$*(1&,$3(58$1$'(&223(5$&,Ï1,17(51$&,21$/

$3&,

5HJODPHQWRGH2UJDQL]DFLyQ\
)XQFLRQHV

-81,2'(
 7Ë78/2,
1$785$/(=$2%-(72<)81&,21(6*(1(5$/(6

$UWtFXORž /D$JHQFLD3HUXDQDGH&RRSHUDFLyQ,QWHUQDFLRQDO± $3&,FUHDGDSRUOD

/H\ 1ž  HV XQ RUJDQLVPR S~EOLFR GHVFHQWUDOL]DGR GHO 6HFWRU 5HODFLRQHV
([WHULRUHVFRQDXWRQRPtDWpFQLFDHFRQyPLFDSUHVXSXHVWDO\DGPLQLVWUDWLYD

$UWtFXORž /D $3&, HV HO HQWH UHFWRU GH OD FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO
WHQLHQGR OD UHVSRQVDELOLGDG GH FRQGXFLU SURJUDPDU RUJDQL]DU \ VXSHUYLVDU OD
FRRSHUDFLyQLQWHUQDFLRQDOQRUHHPEROVDEOHHQIXQFLyQGHODVHVWUDWHJLDVGHGHVDUUROOR
QDFLRQDO HQ HO PDUFR GH ODV GLVSRVLFLRQHV OHJDOHV TXH UHJXODQ OD FRRSHUDFLyQ WpFQLFD
LQWHUQDFLRQDO

/D $3&, HV UHVSRQVDEOH GH OD JHVWLyQ GH OD FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO \ GH OD
QHJRFLDFLyQ GH ORV SURJUDPDV GHO *RELHUQR &HQWUDO DQWH ORV JRELHUQRV \ DJHQFLDV
FRRSHUDQWHV/DVVROLFLWXGHV\RIUHFLPLHQWRVGHFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDOGHODV
HQWLGDGHVJXEHUQDPHQWDOHVVHUiQFDQDOL]DGRVSRUOD$3&,EDMRUHVSRQVDELOLGDG

(O3RGHU/HJLVODWLYRHO3RGHU-XGLFLDOORV*RELHUQRV5HJLRQDOHVORV*RELHUQRV/RFDOHV
\GHPiVyUJDQRVFRQVWLWXFLRQDOPHQWHDXWyQRPRVFDQDOL]DQ\VXVFULEHQGLUHFWDPHQWH
VXVVROLFLWXGHVGDQGRFXHQWDDOD$3&,SDUDORVILQHVGHUHJLVWUR\GHLQFRUSRUDFLyQ
HQHO3ODQ$QXDOGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO

6XVIXQFLRQHVHVWiQHVWDEOHFLGDVHQHODUWtFXORžGHOD/H\1ž

$UWtFXOR ž /D $3&, HVWDEOHFHUi RILFLQDV HQ HO WHUULWRULR GH OD 5HS~EOLFD SXGLHQGR
SDUD HOOR VXVFULELU FRQYHQLRV FRQ ORV *RELHUQRV 5HJLRQDOHV \ /RFDOHV XQLYHUVLGDGHV
FROHJLRVSURIHVLRQDOHV\RWUDVHQWLGDGHVFDOLILFDGDV

7Ë78/2,,
(6758&785$25*È1,&$<)81&,21(6

&$3Ë78/2,
(6758&785$ 25*È1,&$

$UWtFXORž /DHVWUXFWXUDGHOD$JHQFLD3HUXDQDGH&RRSHUDFLyQ,QWHUQDFLRQDOHVOD
VLJXLHQWH

$/7$',5(&&,Ï1
x &RQVHMR'LUHFWLYR
x 'LUHFFLyQ(MHFXWLYD

Ï5*$12'(&225',1$&,Ï1
x &RPLWpGH&RRUGLQDFLyQ0XOWLVHFWRULDO

Ï5*$12&2168/7,92
x &RPLWp&RQVXOWLYR

Ï5*$12'(&21752/,17(512
x 2ILFLQDGH$XGLWRUtD,QWHUQD


Ï5*$1267e&1,&26'(*(67,Ï1

Ï5*$126'($32<2
x 2ILFLQDGH(QODFHFRQ5HODFLRQHV([WHULRUHV
x 2ILFLQDGH$GPLQLVWUDFLyQ
x 2ILFLQDGH5HJLVWUR\$VHVRUtD-XUtGLFD
x 2ILFLQDGH7HFQRORJtDGHOD,QIRUPDFLyQ

Ï5*$12'($6(625Ë$
x 2ILFLQDGH3ODQHDPLHQWR(VWUDWpJLFR

Ï5*$126'(/Ë1($
x *HUHQFLDGH&RRSHUDFLyQ0XOWLVHFWRULDO
x *HUHQFLDGH3URJUDPDVGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO
x *HUHQFLDGH6HJXLPLHQWR\(YDOXDFLyQ

&$3Ë78/2,,
$/7$',5(&&,Ï1

$UWtFXORž /D$OWD'LUHFFLyQGHOD$3&,HVWiFRQIRUPDGDSRUHO&RQVHMR'LUHFWLYR\
OD'LUHFFLyQ(MHFXWLYD

68%&$3Ë78/2,
&216(-2',5(&7,92

$UWtFXORž (O&RQVHMR'LUHFWLYRHVHOyUJDQRPi[LPRGHOD$3&,(VWiLQWHJUDGRSRU
ORVPLHPEURVDTXHVHUHILHUHHO$UWtFXORžGHOD/H\1ž

(O3UHVLGHQWHGHO&RQVHMRGH0LQLVWURVHO0LQLVWURGH5HODFLRQHV([WHULRUHVHO0LQLVWUR
GH (FRQRPtD \ )LQDQ]DV \ ORV 0LQLVWURV GH OD &RPLVLyQ ,QWHUPLQLVWHULDO GH $VXQWRV
6RFLDOHV SRGUiQ GHVLJQDU UHSUHVHQWDQWHV PHGLDQWH 5HVROXFLyQ 0LQLVWHULDO ORV FXDOHV
JR]DUiQGHSOHQRVSRGHUHVGHGHFLVLyQ

/RV WUHV PLHPEURV GH OD &RPLVLyQ ,QWHUPLQLVWHULDO GH $VXQWRV 6RFLDOHV VHUiQ
GHVLJQDGRV  SRU 5HVROXFLyQ  6XSUHPD UHIUHQGDGD SRU  HO 3UHVLGHQWH GHO &RQVHMR GH
0LQLVWURV\HO0LQLVWURGH5HODFLRQHV([WHULRUHV

(O UHSUHVHQWDQWH GH ORV *RELHUQRV 5HJLRQDOHV VHUi HOHJLGR SRU ORV UHVSHFWLYRV
3UHVLGHQWHVHQODIRUPDTXHpVWRVGHILQDQGHELHQGRFRQFXUULUDOPHQRVODPLWDGPiV
XQR GH ORV PLVPRV R VXV UHSUHVHQWDQWHV DFUHGLWDGRV SDUD WDO ILQ HQ VHJXQGD
FRQYRFDWRULD &RQMXQWDPHQWH VH HOHJLUi XQ UHSUHVHQWDQWH DOWHUQR TXH UHHPSOD]DUi DO
WLWXODUSRULPSRVLELOLGDGGHFRQFXUUHQFLD(OPDQGDWRVHUiGHGRVDxRV

(O UHSUHVHQWDQWH GH ORV *RELHUQRV /RFDOHV VHUi HOHJLGR SRU ORV $OFDOGHV GH ODV
0XQLFLSDOLGDGHVSURYLQFLDOHVGHOSDtVEDMRODIRUPDTXHpVWDVGHILQDQ&RQMXQWDPHQWH
VH HOHJLUi XQ UHSUHVHQWDQWH DOWHUQR TXH UHHPSOD]DUi DO WLWXODU SRU LPSRVLELOLGDG GH
FRQFXUUHQFLD(OPDQGDWRVHUiGHGRVDxRV

(O &21&<7(& HVWDUi UHSUHVHQWDGR SRU VX SUHVLGHQWH R SRU TXLpQ pVWH GHVLJQH
PHGLDQWHUHVROXFLyQ


$UWtFXORž 6RQIXQFLRQHVGHO&RQVHMR'LUHFWLYR

D 3URSRQHUDO3RGHU(MHFXWLYROD3ROtWLFDGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO
E $SUREDUHO3ODQ$QXDOGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO
F $SUREDUORV3URJUDPDVGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO
G $SUREDUHO3ODQGH*HVWLyQ,QVWLWXFLRQDO
H $SUREDUORVSURJUDPDVGHFRRSHUDFLyQTXHHO3HU~EULQGHDSDtVHV\RUJDQLVPRV
LQWHUQDFLRQDOHV
I $SUREDUHO3UHVXSXHVWR,QVWLWXFLRQDO\HO%DODQFH*HQHUDO
J $SUREDUOD0HPRULD$QXDO
K 'HVLJQDUDO'LUHFWRU(MHFXWLYRGHOD$3&,SRUXQSHULRGRGHGRVDxRVSURUURJDEOHV
VREUHODEDVHGHXQDWHUQDSURSXHVWDSRUHO0LQLVWURGH5HODFLRQHV([WHULRUHV
L 'HVLJQDUDORV*HUHQWHVGHORVyUJDQRVGHOtQHDGHOD$3&,DSURSXHVWDGHO'LUHFWRU
(MHFXWLYR
M 'HVLJQDUDORVPLHPEURVGHO&RPLWp&RQVXOWLYR
N 3URSRQHU HO 5HJODPHQWR GH 2UJDQL]DFLyQ \ )XQFLRQHV GH OD $3&, DO 0LQLVWUR GH
5HODFLRQHV([WHULRUHV
O &UHDUODV&RPLVLRQHV(VSHFLDOL]DGDV\ORV&RPLWpV7pFQLFRVTXHVHDQQHFHVDULRV
P ([SHGLUDFXHUGRVHQPDWHULDVGHVXFRPSHWHQFLD\
Q 2WUDVTXHVHOHHQFRPLHQGHQ\ODVTXHVHGHULYHQGHVXQDWXUDOH]D

$UWtFXOR ž (O &RQVHMR 'LUHFWLYR VHVLRQDUi GH DFXHUGR D ODV QHFHVLGDGHV GH OD
PDUFKDLQVWLWXFLRQDOGHOD$3&,GHELHQGRUHXQLUVHFXDQGRPHQRVVHLVYHFHVDODxR(V
FRQYRFDGRSRUHO3UHVLGHQWHRSRUHO0LQLVWURGH5HODFLRQHV([WHULRUHV/DFLWDFLyQVH
UHDOL]DUiSRUHVFULWRFRQXQDDQWLFLSDFLyQGHFLQFRGtDVKiELOHV

(O&RQVHMRSRGUiVHVLRQDUFRQFLQFRGHVXVPLHPEURV/RVDFXHUGRVVHDGRSWDUiQSRU
PD\RUtD VLPSOH \ QR PHQRV GH FXDWUR 'LUHFWRUHV \ FRQVWDQ HQ $FWDV (O 3UHVLGHQWH
WHQGUiYRWRGLULPHQWH

$UWtFXORž (O3UHVLGHQWHGHO&RQVHMR'LUHFWLYRHVWiHQFDUJDGRGH

D &RQYRFDU\SUHVLGLUODVVHVLRQHVGHO&RQVHMR'LUHFWLYR
E 3URSRQHU HQ UHSUHVHQWDFLyQ GHO &RQVHMR 'LUHFWLYR R SRU LQLFLDWLYD SURSLD OD
DGRSFLyQ GH PHGLGDV HQ DVSHFWRV GH FRRSHUDFLyQ LQWHUQDFLRQDO D ODV DXWRULGDGHV
SHUWLQHQWHVGHO3RGHU(MHFXWLYR
F &RRUGLQDU FRQ ORV WLWXODUHV GH ORV 3OLHJRV 3UHVXSXHVWDULRV OD SUHYLVLyQ GH ORV
UHFXUVRVGHFRQWUDSDUWLGDQDFLRQDOSDUDORVSUR\HFWRVILQDQFLDGRVFRQFRRSHUDFLyQ
WpFQLFDLQWHUQDFLRQDO\
G 2WUDVTXHOHHQFRPLHQGHHO&RQVHMR'LUHFWLYR

$UWtFXOR ž (O 0LQLVWUR GH 5HODFLRQHV ([WHULRUHV HMHUFH OD 9LFH3UHVLGHQFLD GHO
&RQVHMR'LUHFWLYRGHOD$3&,\HMHUFHVX3UHVLGHQFLDHQDXVHQFLDGHOWLWXODU(MHUFHODV
IXQFLRQHVTXHOHGHOHJXHHO&RQVHMR'LUHFWLYR


 68%&$3Ë78/2,,
',5(&&,Ï1(-(&87,9$

$UWtFXOR ž /D'LUHFFLyQ (MHFXWLYD HV HOyUJDQRTXHGLULJHHMHFXWD\VXSHUYLVDHO

DGHFXDGRIXQFLRQDPLHQWRGHOD$3&,\HVHMHUFLGDSRUHO'LUHFWRU(MHFXWLYRTXLHQWLHQH
UDQJRGH9LFHPLQLVWUR6XVIXQFLRQHVODVHMHUFHDWLHPSRFRPSOHWR

(O'LUHFWRU(MHFXWLYRGHEHUHXQLUORVUHTXLVLWRVH[LJLGRVHQHO$UWtFXORžGHOD/H\1ž
\HVGHVLJQDGRSRUXQSHUtRGRGHGRV DxRVUHQRYDEOHV6yORSRGUiVHUUHPRYLGR
GHOFDUJRSRULQFXUULUHQQHJOLJHQFLDLQFRPSHWHQFLDRLQPRUDOLGDGOXHJRGHUHDOL]DGR
HOSURFHVRDGPLQLVWUDWLYRFRUUHVSRQGLHQWHHQHOTXHVHDFUHGLWH\FDOLILTXHODFDXVDOOD
PLVPDTXHGHEHUiVHUGHFODUDGDSRUHO &RQVHMR'LUHFWLYRHQSOHQR

(QFDVRGHDXVHQFLDRLPSHGLPHQWRWHPSRUDOHO'LUHFWRU(MHFXWLYRHVUHHPSOD]DGRSRU
HOPLHPEURGHO&RQVHMR'LUHFWLYRGHVLJQDGRSRUpVWH

$UWtFXORž 6RQIXQFLRQHVGHO'LUHFWRU(MHFXWLYR

D &XPSOLU\KDFHUFXPSOLUORVDFXHUGRVGHO&RQVHMR'LUHFWLYR
E 3URSRQHUDO&RQVHMR'LUHFWLYROD3ROtWLFDGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDOHO
3ODQ$QXDOGH&RRSHUDFLyQORV3URJUDPDVGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO
HO3ODQGH*HVWLyQ,QVWLWXFLRQDO\OD0HPRULD$QXDO
F (MHFXWDU OD 3ROtWLFD  GH &RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO DSUREDGD SRU HO 3RGHU
(MHFXWLYR HO 3ODQ $QXDO GH &RRSHUDFLyQ ORV 3URJUDPDV GH &RRSHUDFLyQ
,QWHUQDFLRQDO\HO3ODQGH*HVWLyQ,QVWLWXFLRQDODSUREDGRVSRUHO&RQVHMR'LUHFWLYR
G 3ODQLILFDU GLULJLU HMHFXWDU VXSHUYLVDU \ HYDOXDU ODV DFFLRQHV QHFHVDULDV SDUD OD
JHVWLyQ QHJRFLDFLyQ \ REWHQFLyQ GH UHFXUVRV GH OD FRRSHUDFLyQ WpFQLFD
LQWHUQDFLRQDO
H 'LULJLU \ DGPLQLVWUDU OD $3&, HMHUFLHQGR OD WLWXODULGDG GHO SOLHJR SUHVXSXHVWDO
FRUUHVSRQGLHQWH \ SUHVHQWDU DO &RQVHMR 'LUHFWLYR HO 3UHVXSXHVWR ,QVWLWXFLRQDO HO
%DODQFH*HQHUDO\ORV(VWDGRV)LQDQFLHURV
I 0DQWHQHU XQDIOXLGD UHODFLyQ FRQ ODVIXHQWHVFRRSHUDQWHV VXVFULELU ORVFRQYHQLRV
GHFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO\ORVDFXHUGRVGHHMHFXFLyQHQFRQFRUGDQFLD
FRQORV&RQYHQLRV0DUFR\OD3ROtWLFDGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO
J &RRUGLQDU FRQ HO 0LQLVWUR GH 5HODFLRQHV ([WHULRUHV \ RWURV DOWRV IXQFLRQDULRV GHO
0LQLVWHULR GH 5HODFLRQHV ([WHULRUHV ODV DFFLRQHV YLQFXODGDV FRQ ORV SURFHVRV GH
FRRSHUDFLyQWpFQLFDLQWHUQDFLRQDOHQFRQFRUGDQFLDFRQODSROtWLFDH[WHULRU
K &RRUGLQDU FRQ OD 6HFUHWDULD 7pFQLFD GH OD &RPLVLyQ ,QWHUPLQLVWHULDO GH $VXQWRV
6RFLDOHV  ODV DFFLRQHV YLQFXODGDV FRQ ORV SURFHVRV GH FRRSHUDFLyQ WpFQLFD
LQWHUQDFLRQDO
L )RUPXODUGLUHFWLYDVHQFRRUGLQDFLyQFRQHO0LQLVWURGH5HODFLRQHV([WHULRUHVSDUD
ORV IXQFLRQDULRV UHVSRQVDEOHV GH OD FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO GH ODV
PLVLRQHVGHO3HU~HQHOH[WHULRU
M 'LVSRQHUODFDQDOL]DFLyQGHORVSUR\HFWRVGHFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDOTXH
UHPLWDQ ODV HQWLGDGHV GHO *RELHUQR &HQWUDO \ ORV yUJDQRV FRQVWLWXFLRQDOPHQWH
DXWyQRPRVTXHORVROLFLWHQGHDFXHUGRDFULWHULRVGHSULRUL]DFLyQFRQFRUGDGRVFRQ
ORV 3URJUDPDV \ 3ODQHV GH FRRSHUDFLyQ WpFQLFD  LQWHUQDFLRQDO  DSUREDGRV SRU HO
&RPLWp 'LUHFWLYR DVt FRPR  LQIRUPDU DO  6LVWHPD 1DFLRQDO GH ,QYHUVLyQ 3~EOLFD
FXDQGRFRUUHVSRQGD
N 5HSUHVHQWDUDOD$3&,HQORVDFWRVS~EOLFRV\SULYDGRVGHODLQVWLWXFLyQDVtFRPR
DQWHORVRUJDQLVPRVGHFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO


O 3UHVLGLUODV&RPLVLRQHV0L[WDVGHFRRSHUDFLyQLQWHUQDFLRQDO\VXVFULELUORVDFXHUGRV
GH SURJUDPDV GH FRRSHUDFLyQ DVt FRPR  SDUWLFLSDU HQ ODV QHJRFLDFLRQHV GH
FRQYHQLRV PDUFR GH FRRSHUDFLyQ GH FRPSHWHQFLD GHO 0LQLVWHULR GH 5HODFLRQHV
([WHULRUHV
P ([SHGLUUHVROXFLRQHV\UHVROYHUHQ~OWLPDLQVWDQFLDODVDSHODFLRQHVVREUHUHJLVWURV
SURFHVRVDGPLQLVWUDWLYRVGHSHUVRQDO\RWURVDVXFDUJR
Q &RQYRFDUDODVVHVLRQHVGHO&RQVHMRGH&RRUGLQDFLyQ0XOWLVHFWRULDO\GHO&RQVHMR
&RQVXOWLYR\OOHYDUODVDFWDVGHO&RQVHMR'LUHFWLYR
R 3DUWLFLSDUHQODGLUHFFLyQDGPLQLVWUDFLyQVHJXLPLHQWR\HYDOXDFLyQGHORVIRQGRV
GHFRQWUDYDORUJHQHUDGRVSRUODFRRSHUDFLyQLQWHUQDFLRQDO
S 'HVLJQDUDORVIXQFLRQDULRVGHORVyUJDQRVWpFQLFRVGHJHVWLyQGHVXFRPSHWHQFLD
T 'HOHJDUSDUWHGHODVIXQFLRQHV\DWULEXFLRQHVTXHQROHVHDQLQKHUHQWHV
U 9HODUSRUHOFXPSOLPLHQWRGHODVGLVSRVLFLRQHVOHJDOHV\FRQYHQLRVLQWHUQDFLRQDOHV
TXHUHJXODQODFRRSHUDFLyQLQWHUQDFLRQDO\
V (MHUFHU ODV GHPiV IXQFLRQHV TXH OH GHOHJXH R OH HQFDUJXH HO &RQVHMR 'LUHFWLYR \
ODVTXHVHGHULYHQGHVXQDWXUDOH]D

&$3Ë78/2,,,
Ï5*$12'(&225',1$&,Ï1

68%&$3Ë78/2,
&20,7e'(&225',1$&,Ï108/7,6(&725,$/

$UWtFXOR ž (O &RPLWp GH &RRUGLQDFLyQ 0XOWLVHFWRULDO GH OD $3&, DFW~D FRPR
LQVWDQFLD GH HQODFH \ FRRUGLQDFLyQ FRQ ORV UHVSRQVDEOHV GH FRRSHUDFLyQ GH ORV
0LQLVWHULRV  SDUD IRUWDOHFHU ORV HVSDFLRV GH FRQFHUWDFLyQ \ GLiORJR GH OD SROtWLFD \
JHVWLyQGHODFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO

$UWtFXORž 6RQPLHPEURVGHO&RPLWpGH&RRUGLQDFLyQ0XOWLVHFWRULDOORVGLUHFWRUHV
RMHIHVGHODVRILFLQDVUHVSRQVDEOHVGH FRRSHUDFLyQGHORV0LQLVWHULRVRTXLHQHVKDJDQ
VXVYHFHVORVTXHVHUiQGHVLJQDGRVSRU5HVROXFLyQGHOWLWXODUGHODHQWLGDG

(O UHSUHVHQWDQWH GH ORV *RELHUQRV 5HJLRQDOHV \ VX DOWHUQR VHUiQ HOHJLGRV SRU ORV
3UHVLGHQWHVGHODV5HJLRQHVVHJ~QORLQGLFDGRHQHO$UWtFXORžGHHVWH5HJODPHQWR(O
SHUtRGRGHPDQGDWRGHGLFKRUHSUHVHQWDQWH\VXDOWHUQRVHUiGHGRVDxRV

(OUHSUHVHQWDQWHGHORV*RELHUQRV/RFDOHV\VXDOWHUQRVHUiQHOHJLGRVSRUORV$OFDOGHV
GHODV0XQLFLSDOLGDGHVSURYLQFLDOHVGHOSDtVVHJ~QORLQGLFDGRHQHO$UWtFXORžGHHVWH
5HJODPHQWR (O SHUtRGR GHPDQGDWR GHGLFKRUHSUHVHQWDQWH \VXDOWHUQRVHUiGHGRV
DxRV

/DLQFRUSRUDFLyQGHUHSUHVHQWDQWHVGHO3RGHU/HJLVODWLYR\GHO3RGHU-XGLFLDO\GHODV
HQWLGDGHV FRQVWLWXFLRQDOPHQWH DXWyQRPDV HV IDFXOWDWLYD \ VH HIHFWXDUi HQ SOHQR
GHUHFKRFRQODGHVLJQDFLyQFRUUHVSRQGLHQWH

$UWtFXORž 6RQIXQFLRQHVGHO&RPLWpGH&RRUGLQDFLyQ0XOWLVHFWRULDO

D &RQWULEXLUDODIRUPXODFLyQGHOD3ROtWLFDGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDODVHU
DSUREDGDSRUHO&RQVHMR'LUHFWLYR
E 'DU RSLQLyQ VREUH HO 3ODQ $QXDO GH &RRSHUDFLyQ \ VREUH ORV 3URJUDPDV GH
&RRSHUDFLyQ,QWHUQDFLRQDODVHUDSUREDGRVSRUHO&RQVHMR'LUHFWLYR


F 3URSRQHU OD DGRSFLyQ GH SROtWLFDV \ DFFLRQHV RULHQWDGDV D OD FRQVHFXFLyQ GH ORV
ILQHVGHOD$3&,
G (YDOXDU OD LPSOHPHQWDFLyQ GH ODV SROtWLFDV SODQHV \ SURJUDPDV GH FRRSHUDFLyQ
SURSRQLHQGRPHGLGDVSDUDVXPHMRUDSOLFDFLyQ
H (PLWLURSLQLyQHQORVDVXQWRVTXHHO&RQVHMR'LUHFWLYRVRPHWDDVXFRQVLGHUDFLyQ\
I 2WUDVTXHVHOHHQFRPLHQGH

$UWtFXOR ž (O &RPLWp GH &RRUGLQDFLyQ 0XOWLVHFWRULDO VHUi FRQYRFDGR \ SUHVLGLGR
SRUHO'LUHFWRU(MHFXWLYRGHELHQGRUHXQLUVHFXDQGRPHQRVVHLVYHFHVDODxR3DUDHO
FXPSOLPLHQWRGHODVDFWLYLGDGHVSUHYLVWDVSRGUiQFUHDUVHJUXSRVGHWUDEDMR3DUDVX
IXQFLRQDPLHQWR VH UHTXLHUH OD DVLVWHQFLD GH DO PHQRV OD PLWDG GH PLHPEURV
DFUHGLWDGRV6XVGHFLVLRQHVFRQVWDUiQHQDFWDV

&$3Ë78/2,9
Ï5*$12&2168/7,92

68%&$3Ë78/2,
&20,7e&2168/7,92

$UWtFXOR ž (O &RPLWp &RQVXOWLYR HV HO yUJDQR GH DVHVRUtD GH OD $3&, HPLWH
RSLQLyQ UHFRPLHQGD \ SURSRQH OD DGRSFLyQ GH SROtWLFDV \ PHGLGDV GH FRRSHUDFLyQ
WpFQLFDLQWHUQDFLRQDO(VWiFRQIRUPDGRSRUSURIHVLRQDOHV\HVSHFLDOLVWDVGHUHFRQRFLGD
FDSDFLGDG \ H[SHULHQFLD HQ PDWHULD GH FRRSHUDFLyQ LQWHUQDFLRQDO WDQWR GHO (VWDGR
FRPR GH ODV HQWLGDGHV UHSUHVHQWDWLYDV GHO VHFWRU SULYDGR LQFOXLGDV ODV HQWLGDGHV GH
FRRSHUDFLyQLQWHUQDFLRQDO

$UWtFXORž 6RQIXQFLRQHVGHO&RPLWp&RQVXOWLYR

D 3URSRQHU OD DGRSFLyQ GH SROtWLFDV \ DFFLRQHV RULHQWDGDV D OD FRQVHFXFLyQ GH ORV
ILQHVGHOD$3&,
E 'LFWDPLQDU VREUH OD SURSXHVWD GH 3ROtWLFD GH &RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO D
VHUVRPHWLGDDO&RQVHMR'LUHFWLYRSRUHO'LUHFWRU(MHFXWLYR
F 3URSRQHUPHFDQLVPRV GHFRRUGLQDFLyQHQWUH ODFRRSHUDFLyQSULYDGD\ODS~EOLFD\
HQWUHORViPELWRVQDFLRQDOUHJLRQDO\ORFDO
G 5HFRPHQGDU DO &RQVHMR 'LUHFWLYR R DO 'LUHFWRU (MHFXWLYR VHJ~Q FRUUHVSRQGD OD
UHDOL]DFLyQGHDFFLRQHVDQWHORVRUJDQLVPRVFRPSHWHQWHVGHO(VWDGRSDUDSRWHQFLDU
ODFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO
H (PLWLU RSLQLyQ HQ ORV DVXQWRV TXH HO &RQVHMR 'LUHFWLYR R HO 'LUHFWRU (MHFXWLYR
VRPHWDDVXFRQVLGHUDFLyQ\
I 2WUDVTXHVHOHHQFRPLHQGH

$UWtFXOR ž (O Q~PHUR GH PLHPEURV GHO &RPLWp &RQVXOWLYR D TXH VH UHILHUH HO
$UWtFXORžGHOD/H\1žVHUiGHWHUPLQDGRSRUHO&RQVHMR'LUHFWLYR7RGRVVXV
PLHPEURVVHUiQGHVLJQDGRVSRUHO&RQVHMR'LUHFWLYRSRUXQSHUtRGRUHQRYDEOHGHGRV
DxRVUHVSHWiQGRVHODSDUWLFLSDFLyQGHH[SHUWRVGHODVRFLHGDGFLYLO\ODUHSUHVHQWDFLyQ
GHOLQWHULRUGHOSDtVVHJ~QODVFXRWDVGHWHUPLQDGDVSRU/H\

$UWtFXORž (O&RQVHMR &RQVXOWLYRVHUH~QHDFRQYRFDWRULDGHO'LUHFWRU(MHFXWLYRR

FXDQGRORVROLFLWHHO&RQVHMR'LUHFWLYR/DVFLWDFLRQHVVHUHDOL]DUiQSRUHVFULWRFRQXQD
DQWLFLSDFLyQQRPHQRUGHFLQFRGtDVKiELOHV(OTXyUXPSDUDODVVHVLRQHVVHUiODPLWDG
PiVXQRGHVXVLQWHJUDQWHV


7RGRVORVPLHPEURVGHO&RQVHMR&RQVXOWLYRWLHQHQGHUHFKRDYR]\YRWR/RVDFXHUGRV
VHDGRSWDQSRUFRQVHQVR\FRQVWDQHQDFWDV

&$3Ë78/29
Ï5*$12'(&21752/,17(512

68%&$3Ë78/2,
2),&,1$'($8',725Ë$,17(51$

$UWtFXORž /D2ILFLQDGH$XGLWRUtD,QWHUQDHVHOyUJDQRUHVSRQVDEOHGHOHMHUFLFLR
SHUPDQHQWH GHO FRQWURO LQWHUQR GH OD JHVWLyQ DGPLQLVWUDWLYD GH OD HQWLGDG HQ
FXPSOLPLHQWR GH VXV PHWDV \ REMHWLYRV HQ DUPRQtD FRQ ODV GLVSRVLFLRQHV GHO 6LVWHPD
1DFLRQDOGH&RQWURO\GLVSRVLFLRQHVYLJHQWHV0DQWLHQHXQDUHODFLyQGHRUGHQIXQFLRQDO
FRQOD&RQWUDORUtD*HQHUDOGHOD5HS~EOLFD

$UWtFXORž 6RQIXQFLRQHVGHOD2ILFLQDGH$XGLWRUtD,QWHUQD

D )RUPXODUGLULJLU\HMHFXWDUHOSODQDQXDOGHFRQWURO\DXGLWRUtDJXEHUQDPHQWDOGHOD
HQWLGDG
E (IHFWXDUDXGLWRUtDV\H[iPHQHVHVSHFLDOHVGHDFXHUGRDODVQRUPDVGHDXGLWRUtD\
QRUPDVGHDXGLWRUtDJXEHUQDPHQWDO
F 3UHVHQWDU ORV LQIRUPHV GH FRQWURO HQ IRUPD VLPXOWiQHD DO &RQVHMR 'LUHFWLYR GH OD
HQWLGDGOD&RQWUDORUtD*HQHUDO\OD,QVSHFWRUtD*HQHUDOGHO6HFWRU
G (IHFWXDUHOVHJXLPLHQWRDODLPSOHPHQWDFLyQGHODVUHFRPHQGDFLRQHVGHULYDGDVGH
ODVDFFLRQHVGHFRQWUROHLQIRUPDURSRUWXQDPHQWHDORVQLYHOHVFLWDGRVHQHODFiSLWH
DQWHULRU
H &DXWHODUHO FXPSOLPLHQWRGHODVGLVSRVLFLRQHVHPLWLGDVSRUHO6LVWHPD1DFLRQDOGH
&RQWURO
I $VHVRUDUDOD$OWD'LUHFFLyQGHOD$3&,HQPDWHULDGHFRQWURO\DXGLWRUtD
J 3DUWLFLSDUFRPRREVHUYDGRUHQOLFLWDFLRQHV\FRQFXUVRVS~EOLFRVTXHUHDOLFHOD$3&,
\
K 2WUDVIXQFLRQHVGHQWURGHVXFRPSHWHQFLDTXHOHHQFDUJXHHO'LUHFWRU(MHFXWLYR

$UWtFXORž /D'LUHFFLyQ(MHFXWLYDDSUREDUiODHVWUXFWXUDRUJiQLFDGHHVWD2ILFLQD

&$3Ë78/29,
Ï5*$1267(&1,&26'(*(67,21

68%&$3Ë78/2,
Ï5*$126'($32<2

$UWtFXORž /RVyUJDQRVGHDSR\RGH$3&,VRQOD2ILFLQDGH(QODFHFRQ5HODFLRQHV
([WHULRUHVOD2ILFLQDGH$GPLQLVWUDFLyQOD2ILFLQDGH5HJLVWUR\$VHVRUtD-XUtGLFD\OD
2ILFLQDGH7HFQRORJtDGHOD,QIRUPDFLyQ

2),&,1$'((1/$&(&215(/$&,21(6(;7(5,25(6

$UWtFXORž /D2ILFLQDGH(QODFHFRQ5HODFLRQHV([WHULRUHVHVHOyUJDQRHQFDUJDGR
GHDSR\DUODFRRUGLQDFLyQ\FRPXQLFDFLyQLQVWLWXFLRQDOGHOD$3&,FRQORVyUJDQRVGHO


0LQLVWHULR GH 5HODFLRQHV ([WHULRUHV DVHJXUDQGR HO LQWHUFDPELR IOXLGR GH LQIRUPDFLyQ
HQ PDWHULD GH FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO (VWi D FDUJR GH XQ IXQFLRQDULR GH
FRQILDQ]D GHQRPLQDGR -HIH GH OD 2ILFLQD GH (QODFH FRQ 5HODFLRQHV ([WHULRUHV TXLHQ
GHSHQGHGHOD'LUHFFLyQ(MHFXWLYD

$UWtFXOR ž /D 2ILFLQD GH (QODFH FRQ 5HODFLRQHV ([WHULRUHV WLHQH ODV VLJXLHQWHV
IXQFLRQHV

D $SR\DUODVDFFLRQHVGHFRRUGLQDFLyQ\ FRPXQLFDFLyQLQVWLWXFLRQDOGHOD$3&,FRQ
ORVyUJDQRVGHO0LQLVWHULRGH5HODFLRQHV([WHULRUHV
E 3URPRYHU HQ FRRUGLQDFLyQ FRQ OD $FDGHPLD 'LSORPiWLFD \ HO 0LQLVWHULR GH
5HODFLRQHV([WHULRUHVODIRUPDFLyQ\FDSDFLWDFLyQGHORVIXQFLRQDULRVGHO6HUYLFLR
'LSORPiWLFRHQWHPDVGHFRRSHUDFLyQLQWHUQDFLRQDO
F &RRUGLQDU FRQ ORV yUJDQRV GHO 0LQLVWHULR GH 5HODFLRQHV ([WHULRUHV OR UHIHUHQWH DO
5HJLVWUR\)RUPDOL]DFLyQGHORV&RQYHQLRVGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO
G &RRUGLQDU FRQ ORV yUJDQRV GHO 0LQLVWHULR GH 5HODFLRQHV ([WHULRUHV \ HO VHFWRU
S~EOLFRFRUUHVSRQGLHQWHHORWRUJDPLHQWRGHSULYLOHJLRVSDUDH[SHUWRVYROXQWDULRV\
FRRSHUDQWHV\
H 2WUDVGHVXFRPSHWHQFLDTXHOHDVLJQHOD'LUHFFLyQ(MHFXWLYD

$UWtFXORž /D'LUHFFLyQ(MHFXWLYDDSUREDUiODHVWUXFWXUDRUJiQLFDGHHVWD2ILFLQD

2),&,1$'($'0,1,675$&,Ï1

$UWtFXORž /D2ILFLQDGH$GPLQLVWUDFLyQHVHOyUJDQRHQFDUJDGRGHFRQGXFLUORV
SURFHVRV  DGPLQLVWUDWLYRV GH SUHVXSXHVWR SHUVRQDO DEDVWHFLPLHQWR FRQWDELOLGDG
WHVRUHUtD \ DFHUYR GRFXPHQWDULR (VWi D FDUJR GH XQ IXQFLRQDULR GH FRQILDQ]D
GHQRPLQDGR -HIH GH OD 2ILFLQD GH $GPLQLVWUDFLyQ TXLHQ GHSHQGH GH OD 'LUHFFLyQ
(MHFXWLYD

$UWtFXORž 6RQIXQFLRQHVGHOD2ILFLQDGH$GPLQLVWUDFLyQ

D &RQGXFLU \  HMHFXWDU  ORV SURFHVRV DGPLQLVWUDWLYRV GH SUHVXSXHVWR  SHUVRQDO

ORJtVWLFDFRQWDELOLGDGWHVRUHUtDDFHUYRGRFXPHQWDULR
E &HQWUDOL]DU ODV REOLJDFLRQHV DVXPLGDV SDUD VX UHTXHULPLHQWR YtD FDOHQGDULR GH
FRPSURPLVRV
F )RUPXODU\SURSRQHUHOSUR\HFWRGHSUHVXSXHVWRLQVWLWXFLRQDODOWLWXODUGHOSOLHJR
G (IHFWXDU HO FRQWURO \ HYDOXDFLyQ GHO SUHVXSXHVWR GHO SOLHJR SRU WRGD IXHQWH GH
ILQDQFLDPLHQWR
H )RUPXODUORVHVWDGRVILQDQFLHURV\SUHVXSXHVWDULRVGHODHQWLGDG
I $GHFXDU\GLIXQGLUODVQRUPDV\SURFHGLPLHQWRVSDUDODEXHQDDGPLQLVWUDFLyQGHORV
UHFXUVRV\SDWULPRQLRGHODHQWLGDG
J 3DUWLFLSDU HQ ORV &RPLWpV (VSHFLDOHV GH FRQWUDWDFLRQHV \ DGTXLVLFLRQHV GHO (VWDGR
FRQIRUPHD/H\
K )RUPXODUHOSODQRSHUDWLYRGHOiUHD
L 2UJDQL]DU\PDQWHQHUDFWXDOL]DGRHOLQYHQWDULRItVLFRYDORUDGRGHORVDFWLYRVGHOD
$3&,\
M 2WUDV GHVXFRPSHWHQFLDTXHOHDVLJQHOD'LUHFFLyQ(MHFXWLYD

$UWtFXORž /D'LUHFFLyQ(MHFXWLYDDSUREDUiODHVWUXFWXUDRUJiQLFDGHHVWD2ILFLQD


 2),&,1$'(5(*,6752<$6(625Ë$-85,',&$

$UWtFXORž /D2ILFLQDGH5HJLVWUR\$VHVRUtD-XUtGLFDWLHQHDVXFDUJRHOSURFHVR
GHDGPLQLVWUDFLyQGHORVUHJLVWURVGH$3&,\SUHVWDDVHVRUDPLHQWRGHFDUiFWHUMXUtGLFR
\ OHJDO D OD $OWD 'LUHFFLyQ (VWi D FDUJR GH XQ IXQFLRQDULR GH FRQILDQ]D GHQRPLQDGR
-HIH GH OD 2ILFLQD GH 5HJLVWUR \ $VHVRUtD -XUtGLFD TXLHQ GHSHQGH GH OD 'LUHFFLyQ
(MHFXWLYD

$UWtFXORž 6RQIXQFLRQHVGHOD2ILFLQDGH5HJLVWUR\$VHVRUtD-XUtGLFD

D &RQGXFLU\DFWXDOL]DUORV5HJLVWURVGHODV2UJDQL]DFLRQHV1R*XEHUQDPHQWDOHVGH
'HVDUUROOR 5HJLVWUR 21*' GH ODV (QWLGDGHV H ,QVWLWXFLRQHV ([WUDQMHUDV GH
&RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO 5HJLVWUR (1,(; GH (QWLGDGHV 3ULYDGDV VLQ
ILQHV GH OXFUR UHFHSWRUDV GH GRQDFLRQHV GH FDUiFWHU DVLVWHQFLDO \ HGXFDFLRQDO
SURYHQLHQWHGHOH[WHULRU5HJLVWURGH'RQDFLRQHV
E &RQGXFLU\DFWXDOL]DUHO5HJLVWURGHOVHUYLFLRGH9ROXQWDULRV\([SHUWRV
F &RQGXFLU\DFWXDOL]DUHO5HJLVWURGHHVWXGLDQWHVH[WUDQMHURVTXHUHDOLFHQHVWXGLRVR
UHFLEDQ SUHSDUDFLyQ WpFQLFD HQ HO SDtV HQ HO PDUFR GH OD FRRSHUDFLyQ WpFQLFD
LQWHUQDFLRQDO
G 5HJLVWUDU\PDQWHQHUDFWXDOL]DGRHO5HJLVWUR1DFLRQDOGH3UR\HFWRVGH&RRSHUDFLyQ
7pFQLFD,QWHUQDFLRQDODVHUVRPHWLGRVDODVIXHQWHVFRRSHUDQWHV
H ,QIRUPDU OD GHVLJQDFLyQ GH IXQFLRQDULRV DFUHGLWDGRV D OD 'LUHFFLyQ 1DFLRQDO GH
3URWRFROR \ FHUHPRQLDO GHO (VWDGR GHO 0LQLVWHULR GH 5HODFLRQHV ([WHULRUHV SDUD OD
H[SHGLFLyQGHODVFUHGHQFLDOHVFRUUHVSRQGLHQWHV
I 5HJLVWUDUODVGRQDFLRQHVSURYHQLHQWHVGHOH[WUDQMHURTXHVHHIHFW~HQHQHOPDUFR
GH  OD FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO D IDYRU GH HQWLGDGHV GHO VHFWRU S~EOLFR
GHQWURGHORVWUHLQWDGtDVGHFRPXQLFDGDODDFHSWDFLyQGHGLFKDVGRQDFLRQHVSRUHO
VHFWRUFRQFHUQLGREDMRUHVSRQVDELOLGDG
J 5HJLVWUDU ORV SHGLGRV GH FRQVWDQFLD QDFLRQDO \ HPLWLU OD FRQIRUPLGDG SDUD OD
OLEHUDFLyQ DUDQFHODULD GH ELHQHV SURYHQLHQWHV GHO H[WHULRU HQ HO PDUFR GH ORV
SURJUDPDV\SUR\HFWRVGHFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO
K )DFLOLWDUHODFFHVRDODLQIRUPDFLyQGLVSRQLEOHHQORVUHJLVWURVGHOD$3&,
L $VHVRUDUDOD$OWD'LUHFFLyQ\GHPiVyUJDQRVHQORVDVXQWRVGHFDUiFWHUMXUtGLFR\
OHJDO
M &RPSLODUVLVWHPDWL]DU\PDQWHQHUDFWXDOL]DGRVORVGLVSRVLWLYRVOHJDOHVYLJHQWHVTXH
WHQJDQLQFLGHQFLDVREUHHOTXHKDFHUGHOD$3&,
N (IHFWXDUHOVHJXLPLHQWRGHODVDFFLRQHVMXGLFLDOHVUHODFLRQDGDVFRQOD$3&,\FX\D
GHIHQVDFRUUHDFDUJRGHO3URFXUDGRU3~EOLFRGHO6HFWRU\SDUWLFLSDUHQODVDFFLRQHV
TXHGHPDQGHQUHSUHVHQWDFLyQOHJDOGHODHQWLGDG
O (ODERUDU \ YLVDU ORV SUR\HFWRV GH GLVSRVLWLYRV OHJDOHV FRQWUDWRV FRQYHQLRV
UHVROXFLRQHVQRUPDVDGPLQLVWUDWLYDV\RWURVGRFXPHQWRVDILQHV
P 9HODU SRU HO FXPSOLPLHQWR GH GLVSRVLFLRQHV OHJDOHV TXH UHJXOHQ OD FRRSHUDFLyQ
WpFQLFDLQWHUQDFLRQDO\
Q 2WUDVGHVXFRPSHWHQFLDTXHOHDVLJQHOD'LUHFFLyQ(MHFXWLYD

$UWtFXORž /D'LUHFFLyQ(MHFXWLYDDSUREDUiODHVWUXFWXUDRUJiQLFDGHHVWD2ILFLQD


 2),&,1$'(7(&12/2*Ë$'(/$,1)250$&,Ï1

$UWtFXORž /D2ILFLQDGH7HFQRORJtDGHOD,QIRUPDFLyQHVODHQFDUJDGDGHGLVHxDU
HO SODQ GH GHVDUUROOR LQIRUPiWLFR \ GH GHVDUUROODU ORV VLVWHPDV GH  LQIRUPDFLyQ GH
VRSRUWH SDUD ORV SURFHVRV GH FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO DVt FRPR SURYHHU ODV
HVWDGtVWLFDVVREUHFRRSHUDFLyQLQWHUQDFLRQDOTXHUHTXLHUHOD$3&,(VWiDFDUJRGHXQ
IXQFLRQDULR GH FRQILDQ]D GHQRPLQDGR -HIH GH OD 2ILFLQD GH 7HFQRORJtD GH OD
,QIRUPDFLyQTXLHQGHSHQGHGHOD'LUHFFLyQ(MHFXWLYD

$UWtFXORž 6RQIXQFLRQHVGHOD2ILFLQDGH7HFQRORJtDGHOD,QIRUPDFLyQ

D (ODERUDUSURSRQHU\HMHFXWDU HO 3ODQ(VWUDWpJLFRGH7HFQRORJtDGHOD,QIRUPDFLyQ

VXMHWRDORVREMHWLYRVWUD]DGRVHQHO3ODQGH*HVWLyQ,QVWLWXFLRQDO
E 3ODQHDU GHVDUUROODU \ PDQWHQHU ODV EDVHV GH GDWRV GH SUR\HFWRV JHVWLyQ
DGPLQLVWUDWLYDLQWUDQHWLQVWLWXFLRQDODVtFRPRRWURVVLVWHPDVUHTXHULGRVSRU$3&,
F %ULQGDUVRSRUWHDODViUHDVGHODLQVWLWXFLyQSHUPLWLHQGRHVWDEOHFHUORVFDQDOHVGH
FRPXQLFDFLyQ\IOXMRVGHLQIRUPDFLyQSURSLFLDQGRVXLQWHJUDFLyQIXQFLRQDO
G ,PSOHPHQWDU\DGPLQLVWUDUHOSRUWDOLQIRUPDWLYRGHODLQVWLWXFLyQ\EULQGDUVHUYLFLRV
D WUDYpV GH LQWHUQHW D ODV HQWLGDGHV GHPDQGDQWHV GH LQIRUPDFLyQ VREUH
FRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO
H (IHFWXDUHOPDQWHQLPLHQWR\DFWXDOL]DFLyQSHUPDQHQWHGHOSDUTXHLQIRUPiWLFR\
I 2WURVGHVXFRPSHWHQFLDTXHOHDVLJQHOD'LUHFFLyQ(MHFXWLYD

$UWtFXORž /D'LUHFFLyQ(MHFXWLYDDSUREDUiODHVWUXFWXUDRUJiQLFDGHHVWD2ILFLQD

68%&$3Ë78/2,,
Ï5*$12'($6(625Ë$

2),&,1$'(3/$1($0,(172(675$7e*,&2

$UWtFXOR ž /D 2ILFLQD GH 3ODQHDPLHQWR (VWUDWpJLFR HV HO yUJDQR HQFDUJDGR GH
DVHVRUDU D OD $OWD 'LUHFFLyQ \ GHPiV yUJDQRV GH OD $3&, HQ HO SODQHDPLHQWR GH OD
3ROtWLFDGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO5HDOL]DHOVHJXLPLHQWR\HYDOXDFLyQGH
ORV UHVXOWDGRV LQVWLWXFLRQDOHV \ GHO VLVWHPD GH FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO /D
2ILFLQD GH 3ODQHDPLHQWR (VWUDWpJLFR HVWi D FDUJR GH XQ IXQFLRQDULR GH FRQILDQ]D
GHQRPLQDGR -HIH GH OD 2ILFLQD GH 3ODQHDPLHQWR (VWUDWpJLFR TXLHQ GHSHQGH GH  OD
'LUHFFLyQ(MHFXWLYD

$UWtFXORž 6RQIXQFLRQHV GHOD2ILFLQDGH3ODQHDPLHQWR(VWUDWpJLFR

D (ODERUDU \ SURSRQHU D OD 'LUHFFLyQ (MHFXWLYD OD 3ROtWLFD GH &RRSHUDFLyQ 7pFQLFD
,QWHUQDFLRQDOHQFRQFRUGDQFLDFRQODSROtWLFDQDFLRQDOGHGHVDUUROOR
E )RUPXODU ORV 3ODQHV (VWUDWpJLFRV $QXDOHV \ 0XOWLDQXDOHV HODERUDU HO 3ODQ GH
*HVWLyQ ,QVWLWXFLRQDO \ UHDOL]DU HO VHJXLPLHQWR \ HYDOXDFLyQ GH ORV UHVXOWDGRV
LQVWLWXFLRQDOHV LPSOHPHQWDQGR XQ VLVWHPD GH LQGLFDGRUHV GH JHVWLyQ DVRFLDGRV DO
FXPSOLPLHQWRGHODSROtWLFDGHFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO
F &RRUGLQDUHOSURFHVRGHIRUPXODFLyQGHORVSUR\HFWRVGHFRRSHUDFLyQLQWHUQDFLRQDO
DVtFRPRORVGHLQYHUVLyQS~EOLFDTXHGHPDQGHODLQVWLWXFLyQ
G (ODERUDU GHVGH XQD SHUVSHFWLYD VRFLDOSROtWLFD\HFRQyPLFDLQIRUPHV\HVWXGLRV
DQDOtWLFRVVREUHWHPDVUHOHYDQWHVSDUDOD'LUHFFLyQ(MHFXWLYD
H (ODERUDUOD0HPRULD$QXDOGHODLQVWLWXFLyQ


I &RRUGLQDUODIRUPXODFLyQGHO3ODQ2SHUDWLYRLQVWLWXFLRQDO
J $VHVRUDU D OD $OWD 'LUHFFLyQ \ GHPiV yUJDQRV HQ HO SODQHDPLHQWR GH ODV
DFWLYLGDGHVGHODLQVWLWXFLyQ\
K 2WUDVGHVXFRPSHWHQFLDTXH OHDVLJQHOD'LUHFFLyQ(MHFXWLYD

$UWtFXORž /D'LUHFFLyQ(MHFXWLYDDSUREDUiODHVWUXFWXUDRUJiQLFDGHHVWD2ILFLQD

68%&$3Ë78/2,,,
Ï5*$126'(/Ë1($

$UWtFXOR ž /RV yUJDQRV GH OtQHD GH $3&, VRQ OD *HUHQFLD GH &RRSHUDFLyQ
0XOWLVHFWRULDO OD *HUHQFLD GH 3URJUDPDV GH &RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO \ OD
*HUHQFLDGH6HJXLPLHQWR\(YDOXDFLyQ

*(5(1&,$'(&223(5$&,Ï108/7,6(&725,$/

$UWtFXOR ž /D *HUHQFLD GH &RRSHUDFLyQ 0XOWLVHFWRULDO HV OD HQFDUJDGD GH
LGHQWLILFDU ODV QHFHVLGDGHV GH FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO GH ODV HQWLGDGHV GHO
*RELHUQR &HQWUDO \ GH ODV HQWLGDGHV FRQVWLWXFLRQDOPHQWH DXWyQRPDV TXH OR VROLFLWHQ
(ODERUDHO3ODQ$QXDOGH&RRSHUDFLyQ,QWHUQDFLRQDO(VWiDFDUJRGHXQIXQFLRQDULRGH
FRQILDQ]D GHQRPLQDGR *HUHQWH GH &RRSHUDFLyQ 0XOWLVHFWRULDO  TXLHQ  GHSHQGH GH OD
'LUHFFLyQ(MHFXWLYD

$UWtFXORž 6RQIXQFLRQHVGHOD*HUHQFLDGH&RRSHUDFLyQ0XOWLVHFWRULDO

D (ODERUDUHO3ODQGH'HPDQGDGH5HFXUVRVGH&RRSHUDFLyQ
E )RPHQWDUHOXVRHVWUDWpJLFRGHUHFXUVRVGHFRRSHUDFLyQ HQSURJUDPDV\SUR\HFWRV
GHGHVDUUROORVRFLDO\HFRQyPLFRHQHOPDUFRGHOD3ROtWLFDGH&RRSHUDFLyQ7pFQLFD
,QWHUQDFLRQDO
F $VHVRUDUDODVHQWLGDGHVS~EOLFDVHQODIRUPXODFLyQGHORVSURJUDPDV\SUR\HFWRV
GHFRRSHUDFLyQLQWHUQDFLRQDO
G 5HFLELU ODV VROLFLWXGHV GH FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO SUHVHQWDGDV SRU  ORV
UHVSRQVDEOHV GH ODV HQWLGDGHV GHO *RELHUQR &HQWUDO \ GH ODV HQWLGDGHV
FRQVWLWXFLRQDOPHQWHDXWyQRPDVTXHORVROLFLWHQ\TXHHVWpQHQPDUFDGDVGHQWURGH
OD3ROtWLFDGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO\GLVSRQHUVXUHJLVWUR
H 3URPRYHU  OD FUHDFLyQ GH XQ VLVWHPD LQWHJUDGR GH FRRSHUDFLyQ  WpFQLFD
LQWHUQDFLRQDO
I &RRUGLQDU FRQ OD 2ILFLQD  GH ,QYHUVLyQ 3~EOLFD GHO 0LQLVWHULR GH (FRQRPtD \
)LQDQ]DV D FDUJR GHO  6LVWHPD  1DFLRQDO GH ,QYHUVLyQ 3~EOLFD OD SHUWLQHQFLD GH OD
LQFOXVLyQ GH SUR\HFWRV GH VX FRPSHWHQFLD TXH GHPDQGHQ GH  IRQGRV GH
FRRSHUDFLyQWpFQLFDLQWHUQDFLRQDOSDUDVHULQFRUSRUDGRVHQHO5HJLVWUR1DFLRQDO
GH3UR\HFWRVGH&RRSHUDFLyQ7pFQLFD
J 3URSLFLDU OD HVWDQGDUL]DFLyQ GH PHWRGRORJtDV SDUD OD IRUPXODFLyQ \ HYDOXDFLyQ GH
SUR\HFWRVGHFRRSHUDFLyQLQWHUQDFLRQDOHQODVHQWLGDGHVGHOVHFWRUS~EOLFR
K 3URPRYHU OD DUWLFXODFLyQ \ FRRUGLQDFLyQ HQWUH OD FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO
S~EOLFD\SULYDGD
L )RUWDOHFHU OD FDSDFLGDG GH JHVWLyQ GHVFHQWUDOL]DGD GH OD FRRSHUDFLyQ WpFQLFD
LQWHUQDFLRQDO


M 2WRUJDUODFRQIRUPLGDGSDUDSUR\HFWRVTXHSUHVHQWHQODVRUJDQL]DFLRQHVSULYDGDV\
ODV21*'FRQIRUPHDO,QFLVRR$UWtFXORžGHOD/H\1ž\
N 2WUDVIXQFLRQHVGHQWURGHVXFRPSHWHQFLDOHHQFDUJXHHO'LUHFWRU(MHFXWLYR

$UWtFXOR ž /D 'LUHFFLyQ (MHFXWLYD DSUREDUi OD HVWUXFWXUD RUJiQLFD GH HVWD
*HUHQFLD

*(5(1&,$'(352*5$0$6'(&223(5$&,Ï17e&1,&$,17(51$&,21$/

$UWtFXOR ž /D *HUHQFLD GH 3URJUDPDV GH &RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO VH
HQFDUJD GHQHJRFLDUORVSURJUDPDVFRQODVIXHQWHVFRRSHUDQWHVRSWLPL]DQGRHOXVRGH
ORVIRQGRVGLVSRQLEOHV\DQDOL]DQGRDOWHUQDWLYDVTXHSHUPLWDQLQFUHPHQWDUODRIHUWDGH
FRRSHUDFLyQ LQWHUQDFLRQDO (VWi D FDUJR GH XQ IXQFLRQDULR GH FRQILDQ]D GHQRPLQDGR
*HUHQWH GH 3URJUDPDV GH &RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO TXLHQ GHSHQGH GH OD
'LUHFFLyQ(MHFXWLYD

$UWtFXOR ž 6RQ IXQFLRQHV GH OD *HUHQFLD GH 3URJUDPDV GH &RRSHUDFLyQ 7pFQLFD
,QWHUQDFLRQDO

D (ODERUDUORV3URJUDPDVGH&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO\HO3ODQGH2IHUWDGH
5HFXUVRV GH &RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO HQ FRQFRUGDQFLD FRQ OD SROtWLFD
QDFLRQDOGHGHVDUUROOR
E 'LIXQGLU HQWUH ODV IXHQWHV FRRSHUDQWHV OD SROtWLFD ORV SODQHV \ ORV SURJUDPDV GH
FRRSHUDFLyQ LQWHUQDFLRQDO LPSXOVDQGR DFFLRQHV GH VHQVLELOL]DFLyQ VREUH ODV
QHFHVLGDGHVH[LVWHQWHVGHFRRSHUDFLyQHQHOSDtV
F 5HIRU]DU \ DPSOLDU ODV UHODFLRQHV FRQ ODV IXHQWHV FRRSHUDQWHV RSWLPL]DQGR OD
FDSWDFLyQGHUHFXUVRVGHFRRSHUDFLyQ
G )RUPXODU LQLFLDWLYDV UHODFLRQDGDV FRQ OD ILUPD GH DFXHUGRV FRQYHQLRV \ WUDWDGRV
H[SORUDQGR \ SURSRQLHQGR QXHYDV PRGDOLGDGHV GH  SDUWLFLSDFLyQ TXH DPSOtHQ OD
RIHUWDGHFRRSHUDFLyQLQWHUQDFLRQDO
H 3URSRQHU \ JHVWLRQDU OD SROtWLFD GH &RRSHUDFLyQ +RUL]RQWDO HQWUH HO 3HU~ \ RWURV
SDtVHVHQGHVDUUROOR
I 'LIXQGLUODRIHUWDQDFLRQDO GHFRRSHUDFLyQWpFQLFDGLVSRQLEOHHQFRQFRUGDQFLDFRQOD
SROtWLFDGHGHVDUUROORGHOSDtV\VXSROtWLFDH[WHULRU
J 5HDOL]DUHVWXGLRVVREUHHOFRPSRUWDPLHQWR\WHQGHQFLDVGHODFRRSHUDFLyQWpFQLFD
LQWHUQDFLRQDO TXH SHUPLWDQ LGHQWLILFDU OD RIHUWD GH FRRSHUDFLyQ LQWHUQDFLRQDO
H[LVWHQWH HQ HO iPELWR PXQGLDO \ EULQGDU HOHPHQWRV GH MXLFLR SDUD OD WRPD GH
GHFLVLRQHV
K 3DUWLFLSDU SRU HQFDUJR GHO 'LUHFWRU (MHFXWLYR HQ ODV &RPLVLRQHV 0L[WDV GH
FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO HQ ODV QHJRFLDFLRQHV FRQ ODV IXHQWHV
FRRSHUDQWHVDVtFRPRHQODJHVWLyQGHORV)RQGRVGH&RQWUDYDORU
L (VWDEOHFHU HQODFHV IXQFLRQDOHV FRQ ODV RILFLQDV FRUUHVSRQGLHQWHV GHO 0LQLVWHULR GH
5HODFLRQHV ([WHULRUHV HQ DWHQFLyQ D ODV DFFLRQHV FRRUGLQDGDV D TXH VH UHILHUH HO
LQFLVR L GHO $UWtFXOR ž GHO SUHVHQWH 5HJODPHQWR SDUD HIHFWRV GH ORJUDU  PD\RU
HILFLHQFLDHQODFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO
M (VWDEOHFHUPHFDQLVPRVGHWUDQVSDUHQFLDVREUHORVUHFXUVRVFDSWDGRVHOGHVWLQRGH
ORV PLVPRV \ GLIXQGLU ORV UHVXOWDGRV HQ HO XVR GH OD FRRSHUDFLyQ WpFQLFD
LQWHUQDFLRQDO


N $SUREDU  ODV DPSOLDFLRQHV  \  PRGLILFDFLRQHV  GH ORV 3URJUDPDV  3UR\HFWRV \
DFWLYLGDGHV SODQHDGDV HQ FRRUGLQDFLyQ FRQ ODV IXHQWHV FRRSHUDQWHV \ OD HQWLGDG
FRQFHUQLGD
O &DSWDU \ FDQDOL]DU OD RIHUWD GH EHFDV SDUD VHU GLIXQGLGDV HQ FRRUGLQDFLyQ FRQ ORV
RUJDQLVPRV GH FRRSHUDFLyQ LQWHUQDFLRQDO HQFDUJDGRV GH VX RWRUJDPLHQWR GH
DFXHUGRDSULQFLSLRVGHWUDQVSDUHQFLD\SULYLOHJLDQGRXQHQIRTXHGHVFHQWUDOL]DGR\
P 2WUDVIXQFLRQHVGHQWURGHVXFRPSHWHQFLDTXHOHHQFDUJXHHO'LUHFWRU(MHFXWLYR

$UWtFXOR ž /D 'LUHFFLyQ (MHFXWLYD DSUREDUi OD HVWUXFWXUD RUJiQLFD GH HVWD
*HUHQFLD

*(5(1&,$'(6(*8,0,(172<(9$/8$&,Ï1

$UWtFXORž /D*HUHQFLDGH6HJXLPLHQWR\(YDOXDFLyQHVODHQFDUJDGDGHFRRUGLQDU
FRQ ODV HQWLGDGHV GHO *RELHUQR &HQWUDO \ ORV RUJDQLVPRV FRQVWLWXFLRQDOPHQWH
DXWyQRPRVHOVHJXLPLHQWR\HYDOXDFLyQGHORVSURJUDPDV\SUR\HFWRVGHFRRSHUDFLyQ
WpFQLFDLQWHUQDFLRQDOTXHHMHFXWDQ(VWDODERUVHUiUHDOL]DGDHQIRUPDFRRUGLQDGDFRQ
ODV IXHQWHV FRRSHUDQWHV (VWi D FDUJR GH XQ IXQFLRQDULR GH FRQILDQ]D GHQRPLQDGR
*HUHQWHGH6HJXLPLHQWR\(YDOXDFLyQTXLHQGHSHQGHGHOD'LUHFFLyQ(MHFXWLYD

$UWtFXORž 6RQIXQFLRQHVGHOD*HUHQFLDGH6HJXLPLHQWR\(YDOXDFLyQ

D 5HDOL]DUHOVHJXLPLHQWRSHUPDQHQWHGHORVSURJUDPDV\SUR\HFWRVGHFRRSHUDFLyQ
WpFQLFDLQWHUQDFLRQDOFRQWHQLGRVHQHO3ODQ$QXDOGH&RRSHUDFLyQ,QWHUQDFLRQDO
E (ODERUDU \ YDOLGDU PHWRGRORJtDV GH VHJXLPLHQWR \ HYDOXDFLyQ GH SUR\HFWRV GH
GHVDUUROORIRUPXODULQGLFDGRUHVTXHSHUPLWDQPHGLUHOLPSDFWRGHORVSUR\HFWRV\
SURJUDPDVDVtFRPRODVLVWHPDWL]DFLyQGHODVH[SHULHQFLDVGHVDUUROODVFRQHODSR\R
GHODFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO
F 5HDOL]DU HO VHJXLPLHQWR SHUPDQHQWH GH ODV DFWLYLGDGHV GH FRRSHUDFLyQ KRUL]RQWDO
HQWUH HO 3HU~ \ RWURV SDtVHV HQ GHVDUUROOR \ HIHFWXDU OD HYDOXDFLyQ DQXDO GH ORV
UHFXUVRVDSOLFDGRV\DFWLYLGDGHVHMHFXWDGDV
G &RDG\XYDU DO IRUWDOHFLPLHQWR GH ODV FDSDFLGDGHV GH  VHJXLPLHQWR \ HYDOXDFLyQ GH
SURJUDPDV\SUR\HFWRVILQDQFLDGRVSRUODFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO
H 5HFLELUODVVROLFLWXGHVGHDPSOLDFLyQGHSOD]RV\PRGLILFDFLRQHVGHORV3URJUDPDV
3UR\HFWRV\DFWLYLGDGHVSODQHDGDVHQFRRUGLQDFLyQFRQODVIXHQWHVFRRSHUDQWHV\OD
HQWLGDGFRQFHUQLGD
I &RRUGLQDU FRQ ODV IXHQWHV FRRSHUDQWHV ODV HYDOXDFLRQHV GH ORV SURJUDPDV \
SUR\HFWRV TXH HMHFXWDQ ODV HQWLGDGHV GHO *RELHUQR &HQWUDO \ ORV RUJDQLVPRV
FRQVWLWXFLRQDOPHQWHDXWyQRPRV
J (PLWLU ODV FRQVWDQFLDV GH GHYROXFLyQ GHO ,PSXHVWR *HQHUDO D ODV 9HQWDV ,*9
,PSXHVWR D OD 3URPRFLyQ 0XQLFLSDO ,30 DVt FRPR H[SHGLU ODV FRQVWDQFLDV GH
$FRJLPLHQWR\RWUDVTXHVHOHDVLJQH
K (ODERUDUHOLQIRUPHGH(YDOXDFLyQ$QXDOGHOD&RRSHUDFLyQ7pFQLFD,QWHUQDFLRQDO
L 6ROLFLWDUDODVHQWLGDGHVHMHFXWRUDVLQIRUPDFLyQDFHUFDGHOHVWDGRGHHMHFXFLyQGH
ORV SUR\HFWRV GH FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO SDUD YHULILFDU VX DYDQFH
FRQIRUPLGDG\UHVXOWDGRV\
M 2WUDVIXQFLRQHVGHQWURGHVXFRPSHWHQFLDTXHOHHQFDUJXHHO'LUHFWRU(MHFXWLYR

$UWtFXOR ž /D 'LUHFFLyQ (MHFXWLYD DSUREDUi OD HVWUXFWXUD RUJiQLFD GH HVWD
*HUHQFLD


 7Ë78/2,,,
5e*,0(1(&21Ï0,&2<),1$1&,(52

$UWtFXORž &RQVWLWX\HQUHFXUVRVGHOD$3&,ORVVLJXLHQWHV

D $VLJQDFLRQHV GHO 7HVRUR 3~EOLFR FRQVLJQDGDV HQ HO 3UHVXSXHVWR *HQHUDO GH OD
5HS~EOLFD
E (O SURGXFWR GH OD DGPLQLVWUDFLyQ GH VXV UHFXUVRV GLUHFWDPHQWH UHFDXGDGRV SRU OD
YHQWDGHVHUYLFLRV\SXEOLFDFLRQHV FRQVXOWRUtDVGHUHFKRVGHUHJLVWUR\FHUWLILFDGRV
GLFWDGRGHFXUVRVDGPLQLVWUDFLyQGHSUR\HFWRVHQWUHRWURV
F /DVFRPLVLRQHVSRUODDGPLQLVWUDFLyQGHUHFXUVRVSDUDODHMHFXFLyQGHSUR\HFWRVGH
FRRSHUDFLyQLQWHUQDFLRQDOFRQIRUPHDORVFRQYHQLRVFRUUHVSRQGLHQWHV
G /RV OHJDGRV GRQDFLRQHV WUDQVIHUHQFLDV \ RWURV UHFXUVRV SURYHQLHQWHV GH
LQVWLWXFLRQHV S~EOLFDV \ SULYDGDV DVt FRPR GH OD FRRSHUDFLyQ WpFQLFD \ ILQDQFLHUD
LQWHUQDFLRQDODFHSWDGRVGHDFXHUGRD/H\\
H 2WURV DSRUWHV GH GLIHUHQWH FDUiFWHU TXH VH KDJDQ D VX IDYRU FRQIRUPH D OD
QRUPDWLYLGDGGHODPDWHULD

7Ë78/2,9
5e*,0(1/$%25$/

$UWtFXORž (OSHUVRQDOGHOD$3&,HVWiFRPSUHQGLGRGHQWURGHOUpJLPHQODERUDOGH
OD DFWLYLGDG SULYDGD 3RU H[FHSFLyQ SRGUi FRH[LVWLU HO UpJLPHQ ODERUDO GHO 'HFUHWR
/HJLVODWLYR1ž/H\GH%DVHVGHOD&DUUHUD$GPLQLVWUDWLYDSDUDDTXHOORVTXHRSWHQ
SRUPDQWHQHUVHHQGLFKRUpJLPHQFRQIRUPHDODVHJXQGDGLVSRVLFLyQWUDQVLWRULDGHOD
/H\1ž

(OSHUVRQDOGHO6HUYLFLR'LSORPiWLFRGHOD5HS~EOLFDGHVWDFDGRSDUDSUHVWDUVHUYLFLRVHQ
OD$3&,VHUHJLUiSRUOD/H\GHO6HUYLFLR'LSORPiWLFR\QRUPDVFRPSOHPHQWDULDV

',6326,&,21(6),1$/(6

3ULPHUD /DV 0LVLRQHV GHO 3HU~ HQ HO H[WHULRU DEULUiQ XQD 6HFFLyQ GH &RRSHUDFLyQ
,QWHUQDFLRQDO/RV-HIHVGH0LVLyQGHO3HU~HQHOH[WHULRULQIRUPDUiQDO9LFHPLQLVWUR\
6HFUHWDULR*HQHUDOGHO5HODFLRQHV([WHULRUHVUHVSHFWRDOIXQFLRQDULRUHVSRQVDEOHGHODV
ODERUHV GH FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO TXLHQ D VX YH] FRPXQLFDUi DO 'LUHFWRU
(MHFXWLYRGHOD$3&,

/D$3&,SURSRQGUiDO0LQLVWHULRGH5HODFLRQHV([WHULRUHVODVQRUPDV\SURFHGLPLHQWRV
UHODFLRQDGRVDODDFFLyQGHODV0LVLRQHVHQHOH[WHULRUHQORVSURFHVRVGHFRRSHUDFLyQ
WpFQLFDLQWHUQDFLRQDO

6HJXQGD (QFRQFRUGDQFLDFRQODVIXQFLRQHVDVXPLGDVSRUOD/H\1žOD$3&,
SURSRUFLRQDUi D OD 6XSHULQWHQGHQFLD 1DFLRQDO GH $GPLQLVWUDFLyQ 7ULEXWDULD OD UHODFLyQ
GH ODV LQVWLWXFLRQHV UHJLVWUDGDV TXH HIHFW~HQ GRQDFLRQHV \ SURSRUFLRQHQ FRRSHUDFLyQ
WpFQLFD LQWHUQDFLRQDO DVt FRPR FXDOTXLHU RWUR WLSR GH LQIRUPDFLyQ TXH UHVXOWH
QHFHVDULD


7HUFHUD /DV HQWLGDGHV GHO *RELHUQR &HQWUDO \ ORV RUJDQLVPRV FRQVWLWXFLRQDOPHQWH
DXWyQRPRV TXH HMHFXWDQ SURJUDPDV \SUR\HFWRVGHFRRSHUDFLyQ WpFQLFDLQWHUQDFLRQDO
EDMRVXiPELWR HVWiQ REOLJDGRVDLQIRUPDUUHVSHFWR DORVDYDQFHV\HO FXPSOLPLHQWR
GH PHWDV DVt FRPR VREUH FXDOTXLHU FLUFXQVWDQFLD TXH DOWHUH HO ORJUR GH ORV REMHWLYRV
SODQWHDGRV

&XDUWD /D $3&, SRGUi VXVFULELU FRQYHQLRV GH DGPLQLVWUDFLyQ GH UHFXUVRV FRQ ODV
HQWLGDGHVHMHFXWRUDVGHSURJUDPDV\SUR\HFWRVGHFRRSHUDFLyQWpFQLFDLQWHUQDFLRQDO

4XLQWD /D $3&, SDUD &RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO FRQ HO  0LQLVWHULR GH
'HIHQVD  \ HO 0LQLVWHULR GH ,QWHULRU VH UHJLUi FRQIRUPH  D ORV $UWtFXORV ž \ ž GH
'HFUHWR/HJLVODWLYR1žGHOD/H\GH&RRSHUDFLyQ7pFQLFDGH,QWHUQDFLRQDO

',6326,&,21(675$16,725,$6

3ULPHUD /D SULPHUD VHVLyQ GHO &RQVHMR 'LUHFWLYR VHUi FRQYRFDGD SRU HO 3UHVLGHQWH
GHO &RQVHMR GH 0LQLVWURV GHQWUR GH ORV FLQFR GtDV VLJXLHQWHV GH OD SXEOLFDFLyQ GHO
SUHVHQWH5HJODPHQWRGH2UJDQL]DFLyQ\)XQFLRQHVSDUDGHVLJQDUDO'LUHFWRU(MHFXWLYR
/D QR SDUWLFLSDFLyQ GH ORV UHSUHVHQWDQWHV GH ORV *RELHUQRV 5HJLRQDOHV \ /RFDOHV QR
LPSHGLUiGLFKDGHVLJQDFLyQ

/RV UHSUHVHQWDQWHV GH OD  &RPLVLyQ ,QWHUPLQLVWHULDO GH $VXQWRV 6RFLDOHV   TXH
SDUWLFLSDUiQ HQ  HVWD SULPHUD VHVLyQ  VHUiQ ORV 0LQLVWURV GH (GXFDFLyQ 6DOXG \
3URPRFLyQGHOD0XMHU\GHO'HVDUUROOR+XPDQR

6HJXQGD +DVWD WDQWR QR VH FRQIRUPHQ ORV *RELHUQRV 5HJLRQDOHV HO &RQVHMR
'LUHFWLYR\HO&RQVHMRGH&RRUGLQDFLyQ0XOWLVHFWRULDOIXQFLRQDUiQVLQHOUHSUHVHQWDQWH
GHGLFKRVyUJDQRVGHVFHQWUDOL]DGRVGH*RELHUQR

7HUFHUD /D2ILFLQDGH,QYHUVLRQHVGHO0LQLVWHULRGH(FRQRPtD\)LQDQ]DVDFDUJRGHO
6LVWHPD1DFLRQDOGH,QYHUVLyQ3~EOLFDSURSRUFLRQDUiHQXQSOD]RTXHQRH[FHGHUiGH
VHVHQWD HO OLVWDGR GH SUR\HFWRV UHPLWLGRV SRU RUJDQLVPRV GHO 6HFWRU 3~EOLFR TXH QR
FXHQWHQFRQILQDQFLDPLHQWRGHOWHVRURS~EOLFRSDUDOXHJRGHVXHYDOXDFLyQHQIXQFLyQ
GH OD 3ROtWLFD GH &RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO FRQVLJQDUORV HQ ORV SODQHV GH
FRRSHUDFLyQGHOD$3&,

&XDUWD &RQIRUPH D OD SULPHUD GLVSRVLFLyQ WUDQVLWRULD GH OD /H\ 1ž  OD
6HFUHWDUtD (MHFXWLYD GH &RRSHUDFLyQ 7pFQLFD  ,QWHUQDFLRQDO SURSRQH WUDQVIHUHQFLD GHO
SHUVRQDOQHFHVDULRSDUDHODGHFXDGRIXQFLRQDPLHQWRGHOD$3&,

4XLQWD (O 'LUHFWRU (MHFXWLYR GH OD $3&, R HO IXQFLRQDULR GHVLJQDGR SDUD WDO HIHFWR
FRRUGLQDUDHOSURFHVRGHUHFHSFLyQHOSHUVRQDOQHFHVDULRHODFHUYRGRFXPHQWDULRORV
UHFXUVRV ILQDQFLHURV ORV ELHQHV GH SURSLHGDG \ DTXHOORV  DVLJQDGRV HQ XVR TXH
WUDQVIHULUi OD 3UHVLGHQFLD GHO &RQVHMR GH 0LQLVWURV \ HO 0LQLVWHULR GH 5HODFLRQHV
([WHULRUHV (O LQLFLR GH ODV RSHUDFLRQHV GH OD $3&, VHUi IRUPDOL]DGR SRU 5HVROXFLyQ
6XSUHPDUHIUHQGDGDSRUORV0LQLVWURVTXHFRQIRUPDQHO&RQVHMR'LUHFWLYR

6H[WD (OGHUHFKRGHRSFLyQDODTXHVHUHILHUHODVHJXQGDGLVSRVLFLyQWUDQVLWRULDGHO
OD /H\ 1ž  UHJLUi D SDUWLU GH OD SXEOLFDFLyQ GHO SUHVHQWH 5HJODPHQWR GH
2UJDQL]DFLyQ\)XQFLRQHV


6pSWLPD (QODFRQIRUPDFLyQGHORVDFWXDOHV)RQGRVGH&RQWUDYDORUOD$3&,DVXPLUi
OD UHSUHVHQWDFLyQ GHO (VWDGR HQ VXVWLWXFLyQ GH ORV DFWXDOHV UHSUHVHQWDQWHV GH OD
6HFUHWDUtD (MHFXWLYD GH &RRSHUDFLyQ 7pFQLFD ,QWHUQDFLRQDO GH OD 3UHVLGHQFLD GHO
&RQVHMRGH0LQLVWURV\GHO0LQLVWHULRGH5HODFLRQHV([WHULRUHV

2FWDYD /DV RILFLQDV UHVSRQVDEOHV GH OD FRRSHUDFLyQ WpFQLFD LQWHUQDFLRQDO GH ODV
HQWLGDGHV GHO VHFWRU SXEOLFR GLVSRQGUiQ OR FRQYHQLHQWH SDUD OD DGHFXDFLyQ GH VXV
SURFHVRV LQWHUQRV D ORV OLQHDPLHQWRV GLVSXHVWRV SRU HO SUHVHQWH 5HJODPHQWR \ORTXH
GLVSRQJD OD $3&, 'HVLJQDGR HO 'LUHFWRU (MHFXWLYR SURFHGHUi D OD UHFHSFLyQ GH OD
LQIRUPDFLyQ LQGLFDGD HQ OD TXLQWD GLVSRVLFLyQ WUDQVLWRULD GH OD /H\ 1ž  /RV
WLWXODUHVGHFDGDHQWLGDGVHUiQUHVSRQVDEOHVGHOFXPSOLPLHQWRGHOD/H\

1RYHQD/D WUDQVIHUHQFLD GH ORV UHJLVWURV D TXH VH UHILHUH OD VH[WD GLVSRVLFLyQ
WUDQVLWRULD GH OD /H\ 1ž  VH HIHFWXDUi OXHJR GH OD GHVLJQDFLyQ GHO 'LUHFWRU
(MHFXWLYR

'pFLPD  /D *HUHQFLD GH 6HJXLPLHQWR \ (YDOXDFLyQ GHSHQGHUi LQLFLDOPHQWH GH OD
*HUHQFLD GH 3URJUDPDV GH &RRSHUDFLyQ ,QWHUQDFLRQDO KDVWD TXH HO SUHVXSXHVWR
DVLJQDGRDOD$3&,SHUPLWDOD FRQWUDWDFLyQGHOSHUVRQDOQHFHVDULRSDUDHOGHVDUUROORGH
ODVIXQFLRQHVHVWDEOHFLGDVSDUDHVWD*HUHQFLD