSDUDJDUDQWL]DUVXDFFHVRDXQD
HGXFDFLQ DSURSLDGD 7DO DQOLVLV OH SHUPLWLU D ODV HVFXHODV \ GLVWULWRV HVFRODUHV
HVWDEOHFHUSULRULGDGHVUHODFLRQDGDVFRQODSURYLVLQGHHTXLSRVGHDVLVWHQFLDWHFQROJLFD
SDUDEHQHILFLRGHORVHVWXGLDQWHVFRQLPSHGLPHQWRVGLVWLQJXLHQGRDTXHOODVQHFHVLGDGHVGH
HTXLSRVTXHFRQVWLWX\HQXQDSDUWHLQWHJUDOGHODHGXFDFLQSEOLFDJUDWXLWD\DSURSLDGDGH
XQ HVWXGLDQWH GH DTXHOORV FDVRV HQ TXH OD SURYLVLQ GH XQ HTXLSR SRGUD UHVXOWDU
FRQYHQLHQWH R IDYRUDEOH SHUR QR HVHQFLDO SDUD HO ORJUR GH ODV PHWDV HGXFDWLYDV
HVWDEOHFLGDVHQXQ3(,
3RURWUDSDUWHHOGDUSULRULGDG\DVHJXUDUODSURYLVLQGHVHUYLFLRV\HTXLSRVGHDVLVWHQFLD
WHFQROJLFD FXDQGR VWRV VRQ UHTXHULGRV SDUD RIUHFHU XQD HGXFDFLQ DSURSLDGD D
HVWXGLDQWHVFRQLPSHGLPHQWRVQROLPLWDDOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO
HQVXHVIXHU]RGHSURYHHUHQODPHGLGDHQTXHVXVUHFXUVRVILVFDOHVORSHUPLWDQRWURV
PHGLRV PHGLDQWH ORV FXDOHV ORV QLRV \ MYHQHV FRQ LPSHGLPHQWRV WHQJDQ DFFHVR D
HTXLSRVWHFQROJLFRV\DH[SHULHQFLDVGHDSUHQGL]DMHXWLOL]DQGRODWHFQRORJD
81
3URFHGLPLHQWRSDUDODDGTXLVLFLQGHHTXLSR
8QDYH]HOOGHUGHO&2038RGLUHFWRUUHFLEDODVUHFRPHQGDFLRQHVGHO&$$7
HQHOUHDGH$7VWHKDUXQDSHWLFLQDOGHOHJDGRFRPSUDGRUGHODHVFXHOD
SDUDTXHVROLFLWHFRWL]DFLRQHVGHORVHTXLSRVTXHHVWQVLHQGRFRQVLGHUDGRV
\SRGUDQVHUUHFRPHQGDGRVHQXQDSU[LPDUHXQLQGH&2038FRQYRFDGD
SDUDUHYLVDUHO3(,
8QD YH] HO &2038 VH UHQD \ OOHJXH D XQD GHWHUPLQDFLQ VREUH OD
QHFHVLGDG GH XQ HTXLSR HO GLUHFWRU GH OD HVFXHOD R IXQFLRQDULR TXH OH
UHSUHVHQWD HQYLDU XQD SHWLFLQ D OD 6HFUHWDUD $VRFLDGD GH (GXFDFLQ
(VSHFLDOSDUDODDGTXLVLFLQGHOHTXLSRUHFRPHQGDGR/DSHWLFLQHVWDU
DFRPSDDGDGHODHYDOXDFLQ\UHFRPHQGDFLQGHO&$$7ODPLQXWDHQOD
TXHVHUHFRJHQORVDFXHUGRVGHO&2038\FRSLDGHODVFRWL]DFLRQHVGHO
HTXLSRREWHQLGDVSRUODHVFXHOD
D
LGHQWLILFDUVLHOHTXLSRHVWGLVSRQLEOHSDUDKDFHUOROOHJDUDOD
HVFXHODVROLFLWDQWH
E
DVLJQDU IRQGRV D OD HVFXHOD SDUD OD FRPSUD GHO HTXLSR QHFHVDULR
FRQIRUPHDODVFRWL]DFLRQHVSUHVHQWDGDV
F
FRPSUDU HO HTXLSR VROLFLWDGR D WUDYV GHO FRPSUDGRU GH OD 2ILFLQD
&HQWUDOXRWURGHELGDPHQWHDXWRUL]DGR
/D6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDOXWLOL]DUHQFDGDFDVRDTXHOPHFDQLVPR
TXHIDFLOLWHODFRPSUD\GLVSRQLELOLGDGGHOHTXLSRDVLVWLYRHQHOPHQRUWLHPSRSRVLEOH
82
3RU RWUD SDUWH FXDQGR H[LVWD FRQWURYHUVLD VREUH OD QHFHVLGDG GH XQ HTXLSR GH $7 OD
SURYLVLQRSRUWXQDGHVWHRODREOLJDFLQGHOD$JHQFLDGHSURYHHUORFXDOTXLHUDGHODV
SDUWHVSXHGHVROLFLWDUXQDUHXQLQGHPHGLDFLQRYLVWDDGPLQLVWUDWLYDSDUDOOHJDUDXQD
GHWHUPLQDFLQVREUHHOSDUWLFXODU
8VRGH(TXLSR$VLVWLYRHQHO+RJDU
/DGHWHUPLQDFLQGHTXHXQHTXLSRDVLVWLYRSURYLVWRSRUOD$JHQFLDGHEHVHUXWLOL]DGRHQHO
KRJDUHVXQDGHFLVLQLQGLYLGXDOL]DGDTXHSXHGHVHUWRPDGDSRUHO&2038FXDQGRVWH
FRQFOX\HTXHHVWRHVUHTXHULGRSDUDTXHHOHVWXGLDQWHUHFLEDXQDHGXFDFLQDSURSLDGD\
SXHGDSURJUHVDUKDFLDHOORJURGHVXVPHWDVHGXFDWLYDV(O&2038HYDOXDUWRGDVODV
RSFLRQHVTXHWLHQHGLVSRQLEOHVSDUDIDFLOLWDUHOSURJUHVRHGXFDWLYRGHOHVWXGLDQWH\HQFDVR
GHTXHGHWHUPLQHTXHHOXVRGHXQHTXLSRHQHOKRJDUHVLQGLVSHQVDEOHSDUDORJUDUGLFKR
SURJUHVRDVORKDUFRQVWDUHQODVPLQXWDVGHODUHXQLQGHO&2038HQODTXHVHOOHJDD
HVWDGHWHUPLQDFLQ(QHVWDVRFDVLRQHVHO&2038VHUUHVSRQVDEOHGHRULHQWDUDOSDGUH
VREUHVXVREOLJDFLRQHVUHODFLRQDGDVFRQHOEXHQXVR\SURWHFFLQGHOHTXLSRTXHKDFH
GLVSRQLEOH \ PDQWHQGU UHFLERV \ PHFDQLVPRV GH FRQWURO GLULJLGRV D JDUDQWL]DU OD
SURWHFFLQGHODSURSLHGDGSEOLFD
5HFRPHQGDFLRQHVGHHTXLSRGH$VLVWHQFLD7HFQROJLFDSRUSHUVRQDOTXHQRSHUWHQHFHDO
&$$7
(Q DTXHOORV FDVRV HQ TXH VH SUHVHQWH DQWH HO &2038 XQD HYDOXDFLQ FRQ
UHFRPHQGDFLRQHVGHHTXLSRDVLVWLYRTXHQRSURYLHQHQGHO&$$7VWHVROLFLWDUWLHPSR
SDUDUHIHULUHVWDUHFRPHQGDFLQGHHTXLSRDO&$$7GHVXUHJLQFRQHOSURSVLWRGHUHFLELU
DVHVRUDPLHQWR VREUH OD PLVPD 6HJQ VHD HO FDVR HO &$$7 SRGU YDOLGDU OD
UHFRPHQGDFLQ UHFLELGD VROLFLWDU LQIRUPDFLQ DGLFLRQDO DO SHUVRQDO HVFRODU VREUH HO
IXQFLRQDPLHQWRGHOHVWXGLDQWHSUHYLRDHPLWLUVXRSLQLQRVROLFLWDUDFFHVRDOHVWXGLDQWH
SDUDHYDOXDUOR
83
,QYHQWDULRGH(TXLSR
&DGDHVFXHODGHODFRPXQLGDGRFHQWURGHVHUYLFLRVHGXFDWLYRVHQGRQGHHVWQXELFDGRV
HVWXGLDQWHV FRQ LPSHGLPHQWRV PDQWHQGU XQ LQYHQWDULR GHO HTXLSR DVLVWLYR TXH VWRV
XWLOL]DQSURYLVWRSRUOD$JHQFLD(OLQYHQWDULRLQFOXLUHOQPHURGHSURSLHGDGDVLJQDGRDO
HTXLSR (VWH LQYHQWDULR VH DFWXDOL]DU SHULGLFDPHQWH \ FDGD DR DO FLHUUH GHO FXUVR
HVFRODUODVHVFXHODVHQYLDUQFRSLDGHOLQYHQWDULRGHHTXLSRDVLVWLYRTXHHVWEDMRVX
FXVWRGLDDOVXSHUYLVRUGHHGXFDFLQHVSHFLDOGHOGLVWULWRHVFRODU
84
75$163257$&,1
/DWUDQVSRUWDFLQHVXQRGHORVVHUYLFLRVUHODFLRQDGRVTXHSURYHHHO'HSDUWDPHQWRGH
(GXFDFLQ D DTXHOORV HVWXGLDQWHV FRQ LPSHGLPHQWRV HOHJLEOHV SDUD HVWH VHUYLFLR /D
WUDQVSRUWDFLQVHUHFRPLHQGDFXDQGRVHGHWHUPLQDTXHHOHVWXGLDQWHQRSRGUDDVLVWLUDOD
HVFXHODRFHQWURVGHVHUYLFLRVGRQGHKDVLGRXELFDGRSRUHO&2038GHQRSURYHUVHOHXQ
PHGLR GH WUDQVSRUWDFLQ GH DFXHUGR D VX QHFHVLGDG /D FRQVLGHUDFLQ GH HVWDV
QHFHVLGDGHVHVGHQDWXUDOH]DLQGLYLGXDOL]DGD
(O 'HSDUWDPHQWR GH (GXFDFLQ DFWXDOPHQWH SURYHH VHUYLFLRV GH WUDQVSRUWDFLQ D
HVWXGLDQWHVFRQLPSHGLPHQWRVDWUDYVGH
WUDQVSRUWDFLQHVFRODUUHJXODU
UHHPEROVRGHJDVWRVGHWUDQVSRUWDFLQ
3)
WUDQVSRUWDFLQSRUSRUWHDGRUHVSEOLFRVFRQWUDWDGRV
3DUD GHWHUPLQDU HOHJLELOLGDG SDUD VHUYLFLRV GH WUDQVSRUWDFLQ \ OD PRGDOLGDG D VHU
UHFRPHQGDGDGHEHQFRQVLGHUDUVHORVVLJXLHQWHVDVSHFWRV
QHFHVLGDGGHOVHUYLFLR
QDWXUDOH]D\VHYHULGDGGHOLPSHGLPHQWRGHOHVWXGLDQWH
GLVWDQFLDHQWUHODVHVFXHODVRFHQWURVGHVHUYLFLRV\HOKRJDUGHOHVWXGLDQWH
GLVSRQLELOLGDGGHOVHUYLFLRGHWUDQVSRUWDFLQSEOLFDHQHOUHDJHRJUILFD
FRQVLGHUDGD
(OVHUYLFLRGHWUDQVSRUWDFLQSXHGHQRVHUQHFHVDULRFXDQGR
ODHVFXHODRFHQWURDOTXHDVLVWHHOHVWXGLDQWHHVDTXHODOTXHDVLVWHQORV
HVWXGLDQWHVVLQLPSHGLPHQWRVGHVXFRPXQLGDG\ODVQHFHVLGDGHVGHVWHQR
LPSLGHQTXHDVLVWDDODHVFXHODHQLJXDOGDGGHFRQGLFLRQHVFRQORVGHPV
FRPSDHURV
85
ORVSDGUHVWUDQVSRUWDQRWURVKLMRVDODPLVPDHVFXHODXRWUDHQODPLVPDUXWD
RUHDJHRJUILFDSRUORFXDOODWUDQVSRUWDFLQGHOKLMRFRQLPSHGLPHQWRV
SXHGHVHURIUHFLGDDVWHSRUVXVSDGUHVHQLJXDOGDGGHFRQGLFLRQHVFRQORV
GHPVKLMRVGHOQFOHRIDPLOLDU
ORVSDGUHVWUDEDMDQHQHOUHDJHRJUILFDGRQGHHVWORFDOL]DGDODHVFXHOD
UHFRPHQGDGD \ VWRV SXHGHQ SURYHHU OD WUDQVSRUWDFLQ GHO KLMR FRQ
LPSHGLPHQWRVVLQLQFXUULUHQFRVWRVDGLFLRQDOHVTXHGHEDQVHUFRQVLGHUDGRV
3RURWUDSDUWHHOVHUYLFLRGHWUDQVSRUWDFLQSXHGHQRVHUUHFRPHQGDGRFXDQGR
HO&2038KDRIUHFLGRXQDXELFDFLQDSURSLDGDHQXQDHVFXHODGHOGLVWULWR
FHUFDQDDOKRJDU\ORVSDGUHVXQLODWHUDOPHQWHGHFLGHQXELFDUDOHVWXGLDQWH
HQRWUDHVFXHODPVGLVWDQWHGHQWURRIXHUDGHOGLVWULWRHVFRODUGHELGRD
FRQVLGHUDFLRQHVGHSUHIHUHQFLDRFRQYHQLHQFLDIDPLOLDU
/DGHWHUPLQDFLQGHODQHFHVLGDGGHOVHUYLFLRGHWUDQVSRUWDFLQEDMRODVFLUFXQVWDQFLDV
DQWHULRUPHQWH PHQFLRQDGDV DV FRPR HQ WRGD FLUFXQVWDQFLD HV GH QDWXUDOH]D
LQGLYLGXDOL]DGD (VWR JDUDQWL]D TXH VH WRPHQ HQ FXHQWD WRGRV ORV IDFWRUHV GH FDGD
VLWXDFLQ SDUWLFXODU SDUD OOHJDU D XQD GHFLVLQ VREUH VL OD $JHQFLD RIUHFHU R QR HVWH
VHUYLFLR
/DQHFHVLGDGGHVHUYLFLRVGHWUDQVSRUWDFLQVHUFRQVLGHUDGDHQHOPRPHQWRGHSUHSDUDU
HO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGR3XHGHVHUUHYLVDGDHQHOPRPHQWRHQTXHVH
GHWHUPLQHQHFHVDULRSHURSRUORPHQRVDQXDOPHQWHGXUDQWHFDGDUHYLVLQGH3(,)RUPD
SDUWHGHODSROWLFDSEOLFDGHODDJHQFLDUHODFLRQDGDFRQORVVHUYLFLRVGHWUDQVSRUWDFLQ
SDUDHVWXGLDQWHVFRQLPSHGLPHQWRVHOTXH
HOWLSRGHWUDQVSRUWDFLQUHFRPHQGDGDJXDUGHUHODFLQFRQODQDWXUDOH]D\
VHYHULGDGGHORVLPSHGLPHQWRVGHORVHVWXGLDQWHVGHPDQHUDTXHUHVSRQGD
DODVQHFHVLGDGHVSDUWLFXODUHVGHORVPLVPRV\IDFLOLWHODSDUWLFLSDFLQGHORV
HVWXGLDQWHVFRQLPSHGLPHQWRVVHYHURVHQODVFRPXQLGDGHVHVFRODUHVGHO
6LVWHPD
86
ORVHVWXGLDQWHVFRQLPSHGLPHQWRVXWLOLFHQODWUDQVSRUWDFLQHVFRODUUHJXODU
DOO GRQGH HVW GLVSRQLEOH VLHPSUH TXH VWD VH GHWHUPLQH DSURSLDGD HQ
DUPRQDFRQVXVQHFHVLGDGHVIDFLOLWDQGRODLQWHJUDFLQGHOHVWXGLDQWHFRQ
RWURVTXHQRWLHQHQLPSHGLPHQWRV
VHFRQVLGHUHODDOWHUQDWLYDGHUHHPEROVRGHJDVWRVGHWUDQVSRUWDFLQGH
PDQHUD TXH VLHPSUH TXH VHD SRVLEOH \ DSURSLDGR ORV HVWXGLDQWHV FRQ
LPSHGLPHQWRVVHEHQHILFLHQGHVHUWUDQVSRUWDGRVSRUVXVSDGUHVDVFRPR
GHOXVRGHODWUDQVSRUWDFLQSEOLFDUHJXODUORTXHFRQVWLWX\HXQRGHORV
REMHWLYRVGHODWUDQVLFLQGHODHVFXHODDODYLGDDGXOWD
6HUYLFLRVGH$VLVWHQWHHQOD7UDQVSRUWDFLQ
(O&2038SXHGHGHWHUPLQDUODQHFHVLGDGGHODSUHVHQFLDGHXQDVLVWHQWHHQHOYHKFXOR
GRQGHVHWUDQVSRUWDXQHVWXGLDQWHFRQLPSHGLPHQWRVFXDQGRUHVXOWDHYLGHQWHTXHHOQLRR
MRYHQQRSXHGHYLDMDUVLQODVXSHUYLVLQGHXQDGXOWRDGLFLRQDODOFKRIHUDQFXDQGRVH
XWLOLFHQPHGLGDVGHVHJXULGDGFRPRORVFLQWXURQHVRDVLHQWRVHVSHFLDOHVVLQTXHHVWR
UHSUHVHQWHXQULHVJRUHDODVXVHJXULGDGRDODVHJXULGDGGHRWURVHVWXGLDQWHVTXHOH
DFRPSDDQ
3DUDSURSVLWRVGHUHHPEROVRGHEHFDGHWUDQVSRUWDFLQHVLQGLVSHQVDEOHTXHHO&2038
KD\D GHWHUPLQDGR TXH HO QLR QR SXHGH YLDMDU VLQ DFRPSDDQWH SDUD TXH VWH OWLPR
FXDOLILTXHSDUDHOPLVPR3RURWUDSDUWHDOGHWHUPLQDUODFDQWLGDGGHOUHHPEROVRQRVH
FRQVLGHUDUDOSDGUHRPDGUHFRPRDFRPSDDQWHFXDQGRVWHFRQGXFHHOYHKFXORHQHO
FXDOWUDQVSRUWDDOHVWXGLDQWH
/RVUHHPEROVRVGHEHFDVGHWUDQVSRUWDFLQVHFDOFXODUQXWLOL]DQGRODVWDULIDVHVWDEOHFLGDV
SRUOD&RPLVLQGH6HUYLFLR3EOLFR
87
&XDOTXLHUVLWXDFLQLQGLYLGXDOTXHGHEDUHFLELUXQWUDWRGLIHUHQWHRSDUWLFXODUHQORTXH
DWDHDOVHUYLFLRGHWUDQVSRUWDFLQREHFDGHEHUVHUWUDGDDODDWHQFLQGHOD6HFUHWDUD
$VRFLDGDGH(GXFDFLQ(VSHFLDOPHGLDQWHFRPXQLFDFLQHVFULWDTXHGHVFULEDODVUD]RQHV
SRUODVFXDOHVGLFKRFDVRDPHULWDUHFLELUFRQVLGHUDFLQ\WUDWRH[FHSFLRQDO
3URFHGLPLHQWRSDUDVROLFLWDUODWUDQVSRUWDFLQ\RWUDVDFFLRQHVQHFHVDULDVUHODFLRQDGDV
FRQHOVHUYLFLR
8QDYH]VHGHWHUPLQDODHOHJLELOLGDGGHXQHVWXGLDQWHSDUDHOVHUYLFLRGHWUDQVSRUWDFLQ
HVWHVHUYLFLRVHLQFRUSRUDUDO3(,\VHVHJXLUHOSURFHGLPLHQWRTXHDTXVHGHVFULEH
(OIXQFLRQDULRGHVLJQDGRSRUHO&2038WUDPLWDUHOIRUPXODULR6ROLFLWXGGH6HUYLFLRVGH
7UDQVSRUWDFLQ((VHJQHOVHUYLFLRUHFRPHQGDGR
%HFDGH7UDQVSRUWDFLQ6HUHILHUHODVROLFLWXGDODHVFXHODGHODFRPXQLGDGHQOD
TXH VH XELFDU DO HVWXGLDQWH /D HVFXHOD VROLFLWDU ORV IRQGRV D OD 6HFUHWDUD
$VRFLDGDGH(GXFDFLQ(VSHFLDO\HPLWLUORVSDJRVVHJQFRUUHVSRQGD
7UDQVSRUWDFLQ5HJXODU6HUHILHUHODVROLFLWXGDODUHJLQHGXFDWLYDSDUDTXHVH
LQFOX\DDOHVWXGLDQWHHQODUXWDTXHFRUUHVSRQGD
7UDQVSRUWDFLQFRQ3RUWHDGRU3EOLFR6HUHILHUHODVROLFLWXGDODUHJLQHGXFDWLYD
SDUDTXHFRQWUDWHORVVHUYLFLRVQHFHVDULRV
(QORVFDVRVGHHVWXGLDQWHVTXHDVLVWHQDFHQWURVGHVHUYLFLRVTXHQRVRQHVFXHODVGHOD
FRPXQLGDGHOGLVWULWRHVFRODUDVLJQDUHOSDJRGHODEHFDDXQDHVFXHODORFDOL]DGDHQHO
UHDGHUHVLGHQFLDGHOHVWXGLDQWH
88
6HUYLFLRVD1LRVGH(GDG3UHHVFRODU
7UDQVLFLQGHO3URJUDPDGH,QIDQWHVGHO'HSDUWDPHQWRGH6DOXG3DUWH&GHOD/H\
,'($DO3URJUDPDGH(GXFDFLQ(VSHFLDOGHO'HSDUWDPHQWRGH(GXFDFLQ3DUWH%
GHOD/H\,'($
/D/H\GHGHMXQLRGHHVWDEOHFHTXHHO'HSDUWDPHQWRGH6DOXGHVOD
DJHQFLDOGHUUHVSRQVDEOHGHODSURYLVLQGHVHUYLFLRVGH,QWHUYHQFLQ7HPSUDQDD
QLRV GHVGH VX QDFLPLHQWR KDVWD ORV DRV LQFOXVLYH 3RU VX SDUWH HO
'HSDUWDPHQWR GH (GXFDFLQ HV OD DJHQFLD OGHU UHVSRQVDEOH GH SURYHHU XQD
HGXFDFLQDSURSLDGDDQLRV\MYHQHVHQWUHORV\ORVDRVLQFOXVLYH
/DOHJLVODFLQYLJHQWHUHTXLHUHTXHVHJDUDQWLFHXQDWUDQVLFLQHIHFWLYDHQWUHORV
VHUYLFLRV TXH VH RIUHFHQ PHGLDQWH HO 3URJUDPD GH ,QIDQWHV \ DTXHOORV D VHU
RIUHFLGRV SRU HO 'HSDUWDPHQWR GH (GXFDFLQ GH GHWHUPLQDUVH TXH HO QLR HV
HOHJLEOH SDUD ORV PLVPRV (VWR UHTXLHUH TXH OD WUDQVLFLQ VHD XQ SURFHVR
SODQLILFDGR TXH DVHJXUH OD GHWHUPLQDFLQ GH HOHJLELOLGDG SDUD ORV VHUYLFLRV GHO
3URJUDPDGH(GXFDFLQ(VSHFLDOODFRQVLGHUDFLQGHODVQHFHVLGDGHVGHOQLROD
SUHSDUDFLQGHO3(,\ODFRRUGLQDFLQGHORVVHUYLFLRVTXHVHOHRIUHFHUQDVWHD
SDUWLU GH VX HU FXPSOHDRV (Q HVWH SURFHVR VH FRQVLGHUDU DGHPV OD
RULHQWDFLQDORVSDGUHVVREUHODVDOWHUQDWLYDV\RSFLRQHVGHVHUYLFLRSDUDHOQLR
GHHGDGSUHHVFRODU
/RVSURFHGLPLHQWRVHVSHFILFRVDLPSODQWDUVHSDUDDVHJXUDUODWUDQVLFLQHIHFWLYD
HQWUH DPERV SURJUDPDV VH HVWDEOHFHQ HQ HO &RQYHQLR ,QWHUDJHQFLDO HQWUH HO
'HSDUWDPHQWRGH6DOXG\HO'HSDUWDPHQWRGH(GXFDFLQ
$&RQVLGHUDFLRQHVGHO3URFHVRGH7UDQVLFLQ
-
(OSURFHVRGHWUDQVLFLQGHEHULQLFLDUVHQRPVWDUGHGHGDVDQWHVGHTXH
HOQLRFXPSODORVDRV/DVDJHQFLDVKDQDFRUGDGRFRPHQ]DUHVWHSURFHVR
DSDUWLUGHOGRFXPSOHDRVGHOQLR
89
7DQWR HO 'HSDUWDPHQWR GH 6DOXG FRPR HO 'HSDUWDPHQWR GH (GXFDFLQ
DVHJXUDUQ OD SDUWLFLSDFLQ GHO SHUVRQDO FRQFHUQLGR HQ ODV UHXQLQHV GH
SODQLILFDFLQGHOSURFHVRGHWUDQVLFLQ
2WUDV DJHQFLDV TXH SURYHHQ VHUYLFLRV D QLRV GH HGDG SUHHVFRODU SXHGHQ
SDUWLFLSDUGHOSURFHVRGHWUDQVLFLQVHJQVHDDSURSLDGR
&RPRSDUWHGHOSURFHVRGHWUDQVLFLQ\XQDYH]GHWHUPLQDGDODHOHJLELOLGDGGHO
QLR SDUD VHUYLFLRV GH HGXFDFLQ HVSHFLDO VH SUHSDUDU HO 3(, GH VWH
FRQVLGHUDQGRVXVQHFHVLGDGHV
(QHOFDVRGHORVQLRVTXHFXPSOHQDRVGXUDQWHHOYHUDQRHO&RPLWGH
3URJUDPDFLQ\8ELFDFLQGHWHUPLQDUODIHFKDGHOFRPLHQ]RGHORVVHUYLFLRV
GLVSXHVWRV HQ HO 3(, R HO 3,6) D QR VHU TXH VH KD\DQ UHFRPHQGDGR ORV
VHUYLFLRVGHDRHVFRODUH[WHQGLGR\VHOHRIUH]FDQGXUDQWHHVWHSHULRGR
%
2WUDV&RQVLGHUDFLRQHV*HQHUDOHVHQHO2IUHFLPLHQWRGH6HUYLFLRVD1LRVGH(GDG
3UHHVFRODU
/DGHWHUPLQDFLQGHHOHJLELOLGDGSUHSDUDFLQGH3(,\XELFDFLQHQVHUYLFLRVGH
HGXFDFLQ HVSHFLDO SDUD QLRV GH HGDG SUHHVFRODU VH ULJHQ SRU ORV
SURFHGLPLHQWRVHVWDEOHFLGRVHQHVWH0DQXDOSDUDGLFKRVSURSVLWRV
90
$OFRQVLGHUDUODVDOWHUQDWLYDVGHVHUYLFLRVSDUDORVQLRVGHHGDGSUHHVFRODUVH
GHEHU WRPDU HQ FXHQWD TXH ODV QHFHVLGDGHV SDUWLFXODUHV GH VWRV VRQ GH
QDWXUDOH]DGLYHUVDSRUORTXHORVVHUYLFLRVDVHUSURYLVWRVSXHGHQYDULDUHQ
FXDQWRDOWLSRODIUHFXHQFLD\ODH[WHQVLQ
-
2WURVSURJUDPDVTXHRIUHFHQVHUYLFLRVDQLRVGHHGDGSUHHVFRODUWDOHVFRPR
3URJUDPDGH&XLGR\'HVDUUROOR\3URJUDPD+HDG6WDUWSXHGHQVHUDOWHUQDWLYDV
DSURSLDGDVSDUDVWRV/DOH\HVWDWDOYLJHQWHHVWDEOHFHTXHHO'HSDUWDPHQWRGH
OD )DPLOLD FRODERUD FRQ HO 'HSDUWDPHQWR GH (GXFDFLQ HQ OD SURYLVLQ GH
VHUYLFLRVDQLRVGHHGDGSUHHVFRODUPHGLDQWHORVSURJUDPDVTXHRSHUDQEDMROD
$GPLQLVWUDFLQ GH )DPLOLDV \ 1LRV 3DUD WDOHV HIHFWRV DPEDV DJHQFLDV
PDQWHQGUQXQDFXHUGRLQWHUDJHQFLDO
91
D\XGDUDOHVWXGLDQWH\VXIDPLOLDDSHQVDUVREUHHOIXWXUR\DFRQVLGHUDUORTXH
VWHGHVHDKDFHUXQDYH]FRPSOHWHODHVFXHOD
SODQLILFDUHQFRQMXQWRSDUDKDFHUTXHODVH[SHULHQFLDVHVFRODUHVVHUHODFLRQHQ
GLUHFWDPHQWHFRQODYLVLQGHOIXWXURGHOHVWXGLDQWH\ORVUHVXOWDGRVHVSHUDGRV
DXPHQWDUODVRSRUWXQLGDGHVGH[LWRGHOHVWXGLDQWHHQVXYLGDSRVWHVFRODU
(O'HSDUWDPHQWRGH(GXFDFLQKDHVWDEOHFLGRXQ$FXHUGR,QWHUDJHQFLDOGH7UDQVLFLQSDUD
IDFLOLWDUHVWHSURFHVR\HVWDEOHFHUHODOFDQFHGHODVUHVSRQVDELOLGDGHVGHFDGDDJHQFLD
LQYROXFUDGD$GHPVGHODDJHQFLDHGXFDWLYDFRODERUDQGHPDQHUDSULQFLSDOHQHVWH
HVIXHU]ROD$GPLQLVWUDFLQGH5HKDELOLWDFLQ9RFDFLRQDO\HO'HSDUWDPHQWRGHO7UDEDMR/D
IRUPDHQTXHHVWDVDJHQFLDVFRODERUDUQSDUDIDFLOLWDUODWUDQVLFLQGHOHVWXGLDQWHDSDUHFH
GHVFULWDHQHOGRFXPHQWRLQWHUDJHQFLDO0DQXDOGH7UDQVLFLQGHOD(VFXHODDO0XQGRGHO
(PSOHRGLVSRQLEOHDWUDYVGHOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO\GLVWULWRV
HVFRODUHV
92
/DV$FWLYLGDGHV&RRUGLQDGDVSDUDORV6HUYLFLRVGH7UDQVLFLQGHEHQ
D
HVWDUEDVDGDVHQODVQHFHVLGDGHVGHOHVWXGLDQWHWHQLHQGRHQFXHQWDVXV
LQWHUHVHV\SUHIHUHQFLDV
E
(VWDVUHDVSXHGHQH[SOLFDUVHGHODVLJXLHQWHPDQHUD
,QVWUXFFLRQDOGHVDUUROORGHFRQRFLPLHQWRVJHQHUDOHV\GHVWUH]DVDFDGPLFDV
UHODFLRQDGDVFRQODVPHWDVSRVWHVFRODUHV
6HUYLFLRV5HODFLRQDGRVVHUYLFLRVHVSHFLDOL]DGRVRGHDSR\RTXHUHTXLHUHHO
HVWXGLDQWH SDUD EHQHILFLDUVH GH OD HGXFDFLQ HVSHFLDO HQ HVWD HWDSD GH
WUDQVLFLQ
([SHULHQFLDV HQ OD FRPXQLGDG GHVDUUROOR GH GHVWUH]DV SDUD XWLOL]DU
HIHFWLYDPHQWHORVUHFXUVRVGLVSRQLEOHVHQODFRPXQLGDG\GHVHPSHDUVHHQ
VWDFRQHIHFWLYLGDG
([SHULHQFLDV GH HPSOHR \ YLGD DGXOWD GHVDUUROOR GH GHVWUH]DV IXQFLRQDOHV
GLULJLGDVDFDSDFLWDUDOHVWXGLDQWHSDUDREWHQHU\PDQWHQHUXQHPSOHR\RWUDV
GHVWUH]DVSDUDODYLGDDGXOWD
9LGDLQGHSHQGLHQWHGHVDUUROORGHGHVWUH]DVIXQFLRQDOHV\RWUDVQHFHVDULDVSDUD
GHVHPSHDUVHHQODYLGDGLDULD
(YDOXDFLQ9RFDFLRQDOSURFHVRTXHSURYHHLQIRUPDFLQVREUHORVLQWHUHVHV
DSWLWXGHV\GHVWUH]DVGHOHVWXGLDQWHUHODFLRQDGDVFRQHOPXQGRGHOWUDEDMR
93
/DSUHSDUDFLQGHO3(,TXHLQFOX\HVHUYLFLRVGHWUDQVLFLQVLJXHORVPLVPRV
SURFHGLPLHQWRV\DH[SXHVWRVWHQLHQGRHQFXHQWDORVLJXLHQWH
D
(QODUHXQLQSDUDODSUHSDUDFLQGHO3(,GRQGHVHLQFOXLUXQDGHFODUDFLQGHODV
QHFHVLGDGHVGHVHUYLFLRVGHWUDQVLFLQFXDQGRHOHVWXGLDQWHFXPSOHDRVR
DQWHVGHVHUDSURSLDGRRHQXQDUHXQLQFX\RSURSVLWRHVODSODQLILFDFLQGHORV
VHUYLFLRV GH WUDQVLFLQ FXDQGR HO HVWXGLDQWH FXPSOH DRV R DQWHV GH VHU
DSURSLDGRGHEHSDUWLFLSDUHOHVWXGLDQWHSDUDHOFXDOVHSODQLILFDQORVVHUYLFLRVVXV
SDGUHV\DSDUWLUGHORVDRVSHUVRQDOGHDTXHOODVDJHQFLDVTXHSRGUDQHVWDU
LQYROXFUDGDV HQ OD SURYLVLQ GH DOJXQR GH ORV VHUYLFLRV QHFHVDULRV VHJQ VHD
DSURSLDGR$GHPVSXHGHQDVLVWLURWUDVSHUVRQDVDVROLFLWXGGHORVSDGUHV\OD
DJHQFLDSDUDTXHFRODERUHQHQHOSURFHVR
E
$ SDUWLU GH TXH HO MRYHQ FXPSOD ORV DRV OD QRWLILFDFLQ TXH VH HQYD D ORV
SDGUHVLQYLWQGRORVDODUHXQLQGHEHLQFOXLUHOSURSVLWRGHODPLVPDHVWDEOHFLHQGR
TXH HQ VWD VH FRQVLGHUDUQ ORV VHUYLFLRV GH WUDQVLFLQ QHFHVDULRV SDUD HO
HVWXGLDQWH'HEHDGHPVLQGLFDUTXHODDJHQFLDLQYLWDDOHVWXGLDQWHDSDUWLFLSDUGH
GLFKDUHXQLQHLGHQWLILFDUFXDOTXLHURWUDDJHQFLDDODTXHVHOHVROLFLWDUTXHHQYH
XQUHSUHVHQWDQWH
F
VL HO HVWXGLDQWH QR DVLVWH OD DJHQFLD SEOLFD GHEHU DVHJXUDUVH TXH ODV
SUHIHUHQFLDVHLQWHUHVHVGHOHVWXGLDQWHVHDQFRQVLGHUDGDV
G
VLXQDDJHQFLDLQYLWDGDQRHQYDXQUHSUHVHQWDQWHDODUHXQLQHO'HSDUWDPHQWRGH
(GXFDFLQ GHEHU WRPDU RWUDV PHGLGDV SDUD REWHQHU OD SDUWLFLSDFLQ GH GLFKD
DJHQFLDHQODSODQLILFDFLQGHORVVHUYLFLRVGHWUDQVLFLQ
6LXQDDJHQFLDSDUWLFLSDQWHQRSURYHHORVVHUYLFLRVGHWUDQVLFLQVHJQDFRUGDGRHQHO3(,
GHOHVWXGLDQWHHO'HSDUWDPHQWRGH(GXFDFLQLQLFLDUORDQWHVSRVLEOHXQDUHXQLQFRQHO
SURSVLWRGHLGHQWLILFDUHVWUDWHJLDV\DOWHUQDWLYDVSDUDDOFDQ]DUODVPHWDVGHWUDQVLFLQ\GH
VHUQHFHVDULRUHYLVDUHO3(,GHOHVWXGLDQWH1DGDHQHVWDSDUWHUHOHYDDQLQJXQDDJHQFLD
94
1RUPDVJHQHUDOHVSDUDODSUHVWDFLQGHVHUYLFLRVSUHYRFDFLRQDOHV
6HGHQRPLQDIDVHSUHYRFDFLRQDODTXHOODHQODFXDOHOHVWXGLDQWHH[SORUDGHVDUUROOD
DFWLWXGHV\KELWRVDVFRPRKDELOLGDGHV\GHVWUH]DVSDUDPDQLSXODUFRQVHJXULGDG
XQDYDULHGDGGHHTXLSRVKHUUDPLHQWDV\PDWHULDOHVTXHORFDSDFLWDQSDUDLQJUHVDU
DXQDGLHVWUDPLHQWRYRFDFLRQDO
95
D &XDQGRXQHVWXGLDQWHFRQLPSHGLPHQWRVVHDSUR[LPDDORVDRVGHHGDGOD
DOWHUQDWLYDGHUHFLELUVHUYLFLRVGHHGXFDFLQHVSHFLDODWUDYVGHXQFHQWURGH
VHUYLFLRVSUHYRFDFLRQDOHVSXHGHVHUGLVFXWLGDHQHO&2038FRPRSDUWHGHODV
RSFLRQHVDVHUFRQVLGHUDGDVGHDFXHUGRDOIXQFLRQDPLHQWRGHOHVWXGLDQWHVXV
QHFHVLGDGHV HGXFDWLYDV VXV H[SHFWDWLYDV DFDGPLFDV \ VXV LQWHUHVHV
SDUWLFXODUHV7RGDGHWHUPLQDFLQGHXELFDFLQGHXQHVWXGLDQWHHQXQFHQWURGH
VHUYLFLRVSUHYRFDFLRQDOHVGHEHUVHUHOUHVXOWDGRGHXQDQOLVLVGHORDQWHULRU
FRQVLGHUDQGRHOUHTXLVLWRGHDOWHUQDWLYDPHQRVUHVWULFWLYD
/RV 3URJUDPDV (GXFDWLYRV ,QGLYLGXDOL]DGRV GH ORV HVWXGLDQWHV XELFDGRV HQ
FHQWURVGHVHUYLFLRVSUHYRFDFLRQDOHVSRGUQLQFOXLUVHJQVHKD\DGHWHUPLQDGR
DSURSLDGR OD SDUWLFLSDFLQ GH VWRV HQ FXUVRV UHJXODUHV GH HFRQRPD
GRPVWLFD DUWHV LQGXVWULDOHV \ RWURV FXUVRV DFDGPLFRV R YRFDFLRQDOHV
GLVSRQLEOHVHQHOSODQWHOHVFRODU
E (OVXSHUYLVRUGH]RQDGHHGXFDFLQHVSHFLDORODSHUVRQDGHVLJQDGDGHOGLVWULWR
HVFRODUVHUUHVSRQVDEOHGHOOHYDUDFDERODFRRUGLQDFLQFRUUHVSRQGLHQWHSDUD
ODXELFDFLQGHOHVWXGLDQWHHQHVWRVVHUYLFLRV
F 6LHOGLVWULWRHVFRODUGRQGHUHVLGHHOHVWXGLDQWHQRFXHQWDFRQORVVHUYLFLRVSUH
YRFDFLRQDOHVTXHVWHQHFHVLWDHOVXSHUYLVRUGH]RQDRODSHUVRQDGHVLJQDGD
GHOGLVWULWRHVFRODUKDUODVJHVWLRQHVDGPLQLVWUDWLYDVSHUWLQHQWHVSDUDORFDOL]DU
HO GLVWULWR PV FHUFDQR TXH FXHQWH FRQ GLFKRV VHUYLFLRV \ FRRUGLQDU VX
XELFDFLQ HQ HO PLVPR $GHPV GRQGH QR H[LVWDQ FHQWURV VH H[SORUDU OD
SRVLELOLGDG GH GLVHDU VHUYLFLRV SUHYRFDFLRQDOHV LQWHJUDGRV SURYLVWRV SRU
PDHVWURVDFDGPLFRVGHHGXFDFLQHVSHFLDO\PDHVWURVUHJXODUHVGHOUHDGH
HFRQRPDGRPVWLFD\DUWHVLQGXVWULDOHVVHJQVHDIDFWLEOH\DSURSLDGR
8ELFDFLQHQFHQWURVGHVHUYLFLRVSUHYRFDFLRQDOHV
(VWDDOWHUQDWLYDGHVHUYLFLRVSRGUEHQHILFLDUDHVWXGLDQWHVFRQLPSHGLPHQWRVD
SDUWLU GH ORV DRV GH HGDG 'DGD OD QDWXUDOH]D GH ODV WDUHDV HGXFDWLYDV
96
FRPSUHQGLGDVHQHVWDDOWHUQDWLYDHVQHFHVDULRTXHHOHVWXGLDQWHKD\DDOFDQ]DGR
FLHUWRJUDGRGHPDGXUH]VRFLDO\HPRFLRQDO3RUHVWDUD]QQRVHUHFRPLHQGDOD
XELFDFLQHQHVWDDOWHUQDWLYDDQWHVGHHVWDHGDGVDOYRHQFDVRVH[FHSFLRQDOHV
D
&DGDFHQWURSUHYRFDFLRQDOHVWDUFRQVWLWXLGRFRQXQDPDWUFXODPQLPDGH
HVWXGLDQWHV(OFHQWURFRQWDUFRQVHUYLFLRVGHHFRQRPDGRPVWLFD
DUWHV LQGXVWULDOHV R DJULFXOWXUD YRFDFLRQDO \ VHUYLFLRV DFDGPLFRV GH
HGXFDFLQHVSHFLDO
(O PDHVWUR GHO UHD DFDGPLFD SURYHHU LQVWUXFFLQ D WRQR FRQ ODV
QHFHVLGDGHVGHORVHVWXGLDQWHVLQWHJUDQGRORVFRQFHSWRVGHODVFODVHVGH
DUWHVLQGXVWULDOHV\HFRQRPDGRPVWLFD(OGLUHFWRUGHODHVFXHODGLVSRQGU
GHWRGRVORVUHFXUVRVTXHRIUHFHVXHVFXHODDHVWXGLDQWHVGHOSURJUDPD
UHJXODUSDUDRIUHFHUORVHQLJXDOGDGGHFRQGLFLRQHVDORVHVWXGLDQWHVFRQ
LPSHGLPHQWRV
E
6HHVSHUDTXHHOHVWXGLDQWHUHFLEDVHUYLFLRVHQODIDVHSUHYRFDFLRQDOSRUHO
SHULRGRGHWLHPSRQHFHVDULRSDUDGHVDUUROODUODVFRPSHWHQFLDVPQLPDVSDUD
XELFDUORHQODIDVHYRFDFLRQDORFXSDFLRQDO/DXELFDFLQHQHVWRVVHUYLFLRV
SUHYRFDFLRQDOHVSRURWUDSDUWHQRJDUDQWL]DHOTXHHOHVWXGLDQWHORJUHODV
GHVWUH]DV QHFHVDULDV SDUD HQWUDU HQ OD IDVH YRFDFLRQDO (O SURJUHVR GHO
HVWXGLDQWHKDFLDHOORJURGHHVWDPHWDGHEHVHUFRQWLQXDPHQWHDQDOL]DGRHQ
HO&2038
%3UHVWDFLQGH6HUYLFLRVHQOD)DVH9RFDFLRQDO
/D )DVH 9RFDFLRQDO DVSLUD D DOFDQ]DU ORV SURSVLWRV HGXFDWLYRV GH ORV MYHQHV FRQ
LPSHGLPHQWRVDWUDYVGHOGHVDUUROORGHODVGHVWUH]DVEVLFDVDFDGPLFDVLQWHJUDGDVD
ODVGHVWUH]DVRFXSDFLRQDOHV
97
1RUPDVJHQHUDOHVSDUDODSUHVWDFLQGHVHUYLFLRVHQODIDVHYRFDFLRQDO
D
(O 'HSDUWDPHQWR GH (GXFDFLQ D WUDYV GH XQD UHXQLQ GH &2038
SURYHHU DO SDGUH \ DO HVWXGLDQWH RULHQWDFLQ IRUPDO DFHUFD GH ODV
DOWHUQDWLYDV\SURJUDPDVGLVSRQLEOHVHQHOUHDYRFDFLRQDO(ORULHQWDGRUGH
ODHVFXHODWHQGUDFDUJRHVDIXQFLQ(VWHSURFHVRVHOOHYDUDFDERXQ
DRDQWHVGHODIHFKDSUR\HFWDGDSDUDHJUHVDUGHOVHUYLFLRSUHYRFDFLRQDO\
HQWRGRFDVRQRPVWDUGHGHOFRPLHQ]RGHOQRYHQRJUDGRSDUDHVWXGLDQWHV
LQWHJUDGRV
E
'HQWURGHOOWLPRDRGHHGXFDFLQSUHYRFDFLRQDO\HQWRGRFDVRQRPV
WDUGHGHOFRPLHQ]RGHOQRYHQRJUDGRWRGRHVWXGLDQWHFRQLPSHGLPHQWRV
VHUHYDOXDGRSDUDGHWHUPLQDUVXVLQWHUHVHVYRFDFLRQDOHV
F
/RV UHVXOWDGRV GH HVWDV HYDOXDFLRQHV VH HPSOHDUQ SDUD GHWHUPLQDU OD
XELFDFLQGHOHVWXGLDQWHLQFOX\HQGRODFRQVLGHUDFLQGHFXUVRVYRFDFLRQDOHV
GHVXLQWHUVSDUDRIUHFHUOHORVVHUYLFLRVGHDSR\RTXHVWHUHTXLHUDSDUD
WHQHU[LWRHQHOSURJUDPD\SDUDLGHQWLILFDURWUDVQHFHVLGDGHVHVSHFLDOHV
SUHVHQWHVHQHOHVWXGLDQWH
G
(QODVVROLFLWXGHVGHDGPLVLQDHVFXHODVYRFDFLRQDOHVGHHVWXGLDQWHVTXH
UHFLEHQ VHUYLFLRV GH HGXFDFLQ HVSHFLDO \ TXH VRQ SDUWH GH OD FRUULHQWH
UHJXODUQRVHXWLOL]DUHOSURPHGLRDFDGPLFRFRPRFULWHULRGHDGPLVLQ
3DUDHYDOXDUHVWDVVROLFLWXGHVVHFRQVLGHUDUWRGDODLQIRUPDFLQGLVSRQLEOH
HQ HO H[SHGLHQWH DFXPXODWLYR \ GH HGXFDFLQ HVSHFLDO LQFOX\HQGR ORV
UHVXOWDGRVGHHYDOXDFLRQHVSVLFROJLFDVVLFRPWULFDVHGXFDWLYDVIRUPDOHVH
LQIRUPDOHVLQYHQWDULRGHLQWHUHVHVREVHUYDFLRQHVGHORVPDHVWURV\DTXHOOD
LQIRUPDFLQTXHSXHGDREWHQHUVHDWUDYVGHHQWUHYLVWDVFRQORVFDQGLGDWRV
\FRQVXVSDGUHVVHJQVHGHWHUPLQHDSURSLDGR
H
&XDQGR XQ HVWXGLDQWH TXH UHFLEH VHUYLFLRV GH HGXFDFLQ HVSHFLDO VHD
DGPLWLGR HQ XQ FHQWUR R HVFXHOD YRFDFLRQDO \ QR SXHGD GHVDUUROODU OD
WRWDOLGDGGHODVGHVWUH]DVTXHHOFXUVRUHTXLHUHRDSUREDUORVH[PHQHVGH
DFUHGLWDFLQVWHUHFLELUXQFHUWLILFDGRGHKRUDVGHDGLHVWUDPLHQWRUHFLELGDV
TXH GH DFXHUGR D ODV GHVWUH]DV GHVDUUROODGDV OR FHUWLILTXHQ SDUD
98
GHVHPSHDUVHFRPRDVLVWHQWHHQHOFDPSRRFXSDFLRQDOFRUUHVSRQGLHQWH
I
$WRGRHVWXGLDQWHGHHGXFDFLQHVSHFLDOTXHUHTXLHUDWLHPSRDGLFLRQDOSDUD
FRPSOHWDUORVUHTXLVLWRVGHJUDGXDFLQHQXQFXUVRYRFDFLRQDOSDUWLFXODUVH
OHFRQFHGHUWLHPSRDGLFLRQDOSDUDFRQFOXLUHOPLVPR
0RGHORGHVHUYLFLRVSDUDODIDVHRFXSDFLRQDO
&DGDHVWXGLDQWHFRQLPSHGLPHQWRVTXHVHXELTXHHQODIDVHRFXSDFLRQDOVHJXLUHO
PRGHORGHVHUYLFLRVTXHVHDSOLTXHDVXFDVRWDOHVFRPR
D
E
3URJUDPDVYRFDFLRQDOHVLQWHJUDGRVFRQODD\XGDGHPDHVWURUHFXUVRSDUD
ODVUHDVGHPDWHULDVDFDGPLFDVUHODFLRQDGDVFRQHORILFLRHQSDUWLFXODU
(Q HVWH PRGHOR ORV HVWXGLDQWHV UHFLELUQ VXV FODVHV DFDGPLFDV FRQ
PDHVWURVGHHGXFDFLQHVSHFLDO
F
$GLHVWUDPLHQWRVYRFDFLRQDOHVDJUXSRVGHHGXFDFLQHVSHFLDOGHQWURGHODV
IDFLOLGDGHVGHHVFXHODVYRFDFLRQDOHV(QHVWHPRGHORVHDVLJQDQPDHVWURV
YRFDFLRQDOHV\PDHVWURVGHHGXFDFLQHVSHFLDOSDUDODDWHQFLQGHMYHQHV
FRQLPSHGLPHQWRV
G
(VFXHODV9RFDFLRQDOHVGHUHD
(VFXHODV6XSHULRUHV9RFDFLRQDOHV
(VFXHODV6XSHULRUHVFRQ2IUHFLPLHQWRV9RFDFLRQDOHV
&HQWURV9RFDFLRQDOHV(VSHFLDOHV
&ROHJLRV7HFQROJLFRV
99
6HUYLFLRVHVSHFLDOHVGHFRQVHMHUDHQODIDVHYRFDFLRQDO
7RGR HVWXGLDQWH PDWULFXODGR HQ HGXFDFLQ YRFDFLRQDO UHFLELU VHUYLFLRV GH
FRQVHMHUDGLVHDGRVSDUDIDFLOLWDUODWUDQVLFLQGHODHVFXHODDOPXQGRGHOWUDEDMR\
DORVQLYHOHVSRVWVHFXQGDULRV$GHPVHO'HSDUWDPHQWRGH(GXFDFLQRUJDQL]DU
DFWLYLGDGHVTXHHVWDUQDFDUJRGHFRQVHMHURVFRQGXFHQWHVDRULHQWDUDOHVWXGLDQWH
HQODVDOWHUQDWLYDVH[LVWHQWHVHQHOPHUFDGRGHWUDEDMRSDUDVXRILFLR
3URFHVRGHHYDOXDFLQ
(O'HSDUWDPHQWRGH(GXFDFLQOOHYDUDFDERXQSURFHVRGHHYDOXDFLQDWRGR
HVWXGLDQWHFRQLPSHGLPHQWRVLQWHUHVDGRHQUHFLELUHGXFDFLQYRFDFLRQDOVWHVH
UHDOL]DUGXUDQWHHOSULPHUVHPHVWUHGHODRDFDGPLFRDQWHULRUDDTXHOHQTXHVH
HVSHUDTXHHOHVWXGLDQWHLQJUHVHDOSURJUDPDYRFDFLRQDO(OSURFHVRGHHYDOXDFLQ
LQFOXLULQIRUPDFLQREWHQLGDDWUDYVGH
D
GLDJQVWLFRHGXFDWLYRGHOHVWXGLDQWHUHDOL]DGRSRUORVPDHVWURVDFDUJR
E
HYDOXDFLQGHODVGHVWUH]DVSUHYRFDFLRQDOHVGHOHVWXGLDQWHGHDFXHUGRDO
FXUVRYRFDFLRQDOGHVXLQWHUV
F
G
HQWUHYLVWDLQGLYLGXDOFRQHOHVWXGLDQWHSRUHORULHQWDGRU\DGPLQLVWUDFLQGH
SUXHEDVHLQYHQWDULRVGHLQWHUHVHV
H
HQWUHYLVWDFRQORVSDGUHVSRUHORULHQWDGRU
I
HYDOXDFLRQHVGLVSRQLEOHV
-
+LVWRULDOGH'HVDUUROOR
(YDOXDFLQGHOLPSHGLPHQWR
(YDOXDFLQHGXFDWLYD,QIRUPH$FDGPLFR
2WUDV
/RVUHVXOWDGRVGHODVHYDOXDFLRQHVVHXWLOL]DUQSRUHO&2038SDUD
D
)DFLOLWDU OD XELFDFLQ GHO HVWXGLDQWH HQ XQ SURJUDPD GH VX LQWHUV HQ
DUPRQDFRQVXVFDSDFLGDGHV
100
E
5HYLVDUHO3(,DWRQRFRQORVREMHWLYRVRFXSDFLRQDOHVFRQODSDUWLFLSDFLQGHO
PDHVWURYRFDFLRQDOHOHVWXGLDQWH\VXVSDGUHV(VWDUHYLVLQHVWDUGLULJLGD
DLQFRUSRUDUDO3(,ORVVHUYLFLRVYRFDFLRQDOHVVHJQVHDDSURSLDGR\RWURV
VHUYLFLRVTXHSURSLFLHQODWUDQVLFLQGHOHVWXGLDQWHDOPXQGRGHOWUDEDMR\RDO
QLYHOSRVWVHFXQGDULR
F
,GHQWLILFDU H LQGLFDU HQ HO 3(, ORV VHUYLFLRV UHODFLRQDGRV TXH UHTXLHUH HO
HVWXGLDQWH DGHPV GH VHUYLFLRV HVSHFLDOHV WDOHV FRPR DGDSWDFLQ GHO
FXUUFXORDGDSWDFLQGHHTXLSRPDWHULDOHV\IDFLOLGDGHVGLVHDGDVSDUDTXH
HOHVWXGLDQWHSXHGDEHQHILFLDUVHGHOSURJUDPDGHHGXFDFLQYRFDFLRQDO
G
&RQIRUPH D OR TXH GLVSRQJD HO 3(, UHYLVDGR HO VXSHUYLVRU GH ]RQD GH
HGXFDFLQHVSHFLDOOOHYDUDFDERODFRRUGLQDFLQFRUUHVSRQGLHQWHSDUDHO
RIUHFLPLHQWRGHORVVHUYLFLRV\ODXELFDFLQTXHVHKD\DGLVSXHVWRHQHO3(,
/D HGXFDFLQ YRFDFLRQDO VH OH EULQGDU DO HVWXGLDQWH DO OOHJDU DO GFLPR
JUDGRHQORVFDVRVGHHVWXGLDQWHVLQWHJUDGRV3DUDORVQRLQWHJUDGRVVWD
VH OH RIUHFHU FXDQGR VH GHWHUPLQH TXH KD GHVDUUROODGR ODV GHVWUH]DV
PQLPDVSDUDSDVDUDODIDVHYRFDFLRQDO
'HUHFKRDVHUFRQVLGHUDGR
-
7RGRHVWXGLDQWHFRQLPSHGLPHQWRVTXHVROLFLWHDGPLVLQDXQSURJUDPDRFXUVR
YRFDFLRQDOWLHQHGHUHFKRDTXHVXVROLFLWXGVHDFRQVLGHUDGD(QLJXDOGDGGH
FRQGLFLRQHVFRQORVHVWXGLDQWHVTXHQRWLHQHQLPSHGLPHQWRVVHHVWDEOHFHTXH
QRKD\JDUDQWDVDEVROXWDVGHDFHSWDFLQHQFXUVRVRHVFXHODVYRFDFLRQDOHV
$OSUHSDUDUODVUHDVDFDGPLFDVGHO3(,HO&2038GHEHHVWDUFRQVFLHQWHGH
TXHVWDVVHUYLUQFRPRSXQWRGHSDUWLGDSDUDODUHYLVLQGHOPLVPRHQFDVRGH
TXHHOHVWXGLDQWHQRVHDDGPLWLGRHQHOFXUVRYRFDFLRQDOVROLFLWDGR
(OQRVHUDGPLWLGRHQXQFXUVRYRFDFLRQDORWHFQROJLFRHQXQGHWHUPLQDGRDR
QRVLJQLILFDTXHHOHVWXGLDQWHQRSXHGDVHUUHIHULGR\FRQVLGHUDGRSDUDDGPLVLQ
SRVWHULRUPHQWHVHJQVWHDILDQFHVXVGHVWUH]DVDFDGPLFDV\SUHYRFDFLRQDOHV
\GHDFXHUGRDOLWLQHUDULRHVWDEOHFLGRSDUDODVROLFLWXGGHDGPLVLQHQORVFXUVRV
GHO3URJUDPDGH(GXFDFLQ7HFQROJLFD\9RFDFLRQDO
101
&3UHVWDFLQGH6HUYLFLRVHQ3URJUDPDVGH9LGD,QGHSHQGLHQWH
3DUDORVHVWXGLDQWHVFX\RIXQFLRQDPLHQWRQROHVSHUPLWDEHQHILFLDUVHGHVHUYLFLRV
HQ OD IDVH SUHYRFDFLRQDO R YRFDFLRQDO VH GHVDUUROODUQ SURJUDPDV HGXFDWLYRV
GLULJLGRVDOGHVDUUROORGHGHVWUH]DVGHD\XGDSURSLD\GHOGLDULRYLYLU0HGLDQWH
HVWRVSURJUDPDVVHSURYHHUDGLHVWUDPLHQWRSDUDTXHHOHVWXGLDQWHGHDFXHUGRD
VX FDSDFLGDG ORJUH XQ QLYHO GH LQGHSHQGHQFLD WDQWR HQ VX KRJDU FRPR HQ VX
FRPXQLGDG
(OFXUUFXORSDUDHOGHVDUUROORGHGHVWUH]DVGHYLGDLQGHSHQGLHQWHLQFOXLUUHDV
EVLFDV GH OHFWXUD HVFULWXUD \ PDWHPWLFDV IXQFLRQDO D\XGD SURSLD SULQFLSLRV
EVLFRV GH QXWULFLQ URSD R FDPSR WH[WLO OD YLYLHQGD \ VX DPELHQWH VRFLDO
PDQWHQLPLHQWRGHOKRJDUVRFLDOL]DFLQXVRGHOWLHPSROLEUHUHFUHDFLQMDUGLQHUD\
RUQDWRPDQWHQLPLHQWRGHDOUHGHGRUHV\GHVWUH]DVGHFRPXQLFDFLQLQWHJUDGDVHQ
ODVUHDVDQWHULRUHV(VWDVUHDVVHGHVDUUROODUQWRPDQGRHQFRQVLGHUDFLQOD
QHFHVLGDGGHVHUYLFLRVGHWUDQVLFLQGHOHVWXGLDQWH
1RUPDVSDUDODGHWHUPLQDFLQGHXELFDFLQGHXQHVWXGLDQWHHQSURJUDPDVGHYLGD
LQGHSHQGLHQWH
D
6LHOHVWXGLDQWHHVWUHFLELHQGRVHUYLFLRVGHHGXFDFLQHVSHFLDOHOPDHVWUR
QRWLILFDUDOGLUHFWRUGHODHVFXHODHOPRPHQWRDSURSLDGRSDUDODUHYLVLQGHO
3(,/DUHYLVLQVHJXLUHOSURFHGLPLHQWR\DHVWDEOHFLGR
E
(Q OD UHYLVLQ GHO 3(, VH GHWHUPLQDU OD DOWHUQDWLYD GH XELFDFLQ PV
DSURSLDGDHQWUHDTXHOODVFRQVLGHUDGDV
F
6LOXHJRGHUHYLVDGRHO3(,VHGHWHUPLQDTXHHOHVWXGLDQWHGHEHVHUXELFDGR
HQXQ3URJUDPDGH9LGD,QGHSHQGLHQWHHOVXSHUYLVRUGH]RQDOOHYDUDFDER
OD FRRUGLQDFLQ SDUD OD XELFDFLQ GHO HVWXGLDQWH HQ OD HVFXHOD R FHQWUR
FRUUHVSRQGLHQWH
G
6LHOGLVWULWRHVFRODUQRFXHQWDFRQHOVHUYLFLRSURFHGHUDORFDOL]DUORHQHO
GLVWULWRPVFHUFDQRDODUHVLGHQFLDGHOHVWXGLDQWH\DFRRUGLQDUFRQVWHOD
XELFDFLQFRUUHVSRQGLHQWH
H
6LIXHUDQHFHVDULRHOGLVWULWRHVFRODUSURYHHUVHUYLFLRVGHWUDQVSRUWDFLQ
SDUDHOWUDVODGRGHOHVWXGLDQWHDODHVFXHODRFHQWUR
102
I
(O HVWXGLDQWH SRGU SHUPDQHFHU XELFDGR HQ HO 3URJUDPD GH 9LGD
,QGHSHQGLHQWH KDVWD TXH DGTXLHUD ORV FRQRFLPLHQWRV \ GHVWUH]DV
FRPSUHQGLGDVHQODVUHDVGHFRQWHQLGRGHOSURJUDPDGHHQVHDQ]DRKDVWD
TXHFXPSODODHGDGUHJODPHQWDULDSDUDVXHJUHVR
J
6L PLHQWUDV HO HVWXGLDQWH DVLVWH DO 3URJUDPD GH 9LGD ,QGHSHQGLHQWH VH
HYLGHQFLDXQQLYHOGHSURJUHVRTXHVXJLHUDTXHVWHSXHGHEHQHILFLDUVHGH
RWUDDOWHUQDWLYDHGXFDWLYDHOPDHVWURDVORQRWLILFDUDOGLUHFWRUGHODHVFXHOD
SDUD SURFHGHU D FRRUGLQDU OD UHYLVLQ GHO 3(, \ GHWHUPLQDU OD XELFDFLQ
DSURSLDGDGHOHVWXGLDQWH
'
3URFHGLPLHQWRGH&RRUGLQDFLQ,QWHUDJHQFLDOHQWUHHO'HSDUWDPHQWRGH(GXFDFLQ
OD$GPLQLVWUDFLQGH5HKDELOLWDFLQ9RFDFLRQDO\HO'HSDUWDPHQWRGHO7UDEDMRSDUD
OD7UDQVLFLQGHOD(VFXHODDO0XQGRGHO(PSOHR
! $QXDOPHQWH DO LQLFLR GHO DR HVFRODU FDGD GLVWULWR LGHQWLILFDU ODV HVFXHODV HQ VX
MXULVGLFFLQHQODVTXHWLHQHPDWUFXODGHHGXFDFLQHVSHFLDOGHDRVRPVTXH
GHEHQVHURULHQWDGRVVREUHORVVHUYLFLRVGH5HKDELOLWDFLQ9RFDFLRQDOFRQIRUPHDORV
DFXHUGRVGHO&RQYHQLRH[LVWHQWHEDMROD/H\
! /RVFRQVHMHURVGHOD$GPLQLVWUDFLQGH5HKDELOLWDFLQ9RFDFLRQDO$59FRRUGLQDUQ
FRQHOSHUVRQDOGHOGLVWULWR\ODVHVFXHODVODVIHFKDVGHODVRULHQWDFLRQHVVREUHORV
VHUYLFLRVGHOD$59
! /RVPDHVWURVGHHGXFDFLQHVSHFLDO\ORVFRQVHMHURVGLVSRQGUQGHXQWLHPSROXHJR
GHFDGDRULHQWDFLQSDUDFRQVXOWDUGXGDV\KDEODUGHPDQHUDJHQHUDOVREUHSRVLEOHV
FDQGLGDWRVDORVVHUYLFLRVGHOD$59RIUHFH
! /RVPDHVWURV\GLUHFWRUHVGHODVHVFXHODVLQYLWDUQDXQUHSUHVHQWDQWHGHOD$59SDUD
ODUHXQLQHQODTXHVHSUHSDUDUHO3(,GHFDGDHVWXGLDQWHTXHFXPSOLUDRV(Q
GLFKDUHXQLQHOFRQVHMHURGHOD$59DVHVRUDUDO&2038VREUHUHDVRSUHUHTXLVLWRV
103
TXHGHEHQVHUFRQVLGHUDGRVSDUDHO3(,GHVGHODSHUVSHFWLYDGHOPXQGRGHOHPSOHR
RULHQWDU VREUH ORV FULWHULRV GH HOHJLELOLGDG SDUD ORV VHUYLFLRV GH 5HKDELOLWDFLQ
9RFDFLRQDOORVPHFDQLVPRVSDUDGHWHUPLQDUODPLVPD\HOPRPHQWRRSRUWXQRSDUD
UHIHULUDOHVWXGLDQWHSDUDORVVHUYLFLRVGHUHKDELOLWDFLQ3DUDLQYLWDUDO&RQVHMHURGH
5HKDELOLWDFLQ 9RFDFLRQDO VH XWLOL]DU HO IRUPXODULR ,QYLWDFLQ GHO &RQVHMHUR HQ
5HKDELOLWDFLQ((
! (O&2038SRGUWRPDURWUDVPHGLGDVSDUDREWHQHUODSDUWLFLSDFLQGHOD$59HQOD
SODQLILFDFLQGHORVVHUYLFLRVGHWUDQVLFLQQHFHVDULRVFXDQGRQRVHDSRVLEOHORJUDUOD
DVLVWHQFLD GHO FRQVHMHUR D OD UHXQLQ HQ OD TXH VH SUHSDUD HO 3(, (VWR LQFOX\H OD
GLVFXVLQGHFDVRVPHGLDQWHFRQIHUHQFLDWHOHIQLFDHQWUHHO&2038\HOFRQVHMHURR
UHSUHVHQWDQWHGHOD$59FXDQGRHVWRVHDIDFWLEOH\DSURSLDGR
! (O&2038FRQWLQXDULQYLWDQGRDO&RQVHMHURHQ5HKDELOLWDFLQ9RFDFLRQDOSDUDFDGD
UHXQLQGHUHYLVLQGH3(,KDVWDTXHORJUHVXSDUWLFLSDFLQVLHVWRQRKDRFXUULGRDORV
DRVFRPRKDVLGRDFRUGDGRHQHOFRQYHQLRHQWUHODV$JHQFLDV6LHPSUHXWLOL]DU
HOIRUPXODULR((
! (O&2038GHWHUPLQDUODIHFKDHQTXHUHIHULUDOHVWXGLDQWHDOD$59GHPDQHUD
GLUHFWDVLVXVHVIXHU]RVSRUORJUDUODSDUWLFLSDFLQGHOFRQVHMHURUHVXOWDQLQIUXFWXRVRV
/D IHFKD GH UHIHULGR GHEH FRQWHPSODU HO TXH OD $59 WHQJD WLHPSR VXILFLHQWH SDUD
GHWHUPLQDUODHOHJLELOLGDGGHOHVWXGLDQWHSUHYLRDOHJUHVRGHORVVHUYLFLRVGHHGXFDFLQ
HVSHFLDO (O DFXHUGR HQWUH HO 'HSDUWDPHQWR GH (GXFDFLQ \ OD $GPLQLVWUDFLQ GH
5HKDELOLWDFLQ9RFDFLRQDOSURSRQHTXHHOHVWXGLDQWHVHDUHIHULGRGRVDRVDQWHVGH
FRPSOHWDU VXV VHUYLFLRV HGXFDWLYRV 3DUD OOHYDU D FDER HVWD JHVWLQ VH XWLOL]DU HO
IRUPXODULR 5HIHULGR GH (VWXGLDQWHV GHO 'HSDUWDPHQWR GH (GXFDFLQ D OD
$GPLQLVWUDFLQGH5HKDELOLWDFLQ9RFDFLRQDO((D
104
&RQVLGHUDFLRQHV(VSHFLDOHVVREUHORV6HUYLFLRVGH5HKDELOLWDFLQ9RFDFLRQDO
! /RV VHUYLFLRV TXH RIUHFH OD $59 HVWQ GLULJLGRV D FDSDFLWDU D OD SHUVRQD FRQ
LPSHGLPHQWRVSDUDHOHPSOHRWLHQHQFULWHULRVGHHOHJLELOLGDGHVSHFILFRV\DSDUHFHQ
GHVFULWRVHQHO0DQXDOGH7UDQVLFLQGHOD(VFXHODDO0XQGRGHO(PSOHRGHVDUUROODGR
EDMROD/H\
! (OVHUHOHJLEOHSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDOQRJDUDQWL]DODHOHJLELOLGDGSDUD
VHUYLFLRVGH5HKDELOLWDFLQ9RFDFLRQDO
! (O WHQHU LPSHGLPHQWRV TXH SXHGDQ FDWDORJDUVH FRPR VHYHURV QR FRQVWLWX\H HQ V
PLVPRODUD]QSDUDGHWHUPLQDUTXHXQDSHUVRQDFRQLPSHGLPHQWRVQRHVHOHJLEOH
SDUDVHUYLFLRVGH5HKDELOLWDFLQ9RFDFLRQDO/DVSHUVRQDVFRQLPSHGLPHQWRVVHYHURV
GHEHQVHUFRQVLGHUDGRVFRQSULRULGDGSDUDUHFLELUVHUYLFLRVGHUHKDELOLWDFLQYRFDFLRQDO
GLULJLGRVDORJUDUTXHVWRVSXHGDQREWHQHU\PDQWHQHUXQHPSOHR
! (O 'HSDUWDPHQWR GH (GXFDFLQ \ OD $GPLQLVWUDFLQ GH 5HKDELOLWDFLQ 9RFDFLRQDO
SXHGHQ FXDQGR HV DSURSLDGRSUHVWDUVHUYLFLRVHQFRQMXQWRDXQHVWXGLDQWHHQVX
HWDSDGHWUDQVLFLQ(OUHFLELUDOJQVHUYLFLRGHOD$59SRUVVORQRFRQVWLWX\HXQD
UD]QGHHJUHVRGHO3URJUDPDGH(GXFDFLQ(VSHFLDO7DPSRFRHVQHFHVDULRTXHXQ
HVWXGLDQWHKD\DFRPSOHWDGRWRGRVVXVVHUYLFLRVFRQHO'HSDUWDPHQWRGH(GXFDFLQ
SDUD TXH SXHGD UHFLELU VHUYLFLRV GH OD $59 GLULJLGRV D TXH VWH VH FDSDFLWH SDUD
XELFDUVHHQXQHPSOHR(OSUHVWDUVHUYLFLRVHQFRQMXQWRSXHGHFRQVWLWXLUXQDEXHQD
SUFWLFDTXHUHGX]FDHOWLHPSRHQTXHXQMRYHQORJUDHPSOHDUVH\HYLWHLQWHUUXSFLRQHV
HQORVVHUYLFLRV
! /RVFRQVHMHURVHQUHKDELOLWDFLQYRFDFLRQDOQRWLHQHQTXHHVWDUSUHVHQWHVHQWRGDVODV
UHXQLRQHVGH&2038HQODVTXHVHGLVFXWHQ\SODQLILFDQORVVHUYLFLRVGHWUDQVLFLQ
1RREVWDQWHVWRVGHEHQDVLVWLUDDTXHOODUHXQLQHQODTXHVHLQLFLDGLFKDSODQLILFDFLQ
DRVRDQWHVGHVHUDSURSLDGRGHPDQHUDTXHSXHGDQDVHVRUDUDO&2038\OOHJDU
105
DDFXHUGRVVREUHVXIXWXUDSDUWLFLSDFLQHOPRPHQWRRSRUWXQRSDUDUHDOL]DUHOUHIHULGR
D OD $59 \ OD HVWUDWHJLD D VHJXLU SDUD ORJUDU TXH HO HVWXGLDQWH WHQJD DFFHVR D ORV
VHUYLFLRVGH5HKDELOLWDFLQ9RFDFLRQDOVHJQVHDDSURSLDGR
5HIHULGRVDO'HSDUWDPHQWRGHO7UDEDMR
! (O&2038TXHVHUHQHSDUDDQDOL]DUODVQHFHVLGDGHVGHVHUYLFLRVGHWUDQVLFLQGHXQ
HVWXGLDQWHSXHGHFRQVLGHUDUHQDOJQPRPHQWRTXHVWHHVWSUHSDUDGRSDUDLQLFLDUVH
HQHOPXQGRGHOWUDEDMR
! (O'HSDUWDPHQWRGHO7UDEDMRUHFLELUUHIHULGRVKHFKRVSRUSHUVRQDOGHO'HSDUWDPHQWR
GH(GXFDFLQRGHOD$GPLQLVWUDFLQGH5HKDELOLWDFLQ9RFDFLRQDOGHHVWXGLDQWHVFRQ
LPSHGLPHQWRV GH DRV R PD\RUHV 3DUD UHIHULU DO HVWXGLDQWH VH XWLOL]DU HO
IRUPXODULR5HIHULGRDO6HUYLFLRGH(PSOHR((E
! (O'HSDUWDPHQWRGHO7UDEDMRSURYHHUVXVVHUYLFLRVDHVWRVHVWXGLDQWHVFRQIRUPHDOR
GLVSXHVWRHQHO0DQXDOGH7UDQVLFLQGHOD(VFXHODDO0XQGRGHO(PSOHR'RFXPHQWR
,QWHUDJHQFLDO LQFOX\HQGR OD SDUWLFLSDFLQ GH VX SHUVRQDO HQ OD SODQLILFDFLQ GH ORV
VHUYLFLRVGHWUDQVLFLQ\ODSUHSDUDFLQGHOSODQGHHPSOHDELOLGDGGHOMRYHQ$GHPV
IDFLOLWDU VHJQ VHD DSURSLDGR OD SDUWLFLSDFLQ GHO HVWXGLDQWH HQ H[SHULHQFLDV HQ
DPELHQWHVGHWUDEDMRQDWXUDOHV
106
3DUWLFLSDFLQGH(VWXGLDQWHV&RQ,PSHGLPHQWRVHQHO3URJUDPDGH7WXOR,
/RVHVWXGLDQWHVFRQLPSHGLPHQWRVVHUYLGRVSRUHO'HSDUWDPHQWRGH(GXFDFLQSXHGHQ
SDUWLFLSDUGHRWURVSURJUDPDVIHGHUDOHV\HVWDWDOHVGLULJLGRVDFRPSOHPHQWDURHQULTXHFHU
OD H[SHULHQFLD HGXFDWLYD 6X SDUWLFLSDFLQ VH ULJH SRU ORV SDUPHWURV TXH HVWDEOHFHQ
GLFKRVSURJUDPDVFRQIRUPHDODOHJLVODFLQTXHORVFUHD
8QR GH ORV SURJUDPDV TXH VH FRQVLGHUD FRQ IUHFXHQFLD SDUD EHQHILFLR GH ORV QLRV \
MYHQHVFRQLPSHGLPHQWRVHVHO3URJUDPDGH7WXOR,(QDTXHOODVHVFXHODVGRQGHORV
VHUYLFLRV GH 7WXOR , VH RIUHFHQ PHGLDQWH OD HVWUDWHJLD 6FKRRO :LGH WRGRV ORV
HVWXGLDQWHVLQFOX\HQGRORVHVWXGLDQWHVFRQLPSHGLPHQWRVSXHGHQEHQHILFLDUVHGHORV
VHUYLFLRV/DSDUWLFLSDFLQGHHVWXGLDQWHVFRQLPSHGLPHQWRVHQHO3URJUDPDGH7WXOR,HQ
HVFXHODVTXHQRXWLOL]DQODHVWUDWHJLDGH 6FKRRO:LGH GHEHFRQVLGHUDUORVLJXLHQWH
(OFULWHULRSDUDHYDOXDUODHOHJLELOLGDGGHVHUYLFLRVGH7WXOR,SDUDHVWXGLDQWHV
FRQRVLQLPSHGLPHQWRVHVODGHWHUPLQDFLQGHTXHVWRVHVWQIUDFDVDQGRRHQ
PD\RUULHVJRGHIUDFDVDUHQVXHVIXHU]RGHDOFDQ]DUORVHVWQGDUHVHGXFDWLYRV
HVWDEOHFLGRVSRUHOHVWDGR
/RVHVWXGLDQWHVFRQLPSHGLPHQWRVGHEHQGHWHUPLQDUVHHOHJLEOHVSDUDVHUYLFLRV
GH 7WXOR , XWLOL]DQGR ORV PLVPRV FULWHULRV TXH VH XWLOL]DQ SDUD GHWHUPLQDU OD
HOHJLELOLGDGGHRWURVHVWXGLDQWHV
'HOJUXSRGHHVWXGLDQWHVHOHJLEOHVGHXQDHVFXHODVHVHOHFFLRQDUQDTXHOORV
TXHWHQJDQODPD\RUQHFHVLGDGGHD\XGDEDVQGRVHHQORVFULWHULRVREMHWLYRV
FRQVLGHUDGRVLQGHSHQGLHQWHPHQWHGHTXHVWRVWHQJDQRQRLPSHGLPHQWRV
107
/RVVHUYLFLRVGH7WXOR,QRVHXWLOL]DUQSDUDVXVWLWXLUHOVHUYLFLRGHHGXFDFLQ
HVSHFLDOTXHUHTXLHUDXQHVWXGLDQWHFRQLPSHGLPHQWRV(VWRVVRQVHUYLFLRV
VXSOHPHQWDULRVDORVVHUYLFLRVSURYLVWRVEDMR,'($\OD/H\
1RH[LVWHQLQJXQDGLVSRVLFLQTXHLPSLGDTXHXQHVWXGLDQWHUHFLEDVHUYLFLRVGH
7WXOR,HQXQUHDDFDGPLFDHQODFXDOWDPELQUHFLEHVHUYLFLRVGH(GXFDFLQ
(VSHFLDO1RREVWDQWHORVVHUYLFLRVEDMRHO3URJUDPDGH7WXOR,QRSXHGHQVHU
XWLOL]DGRVSDUDVXVWLWXLURHOLPLQDUQLQJQVHUYLFLRUHFRPHQGDGRHQHO3(,GHO
HVWXGLDQWHFRQLPSHGLPHQWRVFRPRSDUWHGHVXHGXFDFLQDSURSLDGDEDMRHO
3URJUDPDGH(GXFDFLQ(VSHFLDO
(O3URJUDPDGH7WXOR,UHTXLHUHTXHWRGRVORVHVWXGLDQWHVLQFOX\HQGRORVTXH
WLHQHQ LPSHGLPHQWRV SDUWLFLSHQ GHO 3URJUDPD GH 0HGLFLQ $VVHVVPHQW
FRQVLGHUDQGRDTXHOORVDFRPRGRVQHFHVDULRVSDUDPHGLUVXSURJUHVR(OXVR
GHHVWRVDFRPRGRVGHEHULQGLFDUVHHQHOLQIRUPHGHDGPLQLVWUDFLQGHODV
SUXHEDV\HQHO3(,GHOHVWXGLDQWH
/RVHVWXGLDQWHVFRQLPSHGLPHQWRVHOHJLEOHVSDUDVHUYLFLRVEDMRHO3URJUDPDGH
7WXOR,GHEHUQWHQHULJXDORSRUWXQLGDGGHEHQHILFLDUVHGHODVDFWLYLGDGHVGH
UHPHGLDFLQ HQULTXHFLPLHQWR \ DSUHQGL]DMH TXH HVWQ GLVSRQLEOHV SDUD ORV
GHPVSDUWLFLSDQWHVGHHVWH3URJUDPD
108
,QIRUPHGH(JUHVRV
(O'HSDUWDPHQWRGH(GXFDFLQUHFRSLODUDQXDOPHQWHLQIRUPDFLQVREUHHOQPHURGH
MYHQHVSRUUD]DHWQLFLGDG\FDWHJRUDGHLPSHGLPHQWRVTXHKDQHJUHVDGRGHORVVHUYLFLRV
GHHGXFDFLQHVSHFLDOGXUDQWHHODRHVFRODU\ODVUD]RQHVSDUDVXHJUHVR(OGLVWULWR
HVFRODUVHUUHVSRQVDEOHGHLGHQWLILFDU\PDQWHQHUODHYLGHQFLDQHFHVDULDSDUDUHSRUWDU
HVWRVHVWXGLDQWHVFRPRHJUHVDGRVGHORVVHUYLFLRVGHHGXFDFLQHVSHFLDO
$FRQWLQXDFLQVHLQFOX\HQODVUD]RQHVGHHJUHVR
5HJUHVDOVDOQGHFODVHVUHJXODUVRQDTXHOORVHVWXGLDQWHVTXHIXHURQUHSRUWDGRVHQ
HOLQIRUPHGHODRDQWHULRUFRPRVHUYLGRVHQHGXFDFLQHVSHFLDO\PVWDUGHGXUDQWH
HVHDRUHJUHVDURQDOVDOQUHJXODUFRPRUHVXOWDGRGHKDEHUDOFDQ]DGRWRGRVORV
REMHWLYRVWUD]DGRVHQHO3(,QRUHTXLULHQGRVHUYLFLRVDGLFLRQDOHVGHHGXFDFLQHVSHFLDO
R TXH KDQ VLGR GDGRV GH EDMD GH HGXFDFLQ HVSHFLDO SRU VXV SDGUHV (VWRV VRQ
HVWXGLDQWHVTXH\DQRWLHQHQXQ3(,\HVWQUHFLELHQGRWRGRVORVVHUYLFLRVHGXFDWLYRV
HQHOSURJUDPDUHJXODU
(YLGHQFLD5HTXHULGD
-
,QIRUPHGH(JUHVR
0LQXWDGRQGHVHGLVFXWLODUHXELFDFLQGHOHVWXGLDQWH
(O 3(, TXH LQGLFD ODV PHWDV \ REMHWLYRV ORJUDGRV \ ORV LQIRUPHV GH
SURJUHVRGHOHVWXGLDQWH
(YLGHQFLDGHUHFKD]RGHOVHUYLFLRGHHGXFDFLQHVSHFLDOSRUSDUWHGH
ORVSDGUHVRHQFDUJDGRV\UD]QGHOUHFKD]R
*UDGXDGRFRQGLSORPDGHHVFXHODVXSHULRUDTXHOORVHVWXGLDQWHVTXHKDQUHFLELGRXQ
GRFXPHQWRUHFRQRFLGROHJDOPHQWHFRPRGLSORPDHOFXDOFHUWLILFDTXHKDQFRPSOHWDGR
ODHVFXHODVXSHULRU
(YLGHQFLD5HTXHULGD
-
,QIRUPHGHHJUHVR
&RSLD GH WUDQVFULSFLQ GH FUGLWRV GH OD HVFXHOD VXSHULRU GLSORPD R
FHUWLILFDFLQHVFULWDSRUORVSDGUHVRHQFDUJDGRVLQGLFDQGRTXHVXKLMRD
VHJUDGXGHFXDUWRDR
109
1RWLILFDFLQSUHYLDJUDGXDFLQ
(OJUDGXDUVHFRQXQGLSORPDGHHVFXHODVXSHULRUFRQVWLWX\HXQ
FDPELRGHXELFDFLQ3RUHVWDUD]QUHTXLHUHQRWLILFDFLQSUHYLD
9HUIRUPXODULR1RWLILFDFLQGH*UDGXDFLQ((
,QIRUPHGHHJUHVR
&RSLDGHOFHUWLILFDGR
&RSLDGHODPLQXWDHQODTXHVHGLVFXWHODUD]QGHOHJUHVR\ODVUD]RQHV
GHO HVWXGLDQWH SDUD QR FRQWLQXDU UHFLELHQGR VHUYLFLRV GH HGXFDFLQ
HVSHFLDO
(OJUDGXDUVHFRQXQGLSORPDPRGLILFDGRRFHUWLILFDGRTXHQRVHD
XQ GLSORPD GH HVFXHOD VXSHULRU QR WHUPLQD SRU V VROR OD
HOHJLELOLGDG GHO HVWXGLDQWH SDUD ORV VHUYLFLRV GHO 3URJUDPD GH
(GXFDFLQ(VSHFLDO
$OFDQ] OD PD\RUD GH HGDG SDUD UHFLELU ORV VHUYLFLRV GH HGXFDFLQ HVSHFLDO (O
HVWXGLDQWH KD DOFDQ]DGR OD HGDG P[LPD SDUD SURYHHUOH VHUYLFLRV GH HGXFDFLQ
HVSHFLDO\VHUYLFLRVUHODFLRQDGRVVHJQVHGHILQHHQODOHJLVODFLQUHJODPHQWDFLQ\
SURFHGLPLHQWRVYLJHQWHV(OWHUPLQDUORVVHUYLFLRVGHHGXFDFLQHVSHFLDOFRQVWLWX\HXQ
FDPELRGHXELFDFLQ3RUHVWDUD]QVHUHTXLHUHQRWLILFDFLQSUHYLD9HUIRUPXODULR
1RWLILFDFLQGH(JUHVRSRU0D\RUDGH(GDG((D
(YLGHQFLD5HTXHULGD
-
,QIRUPHGHHJUHVR
&RSLDGHFHUWLILFDGRGHQDFLPLHQWR
&HUWLILFDFLQGHODHVFXHODQRWLILFDQGRODEDMDSRUKDEHUFXPSOLGRDRV
GHHGDG
0LQXWD GH OD UHXQLQ GH &2038 HQ TXH VH GLVFXWHQ ORV ORJURV
DOFDQ]DGRV\IHFKDHQTXHILQDOL]DUQORVVHUYLFLRV
110
&RSLDQRWLILFDFLQSUHYLDHJUHVRSRUPD\RUDGHHGDG
0XHUWHHVWXGLDQWHFRQLPSHGLPHQWRTXHKDPXHUWR
(YLGHQFLD5HTXHULGD
-
,QIRUPHGHHJUHVR
&RSLD GH FHUWLILFDGR GH GHIXQFLQ WDUMHWD TXH SUHSDUD OD IXQHUDULD R
HVTXHODGHOSHULGLFR
6HPXGFRQWLQDUHFLELHQGRVHUYLFLRVHQRWURGLVWULWRHVFRODURSDVHVWXGLDQWHVFRQ
LPSHGLPHQWRV TXH VH PXGDURQ IXHUD GHO UHD GH VHUYLFLRV \ TXH VH FRQRFH YDQ D
FRQWLQXDUHQRWURVSURJUDPDVHGXFDWLYRV1RHVQHFHVDULRHYLGHQFLDUTXHHOHVWXGLDQWH
FRQWLQXD HQ HGXFDFLQ HVSHFLDO VOR TXH OHOOD FRQWLQD HQ XQ SURJUDPD GH
HGXFDFLQ (VWD GHILQLFLQ LQFOX\H WUDVODGRV \ HVWXGLDQWHV FRQ LPSHGLPHQWRV HQ
FHQWURVUHVLGHQFLDOHVGHUHKDELOLWDFLQRLQVWLWXFLRQHVFRUUHFFLRQDOHV
(YLGHQFLD5HTXHULGD
-
,QIRUPHGHHJUHVR
&RSLDGH6ROLFLWXGGH7UDVODGR((
6ROLFLWXGGHH[SHGLHQWHVGHO'LVWULWR(VFRODUORFDORGHORWURSDVDOFXDO
VHIXHDYLYLUHOHVWXGLDQWH
&RPXQLFDFLQGHOQXHYRGLVWULWRHVFRODUGHUHVLGHQFLDLQGLFDQGRTXHHO
HVWXGLDQWHKDFRPHQ]DGRDUHFLELUORVVHUYLFLRVHGXFDWLYRVUHODFLRQDGRV
&HUWLILFDFLQ GH ORV SDGUHV R HQFDUJDGRV HQ GRQGH LQGLTXHQ TXH HO
HVWXGLDQWHHVWUHFLELHQGRVHUYLFLRVGHHGXFDFLQHVSHFLDOHQRWURGLVWULWR
HVFRODUHVFXHOD\VHUYLFLRVTXHUHFLEH
6HPXGVHGHVFRQRFHVLFRQWLQXDUUHFLELHQGRVHUYLFLRVHGXFDWLYRVHVWXGLDQWHVFRQ
LPSHGLPHQWRV TXH VH KDQ PXGDGR IXHUD GHO UHD GH VHUYLFLRV \ VH GHVFRQRFH VL
FRQWLQXDUQHQRWURVSURJUDPDVHGXFDWLYRV
0DQWHQJDODHYLGHQFLDTXHDSOLTXHDOFDVR
111
(YLGHQFLD5HTXHULGD
-
,QIRUPHGHHJUHVR
,QIRUPHGHO7UDEDMDGRU6RFLDOTXHHYLGHQFLDODJHVWLQUHDOL]DGDSDUD
ORFDOL]DUDOHVWXGLDQWHHQHOKRJDUHVFXHODRYHFLQGDULR
&HUWLILFDFLQ GH OD HVFXHOD TXH LQGLTXH TXH HO HVWXGLDQWH QR VH KD
UHSRUWDGRDODHVFXHOD\QRKDQVROLFLWDGRVXH[SHGLHQWHGHRWURGLVWULWR
HVFRODURSDV
2WUDV UD]RQHV SDUD HO HJUHVR GH ORV VHUYLFLRV GURSSHG RXW HVWXGLDQWHV FRQ
LPSHGLPHQWRVTXHHVWXYLHURQPDWULFXODGRVHQDOJQPRPHQWRGHODRGHHVWHLQIRUPH
SHURTXHDOILQDOL]DUHODRHVFRODUQRHUDQSDUWHGHODPDWUFXOD(VWRVHVWXGLDQWHVQR
HJUHVDURQ SRU QLQJXQD GH ODV UD]RQHV DQWHV GHVFULWDV UHJUHV DO VDOQ GH FODVHV
UHJXODUJUDGXDGRFRQGLSORPDGHHVFXHODVXSHULRUDOFDQ]ODPD\RUDGHHGDGSDUD
UHFLELUORVVHUYLFLRVVHPXG\UHFLEHVHUYLFLRVHQRWURGLVWULWRRSDVRVHPXGVH
GHVFRQRFH VL FRQWLQXDU HQ ORV VHUYLFLRV (VWH UHQJOQ LQFOX\H EDMD YROXQWDULD
GHVHUWRUHVVWDWXVGHVFRQRFLGR
(YLGHQFLD5HTXHULGD
-
,QIRUPHGHHJUHVR
,QIRUPHGHO7UDEDMDGRU6RFLDOTXHHYLGHQFLDODJHVWLQUHDOL]DGDSDUD
ORFDOL]DUDOHVWXGLDQWHHQHOKRJDUHVFXHODRYHFLQGDULR
&HUWLILFDFLQGHOSDGUHRHQFDUJDGRTXHLQGLTXHUD]QGHOUHFKD]RGHO
VHUYLFLRGHHGXFDFLQHVSHFLDO
0DQWHQJDODHYLGHQFLDTXHDSOLTXHDOFDVR
112
352&(',0,(1726',6&,3/,1$5,26
3URFHGLPLHQWRVGLVFLSOLQDULRVDSOLFDEOHVDHVWXGLDQWHVGHHGXFDFLQHVSHFLDO
(O HVWXGLDQWH FRQ LPSHGLPHQWRV DO LJXDO TXH FXDOTXLHU RWUR HVWXGLDQWH VHUYLGR SRU HO
VLVWHPDHVFRODUSXHGHH[KLELUHQRFDVLRQHVFRQGXFWDVTXHSXHGDQFDWDORJDUVHFRPR
LQGLVFLSOLQDDODOX]GHORVSDUPHWURVHVWDEOHFLGRVHQHO5HJODPHQWRGH(VWXGLDQWHVGHO
'HSDUWDPHQWRGH(GXFDFLQ3RURWUDSDUWHODVOH\HVYLJHQWHVJDUDQWL]DQODHGXFDFLQ
DSURSLDGDGHWRGRQLRRMRYHQHQWUHORV\DRVLQFOX\HQGRDTXHOORVTXHKDQVLGR
VXVSHQGLGRVRH[SXOVDGRVGHODHVFXHOD
/DVGLVSRVLFLRQHVGHODOH\,'($YDQGLULJLGDVDSUHYHQLUHQORSRVLEOHODVGLILFXOWDGHVGH
ORVHVWXGLDQWHVFRQLPSHGLPHQWRVUHODFLRQDGDVFRQODFRQGXFWD/DFRQVLGHUDFLQGHODV
QHFHVLGDGHVGHOQLRRMRYHQHQHVWDUHDDOPRPHQWRGHSUHSDUDUVX3URJUDPD(GXFDWLYR
,QGLYLGXDOL]DGRSXHGHDPLQRUDUODPDQLIHVWDFLQGHFRQGXFWDVLQDSURSLDGDVTXHDIHFWHQ
VXSURJUHVRHQODHVFXHOD
1RREVWDQWHFXDQGRXQHVWXGLDQWHFRQLPSHGLPHQWRVLQFXUUDHQFRQGXFWDVTXHSXHGDQ
FDWDORJDUVH FRPR LQGLVFLSOLQD HO SHUVRQDO HVFRODU LQWHUYHQGU RULHQWQGRVH SRU ODV
GLVSRVLFLRQHVTXHVHHQXPHUDQDFRQWLQXDFLQ
(OPDHVWURRIXQFLRQDULRHVFRODUTXHGHWHFWHXQSUREOHPDGHFRQGXFWDTXH
UHTXLHUDODFRQVLGHUDFLQGHPHGLGDVGLVFLSOLQDULDVLQIRUPDUODVLWXDFLQDO
GLUHFWRUPHGLDQWHHOIRUPXODULR1RWLILFDFLQVREUHDFWRGHLQGLVFLSOLQD((
(O GLUHFWRU HYDOXDQGR OD VLWXDFLQ SODQWHDGD QRWLILFDU SRU HVFULWR D ORV
SDGUHV GHO HVWXGLDQWH HPSOHDQGR HO PHGLR PV USLGR GLVSRQLEOH XQD
FLWDFLQ SDUD TXH FRPSDUH]FD D UHXQLQ GHO &RPLW GH 3URJUDPDFLQ \
8ELFDFLQFRQHOILQGHGLVFXWLUODFRQGXFWDGHOHVWXGLDQWH
113
'XUDQWHHOWUPLWHGHORVSURFHGLPLHQWRV\KDVWDTXHVHH[DPLQHHOFDVRHQ
VXWRWDOLGDGHOHVWXGLDQWHSHUPDQHFHUHQVXXELFDFLQGHDFXHUGRDO3(,
&XDQGRODFRQGXFWDGHVSOHJDGDSRUHOHVWXGLDQWHVHDGHWDOQDWXUDOH]DTXH
SRQJDHQULHVJRODVHJXULGDGSURSLDRODGHRWURVPLHPEURVGHODFRPXQLGDG
HVFRODUFRQVLVWHQWHPHQWHLPSLGDHOTXHVWHXRWURVHVWXGLDQWHVUHFLEDQHO
VHUYLFLR HGXFDWLYR DO TXH WLHQHQ GHUHFKR R DIHFWH VLJQLILFDWLYDPHQWH HO
IXQFLRQDPLHQWRQRUPDOGHODHVFXHODHO'LUHFWRUHQFRQVXOWDFRQHO&RPLW
GH 'LVFLSOLQD GHO SODQWHO HVFRODU SRGU WRPDU ODV VLJXLHQWHV PHGLGDV
VLHPSUH TXH ODV PLVPDV VHDQ WDPELQ DSOLFDEOHV D HVWXGLDQWHV TXH QR
WLHQHQLPSHGLPHQWRV
D 2UGHQDUXQFDPELRWHPSRUHURGHXELFDFLQ
SRUXQSHULRGRTXH
QRH[FHGDGHGDVHQXQDRHVFRODU
DRWUDDOWHUQDWLYDGH
XELFDFLQDSURSLDGDRDRWURDPELHQWH
E 2UGHQDUXQDVXVSHQVLQSRUXQSHULRGRQRPD\RUGHGDV9HU
/H\2UJQLFDGHO'HSDUWDPHQWRGH(GXFDFLQ
HOHVWXGLDQWHWUDHXQDUPDDODHVFXHODRDXQDDFWLYLGDGGHOD
HVFXHODEDMRODMXULVGLFFLQGHOD$JHQFLD(GXFDWLYD
114
&XDQGRODVXVSHQVLQGHOHVWXGLDQWHQRVHDHOUHVXOWDGRGHXQLQFLGHQWH
DLVODGRRVHHVSHUDTXHODVXPDGHVXVSHQVLRQHVSRUGLIHUHQWHVLQFLGHQWHV
H[FHGDGHGDVHQXQDRHVFRODUOD$JHQFLD(GXFDWLYDEDMRHOOLGHUDWR
GHOGLUHFWRUGHODHVFXHODUHXQLUDO&RPLWGH3URJUDPDFLQ\8ELFDFLQQR
PV WDUGH GH GDV D SDUWLU GH OD IHFKD GH OD DSOLFDFLQ GH OD PHGLGD
GLVFLSOLQDULDSDUD
D GHVDUUROODUXQSODQSDUDHYDOXDUIXQFLRQDOPHQWHODFRQGXFWDGHO
HVWXGLDQWHVLHOHVWXGLDQWHQRFXHQWDFRQGLFKRSODQ
E UHYLVDU HO SODQ GH LQWHUYHQFLQ HQ HO UHD GH OD FRQGXFWD \
PRGLILFDUORVLVHGHWHUPLQDQHFHVDULR
8Q MXH] DGPLQLVWUDWLYR SXHGH DGHPV RUGHQDU HO FDPELR GH XELFDFLQ
WHPSRUHURGHXQHVWXGLDQWHFRQLPSHGLPHQWRVDRWUDDOWHUQDWLYDGHXELFDFLQ
DSURSLDGDSRUKDVWDGDVFXDQGRVWHKD\D
D GHWHUPLQDGRTXHOD$JHQFLDKDGHPRVWUDGRFRQVXILFLHQWHHYLGHQFLDTXH
PDQWHQHUODXELFDFLQHQODTXHVHHQFXHQWUDHOHVWXGLDQWHSXHGHPX\
SUREDEOHPHQWHUHVXOWDUHQGDRIVLFRSDUDVWHRSDUDRWURV
E FRQVLGHUDGRORDSURSLDGRTXHUHVXOWDODXELFDFLQDFWXDOGHOHVWXGLDQWH
F FRQVLGHUDGRVLOD$JHQFLDKDKHFKRHVIXHU]RVUD]RQDEOHVSDUDPLQLPL]DU
HOULHVJRGHGDRHQODXELFDFLQDFWXDOLQFOX\HQGRHOXVRGHVHUYLFLRV\
D\XGDVVXSOHPHQWDULDV
G GHWHUPLQDGR TXH OD DOWHUQDWLYD GH XELFDFLQ WHPSRUHUD OH SHUPLWH DO
HVWXGLDQWHFRQWLQXDUSDUWLFLSDQGRGHOFXUUFXORJHQHUDODXQTXHHVWHQ
RWUR DPELHQWH \ UHFLELU DTXHOORV VHUYLFLRV \ PRGLILFDFLRQHV TXH OH
SHUPLWDQDOFDQ]DUODVPHWDVHVWDEOHFLGDVHQVX3(,
115
&XDQGR VH FRQVLGHUH XQD DFFLQ GLVFLSOLQDULD SDUD XQ HVWXGLDQWH FRQ
LPSHGLPHQWRVTXHFRQWHPSOHXQFDPELRHQXELFDFLQSRUPVGHGDV
HVFRODUHVHQXQDRSDUWLFXODUSRUUD]QGHTXHHOHVWXGLDQWHKD\DYLRODGR
UHJODV\FGLJRVGHFRQGXFWDTXHOD$JHQFLDDSOLFDDWRGRVORVHVWXGLDQWHV
D ORVSDGUHVVHUQQRWLILFDGRVHQODPLVPDIHFKDHQODFXDOVHWRPHOD
GHFLVLQ GH DSOLFDU WDO DFFLQ GLVFLSOLQDULD $GHPV VH OHV LQIRUPDU
VREUHVXVGHUHFKRVUHODFLRQDGRVFRQODDFFLQSURSXHVWD
E LQPHGLDWDPHQWHVLHVSRVLEOHSHURQRPVWDUGHGHGDVDSDUWLUGHOD
IHFKDGHODGHFLVLQHO&2038GHODHVFXHOD\RWURSHUVRQDOFXDOLILFDGR
OOHYDUDFDERXQDQOLVLVGHODFRQGXFWDVXMHWDDODDFFLQGLVFLSOLQDULD\
VX UHODFLQ FRQ HO LPSHGLPHQWR GHO HVWXGLDQWH (O &2038 KDU XQ
DQOLVLV GHWDOODGR LQYHVWLJDQGR ORV IDFWRUHV \ FLUFXQVWDQFLDV TXH
DQWHFHGHQODFRQGXFWDTXHSXGLHUDQKDEHUODSURYRFDGR3UHSDUDUXQ
LQIRUPH FRQ UHFRPHQGDFLRQHV LQFOX\HQGR OD GH UHHYDOXDFLQ GHO
HVWXGLDQWH \R UHYLVLQ GHO 3(, VL VH FRQVLGHUD TXH HVWD DFFLQ HV
SHUWLQHQWH
6L VH GHWHUPLQD TXH HO LQFLGHQWH IXH SURGXFWR GH IDFWRUHV
H[WHUQRV \ DMHQRV D OD UHVSRQVDELOLGDG GHO HVWXGLDQWH HO
GLUHFWRUGHODHVFXHODSURFHGHUDGLVFXWLUODVLWXDFLQFRQHO
SHUVRQDO HVFRODU FRUUHVSRQGLHQWH D ILQ GH SUHVFULELU ORV
UHPHGLRV DGHFXDGRV (Q WDO FDVR VL HO HVWXGLDQWH KD VLGR
VXVSHQGLGR VH SURFHGHU D UHLQVWDODUOR D OD HVFXHOD
LQPHGLDWDPHQWH\VHHOLPLQDUGHVXUFRUGHVWXGLDQWLOWRGD
UHIHUHQFLDDOLQFLGHQWHGHDOHJDGDLQGLVFLSOLQD
116
$OOOHYDUDFDERHODQOLVLVHO&2038SXHGHGHWHUPLQDUTXHODFRQGXFWDGHO
HVWXGLDQWH QR HV XQD PDQLIHVWDFLQ GHO LPSHGLPHQWR GHO QLR VOR VL HO
&2038KDFRQVLGHUDGRWRGDODLQIRUPDFLQUHOHYDQWHLQFOX\HQGR
REVHUYDFLRQHVGHOHVWXGLDQWH
HO3(,\ODXELFDFLQGHOHVWXGLDQWH\OXHJRGHWHUPLQD
TXHHO3(,\XELFDFLQGHOHVWXGLDQWHHUDQDSURSLDGDV\TXHORV
VHUYLFLRV HGXFDWLYRV D\XGDV VHUYLFLRV VXSOHPHQWDULRV \
HVWUDWHJLDV GH LQWHUYHQFLQ SDUD OD FRQGXFWD HVWDEDQ VLHQGR
SURYLVWRVVHJQUHFRPHQGDGRVHQHO3(,
6LHO&2038XRWURSHUVRQDOFXDOLILFDGRGHWHUPLQDTXHFXDOTXLHUDGHHVWRV
FULWHULRVQRIXHDOFDQ]DGRHQWRQFHVODFRQGXFWDGHEHUVHUFRQVLGHUDGD
FRPRXQDPDQLIHVWDFLQGHOLPSHGLPHQWRGHOHVWXGLDQWH6LFRPRSDUWHGHO
117
DQOLVLVVHLGHQWLILFDQGHILFLHQFLDVHQHO3(,GHOHVWXGLDQWHHQVXDOWHUQDWLYD
GH XELFDFLQ R HQ OD LPSODQWDFLQ GH VWRV VH GHEHUQ WRPDU DFFLRQHV
LQPHGLDWDVSDUDUHPHGLDUHVWDVGHILFLHQFLDV
6LVHGHWHUPLQDTXHHOLQFLGHQWHQRHVWUHODFLRQDGRFRQHOLPSHGLPHQWRGHO
HVWXGLDQWHQLHVSURGXFWRGHIDFWRUHVH[WHUQRVDMHQRVDVXUHVSRQVDELOLGDG\
TXHHOLQFLGHQWHVHVUHVSRQVDELOLGDGGHOHVWXGLDQWHVHSURFHGHUVHJQOR
HVWDEOHFLGR HQ HO 5HJODPHQWR GH (VWXGLDQWHV GHO 'HSDUWDPHQWR GH
(GXFDFLQHQORUHODWLYRDODLPSRVLFLQGH6DQFLRQHV'LVFLSOLQDULDV
/DVPHGLGDVGLVFLSOLQDULDVSUHVHQWDGDVHQHO5HJODPHQWRGH(VWXGLDQWHV
VHUQDSOLFDEOHVDHVWXGLDQWHVFRQLPSHGLPHQWRVVLHPSUHTXHQRWHQJDQHO
HIHFWR GH LPSHGLU TXH VWRV UHFLEDQ XQD HGXFDFLQ SEOLFD JUDWXLWD \
DSURSLDGD
6LHOSDGUHGHOHVWXGLDQWHQRHVWGHDFXHUGRFRQODGHWHUPLQDFLQGHTXHOD
FRQGXFWD GH VWH QR HV XQD PDQLIHVWDFLQ GH VX LPSHGLPHQWR R FRQ
FXDOTXLHU GHFLVLQ UHODFLRQDGD FRQ VX XELFDFLQ EDMR ODV FLUFXQVWDQFLDV
DQWHULRUPHQWH GHVFULWDV HO SDGUH SXHGH VROLFLWDU XQD YLVWD DGPLQLVWUDWLYD
H[SHGLWD/D$JHQFLDKDUDUUHJORVSDUDFRRUGLQDUODYLVWDWDQSURQWRFRPR
VHD SRVLEOH GHQWUR GH GDV D SDUWLU GH OD VROLFLWXG GHO SDGUH (O MXH]
DGPLQLVWUDWLYRHYDOXDUVLOD$JHQFLDKDGHPRVWUDGRTXHODFRQGXFWDVXMHWDD
ODDFFLQGLVFLSOLQDULDQRIXHXQDPDQLIHVWDFLQGHOLPSHGLPHQWRDVFRPROD
DOWHUQDWLYDGHXELFDFLQWHPSRUHUDUHFRPHQGDGDSRUOD$JHQFLD/DGHFLVLQ
118
GHOMXH]DGPLQLVWUDWLYRHVWDUGLVSRQLEOHQRPVWDUGHGHGDVDSDUWLUGH
ODIHFKDGHVROLFLWXGGHODYLVWDVLQFRQVLGHUDUH[WHQVLRQHVDHVWHWUPLQR
6LXQHVWXGLDQWHFRQLPSHGLPHQWRHVXELFDGRHQXQDDOWHUQDWLYDHGXFDWLYD
WHPSRUHUDVHJQVHKDGHVFULWRDQWHULRUPHQWH\HOSDGUHVROLFLWDXQDYLVWD
DGPLQLVWUDWLYD SDUD FXHVWLRQDU OD GHWHUPLQDFLQ VREUH OD UHODFLQ GH OD
FRQGXFWDFRQHOLPSHGLPHQWRGHOHVWXGLDQWHRODXELFDFLQWHPSRUHUDGH
VWHHOHVWXGLDQWHSHUPDQHFHUHQODDOWHUQDWLYDWHPSRUHUDDODTXHKDVLGR
UHPRYLGR KDVWD WDQWR HO MXH] ULQGD XQD GHFLVLQ R H[SLUH HO WLHPSR GH OD
XELFDFLQWHPSRUHUDORTXHRFXUUDSULPHUR/DXELFDFLQWHPSRUHUDQXQFD
H[FHGHUGHGDV
6LHOHVWXGLDQWHVHHQFXHQWUDHQXQDDOWHUQDWLYDGHXELFDFLQWHPSRUHUD\OD
$JHQFLDVHSURSRQHFDPELDUODXELFDFLQGHOHVWXGLDQWHXQDYH]H[SLUHHO
WUPLQRGHODXELFDFLQWHPSRUHUD\HVWHFDPELRHVFXHVWLRQDGRSRUORV
SDGUHVGHOHVWXGLDQWHOXHJRGHTXHH[SLUHHOWUPLQRVWHSHUPDQHFHUHQ
ODXELFDFLQTXHWHQDDQWHVGHVHUUHPRYLGRDODDOWHUQDWLYDWHPSRUHUDKDVWD
WDQWRVHGLOXFLGHODFRQWURYHUVLD
6L HO SHUVRQDO HVFRODU FRQVLGHUD TXH HV SHOLJURVR SDUD HO HVWXGLDQWH HO
UHJUHVDU D OD DOWHUQDWLYD GRQGH HVWXYR XELFDGR SUHYLR D OD XELFDFLQ
WHPSRUHUDPLHQWUDVVHFRQGXFHHOSURFHGLPLHQWRDGPLQLVWUDWLYROD$JHQFLD
SRGUVROLFLWDUTXHVHOOHYHDFDERXQDYLVWDDGPLQLVWUDWLYDH[SHGLWD(VWH
SURFHGLPLHQWRSXHGHVHUUHSHWLGRVHJQVHDQHFHVDULR
119
8QHVWXGLDQWHTXHQRKDVLGRDQGHWHUPLQDGRHOHJLEOHSDUDUHFLELUVHUYLFLRV
GH HGXFDFLQ HVSHFLDO SXHGH WHQHU DFFHVR D OD SURWHFFLQ GH ODV
GLVSRVLFLRQHVGHODOH\IHGHUDO,'($HQDVXQWRVUHODFLRQDGRVFRQGLVFLSOLQD
VL OD $JHQFLD (GXFDWLYD WLHQH FRQRFLPLHQWR GH TXH HO QLR R MRYHQ WLHQH
LPSHGLPHQWRV SUHYLR D TXH VWH LQFXUUD HQ OD FRQGXFWD TXH SUHFLSLWD OD
DFFLQGLVFLSOLQDULD/D$JHQFLDWLHQHFRQRFLPLHQWRFXDQGR
HOSDGUHKDH[SUHVDGRVXSUHRFXSDFLQSRUHVFULWRDOSHUVRQDOGH
ODHVFXHODVREUHODVRVSHFKDGHTXHVXKLMRQHFHVLWDHGXFDFLQ
HVSHFLDO\VHUYLFLRVUHODFLRQDGRV([FHSWRFXDQGRHOSDGUHHV
DQDOIDEHWD\VHYHLPSRVLELOLWDGRGHH[SUHVDUORSRUHVFULWR
ODFRQGXFWD\HMHFXFLQGHOHVWXGLDQWHGHPXHVWUDVXQHFHVLGDGGH
HVWRVVHUYLFLRV
HOPDHVWURGHOQLRRMRYHQXRWURSHUVRQDOHVFRODUKDH[SUHVDGR
SUHRFXSDFLQ SRU OD FRQGXFWD R HMHFXFLQ GHO HVWXGLDQWH DO
SHUVRQDOGHHGXFDFLQHVSHFLDOGHOGLVWULWRHVFRODUXRWURSHUVRQDO
GHOD$JHQFLD
6LODHVFXHODQRWLHQHFRQRFLPLHQWRGHTXHHOHVWXGLDQWHVHDXQQLRRMRYHQ
FRQLPSHGLPHQWRVVWHHVWDUVXMHWRDODVPLVPDVPHGLGDVGLVFLSOLQDULDV
TXHVHDSOLFDQDHVWXGLDQWHVVLQLPSHGLPHQWRV
120
6LVHVROLFLWDODHYDOXDFLQGHXQHVWXGLDQWHGXUDQWHHOWLHPSRHQHOFXDOVWH
HVWVXMHWRDPHGLGDVGLVFLSOLQDULDVSDUDGHWHUPLQDUVHVXQQLRQLDR
MRYHQ FRQ LPSHGLPHQWRV OD HYDOXDFLQ GHEHU OOHYDUVH D FDER HQ IRUPD
H[SHGLWD(OHVWXGLDQWHSHUPDQHFHUHQODXELFDFLQHGXFDWLYDGHWHUPLQDGD
SRUODVDXWRULGDGHVHVFRODUHVKDVWDTXHHVWQGLVSRQLEOHVORVUHVXOWDGRVGH
ODHYDOXDFLQ6LVHGHWHUPLQDTXHHOQLRQLDRMRYHQHVHOHJLEOHSDUD
UHFLELUVHUYLFLRVGHHGXFDFLQHVSHFLDOHVWRVVHUYLFLRVGHEHUQVHUSURYLVWRV
SRUOD$JHQFLD
1RVHFRQVLGHUDUTXHOD$JHQFLDWLHQHFRQRFLPLHQWRGHTXHXQQLRQLDR
MRYHQWLHQHLPSHGLPHQWRVVLFRPRUHVXOWDGRGHKDEHUUHFLELGRLQIRUPDFLQGH
ODSUHRFXSDFLQGHORVSDGUHVPDHVWURVRDOJQSHUVRQDOHVFRODUVREUHOD
FRQGXFWDRHMHFXFLQGHOHVWXGLDQWH
OOHYDFDERXQDHYDOXDFLQ\GHWHUPLQTXHHOQLRQLDRMRYHQ
QRWHQDLPSHGLPHQWR
GHWHUPLQTXHODHYDOXDFLQQRHUDQHFHVDULD
SURYH\QRWLILFDFLQDORVSDGUHVVREUHHVWDGHWHUPLQDFLQ
(OSHUVRQDOHVFRODUSXHGHQRWLILFDUDODVDXWRULGDGHVSHUWLQHQWHVFXDQGRXQ
FULPHQ HV FRPHWLGR SRU XQ HVWXGLDQWH FRQ LPSHGLPHQWRV 1LQJXQD
GLVSRVLFLQGHODOH\SURKEHWDOQRWLILFDFLQRLPSLGHTXHODVDXWRULGDGHV
MXGLFLDOHV HMHU]DQ VX UHVSRQVDELOLGDG HQ FXDQWR D OD DSOLFDFLQ GH OH\HV
IHGHUDOHV\HVWDWDOHVUHODFLRQDGDVFRQFUPHQHVFRPHWLGRVSRUXQQLRQLD
RMRYHQFRQLPSHGLPHQWRV1RREVWDQWHHOSHUVRQDOHVFRODUDVHJXUDUTXH
ODVDXWRULGDGHVDODVFXDOHVUHSRUWDHOGHOLWRWHQJDQGLVSRQLEOHHOH[SHGLHQWH
GHHGXFDFLQHVSHFLDO\FXDOTXLHUH[SHGLHQWHGLVFLSOLQDULRTXHH[LVWDVREUH
HOHVWXGLDQWHSDUDTXHODLQIRUPDFLQFRQWHQLGDHQORVPLVPRVSXHGDVHU
WRPDGDHQFRQVLGHUDFLQ
121
/DWUDQVPLVLQGHFRSLDVGHH[SHGLHQWHVHGXFDWLYRV\GLVFLSOLQDULRVSXHGHOOHYDUVH
DFDERVLHPSUHTXHODPLVPDHVWSHUPLWLGDSRUOD/H\)(53$
&RQVLGHUDFLRQHVHVSHFLDOHVUHODFLRQDGDVFRQODVXVSHQVLQRUHPRFLQGHHVWXGLDQWHV
SRUPVGHGDVHQXQDRHVFRODU
(OGLUHFWRURHQFDUJDGRGHXQDHVFXHODSXHGHRUGHQDUODVXVSHQVLQGHXQHVWXGLDQWHFRQ
LPSHGLPHQWRVSRUKDVWDGDVHVFRODUHVSRUUD]RQHVUHODFLRQDGDVFRQVXFRQGXFWD8Q
SHULRGR GH VXVSHQVLQ GH KDVWD GDV SXHGH RFXUULU FRPR UHVXOWDGR GH OD VXPD GH
VXVSHQVLRQHVGHPHQRVGHGDVTXHVXPDGDVWRWDOLFHQD
(Q HVWH SHULRGR GH R PHQRV GDV HO HVWXGLDQWH QR WLHQH TXH UHFLELU ORV VHUYLFLRV
HGXFDWLYRV\UHODFLRQDGRVHVWDEOHFLGRVHQVX3(,
(OGLUHFWRURHQFDUJDGRGHXQDHVFXHOD\HOSHUVRQDOGHOQFOHRHVFRODUSRURWUDSDUWHQR
WLHQHQODIDFXOWDGSDUDVXVSHQGHUORVVHUYLFLRVHGXFDWLYRV\UHODFLRQDGRVDXQHVWXGLDQWH
FRQLPSHGLPHQWRVSRUPVGHGDVFRQVHFXWLYRVHQXQDRHVFRODU(OUHPRYHUDXQ
HVWXGLDQWHGHODXELFDFLQUHFRPHQGDGDSRUHO&2038SRUPVGHGDVFRQVHFXWLYRVHV
XQDDFFLQTXHQRSXHGHVHUWRPDGDXQLODWHUDOPHQWHSRUHOSHUVRQDOHVFRODU
(OGLUHFWRURHQFDUJDGRGHXQDHVFXHODSXHGHVLHPSUHTXHVHDDSOLFDEOHDWRGRVORV
HVWXGLDQWHVGHODHVFXHODRUGHQDUVXVSHQVLRQHVDGLFLRQDOHVGHQRPVGHGDVSRU
LQFLGHQWHVGHFRQGXFWDVHSDUDGRVVLHPSUHTXHGLFKDVXVSHQVLQQRFRQVWLWX\DXQFDPELR
GHXELFDFLQVHJQORGHILQHODOHJLVODFLQYLJHQWH8QFDPELRGHXELFDFLQRFXUUHVL
/DUHPRFLQHVSRUPVGHGDVFRQVHFXWLYRV
(O QLRQLD R MRYHQ KD HVWDGR VXMHWR D XQD VHULH GH UHPRFLRQHV TXH
FRQVWLWX\HQXQSDWUQ\DTXHWRWDOL]DQPVGHGDVHQXQDRHVFRODU\
SRU RWURV IDFWRUHV WDOHV FRPR OD H[WHQVLQ GH FDGD UHPRFLQ HO WRWDO GH
YHFHVTXHHOQLRQLDRMRYHQKDVLGRUHPRYLGR\ODSUR[LPLGDGHQWUHOD
UHPRFLRQHV
122
/DUHSHWLGDUHPRFLQGHXQHVWXGLDQWHGHVXDOWHUQDWLYDGHXELFDFLQGHELGRDLQFLGHQWHV
VHSDUDGRVTXHDOVXPDUVHWRWDOL]DQPVGHGDVHQXQDRHVFRODUSRGUDUHSUHVHQWDU
XQFDPELRGHXELFDFLQTXHHOSHUVRQDOHVFRODUQRSXHGHUHDOL]DUXQLODWHUDOPHQWHFXDQGR
ODH[WHQVLQGHODVUHPRFLRQHVHOWLHPSRWRWDOHQTXHHOHVWXGLDQWHHVUHPRYLGR\OD
SUR[LPLGDGHQWUHXQDUHPRFLQ\RWUDUHIOHMDXQSDWUQ
/DGHWHUPLQDFLQGHVLYDULDVVXVSHQVLRQHVFRQVWLWX\HQXQSDWUQRFDPELRGHXELFDFLQ
VHKDUDQDOL]DQGRODIUHFXHQFLDGXUDFLQ\WLHPSRTXHWUDQVFXUUHHQWUHXQDVXVSHQVLQ
\RWUD
(Q DTXHOORV FDVRV HQ TXH XQ HVWXGLDQWH VHD UHPRYLGR GHVXXELFDFLQSRULQFLGHQWHV
VHSDUDGRVHQH[FHVRGHGDVHQXQPLVPRDRHVFRODUVWHUHFLELUVHUYLFLRVDSDUWLU
GHOGFLPRGDGHVXVSHQVLQ(OSHUVRQDOHVFRODUHQFRQVXOWDFRQHOODPDHVWURDGH
HGXFDFLQ HVSHFLDO GHWHUPLQDUORVVHUYLFLRVTXHVRQQHFHVDULRVSDUDSHUPLWLUTXHHO
QLRQLDRMRYHQSURJUHVHHQHOFXUUFXORJHQHUDO\DGHODQWHKDFLDHOORJURGHODVPHWDV
HVWDEOHFLGDVHQHO3(,VLODUHPRFLQVHKDFHEDMRODDXWRULGDGGHOSHUVRQDOHVFRODUGH
UHPRYHUSRUQRPVGHGDVFRQVHFXWLYRV
(OUHPRYHUDXQHVWXGLDQWHGHVXXELFDFLQHQH[FHVRGHGDVHQXQPLVPRDRHVFRODU
UHTXLHUHTXHVHKDJDXQDGHWHUPLQDFLQGHODUHODFLQGHODFRQGXFWDFRQHOLPSHGLPHQWR
GHOHVWXGLDQWHTXHFXPSODFRQORVUHTXLVLWRVGHODUHJODPHQWDFLQYLJHQWH(QHOFDVRGH
VXVSHQVLRQHVGHRPHQRVGDVTXHVXPDGDVWRWDOLFHQDPVGHGDVHOSHUVRQDO
HVFRODU HQ FRQVXOWD FRQ HO PDHVWUR GH HGXFDFLQ HVSHFLDO GHO HVWXGLDQWH GHEHU
GHWHUPLQDU ORV VHUYLFLRV TXH GHEHUQ VHU SURYLVWRV D VWH SDUD JDUDQWL]DU TXH SXHGD
FRQWLQXDUSURJUHVDQGRHQHOFXUUFXORJHQHUDO\KDFLDHOORJURGHVXVPHWDVHGXFDWLYDV
123
(O FDPELR GH XELFDFLQ GH XQ HVWXGLDQWH UHTXLHUH TXH HO &2038 GHELGDPHQWH
FRQVWLWXLGR FRQ OD SDUWLFLSDFLQ GHO SDGUH VXV DVHVRUHV \ RWURV SURIHVLRQDOHV FRQ
FRQRFLPLHQWR GHO QLR \ VXV QHFHVLGDGHV UHFRPLHQGHQ RWUD DOWHUQDWLYD GH XELFDFLQ
DSURSLDGDSDUDVWH(VWHFDPELRGHXELFDFLQGHEHUHVSRQGHUDODVQHFHVLGDGHVGHO
HVWXGLDQWHQRUHSUHVHQWDXQDPHGLGDGLVFLSOLQDULD\RFXUUHEDMRODUHVSRQVDELOLGDGGHO
&2038
&RQHOSURSVLWRGHJDUDQWL]DUHOGHUHFKRGHORVHVWXGLDQWHVFRQLPSHGLPHQWRVDUHFLELU
XQDHGXFDFLQDSURSLDGD\SURSLFLDUXQDSUFWLFD\DSOLFDFLQXQLIRUPHGHODVQRUPDV
UHODFLRQDGDVFRQODVXVSHQVLQGHHVWXGLDQWHVVHGLVSRQHORVLJXLHQWH
! (OSHUVRQDOGHODVHVFXHODVGHODFRPXQLGDGDWUDYVGHOGLUHFWRUSRGUVXVSHQGHUD
XQHVWXGLDQWHFRQLPSHGLPHQWRVSRUGDVHVFRODUHVRPHQRVGHODPLVPDPDQHUD
TXHORKDFHFRQHVWXGLDQWHVVLQLPSHGLPHQWRV\SRUKDVWDXQP[LPRGHGDVHQXQ
DRHVFRODUVLQTXHGLFKDDFFLQUHTXLHUDFRQVXOWDRDVLVWHQFLDWFQLFDGHOSHUVRQDOGH
OD8QLGDGGH6HJXLPLHQWRGHOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO
! 7RGD VXVSHQVLQ GH R PHQRV GDV TXH VXPDGD D VXVSHQVLRQHV SUHYLDV YD\D D
WRWDOL]DUPVGHGDVUHTXHULUXQDFRQVXOWDHVFULWDDOD8QLGDGGH6HJXLPLHQWRGH
OD 6HFUHWDUD $VRFLDGD /D FRQVXOWD VH UHDOL]DU XWLOL]DQGR HO IRUPXODULR &RQVXOWD
3UHYLDDOD6XVSHQVLQGH(VWXGLDQWHVGH(GXFDFLQ(VSHFLDOSRU$FWRGH,QGLVFLSOLQD
((DSRUDFWRGHLQGLVFLSOLQD(OSHUVRQDOGHOD8QLGDGGH6HJXLPLHQWRDVHVRUDU
DOSHUVRQDOHVFRODUHQORTXHUHVSHFWDDDTXHOODVPHGLGDVRUHTXLVLWRVTXHGHEHQVHU
REVHUYDGRVSDUDSUHYHQLUTXHODVVXVSHQVLRQHVVHFRQYLHUWDQHQXQSDWUQTXHUHIOHMH
XQFDPELRGHXELFDFLQUHDOL]DGRGHPDQHUDXQLODWHUDO$GHPVVROLFLWDUHOHQYRGH
FRSLD GHO IRUPXODULR 3ODQLOOD GH ,QIRUPDFLQ VREUH 6XVSHQVLQ5HPRFLQ GH
(VWXGLDQWHV((E
124
! (QDTXHOORVFDVRVHQTXHVHDQHFHVDULRUHDOL]DUODFRQVXOWDYDWHOHIQLFDGHELGRDOD
XUJHQFLDRSHOLJURVLGDGGHODFRQGXFWDTXHH[KLEHHOHVWXGLDQWHHVWRSRGUUHDOL]DUVH
1R REVWDQWH HO GLUHFWRU GH OD HVFXHOD HQYLDU DGHPV OD FRQVXOWD HVFULWD SDUD
HYLGHQFLDUORVDVSHFWRVFRQVXOWDGRV\ODDFFLQWRPDGD'LFKRLQIRUPHLGHQWLILFDUOD
SHUVRQDTXHRIUHFLODDVLVWHQFLDWFQLFD\VWDYDOLGDUHOFRQWHQLGRGHOLQIRUPHVHJQ
VHDQHFHVDULR$GHPVHQYLDUSRUID[HOIRUPXODULR3ODQLOODGH,QIRUPDFLQVREUH
6XVSHQVLQ5HPRFLQGH(VWXGLDQWHV((E
! $O UHPRYHU XQ HVWXGLDQWH SRU UD]RQHV UHODFLRQDGDV FRQ DUPDV \ GURJDV VH
FRQVLGHUDUQWRGRVORVUHTXLVLWRVSUHVHQWDGRVHQHVWH0DQXDOSDUDHVWHWLSRGHDFFLQ
3DUD FDGD LQFLGHQWH HO GLUHFWRU GH OD HVFXHOD HQYLDU SRU ID[ D OD 6HFUHWDUD HO
IRUPXODULR3ODQLOODGH,QIRUPDFLQVREUH6XVSHQVLQ5HPRFLQGH(VWXGLDQWHV((
E
5HTXLVLWRVGH,QIRUPDFLQVREUH6XVSHQVLQ5HPRFLQGH(VWXGLDQWHV
! 3DUDFDGDLQFLGHQWHTXHUHVXOWHHQODVXVSHQVLQGHXQHVWXGLDQWHWHQJDVWHRQR
LPSHGLPHQWRV HO GLUHFWRU DVHJXUDU TXH VH OOHQH OD 3ODQLOOD GH ,QIRUPDFLQ VREUH
6XVSHQVLQ5HPRFLQGH(VWXGLDQWHVVWDVSHUPDQHFHUQHQODHVFXHOD\GHEHUQ
HVWDUGLVSRQLEOHVSDUDSURSVLWRVGH0RQLWRUDHVWDWDO\IHGHUDO&RSLDGHODVSODQLOODV
TXHUHIOHMDQVXVSHQVLQRUHPRFLQGHHVWXGLDQWHVFRQLPSHGLPHQWRVSRUPVGH
GDV HQ XQ DR HVFRODU GHEHUQ VHU HQYLDGDV SRU ID[ \ SRU FRUUHR LQWHUQR D OD
6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO
! $QXDOPHQWHHOGLUHFWRUGHODHVFXHODSURYHHUDOGLVWULWRHVFRODULQIRUPDFLQVREUHOD
VXVSHQVLQUHPRFLQGHHVWXGLDQWHVFRQLPSHGLPHQWRVHQVXQFOHRHVFRODU(VWD
LQIRUPDFLQVHXWLOL]DUSDUDSUHSDUDUHOLQIRUPHUHTXHULGRSRUHO'HSDUWDPHQWRGH
(GXFDFLQ)HGHUDOUHODFLRQDGRFRQODVPHGLGDVGLVFLSOLQDULDVDSOLFDGDVDHVWXGLDQWHV
FRQLPSHGLPHQWRV
125
! (QWRGRPRPHQWRODVHVFXHODVGHEHQFRQWDUFRQLQIRUPDFLQDFWXDOL]DGDVREUHWRGDV
ODVVXVSHQVLRQHVGHHVWXGLDQWHVHQVXVSODQWHOHVWHQJDQVWRVRQRLPSHGLPHQWRV/D
PRQLWRUD HQ HVWD UHD HVWDU GLULJLGD D FRPSDUDU OD SURSRUFLQ GH HVWXGLDQWHV
VXVSHQGLGRV FRQ \ VLQ LPSHGLPHQWRV FRPR PHGLGD SDUD HYLWDU SUFWLFDV
GLVFULPLQDWRULDVHQODDSOLFDFLQGHPHGLGDVGLVFLSOLQDULDV
! (Q FDVR GH TXH VH LGHQWLILTXHQ GLVFUHSDQFLDV HQ OD SURSRUFLQ GH HVWXGLDQWHV
VXVSHQGLGRV VH H[DPLQDUQ ORV SURFHGLPLHQWRV \ SUFWLFDV UHODFLRQDGDV FRQ HO
GHVDUUROORGHORV3(,HOXVRGHLQWHUYHQFLRQHVHQHOUHDGHODFRQGXFWD\ODVJDUDQWDV
SURFHVDOHVSDUDDVHJXUDUTXHODVHVFXHODVFXPSODQFRQORVUHTXLVLWRVHVWDEOHFLGRVHQ
ODOHJLVODFLQYLJHQWH
126
5HVROXFLQGH&RQWURYHUVLDV
/RV SDGUHV GH HVWXGLDQWHV FRQ LPSHGLPHQWRV WLHQHQ D VX GLVSRVLFLQ GLIHUHQWHV
PHFDQLVPRV SDUD GLOXFLGDU FXDOTXLHU LQVDWLVIDFFLQ R FRQWURYHUVLD UHODFLRQDGD FRQ OD
LGHQWLILFDFLQHYDOXDFLQRSURYLVLQGHXQDHGXFDFLQSEOLFDJUDWXLWD\DSURSLDGDDVXV
KLMRVDODPSDURGHODVOH\HVYLJHQWHV$FRQWLQXDFLQVHGHVFULEHQYDULDVDOWHUQDWLYDV
GLVSRQLEOHVSDUDODUHVROXFLQGHFRQWURYHUVLDV
0HGLDFLQ
/DPHGLDFLQHVXQSURFHGLPLHQWRYROXQWDULRSRUHOFXDOXQPHGLDGRUD\XGDDODV
SDUWHVDOOHJDUDDFXHUGRVVDWLVIDFWRULRVVREUHDVSHFWRVTXHVRQREMHWRGHXQD
FRQWURYHUVLD'LFKRSURFHGLPLHQWRVHULJHSRUODOHJLVODFLQHVWDWDO\IHGHUDOYLJHQWH
\SRUORVUHJODPHQWRVDSOLFDEOHV
0HGLDGRU
(O PHGLDGRU VHU XQD SHUVRQD FXDOLILFDGD DGLHVWUDGD H LPSDUFLDO TXH OOHQH ORV
UHTXLVLWRV SDUD UHDOL]DU ODV IXQFLRQHV GHO PHGLDGRU FRQIRUPH D ODV QRUPDV
HVWDEOHFLGDVSRUHO'HSDUWDPHQWRGH(GXFDFLQEDMRODOHJLVODFLQYLJHQWH
VWH WHQGU FRQRFLPLHQWR GH ODV OH\HV \ UHJODPHQWRV TXH ULJHQ OD HGXFDFLQ
HVSHFLDO \ VHUYLFLRV UHODFLRQDGRV DV FRPR DGLHVWUDPLHQWR HQ WFQLFDV GH
PHGLDFLQ
(O PHGLDGRU QR VHU XQ HPSOHDGR GHO 'HSDUWDPHQWR GH (GXFDFLQ R GH RWUDV
DJHQFLDVTXHLQWHUYLHQHQHQODSUHVWDFLQGHVHUYLFLRVDORVHVWXGLDQWHVQLGHEHU
WHQHUFRQIOLFWRGHLQWHUHVHVSHUVRQDOHVRSURIHVLRQDOHVHQHOGHVHPSHRGHHVWD
IXQFLQ 8QD SHUVRQD TXH FXDOLILFD SDUD PHGLDGRU QR HV XQ HPSOHDGR GH OD
$JHQFLD VRODPHQWH SRU HO KHFKR GH TXH VWD OH SDJXH SRU VXV VHUYLFLRV FRPR
PHGLDGRU
/D$JHQFLDPDQWHQGUXQDOLVWDGHPHGLDGRUHVFXDOLILFDGRV6LHOPHGLDGRUQRHV
VHOHFFLRQDGR DO D]DU DPEDV SDUWHV SDUWLFLSDUQ HQ VX VHOHFFLQ \ HVWDUQ GH
DFXHUGRFRQODSHUVRQDTXHDFWXDUFRPRPHGLDGRU
127
&RQVLGHUDFLRQHVVREUHHO3URFHVRGH0HGLDFLQ
(OSURFHVRGHPHGLDFLQHVGHFDUFWHUYROXQWDULRSDUDDPEDVSDUWHV
VWH GHEH HVWDU GLVSRQLEOH DO PHQRV VLHPSUH TXH VH VROLFLWH XQD YLVWD
DGPLQLVWUDWLYD
(OSURFHVRGHPHGLDFLQQRSXHGHVHUXWLOL]DGRSDUDGHQHJDURUHWUDVDUHOGHUHFKR
GHO SDGUH R HQFDUJDGR D TXH VH FHOHEUH XQD YLVWD DGPLQLVWUDWLYD GHQWUR GH ORV
WUPLQRVHVWDEOHFLGRVSRUUHJODPHQWRQLSDUDGHQHJDURWURVGHUHFKRVHVWDEOHFLGRV
HQOD3DUWH%GHOD/H\,'($
/D $JHQFLD SXHGH UHTXHULU DO SDGUH TXH QR GHVHH DFRJHUVH DO SURFHVR GH
PHGLDFLQTXHVHRULHQWHVREUHVWDDWUDYVGHSHUVRQDVGHVLQWHUHVDGDVTXH
HVWQEDMRFRQWUDWRFRQODV2UJDQL]DFLRQHVGH3DGUHVR&HQWURVGH5HVROXFLQGH
'LVSXWDVVWDVRULHQWDUQDORVSDGUHVVREUHORVEHQHILFLRVGHODPHGLDFLQ\ORV
H[KRUWDUQDXWLOL]DUGLFKRSURFHVR(OTXHXQSDGUHQRDVLVWDDODUHXQLQHQTXH
VHURULHQWDGRVREUHORVEHQHILFLRVGHODPHGLDFLQQRDIHFWDUVXGHUHFKRDTXH
VHFHOHEUHXQDYLVWDDGPLQLVWUDWLYDHQHOWLHPSRUHJODPHQWDULR
/DV UHXQLRQHV GH PHGLDFLQ VH OOHYDUQ D FDER FRQ SURQWLWXG HQ OXJDUHV
FRQYHQLHQWHVSDUDODVSDUWHV
/RVDFXHUGRVDOFDQ]DGRVDWUDYVGHODPHGLDFLQVHUHFRJHUQHQXQGRFXPHQWR
HVFULWR\ILUPDGRSRUDPEDVSDUWHV
(OFRQWHQLGRGHODGLVFXVLQHQODUHXQLQGHPHGLDFLQVHUFRQILGHQFLDO\QRVHU
DGPLVLEOHFRPRHYLGHQFLDHQFXDOTXLHURWURIRURDGPLQLVWUDWLYRRMXGLFLDO(VWRQR
OLPLWD HO GHVFXEULPLHQWR GH SUXHED UHTXHULGR FRPR SDUWH GH SURFHGLPLHQWRV
DGPLQLVWUDWLYRVRMXGLFLDOHVSRVWHULRUHV
(O 'HSDUWDPHQWR GH (GXFDFLQ DVXPLU ORV FRVWRV GHO SURFHVR GH PHGLDFLQ
LQFOX\HQGRORVFRVWRVGHODRULHQWDFLQVREUHHOSURFHVR
7DQWR HO SHUVRQDO HVFRODU FRPR ORV SDGUHV SXHGHQ VROLFLWDU XQD UHXQLQ GH
PHGLDFLQSDUDGLOXFLGDUXQDFRQWURYHUVLD
&XDOTXLHUDGHODVSDUWHVSXHGHGDUSRUWHUPLQDGRHOSURFHVRGHPHGLDFLQ\DTXH
HOPLVPRHVGHFDUFWHUYROXQWDULR
128
(O SURFHVR GH PHGLDFLQ QR HV GH QDWXUDOH]D DGYHUVDULDO \ QR UHTXLHUH OD
SDUWLFLSDFLQGHORVUHSUHVHQWDQWHVOHJDOHVGHODVSDUWHV
6ROLFLWXGGH0HGLDFLQ3UHYLD
/D PHGLDFLQ FRPR SURFHGLPLHQWR SXHGH VHU XWLOL]DGR SDUD GLOXFLGDU ODV
SUHRFXSDFLRQHV GH ORV SDGUHV UHODFLRQDGDV FRQ ORV VHUYLFLRV TXH UHFLEHQ R
UHTXLHUHQVXVKLMRV8QSDGUHSXHGHVROLFLWDUTXHVHOOHYHDFDERXQDUHXQLQGH
PHGLDFLQXWLOL]DQGRHOIRUPXODULR6ROLFLWXGGH5HXQLQGH0HGLDFLQ((0(Q
GLFKRIRUPXODULRHOSDGUHLQGLFDUODVUD]RQHVSRUODVFXDOHVVROLFLWDGLFKDUHXQLQ\
FHUWLILFDUTXHFRQRFHVXGHUHFKRDVROLFLWDUXQDYLVWDDGPLQLVWUDWLYDRUDGLFDUXQD
TXHMDHQHOPRPHQWRTXHORHVWLPHSHUWLQHQWH
/DVROLFLWXGGHOSDGUHGHEHUVHUSUHVHQWDGDHQHOGLVWULWRHVFRODUHOFXDOOD
WUDPLWDU GH LQPHGLDWR D OD 8QLGDG 6HFUHWDULDO GHO 3URFHGLPLHQWR GH
4XHUHOODV \ 5HPHGLR 3URYLVLRQDO FRQ FRSLD D OD 6HFUHWDUD $VRFLDGD GH
(GXFDFLQ(VSHFLDO
/DGLUHFWRUDGHOD8QLGDG6HFUHWDULDOQRWLILFDUDOPHGLDGRUSDUDTXHVWHILMH
XQDIHFKDSDUDODUHXQLQGHPHGLDFLQODFXDOVHOOHYDUDFDERHQGDV
D SDUWLU GH OD IHFKD HQ TXH HO GLVWULWR UHFLEH OD 6ROLFLWXG GH 5HXQLQ GH
0HGLDFLQ
(OPHGLDGRUDVLJQDGRSRUVXSDUWHFRQYRFDUDODVSDUWHVSDUDODUHXQLQ
GHPHGLDFLQHQYLDQGRFRSLDGHODFLWDFLQDOD8QLGDGGH6HFUHWDULDO3DUD
HVWRXWLOL]DUHOIRUPXODULR,QYLWDFLQD5HXQLQGH0HGLDFLQ((0
7DQWRHOPHGLDGRUFRPRODVSDUWHVHVWDUQGLVSRQLEOHVGXUDQWHWRGRHOGD
HQTXHVHVHDOHODUHXQLQGHPHGLDFLQSDUDOOHYDUDFDERODPLVPD
/DSDUWLFLSDFLQGHODUHSUHVHQWDFLQOHJDOGHODVSDUWHVHQODUHXQLQGH
PHGLDFLQVHUXQDGHFDUFWHURSFLRQDO\VXLQWHUYHQFLQHVWDUOLPLWDGDD
DVHVRUDUDVXVUHSUHVHQWDGRV
(QDTXHOORVFDVRVGRQGHODSRVLEOHVROXFLQDXQDFRQWURYHUVLD LPSOLTXH
HURJDFLQGHIRQGRVSEOLFRVRDVXQWRVGHSROWLFDSEOLFDVHSURFHGHUGH
ODVLJXLHQWHPDQHUDVHJQDSOLTXH
129
&RQVXOWD3UHYLD
D 6LDQWHVGHFHOHEUDUVHODUHXQLQGHPHGLDFLQORVIXQFLRQDULRVFRQRFHQ
ODVDOWHUQDWLYDVSDUDUHVROYHUODFRQWURYHUVLD\DOJXQDGHVWDVFRQOOHYDOD
DVLJQDFLQGHIRQGRVQRGLVSRQLEOHVDOQLYHOORFDORODFRQVLGHUDFLQGH
DVXQWRV GH SROWLFD SEOLFD GHO 'HSDUWDPHQWR GH (GXFDFLQ IXHUD GHO
DOFDQFHGHORVIXQFLRQDULRVGHOQLYHOORFDOVWRVGHEHUQUHDOL]DUXQD
FRQVXOWD SUHYLD GLULJLGD D SUHSDUDUVH SDUD SURSRQHU R UHVSRQGHU D
DOWHUQDWLYDVSODQWHDGDVHQODUHXQLQGHPHGLDFLQ3DUDHVWRXWLOL]DUQ
HOIRUPXODULR&RQVXOWD3UHYLD5HXQLQ0HGLDFLQ((0
&RQVXOWD3RVWHULRU
E 6L ORV IXQFLRQDULRV GHVFRQRFHQ ODV DOWHUQDWLYDV SDUD UHVROYHU OD
FRQWURYHUVLD\FRPRSDUWHGHODUHXQLQGHPHGLDFLQVWDVVXUJLHVHQ
LPSOLFDQGRXQDHURJDFLQGHIRQGRVQRDQWLFLSDGDRODFRQVLGHUDFLQGH
DVXQWRVGHSROWLFDSEOLFDGHO'HSDUWDPHQWRGH(GXFDFLQHOPHGLDGRU
LQIRUPDU D ODV SDUWHV TXH ORV SRVLEOHV DFXHUGRV VHUQ VRPHWLGRV DO
6HFUHWDULRD$VRFLDGRDGH(GXFDFLQ(VSHFLDOSDUDVXFRQVLGHUDFLQ
VWH GLVSRQGU GH WUHV GDV ODERUDEOHV D SDUWLU GH OD IHFKD GH OD
UHXQLQGHPHGLDFLQSDUDDSUREDUORVDFXHUGRV'HVHUQHFHVDULRHO
6HFUHWDULRD $VRFLDGRD VROLFLWDU TXH HO DFXHUGR VHD LJXDOPHQWH
DSUREDGRSRUDOJXQDRWUDDXWRULGDGSHUWLQHQWHHQDTXHOORVFDVRVHQTXH
HO UHPHGLR DFRUGDGR DV OR UHTXLHUD /RV DFXHUGRV QR VHUQ ILQDOHV
KDVWDWDQWRHO6HFUHWDULRD$VRFLDGRDKD\DDXWRUL]DGRODILUPDGHORV
PLVPRV 3DUD UHDOL]DU OD FRQVXOWD \ REWHQHU OD DSUREDFLQ GHO
6HFUHWDULRD$VRFLDGRDRVXUHSUHVHQWDQWHDXWRUL]DGRVHXWLOL]DUHO
IRUPXODULR&RQVXOWDVREUH3RVLEOHV$FXHUGRVGH0HGLDFLQ((0
/RV DFXHUGRV HVFULWRV GH PHGLDFLQ XQD YH] ILUPDGRV UHSUHVHQWDUQ HO
FRPSURPLVRGHODVSDUWHVSDUDUHVROYHUODVLWXDFLQSUHVHQWDGD
130
/DILUPDGHORVDFXHUGRVGHPHGLDFLQGHEHUFRPSOHWDUVHHQRDQWHVGH
GDVDSDUWLUGHODIHFKDHQTXHVHVROLFLWDODUHXQLQGHPHGLDFLQ
(O PHGLDGRU UHPLWLU GH LQPHGLDWR ORV DFXHUGRV ILUPDGRV D OD 8QLGDG
6HFUHWDULDO TXH D VX YH] HQYLDU FRSLD GH ORV PLVPRV D OD 6HFUHWDUD
$VRFLDGD GH (GXFDFLQ (VSHFLDO SDUD HO VHJXLPLHQWR \ DFFLQ TXH
FRUUHVSRQGD
&XDQGR QR VHD SRVLEOH OOHJDU D DFXHUGRV GH PHGLDFLQ HO PHGLDGRU
RULHQWDUDOSDGUHVREUHVXGHUHFKRDVROLFLWDUXQDYLVWDDGPLQLVWUDWLYDHQ
FDVRGHTXHVWHDQQRODKD\DVROLFLWDGR
4XHUHOODV6ROLFLWXGGH9LVWD$GPLQLVWUDWLYD
(QHOPRPHQWRTXHORHVWLPHQQHFHVDULRORVSDGUHVSXHGHQUDGLFDUXQDTXHUHOODEDMRHO
3URFHGLPLHQWR $GPLQLVWUDWLYR GH 4XHUHOODV GH (GXFDFLQ (VSHFLDO HVWDEOHFLGR SRU OD
$JHQFLD(QHVWHSURFHGLPLHQWRODTXHUHOODVHUDGLFDHQODRILFLQDGHO6XSHULQWHQGHQWHGHO
GLVWULWR HVFRODU GH UHVLGHQFLD GHO HVWXGLDQWH PHGLDQWH HO IRUPXODULR GH 4XHUHOOD \ DO
KDFHUORHOSDGUHVROLFLWDTXHVHFHOHEUHXQDYLVWDDGPLQLVWUDWLYD/DVROLFLWXGGHOSDGUHGH
TXHVHFHOHEUHXQDYLVWDDGPLQLVWUDWLYDQRFRQVWLWX\HXQLPSHGLPHQWRSDUDTXHVWHVLDV
OR GHVHD SDUWLFLSH GH XQD UHXQLQ GH PHGLDFLQ SUHYLR D OD YLVWD GLULJLGD D H[SORUDU
SRVLEOHV VROXFLRQHV D OD FRQWURYHUVLD (Q HVWRV FDVRV HO SDUWLFLSDU GH OD UHXQLQ GH
PHGLDFLQQRDIHFWDRLQWHUUXPSHHOWUPLQRHVWDEOHFLGRHQHOUHJODPHQWRGHTXHUHOODV
SDUDODFHOHEUDFLQGHODYLVWDDGPLQLVWUDWLYDGDV\UHVROXFLQGHODTXHUHOODGDV
3UHVHQWDFLQ\7UPLWHGHOD4XHUHOOD
(OIRUPXODULRGH4XHUHOOD((HVWGLVSRQLEOHHQODRILFLQDGHOVXSHULQWHQGHQWHGH
HVFXHODVGHFDGDGLVWULWRHVFRODUHLQFOX\HODVLJXLHQWHLQIRUPDFLQ
)HFKDGHSUHVHQWDFLQGHODTXHUHOOD
1PHURGHTXHUHOODDVLJQDGR
1RPEUHGHOSDGUHRWXWRU
1RPEUHGHOHVWXGLDQWH
131
5D]QGHODTXHUHOOD
5HPHGLRVTXHVROLFLWD
)XQFLRQDULRTXHUHFLEHODTXHUHOOD\IHFKDHQTXHVHUHFLEH
)LUPDGHOSDGUHRWXWRUGLUHFFLQSRVWDO\QPHURGHWHOIRQRVLORWLHQH
(OSDGUHRWXWRUFXPSOLPHQWDUHOIRUPXODULR((\ORHQWUHJDUHQODRILFLQDGHO
VXSHULQWHQGHQWHGHHVFXHODV
(O IXQFLRQDULR GHO GLVWULWR SURYHHU FRSLD GHO GRFXPHQWR 'HUHFKRV GH ORV 3DGUHV
$GHPVOHLQIRUPDUVREUHODGLVSRQLELOLGDGGHOSURFHVRGHPHGLDFLQ
(QHOIRUPXODULR3UHVHQWDFLQGH4XHUHOODHOTXHUHOODQWHKDUFRQVWDUVLHVWRQRHQ
ODGLVSRVLFLQGHSDUWLFLSDUHQXQDUHXQLQGHPHGLDFLQSUHYLRDODFHOHEUDFLQGHOD
YLVWDDGPLQLVWUDWLYD
$O UHFLELU OD TXHUHOOD HO VXSHULQWHQGHQWH GH HVFXHODV OH GDU QPHUR D OD PLVPD \ OH
HQWUHJDUFRSLDDOTXHUHOODQWH
(M5H4XHUHOOD1P
DR1PGH1PGH
'LVWULWR4XHUHOOD
(OIXQFLRQDULRGHOGLVWULWRHVFRODUTXHUHFLEHODTXHUHOODVHDVHJXUDUGHLQGLFDUODIHFKDHQ
TXHVWDVHUHFLEH\ILUPDUODPLVPD
VWHVHDVHJXUDUTXHHOSDGUHRWXWRUILUPHODTXHUHOODHLQGLTXHFODUDPHQWHVXGLUHFFLQ
SRVWDO\WHOIRQR
&RQHOSURSVLWRGHYDOLGDUODVTXHUHOODVUHFLELGDVHQHOGLVWULWRHOSDGUHGHEHUHQYLDU
FRSLDGHODTXHUHOODXQDYH]KDVLGRUHFLELGD\ILUPDGDSRUHOIXQFLRQDULRGHOGLVWULWR
HVFRODU D OD 8QLGDG 6HFUHWDULDO GHO 3URFHGLPLHQWR GH 4XHUHOODV \ 5HPHGLR
3URYLVLRQDO'HSDUWDPHQWRGH(GXFDFLQ8QLGDG6HFUHWDULDOGHO3URFHGLPLHQWRGH
4XHUHOODV\5HPHGLR3URYLVLRQDO32%R[6DQ-XDQ35
7DQSURQWRHOGLVWULWRHVFRODUUHFLEDODTXHUHOODHQYLDUODPLVPDD
-
'LYLVLQ/HJDOGHO'HSDUWDPHQWRGH(GXFDFLQ
8QLGDG6HFUHWDULDOGHO3URFHGLPLHQWRGH4XHUHOODV\5HPHGLR3URYLVLRQDO
8QLGDGGH6HJXLPLHQWRGHOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO
%DMRQLQJXQDFLUFXQVWDQFLDODTXHUHOODGHEHVHUUHWHQLGDHQHOGLVWULWRHVFRODUFRQHO
SURSVLWRGHGLVFXWLUODRLQYHVWLJDUODHQVXIRQGR6LWDOLQIRUPDFLQHVQHFHVDULDSDUD
132
FRQWHVWDUDSURSLDGDPHQWHODTXHUHOODHOGLVWULWRHQYLDUODPLVPD\SRVWHULRUPHQWHOD
HQYLDUFRQVXFRQWHVWDFLQ
1R PV WDUGH GHO SU[LPR GD ODERUDEOH GH UHFLELGD OD TXHUHOOD HQ OD 8QLGDG
6HFUHWDULDOODPLVPDVHUHIHULU\HQYLDUDXQ-XH]$GPLQLVWUDWLYRSDUDTXHVHDOH
YLVWDGHQWURGHORVWUHLQWDGDVVLJXLHQWHVDODSUHVHQWDFLQGHODTXHUHOOD
(O MXH] DGPLQLVWUDWLYR QRWLILFDU D ODV SDUWHV OD IHFKD KRUD \ HO OXJDU GRQGH VH
FHOHEUDUODYLVWDDGPLQLVWUDWLYDSDUDYHQWLODUODTXHUHOOD
(OMXH]DGPLQLVWUDWLYRHPLWLUXQDUHVROXFLQQRPVWDUGHGHGDVDSDUWLUGHOD
UDGLFDFLQGHODTXHUHOOD
VWH QRWLILFDU VX GHFLVLQ SRU FRUUHR D FDGD XQD GH ODV SDUWHV \ D OD 8QLGDG
6HFUHWDULDO
2WUDVDFFLRQHVRFRQVLGHUDFLRQHVUHODFLRQDGDVFRQODVTXHUHOODV
&XDQGRHOSDGUHRWXWRUYLVLWHHOGLVWULWRHVFRODUSDUDSUHVHQWDUXQDTXHUHOOD\SRU
DOJXQDUD]QVWDQRVHDDFHSWDGDHOSDGUHRVXUHSUHVHQWDQWH OHJDOODHQYLDUQ
GLUHFWDPHQWHDOD8QLGDG6HFUHWDULDO6HVROLFLWDTXHHOSDGUHLQGLTXHODUD]QSRUOD
FXDOQRSXGRUDGLFDUODTXHUHOODHQHOGLVWULWRHVFRODU
(OGLVWULWRHVFRODUOOHYDUXQUHJLVWURFRQWUROGHODVTXHUHOODVUHFLELGDV
(OVXSHULQWHQGHQWHGHHVFXHODVUHQGLUXQLQIRUPHPHQVXDOPHGLDQWHHOFXDOFHUWLILFDU
VLKDUHFLELGRRQRTXHUHOODVGHHGXFDFLQHVSHFLDO(QDGLFLQUHPLWLUXQLQIRUPHDO
ILQDOL]DUFDGDDRHVFRODUVREUHWRGDVODVTXHUHOODVUHFLELGDVEDMRHOSURFHGLPLHQWR
DGPLQLVWUDWLYRGXUDQWHHODR\FXDOTXLHURWURLQIRUPHTXHVHOHUHTXLHUD
(QOD8QLGDG6HFUHWDULDOVHOOHYDUHOFRQWUROGHODVTXHUHOODVUHIHULGDVSRUORVGLVWULWRV
HVFRODUHV\VHPDQWHQGUODFRQILGHQFLDOLGDGGHORVH[SHGLHQWHV
(OMXH]TXHSUHVLGHODYLVWDDGPLQLVWUDWLYDQRVHUHPSOHDGRGHODDJHQFLDQLWHQGU
LQWHUVSDUWLFXODUSHUVRQDORSURIHVLRQDOFRQHOFDVR
/D DJHQFLD PDQWHQGU XQD OLVWD GH ODV SHUVRQDV TXH VLUYHQ FRPR MXHFHV
DGPLQLVWUDWLYRVLQFOX\HQGRODVFXDOLILFDFLRQHVGHFDGDXQRGHVWRV
133
8QMXH]DGPLQLVWUDWLYRSXHGHFRQFHGHUH[WHQVLRQHVGHWLHPSRHVSHFILFDVPVDOOGH
ORVWUPLQRVHVWDEOHFLGRVHQHOUHJODPHQWRDSHWLFLQGHDOJXQDGHODVSDUWHV7RGD
VROLFLWXGGHH[WHQVLQRSRVSRVLFLQGHEHUVRPHWHUVHDOMXH]SRUHVFULWR
0HGLDFLQFRPRSDUWHGHOSURFHGLPLHQWRHQTXHVHVROLFLWDXQD9LVWD$GPLQLVWUDWLYD9$
(QHOIRUPXODULRGH4XHUHOOD((HOTXHUHOODQWHKDUFRQVWDUTXHVROLFLWDXQDYLVWD
DGPLQLVWUDWLYD\H[SUHVDUVLHVWHQODGLVSRVLFLQGHSDUWLFLSDUHQXQDUHXQLQGH
PHGLDFLQFRPRSDUWHGHOSURFHVRSDUDGLOXFLGDUODFRQWURYHUVLDSUHVHQWDGD
/D8QLGDG6HFUHWDULDOGHO3URFHGLPLHQWRGH4XHUHOODV\5HPHGLR3URYLVLRQDOUHIHULU
GHLQPHGLDWRODTXHUHOODUHFLELGDDOPHGLDGRUSDUDHOVHDODPLHQWRGHXQDUHXQLQGH
PHGLDFLQ/DUHXQLQGHPHGLDFLQQRLQWHUUXPSLUHOWUPLQRGHGDVSDUDHO
VHDODPLHQWR GH OD YLVWD DGPLQLVWUDWLYD \ VH OOHYDU D FDER GHQWUR GH ORV GDV
FDOHQGDULRVLJXLHQWHVDODSUHVHQWDFLQGHODTXHUHOOD
$GHPV OD 8QLGDG 6HFUHWDULDO UHIHULU OD TXHUHOOD GH LQPHGLDWR D XQ -XH]
$GPLQLVWUDWLYR SDUD TXH VWH HPLWD XQD RUGHQ VHDODQGR OD IHFKD SDUD OD YLVWD
DGPLQLVWUDWLYD
(OPHGLDGRUDVLJQDGRFRQYRFDUDODVSDUWHVSDUDODUHXQLQGHPHGLDFLQHQYLDQGR
FRSLD GH OD FLWDFLQ D OD 8QLGDG GH 6HFUHWDULDO 3DUD HVWR XWLOL]DU HO IRUPXODULR
,QYLWDFLQD5HXQLQGH0HGLDFLQ((0$GHPVFRRUGLQDUSRUYDWHOHIQLFDOD
DVLVWHQFLDGHODVSDUWHVDODUHXQLQ
7DQWRHOPHGLDGRUFRPRODVSDUWHVHVWDUQGLVSRQLEOHVGXUDQWHWRGRHOGDHQTXHVH
VHDOHODUHXQLQGHPHGLDFLQSDUDOOHYDUDFDERODPLVPD
/DSDUWLFLSDFLQGHODUHSUHVHQWDFLQOHJDOGHODVSDUWHVHQODUHXQLQGHPHGLDFLQ
VHU XQD GH FDUFWHU RSFLRQDO \ VX LQWHUYHQFLQ HVWDU OLPLWDGD D DVHVRUDU D VXV
UHSUHVHQWDGRV
(QDTXHOORVFDVRVGRQGHODSRVLEOHVROXFLQDXQDFRQWURYHUVLDLPSOLTXHHURJDFLQGH
IRQGRVSEOLFRVRDVXQWRVGHSROWLFDSEOLFDVHSURFHGHUGHODVLJXLHQWHPDQHUD
VHJQDSOLTXH
134
&RQVXOWD3UHYLD
D 6LDQWHVGHFHOHEUDUVHODUHXQLQGHPHGLDFLQORVIXQFLRQDULRVFRQRFHQODV
DOWHUQDWLYDV SDUD UHVROYHU OD FRQWURYHUVLD \ DOJXQD GH VWDV FRQOOHYD OD
DVLJQDFLQ GH IRQGRV QR GLVSRQLEOHV DO QLYHO ORFDO R OD FRQVLGHUDFLQ GH
DVXQWRVGHSROWLFDSEOLFDGHO'HSDUWDPHQWRGH(GXFDFLQIXHUDGHODOFDQFH
GHORVIXQFLRQDULRVGHOQLYHOORFDOVWRVGHEHUQUHDOL]DUXQDFRQVXOWDSUHYLD
GLULJLGDDSUHSDUDUVHSDUDSURSRQHURUHVSRQGHUDDOWHUQDWLYDVSODQWHDGDVHQ
ODUHXQLQGHPHGLDFLQ3DUDHVWRXWLOL]DUQHOIRUPXODULR&RQVXOWD3UHYLD
5HXQLQ0HGLDFLQ((0
&RQVXOWD3RVWHULRU
E
6LORVIXQFLRQDULRVGHVFRQRFHQODVDOWHUQDWLYDVSDUDUHVROYHUODFRQWURYHUVLD
\ FRPR SDUWH GH OD UHXQLQ GH PHGLDFLQ VWDV VXUJLHVHQ LPSOLFDQGR XQD
HURJDFLQGHIRQGRVQRDQWLFLSDGDRODFRQVLGHUDFLQGHDVXQWRVGHSROWLFD
SEOLFDGHO'HSDUWDPHQWRGH(GXFDFLQHOPHGLDGRULQIRUPDUDODVSDUWHV
TXHORVSRVLEOHVDFXHUGRVVHUQVRPHWLGRVDO6HFUHWDULRD$VRFLDGRDGH
(GXFDFLQ(VSHFLDOSDUDVXFRQVLGHUDFLQVWHGLVSRQGUGHWUHVGDV
ODERUDEOHVDSDUWLUGHODIHFKDGHODUHXQLQGHPHGLDFLQSDUDDSUREDUORV
DFXHUGRV 'H VHU QHFHVDULR HO 6HFUHWDULRD $VRFLDGRD VROLFLWDU TXH HO
DFXHUGRVHDLJXDOPHQWHDSUREDGRSRUDOJXQDRWUDDXWRULGDGSHUWLQHQWHHQ
DTXHOORVFDVRVHQTXHHOUHPHGLRDFRUGDGRDVORUHTXLHUD/RVDFXHUGRVQR
VHUQILQDOHVKDVWDWDQWRHO6HFUHWDULRD$VRFLDGRDKD\DDXWRUL]DGRODILUPD
GH ORV PLVPRV 3DUD UHDOL]DU OD FRQVXOWD \ REWHQHU OD DSUREDFLQ GHO
6HFUHWDULRD $VRFLDGRD R VX UHSUHVHQWDQWH DXWRUL]DGR VH XWLOL]DU HO
IRUPXODULR&RQVXOWDVREUH3RVLEOHV$FXHUGRVGH0HGLDFLQ((0
/RVDFXHUGRVHVFULWRVGHPHGLDFLQXQDYH]ILUPDGRVSRUDPEDVSDUWHVSRQGUQILQD
ODTXHUHOOD
(OPHGLDGRUUHPLWLUGHLQPHGLDWRFRSLDGHODTXHUHOODFRQORVDFXHUGRVILUPDGRVDOD
'LYLVLQ/HJDO\8QLGDG6HFUHWDULDO\DODUHSUHVHQWDFLQOHJDOGHODSDUWHTXHUHOODQWHVL
ODKXELHUH
135
/D8QLGDG6HFUHWDULDOQRWLILFDUDOMXH]DGPLQLVWUDWLYRORVUHVXOWDGRVGHODUHXQLQGH
PHGLDFLQHQYLDQGRFRSLDGHORVDFXHUGRVHVFULWRV
/RVDFXHUGRVHVFULWRVGHPHGLDFLQIRUPDUQSDUWHGHOH[SHGLHQWHGHODTXHUHOOD1R
VHUHTXHULUQDFFLRQHVDGLFLRQDOHVSRUSDUWHGHOMXH]
(Q DTXHOORV FDVRV HQ TXH QR VH ORJUHQ DFXHUGRV VDWLVIDFWRULRV HQ OD UHXQLQ GH
PHGLDFLQ VH SURFHGHU FRQ OD FHOHEUDFLQ GH OD YLVWD DGPLQLVWUDWLYD HQ OD IHFKD
VHDODGD
4XHMDV6HFFLQ
2WUR PHFDQLVPR GLVSRQLEOH PHGLDQWH HO FXDO ORV SDGUHV LQGLYLGXRV X RUJDQL]DFLRQHV
LQWHUHVDGDVSXHGHQVROLFLWDUTXHVHLQYHVWLJXHQODVVLWXDFLRQHVTXHHVWQDIHFWDQGROD
SURYLVLQ GH VHUYLFLRV HGXFDWLYRV \ UHODFLRQDGRV DSURSLDGRV D HVWXGLDQWHV FRQ
LPSHGLPHQWRVHVHO3URFHGLPLHQWRGH4XHMDVGHO'HSDUWDPHQWRGH(GXFDFLQ(QHVWH
SURFHVRVHUDGLFDODTXHMDHQOD2ILFLQDGH,QVSHFFLQGH4XHMDVGHOD'LYLVLQ/HJDOGHOD
$JHQFLDPHGLDQWHXQDFRPXQLFDFLQHVFULWD/DTXHMDGHEHLQFOXLUXQDGHFODUDFLQHQOD
TXHVHDOHJXHTXHOD$JHQFLDKDYLRODGRXQUHTXLVLWRGHOD3DUWH%GHOD/H\,'($\ORV
KHFKRVHQORVFXDOHVVHEDVDHVWDDILUPDFLQ/DYLRODFLQGHEHKDEHURFXUULGRHQHO
WUDQVFXUVR GHO OWLPR DR H[FHSWR HQ DTXHOORV FDVRV HQ TXH OD PLVPD HV FRQWLQXD \
FRPSUHQGH XQ SHULRGR PD\RU R VH VROLFLWDQ VHUYLFLRV FRPSHQVDWRULRV SRU YLRODFLRQHV
RFXUULGDVQRPVGHWUHVDRVDWUV
'HQWURGHORVSU[LPRVGDVDSDUWLUGHODUDGLFDFLQGHODTXHMD
VHGDURSRUWXQLGDGDOTXHUHOODQWHGHVRPHWHULQIRUPDFLQDGLFLRQDORUDOR
HVFULWDVREUHORDOHJDGRHQODTXHMD
VHDQDOL]DUWRGDODLQIRUPDFLQUHOHYDQWHSDUDOOHJDUDXQDGHWHUPLQDFLQ
LQGHSHQGLHQWHVREUHVLOD$JHQFLDHVWYLRODQGRDOJQUHTXLVLWRGHOD3DUWH%
GHODOH\
136
VH HPLWLU XQD GHFLVLQ HVFULWD GLULJLGD DO TXHUHOODQWH TXH DWLHQGD FDGD
DOHJDFLQ FRQWHQLGD HQ OD TXHMD ORV KDOOD]JRV \ FRQFOXVLRQHV GH OD
LQYHVWLJDFLQ\ODVUD]RQHVSDUDODGHFLVLQILQDOGHOD$JHQFLD
(QDTXHOORVFDVRVHQTXHVHLGHQWLILTXHDOJXQDYLRODFLQGHOH\TXHKDUHVXOWDGRHQODIDOWD
GHVHUYLFLRVDSURSLDGRVSDUDXQHVWXGLDQWHOD$JHQFLDFRQVLGHUDUDTXHOORVUHPHGLRV\
DFFLRQHVFRUUHFWLYDVDSURSLDGDV(VWRLQFOX\H
HOGHWHUPLQDUVLRIUHFHUXQUHHPEROVRRVHUYLFLRVFRPSHQVDWRULRV
ODV PHGLGDV TXH WRPDU SDUD DVHJXUDU TXH HQ OR VXFHVLYR VH RIUH]FDQ
VHUYLFLRVDSURSLDGRVDWRGRVORVHVWXGLDQWHV
GHVHUQHFHVDULRSURFHGLPLHQWRVSDUDODLPSODQWDFLQHIHFWLYDGHODGHFLVLQ
ILQDO GH OD $JHQFLD LQFOX\HQGR DFWLYLGDGHV GH DVLVWHQFLD WFQLFD
QHJRFLDFLRQHV\DFFLRQHVFRUUHFWLYDVSDUDORJUDUFXPSOLPLHQWR
2WUDVFRQVLGHUDFLRQHVGHOUHJODPHQWRIHGHUDOVREUHHOSURFHGLPLHQWRGHTXHMDV
/D$JHQFLDSXHGHH[WHQGHUHOWUPLQRGHGDVSDUDODUHVROXFLQGHXQD
TXHMDVORFXDQGRH[LVWDQFLUFXQVWDQFLDVH[FHSFLRQDOHVUHODFLRQDGDVFRQ
VWDRODVSDUWHVHVWQGHDFXHUGRFRQGLFKDH[WHQVLQ
6L OD DOHJDFLQ FRQWHQLGD HQ XQD TXHMD KD VLGR SODQWHDGD PHGLDQWH HO
SURFHGLPLHQWRGHTXHUHOODRVLODTXHMDFRQWLHQHYDULRVDVXQWRVGHORVTXH
XQRRPVHVWQVLHQGRGLOXFLGDGRVPHGLDQWHGLFKRSURFHVROD$JHQFLDQR
DWHQGHUORVDVXQWRVTXHVHUQGLOXFLGDGRVPHGLDQWHODYLVWDDGPLQLVWUDWLYD
(OUHVWRGHORVDVXQWRVSODQWHDGRVVHDWHQGHUQPHGLDQWHHOSURFHGLPLHQWR
GHTXHMDV
(Q XQD FRQWURYHUVLD TXH KD VLGR GHFLGLGD DQWHULRUPHQWH D WUDYV GHO
SURFHGLPLHQWRGHYLVWDDGPLQLVWUDWLYD\VHSODQWHDGHQXHYRHQXQDTXHMD
TXH LQYROXFUD D ODV PLVPDV SDUWHV OD GHFLVLQ GHO MXH] DGPLQLVWUDWLYR
SUHYDOHFHU \ OD $JHQFLD GHEHU LQIRUPDU VREUH HVWR D OD SHUVRQD X
RUJDQL]DFLQTXHVRPHWHODTXHMD
137
8Q SDGUH TXH QR HVW GH DFXHUGR FRQ OD GHFLVLQ ILQDO GH OD $JHQFLD
UHODFLRQDGDFRQVXTXHMDSXHGHVROLFLWDUXQDUHXQLQGHPHGLDFLQRYLVWD
DGPLQLVWUDWLYD
3URFHGLPLHQWRSDUDOD5DGLFDFLQ\&RQWHVWDFLQGH4XHMDV
(OSDGUHGHOHVWXGLDQWHSUHVHQWDUVXTXHMDHQOD2ILFLQDGH,QVSHFFLQGH
4XHMDVGHOD'LYLVLQ/HJDOGHO'HSDUWDPHQWRGH(GXFDFLQ
/D 2ILFLQD GH ,QVSHFFLQ GH 4XHMDV UHIHULU GH LQPHGLDWR OD TXHMD D OD
8QLGDGGH6HJXLPLHQWRGHOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO
VWDVHUDVLJQDGDDOLQYHVWLJDGRUGH4XHMDVGHVWDFDGRHQOD8QLGDGGH
6HJXLPLHQWRTXLHQVHFRPXQLFDUFRQHOSDGUHSDUDLQIRUPDUOHTXHHVWDUD
FDUJRGHODLQYHVWLJDFLQ
&RPRSDUWHGHODLQYHVWLJDFLQGHODTXHMDHOLQYHVWLJDGRUSRGU
a)
VROLFLWDULQIRUPDFLQ\GRFXPHQWRVDOSHUVRQDOHVFRODU
b)
WRPDUGHFODUDFLRQHVMXUDGDVDSDGUHV\IXQFLRQDULRV
c)
YLVLWDUHVFXHODV\FHQWURVGHVHUYLFLRVFRPRSDUWHGHODLQYHVWLJDFLQ
$OFRPSOHWDUODLQYHVWLJDFLQVWHSUHSDUDUXQLQIRUPHGHORVKDOOD]JRV\OR
SUHVHQWDU DO 6HFUHWDULRD $VRFLDGRD GH (GXFDFLQ (VSHFLDO SDUD VX
UHDFFLQ
(O LQIRUPH GH KDOOD]JRV \ ODV SRVLEOHV DFFLRQHV FRUUHFWLYDV VH XWLOL]DUQ
FRPREDVHSDUDSUHSDUDUODSURSXHVWDGHFRQWHVWDFLQGHO6HFUHWDULR
(OH[SHGLHQWHGHODTXHMDHOLQIRUPH\ODFRQWHVWDFLQSURSXHVWDVHHQYLDUQ
DO6HFUHWDULRSRUFRQGXFWRGHOD'LYLVLQ/HJDOGHOD$JHQFLDSDUDVXDQOLVLV
\FRQVLGHUDFLQ/D'LYLVLQ/HJDOUHYLVDUWRGDODLQIRUPDFLQGLVSRQLEOH\
DVHVRUDUDO6HFUHWDULRVHJQFRUUHVSRQGD
(O 6HFUHWDULR KDU OD GHWHUPLQDFLQ ILQDO VREUH OD TXHMD \ FRQWHVWDU SRU
HVFULWRDOSDGUHGHQWURGHOWUPLQRGHGDV
/D8QLGDGGH6HJXLPLHQWRHQYLDUFRSLDGHODFRQWHVWDFLQGHO6HFUHWDULRD
OD2ILFLQDGH,QVSHFFLQGH4XHMDVSDUDVXH[SHGLHQWH
138
2WUDVDOWHUQDWLYDV
$
2ILFLQDGH'LYXOJDFLQ\$VLVWHQFLDD3DGUHV
(QDTXHOODVRFDVLRQHVHQTXHORVSDGUHVWLHQHQDOJXQDSUHRFXSDFLQUHODFLRQDGD
FRQODSURYLVLQGHVHUYLFLRVGHHGXFDFLQHVSHFLDODVXVKLMRVSHURDSHVDUGH
FRQRFHUVXVGHUHFKRVQRGHVHDQXWLOL]DUORVSURFHGLPLHQWRVGHTXHMDVRTXHUHOODV
DQWHULRUPHQWH GHVFULWRV VWRV SXHGHQ VROLFLWDU OD LQWHUYHQFLQ GH OD 2ILFLQD GH
'LYXOJDFLQ \ $VLVWHQFLD D 3DGUHV GH OD 6HFUHWDUD $VRFLDGD GH (GXFDFLQ
(VSHFLDO
3HUVRQDO GH HVWD 2ILFLQD HQ XQLQ D IXQFLRQDULRV GH ODV UHJLRQHV HGXFDWLYDV
LQWHUYHQGUSDUDLQYHVWLJDU\DQDOL]DUODVLWXDFLQSUHVHQWDGDFRQHOSURSVLWRGH
DVHVRUDU DO 6HFUHWDULR $VRFLDGR VREUH SRVLEOHV VROXFLRQHV D OD PLVPD (O
6HFUHWDULR$VRFLDGRWRPDUDTXHOODVPHGLGDVTXHHVWQDVXDOFDQFHSDUDIDFLOLWDU
ODVROXFLQGHODVLWXDFLQSODQWHDGD(OSHUVRQDOGHOD2ILFLQDGH$VLVWHQFLDD
3DGUHVRULHQWDUQXHYDPHQWHDORVSDGUHVVREUHHO3URFHGLPLHQWR$GPLQLVWUDWLYRGH
4XHUHOODV FXDQGR VH LGHQWLILTXH XQD FRQWURYHUVLD TXH UHTXLHUD OD DWHQFLQ \
GHWHUPLQDFLQ GH XQ -XH] $GPLQLVWUDWLYR ,QGHSHQGLHQWH /D LQWHUYHQFLQ GHO
SHUVRQDOGHOD2ILFLQDGH$VLVWHQFLDD3DGUHVHVWDUGLULJLGDDD\XGDU\IDFLOLWDUOD
VROXFLQ GH VLWXDFLRQHV TXH DIHFWDQ D ORV HVWXGLDQWHV FRQ LPSHGLPHQWRV \ VXV
IDPLOLDV (VWD D\XGD HVWDU GLVSRQLEOH SDUD ORV SDGUHV TXH HVFULEDQ OODPHQ R
YLVLWHQOD6HFUHWDUD$VRFLDGDFRQHOSURSVLWRGHSODQWHDUVLWXDFLRQHVUHODFLRQDGDV
FRQORVVHUYLFLRVGHVXVKLMRV
%
139
DJHQFLDV GH JRELHUQR /D 2ILFLQD GHO 3URFXUDGRU WLHQH MXULVGLFFLQ VREUH ODV
DJHQFLDV LQFOXLGDV HQ OD /H\ (VWDWDO 1PHUR ODV FXDOHV HVWQ OODPDGDV D
FRODERUDUSDUDODSURYLVLQGH6HUYLFLRV(GXFDWLYRV,QWHJUDOHV
/RVDFXHUGRVLQWHUDJHQFLDOHVUHGDFWDGRVHQFXPSOLPLHQWRFRQODVGLVSRVLFLRQHVGH
OD /H\ HVWDEOHFHQ OD XWLOL]DFLQ GH ORV SURFHGLPLHQWRV GH OD 2ILFLQD GHO
3URFXUDGRUGHODV3HUVRQDVFRQ,PSHGLPHQWRVSDUDGLOXFLGDUFRQWURYHUVLDVHQWUH
ODVDJHQFLDV(OSHUVRQDOGHODVHVFXHODV\GLVWULWRVHVFRODUHVSRGUVROLFLWDUOD
LQWHUYHQFLQ GH OD 2ILFLQD GHO 3URFXUDGRU FXDQGR OXHJR GH KDEHU UHDOL]DGR ORV
HVIXHU]RV\JHVWLRQHVSHUWLQHQWHVQRKD\DVLGRSRVLEOHORJUDUODSDUWLFLSDFLQ\
FRODERUDFLQ GHO SHUVRQDO GH DOJXQD DJHQFLD FX\RV VHUYLFLRV UHVXOWHQ
LQGLVSHQVDEOHVSDUDTXHHOHVWXGLDQWHUHFLEDXQDHGXFDFLQDSURSLDGD
$QWHV GH VROLFLWDU OD LQWHUYHQFLQ GH OD 2ILFLQD GHO 3URFXUDGRU HO SHUVRQDO GHO
'HSDUWDPHQWR GH (GXFDFLQ GHEHU QRWLILFDU DO 6HFUHWDULRD $VRFLDGRD GH
(GXFDFLQ(VSHFLDOVREUHODQHFHVLGDGGHWRPDUGLFKDDFFLQ\ODVUD]RQHVSDUDOD
PLVPDHYLGHQFLDQGRODVJHVWLRQHVUHDOL]DGDV(O6HFUHWDULRD$VRFLDGRDHQYLDU
FRSLDGHODQRWLILFDFLQGHODHVFXHODRGLVWULWRDODSHUVRQDFRQWDFWRGHOD/H\HQ
OD DJHQFLD FRQFHUQLGD 6L QR VH REWLHQH XQD UHDFFLQ HQ HO WUDQVFXUVR GH ORV
SU[LPRVGDVODERUDEOHVDSDUWLUGHODIHFKDHQTXHGLFKDDJHQFLDUHFLEHOD
QRWLILFDFLQHOSHUVRQDOGHO'HSDUWDPHQWRGH(GXFDFLQSRGULQLFLDUODVROLFLWXGGH
LQWHUYHQFLQ GH OD 2ILFLQD GHO 3URFXUDGRU (O SHUVRQDO GHO 'HSDUWDPHQWR GH
(GXFDFLQTXHLQLFLDHVWDSHWLFLQGHEHUHVWDUGLVSRQLEOHSDUDSDUWLFLSDUGHODV
UHXQLRQHVGHPHGLDFLQ\YLVWDVDGPLQLVWUDWLYDVTXHSXHGDQVXUJLUFRPRUHVXOWDGR
GHODVROLFLWXGGHLQWHUYHQFLQSUHVHQWDGD
/D2ILFLQDGHO3URFXUDGRUDWUDYVGHOSURFHGLPLHQWRGHPHGLDFLQIDFLOLWDUHO
FXPSOLPLHQWRFRQORVDFXHUGRVLQWHUDJHQFLDOHV\GHVHUQHFHVDULRRUGHQDUD
WUDYVGHOSURFHGLPLHQWRGHYLVWDDGPLQLVWUDWLYDODVDFFLRQHVTXHFRUUHVSRQGDQ
SDUD DVHJXUDU HO FXPSOLPLHQWR FRQ ODV OH\HV UHJODPHQWRV \ DFXHUGRV
LQWHUDJHQFLDOHVYLJHQWHV
140
&RQILGHQFLDOLGDGGHOD,QIRUPDFLQ3HUVRQDO,GHQWLILFDEOH
7RGDLQIRUPDFLQSHUVRQDOLGHQWLILFDEOHUHODFLRQDGDFRQHOQLRRMRYHQVHFRQVLGHUDGH
QDWXUDOH]DFRQILGHQFLDO\QRVHVXPLQLVWUDUDSHUVRQDDOJXQDH[FHSWRDIXQFLRQDULRVGHO
'HSDUWDPHQWR GH (GXFDFLQ TXH LQWHUYHQJDQ HQ OD SURYLVLQ GLUHFWD R LQGLUHFWD GH
VHUYLFLRV,QIRUPDFLQSHUVRQDOLGHQWLILFDEOHHVDTXHOODTXHFRQWLHQHHOQRPEUHGHOQLRR
MRYHQGHVXVSDGUHVRGHDOJQRWURPLHPEURGHVXIDPLOLDGLUHFFLQGHOQLRRMRYHQ
VHJXUR VRFLDO R QPHUR GH HVWXGLDQWH \ OLVWD GH FDUDFWHUVWLFDV SHUVRQDOHV X RWUD
LQIRUPDFLQTXHKDUDSRVLEOHLGHQWLILFDUDOQLRRMRYHQFRQFHUWH]DUD]RQDEOH
/RV IXQFLRQDULRV \ HPSOHDGRV GHO 'HSDUWDPHQWR GH (GXFDFLQ SRGUQ FRPSDUWLU HVD
LQIRUPDFLQFRQSURIHVLRQDOHVQRHPSOHDGRVGHODDJHQFLDFXDQGRHOORVHDQHFHVDULRSDUD
OD FRRUGLQDFLQ GHO RIUHFLPLHQWR GH VHUYLFLRV DO QLR R MRYHQ (Q HVWRV FDVRV VHU
QHFHVDULRTXHVHREWHQJDDXWRUL]DFLQHVFULWDGHOSDGUHDQWHVGHFRPSDUWLUODLQIRUPDFLQ
(OSHUVRQDOHVFRODUSRGUFRQHOFRQVHQWLPLHQWRHVFULWRGHOSDGUHDXWRUL]DUHODFFHVRD
HVWDLQIRUPDFLQDWHUFHUDVSHUVRQDV(QORVFDVRVHQTXHHOSDGUHUHKVHDXWRUL]DUOD
GLYXOJDFLQGHLQIRUPDFLQQHFHVDULDSDUDODSUHVWDFLQGHXQVHUYLFLRHO'HSDUWDPHQWRGH
(GXFDFLQ SRGU XWLOL]DU HO SURFHGLPLHQWR GH 0HGLDFLQ R 9LVWD $GPLQLVWUDWLYD (O
'HSDUWDPHQWRGH(GXFDFLQGHEHUSURYHHUODVQRUPDV\SURFHGLPLHQWRVDXWLOL]DUVHHQOD
HYHQWXDOLGDGGHTXHXQSDGUHVHQLHJXHDGDUVXFRQVHQWLPLHQWR
/RVIXQFLRQDULRVGHO'HSDUWDPHQWRGH(GXFDFLQWHQGUQODREOLJDFLQFRPRSDUWHGHORV
GHEHUHV GH VX FDUJR GH QR GLYXOJDU DTXHOOD LQIRUPDFLQ D OD FXDO DGYHQJDQ HQ
FRQRFLPLHQWR DFHUFD GHO QLR H[FHSWXDQGR OD TXH HQ HO GHVFDUJR GH VXV JHVWLRQHV
RILFLDOHV WHQJDQ TXH FRPSDUWLU FRQ RWURV SURIHVLRQDOHV /D FRQILGHQFLDOLGDG GH OD
LQIRUPDFLQSHUVRQDOLGHQWLILFDEOHGHEHVHUSURWHJLGDGXUDQWHODVHWDSDVGHUHFRSLODFLQ
DOPDFHQDMHGHVFXEULPLHQWR\GHVWUXFFLQGHVWD
/D $JHQFLD GHEHU DGLHVWUDU D WRGRV DTXHOORV IXQFLRQDULRV TXH UHFRSLODQ R XWLOL]DQ
LQIRUPDFLQSHUVRQDOLGHQWLILFDEOHHQUHODFLQDODVGLVSRVLFLRQHVGHFRQILGHQFLDOLGDG/D
141
YLRODFLQ GH HVWDV GLVSRVLFLRQHV SXHGH GDU OXJDU D XQD DFFLQ OHJDO HQ FRQWUD GHO
'HSDUWDPHQWRGH(GXFDFLQ/DYLRODFLQSRUSDUWHGHXQIXQFLRQDULRGHO'HSDUWDPHQWR
GH(GXFDFLQGHODREOLJDFLQGHFRQILGHQFLDOLGDGGDUOXJDUDXQDDFFLQGLVFLSOLQDULDSRU
LQFXPSOLPLHQWRFRQORVGHEHUHVGHVXFDUJRFRQIRUPHDORGLVSXHVWRHQOD/H\2UJQLFD
&RQILGHQFLDOLGDGGHOH[SHGLHQWHGHOQLRRMRYHQ
D (O'HSDUWDPHQWRGH(GXFDFLQPDQWLHQHLQIRUPDFLQSHUVRQDOLGHQWLILFDEOHGH
ORV QLRV \ MYHQHV D TXLHQHV RIUHFH VHUYLFLRV GH HGXFDFLQ HVSHFLDO (VWD
LQIRUPDFLQ SHUVRQDO LGHQWLILFDEOH VH UHFRSLOD HQ HO H[SHGLHQWH HGXFDWLYR GH
FDGDHVWXGLDQWH\HQHO5HJLVWURGH(GXFDFLQ(VSHFLDOTXHVHPDQWLHQHHQOD
2ILFLQDGHO6XSHULQWHQGHQWHGH(VFXHODV(OH[SHGLHQWHHGXFDWLYRHVDTXHOTXH
FRQWLHQHLQIRUPDFLQGLUHFWDPHQWHUHODFLRQDGDDOHVWXGLDQWH\TXHHVPDQWHQLGR
\FXVWRGLDGRSRUHO'HSDUWDPHQWRGH(GXFDFLQRSRUXQWHUFHURTXHDFWDD
QRPEUHGHO'HSDUWDPHQWRGH(GXFDFLQ7DQWROD2ILFLQDGHO6XSHULQWHQGHQWH
GH(VFXHODVFRPRFDGDHVFXHODRLQVWLWXFLQTXHRIUHFHVHUYLFLRVGHHGXFDFLQ
HVSHFLDO PDQWHQGU OD LQIRUPDFLQ FRQILGHQFLDO GH FDGD HVWXGLDQWH FRQ
LPSHGLPHQWRHQXQH[SHGLHQWH'LFKRH[SHGLHQWHHVWDUEDMRODFXVWRGLDGHXQ
VXSHUYLVRUDFDUJRGHO3URJUDPDGH(GXFDFLQ(VSHFLDODQLYHOGHORV&25&
&(7\GLVWULWRVHVFRODUHVRGHOGLUHFWRUGHODHVFXHODFHQWURRLQVWLWXFLQDOD
TXH DVLVWH HO HVWXGLDQWH \ GHEHU FRQWHQHU HQWUH RWURV ORV VLJXLHQWHV
GRFXPHQWRV
IRUPXODULRVUHODFLRQDGRVFRQJDUDQWDVSURFHVDOHVSHUWLQHQWHVDOFDVR\
FRPSOHWDGDVKDVWDHOPRPHQWR
LQIRUPHVVREUHUHVXOWDGRVGHODVHYDOXDFLRQHVUHDOL]DGDV
GRFXPHQWRRULJLQDOGHO3(,LQLFLDO\VXVUHYLVLRQHV
LQIRUPDFLQSURYLVWDSRURWUDVDJHQFLDV
FXDOTXLHURWUDLQIRUPDFLQTXHIDFLOLWHODHYDOXDFLQ\ODSUHVWDFLQGHORV
VHUYLFLRVDOHVWXGLDQWHRTXHHOSDGUHVRPHWD\VHFRQVLGHUHFRQILGHQFLDO
E (QHOFDVRGHHVWXGLDQWHVTXHUHFLEHQORVVHUYLFLRVGHHGXFDFLQHVSHFLDOHQHO
KRJDUHQKRVSLWDOHVRHQRWUDVLQVWLWXFLRQHVVXVH[SHGLHQWHVVHFRQVHUYDUQHQ
142
HOOXJDUHQHOFXDOHVWDVLJQDGRHOPDHVWURTXHOHVSURYHHHOVHUYLFLREDMROD
FXVWRGLDGHOGLUHFWRURIXQFLRQDULRGHVLJQDGRSRUGLFKRKRVSLWDORLQVWLWXFLQ(Q
HO FDVR GH HVWXGLDQWHV XELFDGRV HQ ,QVWLWXFLRQHV -XYHQLOHV HO PDQHMR GHO
H[SHGLHQWHVHJXLUHOSURFHGLPLHQWRTXHVHHVWDEOH]FDHQHO&RQYHQLRHQWUHODV
$JHQFLDV
F (QHOFDVRGHHVWXGLDQWHVFRQLPSHGLPHQWRVTXHDVLVWHQDHVFXHODVSULYDGDVX
RWUDV LQVWLWXFLRQHV VH PDQWHQGUQ ORV GRFXPHQWRV RULJLQDOHV GH VXV
H[SHGLHQWHVHQODVHVFXHODVRLQVWLWXFLRQHVDODVTXHDVLVWHQ\XQDFRSLDGHO
H[SHGLHQWHVHGHEHPDQWHQHUHQODRILFLQDGHOVXSHULQWHQGHQWHGHHVFXHODVGHO
GLVWULWRHVFRODUGHUHVLGHQFLD
G &DGD H[SHGLHQWH VH LGHQWLILFDU HQ VX H[WHULRU VRODPHQWH SRU HO QPHUR GH
UHJLVWURGHOQLRRMRYHQ
I &DGDHVFXHODDJHQFLDRLQVWLWXFLQPDQWHQGUH[SXHVWDHQHODUFKLYRGHORV
H[SHGLHQWHVODOLVWDGHPDHVWURV\SHUVRQDOHVFRODUDXWRUL]DGRDLQWHUYHQLUFRQ
VWRV
QRPEUHGHOQLR\QPHURGHUHJLVWURGHTXLHQVHVROLFLWDLQIRUPDFLQ
ILUPDGHOIXQFLRQDULRRSHUVRQDTXHVROLFLWDODLQIRUPDFLQGHOH[SHGLHQWH
143
\DJHQFLDRHQWLGDGSDUDODFXDOODERUD
-
SURSVLWRSRUHOFXDOVHVROLFLWDLQIRUPDFLQGHOH[SHGLHQWH
IHFKD HQ TXH HO VROLFLWDQWH UHFLEL R WXYR DFFHVR D OD LQIRUPDFLQ GHO
H[SHGLHQWH
K /RV SDGUHV WLHQHQ GHUHFKR D H[DPLQDU HO H[SHGLHQWH GH VX KLMR 'H HOORV
VROLFLWDUH[DPLQDUHOH[SHGLHQWHHOVXSHULQWHQGHQWHRGLUHFWRUGHHVFXHODOHV
JDUDQWL]DUHODFFHVRDGLFKRGRFXPHQWRVLQGHPRUDLQQHFHVDULDDQWHVGHOD
UHXQLQSDUDSUHSDUDURUHYLVDUHO3(,RSUHYLRDODFHOHEUDFLQGHXQDYLVWD
DGPLQLVWUDWLYD\HQQLQJQFDVRPVWDUGHGHGDVDSDUWLUGHODVROLFLWXGGH
ORVSDGUHV
L
([FHSWR FXDQGR HV UHTXHULGR SRU DXWRULGDGHV MXGLFLDOHV OD SURYLVLQ GH
LQIRUPDFLQFRQILGHQFLDOGHOQLRRMRYHQVROLFLWDGDSRULQGLYLGXRVSDUWLFXODUHVX
RWUDV DJHQFLDV UHTXHULU HO FRQVHQWLPLHQWR SRU HVFULWR GH ORV SDGUHV R
HQFDUJDGR GHO HVWXGLDQWH (O FRQVHQWLPLHQWR HVFULWR GHEH HVSHFLILFDU OD
LQIRUPDFLQDVHUSURYLVWDHOSURSVLWRSRUHOFXDOKDVLGRVROLFLWDGD\ODSHUVRQD
RSDUWHTXHUHFLELUODLQIRUPDFLQ3DUDHVWHSURSVLWRVHXWLOL]DUHOIRUPXODULR
((D
M
8QDYH]REWHQLGRHOFRQVHQWLPLHQWRGHOSDGUHHOVXSHULQWHQGHQWHGHHVFXHODV
DXWRUL]DUSURYHHUODLQIRUPDFLQGHOH[SHGLHQWHGHOHVWXGLDQWHDODDJHQFLDR
SHUVRQD TXH VRPHWL OD VROLFLWXG /D LQIRUPDFLQ HVWDU DFRPSDDGD GHO
IRUPXODULRGHDXWRUL]DFLQILUPDGRSRUHOSDGUH$GHPVVHSURYHHUDOSDGUH
VL VWH DV OR VROLFLWD FRSLD GH OD LQIRUPDFLQ TXH VHU FRPSDUWLGD FRQ OD
SHUVRQDRDJHQFLDVROLFLWDQWH
144
&RQILGHQFLDOLGDGGHO5HJLVWURGH(GXFDFLQ(VSHFLDO
(O5HJLVWURGH(GXFDFLQ(VSHFLDOUHFRJHODLQIRUPDFLQUHODWLYDDFDGDQLRR
MRYHQFRQSRVLEOHVLPSHGLPHQWRVFX\RVSDGUHVVROLFLWDQORVVHUYLFLRVGHHGXFDFLQ
HVSHFLDO(QVWHVHUHFRSLODLQIRUPDFLQSHUVRQDOFRQILGHQFLDOFRQUHVSHFWRDFDGD
QLRRMRYHQUHJLVWUDGRLQFOX\HQGRIHFKDGHUHJLVWURLQIRUPDFLQUHODFLRQDGDFRQ
HYDOXDFLRQHV\UHHYDOXDFLRQHVDGPLQLVWUDGDVSURJUDPDHGXFDWLYRLQGLYLGXDOL]DGR\
HJUHVRGHOHVWXGLDQWH
/RVIXQFLRQDULRVDFDUJRGHO5HJLVWURGHEHUQPDQWHQHUDFWXDOL]DGRHOPLVPR\
FRQVHUYDUOR HQ XQ OXJDU GRQGH OD FRQILGHQFLDOLGDG GH OD LQIRUPDFLQ HVW
GHELGDPHQWH JDUDQWL]DGD EDMR OD FXVWRGLD GHO 'LUHFWRU GHO &25& R VXSHUYLVRU
GHVLJQDGR
(OLPLQDFLQGHVWUXFFLQRHQPLHQGDGHLQIRUPDFLQSHUVRQDOLGHQWLILFDEOH
(QORVH[SHGLHQWHVGHDOJXQRVQLRVRMYHQHVFRQLPSHGLPHQWRVSXHGHDSDUHFHU
LQIRUPDFLQ TXH QR HV UHOHYDQWH SDUD SUHVWDUOHV ORV VHUYLFLRV HGXFDWLYRV \
UHODFLRQDGRVHVWLSXODGRVHQVXVSURJUDPDVHGXFDWLYRVLQGLYLGXDOL]DGRVRTXHGH
DOJXQDPDQHUDLQWHUILHUDQFRQVXVGHUHFKRV(VWDLQIRUPDFLQSRGUHOLPLQDUVH
GHVWUXLUVHRHQPHQGDUVHDSHWLFLQGHOHVWXGLDQWHVLHVWHKDDOFDQ]DGRODPD\RUD
GHHGDGGHOSDGUHRGHODDJHQFLD
D
6LHOSDGUHGHOQLRRMRYHQLQWHUHVDTXHVHHOLPLQHGHVWUX\DR
HQPLHQGH FLHUWD LQIRUPDFLQ GHO H[SHGLHQWH GH VX KLMRD OR
QRWLILFDUDOVXSHULQWHQGHQWHGHHVFXHODVGHOGLVWULWRHVFRODUTXH
SUHVWDVHUYLFLRVDOHVWXGLDQWH6LODVROLFLWXGQRHVHQWUHJDGDSRU
HOSDGUHHQIRUPDHVFULWDVHUHGDFWDUXQDPLQXWDTXHHOSDGUH
145
ILUPHHQODTXHVHHVWDEOH]FDFRQFODULGDGODLQIRUPDFLQTXHVH
VROLFLWDHOLPLQDUGHVWUXLURHQPHQGDU
(O6XSHULQWHQGHQWHGH(VFXHODVLQYLWDUDOSDGUHDXQDUHXQLQ
FRQ HO VXSHUYLVRU GH ]RQD SDUD DQDOL]DU OD LQIRUPDFLQ TXH HO
SDGUH VROLFLWD VH HOLPLQH GHVWUX\D R HQPLHQGH (VWD UHXQLQ
GHEHUHIHFWXDUVHQRPVWDUGHGHGDVFDOHQGDULRDSDUWLUGH
ODIHFKDHQTXHVHUHFLEDODSHWLFLQGHOSDGUH
(QFDVRGHTXHHOQLRRMRYHQDVLVWDDXQDHVFXHODRLQVWLWXFLQ
XQUHSUHVHQWDQWHGHHVDHVFXHODRLQVWLWXFLQGHEHUHVWDUHQOD
UHXQLQ
(QODIHFKDDFRUGDGDSDUDODUHXQLQHOVXSHUYLVRUGH]RQDGH
HGXFDFLQHVSHFLDORODSHUVRQDGHVLJQDGDSRUHO6XSHULQWHQGHQWH
DQDOL]DU HQ XQLQ DO VROLFLWDQWH OD LQIRUPDFLQ D HOLPLQDUVH
GHVWUXLUVH R HQPHQGDUVH &RPR UHVXOWDGR GH OD UHXQLQ \ HO
DQOLVLV GH ORV GRFXPHQWRV ORV UHSUHVHQWDQWHV GH OD $JHQFLD
GHWHUPLQDUQVLVHGHEHRQRDFFHGHUDGHVWUXLURHQPHQGDUOD
LQIRUPDFLQ VHJQ VROLFLWDGR SRU ORV SDGUHV $O KDFHUOR
QRWLILFDUQSRUHVFULWRVXGHFLVLQODVUD]RQHVSDUDODPLVPDH
LQIRUPDUQDOSDGUHVXGHUHFKRDVROLFLWDUXQDYLVWDDGPLQLVWUDWLYD
EDMRODVHFFLQHQFDVRGHTXHVWHGHVHHFXHVWLRQDUOD
GHFLVLQGHOD$JHQFLD
/RVGLVWULWRVGHEHUQJDUDQWL]DUTXHDOHOLPLQDULQIRUPDFLQGHO
H[SHGLHQWHVHFRQVHUYHHYLGHQFLDGHORVVHUYLFLRVTXHVHKD\DQ
SUHVWDGRRSUHWHQGLGRSUHVWDUDOHVWXGLDQWH
6HPDQWHQGUHQHOH[SHGLHQWHGHOQLRXQDOLVWDGHODLQIRUPDFLQ
TXHVHHOLPLQRGHVWUX\
146
E
-
6L XQ HVWXGLDQWH PD\RU GH HGDG LQWHUHVD TXH VH HOLPLQH
GHVWUX\D R HQPLHQGH FLHUWD LQIRUPDFLQ GH VX H[SHGLHQWH OR
QRWLILFDUDOVXSHULQWHQGHQWHGHHVFXHODVGHOGLVWULWRHVFRODUGRQGH
UHFLEH VHUYLFLRV 6L HO HVWXGLDQWH QR SUHVHQWD VX VROLFLWXG SRU
HVFULWRVHUHGDFWDUXQDPLQXWDDVHUILUPDGDSRUHOHVWXGLDQWH
TXHHVWDEOH]FDFRQFODULGDGODLQIRUPDFLQVWHVROLFLWDHOLPLQDU
GHVWUXLURHQPHQGDU
-
-
3DUDODHOLPLQDFLQGHVWUXFFLQRHQPLHQGDGHODLQIRUPDFLQVH
VHJXLUHOPLVPRSURFHGLPLHQWRGHVFULWRDQWHULRUPHQWH
F
-
147
8QD YH] OD LQIRUPDFLQ SHUVRQDO QR HV QHFHVDULD SDUD HO
RIUHFLPLHQWRGHVHUYLFLRVHGXFDWLYRV\DTXHHOHVWXGLDQWHVHKD
JUDGXDGRRKDGHMDGRGHUHFLELUVHUYLFLRVEDMROD$JHQFLDHOSDGUH
GHEH VHU LQIRUPDGR GH TXH HVWD LQIRUPDFLQ \D QR UHVXOWD
QHFHVDULD/D$JHQFLDGHEHUGHVWUXLUODLQIRUPDFLQVLHOSDGUH
DVORVROLFLWD1RREVWDQWHOD$JHQFLDSRGUPDQWHQHUVLQOPLWH
GH WLHPSR XQ H[SHGLHQWH SHUPDQHQWH FRQ OD VLJXLHQWH
LQIRUPDFLQ QRPEUH GLUHFFLQ WHOIRQR LQIRUPHV GH QRWDV \
DVLVWHQFLDQLYHOGHOJUDGRFRPSOHWDGR\DRHQTXHORFRPSOHW
G
3URFHGLPLHQWRDVHJXLUFXDQGRHOSDGUHHOHVWXGLDQWHRODDJHQFLD
UHKXVDUDQHOLPLQDUGHVWUXLURHQPHQGDULQIRUPDFLQGHOH[SHGLHQWH
-
6LHQODYLVWDVHGHWHUPLQDTXHSURFHGHODHOLPLQDFLQGHVWUXFFLQ
R HQPLHQGD GH OD LQIRUPDFLQ SUHYDOHFHU OD GHFLVLQ GH ORV
RILFLDOHV GH OD YLVWD /D $JHQFLD DFWXDU FRQIRUPH D OD
GHWHUPLQDFLQGHOMXH]DGPLQLVWUDWLYR\DVORLQIRUPDUSRUHVFULWR
DOSDGUH
-
6L HQ OD YLVWD VH GHWHUPLQD TXH QR SURFHGH OD HOLPLQDFLQ
GHVWUXFFLQRHQPLHQGDGHODLQIRUPDFLQSUHYDOHFHUODGHFLVLQ
GHORVRILFLDOHVGHODYLVWD
-
(QHVWHFDVRORVSDGUHVGHEHUQVHULQIRUPDGRVGHVXGHUHFKRD
TXH VH LQFOX\D HQ HO H[SHGLHQWH VXV FRPHQWDULRV VREUH OD
LQIRUPDFLQTXHLQWHUHVDEDQHOLPLQDURHQPHQGDU\VXVUD]RQHV
148
SDUDHOOR(VWDGHFODUDFLQIRUPDUSDUWHGHOH[SHGLHQWH\GHEHU
LQFOXLUVHFDGDYH]TXHVHGLYXOJXHODLQIRUPDFLQHQFRQWURYHUVLD
1RWLILFDFLQDORVSDGUHV
'HUHFKRVGHORV3DGUHV
/RV GHUHFKRV GH ORV SDGUHV UHODFLRQDGRV FRQ OD FRQILGHQFLDOLGDG GH OD LQIRUPDFLQ
SHUVRQDOLGHQWLILFDEOHHVWQLQFOXLGDVHQHOGRFXPHQWR'HUHFKRVGHORV3DGUHVGHHVWH
PDQXDO%DMRODUHJODPHQWDFLQGHOD/H\GH3URWHFFLQ\'HUHFKRV(GXFDWLYRVGHOD
)DPLOLD)(53$SRUVXVVLJODVHQLQJOVGHORVGHUHFKRVGHORVSDGUHVUHODFLRQDGRV
FRQORVH[SHGLHQWHVHGXFDWLYRVVRQWUDQVIHULGRVDORVHVWXGLDQWHVDOFXPSOLUORVDRV
6L ORV GHUHFKRVGHORVSDGUHVEDMROD3DUWH%GH,'($VRQWUDQVIHULGRVDOHVWXGLDQWH
FXDQGRHVWHDOFDQ]DODPD\RUDGHHGDGGHDFXHUGRDODVHFFLQHQWRQFHVORV
H[SHGLHQWHVHGXFDWLYRVGHVFULWRVHQODVVHFFLRQHV WDPELQGHEHQVHU
WUDQVIHULGRVDOHVWXGLDQWH
1RREVWDQWHODDJHQFLDGHEHUSURYHHUDOHVWXGLDQWH\VXVSDGUHVFXDOTXLHUQRWLILFDFLQD
HVWRVHIHFWRVTXHVHDUHTXHULGDGHDFXHUGRDODVHFFLQGH,'($
(O'HSDUWDPHQWRGH(GXFDFLQGHEHSURYHHUDORVSDGUHVXQDQRWLILFDFLQDGHFXDGD\
FRPSOHWD UHODFLRQDGD FRQ ORV UHTXLVLWRV VREUH OD FRQILGHQFLDOLGDG GH OD LQIRUPDFLQ
SHUVRQDOLGHQWLILFDEOHLQFOX\HQGR
-
TXHHVWDQRWLILFDFLQVHKDFHHQHOLGLRPDYHUQFXORGHODSREODFLQGHOD
LVOD
-
ODGHVFULSFLQGHORVQLRVQLDVRMYHQHVVREUHORVTXHVHPDQWLHQHOD
LQIRUPDFLQSHUVRQDOLGHQWLILFDEOHHOWLSRGHLQIRUPDFLQORVPWRGRV
TXHVHXWLOL]DURQSDUDODUHFRSLODFLQGHODLQIRUPDFLQLQFOX\HQGRODV
149
IXHQWHVGRQGHVHUHFRSLODODLQIRUPDFLQ\ORVXVRVTXHVHGDUDHVWD
LQIRUPDFLQ
-
XQDGHVFULSFLQGHWRGRVORVGHUHFKRVGHORVSDGUHV\ORVQLRVQLDVR
MYHQHVUHODFLRQDGDVFRQODLQIRUPDFLQLQFOX\HQGRORVGHUHFKRVEDMR
)(53$\EDMRODUHJODPHQWDFLQHQ&)5SDUWH
/DGLYLVLQOHJDOGHO'HSDUWDPHQWRGH(GXFDFLQLQYHVWLJDUFXDOTXLHUTXHMDSUHVHQWDGD
UHODFLRQDGD D YLRODFLQ GHORVGHUHFKRVGHORVSDGUHV\QLRVQLDVRMYHQHVEDMROD
UHJODPHQWDFLQYLJHQWHLQFOX\HQGRORVGHUHFKRVUHODFLRQDGRVFRQODFRQILGHQFLDOLGDGGH
LQIRUPDFLQ SHUVRQDO LGHQWLILFDEOH /D DJHQFLD LPSODQWDU QRUPDV \ SURFHGLPLHQWRV
LQFOX\HQGRODVVDQFLRQHVTXHXWLOL]DQSDUDDVHJXUDUTXHVHFXPSODFRQORVSURFHGLPLHQWRV
UHODFLRQDGRVFRQORVGHUHFKRVGHORVSDGUHV
150
'HVDUUROOR3URIHVLRQDO
/D SURYLVLQ GH VHUYLFLRV HGXFDWLYRV \ UHODFLRQDGRV DSURSLDGRV DQLRV\MYHQHVFRQ
LPSHGLPHQWRVUHTXLHUHGHSHUVRQDOFXDOLILFDGRTXHSRVHDODVGHVWUH]DV\FRQRFLPLHQWRV
QHFHVDULRV SDUD LQWHUYHQLU HIHFWLYDPHQWH FRQ VWRV (VWH SHUVRQDO LQFOX\H PDHVWURV
UHJXODUHV \ GH HGXFDFLQ HVSHFLDO SURYHHGRUHV GH VHUYLFLRV UHODFLRQDGRV SHUVRQDO
HVFRODUGHDSR\RDODGRFHQFLD\RWURSHUVRQDOHVFRODU
/DOHJLVODFLQIHGHUDOHVWDEOHFHORVVLJXLHQWHVUHTXLVLWRVUHODFLRQDGRVFRQODVQRUPDVGH
SHUVRQDO DV FRPR OD SODQLILFDFLQ GH DFWLYLGDGHV GLULJLGDV D DVHJXUDU XQD FDQWLGDG
DSURSLDGDGHSHUVRQDOGHELGDPHQWHFXDOLILFDGRSDUDSURYHHUVHUYLFLRVDQLRV\MYHQHV
FRQLPSHGLPHQWRV
1RUPDVGH3HUVRQDO
/DV QRUPDV GH SHUVRQDO GHEHQ HVWDU EDVDGDV HQ ORV UHTXLVLWRV P[LPRV
HVWDEOHFLGRV TXH DSOLFDQ D OD SURIHVLQ R GLVFLSOLQD SDUWLFXODU $GHPV GHEHQ
HVWDEOHFHU\PDQWHQHUHVWQGDUHV\FXDOLILFDFLRQHVDSURSLDGDVSDUDHOSHUVRQDOTXH
SURYHHVHUYLFLRVHGXFDWLYRV\UHODFLRQDGRVFQVRQRVFRQDTXHOORVHVWDEOHFLGRVSRU
HORUJDQLVPRUHFWRUGHFDGDSURIHVLQ
/DVQRUPDVGHSHUVRQDOGHO'HSDUWDPHQWRGH(GXFDFLQHVWQEDVDGDVHQORV
UHTXLVLWRV P[LPRV HVWDEOHFLGRV HQ 3XHUWR 5LFR DSOLFDEOHV D XQD SURIHVLQ HQ
SDUWLFXODU 7RGRV ORV LQGLYLGXRV TXH SURYHHQ HGXFDFLQ HVSHFLDO R VHUYLFLRV
UHODFLRQDGRVGHEHQFXPSOLUFRQHOQLYHODFDGPLFRGHHQWUDGDUHTXHULGRHQ3XHUWR
5LFR SDUD OD SURIHVLQ R GLVFLSOLQD 3DUD DVHJXUDU HO FXPSOLPLHQWR FRQ HVWD
GLVSRVLFLQ VH UHTXLHUH D FDGD SURIHVLRQDO TXH SURYHHU VHUYLFLRV HGXFDWLYRV \
UHODFLRQDGRVXQDFHUWLILFDFLQHQVXUHDGHHVSHFLDOLGDGTXHGHEHUVHURWRUJDGD
SRUHORUJDQLVPRFRPSHWHQWHGHGLFKDSURIHVLQ
151
6LVWHPD$EDUFDGRUGH'HVDUUROOR3URIHVLRQDO
&RQIRUPHDOUHTXLVLWRGHODOHJLVODFLQYLJHQWHOD$JHQFLDGHVDUUROODUFDGDFLQFR
DRV XQ 3ODQ $EDUFDGRU GH 'HVDUUROOR 3URIHVLRQDO GLVHDGR SDUD DVHJXUDU XQD
FDQWLGDGDGHFXDGDGHSURIHVLRQDOHVFXDOLILFDGRVSDUDDWHQGHUODVQHFHVLGDGHVGH
ORV HVWXGLDQWHV FRQ LPSHGLPHQWRV LQFOX\HQGR PDHVWURV UHJXODUHV PDHVWURV GH
HGXFDFLQHVSHFLDO\SHUVRQDOGHVHUYLFLRVUHODFLRQDGRV
(QHO3ODQ$EDUFDGRUGH'HVDUUROOR3URIHVLRQDOVHLQFOXLUXQDGHVFULSFLQGH
-
HODQOLVLVGHODVQHFHVLGDGHVGHGHVDUUROORGHSHUVRQDOSDUDSURYHHUVHUYLFLRVD
QLRV\MYHQHVFRQLPSHGLPHQWRVLQGLFDQGRHOQPHURGHSURIHVLRQDOHVSDUD
SURYHHU VHUYLFLRV LQIRUPDFLQ UHOHYDQWH UHODFLRQDGD FRQ HVFDVH] DFWXDO R
SUR\HFWDGDGHSURIHVLRQDOHV\HODOFDQFHGHOGHVDUUROORSURIHVLRQDOUHTXHULGR
SDUDHOLPLQDUGLFKDHVFDVH]
-
ODVHVWUDWHJLDVSDUDDWHQGHUODVQHFHVLGDGHVLGHQWLILFDGDVSDUDDVHJXUDUTXH
WRGRHOSHUVRQDOTXHWUDEDMDFRQQLRV\MYHQHVFRQLPSHGLPHQWRVWLHQHODV
GHVWUH]DV\FRQRFLPLHQWRVSDUDDWHQGHUGLFKDVQHFHVLGDGHV
-
FPRVHSUHSDUDUHOSHUVRQDOGHHGXFDFLQJHQHUDO\GHHGXFDFLQHVSHFLDO
FRQODVGHVWUH]DVFRODERUDWLYDVQHFHVDULDVSDUDDWHQGHUODVQHFHVLGDGHVGHORV
LQIDQWHVQLRV\MYHQHVFRQLPSHGLPHQWRV
-
152
FPRVHIRUWDOHFHUQODVGHVWUH]DVGHORVPDHVWURV\RWURVSURIHVLRQDOHVHQHO
XVR GH HVWUDWHJLDV GH LQWHUYHQFLQ FRQ QLRV R MYHQHV TXH PDQLILHVWDQ
FRQGXFWDVTXHDIHFWDQRLPSLGHQVXDSUHQGL]DMHRHOGHRWURV
FPRVHDVHJXUDUTXHHOSODQHVWLQWHJUDGRDRWURVSODQHV\DFWLYLGDGHVGHOD
$JHQFLDUHODFLRQDGDVFRQUHFOXWDPLHQWR\DGLHVWUDPLHQWRGHSHUVRQDO
ODSURYLVLQGHDGLHVWUDPLHQWRHQFRQMXQWRSDUDSDGUHV\SHUVRQDOGHHGXFDFLQ
JHQHUDO\HVSHFLDO\SHUVRQDOGHVHUYLFLRVUHODFLRQDGRV
(O 6LVWHPD $EDUFDGRU GH 'HVDUUROOR 3URIHVLRQDO LQFRUSRUDU OD LQIRUPDFLQ QHFHVDULD
LQFOX\HQGR
-
LQIRUPDFLQHVWDGVWLFDGHQLRV\MYHQHVTXHUHFLEHQHGXFDFLQHVSHFLDO\
VHUYLFLRVUHODFLRQDGRV
LQIRUPDFLQHVWDGVWLFDGHSURIHVLRQDOHVHJUHVDGRVGHODV,(6TXHFXPSOHQFRQ
ORVUHTXLVLWRVHVWDEOHFLGRVSDUDREWHQHUODFHUWLILFDFLQGHVXSURIHVLQ
SUR\HFFLQGHFDQWLGDGGHQLRV\MYHQHVHOHJLEOHVSDUDVHUYLFLRVGHHGXFDFLQ
HVSHFLDO\VHUYLFLRVUHODFLRQDGRV
153
-
/DOHJLVODFLQHVWDWDOYLJHQWHHVWDEOHFHODUHVSRQVDELOLGDGGHOD8QLYHUVLGDGGH3XHUWR
5LFR UHODFLRQDGD FRQ DVHJXUDU XQD FDQWLGDG DSURSLDGD GH SURIHVLRQDOHV SDUD SURYHHU
VHUYLFLRVHGXFDWLYRV\UHODFLRQDGRVDORVQLRV\MYHQHVFRQLPSHGLPHQWRV$WDOHVILQHV
VHKDQHVWDEOHFLGRVSURFHGLPLHQWRVGHFRRUGLQDFLQ\FRODERUDFLQSDUDHOGHVDUUROORGHO
SHUVRQDO QHFHVDULR $GHPV FRPR SDUWH GH ODV DFWLYLGDGHV LQFOXLGDV HQ HO 6LVWHPD
$EDUFDGRU GH 'HVDUUROOR 3URIHVLRQDO VH GHVWDFDUQ DTXHOODV UHODFLRQDGDV FRQ OD
FRODERUDFLQHLQWHUFDPELRGHLQIRUPDFLQFRQRWUDV,(6
154
$FXHUGRV,QWHUDJHQFLDOHV
/D /H\ GH GH MXQLR GH UHFRQRFH OD GLYHUVLGDG GH VHUYLFLRV TXH D PHQXGR
UHTXLHUHQODVSHUVRQDVFRQLPSHGLPHQWRVSDUDVXGHVDUUROOR([SRQHDGHPVTXHSRUOD
QDWXUDOH]DGHHVWRVVHUYLFLRVVRQYDULDVODVDJHQFLDVJXEHUQDPHQWDOHVLQYROXFUDGDVHQOD
SURYLVLQGHORVPLVPRV\HVWDEOHFHODVUHVSRQVDELOLGDGHVFRPXQHV\HVSHFILFDVGHFDGD
DJHQFLD
-
(O'HSDUWDPHQWRGH(GXFDFLQHVODDJHQFLDOGHUSDUDSUHVWDFLQGHVHUYLFLRV
HGXFDWLYRV\UHODFLRQDGRVDSHUVRQDVFRQLPSHGLPHQWRVHQWUHODVHGDGHVGHD
DRVLQFOXVLYH
-
(O'HSDUWDPHQWRGH6DOXGHVODDJHQFLDOGHUSDUDODSUHVWDFLQGHVHUYLFLRVD
LQIDQWHVGHVGHVXQDFLPLHQWRKDVWDORVDRVLQFOXVLYH
-
/D $GPLQLVWUDFLQ GH 6HUYLFLRV GH 6DOXG 0HQWDO \ &RQWUD OD $GLFFLQ GHO
'HSDUWDPHQWRGH6DOXGGHEHUDVHJXUDUODSUHVWDFLQGHVHUYLFLRVGHVDOXG
PHQWDO \ FRQWUD OD DGLFFLQ D ODV SHUVRQDV FRQ LPSHGLPHQWRV TXH DV OR
DPHULWHQ$GHPVGHVDUUROODUVHUYLFLRVWHUDSXWLFRVSDUDPHQRUHVTXHSRUVX
FRQGLFLQQRSXHGHQEHQHILFLDUVHGHVHUYLFLRVHGXFDWLYRV\GHVDOXGPHQWDOD
QLYHODPEXODWRULR
-
(O'HSDUWDPHQWRGH5HFUHDFLQ\'HSRUWHVGHVDUUROODUXQSODQSDUDRULHQWDU\
FDSDFLWDU D SDGUHV \ SHUVRQDO TXH WUDEDMD HQ UHDV UHODFLRQDGDV FRQ OD
HGXFDFLQ IVLFD \ OD UHFUHDFLQ GH SHUVRQDV FRQ LPSHGLPHQWRV $GHPV
SURFXUDUTXHODVLQVWDODFLRQHVUHFUHDWLYDV\GHSRUWLYDVFXPSODQFRQODVQRUPDV
GHDFFHVLELOLGDGSDUDODVSHUVRQDVFRQLPSHGLPHQWRVHQWUHRWUDV
-
155
$GPLQLVWUDFLQGH,QVWLWXFLRQHV-XYHQLOHV\DORVMYHQHVPHQRUHVGHDRV
PLHPEURVGHODSREODFLQSHQDO
-
/D 8QLYHUVLGDG GH 3XHUWR 5LFR DVHJXUDU OD GLVSRQLELOLGDG GH XQD FDQWLGDG
UD]RQDEOH GH SHUVRQDO FXDOLILFDGR SDUD HO RIUHFLPLHQWR GH VHUYLFLRV D ODV
SHUVRQDV FRQ LPSHGLPHQWRV SURPRYHU OD LQYHVWLJDFLQ \ DGDSWDFLQ GH
WHFQRORJDSDUDODVSHUVRQDVFRQLPSHGLPHQWRV\SURYHHUHQFRRUGLQDFLQFRQ
ODVDJHQFLDVVHUYLFLRVGHHGXFDFLQFRQWLQXD
-
(O'HSDUWDPHQWRGHOD)DPLOLDDWUDYVGHOD$GPLQLVWUDFLQGH)DPLOLDVFRQ
1LRVFRODERUDUHQODSUHVWDFLQGHVHUYLFLRVDQLRVFRQLPSHGLPHQWRVGH
HGDG SUHHVFRODU PHGLDQWH HO 3URJUDPD +HDG 6WDUW $GHPV GHVDUUROODU H
LPSODQWDUHOSURFHVRGHDVLJQDFLQGHSDGUHVVXVWLWXWRVFXDQGRORVSDGUHV
ELROJLFRVGHODSHUVRQDFRQLPSHGLPHQWRVQRSXHGDQVHUORFDOL]DGRVRVWHVH
HQFXHQWUHEDMRODFXVWRGLDGHOHVWDGR\RIUHFHUORVVHUYLFLRVVRFLDOHVGHDSR\R
DODVSHUVRQDVFRQLPSHGLPHQWRV\DVXVIDPLOLDVFXDQGRHVWRVHDQHFHVDULR
-
/D$GPLQLVWUDFLQGH5HKDELOLWDFLQ9RFDFLRQDOGHO'HSDUWDPHQWRGHOD)DPLOLD
HO'HSDUWDPHQWRGHO7UDEDMR\HO'HSDUWDPHQWRGH(GXFDFLQFRODERUDUHQOD
SUHVWDFLQGHVHUYLFLRVGHWUDQVLFLQGHODHVFXHODDODYLGDDGXOWD
$FFHVRD6HUYLFLRV3URYLVWRVSRU2WUDV$JHQFLDV
/DV GHFLVLRQHV VREUH TX HVWXGLDQWHV VHUQ UHIHULGRV D RWUDV DJHQFLDV GH JRELHUQR
FXQGRVHVROLFLWDUODDVLVWHQFLDDODUHXQLQGH&2038SRUSDUWHGHXQUHSUHVHQWDQWHGH
VWDV\FXQGRVHSURYHHUQVHUYLFLRVLQWHUDJHQFLDOHVDXQHVWXGLDQWHVHUQWRPDGDVSRU
HO&20386HXWLOL]DUFRPRUHIHUHQFLDHOFRQWHQLGRGHORVDFXHUGRVLQWHUDJHQFLDOHVSDUD
ODWRPDGHHVWDVGHFLVLRQHV
/RVSXQWRVPVVLJQLILFDWLYRVGHORVDFXHUGRVLQWHUDJHQFLDOHVYLJHQWHVUHODFLRQDGRVFRQOD
SURYLVLQGHVHUYLFLRVGLUHFWRVVHGHVFULEHQDFRQWLQXDFLQ
156
$ &RQYHQLR,QWHUDJHQFLDOHQWUHHO'HSDUWDPHQWRGHO7UDEDMROD$GPLQLVWUDFLQGH
5HKDELOLWDFLQ 9RFDFLRQDO $59 \ HO 'HSDUWDPHQWR GH (GXFDFLQ SDUD ORV
6HUYLFLRVGH7UDQVLFLQGHOD(VFXHODDO0XQGRGHO(PSOHR
&XDQGRORVHVWXGLDQWHVWLHQHQDRVSHUVRQDOGH5HKDELOLWDFLQ9RFDFLRQDO
SDUWLFLSDUHQODUHXQLQGH&2038GRQGHVHGLVFXWLUQODVGHVWUH]DV\SUH
UHTXLVLWRV D GHVDUUROODU HQ HO HVWXGLDQWH $GHPV HQ HVWD UHXQLQ VH
HVWDEOHFHU HO PRPHQWR DSURSLDGR SDUD UHIHULU IRUPDOPHQWH DO HVWXGLDQWH D
5HKDELOLWDFLQ 9RFDFLRQDO /D $GPLQLVWUDFLQ GH 5HKDELOLWDFLQ 9RFDFLRQDO
GHWHUPLQDU OD HOHJLELOLGDG GHO HVWXGLDQWH D VXV VHUYLFLRV DQWHV GH TXH HO
HVWXGLDQWHHJUHVHGHO6LVWHPDGH(GXFDFLQ6LHOSDGUHQRHVWGHDFXHUGR
FRQODGHWHUPLQDFLQGHHOHJLELOLGDGSXHGHDFXGLUDORVIRURVDSHODWLYRVGHOD
$GPLQLVWUDFLQGH5HKDELOLWDFLQ9RFDFLRQDO&XDQGRUHVXOWHDSURSLDGRDPEDV
DJHQFLDVSODQLILFDUQ\SURYHHUQVHUYLFLRVHQFRQMXQWR
&XDQGRVHFRQVLGHUDTXHXQMRYHQGHDRVHVWOLVWRSDUDLQJUHVDUDOPXQGR
GHOWUDEDMRWDQWRHOSHUVRQDO GHO'HSDUWDPHQWRGH(GXFDFLQFRPRHOGHOD
$GPLQLVWUDFLQ GH 5HKDELOLWDFLQ 9RFDFLRQDO SXHGHQ UHIHULUOR DO 6HUYLFLR GH
(PSOHR GHO 'HSDUWDPHQWR GHO 7UDEDMR (Q HVWD RILFLQD VH GHWHUPLQDU
QHFHVLGDG GH VHUYLFLRV GH &RQVHMHUD 2FXSDFLRQDO SUXHEDV RFXSDFLRQDOHV
UHIHULPLHQWRDHPSOHRSURPRFLQVHOHFWLYDGHHPSOHR\UHIHULPLHQWRDRWURV
9HU0DQXDOGH7UDQVLFLQGHOD(VFXHODDO0XQGRGHO(PSOHR'RFXPHQWR,QWHUDJHQFLDO
157
SURJUDPDV\RDJHQFLDV(O&RQVHMHUR2FXSDFLRQDOGHO6HUYLFLRGH(PSOHR
PHGLDQWH XQD R PV HQWUHYLVWDV HYDOXDU ODV FXDOLILFDFLRQHV GHO MRYHQ FRQ
LPSHGLPHQWRV SDUD GHWHUPLQDU VX QLYHO GH HOHJLELOLGDG SDUD ORV VHUYLFLRV GH
HPSOHR 6H H[SORUDU VX H[SHULHQFLD GH WUDEDMR VL OD WLHQH DSWLWXGHV
LQWHUHVHVOLPLWDFLRQHV\FRQFHSWRGHVPLVPR(O&RQVHMHUR2FXSDFLRQDOGHO
6HUYLFLR GH (PSOHR GHVDUUROODU HO SODQ GH HPSOHDELOLGDG GHO MRYHQ \ GDU
VHJXLPLHQWRDOPLVPR
% &RQYHQLR,QWHUDJHQFLDOHQWUHHO'HSDUWDPHQWRGH&RUUHFFLQ\5HKDELOLWDFLQ\HO
'HSDUWDPHQWRGH(GXFDFLQ
/D$GPLQLVWUDFLQGH&RUUHFFLQ\OD$GPLQLVWUDFLQGH,QVWLWXFLRQHV-XYHQLOHV
OOHYDUQDFDERXQFHUQLPLHQWRDORVMYHQHVPHQRUHVGHDRVTXHLQJUHVDQ
HQ DOJXQD GH VXV LQVWLWXFLRQHV FRQ HO SURSVLWR GH LGHQWLILFDU OD H[LVWHQFLD R
SRVLELOLGDG GH XQ LPSHGLPHQWR PHGLDQWH HYDOXDFLQ PGLFD \ FHUQLPLHQWR
HGXFDWLYR(O'LUHFWRU(VFRODUGHOD,QVWLWXFLQYHULILFDUFRQHOGLVWULWRHVFRODU
GHUHVLGHQFLDGHOPHQRUVLVWHKDVLGRUHJLVWUDGR$GHPVVHLQIRUPDUGHOD
VLWXDFLQHGXFDWLYDGHDTXHOPHQRUTXHKD\DUHFLELGRVHUYLFLRVGHHGXFDFLQ
HVSHFLDO SUHYLDPHQWH (O GLVWULWR HVFRODU HQ FRRUGLQDFLQ FRQ OD LQVWLWXFLQ
FRODERUDUQHQODVJHVWLRQHVGHUHJLVWUR\HYDOXDFLQSDUDGHWHUPLQDFLQGH
HOHJLELOLGDGVHJQVHDDSURSLDGR(O&2038GHODLQVWLWXFLQUHGDFWDUHO3(,
\DVHJXUDUTXHVHRIUH]FDQVHUYLFLRVHGXFDWLYRV\UHODFLRQDGRVGHDFXHUGRD
VWH (O SHUVRQDO GHO UHD HGXFDWLYD GH OD LQVWLWXFLQ GDU VHJXLPLHQWR \
HYDOXDUHQFRRUGLQDFLQFRQHO'HSDUWDPHQWRGH(GXFDFLQHOVHUYLFLRTXHVH
RIUH]FDHQODPLVPD(O'HSDUWDPHQWRGH(GXFDFLQSRUVXSDUWHDVLJQDUXQ
PRQLWRUSDUDYHULILFDUODSUHVWDFLQGHVHUYLFLRVGHHGXFDFLQHVSHFLDOHQODV
IDFLOLGDGHVGHOD$GPLQLVWUDFLQGH,QVWLWXFLRQHV-XYHQLOHV\OD$GPLQLVWUDFLQGH
&RUUHFFLQ
158
& &RQYHQLR ,QWHUDJHQFLDO HQWUH OD $GPLQLVWUDFLQ GH 6HUYLFLRV GH 6DOXG 0HQWDO \
&RQWUDOD$GLFFLQ$660&$\HO'HSDUWDPHQWRGH(GXFDFLQ
-
&XDQGRHO&2038GHODHVFXHODLGHQWLILFDODQHFHVLGDGGHVHUYLFLRVGHVDOXG
PHQWDORFRQWUDODDGLFFLQSDUDXQHVWXGLDQWHFRQLPSHGLPHQWRVRULHQWDUDORV
SDGUHVRHQFDUJDGRVGHOHVWXGLDQWH\ORVUHIHULUSDUDTXHVWRV
$FXGDQDOD8QLGDGGH6HJXLPLHQWR\(YDOXDFLQGHO&HQWURGH$660&$
PV FHUFDQR D VX UHVLGHQFLD HQ DTXHOODV UHDV GRQGH QR HVW
LPSODQWDGDODUHIRUPDGHVDOXG
$FXGDQDVXPGLFRSULPDULRSDUDDFFHVDUVHUYLFLRVGHVDOXGPHQWDOR
FRQWUD OD DGLFFLQ VL VRQ EHQHILFLDULRV GH OD WDUMHWD GH VDOXG GH OD
5HIRUPD
-
&XDQGRHOVROLFLWDQWHFRQIURQWDDOJXQDGLILFXOWDGSDUDHODFFHVRGHVHUYLFLRV
SRGUGLULJLUVHDOD2ILFLQDGH2ULHQWDFLQ\&RRUGLQDFLQGH$660&$
-
(OSHUVRQDOHVFRODUSURYHHUDTXHOODLQIRUPDFLQGLVSRQLEOHVREUHHOHVWXGLDQWH
TXHVHDQHFHVDULDSDUDODSUHVWDFLQGHVHUYLFLRVHQHVWDUHD$GHPVGDU
VHJXLPLHQWRDOUHIHULGR\SDUWLFLSDUHQDTXHOODVDFWLYLGDGHVQHFHVDULDVSDUD
DVHJXUDUTXHHOHVWXGLDQWHUHFLEDORVVHUYLFLRV
' &RQYHQLR,QWHUDJHQFLDOHQWUHOD6HFUHWDUD$X[LOLDUGH3URWHFFLQ\3URPRFLQGHOD
6DOXG3URJUDPDGH,QWHUYHQFLQ7HPSUDQD\HO'HSDUWDPHQWRGH(GXFDFLQ
-
(O 'HSDUWDPHQWR GH (GXFDFLQ \ HO 'HSDUWDPHQWR GH 6DOXG GLYXOJDUQ D OD
FRPXQLGDGHQJHQHUDOODGLVSRQLELOLGDGGHVHUYLFLRVSDUDLQIDQWHVGHDDRV
TXH VH VRVSHFKH TXH WHQJDQ LPSHGLPHQWRV R SRVLEOHV LPSHGLPHQWRV (O
'HSDUWDPHQWRGH(GXFDFLQUHIHULUDO3URJUDPDGH,QWHUYHQFLQ7HPSUDQDD
ORV SDGUHV TXH OH VROLFLWHQ RULHQWDFLQ VREUH ORV VHUYLFLRV GLVSRQLEOHV SDUD
LQIDQWHVXWLOL]DQGRHOIRUPXODULRGLVHDGRSDUDHVWRVSURSVLWRV
159
(O3URJUDPDGH,QWHUYHQFLQ7HPSUDQDGHO'HSDUWDPHQWRGH6DOXGGHWHUPLQDU
ODHOHJLELOLGDGGHORVLQIDQWHVSDUDUHFLELUORVVHUYLFLRVTXHVHRIUHFHQEDMRHVWH
3URJUDPD \ DVHJXUDU HO RIUHFLPLHQWR GH ORV PLVPRV GH DFXHUGR DO 3ODQ
,QGLYLGXDOL]DGR GH 6HUYLFLRV D OD )DPLOLD $GHPV UHIHULU DO &HQWUR GH
2ULHQWDFLQ\5HJLVWURGHO'HSDUWDPHQWRGH(GXFDFLQDDTXHOORVLQIDQWHVTXH
UHVXOWHQHOHJLEOHVSDUDORVVHUYLFLRVGHOD3DUWH&FRQHOSURSVLWRGHLQFOXLUORV
HQHO5HJLVWUR&RQWLQXRGH(GXFDFLQ(VSHFLDO
(O SURFHVR GH WUDQVLFLQ GH ORV LQIDQWHV GH ORV VHUYLFLRV TXH UHFLEHQ HQ HO
3URJUDPDGH,QWHUYHQFLQ7HPSUDQDDORVVHUYLFLRVTXHRIUHFHHO'HSDUWDPHQWR
GH(GXFDFLQVHLQLFLDUDSDUWLUGHOVHJXQGRFXPSOHDRVGHVWRV8QDYH]VH
KD\D GHWHUPLQDGR OD HOHJLELOLGDG GHO LQIDQWH D ORV VHUYLFLRV GH HGXFDFLQ
HVSHFLDO HO SHUVRQDO GHO 3URJUDPD GH ,QWHUYHQFLQ 7HPSUDQD \ GHO
'HSDUWDPHQWR GH (GXFDFLQ OOHYDUQ D FDER ODV UHXQLRQHV \ DFWLYLGDGHV GH
FRRUGLQDFLQQHFHVDULDVSDUDDVHJXUDUTXHDOFXPSOLUORVWUHVDRVVHKD\D
FRPSOHWDGRODWUDQVLFLQ\HOQLRUHFLEDORVVHUYLFLRVVLQLQWHUUXSFLQ
( &RQYHQLR,QWHUDJHQFLDOHQWUHHO'HSDUWDPHQWRGHOD)DPLOLD\HO'HSDUWDPHQWRGH
(GXFDFLQ
3URJUDPD+HDG6WDUW
-
(O'HSDUWDPHQWRGH(GXFDFLQHVODDJHQFLDUHVSRQVDEOHGHODSURYLVLQGH
VHUYLFLRVHGXFDWLYRV\UHODFLRQDGRVSDUDQLRVFRQLPSHGLPHQWRVGHHGDG
SUHHVFRODU3RURWURODGRODUHJODPHQWDFLQIHGHUDOYLJHQWHUHTXLHUHTXHHO
3URJUDPD +HDG 6WDUW DVHJXUH OD SURYLVLQ GH ORV VHUYLFLRV HGXFDWLYRV \
UHODFLRQDGRV D ORV QLRV FRQ LPSHGLPHQWRV D ORV FXDOHV VLUYH \D VHD
PHGLDQWH OD FRRUGLQDFLQ FRQ RWUDV DJHQFLDV R OD SURYLVLQ GLUHFWD GH ORV
PLVPRV
(O'HSDUWDPHQWRGH(GXFDFLQUHIHULUDO3URJUDPD+HDG6WDUWDDTXHOORV
QLRVFRQLPSHGLPHQWRVGHHGDGSUHHVFRODUTXHFRQVLGHUHVHDQFDQGLGDWRV
160
SRWHQFLDOHVSDUDVHUYLFLRVGH+HDG6WDUWXWLOL]DQGRHOIRUPXODULRGLVHDGR
SDUDHVWRVSURSVLWRV(O3URJUDPD+HDG6WDUWUHIHULUSDUDRULHQWDFLQ\
UHJLVWUR D DTXHOORV QLRV GH HGDG SUHHVFRODU TXH VH VRVSHFKH WHQJDQ XQ
LPSHGLPHQWRSURYH\HQGRFRSLDGHHYDOXDFLRQHVGLVSRQLEOHVHLQIRUPDFLQ
VREUHHOIXQFLRQDPLHQWRGHOQLRVLVWH\DKDFRPHQ]DGRDUHFLELUVHUYLFLRV
HQGLFKRSURJUDPD
-
$PEDVDJHQFLDVDFRUGDUQODPDQHUDHQTXHFRODERUDUQSDUDOOHYDUDFDER
HOSURFHVRGHHYDOXDFLQ
6LXQQLRPDWULFXODGRHQ+HDG6WDUWUHVXOWDHOHJLEOHSDUDUHFLELUORVVHUYLFLRV
GHHGXFDFLQHVSHFLDODPEDVDJHQFLDVSDUWLFLSDUQHQODSUHSDUDFLQGHO
3URJUDPD (GXFDWLYR ,QGLYLGXDOL]DGR \ DFRUGDUQ OD IRUPD HQ TXH VHUQ
SURYLVWRVORVVHUYLFLRVGHHGXFDFLQHVSHFLDO\ORVVHUYLFLRVUHODFLRQDGRVTXH
DPHULWHHOQLR
$VLJQDFLQGH3DGUHV6XVWLWXWRV
(O'HSDUWDPHQWRGHOD)DPLOLDPDQWHQGUXQOLVWDGRGHSHUVRQDVFXDOLILFDGDV
SDUD VHUYLU FRPR SDGUHV VXVWLWXWRV GH QLRV FRQ LPSHGLPHQWRV (O
'HSDUWDPHQWR GH (GXFDFLQ HO 'HSDUWDPHQWR GH 6DOXG \ RWUDV DJHQFLDV
GHEHUQQRWLILFDUODQHFHVLGDGGHODDVLJQDFLQGHXQSDGUHVXVWLWXWRFXDQGRORV
SDGUHVELROJLFRVGHOQLRQRSXHGHQVHUORFDOL]DGRV
3URYLVLQGH6HUYLFLRV6RFLDOHV
(O'HSDUWDPHQWRGHOD)DPLOLDSURYHHUVHUYLFLRVVRFLDOHVGHDSR\RDODV
IDPLOLDVGHQLRV\MYHQHVFRQLPSHGLPHQWRVFRQIRUPHDORVFULWHULRVGH
HOHJLELOLGDGGHGLFKDDJHQFLD
(Q DGLFLQ D HVWRV FRQYHQLRV RWUDV DJHQFLDV FRQFHUQLGDV HQ OD /H\ KDQ VXVFULWR
DFXHUGRVGHFRODERUDFLQ(VWRVVRQ
161
$PEDVDJHQFLDVSURPRYHUQHODGLHVWUDPLHQWRHQFRQMXQWRGHOSHUVRQDOTXH
ODERUD HQ ODV PLVPDV LQFOX\HQGR PDHVWURV GH HGXFDFLQ IVLFD UHJXODU \
HGXFDFLQIVLFDDGDSWDGD
/DVDJHQFLDVIRPHQWDUQODSDUWLFLSDFLQGHSHUVRQDVFRQLPSHGLPHQWRVHQ
FOQLFDVGHSRUWLYDV\FRPSHWHQFLDVUHFUHDWLYDV
% &RQYHQLR,QWHUDJHQFLDOHQWUHOD8QLYHUVLGDGGH3XHUWR5LFR\HO'HSDUWDPHQWRGH
(GXFDFLQ
-
$QXDOPHQWHHO'HSDUWDPHQWRGH(GXFDFLQ\OD8QLYHUVLGDGGH3XHUWR5LFR
FRPSDUWLUQ LQIRUPDFLQ VREUH ODV QHFHVLGDGHV LQYHVWLJDFLQ \ FDQWLGDG GH
SURIHVLRQDOHVQHFHVDULRVSDUDHORIUHFLPLHQWRGHVHUYLFLRVDHVWXGLDQWHVFRQ
LPSHGLPHQWRVHQODVGLVWLQWDVUHDVGHHVSHFLDOLGDG
6HFRPSDUWLULQIRUPDFLQQHFHVDULDSDUDGLVHDURIUHFHUFXUVRVGHHGXFDFLQ
FRQWLQXD\DFWXDOL]DU\PRGLILFDUORVFXUUFXORVGHHQVHDQ]D
6H FRQWHPSOD DGHPV OD UHFRSLODFLQ DQXDO GHO QPHUR GH SURIHVLRQDOHV
HVSHFLDOL]DGRV JUDGXDGRV GH OD 8QLYHUVLGDG GH 3XHUWR 5LFR \ VXV UHFLQWRV
QPHUR GH DFWLYLGDGHV GH DGLHVWUDPLHQWR \ GLYXOJDFLQ SUR\HFWRV GH
LQYHVWLJDFLQHQSURFHVR\HOSURJUHVRDQXDOHQHOUHDGHUHYLVLQFXUULFXODUGH
ORVSURJUDPDVGHSUHSDUDFLQGHSHUVRQDO
162
&RQVLGHUDFLRQHVVREUHORV$FXHUGRV,QWHUDJHQFLDOHV\HO$FFHVRDORV6HUYLFLRV
-
(OSURSVLWRGHODSDUWLFLSDFLQGHRWUDVDJHQFLDVHQODSUHVWDFLQGHVHUYLFLRV
EDMROD/H\HVHOGHIDFLOLWDUHODFFHVRDORVVHUYLFLRVTXHVWDVSURYHHQ
-
/RVSURFHGLPLHQWRVTXHVHGHVFULEHQHQORVFRQYHQLRVRJXDVSUHSDUDGDVHQ
YLUWXG GH HVWD OH\ QR VRQ GH FDUFWHU UHJODPHQWDULR (VWRV SURFHGLPLHQWRV
SXHGHQ VHU PRGLILFDGRV SRU PXWXR DFXHUGR FRQ HO SURSVLWR GH IDFLOLWDU HO
DFFHVRDORVVHUYLFLRV\SDUDDWHPSHUDUORVDFXDOTXLHURWUDOHJLVODFLQDSOLFDEOH
-
-
-
/D 3DUWH % GH OD /H\ ,'($ QR OLPLWD OD UHVSRQVDELOLGDG GH RWUDV DJHQFLDV
SEOLFDVGHSURYHHURSDJDUSRUDOJQRWRGRHOFRVWRGHODHGXFDFLQSEOLFD
JUDWXLWD\DSURSLDGDGHHVWXGLDQWHVFRQLPSHGLPHQWRV
163
2EOLJDFLQGH$JHQFLDV3EOLFDVQR(GXFDWLYDV
&XDOTXLHUDJHQFLDSEOLFDDGHPVGHO'HSDUWDPHQWRGH(GXFDFLRQTXHVHD
UHVSRQVDEOHSRUOH\HVWDWDOR,'($GHSURYHHURSDJDUSRUVHUYLFLRVTXHVRQ
FRQVLGHUDGRVFRPRHGXFDFLQHVSHFLDORVHUYLFLRVUHODFLRQDGRVSDUDTXHHO
QLRQLD R MRYHQ VH EHQHILFLH GH XQD (3*$ GHEHU SURYHHUORV ELHQ VHD
GLUHFWDPHQWHDWUDYVGHFRQWUDWRRGHDOJQRWURDUUHJOR
8QDDJHQFLDSXEOLFDQRHGXFDWLYDDTXGHVFULWDQRGHEHGHVFXDOLILFDUXQVHUYLFLR
HOHJLEOHSDUDUHHPEROVRPHGLDQWHHO0HGLFDLGSRUTXHGLFKRVHUYLFLRVHDSURYLVWR
HQHOFRQWH[WRHVFRODU(QUHODFLQDVHUYLFLRVUHTXHULGRVSDUDSURYHHU(3*$D
XQHVWXGLDQWHHOHJLEOHODDJHQFLDSEOLFDQRGHEHUUHTXHULUDORVSDGUHVTXH
PDWULFXOHVXKLMRKLMDHQXQSURJUDPDGHVHJXURSEOLFRSDUDTXHVWHUHFLED
(3*$EDMROD3DUWH%GH,'($7DPSRFRUHTXHULUTXHHOSDGUHSDJXHSRUORV
JDVWRV
8QD DJHQFLD SEOLFD QR HGXFDWLYD QR GHEHU XWLOL]DU ORV EHQHILFLRV GH XQ
SURJUDPDGHVHJXURSEOLFRGHOQLRVLHVWHXVR
GLVPLQX\HXQDFXELHUWDGLVSRQLEOHGHSRUYLGDRFXDOTXLHURWUREHQHILFLR
DVHJXUDGR
UHVXOWD HQ TXH OD IDPLOLD WHQJD TXH SDJDU SRU VHUYLFLRV TXH GH RWUD
PDQHUDHVWDUDQFXELHUWRVSRUHOSURJUDPDGHVHJXURSEOLFR\TXHVRQ
UHTXHULGRVSRUHOQLRQLDRMRYHQIXHUDGHOKRUDULRHVFRODU
164
DXPHQWDODVSULPDVROOHYDDTXHVHGHVFRQWLQHHOVHJXUR
SRQHHQULHVJRODSUGLGDGHHOHJLELOLGDGGHGLVSHQVDVSDUDHOKRJDU\GH
EDVHFRPXQLWDULDTXHHVWQEDVDGDVHQJDVWRVDJUHJDGRVUHODFLRQDGRV
FRQVHUYLFLRVPGLFRV
5HVROXFLQGH&RQWURYHUVLDVGH&DUFWHU,QWHUDJHQFLDO
/DV DJHQFLDV LQFOXLGDV HQ OD /H\ GLVSRQHQ GH PHFDQLVPRV LQWHUQRV SDUD UHVROYHU
FRQWURYHUVLDV UHODFLRQDGDV FRQ VX REOLJDFLQ GH RIUHFHU VHUYLFLRV D SHUVRQDV FRQ
LPSHGLPHQWRV&XDQGRODFRQWURYHUVLDLQYROXFUDDGRVRPVDJHQFLDVGHJRELHUQROD
PLVPD VHU GLOXFLGDGD D WUDYV GH ORVSURFHGLPLHQWRVHVWDEOHFLGRVEDMROD2ILFLQDGHO
3URFXUDGRUGHODV3HUVRQDVFRQ,PSHGLPHQWRV
165
,QGLFDGRUHVGH(MHFXFLQ
&RQVLGHUDQGRODVPHWDVGHO3URJUDPDGH(GXFDFLQ(VSHFLDOOD6HFUHWDUD$VRFLDGDGH
(GXFDFLQ(VSHFLDOSURSRQHORVVLJXLHQWHVLQGLFDGRUHVSDUDPHGLUVXHMHFXFLQ
1PHUR\SRUFLHQWRGHQLRV\MYHQHVFRQLPSHGLPHQWRVHOHJLEOHVTXHUHFLEHQ
VHUYLFLRV HGXFDWLYRV \ UHODFLRQDGRV D WUDYV GHO 3URJUDPD GH (GXFDFLQ
(VSHFLDO
1PHUR\SRUFLHQWRGHHVWXGLDQWHVFRQLPSHGLPHQWRVTXHSHUPDQHFHQHQHO
VDOQUHJXODUGHFODVHVXQRPVGHOKRUDULRHVFRODUFRQD\XGDV\VHUYLFLRV
VXSOHPHQWDULRV
1PHUR \ SRUFLHQWR GH HVWXGLDQWHV FRQ LPSHGLPHQWRV TXH SDUWLFLSDQ GHO
3URJUDPD5HJXODU$FDGPLFRSURPRYLGRVGHJUDGR
1PHUR\SRUFLHQWRGHHVWXGLDQWHVFRQLPSHGLPHQWRVTXHVHJUDGDQGHWR
QR\PRJUDGR
1PHUR \ SRUFLHQWR GH HVWXGLDQWHV FRQ LPSHGLPHQWRV TXH SDUWLFLSDQ GHO
3URJUDPDGH0HGLFLQ5HJXODUFRQORVDFRPRGRVQHFHVDULRV
1PHUR \ SRUFLHQWR GH HVWXGLDQWHV FRQ LPSHGLPHQWRV TXH FRPSOHWDQ ORV
UHTXLVLWRVSDUDXQFHUWLILFDGRYRFDFLRQDO
1PHUR \ SRUFLHQWR GH HVWXGLDQWHV FRQ LPSHGLPHQWRV TXH HJUHVDQ GHO
3URJUDPD GH (GXFDFLQ (VSHFLDO KDELHQGR LQLFLDGR ORV VHUYLFLRV GH
5HKDELOLWDFLQ9RFDFLRQDO
166
167
021,725,$
/D 6HFUHWDUD $VRFLDGD GH (GXFDFLQ (VSHFLDO HV UHVSRQVDEOH GH LPSODQWDU
SURFHGLPLHQWRV GLVHDGRV SDUD GHWHUPLQDU HO FXPSOLPLHQWR FRQ ORV UHTXLVLWRV GH OD
OHJLVODFLQ IHGHUDO \ HVWDWDO YLJHQWH 7DPELQ HV UHVSRQVDEOH GH PDQWHQHU WRGD OD
GRFXPHQWDFLQQHFHVDULDSDUDHYLGHQFLDUGLFKRFXPSOLPLHQWR
/DRILFLQDGH0RQLWRUDGHOD6HFUHWDUD$VRFLDGDWLHQHFRPRIXQFLQSULQFLSDOHOOOHYDUD
FDERDFWLYLGDGHVGHPRQLWRUDFRQWLQXDVFRQHOSURSVLWRGHHYDOXDUVLVWHPWLFDPHQWHORV
SURJUDPDV GH HGXFDFLQ HVSHFLDO \ VHUYLFLRV UHODFLRQDGRV TXH RIUHFH WDQWR HO
'HSDUWDPHQWRGH(GXFDFLQFRPRODVDJHQFLDVSEOLFDVHLQVWLWXFLRQHVSULYDGDVHQODV
TXH OD $JHQFLD XELFD D QLRV \ MYHQHV FRQ LPSHGLPHQWRV $GHPV GHEH SURYHHU R
FRRUGLQDUODDVLVWHQFLDWFQLFDQHFHVDULDSDUDFRUUHJLUDTXHOODVUHDVTXHORDPHULWHQ
(O3URFHVRGH0RQLWRUDFRQVWDGHWUHVIDVHV
DFWLYLGDGHVGHSUHPRQLWRUD
YLVLWDVGHPRQLWRUD
DFWLYLGDGHVGHSRVWPRQLWRUD
$QXDOPHQWH VH GHVDUUROODU XQ SODQ GH PRQLWRUD TXH LQFOXLU OD SURJUDPDFLQ GH
DFWLYLGDGHVHYDOXDWLYDVGHDVLVWHQFLDWFQLFD\GHVHJXLPLHQWR3DUDHOGHVDUUROORGH
GLFKRSODQVHHVWDEOHFHHOVLJXLHQWHSURFHGLPLHQWR
$ )DVHGH3UHPRQLWRUD
(O OGHU GH FDGD HTXLSR RULHQWDU D ORV PLHPEURV VREUH HO SURFHVR GH
PRQLWRUD
168
(OHTXLSRGHPRQLWRUDHYDOXDUWRGDODLQIRUPDFLQGLVSRQLEOHUHODFLRQDGD
FRQPDWUFXODUHFXUVRV\VHUYLFLRV(VWDHYDOXDFLQLQFOXLUXQDQOLVLVGH
ODVUD]RQHVGHTXHUHOODV\ODLGHQWLILFDFLQGHORVGLVWULWRV\HVFXHODVTXH
SUHVHQWDQSDWURQHVFRQVLVWHQWHVTXHDPHULWHQDWHQFLQ
&DGD QLYHO LQFOX\HQGR OD HVFXHOD OOHYDU D FDER DFWLYLGDGHV GH DXWR
HYDOXDFLQSDUDGHWHUPLQDUVXJUDGRGHFXPSOLPLHQWRFRQODVGLVSRVLFLRQHV
GHOH\
&DGDHTXLSRGHWHUPLQDUVXVSULRULGDGHV\SURJUDPDUODVDFWLYLGDGHVTXH
GHVDUUROODUQDWUDYVGHXQSURFHVRGHSODQLILFDFLQFRQMXQWDPHGLDQWHHO
FXDO VH JDUDQWLFH HO FXPSOLPLHQWR FRQ GLFKD SURJUDPDFLQ \ HYLWH OD
GXSOLFLGDGGHHVIXHU]RV
(OIXQFLRQDULRDFDUJRGHFDGDHTXLSRJHQHUDUXQDFRPXQLFDFLQHVFULWD
LQIRUPDQGRODVIHFKDVGHODVYLVLWDVTXHVHOOHYDUQDFDER
% )DVHGH9LVLWDVGH0RQLWRUD
(OHTXLSRGHPRQLWRUDGHFDGDQLYHOOOHYDUDFDERODVYLVLWDVSURJUDPDGDV
! /DV YLVLWDV GH PRQLWRUD D ODV UHJLRQHV HGXFDWLYDV LQFOX\HQGR HO &(7
FRQVLVWLUQGH
HQWUHYLVWDDOGLUHFWRUUHJLRQDORIXQFLRQDULRDFDUJR
HQWUHYLVWDDOSHUVRQDOGHHGXFDFLQHVSHFLDODGVFULWRDODUHJLQ
HYDOXDFLQGHOFXPSOLPLHQWRFRQODVUHVSRQVDELOLGDGHVLQKHUHQWHVDHVWH
QLYHO
GLVFXVLQSUHOLPLQDUGHKDOOD]JRV
SUHSDUDFLQ\HQYRGHLQIRUPHVREUHKDOOD]JRV
VROLFLWXGGHOSODQGHDFFLQFRUUHFWLYD
HQYRGHOSODQGHDFFLQFRUUHFWLYDDOQLYHOFRUUHVSRQGLHQWH
HYDOXDFLQGHOSODQGHDFFLQFRUUHFWLYD
! /DVYLVLWDVGHPRQLWRUDDORVGLVWULWRVHVFRODUHVFRQVLVWHQGH
HQWUHYLVWDFRQHOVXSHULQWHQGHQWHGHHVFXHODV
HQWUHYLVWDFRQHOHTXLSRGHPRQLWRUDGHOGLVWULWRHVFRODU
169
HYDOXDFLQGHORVVHUYLFLRVTXHRIUHFHHOGLVWULWR
UHYLVLQGHH[SHGLHQWHVGHHVWXGLDQWHVUHJLVWUDGRV
HQWUHYLVWDFRQSDGUHVGHHVWXGLDQWHVGHHGXFDFLQHVSHFLDO
GLVFXVLQSUHOLPLQDUGHKDOOD]JRV
SUHSDUDFLQ\HQYRGHOLQIRUPHVREUHKDOOD]JRV
VROLFLWXGGHOSODQGHDFFLQFRUUHFWLYD
HYDOXDFLQGHOSODQGHDFFLQFRUUHFWLYD
! /DV YLVLWDV GH PRQLWRUD D ODV HVFXHODV LQFOX\HQGR DJHQFLDV SEOLFDV H
LQVWLWXFLRQHVSULYDGDVFRQVLVWHQHQ
HQWUHYLVWDDOGLUHFWRU
FRWHMRGHXQDPXHVWUDGHH[SHGLHQWHVGHORVHVWXGLDQWHVGHHGXFDFLQ
HVSHFLDO
HQWUHYLVWDDXQDPXHVWUDGHSDGUHVGHHVWXGLDQWHV
HQWUHYLVWDDXQDPXHVWUDGHHVWXGLDQWHVFRQLPSHGLPHQWRV
HQWUHYLVWDDOSHUVRQDOGHDSR\RGHODHVFXHOD
GLVFXVLQSUHOLPLQDUGHKDOOD]JRV
SUHSDUDFLQ\HQYRGHLQIRUPHVREUHKDOOD]JRV
VROLFLWXGGHOSODQGHDFFLQFRUUHFWLYD
HYDOXDFLQGHOSODQGHDFFLQFRUUHFWLYD
! /DVYLVLWDVDODVVDODVGHFODVHFRQVLVWHQ
HQWUHYLVWDDORVPDHVWURVUHJXODUHV\GHHGXFDFLQHVSHFLDO
FRWHMRGHH[SHGLHQWHVGHORVHVWXGLDQWHV\GRFXPHQWRVGHWUDEDMRGHORV
PDHVWURVGDQGRQIDVLVDOGHVDUUROORHLPSODQWDFLQGHO3(,
SUHSDUDFLQ\HQYRGHLQIRUPHVREUHKDOOD]JRV
VROLFLWXGGHOSODQGHDFFLQFRUUHFWLYD
HYDOXDFLQGHOSODQGHDFFLQFRUUHFWLYD
170
& )DVHGH$FWLYLGDGHVGH3RVWPRQLWRUD
&RRUGLQDFLQ \ SUHSDUDFLQ GH DFWLYLGDGHV WFQLFDV SDUD DWHQGHU ODV
QHFHVLGDGHVLGHQWLILFDGDVHQODVYLVLWDVGHPRQLWRUDUHDOL]DGDV
9LVLWDV GH VHJXLPLHQWR SDUD YHULILFDU HO GHVDUUROOR GH ODV DFWLYLGDGHV
SURJUDPDGDVHQHOSODQGHDFFLQFRUUHFWLYD
9LVLWDVGHUHHYDOXDFLQSDUDGHWHUPLQDUHOSURJUHVRDOFDQ]DGR
3UHSDUDFLQGHLQIRUPHVGHSURJUHVRVREUHHOSODQGHDFFLRQHVFRUUHFWLYDV
5HIHULGRDO6HFUHWDULRGH(GXFDFLQGHDTXHOODVVLWXDFLRQHVSDUWLFXODUHVTXH
DPHULWHQVXDQOLVLV\WRPDGHGHFLVLRQHV
(O6HFUHWDULRGH(GXFDFLQDVHVRUDGRSRUOD'LYLVLQ/HJDOSURFHGHUFRQODVPHGLGDVDGPLQLVWUDWLYDVTXH
FRQVLGHUHSHUWLQHQWHVFRQIRUPHDOD/H\2UJQLFDGHO'HSDUWDPHQWRGH(GXFDFLQ
171
&20,7(&2168/7,92
/D/H\\OD/H\)HGHUDO,'($HVWDEOHFHQDO&RPLW&RQVXOWLYRFRPRXQFXHUSRDVHVRU
GHO 6HFUHWDULR GH (GXFDFLQ HQ DTXHOORV DVXQWRV UHODFLRQDGRV FRQ OD SURYLVLQ GH
VHUYLFLRV D QLRV \ MYHQHV FRQ LPSHGLPHQWRV (VWH &RPLW DVHJXUD OD SDUWLFLSDFLQ
FLXGDGDQD HQ GLFKRV DVXQWRV DO FRQWDU FRQ UHSUHVHQWDFLQ GH GLYHUVRV VHFWRUHV
LQWHUHVDGRVHQODHGXFDFLQHVSHFLDO
/DVOH\HVYLJHQWHVHVWDEOHFHQORVPLHPEURVFRQTXHGHEHUFRQWDUHO&RPLWDVFRPRORV
WUPLQRVSRUORVTXHVWRVVHUQQRPEUDGRV(O6HFUHWDULRGH(GXFDFLQQRPEUDUORV
VLJXLHQWHVPLHPEURV
GRVSHUVRQDVFRQLPSHGLPHQWRVLQFOX\HQGRXQMRYHQFRQLPSHGLPHQWR
WUHVSDGUHVGHLQIDQWHVQLRV\MYHQHVFRQLPSHGLPHQWRV
XQFLXGDGDQRSDUWLFXODUFRQLQWHUVHQORVDVXQWRVGHHGXFDFLQHVSHFLDO
XQUHSUHVHQWDQWHGHODXQLYHUVLGDGGHOHVWDGR
GRVHVSHFLDOLVWDVGHVHUYLFLRVUHODFLRQDGRVLQFOX\HQGRXQSVLFORJRHVFRODU
XQPDHVWURUHJXODU\XQPDHVWURGHHGXFDFLQHVSHFLDO
XQGLUHFWRUGHHVFXHOD
XQGLUHFWRUUHJLRQDO
XQVXSHUYLVRUGHHGXFDFLQHVSHFLDO
XQGLUHFWRUGHHVFXHODVSULYDGDV
XQUHSUHVHQWDQWHGHXQDRUJDQL]DFLQLQYROXFUDGDHQODSURYLVLQGHVHUYLFLRV
GHWUDQVLFLQGHODHVFXHODDODYLGDDGXOWD
$GHPVGHVWRVODVDJHQFLDVLQYROXFUDGDVHQODSURYLVLQRILQDQFLDPLHQWRGHVHUYLFLRV
FRQWDUQFRQVXVUHSUHVHQWDQWHV QRPEUDGRVSRUHO6HFUHWDULRGHODDJHQFLDDODTXH
UHSUHVHQWDQ HQ DUPRQD FRQ OR HVWDEOHFLGR HQ OD OHJLVODFLQ YLJHQWH (VWR LQFOX\H
UHSUHVHQWDQWHVGH,QVWLWXFLRQHV-XYHQLOHV\$GPLQLVWUDFLQGH&RUUHFFLQ
'HFRQIRUPLGDGFRQODUHJODPHQWDFLQYLJHQWHODPD\RUDGHORVPLHPEURVGHO&RPLW
&RQVXOWLYR VHUQ SHUVRQDV FRQ LPSHGLPHQWRV R SDGUHV GH QLRV R MYHQHV FRQ
LPSHGLPHQWRV
172
(O&RPLWWHQGUODVVLJXLHQWHVIXQFLRQHV\GHEHUHV
(VWXGLDU ORV SUREOHPDV \ QHFHVLGDGHV GH ODV SHUVRQDV FRQ LPSHGLPHQWRV \
KDFHU UHFRPHQGDFLRQHV DO 6HFUHWDULR \ D ODV DJHQFLDV HMHFXWLYDV
FRUUHVSRQGLHQWHVVREUHODVPHGLGDVQHFHVDULDVSDUDSUHYHQLU\FRUUHJLUWDOHV
SUREOHPDV (VWRV LQFOX\HQ D ODV SHUVRQDV FRQ LPSHGLPHQWRV XELFDGRV HQ
LQVWLWXFLRQHVFRUUHFFLRQDOHV
(VWXGLDUHYDOXDU\FRPHQWDUSEOLFDPHQWHWRGDODOHJLVODFLQ\UHJODPHQWDFLQ
YLJHQWH TXH DIHFWH DO EXHQ GHVDUUROOR GH OD /H\ GH 6HUYLFLRV (GXFDWLYRV
,QWHJUDOHVSDUD3HUVRQDVFRQ,PSHGLPHQWRVSDUDUHFRPHQGDUODOHJLVODFLQ\
UHJODPHQWDFLQTXHHVWLPHQHFHVDULDDWDOHVILQHV
173
\ VXJHUHQFLDV D OD DJHQFLD TXH DO LJXDO TXH ODV PLQXWDV GH ODV UHXQLRQHV HVWDUQ
GLVSRQLEOHVSDUDHOSEOLFR
(QFDVRGHVHUQHFHVDULRSDUDDVHJXUDUODSDUWLFLSDFLQGHDOJQPLHPEURGHO&RPLWOD
$JHQFLDSURYHHUHOVHUYLFLRGHLQWUSUHWHXRWURVHUYLFLRQHFHVDULR/RVPLHPEURVGHO
&RPLWVHUYLUQVLQFRPSHQVDFLQQRREVWDQWHOD$JHQFLDGHEHUUHHPEROVDUFRVWRV
UD]RQDEOHV \ QHFHVDULRV SDUD TXH VWRV DVLVWDQ D ODV UHXQLRQHV \ OOHYHQ D FDER VXV
IXQFLRQHV /DV IHFKDV GH ODV UHXQLRQHV GHO &RPLW &RQVXOWLYR \ VXV DJHQGDV VHUQ
GLYXOJDGDVFRQDQWLFLSDFLQSDUDSHUPLWLUDODVSHUVRQDVLQWHUHVDGDVTXHDVLVWDQDODV
PLVPDV(VWDVUHXQLRQHVHVWQDELHUWDVDOSEOLFR
174
'(5(&+26'(/263$'5(6
(Q HVWH GRFXPHQWR XVWHG HQFRQWUDU XQD H[SOLFDFLQ GH ORV GHUHFKRV GH ORV QLRV \
MYHQHVFRQLPSHGLPHQWRV\VXVSDGUHVEDMRODOH\ ,QGLYLGXDOVZLWK'LVDELOLWLHV(GXFDWLRQ
$FW ,'($VHJQHQPHQGDGDHQ\OD/H\(VWDWDO6LQHFHVLWDH[SOLFDFLQGH
FXDOTXLHUD GH HVWRV GHUHFKRV SXHGH VROLFLWDU DVLVWHQFLD GHO SHUVRQDO GH (GXFDFLQ
(VSHFLDOGHVXHVFXHODGLVWULWRRUHJLQ7DPELQSXHGHFRPXQLFDUVHFRQOD2ILFLQDGH
'LYXOJDFLQ\$VLVWHQFLDD3DGUHVGHOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO
&RPRSDGUHGHXQQLRRMRYHQFRQLPSHGLPHQWRVXVWHGWLHQHORVVLJXLHQWHVGHUHFKRV
)RUPXODULRGH5HJLVWUR
8VWHGWLHQHHOGHUHFKRDUHFLELUXQDFRSLDGHOIRUPXODULRGHUHJLVWURGHVXKLMRD
FXDQGRVWHVHDUHJLVWUDGR
1RWLILFDFLQ3UHYLD(VFULWD
8VWHG WLHQH HO GHUHFKR D UHFLELU XQD QRWLILFDFLQ SUHYLD HVFULWD VLHPSUH TXH HO
'HSDUWDPHQWR GH (GXFDFLQ OOHYH D FDER DOJXQD DFFLQ TXH UHTXLHUD OD
SDUWLFLSDFLQGHVXKLMRD
8VWHG WLHQH HO GHUHFKR D UHFLELU XQD QRWLILFDFLQ SUHYLD HVFULWD VLHPSUH TXH OD
$JHQFLDSURSRQJDRUHKVHLQLFLDURFDPELDUODLGHQWLILFDFLQXELFDFLQHYDOXDFLQ
RODSURYLVLQGHXQDHGXFDFLQSEOLFDJUDWXLWD\DSURSLDGDDVXKLMRD(VWD
QRWLILFDFLQSUHYLDGHEHFRQWHQHU
XQDGHVFULSFLQGHFXDOTXLHUDFFLQTXHODDJHQFLDSURSRQHRUHFKD]D
XQDH[SOLFDFLQGHODVUD]RQHVSDUDSURSRQHURUHFKD]DUWDODFFLQ
XQDGHVFULSFLQGHRWUDVRSFLRQHVTXHIXHURQFRQVLGHUDGDV\ODVUD]RQHV
SDUDGHVFDUWDUODV
175
XQDGHVFULSFLQGHFDGDSURFHGLPLHQWRGHHYDOXDFLQSUXHEDH[SHGLHQWHR
LQIRUPHXWLOL]DGRFRPREDVHSDUDODDFFLQSURSXHVWDRUHFKD]DGD
XQDGHFODUDFLQGHTXHORVSDGUHVWLHQHQGHUHFKRVTXHOHVSURWHJHQ\VLOD
QRWLILFDFLQ QR HV XQ UHIHULGR LQLFLDO SDUD HYDOXDFLQ XQD GHVFULSFLQ GH
FPRSXHGHQREWHQHUXQDFRSLDGHOGRFXPHQWR'HUHFKRVGHORV3DGUHV
IXHQWHV DFFHVLEOHV SDUD REWHQHU D\XGD SDUD FRPSUHQGHU ODV OH\HV
UHODFLRQDGDVFRQODHGXFDFLQGHORVQLRV\MYHQHVFRQLPSHGLPHQWRV
6L OD QRWLILFDFLQ VH UHILHUH D XQD DFFLQ SURSXHVWD SRU OD DJHQFLD TXH WDPELQ
UHTXLHUH FRQVHQWLPLHQWR EDMR OD VHFFLQ OD $JHQFLD SXHGH GDU OD
QRWLILFDFLQDODYH]TXHVROLFLWDHOFRQVHQWLPLHQWRGHOSDGUH
(VWDV QRWLILFDFLRQHV HVFULWDV GHEHQ VHU UHGDFWDGDV HQ XQ OHQJXDMH TXH XVWHG
FRPSUHQGD\HQVXLGLRPDQDWLYRRHQFXDOTXLHURWURPHGLRGHFRPXQLFDFLQTXH
XVWHGXWLOLFHDPHQRVTXHHVWRVHDFODUDPHQWHLPSRVLEOHGHKDFHU6LVXOHQJXDMH
QDWLYRRPHGLRGHFRPXQLFDFLQQRHVHOOHQJXDMHHVFULWRHQWRQFHVOD$JHQFLD
GHEHUWRPDURWUDVPHGLGDVSDUDDVHJXUDUTXHODQRWLILFDFLQHVFULWDVHOHWUDGX]FD
RUDOPHQWHRVHSURYHDDWUDYVGHFXDOTXLHURWURPHGLRGHFRPXQLFDFLQDSURSLDGR
SDUD XVWHG \ TXH XVWHG FRPSUHQGD HO FRQWHQLGR GH OD QRWLILFDFLQ HVFULWD /D
$JHQFLDGHEHUPDQWHQHUHYLGHQFLDHVFULWDGHODVPHGLGDVTXHWRP
3DUWLFLSDFLQHQUHXQLRQHV
8VWHGWLHQHGHUHFKRDSDUWLFLSDUHQUHXQLRQHVUHODFLRQDGDVFRQODLGHQWLILFDFLQ
HYDOXDFLQXELFDFLQRSURYLVLQGHXQDHGXFDFLQSEOLFDJUDWXLWD\DSURSLDGDD
VXKLMRD
&XDOTXLHU FRQYHUVDFLQ LQIRUPDO HQWUH IXQFLRQDULRV GH OD $JHQFLD
FRQYHUVDFLRQHVUHODFLRQDGDVFRQPHWRGRORJDHGXFDWLYDSODQLILFDFLQGLDULD
176
R FRRUGLQDFLQ SDUD OD SURYLVLQ GH VHUYLFLRV QR VH FRQVLGHUDQ FRPR
UHXQLRQHVVLVWDVQRHVWQFRQWHPSODGDVGHQWURGHO3(,
&XDOTXLHU DFWLYLGDG OOHYDGD D FDER SRU SHUVRQDO GH OD $JHQFLD SDUD
GHVDUUROODU XQD SURSXHVWD R XQD UHVSXHVWD D VXV SURSXHVWDV TXH VHUQ
GLVFXWLGDV HQ XQD UHXQLQ IXWXUD WDPSRFR VRQ FRQVLGHUDGDV FRPR XQD
UHXQLQ
8VWHGWLHQHHOGHUHFKRDVROLFLWDUXQFDPELRHQODIHFKDROXJDUGHXQDUHXQLQD
RWUDIHFKDROXJDUFRRUGLQDGRPHGLDQWHPXWXRDFXHUGRFRQOD$JHQFLD
8VWHGWLHQHHOGHUHFKRDWUDHUSHUVRQDVTXHOHUHSUHVHQWHQROHDVLVWDQGXUDQWH
FXDOTXLHU UHXQLQ FRQ OD $JHQFLD 7DOHV SHUVRQDV GHEHQ VHU LQGLYLGXRV FRQ
FRQRFLPLHQWRRSHULWDMHVREUHHOQLRRQLD\VXVQHFHVLGDGHVHGXFDWLYDV
6L XVWHG QR SXHGH SDUWLFLSDU HQ XQD UHXQLQ GRQGH VH WRPDUQ GHFLVLRQHV
UHODFLRQDGDVFRQODXELFDFLQHGXFDWLYDGHVXKLMRKLMDOD$JHQFLDGHEHUXWLOL]DU
RWURVPWRGRVSDUDDVHJXUDUVXSDUWLFLSDFLQLQFOX\HQGROODPDGDVLQGLYLGXDOHVR
FRQIHUHQFLDVWHOHIQLFDV\FRQIHUHQFLDVPHGLDQWHYLGHR
&RQVHQWLPLHQWRGHORVSDGUHV
/D$JHQFLDGHEHVROLFLWDUVXFRQVHQWLPLHQWRHVFULWRDQWHVGHTXHDVXKLMR
D VH OH DGPLQLVWUH FXDOTXLHU SUXHED R HYDOXDFLQ SDUD HVWDEOHFHU VX
HOHJLELOLGDGSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDORVHUYLFLRVUHODFLRQDGRV
E VHOHXELTXHHQVHUYLFLRVGHHGXFDFLQHVSHFLDORVHUYLFLRVUHODFLRQDGRV
F
VHOHFDPELHGHDOWHUQDWLYDGHXELFDFLQHGXFDWLYD
G VHOHUHHYDOH
177
/D$JHQFLDQRSXHGHXWLOL]DUHOTXHXVWHGGHQLHJXHVXFRQVHQWLPLHQWRSDUDOLPLWDUR
GHQHJDUOHDXVWHGRDVXKLMRDFXDOTXLHURWURVHUYLFLREHQHILFLRRDFWLYLGDG(O
FRQVHQWLPLHQWRHVFULWRVLJQLILFDTXH
XVWHG KD VLGR SOHQDPHQWH LQIRUPDGR HQ VX LGLRPD QDWLYR R D WUDYV GH
DOJQ RWUR PHGLR DSURSLDGR GH FRPXQLFDFLQ GH WRGD OD LQIRUPDFLQ
UHOHYDQWHDODDFWLYLGDGSDUDODFXDOVHOHVROLFLWDHOFRQVHQWLPLHQWR
XVWHGFRPSUHQGH\H[SUHVDVXDFXHUGRSRUHVFULWRSDUDGLFKDDFWLYLGDG\
XVWHGFRPSUHQGHTXHHORWRUJDUVXFRQVHQWLPLHQWRHVYROXQWDULR\TXHHO
PLVPR SXHGH VHU UHYRFDGR HQ FXDOTXLHU PRPHQWR 6L XVWHG UHYRFD VX
FRQVHQWLPLHQWRHVWDDFFLQQRVHUUHWURDFWLYD(VWRVLJQLILFDTXHXVWHGQR
HVWDU GHQHJDQGR VX DXWRUL]DFLQ SDUD DTXHOOD DFFLQ TXH KD RFXUULGR
GHVSXVGHGDUVXFRQVHQWLPLHQWRSHURDQWHVGHTXHORUHYRFDUD
6XFRQVHQWLPLHQWRHVFULWRGHEH GHVFULELUODDFWLYLGDGTXHKDDXWRUL]DGR\VLHV
DSOLFDEOHHQXPHUDUORVH[SHGLHQWHVTXHVHUQHQWUHJDGRV\ODVSHUVRQDVDTXLHQHV
VHOHVHQWUHJDUQ
(OFRQVHQWLPLHQWRSDUDHYDOXDFLQLQLFLDOQRVHULQWHUSUHWDGRFRPRFRQVHQWLPLHQWR
SDUDXELFDFLQLQLFLDO6XFRQVHQWLPLHQWRQRHVUHTXHULGRSDUDTXHOD$JHQFLDUHYLVH
ODLQIRUPDFLQH[LVWHQWHFRPRSDUWHGHOSURFHVRGHHYDOXDFLQRUHHYDOXDFLQR
DQWHVGHDGPLQLVWUDUXQDSUXHEDXRWUDHYDOXDFLQTXHVHDGPLQLVWUDDWRGRVORV
HVWXGLDQWHVDQRVHUTXHSUHYLRDODDGPLQLVWUDFLQGHGLFKDHYDOXDFLQVHUHTXLHUD
HOFRQVHQWLPLHQWRGHWRGRVORVSDGUHV
6LXVWHGUHKVDGDUVXFRQVHQWLPLHQWRSDUDHYDOXDUXELFDULQLFLDOPHQWHDVXKLMRD
HQVHUYLFLRVGHHGXFDFLQHVSHFLDO\VHUYLFLRVUHODFLRQDGRVRUHHYDOXDUDVXKLMRD
RUHKXVDUDGDUVXDXWRUL]DFLQVHJQHVUHTXHULGDSDUDEHQHILFLRGHVXKLMRD
HQWRQFHVOD$JHQFLDSXHGHKDFHUXVRGHODPHGLDFLQRGHOSURFHGLPLHQWRGHYLVWD
178
DGPLQLVWUDWLYD SDUD GHWHUPLQDU VL VX KLMR SXHGH VHU HYDOXDGR \ UHFLELU VHUYLFLRV
LQLFLDOHV VLQ VX FRQVHQWLPLHQWR /D $JHQFLD SXHGH UHHYDOXDU VX KLMRD VLQ VX
FRQVHQWLPLHQWRHVFULWRVLWRPDPHGLGDVUD]RQDEOHVSDUDREWHQHUVXFRQVHQWLPLHQWR
\XVWHGQRUHVSRQGH
5HVXOWDGRVGH(YDOXDFLRQHV\'RFXPHQWDFLQGHOD'HWHUPLQDFLQGH(OHJLELOLGDG
8VWHGWLHQHGHUHFKRDUHFLELUFRSLDGHORVUHVXOWDGRVGHODVHYDOXDFLRQHVGHVX
KLMRD\ODGRFXPHQWDFLQGHOD$JHQFLDVREUHODGHWHUPLQDFLQGHODHOHJLELOLGDG
GHVXKLMRDSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDO\VHUYLFLRVUHODFLRQDGRV(VWDV
FRSLDV GHEHQ VHU SURYLVWDV VLQ FRVWR SDUD XVWHG 6L XQD UHXQLQ KD VLGR
SURJUDPDGDSDUDGLVFXWLUORVUHVXOWDGRVGHODHYDOXDFLQRODGHWHUPLQDFLQGH
HOHJLELOLGDGRSDUDGHVDUUROODUHO3(,GHVXKLMRDOD$JHQFLDGHEHSURYHHUOHFRSLD
GHORVUHVXOWDGRVGHODHYDOXDFLQ\ODGRFXPHQWDFLQSDUDODGHWHUPLQDFLQDQWHV
GHGLFKDUHXQLQ
8VWHGWLHQHGHUHFKRDTXHVHOHH[SOLTXHQ\VHOHLQWHUSUHWHQORVUHVXOWDGRVGH
WRGDVODVHYDOXDFLRQHV
8VWHGWLHQHGHUHFKRDDFHSWDURUHFKD]DUORVUHVXOWDGRVGHFXDOTXLHUHYDOXDFLQ
UHDOL]DGDDVXKLMRD
(YDOXDFLRQHV(GXFDWLYDV,QGHSHQGLHQWHV
8VWHGWLHQHHOGHUHFKRDVROLFLWDUXQDHYDOXDFLQHGXFDWLYDLQGHSHQGLHQWHVLXVWHG
QRHVWGHDFXHUGRFRQODHYDOXDFLQUHDOL]DGDSRUOD$JHQFLD8QDHYDOXDFLQ
HGXFDWLYD LQGHSHQGLHQWH HV DTXHOOD TXH HV OOHYDGD D FDER SRU XQ H[DPLQDGRU
FXDOLILFDGRTXHQRHVHPSOHDGRGHOD$JHQFLD$OVROLFLWDUGLFKDHYDOXDFLQXVWHG
WLHQH HO GHUHFKR GH TXH OD $JHQFLD OH RULHQWH VREUH GQGH SXHGH REWHQHU XQD
HYDOXDFLQHGXFDWLYDLQGHSHQGLHQWH\ORVFULWHULRVTXHOD$JHQFLDDSOLFDDWDOHV
HYDOXDFLRQHV
179
8VWHGWLHQHHOGHUHFKRDVROLFLWDU\REWHQHUXQDHYDOXDFLQHGXFDWLYDLQGHSHQGLHQWH
DFRVWRSEOLFRVLXVWHGQRHVWGHDFXHUGRFRQODHYDOXDFLQOOHYDGDDFDERSRUOD
$JHQFLD $O KDFHU HVWD SHWLFLQ OD $JHQFLD VLQ GHPRUD LQQHFHVDULD GHEHU
DVHJXUDUTXHWDOHYDOXDFLQLQGHSHQGLHQWHVHSURYHDDFRVWRSEOLFRRVROLFLWDUXQD
YLVWDDGPLQLVWUDWLYDSDUDGHPRVWUDUTXHVXHYDOXDFLQHVDSURSLDGD
6LOD$JHQFLDVROLFLWDXQDYLVWDDGPLQLVWUDWLYD\ODGHWHUPLQDFLQILQDOFRQFOX\HTXH
ODHYDOXDFLQUHDOL]DGDSRUOD$JHQFLDHUDDSURSLDGDXVWHGWLHQHHOGHUHFKRDOD
HYDOXDFLQHGXFDWLYDLQGHSHQGLHQWHSHURQRDFRVWRSEOLFR
/DVHYDOXDFLRQHVHGXFDWLYDVLQGHSHQGLHQWHVOOHYDGDVDFDERDFRVWRSEOLFRGHEHQ
FXPSOLU FRQ ORV PLVPRV FULWHULRV TXH OD $JHQFLD XWLOL]D FXDQGR UHDOL]D XQD
HYDOXDFLQ VLHPSUH TXH HVWR VHD FRQVLVWHQWH FRQ HO GHUHFKR GH ORV SDGUHV D
REWHQHUXQDHYDOXDFLQLQGHSHQGLHQWH
/D$JHQFLDQRLPSRQGUQLQJQWUPLQRRFRQGLFLQDGLFLRQDOUHODFLRQDGDFRQOD
REWHQFLQGHXQDHYDOXDFLQHGXFDWLYDLQGHSHQGLHQWHDFRVWRSEOLFR
D /D $JHQFLD GHEH FRQVLGHUDU ORV UHVXOWDGRV GH XQD HYDOXDFLQ HGXFDWLYD
LQGHSHQGLHQWHTXHXVWHGREWHQJDDFRVWRSULYDGRHQFXDOTXLHUGHFLVLQTXHWRPH
UHODFLRQDGDFRQODSURYLVLQGHXQDHGXFDFLQSEOLFDJUDWXLWD\DSURSLDGDDVX
KLMRD
E 8VWHG WLHQH GHUHFKR D SUHVHQWDU ORV UHVXOWDGRV GH GLFKD HYDOXDFLQ
LQGHSHQGLHQWHFRPRHYLGHQFLDHQFXDOTXLHUYLVWDDGPLQLVWUDWLYDUHODFLRQDGDFRQVX
KLMRD
8VWHGWLHQHHOGHUHFKRDREWHQHUXQDHYDOXDFLQHGXFDWLYDLQGHSHQGLHQWHDFRVWR
SEOLFRVLHPSUHTXHHVWRVHDRUGHQDGRSRUXQMXH]DGPLQLVWUDWLYR
180
3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGR
8VWHG WLHQH HO GHUHFKR D SDUWLFLSDU HQ OD SUHSDUDFLQ GHO 3URJUDPD (GXFDWLYR
,QGLYLGXDOL]DGRGHVXKLMRD
8VWHGWLHQHHOGHUHFKRDDFHSWDURUHFKD]DUODWRWDOLGDGRSDUWHGHO3(,GHVXKLMRD
RODXELFDFLQHQVHUYLFLRVGH(GXFDFLQ(VSHFLDO
$FFHVRDORV([SHGLHQWHV
8VWHG WLHQH HO GHUHFKR D LQVSHFFLRQDU \ UHYLVDU FXDOTXLHU H[SHGLHQWH HGXFDWLYR
UHODFLRQDGRFRQVXKLMRDTXHVHDUHFRSLODGRPDQWHQLGRRXWLOL]DGRSRUOD$JHQFLD
FRPRSDUWHGHOVLVWHPDGHVHUYLFLRVGHHGXFDFLQHVSHFLDO\VHUYLFLRVUHODFLRQDGRV
DPHQRVTXHOD$JHQFLDKD\DVLGRQRWLILFDGDGHTXHXVWHGQRWLHQHWDODXWRULGDG
EDMRODVOH\HVHVWDWDOHVTXHJRELHUQDQODFXVWRGLDVHSDUDFLQ\GLYRUFLR
6L XVWHG VROLFLWD LQVSHFFLRQDU R UHYLVDU HO H[SHGLHQWH GH VX KLMRD OD $JHQFLD
GHEHUFXPSOLUFRQVXVROLFLWXGVLQGHPRUDLQQHFHVDULDVWDGHEHUFXPSOLUFRQVX
VROLFLWXGDQWHVGHFXDOTXLHUUHXQLQUHODFLRQDGDFRQHO3(,GHVXKLMRDRFXDOTXLHU
YLVWDDGPLQLVWUDWLYDUHODFLRQDGDFRQODSDUWLFLSDFLQGHVXKLMRDHQVHUYLFLRVGH
HGXFDFLQHVSHFLDORVHUYLFLRVUHODFLRQDGRV\QRPVWDUGHGHGDVOXHJRGHVX
VROLFLWXG
&RPRSDUWHGHVXGHUHFKRDLQVSHFFLRQDU\UHYLVDUORVH[SHGLHQWHVHGXFDWLYRV
GHVXKLMRD
181
OD$JHQFLDGHEHUUHVSRQGHUDVXSHWLFLQUD]RQDEOHGHH[SOLFDFLQH
LQWHUSUHWDFLQGHWDOHVH[SHGLHQWHV
XVWHG WLHQH GHUHFKR D VROLFLWDU TXH OD $JHQFLD SURYHD FRSLDV GH ORV
H[SHGLHQWHVHGXFDWLYRVGHVXKLMRDVLHOQRSURYHHUODLPSLGH TXHXVWHG
HMHU]DVXGHUHFKRDLQVSHFFLRQDU\UHYLVDUWDOHVH[SHGLHQWHV
XVWHGWLHQHGHUHFKRDTXHXQUHSUHVHQWDQWHVX\RLQVSHFFLRQH\UHYLVHORV
H[SHGLHQWHVHGXFDWLYRVGHVXKLMRD
&XDQGRXQH[SHGLHQWHHGXFDWLYRFRQWHQJDLQIRUPDFLQUHODFLRQDGDFRQPVGHXQ
QLRRMRYHQXVWHGWHQGUGHUHFKRDLQVSHFFLRQDUUHYLVDUXREWHQHUFRSLDVORGH
DTXHOODLQIRUPDFLQTXHVHUHODFLRQDFRQVXKLMR
/DVDJHQFLDVSEOLFDVSXHGHQFREUDUXQDWDULIDSRUFRSLDUH[SHGLHQWHVVLHPSUHTXH
ODWDULIDQRLPSLGDHOTXHXVWHGHMHU]DHIHFWLYDPHQWHVXGHUHFKRDLQVSHFFLRQDU\
UHYLVDUORVH[SHGLHQWHVHGXFDWLYRVGHVXKLMR/DVDJHQFLDVQRSRGUQFREUDUFDUJR
DOJXQRSRUEXVFDUXREWHQHULQIRUPDFLQSDUDXVWHG
8VWHGWLHQHGHUHFKRDVROLFLWDUTXHVHUHPXHYDGHOH[SHGLHQWHHGXFDWLYRGHVX
KLMRDFXDOTXLHULQIRUPDFLQTXHXVWHGFRQVLGHUHLQQHFHVDULDSDUDODSURYLVLQGH
VHUYLFLRVDVXKLMRD
/D$JHQFLDGHEHUPDQWHQHUXQUHJLVWURGHSHUVRQDVTXHREWLHQHQDFFHVRDORV
H[SHGLHQWHVHGXFDWLYRVUHFRSLODGRVPDQWHQLGRVRXWLOL]DGRVSRUOD$JHQFLD(O
UHJLVWURGHEHUFRQWHQHUHOQRPEUHGHODSHUVRQDODIHFKDHQODFXDOVHOHSURYHH
DFFHVR\HOSURSVLWRSRUHOFXDOKDVLGRDXWRUL]DGDDXWLOL]DUORVH[SHGLHQWHV/D
$JHQFLD QR WLHQH TXH UHJLVWUDU HO DFFHVR GH ORV SDGUHV R GH VXV HPSOHDGRV
DXWRUL]DGRVSDUDDFFHVDUORVH[SHGLHQWHV
182
8VWHGWLHQHHOGHUHFKRDVROLFLWDUTXHOD$JHQFLDSURYHDXQDOLVWDGHORVWLSRVGH
H[SHGLHQWHVHGXFDWLYRVTXHVWDUHFRSLODPDQWLHQHRXWLOL]D\VXORFDOL]DFLQ
6LXVWHGFRQVLGHUDTXHODLQIRUPDFLQFRQWHQLGDHQHOH[SHGLHQWHHGXFDWLYRGHVX
KLMRDHVLQH[DFWDHTXYRFDRYLRODVXSULYDFLGDGXRWURVGHUHFKRVXVWHGWLHQHHO
GHUHFKRDVROLFLWDUTXHOD$JHQFLDHQPLHQGHODLQIRUPDFLQ
8VWHG WLHQH HO GHUHFKR D VHU LQIRUPDGR GH OD GHWHUPLQDFLQ GH OD $JHQFLD FRQ
UHVSHFWRDVXVROLFLWXGGHHQPHQGDULQIRUPDFLQHQHOH[SHGLHQWHGHVXKLMRD
GHQWURGHXQWUPLQRGHWLHPSRUD]RQDEOHOXHJRGHTXHOD$JHQFLDKD\DUHFLELGR
VXVROLFLWXG
8VWHGWLHQHHOGHUHFKRDUDGLFDUXQDTXHMDRTXHUHOODVLOD$JHQFLDVXVROLFLWXGGH
HQPHQGDUODLQIRUPDFLQHQHOH[SHGLHQWHGHVXKLMRD
8VWHGWLHQHHOGHUHFKRDVROLFLWDUXQDUHXQLQGHPHGLDFLQRYLVWDDGPLQLVWUDWLYD
SDUD FXHVWLRQDU FXDOTXLHU LQIRUPDFLQ HQ HO H[SHGLHQWH GH VX KLMRD FRQ HO
SURSVLWRGHDVHJXUDUTXHGLFKDLQIRUPDFLQQRVHDLQH[DFWDHTXYRFDRTXHYLROH
HOGHUHFKRDODSULYDFLGDGGHVXKLMRXRWURVGHUHFKRV/DYLVWDDGPLQLVWUDWLYDGHEH
OOHYDUVHDFDERFRQIRUPHDORVSURFHGLPLHQWRVGH&)5
6LFRPRUHVXOWDGRGHODYLVWDDGPLQLVWUDWLYDVHGHWHUPLQDVHTXHODLQIRUPDFLQHQHO
H[SHGLHQWH GH VX KLMRD QR HV LQH[DFWD HTXYRFD R TXH YLROD HO GHUHFKR D OD
SULYDFLGDG GH VX KLMRD X RWURV GHUHFKRV XVWHG WLHQH HO GHUHFKR D LQFOXLU XQD
GHFODUDFLQHQHOH[SHGLHQWHGHVXKLMRDFRPHQWDQGRODLQIRUPDFLQRH[SOLFDQGR
VXV UD]RQHV SDUD QR HVWDU GH DFXHUGR FRQ OD GHWHUPLQDFLQ GH OD YLVWD
DGPLQLVWUDWLYD
183
&XDOTXLHU H[SOLFDFLQ XELFDGD HQ HO H[SHGLHQWH GH VX KLMRD D WUDYV GHO
SURFHGLPLHQWR GHVFULWR DQWHULRUPHQWH GHEH VHU PDQWHQLGD FRPR SDUWH GHO
H[SHGLHQWHGHVXKLMRDSRUHOWLHPSRHQTXHOD$JHQFLDPDQWHQJDHOH[SHGLHQWHR
ODSRUFLQHQFRQWURYHUVLD6LOD$JHQFLDSHUPLWHTXHXQDSHUVRQDWHQJDDFFHVRDO
H[SHGLHQWHGHVXKLMRDRDODSDUWHHQFRQWURYHUVLDHQWRQFHVGHEHUWDPELQ
UHYHODUDGLFKDSHUVRQDVXH[SOLFDFLQ
/D$JHQFLDGHEHUREWHQHUVXFRQVHQWLPLHQWRDQWHVGHTXHFXDOTXLHULQIRUPDFLQ
SHUVRQDOLGHQWLILFDEOHUHODFLRQDGDFRQVXKLMRDVHD
GLYXOJDGDSRUOD$JHQFLDDFXDOTXLHURWUDSHUVRQDTXHQRVHDQORVRILFLDOHV
GHODVDJHQFLDVSDUWLFLSDQWHV
XWLOL]DGDSDUDFXDOTXLHUSURSVLWRTXHQRVHDHOOOHQDUORVUHTXLVLWRVGHODV
OH\HV UHODFLRQDGDV FRQ OD HGXFDFLQ GH ORV QLRV \ MYHQHV FRQ
LPSHGLPHQWRV
4XHUHOODV 6ROLFLWXGGH9LVWD$GPLQLVWUDWLYD\0HGLDFLQ
8VWHGWLHQHGHUHFKRDUDGLFDUXQDTXHUHOODVROLFLWDQGRXQDYLVWDDGPLQLVWUDWLYDHQOD
2ILFLQD GHO 6XSHULQWHQGHQWH GH (VFXHODV FXDQGR H[LVWD XQD FRQWURYHUVLD
UHODFLRQDGDFRQLGHQWLILFDFLQHYDOXDFLQXELFDFLQRSURYLVLQGHXQDHGXFDFLQ
SEOLFD JUDWXLWD \ DSURSLDGD D VX KLMRD 6L XVWHG GHVHD UDGLFDU XQD TXHUHOOD
VROLFLWDQGRXQDYLVWDDGPLQLVWUDWLYDGHEHFRPSOHWDUXQIRUPXODULRGLVSRQLEOHHQOD
RILFLQD GHO GLVWULWR HVFRODU HO FXDO WDPELQ HVW LQFOXLGR HQ HO 0DQXDO GH
3URFHGLPLHQWRV GH (GXFDFLQ (VSHFLDO (Q HVWH IRUPXODULR XVWHG SURYHHU HO
QRPEUHGHOHVWXGLDQWHODGLUHFFLQHOQRPEUHGHODHVFXHODXQDGHVFULSFLQGHO
SUREOHPD\ORVUHPHGLRVSURSXHVWRV8QDDJHQFLDSEOLFDQRSXHGHGHQHJDUR
UHWUDVDUVXGHUHFKRDXQDYLVWDDGPLQLVWUDWLYDSRUTXHODQRWLILFDFLQUHTXHULGDHQ
SUUDIRVF\GHODVHFFLQQRVHKD\DSURYLVWR
184
8VWHG WLHQH GHUHFKR D VROLFLWDU XQD UHXQLQ GH PHGLDFLQ SDUD UHVROYHU
FRQWURYHUVLDVUHODFLRQDGDVFRQODLGHQWLILFDFLQHYDOXDFLQXELFDFLQRSURYLVLQ
GHXQDHGXFDFLQSEOLFDJUDWXLWD\DSURSLDGDDVXKLMRDODFXDO
HVYROXQWDULD
QR VHU XWLOL]DGD SDUD UHWUDVDU R GHQHJDU VX GHUHFKR D XQD YLVWD
DGPLQLVWUDWLYDRSDUDGHQHJDUFXDOTXLHURWURGHUHFKRTXHXVWHGWHQJD
VHUFRQGXFLGDSRUXQPHGLDGRULPSDUFLDOFXDOLILFDGRTXHOOHQDWRGRVORV
UHTXLVLWRVGHORVUHJODPHQWRVYLJHQWHV\QRHVHPSOHDGRGHOD$JHQFLD1R
VHFRQVLGHUDHOPHGLDGRUHPSOHDGRGHOD$JHQFLDSRUHOVRORKHFKRGHTXH
VHDSDJDGRSRUVWD
VHUFRQGXFLGDHQXQOXJDUIHFKD\KRUDGHWHUPLQDGDSRUPXWXRDFXHUGR
HQWUHXVWHG\OD$JHQFLD
&XDOTXLHUGLVFXVLQTXHVXUMDGXUDQWHODUHXQLQGH0HGLDFLQGHEHUPDQWHQHUVH
FRQILGHQFLDO\QRSRGUVHUXWLOL]DGDPVDGHODQWHFRPRHYLGHQFLDHQXQDYLVWD
DGPLQLVWUDWLYDRHQDOJXQDDFFLQUDGLFDGDHQORVWULEXQDOHV
8VWHGWLHQHGHUHFKRDVHULQIRUPDGRVREUHODGLVSRQLELOLGDGHQHOUHDGHDVLVWHQFLD
OHJDO OLEUH GH FRVWR R D EDMR FRVWR X RWURV VHUYLFLRV SHUWLQHQWHV FXDQGR XVWHG
VROLFLWHWDOLQIRUPDFLQRFXDQGRXVWHGROD$JHQFLDUDGLTXHQXQDTXHUHOOD
8VWHG WLHQH HO GHUHFKR D VHU RULHQWDGR \ DFRJHUVH D OD DOWHUQDWLYD GH UHPHGLR
SURYLVLRQDOVLHPSUHTXHXQVHUYLFLRHVSHFLDOL]DGRGHHYDOXDFLQRWHUDSLDQRHVW
GLVSRQLEOHDWUDYVGHORVHVSHFLDOLVWDVTXHODERUDQSDUDOD$JHQFLD
9LVWDV$GPLQLVWUDWLYDV
6LXVWHGROD$JHQFLDUDGLFDQXQDVROLFLWXGSDUDXQDYLVWDDGPLQLVWUDWLYDUHODFLRQDGD
FRQODLGHQWLILFDFLQHYDOXDFLQXELFDFLQRSURYLVLQGHXQDHGXFDFLQSEOLFD
JUDWXLWD\DSURSLDGDDVXKLMRDXVWHGWLHQHHOGHUHFKRDTXHODPLVPDVHFHOHEUH
185
DQWHXQMXH]DGPLQLVWUDWLYRLQGHSHQGLHQWH/D$JHQFLDGHEHUPDQWHQHUXQDOLVWD
GHSHUVRQDVTXHDFWDQFRPRMXHFHVDGPLQLVWUDWLYRVLQGHSHQGLHQWHVLQFOX\HQGR
LQIRUPDFLQVREUHODVFXDOLILFDFLRQHVGHFDGDXQDGHHVWDVSHUVRQDV
3RUORPHQRVFLQFRGDVODERUDOHVDQWHVGHODYLVWDXVWHGOD$JHQFLD\FXDOTXLHU
RWUDSDUWHLQFOXLGDHQODYLVWDGHEHUHYHODUDODVRWUDVSDUWHVWRGDVODVHYDOXDFLRQHV
UHDOL]DGDVDOQLRFRPSOHWDGDVDHVDIHFKD\ODVUHFRPHQGDFLRQHVEDVDGDVHQ
HVWDVHYDOXDFLRQHVTXHODSDUWHLQWHUHVHXWLOL]DUHQODYLVWD
(QODYLVWDDGPLQLVWUDWLYDXVWHGOD$JHQFLD\FXDOTXLHURWUDSDUWHLQFOXLGDHQOD
YLVWDWLHQHQGHUHFKRD
HVWDUDFRPSDDGR\DVHVRUDGRSRUXQDERJDGR\SRULQGLYLGXRVTXHWHQJDQ
FRQRFLPLHQWRRDGLHVWUDPLHQWRHVSHFLDOUHODFLRQDGRFRQODVQHFHVLGDGHVGH
ORVQLRV\MYHQHVFRQLPSHGLPHQWRV
3UHVHQWDUHYLGHQFLD\FRQIURQWDUFRQWUDLQWHUURJDU\UHTXHULUODSUHVHQFLDGH
WHVWLJRV
SURKLELUTXHVHLQWURGX]FDFXDOTXLHUHYLGHQFLDHQODYLVWDTXHQRKD\DVLGR
UHYHODGDDODVSDUWHVDOPHQRVFLQFRGDVODERUDEOHVDQWHVGHODYLVWD
REWHQHUUHFRUGHVFULWRGHODYLVWDRDSHWLFLQGHORVSDGUHVXQDJUDEDFLQ
HOHFWUQLFDVLQFRVWRSDUDHOSDGUH
REWHQHUSRUHVFULWRRDSHWLFLQGHORVSDGUHVHQIRUPDWRHOHFWUQLFRODV
GHWHUPLQDFLRQHVVREUHORVKHFKRV\ODVFRQFOXVLRQHVGHOH\
8VWHGWLHQHGHUHFKRDTXHVXKLMRDFX\RVVHUYLFLRVHVWQHQFRQWURYHUVLDHVW
SUHVHQWHHQODYLVWDDGPLQLVWUDWLYD
186
6LXVWHGROD$JHQFLDVROLFLWDQXQDYLVWDDGPLQLVWUDWLYDH[SHGLWDODPLVPDGHEHU
FXPSOLUFRQORVUHTXLVLWRVHVWDEOHFLGRVSDUDYLVWDVHQODVHFFLQ\GHEHVHU
OOHYDGDDFDERSRUXQMXH]DGPLQLVWUDWLYRTXHUHQHORVUHTXLVLWRVHVWDEOHFLGRVHQOD
VHFFLQ
6L HO SHUVRQDO HVFRODU FRQVLGHUD TXH HV SHOLJURVR SDUD HO QLRQLD R MRYHQ
SHUPDQHFHUHQVXXELFDFLQGXUDQWHHOSURFHVRGHYLVWDDGPLQLVWUDWLYDRDSHODFLQ
OD$JHQFLDSRGUVROLFLWDUXQDYLVWDDGPLQLVWUDWLYDH[SHGLWD
8VWHGWLHQHGHUHFKRDTXHODYLVWDDGPLQLVWUDWLYDHVWDELHUWDDOSEOLFR
8VWHGWLHQHGHUHFKRDTXHODYLVWDDGPLQLVWUDWLYD\FXDOTXLHUDUJXPHQWDFLQRUDOVH
OOHYHDFDERHQXQPRPHQWR\OXJDUTXHVHDUD]RQDEOHPHQWHFRQYHQLHQWHSDUD
XVWHG\VXKLMRD
/DGHFLVLQGHOMXH]DGPLQLVWUDWLYRHQODYLVWDVHUILQDOH[FHSWRTXHFXDOTXLHUDGH
ODV SDUWHV LQYROXFUDGDV HQ OD YLVWD SXHGH DSHODU OD GHFLVLQ D WUDYV GHO
SURFHGLPLHQWRGHUHYLVLQDSURSLDGR
8VWHGWLHQHHOGHUHFKRDTXHVHKDJDXQDGHWHUPLQDFLQILQDOVREUHODTXHUHOOD\D
TXHVHOHHQYHFRSLDGHODGHFLVLQGHQWURGHFXDUHQWD\FLQFRGDVDSDUWLUGH
ODIHFKDHQTXHVHUDGLFODTXHUHOOD
8VWHGWLHQHGHUHFKRDVROLFLWDUSRUHVFULWRDOMXH]DGPLQLVWUDWLYRXQDH[WHQVLQDO
WUPLQRGHORVFXDUHQWD\FLQFRGDVGHVFULWRDQWHULRUPHQWH
8VWHGWLHQHGHUHFKRDTXHODVGHWHUPLQDFLRQHVGHKHFKRV\FRQFOXVLRQHVGHOH\VH
KDJDQGLVSRQLEOHVDO&RPLW&RQVXOWLYR\DOSEOLFRXQDYH]VHSURWHMDFXDOTXLHU
LQIRUPDFLQSHUVRQDOLGHQWLILFDEOH
187
$FFLRQHV'LVFLSOLQDULDV
8VWHGWLHQHHOGHUHFKRDTXHVLHPSUHTXHVHFRQVLGHUHXQDDFFLQGLVFLSOLQDULD
SDUDVXKLMRKLMDTXHFRQOOHYHXQFDPELRGHXELFDFLQSRUPVGHGDVGHQWUR
GHXQDRHVFRODUHO&2038OOHYHDFDERXQDQOLVLVGHODFRQGXFWDTXHSURSLFLD
ODDFFLQGLVFLSOLQDULD\FPRVWDVHUHODFLRQDDOLPSHGLPHQWRGHOHVWXGLDQWH(O
&2038SXHGHFRQFOXLUTXHODFRQGXFWDGVXKLMRKLMDQRHVXQDPDQLIHVWDFLQGH
VXLPSHGLPHQWRVORVLVHKDGHWHUPLQDGRTXH
HO3(,\ODXELFDFLQGHOHVWXGLDQWHHUDQDSURSLDGRV\ORVVHUYLFLRVHGXFDWLYRV
ODVD\XGDVVXSOHPHQWDULDV\ODVHVWUDWHJLDVGHLQWHUYHQFLQSDUDGLFKDFRQGXFWD
VHHVWDEDQSURYH\HQGRGHDFXHUGRDO3(,
HO LPSHGLPHQWR GHO HVWXGLDQWH QR DIHFWDED VX KDELOLGDG SDUD HQWHQGHU HO
LPSDFWR\ODVFRQVHFXHQFLDVGHODFRQGXFWDTXHSURSLFLODDFFLQGLVFLSOLQDULD
HOLPSHGLPHQWRGHOHVWXGLDQWHQRDIHFWVXKDELOLGDGSDUDFRQWURODUODFRQGXFWD
TXHSURSLFLODDFFLQGLVFLSOLQDULD
6LHO&2038\RWURSHUVRQDOFXDOLILFDGRGHWHUPLQDTXHDOJXQRGHHVWRVFULWHULRVQR
IXHDOFDQ]DGRHQWRQFHVODFRQGXFWDGHOHVWXGLDQWHGHEHUVHUFRQVLGHUDGDXQD
PDQLIHVWDFLQ GHO LPSHGLPHQWR GHO HVWXGLDQWH 6L FRPR SDUWH GHO DQOLVLV VH
LGHQWLILFDQGHILFLHQFLDVHQHO3(,GHOHVWXGLDQWHHQVXDOWHUQDWLYDGHXELFDFLQRHQ
OD LPSODQWDFLQ GH VWRV VH GHEHUQ WRPDU DFFLRQHV LQPHGLDWDV SDUD UHPHGLDU
HVWDVGHILFLHQFLDV
3DUDSURSVLWRVGHHVWDSDUWHXQFDPELRGHXELFDFLQRFXUUHVLHOQLRQLDRMRYHQ
HVWDVXMHWRDXQDVHULHGHUHPRFLRQHVTXHFRQVWLWX\HQXQSDWUQ\DTXHWRWDOL]DQ
PV GH GDV HQ XQ DR HVFRODU DV FRPR SRU RWURV IDFWRUHV WDOHV FRPR OD
H[WHQVLQ GH FDGD UHPRFLQ HO WRWDO GH YHFHV TXH HO QLRQLD RMRYHQKDVLGR
UHPRYLGR\ODSUR[LPLGDGHQWUHODVUHPRFLRQHV
188
8VWHG WLHQH HO GHUHFKR D DFFHVDU OD SURWHFFLQ GH ODV GLVSRVLFLRQHV GH OD OH\
)HGHUDO ,'($ HQ DVXQWRV UHODFLRQDGRV FRQ GLVFLSOLQD VL OD $JHQFLD WLHQH
FRQRFLPLHQWRGHTXHHOQLRQLDRMRYHQWLHQHDOJQLPSHGLPHQWRSUHYLRDKDEHU
LQFXUULGRHQODFRQGXFWDTXHSURSLFLODDFFLQGLVFLSOLQDULD
1RVHFRQVLGHUDUTXHOD$JHQFLDWLHQHFRQRFLPLHQWRGHTXHXQQLRQLDRMRYHQ
WLHQH LPSHGLPHQWRV VL FRPR UHVXOWDGR GH KDEHU UHFLELGR LQIRUPDFLQ GH OD
SUHRFXSDFLQGHORVSDGUHVPDHVWURVRDOJQSHUVRQDOHVFRODUVREUHODFRQGXFWDR
HMHFXFLQGHOHVWXGLDQWH
OOHY D FDER XQD HYDOXDFLQ \ GHWHUPLQ TXH HO QLRQLD R MRYHQ QR WHQD
LPSHGLPHQWR
GHWHUPLQTXHODHYDOXDFLQQRHUDQHFHVDULD
SURYH\QRWLILFDFLQDORVSDGUHVVREUHHVWDGHWHUPLQDFLQ
(OSHUVRQDOHVFRODUGHEHQRWLILFDUDODVDXWRULGDGHVSHUWLQHQWHVFXDQGRXQFULPHQ
HVFRPHWLGRSRUXQHVWXGLDQWHFRQLPSHGLPHQWRV1LQJXQDGLVSRVLFLQGHODOH\
SURKEH WDO QRWLILFDFLQ R LPSLGH TXH ODV DXWRULGDGHV MXGLFLDOHV HMHU]DQ VX
UHVSRQVDELOLGDG HQ FXDQWR D OD DSOLFDFLQ GH OH\HV IHGHUDOHV \ HVWDWDOHV
UHODFLRQDGDVFRQFUPHQHVFRPHWLGRVSRUXQQLRQLDRMRYHQFRQLPSHGLPHQWRV
9LVWDV$GPLQLVWUDWLYDV
8VWHGWLHQHHOGHUHFKRDUDGLFDUXQDDFFLQFLYLODQWHHO7ULEXQDOVLXVWHGFRQVLGHUD
TXHORVGHUHFKRVGHVXKLMRDKDQVLGRYLRODGRV\ODTXHUHOODQRKDVLGRUHVXHOWDD
VXVDWLVIDFFLQDWUDYVGHORVSURFHGLPLHQWRVHVWDEOHFLGRVSRUOD$JHQFLD/D
DFFLQSXHGHVHUUDGLFDGDHQFXDOTXLHUFRUWHHVWDWDOFRQMXULVGLFFLQRHQXQDFRUWH
GHGLVWULWRGHORV(VWDGRV8QLGRVVLQLPSRUWDUODFDQWLGDGHQFRQWURYHUVLD
6L XQD DFFLQ FLYLO HV UDGLFDGD HQ HO 7ULEXQDO UHODFLRQDGD FRQ OD TXHUHOOD ORV
H[SHGLHQWHVGHODYLVWDDGPLQLVWUDWLYDVHUQHQYLDGRVDO7ULEXQDO8VWHGOD$JHQFLD
189
\RWUDVSDUWHVHQODDFFLQFLYLOWLHQHQHOGHUHFKRDSUHVHQWDUHYLGHQFLDDGLFLRQDO
VROLFLWQGRORDO7ULEXQDO
(O7ULEXQDOEDVDUVXGHFLVLQHQODSUHSRQGHUDQFLDGHODHYLGHQFLD\RWRUJDUORV
UHPHGLRV TXH GHWHUPLQH DSURSLDGRV 1DGD HQ HVWD SDUWH UHVWULQJH R OLPLWD ORV
GHUHFKRVSURFHGLPLHQWRV\UHPHGLRVGLVSRQLEOHVEDMRRWUDVOH\HVIHGHUDOHVTXH
SURWHJHQ ORV GHUHFKRV D ORV QLRV \ MYHQHV FRQ LPSHGLPHQWRV 6LQ HPEDUJR
DQWHV GH UDGLFDU XQD DFFLQ FLYLO EDMR VWRV SURFXUDQGR REWHQHU UHPHGLRV TXH
WDPELQHVWQGLVSRQLEOHVEDMR,'($HOSURFHGLPLHQWRGHYLVWDDGPLQLVWUDWLYDGHEH
VHUDJRWDGR
+RQRUDULRVGH$ERJDGR
8VWHGWLHQHHOGHUHFKRDVROLFLWDUKRQRUDULRVGHDERJDGRUD]RQDEOHVVLXVWHGHVOD
SDUWHSUHYDOHFLHQWH/RVKRQRUDULRVGHDERJDGRVVRQRWRUJDGRVDGLVFUHFLQGHO
7ULEXQDOHQFXDOTXLHUDFFLQRSURFHGLPLHQWREDMROD6HFFLQLGH,'($
([LVWHQFLHUWDVFLUFXQVWDQFLDVEDMRODVFXDOHVORVKRQRUDULRVGHDERJDGRVTXHXVWHG
VROLFLWHSXHGHQVHUSURKLELGRV
D6LOD$JHQFLDKDFHXQDRIHUWDGHWUDQVDFFLQHVFULWDRSRUWXQDPHQWH\
XVWHGQRDFHSWDHVDRIHUWDGHOWUPLQRGHGLH]GDV\VLODGHFLVLQGHOD
YLVWDDGPLQLVWUDWLYDRDFFLQFLYLOQROHHVPVIDYRUDEOHDXVWHGTXHODRIHUWD
GHWUDQVDFFLQXVWHGQRSRGUUHFREUDUORVKRQRUDULRVGHDERJDGRRHO
UHHPEROVRSRUFRVWRVUHODFLRQDGRVSRUVHUYLFLRVSUHVWDGRVOXHJRGHTXHVH
OHKD\DKHFKRODRIHUWDDPHQRVTXHXVWHGKD\DHVWDGRVXVWDQFLDOPHQWH
MXVWLILFDGRDOUHFKD]DUODRIHUWDGHWUDQVDFFLQ
E8VWHGQRSXHGHUHFREUDUORVKRQRUDULRVGHDERJDGRSRUODDVLVWHQFLDD
XQDUHXQLQGH&2038DPHQRVTXHODUHXQLQVHDRUGHQDGDSRUXQMXH]
DGPLQLVWUDWLYRRSRUHO7ULEXQDO
190
+D\ FLHUWDV FLUFXQVWDQFLDV HQ ODV FXDOHV HO 7ULEXQDO EDMR VX GLVFUHFLQ SXHGH
UHGXFLUORVKRQRUDULRVGHDERJDGRVTXHOHVHDQRWRUJDGRVDXVWHG
6LHO7ULEXQDOHQFXHQWUDTXHXVWHGUHWUDVLUUD]RQDEOHPHQWHODUHVROXFLQ
ILQDOGHODTXHUHOODGXUDQWHHOFXUVRGHSURFHGLPLHQWRDGPLQLVWUDWLYRRHQHO
7ULEXQDOVWHSXHGHUHGXFLUORVKRQRUDULRVGHDERJDGRVTXHVHOHFRQFHGDQ
6LHO7ULEXQDOHQFXHQWUDTXHODFDQWLGDGGHKRQRUDULRVGHDERJDGRVTXH
XVWHGVROLFLWDH[FHGHLUUD]RQDEOHPHQWHODWDULIDSRUKRUDSUHYDOHFLHQWHHQOD
FRPXQLGDG SDUD DERJDGRV GH GHVWUH]DV UHSXWDFLQ \ H[SHULHQFLD
FRPSDUDEOH VWH SXHGH UHGXFLU ORV KRQRUDULRV GH DERJDGRV TXH VH OH
FRQFHGDQ
6LHO7ULEXQDOHQFXHQWUDTXHHOWLHPSRLQYHUWLGR\ODFDQWLGDGGHVHUYLFLRV
OHJDOHVSURYLVWRVIXHURQH[FHVLYRVFRQVLGHUDQGRODQDWXUDOH]DGHODDFFLQR
SURFHGLPLHQWR VWH SXHGH UHGXFLU OD FDQWLGDG GH KRQRUDULRV TXH VH OH
FRQFHGHQ
6LXVWHGFRQWUDWDXQDERJDGRSDUDUDGLFDUVXTXHUHOOD\HVWHDERJDGRQR
SURYHH D OD $JHQFLD OD LQIRUPDFLQ DSURSLDGD HQ OD TXHUHOOD HO 7ULEXQDO
SXHGHUHGXFLUORVKRQRUDULRVGHDERJDGRVTXHOHFRQFHGD
/DVGLVSRVLFLRQHVUHODFLRQDGDVFRQODUHGXFFLQGHKRQRUDULRVGHDERJDGRVSRUODV
FLUFXQVWDQFLDVDQWHULRUPHQWHGHVFULWDVQRDSOLFDQVLHO7ULEXQDOHQFXHQWUDTXHOD
$JHQFLDUHWUDVLUUD]RQDEOHPHQWHHOILQDOGHODUHVROXFLQGHODTXHUHOODRTXHOD
$JHQFLDYLROOD6HFFLQGHOD/H\,'($
/D8ELFDFLQGHVX+LMRGXUDQWHOD5HVROXFLQGHXQD4XHUHOOD
0LHQWUDV GXUH HO SURFHGLPLHQWR DGPLQLVWUDWLYR \ VL HV DSOLFDEOH FXDOTXLHU
SURFHGLPLHQWRUHODFLRQDGRFRQVXTXHUHOODVXKLMRDGHEHUSHUPDQHFHUGRQGH
OHOODHVWDEDXELFDGRDFXDQGRODTXHUHOODIXHUDGLFDGDDPHQRVTXH
XVWHG\OD$JHQFLDKD\DQDFRUGDGRRWUDXELFDFLQR
191
ODVGLVSRVLFLRQHVGH6HFFLQNGH,'($UHODFLRQDGDVFRQODXELFDFLQ
HQXQDDOWHUQDWLYDHGXFDWLYDWHPSRUHUDDSOLTXHQ
VLODGHFLVLQGHO-XH]HQHOSURFHGLPLHQWRDGPLQLVWUDWLYRFRQFXUUHFRQVX
SRVLFLQ GH TXH XQ FDPELR HQ OD XELFDFLQ GH VX KLMRD HV DSURSLDGR
HQWRQFHVHVDGHFLVLQGHEHVHUFRQVLGHUDGDFRPRXQDFXHUGRHQWUHXVWHG\
OD $JHQFLD \ VX KLMRD SXHGH VHU XELFDGR HQ OD DOWHUQDWLYD GH XELFDFLQ
DFRUGDGD
6LODTXHMDLQYROXFUDODVROLFLWXGGHDGPLVLQLQLFLDOGHVXKLMRDDXQDHVFXHOD
OHOODGHEHVHUXELFDGRDHQODHVFXHODSEOLFDFRQVXFRQVHQWLPLHQWRKDVWDTXH
VH FRPSOHWH HO SURFHGLPLHQWR DGPLQLVWUDWLYR \ VL IXHVH DSOLFDEOH FXDOTXLHU
SURFHGLPLHQWRHQHO7ULEXQDOUHODFLRQDGRFRQVXTXHUHOOD
4XHMDV5DGLFDGDVHQOD2ILFLQDGH,QVSHFFLQGH4XHMDV
8VWHGWLHQHHOGHUHFKRDUDGLFDUXQDTXHMDDQWHOD2ILFLQDGH,QVSHFFLQGH4XHMDV
GHOD$JHQFLDVLXVWHGFRQVLGHUDTXHORVGHUHFKRVGHKLMRDRORVVX\RVEDMROD
SDUWH%GH,'($KDQVLGRYLRODGRV
3DUDUDGLFDUXQDTXHMDXVWHGGHEHVRPHWHUXQDGHFODUDFLQHVFULWDILUPDGDTXH
LQFOX\DODVLJXLHQWHLQIRUPDFLQ
8QDGHFODUDFLQGHTXHOD$JHQFLDKDYLRODGRXQUHTXLVLWRGHOD3DUWH%GH
,'($RGHOUHJODPHQWRIHGHUDOGHHVWDOH\
/RVKHFKRVTXHXVWHGFRQVLGHUDFRQVWLWX\HQODEDVHSDUDODYLRODFLQGHOD
$JHQFLD
8QDGHFODUDFLQGHTXHODYLRODFLQGHOD$JHQFLDRFXUULQRPVGHXQDR
DWUVDSDUWLUGHODIHFKDHQTXHXVWHGHVWUDGLFDQGRODTXHMD6LORKHFKRV
TXHXVWHGGHVFULEHRFXUULHURQKDFHPVGHXQDRSDUWLHQGRGHODIHFKDHQ
TXHXVWHGUDGLFDODTXHMDVORVLLODYLRODFLQHVFRQWLQXDRLLXVWHGHVW
192
VROLFLWDQGRVHUYLFLRVFRPSHQVDWRULRVSRUXQDYLRODFLQRFXUULGDQRPVGH
WUHVDRVDWUVSDUWLHQGRGHODIHFKDHQODFXDOXVWHGUDGLFDODTXHMD8VWHG
GHEHLQFOXLUXQDH[SOLFDFLQGHHVWRHQVXGHFODUDFLQHVFULWD\ILUPDGD
%DMRHOSURFHGLPLHQWRGHTXHMDV
OD$JHQFLDOOHYDUDFDERXQDLQYHVWLJDFLQLQGHSHQGLHQWHHQHOOXJDUGHORV
KHFKRV VREUH ODV DOHJDFLRQHV GH OD TXHMD VL VH GHWHUPLQD TXH HVWR HV
QHFHVDULR
XVWHGWLHQHHOGHUHFKRDVRPHWHULQIRUPDFLQDGLFLRQDO\DVHDRUDORHVFULWD
VREUHODVDOHJDFLRQHVHQVXTXHMD
HO6HFUHWDULRGH(GXFDFLQUHYLVDUWRGDODLQIRUPDFLQSHUWLQHQWHKDUXQD
GHWHUPLQDFLQ\OHSURYHHUXQDGHFLVLQHVFULWDGHQWURGHOWUPLQRGH
GDVDSDUWLUGHODUDGLFDFLQGHVXTXHMD
OD GHFLVLQ GHEHU DWHQGHU FDGD DOHJDFLQ HQ VX TXHMD \ FRQWHQHU
GHWHUPLQDFLRQHVGHKHFKRVFRQFOXVLRQHV\ODVUD]RQHVSDUDODGHFLVLQ
6L DOJXQD FRQWURYHUVLD H[SUHVDGD HQ VX TXHMD HVW WDPELQ VLHQGR DWHQGLGD D
WUDYVGHOSURFHGLPLHQWRGHYLVWDVDGPLQLVWUDWLYDVHVWDFRQWURYHUVLDGHEHUVHU
GHMDGD D XQ ODGR KDVWD TXH ORV SURFHGLPLHQWRV GH YLVWD DGPLQLVWUDWLYD KD\DQ
FRQFOXLGR /DV GHFLVLRQHV GH OD YLVWD DGPLQLVWUDWLYD SUHYDOHFHUQ HQ DTXHOORV
DVSHFWRVRFRQWURYHUVLDVLQFOXLGDVHQXQDVROLFLWXGGHYLVWDDGPLQLVWUDWLYD
3DUWLFLSDFLQHQ9LVWDV3EOLFDV\2SRUWXQLGDGSDUD&RPHQWDULRV
8VWHG WLHQH HO GHUHFKR D SDUWLFLSDU GH ODV YLVWDV SEOLFDV UHODFLRQDGDV FRQ HO
3URJUDPDGH(GXFDFLQ(VSHFLDO\VHUYLFLRVUHODFLRQDGRVGHOD$JHQFLD
193
8VWHGWLHQHHOGHUHFKRDFRPHQWDUVREUHODSROWLFDSEOLFD\ORVSURFHGLPLHQWRV
SURSXHVWRVSRUOD$JHQFLDUHODFLRQDGRVFRQHO3URJUDPDGH(GXFDFLQ(VSHFLDO\
VHUYLFLRVUHODFLRQDGRV
8ELFDFLQGHO1LRDHQ(VFXHOD3ULYDGDSRUVXV3DGUHV
6L XVWHG WLHQH OD LQWHQFLQ GH UHPRYHU VX KLMR GH OD HVFXHOD SEOLFD SDUD
PDWULFXODUORHQXQDHVFXHODSULYDGDXVWHGWLHQHHOGHUHFKRDKDEHUVLGRLQIRUPDGR
GHTXH
XVWHGGHEHSURYHHUQRWLILFDFLQDOD$JHQFLDDQWHVGHUHPRYHUVXKLMRGHOD
HVFXHODSEOLFDVLXVWHGWLHQHODLQWHQFLQGHXELFDUVXKLMRHQXQDHVFXHOD
SULYDGDDFRVWRSEOLFR
ODQRWLILFDFLQGHEHVHUSURYLVWD
L
LL
SRUHVFULWRSRUORPHQRVGLH]GDVODERUDEOHV
DQWHVGHTXHXVWHGUHPXHYDVXKLMRGHODHVFXHOD
SEOLFDLQFOX\HQGRFXDOTXLHUGDIHULDGRTXHRFXUUD
HQXQGDODERUDEOH
ODQRWLILFDFLQGHEHHVWDEOHFHUTXHXVWHGHVWUHFKD]DQGRODXELFDFLQTXH
KD VLGR SURSXHVWD SRU OD $JHQFLD VXV SUHRFXSDFLRQHV FRQ OD XELFDFLQ
SURSXHVWD\VXLQWHQFLQGHPDWULFXODUDVXKLMRDHQXQDHVFXHODSULYDGDD
FRVWRSEOLFR
6LXVWHGQRSURYHHHVWDQRWLILFDFLQ\XVWHGEXVFDXQUHHPEROVRGHOD$JHQFLDSRU
ORV FRVWRV GH OD XELFDFLQ GH VX KLMRD HQ XQD HVFXHOD SULYDGD XQ -XH]
$GPLQLVWUDWLYRSXHGHUHGXFLURGHQHJDUOHHVWHUHHPEROVR8Q-XH]$GPLQLVWUDWLYRR
HO7ULEXQDOQRSXHGHUHGXFLURGHQHJDUOHHOUHHPEROVRSRUXVWHGQRSURYHHUHVWD
QRWLILFDFLQVL
194
XVWHGHVDQDOIDEHWR
SURYHHUHVWDQRWLILFDFLQKDEUDUHVXOWDGRHQGDRIVLFRRXQ VHULRGDR
HPRFLRQDODOQLR
OD$JHQFLDRHOGLVWULWRHVFRODUOHLPSLGLDXVWHGSURYHHUGLFKDQRWLILFDFLQ
OD$JHQFLDRHOGLVWULWRHVFRODUQROHLQIRUPDXVWHGVREUHHOUHTXLVLWRGH
SURYHHUHVWDQRWLILFDFLQ
8VWHGWLHQHGHUHFKRDUHFLELUXQDFRSLDGHOGRFXPHQWR'HUHFKRVGHORV3DGUHVSRU
ORPHQRV
VLHPSUH TXH VX KLMRD VHD UHIHULGR SDUD XQD HYDOXDFLQ LQLFLDO SDUD
GHWHUPLQDUVXHOHJLELOLGDGSDUDVHUYLFLRVGHHGXFDFLQHVSHFLDORVHUYLFLRV
UHODFLRQDGRV
FDGD YH] TXH OD $JHQFLD OH QRWLILTXH VREUH XQD UHXQLQ SDUD SUHSDUDU R
UHYLVDUHO3(,
FDGDYH]TXHVXKLMRDVHDUHHYDOXDGR
FDGDYH]TXHXVWHGVROLFLWHXQDYLVWDDGPLQLVWUDWLYD
8VWHGWLHQHWDPELQGHUHFKRDVROLFLWDU\UHFLELUH[SOLFDFLQGHFXDOTXLHUDGHVXV
GHUHFKRVRJDUDQWDVSURFHVDOHVGLVSRQLEOHVSDUDXVWHGEDMRODVOH\HVYLJHQWHV
8VWHGWLHQHGHUHFKRDUHFLELUXQDQRWLILFDFLQUHODFLRQDGDFRQODWUDQVIHUHQFLDGH
GHUHFKRVEDMROD/H\,'($DVXKLMRKLMDFXQGRVWHDOFDQFHODPD\RUDGHHGDG
6XKLMRKLMDWDPELQWLHQHGHUHFKRDUHFLELUGLFKDQRWLILFDFLQ
(VWD GLVSRVLFLQ DSOLFD D HVWXGLDQWHV HQFDUFHODGRV HQ LQVWLWXFLRQHV
FRUUHFFLRQDOHVGHMYHQHVRGHDGXOWRV
(VWDGLVSRVLFLQQRDSOLFDDHVWXGLDQWHVFRQLPSHGLPHQWRVTXHKDQVLGR
GHFODUDGRVQRFRPSHWHQWHVSRUODOH\GH3XHUWR5LFR
195
'HUHFKRV5HODFLRQDGRVFRQORV3DGUHV6XVWLWXWRV
&DGDDJHQFLDSEOLFDGHEHUJDUDQWL]DUTXHORVGHUHFKRVGHOQLRRMRYHQFRQ
LPSHGLPHQWRVHVWQSURWHJLGRVFXDQGR
(OSDGUHGHOQLRDQRSXHGDVHULGHQWLILFDGR
/D$JHQFLDOXHJRGHUHDOL]DUHVIXHU]RVUD]RQDEOHVQRKDSRGLGRORFDOL]DU
ORVSDGUHVGHOQLRRMRYHQ
(OQLRRMRYHQHVWEDMRODFXVWRGLDGHO(VWDGR
(O'HSDUWDPHQWRGH(GXFDFLQHVWDEOHFHUXQSURFHGLPLHQWRSDUDGHWHUPLQDUOD
QHFHVLGDGGHXQSDGUHVXVWLWXWRSDUDORVQLRVRMYHQHVFRQLPSHGLPHQWRVGH
DDRVLQFOXVLYH8QDYH]VHGHWHUPLQHTXHH[LVWHODQHFHVLGDGGHXQSDGUH
VXVWLWXWRDOQLRRMRYHQGHDFXHUGRFRQORVSURFHGLPLHQWRVHVWDEOHFLGRVSRUHO
'HSDUWDPHQWRGHOD)DPLOLDEDMRODDXWRULGDGGHOD/H\GHGHMXQLRGH
(O'HSDUWDPHQWRGH(GXFDFLQ\HO'HSDUWDPHQWRGHOD)DPLOLDDVHJXUDUQTXH
ODSHUVRQDDVHUDVLJQDGDFRPRSDGUHVXVWLWXWR
QRWLHQHLQWHUHVHVHQFRQIOLFWRFRQDTXHOORVGHOQLRRMRYHQTXHODSHUVRQD
UHSUHVHQWDU
WLHQH ODV GHVWUH]DV \ HO FRQRFLPLHQWR TXH OH DVHJXUH XQD DGHFXDGD
UHSUHVHQWDFLQDOQLRRMRYHQ
8QD SHUVRQD GHVLJQDGD FRPR SDGUH VXVWLWXWR QR SXHGH VHU HPSOHDGR GH
QLQJXQDDJHQFLDSEOLFDLQYROXFUDGDHQODHGXFDFLQRFXLGDGRGHOQLRRMRYHQ
(O 'HSDUWDPHQWR GH (GXFDFLQ \ HO 'HSDUWDPHQWR GH OD )DPLOLD SXHGHQ
VHOHFFLRQDUFRPRSDGUHVXVWLWXWRDXQDSHUVRQDTXHHVXQHPSOHDGRGHXQD
DJHQFLDTXHVORSURYHDVHUYLFLRVQRHGXFDWLYRVDOQLRRMRYHQTXHOOHQHORV
FULWHULRVGHVFULWRVDQWHULRUPHQWH
196
8QD SHUVRQD TXH GH RWUD IRUPD FXDOLILFDUD FRPR SDGUH VXVWLWXWR EDMR ORV
FULWHULRVDQWHULRUPHQWHGHVFULWRVQRVHUFRQVLGHUDGRXQHPSOHDGRGHODDJHQFLD
SRUHOPHURKHFKRGHTXHOHOODUHFLEDXQDFRPSHQVDFLQSRUDFWXDUFRPR
SDGUHVXVWLWXWR
(OSDGUHVXVWLWXWRUHSUHVHQWDUDOQLRRMRYHQHQWRGRVORVDVXQWRVUHODFLRQDGRV
FRQODLGHQWLILFDFLQHYDOXDFLQXELFDFLQ\SURYLVLQGHXQDHGXFDFLQSEOLFD
JUDWXLWD\DSURSLDGDDOQLRRMRYHQ
6L VH GHWHUPLQD TXH XQ HVWXGLDQWH FRQ LPSHGLPHQWRV TXH KD OOHJDGR D OD
PD\RUD GH HGDG \ TXH QR KD VLGR GHWHUPLQDGR LQFRPSHWHQWH QR WLHQH OD
KDELOLGDG SDUD GDU FRQVHQWLPLHQWR LQIRUPDGR FRQ UHVSHFWR D VX SURJUDPD
HGXFDWLYR OD $JHQFLD GHVLJQDU DO SDGUH R VROLFLWDU DO 'HSDUWDPHQWR GH OD
)DPLOLD TXH GHVLJQH D XQ SDGUH VXVWLWXWR VL IXHVH QHFHVDULR SDUD TXH
UHSUHVHQWHORVLQWHUHVHVHGXFDWLYRVGHOHVWXGLDQWH
197
EE-00
DEPARTAMENTO DE EDUCACIN
Escuela de la Comunidad _______________
Fecha:
Sr(a)
Telfono
EE-01
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
INFORME SOBRE EL FUNCIONAMIENTO ESCOLAR/ACADMICO
Observacin en la sala de clases
Fecha_______________________
I.
Datos de Identificacin
Nombre del nio(a) o joven:
Seg. Soc._____-____-______
mes
Sexo____Grado____Idioma vernculo_________
ao
Historial Escolar
a.
Llene los encasillados correspondientes con la informacin de los ltimos dos grados que el
estudiante ha cursado. Utilice la columna de observaciones para anotar si hubo promocin,
fracaso o bajas en el grado que est informando. Si la informacin no est disponible, escriba
un guin (-) en el espacio correspondiente.
Distrito
Ao
Escolar
Escuela
Grado
Promedio Estimado
en notas A,B,C,D,F
Observaciones
P-Promocin
F-Fracaso
B-Baja
b.
Llene los encasillados para los resultados de las pruebas de visin y audicin del ao anterior y
el ao en curso. Si la informacin no est disponible escriba un guin (-) en el espacio
correspondiente.
VISION
AUDICION
AOS
Con Lente
Izquierdo
a.
Sin Lente
Derecho
Izquierdo
Izquierdo
Derecho
Indique en los espacios siguientes si el(la) estudiante tiene alguna condicin crnica de salud
que requiera tratamiento mdico especializado (Ej.: asma, enfermedades del corazn, riones,
cncer) y la manera en que sta afecta su aprovechamiento.
Condicin de Salud
b.
Derecho
No
el
Explique en qu le afecta
Indique en los espacios correspondientes las pruebas que se le han ofrecido a el(la) estudiante.
Incluya las de habilidad general, de aprovechamiento (Medicin) o de destrezas bsicas.
Fecha
Prueba administrada
Forma
-2-
Nivel
Puntuacin
Percentilas
III.
Si el nio ha participado en el Programa de Ttulo I, indique, en los espacios correspondientes, los aos,
las materias y otros servicios que recibiera. Si no ha participado del Programa escriba N/A.
MATERIAS
OTROS SERVICIOS
AOS
IV.
Espaol
Matemticas
Ingls
Las estrategias educativas que se han utilizado para tratar de remediar las dificultades del estudiante son:
Tutora____________________________________________________
Participa del Programa Ttulo I_________________________________
Enseanza individual por maestro _______________________________
Otras
_____________________________________________________
V.
Hbitos de estudio
Tiempo que dedica en el hogar a las tareas escolares ___________________
Quin le ayuda _________________________________________________
Disposicin ___________________________________________________
VI.
VII.
A. Auditivo-expresivo
OBSERVACIONES
Responde a estmulos auditivos
Distingue auditivamente:
1-2 pasos
3 o ms pasos
Se comunica utilizando :
gestos
palabras
frases
oraciones
Siempre
Algunas veces
Nunca
OBSERVACIONES
Siempre
Algunas veces
Nunca
Tartamudea
Utiliza palabras y oraciones inmaduras para su edad
Habla con marcada nasalidad
El tono de voz es muy ronco o muy agudo
Utiliza la sintaxis adecuada al expresarse en oraciones
Omite sonidos al hablar
Sustituye sonidos al hablar
Otras observaciones:_______________________________________________________________
_______________________________________________________________
B. Lecto-escritura
OBSERVACIONES
Responde estmulos visuales
Distingue visualmente:
tamao
posicin
orden de serie
color
direccin
forma
Siempre
Algunas veces
Nunca
OBSERVACIONES
Reconoce y lee slabas:
libres
inversas
trabadas
grupos consonnticos
oralmente
silenciosamente
-omite
-invierte
-sustituye
manuscrito
cursivo
Siempre
Algunas veces
Nunca
Observaciones
Siempre
Algunas veces
Nunca
-omite
-invierte
-sustituye
K 1
9 10
11
12
K 1
9 10
11
12
K 1
9 10
11
12
C. Socio-emocional
OBSERVACIONES
Se muestra tmido(a) o retrado(a)
Establece y mantiene relaciones apropiadas con sus compaeros y
maestros
Participa en actividades de grupos
Muestra reacciones inapropiadas de risa o llanto al llamrsele la
atencin o sin motivo aparente.
Se muestra sumamente agresivo(a) con sus compaeros o
maestros.
Se muestra poco tolerante hacia algunas tareas o situaciones.
Siempre
Algunas veces
Nunca
OBSERVACIONES
Siempre
Algunas veces
Nunca
D. Matemticas
OBSERVACIONES
Domina conceptos numricos:
Cuenta del 1 al 50
50 al 100 o ms
Reconoce numerales hasta
Identifica total de objetos en
conjunto dado
Reconoce e identifica:
crculo
cuadrado
tringulo
rectngulo
Siempre
Algunas Veces
Nunca
OBSERVACIONES
Siempre
totales hasta 10
totales hasta 19
2 o ms dgitos
-sin reagrupar
-agrupando
3 o ms dgitos
-sin reagrupar
-agrupando
minuendo hasta 18
3 o ms dgitos
-sin reagrupar
-reagrupando
1 dgitos
2 dgitos
-sin reagrupar
-reagrupando
3 o ms dgitos
1 dgitos
2 dgitos
-sin reagrupar
-reagrupando
3 o ms dgitos
Algunas Veces
Nunca
Siempre
OBSERVACIONES
Realiza correctamente operaciones con decimales:
suma
resta
multiplicacin
divisin
Domina operaciones con fracciones homogneas:
suma
resta
multiplicacin
divisin
suma
resta
multiplicacin
divisin
Algunas Veces
Nunca
OBSERVACIONES
Medidas: conoce medidas de
longitud:
pulgadas
pie
yarda
milla
lquidos y slidos:
cucharada
taza
cuartillo
pinta
litro
galn
Peso
: -onza
-libra
Siempre
Algunas Veces
Nunca
K 1
10
11
12
K 1
10
11
12
Observaciones:
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
E. Motor Grueso
OBSERVACIONES
Siempre
Algunas Veces
Nunca
Se voltea
Gatea
Camina alternando los pies
Sube y baja escaleras
Corre
Salta alternando los pies
Brinca
Postura adecuada
Lanza una bola
Atrapa una bola
Buen agarre motor grueso
Tono muscular apropiado
Siempre
Algunas Veces
Nunca
G. Perceptual Motor
OBSERVACIONES
Siempre
Algunas Veces
Nunca
Siempre
Algunas Veces
Nunca
OBSERVACIONES
Siempre
Algunas Veces
Nunca
_____________________________________________________________________
_____________________________________________________________________
VIII.
Si se sospecha que el nio o joven tiene problemas especficos de aprendizaje, favor de llenar el anejo
correspondiente:
Anejo I - Observacin para Nios entre 3 y 5 aos y Nios o Jvenes Fuera de la Escuela
Anejo II- Observacin en el Saln de Clases para Estudiantes entre 6 y 21 aos.
Formulario EE 01
Anejo I
Observacin de nios 3 a 5 aos o nios o jvenes que estn fuera de la escuela que se sospecha tienen
problemas especficos de aprendizaje
Estas observaciones deben llevarse a cabo por un miembro del COMPU en ambiente apropiado para el nio o joven.
Nombre del nio o joven _______________________________________________________________
Lugar en el que se llev a cabo la observacin _____________________________________________
Fecha _________________________________________
1.
2.
3.
4.
5.
6.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
Otra informacin relevante obtenida mediante el proceso de observacin:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
______________________________________________
Firma del funcionario que llev a cabo la observacin
Formulario EE 01
Anejo II
OBSERVACIONES EN EL SALN DE CLASES
Estas observaciones deben llevarse a cabo por un miembro del COMPU que no sea el maestro regular del
estudiante. Se debe observar al estudiante en las reas donde se han identificado dificultades.
1.
2.
3.
4.
1.
De acuerdo a lo observado, clasifique el nivel de funcionamiento del estudiante en las siguientes reas
haciendo una marca de cotejo bajo el encasillado correspondiente.
rea
Sobre Promedio
Promedio
Atencin a la tarea
Organizacin de la tarea
Hbitos independientes de trabajo
Hbitos para completar la tarea asignada
Nivel de distraccin
Necesidad de apoyo de parte del maestro
Necesidad de apoyo de parte de sus
compaeros
2.
Comentarios adicionales
_____________________________________________________
Firma del miembro del COMPU que llev a cabo la observacin
Bajo Promedio
Comentarios
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
EE-01b
Fecha: _______________
A:
De:
_____________________________
Padre o Encargado
*El director de la escuela deber guardar copia de esta Hoja de Referido debidamente firmada por el padre que recibe los documentos.
Formulario
EE-01a
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Fecha: __________________________
Telfono: _______________________
Fax: _______________________
Cordialmente,
_______________________________
Firma del director de la escuela
Las Leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios con impedimentos y sus padres, relacionados con
esta accin. Copia y explicacin del documento Derechos de los Padres le ser provisto al momento del registro.
Formulario
EE-01 c
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
(estudiantes)
Solicitud de Registro Bajo Circunstancias Especiales para Nios o Jvenes que Asisten a la
Escuela
Nombre del estudiante:
Seguro Social
- ________
Por este medio certifico que debido a las razones que se expresan a continuacin, estoy imposibilitado de
acudir al Centro de Orientacin y Registro Continuo de la regin educativa en la cual resido para solicitar el
registro de mi hijo(a) en el Programa de Educacin Especial. Esta circunstancia limitante me impide visitar
el rea geogrfica cercana al CORC en un futuro inmediato.
La razn que imposibilita mi asistencia al CORC est relacionada con:
_____ Salud
_____ Incapacidad
_____ Otra (explicar) __________________________________
__________________________________
__________________________________
Describa brevemente la situacin:
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
*De estar disponible, favor incluir copia de cualquier documento que evidencie la situacin presentada.
Por lo antes expuesto, solicito se proceda con un Registro Bajo Circunstancias Especiales de manera que
personal del CORC coordine con el distrito escolar una fecha para registrar a mi hijo(a) y ofrecerme mayor
orientacin.
Autorizo al director de la escuela para que entregue esta solicitud al CORC, as como la hoja de
informacin personal, debidamente llena, que permitir que se me localice para acordar la fecha y lugar del
registro.
_________________________________
Firma del padre
_________________________________
Firma del Director de Escuelas
_________________________________
Firma del Trabajador Social
Nombre de la escuela: ________________________________________
Distrito Escolar: ______________________________________________
Formulario
EE-01 d
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Nios y Jvenes
fuera de la escuela
Solicitud de Registro Bajo Circunstancias Especiales para Nios y Jvenes fuera de la Escuela
Nombre del estudiante:
Seguro Social
- ______
Por este medio certifico que debido a las razones que se expresan a continuacin, estoy imposibilitado de
acudir al Centro de Orientacin y Registro Continuo de la regin educativa en la cual resido para solicitar el
registro de mi hijo(a) en el Programa de Educacin Especial. Esta circunstancia limitante me impide visitar
el rea geogrfica cercana al CORC en un futuro inmediato.
La razn que imposibilita mi asistencia al CORC est relacionada con:
_____ Salud
_____ Incapacidad
_____ Otra (explicar) __________________________________
__________________________________
__________________________________
Describa brevemente la situacin:
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
*De estar disponible, favor incluir copia de cualquier documento que evidencie la situacin presentada.
Por lo antes expuesto, solicito se proceda con un Registro Bajo Circunstancias Especiales de manera que
personal del CORC coordine con el distrito escolar una fecha para registrar a mi hijo(a) y ofrecerme mayor
orientacin.
Autorizo al personal del distrito escolar a que entregue esta solicitud al CORC, as como la hoja de
informacin personal, debidamente llena, que permitir que se me localice para acordar la fecha y lugar del
registro.
____________________________________
Firma del padre
____________________________________
Firma del Superintendente de Escuelas
____________________________________
Firma del Supervisor de Zona
EE-01e
Formulario de Informacin Personal del Solicitante
Nombre del padre o tutor__________________________________________________
Lugar de trabajo ________________________________________________________
Telfono del trabajo _____________________________________________________
Otro telfono donde pueda ser localizado ____________________________________
Nombre del estudiante ___________________________________________________
Direccin ______________________________________________________________
______________________________________________________________________
______________________________________________________________________
Telfono residencial _______________ Nmero de fax (si aplica) ___ _______________
(Familiar o persona contacto)_______________________________________________
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
EE-01 f
PLANILLA DE REGISTRO
Regin Educativa:
Fecha de Registro: ____________________
Nm. Registro: _______________________
Distrito Escolar:
Escuela o Institucin: ______________________________
I. Datos personales del nio(a) o joven registrado
Nombre del nio(a) o joven
Apellido paterno
Fecha de nacimiento
/____/ _____
da
mes
Apellido materno
Edad _____
Sexo____
Nombre
Seguro Social
- ______
ao
! 02-Asitico o de
las Islas del
Pacfico
! 04- Hispano o
Latino
! 05- Blancos
(No Hispanos)
Fecha
Funcionario
Administrada por:
Si _______
No _______
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Formulario
EE-02
Sr. (a).
Estimado(a) seor(a):_____________________:
Hemos recibido su solicitud de servicios de Educacin Especial para su hijo(a) ______________________.
Luego de analizada la informacin disponible sobre el estudiante y como parte del proceso de
determinacin de elegibilidad para los servicios de este programa, es necesario llevar a cabo la(s)
evaluacin(es) indicada(s) a continuacin:
Fecha
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios o jvenes con impedimentos y sus padres, relacionados con
esta accin. La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual se le ha entregado copia como
parte de este proceso. Puede solicitar explicacin adicional dirigindose a funcionarios del Programa de Educacin Especial de la escuela o distrito
escolar.
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Formulario
EE-02a
Sr. (a).
Estimado(a) seor(a):_____________________:
Luego de analizar la informacin disponible sobre su hijo(a) _________________________________________ se ha
determinado la necesidad de que ste(a) sea evaluado/reevaluado en el (las) rea(s) de:
Fecha
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios o jvenes con impedimentos y sus padres, relacionados con
esta accin. La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual puede solicitar copia o explicacin
adicional dirigindose a funcionarios del Programa de Educacin Especial de la escuela o distrito escolar
Formulario
EE-02b
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
SOLICITUD DE EVALUACIN / REEVALUACIN
Fecha _____________________
Por este medio se solicita la __ evaluacin __ reevaluacin de ___________________________________
(Nombre)
en el rea de __________________________.
La razn por la cual se solicita esta evaluacin es la siguiente:
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
Comentarios o informacin relevante que el especialista o profesional evaluador debe conocer sobre el
desarrollo del estudiante y su aprovechamiento escolar.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
Si el estudiante ha sido evaluado anteriormente en el rea donde se recomienda la evaluacin, favor de
indicar la fecha de la evaluacin anterior y otra informacin que considere pertinente.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
Si el estudiante recibe tratamiento en el rea donde ser re-evaluado, favor de indicar el tiempo que lleva
recibiendo dicho tratamiento as como aquella informacin o comentarios relevantes que el especialista
deba conocer.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
NOTA: Favor de acompaar esta solicitud con el formulario de informacin bsica del estudiante.(EE-02b)
__________________________________
Funcionario de la Agencia que refiere
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Formulario
EE 02c
I. IDENTIFICACIN
Nombre del estudiante _____________________
Apellido paterno
Fecha de nacimiento
/
da
Edad
/
mes
__________________
__________________
Apellido materno
Nombre
- ________
ao
Distrito
Escuela
Tel. _______________
Nombre Padres o encargado
Tel. ___________
Direccin:
________________________________________________________________________________
________________________________________________Zip code
Otro telfono donde pueda ser localizado
_________________________
Tel. ___________
Nm. Fax
II. HISTORIAL
A.
! Normal
! Sntomas de aborto
! Enfermedades
! Cada o golpe
B.
! Uso de drogas/alcohol
! Preclampsia
! Tensin emocional
! Accidente
! Uso de medicamentos
! Alta presin
! Diabetes
! Sangrado
! Natural
! Cesrea
! Provocado
! Prematuro
Complicaciones
C.
! Eventos normales
! Convulsiones
Peso
Lbs.
! Ictericia
! Ciantico
! Intubacin
! Incubadora/Tiempo
!Otros___________
Ozs.
Estatura
Plgs.
Pg. 2
Cont. Solicitud de Informacin
D.
Desarrollo psicolingstico
! Normal
! Lento
! Tuvo dificultad en ____________________________________
4.
Desarrollo psicomotor
! Normal
! Lento
! Tuvo dificultad en ____________________________________
3.
Nivel de actividad
! Normal
E.
! Inquieto
! Hiperactivo
! Fiebres altas
! Asma
! Comunes en la niez
! Pulmona
! Cirugas
! Otros
F.
! Hipoactivo
Historial Escolar
Edad en que comenz la escuela
Fue a Kindergarten: ! Si ! No
Head Start: ! Si
! No
Present dificultad en las reas acadmicas de:
! Lectura
! Fracas
! Escritura
Si
No
! Matemticas
! Conducta
Indique el(los) grado(s)
! No
Ubicacin: ________________________________________
G.
! Ansiedad
! Irritable
! Llanto frecuente
! Tic nerviosos
! Enuresis
! Encopresis
! Tristeza
!Otros ___________
____________
Pg. 3
Cont. Solicitud Informacin
H.
I.
J.
! Neurolgica
!Terapia Fsica
! Terapia Ocupacional
Recibe Terapia
! Fsica
! Habla
! Psicolgica
K.
!Ocupacional
! Aos en Servicio Teraputico
Fecha
______________________________
Parentesco
Formulario
EE-03
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Fecha ____________________________
Sr. (a).
Estimados padres:
Usted ha registrado a su hijo (a)
(Alternativa de ubicacin)
mientras se completa el proceso de evaluacin y preparacin del Programa Educativo Individualizado (PEI) conforme
a los trminos de tiempo vigentes. Agradeceremos nos indique si est o no de acuerdo con la preubicacin.
Cordialmente,
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Formulario
EE-04
Fecha ____________________
Sr(a).
(Puesto)
(Agencia)
Estimado(a) seor(a)
Por la presente autorizo a la agencia que usted representa para que enve informacin relacionada con mi
# rcord
al Director del Centro de
hijo (a)
Orientacin y Registro de la Regin Educativa de
a la siguiente
direccin:
Esta informacin se utilizar para completar la evaluacin e identificacin de mi hijo (a) como estudiante
con posible impedimento y mantendr un carcter confidencial.
Agradecer se provea esta informacin a la brevedad posible, para que sea considerada al determinar la
necesidad de servicios de mi hijo.
Cordialmente,
DEPARTAMENTO DE EDUCACION
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Formulario
EE-05
Fecha:___________________
Determinacin de Elegibilidad
I.
___________________________________
___________________________________
___________________________________
II.
__________________________________
__________________________________
__________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
III.
(Nombre)
____
____
IDEA
IV.
El impedimento principal por el cual el estudiante se ha determinado elegible para servicios de
educacin especial, se ubica bajo la siguiente categora (marque slo una categora):
____ retardacin mental
____ problemas de audicin
____ sordo
____ problemas de habla o lenguaje
____ problemas de visin y ceguera
____ disturbio emocional
____ impedimento ortopdico
____ autismo
____ dao cerebral por trauma
____ otros problemas de salud
____ problemas especficos de aprendizaje*
____ impedimentos mltiples
____ sordo ciego
*En caso de que haya identificado problemas especficos de aprendizaje como el impedimento
del estudiante favor de llenar el Anejo I de este documento.
V.
VI.Firma
Posicin
__________________________________________
__________________
__________________________________________
__________________
__________________________________________
__________________
__________________________________________
__________________
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios con impedimentos y sus padres, relacionados con esta accin.
La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual puede solicitar copia o explicacin dirigindose
a funcionarios del Programa de Educacin Especial de la escuela o distrito escolar.
Formulario
EE-05
(Anejo I)
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
De acuerdo a la informacin obtenida del proceso de observacin y evaluacin del estudiante se considera
que ______________________________________ exhibe una discrepancia significativa entre su
aprovechamiento y su habilidad que no puede ser remediada sin recibir servicios de educacin especial.
Esta discrepancia entre habilidad y aprovechamiento no puede ser explicada por factores ambientales,
culturales o de desventaja econmica.
Vase firma de los participantes del COMPU en la seccin VI del Formulario de Determinacin de
Elegibilidad.
Si algn miembro del Comit considera que el contenido de este informe no refleja su posicin
respecto al funcionamiento y conducta del estudiante, esta persona deber someter un informe
separado en el cual expondr sus conclusiones y las razones por las cuales discrepa del informe
suscrito por los restantes miembros del Comit.
Formulario
EE-06
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Sr(a).
Estimado(a) seor(a):_____________________:
Con el propsito de desarrollar el Programa Educativo Individualizado (PEI) de su hijo(a)
invitamos a asistir a una reunin el prximo
de
de
en
le
a las_____.
El padre o la agencia educativa pueden invitar a esta reunin a otras personas que conozcan al nio o joven o tengan
experiencia relacionada a las necesidades educativas y de otros servicios de ste. Los siguientes funcionarios de la
Agencia han sido invitados a participar:
Maestro(a) de Educacin Especial____________________
Maestro(a) Regular________________________________
Supervisor de Zona
De tener alguna dificultad para asistir a la reunin, le agradeceremos se comunique con nuestra oficina para hacer
otros arreglos de horario o fecha que resulten convenientes para ambas partes.
De igual manera comunquese con nuestra oficina si usted necesita la asistencia de un intrprete o traductor para la
reunin.
Cordialmente,
________________________
Firma
_________________________________
Puesto que ocupa
_________________________________
Telfono
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios o jvenes con impedimentos y sus padres, relacionados con
esta accin. La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual se le ha entregado copia, como
parte de este proceso. Puede solicitar explicacin adicional dirigindose a funcionarios del Programa de Educacin Especial de la escuela o distrito
escolar.
Formulario
EE-06 - (Transicin)
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Sr(a).
Estimado(a) seor(a):_____________________:
Con el propsito de desarrollar el
le invitamos a asistir a una reunin el prximo
Programa
de
Educativo
Individualizado
de
en
(PEI)
de
su hijo(a)
a las ______.
Las necesidades de servicios de transicin de su hijo(a) (a partir de los 14 aos o antes de ser
apropiado).
Los servicios de transicin de su hijo(a) (a partir de los 16 aos o antes de ser apropiado).
De tener alguna dificultad para asistir a la reunin, le agradeceremos se comunique con nuestra oficina para hacer
otros arreglos de horario o fecha que resulten convenientes para ambas partes.
De igual manera comunquese con nuestra oficina si usted necesita la asistencia de un intrprete o traductor para la
reunin.
Cordialmente,
________________________
Firma
_________________________________
Puesto que ocupa
_________________________________
Telfono
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios o jvenes con impedimentos y sus padres, relacionados con
esta accin. La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual se le ha entregado copia, como
parte de este proceso. Puede solicitar explicacin adicional dirigindose a funcionarios del Programa de Educacin Especial de la escuela o distrito
escolar.
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Formulario
EE-06 a
Fecha: __________________
Sr. ___________________________
______________________________
______________________________
Estimado padre:
El Comit de Programacin y Ubicacin de la escuela _______________________, en el distrito
escolar de____________________________prepar el Programa Educativo Individualizado (PEI)
de su hijo(a) _____________________________ para el ao escolar ______. Lamentamos no
haber contado con su asistencia durante el proceso de preparacin del PEI.
Le invitamos para que asista a una reunin el _____ de ______________ de _____ a
la(s)_______ en __________________________, con el propsito de que examine el contenido
del programa educativo propuesto y d su aprobacin o desaprobacin del mismo.
De no poder asistir en la fecha sealada, le agradeceremos se comunique con nosotros para
acordar una fecha conveniente para ambas partes.
Cordialmente,
_____________________________
Firma
_______________________________
Puesto
Formulario
EE-07
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Fecha:
_____________________________
Presidente del COMPU
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Formulario
EE-07a
Fecha: ____________________________
Sr(a). ____________________________
Director(a)__ ______________________
Escuela __________________________
____________________________________________
recomend
la
ubicacin de
.
(Alternativa de ubicacin)
___________________________________
Firma del Supervisor de Zona o
Funcionario designado
Formulario EE-07 b
DEPARTAMENTO DE EDUCACION
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Nm. Registro:
I.
Impedimento:
Distrito: ______________________________
II.
Alternativa(s) de ubicacin:
Alternativa(s) considerada(s)
Alternativa recomendada
III.
Puesto
Gestin
Nombre de la persona
contactada
Distrito Escolar
Incluya copia de minutas de reunin, cartas u otros documentos que evidencien estas gestiones.
Resultado
IV.
__________________________________
Firma Supervisor(a) General de la Regin
I.
II.
Accin tomada
DEPARTAMENTO DE EDUCACION
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Formulario EE- 09
Fecha: _____________________________
Anlisis de la Informacin Existente (Re-evaluacin)
I.
Han transcurrido dos aos a partir de la ltima evaluacin del impedimento y determinacin de
elegibilidad de___________________________________________. El COMPU tiene disponible la
siguiente informacin para ser analizada como parte de la re-evaluacin trianual del estudiante:
____ Informe acadmico actualizado
____ Resultados de Pruebas de Medicin administradas (Pruebas Puertorriqueas).
____ Resultados de pruebas o escalas de progreso alternas (assessment alterno)
____ Resultados de pruebas diagnsticas administradas en las siguientes reas:
________________________________________________________
________________________________________________________
________________________________________________________
____ Resultados de pruebas estandarizadas ya administradas al estudiante
_________________________________________________________
_________________________________________________________
____ Informes de Progreso del rea educativa
____ Notas de Progreso de reas de Servicios Relacionados
____ Historial Social
____ Observaciones de los maestros u otros proveedores de servicio
____ Informacin provista por los padres
____ Otros criterios o fuentes de informacin
_________________________________________________________
_________________________________________________________
_________________________________________________________
II.
para determinar las modificaciones necesarias para que el estudiante logre sus
metas anuales
y participe, hasta el punto en que sea apropiado, del currculo
general.
Propsito de la evaluacin
Firma
Posicin
___________________________
__________________________
___________________________
__________________________
___________________________
__________________________
___________________________
__________________________
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios con impedimentos y sus padres, relacionados con
esta accin. La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual puede solicitar copia, o
explicacin dirigindose a funcionarios del Programa de Educacin Especial de la escuela o distrito escolar.
Formulario EE 09 a
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
NOTIFICACION
Fecha _______________________
Sr. (a) _____________________
___________________________
___________________________
Estimado(a) seor(a) ________________
Una vez analizada la informacin disponible sobre el(la) estudiante ______________________, el COMPU
considera que la misma es suficiente para determinar que ste(a) contina siendo elegible para recibir
servicios de educacin especial bajo la Ley federal IDEA y la Ley estatal Num. 51.
La informacin considerada incluye lo siguiente:
_______________________________________
_______________________________________
_______________________________________
_______________________________________
_____________________________________
_____________________________________
_____________________________________
_____________________________________
El anlisis de la informacin recopilada le permite al COMPU determinar que el(la) estudiante tiene un
impedimento segn se define en la seccin 602(3)(A) de IDEA y que por razn del mismo necesita una
educacin especialmente diseada para llenar sus necesidades particulares.
Adems sirve como base para desarrollar un Programa Educativo Individualizado de acuerdo a tales
necesidades.
Por lo antes expuesto, el COMPU no recomienda que se lleven a cabo evaluaciones adicionales.
Si usted no est de acuerdo con esta determinacin, tiene derecho a solicitar que se lleve a cabo un
assessment (evaluacin) si considera que esto es necesario para determinar que el estudiante contina
siendo un estudiante con impedimentos, segn lo define la legislacin vigente.
__________________________
Firma del padre notificado
________________________________
Firma del Director o
Funcionario que preside el COMPU
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios con impedimentos y sus padres, relacionados con esta accin.
La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual puede solicitar copia, o explicacin dirigindose
a funcionarios del Programa de Educacin Especial de la escuela o distrito escolar.
EE-09 b
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Estimado(a) seor(a)
Una vez considerada la informacin disponible, producto de evaluaciones previas y observaciones de los
profesionales y los padres, se recomienda que el (la) estudiante
, sea
evaluado(a) en el rea de
con el propsito de determinar su elegibilidad para
recibir servicios de educacin especial.
Agradeceremos que firme esta comunicacin expresando su autorizacin para llevar a cabo la evaluacin
propuesta, en el espacio designado para este propsito.
De no estar de acuerdo con la accin que se propone, le solicitamos que describa en forma escrita sus
objeciones y que nos haga llegar su reaccin dentro de los prximos diez (10) das. De necesitar alguna
aclaracin o ayuda sobre este particular, no dude en solicitarla.
Director de Escuela o
Funcionario que representa la Agencia
Fecha
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios o jvenes con impedimentos y sus padres, relacionados con
esta accin. La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual se le ha entregado copia, como
parte de este proceso. Puede solicitar explicacin adicional dirigindose a funcionarios del Programa de Educacin Especial de la escuela o distrito
escolar.
Formulario
EE- 09c
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Fortaleza
Necesidad
________
________
________
________
________
________
________
________
________
________
________
________
________
________
________
________
_________
_________
_________
_________
_________
_________
_________
_________
_________
_________
_________
_________
_________
_________
_________
_________
Notas al presente
Formulario
EE-13a
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Escuela
Telfono
Nombre del estudiante
Grado, si aplica
Nm. das__________
__________
Razn _______________________
_______________________
Fecha _______________________
Nombre del director que hace la consulta
______________________________
Firma
Para uso de la SASEIPI
Fecha recibido:
_______________________________________
Funcionario que ofrece la asistencia tcnica
Acuerdos/Observaciones: ____________________________________________________________________
Formulario
EE-13
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
Escuela _________________________________________
Distrito Escolar: ___________________________________
Fecha: _______________________
_____________________________
__________________________________
Firma del funcionario que refiere
EE-13b
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
PLANILLA DE INFORMACION SOBRE SUSPENSION/ REMOCION DE ESTUDIANTES
Regin: _________________
Distrito _______________
Escuela: _________________
/
/______
Da
Mes Ao
___ Fuera horario escolar
Genero: __ F
Edad:
__ M
Grupo tnico:
(01) Indio Americano
o Nativo de Alaska
Ubicacin escolar:
(03) Negro o
Afro-Americano !
(05) Hispano o
Latino !
(06) Blanco
(No Hispano)!
_ 10
_ 11
_ 12
_ 13
_ 14
_ 15
_ 16
_ 17
Problemas Ortopdicos
Problemas de Salud
Autismo
Problemas Especficos de Aprendizaje
Sordo-Ciego
Impedimentos Mltiples
Problemas del Habla y Lenguaje
Dao Cerebral por Trauma
_ Si
_ No
_ No
Describa brevemente la falta o incidente. Para informacin sobre las faltas refirase al Reglamento General de
Estudiantes (1996) pp.46-50. Para estudiantes con Impedimentos refirase adems a los Procedimientos Disciplinarios de
Educacin Especial.
___ Armas
___ Drogas
___ Agresin
___ Vandalismo
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
Indique la Medida Disciplinaria Tomada: (Para ms informacin sobre medidas disciplinarias refierase al Reglamento General de
1. __
2. __Suspensin por personal escolar menor de 10 das que sumada a otras suspensiones totalizan ms de 10 das del ao
escolar.*
3. __Cambio a una alternativa apropiada de ubicacin temporera (por no ms de 45 das) por incidente con armas o drogas por
personal escolar.
4. __Cambio a una alternativa apropiada de ubicacin temporera (por no ms de 45 das) por riesgo de dao por un Juez
Administrativo.
5. __Otras medidas disciplinarias. Explique:
____________________________
Firma
_________________________
Puesto que Ocupa
____________________________
Fecha
*Una suspensin mayor de 10 das requiere que se ofrezcan servicios al estudiante que le permitan continuar su progreso hacia el
logro de sus metas educativas. Adems se requiere consulta previa a la Secretara Auxiliar de Servicios Educativos Integrales para
personas con Impedimentos.
DEPARTAMENTO DE EDUCACIN
Formulario
EE -10
____________________
________________________
Regin Educativa
II.
_________________
Distrito Escolar
Fecha de Solicitud
(da, mes, ao)
Materno
Nombre
Direccin Residencial:
______________________________________________
Urbanizacin
Calle
Nmero
_______________________________________
Pueblo
II.
Telfono: _______________________
Telfono___________
__ Transportacin Regular
__ Beca de Transportacin
___________
Kms.
.
Costo del Servicio de acuerdo a la Comisin de Servicio Pblico
_______________________________
Firma del Padre o encargado
___________
No
______________________________________
Firma del funcionario a cargo del COMPU
Formulario
EE -08
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
SOLICITUD DE TRASLADO
Fecha: ________________________
Sr(a). _________________________
Superintendente de Escuelas
Distrito Escolar de _______________
______________________________
Estimado(a) seor(a). ____________:
Me propongo cambiar mi domicilio de este distrito al distrito escolar de _____________________.
A partir del____ de ___________________ de ______mi hijo(a) residir en la siguiente direccin:
______________________________
Firma del Padre o encargado
DEPARTAMENTO DE EDUCACIN
Formulario
EE -11
Re: _______________________________
Distrito: __________________________
___________________________
Nombre funcionario contacto
Administracin de Rehabilitacin Vocacional
Conforme al Convenio Interagencial de Transicin solicitamos la asistencia de un Consejero
en Rehabilitacin a la reunin del Comit de Programacin y Ubicacin (COMPU) de la escuela
__________________________ convocada para preparar el Programa Educativo Individualizado
(PEI) y planificar los servicios de transicin del estudiante ______________________________.
La reunin se llevar a cabo el da ___________________en ______________________ a las
___________.
Agradeceremos nos confirme la participacin del Consejero comunicndose
________________________________ al telfono _______________________.
Gracias por su atencin.
_________________________________
Firma del director o representante
Direccin:
___________________________
___________________________
___________________________
Telfono:
_____________________
Fax:
_____________________
con
DEPARTAMENTO DE EDUCACIN
Formulario
EE-11c
SOLICITUD DE INFORMACIN
Fecha: ________________________
___________________________________
Agencia u Organizacin a la cual se le
solicita informacin
___________________________________
Persona contacto
___________________________________
Oficina
___________________________________
Representante del Departamento de
Educacin que solicita informacin
__________________________________
__________________________________
Direccin (distrito o escuela)
Agradeceremos su colaboracin.
Fax: ________________
EE-11b
DEPARTAMENTO DE EDUCACIN
REFERIDO AL SERVICIO DE EMPLEO
A:
________________________________
Nombre del estudiante
_______________________________
Seguro Social
Ocupacin
Mes y Ao
___
Entendemos que el estudiante est listo para ingresar al mundo del trabajo. Esto es, est apto y
disponible para ser referido a una oportunidad de empleo.
___
___
Segn disposiciones de la Ley A.D.A., entendemos que esta persona con impedimento(s):
"
"
Comentarios: ________________________________________________________________________
____________________________________________________________________________________
___________________________________________________________________________________
___________________________________________
Funcionario Autorizado: Representante Escolar
Fecha: _________________________________________
EE-11a
DEPARTAMENTO DE LA FAMILIA
ADMINISTRACIN DE REHABILITACIN VOCACIONAL
Servicios de Transicin de la Escuela al Trabajo
Identificacin:
A.
Postal:
_________________________________
Zip
Code:
______________
Fecha de Nacimiento: ________________ Lugar de Nacimiento: ________________
Escuela: ___________________________________ Telfono: _________________
Direccin: ___________________________________________________________
Nombre del Director de Escuelas: ___________________ Telfono: _____________
B.
II.
Diagnstico:
1.
2.
B.
2.
3.
Ambulacin:
a.
Camina independientemente?
S _____
No _____
b.
c.
4.
S _____
No _____
III.
Historial Educativo
A.
S _____
No _____
2.
3.
4.
5.
6.
No _____
IV.
Informacin Adicional:
A.
B.
C.
Otros
comentarios
(aditamentos,
habilidades
destrezas,
precauciones,
V.
Copia de:
1.
2.
3.
Historial Social
4.
5.
6.
NOTA:
_______________________
Fecha de Referido
________________________________
Nombre Representante Escolar
_____________________________
Firma (Representante Escolar)
______________________________
Puesto
______________________________
Telfono
A.
B.
Formulario
EE -12
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
NOTIFICACIN DE GRADUACIN
La graduacin del estudiante est sujeta a que ste(a) complete los cursos que lleva en progreso
para la fecha antes indicada.
De necesitar mayor informacin o explicacin sobre este asunto, puede comunicarse con el
personal escolar que ofrece servicios educativos a su hijo(a).
__________________________________
Firma director o su representante
_________________________________
Fecha
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios con impedimentos y sus padres, relacionados con
esta accin. La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual puede solicitar copia o
explicacin dirigindose a funcionarios del Programa de Educacin Especial de la escuela o distrito escolar.
Formulario
EE -12a
DEPARTAMENTO DE EDUCACIN
SECRETARA ASOCIADA DE EDUCACIN ESPECIAL
__________________________________
Firma director o su representante
_________________________________
Fecha
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios con impedimentos y sus padres, relacionados con
esta accin. La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual puede solicitar copia o
explicacin dirigindose a funcionarios del Programa de Educacin Especial de la escuela o distrito escolar.
DEPARTAMENTO DE EDUCACIN
Formulario
SR-01
Fecha: _______________________________
Sr(a). ________________________________
____________________________________
Telfono residencial_______________
Telfono trabajo _________________
Otro __________________________
Las leyes vigentes garantizan la proteccin de los derechos que cobijan a los nios con impedimentos y sus padres, relacionados con
esta accin. La descripcin de sus derechos est disponible en el documento Derechos de los Padres del cual puede solicitar copia o
explicacin dirigindose a funcionarios del Programa de Educacin Especial de la escuela o distrito escolar.
DEPARTAMENTO DE EDUCACIN
Formulario
SR-02
Telfono:
Costo del Servicio:
________________________________
________________________________
________________________________
________________________________
________________________________
________________________________
Certifico que:
___No tengo contrato directo con el Departamento de Educacin.
___No tengo contrato con Corporaciones que ofrecen servicios relacionados al Departamento de Educacin.
Observaciones:
______________________________________________________________________________
______________________________________________________________________________
________________________________
Firma del especialista
________________________________
Firma del padre
_________________________________
Fecha
DEPARTAMENTO DE EDUCACIN
Formulario
SR-03
1.
2.
3.
4.
_
5.
6.
7.
8.
____TF
____ TO
____Tpsic.
9.
____ S
____ No
10.
___
Lo recibe sin costo, ofrecido por otra agencia. Si es as, especifique de que agencia:
_____________________________________________________________________
Explique por qu solicita el Remedio Provisional: ____________________________
____________________________________________________________________
11.
____________________________________________________________
Si no est recibiendo el servicio, indique si el servicio est incluido en el PEI del estudiante:
S
No
14.
Sobre la evaluacin :
Nombre de (l) la especialista: ____________________________________________
Direccin y telfono: ___________________________________________________
____________________________________________________________________
Frecuencia recomendada por el especialista: ________________________________
____________________________________________________________________
15.
Necesita reevaluacin :
16.
No
No
18.
No
19.
Indique aquella informacin adicional que deba ser considerada al evaluar esta solicitud:
______________________________________________________________________
______________________________________________________________________
EE-14
QUERELLA
Fecha: _________________________________
RE: Nm de Querella:_____________________
Nombre del estudiante:____________________
Sr(a). _____________________________
Superintendente de Escuelas
Distrito Escolar de ___________________
_______________, Puerto Rico ________
Estimado(a) seor(a): ________________
1.
2.
_________________________________
Funcionario que recibe la querella
_______________________________
Padre o encargado
_________________________________
Fecha en que la recibe
_______________________________
_______________________________
_______________________________
Direccin postal
_______________________________
Telfono residencia y/o trabajo
Notificacin: El querellante enviar copia de esta querella por correo a la Unidad Secretarial del Procedimiento de Querella y
Remedio Provisional, Piso 9, Oficina 916, P.O. Box 190759, San Juan, Puerto Rico 00919-0759.
Fecha
Agencia o Entidad
_____________________
Nombre de la personas
que solicita la informacin
Nmero de registro:
Propsito
Firma
DEPARTAMENTO DE EDUCACIN
EE -15
Formulario
DEPARTAMENTO DE EDUCACIN
Formulario
EE -15a
Fecha: ________________________________
"
Expediente en su totalidad
"
________________________________
Firma del padre
Direccin: _________________________
_________________________________
_________________________________
Telfono: _________________________
EE-M01
1.
2.
3.
En estos momentos estoy renunciando a mi derecho a solicitar una vista administrativa o radicar una
queja para resolver la situacin planteada dentro del trmino establecido por reglamento. (45 dasvista administrativa) (60 das - quejas).
4.
Conozco mi derecho a solicitar una vista administrativa o radicar una queja en el momento que lo
estime pertinente.
___________________________________
Padre o Encargado
___________________________________
___________________________________
___________________________________
Direccin Postal
EE-M02
Fecha: _____________________________
Nm. de Querella: ____________________
Nombre del estudiante: ___________________________
Sr. (a)___________________________
_______________________________
_______________________________
Estimada(o) seor(a)________________________:
Hago referencia a la querella nmero _________________ presentada por usted el da ___
de __________________ de ______, relacionada con su hijo(a) _______________________.
En la misma usted indica estar disponible para una reunin de mediacin. Por tal razn, le invito a
reunirse con nosotros el ____ de _____________ de _____, en_________________________ a
las ________.
Le recuerdo que tiene derecho a estar acompaado por abogado o por persona(s) con
conocimiento o adiestramiento en el impedimento de su hijo(a) solamente con el propsito de
asesorarlo. El Departamento de Educacin tiene tambin el mismo derecho.
De no poder comparecer en la fecha y hora sealada, le agradecer se comunique con nosotros
para acordar otra fecha.
Cordialmente,
_______________________________
Mediador
Nm. de telfono _________________
Nm. de fax_____________________
EE-M03
CONSULTA PREVIA
REUNIN DE MEDIACIN
Fecha: ______________________________
Nm. de Querella: _____________________
Nombre del estudiante: _____________________
Sr. (a)__________________________
_______________________________
_______________________________
Estimada(o) seor(a)________________________:
El da ___ de _____________________ de ______, se llevar a cabo la reunin de
mediacin en el caso de epgrafe.
Como alternativa para resolver la controversia solicitamos se considere lo siguiente:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
__________________________________
Firma dedl funcionario
______________________________
Distrito
______________________________
Telfono
Observaciones:
______________________________________________________________
______________________________________________________________
______________________________________________________________
Vo. Bo.:__________________________
Firma Secretario(a) Asociado (a)
____________________________
Firma (Otra autoridad pertinente)
EE-M04
Sr. (a)___________________________
_______________________________
_______________________________
Estimada(o) seor(a)________________________:
En reunin celebrada el _____ de ________________ de _____, se llegaron a unos
posibles acuerdos de mediacin.
Dado que los mismos conllevan erogacin de fondos o asuntos de poltica pblica
solicitamos su consideracin y aprobacin de los mismos.
_________________________________
Firma del mediador
__________________________
Distrito
__________________________
Telfono
Vo. Bo.:_________________________________
Firma (Secretario(a) Auxiliar)
__________________________________
Firma (otra autoridad pertinente)
Fecha: __________________
Fecha: __________________
EE-M05
ACUERDOS DE MEDIACIN
Fecha: ______________________________
Nombre del estudiante: _____________________
Distrito Escolar: ___________________________
Sr. (a)___________________________
_______________________________
_______________________________
Estimada(o) seor(a)________________________:
En la reunin de mediacin celebrada el da ____ de _______________ de ______, las partes
hemos llegado a los siguientes acuerdos:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
_____________________________________________________________________
Firmas
________________________
________________________
________________________
________________________
________________________
Posicin
_______________________
_______________________
_______________________
_______________________
_______________________
Fecha
___________________
___________________
___________________
___________________
___________________
,
)XQFLRQHVGHORV1LYHOHV2SHUDFLRQDOHVGHO6LVWHPD\GHO3HUVRQDO5HODFLRQDGR
GH DFXHUGR D OD /H\ GH 6HUYLFLRV (GXFDWLYRV ,QWHJUDOHV SDUD 3HUVRQDV FRQ
,PSHGLPHQWRV
/D /H\ 1PHUR GH GH MXQLR GH VH FUHD SDUD DVHJXUDU OD SUHVWDFLQ GH
VHUYLFLRVHGXFDWLYRVLQWHJUDOHVDODVSHUVRQDVFRQLPSHGLPHQWRVIDFXOWDDO6HFUHWDULR
GH(GXFDFLQSDUDVXLPSODQWDFLQ\ILMDODVREOLJDFLRQHVUHVSRQVDELOLGDGHV\GHEHUHV
UHODFLRQDGRVFRQODSUHVWDFLQGHVHUYLFLRVHGXFDWLYRVLQWHJUDOHVDORVQLRV\MYHQHV
FRQLPSHGLPHQWRV
3DUD FXPSOLU FRQ ODV UHVSRQVDELOLGDGHV \ GHEHUHV HQFRPHQGDGRV VH HVWDEOHFHQ D
FRQWLQXDFLQODVIXQFLRQHVGHORV GLVWLQWRVQLYHOHVRSHUDFLRQDOHVGHO'HSDUWDPHQWRGH
(GXFDFLQ ODV FXDOHV VHUQ UHDOL]DGDV SRU HO SHUVRQDO DVLJQDGR DO QLYHO
FRUUHVSRQGLHQWH
2ILFLQDGHO6HFUHWDULRGH(GXFDFLQ
(O 6HFUHWDULR GH (GXFDFLQ HQ XQLQ D ODV GLIHUHQWHV GHSHQGHQFLDV GHO
'HSDUWDPHQWRVHUUHVSRQVDEOHGH
(VWDEOHFHU OD SROWLFD SEOLFD GH OD $JHQFLD HQ DUPRQD FRQ ODV
OH\HVYLJHQWHV
$VHJXUDUHOIXQFLRQDPLHQWRDGHFXDGRGHORVSURJUDPDVHGXFDWLYRV
HVSHFLDOL]DGRV HVWDEOHFLGRV EDMR OD DGPLQLVWUDFLQ GH ODV GLVWLQWDV
DJHQFLDV GHSDUWDPHQWRV H LQVWUXPHQWDOLGDGHV GHO *RELHUQR GH
3XHUWR5LFREDMRORVFRQYHQLRVLQWHUDJHQFLDOHVYLJHQWHV
$VHVRUDUDOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDOHQWRGR
DVSHFWRTXHIDFLOLWHODLPSODQWDFLQGHODDXWRQRPDDGPLQLVWUDWLYD
GRFHQWH\ILVFDO
'LYLVLQ/HJDO
$VHVRUDUDO6HFUHWDULRGH(GXFDFLQ\DOSHUVRQDOGHOD$JHQFLDHQ
VXV GLVWLQWRV QLYHOHV HQ OR UHODWLYR D GLVSRVLFLRQHV OHJDOHV
UHJODPHQWRVFRQYHQLRVLQWHUDJHQFLDOHV\QRUPDVTXHDSOLFDQDORV
VHUYLFLRVTXHVHRIUHFHQDODVSHUVRQDVFRQLPSHGLPHQWRV
,QYHVWLJDU\DWHQGHUORVFDVRVGRQGHH[LVWDFRQWURYHUVLDVREUH ORV
VHUYLFLRVTXHVHRIUHFHQDHVWXGLDQWHVFRQLPSHGLPHQWRVFRQIRUPH
DORVGHUHFKRVTXHORVDPSDUDQ
6XEVHFUHWDUDGHOD'RFHQFLD
&RRUGLQDUFRQOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDOSDUD
ODSURYLVLQGHSURJUDPDVGHDGLHVWUDPLHQWRDPDHVWURVUHJXODUHV
PDHVWURV GH HGXFDFLQ HVSHFLDO \ RWUR SHUVRQDO TXH SURYHH
VHUYLFLRVDORVQLRV\MYHQHVFRQLPSHGLPHQWRV
6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDO6$((
/D 6HFUHWDUD $VRFLDGD GH (GXFDFLQ (VSHFLDO D WUDYV GH VXV XQLGDGHV \
RILFLQDVHVWDUDFDUJRGH
$VHVRUDU DO 6HFUHWDULR \ RWUR SHUVRQDO GH OD $JHQFLD HQ DVXQWRV
UHODFLRQDGRVFRQODSUHVWDFLQGHVHUYLFLRVHGXFDWLYRVLQWHJUDOHVD
ODVSHUVRQDVFRQLPSHGLPHQWRV
*DUDQWL]DUODSUHVWDFLQVLQLQWHUUXSFLQGHORVVHUYLFLRVPLHQWUDV
VH HVWDEOHFHQ ORV DFXHUGRV UHJODPHQWRV \ RWURV GRFXPHQWRV
QRUPDWLYRV
FRQ
OD
6HFUHWDUD
$VRFLDGD
SUHVWHQ
RSRUWXQDPHQWHORVVHUYLFLRVTXHOHVFRUUHVSRQGHQHQDUPRQDFRQ
ODSROWLFDSEOLFDHVWDEOHFLGD
5HFRSLODU ORV GDWRV UHTXHULGRV D QLYHO LVOD SDUD OD SODQLILFDFLQ GH
ORV VHUYLFLRV QHFHVDULRV DV FRPR SDUD SUHSDUDU ORV LQIRUPHV
IHGHUDOHV\HVWDWDOHVTXHVHVROLFLWHQ
$VHJXUDUTXHORVUHFXUVRVIHGHUDOHV\HVWDWDOHVDVLJQDGRVSDUD OD
SUHVWDFLQ GH VHUYLFLRV HGXFDWLYRV \ VHUYLFLRV UHODFLRQDGRV GH
SHUVRQDVFRQLPSHGLPHQWRVVHXWLOLFHQHQODIRUPDPVHIHFWLYD \
GHDFXHUGRFRQODVOH\HV\UHJODPHQWRVDSOLFDEOHV
5HSURJUDPDUORVIRQGRVDVLJQDGRVRHFRQRPDVGHDFXHUGRDODV
SULRULGDGHVGHORVVHUYLFLRV
6ROLFLWDU\DFHSWDUGRQDWLYRVTXHVHXWLOL]DUQH[FOXVLYDPHQWHSDUD
PHMRUDUORVVHUYLFLRVGLUHFWRVDODVSHUVRQDVFRQLPSHGLPHQWRV
6ROLFLWDU DO 6HFUHWDULR OD UHDVLJQDFLQ GH SHUVRQDO GH RWUDV UHDV
GHO 'HSDUWDPHQWR D OD 6HFUHWDUD $VRFLDGD \ GH VHU QHFHVDULR
QRPEUDU R FRQWUDWDU HO SHUVRQDO DGLFLRQDO UHTXHULGR SDUD FXPSOLU
FRQVXVIXQFLRQHV
2IUHFHUDVLVWHQFLDWFQLFD\DGLHVWUDPLHQWRDOSHUVRQDOTXHRFXSD
SRVLFLRQHVGHOLGHUDWRHQUHJLRQHVHGXFDWLYDV\GLVWULWRVHVFRODUHV
HQ DVSHFWRV UHODFLRQDGRV FRQ OD OHJLVODFLQ YLJHQWH OD SROWLFD
SEOLFD HVWDEOHFLGD \ ODV PHMRUHV SUFWLFDV HQ OD SUHVWDFLQ GH
VHUYLFLRVHGXFDWLYRVLQWHJUDOHV
'LVHDU H LPSODQWDU XQ 3ODQ GH 0RQLWRUD (VWDWDO GH ORV VHUYLFLRV
SURYLVWRVDHVWXGLDQWHVFRQLPSHGLPHQWRV
(VWDEOHFHUORVPHFDQLVPRVTXHJDUDQWLFHQTXHVHOHEULQGHDWRGD
SHUVRQD FRQ LPSHGLPHQWRV XQ GHELGR SURFHVR GH OH\ WDQWR HQ HO
DVSHFWRVXVWDQWLYRFRPRHQHOSURFHVDO
3UHVHQWDU D OD 'LYLVLQ /HJDO LQIRUPHV VREUH OR LQYHVWLJDGR HQ ODV
TXHMDV\TXHUHOODV
3DUWLFLSDU MXQWR D OD 'LYLVLQ /HJDO HQ HO SURFHVR GH 5HYLVLQ
$GPLQLVWUDWLYD GH ODV TXHUHOODV SDUD GHWHUPLQDU VL H[LVWH XQD
YLRODFLQDORVGHUHFKRVGHORVTXHUHOODQWHV
5HFRPHQGDUDOWHUQDWLYDVSDUDODVROXFLQGHODVTXHUHOODV
&RODERUDU FRQ HO 'HSDUWDPHQWR GH -XVWLFLD \ OD 'LYLVLQ /HJDO HQ
ORVFDVRVUHODFLRQDGRVFRQVHUYLFLRVGHHGXFDFLQHVSHFLDO
'LYLVLQ
/HJDO
HQ
UHXQLRQHV
LQWHUDJHQFLDOHV
YLVWDV
DGPLQLVWUDWLYDVUHXQLRQHVGHPHGLDFLQWULEXQDOHV\RWURVIRURV
2IUHFHUDVLVWHQFLDWFQLFDUHODFLRQDGDFRQODVTXHMDV\TXHUHOODVD
ODVUHJLRQHVHGXFDWLYDVGLVWULWRVHVFRODUHV\HVFXHODV
2IUHFHUUHFRPHQGDFLRQHVDOSHUVRQDOGHOD$JHQFLDSDUDOLGLDUFRQ
ORVIDFWRUHVTXHJHQHUDQODUDGLFDFLQGHTXHUHOODV
5HJLQ(GXFDWLYD
/OHYDU D FDER VHJQ VH VROLFLWH HO UHJLVWUR RILFLDO GH FDGD QLR R
MRYHQ GH DRV TXH SUHVHQWH DOJXQD FRQGLFLQ IVLFD PHQWDO R
HPRFLRQDO TXH OLPLWH R LQWHUILHUD FRQ HO GHVDUUROOR DRV R OD
FDSDFLGDGGHDSUHQGL]DMH
D
$VLJQDUHOQPHURGHUHJLVWURTXHFRUUHVSRQGDDOGLVWULWRGH
UHVLGHQFLDGHOHVWXGLDQWH
E
/OHYDUDFDERHVWXGLRVGHQHFHVLGDGHVGHVHUYLFLRVHQORVGLVWULWRV
HVFRODUHVTXHFRPSRQHQODUHJLQ
$VHVRUDUHOSHUVRQDOGHORVGLVWULWRVHVFRODUHVVHJQVHOHVROLFLWH
HQ FXDQWR D DOWHUQDWLYDV GH XELFDFLQ GH HVWXGLDQWHV FRQ
LPSHGLPHQWRV
'HVDUUROODUXQSODQGHGLYXOJDFLQHQFRODERUDFLQFRQORVGLVWULWRV
HVFRODUHV
3UHSDUDU\GHVDUUROODUXQSODQGHWUDEDMRHLQIRUPHGHORJURVDQXDO
/OHYDUDFDER0RQLWRUDVHQORVGLVWULWRV\HVFXHODVGHODUHJLQ
&RPSDUHFHUDYLVWDVDGPLQLVWUDWLYDV\RWURVIRURVTXHUHTXLHUDQVX
FRPSDUHFHQFLDHQORVFDVRVGHTXHUHOODVSRUVHUYLFLRV
3UHSDUDULQIRUPHVIHGHUDOHV\HVWDWDOHVVHJQVHDQVROLFLWDGRV
'LVWULWR(VFRODU
&RODERUDUFRQOD5HJLQ(GXFDWLYDHQHOGLVHRHLPSODQWDFLQGHO
SODQGHGLYXOJDFLQ\RULHQWDFLQSDUDHOSHUVRQDOHVFRODUSDGUHV\
ODFRPXQLGDGHQJHQHUDO
6ROLFLWDU LQIRUPDFLQ DO &(7 VREUH HO VWDWXV GH ORV LQIRUPHV GH
HYDOXDFLQ \ GRFXPHQWRV UHTXHULGRV SDUD OD SUHSDUDFLQ GHO 3(,
LQLFLDOFXDQGRUHVXOWHQHFHVDULR
3DUWLFLSDU D WUDYV GH OD DVLVWHQFLD GH DOJQ UHSUHVHQWDQWH HQ OD
UHYLVLQ GH ORV 3URJUDPDV (GXFDWLYRV ,QGLYLGXDOL]DGRV GH
HVWXGLDQWHVXELFDGRVSRUOD$JHQFLDHQHVFXHODVSULYDGDV
FDPELRGHXELFDFLQDRWUDDOWHUQDWLYDGHVHUYLFLRRDRWUDHVFXHOD
GHO6LVWHPDVHJQVHGHWHUPLQHQHFHVDULR
0DQWHQHUODLQIRUPDFLQHVWDGVWLFDDFWXDOL]DGDVREUHORVVHUYLFLRV
TXHVHRIUHFHQHQVXGLVWULWR
3UHSDUDU HO 3ODQ GH 7UDEDMR H ,QIRUPH GH /RJURV GHO 3URJUDPD \
RWURVVHJQVHVROLFLWHQ
5HFRSLODULQIRUPDFLQSDUDODSUHSDUDFLQ GHLQIRUPHVIHGHUDOHV\
HVWDWDOHV
,GHQWLILFDU\SURYHHULQIRUPDFLQDRWURVQLYHOHVGHO6LVWHPDVREUH
ODV QHFHVLGDGHV SDUWLFXODUHV GH UHFXUVRV KXPDQRV VDORQHV
HTXLSRV\PDWHULDOHVHQVXGLVWULWRHVFRODU
2UJDQL]DU\SDUWLFLSDUHQODVPRQLWRUDVGHOQLYHOHVFXHOD
3UHSDUDUORVGRFXPHQWRVVROLFLWDUODLQIRUPDFLQ\OOHYDUDFDERORV
WUPLWHVQHFHVDULRVSDUDFRPSDUHFHUDODVUHXQLRQHVGHPHGLDFLQ
\YLVWDVDGPLQLVWUDWLYDVGHO3URJUDPD
(VFXHOD
'LYXOJDUODGLVSRQLELOLGDGGHVHUYLFLRVHGXFDWLYRVSDUDHVWXGLDQWHV
FRQ LPSHGLPHQWRV \ RULHQWDU D SDGUHV \ HVWXGLDQWHV VREUH HO
3URJUDPDGH(GXFDFLQ(VSHFLDO
3UHSDUDU\WUDPLWDUORVGRFXPHQWRVUHODFLRQDGRVFRQHOUHJLVWURGH
XQHVWXGLDQWHDWUDYVGHXQIXQFLRQDULRGHVLJQDGRSRUHOGLUHFWRU
GHODHVFXHODHQFDUJDGRGHUHFRSLODUORVPLVPRV
(QWUHJDUDOSDGUHWRGRVORVGRFXPHQWRVQHFHVDULRVSDUDHOUHJLVWUR
RILFLDO JXDUGDQGR FRSLD GH ORV PLVPRV DV FRPR FRSLD GHO UHFLER
ILUPDGRSRUHOSDGUH
*DUDQWL]DUODSDUWLFLSDFLQGHORVHVWXGLDQWHVFRQLPSHGLPHQWRVHQ
WRGRDVSHFWRGHODYLGDHVFRODUHQLJXDOGDGGHFRQGLFLRQHVFRQORV
GHPVHVWXGLDQWHVVLQLPSHGLPHQWRVVLHPSUHTXHVHDDSURSLDGR
5HYLVDUHO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGRGHFDGDHVWXGLDQWH
VHUYLGRFXDQWDVYHFHVVHDQHFHVDULRSHURSRUORPHQRVXQDYH]DO
DR
)XQFLRQHVGHO3HUVRQDO
/DV IXQFLRQHV GHO SHUVRQDO TXH ODERUD HQ OD 6HFUHWDUD $VRFLDGD GH (GXFDFLQ
(VSHFLDO HVWQ GLUHFWDPHQWH UHODFLRQDGDV FRQ ODV IXQFLRQHV DVLJQDGDV DO QLYHO
RSHUDFLRQDO HQ HO TXH VH GHVHPSHDQ &DGD QLYHO FXHQWD FRQ XQ FRPSRQHQWH GHO
3URJUDPD GH (GXFDFLQ (VSHFLDO TXH HVW OODPDGR D UHVSRQGHU SRU XQDV IXQFLRQHV \
WDUHDVHQFRPHQGDGDVDHVHQLYHOGHO6LVWHPD
3DUD SURSVLWRV GHO 3URJUDPD GH (GXFDFLQ (VSHFLDO UHVXOWD LQGLVSHQVDEOH TXH HO
SHUVRQDO TXH ODERUD HQ ORV GLIHUHQWHV QLYHOHV GHO 6LVWHPD WUDEDMHQ HQ HTXLSR SDUD HO
ORJUR GH ODV PHWDV GHO 3URJUDPD \ SDUD DVHJXUDU HO FXPSOLPLHQWR FRQ ODV OH\HV \
UHJODPHQWRVTXHULJHQODSUHVWDFLQGHVHUYLFLRVGHHGXFDFLQHVSHFLDO
8WLOL]DQGRVXH[SHULHQFLDSURIHVLRQDO\DWRQRFRQVXSUHSDUDFLQFDGDIXQFLRQDULRGH
HVWH 3URJUDPD GHEH FRODERUDU SDUD DVHJXUDU TXH VH OOHYHQ D FDER ODV DFFLRQHV
QHFHVDULDV SDUD JDUDQWL]DU ORV VHUYLFLRV /DV IXQFLRQHV GH ORV 1LYHOHV 2SHUDFLRQDOHV
DQWHULRUPHQWHGHVFULWDVSUHWHQGHQVHUXQDJXDSDUDODGHILQLFLQ\GLVWULEXFLQGHODV
WDUHDVTXHGHEHQVHUUHDOL]DGDVHQFDGDQLYHOGHO6LVWHPD1RREVWDQWHFDGDRILFLQDR
XQLGDG GH WUDEDMR GHEHU OOHYDU D FDER XQ DQOLVLV FRQWLQXR GH OD PDQHUD HQ TXH
SXHGHQ GLVWULEXLU ODV WDUHDV D VHU UHDOL]DGDV SDUD HO PHMRU IXQFLRQDPLHQWR GHO
3URJUDPD (O SHUVRQDO GH OD 6HFUHWDUD $VRFLDGD GH (GXFDFLQ (VSHFLDO VH
PDQWHQGU HQIRFDGR HQ ODV PHWDV \ REMHWLYRV GHO 3URJUDPD GH (GXFDFLQ (VSHFLDO
SDUWLFXODUPHQWH HQ DTXHOODV TXH FRUUHVSRQGHQ D VX QLYHO \ VH RUJDQL]DU
HIHFWLYDPHQWHFRQHOSURSVLWRGHORJUDUODV
(O SUHVHQWH 0DQXDO QR SUHWHQGH GHWDOODU ODV IXQFLRQHV \ WDUHDV HVSHFILFDV TXH
GHVHPSHDUFDGDIXQFLRQDULRGHO3URJUDPD(VWDVDSDUHFHQHQODVKRMDVGHGHEHUHV
HQFDUWDVFLUFXODUHV\RWURVGRFXPHQWRVXWLOL]DGRVSRUHO6LVWHPDODVFXDOHVVRQREMHWR
GHUHYLVLQSHULGLFDDWRQRFRQORVSURFHVRVGHUHIRUPD1RREVWDQWHPVDGHODQWH
VHGHVWDFDQDOJXQDVIXQFLRQHVJHQHUDOHVTXHVHUQGHVHPSHDGDVSRUGHWHUPLQDGRV
IXQFLRQDULRVHQHOUHDGHHGXFDFLQHVSHFLDO
)XQFLRQHVGH3HUVRQDO5HJLQ(GXFDWLYD
0RQLWRUHV
$ WRQR FRQ ODV QHFHVLGDGHV GHO 3URJUDPD GH (GXFDFLQ (VSHFLDO \ FRQVLGHUDQGR ORV
FDPELRV HQ ODV IXQFLRQHV GH ORV QLYHOHV RSHUDFLRQDOHV GHO VLVWHPD HVFRODU OD
6HFUHWDUD $VRFLDGD GH (GXFDFLQ (VSHFLDO GHVLJQDU UHFXUVRV GH ODV UHJLRQHV
HGXFDWLYDV SDUD TXH GHVHPSHHQ IXQFLRQHV GH PRQLWRUD GH ORV VHUYLFLRV TXH VH
RIUHFHQ D HVWXGLDQWHV FRQ LPSHGLPHQWRV /RV PRQLWRUHV PDQWHQGUQ LQIRUPDGD D OD
6HFUHWDUD$X[LOLDUGH6HUYLFLRV(GXFDWLYRV,QWHJUDOHVSDUD3HUVRQDVFRQ,PSHGLPHQWRV
VREUHORVDVXQWRVTXHDIHFWDQODSUHVWDFLQGHVHUYLFLRVDORVHVWXGLDQWHVGHVXUHJLQ
\ HQ FRPQ DFXHUGR FRQ HO 6HFUHWDULRD $VRFLDGRD KDUQ UHFRPHQGDFLRQHV
HVSHFILFDVDGLUHFWRUHVGHHVFXHODVGHODFRPXQLGDG\DRWURSHUVRQDOGHOD$JHQFLD
VREUH DOWHUQDWLYDV SDUD FRUUHJLU DTXHOODV VLWXDFLRQHV TXH DIHFWDQ OD SURYLVLQ GH
VHUYLFLRV
(OSHUVRQDOGHO3URJUDPDTXHGHVHPSHHODVIXQFLRQHVGHPRQLWRUWHQGUDFFHVRDODV
HVFXHODV SRGU FRRUGLQDU SDUD HQWUHYLVWDU GLUHFWRUHV \ RWUR SHUVRQDO HVFRODU \ SRGU
H[DPLQDU ORV H[SHGLHQWHV R GRFXPHQWRV UHODFLRQDGRV FRQ ODV VLWXDFLRQHV TXH
LQYHVWLJD
(QWUHODVIXQFLRQHVGHO0RQLWRUVHGHVWDFDQ
&RODERUDUSDUDHOGHVDUUROORHLPSODQWDFLQGHO3ODQGH0RQLWRUD(VWDWDO
'DUVHJXLPLHQWRDORVSODQHVGHDFFLQFRUUHFWLYDGHODVHVFXHODVGHVX
UHJLQ
&RODERUDU HQ OD GRFXPHQWDFLQ \ VHJXLPLHQWR GH ORV FDVRV GH TXHUHOODV
HQODUHJLQ
$VHVRUDU DO SHUVRQDO GH ORV GLVWULWRV HVFRODUHV HQ OD LGHQWLILFDFLQ GH
DOWHUQDWLYDVGHXELFDFLQDSURSLDGDVDODVQHFHVLGDGHVGHORVHVWXGLDQWHV
HQRWURVGLVWULWRVGHODUHJLQ
$VHVRUDU DO GLUHFWRU GH OD UHJLQ HGXFDWLYD HQ OD DGPLQLVWUDFLQ GH ORV
UHFXUVRV KXPDQRV \ ILVFDOHV DVLJQDGRV SRU OD 6HFUHWDUD $VRFLDGD GH
(GXFDFLQ(VSHFLDOSDUDEHQHILFLRGHORVHVWXGLDQWHVGHODUHJLQ
)DFLOLWDGRUHVGH6HUYLFLRV
'HSHQGLHQGRGHODQDWXUDOH]D\ODFRPSOHMLGDGGHODUHJLQHGXFDWLYDVWDFRQWDUFRQ
XQRRPVIDFLOLWDGRUHVGHVHUYLFLRVFX\DVIXQFLRQHVSULQFLSDOHVHVWDUQHQFDPLQDGDV
D
'LULJLU\FRRUGLQDUFRQORVUHFXUVRVDVLJQDGRVDODUHJLQHGXFDWLYDSDUD
DVHJXUDU OD GLVSRQLELOLGDG GH VHUYLFLRV GH RULHQWDFLQ UHJLVWUR \
HYDOXDFLQLQLFLDOSDUDQLRV\MYHQHVFRQSRVLEOHVLPSHGLPHQWRV
&RRUGLQDU FRQ ORV UHFXUVRV DVLJQDGRV DO &(7 SDUD SURYHHU VHUYLFLRV GH
UHHYDOXDFLQ \ WHUDSLDV SDUD ORV HVWXGLDQWHV HOHJLEOHV VHUYLGRV SRU HO
3URJUDPDGH(GXFDFLQ(VSHFLDO
&RRUGLQDUFRQORVGLVWULWRV\HVFXHODVGHODUHJLQSDUDIDFLOLWDUHOWUPLWH
GH ORV GRFXPHQWRV QHFHVDULRV SDUD HO SURFHVR GH UHJLVWUR HYDOXDFLQ
UHHYDOXDFLQ\SUHVWDFLQGHRWURVVHUYLFLRV
)XQFLRQHVGH3HUVRQDO'LVWULWR(VFRODU
$
6XSHULQWHQGHQWHGH(VFXHODV
/D 5HIRUPD (GXFDWLYD KD FRQFHQWUDGR HQ HO GLVWULWR HVFRODU ODV IXQFLRQHV
GRFHQWHV GH OD $JHQFLD (Q HVWH FRQWH[WR HO VXSHULQWHQGHQWH GH HVFXHODV HV
YLVWR FRPR HO OGHU GHO &HQWUR GH 'HVDUUROOR 3URIHVLRQDO GHVGH HO FXDO VH
FRRUGLQD OD SURYLVLQ GH DGLHVWUDPLHQWR \ DVLVWHQFLD WFQLFD SDUD ORV
SURIHVLRQDOHV TXH ODERUDQ HQ ORV QFOHRV HVFRODUHV /DV IXQFLRQHV TXH
GHVHPSHD HO VXSHULQWHQGHQWH GH HVFXHODV UHODFLRQDGDV FRQ HO 3URJUDPD GH
(GXFDFLQ (VSHFLDO KDQ VLGR UHYLVDGDV SDUD TXH HVWQ HQ DUPRQD FRQ VXV
IXQFLRQHV GH IDFLOLWDGRU GHO GHVDUUROOR \ FDSDFLWDFLQ GHO SHUVRQDO (QWUH ODV
IXQFLRQHVGHOVXSHULQWHQGHQWHGHHVFXHODVVHHQFXHQWUDQ
%ULQGDU DSR\R \ FRODERUDU HQ HO GHVDUUROOR GH DFWLYLGDGHV GH DVLVWHQFLD
WFQLFD FRPR SDUWH GH OD DFFLQ FRUUHFWLYD TXH UHVXOWH QHFHVDULD VHJQ
VHHYLGHQFLHDWUDYVGHOSURFHVRGHPRQLWRUDGHORVVHUYLFLRV
6ROLFLWDUDODVHVFXHODVFRQIRUPHDODSHWLFLQGHO6XSHUYLVRUGH=RQDORV
UHFXUVRV SURIHVLRQDOHV QHFHVDULRV SDUD OD SUHSDUDFLQ GH ORV 3URJUDPDV
(GXFDWLYRV ,QGLYLGXDOL]DGRV 3(, LQLFLDOHV GH HVWXGLDQWHV HOHJLEOHV /D
SUHSDUDFLQGH3(,HVXQDIXQFLQGRFHQWHTXHUHTXLHUHODSDUWLFLSDFLQ
GH ORV PDHVWURV GH HGXFDFLQ HVSHFLDO DFWLYRV HQ HO 6LVWHPD /D
SDUWLFLSDFLQGHORVPDHVWURVGHODVHVFXHODVGHODFRPXQLGDGSDUDOOHYDU
DFDERHVWDIXQFLQGHEHUFRRUGLQDUVHPHGLDQWHXQFDOHQGDULRGHWUDEDMR
TXH SHUPLWD OD GLVWULEXFLQ UD]RQDEOH GH HVWD WDUHD HQ IRUPD WDO TXH QR
DIHFWHGHPDQHUDSDUWLFXODUDDOJQJUXSRHVSHFILFRGHHVWXGLDQWHV
2ULHQWDU D WRGR HO SHUVRQDO GHO GLVWULWR VREUH HO WUPLWH DSURSLDGR GH ODV
TXHUHOODV UHFLELGDV SRU VHUYLFLRV GH HGXFDFLQ HVSHFLDO \ DVHJXUDU TXH
WRGDTXHUHOODUDGLFDGDHQVXGLVWULWRVHWUDPLWDGHLQPHGLDWRDOD8QLGDG
6HFUHWDULDOGHO3URFHGLPLHQWRGH4XHUHOODV\5HPHGLR3URYLVLRQDO
$QDOL]DUWRGDTXHUHOODUHFLELGDFRQHOSURSVLWRGHLGHQWLILFDUVLODUD]QGH
OD TXHUHOOD SODQWHD DOJXQD QHFHVLGDG GH DGLHVWUDPLHQWR R DVLVWHQFLD
WFQLFD SDUD ORV IXQFLRQDULRV GHO GLVWULWR HVFRODU 'H VHU DV RIUHFHU VX
DVLVWHQFLD \ HVWDU GLVSRQLEOH SDUD IDFLOLWDU OD FRRUGLQDFLQ GH ODV
DFWLYLGDGHVGHGHVDUUROORSURIHVLRQDOTXHVHFRQVLGHUHQQHFHVDULDV
&HUWLILFDU ODV TXHUHOODV UHFLELGDV SRU HO GLVWULWR HVFRODU HQ HO ,QIRUPH
0HQVXDOGH4XHUHOODV
&RODERUDU \ GDU DSR\R DO SHUVRQDO GHO 3URJUDPD GH (GXFDFLQ (VSHFLDO
XELFDGRHQHOGLVWULWRHQORTXHFRQFLHUQHD
ODFHUWLILFDFLQGHLQIRUPHVHVWDGVWLFRVRGHRWUDQDWXUDOH]DTXHOH
VHDQVROLFLWDGRV
OD DWHQFLQ GH ORV SDGUHV TXH YLVLWDQ OD RILFLQD GHO GLVWULWR HVFRODU
FRQ HO SURSVLWR GH SODQWHDU VLWXDFLRQHV UHODFLRQDGDV FRQ HO
DSURYHFKDPLHQWR\ORVVHUYLFLRVHGXFDWLYRVGHVXVKLMRV
9HU0DQXDO2SHUDFLRQDOGHO3URFHGLPLHQWRGH4XHUHOODV
%
)DFLOLWDGRUGH(GXFDFLQ(VSHFLDO
3URPRYHU\FRODERUDUHQHOGHVDUUROORGHDFWLYLGDGHVGHGLYXOJDFLQGHORV
VHUYLFLRV GH HGXFDFLQ HVSHFLDO HQ ODV HVFXHODV GHO GLVWULWR \ HQ OD
FRPXQLGDG
2ULHQWDUDOSHUVRQDOGHODVHVFXHODVSEOLFDV\SULYDGDVGHOGLVWULWRVREUH
HOSURFHGLPLHQWRGHUHJLVWURHQHGXFDFLQHVSHFLDO
6ROLFLWDULQIRUPDFLQDO&(7VREUHHOVWDWXVGHORVLQIRUPHVGHHYDOXDFLQ
\ GRFXPHQWRV UHTXHULGRV SDUD OD SUHSDUDFLQ GHO 3(, LQLFLDO GH ORV
HVWXGLDQWHVUHJLVWUDGRVFXDQGRUHVXOWHQHFHVDULR
&RRUGLQDUODUHXQLQHQODTXHVHGLVFXWHQORVUHVXOWDGRVGHODHYDOXDFLQ
LQLFLDOGHOHVWXGLDQWHSDUDGHWHUPLQDUHOHJLELOLGDG
&RRUGLQDUODSDUWLFLSDFLQGHORVPLHPEURVGHO&2038HQODUHXQLQHQ
ODTXHVHSUHSDUDHO3(,LQLFLDOGHORVHVWXGLDQWHVHOHJLEOHV
3DUWLFLSDUHQODUHYLVLQGHORVSURJUDPDVHGXFDWLYRVLQGLYLGXDOL]DGRVGH
HVWXGLDQWHVXELFDGRVSRUOD$JHQFLDHQHVFXHODVSULYDGDV
3URYHHURFRRUGLQDUHQXQLQDOVXSHULQWHQGHQWHGHHVFXHODVODDVLVWHQFLD
WFQLFD \ HO DGLHVWUDPLHQWR QHFHVDULR SDUD HO SHUVRQDO TXH ODERUD HQ ODV
HVFXHODVGHOGLVWULWRVREUHWHPDVGHHGXFDFLQHVSHFLDO
&RODERUDU FRQ HO SHUVRQDO GH OD HVFXHOD SDUD GHVDUUROODU FXUUFXOR
DGDSWDGRDODVQHFHVLGDGHVGHHVWXGLDQWHVFRQLPSHGLPHQWRV
$SR\DU\FRODERUDUHQHOGHVDUUROORGHSUR\HFWRVPRGHORGHVHUYLFLRVHQ
VXGLVWULWR\HQODGLYXOJDFLQGHODVPHMRUHVSUFWLFDV
5HFLELUWUDPLWDU\DWHQGHUWRGDUHFODPDFLQRTXHUHOODUHODFLRQDGDFRQORV
VHUYLFLRVHGXFDWLYRV\UHODFLRQDGRVTXHUHFLEHQORVHVWXGLDQWHV
2ULHQWDU DO SHUVRQDO GHO GLVWULWR HVFRODU VREUH HO WUPLWH DSURSLDGR H
LQPHGLDWRGHODVTXHUHOODVUHFLELGDV
$VHJXUDU TXH EDMR VX OLGHUDWR HO SHUVRQDO DGPLQLVWUDWLYR DVLJQDGR DO
GLVWULWR PDQWLHQH DFWXDOL]DGR HO VLVWHPD GH LQIRUPDFLQ GH HGXFDFLQ
HVSHFLDO
2UJDQL]DU\SDUWLFLSDUHQODVPRQLWRULDVGHOQLYHOHVFXHOD
'DUVHJXLPLHQWRDOFXPSOLPLHQWRGHORV3ODQHVGH$FFLQ&RUUHFWLYDTXH
VXUMDQFRPRUHVXOWDGRGHODVPRQLWRULDV
&RRUGLQDUODSDUWLFLSDFLQGHXQUHSUHVHQWDQWHGHOGLVWULWRHQODUHYLVLQGH
ORVSURJUDPDVHGXFDWLYRVLQGLYLGXDOL]DGRVGHORVHVWXGLDQWHVDORVFXDOHV
VHOHUHFRPLHQGDFDPELRGHXELFDFLQDRWUDDOWHUQDWLYDGHVHUYLFLRVRD
RWUDHVFXHODGHO6LVWHPDVHJQVHGHWHUPLQHQHFHVDULR
&RRUGLQDUFRQUHSUHVHQWDQWHVGHRWUDVDJHQFLDVSDUDIDFLOLWDUODWUDQVLFLQ
GH QLRV FRQ LPSHGLPHQWRV VHUYLGRV SRU HO 3URJUDPD GH ,QWHUYHQFLQ
7HPSUDQD \ +HDG 6WDUW D ORV VHUYLFLRV TXH SURYHH HO 'HSDUWDPHQWR GH
(GXFDFLQ
$VHJXUDU OD SDUWLFLSDFLQ GH XQ UHSUHVHQWDQWH GHO GLVWULWR HQ OD UHXQLQ
GRQGH VH SODQLILFD OD WUDQVLFLQ GH ORV LQIDQWHV \ SUHHVFRODUHV FRQ
LPSHGLPHQWRVDVHUYLFLRVGHHGXFDFLQHVSHFLDO
5HSUHVHQWDU DO GLVWULWR HVFRODU HQ WRGDV DTXHOODV UHXQLRQHV GH &2038
GRQGH VH GHWHUPLQD HOHJLELOLGDG VH SUHSDUD 3(, LQLFLDO VH SODQLILFD OD
WUDQVLFLQGHLQIDQWHVRSUHHVFRODUHVDVHUYLFLRVGHHGXFDFLQHVSHFLDO\
RWUDV H[FHSWR FXDQGR VH KD\D FRRUGLQDGR OD SDUWLFLSDFLQ GH RWUR
IXQFLRQDULRGHELGDPHQWHFXDOLILFDGRSDUDUHSUHVHQWDUOR
&
3HUVRQDOGHOUHD$GPLQLVWUDWLYD
(O FRPSRQHQWH DGPLQLVWUDWLYR GHO GLVWULWR VHFUHWDULD X RILFLQLVWD GDFWLOJUDIR
DX[LOLDU DGPLQLVWUDWLYR FRODERUDU SDUD UHDOL]DU ODV WDUHDV DGPLQLVWUDWLYDV GHO
3URJUDPD(VWDVLQFOX\HQHQWUHRWUDVODSUHSDUDFLQ\WUPLWHGHGRFXPHQWRV\
ODHQWUDGDGHGDWRVHQHO6LVWHPDGH,QIRUPDFLQ/DVWDUHDVDGPLQLVWUDWLYDVGH
HVWHFRPSRQHQWHGHEHQVHUGLVWULEXLGDVFRQIRUPHDODSUHSDUDFLQLQWHUHVHV\
IXQFLRQHV GHO SXHVWR TXH RFXSD HO SHUVRQDO TXH ODERUD HQ ORV GLVWULWRV
HVFRODUHV1RREVWDQWHOD6HFUHWDUD$VRFLDGDGH(GXFDFLQ(VSHFLDOUHTXLHUH
TXH
HOGLVWULWRDVHJXUHTXHHOIXQFLRQDULRDVLJQDGRSDUDPDQWHQHUDFWXDOL]DGR
HO6LVWHPDGH,QIRUPDFLQGDDEVROXWDSULRULGDGDOPLVPR
HOGLVWULWRFXHQWHFRQXQSODQGHFRQWLQJHQFLDSDUDHQWUDUGDWRV\VXVWLWXLU
DOIXQFLRQDULRDFDUJRGHO6LVWHPDGH,QIRUPDFLQHQFDVRGHDXVHQFLDGH
ODSHUVRQDUHVSRQVDEOH
'
7UDEDMDGRU6RFLDOGH(GXFDFLQ(VSHFLDO
/RV 7UDEDMDGRUHV 6RFLDOHV GHO 3URJUDPD GH (GXFDFLQ (VSHFLDO UHDOL]DUQ
DTXHOODVIXQFLRQHVTXHOHVHDQHQFRPHQGDGDVFRQIRUPHDODVQHFHVLGDGHVGHO
3URJUDPD \ D VX XELFDFLQ HQ ORV GLIHUHQWHV QLYHOHV GHO 6LVWHPD (QWUH ODV
IXQFLRQHVPVLPSRUWDQWHVTXHGHVHPSHDQORVWUDEDMDGRUHVVRFLDOHVXELFDGRV
DQLYHOGHOGLVWULWRRUHJLQVHHQFXHQWUDQ
5HDOL]DU HQ FRRUGLQDFLQ FRQ ORV WUDEDMDGRUHV VRFLDOHV GH ODV HVFXHODV
GHO GLVWULWR XQ HVWXGLR GH QHFHVLGDGHV GHO 3URJUDPD GH 7UDEDMR 6RFLDO
UHODFLRQDGRFRQORVHVWXGLDQWHVVHUYLGRVHQHGXFDFLQHVSHFLDO
'LVHDU HQ FRRUGLQDFLQ FRQ ORV WUDEDMDGRUHV VRFLDOHV GH ODV HVFXHODV
GHOGLVWULWRXQSODQGHWUDEDMRPHWDV\REMHWLYRVDWRQRFRQODILORVRIDGHO
3URJUDPDGH7UDEDMR6RFLDO\(GXFDFLQ(VSHFLDO
&RPSOHWDUHOIRUPXODULR+LVWRULDO,QLFLDOGHO'HVDUUROOR,QWHJUDOGHO1LRGH
DTXHOORV HVWXGLDQWHV GH QXHYR UHJLVWUR TXH QR HVWQ XELFDGRV HQ OD
HVFXHOD
5HDOL]DU ODV UHYLVLRQHV GHO +LVWRULDO GHO 'HVDUUROOR \ SURYHHU VHUYLFLRV GH
WUDEDMR VRFLDO D HVWXGLDQWHV TXH HVWQ XELFDGRV HQ HVFXHODV TXH QR
FXHQWDQFRQHOUHFXUVRGHWUDEDMRVRFLDO
3DUWLFLSDUHQODVUHXQLRQHVGHO&RPLWGH3URJUDPDFLQ\8ELFDFLQSDUD
OD SUHSDUDFLQ GH ORV 3URJUDPDV (GXFDWLYRV ,QGLYLGXDOL]DGRV GH ORV
HVWXGLDQWHVVHJQVHDQHFHVDULR
5HGDFWDU XQ SODQ GH LQWHUYHQFLQ GH WUDEDMR VRFLDO SDUD HVWXGLDQWHV D
QLYHO LQGLYLGXDO R JUXSDO HQ DTXHOORV FDVRV TXH DV OR DPHULWHQ \ HQ
FRRUGLQDFLQFRQHOWUDEDMDGRUVRFLDOGHOQFOHRHVFRODU
2IUHFHURULHQWDFLQDORVSDGUHVPDHVWURV\RWURSHUVRQDOHQODVUHDVGH
IXQFLRQDPLHQWR VRFLDOHPRFLRQDO \ DPELHQWDO GH ORV HVWXGLDQWHV GHO
3URJUDPDGH(GXFDFLQ(VSHFLDO
5HDOL]DU HO SURFHVR GH DMXVWHV \ WUDVODGRV GH ORV HVWXGLDQWHV GHO
3URJUDPD GH (GXFDFLQ (VSHFLDO HQ FRODERUDFLQ FRQ HO SHUVRQDO GHO
GLVWULWRHVFRODU
$VHVRUDU\DGLHVWUDUDORVWUDEDMDGRUHVVRFLDOHVGHOGLVWULWRHQUHODFLQD
ORV VHUYLFLRV TXH VWRV RIUHFHQ D HVWXGLDQWHV FRQ LPSHGLPHQWRV HQ ORV
GLVWLQWRVQFOHRVHVFRODUHV
3UHSDUDULQIRUPHVTXHVHOHVROLFLWHQUHODFLRQDGRVFRQVXVIXQFLRQHV\OD
ODERUUHDOL]DGD
)XQFLRQHVGHO3HUVRQDOGHO1FOHR(VFRODU
$
'LUHFWRUHVGH(VFXHODV
/RV GLUHFWRUHV GH ODV HVFXHODV GH OD FRPXQLGDG WHQGUQ FRPR UHVSRQVDELOLGDG \
IXQFLQSULQFLSDOHOHMHUFHUVXOLGHUDWRSDUDORJUDUTXHVWDV
7UDEDMHQSDUDHOELHQHVWDUGHORVHVWXGLDQWHVFRQLPSHGLPHQWRVXELFDGRV
HQ ODV PLVPDV DVHJXUQGROHV XQ WUDWR HTXLWDWLYR FRQVLGHUDQGR VXV
QHFHVLGDGHV
3URFXUHQ TXH ODV IDFLOLGDGHV IVLFDV HQ ODV TXH VH SURYHHQ VHUYLFLRV
HGXFDWLYRV \ UHODFLRQDGRV VHDQ DSURSLDGDV SDUD OD SUHVWDFLQ GH ORV
PLVPRV
3URSLFLHQHOTXHWRGRVORVSURIHVLRQDOHVTXHODERUDQHQHOSODQWHOHVFRODU
FRQR]FDQ \ REVHUYHQ ODV OH\HV UHJODPHQWRV \ SURFHGLPLHQWRV TXH ULJHQ
ODSUHVWDFLQGHVHUYLFLRVGHHGXFDFLQHVSHFLDO
&RRUGLQHQ OD SDUWLFLSDFLQ GH ORV HVWXGLDQWHV FRQ LPSHGLPHQWRV HQ HO
3URJUDPD GH 0HGLFLQ UHJXODU R DOWHUQR IDFLOLWDQGR ORV DFRPRGRV
QHFHVDULRVVHJQVHGLVSRQHHQHO3(,
$VHJXUHQ OD SDUWLFLSDFLQ GH ORV HVWXGLDQWHV FRQ LPSHGLPHQWRV HQ RWURV
SURJUDPDV \ VHUYLFLRV TXH RIUHFH OD HVFXHOD SDUD HVWXGLDQWHV GHO
3URJUDPD 5HJXODU $FDGPLFR HQ DUPRQD FRQ ODV GLVSRVLFLRQHV GH ODV
OH\HVTXHORVFUHDQ
3URYHDQ OD GHELGD RULHQWDFLQ DO SHUVRQDO HVFRODU UHODFLRQDGD FRQ HO
GHUHFKR D OD FRQILGHQFLDOLGDG GH OD LQIRUPDFLQ SHUVRQDO LGHQWLILFDEOH GH
ORV HVWXGLDQWHV FRQ LPSHGLPHQWRV LQFOX\HQGR DTXHOOD LQIRUPDFLQ TXH
HVW FRQWHQLGD HQ HO H[SHGLHQWH GHO HVWXGLDQWH \ DVHJXUHQ HO
FXPSOLPLHQWRFRQODVGLVSRVLFLRQHVUHODFLRQDGDVFRQHVWHGHUHFKR
$VHJXUHQ OD SUHSDUDFLQ GHO 3(, GH FDGD HVWXGLDQWH VHUYLGR HQ OD
HVFXHODDWUDYVGHOSURFHVRGHUHYLVLQDQXDO
,PSODQWHQORV3URJUDPDV(GXFDWLYRV,QGLYLGXDOL]DGRVGHORVHVWXGLDQWHV\
HYDOHQHOSURJUHVRGHORVPLVPRVHQIRUPDVLVWHPWLFD
5HFRSLOHQ \ WHQJDQ GLVSRQLEOH OD LQIRUPDFLQ UHTXHULGD SRU OD /H\ ,'($
UHODFLRQDGDFRQODVXVSHQVLQGHHVWXGLDQWHVFRQ\VLQLPSHGLPHQWRV
0DQWHQJDQLQIRUPDFLQHVWDGVWLFDDFWXDOL]DGDVREUHORVVHUYLFLRVTXHVH
RIUHFHQ D ORV HVWXGLDQWHV FRQ LPSHGLPHQWRV GH OD HVFXHOD DV FRPR
HYLGHQFLD GH ORV UHIHULGRV SDUD VROLFLWDU ORV VHUYLFLRV UHODFLRQDGRV
QHFHVDULRV
+DJDQGLVSRQLEOHDOGLVWULWRHVFRODUVXVPDHVWURVGHHGXFDFLQ HVSHFLDO
SDUD TXH VWRV FRODERUHQ HQ OD SUHSDUDFLQ GHO 3(, LQLFLDO GH DTXHOORV
HVWXGLDQWHV GH QXHYR LQJUHVR DO 3URJUDPD GH DFXHUGR DO FDOHQGDULR
GHVDUUROODGRSDUDHVWHSURSVLWR
/OHYHQ D FDER ODV DFFLRQHV QHFHVDULDV SDUD HO SDJR GH EHFDV GH
WUDQVSRUWDFLQGHHVWXGLDQWHVHOHJLEOHVSDUDHVWHVHUYLFLR
%
0DHVWURGH(GXFDFLQ(VSHFLDO
/D5HIRUPD(GXFDWLYDFRQVLGHUDDOHVWXGLDQWHFRPRODUD]QGHVHUGHO6LVWHPD
\DOPDHVWURFRPRDJHQWHGHFDPELRHQHOSURFHVRHGXFDWLYR(OPDHVWURWLHQH
FRPRIXQFLQSULQFLSDOHOSODQLILFDU\GLULJLUHOSURFHVRGHHQVHDQ]DDSUHQGL]DMH
HQVXVDODGHFODVHV(QWUHVXVPOWLSOHVIXQFLRQHVVHGHVWDFDQODVVLJXLHQWHV
&RODERUDUHQHOGLVHR\GHVDUUROORGHODVDFWLYLGDGHVGHGLYXOJDFLQGHO
3URJUDPDDQLYHOGHHVFXHOD\HQODFRPXQLGDGHQODTXHVWDVHXELFD
&RODERUDU HQ HO SURFHVR GH LGHQWLILFDFLQ GH HVWXGLDQWHV FRQ SRVLEOHV
LPSHGLPHQWRV PHGLDQWH OD RULHQWDFLQ GH SDGUHV \ PDHVWURV GH VX
HVFXHOD
$VHVRUDU DO SHUVRQDO HVFRODU VREUH ORV VHUYLFLRV TXH RIUHFH DO 3URJUDPD
GH (GXFDFLQ (VSHFLDO ODV QHFHVLGDGHV GH ORV HVWXGLDQWHV FRQ
LPSHGLPHQWRV ODV HVWUDWHJLDV SDUD DGDSWDU HO FXUUFXOR HO XVR GH
DFRPRGRV\RWURVWHPDVGHLQWHUVSDUDODIDFXOWDG
$VHJXUDUODSURWHFFLQGHODLQIRUPDFLQFRQILGHQFLDOGHORVHVWXGLDQWHV\
RULHQWDUDOSHUVRQDOHVFRODUDOUHVSHFWR
2ULHQWDUDORVSDGUHVVREUHVXVGHUHFKRVGHEHUHV\VHUYLFLRVGLVSRQLEOHV
SDUDORVHVWXGLDQWHVFRQLPSHGLPHQWRV
3ODQLILFDU OD HQVHDQ]D HQ IRUPD HIHFWLYD PHGLDQWH HO DQOLVLV \ HVWXGLR
GHO 3(, \ RWURV GRFXPHQWRV UHOHYDQWHV GH PDQHUD TXH UHVSRQGD D ODV
QHFHVLGDGHVHGXFDWLYDVGHOHVWXGLDQWH
2UJDQL]DU ORV PDWHULDOHV HTXLSR \ RWURV UHFXUVRV SDUD VX ODERU GLDULD \
VHOHFFLRQDU DTXHOORV TXH UHVSRQGDQ D ODV DFWLYLGDGHV GRFHQWHV TXH VH
GHVDUUROOHQGXUDQWHHOGD
,PSODQWDUHO3(,GHFDGDXQRGHORVHVWXGLDQWHVDVXFDUJR
8WLOL]DU WFQLFDV GH HQVHDQ]D \ HVWUDWHJLDV SDUD HO PDQHMR GH OD
FRQGXFWDTXHUHVSRQGDQDORVLQWHUHVHV\DODVQHFHVLGDGHVHGXFDWLYDV\
VRFLDOHVLGHQWLILFDGDVHQHO3(,GHFDGDHVWXGLDQWH
$GDSWDUHOFXUUFXORGHDFXHUGRDODVQHFHVLGDGHVGHORVHVWXGLDQWHV
&RODERUDUHQHOGLVHRHLPSODQWDFLQGHVHUYLFLRVFRODERUDWLYRVHQXQLQ
DORVHVSHFLDOLVWDVTXHODERUDQHQHO6LVWHPD
(YDOXDU ORV ORJURV GH ORV REMHWLYRV WUD]DGRV HQ HO 3(, GHO HVWXGLDQWH
XWLOL]DQGRSUXHEDV\RWURVSURFHGLPLHQWRVGHHYDOXDFLQ
0DQWHQHU LQIRUPDGRV D ORV SDGUHV VREUH HO SURJUHVR HGXFDWLYR GH VXV
KLMRV PHGLDQWH FRPXQLFDFLRQHV HVFULWDV YLVLWDV GH ORV SDGUHV D OD
HVFXHODUHXQLRQHV\RWURV
$VHJXUDU TXH VH LQIRUPD D ORV SDGUHV HO SURJUHVR GH VXV KLMRV FRQ OD
PLVPD IUHFXHQFLD FRQ TXH VH LQIRUPD HO SURJUHVR D ORV SDGUHV GH ORV
HVWXGLDQWHVVLQLPSHGLPHQWRV
,QIRUPDU DO GLUHFWRU GH OD HVFXHOD OD QHFHVLGDG GH UHYLVDU HO 3(, GHO
HVWXGLDQWHFXDQGRVHGHWHUPLQHQHFHVDULRRSRUORPHQRVXQDYH]DODR
3DUWLFLSDU HQ OD UHYLVLQ GHO 3(, FRPR PLHPEUR GHO &RPLW GH
3URJUDPDFLQ\8ELFDFLQGHOQFOHRHVFRODU
3DUWLFLSDU HQ OD HYDOXDFLQ GH OD ODERU GH ORV DVLVWHQWHV GH VHUYLFLRV DO
HVWXGLDQWHVHJQVHDDSURSLDGR
3UHSDUDUORVLQIRUPHVTXHVHOHUHTXLHUDQFRPRSDUWHGHVXVODERUHV
0DQWHQHUDOGDORVGRFXPHQWRVGHWUDEDMRUHTXHULGRV
$VLVWHQWHGH6HUYLFLRV(VSHFLDOHV
/DV IXQFLRQHV HVSHFILFDV D VHU GHVHPSHDGDV SRU ORV $VLVWHQWHV GH 6HUYLFLRV
(VSHFLDOHV GHSHQGHUQ GH ODV QHFHVLGDGHV SDUWLFXODUHV GH ORV HVWXGLDQWHV TXH
UHTXLHUDQORVVHUYLFLRV(QWUHVXVIXQFLRQHVVHGHVWDFDQODVVLJXLHQWHV
&RODERUDU FRQ HO PDHVWUR HQ HOPDQHMR GH VLWXDFLRQHV TXH VXUMDQ HQ ODV
VDODV GH FODVHV TXH UHTXLHUDQ DFRPSDDU HVWXGLDQWHV D RWUDV
GHSHQGHQFLDV DWHQGHUORV VL VXIUHQ FRQYXOVLRQHV DGPLQLVWUDUOH SULPHURV
DX[LOLRVSUHYLRRULHQWDFLQFDWHWHUL]DFLQ\RWUDVDFFLRQHV
$FRPSDDU D ORV HVWXGLDQWHV HQ DFWLYLGDGHV GHQWUR \ IXHUD GH ODV DXODV
HVFRODUHV
$FRPSDDUGLULJLU\D\XGDUDORVHVWXGLDQWHVHQVXDOLPHQWDFLQGXUDQWH
HOSHULRGRGHGHVD\XQRPHULHQGD\DOPXHU]RVHJQVHDQHFHVDULR
&RODERUDUHQODWUDQVSRUWDFLQGLDULDGHORVHVWXGLDQWHVKDFLDODHVFXHOD
GH OD HVFXHOD DO KRJDU \ D FLWDV IXHUD GH OD HVFXHOD FXDQGR VHD
QHFHVDULR
3DUWLFLSDU FRQ HO PDHVWUR HQ OD SUHSDUDFLQ \ GLVWULEXFLQ GH PDWHULDOHV
HGXFDWLYRVSDUDORVHVWXGLDQWHV
3DUWLFLSDU HQ HO PDQHMR \ PDQWHQLPLHQWR GHO HTXLSR TXH VH XWLOL]D HQ HO
VDOQGHFODVHV
3DUWLFLSDU FRQ HO PDHVWUR GH OD VDOD GH FODVHV HQ HO GHVDUUROOR GH ODV
DFWLYLGDGHVH[WUDFXUULFXODUHV
&RODERUDU HQ HO GHVDUUROOR GH DFWLYLGDGHV HGXFDWLYDV UHFUHDWLYDV FRQ ORV
HVWXGLDQWHVDODLUHOLEUH
3URYHHUDVLVWHQFLDHQHOUHDGHFRPXQLFDFLQ,QWUSUHWH
6ROLFLWDU DO GLUHFWRU GH OD HVFXHOD DO PDHVWUR GH HGXFDFLQ HVSHFLDO R D
ORV SDGUHV LQIRUPDFLQ VREUH ODV QHFHVLGDGHV HGXFDWLYDV GH ORV
HVWXGLDQWHVFRQLPSHGLPHQWRVDTXLHQHVRIUHFHXRIUHFHUVHUYLFLRV
3URSLFLDU OD SDUWLFLSDFLQ DFWLYD GHO HVWXGLDQWH FRQ LPSHGLPHQWRV HQ ODV
DFWLYLGDGHVGHHQVHDQ]DDSUHQGL]DMHSODQLILFDGDV
$GDSWDU \ YDULDU OD HVWUDWHJLD LQVWUXFFLRQDO DV FRPR ORV PHGLRV GH
HYDOXDFLQ SDUD TXH HO HVWXGLDQWH FRQ LPSHGLPHQWRV SXHGD EHQHILFLDUVH
GHORTXHVHHQVHD\GHPRVWUDUORDSUHQGLGR
([SORUDUORVPHFDQLVPRVGHDSR\RTXHSXHGHQHVWDUGLVSRQLEOHVDWUDYV
GH ORV FRPSDHURV GHO VDOQ GH FODVHV SDUD IDFLOLWDU OD SDUWLFLSDFLQ \
SURJUHVR GHO HVWXGLDQWH FRQ LPSHGLPHQWRV OHFWRU DQRWDGRU DPLJR
HVSHFLDO
&RQFHGHUWLHPSRDGLFLRQDOSDUDFRPSOHWDUODVWDUHDVDVLJQDGDVDVFRPR
SDUD FRPSOHWDU H[PHQHV \ SUR\HFWRV FXDQGR HVWR VHD QHFHVDULR SRU
UD]QGHOLPSHGLPHQWR
$QXQFLDU FRQ DQWLFLSDFLQ ODV IHFKDV HQ TXH VH DGPLQLVWUDUQ ORV
H[PHQHVSDUDIDFLOLWDUODVRSRUWXQLGDGHVGHHVWXGLR\SUHSDUDFLQGHORV
HVWXGLDQWHVFRQLPSHGLPHQWRV
8ELFDU DO HVWXGLDQWH FRQ LPSHGLPHQWRV HQ XQ OXJDU GHO VDOQ TXH
SURPXHYD OD DWHQFLQ DO PDHVWUR \ UHGX]FD OD GLVWUDFFLQ GH VHU
UHTXHULGRHQVX3(,
&RPSDUWLULQIRUPDFLQ\GHVDUUROODUSURFHVRVGHHYDOXDFLQFRODERUDWLYD
TXH WRPHQ HQ FRQVLGHUDFLQ OD LQIRUPDFLQ TXH WLHQH GLVSRQLEOH HO
PDHVWURGHHGXFDFLQHVSHFLDOVREUHORVORJURVGHOHVWXGLDQWH
'RFXPHQWDU ODV DFFLRQHV \ DFRPRGRV TXH KD SURYLVWR HQ EHQHILFLR GHO
HVWXGLDQWHDVFRPRSUXHEDV\PXHVWUDVGHWUDEDMRTXHUHIOHMHQORTXHHO
HVWXGLDQWHKDORJUDGRHQHOWUDQVFXUVRGHODRHVFRODU
/RV PDHVWURV GHO 3URJUDPD 5HJXODU 3URJUDPD GH (GXFDFLQ 7HFQROJLFD X
RWURVSURJUDPDVGHEHQ
SDUWLFLSDUHQUHXQLRQHVGH&2038VHJQVHDDSURSLDGR
FRQ
OD
FRQGXFWD
VHUYLFLRV
VXSOHPHQWDULRV
PRGLILFDFLRQHV\DSR\RVQHFHVDULRVSDUDORVHVWXGLDQWHV
WHQHUDFFHVRDO3URJUDPD(GXFDWLYR,QGLYLGXDOL]DGRGHOHVWXGLDQWH
\SDUWLFLSDUHQVXSUHSDUDFLQ\UHYLVLQVHJQVHDDSURSLDGR
/RV 0DHVWURV GHO 6DOQ 5HJXODU 3URJUDPD GH (GXFDFLQ 7HFQROJLFD X RWURV
SURJUDPDVQRGHEHQ
UHKXVDUVHDSURYHHUVHUYLFLRVDXQQLRR MRYHQSRUUD]QGHTXH
VWHWHQJDLPSHGLPHQWRV
VXVSHQGHUROLPLWDUODRSRUWXQLGDGGHOHVWXGLDQWHFRQLPSHGLPHQWRV
GHDVLVWLUDOVDOQUHJXODUVDOQGHHGXFDFLQHVSHFLDORDOJQRWUR
WLSRGHVHUYLFLRGHPDQHUDXQLODWHUDO
)XQFLRQHVGHO3HUVRQDOGH$SR\R
2ULHQWDGRU9RFDFLRQDO
'LVHDU XQ SODQ GH RULHQWDFLQ TXH FRQVLGHUH ODV QHFHVLGDGHV GH ORV
HVWXGLDQWHVFRQLPSHGLPHQWRV
$GPLQLVWUDUSUXHEDVGHLQWHUHVHV\DSWLWXGHVYRFDFLRQDOHV
&RODERUDU \ SDUWLFLSDU HQ OD UHGDFFLQ GHO SODQ GH WUDQVLFLQ D OD YLGD
DGXOWDGHHVWXGLDQWHVFRQLPSHGLPHQWRV
&RRUGLQDUFRQRWUDVDJHQFLDV\SURJUDPDVGHODFRPXQLGDG\JHVWLRQDUOD
DGPLQLVWUDFLQ GH SUXHEDV WDOHV FRPR &ROOHJH %RDUG ([DPLQDWLRQ \
RWUDVFRPRSDUWHGHOSURFHVRGHWUDQVLFLQGHORVHVWXGLDQWHV
3UHSDUDUORVLQIRUPHVTXHVHOHUHTXLHUDQ
7UDEDMDGRU6RFLDOHVFXHOD
'HVDUUROODUXQSODQGHWUDEDMRDQXDOTXHFRQVLGHUHODVQHFHVLGDGHVGHORV
HVWXGLDQWHVFRQLPSHGLPHQWRVXELFDGRVHQODHVFXHOD\VXVIDPLOLDV
&RODERUDU FRQ ORV PDHVWURV GHO 3URJUDPD 5HJXODU \ HO GLUHFWRU GH OD
HVFXHOD HQ HO SURFHVR GH LGHQWLILFDFLQ GH ORV HVWXGLDQWHV FRQ SRVLEOHV
LPSHGLPHQWRV
)DFLOLWDU OD UHFRSLODFLQ GH ORV GRFXPHQWRV QHFHVDULRV SDUD UHIHULU D XQ
HVWXGLDQWHSDUDUHJLVWURHQ(GXFDFLQ(VSHFLDO
3URYHHUVHUYLFLRVGHWUDEDMRVRFLDODHVWXGLDQWHVFRQLPSHGLPHQWRVTXHOR
UHTXLHUDQDWUDYVGHODLQWHUYHQFLQLQGLYLGXDORJUXSDOGHDFXHUGRDVXV
QHFHVLGDGHV
5HDOL]DUODVUHYLVLRQHVGHO+LVWRULDOGHO'HVDUUROORGHORVHVWXGLDQWHVTXH
HVWQXELFDGRVHQVXHVFXHODVHJQVHDQHFHVDULR