You are on page 1of 60

&$3$&,7$&,2135(67235(6838(6726




35(6(17$&,Ï1

(VWHPDQXDOKDVLGRSUHSDUDGRSDUDIDFLOLWDUHODSUHQGL]DMHGH3UHVWR3UHVXSXHVWRVDOLQFOXLU
XQGHVDUUROOR³SDVRDSDVR´GHODFDSDFLWDFLyQTXHLPSDUWHQORVWpFQLFRVGH$PLQIR/WGD

(VWH FXUVR VH LPSDUWH EDMR FyGLJR 6(1&(   \ WLHQH XQD GXUDFLyQ GH  KRUDV
HPLQHQWHPHQWH SUiFWLFDV ODV TXH VRQ FRPSOHPHQWDGDV FRQ ORV HMHUFLFLRV D GHVDUUROODU FRPR
³WDUHDSDUDODFDVD´

([LVWHRWURFXUVRGH3UHVXSXHVWR$YDQ]DGRTXHSHUPLWHSURIXQGL]DUHQODVKHUUDPLHQWDVDTXt
SUHVHQWDGDV FRPR WDPELpQ DGTXLULU KDELOLGDG HQ RWUDV FRPR LPSRUWDU \ H[SRUWDU DUFKLYRV
UHSDUDUDUFKLYRVGDxDGRVFUHDUQXHYRVILOWURV\H[SUHVLRQHVHWF

&XDOTXLHULQIRUPDFLyQDGLFLRQDOTXHUHTXLHUDQRGXGHHQFRQWDFWDUVHFRQQRVRWURV




6RSRUWH7pFQLFR SUHVWR#DPLQIRFO
&DSDFLWDFLyQ FDSDFLWDFLRQ#DPLQIRFO










$PLQIR/WGD
+XHOpQRI3URYLGHQFLD
)RQRV
)D[
















3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

,1',&(

2%-(7,92'(35(67235(6838(6726 
&5($&,Ï1'(8118(92352<(&72 
&DPLQR 
1RPEUH  
3ODQWLOOD  
³3URSLHGDGHV2EUD'DWRV´  
³3URSLHGDGHV2EUD&iOFXOR´  
³3URSLHGDGHV2EUD5HGRQGHRV´  
3(5621$/,=$&,Ï1  
(OHJLU&ROXPQDVYLVLEOHV  
,1*5(62'('$726 
'LJLWDOL]DFLyQGHGDWRV  
&RPDQGRVUiSLGRV SRUWHFODGR  
3DUD&RSLDU\PRYHU  
6XJHULU³)´  
&iOFXORGHSRUFHQWDMHV  
'XSOLFDU&yGLJR  
&yGLJRVGXSOLFDGRV 
(QWLGDGHV  
0RGRGDWRVDVRFLDGRV  
&23,$5'(5()(5(1&,$  
%DVHGH'DWRV  
9(17$1$6  
&RQFHSWRV  
),/7526  
)LOWUDUSRUPiVFDUD  
)LOWUDUSRUH[SUHVLyQ  
)LOWUDUSRUFDPSR6yORDSDUHFHQODVOtQHDVFRQFRQWHQLGRVHPHMDQWHDOGHOFDPSRGRQGH
HVWiHOFXUVRU  
)LOWUDUSRUSDODEUDV  
&2/801$63527(*,'$6  
23(5$5  
(OFRPDQGR³´2SHUDU´  
2SHUDUSRU([SUHVLyQ 
2SHUDUSRURSHUDFLyQ  
&$032'(868$5,2 
&$3Ë78/26<3$57,'$6  
,PSULPLUSRUSDQWDOOD  
9(17$1$63(5621$/,=$'$6 
(VWLORVGHYHQWDQDVGHGHIHFWR  
*XDUGDUHVWLORGHYHQWDQDV  
5HFXSHUDUHVWLORGHYHQWDQDV  
$-867$5 
&26726,1',5(&726  
3DUWLGDFRQFDQWLGDGDQXODGD  
3RUFHQWDMHVLQIRUPDGRV  
35(672<(;&(/ 

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

([SRUWDUD([FHO 
,PSRUWDFLyQGH([FHO  
(VWUXFWXUDGHOIRUPDWRGHLPSRUWDFLyQGHVGH([FHO 
(67$'26'(3$*2 
)DVHV  
$YDQFH)tVLFRGHODV3DUWLGDV 
(PLVLyQGH(VWDGRVGH3DJR  
'$726$62&,$'26  
7H[WRV  
,PDJHQ  
'LEXMR  
',5(&725,26 
2EUDV  
,QIRUPHV  
&$'  
2SFLRQHVGH8VXDULR 
7HPSRUDO  
27526&20$1'26 
,PSRUWDFLyQGHGDWRVGHXQDREUDDODDFWXDO  

































3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

2EMHWLYRGH3UHVWR3UHVXSXHVWRV

• 5HDOL]DUODSUHVHQWDFLyQGHXQSUHVXSXHVWRSDUDHOFOLHQWH
• 5HDOL]DUODIRUPXODFLyQGHORV(VWDGRVGH3DJR

3UHVXSXHVWDU XQD REUD FRQVLVWH HQ FDOFXODU HO FRVWR WRWDO PHGLDQWH OD LGHQWLILFDFLyQ GH ODV
SDUWLGDV\ODFXDQWLILFDFLyQGHWRGRVORVHOHPHQWRVTXHODFRPSRQHQ

3UHVWR UHDOL]D XQD MHUDUTXL]DFLyQ GH ODV SDUWLGDV SDUD HOOR VH UHDOL]D XQ iUERO GH
GHVFRPSRVLFLRQHV VXFHVLYDV HQ HOHPHQWRV FDGD YH] PiV VHQFLOORV 3UHVWR SHUPLWH OD
GHVFRPSRVLFLyQ HQ KDVWD  QLYHOHV 7RGRV ORV HOHPHQWRV TXH FRPSRQHQ HO SUHVXSXHVWR VH
GHQRPLQDQFRQFHSWRV

&DGD FRQFHSWR SXHGH DSDUHFHU HQ YDULRV OXJDUHV HQ OD REUD IRUPDQGR SDUWH GH OD
GHVFRPSRVLFLyQGHGLVWLQWRVFRQFHSWRV&DGDDSDULFLyQHVXQDUHODFLyQHQWUHHOFRQFHSWR\XQ
FRQFHSWR VXSHULRU $ VX YH] XQ FRQFHSWR FRPSXHVWR SRU YDULRV LQIHULRUHV SXHGH IRUPDU SDUWH
GHODGHVFRPSRVLFLyQGHRWURVFRQFHSWRV

(VWHFRQMXQWRGHGHVFRPSRVLFLRQHVVXFHVLYDVSXHGHDVLPLODUVHDXQiUEROLQYHUWLGRHQHOTXH
OD UDt] UHSUHVHQWD HO FRVWR WRWDO \ ODV UDPDV FRQFHSWRV GH PHQRU FRPSOHMLGDG (O FRQFHSWR
DVRFLDGRDOFRVWRSUHYLVWRWRWDOTXHQRIRUPDSDUWHGHQLQJXQDGHVFRPSRVLFLyQVHGHQRPLQD
FRQFHSWRUDt]































3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

&UHDFLyQGHXQQXHYRSUR\HFWR

3UHVWRXWLOL]DSURFHGLPLHQWRVKDELWXDOHVHQ:LQGRZV
• 6HOHFFLRQDU³$UFKLYR1XHYR´RHOLFRQR³1XHYR´
• $SDUHFHODVLJXLHQWHYHQWDQD





&DPLQRLQGLFDODUXWDGRQGHVHJXDUGDUiHODUFKLYR3RUGHIDXOWDSDUHFHHO~OWLPRXWLOL]DGR6H
SXHGHFUHDUXQQXHYRGLUHFWRULRSXOVDQGRHOERWyQ³&DPLQR´

1RPEUH LQGLFD HO QRPEUH GHO DUFKLYR 3RU HMHPSOR &XUVR (O QRPEUH QR GHEH H[FHGHU ORV 
FDUDFWHUHV\SXHGHWHQHUORVFDUDFWHUHV$6&,, OHWUDVPD\~VFXODVRPLQ~VFXODVQ~PHURVGHO
DO  \ JXLyQ EDMR  1R VRQ DGPLVLEOHV ORV FDUDFWHUHV HVSHFLDOHV FRPR OD x ODV YRFDOHV
DFHQWXDGDV\ORVGHPiVVLJQRVJXLyQDGPLUDFLyQSXQWRFRPD

3ODQWLOOD/DQXHYDREUDVHUiXQDFRSLDGHRWUDREUDH[LVWHQWHDODFWLYDUODFDVLOOD8VDUREUD
H[LVWHQWH FRPR SODQWLOOD \ UHOOHQDU HO FXDGUR FRQ HO FDPLQR \ HO QRPEUH GH OD REUD HOHJLGD
SXOVDQGR HO ERWyQ ³3ODQWLOOD´ (O QRPEUH GH ORV GLUHFWRULRV HQ TXH VH VLW~DQ ODV REUDV KD GH
FXPSOLUFRQODVPLVPDVFRQGLFLRQHVLQGLFDGDVDQWHV

/DVREUDVVHFUHDQSRUGHIHFWRHQHOIRUPDWRFRPSDFWR3=+SRUORTXHHOVLVWHPDRIUHFHGRV
RSFLRQHV

)RUPDWR FRPSDFWR 3=+ PRQRXVXDULR XQ VROR DUFKLYR  /D QXHYD REUD TXHGDUi HQ XQ
IRUPDWR PiV FRPSDFWR HV GHFLU OLYLDQR PX\ ~WLO SDUD JXDUGDU HQ ,QWHUQHW \ HQYLDU SRU HPDLO
3DUDHVWHWLSRGHIRUPDWRHVQHFHVDULRJXDUGDUORVFDPELRVGXUDQWHODHMHFXFLyQGHOSUR\HFWR
(Q³(QWRUQRGH7UDEDMR*HQHUDOHV´VHSXHGHLQGLFDUODRSFLyQ³$XWRJXDUGDGRFDGDPLQXWRV´

)RUPDWR FOiVLFR %WULHYH 3= PXOWLXVXDULR YDULRV DUFKLYRV  OD QXHYD REUD TXHGDUD GH OD
IRUPD WUDGLFLRQDO HV GHFLU FRQ ORV  DUFKLYRV TXH SRVHH FDGD 3UR\HFWR \ VH JXDUGDUiQ
DXWRPiWLFDPHQWHORVFDPELRV

• (OHJLUXQWLSRGHIRUPDWR
• &OLFHQ$FHSWDU
• 6H DEUH OD YHQWDQD ³3URSLHGDGHV REUD 'DWRV´ TXH VH UHOOHQDUi FRQ ORV GDWRV
FRUUHVSRQGLHQWHV7RGRVORVGDWRVLQFRUSRUDGRVVRQHVSHFtILFRVGHODREUDHQHVWXGLR





3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

³3URSLHGDGHV2EUD'DWRV´





• &XDGURGH3UHFLRVVHOHFFLRQDU&KLOHFRPRD\XGDSDUDFRGLILFDFLyQ
• 'HMDU VLQ VHOHFFLRQDU ³$FHSWDU FyGLJRV HQ PLQ~VFXOD´ 7RGRV ORV FyGLJRV TXHGDUiQ HQ
PD\~VFXODDXQTXHVHWHFOHpHQPLQ~VFXOD
• (QOHQJHWDVHOHFFLRQDU³'DWRV*HQHUDOHV /LEURGHO(GLILFLR ´
• 5HOOHQDU ORV GDWRV GH OD REUD HQ OD FROXPQD 9DORU 1RPEUH GH OD 2EUD 'LYLVD
'LUHFFLyQ7HOpIRQR)D[&RUUHRHOHFWUyQLFRHWF  (VWRV GDWRV TXHGDQ GLVSRQLEOHV
SDUDVHULQFRUSRUDGRVHQORV,QIRUPHV
• (VFULELU  &/3 SHVRV FKLOHQRV   HQ OXJDU GH (85 HXUR  (VWR LQGLFD TXH ORV SUHFLRV
LQJUHVDGRVHQRWUDVPRQHGDVFDOFXODUiQVX,PSRUWHWRWDOHQSHVRVFKLOHQRV
• (VWDFHOGDLQFOX\HXQPHQ~GH³6XJHULU´DOTXHWDPELpQSXHGHDFFHVDUVHPHGLDQWHOD
WHFOD)DSDUHFLHQGRODVLJXLHQWHYHQWDQD








3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

• (OHJLU&/3
• $GHPiVVLVHGHVHDTXHHOVLVWHPDHQWUHJXHSRUGHIHFWRODRSFLyQ&/3VHSURFHGHGH
ODVLJXLHQWHIRUPD
 (OHJLU(QWRUQRGH7UDEDMR'LYLVDV
 'LJLWDUHQODSULPHUDILODODRSFLyQ³3HVRVFKLOHQRV´FRQODVLJOD³´HO,62³&/3´
ORVGHFLPDOHVLJXDODGRVD\ODSDULGDGTXHVHUHTXLHUDSRUHMHPSORODSDULGDG
FRQOD8)VLHQGRODSDULGDGHQ8)$VtDODEULUXQQXHYRSUR\HFWRHQ
³3URSLHGDGHVGHODREUD´ODGLYLVDTXHDSDUHFHSRUGHIHFWRHV&/3SRUHMHPSOR




• (Q OHQJHWD VHOHFFLRQDU ³(O FRQVWUXFWRU /LEUR GHO (GLILFLR´ DSDUHFH OD VLJXLHQWH
YHQWDQD




(QHVWDYHQWDQDVHLQJUHVDQWRGRVORVGDWRVGHOD(PSUHVD&RQVWUXFWRUD(VWRVGDWRVSXHGHQ
VHUXWLOL]DGRVHQORVLQIRUPHV


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

• (QOHQJHWDVHOHFFLRQDU³3RUFHQWDMHV´DSDUHFHODVLJXLHQWHYHQWDQD




5HOOHQDUORVSRUFHQWDMHVTXHFRUUHVSRQGD3RUHMHPSOR

1RPEUH  9DULDEOH     9DORU
*DVWRVJHQHUDOHV ]3RU*DVWRV*HQHUDOHV   
8WLOLGDGHV  ]3RU%HQ,QGXVWULDO    
,PSUHYLVWRV  ]3RU,9$(MHFXFLyQ    
,9$   ]3RU,9$+RQRUDULRV    
'HYROXFLyQ,9$ ]3RU5HW&OLHQWH    

(OQRPEUHTXHVHLQGLFDKDVLGRXWLOL]DGRHQORVLQIRUPHVSUHSDUDGRVSRU$0,1)2\TXHVH
LQFOX\HQHQHO&'HQ$UFKLYRVGH&KLOH




















3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

³3URSLHGDGHV2EUD&iOFXOR´




3RUFHQWDMH GH FRVWRV LQGLUHFWRV GH SUHVXSXHVWR HV HO SRUFHQWDMH VREUH WRGDV ODV SDUWLGDV
TXH UHSHUFXWH ORV FRVWRV GH OD REUD TXH QR SXHGHQ DVLJQDUVH D XQD SDUWLGD GHWHUPLQDGD $O
FRSLDU FRQFHSWRV GH XQD REUD D RWUD DVXPHQ HO SRUFHQWDMH GH FRVWRV LQGLUHFWRV GH OD REUD
GHVWLQR
(OSRUFHQWDMHLQWURGXFLGRVHDSOLFDDOSUHFLRXQLWDULRGHFXDOTXLHUDGHORVFRQFHSWRVQRFDStWXOR
TXH ILJXUHQ HQ OD GHVFRPSRVLFLyQ GH XQ FRQFHSWR GH QDWXUDOH]D &DStWXOR ILJXUDQGR HO
UHVXOWDGRHQORVFDPSRV,PS3UHVH,PS&HUWGHOFRQFHSWRLQIHULRU

1R UHGRQGHDU FRVWR DQWHV GH FDOFXODU LQGLUHFWRV \ 1R DSOLFDU LQGLUHFWRV D SDUWLGDV VLQ
GHVFRPSRQHUHOLJHQHOPRGRHQTXHVHUHDOL]DUiHOFiOFXORGHFRVWRVLQGLUHFWRV

'HVJORVDU SUHFLRV DX[LOLDUHV SRU QDWXUDOH]DV 6L VH PDUFD HO FiOFXOR SRU QDWXUDOH]DV VH
UHDOL]DUi WHQLHQGR HQ FXHQWD WRGRV ORV FRQFHSWRV VLPSOHV LQFOXVR ORV TXH IRUPDQ SDUWH GH OD
GHVFRPSRVLFLyQGHORVSUHFLRVDX[LOLDUHVVLQRHQOXJDUGHpVWRVWHQGUiHQFXHQWDORVSUHFLRV
DX[LOLDUHVVLQGHVFRPSRQHU

5HGRQGHDU SDUWLGDV TXH DFW~DQFRPR DX[LOLDUHV 6L VH XWLOL]D XQ FRQFHSWR FX\D QDWXUDOH]D
HV 3DUWLGD HQ OD GHVFRPSRVLFLyQ GH RWUR GH HVD PLVPD QDWXUDOH]D VH SXHGH FDPELDU HO
UHGRQGHR FRQ HO TXH VH FDOFXOD VX SUHFLR TXH VHUtD HO LQGLFDGR SDUD ODV SDUWLGDV 'HF  DO
SURSLRGHORVFRQFHSWRVVLPSOHV 'HF1DW 

$MXVWDUFRQVXPRVSRUREMHWLYRFRQFRPSUDV\H[LVWHQFLDV6LVHPDUFDHQORVFRQVXPRV
SRUREMHWLYRVHDQRWDUiFRPR&DQ5HDORUHQGLPLHQWRGHOFRQFHSWROD&DQ2EMFRUUHJLGDSRU
XQFRHILFLHQWHTXHWLHQHHQFXHQWDODVFRPSUDVGHOVXPLQLVWUR\ODVH[LVWHQFLDVGHOPLVPRTXH
VHKD\DQDQRWDGR

&DOFXODU GXUDFLRQHV VREUH SUHVXSXHVWR  2EMHWLYR \ 'XUDFLyQ GHO GtD ODERUDO HQ KRUDV
HOLJHQHOPRGRHQTXH3UHVWR7LHPSRVUHDOL]DUiHOFiOFXORGHODGXUDFLyQGHFDGDDFWLYLGDG






3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

³3URSLHGDGHV2EUD5HGRQGHRV´




1~PHUR GH GHFLPDOHV GH ODV FDQWLGDGHV SUHFLRV \ WRWDOHV D FRQVLGHUDU HQ ORV FiOFXORV GHO
3UHVXSXHVWR&HUWLILFDFLyQ5HDO2EMHWLYR3ODQLILFDGR

'HF&DQW&DS5HGRQGHRFDQWLGDGGH³&DStWXORV´
'HF&DQW0HG5HGRQGHRFDQWLGDGGH³3DUWLGDV´
'HF&DQW5HQG5HGRQGHRFDQWLGDGGH³5HFXUVRV´
'HF5HGRQGHRGHSUHFLRGH³&DStWXORV´
'HF3DU5HGRQGHRGHSUHFLRGH³3DUWLGDV´
'HF1DW5HGRQGHRGHSUHFLRGH³5HFXUVR´
'HF,PS5HGRQGHRGHWRWDOHV
'HF'HW5HGRQGHRGHSDUFLDOHVHQOtQHDVGHFXELFDFLyQ
'HF)DF5HGRQGHRGH,PSRUWHVHQVXPLQLVWURV

• &OLFHQ$FHSWDUDSDUHFHODYHQWDQDGH3UHVXSXHVWR\HOQRPEUHGDGRDODUFKLYR]5Dt]
HVWiEDMR&yGLJR\HOGDGRDODREUD ]1RPEUH EDMR5HVXPHQ









3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

3HUVRQDOL]DFLyQ

• 0HQ~FRQWH[WXDO ERWyQGHUHFKR H[LVWHQGRVRSFLRQHV

 6L VH HOLJH PHQ~ FRQWH[WXDO
VREUH OD FDEHFHUD DSDUHFH XQ
PHQ~ TXH DIHFWD D WRGDV ODV
FROXPQDV GH XQD YHQWDQD /DV
IXQFLRQHV TXH DIHFWDQ D OD
FROXPQD GRQGH VH DEUD HO PHQ~
DSDUHFHQHQORVH[WUHPRV








 6L VH HOLJH PHQ~ FRQWH[WXDO GHQWUR GH XQD
FROXPQD DSDUHFH XQ PHQ~ FRQWH[WXDO GLIHUHQWH
TXH GLFH UHODFLyQ FRQ ODV RSHUDFLRQHV TXH VH
SXHGHQ KDFHU VREUH ORV FRQFHSWRV 3RU HMHPSOR
VREUH OD SULPHUD ILOD GH OD FROXPQD &yGLJR
DSDUHFH

















(OHJLU &ROXPQDV YLVLEOHV SHUPLWH YLVXDOL]DU VROR ODV FROXPQDV TXH VH YDQ D RFXSDU SDUD
LQJUHVDURFRQVXOWDUGDWRVHOLJLpQGRODVHQWUHXQDJUDQFDQWLGDGGHFDPSRVSRVLEOHV

• 6HOHFFLRQDU³(OHJLUFROXPQDVYLVLEOHV´


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




• (O %RWyQ ! LQVHUWD HO FDPSR VHOHFFLRQDGR GH &ROXPQDV SRVLEOHV HQ &ROXPQDV
HOHJLGRV´
• (O %RWyQ  UHWLUD HO FDPSR VHOHFFLRQDGR GH &ROXPQDV HOHJLGRV D &ROXPQDV
SRVLEOHV(TXLYDOHD2FXOWDUFROXPQD
• (O%RWyQ!!LQVHUWDWRGRVORVFDPSRVGH&ROXPQDVSRVLEOHVHQ&ROXPQDVHOHJLGRV
PLHQWUDVHO%RWyQSURGXFHHOHIHFWRLQYHUVR
• 'REOHFOLFVREUHXQDFROXPQDHTXLYDOHD >@R >!@GHSHQGLHQGRGHOFXDGURHQHOTXH
VHKDJD
• /DV LQVHUFLRQHV GH FROXPQDV VH SURGXFHQ VREUH XQD FROXPQD PDUFDGD 6L QR KD\
QLQJXQD FROXPQD PDUFDGD VH LQVHUWDUiQ D FRQWLQXDFLyQ GH OD ~OWLPD FROXPQD GHO
FXDGUR&ROXPQDVHOHJLGDVRHQRUGHQDOIDEpWLFRHQ³&ROXPQDVSRVLEOHV´

/DV ³&ROXPQDV 3RVLEOHV´ VH RUGHQDQ DOIDEpWLFDPHQWH SRU OR WDQWR SULPHUR VH XELFDQ ORV
LQLFLDGRVHQHOSUHILMR³F´TXHFRUUHVSRQGHDLQIRUPDFLyQGHORVFRQFHSWRV\OXHJRORVLQLFLDGRV
SRUHOSUHILMR³U´TXHVHUHILHUHQDODVUHODFLRQHVHQWUHORVFRQFHSWRV

/D YHQWDQD 3UHVXSXHVWR SUHVHQWDUi ORV FDPSRV HOHJLGRV HQ HO RUGHQ HQ TXH ILJXUHQ HQ HVH
FXDGUR

/DRSFLyQ³(OHJLUFROXPQDVYLVLEOHV´VHHQFXHQWUDGLVSRQLEOHHQFDVLODWRWDOLGDGGHODVYHQWDQDV
GH3UHVWR

$O DFFLRQDU HO ERWyQ ³'HIHFWR´ VH SUHVHQWDQ ODV FROXPQDV HOHJLGDV TXH 3UHVWR PXHVWUD HQ OD
YHQWDQD3UHVXSXHVWRSRUGHIDXOW

$PRGRGHHMHPSORYDPRVDGHMDUYLVLEOHVHQQXHVWUDYHQWDQDGHWUDEDMRODVFROXPQDVTXHVH
LQGLFDQDFRQWLQXDFLyQ\HQHVHPLVPRRUGHQ,WHP F&yGLJR 1DWXUDOH]D F1F ,QIRUPDFLyQ
,QIR  'HVFULSFLyQ F5HVXPHQ  8QLGDG F8G  &DQWLGDG U&DQ3UHV   3UHFLR 8QLWDULR
F3U3UHV \7RWDO U,PS3UHV 

3DUDHOORVHSURFHGHGHODVLJXLHQWHPDQHUD
• 0HQ~FRQWH[WXDO(OHJLUFROXPQDVYLVLEOHV$FFLRQDUERWyQ'HIHFWR
• (Q&ROXPQDVHOHJLGDVVHOHFFLRQDUFDPSRF8GHOHJLUODRSFLyQ%DMDU
• (Q FROXPQDV HOHJLGDV VH GD GREOH FOLFN HQ ORV FDPSRV TXH QR VH GHVHD YLVXDOL]DU
F0GR3UHVF0DW3UHVF0DT3UHVF2WU3UHV 
• (Q&ROXPQDVHOHJLGDVVRORTXHGDQODVFROXPQDVTXHVHGHVHDYLVXDOL]DU

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

,QJUHVRGH'DWRV

'LJLWDOL]DFLyQ GH GDWRV 6H SXHGH XWLOL]DU FXDOTXLHU FyGLJR \ VH SHUPLWH KDVWD  QLYHOHV GH
GHVFRPSRVLFLyQ3RUHMHPSORHOVLJXLHQWHSUHVXSXHVWR

• &RPHQ]DQGR SRU ORV
FDStWXORV









• /XHJR ORV VXEFDStWXORV GH
FDGD XQR GH ORV FDStWXORV
SDUDODREUDJUXHVDVHUiQ







• /RV VXEFDStWXORV GH ODV
WHUPLQDFLRQHVVHUiQ








• /RV VXEFDStWXORV GH ODV
LQVWDODFLRQHVVHUiQ








127$$ODVLJQDUODQDWXUDOH]D 1F &DStWXORVDXQFRQFHSWRHVWHDVXPHSRUGHIHFWROD
FDQWLGDG³´



3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

(O3UHVXSXHVWRVHKDLGRFUHDQGRSRUQLYHOHVFX\DHVWUXFWXUDSXHGHYLVXDOL]DUVHHQ
ODHVWUXFWXUD³ÈUERO´TXHVHDFFHGHVHOHFFLRQDQGRHOWHUFHULFRQRGHODVHJXQGDILOD
$ODEULUORVGLYHUVRVQLYHOHVWHQHPRV




/DFUHDFLyQGHODVSDUWLGDVVHKDUiHQHOQLYHOVLJXLHQWHDOGHORVVXEFDStWXORV
6HSXHGHDFFHGHUDHVWHQLYHOGHVGHHO3UHVXSXHVWRRGHVGHHOÈUEROGHODVLJXLHQWHIRUPD

• (Q HO 3UHVXSXHVWR GDQGR GREOH FOLF HQ HO QRPEUH GHO VXEFDStWXOR HVWH VXELUi D OD
FDEHFHUDGHOHVTXHPDGHWUDEDMRGHO3UHVXSXHVWR
• 6H FRQVHJXLUi HO PLVPR HIHFWR GHVGH HO ÈUERO GDQGR GREOH FOLF VREUH HO QRPEUH GHO
VXEFDStWXORDGHVFRPSRQHUHQSDUWLGDV
• ,QJUHVDUHQHOVXEFDStWXORGH029,0,(172'(7,(55$6ODVVLJXLHQWHVSDUWLGDV




3DUD ORV VLJXLHQWHV VXEFDStWXORV VH SURFHGH GH OD PLVPD PDQHUD (O UHVXOWDGR GH HVWD
GHVFRPSRVLFLyQVHSXHGHYLVXDOL]DUDFWLYDQGRHOLFRQR³&DStWXORV\3DUWLGDV´TXHVHHQFXHQWUD
HQ FXDUWR OXJDU HQ OD VHJXQGD OtQHD GH LFRQRV $ FRQWLQXDFLyQ VH DSUHFLD FRPR TXHGDQ
HVWUXFWXUDGRVORV&DStWXORV2EUD*UXHVD\7HUPLQDFLRQHV











3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726


/DV,QVWDODFLRQHVVHKDQFRQVLGHUDGRFRPRJOREDOHVSRUORTXHQRSRVHHQGHVJORVH

&RPDQGRVUiSLGRV SRUWHFODGR 

)  (GLWDU


)  &RSLDUGHOD&HOGD6XSHULRU
0D\) &RSLDUGHOD&HOGD,]TXLHUGD
)  0RYHU6HXVDSDUDFRSLDU\PRYHURSDUDPRYHUSRUPiVFDUD
)  6XJHULU
)  $EUHXQDOtQHDHQEODQFR


3DUD&RSLDU\PRYHU
• 0DUFDUORVGDWRVDFRSLDU
• (GLFLyQ&RSLDU
• 6HOHFFLRQDUGRQGHFRSLDU
• ) (GLFLyQ0RYHU 


3RU HMHPSOR 6L SDUD HVWH SUR\HFWR VH FRQVLGHUDQ TXH ODV SDUWLGDV ([FDYDFLRQHV 5HOOHQRV \
5HWLURGH(VFRPEURVGHEHQHVWDUGHQWURGHOFDStWXOR+RUPLJRQHVVHSURFHGHGHODVLJXLHQWH
IRUPD
• 0DUFDUODVSDUWLGDVTXHHVWiQGHQWURGHOFDStWXOR³0RYLPLHQWRGH7LHUUDV´&OLFNHQHO
FXDGURHQEODQFRVREUHODILOD³´VHOHFFLRQDWRGR





3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

• &75/&HTXLYDOH(GLFLyQ&RSLDU
• 'DUGREOH&OLFND³+RUPLJRQHV´ SRQHUORHQFDEHFHUD 
• $FWLYDU)
• /DVSDUWLGDV³([FDYDFLRQHV5HOOHQRV\5HWLUR´TXHGDUiQLQFOXLGDVHQ+RUPLJRQHVHQOD
SRVLFLyQGHOFXUVRU




3DUDPRYHUFRQPiVFDUD
• 6HOHFFLRQDUGRQGHFRSLDU SRQHUHQFDEHFHUD 
• $FWLYDU)
• ,QGLFDUVHOHFFLyQGHPiVFDUD SDUWHFRP~QGHORVFyGLJRVVHJXLGRVGHOVLJQR 

3RU HMHPSOR VL ODV SDUWLGDV GH ³0RYLPLHQWR GH 7LHUUD´ GHEHQ SHUWHQHFHU DO VXEFDStWXOR
³+RUPLJRQHV´VHSURFHGHGHODVLJXLHQWHIRUPD

• 'DUGREOHFOLFNDOFDStWXOR³+RUPLJRQHV´ SRQHUORHQFDEHFHUD 
• 3RVLFLRQDUHOFXUVRUHQODOtQHD
• $FWLYDU)6HDEUHODVLJXLHQWHYHQWDQD




• (VFULELU$ 
• $FHSWDU 6H PXHYHQ WRGRV ORV FRQFHSWRV TXH FRPLHQ]DQ FRQ $  TXHGDQGR FRPR
VLJXH







3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

6XJHULU³)´

(OVLVWHPDVXJLHUHTXHHOHPHQWRFRUUHVSRQGHHQFDGDFHOGDSDUDHOORVHXWLOL]DUiXQHMHPSOR
QXHYRGHODVLJXLHQWHIRUPD

• 3RVLFLRQDUVHHQFDPSRFyGLJRGRQGHHOSURJUDPDVXJLHUHHOFyGLJRDXVDUDOSUHVLRQDU
ODOHQJHWDRDFWXDU)3RUGHIHFWRDSDUHFH




• 3RVLFLRQDUVHHQFDPSR5HVXPHQGRQGHHOSURJUDPDVXJLHUHODGHVFULSFLyQDXVDU




• 6L VHOHFFLRQDPRV HO &DStWXOR  \ VH TXLHUH FUHDU OD SDUWLGD FRUUHVSRQGLHQWH  HV
QHFHVDULRSRVLFLRQDUVHHQHOFDPSRFyGLJR\GDU)GRQGHUHVXOWDORVLJXLHQWH




• (OFDPSR8GVXJLHUHODVXQLGDGHVPiVXVXDOHV


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726





&iOFXORGHSRUFHQWDMHV

(O DQiOLVLV GH XQ SUHFLR XQLWDULR VH SXHGH UHDOL]DU \D VHD LQWURGXFLHQGR XQR D XQR VXV
FRPSRQHQWHVRFRSLDQGRVXHVWUXFWXUDGHDOJXQDUHIHUHQFLD RWURSUR\HFWREDVHGHGDWRVHWF 

(Q HO SULPHU FDVR IUHFXHQWHPHQWH HV QHFHVDULR LQFOXLU DOJXQRV FiOFXORV TXH SXHGHQ VHU
UHVXHOWRVPHGLDQWHODDSOLFDFLyQGHIDFWRUHVRODLQWURGXFFLyQGHSRUFHQWDMHV(OVHJXQGRFDVR
&RSLDUGH5HIHUHQFLDVHUiDERUGDGRHQHOFDStWXORVLJXLHQWH

3RUHMHPSORSDUDUHDOL]DUHODQiOLVLVGHSUHFLRXQLWDULRGHODSDUWLGD+RUPLJyQ9LJDV\3LODUHV
NJFHPPVHSURFHGHWHQLHQGRHQFXHQWDODVVLJXLHQWHVSUHPLVDV

• 3DUD HMHFXWDU HO +RUPLJyQ OD PDQR GH REUD FRQVLGHUDGD HV XQ &RQFUHWHUR  PiV VX ò
D\XGDQWH TXH WLHQH XQ UHQGLPLHQWR GH  P DO GtD HV GHFLU RFXSD  KUV SDUD
KDFHUXQPGH+RUPLJyQFRQVLGHUDQGRXQDMRUQDGDGHKRUDV
• /DV/H\HV6RFLDOHVVHHVWLPDQHQ
• 8QSUHPLRVRORSDUDHO&RQFUHWHURGHXQ
• /RVPDWHULDOHVDHPSOHDUVRQULSLRDUHQD\FHPHQWR3RUFDGDPGHKRUPLJyQXWLOL]DUi
PP\VDFRVUHVSHFWLYDPHQWH
• 6HFRQVLGHUDQFRPRSpUGLGDSDUDWRGRVORVPDWHULDOHV
• /D PDTXLQDUtD D HPSOHDU HV XQD EHWRQHUD FRQ XQ UHQGLPLHQWR GH P DO GtD SRU OR
WDQWRRFXSDKUVHQKDFHUPGHKRUPLJyQ
• (OUHFDUJRSRUGHVJDVWHGHKHUUDPLHQWDVHVGH

3DUDUHDOL]DUHODQiOLVLVGH3UHFLR8QLWDULRGHHVWDSDUWLGDHQ3UHVWRVHSURFHGHGHODVLJXLHQWH
PDQHUD

• 'LJLWDUHO&yGLJR'HVFULSFLyQ&DQWLGDG\3UHFLRGHORVVLJXLHQWHVPDWHULDOHV

o 05LSLRP
o 0$UHQD*UXHVDP
o 0&HPHQWRVDFRV

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

o TXHGDQGRGHODVLJXLHQWHIRUPD




3RUFHQWDMHGHSpUGLGDGHPDWHULDOHV
'LJLWDU 0 ,GHQWLILFD HO SRUFHQWDMH VREUH ORV FyGLJRV TXH FRPLHQFHQ FRQ 0
o

$SDUHFHVXQDWXUDOH]D\VHGHVWDFDQHQFRORUURMRDXWRPiWLFDPHQWH
o

(Q5HVXPHQGLJLWDU3pUGLGDV
(Q 8' GLJLWDU OD 8QLGDG  (Q &DQ3UHV DSDUHFH HQ FRORU 0DJHQWD HO YDORU
o

TXH FRUUHVSRQGH DO  GH OD VXPD GHO ,PSRUWH 9DORU 7RWDO  GH WRGRV ORV
o

PDWHULDOHV
(Q 3U3UHV VH GLJLWD HO YDORU GHO SRUFHQWDMH GH SpUGLGDV HQ HVWH FDVR  $O
PXOWLSOLFDUVH HVWH Q~PHUR SRU HO  FDOFXODGR JHQHUDUi HO YDORU GHO  GH
o

SpUGLGDVGHORVPDWHULDOHVTXHVHYLVXDOL]DHQ,PS3UHVTXHGDQGRFRPRVLJXH




• 'LJLWDUHO&yGLJR'HVFULSFLyQ&DQWLGDG\3UHFLRGHODPDQRGHREUD

o 2&RQFUHWHUR+5
o 2$\XGDQWH+5
o TXHGDQGRGHODVLJXLHQWHIRUPD




• 3RUFHQWDMHGHOH\HVVRFLDOHV
o 'LJLWDU 2 ,GHQWLILFD HO SRUFHQWDMH VREUH ORV FyGLJRV TXH FRPLHQFHQ FRQ 2
$SDUHFHVXQDWXUDOH]D\VHGHVWDFDQHQFRORUURMRDXWRPiWLFDPHQWH
o (Q5HVXPHQGLJLWDU/H\HV6RFLDOHV
o (Q8'GLJLWDUOD8QLGDG

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

o (Q &DQ3UHV DSDUHFH HQ FRORU 0DJHQWD XQ YDORU TXH FRUUHVSRQGH DO  GH OD
VXPDGHO,PSRUWH 9DORU7RWDO GHWRGDODPDQRGHREUD
o (Q 3U3UHV VH GLJLWD HO SRUFHQWDMH GH ODV OH\HV VRFLDOHV HQ HVWH FDVR  $O
PXOWLSOLFDUVH SRU HO  FDOFXODGR JHQHUDUi HO YDORU GHO  GH OH\HV VRFLDOHV
TXHVHYLVXDOL]DHQ,PS3UHV
o 3RUFHQWDMHGH3UHPLR
o 'LJLWDU 2 ,GHQWLILFD HO SRUFHQWDMH VREUH ORV FyGLJRV TXH FRPLHQFHQ FRQ 2
$SDUHFHODQDWXUDOH]D\VHGHVWDFDQHQFRORUURMRDXWRPiWLFDPHQWH
o (Q5HVXPHQGLJLWDU3UHPLR
o (Q8'GLJLWDUOD8QLGDG
o (Q&DQ3UHVDSDUHFHHQFRORU0DJHQWDHOGHOFRVWRGHO&RQFUHWHURSDUDHVWD
SDUWLGD
o (Q3U3UHVVHGLJLWDHOYDORUGHOSUHPLRHQHVWHFDVRTXHDOPXOWLSOLFDUVHSRU
HO  JHQHUDUi HO YDORU GHO  GHO FRVWR GHO &RQFUHWHUR TXH VH YLVXDOL]D HQ
,PS3UHVTXHGDQGRFRPRVLJXH




• 'H LJXDO IRUPD VH SURFHGH SDUD FDOFXODU HOGHVJDVWH GH KHUUDPLHQWDV H[SUHVDGR FRPR
GHOYDORUFRQTXHSDUWLFLSDODEHWRQHUD














3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

'XSOLFDU&yGLJR

(VWDRSFLyQSHUPLWHJHQHUDUQXHYRVFRQFHSWRVVLPSOHVRFRPSXHVWRVDSDUWLUGHXQFRQFHSWR
VLPLODU \D H[LVWHQWH &UHD XQD FRSLD GHO FRQFHSWR FRQ XQ QXHYR FyGLJR  PDQWHQLHQGR HO
RULJLQDO

3RU HMHPSOR JHQHUDU OD SDUWLGD $ +RUPLJyQ  .JFFP D SDUWLU GH OD SDUWLGD $
+250*9,*$6<3,/$5(6NJFP

• 3RVLFLRQDUVHHQHOFyGLJR$
• 0HQ~FRQWH[WXDOGHOtQHD ERWyQGHOODGRGHUHFKR 
• 6HOHFFLRQDU'XSOLFDU
• $SDUHFHOD9HQWDQDGH'XSOLFDUFyGLJRLQGLFDQGRHOFyGLJRVHOHFFLRQDGR




• 'LJLWDUHOQXHYRFyGLJRGHODSDUWLGD$\$FHSWDU
• 6HFUHDXQDQXHYDSDUWLGDFRQODVPLVPDVFDUDFWHUtVWLFDVGH$
• &DPELDUVX5HVXPHQD+RUPLJyQNJFFP
• ,QJUHVDU D VX GHVFRPSRVLFLyQ \ FDPELDU ORV FDPSRV TXH VH GHVHH PRGLILFDU (Q HVWH
FDVRHOUHQGLPLHQWRGH5LSLR$UHQD*UXHVD\&HPHQWRGHSRUGH
SRU  \ GH  SRU  UHVSHFWLYDPHQWH (O UHVWR GH ORV YDORUHV QR VH
PRGLILFDQTXHGDQGRGHODVLJXLHQWHIRUPD


(VWDKHUUDPLHQWDUHVXOWDPX\~WLOHQODJHQHUDFLyQGHEDVHVGH3UHFLRV\3DUWLGDV



&yGLJRVGXSOLFDGRV

6L VH UHTXLHUH XWLOL]DU HO PLVPR FRQFHSWR  R PiV YHFHV HQ XQD GHVFRPSRVLFLyQ VH GHEH
DFWLYDU³$GPLWLUFyGLJRVGXSOLFDGRVHQXQDGHVFRPSRVLFLyQ³HQ³(QWRUQRGH7UDEDMR*HQHUDOHV´





3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

(QWLGDGHV3RUGHIDXOWPXHVWUDORVGDWRVGHSURYHHGRUHVRUGHQDGRVSRUVXFyGLJR
$O SRVLFLRQDUVH HQ FXDOTXLHU SURYHHGRU \ FRQ DX[LOLR GH ³9HU 3URYHHGRUHV 
&RQFHSWRV GH XQ SURYHHGRU´ R FRQ HO LFRQR GH  SXQWRV  HV SRVLEOH YHU ORV
FRQFHSWRV DVRFLDGRV D pO $O LQWURGXFLU XQ QXHYR SURYHHGRU HQ OD ³/LVWD GH
3URYHHGRUHV´ R GHVGH ³3UHFLRV $OWHUQDWLYRV´ DXWRPiWLFDPHQWH VH RUGHQD SRU VX FyGLJR HQ
IRUPDDVFHQGHQWH

3RUHMHPSORDOSURYHHGRU$%$67,%/(LQGLFDFRQXQDOHWUD³H´HQHOFDPSR,1)2TXHWLHQHXQD
FRWL]DFLyQ DVRFLDGD 6L VH GHVHD FRQRFHU TXH SURGXFWR HVWi FRWL]DQGR HVWH SURYHHGRU HV
QHFHVDULRVHOHFFLRQDUHOERWyQFRQORVSXQWRV$EULUiXQDYHQWDQDFRQORVLQVXPRVFRWL]DGRV
SRUHVWDHPSUHVDLQGLFDQGRORVYDORUHV\IHFKDGHODFRWL]DFLyQ


&RQFHSWRV
GHXQD 6XPLQLVWUR
(QWLGDGR GHXQD
3URYHHGRU (QWLGDGR
3URYHHGRU


 
(O FRQWHQLGR GHO FDPSR ³1F´ VH VHOHFFLRQD FRQ HO PHQ~ FRQWH[WXDO \ VLUYH SDUD LQGLFDU ODV
FDUDFWHUtVWLFDVGHODHPSUHVD 3URYHHGRUVXEFRQWUDWLVWDHWF 3RUGHIHFWRHV3URYHHGRU

/D SUHVHQFLD GH OD OHWUD ³H´ HQ HO FDPSR ³,QIR´ LQGLFD TXH HVH 3URYHHGRU WLHQH FRWL]DFLRQHV
OODPDGRV³3UHFLRV$OWHUQDWLYRV´

7DPELpQVHSXHGHDFFHGHUDORV3UHFLRV$OWHUQDWLYRV FRWL]DFLRQHVGHXQRRPiV3URYHHGRUHV 
GHVGHFDGDFRQFHSWRFRQOHWUD³H´HQVXFDPSR³,QIR´

/DV(QWLGDGHVGHXQFRQFHSWRVHSXHGHQDFFHVDUGHVGHODYHQWDQD³3UHVXSXHVWR´R
³&RQFHSWRV´VHOHFFLRQDGRHOERWyQUHVSHFWLYRVHSRVLFLRQDVREUHHOFRQFHSWRSXOVD
HO,FRQRDFRQGLFLyQTXHHVWpDFWLYDGRHOLFRQR³0RGRGDWRVDVRFLDGRV´

6L ³0RGR GDWRV DVRFLDGRV´ QR VH HQFXHQWUD DFWLYDGR VHUi QHFHVDULR SRQHU HO FRQFHSWR HQ
FDEHFHUDSRUHMHPSORHQ³3UHVXSXHVWR´

6L GH LQJUHVDU XQ QXHYR 3UHFLR $OWHUQDWLYR TXH QR HVWDED FDWDVWUDGR pVWH VH FUHDUi
LQFOX\pQGRVH HQ RUGHQ DOIDEpWLFR HQ OD OLVWD GH (QWLGDGHV /D WHFOD ) SHUPLWH FRQRFHU ODV
(QWLGDGHVFDWDVWUDGDVDODFWLYDUODVREUHODFHOGD(QWLGDG

/D OHWUD ³H´ HQ HO FDPSR ,1)2 GHO LQVXPR 3LQR EUXWR LQGLFD TXH VH KD LQFOXLGR FRWL]DFLRQHV
(VWDV DSDUHFHQ OLVWDGRV HQ ODV ³(QWLGDGHV GH XQ FRQFHSWR´ GRQGH DGHPiV GHO SUHFLR \ IHFKD
GH OD FRWL]DFLyQ VH SXHGH LQFOXLU FRPR FDPSRV YLVLEOHV RWURV GDWRV GH OD (QWLGDG (O SUHFLR D
XWLOL]DUHQHO3UHVXSXHVWRVHHOLJHHQ³+HUUDPLHQWDV(OHJLUSUHFLRGHXQDHQWLGDG´


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726





0RGRGDWRVDVRFLDGRV
$GHPiVGHORV3UHFLRV$OWHUQDWLYRVH[LVWHQRWURVGDWRVTXHSXHGHQVHULQJUHVDGRV
FRQ HO PLVPR SURFHGLPLHQWR WDOHV FRPR 7H[WR 7H[WR ,PDJHQ 'LEXMR )DVHV
0HGLFLRQHV \ RWURV WRGRV ORV FXDOHV VH LGHQWLILFDQ FRQ XQD OHWUD PLQ~VFXOD HQ HO
FDPSR ,QIR /RV tFRQRV SDUD HVWRV GDWRV DVRFLDGRV HVWiQ HQ ODV YLVWDV ³3UHVXSXHVWR´ \
³&RQFHSWRV´

(Q HO FDPSR ³,QIR´ DSDUHFHQ XQDV OHWUDV TXH LGHQWLILFDQ OD LQIRUPDFLyQ DVRFLDGD D FDGD
FRQFHSWRFRQHOVLJXLHQWHVLJQLILFDGR

/HWUD ,QIRUPDFLyQ
G 'LEXMR
H (QWLGDGDVRFLDGD FRWL]DFLRQHV 
J 'RFXPHQWR FRQWURO 
L ,PDJHQ
M 6XPLQLVWURV FRPSUDV 
O 3UHFHGHQFLDV &DUWD*DQWW 
P 'HWDOOH &XELFDFLRQHV 
Q 1RWDV
S 3OLHJR 7H[WR 
U ,QIHULRUHV UHODFLRQHV HVWiGHVFRPSXHVWR
6 6XSHULRUHV )RUPDSDUWHGHRWUDVGHVFRPSRVLFLRQHV 
W 7H[WR
X )DVHV HVWDGRGHSDJR 
Y 9HQFLPLHQWRV )DFWXUDV 
[ $UFKLYRVDVRFLDGRV YtGHRKRMDGHFiOFXOR &DPELDDD]XOHOIRQGRGHOFDPSR

(OFDPSR,QIRLGHQWLILFDGDFRQ6 PD\~VFXOD LQGLFDTXHHVHFRQFHSWRHVXWLOL]DGRHVPiVGH
XQD GHVFRPSRVLFLyQ 3DUD YLVXDOL]DU HVWD LQIRUPDFLyQ HV QHFHVDULR DEULU OD YHQWDQD ³9HU 
3UHVXSXHVWR  6XSHULRUHV´ \ SRQHU HO FRQFHSWR HQ OD FDEHFHUD GH 3UHVXSXHVWRV R GDU GREOH
FOLFNVREUHpOHQOD/LVWDGH3UHFLRV


 



3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

&RSLDUGH5HIHUHQFLD
  
(O ,FRQR GH ³8WLOLGDGHV´ $UFKLYR 8WLOLGDGHV  VH HQFXHQWUD HQ HO FXDUWR OXJDU GH OD
SULPHUDILODGH,FRQRV


3HUPLWHVLQVDOLUGH35(672UHDOL]DUODVIXQFLRQHVTXH
KDELWXDOPHQWH VH KDUtDQ D WUDYpV GHO ([SORUDGRU GH
:LQGRZVJDUDQWL]DQGRVXUHVXOWDGR
/DV REUDV VH UHSUHVHQWDQ FRQ XQ LFRQR TXH LQGLFD VXV
FDUDFWHUtVWLFDV
• JULVHQXVR DELHUWD 
• D]XOIRUPDWR3=
• YHUGHIRUPDWR3=+
• D]XOFRQPDUFDFRPSULPLGR

$OPDUFDUXQDVHDFWLYDQORVFRPDQGRVGLVSRQLEOHVSDUD
HVD REUD (O PHQ~ FRQWH[WXDO GD DFFHVR D HVWRV
FRPDQGRV /RV WHPDV UHODFLRQDGRV VRQ DEULU DEULU VyOR
OHFWXUD FHUUDU LPSRUWDU SUR\HFWR FRSLDU FRUWDU SHJDU
ERUUDUUHQRPEUDUFRPSUREDUFRQYHUWLUDIRUPDWR3=+\
3=FRPSULPLUGHVFRPSULPLUPRGRVROROHFWXUDPRGR
OHFWXUD HVFULWXUD HQYLDU FRUUHR DFWXDOL]DU EXVFDU HQ
VXEFDUSHWDV \ D\XGD 7RGRV HOORV VRQ HMHFXWDEOHV SDUD
UHDOL]DUODVGLVWLQWDVIXQFLRQHVGHVFULWDV

(OSURFHGLPLHQWRSDUDFRSLDUGDWRVGHXQDUHIHUHQFLDHVHOVLJXLHQWH

• $EULUODREUD REDVHGHGDWRV GRQGHHVWiQORVFRQFHSWRVTXHLQWHUHVDQ
• 6HOHFFLRQDU ORV GDWRV PDUFDU OD OtQHD 3DUD PDUFDU YDULDV OtQHDV VH PDQWLHQH OD WHFOD
6KLIWRSULPLGD
• &RSLDU &WUO& R,FRQRHQ3UHVXSXHVWR2ULJHQ
• 3HJDU &WUO9 R,FRQRHQ3UHVXSXHVWR'HVWLQR
• $OWHUQDWLYDDEULUODVREUDVHQPRVDLFR\DUUDVWUDU

(OLFRQR³&RSLDU´XELFDGRFRQODSULPHUDOtQHDGHtFRQRVSHUPLWHLQGLFDUODVFDUDFWHUtVWLFDVGHOD
FRSLDHQUHODFLyQDORVGDWRVDVRFLDGRVDOFRQFHSWR

3DUD DEULU XQD UHIHUHQFLD RWUR SUR\HFWR R EDVH GH GDWRV  VH UHFRPLHQGD XWLOL]DU ³8WLOLGDGHV
$EULUVROROHFWXUD´SDUDHYLWDUPRGLILFDFLRQHVLQYROXQWDULDVGHVXFRQWHQLGR











3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

%DVHGH'DWRV

8QD %DVH GH GDWRV FRQIHFFLRQDGD FRQ 3UHVWR HV XQ 3UHVXSXHVWR FRPR FXDOTXLHU RWUR (VWH
3UHVXSXHVWR FRQWHQGUi LQIRUPDFLyQ UHFXUUHQWH HQ OD SUHSDUDFLyQ GH GLYHUVRV SUHVXSXHVWRV
WDQWRDQLYHOGH3UHFLRV8QLWDULRV6XPLQLVWURV3URYHHGRUHV\FRWL]DFLRQHV

3RUORWDQWRXQDEDVHGHGDWRVHVXQD5HIHUHQFLDUHFXUUHQWHGHGRQGHVHSRGUiFRSLDULQVXPRV
SDUD IRUPDU XQ SUHFLR XQLWDULR R DOJXQD SDUWLGD FRQ GHVFRPSRVLFLyQ LQFRUSRUDGD 3RU HMHPSOR
SDUDODSDUWLGD([FDYDFLRQHVGHO3UHVXSXHVWRHQHODERUDFLyQVHKDVHOHFFLRQDGRHOFRQWHQLGR
GHXQDSDUWLGDGHFDUDFWHUtVWLFDVVLPLODUHVTXHVHHQFXHQWUDHQOD%DVHGH'DWRV

,QJUHVDUHQ8WLOLGDGHV&KLOH%DVHV
(OSUR\HFWR%DVHVVHKDGLYLGLGRHQJUDQGHV&DStWXORV,QVXPRV\3DUWLGDV




,QVXPRV 6H KD FDWDORJDGR XQD OLVWD GH DOUHGHGRU GH  PDWHULDOHV FRWL]DGRV HQWUH XQRV
 SURYHHGRUHV $GHPiV OD ³/LVWD GH (QWLGDGHV´ SUHVHQWD HO FDWDVWUR GH FDGD SURYHHGRU
GHVGHGRQGHVHSXHGHDFFHGHUDVXVFRWL]DFLRQHV(VWDVFRWL]DFLRQHVFRQVWLWX\HQORV³3UHFLRV
DOWHUQDWLYRV´

3DUWLGDV $QiOLVLV GH 3UHFLRV 8QLWDULRV GH  SDUWLGDV XVXDOHV HQ REUDV GH HGLILFDFLyQ
DJUXSDGDVHQFDStWXORV\VXEFDStWXORV

$EULU³ÈUERO´\³3UHFLRV3UHVXSXHVWR´\SRQHUORVHQ0RVDLFR9HUWLFDO
(Q³ÈUERO´VHOHFFLRQDU%DVHV3DUWLGDV0RYLPLHQWRGH7LHUUDV([FDYDFLRQHV&yGLJR
7PX\GXURHQ]DQMDVGHDQFKR!PGH3URIP 'DUGREOHFOLFHQHOQRPEUHGHHVD
SDUWLGD

(Q³3UHVXSXHVWR´VHPXHVWUDVXGHVFRPSRVLFLyQ




3DUDFRSLDUORVGDWRVGHOD5HIHUHQFLD %DVHV DODREUDFUHDGDVHSXHGHXVDUORVFRPDQGRV
GH ³FRSLDU \ SHJDU´ R WHQLHQGR DPERV 3UHVXSXHVWRV D OD YLVWD ³DUUDVWUDU´ GH XQR DO RWUR ODV
OtQHDV PDUFDGDV HQ OD 5HIHUHQFLD &RQ HVWD DFFLyQ OD GHVFRPSRVLFLyQ GH OD SDUWLGD 3
([FDYDFLyQGHWHUUHQRPX\GXURTXHGDGHQWURGHODSDUWLGD$([FDYDFLyQ


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726





9HQWDQDV

&RQFHSWRV

2UGHQDGRVSRUFyGLJR&DGDFRQFHSWRHV~QLFRHQODREUD\HQODYHQWDQDFRQFHSWRV
DSDUHFHXQDVRODYH]


+D\ YDULDV RSFLRQHV TXH SHUVLVWHQ OLVWDU DOJXQDV FDUDFWHUtVWLFDV GH WRGRV ORV FRQFHSWRV GH OD
REUD

• /LVWDGHSUHFLRV
• &DQWLGDGHVWRWDOHV
• 0DQRGHREUD\PDTXLQDULD
• 6XPLQLVWURVFRQWUDWDGRV\SHGLGRV
• 6XPLQLVWURV
• 'HVWLQRV
• 8VXDULR
























3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

)LOWURV

/DLQIRUPDFLyQYLVLEOHHQXQDWDEODVHSXHGHHVFRJHUPHGLDQWHILOWURVSRUPiVFDUDH[SUHVLyQ
FDPSR\SDODEUDV3XHGHDFWLYDUVHXQILOWURGHFDGDWLSRFX\RVHIHFWRVVHVXSHUSRQHQ

(QHOWtWXORGHODYHQWDQDVHLQGLFDQORVILOWURVDFWLYDGRV

(QODEDUUDGHLFRQRVGHODYHQWDQDVHHQFXHQWUDXQFXDGURGHWH[WRTXHDSDUHFHFRQ³ ´TXH
TXLHUHGHFLUILOWUDUSRUXQDPiVFDUD

)LOWUDUSRUPiVFDUD3ODQWLOODTXHVHOHFFLRQDORVHOHPHQWRVGHXQDWDEODGHOLVWD &RQFHSWRV
(QWLGDGHV  TXH FRLQFLGHQ FRQ HOOD 8VD FRPRGLQHV > @ FXDOTXLHU FDUiFWHU \ Q~PHUR GH
FDUDFWHUHVGHVGHVXSRVLFLyQKDVWDHOILQDOGHOFyGLJR3RUHMHPSORODPiVFDUD$ VHOHFFLRQD
WRGRVORVFyGLJRVTXHHPSLH]DQSRU$FRPR$$%&$

(MHPSOR
3RVLFLRQDUHOFXUVRUHQODFROXPQDFyGLJR\FRORFDU³0 ´HQHOFXDGURGHWH[WR³ ´TXHDSDUHFH
HQOD%DUUDGH,FRQRVGHOD9HQWDQD\³(17(5´
6HOHFFLRQD WRGRV ORV FRQFHSWRV TXH FRPLHQ]DQ FRQ ³0´ HQ HVWH FDVR ORV 0DWHULDOHV
TXHGDQGRGHODVLJXLHQWHIRUPD


 

)LOWUDUSRUH[SUHVLyQ3HUPLWHUHDOL]DUXQDVHOHFFLyQGHODVYDULDEOHVGHREUD$OVHOHFFLRQDUHO
LFRQR)LOWURV



 

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

(VXQFXDGURGHGLiORJRFX\DIXQFLyQHVDVLVWLUHQODFUHDFLyQRPRGLILFDFLyQGHXQDH[SUHVLyQ
TXH VH FUHD HQ HO FXDGUR VXSHULRU R GH HGLFLyQ 3HUPLWH DSOLFDU XQD H[SUHVLyQ FRQ FXDOTXLHU
FRQGLFLyQDFXDOTXLHUFDPSRGHODWDEOD3XHGHXVDUVHGHYDULDVPDQHUDV

• $SOLFDQGR XQ ILOWUR UiSLGR  3DUD FRPSDUDU HO FRQWHQLGR GH XQ FDPSR FRQ XQ YDORU VH
XWLOL]DODOtQHDEDMRODFDVLOODGHH[SUHVLRQHV6HHOLJHHOFDPSRSRUGHIHFWRVHUiGRQGH
VHHQFXHQWUHHOFXUVRUVHFRPSUXHEDHORSHUDGRUVHUHOOHQDHOYDORUGHFRPSDUDFLyQ\
VHSXOVD$SOLFDU\$FHSWDU3RUHMHPSORORVFRQFHSWRVTXHWHQJDHOSUHFLRPD\RUTXH
VHUHDOL]DGHODVLJXLHQWHIRUPD
• 3RVLFLRQDUVHHQFXDOTXLHUFHOGDGHODFROXPQD3U3UHV
• 6HOHFFLRQDU)LOWUDUSRUH[SUHVLyQ
• $SDUHFHHOJHQHUDGRUGHILOWURV
• (QODFDVLOOD&DPSRDSDUHFHUiODYDULDEOHF3U3UHV
• 3RVLFLRQDUVHHQODFDVLOOD2SHUDGRUVHOHFFLRQDUPD\RUTXH ! 
• 3RVLFLRQDUVHHQODFDVLOOD9DORUHVFULELU
• 6HOHFFLRQDU$SOLFDU
• &OLFHQ$FHSWDUTXHGDQGRGHODVLJXLHQWHIRUPD

• 5HFXSHUDQGR XQ ILOWUR SUHGHILQLGR  3DUD XVDU ILOWURV SUHGHILQLGRV VH PDUFD OD OtQHD
)LOWURVGHOJUXSRGHOFXDGURL]TXLHUGR YDULDEOHVJHQHUDOHVGHOLQIRUPHRGHODREUD
SDUiPHWURVFXDGURVGHWH[WRIXQFLRQHVRSHUDGRUHVILOWURVRH[SUHVLRQHV DSDUHFHHQ
HO GHUHFKR OD OLVWD GH HOHPHQWRV TXH FRQWLHQH HO JUXSR 6L VH GHVHD SRU HMHPSOR ILOWUDU
³&RQFHSWRV QR GHVFRPSXHVWRV´ HQ XQD SDQWDOOD GH WUDEDMR HO SURFHGLPLHQWR HV HO
VLJXLHQWH

o 6HOHFFLRQDU)LOWURVGHVGHODEDUUDGHLFRQRVGHODYHQWDQDDFWLYD
o $SDUHFH YHQWDQD *HQHUDGRU GH ILOWURV FRQ HO FXUVRU SRVLFLRQDGR VREUH )LOWURV HQ OD
YHQWDQDL]TXLHUGD
o 'HVSOD]DU HO FXUVRU VREUH OD YHQWDQD GHUHFKD KDVWD OOHJDU D F&RQFHSWRV QR
GHVFRPSXHVWRV
o 'REOH FOLF OD H[SUHVLyQ DSDUHFH HQ HO FXDGUR VXSHULRU TXH ILOWUD ORV FRQFHSWRV QR
GHVFRPSXHVWRV
o $FHSWDU
o /DSDQWDOODPXHVWUDVRORORVFRQFHSWRVQRGHVFRPSXHVWRVORTXHDSDUHFHLQGLFDGR
HQODSDUWHVXSHULRUGHODYHQWDQD
o (Q OD PLVPD OtQHD DSDUHFH  OR TXH LQGLFD TXH HVWiQ VLHQGR ILOWUDGRV WRGRV ORV
FRQFHSWRVQRGHVFRPSXHVWRV\DTXHQRVHKDDSOLFDGRQLQJ~QILOWURSRUPiVFDUD




3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




o 6LVHUHTXLHUHVHOHFFLRQDUVRORODPDQRGHREUDTXHSRVHHGHVFRPSRVLFLyQHQHVWH
HMHPSOR FRGLILFDGRV FRQ 2 PDQR GH REUD  VH DSOLFDUtD OD PDVFDUD 2  OR TXH
DSDUHFHUtD VHxDODGR HQ OD SDUWH VXSHULRU GH OD YHQWDQD \ TXHGDUtD GH OD VLJXLHQWH
IRUPD





o 'HILQLUXQQXHYRILOWUR

%DVWDVHOHFFLRQDU³*XDUGDUFRPR´XQDYH]GHILQLGDODQXHYDH[SUHVLyQ(VWDRSFLyQ
YDOLGDODH[SUHVLyQ\SHUPLWHDVLJQDUOHXQQRPEUHHOTXHXQDYH]DFHSWDGRTXHGDUi
FDWDORJDGRHQRUGHQDOIDEpWLFR

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

)LOWUDU SRU FDPSR 3ULPHUD OtQHD GHO PHQ~ FRQWH[WXDO GHQWUR GH ODV FROXPQDV VyOR DSDUHFHQ
ODVOtQHDVFRQFRQWHQLGRVHPHMDQWHDOGHOFDPSRGRQGHHVWiHOFXUVRU

&DPSRV&yGLJRHVFRJHWRGRVORVHOHPHQWRVGHOPLVPRWLSR LJXDOFRORUGHOIRQGR 3RU


HMHPSOR

• 3RVLFLRQDUVHHQHOFyGLJR$
• 6HOHFFLRQDU³ILOWUDUSRUFDPSR´ ILOWUDORTXHWLHQHFRORUGHIRQGRFHOHVWHORHTXLYDOHDORV
FDStWXORV TXHGDQGRGHODVLJXLHQWHIRUPD

• &DPSRVQXPpULFRVILOWUDSRUHOWLSR LJXDOFRORUGHOWH[WR WHQLHQGRHQFXHQWDDGHPiVVL


HOYDORUGHOFDPSRHOHJLGRHVFHURRGLVWLQWRGHFHUR3RUHMHPSOR

o 3RVLFLRQDUVHVREUHXQFRQFHSWRTXHWHQJDSUHFLRGHULYDGRGHXQDGHVFRPSRVLFLyQ
WH[WRFRORUPDJHQWD 
o 6HOHFFLRQDU³)LOWUDUSRUFDPSR´DSDUHFHORVLJXLHQWH

o 2SRVLFLRQDUVHHQXQFRQFHSWRTXHWHQJDSUHFLRVLQGHVFRPSRVLFLyQ WH[WRFRORU
QHJUR 
o 6HOHFFLRQDU³)LOWUDUSRUFDPSR´FRQHOPHQ~FRQWH[WXDODSDUHFHORVLJXLHQWH

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726


• 2WURVFDPSRVILOWUDSRUHOFRQWHQLGRH[DFWRGHOFDPSRGRQGHHVWiHOFXUVRU3RU
HMHPSOR

o 3RVLFLRQDUVHHQODFROXPQDQDWXUDOH]DVREUHHOLFRQR0DWHULDOHV ODGULOOR 
o 6HOHFFLRQDU³)LOWUDUSRUFDPSR´DSDUHFHORVLJXLHQWH

o 2SRVLFLRQDUVHHQODXQLGDGP WRGRVORFRQFHSWRVTXHWHQJDQFRPRXQLGDGHOP 
o 6HOHFFLRQDU³)LOWUDUSRUFDPSR´DSDUHFHORVLJXLHQWH

o (Q³)LOWUDUSRUFDPSRVHDQXODHOLJLHQGRHOERWyQ TXHVHHQFXHQWUDHQODEDVHGH
tFRQRVGHODYHQWDQDGRQGHVHDSOLFyHOILOWUy

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

)LOWUDUSRUSDODEUDV

)LOWUD HQ OD YHQWDQD DFWLYD \ GHMD VROR ORV HOHPHQWRV TXH FRQWLHQH OD H[SUHVLyQ
GHVHDGD $GPLWH WDPELpQ H[SUHVLRQHV OLWHUDOHV HQWUH FRPLOODV /D RSFLyQ ³%XVFDU
WH[WRVDVRFLDGRV´SHUPLWHLQFOXLUHQODE~VTXHGDHOFRQWHQLGRGHOWH[WR\


• 6HVHOHFFLRQDHQODEDUUDGHLFRQRVGHODYHQWDQDDFWLYD





• (OHJLU³)LOWUDUSRUSDODEUDV³DSDUHFHODVLJXLHQWHYHQWDQD





(Q HO FXDGUR GH GLiORJR VH GLJLWD  XQD OHWUD R XQ JUXSR GH OHWUDV FRQ TXH FRPLHQ]DQ ODV
SDODEUDVTXHVHTXLHUHQEXVFDU6HOHFFLRQDU³)LOWUDU´\3UHVWRSURFHVDODE~VTXHGDILOWUDQGRORV
FRQFHSWRVTXHFXPSOHQFRQHOFULWHULRGHE~VTXHGDGHDFXHUGDDORVVLJXLHQWHVSRVWXODGRV

• 6LODE~VTXHGDVHKDUHVWULQJLGRD5HVXPHQSRUHMHPSORORVFRQFHSWRVVHOHFFLRQDGRV
WLHQH XQD SDODEUD TXH HV LJXDO R VH LQLFLD FRQ OD OHWUD R SDODEUD LQGLFDGD HQ FXDOTXLHU
SDUWHGHVX5HVXPHQ

• 6LVHSRQHSDODEUDVVHVXSRQHHORSHUDGRUOyJLFRRGHODQWHGHODVSDODEUDVTXHQR
FRPLHQFHQ SRU  R SRU  3RU HMHPSOR VL VH HVFULEH SXHUWD YHQWDQD VH UHDOL]D OD
E~VTXHGDRSXHUWDRYHQWDQDHVGHFLUVHVHOHFFLRQDQORVHOHPHQWRVGHODWDEODTXH
FRQWHQJDQODSDODEUDSXHUWDRODSDODEUDYHQWDQDRODVGRV


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

• 6LVHHVFULEHHOVLJQRGHODQWHGHXQDSDODEUDVHDSOLFDHORSHUDGRUOyJLFR\ORTXH
HTXLYDOH D FRQVLGHUDU REOLJDWRULD OD SUHVHQFLD GH HVD SDODEUD 3RU HMHPSOR VL VH
HVFULELHUD SXHUWD YHQWDQD WRGRV ORV HOHPHQWRV VHOHFFLRQDGRV WHQGUiQ REOLJDWRULD
PHQWH OD SDODEUD YHQWDQD 6L VH HVFULELHUD SXHUWD YHQWDQD VH VHOHFFLRQDUtDQ ORV
HOHPHQWRVTXHFRQWXYLHUDQVLPXOWiQHDPHQWHDPEDVSDODEUDV
• 6L VH HVFULEH HO VLJQR  GHODQWH GH XQD SDODEUD VH DSOLFD D HVWD SDODEUD HO RSHUDGRU
OyJLFR QR 3RU HMHPSOR VL VH HVFULELHUD SXHUWD YHQWDQD VH VHOHFFLRQDUtDQ ORV
HOHPHQWRVTXHLQFOX\HQODSDODEUDSXHUWDSHURTXHQRFRQWHQJDQODSDODEUDYHQWDQD

/D E~VTXHGD SRU SDODEUDV VH DQXOD HOLJLHQGR HO ERWyQ  TXH VH HQFXHQWUD HQ OD EDUUD GH
LFRQRVGHODYHQWDQDGRQGHVHKL]RHOILOWUR

/DVRSFLyQ³%XVFDU³EXVFDXQWH[WRHQHOFDPSRHQTXHHVWpHOFXUVRUUHFRUULHQGRWRGRVORV
HOHPHQWRV YLVLEOHV HQ OD YHQWDQD DFWLYD 6L HO FXUVRU HVWi HQ XQD YHQWDQD GH WH[WR OD  RSFLyQ
³%XVFDU HQ WRGRV ORV WH[WRV GH OD YHQWDQD DFWLYD´ DPSOLD OD E~VTXHGD D GHPiV YHQWDQDV GHO
PLVPRWLSRGHODREUD

/D RSFLyQ ³(GLFLyQ 5HHPSOD]DU´ SHUPLWH UHHPSOD]DU XQ WH[WR SRU RWUR \ IXQFLRQD GH PDQHUD
VLPLODUD³%XVFDU´































3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

&ROXPQDV3URWHJLGDV

'HVDFWLYD XQD FROXPQD WHPSRUDOPHQWH SRQLpQGROD HQ PRGR VyOR OHFWXUD KDVWD TXH VH HOLMD
VREUH HOOD ³'HVSURWHJHU FROXPQD´ (Q FDGD WDEOD DSDUHFHQ SURWHJLGDV SRU GHIHFWR DOJXQDV
FROXPQDVHVSHFLDOPHQWHODVTXHFRQWLHQHQLQIRUPDFLyQTXHHVSUHIHULEOHHGLWDUHQRWUDVWDEODV
FRPR SRU HMHPSOR ³&DQ3UHV´ R ³3U3UHV´ HQ HO HVTXHPD ³&HUWLILFDFLyQ´ 6LQ HPEDUJR VL
FRQYLQLHUDPRGLILFDUDOJXQRGHHVRVYDORUHVVHHOLJHSUHYLDPHQWH³'HVSURWHJHUFROXPQD´\VH
PRGLILFD8QDYH]VHKD\DPRGLILFDGRHOHVWDGRµSURWHJLGDGHVSURWHJLGD¶HQXQDFROXPQDVH
PDQWLHQHKDVWDTXHVHYXHOYDDFDPELDUPDQXDOPHQWH

3RUHMHPSORSDUDSURWHJHUODFROXPQDGHORVSUHFLRVVHSURFHGHGHODVLJXLHQWHIRUPD

• 3RVLFLRQDUVHHQFROXPQDF3U3UHV
• $EULUPHQ~FRQWH[WXDOGHFDEHFHUD

• 6HOHFFLRQDU³3URWHJHU&ROXPQD´
• /DFROXPQDTXHGDSURWHJLGD FRORUDPDULOORVXDYH 




+D\FROXPQDVSURWHJLGDVSRUGHIHFWR DPDULOORRVFXUR WDOHVFRPR,QIR,PS3UHVHWF






3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

23(5$5

(O FRPDQGR ³2SHUDU´ SUHVHQWH HQ HO PHQ~ FRQWH[WXDO GH
FDEHFHUD HMHFXWD XQD RSHUDFLyQ DOJHEUDLFD DOIDQXPpULFD R
PHGLDQWHXQDH[SUHVLyQHQORVHOHPHQWRVPDUFDGRV\VREUHOD
FROXPQDHQHOTXHVHHQFXHQWUHHOFXUVRU

$O VHOHFFLRQDU ILODV VH SRVLFLRQD HQ HO FDPSR D RSHUDU \ FRQ HO
PHQ~ FRQWH[WXDO VHOHFFLRQD OD RSFLyQ ³2SHUDU«´ DSDUHFH OD
VLJXLHQWHYHQWDQD








/DYHQWDQDPXHVWUDGRVRSFLRQHV
•2SHUDUSRUH[SUHVLyQ
•2SHUDFLyQ SRUDOJ~QRSHUDGRU 






2SHUDUSRU([SUHVLyQ 

$OVHOHFFLRQDU³2SHUDUSRUH[SUHVLyQ´DSDUHFHHO*HQHUDGRUGHH[SUHVLRQHV


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

$O SRVLFLRQDU HO FXUVRU HQ HO FXDGUR GHO ODGR L]TXLHUGR GHO *HQHUDGRU GH ([SUHVLRQHV
VHOHFFLRQDQGR DOJXQD IDPLOLD GH YDULDEOHV IXQFLRQHV X RSHUDGRUHV VH GHVSOLHJD HQ HO FXDGUR
GHOODGRGHUHFKRWRGRHOFRQWHQLGRGHHVWHJUXSRHQRUGHQDOIDEpWLFR

6H SXHGH DFFHGHU UiSLGDPHQWH D XQD YDULDEOH R IXQFLyQ SRVLFLRQDQGR HO FXUVRU HQ HO FXDGUR
GHOODGRGHUHFKR\WHFOHDQGRVXVRPiVOHWUDVLQLFLDOHV

(OVLJQLILFDGRIXQFLRQDOLGDGRFRQWHQLGRGHFDGDYDULDEOHIXQFLyQRSHUDGRUHWFDSDUHFHHQHO
UHFWiQJXORLQIHULRUDOSRVLFLRQDUVHVREUHDOJXQRGHHVWRVHOHPHQWRV 

9DULDEOHVGHOJHQHUDGRUGHH[SUHVLRQHV

• 9DULDEOHVJHQHUDOHV6RQ\VXVXVRHVGHQWURGHORV,QIRUPHV
• 9DULDEOHVGHODREUD&RUUHVSRQGHQDORVQRPEUHVGHWRGRVORVFDPSRV\YDULDEOHVTXH
VH XWLOL]DQ HQ ORV GLYHUVRV PyGXORV GH 3UHVWR &DGD YDULDEOH FRUUHVSRQGH D XQD
GHWHUPLQDGD 7DEOD TXH VH LGHQWLILFD SRU OD OHWUD PLQ~VFXOD LQLFLDO R 3UHILMR 'HQWUR GH
3UHVXSXHVWRODVYDULDEOHVPiVXVXDOHVVRQODVTXHVHUHILHUHQDORV&RQFHSWRV 3UHILMR
F  \ D OD 5HODFLRQHV HQWUH HOORV 3UHILMR U  3RU HMHPSOR DO WHFOHDU FQ HQ HO FXDGUR
GHUHFKRHOFXUVRVHSRVLFLRQDUiHQODYDULDEOHF1DWLQGLFDQGRHQHOUHFWiQJXORLQIHULRU
HOYDORUDVLJQDGRDHVWDYDULDEOHSDUDFDGDWLSRGH1DWXUDOH]D
• )XQFLRQHV)XQFLRQHVGHXVRJHQHUDOL]DGRHQSURJUDPDFLyQ3RUHMHPSORWHFOHDUURXQG
HQ HO FXDGUR GHUHFKR \ HO FXUVRU EXVFDUi URXQG LQGLFDQGR HQ HO UHFWiQJXOR LQIHULRU OD
IRUPDGHDSOLFDUHVWDIXQFLyQ
• 2SHUDGRUHV 2SHUDGRUHV OyJLFRV \ DOJHEUDLFRV 8QD YH] VHOHFFLRQDGR FRQ HO FXUVRU VX
GHILQLFLyQ \ IXQFLRQDOLGDG DSDUHFH HQ HO UHFWiQJXOR LQIHULRU /RV RSHUDGRUHV WDPELpQ
DSDUHFHQEDMRHOFXDGURVXSHULRUGHO*HQHUDGRUGH([SUHVLRQHVGHODVLJXLHQWHIRUPD



• )LOWURV ,QGLFD HO QRPEUH GH DOJXQRV ILOWURV SUHGHILQLGRV \ RWURV TXH KD DJUHJDGR HO
XVXDULR/DSURJUDPDFLyQTXHSHUPLWHUHDOL]DUHOILOWURLQGLFDGRDSDUHFHHQHOUHFWiQJXOR
LQIHULRU
• &DPSRV \ H[SUHVLRQHV ,QGLFD HO QRPEUH GH DOJXQRV FDPSRV \ H[SUHVLRQHV SUH
GHILQLGRV \ RWURV TXH KD DJUHJDGR HO XVXDULR /D SURJUDPDFLyQ TXH SHUPLWH UHDOL]DU OD
IXQFLyQLQGLFDGDDSDUHFHHQHOUHFWiQJXORLQIHULRU

3DUDDSOLFDUDOJXQDGHHVWDVH[SUHVLRQHVHVQHFHVDULRVHOHFFLRQDUOD\GDUGREOHFOLFVREUHHOOD
SDUD TXH DSDUH]FD VX FRQWHQLGR HQ HO FXDGUR VXSHULRU /XHJR DFHSWDU SDUD TXH VH HMHFXWH OD
IXQFLyQHOHJLGD

3RUHMHPSORSDUDGHMDUHQOD/LVWDGH3UHFLRVWRGRVORVFRQFHSWRVGHF5HVXPHQHQPD\~VFXOD
VHSURFHGHGHODVLJXLHQWHIRUPD

• 6HOHFFLRQDUODVILODVDRSHUDU (GLFLyQ6HOHFFLRQDUWRGR R³FOLFN´VREUHHOUHFWiQJXORHQ
EODQFRVREUHODQXPHUDFLyQGHOtQHDV



3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




• 3RVLFLRQDUVHVREUHODFROXPQDDRSHUDUF5HVXPHQ
• 6HOHFFLRQDU 2SHUDU FRQ HO PHQ~ FRQWH[WXDO SRVLFLRQDGR VREUH OD FDEHFHUD GH OD
FROXPQD
• /DYHQWDQDLQGLFDHQODSDUWHVXSHULRUHO&DPSRF5HVXPHQ
• $FWLYDU2SHUDUSRUH[SUHVLyQ
• 0XHVWUDODYHQWDQD*HQHUDGRUGH([SUHVLRQHV
• (QHOODGRL]TXLHUGRHVWiVHOHFFLRQDGR³&DPSRV\H[SUHVLRQHV´
• 6REUHHOODGRGHUHFKRVHOHFFLRQDU³5HVXPHQHQPD\~VFXODV´
• 'REOHFOLFNODH[SUHVLyQSDVDDOUHFWiQJXORVXSHULRU
• $FHSWDU


2SHUDUSRURSHUDFLyQ

(MHFXWD OD RSHUDFLyQ DOJHEUDLFD VREUH ORV FRQFHSWRV VHOHFFLRQDGRV DSOLFDQGR HO IDFWRU TXH
FRUUHVSRQGDVREUHHOFDPSRHQTXHVHHQFXHQWUDHOFXUVRU3RUHMHPSORVLVHGHVHDDXPHQWDU
HQ  ORV SUHFLRV GH XQ JUXSR GH  PDWHULDOHV VH VHOHFFLRQDQ pVWRV VH SRQH HO FXUVRU HQ OD
FDEHFHUD GH OD FROXPQD 3U3UHV FRQ HO PHQ~ FRQWH[WXDO VH DFWLYD ³2SHUDU´ VH VHOHFFLRQD HO
RSHUDGRU\VHHVFULEHFRPR)DFWRU/XHJR$FHSWDU








3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

&DPSRGH8VXDULR

7RGDV ODV YHQWDQDV GH 3UHVWR FX\R PHQ~ FRQWH[WXDO FXHQWH FRQ OD IXQFLyQ (OHJLU FROXPQDV
YLVLEOHV DGPLWHQ HQ FXDOTXLHU SRVLFLyQ XQR R YDULRV FROXPQDV GH OLEUH GHILQLFLyQ OODPDGRV
FDPSRV GH XVXDULR TXH VH LQVHUWDQ R HOLPLQDQ FRPR FXDOTXLHU RWUD FROXPQD 6H GHVLJQDQ
8VXDULR D 8VXDULR \ VH HQFXHQWUDQ HQWUH ORV FROXPQDV SRVLEOHV GHO PHQ~ FRQWH[WXDO
(OHJLUFROXPQDVYLVLEOHV

8QD YH] LQFOXLGR HQWUH ODV FROXPQDV SRVLEOHV VX FRQWHQLGR GHILQH VHOHFFLRQDQGR HO FDPSR \
FRQ DX[LOLR GHO PHQ~ FRQWH[WXDO  (GLWDU FDPSR GH XVXDULR HO TXH FRQGXFH DO FXDGUR
*HQHUDGRUGH([SUHVLRQHVGRQGHVHOHSXHGHDVRFLDUXQDGHODV\DH[LVWHQWHVRFUHDUXQD
QXHYD(OQRPEUHGHODH[SUHVLyQDVRFLDGDDSDUHFHUiMXQWRDOQ~PHURGHODFROXPQDGHXVXDULR
HQODOLVWDGHORVFDPSRVDHGLWDU \HQODFDEHFHUDGHODFROXPQDXQDYH]LQVHUWDGRHQODWDEOD

3RUHMHPSOR

6LVHUHTXLHUHLQVHUWDQXQ1XHYRFDPSRHQHO3UHVXSXHVWROODPDGR³7RWDOHQ8)´VHSURFHGH
GHODVLJXLHQWHPDQHUD

• 6HOHFFLRQDUHOHJLUFROXPQDVYLVLEOHVFRQHOPHQ~FRQWH[WXDO
• (OHJLU XQ FDPSR GH XVXDULR \ FRORFDUOR HQ OD OLVWD GH ORV FDPSRV HOHJLGRV 3DUD HVWH
HMHPSOR VH HOLJH HO FDPSR 8VXDULR TXH VH FRORFD D FRQWLQXDFLyQ GHO ,PSRUWH GHO
3UHVXSXHVWR
• 3RVLFLRQDUVHHQHOFDPSRGHXVXDULR
• 0HQ~FRQWH[WXDO(GLWDUFDPSRGHXVXDULR
• 6H DEUH OD YHQWDQD GH *HQHUDGRU GH ([SUHVLRQHV GRQGH VH HMHFXWDUiQ ODV VLJXLHQWHV
RSHUDFLRQHV
o 'HO FXDGUR GHO ODGR L]TXLHUGR VHOHFFLRQDU 9DULDEOHV GH OD 2EUD GH OD /LVWD TXH
DSDUHFH DO  ODGR GHUHFKR VHOHFFLRQDU U,PS3UHV GDU GREOH FOLF SDUD SDVDUOR DO
FXDGURVXSHULRUGLYLGLUORSRUHOYDORUGHOD8) SRUHMHPSOR 
o 5HGRQGHDU HO YDORU FDOFXODGR DO Q~PHUR GH GHFLPDOHV TXH VH UHTXLHUD SRU
HMHPSORGHFLPDOHV
o GHOFXDGURGHOODGRL]TXLHUGRVHOHFFLRQDU)XQFLRQHV
o GHODOLVWDTXHDSDUHFHDOODGRGHUHFKRVHOHFFLRQDU³URXQG´
o HQ HO FXDGUR VXSHULRU GHO JHQHUDGRU SRVLFLRQDUVH DQWHV GH OD H[SUHVLyQ
U,PS3UHV
o ODH[SUHVLyQGHEHTXHGDUURXQG U,PS3UHV GRQGH³U,PS3UHV´HV
HOQ~PHURGHODFDGHQD\³´VRQORVGHFLPDOHV
o 'DUXQQRPEUHDHVWDH[SUHVLyQ\JXDUGDUODHQODOLVWDGH&DPSRV\([SUHVLRQHV
GRQGHTXHGDUiGLVSRQLEOHSDUDIXWXURVXVRVRPRGLILFDFLRQHV
o VHOHFFLRQDU *XDUGDU DSDUHFH OD YHQWDQD GRQGH VH HVFULELUi HO QRPEUH HQ HVWH
FDVR³7RWDOHQ8)´6LQRVHOHGiQRPEUHHOFDPSRGHXVXDULRTXHGDUiFRQHO
QRPEUHGHODH[SUHVLyQGHFiOFXOR
o (O QRPEUH GH OD H[SUHVLyQ DSDUHFH HQ &DPSRV \ ([SUHVLRQHV GH OD VLJXLHQWH
IRUPD


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




o 3RUORWDQWRHO3UHVXSXHVWRTXHGDGHODVLJXLHQWHIRUPD




/RVQRPEUHVGDGRVDORVFDPSRVGH8VXDULRTXHGDQFDWDORJDGRVHQ³&DPSRV\H[SUHVLRQHV´
GHO*HQHUDGRUGH([SUHVLRQHV

&DStWXORV\3DUWLGDV
 
/DYHQWDQD³&DStWXORV\3DUWLGDV´PXHVWUDORVFDStWXORV\SDUWLGDVGHODREUDGRQGH
VHSXHGHGHMDUYLVLEOHORVFDPSRVTXHVHDGHLQWHUpVDQDOL]DU(VWHHVTXHPDSXHGH
VHU EDVWDQWH ~WLO SDUD FRSLDUOR D ([FHO FRQ HO ItQ GH KDFHU FiOFXORV DQDOtWLFRV QR
GLVSRQLEOHV HQ 3UHVWR SRU SDQWDOOD R LPSULPLUOR GLUHFWDPHQWH SRU SDQWDOOD VLQ
QHFHVLGDGGHUHFXUULUDXQ,QIRUPH/DYHQWDQD³FDStWXORV´PXHVWUDORVFDStWXORV\VXEFDStWXORV

,PSULPLUSRUSDQWDOOD

(OSURFHGLPLHQWRSDUDLPSULPLUSRUSDQWDOODHVHOVLJXLHQWH

• 6HOHFFLRQDUODVFROXPQDVYLVLEOHVTXHVHUHTXLHUDQSDUDODLPSUHVLyQ
• 'HILQLUORVPiUJHQHVHQ³(QWRUQRGH7UDEDMR$SDULHQFLD´
o 0DUJHQ,]TXLHUGR
o 0DUJHQ'HUHFKR

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

o 0DUJHQ6XSHULRU
o 0DUJHQ,QIHULRU
• 6HOHFFLRQDU³$UFKLYR3UHVHQWDFLyQSUHOLPLQDU³RGLUHFWDPHQWH
• ,PSULPLU
• /DLPSUHVLyQUHSURGXFHORTXHDSDUHFHHQOD3UHVHQWDFLyQ3UHOLPLQDU




9HQWDQDVSHUVRQDOL]DGDV
 
(VWLORV GH YHQWDQDV GH GHIHFWR $VLJQD D ORV HVWLORV GH YHQWDQDV ODV FRPSRVLFLRQHV
SUHGHILQLGDVGHYHQWDQDV

*XDUGDU HVWLOR GH YHQWDQDV $OPDFHQD OD FRPSRVLFLyQ GH YHQWDQDV SUHVHQWH HQ SDQWDOOD
0XHVWUD MXQWR D FDGD HVWLOR OD FRPSRVLFLyQ GH ORV HVWLORV \D JUDEDGRV SUHYLDPHQWH 6L VH KD
DFWLYDGR (VWLORV GH YHQWDQDV GH GHIHFWR DSDUHFHQ WRGRV ORV HVWLORV RFXSDGRV VH SXHGH
JXDUGDUHOQXHYRHVWLORVXVWLWX\HQGRDDOJXQRGHORVGHGHIHFWR3RUHMHPSOR

• $EULU ODV YHQWDQDV TXH PiV VH XWLOL]DQ 3RU HMHPSOR 3UHVXSXHVWR ÈUERO \ /LVWD GH
&RQFHSWRV
• 6HOHFFLRQDU0HQ~0RVDLFR+RUL]RQWDO R0RVDLFRYHUWLFDOVHJ~QVHUHTXLHUD 
• 6HOHFFLRQDU0HQ~³9HQWDQD*XDUGDU(VWLORGH9HQWDQD´


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




5HFXSHUDU HVWLOR GH YHQWDQDV 5HFXSHUD XQD FRPSRVLFLyQ GH SDQWDOOD FRQ HO HVWLOR TXH IXH
DOPDFHQDGDSUHYLDPHQWHFRQ9HQWDQD*XDUGDUHVWLORGHYHQWDQDVGRQGHVHSRGUiDEULUHVWH
QXHYRHVWLORGHYHQWDQDFXDQGRVHUHTXLHUD












3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

$MXVWDU

$MXVWDHOSUHFLRGHXQFRQFHSWRFRPSXHVWRDXQSUHFLRGDGRPRGLILFDQGRDGHFXDGDPHQWHORV
SUHFLRVRORVUHQGLPLHQWRVGHWRGRVRSDUWHGHORVFRQFHSWRVVLPSOHVTXHORFRPSRQHQDWUDYpV
GHOVLVWHPDGHGHVFRPSRVLFLRQHVVXFHVLYDV

6HSXHGHDMXVWDUWRGDODREUDVyORXQFDStWXORRXQDSDUWLGD
&XDQGRHOFRQFHSWRDPRGLILFDUQRHVODREUDFRPSOHWDEDVWDFRQHVFULELUHOQXHYRYDORUVREUH
HOYDORUDPRGLILFDUTXH3UHVWRRIUHFHUiHQWUHRWUDVODRSFLyQGH³$MXVWDU´

&XDQGRVHWUDWDGHPRGLILFDUHO3UHFLRGHWRGDODREUDVHGHEHLUD³+HUUDPLHQWDV$MXVWDU´ \
VHJXLUORVSDVRVTXHVHVHxDODQDFRQWLQXDFLyQ

• 6HOHFFLRQDU³+HUUDPLHQWDV$MXVWDU´
• $SDUHFHXQDSDQWDOODGHGLiORJRTXHLQFOX\H




• (OHJLU HO FRQFHSWR D DMXVWDU DSDUHFH OD
VLJXLHQWHYHQWDQDSDUDHOHMHPSORVHUiWRGD
ODREUD352<(&72
• (OHJLURSFLyQDMXVWDUSUHFLRDSUHVXSXHVWRR
D REMHWLYR 3DUD HO HMHPSOR ³$MXVWDU SUHFLR D
SUHVXSXHVWR´
• 6HOHFFLRQDU HO SRUFHQWDMH GH DMXVWH TXH VH
TXLHUH ORJUDU  R HO SUHFLR DO TXH VH TXLHUH
OOHJDU 3RU HMHPSOR XQ  PiV HV GHFLU
GLJLWDU
• (OHJLUHOWLSRGHDMXVWH6HSXHGHDMXVWDUSRU
o 3UHFLRVVHPRGLILFDUiQORVSUHFLRVGH
ORVFRQFHSWRVPDUFDGRV\R
o 5HQGLPLHQWR VH PRGLILFDUiQ ORV
UHQGLPLHQWRV GH ORV FRQFHSWRV
PDUFDGRV GH WLSR
QDWXUDOH]D
 PDQR
GH REUD PDTXLQDULD  HQ VXV
UHVSHFWLYRV VXSHULRUHV (Q DPERV

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

FDVRVVLVHHVWiDMXVWDQGRHOWRWDOGHXQFRQFHSWRGLVWLQWRGHOUDt]SRUHMHPSOR
HOGHXQFDStWXORHOFDPELRGHORVSUHFLRVGHORVFRQFHSWRVLQIHULRUHVDIHFWDUiDO
WRWDO GH ORV GHPiV FRQFHSWRV GH OD REUD TXH SXGLHUDQ WHQHUORV WDPELpQ FRPR
LQIHULRUHV 3DUD HYLWDUOR VH PDUFD OD RSFLyQ 1R DOWHUDU FRQFHSWRV TXH
LQWHUYLHQHQHQRWUDVGHVFRPSRVLFLRQHV
o &OLFHQ$FHSWDU
o /XHJRHOSUHVXSXHVWRVHPRGLILFDODVRSFLRQHVVHOHFFLRQDGDVGHDFXHUGRDXQ
PRGHORPDWHPiWLFRTXHEXVFDHOSUHFLRPiVFHUFDQRDOHVFRJLGR




&RVWRV,QGLUHFWRV

3DUWLGDFRQFDQWLGDGDQXODGD

6LVHGHVHDKDFHUXQHVWXGLRGHORV*DVWRV*HQHUDOHV\R8WLOLGDGHVVHFUHDXQFDStWXORTXH
SHUPLWLUiGHVJORVDUORVFRVWRVLQGLUHFWRV3DUDHOORVHSURFHGHGHODVLJXLHQWHIRUPD

• &UHDUXQFDSLWXOROODPDGR&RVWRV,QGLUHFWRV\GHQWURGHpOOD3DUWLGD*DVWRV*HQHUDOHV
• 5HDOL]DUHOHVWXGLRGH*DVWRV*HQHUDOHVFRPRGHVFRPSRVLFLyQGHHVWDSDUWLGD9HDPRV
XQHMHPSOR




• /RV&RVWRV,QGLUHFWRVSXHGHQVHULQFOXLGRVHQHOFRVWRWRWDOGHODREUD


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




• 2 ELHQ FRQRFLGR HO YDORU GH ORV *DVWRV *HQHUDOHV QR VH GHVHD FRQVLGHUDUOR HQ OD
VXPDWRULDGHOFRVWRWRWDOGHODREUDVLQRSDUDFDOFXODUVXSRUFHQWDMHRSURUUDWHDUOR3DUD
HVWRVHSURFHGHGHODVLJXLHQWHIRUPD

o 3RVLFLRQDUVHVREUHU&DQ3UHVGHOFDStWXOR' FRVWRVLQGLUHFWRV 
o 0HQ~ FRQWH[WXDO ERWyQ PRXVH GHO ODGR GHUHFKR  VHOHFFLRQDU $QXODU &DPSR
'HMDHO,PSRUWHHQFHURSRUORTXHQRVHVXPDDO3UHVXSXHVWR HOFDPSRTXHGD
GHFRORUJULV 




6L VH GHVHD TXH ORV *DVWRV *HQHUDOHV &RVWRV ,QGLUHFWRV  VHDQ SURUUDWHDGRV HQ HO
3UHVXSXHVWRXQDYH]FDOFXODGRHOSRUFHQWDMHTXHHVWRVUHSUHVHQWDQVHHVFULEHHVWHYDORU HQ
³'DWRVGHOD2EUD,QGLUHFWRV´

3RUFHQWDMHVLQIRUPDGRV

6LVHGHVHDTXHORV*DVWRV*HQHUDOHV\2WURVSRUFHQWDMHVFRPR8WLOLGDGHV,PSUHYLVWRVH,9$
VHDQXWLOL]DGRVHQORVLQIRUPHVHVWRVVHLQFOX\HQHQODFRQILJXUDFLyQGHODREUDGHODVLJXLHQWH
IRUPD

• 6HOHFFLRQDU$UFKLYR3URSLHGDGHVGHODREUD'DWRV3RUFHQWDMHV
• 7HFOHDUORVYDORUHVHQ³$UFKLYR3URSLHGDGHV2EUD'DWRV3RUFHQWDMHV FRPRVHLQGLFy
HQHOFDStWXOR³3URSLHGDGHV2EUD'DWRV´ SiJLQD 
• (VWRV YDORUHV SXHGHQ RSFLRQDOPHQWH VHU SURUUDWHDGRV R DQRWDGRV DO SLp GH ORV
LQIRUPHV










3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

3UHVWR\([FHO

3DUD FRSLDU GH ([FHO VLQ FDPELDU OD YHQWDQD GH WUDEDMR GHO 3UHVXSXHVWR VH UHFXUUH D OD
YHQWDQD³3UHFLRV&RPSOHWR´

/DYLVWD³&RPSOHWR´GDDFFHVRDODLQIRUPDFLyQGHORVFLQFRHVTXHPDVEiVLFRV3UHVXSXHVWR
&HUWLILFDFLyQ&RVWR5HDO2EMHWLYR\3ODQLILFDFLyQ

(VWD SDQWDOOD VH SXHGH XWLOL]DU SDUD FRSLDU XQ LWHPL]DGR GH XQ 3UHVXSXHVWR GHVGH ([FHO \
OOHYDUORDOIRUPDWRGH3UHVWRVLJXLHQGRORVVLJXLHQWHVSDVRV
• 6HOHFFLRQDU³$UFKLYR1XHYR´
• 6HOHFFLRQDU &DPLQR&3UHVWR(MHPSOR
1RPEUH352<(&72B 1RXVDUPRGHOR 
• 6HOHFFLRQDU³3UHFLRV&RPSOHWR´PD[LPL]DUDWRGDODSDQWDOOD




• 6HOHFFLRQDU 0HQ~ FRQWH[WXDO (OHJLU FROXPQDV YLVLEOHV SDUD RUGHQDU ORV FDPSRV WDO
FRPRHVWiHOLWHPL]DGRGHO3UHVXSXHVWRHQ([FHO(QHVWHFDVRGHMDUHQODVSULPHUDV
SRVLFLRQHV GH &DPSRV (OHJLGRV &yGLJR 5HVXPHQ 8G \ &DQ3UHV 1R HV QHFHVDULR
ERUUDUHOUHVWRGHORVFDPSRV
• (Q([FHOVHOHFFLRQDUORTXHVHTXLHUHFRSLDU VLQWtWXORVGHFROXPQDV 
• (Q([FHO(GLFLyQ&RSLDU &WUO& 
• (Q3UHVWR(GLFLyQ3HJDU &WUO9 HQODYHQWDQD³&RPSOHWR´
• 6H FRSLD HQ &RPSOHWR WRGD OD LQIRUPDFLyQ GH ([FHO VROR VH FRSLDQ ORV LWHPHV FRQ
FyGLJR 
• 6HOHFFLRQDU3UHVXSXHVWR
• $SDUHFH HO 3UHVXSXHVWR TXH IXH FRSLDGR GH ([FHO 7RGR HO LWHPL]DGR DSDUHFH HQ HO
SULPHUQLYHO\WLHQHQDWXUDOH]DGH&DStWXOR1RUPDOPHQWHODVFDQWLGDGHVDSDUHFHUiQVLQ
GHFLPDOHVGDGDODFRQILJXUDFLyQSRUGHIHFWRGHORVFDStWXORV6LQHPEDUJRPDQWLHQHQ
ORVGHFLPDOHVGHORULJLQDO
• &HUUDU&RPSOHWR\DEULUÈUERO
• 9LVXDOL]DU&RPSOHWR\ÈUEROSDUDXQDPHMRUYHULILFDFLyQGHOUHVXOWDGRGHODFRSLD


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




• 6HOHFFLRQDU3UHVXSXHVWR&HUUDUiUEROSDUDDJLOL]DUORVVLJXLHQWHVSDVRV
• 6HOHFFLRQDUORVFRQFHSWRVTXHVRQSDUWLGDV\FDPELDUQDWXUDOH]D
• 'REOHFOLFNHQ2EUDJUXHVDHOTXHSDVDDODFDEHFHUD
• ³+HUUDPLHQWDV0RYHU´R)
• $SDUHFHYHQWDQDGH³0iVFDUD&yGLJRV´
• 7HFOHDU$ 
• &RPRHVWDPRVGHQWURGHOFyGLJR$DYLVDTXHKD\³FLUFXODULGDGHQUHODFLyQ´
• $FHSWDU
• 0XHYHORVFyGLJRVTXHFRPLHQFHQFRQ³$´DOD2EUD*UXHVD
• %DMDUXQQLYHOHLQJUHVDUDO6XEFDStWXOR0RYLPLHQWRGH7LHUUDV
• $FWLYDU)
• $SDUHFHYHQWDQDGH0iVFDUD&yGLJR
• 7HFOHDU$ 
• $FHSWDU6LVHKDSXHVWR$ QRGDPHQVDMHGHFLUFXODULGDG\DTXHHOFyGLJRVXSHULRU
QRHV$VLQR$
• 2WURSURFHGLPLHQWRREOLJDWRULRFXDQGRODFRGLILFDFLyQQRHVHVWUXFWXUDGRFRQVLVWHHQ
• 6HOHFFLRQDU$$$$\$\DFWLYDU³&RSLDU´
• &RQ HO &DStWXOR 2EUD JUXHVD HQ FDEHFHUD DFWLYDU ³+HUUDPLHQWDV 0RYHU´ R ) 6L HQ
OXJDU GH HVWH SDVR VH DFWLYDUD ³3HJDU´ OD LQIRUPDFLyQ TXHGDUtD WDQWR HQ HO OXJDU GH
RULJHQFRPRHQHOGHGHVWLQR
• 6H VLJXH RSHUDQGR GH OD PLVPD IRUPD HQ FDGD VXEFDStWXOR KDVWD RUJDQL]DU WRGR HO
3UHVXSXHVWR HQ OD HVWUXFWXUD GH 3UHVWR HO TXH TXHGD GH OD VLJXLHQWH IRUPD DO
YLVXDOL]DUORHQODHVWUXFWXUDÈUERO


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




7DPELpQ HV SRVLEOH FDPELDU GH SRVLFLyQ FXDOTXLHU FRQFHSWR DUUDVWUiQGROR XQR D XQR HQ OD
YHQWDQDiUERO

([SRUWDUD([FHO

3HUPLWH  H[SRUWDU XQ DUFKLYR 3UHVWR D ([FHO HQ HO IRUPDWR GH 3UHVXSXHVWR R HQ FRPSDUDFLyQ


FRQ RWUDV YHQWDQDV /D H[SRUWDFLyQ SXHGH LQFOXLU ORV GDWRV DVRFLDGRV HQ ³7H[WR´ H[SRUWDU
WH[WR 'HODVLJXLHQWHIRUPD

• 6HOHFFLRQDU $UFKLYR ([SRUWDU  ([FHO GRQGH
DSDUHFHODVLJXLHQWHYHQWDQD













• (OHJLU OD FDWHJRUtD GH FRQFHSWRV TXH VH UHTXLHUDQ FDStWXORV FDStWXORV \ SDUWLGDV
FDStWXORVSDUWLGDV\GHVFRPSRVLFLyQ 
• (OHJLUHO(VTXHPDTXHVHUHTXLHUHH[SRUWDUSRUHMHPSOR3UHVXSXHVWR
• $O DSOLFDU DXWRIRUPDWR ([FHO RIUHFHUi ORV IRUPDWRV SRVLEOHV TXHGDQGR GH OD VLJXLHQWH
IRUPD

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




• 6LQRVHHOLJHDXWRIRUPDWR([FHOSRUGHIHFWRPXHVWUDHOVLJXLHQWHIRUPDWR




• 7DPELpQ HV SRVLEOH HOHJLU  VL VH UHTXLHUH OD FRPSDUDFLyQ HQWUH GRV HVTXHPDV SRU
HMHPSOR3UHVXSXHVWR\FHUWLILFDFLyQGRQGHVHDSUHFLDDVt


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




,PSRUWDFLyQGH([FHO

,PSRUWD XQD KRMD ([FHO VLHPSUH TXH WHQJD OD PLVPD HVWUXFWXUD TXH HO IRUPDWR GH H[SRUWDFLyQ


XVDGR HQ $UFKLYR ,PSRUWDU ([FHO 6H SXHGHQ FUHDU KRMDV GH FiOFXOR QXHYDV R ELHQ
H[SRUWDUODVFRPSOHWDQGRRPRGLILFDQGRVXLQIRUPDFLyQSDUDLPSRUWDUODVGHQXHYR

,PSRUWDORVYDORUHVFRQORVGHFLPDOHVTXHVHYHDQHQ([FHO6LHQ([FHOVHYHQGHFLPDOHV\HO
YDORU FRUUHVSRQGLHQWH HQ 3UHVWR HVWi UHGRQGHDGR D FHUR GHFLPDOHV VH YHQ ORV Q~PHURV
HQWHURV SHUR HVWiQ ORV GHFLPDOHV GH IRUPD TXH VL VH DXPHQWDUD HQ 3UHVWR HO Q~PHUR GH
GHFLPDOHVVHYHUtDQORVGHPiV6LHOYDORUHVWXYLHUDUHGRQGHDGRHQ3UHVWRDFXDWURGHFLPDOHV
VHYHUtDQORVGHFLPDOHVTXHVHYHQHQ([FHOVHJXLGRVSRUFHURV

6H SXHGH LPSRUWDU XQD KRMD GH ([FHO VLHPSUH TXH WHQJD OD PLVPD HVWUXFWXUD TXH ODV KRMDV
H[SRUWDGDV/RVGHWDOOHVH[DFWRVSXHGHQFRQVXOWDUVHHQHOPDQXDOGH3UHVWR

(VWUXFWXUDGHOIRUPDWRGHLPSRUWDFLyQGHVGH([FHO

3DUDHQWHQGHUHOIRUPDWRGHLPSRUWDFLyQORPiVVHQFLOORHVH[SRUWDUXQDREUDGH3UHVWRD([FHO
FRQ ODV RSFLRQHV VLPLODUHV D OD GHVHDGD SRU HMHPSOR FRQ FDStWXORV \ SDUWLGDV  \ ILMDUVH HQ HO
UHVXOWDGR


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




6HLPSRUWDQODVILODVGHVGHODLQFOXVLYHHQDGHODQWH1RVHLPSRUWDQLQJ~QFDPSRGHORVTXH
DOH[SRUWDUXQDREUDFRQWLHQHQIyUPXODVGH([FHO

(OQ~PHURGHFROXPQDVHVILMRHLGHQWLILFDHOFRQWHQLGRGHODKRMDGHODVLJXLHQWHIRUPD

/RV QRPEUHV GH OD FDEHFHUD GH FROXPQDV QR VH WLHQHQ HQ FXHQWD VyOR OD SRVLFLyQ FRQ OD
HVWUXFWXUDVLJXLHQWH

7LSR $ % & ' ( )
&DStWXORV &yGLJR 5HVXPHQ ,PSRUWH   
&DStWXORV\
VXEFDStWXORV
&DStWXORV\ &yGLJR 1DWXUDOH]D 8QLGDG 5HVXPHQ &DQWLGDG 3UHFLR
SDUWLGDV7RGR
&DStWXORV\ &yGLJR 1DWXUDOH]D 8QLGDG 5HVXPHQ &RPHQWDULR 1ž
SDUWLGDV7RGR
FRQPHGLFLyQ












3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

(VWDGRVGH3DJR

)DVHV 

3HUPLWH LQGLFDU ODV IHFKDV GH ORV  (VWDGRV GH 3DJR TXH XQD FRQVWUXFWRUD SUHVHQWD D VX
PDQGDQWHSDUDHOFREURGHXQDSDUWHGHHOOD/RVSUHFLRVGHODVSDUWLGDV\FRQFHSWRVLQIHULRUHV
VRQ ORV GH 3UHVXSXHVWR /DV FDQWLGDGHV GH ODV SDUWLGDV VRQ ODV DFHSWDGDV SRU HO PDQGDQWH
FRPRHMHFXWDGDV &HUWLILFDFLyQ 

6HUHDOL]DGHODVLJXLHQWHIRUPD
• 6HOHFFLRQDULFRQR³3URSLHGDGHV2EUD´
• 6HOHFFLRQDU2EUD)HFKDV$SDUHFHODVLJXLHQWHYHQWDQD




• (QHVWDYHQWDQDVHSXHGHQLQFOXLUIHFKDVUHOHYDQWHVSDUDXQDREUD(OHJLU
FRPRYDORUGHODYDULDEOH])HF,QLFLR2EUD )HFKDGHLQLFLRGHODREUD 
• 6HOHFFLRQDUHOLFRQR5HVXPHQGH)DVHV

5HVXPHQGHIDVHV7DEODJHQHUDOGHODREUDTXHUHVXPHSDUDFDGDSHULRGR
ORVFRVWRVWRWDOHV\SRUQDWXUDOH]DVGHFDGDHVTXHPD$TXtVHLQGLFDODIHFKD
GH WpUPLQR GH FDGD SHULRGR R )DVH /RV YDORUHV GHO 5HVXPHQ GH IDVHV VH
FDOFXODQPHGLDQWH&iOFXOR'HWDOOHV\IDVHV

• $ODFFLRQDUHVWH,FRQRDSDUHFHODVLJXLHQWHYHQWDQD


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726



'RQGH

³)HFKD´HVODIHFKDGHFLHUUHGHFDGDFHUWLILFDFLyQRIDVHHVGHFLUODIHFKDKDVWDGRQGHFXEUH
HO(VWDGRGH3DJR(Q HOHMHPSORVHKDFRQVLGHUDGRTXHORVHVWDGRVGH3DJRVHFLHUUDQORV
~OWLPRV GtDV GH FDGD PHV FRPHQ]DQGR GHVGH 0D\R $GHPiV HQ OD FDEHFHUD EDMR T)HFKD
DSDUHFHODIHFKDGHLQLFLRGHREUDODFXDOIXHHVFULWDHQOD3URSLHGDGHVGHODREUD



(Q5HVXPHQGH)DVHVDGHPiVDSDUHFHQORVFRVWRVGH0DQRGH2EUD0DTXLQDULD\0DWHULDOHV
TXHIXHURQFRQVLGHUDGRVHQHO3UHVXSXHVWRV\FHUWLILFDGRVHQODVGLVWLQWDVIDVHV

(QODFROXPQD³)HFKD3U´VHUHJLVWUDODIHFKDHQTXHHO3UHVXSXHVWRKDVLGRPRGLILFDGR(VWD
IHFKDVHLQFOX\HGHQWURGHODIDVHFRUUHVSRQGLHQWH

$YDQFH)tVLFRGHODV3DUWLGDV

• 0DQWHQHUDFWLYRHOLFRQR0RGRGDWRVDVRFLDGRV
• 3RVLFLRQDUVHHQODSDUWLGDDODTXHVHUHTXLHUHLQIRUPDUDYDQFH FHUWLILFDU 
• 6HOHFFLRQDU³)DVHV´
• $SDUHFHODVLJXLHQWHYHQWDQD


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




• (O DYDQFH SRU IDVH VH SXHGH LQGLFDU FRPR FDQWLGDG FHUWLILFDGD &DQ&HUW  R HQ
SRUFHQWDMH 3RU&HUW 
• $OLQJUHVDUODFDQWLGDGFHUWLILFDGDHQXQDIDVHVHREWLHQH
o (QODFDEHFHUDEDMR&DQWLGDG&HUWLILFDGDODFDQWLGDGDFXPXODGD
o 7RGDVODVIHFKDVGH(VWDGRVGH3DJRFUHDGDVHQ5HVXPHQGH)DVHV
o 6H FDOFXOD HO SRUFHQWDMH GH DYDQFH TXH UHSUHVHQWD OD FDQWLGDG FHUWLILFDGD
LQIRUPDGD
o (QODFDEHFHUDGHSRUFHQWDMHFHUWLILFDGRDSDUHFHHOSRUFHQWDMHDFXPXODGR
o (QHOFDPSR&HUWDSDUHFHFDGDDYDQFHYDORUL]DGR
o (QHOFDPSR2U&DQ&HUWDSDUHFHHODYDQFHDFXPXODGRKDVWDFDGDIDVH
o (QHOFDPSR2U&HUWDSDUHFHORVYDORUHVDFXPXODGRVKDVWDFDGDIDVH
• $O LQJUHVDU HO SRUFHQWDMH GH DYDQFH HQ OXJDU GH OD FDQWLGDG VH REWLHQH ORV PLVPRV
UHVXOWDGRV


















3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

(PLVLyQGH(VWDGRVGH3DJR

$SUREDFLyQGH(VWDGRGH3DJR
3UHVWRSHUPLWHLQFOXLUDYDQFHVHQFXDOTXLHUIDVHSRUORTXHSDUDHPLWLUXQ(VWDGRGH3DJRHV
QHFHVDULRLQGLFDUHQODYHQWDQDGH³)DVHV´FXDOHVHO(VWDGRGH3DJRDSUREDGR

• 6HOHFFLRQDUODYHQWDQD3UHFLRV &HUWLILFDFLyQ
• 6HOHFFLRQDU)DVHV 3UHVXSXHVWR&HUWLILFDFLyQ
• 6HOHFFLRQDUOD)DVHTXHTXLHUHDSUREDU\FRQHOERWyQGHUHFKRDFWLYH³$SUREDUIDVHGH
FHUWLILFDFLyQHMHFXFLyQ\SODQLILFDFLyQ´




• (Q &DQ&HUW DSDUHFH DSUREDGD OD IDVH VHOHFFLRQDGD \ HO UHVWR HVWD JULV  HVWR TXLHUH
GHFLUTXHVHFRQVLGHUDKDVWDHOODIDVHGHO(VWDGRGH3DJR
• (Q³3UHFLRV&HUWLILFDFLyQ´DSDUHFHHODYDQFH FHUWLILFDFLyQ GHODVSDUWLGDVFDStWXORV\
DEUHKDVWDODIDVHDSUREDGD
• (Q³3UHFLRV&HUWLILFDFLyQ´DSDUHFHHODYDQFH FHUWLILFDFLyQ GHODVSDUWLGDVFDStWXORV\OD
REUDKDVWDOD)DVHDSUREDGD




• 6HOHFFLRQDU,FRQR³5HVXPHQGH)DVHV´

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

• ,QGLFD HO WRWDO YDORUL]DGR GH ORV GLYHUVRV DYDQFHV LQIRUPDGRV SDUD FDGD SDUWLGD SDUD
FDGD(VWDGRGH3DJR\DFXPXODGRDFDGDIDVH
• 3DUDYLVXDOL]DUHLPSULPLUORV(VWDGRVGH3DJRLUD,QIRUPHV3UHVXSXHVWRV(VWDGRVGH
SDJR
• $SDUHFHHOFXDGURGHGLiORJRTXHVHFRPSOHWDGHODVLJXLHQWHIRUPD
o )HFKD%DVH)HFKDGHHQWUHJDGHO(VWDGRGH3DJR
o 1RPEUHGHODPRQHGD0RQHGDTXHVHHOLJHSDUDDOLPSUHVLyQ
o 9DORUGHODXQLGDGPRQHWDULD9DORUGHODSDULGDGHQUHODFLyQDODPRQHGDHQTXHVH
HQFXHQWUDHOSUHVXSXHVWR
o 7LSRV GH SRUFHQWDMHV (OHJLU VL VH GHVHD TXH ORV SRUFHQWDMHV * *HQHUDOHV
8WLOLGDGHVH,PSUHYLVWRV VHPXHVWUHQRVHDQSURUUDWHDGRV
o &RQSRUFHQWDMHV6LVHOHVYDDLQFOXLURQR
o 7LSR GH FyGLJR VL OD LPSUHVLyQ VHUi FRQ HO SULPHU FyGLJR HO VHJXQGR R HO FyGLJR
LQGHQWDGR WLSRHWF 
o 7RWDOL]DGRSRUFDStWXORV6LVHUHTXLHUHRQRWRWDOL]DGRSRUFDStWXORV
o 7RWDOL]DGRSRUVXEFDStWXORV6LVHUHTXLHUHRQRWRWDOL]DGRSRUVXEFDStWXORV
o &RQ7H[WR6LVHGHVHDRQRFRQWH[WRLQFOXLGRHQDOJ~QFRQFHSWR
o (VWDGRGH3DJRQ~PHURGH(VWDGRGH3DJRTXHVHHVWiHMHFXWDQGR
o UHDMXVWH,QGLFDUUHDMXVWHDDSOLFDU
o UHWHQFLyQ,QGLFDUUHWHQFLyQDDSOLFDU
o 'HYROXFLyQ $QWLFLSR 0RQWR D GHYROYHU HQ HVWH ( GH 3DJR DSDUHFH FRPR  HQ HO
LQIRUPH 




• 9LVWD3UHOLPLQDU
• 6LHOSUHVXSXHVWRKDXWLOL]DGRFRPR'LYLVDJHQHUDOHO3HVR&KLOHQR &/3 \VLVHGHVHD
LPSULPLU HO (VWDGR GH 3DJR X RWUR LQIRUPH HQ 8) SRU HMHPSOR VH GHEH VHJXLU HO
VLJXLHQWHSURFHGLPLHQWR
o (Q³3URSLHGDGHVGHODREUD5HGRQGHRV´LQGLFDUHOQ~PHURGHGHFLPDOHVTXHVH
GHVHDPRVWUDUHQHO,QIRUPHWDQWRHQORVSUHFLRV ]'HF FRPRHQORVVXEWRWDOHV
]'HF,PS \HQORVLQVXPRV ]'HF1DW FXDQGRVHLPSULPDORV3UHFLRV8QLWDULRV
\ORV5HFXUVRV
o (QORVSDUiPHWURVGHLPSUHVLyQGHEHLQGLFDU
 1RPEUHGHOD0RQHGD8)
 9DORU8QLWDULDGHOD0RQHGD 9DORUGHOD8)HQSHVRV 

3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

1RROYLGHTXHPLHQWUDVPiVGHFLPDOHVXWLOLFHPiVH[DFWRVHUiHOUHVXOWDGRGHHVWDFRQYHUVLyQ
TXHDYHFHVVLJQLILFDGLYLGLUYDORUHVPX\SHTXHxRVSRUFRPRHQHVWHHMHPSOR

'DWRV$VRFLDGRV

&DGDFRQFHSWRSHUPLWHLQFOXLULQIRUPDFLyQFRPSOHPHQWDUtDGHWLSRWH[WRLPDJHQRGLEXMR

7H[WRV

7H[WR GHVFULSWLYR DVRFLDGR DO FRQFHSWR VLQ OLPLWDFLyQ GH WDPDxR FRQ IXHQWHV VHOHFFLRQDEOHV


PiUJHQHVWDEXODGRUHVUHOOHQRVGHWDEXODFLyQWDEODVLPiJHQHVHQWDEODV\FRORUGHOHWUD/RV
TXH QR SXHGHQ JHQHUDUVH XVDQGR ORV FRPDQGRV GH OD YHQWDQD GH WH[WR HQ 3UHVWR FRPR ODV
WDEODVSXHGHQFUHDUVHHQXQSURFHVDGRUGHWH[WRV\FRSLDUVHRLPSRUWDUVH/DVWDEODVKDQGH
VHUKRPRJpQHDVFRQILODV\FROXPQDVFRQWLQXDV

$UFKLYR(QWRUQRGHWUDEDMR*HQHUDOHVFXHQWDFRQODRSFLyQ,PSULPLUORVWH[WRVVLQDWULEXWRV
GHIRUPDWRTXHKDFHTXHORVWH[WRVFRQDWULEXWRVGHIRUPDWRVHLPSULPDQFRPRVLQRpVWRVQR
H[LVWLHUDQ

(OPHQ~FRQWH[WXDO\ORVLFRQRVGHODOtQHDGHFDEHFHUDRIUHFHQ

• ([SRUWDUR,PSRUWDUHOWH[WRGHHVWDYHQWDQDWDQWRDUFKLYRV7;7FRPR57)
• $MXVWHGHOtQHDSUHVHQWDFDGDSiUUDIR WH[WRHQWUHGRVUHWRUQRVGHFDUUR HQXQDVROD
OtQHD
• 2SFLRQHV GH IRUPDWR GHO WH[WR TXH VH DSOLFDQ D ORV LQIRUPHV \ D ODV SiJLQDV HQ
+70/
• 3UHVWR,QIRUPHVWLHQHHQFXHQWDORVVLJXLHQWHVDWULEXWRVGHWH[WRGHORVFRQFHSWRV
o 3URSLHGDGHV GH OD IXHQWH IXHQWH HVSDFLDGR QHJULWD FXUVLYD FRORU GH WH[WR \
FRORUGHIRQGR 
o 3URSLHGDGHVGHOSiUUDIR DOLQHDFLyQVDQJUtD\WDEXODFLRQHV 
o 1XPHUDFLyQ\YLxHWDV
o 6RPEUHDGRVGHWH[WR
o 7DEXODFLRQHVDOLQHDGDVVLHPSUHDODL]TXLHUGD\VLQUHOOHQR
o (VWLORVGHIXHQWHSiUUDIR\QXPHUDFLyQ
o 7DEODV DOWRYDULDEOHFHOGDVFRPELQDGDVDOLQHDFLyQGHWH[WRFRORUHVGHERUGH
ERUGHVYLVLEOHVRQRLPiJHQHV 
o ,PiJHQHV

3XHGHQQRDSDUHFHUDOJXQRVDWULEXWRVGHOIRUPDWRHVSHFLDOPHQWHORVUHIHULGRVDWDEODV
0XFKRVGHHVWRVDWULEXWRVVHDSOLFDQDOJHQHUDUSiJLQDVHQ+70/FRQ3UHVWR,QWHUQHW


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




,PDJHQ

,PDJHQDVRFLDGDDOFRQFHSWRFRQIRWRJUDItDVWH[WXUDVHWF

/RVLFRQRVRHOPHQ~FRQWH[WXDOSHUPLWHQ

([SRUWDUR,PSRUWDUODVLPiJHQHV6RSRUWDORVIRUPDWRV%03-3(*3&;7,))31*(36OD
LPDJHQVHJXDUGDHQHOIRUPDWRHQTXHVHLPSRUWySRUORTXHPDQWLHQHVXWDPDxRUHVROXFLyQ
SURIXQGLGDGGHFRORU\RWUDVFDUDFWHUtVWLFDV6LVHSHJDGHOSRUWDSDSHOHVODLPDJHQVHJXDUGD
VLHPSUHTXHHVSRVLEOHHQIRUPDWR31*\VLQRHQHOIRUPDWRRULJLQDOVLHVWiVRSRUWDGR

3DUDFDPELDUODVLPiJHQHVGHIRUPDWR\DTXHFDGDIRUPDWRWLHQHSURSLHGDGHVHVSHFtILFDVVH
XVD+HUUDPLHQWDV2SWLPL]DULPiJHQHV

=RRP WRGR =RRP  R =RRP SRU YHQWDQD SDUD HOHJLU HQWUH HO PRGR HQ TXH OD LPDJHQ
FDEHFRPSOHWDVHSUHVHQWDDVXWDPDxRRVHGHILQHFRQXQDYHQWDQDODSDUWHTXHVHYHUi





3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726

'LEXMR

'LEXMRYHFWRULDODVRFLDGRDOFRQFHSWRVRSRUWDORVIRUPDWRV';)':*:0)/DFRPSDFLGDG\
SRWHQFLDGHOIRUPDWR':*ORKDFHQSUHIHULEOH6LVHSHJDGHOSRUWDSDSHOHVHOGLEXMRVHJXDUGD
HQ:0)

/RV LFRQRV \ HO PHQ~ FRQWH[WXDO SHUPLWHQ H[SRUWDU R LPSRUWDU ORV GLEXMRV HQ VXV IRUPDWRV \
JHVWLRQDUORVGLIHUHQWHVPRGRVGH]RRP




'LUHFWRULRV

(QHO0HQ~³(QWRUQRGH7UDEDMR'LUHFWRULRV´HVSRVLEOHUHODFLRQDUORVGLUHFWRULRVTXHVHGHVHD
VHDQRIUHFLGRVSRUGHIHFWR(VSHFLDODWHQFLyQPHUHFH

2EUDV   5XWDRIUHFLGDDOFUHDUXQQXHYRSUR\HFWR
,QIRUPHV   DFFHVRGLUHFWRDORVLQIRUPHVGHVGHHOPHQ~³,QIRUPHV´
&$'   'LUHFWRULRSRUGHIDXOWSDUDDEULUORVDUFKLYRGH&$'
2SFLRQHVGH8VXDULR 'LUHFWRULRGRQGHJXDUGDODFRQILJXUDFLyQGHORVILOWURVGLYLVDHWF
7HPSRUDO   'LUHFWRULR7HPSRUDO

2WURVFRPDQGRV

,PSRUWDFLyQGHGDWRVGHXQDREUDDODDFWXDO



,PSRUWDUDODOLVWDDFWXDOGDWRVGHRWUDREUD'HODVLJXLHQWHIRUPD

• $EULUXQDUFKLYRQXHYR
• 6HOHFFLRQDU³3URSLHGDGHVGHOD2EUD'DWRV´


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726




• 6HOHFFLRQDU³,PSRUWDUDODOLVWDDFWXDOGDWRVGHRWUDREUD´
• $SDUHFHODVLJXLHQWHYHQWDQD




• (OHJLU &HQ]DQR SRU HMHPSOR  VHOHFFLRQDU DEULU \ HO VLVWHPD LPSRUWD ORV GDWRV GH OD
REUD QRPEUHGLUHFFLyQWHOpIRQRHWF DODREUDQXHYD
• 4XHGDQGRORVGDWRVLQFRUSRUDGRVDODREUDGHODVLJXLHQWHIRUPD


3iJLQDGH
&$3$&,7$&,2135(67235(6838(6726










3iJLQDGH

You might also like