You are on page 1of 3

&$/25'(&20%867,21

(O SURFHVR GH LQFHQGLR JLUD HQ WRUQR D XQ FDPELR HQ HO HVWDGR ItVLFR GH ORV FXHUSRV FRPEXVWLEOHV HVWRV FDPELRV
DSDUHQWHPHQWHVHQFLOORVFRPSRUWDQXQDPSOLRHVWXGLRH[SHULPHQWDO
&XDQGR XQ PDWHULDO FRPEXVWLEOH LQWHUYLHQH HQ HO LQFHQGLR VX FRQWHQLGR WRWDO GH HQHUJtD VH DOWHUD (QWUH ORV HVWDGRV
LQLFLDO \ ILQDO OD GLIHUHQFLD GH HQHUJtD VH WUDQVILHUH DO PHGLR RYLFHYHUVDGHOPHGLRDOVLVWHPD(VWRVLQWHUFDPELRVVH
UHDOL]DQHQIRUPDGHFDORU\ODHQHUJtDLQWHUFDPELDGDYDORUDFXDQWLWDWLYDPHQWHHOSURFHVR
0HGLFLRQHVFDORULPpWULFDV
/RV YDORUHV FDORULPpWULFRV ± SRU LQFHQGLR VREUH SDUiPHWURV  6RQ HVHQFLDOHV SDUD FDOLEUDU SUREOHPDV WHyULFR ±
SUiFWLFRV SURSLHGDGHV WpUPLFDV GH ORV FXHUSRV FDUJD WpUPLFD UHVLVWHQFLD \ FRPSRUWDPLHQWR PDWHULDOHV HWF (O FDORU
OLEHUDGR SRU ODV UHDFFLRQHV TXtPLFDV VH HPSOHD HQ ,QJHQLHUtD GH SURWHFFLyQ \ VH WLHQH HQ FXHQWD HQ HTXLSRV GH
SURFHGLPLHQWR
&DQWLGDGGHFDORU
(OFDORUGHFRPEXVWLyQGHXQPDWHULDOHVODFDQWLGDGGHFDORUOLEHUDGRSRUXQLGDGGHPDVDRGHYROXPHQFXDQGRHVWH
PDWHULDOVHTXHPDFRPSOHWDPHQWH(OFDORUGHFRPEXVWLyQVHSXHGHGHWHUPLQDUDSUHVLyQRYROXPHQFRQVWDQWH
&DORUGHFRPEXVWLyQVXSHULRUHLQIHULRU
&RPRHQODFRPEXVWLyQVHIRUPDDJXDFRPRFRQVHFXHQFLDGHODSUHVHQFLD GHiWRPRVGHKLGUyJHQR HQVXVFRPSRQHQWHV
\DGHPiVSXHGHKDEHUKXPHGDGHQHOPLVPRODFDQWLGDGGHFDORUUHFRJLGDGHORVJDVHVGHFRPEXVWLyQGHSHQGHUiGHO
DJXD 6L HO DJXD HVWi FRQGHQVDGD OD FDQWLGDG GH FDORU VH H[SUHVDUi FRPR FDORU GH FRPEXVWLyQ VXSHULRU \ VL HVWi HQ
IRUPDGH YDSRUFRPRFDORUGHFRPEXVWLyQLQIHULRU
&RQGHQVDFLyQ\UHFXSHUDFLyQ
/DFRQYHUVLyQ HQWUHDPERVFDORUHV\VXVSRWHQFLDV FDORUtILFDVUHTXHULUiFRQRFHUHOFRQWHQLGRGHODJXDHKLGUyJHQRGHO
FRPEXVWLEOH\DLUHRELHQHO GHORVJDVHVGHFRPEXVWLyQVLHQGRODGLIHUHQFLDLJXDODVXFDORU ODWHQWH GHYDSRUL]DFLyQOD
FRQGHQVDFLyQ \ UHFXSHUDFLyQ GHO FDORU ODWHQWH GHO YDSRU GH DJXD GHSHQGHUi HQ DPERV FDVRV GH OD WHPSHUDWXUD GH
UHIHUHQFLD\GHOJUDGRGHGLOXVLyQGHORVJDVHVGHFRPEXVWLyQ
%RPEDFDORULPpWULFD
/RV FDORUHV GH FRPEXVWLyQ HQ FRPEXVWLEOHV VyOLGRV \ OtTXLGRV VH PLGHQ FRQ OD ERPED FORULPpWULFD (O FDORU GH
FRPEXVWLyQ GH ORV FRPEXVWLEOHV JDVHRVRV VH REWLHQH FRQ HO FDORUtPHWUR OODPDGR GH IOXMR FRQWLQXR /D ERPED
FDORULPpWULFDIXQFLRQDLQWURGXFLHQGRXQD PDVDFRQRFLGDFRPEXVWLEOHHQXQDERPEDGHDFHURTXHVHOOHQDFRQR[tJHQR
DSUHVLyQSDUDDVHJXUDUODFRPEXVWLyQFRPSOHWD
(QSULPHUOXJDUVHLQWURGXFHODERPEDHQXQFDORUtHPWURGHDJXD\VHHQFLHQGHHOFRPEXVWLEOHHQYLDQGRXQDFRUULHQWH
HOpFWULFDLQVWDQWiQHDDWUDYpVGHXQDODPEUHILQRTXHVLUYHSDUDLQLFLDUODFRPEXVWLyQ
0LGLHQGRHODXPHQWRGHWHPSHUDWXUDV\FRQRFLHQGRODPDVDGHDJXD\ODHTXLYDOHQFLDHQDJXDGHFDORUtPHWUR\GHOD
ERPEDVHREWHQGUiHOFiOFXORGHOFDORUGHFRPEXVWLyQ
&DSDFLGDGFDORUtILFD
(QFRPEXVWLEOHVVyOLGRV\OtTXLGRVORVFDORUHVGHFRPEXVWLyQVHH[SUHVDQJHQHUDOPHQWHHQFDOJRNFDONJ(OFDORUGH
FRPEXVWLyQ GH ORV JDVHV VH H[SUHVD RUGLQDULDPHQWHHQNFDOP3RUHMHPSORORVYDORUHVHQFDORUGHFRPEXVWLyQSDUD
ORVSURGXFWRVVLJXLHQWHVVRQ
6yOLGRV FDUEyQ ± NFDONJ
PDGHUD
/tTXLGRV DOFRKROHWtOLFR NFDONJ
)XHO± RLO NFDONJ
*DVHV JDVGHKXOOD NFDOP
*DVQDWXUDO NFDOP

)RUPDVGHFRPEXVWLyQ
$ SDUWLUGHFRPEXVWLRQHVQRFRPSOHWDVWDPELpQVHDQDOL]DQ ODVFDSDFLGDGHVFDORUtILFDVGHORVPDWHULDOHV\DTXHHVWDV
IRUPDVGHFRPEXVWLyQWLHQHQSULRULGDGHQJUDQQ~PHURGHLQFHQGLRV
(QWRGRVORVFDVRVGHR[LGDFLyQSDUFLDORFRPSOHWDHOFDORUGHFRPEXVWLyQGHSHQGHUiVLHPSUHGHOR[tJHQRSUHVHQWH\
GHpVWHTXHORVFDORUHVGHFRPEXVWLyQVHPDQLILHVWHQGHXQDXRWUDIRUPD
&DOHQWDPLHQWRHVSRQWiQHR
6HGHILQHFRPRFDOHQWDPLHQWRHVSRQWiQHRDODXPHQWRGHWHPSHUDWXUDLQWHUQDGHXQPDWHULDOVLQSUHVHQFLDGHFDORUHQ
VXVSUR[LPLGDGHV&XDQGRODVXVWDQFLDDOFDQ]DVXWHPSHUDWXUDGHLJQLFLyQUHVXOWDODFRPEXVWLyQHVSRQWiQHD
(QJHQHUDO\DXQTXHODVFDXVDVTXHSURYRFDQFDOHQWDPLHQWRVHVSRQWiQHRVVHKDOODQGHILQLGDVUHDFFLyQTXtPLFDDFFLyQ
EDFWHULDQDHWFHQPDWHULDOHVSRUGHVFRPSRVLFLyQGHORVPLVPRV\FRPELQDFLRQHVSRVLEOHVHQWUHIDFWRUHVFRQUHODFLyQ
UHFtSURFDUHVXOWDPXFKDVYHFHVGLItFLOGLFWDPLQDUFXiQGRVHKDOODGLVSXHVWRXQPDWHULDODFDOHQWDUVHHVSRQWiQHDPHQWH
*HQHUDFLyQGHFDORU
$LVODPLHQWR SURPHGLR GHJHQHUDFLyQGHFDORU\DLUHVXPLQLVWUDGRVRQWUHVFRQGLFLRQHVVXVFHSWLEOHVGHJHQHUDUHQXQ
PDWHULDOSHOLJURVRVFDOHQWDPLHQWRV&XDOTXLHUVXVWDQFLDRUJiQLFDFDSD]GHFRPELQDFLyQFRQHOR[tJHQRSXHGHR[LGDUVH
IiFLOPHQWHDFLHUWDVWHPSHUDWXUDVFUtWLFDV$OH[SRQHUVHDODDWPyVIHUDVHLQLFLDXQDHYROXFLyQLQWHUQDGHFDORUGiQGRVH
FRQGLFLRQHV LGHDOHV SDUD OD DXWRR[LGDFLyQ (O HIHFWR DLVODQWH GHO PDWHULDO \ HO DSRUWH GHO DLUH GDQ IRUPD DO
SUHFDOHQWDPLHQWRRLQFXEDFLyQGHFDORU&XDQGRHOFDORULQLFLDOVHGLVLSDRWUDQVILHUHDOPHGLRFRQPD\RUUDSLGH]TXH
VH DFXPXOD QR HV SRVLEOH OD DXWRLJQLFLyQ SHUR FXDQGR OD WUDQVIHUHQFLD DO PHGLR HV PHQRU VH DFXPXODUi WHPSHUDWXUD
VXILFLHQWHKDVWDDOFDQ]DUODFRPEXVWLyQ
/DV VXVWDQFLDV VXVFHSWLEOHV GH FRPEXVWLyQ HVSRQWiQHDHPSLH]DQSRUIRUPDUSURGXFWRVGHR[LGDFLyQ SDUFLDODEDVHGH
UHDFFLRQHVFDWDOL]DGDV
(Q WRGRV ORV FDVRV GH DXWRR[LGDFLyQ OD UHODFLyQ UHFtSURFD DLVODPLHQWR ± FRPEXVWLEOH ± DLUH HV SDWHQWH 8Q
DPRQWRQDPLHQWRGHPDWHULDOHVWUDSRVFDUEyQDOJRGyQIRUUDMHVHWFSUHVHQWDUiQPD\RUDSWLWXGGHR[LGDFLyQTXHVLORV
PLVPRV PDWHULDOHV HVWXYLHVHQ GHVSDUUDPDGRV GRQGH HO PD\RU FRQWDFWR FRQ HO DLUH GLVSHUVDUtD WRGD OD LQFXEDFLyQ GH
FDORU
$ WHPSHUDWXUDV QRUPDOHV ORV SURFHVRV GH DXWRR[LGDFLyQ VRQ PX\ OHQWRV +DVWD DOFDQ]DU OD FRPEXVWLyQ \ VHJ~Q
VXVWDQFLDV FRPSUHQGHQ SHUtRGRV GH KDVWD YDULDV VHPDQDV/RVPDWHULDOHVFRQDSWLWXGSDUDDXWRR[LGDUVHDWHPSHUDWXUD
DPELHQWHFRPSRQHQXQJUDQQ~PHURGHFRPEXVWLEOHV
&DORUGHDGLFLyQ
8QD DGLFLyQ GH FDORU SXHGH LQLFLDU HO FDOHQWDPLHQWR HVSRQWiQHR HQ PDWHULDOHV TXH GH RWUD IRUPD QR VH R[LGDUtDQ D
WHPSHUDWXUDVRUGLQDULDV(VWHWLSRGHR[LGDFLyQSRVHHGRVFRPELQDFLRQHVGLIHUHQWHV
 SRUH[SRVLFLyQGHPDWHULDOHVDODOX]RDOFDORU± UDGLDFLRQHVFX\RFDORUGHDGLFLyQFRPLHQ]DHOSUHFDOHQWDPLHQWR
 &RQGHQVDFLyQGHODKXPHGDGGHOPHGLRHQODVXSHUILFLHLQWHUQDGHOPDWHULDOTXHSURYRFDHODXWRFDOHQWDPLHQWRGHO
PLVPR (MHPSORV GH DXWRFDOHQWDPLHQWR VRQ ORV DOPDFHQDPLHQWRV DJUtFRODV UHFLpQ FRVHFKDGRV WULJR IRUUDMHV
SLHQVRVHWF
&DORUGHIRUPDFLyQ
(QXQDUHDFFLyQH[RWpUPLFDRHQGRWpUPLFDHVODFDQWLGDGQHWDGHFDORUGHVSUHQGLGRHQHOSULPHUFDVRRDEVRUELGRHQHO
VHJXQGRGXUDQWHODIRUPDFLyQGHXQDPROpFXOD± JUDPRGHXQDVXVWDQFLDSRUORVHOHPHQWRVTXHODFRPSRQHQ
&DORUGHGHVFRPSRVLFLyQ
(VHOFDORUGHVSUHQGLGRSRUODGHVFRPSRVLFLyQGHFLHUWRVFRPSXHVWRVTXtPLFRVTXHUHTXLHUHQODDGLFLyQGHFDORUGHVX
IRUPDFLyQ&RPRODPD\RUtDGHFRPSXHVWRVVRQSURGXFLGRVSRUUHDFFLRQHVH[RWpUPLFDVHOFDORUGHGHVFRPSRVLFLyQQR
HVXQIHQyPHQR FRP~Q/RVFRPSXHVWRVHQGRWpUPLFRVVRQQRUPDOPHQWHLQHVWDEOHV
6HJ~Q ORV PDWHULDOHV HO FDORU GH GHVFRPSRVLFLyQ SXHGH JHQHUDU SHOLJURVDV FDQWLGDGHV GH FDORU HQ VX IDFLOLGDG SDUD
GHVFRPSRQHUVH /D QLWURJOLFHULQD QLWURFHOXORVD SyOYRUD HWF VRQ HMHPSORV GH PDWHULDOHV GH DOWR FDORU GH
GHVFRPSRVLFLyQ
&DORUGHWUDQVPXWDFLyQ
(VODFDQWLGDGGHFDORUGHVSUHQGLGDRDEVRUELGDSRUXQLGDGGHPDVDGHXQDVXVWDQFLDGXUDQWHXQFDPELRGHHVWDGR
&DORUGHIXVLyQ
(VODFDQWLGDGGHFDORUTXHVHSUHFLVDSDUDKDFHUSDVDUXQDXQLGDGGHSHVRGHXQVyOLGR DOHVWDGROtTXLGR/DFDQWLGDGGH
FDORUGHIXVLyQYDUtDOLJHUDPHQWHFRQODWHPSHUDWXUD\PHQRVIUHFXHQWHPHQWHFRQODSUHVLyQ
&DORUGHGLVROXFLyQ
6H PDQLILHVWD FXDQGR XQD VXVWDQFLD VH GLVXHOYH HQ XQ OtTXLGR 0DWHULDOHV FRPR FDO YLYD SRWDVLR VXOIXUR GH FDOFLR
WULy[LGRGHD]XIUHHWFOLEHUDQFDORUFXDQGRVRQGLVXHOWRVHQDJXD/DPD\RUtDGHPDWHULDOHVTXHPDQLILHVWDQVXFDORU
GH VROXFLyQ QR VRQ FRPEXVWLEOHV SHUR VRQ SHOLJURVRV SRUTXH SXHGHQ OLEHUDU XQD FDQWLGDG GH FDORU VXILFLHQWH SDUD
LQIODPDUPDWHULDOHVFHUFDQRVDHOORV
&DORUGHFRPSUHVLyQ
(V HO FDORU OLEHUDGR SRU XQ JDV DO FRPSULPLUOR $ SUHVLyQ FRQVWDQWH DXPHQWD OD WHPSHUDWXUD HO JDV WLHQGH D
H[SDQVLRQDUVH (V SRU HOOR TXH WRGD HOHYDFLyQ GH WHPSHUDWXUD FHUFDQD D UHFLSLHQWHV FRQWHQLHQGR JDVHV HV SHOLJURVD D
SDUWLU GH YDORUHV tQILPRV 3RU WDQWR HV PX\ LPSRUWDQWH SUHVHUYDU ORV JDVHV HQYDVDGRV GH OD DFFLyQ GHO VRO GH
WHPSHUDWXUDVHOHYDGDV\GHIRFRVGHFDORU
&DOHQWDPLHQWRSRUHOHFWULFLGDGHVWiWLFD
(VWH FDOHQWDPLHQWR HV SURGXFLGR SRU XQD FDUJD HOpFWULFD DFXPXODGD HQ OD VXSHUILFLH HQWUH GRV FXHUSRV 'RV FXHUSRV
FDUJDGRVGHLJXDOWLSRGHHOHFWULFLGDG± SRVLWLYDRQHJDWLYD± VHUHSHOHQHQFRQWDFWR6HDWUDHQHQFDPELRVLXQRGHHOORV
HVQHJDWLYR\HORWURSRVLWLYR/DGLVWULEXFLyQVXSHUILFLDOGHODVFDUJDVQRHVXQLIRUPHHQODVVXSHUILFLHV/DHOHFWULFLGDG
WLHQGH D DFXPXODUVH HQ ODV SXQWDV \ HVGpELOHQODVFDYLGDGHV&XDQGRXQD DFXPXODFLyQORFDOGH FDUJDVHVLPSRUWDQWH
RFXUUH R SXHGH RFXUULU XQD GHVFDUJD 6X PDQLIHVWDFLyQ SURYRFD XQD FKLVSD R HIOXYLR GH OX] 8Q FXHUSR SXHGH VHU
HOHFWUL]DGRSRUFRQWDFWRSHURLJXDOPHQWHSRULQIOXHQFLD
(O IHQyPHQR GH LQIOXHQFLD H[SOLFD OD DWUDFFLyQ GH ORV FXHUSRV OLJHURV SRU ORV FXHUSRV HOHFWUL]DGRV WURFLWRV GH SDSHO
EUL]QDVHWF
/DVFKLVSDVGHGHVFDUJDVRQQRUPDOPHQWHGHFRUWDGXUDFLyQ\VXFDORUQRHVVXILFLHQWHSDUDJHQHUDUIXHJRHQPDWHULDOHV
FRPEXVWLEOHVRUGLQDULRVSHURDQWHPDWHULDVIODPDEOHVSXHGHQSURYRFDUIiFLOPHQWHLQFHQGLRV\H[SORVLRQHVDOSUHQGHU
YDSRUHVJDVHV\QXEHVGHSROYRVFRPEXVWLEOHV
&RORUOXPLQLVFHQWH
(VHOSURGXFLGRSRUGHVFDUJDVHOpFWULFDVHQ]RQDVLQIHULRUHV GHODDWPyVIHUD\TXHVH PDQLILHVWDFXDQGRODGLIHUHQFLDGH
SRWHQFLDO SRU DFXPXODFLyQ GH FDUJDV HVWiWLFDV HQWUH GRV PDVDV GH QXEHV R PiV IUHFXHQWHPHQWH HQWUH XQD QXEH \ OD
WLHUUDPDUHVRUtRVVHKDFHWDQHOHYDGDTXHSURGXFHJUDGLHQWHVGHFDPSRIDFWLEOHVGHLRQL]DUHOGLHOpFWULFRLQWHUSXHVWR
(QHOWUD\HFWRQXEH± WLHUUDODGHVFDUJDHOpFWULFDVLJXHHOUHFRUULGRGHPHQRUUHVLVWHQFLD HOpFWULFDHQOtQHDVGH]LJ]DJ \OD
LQWHQVLGDGGHODFRUULHQWHGHGHVFDUJDPX\YDULDGDDOFDQ]DGHDYROWLRVPHWUR
(VWRVtQGLFHVGHFDORUGHVDUUROODQWHPSHUDWXUDVWDQHOHYDGDVTXHHQHOFXUVRRWUD\HFWRULDGHHVWDVGHVFDUJDVHOpFWULFDV
OXPLQLVFHQWHVDOVXHORSXHGHQSURYRFDULQFHQGLRVHQPDWHULDOHVFRPEXVWLEOHVQRUPDOPHQWHPX\UHVLVWHQWHV
&DORUGHIULFFLyQ
&XDOTXLHU IULFFLyQ R UR]DPLHQWR JHQHUD FDORU (VWD HQHUJtD PHFiQLFD GLILFXOWD R LPSLGH PRYLPLHQWRV UHODWLYRV HQWUH
FXHUSRV HQ FRQWDFWR (O WpUPLQR IULFFLyQ HV UHIHULGR WDQWR DO IHQyPHQR ItVLFR FRPR D OD IXHU]D TXH LQWHUYLHQH (VWRV
IHQyPHQRV TXH VH SUHVHQWDQ HQ GLIHUHQWHV FDPSRV GH OD PHFiQLFD SURGXFHQ IXHU]DV GH UR]DPLHQWR TXH DSDUWH GH VHU
QHJDWLYDV SRU DEVRUFLyQ GH HQHUJtD PHFiQLFD WUDQVIRUPDQ VXV FDQWLGDGHV HQ FDORU \D TXH ODV VXSHUILFLHV VRPHWLGDV D
UR]DPLHQWR VH FDOLHQWDQ (VWD HQHUJtD WUDQVIRUPDGD HQ FDORU GH IULFFLyQ HV IDFWLEOH GH SURYRFDU HO FDORU LQLFLDO HQ OD
JHQHUDFLyQGHXQLQFHQGLR&LHUWRVyUJDQRVGHWUDQVPLVLyQPHFiQLFDFLQWDVFRUUHDVSROHDVHWFVRQRULJHQGHFDORUHV
SHOLJURVRVGHIULFFLyQ
&DOHQWDPLHQWRHOpFWULFR
/D HQHUJtD HOpFWULFD SURGXFH FDORU FXDQGR IOX\H D WUDYpV GH XQ FRQGXFWRU R FXDQGR OLEHUD XQD FKLVSD HQ HO DLUH (O
FDOHQWDPLHQWRHOpFWULFRFRQYLHUWHODHQHUJtDHOpFWULFDHQFDORUtILFDSRUVXUHVLVWHQFLDDODOLEUHFLUFXODFLyQGHHVWHIOXMR
(OFDOHQWDPLHQWRHOpFWULFRSRVHHVXOtPLWHVXSHULRUGHWHPSHUDWXUDVHJ~QORVPDWHULDOHVXWLOL]DGRV7LHQHDVtDSOLFDFLyQ
HQHOFRQWUROGHWHPSHUDWXUD± WHUPyPHWURVHOpFWULFRV± \FRQWUROGHFDQWLGDGGHHOHFWULFLGDG± IXVLEOHV
(OFDOHQWDPLHQWRHOpFWULFRDEVRUEH HQHUJtDFDORUtILFDFRQVWDQWH± WHQVLyQGDGD± SHURHVQHFHVDULDODIXQFLyQGHFRQWURO
SDUD SUHYHQLU VREUHFDOHQWDPLHQWRV /DV FDSDFLGDGHV FDORUtILFDV \ ODV PDVDV GHVHPSHxDQ IXQFLRQHV LPSRUWDQWHV SDUD
FDOHQWDPLHQWRV DSURSLDGRV \ SDUD HYLWDU SURFHVRV GHIHFWXRVRV VH PDQWLHQHQ GHQVLGDGHV FDORUtILFDV DGHFXDGDV SRU
XQLGDGGHVXSHUILFLHFDOHQWDGD
&DOHQWDPLHQWRVHOpFWULFRVJHQHUDQXQJUDQQ~PHURGHIDOORVRGHIHFWRVGHSURFHVRTXHDVXYH]VRQFDXVDVGHLQFHQGLR
GHYDULDGDQDWXUDOH]D
0pWRGRVIXQGDPHQWDOHV
6RQFXDWURORVSULQFLSDOHVPpWRGRVGHFDOHQWDPLHQWRHOpFWULFRSRUUHVLVWHQFLD
 FDOHQWDGRUHVSRUUHVLVWHQFLDTXHSURGXFHQFDORUSRUSDVRGHXQDFRUULHQWHHOpFWULFDSRUXQDUHVLVWHQFLD
 FDOHQWDGRUHV SRU SpUGLGDV GLHOpFWULFDV TXH HPSOHDQ FRUULHQWHV GH DOWD IUHFXHQFLD TXH JHQHUDQ FDORU SRU KLVWpULVLV
GLHOpFWULFD GHQWURGHOFXHUSRGHXQPDWHULDOQRFRQGXFWRU
 FDOHQWDGRUHVSRULQGXFFLyQTXHSURGXFHQFDORUHPSOHDQGRXQFDPSRHOHFWURPDJQpWLFRTXHRVFLODSHULyGLFDPHQWH
GHQWUR GHOFXHUSRGHXQPDWHULDOFRQGXFWRU
 FDOHQWDGRU SRU DUFR HOpFWULFR IRUPD GH FDOHQWDPLHQWRSRUUHVLVWHQFLDHQTXHXQSXHQWHGHYDSRU\JDVWUDQVPLWH
XQDFRUULHQWHHOpFWULFDHQWUHHOHFWURGRV\HODUFRWLHQHODSURSLHGDGGHXQDUHVLVWHQFLD
&DORUQXFOHDU
/D HQHUJtD QXFOHDU VH PDQLILHVWDRGHVSUHQGHHQIRUPDGHFDORUSUHVLRQHVUDGLDFLRQHVHWF(VWDPDVDGHHQHUJtDHV
OLEHUDGD SRU ILVLyQ R UXSWXUD GH ORV Q~FOHRV GH ORV iWRPRV (Q HO SURFHVR GH ILVLyQ OD OLEHUDFLyQ GH HQHUJtD HV
YLUWXDOPHQWHLQVWDQWiQHDSXGLHQGRLQFOXLUWDQWRXQJUDQQ~PHURGHQ~FOHRV± H[SORVLyQDWyPLFD± RUHODWLYDPHQWHSRFRV
± UHDFWRUQXFOHDU
/DV JUDQGHV FDQWLGDGHV GH HQHUJtD FDORUtILFD GHVDUUROODGD VH SURGXFHQ FXDQGR ODV UHDFFLRQHV QXFOHDUHV GHVSUHQGHQ
FDQWLGDGHVGHHQHUJtDGHORUGHQGHXQPLOOyQGHYHFHVPD\RUHVTXHODVGHODVUHDFFLRQHVTXtPLFDV
/DHQHUJtD FDORUtILFDQXFOHDUHVVXVFHSWLEOHGHJHQHUDU JUDQQ~PHURGHLQFHQGLRVH[SORVLRQHV\RWURVSHOLJURVDVRFLDGRV
FRQHOFDORUQXFOHDUTXHVRQWUDWDGRVHQHOFDStWXORFRUUHVSRQGLHQWH

You might also like