You are on page 1of 4

/

855HOp'LIHUHQFLDOGH/tQHD

3URWHFFLyQGHDOWDYHORFLGDGGLIHUHQFLDOGHFRUULHQWHSDUD
OtQHDVGHWUDQVPLVLyQFRQGLVSDURPRQRIiVLFRRWULIiVLFR
&DUDFWHUtVWLFDV\9HQWDMDV

$SOLFDFLRQHV

,QIRUPHGHIDOWDVTXHLQFOX\HODGXUDFLyQGH

/tQHDVGHWUDQVPLVLyQDFXDOTXLHUQLYHOGH

ODIDOWDSDUDXQGLDJQyVWLFRPiVSUHFLVR
&DSDFLGDGSDUDJHVWLRQDUGRVLQWHUUXSWRUHV
LQGHSHQGLHQWHPHQWHHQXQDPLVPD
SODWDIRUPD
6LVWHPDGLIHUHQFLDOGHFRUULHQWHGHDOWD
YHORFLGDGVHJUHJDGRSRUIDVH
,QQRYDGRUHVTXHPDGLIHUHQFLDOGHFRUULHQWH
FRQIUHQDGRDGDSWDWLYR
$SOLFDFLRQHVGHGRVRWUHVWHUPLQDOHV
&RPSHQVDFLyQGHFRUULHQWHVGHFDUJDSDUD
DSOLFDFLRQHVHQOtQHDVODUJDVRFDEOHV
 &RPSHQVDFLyQGHDVLPHWUtDGHFDQDO *36
 +DVWDFXDWURLQWHUUXSWRUHV/RV7,VSXHGHQ
FRQILJXUDUVHHQFDGDWHUPLQDO
)OH[/RJLF70\)OH[/RJLF70GLVWULEXLGR
 (6YLUWXDOHV\H[SDQGLEOHVSDUDUHGXFLUHO
FRVWHGHKDUGZDUH
0HPRULD)ODVKSDUDDFWXDOL]DFLRQHVHQ
FDPSR
0yGXORVH[WUDtEOHVSDUDUHGXFLUUHSXHVWRV

WHQVLyQLQFOX\HQGROtQHDVFRPSHQVDGDVHQ
VHULH
3URWHFFLyQLQGHSHQGLHQWHRFRPRSDUWH
GHXQVLVWHPDDXWRPDWL]DGRGHFRQWUROGH
VXEHVWDFLyQ

3URWHFFLyQ\&RQWURO
3URWHFFLyQGLIHUHQFLDOGHFRUULHQWH'77
 5HVSDOGRDODSURWHFFLyQGHGLVWDQFLDGHIDVH
\WLHUUDRIUHFLHQGR]RQDVLQGHSHQGLHQWHV

(OHPHQWRVP~OWLSOHVGHLQWHQVLGDG\WHQVLyQ
'LUHFFLRQDOGHIDVHQHXWUR\VHFXHQFLD
LQYHUVD

 &RPSDUDGRUXQLYHUVDO)OH[(OHPHQW70
5HHQJDQFKDGRUPRQRSRODUSDUDGRV
LQWHUUXSWRUHV

0RQLWRUL]DFLyQ\0HGLGD
0HGLGDUHDOGHFRUULHQWHVUHPRWDORFDO\
GLIHUHQFLDOSRUIDVH

0HGLGDGHODFRUULHQWHWHQVLyQSRWHQFLD
IDFWRUGHSRWHQFLDIUHFXHQFLD\ORFDOL]DFLyQ
GHIDOWDV

,QWHUID]GH8VXDULR
6RIWZDUH(QHU9LVWD
3XHUWRV5656\(WKHUQHW

*(0XOWLOLQ

/855HOp'LIHUHQFLDOGH/tQHD
3URWHFFLyQ\&RQWURO

)DVRUHV GH LQWHQVLGDG FRPXQLFDGRV GHVGH FDGD


UHOpDWRGRVORVGHPiV

(O / HV XQ UHOp GLIHUHQFLDO GH OtQHD


TXH SURWHJH OtQHDV GH WUDQVPLVLyQ D
FXDOTXLHU QLYHO GH WHQVLyQ LQFOX\HQGR
OtQHDV FRPSHQVDGDV HQ VHULH (O /
RIUHFH XQD DYDQ]DGD IXQFLRQDOLGDG GH
SURWHFFLyQTXHLQFOX\H
)XQFLyQ'LIHUHQFLDOGH
,QWHQVLGDG
(VWD IXQFLyQ XWLOL]D HO IUHQDGR DGDSWD
WLYR SDUD PDQWHQHU XQD DOWD VHJXULGDG
\ HYLWDU IDOORV 6H SXHGH XVDU HO /
HQDSOLFDFLRQHVGHLQWHUUXSWRU\PHGLR
FRQILJXUDQGR KDVWD  HQWUDGDV GH
FRUULHQWHFDGDXQDFRQGLIHUHQWHVUHOD
FLRQHVGH7,SHUPLWLHQGRDOFOLHQWHFUHDU
XQDSURWHFFLyQGLIHUHQFLDOGLVWULEXLGDHQ
XQ iUHD 8Q PHFDQLVPR DYDQ]DGR GH
IUHQDGR DSOLFDGR D OD VXPD LQWHUQD GH
FRUULHQWHVGHFDGDWHUPLQDORIUHFHXQD
VHJXULGDGVXSHULRUGXUDQWHFRQGLFLRQHV
DQRUPDOHV GHO VLVWHPD (O UHOp DMXVWD
HOIUHQDGRDOGHWHFWDUVDWXUDFLyQHQORV
7,V HQ IDOWDV H[WHUQDV SDUD DGDSWDUVH
D ODV QXHYDV FRQGLFLRQHV GHO VLVWHPD
HYLWDQGRGLVSDURVQRGHVHDGRV
&DQDOHVGH
&RPXQLFDFLyQ3LORWR
/DDUTXLWHFWXUDSXQWRDSXQWRHQWUH/V
SHUPLWH UHGXQGDQFLD HQ OD SURWHFFLyQ
FDGD HTXLSR SXHGH RIUHFHU SURWHFFLyQ
SDUD HO VLVWHPD FRPSOHWR  \ VLQFURQL]D
FLyQ GLVWULEXLGD /RV WHUPLQDOHV HVWiQ
VLQFURQL]DGRVHQWLHPSRFRQWUD]DELOLGDG
GHIUHFXHQFLD

/RV HTXLSRV VH FRPXQLFDQ D WUDYpV GH


XQ LQWHUID] GH ILEUD ySWLFD ,((( &
R56\*DXQDYHORFLGDGGH
NESV D WUDYpV GH FDEOH GH ILEUD ySWLFD R
UHGHV GH PXOWLSOH[RUHV (O FDGD HVTXH
PD GH SURWHFFLyQ SXHGH DVLJQDUVH XQD
PLVPD,'DFDGD/
'LVWDQFLDVWtSLFDVGHEUDySWLFD

7LSR(PLVRU







QP/('
QP/('
QP(/('
QP/$6(5
QP/$6(5

7tSLFD NP






7UDQVIHUHQFLD'LUHFWDGH
'LVSDUR '77
7UDQVIHUHQFLD GLUHFWD GH GLVSDUR
PRQRIiVLFD R WULIiVLFD (O UHOp SXHGH
HQYLDU KDVWD RFKR VHxDOHV  D WUDYpV
GHO FDQDO GH FRPXQLFDFLRQHV SLORWR (O
XVXDULR SXHGH HQYLDUODV D WUDYpV GH
OD OyJLFD FRQILJXUDEOH R ORV SXHUWRV GH
FRPXQLFDFLRQHV
0RQLWRUL]DFLyQGH&DQDO
&XDOTXLHUGHWHULRURRIDOORGHOFDQDOGH
FRPXQLFDFLRQHV DFWLYDUi XQD DODUPD
SDUD TXH HO XVXDULR SXHGD DFWLYDU OD
SURWHFFLyQGHUHVSDOGR(OUHWUDVRHQOD
SURSDJDFLyQ GHO FDQDO VH PRQLWRUL]D \
DMXVWDGHDFXHUGRDODVYDULDFLRQHVHQ
HOFDQDOGHFRPXQLFDFLyQ

/yJLFDGH'LVSDUR
/DIXQFLyQ'' GLVWXUEDQFHGHWHFWRU 
RIUHFH VHJXULGDG DGLFLRQDO SDUD OyJL
FDVGHGLVSDURPRQRIiVLFRRWULIiVLFR\
VHOODODyUGHQGHGLVSDUR
&RPSHQVDFLyQGH
&RUULHQWHGH&DUJD
/DFRPSHQVDFLyQGHODFRUULHQWHFDSD
FLWLYDGHODOtQHDKDFHTXHHO/SXHGD
DSOLFDUVH D OtQHDV GH WUDQVPLVLyQ GH
ODUJDGLVWDQFLDRFDEOHV
$SOLFDFLRQHVHQ
7UDQVIRUPDGRUFRQ
7RPDV
(O/SXHGHHOLPLQDUFXDOTXLHUFRUULHQ
WHKRPRSRODUGHVXVHxDOGHRSHUDFLyQ
(VWDFDUDFWHUtVWLFDORKDFHLQPXQHDOD
DOLPHQWDFLyQ KRPRSRODU GH ORV WUDQV
IRUPDGRUHV FRQ WRPDV LQFOX\HQGR ORV
SXHVWRV D WLHUUD HQ HVWUHOOD  GXUDQWH
IDOWDVDWLHUUDH[WHUQDV
3URWHFFLyQGH'LVWDQFLD
(O / LQFOX\H WUHV ]RQDV GH IDVH \
WLHUUD FRQ GHWHFFLyQ GH RVFLODFLyQ GH
SRWHQFLD\GLVSDURGHWUDQVIHUHQFLDSRU
VREUHDOFDQFH SHUPLVLYR /D IXQFLyQ GH
FLHUUH VREUH IDOWD OLQH SLFNXS  GLVSDUD
VL HO LQWHUUXSWRU VH FLHUUD VREUH XQD
IDOWD /RV HOHPHQWRV GH GLVWDQFLD VRQ
UHYHUVLEOHV\SXHGHQDMXVWDUVHDFDUDF
WHUtVWLFD PKR OHQWH R FXDGULODWHUDO /D
UHVWULFFLyQGHFDUJDSXHGHFRQILJXUDUVH
SDUD EORTXHDU ORV HOHPHQWRV VHOHF
FLRQDGRV /RV HOHPHQWRV GH GLVWDQFLD
SXHGHQDSOLFDUVHHQOtQHDVFRPSHQVD
GDVHQVHULH

'LDJUDPD)XQFLRQDOGH%ORTXHV

ZZZ*(LQGXVWULDOFRP0XOWLOLQ

/855HOp'LIHUHQFLDOGH/tQHD
3URWHFFLyQGH
6REUHLQWHQVLGDG
(O HTXLSR LQFRUSRUD IXQFLRQHV GH
SURWHFFLyQ LQVWDQWiQHD \ WHPSRUL]DGD
SDUD FRUULHQWHV GH IDVH WLHUUD QHXWUR
\ VHFXHQFLD QHJDWLYD (VWDV IXQFLR
QHVLQFRUSRUDQXQDYDULHGDGGHFXUYDV
GH WLHPSR HVWiQGDUHV LQFOX\HQGR
WUHV FXUYDV ,((( FXDWUR ,(& FXDWUR
*(,$& ,W WLHPSR GHILQLGR \ FXDWUR
FXUYDVSURJUDPDEOHVSRUHOXVXDULR

&DEOHDGRWtSLFR

6REUHLQWHQVLGDG
'LUHFFLRQDO
/RV HOHPHQWRV GLUHFFLRQDOHV GH IDVH
XWLOL]DQ OD SRODUL]DFLyQ PHPRUL]DGD
/RVHOHPHQWRVGLUHFFLRQDOHVGHQHXWUR
SXHGHQ RSHUDU SRU WHQVLyQ KRPRSRODU
LQWHQVLGDGGHWLHUUDRSRODUL]DFLyQGXDO
$GHPiV VH GLVSRQH GH XQ HOHPHQWR
GLUHFFLRQDOGHVHFXHQFLDLQYHUVD
3URWHFFLyQGH7HQVLyQ
(O HTXLSR LQFRUSRUD IXQFLRQHV GH
SURWHFFLyQ GH Pi[LPD \ PtQLPD
WHQVLyQ
9HULFDFLyQGH
6LQFURQLVPR
(O / LQFRUSRUD GRV HOHPHQWRV LQGH
SHQGLHQWHV GH FRPSUREDFLyQ GH
VLQFURQLVPR SDUD PRQLWRUL]DU ODV GLIH
UHQFLDV HQ WHQVLyQ iQJXOR GH IDVHV \
IUHFXHQFLDV
5HHQJDQFKDGRU
(O HTXLSR LQFRUSRUD XQ UHHQJDQFKDGRU
GH GRV LQWHQWRV GH UHHQJDQFKH PRQR
SRODUSDUDGRVLQWHUUXSWRUHV
3URWHFFLyQGH)DOORGH
,QWHUUXSWRU
(O / GLVSRQH GH GRV IXQFLRQHV
LQGHSHQGLHQWHV GH IDOOR GH LQWHUUXSWRU
D WUDYpV GH OD FRUULHQWH \ ORV FRQWDF
WRV DX[LOLDUHV GHO LQWHUUXSWRU (O LQLFLR
\ EORTXHR VH UHDOL]DQ D WUDYpV GH
FRQWDFWRVGHHQWUDGDRFRPXQLFDFLRQHV
H[WHUQDV
)XQFLRQHVGH3URWHFFLyQ
'HQLGDVSRUHO8VXDULR
2FKRFRPSDUDGRUHVXQLYHUVDOHVOODPD
GRV)OH[(OHPHQWVSXHGHQSURJUDPDUVH
SDUD UHVSRQGHU D XQD YDULDFLyQ HQ OD
VHxDOPHGLGDSRUHOUHOp

0RQLWRUL]DFLyQ\
0HGLGD
/DV IXQFLRQHV GH PHGLGD DYDQ]DGD
VRQ FRPXQHV D WRGRV ORV HTXLSRV GH
OD SODWDIRUPD GH 5HOp 8QLYHUVDO 85 
(O / RIUHFH PRQLWRUL]DFLyQ \ PHGLGD
HVSHFtFDDGLFLRQDOTXHLQFOX\HQ

ZZZ*(LQGXVWULDOFRP0XOWLOLQ

/855HOp'LIHUHQFLDOGH/tQHD
0RQLWRUL]DFLyQ GH OD &RUULHQWH
GH$UFRGHO,QWHUUXSWRU ,W

$ODUPDGH)DOORGH7,
'HVHTXLOLEULRGH&RUULHQWH

(O/WUD]DHQHQYHMHFLPLHQWRSRUIDVH
DUFR  HQ ORV FRQWDFWRV GHO LQWHUUXSWRU
IUHQWH D XQ XPEUDO SURJUDPDEOH /D
PHGLGD GH FDGD IDVH HVWi GLVSRQLEOH
ORFDOPHQWH \ D GLVWDQFLD \ SXHGH
DOPDFHQDUVHHQHOFKHURGHRVFLORJUDItD
RHOUHJLVWURGHGDWRV GDWDORJJHU 

(O / LQFRUSRUD XQD OyJLFD GH DODUPD


SRUGHVHTXLOLEULRGHFRUULHQWH/DDODUPD
SXHGH VHU VXSHUYLVDGD SRU OD WHQVLyQ
KRPRSRODU \ QR RSHUDUi GXUDQWH XQD
FRQGLFLyQGHSRORDELHUWRHQXQVLVWHPD
GH GLVSDUR PRQRIiVLFR $GHPiV HO
XVXDULR SXHGH EORTXHDU ODV IXQFLRQHV
GHGLVSDURHQHVWDVLWXDFLyQ

(VSHFLILFDFLRQHV GH
/
3DUD REWHQHU XQD JXtD GH
HVSHFLFDFLRQHV GHO / SRU IDYRU
YLVLWH ZZZ*(LQGXVWULDOFRP0XOWLOLQ
VSHFVRHQYtHXQID[FRQVXSHWLFLyQDO
RSRUHPDLODOLWHUDWXUH
PXOWLOLQ#JHFRP

/LVWDGH0RGHORV
/  +&3  ) + / 1 6 8 :; 
/   9)  ) + / 1   5 
/































































(
*
+







































































 +&

+3

9)




















































































































+
/































































)
*































































;;
$
%
&
/

$
%
&
'
(
)
*
+
.
/
0
1
3
5
6
7
8
$
&
'
(
)

































)
*
;;
$
%
&
/

$
%
&
'
(
)
*
+
.
/
0
1
3
5
6
7
8
$
&
'
(
)



































;;
$
%
&
/

$
%
&
'
(
)
*
+
.
/
0
1
3
5
6
7
8
$
&
'
(
)



































;;
$
%
&
/

$
%
&
'
(
)
*
+
.
/
0
1
3
5
6
7
8
$
&
'
(
)
















































;;

$

%

&

/



$

%

&

'

(

)

*

+

.

/

0

1

3

5

6

7

8

$

&

'

(

)


$

%

&

'

+

,

-

.

/

0

1

3

5

6

7

:











3DUDPRQWDMHKRUL]RQWDOFRPSOHWR
3DUDPRQWDMHYHUWLFDOUHGXFLGR
8QLGDGEiVLFD
5656 0RG%XV578'13 &38
56%DVH) 0068&$0RG%XV7&3,3'13 &38
56%DVH)UHGXQGDQWH 0068&$0RG%XV7&3,3'13 &38
6LQRSFLRQHVGH6RIWZDUH
6RIWZDUHSDUDLQWHUUXSWRU\PHGLR FRQWDUMHWD'63HQODRSFLyQ/
0RQWDMHKRUL]RQWDO UDFNGH
0RQWDMHKRUL]RQWDO UDFNGH FRQWHFODVSURJUDPDEOHV
0RQWDMHYHUWLFDO 
)XHQWHGH9&&&$
9 VyOR&&
(VWiQGDU7,77
7LHUUDVHQVLEOH7,77
6LQPyGXORV
VDOLGDV02)6(7GHHVWDGRVyOLGR VLQPRQLWRUL]DFLyQ
VDOLGDV02)6(7GHHVWDGRVyOLGR WHQVLyQFRQFRUULHQWHRSFLRQDO
VDOLGDV02)6(7GHHVWDGRVyOLGR FRUULHQWHFRQWHQVLyQRSFLRQDO
VDOLGDVVHOODEOHV)RUP$ VLQPRQLWRUL]DFLyQ
VDOLGDV)RUP$ VLQPRQLWRUL]DFLyQ
VDOLGDV)RUP$ WHQVLyQFRQFRUULHQWHRSF \)RUP&HQWUDGDVGLJLWDOHV
VDOLGDV)RUP$ WHQVLyQFRQFRUULHQWHRSF \)RUP&HQWUDGDVGLJLWDOHV
VDOLGDV)RUP&
HQWUDGDVGLJLWDOHV
)RUP&HQWUDGDVGLJLWDOHV
VDOLGDVUiSLGDV)RUP&
VDOLGDV)RUP$ WHQVLyQFRQFRUULHQWHRSF HQWUDGDVGLJLWDOHV
VDOLGDV)RUP$ WHQVLyQFRQFRUULHQWHRSF HQWUDGDVGLJLWDOHV
VDOLGDV)RUP&\UiSLGDV)RUP&
VDOLGDV)RUP$ LQWHQVLGDGFRQWHQVLRQRSF \)RUP&HQWUDGDVGLJLWDOHV
VDOLGDV)RUP$ LQWHQVLGDGFRQWHQVLRQRSF \)RUP&HQWUDGDVGLJLWDOHV
VDOLGDV)RUP$ LQWHQVLGDGFRQWHQVLRQRSF \HQWUDGDVGLJLWDOHV
VDOLGDV)RUP$ LQWHQVLGDGFRQWHQVLRQRSF \HQWUDGDVGLJLWDOHV
VDOLGDV)RUP$ VLQPRQLWRUL]DFLyQ \)RUP&HQWUDGDVGLJLWDOHV
VDOLGDV)RUP$ VLQPRQLWRUL]DFLyQ \)RUP&HQWUDGDVGLJLWDOHV
VDOLGDV)RUP$ VLQPRQLWRUL]DFLyQ \HQWUDGDVGLJLWDOHV
VDOLGDV)RUP$ VLQPRQLWRUL]DFLyQ \HQWUDGDVGLJLWDOHV
HQWUDGDVGFP$VDOLGDVGFP$
HQWUDGDV57'
HQWUDGDV57'VDOLGDVGFP$

6HOHFFLRQHXQPi[LPRGH
HQWUDGDVGFP$\HQWUDGDVGH57'
HQWUDGDVGFP$
FDQDOGHFRPPXQLFDFLRQHVGHQPPXOWLPRGR/('
FDQDOGHFRPPXQLFDFLRQHVGHQPPXOWLPRGR/('
FDQDOGHFRPPXQLFDFLRQHVGHQPPRQRPRGR(/('
FDQDOGHFRPPXQLFDFLRQHVGHQPPRQRPRGR/$6(5
FDQDOHVGHFRPPXQLFDFLRQHVGHQPPXOWLPRGR/('
FDQDOHVGHFRPPXQLFDFLRQHVGHQPPXOWLPRGR/('
FDQDOHVGHFRPPXQLFDFLRQHVGHQPPRQRPRGR(/('
FDQDOHVGHFRPPXQLFDFLRQHVGHQPPRQRPRGR/$6(5
&DQDO56&DQDOQPPXOWLPRGR/('
&DQDO56&DQDOQPPXOWLPRGR/('
&DQDO56&DQDOQPPRQRPRGR(/('
&DQDO56&DQDOQPPRQRPRGR/$6(5
FDQDOGHFRPPXQLFDFLRQHV*
FDQDOHVGHFRPPXQLFDFLRQHV*
FDQDOGHFRPPXQLFDFLRQHV56
FDQDOHVGHFRPPXQLFDFLRQHV56
FDQDOGHQPPRQRPRGR/$6(5
FDQDOHVGHQPPRQRPRGR/$6(5
&DQDO56&DQDOQPPRQRPRGR/$6(5
FDQDO,(((&QPPXOWLPRGR/('
FDQDOHV,(((&QPPXOWLPRGR/('

ZZZ*(LQGXVWULDOFRP0XOWLOLQ

You might also like