3URFHGLPLHQWRV)(5,$62(;326,&,21(6,17(51$&,21$/(6

)(5,$62(;326,&,21(6,17(51$&,21$/(6
352&(',0,(172*(1(5$/

3URFHGLPLHQWR*HQHUDO 3URFHG(VSHFtILFR ,QVWUXFWLYRV


3URF,17$3* 5pJLPHQ$GXDQHUR 9HUVLyQ &RQWUROGH&DPELRV
(VSHFLDOGH)HULDVR &LUFXODUHV$QH[DV
([SRVLFLRQHV /LVWD&RPSOHPHQWDULD
,QWHUQDFLRQDOHV
9LJHQFLD 3XEOLFDFLyQ
5HVROXFLyQ )HFKD5HV

,2%-(7,92

(VWDEOHFHU ODV SDXWDV D VHJXLU SRU ODV iUHDV TXH LQWHUYLHQHQ HQ HO FRQWURO \ GHVSDFKR GH ODV PHUFDQFtDV GHVWLQDGDV D VHU
H[KLELGDVHQODV([SRVLFLRQHVR)HULDV,QWHUQDFLRQDOHV

,,$/&$1&(

(VWi GLULJLGR DO SHUVRQDO GH OD 681$7 GHVSDFKDGRUHV GH DGXDQD LPSRUWDGRUHV H[SRVLWRUHV UHVSRQVDEOHV GH ORV UHFLQWRV
IHULDOHV \ GHPiV SHUVRQDV TXH LQWHUYLHQHQ HQ HO SURFHVR GH FRQWURO \ GHVSDFKR GH PHUFDQFtDV GHVWLQDGDV D XQD )HULD R
([SRVLFLyQ,QWHUQDFLRQDO

,,,5(63216$%,/,'$'

/D DSOLFDFLyQ FXPSOLPLHQWR \ VHJXLPLHQWR GH OR HVWDEOHFLGR HQ HO SUHVHQWH SURFHGLPLHQWR HV GH UHVSRQVDELOLGDG GH ODV
LQWHQGHQFLDVGHDGXDQDGHOD5HS~EOLFDGHOD,QWHQGHQFLD1DFLRQDOGH7pFQLFD$GXDQHUDGHORVH[SRVLWRUHV\HQFDUJDGRVGHORV
UHFLQWRVIHULDOHV

,99,*(1&,$

$SDUWLUGHOGtDVLJXLHQWHGHVXSXEOLFDFLyQHQHOGLDULRRILFLDO³(O3HUXDQR´

91250$6/(*$/(6

‡/H\*HQHUDOGH$GXDQDVDSUREDGDSRU'HFUHWR/HJLVODWLYR1ƒSXEOLFDGDHO
‡5HJODPHQWRGHOD/H\*HQHUDOGH$GXDQDVDSUREDGRSRU'HFUHWR6XSUHPR1ƒ()GH
‡/H\*HQHUDOGH)HULDV\([SRVLFLRQHV,QWHUQDFLRQDOHV'HFUHWR/H\1ƒGH
‡5HJODPHQWRGHOD/H\*HQHUDOGH)HULDV\([SRVLFLRQHV,QWHUQDFLRQDOHVDSUREDGRSRU'HFUHWR6XSUHPR1ƒ&2&(GH

‡5HJODPHQWR$GXDQHURSDUD)HULDV,QWHUQDFLRQDOHVDSUREDGRSRU'HFUHWR6XSUHPR1ƒ()GH
‡782GHO&yGLJR7ULEXWDULRDSUREDGRSRU'HFUHWR6XSUHPR1ƒ()GH
‡/H\1ƒ±/H\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR*HQHUDOGH
‡7DEODGH6DQFLRQHVDSOLFDEOHVDODVLQIUDFFLRQHVSUHYLVWDVHQOD/H\*HQHUDOGH$GXDQDVDSUREDGDSRU'HFUHWR/HJLVODWLYR1ƒ
'HFUHWR6XSUHPR1ƒ()GH
‡5HJODPHQWRGH2UJDQL]DFLyQ\)XQFLRQHVGHOD681$7DSUREDGRSRU'HFUHWR6XSUHPR1ƒ3&0
‡/H\GH'HOLWRV$GXDQHURVDSUREDGDSRUOD/H\1ƒ
‡5HJODPHQWRGHOD/H\GH'HOLWRV$GXDQHURVDSUREDGDSRU'HFUHWR6XSUHPR1ƒ()

9,1250$6*(1(5$/(6

 /DV PHUFDQFtDV VROLFLWDGDV DO 5pJLPHQ $GXDQHUR (VSHFLDO GH ([SRVLFLRQHV R )HULDV ,QWHUQDFLRQDOHV HQ DGHODQWH ³UpJLPHQ
HVSHFLDO´ LQJUHVDQ DO WHUULWRULR QDFLRQDO FRQ VXVSHQVLyQ GH GHUHFKRV H LPSXHVWRV GH LPSRUWDFLyQ FRQVWLWX\pQGRVH HQ SUHQGD
OHJDO SRU ORV WULEXWRV TXH FDXVHQ VXV GHVSDFKRV VLHQGR UHWHQLGDV PLHQWUDV pVWRV QR VH FDQFHOHQ R QR VH FXPSODQ ODV
REOLJDFLRQHVSURSLDVGHODGHVWLQDFLyQ

/DVPHUFDQFtDVGHVWLQDGDVDOUpJLPHQHVSHFLDOGHEHUiQHVWDUGHFODUDGDVSDUDGLFKRILQHQHOGRFXPHQWRGHWUDQVSRUWH\R
IDFWXUDFRPHUFLDOIDFWXUDSURIRUPDRFRQWUDWR

 3RGUiQ DFRJHUVH D HVWH UpJLPHQ HVSHFLDO ODV PHUFDQFtDV GHVWLQDGDV D VHU H[KLELGDV HQ ODV H[SRVLFLRQHV R IHULDV
LQWHUQDFLRQDOHVDVtFRPRORVDUWtFXORVGHVWLQDGRVDVHUXVDGRVHQGHFRUDFLyQ\RHTXLSDPLHQWRGHORVVWDQGVRSDEHOORQHV

/RVDUWtFXORVTXHFRQVWLWX\DQPDWHULDOGHSXEOLFLGDGSURSDJDQGDRFRQVXPRSDUDVHUGLVWULEXLGRVJUDWXLWDPHQWHHQHOHYHQWR
IHULDO GHEHUiQ VHU GHVWLQDGRV DO UpJLPHQ GH ,PSRUWDFLyQ SDUD HO &RQVXPR DSOLFDQGR OD WRWDOLGDG GH GLVSRVLFLRQHV GHO FLWDGR
UpJLPHQ

 1R SRGUiQ DFRJHUVH DO UpJLPHQ HVSHFLDO ODV PHUFDQFtDV HQ VLWXDFLyQ GH DEDQGRQR OHJDO DVt FRPR ODV GH LPSRUWDFLyQ
SURKLELGD

 (O UpJLPHQ HVSHFLDO VH RWRUJD SRU HO WpUPLQR GH VHVHQWD  GtDV FDOHQGDULR DQWHV GH OD LQDXJXUDFLyQ KDVWD HO GtD GHOD
FODXVXUD GHO HYHQWR WHQLHQGR FRPR SOD]R Pi[LPR SDUD VX UHJXODUL]DFLyQ FLHQWR YHLQWH  GtDV FDOHQGDULR SRVWHULRUHV
FRQWDGRVDSDUWLUGHOGtDVLJXLHQWHGHODFODXVXUD

/RVH[SRVLWRUHVGXHxRVRFRQVLJQDWDULRVGHODVPHUFDQFtDVDVtFRPRORVUHVSRQVDEOHVGHOUHFLQWRIHULDOUHVSRQGHUiQDQWHOD
681$7SRUORVGHUHFKRVDUDQFHODULRV\GHPiVWULEXWRVDODLPSRUWDFLyQHQORVFDVRVHQTXHVHSURGX]FDODGHVDSDULFLyQGHODV
PHUFDQFtDVGHOUHFLQWRIHULDO

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVIHULDVSURF*HQHUDOLQWDSJKWP 
 3URFHGLPLHQWRV)(5,$62(;326,&,21(6,17(51$&,21$/(6
(OH[SRVLWRUTXHQRWHQJDGRPLFLOLRILVFDOHQHOWHUULWRULRQDFLRQDOGHEHUiHVWDUUHSUHVHQWDGRSRUXQWHUFHURDQWHOD681$7HO
PLVPR TXH DVXPLUi ODV UHVSRQVDELOLGDGHV TXH VH GHULYHQ GHO FXPSOLPLHQWR GH ODV REOLJDFLRQHV SURSLDV GHO UpJLPHQ DGXDQHUR
HVSHFLDO

 (Q HO UHFLQWR IHULDO QR SRGUiQ HIHFWXDUVH YHQWDV DO GHWDOOH GH PHUFDQFtDV GHVWLQDGDV DO UpJLPHQ HVSHFLDO $VLPLVPR ORV
H[SRVLWRUHVQRSRGUiQHQWUHJDUODPHUFDQFtDTXHKD\DVLGRREMHWRGHYHQWDKDVWDTXHQRVHFODXVXUHHOHYHQWRIHULDO\VHKD\DQ
FDQFHODGRORVGHUHFKRVDUDQFHODULRV\GHPiVWULEXWRVDODLPSRUWDFLyQ

6LXQDYH]FXOPLQDGDODH[SRVLFLyQRIHULDLQWHUQDFLRQDOHOUHSUHVHQWDQWHGHXQH[SRVLWRUH[WUDQMHURQRGRPLFLOLDGRUHFLEH
XQD RIHUWD GH FRPSUD GH OD PHUFDQFtD H[KLELGD VROLFLWDUi TXH HO SURYHHGRU GH OD PLVPD H[WLHQGD OD IDFWXUD D QRPEUH GHO
FRPSUDGRUDILQGHLQLFLDUHOWUiPLWHGHQDFLRQDOL]DFLyQ

/RVUHFLQWRVGRQGHVHGHVDUUROODQODVH[SRVLFLRQHVRIHULDVLQWHUQDFLRQDOHVSXHGHQHVWDUFRQFHELGRVH[FOXVLYDPHQWHSDUDOD
UHDOL]DFLyQGHpVWHWLSRGHHYHQWRVRWDPELpQSXHGHQVHUXWLOL]DGRVSDUDGLYHUVRVSURSyVLWRV(QFXDOTXLHUDGHORVFDVRVGHEHQ
VHUDXWRUL]DGRVFRPRH[WHQVLyQGHOD=RQD3ULPDULD

 /RV UHFLQWRV FRQFHELGRV H[FOXVLYDPHQWH SDUD OD UHDOL]DFLyQ GH H[SRVLFLRQHV R IHULDV LQWHUQDFLRQDOHV FRQ FDUiFWHU
SHUPDQHQWHGHEHQFXPSOLUFRQODLPSOHPHQWDFLyQGHORVVLJXLHQWHVUHTXLVLWRV

D3XHUWD~QLFDSDUDHOLQJUHVR\VDOLGDGHODVPHUFDQFtDV
E8QDEDODQ]DGHSODWDIRUPDSDUDSHVDUODFDUJDWDQWRDOLQJUHVRFRPRDODVDOLGD
F &RQWDU FRQ HVSDFLRV GH H[KLELFLyQ DELHUWRV \ FHUUDGRV FRQ SDVDGL]RV GH FLUFXODFLyQ \ GH FRUUHVSRQGHU FRQ iUHDV GH
UHFUHDFLyQGHHVSHFWiFXORV\DUUHJORVRUQDPHQWDOHV\GHMDUGLQHUtDDGHFXDGRV
G8QUHFLQWRHVSHFLDODFRQGLFLRQDGRSDUDDOPDFHQDUODVPHUFDQFtDV
H 8QD RILFLQD GHELGDPHQWH DGHFXDGD SDUD HO XVR GH ORV IXQFLRQDULRV DGXDQHURV TXH FXHQWH FRQ HTXLSRV GH FyPSXWR TXH
SHUPLWDQVXLQWHUFRQH[LyQFRQOD681$7

&XDQGRODVH[SRVLFLRQHVRIHULDVLQWHUQDFLRQDOHVVHUHDOLFHQHQ/LPD0HWURSROLWDQDOD,QWHQGHQFLD1DFLRQDOGH7pFQLFD$GXDQHUD
± ,17$ GHVLJQDUi XQ MHIH \ DO SHUVRQDO TXH ODERUDUi HQ OD RILFLQD DGXDQHUD TXH VH LPSOHPHQWH HQ ORV UHFLQWRV IHULDOHV TXH
KXELHVHQ VLGR DXWRUL]DGRV (Q HO UHVWR GH OD 5HS~EOLFD ORV HQFDUJDGRV GH HIHFWXDU ODV GHVLJQDFLRQHV UHVSHFWLYDV HQ VX
MXULVGLFFLyQVHUiQORVLQWHQGHQWHV

/RVUHFLQWRVPXOWLSURSyVLWRVGHVLJQDGRVHQODV5HVROXFLRQHV9LFH0LQLVWHULDOHVGHO0LQLVWHULRGH&RPHUFLR([WHULRU\7XULVPR
SDUDXWLOL]DUVHFRPRORFDOSDUDODUHDOL]DFLyQGHXQDH[SRVLFLyQRIHULDLQWHUQDFLRQDOGHEHQFXPSOLUFRQODLPSOHPHQWDFLyQGHORV
VLJXLHQWHVUHTXLVLWRV

D(VWDUFHUFDGRV\FRQWDUFRQSXHUWDVGHDFFHVRGLIHUHQWHVSDUDHOS~EOLFR\H[SRVLWRUHV
E&RQWDUFRQVHUYLFLRVGHDJXDSRWDEOHGHVDJHOX]\PHGLRVGHFRPXQLFDFLyQHLQIRUPDFLyQ
F&RQWDUFRQXQUHFLQWRHVSHFLDODFRQGLFLRQDGRSDUDDOPDFHQDUODVPHUFDQFtDV
G &RQWDU FRQ HVSDFLRV GH H[KLELFLyQ DELHUWRV \ FHUUDGRV FRQ SDVDGL]RV GH FLUFXODFLyQ \ GH FRUUHVSRQGHU FRQ iUHDV GH
UHFUHDFLyQGHHVSHFWiFXORV\DUUHJORVRUQDPHQWDOHV\GHMDUGLQHUtDDGHFXDGRV
H7HQHURILFLQDVSDUDODVDXWRULGDGHVTXHSUHVWDQVHUYLFLRGHVHJXULGDGSULPHURVDX[LOLRV\ILVFDOL]DFLyQ

/DVIHULDVTXHVHUHDOL]DQHQODVIURQWHUDVHQWUHORVSDtVHVOLPtWURIHVQRVHULJHQSRUHOSUHVHQWHSURFHGLPLHQWR\VHOOHYDUiQ
DFDERVLJXLHQGRORVDFXHUGRVELODWHUDOHVHVWDEOHFLGRVYLJHQWHV

9,,'(6&5,3&,Ï1

$352&(',0,(172(63(&Ë),&2

'HFODUDFLyQGH=RQD3ULPDULD$GXDQHUD

 $ HIHFWR TXH ORV UHFLQWRV GRQGH VH UHDOL]DQ ODV H[SRVLFLRQHV R IHULDV LQWHUQDFLRQDOHV VHDQ GHFODUDGRV ]RQD SULPDULD ODV
HPSUHVDV RUJDQL]DGRUDV GHO HYHQWR GHEHQ SUHVHQWDU DQWH OD LQWHQGHQFLD GH DGXDQD GH OD MXULVGLFFLyQ R HQ OD ,QWHQGHQFLD
1DFLRQDO GH 7pFQLFD $GXDQHUD HQ FDVR HO UHFLQWR VH HQFXHQWUH XELFDGR HQ /LPD 0HWURSROLWDQD XQD VROLFLWXG VXVFULWD SRU HO
UHSUHVHQWDQWHGHODHPSUHVDHQRULJLQDO\FRSLDDFRPSDxDGDGHORVVLJXLHQWHVGRFXPHQWRV

‡5HVROXFLyQGHO9LFH0LQLVWHULRGH&RPHUFLR([WHULRU\7XULVPRHQODTXHVHDXWRULFHODUHDOL]DFLyQGHODH[SRVLFLyQRHYHQWR
IHULDO
‡3ODQRSHULPpWULFRGHOD]RQDTXHVHUiFDOLILFDGDFRPR=RQD3ULPDULD
‡'HFODUDFLyQ-XUDGDHQODTXHVHDFUHGLWDSRUORPHQRVDGRVSHUVRQDVUHVSRQVDEOHVGHUHFLELUDOPDFHQDUFXVWRGLDU\SHUPLWLU
FRQDFRPSDxDPLHQWRGHORV2ILFLDOHVGH$GXDQDODVDOLGDGHORVELHQHVDH[KLELUVH
‡&RSLDGHO'1,RFDUQpGHH[WUDQMHUtDGHODVSHUVRQDVUHVSRQVDEOHV
‡ 5HODFLyQ GH H[SRVLWRUHV GLIHUHQFLDU QDFLRQDOHV \ H[WUDQMHURV TXH FRQILUPH OD SDUWLFLSDFLyQ GH XQ PtQLPR GHO  GH
H[SRVLWRUHVH[WUDQMHURV
‡'HFODUDFLyQMXUDGDVHxDODQGRHOSXHUWRDHURSXHUWRRFRPSOHMRIURQWHUL]RSRUGRQGHDUULEDUiODFDUJD

5HFLELGDODGRFXPHQWDFLyQHOiUHDGHVLJQDGDSRUODLQWHQGHQFLDFRUUHVSRQGLHQWHGLVSRQGUiTXHVHUHDOLFHXQDLQVSHFFLyQDO
OXJDU GRQGH VH OOHYDUi D FDER OD )HULD R ([SRVLFLyQ ,QWHUQDFLRQDO D ILQ GH FRQVWDWDU TXH UH~QD ODV FRQGLFLRQHV DGHFXDGDV GH
GHOLPLWDFLyQ \ VHJXULGDG SDUD ODV PHUFDQFtDV $VLPLVPR YHULILFDU OD UHODFLyQ TXH DFRPSDxD OD VROLFLWXG SUHVHQWDGD SDUD
FRUURERUDU TXH VH KD\D DFUHGLWDGR OD SUHVHQFLD GH XQ SRUFHQWDMH PtQLPR GH  GH H[SRVLWRUHV H[WUDQMHURV (O IXQFLRQDULR
DGXDQHURGHVLJQDGRSDUDOOHYDUDFDERHVWDLQVSHFFLyQHODERUDUiXQLQIRUPH\HOUHVSHFWLYRSUR\HFWRGHUHVROXFLyQ

 'H HQFRQWUDUVH FRQIRUPH HO ,QWHQGHQWH 1DFLRQDO GH 7pFQLFD $GXDQHUD R HO ,QWHQGHQWH GH $GXDQD VHJ~Q FRUUHVSRQGD
GHFODUDUi DO UHFLQWR IHULDO FRPR H[WHQVLyQ GH =RQD 3ULPDULD D WUDYpV GH XQD 5HVROXFLyQ GH ,QWHQGHQFLD 1DFLRQDO 5,1 R XQD
5HVROXFLyQ GH ,QWHQGHQFLD 5, VHJ~Q FRUUHVSRQGD HQ OD FXDO VH LQGLFDUi HO FyGLJR GH LGHQWLILFDFLyQ GH GLFKR HYHQWR \ ORV
QRPEUHV GH ODV SHUVRQDV TXH D SURSXHVWD GH OD HPSUHVD IHULDO VRQ ODV UHVSRQVDEOHV GH OD UHFHSFLyQ DOPDFHQDPLHQWR \
FXVWRGLDGHODVPHUFDQFtDVSUHFLViQGRVHVXVIXQFLRQHV\UHVSRQVDELOLGDGHV

8QD FRSLD GH HVWD 5HVROXFLyQ VHUi UHPLWLGD D OD V LQWHQGHQFLD V GH DGXDQD GHO iUHD PHWURSROLWDQD SRU GRQGH DUULEDUi OD
PHUFDQFtD

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVIHULDVSURF*HQHUDOLQWDSJKWP 
 3URFHGLPLHQWRV)(5,$62(;326,&,21(6,17(51$&,21$/(6

%'(/$'(67,1$&,Ï1

'HODWUDQVPLVLyQGHODLQIRUPDFLyQGHODGHFODUDFLyQ

(OGHVSDFKDGRUGHDGXDQDVROLFLWDHOUpJLPHQHVSHFLDODQWHODLQWHQGHQFLDGHDGXDQDGRQGHVHUHDOL]DUiODH[SRVLFLyQRIHULD
LQWHUQDFLRQDOPHGLDQWHDWUDQVPLVLyQSRUYtDHOHFWUyQLFDGHODLQIRUPDFLyQFRQWHQLGDHQODGHFODUDFLyQGHELHQGRLQGLFDUHQHO
UHFXDGURUpJLPHQGHGRFXPHQWRHO&yGLJRDGPLVLyQWHPSRUDOSDUDUHH[SRUWDFLyQHQHOPLVPRHVWDGR\FRQVLJQDUHQHO
FDVLOOHURWLSRGHGHVSDFKRHOFyGLJRFRUUHVSRQGLHQWHD([SRVLFLRQHVR)HULDV,QWHUQDFLRQDOHV

 $VLPLVPR HQ HO UXEUR REVHUYDFLRQHV GH OD GHFODUDFLyQ GHEHUi FRQVLJQDU HO QRPEUH \ FyGLJR GH OD )HULD ,QWHUQDFLRQDO
RWRUJDGRPHGLDQWHOD5,1R5,TXHGHFODUDOD=RQD3ULPDULD$GXDQHUD

/RVGDWRVWUDQVPLWLGRVSRUHOGHVSDFKDGRUGHDGXDQDVRQYDOLGDGRVSRUHO6,*$'GHDFXHUGRDODLQIRUPDFLyQFRQVLJQDGDHQ
HOPDQLILHVWRGHFDUJDGHVHUFRQIRUPHJHQHUDDXWRPiWLFDPHQWHODQXPHUDFLyQFRUUHVSRQGLHQWHFDVRFRQWUDULRFRPXQLFDORV
HUURUHVHQFRQWUDGRVSRUHOPLVPRPHGLRDILQGHTXHVHUHDOLFHQODVFRUUHFFLRQHVUHVSHFWLYDV

/DFRQIRUPLGDGRWRUJDGDSRUHO6,*$'\HOQ~PHURGHGHFODUDFLyQJHQHUDGRHVWUDQVPLWLGDYtDHOHFWUyQLFDSURFHGLHQGRHO
GHVSDFKDGRUGHDGXDQDDODLPSUHVLyQGHODGHFODUDFLyQ

'HODSUHVHQWDFLyQ\UHYLVLyQGHOD'HFODUDFLyQ

 (O GHVSDFKDGRU GH DGXDQD SUHVHQWD OD GHFODUDFLyQ IRUPDWRV $ % \ & DQWH HO iUHD HQFDUJDGD GHO GHVWLQR HVSHFLDO GH OD
LQWHQGHQFLDGHDGXDQDFRUUHVSRQGLHQWHDGMXQWDQGRORVVLJXLHQWHVGRFXPHQWRVGHELGDPHQWHIROLDGRVOHJLEOHVVLQHQPLHQGDV\
GHELGDPHQWH QXPHUDGRV FRQ HO FyGLJR GH OD LQWHQGHQFLD GH DGXDQD GH GHVSDFKR FyGLJR GHO UpJLPHQ DxR GH QXPHUDFLyQ \
Q~PHURGHGHFODUDFLyQDVLJQDGRPHGLDQWHHO6,*$'

D'RFXPHQWRGHWUDQVSRUWHFRQRFLPLHQWRGHHPEDUTXHJXtDDpUHDRFDUWDSRUWH
E)DFWXUDFRPHUFLDOIDFWXUDSURIRUPDRFRQWUDWRVHJ~QFRUUHVSRQGD
F'RFXPHQWRGHVHJXURGHWUDQVSRUWH
G2WURVTXHVHDQH[LJLEOHVFRQIRUPHDGLVSRVLFLRQHVHVSHFtILFDV

 5HFHSFLRQDGD OD GRFXPHQWDFLyQ VH SURFHGH D YHULILFDU TXH OD PHUFDQFtD GHFODUDGD VH HQFXHQWUH HQWUH ODV VHxDODGDV HQ HO
QXPHUDOGHODVHFFLyQ9,DVtFRPRORVGHPiVUHTXLVLWRVSDUDDFRJHUVHDOUpJLPHQ

 'H VHU FRQIRUPH HO SHUVRQDO HQFDUJDGR HPLWH OD *XtD (QWUHJD 'RFXPHQWRV *(' HQ RULJLQDO \ FRSLD HQWUHJDQGR HVWD
~OWLPDDOXVXDULR\DGMXQWDQGRHORULJLQDODODGRFXPHQWDFLyQUHVSHFWLYD(QFDVRFRQWUDUtRVHSURFHGHDQRWLILFDUDOGHVSDFKDGRU
GHDGXDQDHQOD*('SDUDTXHVXEVDQHHOHUURURLQFOX\DHOGRFXPHQWRIDOWDQWH

/DGHFODUDFLyQVHUiGLVWULEXLGDGHODVLJXLHQWHPDQHUD

(QHOFDVRTXHHOWUiPLWHORHIHFW~HXQDJHQWHGHDGXDQD

2ULJLQDO$JHQWHGHDGXDQD
ƒFRSLD,QWHQGHQFLDGHDGXDQDGHGHVSDFKR

(QHOFDVRTXHHOWUiPLWHORHIHFW~HHOGHVSDFKDGRURILFLDO

2ULJLQDO,QWHQGHQFLDGHDGXDQDGHGHVSDFKR
ƒ&RSLD'HVSDFKDGRURILFLDO

(QWRGRVORVFDVRV

ƒ&RSLD$GXDQDGHLQJUHVR
ƒ&RSLD(QWLGDGIHULDO
ƒ&RSLD%HQHILFLDULR

%'(/75$6/$'2'(/$0(5&$1&Ë$$/5(&,172)(5,$/

(QHOFDVRGHORVUHFLQWRVFRQFHELGRVH[FOXVLYDPHQWHSDUDODUHDOL]DFLyQGHH[SRVLFLRQHVRIHULDVLQWHUQDFLRQDOHVFRQFDUiFWHU
SHUPDQHQWHVHSURFHGHUiFRPRVLJXH

D(OiUHDHQFDUJDGDHQODLQWHQGHQFLDGHDGXDQDUHVSHFWLYDUHPLWHODGRFXPHQWDFLyQDODRILFLQDGHRILFLDOHVGHDGXDQDSDUDOD
GHVLJQDFLyQ GHO SHUVRQDO TXH FXVWRGLDUi OD PHUFDQFtD OR TXH GHEHUi FRQVWDU GH PRGR H[SUHVR HQ HO )RUPDWR GH 7UDVODGR \
5HFHSFLyQGH0HUFDQFtDVDO5HFLQWR)HULDO

E/DVPHUFDQFtDVTXHDUULEHQDOUHFLQWRIHULDOVHUiQUHFLELGDVSRUHOSHUVRQDOUHVSRQVDEOHGXUDQWHODVKRUDVGHOGtDLQFOXLGRV
ORVViEDGRVGRPLQJRV\IHULDGRV(ORILFLDOGHDGXDQDGHVLJQDGRSDUDDFRPSDxDPLHQWRGHODFDUJDGHMDUiFRQVWDQFLDGHOKHFKR
HQHOUXEUR³REVHUYDFLRQHV´GHODGHFODUDFLyQ$PEDVUHFHSFLRQHVVHUiQFRQVLJQDGDVHQHO)RUPDWRGH7UDVODGR\5HFHSFLyQGH
0HUFDQFtDVDO5HFLQWR)HULDOHOPLVPRTXHGHEHUiGHYROYHUVHDOiUHDGHRILFLDOHVGHDGXDQDGHLQJUHVR

F'HVSXpVGHODUHFHSFLyQODVPHUFDQFtDVVHGHSRVLWDUiQHQHOUHFLQWRGHVLJQDGRSRUODHPSUHVDRUJDQL]DGRUDGHOHYHQWRFRQ
H[FHSFLyQ GH DTXHOODV TXH SRU VX QDWXUDOH]D UHTXLHUDQ VHU WUDVODGDGDV GLUHFWDPHQWH KDFLD ORV VWDQGV GRQGH VHUiQ H[KLELGDV
FRQWDQGRFRQODDXWRUL]DFLyQGHOMHIHGHODRILFLQDDGXDQHUDGHOUHFLQWRIHULDO

G(OMHIHGHODRILFLQDDGXDQHUDGHOUHFLQWRIHULDOGHVLJQDUiDOIXQFLRQDULRTXHHIHFWXDUiHOUHFRQRFLPLHQWRItVLFRDOGHWDOOHDILQ
GH GHWHUPLQDU ODV FDUDFWHUtVWLFDV GH ODV PHUFDQFtDV TXH SHUPLWD FRPSUREDU TXH VHDQ ODV PLVPDV TXH VH UHJXODUL]DUiQ
SRVWHULRUPHQWH

H&XOPLQDGRHOUHFRQRFLPLHQWR\ODGLOLJHQFLDVHFRQFHGHUiHOUpJLPHQHVSHFLDOWHQLHQGRHQFXHQWDTXHHOSOD]RVHRWRUJDUiGH
PRGRDXWRPiWLFRKDVWDSRUHOWpUPLQRGHFLHQWRYHLQWHGtDVFDOHQGDULRFRQWDGRVDSDUWLUGHOGtDVLJXLHQWHGHODFODXVXUD

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVIHULDVSURF*HQHUDOLQWDSJKWP 
 3URFHGLPLHQWRV)(5,$62(;326,&,21(6,17(51$&,21$/(6
GHOHYHQWR

I/DVPHUFDQFtDVTXHKD\DQFXPSOLGRORVUHTXLVLWRVSXHGHQWUDVODGDUVHDORVVWDQGVUHVSHFWLYRVSDUDVXH[KLELFLyQ

(QHOFDVRGHTXHODH[SRVLFLyQRIHULDLQWHUQDFLRQDOVHUHDOLFHHQXQUHFLQWRPXOWLSURSyVLWRVVHSURFHGHUiFRPRVLJXH

D(OiUHDHQFDUJDGDGHVLJQDDOIXQFLRQDULRDGXDQHURSDUDTXHHIHFW~HHOUHFRQRFLPLHQWRItVLFRGHODPHUFDQFtDHQHOGHSyVLWR
WHPSRUDO GH OOHJDGD GLFKR UHFRQRFLPLHQWR VH KDUi DO GHWDOOH D ILQ GH GHWHUPLQDU ODV FDUDFWHUtVWLFDV GH ODV PHUFDQFtDV TXH
SHUPLWDFRPSUREDUTXHVHDQODVPLVPDVTXHVHVXMHWDUiQDSRVWHULRUUHJXODUL]DFLyQ

E6LHQHOUHFRQRFLPLHQWRItVLFRVHHQFXHQWUDQPHUFDQFtDVTXHQRSXHGHQDFRJHUVHDOGHVWLQRHVSHFLDOODDXWRULGDGDGXDQHUD
SURFHGHDVXVHSDUDFLyQSDUDVXSRVWHULRUGHVWLQDFLyQDGXDQHUD

F &XOPLQDGR HO UHFRQRFLPLHQWR \ GLOLJHQFLDGD OD GHFODUDFLyQ SRU HO IXQFLRQDULR DGXDQHUR HQFDUJDGR VH FRQFHGHUi HO UpJLPHQ
HVSHFLDO  WHQLHQGR HQ FXHQWD TXH HO SOD]R VH RWRUJDUi GH PRGR DXWRPiWLFR KDVWD SRU HO WpUPLQR GH FLHQWR YHLQWH  GtDV
FDOHQGDULRFRQWDGRVDSDUWLUGHOGtDVLJXLHQWHGHODFODXVXUDGHOHYHQWR

G(OiUHDHQFDUJDGDUHPLWHODGHFODUDFLyQGLOLJHQFLDGD\VXGRFXPHQWDFLyQDOMHIHGHODRILFLQDGHRILFLDOHVGHDGXDQDSDUDTXH
GHVLJQHDOSHUVRQDOTXHFXVWRGLDUi\HIHFWXDUiHOWUDVODGRGHODVPHUFDQFtDVUHFRQRFLGDVKDFLDHOUHFLQWRIHULDOXELFDGRHQOD
PLVPD MXULVGLFFLyQ GH OD LQWHQGHQFLD GH DGXDQD DXWRUL]DQWH R HQWUH ODV LQWHQGHQFLDV GH DGXDQD PDUtWLPD \ DpUHD GHO &DOODR
GLFKDGHVLJQDFLyQGHEHFRQVWDUGHPRGRH[SUHVRHQHOIRUPDWRGH7UDVODGR\5HFHSFLyQGH0HUFDQFtDVDO5HFLQWR)HULDO

&XDQGR HO WUDVODGR VH HIHFW~H HQWUH GLIHUHQWHV MXULVGLFFLRQHV \ VHD SRU YtD WHUUHVWUH VH DXWRUL]DUi SUHYLD SUHVHQWDFLyQGHXQD
&DUWD )LDQ]D SRU ORV GHUHFKRV DUDQFHODULRV H LPSXHVWRV D OD LPSRUWDFLyQ JDUDQWtD TXH VHUi FRQVWLWXLGD FRQIRUPH D ODV
FRQGLFLRQHV VHxDODGDV HQ HO 3URFHGLPLHQWR GH *DUDQWtDV GH $GXDQDV 2SHUDWLYDV ,)*5$3( QR VLHQGR H[LJLEOH OD
SUHVHQWDFLyQGHOD&DUWD)LDQ]DHQHOFDVRGHPHUFDQFtDVWUDQVSRUWDGDVHQFRQWHQHGRUHVGHELGDPHQWHSUHFLQWDGRVDGHPiVGH
ODVPHUFDQFtDV WUDQVSRUWDGDV SRU YtD DpUHD \ PDUtWLPD (Q HVWRV ~OWLPRV FDVRV OD UHVSRQVDELOLGDG SRU HO WUDVODGR UHFDH HQ HO
GHFODUDQWH

H /DV PHUFDQFtDV TXH DUULEHQ D ODV )HULDV R ([SRVLFLRQHV ,QWHUQDFLRQDO VHUiQ UHFHSFLRQDGDV SRU OD SHUVRQD UHVSRQVDEOH
GHVLJQDGD HQ OD UHVROXFLyQ TXH GHFODUy OD ]RQD SULPDULD GXUDQWH ODV  KRUDV GHO GtD LQFOXLGRV ORV GtDV QR ODERUDEOHV /D
UHFHSFLyQVHUiFRQVLJQDGDHQHOIRUPDWRGH7UDVODGR\5HFHSFLyQGH0HUFDQFtDVDO5HFLQWR)HULDOHOPLVPRTXHVHUiDUFKLYDGR
HQHOiUHDGHRILFLDOHVGHDGXDQDGHODLQWHQGHQFLDGHDGXDQDGH,QJUHVR

I6HJXLGDPHQWHODVPHUFDQFtDVVHUiQXELFDGDVSRUORVH[SRVLWRUHVHQORVVWDQGVGRQGHVHUiQH[KLELGDV

%'(/$5(*8/$5,=$&,Ï1

 'HQWUR GHO SOD]R GH FLHQWR YHLQWH  GtDV FDOHQGDULR FRQWDGRV D SDUWLU GHO GtD VLJXLHQWH GH OD FODXVXUD GHO HYHQWRODV
PHUFDQFtDV DGPLWLGDV EDMR HO UpJLPHQ HVSHFLDO GHEHUiQ VHU QDFLRQDOL]DGDV UHH[SRUWDGDV VROLFLWDGDV DO UpJLPHQ GH 'HSyVLWR
$GXDQHURRDOUpJLPHQGH$GPLVLyQ7HPSRUDOSDUD5HH[SRUWDFLyQHQHO0LVPR(VWDGR

(OWUiPLWHTXHGHEHUiVHJXLUVHGHDFXHUGRDODRSFLyQHOHJLGDSRUHOEHQHILFLDULRVHVXMHWDUiDOSURFHGLPLHQWRGHOUpJLPHQ
UHVSHFWLYRTXHVHHQFXHQWUDGHVFULWRHQORVSURFHGLPLHQWRVYLJHQWHV

/DUHJXODUL]DFLyQPHGLDQWHODQDFLRQDOL]DFLyQVHHIHFWXDUiDWUDYpVGHODQXPHUDFLyQGHXQD/LTXLGDFLyQGH&REUDQ]D/&
3DUDODUHJXODUL]DFLyQGHOUpJLPHQHVSHFLDOPHGLDQWHQDFLRQDOL]DFLyQFRQ/&QRDSOLFDQORVLQWHUHVHVFRPSHQVDWRULRV

&XDQGRODVPHUFDQFtDVVHDQGHVWLQDGDVDOUpJLPHQGH$GPLVLyQ7HPSRUDOSDUD5HH[SRUWDFLyQHQHO0LVPR(VWDGRpVWHQR
SRGUiH[FHGHUORVFXDWURPHVHVSUHYLDSUHVHQWDFLyQGHJDUDQWtDHTXLYDOHQWHDORVGHUHFKRVDUDQFHODULRV\GHPiVLPSXHVWRV
DSOLFDEOHVDODLPSRUWDFLyQSDUDHOFRQVXPR\UHFDUJRVGHFRUUHVSRQGHUPiVXQLQWHUpVFRPSHQVDWRULRVREUHGLFKDVXPDLJXDO
DO SURPHGLR GLDULR GH OD 7$0(; SRU GtD SUR\HFWDGR GHVGH OD IHFKD GH QXPHUDFLyQ GH OD GHFODUDFLyQ KDVWD OD IHFKD GH
YHQFLPLHQWRGHOSOD]RGHOUpJLPHQDILQGHUHVSRQGHUSRUODGHXGDH[LVWHQWHDOPRPHQWRGHODQDFLRQDOL]DFLyQ/DPHUFDQFtD
LQWHUQDGDDODPSDURGHHVWHUpJLPHQVyORSRGUiVHUXWLOL]DGDHQGHPRVWUDFLRQHV $O PRPHQWR GH WUDQVPLWLU OD GHFODUDFLyQ GH
DGPLVLyQ WHPSRUDO SDUD UHH[SRUWDFLyQ HQ HO PLVPR HVWDGR GHEHUi FRQVLJQDUVH HO FyGLJR  FRPR UpJLPHQ GH SUHFHGHQFLD
LQGLFiQGRVHHQHOFDVLOOHURHOFyGLJRFRUUHVSRQGLHQWHD3URYHQLHQWHVGH)HULDV

 'H KDEHUVH HOHJLGR HVWD SRVLELOLGDG \ RSWDUVH OXHJR SRU OD QDFLRQDOL]DFLyQ GH OD PHUFDQFtD GHEHUi SURFHGHUVH D OD
FDQFHODFLyQ GH ORV LQWHUHVHV FRPSHQVDWRULRV UHVSHFWLYRV ORV PLVPRV TXH VH FRPSXWDUiQ D SDUWLU GH OD QXPHUDFLyQ GH OD
GHFODUDFLyQGHDGPLVLyQWHPSRUDOSDUDUHH[SRUWDFLyQHQHOPLVPRHVWDGRTXHKD\DUHJXODUL]DGRHOUpJLPHQHVSHFLDO

9HQFLGRHOWpUPLQRVHxDODGRHQHOQXPHUDOGHOOLWHUDO%GHOD6HFFLyQ9,,VLQTXHVHOOHYHDFDERODUHJXODUL]DFLyQGHOD
PHUFDQFtDpVWDFDHUiHQDEDQGRQROHJDO

 (Q HO FDVR GH ORV UHFLQWRV IHULDOHV SHUPDQHQWHV OD SHUVRQD UHVSRQVDEOH GH OD UHFHSFLyQ \ FXVWRGLD GH OD PHUFDQFtD HQ HO
UHFLQWRIHULDOHVWiREOLJDGRDFRPXQLFDUDODLQWHQGHQFLDGHDGXDQDSRUGRQGHVHQXPHUyODGHFODUDFLyQHQHOWpUPLQRGHWUHV
GtDV KiELOHV GH YHQFLGR HO SOD]R GHO UpJLPHQ OD UHODFLyQ GH PHUFDQFtDV TXH VH HQFXHQWUHQ HQ VLWXDFLyQ GH DEDQGRQR OHJDO
SRQLpQGRODVDGLVSRVLFLyQGHOD681$7 /D LQWHQGHQFLD GH DGXDQD UHVSHFWLYD GHVLJQDUi DO IXQFLRQDULRDGXDQHURHQFDUJDGRGH
YHULILFDUHOWUDVODGRGHODPHUFDQFtDDORVDOPDFHQHVGHDGXDQDHQHOFDVRTXHHOHYHQWRVHKD\DUHDOL]DGRHQSURYLQFLDVRDO
DOPDFpQGH6DQWD$QLWDHQHOFDVRTXHHOHYHQWRVHKD\DUHDOL]DGRHQ/LPD0HWURSROLWDQD

(QHOFDVRGHUHFLQWRVGHFDUiFWHUPXOWLSURSyVLWRHQXQSOD]RPi[LPRGHYHLQWLFXDWURKRUDVFRQWDGRVDSDUWLUGHOGtD
VLJXLHQWH GH FXOPLQDGD OD IHULD R H[SRVLFLyQ LQWHUQDFLRQDO HO UHVSRQVDEOH GHVLJQDGR HQ OD UHVROXFLyQ TXH GHFODUy OD ]RQD
SULPDULDVROLFLWDDQWHODRILFLQDGHRILFLDOHVGHDGXDQDODGHVLJQDFLyQGHOSHUVRQDOSDUDTXHVHUHDOLFHHOWUDVODGRGHODPHUFDQFtD
\VXLQJUHVRDXQDOPDFpQDGXDQHURHQGRQGHSRGUiSHUPDQHFHUODPHUFDQFtDKDVWDFRPSOHWDUHOSOD]RGHFLHQWRYHLQWH
GtDVFDOHQGDULRDXWRUL]DGRSDUDVXUHJXODUL]DFLyQ

9,,,6$1&,21(6

(V DSOLFDEOH OR GLVSXHVWR HQ OD /H\ *HQHUDO GH $GXDQDV DSUREDGD SRU 'HFUHWR /HJLVODWLYR 1ž  VX 7DEOD GH 6DQFLRQHV
DSUREDGDSRU'HFUHWR6XSUHPR1ž()OD/H\GH'HOLWRV$GXDQHURVDSUREDGDSRUOD/H\1ž\VX5HJODPHQWR

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVIHULDVSURF*HQHUDOLQWDSJKWP 
 3URFHGLPLHQWRV)(5,$62(;326,&,21(6,17(51$&,21$/(6
DSUREDGRSRU'HFUHWR6XSUHPR1ž()\RWUDVQRUPDVDSOLFDEOHV

,;5(*,67526

5HVROXFLRQHVGH,QWHQGHQFLD1DFLRQDORGH,QWHQGHQFLDGH$GXDQDTXHGHFODUHQ=RQD3ULPDULDDOUHFLQWRIHULDO
&yGLJR5&,17$3*
7LHPSRGHFRQVHUYDFLyQFLQFRDxRV
7LSRGHDOPDFHQDPLHQWRItVLFR
8ELFDFLyQDUFKLYRGHOD,17$RGHLQWHQGHQFLDGHDGXDQDRSHUDWLYDVHJ~QFRUUHVSRQGD
5HVSRQVDEOH,17$RLQWHQGHQFLDGHDGXDQDRSHUDWLYD

'HFODUDFLRQHV$GXDQHUDVGH)HULDVR([SRVLFLRQHV,QWHUQDFLRQDOHVQXPHUDGDV
&yGLJR5&,17$3*
7LHPSRGHFRQVHUYDFLyQSHUPDQHQWH
7LSRGHDOPDFHQDPLHQWRHOHFWUyQLFR
8ELFDFLyQ6,*$'
5HVSRQVDEOHLQWHQGHQFLDGHDGXDQDRSHUDWLYD

'HFODUDFLRQHV$GXDQHUDVGH)HULDVR([SRVLFLRQHV,QWHUQDFLRQDOHVQRUHJXODUL]DGDV
&yGLJR5&,17$3*
7LHPSRGHFRQVHUYDFLyQSHUPDQHQWH
7LSRGHDOPDFHQDPLHQWRHOHFWUyQLFR
8ELFDFLyQ6,*$'
5HVSRQVDEOHLQWHQGHQFLDGHDGXDQDRSHUDWLYD

'HFODUDFLRQHV$GXDQHUDVGH)HULDVR([SRVLFLRQHV,QWHUQDFLRQDOHVUHJXODUL]DGDV
&yGLJR5&,17$3*
7LHPSRGHFRQVHUYDFLyQSHUPDQHQWH
7LSRGHDOPDFHQDPLHQWRHOHFWUyQLFR
8ELFDFLyQ6,*$'
5HVSRQVDEOHLQWHQGHQFLDGHDGXDQDRSHUDWLYD

5HVROXFLRQHVGHPXOWDV
&yGLJR5&,17$3*
7LHPSRGHFRQVHUYDFLyQFLQFRDxRV
7LSRGHDOPDFHQDPLHQWRItVLFR
8ELFDFLyQDUFKLYRLQWHQGHQFLDGHDGXDQDRSHUDWLYD
5HVSRQVDEOHLQWHQGHQFLDGHDGXDQDRSHUDWLYD

;)/8-2*5$0$

3XEOLFDGRHQHOSRUWDOZHEGHOD681$7ZZZVXQDWJRESH

KWWSZZZVXQDWJRESHOHJLVODFLRQSURFHGLPGHVSDFKRHVSHFLDOHVIHULDVSURF*HQHUDOLQWDSJKWP