You are on page 1of 131

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

5(*/$0(1721$&,21$/

0,1,67(5,2'(6(59,&,26<2%5$63Ô%/,&$6
9,&(0,1,67(5,2'(6(59,&,26%É6,&26

5(*/$0(172'(*(67,Ð1
'(6(59,&,26
'($*8$327$%/(<
6$1($0,(172
(1=21$612&21&(6,%/(6

35,0(5$5(9,6,21
129,(0%5(


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

35()$&,2

(OSUHVHQWHUHJODPHQWRGHJHVWLyQGHVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWRHQ]RQDVQRFRQFHVLEOHVFRQVWLWX\HXQDDFWXDOL]DFLyQ
GHORVFRUUHVSRQGLHQWHVUHJODPHQWRVHGLWDGRVHQSRUHOH[0LQLVWHULRGH'HVDUUROOR+XPDQRTXHGDQGRGLFKDHGLFLyQVXVWLWXLGD
HQVXWRWDOLGDGSRUHVWDQXHYDYHUVLyQ

/DUHYLVLyQ\DFWXDOL]DFLyQGHHVWHUHJODPHQWRIXHUHDOL]DGDSRUHO9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRVDWUDYpVGHOD'LUHFFLyQ*HQHUDO
GH6HUYLFLRV%iVLFRVDFDUJRGHO,QJ$OYDUR&DPDFKR\OD'LUHFFLyQGH$UHDGH1RUPDV\7HFQRORJtDVGHO0623 '$6( HQHOPDUFR
GHO3UR\HFWRGH$VLVWHQFLD7pFQLFDDO96%'*6 352$7 ILQDQFLDGRSRUOD$JHQFLD6XHFDGH&RRSHUDFLyQSDUDHO'HVDUUROOR,QWHUQDFLRQDO
$VGL 

/DDFWXDOL]DFLyQGHHVWHUHJODPHQWRKDVLGRHQFRPHQGDGDDORVVLJXLHQWHVSURIHVLRQDOHV

3DWULFLD9HQHJDV '*6%96% -RVp/XLV0DUTXH] 6$6²$1(6$3$


$OFLGHV)UDQFR '*6%96% 0DUFR0LOOiQ
(QULTXH7RUULFR '*6%96% *HUPiQ+XDQFD 3526,$6
5H\QDOGR9LOODOED '*6%96% 0DUWKD0XULOOR 3526,$6
0DUFR$*XWLHUUH] 0DULQD'RFNZHLOHU )36
/XFLD9DOGHV 2VFDU*DUYL]X
0DUFR4XLURJD

/DHODERUDFLyQGHORVUHJODPHQWRVKDVLGRUHDOL]DGDSRUODFRQVXOWRUD*OREDO)LQDQFH&RQVXOWDQWV´%ROLYLDµ65/EDMRFRQWUDWRFRQHO
0LQLVWHULRGH6HUYLFLRV\2EUDV3~EOLFDV

/DUHYLVLyQGHORVERUUDGRUHVGHORVUHJODPHQWRVVHUHDOL]RDWUDYpVGHWDOOHUHVUHJLRQDOHVFRQSDUWLFLSDFLyQGHODVVLJXLHQHVSHUVRQDV
HLQVWLWXFLRQHV

5DPLUR,SRUUH )36²'HSDUWDPHQWDO&RFKDEDPED )UDQFLVFR%HOORW ,QVWLWXWRGH,QJ6DQLWDULD806$


+XJR6DQGL 81$6%9,²3UHIHFWXUDGHO'SWRGH&KXTXLVDFD -RVp/XLV&DVWDJQp $%,61DFLRQDO
(GVRQ=HODGD 81$6%9,²3UHIHFWXUDGHO'SWRGH&RFKDEDPED -KRQQ\3pUH] $%,6²)LOLDO&RFKDEDPED
(GZLQ/ySH] 81$6%9,²3UHIHFWXUDGHO'SWRGH2UXUR :LOIUHGR9HL]DJD $%,6²)LOLDO&RFKDEDPED
$JXVWLQ6LOYD &DUORV+ROVWHU $%,6²)LOLDO6DQWD&UX]
$GROIR/XQD 6,6$% $UPLGD1XxH] ,QVWLWXWRGH'HVDUUROOR%LERVL
(OYLR'DJD 3UHIHFWXUDGHO'SWRGH6DQWD&UX] 5RVD&DEDOOHUR ,QVWLWXWRGH'HVDUUROOR%LERVL
/XLVD'RUDGR 3UHIHFWXUDGHO'SWRGH6DQWD&UX] 5DPLUR9LOODUURHO &(3$&
5RPPHO&KiYH] 3UHIHFWXUDGHO'SWRGH6DQWD&UX] 7LP0DF)DUUHQ &XHUSRGH3D]
*URYHU&DOLFKR 352$68-,&$ 0HUFHGHV%UDYR &DWKROLF5HOLHI6HUYLFHV
5DIDHO9HOiVTXH] )$0²%ROLYLD 6DOHG(LG )RRGIRU+XQJU\
3DWULFLR$UUR\R $0'(25 $EHO/L]DUD]X 3&,
0D[+XDFDQL $0'(3$= $OIRQVR$OYpVWHJXL 3&,
5RODQGR6DQGRYDO *RELHUQR0XQLFLSDOGH&RORPL -RVp+XDQFD 3ODQ,QWHUQDFLRQDO$OWLSODQR
0DQXHO6DQGRYDO 0DQFRPXQLGDGGH0XQLFLSLRV&KLTXLWDQRV $OH[/DVWUD 352',6$
/RXUGHV'RUDGR $OH[DQGHU2OVRQ 81,&()
+LOGD&XHQWDV $OHMDQGUR6X[R 9LVLyQ0XQGLDO
(YHOÉOYDUH] $JXDVGHO,OOLPDQL6$ &DUORV(VSDxD &RQVXOWRUD$JXLODU\$VRFLDGRV
-RVp1DYtD (0$3$66DFDED &DUORV/DIXHQWH %6$65/
5LFDUGR$\DOD 6(0$3$ 9ODGLPLUR6DOLQDV &RQVXOWRUD&30
-XDQ&DUORV5RFKD (PSUHVD0LVLFXQL /XLV9HJD 3&$&RQVXOWRUHV
2VFDU0RVFRVR &HQWURGH$JXDV8066

'HSyVLWROHJDO[[[[[[[[[

,PSUHVLyQ\'LDJUDPDFLyQ $UWHV*UiILFDV36 35,17


&DOOH7DULMD
7HO)D[&HO
/D3D]%ROLYLD


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

35(6(17$&,Ð1

(O 0LQLVWHULR GH 6HUYLFLRV \ 2EUDV 3~EOLFDV FRQ HO REMHWLYR GH


UHJODPHQWDUODJHVWLyQGHVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWR
SRQHDGLVSRVLFLyQGHSURIHVLRQDOHVGHOSDtVHOSUHVHQWHUHJODPHQWR
UHYLVDGR\DFWXDOL]DGRHQEDVHDODVGLVSRVLFLRQHVOHJDOHVYLJHQWHV
\ORVQXHYRVUHTXHULPLHQWRVGHOVHFWRU

(VWH5HJODPHQWRVHFRQVWLWX\HHQLQVWUXPHQWRTXHGHEHVHUFRQRFLGR
\DSOLFDGRGHIRUPDREOLJDWRULDSRUORVUHVSRQVDEOHVGHODVHQWLGDGHV
S~EOLFDV\SULYDGDVTXHWLHQHQDVXFDUJRODJHVWLyQGHVHUYLFLRVGH
DJXD SRWDEOH \ GH VDQHDPLHQWR HQ ]RQDV QR FRQFHVLEOHV

/D DFWXDOL]DFLyQ GH HVWH UHJODPHQWR IXH SRVLEOH JUDFLDV D OD


SDUWLFLSDFLyQGHSURIHVLRQDOHVGHGLIHUHQWHVLQVWLWXFLRQHVGHOVHFWRU
TXHQRHVFDWLPDURQVXVHVIXHU]RVSDUDKDFHUSRVLEOHTXHQXHVWUR
SDtVFXHQWHFRQHVWHYDOLRVRLQVWUXPHQWRWpFQLFR


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$*5$'(&,0,(172

(O0LQLVWHULRGH6HUYLFLRV\2EUDV3~EOLFDVDWUDYpVGHO9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRV
H[SUHVDVXDJUDGHFLPLHQWRDWRGDVODVLQVWLWXFLRQHVRUJDQL]DFLRQHV\SURIHVLRQDOHVTXHGH
PDQHUDGHVLQWHUHVDGDKLFLHURQSRVLEOHODDFWXDOL]DFLyQGHOSUHVHQWHUHJODPHQWR(QIRUPD
HVSHFLDOVHDJUDGHFHD

6U7RUVWHQ:HWHUEODG
&216(-(52-()('(&223(5$&,Ð1²(0%$-$'$'(68(&,$

6UD,VDEHO$VFDUUXQ]
2),&,$/'(352*5$0$6'($VGL

'U$OIRQVR*DUFLD
35(6,'(17((-(&87,92'(/)1'5

$UT-RUJH&DUUDVFR
',5(&725(-(&87,92'(/)36

,QJ-RKQQ\&XHOODU
683(5,17(1'(17('(6$1($0,(172%É6,&2²6,6$%

,QJ5RQQ\9HJD
*(5(17(*(1(5$/$1(6$3$


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

,1752'8&&,Ð1

(ODxRHOHQWRQFHV0LQLVWHULRGH'HVDUUROOR+XPDQRDWUDYpVGHODH[6HFUHWDUtD1DFLRQDO
GH3DUWLFLSDFLyQ3RSXODUSXEOLFyODSULPHUDYHUVLyQGHO5HJODPHQWRGH*HVWLyQHQ$JXD3RWDEOH\
6DQHDPLHQWR

$OSUHVHQWHHOVHFWRUGHDJXD\VDQHDPLHQWRHQQXHVWURSDtVKDORJUDGRSRVLWLYRVDYDQFHVHQPDWHULD
OHJDOHLQVWLWXFLRQDODVLPLVPRVHKDQGHVDUUROODGRQXHYRVHQIRTXHV\PRGHORVGHJHVWLyQSDUDORJUDU
ODVRVWHQLELOLGDGGHORVVHUYLFLRVGHDJXD\VDQHDPLHQWR

(QHVWHFRQWH[WRHO0LQLVWHULRGH6HUYLFLRV\2EUDV3~EOLFDVDWUDYpVGHO9LFHPLQLVWHULRGH6HUYLFLRV
%iVLFRV SUHVHQWD XQD QXHYD YHUVLyQ GHO UHJODPHQWR GH JHVWLyQ GH VHUYLFLRV GH DJXD SRWDEOH \
VDQHDPLHQWRHQ]RQDVQRFRQFHVLEOHVHQHOTXHVHLQFRUSRUDQDFWXDOL]DQ\SHUIHFFLRQDQFULWHULRV\
FRQFHSWRVSDUDODJHVWLyQHÀFLHQWHGHORVVHUYLFLRV\VHLQWURGXFHQQXHYDVIRUPDVRUJDQL]DFLRQDOHV
R0RGHORVGH*HVWLyQTXHVHDMXVWDQDODUHDOLGDGDFWXDOGHO6HFWRUHQHOSDtV

/DDSOLFDFLyQGHOSUHVHQWHUHJODPHQWRHVGHFDUiFWHUREOLJDWRULRSRUSDUWHGHODV(36$HQ]RQDVQR
FRQFHVLEOHV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

,1',&(
 3$*
7Ì78/2,
',6326,&,21(6*(1(5$/(6«««««««««««««««««««««««««

&$3Ì78/2, 2%-(72<É0%,72'($3/,&$&,Ð1
&$3Ì78/2,, $&78$/,=$&,Ð1<02',),&$&,Ð1
&$3Ì78/2,,, 6,*/$6<'(),1,&,21(6

7Ì78/2,,
0$5&2,167,78&,21$/'(/
6(&7256$1($0,(172%É6,&2««««««««««««««««««««««««

&$3Ì78/2, ,167,78&,21(6'(1,9(/1$&,21$/
&$3Ì78/2,, ,167,78&,21(6'(1,9(/'(3$57$0(17$/
&$3Ì78/2,,, ,167,78&,21(6'(1,9(//2&$/

7Ì78/2,,,
35(67$&,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172«««««««

&$3Ì78/2, 35(67$&,Ð1'(/266(59,&,26
&$3Ì78/2,, &21)250$&,Ð1'(/$6(36$

7Ì78/2,9
*(67,Ð1'(/266(59,&,26'(
$*8$327$%/(<6$1($0,(172««««««««««««««««

&$3Ì78/2, $'0,1,675$&,Ð1'(/266(59,&,26
&$3Ì78/2,, 23(5$&,Ð1<0$17(1,0,(172'(/266,67(0$6
&$3Ì78/2,,, &20(5&,$/,=$&,Ð1'(/266(59,&,26
&$3Ì78/2,9 &21752/,17(512'(/'(6(03(f2'(/$6(36$
&$3Ì78/29 $7(1&,Ð1$/868$5,2
&$3Ì78/29, 5(/$&,21(6,17(5,167,78&,21$/(6
&$3Ì78/29,, 3/$1,),&$&,21
&$3Ì78/29,,, &216(59$&,Ð1'(/$0,&52&8(1&$

7Ì78/29
02'(/26'(*(67,Ð1'(6(59,&,26'(
$*8$327$%/(<6$1($0,(172«««««««««««««««««««««««

&$3Ì78/2, &216,'(5$&,21(6*(1(5$/(662%5(/2602'(/26'(*(67,Ð1
&$3Ì78/2,, 7,326'(02'(/26'(*(67,Ð1
&$3Ì78/2,,, $'23&,Ð1'(8102'(/2'(*(67,Ð1
&$3Ì78/2,9 &20,7e'($*8$327$%/(<6$1($0,(172 &$3<6
&$3Ì78/29 38(%/26,1'Ì*(1$6<25,*,1$5,26&2081,'$'(6,1'Ì*(1$6
 <&$03(6,1$6$62&,$&,21(625*$1,=$&,21(6<
 6,1',&$726&$03(6,126
&$3Ì78/29, &223(5$7,9$'(6(59,&,263Ô%/,&26
&$3Ì78/29,, &223(5$7,9$'(08/7,6(59,&,263Ô%/,&26
&$3Ì78/29,,, 62&,('$'$1Ð1,0$0,;7$
&$3Ì78/2,; ,19(56,21,67$&216758&72523(5$'25

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

&$3Ì78/2; (035(6$3Ô%/,&$081,&,3$/
&$3Ì78/2;, 35(67$&,Ð1',5(&7$'(6(59,&,2632581*2%,(512081,&,3$/
&$3,78/2;,, $62&,$&,Ð1&,9,/'(6(59,&,263Ô%/,&26

7Ì78/29,
5(*8/$&,Ð1'(/266(59,&,26««««««««««««««««««««««««

&$3Ì78/2, /,&(1&,$6
&$3Ì78/2,, 5(*,67526
&$3Ì78/2,,, 3$'5Ð11$&,21$/'(35(67$'25(6'(6(59,&,26'(
 6$1($0,(172%É6,&2
&$3Ì78/2,9 35(6(17$&,Ð1'(,1)250(6$/$(17,'$'5(*8/$'25$

7Ì78/29,,
*(67,Ð1'(),1$1&,$0,(172«««««««««««««««««««««««««

&$3Ì78/2, 32/Ì7,&$),1$1&,(5$6(&725,$/ 3)6


&$3Ì78/2,, 275$6,167$1&,$6'(),1$1&,$0,(172
&$3Ì78/2,,, *(67,Ð1'(),1$1&,$0,(1723253$57('(/$6(36$
&$3Ì78/2,9 *(67,Ð1'(),1$1&,$0,(1723253$57('(/26*2%,(5126
081,&,3$/(6

7Ì78/29,,,
$6,67(1&,$7e&1,&$$/$6(36$««««««««««««««««««««««««

&$3Ì78/2, &216,'(5$&,21(6*(1(5$/(6
&$3Ì78/2,, ,167$1&,$6$&$5*2'(/$$6,67(1&,$7e&1,&$

7Ì78/2,;
868$5,26«««««««««««««««««««««««««««««««««««

&$3Ì78/2, '(5(&+26<2%/,*$&,21(6'(/26868$5,26
&$3Ì78/2,, 5(&/$026
&$3Ì78/2,,, ,1)5$&&,21(6<6$1&,21(6$/26868$5,26

7Ì78/2;
3527(&&,Ð1<&216(59$&,Ð1
'(/0(',2$0%,(17(«««««««««««««««««««««««««««««

&$3Ì78/2, /$0,&52&8(1&$
&$3Ì78/2,, /$1=$0,(172'($*8$65(6,'8$/(6

$1(;26

$1(;26$/7Ì78/2,
$1(;26$/7Ì78/2,9
$1(;26$/7Ì78/29
³³³³R³³³³


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

7Ì78/2,
',6326,&,21(6*(1(5$/(6

&$3Ì78/2,
2%-(72<É0%,72'($3/,&$&,Ð1

$57Ì&8/22%-(72'(/5(*/$0(172(OSUHVHQWHUHJODPHQWRWLHQHSRUREMHWRUHJXODUOD
JHVWLyQGHORVVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWRDÀQGHORJUDUODVRVWHQLELOLGDG\HÀFLHQFLD
GHODV(36$

$57Ì&8/20$5&2/(*$/&RUUHVSRQGHHOPDUFROHJDOGHOVHFWRUGHDJXD\VDQHDPLHQWRHQ
HOTXHLQWHUYLHQHODQRUPDWLYDVLJXLHQWH

D  /H\ 1R  GH ORV 6HUYLFLRV GH $JXD 3RWDEOH \ $OFDQWDULOODGR 6DQLWDULR \ VXV
5HJODPHQWRV
E  /H\1RGH2UJDQL]DFLyQGHO3RGHU(MHFXWLYR
F  /H\1RGH3DUWLFLSDFLyQ3RSXODU
G  /H\1RGH'HVFHQWUDOL]DFLyQ$GPLQLVWUDWLYD
H  /H\1RGH0XQLFLSDOLGDGHV
I  /H\1RGHO0HGLR$PELHQWH\VXV5HJODPHQWRV
J  /H\1R²GHODV(36$FRPR6XMHWRVGH&UpGLWR3~EOLFR
K  'HFUHWR/H\1R²/H\*HQHUDOGH6RFLHGDGHV&RRSHUDWLYDV
L  'HFUHWR/H\1RGHO&yGLJRGH&RPHUFLR
M  'HFUHWR6XSUHPR1RGHOD3ROtWLFD1DFLRQDOGH&RPSHQVDFLyQ
N  'HFUHWR6XSUHPR1RGHOD(36$FRPR6RFLHGDG$QyQLPD0L[WD
O  'HFUHWR6XSUHPR1RGHOD)XQGDFLyQGH$SR\RDOD6RVWHQLELOLGDGHQ6DQHDPLHQWR
 %iVLFR )81'$6$% 
P  'HFUHWR 6XSUHPR 1R  GH OD 3ROtWLFD )LQDQFLHUD GHO 6HFWRU $JXD 3RWDEOH \
$OFDQWDULOODGR  6DQLWDULR
Q  1RUPD%ROLYLDQD1%1RUPD7pFQLFDGH'LVHxRSDUD6LVWHPDVGH$OFDQWDULOODGR\ 
 7UDWDPLHQWRGH$JXDV5HVLGXDOHV\VXV5HJODPHQWRV
R  1RUPD %ROLYLDQD 1%   1RUPD7pFQLFD  GH 'LVHxR SDUD 6LVWHPDV GH$JXD 3RWDEOH \
VXV  5HJODPHQWRV
S  1RUPD%ROLYLDQD1%$JXDSRWDEOH²0XHVWUHR
T  1RUPD%ROLYLDQD1%²$JXDSRWDEOH²5HTXLVLWRV

$57Ì&8/2  *(67,Ð1 '( /26 6(59,&,26 '($*8$ < 6$1($0,(172  6H HQWLHQGH SRU
JHVWLyQGHORVVHUYLFLRVGHDJXD\VDQHDPLHQWRSDUDHIHFWRVGHOSUHVHQWHUHJODPHQWRDOFRQMXQWR
GHGHFLVLRQHVDFWLYLGDGHV\SURFHGLPLHQWRVRULHQWDGRVDODSUHVWDFLyQGHORVPLVPRVFRQFULWHULRV
GHFDOLGDGHÀFLHQFLD\HTXLGDG

$57Ì&8/2  É0%,72 '( $3/,&$&,Ð1  (O iPELWR GH DSOLFDFLyQ GHO SUHVHQWH UHJODPHQWR
FRUUHVSRQGHDORFDOLGDGHVKDVWDKDELWDQWHV\TXHVHHQFXHQWUHQFRPSUHQGLGDVHQHOUDQJR
GH ]RQDV QR FRQFHVLEOHV (VWH UHJODPHQWR GHEH VHU DFDWDGR SRU WRGDV ODV SHUVRQDV QDWXUDOHV R
MXUtGLFDV S~EOLFDV R  SULYDGDV TXH SUHVWHQ VHDQ XVXDULRV R VH YLQFXOHQ D ORV VHUYLFLRV GH DJXD


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

SRWDEOH\VDQHDPLHQWRH[FHSWRODV(36$FRQFHVLRQDGDV
&$3Ì78/2,,
$&78$/,=$&,Ð1<02',),&$&,Ð1

$57Ì&8/2$&78$/,=$&,Ð1<02',),&$&,Ð1(OSUHVHQWHUHJODPHQWRSRGUiVHUDFWXDOL]DGR\
RPRGLÀFDGRWRGDYH]TXHVHDQHFHVDULRFRPRUHVXOWDGRGHODSURPXOJDFLyQGHQXHYDVGLVSRVLFLRQHV
OHJDOHV\QRUPDWLYDVUHODFLRQDGDVFRQHOPLVPR6LH[LVWHQFRQWUDGLFFLRQHVHQHOWHQRUGHOPLVPR
SUHYDOHFHORGLVSXHVWRSRUOD/H\1ž\VXVFRUUHVSRQGLHQWHVUHJODPHQWRV

&$3Ì78/2,,,
6,*/$6<'(),1,&,21(6

$57Ì&8/2    6,*/$6 3DUD HIHFWRV GHO SUHVHQWH UHJODPHQWR WLHQHQ YDOLGH] ODV VLJXLHQWHV
VLJODV

&$3<6 &RPLWpGH$JXD3RWDEOH\6DQHDPLHQWR
'*6% 'LUHFFLyQ*HQHUDOGH6HUYLFLRV%iVLFRV
(36$ (QWLGDG3UHVWDGRUDGH6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULR
)36  )RQGR1DFLRQDOGH,QYHUVLyQ3URGXFWLYD\6RFLDO
*0  *RELHUQR0XQLFLSDO
/23(  /H\GH2UJDQL]DFLyQGHO3RGHU(MHFXWLYR
0623 0LQLVWHULRGH6HUYLFLRV\2EUDV3~EOLFDV
2'(&2 2ÀFLQDGHO&RQVXPLGRU
27%  2UJDQL]DFLyQ7HUULWRULDOGH%DVH
3)6  3ROtWLFD)LQDQFLHUD6HFWRULDO 6HFWRU$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULR 
3,'  3ODQ,QWHJUDOGH'HVDUUROOR
30,  3URJUDPDGH0RGHUQL]DFLyQ,QVWLWXFLRQDO
6$0  6RFLHGDG$QyQLPD0L[WD
6,5(6( 6LVWHPDGH5HJXODFLyQ6HFWRULDO
6,6$% 6XSHULQWHQGHFLDGH6DQHDPLHQWR%iVLFR
81$6%9, 8QLGDGGH$JXD6DQHDPLHQWR%iVLFR\9LYLHQGDGHSHQGLHQWHGHOD3UHIHFWXUD
96%  9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRV

$57Ì&8/2'(),1,&,21(63DUDHIHFWRVGHOSUHVHQWH5HJODPHQWRWLHQHQYDOLGH]ODV
VLJXLHQWHVGHÀQLFLRQHV

$FWLYRV ÀMRV %LHQHV PXHEOHV PREODMH DXWRPRWRUHV HTXLSRV KHUUDPLHQWDV HWF  H LQPXHEOHV
WHUUHQRV HGLILFDFLRQHV LQVWDODFLRQHV PDTXLQDULD HWF  GH XQD DVRFLDFLyQ RUJDQL]DFLyQ R
LQVWLWXFLyQ

$GPLQLVWUDFLyQGHORV6HUYLFLRV$FFLRQHVGHRUJDQL]DUGLULJLUFRRUGLQDU\FRQWURODUODSUHVWDFLyQ
\HFRQRPtDGHORVVHUYLFLRVGH$JXD3RWDEOH\6DQHDPLHQWR

$JXD3RWDEOH$JXDDSWDSDUDHOFRQVXPRKXPDQRGHDFXHUGRFRQORVUHTXLVLWRVHVWDEOHFLGRVSRU
OD1RUPD%ROLYLDQD1%

$JXD 5HVLGXDO 'HVHFKR OtTXLGR SURYHQLHQWH GH ODV GHVFDUJDV GHO XVR GHO DJXD HQ DFWLYLGDGHV
GRPpVWLFDVRGHRWUDtQGROH

$JXD5HVLGXDO7UDWDGD$JXD5HVLGXDOSURFHVDGDHQVLVWHPDVGHWUDWDPLHQWRSDUDVDWLVIDFHUORV
UHTXLVLWRVGHFDOLGDGFRQUHODFLyQDODFODVHGH&XHUSR5HFHSWRUDOTXHVHUiQGHVFDUJDGDV

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$OFDQWDULOODGR 6DQLWDULR  &RQGXFWRV GH VHUYLFLR S~EOLFR GHVWLQDGRV DO WUDQVSRUWH GH DJXDV
UHVLGXDOHV
$VLVWHQFLD WpFQLFD  $FFLRQHV GH DVHVRUDPLHQWR FDSDFLWDFLyQ LQIRUPDFLyQ \ VHJXLPLHQWR TXH
SUHVWDQORV*RELHUQRV0XQLFLSDOHV3UHIHFWXUDV\RWUDVLQVWLWXFLRQHVGHO6HFWRU6DQHDPLHQWR%iVLFR
DODV(36$

$VRFLDFLyQ&LYLO(QWLGDGFRQHVWUXFWXUDSURSLD QRPEUHDFWDGHIXQGDFLyQHVWDWXWR\UHJODPHQWR 
\SHUVRQDOLGDGMXUtGLFDUHFRQRFLGDSRUOD3UHIHFWXUDGHO'HSDUWDPHQWRQRPLOLWDUQLHFOHVLiVWLFDTXH
SHUVLJXHXQÀQFRP~QSDUDVXVDVRFLDGRV

$XWRVRVWHQLELOLGDGÀQDQFLHUD&DSDFLGDGGHODV(36$SDUDUHFXSHUDUPHGLDQWHLQJUHVRVRSHUDWLYRV
ORVFRVWRV\JDVWRVSURSLRVGHODDGPLQLVWUDFLyQODRSHUDFLyQGHORVVHUYLFLRVHOPDQWHQLPLHQWR\OD
UHSRVLFLyQGHORVDFWLYRV\ODH[SDQVLyQGHORVVHUYLFLRV/RVSUR\HFWRVPD\RUHVGHLQIUDHVWUXFWXUD
EiVLFD TXH DO LQFRUSRUDUVH HQ HO HVWXGLR WDULIDULR H[FHGDQ HO OtPLWH GH FDSDFLGDG GH SDJR GH OD
SREODFLyQ DWHQGLGD HTXLYDOHQWH DO FLQFR SRU FLHQWR   GHO LQJUHVR IDPLOLDU TXHGDUiQ IXHUD GHO
DOFDQFHGHHVWDGHÀQLFLyQ

&DWDVWURGHVXVFULSWRUHV5HJLVWURDFWXDOL]DGRGHVXVFULSWRUHVGHXQ6LVWHPDGH$JXD3RWDEOHR
6DQHDPLHQWRTXHFRQWLHQHLQIRUPDFLyQGHLQWHUpVSDUDODV(36$

&DWDVWURWpFQLFR5HJLVWURDFWXDOL]DGRGHORVFRPSRQHQWHVGHXQVLVWHPDGHDEDVWHFLPLHQWRGH
$JXD3RWDEOHR6DQHDPLHQWRFRQGHWDOOHGHODXELFDFLyQ\FDUDFWHUtVWLFDVGHGLFKRVFRPSRQHQWHV

&DWHJRUtDV&ODVHVGH6XVFULSWRUHVHQTXHVHGLYLGHODHVWUXFWXUDWDULIDULD

&REHUWXUD$FFHVRTXHODFRPXQLGDGWLHQHDORV6HUYLFLRV6HODFXDQWLÀFDFRPRHOSRUFHQWDMHGH
ODSREODFLyQVHUYLGDUHVSHFWRDODSREODFLyQWRWDOGHODORFDOLGDG FREHUWXUDSREODFLRQDO RFRPRHO
SRUFHQWDMHGHOiUHDVHUYLGDGHODORFDOLGDGUHVSHFWRDOiUHDSREODFLRQDOWRWDO FREHUWXUDItVLFD 

&RQFHMR0XQLFLSDO0i[LPDDXWRULGDGGHO*RELHUQR0XQLFLSDOFRQVWLWX\HHOyUJDQRUHSUHVHQWDWLYR
GHOLEHUDQWHQRUPDWLYR\ÀVFDOL]DGRUGHODJHVWLyQPXQLFLSDO

&RQFHVLyQ $FWR DGPLQLVWUDWLYR SRU HO FXDO OD 6,6$%  D QRPEUH GHO (VWDGR %ROLYLDQR RWRUJD D
XQD(36$HOGHUHFKRGHSUHVWDU6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRHQXQiUHD
JHRJUiÀFDGHÀQLGD

&RQH[LyQGHDJXDSRWDEOH&RQMXQWRGHWXEHUtDV\DFFHVRULRVTXHSHUPLWHQHOLQJUHVRGH$JXD
3RWDEOHGHVGHODUHGGHGLVWULEXFLyQKDFLDODVLQVWDODFLRQHVLQWHUQDVGHOXVXDULR

&RQH[LyQGHDOFDQWDULOODGRVDQLWDULR&RQMXQWRGHWXEHUtDV\DFFHVRULRVTXHSHUPLWHQODGHVFDUJD
GH$JXD5HVLGXDOGHVGHODVLQVWDODFLRQHVLQWHUQDVGHOXVXDULRKDFLDODUHGGHDOFDQWDULOODGR

&XHUSRUHFHSWRU&XUVRRGHSyVLWRGHDJXDROXJDUHQHOTXHVHGHVFDUJDHO$JXD5HVLGXDO

&XRWD$SRUWHFRPXQLWDULRTXHHQWUHJDQORVXVXDULRVDOD(36$HQORVSXHEORVLQGtJHQDV\RULJLQDULRV
ODVFRPXQLGDGHVLQGtJHQDV\FDPSHVLQDVODVDVRFLDFLRQHVRUJDQL]DFLRQHV\VLQGLFDWRVFDPSHVLQRV
ORVFRPLWpVGHDJXDFRRSHUDWLYDVSURYLQFLDOHV\XUEDQDV

'HVDUUROOR &RPXQLWDULR (VWUDWHJLD VRFLDO FHQWUDGD HQ OD JHQWH TXH SHUPLWH OD SDUWLFLSDFLyQ
FRPXQLWDULDHQWRGDVODVIDVHVGHXQSUR\HFWR

'HVFDUJD9HUWLGRGH$JXD5HVLGXDOHQXQFXHUSRUHFHSWRU


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

(PSUHVD3~EOLFD(PSUHVDFX\RFDSLWDOHVGHO(VWDGRDVtFRPRODUHVSRQVDELOLGDG\UHVXOWDGRV
GHVXJHVWLyQ
(QWLGDG3UHVWDGRUDGH6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULR (36$ 3HUVRQD
MXUtGLFDS~EOLFDRSULYDGDTXHSUHVWDXQRRPiVGHORV6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR
6DQLWDULR

(VWDWXWR&RQMXQWRGHQRUPDVTXHULJHQODRUJDQL]DFLyQ\DFWLYLGDGHVGHXQDLQVWLWXFLyQ

(YDOXDFLyQ&RQWUROGHOHVWDGRGHODRUJDQL]DFLyQDGPLQLVWUDFLyQRSHUDFLyQ\PDQWHQLPLHQWRGH
ODV(36$DVtFRPRGHOHVWDGRItVLFR\GHIXQFLRQDPLHQWRGHORVFRPSRQHQWHVGHORV6LVWHPDVD
VXFDUJR

/LFHQFLD$FWRDGPLQLVWUDWLYRSRUHOFXDOOD6,6$%RWRUJDHOGHUHFKRGHSUHVWDU6HUYLFLRVGH$JXD
3RWDEOH \ 6HUYLFLRV GH 6DQHDPLHQWR D XQD (36$ R XQ *RELHUQR 0XQLFLSDO TXH FXPSOD FRQ ORV
UHTXLVLWRVHVWDEOHFLGRVHQHO´5HJODPHQWRGH&RQFHVLRQHV/LFHQFLDV\5HJLVWURVSDUD6HUYLFLRVGH
$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRµ\GHDFXHUGRDO$UWtFXORƒGHOD/H\1ƒHQXQiUHD
JHRJUiÀFDGHÀQLGD

0DQFRPXQLGDGGHPXQLFLSLRV$VRFLDFLyQYROXQWDULDGHGRVRPiV0XQLFLSLRVDWUDYpVGHVXV
JRELHUQRVPXQLFLSDOHVUHVSDOGDGDSRUOD/H\1RGH0XQLFLSDOLGDGHV $UWtFXOR SRUODFXDO
SRGUiQDGTXLULUUHVSRQVDELOLGDGHVPDQFRPXQDGDVFRPSURPHWLHQGRORVUHFXUVRVQHFHVDULRVSDUDOD
UHDOL]DFLyQGHÀQHVTXHOHVVHDQFRPXQHV

0DQWHQLPLHQWRGHORVVLVWHPDV$FFLRQHVTXHVHUHDOL]DQHQORVFRPSRQHQWHV\HTXLSRVGHORV
6LVWHPDVGH$JXD3RWDEOH\R6DQHDPLHQWRSDUDSUHYHQLURFRUUHJLUGDxRVTXHDIHFWHQVXEXHQ
IXQFLRQDPLHQWR

0HGLGRU,QVWUXPHQWRFRORFDGRHQODLQVWDODFLyQGRPLFLOLDULDFRQHOÀQGHUHJLVWUDUHOFRQVXPRGH
DJXD

0LFURPHGLFLyQ0HGLGRUHVGHFDXGDOLQVWDODGRVHQODVFRQH[LRQHVGHDJXDSRWDEOHDHIHFWRGH
HVWDEOHFHUFRQVXPRVGHORVXVXDULRV

0RGHORGHJHVWLyQGHVHUYLFLRV)RUPDRWLSRRUJDQL]DFLRQDOTXHDVXPHXQD(36$SDUDODSUHVWDFLyQ
GHVHUYLFLRVGH$JXD3RWDEOH\6DQHDPLHQWR

0XQLFLSLR8QLGDGWHUULWRULDOSROtWLFD\DGPLQLVWUDWLYDPHQWHRUJDQL]DGDHQODMXULVGLFFLyQ\FRQORV
KDELWDQWHVGHOD6HFFLyQGH3URYLQFLDEDVHGHORUGHQDPLHQWRWHUULWRULDOGHO(VWDGREROLYLDQR

2SHUDFLyQGHORVVLVWHPDV$FFLRQHVSHULyGLFDVTXHVHHMHFXWDQHQORVFRPSRQHQWHV\HTXLSRVGH
ORV6LVWHPDVGH$JXD3RWDEOH\R6DQHDPLHQWRSDUDVXDGHFXDGRIXQFLRQDPLHQWR

3DGUyQ1DFLRQDOGH3UHVWDGRUHVGH6HUYLFLRV%iVLFRV5HJLVWUREDMRUHVSRQVDELOLGDGGHO96%
HQHOTXHGHEHQLQVFULELUVHGHPDQHUDJUDWXLWD\REOLJDWRULDWRGRVORVSUHVWDGRUHVGH6HUYLFLRVGH
6DQHDPLHQWR%iVLFRFXDOTXLHUDVHDVXIRUPDGHRUJDQL]DFLyQ

3DUWLFLSDFLyQ&RPXQLWDULD,QWHUYHQFLyQGHODFRPXQLGDGFRQFDSDFLGDGGHGHFLVLyQHQWRGDVODV
IDVHVGHXQSUR\HFWR

3HUVRQDOLGDG-XUtGLFD&RQVWLWX\HODDSWLWXGOHJDOSDUDDGTXLULUGHUHFKRV\FRQWUDHUREOLJDFLRQHV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

3HUVRQHUtD -XUtGLFD &DSDFLGDG GH UHSUHVHQWDFLyQ OHJDO GH DOJXLHQ R DOJR ODV 3UHIHFWXUDV GH
'HSDUWDPHQWR VRQ ODV LQVWDQFLDV HQFDUJDGDV GH RWRUJDU 3HUVRQHUtD -XUtGLFD HQ HO iPELWR GH VX
MXULVGLFFLyQ
3UHFLR0RQWRTXHFREUDHOSURYHHGRUGHORVVHUYLFLRVDORVXVXDULRVSRUFRQH[LRQHVUHFRQH[LRQHV
LQVWDODFLyQGHPHGLGRUHV\FRQFHSWRVRSHUDWLYRVVLPLODUHV

3UHGLR3URSLHGDGLQPXHEOHWHUUHQRRHGLÀFDFLyQRHOFRQMXQWRGHDPERV

3UR\HFWR &RQMXQWR GH LQYHUVLRQHV LQVXPRV \ DFWLYLGDGHV GLVHxDGR SDUD HO PHMRUDPLHQWR GH OD
FDOLGDGGHYLGDGHXQJUXSRGHEHQHÀFLDULRVHQXQGHWHUPLQDGRSHULRGRGHWLHPSR

5HFXUVRKtGULFR$JXDTXHVHHQFXHQWUDHQODQDWXUDOH]DGLVSRQLEOHSDUDVHUXWLOL]DGD

5HGGHGLVWULEXFLyQ&RQMXQWRGHWXEHUtDVDFFHVRULRV\HVWUXFWXUDVTXHFRQGXFHHODJXDGHVGHHO
SXQWRGHFRQH[LyQGHODWXEHUtDGHVDOLGD SODQWDGHWUDWDPLHQWRWDQTXHGHDOPDFHQDPLHQWRHWF 
KDVWDORVSXQWRVGHFRQVXPR

5HJLVWUR$FWRDGPLQLVWUDWLYRSRUHOFXDOOD&RPLVLyQ7pFQLFDGH5HJLVWURVRWRUJDHOGHUHFKRGH
SUHVWDU 6HUYLFLRV GH$JXD 3RWDEOH \ 6DQHDPLHQWR D XQ SXHEOR LQGtJHQD \ RULJLQDULR FRPXQLGDG
FDPSHVLQDDVRFLDFLyQRUJDQL]DFLyQRVLQGLFDWRFDPSHVLQRXRWUDDJUXSDFLyQTXHIXQFLRQDVHJ~QXVRV
\FRVWXPEUHVUHFRQRFLGDOHJDOPHQWHSRUODLQVWDQFLDFRUUHVSRQGLHQWHGHDFXHUGRDORVUHTXLVLWRVGHO
´5HJODPHQWRGH&RQFHVLRQHV/LFHQFLDV\5HJLVWURVSDUD6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR
6DQLWDULRµ\HO$UWtFXORGHOD/H\1ž

5HJXODU$MXVWDUHOIXQFLRQDPLHQWRGHXQVLVWHPDDGHWHUPLQDGRVÀQHVDWUDYpVGHOFXPSOLPLHQWR
GHUHJODVRQRUPDV

6DQHDPLHQWR5HODWLYRDODGLVSRVLFLyQVDQLWDULDGHH[FUHWDVFRPRVHUORVVHUYLFLRVGHDOFDQWDULOODGR
VDQLWDULROHWULQDVFiPDUDVVpSWLFDVPLQJLWRULRVHWF

6HJXLPLHQWR&RQWUROSHUPDQHQWH\VLWHPiWLFRDODVDFWLYLGDGHVGHODV(36$FRQUHODFLyQDVXV
UHVSRQVDELOLGDGHV\REMHWLYRVSODQWHDGRV

6HUYLFLR GH DJXD SRWDEOH  6HUYLFLR S~EOLFR TXH FRPSUHQGH XQD R PiV GH ODV DFWLYLGDGHV GH
FDSWDFLyQDGXFFLyQFRQGXFFLyQWUDWDPLHQWRDOPDFHQDPLHQWRGH5HFXUVRV+tGULFRVSDUDFRQYHUWLUORV
HQ$JXD3RWDEOH\HOVLVWHPDGHGLVWULEXFLyQDORVXVXDULRVPHGLDQWHUHGHVGHWXEHUtDVRPHGLRV
DOWHUQDWLYRV

6HUYLFLRGHDOFDQWDULOODGRVDQLWDULR6HUYLFLRS~EOLFRTXHFRPSUHQGHXQDRPiVGHODVDFWLYLGDGHV
GHUHFROHFFLyQWUDWDPLHQWR\GLVSRVLFLyQGHODV$JXDV5HVLGXDOHVHQORV&XHUSRV5HFHSWRUHV

6HUYLFLRV6HUHÀHUHDORV6HUYLFLRVGH$JXD3RWDEOH\6DQHDPLHQWR

6HUYLGXPEUH 5HVWULFFLyQ R OLPLWDFLyQ DO GHUHFKR GH SURSLHGDG GH ELHQHV SULYDGRV R ELHQHV
SDWULPRQLDOHVGHHQWLGDGHVS~EOLFDVRDXWyQRPDVLPSXHVWDVSDUDODUHDOL]DFLyQGHDFWLYLGDGHVH
LQIUDHVWUXFWXUDHQODSUHVWDFLyQGHVHUYLFLRVGHDJXDSRWDEOH\DOFDQWDULOODGRVDQLWDULR

6LVWHPDGHDJXDSRWDEOH&RQMXQWRGHHVWUXFWXUDVHTXLSRVHLQVWDODFLRQHVTXHWLHQHSRUREMHWR
WUDQVSRUWDUHODJXDGHVGHODIXHQWHGHDEDVWHFLPLHQWRKDVWDORVSXQWRVGHFRQVXPRHQFRQGLFLRQHV
DGHFXDGDVGHFDOLGDGFDQWLGDG\SUHVLyQ

6LVWHPDGHDOFDQWDULOODGRVDQLWDULR&RQMXQWRGHFRQGXFWRVHVWUXFWXUDVHTXLSRVHLQVWDODFLRQHV

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

GHVWLQDGRDFROHFWDU\WUDQVSRUWDUDJXDVUHVLGXDOHV~QLFDPHQWHDXQDGLVSRVLFLyQÀQDOFRQYHQLHQWH
GHPRGRFRQWLQXRHKLJLpQLFDPHQWHVHJXUR

6LVWHPDV6HUHÀHUHDORV6LVWHPDVGH$EDVWHFLPLHQWRGH$JXD3RWDEOH\R6DQHDPLHQWR

6XVFULSWRU 3HUVRQD QDWXUDO R MXUtGLFD TXH FHOHEUD FRQ OD (36$ R FRQ HO *RELHUQR 0XQLFLSDO XQ
&RQWUDWRGH3UHVWDFLyQGH6HUYLFLRVGH&RQGLFLRQHV8QLIRUPHVRXQ&RQWUDWR(VSHFLDO

7DULID9DORUXQLWDULRTXHFREUDXQD(36$DOXVXDULRSRUFXDOTXLHUDGHORV6HUYLFLRVGH$JXD3RWDEOH
R$OFDQWDULOODGR6DQLWDULR

7DVD7ULEXWRTXHFREUDXQ*RELHUQR0XQLFLSDODOXVXDULRSRUODSUHVWDFLyQGH6HUYLFLRVGH$JXD
3RWDEOHRGH$OFDQWDULOODGR6DQLWDULRHQORVWpUPLQRVGHOD/H\1ž

7LWXODU 3HUVRQD MXUtGLFD TXH KD REWHQLGR GH OD 6XSHULQWHQGHQFLD GH 6DQHDPLHQWR %iVLFR XQD
&RQFHVLyQ/LFHQFLDR5HJLVWUR

8VXDULR7RGDSHUVRQDQDWXUDORMXUtGLFDS~EOLFDRSULYDGDTXHXWLOL]DDOJXQRGHORV6HUYLFLRVGH
$JXD3RWDEOHR6DQHDPLHQWR

9LGD~WLOGHXQVLVWHPD7LHPSRGHIXQFLRQDPLHQWRGHXQ6LVWHPDHQFRQGLFLRQHVGHSUHVWDFLyQ
DGHFXDGDGHVHUYLFLRVFRQIRUPHDQRUPDVWpFQLFDV

=RQD FRQFHVLEOH 6H GHÀQH DVt DO FHQWUR SREODGR FRQFHQWUDGR FRQ PiV GH  KDELWDQWHV
DVRFLDFLyQ GH DVHQWDPLHQWRV KXPDQRV R PDQFRPXQLGDG GH JRELHUQRV PXQLFLSDOHV HVWDEOHFLGDV
SDUDODSUHVWDFLyQGHVHUYLFLRVGHDJXDSRWDEOH\RDOFDQWDULOODGRVDQLWDULR\FX\DSREODFLyQFRQMXQWD
VHDLJXDORVXSHULRUDORVKDELWDQWHVGRQGHODSURYLVLyQGHORVVHUYLFLRVHVÀQDQFLHUDPHQWH
DXWRVRVWHQLEOH6HDGPLWHFRPR]RQDFRQFHVLEOHODVSREODFLRQHVPHQRUHVDKDELWDQWHVTXH
GHPXHVWUHQVHUÀQDQFLHUDPHQWHDXWRVRVWHQLEOHV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

=RQDQRFRQFHVLEOH$VHQWDPLHQWRKXPDQRFX\DSREODFLyQHVGLVSHUVDRVLHVFRQFHQWUDGDQR
H[FHGHGHKDELWDQWHV\QRHVDXWRVRVWHQLEOHÀQDQFLHUDPHQWH

7Ì78/2,,
0$5&2,167,78&,21$/'(/
6(&7256$1($0,(172%É6,&2

&$3Ì78/2,
,167,78&,21(6'(1,9(/1$&,21$/

$57Ì&8/20,1,67(5,2'(6(59,&,26<2%5$63Ô%/,&$6 0623 (O0LQLVWHULRGH6HUYLFLRV


%iVLFRV\2EUDV3~EOLFDVVHFRQVWLWX\HHQODLQVWLWXFLyQHVWDWDODFDUJRGHIRUPXODUHMHFXWDUHYDOXDU
\ÀVFDOL]DUHQWUHRWUDVODVSROtWLFDVGHORVVHUYLFLRVEiVLFRV /H\1ž²/23( 

&RQUHODFLyQDOWHPDGHOSUHVHQWH5HJODPHQWRODVDWULEXFLRQHV\REOLJDFLRQHVGHO0623 /H\1R
 VRQODVVLJXLHQWHV

D  )RUPXODU \R HMHFXWDU SROtWLFDV SDUD OD SURYLVLyQ  GH ORV 6HUYLFLRV \ HO GHVDUUROOR GH ORV
PLVPRV  HQHOSDtV
E  )RUPXODUHOPDUFRUHJXODWRULRGHO6HFWRU
F  )RUPXODUSROtWLFDVÀQDQFLHUDVSDUDHOGHVDUUROOR\VRVWHQLELOLGDGGHORVVHUYLFLRV
G  )RUPXODUSROtWLFDVGHIRPHQWRSDUDODSUHVWDFLyQGHORVVHUYLFLRV
H  )RPHQWDUODSDUWLFLSDFLyQSULYDGDHQODLQYHUVLyQ\ODJHVWLyQGHORVVHUYLFLRV
I  3URPRYHUHOGHVDUUROORLQVWLWXFLRQDOGHODV(36$
J  ,QVFULELUJUDWXLWDPHQWHDODV(36$HQHO3DGUyQ1DFLRQDOGH3UHVWDGRUHVGH6HUYLFLRVGH 
 6DQHDPLHQWR%iVLFR
K  'HVDUUROODUVLVWHPDVGHLQIRUPDFLyQGHORVVHUYLFLRV

(QHOPDUFRGHORVVHUYLFLRVEiVLFRVHO9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRV 96% \OD'LUHFFLyQ


*HQHUDOGH6HUYLFLRV%iVLFRV '*6% FRQVWLWX\HQLQVWDQFLDVMHUiUTXLFDVVLJXLHQWHVDO0623 'HFUHWR
6XSUHPR1R5HJODPHQWRDOD/H\/23( 

$57Ì&8/2683(5,17(1'(1&,$'(6$1($0,(172%É6,&2 6,6$% /D6XSHULQWHQGHQFLD


GH6DQHDPLHQWR%iVLFR 6,6$% TXHHVSDUWHGHO6LVWHPDGH5HJXODFLyQ6HFWRULDO 6,5(6( VH
FRQVWLWX\HHQHORUJDQLVPRFRQMXULVGLFFLyQQDFLRQDODFDUJRGHUHJXODUODSUHVWDFLyQ\XWLOL]DFLyQGH
ORV6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULR

6RQ DWULEXFLRQHV \ FRPSHWHQFLDV GH OD 6,6$% /H\ 1ƒ  \ /H\ 1ƒ  \ VXV UHJODPHQWRV 
UHODFLRQDGDVDOWHPDGHOSUHVHQWH5HJODPHQWRODVVLJXLHQWHV

D  2WRUJDUGHDFXHUGRDORTXHFRUUHVSRQGH&RQFHVLRQHV/LFHQFLDV\5HJLVWURVDODVHQWLGDGHV
SUHVWDGRUDVGHORV6HUYLFLRVUHJXODGRV\VXVFULELUORVFRUUHVSRQGLHQWHVFRQWUDWRV
E  'HOHJDUVXDWULEXFLyQGHRWRUJDU5HJLVWURVDODV&RPLVLRQHV7pFQLFDVGH5HJLVWURFRQGRPLFLOLR
HQOD3UHIHFWXUDGHFDGD'HSDUWDPHQWR\TXHVHFRQIRUPDUiQGHDFXHUGRDO´5HJODPHQWRGH
&RQFHVLRQHV/LFHQFLDV\5HJLVWURVSDUD6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRµ
GH OD /H\ 1ƒ  /DV &RPLVLRQHV HQYLDUiQ D OD 6,6$% ORV 5HJLVWURV RWRUJDGRV SDUD VX
KRPRORJDFLyQFRUUHVSRQGLHQWH
F  9LJLODUODFRUUHFWDSUHVWDFLyQGHORV6HUYLFLRVUHJXODGRV
G  $SUREDUPHWDVGHFDOLGDGH[SDQVLyQ\GHVDUUROORGHODV(36$FRQVLVWHQWHVFRQORVSODQHVGH
H[SDQVLyQGHODFREHUWXUD\PHMRUDPLHQWRGHODFDOLGDGGHORVVHUYLFLRV
H  $SUREDU\SXEOLFDUORVSUHFLRV\WDULIDVDSOLFDGDVSRUODVHQWLGDGHVUHJXODGDV

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

I  &RQWURODUHOHVWULFWRFXPSOLPHQWRGHORVSUHFLRV\ODVWDULIDVDSUREDGDV
J  (QFDVRGHVHUQHFHVDULRLQWHUYHQLUODVHPSUHVDVUHJXODGDVDÀQGHJDUDQWL]DUODFRQWLQXLGDG
GHORVVHUYLFLRV
K  6DQFLRQDUDORVWUDQVJUHVRUHVGHOPDUFRUHJXODWRULR
L  3URFHVDUORVUHFODPRVSUHVHQWDGRVSRUORVXVXDULRVGHORV6HUYLFLRV
M  3URWHJHUORVGHUHFKRVGHORVXVXDULRVGHORV6HUYLFLRV
N  6ROLFLWDU D ODV HQWLGDGHV SUHVWDGRUDV GH ORV 6HUYLFLRV WRGD OD LQIRUPDFLyQ QHFHVDULD SDUD HO
FXPSOLPHQWRGHVXVREOLJDFLRQHV

$57Ì&8/2(/)21'21$&,21$/'(,19(56,Ð1352'8&7,9$<62&,$/ )36 (O)RQGR


1DFLRQDO GH  ,QYHUVLyQ 3URGXFWLYD \ 6RFLDO VH FRQVWLWX\H HQ OD LQVWLWXFLyQ S~EOLFD TXH FDQDOL]D OD
LQYHUVLyQVRFLDO\SURGXFWLYDPHGLDQWHODWUDQVIHUHQFLDFRQGLFLRQDGDGHUHFXUVRVSDUDSUR\HFWRVHQ
HOiPELWRPXQLFLSDODFRUGHDSROtWLFDVQDFLRQDOHV\VHFWRULDOHV

6RQIXQFLRQHVGHO)36

D  5HFLELU \ DGPLQLVWUDU ORV UHFXUVRV TXH OH IXHUDQ SURYLVWRV SRU RUJDQLVPRV GH &RRSHUDFLyQ
,QWHUQDFLRQDO\HO7HVRUR*HQHUDOGHOD1DFLyQ
E  2WRUJDUFRÀQDQFLDPLHQWRSDUDJDVWRVGHLQYHUVLyQHQWUHRWURVGHSUR\HFWRVHQ6DQHDPLHQWR
%iVLFRIDFWLEOHVTXHFRQWULEX\DQDOGHVDUUROORVRFLRHFRQyPLFRGHORVPXQLFLSLRV\TXHFXHQWHQ
FRQDSRUWHVDGHFXDGRVGHFRQWUDSDUWHGHOJRELHUQRPXQLFLSDOEHQHÀFLDGR
F  &HOHEUDUFRQWUDWRVGHFRÀQDQFLDPLHQWRFRQORV*RELHUQRV0XQLFLSDOHVSDUDODHMHFXFLyQGH
SUR\HFWRVHOHJLEOHV
G  $VHJXUDUODDGHFXDGDVXSHUYLVLyQGHODXWLOL]DFLyQGHORVUHFXUVRVTXHKXELHVHRWRUJDGRHO)36
SDUDODHMHFXFLyQGHORVSUR\HFWRV

&$3Ì78/2,,
,167,78&,21(6'(1,9(/'(3$57$0(17$/

$57Ì&8/2  35()(&785$6 '( '(3$57$0(172 /DV 3UHIHFWXUDV GH 'HSDUWDPHQWR


VH FRQVWLWX\HQ HQ OD UHSUHVHQWDFLyQ GHO 3RGHU (MHFXWLYR D QLYHO GHSDUWDPHQWDO /H\ 1ž  GH
'HVFHQWUDOL]DFLyQ$GPLQLVWUDWLYD 

/DVDWULEXFLRQHV\UHVSRQVDELOLGDGHVGHODV3UHIHFWXUDVGH'HSDUWDPHQWR /H\HV1ž\ 
FRQUHODFLyQDOWHPDGHOSUHVHQWH5HJODPHQWRVRQ

D  )RUPXODU\HMHFXWDUORVSODQHVGHSDUWDPHQWDOHVGHGHVDUUROORHFRQyPLFR\VRFLDOGHDFXHUGR
D ODV QRUPDV GHO 6LVWHPD 1DFLRQDO GH 3ODQLÀFDFLyQ HQ FRRUGLQDFLyQ FRQ ORV *RELHUQRV
0XQLFLSDOHV
E  &DQDOL]DUORVUHTXHULPLHQWRVJHVWLRQHV\UHODFLRQHVGHORV*RELHUQRV0XQLFLSDOHVHQHOPDUFR
GHODVFRPSHWHQFLDVWUDQVIHULGDV
F  2WRUJDU SHUVRQDOLGDG MXUtGLFD FRQ YDOLGH] HQ WRGR HO WHUULWRULR QDFLRQDO D ODV IXQGDFLRQHV
DVRFLDFLRQHV \ VRFLHGDGHV FLYLOHV TXH KXELHUHQ HVWDEOHFLGR GRPLFLOLR HQ VX MXULVGLFFLyQ
5HJLVWUDUODSHUVRQDOLGDGMXUtGLFDGHODVFRPXQLGDGHVFDPSHVLQDVSXHEORVLQGtJHQDV\MXQWDV
YHFLQDOHV
G  3URPRYHUODLQYHUVLyQSULYDGDHQHOGHSDUWDPHQWR
H  (ODERUDU\GHVDUUROODUSODQHV\SURJUDPDVGHSDUWDPHQWDOHVGHH[SDQVLyQGHORV6HUYLFLRVGH
$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRHQHOPDUFRGHORHVWDEOHFLGRSRUOD/H\\VXV
UHJODPHQWRV
I  )RPHQWDUODDVRFLDFLyQGHDVHQWDPLHQWRVKXPDQRVSDUDODSUHVWDFLyQFRQMXQWDGHORV6HUYLFLRV
HQFRRUGLQDFLyQFRQ*RELHUQRV0XQLFLSDOHVHQHOPDUFRGHSODQHVGHRUGHQDPLHQWRXUEDQR\


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

WHUULWRULDOGHFDGDPXQLFLSLR
J  ,QIRUPDUDO0623VREUHODVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV\RWUDVHQWLGDGHVTXHGHVDUUROODQ
DFWLYLGDGHVUHODFLRQDGDVFRQORVVHUYLFLRVGHDJXD\VDQHDPLHQWR
K  %ULQGDUDVLVWHQFLDWpFQLFDDODV(36$

/DV3UHIHFWXUDVGH'HSDUWDPHQWRHMHUFHUiQODVDWULEXFLRQHV\UHVSRQVDELOLGDGHVVHxDODGDVDWUDYpV
GHVXV8QLGDGHVGH$JXD6DQHDPLHQWR%iVLFR\9LYLHQGD 81$6%9, XRWUDVUHSDUWLFLRQHV

&$3Ì78/2,,,
,167,78&,21(6'(1,9(//2&$/

$57Ì&8/2*2%,(5126081,&,3$/(6/RV*RELHUQRV0XQLFLSDOHVHMHUFHQHOJRELHUQR\
DGPLQLVWUDFLyQGHORV0XQLFLSLRV

&RQUHODFLyQDOVHFWRUGHDJXDSRWDEOH\VDQHDPLHQWR\HQHOiPELWRGHVXMXULVGLFFLyQVRQDWULEXFLRQHV
\FRPSHWHQFLDVGHORV*RELHUQRV0XQLFLSDOHV /H\HV1ƒ1ƒ\VXUHJODPHQWDFLyQ 

D  $VHJXUDUODSURYLVLyQGHORVVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWRDWUDYpVGHXQD(36$R
HQIRUPDGLUHFWDFXDQGRFRUUHVSRQGD
E  3URPRYHU D IDOWD GH DOFDQWDULOODGR VDQLWDULR OD FRQVWUXFFLyQ GH OHWULQDV FiPDUDV VpSWLFDV X
RWURVPHGLRVGHGLVSRVLFLyQVDQLWDULDGHH[FUHWDV
F  &XPSOLU\KDFHUFXPSOLUODVQRUPDVHVSHFLDOHVQDFLRQDOHV\PXQLFLSDOHVGHDJXD
G  &RQVWUXLUHTXLSDU\PDQWHQHUODLQIUDHVWUXFWXUDHQHOVHFWRUGHVDQHDPLHQWREiVLFR
H  3URSRQHUDQWHOD3UHIHFWXUD\GHVDUUROODUSODQHV\SURJUDPDVGHH[SDQVLyQGHORVVHUYLFLRV
I  3URPRYHU\DSR\DUODDGPLQLVWUDFLyQDXWRVRVWHQLEOHGHORV6HUYLFLRV
J  3URPRYHUODSDUWLFLSDFLyQFRPXQLWDULDPHGLDQWHODV2UJDQL]DFLRQHV7HUULWRULDOHVGH%DVH 27%·V 
XRWUDVIRUPDVGHRUJDQL]DFLyQUHFRQRFLGDVSRU/H\
K  3URPRYHUODSDUWLFLSDFLyQGHOVHFWRUSULYDGRGHODVDVRFLDFLRQHVIXQGDFLRQHV\RWUDVHQWLGDGHV
VLQÀQHVGHOXFURHQODSUHVWDFLyQGHORV6HUYLFLRV
L  &RRSHUDUFRQOD6XSHULQWHQGHQFLDGH6DQHDPLHQWR%iVLFR 6,6$% HQODHYDOXDFLyQ\VHJXLPLHQWR
GHODVDFWLYLGDGHVGHODV(36$
M  %ULQGDUDVLVWHQFLDWpFQLFDDODV(36$
N  5HSUHVHQWDU\GHIHQGHUFXDQGRFRUUHVSRQGDDQWHOD6,6$%HOLQWHUpV\GHUHFKRVGHORVXVXDULRV
DIHFWDGRVSRUXQD(36$
O  3UHVWDULQIRUPHVSHULyGLFRVDO0623\DOD6,6$%DFHUFDGHOHVWDGRGHODSUHVWDFLyQGHORV
6HUYLFLRVHQVXMXULVGLFFLyQ
P  ,QIRUPDUDO0623\DOD3UHIHFWXUDVREUHODVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV\RWUDVHQWLGDGHV
TXHGHVDUUROODQDFWLYLGDGHVUHODFLRQDGDVFRQORV6HUYLFLRVHQHOWHUULWRULRGHOPXQLFLSLR

(QXVRGHVXFDSDFLGDGDVRFLDWLYD\DWUDYpVGHVXVJRELHUQRVPXQLFLSDOHVGRVRPiVPXQLFLSLRV
SRGUiQFRQIRUPDUPDQFRPXQLGDGGHPXQLFLSLRVFRQÀQHVFRPXQHVUHODWLYRVDOVDQHDPLHQWREiVLFR


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

DHIHFWRVGHORJUDUHÀFLHQFLDHQODSUHVWDFLyQGHORV6HUYLFLRVHQWDOYLUWXGODHQWLGDGPDQFRPXQLWDULD
VHRUJDQL]DUiFRPRXQD(36$EDMRIRUPDVGHFRQVWLWXFLyQRPRGHORVGHJHVWLyQTXHVHSODQWHDQHQ
HO7Ì78/29GHOSUHVHQWH5HJODPHQWR

7Ì78/2,,,
35(67$&,Ð1'(6(59,&,26'($*8$327$%/(
<6$1($0,(172

&$3Ì78/2,
35(67$&,Ð1'(/266(59,&,26

$57Ì&8/25(63216$%,/,'$'325/$35(67$&,Ð1'(/266(59,&,26/RV*RELHUQRV
0XQLFLSDOHVGHQWURGHVXMXULVGLFFLyQ\HQHOiPELWRGHDSOLFDFLyQGHOSUHVHQWHUHJODPHQWRVRQORV
UHVSRQVDEOHVGHODSUHVWDFLyQGHORVVHUYLFLRVDWUDYpVGHXQD(36$RSRUDFFLyQGLUHFWDFXDQGRQR
H[LVWDQFRQGLFLRQHVSDUDHOOR

$57Ì&8/2  35,1&,3,26 3$5$ /$ 35(67$&,Ð1 '( /26 6(59,&,26 /DV (36$  \ ORV
*RELHUQRV0XQLFLSDOHVDFDUJRGHODSUHVWDFLyQGHORVVHUYLFLRVGHVDUUROODUiQVXVIXQFLRQHVHQSOHQD
REVHUYDQFLDDORVVLJXLHQWHVSULQFLSLRV

D  8QLYHUVDOLGDGGHDFFHVRDORVVHUYLFLRV
E  &DOLGDG\FRQWLQXLGDGHQORVVHUYLFLRVFRQJUXHQWHVFRQSROtWLFDVGHGHVDUUROORKXPDQR
F  (ÀFLHQFLD HQ HO XVR \ HQ OD DVLJQDFLyQ GH UHFXUVRV SDUD OD SUHVWDFLyQ \ XWLOL]DFLyQ GH ORV
VHUYLFLRV
G  5HFRQRFLPLHQWR GHO YDORU HFRQyPLFR GH ORV VHUYLFLRV TXH GHEHQ VHU UHWULEXLGRV SRU VXV
EHQHÀFLDULRVGHDFXHUGRDFULWHULRVVRFLRHFRQyPLFRV\GHHTXLGDGVRFLDO
H  6RVWHQLELOLGDGGHORVVHUYLFLRV
I  1HXWUDOLGDG GH WUDWDPLHQWR D WRGRV ORV  XVXDULRV GH ORV VHUYLFLRV GHQWUR GH XQD PLVPD
FDWHJRUtD
J  3URWHFFLyQGHOPHGLRDPELHQWH

$57Ì&8/2  )81&,21(6 '( /$6 (36$ /DV (36$ SDUD XQD DGHFXDGD JHVWLyQ GH ORV
6HUYLFLRV GHEHUiQ HMHUFHU ODV VLJXLHQWHV IXQFLRQHV GHVDUUROODGDV HQ HO 7tWXOR ,9 GHO SUHVHQWH
5HJODPHQWR 

D  $GPLQLVWUDFLyQGHORVVHUYLFLRV
E  2SHUDFLyQ\PDQWHQLPLHQWRGHORVVLVWHPDV
F  &RPHUFLDOL]DFLyQGHORVVHUYLFLRV
G  &RQWUROLQWHUQRGHOGHVHPSHxRGHOD(3$6
H  $WHQFLyQDOXVXDULR
I  5HODFLRQHVLQWHULQVWLWXFLRQDOHV
J  3ODQLÀFDFLyQ
K  &RQVHUYDFLyQGHODPLFURFXHQFD

$57Ì&8/2'(5(&+26'(/$6(36$
 /DV(36$WLWXODUHVGH/LFHQFLDWLHQHQORVVLJXLHQWHVGHUHFKRVHVWDEOHFLGRVHQOD/H\\
VX´5HJODPHQWRSDUDOD3UHVWDFLyQGH6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRSDUD
7LWXODUHVGH/LFHQFLDR5HJLVWURµ


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

D  &REUDUSRUHOVHUYLFLRSUHVWDGRGHDFXHUGRFRQODVWDVDVWDULIDVRFXRWDVDSUREDGDV
E  &REUDU HO FRVWR GH OD UHSDUDFLyQ GH GDxRV FRPSUREDGRV FDXVDGRV SRU HO XVXDULR HQ
ODV LQVWDODFLRQHV \ HTXLSRV GH ORV VLVWHPDV VLQ SHUMXLFLR GH ODV DFFLRQHV OHJDOHV TXH
FRUUHVSRQGDQ
F  &RUWDUHOVHUYLFLRGHDJXDSRWDEOHDOXVXDULRHQFDVRGHLQFXPSOLPLHQWRGHVXVREOLJDFLRQHV
SRUPiVGHGRVPHVHVSUHYLDQRWLÀFDFLyQRSRUWXQDDpVWH7DPELpQSRGUiFRUWDUHOVHUYLFLR
HQFDVRGHIXJDVSDUDHYLWDUGHVSHUGLFLRLQQHFHVDULRRGDxRVDORVLQPXHEOHVRDODV
SHUVRQDV
G  6DQFLRQDU PHGLDQWH PXOWDV FRQIRUPH DO SUHVHQWH UHJODPHQWR D TXLHQHV FRPHWDQ
LQIUDFFLRQHV
H  &REUDUORVFRVWRVGHFRUWH\UHSRVLFLyQGHOVHUYLFLR

 /DV(36$7LWXODUHVGH5HJLVWURSRGUiQDGRSWDUORVPLVPRVGHUHFKRVTXHSDUDORVWLWXODUHVGH
OLFHQFLDDGHFXDQGRDORVXVRV\FRVWXPEUHVGHODORFDOLGDGHQODTXHSUHVWHQORVVHUYLFLRV

$57Ì&8/22%/,*$&,21(6'(/$6(36$
  /DV(36$WLWXODUHVGH/LFHQFLDWLHQHQODVVLJXLHQWHVREOLJDFLRQHVHVWDEOHFLGDVHQOD/H\
\VX´5HJODPHQWRSDUDOD3UHVWDFLyQGH6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULR
SDUD7LWXODUHVGH/LFHQFLDR5HJLVWURµ

D  *DUDQWL]DUODGRWDFLyQGHDJXDHQFDQWLGDG\FDOLGDGDGHFXDGDVFRQIRUPHDORHVWDEOHFLGR
SRUODV1RUPDV%ROLYLDQDV1%\1%
E  *DUDQWL]DUODLQWHJULGDGItVLFD\ODVDOXGGHVXVKDELWDQWHVPHGLDQWHQRUPDVGHGLVHxR
FRQVWUXFFLyQ EXHQDV SUiFWLFDV FRQVWUXFWLYDV \ GH RSHUDFLyQ GH ORV VLVWHPDV GH DJXD
SRWDEOH\VDQHDPLHQWR
F  &XPSOLUODVQRUPDVDPELHQWDOHVHVWDEOHFLGDVHQOD/H\\VXUHJODPHQWDFLyQ
G  $FRUGDU FRQ HO VXVFULSWRU XQ FRQWUDWR GH SUHVWDFLyQ GH VHUYLFLRV \ FXPSOLU FRQ ORV
FRPSURPLVRVDOOtSDFWDGRV
H  5HQRYDU\DPSOLDUODLQIUDHVWUXFWXUDGHORVVHUYLFLRVGHDFXHUGRFRQORVSODQHVGHH[SDQVLyQ
GHELGDPHQWHDSUREDGRVSRUOD6,6$%
I  $WHQGHUODVSHWLFLRQHV\TXHMDVSUHVHQWDGDVSRUHOXVXDULRFRQIRUPHDODVFRQGLFLRQHV
SUHYLVWDVHQODUHJODPHQWDFLyQDOD/H\\DORVPHFDQLVPRVGHUHSUHVHQWDFLyQSRSXODU
HVWDEOHFLGRVSRU/H\
J  &RQWULEXLUFRQFDPSDxDVGHHGXFDFLyQVDQLWDULDSDUDLPSXOVDUORVKiELWRVKLJLpQLFRVHQ
ODFRPXQLGDG
K  5HFRQRFHUGDxRV\SHUMXLFLRVDXVXDULRV\DWHUFHURVSRUDQRPDOtDVHQODSUHVWDFLyQGH
VHUYLFLRV
L  2WUDVVHxDODGDVHQHO´5HJODPHQWRSDUDOD3UHVWDFLyQGH6HUYLFLRVGH$JXD3RWDEOH\
$OFDQWDULOODGR6DQLWDULRSDUD7LWXODUHVGH/LFHQFLDR5HJLVWURµ

  /DV(36$WLWXODUHVGHUHJLVWURSRGUiQDGRSWDUODVPLVPDVREOLJDFLRQHVTXHSDUDORVWLWXODUHVGH
OLFHQFLDDGHFXDQGRDVXVXVRV\FRVWXPEUHVHQODFRPXQLGDGHQODTXHSUHVWHQORVVHUYLFLRV

&$3Ì78/2,,
&21)250$&,Ð1'(/$6(36$

$57Ì&8/2)250$6'(&2167,78&,Ð1'(/$6(36$/DV(36$DFDUJRGHODSUHVWDFLyQ
GHORVVHUYLFLRVHMHUFHUiQVXVIXQFLRQHVEDMRIRUPDVGHRUJDQL]DFLyQ\FRQVWLWXFLyQRPRGHORV
GHJHVWLyQTXHVHHVWDEOHFHQHQHO7tWXOR9GHOSUHVHQWHUHJODPHQWR


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/2&21',&,21(63$5$/$&21)250$&,Ð1'(/$6(36$/DV(36$FXPSOLUiQ
FRQ ODV VLJXLHQWHV FRQGLFLRQHV MXUtGLFDV \ WpFQLFDV SDUD VX FRQIRUPDFLyQ GH DFXHUGR D OR
HVWDEOHFLGRSRUHO´5HJODPHQWRGH&RQFHVLRQHV/LFHQFLDV\5HJLVWURVSDUD6HUYLFLRVGH$JXD
3RWDEOH\$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ž

D  (VWDUFRQVWLWXLGDOHJDOPHQWHHQ%ROLYLD
E  &RQWDUFRQ(VWDWXWR2UJiQLFRYLJHQWH
F  &RQWDUFRQ5HJODPHQWR,QWHUQRGH3UHVWDFLyQGH6HUYLFLRV
G  &RQWDUFRQSHUVRQDOMHUiUTXLFRGHOiUHDWpFQLFDFRQH[SHULHQFLDHVSHFtÀFDHQHOVHFWRUDFUHGLWDGR
DQWHOD6,6$% VLFRUUHVSRQGHGHDFXHUGRDOWDPDxRGHOD(36$ 
H  4XHHOUHSUHVHQWDQWHOHJDOSUHVLGHQWHDGPLQLVWUDGRURJHUHQWHQRWHQJDVHQWHQFLDVHMHFXWRULDGDV
SRUGHOLWRVSHQDOHVFRQWUDHO(VWDGRHMHFXWLYRV\FRDFWLYRVTXHSXHGDQDIHFWDUDOSDWULPRQLRGH
OD(36$
I  3UHVHQWDUVXVHVWDGRVÀQDQFLHURVDXGLWDGRVDOD&RQWUDORUtD*HQHUDOGHOD5HS~EOLFDGHDFXHUGR
DOD/H\1žFXDQGRFRUUHVSRQGD
J  &RQWDU FRQ XQ FDSLWDO GH WUDEDMR HTXLYDOHQWH D WUHV PHVHV GH IDFWXUDFLyQ SRU FRQFHSWR GH
VHUYLFLRV
K  2WUDVUHODWLYDVDVXIRUPDGHFRQVWLWXFLyQRPRGHORVGHJHVWLyQTXHVHHVWDEOHFHQHQHO7tWXOR
9GHOSUHVHQWH5HJODPHQWR

$57Ì&8/2(67$787225*É1,&2'(/$6(36$/DV(36$GHEHUiQFRQWDURHQVXGHIHFWR
HODERUDUiQ SRU Vt R FRQ DSR\R GHO *RELHUQR 0XQLFLSDO FRQ XQ ´(VWDWXWR 2UJiQLFRµ FRPSDWLEOH DO
PRGHORGHJHVWLyQDGRSWDGR\TXHFRQWHQJDDOPHQRVORVVLJXLHQWHVDVSHFWRV

D  &RQGLFLRQHVJHQHUDOHV
 ‡ 'HQRPLQDFLyQGHOD(36$
 ‡ 2EMHWLYRV
 ‡ %DVHOHJDO
 ‡ 'RPLFLOLR
 ‡ 'XUDFLyQ
 ‡ ÉPELWRWHUULWRULDOGHRSHUDFLRQHV
 ‡ 2EMHWLYRV
E  (VWUXFWXUD2UJiQLFDGHOD(36$
 ‡ 'HVFULSFLyQ
 ‡ )XQFLRQHV\DWULEXFLRQHV
 ‡ 5HTXLVLWRV
 ‡ ,QFRPSDWLELOLGDGHV
F  5pJLPHQHFRQyPLFR\ÀQDQFLHUR
 ‡ 5HFXUVRVÀQDQFLHURV
 ‡ %LHQHVSDWULPRQLDOHV
 ‡ 3UHVHQWDFLyQGHEDODQFHV
 ‡ ([FHGHQWHV
 ‡ /LEURVGH&RQWDELOLGDG
G  )LVFDOL]DFLyQ\FRQWURO
 ‡ (QWHÀVFDOL]DGRU\GHFRQWURO
 ‡ $OFDQFHV
H  0RGLÀFDFLyQGHO(VWDWXWR
I  ([WLQFLyQ
 ‡ &DXVDV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/2  5(*/$0(172 ,17(512 '( 35(67$&,Ð1 '( 6(59,&,26 '( /$6 (36$
/DV(36$FRQWDUiQRHQVXGHIHFWRHODERUDUiQSRUVtRFRQDSR\RGHO*RELHUQR0XQLFLSDOFRQXQ
´5HJODPHQWR,QWHUQRGH3UHVWDFLyQGH6HUYLFLRVµREVHUYDQGRORHVWDEOHFLGRHQHO5HJODPHQWRSDUD
OD3UHVWDFLyQGH6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRSDUD7LWXODUHVGH/LFHQFLDR
5HJLVWURGHOD/H\1ž\TXHFRQWHQJDHQIXQFLyQDODVFDUDFWHUtVWLFDVGHORV6LVWHPDV\GHOD
FRPXQLGDGORVVLJXLHQWHVDVSHFWRV

D  6ROLFLWXGHV\FRQGLFLRQHVGHDFFHVRDORVVHUYLFLRV
E  &RQH[LRQHVGRPLFLOLDULDVGHDJXDSRWDEOH
F  &RQH[LRQHVGRPLFLOLDULDVGHDOFDQWDULOODGRVDQLWDULR
G  8UEDQL]DFLRQHV\UHGHV
H  'HUHFKRV\REOLJDFLRQHVGHOD(36$
I  6XPLQLVWURGHDJXDSRWDEOH
J  6XVSHQVLyQGHOVXPLQLVWURGHDJXDSRWDEOH
K  $WHQFLyQDOXVXDULR
L  )DFWXUDFLyQ\FREUDQ]D
M  'HUHFKRV\REOLJDFLRQHVGHORVXVXDULRV\VXVFULSWRUHV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

N  &RQWUDWRGHSUHVWDFLyQGHVHUYLFLRV
O  ,QIUDFFLRQHV\VDQFLRQHV
P  7UDWDPLHQWR\ODQ]DPLHQWRGHDJXDUHVLGXDO
7Ì78/2,9
*(67,Ð1'(/266(59,&,26'(
$*8$327$%/(<6$1($0,(172

&$3Ì78/2,
$'0,1,675$&,Ð1'(/266(59,&,26

$57Ì&8/2)250$'($'0,1,675$&,Ð1/DV(36$DGPLQLVWUDUiQHQIRUPDHÀFLHQWHHÀFD]
\FRQHFRQRPtDORVVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWRDVXFDUJR

$57Ì&8/2$'0,1,675$&,Ð1'(/265(&85626+80$126(QFRUUHVSRQGHQFLDDOD
DGPLQLVWUDFLyQGHORVUHFXUVRVKXPDQRVODV(36$GDUiQFXPSOLPLHQWRFRQORVLJXLHQWH

D  &RQWDUiQFRQHOSHUVRQDOVXÀFLHQWHHLGyQHRHQFRQIRUPLGDGDVX(VWDWXWR2UJiQLFR\DFRUGH
DOWDPDxRGHORV6LVWHPDVDODFDQWLGDGGHXVXDULRV\DVXFDSDFLGDGHFRQyPLFD
E  (ODERUDUiQSRUVtRFRQDSR\RGHO*RELHUQR0XQLFLSDOXQ0DQXDOGH)XQFLRQHVGHOSHUVRQDO
GHOD(36$
F  (VWDEOHFHUiQHQHOPDUFRGHO0RGHORGH*HVWLyQDGRSWDGRODVUHPXQHUDFLRQHVDOSHUVRQDOGH
OD(36$
G  3URPRYHUiQ\JHVWLRQDUiQODFDSDFLWDFLyQVLVWpPLFDGHVXSHUVRQDOHQWHPDVGHDGPLQLVWUDFLyQ
RSHUDFLyQ\PDQWHQLPLHQWR\RWURV3DUDWDOHIHFWRSRGUiQUHFXUULUDQWHHO*RELHUQR0XQLFLSDO
\ROD3UHIHFWXUDGH'HSDUWDPHQWRFRPRLQVWLWXFLRQHVVHxDODGDVSRUOD/H\1žSDUDHVWH
FRPHWLGR\GHQWURGHVXVSRVLELOLGDGHVDQWHLQVWDQFLDVSULYDGDV
H  $HIHFWRVGHJDUDQWL]DUODHÀFLHQFLDGHJHVWLyQOD(36$SURPRYHUiQODHVWDELOLGDGGHOSHUVRQDO
FDSDFLWDGRHLGyQHRDVXFDUJR

$57Ì&8/2  $'0,1,675$&,Ð1 '( /26 5(&85626 (&21Ð0,&26 /DV (36$ GHEHUiQ
DGPLQLVWUDUHQIRUPDDGHFXDGDDXWyQRPD\WUDQVSDUHQWHORVUHFXUVRVHFRQyPLFRVSURYHQLHQWHVGHO
SDJRGHSUHFLRV\WDULIDVRWDVDVRFXRWDVVHJ~QORTXHFRUUHVSRQGD\GHRWURVLQJUHVRV3DUDWDO
HIHFWR
  /DV(36$WLWXODUHVGH/LFHQFLDGHEHUiQFXPSOLUFRQORVLJXLHQWH

D  ,PSOHPHQWDUiQ\RSHUDUiQXQVLVWHPDFRQWDEOHTXHOHVSHUPLWDFRQRFHUHOHVWDGRUHDOGH
ODVÀQDQ]DV\HOUHJLVWURGHODVWUDQVDFFLRQHVÀQDQFLHUDV(OVLVWHPDFRQWDEOHDXWLOL]DUVH
VHUiFRPSDWLEOHDODHQYHUJDGXUDGHO6LVWHPD\DODFDQWLGDGGHXVXDULRVFRQWDUiDOPHQRV
FRQORVVLJXLHQWHVHOHPHQWRV
‡ /LEURGH&DMDTXHUHJLVWUDUiORVLQJUHVRVHJUHVRV\VDOGR
‡ /LEURGH&XHQWDV%DQFDULDVTXHUHJLVWUDUiQODVRSHUDFLRQHVEDQFDULDVVLOD(36$
GLVSRQHGHXQDFXHQWDGHDKRUUR
‡ /LEUR'LDULRTXHUHJLVWUDUiHOPRYLPLHQWRHFRQyPLFRGHFDGDGtDSRUFXHQWDVVHSDUDGDV
FDMDFXHQWDEDQFDULDHWF
‡ /LEUR GH &DMD &KLFD TXH UHJLVWUDUi ODV FRPSUDV \ SDJRV PHQRUHV GH HMHFXFLyQ
LQPHGLDWDHQFRUUHVSRQGHQFLDDOPRQWRÀMDGRSRUODHQWLGDG
E  'LVSRQGUiQHQORSRVLEOHGHXQDFXHQWDEDQFDULDGHDKRUUR
F  &RQWDUiQ FRQ ORV IRUPXODULRV \ IRUPDWRV FRUUHVSRQGLHQWHV TXH IDFLOLWHQ ORV SURFHVRV
FRQWDEOHV

  /DV(36$WLWXODUHVGH5HJLVWURSRGUiQDGPLQLVWUDUORVUHFXUVRVHFRQyPLFRVGHDFXHUGRDORV

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

XVRV\FRVWXPEUHVGHODFRPXQLGDGHQODTXHSUHVWHQORVVHUYLFLRV

$57Ì&8/2$'0,1,675$&,Ð1'($&7,926),-26&RQUHODFLyQDORVDFWLYRVÀMRV WHUUHQRV
HGLÀFDFLRQHVFRPSRQHQWHVGHORVVLVWHPDVHTXLSRVPDTXLQDULDVPDWHULDOHVKHUUDPLHQWDVHWF 
TXHFRQVWLWX\HQHOSDWULPRQLRGHODV(36$pVWDVGHEHUiQ
D  5HDOL]DULQYHQWDULRVUHFXHQWRV\YDORUDFLyQSHULyGLFRV
E  (ODERUDU\XWLOL]DUUHJLVWURVSDUDIDFLOLWDUODLQIRUPDFLyQUHODFLRQDGDDOPDQHMRGHELHQHV
F  9HULÀFDUSHULyGLFDPHQWHODFRUUHVSRQGHQFLDHQWUHORVUHJLVWURV\ODVH[LVWHQFLDV
G  9HULÀFDURWUDPLWDUVLFRUUHVSRQGHODGRFXPHQWDFLyQOHJDOGHORVELHQHVLQFOX\HQGRHOGHUHFKR
GHXVRGHODVIXHQWHVGHDJXD

$57Ì&8/2$'0,1,675$&,Ð1'($/0$&(1(6$HIHFWRVGHRSWLPL]DUODGLVSRQLELOLGDGHO
FRQWURO\ODVHJXULGDGGHORVELHQHVPXHEOHV VXVWDQFLDVTXtPLFDVHTXLSRVPDWHULDOHVKHUUDPLHQWDV
\RWURV ODV(36$GHEHUiQFRQWDUFRQLQIUDHVWUXFWXUDGHDOPDFHQDPLHQWRDFRUGHDOWDPDxRGHORV
VLVWHPDVTXHDGPLQLVWUDQ

$OUHVSHFWRODV(36$GHEHUiQ

D  (VWDEOHFHU HO SURFHGLPLHQWRV LQKHUHQWH DO PDQHMR GH DOPDFHQHV TXH VH GHWDOOD D
FRQWLQXDFLyQ
 ‡ 5HFHSFLyQGHOELHQUHVSDOGDGDSRUIRUPXODULRGHDXWRUL]DFLyQGHLQJUHVR
 ‡ ,QJUHVRGHELHQGRHIHFWXDUVHHOUHJLVWURFRUUHVSRQGLHQWHPHGLDQWHWDUMHWDV
 ‡ ,GHQWLÀFDFLyQ\FRGLÀFDFLyQ
 ‡ $OPDFHQDPLHQWRWRPDQGRHQFXHQWDHOWLSRGHOELHQVXFRQVHUYDFLyQ\VHJXULGDG
 ‡ 6DOLGDGHDOPDFHQHVTXHFRUUHVSRQGHDODHQWUHJDGHOELHQGHDFXHUGRDIRUPDWRGH 
  VROLFLWXGDXWRUL]DGD\HOUHJLVWURGHVDOLGDFRUUHVSRQGLHQWH
E  (ODERUDUORVIRUPXODULRV\IRUPDWRVFRUUHVSRQGLHQWHVTXHIDFLOLWHQODVDFWLYLGDGHVGHDGPLQLVWUDFLyQ
GHDOPDFHQHV IRUPXODULRVGHDXWRUL]DFLyQGHLQJUHVR\VDOLGD\UHJLVWUR 
F  (VWDEOHFHUPHGLGDVGHKLJLHQH\VHJXULGDGLQGXVWULDOHQORVDOPDFHQHV

$57Ì&8/2&2175$7$&,Ð1'(%,(1(6<6(59,&,263DUDODHMHFXFLyQGHORVSURFHVRVGH
FRQWUDWDFLyQGHVHUYLFLRV\RFRPSUDGHELHQHVODV(36$HQHOPDUFRGHVXFDSDFLGDG\FRVWXPEUHV
ORFDOHVGHEHUiHODERUDUHOSURFHVRFRUUHVSRQGLHQWHSXGLHQGRWRPDUFRPRUHIHUHQFLDODV1RUPDV
%iVLFDVGHO6LVWHPDGH$GPLQLVWUDFLyQGH%LHQHV\6HUYLFLRVHVWDEOHFLGDVHQHO'HFUHWR6XSUHPR
1ž

$57Ì&8/2  )2508/$5,26 < '2&80(17$&,Ð1 /DV (36$ HODERUDUiQ IRUPXODULRV \


GRFXPHQWRVTXHIDFLOLWHQVXODERUDGPLQLVWUDWLYD(QORV$1(;26,9DO,9VHLQFOX\HQPRGHORV
WLSRRULHQWDGRVDORV&RPLWpVGH$JXD3RWDEOH\6DQHDPLHQWRTXHSXHGHQVHUDGRSWDGRVSRUpVWRV
XRWURVWLSRVGH(36$

&$3Ì78/2,,
23(5$&,Ð1<0$17(1,0,(172'(/266,67(0$6

$57Ì&8/2  23(5$&,Ð1< 0$17(1,0,(172  /D JHVWLyQ GH ODV (36$ GHEHUi UHVSRQGHU
SOHQDPHQWH SRU OD DGHFXDGD RSHUDFLyQ \ PDQWHQLPLHQWR GH ORV VLVWHPDV GH DJXD SRWDEOH \
VDQHDPLHQWRDVXFDUJR3RUVXJUDGRGHFRPSOHMLGDGRDHIHFWRVGHORJUDUPD\RUHÀFLHQFLDHQORV
VHUYLFLRVGLFKDVIXQFLRQHVSRGUiQVHUFRQWUDWDGDVRDSR\DGDVSRUWHUFHURV

$57Ì&8/223(5$&,Ð1'(/266,67(0$66HHQWLHQGHSRURSHUDFLyQGHORVVLVWHPDV
SDUD HIHFWRV GHO SUHVHQWH UHJODPHQWR DO FRQMXQWR GH DFFLRQHV SHULyGLFDV TXH VH HMHFXWDQ HQ

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

ORVFRPSRQHQWHV\HTXLSRVGHORVVLVWHPDVGHDJXDSRWDEOH\RVDQHDPLHQWRSDUDVXDGHFXDGR
IXQFLRQDPLHQWR(QWUHRWUDVDFFLRQHVSHULyGLFDVODV(36$UHDOL]DUiQODVVLJXLHQWHV

D  2SHUDFLyQGHSODQWDVGHWUDWDPLHQWR VLFRUUHVSRQGH GHDFXHUGRDSURFHGLPLHQWRHVSHFLDO


E  $IRURVGHFDXGDOHQODVIXHQWHV\FRPSRQHQWHVGHOVLVWHPDGHDJXDSRWDEOH
F  0DQLSXOHRGHYiOYXODVSDUDHOFRQWUROGHFDXGDOHV\SUHVLRQHV
G  2SHUDFLyQGHHTXLSRVGHERPEHR VLFRUUHVSRQGH 
H  /HFWXUDGHPHGLGRUHV
I  &RQWUROGHFORURUHVLGXDOHQODUHG
J  5HFROHFFLyQ\SURFHVDPLHQWRGHGDWRV

$57Ì&8/2  0$17(1,0,(172 '( /26 6,67(0$6 6H HQWLHQGH SRU PDQWHQLPLHQWR GH ORV
VLVWHPDV SDUD HIHFWRV GHO SUHVHQWH UHJODPHQWR DO FRQMXQWR GH DFFLRQHV TXH VH UHDOL]DQ HQ ORV
FRPSRQHQWHV\HTXLSRVGHORVVLVWHPDVGHDJXDSRWDEOH\RVDQHDPLHQWRSDUDSUHYHQLURFRUUHJLU
GDxRVTXHDIHFWHQVXEXHQIXQFLRQDPLHQWR/DV(36$GHEHUiQUHDOL]DUHQWUHRWUDVODVVLJXLHQWHV
DFFLRQHV

0$17(1,0,(17235(9(17,922ULHQWDGRDHYLWDURUHGXFLUGDxRV\IDOODVPD\RUHV

D  0DQWHQLPLHQWRSUHYHQWLYRGHSODQWDVGHWUDWDPLHQWR VLFRUUHVSRQGH GHDFXHUGRDSURFHGLPLHQWR


HVSHFLDO
E  'HVKLHUEHGHODViUHDVLQWHUQDV\DOHGDxDVGHORVFRPSRQHQWHVGHORVVLVWHPDV
F  /LPSLH]DGHORVFRPSRQHQWHVGHORVVLVWHPDV
G  'HVLQIHFFLyQGHUHGHVGHDEDVWHFLPLHQWR\XQLGDGHVGHDOPDFHQDPLHQWR VLVWHPDVGHDJXD
SRWDEOH 
H  &RQWUROGHIXJDVHQUHGHVDGXFFLRQHVOtQHDVGHERPEHR\HPLVDULRV
I  &RQWURO GH ÀVXUDV HQ REUDV FLYLOHV WDQTXHV GH DOPDFHQDPLHQWR XQLGDGHV GH WUDWDPLHQWR
FiPDUDVGHLQVSHFFLyQHWF 
J  &RQWUROGHOIXQFLRQDPLHQWRGHYiOYXODV\FRPSXHUWDV\VXUHSRVLFLyQ
K  3LQWDGRGHHOHPHQWRVPHWiOLFRV
L  &RQWUROGHOIXQFLRQDPLHQWROLPSLH]DFDPELRVGHDFHLWH\ÀOWURV\HQJUDVHGHDFXHUGRDORTXH
FRUUHVSRQGDHQHTXLSRVGHERPEHR
M  &RQWUROGHODPLFURFXHQFDHQFRUUHVSRQGHQFLDDODVIXHQWHVGHDEDVWHFLPLHQWR
N  5HFROHFFLyQ\SURFHVDPLHQWRGHGDWRV

0$17(1,0,(172&255(&7,92$FFLRQHVDGHVDUUROODUVHFXDQGRVHSURGXFHQGDxRV\IDOODVTXH
QRSXGLHURQHYLWDUVHFRQHOPDQWHQLPLHQWRSUHYHQWLYR

D  6XSUHVLyQGHIXJDV
E  5HIDFFLyQGHREUDVFLYLOHV
F  5HSRVLFLyQGHYiOYXODV\FRPSXHUWDV
G  &DPELRGHWXEHUtDV
H  5HSDUDFLyQRVXVWLWXFLyQGHHTXLSRVGHERPEHR
O  5HFROHFFLyQ\SURFHVDPLHQWRGHGDWRV

$57Ì&8/2*8,$'(23(5$&,Ð1<0$17(1,0,(172$HIHFWRVGHRUJDQL]DU\VLVWHPDWL]DU
ODVDFFLRQHVGHRSHUDFLyQ\PDQWHQLPLHQWRODV(36$GHEHUiQGLVSRQHURHQVXGHIHFWRHODERUDU
SRU Vt R FRQ DSR\R GHO JRELHUQR PXQLFLSDO GH XQD ´*XtD GH RSHUDFLyQ \ PDQWHQLPLHQWRµ GH ORV
VLVWHPDVDVXFDUJR'LFKRGRFXPHQWRHVSHFLÀFDUiSRUFRPSRQHQWHGHOVLVWHPDODVDFWLYLGDGHVD
VHUUHDOL]DGDVHQORVUXEURVGHRSHUDFLyQ\PDQWHQLPLHQWRFRQGHWDOOHGHIUHFXHQFLDV\SHUVRQD
UHVSRQVDEOHHVWDUiHODERUDGRDFRUGHDODVFDUDFWHUtVWLFDVWpFQLFDVGHORVVLVWHPDVFRVWXPEUHV\R
SUiFWLFDVFXOWXUDOHVGHODFRPXQLGDG\DORVUHFXUVRVGLVSRQLEOHVORFDOHV(QHO$1(;2,9VH

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

DGMXQWDXQPRGHORGHHVWHGRFXPHQWR

$57Ì&8/23(5621$/5(48(5,'2/DV(36$GHEHUiQFRQWDUFRQHOSHUVRQDOVXÀFLHQWH
H LGyQHR SDUD HO GHVHPSHxR GH ODV ODERUHV GH RSHUDFLyQ \ PDQWHQLPLHQWR DFRUGH DO WDPDxR \
FRPSOHMLGDGGHORVHOHPHQWRVGHORVVLVWHPDV

$57Ì&8/2&$7$6752'(/266,67(0$6/DV(36$DFWXDOL]DUiQDQXDOPHQWHHOFDWDVWUR
GHORVVLVWHPDVDVXFDUJRGRFXPHQWRTXHFRQVLVWHHQHOFHQVRGHVFULSWLYRGHFDGDXQRGHORV
FRPSRQHQWHVGHXQVLVWHPD\TXHUHSRUWDLQIRUPDFLyQGHXWLOLGDGGHOHVWDGRGHIXQFLRQDPLHQWR\
FRQVHUYDFLyQGHOPLVPR(QHO$1(;2,9VHDGMXQWDXQPRGHORGHHVWHGRFXPHQWR

$57,&8/23/$126/D(36$GHEHUiFRQWDUFRQORVSODQRV WDOFRPRIXHFRQVWUXLGR GHOD


LQIUDHVWUXFWXUDGHORVVLVWHPDVDVXFDUJRTXHPXHVWUDQGLPHQVLRQHVPDWHULDOHVDFFHVRULRV\RWUDV
FDUDFWHUtVWLFDVGHORVGLIHUHQWHVFRPSRQHQWHVGHXQVLVWHPD6RQGHHVSHFLDOLQWHUpVORVSODQRVGH
ODVUHGHVGHGLVWULEXFLyQ\GHFROHFWRUHVSRUVXXWLOLGDGHQODRSHUDFLyQPDQWHQLPLHQWR\IXWXUDV
H[SDQVLRQHV

'HQRFRQWDUVHFRQGLFKRVSODQRVOD(36$HODERUDUiSRUVtRFRQDSR\RGHO*RELHUQR0XQLFLSDOOD
UHVWLWXFLyQGHORVPLVPRV3DUDIDFLOLWDUVXLQWHUSUHWDFLyQVHXWLOL]DUiODVLPERORJtDHVSHFLÀFDGDHQ
ORV´5HJODPHQWRVGH3UHVHQWDFLyQGH3UR\HFWRVGH$JXD3RWDEOH\6DQHDPLHQWRµGHO0623

$57,&8/2&$/,'$''(/6(59,&,2'($*8$327$%/(/DV(36$SUHVWDUiQDORVXVXDULRV
VHUYLFLRVGHDJXDSRWDEOHGHFDOLGDGFRQODVVLJXLHQWHVFDUDFWHUtVWLFDV

D  &DQWLGDGGH$JXD/DFDQWLGDGGHDJXDRIHUWDGDSRUODV(36$GHEHUiFXEULUODVQHFHVLGDGHV
GHODFRPXQLGDGGHDFXHUGRDGRWDFLRQHVVHxDODGDVHQHO´5HJODPHQWR7pFQLFRGH(VWXGLRV
\3DUiPHWURV%iVLFRVGH'LVHxRSDUD6LVWHPDVGH$JXD3RWDEOHµGHOD1RUPD%ROLYLDQD1%


E  &DOLGDGGH$JXD6XPLQLVWUDGD/DV(36$GHEHUiQJDUDQWL]DUTXHHODJXDVXPLQLVWUDGDVHDDSWD
SDUDFRQVXPRKXPDQR\TXHFXPSODORVUHTXLVLWRVEDFWHULROyJLFRV\ItVLFRTXtPLFRVHVWDEOHFLGRV
HQOD1RUPD%ROLYLDQD1%(QFDVRGHTXHHODJXDVXPLQLVWUDGDSUHVHQWHDOJXQDIRUPDGH
FRQWDPLQDFLyQHOWUDWDPLHQWRRODVDFFLRQHVTXHSHUPLWDQVXSRWDELOL]DFLyQVHFRQVWLWXLUiQHQ
SULRULGDGGHODV(36$

F  &RQWLQXLGDGGHORV6HUYLFLRV/DV(36$SUHVWDUiQORVVHUYLFLRVHQIRUPDFRQWLQXD KRUDVDO
GtD ([FHSFLRQDOPHQWHHQFDVRVGHIXHU]DPD\RUHPHUJHQFLDV\RLQWHUpVFROHFWLYRSRGUi
UHVWULQJLUUHJXODUUDFLRQDUROLPLWDUHOXVRGHORVVHUYLFLRV$QWHHVWDVVLWXDFLRQHVGDUiHODYLVR
RSRUWXQRDORVXVXDULRVXWLOL]DQGRSDUDHVWHHIHFWRORVPHGLRVTXHHVWpQDVXDOFDQFH

G  3UHVLRQHVGH6HUYLFLR/DV(36$JDUDQWL]DUiQSUHVLRQHVGHVHUYLFLRHQODVUHGHVGHGLVWULEXFLyQ
DFRUGHVDORHVWDEOHFLGRHQHO´5HJODPHQWR7pFQLFRGH'LVHxRGH5HGHVGH'LVWULEXFLyQSDUD
6LVWHPDVGH$JXD3RWDEOHµGHOD1RUPD%ROLYLDQD1%

$57Ì&8/20$7(5,$/(6<(-(&8&,Ð1'(2%5$6/DV(36$JDUDQWL]DUiQODFDOLGDGGH
ORVPDWHULDOHVDXWLOL]DUVH\ODEXHQDHMHFXFLyQGHREUDVUHVSHWDQGRQRUPDV\UHJODPHQWRVWpFQLFRV
YLJHQWHVHQVXVODERUHVGHPDQWHQLPLHQWRDPSOLDFLyQ\PHMRUDVGHORVVLVWHPDV

$57Ì&8/2,167$/$&,21(66$1,7$5,$6,175$'20,&,/,$5,$61RVRQGHUHVSRQVDELOLGDG
GHODV(36$HOPDQWHQLPLHQWRGHODVLQVWDODFLRQHVVDQLWDULDVLQWUDGRPLFLOLDULDVQLORVGDxRVPDWHULDOHV
\RHFRQyPLFRVTXHSXHGDQVXUJLUFRPRFRQVHFXHQFLDGHOPDOXVR\GHVSHUIHFWRVHQODVPLVPDV

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

TXHGHEHQSUR\HFWDUVH\FRQVWUXLUVHGHDFXHUGRDQRUPDV\UHJODPHQWRVWpFQLFRVYLJHQWHV

$57Ì&8/26(59,'80%5(6(QORVFDVRVHQTXHFRUUHVSRQGDGHQWURGHXQFULWHULRWpFQLFR
ODV(36$LPSRQGUiQODVVHUYLGXPEUHVUHVSHFWLYDVHQSUHGLRVSULYDGRVRS~EOLFRVDÀQGHJDUDQWL]DU
ODSUHVWDFLyQGHORVVHUYLFLRV

$57Ì&8/25(129$&,Ð1<$03/,$&,Ð1/DV(36$SRGUiQUHQRYDU\DPSOLDUODLQIUDHVWUXFWXUD
GHORVVLVWHPDVDVXFDUJRGHDFXHUGRDGLVSRQLELOLGDGGHUHFXUVRVÀQDQFLHURV\DSUREDFLyQGH
SODQHVGHH[SDQVLyQSRUSDUWHGHOD6,6$%

&$3Ì78/2,,,
&20(5&,$/,=$&,Ð1'(/266(59,&,26

$57Ì&8/2  5(63216$%,/,'$' '( /26 &26726 /DV (36$ \ *RELHUQRV 0XQLFLSDOHV D
FDUJRGHODSUHVWDFLyQGHORVVHUYLFLRVVRQUHVSRQVDEOHVGHORVFRVWRVGHDGPLQLVWUDFLyQRSHUDFLyQ
\PDQWHQLPLHQWRUHSRVLFLyQGHDFWLYRV\H[SDQVLyQGHORVVLVWHPDVDVXFDUJRTXHGHEHUiQVHU
DGHFXDGDPHQWHGHWHUPLQDGRV

$57Ì&8/2  &20(5&,$/,=$&,Ð1 '( /26 6(59,&,26  /DV (36$ HQ HO PDUFR GH VXV
SRVLELOLGDGHV\GHDFXHUGRDOWDPDxRGHORVVLVWHPDVDVXFDUJRGHVDUUROODUiQXQDJHVWLyQFRPHUFLDO
GHORVVHUYLFLRVTXHSUHVWDQDWUDYpVGHODVDFFLRQHVVLJXLHQWHV

D  ,PSOHPHQWDFLyQGHO&DWDVWUR\5HJLVWUR*HQHUDOGH6XVFULSWRUHV
E  &iOFXOR\DSOLFDFLyQGHORVSUHFLRVWDULIDVWDVDV\FXRWDVGHDFXHUGRDORTXHFRUUHVSRQGD
F  0HGLFLyQGHFRQVXPRV
G  )DFWXUDFLyQGHORVVHUYLFLRV
H  &REUDQ]DSRUORVVHUYLFLRV
I  0HUFDGHRGHORVVHUYLFLRV

$57,&8/2&$7$6752'(686&5,3725(6(O&DWDVWURGH6XVFULSWRUHVHVWDUiFRPSXHVWRSRU
HOFRQMXQWRGHUHJLVWURVRÀFKDVGHORVVXVFULSWRUHVTXHODV(36$GHEHUiQDFWXDOL]DUSHUPDQHQWHPHQWH
(OUHJLVWURRÀFKDLQGLYLGXDOGHOVXVFULSWRUFRQWHQGUiODLQIRUPDFLyQVLJXLHQWH~WLOSDUDHODGHFXDGR
FRQWURO\VHJXLPLHQWRGHOVHUYLFLRVXPLQLVWUDGR

D  ,GHQWLÀFDFLyQSHUVRQDOGHOVXVFULSWRU
E  1~PHURGHOFRQWUDWRGHSUHVWDFLyQGHVHUYLFLRV
F  8ELFDFLyQGHOSUHGLRVHUYLGR ]RQDEDUULRVHFWRUPDQ]DQRFDOOH\Q~PHUR 
G  'HVFULSFLyQ GH ORV VHUYLFLRV LQVWDODGRV HQ HO SUHGLR FRQ GDWRV WpFQLFRV GH ODV FRQH[LRQHV
GRPLFLOLDULDV DJXDSRWDEOH\RDOFDQWDULOODGRVDQLWDULRGLiPHWURGHODVDFRPHWLGDVGDWRVGHO
PHGLGRUHWF 
H  &DWHJRUtD GHO VHUYLFLR GRPpVWLFD FRQ HO UDQJR GH FRQVXPR FRPHUFLDO LQGXVWULDO RÀFLDO R
VRFLDO 
I  (VWDGRGHFXHQWDGHOSDJRGHSUHFLRVWDULIDVWDVDVRFXRWDVVHJ~QORTXHFRUUHVSRQGD

(QHO$1(;2,9VHDGMXQWDXQPRGHORGHHVWHGRFXPHQWR

$57,&8/25(*,6752*(1(5$/'(686&5,3725(6$SDUWLUGHO&DWDVWURGH6XVFULSWRUHV
VXVFULSWRUHVUHDOHV VHHODERUDUiHO5HJLVWUR*HQHUDOGH6XVFULSWRUHVTXHFRQVLVWHHQXQOLVWDGRGH
pVWRVFRQORVGDWRVPiVUHOHYDQWHV(VWHGRFXPHQWRVHFRPSOHPHQWDUiFRQODLQFOXVLyQGHVXVFULSWRUHV
IDFWLEOHV\SRWHQFLDOHV

D  6XVFULSWRUHVUHDOHV$TXHOORVFX\RVSUHGLRVHVWiQFRQHFWDGRVORVVHUYLFLRV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

E  6XVFULSWRUHV IDFWLEOHV $TXHOORV FX\RV SUHGLRV FXHQWDQ FRQ OD DFFHVLELOLGDG D ORV VHUYLFLRV
WXEHUtD PDWUL] GH DJXD \ FROHFWRU VDQLWDULR HQ OD YtD  SHUR TXH QR FXHQWDQ FRQ FRQH[LyQ
GRPLFLOLDULD
F  6XVFULSWRUHVSRWHQFLDOHV$TXHOORVFX\RVSUHGLRVQRFXHQWDQFRQODDFFHVLELOLGDGDORVVHUYLFLRV
WXEHUtDPDWUt]GHDJXD\FROHFWRUVDQLWDULRHQODYtD 
(QHO$1(;2,9VHDGMXQWDXQPRGHORGHHVWHGRFXPHQWR
$57Ì&8/2  35(&,26 7$5,)$6 7$6$6< &827$6 /DV (36$ WLWXODUHV GH /LFHQFLD \ ORV
*RELHUQRV0XQLFLSDOHVDFDUJRGHODSUHVWDFLyQGHORVVHUYLFLRVGHEHUiQHIHFWXDUHOFiOFXORGHORV
SUHFLRVWDULIDV\WDVDVSRUORVVHUYLFLRVGHDFXHUGRDORTXHFRUUHVSRQGDVHJ~QORHVSHFLÀFDGRHQHO
´5HJODPHQWRGH3UHFLRV7DVDV7DULIDV\&XRWDVSDUDORV6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR
6DQLWDULRµGHOD/H\1ž

3DUDWDOHIHFWRVHHVWDEOHFHUiQORVDVSHFWRVVLJXLHQWHV

D  'HWHUPLQDFLyQGHORVFRVWRVGHDGPLQLVWUDFLyQRSHUDFLyQ\PDQWHQLPLHQWRUHSRVLFLyQGHDFWLYRV
\H[SDQVLyQGHORVVLVWHPDV
E  &ODVLÀFDFLyQGHORVXVXDULRVSRUFDWHJRUtDVHQIXQFLyQDOXVRTXHVHGDDORV6HUYLFLRV
 ‡ 'RPpVWLFDHQFRUUHVSRQGHQFLDDYLYLHQGDV
 ‡ &RPHUFLDOHQSUHGLRVFRQDFWLYLGDGFRPHUFLDO
 ‡ ,QGXVWULDOHQFRUUHVSRQGHQFLDDSUHGLRVFRQDFWLYLGDGLQGXVWULDO
 ‡ 2ÀFLDOHQSUHGLRVHQTXHIXQFLRQDQLQVWLWXFLRQHVS~EOLFDV
 ‡ 6RFLDOHQSUHGLRVGHVWLQDGRVDODERUHVGHVDOXG\HGXFDFLyQ
F  'HWHUPLQDFLyQGHORVFRQVXPRVSRUFDWHJRUtD
G  &iOFXORGHODWDULIDUHIHUHQFLDOGHVHUYLFLR\GHWHUPLQDFLyQGHODHVWUXFWXUDWDULIDULD\GHOFRVWR
ÀMRDGPLQLVWUDWLYRGHDFXHUGRDODFODVLÀFDFLyQGHXVXDULRVHVWDEOHFLGD

/DVFXRWDVRDSRUWHVFRPXQLWDULRVTXHFREUHQODV(36$WLWXODUHVGH5HJLVWURVHUHJLUiSRUORVSURSLRV
DFXHUGRVFRPXQDOHVHQHVWULFWRFXPSOLPLHQWRDO$UWtFXORGHOD/H\1ž

$57,&8/2 $352%$&,Ð1 '( /26 35(&,26 7$5,)$6 < 7$6$6 /D 6,6$% HV OD ~QLFD
UHVSRQVDEOHGHODDSUREDFLyQGH3UHFLRV\7DULIDVSDUDWRGDVODV(36$GHQWURGHOWHUULWRULRQDFLRQDO
HO+RQRUDEOH6HQDGR1DFLRQDOWLHQHODDWULEXFLyQ\UHVSRQVDELOLGDGSRUODDSUREDFLyQGHODV7DVDV
HQFRUUHVSRQGHQFLDDODSUHVWDFLyQGH6HUYLFLRVGHPDQHUDGLUHFWDSRUXQ*RELHUQR0XQLFLSDOGH
DFXHUGRDORHVWDEOHFLGRSRUOD/H\1ž

$57,&8/2  0(',&,Ð1 '( &2168026 /DV (36$ \ *RELHUQRV 0XQLFLSDOHV D FDUJR GH OD
SUHVWDFLyQGHORV6HUYLFLRVGHDFXHUGRDVXVSRVLELOLGDGHVSURSHQGHUiQDODLQVWDODFLyQGHPHGLGRUHV
HQODVFRQH[LRQHVGRPLFLOLDULDVTXHSHUPLWLUiQGHWHUPLQDUORVFRQVXPRVPHQVXDOHVGHDJXDGHORV
VXVFULSWRUHV&RQVWLWX\HXQGHUHFKRGHODV(36$\GHORVXVXDULRVTXHORVFRQVXPRVVHDQPHGLGRV
\TXHpVWRVFRQVWLWX\DQHOIDFWRUSULQFLSDOGHOPRQWRIDFWXUDGR/DV(36$GLVSRQGUiQGHXQFXDGUR
GHUHJLVWURPHQVXDOGHFRQVXPRVTXHIDFLOLWHODGHWHUPLQDFLyQGHpVWRVFRPRODGLIHUHQFLDGHODV
OHFWXUDVGHOPHVDFWXDO\DQWHULRU

6LQRVHFXHQWDFRQPLFURPHGLGRUHVPHGLDQWHHODIRURGHFDXGDOHVGHLQJUHVRDODUHGGHGLVWULEXFLyQ
VHSRGUiGHWHUPLQDUHOFRQVXPRSURPHGLRGHORVVXVFULSWRUHV

$57,&8/2)$&785$&,Ð1'(/266(59,&,26/DV(36$WLWXODUHVGHOLFHQFLD\ORVJRELHUQRV
PXQLFLSDOHVDFDUJRGHODSUHVWDFLyQGHORVVHUYLFLRVGHEHUiQH[WHQGHUIDFWXUDVRUHFLERVSRUHOFREUR
GHORVVHUYLFLRVSUHVWDGRV\VHUHQWUHJDGRVRSRUWXQDPHQWHHQHOSUHGLRVHUYLGR/DV(36$WLWXODUHV
GHUHJLVWURVHUHJLUiQSRUORVXVRV\FRVWXPEUHVGHODVFRPXQLGDGHVVHUYLGDV

(OPRQWRGHODVWDULIDVGHDJXDSRWDEOH\DOFDQWDULOODGRVHIDFWXUDUiVLPXOWiQHDPHQWHSRUSHULRGRV

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

GHWLHPSRGHÀQLGR PHQVXDOELPHQVXDOHWF 

$57,&8/2&2%5$1=$325/266(59,&,26/DFREUDQ]DVHUiHMHUFLGDHQODVRÀFLQDV
RGHSHQGHQFLDVGHODV(36$SRUHOFDMHURRDGPLQLVWUDGRU/DUHFHSFLyQGHOSDJRSRUORVVHUYLFLRV
GHEHUiDFRPSDxDUVHSRUHODFXVHGHFDQFHODFLyQHQHOUHFLERUHVSHFWLYR
(OSURFHVRGHFREUDQ]DVHH[WHQGHUiSRUXQSOD]RGHSDJRUD]RQDEOHVLQUHFDUJRVÀQDQFLHURVD
ODFRQFOXVLyQGHOPLVPROD(36$HODERUDUiHOUHJLVWURGHIDFWXUDFLyQ\UHFDXGDFLyQTXHSHUPLWLUi
HVWDEOHFHU OD PRURVLGDG GH SDJR HQ HO PHV \ SRGUi DSOLFDU UHFDUJRV ÀQDQFLHURV SRU PXOWDV H
LQWHUHVHV
$57,&8/20(5&$'(2'(/266(59,&,26/DV(36$GHEHUiQPHUFDGHDUVXVVHUYLFLRV
PRVWUDQGRORVEHQHÀFLRVVRFLDOHV\GHVDOXGTXHpVWRVDSRUWDQDORVXVXDULRV

$57Ì&8/2  )2508/$5,26 < '2&80(17$&,Ð1 /DV (36$ HODERUDUiQ IRUPXODULRV \


GRFXPHQWRVTXHIDFLOLWHQVXIXQFLyQGHFRPHUFLDOL]DFLyQ(QORV$1(;26,9DO,9VHLQFOX\HQ
PRGHORVWLSRRULHQWDGRVDORV&RPLWpVGH$JXD3RWDEOH\6DQHDPLHQWRTXHSXHGHQVHUDGRSWDGRV
SRUpVWRVXRWURVWLSRVGH(36$

&$3Ì78/2,9
&21752/,17(512'(/'(6(03(f2'(/$6(36$

$57Ì&8/2&21752/,17(512'(/'(6(03(f2'(/$6(36$/DV(36$\ORV*RELHUQRV
0XQLFLSDOHVDFDUJRGHODSUHVWDFLyQGHORVVHUYLFLRVGHEHUiQHIHFWXDUXQFRQWUROLQWHUQRDQXDOGHVX
GHVHPSHxRLQGHSHQGLHQWHPHQWHGHODVDFFLRQHVGHYLJLODQFLD\VHJXLPLHQWRSRUSDUWHGHOD6,6$%
\GHORV*RELHUQRV0XQLFLSDOHV

(OLQGLFDGRFRQWUROLQFOXLUiORVUXEURVVLJXLHQWHV

D  *HVWLyQRSHUDWLYD
E  &DOLGDGGHORVVHUYLFLRVGHDFXHUGRDORTXHFRUUHVSRQGD
 ‡ $JXDSRWDEOH
 ‡ $OFDQWDULOODGRVDQLWDULR
 ‡ /HWULQL]DFLyQ
F  *HVWLyQDGPLQLVWUDWLYDFRPHUFLDO

$57Ì&8/2,1',&$'25(6(OGHVHPSHxRGHODV(36$HQORVUXEURVVHxDODGRVHQHODUWtFXOR
DQWHULRUVHHVWDEOHFHUiPHGLDQWHODGHWHUPLQDFLyQGHLQGLFDGRUHVHVSHFtÀFRV

$57Ì&8/2,1',&$'25'(/$*(67,Ð123(5$7,9$

D  ÌQGLFHGHDJXDQRFRQWDELOL]DGD'HÀQLGRFRPRHOFRFLHQWHGHODGLIHUHQFLDGHORVYRO~PHQHVGH
DJXDSURGXFLGRV\ORVYRO~PHQHVGHDJXDIDFWXUDGRVHQWUHORVYRO~PHQHVGHDJXDSURGXFLGRV
H[SUHVDGRHQSRUFHQWDMH

$57Ì&8/2,1',&$'25(6'(/$&$/,'$''(/6(59,&,2'($*8$327$%/(

D  &REHUWXUDGHORVVHUYLFLRV'HÀQLGDFRPRHOSRUFHQWDMHGHODSREODFLyQVHUYLGDUHVSHFWRGH
ODSREODFLyQWRWDOHQHOiUHDGHLQÁXHQFLDGHOD(36$
E  &REHUWXUDGHPHGLFLyQ'HÀQLGDFRPRHOSRUFHQWDMHGHXVXDULRVTXHFXHQWDQFRQPHGLGRU
UHVSHFWRDODWRWDOLGDGGHXVXDULRV
F  /DFRQWLQXLGDGGHOVHUYLFLR'HÀQLGRFRPRHOQ~PHURGHKRUDVGHVXPLQLVWURGHDJXDUHVSHFWR


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

DODVKRUDVGHOGtD
G  &DQWLGDGGHDJXD'HÀQLGDFRPRODUHODFLyQHQWUHHOFDXGDOGHDJXDPtQLPRGHODVIXHQWHV
DEDVWHFHGRUDV\HOFDXGDOPi[LPRGHDJXDHQHOVLVWHPD6HODH[SUHVDFRPRSRUFHQWDMH
H  &DOLGDGGHODJXDVXPLQLVWUDGDFRQVWLWX\HIDFWRUGHWHUPLQDQWHSDUDODVDOXGS~EOLFD\SDUDOD
DFHSWDFLyQGHORVVHUYLFLRVSRUSDUWHGHORVXVXDULRV7HQLHQGRHQFXHQWDODVOLPLWDFLRQHVHQ
HTXLSDPLHQWR\ORJtVWLFDSRUSDUWHGHODV(36$HQHOUDQJRSREODFLRQDOGHOSUHVHQWHUHJODPHQWR
HOFRQWUROUHVSHFWLYRVHUHGXFHDODGHWHUPLQDFLyQGHOFORURUHVLGXDOHQODUHG
$57,&8/2,1',&$'25'(/6(59,&,2'($/&$17$5,//$'26$1,7$5,2

D  &REHUWXUDGHORVVHUYLFLRV'HÀQLGDFRPRHOSRUFHQWDMHGHODSREODFLyQVHUYLGDUHVSHFWRGH
ODSREODFLyQWRWDOHQHOiUHDGHLQÁXHQFLDGHOD(36$

$57Ì&8/2,1',&$'25(6'(/6(59,&,2'(/(75,1,=$&,Ð1

D  &REHUWXUDGHORVVHUYLFLRV'HÀQLGDFRPRHOSRUFHQWDMHGHYLYLHQGDVVHUYLGDVUHVSHFWRGHO
WRWDOGHYLYLHQGDVHQHOiUHDGHLQÁXHQFLDGHOD(36$
E  (VWDGR'HÀQLGRFRPRHOSRUFHQWDMHGHOHWULQDVHQEXHQHVWDGRUHVSHFWRGHOWRWDOGHOHWULQDV
YLVLWDGDV

$57Ì&8/2,1',&$'25'(/$*(67,Ð1$'0,1,675$7,9$&20(5&,$/

D  ÌQGLFH GH PRURVLGDG 'HÀQLGR FRPR HO SRUFHQWDMH GHO PRQWR UHFDXGDGR UHVSHFWR DO PRQWR
IDFWXUDGRHQXQSHULRGRGDGR

(QHO$1(;2,9VHPXHVWUDQODVH[SUHVLRQHVPDWHPiWLFDV\HOQLYHOGHVHDEOHGHORVLQGLFDGRUHV
VHxDODGRVHQHOSUHVHQWHFDStWXOR

$57Ì&8/2862(),&,(17('(/$*8$/DV(36$HVWDEOHFHUiQFRQWUROVREUHHOXVRHÀFLHQWH
GHODJXDSRUSDUWHGHORVXVXDULRV3UiFWLFDVLQDGHFXDGDVFRPRULHJRGHKXHUWDVDEUHYDFLyQGH
DQLPDOHVJULIRVDELHUWRVHLQDGHFXDGRPDQWHQLPLHQWRGHLQVWDODFLRQHVVDQLWDULDVGRPLFLOLDULDVDIHFWDQ
ODHÀFLHQFLDGHXQVLVWHPDGHDJXD

&$3Ì78/29
$7(1&,Ð1$/868$5,2

$57,&8/2$7(1&,Ð1$/868$5,2/DV(36$\ORV*RELHUQRV0XQLFLSDOHVDFDUJRGHOD
SUHVWDFLyQGHORVVHUYLFLRVGHEHUiQHVWDEOHFHUIRUPDVGHFRPXQLFDFLyQSHUPDQHQWHFRQORVXVXUDULRV
\VXVFULSWRUHVDFWXDOHV\SRWHQFLDOHVSURSRUFLRQDQGR

D  ,QIRUPDFLyQ UHODWLYD D WDULIDV HVWDGRV ÀQDQFLHURV DVSHFWRV WpFQLFRV HWF HMHUFLHQGR WRWDO
WUDQVSDUHQFLDGHJHVWLyQ
E  $VHVRUDPLHQWRHQWHPDVUHODWLYRVDORVVHUYLFLRV
F  5HFHSFLyQSURFHVR\UHVSXHVWDVREUHTXHMDV\UHFODPRVUHODFLRQDGRVFRQODFDOLGDGGHORV
VHUYLFLRVHOWUDWRGHORVIXQFLRQDULRV\RWURV
G  'LIXVLyQGHORVGHUHFKRV\REOLJDFLRQHVGHORVXVXDULRV

$57,&8/22),&,1$'(/&21680,'25 2'(&2 /DV(36$EDMR/LFHQFLD\GHDFXHUGR


DO ´5HJODPHQWR SDUD OD 3UHVWDFLyQ GH 6HUYLFLRV GH$JXD 3RWDEOH \$OFDQWDULOODGR 6DQLWDULR  SDUD
7LWXODUHVGH/LFHQFLDR5HJLVWURµGHOD/H\1žGHEHUiQHVWDEOHFHUXQD2ÀFLQDGHO&RQVXPLGRU
SDUDHIHFWRVGHDWHQFLyQDOXVXDULR\DOVXVFULSWRUHQORVWHPDVVHxDODGRVHQHODUWtFXORDQWHULRU
/D2'(&2FRQWDUiFRQLQIUDHVWUXFWXUD\SHUVRQDOFDSDFLWDGRDFRUGHDOWDPDxRGHXVXDULRVSDUDHO
FXPSOLPLHQWRGHVXODERU

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

/DV(36$EDMRUHJLVWURSURSRUFLRQDUiQODDWHQFLyQDORVXVXDULRV\VXVFULSWRUHVGHDFXHUGRDORV
XVRV\FRVWXPEUHVGHODFRPXQLGDG
$57Ì&8/2('8&$&,Ð16$1,7$5,$(+,*,(1(/DV(36$FRPRHQWLGDGHVGHVHUYLFLRS~EOLFR
UHODFLRQDGDVFRQODVDOXGGHODSREODFLyQGHEHUiQSURPRYHU\HMHFXWDUSURJUDPDVVLVWHPiWLFRVGH
HGXFDFLyQVDQLWDULDHKLJLHQHSDUDORVXVXDULRVHQWHPDVGHDJXDGLVSRVLFLyQVDQLWDULDGHH[FUHWDV
\UHVLGXRVVyOLGRV6HSRQGUipQIDVLVDOXVRUDFLRQDOGHODJXDDÀQGHHYLWDUHOGHVSHUGLFLRGHORV
UHFXUVRVKtGULFRV

&$3Ì78/29,
5(/$&,21(6,17(5,167,78&,21$/(6

$57Ì&8/2,167,78&,21(6/DV(36$HQHOFXPSOLPLHQWRGHREOLJDFLRQHV\DHIHFWRVGH
IRUWDOHFHUVXJHVWLyQGHEHUiGHVDUUROODU\PDQWHQHUUHODFLRQHVHQWUHRWUDVFRQODVLQVWLWXFLRQHV\
VREUHWHPDVVLJXLHQWHV

D  &RQ OD 6,6$% \ &RPLVLRQHV 7pFQLFDV GH 5HJLVWUR HQ FRUUHVSRQGHQFLD D ODV (36$  EDMR
OLFHQFLD  \EDMRUHJLVWURUHVSHFWLYDPHQWH
 ‡ 3UHVHQWDFLyQGHLQIRUPHVGHDFXHUGRDORHVWDEOHFLGRSRUODUHJODPHQWDFLyQDOD/H\
  \ORLQGLFDGRHQHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR
 ‡ $SR\RDODVDFFLRQHVGHFRQWURO\VHJXLPLHQWRGHOD6,6$%

E  &RQOD3UHIHFWXUDGH'HSDUWDPHQWR\*RELHUQR0XQLFLSDO
 ‡ 3DUWLFLSDFLyQ\FRRSHUDFLyQDORVSODQHV\SURJUDPDVRUJDQL]DGRVSRUHVWDVLQVWLWXFLRQHV
  HQWHPDVUHODFLRQDGRVFRQHO6HFWRU
 ‡ 6ROLFLWXGGHDVLVWHQFLDWpFQLFD DVHVRUDPLHQWRFDSDFLWDFLyQLQIRUPDFLyQ\VHJXLPLHQWR 
 ‡ &RRUGLQDFLyQSDUDODREWHQFLyQGHÀQDQFLDPLHQWR

F  2WUDV(36$
 ‡ &RRSHUDFLyQPXWXD
 ‡ ,QWHJUDFLyQ
 ‡ ,QWHUFDPELRGHH[SHULHQFLDV

G  2UJDQL]DFLRQHVQRJXEHUQDPHQWDOHV
 ‡ 6ROLFLWXGGHÀQDQFLDPLHQWR

H  2UJDQL]DFLRQHVFRPXQLWDULDV
 ‡ &RRUGLQDFLyQGHDFWLYLGDGHVUHODFLRQDGDVFRQODVDOXGHGXFDFLyQ\PHGLRDPELHQWH

&$3Ì78/29,,
3/$1,),&$&,21

$57Ì&8/23/$1,),&$&,Ð1/DV(36$\ORV*RELHUQRV0XQLFLSDOHVDFDUJRGHODSUHVWDFLyQ
GLUHFWDGHORVVHUYLFLRVGHEHUiQSODQLÀFDUODVDFWLYLGDGHV\PHWDVLQKHUHQWHVDVXVIXQFLRQHVDÀQ
GHDOFDQ]DUORVREMHWLYRVSURSXHVWRV3DUDWDOHIHFWRHODERUDUiQSODQHVDPHGLDQR\FRUWRSOD]R

$57Ì&8/23/$1'('(6$552//248,148(1$/3ODQDPHGLDQRSOD]RSUHYLVWRSDUDXQ
SHULRGRGHFLQFRDxRVFRQVHQVXDGR\RDSUREDGRSRUODLQVWDQFLDGHFRQWUROHQFDGD(36$'HEHUi
FRQWHQHUORVDVSHFWRVVLJXLHQWHV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

D  3URJUDPDGHLQYHUVLRQHVUHTXHULGDVSDUDHOFXPSOLPLHQWRGHOSODQ
E  0HWDV GH H[SDQVLyQ GH ORV VHUYLFLRV DPSOLDFLRQHV GH UHGHV GH GLVWULEXFLyQ UHGHV GH
FROHFWRUHV  GHDOPDFHQDPLHQWRHWF
F  0HWDVGHFDOLGDGGHORVVHUYLFLRV FREHUWXUDVFDOLGDGGHODJXDVXPLQLVWUDGDHWF 
G  $FWLYLGDGHVFRUUHVSRQGLHQWHV

$57Ì&8/23/$123(5$7,92$18$/ 32$ /DV(36$HODERUDUiQDÀQHVGHFDGDDxR


HO3ODQ2SHUDWLYR$QXDOSDUDHOVLJXLHQWHTXHVHUiFRQVHQVXDGR\RDSUREDGRSRUODLQVWDQFLDGH
FRQWUROHQFDGD(36$&RQVWLWX\HXQ3ODQDFRUWRSOD]RIRUPXODGRDSDUWLUGHO3ODQGH'HVDUUROOR
4XLQTXHQDOTXHFRQWHQGUiORVLJXLHQWH

D  $FWLYLGDGHVDGHVDUUROODUVHHQHODxR
E  &URQRJUDPDGHODVDFWLYLGDGHV

$57Ì&8/23/$1,17(*5$/'('(6$552//2 3,' $HIHFWRVGHRSWDUDORVLQFHQWLYRV


GHÀQDQFLDPLHQWRSODQWHDGRVSRUHO3URJUDPDGH0RGHUQL]DFLyQ,QVWLWXFLRQDOGHOD3)6ODV(36$
GHEHUiQHODERUDUHO3,'GHDFXHUGRDORHVWLSXODGRSRUHO'HFUHWR6XSUHPR1ž(O3,'GHEHUi
FRQWHQHUSULQFLSDOPHQWHODVDFFLRQHV\PHWDVUHVSHFWRD

D  ,QYHUVLyQ
E  'HVDUUROORLQVWLWXFLRQDO
F  3DUWLFLSDFLyQFRPXQLWDULD

&$3Ì78/29,,,
&216(59$&,Ð1'(/$0,&52&8(1&$

&$3Ì78/2352*5$0$6<$&7,9,'$'(6/DV(36$GHEHUiQSURJUDPDU\UHDOL]DUDFWLYLGDGHV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

WHQGLHQWHVDFRQVHUYDU\PHMRUDUODVFRQGLFLRQHVVDQLWDULDV\DPELHQWDOHVGHODPLFURFXHQFDTXH
JHQHUDORVUHFXUVRVKtGULFRVXWLOL]DGRVHQODSUHVWDFLyQGHORVVHUYLFLRVGDQGRFXPSOLPLHQWRDOD/H\
1žGHO0HGLR$PELHQWH\VXV5HJODPHQWRV

7Ì78/29
02'(/26'(*(67,Ð1'(6(59,&,26'(
$*8$327$%/(<6$1($0,(172

&$3Ì78/2,
&216,'(5$&,21(6*(1(5$/(662%5(
/2602'(/26'(*(67,Ð1

$57Ì&8/202'(/26'(*(67,Ð16HUHÀHUHQDODVIRUPDVRWLSRVGHFRQVWLWXFLyQTXHDVXPHQ
ODV(36$SDUDODSUHVWDFLyQGHORVVHUYLFLRVTXHGHEHUiQSURSHQGHUDODHÀFLHQFLD\VRVWHQLELOLGDG
GHpVWRV

$57Ì&8/2&$5$&7(5Ì67,&$6(1/2602'(/26'(*(67,Ð1$HIHFWRVGHPHMRUDUOD
HÀFLHQFLDGHODJHVWLyQ\VRVWHQLELOLGDGGHORVVHUYLFLRVORVPRGHORVGHJHVWLyQGHEHUiQ

D  ,QWHJUDUHQORSRVLEOHHOPHUFDGRGHORVVHUYLFLRV
E  3URPRYHUODSDUWLFLSDFLyQGHOVHFWRUSULYDGRORFDO
F  3URPRYHUODSDUWLFLSDFLyQGHO(VWDGRHQHOÀQDQFLDPLHQWR
G  3URPRYHUODSDUWLFLSDFLyQGHODFRPXQLGDG

&$3Ì78/2,,
7,326'(02'(/26'(*(67,Ð1

$57Ì&8/202'(/26'(*(67,Ð1(1(/0$5&2'(/$/(<1ž(QVX$UWtFXOR
LQFLVRN HVWDEOHFHORVVLJXLHQWHVPRGHORVGHJHVWLyQRIRUPDVGHFRQVWLWXFLyQSDUDODV(36$

, (PSUHVDS~EOLFDPXQLFLSDOGHSHQGLHQWHGHXQRRPiVJRELHUQRVPXQLFLSDOHV
,, 6RFLHGDGDQyQLPDPL[WD
,,, (PSUHVDSULYDGD
,9 &RRSHUDWLYDGHVHUYLFLRVS~EOLFRV
9 $VRFLDFLyQFLYLO
9, 3XHEORV LQGtJHQDV \ RULJLQDULRV FRPXQLGDGHV LQGtJHQDV \ FDPSHVLQDV DVRFLDFLRQHV
RUJDQL]DFLRQHV\VLQGLFDWRVFDPSHVLQRV
9,, &RPLWpVGH$JXDSHTXHxRVVLVWHPDVXUEDQRVLQGHSHQGLHQWHVMXQWDVYHFLQDOHV\FXDOTXLHU
RWUDRUJDQL]DFLyQMXUtGLFDUHFRQRFLGDSRU/H\H[FHSWRORVJRELHUQRVPXQLFLSDOHV

$57Ì&8/22752602'(/26'(*(67,Ð1/D6,6$%3UHIHFWXUDV*RELHUQRV0XQLFLSDOHV
ODV (36$ H LQVWLWXFLRQHV GHO VHFWRU SRGUiQ GHVDUUROODU H LPSOHPHQWDU RWURV PRGHORV GH JHVWLyQ
HQPDUFDGRVHQODQRUPDWLYDOHJDOYLJHQWHHQHOSDtV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

&$3Ì78/2,,,
$'23&,Ð1'(8102'(/2'(*(67,Ð1

$57Ì&8/2$'23&,Ð1/DDGRSFLyQGHXQGHWHUPLQDGRPRGHORGHJHVWLyQRHOFDPELRGHXQ
PRGHORSRURWURGHEHUiVHUHOUHVXOWDGRGHOFRQVHQVRHQWUHODVHQWLGDGHV\RUJDQL]DFLRQHVGHOVHFWRU
GHQLYHOORFDO\PXQLFLSDO\VHJ~QHOFDVRGHSDUWDPHQWDOSUHYLDLGHQWLÀFDFLyQ\DQiOLVLVGHRSFLRQHV
WRPDQGRHQFXHQWDDGHPiVODVFDUDFWHUtVWLFDVVRFLRHFRQyPLFDVGHODUHJLyQRORFDOLGDGLQWHUHVDGD
/RVSURFHVRVGHEHUiQWHQHUFRPRUHTXLVLWRODWUDQVSDUHQFLD\ODSDUWLFLSDFLyQFRPXQLWDULD

$57Ì&8/2&219(1,26/DDGRSFLyQRFDPELRGHXQPRGHORGHJHVWLyQDRWURGHEHUiHVWDU
DFRPSDxDGDSRUFRQYHQLRVRFRQWUDWRVHQWUHRUJDQL]DFLRQHVGHOVHFWRUGHQLYHOORFDO\PXQLFLSDO
TXHHVWDEOH]FDQFRPRPtQLPRHOREMHWR\YLJHQFLDLQGLFDGRUHV\PHWDVFRPSURPLVRVGHLQYHUVLyQ
FRQWURO\VHJXLPLHQWRSHQDOLGDGHV\VDQFLRQHVHWF

&$3Ì78/2,9
&20,7e'($*8$327$%/(<6$1($0,(172 &$3<6

$57Ì&8/2'(6&5,3&,Ð10RGHORGHJHVWLyQGHVHUYLFLRVGHDSOLFDFLyQORFDO HQXQDVROD
SREODFLyQ \GHHVHQFLDFRPXQLWDULD6XYLJHQFLDOHJDOHVWiUHVSDOGDGDSRUHO'HFUHWR/H\1ž
GHO&yGLJR&LYLO $UWtFXOR²&RPLWpVVLQ3HUVRQHUtD \UHFRQRFLGDSRUOD/H\1žGH6HUYLFLRV
GH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULR $UWtFXORLQFLVRN 

$57Ì&8/2  &21',&,21(6 3$5$ 68 &21)250$&,Ð1 $GHPiV GH ODV VHxDODGDV HQ HO
$UWtFXORGHOSUHVHQWHUHJODPHQWRODVLJXLHQWHUHODWLYDDVXIRUPDGHFRQVWLWXFLyQ

D  4XHORVPLHPEURVGHO&$3<6HVWpQHOHJLGRVSRUORV8VXDULRVPHGLDQWHHOHFFLRQHVFRQWURODGDV
SRUXQ&RPLWp(OHFWRUDOGHVLJQDGRSRUOD$VDPEOHD*HQHUDOGH8VXDULRV

$57Ì&8/2  25*$1,=$&,Ð1 (O &RPLWp GH$JXD 3RWDEOH \ 6DQHDPLHQWR &$3<6  HVWDUi
FRQIRUPDGR FRPR PtQLPR SRU FLQFR PLHPEURV HOHJLGRV GHPRFUiWLFDPHQWH SRU OD$VDPEOHD GH
6XVFULSWRUHVXQSUHVLGHQWHXQWHVRUHURRDGPLQLVWUDGRUXQVHFUHWDULRGHDFWDV\GRVYRFDOHV'H
DFXHUGRDOWDPDxRGHODSREODFLyQSRGUiLQFUHPHQWDUVHHOQ~PHURGHPLHPEURVGHO&$3<6FRQXQ
YLFHSUHVLGHQWHPD\RUQ~PHURGHYRFDOHV\GHSHQGLHQWHVDGPLQLVWUDWLYRVFRPRVHUFDMHUR\FREUDGRU
EDMR OD GHSHQGHQFLD LQPHGLDWD GHO DGPLQLVWUDGRU 6H PDQWHQGUi VLHPSUH XQ Q~PHUR LPSDU HQ OD
FRPSRVLFLyQGHO&$3<6(O$1(;29DPXHVWUDODHVWUXFWXUDRUJDQL]DFLRQDOGHXQ&$3<6

$57Ì&8/2$6$0%/($*(1(5$/'(686&5,3725(66HFRQVWLWXLUiHQODPi[LPDLQVWDQFLD
GHO&$3<6\HVWDUiFRQIRUPDGDSRUWRGRVORVVXVFULSWRUHVTXHHVWpQDOGtDFRQVXVREOLJDFLRQHV
(QWUHRWUDVWHQGUiODVVLJXLHQWHVDWULEXFLRQHV
D  (OHJLUiUDWLÀFDUiRSURSRQGUiHOFDPELRFRQUHODFLyQDORVPLHPEURVGHO&$3<6
E  (MHUFHUiHOFRQWUROVRFLDOVREUHpVWHDSUREDQGRVXVLQIRUPHV\UHQGLFLRQHVGHFXHQWDV
F  $FHSWDUiRUHFKD]DUiODHVWUXFWXUDWDULIDULDGHORV6HUYLFLRVSURSXHVWDSRUHO&$3<6
G  3URSRQGUiPHMRUDVHQORVVHUYLFLRV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/223(5$'25(63DUDHOFXPSOLPLHQWRGHODVIXQFLRQHVGHRSHUDFLyQ\PDQWHQLPLHQWR
HO&$3<6FRQWUDWDUiORVVHUYLFLRVUHPXQHUDGRVRQRGHXQRRPiVRSHUDGRUHVVHJ~QODFRPSOHMLGDG
GHOVLVWHPD

$57Ì&8/27$5,)$6/DVWDULIDVVHUiQHVWDEOHFLGDVSRUHO&$3<6GHDFXHUGRDORHVWLSXODGR
SRU HO ´5HJODPHQWR GH 3UHFLRV 7DVDV 7DULIDV \ &XRWDV SDUD ORV 6HUYLFLRV GH $JXD 3RWDEOH \
$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ž/DVWDULIDVVHUiQREMHWRGHDSUREDFLyQSRUSDUWHGHOD
$VDPEOHD*HQHUDOGH6XVFULSWRUHV\SRUOD6,6$%

$57Ì&8/2  (67$7872 25*É1,&2 /D$VDPEOHD *HQHUDO GH 6XVFULSWRUHV \ HO &$3<6
GHEHUiQHODERUDUXQ(VWDWXWR2UJiQLFRFRQMXQWRSXGLHQGRWRPDUFRPRUHIHUHQFLDHOGRFXPHQWRTXH
VHSUHVHQWDHQHO$1(;269E

$57Ì&8/2/,&(1&,$<3$'5Ð11$&,21$/7RGR&$3<6GHEHUiVROLFLWDUODOLFHQFLD\OD
LQVFULSFLyQHQHO3DGUyQ1DFLRQDOGH3UHVWDGRUHVGH6HUYLFLRVDQWHODVLQVWDQFLDVVHxDODGDVHQHO
´5HJODPHQWRGH3UHFLRV7DVDV7DULIDV\&XRWDVSDUDORV6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR
6DQLWDULRµGHOD/H\1ž

$57Ì&8/2,1)250(6(O&RPLWpGH$JXD3RWDEOH\6DQHDPLHQWRGHEHUiSUHVHQWDULQIRUPHVD
OD6,6$%GHDFXHUGRDORHVSHFLÀFDGRHQHO&DStWXOR,9GHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR3UHVWDUi
LQIRUPHVHPHVWUDOGHDFWLYLGDGHV\UHQGLFLyQGHFXHQWDVDOD$VDPEOHD*HQHUDOGH6XVFULSWRUHV

$57Ì&8/23(5621(5Ì$-85Ì',&$/DV(36$EDMRHVWHPRGHORQRUHTXHULUiQGHSHUVRQHUtD
MXUtGLFD GH DFXHUGR D OR HVWDEOHFLGR SRU HO$UWtFXOR  &RPLWpV VLQ 3HUVRQHUtD  &DStWXOR ,9 GHO
&yGLJR&LYLOSXGLHQGRDFFHGHUDÀQDQFLDPLHQWRVGLUHFWRVSRUVXFRQGLFLyQGH(36$GHDFXHUGRD
OD/H\1ž

$57Ì&8/2  $6,67(1&,$ 7e&1,&$ 3DUD HO DGHFXDGR GHVHPSHxR GH VXV IXQFLRQHV HO
&$3<6 SRGUi  UHTXHULU GH$VLVWHQFLD 7pFQLFD VHJ~Q OR GLVSXHVWR HQ HO 7tWXOR 9,,, GHO SUHVHQWH
5HJODPHQWR

&$3Ì78/29

25*$1,=$&,21(6(138(%/26,1'Ì*(1$6<25,*,1$5,26&2081,'$'(6,1'Ì*(1$6<
&$03(6,1$6$62&,$&,21(625*$1,=$&,21(6<6,1',&$726&$03(6,126

$57Ì&8/2'(6&5,3&,Ð12UJDQL]DFLRQHVHQSXHEORVLQGtJHQDV\RULJLQDULRVFRPXQLGDGHV
FDPSHVLQDVDVRFLDFLRQHVRUJDQL]DFLRQHV\VLQGLFDWRVFDPSHVLQRVSRGUiQRÀFLDUFRPR(36$DO
DPSDURGHO$UWtFXORLQFLVRN GHOD/H\1ž

$57Ì&8/2  &21',&,21(6 3$5$ 68 &21)250$&,Ð1  $GHPiV GH ODV VHxDODGDV HQ HO
$UWtFXORGHOSUHVHQWH5HJODPHQWRORVSXHEORVLQGtJHQDV\RULJLQDULRVFRPXQLGDGHVFDPSHVLQDV
DVRFLDFLRQHVRUJDQL]DFLRQHV\VLQGLFDWRVFDPSHVLQRVSRGUiQVHxDODURWUDVFRQGLFLRQHVHPHUJHQWHV
GHVXVXVRV\FRVWXPEUHV

$57Ì&8/225*$1,=$&,Ð1/DV(36$DVtFRQIRUPDGDVGHVDUUROODUiQVXVIXQFLRQHVEDMR
VXSURSLDRUJDQL]DFLyQGHDFXHUGRDXVRV\FRVWXPEUHVGHODFRPXQLGDG

$57Ì&8/2&827$6/DVFXRWDVTXHFREUHQODV(36$VHUHJLUiQSRUORVSURSLRVDFXHUGRV
FRPXQDOHV VHJ~Q OR HVWLSXODGR HQ HO ´5HJODPHQWR GH 3UHFLRV 7DULIDV7DVDV \ &XRWDV SDUD ORV
6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRµ


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/2(67$7872625*É1,&26/DV(36$DVtFRQIRUPDGDVSRGUiQHODERUDUVXVSURSLRV
HVWDWXWRVRUJiQLFRVHQEDVHDODVFRVWXPEUHVSURSLDVGHODFRPXQLGDG

$57Ì&8/25(*,6752<3$'5Ð11$&,21$//DV(36$DVtFRQIRUPDGDVGHEHUiQVROLFLWDUHO
5HJLVWUR\ODLQVFULSFLyQHQHO3DGUyQ1DFLRQDOGH3UHVWDGRUHVGH6HUYLFLRVGH6DQHDPLHQWR%iVLFR
DQWHOD&RPLVLyQ7pFQLFDGH5HJLVWURV\HO9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRVUHVSHFWLYDPHQWHGH
DFXHUGRDORVHxDODGRHQHO7tWXOR9,GHOSUHVHQWH5HJODPHQWR

$57Ì&8/2,1)250(6'HEHUiQSUHVHQWDULQIRUPHVTXLQTXHQDOHVDODV&RPLVLRQHV7pFQLFDV
GH5HJLVWURVRHQVXGHIHFWRDOD6,6$%GHDFXHUGRDORHVSHFLÀFDGRHQHO&DStWXOR,9GHO7tWXOR
9,GHOSUHVHQWH5HJODPHQWR

$57Ì&8/2  $6,67(1&,$ 7e&1,&$ 3DUD HO DGHFXDGR GHVHPSHxR GH VXV IXQFLRQHV HO
&$3<6 SRGUi  UHTXHULU GH$VLVWHQFLD 7pFQLFD VHJ~Q OR GLVSXHVWR HQ HO 7tWXOR 9,,, GHO SUHVHQWH
5HJODPHQWR

&$3Ì78/29,
&223(5$7,9$'(6(59,&,263Ô%/,&26

$57Ì&8/2'(6&5,3&,Ð1/DFRRSHUDWLYDGHVHUYLFLRVS~EOLFRVGHDJXDSRWDEOH\VDQHDPLHQWR
FRQVWLWXLUi XQD DVRFLDFLyQ DXWyQRPD GH SHUVRQDV UHXQLGDV SDUD VDWLVIDFHU VXV QHFHVLGDGHV GH
VHUYLFLRV DJXD \ VDQHDPLHQWR PHGLDQWH XQD RUJDQL]DFLyQ GRQGH OD SURSLHGDG HV FROHFWLYD \ HO
SRGHUHVHMHUFLGRGHPRFUiWLFDPHQWH6XUHVSDOGROHJDOVHIXQGDPHQWDHQHO'HFUHWR/H\1žGH
6RFLHGDGHV&RRSHUDWLYDV\HQOD/H\1ž $UWtFXORLQFLVRN /RVDFWLYRVGHORVVLVWHPDVVRQ
GHSURSLHGDGFROHFWLYDGHORVVRFLRVFRRSHUDWLYLVWDVDWUDYpVGHDFFLRQHVGHFDUiFWHUUHLQWHJUDEOH
VyORSRUODFRRSHUDWLYD(VXQPRGHORGHJHVWLyQGHDSOLFDFLyQORFDORUHJLRQDO

$57Ì&8/2  &21',&,21(6 3$5$ 68 &21)250$&,Ð1 $GHPiV GH ODV VHxDODGDV HQ HO
$UWtFXORGHOSUHVHQWH5HJODPHQWRODVVLJXLHQWHVUHODWLYDVDVXIRUPDGHFRQVWLWXFLyQ

D  &RQWDUFRQ&RQVHMRVGH$GPLQLVWUDFLyQ\9LJLODQFLDUHFRQRFLGRVSRUDXWRULGDGFRPSHWHQWH
E  4XH ORV LQWHJUDQWHV GH ORV &RQVHMRV GH $GPLQLVWUDFLyQ \ 9LJLODQFLD QR VH HQFXHQWUHQ
FRPSUHQGLGRVHQDTXHOODVFDXVDOHVGHLQFRPSDWLELOLGDGSUHYLVWDVHQQRUPDVOHJDOHV

$57Ì&8/225*$1,=$&,Ð1/DFRRSHUDWLYDGHVHUYLFLRVS~EOLFRVHVWDUiFRQVWLWXLGDSRUGRV
HVWUXFWXUDV

D  /D (VWUXFWXUD$VRFLDWLYD FRQIRUPDGD SRU OD$VDPEOHD *HQHUDO GH 6RFLRV HO &RQVHMR GH
$GPLQLVWUDFLyQ  HO &RQVHMR GH 9LJLODQFLD \ ODV &RPLVLRQHV TXH HVWDEOH]FD HO (VWDWXWR
2UJDQL]DFLRQDO
E  /D(VWUXFWXUD(PSUHVDULDOFRQIRUPDGDSRUOD*HUHQFLD\ORV'HSDUWDPHQWRV7pFQLFRV

(O$1(;29DPXHVWUDODHVWUXFWXUDRUJDQL]DFLRQDOUHVSHFWLYD

$57Ì&8/2  $6$0%/($ *(1(5$/ '( 62&,26 &RQVWLWXLUi  OD Pi[LPD DXWRULGDG GH OD
&RRSHUDWLYDGH6HUYLFLRV3~EOLFRVVXVDFXHUGRVREOLJDUiQDWRGRVVXVPLHPEURVSUHVHQWHV\DXVHQWHV
$Vt PLVPR HMHUFHUi HO FRQWURO VRFLDO FRUUHVSRQGLHQWH VREUH ORV &RQVHMRV &RPLWpV \ (VWUXFWXUD
(PSUHVDULDO(QWUHRWUDVDWULEXFLRQHVHOLJHDORVPLHPEURVGLUHFWLYRVGHORV&RQVHMRV\&RPLWpV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/2&216(-2'($'0,1,675$&,Ð16HFRQVWLWXLUiHQHOyUJDQRGLUHFWLYR\HMHFXWLYR
GHORVSODQHV\QRUPDVJHQHUDOHVDFRUGDGRVSRUOD$VDPEOHD*HQHUDO\WHQGUiODDGPLQLVWUDFLyQ\
UHSUHVHQWDFLyQGHODVRFLHGDG(VWDUiFRQIRUPDGRSRUXQ'LUHFWRULRFRQVWLWXLGRPtQLPDPHQWHSRU
XQSUHVLGHQWHXQVHFUHWDULRXQWHVRUHUR\YRFDOHV(QWUHRWUDVDWULEXFLRQHVHVWDUiODGHQRPEUDU
XQRRPiV*HUHQWHV$GPLQLVWUDGRUHV\DOSHUVRQDOWpFQLFRDGPLQLVWUDWLYRVHJ~QODVQHFHVLGDGHV
GHODFRRSHUDWLYD

$57Ì&8/2&216(-2'(9,*,/$1&,$7HQGUiDVXFDUJRHOFXLGDGRGHOFRUUHFWRIXQFLRQDPLHQWR
\DGPLQLVWUDFLyQGHODVRFLHGDGFRRSHUDWLYD(VWDUiFRPSXHVWRSRUXQSUHVLGHQWHXQVHFUHWDULR\
YRFDOHV

$57Ì&8/2  *(5(1&,$ 6H FRQVWLWXLUi HQ HO HMHFXWRU GH ORV DFXHUGRV \ GLVSRVLFLRQHV GHO
&RQVHMRGH$GPLQLVWUDFLyQ6XIXQFLyQVHUiHVSHFtÀFDPHQWHDGPLQLVWUDWLYD(QWUHRWUDVDWULEXFLRQHV
RULHQWDUi\GLULJLUiODDGPLQLVWUDFLyQGHOD&RRSHUDWLYDGH6HUYLFLRV3~EOLFRVFHOHEUDUiFRQWUDWRV\
WUDPLWDUiFUpGLWRV

$57Ì&8/2  '(3$57$0(1726 7e&1,&26  6H FRQIRUPDUiQ ORV GHSDUWDPHQWRV WpFQLFR


DGPLQLVWUDWLYR \ GH FRPHUFLDOL]DFLyQ GH DFXHUGR DO WDPDxR GH ORV VLVWHPDV \ DO Q~PHUR GH
XVXDULRV

$57Ì&8/2$6(625$0,(1723$5$6825*$1,=$&,Ð1(O9LFHPLQLVWHULRGH&RRSHUDWLYDV
DWUDYpVGHODLQVWDQFLDFRUUHVSRQGLHQWHSUHVWDUiODDVLVWHQFLDWpFQLFD\HGXFDWLYDSDUDODSURPRFLyQ
\RUJDQL]DFLyQGHODV&RRSHUDWLYDVGH6HUYLFLRV3~EOLFRV

$57Ì&8/2  7$5,)$6 /DV WDULIDV VHUiQ HVWDEOHFLGDV SRU HO &RQVHMR GH$GPLQLVWUDFLyQ D
VXJHUHQFLDGHOD*HUHQFLDGHDFXHUGRDORHVWLSXODGRSRUHO´5HJODPHQWRGH3UHFLRV7DVDV7DULIDV
\&XRWDVSDUDORV6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ž6HUiQ
REMHWRGHDSUREDFLyQSRUSDUWHGHOD$VDPEOHD*HQHUDOGH6RFLRV\UHPLWLGDVDOD6,6$%SDUDVX
DSUREDFLyQ

$57Ì&8/2(67$787225*É1,&2&RQDQWHULRULGDGDVXFRQIRUPDFLyQFRPRFRRSHUDWLYD
VH GHEHUi HODERUDU HO SURSLR (VWDWXWR 2UJiQLFR WRPDQGR FRPR UHIHUHQFLD HO GRFXPHQWR TXH VH
SUHVHQWDHQHO$1(;29E

$57Ì&8/2   /,&(1&,$ < 3$'5Ð1 1$&,21$/ /D &RRSHUDWLYD GH 6HUYLFLRV 3~EOLFRV GH
$JXD3RWDEOH\6DQHDPLHQWRGHEHUiVROLFLWDUODOLFHQFLD\ODLQVFULSFLyQHQHO3DGUyQ1DFLRQDOGH
3UHVWDGRUHVGH6HUYLFLRVDQWHOD6,6$%\9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRVUHVSHFWLYDPHQWHGH
DFXHUGRDOD/H\\DORVHxDODGRHQHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR

$57Ì&8/2,1)250(6/D&RRSHUDWLYDGHEHUiSUHVHQWDULQIRUPHVDOD6,6$%GHDFXHUGRD
ORHVSHFLÀFDGRHQHO&DStWXOR,9GHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR

$57Ì&8/23(5621(5Ì$-85Ì',&$/D&RRSHUDWLYDGH$JXD3RWDEOH\6DQHDPLHQWRGHEHUi
VROLFLWDUVX3HUVRQHUtD-XUtGLFDDODHQWLGDGTXHVXVWLWX\DDOD'LUHFFLyQ(MHFXWLYDGHO,QVWLWXWR1DFLRQDO
GH&RRSHUDWLYDVDFWXDOPHQWHHQGLVROXFLyQGHELHQGRFXPSOLUSDUDWDOHIHFWRORVUHTXLVLWRVH[LJLGRV
SRUOD/H\*HQHUDOGH6RFLHGDGHV&RRSHUDWLYDV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/2$6,67(1&,$7e&1,&$3DUDHODGHFXDGRGHVHPSHxRGHODV(36$EDMRHVWH
PRGHORSRGUiUHTXHULUVHGH$VLVWHQFLD7pFQLFDWDOFXDOHVWiHVWDEOHFLGDHQHO7tWXOR9,,,GHOSUHVHQWH
UHJODPHQWR
&$3Ì78/29,,
&223(5$7,9$'(08/7,6(59,&,263Ô%/,&26

$57Ì&8/2'(6&5,3&,Ð1(PSUHVDVTXHSRGUiQHVWDUFRQIRUPDGDVFRPRFRRSHUDWLYDV\
TXHSRGUiQDVXYH]FRQIRUPDUVXEHPSUHVDV6XSHFXOLDULGDGSURYLHQHGHTXHSUHVWDVHUYLFLRV
HQYDULRVUXEURV DJXDSRWDEOHDOFDQWDULOODGRVDQLWDULRUHVLGXRVVyOLGRVHOHFWULFLGDGWHOHIRQtDJDV
GRPLFLOLDULRHWF HVWDQGRSHUPLWLGDODVXEYHQFLyQGHXQVHUYLFLRDRWUR
/DSURSLHGDGGHORVDFWLYRVVHUiQSULYDGRVRHQVRFLHGDGFRQHO(VWDGR
(OPRGHORSRGUiVHUGHDSOLFDFLyQORFDORUHJLRQDO

$57Ì&8/2  &21',&,21(6 3$5$ 68 &21)250$&,Ð1$GHPiV GH ODV VHxDODGDV HQ HO
$UWtFXORGHOSUHVHQWH5HJODPHQWRODVVLJXLHQWHVUHODWLYDVDVXIRUPDGHFRQVWLWXFLyQ

D  &RQWDUFRQ&RQVHMRVGH$GPLQLVWUDFLyQ\9LJLODQFLDUHFRQRFLGRVSRUDXWRULGDGFRPSHWHQWH
E  4XH ORV LQWHJUDQWHV GH ORV &RQVHMRV GH $GPLQLVWUDFLyQ \ 9LJLODQFLD QR VH HQFXHQWUHQ
FRPSUHQGLGRVHQDTXHOODVFDXVDOHVGHLQFRPSDWLELOLGDGSUHYLVWDVHQQRUPDVOHJDOHV

$57Ì&8/225*$1,=$&,Ð16XRUJDQL]DFLyQFRUUHVSRQGHUiHQJHQHUDODODHVWUXFWXUDGHXQD
FRRSHUDWLYD9HU$1(;29DFRQGLYLVLyQSRUiUHDVGHVHUYLFLRHQFRUUHVSRQGHQFLDDODHVWUXFWXUD
HPSUHVDULDO

$57Ì&8/27$5,)$6/DVWDULIDVHVWDUiQGLIHUHQFLDGDVSRUHOWLSRGHVHUYLFLR\VXMHWDVDOD
DSUREDFLyQSRUSDUWHGHODVLQVWDQFLDVUHJXODGRUDVUHVSHFWLYDV

&RQUHODFLyQDORVVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWRODVWDULIDVVHUiQDYDODGDVSRUHO'LUHFWRULR
DSURSXHVWDGHOD*HUHQFLD*HQHUDOGHDFXHUGRDORHVWLSXODGRSRUHO´5HJODPHQWRGH3UHFLRV7DVDV
7DULIDV\&XRWDVSDUDORV6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ž
6HUiQREMHWRGHDSUREDFLyQSRUSDUWHGHOD-XQWDGH$FFLRQLVWDV\GHEHUiQVHUUHPLWLGDVDOD6,6$%
SDUDVXDSUREDFLyQ

$57Ì&8/2(67$787225*É1,&2&RQDQWHULRULGDGDVXFRQIRUPDFLyQFRPRFRRSHUDWLYD
VHGHEHUiHODERUDUHOUHVSHFWLYR(VWDWXWR2UJiQLFRWRPDQGRFRPRUHIHUHQFLDHOGRFXPHQWRTXHVH
SUHVHQWDHQHO$1(;29E

$57Ì&8/2   /,&(1&,$ < 3$'5Ð1 1$&,21$/ /D &RRSHUDWLYD GH 0XOWLVHUYLFLRV GHEHUi
VROLFLWDUODOLFHQFLD\ODLQVFULSFLyQHQHO3DGUyQ1DFLRQDOGH3UHVWDGRUHVGH6HUYLFLRVDQWHOD6,6$%
\9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRVUHVSHFWLYDPHQWHGHDFXHUGRDORVHxDODGRHQORV&DStWXORV,
\,,,GHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR

$57Ì&8/2,1)250(6'HEHUiSUHVHQWDULQIRUPHVDOD6,6$%GHDFXHUGRDORHVSHFLÀFDGR
HQHO&DStWXOR,9GHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR

&$3Ì78/29,,,
62&,('$'$1Ð1,0$0,;7$

$57Ì&8/2'(6&5,3&,Ð1/D(36$FRPR6RFLHGDG$QyQLPD0L[WD 6$0 FRQVWLWX\HXQD


6RFLHGDGGH(FRQRPtD0L[WD S~EOLFR²SULYDGR TXHSRGUiFRQIRUPDUVHHQWUHHO(VWDGRSUHIHFWXUDV
PXQLFLSLRVFRUSRUDFLRQHVHPSUHVDVS~EOLFDVXRWUDVHQWLGDGHVGHSHQGLHQWHVGHO(VWDGR\HOFDSLWDO

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

SULYDGRSDUDODSUHVWDFLyQGHVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWR6HVXVWHQWDOHJDOPHQWHHQ
HO&yGLJRGH&RPHUFLR/LEUR3ULPHUR7tWXOR,,,&DStWXOR;,,,\VDOYRGLVSRVLFLRQHVHVWDEOHFLGDV
HQGLFKR&DStWXORHVWDUiVXMHWDDODVQRUPDVTXHULJHQODFRQVWLWXFLyQ\GHVHQYROYLPLHQWRGHODV
6RFLHGDGHV$QyQLPDVGHGRQGHSURYLHQHVXGHQRPLQDFLyQHVWiUHFRQRFLGDDVtPLVPRSRUOD/H\
1ž6HFRQVWLWX\HHQSHUVRQDGHGHUHFKRSULYDGRHQTXHORVDFWLYRVSHUWHQHFHUiQDODSDUWH
S~EOLFD\SULYDGDVHJ~QVXSRUFHQWDMHDFFLRQDULR/DLQYHUVLyQ\ÀQDQFLDPLHQWRSURYHQGUiQWDQWR
GHO(VWDGRFRPRGHODHPSUHVDSULYDGD(ODSRUWHS~EOLFRDOD(36$UHTXHULUiGHXQDOH\H[SUHVD
\VHUHJLUiSRUQRUPDVGHFRQWUDWDFLyQS~EOLFD(VWHPRGHORGHJHVWLyQSRGUiWHQHUDSOLFDFLyQORFDO
RUHJLRQDO

/D(36$6$0FRQIRUPDGDHQWUHXQRRPiVJRELHUQRVPXQLFLSDOHVTXHSUHVWHQVHUYLFLRVGHDJXD\
VDQHDPLHQWRHQIRUPDGLUHFWD SDUWHS~EOLFD \ODV(36$SUHH[LVWHQWHV SDUWHSULYDGD FXHQWDDGHPiV
FRQ HO UHVSDOGR OHJDO 'HFUHWR 6XSUHPR 1ž  \ OD /H\ 1ž  GH 0XQLFLSDOLGDGHV  3RGUiQ
LQFRUSRUDUVHDOD(36$6$0ORVXVXDULRVGHGLFKRVVHUYLFLRVDVtFRPRODVSHUVRQDVFROHFWLYDVTXH
FXPSODQODFRQGLFLyQGHSHUWHQHFHUDOiPELWRJHRJUiÀFRGHSUHVWDFLyQGHORVVHUYLFLRV/DV(36$
SUH H[LVWHQWHV DSRUWDUiQ FRQ VXV DFWLYRV GH LQIUDHVWUXFWXUD DFWXDO \ ORV JRELHUQRV PXQLFLSDOHV \
SREODFLyQFRQODLQYHUVLyQ

%DMR HVWH PRGHOR GH JHVWLyQ SRGUiQ SUHVWDU VHUYLFLRV GH DJXD SRWDEOH \ VDQHDPLHQWR ODV
PDQFRPXQLGDGHVGHPXQLFLSLRV\GH(36$

$57Ì&8/2&21',&,21(63$5$68&21)250$&,Ð1$GHPiVGHODVVHxDODGDVHQHO
$UWtFXORGHOSUHVHQWH5HJODPHQWRODVVLJXLHQWHVUHODWLYDVDVXIRUPDGHFRQVWLWXFLyQ

D  /DFRQIRUPDFLyQGHVX'LUHFWRULRVHUHJLUiSRUHO&yGLJRGH&RPHUFLR\VX(VWDWXWR2UJiQLFR
E  4XH ORV PLHPEURV GHO 'LUHFWRULR QR VH HQFXHQWUHQ FRPSUHQGLGRV HQ DTXHOODV FDXVDOHV GH
LQFRPSDWLELOLGDGSUHYLVWDVHQQRUPDVOHJDOHV
F  /RV FDUJRV MHUiUTXLFRV GHEHUiQ VHU LQVWLWXFLRQDOL]DGRV GH DFXHUGR D FRQYRFDWRULD S~EOLFD \
GLVSRVLFLRQHVYLJHQWHV

$57Ì&8/225*$1,=$&,Ð1/D(36$6$0WHQGUiFRPRyUJDQRVGHGLUHFFLyQ\DGPLQLVWUDFLyQ
XQD$VDPEOHD*HQHUDOGH$FFLRQLVWDVXQ'LUHFWRULRXQD*HUHQFLD*HQHUDO\*HUHQFLDVGH$UHD/D
LPSOHPHQWDFLyQGHHVWDV~OWLPDVGHSHQGHUiQGHOWDPDxRGHORV6LVWHPDV\GHOQ~PHURGHXVXDULRV
(O$1(;29DPXHVWUDODHVWUXFWXUDRUJDQL]DFLRQDOUHSUHVHQWDWLYDGHHVWHPRGHORGHJHVWLyQ

$57Ì&8/2  -817$ *(1(5$/ '($&&,21,67$6 6HUi OD LQVWDQFLD GH  Pi[LPD GHFLVLyQ
GHODHQWLGDG6HUHXQLUiDOPHQRVXQDYH]DODxR\HQWUHRWUDVDWULEXFLRQHVDSUREDUiORVDVXQWRV
UHODWLYRVDODJHVWLyQHVWDEOHFHUiODGLVWULEXFLyQGHXWLOLGDGHVGHVLJQDUi\ÀMDUiODUHPXQHUDFLyQD
ORV'LUHFWRUHV

$57Ì&8/2',5(&725,26HUiHOyUJDQRDGPLQLVWUDGRUGHODVRFLHGDGHVWDUiFRPSXHVWRSRU
XQPtQLPRGHWUHVPLHPEURV 'LUHFWRUHV RXQQ~PHURLPSDUQRPD\RUDRQFHGHpVWRVGHVLJQDGRV
SRUOD-XQWD*HQHUDOGH$FFLRQLVWDV

$57Ì&8/2*(5(1&,$*(1(5$/<'(É5($6(O'LUHFWRULRSRGUiGHOHJDUVXVIXQFLRQHV
HMHFXWLYDV GH DGPLQLVWUDFLyQ HQ OD *HUHQFLD *HQHUDO \ *HUHQFLDV GH ÉUHD FRQ REOLJDFLRQHV
H[SUHVDPHQWH VHxDODGDV (QWUH RWUDV ODV DWULEXFLRQHV GHO *HUHQWH *HQHUDO VHUiQ GLULJLU ODV
RSHUDFLRQHVFRPHUFLDOHVGHVLJQDUDOSHUVRQDOGHHPSOHDGRVUHSUHVHQWDUDOD6RFLHGDGHODERUDU\
SRQHUHQFRQVLGHUDFLyQGHO'LUHFWRULRSODQHVSURJUDPDVSUR\HFWRVHVWXGLRV\RWURV

$57Ì&8/27$5,)$6/DVWDULIDVVHUiQDYDODGDVSRUHO'LUHFWRULRDSURSXHVWDGHOD*HUHQFLD
*HQHUDOGHDFXHUGRDORHVWLSXODGRSRUHO´5HJODPHQWRGH3UHFLRV7DVDV7DULIDV\&XRWDVSDUD

ORV
5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

VHUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ž6HUiQREMHWRGHDSUREDFLyQ
SRUSDUWHGHOD-XQWDGH$FFLRQLVWDV\GHEHUiQVHUUHPLWLGDVDOD6,6$%SDUDVXDSUREDFLyQ YHU
DQH[R9D 

$57Ì&8/2(67$787225*É1,&2/D6RFLHGDGSRGUiHODERUDUVXSURSLR(VWDWXWR2UJiQLFR
VHJ~QORVOLQHDPLHQWRVHVWDEOHFLGRVHQHO$UWtFXORGHOSUHVHQWHUHJODPHQWR

$57Ì&8/2/,&(1&,$<3$'5Ð11$&,21$//D6RFLHGDGGHEHUiVROLFLWDUODOLFHQFLD\OD
LQVFULSFLyQHQHO3DGUyQ1DFLRQDOGH3UHVWDGRUHVGH6HUYLFLRVDQWHOD6,6$%\9LFHPLQLVWHULRGH
6HUYLFLRV%iVLFRVUHVSHFWLYDPHQWHGHDFXHUGRDORVHxDODGRHQORV&DStWXORV,\,,GHO7tWXOR9,
GHOSUHVHQWHUHJODPHQWR

$57Ì&8/2,1)250(66HGHEHUiSUHVHQWDULQIRUPHVDOD6,6$%GHDFXHUGRDORHVSHFLÀFDGR
HQHO&DStWXOR,9GHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR

&$3Ì78/2,;
,19(56,21,67$&216758&72523(5$'25

$57Ì&8/2'(6&5,3&,Ð1(QHVWHPRGHORGHJHVWLyQLQWHUYHQGUiQXQDLQVWDQFLDS~EOLFD
(VWDGR3UHIHFWXUD0XQLFLSLR OD(36$GHOOXJDU UHFLpQFRQIRUPDGDHQFDVRGHVLVWHPDVQXHYRV
R \D HVWDEOHFLGD HQ FDVR GH DPSOLDFLRQHV GH LQIUDHVWUXFWXUD  \ HO VHFWRU SULYDGR GH SUHIHUHQFLD
ORFDO/DLQVWDQFLDS~EOLFDSRGUiDVLJQDUFRPRVXEVLGLRXQDSDUWHGHOFRVWRGHLQYHUVLyQGHODQXHYD
LQIUDHVWUXFWXUDGHODORFDOLGDGRUHJLyQEHQHÀFLDGD SRUORJHQHUDOXQDWHUFHUDSDUWH (OUHVWRÀQDQFLDUi
HOVHFWRUSULYDGRDFDPELRGHHVWRUHFLELUiODFRQFHVLyQSDUDFRQVWUXLUODQXHYDLQIUDHVWUXFWXUD\
H[SORWDUORVVHUYLFLRVFRQVWLWX\pQGRVHHQHO,QYHUVLRQLVWD²&RQVWUXFWRU²²2SHUDGRU/D(36$RULJLQDO
RUHFLpQFRQIRUPDGDHMHUFHUiODWLWXODULGDGEDMRHODPSDUROHJDOGHVXSURSLDFRQVWLWXFLyQ &$3<6
&RRSHUDWLYDGH6HUYLFLRVHWF (VWHPRGHORGHJHVWLyQSRGUiVHUDSOLFDEOHDQLYHOORFDORUHJLRQDO
\QRUHTXLHUHGHXQDÀJXUDOHJDOHVSHFLDO

$57Ì&8/2&21',&,21(63$5$68&21)250$&,Ð1/DVVHxDODGDVHQHO$UWtFXORGHO
SUHVHQWHUHJODPHQWR\ODVUHODWLYDVDVXIRUPDGHFRQVWLWXFLyQGHOD(36$LQYROXFUDGD

$57Ì&8/225*$1,=$&,Ð1(O$1(;29DPXHVWUDODHVWUXFWXUDRUJDQL]DFLRQDOGHHVWH
PRGHORGHJHVWLyQ

$57Ì&8/2  ,19(56,21,67$   &216758&725  23(5$'25 $VXPLUi HVWDV IXQFLRQHV


XQDHPSUHVDFRQVWUXFWRUDXRSHUDGRUSULYDGRGHVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWRHQOR
SRVLEOHORFDOTXHVHUiDGMXGLFDGRPHGLDQWHXQSURFHVRGHOLFLWDFLyQTXHHQWUHRWURVHOHPHQWRVGH
FDOLÀFDFLyQVHFRQVLGHUDUiODRIHUWDSRUHOPHQRUPRQWRGHVXEVLGLR

$57Ì&8/2'2&80(1726'(/,&,7$&,Ð1/RVGRFXPHQWRVGHOLFLWDFLyQSDUDODFRQWUDWDFLyQ
GHO ,QYHUVLRQLVWD ² &RQVWUXFWRU²² 2SHUDGRU GHEHUiQ FRQWHQHU HQWUH RWURV SODQRV YRO~PHQHV \
HVSHFLÀFDFLRQHVWpFQLFDVGHODVREUDVDFRQVWUXLUSOD]RVGHHMHFXFLyQGHREUDViUHDGHLQÁXHQFLD
GHORVVHUYLFLRVHVWUXFWXUDWDULIDULDSHULRGRGHRSHUDFLyQGHORVVLVWHPDVFREHUWXUDGHORVVHUYLFLRV
FRQGLFLRQHVGHSUHVWDFLyQGHORVVHUYLFLRVHWF


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/23/$=2'(/266(59,&,26<5e',726/RVVHUYLFLRVGHO,QYHUVLRQLVWD2SHUDGRU
²&RQVWUXFWRUWHQGUiQXQSOD]RÀMDGRHQUHODFLyQDODLQYHUVLyQDFRUGDGDHQWUHpVWH\OD(36$ SRUOR
JHQHUDOGHGLH]DxRV WLHPSRHQHOFXDOVHHVSHUDUHFXSHUHVXLQYHUVLyQ\REWHQJDUpGLWRVPHGLDQWH
HOFREURGHWDULIDV\GHUHFKRVGHFRQH[LyQ
$57Ì&8/2&2175$726(O,QYHUVLRQLVWD²&RQVWUXFWRU²²2SHUDGRUGHEHUiFHOHEUDUGRV
FRQWUDWRV

D  &RQWUDWR FRQ OD LQVWDQFLD S~EOLFD R UHSDUWLFLyQ TXH OD UHSUHVHQWH SDUD UHFLELU ORV IRQGRV GH
VXEVLGLRGHVWLQDGRVDOÀQDQFLDPLHQWRSDUFLDOGHODLQIUDHVWUXFWXUDQXHYD
E  &RQWUDWRFRQODV(36$EHQHÀFLDGDVSRUHOFXDOVHFRPSURPHWHDDGPLQLVWUDUORVVHUYLFLRV\D
HQWUHJDUOHVDOÀQDOGHOSOD]RFRQYHQLGRODLQIUDHVWUXFWXUDFRQVWUXLGD

$57Ì&8/27$5,)$6/DVWDULIDVVHUiQHVWDEOHFLGDVSUHYLDPHQWHDOSURFHVRGHOLFLWDFLyQSRU
ODV(36$UHVSHFWLYDVGHDFXHUGRDORHVWLSXODGRSRUHO´5HJODPHQWRGH3UHFLRV7DVDV7DULIDV\
&XRWDVSDUDORV6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRµGHOD/H\1žHQEDVH
DRSLQLyQWpFQLFDPHQWHIXQGDPHQWDGDGHO*RELHUQR0XQLFLSDO6HUiQUHPLWLGDVDOD6,6$%SDUDVX
DSUREDFLyQ

$57Ì&8/2(67$787225*É1,&2&RUUHVSRQGHUiHO(VWDWXWR2UJiQLFRGHOD(36$RULJLQDO
VLVWHPDVH[LVWHQWHV RUHFLHQWHPHQWHFRQIRUPDGD VLVWHPDVQXHYRV 

$57Ì&8/2/,&(1&,$<3$'5Ð11$&,21$//DV(36$GHEHUiQVROLFLWDUOD/LFHQFLD\OD
LQVFULSFLyQHQHO3DGUyQ1DFLRQDOGH3UHVWDGRUHVGH6HUYLFLRVDQWHOD6,6$%\9LFHPLQLVWHULRGH
6HUYLFLRV%iVLFRVUHVSHFWLYDPHQWHGHDFXHUGRDORVHxDODGRHQORV&DStWXORV,\,,,GHO7tWXOR9,
GHOSUHVHQWH5HJODPHQWR

$57Ì&8/2,1)250(6/DV(36$GHEHUiQSUHVHQWDULQIRUPHVDOD6,6$%GHDFXHUGRDOR
HVSHFLÀFDGRHQHO&DStWXOR,9GHO7tWXOR9,GHOSUHVHQWH5HJODPHQWR

&$3Ì78/2;
(035(6$3Ô%/,&$081,&,3$/

$57Ì&8/2'(6&5,3&,Ð1/D(PSUHVD3~EOLFD0XQLFLSDOGH6HUYLFLRVGH$JXD3RWDEOH\
6DQHDPLHQWRWLHQHVXUHVSDOGROHJDOHQOD/H\1žGH0XQLFLSDOLGDGHV &DStWXOR,9GHO7tWXOR
9 \HVWiDYDODGDSRUOD/H\3RVHHUiSHUVRQDOLGDGMXUtGLFD\SDWULPRQLRSURSLREDMRHOFRQWURO
\ÀVFDOL]DFLyQGHO*RELHUQR0XQLFLSDO6XVDFWLYRVQRSRGUiQVHUHPEDUJDGRVQLFRPHUFLDOL]DGRV
(VWHPRGHORGHJHVWLyQVHUiGHDSOLFDFLyQORFDO

$57Ì&8/2&21',&,21(63$5$68&21)250$&,Ð1$GHPiVGHODVVHxDODGDVHQHO
$UWtFXORGHOSUHVHQWHUHJODPHQWRODVVLJXLHQWHVUHODWLYDVDVXIRUPDGHFRQVWLWXFLyQ

D  3RVHHUDXWRQRPtDGHJHVWLyQ\ÀQDQFLHUD
E  &RQWDUFRQXQ'LUHFWRULRSURSLRFRQODFRPSRVLFLyQVHxDODGDHQHO$UWtFXORVXEVLJXLHQWH
F  /RVFDUJRVMHUiUTXLFRVGHEHUiQVHULQVWLWXFLRQDOL]DGRVGHDFXHUGRDXQDFRQYRFDWRULDS~EOLFD
\GLVSRVLFLRQHVYLJHQWHV

$57Ì&8/2  25*$1,=$&,Ð1  /D (PSUHVD 3~EOLFD 0XQLFLSDO HVWDUi FRQIRUPDGD SRU XQ
'LUHFWRULR XQD *HUHQFLD *HQHUDO \ *HUHQFLDV GH ÉUHD (O$1(;2 9D  PXHVWUD OD HVWUXFWXUD
RUJDQL]DFLRQDOGHHVWH0RGHORGH*HVWLyQ


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/2',5(&725,2(VWDUiFRQIRUPDGRSRUHO+RQRUDEOH$OFDOGH0XQLFLSDOHQFDOLGDG
GH3UHVLGHQWHXQWHUFLRGHUHSUHVHQWDQWHVGHORVXVXDULRVXQWHUFLRGHUHSUHVHQWDQWHVGHO0XQLFLSLR
FRQODVUHVWULFFLRQHVVHxDODGDVHQHO$UWGHOD/H\1žGH0XQLFLSDOLGDGHV\XQWHUFLRGH
HQWLGDGHVSURIHVLRQDOHVYLQFXODGDVDO6HFWRU(QWUHRWUDVDWULEXFLRQHVGHEHUiDSUREDUORVHVWDWXWRV
\UHJODPHQWRVGHODHQWLGDG

$57Ì&8/2  *(5(1&,$ *(1(5$/ 6H FRQVWLWXLUi HQ OD SULQFLSDO LQVWDQFLD HMHFXWLYD GH OD
HQWLGDG(QWUHRWUDVDWULEXFLRQHVDGPLQLVWUDUiODVDFWLYLGDGHVGHODHPSUHVDVXVFULELUiFRQWUDWRV
FRQMXQWDPHQWHHO3UHVLGHQWHGHO'LUHFWRULRSURSRQGUiDO'LUHFWRULRPRYLPLHQWRVGHSHUVRQDOHWF

$57Ì&8/2*(5(1&,$6'(É5($'HDFXHUGRDOWDPDxRGHORVVLVWHPDVDDGPLQLVWUDU
\ DO Q~PHUR GH XVXDULRV VH SRGUiQ FRQIRUPDU RWUDV JHUHQFLDV WpFQLFD DGPLQLVWUDWLYD \R GH
FRPHUFLDOL]DFLyQ 6HFRQWUDWDUiDOSHUVRQDOVXÀFLHQWH\FRQHOJUDGRGHSUHSDUDFLyQDGHFXDGRSDUD
HOFXPSOLPLHQWRHÀFLHQWHGHODVIXQFLRQHVGHODHPSUHVDHOPLVPRVHUiGHVLJQDGRSRUOD*HUHQFLD
*HQHUDOSUHYLDDSUREDFLyQGHO'LUHFWRULR

$57Ì&8/27$5,)$66HUiQHVWDEOHFLGDVSRUOD(PSUHVD3~EOLFD0XQLFLSDOGHDFXHUGRDOR
HVWLSXODGRSRUHO´5HJODPHQWRGH3UHFLRV7DVDV7DULIDV\&XRWDVSDUDORV6HUYLFLRVGH$JXD3RWDEOH
\$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ž6HUiQREMHWRGHDSUREDFLyQSRUSDUWHGHOD6,6$%

$57Ì&8/2(67$787225*É1,&2/D(PSUHVD3~EOLFD0XQLFLSDOGH6HUYLFLRVGH$JXD
3RWDEOH\6DQHDPLHQWRGHEHUiHODERUDUVXSURSLR(VWDWXWR2UJiQLFRWRPDQGRFRPRUHIHUHQFLDHO
GRFXPHQWRTXHVHSUHVHQWDHQHO$1(;29E

$57Ì&8/2/,&(1&,$<3$'5Ð11$&,21$//D(PSUHVD3~EOLFD0XQLFLSDOGHEHUiVROLFLWDU
OD /LFHQFLD \ OD LQVFULSFLyQ HQ HO 3DGUyQ 1DFLRQDO GH 3UHVWDGRUHV GH 6HUYLFLRV DQWH OD 6,6$% \
9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRVUHVSHFWLYDPHQWHGHDFXHUGRDORVHxDODGRHQHO7tWXOR9,GHO
SUHVHQWHUHJODPHQWR

$57Ì&8/2,1)250(6/DHPSUHVDGHEHUiSUHVHQWDULQIRUPHVDOD6,6$%GHDFXHUGRDOR
HVSHFLÀFDGRHQHO&DStWXOR,9GHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR

$57Ì&8/26,67(0$6'($'0,1,675$&,Ð1<&21752/3RUWUDWDUVHGHXQDHQWLGDGGHO
6HFWRU3~EOLFRVHOHDSOLFDUiQORV6LVWHPDVGH$GPLQLVWUDFLyQ\GH&RQWUROVHxDODGRVHQOD/H\
GHDFXHUGRDVX$UWtFXORž

$57Ì&8/2$6,67(1&,$7e&1,&$(O*RELHUQR0XQLFLSDOGHEHUiSUHVWDU$VLVWHQFLD7pFQLFD
SHUPDQHQWHDOD(PSUHVD3~EOLFD0XQLFLSDOGH6HUYLFLRVHQVXMXULVGLFFLyQ

&$3Ì78/2;,
35(67$&,Ð1',5(&7$'(6(59,&,2632581*2%,(512081,&,3$/

$57Ì&8/2'(6&5,3&,Ð1(QFLUFXQVWDQFLDVHQTXHODSUHVWDFLyQGHVHUYLFLRVQRSXHGDVHU
HMHUFLGDSRUXQD(36$HO*RELHUQR0XQLFLSDODVHJXUDUiODSURYLVLyQGHpVWRVGHPDQHUDGLUHFWDD
WUDYpVGHXQDVXVGHSHQGHQFLDV GLUHFFLyQGHSDUWDPHQWRRXQLGDG (VWDDWULEXFLyQYiOLGDHQ=RQD
1R&RQFHVLEOHWLHQHUHVSDOGROHJDOHQODV/H\HV1žGH0XQLFLSDOLGDGHV\1žGH6HUYLFLRV
GH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULR6XDSOLFDFLyQHVORFDO/RVDFWLYRVGHORVVLVWHPDVVHUiQ
GHSURSLHGDGS~EOLFDFRQVLJXLHQWHPHQWHQRVXVFHSWLEOHVDHPEDUJRRFRPHUFLDOL]DFLyQ

$57Ì&8/225*$1,=$&,Ð1&RUUHVSRQGHUiDODHVWUXFWXUDRUJDQL]DFLRQDOGHODUHSDUWLFLyQ
GHO*RELHUQR0XQLFLSDODVLJQDGDSDUDHVWDVIXQFLRQHV(QHO$1(;29DVHDGMXQWDODHVWUXFWXUD
RUJDQL]DFLRQDOHQFRUUHVSRQGHQFLDDXQD'LUHFFLyQ0XQLFLSDOEDMRODGHSHQGHQFLDGHOD2ÀFLDOtD
0D\RU7pFQLFD(O$OFDOGH0XQLFLSDOFRQVWLWXLUiODPi[LPDDXWRULGDGHMHFXWLYD

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/2&21&(-2081,&,3$/(QVXFRQGLFLyQGHODPi[LPDDXWRULGDGGHO*RELHUQR
0XQLFLSDOGHEHUiÀVFDOL]DUODJHVWLyQGHORVVHUYLFLRV

$57Ì&8/23(5621$/7e&1,&2<$'0,1,675$7,92(O*RELHUQR0XQLFLSDOGHEHUiFRQWUDWDU
DOSHUVRQDOVXÀFLHQWH\FRQHOJUDGRGHSUHSDUDFLyQDGHFXDGRSDUDHOFXPSOLPLHQWRHÀFLHQWHGHODV
IXQFLRQHVGHODUHSDUWLFLyQPXQLFLSDODFDUJRGHORVVHUYLFLRV

$57Ì&8/27$6$6'HEHUiQVHUHVWDEOHFLGDV SRUHO*RELHUQR0XQLFLSDOGHDFXHUGRDOR
HVWLSXODGRSRUHO´5HJODPHQWRGH3UHFLRV7DVDV7DULIDV\&XRWDVSDUDORV6HUYLFLRVGH$JXD3RWDEOH
\$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ž6HUiQYDOLGDGDVSRUHO&RQFHMR0XQLFLSDO\SUHVHQWDGDV
DO0LQLVWHULRGH+DFLHQGDSDUDSRVWHULRUDSUREDFLyQGHO+RQRUDEOH6HQDGR1DFLRQDO

$57Ì&8/25(&$8'$&,Ð1'(/$67$6$6/RVLQJUHVRVSURYHQLHQWHVGHODSUHVWDFLyQ
GHORVVHUYLFLRVDWUDYpVGHODUHFDXGDFLyQGHODVWDVDVGHEHUiQVHUDGPLQLVWUDGRVHQFRQWDELOLGDG
LQGHSHQGLHQWH\QRSRGUiQWHQHUXQGHVWLQRGLIHUHQWHDOFRUUHVSRQGLHQWHDODSUHVWDFLyQGHGLFKRV
VHUYLFLRVGHDFXHUGRDO$UWtFXORLQFLVRX GHOD/H\

$57Ì&8/20$18$/'()81&,21(6/DUHSDUWLFLyQPXQLFLSDODFDUJRGHODSUHVWDFLyQGH
ORV6HUYLFLRVGHEHUiHODERUDUORVUHVSHFWLYRVPDQXDOHVGHIXQFLRQHVGHORVIXQFLRQDULRVEDMRVX
GHSHQGHQFLD

$57Ì&8/2/,&(1&,$<3$'5Ð11$&,21$/(O*RELHUQR0XQLFLSDODFDUJRGHODSUHVWDFLyQ
GLUHFWDGHORVVHUYLFLRVGHEHUiVROLFLWDUODOLFHQFLD\ODLQVFULSFLyQHQHO3DGUyQ1DFLRQDOGH3UHVWDGRUHV
GH6HUYLFLRVDQWHOD6,6$%\9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRVUHVSHFWLYDPHQWHGHDFXHUGRDOR
VHxDODGRHQHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR

$57Ì&8/2  ,1)250(6 (O *RELHUQR 0XQLFLSDO GHEHUi SUHVHQWDU LQIRUPHV D OD 6,6$% GH
DFXHUGRDORHVSHFLÀFDGRHQHO&DStWXOR,9GHO7tWXOR9,GHOSUHVHQWHUHJODPHQWR

$57Ì&8/26,67(0$6'($'0,1,675$&,Ð1<&21752/3RUWUDWDUVHGHXQDHQWLGDGGHO
VHFWRUS~EOLFRVHOHDSOLFDUiQORV6LVWHPDVGH$GPLQLVWUDFLyQ\GH&RQWUROVHxDODGRVHQOD/H\
GHDFXHUGRDO$UWtFXORžGHGLFKD/H\

$57Ì&8/2$6,67(1&,$7e&1,&$/D3UHIHFWXUDGHO'HSDUWDPHQWRDWUDYpVGHOD81$6%9,X
RWUDGHVXVUHSDUWLFLRQHVGHEHUiSUHVWDU$VLVWHQFLD7pFQLFDSHUPDQHQWHDORV*RELHUQRV0XQLFLSDOHV
SDUDHODGHFXDGRGHVHPSHxRGHVXVIXQFLRQHVGHDFXHUGRDO$UWtFXORGHOD/H\1ž

&$3Ì78/2;,,
$62&,$&,Ð1&,9,/'(6(59,&,263Ô%/,&26


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/2'(6&5,3&,Ð1&RQVWLWX\HWRGDHQWLGDGFRQHVWUXFWXUDSURSLD QRPEUHDFWDGH
IXQGDFLyQ HVWDWXWR UHJODPHQWR LQWHUQR HWF  QR PLOLWDU QL HFOHVLiVWLFD FRQ SHUVRQDOLGDG MXUtGLFD
UHFRQRFLGDSRUOD3UHIHFWXUDGHO'HSDUWDPHQWRFRQIRUPDGDSDUDSUHVWDUVHUYLFLRVGHDJXDSRWDEOH
\VDQHDPLHQWR

7Ì78/29,
5(*8/$&,Ð1'(/266(59,&,26

&$3Ì78/2,
/,&(1&,$6

$57Ì&8/2É0%,72/DVOLFHQFLDVVHUiQRWRUJDGDVSRUOD6,6$%HQ]RQDVQRFRQFHVLEOHV
HQTXHODSUHVWDFLyQGHORV6HUYLFLRVQRVHDDXWRVRVWHQLEOHÀQDQFLHUDPHQWH~QLFDPHQWHHQHODVSHFWR
UHODWLYRDODH[SDQVLyQ/DViUHDVGHVHUYLFLRGHDKDELWDQWHVTXHVHDQVRVWHQLEOHV
ÀQDQFLHUDPHQWHVHUiQVXMHWRVGH&RQFHVLyQ

$57Ì&8/262/,&,78''(/,&(1&,$7RGD(36$VXMHWRGH/LFHQFLDSRGUiVROLFLWDUSRUHVFULWR
DOD6,6$%ODRWRUJDFLyQGHODOLFHQFLDFRUUHVSRQGLHQWHSHUPLWLpQGROHGHHVWDPDQHUDVHUHOHJLEOH
SDUDDFFHGHUDSURJUDPDV\SUR\HFWRVJXEHUQDPHQWDOHVGHOVHFWRU

$57Ì&8/25(48,6,726/RVUHTXLVLWRVSDUDRSWDUDODV/LFHQFLDVHVWiQVHxDODGRVDGHWDOOHHQ
HO´5HJODPHQWRGH&RQFHVLRQHVOLFHQFLDV\5HJLVWURVSDUD6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR
6DQLWDULRµGHOD/H\1ƒ\VRQORVVLJXLHQWHV

D  3UHVHQWDUXQDVROLFLWXGDQWHHO6XSHULQWHQGHQWHGH6DQHDPLHQWR%iVLFRFRQIRUPHDO)RUPDWR
GH6ROLFLWXGGHOLFHQFLDTXHDGMXQWDHOFLWDGRUHJODPHQWR
E  )RWRFRSLDGHFRQVWLWXFLyQGHSHUVRQHUtDRSHUVRQDOLGDGMXUtGLFDHQHOFDVRGHODV(36$ FRPLWpV
GHDJXDSRWDEOHSHTXHxDVFRRSHUDWLYDMXQWDVYHFLQDOHV\VLVWHPDVLQGHSHQGLHQWHV 

3DUDFLXGDGHVRPDQFRPXQLGDGHVGHJRELHUQRVPXQLFLSDOHVFX\DVSREODFLRQHVDFXPXODGDVVHDQ
PD\RUHVDKDELWDQWHVVHUiUHTXLVLWRDGLFLRQDOODSUHVHQWDFLyQGHLQIRUPDFLyQEUHYHVREUH

F  5HODFLyQGHOFRPSRUWDPLHQWRHFRQyPLFRGHODHQWLGDGDFDUJRGHORVVHUYLFLRVHVSHFLÀFDQGR
UHVXOWDGRVGHODJHVWLyQDOPHQRVSRUGRVDxRVDQWHULRUHVDODVROLFLWXGGHOD/LFHQFLD
G  2UJDQLJUDPDGHOD(36$RGHOD8QLGDGGHO*RELHUQR0XQLFLSDOHQFDUJDGDGHODSUHVWDFLyQGH
ORVVHUYLFLRVFRQODQyPLQDFRPSOHWDGHIXQFLRQDULRV\IRUPDFLyQSURIHVLRQDOVLKXELHUD

6HSRGUiFRQFHGHUXQSOD]RGHPHVHVGHVGHODRWRUJDFLyQGHOD/LFHQFLDSDUDHOFXPSOLPLHQWR
GHODFRQGLFLyQGHSURSRUFLRQDUDJXDGHDFXHUGRDQRUPDVYLJHQWHVSDUDHOFRQVXPRKXPDQR\GH
FXPSOLPLHQWRGHODVQRUPDVDPELHQWDOHV

$57Ì&8/29,*(1&,$/DOLFHQFLDWHQGUiXQSOD]RLJXDODOWLHPSRGHODYLGD~WLOGHORVVHUYLFLRV
FRQXQPi[LPRGHFXDUHQWD  DxRVDOFDERGHORVFXDOHVSXHGHVHUUHQRYDGD

$57Ì&8/2275265(/$7,926$/$6/,&(1&,$62WURVDVSHFWRVUHODWLYRVDODV/LFHQFLDV
HVWiQFRQWHQLGRVHQHO´5HJODPHQWRGH&RQFHVLRQHV/LFHQFLDV\5HJLVWURVSDUD6HUYLFLRVGH$JXD
3RWDEOH\$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ƒ

&$3Ì78/2,,
5(*,67526

$57Ì&8/2  É0%,72  /RV UHJLVWURV VHUiQ RWRUJDGRV D WRGR SXHEOR LQGtJHQD \ RULJLQDULR

FRPXQLGDGFDPSHVLQDDVRFLDFLRQHVRUJDQL]DFLRQHV\VLQGLFDWRVFDPSHVLQRVTXHIXQFLRQDQVHJ~Q
VXVXVRV\FRVWXPEUHVHQDTXHOODViUHDVJHRJUiÀFDVGRQGHODSUHVWDFLyQGHORVVHUYLFLRVQRVHD
5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

DXWRVRVWHQLEOHPiVDOOiGHODVSHFWRUHODWLYRDODH[SDQVLyQ

/DV iUHDV GH VHUYLFLR FRQ SREODFLRQHV PHQRUHV D  KDELWDQWHV TXH VHDQ VRVWHQLEOHV SRU ODV
FRQGLFLRQHVVRFLRHFRQyPLFDVGHVXSREODFLyQDWHQGLGDVHUiQVXMHWRVGH&RQFHVLyQDTXHOODVTXH
QR VHDQ DXWRVRVWHQLEOHV ~QLFDPHQWH HQ HO DVSHFWR UHODWLYR D OD H[SDQVLyQ \ SRU ODV FRQGLFLRQHV
VRFLRHFRQyPLFDVGHVXSREODFLyQDWHQGLGDVHUiQVXMHWRVGHOLFHQFLD

$57Ì&8/262/,&,78''(5(*,67527RGDVODVDVRFLDFLRQHVFLYLOHVVHxDODGDVHQHODUWtFXOR
DQWHULRUSRGUiQVROLFLWDUVXUHJLVWURDQWHODV&RPLVLRQHV7pFQLFDVGH5HJLVWURFRUUHVSRQGLHQWH

$57Ì&8/25(48,6,72(OUHTXLVLWRSDUDUHJLVWUDUVHHVWiVHxDODGRDGHWDOOHHQHO´5HJODPHQWR
GH&RQFHVLRQHV/LFHQFLDV\5HJLVWURVSDUD6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRµGH
OD/H\1ƒ\HVHOVLJXLHQWH

D  3UHVHQWDUXQDVROLFLWXGHVFULWDDQWHOD&RPLVLyQ7pFQLFDGH5HJLVWURTXHFRUUHVSRQGDFRQIRUPH
DO)RUPXODULRGH6ROLFLWXGGH5HJLVWURTXHDGMXQWDHOFLWDGRUHJODPHQWR

$57Ì&8/29,*(1&,$(OUHJLVWURWHQGUiXQSOD]RLJXDODOWLHPSRGHODYLGD~WLOGHOVHUYLFLRGH
$JXD3RWDEOHR$OFDQWDULOODGR6DQLWDULR\FDGXFDUiFXDQGRODVFRQGLFLRQHVVRFLRHFRQyPLFDVGHOD
SREODFLyQDWHQGLGDRHOWDPDxRGHODSREODFLyQDPHULWHQOLFHQFLDVDOYRORVSXHEORVRULJLQDULRVTXH
IXQFLRQHQVHJ~QXVRV\FRVWXPEUHV

$57Ì&8/2275265(/$7,926$/265(*,675262WURVDVSHFWRVUHODWLYRVDORVUHJLVWURV
HVWiQFRQWHQLGRVHQHO´5HJODPHQWRGH&RQFHVLRQHV/LFHQFLDV\5HJLVWURVSDUD6HUYLFLRVGH$JXD
3RWDEOH\$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ƒ

&$3Ì78/2,,,
3$'5Ð11$&,21$/'(35(67$'25(6'(
6(59,&,26'(6$1($0,(172%É6,&2

$57Ì&8/2,16&5,3&,Ð17RGD(36$HVWiREOLJDGDDLQVFULELUVHJUDWXLWDPHQWHDO3DGUyQ
1DFLRQDOGH3UHVWDGRUHVGH6HUYLFLRVGH6DQHDPLHQWR%iVLFRDFDUJRGHO9LFHPLQLVWHULRGH6HUYLFLRV
%iVLFRV

&$3Ì78/2,9
35(6(17$&,Ð1'(,1)250(6
$/$(17,'$'5(*8/$'25$

$57Ì&8/2(36$&21/,&(1&,$/DV(36$TXHFXHQWHQFRQOLFHQFLDSUHVHQWDUiQLQIRUPHV
FDGD WUHV DxRV D OD 6XSHULQWHQGHQFLD R D VROLFLWXG H[SUHVD GH pVWD /RV LQIRUPHV FRQWHQGUiQ OD
LQIRUPDFLyQVLJXLHQWHHVWDEOHFLGDHQHO´5HJODPHQWRSDUDOD3UHVWDFLyQGH6HUYLFLRVGH$JXD3RWDEOH
\$OFDQWDULOODGRSDUD7LWXODUHVGH/LFHQFLDR5HJLVWURµGHOD/H\

D  (VWDGRVGHLQJUHVRV\HJUHVRVDVtFRPRODVWDULIDVRWDVDVH[LVWHQWHV
E  'HWDOOHGHGHXGRUHV\HQVXFDVRGHDFUHHGRUHV
F  &DWDVWURGHVXVFULSWRUHVVHSDUDGRVSRUFDWHJRUtDVLKXELHUDPiVGHXQD
G  9ROXPHQDQXDOHVWLPDGRGHDJXDXWLOL]DGD
H  3ODQRVGHWDOOHVRHVTXHPDVGHODVPRGLÀFDFLRQHVRH[SDQVLRQHVHIHFWXDGDVHQORVVLVWHPDV
GHDJXDSRWDEOHRDOFDQWDULOODGRVDQLWDULR
I  'HVFULSFLyQVXFLQWDGHODVDFWLYLGDGHVSULQFLSDOHVSDUDODQXHYDJHVWLyQ
J  ,QIRUPHVGHDQiOLVLVWULPHVWUDOHVGHYHULÀFDFLyQGHODFDOLGDGGHODJXDVXPLQLVWUDGDDOD 

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

SREODFLyQVHUYLGDSRUOD(36$
K  3REODFLyQWRWDO\SREODFLyQVHUYLGD
L  5HJLVWURGHUHFODPRVFRQIRUPHDSURFHGLPLHQWRGHOD2'(&2
M  &XPSOLPLHQWRGHPHWDV\REMHWLYRV
N  (YDOXDFLyQGHO3ODQ(VWUDWpJLFRGH'HVDUUROOR

$57Ì&8/2  (36$ &21 5(*,6752 /DV (36$ 7LWXODUHV GH 5HJLVWUR SUHVHQWDUiQ D ODV
&RPLVLRQHV7pFQLFDVGH5HJLVWURVRDIDOWDGHpVWDVDOD6XSHULQWHQGHQFLDLQIRUPHVTXLQTXHQDOHV
TXHFRQWHQGUiQODLQIRUPDFLyQVLJXLHQWHHVWDEOHFLGDHQHO´5HJODPHQWRSDUDOD3UHVWDFLyQGH6HUYLFLRV
GH$JXD3RWDEOH\$OFDQWDULOODGRSDUD7LWXODUHVGH/LFHQFLDR5HJLVWURµGHOD/H\

D  1~PHURGHVXVFULSWRUHV
E  (VWDGRVGHLQJUHVRV\HJUHVRVDVtFRPRFXRWDVRWDULIDVDSOLFDGDV
F  'HVFULSFLyQVXFLQWDGHVXVDFWLYLGDGHV
G  (VWDGRGHODIXHQWHGHDJXD


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

7Ì78/29,,
*(67,Ð1'(),1$1&,$0,(172

&$3Ì78/2,
32/Ì7,&$),1$1&,(5$6(&725,$/ 3)6

$57Ì&8/232/Ì7,&$),1$1&,(5$'(/6(&725$*8$327$%/(<6$1($0,(172$
HIHFWRVGHRULHQWDUDGHFXDGDPHQWHVXJHVWLyQGHÀQDQFLDPLHQWRODV(36$\ORV*RELHUQRV0XQLFLSDOHV
DFDUJRGHODSUHVWDFLyQGLUHFWDGHORVVHUYLFLRVGHEHUiQUHPLWLUVHDODVGLVSRVLFLRQHVHVWDEOHFLGDV
HQOD3ROtWLFD)LQDQFLHUDGHO6HFWRUGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRHQXQFLDGDPHGLDQWH
HO'HFUHWR6XSUHPR1ž

$57Ì&8/2352*5$0$'(02'(51,=$&,Ð1,167,78&,21$/ 30, (QHOPDUFRGHO30,GH


OD3)6ODV(36$\ORV*RELHUQRV0XQLFLSDOHVDFDUJRGHODSUHVWDFLyQGLUHFWDGHORVVHUYLFLRVSRGUiQ
RSWDULQFHQWLYRVÀQDQFLHURVGHFUpGLWRGRQDFLRQHV\DVLVWHQFLDWpFQLFDDWUDYpVGHOD)81'$6$%
3DUDWDOHIHFWRGHEHUiQGHPRVWUDUHÀFLHQFLDGHJHVWLyQHFRQyPLFD\VRVWHQLELOLGDGDPELHQWDODVt
PLVPRGHEHUiQFXPSOLUFRQODV&RQGLFLRQHVGH(OHJLELOLGDGVHxDODGDVHQHO$UWtFXORGHOGHFUHWR
LQGLFDGR

$57Ì&8/2/,1($'(),1$1&,$0,(1726(&725,$/ /)6 /D3)6HVWDEOHFHXQD/tQHDGH


)LQDQFLDPLHQWR6HFWRULDODVHUDGPLQLVWUDGRHQHOPDUFROHJDOHLQVWLWXFLRQDOGHOD'LUHFFLyQÔQLFD
GH)RQGRV '8) /DV(36$HQHOiPELWRGHOSUHVHQWHUHJODPHQWRSRGUiQVROLFLWDUÀQDQFLDPLHQWR
SDUDVXVSUR\HFWRVGHLQYHUVLyQHQFRUUHVSRQGHQFLDDOD/)6GHDFXHUGRDSURFHGLPLHQWRGHWDOODGR
HQHO'HFUHWR6XSUHPR1ž

&$3Ì78/2,,
275$6,167$1&,$6'(),1$1&,$0,(172

$57Ì&8/2  275$6 ,167$1&,$6 '( ),1$1&,$0,(172  ,QGHSHQGLHQWHPHQWH GHO


ÀQDQFLDPLHQWR FDQDOL]DGR D WUDYpV GHO )36 ODV (36$ SRGUiQ UHFXUULU D  2UJDQL]DFLRQHV QR
JXEHUQDPHQWDOHVRUJDQLVPRVGHFRRSHUDFLyQQDFLRQDOHLQWHUQDFLRQDO\RWURVFRQDFWLYLGDGHVHQ
HOSDtVTXHWDPELpQFRÀQDQFLDQSUR\HFWRVGHLQYHUVLyQHQHOVHFWRU

&$3Ì78/2,,,
*(67,Ð1'(),1$1&,$0,(172
3253$57('(/$6(36$

$57Ì&8/2*(67,Ð1'(),1$1&,$0,(172/DV(36$DÀQGHORJUDUWRWDOFREHUWXUDGHVXV
VHUYLFLRVHQHOiUHDGHVXMXULVGLFFLyQ\RIHUWDUVHUYLFLRVFRQWLQXRVSRGUiQJHVWLRQDUUHFXUVRVSDUD
ODDPSOLDFLyQ\UHSRVLFLyQGHVXLQIUDHVWUXFWXUD

$57Ì&8/2  (36$ &202 68-(726 '( &5e',72 3Ô%/,&2 /DV (36$ \ ORV *RELHUQRV
0XQLFLSDOHVDFDUJRGHODSUHVWDFLyQGLUHFWDGHORVVHUYLFLRVVRQFRQVLGHUDGDVVXMHWRVGHFUpGLWR
S~EOLFR\SRGUiQEHQHÀFLDUVHGLUHFWDPHQWHGHWUDQVIHUHQFLDVWDQWRGHUHFXUVRVGH)LQDQFLDPLHQWR
([WHUQRFRPRGHRWURVUHFXUVRVÀQDQFLHURVSDUDHOGHVDUUROORGHVXLQIUDHVWUXFWXUDGHDFXHUGRD
OD/H\1ž


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/235(,19(56,Ð1/DV(36$FRQOLFHQFLDRUHJLVWURSRGUiQVROLFLWDUSRUHVFULWRDO
*RELHUQR0XQLFLSDOHQFRQRFLPLHQWRGHO&RPLWpGH9LJLODQFLDVXVUHTXHULPLHQWRVGHÀQDQFLDPLHQWR
SDUD SUR\HFWRV GH SUHLQYHUVLyQ 'H DFXHUGR D VX FDSDFLGDG WpFQLFD SRGUiQ SUHVHQWDUORV FRPR
SHUÀOHVGHSUR\HFWR$VtPLVPR\GHPDQHUDGLUHFWDSRGUiQVROLFLWDUHVWHDSR\RDRWUDVLQVWDQFLDV
GHÀQDQFLDPLHQWR

$57Ì&8/2,19(56,Ð16LODV(36$FXHQWDQFRQSUR\HFWRVFRQFOXLGRVSDUDOD~OWLPDHWDSD
GHSUHLQYHUVLyQOD(36$SRGUiVROLFLWDUSRUHVFULWRDO*RELHUQR0XQLFLSDOHQFRQRFLPLHQWRGHO&RPLWp
GH9LJLODQFLDHOÀQDQFLDPLHQWRFRUUHVSRQGLHQWHGHODLQYHUVLyQHQHOPDUFRGHODVFRQGLFLRQHVGH
HOHJLELOLGDG\RWUDVGLVSRVLFLRQHVHPDQDGDVGHOD3)6$VtPLVPR\GHPDQHUDGLUHFWDSRGUiVROLFLWDU
ÀQDQFLDPLHQWRGHLQYHUVLyQSDUDVXVSUR\HFWRVDQWHRWUDVLQVWDQFLDVGHÀQDQFLDPLHQWR

&$3Ì78/2,9
*(67,Ð1'(),1$1&,$0,(172
3253$57('(/26*2%,(5126081,&,3$/(6

$57Ì&8/2352<(&726'(35(,19(56,Ð1(O*RELHUQR0XQLFLSDOWLHQHODUHVSRQVDELOLGDG
GHFRÀQDQFLDUFRQVWUXLUHTXLSDU\PDQWHQHUODLQIUDHVWUXFWXUDGHOVHFWRUGHVDQHDPLHQWREiVLFR3DUD
WDOHIHFWRGHEHUiHODERUDUSRUVtRPHGLDQWHWHUFHURVORVSUR\HFWRVGHSUHLQYHUVLyQFRUUHVSRQGLHQWHV
GHDFXHUGRDORV5HJODPHQWRVGH3UHVHQWDFLyQGH3UR\HFWRVGH$JXD3RWDEOH\6DQHDPLHQWRHQ
YLJHQFLD

$57Ì&8/235,25,=$&,Ð1<5(0,6,Ð1'(352<(&726'HDFXHUGRDODGLVSRQLELOLGDG
GH UHFXUVRV SULRUL]DUi ORV SUR\HFWRV GH PD\RU IDFWLELOLGDG \ QHFHVLGDG UHPLWLpQGRORV D OD RÀFLQD
GHSDUWDPHQWDOGHO)36RDRWUDVLQVWDQFLDVGHÀQDQFLDPLHQWR


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

7Ì78/29,,,
$6,67(1&,$7e&1,&$$/$6(36$

&$3Ì78/2,
&216,'(5$&,21(6*(1(5$/(6

$57Ì&8/2$6,67(1&,$7e&1,&$/DJHVWLyQGHORVVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWR
DFDUJRGHODV(36$GHEHUiVHUDSR\DGD\IDFLOLWDGDSRUODVLQVWLWXFLRQHVS~EOLFDVGHO6HFWRUDWUDYpV
GHOD$VLVWHQFLD7pFQLFDR$SR\R,QVWLWXFLRQDOSHUPDQHQWHTXHVHFRQVWLWX\HHQXQRGHORVIDFWRUHV
GHPD\RULPSRUWDQFLDSDUDODVRVWHQLELOLGDG\HÀFLHQFLDGHGLFKRVVHUYLFLRV

$57Ì&8/2&20321(17(6/RVFRPSRQHQWHVEiVLFRVTXHGHEHUiFRQWHPSODUOD$VLVWHQFLD
7pFQLFDDODV(36$VRQORVVLJXLHQWHV

D  $VHVRUDPLHQWRHQDVSHFWRVWpFQLFR\DGPLQLVWUDWLYRV
E  &DSDFLWDFLyQHQDGPLQLVWUDFLyQRSHUDFLyQ\PDQWHQLPLHQWRGHORVVLVWHPDV
F  ,QIRUPDFLyQVHFWRULDO
G  6XSHUYLVLyQ\VHJXLPLHQWR

&$3Ì78/2,,
,167$1&,$6$&$5*2'(/$$6,67(1&,$7e&1,&$

$57Ì&8/2,167,78&,21(63Ô%/,&$6
/DV(36$SRGUiQUHTXHULUOD$VLVWHQFLD7pFQLFDUHVSHFWLYDGHORV*RELHUQRV0XQLFLSDOHV\3UHIHFWXUDV
GH'HSDUWDPHQWRLQVWDQFLDVTXHDVXPHQHVWDREOLJDFLyQSRUPDQGDWRGHOD/H\1ž

$57Ì&8/2)81'$&,Ð1'($32<2$/$6267(1,%,/,'$'(16$1($0,(172%É6,&2
)81'$6$% $VtPLVPRODV(36$SRGUiQUHFXUULUDOD)81'$6$%SHUVRQDFROHFWLYDGHGHUHFKR
SULYDGRVLQÀQHVGHOXFURTXHGHDFXHUGRDO'HFUHWR6XSUHPR1žWLHQHHQWUHRWURVORV
VLJXLHQWHVÀQHV

D  $SR\DUHOGHVDUUROORLQVWLWXFLRQDOGHODV(36$\RSHUDGRUHVDVtFRPRDORV*RELHUQRV0XQLFLSDOHV
TXH LQLFLHQ XQ SURFHVR GH WUDQVIRUPDFLyQ GH OD JHVWLyQ GH ORV VHUYLFLRV TXH DGPLQLVWUDQ
GLUHFWDPHQWHHQ(36$
E  $VHVRUDU\FDSDFLWDUDODV(36$HQSROtWLFDVGHOVHFWRUGHVDQHDPLHQWREiVLFR
F  3UHVWDUDVLVWHQFLDWpFQLFDSDUDODVRVWHQLELOLGDGGHORVVHUYLFLRVLQFRUSRUDQGRWDUHDVUHODFLRQDGDV
FRQODFDSDFLWDFLyQHQODViUHDVGHUHFXUVRVKXPDQRVDGPLQLVWUDWLYDV\WpFQLFDV
G  3URPRYHU$VLVWHQFLD7pFQLFDSDUDHOGHVDUUROORGHWHFQRORJtDDSURSLDGD
H  3URSRUFLRQDUDVLVWHQFLDDORVSURFHVRVGHLQYHUVLyQPHGLDQWHHOGHVDUUROORGHPHWRGRORJtDV
SDUDWRGRHOFLFORGHXQSUR\HFWR

$57Ì&8/2   ,167,78&,21(6 35,9$'$6  'H PDQHUD DOWHUQDWLYD ODV (36$ \ *RELHUQRV
0XQLFLSDOHV SRGUiQ  XWLOL]DU ORV VHUYLFLRV GH LQVWLWXFLRQHV SULYDGDV WpFQLFRV \ SURIHVLRQDOHV
LQGHSHQGLHQWHVTXHGHVDUUROODQDFWLYLGDGHVGHDVLVWHQFLDWpFQLFDHQHOVHFWRU


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

7Ì78/2,;
868$5,26

&$3Ì78/2,
'(5(&+26<2%/,*$&,21(6'(/26868$5,26

$57Ì&8/2  '(5(&+26 '( /26 868$5,26 (VWiQ VHxDODGRV HQ HO ´5HJODPHQWR  SDUD
OD3UHVWDFLyQGH6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRSDUD7LWXODUHVGH/LFHQFLDR
5HJLVWURµGHOD/H\1ƒ\VRQORVVLJXLHQWHV

D  6ROLFLWDU\DFFHGHUDODFRQH[LyQSDUDHOVXPLQLVWURGHDJXDSRWDEOH\SDUDHODOFDQWDULOODGR
VDQLWDULRSUHYLRFXPSOLPLHQWRGHORVUHTXLVLWRV\ODVIRUPDOLGDGHVHVWDEOHFLGDVSDUDWDOÀQ
E  6XVFULELUHOFRQWUDWRGHSUHVWDFLyQGHVHUYLFLRV\KDFHUXVRGHORVVHUYLFLRVHQODVFRQGLFLRQHV
TXHVHKDOODQSUHYLVWDVHQOD/H\1ž\HQHOSUHVHQWH5HJODPHQWR
F  5HFLELUDYLVRRSRUWXQRGHORVHYHQWRVTXHDIHFWHQVXVGHUHFKRVRPRGLÀTXHQODFDOLGDGGHO
VHUYLFLRTXHUHFLEH
G  (OHYDUSHWLFLRQHVRLQLFLDWLYDVTXHEHQHÀFLHQXQDDGHFXDGDJHVWLyQ\HIHFWXDUUHFODPRVFXDQGR
FRQVLGHUHTXHVHHVWiQGHVFRQRFLHQGRROHVLRQDQGRVXVGHUHFKRV
H  &RQVWUXLUSRULQLFLDWLYDSURSLD\DIDOWDGHVHUYLFLRVGHDOFDQWDULOODGRVDQLWDULROHWULQDVRFiPDUDV
VpSWLFDVFRQIRUPHDQRUPDVWpFQLFDV\EXHQDVSUiFWLFDVGHFRQVWUXFFLyQ
I  6ROLFLWDUODVXVSHQVLyQGHOVHUYLFLRGHDJXDSRWDEOHSRUSHULRGRVPD\RUHVDWUHVPHVHVVLQTXH
VHDLPSXWDEOHSDJRDOJXQR

$57Ì&8/22%/,*$&,21(6'(/26686&5,3725(6<2868$5,26(VWiQVHxDODGRV
HQHO´5HJODPHQWRSDUDOD3UHVWDFLyQGH6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR6DQLWDULRSDUD
7LWXODUHVGH/LFHQFLDR5HJLVWURµGHOD/H\1ƒ\VRQORVVLJXLHQWHV

D  &RQWUDWDU\FRQHFWDUORVVHUYLFLRVGHDJXDSRWDEOH\DOFDQWDULOODGRVDQLWDULRHQORVOXJDUHVGRQGH
H[LVWDQUHGHVS~EOLFDVFXPSOLHQGRORVUHTXLVLWRV\SURFHGLPLHQWRVHVWDEOHFLGRVHQOD/H\1ž
\VXUHJODPHQWDFLyQ
E  +DFHUXVRDGHFXDGRGHORVVHUYLFLRVVLQGDxDUODLQIUDHVWUXFWXUDGHORVVLVWHPDV
F  3DJDURSRUWXQDPHQWHHOFRVWRGHORVVHUYLFLRVUHFLELGRVFRQIRUPHDOD7DVDGH$JXDRHVWUXFWXUD
WDULIDULDDSUREDGD\DOYDORUDVLJQDGR
G  $FDWDUHVWULFWDPHQWHODVSURKLELFLRQHVUHODFLRQDGDVFRQODFRQH[LyQGHODJXDSRWDEOH\FRQOD
FRQH[LyQDODOFDQWDULOODGRVDQLWDULR
H  5HSDUDURSRUWXQDPHQWHORVGDxRV\ÀOWUDFLRQHVTXHVHSUHVHQWHQHQVXVUHGHVLQWHUQDV\FXDOTXLHU
DQRPDOtDHQHOLQPXHEOHTXHSXHGDDIHFWDUHOVHUYLFLRDODSURSLHGDGSULYDGDRS~EOLFD
I  &RRSHUDUFRQSURJUDPDVGHHMHFXFLyQGHOHWULQDVFiPDUDVVpSWLFDV\RWUDVIRUPDVGHGLVSRVLFLyQ
GHH[FUHWDVTXHVHDQHPSUHQGLGRVSRUHO06233UHIHFWXUDRDXWRULGDGFRPSHWHQWH

&$3Ì78/2,,
5(&/$026

$57Ì&8/2  )2508/$&,Ð1 '(/ 5(&/$02 7RGR UHFODPR \ SHWLFLyQ GHO XVXDULR SXHGH
SUHVHQWDUVHYHUEDOPHQWHRSRUHVFULWRDQWHOD2'(&2GHOD(36$WLWXODUGHOLFHQFLDTXHWLHQHOD
REOLJDFLyQGHGDUUHVSXHVWDDOPLVPR(OSURFHGLPLHQWRGHOUHFODPR\RWURVUHODWLYRVDODDWHQFLyQGHO
XVXDULRVHVHxDODQHQHO´5HJODPHQWRSDUDOD3UHVWDFLyQGH6HUYLFLRVGH$JXD3RWDEOH\$OFDQWDULOODGR
6DQLWDULRSDUD7LWXODUHVGH/LFHQFLDR5HJLVWURµGHOD/H\1ƒ

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57Ì&8/23/$=2'(62/8&,Ð1/D(36$GHEHUiUHVROYHUORVUHFODPRVGHLQWHUUXSFLRQHV
TXHQRKXELHUHQJHQHUDGRGDxRV\SHUMXLFLRVGHQWURGHORVGtDVVLJXLHQWHVDVXUHFHSFLyQ3DUD
RWURVFDVRVORVSOD]RVHVWiQHVWDEOHFLGRVHQHO'HFUHWR6XSUHPR1ƒ

$57Ì&8/2$3(/$&,Ð1'(/5(&/$02(QFDVRGHTXHQRVHVDWLVIDJDHOPRWLYRGHVX
UHFODPRHOXVXDULRGH/LFHQFLDDSHODUiDOD6,6$%\HOXVXDULRGH5HJLVWURDOD&RPLVLyQ7pFQLFDGH
5HJLVWURV(OWUDPLWHGHODUHFODPDFLyQVHUHDOL]DUiGHDFXHUGRDO'HFUHWR6XSUHPR1ƒ

&$3Ì78/2,,,
,1)5$&&,21(6<6$1&,21(6
$/26868$5,26

$57Ì&8/27,78/$5(6&21/,&(1&,$<&215(*,6752(O´5HJODPHQWR´GH,QIUDFFLRQHV
\6DQFLRQHVHQOD3UHVWDFLyQGH6HUYLFLRVGH$JXD3RWDEOHGH$OFDQWDULOODGR6DQLWDULRµGHOD/H\1ƒ
HVWDEOHFHODVLQIUDFFLRQHV\VDQFLRQHVUHVSHFWLYDVDORVXVXDULRVFODVLÀFiQGRODVGHDFXHUGR
D]RQDVDWHQGLGDVSRU7LWXODUHVFRQ/LFHQFLDR7LWXODUHVFRQ5HJLVWUR

7Ì78/2;
3527(&&,Ð1<&216(59$&,Ð1
'(/0(',2$0%,(17(


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

&$3Ì78/2,
/$0,&52&8(1&$

$57Ì&8/2  3527(&&,Ð1 /D (36$ GHEHUi SURWHJHU \ FRQVHUYDU OD PLFURFXHQFD TXH OH
DEDVWHFHGHOUHFXUVRKtGULFRSDUDODSUHVWDFLyQGHVXVVHUYLFLRV

$57Ì&8/2  &225',1$&,Ð1 /D (36$ GHEHUi FRRUGLQDU \ OLGHUL]DU DFFLRQHV FRQ RWUDV
LQVWLWXFLRQHVUHODFLRQDGDVFRQODPLFURFXHQFDWHQGLHQWHVDVXSURWHFFLyQ\FRQVHUYDFLyQ

$57Ì&8/2$&&,21(6(QWUHRWUDVODVDFFLRQHVTXHGHEHUiHPSUHQGHUOD(36$RULHQWDGDV
DODSURWHFFLyQ\FRQVHUYDFLyQGHODPLFURFXHQFDVRQODVVLJXLHQWHV

D  &RQWUROGHODIRUHVWDFLyQ
E  &RQWUROGHOUHFXUVRKtGULFR
F  &RQWUROGHORVODQ]DPLHQWRVGHDJXDVUHVLGXDOHV
G  5HJXODUODGLVSRVLFLyQVDQLWDULDGHH[FUHWDV\UHVLGXRVVyOLGRV

&$3Ì78/2,,
/$1=$0,(172'($*8$65(6,'8$/(6

$57Ì&8/25(63216$%,/,'$'325(/75$7$0,(172(QSREODFLRQHVTXHFXHQWDQFRQ
VLVWHPDVGHDOFDQWDULOODGRVDQLWDULROD(36$DVXPHODUHVSRQVDELOLGDGGHOWUDWDPLHQWRGHODVDJXDV
UHVLGXDOHVGHWDOPDQHUDTXHODFDOLGDGGHOHÁXHQWHQRDIHFWHDORVFXHUSRVUHFHSWRUHVQLFRQWUDYHQJD
ODVGLVSRVLFLRQHVHVWDEOHFLGDVHQOD/H\1žGHO0HGLR$PELHQWH\HQVX5HJODPHQWRHQ0DWHULD
GH&RQWDPLQDFLyQ+tGULFD

$57Ì&8/2&219(1,26(QSREODFLRQHVTXHFXHQWDQFRQVLVWHPDVGHDOFDQWDULOODGRVDQLWDULR
\TXHGHVDUUROODQDFWLYLGDGLQGXVWULDO\RPLQHUDOD(36$HVWDEOHFHUiFRQYHQLRVFRQODVLQVWLWXFLRQHV
DFDUJRGHGLFKDVDFWLYLGDGHVDHIHFWRVGHHVWDEOHFHUORVSURFHVRVGHWUDWDPLHQWRUHTXHULGRV

D  ,GHQWLÀFDUORVSXQWRVGHGHVFDUJDGHORVHÁXHQWHV\GHWHUPLQDUVXFRPSRVLFLyQFRQFHQWUDFLyQ
YRO~PHQHV\IUHFXHQFLDV
E  (VWDEOHFHUORVSURFHVRVGHSUHWUDWDPLHQWRUHTXHULGRV
F  (VWDEOHFHUWDULIDV\FRVWRVGHOXVXDULR

$57Ì&8/2$8725,=$&,Ð1/D(36$GHEHUiUHFDEDUGHODDXWRULGDGDPELHQWDOFRPSHWHQWH
ODDXWRUL]DFLyQSDUDODGHVFDUJDGHVXVHÁXHQWHVHQFXHUSRVGHDJXDGHDFXHUGRDORHVWDEOHFLGR
HQOD/H\1ž\VX5HJODPHQWRGH3UHYHQFLyQ\&RQWURO$PELHQWDO

$57Ì&8/2,1'8675,$6(QSREODFLRQHVTXHFXHQWDQFRQVLVWHPDVGHDOFDQWDULOODGRVDQLWDULR
\TXHGHVDUUROODQDFWLYLGDGLQGXVWULDOOD(36$SUHVHQWDUiDQXDOPHQWHDO3UHIHFWRGHO'HSDUWDPHQWR
ODOLVWDGHODVLQGXVWULDVTXHYLHUWHQDJXDVUHVLGXDOHVHQVXVFROHFWRUHVFRQODLQIRUPDFLyQVROLFLWDGD
HQHO$UWtFXORGHO´5HJODPHQWRHQ0DWHULDGH&RQWDPLQDFLyQ+tGULFDµGHOD/H\1ƒLQFOX\HQGR
ODFDUDFWHUL]DFLyQGHODVDJXDVUHVLGXDOHV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;26


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;26
'(/7Ì78/2,


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

'2&80(17$&,Ð1'(5()(5(1&,$

 ´3ODQ%ROLYLD6HFWRUGH6DQHDPLHQWR%iVLFRµ9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRV
 ´3ODQ(VWUDWpJLFR,QVWLWXFLRQDOµ9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRV
 ²
 ´3ODQ 1DFLRQDO 'HFHQDO GH 6DQHDPLHQWR %iVLFR ´² µµ² 0LQLVWHULR GH 9LYLHQGD \
6HUYLFLRV%iVLFRV²RFWXEUHGH
 )RUPXODFLyQGHO´3UR\HFWR$VLVWHQFLD7pFQLFDDO9LFHPLQLVWHULR6HUYLFLRV%iVLFRV352$7µ
 7pUPLQRVGH5HIHUHQFLDUHODWLYRVDODFRQVXOWRUtD´(VWUDWHJLDGH'LIXVLyQGHODV3ROtWLFDVGHO
6HFWRUGH$JXD\6DQHDPLHQWRµµ²352$7²
 /H\  GH PD\R GH  PRGLÀFDWRULD D OD /H\  GH$JXD 3RWDEOH \$OFDQWDULOODGR
6DQLWDULR
 3UR\HFWRGH5HJODPHQWRVGHOD/H\1ž
 /H\1RGH2UJDQL]DFLyQGHO3RGHU(MHFXWLYR²/23(
 /H\GH3DUWLFLSDFLyQ3RSXODU
 /H\  GH 'HVFHQWUDOL]DFLyQ $GPLQLVWUDWLYD \ HO 'HFUHWR 6XSUHPR 5HJODPHQWDULR 1ž

 'HFUHWR6XSUHPR1žGHOD3ROtWLFD1DFLRQDOGH&RPSHQVDFLyQ
 /H\GHO'LiORJR1DFLRQDO
 /H\GH0XQLFLSDOLGDGHV
 /H\*HQHUDOGH&RRSHUDWLYDV
 'HFUHWR6XSUHPR1ž0DQFRPXQLGDGHV
 'HFUHWR6XSUHPR1žGHOD(36$FRPR6RFLHGDG$QyQLPD0L[WD
 'HFUHWR/H\1žGHO&yGLJRGH&RPHUFLR
 3UR\HFWRGH/H\GH0DQFRPXQLGDGHVGH0XQLFLSLRVGHO
 1RUPD %ROLYLDQD 1%  ² 1RUPD 7pFQLFD GH 'LVHxR SDUD 6LVWHPDV GH$OFDQWDULOODGR \
7UDWDPLHQWRGH$JXDV5HVLGXDOHV\VXV5HJODPHQWRV
 1RUPD%ROLYLDQD1%²1RUPD7pFQLFDGH'LVHxRSDUD6LVWHPDVGH$JXD3RWDEOH\VXV
5HJODPHQWRV
 1RUPD%ROLYLDQD1%²$JXDSRWDEOH²0XHVWUHR
 1RUPD%ROLYLDQD1%²$JXDSRWDEOH²5HTXLVLWRV
 ´0RGHOR\5HJODPHQWRGH*HVWLyQHQ$JXD3RWDEOH\6DQHDPLHQWRµµ²'LUHFFLyQ1DFLRQDOGH
6DQHDPLHQWR%iVLFR6XEVHFUHWDUtDGH'HVDUUROOR8UEDQR²QRYLHPEUH
 ´6HUYLFLRV6RVWHQLEOHVGH$JXD\6DQHDPLHQWR²0DUFR&RQFHSWXDOµµ²&,1$5$²QRYLHPEUH

 3UHVHQWDFLyQ´,QWURGXFFLyQD0RGHORVGH*HVWLyQHQVDQHDPLHQWREiVLFRHQODV$PpULFDVµµ²,QJ
)UDQ]5RMDV2UWXVWH 352$3$& ²;&RQJUHVR1DFLRQDOGH,QJHQLHUtD6DQLWDULD
 3UHVHQWDFLyQ ´([SHULHQFLDV GH 0RGHORV 5HJLRQDOHV HQ$PpULFD /DWLQDµ  ,QJ )UDQ] 5RMDV
2UWXVWH 352$3$& ²;&RQJUHVR1DFLRQDOGH,QJHQLHUtD6DQLWDULD
 3UHVHQWDFLyQ ´8Q 0RGHOR GH *HVWLyQ HQ 6DQHDPLHQWR %iVLFR 6RFLHGDG$QyQLPD 0L[WD
S~EOLFR´²FRRSHUDWLYR²²SREODFLRQDOµµ²/LF1LOVD%HMDUDQR 352$3$& ;&RQJUHVR1DFLRQDO
GH,QJHQLHUtD6DQLWDULD
 ´,QWURGXFFLyQ D 0RGHORV GH *HVWLyQ \ )RUPDV GH 3DUWLFLSDFLyQµµ² ,QJ &DUPLxD 0RUHQR
&RQVXOWRUD5HJLRQDO96%²7DOOHUGH6DQWD&UX]GHOD6LHUUDDEULO
 ´0RGHORGH*HVWLyQ(PSUHVDGH6HUYLFLRV3~EOLFRV0L[WDµµ²(PSUHVD$JXDVGH&DUWDJHQD
&RORPELD
 ´0RGHORGH*HVWLyQ6RFLHGDGSRU$FFLRQHV&RQVWUXFWRU2SHUDGRUµµ²(PSUHVD$JXDVGHOD
5LEHUD6$&RORPELD
 ´0RGHOR GH *HVWLyQ (PSUHVD GH 6RFLHGDG SRU$FFLRQHV 3~EOLFD 5HJLRQDO GH *HVWLyQ
'LUHFWDµµ²$&8$9$//(6$&DOL&RORPELD
 ´,QYHVWLJDFLyQGH0RGHORVGH*HVWLyQGHORV6HUYLFLRVGH$JXD\6DQHDPLHQWRHQ&RORPELD

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

6LVWHPDWL]DFLyQ\(YDOXDFLyQSDUDVX$SOLFDFLyQHQ%ROLYLDµµ²,QJ5H\QDOGR9LOODOED'*6%
96%0623
 ´0RGHORV GH *HVWLyQ \ 0DUFR 1RUPDWLYR 6HFWRULDO GH$JXD \ 6DQHDPLHQWR (YDOXDFLyQ H
,QWHUFDPELRGH([SHULHQFLDV²/D([SHULHQFLD5XUDO²,QIRUPH3DtV3DUDJXD\µµ²,QJ(QULTXH
7RUULFR9DUJDV'*6%96%0623
 ´,QYHVWLJDFLyQGH0RGHORVGH*HVWLyQGH6HUYLFLRVGH$JXD\6DQHDPLHQWR6LVWHPDWL]DFLyQ
\(YDOXDFLyQSDUDVX$SOLFDFLyQHQ%ROLYLD,QIRUPH3DtV6DOWD $UJHQWLQD µµ²,QJ$OFLGHV
)UDQFR7RUULFR'*6%96%0623
 ´0RGHORGH*HVWLyQ(36$²6RFLHGDG$QyQLPD0L[WDHQ%ROLYLDµ,QJ6XVDQD-DUDPLOOR'*6%
96%0623


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;26
'(/7Ì78/2,9


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

&217(1,'2

$QH[R,9&ODVL¿FDFLyQGH&XHQWDVHQ6LVWHPDVGH$JXD3RWDEOH\6DQHDPLHQWR
$QH[R,9&RQWUROGH,QJUHVRVSRU7DULIDV&RQH[LRQHV1XHYDV5HFRQH[LRQHV\0XOWDV
$QH[R,9 &RQWUROGH(JUHVRV
$QH[R,9 0RYLPLHQWR0HQVXDOGH&DMD
$QH[R,9 &RQWURO*HQHUDOGH,QJUHVRV(JUHVRV\6DOGRV
$QH[R,9 )RUPXODULRGH&DMD&KLFD
$QH[R,9 ,QYHQWDULR\&RQWUROGH(TXLSR0DWHULDOHV\+HUUDPLHQWDV
$QH[R,9 &RQWURO9DORUDGRGH(TXLSR0DWHULDOHV\+HUUDPLHQWDV
$QH[R,9 &yGLJRGH(TXLSR\0DWHULDOHV
$QH[R,93HGLGR\6DOLGDGH0DWHULDOHV
$QH[R,96ROLFLWXGGH&RWL]DFLyQ
$QH[R,,9&XDGUR&RPSDUDWLYRGH&RWL]DFLRQHV
$QH[R,9*XtDGH2SHUDFLyQ\0DQWHQLPLHQWRSRU&RPSRQHQWH
$QH[R,9&DWDVWURGH6LVWHPDVGH$JXDSRU&RPSRQHQWH
$QH[R,9)LFKDGH6XVFULSWRUHV &DWDVWUR
$QH[R,95HJLVWUR*HQHUDOGH6XVFULSWRUHV
$QH[R,96ROLFLWXGGH&RQH[LyQGH$JXD3RWDEOH\R$OFDQWDULOODGR
$QH[R,9&RQWUDWRGH,QVWDODFLyQ\3UHVWDFLyQGH6HUYLFLRV
$QH[R,95HFLERGH3DJR±3UHDYLVRGH&RUWH
$QH[R,9&RQWUROGH3DJRGH7DULIDVGH$JXD3RWDEOH
$QH[R,9,QGLFDGRUHV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9

&/$6,),&$&,Ð1'(&8(17$6(16,67(0$6'($*8$<6$1($0,(172

 $&7,92

 3523,('$'(6'(/6,67(0$'($*8$327$%/(

 &DSWDFLyQ\$GXFFLyQ

 7HUUHQRV\6HUYLGXPEUHV
 (GLÀFDFLRQHV\HVWUXFWXUDV
 3R]RV
 7XEHUtDVHQODDGXFFLyQ

 6LVWHPDVGHERPEHR

 7HUUHQRV\6HUYLGXPEUHV
 (GLÀFDFLRQHV\HVWUXFWXUDV
 (TXLSRVGHERPEHR

 3ODQWDGHWUDWDPLHQWR

 7HUUHQRV\6HUYLGXPEUHV
 (GLÀFDFLRQHV\HVWUXFWXUDV
 (TXLSRVGH7UDWDPLHQWR

 'LVWULEXFLyQ

 7HUUHQRV\6HUYLGXPEUHV
 (GLÀFDFLRQHV\HVWUXFWXUDV
 7DQTXHVSDUDDOPDFHQDPLHQWR
 (TXLSRVGHUHERPEHR
 7XEHUtDVGH'LVWULEXFLyQ
 ,QVWDODFLRQHVGRPLFLOLDULDV

 3523,('$'(6'($/&$17$5,//$'2

 6LVWHPDVGHERPEHR

 7HUUHQRV\6HUYLGXPEUHV
 (GLÀFDFLRQHV\HVWUXFWXUDV
 (TXLSRVGHERPEHR

 3ODQWDGHWUDWDPLHQWR


 7HUUHQRV\6HUYLGXPEUHV
 (GLÀFDFLRQHV\HVWUXFWXUDV
 (TXLSRVGHWUDWDPLHQWR


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

 5HFROHFFLyQ\HYDOXDFLyQ

 7HUUHQRV\6HUYLGXPEUHV
 (GLÀFDFLRQHV\HVWUXFWXUDV
 &ROHFWRUHV
 ,QVWDODFLRQHVGRPLFLOLDULDV

 275$63523,('$'(6 

 7HUUHQRV\6HUYLGXPEUHV
 (GLÀFDFLRQHV\HVWUXFWXUDV
 (TXLSRV\PXHEOHVGHRÀFLQDV
 9HKtFXORV
 (TXLSRV\PDTXLQDULDV

 '(35(&,$&,Ð1$&808/$'$²$*8$327$%/(

 &DSWDFLyQ\DGXFFLyQ
 (VWDFLRQHVGHERPEHR
 3ODQWDVGHWUDWDPLHQWR
 'LVWULEXFLyQ

 '(35(&,$&,Ð1$&808/$'$²$/&$17$5,//$'2

 (VWDFLyQGHERPEHR
 3ODQWDGHWUDWDPLHQWR
 5HFROHFFLyQ\HYDFXDFLyQ

 '(35(&,$&,Ð1$&808/$'$²275$63523,('$'(6

 (GLÀFDFLRQHV\HVWUXFWXUDV
 (TXLSRV\PXHEOHVGHRÀFLQD
 9HKtFXORV
 (TXLSRV\PDTXLQDULD

 &$-$

 %$1&26

 &8(17$6325&2%5$5²&21680,'25(6

 )DFWXUDFLyQ$JXD\$OFDQWDULOODGR
 &RQH[LRQHV
 2WURV

 275$6&8(17$6325&2%5$5

 $/0$&(1(6

 3$75,021,2

 $3257(65(&,%,'26

 5(68/7$'26'((;3/27$&,Ð1$&808/$'26
 3$6,92

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

 &8(17$63253$*$5²275$6

 &8(17$6'((;3/27$&,Ð1

 352'8&726

 )DFWXUDFLyQDJXD\DOFDQWDULOODGR
 &RQH[LRQHV
 5HFRQH[LRQHV
 0XOWDV
 2WURV

 *$6726'((;3/27$&,Ð1

 3URGXFFLyQ
 'LVWULEXFLyQ
 $GPLQLVWUDFLyQ

 0DWHULDOHV
 0DQRGHREUD
 6XHOGRV
 (QHUJtDHOpFWULFD
 &RPEXVWLEOHV\OXEULFDQWHV
 5HSDUDFLyQ\PDQWHQLPLHQWR
 &XHQWDVLQFRUSRUDEOHV
 'HSUHFLDFLyQ
 2WURV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9


&20,7e'($*8$327$%/('(«««««««««««««««««

081,&,3,2'(««««««««««««««««««««««««««

029,0,(172'(&$-$0(168$/


&RUUHVSRQGLHQWHDOPHVGH««««««««««««««GH««

,1*5(626

6DOGRDQWHULRU     %V«««««««««««««««««
3RUWDULIDVGHOPHV    %V«««««««««««««««««
3RUFRQH[LRQHVUHFRQH[LRQHV\PXOWDV  %V«««««««««««««««««
3RUDSRUWHVFRPXQLWDULRV   %V«««««««««««««««««
2WURVLQJUHVRV     %V«««««««««««««««««

727$/,1*5(626    %V«««««««««««««««««

(*5(626

6XHOGRV     %V«««««««««««««««««
6XEVWDQFLDVTXtPLFDV    %V«««««««««««««««««
0DWHULDOHV     %V«««««««««««««««««
0DQRGHREUD     %V«««««««««««««««««
2WURVJDVWRVDGPLQLVWUDWLYRV   %V«««««««««««««««««

727$/(*5(626    %V«««««««««««««««««

6$/'2(1&$-$    %V«««««««««««««««««

)HFKD««««««««««««««««««««

)LUPD««««««««««««««««««««««««««««««««««

1RPEUH««««««««««««««««««««««««««««««««««
&DUJR  3UHVLGHQWH   $GPLQLVWUDGRU


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9

&20,7e'($*8$327$%/('(«««««««««««««««««

081,&,3,2'(««««««««««««««««««««««««««

&21752/*(1(5$/'(,1*5(626(*5(626<6$/'26

         +2-$1ž««««

*(67,21««
1R 0(6  ,1*5(626 (*5(626 6$/'26 2%6(59$&,21(6
 %V %V %V
 (1(52

 )(%5(52

 0$5=2

 $%5,/

 0$<2

 -81,2

 -8/,2

 $*2672

 6(37,(0%5(

 2&78%5(

 129,(0%5(

 ',&,(0%5(

)HFKD««««««««««««««««««««

)LUPD««««««««««««««««« ««««««««««««««««

1RPEUH«««««««««««««««« 
««««««««««««««««


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9

&20,7e'($*8$327$%/('(«««««««««««««««««

081,&,3,2'(««««««««««««««««««««««««««

)2508/$5,2'(&$-$&+,&$

'(&5,3&,Ï1 81,'$''(67,12 )(&+$ 1ž'H (*5(62 ,1*5(62


   )DFWXUD

6$/'2$17(5,2
$6,*1$&,Ï1)21'2),-2

 7RWDOHV %V

 6DOGR %V

 6XPDVLJXDOHV %V

)HFKD«««««««««««««««««

       «««««««««««««««««
       $GPLQLVWUDGRU


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9

&Ð',*2'((48,32<0$7(5,$/(6

(OSUHVHQWHFyGLJRGHPDWHULDOHVVHKDSUHSDUDGRGHWDOIRUPDTXHIDFLOLWHDOSHUVRQDOHOPDQHMRGH
PDWHULDOHVDOLGHQWLÀFDUFRQFLIUDVDFDGDDUWtFXOR VLVWHPDDOIDQXPpULFR HYLWDQGRDVtODGHVLJQDFLyQ
FRPSOHWD\UHLWHUDGDHQODGHQRPLQDFLyQGDWRVJHQHUDOHVPHGLGDV\RWUDLQIRUPDFLyQQHFHVDULD
GHQRXVDUXQVLVWHPDGHFRGLÀFDFLyQ

(OFyGLJRTXHVHSUHVHQWDFRQVLGHUDHOXVRGHODUWtFXORODFODVHGHPDWHULDO\ORVGDWRVUHODWLYRV
DODUWtFXORPLVPR

3RUWDQWRHQEDVHDODFRGLÀFDFLyQSURSXHVWDHVQHFHVDULRSURFHGHUDOLQYHQWDULR\FDWDORJDFLyQGH
WRGRVORVELHQHVH[LVWHQWHVDJUHJDGRDDTXHOORVQHFHVDULRV\HOLPLQDQGRRWURVGHSRFRXVR
REVROHWRV

3DUDODVGLYLVLRQHVGHODSUHVHQWHHVWUXFWXUDGHFRGLÀFDFLyQVHKDHPSOHDGRXQDRUGHQDFLyQ
QXPpULFDGHFLPDOODFXDOSHUPLWLUiDGLFLRQHVSDUDWRGRVDTXHOORVQXHYRVDUWtFXORVTXHVHGHVHH
LQFOXLUHQXQDFDWDORJDFLyQIXWXUD

&2',),&$&,Ð135238(67$

/XJDUGHDOPDFHQDPLHQWR

3DUDDQRWDUHVWHDVSHFWRVHHPSOHDUiXQGtJLWRVLVHWUDWDGHXQDUPD]yQVHGHEHUiFODVLÀFDUHVWH
SRUOXJDUHVGHDOPDFHQDPLHQWR\DGLFKRVOXJDUHVVHOHVDVLJQDUiXQQ~PHUR(OSURSyVLWRGHpVWH
SULPHUGtJLWRHVD\XGDUDXELFDUUiSLGDPHQWHHOVLWLRHQHOVHKDOODDOPDFHQDGRHOPDWHULDO

&ODVH

2FXSDUiGRVGtJLWRVWHQLHQGRFRPRÀQDOLGDGLGHQWLÀFDUHOWLSRGHPDWHULDO

6HHPSOHDUiODVLJXLHQWHFODVLÀFDFLyQLQLFLDOODFXDOSRGUiDPSOLDUVHHQFDVRQHFHVDULR

 7XEHUtDÀHUURJDOYDQL]DGR
 7XEHUtDÀHUURIXQGLGR

 7XEHUtDDVEHVWRFHPHQWR
 7XEHUtD39&

 &UX]ÀHUURJDOYDQL]DGR
 7HÀHUURJDOYDQL]DGR
 &RGRÀHUURJDOYDQL]DGR
 &UX]ÀHUURIXQGLGR
 7HÀHUURIXQGLGR
 &RGRÀHUURIXQGLGR
 &UX]39&

 7H39&


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

 &RGR39&
 9iOYXODVGHEURQFH
 9iOYXODVGHÀHUURIXQGLGR
 (TXLSRVGH%RPEHR
 (TXLSRVGHFRQVWUXFFLyQ
 (TXLSRVGHSHUIRUDFLyQ
 +HUUDPLHQWDV
 5HSXHVWRV
 6XEVWDQFLDV4XtPLFDV
 ÔWLOHV\HTXLSRGHRÀFLQD

 2WURV

$57Ì&8/2

3DUDHVWDXOWLPDGHQRPLQDFLyQVHHPSOHDUiWUHVGtJLWRVIDFLOLWDQGRDVtODLQFOXVLyQGHDUWtFXORV
GLIHUHQWHVGHQWURGHFDGDFODVH/DVGLPHQVLRQHVPDUFDXRWUDFDUDFWHUtVWLFDVHUiQORVDWULEXWRV
TXHSHUPLWDQLGHQWLÀFDULQGLYLGXDOPHQWHFDGDDUWtFXOR(VWRVWUHV~OWLPRVGtJLWRVSRGUiQVHUQ~PHURV
ROHWUDVORVGLiPHWURVVHH[SUHVDUiQHQPLOtPHWURV\RWUDVGLPHQVLRQHVHQPHWURV

6HUHFRPLHQGDTXHVHDPLVPDFRGLÀFDFLyQXWLOL]DGDSDUDUHDOL]DUHO&DWDVWURR,QYHQWDULRWpFQLFR
GHOVLVWHPDSDUDHVWHFDVRHOOXJDUGHDOPDFHQDPLHQWRVHUiHOOXJDUGHHPSOD]DPLHQWR\ORV
GtJLWRVVHUiQDVLJQDGRVFRPRVLJXH

 &DSWDFLyQ

 $GXFFLyQ

 7UDWDPLHQWR

 $OPDFHQDPLHQWR

 'LVWULEXFLyQ

 (VWDFLyQGHERPEHR

(MHPSORV

D  &DVRDOPDFHQHV

&yGLJR««««««  VLWLR  GH DOPDFHQDPLHQWR ² 7XEHUtD 39&²²  PP   'H


GLiPHWUR

E  &DVR,QYHQWDULR7pFQLFR


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9
&20,7e'($*8$327$%/(<6$1($0,(172'(

081,&,3,2'(

3(','2<6$/,'$'(0$7(5,$/(6

 1RPEUHGHVROLFLWDQWH
 'HVWLQRGHOPDWHULDO
 /XJDU\IHFKD

ËWHP 8QLGDG&DQWLGDG $UWtFXOR 3UHFLR 3UHFLR


8QLWDULR 7RWDO

6XPD7RWDO

2%6(59$&,21(6 
 
 

  


 $SUREDGR (QWUHJXpFRQIRUPH 5HFLEtFRQIRUPH

1RPEUH  


&DUJR$GPLQLVWUDGRU$OPDFHQHUR6ROLFLWDQWH


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9

&20,7e'($*8$327$%/(<6$1($0,(172'(«««««««««««««««««

081,&,3,2«««««««««««««««««

62/,&,78''(&27,=$&,Ï11UR«««

6HxRUHV«««««««««««««««««

0XFKRDJUDGHFHPRVFRWL]DUORVDUWtFXORVTXHVHGHWDOODQDFRQWLQXDFLyQ

3UHFLR
ËWHP $UWtFXOR 8QLGDG &DQW  7RWDO
8QLWDULR

727$/%V

)RUPDGHSDJR««««««««««««« '$726'(/3529(('25

««««««««««««««««««« 1RPEUH««««««««««««

)HFKDGHFRWL]DFLyQ«««««««««« 'LUHFFLyQ«««««««««««

9DOLGH]GHODRIHUWD«««««««««« 7HOpIRQR«««««««««««


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9

&20,7e'($*8$327$%/(<6$1($0,(172'(««««««««««««««««««««««««
081,&,3,2'(««««««««««««««««««««««««««««««««««««««««

62/,&,78''(&21(;,Ï1'($*8$327$%/(<2$/&$17$5,//$'21ž«««««

'DWRVJHQHUDOHV
)HFKD 8VRGHOVHUYLGRU
6ROLFLWDQWH 'RPpVWLFR
8ELFDFLyQGHODYLYLHQGD &RPHUFLDO
&ROLQGDQWH,]TXLHUGD««««««« 2ILFLDO
,QGXVWULDO
(VSHFLDO
'HUHFKD«««««««

'DWRVGHLQVWDODFLyQ $VHUOOHQDGRSRUHO&$3<6

9HULILFDFLyQ7pFQLFD0DWUL]GHDJXDSRWDEOH 'LiPHWUR0DWHULDO

5HTXLHUHSURORQJDFLyQ

)XHUDGHORVOtPLWHVGHDEDVWHFLPLHQWR

0DWUL]GHDOFDQWDULOODGR 'LiPHWUR0DWHULDO

5HTXLHUH3URORQJDFLyQ

)XHUDGHORVOtPLWHVGHDEDVWHFLPLHQWR

'DWRVGHODFRQH[LyQ
 $VHUOOHQDGRSRUHO )HFKDGHLQVWDODFLyQ 'LiPHWURDFRPHWLGD
&$3<6

0HGLGRU 'LiPHWURGHVDJXH

0DWHULDOXWLOL]DGRHQOD 0DWHULDODJXDSRWDEOH &DQW 0DWHULDO$OFDQWDULOODGR &DQW


FRQH[LyQGRPLFLOLDULD
$VHUOOHQDGRSRUHO&$3<6 $EUD]DGHUD
1LSOHV
88QLYHUVDO
7XEHUtD
/ODYHGHSDVR
&RSODV
&DMDGHKRUPLJyQ
&RGRV

'DWRVGH&RQVWUXFFLyQ'LVWDQFLD$FRPHWLGD$3 &RVWR$3

$/& $/&

3ORPHURUHVSRQVDEOH«««««««««««««« $XWRUL]DGR««««««««««««««««
$GPLQLVWUDGRU

0DQLILHVWRPLFRQIRUPLGDGSRUODLQVWDODFLyQHIHFWXDGDHQPLYLYHQGD
1RPEUH\ILUPD


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9²

&RPLWpGHDJXDSRWDEOH\6DQHDPLHQWRGH««««««««««««««««««««««««
«

&2175$72'(,167$/$&,Ð1<35(67$&,Ð1'(6(59,&,26

&RQVWHSRUHOSUHVHQWH&2175$72'(,167$/$&,Ð1<35(67$&,Ð1'(6(59,&,26VXVFULWR
HQWUHHO&RPLWpGH$JXD\6DQHDPLHQWRUHSUHVHQWDGRSRUVX3UHVLGHQWHTXHHQDGHODQWHVH
GHQRPLQDUi&$3<6\HOVHxRU«««««««««««««««««««««««HQDGHODQWHHO
XVXDULRDOWHQRUGHODVVLJXLHQWHVFOiXVXODV

35,0(5$ 'HODV3DUWHV
,QWHUYLHQHQHQHO3UHVHQWH&RQWUDWR

 (O&$3<6UHSUHVHQWDGRSRUVXSUHVLGHQWH6U««««««««««««««««««««««

  (O XVXDULR 6U «««««««««««««««««««««««««« GRPLFLOLDGR HQ OD


]RQD
«««««««««««««« FDOOH «««««««««««««««««««« 1UR
««««

6(*81'$ 'HODDSUREDFLyQ
(QYLUWXGGHODVROLFLWXG1UR««3UHVHQWDGDSRUHO8VXDULRHQIHFKD««««««««HO&$3<6
DSUXHEDHOVXPLQLVWURGHDJXDSRWDEOHDO8VXDULRHQVXYLYLHQGDRSUHGLRPHGLDQWHODFRQH[LyQGH
««SXOJDGDVGHGLiPHWUR\PHGLGRUGHDJXDGHODVVLJXLHQWHVFDUDFWHUtVWLFD

&DSDFLGDGHQPKUD««««««««
1~PHUR««««««««««««««

7(5&(5$ &RVWRGHFRQH[LyQ\SDJRGHWDULIDV
(O868$5,2SDJDODVXPDGH%V««««««««««««HQODIHFKDSRUFRQFHSWRGHFRVWRV
GHFRQH[LyQ\VHFRPSURPHWHDHIHFWXDUSXQWXDOPHQWHORVSDJRVSRUFRQVXPRGHDFXHUGRD
WDULIDVYLJHQWHVPHGLDQWHORVUHFLERVRIDFWXUDVSHULyGLFDVTXHOHSUHVHQWDUiHO&$3<6

&8$57$ $GKHVLyQ
(O868$5,2GHFODUDFRQRFHUHO5HJODPHQWRGH3UHVWDFLyQGH6HUYLFLRV\VHDGKLHUHDOPLVPRSRU
VHUGHRUGHQS~EOLFRSRUORTXHIRUPDSDUWHGHOSUHVHQWH&RQWUDWR

48,17$ 9LJHQFLD
(OSUHVHQWH&RQWUDWRWHQGUiSOHQDYLJHQFLDDSDUWLUGHODIHFKDGHLQVWDODFLyQ\FRQH[LyQGHOVHUYLFLR
SRUHO&$3<6

6(;7$ $FHSWDFLyQ
/DVXVFULSFLyQGHOSUHVHQWHFRQWUDWRLPSOLFDODSOHQDDFHSWDFLyQGHWRGDVODVFOiXVXODVSUHFHGHQWHV
SRUSDUWHGHO868$5,2\GHO&$3<6VLQTXHVHSXHGDDOHJDUGHVFRQRFLPLHQWRGHODVPLVPDVQL
GLVFXWLUODVSRUUHYHVWLUQDWXUDOH]DMXUtGLFDGH&RQWUDWRGH$GKHVLyQ

(QFRQIRUPLGDGVHVXVFULEHHOSUHVHQWH&RQWUDWRHQGREOHHMHPSODUHQODFRPXQLGDG««««
««««««««««««««««« «««««««««««««««««
D ORV «««««««««««GtDV GHO PHV GH «««««««««««« GH GRV PLO
\««««««««««««DxRV


35(6,'(17(&$3<6    868$5,2

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9² FRQWLQXDFLyQ

5(*/$0(172,17(512'(35(67$&,Ð1'(6(59,&,26'(81&$3<6

&21',&,21(6*(1(5$/(6'(/&2175$72

$UWtFXOR

(/&20,7e'($*8$327$%/(<6$1($0,(172´&$3<6µHVOD(QWLGDGHQFDUJDGDGHOVHUYLFLR
GH$JXD3RWDEOH\6DQHDPLHQWRWDQWRHQORTXHVHUHÀHUHDVXDGPLQLVWUDFLyQFRPRDVXRSHUDFLyQ
PDQWHQLPLHQWRUHSDUDFLRQHV\DPSOLDFLRQHVPHQRUHV

(OVHUYLFLRVHSURYHHDORVXVXDULRVSUHYLDVROLFLWXG\HQEDVHDXQFRQWUDWR6HSRGUiQHJDUHO
VXPLQLVWUR FXDQGR pVWH DWHQWH  FRQWUD  ODV GHPiV LQVWDODFLRQHV  GHO VHUYLFLR R SRU LPSRVLELOLGDG
WpFQLFD

$UWtFXOR

/DWDULIDTXHFREUDHO&$3<6SRUHOVHUYLFLRGH$JXD3RWDEOH\6DQHDPLHQWRFRQVWLWX\HSRUOH\XQ
FUpGLWRSULYLOHJLDGRODDFFLyQSDUDFREUDUHVGHFDUiFWHULPSUHVFULSWLEOH\SHUVHJXLEOHHQFXDOTXLHU
FLUFXQVWDQFLDHQTXHVHHQFXHQWUHHOLQPXHEOHVHUYLGR

$UWtFXOR

7RGRSURSLHWDULRGHYLYLHQGDRSUHGLRWLHQHGHUHFKR\REOLJDFLyQGHVROLFLWDUFRQH[LyQ\VXPLQLVWUR
GHDJXD\R6DQHDPLHQWRGHQWURGHODVFRQGLFLRQHVHVWDEOHFLGDVHQHO5HJODPHQWRGH3UHVHQWDFLyQ
GH3UR\HFWRV

$UWtFXOR

/DSUHVWDFLyQGHO6HUYLFLRGH$JXD3RWDEOHVHKDUiHQIRUPDFRQWLQXDVDOYRLQWHUUXSFLyQGHFDUiFWHU
IRUWXLWRRSRUFDXVDVGHIXHU]DPD\RU

$UWtFXOR

(O8VXDULRGHEHGDUXQXVRDGHFXDGRDODJXDSDUDHOTXHIXHVROLFLWDGR\DXWRUL]DGRQRSXGLHQGR
FDPELDUODQDWXUDOH]DGHODFRQFHSFLyQQLVXGHVWLQR

$UWtFXOR

(OXVXDULRSDJDUiDO&$3<6WRGRVORVFRVWRVGHFRQH[LyQ DFRPHWLGD TXHVHUHDOLFHQ FRVWRVGH


PDWHULDOHVPDQRGHREUDDFFHVRULRV
/DLQVWDODFLyQLQWUDGRPLFLOLDULDGHEHUiVHUUHDOL]DGDSRUHOSHUVRQDODXWRUL]DGRSRUHO&$3<6

$UWtFXOR

(O&$3<6VHUHVHUYDUiHOGHUHFKRGHLQVSHFFLRQDUODVLQVWDODFLRQHVLQWHUQDVSXGLHQGRVXVSHQGHU


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

HOVHUYLFLRFXDQGRHVWDVHVWpQGHIHFWXRVDVSUHVHQWHQIXJDVRUH~QDQODVFRQGLFLRQHVGHVHJXULGDG
QHFHVDULDV
$UWtFXOR

(OXVXDULRDVXPHSOHQDUHVSRQVDELOLGDGSRUODLQVWDODFLyQLQWHULRUGHVXSUHGLRRYLYLHQGD\GHO
PDQHMRGHORVVHUYLFLRVGHQWURGHODPLVPD

$UWtFXOR

(O &$3<6 SRGUi  UHVWULQJLU UHJXODU  R UDFLRQDU  HO VXPLQLVWUR GHO DJXD HQ pSRFD GH VHTXtD TXH
DIHFWHODSURGXFFLyQGHODVIXHQWHVGHDJXDRHQFXDOTXLHURWUDRSRUWXQLGDGTXHHOLQWHUpVFROHFWLYR
ORLPSRQJD

$UWtFXOR

(O&$3<6HQWUHJDUiDOXVXDULRHOUHFLERSRUFRQVXPRPHQVXDO6LQRVHHIHFW~DHOSDJRGHGRV
UHFLERVGHQWURGHOSOD]RHVWLSXODGRHO&$3<6FREUDUiHOFRUUHVSRQGLHQWHUHFDUJRSRUPRUD

$UWtFXOR

(O&RPLWpVXVSHQGHUiHOVXPLQLVWURGHDJXDDOXVXDULRHQORVVLJXLHQWHVFDVRV

 D  3RUIDOWDGHSDJRHQODWDULID PiVGHGRVPHVHV

 E  3RUIDOWDGHFXPSOLPLHQWRFRQORVUHJODPHQWRV

 F  3RUDEXVR\GHVSHUGLFLRHQHOXVRGHODJXD

 G  3RULPSHGLUODOHFWXUDGHOPHGLGRURODLQVSHFFLyQGHODVLQVWDODFLRQHV 
  LQWHUQDVWDQWRGHDJXDFRPRGHDOFDQWDULOODGR

 H  3RUYHUWHUHOHPHQWRVQRSHUPLWLGRVDOVHUYLFLRGHDOFDQWDULOODGR

$UWtFXOR

4XHGDWHUPLQDQWHPHQWHSURKLELGRUHDOL]DUPRGLÀFDFLRQHVHQODFRQH[LyQTXHHYLWHQHOSDVRGHODJXD
SRUHOPHGLGRURHQFXDOTXLHURWUDIRUPDTXHQRVHULMDDODVFRQGLFLRQHVGHVXPLQLVWUR

$UWtFXOR

4XHGDWHUPLQDQWHPHQWHSURKLELGDODUHKDELOLWDFLyQGHO6HUYLFLRGHDJXDSRUSDUWHGHO8VXDULRXQD
YH]TXHHO&$3<6KXELHVHHIHFWXDGRODVXVSHQVLyQGHOPLVPR

$UWtFXOR


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9

081,&,3,2'(

&20,7e'($*8$<6$1($0,(172'(

5(&,%2'(3$*2
         1žBBBBBBBBBB

5HFLEtGHO6HxRU D BBBBBBBBBBBBBBBBBBBBBBBB1ž5(*,6752BBBBBBBBB

/DVXPDGH%VBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 3RUFRQFHSWRGH
   3DJR7DULIDGHDJXD  BBBBBBBBBBBBBBBBBBBBBBB%V
   &RQH[LyQQXHYD  BBBBBBBBBBBBBBBBBBBBBBB%V
   5HFRQH[LyQ   BBBBBBBBBBBBBBBBBBBB
BBB%V
   0XOWD    BBBBBBBBBBBBBBBBBBBB
BBB%V
   2WURV    BBBBBBBBBBBBBBBBBBBBBBB%V
       BBBBBBBBBBBBBBBBBBBBBBB%V
       BBBBBBBBBBBBBBBBBBBBBBB%V

   727$/
  
     
        )HFKD

     6(//2
 $'0,1,675$'25

&20,7e'($*8$327$%/('(
081,&,3,2

35($9,62'(&257('(6(59,&,2'($*8$

6HxRU D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBFRPXQLFDPRVD8GTXHVLHQSOD]R

GHBBBBBBBBBGtDVDSDUWLUGHODIHFKDQRVHFDQFHODSRUORVVHUYLFLRVGHDJXD
FRUUHVSRQGLHQWHVDORVPHVHVGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6HSURFHGHUiDOFRUWHGHVXFRQH[LyQGRPLFLOLDULDGHDFXHUGRDOBBBBBBBBBBBBBB FRQWUDWRR
UHVROXFLyQGH$VDPEOHD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$JUDGHFHPRVODFDQFHODFLyQGHVXGHXGDDODEUHYHGDGSRVLEOH

$WHQWDPHQWH

 
  $'0,1,675$'25      6(//2


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;2,9

,1',&$'25(6

120%5( ,1',&$'25 1,9(/'(6($%/(

*(67,Ñ123(5$7,9$

ÎQGLFHGHDJXDQR 9RODJXD SURGXFLGR±IDFWXUDGR   


FRQWDELOL]DGD 9RO$JXDSURGXFLGR

$%$67(&,0,(172'($*8$

&REHUWXUD 3REODFLyQ6HUYLGD  


3REODFLyQWRWDOHQHOiUHDGHO3UR\

&REHUWXUDGH 8VXDULRVFRQPHGLGRU  


PHGLFLyQ 1~PHURWRWDOGHXVXDULRV

&RQWLQXLGDGGHOVHUYLFLR +RUDVVXPLQLVWUR ,JXDOD


KRUDV
&DQWLGDGGHDJXD
&DXGDOPtQLPRHQODIXHQWH  0D\RUDO
&DXGDOPi[LPRHQHOVLVWHPD
&DOLGDGGHDJXD
&ORURUHVLGXDOGHODUHG ±PJ

$/&$17$5,//$'26$1,7$5,2

&REHUWXUD 3REODFLyQ6HUYLGD 



3REODFLyQWRWDOHQHOiUHDGHO3UR\

/(75,1,=$&,Ï1

1ƒWRWDOGHYLYLHQGDVVHUYLGDV 
&REHUWXUD 1ƒWRWDOGHYLYLHQGDV 

1ƒGHOHWULQDVHQEXHQHVWDGR 
(VWDGR*HQHUDO 1ƒGHOHWULQDVYLVLWDGDV 

*(67,Ï1$'0,1,675$7,9$&20(5&,$/

0RQWRUHFDXGDGR 
0RQWRIDFWXUDGR
ËQGLFHGH0RURVLGDG 0HQRUD


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;26
'(/7Ì78/29


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

&217(1,'2$1(;267Ë78/29

$QH[R9±D(VWUXFWXUDRUJDQL]DFLRQDOGHO&RPLWpGH$JXD3RWDEOH
\6DQHDPLHQWR
$QH[R9±E(VWDWXWRGHO&RPLWpGH$JXD3RWDEOH\6DQHDPLHQWR
$QH[R9D(VWUXFWXUDRUJDQL]DFLRQDOGHXQD&RRSHUDWLYDGH6HUYLFLRV
$QH[R9±E(VTXHPDGHO(VWDWXWRGHXQD&RRSHUDWLYDGH6HUYLFLRV
$QH[R9D(VWUXFWXUDRUJDQL]DFLRQDOGHXQD6RFLHGDG$QyQLPD0L[WD
$QH[R9±D(VWUXFWXUDRUJDQL]DFLRQDOGHO0RGHOR,QYHUVLRQLVWD±
     2SHUDGRU&RQVWUXFWRU
$QH[R9±D(VWUXFWXUDRUJDQL]DFLRQDOGHOD(PSUHVD3~EOLFD0XQLFLSDO
$QH[R9E(VWDWXWRVGHOD(PSUHVD3~EOLFD0XQLFLSDO
$QH[R9±D(VWUXFWXUDRUJDQL]DFLRQDOHQOD3UHVWDFLyQ'LUHFWD
     GH6HUYLFLRVSRUXQ*RELHUQR0XQLFLSDO


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6


$1(;29±D

(6758&785$25*$1,=$&,21$/'(/
&20,7e'($*8$327$%/(<6$1($0,(172

$6$0%/($
*(1(5$/'(868$5,26

35(6,'(17(

6(&5(7$5,2'(
$'0,1,675$'25 92&$/(6
$&7$6

23(5$'25(6


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6
5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;29E

(67$78726
'(/&20,7e'($*8$327$%/(<6$1($0,(172

$57,&8/2&21&(372

 (O&RPLWpGH$JXD3RWDEOH\6DQHDPLHQWRHVHOyUJDQRGHVLJQDGRSRUOD$VDPEOHD*HQHUDO
GH8VXDULRVSDUDGHODDGPLQLVWUDFLyQRSHUDFLyQPDQWHQLPLHQWRUHSDUDFLRQHV\DPSOLDFLRQHV
PHQRUHVGHORVVHUYLFLRVGHDJXDSRWDEOH\VDQHDPLHQWR

$57,&8/22%-(72'(/6(59,&,2

 6RQREMHWLYRVGHOVHUYLFLRORVVLJXLHQWHV

D  6XPLQLVWUDUHODJXDSRWDEOHDORVXVXDULRVXWLOL]DQGRODV1RUPDV\SURFHGLPLHQWRVGLFWDGRV
SRUHO9LFHPLQLVWHULRGH6HUYLFLRV%iVLFRV
E  $GPLQLVWUDUHOVHUYLFLRFRQHÀFLHQFLD\WUDQVSDUHQFLD
F  3UHVHUYDU ODV HVWUXFWXUDV  H LQVWDODFLRQHV  PHGLDQWH DGHFXDGDV ODERUHV  GH RSHUDFLyQ \
PDQWHQLPLHQWR
G  *DUDQWL]DUODVRVWHQLELOLGDGGHORVVLVWHPDV

$57,&8/2$75,%8&,21(6<5(63216$%,/,'$'(6

 /DVDWULEXFLRQHV\UHVSRQVDELOLGDGHVGHO&RPLWpGH$JXD\6DQHDPLHQWRVRQ

D  5HSUHVHQWDUHQDFWRVS~EOLFRV\RÀFLDOHVDOVHUYLFLRGHDJXDSRWDEOH\VDQHDPLHQWR
E  &XPSOLU\KDFHUFXPSOLUORV(VWDWXWRV5HJODPHQWRV5HVROXFLRQHVGHODVDVDPEOHDVVHVLRQHV
GHO&$3<6\ODVGLVSRVLFLRQHVGHOD',1$6%$
F  &XPSOLU\KDFHUFXPSOLUORVFRPSURPLVRVFRQWUDtGRV
G  &RQYRFDUD$VDPEOHDVRUGLQDULDV\RH[WUDRUGLQDULDVGHXVXDULRV
H  (ODERUDUHO3ODQGH7UDEDMR$QXDO
I  (ODERUDUHOSUHVXSXHVWRDQXDO
J  5HDOL]DUHOFDWDVWURGHXVXDULRVUHDOHVIDFWLEOHV\SRWHQFLDOHV
K  5HDOL]DUFRQODDVLVWHQFLDWpFQLFDGHODHPSUHVDRGHOD87,0HOFDWDVWURHLQYHQWDULRWpFQLFR
GHOVLVWHPD
L  9HODUSRUODEXHQDPDUFKD\PDQWHQLPLHQWRGHORVVHUYLFLRV
M  (IHFWXDU UHSDUDFLRQHV  PHQRUHV 6H HQWLHQGH SRU UHSDUDFLyQ PHQRU DTXHOOD FX\R FRVWR VHD
PHQRUDOGHOWRWDOGHODLQYHUVLyQ
N  &XVWRGLDUORVELHQHVGHOVHUYLFLR\SUHVHUYDUORVRUHFLELUORVFRQIRUPHDOFDWDVWURHLQYHQWDULR
WpFQLFR
O  $XWRUL]DU\VXSHUYLVDUODLQVWDODFLyQGHODVFRQH[LRQHVGRPLFLOLDULDV
P  &RQWUDWDU SHUVRQDO  UHQWDGR SDUD OD PDUFKD  GHO VHUYLFLR GH DFXHUGR  D VXV QHFHVLGDGHV \
SRVLELOLGDGHV
Q  3UHVHQWDULQIRUPHVWULPHVWUDOHVVREUHODPDUFKDGHOVHUYLFLRDOD8QLGDG7pFQLFD,QWHUQD
0XQLFLSDORDOD(PSUHVDGH$VLVWHQFLDWpFQLFD
R  &RRUGLQDUHQIRUPDSHUPDQHQWHFRQOD2UJDQL]DFLyQ7HUULWRULDOGH%DVH 27% 

$57,&8/26(6,21(6

 (O&$3<6WHQGUiGRVFODVHVGHVHVLRQHV2UGLQDULDV\([WUDRUGLQDULDV
 /DVVHVLRQHV2UGLQDULDVGHO&$3<6VHUHDOL]DUiQHQXQDIHFKDÀMDGDFDGDPHV
 /DVVHVLRQHV([WUDRUGLQDULDVVHUHDOL]DUiQHQFXDOTXLHUGtD\KRUDFXDQGRDOJXQRGHORV

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

PLHPEURVFLWHFRQFDUiFWHUGHXUJHQFLDSDUDWUDWDUDOJ~QDVXQWRGHYLWDOLPSRUWDQFLDSDUDHO
VHUYLFLR
 (OTXyUXPUHTXHULGRSDUDODUHDOL]DFLyQGHODVVHVLRQHV2UGLQDULDV\([WUDRUGLQDULDVGHO&$3<6
VHUiGHODPLWDGPiVXQRGHVXVPLHPEURV
 &XDQGRHQXQD6HVLyQ([WUDRUGLQDULDX2UGLQDULDQRKXELHUDTXyUXPHQHOGtD\KRUDÀMDGRV
VHKDUiXQDVHJXQGDFRQYRFDWRULDÀMDQGRGtD\KRUDOXHJRGHXQDKRUDGHHVSHUDVHOOHYDUi
DFDERFRQHOQ~PHURGHSUHVHQWHV

$57,&8/2&20326,&,21'(/&20,7e'($*8$<6$1($0,(172

 (O&RPLWpGH$JXD\6DQHDPLHQWRHVWDUiFRPSXHVWRSRUORVVLJXLHQWHVPLHPEURV

 3UHVLGHQWH
 6HFUHWDULR*HQHUDO
 $GPLQLVWUDGRU
 9RFDOHV

$57,&8/2)81&,21(6'(/26',5(&7,926

'(/35(6,'(17(

6XVDWULEXFLRQHVVRQ
D  (MHUFHUODUHSUHVHQWDFLyQOHJDOGHO&$3<6
E  3UHVLGLUODV$VDPEOHDVGH8VXDULRV\ODVVHFFLRQHVGHO&$3<6
F  $XWRUL]DUFRQMXQWDPHQWHHO$GPLQLVWUDGRUORVJDVWRVHLQYHUVLRQHVGHIRQGRV\YLVWREXHQRD
ORV%DODQFHV(FRQyPLFRVTXHVHSUHVHQWHQ(VWDDXWRUL]DFLyQODHMHUFHUiPHGLDQWHÀUPDHQ
ORVGRFXPHQWRVSHUWLQHQWHVQRDFHSWDQGRDXWRUL]DFLRQHVYHUEDOHV
G  5HYLVDUORVOLEURVGRFXPHQWRVFRQWDEOHV\FRPSUREDQWHVYLViQGRORVFRQVXÀUPD
H  $EULUHQIRUPDFRQMXQWDFRQHO$GPLQLVWUDGRUXQDFXHQWDGHDKRUURVFRQGHVWLQRDOIRQGRGH
UHVHUYD
I  5HQGLULQIRUPHVWpFQLFR\HFRQyPLFRFRQMXQWDPHQWHFRQHODGPLQLVWUDGRU\RWURVLQIRUPHV
TXHVROLFLWHHO*RELHUQR0XQLFLSDO

 '(/6(&5(7$5,2*(1(5$/

6XVDWULEXFLRQHVVRQ
D  /OHYDUHOOLEURGH$FWDVGHODV$VDPEOHDV\VHVLRQHV
E  5HFDXGDU\VXVFULELUHQIRUPDFRQMXQWDFRQHO3UHVLGHQWHODFRUUHVSRQGHQFLD
F  0DQWHQHUDOGtDODGRFXPHQWDFLyQDVXFDUJR
G  &XVWRGLDUORVOLEURVGHVXFRPSHWHQFLDWDOHVFRPRDFWDVHVWDWXWRVUHJODPHQWRVDUFKLYRV
FRQWUDWRV
H  5HPSOD]DUDOSUHVLGHQWHHQFDVRGHDXVHQFLDRUHQXQFLDHQFDVRGHUHQXQFLDPLHQWUDVVH
HOLJHVXUHHPSOD]DQWHHQXQSOD]RPi[LPRGHGtDV
I  &RQYRFDUFRQMXQWDPHQWHFRQHO3UHVLGHQWHDDVDPEOHDV\VHVLRQHV
J  2WUDVIXQFLRQHVTXHOHDVLJQHHO&$3<6

 '(/$'0,1,675$'25

6XVDWULEXFLRQHVVRQ
D  &RQWURODUVXVLQJUHVRVHFRQyPLFRVGHOVHUYLFLRSRUFXDOTXLHUFRQFHSWR
E  &XLGDUORVIRQGRV\YDORUHVPDWHULDOHVGHOVHUYLFLR
F  (IHFWXDUHOSDJRGHODVREOLJDFLRQHVFRQWUDtGDVGHELGDPHQWHYLVDGDVSRUHOSUHVLGHQWH

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

G  /OHYDU DO GtD  HO PRYLPLHQWR  FRQWDEOH  GHO &$3<6 DVt FRPR WRGD OD GRFXPHQWDFLyQ
SHUWLQHQWH
H  /OHYDU HO UHJLVWUR R FDWDVWUR GH XVXDULRV DVt FRPR OD PDUFKD GH ODV DSRUWDFLRQHV  X
FREUDQ]DV
I  3URJUDPDUODVDFWLYLGDGHVGHRSHUDFLyQ\PDQWHQLPLHQWREDMRHODVHVRUDPLHQWRGHOD8QLGDG
7pFQLFD,QWHUQD0XQLFLSDORFRQOD(PSUHVDGH$VLVWHQFLD7pFQLFD
J  &RQWUDWDU\FRQWURODUHOGHVHPSHxRGHORSHUDGRUGHOVLVWHPD
K  (ODERUDUHOLQIRUPHWULPHVWUDOVREUHHOHVWDGRGHOVHUYLFLRV\\HOHYDUORDOD8QLGDG7pFQLFD,QWHUQD
0XQLFLSDORGHOD(PSUHVDGH$VLVWHQFLD7pFQLFDSUHYLDDXWRUL]DFLyQGHO3UHVLGHQWH

 '(/2692&$/(6

6XVDWULEXFLRQHVVRQ
D  &RRSHUDUDORVGHPiVPLHPEURVHQVXVGLVWLQWDVIXQFLRQHVGHPDQHUDTXHpVWDVVHOOHYHQ
DFDERFRQPD\RUHÀFLHQFLD
E  5HPSOD]DUWHPSRUDOPHQWHHQODVIXQFLRQHVGHXQPLHPEURDXVHQWHDÀQGHTXHQRVH
SHUMXGLTXHODPDUFKDGHOVHUYLFLRH[FHSWRDO3UHVLGHQWH

$57,&8/2,1*5(626

 /DSULQFLSDOIXHQWHGHLQJUHVRVGHO&$3<6ORFRQVWLWX\HODUHFDXGDFLyQGHORVUHFXUVRVSRU
FRQVXPRGHDJXDPHGLDQWHWDULIDVÀMDVRGLIHUHQFLDGDV
 &RQVWLWX\HQRWURVLQJUHVRVGHOVHUYLFLR
D  &REURSRUGHUHFKRGHFRQH[LyQPXOWDVRFXDOTXLHURWURFRQFHSWR
E  'RQDWLYRVFRQWULEXFLRQHVFXRWDVH[WUDRUGLQDULDLQWHUHVHVEDQFDULRVSURGXFWRVGHDFWLYLGDGHV
UHDOL]DGDVHWF

$57,&8/2'(/266(59,&,26

 /RVVHUYLFLRVSXHGHQFODVLÀFDUVHHQODVVLJXLHQWHVFDWHJRUtDV

D  2ÀFLDO\HVSHFLDO
(VHOTXHVHSUHVWDDHQWLGDGHVRÀFLDOHV\GHGHUHFKRS~EOLFRWDOHVFRPRHVFXHODVSXHVWRVGH
VDOXG

E  'RPpVWLFR
(VHOTXHQRUPDOPHQWHVHSUHVWDDOXVXDULR\HVWiGHVWLQDGRDODSUHSDUDFLyQGHDOLPHQWRVDVHR
SHUVRQDOODYDGRGHURSD\OLPSLH]DGHODYLYLHQGD

F  &RPHUFLDO
(VHOTXHVHSUHVWDDUHVWDXUDQWHVSHQVLRQHVKRWHOHV\DORMDPLHQWRV

G  ,QGXVWULDO
(V HO  TXH VH SUHVWD  D HVWDEOHFLPLHQWRV LQGXVWULDOHV  FRPR VHU  JUDQMDV DYtFRODV SRUTXHUL]DV
HVWDFLRQHVGHVHUYLFLRVIDEULFDVGHKLHORUHIUHVFRV

 (O  8VXDULR GHEH  SHUWHQHFHU D XQD  GH ODV FDWHJRUtDV PHQFLRQDGDV (O &$3<6 QR SRGUi
HVWDEOHFHUH[FHSFLRQHVEDMRQLQJ~QFRQFHSWR

 &RQHOÀQGHDVHJXUDUODVRVWHQLELOLGDGGHOVHUYLFLRHO&RPLWpHQFRRUGLQDFLyQFRQOD8QLGDG
7pFQLFD  ,QWHUQD 0XQLFLSDO SURSRQGUi D OD $VDPEOHD  GH 8VXDULRV OD  DFHSWDFLyQ GH OD
HVWUXFWXUDWDULIDULDSRUFRQVXPRGHDJXDODTXHVHUiSUHVHQWDGDDO&RQVHMR0XQLFLSDOSDUD

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

VXDSUREDFLyQ
$57,&8/2)21'2'(5(6(59$(,19(56,21(6

 /RVVDOGRVDIDYRUPHQVXDOPHQWHSDVDUiQDFRQVWLWXLUHO)RQGRGH5HVHUYDH,QYHUVLyQ
SDUDFXEULUORVJDVWRVHPHUJHQWHVGDODUHSRVLFLyQGHHTXLSRVDPSOLDFLRQHVUHSDUDFLRQHV
PHQRUHV\FRQWUDSDUWHSDUDUHSDUDFLRQHV\DPSOLDFLRQHVPD\RUHV

 (O&$3<6HQORSRVLEOHPDQWHQGUiORV)RQGRVGH5HVHUYDH,QYHUVLyQHQXQDFXHQWDEDQFDULD
FRQHOÀQGHJDUDQWL]DUVXVHJXULGDG

 (O&$3<6UHVHUYDUiXQDVXPDÀMDSDUDORVJDVWRVPHQRUHVGHOPHVEDMRODGHQRPLQDFLyQ
GH´&DMD&KLFDµ

 /RVLQJUHVRVTXHSHUFLEDHO&$3<6SRUFXDOTXLHUFRQFHSWR LQFOX\HQGRGRQDFLRQHV VRORSRGUiQ


VHULQYHUWLGRVHQEHQHÀFLRGLUHFWRGHOVHUYLFLRGHDJXDSRWDEOHRHQREUDVGHVDQHDPLHQWR

 /DVLQYHUVLRQHVUHODFLRQDGDVFRQODPRGLÀFDFLyQRDPSOLDFLyQGHODVHVWUXFWXUDVLQVWDODFLRQHV
\HTXLSRVGHEHQVHUSUHYLDPHQWHFRQVXOWDGRVFRQOD8QLGDG7pFQLFD,QWHUQDGHO*RELHUQR
0XQLFLSDO

$57,&8/2(/(&&,21(6

/DVHOHFFLRQHVFRQVWLWX\HQHOSURFHGLPLHQWRSRUHOFXDOORVXVXDULRVHOLJHQDO&RPLWpGH$JXD
3RWDEOH\6DQHDPLHQWR
(OSHULRGRGHJHVWLyQGHO&$3<6HVGHGRV  DFXDWUR  DxRVSXGLpQGRVHUHHOHJLUDO
GHVXVPLHPEURV

$57,&8/2&20,7e&(6$17(

 $OFXPSOLUVHHOSHULRGRGH*HVWLyQGHO&$3<6HVWHFLWDUiDOD$VDPEOHD*HQHUDOGH8VXDULRV
SDUDHOHJLUHO&RPLWpHOHFWRUDODVtFRPRSDUDSUHVHQWDUHO,QIRUPHGHOD*HVWLyQ\HO%DODQFH
FRUUHVSRQGLHQWH
 /RV PLHPEURV GHO &$3<6 FHVDQ HQ VXV IXQFLRQHV HQ OD IHFKD  GH SRVHVLyQ GH OD QXHYD
'LUHFWLYD
 /RVPLHPEURVGHO&$3<6FHVDQWHGHEHUiQHQWUHJDUDO&$3<6HQWUDQWHWRGDODGRFXPHQWDFLyQ
\ELHQHVGHOVHUYLFLRPHGLDQWHLQYHQWDULR

$57,&8/2&20,7e(/(&725$/

(ODFWRHOHFWRUDOHVWDUiDFDUJRGHXQ´&RPLWp(OHFWRUDOµHOHJLGRHQDVDPEOHD\FRQVWLWXLGRSRU
XQ3UHVLGHQWH6HFUHWDULR\9RFDO
(O&RPLWp(OHFWRUDOFRPRyUJDQRDXWyQRPRVHVXMHWDUiDOUHJODPHQWRGHHOHFFLRQHVHOPLVPR
TXHGHEHVHUDSUREDGRSRUDO$VDPEOHD2UGLQDULDGH8VXDULRV
(O&RPLWp(OHFWRUDOVXMHWDUiVXVDFWRVDXQFDOHQGDULRDSUREDGRSDUDODUHQRYDFLyQGHORV
PLHPEURVGHO&$3<6
/RV 0LHPEURV GHO &RPLWp (OHFWRUDO QR SRGUiQ VHU SURSXHVWRV  FRPR FDQGLGDWRV HQ ODV
(OHFFLRQHV
(O&RPLWp(OHFWRUDOSDUDÀQDOL]DUVXVIXQFLRQHVXQDYH]FRQFOXLGRHOSURFHVRFRQYRFDUiD
$VDPEOHDSDUDGDUDFRQRFHUORVUHVXOWDGRVGHOHVFUXWLQLR\GDUiSRVHVLyQHOQXHYR&$3<6
WHUPLQDQGRODVIXQFLRQHVGHO&RPLWp(OHFWRUDO


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$57,&8/26$1&,21(6

/26',5(&7,926

D  3RUQRDFDWDUODVGLVSRVLFLRQHVGHOSUHVHQWH(VWDWXWRGHOUHJODPHQWRRDODVUHVROXFLRQHVGH
ODDVDPEOHDVHVLRQHVGHO&$3<6\GLVSRVLFLRQHVGHO*RELHUQR0XQLFLSDO
E  3RUQHJOLJHQFLDHQHOGHVHPSHxRGHVXVIXQFLRQHV
F  3RUDEXVRGHDXWRULGDG
G  3RULQDVLVWHQFLDDODVVHVLRQHV\DVDPEOHDVSRUPiVGHWUHVYHFHVFRQVHFXWLYDV

$57,&8/2$6$0%/($*(1(5$/'(868$5,26

/D$VDPEOHD *HQHUDO GH 8VXDULRV HVWi FRQVWLWXLGD SRU WRGRV  ORV XVXDULRV  GHO VHUYLFLR
&RQVWLWX\HODPi[LPDDXWRULGDGHQODDGPLQLVWUDFLyQGHOVHUYLFLR

/DV$VDPEOHDVVHFODVLÀFDQHQ2UGLQDULDV\([WUDRUGLQDULDV

D  $VDPEOHDVRUGLQDULDVVHUHDOL]DUDQGRVYHFHVDODxRFRQXQLQWHUYDORQRPD\RUDPHFHV6XV
DWULEXFLRQHVVRQ'HVLJQDUDORVPLHPEURVGHO&$3<6DSUREDUHOEDODQFHHFRQyPLFRDQXDO
DSUREDUHOVLVWHPDWpFQLFRDSUREDUHOLQIRUPHWpFQLFRGHOVLVWHPDDSUREDUODHVWUXFWXUDWDULIDULD
DSUREDUODRSFLyQWpFQLFD\QLYHOGHVHUYLFLR
E  $VDPEOHDVH[WUDRUGLQDULDVVHUHDOL]DUiQFXDQWDVYHFHVIXHUHQHFHVDULR7HQGUiQOXJDUFRQXQD
SUHVHQFLDGHODTXLQWDSDUWHGHORVXVXDULRV6XVDWULEXFLRQHVVRQ'HVWLWXLUDORVGLUHFWLYRVTXHQR
FXPSODQGHELGDPHQWHFRQVXVREOLJDFLRQHVGHVLJQDUQXHYRVPLHPEURVHQHOGLUHFWRULRDWHQGHU
UHFODPRVFRQWUDPLHPEURVGHO&$3<65HYLVDU\RPRGLÀFDUHVWDWXWRV\UHJODPHQWRV

&RQYRFDWRULD\4XRUXP

D  /D&RQYRFDWRULDD$VDPEOHDRUGLQDULD\H[WUDRUGLQDULDVHHIHFWXDUiGHSUHIHUHQFLDDGRPLFLOLR
RXWLOL]DQGRORVPHGLRVSXEOLFLWDULRVDVXDOFDQFH
E  (QODFLWDFLyQVHGHEHHVWDEOHFHUHORUGHQGHOGtD\RPRWLYRGHODUHXQLyQHOOXJDUGRQGHVH
OOHYDUiDFDERHOGtD\ODKRUD(QHOFDVRGH$VDPEOHDVRUGLQDULDVHVWDFLWDFLyQGHEHHIHFWXDUVH
FRQRFKR  RPiVGtDVGHDQWLFLSDFLyQ\HQHOFDVRGHODV$VDPEOHDV([WUDRUGLQDULDFRQ
WUHV  RPiVGtDVGHDQWLFLSDFLyQ
F  (OTXyUXPUHJODPHQWDULRSDUDODLQVWDODFLyQ\GHVDUUROORGHODV$VDPEOHDVVHUiODPLWDGPiV
XQRGHORVXVXDULRV
G  (QHOFDVRGH$VDPEOHDVRUGLQDULDVVLQRKXELHUDTXyUXPDODKRUDÀMDGDVHDJXDUGDUiXQD
KRUD9HQFLGRGLFKRSOD]RVHOOHYDUiDFDERODDVDPEOHDFRQHOQ~PHURGHXVXDULRVDVLVWHQWHV
6XVUHVROXFLRQHVVHUiQGHFXPSOLPLHQWRREOLJDWRULR
H  (QHOFDVRGH$VDPEOHDH[WUDRUGLQDULDVLQRKXELHUDTXyUXPHQHOGtD\KRUDÀMDGRVVH
KDUiXQDVHJXQGDFRQYRFDWRULDÀMDQGRGtD\KRUDOXHJRGHXQDKRUDGHHVSHUDVHOOHYDUi
DFDERODPLVPDFRQHOQ~PHURGHXVXDULRVSUHVHQWHV
I  /RVDFXHUGRVVHWRPDUiQSRUVLPSOHPD\RUtDGHYRWRV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;29±D
(6758&785$25*$1,=$&,21$/
'(81$&223(5$7,9$'(6(59,&,26'(
$*8$327$%/(<$/&$17$5,//$'26$1,7$5,2

(6758&785$$62&,$7,9$

$6$0%/($*(1(5$/'(
62&,262'(/(*$'26

27526&20,7e6 &216(-2'(
('8&$&,Ð1$6,67(1&,$ &216(-2'(
$'0,1,675$&,Ð1 9,*,/$1&,$
62&,$/(7&

(6758&785$(035(6$5,$/

*(5(17(

'372 '372'(
'372 $'0,1,675$7,92
7e&1,&2 <),1$1=$6 &20(5&,$/,=$&,Ð1

62&,26²868$5,26


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;29E
(648(0$'((67$7872
'(81$&223(5$7,9$'(6(59,&,26'($*8$327$%/(

&$3Ì78/2,²&21',&,21(6*(1(5$/(6

&2167,78&,Ð1<'(120,1$&,Ð1
'20,&,/,2
'85$&,Ð1
5$',2'(23(5$&,21(6
5(63216$%,/,'$'
2%-(7,926*(1(5$/(6<(63(&Ì),&26

&$3Ì78/2,,²'(/2662&,26

&21',&,21(6'($'0,6,Ð1'(62&,26
(;&/86,Ð1
'(5(&+26<'(%(5(6

&$3Ì78/2,,,²'(/5e*,0(1(&21Ð0,&2<),1$1&,(52

)21'262&,$/
)21'2'(23(5$&,21(6
3$*2'(&827$6
&(57,),&$'26'($3257$&,Ð1<3$57,&,3$&,Ð1
(;&('(17(6
)21'2'(5(6(59$/(*$/
)21'2'(5(6(59$3$5$('8&$&,Ð1
)21'2'(5(6(59$3$5$35(9,6,Ð162&,$/

&$3Ì78/2,9²(6758&785$25*É1,&$'(/$&223(5$7,9$

',5(&&,Ð1$'0,1,675$7,9$<9,*,/$1&,$
/$$6$0%/($*(1(5$/
&216(-2'($'0,1,675$&,Ð1
&216(-2'(9,*,/$1&,$
*(5(1&,$
&20,7e6

&$3Ì78/29²'(/5e*,0(1(&21Ð0,&2

%,(1(63$75,021,$/(6
35(6(17$&,Ð1'(%$/$1&(6
(;&('(17(6
/,%526'(&217$%,/,'$'
/,%526'(5(*,67526'(62&,26
/,%526'($&7$6

&$3Ì78/29,²'(/$5()250$'(/(67$7872

&$3Ì78/29,,²'(/$',62/8&,Ð1</,48,'$&,Ð1'(/$&223(5$7,9$

&$3Ì78/29,,,²'(/)257$/(&,0,(172(&21Ð0,&2<5,(6*2&203$57,'$

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;29D

(6758&785$25*$1,=$&,21$/
62&,('$'$1Ð1,0$0,;7$

3$57(3Ô%/,&$
(67$'235()(&785$6081,&,3,26 3$57( 35,9$'$
(035(6$63Ô%/,&$6275$6 (035(6$635,9$'$6(36$(7&
'(3(1',(17(6'(/(67$'2

-817$ '(
$&&,21,67$6

',5(&725,2

*(5(1&,$
*(1(5$/

'
 (3(1'(1&,$623(5$7,9$6

*(5(1&,$ *(5(1&,$ *(5(1&,$


$'0,1,675$7,9$ 7(&1,&$ &20(5&,$/,=$&,21

 'H DFXHUGR DO WDPDxR GH ORV VLVWHPDV \ Q~PHUR GH XVXDULRV ODV GHSHQGHQFLDV
RSHUDWLYDVSRGUiQWHQHUHVWUXFWXUDVPiVVLPSOHV



$1(;29D
(6758&785$25*$1,=$&,21$/
02'(/2,19(56,21,67$23(5$'25²&216758&725

&216758&725
,19(56,21,67$
23(5$'25
25*$1,=$&,Ð1
35,9$'$
(36$
6,1(/(0(17262'(3(1'(1&,$6'($'0,1,675$&,Ð1 ‡ ,19,(57(
23(5$&,Ð1<0$17(1,0,(172 ‡ &216758<(
‡ 23(5$
5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

‡ 0$17,(1(
‡ $'0,1,675$
5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;29D

(6758&785$25*$1,=$&,21$/

'(81$(035(6$3Ô%/,&$081,&,3$/

*2%,(512
081,&,3$/

',5(&725,2

*(5(1&,$
*(1(5$/

'(3(1'(1&,$623(5$7,9$6

*(5(1&,$ *(5(1&,$ *(5(1&,$'(


$'0,1,675$7,9$ 7e&1,&$ &20(5&,$/,=$&,Ð1

'372'( '372'(
$/&$17$5,//$'2
$*8$327$%/( 6$1,7$5,2

 'H DFXHUGR DO WDPDxR GH ORV VLVWHPDV \ Q~PHUR GH XVXDULRV ODV GHSHQGHQFLDV
RSHUDWLYDVSRGUiQWHQHUHVWUXFWXUDVPiVVLPSOHV


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;29²E
(67$78726
'(/$(035(6$3Ô%/,&$081,&,3$/

$57,&8/2&21&(372

 /D(PSUHVD3~EOLFD0XQLFLSDOGH6HUYLFLRVHVHOyUJDQRGHVLJQDGRSRUHO*RELHUQR0XQLFLSDO
TXHVHUHJLUiSRUVX(VWDWXWR2UJiQLFR\5JODPHQWR,QWHUQRGH3UHVWDFLyQGH6HUYLFLRV
 /D(PSUHVD0XQLFLSDOGHVHUYLFLRVWHQGUiGXUDFLyQLQGHÀQLGD\VXGRPLFLOLRVHUiODFDSLWDO
0XQLFLSDOGHODVHFFLyQSHUWLQHQWH

$57,&8/22%-(72'(/6(59,&2

 6RQREMHWLYRVGHOVHUYLFLRORVVLJXLHQWHV

D  3UHVWDU  \ DGPLQLVWUDU ORV VHUYLFLRV GH DJXD  SRWDEOH  \ VDQHDPLHQWR  HQ OD FDSLWDO GHO
0XQLFLSLR
E  (VWDEOHFHUODHVWUXFWXUDWDULIDULDSRUORVVHUYLFLRVTXHSUHVWDGHDFXHUGRDODVFDUDFWHUtVWLFDV
SURSLDVGHFDGDVLVWHPD
F  0DQWHQHU \ GHVDUUROODU  VLVWHPDV  GH FRQWURO LQWHUQR  DGPLQLVWUDWLYR ILQDQFLHUR  \ GH
FRQWDELOLGDG
G  )LQDQFLDU\HMHFXWDUGLUHFWDPHQWHRSRUFRQWUDWRODVREUDV\VHUYLFLRVHVSHFtÀFRVQHFHVDULRV
SDUDHOFXPSOLPLHQWRGHVXVÀQHV
H  $GTXLULUSRVHHUDGPLQLVWUDU\WUDQVIHULUORVELHQHVUHODFLRQDGRVFRQHOVHUYLFLR
I  6ROLFLWDUDORVRUJDQLVPRVS~EOLFRVFRUUHVSRQGLHQWHVODVH[SURSLDFLRQHVQHFHVDULDVSDUDVXV
ÀQHV
J  *HVWLRQDU\FRQWUDWDUHPSUpVWLWRVFRQODDXWRUL]DFLyQGHO&RQFHMR0XQLFLSDO
K  ,PSRQHUVDQFLRQHVDORVXVXDULRVSRULQIUDFFLyQDODVQRUPDVOHJDOHVUHODWLYDVDORVVHUYLFLRV
GHDJXDSRWDEOH\DOFDQWDULOODGR
L  6XSHUYLVDU\VLVWHPDWL]DUODLQIRUPDFLyQVREUHHOIXQFLRQDPLHQWRGHORVVLVWHPDVGHDJXD
\DOFDQWDULOODGRHQVXWHUULWRULRRSHUDFLRQDO
M  $SOLFDU OD /H\ 1ž  \ VXV 5HJODPHQWRV SDUD OD  SURWHFFLyQ \ FRQVHUYDFLyQ GHO PHGLR
DPELHQWH
N  &XPSOLUVLQOLPLWDFLyQFRQWRGDVVXVIXQFLRQHV
O  'HVDUUROODUSURJUDPDVGH(GXFDFLyQ6DQLWDULDH+LJLHQHDIDYRUGHORVXVXDULRV

$57,&8/2'(/',5(&725,2

 /D(PSUHVD3~EOLFD0XQLFLSDOGH6HUYLFLRVHVWDUiUHJLGDSRU

D  8Q'LUHFWRULRFRQIRUPDGRSRU

 8Q3UHVLGHQWHTXHUHFDHHQHO+$OFDOGH0XQLFLSDO
 5HSUHVHQWDQWHVGHO*RELHUQR0XQLFLSDO GHO'LUHFWRULR
 5HSUHVHQWDQWHVGHO&RPLWpGHYLJLODQFLD GHO'LUHFWRULR
 5HSUHVHQWDQWHVGHHQWLGDGHVSURIHVLRQDOHVYLQFXODGDVDO6HFWRU GHO'LUHFWRULR

 /RVPLHPEURVGHO'LUHFWRULRGXUDUiQHQVXVIXQFLRQHVXQSHULRGRGHJHVWLyQ0XQLFLSDOSXGLHQGR
VHUUHHOHJLGRV

 /DGHVLJQDFLyQGHORVPLHPEURVGH'LUHFWRULRVHHIHFWXDUiGHDFXHUGRDOUpJLPHQLQWHUQR
 GHFDGDHQWLGDGUHSUHVHQWDGD
5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

 (O'LUHFWRULRHQVXSULPHUDUHXQLyQDQXDOHOHJLUiGHHQWUHORVPLHPEURV\SRUGRVWHUFLRV
GHYRWRVXQYLFHSUHVLGHQWHSDUDODJHVWLyQFRUUHVSRQGLHQWH7DPELpQHQHVWDPLVPDUHXQLyQ
ÀMDUiORVGtDV\KRUDVGHUHXQLyQ(OTXyUXPVXÀFLHQWHSDUDFDGDUHXQLyQVHUiODPLWDGPiV
XQRGHVXVPLHPEURV6XVIXQFLRQHVVRQLQGHOHJDEOHV\VRORVHDFHSWDUiQVXSOHQFLDVSRU
LPSHGLPHQWRGHELGDPHQWHMXVWLÀFDGRVSUHYLDGHFLVLyQGHGRVWHUFLRVGHVXVPLHPEURV

 6XVDWULEXFLRQHVVRQ

D  $SUREDU\PRGLÀFDUORV(VWDWXWRV\5HJODPHQWRVGHODHQWLGDG
E  $SUREDUOD0HPRULD$FWXDO
F  &RQVLGHUDU\DSUREDUORV%DODQFHV&RQVROLGDGRVGH3pUGLGDV\*DQDQFLDV\5HFDSLWXODFLyQ
GH8WLOLGDGHVTXHSURSRQJDOD*HUHQFLD*HQHUDO
G  &RQVLGHUDU\DSUREDUHO3UHVXSXHVWR$QXDOGH,QJUHVRVTXHSUHVHQWHHO*HUHQWH*HQHUDO
H  $XWRUL]DUODFRQWUDWDFLyQGHSUpVWDPRVRDMXVWDURSHUDFLRQHVGHFUpGLWRRGHFXDOTXLHUJpQHUR
HQHOH[WHULRUFRQHOYRWRDÀUPDWLYRGHGRVWHUFLRVGHVXVPLHPEURVSXGLHQGRFRPSURPHWHU
HQJDUDQWtDFXDOHVTXLHUDGHVXVELHQHV\YDORUHV
I  'HVLJQDUDO*HUHQWH*HQHUDO\SHUVRQDOVXSHULRUWpFQLFR\DGPLQLVWUDWLYRGHDFXHUGRD
FRQYRFDWRULDS~EOLFDHQEDVHDOH\HVGHOHMHUFLFLRSURIHVLRQDO\GHPiVGLVSRVLFLRQHVOHJDOHV
SHUWLQHQWHV
J  $SUREDUODVWDULIDVTXHIRUPXOHOD*HUHQFLD*HQHUDOSDUDODSUHVWDFLyQGHORVVHUYLFLRVDFDUJR
GHODHQWLGDGGHELHQGRVHUDXWRUL]DGDSRUHO&RQFHMR0XQLFLSDOGHO*RELHUQR0XQLFLSDO
K  $SUREDUODDGTXLVLFLyQGHELHQHV

 /DLQDVLVWHQFLDFRQWLQXDGHXQPLHPEURGH'LUHFWRULRDODVUHXQLRQHVGHHVWHSRUXQSHULRGR
GHWUHVPHVHVSRUFXDOTXLHUPRWLYRSURGXFLUiGHKHFKRODYDFDQFLDGHOFDUJRVDOYRHOFDVR
GHHVWDUHQFRPLVLyQSRUODHQWLGDG

$57,&8/2&20,6,21(6

 (OGLUHFWRULRGHVLJQDUiODVVLJXLHQWHVFRPLVLRQHVGHHQWUHVXVPLHPEURV
D  $VXQWRV7pFQLFRV(FRQyPLFRV\)LQDQFLHURV
E  $VXQWRV/HJDOHV2UJDQL]DFLyQ\5pJLPHQ,QWHUQR
 /DVFRPLVLRQHVVHUHXQLUiQFXDQWDVYHFHVVHDQHFHVDULRFRQODFRQFXUUHQFLDGHO*HUHQWH
*HQHUDORSHUVRQDOVXSHULRUTXHIXHUDUHTXHULGR)RUPDUiQTXyUXPFRQVLPSOHPD\RUtDGHVXV
PLHPEURVLQWHJUDQWHV/RVLQIRUPHVRGLFWiPHQHVVHH[SHGLUiQSRUHVFULWR/RV'LUHFWRUHV
TXHQRHVWpQGHDFXHUGRFRQODPD\RUtDHPLWLUiQVXRSLQLyQHQPLQRUtD\KDUiQFRQVWDUHQ
DFWD(O*HUHQWH*HQHUDOOOHYDUiHOUHJLVWURGHGLFKRVLQIRUPHVHQRUGHQFURQROyJLFR
 /DV&RPLVLRQHVWLHQHQIXQFLyQGHDVHVRUDPLHQWRGHELHQGRHOHYDUVXVLQIRUPHVDFRQVLGHUDFLyQ
GHO'LUHFWRULRSDUDVXUHVROXFLyQ

$57,&8/2$75,%8&,21(6<'(%(5(6'(/35(6,'(17('(/',5(&725,2

6XVDWULEXFLRQHVVRQ

D  5HSUHVHQWDUOHJDOPHQWHDOD(PSUHVD
E  &XPSOLU\KDFHUFXPSOLUODRUGHQDQ]D0XQLFLSDOGHFUHDFLyQGHODHQWLGDGVXV(VWDWXWRV\
5HJODPHQWRVDVtFRPRODV5HVROXFLRQHVGHO'LUHFWRULR
F  &RQYRFDU\SUHVLGLUODVVHVLRQHVRUGLQDULDVH[WUDRUGLQDULDV\UHVHUYDGDVGHO'LUHFWRULR
G  2WRUJDUFRQHO*HUHQWH*HQHUDOORVSRGHUHVTXHDFXHUGHHO'LUHFWRULR
H  )LUPDUOD0HPRULD\ODFRUUHVSRQGHQFLDGHO'LUHFWRULR
I  )LMDUHO2UGHQGHO'tDSDUDODVGHOLEHUDFLRQHVGHO'LUHFWRULR

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

J  'DU FXHQWD  DO 'LUHFWRULR GH ORV DVXQWRV GH LQWHUpV SDUD  OD LQVWLWXFLyQ \ SURSRQHU  ORV TXH
FRQVLGHUHFRQYHQLHQWHV

$57,&8/2$75,%8&,21(6<'(%(5(6'(/9,&(35(6,'(17(

 (O9LFHSUHVLGHQWHUHHPSOD]DUiDO3UHVLGHQWHSRUDXVHQFLDWHPSRUDORLPSHGLPHQWROHJDO
FRQWRGDVODVDWULEXFLRQHVLQKHUHQWHVDOFDUJR

$57,&8/2$75,%8&,21(6<'(%(5(6'(/*(5(17(*(1(5$/

 (O*HUHQWH*HQHUDOHVHOSULQFLSDOHMHFXWLYRGHODHQWLGDG
 /RVUHTXLVLWRVSDUDDFFHGHUDOFDUJRGH*HUHQWH*HQHUDOVRQ
D  &LXGDGDQRHQHMHUFLFLR
E  3RVHHUWLWXORGH,QJHQLHUR&LYLOFRQHVSHFLDOLGDGHQ,QJHQLHUtD6DQLWDULDWHQHUFXDQGRPHQRV
GRVDxRVGHH[SHULHQFLDHQDGPLQLVWUDFLyQGHVHUYLFLRVS~EOLFRV
 (O*HUHQWH*HQHUDOGXUDUiHQVXVIXQFLRQHVXQSHULRGRQRPHQRUDFXDWURDxRVSXGLHQGR
VHUUHPRYLGRRVXVWLWXLGRFRQHOYRWRDÀUPDWLYRGHGRVWHUFLRVGHORVPLHPEURVGHO'LUHFWRULR
(QFDVRVHQTXHKXELHUDLQFXUULGRHQLUUHJXODULGDGHVDGPLQLVWUDWLYDVVHUiGHVWLWXLGRGHO
FDUJRSUHYLRSURFHVRDGPLQLVWUDWLYR6XUHPXQHUDFLyQVHUiÀMDGDSRUHO'LUHFWRULR
 (QFDVRGHLQWHUGLFFLyQRPXHUWHGHO*HUHQWH*HQHUDODVXPLUiVXVIXQFLRQHVHOIXQFLRQDULR
WpFQLFRLQPHGLDWRLQIHULRUPLHQWUDVVHDFXELHUWDODYDFDQFLDSRUHO'LUHFWRULR
 6RQDWULEXFLRQHVGHO*HUHQWH*HQHUDO
D  $GPLQLVWUDUODVDFWLYLGDGHVGHODHPSUHVDFRQIRUPHDODSROtWLFDDSUREDGDSRUHO'LUHFWRULR
E  &XPSOLU \ KDFHU ODV /H\HV (VWDWXWRV \ 5HJODPHQWRV DVt FRPR ODV UHVROXFLRQHV GHO
'LUHFWRULR
F  6XVFULELUFRQHO3UHVLGHQWHGHO'LUHFWRULRORV&RQWUDWRVTXHFHOHEUHOD(PSUHVDVLQSHUMXLFLR
GH ODV IDFXOWDGHV  TXH  WHQJDQ D HVH HIHFWR ORV DSRGHUDGRV  FRQ SRGHU HVSHFLDO RWRUJDGR
FRQIRUPHDOD/H\
G  5HSUHVHQWDUDOD(PSUHVDHQMXLFLRRIXHUDGHpOVDOYRORVFDVRVHQTXHHO'LUHFWRULRFRQÀDUD
H[SUHVDPHQWHHVDUHSUHVHQWDFLyQDXQRGHVXVPLHPEURVXRWURIXQFLRQDULRGHODLQVWLWXFLyQ
\RWHUFHUDVSHUVRQDV
H  (MHUFHUFRQWURO\YLJLODQFLDDORVHPSOHDGRVDSOLFDQGRVDQFLRQHVGLVFLSOLQDULDVSRUIDOWDR
GHÀFLHQFLDVHQVXVREOLJDFLRQHVSXGLHQGRLPSRQHUKDVWDGtDVGHVXVSHQFLyQGHODERUHV
VLQJRFHGHVXHOGR\DXQSURSRQHUDO'LUHFWRULRODH[RQHUDFLyQGHORVHPSOHDGRVFXDQGROR
FUH\HUHFRQYHQLHQWH
I  'HVLJQDUFRQFDUiFWHUDFFLGHQWDODORVDOWRVIXQFLRQDULRVTXHYD\DQDVXSOLUWHPSRUDOPHQWH
DORVWLWXODUHVGDQGRFXHQWDLQPHGLDWDDO'LUHFWRULR
J  3URSRQHUDO'LUHFWRULRODFUHDFLyQGHQXHYRVFDUJRVSDUDVXDSUREDFLyQ
K  3URSRQHUQRPEUHVSDUDDVFHQVRVGHHPSOHDGRVVXSHULRUHVDFRPSDxDQGRLQIRUPHVVREUHVX
FDSDFLGDG\PpULWRDVtFRPRGLVSRQHUHODVFHQVRGHORVHPSOHDGRVVXEDOWHUQRVTXHOOHQHQ
LJXDOHVFRQGLFLRQHV
L  7UDQVIHULUDORVHPSOHDGRVGHXQDIXQFLyQDRWUDWRGDYH]TXHDVtFRQYHQJDDOPHMRUVHUYLFLR
GHODHQWLGDGGHELHQGRLQIRUPDUDO'LUHFWRULRFXDQGRVHWUDWHGHHPSOHDGRVGHMHUDUTXtD
M  'HVHPSHxDUODVIXQFLRQHVGH6HFUHWDULR\9RFDOHQHO'LUHFWRULRFRQGHUHFKRDYR]
N  /OHYDUHOOLEURGHDFWDVGHODVVHVLRQHVGHO'LUHFWRULRDVtFRPRHOUHJLVWURGHORVLQIRUPHV
RGLFWiPHQHVGHODVFRPLVLRQHVUHVSHFWLYDV
O  3UHVHQWDU D FRQVLGHUDFLyQ GHO 'LUHFWRULR  SURSXHVWD V GH UHIRUPDV GH (VWDWXWRV R
5HJODPHQWRV
P  3UR\HFWDU\HMHFXWDUSUHVXSXHVWRVGHHMHUFLFLRDQXDO
Q  &RQWDELOL]DU VXV RSHUDFLRQHV  HFRQyPLFDV  \ ÀQDQFLHUDV UHÁHMiQGRODV  HQ ORV %DODQFHV GH
JHVWLyQDOGHGLFLHPEUHGHFDGDDxRDVtFRPRSURSRQHUWDULIDVRPRGLÀFDFLRQHVGHODV
PLVPDVSRUORVVHUYLFLRVSUHVWDGRV

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

R  &RQWURODUODVDGTXLVLFLRQHVDOPDFHQHVHLQYHQWDULRV\SUHVHQWDUDFRQVLGHUDFLyQGHO'LUHFWRULR
LQLFLDWLYDV\HVWXGLRVGHtQGROHHFRQyPLFDRÀQDQFLHUD
S  3UHVHQWDUDO'LUHFWRULRFDGDVHPHVWUHHO(VWDGR&RQVROLGDGRGH3pUGLGDV\*DQDQFLDV\HO
SUR\HFWRGHGLVWULEXFLyQRUHFDSLWXODFLyQGHXWLOLGDGHVFRQVXVFRUUHVSRQGLHQWHVDQH[RV
T  )LUPDUFRQHO3UHVLGHQWHOD0HPRULD$QXDODSUREDGDSRUHO'LUHFWRULR
U  )UDQTXHDUORVLQIRUPHV\FHUWLÀFDGRVTXHRUGHQHQODVDXWRULGDGHVMXGLFLDOHV
V  5HSUHVHQWDU SRU HVFULWR ODV yUGHQHV  TXH UHFLELHUD  GHO 3UHVLGHQWH  R GH ORV 0LHPEURV GHO
'LUHFWRULRFXDQGRHVWLPHTXHQRHVWiQGHDFXHUGRFRQOD/H\(VWDWXWRV\5HJODPHQWRV
W  (MHUFHUWRGDVODVDWULEXFLRQHV\IXQFLRQHVTXHQRFRPSHWHQDO'LUHFWRULR
 (OJHUHQWH*HQHUDO\SHUVRQDOVXSHULRUVHUiQUHVSRQVDEOHVGHODVRSHUDFLRQHVTXHHIHFW~HQ
SRUGHFLVLyQSURSLD
 (O*HUHQWH*HQHUDO\SHUVRQDOVHUiUHVSRQVDEOHGHORVDFWRVXRPLVLRQHVFRQIRUPHDOD/H\
1ž

$57,&8/23$75,021,25(17$6<&$3,7$/

 6RQELHQHVGHOD(PSUHVD3~EOLFD0XQLFLSDOGH6HUYLFLRV
D  /RVTXHDGTXLHUDQDFXDOTXLHUWLWXOR\
E  /RVTXHVHOHDWULEX\DSRUGLVSRVLFLyQOHJDOH[SUHVD
 6RQUHQWDV\UHFXUVRVSURSLRVGHOD(PSUHVD0XQLFLSDOGHVHUYLFLRV
D  /DVWDULIDVSRUODSUHVHQWDFLyQGHORVVHUYLFLRVDFDUJR
E  ,QJUHVRVSRUFRQFHSWRGHFRQH[LyQ\UHFRQH[LyQ
F  (OLPSRUWHGHODVPXOWDVTXHLPSXVLHUHDOXVXDULR
G  'RQDFLRQHV
 /DVREOLJDFLRQHVÀQDQFLHUDVFRQWUDtGDVSRUODV(PSUHVD3~EOLFD0XQLFLSDOVHFRQVLGHUDQ
UHFXUVRVVXMHWRVDODREOLJDFLyQGHSDJRSRUSDUWHGHOVHUYLFLRHVWDREOLJDFLyQVHUiFXELHUWD
SRUHOLQJUHVRTXHJHQHUDOD(PSUHVDSRUFRQFHSWRGHWDULIDV
 (OFDSLWDOGHOD(PSUHVD3~EOLFD0XQLFLSDOGHVHUYLFLRVDTXHVHUHÀHUHHOSUHVHQWH(VWDWXWR
HVWiFRQVWLWXLGRSRUODDSRUWDFLyQS~EOLFD

(ODSRUWHGHOFDSLWDOS~EOLFRFRQVLVWLUiHQ
D  %LHQHVPXHEOHVHLQPXHEOHV\HIHFWRVGHFXDOTXLHUQDWXUDOH]DQHFHVDULRVSDUDODSUHVWDFLyQ
GHORVVHUYLFLRVGHDJXD\DOFDQWDULOODGR

$57,&8/2'(/5e*,0(1(&21Ð0,&2<),1$1&,(52

 /D 3UHVWDFLyQ GH ORV VHUYLFLRV GH DJXD \ DOFDQWDULOODGR  VH  UHWULEXLUi  FRQ HO SDJR  GH ODV
FRUUHVSRQGLHQWHVWDULIDVTXHQRVHUiQPRWLYRGHH[HQFLyQRUHEDMDDQLQJXQDHQWLGDGR
SHUVRQDS~EOLFDRSULYDGDQDWXUDORMXUtGLFD
 /DV WDULIDV  VH FDOFXODUiQ WHQLHQGR  HQ FXHQWD  ORV JDVWRV  GH DGPLQLVWUDFLyQ RSHUDFLyQ \
PDQWHQLPLHQWRHODSRUWHDOIRQGRGHUHVHUYDRUGLQDULRSDUDODUHSRVLFLyQRVXVWLWXFLyQGHORV
ELHQHVVXMHWRVDGHSUHFLDFLyQSRUHOXVRXREVROHVFHQFLDGHVJDVWH\ODDPRUWL]DFLyQGH
HPSUpVWLWRVFRQWUDWDGRV
 /RVVXSHUiYLWVRGpÀFLWVTXHUHVXOWDUHQGHODSUHVWDFLyQGHVHUYLFLRVHQFDGDJHVWLyQDQXDO
VHDEDQGRQDUiQRVHFDUJDUiQDXQIRQGRGHUHVHUYDH[WUDRUGLQDULD/RVIRQGRVGHUHVHUYD
H[WUDRUGLQDULDVHGHVWLQDUiQH[FOXVLYDPHQWHDREUDVGHDPSOLDFLyQ\PHMRUDPLHQWRGHORV
VHUYLFLRV
 &XDQGRVHMX]JXHQHFHVDULR\REOLJDWRULDPHQWHFDGDDxROD(PSUHVDSURFHGHUiDODHYDOXDFLyQ
GHVXVGLVSRQLELOLGDGHV\REOLJDFLRQHVHQPRQHGDQDFLRQDORH[WUDQMHUDGHORVELHQHVGH
DFWLYRÀMR\FLUFXODQWHGHOIRQGRGHUHVHUYDSDUDODUHSRVLFLyQGHVXVELHQHVGHSUHFLDGRV\
GHVXFDSLWDO
 /RV HPSUpVWLWRV TXH VROLFLWH  OD (PSUHVD 3~EOLFD 0XQLFLSDO VROR SRGUiQ UHDOL]DUVH FRQ

5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

DXWRUL]DFLyQH[SUHVDGHO&RQFHMR0XQLFLSDOSUHYLDODRUJDQL]DFLyQGHXQH[SHGLHQWHHQHO
TXHVHVHxDOH\MXVWLÀTXHORVLJXLHQWH

D  (OLPSRUWHWRWDOGHFUpGLWRUHTXHULGR
E  (OWLSRODWDVDGHLQWHUpV\FRPLVLRQHV
F  (O3OD]RGHDPRUWL]DFLyQ
G  /DVJDUDQWtDVHKLSRWHFDV
H  /DMXVWLÀFDFLyQGHODLPSRVLELOLGDGGHÀQDQFLDUUHFXUVRVFRQDSRUWHVORFDOHVGHFDSLWDOS~EOLFR
RSULYDGRGHODQHFHVLGDGGHFUpGLWR\GHOÀQDOTXHVHORVGHVWLQH
I  /RVSHUtRGRVIHFKDV\VXPDVGHDPRUWL]DFLyQ\GHORVUHFXUVRVGHVWLQDGRVDOVHUYLFLRGHO
FDSLWDOHLQWHUHVHV
 /RVDSRUWHGHFDSLWDOGHORVXVXDULRVVHUHSXWDUiQFRPRGHUHFKRVGHDFFHVRVDORVVHUYLFLRV
GHDJXDSRWDEOH\DOFDQWDULOODGR\ORVWtWXORGHFUpGLWRVSDUDVXEVFULSFLyQVLPXOWDQHDRHQ
SHUtRGRVGLIHUHQWHV
 /DDGTXLVLFLyQGHELHQHV\FRQWUDWDFLyQGHVHUYLFLRVVHUHDOL]DUiFRQIRUPHDODV1RUPDV
%iVLFDVGHFRQWUDWDFLyQGH%LHQHV\6HUYLFLRV\DORHVWLSXODGRHQHO5HJODPHQWRGH*HVWLyQ
GH6HUYLFLRVGH$JXD3RWDEOH\6DQHDPLHQWR
 /DYHQWDGHELHQHVPXHEOHV\HIHFWRVVHUHDOL]DUiVRORHQVXEDVWDS~EOLFD6XSHUPXWD
FHVLyQRGRQDFLyQVHUiDXWRUL]DGDSRUHO&RQFHMR0XQLFLSDOGHO*RELHUQR0XQLFLSDO&XDOTXLHU
WLSRGHWUDQVIHUHQFLDGHELHQHVLQPXHEOHVGHEHUiHIHFWXDUVHFRQIRUPHDODVGLVSRVLFLRQHV
OHJDOHVYLJHQWHV
 /D(PSUHVDQRSRGUiGDUHQDUUHQGDPLHQWRODFRQFHVLyQGHORVVHUYLFLRVDVXFDUJR

$57,&8/2),6&$/,=$&,Ð1

 (O*RELHUQR0XQLFLSDOFRQWURODUi\YLJLODUiODVIXQFLRQHVGHOD(PSUHVD3~EOLFD0XQLFLSDOD
WUDYpVGHODUHSDUWLFLyQWpFQLFDFRUUHVSRQGLHQWHHQORUHIHUHQWHDORVDVSHFWRVWpFQLFRV
 (O*RELHUQR0XQLFLSDO\OD&RQWUDORUtD*HQHUDOGHOD5HS~EOLFDFRQWURODUiQ\YLJLODUiQDOD
(PSUHVD$XWyQRPD0XQLFLSDOHQORFRQFHUQLHQWHDOGHVHQYROYLPLHQWRDGPLQLVWUDWLYRHFRQyPLFR
\ÀQDQFLHUR

$57,&8/25(*,0(162&,$/

 /RV WUDEDMDGRUHV GH OD (PSUHVD VH VXMHWDUiQ D ODV QRUPDV  OHJDOHV TXH UHJXOD OD IXQFLyQ
S~EOLFD

$57,&8/202',),&$&,Ð1'((67$78726

 /RVHVWDWXWRVSRGUiQVHUPRGLÀFDGRVHQWRGRRHQSDUWHDLQLFLDWLYDGHXQRRPiVGHVXV
PLHPEURVGHO'LUHFWRULRRGHO*HUHQWH*HQHUDO'LFKDVUHIRUPDVRPRGLÀFDFLRQHVVHUiQ
VDQFLRQDGDVFRQHOYRWRDÀUPDWLYRGHGRVWHUFLRVGHVXVPLHPEURVGHELHQGRHQ~OWLPD
LQVWDQFLDGLFKDUHIRUPDVVHUDXWRUL]DGDVSRUHO&RQFHMR0XQLFLSDOGHO*RELHUQR0XQLFLSDO


5(*/$0(172'(*(67,Ð1'(6(59,&,26'($*8$327$%/(<6$1($0,(172(1=21$612&21&(6,%/(6

$1(;29²D

(6758&785$25*$1,=$&,21$/

35(67$&,Ð1',5(&7$'(6(59,&,26

32581*2%,(512081,&,3$/

$/&$/'(
081,&,3$/

2),&,$/Ì$ 275$6
0$<25 2),&,$/,$6
7e&1,&$

275$6 ',5(&&,Ð1
',5(&&,21(6 6(59,&,26
%É6,&26

'(372'( '(372'(
$*8$327$%/( $/&$17$5,//$'2



You might also like