&DSLWROXO

32/,7,&$'(0$5.(7,1*$),50(,

 

2ELHFWLYH

” 'HILQLUHDSROLWLFLLGHPDUNHWLQJDILUPHL

” &XQRDúWHUHDWLSRORJLHLVWUDWHJLLORUGHSLD 

” &XQRDúWHUHDHOHPHQWHORUFRPSRQHQWHDOHPL[XOXLGHPDUNHWLQJ

&225'21$7(/(32/,7,&,,'(0$5.(7,1*

$),50(,

 ÌQ SUH]HQW ILUPD vúL GHVI úRDU  DFWLYLWDWHD vQWUXQ PHGLX LQVWDELOúLGLQDPLFUH]XOWkQGDVWIHO

QHFHVLWDWHDXQHLDGDSW ULSHUPDQHQWHDDFWLYLW LLILUPHLODFHULQ HOHPHGLXOXLV XH[WHUQODFHULQ HOH

úL UHVWULF LLOH FDUH VH PDQLIHVW  SH SLH HOH SH FDUH ILUPD HVWH SUH]HQW  $GDSWDUHD ILUPHL OD FRQGL LLOH

FRQFUHWHDOHPHGLXOXLV XH[WHUQQXVHSRDWHIDFHvQFRQGL LLOHDEVHQ HLPDUNHWLQJXOXL

 ,QWHJUDUHD IXQF LHL GH PDUNHWLQJ vQ FDGUXO IXQF LLORU ILUPHL SUHVXSXQH GHVI úXUDUHD XQRU

DFWLYLW L VSHFLILFH FXP DU IL VHOHF LD SHUVRQDOXOXL LPSOLFDW vQ DFWLYLW LOH GH PDUNHWLQJ HODERUDUHD

SROLWLFLL úL D VWUDWHJLLORU GH PDUNHWLQJ FRQFUHWH FXDQWLILFDUHD LQWHUGHSHQGHQ HORU vQWUH DFWLYLWDWHD GH

PDUNHWLQJúLWRDWHFHOHODOWHDFWLYLW LGHVI úXUDWHvQFDGUXOILUPHL

 1HFHVLWDWHDDERUG ULLWXWXURUSUREOHPHORUvQWURYL]LXQHGHPDUNHWLQJDIRVWVLQWHWL]DW IRDUWH

VXJHVWLY GH F WUH *X\ 6HUUDI ³vQWUHSULQGHULOH ERJDWH QX IDF PDUNHWLQJ SHQWUX F  DX EDQL FL DX EDQL

SHQWUXF IDFPDUNHWLQJ³

 3ROLWLFD GH PDUNHWLQJ D ILUPHL GHILQHúWH FDGUXO JHQHUDO GH DF LXQH DO ILUPHL vQ YHGHUHD

UHDOL] ULL vQWUHJLL VDOH SURGXF LL 3ROLWLFD GH PDUNHWLQJ HVWH DOF WXLW  GLQWUR VXP  GH VWUDWHJLL úL

LQVWUXPHQWH FRQFUHWH GH DF LXQH WDFWLFL 3ROLWLFD JOREDO  GH PDUNHWLQJ D ILUPHL HVWH DOF WXLW  GLQWU

XQ QXP U GH SDWUX SROLWLFL GH ED]  úL DQXPH SROLWLFD GH SURGXV SROLWLFD GH SUH  SROLWLFD GH

GLVWULEX LHúLSROLWLFDSURPR LRQDO 

 6WUDWHJLD GH PDUNHWLQJ ± FRPSRQHQW  D SROLWLFLL GH PDUNHWLQJ LQFOXGH PLMORDFHOH SH FDUH

ILUPD XUPHD]  V  OH XWLOL]H]H vQ YHGHUHD UHDOL] ULL RELHFWLYHORU GH SLD  SH FDUH úL OHD SURSXV vQ

FRQFRUGDQ  FX FRRUGRQDWHOH JHQHUDOH DOH SROLWLFLL GH PDUNHWLQJ 6WUDWHJLD GH PDUNHWLQJ SRDWH IL

HODERUDW vQGLYHUVHPRPHQWHúLFXGLYHUVHRFD]LLvQFD]XOODQV ULLSHSLD DXQXLQRXSURGXVRGDW 

FX IXQGDPHQWDUHD SURJUDPHORU SODQXULORU VDX EXJHWHORU ILUPHL HWF 6SHFLDOLúWLL UHFRPDQG 

HODERUDUHD OD QLYHOXO ILUPHL D XQXL VHW GH VWUDWHJLL GH PDUNHWLQJ VHW FDUH V  LQFOXG  úLVWUDWHJLL³GH

UH]HUY ³SHFDUHILUPDV OHSRDW DSOLFDvQVLWXD LLOHGHFUL] vQVLWXD LLOHQHSUHY ]XWHÌQIXQF LHGH

VHJPHQWXO F UXLD L VH DGUHVHD]  VWUDWHJLD GH PDUNHWLQJ SRDWH vPEU FD IRUPH FRQFUHWH VWUDWHJLH GH

SLD VWUDWHJLHGHSURGXVVWUDWHJLHSURPR LRQDO HWF

 ÌQ JHQHUDO R VWUDWHJLH GH PDUNHWLQJ HVWH DOF WXLW  GLQ XUP WRDUHOH VWUDWHJLL ³SDU LDOH³

VWUDWHJLD GH DF LXQH VWUDWHJLD UH]XOWDWHORU úL VWUDWHJLD DQJDM ULL 6WUDWHJLD GH DF LXQH VWDELOHúWH

SURGXVHOHVDXJDPDGHSURGXVHFDUHXUPHD] V ILHSURGXVHvQILUP QLYHOXOSUH XULORUSUDFWLFDWHOD

EHQHILFLDU UHJLXQHD úL UHVSHFWLY SLH HOH SH FDUH VH YD FRPHUFLDOL]D SURGXVXO FDQDOHOH GH GLVWULEX LH

XWLOL]DWH HWF 6WUDWHJLD UH]XOWDWHORU PRWLYHD]  DF LXQLOH ILUPHL SULQ DERUGDUHD SULRULWDU  D XQRU

GRPHQLL FXP DU IL XWLOLWDWHD VRFLDO  D SURGXVHORU XWLOL]DUHD FRPSOHW  D FDSDFLW LORU GH SURGXF LH

VDXDIRU HLGHPXQF SULRULW LOHWHKQLFHHWF3ULQVWUDWHJLDDQJDM ULLVHVWDELOHúWHFLQHFkQGúLXQGH

YDH[HFXWDDF LXQLOHFRQFUHWHFXSULQVHvQVWUDWHJLDvQFDX] 

 7DFWLFD GH PDUNHWLQJ UHDOL]HD]  WUDQVSXQHUHD HIHFWLY  vQ SUDFWLF  D VWUDWHJLLORU GH PDUNHWLQJ

DOHXQHLILUPH5HOD LDvQWUHVWUDWHJLDúLWDFWLFDGHPDUNHWLQJHVWHGHODvQWUHJODSDUWH




,03257$1 $675$7(*,(,'(3,$ 

Ì1&$'58/32/,7,&,,'(0$5.(7,1*$),50(,

 6HDSUHFLD] DWkWvQWHRULHFkWúLvQSUDFWLF F VWUDWHJLDGHSLD UHSUH]LQW HOHPHQWXOFHQWUDO

DO SROLWLFLL GH PDUNHWLQJ D ILUPHL 'H DVHPHQHD vQ FRQGL LLOH DFWXDOH vQ FDGUXO ILHF UHL ILUPH HVWH

DEVROXW QHFHVDU  HODERUDUHD XQHL VWUDWHJLL GH SLD  FDUH V  U VSXQG  FHULQ HORU PHGLXOXL H[WHUQ DO

ILUPHLúLV YDORULILFHRSWLPUHVXUVHOHGHFDUHGLVSXQHILUPD

 LQkQG VHDPD GH LPSRUWDQ D VWUDWHJLHL GH SLD  SHQWUX DFWLYLWDWHD ILUPHL DFHDVWD UHSUH]LQW 

GH IDSW SXQFWXO GH SOHFDUH vQ HODERUDUHD úL IXQGDPHQWDUHD WXWXURU FHORUODOWH RS LXQL VWUDWHJLFH DOH

ILUPHL ÌQ DFHVW FRQWH[W HOHPHQWHOH vQ IXQF LH GH FDUH VXQW FRQVWUXLWH GLYHUVHOH WLSXUL GH VWUDWHJLL GH

PDUNHWLQJ VH SRW FRQFUHWL]D vQ GLQDPLFD SLH HL VWUXFWXUD SLH HL VFKLPE ULOH FDUH DX ORF SH SLD 

H[LJHQ HOHSLH HLQLYHOXOFRPSHWL LHL

 3URIHVRUXO & )ORUHVFX FODVLILF  VWUDWHJLLOH GH SLD  vQ IXQF LH GH HOHPHQWHOH HQXPHUDWH

DQWHULRUILJXUD

 6WUDWHJLLOH GH SLD  HODERUDWH úL DGRSWDWH vQ DFWLYLWDWHD ILUPHL DX XQ FDUDFWHU GLQDPLF GH

DVHPHQHD ILUPD SRDWH RSWD SHQWUX IRUPXODUHD XQHL VWUDWHJLL XQLFH SHQWUX WRDWH SURGXVHOH úL WRDWH

DFWLYLW LOHVDOHVDXSRDWHHODERUDVWUDWHJLLGLIHUHQ LDWHSHSURGXVHVDXJUXSHGHSURGXVH

3R]L LDILUPHLID GH

'LQDPLFD 6WUXFWXUD 6FKLPE ULOH ([LJHQ HOH 1LYHOXO

SLH HL SLH HL SLH HL SLH HL FRPSHWL LHL

6WUDWHJLD 6WUDWHJLH 6WUDWHJLH 6WUDWHJLD 6WUDWHJLH

FUHúWHULL QHGLIHUHQ LDW  DFWLY  H[LJHQ HL RIHQVLY 

ULGLFDWH

6WUDWHJLD 6WUDWHJLH 6WUDWHJLH 6WUDWHJLD 6WUDWHJLH

PHQ LQHULL GLIHUHQ LDW  SDVLY  H[LJHQ HL GHIHQVLY 

PHGLL

6WUDWHJLD 6WUDWHJLH 6WUDWHJLH 6WUDWHJLD 

UHVWUkQJHULL FRQFHQWUDW  DGDSWLY  H[LJHQ HL

VF ]XWH

)LJXUD&ODVLILFDUHDVWUDWHJLLORUGHSLD 

6XUVD&)ORUHVFXúLFRODE0DUNHWLQJ(G0DUNHWHU%XFXUHúWL

 (ODERUDUHDXQHLVWUDWHJLLGHSLD UHSUH]LQW RDFWLYLWDWHFRPSOH[ FDUHQHFHVLW FRPSHWHQ 

H[SHULHQ  R EXQ  FXQRDúWHUH D SLH HL HWF úL FDUH DUH GUHSW VFRS HODERUDUHD XQRU GHFL]LL DGHFYDWH

SHQWUX ILUPD vQ FDX]  6SHFLDOLúWLL LPSOLFD L vQ DFHDVW  DFWLYLWDWH vPELQ  GH UHJXO  HOHPHQWH GH

QDWXU  RELHFWLY  FX GHWHUPLQ UL GH RUGLQ VXELHFWLY 3URFHVXO GH HODERUDUH D VWUDWHJLHL GH SLD  SRDWH

ILSUH]HQWDWVFKHPDWLFDúDFXPUH]XOW GLQILJXUD




 6WDELOLUHD $QDOL]DGLDJQRVWLFD

 RELHFWLYHORU PHGLXOXLGHPDUNHWLQJ

 JHQHUDOH

 6WDELOLUHDRSêLXQLORUVWUDWHJLFHIXQGDPHQWDOH

 VHJPHQWDUHDSLHêHL

 VHOHFWDUHDHOHPHQWHORUYL]DWH

 DOHJHUHDFmLORUGHUH]ROYDUH

 SR]LêLRQDUHD



&RQFHSHUHDPDUNHWLQJXOXLPL[

 SURGXV

 SUHê

  GLVWULEXêLH

  SURPRYDUH


(YDOXDUHDSUHYL]LRQDOmDVWUDWHJLLORU





,PSOHPHQWDUHDVWUDWHJLHL



 &RQWUROXOLPSOHPHQWmULLVWUDWHJLHL




)LJXUD(ODERUDUHDVWUDWHJLHLGHSLD 

6XUVD*0HGULKDQ0%6DOR5%R\HU0DUNHWLQJ

0,;8/'(0$5.(7,1*

 0L[XO GH PDUNHWLQJ SRDWH IL GHILQLW FD XQ LQVWUXPHQW GH UHDOL]DUH D SROLWLFLL GH PDUNHWLQJ D

ILUPHL FDUH FRQVW  GLQWUR FRPELQD LH XQLWDU  D GLIHULWHORU YDULDELOH GH PDUNHWLQJ vQ SDWUX GRPHQLL

GLVWLQFWHSURGXVSUH GLVWULEX LHúLSURPRYDUHILJXUD1R LXQHDGHPL[SURYLQHGHODFXYkQWXO

³PL[WXUH³ FDUH vQ OLPED HQJOH]  DUH VHPQLILFD LD GH DPHVWHF vPELQDUH FRPELQDUH &UHDWRUXO

FRQFHSWXOXLGHPDUNHWLQJPL[DIRVWSURIHVRUXO8QLYHUVLW LL+DUYDUG1HLO%RUGHQ

 ÌQ FDGUXO DERUG ULL DFWXDOH D FRQFHSWXOXL GH PDUNHWLQJ PL[ LPSRUWDQ DFHORUSDWUXHOHPHQWH

FRPSRQHQWHSURGXV SUH  GLVWULEX LH úL SURPRYDUHYDULD]  vQ IXQF LH GH FRQGL LLOH FRQFUHWH DOH

WUDQVSXQHULL vQ SUDFWLF  D PL[XOXL  'H DVHPHQHD vQ SUDFWLF  QX HVWH REOLJDWRULH SUH]HQ D WXWXURU

HOHPHQWHORUSHQWUXUHDOL]DUHDPL[XOXL

 &D XUPDUH D GLYHUVLW LL úL FRPSOH[LW LL ILHF UXLD GLQWUH FHOH SDWUX FRPSRQHQWH DOH PL[XOXL

OD QLYHOXO ILHF UXLD GLQWUH HOH VH SRDWH HODERUD XQ DúD QXPLW VXEPL[ VXEPL[ GH SURGXV VXEPL[ GH

SUH VXEPL[GHGLVWULEX LHVDXVXEPL[GHSURPRYDUH


 5H]XPDW

 

 $FWLYLWDWHD GHVI úXUDW  GH ILUPH LQGLIHUHQW GH GRPHQLXO GH DFWLYLWDWH DO DFHVWRUD WUHEXLH V 

U VSXQG  XQRU PXOWLSOH FHULQ H GLQDPLVP FDSDFLWDWH GH DGDSWDUH FDSDFLWDWH GH LQRYDUH

IOH[LELOLWDWH YL]LXQH SURVSHFWLY  HWF 'H DVHPHQHD vQ FHOH PDL IUHFYHQWH GLQWUH VLWXD LLOH SUDFWLFH

FRQFUHWH ILUPD HYROXHD]  vQWUXQ PHGLX ³DJLWDW³ úL LPSUHYL]LELO ÌQ DFHVWH FRQGL LL SUH]HQ D

PDUNHWLQJXOXL ± SULQ LQVWUXPHQWHOH VDOH FRQFUHWH  VH GRYHGHúWH D IL DEVROXW QHFHVDU  vQ

IXQGDPHQWDUHDVWUDWHJLHLJOREDOHDILUPHL


3ROLWLFDGHSURGXV 3ROLWLFDGHSUH 





 0L[XOGHPDUNHWLQJ


3ROLWLFDGHGLVWULEX LH 3ROLWLFDSURPR LRQDO 


)LJXUD0L[XOGHPDUNHWLQJ

&RQFHSWHFKHLH

‰3ROLWLFDGHPDUNHWLQJ&RPSRUWDPHQWXOILUPHLvQOHJ WXU FXDQVDPEOXOSUREOHPHORUUH]XOWDWHFD

XUPDUHDGHVI úXU ULLDFWLYLW LLGHSLD 

‰ 6WUDWHJLD GH PDUNHWLQJ &RPSRQHQW  D SROLWLFLL GH PDUNHWLQJ D ILUPHL SRDWH IL GHILQLW  SULQ

SULQFLSDOHOH GLUHF LL vQ FDUH ILUPD vúL PRELOL]HD]  UHVXUVHOH SHQWUX DúL vQGHSOLQL RELHFWLYHOH

SURJUDPDWH

‰7DFWLFDGHPDUNHWLQJ,QVWUXPHQWXOFRQFUHWGHWUDQVSXQHUHvQSUDFWLF DVWUDWHJLHLGHPDUNHWLQJ

‰ 0L[XO GH PDUNHWLQJ &RPELQDUHD vQWUXQ DQVDPEOX XQLWDU úL FRHUHQW D HOHPHQWHORU FDUH YL]HD] 

SROLWLFDGHSURGXVSROLWLFDGHSUH SROLWLFDGHGLVWULEX LHúLSROLWLFDSURPR LRQDO DILUPHL