You are on page 1of 8

&DSLWROXO

32/,7,&$'(35( 

2ELHFWLYH

‡ (YLGHQ LHUHDFRUHOD LLORUGLQWUHFRVWXULúLSUH XUL

‡ &XQRDúWHUHDGLIHULWHORUPRGDOLW LGHIL[DUH FRQVWUXLUH DSUH XULORU

‡ ÌQ HOHJHUHDVWUDWHJLLORUGHSUH 

3DUFXUJkQG DFHVW FDSLWRO YH L OXD FXQRúWLQ  GH FDWHJRULL úL FRQFHSWH VSHFLILFH SUHFXP SUH 

FRVWSUH GHHFKLOLEUXFRVWPHGLXXQLWDURELHFWLYHOHILUPHLvQIL[DUHDSUH XULORUPRGDOLW LGHIL[DUH

DSUH XULORUVWUDWHJLLGHSUH úLDOWHOH

3UH XO HVWH R YDULDELO  FRQWURODELO  GH PDUNHWLQJ SULQ LQWHUPHGLXO F UHLD VH SRW vQGHSOLQL

RELHFWLYHOHVWUDWHJLFHDOHILUPHL3UH XOHVWHXQHOHPHQWSULQFLSDODOPDUNHWLQJXOXLPL[FDUHMRDF XQ

URO IXQGDPHQWDO vQ FHHD FH SULYHúWH FRPSRUWDPHQWXOXL FRQVXPDWRUXOXL $FHDVW  YDULDELO  DUH XQ

LPSDFWGLUHFWDVXSUDFRWLW LLGHSLD DILUPHLLQFOXVLYDUHQWDELOLW LLDFHVWHLD

&216,'(5$ ,,35,9,1'35( 8/Ì1(&2120,$'(3,$ &$7(*25,,'(

35( 85,

)L[DUHD SUH XULORU GH YkQ]DUH D SURGXVHORU  VHUYLFLLORU RIHU  ILUPHL XQD GLQ FRPSRQHQWHOH

LPSRUWDQWH DOH SROLWLFLL FRPHUFLDOH 'HFL]LLOH OXDWH vQ DFHVW GRPHQLX FRQGL LRQHD]  UHXúLWD ILUPHL

SHQWUXF LQFLGHQ DSUH XULORUSRDWHILREVHUYDW vQWUHLSXQFWHFUXFLDOH

D  SUH XO FDUH YD IL UH LQXW YD LQIOXHQ D GHFLVLY QLYHOXO FHUHULL úL YD GHWHUPLQD GHFL YROXPXO

FLIUHLGHDIDFHUL

E  SUH XO GH YkQ]DUH YD GHWHUPLQD QLYHOXO SURILWXOXL ILUPHL LQFOXVLY FHOHODOWH HOHPHQWH

VSHFLILFHPDUMDGHSLD SURILWXOXQLWDUúLDOWHOH

F  SUH XO GH YkQ]DUH DILúDW SHQWUX XQSURGXVLQIOXHQ HD] SHUFHS LDJOREDO DFOLHQWXOXLID GH

SURGXV8QSUH ULGLFDWYDILDWDúDWLPDJLQLLGHFDOLWDWH SURGXVHGHOX[ LDUXQSUH PRGHUDWYDDYHD

XQVHPQDORSXV

3UREOHPHOH OHJDWH GH GHWHUPLQDUHD SUH XULORU GH YkQ]DUH DOH SURGXVHORU QX VXQW GHORF VLPSOH

ILH F  HVWH YRUED GH IL[DUHD XQXL SUH  QRX SHQWUX XQ SURGXV QRX ILH F  HVWH YRUED GH PRGLILFDUHD

SUH XOXLXQXLSURGXVH[LVWHQWSHRSLD 

3ROLWLFD GH SUH  YD IL GLIHULW  vQ IXQF LH GH FOLHQWHOD FRQFUHW  LQGXVWULDO  VDX LQGLYLGXDO 

0HGLXOFRPSOH[GHSLD FRQMXQFWXUDIDYRUDELO QHIDYRUDELO QDWXUDSURGXVHORUVHUYLFLLORUFHVH

RIHU SHRSLD  LQW HWFVXQWDOWHYDULDELOHFDUHQHFRQGXFVSUHDILUPD LD SULQFLSLX F QXH[LVW R

SROLWLF RSWLP XQLYHUVDO vQPDWHULHGHSUH XULúLWDULIH

ÌQ SUDFWLFD HFRQRPLF  D ULORU GH]YROWDWH FRQWUDU DúWHSW ULORU RSHUDWRULL HFRQRPLFL ±

SURGXF WRULLúLGLVWULEXLWRULL±GLVSXQGHROLEHUWDWHUHGXV vQPDWHULHGHIL[DUHGHSUH XUL0DUMHOHGH

PDQHYU  YDULD]  vQ WLPS vQ IXQF LH GH RS LXQLOH SXWHULL SROLWLFH GH SULQFLSLLOH HFRQRPLFH JHQHUDOH

VXV LQXWHGHRFRQFXUHQ UHDO úLEHQHILF RSHUDWLY DWkWODQLYHOQD LRQDOFkWúLLQWHUQD LRQDO

6H SRWLGHQWLILFDGRX HWDSHvQSROLWLFDGHSUH XQDFRQVW vQGHILQLUHDSUH XULORUWDULIHORUGH

YkQ]DUH vQ IXQF LH GH VLWXD LD SLH HL SUHYL]LRQDWH LQW  DOWD GH QDWXU  VWUDWHJLF  FRPSXV  GLQ

DF LXQLVXFFHVLYHGHDGDSWDUHDSUH XULORUODVLWXD LDQRXFUHDW  DS UXW SHSLD 

ÌQ SULPD HWDS  ID]  VXQW SRVLELOH WUHL PRGDOLW L SULQFLSDOH GH IXQGDPHQWDUH D SUH XULORU 

WDULIHORUD GHILQLUHDSUH XOXLWDULIXOXLDYkQGFDUHIHULQ SUH XOGHFRVWE GHILQLUHDSUH XOXLDYkQG

FDSXQFWGHSOHFDUHFHUHUHDPDQLIHVWDW SHSLD F IXQGDPHQWDUHDSUH XOXLGHYkQ]DUHSRUQLQGGHOD

FRQFXUHQ 


ÌQ HWDSD ID]D  D GRXD GH DGDSWDUH D SUH XOXL GH YkQ]DUH OD H[LJHQ HOH SLH HL VXQW DYXWH vQ

YHGHUH R PDUH GLYHUVLWDWH GH IDFWRUL SROLWLFD FRQFXUHQ HL PRGLILFDUHD FHUHULL IDFWRUL LQWHUQL OHJD L

GH ILUP  FUHúWHUHD UHVXUVHORU ILQDQFLDUH D FDSDFLW LL GH SURGXF LH LQWHQ LD GH D PRGLILFD LPDJLQHD

SURGXVXOXL  VHUYLFLXOXL VFKLPEDUHD GHVWLQD LHL SURGXVHORU VSUH DOWH VHJPHQWH  SLH H PRGLILFDUHD

IRUPHORUGHGLVWULEX LHHWF 

ÌQ SUDFWLFD HFRQRPLF  D ULORU FX HFRQRPLH GH SLD  GH]YROWDW  VH vQWkOQHVF PDL PXOWH

FDWHJRULLGHSUH XULWDULIHGHYkQ]DUHDSURGXVHORUVHUYLFLLORUGLQWUHFDUHFHOHPDLXWLOL]DWHVXQW

D  SUH XO URWXQG úL SUH XO PDJLF  vQ WLPS FH SULPXO VH WHUPLQ  vQ ]HUR   HWF  SUH XO PDJLF

DUH FD WHUPLQD LH FLIUD    HWF ÌQ WLPS FH SUH XO URWXQG HVWH GLQ SXQFW GH YHGHUH SVLKRORJLF

XQSUH UHFHSUH XOPDJLFGLPSRWULY HVWHPDLFDOGFUHkQGVHQ]D LDXQXLSUH PDLPLF

E  SUH XO PLQLPDO úL SUH XO PD[LPDO vQ FD]XO SUH XOXL PLQLPDO FRQVXPDWRUXO vO FRQVLGHU  FD R

EDULHU  PLQLP  VXE HO QX YUHD V  WUHDF  UHSUH]LQW  QR LXQHD GH FDOLWDWH LQVXILFLHQW  SUH XO

PD[LPDO HVWH SUH XO SH FDUH FRQVXPDWRUXO QX GRUHúWH V O GHS úHDVF  FRQVLGHUkQGXO H[FHVLY QX

UHIOHFW XQUDSRUWMXVWvQWUHFDOLWDWHúLSUH 

F SUH XOQHJRFLDWHVWHSUH XOSUHFL]DWGHIXUQL]RUvQIDFWXULOHVDOHILLQGFRQVLGHUDWFDXQSUH MXVWGH

UHYkQ]DUH FRPHUFLDQ LL HQ JURV VXQW REOLJD L V  UHVSHFWH DFHVW SUH  1R LXQHD GH SUH  MXVW FXSULQGH

LPSHUDWLYHOH GH  SURILW DOH ILUPHL FDSDFLWDWHD GH FXPS UDUH D FOLHQ LORU DGHFYDUHD OD FDOLWDWHD

SURSXV úLODQHFHVLWDWHDGHFRPSHWLWLYLWDWH

G  SUH XO LPSXV SHQWUX XQ IDEULFDQW HVWH SUH XO SUHFL]DW vQ PDQLHU  LPSHUDWLY  UHYkQ] WRULORU vQ

ED]D XQRU UHJOHPHQW UL OHJDOH OHJL VSHFLDOH SHQWUX F U L DVLJXU UL WUDQVSRUWXUL  VDX vQ VHFWRDUHOH

UHJOHPHQWDWH FDGHH[HPSOXV Q WDWHSUHV SLD DILQDQFLDU 

3UH XULOH  WDULIHOH GH YkQ]DUH DOH SURGXVHORU úL VHUYLFLLORU UHSUH]LQW  SkUJKLL GH LPSRUWDQ 

VWUDWHJLF  QX QXPDL SHQWUX ILUPH GDU úL SHQWUX VRFLHWDWH vQ DQVDPEOXO V X GUHSW SHQWUX FDUH SXWHUHD

SXEOLF  LQWHUYLQH vQ IRUPH GLYHUVH SHQWUX DVLJXUDUHD HFKLOLEUXOXL JHQHUDO DO VRFLHW LL LQFOXVLY

SHQWUX FUHDUHD FDGUXOXL IDYRUDELO QHFHVDU FUHúWHULL HFRQRPLFH vQ IDYRDUHD LQWHUHVHORU JHQHUDOH DOH

WXWXURURSHUDWRULORUIL]LFLMXULGLFLSXEOLFLVDXSULYD L $VWIHOSXWHUHDSXEOLF LQWHUYLQHvQYHGHUHD

D SURWHF LHLFRQVXPDWRULORUSULYD LúLSXEOLFLúLREOLJ ILUPHOHV 

 ± SXEOLFH SUH XULOH GH YkQ]DUH DOH EXQXULORU  VHUYLFLLORU FH IDF RELHFWXO SXEOLFLW LL vQ DFHVW

FD]SUH XULOHSURPR LRQDOHVXQWFRQVLGHUDWHIUDXGXORDVH 

±PDUFKH]HSUH XULOHDILúDUHDSUH XULORULQFOXVLYWD[HOHDIHUHQWH3HQWUXSURGXVHOHYkQGXWHFX

UDEDWOHJHDIUDQFH] LPSXQHXQGXEOXPDUFDMSUH YHFKL EDUDW úLSUH QRXFXLQGLFDUHDLPSRUWDQ HL

UHGXFHULLvQSURFHQWúLYDORDUHDEVROXW 

E SURWHF LHLFRQFXUHQ HL SHQWUXIDYRUL]DUHDGH]YROW ULLFRQFXUHQ LDOH SULQ

±YkQ]DUHDvQSLHUGHUHFDUHHVWHXQSURFHGHXLQWHU]LV

±SUH XOGHDSHOFDUHFRQVW vQSURPRYDUHDXQXLSURGXVODXQSUH VXESUH XOGHFRVWúLHVWH

XQSUH LQWHU]LV

 ± SUH  PLQLPDO LPSXV VDQF LRQDW SULQ DPHQG  IDSWD ILUPHL GH D LPSXQH GLUHFWLQGLUHFW XQ

QLYHODOSUH XOXLGHYkQ]DUHPDLPLFvQYHGHUHDDWUDJHULLXQHLFOLHQWHOHVXSOLPHQWDUH 

02'$/,7 ,'(),;$5($35( 85,/25

)L[DUHDSUH XULORUWDULIHORUGHYkQ]DUHDSURGXVHORUVHUYLFLLORUQXSRDWHUHSUH]HQWDXQVFRS

vQ VLQH GLPSRWULY  DFHDVW  SUREOHP  LPSRUWDQW  GH PDQDJHPHQW ± PDUNHWLQJ D ILUPHL U VSXQGH

XQRURELHFWLYHvQWUHFDUHDPLQWLP

D  PD[LPL]DUHD SURILWXOXL HVWH SULQFLSDOXO RELHFWLY DO ILUPHL 3HQWUX DFHDVWD VH DGRSW  XQ PRGHO

VLPSOXGHIL[DUHDSUH XOXLFDUHU VSXQGHXQHLIXQF LLDFHUHULLúLDFRVWXOXLGHSURGXF LH

3URILW 9HQLW±&KHOWXLHOL IL[HFLUFXODQWH VDX

3URILW &DQWLWDWHDGHSURGXVHYkQGXWH 3UH XOXQLWDU±&KHOWXLHOL SURGXF LHGLVWULEX LH 

$FHVWH PRGHOH QX LQ FRQW GH DOWH YDULDELOHGHPDUNHWLQJGDUSHUPLWIXUQL]DUHDXQXLFDGUXGH

UHIHULQ SHQWUXIL[DUHDSUH XOXL


E  VXSUDYLH XLUHD SHQWUX R ILUP  FDUH DFWLYHD]  SH R SLD  SXWHUQLF FRQFXUHQ LDO  DFHVW RELHFWLY

FRQVW  vQ D IL[D XQ SUH  FDUH V L SHUPLW  VXSUDYLH XLUHD 0DUMD XQLWDU  GLQWUH SUH XO GH YkQ]DUH úL

FRVWXO PHGLX XQLWDU HVWH VXILFLHQW GH PLF  GDU SR]LWLY  DVWIHO vQFkW QLYHOXO SURILWXOXL HVWH ³GH

VXSUDYLH XLUH´ vQORFXLUHDFDSLWDOXOXLIL[X]DWPRUDOVHIDFHJUHXGLYLGHQGHOHVXQWPLQLPHHWF 

F  PD[LPL]DUHD FLIUHL GH DIDFHUL &$  R VODE  JHVWLXQH  GHILQLUH D FRVWXULORU SURGXF LH úL

GLVWULEX LH  SRDWH FRQGXFH OD PD[LPL]DUHD &$ PDL PXOW GHFkW FUHúWHUHD SURILWXOXL LQkQG FRQW GH

LSRWH]D F  H[LVW  R UHOD LH OLQLDU  vQWUH FHOH GRX  YDULDELOH $FHVW RELHFWLY GDF  HVWH DERUGDW FD R

HWDS SUHPHUJ WRDUH FRPSOHWDW FXPD[LPL]DUHDSURILWXOXL DUSXWHDFRQGXFHODREXQ SR]L LRQDUH

D ILUPHL SH SLD  3ULYLW VHSDUDW úL LQGHSHQGHQW GH DOWH RELHFWLYH PD[LPL]DUHD &$ QX SRDWH IL XQ

RELHFWLYVWUDWHJLFSHWHUPHQOXQJ

G PD[LPL]DUHDFHUHULLXQSUH VF ]XWSHUPLWHSHQHWUDUHDSHSLD SULQWURVWLPXODUHDFHUHULL$FHVW

RELHFWLY QX HVWH YL]DW GHFkW GDF  FHUHUHD HVWH HODVWLF  ID  GH SUH  úL FRVWXULOH GH SURGXF LH úL

GLVWULEX LHVFDGSHP VXU FHYkQ] ULOHFUHVF HIHFWXOHFRQRPLHLGHVFDU 

H  VPkQWkQLUHD SLH HL DFHVW RELHFWLY HVWH DOHV GH XUPDW  GDF  FHUHUHD HVWH LQHODVWLF  úL SRWHQ LDOXO

YkQ] ULORU HVWH VXILFLHQW SHQWUX XQ SUH  ULGLFDW 2ELHFWLYXO VH FRPELQ  vQ JHQHUDO FX XQ EXJHW

DGHFYDW PDUH  SHQWUX FKHOWXLHOLOH GH FRPXQLFDUH úL VH XUP UHúWH SULQWUR SROLWLF  GH SUH  GHJUHVLY 

ID GHRO UJLUHDSLH HL LQW 

I VFKLPEDUHDLPDJLQLLSURGXVXOXLILUPHLVHIRORVHúWHDWXQFLFkQGED]DW SHRFUHúWHUHDUHVXUVHORU

ILQDQFLDUH ILUPD XUP UHúWH R vPEXQ W LUH D LPDJLQLL VDOH IRORVLQG SH OkQJ  R SROLWLF  GH SUH XUL

vQDOWHúLRPRGLILFDUHVXEVWDQ LDO DSROLWLFLLGHSURGXVGLVWULEX LHFRPXQLFDUH 

)L[DUHD SUH XOXL UHSUH]LQW  R GHFL]LH H[LVWHQ LDO  SHQWUX ILUP  'H U VSXQVXO OD vQWUHE ULOH

³&XP WUHEXLH IL[DW SUH XO XQXL SURGXV"´ ³&DUH HVWH QLYHOXO V X RSWLP"´ GHSLQGH FDOLWDWHD DFWXOXL

PDQDJHULDO úL GH PDUNHWLQJ DO ILUPHL 7HRULD úL SUDFWLFD DX FRQILUPDW SDWUX SXQFWH PDMRUH GH

UH]ROYDUHDIL[ ULLSUH XOXLúLDQXPH

D  7HRULD HFRQRPLF  SUH XO HVWH GHWHUPLQDW GH UH]XOWDWXO FRQIUXQW ULL GLQWUH RIHUW  úL FHUHUH SH R

SLD  SUH GHHFKLOLEUX 

E  3UDFWLFD FHD PDL FXUHQW  vQ FHD PDL PDUH SDUWH D WLPSXOXL SUH XO HVWH IL[DW vQ IXQF LH GH

FRVWXULOHGHSURGXF LHúLGHSUH XOGHFRVWWRWDODOXQXLSURGXV FKHOWXLHOLIL[HúLFKHOWXLHOLYDULDELOH 

F ÌQIXQF LHGHFRQVWUkQJHULOHFRQFXUHQ LDOHVDXGHQHYRLOHGHDXWRILQDQ DUHGHVHRULSUH XOHVWH

IL[DW SULQ UDSRUWDUH OD SUH XULOH SUDFWLFDWH GH FRQFXUHQ  SHQWUX SURGXVH HFKLYDOHQWH VDX SULQ

UDSRUWDUH OD QHYRLOH ILQDQFLDUH DOH vQWUHSULQGHULL SHQWUX D UHDOL]D DOWH SURLHFWH GH H[HPSOX vQ

LQGXVWULD IDUPDFHXWLF  SUH XO PHGLFDPHQWHORU WUHEXLH V  ILQDQ H]H vQ HJDO  P VXU  FHUFHW ULOH vQ

ODERUDWRDUHSHQWUXUHDO]DUHDGHQRLPHGLFDPHQWH 

G  'LQ SXQFWXO GH YHGHUH DO PDUNHWLQJXOXL SUH XO WUHEXLH vQWRWGHDXQD IL[DW vQ IXQF LH GH

FXPS U WRU 6H HIHFWXHD]  vQ JHQHUDO R DQFKHW  vQ FDUH VH vQWUHDE  XQ JUXS GH FRQVXPDWRUL

SRWHQ LDOL ³&H SUH  VXQWH L JDWD V  SO WL L SHQWUX DFHVW DUWLFRO"´ úL VH GHWHUPLQ  SUH XO GH

DFFHSWDELOLWDWHVDXSUH XOSVLKRORJLF

3RUQLQG GH OD DFHVWH RELHFWLYH SURJUDPDWLFH XUP ULWH vQ FDGUXO SROLWLFLL GH SUH  ILUPD SRDWH

IRORVLXUP WRDUHOHPRGDOLW LGHIL[DUHDSUH XOXLWDULIXOXLGHYkQ]DUH

 )L[DUHD SUH XOXL vQ IXQF LH GH FRVWXULOH GH SURGXF LH úL GLVWULEX LH (VWH R PHWRG 

³RELHFWLY ´ GH GHWHUPLQDUH D SUH XOXL GH YkQ]DUH DSUHFLLQGXVH F  SUH XO HVWH H[SUHVLD E QHDVF  D

YDORULL SURGXVXOXL  VHUYLFLXOXL YDORDUH FDUH HVWH GDW  GH FKHOWXLHOLOH  FRVWXULOH RFD]LRQDWH GH

IDEULFDUHD EXQXOXL  VHUYLFLXOXL 1H UHIHULP OD WRDWH HOHPHQWHOH GH VWUXFWXU  DOH FRVWXOXL GH

SURGXF LH úL GLVWULEX LH PDWHULL SULPH PDWHULDOH FRPEXVWLELO HQHUJLH DS  DPRUWL]DUH VDODULL

FRQWULEX LLDVXSUDVDODULLORUFRVWXULGHGLVWULEX LH YDULDELOHúLFRQVWDQWH /DDFHVWHFRVWXULWRWDOHVH

DGDXJ PDUMDSURFHQWXDO VDXvQYDORDUHDEVROXW FDUHUHSUH]LQW SURILWXOSURGXF WRUXOXL

$FHDVW  PHWRG  QX LQH FRQW QLFL GH FHUHUH QLFL GH FRQFXUHQ  úL ODV  GHFL R PLF  úDQV  GH D

DMXQJH OD XQ SURILW PD[LP 0HWRGD HVWH SUDFWLF  GDWRULW  IDSWXOXLF HVWHXúRUGHXWLOL]DWSHUPL kQG

vQWUHSULQ] WRUXOXL  PDQDJHUXOXL V  GHWHUPLQH RSWLPXO FRPELQD LHL IDFWRULORU GH SURGXF LH LQFOXVLY

V  HVWLPH]H YROXPXO SXQFWXOXL FULWLF DWkW GLQ SXQFW GH YHGHUH VWDWLF FkW úL vQ GLQDPLF  GH

DVHPHQHD SHUPLWH IL[DUHD XQXL SUDJ PLQLP DO UHQWDELOLW LL LQYHVWL LHL UHVSHFWLY ULVFXOXL DVXPDW GH

vQWUHSULQ] WRU
 )L[DUHD SUH XOXL vQ IXQF LH GH FHUHUHD PDQLIHVWDW  SH SLD  8Q DO GRLOHD IDFWRU

LPSRUWDQW GH LQIOXHQ  DVXSUD SUH XOXL vO UHSUH]LQW  FHUHUHD GH P UIXUL úL VHUYLFLL D XWLOL]DWRULORU

5HOD LD GLQWUH FHUHUH úL SUH  HVWH FXQRVFXW  vQ OLWHUDWXUD GH VSHFLDOLWDWH VXE GHQXPLUHD GH

³HODVWLFLWDWH´úLVHGHWHUPLQ FRQIRUPUHOD LHL

& ±&  S S 

(   =:

&  S  

8QGH&±FHUHUHDFXUHQW ±ED] 

3±SUH XOFXUHQW±ED] 

(ODVWLFLWDWHD(FSHVWHvQJHQHUDOQHJDWLY FXFUHúWHUHDSUH XULORUDUHORFRGLPLQXDUHDFHUHULL

úLLQYHUV$FHDVW WHQGLQ QXVHUHVSHFW GHUHJXO vQXUP WRDUHOHFD]XUL

D  vQ SHULRDGHOH GH FUL]  HFRQRPLF  SUHOXQJLW  úL vQ ULOH vQ FXUV GH GH]YROWDUH GDF  SUH XULOH

SHQWUXEXQXULOHGHSULP QHFHVLWDWHFUHVFSXWHUHDGHFXPS UDUHDFHORUPDLPXOWHIDPLOLLVHUHGXFH

5H]XOWDWXO HVWH VDFULILFDUHD DFKL]L LRQ ULL GH EXQXUL PDL VFXPSH GH IRORVLQ  vQGHOXQJDW  vQ

IDYRDUHD FRQVXPXOXL GH EXQXUL GH SULP  QHFHVLWDWH SkLQH RUH] XOHL EUkQ]HWXUL HWF  )HQRPHQXO

HVWH FXQRVFXW vQ OLWHUDWXUD GH VSHFLDOLWDWH VXE GHQXPLUHD GH HIHFWXO *LIIHQ &X FkW FRHILFLHQWXO GH

HODVWLFLWDWH DO FHUHULL vQ IXQF LH GH YHQLW HVWH PDL PDUH SHQWUX EXQXULOH GH FRQVXPDOLPHQWDUFXDWkW

SRQGHUHD FKHOWXLHOLORU DORFDWH DFHVWRU EXQXUL vQ WRWDO YHQLWXUL HVWH PDL PDUH VHPQ FODU GH OLSVXUL

PDMRUHGHSURGXVHDJURDOLPHQWDUHSHQWUXSRSXOD LD ULLDQDOL]DWH 

E  XQ DO GRLOHD FD] vQ FDUH QX VH UHVSHFW  WHQGLQ D  UHJXOD HODVWLFLW LL FHUHULL vQIXQF LHGHSUH 

SRDUW  GHQXPLUHD GH HIHFWXO 9HEOHQ IHQRPHQXO GH VQRELVP  FX FkWSUH XOXQXLEXQHVWHPDLPDUH

FXDWkWRDQXPLW FDWHJRULHGHFRQVXPDWRULFHUDFHVWEXQvQFDQWLW LPDLPDULFDVHPQGHGLVWLQF LH

VRFLDO 

ÌQOLWHUDWXUDGHVSHFLDOLWDWHIHQRPHQXOGHHODVWLFLWDWHDFHUHULLvQIXQF LHGHSUH GDF VHUHIHU 

OD GRX  SURGXVH $ úL % SRDUW  GHQXPLUHD GH HODVWLFLWDWH vQFUXFLúDW WUDQVYHUVDO  HVWH YRUED GH

YDULD LDFHUHULLSHQWUXSURGXVXO$GDWRUDW YDULD LHLSUH XOXLSURGXVXOXL%FRQIRUPUHOD LHL

&$ ±&$  S ±S 

(   =:

&$  S  

$ SURGXVXO$

% SURGXVXO%

&$ FLIUDGHDIDFHUL YkQ] UL 

S SUH XO

'DF  HODVWLFLWDWHD vQFUXFLúDW  HVWH QHJDWLY  EXQXULOH VXQW FRPSOHPHQWDUH GDF  HVWH SR]LWLY 

FHOHGRX EXQXULVXQWVXEVWLWXLELOH

 )L[DUHDSUH XOXLSVLKRORJLF GHDFFHSWDELOLWDWH 3UH XOSVLKRORJLFHVWHSUH XOGHDFFHSWDW

SHQWUX FXPS UDUHD XQXL SURGXV GH XQ QXP U FkW PDL PDUH GH FOLHQ L 0HWRGD GHWHUPLQ ULL SUH XOXL

SVLKRORJLF FRQVW  vQ D LQWHURJD XQ HúDQWLRQ GH SHUVRDQH UHSUH]HQWDWLYH SHQWUX SLD D LQW  UH LQXW úL

D OH FHUH SUH XO PD[LPDO GLQFROR GH FDUH FOLHQWXO DUH VHQWLPHQWXO F  HVWH IXUDW  UHVSHFWLY SUH XO

PLQLPDO JDUDQWDOXQHLFDOLW LPLQLPH SHQWUXSURGXVXOvQFDX] 

3UH XO SVLKRORJLF VDX SUH XO DFFHSWDELO HVWH SUH XO OD FDUH FHO PDL PDUH QXP U GH FOLHQ L HVWH

JDWDV FXPSHUHXQSURGXV$FHVWSUH GHSLQGHGHLPDJLQHDGHPDUF DWULEXLW XQXLSURGXVVDXXQHL

P UFL ÌQV  PXO L FRQVXPDWRUL FXPS U  I U  D SULYL FX DGHY UDW SUH XO SURGXVHORU YHFLQH vQ DFHVW

FD] FDOLWDWHD úL QRWRULHWDWHD SURGXVXOXL DOHV VXQW PDL LPSRUWDQWH GHFkW SUH XO V X ,PDJLQHD GH
PDUF  D vQWUHSULQGHULL úL  VDX D SURGXVXOXL LQIOXHQ HD]  HQRUP FRPSRUWDPHQWXO GH FXPS UDUH

2ELFHLXULOHúLILGHOLWDWHDID GHXQSURGXVFRQWHD] ODIHOGHPXOWGHXQGHúLLQWHUHVXOGHDILSULPXO

vQRFXSDUHDXQHLSLH HúLGHDúLIRUPDRFOLHQWHO ILGHO 

([HPSOXDFXP]HFHDQLRPDUHPDUF GHYLQXULODQVDSHSLD DIUHQFH] XQQRXWLSGHYLQDOE

úDPSDQL]DW XQ YLQ VSXPRV  OD SUH XO LPEDWDELO GH  ) VWLFOD 'DU FRQWUDU RULF UHL DúWHSW UL QLPHQL

QX D FXPS UDW GLQ DFHVWD 'XS  XQ VWXGLX SURPRWRULL DFHVWHL ODQV UL DX vQ HOHV HURDUHD ORU

FRQVXPDWRULL FXPS U  vQ JHQHUDO YLQ VSXPRV SHQWUX DO RIHUL VDX SHQWUX D V UE WRUL XQ HYHQLPHQW

/RU OHD IRVW WHDP  F  SO WLQG XQ SUH  SUHD PLF FXPS U  XQ YLQ GH SURDVW  FDOLWDWH VDX IDF GRYDGD

]JkUFHQLHLvQID DSULHWHQLORUORU'XS FHVDXUHWUDVWRDWHVWLFOHOHGLQUDLRDQHDIRVWUHODQVDWDFHODúL

YLQ FkWHYD OXQL PDL WkU]LX OD SUH XO GH  ) SH VWLFO  VFKLPEkQGXVH HWLFKHWD $ IRVW XQ YHULWDELO

VXFFHV

(YLGHQW YDULHWDWHD GH SUH XUL SURSXVH WUHEXLH V  LQ  FRQW GH FRQVWUkQJHULOH FRQFXUHQ LDOH úL

LQVWLWX LRQDOH SUH XULOHSRWILOLPLWDWHSULQOHJH úLGHFRVWXULOHGHSURGXF LH

0HWRGDSUH XOXLSVLKRORJLFSUH]LQW RVHULHGHGH]DYDQWDMH

D  UH]XOWDWXO DQFKHWHL HVWH YDODELO GRDU OD GDWD UHDOL] ULL HL úL QX G  GHFkW R LQGLFD LH UHODWLY 

SULYLQGVLWXD LDFXPS U ULORUDIHFWLYH

E  GDF  FLUFXPVWDQ HOH VH VFKLPE  DSUHFLHULOH FRQVXPDWRULORU VH VFKLPE   SXEOLFLWDWH

PLúF ULOHFRQVXPDWRULORUSRWFRQWULEXLODPRGLILFDUHDFRPSRUWDPHQWXOXLvQFRQVXP 

F SUH XOSVLKRORJLFDVLJXU SRDWHPD[LPXPGHYkQ] ULGDUQXúLGHUHQWDELOLWDWH

G  PHWRGD QX HVWH XWLOL]DELO  GHFkWSHQWUXXQQXP UUHVWUkQVGHSURGXVHVHUYLFLLSHQWUXFDUH

UHOD LDSUH FDOLWDWHMRDF XQUROLPSRUWDQW vQJHQHUDOSURGXVHOHFXUHQWHGHODUJFRQVXP 

 )L[DUHDSUH XOXLWDULIHORUGHYkQ]DUHvQIXQF LHGHFRQFXUHQ 

3UH XULOH FRQFXUHQ HL UHSUH]LQW  XQ SRO GH UHIHULQ  SHQWUX ILUP  SUDFWLF I U  OXDUHD vQ

FRQVLGHUDUHDQLYHOXULORUSUH XULORUSUDFWLFDWHGHFRQFXUHQ QXVHSRDWHVXSUDYLH XLSHSLD 3ULPD

vQWUHEDUH SH FDUH úLR SXQH RULFH vQWUHSULQ] WRU HVWH XUP WRDUHD SRW UHDOL]D XQ SURGXV DQXPH OD XQ

SUH  FRPSDUDELO FX SUH XULOH FRQFXUHQ HL" 'DF  U VSXQVXO HVWH GD vQWUHSULQ] WRUXO GXS  FDOFXOH

ULJXURDVH  SULYLQG QHFHVLWDWHD úL RSRUWXQLWDWHD LQWURGXFHULL vQ IDEULFD LH LQWU  SH SLD D LQW 

VHOHFWDW  vQ FD] FRQWUDU UHQXQ  úL vúL LQYHVWHúWH EDQLL vQ DOW  DFWLYLWDWH SH R DOW  SLD  $QDOL]D

FRPSDUDWLY  D SUH XULORU GH FRVW úL GH YkQ]DUH UHSUH]LQW  HOHPHQWXO GH HYDOXDUH LQL LDO DO HILFLHQ HL

LQYHVWL LHL DIDFHULL 

3HQWUX D FXQRDúWH SUH XULOH FRQFXUHQ HL HVWH SRVLELO V  VH UHFXUJ  OD WDEORXO VWDWLVWLF DO

SUH XULORU RIHULWH GH SXQFWHOH GH YkQ]DUH DOH FRQFXUHQ HL VDX OD FDWDORDJHOH GH UDPXU  RIHULWH GH

LQVWLWX LLOHSXEOLFHDELOLWDWH

5HDOL]DUHD XQRU FHUFHW UL GH WHUHQ ILH DVXSUD FRQVXPDWRULORU ILH DVXSUD ILUPHORU FRQFXUHQWH

DIRU HORUORUGHYkQ]DUH UHSUH]LQW PLMORDFHGHLQIRUPDUHFXPXOWPDLSHUWLQHQWHúLFUHGLELOH(VWH

QHFHVDU FD GHSDUWDPHQWXO GH PDUNHWLQJ DO ILUPHL V  DLE  R VWUXFWXU  LQWHULRDU  FDSDELO  V  U VSXQG 

QHYRLLFRPSOH[HGHLQIRUPDUHvQUDSRUWFXFRQFXUHQ D

3RUQLQG GH OD VLWXD LD UHDO  D SUH XULORU FRQFXUHQ HL ILUPD SRDWH RSWD SHQWUX XQD GLQ

XUP WRDUHOHYDULDQWH SHFDUHRFRQVLGHU FDILLQGFHDPDLSRWULYLW LQWHUHVHORUSURSULL 

D  SUH XO SLH HL FRQVW  vQ D VH DOLQLD OD SUH XO PHGLX WHKQLFD SUHVXSXQH F  SUH XO SLH LL

WUDGXFH R FHULQ  FROHFWLY  D VHFWRUXOXL UDPXULL  RE LQHUHD XQHL UHQWDELOLW L VXILFLHQWH FX WRDWH F 

H[LVW ³XQDGHY UDWU ]ERLDOSUH XULORU´vQWUHFRQFXUHQ L

E  VXSUDFRWDUHD SH SLD  VXQW ILUPH FDUH GHFLG V úL SODVH]H SURSULLOH SUH XUL GH YkQ]DUH

GHDVXSUD SUH XULORU SLH HL GLQ GLYHUVH PRWLYH DX UHXúLW V úL ILGHOL]H]H FOLHQWHOD SR]L LD ORU OH

SHUPLWHV QX LQ FRQWGHFRQFXUHQ HWF

F  VXEFRWDUHD SH SLD  DFHVW FRPSRUWDPHQW DJUHVLY ID  GH FRQFXUHQ  QX HVWH SRVLELO GHFkW

GDF  FRVWXULOH PHGLL  XQLWDUH vL SHUPLW ILUPHL V  YkQG  PDL LHIWLQ GHFkW FRQFXUHQ D $FHVW WLS GH

IL[DUH D SUH XOXL DQWUHQHD]  UHDF LL SXWHUQLFH DOH FRQFXUHQ HL SULQ XUPDUH WUHEXLH O VDW  R PDUM  GH

PDQHYU GHF WUHILUPDFHIRORVHúWHDFHDVW WHKQLF 

'HFL]LDGHDOHJHUHDSUH XULORUWDULIHORUGHYkQ]DUHHVWHRSUREOHP GHRS LXQHPDQDJHULDO 

GH PDUNHWLQJ D ILHF UHL ILUPH PHWRGHOH SUH]HQWDWH  SURSXVH VXQW FRPSOHPHQWDUH FHUHUHD IL[HD] 
OLPLWD VXSHULRDU  D SUH XOXL FRVWXULOH GHWHUPLQ  SUH XO PLQLPDO GH YkQ]DUH LDU FRQFXUHQ D RIHU  XQ

SROGHUHIHULQ 

3HQWUX D GHWHUPLQD SUH XO GH YkQ]DUH ILQDO VXQW OXDWH vQ FRQVLGHUDUH PDL PXOWH HOHPHQWH

RELHFWLYHOH ILUPHL DOWH YDULDELOH GH PDUNHWLQJ SUH XULOH DOWRU SURGXVH GLQ JDP  SHQWUX DVLJXUDUHD

XQHLFRHUHQ HvQSROLWLFDGHSUH FRQVWUkQJHULOHOHJDOHVRFLDOHPRUDOHUHOLJLRDVHHWF

675$7(*,,'(35( ',1$0,&$35( 8/8,

$OHJHUHD XQHL VWUDWHJLL GH SUH  HVWH R VDUFLQ  GHOLFDW  SHQWUX ILUP  GHRDUHFH  DUH LPSOLFD LL

PDMRUH vQ WRDWH UHVRUWXULOH PDQDJHULDOH &$ UHQWDELOLWDWH HILFLHQ D LQYHVWL LLORU GH]YROWDUHD ILUPHL

HWF  0DL PXOW RGDW  VWUDWHJLD DGRSWDW  HVWH GLILFLO  R  UHRULHQWDUH I U  FRQVHFLQ H QHJDWLYH vQ

FDSDFLWDWHDGHSODW VROYDELOLWDWHDILUPHLLQFOXVLYvQPRGLILFDUHDFRPSRUWDPHQWXOXLFOLHQ LORU

/LWHUDWXUD GH PDUNHWLQJ D VLQWHWL]DW XUP WRDUHOH WLSXUL JHQHUDOHGHVWUDWHJLLGHSUH FDUHSRWIL

DSOLFDWH LQkQGFRQWGHPRGXOGHPDQLIHVWDUHDSLH HL

  6WUDWHJLD GH SHQHWUDUH SH SLD  ILUPD FDUH SUDFWLF  R DVWIHO GHVWUDWHJLHIRORVHúWHXQSUH 

VXILFLHQW GH VF ]XW DFRSHULWRU GHVLJXU ID  GH FRVWXULOH PHGLL XQLWDUH  DYkQG FD RELHFWLYH PDMRUH

FXFHULUHD XQHL PDUL S U L GH SLD  VDX GHVFXUDMDUHD LQWU ULL SH SLD  úL D DOWRU FRQFXUHQ L VDX FKLDU

UHGXFHUHDFRQFXUHQ HLH[LVWHQWH 

)LUPD XUP UHúWH PD[LPL]DUHD YROXPXOXL YkQ] ULORU &$  $FHDVW  VWUDWHJLH SHUPLWH WUHFHUHD

ODSLD DGHPDV úLVHvQWkOQHúWHODSURGXVHOHGHODUJFRQVXP6WUDWHJLDGHSHQHWUDUHSHSLD FHUHFD

SLD DV ILHVHQVLELO ODSUH LDUFRVWXULOHPHGLLXQLWDUHV VHGLPLQXH]HRGDW FXFUHúWHUHDFHUHULLGH

P UIXUL

$YDQWDMHOH DFHVWHL VWUDWHJLL VXQW YROXPXO YkQ] ULORU &$  IL[DWH FD LQW  HVWH LPSRUWDQW

SHUPL kQG SURGXVXOXL ILUPHL V  RE LQ  R FRWLWDWH PDUH GH SLD  LQFOXVLY R SR]L LH GH IRU  ID  GH

SURGXVHOH VLPLODUH DFHDVW  VWUDWHJLH LPSXQH EDULHUH OD LQWUDUHD SH SLD  SHQWUX QRL FRQFXUHQ L HL

WUHEXLH V  DGRSWH R SROLWLF  GH SUH  VF ]XW  FDUH QX OH SHUPLWH RE LQHUHD GH EHQHILFLL VXILFLHQWH

SHQWUX R ODQVDUH vQW ULQG DVWIHO SR]L LD ILUPHL H[LVWHQWH SH SLD  ,QFRQYHQLHQWHOH VWUDWHJLHL GH

SHQHWUDUHSHQWUXILUPDFHIRORVHúWHRDWDUHVWUDWHJLHDSDUHQHFHVDUXQYROXPLPSRUWDQWGHSURGXF LH

SHQWUX D U VSXQGH FHUHULL GH DVHPHQHD LQYHVWL LL FRVWLVLWRDUH SH FDUH QX úL OH SRDWH SHUPLWH GHFkW R

ILUP SXWHUQLF ILQDQFLDU

  6WUDWHJLD GH ³VPkQWkQLUH´ D SLH LL FRQVW  vQ D IL[D XQ SUH  VXILFLHQW GH PDUH vQF  GH OD

GHEXWXOYLH LLSURGXVXOXL ODQVDUHúLGH]YROWDUH SHQWUXDJDUDQWDXQSURILWXQLWDULPSRUWDQW2DVWIHO

GH VWUDWHJLH VH FRQFHQWUHD]  SH XQ VHJPHQW GH SLD  LQW  QLú  GH SLD  SHQWUX FDUH HODVWLFLWDWHD

FHUHULL vQ UDSRUW FX SUH XO HVWH QXO  VDX DSURDSH QXO  )LUPD VH VLWXHD]  vQ RSWLFD SURILWXOXL

VWUDWHJLDMXVWLILFkQGXVHvQVLWXD LLSUHFXP

H[LVWHQ DXQXLDYDQVWHKQRORJLFILUPDILLQGODDG SRVWGHFRQFXUHQ 

H[LVWHQ DXQXLQXP UVXILFLHQWGHPDUHGHFOLHQ LSUHJ WL LV SO WHDVF 

SRVLELOLWDWHDGHDDWLQJHúLDOWHVHJPHQWHJUD LHXQHLGLPLQX ULSURJUHVLYHDSUH XOXL

ULVFXOPLFSHFDUHXQSUH ULGLFDWvOVXVFLW vQFHHDFHSULYHúWHDSDUL LDFRQFXUHQ LORU

6WUDWHJLD VH IRORVHúWH vQGHRVHEL SHQWUX SURGXVHOH  VHUYLFLLOH GH OX[ DXWRWXULVPH ELMXWHULL

EXQXUL GH IRORVLQ vQGHOXQJDW GHRVHELWH FDUHDXLQWUDWGHMDvQIRORVLQ DXQRUFDWHJRULLVHJPHQWH

GHSRSXOD LH 

$YDQWDMHOHIRORVLULLVWUDWHJLHLGH³VPkQWkQLUH´DSLH HLVXQW

D vQID]DGHODQVDUHFHUHUHDILLQGSX LQVHQVLELO ODSUH DFHDVW SROLWLF YDDQWUHQDXQVXUSOXV

DO&$

E  FRQFXUHQ D ILLQG SX LQ SUH]HQW  VWUDWHJLD SHUPLWH RE LQHUHD GH H[SHULHQ  vQ WRDWH

GRPHQLLOH SURGXF LH ± GHVIDFHUH ± FHUFHWDUH FDUH YD IL IRORVLW  SHQWUX D vPSLHGLFD LQWUDUHDSHSLD 

DDOWRUILUPH

,QFRQYHQLHQWHOHDFHVWHLVWUDWHJLL

D H[LVWHQ DXQHLSLH HUHPXQHUDWRDUHFHHDFHDWUDJHFRQFXUHQ D

E YROXPXOYkQ] ULORUU PkQHVF ]XW


ÌQWDEHOXOQUSUH]HQW PVLQWHWLFWU V WXULOHIXQGDPHQWDOHDOHVWUDWHJLLORUGHSUH DQDOL]DWH

7DEHOXOQU&DUDFWHUL]DUHDVWUDWHJLLORUGHSUH 

1U 6WUDWHJLH
1LYHO 2SWLFD &HUHUH 'LVWULEX LH

FUW SUH  SUH 

 3HQHWUDUHSH 6F ]XW &UHúWHUHD (ODVWLFLWDWH 'HPDV 

SLD  &$

 6PkQWkQLUH  3URILW ,QHODVWLFL 6HOHFWLY 

DSLH HL 5LGLFDW XQLWDU WDWH

LPSRUWDQW

&HOHGRX VWUDWHJLLVXQWDSOLFDWHvQSULQFLSDOSHQWUXODQVDUHDXQXLSURGXVVHUYLFLXSHSLD 3H

GXUDWD FLFOXOXL GH YLD  DO SURGXVXOXL SUH XULOH GH YkQ]DUH QX SRW U PkQH IL[H XQHOH SUH XUL SRW IL

GLPLQXDWHVDXGLPSRWULY SRWILP ULWH

$OWH YDULDELOH GH PDUNHWLQJ SRW LQFLWD ILUPD V  SURFHGH]H OD VF GHUHD SUH XULORU GH YkQ]DUH D

SURGXVXOXL'LQWUHFDX]HOHLQWHUQHDOHGLPLQX ULLQLYHOXOXLSUH XOXLGHYkQ]DUHSRWILUH LQXWH

D 'LPLQXDUHDFRVWXULORUPHGLLXQLWDUHGDF ILUPDGHFLGHV úLUHSHUFXWH]HVF GHUHDFRVWXULORU

GHIDEULFD LHDVXSUDFOLHQWXOHLVDOHHDWUHEXLHV  LQ FRQWSHGHRSDUWHGHULVFXOILQDQFLDULDUSHGH

DOW  SDUWH GH ULVFXO GHJUDG ULL LPDJLQLL VDOH $FHDVW  DVXPDUH D ULVFXOXL VH SRDWH MXVWLILFD SULQ

DPSOLILFDUHD DFWLYLW LL GH FXFHULUH D XQRU QRL VHJPHQWH GH SLD  GH]YROWDUHD FRWHL GH SLD 

JHQHUDO 

E  &DSDFLWDWHD GH SURGXF LH H[FHGHQWDU  XUPDUH D XQHL SUHYL]LXQL QHLQVSLUDWH D YROXPXOXL

&$ VDX D XQHL SURDVWH SHQHWU UL SH SLD  ILUPD GLVSXQH GH XQ H[FHGHQW GH RIHUW  SH SLD 

'LPLQXDUHD SUH XOXL GH YkQ]DUH SH SLD  FRQVWLWXLH R SRVLELOLWDWH GH GHVIDFHUH SULQ FXFHULUHD GH QRL

VHJPHQWHVDXSULQSHQHWUDUHDPDLLQWHQVLY DVHJPHQWHORUDFWXDOH

F  6F GHUHD FRWHL GH SLD  VF GHUHD SUH XULORU UHSUH]LQW  R ULSRVW  IUHFYHQW  $FHDVW  VF GHUH

YD SHUPLWH R UHGLPHQVLRQDUH D YkQ] ULORU OXSWkQG GLUHFW FRQWUD FRQFXUHQ HL /D DF LXQHD XQXLD

GLQWUH FRQFXUHQ LL V L GH D YLQGH XQ SURGXV VLPLODU OD XQ SUH  PDL PLF ILUPD WUHEXLH V  ULSRVWH]H

$FHDVW  UHDF LH SRDWH IL GH PDL PXOWH IHOXUL V  OXSWH SHQWUX R GLPLQXDUH D SUH XULORU VDOH SHQWUX

PHQ LQHUHD SUH XULORU VDOH GDF  LPDJLQHD úL SR]L LD vL SHUPLW  V  FRQWUDDWDFH SULQ FUHúWHUHD

SUH XULORUGHYkQ]DUHODSURGXVHOHSURSULL

0HQ LQHUHDSUH XOXLHVWHSRVLELO vQXUP WRDUHOHLSRVWD]H

FOLHQ LLVXQWILGHOLP UFLL

HVWHYL]DW RVF GHUHDFRVWXULORU

SLHUGHUHDSLH HLU PkQHOLPLWDW 

RDF LXQHXOWHULRDU YDSHUPLWHUHFXFHULUHDSLH HL LQRYD LH 

ÌQUHYDQú DFHDVW VWUDWHJLHG QDúWHUHODXQHOHULVFXULJUHXGHVW SkQLWFRQFXUHQ LLSRWSURILWD

SHQWUX DúL FRQVROLGD SR]L LLOH IRU D GH YkQ]DUH VH SRDWH GHPRELOL]D I FkQG GLILFLO  R UHFXFHULUH D

SLH HL

&UHúWHUHD SUH XOXL DFHDVW  RIHQVLY  QX HVWH YL]DW  GHFkW GDF  ILUPD VH EXFXU  GH R LPDJLQH

SXWHUQLF   IDYRUDELO  SH SLD  úL LPSOLF  R PRGLILFDUH D SURGXVHORU vQ DFFHS LXQHD FRQVXPDWRULORU

6XQW VLWXD LL GH SLD  FkQG GLIHULWH YDULDELOH GH PDUNHWLQJ LPSXQ ILUPHL OXDUHD GHFL]LHLGHFUHúWHUHD

SUH XOXL GH YkQ]DUH $FHDVW  LQL LDWLY  VH SRDWH MXVWLILFD ILH SULQWUR FUHúWHUH D FRVWXULORU PHGLL

XQLWDUH ILUPD YD UHSUH]HQWD DFHDVW  FUHúWHUH DVXSUD FOLHQWHOHL SURSULL  ILH SULQWUR FHUHUH IRDUWH

LPSRUWDQW  ILUPD vQFHDUF  V  HYLWH QHVDWLVIDFHUHD FHUHULL SHQWUX DQVDPEOXO FRQVXPDWRULORU FHHD FH

DU DQWUHQD R LPDJLQH QHJDWLY  $VWIHO ILUPD UHDOL]HD]  FX DMXWRUXO SUH XOXL PDMRUDW  R VHOHF LH D

FRQVXPDWRULORU 'H DVHPHQHD HVWH SRVLELO  R DVWIHO GH GHFL]LH ± PDMRUDUHD SUH XOXL GH YkQ]DUH SH

SLD GDF ILUPD LQWHúWHRvPEXQ W LUHDUHQWDELOLW LLVDOH SRDWHDF LRQDvQWURDVHPHQHDPDQLHU 

GDF  QX HVWH vQ FRQFXUHQ  FX DOWH ILUPH SH SLD D DOHDV  úL GDF  FHUHUHD QX DUH GHFkW R VODE 

HODVWLFLWDWHID GHSUH 
6H úWLH F  SUH XO GH YkQ]DUH DO SURGXVHORU SH SLD  UHSUH]LQW  R YDULDELO  SULPRUGLDO  D

PDUNHWLQJXOXL PL[ 7RDWH PRGLILF ULOH GH SUH   vQ VHQVXO FUHúWHULL VDX VF GHULL ± YRU DYHD

UHSHUFXUVLXQLILHDVXSUDFRQVXPDWRULORUILHDVXSUDFRQFXUHQ HL(VWHSULQXUPDUHLPSRUWDQWGHúWLXW

SUHY ]XWFDUHVXQWDFHVWHUHDF LLúLFHFRQWUDP VXULSRWILDYXWHvQYHGHUH

5H]XPDW

'LQDERUGDUHDSUREOHPDWLFLLUHIHULWRDUHODSUH XULSRDWHUH]XOWDXUP WRDUHDFRQFOX]LHJHQHUDO 

VLVWHPXO GH GHFL]LL OHJDWH GH SUH  UHSUH]LQW  SULQ LPSRUWDQ DúLUROXOSUH XOXLvQDFWLYLWDWHDILUPHLR

YDULDELO VWUDWHJLF FDUHDSDU LQH³WRSPDQDJHPHQWXOXL´'LQWURDVHPHQHDSHUVSHFWLY SUH XOUHSUH

]LQW RYDULDELO LQGLVSHQVDELO ³WDEORXOXLGHERUG´DOPDQDJHPHQWXOXLJHQHUDODORULF UHLILUPH

&RQFHSWHFKHLH

‰ 3UH XO URWXQG (VWH GLQ SXQFW GH YHGHUH SVLKRORJLF XQ SUH  UHFH GHRDUHFH VH WHUPLQ  vQ ]HUR

HWF

‰3UH XOPDJLF(VWHGLQSXQFWGHYHGHUHSVLKRORJLFXQSUH FDOGGHRDUHFHDUHFDWHUPLQD LHFLIUD

HWF(OG VHQ]D LDXQXLSUH PDLPLF

‰ 3UH XO PLQLPDO (VWH FRQVLGHUDW GH FRQVXPDWRU FD ILLQG R EDULHU  PLQLP  VXE FDUH QX VH SRDWH

WUHFH FDOLWDWHDSURGXVXOXLVHFRQVLGHU LQVXILFLHQW 

‰3UH XOPD[LPDO(VWHFRQVLGHUDWGHFRQVXPDWRUFDILLQGH[FHVLYSHQWUXXQSURGXV QXUHIOHFW XQ

UDSRUWMXVWvQWUHFDOLWDWHúLSUH 

‰ 3UH XO &,) )2% )$6 HWF 6XQW SUH XUL QHJRFLDWH GH SDUWHQHUL SHQWUX P UIXULOH WUDQVSRUWDWH SH

FDOH PDULWLP  (OH UHIOHFW  FLQH úL SkQ  XQGH VXSRUW  FKHOWXLHOLOH GH WUDQVSRUW SH UXWD PDULWLP  (OH

UHIOHFW  FLQH úL SkQ  XQGH VXSRUW  FKHOWXLHOLOH GH WUDQVSRUW SH UXWD PDULWLP  I FkQG RELHFWXO

UHJOHPHQW ULORULQWHUQD LRQDOH,1&27(506

‰ (ODVWLFLWDWHD FHUHULL vQ IXQF LH GH SUH  ([SULP  LQIOXHQ D SUH XOXL DVXSUD PRGLILF ULL FHUHULL GH

P UIXULPDQLIHVWDW SHSLD 

‰ (ODVWLFLWDWHD RIHUWHL vQ IXQF LH GH SUH  6XEOLQLD]  PRGLILFDUHD RIHUWHL GH P UIXUL FD XUPDUH D

IDFWRUXOXLGHLQIOXHQ SUH XO

‰ 3ROLWLFD GH SUH  3UHFL]HD]  RS LXQHD FODU H[SULPDW  DO XQ PRPHQW GDW GH R ILUP  vQ GRPHQLXO

SUH XULORUSURGXVHORUVHUYLFLLORUSURSULLDYkQGvQYHGHUHRELHFWLYHOHVWUDWHJLFHIL[DWH

‰ 3UH XO SLH HL (VWH SUH XO QHJRFLDWDFFHSWDW GH SDUWHQHULL XQHL WUDQ]DF LL FRQFUHWH vQ FRQGL LL GH

ORFúLWLPSGDWH

‰ 6WUDWHJLH GH SUH  6LVWHP GH GHFL]LL PDMRUH vQ GRPHQLXO SUH XULORU OXDWH OD QLYHOXO GH YkUI DO

PDQDJHPHQWXOXL XQHL ILUPH DYkQG FD VFRS RSWLPL]DUHD DFWLYLW LL HL vQWUR DQXPLW  SHULRDG  GH

WLPS

‰ 6XSUDFRWDUH  VXEFRWDUH GH SLD  'LQ SXQFWXO GH YHGHUH DO SROLWLFLL GH SUH  D XQHL ILUPH

UHSUH]LQW RS LXQHDHLGHSODVDUHDSURSULLORUSUH XULGHDVXSUDVXESUH XULOHSLH HL

You might also like