641;#015




/REiVLFRSDUDPRGLILFDUORVVHUYLGRUHV\DH[LVWHQWHVSDUDTXHVROR
IXQFLRQHQFRQWXVFRPDQGRVFRPRVDEHUVLHVWDVLQIHFWDGRRQR\FRPR
FUHDUHOWX\R



0DQXDO\HMHPSORVFUHDGRVSRU<DQNHHSDUDFRQVXOWDVRFXDOTXLHUGXGD
HQYtDPHXQPDLDGDNLODQ#LHVSDQDHV
&RTXLPER&+,/(












 
 
,1752'8&&,Ï1

 3RUILQPHGHFLGtDHVFULELUXQPDQXDO\TXHPHMRUWHPDTXHGHORV
WUR\DQRVTXHULGRVSRUDOJXQRV\RGLDGRVSRURWURV0XFKRVGLFHQTXHVRQ
KHUUDPLHQWDVXVDGDVVRODPHQWHSRU³/DPHUV´SHURGtJDQPHTXLHQQRDXVDGR
XQRDOJXQDYH]\DVHDSRUFXULRVLGDGRSRUTXHUHDOPHQWHTXLHUHQIDVWLGLDUD
DOJXLHQ

/DSULPHUDYH]TXHLQIHFWHDDOJXLHQIXHFRPRDORVDxRVFRQHOQHWEXV
PHFRQHFWHUiSLGDPHQWH\DKtHVWDEDVLQVDEHUTXHKDFHUQRGXGHHQUHYLVDUOR
TXHWHQLDHQVXGLVFRGXURHVWXYHDEULHQGR\FHUUDQGRILFKHURVQRPHDWUDMR
QDGDDVtTXHDOUDWRPHGHVFRQHFWH

3HURHVRQRIXHORTXHUHDOPHQWHPHOODPRODDWHQFLyQVLQRIXHHO
QHWEXVWHUTXHHVHOSURJUDPDTXHTXLWDHOVHUYLGRUGHOQHWEXVGHXQFRPSXWDGRU
ORTXHPHKL]RSHQVDUEDVWDQWH\DTXHVLDOJXLHQTXHVHWUDWDUDGHFRQHFWDUDXQD
GLUHFFLyQ³VXSXHVWDPHQWHLQIHFWDGD´SHURTXHSUHYLDPHQWHODKDOODQGHVLQIHFWDGR
FRQHOQHWEXVWHUHVWDSHUVRQDFRUUtDHOSHOLJURGHTXHHOFRPSXWDGRUFRQHO
QHWEXVWHUFRUULHQGROHSXHGDGHYROYHUHODWDTXHFRQODVPLVPDVRSFLRQHVTXHHO
QHWEXV

4XHTXLHUHGHFLUHVWRTXH³SRVLEOHPHQWH´FXDOTXLHU7UR\DQR&OLHQWHHVXQ
VHUYLGRUHQSRWHQFLDHOQHWEXVHVXQFDVRGHHOOR\DTXHSDUDORVTXHQRVHSDQ
FRPRWUDWDQHQWUHFOLHQWH\VHUYLGRUHVPX\VLPSOHHO³FOLHQWH´VRORPDQGDODRUGHQ
DOVHUYLGRU\DVHD³RSHQFG´\HOVHUYLGRUUHFLEH³RSHQFG´\OXHJRHVWHHQVXEDVH
GHGDWRVEXVFDODDFFLyQTXHGHEHHMHFXWDUSDUDHVDRUGHQ(VSRUHVRTXHOD
PD\RUtDGHORVVHUYLGRUHVWLHQHQXQPD\RUSHVRHQFRPSDUDFLyQDOFOLHQWHSRUOR
PLVPRTXHGLMHDQWHV\DTXHHVHOVHUYLGRUTXLHQWLHQHORVGDWRVQHFHVDULRVSDUD
UHDOL]DUODRSHUDFLyQTXHXQROHSLGH\HOFOLHQWHVRODPHQWHHQYtDOD³IUDVH´FODYH

<DTXtOHVYDXQGDWRTXHSDUDDOJXQRVSXHGHTXHVHDGHVFRQRFLGR\HV
TXHQRHVQHFHVDULRWHQHUHOFOLHQWHGHOWUR\DQRSDUDSRGHUFRQHFWDUVHDXQDLS
LQIHFWDGDSRUXQWUR\DQR[
6HSUHJXQWDUDQ¢FRPRSXHGHVHUHVWRSRVLEOH"PX\VHQFLOORSXHGHQFRQHFWDUVH
GHVGH7HOQHWRGHVGHXQDDSOLFDFLyQTXHXVWHGHVSXHGHQFUHDU<DTXHOR~QLFR
TXHQHFHVLWDQVDEHUVRQHVDV³SDODEUDV´RPHMRUGLFKRORVFRPDQGRVTXH
HMHFXWDQODVWDUHDV
<SDUDORVTXHQRVHSDQFUHDUODQRVHSUHRFXSHQTXHHVDHVXQDGHORVREMHWLYRV
GHHVWHPDQXDO

 1RPHYR\DHQUROODUFRQ³YRFDEXODULRV´TXHGHEHQVDEHURFRQODV
³QRUPDVEiVLFDV´RODVWtSLFDV³pWLFDV´1LPXFKRPDVHO³<RQRPHKDJR
UHVSRQVDEOH´\HO³6RORFRQILQHVHGXFDWLYRV´TXHUHDOPHQWHKHOHtGREDVWDQWHV
PDQXDOHVTXHKHSLOODGRHQODUHG\OHVSXHGRDVHJXUDUTXHODJUDQPD\RUtDGH
ORVPDQXDOHVTXHSLOOHQVRQFRSLDVRUHV~PHQHVGHPDQXDOHVTXHKDQHVFULWR
RWUDVSHUVRQDV

 
 /OHJDDVHUWDQWRHOGHVFDURTXHKDVWDODVIDOWDVRUWRJUiILFDVVRQFRSLDGDV
SHURHQILQTXHVHOHYDKDFHU

 /RTXHHVSHURHLQWHQWRKDFHUHQHVWHPDQXDOHVLQFHQWLYDUDWRGRVORV
XVXDULRVHVSHFLDOPHQWHDORVPDVQRYDWRVHQHODPELHQWHGHODLQIRUPiWLFD\D
TXHSDUDORVTXH\DWHQJDQXQQLYHOPDVDYDQ]DGRHQSURJUDPDFLyQHVWRHV
H[FHVLYDPHQWHIiFLOHVTXHFRPLHQFHQDFUHDUVXVSURSLDVKHUUDPLHQWDVTXHQR
HVWpQHVSHUDQGRDKTXHXQDSHUVRQDVDTXHXQQXHYRWUR\DQRTXHVHD
LQGHWHFWDEOHSRUORVDQWLYLUXVTXHHQWLHQGDQFRPRHVXQWUR\DQRFRPRSXHGR
PRGLILFDUXQWUR\DQRVHUYLGRU\DH[LVWHQWHSDUDTXHIXQFLRQHVRORFRQXQFOLHQWH
FUHDGRSRUQRVRWURVGDUOHVORVLQGLFLRVGHFyPRFUHDUXQPXOWLFOLHQWHEXHQRHVWH
XOWLPRWHUPLQRQRPHORTXLHURDGMXGLFDU\DTXHQRIDOWDHOTXHYDDVDOWDUSRUDKt
GLFLHQGRTXH\DHVWDEDRTXHHO\DORKDEtDXVDGR\PHYDDWUDWDUGHSODJLDGRU

%XHQRHVPX\VLPSOHFRQVLVWHVRODPHQWHHQFUHDUXQFOLHQWHSDUDTXHVH
SXHGDQFRQHFWDUDORVVHUYLGRUHVGHPDVGHXQWUR\DQRSXHGHVHUDOGHOQHWEXV
HOVXEXRWURVTXHFLUFXOHQSRUDKt
 
 4XHQROHWHPDQDLQIHFWDUVHFRQXQWUR\DQR\DTXHUHFXHUGRPX\ELHQ
FXDQGRPLKHUPDQRTXHQRVDELDPXFKRGHHVWRVWHPDVKDEUpXQDUFKLYR
LQIHFWDGRVLQGDUVHFXHQWDKDVWDTXHODFRQH[LyQLEDGHPDVLDGROHQWD\ODWtSLFD
VHKDEUtDPLVWHULRVDPHQWHODEDQGHMDGHOFGURPIDOWRPX\SRFRSDUDTXHPL
PDGUHIXHUDDEXVFDUDXQH[RUFLVWD
<HVWDQVLPSOHGHVLQIHFWDUVHWDQVRORFRQLUDWDOSDUWHGHOUHJLVWURSDUDYHULILFDU
OLQNVH[WUDxRVRYHULILFDUHOHVWDGRGHORVSXHUWRVSDUDVDEHUFRQTXHHVWDPRV
WUDWDQGRWRGRHVWRORYHUHPRVPDVGHWHQLGRHQHOWUDQVFXUVRGHOPDQXDO

 (VWHPDQXDOQRHVWDHQIRFDGRDODVWpFQLFDVGHLQIHFFLyQFRQWUR\DQRVQL
QDGDGHHVHWLSRDGHPiVORVHMHPSORVHVWiQGLULJLGRVDSURJUDPDFLyQHQ9LVXDO
%DVLFFUHRTXHHQHO9LVXDOYHUVLyQ\QRWHQGUiQPD\RUHVLQFRQYHQLHQWHV

/RRWURHVTXHQROHVYR\DHQVHxDUDFUHDUXQWUR\DQRRXQPXOWLFOLHQWH
SDUDLUGDxDQGRFRPRORFRVDRWURVXVXDULRSRUTXHVL\DTXHQRSUHWHQGR
LQFHQWLYDUORVDKDFHUHVWXSLGHFHVSRUDKt\TXHOXHJRFRPLHQFHQDGiUVHODVGH
DOJRTXHUHDOPHQWHQRVRQ\TXHQLVLTXLHUDOOHJDQDORVWDORQHV<DTXHDOLJXDO
TXHFRPRDWLQRWHJXVWDTXHWHGDxHQWXFRPSXWDGRUDSDUDRWUDVSHUVRQDVHVOR
PLVPR\HVSRUHVRTXHPXFKDVWpFQLFDVWDOHVFRPRERUUDUILFKHURVPRGLILFDU
UHJLVWURVGHOVLVWHPDV\DOJXQDVRWUDVQRODVYR\DHQVHxDU
<ORLGHDOHVTXHQRVRORVHTXHGHQFRQORTXHOHDQDFi\DTXHWDUGHRWHPSUDQR
VHGDUiQFXHQWDGHWRGDVODVSRVLEOHVRSFLRQHVTXHSXHGHQWHQHUVXVWUR\DQRV
TXHPXFKRVDFWXDOHVQRWUDHQ\XQDYH]TXHWHGHVFXHQWDGHWRGDODFDQWLGDGGH
RSFLRQHVTXHOHSXHGHVDJUHJDU\OOHJDUDVDKXQSXQWRHQTXHODDSOLFDFLyQWHQJD
XQSHVRH[FHVLYDPHQWH³PLVWHULRVR´TXHOD~QLFDVDOLGDVHUiHOGHFRPHQ]DUD
VDFDUDOJXQDVRSFLRQHV3HURHVR\DVHUiSUREOHPDWX\R




 
 %XHQRVLKDVOHtGRKDVWDDFiWHGR\ODVJUDFLDVSRUTXHHVRGHPXHVWUDHO
LQWHUpVTXHWLHQHVHQORTXHWHSXHGRRIUHFHU\\DGHMDQGRGHODGRHVWDSHTXHxD
LQWURGXFFLyQYHDPRVDFRQWLQXDFLyQODVKHUUDPLHQWDVQHFHVDULDVSDUDUHDOL]DU
WRGRORDQWHVPHQFLRQDGR

 0LFURVRIW9LVXDO%DVLF
 8QHGLWRUKH[DGHFLPDO
 /RVWUR\DQRVTXHVHXVDURQFRPRHMHPSORGHPRGLILFDFLyQSDUDSUDFWLFDU
GHIRUPDPDVLQWHUDFWLYD







































 
 0$126$/$2%5$


 ¢&yPRSXHGRVDEHUFXDOHVVRQODVSDODEUDV³FODYHV´TXHXQFOLHQWH
OHHQYtDDXQVHUYLGRU"

%XHQRSDUDSRGHUDYHULJXDUHVRVGDWRVQHFHVLWDPRVXQSHTXHxR
SURJUDPDTXHQRVSHUPLWDDEULUXQSXHUWRTXHQRVRWURVOHLQGLTXHPRV\TXH
QRVPXHVWUHWRGRVORVGDWRVTXHUHFLEDSDUDHVRQRVGLULJLPRVDO9LVXDO%DVLF
\VHJXLPRVHVWRVSDVRV

 ,QVHUWDU7H[W%R[XQRFRQHOQRPEUHGHSXHUWR\HORWURFRQHOQRPEUHGH
W[WUHFLELGR
 ,QVHUWDU&RPPDQG%XWWRQXQRFRQHOFDSWLRQGH$EULUSXHUWR\HORWURFRQ
HOFDSWLRQGH&HUUDUSXHUWR
 /XHJRYDPRVDFRPSRQHQWHVHLQVHUWDPRVHOFRQWURODGRUGHOZLQVRFNR
HOTXHWHQJDQGLVSRQLEOHVHJ~QVXYHUVLyQ
 2UGpQHORVFRPRVHPXHVWUDHQODVLJXLHQWHLPDJHQ

6HHQWLHQGHTXHODFDMDGHWH[WRDOODGRL]TXLHUGRGHOERWyQ³$EULUSXHUWR´HV
ODFDMDGHWH[WR³SXHUWR´\ODTXHHVWDGHEDMRHVOD³W[WUHFLELGR´




 
 0X\ELHQDKRUDFRPHQ]DUHPRVDHGLWDUORVERWRQHVKDJDGRVFOLFHQHO
ERWyQ³$EULUSXHUWR´\HQODIXQFLyQ³&OLFN´LQWURGXFLPRVHVWDVOtQHDV

:LQVRFN/RFDO3RUW SXHUWR7H[W
:LQVRFN/LVWHQ

/RTXHKDFHPRVDFiHVDEULUHOSXHUWRTXHHVFULEDPRVHQODFDMDGHWH[WR
³3XHUWR´



 

$KRUDKDFHPRVGREOHFOLFVREUHHOERWyQ³&HUUDUSXHUWR´HQODPLVPD
IXQFLyQ\HVFULELPRV

:LQVRFNFORVH

&RQHVWRFHUUDPRVHOSXHUWRDQWHULRUPHQWHDELHUWR

<DKRUDYDPRVDHGLWDUORPDVLPSRUWDQWHHOZLQVRFN+DFHPRVGREOHFOLF
VREUHHOLFRQRTXHLQVHUWDPRVHQHOIRUP\QRVYDPRVDODIXQFLyQ³&ORVH´H
LQWURGXFLPRVORVLJXLHQWH

7[W5HFLELGR 7[W5HFLELGR &RQH[LyQ&HUUDGD :LQVRFN5HPRWH+RVW,3
:LQVRFN&ORVH

4XHHVORTXHSDVDDFiHQDOJ~QFDVRGHTXHODRWUDDSOLFDFLyQFLHUUH
LQHVSHUDGDPHQWHODFRQH[LyQHOSXHUWRVHFLHUUDDXWRPiWLFDPHQWHSDUDHYLWDU
FXDOTXLHUHUURU

/XHJRYDPRVDODIXQFLyQ³&RQQHFWLRQ5HTXHVW´GHOZLQVRFNHLQVHUWDPRVOR
VLJXLHQWH

7[W5HFLELGR ,'GHODVROLFLWXGGHODFRQH[LyQ UHTXHVW,' GH :LQVRFN5HPRWH+RVW,3
:LQVRFN&ORVH
:LQVRFN$FFHSWUHTXHVW,'

$FiHVWDEOHFHPRVODFRQH[LyQFRQODLSHQWUDQWH\VRORRSHUDPRVFRQHOOD
yVHDRSXHGHHQWUDURWUDFRQH[LyQ

<DIDOWDSRFRDKRUDQRVGLULJLPRVDODIXQFLyQ³'DWD$UULYDO´HLQVHUWDPRV
ORVLJXLHQWH

'LPYW'DWD$V6WULQJ
:LQVRFN*HW'DWDYW'DWDYE6WULQJ
7[WUHFLELGRWH[W ³´
7[W5HFLELGR7H[W 7[W5HFLELGR YW'DWD

(VWDHVODSDUWHEXHQDWRGRORTXHVHHVFULEDGHVGHODLSUHPRWDHQWUDUD
SRUDFi\VHPRVWUDUDHQODFDMDGHWH[WRJUDQGH

$KRUDVRORTXHGDGDUORV~OWLPRVWRTXHVDODFDMDGHWH[WRJUDQGHPHMRU
GLFKRDO³W[WUHFLELGR´\HQODVSURSLHGDGHVFDPELDPRV0XOWLOLQHDWUXHSDUDTXH
PXHVWUDPDVGHXQDOtQHD\OXHJRHOVFUROOEDUV\ORGHMDQYHUWLFDO
 
<GpPRVOHD)SDUDHMHFXWDUOR\OXHJRFRPSLODUOR

 
 ¢3HURFRPRVDEHUVLIXQFLRQD"PX\VLPSOHVLORWLHQHQFRPSLODGRROR
WLHQHQHMHFXWDGRLQJUHVHQSRUGHFLUHOSXHUWR³´\OXHJRGHQXQFOLFHQHO
ERWyQ³$EULUSXHUWR´

$KRUDQRVGLULJLPRVDO06'26RDO6tPERORGHVLVWHPDVHJ~QVHDVX
YHUVLyQGH:LQGRZV
<HVFULELPRV

7HOQHWORFDOKRVW

4XHTXLHUHGHFLUTXHQRVFRQHFWDUHPRVDQXHVWUDPDTXLQDSRUHOSXHUWR

<HQQXHVWURSURJUDPDGHEHUtDVDOLUQRVORVLJXLHQWH




6LWHKDVDOLGRHVRYDPRVELHQVLQRUHYLVDQXHYDPHQWHHOSURJUDPDHQ
EXVFDGHDOJXQDSDODEUDPDOHVFULWDDXQTXHORGXGR<DQWHVGHFHUUDUWRGRYHD
ODYHQWDQDGH06'26R6tPERORGHOVLVWHPDTXHSUHYLDPHQWHDEULVWH\
FRPLHQ]DDHVFULELUOXHJRGLUtJHWHDOSURJUDPDTXHFUHDPRV\YHUDVFRPRYD
DSDUHFLHQGRWRGRORTXHHVFULEHV

(VSHURTXH\DVHWHKDOODOOHQDGRODFDEH]DGHODVSRVLEOHVXWLOLGDGHVGH
HVWHSURJUDPDVLQRQRLPSRUWDTXHWDUGHRWHPSUDQRWHGDUiVFXHQWD
<DKRUDSDUDUHVSRQGHUODSUHJXQWDSULQFLSDOTXHHUD

¢&yPRSXHGRVDEHUFXDOHVVRQODVSDODEUDV³FODYHV´TXHXQFOLHQWHOHHQYtDDXQ
VHUYLGRU"

9DPRVDQHFHVLWDUXQ³UDWyQGHODERUDWRULR´RPHMRUGLFKRXQWUR\DQRHO
TXHHOHJtSDUDHVWDRFDVLyQHVHO³7URMDQ&RZ´
4XHORSXHGHVEXVFDUHQHOJRRJOHRDOWDYLVWDSHURQHFHVLWDUHPRVGHVDFWLYDU
PRPHQWiQHDPHQWHHO$XWR3URWHFWGHQXHVWUR$QWLYLUXV\DTXHORYDDGHWHFWDU\
SRVLEOHPHQWHORERUUH


 


 &XDQGRWHQJDVWRGROLVWRHMHFXWDHOSURJUDPDTXHDFDEDVGHFUHDU\
WDPELpQHOWURMDQFRZVLWHILMDVELHQHVWHWUR\DQRVHFRQHFWDSRUHOSXHUWR³´
HQWRQFHVHVHVHUiHOSXHUWRTXHQRVRWURVDEULUHPRVXQDYH]DELHUWRHOSXHUWR
QRVGLULJLUHPRVDOWUR\DQFRZHLQJUHVDUHPRVHQ³,3´ORFDOKRVW<OXHJROHGDPRV
DFRQQHFW\REWHQGUHPRVORVLJXLHQWH




 +DVWDDKRUDWRGRYDPX\ELHQORJUDPRVTXHHOWUR\DQRVHFRQHFWDUDD
QXHVWUDDSOLFDFLyQHVWRVHDSOLFDSDUDWRGRVFRPRGLFHPLSURIHVRUGHDOJRULWPR
´6LVLUYHSDUDXQRVLUYHSDUDWRGRV´
<ORPHMRUDXQHVTXHODSHUVRQDTXHVHFRQHFWHDQXHVWURVHUYLGRU
FRPHQ]DUDDPDQGDULQVWUXFFLRQHVSHURHVWDVQRWHQGUiQQLQJXQDLPSRUWDQFLD\D
TXHVRORVHUi³WH[WR´ORTXHQRVOOHJXH\DGHPiVQRVRWURVWHQGUHPRVVXGLUHFFLyQ
,3\HQDOJ~QFDVRGHTXHHOHVWHFRQHFWDGRGHOQHWEXVQRVRWURVWHQGUHPRV
GRPLQLRVREUHHO

%XHQR\¢DKRUDTXH"GLUtJHWHDOWUR\DQFRZ\GDOHXQFOLFD³2SHQ&'´\
YHDVtQXHVWURVHUYLGRU4XHREWHQHPRV³FGXG´\TXHHVHVWRHVHOFRPDQGRFRQ
HOTXHKDEUpODEDQGHMDGHFGURP\DKRUDOHGDPRVD³&ORVH&G´\REWHQGUHPRV
³FGLQG´
3RUILQFRPHQ]DPRVKDYHUORVIUXWRV\ORPHMRUGHOFDVRHVTXHHOWUR\DQ
FRZQRQRVDUURMDQLQJ~QWLSRGHHUURU\DTXH³1RREWLHQHQLQJ~QGDWRQXHVWUR´

<DVtYDPRVYLHQGRFRQWRGRVORVERWRQHVSDUDLUREWHQLHQGRODV³SDODEUDV
FODYHV´\HVDTXtGRQGHREWHQHPRVODVSULPHUDVSLVWDVSDUDREWHQHUODUHVSXHVWD
DQXHVWUDVHJXQGDSUHJXQWD








 
  ¢&RPRPRGLILFDUXQ7UR\DQR6HUYLGRUSDUDTXHVRORUHVSRQGDD
QXHVWURVFRPDQGRV"

%XHQRHVWRHVPX\VLPSOHVLHPSUH\FXDQGRWHQJDPRVODVKHUUDPLHQWDV
DGHFXDGDV\XQSRFRGHSDFLHQFLDVRORHQDOJXQRVFDVR

3DUDUHDOL]DUHVWDWDUHDQHFHVLWDUHPRVXQ³(GLWRUKH[DGHFLPDO´HQPLFDVR
XVDUHHO³+H[:RUNVKRSY´TXHSDUDPLJXVWRHVXQRGHORVPDVSRWHQWHVHV
FRQHO~QLFRTXHKHSRGLGRDEULUXQDLPDJHQGHFGFRPSOHWDHQPHQRVGH
VHJXQGRV

(OVHUYLGRUTXHYDPRVDPRGLILFDUVHUiHOGHOWUR\DQFRZ\DTXHORWLHQHQ
GHVFDUJDGR\DGHPiV\DREWXYLPRVWRGRVRODJUDQPD\RUtDGHVXVFRPDQGRV
1XHYDPHQWHGHVDFWLYDUHPRVPRPHQWiQHDPHQWHQXHVWURDQWLYLUXV\FRPRXQD
SHTXHxDPHGLGDGHVHJXULGDGOHFDPELDUHPRVODH[WHQVLyQD W[WSDUDQR
HMHFXWDUOR\HYLWDUQRVWRGRHOUROORGHODGHVLQIHFFLyQHQWRGRFDVRPDVDGHODQWH
H[SOLFDUHFRPRGHVLQIHFWDUVHGHODPD\RUtDGHORVWUR\DQRVTXHUHDOPHQWHQRHV
JUDQFRVD
 %XHQRHFKHPRVDFRUUHUQXHVWURHGLWRUKH[DGHFLPDO\KDEUiQHOVHUYLGRU
GHOWUR\DQFRZ
<SUHVLRQHPRV&75/)HQHOFDVRGHTXHHVWpQXVDQGRHOPLVPRTXH\R
DOLJXDOTXHVXYHUVLyQ\VLQRHVHVHHOFDVRVRORGLUtMDQVHDOPHQ~³(',7´R
³(GLWDU´VHJ~QVHDHOLGLRPD\OXHJROHGDPRVXQFOLFDODRSFLyQ³),1'´R
³%86&$5´\QRVVDOGUiDOJRPDVRPHQRVSDUHFLGRDHVWR


 
 'HMHPRVWRGRWDOFRPRHVWD\HQ³9DOXH´LQJUHVDPRVVRODPHQWH³FGXG´
UHFXHUGDQTXHHVWHHUDHOFRPDQGRTXHKDEUtDHOFGURP\OXHJRSUHVLRQHPRV
³$FHSWDU´
<TXHHVORTXHREWHQHPRV




 
([FHOHQWHOOHJDPRVMXVWRGRQGHTXHUtDPRVVLWHILMDV³FGXG´TXHGR
PDUFDGRHQQHJUR\VLPLUDVORVRWURVYDORUHVWHGDUiVFXHQWDTXHVRQORVRWURV
FRPDQGRVSHURSRQPXFKDDWHQFLyQDQWHVGHPDQGDUWHDPRGLILFDUFRPRORFR\D
TXHVLWHH[FHGHVHQXQDOHWUDGHPDVRXQDGHPHQRVHVWRQRDQGDUi\DTXH
WLHQHVTXHPRGLILFDU³FGXG´SRUXQDSDODEUDFRQOHWUDVRFDUDFWHUHVSRGUtDVHU
³RSHQ´RODTXHWXTXLHUDV\WHUHFRPLHQGRDQWHVGHHVFULELUTXHSUHVLRQHVOD
WHFOD³,QVHUW´HVWRHVPX\~WLO\DTXHORTXHKDFHHVTXHDOHVFULELUQRGHVSODFHOD
OHWUDTXHHVWDEDVLQRODVREUHHVFULEHSRUODTXHLQJUHVDVWH\DVtSRGHPRV
YHULILFDUHOTXHQRQRVSDVHPRVGHORSHUPLWLGRHVWDGHPiVGHFLUWHTXHGHEHUtDV
FUHDUXQEDFNXSGHOVHUYLGRUSRUVLWHORHFKDV

 %XHQRSRQJiPRVORHQHOFDVRGHTXHPRGLILFDVWH³FGXG´SRU³RSHQ´DKRUD
YDPRVDJXDUGDUOR\DVHDGHVGHODLPDJHQGHOGLVTXHWHRGHVGHDUFKLYRRILOH\
JXDUGDURVDYH




 
 <SDUDFHUFLRUDUQRVGHTXHWRGRPDUFKDUDELHQVRORTXHGDDTXHWHDXWR
LQIHFWHV\SRUVXSXHVWRTXHWDPELpQPRGLILTXHVHO7UR\DQR&OLHQWHGHOWUR\DQ
FRZODRUGHQGH³FGXG´SRU³RSHQ´RVLTXLHUHVHYLWDUWHHVWDSDUWHVRORYHDO06
'26RDO6tPERORGHVLVWHPD\DQWHVGHKDFHUWHOQHWHQXQGRFXPHQWRGHWH[WR
HVFULEH³RSHQ´VHOHFFLyQDOR\GDOHDFRSLDURVGLULJLPRVDO06'26RDO6tPEROR
GHVLVWHPD\SRQHPRV

WHOQHWORFDOKRVW

<QRVFRQHFWDUHPRVSRUWHOQHWDOVHUYLGRUGHOWUR\DQFRZSRUHOSXHUWR
DKRUDVRORTXHGDSHJDUHOWH[WR³RSHQ´TXHSUHYLDPHQWHFRSLDPRVVH
SUHJXQWDUDQSRUTXH

0X\VLPSOH\HVTXHFDGDYH]TXHQRVRWURVSXOVDPRVXQDWHFODVHHQYtD
HVHGDWRDOVHUYLGRU\DOSUHVLRQDUODRWUDWHFODHVWHVHHQYtD\VHVREUHHVFULEH
GHODTXHHQYLDPRVDQWHULRUPHQWH\ORTXHUHVXOWDUDTXHDOWHUPLQDUGHHVFULELUOD
SDODEUD³RSHQ´VRODPHQWHILJXUDUDHQHO6HUYHUOD³Q´\QRVRWURVDOFRSLDU\SHJDU
HQYtDWRGRVORVGDWRVMXQWRVGHXQDVRODYH]

(VSHURTXHVHSUHJXQWHQ¢<FXDOHVODGLIHUHQFLDHQWUHTXHVHHQYLpSRU
SDUWH\WRGRDODYH]"EXHQRHVRHVIiFLO\DTXHFXDQGRHQYLDPRVORVGDWRVDO
VHUYLGRUHVWHORVSURFHVDGHODVLJXLHQWHIRUPD

,IGDWRHQWUDQWH ³RSHQ´WKHQµYHULILFDHOWH[WRHQWUDQWH\ORFRPSDUDFRQORTXH
HVWDHQFRPLOODV³RSHQ´
&GURPµDTXtVHHMHFXWDHOPRGXORSDUDDEULUHOFGURP

 (VRVRORIXHXQHMHPSOR\DTXHORVSURFHGLPLHQWRVGHFRPSDUDFLyQSXHGHQ
VHUPXFKRV\PDVFRPSOHMRV\DODYH]PDVHILFLHQWHV

 %XHQRPHGHVYLpXQSRFRGHOWHPDSHURHUDQHFHVDULR\DVtFRPSUXHEDV
TXHUHDOPHQWHORDQWHVHFKRKDOODWHQLGRp[LWR\DKRUDSXHGHVEDMDUHO³7UR\DQ
FRZUHPRYHU´SDUDGHVLQIHFWDUWHPDVUiSLGR<DVtGDUSRUWHUPLQDGDHVWDSDUWH















 
  ¢&yPRVHVLHVWR\LQIHFWDGR"

0pWRGRVSDUDYHULILFDUHVWRKD\PXFKRVHOTXHUHFRPLHQGRHVWHQHU
VLHPSUHXQEXHQDQWLYLUXV\DFWXDOL]DGRGHSUHIHUHQFLDFDGDVHPDQDHQPLFDVR
XVRHO1RUWRQ\QXQFDPHKHLQIHFWDGREXHQRVVRORFXDQGRHVWR\KDFLHQGR
SUXHEDVHQHOHTXLSR

2WUDRSFLyQHVLUDOPHQ~LQLFLR\GDUOHD³(MHFXWDU´\HVFULELPRV³UHJHGLW´
\QRVGLULJLPRVDODVLJXLHQWHFDGHQD

+.(<B/2&$/B0$&+,1(?62)7:$5(?0LFURVRIW?:LQGRZV?&XUUHQW9HUVLRQ?5XQ

 $FiHVWiQODVDSOLFDFLRQHVTXHVHFDUJDQDOLQLFLDU:LQGRZV\VRODPHQWH
WHQGUHPRVTXHEXVFDUHOQRPEUHGHXQDTXHVHDXQSRFR³VRVSHFKRVD´WDOFRPR

3DWFK
6HUYHU
)RWRV
,QVWDOO
6HWXS

 3HURSXHGHQWHQHUFXDOTXLHUQRPEUHHQWRQFHVQRVILMDPRVXQSRFRPDVHQ
ORVGDWRV\DTXHODJUDQPD\RUtDGHORVWUR\DQRVVHFRSLDQHQODVVLJXLHQWHV
FDUSHWDV

&?:LQGRZV?
&?:LQGRZV?6\VWHP?
&?:LQGRZV?6\VWHP?

 <VLVRVSHFKDVGHRWUDTXHVHHQFXHQWUDHQRWUDXELFDFLyQVRORGLUtJHWHD
VXFDUSHWD\FRPLHQ]DDYHUVXVSURSLHGDGHVHLQYHVWLJDPDV

 7DPELpQSXHGHVSUHVLRQDU&75/$/76835\YHUDVORVSURFHVRVTXH
HVWiQDFWLYRVHQFDVRGH:LQGRZVH;3GDUXQFOLFHQDGPLQLVWUDGRUGH
WDUHDV<SXHV\DVDEHVKDYHULILFDUVLHVWiQDOJRIXHUDGHORQRUPDO

 2WDPELpQDOJRTXHHVPX\UHFRPHQGDEOHHVHVFDQHDUWHWXVSXHUWRVHQ
EXVFDGHDOJXQRVDELHUWRVSRUDOJ~QWUR\DQR7HUHFRPLHQGRHO³6XSHU6FDQ´TXH
HVPX\UiSLGR\IiFLOGHXVDU

%XHQRHQODVLJXLHQWHKRMDSRQGUpXQDOLVWDGHSXHUWRVTXHHVODTXHWUDH
FRQVLJRHO³6XSHU6FDQ´\WDPELpQWHUHFRPLHQGRTXHWHEDMHVRWUDVOLVWDVPDV
DFWXDOL]DGDV





 
 /LVWDGHSXHUWRVGHDOJXQRVWUR\DQRV
0DVWHU3DUDGLVH
%2MDPPHUNLOODK9
+DFNHUV3DUDGLVH
3KDVH=HUR
$WWDFN)73
6LOHQFHU
6LOHQFHU
:HE([
'RO\7URMDQ6XEP&URQFR
'RO\7URMDQ
'RO\7URMDQ6XEP&URQFR
1HWVS\
%OD
6WUHDPLQJ$XGLR7URMDQ
6RIW:DU
6XE6HYHQ
9RGRR
0DYHULFN
V0DWUL[
)73&03
3V\EHU6WUHDPLQJ6HUYHU1LNKLO*
6KLYD%XUND
6S\6HQGHU
6KRFN5DYH
%DFNGRRU
7UDQVFRXW
'HU6SDHKHU
7URMDQ&RZ
3DVV5LSSHU
7KH,QYDVRU1LNKLO*
+9/5DW
6WULNHU
:LQFUDVK
3KLQHDV1LNKLO*
7RWDO(FO\SVH)73
)LOH1DLO'DQQ\
,FT7URMDQ
,FT7URMHQ
6RFNHW
227/7
1HW0HWUR
%ODGH5XQQHU
%DFN&RQVWUXFWLRQ
,OOXVLRQ0DLOHU
;7&3
5RER+DFN
:LQFUDVK

 
7KHW+LQJ
9DPSLUH
'HHS7KURDW
'HOWD6RXUFH'DUN6WDU
6KLWKHHS
,QGRFWULQDWLRQ
1HW0RQLWRU
L&NLOOHU
3RUWDO2I'RRP
3RUWDORI'RRP
L1L.LOOHU
,Q,NLOOHU
&RPD'DQQ\
6HQQD6S\7URMDQV
3URJHQLF7URMDQ
*MDPHU
+DFN.H\/RJJHU
1HW%XV[DYRLGLQJ1HWEXVWHU
(FOLSVH
3ULRWULW\
0LOOHQLXP
1HW%XV3UR
/RJJHG
&KXSDFDEUD
%OD
*LUO)ULHQG
*LUO)ULHQG
3URVLDN
(YLO)WS
6XE
7KH8QH[SODLQHG
$2/7URMDQ
1HW6SKHUH
6RFNHW
.XDQJ
+DFN
D
WDFN
7URMDQ6SLULWD
7LQ\7HOQHW6HUYHU
%LJ*OXFN71
7KH6S\
0DVWHU3DUDGLVH
)RUH
5HPRWH:LQGRZV6KXWGRZQ
%DFN2ULILFHGHIDXOWSRUW
6FKRROEXV
7HOHFRPPDQGR
'HYLO

 
 $XQTXHWDPELpQWHSXHGRUHFRPHQGDUTXHEXVTXHVSRUDKtDOJXQRV³DQWL
WUR\DQ´RUHPRYHGRUHVGHWUR\DQRV3HURQLVLTXLHUD\RORVXVRTXHEDVWDFRQQR
DEULUWRGRORTXHWHHQYtDQ\VDEHUELHQGHGRQGHEDMDUODVFRVDV

 <EXHQRWDPELpQKD\PXFKDVRWUDVIRUPDVGHGDUVHFXHQWDVLHVWiQFRQ
LQIHFWDGRV\DTXHEDMDFRQVLGHUDEOHPHQWHHOUHQGLPLHQWRGHODPDTXLQDWDPELpQ
HVEXHQRHVWDUDOGtDHQWHPDVGHQRWLFLDVVREUHWUR\DQRVSDUDVDEHUPDVFRPR
HVWRVDFW~DQ








































 
  &UHDQGRPLSULPHU7UR\DQR

%XHQRVLQRWHKDVGDGRFXHQWD\DOOHYDPRVODPLWDGGHOWUR\DQRKHFKR
GLUiV¢(VWH\DVHYROYLyORFR"SHURItMDWHELHQ\DWHQHPRVHOVHUYLGRUHO
SURJUDPDTXHFUHDPRVSDUDDWUDSDUORVFRPDQGRVGHORVWUR\DQRV6RODPHQWHQRV
IDOWDGDUOHODVLQVWUXFFLRQHV\FUHDUXQVHQFLOORFOLHQWH

'HVGHXQSULQFLSLRGLMHTXHKDEtDQDOJXQDVRSFLRQHVTXHQRODVLEDD
LQFOXLUWDOHVFRPRERUUDUDUFKLYRVPRGLILFDUDUFKLYRVGHOVLVWHPD\ORTXH\R
FRQVLGHUHTXHSXHGDSRQHUHQULHVJRXQVLVWHPDDMHQR

$GHPiVVLVLJXHVHQHVWRVFDPLQRVWHGDUiVFXHQWDGHTXHFUHDUHVDV
RSFLRQHVQRVRQQDGDGHORWURPXQGR\FRQHVRWHREOLJRDTXHVLJDV
DSUHQGLHQGRFRVDVQXHYDVSRUORPHQRVHVRHVSHUR\SRUVXSXHVWRTXHHVWDGH
PDVGHFLUWHTXHWHQJDVPXFKRFXLGDGRFRQORTXHKDJDV\FRQORTXHOHSXHGDV
KDFHUDDOJXLHQDVtHVTXHQROHKDJDVDRWURVORTXHQRWHJXVWDUtDTXHWH
KLFLHUDQ

<DKRUDYDPRVDOSRQHUQRVDWUDEDMDUFRPHQ]DUHPRVFRQHOSURJUDPD
FOLHQWH\DTXHHOVHUYLGRUHVWDWHUPLQDGR\VRORIDOWDDJUHJDUOHVXQDVFXDQWDV
FRVDVDVtHVTXHQRVGLULJLPRVDO9LVXDO%DVLF\DEULPRVHOSUR\HFWRVHUYLGRU
TXHHVSHURTXHORKDOODQJXDUGDGR\DTXHVRODPHQWHOHYDPRVDPRGLILFDUXQDV
FXDQWDVFRVDV




 &RPRYHPRVOHFDPELDPRVHOWLWXOR\ORVQRPEUHVDDOJXQRVERWRQHVH
LQVHUWDPRVRWURERWyQHOFXDOHQYLDUDODFODYHSDUDHMHFXWDUODDFFLyQ\QRVH
ROYLGHQGHFDPELDUOHORVYDORUHVDRUGHQHQ³/RFNHG´OHGDQHOYDORU³)DOVH´\HQ
³0XOWLOLQH´OHGDQ³)DOVH´








 
 %XHQRODFDMDGHWH[WRTXHGLFH³+RVWR,S´OHGDUHPRVHOQRPEUHJHQHUDO
GH³KRVW´ODFDMDGHWH[WRTXHGLFH³3XHUWR´WHQGUiHOPLVPRYDORUGHQRPEUH
³3XHUWR´\ODXOWLPDFDMDGHWH[WROHGDUHPRVHOQRPEUHGH³RUGHQDU´

 %XHQRORVERWRQHVQRLPSRUWDTXHQRPEUHWHQJDQDOLJXDOTXHHOZLQVRFN
DVtHVTXHDKRUDYDPRVDODSDUWHGHSURJUDPDUFDGDDFFLyQ

+DFHPRVGREOHFOLFVREUHHOERWyQ³FRQHFWDU´\YDPRVDODIXQFLyQ³FOLFN´\
SULPHURERUUDPRVORTXHDQWHULRUPHQWHKDEtDPRVSXHVWR\FRORFDPRVOR
VLJXLHQWH

:LQVRFN5HPRWH+RVW KRVW7H[W
:LQVRFN5HPRWH3RUW SXHUWRWH[W
:LQVRFNFRQQHFW

 &RQHVWRFRQVHJXLPRVFRQHFWDUQRVDODLSRKRVWHVFULWD<HVDTXtGRQGH
WHQHPRVTXHDFODUDUXQSXQWRTXHSXHUWRXVDUHPRVHQQXHVWURVHUYLGRU\DTXHHO
GHEHWHQHUHOSXHUWRSUHGHWHUPLQDGRSHURHVRORYHUHPRVXQSRFRPDVDGHODQWH

 $KRUDKDFHPRVGREOHFOLFVREUHHOERWyQHQYLDU\QRVYDPRVDODIXQFLyQ
³FOLFN´HKLQVHUWDPRVORVLJXLHQWH

:LQVRFN6HQG'DWDRUGHQ7H[W

 &RQHVWRHQYLDPRVODRUGHQHVFULWDHQODFDMDGHWH[WROODPDGD³RUGHQ´DO
VHUYLGRU

 $KRUDXQDGHODVSDUWHVPDVLPSRUWDQWHVHOZLQVRFNKDFHPRVGREOHFOLF
HQHO\ERUUDPRVWRGRORTXHWHQJDHVFULWRTXHSHUWHQH]FDDOSURJUDPDVHUYLGRU\
QRVGLULJLPRVDODIXQFLyQ³&RQQHFW´\HVFULELPRVORVLJXLHQWH

,I:LQVRFN6WDWH VFN&RQQHFWHG7KHQ
)RUPFDSWLRQ &RQHFWDGRFRQp[LWR
(OVH
)RUPFDSWLRQ (VSHUDQGR
(QG,I

 $FiFRPSUREDPRVVLFRQHFWRRQRHQHOFDVRGHTXHFRQHFWHHOWLWXORGHO
SURJUDPDHQODEDUUDFDPELDUDD³FRQHFWDGRFRQp[LWR´GHORFRQWUDULR
³(VSHUDQGR´

 $KRUDQRVGLULJLPRVDODIXQFLyQ³'DWD$UULYDO´\FRSLDPRVORVLJXLHQWH






 

'LPYW'DWD$V6WULQJ
:LQVRFN*HW'DWDYW'DWDYE6WULQJ
RUGHQ ´´
RUGHQ RUGHQ YW'DWD YE&U/I

 (VWRHVPX\QHFHVDULRSDUDVDEHUVLODRUGHQVHHMHFXWRRQR\WDPELpQ
SRGHPRVFDOFXODUXQSRFRHOWLHPSRTXHWLHQHGHUHVSXHVWD

 <OXHJRFRPSLODQDFRQWLQXDFLyQFRUUHPRVODVDSOLFDFLRQHV\HQHO
VHUYLGRULQJUHVDQHOSXHUWR³´\HQHOFOLHQWHLQJUHVDPRVHQKRVW³ORFDOKRVW´\
HQSXHUWR³´\VLKDQVHJXLGRDOSLHODVLQGLFDFLRQHVREWHQGUiQHVWR




 &RPR VH SXHGH DSUHFLDU HO FOLHQWH HVWD FRQHFWDGR DO VHUYLGRU HV GHFLU
OOHYDPRV FDVL HO  WHUPLQDGR < SDUD YHULILFDU OD FRPXQLFDFLyQ HQWUH &OLHQWH \
6HUYLGRUHVFULEDQORTXHTXLHUDQHQODFDMDGHWH[WR³2UGHQDHQYLDU´GHOFOLHQWH\
SUHVLRQHQ HO ERWyQ HQYLDU \ OXHJR YHULILTXHQ HO 6HUYLGRU GHEHUtD DSDUHFHU
VRODPHQWHHOWH[WRTXHXVWHGHVSXVLHURQ

 < HV DTXt GRQGH REWHQHPRV QXHVWUR ³FGXG´ SRU VL QR OR UHFXHUGDQ HUD HO
FRPDQGRGHOWUR\DQFRZSDUDDEULUHOFGURP

 -XVWR VH PH DFDED RFXUULU XQD LGHD \ QR HV EURPD SHUR DXQ QR OR KH
SUREDGR\HVODVLJXLHQWHVHTXHSXHGHIXQFLRQDUSHURQRVHVLVHREWHQGUiQORV
UHVXOWDGRV HVSHUDGRV \ HV DJUHJDUOH DO VHUYLGRU XQ ERWyQ SDUD HQYLDU ³DOJR´ HQ
SDUWLFXODU HV GHFLU FXDQGR DOJXLHQ VH FRQHFWH D QRVRWURV FUH\HQGR TXH HV HO
VHUYLGRU GH XQ WUR\DQR QRVRWURV OH HQYLDPRV HVH ³DOJR´ TXH SXHGH VHU XQRV
EXHQRV ELWHV GH WH[WR EDVXUD FXDQGR GLJR XQRV EXHQRV ELWHV HVR SXHGH VHU
PRGLILFDGR D JXVWR SHUR VL UHDOPHQWH TXLHUHQ VHU DJUHVLYRV WHQGUtDPRV TXH
VLPSOHPHQWHXWLOL]DUXQFLFORIRUHOFXDOH[SOLFRDFRQWLQXDFLyQ

 (QXQERWyQSRQJDQHVWR


 
)RUL WR
:LQVRFNVHQG'DWDIORRGWH[W
QH[W

 'RQGH)ORRGWH[WHVODYDULDEOHGRQGHHVWDUiHOWH[WREDVXUD<XVWHGHV
GLUiQ¢3ULPHURGHFtDTXHQRLEDKDHQVHxDUKDFHUHVWXSLGHFHV\DKRUDVDOHFRQ
HVWR"%XHQRFRPRGLMHQRORKHSUREDGRSHURHVWR\VHJXURTXHIXQFLRQDUDPX\
ELHQDGHPiVVRORHVGH3URWHFFLyQ\VLUHDOPHQWHTXLHUHQSURWHFFLyQFDPELHQHO
YDORUGHD\DTXHQDGLHOHPDQGDDRWUDSHUVRQDDHVWDUKXUJDQGRSRU
WXLS\PXFKRPHQRVFRQHFWiQGRVH\DTXHHVRGHPXHVWUDTXHDOJRVHWUDHHQWUH
PDQRV

 %XHQRVLJDPRVFRQORQXHVWURKDVWDDKRUDHVWDWRGRELHQFOLHQWH\
VHUYLGRU³FDVLOLVWRV´\DTXHHVRGHSHQGHGHXVWHGHVVLTXLHUHQDOFOLHQWHOH
SXHGHQSRQHUPDVERWRQHV\DVHDXQRSDUDDEULUFGURPDSDJDUSFUHLQLFLDUHWF
8VWHGHVORYDQDUUHJODQGRDVXSLQWDOHSXHGHQSRQHUFODYHLPiJHQHV\KDFHUOR
PDVOODPDWLYR

 <DKRUDQRVGLULJLPRVDOSUR\HFWRGHOVHUYLGRUSDUDFRPHQ]DUDPRGLILFDUOR
\GDUOHXQDVIXQFLRQHVPDVHVSHFLILFDVDVtHVTXH\DGR\SRUKHFKRDTXHWLHQHQ
HOYLVXDOFRQHOSUR\HFWRGHO6HUYHUDELHUWR\QRVGLULJLPRVDODFDMDGHWH[WR
³W[WUHFLE´\GDQGREOHFOLFNVREUHHVWH\VHYDQDODIXQFLyQ³FKDQJH´\DTXt
FRPHQ]DUHPRVD³FRPSDUDU´ODVRUGHQHV
  
 (VWDVVRQODVRSFLRQHV³%iVLFDV´TXHYR\DH[SOLFDUKD\YDULDVRSFLRQHV
TXHQRYR\DHQVHxDUSRUPRWLYRVREYLRV

23&,21(6 &2',*2
$EULU&GURP 2SHQ
&HUUDU&GURP &ORVH
$SDJDU6LVWHPD .LOO
'HVKDELOLWDU&75/$/76835 1RWHFOD
+DELOLWDU&75/$/76835 6LWHFOD
0HQVDMHV 


 (VSHURTXHQRWHHVWDQTXHVFRQHVWR\VLJDVDSUHQGLHQGR\DVHDEDMDQGR
XQPDQXDOGHYE\DTXHWHDVHJXURTXHVLWHGHGLFDVPDVHQHVWRSRGUiVVDFDU
RSFLRQHVPHMRUHV\XQDTXHHVPX\LQWHUHVDQWH\HVODPDVLPSRUWDQWHSRGHU
WRPDUILFKHURVGHVXGLVFRGXURVXELUILFKHURV\REYLDPHQWHTXHVLSHUVHYHUDV
DSUHQGHUiVPXFKRPDV\WHGDUiVFXHQWDTXHHVWRUHDOPHQWHHVIiFLO





 


&RPRDEULU\FHUUDUODEDQGHMDGHOFGURP

 %XHQRDKRUDPDQRVDODREUDGDOHGREOHFOLFNDODFDMDGHWH[WR
³W[WUHFLELGR³TXHHVGRQGHYDQOOHJDQGRORVPHQVDMHV\YDPRVDODIXQFLyQ
³FKDQJH´\FRPHQ]DPRVDSRQHUQXHVWUDVLQVWUXFFLRQHVFRQODVHQWHQFLDLI

'LP&$V&'520
6HW& 1HZ&'520

3DUDDEULUHOFGURP

,IW[WUHFLELGRWH[W ³RSHQ´WKHQ
&([SXOVDU&'
:LQVKRFNVHQG'DWD³&GURPDELHUWR´
(QGLI

3DUDFHUUDUHOFGURP

,IW[WUHFLELGRWH[W ³FORVH´WKHQ
&&HUUDU&'
:LQVRFNVHQG'DWD³&GURP&HUUDGR´
(QGLI
 
<TXHGDUDGHHVWDIRUPD


 
 
 
3HURSDUDTXHIXQFLRQHQODVOODPDGDVWLHQHTXHKDEHUXQPRGXORSDUD
LQVHUWDUXQPRGXORGLUtMDQVHDOPHQ~SUR\HFWR\DJUHJDUPRGXORGHFODVH$OFXDO
OHSRQGUiQHOQRPEUHGH³FGURP´\FRSLHQWDOFXDOORTXHSRQGUpDFRQWLQXDFLyQ

2SWLRQ([SOLFLW
3ULYDWH'HFODUH)XQFWLRQPFL6HQG6WULQJ/LEZLQPPGOOB
$OLDVPFL6HQG6WULQJ$B
%\9DOOSVWU&RPPDQG$V6WULQJB
%\9DOOSVWU5HWXUQ6WULQJ$V6WULQJB
%\9DOX5HWXUQ/HQJWK$V/RQJB
%\9DOKZQG&DOOEDFN$V/RQJ$V/RQJ
3ULYDWH&RQVWDEUHBFG &'$XGLR'RRU2SHQ
3ULYDWH&RQVWFLHUUDBFG &'$XGLR'RRU&ORVHG

3XEOLF6XE([SXOVDU&'
&DOOPFL6HQG6WULQJ6HW DEUHBFG :DLW   
(QG6XE

3XEOLF6XE&HUUDU&'
&DOOPFL6HQG6WULQJ6HW FLHUUDBFG :DLW   
(QG6XE

 <TXHGDUDGHODVLJXLHQWHPDQHUD


 

 


 $KRUDYHUHPRVFRPRDSDJDUHOVLVWHPD(VWHHVUHDOPHQWHIiFLO\WHGDUiV
FXHQWDTXHKDVWDXQRVVLPSOHVWUXFRVGH,QWHUQHWVRQIXQFLRQDOHVDFi

,IW[WUHFLELGR ³NLOO´WKHQ
6KHOOUXQGOOH[HXVHUH[H([LW:LQGRZV
(QGLI

<RUDFRPRKDELOLWDU\GHVKDELOLWDUODVWHFODV&75/$/76835$VtHVTXH
SHJXHPRVHVWRWDOFXDOHQHOW[WUHFLELGRHQODIXQFLyQ³FKDQJH´

 
'LPUHV$V,QWHJHU
'LPE9DO$V%RROHDQ

,I7[W5HFLELGR7H[W QRWHFOD7KHQ
UHV 6\VWHP3DUDPHWHUV,QIR7UXHE9DO
(QG,I

,I7[W5HFLELGR7H[W VLWHFOD7KHQ
UHV 6\VWHP3DUDPHWHUV,QIR)DOVHE9DO
(QG,I

 <HVWRYDHQHOIRUPSULQFLSDOHQJHQHUDO

3ULYDWH'HFODUH)XQFWLRQ6\VWHP3DUDPHWHUV,QIR/LEXVHU$OLDV
6\VWHP3DUDPHWHUV,QIR$%\9DOX$FWLRQ$V/RQJ%\9DOX3DUDP$V/RQJ
OSY3DUDP$V$Q\%\9DOIX:LQ,QL$V/RQJ$V/RQJ

 4XLHURDFODUDUTXHORKHSUREDGRHQ:LQGRZV\HQ0LOOHQLXP\
IXQFLRQDQSHURHQHO:LQGRZVQRIXQFLRQD\HQHO:LQGRZV;3QROHKH
LQWHQWDGR

 $KRUDYLHQHHOPLQLFKDWTXHDGHPiVFRQXQSRFRGHLPDJLQDFLyQVH
SXHGHQKDFHUPXFKDVFRVDVFRQHVWR\SDUDHOTXHQRVHOHRFXUULyEXHQRWHGLJR
TXHSXHGHV³FDPXIODUOR´ELHQRVHDVDFDUOHDOJXQDVIRWRVDODVYHQWDQDVGHOPVQ
SDUDKDFHUORSDVDUSRUXQPHQVDMHGHOPVQ\SHGLUTXHWHHQYtHQHOXVXDULR\HO
SDVVZRUG\EXHQRDTXtMXHJDPDVODLPDJLQDFLyQGHFDGDXQRSDUDKDFHUVDFDUOH
HOPD\RUSURYHFKRDFDGDRSFLyQ






 
 $KRUDORTXHYDPRVKDFHUHVDJUHJDUOHDQXHVWURVSUR\HFWRVRWURZLQVRFN
HVWHVHULDHO³ZLQVRFN´GLUiQSRUTXHSRUTXpHVWHPDQXDOHVWDHQIRFDGRDXQ
QLYHOEDMRGHSURJUDPDFLyQ\QRTXLHURHQUHGDUORV<DGHPiVYHUiQTXHHVPDV
RUGHQDGR\PDVIiFLOGHHQWHQGHU

 (VWHZLQVRFNWLHQHTXHWHQHUWRGRORTXHWLHQHHOZLQVRFNOR~QLFRTXH
YDDFDPELDUHVHQHOIRUPGHOSURJUDPD³FOLHQWH´HVODIXQFLyQ³FRQQHFW´SHUR
SXHGHQGHMDUHOUHPRWHKRVW\DTXHHOKRVWRLSDODTXHQRVFRQHFWDUHPRVVHUiOD
PLVPDREYLDPHQWHSHURGHEHQFDPELDUHOUHPRWHSRUWSRUXQRTXHXVWHGHV
TXLHUDQ<HOIRUPGHOSURJUDPD³6HUYLGRU´WLHQHQTXHDJUHJDUOHHOQXHYRSXHUWR
TXHVHDEULUi\OLVWR

 $KRUDSDVDPRVDSURJUDPDUODSDUWHGHO³FOLHQWH´SDUDHVWDSDUWHWLHQHQ
TXHLQJUHVDUXQDQXHYDFDMDGHWH[WRFRQHOFDSWLRQ³SUHJXQWD´\XQERWyQFRQHO
FDSWLRQGH³3UHJXQWDU´/XHJROHGDPRVGREOHFOLFNVREUHHOERWyQ\OXHJRHQOD
IXQFLyQ³FOLFN´\HVFULELPRVORVLJXLHQWH

:LQVRFNVHQGGDWDSUHJXQWD

 &RPRYLHURQDFi\DHQYLDPRVODSUHJXQWDDVtHVTXHDKRUDQRVGLULJLPRV
DO³6HUYLGRU´\DTXtDOJRTXHVHPHKDEtDROYLGDGR\HVTXHHQODIXQFLyQ
³GDWDDUULYDO´GHOZLQVKRFNWLHQHQTXHFDPELDUODXELFDFLyQGRQGHOOHJDUDOD
SUHJXQWD\DFiHVGRQGHGHVSXpVXVWHGHVSXHGHQ³FDPXIODU´ODVSUHJXQWDVSDUD
REWHQHUORTXHTXLHUDQGHOXVXDULRSHUR\RODYR\KDFHUPDVVLPSOHDVtHVTXH
WHQHPRVTXHLQVHUWDURWUDFDMDGHWH[WRFRQHOQRPEUHGH³HQWUDGD´\HQWRQFHV
HQHO³GDWDDUULYDO´TXHGDUtDORVLJXLHQWH

'LPYW'DWD$V6WULQJ
:LQVRFN*HW'DWDYW'DWDYE6WULQJ
HQWUDGD HQWUDGD YW'DWD

 <IDOWDUtDLUDODFDMDGHWH[WR³HQWUDGD´\HQODIXQFLyQ³FKDQJH´HVFULELPRV
ORVLJXLHQWH

:LQVRFNVHQGGDWDLQSXWER[HQWUDGD

 &RQHVWRKDFHPRVTXHODSUHJXQWDTXHOOHJXHQRVVDOJDHQXQDFDMDGH
WH[WRPX\VLPLODUDOTXHVDOHQHQPXFKDVSDJLQDVZHESLGLpQGRQRVQXHVWUR
QRPEUH\OXHJRPRVWUiQGRORGHQWURGHODZHEODWtSLFDELHQYHQLGD

 <ORXOWLPRTXHQRVTXHGDHVDOIRUPGHMDUORLQYLVLEOH\TXHODVRUGHQHVGH
DEULUORVSXHUWRVVHKDJDQDOLQLFLDUHOIRUP(QODIXQFLyQ³/RDG´GHOIRUP
RUGHQDPRVDEULUSXHUWRVHVSHFtILFRV\HQODVSURSLHGDGHVGHOIRUPEXVTXHQYLVLEOH
\GHQOHDIDOVH




 

/LQNV

3DJLQDVGHSURJUDPDFLyQ

KWWSZZZODZHEGHOSURJUDPDGRUFRP
KWWSZZZSRUWDOYEFRP
KWWSJXLOOHFRVWDVROQHW
KWWSZZZFDQDOYLVXDOEDVLFQHW
KWWSPHPEHUVWULSRGFRP9%(VSDQLRO
KWWSZZZYEVRIWZDUHFO
KWWSZZZYEFQFRPDU
KWWSZZZDOJRULWPRGLJLWDOFRP

7RGRORUHODFLRQDGRFRQHOKDFNLQJ

KWWSZZZYDQKDFNH]FRP
KWWSZZZSDLVWRUWXJDFRP
KWWSZZZGHOLWRVLQIRUPDWLFRVFRPKDFNLQJ
KWWSZZZHOKDFNHUQHW
KWWSZZZKDFNVRIWFRPSH
KWWSZZZXKLFO


























 

&RQFOXVLyQ\GHVSHGLGD

 +DFHUXQWUR\DQRKR\HQGtDHVPX\IiFLOVLVHWLHQHQODVKHUUDPLHQWDV
DGHFXDGDV\QLVLTXLHUDVHQHFHVLWDWHQHUXQQLYHODYDQ]DGRGHSURJUDPDFLyQ
LPDJtQDWHORTXHSRGUtDOOHJDUDKKDFHUXQSURJUDPDGRUH[SHUWRHQ9LVXDO%DVLF\
SDUDTXHGHFLUHQ&(VWRGDPXFKRTXHSHQVDU\DTXHQRVRORKD\WUR\DQRV
TXHORSULPHURTXHKDFHQHVDEULUHOSXHUWR\HVSHUDUXQDFRQH[LyQ\DTXHXQDGH
ODVTXHVHPHRFXUULHURQXQDYH]\SXGHSRQHUHQSUDFWLFDIXHH[DFWDPHQWHFUHDU
XQRSHURTXHHVWHHQLQWHUYDORVGH[PLQXWRVVHLQWHQWDUDFRQHFWDUDPLGLUHFFLyQ
\HVWRQROHYDQWDQLQJ~QWLSRGHVRVSHFKDSHURFRPRVLHPSUHGLJRRSFLRQHV\
PpWRGRVKD\PXFKRVVRORWLHQHVTXHWHQHUXQSRFRGHLPDJLQDFLyQ\
FRQRFLPLHQWRHQYLVXDORHOOHQJXDMHTXHTXLHUDVXWLOL]DUSDUDFUHDUWXV
DSOLFDFLRQHV

 &UHRTXHPDVGHDOJXQRVHTXHMDUDSRUTXHQRHQVHxH³ORPDVLPSRUWDQWH´
SDUDHOORVFRPRVRQODVGHQDYHJDUSRUORVILFKHURVGHRWUDSHUVRQDVXELU\EDMDU
DUFKLYRVERUUDU\PRGLILFDUDUFKLYRV<FUHRTXHODVUHVSXHVWDHVEDVWDQWHREYLD

 7UDWHGHKDFHUHOPDQXDOORPDVFODURSRVLEOH\IiFLOGHHQWHQGHUSDUDWRGRV
DTXHOORVSURJUDPDGRUHVHLQIRUPDWLYRVTXHUHFLpQHVWiQHPSH]DQGRHQHVWH
PXQGR\HVWDGHPDVGHFLUOHORTXHGHEHQKDFHU\ORTXHQRFRQORTXH
DSUHQGDQ<OR~QLFRTXHPHTXHGDGHFLUOHVHVTXHVLJDQOH\HQGRVLJDQ
EXVFDQGRLQIRUPDFLyQSRUDKtTXHDSUHQGHUiQUiSLGDPHQWHQXHYDVIXQFLRQHV
SDUDVXVDSOLFDFLRQHV

 $VtHVTXHKDVWDODSUy[LPDHQXQDGHHVDVVDFRRWURPDQXDOVREUH
XWLOLGDGHVGHKDFNLQJVXVHVFDQHDGRUHVGHSXHUWRVNH\ORJJHUVEXHQRHVRVH
YHUDPDVDGHODQWH