You are on page 1of 174

(6&8(/$7e&1,&$683(5,25'(,1*(1,(5Ë$'(7(/(&2081,&$&,Ï1

81,9(56,'$'32/,7e&1,&$'(&$57$*(1$

3UR\HFWR)LQGH&DUUHUD

35272&2/2'(&2081,&$&,21(6
3$5$52%276'(6(59,&,26%$6$'2
(162&.(76

$8725$GROIR-RVp0DUWtQH]/DPEHUWR

',5(&725 (6 -XDQÈQJHO3DVWRU)UDQFR

6HSWLHPEUH 
3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

$XWRU $GROIR-RVp0DUWtQH]/DPEHUWR
(PDLOGHO$XWRU PODPEHUWR#WHUUDHV
'LUHFWRU HV -XDQÈQJHO3DVWRU)UDQFR
(PDLOGHO'LUHFWRU MXDQDQJHOSDVWRU#XSFWHV
&RGLUHFWRU HV
7tWXORGHO3)& 3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV
'HVFULSWRUHV 6RFNHWV&OLHQWH6HUYLGRU&RPXQLFDFLRQHV

5HV~PHQ

'HVDUUROOR GH XQ VLVWHPD GH FRPXQLFDFLRQHV FOLHQWHVHUYLGRU TXH RSHUH FRQ HO URERW *R\D
TXHFRQVWDGHXQVLVWHPDURERWL]DGRVREUHHOFXDOVHPRQWDXQFDEH]DOGHOLPSLH]D\TXHHV
WHOHRSHUDGRSDUDSRGHUUHFRUUHUFDVLWRGDODVXSHUILFLHGHOEDUFR DSUR[LPDGDPHQWHXQ 
/DSODWDIRUPDGHWHOHRSHUDFLyQSURYHHDOXVXDULRILQDOGHWRGRVORVVHUYLFLRVQHFHVDULRVSDUD
UHDOL]DUOD RSHUDFLyQ GH OLPSLH]D GLFKD SODWDIRUPD VH FRPXQLFD YtD 7&3 FRQ OD XQLGDG GH
FRQWURO OD FXDO HV OD HQFDUJDGD GH FRQWURODU ORV PRYLPLHQWRV GH ORV GLYHUVRV DFFLRQDGRUHV
TXH FRQVWLWX\HQ HO FRQMXQWR URERWFDEH]DO GH OLPSLH]D DVt FRPR GH UHJLVWUDU HO PRGR GH
RSHUDFLyQ\HVWDGRVHQORVTXHVHSXHGHHQFRQWUDUHOPLVPR (O SURWRFROR GH FRPXQLFDFLyQ
D WUDYpV GH OD UHG HVWDUi EDVDGR HQ ORV VHUYLFLRV SURYLVWRV SRU 7&3,3 XWLOL]DQGR HO
PHFDQLVPRGHFRPXQLFDFLyQPHGLDQWHVRFNHWVFRPRYtDGHDFFHVRDGLFKRVVHUYLFLRV

7LWXODFLyQ ,QJHQLHUR7pFQLFRGH7HOHFRPXQLFDFLyQHVS7HOHPiWLFD
,QWHQVLILFDFLyQ
'HSDUWDPHQWRGH7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHV
'HSDUWDPHQWR

)HFKDGH3UHVHQWDFLyQ 6HSWLHPEUH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

Ë1',&(

 (O3UR\HFWR*R\D 
 (OURERW*R\D 
 2EMHWLYRV 
 (VWDGRGHODUWH 
 ,QWURGXFFLyQDORV6LVWHPDV'LVWULEXLGRV 
 /DFRPSXWDFLyQGLVWULEXLGD 
 6LVWHPDVGLVWULEXLGRV 
 (OPRGHORGHREMHWRGLVWULEXLGRGH-DYD 
 (QIRTXHVSDUDODFRQVWUXFFLyQGHDSOLFDFLRQHVGLVWULEXLGDVHQ-DYD 
 $SOLFDFLRQHV&OLHQWH6HUYLGRU 
 ,QWURGXFFLyQ 
 $QWHFHGHQWHV 
 /D$UTXLWHFWXUD&OLHQWH6HUYLGRU 
 &DUDFWHUtVWLFDV 
 &RPSRQHQWHV 
 5HODFLyQHQWUHFRPSRQHQWHV\UHFXUVRVGHODDUTXLWHFWXUD
&OLHQWH6HUYLGRU 
 0RGHORVGHOD$UTXLWHFWXUD&OLHQWH6HUYLGRU 
 6HUYLGRUHVRULHQWDGRVDFRQH[LyQIUHQWHDVHUYLGRUHVVLQFRQH[LyQ 
 9HQWDMDVHLQFRQYHQLHQWHVGHOD$UTXLWHFWXUD&OLHQWH6HUYLGRU 
 &RPXQLFDFLyQEDVDGDHQVRFNHWV 
 ,QWURGXFFLyQ 
 7LSRVGHVRFNHWV 
 6RFNHWV-DYD 
 6WUHDPV 
 &RQFXUUHQFLDHQXQDUHG 
 (OSUREOHPDGHOVHUYLGRUGHVRFNHWV 
 6HUYLGRULWHUDWLYR 
 6HUYLGRUFRQFXUUHQWH 
 $OJRULWPRGH6HUYLGRU&RQFXUUHQWH 
 6HUYLGRU&RQFXUUHQWHHQ-DYD 
 3DWURQHV 
 ,QWURGXFFLyQDORVSDWURQHV 
 'HILQLFLRQHV 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 3DWURQHVGHVRIWZDUH 
 &DUDFWHUtVWLFDVGHORVSDWURQHVVRIWZDUH 
 7LSRVGHSDWURQHVVRIWZDUH 
 3DWURQHVGHGLVHxR 
 &ODVLILFDFLyQGHORVSDWURQHVGHGLVHxR 
 3DWUyQ2EVHUYDGRU 
 (VWUXFWXUD 
 ,PSOHPHQWDFLyQ 
 &RQVHFXHQFLDVGHVXXVR 
 3DWURQHVUHODFLRQDGRV 
 ,PSOHPHQWDFLyQHQODDSOLFDFLyQ*R\D 
 3DWUyQ3UR[\ 
 ,PSOHPHQWDFLyQ 
 (VWUXFWXUD 
 &RPSRQHQWHV 
 'LDJUDPD 
 $SOLFDFLRQHV 
 &RQVHFXHQFLDVGHVXXVR 
 ,PSOHPHQWDFLyQHQODDSOLFDFLyQ*R\D 
 80/ 
 2UtJHQHV 
 8QSRFRGHKLVWRULD 
 ¢4XpHV80/" 
 0HWDVGH80/ 
 9LVWDVGHXQVLVWHPD 
 9LVWDGH&DVRVGH8VR 
 9LVWD/yJLFD 
 9LVWDGH&RPSRQHQWHV 
 9LVWDGH,PSODQWDFLyQ 
 9LVWDGH&RQFXUUHQFLD 
 0RGHODGRGHOVLVWHPDPHGLDQWH80/ 
 9LVWDGH&DVRVGH8VR 
 9LVWD/yJLFD 
 9LVWDGH,PSODQWDFLyQ 
 9LVWDGH&RQFXUUHQFLD 
 9LVWDGH&RPSRQHQWHV 
 $UTXLWHFWXUDGHODDSOLFDFLyQ 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 2UJDQL]DFLyQGHODDSOLFDFLyQ 
 'HVFULSFLyQGHODDSOLFDFLyQ 
 'HSHQGHQFLDVVLJQLILFDWLYDV 
 (WDSDVGHFUHDFLyQGHODDSOLFDFLyQ 
 $VSHFWRVFDUDFWHUtVWLFRVGHODLPSOHPHQWDFLyQ 
 'LVHxRGHODDUTXLWHFWXUDFOLHQWHVHUYLGRU 
 &UHDFLyQGHORVHQODFHVGHFRPXQLFDFLRQHV 
 &UHDFLyQGHODDUTXLWHFWXUDGHODDSOLFDFLyQ 
 6RSRUWHPXOWLFOLHQWH 
 (QYtR\UHFHSFLyQGHPHQVDMHV 
 6HUYLFLRGHUHJLVWURGHORVVHUYLGRUHV 
 5HJLVWURPHGLDQWHQRWLILFDFLyQGHHYHQWRV 
 5HJLVWURPHGLDQWHQRWLILFDFLyQSHULyGLFD 
 /LVWDGHFOLHQWHVUHJLVWUDGRV 
 &RPXQLFDFLyQDVtQFURQDYVVtQFURQD 
 &LHUUHGHODVFRPXQLFDFLRQHV 
 &LHUUHGHXQFOLHQWH 
 &LHUUHGHODDSOLFDFLyQ 
 0HWRGRORJtD 
 0DQXDOGHXVXDULRGHODDSOLFDFLyQ 
 (MHFXFLyQGHODDSOLFDFLyQ 
 ([WUHPRFOLHQWH 
 ([WUHPRVHUYLGRU 
 'RFXPHQWDFLyQGHOFyGLJR 
 &RQFOXVLRQHV 
 7UDEDMRVIXWXURV 
 6HUYLFLRVGHVHJXULGDG 
 0RGHORGHVHJXULGDG-DYD 
 &RQWUROGH$FFHVR 
 66/ 6HFXUH6RFNHW/D\HU FRQ6RFNHWV 
 $QiOLVLVGHODVSURSLHGDGHVGHVHJXULGDG66/ 
 /DVXLWHGHFLIUDGR 
 )DFWRUtDVGHVRFNHWV 
 ,PSOHPHQWDFLyQPHGLDQWHPLGGOHZDUH 50,&25%$  
 %LEOLRJUDItD 
 'RFXPHQWRV\ILFKHURVDGMXQWDGRVDOSUR\HFWR 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 (O3UR\HFWR*R\D

*2<$52%273$5$/$/,03,(=$'(&$6&26'(%848(6

6HFWRU&RQWUROUHPRWRPHGLDQWHVLVWHPDVFOLHQWHVHUYLGRU

3DODEUDVFODYH&RQWUROUHPRWR7HOHRSHUDFLyQ6LVWHPDVGLVWULEXLGRV$UTXLWHFWXUD
FOLHQWHVHUYLGRU

2EMHWLYR'HVDUUROODUXQSURWRFRORGHFRPXQLFDFLRQHVTXHSHUPLWDFRQWURODUUHPRQWDPHQWHXQ
URERWTXHLQFRUSRUHXQVLVWHPDGHOLPSLH]DGHFDVRVGHEXTXHVFRQHOTXHVHSXHGDWUDEDMDUFRQ
ODXQLGDGGHFRQWUROHQPRGRWHOHRSHUDGRGHIRUPDILDEOHDWUDYpVGHXQDUHG7&3,3 UHGORFDOH
LQFOXVR,QWHUQHW 

 (OURERW*R\D
(O PDQWHQLPLHQWR GH ORV EXTXHV UHTXLHUH OD HOLPLQDFLyQ SHULyGLFD GH ODV DGKHUHQFLDV
PDULQDV \ OD FDSD GH SLQWXUD TXH UHFXEUH HO FDVFR GHO EDUFR FRQ HO REMHWLYR GH SUHVHUYDU OD
LQWHJULGDG GHO PLVPR DVt FRPR PDQWHQHU XQ FDVFR FRQ XQ DFDEDGR VXSHUILFLDO OR
VXILFLHQWHPHQWHVXDYH'HHVWHPRGRVHFRQVLJXHPLQLPL]DUHOFRQVXPRGHFRPEXVWLEOHUHGXFLU
ORV FRVWHV RSHUDWLYRV DVRFLDGRV DO JDVWR GHO PLVPR \ GLVPLQXLU OD HPLVLyQ GH HOHPHQWRV
FRQWDPLQDQWHVDODDWPyVIHUD

/RV SHUtRGRV GH UHQRYDFLyQ GH ODV SLQWXUDV PRGHUQDV DGKHULGDV D ORV FDVFRV GH ORV
EXTXHVHVWiQFRPSUHQGLGRVHQWUHORVFXDWUR\FLQFRDxRVUHDOL]iQGRVHDOJXQDOLPSLH]DSDUFLDO
GHOFDVFRFDGDGRVDxRV(QHVWDV~OWLPDVRSHUDFLRQHVQRVHFRQWHPSODODHOLPLQDFLyQGHODFDSD
GHSLQWXUDWDQVyORODHOLPLQDFLyQGHODVDGKHUHQFLDVPDULQDV

8QDGHODVWHFQRORJtDVPiVDPSOLDPHQWHGLIXQGLGDVSDUDODHOLPLQDFL yQGHOD FDSD GH


SLQWXUD\DGKHUHQFLDVPDULQDVSUHVHQWHVHQHOFDVFRGHOEDUFRHVHOJULWEODVWLQJDFLHORDELHUWR
(VWD WHFQRORJtD FRQVLVWH HQ XWLOL]DU PDQXDOPHQWH PDQJXHUDV TXH SUR\HFWDQ HVFRULDV D DOWD
YHORFLGDG PHGLDQWH OD LQ\HFFLyQ GH DLUH D SUHVLyQ XQD YH] TXH VH KD UHDOL]DGR OD OLPSLH]D
SDUFLDO PHGLDQWH FKRUURV GH DJXD /DV SULQFLSDOHV GHVYHQWDMDV GH HVWD PHWRGRORJtD VRQ 
HPLVLyQ GH LPSRUWDQWHV FDQWLGDGHV GH SROYR \   SURGXFFLyQ GH HOHYDGDV FDQWLGDGHV GH
PDWHULDOHVGHGHVHFKR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(Q OD DFWXDOLGDG OD PHWRGRORJtD DQWHULRU HVWi VLHQGR SDUFLDOPHQWH VXVWLWXLGD SRU OD
XWLOL]DFLyQ GH VLVWHPDV GH FKRUUHDGR FRQ DJXD D SUHVLyQ R ZDWHUEODVWLQJ 0HGLDQWH HVWRV
VLVWHPDVVH FRQVLJXH GLVPLQXLU HO LPSDFWR PHGLRDPELHQWDO GHODQWHULRU PpWRGR \ D VX YH] VH
HYLWD OD OLPSLH]D SDUFLDO GHO FDVFR FRQ DJXD D SUHVLyQ TXH VH KDFH QHFHVDULD DQWHV GHO JULW
EODVWLQJ 6LQ HPEDUJR QR VH FRQVLJXHQ WDQ EXHQDV SUHVWDFLRQHV FRPR ODV REWHQLGDV FRQ OD
DQWHULRUWHFQRORJtD/RVSULQFLSDOHVSUREOHPDVVRQ  XQDFDEDGRVXSHUILFLDOLQVXILFLHQWH\ 
XQWLHPSRGHHMHFXFLyQHOHYDGR

7RGDVHVWDVFLUFXQVWDQFLDVHVWiQSURGXFLHQGRHQODSUiFWLFDTXHORVDUPDGRUHVSDUDOD
UHDOL]DFLyQGHRSHUDFLRQHVGHPDQWHQLPLHQWRHVWpQDFXGLHQGRFDGDYH]PiVDDVWLOOHURVHQORV
FXDOHV ORV FRVWHV GHO VHUYLFLR GH OLPSLH]D VRQ PiV UHGXFLGRV \ HQ ORV TXH VH SHUPLWH WRGDYtD
UHDOL]DUHOJULWEODVWLQJ SDtVHVGHO6XU\(VWHGH(XURSD&RUHD\&KLQD 

$GLFLRQDOPHQWHDHVWRVSUREOHPDVTXHHVWiQtQWLPDPHQWHUHODFLRQDGRVFRQODWHFQRORJtD
GH EODVWLQJ KD\ TXH DxDGLU HO KHFKR GH TXH HQ OD DFWXDOLGDG QR H[LVWHQ VLVWHPDV TXH RSHUHQ
tQWHJUDPHQWHHQPRGRDXWRPiWLFR(QODDFWXDOLGDGODPD\RUSDUWHGHORVDVWLOOHURVXWLOL]DQSDUD
OD OLPSLH]D GH ORV FDVFRV GH EDUFRV VLVWHPDV GH EODVWLQJ VHPLDXWRPDWL]DGRV TXH VRQ
PDQLSXODGRV PX\ UXGLPHQWDULDPHQWH 0HGLDQWH OD XWLOL]DFLyQ GH HVWRV VLVWHPDV VH REWLHQHQ
SURORQJDGRVWLHPSRVGHHMHFXFLyQSDUDOHSUHVWDFLyQGHORVVHUYLFLRVGHOLPSLH]DDVtFRPRXQ
HVIXHU]RLPSRUWDQWHHQKRUDVKRPEUH\SRUFRQVLJXLHQWHHQFRVWHVGHRSHUDFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

7RGRHOORFRQOOHYDXQDLPSRUWDQWHSpUGLGDGHWUDEDMRVGHUHSDUDFLyQHQORVDVWLOOHURVGHO
QRUWHGH(XURSD GRQGHHOFKRUUHDGRFRQDUHQDDFLHORDELHUWRKDVLGRSURKLELGR DVtFRPRHQ
HO6XUGH(XURSDGRQGHORVFRVWHVGHSURGXFFLyQVRQHOHYDGRV GHELGRVDORVFRVWHVGHODKRUD
KRPEUH  \ HQ ORV TXH HQ XQ IXWXUR PX\ SUy[LPR H[LVWH HO ULHVJR GH TXH OD OHJLVODFLyQ
PHGLRDPELHQWDOVHDSOLTXHFRQPD\RUULJRU\SRUWDQWRVHSRQJDHQSHOLJURODH[LVWHQFLDGHHVWD
LPSRUWDQWHDFWLYLGDGSURGXFWLYD

 2EMHWLYRV
(O REMHWLYR GHO SUHVHQWH SUR\HFWR HV HO GHVDUUROODU XQ VLVWHPD GH FRPXQLFDFLRQHV
FOLHQWHVHUYLGRU TXH RSHUH FRQ HO URERW *R\D (O VLVWHPD TXH VH HVWD GHVDUUROODQGR VH SXHGH
YLVXDOL]DUGHXQPRGRPX\VLPSOLILFDGRHQODILJXUD&RQVWDGHXQVLVWHPDURERWL]DGRVREUHHO
FXDO VH PRQWD XQ FDEH]DO GH OLPSLH]D \ TXH HV WHOHRSHUDGR SDUD SRGHU UHFRUUHU FDVL WRGD OD
VXSHUILFLH GHO EDUFR DSUR[LPDGDPHQWH XQ   /D SODWDIRUPD GH WHOHRSHUDFLyQ SURYHH DO
XVXDULR ILQDO GH WRGRV ORV VHUYLFLRV QHFHVDULRV SDUD UHDOL]DU OD RSHUDFLyQ GH OLPSLH]D GLFKD
SODWDIRUPDVHFRPXQLFDYtD7&3FRQODXQLGDGGHFRQWUROODFXDOHVODHQFDUJDGDGHFRQWURODU
ORV PRYLPLHQWRV GH ORV GLYHUVRV DFFLRQDGRUHV TXH FRQVWLWX\HQ HO FRQMXQWR URERWFDEH]DO GH
OLPSLH]DDVtFRPRGHUHJLVWUDUHOPRGRGHRSHUDFLyQ\HVWDGRVHQORVTXHVHSXHGHHQFRQWUDUHO
PLVPR(OSURWRFRORGHFRPXQLFDFLyQDWUDYpVGHODUHGHVWDUiEDVDGRHQORVVHUYLFLRVSURYLVWRV
SRU7&3,3XWLOL]DQGRHOPHFDQLVPRGHFRPXQLFDFLyQPHGLDQWHVRFNHWVFRPRYtDGHDFFHVRD
GLFKRVVHUYLFLRV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 (VWDGRGHODUWH

 ,QWURGXFFLyQDORV6LVWHPDV'LVWULEXLGRV
&RPR \D HV FRQRFLGR SRU WRGRV HO PXQGR GH OD LQIRUPiWLFD VH PXHYH KDFLD ODV
DSOLFDFLRQHVGLVWULEXLGDV\HVWRHVGHELGRSULQFLSDOPHQWHDODPLJUDFLyQTXHVHHVWiUHDOL]DQGR
GHVGH XQD DUTXLWHFWXUD HQ OD TXH GRPLQD XQD ~QLFD JUDQ FRPSXWDGRUD KDFtD RWUD DUTXLWHFWXUD
WRWDOPHQWHGLVWULEXLGDFDUDFWHUL]DGDSRUODVUHGHVGHHVWDFLRQHVGHWUDEDMR PXFKRPDVUHGXFLGDV
TXHODPDFURFRPSXWDGRUD 

(OGHVDUUROOR\DEDUDWDPLHQWRGHOKDUGZDUHODDPSOLDFLyQGHODVHPSUHVDV\ODGHPDQGD
GHDSOLFDFLRQHVFDGDYH]PiVFRPSOHMDV\DGDSWDGDVDODHVWUXFWXUDGHODHPSUHVDOOHYyDTXHVH
WXYLHUDQ TXH LGHDU QXHYDV IRUPDV GH RUJDQL]DU ORV 6LVWHPDV GH ,QIRUPDFLyQ 6,  GH ODV
HPSUHVDV $ PHGLGD TXH HO KDUGZDUH VH IXH GHVDUUROODQGR OD GHPDQGD GH DSOLFDFLRQHV GH
JHVWLyQ DXWRPDWL]DGD GH LQIRUPDFLyQ IXH FUHFLHQGR &XDQGR VH QHFHVLWDURQ VLVWHPDV GH
LQIRUPDFLyQTXH VHIXHUDQDMXVWDQGRD ODV QHFHVLGDGHV GH ODV HPSUHVDVOD ~QLFDVROXFLyQ TXH
SRGtDQDSRUWDUORVSULPHURVVLVWHPDV GHELGRHQ JUDQ SDUWH DO HOHYDGR FRVWH GHO KDUGZDUH HUD
XQDFRQILJXUDFLyQHQODTXHXQ~QLFRHTXLSRRPDLQIUDPHUHODWLYDPHQWHJUDQGH\DGDSWDGRDODV
QHFHVLGDGHVGHODHPSUHVDJHVWLRQDEDWRGRHOVLVWHPDGHLQIRUPDFLyQ

/D SULPHUD HWDSD GH OD XWLOL]DFLyQ FRPHUFLDOGHODVFRPSXWDGRUDV HVWXYR PDUFDGD SRU
ORVJLJDQWHVFRVPDFURFRPSXWDGRUHVTXHPLPHWL]DEDQHOPRGHORGHGHVDUUROORFHQWUDOL]DGRTXH
VHSUDFWLFDEDHQORVQHJRFLRV/RVVLVWHPDVGHFyPSXWRWHQGtDQDVHUKRPRJpQHRVGHSHQGLHQWHV
GHXQVRORSURYHHGRUHOFXDOWHQtDPXFKDLQIOXHQFLDVREUHODHPSUHVD7RGDVODVKHUUDPLHQWDV
GHGHVDUUROORHUDQSURSRUFLRQDGRVSRUHOPLVPRSURYHHGRU\DTXHORVPDFURFRPSXWDGRUHVGH
GLIHUHQWHVPDUFDVQRHUDQFRPSDWLEOHVHQWUHVL/D~QLFDYHQWDMDGHHVWDSODWDIRUPDKRPRJpQHD
HUDTXHIDFLOLWDEDODFRPXQLFDFLyQHQWUHXVXDULRV\KDFtDSRVLEOHFRPSDUWLUGLVSRVLWLYRV

/RVGLVWLQWRVSXQWRVHQORVTXHVHUHTXHUtDHODFFHVRDODLQIRUPDFLyQFHQWUDOL]DGDHUDQ
FRQHFWDGRV DO JUDQ PDLQIUDPH D WUDYpV GH OtQHDV GH FRPXQLFDFLyQ XWLOL]DQGR WHUPLQDOHV FX\D
~QLFD IXQFLRQDOLGDG HUD OD GH PRVWUDU FDUDFWHUHV HQ OD SDQWDOOD \ HQYLDU OD LQIRUPDFLyQ GHO
XVXDULRHQIRUPDGHSXOVDFLRQHVGHOWHFODGR(VWRV WHUPLQDOHV HUDQ PXFKR PiV EDUDWRV TXH HO
JUDQPDLQIUDPH\SRUWDQWRXQDHPSUHVDSRGtDGLVWULEXLUXQQ~PHURUHODWLYDPHQWHJUDQGHGH
pVWRVHQGLVWLQWRVSXQWRVHVWUDWpJLFRVDXQFRVWHQRPX\HOHYDGR

'RVFDXVDVOOHYDURQDTXHHVWDRUJDQL]DFLyQIXHUDHYROXFLRQDQGRSULPHURHOKDUGZDUH
VH KL]R FDGD YH] PiV EDUDWR SRU OR TXH HQ ORV SXQWRV GH DFFHVR GH LQIRUPDFLyQ VH SRGtDQ
FRORFDU D XQ PHQRU FRVWH RUGHQDGRUHV FRQ XQD FDGD YH] PiV JUDQGH FDSDFLGDG GH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

SURFHVDPLHQWRTXHTXHGDEDDPSOLDPHQWHGHVDSURYHFKDGDDOXWLOL]DUORVpVWRVFRPRWHUPLQDOHV
VLQHPEDUJRODVHJXQGD\ODFDXVDPiVLPSRUWDQWHHUDODIDOWDGHIOH[LELOLGDG\HVFDODELOLGDGGH
ODVROXFLyQEDVDGDHQPDLQIUDPH

(QSULPHUOXJDUWRGRHOFyGLJRGHOVLVWHPDMXQWRFRQVXVGDWRVUHVLGtDHQHORUGHQDGRU
SULQFLSDO GH OD HPSUHVD (VWR KDFtD TXH SDUD HPSUHVDV PHGLDQDPHQWH JUDQGHV HO VLVWHPD GH
LQIRUPDFLyQIXHUDXQODUJR\DODYH]HQPXFKRV FDVRV LQFRPSUHQVLEOH SURJUDPD DO TXHORV
SURJUDPDGRUHVVHWHQtDQTXHHQIUHQWDUDODKRUDGHUHDOL]DUDOJXQDPRGLILFDFLyQDFWXDOL]DFLyQ
HWF (Q VHJXQGROXJDU HO VLVWHPD TXHGDED PX\ SRFR HVFDODEOH \ HVWRHUD SRU YDULDV UD]RQHV
WRGRVORVWHUPLQDOHVVHFRQHFWDEDQDXQPLVPRRUGHQDGRUTXHGDQGRpVWHOLPLWDGRLQFOXVRSRUHO
Q~PHURGHLQWHUIDFHVItVLFRVSDUDFRQH[LyQGHWHUPLQDOHVGHTXHGLVSXVLHUDWRGRVORVWHUPLQDOHV
UHTXHUtDQGHOVHUYLFLRGHOPDLQIUDPHGHIRUPDPiVRPHQRVVLPXOWiQHDORTXHKDFtDTXHDOLU
DxDGLHQGRPiVWHUPLQDOHVHOVHUYLFLRGHODVSHWLFLRQHVGHFDGDXQDGHHOODVVHKDFtDPiVOHQWR

 /DFRPSXWDFLyQGLVWULEXLGD
&RQ HO SURJUHVR GH OD HOHFWUyQLFD WDQWR HO WDPDxR \ FR VWR GH ODV FRPSXWDGRUDV IXH
UHGXFLpQGRVH6HKL]RIDFWLEOHTXHHQDOJXQDVDSOLFDFLRQHVFRPRSRUHMHPSORODJHQHUDFLyQGH
JUiILFDVVHDVLJQDUDXQDFRPSXWDGRUDSDUDXVRH[FOXVLYRGHXQDVRODSHUVRQD/DYHORFLGDGGH
UHVSXHVWD\DQRGHSHQGtDGHOQ~PHURGHXVXDULRVFRQHFWDGRV\VHSRGtDGLVSRQHUGHSRGHURVDV
LQWHUIDFHV JUiILFDV JUDFLDV D OD SRWHQFLD GH FyPSXWR GH TXH GLVSRQtD HO XVXDULR HQ VX SURSLD
HVWDFLyQGHWUDEDMR/DWHQGHQFLDGHUHGXFFLyQGHOWDPDxRGHORVHTXLSRVFRQWLQXy0X\SURQWR
IXH HFRQyPLFDPHQWH SRVLEOH DVLJQDU XQD FRPSXWDGRUD D FDGD XVXDULR /D QHFHVLGDG GH
FRPSDUWLULQIRUPDFLyQ\GLVSRVLWLYRVSHULIpULFRVFDURVWDOFRPRVHKDFtDHQODpSRFDGHOPDFUR
FRPSXWDGRUPRWLYyODLQWHUFRQH[LyQGHODVFRPSXWDGRUDVPHGLDQWHUHGHVGHFRPXQLFDFLRQHV
/DVUHGHVQRVHXWLOL]DEDQSDUDFRPSDUWLUIXQFLRQDOLGDGVLQR~QLFDPHQWHGLVSRVLWLYRV

+D\ TXH GHVWDFDU TXH HO SRWHQFLDO GH XQD DUTXLWHFWXUD GLVWULEXLGD VyOR VXSHUDUi DO GH
XQD FHQWUDOL]DGD VL ODV DSOLFDFLRQHV FRRSHUDQ HQWUH VL SHUR HVWD FRRSHUDFLyQ WLHQH XQ JUDQ
LQFRQYHQLHQWH \ HV TXH DO HVWDU GLVWULEXLGR HV PX\ SUREDEOH TXH ODV SODWDIRUPDV VHDQ GH
GLIHUHQWHVIDEULFDQWHVSRUORTXHKDEUiTXHDxDGLUHOJUDQHVIXHU]RGHSURJUDPDFLyQQHFHVDULR
SDUDUHVROYHUHVWDVFXHVWLRQHVGHFRPXQLFDFLRQHV

$SDUHFLHURQ HQ FDPELR P~OWLSOHV SURYHHGRUHV GH HTXLSRV SDUD OD UHG \ VXUJLHURQ
HVWiQGDUHV SDUD ORV HTXLSRV UHGHV LQWHUIDFHV HWF  EXVFDQGR JDUDQWL]DU OD FRPSDWLELOLGDG
&XDOTXLHU SLH]D GH HTXLSR LQFOX\HQGR ODV FRPSXWDGRUDV SHUVRQDOHV R HVWDFLRQHV GH WUDEDMR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

SRGtD VHU UHPSOD]DGD SRU RWUD SLH]D VLPLODU GH RWUR IDEULFDQWH 3RU SULPHUD YH] IXH SRVLEOH
FRQVWUXLUVLVWHPDV KHWHURJpQHRV 6XUJH OD YLVLyQ GH FRPSDUWLU WDPELpQOD IXQFLRQDOLGDG GH ODV
DSOLFDFLRQHVFRORFDQGRODIXQFLRQDOLGDGFRP~QDYDULDVDSOLFDFLRQHV FOLHQWHV HQXQVLVWHPD
VHUYLGRU6HFUHDHQWRQFHVHOPRGHOR&OLHQWH6HUYLGRU &6 

 6LVWHPDVGLVWULEXLGRV
/RVVLVWHPDVGLVWULEXLGRVVRQHO~OWLPRSDVRHQODFRPSXWDFLyQ&OLHQWH6HUYLGRU(QYH]
GHGLIHUHQFLDUHQWUHODVGLVWLQWDVSDUWHVGHODDSOLFDFLyQORVVLVWHPDVGLVWULEXLGRVRIUHFHQWRGDOD
IXQFLRQDOLGDGHQIRUPDGHREMHWRVFRQXQVLJQLILFDGRPX\HQODOtQHDGHOWpUPLQR2EMHWRGHOD
SURJUDPDFLyQ2ULHQWDGDD2EMHWRV1RH[LVWHQORVUROHVH[SOtFLWRVGHFOLHQWH\VHUYLGRUVLQRTXH
WRGDODIXQFLRQDOLGDGHVWiDKtSDUDVHUXWLOL]DGD/RVSURFHVRVTXHFRPSRQHQODDSOLFDFLyQ\TXH
VHHVWiQHMHFXWDQGRHQODVGLVWLQWDVPiTXLQDVGHODUHGVRQFOLHQWHV\VHUYLGRUHV\FRRSHUDQSDUD
FRQVHJXLUODIXQFLRQDOLGDGWRWDOGHODDSOLFDFLyQ(VWRGDODPi[LPDIOH[LELOLGDG

(OPXQGRGH ORV VLVWHPDV GLVWULEXLGRVHV XQ PXQGR GH HQWLGDGHV SDUHV SHHUWRSHHU 
HVWRHVHOHPHQWRVGHSURFHVDPLHQWRRQRGRVFRQGLVWLQWDVGLVSRQLELOLGDGHVGHUHFXUVRVGLVWLQWD
FDSDFLGDGGHDOPDFHQDPLHQWRGLVWLQWRVUHTXHULPLHQWRVHWFTXHFRRSHUDQRIUHFLHQGRVHUYLFLRV
HQIRUPDGHREMHWRV\UHTXLULHQGRRWURVVHUYLFLRVGHRWURVREMHWRVLPSOHPHQWDGRVHQRWURVQRGRV
GHODUHG

(Q JHQHUDO XQ VLVWHPD GLVWULEXLGR HV XQ VLVWHPD &OLHQWH6HUYLGRU PXOWLQLYHO FRQ XQ
Q~PHUR SRWHQFLDOPHQWH JUDQGH GH HQWLGDGHV TXH SXHGHQ GHVHPSHxDU UROHV GH FOLHQWHV \
VHUYLGRUHVVHJ~QVXVQHFHVLGDGHV(OKHFKRGHRIUHFHUXQDVHULHGHVHUYLFLRVHQIRUPDGHREMHWRV
KDFH TXH HO GLVHxR \ GHVDUUROOR VH KDJD HQ EDVH D LQWHUIDFHV ELHQ GHILQLGRV TXH IDFLOLWDQ \
DSR\DQODPRGXODULGDG\UHXWLOL]DFLyQDODYH]TXHSHUPLWHQXQGLVHxRPXFKRPiVIOH[LEOH/RV
VLVWHPDV GLVWULEXLGRV RIUHFHQ SRU OR JHQHUDO XQ FRQMXQWR GH VHUYLFLRV DxDGLGRV FRPR HO
VHUYLFLRGHGLUHFWRULRTXHSHUPLWHORFDOL]DUVHUYLFLRVSRUQRPEUHJHVWLyQGHWUDQVDFFLRQHVHWF

 (OPRGHORGHREMHWRGLVWULEXLGRGH-DYD
(OPRGHORGHREMHWRGLVWULEXLGRTXHXVD-DYDSHUPLWHTXHORVREMHWRVTXHVHHMHFXWDQHQ
XQD-90LQYRTXHQDORVPpWRGRVGHREMHWRVTXHVHHMHFXWDQHQRWUDV-90

(VWDVRWUDV-90SXHGHQHMHFXWDUVHFRPRSURFHVRVHSDUDGRHQODPLVPDFRPSXWDGRUDR
HQ RWUDV FRPSXWDGRUDV UHPRWDV (O REMHWR TXH KDFH OD LQYRFDFLyQ GHO PpWRGR VH GHQRPLQD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

REMHWR FOLHQWH X REMHWR ORFDO PLHQWUDV TXH HO REMHWR FX\RV PpWRGRV VH HVWiQ LQYRFDQGR VH
GHQRPLQDREMHWRVHUYLGRUXREMHWRUHPRWR

(Q HO PRGHOR GH REMHWR GLVWULEXLGR GH -DYD XQ REMHWR FOLHQWH QXQFD KDFH UHIHUHQFLD
GLUHFWD D XQ REMHWR UHPRWR (Q OXJDU GH HOOR KDFH UHIHUHQFLD D XQD LQWHUID] UHPRWD TXH
LPSOHPHQWDHOREMHWRUHPRWR

(OXVRGHLQWHUIDFHVUHPRWDVSHUPLWH
x 4XHORVREMHWRVVHUYLGRUVHGLIHUHQFLHQHQWUHVXVLQWHUIDFHVORFDOHV\UHPRWDV
x 4XHORVREMHWRVVHUYLGRUSUHVHQWHQPRGRVGLIHUHQWHVGHDFFHVRUHPRWR
x 4XH OD SRVLFLyQ GHO REMHWR VHUYLGRU GHQWUR GH XQD FODVH MHUiUTXLFD VH DEVWUDLJD GH OD
PDQHUDHQTXHHVWDVHXWLOL]DORTXHQRVSHUPLWHFRPSLODUORVREMHWRVFOLHQWHSRUPHGLR
GH OD LQWHUID] UHPRWD VLQ QHFHVLGDG GH TXH ORV DUFKLYRV GH FODVHV GHO VHUYLGRU HVWpQ
SUHVHQWHVORFDOPHQWHGXUDQWHHOSURFHVRGHFRPSLODFLyQ

 (QIRTXHVSDUDDSOLFDFLRQHVGLVWULEXLGDVHQ-DYD
$ODKRUDGHFRQVWUXLUXQDDSOLFDFLyQGLVWULEXLGDSRGHPRVVHJXLUYDULRVHQIRTXHV

x 6RFNHWV 7&3 -DYD ORV DGPLWH \ FRQ HOORV SRGUi FRQVWUXLU DSOLFDFLRQHV WUDGLFLRQDOHV
FOLHQWHVHUYLGRU$XQTXHSDUDHOORGHEHUiGHILQLUVHXQSURWRFRORTXHOHSHUPLWDLQWHUSUHWDU
ORVPHQVDMHVTXHVHHQYtDQGXUDQWHODFRPXQLFDFLyQHQWUHHOFOLHQWH\HOVHUYLGRU
x (QWRUQR GH FRPSXWDFLyQ GLVWULEXLGR '&(  %DVDGR HQ OD 53& OODPDGDV GH
SURFHGLPLHQWRV UHPRWRV  FRQVWLWX\H XQ HQIRTXH RULHQWDGR D SURFHGLPLHQWRV SDUD HO
GHVDUUROOR GH DSOLFDFLRQHV GLVWULEXLGDV /DV 53& QR VH DFRSODQ ELHQ FRQ ODV DSOLFDFLRQHV
GLVWULEXLGDV RULHQWDGDV D REMHWRV (O HQIRTXH GH OD LQYRFDFLyQ UHPRWD GH PpWRGRV TXH
DGPLWH&RUEDVHDGDSWDPXFKRPHMRUDOPRGHORGHREMHWRVGH-DYD
x 0RGHOR GH REMHWR FRPSRQHQWH GLVWULEXLGR '&20  6H EDVD HQ OD 53& GH '&( SHUR
RIUHFHSRVLELOLGDGHVGHSURJUDPDFLyQRULHQWDGDVDREMHWRVDWUDYpVGHREMHWRVLQWHUIDFHV\
PpWRGRV GHO &20 $GHPiV HO '&20 SURSRUFLRQD VHUYLFLRV GH VHJXULGDG DPSOLRV (O
HQWRUQR GH GHVDUUROOR -DYD GH 0LFURVRIW 9LVXDO - RIUHFH OD SRVLELOLGDG GH DFFHGHU D
REMHWRV &RP \ 'FRP GHVGH -DYD 1R REVWDQWH HVWD SRVLELOLGDG FRQVWLWX\H PiV ELHQ XQ
SXHQWHDODVWHFQRORJtDVGHKHUHQFLDTXHXQDH[WHQVLyQGLVWULEXLGDGHOPRGHORGHREMHWRVGH
-DYD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x $UTXLWHFWXUD GH LQWHUPHGLDFLyQ GH VROLFLWXG GH REMHWRV FRPXQHV &25%$ 


3URSRUFLRQDXQHQIRTXHH[FHOHQWHDODFRQVWUXFFLyQGHDSOLFDFLRQHVGLVWULEXLGDVRULHQWDGDVD
REMHWRV \D TXH HVWi RULHQWDGD D REMHWRV \ HV XQD VROXFLyQ QR YLQFXODGD D QLQJ~Q VLVWHPD
RSHUDWLYR-DYDDGPLWH&25%$VLQHPEDUJR&RUEDHVWDGLVHxDGDSDUDDGPLWLUXQPRGHOR
GHREMHWRVLQGHSHQGLHQWHGHOOHQJXDMH/D50,GH-DYDSRVHHWRGDVODVYHQWDMDVGH&RUED
SHURHVWiHVSHFLDOPHQWHDGDSWDGDDOPRGHORGHREMHWRV-DYD(VWRKDFHTXHOD50,GH-DYD
VHDPXFKRPiVHILFD]\IiFLOGHXVDUTXH&RUEDHQORTXHUHVSHFWDDDSOLFDFLRQHVGH-DYD
SXUR

 $SOLFDFLRQHV&OLHQWH6HUYLGRU
 ,QWURGXFFLyQ
/DDUTXLWHFWXUD&OLHQWH6HUYLGRUHVODSODWDIRUPDDELHUWDSRUH[FHOHQFLDSRUODYDULHGDG
GHFRPELQDFLRQHVGHFOLHQWHV\VHUYLGRUHVTXHSHUPLWHFRQHFWDUHQUHG6LQHPEDUJRHOHJLUODV
SODWDIRUPDVODVKHUUDPLHQWDVORVSURYHHGRUHV\ODVEDVHVGHDGPLQLVWUDFLyQGHODDUTXLWHFWXUD
&OLHQWH6HUYLGRUDGHPiVGHODWHFQRORJtDGHFUHDFLyQHVXQDGHFLVLyQGLItFLOGHWRPDU
3RUWDOPRWLYRVHKDHODERUDGRHOSUHVHQWHDSDUWDGRFRQODILQDOLGDGGHRIUHFHUXQDJXtDSDUDHO
GHVDUUROORGHSUR\HFWRVEDVDGRVHQDUTXLWHFWXUD&OLHQWH6HUYLGRU

 $QWHFHGHQWHV
/DV HVWDFLRQHV GH WUDEDMR LQGLYLGXDOHV \ ORV SDTXHWHV GH VRIWZDUH GH DSOLFDFLRQHV
HPSH]DURQ D SUROLIHUDQ FRPHUFLDOPHQWH &RQ HVWDV FRPSXWDGRUDV TXH HVWDEDQ FRQHFWDGDV HQ
XQDUHG/$1ORVXVXDULRVSRGtDQFRPSDUWLUDSOLFDFLRQHV \ GDWRV 6LPXOWiQHDPHQWH JUDFLDV D
QXHYDV WHFQRORJtDV GH GLVWULEXFLyQ GH IXQFLRQHV \ GDWRV HQ UHG VH GHVDUUROODURQ DSOLFDFLRQHV
GLVWULEXLGDV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

$PHGLDGRVGHORV¶VVHGHFtDTXHHOGHVDUUROORGHDSOLFDFLRQHV&OLHQWH6HUYLGRUHUD
LQHYLWDEOHSRU YDULDV UD]RQHVHUD PiV HILFLHQWHTXHHO SURFHVDPLHQWR FHQWUDOL]DGR VREUHWRGR
FXDQGR DXPHQWDED PXFKR OD FDQWLGDG GH XVXDULRV \D H[LVWtDQ HQ HVH PRPHQWR VHUYLGRUHV
UD]RQDEOHPHQWHHILFLHQWHV\FRQILDEOHVGHORVFXDOHVODPD\RUtDKDEtDDGRSWDGRHOHVWiQGDUSDUD
XQD LQWHUID] &OLHQWH6HUYLGRU &RQ HVWR XQD FDQWLGDG LPSRUWDQWH GH HPSUHVDV HQ WRGR HO
PXQGRHPSH]DURQDXWLOL]DUDSOLFDFLRQHV&OLHQWH6HUYLGRU

+R\HQGtDHOPRGHOR&OLHQWH6HUYLGRUVHFRQVLGHUDFODYHSDUDDERUGDUODVQHFHVLGDGHV
GHODVHPSUHVDV(OSURFHVRGLVWULEXLGRVHUHFRQRFHDFWXDOPHQWHFRPRHOQXHYRSDUDGLJPDGH
VLVWHPDV GH LQIRUPDFLyQ HQ FRQWUDVWH FRQ ORV VLVWHPDV LQGHSHQGLHQWHV (VWH FDPELR
IXQGDPHQWDO KD VXUJLGR FRPR FRQVHFXHQFLD GH LPSRUWDQWHV IDFWRUHV QHJRFLR WHFQRORJtD
SURYHHGRUHV  \ VH DSR\D HQ OD H[LVWHQFLD GH XQD JUDQ YDULHGDG GH DSOLFDFLRQHV HVWiQGDU \
KHUUDPLHQWDVGHGHVDUUROORIiFLOHVGHXVDUTXHVRSRUWDQXQHQWRUQRLQIRUPiWLFRGLVWULEXLGR

 /D$UTXLWHFWXUD&OLHQWH6HUYLGRU
/D DUTXLWHFWXUD &OLHQWH6HUYLGRU HV XQ PRGHOR SDUD HO GHVDUUROOR GH VLVWHPDV GH
LQIRUPDFLyQHQHOTXHODVWUDQVDFFLRQHVVHGLYLGHQHQHOHPHQWRVLQGHSHQGLHQWHVTXHFRRSHUDQ
HQWUHVtSDUDLQWHUFDPELDULQIRUPDFLyQVHUYLFLRVRUHFXUVRV

(QHVWDDUTXLWHFWXUDODFRPSXWDGRUDGHFDGDXQRGHORVXVXDULRVOODPDGDFOLHQWHLQLFLD
XQ SURFHVR GH GLiORJR SURGXFH XQD GHPDQGD GH LQIRUPDFLyQ R VROLFLWD UHFXUVRV /D
FRPSXWDGRUDTXHUHVSRQGHDODGHPDQGDGHOFOLHQWHVHFRQRFHFRPRVHUYLGRU%DMRHVWHPRGHOR
FDGD XVXDULR WLHQH OD OLEHUWDG GH REWHQHU OD LQIRUPDFLyQ TXH UHTXLHUD HQ XQ PRPHQWR GDGR
SURYHQLHQWHGHXQDRYDULDVIXHQWHVORFDOHVRGLVWDQWHV\GHSURFHVDUODFRPRVHJ~QOHFRQYHQJD
/RVGLVWLQWRVVHUYLGRUHVWDPELpQSXHGHQLQWHUFDPELDULQIRUPDFLyQGHQWURGHHVWDDUTXLWHFWXUD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

/RVFOLHQWHV\ORVVHUYLGRUHVSXHGHQHVWDUFRQHFWDGRVDXQDUHGORFDORXQDUHGDPSOLD
FRPRODTXHVHSXHGHLPSOHPHQWDUHQXQDHPSUHVDRDXQDUHGPXQGLDOFRPRORHVOD,QWHUQHW
&OLHQWH6HUYLGRU HV HO PRGHOR GH LQWHUDFFLyQ PiV FRP~Q HQWUH DSOLFDFLRQHV HQ XQD UHG 1R
IRUPDSDUWHGHORVFRQFHSWRVGHOD,QWHUQHWFRPRORVSURWRFRORV,37&3R8'3VLQHPEDUJR
WRGRVORVVHUYLFLRVHVWiQGDUHVGHDOWRQLYHOSURSXHVWRVHQ,QWHUQHWIXQFLRQDQVHJ~QHVWHPRGHOR
6HSXHGHGHFLUTXHODDUTXLWHFWXUD&OLHQWH6HUYLGRUHVODLQWHJUDFLyQGLVWULEXLGDGHXQVLVWHPD
HQUHGFRQORVUHFXUVRVPHGLRV\DSOLFDFLRQHVTXHGHILQLGRVPRGXODUPHQWHHQORVVHUYLGRUHV
DGPLQLVWUDQHMHFXWDQ\DWLHQGHQODVVROLFLWXGHVGHORVFOLHQWHVWRGRVLQWHUUHODFLRQDGRVItVLFD\
OyJLFDPHQWH FRPSDUWLHQGR GDWRV SURFHVRV H LQIRUPDFLyQ HVWDEOHFLHQGR DVt XQ HQODFH GH
FRPXQLFDFLyQ WUDQVSDUHQWH HQWUH ORV HOHPHQWRV TXH FRQIRUPDQ OD HVWUXFWXUD 1R H[LVWH XQD
GHILQLFLyQHVSHFtILFDDGRSWDGDXQLYHUVDOPHQWHGHOD$UTXLWHFWXUD&OLHQWH6HUYLGRUODVHPSUHVDV
GH FyPSXWR HQIRFDQ HO FRQFHSWR EDViQGRVH HQ OD IXQFLRQDOLGDG TXH UHSUHVHQWD VHJ~Q ORV
VHUYLFLRVTXHHOODVPLVPDVRIUHFHQ

 &DUDFWHUtVWLFDV
(QWUH ODV SULQFLSDOHV FDUDFWHUtVWLFDV GH OD DUTXLWHFWXUD &OLHQWH6HUYLGRU GHVWDFD TXH HO
VHUYLGRUSUHVHQWDDWRGRVVXVFOLHQWHVXQDLQWHUID]~QLFD\ELHQGHILQLGD\TXHORVFDPELRVTXH
VH UHDOLFHQ HQ HO VHUYLGRU LPSOLFDQ SRFRV FDPELRV HQ ORV FOLHQWHV $GHPiV HO FOLHQWH QR
QHFHVLWDUiFRQRFHUODOyJLFDGHOVHUYLGRUVyORVXLQWHUID]H[WHUQD\DGHPiVQRGHSHQGHUiGHOD
XELFDFLyQItVLFDGHOVHUYLGRUQLGHOWLSRGHHTXLSRItVLFRHQHOTXHVHHQFXHQWUDQLGHVXVLVWHPD
RSHUDWLYR

7RGRVORVVLVWHPDVGHVDUUROODGRVHQDUTXLWHFWXUD&OLHQWH6HUYLGRUSRVHHQODVVLJXLHQWHV
FDUDFWHUtVWLFDVGLVWLQWLYDVGHRWUDVIRUPDVGHVRIWZDUHGLVWULEXLGR
x 6HUYLFLR(OVHUYLGRUHVXQSURYHHGRUGHVHUYLFLRVHOFOLHQWHHVXQFRQVXPLGRUGH
VHUYLFLRV
x 5HFXUVRV FRPSDUWLGRV 8Q VHUYLGRU SXHGH DWHQGHU D PXFKRV FOLHQWHV DO PLVPR
WLHPSR\UHJXODUVXDFFHVRDUHFXUVRVFRPSDUWLGRV
x 3URWRFRORV$VLPpWULFRV/DUHODFLyQHQWUHFOLHQWH\VHUYLGRUHVGHPXFKRVDXQRORV
FOLHQWHV VROLFLWDQ VHUYLFLRV PLHQWUDV ORV VHUYLGRUHV HVSHUDQ ODV VROLFLWXGHV
SDVLYDPHQWH
x 7UDQVSDUHQFLD GH XELFDFLyQ (O VRIWZDUH &OLHQWH6HUYLGRU VLHPSUH RFXOWD D ORV
FOLHQWHVODXELFDFLyQHOVHUYLGRU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x 0H]FODHLJXDOGDG(OVRIWZDUHHVLQGHSHQGLHQWHGHOKDUGZDUHRGHODVSODWDIRUPDV
GH VRIWZDUH GHO VLVWHPD RSHUDWLYR VH SXHGH WHQHU ODV PLVPDV R GLIHUHQWHV
SODWDIRUPDVGHFOLHQWH\VHUYLGRU
x ,QWHUFDPELR EDVDGRV HQ PHQVDMHV /RV VLVWHPDV LQWHUDFW~DQ D WUDYpV GH XQ
PHFDQLVPR GH WUDQVPLVLyQ GH PHQVDMHV OD HQWUHJD GH VROLFLWXGHV \ UHVSXHVWDV GHO
VHUYLFLR
x (QFDSVXODPLHQWR GH VHUYLFLRV /RV VHUYLGRUHV SXHGHQ VHU VXVWLWXLGRV VLQ DIHFWDU D
ORVFOLHQWHVVLHPSUH\FXDQGRODLQWHUID]SDUDUHFLELUSHWLFLRQHV\RIUHFHUVHUYLFLRV
QRFDPELH
x )DFLOLGDG GH HVFDODELOLGDG /RV VLVWHPDV &OLHQWH6HUYLGRU SXHGHQ HVFDODUVH
KRUL]RQWDO R YHUWLFDOPHQWH (V GHFLU VH SXHGHQ DGLFLRQDU R HOLPLQDU FOLHQWHV FRQ
DSHQDVXQOLJHURLPSDFWRHQDOGHVHPSHxRGHOVLVWHPD RELHQVHSXHGHFDPELDUD
XQVHUYLGRUPiVJUDQGHRDVHUYLGRUHVP~OWLSOHV
x ,QWHJULGDG (O FyGLJR \ ORV GDWRV GHO VHUYLGRU VH FRQVHUYDQ FHQWUDOPHQWH HVWR
LPSOLFD PHQRU FRVWR GH PDQWHQLPLHQWR \ SURWHFFLyQ GH OD LQWHJULGDG GH ORV GDWRV
FRPSDUWLGRV$GHPiVORVFOLHQWHVPDQWLHQHQVXLQGLYLGXDOLGDGHLQGHSHQGHQFLD

/D DUTXLWHFWXUD &OLHQWH6HUYLGRU HV XQD LQIUDHVWUXFWXUD YHUViWLO PRGXODU \ EDVDGD HQ


PHQVDMHV TXH SUHWHQGH PHMRUDU OD SRUWDELOLGDG OD LQWHURSHUDELOLGDG \ OD HVFDODELOLGDG GHO
FyPSXWR DGHPiV HV XQD  DSHUWXUD GHO UDPR TXH LQYLWD D SDUWLFLSDU D XQD YDULHGDG GH
SODWDIRUPDVKDUGZDUH\VRIWZDUHGHOVLVWHPD

 &RPSRQHQWHV
&RQFHSWXDOPHQWHORVFRPSRQHQWHVGHODDUTXLWHFWXUD&OLHQWH6HUYLGRUVRQHOFOLHQWHHO
VHUYLGRU\ODLQIUDHVWUXFWXUDGHFRPXQLFDFLRQHV PLGGOHZDUH FRPRDFRQWLQXDFLyQVHH[SOLFD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

&OLHQWH
(OFOLHQWHHVODHQWLGDGSRUPHGLRGHODFXDOXQXVXDULRVROLFLWDXQVHUYLFLRUHDOL]DXQD
SHWLFLyQ R GHPDQGD HO XVR GH UHFXUVRV (VWH HOHPHQWR VH HQFDUJD EiVLFDPHQWH GH OD
SUHVHQWDFLyQGHORVGDWRV\RLQIRUPDFLyQDOXVXDULRHQXQDPELHQWHJUiILFR6HFRPXQLFDFRQ
SURFHVRV DX[LOLDUHV TXH VH HQFDUJDQ GH HVWDEOHFHU FRQH[LyQ FRQ HO VHUYLGRU HQYLDU HO SHGLGR
UHFLELUODUHVSXHVWDPDQHMDUODVIDOODV\UHDOL]DUDFWLYLGDGHVGHVLQFURQL]DFLyQ\GHVHJXULGDG
DGHPiV UHTXLHUH HO XVR GH ORV  UHFXUVRV GH OD FRPSXWDGRUD SDUD FXDOTXLHU DFWLYLGDG \ SXHGH
LQWHUDFWXDUFRQXQRRYDULRVVHUYLGRUHV/RVFOLHQWHVVHVXHOHQVLWXDUHQ3&
VRHQHVWDFLRQHVGH
WUDEDMRVHHQFDUJDQGHUHDOL]DUHO)5217(1'TXHHVODSDUWHGHODDSOLFDFLyQTXHLQWHUDFW~D
FRQ HO XVXDULR HQ HOORV SHUPDQHFHQ ODV DSOLFDFLRQHV SDUWLFXODUHV GH FDGD XVXDULR \ UHDOL]DQ
IXQFLRQHVFRPR
x 0DQHMRGHODLQWHUID]GHOXVXDULR
x &DSWXUD\YDOLGDFLyQGHORVGDWRVGHHQWUDGD
x *HQHUDFLyQGHFRQVXOWDVHLQIRUPHVVREUHODVEDVHVGHGDWRV

6HUYLGRU
(O VHUYLGRU HV OD HQWLGDG ItVLFD TXH SURYHH XQ VHUYLFLR \ GHYXHOYH UHVXOWDGRV HMHFXWD HO
SURFHVDPLHQWRGHGDWRVDSOLFDFLRQHV\PDQHMRGHODLQIRUPDFLyQRUHFXUVRV(QHOVHUYLGRUVH
UHDOL]DHO%$&.(1'TXHHVODSDUWHGHVWLQDGDDUHFLELUODVVROLFLWXGHVGHOFOLHQWH\GyQGHVH
HMHFXWDQORVSURFHVRV/DSODWDIRUPDDVRFLDGDFRQORVVHUYLGRUHVHVPiVSRGHURVDTXHODGHORV
FOLHQWHVGHELGRDTXHHVWRVSULPHURVWLHQHQTXHUHDOL]DUXQJUDQQ~PHURGHRSHUDFLRQHVDVtVH
XWLOL]DUiQ3&¶VSRGHURVDVHVWDFLRQHV GHWUDEDMR VLVWHPDV JUDQGHV 3RU VX SDUWHORV VHUYLGRUHV
UHDOL]DQHQWUHRWUDVODVVLJXLHQWHVIXQFLRQHV
x *HVWLyQGHSHULIpULFRVFRPSDUWLGRV
x &RQWUROGHDFFHVRVFRQFXUUHQWHVDEDVHVGHGDWRVFRPSDUWLGDV
x (QODFHVGHFRPXQLFDFLRQHVFRQRWUDVUHGHVGHiUHDORFDORH[WHQVD
x 6LHPSUHTXHXQFOLHQWHUHTXLHUHXQVHUYLFLRORVROLFLWDDOVHUYLGRUFRUUHVSRQGLHQWH\
pVWHOHUHVSRQGHSURSRUFLRQiQGROR

0LGGOHZDUH
3DUDTXHORVFOLHQWHV\VHUYLGRUHVSXHGDQFRPXQLFDUVHVHUHTXLHUHGHXQDLQIUDHVWUXFWXUD
OyJLFD TXH SURSRUFLRQH ORV PHFDQLVPRV EiVLFRV GH GLUHFFLRQDPLHQWR \ WUDQVSRUWH $ GLFKD
LQIUDHVWUXFWXUDVHOHGHQRPLQD0LGGOHZDUHHOFXDOHVXQWpUPLQRTXHDEDUFDDWRGRHOVRIWZDUH
GLVWULEXLGRQHFHVDULRSDUDHOVRSRUWHGHLQWHUDFFLRQHVHQWUHFOLHQWHV\VHUYLGRUHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(OPLGGOHZDUHHVXQPyGXORLQWHUPHGLRTXHQRSHUWHQHFHDORVGRPLQLRVGHOVHUYLGRU
QLDODLQWHUID]GHXVXDULRQLDODOyJLFDGHODDSOLFDFLyQHQORVGRPLQLRVGHOFOLHQWHWDPSRFR
GHEHFRQIXQGLUVHFRQODUHGItVLFDHQVt FDEOHDGRVHxDOHVGHUDGLR« 6XVIXQFLRQHVVRQ

x ,QGHSHQGL]DU ODV GRV HQWLGDGHV (O FOLHQWH \ HO VHUYLGRU QR QHFHVLWDQ VDEHU
FRPXQLFDUVHHQWUHHOORVVLQRFyPRFRPXQLFDUVHFRQHOPyGXORGHPLGGOHZDUH
x 7UDGXFLU OD LQIRUPDFLyQ GH XQD DSOLFDFLyQ \ SDVDUOD D OD RWUD DFHSWD FRQVXOWDV \
GDWRVUHFXSHUiQGRORVGHODDSOLFDFLyQFOLHQWHORVWUDQVPLWH\HQYtDODUHVSXHVWDGH
UHJUHVR7DPELpQJHQHUDORVFyGLJRVGHHUURU
x &RQWURODU ODV FRPXQLFDFLRQHV GD D OD UHG ODV FDUDFWHUtVWLFDV DGHFXDGDV GH
GHVHPSHxRFRQILDELOLGDGWUDQVSDUHQFLD\DGPLQLVWUDFLyQ

([LVWHQGRVWLSRVGHPLGGOHZDUH

 (O0LGGOHZDUHJHQHUDOHVHOVXVWUDWRGHODPD\RUtDGHODVLQWHUDFFLRQHVGH&OLHQWH6HUYLGRU
,QFOX\H ODV SLODVGH FRPXQLFDFLyQ GLUHFWRULRV GLVWULEXLGRVVHUYLFLRV GH DXWHQWLFDFLyQ KRUDULR
GHODUHGOODPDGDVDSURFHGLPLHQWRVUHPRWRV 53&
V \VHUYLFLRVHQFROD

  (O 0LGGOHZDUH GH VHUYLFLRV HVSHFtILFRV HV QHFHVDULR SDUD FXPSOLU XQ WLSR SDUWLFXODU GH
VHUYLFLRGH&OLHQWH6HUYLGRUDVtH[LVWHXQPLGGOHZDUHHVSHFtILFRSDUDORVVHUYLGRUHVGHGLFDGRV
0LGGOHZDUHSDUDEDVHVGHGDWRVPLGGOHZDUHSDUDREMHWRV

(OPLGGOHZDUHHVXQDKHUUDPLHQWDDGHFXDGDTXHQRVyORHVIOH[LEOH\VHJXUDVLQRTXH
WDPELpQ SURWHJH OD LQYHUVLyQ HQ WHFQRORJtD \ SHUPLWH PDQHMDU GLIHUHQWHV DPELHQWHV GH
FRPSXWDFLyQ

 5HODFLyQHQWUHFRPSRQHQWHV\UHFXUVRV
&RQMXQWDQGRDPEDVHVWUXFWXUDV\DGLFLRQDGRORVUHFXUVRVTXHVHUiQFRPSDUWLGRV WRGRV
ORV FRPSRQHQWHV HVWiQ HVWUHFKDPHQWH YLQFXODGRV GH WDO IRUPD TXH ORV SURFHVRV GDWRV \
SUHVHQWDFLyQGHFXDOTXLHUWLSRGHDSOLFDFLyQVHHMHFXWDQFRPSDUWLHQGRORVUHFXUVRVGHOVLVWHPD
HQUHG

3UHVHQWDFLyQ'LVWULEXLGD
(Q HVWH PRGHOR VH GLVWULEX\H OD SUHVHQWDFLyQ HQWUH HO FOLHQWH \ HO VHUYLGRU SHUR pVWH
~OWLPR HMHFXWD WRGRV ORV SURFHVRV \ DOPDFHQD OD WRWDOLGDG GH ORV GDWRV (V VLPLODU D OD
DUTXLWHFWXUD WUDGLFLRQDO GH XQ KRVW \ WHUPLQDOHV HO FOLHQWH VH XWLOL]D VROR SDUD PHMRUDU OD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

SUHVHQWDFLyQGHVGHXQSXQWRGHYLVWDHVWULFWDPHQWHFRVPpWLFR7LHQHXQEDMRFRVWRGHGHVDUUROOR
SHURGLILFXOWDHOPDQWHQLPLHQWRGHOVLVWHPD\QRVHDSURYHFKDODUHG

3UHVHQWDFLyQ5HPRWD
$TXtODLQWHUID]GHOXVXDULRHVWiFRPSOHWDPHQWHHQHOFOLHQWHODSUHVHQWDFLyQVRSRUWDOD
FDSWXUD GH GDWRV LQFOX\HQGR XQD YDOLGDFLyQ SDUFLDO GH ORV PLVPRV \ XQD SUHVHQWDFLyQ GH ODV
FRQVXOWDV/DOyJLFDGHODDSOLFDFLyQ\ORVGDWRVHVWiHQHOVHUYLGRU&RQHVWHPRGHORHOFOLHQWH
DSURYHFKDELHQODSUHVHQWDFLyQ\ODUHGVLQHPEDUJRORVSURFHVRVGHODDSOLFDFLyQSXHGHQVHU
FRPSOHMRVGHGHVDUUROODU\VLH[LVWHXQDOWRWUiILFRHQODUHGSXHGHVHU GLItFLOOD RSHUDFLyQ GH
DSOLFDFLRQHVPX\SHVDGDV

3URFHVR'LVWULEXLGR
6HGDFXDQGRODSUHVHQWDFLyQHVWiHQHOFOLHQWHODEDVHGHGDWRVHVWiHQHOVHUYLGRU\OD
OyJLFD GH OD DSOLFDFLyQ HVWi GLVWULEXLGD HQWUH HO FOLHQWH \ HO VHUYLGRU (VWH PRGHOR SHUPLWH
GLVWULEXLUORVSURJUDPDVGHOVLVWHPDDOFRPSRQHQWHPiVDSURSLDGRDXQTXHHVGLItFLOGHGLVHxDU
\D TXH HO GLVHxDGRU GHEH GHILQLU ORV VHUYLFLRV \ ODV LQWHUIDFHV GH PDQHUD TXH ORV SDSHOHV GH
FOLHQWH\VHUYLGRUVHDQLQWHUFDPELDEOHV H[FHSWRHOFRQWUROGHORVGDWRVTXHHVUHVSRQVDELOLGDG
H[FOXVLYDGHOVHUYLGRU 

*HVWLyQGH'DWRV5HPRWD
3DUDHVWHPRGHORWDQWRODSUHVHQWDFLyQFRPRORVSURFHVRVGHODDSOLFDFLyQUHVLGHQHQHO
FOLHQWH PLHQWUDV TXH ODV EDVHV GH GDWRV SHUPDQHFHQ FHQWUDOL]DGDV HQ HO VHUYLGRU (V IiFLO GH
GHVDUUROODU \D TXH OD OyJLFD GH OD DSOLFDFLyQ QR HVWi GLVWULEXLGD \ DGHPiV OLEHUD OD FDUJD GHO
VHUYLGRUSHURFRPRGHVYHQWDMDODWRWDOLGDGGHORVGDWRVYLDMDQDWUDYpVGHODUHG\DTXHQRKD\
SURFHVDPLHQWRHQHOPLVPR

%DVHVGH'DWRV'LVWULEXLGDV
(VWH~OWLPRPRGHORODSUHVHQWDFLyQORVSURFHVRVGHODDSOLFDFLyQ\SDUWHGHORVGDWRV
GHOD%DVHGH'DWRVHVWiQHQHOFOLHQWHHOUHVWRGHORVGDWRVHVWiQHQHOVHUYLGRU(VWRSHUPLWH
TXHODXELFDFLyQGHORVGDWRVVHDWUDQVSDUHQWHSDUDODDSOLFDFLyQ\TXHVHSXHGDDFFHVDUDGDWRV
DOPDFHQDGRVHQDPELHQWHVKHWHURJpQHRVDXQTXHpVWHDFFHVRHVGHSHQGLHQWHGHOSURYHHGRUGHO
VRIWZDUHDGPLQLVWUDGRUGH%DVHGH'DWRVHOFXDOGLYLGHVXVFRPSRQHQWHVHQWUHHOFOLHQWH\HO
VHUYLGRU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 0RGHORVGHOD$UTXLWHFWXUD&OLHQWH6HUYLGRU
'DGR TXH OD SHUFHSFLyQ VREUH OD $UTXLWHFWXUD &OLHQWH6HUYLGRU HV DOJR DEVWUDFWR
DOJXQRV DXWRUHV OD GHILQHQ HQ EDVH D PRGHORV GH GRV \ WUHV QLYHOHV GH DFXHUGR DO Q~PHUR GH
HVWUDWRVUHVSHFWLYRVSDUDUHSUHVHQWDUDVXVFRPSRQHQWHV

x 0RGHORVGH'RV1LYHOHV 7ZR7KLHU 
6HFRQVLGHUDFRPRPRGHOR&OLHQWH6HUYLGRUGHGRVQLYHOHVRFDSDVDODHVWUXFWXUDPiV
VLPSOHFX\RVFRPSRQHQWHVVRQ

&OLHQWHV3RUPHGLRGHODLQWHUID]FRQHOXVXDULRYtDXQDSHWLFLyQVHVROLFLWDXQVHUYLFLRHOXVR
GHXQUHFXUVRRELHQHODFFHVRDXQFRQMXQWRGHGDWRV
6HUYLGRUHV 6DWLVIDFHQ OD VROLFLWXG GHO XVXDULR UHFLELHQGR OD SHWLFLyQ GLUHFFLRQiQGROD \
HQYLDQGROD UHVSXHVWD DO FOLHQWH \D VHDODFRQVXOWD UHVSHFWLYD GH GDWRV HMHFXWDQGR HO SURFHVR
UHTXHULGRRSHUPLWLHQGRHODFFHVR\RXVRGHOUHFXUVR(QHVWHPRGHORVHDFRVWXPEUDLQVWDODUODV
EDVHVGHGDWRVGHQWURGHOVHUYLGRUSRUODVYHQWDMDVGHDOPDFHQDPLHQWR\YHORFLGDGTXHRIUHFH
HQFRPSDUDFLyQFRQODVGHOFOLHQWH

x 0RGHORGH7UHV1LYHOHV 7KUHH7KLHU 
(OREMHWLYRGHHVWHPRGHORHVGLYLGLUODVIXQFLRQHVGHXQDDSOLFDFLyQHQWUHVFRPSRQHQWHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

3UHVHQWDFLyQ (VWH FRPSRQHQWH VH HQFDUJD GH OD LQWHUDFFLyQ KRPEUH PiTXLQD D WUDYpV GHO
PRQLWRUWHFODGRUDWyQRELHQPHGLDQWHDOJ~QRWURPHGLRFRPRUHFRQRFHGRUGHYR]
6HUYLGRUHV&RPSXHVWRSRUYDULRVVHUYLGRUHVRFRPSRQHQWHVGH6RIWZDUHORFDOL]DGRVHQXQDR
PiVSODWDIRUPDVTXHVHHQFDUJDUiGHFRQHFWDUORVVLVWHPDVH[LVWHQWHV
,QIRUPDFLyQ(QHVWHFRPSRQHQWHVHLQFOX\HODLQIRUPDFLyQHQVtORVVLVWHPDV\DSOLFDFLRQHV
H[LVWHQWHV

 6HUYLGRUHV RULHQWDGRV D FRQH[LyQ IUHQWH D VHUYLGRUHV VLQ


FRQH[LyQ
&XDQGR ORV SURJUDPDGRUHV GLVHxDQ VRIWZDUH FOLHQWHVHUYLGRU GHEHQ HVFRJHU HQWUH GRV
WLSRV GH LQWHUDFFLyQ XQ HVWLOR GH SRFD FRQH[LyQ \ XQ HVWLOR RULHQWDGR D OD FRQH[LyQ /RV GRV
HVWLORV GH LQWHUDFFLyQ FRUUHVSRQGHV D ORV SULQFLSDOHV SURWRFRORV GH WUDQVSRUWH TXH 7&3,3
VRSRUWD 6L HO FOLHQWH \ HO VHUYLGRU VH FRPXQLFDQ XVDQGR 8'3 OD LQWHUDFFLyQ HV GH SRFD
FRQH[LyQ6LVHXVD7&3ODLQWHUDFFLyQHVRULHQWDGDDFRQH[LyQ

'HVGH HO SXQWR GH YLVWD GHO SURJUDPDGRU OD GLVWLQFLyQ HQWUH LQWHUDFFLRQHV GH SRFD
FRQH[LyQ\RULHQWDGDVDFRQH[LyQHVFUtWLFDGHELGRDTXH
x 'HWHUPLQDHOQLYHOGHILDELOLGDGTXHSURSRUFLRQDHOVLVWHPD
x 7&3SURSRUFLRQDWRGDODILDELOLGDGQHFHVDULDSDUDFRPXQLFDUVHDWUDYpVGH,QWHUQHW
x 9HULILFD TXH GDWRV OOHJDQ \ DXWRPiWLFDPHQWH UHWUDQVPLWH ORV VHJPHQWRV TXH QR KDQ
OOHJDGR
x 5HDOL]D FRPSUREDFLyQ GH FKHFNVXP VREUH ORV GDWRV \ JDUDQWL]D TXH QR VH KDQ
FRUURPSLGRGXUDQWHODWUDQVPLVLyQ
x 8VD VHFXHQFLDV GH Q~PHURV SDUD DVHJXUDUVH GH TXH RV SDTXHWHV OOHJDQ HQ HO RUGHQ
FRUUHFWR\DXWRPiWLFDPHQWHHOLPLQDORVGXSOLFDGRV
x 3URSRUFLRQD XQ FRQWURO GH IOXMR TXH DVHJXUD TXH HO HPLVRU QR HQYtD GDWRV GHPDVLDGR
UiSLGRSDUDTXHHOUHFHSWRUSXHGDFRQVXPLUORV
x ,QIRUPDDOFOLHQWH\DOVHUYLGRUVLODUHGVHYXHOYHLQRSHUDWLYDSRUFXDOTXLHUPRWLYR

(Q FRQWUDVWH ORV FOLHQWHV \ VHUYLGRUHV TXH XVDQ 8'3 VH FDUDFWHUL]DQ SRU QR WHQHU
JDUDQWtDV VREUH OD ILDELOLGDG GH OD HQWUHJD &XDQGR XQ FOLHQWH HQYtD XQD SHWLFLyQ OD SHWLFLyQ
SXHGH SHUGHUVH GXSOLFDUVH UHWUDVDUVH R HQWUHJDUVH IXHUD GH RUGHQ 'H IRUPD VLPLODU ODV
UHVSXHVWDVTXHUHWRUQDHOVHUYLGRUSXHGHQSHUGHUVHGXSOLFDUVHUHWUDVDUVHRHQWUHJDUVHIXHUDGH
RUGHQ/DVDSOLFDFLRQHVFOLHQWHVRVHUYLGRUDVGHEHQWRPDUODVPHGLGDVDSURSLDGDVSDUDGHWHFWDU
\FRUUHJLUHVWRVSUREOHPDV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

8'3QRLQWURGXFHHUURUHV6LPSOHPHQWHGHSHQGHGHODUHG,3VXE\DFHQWHSDUDHQW UHJDU
ORV SDTXHWHV ,3 HQ FDPELR GHSHQGH GHO KDUGZDUH \ GH ORV JDWHZD\V LQWHUPHGLRV 'HVGH HO
SXQWR GH YLVWD GHO SURJUDPDGRU OD FRQVHFXHQFLD GH XVDU 8'3 HV TXH WUDEDMD ELHQ VL OD UHG
VXE\DFHQWHWUDEDMDELHQ

 9HQWDMDVHLQFRQYHQLHQWHVGHOD$UTXLWHFWXUD&OLHQWH6HUYLGRU
/DVFRQGLFLRQHVTXHSXHGHQDFRQVHMDUODLPSODQWDFLyQGHOPRGHOR&OLHQWH6HUYLGRUHQ
XQDRUJDQL]DFLyQVRQORVFDPELRVHVWUXFWXUDOHV\RUJDQL]DWLYRVFDPELRVHQORVRUJDQLJUDPDVOD
UHVSXHVWDDODGLQiPLFDGHOPHUFDGRRORVFDPELRVHQORVSURFHVRVGHOQHJRFLR/DFDSDFLGDGGH
DSUR[LPDFLyQ GH ORV SURGXFWRV \ VHUYLFLRV D OD PHGLGD GH ODV QHFHVLGDGHV GHO FOLHQWH H[LJH
GLVHxDUORVSURGXFLUORV\VXPLQLVWUDUORVFRQUDSLGH]\PtQLPRVFRVWRV

9HQWDMDV
/DVUD]RQHVTXHLPSXOVDQHOFUHFLPLHQWR GHODVDSOLFDFLRQHV&OLHQWH6HUYLGRUVRQ
D $XPHQWRGHODSURGXFWLYLGDG
x /RVXVXDULRVSXHGHQXWLOL]DUKHUUDPLHQWDVTXHOHVRQIDPLOLDUHVFRPRKRMDVGHFiOFXOR
\KHUUDPLHQWDVGHDFFHVRDEDVHVGHGDWRV
x 0HGLDQWH OD LQWHJUDFLyQ GH ODV DSOLFDFLRQHV &OLHQWH6HUYLGRU FRQ ODV DSOLFDFLRQHV
SHUVRQDOHV GH XVR KDELWXDO ORV XVXDULRV SXHGHQ FRQVWUXLU VROXFLRQHV SDUWLFXODUL]DGDV
TXHVHDMXVWHQDVXVQHFHVLGDGHVFDPELDQWHV
x 8QD LQWHUID] JUiILFD GH XVXDULR FRQVLVWHQWH UHGXFH HO WLHPSR GH DSUHQGL]DMH GH ODV
DSOLFDFLRQHV

E 0HQRUHVFRVWRVGHRSHUDFLyQ
/DH[LVWHQFLDGHSODWDIRUPDVGHKDUGZDUHFDGDYH]PiVEDUDWDVeVWDFRQVWLWX\HDVXYH]
XQD GH ODV PiV SDOSDEOHV YHQWDMDV GH HVWH HVTXHPD OD SRVLELOLGDG GH XWLOL]DU PiTXLQDV
FRQVLGHUDEOHPHQWH PiV EDUDWDV TXH ODV UHTXHULGDV SRU XQD VROXFLyQ FHQWUDOL]DGD EDVDGD HQ
VLVWHPDVJUDQGHV
x 3HUPLWHQ XQ PHMRU DSURYHFKDPLHQWR GH ORV VLVWHPDV H[LVWHQWHV SURWHJLHQGR OD
LQYHUVLyQ
x 6H SXHGHQ XWLOL]DU FRPSRQHQWHV WDQWR GH KDUGZDUH FRPR GH VRIWZDUH GH YDULRV
IDEULFDQWHVORFXDOFRQWULEX\HFRQVLGHUDEOHPHQWHDODUHGXFFLyQGHFRVWRV\IDYRUHFHOD
IOH[LELOLGDGHQODLPSODQWDFLyQ\DFWXDOL]DFLyQGHVROXFLRQHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x 3URSRUFLRQDQ XQ PHMRU DFFHVR D ORV GDWRV /D LQWHUID] GH XVXDULR RIUHFH XQD IRUPD
KRPRJpQHDGHYHUHOVLVWHPDLQGHSHQGLHQWHPHQWHGHORVFDPELRVRDFWXDOL]DFLRQHVTXH
VHSURGX]FDQHQpO\GHODXELFDFLyQGHODLQIRUPDFLyQ
x (OPRYLPLHQWRGHIXQFLRQHVGHVGHXQDFRPSXWDGRUDFHQWUDOKDFLDVHUYLGRUHVRFOLHQWHV
ORFDOHV RULJLQD HO GHVSOD]DPLHQWR GH ORV FRVWRV GH HVH SURFHVR KDFLD PiTXLQDV PiV
SHTXHxDV\SRUWDQWRPiVEDUDWDV

F 0HMRUDHQHOUHQGLPLHQWRGHODUHG
x /DVDUTXLWHFWXUDV&OLHQWH6HUYLGRUHOLPLQDQODQHFHVLGDGGHPRYHUJUDQGHVEORTXHVGH
LQIRUPDFLyQSRUODUHGKDFLDODVFRPSXWDGRUDVSHUVRQDOHVRHVWDFLRQHVGHWUDEDMRSDUD
VXSURFHVR7RGRHVWRUHGXFHHOWUiILFRGHODUHGORTXHIDFLOLWDTXHSXHGDVRSRUWDUXQ
PD\RUQ~PHURGHXVXDULRV
x 6L VH XWLOL]DQ LQWHUIDFHV JUiILFDV SDUD LQWHUDFWXDU FRQ HO XVXDULR HO HVTXHPD
FOLHQWH6HUYLGRU SUHVHQWD OD YHQWDMD FRQ UHVSHFWR D XQR FHQWUDOL]DGR GH TXH QR HV
VLHPSUHQHFHVDULRWUDQVPLWLULQIRUPDFLyQJUiILFDSRUODUHGSXHVpVWDSXHGHUHVLGLUHQHO
FOLHQWHORFXDOSHUPLWHDSURYHFKDUPHMRUHODQFKRGHEDQGDGHODUHG
x 6HSXHGHQLQWHJUDU3&¶VFRQVLVWHPDVPHGLDQRV\JUDQGHVVLQTXHWRGDVODVPiTXLQDV
WHQJDQTXHXWLOL]DUHOPLVPRVLVWHPDRSHUDWLYR
x 7DQWRHOFOLHQWHFRPRHOVHUYLGRUSXHGHQHVFDODUSDUDDMXVWDUVHDODVQHFHVLGDGHVGHODV
DSOLFDFLRQHV/DV&38¶VXWLOL]DGRVHQORVUHVSHFWLYRVHTXLSRVSXHGHQGLPHQVLRQDUVHD
SDUWLUGHODVDSOLFDFLRQHV\HOWLHPSRGHUHVSXHVWDTXHVHUHTXLHUD
x /DH[LVWHQFLDGHYDULDV&38¶VSURSRUFLRQDXQDUHGPiVILDEOHXQDIDOODHQXQRGHORV
HTXLSRVQRVLJQLILFDQHFHVDULDPHQWHTXHHOVLVWHPDGHMHGHIXQFLRQDU
x (QXQDDUTXLWHFWXUDFRPRpVWDORVFOLHQWHV\ORVVHUYLGRUHVVRQLQGHSHQGLHQWHVORVXQRV
GHORVRWURVFRQORTXHSXHGHQUHQRYDUVHSDUDDXPHQWDUVXVIXQFLRQHV\FDSDFLGDGGH
IRUPDLQGHSHQGLHQWHVLQDIHFWDUDOUHVWRGHOVLVWHPD
x /D DUTXLWHFWXUD PRGXODU GH ORV VLVWHPDV &OLHQWH6HUYLGRU SHUPLWH HO XVR GH
FRPSXWDGRUDV HVSHFLDOL]DGDV VHUYLGRUHV GH EDVHV GH GDWRV VHUYLGRUHV GH DUFKLYRV
HVWDFLRQHVGHWUDEDMRHWF 
x 3HUPLWH FHQWUDOL]DU HO FRQWURO GH VLVWHPDV TXH HVWDEDQ GHVFHQWUDOL]DGRV FRPR SRU
HMHPSOR OD JHVWLyQ GH ODV FRPSXWDGRUDV SHUVRQDOHV TXH DQWHV HVWXYLHURQ DLVODGDV (V
PiVUiSLGRHOPDQWHQLPLHQWR\HOGHVDUUROORGHDSOLFDFLRQHVSXHVVHSXHGHQHPSOHDUODV
KHUUDPLHQWDVH[LVWHQWHV
x (O HVTXHPD &OLHQWH6HUYLGRU FRQWULEX\H DGHPiV D SURSRUFLRQDU D ODV GLIHUHQWHV
GLUHFFLRQHV GH XQD LQVWLWXFLyQ VROXFLRQHV ORFDOHV SHUR SHUPLWLHQGR DGHPiV OD
LQWHJUDFLyQGHODLQIRUPDFLyQUHOHYDQWHDQLYHOJOREDO


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

'HVYHQWDMDV
D +D\XQDDOWDFRPSOHMLGDGWHFQROyJLFDDOWHQHUTXHLQWHJUDUXQDJUDQYDULHGDGGHSURGXFWRV
3RUXQDSDUWHHOPDQWHQLPLHQWRGHORVVLVWHPDVHVPiVGLItFLOSXHVLPSOLFDODLQWHUDFFLyQ
GHGLIHUHQWHKDUGZDUH\VRIWZDUHGLVWULEXLGRVSRUGLVWLQWRVSURYHHGRUHVORFXDOGLILFXOWDHO
GLDJQyVWLFRGHIDOODV

E 5HTXLHUH XQ IXHUWH UHGLVHxR GH WRGRV ORV HOHPHQWRV LQYROXFUDGRV HQ ORV VLVWHPDV GH
LQIRUPDFLyQ PRGHORV GH GDWRV SURFHVRV LQWHUIDFHV FRPXQLFDFLRQHV DOPDFHQDPLHQWR GH
GDWRVHWF $GHPiVHQODDFWXDOLGDGH[LVWHQSRFDVKHUUDPLHQWDVTXHD\XGHQDGHWHUPLQDUOD
PHMRUIRUPD GH GLYLGLU ODV DSOLFDFLRQHV HQWUH OD SDUWH FOLHQWH \ OD SDUWH VHUYLGRU 3RU RWUD
SDUWHHVLPSRUWDQWHTXHORVFOLHQWHV\ORVVHUYLGRUHVXWLOLFHQHOPLVPRPHFDQLVPRORFXDO
LPSOLFDTXHGHEHQWHQHUVHPHFDQLVPRVJHQHUDOHVTXHH[LVWDQHQGLIHUHQWHVSODWDIRUPDV

F (VFDVDVKHUUDPLHQWDVSDUDODDGPLQLVWUDFLyQ\DMXVWHGHOGHVHPSHxRGHORVVLVWHPDV

G (VPiVGLItFLODVHJXUDUXQHOHYDGRJUDGRGHVHJXULGDGHQXQDUHGGHFOLHQWHV\VHUYLGRUHV
TXHHQXQVLVWHPDFRQXQDVRODFRPSXWDGRUDFHQWUDOL]DGD'HEHQKDFHUVHYHULILFDFLRQHVHQ
HOFOLHQWH\HQHOVHUYLGRU

H $YHFHVORVSUREOHPDVGHFRQJHVWLyQGHODUHGSXHGHQGHJUDGDUHOUHQGLPLHQWRGHOVLVWHPD
SRU GHEDMR GH OR TXH VH REWHQGUtD FRQ XQD ~QLFD PiTXLQD DUTXLWHFWXUD FHQWUDOL]DGD 
7DPELpQ OD LQWHUID] JUiILFD GH XVXDULR SXHGH D YHFHV UDOHQWL]DU HO IXQFLRQDPLHQWR GH OD
DSOLFDFLyQ

I (O TXLQWR QLYHO GH HVWD DUTXLWHFWXUD EDVHV GH GDWRV GLVWULEXLGDV  HV WpFQLFDPHQWH PX\
FRPSOHMR \ HQ OD DFWXDOLGDG KD\ PX\ SRFDV LPSODQWDFLRQHV TXH JDUDQWLFHQ XQ
IXQFLRQDPLHQWRWRWDOPHQWHHILFLHQWH

J ([LVWHQ PXOWLWXG GH FRVWRV RFXOWRV IRUPDFLyQ HQ QXHYDV WHFQRORJtDV OLFHQFLDV FDPELRV
RUJDQL]DWLYRVHWF TXHHQFDUHFHQVXLPSODQWDFLyQ

(OFDPELRKDFLD&OLHQWH6HUYLGRUQRLPSOLFDVRODPHQWHFDPELRVWpFQLFRV\GHSURGXFWRV
VLQR WDPELpQ XQ FDPELR FXOWXUDO \ RUJDQL]DFLRQDO 3XHV SDUD TXH XQ VLVWHPD VH UHDOLFH FRQ
p[LWRGHEHDQWHFHGHUHOVRSRUWHJHUHQFLDO\ODDSUREDFLyQSRUSDUWHGHODGLUHFFLyQSRUORWDQWR
WDPELpQGHEHFXOWXUL]DUVHDORVXVXDULRVSDUDTXHXQDYH]LPSODQWDGRFRQFLEDQDOFDPELRFRPR
XQEHQHILFLRFROHFWLYR /D GHFLVLyQ GHSHQGHUi GH ODV QHFHVLGDGHVUHTXHULPLHQWRV \ FDSDFLGDG
HFRQyPLFDGHODHPSUHVD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 &RPXQLFDFLyQEDVDGDHQVRFNHWV
 ,QWURGXFFLyQ
/RV 6RFNHWV VRQ XQD LQQRYDFLyQ GHO VLVWHPD 81,; GH %HUNHOH\ \ SHUPLWHQ DO
SURJUDPDGRUWUDEDMDUFRQXQFDQDOGHFRPXQLFDFLyQGHUHGFRPRVLIXHUDXQFDXGDOGHE\WHVTXH
SXHGHOHHUVH\DOTXHSXHGHHVFULELUVHRFXOWDQGRORVGHWDOOHVGHEDMRQLYHODOSURJUDPDGRU
/DFRPXQLFDFLyQFRQVRFNHWVVLJXHHOPRGHOR&OLHQWH6HUYLGRU\HQODPD\RUtDGHORVFDVRVXQ
SURJUDPDVHUYLGRUIXQGDPHQWDOPHQWHHQYtDGDWRVPLHQWUDVTXHXQSURJUDPDFOLHQWHUHFLEHHVRV
GDWRV DXQTXH HV UDUR TXH XQ SURJUDPD H[FOXVLYDPHQWH UHFLED R HQYtH GDWRV 8QD GLVWLQFLyQ
FRQILDEOHVHORJUDVLFRQVLGHUDPRVFOLHQWHDOSURJUDPDTXHLQLFLDODFRPXQLFDFLyQ\VHUYLGRUDO
SURJUDPDTXHHVSHUDDTXHDOJ~QRWURLQLFLHFRPXQLFDFLyQFRQpO

/DFRPXQLFDFLyQFRQVRFNHWVVHKDFHPHGLDQWHXQSURWRFRORGHODIDPLOLD7&3,3HQOD
PD\RUtDGHORVFDVRV\HVHOSURJUDPDGRUTXLHQGHFLGHTXpSURWRFRORXWLOL]DUGHSHQGLHQGRGH
ODVQHFHVLGDGHVGHODDSOLFDFLyQTXHGHVDUUROOD

(QJHQHUDOORVGRVSURWRFRORVGHODIDPLOLD7&3,3PiVXWLOL]DGRVVRQ7&3\8'3HO
SULPHURHVRULHQWDGRDFRQH[LyQ\FRQILDEOHPLHQWUDVTXHHOVHJXQGRQRORHVSHURRIUHFHRWUDV
YHQWDMDVFRPRUDSLGH]\IDFLOLGDGGHUHFLELUGDWRVGHYDULRVDQILWULRQHVXVDQGRXQVRORVRFNHW

6L DKRUD SHQVDPRV HQ WHUPLQRORJtD GH -DYD WRGD FRPXQLFDFLyQ HQWUH GRV SURFHVRV
HQWLpQGDVH DSOLFDFLRQHV GHEHUi DEULU XQ FDQDO GH FRPXQLFDFLRQHV VRFNHW  UHDOL]DU ODV
RSHUDFLRQHVGHOHFWXUD\HVFULWXUDHQHOFDQDO\WUDVHVWRFHUUDUGLFKRFDQDO

&RPRDFDEDPRVGHFRPHQWDUODFRPXQLFDFLyQHQ-DYDVHEDVDHQODFUHDFLyQ\XVRGH
VRFNHWV 8Q VRFNHW HV XQ SXQWR ILQDO HQ XQ HQODFH GH FRPXQLFDFLyQ GH GRV YtDV HQWUH GRV
SURJUDPDV TXH VH HMHFXWDQ HQ OD UHG /DV FODVHV 6RFNHW VRQ XWLOL]DGDV SDUD UHSUHVHQWDU
FRQH[LRQHVHQWUHXQSURJUDPDFOLHQWH\RWURSURJUDPDVHUYLGRU(OSDTXHWHMDYDQHWSURSRUFLRQD
GRVFODVHV6RFNHW\6HUYHU6RFNHWTXHLPSOHPHQWDQORVODGRVGHOFOLHQWH\GHOVHUYLGRUGH
XQDFRQH[LyQUHVSHFWLYDPHQWH

8QD DSOLFDFLyQ VHUYLGRU QRUPDOPHQWH HVFXFKD D XQ SXHUWR HVSHFtILFR HVSHUDQGR XQD
SHWLFLyQ GH FRQH[LyQ GH XQ FOLHQWH &XDQGR OOHJD XQD SHWLFLyQ GH FRQH[LyQ HO FOLHQWH \ HO
VHUYLGRUHVWDEOHFHQXQDFRQH[LyQGHGLFDGDVREUHODTXHSRGHUFRPXQLFDUVH'XUDQWHHOSURFHVR
GH FRQH[LyQ HO FOLHQWH HV DVLJQDGR D XQ Q~PHUR GH SXHUWR \ DWD XQ VRFNHW D HOOD (O FOLHQWH
KDEODDOVHUYLGRUHVFULELHQGRVREUHHOVRFNHW\REWLHQHLQIRUPDFLyQGHOVHUYLGRUFXDQGROHHGH
pO6LPLODUPHQWHHOVHUYLGRUREWLHQHXQQXHYRQ~PHURGHSXHUWRORFDO QHFHVLWDXQQXHYRSXHUWR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

SDUD SRGHU FRQWLQXDU HVFXFKDQGR SDUD SHWLFLyQ GH FRQH[LyQ GHO SXHUWR RULJLQDO  (O VHUYLGRU
WDPELpQDWDXQVRFNHWDHVWHSXHUWRORFDO\FRPXQLFDFRQpOPHGLDQWHODOHFWXUD\HVFULWXUDVREUH
pO(OFOLHQWH\HOVHUYLGRUGHEHQSRQHUVHGHDFXHUGRVREUHHOSURWRFRORHVWRHVGHEHSRQHUVH
GHDFXHUGRHQHOOHQJXDMHSDUDWUDQVIHULUODLQIRUPDFLyQGHYXHOWDDWUDYpVGHOVRFNHW

/D FODVH 6RFNHW GHO SDTXHWH MDYDQHW HV XQD LPSOHPHQWDFLyQ LQGHSHQGLHQWH GH OD
SODWDIRUPD GH XQ FOLHQWH SDUD XQ HQODFH GH FRPXQLFDFLyQ GH GRV YtDV HQWUH XQ FOLHQWH \ XQ
VHUYLGRU/DFODVH6RFNHWVHVLW~DHQODSDUWHVXSHULRUGHXQDLPSOHPHQWDFLyQGHSHQGLHQWHGHOD
SODWDIRUPDRFXOWDQGRORVGHWDOOHVGHORVVLVWHPDVSDUWLFXODUHVDXQSURJUDPD-DYD8WLOL]DQGROD
FODVH MDYDQHW6RFNHW HQ OXJDU GH WUDWDU FRQ FyGLJR QDWLYR ORV SURJUDPDV -DYD SXHGHQ
FRPXQLFDUVHDWUDYpVGHODUHGGHXQDIRUPDLQGHSHQGLHQWHGHODSODWDIRUPD

 7LSRVGHVRFNHWV
$ FRQWLQXDFLyQ VH FRPHQWDUDQ ODV GLIHUHQWHV IRUPDV GH WUDEDMDU FRQ VRFNHWV VHJ~Q VH
WUDQVILHUDODLQIRUPDFLyQDWUDYpVGHOFDQDOGHFRPXQLFDFLRQHV

6RFNHWV7&3
%DVDQVXIRUPDGHWUDEDMRHQHOSURWRFRORGHFRPXQLFDFLRQHV7UDQVIHU&RQWURO3URWRFRO
\SURSRUFLRQDQXQVHUYLFLRRULHQWDGRDODFRQH[LyQFRQODVFDUDFWHUtVWLFDVGHSURSRUFLRQDUXQD
FRPXQLFDFLyQTXHQRVDYLVDUiVLVHSURGXFHQHUURUHVHQODWUDQVPLVLyQ

/D IRUPD GH WUDEDMDU HV &UHDU XQD FRQH[LyQ HQWUH ORV GRV H[WUHPRV GH LQWHUpV \
WUDQVPLWLU SRU HO FDQDO GDWRV 8Q H[WUHPR HV HO TXH DWLHQGH D SHWLFLRQHV GH FRQH[LyQ \ DFW~D
FRPRVHUYLGRUPLHQWUDVTXHHORWURUHDOL]DODVSHWLFLRQHV\HVWiDFWXDQGRFRPRFOLHQWH8QDYH]
VHKD\DHVWDEOHFLGRODFRQH[LyQVHJDUDQWL]DXQIOXMRRUGHQDGRGHGDWRVHQDPEDVGLUHFFLRQHV

6RFNHWV'DWDJUDPD
%DVDQVXIRUPDGHWUDEDMRHQHOSURWRFRORGHFRPXQLFDFLRQHV8VHU'DWDJUDP3URWRFRO
8'3  TXH QR HV RULHQWDGR D OD FRQH[LyQ \ TXH VH FDUDFWHUL]D SRU XQ HQYtR GH ORV GDWRV HQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

SDTXHWHVORVFXDOHVSXHGHQSHUGHUVHGXSOLFDUVHROOHJDUGHVRUGHQDGRV$OVHUXQSURWRFRORQR
RULHQWDGR D OD FRQH[LyQ VHUi QHFHVDULR LPSOHPHQWDU XQ PHFDQLVPR TXH VHFXHQFLDPLHQWR \
FRQWUROGHODWUDQVPLVLyQ

6RFNHWV5DZ
(V XQ WLSR SDUWLFXODU GH VRFNHWV TXH QR YDPRV D YHU \ TXH VLUYHQ SDUD GHSXUDU ORV
SURWRFRORV GH FRPXQLFDFLRQHV \D TXH QRV SHUPLWHQ HQWUDU HQ SURWRFRORV GH PiV EDMR QLYHO
UHVSHFWRGHOTXHHVWDPRVWUDWDQGR

9LVWRVORVWLSRVGHVRFNHWV\GDGDVVXV FDUDFWHUtVWLFDV QRV LQFOLQDUHPRV SRU XQ WLSR X


RWURHQIXQFLyQGHQXHVWUDVQHFHVLGDGHV/DHOHFFLyQWHQGUiVXMXVWLILFDFLyQ

(Q8'3FDGDYH]TXHVHHQYtDXQGDWDJUDPDKD\TXHHQYLDUWDPELpQHOGHVFULSWRUGHO
VRFNHWORFDO\ODGLUHFFLyQGHOVRFNHWTXHYDDUHFLELUHOGDWDJUDPDOXHJRpVWRVVRQPiVJUDQGHV
TXH ORV7&3 &RPR HO SURWRFROR7&3HVWi RULHQWDGR D FRQH[LyQ WHQHPRV TXH HVWDEOHFHU HVWD
FRQH[LyQHQWUHORVGRVVRFNHWVDQWHVGHQDGDORTXHLPSOLFDXQFLHUWRWLHPSRHPSOHDGRHQHO
HVWDEOHFLPLHQWRGHODFRQH[LyQTXHQRH[LVWHHQ8'3

(Q8'3KD\XQOtPLWHGHWDPDxRGHORVGDWDJUDPDVHVWDEOHFLGRHQNLORE\WHVTXHVH
SXHGHQHQYLDUDXQDORFDOL]DFLyQGHWHUPLQDGDPLHQWUDVTXH7&3QRWLHQHOtPLWHXQDYH]TXHVH
KDHVWDEOHFLGRODFRQH[LyQHOSDUGHVRFNHWVIXQFLRQDFRPRORVVWUHDPVWRGRVORVGDWRVVHOHHQ
LQPHGLDWDPHQWHHQHOPLVPRRUGHQHQTXHVHYDQUHFLELHQGR
8'3HVXQSURWRFRORGHVRUGHQDGRQRJDUDQWL]DTXHORVGDWDJUDPDVTXHVHKD\DQHQYLDGRVHDQ
UHFLELGRV HQ HO PLVPR RUGHQ SRU HO VRFNHW GH UHFHSFLyQ $O FRQWUDULR 7&3 HV XQ SURWRFROR
RUGHQDGRJDUDQWL]DTXHWRGRVORVSDTXHWHVTXHVHHQYtHQVHUiQUHFLELGRVHQHOVRFNHWGHVWLQRHQ
HOPLVPRRUGHQHQTXHVHKDQHQYLDGR

/RVGDWDJUDPDVVRQEORTXHVGHLQIRUPDFLyQGHOWLSRODQ]DU\ROYLGDU3DUDODPD\RUtDGH
ORV SURJUDPDV TXH XWLOLFHQODUHG HO XVDUXQ IOXMR 7&3 HQ YH] GH XQ GDWDJUDPD 8'3 HV PiV
VHQFLOOR \ KD\ PHQRV SRVLELOLGDGHV GH WHQHU SUREOHPDV 6LQ HPEDUJR FXDQGR VH UHTXLHUH XQ
UHQGLPLHQWRySWLPR\HVWiMXVWLILFDGRHOWLHPSRDGLFLRQDOTXHVXSRQHUHDOL]DUODYHULILFDFLyQGH
ORVGDWRVORVGDWDJUDPDVVRQXQPHFDQLVPRUHDOPHQWH~WLO

(QUHVXPHQ7&3SDUHFHPiVLQGLFDGRSDUDODLPSOHPHQWDFLyQGHVHUYLFLRVGHUHGFRPR
XQFRQWUROUHPRWRPLHQWUDVTXH8'3HVPHQRVFRPSOHMR\WLHQHXQDPHQRUVREUHFDUJDVREUHOD
FRQH[LyQ OR TXH VHD HO LQGLFDGR HQ OD LPSOHPHQWDFLyQ GH DSOLFDFLRQHV FOLHQWHVHUYLGRU HQ
VLVWHPDVGLVWULEXLGRVPRQWDGRVVREUHUHGHVGHiUHDORFDO


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

/DDSOLFDFLyQFOLHQWHVHUYLGRUTXHVHSUHVHQWDHQHOSUR\HFWRXWLOL]DORVVRFNHWV7&3SRU
YDULDV UD]RQHV REWHQLGDV FRPR FRQFOXVLyQ D ORV SXQWRV DQWHULRUHV $XQTXH OD DSOLFDFLyQ HQ
FXHVWLyQWUDEDMDUiQRUPDOPHQWHEDMRXQDUHGORFDOHOHQWRUQRGHWUDEDMRSXHGHSUHVHQWDUPXFKRV
SUREOHPDV HQ UHODFLyQ D ORV HUURUHV GH WUDQVPLVLyQ SRU HO KHFKR GH TXH HO VHUYLGRU HVWp
ORFDOL]DGRHQDPELHQWHVLQGXVWULDOHVGRQGHORVUXLGRVSXHGHQDOWHUDUODVFRPXQLFDFLRQHV6LVH
XVDUD 8'3 VHUtD UHVSRQVDELOLGDG GHO SURJUDPDGRU HO FRPSUREDU TXH ORV SDTXHWHV OOHJDQ D VX
GHVWLQR \ TXH OD LQIRUPDFLyQ VH WUDQVPLWH HQ RUGHQ $XQTXH H[LVWHQ PXOWLWXG GH PHFDQLVPRV
SDUDFRQVHJXLUHVWRODFRPSOHMLGDGGHVXLPSOHPHQWDFLyQKDFHPiVUHFRPHQGDEOHODXWLOL]DFLyQ
GH XQ SURWRFROR RULHQWDGR D OD FRQH[LyQ FRPR 7&3 $GHPiV GH HVWR 7&3 HV XQ SURWRFROR
RUGHQDGR\JDUDQWL]DTXHWRGRVORVSDTXHWHVTXHVHHQYtHQVHUiQUHFLELGRVHQHOVRFNHWGHVWLQR
HQHOPLVPRRUGHQHQTXHVHKDQHQYLDGRHYLWDQGRTXHHOVHUYLGRUUHFLEDRUGHQHVGHOFOLHQWH
UHSHWLGDVGHVRUGHQDGDVRHUUyQHDV

 6RFNHWV-DYD
(Q -DYD XQ VRFNHW 7&3 FRUUHVSRQGH D XQ REMHWR GH OD FODVH 6RFNHW 7DQWR HO FOLHQWH
FRPRHOVHUYLGRUVHFRPXQLFDQPHGLDQWHXQREMHWRGHHVWDFODVHXQRHQHOFOLHQWH\RWURHQHO
VHUYLGRU8QVRFNHWUHDOL]DRSHUDFLRQHVEiVLFDV

 &RQHFWDUVHDXQDQILWULyQUHPRWR

 (QYLDUGDWRV

 5HFLELUGDWRV

 &HUUDUOD&RQH[LyQ

 $FRSODUVHDXQSXHUWR

 (VSHUDUFRQH[LRQHV

 $FHSWDUFRQH[LRQHVGHDQILWULRQHVUHPRWRV

/DFODVH6RFNHW WLHQHPpWRGRVTXHLPSOHPHQWDQODVSULPHUDVRSHUDFLRQHVEiVLFDVODV
~OWLPDVVRQVRORQHFHVDULDVSDUDORVVHUYLGRUHV\VHLPSOHPHQWDQFRPR PpWRGRVGHODFODVH
6HUYHU6RFNHWTXHVHGLVFXWLUiPDVDGHODQWH(QXQSURJUDPD&OLHQWHXQVRFNHWVHXWLOL]DFRPR
VLJXH

 (O&OLHQWHFUHDXQREMHWR 6RFNHW

 (OVRFNHWLQWHQWDFRQHFWDUVHDODQILWULyQUHPRWR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 <DFRQHFWDGRVHOFOLHQWH\HOVHUYLGRUHQYtDQ\UHFLEHQGDWRV

 $OWHUPLQDUODWUDQVPLVLyQGHGDWRVXQRRDPERVFLHUUDQODFRQH[LyQ

/D FODVH 6HUYHU6RFNHW SURSRUFLRQD DO SURJUDPDGRU OR QHFHVDULR SDUD LPSOHPHQWDU
SURJUDPDV6HUYLGRUHVHQ-DYDSULQFLSDOPHQWHSURSRUFLRQDPpWRGRVSDUDHVSHUDUFRQH[LRQHVHQ
XQSXHUWRGDGR\PpWRGRVTXHUHJUHVDQXQREMHWR 6RFNHW FXDQGRVHHVWDEOHFHODFRQH[LyQFRQHO
FOLHQWH HVWH VRFNHW VH XWLOL]D SDUD LQWHUFDPELDU GDWRV FRQ HO FOLHQWH GH PRGR TXH OD
FRPXQLFDFLyQFRQHOFOLHQWH TXHWLHQHVXVRFNHW VHUHDOL]DSRUPHGLRGHRWURVRFNHWGHOPLVPR
WLSR\QRSRUPHGLRGHOREMHWR 6HUYHU6RFNHW

$FRQWLQXDFLyQVHSUHVHQWDHOFLFORGHYLGDGHXQVHUYLGRU

 &UHDQXHYRREMHWR6HUYHU6RFNHW

 (OREMHWR6HUYHU6RFNHW HVSHUDFRQH[LRQHVHQXQSXHUWRGDGR

 &XDQGRXQFOLHQWHVROLFLWDFRQH[LyQFUHDXQREMHWR 6RFNHW SDUDFRPXQLFDUVHFRQpO

 &OLHQWH\VHUYLGRUDFW~DQGHDFXHUGRDXQSURWRFROR

 8QRRDPERVFLHUUDQODFRQH[LyQ

 (O6HUYLGRUUHJUHVDDOSDVR\HVSHUDODSUy[LPDFRQH[LyQ

(QHOSDVRODHVSHUDVHKDFHFRQHOPpWRGR DFFHSW HVWHEORTXHDDOVHUYLGRUKDVWD


TXH XQ FOLHQWH VROLFLWD XQD FRQH[LyQ FXDQGR HVWR RFXUUH UHJUHVD XQ REMHWR 6RFNHW SDUD
FRPXQLFDUVHFRQHOFOLHQWHHQFXHVWLyQ

 6WUHDPV
/RVVWUHDPVVLUYHQSDUDHQYLDU\UHFLELUGDWRVGHXQVRFNHWJHQHUDOPHQWHHQE\WHVVLQ
HPEDUJRHOWLSRGHGDWRVSXHGHFDPELDUXQVWUHDPSXHGHPDQHMDUFDUDFWHUHVRDOJ~QRWURWLSR
GH GDWR ILQDOPHQWH HO WLSR GH GDWR TXH VHUi HQYLDGR DO VRFNHW VHUi E\WH (O VWUHDP HV XQ
PHFDQLVPRTXHSHUPLWHPDQHMDURWURWLSRGHGDWRVLQWHQHUTXHUHDOL]DUODVRSHUDFLRQHVEiVLFDV
SDUDHOPDQHMRGHE\WHV

(QMDYDORVVWUHDPVVHH[SOLFDQHQEDVHDOWLSRGHGDWRVTXHPDQHMDQHOSULPHUWLSR
PDQHMD GDWRV GHO WLSR E\WH \ VH GHILQHQ GRV FODVHV ,QSXW6WUHDP \ 2XWSXW6WUHDP TXH VRQ
DEVWUDFWDV \ GH ODV TXH VH GHULYDQ WRGRV ORV VWUHDPV \ HO VHJXQGR FDVR VH GDQ HO
,QSXW6WUHDP5HDGHU \HO2XWSXW6WUHDP:ULWHUpVWRV~OWLPRVUHDOL]DQHOPDQHMRGHFDUDFWHUHV<
IXQFLRQDQFRPRXQSXHQWHHQWUHORVVWUHDPVSDUDE\WHV\ORVVWUHDPVSDUDFDUDFWHUHVSXHGH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

OHHUGHOVWUHDPSDUDE\WHV\WUDGXFLUVXFRQWHQLGRDFDUDFWHUHVGHDFXHUGRDODFRGLILFDFLyQHQOD
TXHVHHVWpQGDQGRORVE\WHV<HQHOFDVRGHO2XWSXW6WUHDP:ULWHUHVFULEHORVGDWRVGDGRVHQ
FDUDFWHUHVDXQVWUHDPGHE\WHV(QMDYDORVVWUHDPVSHUWHQHFHQDODELEOLRWHFDMDYDLR

 &RQFXUUHQFLDHQXQDUHG

&RPR\DVDEHPRVHOPRGHORFOLHQWHVHUYLGRUFRPSUHQGHGRVSDUWHVELHQGLIHUHQFLDGDV
FOLHQWH \ VHUYLGRU (O FOLHQWH HV HO TXH OOHYD OD LQLFLDWLYD HQ OD FRPXQLFDFLyQ HQYLDQGR VXV
SHWLFLRQHVDOVHUYLGRUeVWHSRUHOFRQWUDULRSHUPDQHFHDODHVSHUDGHUHFLELUODVVROLFLWXGHVTXH
OOHJDQ GH ORV FOLHQWHV &XDQGR UHFLEH XQD VROLFLWXG OD DWLHQGH \ VLJXH HVSHUDQGR QXHYDV
SHWLFLRQHV(OFRPSRUWDPLHQWRDODKRUDGHDWHQGHUDOFOLHQWHGLILHUHVHJ~QHOWLSRGHVHUYLGRU

 (OSUREOHPDGHOVHUYLGRUGHVRFNHWV
(O SUREOHPD GHO VHUYLGRU GH VRFNHWV HV XQR GH ORV SUREOHPDV PiV KDELWXDOHV TXH VH
SUHVHQWDQHQODDUTXLWHFWXUDFOLHQWHVHUYLGRUHQUHGHV

(OSUREOHPDFRQVLVWHHQVXSRQHUTXHWHQHPRVXQDDSOLFDFLyQVHUYLGRUHQXQKRVWTXHVH
HQFDUJD GH UHVROYHU ODV SHWLFLRQHV TXH OH OOHJDQ GH DSOLFDFLRQHV FOLHQWH TXH VH HQFXHQWUDQ HQ
FXDOTXLHURWURKRVWFRQHFWDGRDODUHGRHQHOSURSLRKRVWORFDOGHYROYLpQGROHVXQDGHWHUPLQDGD
UHVSXHVWD (O SUREOHPD VH SXHGH UHVROYHU GH GRV IRUPDV PHGLDQWH XQ VHUYLGRU LWHUDWLYR R
PHGLDQWHXQVHUYLGRUFRQFXUUHQWH

 6HUYLGRULWHUDWLYR
(O FRPSRUWDPLHQWR GH HVWH WLSR GH VHUYLGRUHV HV HO VLJXLHQWH HO VHUYLGRU HVFXFKD XQD
SHWLFLyQGHXQFOLHQWHODSURFHVDUHVSRQGHDOFOLHQWH\YXHOYHDEORTXHDUVHDODHVSHUDGHXQD
QXHYD SHWLFLyQ /yJLFDPHQWH PLHQWUDV VH SURFHVD OD SHWLFLyQ GHO SULPHU FOLHQWH SXHGHQ OOHJDU
QXHYDVSHWLFLRQHVTXHGHEHUiQHVSHUDUDTXHHOVHUYLGRUILQDOLFHFRQODSULPHUDSHWLFLyQSDUDVHU
DWHQGLGDV(QHOVLVWHPDVRORH[LVWLUiXQDSHWLFLyQFRPRPi[LPRTXHVHHVWpUHVROYLHQGR(VWD
VROXFLyQ VROR VH HPSOHD FXDQGR OD SHWLFLyQ GHO FOLHQWH VH SXHGH JHVWLRQDU HQ XQ WLHPSR PX\
SHTXHxR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 6HUYLGRU FRQFXUUHQWH


(Q HVWH WLSR GH VHUYLGRUHV FXDQGR VH HVFXFKD XQD SHWLFLyQ GH XQ FOLHQWH VH FUHD XQ
SURFHVRGHVHUYLFLRTXHSURFHVD\UHVSRQGHDOFOLHQWHPLHQWUDVHOVHUYLGRUYXHOYHDEORTXHDUVHD
ODHVSHUDGHXQDQXHYDSHWLFLyQ(VWDVROXFLyQHVPXFKRPiVHIHFWLYD\DTXHVLOOHJDXQDQXHYD
SHWLFLyQ PLHQWUDVVH VLUYH RWUDHOVHUYLGRU FUHD XQ QXHYR SURFHVR FRQFXUUHQWH SDUD DWHQGHU OD
QXHYD SHWLFLyQ FRQ OR FXDO HQ HO VLVWHPD SXHGH KDEHU PiV GH XQD SHWLFLyQ UHVROYLpQGRVH GH
IRUPDFRQFXUUHQWH(VWDHVODVROXFLyQPiVKDELWXDO\DTXHQRUPDOPHQWHQRVHFRQRFHDSULRUL
ODFDQWLGDGGHWLHPSRTXHOOHYDUiODUHVROXFLyQGHODSHWLFLyQSXHVSXHGHGHSHQGHUGHOWLSRGH
SHWLFLyQ(VWHWLSRGHVHUYLGRUHVVRQPiVFRPSOHMRV\FRQVXPHQPiVUHFXUVRVGHOVLVWHPDTXH
ORVLWHUDWLYRVSHVHDHVWRVHXWLOL]DQHQPXFKDVDSOLFDFLRQHVGLVWULEXLGDV

 $OJRULWPRGHVHUYLGRUFRQFXUUHQWH
(OSURJUDPDSULQFLSDOGHOVHUYLGRUGHEHVHUGHOVLJXLHQWHWLSR

&UHDUXQ6RFNHWGHVHUYLGRU
(QXQFLFORLQILQLWR
$FHSWDUUHTXHULPLHQWRVGHFOLHQWHV
&XDQGROOHJDXQDSHWLFLyQGH XQ FOLHQWH FUHDU XQ QXHYR SURFHVR³HVFODYR´
TXH DWLHQGD SDUDOHODPHQWH OD SHWLFLyQ HVWR QR GHEH EORTXHDU OD HMHFXFLyQ GHO
SURJUDPDSULQFLSDOGHOVHUYLGRU 
9ROYHUD

0LHQWUDVTXHHOSDWUyQTXHGHEHVHJXLUHOSURFHVR³HVFODYR´VHUtDHOVLJXLHQWH
5HFLELUORVSDUiPHWURVGHODFRPXQLFDFLyQ VRFNHWRIOXMRVGHHQWUDGD\RVDOLGD 
$WHQGHUDOFOLHQWH
5HWRUQDU GHVDSDUHFHU 

 6HUYLGRUFRQFXUUHQWHHQ-DYD
(Q -DYD VH SUHILHUH XVDU 7KUHDGV HQ OXJDU GH SURFHVRV \ TXH WLHQHQ ODV VLJXLHQWHV
FDUDFWHUtVWLFDV

x 8Q WKUHDG HV XQD VHFXHQFLD R IOXMR GH GH LQVWUXFFLRQHV TXH VH HMHFXWDQ GHQWUR GH XQ
SURJUDPD7LHQHXQFRPLHQ]R\XQILQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x (OWKUHDGVyORSXHGHVHUFUHDGRGHQWURGHXQSURFHVR<XQSURFHVR SURJUDPD SXHGHFUHDU


YDULRVWKUHDGVGHQWURGHpOTXHVHHMHFXWDQHQSDUDOHOR
x (O SURJUDPD SULQFLSDO HV FRQVFLHQWH GH ORV WKUHDGV TXH H[LVWHQ KD\ YDULDEOHV TXH ORV
LGHQWLILFDQ 3XHGHQ VHU FUHDGRV LQLFLDOL]DGRV VXVSHQGLGRV UHDFWLYDGRV R SDUDGRV SRU HO
SURJUDPDTXHORVFUHy
x (OSURJUDPDSULQFLSDOSXHGHGDUOHVSDUiPHWURVGLVWLQWRVDFDGDWKUHDG/RVWKUHDGVHSXHGHQ
SURJUDPDUFRQODFDQWLGDGGHYDULDEOHVQHFHVDULDVSDUDVXHMHFXFLyQ QRORKHUHGDQWRGR 

/D IRUPD GH LPSOHPHQWDU VHUYLGRUHV TXH DWLHQGDQ D YDULRV FOLHQWHV SDUDOHODPHQWH VH
FRQVLJXHFRPELQDQGRDODYH]WKUHDGVFRQVRFNHWV

x (OVHUYLGRUDEUHXQ6HUYHU6RFNHWGHVGHGRQGHR\HFXDOTXLHULQWHQWRSRUFRQHFWDUVHFRQpO
GHXQFOLHQWH
x 8QDYH]HVWDEOHFLGDODFRQH[LyQDEUHXQVRFNHWQRUPDOHLQLFLDXQWKUHDGTXHDWLHQGHDHVWH
FOLHQWH(OVRFNHWDELHUWRVHSDVDFRPRSDUiPHWURGHPDQHUDTXHVHSXHGHVHJXLUR\HQGR
SRUHO6HUYHU6RFNHWVLQHVWDUEORTXHDGR
x (OWKUHDGWLHQHXQPpWRGRUXQTXHDWLHQGHORVSHGLGRVGHOFOLHQWH
x (O FOLHQWH VH FRQHFWD DO VHUYLGRU VLQ VDEHU TXH ILQDOPHQWH VHUi XQ WKUHDG HO TXH HVWi
DWHQGLpQGROR

(O SURFHGLPLHQWR TXH VH GHEH VHJXLU SDUD OD FUHDFLyQ GH XQ VHUYLGRU FRQFXUUHQWH
PHGLDQWHWKUHDGVGHEHVHUVLPLODUDOVLJXLHQWH

x +DFHUXQDFODVH7KUHDGTXHWHQJDFRPRYDULDEOHVGHXQREMHWRVRFNHW\IOXMRVGH HQWUDGD
\RVDOLGD
x 3URJUDPDU HO FRQVWUXFWRU GH PRGR TXH UHFLED FRPR SDUiPHWUR XQ VRFNHW \ KDJD WRGR OR
QHFHVDULRSDUDGHMDULQLFLDOL]DGRHODPELHQWHSDUDHPSH]DUDDWHQGHUDOFOLHQWH SRUHMHPSOR
DEULUIOXMRVGHGDWRVGHHQWUDGD\RVDOLGDGHOVRFNHWUHFLELGR 
x 3URJUDPDUHOPpWRGRUXQGHPRGRTXHLPSOHPHQWHHOSURWRFRORQHFHVDULR
x 3URJUDPDUXQPpWRGRPDLQTXHHQXQFLFORLQILPLWRVHSRQJDDHVFXFKDUHQXQSXHUWRGDGR
ODOOHJDGDGHFOLHQWHV
x &RQFDGDFOLHQWHQXHYRFUHDUXQWKUHDGQXHYR\SDVDUFRPRSDUiPHWURHOVRFNHW


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 3DWURQHV

7DQWR HO GHVDUUROOR FRPR OD FRPSUHQVLyQ GHO VRIWZDUH HV XQD WDUHD FRPSOLFDGD TXH
GHSHQGH HQ JUDQ PHGLGD GH OD H[SHULHQFLD GH ORV GHVDUUROODGRUHV \ HV TXH D OD KRUD GHO
PDQWHQLPLHQWR \ HYROXFLyQ GH ODV DSOLFDFLRQHV WDPELpQ VH SURGXFHQ PXFKDV FRPSOLFDFLRQHV
TXHQRVLHPSUHVRQWHQLGDVHQFXHQWD

&RQWLQXDPHQWH VH UHTXLHUHQ VLVWHPDV PiV FRPSOHMRV \ FDGD YH] PiV JUDQGHV /RV
UHFXUVRVSDUDGHVDUUROODUORVFDGDYH]VRQPiVHVFDVRV<SRUWDQWRGHEHH[LVWLUXQPHFDQLVPRGH
UHXWLOL]DFLyQ /DV WHFQRORJtDV RULHQWDGDV D REMHWRV VRQ ODV PiV XWLOL]DGDV HQ ORV ~OWLPRV DxRV
SDUD HO GHVDUUROOR GH DSOLFDFLRQHV VRIWZDUH \ VH  KD FRPSUREDGR FRPR HVWDV WHFQRORJtDV GH
SURJUDPDFLyQ SUHVHQWDQ PXFKDV YHQWDMDV 8QR GH ORV REMHWLYRV TXH VH EXVFDQ DO XWLOL]DU OD
SURJUDPDFLyQ RULHQWDGD D REMHWRV HV FRQVHJXLU OD UHXWLOL]DFLyQ TXH LPSOLFD SRU VL VROD
FDUDFWHUtVWLFDV WDQ EHQHILFLRVDV FRPR UHGXFFLyQ GH WLHPSRV GLVPLQXFLyQ GHO HVIXHU]R GH
PDQWHQLPLHQWRHILFLHQFLDFRQVLVWHQFLDILDELOLGDG\SUWHFFLyQGHODLQYHUVLyQHQGHVDUUROORV

(QWUHORVGLIHUHQWHVPHFDQLVPRVGHUHXWLOL]DFLyQVHHQFXHQWUDQ

&RPSRQHQWHVHOHPHQWRGHVRIWZDUHVXILFLHQWHPHQWHSHTXHxRSDUDFUHDUVH\PDQWHQHUVHSHUR
VXILFLHQWHPHQWHJUDQGHSDUDSRGHUXWLOL]DUVH
)UDPHZRUNVELEOLRWHFDVGHFODVHVSUHSDUDGDVSDUDODUHXWLOL]DFLyQTXHSXHGHQXWLOL]DUDVXYH]
FRPSRQHQWHV
2EMHWRVGLVWULEXLGRVSDUDGLJPDTXHGLVWULEX\HORVREMHWRVGHFRRSHUDFLyQDWUDYpVGHXQDUHG
KHWHURJpQHD\SHUPLWHTXHORVREMHWRVLQWHURSHUHQFRPRXQWRGRXQLILFDGR
3DWURQHVGHGLVHxR

6LQHPEDUJRHVWRVPHFDQLVPRVGHUHXWLOL]DFLyQWDPELpQSUHVHQWDQDOJXQRVREVWiFXORV
FRPRVRQHOVtQGURPH³1R,QYHQWDGR$TXt´SRUHOFXDOORVGHVDUUROODGRUHVGH VRIWZDUH QR VH
VXHOHQ ILDU GH OR TXH QR HVWi VXSHUYLVDGR SRU HOORV PLVPRV HO DFFHVR D ODV IXHQWHV GH
FRPSRQHQWHVORVLPSHGLPHQWRVOHJDOHVFRPHUFLDOHVRHVWUDWpJLFRVHOIRUPDWRGHGLVWULEXFLyQ
GH FRPSRQHQWHV OD LQHUFLD GH FDGD SHUVRQD D UHDOL]DU FDPELRV \ HO GLOHPD HQWUH UHXWLOL]DU \
UHKDFHU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 ,QWURGXFFLyQDORVSDWURQHV
/RVSDWURQHVFRPRHOHPHQWRGHUHXWLOL]DFLyQFRPHQ]DURQDXWLOL]DUVHHQODDUTXLWHFWXUD
GHHGLILFLRVFRQHOREMHWLYRGHUHXWLOL]DUGLVHxRVTXHVHKDEtDQDSOLFDGRHQRWUDVFRQVWUXFFLRQHV
\ TXH VH FDWDORJDURQ FRPR FRPSOHWRV (Q HVSHFLDO IXH &KLVWRSKHU $OH[DQGHU HO SULPHUR HQ
LQWHQWDU FUHDU XQ IRUPDWR HVSHFtILFR SDUD SDWURQHV HQ OD DUTXLWHFWXUD GHVFULELHQGR DOJXQRV
GLVHxRVSDUDWUDWDUGHFRQVHJXLUVXVPHWDV ODFDOLGDGHQVXVWUDEDMRV 'HHVWHPRGRHOSDWUyQ
WUDWD GH H[WUDHU OD HVHQFLD GH HVH GLVHxR SDUD TXH SXHGD VHU XWLOL]DGD SRU RWURV DUTXLWHFWRV
FXDQGRVHHQIUHQWDQDSUREOHPDVSDUHFLGRVDORVTXHUHVROYLyGLFKRGLVHxR$OH[DQGHULQWHQWD
UHVROYHUSUREOHPDVDUTXLWHFWyQLFRVXWLOL]DQGRHVWRVSDWURQHV3DUDHOORWUDWDUiGHH[WUDHUODSDUWH
FRP~QGHORVEXHQRVGLVHxRV TXHSXHGHQVHUGLVSDUHV FRQHOREMHWLYRGHYROYHUDXWLOL]DUVHHQ
RWURVGLVHxRV

 'HILQLFLRQHV
$OJXQRVDXWRUHVFUHDQVXSURSLDGHILQLFLyQGHORTXHHVXQSDWUyQVRIWZDUH
&KULVWRSKHU$OH[DQGHU
³&DGD SDWUyQ GHVFULEH XQ SUREOHPD TXH RFXUUH XQD \ RWUD YH] HQ QXHVWUR HQWRUQR SDUD
GHVFULELU GHVSXpV HO Q~FOHR GH OD VROXFLyQ D HVH SUREOHPD GH WDO PDQHUD TXH HVD VROXFLyQ
SXHGD VHU XVDGD PiV GH XQ PLOOyQ GH YHFHV VLQ KDFHUOR QL VLTXLHUD GRV YHFHV GH OD PLVPD
IRUPD´

'LUN5LHKOH\+HLQ]=XOOLJKRYHQ
³8Q SDWUyQ HV OD DEVWUDFFLyQ GH XQD IRUPD FRQFUHWD TXH SXHGH UHSHWLUVH HQ FRQWH[WRV
HVSHFtILFR´

2WUDVGHILQLFLRQHVPiVDFHSWDGDVSRUODFRPXQLGDGVRIWZDUHVRQ
³8Q SDWUyQ HV XQD LQIRUPDFLyQ TXH FDSWXUD OD HVWUXFWXUD HVHQFLDO \ OD SHUVSLFDFLD GH XQD
IDPLOLDGHVROXFLRQHVSUREDGDVFRQp[LWR SDUD XQ SUREOHPDUHSHWLWLYR TXH VXUJH HQ XQ FLHUWR
FRQWH[WR\VLVWHPD´
³8Q SDWUyQ HV XQD XQLGDG GH LQIRUPDFLyQ QRPEUDGD LQVWUXFWLYD H LQWXLWLYD TXH FDSWXUD OD
HVHQFLDGHXQDIDPLOLDH[LWRVDGHVROXFLRQHVSUREDGDVDXQSUREOHPDUHFXUUHQWHGHQWURGHXQ
FLHUWRFRQWH[WR´


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 3DWURQHVGHVRIWZDUH
/RV SDWURQHV SDUD HO GHVDUUROOR GH VRIWZDUH VRQ XQR GH ORV ~OWLPRV DYDQFHV GH OD
7HFQRORJtD2ULHQWDGDD2EMHWRV/RVSDWURQHVVRQXQDIRUPDOLWHUDULDSDUDUHVROYHUSUREOHPDV
GH LQJHQLHUtD GHO VRIWZDUH TXH WLHQHQ VXV UDtFHV HQ ORV SDWURQHV GH OD DUTXLWHFWXUD /RV
GLVHxDGRUHV \ DQDOLVWDV GH VRIWZDUH PiV H[SHULPHQWDGRV DSOLFDQ GH IRUPD LQWXLWLYD DOJXQRV
FULWHULRVTXHVROXFLRQDQORVSUREOHPDVGHPDQHUDHOHJDQWH\HIHFWLYD/DLQJHQLHUtDGHOVRIWZDUH
VHHQIUHQWDDSUREOHPDVYDULDGRVTXHKD\TXHLGHQWLILFDUSDUDSRGHUXWLOL]DUODPLVPDVROXFLyQ
DXQTXHPDWL]DGD FRQSUREOHPDVVLPLODUHV

3RURWUDSDUWHODVPHWRGRORJtDV2ULHQWDGDVD2EMHWRVWLHQHQFRPRXQRGHVXVSULQFLSLRV
³QRUHLQYHQWDUODUXHGD´SDUDODUHVROXFLyQGHGLIHUHQWHVSUREOHPDV3RUORWDQWRORVSDWURQHVVH
FRQYLHUWHQ HQ XQD SDUWH PX\ LPSRUWDQWH HQ ODV 7HFQRORJtDV 2ULHQWDGDV D 2EMHWRV SDUD SRGHU
FRQVHJXLUODUHXWLOL]DFLyQ

'HEH H[LVWLU XQD FRPXQLFDFLyQ HQWUH ORV GLVWLQWRV LQJ HQLHURV SDUD FRPSDUWLU ORV
UHVXOWDGRV REWHQLGRV 3RU WDQWR GHEH H[LVWLU WDPELpQ XQ HVTXHPD GH GRFXPHQWDFLyQ FRQ HO
REMHWLYRGHTXHODFRPXQLFDFLyQSXHGDHQWHQGHUVHGHIRUPDFRUUHFWD(VWDFRPXQLFDFLyQQRVH
GHEH UHGXFLU D OD LPSOHPHQWDFLyQ VLQR D XQRV QLYHOHV GH DEVWUDFFLyQ GHVGH XQ SURFHVR GH
GHVDUUROOR KDVWD OD XWLOL]DFLyQ HILFLHQWH GH XQ OHQJXDMH GH SURJUDPDFLyQ (O REMHWLYR GH ORV
SDWURQHV HV FUHDU XQ OHQJXDMH FRP~Q D XQD FRPXQLGDG GH GHVDUUROODGRUHV SDUD FRPXQLFDU
H[SHULHQFLDVREUHORVSUREOHPDV\VXVVROXFLRQHV

'RV WpUPLQRV TXHDSDUHFHUiQ HQ PXFKDV RFDVLRQHV \ TXH VRQ XQ REMHWLYR SHUPDQHQWH
GHOGLVHxRRULHQWDGRDREMHWRVFRPRVRQODFRKHVLyQ\HODFRSODPLHQWR

3RGUtDPRVGHILQLUODFRKHVLyQGHXQDFODVH RGHXQSDTXHWHRGHORTXHVHD FRPROD


UHODFLyQHQWUHORVGLVWLQWRVHOHPHQWRVGHODFODVHQRUPDOPHQWHVXVPpWRGRV/DFRKHVLyQGLFH
TXHWRGRVORVHOHPHQWRVGHXQDFODVHWLHQHQTXHWUDEDMDUHQODPLVPDGLUHFFLyQHVGHFLUKDFLD
XQ PLVPR ILQ 3RU HMHPSOR XQD FODVH &RFKH GHEHUtD RFXSDUVH GH FRVDV UHODFLRQDGDV FRQ HO
FRFKHHQVLFRPRDFHOHUDU\IUHQDUSHURQRGHFRVDVDMHQDVDpOFRPRPDQLSXODULQIRUPDFLyQ
UHIHUHQWHDVXVHJXUR/DFRKHVLyQHVXQDPHGLGDUHODWLYDHQHOVHQWLGRGHTXHGHSHQGHGHOR
TXHFDGDXQRSLHQVHTXHHVODIXQFLyQGHODFODVHSHURORLPSRUWDQWHHVPDQWHQHUXQDFRKHVLyQ
ORPiVDOWDSRVLEOH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

5HVSHFWRDODFRSODPLHQWRVHSRGUtDGHFLUTXHHVODLQWHUGHSHQGHQFLDH[LVWHQWHHQWUHGRV
FODVHV SDTXHWHV HWF (VWR RFXUUH QRUPDOPHQWH FXDQGR XQD FODVH R SDTXHWH  QHFHVLWD VDEHU
GHPDVLDGRVGHWDOOHVLQWHUQRVGHRWUDSDUDVXIXQFLRQDPLHQWRHVGHFLUURPSHHOHQFDSVXODPLHQWR
GHOTXHWDQWRVHKDEODHQODSURJUDPDFLyQRULHQWDGDDREMHWRV7DPELpQH[LVWHQGLYHUVRVWLSRVGH
DFRSODPLHQWR IXQFLRQDOGHGDWRVHWF SHURDOLJXDOTXHRFXUUtDFRQODFRKHVLyQHVRQRQRV
LPSRUWDDKRUDQRHVHOREMHWLYRGHHVWRVDUWtFXORV3RUVXSXHVWRSDUDWHQHUXQGLVHxRFRUUHFWR
IiFLOGHPDQWHQHU\PRGXODUFXDQWRPiVEDMRDFRSODPLHQWRKD\DHQWUHODVFODVHV RSDTXHWHV
PHMRU

 &DUDFWHUtVWLFDVGHORVSDWURQHVVRIWZDUH
+D\ TXH WHQHU HQ FXHQWD TXH QR WRGDV ODV VROXFLRQHV TXH WHQJDQ HQ SULQFLSLR ODV
FDUDFWHUtVWLFDV GH XQ SDWUyQ VRQ XQ SDWUyQ VLQR TXH GHEH SUREDUVH TXH HV XQD VROXFLyQ D XQ
SUREOHPDTXHVHUHSLWH\DTXHXQEXHQSDWUyQGHEHWHQHUODVVLJXLHQWHVFDUDFWHUtVWLFDV

x 6ROXFLRQDU XQ SUREOHPD ORV SDWURQHV FDSWXUDQ VROXFLRQHV QR VyOR SULQFLSLRV R
HVWUDWHJLDVDEVWUDFWDV
x 6HU XQ FRQFHSWR SUREDGR ORV SDWURQHV FDSWXUDQ VROXFLRQHV GHPRVWUDGDV QR WHRUtDV R
HVSHFXODFLRQHV
x /D VROXFLyQ QR HV REYLD PXFKDV WpFQLFDV GH VROXFLyQ GH SUREOHPDV WUDWDQ GH KDOODU
VROXFLRQHVSRUPHGLRGHSULQFLSLRVEiVLFRV/RVPHMRUHVSDWURQHVJHQHUDQXQDVROXFLyQ
DXQSUREOHPDGHIRUPDLQGLUHFWD
x 'HVFULEHSDUWLFLSDQWHV\UHODFLRQHVHQWUHHOORVORVSDWURQHVQRVyORGHVFULEHQPyGXORV
VLQRHVWUXFWXUDVGHOVLVWHPD\PHFDQLVPRVPiVFRPSOHMRV

/RVSDWURQHVLQGLFDQUHSHWLFLyQVL DOJR QR VHUHSLWH QR HV SRVLEOH TXH VHD XQ SDWUyQ
3HURODUHSHWLFLyQQRHVOD~QLFDFDUDFWHUtVWLFDLPSRUWDQWH7DPELpQQHFHVLWDPRVPRVWUDUTXHXQ
SDWUyQVHDGDSWDSDUDSRGHUXVDUOR\TXHHV~WLO/DUHSHWLFLyQHVXQDFDUDFWHUtVWLFDFXDQWLWDWLYD
SXUDODDGDSWDELOLGDG\XWLOLGDGVRQFDUDFWHUtVWLFDVFXDOLWDWLYDV3RGHPRVPRVWUDUODUHSHWLFLyQ
VLPSOHPHQWH FRPSUREDQGR TXH VH DGDSWD DO PHQRV HQ  VLVWHPDV H[LVWHQWHV  PRVWUDU OD
DGDSWDELOLGDG H[SOLFDQGR ³FRPR´ HO SDWUyQ HV H[LWRVR \ PRVWUDU OD XWLOLGDG H[SOLFDQGR ³SRU
TXp´ HVH[LWRVR\EHQHILFLRVR$VtTXHDSDUWHGHODUHSHWLFLyQXQSDWUyQGHEHGHVFULELU³FRPR´
ODVROXFLyQUHVXHOYHVXVREMHWLYRV\³SRUTXp´ HVWiHVXQDEXHQDVROXFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 7LSRVGHSDWURQHVVRIWZDUH
([LVWHQGLIHUHQWHViPELWRVGHQWURGHODLQJHQLHUtDGHOVRIWZDUHGRQGHVHSXHGHQDSOLFDU
ORVSDWURQHVSDWURQHVGHDUTXLWHFWXUDSDWURQHVGHSURJUDPDFLyQSDWURQHVGHDQiOLVLVSDWURQHV
RUJDQL]DFLRQDOHV\SDWURQHVGHGLVHxR/DGLIHUHQFLDHQWUHHVWDVFODVHVGHSDWURQHVHVWiHQORV
GLIHUHQWHVQLYHOHVGHDEVWUDFFLyQ\GHWDOOH\GHOFRQWH[WRSDUWLFXODUHQHOFXDOVHDSOLFDQ3HUR
GHWRGRVHOORVVRORQRVYDPRVDFHQWUDUHQORVSDWURQHVGHGLVHxRTXHORVSDWURQHVXWLOL]DGRVHQ
HOSUR\HFWRSHUWHQHFHQVyORDHVWH~OWLPRWLSR

/RV SDWURQHV GH GLVHxR SURSRUFLRQDQ XQ HVTXHPD SDUD UHILQDU ORV VXEVLVWHPDV R
FRPSRQHQWHV GH XQ VLVWHPD VRIWZDUH R ODV UHODFLRQHV HQWUH HOORV 'HVFULEHQ HVWUXFWXUDV
UHSHWLWLYDVHQORVTXHVHFRPXQLFDQFRPSRQHQWHVTXHUHVXHOYHQXQSUREOHPDGHGLVHxRHQXQ
FRQWH[WRSDUWLFXODU

 3DWURQHVGHGLVHxR
8QD FRVD TXH ORV GLVHxDGRUHV H[SHUWRV QR KDFHQ HV UHVROYHU FDGD SUREOHPD GHVGH HO
SULQFLSLR $ PHQXGR UHXWLOL]DQ ODV VROXFLRQHV TXH HOORV KDQ REWHQLGR HQ HO SDVDGR &XDQGR
HQFXHQWUDQXQDEXHQDVROXFLyQXWLOL]DQHVWDVROXFLyQXQD\RWUDYH](VWRVSDWURQHVVROXFLRQDQ
SUREOHPDV HVSHFtILFRV GHO GLVHxR \ KDFHQ ORV GLVHxRV RULHQWDGRV D REMHWRV PiV IOH[LEOHV
HOHJDQWHV \ SRU ~OWLPR UHXWLOL]DEOHV 6L VLHPSUH VH SXGLHUDQ UHFRUGDU ORV GHWDOOHV GH ORV
SUREOHPDVDQWHULRUHV\FRPRVHVROXFLRQDURQVHSRGUtDQUHXWLOL]DUHQYH]GHWHQHUTXHYROYHUD
SHQVDUOR (V SRU HVWR TXH OD H[SHULHQFLD HV PX\ LPSRUWDQWH (O REMHWLYR GH ORV SDWURQHV GH
GLVHxRHVJXDUGDUHVDH[SHULHQFLDHQGLVHxRVGHSURJUDPDVRULHQWDGRVDREMHWRV

&DGDSDWUyQGHGLVHxRQRPEUDH[SOLFD\HYDO~DXQLPSRUWDQWHGLVHxRHQORVVLVWHPDV
RULHQWDGRVDREMHWRV(VGHFLUVHWUDWDGHDJUXSDUODH[SHULHQFLDHQGLVHxRGHXQDIRUPDTXHOD
JHQWH SXHGD XWLOL]DUORV FRQ HIHFWLYLGDG DGHPiV HVWRV SDWURQHV D\XGDUiQ DO GLVHxDGRU D
FRQVHJXLUXQGLVHxRFRUUHFWRUiSLGDPHQWH

/RVSDWURQHVGHGLVHxRWLHQHQXQFLHUWRQLYHOGHDEVWUDFFLyQ6RQGHVFULSFLRQHVGHODV
FRPXQLFDFLRQHVGHREMHWRV\FODVHVTXHVRQSHUVRQDOL]DGDVSDUDUHVROYHUXQSUREOHPDJHQHUDO
GH GLVHxR HQ XQ FRQWH[WR SDUWLFXODU 8Q SDWUyQ GH GLVHxR QRPEUD DEVWUDH H LGHQWLILFD ORV
DVSHFWRVFODYHGHXQGLVHxRHVWUXFWXUDGRFRP~QTXHORKDFH~WLOSDUDODFUHDFLyQ GH GLVHxRV
RULHQWDGRVDREMHWRVUHXWLOL]DEOHV/RVSDWURQHVGHGLVHxRLGHQWLILFDQODVFODVHVSDUWLFLSDQWHV \
ODVLQVWDQFLDVVXVSDSHOHV\FRODERUDFLRQHV\ODGLVWULEXFLyQGHUHVSRQVDELOLGDGHV/RVSDWURQHV
GH GLVHxR VH SXHGHQ XWLOL]DU HQ FXDOTXLHU OHQJXDMH GH SURJUDPDFLyQ RULHQWDGR D REMHWRV
DGDSWDQGRORVGLVHxRVJHQHUDOHVDODVFDUDFWHUtVWLFDVGHODLPSOHPHQWDFLyQSDUWLFXODU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 &ODVLILFDFLyQGHORVSDWURQHVGHGLVHxR
([LVWHQVHLVFDWHJRUtDVSDUDHQJOREDUHOJUDQQ~PHURGHSDWURQHVTXHKD\
x 3DWURQHVGHGLVHxRIXQGDPHQWDOHV/RVSDWURQHVGHHVWDFDWHJRUtDVRQORVPiVXWLOL]DGRVH
LPSRUWDQWHV
x 3DWURQHV GH FUHDFLyQ /RV SDWURQHV GH FUHDFLyQ PXHVWUDQ OD JXtD GH FyPR FUHDU REMHWRV
FXDQGR VXV FUHDFLRQHV UHTXLHUHQ WRPDU GHFLVLRQHV (VWDV GHFLVLRQHV QRUPDOPHQWH VHUiQ
UHVXHOWDV GLQiPLFDPHQWH GHFLGLHQGR TXH FODVHV LQVWDQFLDU R VREUH TXH REMHWRV XQ REMHWR
GHOHJDUiUHVSRQVDELOLGDGHV
x 3DWURQHVGHSDUWLFLSDFLyQ(QODHWDSDGHDQiOLVLVVHH[DPLQDHOSUREOHPDSDUDLGHQWLILFDU
ORVDFWRUHVFDVRVGHXVRUHTXHULPLHQWRV\ODVUHODFLRQHVTXHFRQVWLWX\HQHOSUREOHPD/RV
SDWURQHVGHHVWDFDWHJRUtDSURYHHQODJXtDVREUHFRPRGLYLGLUDFWRUHVFRPSOHMRV\FDVRVGH
XVRHQP~OWLSOHVFODVHV
x 3DWURQHVHVWUXFWXUDOHV/RVSDWURQHVGHHVWDFDWHJRUtDGHVFULEHQODVIRUPDVFRPXQHVHQTXH
GLIHUHQWHVWLSRVGHREMHWRVSXHGHQVHURUJDQL]DGRVSDUDWUDEDMDUXQRVFRQRWURV
x 3DWURQHV GH FRPSRUWDPLHQWR /RV SDWURQHV GH HVWH WLSR VRQ XWLOL]DGRV SDUD RUJDQL]DU
PDQHMDU\FRPELQDUFRPSRUWDPLHQWRV
x 3DWURQHVGHFRQFXUUHQFLD/RVSDWURQHVGHHVWDFDWHJRUtDSHUPLWHQFRRUGLQDUODVRSHUDFLRQHV
FRQFXUUHQWHV 6H GLULJHQ SULQFLSDOPHQWH D GRV WLSRV GLIHUHQWHV GH SUREOHPDV 5HFXUVRV
FRPSDUWLGRV\6HFXHQFLDGHRSHUDFLRQHV VLODVRSHUDFLRQHVVRQSURWHJLGDVSDUDDFFHGHUD
XQUHFXUVRFRPSDUWLGRXQDFDGDYH]SRGUtDVHUQHFHVDULRJDUDQWL]DUTXHHOODVDFFHGHQDORV
UHFXUVRVFRPSDUWLGRVHQXQRUGHQSDUWLFXODU 

(QHOSUR\HFWRTXHQRVRFXSDVHKDQXWLOL]DGRSDWURQHVHVWRVVRQHOSDWUyQ3UR[\TXH
SHUWHQHFH D OD IDPLOLD GH SDWURQHV GH GLVHxR IXQGDPHQWDOHV \ HO SDWUyQ 2EVHUYDGRU TXH
SHUWHQHFH D ORV SDWURQHV GH FRPSRUWDPLHQWR $PERV VHUiQ FRPHQWDGRV HQ GHWDOOH D
FRQWLQXDFLyQ

 3DWUyQ2EVHUYDGRU
(O REMHWLYR GH HVWH SDWUyQ HV SHUPLWLU D ORV REMHWRV FDSWDU GLQiPLFDPHQWH ODV
GHSHQGHQFLDV HQWUH REMHWRV GH WDO IRUPD TXH XQ REMHWR QRWLILFDUi D ORV TXH GHSHQGHQ GH pO
FXDQGRFDPELDVXHVWDGRVLHQGRDFWXDOL]DGRVDXWRPiWLFDPHQWH(VWHSDWUyQVHXWLOL]DUiHQODV
VLJXLHQWHVVLWXDFLRQHV
x &XDQGR XQ VLVWHPD UHTXLHUH TXH XQRV HOHPHQWRV VHDQ FRQVFLHQWHV GH ORV FDPELRV
SURGXFLGRVHQRWURV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x &XDQGR OD GHSHQGHQFLD HQWUH LQVWDQFLDV VH SURGXFH GH IRUPD GLQiPLFD HQ WLHPSR GH
HMHFXFLyQ\QRVLHPSUH
x &XDQGRODGHSHQGHQFLDVHSURGXFHGHXQREMHWRKDFLDPXFKRV\XQVLVWHPDVLPSOHGH
HYHQWRVQRVLUYHSRUTXHVRORSHUPLWHQRWLILFDUDXQDVRODLQVWDQFLD
x (QRFDVLRQHVVHLPSOHPHQWDQVLVWHPDV GH HYHQWRV PHGLDQWHHVWH VLVWHPD SRU HMHPSOR
HQHO$3,GH-DYD GHIRUPD TXHORV REMHWRV TXH QRWLILFDQGH HYHQWRVLPSOHPHQWDQ OD
LQWHUID] ,2EVHUYDEOH \ ORV TXH UHFLEHQ ODV QRWLILFDFLRQHV GH HYHQWRV LPSOHPHQWDQ OD
LQWHUID],2EVHUYHU(VWRSHUPLWHTXHPXFKRVREMHWRVUHFLEDQHYHQWRVGHRWURREMHWRHQ
OXJDUGHORVVLVWHPDVGHHYHQWRVEiVLFRVTXHVRORSHUPLWHQQRWLILFDUDXQ~QLFRREMHWR

 (VWUXFWXUD
(O GLDJUDPD GH FODVHV TXH PXHVWUD OD RUJDQL]DFLyQ GH ODV FODVHV H LQWHUIDFHV TXH
SDUWLFLSDQHQHOSDWUyQ2EVHUYHUHVHOVLJXLHQWH

$ FRQWLQXDFLyQ VH PXHVWUDQ ODV GHVFULSFLRQHV GH ORV SDSHOHV TXH MXHJDQ ODV FODVHV H
LQWHUIDFHVHQODRUJDQL]DFLyQFLWDGDDQWHULRUPHQWH
,2EVHUYHU 8QD LQWHUID] HQ HVWH SDSHO GHILQH XQ PpWRGR QRUPDOPHQWH OODPDGR QRWLILFD R
DFWXDOL]D8QREMHWR2EVHUYDEOH OODPDDHVWHPpWRGRSDUDSURSRUFLRQDUXQDQRWLILFDFLyQGHTXH
VXHVWDGRKDFDPELDGRSDViQGROHORVDUJXPHQWRVDSURSLDGRV(QPXFKRVFDVRVXQDUHIHUHQFLD
DO REMHWR 2EVHUYDEOH HV XQR GH ORV DUJXPHQWRV TXH SHUPLWH DO PpWRGR FRQRFHU TXH REMHWR
SURSRUFLRQDODQRWLILFDFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

2EVHUYHU /DVLQVWDQFLDVGHFODVHVHQHVWHSDSHOLPSOHPHQWDQOD LQWHUID] ,2EVHUYHU \ UHFLEHQ


QRWLILFDFLRQHVGHFDPELRGHHVWDGRGHORVREMHWRV2EVHUYDEOH
,2EVHUYDEOH /RV REMHWRV 2EVHUYDEOH LPSOHPHQWDQ XQD LQWHUID] HQ HVWH SDSHO /D LQWHUID]
GHILQHGRVPpWRGRVTXHSHUPLWHQDORVREMHWRV2EVHUYHUUHJLVWUDUVH\GHVUHJLVWUDUVHSDUDUHFLELU
QRWLILFDFLRQHV
2EVHUYDEOH 8QDFODVHHQHVWHSDSHOLPSOHPHQWDODLQWHUID],2EVHUYDEOH 6XVLQVWDQFLDVVRQODV
UHVSRQVDEOHVGHPDQHMDUODLQVFULSFLyQGHREMHWRV,2EVHUYHUTXHTXLHUHQUHFLELUQRWLILFDFLRQHV
GHFDPELRVGHHVWDGR6XVLQVWDQFLDVVRQWDPELpQUHVSRQVDEOHVGHGLVWULEXLUODVQRWLILFDFLRQHV
/D FODVH 2EVHUYDEOH QR LPSOHPHQWD GLUHFWDPHQWH HVWDV UHVSRQVDELOLGDGHV (Q OXJDU GH HVR
GHOHJDHVWDVUHVSRQVDELOLGDGHVDXQREMHWR0XOWLFDVWHU
0XOWLFDVWHU 1RHVLPSUHVFLQGLEOH\DTXHVXVIXQFLRQHVODVSXHGHOOHYDUDFDERODSURSLDFODVH
2EVHUYDEOH SHUR GHOHJDU HO UHJLVWUR GH REVHUYHUV \ OD QRWLILFDFLyQ HQ XQD VROD FODVH SHUPLWH
UHXWLOL]DUIiFLOPHQWHHOPHFDQLVPR

8QDGHVFULSFLyQPiVGHWDOODGDGHODVLQWHUDFFLRQHVPRVWUDGDHQODILJXUDDQWHULRUHVODVLJXLHQWH
/RVREMHWRVTXHLPSOHPHQWDQXQDLQWHUID],2EVHUYHUVRQSDVDGRVDOPpWRGRDGG2EVHUYHUGH
XQREMHWR,2EVHYDEOH
(OREMHWR,2EVHUYDEOHGHOHJDODOODPDGDDDGG2EVHUYHUDVXREMHWRDVRFLDGR
0XOWLFDVWHU(VWHDxDGHHOREMHWR,2EVHUYDEOHDODFROHFFLyQGHREMHWRV ,2EVHUYHU TXH
pOPDQWLHQH
 (O REMHWR ,2EVHUYDEOH QHFHVLWD QRWLILFDU D RWURV REMHWRV TXH VRQ GHSHQGLHQWHV GH pO TXH VX
HVWDGR KD FDPELDGR (VWH REMHWR LQLFLDOL]D OD QRWLILFDFLyQ OODPDQGR DO PpWRGR QRWLI\ GH VX
REMHWRDVRFLDGR0XOWLFDVWHU
(OREMHWR0XOWLFDVWHUOODPDDOPpWRGRQRWLI\ GHFDGDXQRGHORVREMHWRV
,2EVHUYHUGHVXFROHFFLyQ

 ,PSOHPHQWDFLyQ
*HQHUDOPHQWHHOREMHWR2EVHUYDEOHDOQRWLILFDUDOREMHWR2EVHUYHUOHSDVDXQDUHIHUHQFLD
GH VL PLVPR FRPR SDUiPHWUR GHO PpWRGR QRWLI\ GH PDQHUD TXH HO REMHWR UHFHSWRU GH OD
QRWLILFDFLyQSXHGHDFFHGHUDORVDWULEXWRVGHOREMHWRTXHREVHUYD+D\TXHWHQHUHQFXHQWDTXH
XQ PLVPR REMHWR 2EVHUYHU SXHGH KDEHUVH UHJLVWUDGR FRPR REVHUYDGRU GH YDULRV REMHWRV
REVHUYDEOHV GH IRUPD TXH FXDQGR OH OOHJD OD QRWLILFDFLyQ QHFHVLWD VDEHU GH TXLHQ OH YLHQH
,QGHSHQGLHQWHPHQWHGHFRPRVHLPSOHPHQWHODVROXFLyQODIRUPDPiVSUiFWLFDVUHTXLHUHTXHOD
FODVH 2EVHUYHU FRQR]FD FRQFUHWDPHQWHODFODVH 2EVHUYDEOH R VH XWLOLFHQ LQWHUIDFHV HVSHFLILFDV
SDUDFDGDWLSRGHQRWLILFDFLyQVHJ~QODFODVHRULJHQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(QRFDVLRQHVFRQYLHQHUHGXFLUHOQ~PHURGHQRWLILFDFLRQHVVLPSOHPHQWHSRU TXHVHYDQ
D SURGXFLU PiV FDPELRV HQ HVWH FDVR VH HVSHUD D TXH VH SURGX]FDQ WRGRV ORV FDPELRV \ VH
UHWUDVDODQRWLILFDFLyQKDVWDTXHVHKDQFRPSOHWDGRWRGRV6HSXHGHLPSOHPHQWDUDxDGLHQGRGRV
PpWRGRVDODFODVH2EVHUYDEOHSDUDLQGLFDUHOFRPLHQ]RGHFDPELRV\HOILQDOGHORVPLVPRVGH
IRUPDTXHODVQRWLILFDFLRQHVHVWiQGHVDFWLYDGDVHQWUHWDQWR

 &RQVHFXHQFLDVGHVXXVR
(VWHSDWUyQSHUPLWHHQYLDUQRWLILFDFLRQHVGHVGHXQREMHWRDPXFKRVGHIRUPDGLQiPLFD
\ VLQ TXHODVFODVHV LPSOLFDGDVVHDQ FRQVFLHQWHV GH ODV FODVHV GHOUHVWR 8Q REMHWR REVHUYDEOH
SXHGHVHUDVXYHUREVHUYHUUHVSHFWRGHRWURV

(QRFDVLRQHVVHSXHGHQSURGXFLUFRQVHFXHQFLDVQRGHVHDEOHV&XDQGRH[LVWHQPXFKRV
REVHUYHUVUHJLVWUDGRVRFXDQGRVHSURGXFHQYDULDVQRWLILFDFLRQHVHQFDVFDGDVHSXHGHUDOHQWL]DU
QRWDEOHPHQWH HO HQYtR GH QRWLILFDFLRQHV 2WUR FDVR RFXUUH FXDQGR VH SURGXFHQ FLFORV GH
QRWLILFDFLRQHVGHIRUPDTXHODQRWLILFDFLyQGHXQFDPELRHQHOREMHWR2EVHUYDEOHSURGXFHGH
IRUPD LQGLUHFWD XQD FDGHQD GH QRWLILFDFLRQHV TXH YXHOYH D SURYRFDU XQ FDPELR HQ HO REMHWR
UHSURGXFLHQGRVHHOFLFOR RVLPSOHPHQWHHOREMHWRREVHUYDEOHHVWiGHIRUPDLQGLUHFWDGHQWURGH
XQFLFORGHREVHUYHUV(QDPERVFDVRVVHSURGXFHXQEXFOHLQILQLWRTXHWHUPLQDFXDQGRVHDJRWD
ODPHPRULD

(VWH SUREOHPD QR REVWDQWH QR HV LQKHUHQWH DO SDWUyQ 2EVHUYHU WDPELpQ VH SXHGH
SURGXFLUHQODQRWLILFDFLyQGHHYHQWRVQRUPDOHVHQFXDQWRVHSURGX]FDXQFLFORGHREMHWRVTXH
FDSWXUDQHYHQWRV\ORVODQ]DQDVXYH]8QDIRUPDWULYLDOGHHYLWDUHVWRFRQVLVWHHQXWLOL]DUXQ
IODJ TXH LQGLFD TXH VH HVWi SURFHVDQGR XQD QRWLILFDFLyQ GH IRUPD TXH HO REMHWR QR DFHSWDUi
QXHYDVQRWLILFDFLRQHVKDVWDTXHKD\DWHUPLQDGRFRQODDQWHULRUGHIRUPDTXHVHLQWHUUXPSHHO
FLFOR

 3DWURQHVUHODFLRQDGRV
2WURV SDWURQHV TXH VH SXHGHQ HVWXGLDU SR U HVWDU UHODFLRQDGRV FRQ HO SDWUyQ 2EVHUYHU
VRQ
x $GDSWHU (O SDWUyQ $GDSWHU SXHGH VHU XWLOL]DGR SDUD SHUPLWLU D ORV REMHWRV TXH QR
LPSOHPHQWHQ OD LQWHUID] UHTXHULGD SDUWLFLSDU HQ HO SDWUyQ 2EVHUYHU SDUD UHFLELU
QRWLILFDFLRQHV
x 'HOHJDWLRQ(OSDWUyQ2EVHUYHUXWLOL]DHOSDWUyQ'HOHJDWLRQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x 0HGLDWRU (O SDWUyQ 0HGLDWRU HV XWLOL]DGR DOJXQDV YHFHV SDUD FRRUGLQDU FDPELRV GH
HVWDGRLQLFLDOL]DGRVSRUP~OWLSOHVREMHWRVDXQREMHWR2EVHUYDEOH

 ,PSOHPHQWDFLyQHQODDSOLFDFLyQ*R\D
6H KD GHFLGLGR XWLOL]DU HO SDWUyQ SUR[\ HQ OD DSOLFDFLyQ SDUD SHUPLWLU D ORV REMHWRV
VHUYLGRUHV FDSWDU GLQiPLFDPHQWH ODV GHSHQGHQFLDV HQWUH REMHWRV FOLHQWHV GH WDO IRUPD TXH XQ
VHUYLGRU QRWLILFDUi D ORV TXH GHSHQGHQ GH pO FXDQGR FDPELD VX HVWDGR VLHQGR DFWXDOL]DGRV
DXWRPiWLFDPHQWH (O VHUYLFLR GH UHJLVWUR GH FOLHQWHV HQ HO VHUYLGRU VH GLVWLQJXLUi SRU ODV
VLJXLHQWHVYHQWDMDVTXHSUHVHQWDHOSDWUyQREVHUYDGRU

x (OVLVWHPDUHTXLHUHTXHORVFOLHQWHVVHDQFRQVFLHQWHVGHORVFDPELRVSURGXFLGRVHQORV
VHUYLGRUHV URERW 
x /D GHSHQGHQFLD HQWUH FOLHQWH \ VHUYLGRU VH SURGXFH GH IRUPD GLQiPLFD HQ WLHPSR GH
HMHFXFLyQ\QRVLHPSUH
x /DGHSHQGHQFLDVHSURGXFHGHXQVHUYLGRUKDFLDPXFKRVFOLHQWHV\XQVLVWHPDVLPSOHGH
HYHQWRVQRVLUYHSRUTXHVRORSHUPLWHQRWLILFDUDXQDVRODLQVWDQFLD

$FRQWLQXDFLyQVHHVSHFLILFDTXpFODVHVGHODDSOLFDFLyQGHVDUUROODGDFRLQFLGHQFRQHO
SDSHOGHODVFODVHVH[SOLFDGDVDQWHULRUPHQWH

/DV LQWHUIDFHV 0HFKDQLVP/LVWHQHU \ 7RRO/LVWHQHU GHO SDTXHWH /LVWHQHUV VRQ ODV


LQWHUIDFHV ,2EVHUYHU TXH VH FRPHQWR DQWHULRUPHQWH \D TXH FRQWLHQHQ YDULRV PpWRGRV SDUD
QRWLILFDU R DFWXDOL]DU OD LQIRUPDFLyQ GHO HVWDGR GHO URERW (VWD LQWHUID] OD LPSOHPHQWDUDQ ORV
FOLHQWHV TXH VRQ ODV LQVWDQFLDV TXH UHFLELUiQ ODV DFWXDOL]DFLRQHV GH FDPELR GH HVWDGR GH ORV
VHUYLGRUHVGHOURERWSRUHOORDORVFOLHQWHVVHOHVFRQRFHFRPRREVHUYDGRUHV 2EVHUYHU 

/RV VHUYLGRUHV HQ FDPELR LPSOHPHQWDQ ODV LQWHUIDFHV 0HFKDQLVP&WUO \ 7RRO&WUO TXH
GHILQHQORVPpWRGRVTXHSHUPLWHQDORVREMHWRV/LVWHQHUVUHJLVWUDUVH\GHVUHJLVWUDUVHSDUDUHFLELU
QRWLILFDFLRQHV 6LQ HPEDUJR ORV VHUYLGRUHV VRQ WDPELpQ UHVSRQVDEOHV GH GLVWULEXLU ODV
QRWLILFDFLRQHV D WRGRV ORV REVHUYDGRUHV UHJLVWUDGRV /LVWHQHUV  SHUR ODV FODVHV
0HFKDQLVP6HUYHU\7RRO6HUYHUQRLPSOHPHQWDQGLUHFWDPHQWHHVWDVUHVSRQVDELOLGDGHV(QOXJDU
GH HVR GHOHJD HVWDV UHVSRQVDELOLGDGHV D XQ REMHWR (YHQW&RQWURO \ 7LPHU&RQWURO UHDOL]DQ OD
IXQFLyQGH0XOWLFDVWHU 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

/DVFODVHV7LPHU&RQWURO\(YHQW&RQWUROQRVRQLPSUHVFLQGLEOHV\DTXHVXVIXQFLRQHV
ODV SXHGHQ OOHYDU D FDER ORV SURSLRV VHUYLGRUHV SHUR GHOHJDU HO UHJLVWUR GH REVHUYDGRUHV \ OD
QRWLILFDFLyQHQXQDFODVHSHUPLWHUHXWLOL]DUIiFLOPHQWHHOPHFDQLVPR

8QD GHVFULSFLyQ PiV GHWDOODGD GH ODV LQWHUDFFLRQHV HQWUH HVFXFKDGRUHV \ VHUYLGRUHV HV OD
VLJXLHQWH
™ /RV REMHWRV TXH LPSOHPHQWDQ ODV LQWHUIDFHV /LVWHQHU FOLHQWHV  VRQ SDVDGRV DO PpWRGR
DGG/LVWHQHUGHXQREMHWR&WUO VHUYLGRU 
¾ (OREMHWR&WUO VHUYLGRU DxDGHHOREMHWRFOLHQWHDODFROHFFLyQGHREMHWRV
/LVWHQHUTXHpOPDQWLHQH
™ (OVHUYLGRUQHFHVLWDQRWLILFDUD RWURV REMHWRV TXH VRQ GHSHQGLHQWHV GH pO TXHVX HVWDGR KD
FDPELDGR eVWH LQLFLDOL]D OD QRWLILFDFLyQ OODPDQGR DO PpWRGR XSGDWH QRWLI\  GH VX REMHWR
DVRFLDGR(YHQW&RQWUROR7LPHU&RQWUROHQFDGDFDVR HYHQWRVRWLHPSR 
¾ (OREMHWR(YHQW&RQWUROR7LPHU&RQWUROOODPDDOPpWRGRXSGDWH QRWLI\ GHFDGDXQRGH
ORVREMHWRV/LVWHQHUGHVXFROHFFLyQ

3RGHPRV FRPSUREDU TXH HVWH SDWUyQ SHUPLWH HQYLDU QRWLILFDFLRQHV GHVGH XQ REMHWR D
PXFKRVGHIRUPDGLQiPLFD\VLQTXHODVFODVHVLPSOLFDGDVVHDQFRQVFLHQWHV GH ODV FODVHV GHO
UHVWR3RUORTXHHOSDWUyQHVWDKHFKRDPHGLGDSDUDLPSOHPHQWDUVHHQHOVHUYLFLRGHUHJLVWURGH
FOLHQWHVHQXQVHUYLGRUGHODDSOLFDFLyQGHVDUUROODGD

1RWD(VWHSDWUyQWDPELpQVHXWLOL]DHQODDSOLFDFLyQ FXDQGR VH FUHD XQDLQVWDQFLD GH OD FODVH


7LPHU GH OD $3, GH -DYD HQ HO VHUYLGRU FXDQGR VH UHJLVWUD HO SULPHU FOLHQWH $O FUHDU XQD
LQVWDQFLDGHODFODVH7LPHUVHFUHDXQUHORMTXHQRWLILFDUDFDGDFLHUWRSHULRGRGHWLHPSRDXQD
FODVH TXH LPSOHPHQWH OD LQWHUID] $FWLRQ/LVWHQHU PHGLDQWH HO PpWRGR DFWLRQ3HUIRUPHG (O
SURFHVRVHFRPHQWDHQGHWDOOHHQHODSDUWDGRGH 6HUYLFLRGHUHJLVWURGHORVVHUYLGRUHVGHQWURGHO
FDStWXORGH$VSHFWRVFDUDFWHUtVWLFRVGHODLPSOHPHQWDFLyQ

 3DWUyQ3UR[\
(VWHSDWUyQ WDPELpQFRQRFLGRFRPR6XUURJDWHR9LUWXDO3UR[\ FRQVLVWHHQFRPXQLFDU
D ORV FOLHQWHV GH XQ FRPSRQHQWH D WUDYpV GH XQD HQWLGDG LQWHUPHGLD ,QWURGXFLU HVWD HQWLGDG
LQWHUPHGLDSXHGHVHUYLUSDUDPXFKDVFRVDVFRPRPHMRUDUODHILFLHQFLDGHOVLVWHPDIDFLOLWDUHO
DFFHVRRSURWHJHUXVRVQRDXWRUL]DGRVGHOVLVWHPD<HVTXHDPHQXGRQRHVORPHMRUHODFFHVR
GLUHFWRDXQFRPSRQHQWHSRUSDUWHGHORVFOLHQWHV/RVPRWLYRVSXHGHQVHUYDULDGRVHILFLHQFLD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

FRVWH VHJXULGDG WUDQVSDUHQFLD GH XELFDFLyQ LQWHUID] VLPSOH \ KRPRJpQHD SDUD WRGRV ORV
FRPSRQHQWHVTXHVHDFFHGHQHWF

(O SUR[\ HV XQ FRPSRQHQWH LQWHUPHGLR TXH QR Vy OR HV XQD LQWHUID] GH DFFHVR DO
FRPSRQHQWHVLQRTXHDGHPiVUHDOL]DXQSUH\XQSRVWSURFHVDPLHQWRGHOIOXMRGHLQIRUPDFLyQ
TXHSDVDDWUDYpVGHpO

8Q SRVLEOH HMHPSOR HV HO FDVR GH XQ VLVWHPD GH DFFHVR D XQD EDVH GH GDWRV GH XQD
FRPSDxtD /D PD\RUtD GH ORV DFFHVRV VRQ PX\ SDUHFLGRV 8QD IRUPD GH DEDUDWDU FRVWHV \ GH
EDMDU ORV WLHPSRV GH HVSHUD GHO VLVWHPD HV TXH KD\D XQ SUR[\ LQWHUPHGLR TXH KDJD GH FDFKH
LQWHUPHGLDGHORVGDWRVTXHVHYDQOH\HQGR(VWDVROXFLyQQRLPSOLFDFDPELDUODDSOLFDFLyQGH
JHVWLyQGHEDVHGHGDWRV\PHMRUDODVSUHVWDFLRQHVGHOVLVWHPD

 ,PSOHPHQWDFLyQ
/RVSDVRVSDUDODLPSOHPHQWDFLyQGHOSDWUyQ3UR[\VRQPX\VHQFLOORV(QHOSULPHURGH
HOORV VH KD GH LGHQWLILFDU ODV UHVSRQVDELOLGDGHV SDUD JHVWLRQDU HO DFFHVR D XQ FRPSRQHQWH
DVLJQDQGR WRGDV HVWDV UHVSRQVDELOLGDGHV DO SUR[\ 6HJXLGDPHQWH VL HV SRVLEOH VH LQWURGXFLUi
XQDFODVHDEVWUDFWDGHODTXHKHUHGHQHOSUR[\\HORULJLQDO\TXHFRQWHQGUiODVSDUWHVFRPXQHV
D DPEDV FODVHV 6L ODV LQWHUIDFHV GH DFFHVR DO SUR[\ \ DO FRPSRQHQWH VRQ GLIHUHQWHV SXHGH
LQWURGXFLUVHXQDGDSWDGRUSDUDKDFHUODVFRPSDWLEOHV

(OVLJXLHQWHSDVRVHUiLPSOHPHQWDUODVIXQFLRQHVGHOSUR[\HOLPLQDUGHORVFOLHQWHV\GH
ORVRULJLQDOHVWRGRORTXHVHKD\DPHWLGRHQHOSUR[\\WDPELpQDVRFLDUDOSUR[\FRQHORULJLQDO
PHGLDQWH DOJ~Q PHFDQLVPR (O PHFDQLVPR SXHGH VHU XQ SXQWHUR XQD UHIHUHQFLD XQ
LGHQWLILFDGRUXQSXHUWRHWF

(O~OWLPRSDVRGHWRGRVVHUiHOLPLQDUHQORVFOLHQWHVWRGDVODVUHIHUHQFLDVDORULJLQDOTXH
H[LVWDQ\VXVWLWXLUODVSRUUHIHUHQFLDVDOSUR[\


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 (VWUXFWXUD

 &RPSRQHQWHV
&OLHQWH/DDSOLFDFLyQXWLOL]DHOLQWHUID]GHODFODVHSUR[\SDUDKDFHUXVRGHODFODVHRULJLQDO

3UR[\ 2IUHFH XQ LQWHUID] HTXLYDOHQWH DO GH OD FODVH 2ULJLQDO SXGLHQGR GHULYDU GH XQD FODVH
FRP~Q 3XHGH UHDOL]DU XQ SUHSURFHVDPLHQWR \ XQ SRVWSURFHVDPLHQWR VREUH ORV VHUYLFLRV
RIUHFLGRV SRU OD FODVH RULJLQDO HVWH SURFHVDPLHQWR DGLFLRQDO SXHGH WHQHU ORV REMHWLYRV GH
WUDQVIRUPDU LQIRPDFLyQ SDUDPHWURV GH OODPDGD \ UHVXOWDGRV  FRQWURO GH DFFHVR WDUHDV GH
FRQH[LyQUHPRWDUHWUDVRHQODLQVWDQFLDFLyQGHVWUXFFLyQGHLQVWDQFLDV\FDFKp

2ULJLQDO (V OD FODVH TXH LPSOHPHQWD ORV VHUYLFLRV RIUHFLGRV SXHGH VHU XQD LQVWDQFLD ORFDO R
UHPRWD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 'LDJUDPD

 $SOLFDFLRQHV
(QWUH ODV DSOLFDFLRQHV HQFRQWUDGDV GRQGH XVDU HVWH SDWUyQ GHVWDFD HO OODPDGR ³3UR[\
5HPRWR´TXHVHGDFXDQGRHOREMHWRHVWiHQXQVLVWHPDUHPRWR\RFXOWDGHWDOOHVGHDFFHVRDOD
UHG2WUDVDSOLFDFLRQHVVRQHO³3UR[\9LUWXDO´\³3UR[\GHSURFWHFFLyQ´HOSULPHURGHHOORVVH
XWLOL]DHQHOFDVRHQTXHVHWHQJDTXHUHWUDVDUODFUHDFLyQGHREMHWRVKDVWDTXHVHDQQHFHVDULRV
DVt VH FDUJDUi VyOR OD SDUWH GH FRPSRQHQWH UHPRWR TXH VH QHFHVLWD DKRUUDQGR GH HVWH PRGR
UHFXUVRV(O3UR[\GH3URWHFFLyQVHDSOLFDSDUDFRQWURODUHODFFHVRDXQREMHWRSURWHJLpQGROR
IUHQWHDDFFHVRVQRDXWRUL]DGRVGHVGHHOH[WHULRU

$XQTXHHVDVDSOLFDFLRQHVVRQODVPiVLPSRUWDQWHVHOSDWUyQSUR[\WDPELpQVHDSOLFD
FRPR ³3UR[\ GH 6LQFURQL]DFLyQ´ SDUD JHVWLRQDU DFFHVRV GH P~OWLSOHV FOLHQWHV D XQ UHFXUVR R
FRPSRQHQWH R FRPR ³3UR[\ FRQWDGRU´ PHGLDQWH HO FXDO VH UHDOL]DUtDQ HVWDGtVWLFDV GH XVR
HYLWDQGRWDPELpQERUUDGRVDFFLGHQWDOHV

2WUR XVR DXQTXH XQ SRFR PiV FRPSOHMR VH GD HQ ODV UHIHUHQFLDV LQWHOLJHQWHV XVDGDV
SDUD OD JHVWLyQ \ PDQWHQLPLHQWR GHO DFFHVR D XQ REMHWR UHDO SHUPLWLHQGR FRQWDELOL]DU VX
XWLOL]DFLyQGHFDUDDJHVWLRQDUVXVUHFXUVRVHLQFOXVRGHVWUXLUORFXDQGR\DQRVHQHFHVLWD

 &RQVHFXHQFLDVGHVXXVR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

$OXVDUHOSDWUyQSUR[\HQQXHVWURGLVHxRDSRUWDDOJXQDVYHQWDMDVHLQFRQYHQLHQWHV(Q
FXDQWRDODVYHQWDMDVGHVWDFDQTXHVHSXHGHPHMRUDDOFRQWURODUODLQVWDQFLDFLyQGHUHFXUVRV\DO
KDFHUGHFDFKpORVFOLHQWHV\DQRVHSUHRFXSDUiQGHODXELFDFLyQGHORVFRPSRQHQWHVHOFyGLJR
GHFRQWUROHVWDUiVHSDUDGRGHODIXQFLRQDOLGDGGHOFOLHQWH\HODXPHQWRGHODVHJXULGDG
(QWUHORVLQFRQYHQLHQWHVHQFRQWUDPRVTXHODHILFLHQFLDWDPELpQGLVPLQXLUiDOH[LVWLUXQ
QLYHOPiVGHLQGLUHFFLyQ\DGHPiVVLHOSUR[\HVPX\FRPSOLFDGRSXHGHVREUHFDUJDUHOVLVWHPD
LQQHFHVDULDPHQWH

 ,PSOHPHQWDFLyQHQODDSOLFDFLyQ*R\D
(VWH SDWUyQ VH KD LPSOHPHQWDGR HQ OD DSOLFDFLyQ SRU GRV YHFHV GH IRUPD TXH VH KD
UHDOL]DGRHQHOH[WUHPRGHOFOLHQWH\HQHOH[WUHPRGHOVHUYLGRU(QHVWHFDVRHOSDWUyQSUR[\
GHO H[WUHPR GHO FOLHQWH FRQVLVWH HQ FRPXQLFDUVH FRQ ORV VHUYLGRUHV D WUDYpV GH XQD HQWLGDG
LQWHUPHGLD OODPDGD SUR[\ PLHQWUDV TXH HQ HO H[WUHPR GHO VHUYLGRU HO SDWUyQ FRQVLVWH HQ
FRPXQLFDUVHFRQORVFOLHQWHVDWUDYpVGHXQDHQWLGDGLQWHUPHGLDOODPDGDVWXE

(O PRWLYR SRU HO TXH VH KD LPSOHPHQWDGR HVWH SDWUyQ HV SDUD FRQVHJXLU XQD
WUDQVSDUHQFLD GH XELFDFLyQ GH FOLHQWHV \ VHUYLGRUHV \ XWLOL]DU XQDV LQWHUIDFHV VLPSOHV \
KRPRJpQHDVSDUDWRGRVORVFRPSRQHQWHVTXHVHDFFHGHQ

$FRQWLQXDFLyQVHYDDFRPHQWDUHQGHWDOOHORVSDVRVSDUDODLPSOHPHQWDFLyQGHOSDWUyQ
SUR[\ HQ HO H[WUHPR GHO FOLHQWH TXHGDQGR WDPELpQ H[SOLFDGR HO SDWUyQ HQ HO H[WUHPR GHO
VHUYLGRU\DTXHVRQPX\VLPLODUHV/DGLIHUHQFLDUDGLFDHQTXHHOSUR[\VLWXDGRHQHOH[WUHPR
GHOFOLHQWHDFWXDFRPRUHSUHVHQWDQWHGHOVHUYLGRURFXOWDQGRDOFOLHQWHODORFDOL]DFLyQGHOPLVPR
0LHQWUDVTXHHOSUR[\GHOH[WUHPRGHOVHUYLGRU VWXE DFW~DFRPRXQUHSUHVHQWDQWHGHXQFOLHQWH
RFXOWDQGRDOVHUYLGRUODGLVWULEXFLyQGHWRGRVORVSRVLEOHVFOLHQWHVH[LVWHQWHVHQHOVLVWHPD

/RV SDVRV SDUD OD LPSOHPHQWDFLyQ GHO SUR[\ HQ OD DSOLFDFLyQ HQ FX HVWLyQ VRQ PX\
VHQFLOORV (Q HO SULPHUR GH HOORV VH KD GH LGHQWLILFDU ODV UHVSRQVDELOLGDGHV SDUD JHVWLRQDU HO
DFFHVR DO VHUYLGRU DVLJQDQGR WRGDV HVWDV UHVSRQVDELOLGDGHV DO SUR[\ 6HJXLGDPHQWH VH
LQWURGXFLUiXQDLQWHUID]GHODTXHKHUHGHQHOSUR[\\HOVHUYLGRU RULJLQDO \TXHFRQWHQGUiODV
SDUWHVFRPXQHVDDPEDVFODVHV HVWDVLQWHUIDFHVVRQODVGHILQLGDVHQHOSDTXHWH&RQWUROV 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(OVLJXLHQWHSDVRVHUiLPSOHPHQWDUODVIXQFLRQHVGHOSUR[\HOLPLQDUGHORVFOLHQWHV\GH
ORVRULJLQDOHVWRGRORTXHVHKD\DPHWLGRHQHOSUR[\\WDPELpQDVRFLDUDOSUR[\FRQHOVHUYLGRU
PHGLDQWH ORV HQODFHV GH FRPXQLFDFLRQHV FRUUHVSRQGLHQWHV YpDVH DSDUWDGR GH $VSHFWRV
FDUDFWHUtVWLFRVGHODLPSOHPHQWDFLyQ 

(O~OWLPRSDVRGHWRGRVVHUiHOLPLQDUHQORVFOLHQWHVWRGDVODVU HIHUHQFLDVDOVHUYLGRUTXH
H[LVWDQ \ VXVWLWXLUODV SRU UHIHUHQFLDV DO SUR[\ 7RGR HOOR VH UHDOL]DUi PHGLDQWH LQWHUIDFHV GH
IRUPDTXHHOFOLHQWHVRORFRQRFHXQREMHWRFXDOTXLHUDTXHLPSOHPHQWHODVLQWHUIDFHV&RQWUROV
SHURQRFRQRFHODLPSOHPHQWDFLyQGHODPLVPD QRVDEHVLODLQVWDQFLDHVUHDOPHQWHXQDFODVH
VHUYLGRURSUR[\ 

)LQDOPHQWHHVLPSRUWDQWHFRPHQWDUTXHHOSUR[\GHOH[WUHPRGHOVHUYLGRU VWXE GHEH


LPSOHPHQWDUODVLQWHUIDFHV/LVWHQHUV\8SGDWHUV\DTXHDFW~DFRPRUHSUHVHQWDQWHGHOFOLHQWH\
ORVFOLHQWHVLPSOHPHQWDQHVWDVLQWHUIDFHVSDUDTXHHOVHUYLGRUSXHGDFRPXQLFDUVHFRQHOORV

/RVFRPSRQHQWHVTXHIRUPDUtDQHVWHSDWUyQHQODDSOLFDFLyQVHUtDQORVVLJXLHQWHV

x &OLHQWH FODVH&OLHQW 
(OFOLHQWHXWLOL]DHOLQWHUID]GHODFODVHSUR[\SDUDKDFHUXVRGHODFODVHRULJLQDO VHUYLGRUHV 

x 3UR[\ FODVHV0HFKDQLVP3UR[\7RRO3UR[\\0LVVLRQ3UR[\ 
2IUHFH XQDV LQWHUIDFHV HTXLYDOHQWHV DO GH ORV VHUYLGRUHV LQWHUIDFHV &RQWUROV GH WLSR
0HFKDQLVP 7RRO \ 0LVLyQ  5HDOL]D XQ SUHSURFHVDPLHQWR \ XQ SRVWSURFHVDPLHQWR VREUH ORV
VHUYLFLRV RIUHFLGRV SRU ORV VHUYLGRUHV HVWH SURFHVDPLHQWR DGLFLRQDO WLHQH ORV REMHWLYRV GH
WUDQVIRUPDULQIRUPDFLyQ SDUiPHWURVGHOODPDGD\UHVXOWDGRV \WDUHDVGHFRQH[LyQUHPRWD

x 6HUYLGRU FODVHV0HFKDQLVP6HUYHU7RRO6HUYHU\0LVVLRQ6HUYHU 
(VODFODVHTXHLPSOHPHQWDORVVHUYLFLRVRIUHFLGRVHVXQDLQVWDQFLDUHPRWD

5HVXPLHQGRHOSDWUyQGLVHxDGRHQODDSOLFDFLyQHVFRQRFLGRFRQFUHWDPHQWHFRPROODPDGR
³3UR[\ 5HPRWR´ TXH VH GD FXDQGR HO REMHWR HVWi HQ XQ VLVWHPD UHPRWR \ RFXOWD GHWDOOHV GH
DFFHVRDODUHG


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 80/ /HQJXDMHGH0RGHODGR8QLILFDGR 

 2UtJHQHV
'XUDQWH PXFKRV DxRV HQ OD LQGXVWULD GHO VRIWZDUH VH KD KDEODGR GH OD ³FULVLV GHO
VRIWZDUH´GDGRTXHORVSUR\HFWRVGHVRIWZDUHQRFXPSOtDQFRQORVUHTXLVLWRV\QHFHVLGDGHVGH
ORVXVXDULRV\DGHPiVVHH[FHGtDQORVFRVWRV\HVWLPDFLRQHVGHWLHPSR

0HGLDQWHHOXVRGHQXHYDVWpFQLFDVGHHVWD~OWLPDGpFDGDGHORVQRYHQWDWDOHVFRPROD
RULHQWDFLyQ D REMHWRV ORV OHQJXDMHV YLVXDOHV \ HQWRUQRV GH GHVDUUROOR DYDQ]DGRV VH KD
FRQVHJXLGR LQFUHPHQWDU OD SURGXFWLYLGDG SHUR ORV SULQFLSDOHV SUREOHPDV GHO GHVDUUROOR GH
VRIWZDUH VH VXHOHQ GHEHU D TXH PXFKRV SUR\HFWRV HPSLH]DQ SURQWR FRQ OD FRGLILFDFLyQ \
GHVWLQDQGHPDVLDGRHVIXHU]RHQHOORDSUHPLDGRVSRUODVSULVDVGHHQWUHJDUHOSURGXFWRDFDEDGR
OR DQWHV SRVLEOH DO FOLHQWH 7DPELpQ VH GHEH D TXH ORV SURJUDPDGRUHV VH VLHQWHQ PXFKR PiV
VHJXURV FRQ VXV OtQHDV GH FyGLJR TXH FRQVWUX\HQGR PRGHORV DEVWUDFWRV GHO VLVWHPD TXH HVWiQ
FUHDQGR\DTXHORVGLUHFWRUHVGHSUR\HFWRGHVFRQRFHQHOSURFHVRGHGHVDUUROORGHVRIWZDUH\VH
YXHOYHQDQVLRVRVSRUTXHVXHTXLSRQRSURGXFHFyGLJR

+DEtD TXH FXHVWLRQDUODFDOLGDG GH PXFKRV GH ODV SULPHUDV PHWRGRORJtDV RULHQWDGDV D
REMHWRV GDGR TXH IXHURQ SHQVDGDV SULQFLSDOPHQWH SDUD SHTXHxRV VLVWHPDV FRQ IXQFLRQDOLGDG
OLPLWDGD \ SRU HOOR QR WHQtDQ OD FDSDFLGDG GH HVFDODU D VLVWHPDV GH PD\RUHV GLPHQVLRQHV
$GHPiV OD IDOWD GH XQD QRWDFLyQ ELHQ GHILQLGD VREUH ODV FXDOHV YDULDV PHWRGRORJtDV \
KHUUDPLHQWDVSXHGDQFRLQFLGLUKDPDQWHQLGRFRQIXQGLGRVDORVGHVDUUROODGRUHV\KDKHFKRTXH
VHDPiVGLItFLODSUHQGHUDXWLOL]DUXQDPHWRGRORJtDFRUUHFWDPHQWH

$FWXDOPHQWHODFRQVWUXFFLyQGHPRGHORVGHORVVLVWHPDVDQWHVGHLPSOHPHQWDUORVVHKD
FRQYHUWLGRHQXQDSUiFWLFDDFHSWDGDSRUODFRPXQLGDGGHODLQJHQLHUtDGHOVRIWZDUHGDGRTXHORV
VLVWHPDVVHHVWiQYROYLHQGRFDGDYH]PiVJUDQGHV\GLVWULEXLGRVHQYDULRVRUGHQDGRUHVPHGLDQWH
DUTXLWHFWXUDVFOLHQWHVHUYLGRU\HOPRGHODGR\ODSURJUDPDFLyQHVWiQDOWDPHQWHLQWHJUDGRV

 8QSRFRGHKLVWRULD
*UDG\ %RRFK \ -DPHV 5XPEDXJK FRPHQ]DURQ ORV WUDEDMRV GH 80/ HQ  FRQ HO
REMHWLYR GH FUHDU XQ QXHYR PpWRGR ³0pWRGR 8QLILFDGR´ TXH XQLHUD HO GH %RRFK FRQ HO GH
207 GHO FXDO 5XPEDXJK HUD OtGHU GHO GHVDUUROOR (Q  VH OHV XQLy ,YDU -DFREVRQ
UHVSRQVDEOH GH 226( \ 2EMHFWRU\ (Q HVWH PRPHQWR ORV IXWXURV GHVDUUROODGRUHV GH 80/


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

UHPDUFDURQ TXH VX WUDEDMR HVWDED GHVWLQDGR D FUHDU XQ OHQJXDMH GH PRGHODGR HVWiQGDU \
UHEDXWL]DURQ VX WUDEDMR FRPR ³8QLILHG 0RGHOLQJ /DQJXDJH R /HQJXDMH GH 0RGHODGR
8QLILFDGR´

%RRFK5XPEDXJK\-DFREVRQHQWUHJDURQDODFRPXQLGDGGHRULHQWDFLyQDREMHWRVXQD
VHULH GH YHUVLRQHV SUHOLPLQDUHV GH 80/ /D UHWURDOLPHQWDFLyQ OHV GLR XQD VHULH GH LGHDV \
VXJHUHQFLDVDLQFRUSRUDUSDUDPHMRUDUHOOHQJXDMH\DVtDSDUHFLyODYHUVLyQGH80/HQ(QHUR
GH  'XUDQWH  XQ Q~PHUR GH HPSUHVDV VH XQLy D 5DWLRQDO OD HPSUHVD GH %RRFK
5XPEDXJK \ -DFREVRQ  SDUD IRUPDU HO FRQVRUFLR GH 80/ 3DUWQHUV (VDV RUJDQL]DFLRQHV
DGDSWDURQ80/FRPRHVWUDWHJLDSDUDVXVSURSLRVQHJRFLRV\HVWDEDQDQVLRVRVSRUFRQWULEXLUDOD
GHILQLFLyQGH 80/7RGDV HVWDVHPSUHVDVDXVSLFLDURQ OD SURSXHVWD GH DGRSWDU 80/ FRPR HO
OHQJXDMHGHPRGHODGRHVWiQGDUGHO2EMHFW0DQDJHPHQW*URXS 20* 

&XDQGRHO20*KL]RXQDFRQYRFDWRULDSDUDHOHJLUXQOHQJXDMHGHPRGHODGRHVWiQGDU
ORV GHVDUUROODGRUHV GH 80/ VRVWXYLHURQ TXH pVWH ELHQ SRGUtD VHU DFHSWDGR FRPR WDO OR FXDO
RULJLQyXQDPD\RUGHPDQGDEDVDGDHQXQDGHILQLFLyQPiVSUHFLVDGH80/\PHMRUyODFDOLGDG
GHOOHQJXDMH)LQDOPHQWHIXHDFHSWDGDODSURSXHVWD\VHHVWDQGDUL]yIRUPDOPHQWHORFXDOHVXQ
SDVRPX\LPSRUWDQWHSDUDPXFKDVLQGXVWULDVSRUUD]RQHV\DFRQRFLGDVSRUWRGRV

$FWXDOPHQWH80/HVWiOODPDGRDVHUHOOHQJXDMHGHPRGHODGRGRPLQDQWHXWLOL]DGRSRU
OD LQGXVWULD 7LHQH XQ DPSOLR UDQJR GH XVR HVWi FRQVWUXLGR HQ EDVH D WpFQLFDV SDUD PRGHODU
VLVWHPDVELHQGHILQLGDV\SUREDGDV\FXHQWDFRQHOUHVSDOGRGHODFRPXQLGDGGHOVRIWZDUHSDUD
HVWDEOHFHU XQ HVWiQGDU HQ WRGR HO PXQGR 80/ WDPELpQ HVWi PX\ ELHQ GRFXPHQWDGR FRQ
PHWDPRGHORVGHOOHQJXDMH\FRQXQDHVSHFLILFDFLyQIRUPDOGHODVHPiQWLFDGHOOHQJXDMHDGHPiV
GHHVWDUVRSRUWDGRVODPD\RUtDGHVXVPRGHORVFRQXQDKHUUDPLHQWD&$6(GLVSRQLEOHHQYHUVLyQ
HYDOXDFLyQHQKWWSZZZUDWLRQDOFRPXPO 

 ¢4XpHV80/"
80/HVXQOHQJXDMHSDUDHVSHFLILFDUYLVXDOL]DUFRQVWUXLU\GRFXPHQWDUHOGHVDUUROORGH
VLVWHPDV VRIWZDUH DVt FRPR SDUD HO PRGHODGR GH QHJRFLRV \ RWURV VLVWHPDV TXH QR VRQ GH
VRIWZDUH80/UHSUHVHQWDXQDFROHFFLyQGHODVPHMRUHVSUiFWLFDVGHLQJHQLHUtDTXHKDQSUREDGR
WHQHU p[LWR HQ HO PRGHODGR GH VLVWHPDV JUDQGHV \ FRPSOHMRV 6LQ HPEDUJR FRPR \D VH
DGHODQWDED 80/ QR GD XQD PHWRGRORJtD GH GHVDUUROOR 6yOR GHILQH XQRV GLDJUDPDV HV XQ
OHQJXDMHGHPRGHODGRFRPRVXSURSLRQRPEUHLQGLFD FDGDXQRGHHOORVPiVRPHQRV~WLOSDUD
GHWHUPLQDGDVWDUHDV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 0HWDVGH80/
/DVSULQFLSDOHVPHWDVDOGLVHxDU80/IXHURQ
3URYHHUDORVXVXDULRVGHXQOHQJXDMHGHPRGHODGRYLVXDOH[SUHVLYR\OLVWRSDUDXVDUTXHOHV
SHUPLWDLQWHUFDPELDUPRGHORVFRKHUHQWHV
3URYHHUPHFDQLVPRVGHH[WHQVLELOLGDG\HVSHFLDOL]DFLyQSDUDH[WHQGHUORVFRQFHSWRVEiVLFRV
6HULQGHSHQGLHQWHGHFXDOTXLHUOHQJXDMHGHSURJUDPDFLyQRSURFHVRGHGHVDUUROOR
3URYHHUEDVHVIRUPDOHVSDUDHOHQWHQGLPLHQWRGHOOHQJXDMHGHPRGHODGR
(VWLPXODUHOFUHFLPLHQWRGHOPHUFDGRGHKHUUDPLHQWDVRULHQWDGDVDREMHWRV
 'DU VRSRUWH D FRQFHSWRV GH GHVDUUROOR GH DOWR QLYHO FRPR SDWURQHV FRODERUDFLRQHV
FRPSRQHQWHV\IUDPHZRUNV
,QWHJUDUODVPHMRUHVSUiFWLFDV

/RVPRGHORVVHH[SUHVDQHQXQOHQJXDMHGHPRGHODGRHOFXDOFRQVLVWHHQXQFRQMXQWRGH
VtPERORV\GHUHJODVVLQWiFWLFDVVHPiQWLFDVRSUDJPiWLFDVTXHLQGLFDQFyPRXVDUOR/DVLQWD[LV
LQGLFD FyPR GHEHQ YHUVH ORV VtPERORV \ FyPR VH FRPELQDQ HQ HO OHQJXDMH GH PRGHODGR /DV
UHJODV VHPiQWLFDV QRV LQGLFDQ TXp VLJQLILFD FDGD VtPEROR \ FyPR GHEH LQWHUSUHWDUVH HQ HO
FRQWH[WRHQHOTXHHVWiLQPHUVR/DVUHJODVSUDJPiWLFDVGHILQHQODVLQWHQFLRQHVGHORVVtPERORV
PHGLDQWH ORV FXDOHV VH DOFDQ]D HO SURSyVLWR GH PRGHODGR \ VH YXHOYH HQWHQGLEOH SDUD ORV
XVXDULRV

3DUD XVDU FRUUHFWDPHQWH XQ OHQJXDMH GH PRGHODGR HV QHFHVDULR FRQRFHU WRGDV HVWDV
UHJODV SHUR DXQTXH HO OHQJXDMH HVWp ELHQ GHILQLGR QR SXHGHQ JDUDQWL]DUVH ORV PRGHORV TXH VH
FRQVWUX\DQFRQpODOLJXDOTXHDOHVFULELUXQDKLVWRULDHQHOOHQJXDMHQDWXUDOQROOHYDDODXWRUGH
ODPLVPDDHVFULELUXQDEXHQDKLVWRULD

 9LVWDVGHXQVLVWHPD
/DGHVFULSFLyQGHORVVLVWHPDVVHUHDOL]DHQ80/DWUDYpVGH9LVWDVODVFXDOHVDVXYH]
HVWiQ LQWHJUDGDV SRU 'LDJUDPDV (VWD HVWUDWHJLD SDUWH GHO KHFKR GH TXH XQ VROR GLDJUDPD QR
SXHGHH[SUHVDUWRGDODLQIRUPDFLyQTXHVHUHTXLHUHSDUDGHVFULELUXQVLVWHPD6tVHKDFHXQVtPLO
FRQ XQD HGLILFDFLyQ QR HV SRVLEOH HODERUDU XQ SODQR TXH FRQWHQJD WRGRV ORV GHWDOOHV GH VX
FRQVWUXFFLyQHQOXJDUGHHOORVHGLEXMDQSODQRVTXHSUHVHQWDQGLIHUHQWHVDVSHFWRVGHOHGLILFLR
HVWUXFWXUD LQVWDODFLRQHV HOpFWULFDV LQVWDODFLRQHV KLGUiXOLFDV GLVHxR H[WHULRU HWF $Vt SXHV HV
QHFHVDULR XWLOL]DU FRQMXQWRV VHSDUDGRV GH GLDJUDPDV ODV YLVWDV SDUD UHSUHVHQWDU SUR\HFFLRQHV
GHOVLVWHPDUHODFLRQDGDVFRQDVSHFWRVSDUWLFXODUHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

/DILJXUDGHODSDUWHLQIHULRUPXHVWUDODVG LIHUHQWHVYLVWDVFRQVLGHUDGDVHQ80/ DHVWDV


YLVWDVVHODVFRQRFHQWDPELpQFRPR³ODVYLVWDVGH.UXFKWHQ´ 

 9LVWDGH&DVRVGH8VR
(OGHWDOOHGHUHSUHVHQWDUOD9LVWDGH&DVRVGH8VRHQHOFHQWURGHWRGDVODVILJXUDVQRHV
XQDFDVXDOLGDG \D TXHHVWD YLVWD KDFH HO SDSHOGH HQODFH VLHQGR HO KLORFRQGXFWRU GHWRGRHO
SURFHVRGHGHVDUUROOR(VOD~QLFDYLVWDTXHQRGHVFULEHDVSHFWRVGHODFRQVWUXFFLyQGHOVLVWHPD
VLQRGHVXFRPSRUWDPLHQWR/D9LVWDGH&DVRVGHXVRPXHVWUDODIXQFLRQDOLGDGGHOVLVWHPDWDO
FRPRHVSHUFLELGDSRUDFWRUHVH[WHUQRV

/D 9LVWD GH &DVRV GH 8VR HV XWLOL]DGD SRU WRGRV ORV SDUWLFLSDQWHV HQ HO SURFHVR GH
GHVDUUROOR ORV FOLHQWHV SXHV D WUDYpV GH HOOD VH GHILQHQ \ H[SUHVDQ ORV UHTXHULPLHQWRV GHO
VLVWHPD \ ORV HTXLSRV GH GLVHxR GHVDUUROOR \ SUXHEDV  TXH FRQGXFHQ WRGR HO SURFHVR GH
GHVDUUROOR\YHULILFDFLyQ(VWDYLVWDXWLOL]DSULQFLSDOPHQWHORVGLDJUDPDVGH&DVRVGH8VR

 9LVWD/yJLFD
0XHVWUD HO GLVHxR GH OD IXQFLRQDOLGDG GHO VLVWHPD HQ VXV GRV DVSHFWRV HVHQFLDOHV VX
HVWUXFWXUD ORVFRPSRQHQWHVTXHORLQWHJUDQ \VXFRPSRUWDPLHQWR GLQiPLFDGHLQWHUDFFLyQGH
GLFKRVFRPSRQHQWHV 

(VWD YLVWD HV XWLOL]DGD IXQGDPHQWDOPHQWH SRU ORV HTXLSRV GH GLVHxR \ GHVDUUROOR \
FRQVWDGHORVVLJXLHQWHVGLDJUDPDV
x 3DUDODGHVFULSFLyQGHHVWUXFWXUD
R 'LDJUDPDVGH&ODVHV\GH2EMHWRV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x 3DUDODGHVFULSFLyQGHOFRPSRUWDPLHQWR
R 'LDJUDPDVGH(VWDGR6HFXHQFLD&RODERUDFLyQ\$FWLYLGDG

 9LVWDGH&RPSRQHQWHV
80/QRVHOLPLWDDRIUHFHUXQDQRWDFLyQSDUDUHSUHVHQWDUORVPRGHORVREWHQLGRVHQHO
SURFHVRGHGHVDUUROORGHORVSURJUDPDVTXHDOILQ\DOFDERFRQVWLWX\HQXQDDEVWUDFFLyQGHORV
PLVPRVVLQRTXHWDPELpQRIUHFHHOHPHQWRVSDUDUHSUHVHQWDUODVHQWLGDGHVTXHVRQHOUHVXOWDGR
GHWRGRHOWUDEDMRGHGHVDUUROORORVDUFKLYRV

0HGLDQWH OD 9LVWD GH &RPSRQHQWHV VH PXHVWUD OD RUJDQL]DFLyQ GHO FyGLJR \ DUFKLYRV
TXHKDFHQSDUWHGHOVLVWHPDWDQWRORVTXHKDQVLGRGHVDUUROODGRV SURJUDPDVIXHQWHHMHFXWDEOHV
HWF  FRPR ORV TXH KDQ VLGR REWHQLGRV ELEOLRWHFDV GH IXQFLRQHV R GH VHUYLFLRV FRPSRQHQWHV
UHXWLOL]DGRV HWF  DGHPiV PXHVWUD WDPELpQ ODV UHODFLRQHV GH GHSHQGHQFLD TXH H[LVWHQ HQWUH
HOORV(VXWLOL]DGRSRUHOJUXSRGHGHVDUUROOR\FRQVLVWHHQHO'LDJUDPDGH&RPSRQHQWHV

 9LVWDGH,PSODQWDFLyQ
0XHVWUD OD LPSODQWDFLyQ GHO VLVWHPD HQ OD DUTXLWHFWX UD ItVLFD LQGLFDQGR GyQGH VH
ORFDOL]DQ ORV HMHFXWDEOHV GHO VLVWHPD \ FyPR VH FRPXQLFDQ HQWUH VL 3DUD HOOR VH XWLOL]D XQD
GHVFULSFLyQ GH ORV QRGRV GHO VLVWHPD TXH VRQ ORV FRPSXWDGRUHV GRQGH pVWH VH HMHFXWD \ ORV
GLVSRVLWLYRVSHULIpULFRVUHOHYDQWHV

(V XWLOL]DGR SRU ORV JUXSRV GH GHVDUUROOR LQWHJUDFLyQ \ SUXHEDV \ FRQVLVWH HQ HO
'LDJUDPDGH,PSODQWDFLyQ

 9LVWDGH&RQFXUUHQFLD
(VXQDFRPELQDFLyQGHODVYLVWD/yJLFDGH&RPSRQHQWHV\GH,PSODQWDFLyQHQODTXH
VH PXHVWUD HO PDQHMR GH ORV DVSHFWRV GH FRQFXUUHQFLD HQ HO VLVWHPD HVSHFLDOPHQWH ORV GH
FRPXQLFDFLyQ \ VLQFURQL]DFLyQ 3DUD HOOR HO VLVWHPD VH GLYLGH HQ SURFHVRV TXH PDQHMDQ VX
SURSLRIOXMRGHFRQWURODOSURFHVDGRU\VHSUHVHQWDQWDQWRORVDVSHFWRVHVWiWLFRVGHODDVLJQDFLyQ
GHORVFRPSRQHQWHVDODDUTXLWHFWXUDItVLFDFRPRORVDVSHFWRVGLQiPLFRVGHVXLQWHUDFFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(VWDHVXQDYLVWDGHJUDQLPSRUWDQFLDSDUDORVVLVWHPDVGLVWULEXLGRV\GHWLHPSRUHDO\
HVXWLOL]DGDSULQFLSDOPHQWHSRUORJUXSRVGHGHVDUUROORHLQWHJUDFLyQ&RQVWDGHORVVLJXLHQWHV
GLDJUDPDV
x 3DUDODGHVFULSFLyQGHODLPSOHPHQWDFLyQ
R 'LDJUDPDVGH&RPSRQHQWHH,PSODQWDFLyQ
x 3DUDODGHVFULSFLyQGLQiPLFD
R 'LDJUDPDVGH(VWDGR6HFXHQFLD&RODERUDFLyQ\$FWLYLGDG


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 0RGHODGRGHOVLVWHPDPHGLDQWH80/

 9LVWDGHFDVRVGHXVR

,QLFLDUDSOLFDFLRQ

LQFOXGH!!

&OLHQW0DQDJHU &UHDUQXHYRFOLHQWH

LQFOXGH!!

&HUUDUDSOLFDFLRQ &HUUDUFOLHQWH

'LDJUDPD&DVRVGHXVR&OLHQW0DQDJHU

,QLFLDUDSOLFDFLyQ
 1RPEUH,QLFLDUDSOLFDFLyQ
 $FWRUHV&OLHQW0DQDJHU
 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHWLHQHQFRPRUHVXOWDGRILQDOODSXHVWD
HQPDUFKDGHODDSOLFDFLyQ
 'HVFULSFLyQ3DUDSRGHUHQYLDUFXDOTXLHURUGHQDODPiTXLQDVHUYLGRUSULPHURVHKDQ
GHGDUXQDVHULHGHSURFHVRVPHGLDQWHORVFXDOHVVHFUHDQORVHQODFHVHQWUHODVPiTXLQDV
FOLHQWHV\HOVHUYLGRU
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHVSDUDLQLFLDUODDSOLFDFLyQHVQHFHVDULRTXHpVWDQRHVWp\D³FRUULHQGR´\
TXHODVFRQH[LRQHVHQWUHORVH[WUHPRVIXQFLRQHQFRUUHFWDPHQWH
 5HVXOWDGR6HPXHVWUDXQDLQWHUID]SDUDHOXVXDULRPHGLDQWHODFXDOpVWHSXHGHPDQHMDU
HOURERWUHPRWDPHQWH

&UHDUQXHYRFOLHQWH
 1RPEUH&UHDUQXHYRFOLHQWH
 $FWRUHV&OLHQW0DQDJHU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHWLHQHQFRPRILQDOLGDGODFUHDFLyQGHXQ
QXHYRFOLHQWH
 'HVFULSFLyQ6LXQRGHORVFOLHQWHVVHKDFHUUDGRDQWHULRUPHQWHVHSXHGHUHFXUULUDFUHDU
XQQXHYRFOLHQWHSDUDVHJXLUPDQHMDQGRHOURERW
 3DVRV /RV SDVRVD UHDOL]DU VRQ PX\ SRFRV \D TXH OR ~QLFRTXHVH UHTXLHUH HV TXH VH
PXHVWUHXQDQXHYDLQWHUID]FRQHOXVXDULRGHWLSR&OLHQW*8,&RQpVWDVHXWLOL]DUiQORV
PLVPRV REMHWRV HQODFHV \ UHFXUVRV XWLOL]DGRV SDUD HO FOLHQWH DQWHULRU GH OD PLVPD
PiTXLQD 
 &RQGLFLRQHV/D~QLFDFRQGLFLyQQHFHVDULDHVTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR
6H SXHGH GDU HO FDVR TXH HQ XQD PLVPD PiTXLQD HVWpQ IXQFLRQDQGR VLPXOWiQHDPHQWH
YDULRV FOLHQWHV SHUR VX XWLOLGDG QR DXPHQWD HQ FRPSDUDFLyQ FRQ WHQHU XQ VROR XQ
FOLHQWH
 5HVXOWDGR (O UHVXOWDGR HV PX\ VLPSOH \D TXH OR ~QLFR TXH DSDUHFH HV XQD QXHYD
LQWHUID]FRQHOXVXDULRGRQGHPDQHMDUHOURERW

&HUUDUDSOLFDFLyQ
 1RPEUH&HUUDUDSOLFDFLyQ
 $FWRUHV&OLHQW0DQDJHU
 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHWLHQHQFRPRUHVXOWDGRILQDOHOFLHUUHGH
WRGRVORVFRPSRQHQWHVTXHLQWHUYHQtDQHQODDSOLFDFLyQ
 'HVFULSFLyQ&XDQGRVHFLHUUDODDSOLFDFLyQWDQWRORVVHUYLGRUHVFRPRORVFOLHQWHV\ORV
HQODFHVH[LVWHQWHVHQWUHHOORVVHKDQGHFHUUDU\DTXHVLQRVDOWDUtDQXQJUDQQ~PHURGH
H[FHSFLRQHVTXHGDQGRHVWRVHOHPHQWRVPX\LQHVWDEOHV
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV3DUDFHUUDUODDSOLFDFLyQHV QHFHVDULRTXHpVWDHVWp\D³FRUULHQGR´\TXH
ODVFRQH[LRQHVHQWUHORVH[WUHPRVIXQFLRQHQFRUUHFWDPHQWH
 5HVXOWDGR 7RGDV ODV LQWHUIDFHV FRQ HO XVXDULR VHUiQ HOLPLQDGDV DVt FRPR WRGRV ORV
SURFHVRVSHUWHQHFLHQWHVDODDSOLFDFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

2EWHQHUHVWDGRGHOURERW

H[WHQG!!
0RYHUURERW 5HJLVWUDUPHGLDQWHHYHQWRV
H[WHQG!!
H[WHQG!!
H[WHQG!!

(QYLDURUGHQ 5HJLVWUDUPHGLDQWHSHULRGR
H[WHQG!!
H[WHQG!!

'HVUHJLVWUDUPHGLDQWHHYHQWRV
'HVUHJLVWUDUPHGLDQWHWLHPSR

&OLHQW

&HUUDUFOLHQWH

'LDJUDPD&DVRVGHXVR&OLHQW

0RYHUURERW
 1RPEUH0RYHUURERW
 $FWRUHV&OLHQW
 3URSyVLWR HQJOREDU HO FRQMXQWR GH SURFHVRV TXH WLHQHQ FRPR UHVXOWDGR ILQDO HO
PRYLPLHQWRGHOURERW
 'HVFULSFLyQ8QDGHODVDFFLRQHVTXHVHSXHGHQKDFHUGHVGHHOFOLHQWHHVGHVSOD]DUHO
URERW3DUDHVWRVHKDQLPSOHPHQWDGRXQJUDQQ~PHURGHPpWRGRVHQORVTXHVHYDUtDOD
SRVLFLyQGHOURERW
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH ORV FOLHQWHV HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR(OURERWVHGHVSOD]DUiVHJ~QORVSDUiPHWURVLQGLFDGRV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

2EWHQHUHVWDGRGHOURERW
 1RPEUH2EWHQHUHVWDGRGHOURERW
 $FWRUHV&OLHQW
 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHSHUPLWHQDOFOLHQWHUHFLELUHOHVWDGRGHO
VHUYLGRU
 'HVFULSFLyQ (O FOLHQWH SDUD SRGHUWHQHU XQ FRQWUROWRWDO \ HIHFWLYR VREUH HO URERW HV
QHFHVDULR TXH FRQR]FD HQ WRGR PRPHQWR HO HVWDGR GHO URERW SRU HOOR HO FOLHQWH
QHFHVLWDUiUHDOL]DUHVWDDFFLyQHQPXFKDVRFDVLRQHV
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH ORV FOLHQWHV HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR(OFOLHQWHUHFLELUiXQREMHWRGHOPLVPRWLSRTXHHOTXHUHSUHVHQWDHOHVWDGR
GHOURERWFRQHOYDORUDFWXDO

5HJLVWUDUPHGLDQWHHYHQWRV
 1RPEUH5HJLVWUDUPHGLDQWHHYHQWRV
 $FWRUHV&OLHQW
 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHWLHQHQFRPRUHVXOWDGRILQDOHOUHJLVWUR
PHGLDQWHHYHQWRVGHOFOLHQWH
 'HVFULSFLyQ&XDQGRHOFOLHQWHQHFHVLWDTXHFDGDYH]TXHVXUMDXQHYHQWRGHWHUPLQDGR
FRQR]FD HO HVWDGR GHO URERW UHDOL]DUi HVWD DFFLyQ SDUD TXH DVt HO VHUYLGRU OH PDQGH
GLFKRHVWDGR
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH ORV FOLHQWHV HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR(OFOLHQWHUHFLELUiODDFWXDOL]DFLyQGHOHVWDGRGHOURERWFDGDYH]TXHRFXUUD
XQHYHQWR$GHPiVVLHOFOLHQWH\DHVWiUHJLVWUDGRVXHIHFWRVHUiQXOR

5HJLVWUDUPHGLDQWHSHULRGR
 1RPEUH5HJLVWUDUPHGLDQWHSHULRGR
 $FWRUHV&OLHQW
 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHWLHQHQFRPRUHVXOWDGRILQDOHOUHJLVWUR
PHGLDQWHSHULRGRGHOFOLHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 'HVFULSFLyQ&XDQGRHOFOLHQWHQHFHVLWDSHULyGLFDPHQWHODDFWXDOL]DFLyQGHOHVWDGRGHO
URERWUHDOL]DUiHVWDDFFLyQSDUDTXHDVtHOVHUYLGRUOHPDQGHGLFKRHVWDGRFDGDYH]TXH
SDVHXQSHULRGR LQGLFDGRSRUHOFOLHQWH 
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH ORV FOLHQWHV HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR(OFOLHQWHUHFLELUiODDFWXDOL]DFLyQGHOHVWDGRGHOURERWFDGDYH]TXHRFXUUD
XQHYHQWR$GHPiVVLHOFOLHQWH\DHVWiUHJLVWUDGRFRQHOPLVPRSHULRGRVXHIHFWRVHUi
QXOR (Q FDPELR VL HO SHULRGR QR HV HO PLVPR HO VHUYLGRU DFWXDOL]DUi HO YDORU GHO
SHULRGRGHDFWXDOL]DFLyQ

'HVUHJLVWUDUPHGLDQWHHYHQWRV
 1RPEUH'HVUHJLVWUDUPHGLDQWHHYHQWRV
 $FWRUHV&OLHQW
 3URSyVLWR (QJOREDU HO FRQMXQWR GH SURFHVRV TXH WLHQHQ FRPR UHVXOWDGR ILQDO OD
HOLPLQDFLyQGHOFOLHQWHHQHO³UHJLVWURGHHYHQWRV´GHOVHUYLGRU
 'HVFULSFLyQ&XDQGR HO FOLHQWH \D QR GHVHDUHFLELU PiV DFWXDOL]DFLRQHV GHO HVWDGR GHO
URERWFDGDYH]TXHVXUJHXQHYHQWRUHDOL]DUiHVWDDFFLyQ
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH ORV FOLHQWHV HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR(OFOLHQWH\DQRUHFLELUiHVWHWLSRGHDFWXDOL]DFLRQHV6LHOFOLHQWHTXHUHDOL]D
HVWDDFFLyQQRHVWiUHJLVWUDGRHOUHVXOWDGRVHUiQXOR

'HVUHJLVWUDUPHGLDQWHSHULRGR
 1RPEUH'HVUHJLVWUDUPHGLDQWHSHULRGR
 $FWRUHV&OLHQW
 3URSyVLWR (QJOREDU HO FRQMXQWR GH SURFHVRV TXH WLHQHQ FRPR UHVXOWDGR ILQDO OD
HOLPLQDFLyQGHOFOLHQWHHQHO³UHJLVWURSHULyGLFR´GHOVHUYLGRU
 'HVFULSFLyQ&XDQGR HO FOLHQWH \D QR GHVHDUHFLELU PiV DFWXDOL]DFLRQHV GHO HVWDGR GHO
URERWFDGDYH]TXHSDVHXQSHULRGRUHDOL]DUiHVWDDFFLyQ
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH ORV FOLHQWHV HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 5HVXOWDGR(OFOLHQWH\DQRUHFLELUiHVWHWLSRGHDFWXDOL]DFLRQHV6LHOFOLHQWHTXHUHDOL]D
HVWDDFFLyQQRHVWiUHJLVWUDGRHOUHVXOWDGRVHUiQXOR

(QYLDURUGHQ
 1RPEUH(QYLDURUGHQ
 $FWRUHV&OLHQW
 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHWLHQHQFRPRUHVXOWDGRILQDOHOHQYtRGH
XQDRUGHQDOVHUYLGRU
 'HVFULSFLyQ6LQLPSRUWDUVLODRUGHQHVXQWLSRGHUHJLVWURXQPRYLPLHQWRGHOURERWR
FXDOTXLHURWUDDFFLyQHOFOLHQWHQHFHVLWDUiUHDOL]DUXQDVHULHGHDFFLRQHVTXHSHUPLWDQD
ORVFOLHQWHVPDQHMDUDOURERW
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH ORV FOLHQWHV HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR(OVHUYLGRUGHODDSOLFDFLyQUHFLELUiXQDRUGHQGHWHUPLQDGD

&HUUDUFOLHQWH
 1RPEUH&HUUDUFOLHQWH
 $FWRUHV&OLHQW
 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHWLHQHQFRPRUHVXOWDGRILQDOHOFLHUUHGH
XQFOLHQWH
 'HVFULSFLyQ &XDQGR XQ FOLHQWH \D QR GHVHD PDQHMDU HO URERW pVWH VH FHUUDUi GH WDO
PRGR TXH \D QR SRGUi UHDOL]DU DFFLyQ DOJXQD &XDQGR HO XVXDULR SUHWHQGD YROYHU D
PDQHMDUHOURERW\VRORVLODDSOLFDFLyQQRKDVLGRFHUUDGDVHWHQGUiTXHFUHDUXQQXHYR
FOLHQWH
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH ORV FOLHQWHV HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR(O*8,TXHXWLOL]DEDHOXVXDULRSDUDPDQHMDUHOURERWVHUiFHUUDGR3HURKD\
TXH WHQHU PX\ HQ FXHQWD TXH WDQWR ORV HQODFHV FRPR HO UHVWR GH FRPSRQHQWHV GH
FRPXQLFDFLRQHVVHJXLUiQDFWLYRV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

,QLFLDUDSOLFDFLRQ
6HUYHU0DQDJHU

'LDJUDPD&DVRVGHXVR6HUYHU0DQDJHU

,QLFLDUDSOLFDFLyQ
 1RPEUH,QLFLDUDSOLFDFLyQ
 $FWRUHV6HUYHU0DQDJHU
 3URSyVLWR (QJOREDU HO FRQMXQWR GH SURFHVRV TXH WLHQHQ FRPR UHVXOWDGR OD SXHVWD HQ
IXQFLRQDPLHQWRGHODDSOLFDFLyQ
 'HVFULSFLyQ3DUDTXHHOVHUYLGRUSXHGDHMHFXWDUFXDOTXLHURUGHQHVQHFHVDULRTXHDQWHV
VHFUHHQORVHQODFHV\HOUHVWRGHFRPSRQHQWHVGHFRPXQLFDFLRQHV
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH HO VHUYLGRU HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR (O UHVXOWD D REWHQHU TXH VH SUHWHQGH HV TXH D SDUWLU GH HVWH LQVWDQWH HO
VHUYLGRUSXHGHUHFLELURUGHQHVGHORVFOLHQWHV PRVWUiQGRVHWDPELpQODV GRVLQWHUIDFHV
FRQHOXVXDULRTXHSHUPLWHQUHDOL]DUVLPXODFLRQHVGHHYHQWRV

(QYLDUHVWDGRGHOURERW

LQFOXGH!!

6HUYHU

6LPXODUHYHQWRGHOHVWDGRGHO
URERW

'LDJUDPD&DVRVGHXVR6HUYHU

(QYLDUHVWDGRGHOURERW
 1RPEUH(QYLDUHVWDGRGHOURERW
 $FWRUHV6HUYHU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHWLHQHQFRPRUHVXOWDGRILQDOHOHQYtRD
XQFOLHQWHGHOHVWDGRGHOURERW
 'HVFULSFLyQ<DVHDPHGLDQWH HOUHJLVWUR GHORV FOLHQWHV R D WUDYpV GH XQDSHWLFLyQ GH
WLSR³JHW´HOVHUYLGRUHQYLDUiVXHVWDGRDOFOLHQWHSDUDTXHpVWHFRQR]FDODVLWXDFLyQHQ
ODTXHVHHQFXHQWUDHOURERW
 3DVRV/RVSDVRVTXHOOHYDDFDERHOVHUYLGRUVRQVLPLODUHVDORV GH FXDOTXLHU DFFLyQ
TXHSXHGHUHDOL]DUHOVHUYLGRU
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH HO VHUYLGRU HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR(OFOLHQWHUHFLELUiHOHVWDGRGHOURERW

6LPXODUHYHQWRGHOHVWDGRGHOURERW
 1RPEUH6LPXODUHYHQWRGHOHVWDGRGHOURERW
 $FWRUHV6HUYHU
 3URSyVLWR(QJOREDUHOFRQMXQWRGHSURFHVRVTXHWLHQHQFRPRUHVXOWDGRODVLPXODFLyQGH
XQFDPELRGHHVWDGRHQHOURERW
 'HVFULSFLyQ/DVLPXODFLyQGHXQHYHQWRGHHVWDVFDUDFWHUtVWLFDVSHUPLWHDOFDPELDUGH
IRUPDYLUWXDOHVHVWDGRGHOURERWVHSURGX]FDXQDDFWXDOL]DFLyQHQORVFOLHQWHVTXHHVWpQ
³UHJLVWUDGRVPHGLDQWHHYHQWRV´
 3DVRV7RGRVORVSDVRVVHPXHVWUDQHQORVGLDJUDPDVGHVHFXHQFLDTXHVHDGMXQWDQ
 &RQGLFLRQHV 3DUD FXDOTXLHUD GH ODV RUGHQHV TXH VH SXHGHQ GDU GHVGH HO VHUYLGRU HV
QHFHVDULRTXHODDSOLFDFLyQHVWpHQIXQFLRQDPLHQWR\DGHPiVODVFRQH[LRQHVHQWUHORV
H[WUHPRVGHEHQIXQFLRQDUFRUUHFWDPHQWH
 5HVXOWDGR $O VLPXODU HVWH HYHQWR WRGRV ORV FOLHQWHV UHJLVWUDGRV UHFLELUiQ VX
DFWXDOL]DFLyQ (Q FDPELR VL QR KD\ QLQJ~Q FOLHQWH UHJLVWUDGR SDUD HVWH HIHFWR HO
UHVXOWDGRVHUiQXOR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 9LVWD/yJLFD

7RRO/LVWHQHU 0HFKDQLVP 8SGDWHU 7RRO8SGDWHU


IURP/LVWHQHUV IURP8SGDWHUV IURP8SGDWHUV

0HFKDQLVP /LVWHQHU 0LVVLRQ8SGDWHU


IURP8SGDWHUV
IURP/LVWHQHUV
&OLHQW
IURP&OLHQWV

0HFKDQLVP &WUO 7RRO&WUO 0LVVLRQ&WUO


IURP&RQWUROV IURP&RQWUROV IURP&RQWUROV

0HFKDQLVP 3UR[\ 7RRO3UR[\ 0LVVLRQ3UR[\


IURP3UR[LHV
IURP3UR[LHV IURP3UR[LHV

6WDWLRQ/LQN  6RFNHW
IURP/LQNV IURPQHW

'LDJUDPD$UTXLWHFWXUDFOLHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

6RFNHW
IURPQHW

5RF/LQN
IURP/LQNV

7RRO6WXE 0LVVLRQ6WXE
0HFKDQLVP6WXE IURP6WX
IURP6WX
IURP6WXEV

7RRO/LVWHQHU 0LVVLRQ8SGDWHU
0HFKDQLVP/LVWHQHU
IURP8SGDWHUV
IURP/LVWHQHUV
IURP/LVWHQHUV

0HFKDQLVP&WUO 7RRO8SGDWHU 7RRO&WUO 0LVVLRQ&WUO


0HFKDQLVP8SGDWHU
IURP8SGDWHUV
IURP&RQWUROV IURP&RQWUROV IURP&RQWUROV
IURP8SGDWHUV

0HFKDQLVP6HUY HU 7RRO6HUY HU 0LVVLRQ6HUY HU


IURP6HUYHUV IURP6HUYHUV
IURP6HUYHUV

'LDJUDPD$UTXLWHFWXUDVHUYLGRU

0HFKDQLVP&WUO 7RRO&WUO
0LVVLRQ&WUO
IURP&RQWUROV IURP&RQWUROV
IURP&RQWUROV

&OLHQW
IURP&OLHQWV

7RRO/LVWHQHU 0HFKDQLVP/LVWHQHU
IURP/LVWHQHUV IURP/LVWHQHUV

XSGDWH7RRO6WDWXV XSGDWH0HFKDQLVP6WDWXV
XSGDWH7RRO$ODUPV XSGDWH0HFKDQLVP$ODUPV
JHW/LQN,' JHW/LQN,'

7RRO8SGDWHU 0HFKDQLVP8SGDWHU
IURP8SGDWHUV IURP8SGDWHUV

XSGDWH7RRO6WDWXV XSGDWH0HFKDQLVP6WDWXV
XSGDWH7RRO3DUDPV XSGDWH0HFKDQLVP$ODUPV
XSGDWH7RRO$ODUP6WDWHV XSGDWH0HFKDQLVP$ODUP6WDWHV
XSGDWH7RRO$ODUP0HVVDJHV XSGDWH0HFKDQLVP$ODUP0HVVDJHV
JHW/LQN,' XSGDWH-RLQW6WDWXV
0LVVLRQ8SGDWHU
JHW/LQN,'
IURP8SGDWHUV

XSGDWH0LVVLRQ6WDWXV
JHW/LQN,'

'LDJUDPD&OLHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

6HUY HU6RFNHW 6RFNHW


IURPQHW IURPQHW



5RF/LQN 6WDWLRQ/LQN
IURP/LQNV IURP/LQNV

5RF/LQN 6WDWLRQ/LQN
VWDEOLVK&RQQHFWLRQ VWDEOLVK&RQQHFWLRQ
VHQG VHQG
UHFHLY H UHFHLY H
FORVH5HFHLY HUV UHOHDVH&RQQHFWLRQ
FORVH7KUHDGV HQDEOH/LQN
UHOHDVH&RQQHFWLRQ GLVDEOH/LQN
VHW&OLHQW 6WDWH VHW&OLHQW
VHW6HUY HU IURP/LQNV DGG3UR[\
JHW3RUW JHW3UR[\
DGG6WXE VHW6WDWH JHW/LQN,'
JHW6WXE JHW6WDWH

'LDJUDPD(QODFHV

$ODUP,PSO %ODVWLQJ6WDWXV,PSO *R\D-RLQW6WDWXV,PSO


IURP6WDWXV IURP6WDWXV
IURP6WDWXV
DODUPLQW LV$FWLYHERROHDQ PRWLRQ6WDWHLQW
DODUP0HVVDJHV6WULQJ SUHVVXUHIORDW PRWLRQ7\SHLQW
LV$FWLYHERROHDQ MRLQW1XPEHULQW
LV6WRSSHGERROHDQ *R\D6WDWXV,PSO
IURP6WDWXV
LV(QDEOHERROHDQ MRLQW6WDWXV>@
LV6WRSSHGERROHDQ
LV3RZHUHGERROHDQ
LV3RZHUHGERROHDQ
WDUJHWIORDW
WRUTXHIORDW *R\D-RLQW6WDWXV
VSHHGIORDW IURP6WDWXV
%ODVWLQJ6WDWXV
XSSHU/LPLWIORDW
LV6WRSSHG
IURP6WDWXV
ORZHU/LPLWIORDW
$ODUP LV(QDEOH
LV$FWLYH LV3RZHUHG
JHW3UHVVXUH
IURP6WDWXV
JHW0RWLRQ6WDWH
VHW$FWLYH JHW0RWLRQ7\SH
JHW$ODUP *R\D6WDWXV
JHW$ODUP0HVVDJHV JHW-RLQW1XPEHU
JHW7DUJHW
IURP6WDWXV
LV$FWLYH
VHW$FWLYH JHW7RUTXH
JHW6SHHG JHW-RLQW6WDWXV
JHW8SSHU/LPLUW LV6WRSSHG
JHW/RZHU/LPLW LV3RZHUHG

'LDJUDPD(VWDGRURERW

&RP([FHSWLRQ
IURP&RP([FHSWLRQV

,2&RP([FHSWLRQ ,QYDOLG,'&RP([FHSWLRQ
IURP&RP([FHSWLRQV
IURP&RP([FHSWLRQV

&RQQHFWLRQ&RP([FHSWLRQ ,QFRUUHFW6WDWH&RP([FHSWLRQ
IURP&RP([FHSWLRQV IURP&RP([FHSWLRQV

'LDJUDPD([FHSFLRQHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

7KUHDG
IURPODQJ

&RQQHFWRU &WUO/LQN5HFHLYHU
IURP7KUHDGV
IURP7KUHDGV

7UDQVPLWWHU 5HFHLYHU 3URFFHVV0VJ


IURP7KUHDGV IURP7KUHDGV IURP7KUHDGV

'LDJUDPD+LORV

0DQDJHU
IURP0 DQDJHPHQW

VWDUW$SS
VKXWGRZQ$SS
RSHQ&OLHQW $SS0DQDJHU
IURP0 DQDJHPHQW

VWDUW$SS
VKXWGRZQ$SS
RSHQ&OLHQW

'LDJUDPD0DQDJHU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

0HFKDQLVP0VJ 0HVVDJH
&RPSRVHG2EMHFW
IURP0HVVDJHV IURP0HVVDJHV
IURP0HVVDJHV
&RP0VJ
,'LQW REM2EMHFW
JHW,' IURP0HVVDJHV
QXPEHULQW ,'LQW
PD[6SHHGI ORDW WR6WULQJ ,'LQW
UHO6SHHGI ORDW &RPSRVHG2EMHFW
&RP0VJ
VKLI WI ORDW &RPSRVHG2EMHFW
XS/LPLWI ORDW JHW,'
JHW,'
OU/LPLWI ORDW WR6WULQJ
7RRO0VJ JHW2EMHFW
PD[7RUTXHI ORDW JHW&RP0VJ
IURP0HVVDJHV
GHVWLQDWLRQ>@I ORDW
DFWLY H$ODUPV>@LQW ,'LQW
QXPEHULQW 0LVVLRQ0VJ
DODUP6WDWHV>@ERROHDQ
DODUP0HVVDJHV>@6WULQJ REM2EMHFW IURP0HVVDJHV
E>@ERROHDQ ,'LQW
REM2EMHFW
V>@6WULQJ REM2EMHFW
DFWLY H$ODUPV>@LQW

'LDJUDPD0HQVDMHV

7LPHU 0HFKDQLVP6HUYHU
IURPVZL IURP6HUYHUV

(YHQW&RQWURO
IURP5HJ LVWUDWLRQ
7LPHU&RQWURO
IURP5HJ LVWUDWLRQ
5HJLVWHUHG&OLHQWV (YHQW&RQWURO
IURP5HJ LVWUDWLRQ (YHQW&RQWURO
7LPHU&RQWURO
XSGDWH0HFKDQLVP6WDWXV
7LPHU&RQWURO
XSGDWH0HFKDQLVP$ODUPV
DFWL RQ3HUIRUPHG
XSGDWH7RRO6WDWXV
XSGDWH7RRO$ODUPV

7RRO6HUYHU
IURP6HUYHUV

$FWLRQ/LVWHQHU
IURPHYHQW

'LDJUDPD5HJLVWUR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

3UR[\
IURP3UR[LHV

3UR[\
JHW,'
JHW/LQN,'

0HFKDQLVP3UR[\ 7RRO3UR[\ 0LVVLRQ3UR[\


IURP3UR[LHV
IURP3UR[LHV IURP3UR[LHV

0HFKDQLVP&WUO 7RRO&WUO 0LVVLRQ&WUO


IURP&RQWUROV
IURP&RQWUROV IURP&RQWUROV

'LDJUDPD3UR[LHV

6WXE
I URP6WXEV

0HFKDQLVP6WXE 0LVVLRQ6WXE 7RRO6WXE


I URP6WXEV I URP6WXEV
I URP6WXEV

0HFKDQLVP/LVWHQHU 0HFKDQLVP8SGDWHU 0LVVLRQ8SGDWHU 7RRO8SGDWHU 7RRO/LVWHQHU


I URP/LVWHQHUV I URP8SGDWHUV I URP8SGDWHUV I URP8SGDWHUV I URP/LVWHQHUV

'LDJUDPD6WXEV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

6HUYHUV&RQWDLQHU
IURP6HUYHUV

0HFKDQLVP6HUYHU 7RRO6HUYHU 0LVVLRQ6HUYHU


IURP6HUYHUV IURP6HUYHUV IURP6HUYHUV

0HFKDQLVP&WUO 7RRO&WUO 0LVVLRQ&WUO


IURP&RQWUROV IURP&RQWUROV IURP&RQWUROV

HQDEOH-RLQW HQDEOH H[HFXWH0LVVLRQ


GLVDEOH-RL QW GLVDEOH VWRS0LVVLRQ
HQDEOH$O O DFWLYDWH3URFHVV UHVXPH0LVVL RQ
GLVDEOH$OO GHVDFWLYDWH3URFHVV DERUW0LVVLRQ
VHW0D[6SHHG DFWLRQ2Q VHW0L VVLRQ3DUDPV
VHW6SHHG DFWLRQ2II JHW0LVVLRQ6WDWXV
PRYH)RUZDUG VHW7 RRO3DUDPV JHW/LQN,'
PRYH5HYHUVH DGG7 RRO/LVWHQHU
VKLIW-RLQW DGG7 RRO/LVWHQHU
VKLIW UHPRYH7RRO /L VWHQHU
PRYH7R JHW7RRO6WDWXV
VHW-RLQW8S/LPLW JHW7RRO3DUDPV
VHW-RLQW/U/LPL W JHW7RRO$ODUP6WDWHV
VHW-RLQW0D[7RUTXH JHW7RRO$ODUP0HVVDJHV
VHW-RLQW2ULJLQ JHW/LQN,'
DGG0HFKDQLVP/LVWHQHU
DGG0HFKDQLVP/LVWHQHU
UHPRYH0HFKDQLVP/LVWHQHU
JHW0HFKDQLVP 6WDWXV
JHW0HFKDQLVP $ODUPV
JHW0HFKDQLVP $ODUP6WDWHV
JHW0HFKDQLVP $ODUP0HVVDJHV
JHW-RLQW6WDWXV
JHW/LQN,'

'LDJUDPD6HUYLGRUHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

&UHDUHQODFH
(O LPL QDUHQO DFH

',6&211(&7('

>žHUURUGHFRQH[LyQ@ $UUDQFDUVHUYLGRU

5HDUUDQFDUVHUYLGRU>žHUURUGHFRQH[LyQ@ $UUDQFDUVHUYLGRUDOWHUQDWLYR>žHUURUFRQH[LyQ@
:$,7,1*
&211(&7 ,21

&RQH[LyQDFHSWDGD

&211(&7 ('

+DELO LWDUHQO DFH>PHQVDM H(1$%/(@

(1$%/(' ',6$%/('

&HUUDUFRQH[L yQ>PHQVDMH(1'@
'HVKDELOLWDUHQODFH>PHQVDMH',6$%/(@

'LDJUDPD6HUYLGRU FODVHV5RF/LQN\&WUO/LQN5RF


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

&UHDUHQODFH
(OLPLQDUHQODFH

',6&211(&7('

>žHUURUFRQH[LyQ@ (VWDEOHFHUFRQH[LyQ

UHFRQHFWDUFRQVHUYLGRUDOWHUQDWLYR>žHUURUFRQH[LyQ@
&211(&7,1*
UHFRQHFWDU>žHUURUFRQH[LyQ@

&RQH[LyQDFHSWDGD

&211(&7('

'HVKDELOLWDUHQODFH

(1$%/(' ',6$%/('

+DELOLWDUHQODFH

'LDJUDPD&OLHQWH FODVHV6WDWLRQ/LQN\&WUO6WDWLRQ/LQN


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 9LVWDGH,PSODQWDFLyQ

'LDJUDPD(MHPSORGHDUTXLWHFWXUD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

'LDJUDPD'HVSOLHJXHGHOVLVWHPD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 9LVWDGH&RQFXUUHQFLD

FWUO6W DWLRQ FWUO6W DWLRQ FWUO5HFHLYHU FWUO5HFHLYHU &WUO/LQN5RF &RQQHFW RU 6HUYHUV&RQWDLQHU


PDQDJHU &WUO/LQN6W DWLRQ &WUO/LQN6W DWLRQ &WUO/LQN5HFHLYHU &WUO/LQN5HFHLYHU
&OLHQW 0DQDJHU

&HUUDU$SOLFDFLRQ

 VHQG (1'0VJ

(1'B0HVVDJH
UHVHW /LVW HQHUV

FORVH&W UO5HFHLYHUV

 VXVSHQG

FORVH5HFHLYHUV

FORVH&OLHQWV

 (1'B0HVVDJH

 (1'B0HVVDJH

VOHHS

 VXVSHQG

 FORVH6WUHDPV

 FORVH6RFNHWV

FORVH7KUHDGV

FORVH$SOLFDWLRQ

 FORVH$SOLFDW LRQ

'LDJUDPD&HUUDUDSOLFDFLyQ JHQHUDO

3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

&WUO/LQN5HFHLYHU &WUO/LQN6WDWLRQ &OLHQWV&RQWDLQHU PHFKDQLVP 7UDQVPLWWHU 5HFHLYHU WRRO 7UDQVPLWWHU 5HFHLYHU PLVVLRQ 7UDQVPLWWHU 5HFHLYHU
6WDWLRQ/LQN 6WDWLRQ/LQN 6WDWLRQ/LQN

FORVH&OLHQWV
UHOHDVH&RQQHFWLRQ
(1' VXVSHQG
0HVVDJH
VXVSHQG

FORVH6WUHDPV

FORVH6RFNHWV

UHOHDVH&RQQHFWLRQ
VXVSHQG

VXVSHQG

FORVH6WUHDPV

FORVH6RFNHWV

UHOHDVH&RQQHFWLRQ
VXVSHQG

VXVSHQG

FORVH6WUHDPV

FORVH6RFNHWV

UHOHDVH&RQQHFWLRQ

FORVH6WUHDPV

FORVH6RFNHWV

'LDJUDPD&HUUDUDSOLFDFLyQ FOLHQWH

3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

6HUY HUV&RQWDLQHU PHFKDQLVP 5HFHLY HU 7UDQVPLWWHU &RQQHFWRU 0HFKDQLVP6WXE


5RF/LQN

XQUHJLVWHU/LVWHQHUV
UHVHW/LVWHQHUV XQUHJLVWHU/LVWHQHUV

FORVH5HFHLY HUV
VXVSHQG
FORVH5HFHLY HUV

FORVH7KUHDGV
VXVSHQG
FORVH7KUHDGV
VXVSHQG

UHOHDVH&RQQHFWLRQ
FORVH$SOLFDWLRQ
FORVH6WUHDPV

FORVH6RFNHWV

'LDJUDPD&HUUDUDSOLFDFLyQ VHUYLGRU

3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

6 HUYHUV&RQWDLQHU &WUO/LQN5RF 5RF/LQN 6 WXE 6 HUYHU


PDQDJHU PDQDJHU
&OLHQW0DQDJHU 6 HUYHU0DQDJHU

FUHDWH
,QLFLDUDSOLFDFLRQ

FUHDWH

FUHDWH 5RF/LQN5HIHUHQFH

DGG6 WXE 6WXE5HIHUHQFH

FUHDWH

DGG6 HUYHU 6 HUYHU5HIHUHQFH


7&3,3 
&RPPXQLFDWLRQV
FRQQHFW
&WUO/LQN6 WDWLRQ DFFHSW

,QLFLDUDSOLFDFLRQ

FRQQHFW

67$ % /,6 +B&211( &7,21


VHQG3RUWV

6 ( 59( 56 B32576

&OLHQWV&RQWDLQHU &OLHQW 3 UR[\ 6 WDWLRQ/LQN

FUHDWH&OLHQWV

FUHDWH SRUW

FUHDWH 6WDWLRQ/LQN5HIHUHQFH

DGG3 UR[\ 3 UR[\5HIHUHQFH


7&3,3 
&RPPXQLFDWLRQV
FUHDWH

DGG&WUO 3UR[\5HIHUHQFH

FRQQHFW
6 7$ %/,6 +B&211(&7,21

'LDJUDPD,QLFLRGHODDSOLFDFLyQ

3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

0HFKDQLVP3UR[\ 0HFKDQLVP6WDWLRQ 3URFFHVV0VJ 5HFHLYHU 7UDQVPLWWHU 5HFHLYHU 3URFFHVV0VJ 7UDQVPLWWHU 0HFKDQLVP5RF 0HFKDQLVP6WXE 0HFKDQLVP6HUYHU
FOLHQWH&OLHQW

JHW6WDWXV
JHW6WDWXV

VHQG JHW6WDWXV0VJ
FUHDWH JHW6WDWXV0VJ
*(7B67$786B0(66$*(

3URFFHVV0HVVDJH

FUHDWH JHW6WDWXV0VJ
JHW6WDWXV
JHW6WDWXV
JHW6WDWXV

7&3,3
&RPXQQLFDWLRQV
XSGDWH 6WDWXV
XSGDWH 6WDWXV

VHQG XSGDWH0VJ
FUHDWH XSGDWH0VJ
83'$7(B0(66$*( 67$786

3URFFHVV0HVVDJH
FUHDWH XSGDWH0VJ6WDWXV

XSGDWH 6WDWXV
XSGDWH 6WDWXV
XSGDWH 6WDWXV

'LDJUDPD(QYLDUPHQVDMH

3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

3UR[\ 6WXE 6HUYHU


FOLHQWH&OLHQW

DGG7RRO/LVWHQHU &OLHQW5HIHUHQFH
DGG7RRO/LVWHQHU &OLHQW5HIHUHQFH
UHJLVWHU &OLHQW5HIHUHQFH

DGG7RRO/LVWHQHU 6WXE5HIHUHQFH

UHJLVWHU 6WXE5HIHUHQFH

7&3,3
&RPPXQLFDWLRQV
(9(17
6LPXODUHYHQWR

XSGDWH/LVWHQHUV
XSGDWH 1HZ6WDWXV

XSGDWH/LVWHQHUV
XSGDWH 1HZ6WDWXV&OLHQW5HIHUHQFH

XSGDWH 1HZ6WDWXV

'LDJUDPD5HJLVWURFRQHYHQWRV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

3UR[\ 6WXE 6HUYHU


FOLHQWH&OLHQW

URXQG3HULRG SHULRG

DGG7RRO/LVWHQHU &OLHQW5HIHUHQFHSHULRG

DGG7RRO/LVWHQHU &OLHQW5HIHUHQFHSHULRG
UHJLVWHU &OLHQW5HIHUHQFHSHULRG

>),5675(*,675$7,21@DGG7RRO/LVWHQHU 6WXE5HIHUHQFH0,1B3(5,2'

UHJLVWHU 6WXE5HIHUHQFH0,1B3(5,2'

7&3,3
&RPPXQLFDWLRQV
7,0(287
PLQBSHULRG

XSGDWH/LVWHQHUV
XSGDWH 1HZ6WDWXV

XSGDWH/LVWHQHUV
XSGDWH 1HZ6WDWXV&OLHQW5HIHUHQFH
XSGDWH 1HZ6WDWXV

'LDJUDPD5HJLVWURFRQSHULRGRGHWLHPSR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

+RVW +RVW
SHULRGRPV SHULRGRPV
SHULRGRUHDOPV SHULRGRUHDOPV

6WXE 6HUYHU
FOLHQWH&OLHQW FOLHQWH&OLHQW
SUR[\3UR[\ SUR[\3UR[\

URXQG3HULRG 
0,1B3(5,2' PV
FRQWDGRUBFOLHQWH 
DGG7RRO/LVWHQHU FOLHQWH
DGG7RRO/LVWHQHU FOLHQWH

UHJLVWHU FOLHQWH
DGG7RRO/LVWHQHU 6WXE5HIHUHQFH0,1B3(5,2'

UHJLVWHU 6WXE5HIHUHQFH0,1B3(5,2'
URXQG3HULRG 

DGG7RRO/LVWHQHU FOLHQWH
DGG7RRO/LVWHQHU FOLHQWH
UHJLVWHU FOLHQWH

FRQWDGRUBFOLHQWH 

7&3,3
&RPPXQLFDWLRQV
7,0(287

XSGDWH 1HZ6WDWXV XSGDWH/LVWHQHUV

XSGDWH/LVWHQHUV
XSGDWH 1HZ6WDWXVFOLHQWH
XSGDWH 1HZ6WDWXV PV!0,1B3(5,2'

UHLQLFLDUFRQWDGRUBFOLHQWH
FRQWDGRUBFOLHQWH

7,0(287

XSGDWH/LVWHQHUV
XSGDWH 1HZ6WDWXV

XSGDWH/LVWHQHUV PV!0,1B3(5,2'
XSGDWH 1HZ6WDWXVFOLHQWH
XSGDWH 1HZ6WDWXV
XSGDWH 1HZ6WDWXVFOLHQWH
XSGDWH 1HZ6WDWXV UHLQLFLDUFRQWDGRUBFOLHQWH
UHLQLFLDUFRQWDGRUBFOLHQWH

7,0(287

'LDJUDPD5HJLVWURFRQSHULRGRGHWLHPSR FOLHQWHV

3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

FOLHQWH 7&3,3
&OLHQW &RPPXQLFDWLRQV

+RVW
DGG7 RRO/LVWHQHU FOLHQWH

UHJLVWHU FOLHQWH

SUR[\ DGG7 RRO/LVWHQHU FOLHQWH


3UR[\

DGG7 RRO/LVWHQHU FOLHQWH 6WXE

SUR[\ DGG7 RRO/LVWHQHU 6WXE5HIHUHQFH


3UR[\
UHJLVWHU 6WXE5HIHUHQFH
+RVW
6HUYHU
DGG7 RRO/LVWHQHU FOLHQWH UHJLVWHU FOLHQWH

FOLHQWH
&OLHQW

'LDJUDPD5HJLVWURFRQHYHQWRV

FOLHQWH
7&3,3
&OLHQW
&RPPXQLFDWLRQV

+RVW XSGDWH 1HZ6WDWXV

XSGDWH/LVWHQHUV
SUR[\
3UR[\

XSGDWH 1HZ6WDWXVFOLHQWH
6WXE
(YHQW
SUR[\
3UR[\
XSGDWH 1HZ6WDWXVFOLHQWH
+RVW XSGDWH 1HZ6WDWXV
6HUYHU
XSGDWH 1HZ6WDWXV

FOLHQWH XSGDWH/LVWHQHUV
&OLHQW

'LDJUDPD $FWXDOL]DFLyQGHFOLHQWHVUHJLVWUDGRV

 9LVWDGH&RPSRQHQWHV
/RV GLDJUDPDV DVRFLDGRV D OD YLVWD GH FRPSRQHQWHV VH HQFXHQWUDQ HQ HO DSDUWDGR
³'HSHQGHQFLDV VLJQLILFDWLYDV´ GRQGH VH SUHVHQWDQ ODV GHSHQGHQFLDV D GHVWDFDU HQWUH ORV
FRPSRQHQWHVTXHIRUPDQODDSOLFDFLyQWDQWRSDTXHWHVFRPRFODVHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 $UTXLWHFWXUDGHODDSOLFDFLyQ

 2UJDQL]DFLyQGHODDSOLFDFLyQ
3DUDODUHDOL]DFLyQGHODDSOLFDFLyQVHRSWySRUODGLVWULEXFLyQGHWRGDVODVFODVHVHQ
SDTXHWHV &RQWUROV 8SGDWHUV /LVWHQHUV &OLHQWV 6HUYHUV 0DQDJHPHQW 3URWRFRO 3UR[LHV
6WXEV&RP([FHSWLRQV6WDWXV,'V\*8,V$VXYH]HVWRVSDTXHWHVHVWDUiQORFDOL]DGRVGHQWUR
GHXQSDTXHWHJHQHUDOOODPDGR6RFNHWV

(VWD RUJDQL]DFLyQ GH OD DSOLFDFLyQ HV GHELGD D TXH HQ -DYD HV SRVLEOH DJUXSDU YDULDV
FODVHV HQ XQD HVWUXFWXUD OODPDGD SDTXHWH 8Q SDTXHWH QR HV PiV TXH XQ FRQMXQWR GH FODVHV
JHQHUDOPHQWH UHODFLRQDGDV HQWUH Vt GH DOJXQD PDQHUD (V KDELWXDO GLVHxDU XQD DSOLFDFLyQ
GLVWULEX\HQGR VX IXQFLRQDOLGDG HQWUH YDULRV SDTXHWHV FX\DV FODVHV VH FRPXQLFDQ HQWUH Vt D
WUDYpVGHLQWHUIDFHVELHQGHILQLGDV

(O XVR GH SDTXHWHV DSRUWD YDULDV YHQWDMDV IUHQWH D OD SURJUDPDFLyQ VLQ SDTXHWHV (Q
SULPHU OXJDU SHUPLWH HQFDSVXODU IXQFLRQDOLGDG HQ XQLGDGHV FRQ XQ FLHUWR JUDGR GH
LQGHSHQGHQFLD RFXOWDQGR ORV GHWDOOHV GH LPSOHPHQWDFLyQ 'H HVWD IRUPD VH SXHGHQ FRQVHJXLU
GLVHxRV HLPSOHPHQWDFLRQHV PiVOLPSLRV\HOHJDQWHV

3RURWUDSDUWHVHSRWHQFLDODUHXWLOL]DFLyQGHODVFODVHVGHVDUUROODGDV(VSRVLEOHGHILQLU
LQWHUIDFHV GH XVR GH FDGD SDTXHWH SDUD TXH RWURV SDTXHWHV R DSOLFDFLRQHV SXHGDQ XWLOL]DU OD
IXQFLRQDOLGDGLPSOHPHQWDGD

$GHPiVHOXVRGHSDTXHWHVSHUPLWHODUHXWLOL]DFLyQGHORVQRPEUHVGHODVFODVHV\DTXH
HOHVSDFLRGHQRPEUHVGHXQSDTXHWHHVLQGHSHQGLHQWHGHOGHRWURVSDTXHWHV(OOHQJXDMH-DYD
LPSRQHODUHVWULFFLyQGHTXHXQDFODVHGHEHWHQHUXQQRPEUH~QLFRGHQWURGHOSDTXHWHDOFXDO
SHUWHQHFH6LQHPEDUJRHVSRVLEOHTXHGRVFODVHVWHQJDQHOPLVPRQRPEUHVLHPSUH\FXDQGR
SHUWHQH]FDQDSDTXHWHVGLVWLQWRV

(O XVR GH SDTXHWHV HQ -DYD QRV SURSRUFLRQD YHQWDMDV HQ FXDQWR D HQFDSVXODPLHQWR
UHXVDELOLGDG LQGHSHQGHQFLD GH HVSDFLRV GH QRPEUHV HWF ÒQLFDPHQWH VH H[LJH UHVSHWDU OD
HVWUXFWXUDMHUiUTXLFDGHORVGLUHFWRULRVWDQWRSDUDDOPDFHQDUORVILFKHURVFODVVFRPRDODKRUD
GHKDFHUODVLQYRFDFLRQHVDODVDSOLFDFLRQHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

8QDYH]TXHVDEHPRVODVYHQWDMDVGHODRUJDQL]DFLyQHQSDTXHWHVGHODHVWUXFWXUDGHXQ
VRIWZDUH -DYD YDPRV D HVWXGLDU OD HVWUXFWXUD FRQFUHWD GH OD DSOLFDFLyQ HQ FXHVWLyQ 3DUD XQD
PHMRUYLVXDOL]DFLyQGHODGLVWULEXFLyQGHFODVHVGHODDSOLFDFLyQVHPXHVWUDD FRQWLQXDFLyQ OD
MHUDUTXtDGHSDTXHWHVGHOVLVWHPD

8QDYH]FRQRFLGDODHVWUXFWXUDGHOFyGLJRGHODDSOLFDFLyQVHFRPHQWDQDFRQWLQXDFLyQ
ODV ILQDOLGDGHV TXH WLHQH FDGD SDTXHWH DXQTXH HO QRPEUH DVLJQDGR D FDGD XQR GH HOORV QRV
IDFLOLWDODWDUHD1RREVWDQWHVHFRPHQWDUDGHXQPRGRVHQFLOOR\UiSLGRSDUDSRGHUKDFHUVHXQD
LGHD JHQHUDO GHO FRQWHQLGR GH OD DSOLFDFLyQ 6HJXLGDPHQWH VH SURFHGHUi D XQD H[SOLFDFLyQ HQ
SURIXQGLGDG GH FDGD FODVH FRQWHQLGD HQ ORV SDTXHWHV HQ FXHVWLyQ 'H HVWH PRGR WHQHPRV ORV
VLJXLHQWHVSDTXHWHV

x &RQWUROV,QWHUIDFHVTXHLPSOHPHQWDUDQORVVHUYLGRUHVGHOURERW
x 8SGDWHUV,QWHUIDFHVTXHLPSOHPHQWDUiHOFOLHQWHSDUDSRGHUUHFLELUUHVSXHVWDVGHOVHUYLGRU
x /LVWHQHUV,QWHUIDFHVTXHLPSOHPHQWDUiHOFOLHQWHSDUDUHJLVWUDUVHHQHOVHUYLGRU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x &OLHQWV,PSOHPHQWDFLyQGHORVFOLHQWHV
x 6HUYHUV,PSOHPHQWDFLyQGHORVVHUYLGRUHVGHFRQWUROGHOURERW
x 6HUYHUV5HJLVWUDWLRQ3HUPLWHHOVHUYLFLRGHUHJLVWURGHFOLHQWHVHQORVVHUYLGRUHVSDUDTXH
VHDQLQIRUPDGRVGHOHVWDGRGHOURERWDXWRPiWLFDPHQWHFDGDYH]TXHVHPRGLILTXHHOHVWDGR
RFDGDFLHUWRSHULRGRGHWLHPSR
x 0DQDJHPHQW 3HUPLWHLQLFLDU \ FHUUDU OD DSOLFDFLyQ GHVGH XQ FOLHQWH H LQFOXVR DEULU PiV
FOLHQWHV
x 3URWRFRO3URWRFRORTXHVHXVDSDUDFRPXQLFDUFOLHQWHV\VHUYLGRUHVDWUDYpVGHXQHQODFH
GHFRPXQLFDFLRQHV7&3
x 3URWRFRO/LQNV 3HUPLWH FUHDU XQ HQODFH GH FRPXQLFDFLRQHV HQWUH FOLHQWH \ VHUYLGRU SDUD
FRQWURODUHOURERW
x 3URWRFRO&RQWURO/LQNV3URSRUFLRQDFODVHVSDUDFUHDUXQHQODFHGHFRPXQLFDFLRQHVHQWUH
FOLHQWH\VHUYLGRUTXHSHUPLWDJHVWLRQDU\FRQWURODUHOSURWRFROR\ODDSOLFDFLyQ
x 3URWRFRO0HVVDJHV &RQMXQWR GH PHQVDMHV TXH VH HQYtDQ D WUDYpV GH ORV HQODFHV GH
FRPXQLFDFLRQHV FUHDGRV SRU OD DSOLFDFLyQ &DGD PHQVDMH WLHQH VX FRUUHVSRQGLHQWH RUGHQ
DVRFLDGDHQORVH[WUHPRVFOLHQWH\VHUYLGRU
x 3URWRFRO7KUHDGV +LORV HQFDUJDGRV GH UHDOL]DU ODV RSHUDFLRQHV GH FRPXQLFDFLRQHV TXH
SXHGDQUHVXOWDUEORTXHDQWHVSDUDHOVLVWHPD
x 3URWRFRO&RPSRQHQWV8WLOLGDGHVQHFHVDULDVSDUDHOIXQFLRQDPLHQWRGHOSURWRFROR
x 3UR[LHV 3HUPLWLUiQ RFXOWDU DO FOLHQWH WRGR HO SURWRFROR TXH IDFLOLWD OD GLVWULEXFLyQ GH ORV
VHUYLGRUHV
x 6WXEV2FXOWDUDQDOVHUYLGRUORVDVSHFWRVGHGLVWULEXFLyQGHORVFOLHQWHV
x &RP([FHSWLRQV([FHSFLRQHVGHGHILQLFLyQSURSLDTXHSXHGHQODQ]DUVHHQODDSOLFDFLyQ
x 6WDWXV&RQWLHQHODVFODVHVTXHDOPDFHQDUDQLQIRUPDFLyQDFHUFDGHOHVWDGRGHOURERW
x ,'V &RQWLHQH ODV FODVHV TXH UHFRJHQ WRGRV ORV SDUiPHWURV GH FRQILJXUDFLyQ GH OD
DSOLFDFLyQ
x *8,V,QWHUIDFHVJUiILFDVXVDGDVSDUDODVLPXODFLyQGHOVLVWHPD

 'HVFULSFLyQGHODDSOLFDFLyQ
$KRUDVHFRQRFHODILQDOLGDGGHFDGDSDTXHWHGHODMHUDUTXtDSRUORTXHSRGHPRVHQWUDU\D
HQ GHWDOOH FRQ ODV FODVHV TXH VH HQFXHQWUDQ HQ GLFKRV SDTXHWHV SDUD GHVFULELU HQ GHWDOOH OD
HVWUXFWXUDGHODDSOLFDFLyQUHVXPLGDHQHOSXQWRDQWHULRU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x &RQWUROV
(OSDTXHWH&RQWUROVFRQWLHQHFODVHV0HFKDQLVP&WUO0LVVLRQ&WUO\7RRO&WUOTXHVRQ
ODVLQWHUIDFHVTXHGHILQHQORVPpWRGRVHQFDUJDGRVGHOFRQWUROGHOPHFDQLVPR\KHUUDPLHQWDVGHO
URERWHQFXHVWLyQ(VSRUHVWRSRUORTXHODLQWHUID]0HFKDQLVP&WUOVHUiLPSOHPHQWDGDSRUHO
VHUYLGRU0HFKDQLVP6HUYHURFXUULHQGRORPLVPRSDUDODVLQWHUIDFHV0LVVLRQ&WUO\7RRO&WUOFRQ
ORVVHUYLGRUHV0LVVLRQ6HUYHU\7RRO6HUYHUUHVSHFWLYDPHQWH

&RPRVHSXHGHREVHUYDUWRGRV ORV PpWRGRVGH HVWDV LQWHUIDFHV GHEHQ WHQHU FOiXVXODV


GRQGH VH UHODQFHQ ODV H[FHSFLRQHV GH WLSR &RP([FHSWLRQ TXH UHSUHVHQWD OD VXSHUFODVH TXH
DEDUFDWRGDVODVH[FHSFLRQHVTXHSXHGHQRFXUULUGXUDQWHODHMHFXFLyQGHODDSOLFDFLyQ
(Q FXDQWR D ORV SDUiPHWURV TXH SXHGHQ WHQHU HVWRV PpWRGRV YHPRV FRPR QR KD\
QLQJXQDOLPLWDFLyQHQFXDQWRDOQ~PHURGHpVWRVQLDOWLSR\DTXHOD~QLFDFRQGLFLyQDFXPSOLU
HVTXHLPSOHPHQWHQODLQWHUID]6HULDOL]DEOHSDUDSRGHUHQYLDUORVDOVHUYLGRUDWUDYpVGHODUHG

x 8SGDWHUV
(VWH SDTXHWH HV PX\ VLPLODU DO FRPHQWDGR DQWHULRUPHQWH HQ FXDQWR TXH WDPELpQ
FRQWLHQHFODVHV0HFKDQLVP8SGDWHU0LVVLRQ8SGDWHU\7RRO8SGDWHU\DPEDVVRQLQWHUIDFHV
$GHPiV WRGRV ORV PpWRGRV GH HVWDV LQWHUIDFHV WDPELpQ UHODQ]DQ ODV H[FHSFLRQHV GH WLSR
&RP([FHSWLRQ

/D SULQFLSDO GLIHUHQFLD GH HVWDV LQWHUIDFHV FRQ ODV GHO SDTXHWH DQWHULRU HV TXH pVWDV
GHILQHQ PpWRGRV TXH OODPDUi HO VHUYLGRU SDUD FRPXQLFDUVH FRQ HO FOLHQWH \ TXH SRU WDQWR
GHEHUiQ VHU LPSOHPHQWDGRV SRU HO FOLHQWH FODVH &OLHQW  PLHQWUDV TXH ORV PpWRGRV GH ODV
LQWHUIDFHV GHO SDTXHWH &RQWUROV ORV OODPDEDQ ORV FOLHQWHV SDUD FRPXQLFDUVH FRQ ORV VHUYLGRUHV
ORVPpWRGRVHUDQLPSOHPHQWDGRVSRUORVVHUYLGRUHV 

(QFXDQWRDODIXQFLRQDOLGDGGHORVPpWRGRVTXHVHGHVFULEHQHQODVLQW HUIDFHVHVWRVVH
FHQWUDQHQODDFWXDOL]DFLyQGHDOJXQRVGHORVSDUiPHWURVTXHGHILQHQDOURERW(VWDDFWXDOL]DFLyQ
VHOOHYDUtDDFDERFRPRUHVSXHVWDDXQDOODPDGDSRUSDUWHGHOFOLHQWHDXQPpWRGRGHWLSRJHW

x /LVWHQHUV
(VWH HV HO WHUFHU \ XOWLPR SDTXHWH TXH HQJORED ODV LQWHUIDFHV TXH SURSRUFLRQDQ OD
IXQFLRQDOLGDGGHO FOLHQWH \ VHUYLGRU D QLYHO GH ODDSOLFDFLyQ \ pVWH VL HVWRWDOPHQWH VLPLODU DO
DQWHULRU \D TXH DGHPiV GH ODV FDUDFWHUtVWLFDV FRPXQHV TXH WHQtD FRQ ODV LQWHUIDFHV GH ORV
SDTXHWHVDQWHULRUHVpVWDVDGHPiVVHXWLOL]DQWDPELpQHQODFODVHFOLHQWH &OLHQW /DDSOLFDFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

GHORVPpWRGRVGHHVWDVLQWHUIDFHVVHFHQWUDWDPELpQHQODDFWXDOL]DFLyQGHORVSDUiPHWURVGHO
URERWSHURHQHVWHFDVRODDFWXDOL]DFLyQHQHOFOLHQWHVHUHDOL]DUDGHIRUPDDXWRPiWLFDPHGLDQWH
OD HVFXFKD GH HYHQWRV SRU SDUWH GHO VHUYLGRU R FDGD FLHUWR SHULRGR GH WLHPSR ILMDGR SRU HO
FOLHQWH 1R VHUi QHFHVDULR GH TXH HO FOLHQWH LQYRTXH XQ PpWRGR JHW SDUD TXH HVWH UHFLED ORV
YDORUHVDFWXDOL]DGRVGHORVSDUiPHWURV

/DVFODVHVTXHSHUWHQHFHQDHVWHSDTXHWHVRQ0HFKDQLVP/LVWHQHU\7RRO/LVWHQHU\VRQ
VRORSRUTXHHOFRPSRQHQWH³PLVLyQ´QRWLHQHODSURSLHGDGGHUHJLVWUR&RPRHVGHVXSRQHUOD
SULPHUD GH HVWDV LQWHUIDFHV VH HQFDUJDUi GH GHILQLU ORV PpWRGRV GH DFWXDOL]DFLyQ SDUD ORV
FRPSRQHQWHV UHODFLRQDGRV FRQ HO PHFDQLVPR \ OD VHJXQGD GH ODV LQWHUIDFHV SDUD ORV
FRPSRQHQWHVUHODFLRQDGRVFRQODKHUUDPLHQWD

x *8,V
(VWH SDTXHWH QR SHUWHQHFH HQ SULQFLSLR D OD DSOLFDFLyQ \D TXH HQJORED D ODV FODVHV
XWLOL]DGDVSDUDODYLVXDOL]DFLyQGHOFRUUHFWRIXQFLRQDPLHQWRGHOSURWRFROR$VtHVWHSDTXHWHVROR
LQFOX\H FODVHV TXH KHUHGDQ GH OD FODVH )UDPH \ TXH WLHQHQ XQ FRQMXQWR GH ERWRQHV PHQ~V \
SDQHOHV TXH GRWDQ DO SURWRFROR GH XQD VHQFLOOD LQWHUID] PHGLDQWH OD FXDO SHUPLWH VLPXODU \
YHULILFDU VX FRUUHFWR IXQFLRQDPLHQWR /DV FODVHV SHUWHQHFLHQWHV DO SURWRFROR VRQ 0DLQ*8,
LQWHUID] JUiILFD SHUWHQHFLHQWH DO FOLHQWH PHGLDQWH OD FXDO VH SRGUi GDU LQLFLR \ ILQ D OD
FRPXQLFDFLyQ \ DEULU XQ FOLHQWH QXHYR  &OLHQW*8, LQWHUID] JUiILFD SHUWHQHFLHQWH DO FOLHQWH
HQFDUJDGR GH GDU WRGDV ODV RUGHQHV D ORV VHUYLGRUHV DGHPiV GH ILMDU ORV SDUiPHWURV GH OD
DFWXDOL]DFLyQGHORVSDUiPHWURV\DVHDSHULyGLFRRPHGLDQWHHYHQWRV \0HFKDQLVP6HUYHU*8,
\7RRO6HUYHU*8, LQWHUIDFHVJUiILFDVHQFDUJDGDVGHVLPXODUODYDULDFLyQGHORVSDUiPHWURVGHO
URERW 

x ,'V
(O SDTXHWH ,'V VROR FRQWLHQH XQD FODVH OODPDGD $SS,'V TXH DOPDFHQD XQD VHULH GH
LGHQWLILFDGRUHVQHFHVDULRVSDUDHOIXQFLRQDPLHQWRGHODDSOLFDFLyQ\FRQILJXUDFLyQGHODPLVPD
FRQ OD LGHD GH IDFLOLWDU OD UHDOL]DFLyQ GH FDPELRV HQ ODV PLVPDV SUHYLDPHQWH D OD SXHVWD HQ
PDUFKDGHODDSOLFDFLyQ\DVtGLVSRQHUGHXQDDJUXSDFLyQFHQWUDOL]DGDGHGLFKRVSDUiPHWURVGH
FRQILJXUDFLyQ7RGRVORVLGHQWLILFDGRUHVVRQS~EOLFRVSDUDSRGHUDFFHGHUDHOORVGHVGHFXDOTXLHU
FODVHGHOVLVWHPD\VLQSUHVHQWDUSUREOHPDVGHVHJXULGDG\DTXHVRQFRQVWDQWHV\QRVHSXHGHQ
PRGLILFDU YDULDEOHVGHWLSR³ILQDO´SDUDLPSHGLUODPRGLILFDFLyQGHVXYDORUDORODUJRGHODV
HMHFXFLRQHV $GHPiVHVWDFODVHHVHVWiWLFDSDUDTXHGHHVWHPRGRVHSXHGDDFFHGHUFRQPXFKD
IDFLOLGDGDWRGDVHVWDVYDULDEOHV6HRSWySRUUHDOL]DUXQSDTXHWHQXHYRSDUDHVWDVRODFODVH\D


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

TXH VH SHQVy TXH WUDV XQD DPSOLDFLyQ GH OD DSOLFDFLyQ VH GHEHUtD QHFHVLWDU RWUR ILFKHUR FRQ
LGHQWLILFDGRUHVTXHVHSRGUtDFRORFDUHQHVWHSDTXHWHHYLWDQGRDVtXQDPDODGLVWULEXFLyQGHODV
FODVHV

x 6WDWXV
(VWHSDTXHWHLQFOX\HXQFRQMXQWRGHFRPSRQHQWHVTXHGHWHUPLQDQHOHVWDGRGHOURERWHQ
XQPRPHQWRGHWHUPLQDGR$FWXDOPHQWHVRORKD\FRPSRQHQWHV*R\D6WDWXV*R\D-RLQW6WDWXV
$ODUP\*R\D%ODVWLQJ6WDWXVSHURODLPSOHPHQWDFLyQGHRWURVFRPSRQHQWHVSRGUtDVHUQHFHVDULD
HQXQIXWXURVLVHDxDGHQQXHYDVIXQFLRQDOLGDGHVDODDSOLFDFLyQRVLVHGHVHDWHQHUXQPD\RU
FRQWUROVREUHpVWD&DGDXQRGHORVFRPSRQHQWHVGHVFULWRVDQWHULRUPHQWHHVWiIRUPDGRSRUXQD
LQWHUID]\VXFRUUHVSRQGLHQWHLPSOHPHQWDFLyQ

'HHVWHPRGRODFODVH$ODUPHVXQDLQWHUID]TXHUHSUHVHQWDXQDDODUPDTXHVHODQ]DUtD
HQFDVRGHXUJHQFLDRDPHQD]DGHOURERW\$ODUP,PSOHVXQDSRVLEOHLPSOHPHQWDFLyQGHHVWD
DODUPD \ TXH QRV SHUPLWLUi FUHDU LQVWDQFLDV REMHWRV  GH OD PLVPD (Q FXDQWR DO FRPSRQHQWH
*R\D-RLQW6WDWXV VH SXHGH REVHUYDU TXH HV RWUD LQWHUID] \ XQD SRVLEOH LPSOHPHQWDFLyQ HVWi
UHDOL]DGDHQODFODVH*R\D-RLQW6WDWXV,PSO/DXWLOLGDGGHHVWDLQWHUID]HVTXHSHUPLWHGHILQLUHO
HVWDGR GH FDGD XQD GH ODV DUWLFXODFLRQHV GHO URERW (O UHVWR GH FRPSRQHQWHV *R\D6WDWXV \
*R\D%ODVWLQJ6WDWXV  VH SUHVHQWDQ GH OD PLVPD IRUPD TXH ORV DQWHULRUPHQWH FRPHQWDGRV HV
GHFLU FDGD FRPSRQHQWH FRQWLHQH VX LQWHUID] DVRFLDGD \ XQD SRVLEOH LPSOHPHQWDFLyQ TXH QRV
SHUPLWHFUHDULQVWDQFLDVGHHVWHFRPSRQHQWHSDUDTXHVHDHQYLDGRDWUDYpVGHODUHGFXDQGRHO
FOLHQWH VROLFLWH XQD SHWLFLyQ GH HVWDGR GHO URERW &DGD FRPSRQHQWH WLHQH XQ VLJQLILFDGR
DWHQGLHQGRDOHVWDGRGHODSDUWHGHOURERWTXHUHSUHVHQWDHOPLVPR

3RU~OWLPRGHVWDFDUTXHODVFODVHVTXHLPSOHPHQWHQODVLQWHUIDFHVDQWHULRUHVDGHPiV
GHLPSOHPHQWDUVXFRUUHVSRQGLHQWHLQWHUID]GHEHLPSOHPHQWDUWDPELpQODLQWHUID]6HULDOL]DEOH
SDUDSHUPLWLUDVtTXHVHSXHGDQWUDQVPLWLUREMHWRVGHHVWHWLSRSRUODUHG

(OGLDJUDPDGHFODVHVQ~PHURTXHVHSUHVHQWDHQHODSDUWDGRGHPRGHODGRGHOVLVWHPD
PHGLDQWH80/SUHVHQWDODHVWUXFWXUDHVWiWLFDGHHVWDVFODVHV\VXVUHODFLRQHVHQWUHHOODV

x 0DQDJHPHQW
(QHVWHSDTXHWHVHHQFXHQWUDQHOFRQMXQWRGHFODVHVHQFDUJDGDVGHOPDQHMR\FRQWUROGH
ODDSOLFDFLyQHQHOH[WUHPRGHOFOLHQWHHQWRWDO$SS0DQDJHU\0DQDJHU$PEDVFODVHVHVWiQ
PX\ UHODFLRQDGDV \D TXH OD SULPHUD GH HOODV UHSUHVHQWD OD LQWHUID] HQ OD TXH VH GHILQHQ ORV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

PpWRGRV HQFDUJDGRV GH OD DSHUWXUD \ FLHUUH GH OD DSOLFDFLyQ $Vt SRU HMHPSOR SRGHPRV
HQFRQWUDUPpWRGRVWDOHVFRPRVWDUW$SS DUUDQFDUDSOLFDFLyQ VKXWGRZQ$SS FHUUDUDSOLFDFLyQ
\RSHQ&OLHQW DEULUFOLHQWH HQFDUJDGRVGHWDOHVIXQFLRQHV

/DFODVH0DQDJHUVXSRQHODLPSOHPHQWDFLyQGHFDGDXQRGHORVPpWRGRVGHODLQWHUID]
DQWHULRU\HVSRUHVWRSRUORTXHHQODFODVHSRGHPRVHQFRQWUDUXQYHFWRU VLPLODUDDUUD\SHUR
FRQ IXQFLRQHV PiV DYDQ]DGDV  HQ HO TXH VH DOPDFHQHQ ORV FOLHQWHV \ VXV FRUUHVSRQGLHQWHV
LQWHUIDFHV JUiILFDV (Q OD LPSOHPHQWDFLyQ UHDOL]DGD GHO PpWRGR VWDUW$SS VH SUHWHQGHQ FUHDU
WDQWRVFOLHQWHVFRPRVHLQGLTXHHQODFRQVWDQWH180%(5B2)B&/,(176GHODFODVH$SS,'V
GH WDO PRGR TXH VL VH GHVHD VH SXHGH FRQILJXUDU OD DSOLFDFLyQ SDUD TXH HO URERW SXHGD VHU
PDQHMDGR GHVGH YDULRV FOLHQWHV HQ XQD PLVPD PiTXLQD 3DUD UHDOL]DU HVWDV DFFLRQHV HQ OD
LPSOHPHQWDFLyQVHFUHDURQYHFWRUHVHQORVFXDOHVVHDOPDFHQDUiQWDQWRORVFOLHQWHVFRPRODV
LQWHUIDFHVJUiILFDVDVRFLDGDVDHVWRVFOLHQWHV

(O GLDJUDPD GH FODVHV Q~PHUR  TXH VH SUHVHQWD HQ HO DSDUWDGR GH PRGHODGR GHO
VLVWHPDPHGLDQWH80/SUHVHQWDODHVWUXFWXUDHVWiWLFDGHHVWDFODVH\ VXVLQWHUID]

x &OLHQWV
(VWHSDTXHWHFRQWLHQHVRODPHQWHFODVHV&OLHQW&OLHQWV&RQWDLQHU\5HJLVWUDWLRQ3HULRG
(QFXDQWRDODFODVH&OLHQWKD\TXHGHVWDFDUTXHMXQWRDODVFODVHV³VHUYLGRUHV´HVXQDGHODV
FODVHV PiV LPSRUWDQWHV \D TXH UHSUHVHQWD DO FOLHQWH TXH PDQHMD ORV VHUYLGRUHV GHO URERW 7DQ
VROR DQDOL]DQGR OD VHQWHQFLD LQLFLDO SRGHPRV GHVFXEULU VX HVWUXFWXUD \ UHODFLyQ FRQ ODV RWUDV
FODVHV GH OD DSOLFDFLyQ ³FODVV &OLHQW LPSOHPHQWV 0HFKDQLVP/LVWHQHU 7RRO/LVWHQHU
0HFKDQLVP8SGDWHU0LVVLRQ8SGDWHU7RRO8SGDWHU6HULDOL]DEOH´/DVVHQWHQFLDVGHLPSOHPHQWV
QRVLQGLFDQTXHHVWDFODVHLPSOHPHQWDORVPpWRGRVGHWRGDVHVDVLQWHUIDFHV(PSH]DQGRSRUOD
PiV FRQRFLGD OD LQWHUID] 6HULDOL]DEOH HV QHFHVDULR LPSOHPHQWDUOD GHELGR D TXH HV QHFHVDULR
SDVDUREMHWRVGHHVWHWLSRDWUDYpVGHODUHG/DVRWUDVLQWHUIDFHVLPSOHPHQWDGDVVHFRUUHVSRQGHQ
FRQODVTXHGHILQHQWRGRVORVPpWRGRVTXHHOFOLHQWHGHEHSRGHUUHDOL]DUDVtGLVWLQJXLPRVSRU
XQ ODGR ODV LQWHUIDFHV GH WLSR ³XSGDWH´ TXH HQJOREDQ D ORV PpWRGRV HQFDUJDGRV GH OD
DFWXDOL]DFLyQ GH ORV SDUiPHWURV R YDULDEOHV  WUDV XQD SHWLFLyQ UHDOL]DGD SRU SDUWH GHO FOLHQWH
PLHQWUDVTXHODVLQWHUIDFHV³OLVWHQHUV´HQJOREDQDORVPpWRGRVTXHUHDOL]DQHVWDPLVPDIXQFLyQ
SHURHQHVWHFDVRGHIRUPDSHULyGLFDRDSDUWLUGHXQHYHQWR

(OGLDJUDPDGHFODVHVQ~PHURTXHVHSUHVHQWDHQHODSDUWDGRGHPRGHODGRGHOVLVWHPD
PHGLDQWH80/SUHVHQWDGHIRUPDPiVFODUDODVLQWHUIDFHVTXHLPSOHPHQWDXQFOLHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

$QDOL]DQGREUHYHPHQWHODVDVRFLDFLRQHVGHFRPSRVLFLyQTXHWLHQHHVWDFODVHFRQRWUDV
GH OD DSOLFDFLyQ YHPRV TXH OD FODVH &OLHQW FRQWLHQH  UHIHUHQFLDV D  SRVLEOHV REMHWRV TXH
LPSOHPHQWHQ ODV LQWHUIDFHV TXH FRQWHQtD HO SDTXHWH &RQWUROV  0HFKDQLVP&WUO 0LVVLRQ&WUO \
7RRO&WUO  HVWRV REMHWRV VHUiQ UHDOPHQWH ORV SUR[LHV DXQTXH HO FOLHQWH FUHD TXH VHDQ
GLUHFWDPHQWH ORV  VHUYLGRUHV TXH UHDOPHQWH HVWiQ GLVWULEXLGRV UHPRWDPHQWH \ ORV SUR[LHV VH
HQFDUJDUDQGHUHDOL]DUODFRQH[LyQGHIRUPDWUDQVSDUHQWHDOFOLHQWH 

1RWD (Q RFDVLRQHV SXHGH LQWHUHVDU TXH XQ DWULEXWR FRQFUHWR GH XQ REMHWR QR VHD
VHULDOL]DGRFRPRSRUHMHPSORORVRQODVUHIHUHQFLDV0HFKDQLVP&WUO0LVVLRQ&WUO\7RRO&WUO
TXH FDGD FOLHQWH FRQWLHQH (VWR VH SXHGH FRQVHJXLU XWLOL]DQGR HO PRGLILFDGRU WUDQVLHQW TXH
LQIRUPDDOD-90GHTXHQRQRVLQWHUHVDPDQWHQHUHOYDORUGHHVHDWULEXWRSDUDVHULDOL]DUOR R
KDFHUOR SHUVLVWHQWH (Q HO FOLHQWH HVWRV  REMHWRV QR VHUiQ LQFOXLGRV HQ OD VHFXHQFLD GH E\WHV
UHVXOWDQWHGHVHULDOL]DUXQREMHWRGHFODVH&OLHQW

(QFXDQWRDORVPpWRGRVTXHSUHVHQWDHVWDFODVHKD\TXHGHVWDFDUTXHDGHPiVGHKDEHU
ORV SURSLRV GH OD LPSOHPHQWDFLyQ GH ODV LQWHUIDFHV DQWHULRUPHQWH LQGLFDGDV WDPELpQ DSDUHFHQ
WRGRVORVGHODVLQWHUIDFHVGHORVVHUYLGRUHVFRPRHVHOFDVRGHHQDEOH-RLQW LQWMRLQW1XPEHU \D
TXHFXDQGRVHRUGHQDXQDDFFLyQVHGHEHLQYRFDUDXQPpWRGRGHXQVHUYLGRU\SDUDHOORFRPR
pVWHVHHQFXHQWUDUHPRWDPHQWHSULPHURVHKDGHSDVDUGLFKDRUGHQDOFOLHQWH

/DH[LVWHQFLDGHXQDFODVHTXHLQWHUYLHQHHQHOSHULRGRGHUHJLVWURGHORVFOLHQWHVHQHO
VHUYLGRU FODVH 5HJLVWUDWLRQ3HULRG  GHQWUR GHO SDTXHWH &OLHQWV \ QR GHQWUR GH
6HUYHUV5HJLVWUDWLRQSXHGHUHVXOWDUXQSRFRLUUHJXODUSHURVHGHFLGLyFRORFDUODFODVHGHQWURGH
HVWHSDTXHWH\DTXHVRORODXVDPRVGHVGHHOFOLHQWH/DXWLOLGDGTXHSHUPLWHHVWDFODVHHVODGH
UHGRQGHDUHOSHULRGRDXWLOL]DUHQHOUHJLVWURPHGLDQWHHOPpWRGRURXQG3HULRG\HVWDDFFLyQVH
UHDOL]DGHVGHHOFOLHQWHSDUDDVtRIUHFHUDOVHUYLGRUHOSHULRGR\DDMXVWDGR\OLEHUDUDOVHUYLGRUHO
UHDOL]DURWUDRSHUDFLyQPiV(OUHGRQGHRGHOSHULRGRGHUHJLVWURGHOFOLHQWHHVPX\LPSRUWDQWH
GHELGRDOSDWUyQVHJXLGRDODKRUDGHUHJLVWUDVHHQHOVHUYLGRU\HOSRUTXpVHKDGHUHGRQGHDUHO
SHULRGREDMRFLHUWRIDFWRUVHFRPHQWDUiGHWDOODGDPHQWHPiVDGHODQWHFRQFUHWDPHQWHFXDQGRVH
HVWXGLHHQSURIXQGLGDGHOUHJLVWURGHXQFOLHQWHHQHOVHUYLGRU

3RU~OWLPRODFODVH&OLHQWV&RQWDLQHUHVODFODVHTXHUHSUHVHQWDDXQREMHWRFRQWHQHGRU
TXHDJUXSDHOFRQMXQWRGHFOLHQWHVSUR[LHV\VWDWLRQ/LQNV HQODFHV SDUDDVRFLDUORVHQWUHVLGH
IRUPD FHQWUDOL]DGD (VWD FODVH SHUPLWH DFFHGHU D WRGRV HVWRV REMHWRV GH IRUPD FHQWUDOL]DGD \D
TXH OD FODVH HV HVWiWLFD \ SRGHPRV DFFHGHU D HOOD VLQ QHFHVLGDG GH FUHDU XQD LQVWDQFLD GH OD
PLVPD$WUDYpVGHHVWDFODVHVHFUHDUDWRGDODDUTXLWHFWXUDHQHOH[WUHPRGHOFOLHQWH\DTXHHOOD
VHUiODTXHFRQWHQJDDOPDFHQDGRVWRGRVORVFOLHQWHV\SHUPLWDDFFHGHUDHOORVGHIRUPDVHQFLOOD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(O FRQWHQLGR GH HVWD FODVH VH HVWXGLDUD HQ SURIXQGLGDG HQ HO DSDUWDGR GH FUHDFLyQ GH OD
DUTXLWHFWXUDHQHOH[WUHPRGHOFOLHQWH

x 6HUYHUV
(VWHSDTXHWHHQJOREDWDQWRDORVVHUYLGRUHVFRPRDODV FODVHV HQFDUJDGDV GHO UHJLVWUR
SRUORTXHVHGHFLGLyKDFHUXQQXHYRVXESDTXHWHTXHSHUWHQHFLHUDDpVWH(QHOSDTXHWHSULQFLSDO
VH HQFXHQWUDQ ORV VHUYLGRUHV 0HFKDQLVP6HUYHU 0LVVLRQ6HUYHU \ 7RRO6HUYHU FDGD XQR
HQFDUJDGRGHOFRQWUROGHXQDSDUWHFRQFUHWDGHOURERW-XQWRDHVWDVFODVHVVHHQFXHQWUDODFODVH
6HUYHUV&RQWDLQHUTXHSUHWHQGHDFWXDUFRPRXQFRQWHQHGRUGHORVVHUYLGRUHVDQWHULRUHV&RPR
HV GH VXSRQHU OD HVWUXFWXUD GH FDGD XQR GH HVWRV VHUYLGRUHV HV PX\ VLPLODU DVt TXH FRQ HO
DQiOLVLVGHXQRGHHOORVTXHGDH[SOLFDGRHOFRPSRUWDPLHQWRGHORVUHVWDQWHV

&DGD VHUYLGRU LPSOHPHQWD VX LQWHUID] FRUUHVSRQGLHQWH GHO SDTXHWH & RQWUROV GH HVWH
PRGR OD FODVH 0HFKDQLVP6HUYHU LPSOHPHQWD OD LQWHUID] 0HFKDQLVP&WUO ³FODVV
0HFKDQLVP6HUYHULPSOHPHQWV0HFKDQLVP&WUO´ HQHVWHFDVRHVWDLQWHUID] FRUUHVSRQGHFRQ OD
TXHGHILQHHOPDQHMRGHOEUD]RGHOURERW(VWDLQWHUID] MXQWRFRQ7RRO&WUO\0LVVLRQ&WUO VRQ
ODV TXH GHILQHQ ORV PpWRGRV SDUD FRQWURODU HO URERW \ HVWRV PpWRGRV VHUiQ ORV TXH HO FOLHQWH
WLHQH TXH OODPDU DXQTXH VHD GH IRUPD LQGLUHFWD D WUDYpV GH ODV FRPXQLFDFLRQHV 3UR[\6WXE
FRUUHVSRQGLHQWHV

(O GLDJUDPD GH FODVHV Q~PHUR  TXH VH SUHVHQWD HQ HO DSDUWDGR GH PRGHODGR GHO
VLVWHPDPHGLDQWH80/SUHVHQWDGHIRUPDPiVFODUDODVLQWHUIDFHVTXHLPSOHPHQWDXQFOLHQWH\
ORVPpWRGRVTXHIRUPDQFDGDXQDGHHOODV

$QDOL]DQGR HQ HVWD FODVH WDPELpQ ODV DVRFLDFLRQHV GH FRPSRVLFLyQ YHPRV FRPR DO
FRQWUDULR TXH HQ HO FOLHQWH GRQGH VH WHQtDQ REMHWRV TXH UHSUHVHQWDUtDQ DO VHUYLGRU  OD FODVH
0HFKDQLVP6HUYHUQRYDDHVWDUIRUPDGDSRUREMHWRVTXHUHSUHVHQWDQDOFOLHQWHOLEHUDQGRGHHVWD
IRUPDDOVHUYLGRUGHFRQRFHUWRGRVVXVFOLHQWHV$GHPiVGHHVWRHOVHUYLGRU~QLFDPHQWHWLHQH
TXHFRQRFHUDXQFOLHQWHFXDQGRGLFKRFOLHQWHVROLFLWDTXHOHHQYtHHOHVWDGRGHOURERW \DTXHHQ
HOUHVWRGHyUGHQHVQRVHGHEHGHYROYHUQDGDDOFOLHQWHFRPRUHVSXHVWD (VSRUHVWRSRUORTXH
FDGD FOLHQWH GHEH LQFOXLU HQ FDGD PpWRGR TXH LPSOLTXH XQD UHVSXHVWD SRU SDUWH GHO VHUYLGRU
PpWRGRVJHW XQSDUiPHWURDGLFLRQDOGRQGHLQVHUWDUDXQDUHIHUHQFLDDVLPLVPRGHIRUPDTXH
FXDQGRHOVHUYLGRUUHFLEDHVDSHWLFLyQSXHGDHQYLDUOHODUHVSXHVWDXWLOL]DQGRGLFKDUHIHUHQFLD
0iVDGHODQWHVHFRPSUREDUiTXHUHDOPHQWHVHWUDEDMDDGHPiVFRQUHIHUHQFLDVVREUHHO3UR[\\
HO VWXE DXQTXH WRGR HOOR HV WUDQVSDUHQWH WDQWR SDUD HO FOLHQWH FRPR SDUD HO VHUYLGRU 6LQ
HPEDUJRQRVHGHEHROYLGDUGHOVHUYLFLRGHUHJLVWURGHFOLHQWHVHQHOVHUYLGRUHQGRQGHHQpVWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

FDVRVLTXHVHDOPDFHQDQORVFOLHQWHVHQHOVHUYLGRUFRUUHVSRQGLHQWHGHIRUPDTXHFDGDFLHUWR
SHULRGR GH WLHPSR R HYHQWR HQ HO HVWDGR GHO URERW HO VHUYLGRU WHQJD DOJXQD UHIHUHQFLD GH ORV
FOLHQWHVTXHVHUHJLVWUDURQHQHOVHUYLFLRSDUDTXHSXHGDFRQWHVWDUOHV

/D FODVH 0HFKDQLVP6HUYHU HVWDUi IRUPDGD SRU XQ FRQMXQWR GH REMHWRV GH WLSR
(YHQW&RQWURO 7LPHU&RQWURO \ 5HJLVWHUHG&OLHQWV TXH SHUPLWLUiQ OD LPSOHPHQWDFLyQ GH XQ
UHJLVWURSDUWLFXODUGHFOLHQWHV7RGRHOORVHFRPHQWDUiGHWDOODGDPHQWHHQODSDUWHGHUHJLVWURGH
FOLHQWHV

3DUDILQDOL]DUVLVHDQDOL]DQORVPpWRGRVH[LVWHQWHVHQHVWDFODVHYHPRVFRPRDGHPiV
GHORVPpWRGRVSURSLRVGHODLQWHUID]LPSOHPHQWDGDH[LVWHQWDPELpQPpWRGRVKRPyQLPRVDORV
TXHKD\HQODFODVH&OLHQW\HVTXHDOLJXDOFRPRRFXUUtDHQODFODVH&OLHQWFDGDFODVHWLHQHTXH
WHQHUPpWRGRVVLPLODUHVDORVGHOH[WUHPRVRSXHVWRSDUDTXHDOLQYRFDUDO³PpWRGRORFDO´pVWH
KDJDXQDLQYRFDFLyQUHPRWDGHOPpWRGRGHORWURH[WUHPR

3RUXOWLPR\WHQLHQGRHQFXHQ WDTXHHOFRPSRUWDPLHQWRGHOUHVWRGHORVVHUYLGRUHVHV
VLPLODUDOFRPHQWDGRFRQODVDOYHGDGGHTXH 0LVVLRQ6HUYHU QRWLHQHOD FDSDFLGDG GHUHJLVWUR
VROR TXHGD FRPHQWDU OD FODVH 6HUYHUV&RQWDLQHU &RPR \D VH GLMR DQWHULRUPHQWH HVWD FODVH VH
FRPSRUWD FRPR XQ FRQWHQHGRU GHORVVHUYLGRUHV DQWHULRUHV (VWD FODVHVHUi HVWiWLFD WRGRV VXV
PpWRGRV VRQ HVWiWLFRV  \D TXH QR HV QHFHVDULR FUHDU YDULDV LQVWDQFLDV GH OD PLVPD HQ OD
DSOLFDFLyQ\GHHVWDIRUPDSRGHPRVDFFHGHUDVXVPpWRGRVGHIRUPDPiVVHQFLOOD XWLOL]DQGRHO
SURSLRQRPEUHGHODFODVH\VLQQHFHVLGDGGHFUHDUQLQJXQDLQVWDQFLDGHODFODVH (VLPSRUWDQWH
GHVWDFDUTXHpVWDFODVHDGHPiVGHFRQWHQHUDORVVHUYLGRUHVFRQWLHQHWRGRVORVVWXEV\URF/LQNV
HQODFHV H[LVWHQWHV HQODDSOLFDFLyQ &RQ HVWRVHFRQVLJXH DVRFLDU VHUYLGRUHV VWXEV \ HQODFHV
HQWUHVLGHIRUPDFHQWUDOL]DGD(QGHILQLWLYDHVWDFODVHFRQWLHQHORVPpWRGRVTXHSHUPLWHQFUHDU
\DUUDQFDUWRGRVORVVHUYLGRUHVGHFRQWUROGHOURERWSDUDLQLFLDUODDSOLFDFLyQDGHPiVGHFHUUDU
SRUFRPSOHWRODDSOLFDFLyQHOSURFHVRVHJXLGRSDUDHOORVHFRPHQWDHQHODSDUWDGRGHDVSHFWRV
FDUDFWHUtVWLFRVGHODLPSOHPHQWDFLyQ

x 6HUYHUV5HJLVWUDWLRQ
(VWHSDTXHWHVHHQFXHQWUDGHQWURGHOSDTXHWH6HUYHUVSRUTXHHQHVWHVHHQFXHQWUDQWRGDV
ODV FODVHV UHODFLRQDGDV FRQ HO UHJLVWUR GH FOLHQWHV \ HVWH UHJLVWUR VROR VH HQFRQWUDUi HQ ORV
VHUYLGRUHV /DV FODVHV HQJOREDGDV HQ HVWD SDTXHWHV VRQ (YHQW&RQWURO 5HJLVWHUHG&OLHQWV
7LPHU&RQWURO 7LPH5HJLVWHUHG2EMHFW $XQTXH HO UHJLVWUR GH ORV FOLHQWHV VHD XQ WHPD PX\
FRPSOHMR \ VH GHGLTXH XQ DSDUWDGR LQGHSHQGLHQWH SDUD VX FRPHQWDULR D FRQWLQXDFLyQ VH YD D
FRPHQWDUEUHYHPHQWHHOXVRGHFDGDFODVH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

'HQWURGHHVWHSDTXHWHSRGHPRVGLVWLQJXLUODVFODVHVTXHVHHQFDUJDQGHORVUHJLVWURVGH
FOLHQWHV HQ ORV VHUYLGRUHV TXH VH HQFDUJDQ GH DOPDFHQDU ORV FOLHQWHV TXH VH UHJLVWUDQ SDUD
UHFLELUODDFWXDOL]DFLyQGHYDULDEOHVPHGLDQWHHYHQWRV\WDPELpQ GHIRUPDVHSDUDGD SDUDORV
GHODDFWXDOL]DFLyQGHIRUPDSHULyGLFD/DXWLOLGDGGHHVWHWLSRGHUHJLVWURSHUPLWHTXHFDGDYH]
TXHVHSURGX]FDXQHYHQWRRFDGDYH]TXHH[SLUHXQSHULRGRGHWLHPSR KD\D TXH GLULJLUVH DO
UHJLVWURTXHFRUUHVSRQGDSDUDLQYRFDUDOJ~QPpWRGRUHPRWRGHORVFOLHQWHVDOPDFHQDGRV

3DUDODLPSOHPHQWDFLyQGHOVHUYLFLRGHUHJLVWURGHFOLHQWHVVHQHFHVLWDQODVVLJXLHQWHV
FODVHV (YHQW&RWURO 7LPHU&RQWURO 5HJLVWHUHG&OLHQWV \ 7LPH5HJLVWHUHG&OLHQWV /DV GRV
SULPHUDVVHXWLOL]DQSDUDHOWUDWDPLHQWRGHORVHOHPHQWRVDRFXUULUSDUDTXHVHOOHYHDFDERXQD
DFWXDOL]DFLyQ\ODVVLJXLHQWHVSDUDDOPDFHQDUORVFOLHQWHV

/D FODVH 5HJLVWHUHG&OLHQWV HVWi IRUPDGD SULQFLSDOPHQWH GH  YHFWRUHV HQ ORV TXH
DOPDFHQDUORVFOLHQWHVRUGHQiQGRORVpVWRVVHJ~QHOWLSRGHFOLHQWHVTXHVHDQ\VHJ~QHOWLSRGH
UHJLVWURGHVHDGRDVtVHGLVSRQGUiGHORVYHFWRUHV
x PHFKDQLVP(YHQW/LVWHQHUV YHFWRU SDUD DOPDFHQDU ORV FOLHQWHV GH WLSR PHFKDQLVP
TXHVHUHJLVWUDQSDUDUHFLELUODVDFWXDOL]DFLRQHVGHODVYDULDEOHVFDGDYH]TXHRFXUUD
XQHYHQWRGHILQLGRDQWHULRUPHQWH
x WRRO(YHQW/LVWHQHUVYHFWRUSDUDDOPDFHQDUORVFOLHQWHVGHWLSRWRROTXHVHUHJLVWUDQ
SDUD UHFLELU ODV DFWXDOL]DFLRQHV GH ODV YDULDEOHV FDGD YH] TXH RFXUUD XQ HYHQWR
GHILQLGRDQWHULRUPHQWH
x PHFKDQLVP7LPH/LVWHQHUV YHFWRU SDUD DOPDFHQDU ORV FOLHQWHV GH WLSR PHFKDQLVP
TXHVHUHJLVWUDQSDUDUHFLELUODVDFWXDOL]DFLRQHVGHODVYDULDEOHVFDGDYH]TXHH[SLUH
XQSHULRGR
x WRRO7LPH/LVWHQHUVYHFWRUSDUDDOPDFHQDUORVFOLHQWHVGHWLSRWRROTXHVHUHJLVWUDQ
SDUDUHFLELUODVDFWXDOL]DFLRQHVGHODVYDULDEOHVFDGDYH]TXHH[SLUHXQSHULRGR

$GHPiV SDUD FDGD XQR GH HVWRV YHFWRUHV VH FUHDUiQ XQ PpWRGR TXH HVSHFLILTXH
FODUDPHQWH DO OODPDUOR HQ TXH YHFWRU VH KD GH DOPDFHQDU HO FOLHQWH DVt VH WLHQH
DGG7RRO7LPH/LVWHQHU DGG0HFKDQLVP7LPH/LVWHQHU DGG0HFKDQLVP(YHQW/LVWHQHU \
DGG7RRO(YHQW/LVWHQHU(QHVWHUHJLVWURGHFOLHQWHVVLQRVLQWHUHVDHOSRGHUHOLPLQDUFOLHQWHV\D
TXHVLXQFOLHQWHGHVHDQRUHFLELUPiVDFWXDOL]DFLRQHVGHYDULDEOHVKDEUiTXHGHMDUGHUHDOL]DUOH
HVWH VHUYLFLR DVt VH GLVSRQGUiQ GH PpWRGRV FRQ OD PLVPD QRPHQFODWXUD TXH ORV DQWHULRUHV
FDPELDQGR³DGG´SRU³UHPRYH´


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

$ODKRUDGHDOPDFHQDUORVFOLHQWHVKD\TXHGLVWLQJXLUVLpVWHVHUHJLVWUDSHULyGLFDPHQWH
RELHQSRUHYHQWRV\DTXHVLHVGHOSULPHUWLSRHOFOLHQWHVHDOPDFHQDUiHQHOYHFWRUFRPRXQ
REMHWRGHWLSR7LPH5HJLVWHUHG2EMHFWPLHQWUDVTXHVLHVSRUHYHQWRVVHDOPDFHQDUiVRORFRPR
XQ6WULQJ(VWRHVGHELGRDTXHHQHOSULPHURGHORVFDVRVDGHPiVGHODFDGHQDGHDFFHVRDO
FOLHQWHWDPELpQQHFHVLWDUHPRVDOPDFHQDUHOSHULRGRGHVHDGRPLHQWUDVTXHSDUDHOVHJXQGRWLSR
FRQ DOPDFHQDU OD FDGHQD GH DFFHVR VHUi VXILFLHQWH $Vt ORV YHFWRUHV WRRO7LPH/LVWHQHUV \
PHFKDQLVP7LPH/LVWHQHUVFRQWHQGUiQREMHWRV7LPH5HJLVWHUHG2EMHFW\HOUHVWRVROR6WULQJV

&RPR HV GH VXSRQHU WUDV HO SiUUDIR DQWHULRU ORV REMHWRV GH OD FODVH
7LPH5HJLVWHUHG2EMHFWVRODPHQWHFRQVWDQGHXQ6WULQJTXHUHSUHVHQWDQODFDGHQDGHDFFHVR\GH
XQD YDULDEOH GH WLSR HQWHUR TXH LQGLTXH HO SHULRGR $GHPiV HVWD FODVH GLVSRQGUi GH PpWRGRV
SDUDPRGLILFDUHOSHULRGRGHHVHFOLHQWH\DTXHVHSXHGHGDUHOFDVRTXHVHSUHWHQGDDOPDFHQDU
XQFOLHQWH\DDOPDFHQDGRFRQRWURSHULRGRFRQORTXHLPSOLFDTXHWDQVRORKDEUiTXHPRGLILFDU
VXSHULRGR

3RU~OWLPR\DVRORTXHGDFRPHQWDUODVFODVHVGHWLSR³&RQWURO´GHHVWHVXESDTXHWH/D
FODVH7LPHU&RQWUROVHUiHQFDUJDGDGHJHQHUDUXQHYHQWRFDGDFLHUWRWLHPSR\HVWRVHXWLOL]DUi
SDUD TXH FDGD HYHQWR VH HQYtHQ DFWXDOL]DFLRQHV D ORV FOLHQWHV UHJLVWUDGRV (VWD FODVH HVWDUi
IRUPDGD SRU XQ REMHWR GH WLSR 7LPHU TXH GHOHJD HQ RWUR TXH LPSOHPHQWH OD LQWHUID]
$FWLRQ/LVWHQHU OD DFFLyQ D UHDOL]DU FDGD YH] TXH H[SLUH XQ FLHUWR SHULRGR TXH WRPD FRPR
SDUiPHWURHQPVHJ 3DUDIDFLOLWDUHOHQWHQGLPLHQWRVHGHFLGLGRTXHODFODVHDODTXHGHOHJDU
HVHWUDEDMRVHUtDHVWDPLVPDFODVHGHWDOPRGRTXHFDGD;PVHJHOREMHWR7LPHUOODPDUDDVX
PpWRGRDFWLRQ3HUIRUPHGGHHVWDFODVH

/DOLVWDGHFOLHQWHVUHJLVWUDGRV \DVHDFRQSHUL RGRRPHGLDQWHHYHQWRV DFDGDVHUYLGRU


VHUiUHFRUULGDGHVGHODFODVH(YHQW&RQWURO$GHPiVGHVGHHVWDFODVHVHOODPDUiDOPpWRGRGHO
VHUYLGRUTXHFRUUHVSRQGD JUDFLDVDXQUHIHUHQFLDTXHVHGLVSRQHGHpVWH 

1RWD/DXWLOL]DFLyQGHYHFWRUHVHQOXJDUGHDUUD\VSDUDDOPDFHQDUDOJXQRVREMHWRVHVWD
MXVWLILFDGD GHELGR D TXH DXQTXH VL VH KXELHUD XWLOL]DGR OD VHJXQGD RSFLyQ HO DFFHVR D VXV
HOHPHQWRVKXELHUDVLGRPXFKRPiVUiSLGR\HILFLHQWHDOXWLOL]DUORVYHFWRUHVVHSHUPLWHSRGHU
DOPDFHQDUWDQWRVREMHWRVFRPRVHGHVHHQHYLWDQGRGHHVWHPRGRORVGHVERUGDPLHQWRVGHODUUD\
VLQROYLGDUWDPELpQODIDFLOLGDGRIUHFLGDSRUORVPpWRGRVGHORVYHFWRUHVSDUDLQVHUWDU\HOLPLQDU
VXVHOHPHQWRV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(O GLDJUDPD GH FODVHV Q~PHUR  TXH VH SUHVHQWD HQ HO DSDUWDGR GH PRGHODGR GHO
VLVWHPDPHGLDQWH80/SUHVHQWDGHIRUPDPiVSUHFLVDODVUHODFLRQHVHQWUHODVFODVHVDVRFLDGDV
FRQHOUHJLVWURGHFOLHQWHV\ORVVHUYLGRUHV

x &RP([FHSWLRQV
'HELGR D ODV P~OWLSOHV VLWXDFLRQHV H[FHSFLRQDOHV TXH VH SXHGHQ RFDVLRQDU HQ HVWD
DSOLFDFLyQVH GHFLGLyGHILQLU XQD VHULH GH H[FHSFLRQHV SURSLDV GHO VLVWHPD (VWH SDTXHWH HV HO
TXH UHFRJH WRGDV ODV H[FHSFLRQHV SURSLDV GHO SURWRFROR TXH SXHGH ODQ]DU OD DSOLFDFLyQ \ OD
DUTXLWHFWXUDVHJXLGDSDUDVXGLVHxRHVODVLJXLHQWH(QSULPHUDLQVWDQFLDWHQHPRVODFODVHPDGUH
GHOUHVWRGHH[FHSFLRQHVFRQRFLGDFRPR&RP([FHSWLRQHVWDFODVHUHSUHVHQWDODH[FHSFLyQGH
OD FXDO KHUHGDUDQ WRGDV ODV H[FHSFLRQHV JHQHUDGDV SRU HO SURWRFROR 'LFKD FODVH KHUHGDUD GH
([FHSWLRQGHIRUPDTXHFDGDH[FHSFLyQSURSLDGHOVLVWHPDVHDWDPELpQXQDH[FHSFLyQ-DYD(O
UHVWRGHFODVHVGHOSDTXHWHVRQODVH[FHSFLRQHVPiVHVSHFtILFDVTXHSXHGHODQ]DUODDSOLFDFLyQ\
WRGDVHOODVKHUHGDUDQGH&RP([FHSWLRQ'HHVWHPRGRODDSOLFDFLyQGLVSRQHGHODVVLJXLHQWHV
H[FHSFLRQHVFRQFUHWDV

x &RQQHFWLRQ&RP([FHSWLRQ6HODQ]DUDHQFDVRGHTXHQRVHSXHGDUHDOL]DUODFRQH[LyQ
HQWUHFOLHQWH\VHUYLGRU
x ,2&RP([FHSWLRQ 6H ODQ]DUiQ FXDQGR RFXUUDQ SUREOHPDV GH HQWUDGDVDOLGD FRQ ORV
IOXMRVGHFRPXQLFDFLRQHVGHORVHQODFHV
x ,QFRUUHFW6WDWH&RP([FHSWLRQ6HODQ]DUiHQFDVRGHTXHHOHVWDGRGHOHQODFHQRVHDHO
FRUUHFWRSDUDXQDSHWLFLyQFRQFUHWD
x ,QYDOLG,'&RP([FHSWLRQ 6H ODQ]DUi FXDQGR VH XWLOLFH XQ LGHQWLILFDGRU \ HVWH QR
FRUUHVSRQGDDQLQJXQRGHORVSHUPLWLGRVHQHVHPRPHQWR

(OUHVWRGH H[FHSFLRQHV TXH QRDEDUFDQODV DQWHULRUHVVHODQ]DQ GLUHFWDPHQWH FRQXQD


&RP([FHSWLRQ LQGLFDQGR HQ VX UHVSHFWLYR FRQVWUXFWRU HO PRWLYR SRU HO FXDO HV ODQ]DGD OD
PLVPD(VLPSRUWDQWHGHILQLUDSDUWHODVH[FHSFLRQHVDQWHULRUHVGHELGRDODJUDQFDQWLGDGGH
SRVLELOLGDGHVHQODTXHVHSXHGHQODQ]DUSHUPLWLHQGRDVtXQDPHMRUGHSXUDFLyQ\VLPXODFLyQGHO
SURWRFRORHQFXHVWLyQ

(O GLDJUDPD GH FODVHV Q~PHUR  TXH VH SUHVHQWD HQ HO DSDUWDGR GH PRGHODGR GHO
VLVWHPDPHGLDQWH80/SUHVHQWDGHIRUPDPiVH[SOtFLWDODUHODFLyQGHODVH[FHSFLRQHVSURSLDV
FRQODFODVH([FHSWLRQGH-DYD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x 3UR[LHV
(VWH SDTXHWH FRQWLHQH ORV  WLSRV GH SUR[LHV QHFHVDULRV SDUD OD DSOLFDFLyQ
0HFKDQLVP3UR[\7RRO3UR[\0LVVLRQ3UR[\ \ WRGRV HOORV KHUHGDQ GHOD FODVH ³3UR[\´ TXH
VHUiODFODVHPDGUHGHORVDQWHULRUHV(OPRWLYRSRUHOTXHVHGHILQHQSUR[LHVHVWDGHWDOODGRHQHO
FDStWXORGHFUHDFLyQGHODDUTXLWHFWXUDSHURUHVXPLHQGRVHSXHGHGHFLUTXHFDGDSUR[\SUHWHQGH
RFXOWDUDOFOLHQWHORVDVSHFWRVGHGLVWULEXFLyQGHORVVHUYLGRUHVGHFRQWUROGHOURERWHVWRHVFDGD
SUR[\VHHQFDUJDGHFRQWDFWDUFRQHOVHUYLGRUUHPRWRFDGDYH]TXHHOFOLHQWHUHDOL]DXQDSHWLFLyQ
RGHFRPXQLFDUVHFRQHOVHUYLGRUFXDQGRGLFKRVHUYLGRUGHYXHOYHXQDUHVSXHVWDDXQDSHWLFLyQ
/R UHDOPHQWH LPSRUWDQWH HV TXH WRGR HVWR HV WUDQVSDUHQWH SDUD HO FOLHQWH \D TXH HO SUR[\
LPSOHPHQWD OD PLVPD LQWHUID] TXH VX FRUUHVSRQGLHQWH VHUYLGRU \ HO FOLHQWH VROR FRQRFH HVWD
LQWHUID]SHURQRODLPSOHPHQWDFLyQGHODPLVPD

5HVXPLHQGR WRGR HO SURFHVR SRGHPRV GHFLU TXH HO SUR[\ DFW~D FRPR UHSUHVHQW DQWH
ORFDOGHOVHUYLGRUHQODPDTXLQDGHOFOLHQWHGHIRUPDTXHHOFOLHQWHDFWXpVREUHODLQWHUID]GHO
SUR[\ TXHHVODPLVPDTXHODGHOVHUYLGRU SHQVDQGRTXHHVHOSURSLRVHUYLGRU

$FRQWLQXDFLyQVHGHWDOODUDHOFRQWHQLGRGHODFODVH0HFKDQLVP3UR[\GD QGRSRUKHFKR
TXHHOFRQWHQLGRGHOUHVWRGHFODVHV 7RRO3UR[\\0LVVLRQ3UR[\ VRQGHFRQWHQLGRVLPLODUSHUR
FRQGLVWLQWRVPpWRGRVLPSOHPHQWDQGRVXUHVSHFWLYDLQWHUID]GHVXVHUYLGRUDVRFLDGR LQWHUIDFHV
7RRO&WUO \ 0LVVLRQ&WUO UHVSHFWLYDPHQWH  &RQWLQXDQGR FRQ  0HFKDQLVP3UR[\ SRGHPRV GHFLU
TXH UHSUHVHQWD D XQ LQWHUPHGLDULR HQWUH XQ FOLHQWH \ XQ VHUYLGRU GH WLSR 0HFKDQLVP \D TXH
LPSOHPHQWDODLQWHUID]0HFKDQLVP&WUOSDUDSRGHUDFWXDUFRPRVHUYLGRUSDUDHO FOLHQWH (O
FOLHQWH FRQWHQGUi GH HVWD IRUPD XQD UHIHUHQFLD D XQ REMHWR  0HFKDQLVP&WUO TXH OXHJR VH
LQVWDQFLDUiFRQXQREMHWR0HFKDQLVP3UR[\'HHVWDIRUPDHOFOLHQWHQRFRQRFHDQLQJ~QSUR[\
\ORWUDWDFRPR VL IXHUDGLUHFWDPHQWH HO VHUYLGRU 0HFKDQLVP3UR[\ DOLJXDO TXH7RRO3UR[\ \
0LVVLRQ3UR[\KHUHGDGHODFODVH3UR[\\HVWRHVSRUTXHHVQHFHVDULRSDUDHQJOREDUWRGRVORV
WLSRVGHSUR[LHVHQXQDFODVHJHQHUDOL]DGD\DTXHDOREWHQHUXQDUHIHUHQFLDGHOSUR[\DVRFLDGRD
XQ GHWHUPLQDGR HQODFH 6WDWLRQ/LQN  QR VH FRQRFH HO WLSR DO TXH SXHGH HVWDU DVRFLDGR GLFKR
HQODFH 0HFKDQLVP7RROR0LVVLRQ \HVQHFHVDULDHVWDFODVHTXHORVHQJOREHDWRGRV(OWLSRGH
SUR[\FRQFUHWRTXHHVQHFHVDULRXQDYH]WHQHPRVXQREMHWR ³3UR[\´ VH REWLHQH KDFLHQGRFDVW
VREUH OD VXSHUFODVH 3UR[\ HO WLSR GH FODVH D KDFHU FDVW GHSHQGHUi GH XQ LGHQWLILFDGRU TXH
FRQWLHQHODFODVHPDGUH VHFRPHQWDUiHQGHWDOOHHOFDStWXORGHFUHDFLyQGHODDUTXLWHFWXUD 

(O GLDJUDPD GH FODVHV Q~PHUR  TXH VH SUHVHQWD HQ HO DSDUWDGR GH PRGHODGR GHO
VLVWHPDPHGLDQWH80/SUHVHQWDGHIRUPDPiVODVUHODFLRQHVHQWUHODVFODVHVUHODFLRQDGDVFRQ
ORVSUR[LHVGHODDSOLFDFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x 6WXEV
(VWH SDTXHWH FRQWLHQH ORV  WLSRV GH VWXEV QHFHVDULRV SDUD OD DSOLFDFLyQ
0HFKDQLVP6WXE7RRO6WXE0LVVLRQ6WXE \WRGRVHOORVKHUHGDQGHODFODVH³6WXE´TXHVHUiOD
FODVHPDGUHGHORVDQWHULRUHV(OPRWLYRSRUHOTXHVHGHILQHQVWXEVHVWDGHWDOODGRHQHOFDStWXOR
GHFUHDFLyQGHODDUTXLWHFWXUDSHURUHVXPLHQGRVHSXHGHGHFLUTXHFDGDVWXESUHWHQGHRFXOWDUDO
VHUYLGRUGHFRQWUROGHOURERWORVDVSHFWRVGHGLVWULEXFLyQGHORVFOLHQWHVHVWRHVFDGDVWXEVH
HQFDUJD GH FRPXQLFDUVH FRQ HO SUR[\ UHPRWR FRUUHVSRQGLHQWH FOLHQWH  SDUD REWHQHU XQD
SHWLFLyQTXHUHDOLFHHOFOLHQWHRXQDUHVSXHVWDTXHHQYtHHOVHUYLGRU$OLJXDOTXHRFXUUtDHQHO
H[WUHPRGHOFOLHQWHORUHDOPHQWHLPSRUWDQWHHVTXHWRGRHVWRHVWUDQVSDUHQWHSDUDHOVHUYLGRU\D
TXH HO VWXE LPSOHPHQWD ODV PLVPDV LQWHUIDFHV TXH FDGD FOLHQWH \ HO VHUYLGRU VROR FRQRFH HVWD
LQWHUID]SHURQRODLPSOHPHQWDFLyQGHODPLVPD

5HVXPLHQGRWRGRHOSURFHVRSRGHPRVGHFLUTXHHOVWXEDFW~DDOLJXDOTXHHOSUR[\SHUR
HQHVWHFDVRHQHOH[WUHPRGHOVHUYLGRUGHIRUPDTXHFDGDVWXEVHDXQUHSUHVHQWDQWHORFDOGH
FDGDFOLHQWHHQODPDTXLQDGHOVHUYLGRUGHIRUPDTXHHOVHUYLGRUDFWXpVREUHODVLQWHUIDFHVGHO
VWXE TXHVRQODVPLVPDVTXHODVGHOFOLHQWH SHQVDQGRTXHHVHOSURSLRFOLHQWH'HHVWHPRGRHO
VHUYLGRU UHDOPHQWH GLVSRQGUi GH XQ FOLHQWH HO VWXE \ VHUi HO VWXE HO TXH UHGLUHFFLRQH ODV
UHVSXHVWDVGHOVHUYLGRUDWRGRVORVFOLHQWHVTXHHVWpQORFDOL]DGRVUHPRWDPHQWH

$FRQWLQXDFLyQVHGHWDOODUDHOFRQWHQLGRGHODFODVH0HFKDQLVP6WXEGDQGRSRUKHFKR
TXHHOFRQWHQLGR GHOUHVWR GH FODVHV 7RRO6WXE \ 0LVVLRQ6WXE VRQ GH FRQWHQLGRVLPLODU SHUR
FRQ GLVWLQWRV PpWRGRV LPSOHPHQWDQGR ODV LQWHUIDFHV UHVSHFWLYDV GHO WLSR GH FOLHQWH DVRFLDGR
LQWHUIDFHV 7RRO/LVWHQHU7RRO8SGDWHU \ 0LVVLRQ8SGDWHU UHVSHFWLYDPHQWH  1RWD 0LVVLRQ6WXE
QRLPSOHPHQWDODLQWHUID]/LVWHQHUFRUUHVSRQGLHQWH\DTXHQRH[LVWHVHUYLFLRGHUHJLVWURSDUDHO
VHUYLGRUGH0LVLyQSRUORTXHWDPSRFRORLPSOHPHQWDQORVFOLHQWHVGHWLSR0LVVLRQ

&RQWLQXDQGR FRQ  0HFKDQLVP6WXE SRGHPRV GHFLU TXH UHSUHVHQWD D XQ LQWHUPHGLDULR


HQWUH ORV FOLHQWHV \ HO VHUYLGRU GH WLSR 0HFKDQLVP \D TXH LPSOHPHQWD ODV LQWHUIDFHV
0HFKDQLVP/LVWHQHU\0HFKDQLVP8SGDWHUSDUDSRGHUDFWXDUFRPRFOLHQWHSDUDHO VHUYLGRU 'H
HVWDIRUPDHOVHUYLGRUFRQRFHUiVRODPHQWHUHIHUHQFLDVDREMHWRVTXHLPSOHPHQWHQODVLQWHUIDFHV
DQWHULRUHVTXHOXHJRVHLQVWDQFLDUiQFRQXQREMHWR0HFKDQLVP6WXE'HHVWDIRUPDHOVHUYLGRUQR
FRQRFHDQLQJ~QVWXE\ORWUDWDFRPRVLIXHUDGLUHFWDPHQWHHOFOLHQWH0HFKDQLVP6WXEDOLJXDO
TXH 7RRO6WXE \ 0LVVLRQ6WXE KHUHGD GH OD FODVH 6WXE SRU OD PLVPD UD]yQ TXH ORV SUR[LHV
FRPHQWDGRV DQWHULRUPHQWH KHUHGDEDQ GH 3UR[\ HV GHFLU SRUTXH HV QHFHVDULR SDUD HQJOREDU
WRGRV ORV WLSRV GH VWXEV HQ XQD FODVH JHQHUDOL]DGD \D TXH DO REWHQHU XQD UHIHUHQFLD GHO 6WXE
DVRFLDGRDXQGHWHUPLQDGRHQODFH 5RF/LQN QRVHFRQRFHHOWLSRDOTXHSXHGHHVWDUDVRFLDGR
GLFKRHQODFH 0HFKDQLVP7RROR0LVVLRQ \HVQHFHVDULDHVWDFODVHTXHORVHQJOREHDWRGRV(O


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

WLSRGH6WXEFRQFUHWRTXHHVQHFHVDULRXQDYH]WHQHPRVXQREMHWR³6WXE´VHREWLHQHKDFLHQGR
FDVW VREUH OD VXSHUFODVH 6WXE HO WLSR GH FODVH D KDFHU FDVW GHSHQGHUi GH XQ LGHQWLILFDGRU TXH
FRQWLHQHODFODVHPDGUH VHFRPHQWDUiHQGHWDOOHHOFDStWXORGHFUHDFLyQGHODDUTXLWHFWXUD 

(O GLDJUDPD GH FODVHV Q~PHUR  TXH VH SUHVHQWD HQ HO DSDUWDGR GH PRGHODGR GHO
VLVWHPDPHGLDQWH80/SUHVHQWDGHIRUPDPiVODVUHODFLRQHVHQWUHODVFODVHVUHODFLRQDGDVFRQ
ORVSUR[LHVGHODDSOLFDFLyQ

x 3URWRFRO
(OSURWRFRORGHFRPXQLFDFLRQHVGHILQLGRWUDEDMDSRUHQFLPDGH7&3,3\SRUGHEDMRGH
QXHVWUDDSOLFDFLyQGHOURERW FDSDGHDSOLFDFLyQ HVWRHVGHELGRDTXHODDUTXLWHFWXUDFOLHQWH±
VHUYLGRUQRRIUHFHXQPLGGHOZDUHTXHFRQYLHUWDHOSDVRGHPHQVDMHVDWUDYpVGHORVHQODFHVGH
FRPXQLFDFLRQHVHQOODPDGDVDSURFHGLPLHQWR PpWRGRV 

/D DUTXLWHFWXUD FOLHQWH ± VHUYLGRU UHTXLHUH GHILQLU XQ SURWRFROR GH EDMR QLYHO TXH HQ
QXHVWUR FDVR VH EDVD HQ HO SDVR GH PHQVDMHV REMHWRV -DYD  D WUDYpV GH HQODFHV GH
FRPXQLFDFLRQHV TXH VHUiQ SURFHVDGRV GH IRUPD TXH VH LQYRTXH XQ PpWRGR GHO URERW R GHO
FOLHQWHRVHSURFHVHLQWHUQDPHQWHVLHVXQPHQVDMHGHFRQWURO\PDQWHQLPLHQWRGHOSURWRFROR
(VWDFDSDGHFRPXQLFDFLRQHVGHEDMRQLYHOHVWDGHILQLGDHQHOSDTXHWH³3URWRFRO´TXHFRQWLHQH
DVXYH]RWURVSDTXHWHVTXHGLYLGHQHOSURWRFRORHQYDULDVVHFFLRQHV

x 3URWRFRO&RQWURO/LQNV
(OSURWRFRORWUDEDMDEDMRXQDDUTXLWHFWXUDHQODTXHVHGLVSRQHGHHQODFHVUHVHUYDGRV
SDUD HO FRQWURO GHO URERW \ XQ HQODFH DGLFLRQDO GH FRQWURO \ PDQWHQLPLHQWR GHO SURWRFROR (O
FDQDO GH FRQWURO SHUPLWH LQLFLDU PDQWHQHU \ FHUUDU ODV FRPXQLFDFLRQHV GH ORV RWURV  HQODFHV
SHUWHQHFLHQWHV D ORV VHUYLGRUHV GH FRQWURO GHO URERW 'H HVWD IRUPD HO SDTXHWH &RQWURO/LQNV
FRQWLHQHODVFODVHVQHFHVDULDVSDUDFUHDUXQHQODFHGHFRQWUROGHODDSOLFDFLyQTXHVRQODFODVH
TXH UHSUHVHQWD DO VHUYLGRU GH FRQWURO &WUO/LQN5RF  \ OD TXH UHSUHVHQWD D XQ FOLHQWH GH HVWH
VHUYLGRUGHFRQWURO &WUO/LQN6WDWLRQ 

/DFODVH&WUO/LQN5RFUHSUHVHQWDDOH[WUHPRVHUYLGRU GHO HQODFH GHFRQWURO \ FRQWLHQH


PpWRGRVSDUDFUHDUXQVHUYLGRUTXHSHUPLWDDEULUGLFKRHQODFHSDUDHQYLDU\UHFLELUPHQVDMHVD
WUDYpVGHGLFKRHQODFH\ILQDOPHQWHSDUDFHUUDUHOHQODFHDOWHUPLQDUODDSOLFDFLyQ6RORKDEUtD
XQD LQVWDQFLD GH HVWD FODVH HQ HOKRVW GHO VHUYLGRU SRU OR TXH GHILQLPRV WRGRV VXV PpWRGRV \


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

YDULDEOHV HVWiWLFDV SDUD TXH QR VHD QHFHVDULR FUHDU XQD LQVWDQFLD GH OD PLVPD OODPDQGR DVt D
WRGRVVXVPpWRGRVXVDQGRFRPRUHIHUHQFLDHOQRPEUHGHODSURSLDFODVH

/DFODVH&WUO/LQN6WDWLRQUHSUHVHQWDDOH[WUHPRFOLHQWHGHOHQODFHGHFRQ WURO\FRQWLHQH
PpWRGRVSDUDFRQHFWDUVHDOVHUYLGRUGHFRQWUROGHOSURWRFRORFUHDGRSRUODFODVH&WUO/LQN5RF\
SRGHUHQYLDU\UHFLELUPHQVDMHVDWUDYpVGHGLFKRHQODFH$OLJXDOTXHODFODVHDQWHULRUGHELGRD
TXHHQHOKRVWGHXQSRVLEOHFOLHQWHVRORKDEUtD XQDLQVWDQFLD GHHVWD FODVH VHGHFLGLy GHILQLU
WRGRV VXV PpWRGRV \ YDULDEOHV HVWiWLFDV SDUD TXH QR VHD QHFHVDULR FUHDU XQD LQVWDQFLD GH OD
PLVPDOODPDQGRDVtDWRGRVVXVPpWRGRVXVDQGRFRPRUHIHUHQFLDHOQRPEUHGHODSURSLDFODVH

3RU ~OWLPR FDEH GHVWDFDUODLPSRUWDQFLD GHHVWDV GRV FODVHV HQ HO IXQFLRQDPLHQWR GHO
SURWRFRORGHELGRDTXHVRQODVHQFDUJDGDVGHFUHDUHOHQODFHGHFRQWUROVREUHHOTXHFRPRVH
YHUiPiVDGHODQWHVHHQYtDQORVPHQVDMHVTXHSHUPLWLUiQLQLFLDU\FHUUDUXQDFRQH[LyQFRQORV
VHUYLGRUHVGHOURERW0HFKDQLVP7RRO\0LVVLRQ

x 3URWRFRO/LQNV
&RPR\DVHFRPHQWRDQWHULRUPHQWHDGHPiVGHOHQODFHGHFRQWUROGHOSURWRFRORH[LVWHQ
 HQODFHV HQFDUJDGRV GHO FRQWURO GHO URERW TXH VH UHDOL]DUD PHGLDQWH ORV VHUYLGRUHV GH
0HFKDQLVP7RRO\0LVVLRQ(VWHSDTXHWHFRQWLHQHODVFODVHVQHFHVDULDVSDUDFUHDUXQHQODFHGH
FRQWUROGHOURERWYDOLGDVSDUDORVWUHVWLSRVGHVHUYLGRUHV0HFKDQLVP7RRO\0LVVLRQ8QDGH
ODVFODVHVHVODTXHUHSUHVHQWDDXQVHUYLGRUGHOURERW 5RF/LQN \ODTXHUHSUHVHQWDDOFOLHQWH
6WDWLRQ/LQN FRQWLHQHDGHPiVODFODVHTXHGHILQHHOHVWDGRGHXQHQODFH 6WDWH 

3DUD FRPSUHQGHU PHMRU ORV HQODFHV TXH FUHD FDGD FODVH HQ OD DSOLFDFLyQ VH SXHGH
REVHUYDUHOGLDJUDPDGHGHVSOLHJXH Q~PHUR TXHVHSUHVHQWDHQHODSDUWDGRGHPRGHODGRGHO
VLVWHPDPHGLDQWH80/

/D FODVH 5RF/LQN UHSUHVHQWD HO H[WUHPR VHUYLGRU GHO HQODFH DO QLYHO PiV LQWHUQR GHO
SURWRFROR 6H HQFDUJD GH SURSRUFLRQDU VHUYLFLR D OD FODVH 6WDWLRQ/LQN H[WUHPR GHO FOLHQWH DO
QLYHO PiV LQWHUQR  'H HVWH PRGR HVWD FODVH FRQWLHQH PpWRGRV SDUD FUHDU XQ VHUYLGRU TXH
SHUPLWDDEULUXQHQODFHSDUDHQYLDU\UHFLELUPHQVDMHVDWUDYpVGHGLFKRHQODFHSDUDSURFHVDU
FDGDPHQVDMHTXHUHFLEHGHOFOLHQWHSDUDWUDGXFLUXQDUHVSXHVWDTXHHOVHUYLGRUKDGHHQYLDUDO
FOLHQWHHQXQPHQVDMH\ILQDOPHQWHSDUDFHUUDUHOHQODFHDOWHUPLQDUODDSOLFDFLyQ

/D FODVH 6WDWLRQ/LQN UHSUHVHQWD HO H[WUHPR FOLHQWH GHOHQODFHDO QLYHO PiV LQWHUQR GHO
SURWRFROR 6H HQFDUJD GH XVDU HO VHUYLFLR TXH SURSRUFLRQD OD FODVH 5RF/LQN H[WUHPR GHO


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

VHUYLGRU DO QLYHO PiV LQWHUQR  'H HVWH PRGR HVWD FODVH FRQWLHQH PpWRGRV SDUD FRQHFWDUVH DO
VHUYLGRUTXHODFODVH5RF/LQNFUHySDUDHQYLDU\UHFLELUPHQVDMHVDWUDYpVGHGLFKRHQODFHSDUD
SURFHVDU FDGD PHQVDMH TXH UHFLEH GHO VHUYLGRU SDUD WUDGXFLU XQD RUGHQ TXH HO FOLHQWH KD GH
HQYLDUDOVHUYLGRUHQXQPHQVDMH\ILQDOPHQWHSDUDFHUUDUHOHQODFHDOWHUPLQDUODDSOLFDFLyQ

(VWDV GRV ~OWLPDV FODVHV VRQ ODV HQFDUJDGDV GH FUHDU XQ HQODFH VREUH HO TXH VH SRGUi
FRQWURODUXQDSDUWHGHOURERW 0HFKDQLVP0LVVLRQR7RRO PHGLDQWHXQDFRPXQLFDFLyQFOLHQWH
± VHUYLGRU 'H HVWH PRGR VHUi QHFHVDULR FUHDU  HQODFHV SRU OR TXH GLVSRQGUHPRV GH 
LQVWDQFLDV GH OD FODVH 5RF/LQN \  LQVWDQFLDV GH OD FODVH 6WDWLRQ/LQN &DGD XQD GH HOODV VH
HPDSUHMDUi FRQ VX FRUUHVSRQGLHQWH H[WUHPR RSXHVWR VWDWLRQ  URF  SDUD FDGD WLSR GH VHUYLFLR
0HFKDQLVP 0LVVLRQ R 7RRO  &DGD SDUHMD UHSUHVHQWDUD XQ H[WUHPR GHO HQODFH FUHDGR \ HVWH
HQODFH VH KD PRQLWRUL]DGR GHILQLHQGR XQD FODVH DGLFLRQDO OD FODVH 6WDWH (VWD FODVH HV OD
HQFDUJDGDGHUHSUHVHQWDUHOHVWDGRGHOHQODFHVREUHHOTXHWUDEDMDQODVLQVWDQFLDVGH5RF/LQN\
6WDWLRQ/LQN&DGDHVWDGRGHOHQODFHVHUHSUHVHQWDHQODFODVHFRPRXQQ~PHURHQWHUR\GHHVWD
IRUPDWHQHPRVORVVLJXLHQWHVHVWDGRV

x ',6&211(&7(''HVFRQHFWDGRGHOHQODFH
x &211(&7,1* &RQHFWDQGR FRQ HO VHUYLGRU HQ FOLHQWH  R FUHDQGR VHUYLGRU HQ
VHUYLGRU 
x &211(&7('&RQHFWDGRDOHQODFH
x %/2&.('(QODFHEORTXHDGR

&DGDH[WUHPRGHOHQODFHGLVSRQGUiGHXQDLQVWDQFLDGHODFODVH6WDWH \ DWHQGLHQGR DO
WUDQVFXUVR GH OD DSOLFDFLyQ HO HVWDGR LUD PRGLILFiQGRVH &DGD H[WUHPR GHEHUi FRPSUREDU HO
HVWDGRGHOH[WUHPRRSXHVWRDQWHV GH UHDOL]DU XQD RSHUDFLyQ SDUD FRPSUREDU VL HV YLDEOH R QR
GLFKDRSHUDFLyQHQHVHPRPHQWR

(OGLDJUDPDGHFODVHVQ~PHURTXHVHSUHVHQWDHQHODSDUWDGRGHPRGHODGRGHOVLVWHPD
PHGLDQWH80/SUHVHQWDODHVWUXFWXUDHVWiWLFDGHHVWDVGRVFODVHV\VXVUHODFLRQFRQODVFODVHV
6RFNHW6HUYHU6RUFNHW\6WDWH0LHQWUDVTXHHQORVGLDJUDPDV\IRUPDQORVGLDJUDPDVGH
HVWDGRGHODVFODVHV5RF/LQN\6WDWLRQ/LQNDWHQGLHQGRDORVHVWDGRVFRPHQWDGRVDQWHULRUPHQWH

x 3URWRFRO7KUHDGV
$OJXQDVGHODVRSHUDFLRQHVTXHUHDOL]DQODVFODVHVGHORVSDTXHWHV&RQWURO/LQNV\/LQNV
DQWHULRUHV SXHGHQ UHVXOWDU EORTXHDQWHV \ HVWR QR HV YLDEOH HQ XQD DSOLFDFLyQ TXH WHQJD TXH
WUDEDMDU FRQ P~OWLSOHV FOLHQWHV 'H HVWH PRGR VH KDQ GHILQLGR XQD VHULH GH FODVHV TXH DFW~HQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

FRPRWKUHDGVSDUDUHDOL]DUODVRSHUDFLRQHVTXHSXHGHQVHUEORTXHDQWHVSDUDHOSURWRFROR(VWH
SDTXHWH HV HO TXH FRQWLHQH GLFKRV WKUHDGV TXH YHUHPRV XQR SRU XQR SDUD H[SOLFDU FRQ PiV
GHWDOOHTXHIXQFLyQUHDOL]DFDGDXQR/RVKLORVVRQORVVLJXLHQWHV

&RQHFWRU &XDQGR HO WKUHDG VH HMHFXWD HQ HO H[WUHPR VHUYLGRU ~QLFDPHQWH FUHD XQ
VHUYLGRUHQXQSXHUWRGHWHUPLQDGR\HPSLH]DDDFHSWDUSHWLFLRQHV DXQTXHVHVHUYLUiQHQRWUR
WKUHDG  HYLWDQGR TXH HO VLVWHPD VH EORTXHH SRU HO KHFKR GH TXH ORV VHUYLGRUHV HVSHUHQ XQD
SHWLFLyQ GH FRQH[LyQ TXH QR OOHJD &XDQGR HO WKUHDG VH HMHFXWD HQ HO H[WUHPR FOLHQWH
~QLFDPHQWHVHHQFDUJDGHFRQHFWDUVHFRQHOVHUYLGRUFUHDGRHQHOH[WUHPRRSXHVWRLQLFLDQGROD
FRQH[LyQ\FUHDQGRORVIOXMRVGHHQWUDGDVDOLGDHYLWDQGRTXHHOVLVWHPDVHEORTXHHGHELGRDXQ
IDOORGHFRQH[LyQGHORVFOLHQWHVDOLQWHQWDUFRQHFWDUVHDGLFKRVHUYLGRU

7UDQVPLWWHU6HHQFDUJDGHHQYLDUFXDOTXLHULQIRUPDFLyQDWUDYpVGHXQHQODFHPHGLDQWH
XQ PHQVDMH HV GHFLU WUDQVPLWH XQ REMHWR D WUDYpV GH XQ HQODFH UHSUHVHQWDGR SRU XQ IOXMR GH
HVFULWXUD HYLWDQGR TXH XQ HQYLy GH XQ PHQVDMH EORTXHH D RWUR SRU FULWHULRV GH ORQJLWXG GHO
PHQVDMHRIDOORHQODWUDQVPLVLyQ

5HFHLYHU 5HSUHVHQWD D XQ WKUHDG TXH HVWDUi FRQWLQXDPHQWH UHFLELHQGR HQ XQ H[WUHPR
GHO HQODFH GH FRPXQLFDFLRQHV GH FRQWURO GHO URERW \ SURFHVDQGR ORV PHQVDMHV TXH UHFLED GH
IRUPDDGHFXDGD'HHVWHPRGRVHHYLWDTXHXQDUHFHSFLyQGHXQPHQVDMHEORTXHHHOVLVWHPDSRU
FULWHULRVGHORQJLWXGGHOPHQVDMHRIDOORHQODUHFHSFLyQ

3URFFHVV0VJ 3DUD FDGD PHQVDMH TXH UHFLEH HO WKUHDG DQWHULRU 5HFHLYHU  VH FUHD XQ
WKUHDGGHHVWHWLSRTXHVHDFDSD]GHSURFHVDUGLFKRPHQVDMHHQXQDOODPDGDDOPpWRGRDVRFLDGR
D GLFKR PHQVDMH HV GHFLU HV HO HQFDUJDGR GH FRQYHUWLU ORV PHQVDMHV HQYLDGRV SRU OD UHG D
OODPDGDVORFDOHVDPpWRGRV$ODUUDQFDUHVWHWKUHDGVHHQFDUJDGHDQDOL]DUHOWLSRGHPHQVDMH
REWHQHUWRGRVVXVSDUDPWHURV VLORVWLHQH \OODPDUDOPpWRGRFRUUHVSRQGLHQWHGHO3UR[\RGHO
6WXE(O7KUHDGWLHQHFRQVWUXFWRUHVXQRSDUDFDGDH[WUHPR URF\VWDWLRQ \DTXHORVPHQVDMHV
DSURFHVDUHQFDGDH[WUHPRVRQGLIHUHQWHV

&WUO/LQN5HFHLYHU(VHO7KUHDGUHFHSWRUGHOHQODFHGHFRQWUROTXHHVWDFRQWLQXDPHQWH
HVSHUDQGRUHFLELUDOJ~QPHQVDMHGHFRQWURO\ORSURFHVDVHJ~QHOLGHQWLILFDGRUGHOPLVPR(VWH
WKUHDGUHDOL]DODIXQFLyQTXHUHDOL]DEDQORVWKUHDGV5HFHLYHU\3URFHVV0VJSHURHQHVWHFDVRHQ
HO HQODFH GH FRQWURO GHO SURWRFROR (O SURFHVDPLHQWR TXH VH OOHYD D FDER SHUPLWH UHFLELU
PHQVDMHVFRQLGHQWLILFDGRUHVGH$&.1$&.(1'\GHSXHUWRVFX\RVLJQLILFDGRVHH[SOLFDU
HQGHWDOOHHQHODSDUWDGRGHDVSHFWRVVLJQLILFDWLYRVGHODLPSOHPHQWDFLyQ 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

7RGRV ORV WKUHDGV DQWHULRUHV SXHGHQ WUDEDMDU LQGLVWLQWDPHQWH HQ ORV  H[WUHPRV GH OD
DSOLFDFLyQ FOLHQWH \ VHUYLGRU  \D TXH HQ HO FDVR GH TXH HO SURFHVDPLHQWR GHO WKUHDG HQ XQ
H[WUHPRVHDGLVWLQWRDOGHOH[WUHPRRSXHVWRVHXVDUDQGLVWLQWRVFRQVWUXFWRUHVHQFDGDFDVR

(O GLDJUDPD GH FODVHV Q~PHUR  TXH VH SUHVHQWD HQ HO DSDUWDGR GH PRGHODGR GHO
VLVWHPDPHGLDQWH80/FRQWLHQHWRGRVORVWKUHDGVDQWHULRUHV\VXUHODFLyQFRQODFODVH7KUHDG
GH-DYD

x 3URWRFRO0HVVDJHV
/DLQIRUPDFLyQTXHVHHQYtDDWUDYpVGHWRGRVORVHQODFHVGHODDSOLFDFLyQVHHQFDSVXOD
HQXQREMHWRFX\RIRUPDWRHVWDGHILQLGRSRUODVFODVHVGHWLSR³PHQVDMH´ 0VJ TXHVHGHILQHQ
HQHVWHSDTXHWH(QSULPHUOXJDUHVWDODFODVH0HVVDJHTXHQR~QLFDPHQWHHVXQDFODVHDEVWUDFWD
TXH  FRQWLHQHGRV PpWRGRV JHW,' \ WR6WULQJ  TXH VHUiQ ORV PpWRGRV TXH WRGR PHQVDMH GH OD
DSOLFDFLyQ GHEH LPSOHPHQWDU FRPR PtQLPR 3RU HOOR HO UHVWR GH PHQVDMHV KHUHGDUDQ GH HVWD
FODVH H LPSOHPHQWDUDQ HVWRV GRV PpWRGRV (O PpWRGR JHW,'  GHYXHOYH HO LGHQWLILFDGRU GHO
PHQVDMHTXHLQGLFDHOWLSRGHLQIRUPDFLyQTXHFRQWLHQH\HOPpWRGRW R6WULQJ  GHYXHOYHXQD
FDGHQD GH FDUDFWHUHV DVRFLDGD DO PHQVDMH QHFHVDULD SDUD OD VLPXODFLyQ \ GHSXUDFLyQ GH OD
DSOLFDFLyQ

(O UHVWR GH PHQVDMHV SXHGHQ VHU GH YDULRV WLSRV HQ IXQFLyQ GH OD LQIRUPDFLyQ TXH
FRQWLHQHQ\DWHQGLHQGRDGLFKDLQIRUPDFLyQVHSXHGHQFODVLILFDUHQORVVLJXLHQWHV

R &RP0VJ5HSUHVHQWDDOREMHWRTXHVHHQYtDSRUODUHGFRQFDUiFWHULQWHUQR JHVWLyQ \
PDQWHQLPLHQWR GHO SURWRFROR  SRU OR TXH QR UHSUHVHQWD D RSHUDFLRQHV GHO URERW VLQR D
DVSHFWRV FRPR FLHUUH GH FRQH[LyQ DFXVH GH UHFLER \ KDELOLWDFLyQ  GHVKDELOLWDFLyQ GHO
HQODFH

R 0HFKDQLVP0VJ0HQVDMHVUHODFLRQDGRVFRQHOHQODFHGHFRQWUROGHOVHUYLGRUTXHFRQWURODHO
PHFDQLVPR
R 7RRO0VJ0HQVDMHVUHODFLRQDGRVFRQHOHQODFHGHOVHUYLGRUTXHFRQWURODODKHUUDPLHQWD
R 0LVVLRQ0VJ0HQVDMHV UHODFLRQDGRV FRQ HOHQODFHGHO VHUYLGRU TXH FRQWUROD XQD WDUHD GHO
URERW

$XQTXH ORV  ~OWLPRV PHQVDMHV KHUHGHQ GH 0HVVDJH HO FRQWH[WR HQ HO TXH VH XVD
&RP0VJQRHVHOPLVPRTXHFXDQGRVHXVD0HFKDQLVP0VJ7RRO0VJ\0LVVLRQ0VJ\DTXH
&RP0VJVHXWLOL]DSDUDHQYLDULQIRUPDFLyQGHFDUiFWHULQWHUQRDOSURWRFROR PDQWHQLPLHQWR\


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

JHVWLyQGHODVFRPXQLFDFLRQHV PLHQWUDVTXHHOUHVWRVHXVDSDUDHQYLDURUGHQHVDOVHUYLGRUGHO
URERW R UHFLELU UHVSXHVWDV GHO PLVPR (V SRU HOOR SRU OR TXH VH GHFLGLy HQFDSVXODU WRGRV ORV
SRVLEOHVPHQVDMHVHQXQRFRP~QFX\RIRUPDWRORGHILQHODFODVH&RPSRVHG2EMHFW(VWDFODVH
UHSUHVHQWDDOREMHWRTXHHQFDSVXODUDWRGRORTXHVHHQYLDUDDWUDYpVGHODUHGHVGHFLUHQXQD
LQVWDQFLD GH HVWD FODVH VH HQFDSVXODUDQ WDQWR ORV PHQVDMHV GH FRPXQLFDFLyQ LQWHUQRV LQLFLR
PDQWHQLPLHQWR \ FLHUUH GH FRQH[LyQ  FRPR ORV H[WHUQRV PRYLPLHQWRV GHO URERW HVWDGRV
DODUPDV  3DUD TXH HO UHFHSWRU VHSD VL OR TXH HVWD HQFDSVXODGR HV UHDOPHQWH XQ PHQVDMH
LQWHUQR FRPXQLFDFLRQHV  R H[WHUQR URERW  VH DxDGH XQ LGHQWLILFDGRU 8QD FDUDFWHUtVWLFD
LPSRUWDQWHGHHVWDFODVHHVTXHVLYDPRVDHQYLDUXQPHQVDMHH[WHUQRHOFRQVWUXFWRUDXVDUHV
&RPSRVHG2EMHFW LQW,'2EMHFWREM  GHPDQHUDTXHFRPRVHXVDXQ2EMHFWSRGHPRVHQYLDUGH
H[WUHPRDH[WUHPRFXDOTXLHUFRVD\DVHDXQPHQVDMHRXQDUHIHUHQFLDDDOJ~QRWURREMHWR TXH
LPSOHPHQWH6HULDOL]DEOH 

/D ~OWLPD FODVH TXH IDOWD FRPHQWDU GH HVWH SDTXHWH HV &WUO&RPSRVHG2EMHFW FX\D
ILQDOLGDGHVODPLVPDTXHODGHODFODVH&RPSRVHG2EMHWSHURHQHVWHFDVRHVHOREMHWRTXHVH
HQYtDDWUDYpVGHOHQODFHGHFRQWUROGHOSURWRFROR YpDVHSDTXHWH&WUO/LQNV PLHQWUDV TXHORV
REMHWRV &RPSRVHG2EMHFW VH HQYLDUiQ D WUDYpV GH ORV HQODFHV GH ORV VHUYLGRUHV GH FRQWURO GHO
URERWHQFXHVWLyQ&RQHVWHGLVHxRSRGHPRVHQFDSVXODUFXDOTXLHUFRVDQHFHVDULDIiFLOPHQWH\
HQYLDUOD SRU OD UHG HQFDSVXODGD HQ XQ REMHWR &RPSRVHG2EMHFW SRUTXH VROR VHULD QHFHVDULR
GHILQLUXQQXHYRLGHQWLILFDGRUDVRFLDGRDOREMHWRTXHVHHQFDSVXODHQODFODVH&RPSRVHG2EMHFW

3RU~OWLPRHVLPSRUWDQWH FRPHQWDU TXH WRGDVHVWDVFODVHV TXHUHSUHVHQWDQ ORV REMHWRV


TXHVHHQYtDQDWUDYpVGHXQHQODFHGHEHQLPSOHPHQWDUODLQWHUID]6HULDOL]DEOH

/DVHULDOL]DFLyQGHXQREMHWRFRQVLVWHHQREWHQHUXQDVHFXHQFLDGHE\WHVTXHUHSUHVHQWH
HOHVWDGRGHGLFKRREMHWR(VWDVHFXHQFLDSXHGHXWLOL]DUVHGHYDULDVPDQHUDV SXHGHHQYLDUVHD
WUDYpV GH OD UHG JXDUGDUVH HQ XQ ILFKHUR SDUD VX XVR SRVWHULRU XWLOL]DUVH SDUD UHFRPSRQHU HO
REMHWRRULJLQDOHWF %iVLFDPHQWHFRQVLVWHHQJXDUGDUHOHVWDGRGHORVFDPSRVGHXQREMHWR\VL
HOREMHWRDVHULDOL]DUWLHQHFDPSRVTXHDVXYH]VRQREMHWRVKDEUiTXHVHULDOL]DUORVSULPHUReVWH
HVXQSURFHVRUHFXUVLYRTXHLPSOLFDODVHULDOL]DFLyQGHWRGRXQJUDIR HQUHDOLGDGXQiUERO GH
REMHWRV$GHPiVWDPELpQVHDOPDFHQDLQIRUPDFLyQUHODWLYDDGLFKRiUERO SDUD SRGHUOOHYDU D
FDERODUHFRQVWUXFFLyQGHOREMHWRVHULDOL]DGR

8QREMHWRVHULDOL]DEOHHVXQREMHWRTXHVH SXHGHFRQYHUWLU HQ XQD VHFXHQFLD GH E\WHV


3DUD TXH XQ REMHWR VHD VHULDOL]DEOH GHEH LPSOHPHQWDU OD LQWHUID] MDYDLR6HULDOL]DEOH (VWD
LQWHUID] QR GHILQH QLQJ~Q PpWRGR 6LPSOHPHQWH VH XVD SDUD
PDUFDU
 DTXHOODV FODVHV FX\DV
LQVWDQFLDV SXHGHQ VHU FRQYHUWLGDV D VHFXHQFLDV GH E\WHV \ SRVWHULRUPHQWH UHFRQVWUXtGDV 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

2EMHWRVWDQFRPXQHVFRPR6WULQJ9HFWRUR$UUD\/LVWLPSOHPHQWDQ6HULDOL]DEOHGHPRGRTXH
SXHGHQVHUVHULDOL]DGRV\UHFRQVWUXtGRVPiVWDUGH(OVLVWHPDGHHMHFXFLyQGH-DYDVHHQFDUJDGH
KDFHUODVHULDOL]DFLyQGHIRUPDDXWRPiWLFD

7RGDV ODV UHODFLRQHV GH KHUHQFLD \ FRPSRVLFLyQ DVRFLDGDV D ORV PHQVDMHV \ REMHWRV
HQFDSVXODGRUHV GH LQIRUPDFLyQ VH HQFXHQWUDQ HQ HO GLDJUDPD GH FODVHV Q~PHUR  TXH VH
SUHVHQWDHQHODSDUWDGRGHPRGHODGRGHOVLVWHPDPHGLDQWH80/

x 3URWRFRO&RPSRQHQWV
&RQWLHQHXQDVHULHGHXWLOLGDGHVQHFHVDULDVSDUDHOIXQFLRQDPLHQWRGHOSURWRFROR\TXH
FRQYLHQHHVWXGLDUFRQGHWDOOHXQDSRUXQD/DVFODVHVHQFXHVWLyQVRQODVVLJXLHQWHV

*HQHUDWH3RUWV (V OD FODVH HQFDUJDGD GH JHVWLRQDU WRGRVORV SXHUWRVTXH VH XVDQ HQ HO
SURWRFRORpVWDDxDGH\HOLPLQDSXHUWRVGHXQDOLVWDGHQ~PHURVSXHUWRVGLVSRQLEOHV6RORKDEUtD
XQDLQVWDQFLDGHHVWDFODVHHQWRGRHOSUR\HFWRSRUHOORGHILQLPRVWRGRVVXVPpWRGRV\YDULDEOHV
HVWiWLFDV SDUD TXH QR VHD QHFHVDULR FUHDU XQD LQVWDQFLD GHO PLVPR OODPDPRV D ORV PpWRGRV
XVDQGRFRPRUHIHUHQFLDODSURSLDFODVH

1HZ3RUWV5HSUHVHQWDDOREMHWRVTXHVHHQYtDQSRUHOHQODFHGHFRQWUROHQFDSVXODGRHQ
XQ&WUO&RPSRVHG2EMHFW\TXHFRQWLHQHHOSDUGHHQWHURV SXHUWR\WLSRGHHQODFHTXH
XVDUD HO FOLHQWH SDUD FRQHFWDUVH D ORV VHUYLGRUHV GHVHDGRV $O LJXDO TXH ORV PHQVDMHV GHEH
LPSOHPHQWDUODLQWHUIDFH6HULDOL]DEOHSRUTXHLQVWDQFLDVGHHVWDFODVHVHHQYLDUDQSRUODUHG

&RP,'V (VWD FODVH DOPDFHQD XQD VHULH GH LGHQWLILFDGRUHV QHFHVDULRV SDUD HO
IXQFLRQDPLHQWR GHO SURWRFROR \ VX FRQILJXUDFLyQ FRQ OD LGHD GH IDFLOLWDU OD UHDOL]DFLyQ GH
FDPELRVHQHOPLVPRSUHYLDPHQWHDODSXHVWDHQPDUFKDGHODDSOLFDFLyQ\DVtGLVSRQHUGHXQD
DJUXSDFLyQ FHQWUDOL]DGD GH GLFKRVSDUiPHWURV GH FRQILJXUDFLyQ7RGRV ORV LGHQWLILFDGRUHV VRQ
S~EOLFRVSDUDSRGHUDFFHGHUDHOORVGHVGHFXDOTXLHUFODVHGHOVLVWHPD\VLQSUHVHQWDUSUREOHPDV
GH VHJXULGDG \D TXH VRQ FRQVWDQWHV \ QR VH SXHGHQ PRGLILFDU YDULDEOHV GH WLSR ³ILQDO´ SDUD
LPSHGLUODPRGLILFDFLyQGHVXYDORUDORODUJRGHODVHMHFXFLRQHV $GHPiVHVWDFODVHHVHVWiWLFD
SDUDTXHGHHVWHPRGRVHSXHGDDFFHGHUFRQPXFKDIDFLOLGDGDWRGDVHVWDVYDULDEOHV

(O UHVWR GH FODVHV GHO SDTXHWH 0HFKDQLVP,'V 7RRO,'V \ 0LVVLRQ,'V  WDPELpQ
DOPDFHQDQ LGHQWLILFDGRUHV SHUR HQ HVWH FDVR VRQ QHFHVDULRV SDUD OD FUHDFLyQ GH PHQVDMHV HV
GHFLUSDUDODFUHDFLyQGHORVPHQVDMHVHVQHFHVDULRXQLGHQWLILFDGRUTXHLQGLTXHHOVLJQLILFDGR\
HO FRQWHQLGR TXH YD D WHQHU HVH PHQVDMH /DV FODVHV 0HFKDQLVP,'V 7RRO,'V \ 0LVVLRQ,'V


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

FRQWLHQHQORVLGHQWLILFDGRUHVQHFHVDULRVSDUDORVPHQVDMHVGHWLSR0HFKDQLVP0VJ7RRO0VJ\
0LVVLRQ0VJUHVSHFWLYDPHQWH

 'HSHQGHQFLDVVLJQLILFDWLYDV
8QD YH] H[DPLQDGD OD HVWUXFWXUD GH OD DSOLFDFLyQ HV LPSRUWDQWH FRQRFHU ODV
GHSHQGHQFLDVFUHDGDVHQWUHORVSDTXHWHVGHOVLVWHPD/DVGHSHQGHQFLDVSHUPLWHQYLVXDOL]DUTXH
SDTXHWHV QHFHVLWDQ XVDU RWURV SDTXHWHV GH IRUPD TXH VL FDPELD HO FRQWHQLGR GH XQ SDTXHWH
KDEUi TXH WHQHU HQ FXHQWD GLFKRV FDPELRV HQ ORV SDTXHWHV TXH GHSHQGDQ GHO SDTXHWH
PRGLILFDGR$FRQWLQXDFLyQFRPSUREDUHPRVODVGHSHQGHQFLDVPiVLPSRUWDQWHVHQWUHSDTXHWHV\
HQWUH FODVHV \ SDTXHWHV GRQGH VH FRPSUREDUD HQ FDGD FDVR TXH ODV GHSHQGHQFLDV VRQ ODV
PtQLPDVSRVLEOHVVXUJLHQGRORTXHVHFRQRFHFRPREDMRDFRSODPLHQWR(ODFRSODPLHQWRRFXUUH
QRUPDOPHQWHFXDQGRXQDFODVH RSDTXHWH QHFHVLWDVDEHUGHPDVLDGRVGHWDOOHVLQWHUQRVGHRWUD
SDUD VX IXQFLRQDPLHQWR HV GHFLU URPSH HO HQFDSVXODPLHQWR GHO TXH WDQWR VH KDEOD HQ OD
SURJUDPDFLyQRULHQWDGDDREMHWRV3RUVXSXHVWRSDUDWHQHUXQGLVHxRFRUUHFWRIiFLOGHPDQWHQHU
\PRGXODUFXDQWRPiVEDMR DFRSODPLHQWRKD\DHQWUHODVFODVHV RSDTXHWHV PHMRU

$OJXQDVGHODVGHSHQGHQFLDVPiVLPSRUWDQWHVHQODDSOLFDFLyQHQFXHVWLyQVRQODVVLJXLHQWHV

x &ODVH&OLHQW
/D FODVH TXH UHSUHVHQWD DO FOLHQWH GHSHQGH REYLDPHQWH GH ODV LQWHUIDFHV /LVWHQHU \
8SGDWHU\DTXHVRQODVLQWHUIDFHVTXHpOPLVPRGHEHLPSOHPHQWDUSDUD TXH HO VHUYLGRUSXHGD
FRQWHVWDUOHDODVSHWLFLRQHVGHREWHQFLyQGHOHVWDGRGHOURERW(QFXDQWRDODGHSHQGHQFLDFRQOD
FODVH &RQWUROV HV REYLD \D TXH HVWD LQWHUID] FRUUHVSRQGH FRQ OD TXH LPSOHPHQWDUDQ ORV
VHUYLGRUHV \ VRQ VXV PpWRGRV ORV TXH WLHQH TXH OODPDU SDUD DFWXDU VREUH HO URERW D WUDYpV GH
GLFKRV VHUYLGRUHV /D FODVH 6WDWXV GHEH VHU YLVLEOH SDUD HO FOLHQWH \D TXH FRQWLHQH WRGRV ORV
REMHWRV TXH UHSUHVHQWDQ ODV DODUPDV \ HVWDGRV TXH SXHGH UHFLELU GHO URERW < SRU ~OWLPR HO
SDTXHWH,'VHVQHFHVDULRSDUDXWLOL]DUORVSDUiPHWURVGHFRQILJXUDFLyQGHODDSOLFDFLyQ TXHVH
FRPHQWDURQDQWHULRUPHQWH DGHPiVGHOSDTXHWH&RP([FHSWLRQVQHFHVDULR\DTXHORVPpWRGRV
TXHHOFOLHQWHLPSOHPHQWDGHODVLQWHUIDFHV/LVWHQHU\8SGDWHUODQ]DQH[FHSFLRQHVFRQWHQLGDVHQ
HVWHSDTXHWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

&OLHQW
&RQWUROV &RP([FHSWLRQV

/LVWHQHUV
,'V

8SGDWHUV 6WDWXV

0DQDJHPHQW 3URWRFRO 3UR[LHV 6WXEV 6HUYHUV *8,V

8QDFDUDFWHUtVWLFDLPSRUWDQWHHVTXHHOFOLHQWHQRGHSHQGHGHOSDTXHWH3URWRFRO\HVWR
SHUPLWH XVDUOR HQ RWUD SRVLEOH DSOLFDFLyQ HQ OD TXH VH XVH RWUR WLSR GH SURWRFROR \ WRGR HOOR
EHQHILFLDODPRGXODULGDGGHODDSOLFDFLyQ(OFOLHQWHDGHPiV QR FRQRFHD QLQJ~Q SUR[\ GH OD
DSOLFDFLyQ \D TXH VROR WUDEDMD FRQ LQWHUIDFHV VLHQGR FRPSOHWDPHQWH LQGHSHQGLHQWH GH OD
LPSOHPHQWDFLyQGHGLFKDVLQWHUIDFHVSRURWUDVSRVLEOHVFODVHV HMHPSOR(OFOLHQWHVRORFRQRFHOD
LQWHUID] 0HFKDQLVP&WUO SHUR QR HO REMHWR 0HFKDQLVP3UR[\ TXH OD LPSOHPHQWD HV GHFLU OD
LPSOHPHQWDFLyQHVWUDQVSDUHQWHDOFOLHQWH /RPLVPRRFXUUHFRQHOSDTXHWH6HUYHUVHQGRQGH
VHSUHVHQWDQXQDSRVLEOHLPSOHPHQWDFLyQGHORVVHUYLGRUHVGHODTXHHOFOLHQWHQRWLHQHSRUTXH
GHSHQGHU\DTXHWUDEDMDVRORFRQLQWHUIDFHV³&RQWURO´GHIRUPDTXHVHSXHGHQXVDURWURWLSRGH
VHUYLGRUHV VRODPHQWH VH SLGH TXH LPSOHPHQWHQ ODV LQWHUIDFHV FRUUHVSRQGLHQWHV &RQWURO  (O
FOLHQWHWDPSRFRFRQRFHDQLQJ~QVWXE\DTXHDOLJXDOTXHHO3UR[\HQWUDGHQWURGHODFDSDGHO
PLGGOHZDUHTXHHVWUDQVSDUHQWHDODFDSDGHDSOLFDFLyQGRQGHVHHQFXHQWUDHOFOLHQWH(OUHVWR
GH SDTXHWHV GHORV TXH QR GHSHQGHVRQ REYLRV FRPR VRQ ODVLQWHUIDFHV JUiILFDV *8,V  \ ODV
FODVHVGHFRQWUROGHLQLFLR\FLHUUHGHDSOLFDFLyQ 0DQDJHPHQW 

x 3DTXHWH3UR[LHV
/RV SUR[LHV GHILQLGRV HQ OD DSOLFDFLyQ GHSHQGHQ GHO SURWRFROR \D TXH VRQ ORV
HQFDUJDGRV GH WUDQVIRUPDU ODV SHWLFLRQHV GH ORV FOLHQWHV HQ HQYtRV GH PHQVDMHV PHGLDQWH HO
SURWRFROR GHILQLGR D XQ QLYHO PiV EDMR 7RGR HOOR SXHGH ODQ]DU H[FHSFLRQHV GH WLSR
&RP([FHSWLRQ \ QHFHVLWD XVDU WDQWR ORV SDUiPHWURV LGHQWLILFDGRUHV  GH FRQILJXUDFLyQ GH OD
DSOLFDFLyQ FRPR ORV REMHWRV GH HVWDGR GHO URERW (V LQGLVFXWLEOH TXH ORV SUR[LHV GHSHQGDQ
GLUHFWDPHQWHGHODVLQWHUIDFHV&RQWUROV\DTXHVRQODVTXHHOORVLPSOHPHQWDQSDUDSRGHUUHDOL]DU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

VXODERUGHUHSUHVHQWDQWHGHORVVHUYLGRUHV/DVLQWHUIDFHV/LVWHQHUV\8SGDWHUVVRQQHFHVDULDV
SDUDSRGHUWUDEDMDUFRQHOFOLHQWHFXDQGRHVQHFHVDULRGHYROYHUXQDUHVSXHVWDDXQFOLHQWH

&RQWUROV 3UR[LHV 3URWRFRO

/LVWHQHUV &RP([FHSWLRQV

8SGDWHUV 6WDWXV ,'V

6HUYHUV &OLHQWV 6WXEV 0DQDJHPHQW *8,V

/RV SUR[LHV QR GHSHQGHQ GH OD LPSOHPHQWDFLyQ TXH VH XVH FRPR VHUYLGRU QL FRPR
FOLHQWH \D TXH WUDEDMD FRQ ODV LQWHUIDFHV TXH GHEHQ LPSOHPHQWDU QR FRQ OD SURSLD
LPSOHPHQWDFLyQ /RV VWXEV QR ORV FRQRFHQ SRUTXH WUDEDMDQ HQ HO H[WUHPR RSXHVWR GH OD
FRPXQLFDFLyQ\WDPSRFRGHSHQGHGHODVLQWHUIDFHVJUiILFDVQLGHODVFODVHVGHFRQWUROGHLQLFLR
\FLHUUHGHDSOLFDFLyQ 0DQDJHPHQW 

x &ODVHV0HFKDQLVP6HUYHU\7RRO6HUYHU
(VWXGLDUHPRVODVGHSHQGHQFLDVTXHH[LVWHQHQWUHHVWDVGRVFODVHVFRQMXQWDPHQWHGHELGR
DODVVLPLOLWXGHVTXHSUHVHQWDQHQODVTXH~QLFDPHQWHH[LVWHXQDPtQLPDGLIHUHQFLDGHELGRDO
WLSR GH VHUYLGRU TXH VRQ FDGD XQR 0HFKDQLVP YV 7RRO  /D SULQFLSDO GHSHQGHQFLD HV FRQ OD
LQWHUIDFHV &RQWURO TXH GHEHQ LPSOHPHQWDU SRU HO KHFKR GH VHU VHUYLGRUHV PLHQWUDV TXH ODV
LQWHUIDFHVGHWLSR/LVWHQHU\8SGDWHUMXQWRFRQHOSDTXHWH6WDWXVGHEHQVHUYLVLEOHVSDUDSRGHU
UHVSRQGHU D ORV FOLHQWHV TXH VROLFLWHQ HO HVWDGR GHO URERW 3RU RWUR ODGR VRQ QHFHVDULDV ODV
H[FHSFLRQHV SDUD UHODQ]DUODV HQ ORV PpWRGRV TXH LPSOHPHQWHQ \ WDPELpQ ORV SDUiPHWURV GH
FRQILJXUDFLyQGHODDSOLFDFLyQ3RU~OWLPRHOSDTXHWH5HJLVWUDWLRQGHEHVHUDFFHVLEOHSDUDSRGHU
XVDUHOVHUYLFLRGHUHJLVWURGHFOLHQWHVFRPHQWDGRLQLFLDOPHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

0HFKDQLVP6HUYHU

&RQWUROV &RP([FHSWLRQV

/LVWHQHUV ,'V

8SGDWHUV 6WDWXV 5HJLVWUDWLRQ

&OLHQWV 3URWRFRO 6WXEV 3UR[LHV 0DQDJHPHQW *8,V

7RRO6HUYHU
&RQWUROV &RP([FHSWLRQV

/LVWHQHUV ,'V

8SGDWHUV 6WDWXV 5HJLVWUDWLRQ

&OLHQWV 3URWRFRO 6WXEV 3UR[LHV 0DQDJHPHQW *8,V

&RPR HUD GH HVSHUDU ORV VHUYLGRUHV VRQ LQGHSHQGLHQWHV GH OD LPSOHPHQWDFLyQ GH ORV
FOLHQWHVGHORVVWXEV\GHOSURWRFRORXVDGRDQLYHOPiVEDMR\DTXHWUDEDMDQ~QLFDPHQWHFRQODV
LQWHUIDFHVGHILQLGDVHQORVSDTXHWHV&RQWUROV/LVWHQHUV\8SGDWHUV

x &ODVH0LVVLRQ6HUYHU
(VWD FODVH KD\ TXH HVWXGLDUOD VHSDUDGDPHQWH GH ORV VHUYLGRUHV GH 0HFKD QLVP \ 7RRO
GHELGRDTXHHVWHWLSRGHVHUYLGRUQRQHFHVLWDLPSOHPHQWDU HO VHUYLFLR GHUHJLVWURGH FOLHQWHV
SRU OR TXH FRQWLHQH ODV PLVPDV GHSHQGHQFLDV TXH ORV RWURV GRV WLSRV GH VHUYLGRUHV SHUR
H[FHSWXDQGRORVSDTXHWHVUHODFLRQDGRVFRQHOUHJLVWURGHFOLHQWHV 5HJLVWUDWLRQ/LVWHQHUV6WDWXV
H,'V 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

0LVVLRQ6HUYHU
&RQWUROV &RP([FHSWLRQV

/LVWHQHUV ,'V

8SGDWHUV 6WDWXV 5HJLVWUDWLRQ

&OLHQWV 3URWRFRO 6WXEV 3UR[LHV 0DQDJHPHQW *8,V

x 3DTXHWH6WXEV
3RU~OWLPRSRGHPRVFRPSUREDUTXHORVVWXEVWDPELpQGHEHQHVWDUUHODFLRQDGRVFRQHO
SURWRFROR\DTXHVRQORVHQFDUJDGRVGHWUDQVIRUPDUORVPHQVDMHVTXHUHFLEHGHOSUR[\DWUDYpV
GHO HQODFH HQ OODPDGDV D PpWRGRV GHO VHUYLGRU 7RGR HOOR SXHGH ODQ]DU H[FHSFLRQHV GH WLSR
&RP([FHSWLRQ \ QHFHVLWD XVDU WDQWR ORV SDUiPHWURV LGHQWLILFDGRUHV  GH FRQILJXUDFLyQ GH OD
DSOLFDFLyQ FRPR ORV REMHWRV GH HVWDGR GHO URERW (V LQFXHVWLRQDEOH TXH ORV VWXEV GHSHQGDQ
GLUHFWDPHQWHGHODVLQWHUIDFHV/LVWHQHUV\8SGDWHUV\DTXHVRQODVTXHHOORVLPSOHPHQWDQSDUD
SRGHUUHDOL]DUVXODERUGHUHSUHVHQWDQWHGHORVFOLHQWHV/DVLQWHUIDFHV&RQWUROVVRQQHFHVDULDV
SDUDSRGHUWUDEDMDUFRQORVVHUYLGRUHV\DTXHDFFHGHQDHOORVDWUDYpVGHGLFKDVLQWHUIDFHV&DEH
GHVWDFDU TXH ORV VWXEV QHFHVLWDQ HO SDTXHWH 5HJLVWUDWLRQ \D TXH VHUiQ ORV VWXEV ORV TXH
DOPDFHQHQDORVFOLHQWHVUHDOHVTXHVHUHJLVWUHQ\HOSURSLRVWXEVHUHJLVWUDUiHQHOVHUYLGRU QR
ORV FOLHQWHV  $XQTXH HO SDTXHWH 5HJLVWUDWLRQ SHUWHQH]FD DO SDTXHWH 6HUYHUV ORV VWXEV QR
GHSHQGHQ GH ORV VHUYLGRUHV \D TXH WUDEDMDQ FRQ ODV LQWHUIDFHV &RQWUROV SRU OR TXH OD
LPSOHPHQWDFLyQGHGLFKDVLQWHUIDFHVHVLQGLIHUHQWHSDUDORVVWXEV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

/LVWHQHUV 6WXEV &RP([FHSWLRQV

8SGDWHUV ,'V

&RQWUROV 6WDWXV 5HJLVWUDWLRQ 3URWRFRO

6HUYHUV &OLHQWV 3UR[LHV 0DQDJHPHQW *8,V

(OSDTXHWH6WXEVVRORGHSHQGHGHODVFODVHVUHODFLRQDGDVFRQHO
UHJLVWURHQHOVHUYLGRU VXESDTXHWH5HJLVWUDWLRQ SHURQRGHSHQGHGHO
UHVWRGHFODVHVGHOSDTXHWH6HUYHUV

&RPSUHQVLEOHPHQWHORVVWXEVWDPSRFRGHSHQGHQGHODLPSOHPHQWDFLyQGHORVFOLHQWHV
\DTXHWUDEDMDQ~QLFDPHQWHFRQODVLQWHUIDFHV/LVWHQHU\8SGDWHU/RVVWXEVWDPSRFRFRQRFHQD
ORVSUR[LHVSRUTXHHVWiQORFDOL]DGRVHQHOH[WUHPRRSXHVWRGHODFRPXQLFDFLyQTXHHOSURWRFROR
RFXOWDDODVFDSDVGHQLYHOPiVDOWR

$KRUD\DFRQRFHPRVODVGHSHQGHQFLDVPiVLPSRUWDQWHVHQWUHDOJXQRVFRPSRQHQWHVGH
OD DSOLFDFLyQ \ SRGHPRV OOHJDU D OD FRQFOXVLyQ GH TXH HO XVR GH LQWHUIDFHV ELHQ GHILQLGDV
EHQHILFLD HO RFXOWDPLHQWR GH OD LQIRUPDFLyQ \ D\XGD D WHQHU XQ GLVHxR FRUUHFWR IiFLO GH
PDQWHQHU\PRGXODU/DLGHDHVRIUHFHUXQDVHULHGHVHUYLFLRVDXQFOLHQWHSHURVLQLPSRUWDUOHD
GLFKRFOLHQWHODLPSOHPHQWDFLyQGHGLFKRVVHUYLFLRV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 (WDSDVGHFUHDFLyQGHODDSOLFDFLyQ

$ FRQWLQXDFLyQVH GHVFULELUiQODVHWDSDVVHJXLGDV HQ HO GLVHxR GH OD DSOLFDFLyQ *R\D


TXH D\XGDUiQ D FRPSUHQGHU PHMRU HO RUGHQ TXH VH GHEH VHJXLU D OD KRUD GH LPSOHPHQWDU XQD
DSOLFDFLyQFOLHQWHVHUYLGRUGHHVWDVFDUDFWHUtVWLFDV\TXHUHTXLHUDODFUHDFLyQGHXQSURWRFROR
LQWHUQR TXH GHILQD ODV UHJODV QHFHVDULDV SDUD HO SDVR GH PHQVDMHV D WUDYpV GH ORV HQODFHV GH
FRPXQLFDFLyQ \ HQ GHILQLWLYD TXH SHUPLWD XQD FRPXQLFDFLyQ WUDQVSDUHQWH HQWUH FOLHQWH \
VHUYLGRU

x 3URWRFRORLQWHUQR
(O HVWXGLR TXH VH UHDOL]R VREUH ORV SURWRFRORV RULHQWDGRV D FRQH[LyQ HQ HO FDStWXOR
UHIHUHQWH D OD DUTXLWHFWXUD FOLHQWH  VHUYLGRU SURSRUFLRQD XQD VHULH GH UD]RQHV TXH VRQ FDXVD
GLUHFWDGHTXHHOSURWRFRORFUHDGRWUDEDMHVREUHHO3URWRFRORGH&RQWUROGH7UDQVPLVLyQ 7&3 
/D LPSOHPHQWDFLyQ GH GLFKR SURWRFROR GHEtD RIUHFHU XQ FRQMXQWR GH FODVHV \ PpWRGRV TXH
SHUPLWLHUDQODWUDQVPLVLyQGHPHQVDMHVHQWUHPDTXLQDVGLVWLQWDVGHXQDIRUPDWUDQVSDUHQWHHV
GHFLUVLQWHQHUHQFXHQWDODORFDOL]DFLyQGHODVPDTXLQDV8QDGHODVGHFLVLRQHVDWRPDUSDUDHO
GLVHxRGHOSURWRFRORIXHHOIRUPDWRGHORVPHQVDMHVDHQYLDU\DTXHVXFRPSOHMLGDGQRGHEtD
VHU PX\ HOHYDGD \ VX WDPDxR WDPSRFR H[FHVLYR \D TXH SRGUtD GDU OXJDU D SUREOHPDV GH
UHQGLPLHQWR )LQDOPHQWH \ WUDV YDULRV HVWXGLRV VH GHFLGLy TXH HO IRUPDWR ILQDO GH HVWRV
PHQVDMHV FRQVWDUtD GH XQ LGHQWLILFDGRU GH WLSR GH PHQVDMH \ XQ FRQMXQWR GH SDUiPHWURV
Q~PHURVHQWHURVFDGHQDVGHFDUDFWHUHVHWF VHJ~QHOWLSRGHPHQVDMHDHQYLDU

2WURGHORVGHWDOOHVDWHQHUHQFXHQWDHQGLVHxRHUDHOQ~PHURGHKLORV 7KUHDGV T XHVH


GHEtDQWHQHUHQHMHFXFLyQ\DTXHDXQTXHHVWHSDUiPHWURGHGHSHQGHHQJUDQPHGLGDGHOUROTXH
VHUHDOLFHHQFDGDVLWXDFLyQ \DVHDFOLHQWHRVHUYLGRU QRHVDFRQVHMDEOHDEXVDUGHOUHQGLPLHQWR
GHOSURFHVDGRUSRUTXHSRGUtDGDUOXJDUDXQDVQHFHVLGDGHVKDUGZDUHPX\H[LJHQWHV)LQDOPHQWH
ODGHFLVLyQIXHODGHWHQHU XQ KLOR HQFDUJDGR GH OD WUDQVPLVLyQ GH PHQVDMHV GRV PDV SDUDOD
UHFHSFLyQ\DQiOLVLVGHORVPHQVDMHVHQWUDQWHVSDUDFDGDHQODFH

$GHPiVGHORVHQODFHVSURSLRVGHODWUDQVPLVLyQSDUDSHUPLW LUXQFRQWUROFHQWUDOL]DGR
GH FDGD XQR GH GLFKRV HQODFHV FRPR SRU HMHPSOR GHWHUPLQDU ORV SXHUWRV GRQGH WUDEDMDU  VH
GHFLGLyODLPSOHPHQWDFLyQGHXQHQODFHSULQFLSDOTXHSHUPLWLHUDODFUHDFLyQ\ODHOLPLQDFLyQGH
FDGDXQRGHORVHQODFHVGHWUDQVIHUHQFLD$VtGHHVWHPRGRPHGLDQWHODFUHDFLyQGHXQREMHWR
GHHVWHWLSRVHSRGUtDQFUHDUWRGRVORVHOHPHQWRVGHFRPXQLFDFLRQHV VRFNHWV QHFHVDULRVSDUD
HOFRUUHFWRIXQFLRQDPLHQWRGHODDSOLFDFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(OXOWLPRGHWDOOHTXHVHGHFLGLyLPSOHPHQWDUSDUDHOSURWRFROR LQWHUQRIXHODLQFOXVLyQ
GHXQFRQMXQWRGHH[FHSFLRQHVGHFUHDFLyQSURSLDOODPDGDV³&RP([FHSWLRQ´TXHGHWHUPLQDUDQ
FRQVXPHQVDMHGRQGHVHSURGXMRGLFKDH[FHSFLyQSDUDTXHGHHVWHPRGRVHSXHGDVROXFLRQDU
GHIRUPDPiVUiSLGDORVSUREOHPDVRFDVLRQDGRV

x 3UR[LHV\6WXEV
8QDYH]FUHDGRHOSURWRFROR\SUREDGRHQODVGLYHUVDVVLWXDFLRQHVFRQXQDLQWHUID]GH
XVXDULR VHQFLOOD VH GHFLGLy LPSODQWDU ORV TXH VH SRGUtDQ GHQRPLQDU ³HOHPHQWRV GH
WUDQVSDUHQFLD´ ORV SUR[LHV \ ORV VWXE HV GHFLU HOHPHQWRV FX\D IXQFLyQ FRPR \D VH KD
H[SOLFDGRFRQGHWDOOHHQSXQWRVDQWHULRUHVVHDVXSODQWDUDOH[WUHPRRSXHVWRSDUDTXHGHHVWH
PRGRORVXVXDULRVGHODDSOLFDFLyQQRDGYLHUWDQQLQJXQDGLIHUHQFLDVLHOFOLHQWH\HOVHUYLGRU
HVWDHQODPLVPDPDTXLQDRQR&RPRHVQRUPDOHVWRVHOHPHQWRVTXHGDUiQHQXQQLYHOVXSHULRU
DO SURWRFROR LQWHUQR \ GH HVWH PRGR VLHPSUH OD LPSOHPHQWDFLyQ GH ORV PpWRGRV GH HVWRV
HOHPHQWRVWHQGUiQVX³WUDGXFFLyQ´FRQORVHOHPHQWRVGHGLFKRSURWRFROR

&RQHVWRVHOHPHQWRV\DVHSURGXFHXQDHVSHFLDOL]DFLyQGHODDSOLFDFLyQ\DTXHKDVWD
HVWHSXQWRHVGHFLUHOSURWRFRORLQWHUQRHVWDEDLPSOHPHQWDGRSDUDVHUXWLOL]DGRSDUDFXDOTXLHU
DSOLFDFLyQ GLVWULEXLGD VLQ LPSRUWDU VX IXQFLRQDOLGDG 3XHV ELHQ XQD YH] LPSODQWDGRV ORV
SUR[LHV \ VWXEV VH PDUFDQ ORV PpWRGRV HV GHFLU OD XWLOLGDG TXH VH OH YD D RWRUJDU D OD
DSOLFDFLyQ (V SRU HVWR TXH HVWRV HOHPHQWRV LPSOHPHQWDUDQ WRGDV ODV LQWHUIDFHV TXH VH QRV
RIUHFLHURQFRPRREMHWLYRVGHODDSOLFDFLyQ8SGDWHUV/LVWHQHUV\&RQWUROV

x &OLHQWHV\6HUYLGRUHV
(VWDQGR \D FUHDGRV ORV VWXEV \ SUR[LHV \D VH SXHGHQ XWLOL]DU WRGRV ORV PpWRGRV TXH
HVWDVFODVHVRIUHFHQVLQGDULPSRUWDQFLDDODVFRPXQLFDFLRQHVHQWUHODVPDTXLQDV\DTXHHVWRV
HOHPHQWRV VH RFXSDUDQ GH HVWR 'H HVWH PRGR ORV HOHPHQWRV TXH XWLOL]DUiQ HVWDV IDFLOLGDGHV
VHUiQ ORV FOLHQWHV \ ORV VHUYLGRUHV TXH LPSOHPHQWDUDQ ODV PLVPDV LQWHUIDFHV TXH ORV VWXEV \
SUR[LHV\\DVHUiQORVHOHPHQWRVPiVH[WHUQRVGHODDSOLFDFLyQ\FRQORVTXHHOXVXDULRWHQGUi
³FRQWDFWR´ $Vt DO LJXDO TXH D ORV VWXEV \ SUR[LHV OH ³SDVDEDQ´ ORV PpWRGRV D ORV HQODFHV GH
WUDQVIHUHQFLDORVFOLHQWHV\VHUYLGRUHVUHDOL]DQODPLVPDRSHUDFLyQOODPDQGRSDUDFDGDXQRGH
VXVPpWRGRVDORVPpWRGRVGHORVVWXEV\SUR[LHVIRUPiQGRVHXQDFDGHQDELGLUHFFLRQDO FOLHQWH
ÅÆ SUR[\ÅÆ OLQN \ VHUYLGRUÅÆ VWXEÅÆ OLQN 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

x &RQWHQHGRUHV
3RUXOWLPRKD\TXHGHVWDFDUTXHSDUDRIUHFHUXQDFFHVRFHQWUDOL]DGRDFDGDXQRGHORV
VHUYLGRUHV \ FOLHQWHV \ VXV HOHPHQWRV QHFHVDULRV  VH GHFLGLy LPSOHPHQWDU GRV FRQWHQHGRUHV
XQR SDUD FDGD H[WUHPR  GRQGH VH HQFRQWUDUDQ WRGRV ORV HOHPHQWRV QHFHVDULRV SDUD HO FRQWURO
WRWDOGHODDSOLFDFLyQFRPRVRQFOLHQWHVSUR[LHV\OLQNV\SRURWURODGRVHUYLGRUHVVWXEV\
OLQNV

x 5HJLVWUDWLRQ
(VWH HV HO QRPEUH GHO SDTXHWH GRQGH VH HQFXHQWUDQ WRGDV ODV FODVHV TXH RIUHFHQ ODV
XWLOLGDGHV GHUHJLVWUR \ ³WHPSRUL]DFLyQ´ GH VHUYLGRUHV $O VHU HVWRV ~OWLPRV ORV TXH XWLOL]DUDQ
GLFKDVFODVHVVHGHFLGLyFRORFDUHVWHSDTXHWHGHQWURGHOSURSLRSDTXHWH³6HUYHUV´/DSULQFLSDO
XWLOLGDGTXHVHWXYRTXHLPSOHPHQWDUHQHVWDVFODVHVIXHHOUHJLVWURGHORVVHUYLGRUHV\HOFRQWURO
GHOWLHPSRSDUDTXHGHHVWHPRGRORVFOLHQWHVSXGLHUDQUHFLELUODVDFWXDOL]DFLRQHVRSRUWXQDVGH
IRUPDSHULyGLFD\H[DFWD

x 6WDWXV
3RU XOWLPR \ \D GH IRUPD PX\ HVSHFLDOL]DGD SDUD OD DSOLFDFLyQ HQ FXHVWLyQ VH
LPSOHPHQWDURQ XQ FRQMXQWR GH FODVHV H LQWHUIDFHV FRPR VRQ $ODUP %ODVWLQJ6WDWXV«TXH VH
LQFOXLUiQGHQWURGHOSDTXHWH³6WDWXV´\TXHGHILQHQDOJXQDVGHODVFDUDFWHUtVWLFDVGHOURERWSDUD
HO FXDO VH GLVHxy OD DSOLFDFLyQ SHUR VLQ ROYLGDU HQ WRGR PRPHQWR TXH OD DSOLFDFLyQ HVWD
DGHFXDGDSDUDSRGHUVHUXWLOL]DGDSRUFXDOTXLHUURERWFRQXQRVVLPSOHVFDPELRV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 $VSHFWRVFDUDFWHUtVWLFRVGHODLPSOHPHQWDFLyQ

$FRQWLQXDFLyQVHFRPHQWDQORVSXQWRVPiVLPSRUWDQWHVGHODDSOLFDFLyQ*R\D\TXH
KDQ SUHVHQWDGR PD\RUHV SUREOHPDV D OD KRUD GH VX LPSOHPHQWDFLyQ 6LQ HPEDUJR WRGRV ORV
GLDJUDPDV80/DGMXQWDGRVHQHVWHSUR\HFWRSXHGHQIDFLOLWDUODFRPSUHQVLyQGHPXFKRVGHORV
DVSHFWRVFRQIOLFWLYRVTXHSUHVHQWDODDSOLFDFLyQ

 'LVHxRGHODDUTXLWHFWXUDFOLHQWHVHUYLGRU
(Q OD UHDOL]DFLyQ GH XQD DUTXLWHFWXUD FOLHQWH ± VHUYLGRU GRQGH OD DSOLFDFLyQ HV
GLVWULEXLGDHVPX\FRP~QHOXVRGHO3UR[\\6WXE UHSUHVHQWDQWHV TXHVHHQFDUJXHQGHVHSDUDU
FRPSOHWDPHQWHDORVFOLHQWHV\VHUYLGRUHVGHOWLSRGHSURWRFRORXWLOL]DGRSRUODDSOLFDFLyQ
/DLGHDVHEDVDHQTXHFDGDFOLHQWHFUHDTXHVXVHUYLGRUDVRFLDGRQRHVWDGLVWULEXLGRVLQRHQOD
PLVPDPDTXLQDGRQGHpOVHHQFXHQWUD\GHLJXDOIRUPDFRQHOVHUYLGRU\VXFOLHQWHDVRFLDGRHQ
HO H[WUHPR RSXHVWR GH OD DSOLFDFLyQ 6LQ HPEDUJR WDQWR VHUYLGRU FRPR FOLHQWH SXHGHQ HVWDU
GLVWULEXLGRV(VWDDUTXLWHFWXUDVHSXHGHFRQVHJXLUFRQHOXVRGHSUR[LHV\6WXEVHQHOTXHXQ
3UR[\ VHUi XQ UHSUHVHQWDQWH GHO VHUYLGRU HQ HO H[WUHPR GHO FOLHQWH \ XQ 6WXE VHUi XQ
UHSUHVHQWDQWH GHO FOLHQWH HQ HO H[WUHPR GHO VHUYLGRU (VWD DUTXLWHFWXUD FRQYLHQH HVWXGLDUVH HQ
FDGDH[WUHPRGHODDSOLFDFLyQ

([WUHPR GHO FOLHQWH (Q HO H[WUHPR GHO FOLHQWH VH LPSOHPHQWDUD XQ 3UR[\ TXH
LPSOHPHQWHODPLVPDLQWHUID]TXHHOVHUYLGRUDVRFLDGRDGLFKRFOLHQWHGHIRUPDTXHHOFOLHQWH
FRQVLGHUHTXHVXVHUYLGRUDVRFLDGRVHDHOSURSLR3UR[\'HHVWHPRGRHOFOLHQWHWUDEDMDFRQVX
VHUYLGRU GH IRUPD ORFDO \ HO HQFDUJDGR GH WUDQVIRUPDU HVWDV OODPDGDV ORFDOHV D OODPDGDV
UHPRWDVDOVHUYLGRUUHDOVHUiHOPLVPR3UR[\

([WUHPRVHUYLGRU (QHOH[WUHPRGHOVHUYLGRUVHLPSOHPHQWDUDXQ6WXETXHLPSOHPHQWH
ODPLVPDLQWHUID]TXHHOFOLHQWHDVRFLDGRDGLFKRVHUYLGRUGHIRUPDTXHHOVHUYLGRUFRQVLGHUH
TXHVXFOLHQWHDVRFLDGRVHDHOSURSLR6WXE'HHVWHPRGRHOVHUYLGRUWUDEDMDFRQVXFOLHQWHGH
IRUPDORFDO\HOHQFDUJDGRGHWUDQVIRUPDUHVWDVOODPDGDVORFDOHVDOODPDGDVUHPRWDVDOFOLHQWH
UHDOVHUiHOPLVPR6WXE

&RQVHFXHQWHPHQWHHO3UR[\VHFRPXQLFDFRQHO6WXE\YLFHYHUVDFRQYLUWLHQGRDPERV
WDPELpQODVOODPDGDVUHPRWDVGHVXRSXHVWR 3UR[\R6WXEHQFDGDFDVR HQOODPDGDVORFDOHVD
VXFOLHQWHRVHUYLGRUDVRFLDGR(VWDDUTXLWHFWXUD3UR[\±6WXEHVLQWHUHVDQWH\DTXHKDFHTXHHO
FOLHQWH\HOVHUYLGRUVHDQLQGHSHQGLHQWHVGHOSURWRFRORTXHWUDEDMHSRUGHEDMRGHHOORV\DTXH
HVWDUiRFXOWRSRUHO3UR[\\HO6WXE


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(OSURWRFRORTXHVHXVDUDGHEDMRGHODFDSDGHO3UR[\\HO6WXEHVWDGHILQLGRSRUGRV
FODVHVXQDFODVHTXHUHSUHVHQWDDOVHUYLGRUGHFRPXQLFDFLRQHV 5RF/LQN \RWUDTXHUHSUHVHQWD
DO FOLHQWH GH FRPXQLFDFLRQHV TXH VH FRQHFWDUD D GLFKR VHUYLGRU 6WDWLRQ/LQN  (VWDV FODVHV
WUDEDMDQDVXYH]VREUHHOSURWRFROR7&3,3\SURSRUFLRQDQWRGDODIXQFLRQDOLGDGQHFHVDULDSDUD
ODFUHDFLyQGHXQHQODFHGHFRPXQLFDFLRQHVWUDQV0LVVLRQ\UHFHSFLyQGHPHQVDMHV\FLHUUHGHO
HQODFH'HHVWHPRGR\DKHPRVGHILQLGRODDSOLFDFLyQHQYDULDVFDSDVGHDEVWUDFFLyQTXHFDEH
GHVWDFDU

6HUYLGRU &OLHQWH
6WXE 3UR[\
5RF/LQN 6WDWLRQ/LQN

3URWRFROR7&3,3

/D DSOLFDFLyQ VLJXH HVWD DUTXLWHFWXUD SHUR GHELGR D TXH HVWD IRUPDGD SRU YDULRV
VHUYLGRUHV \ GH GLVWLQWR WLSR 0HFKDQLVP 7RRO \ 0LVVLRQ  FRQYLHQH KDFHU GH QXHYR HO
SODQWHDPLHQWRTXHHVHOTXHPXHVWUDODILJXUD

&OLHQW

0HFKDQLVP3UR[\ 0LVVLRQ3UR[\ 7RRO3UR[\

6WDWLRQ/LQN 6WDWLRQ/LQN 6WDWLRQ/LQN

5RF/LQN 5RF/LQN 5RF/LQN

0HFKDQLVP6WXE 0LVVLRQ6WXE 7RRO6WXE

0HFKDQLVP6HUYHU 0LVVLRQ6HUYHU 7RRO6HUYHU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

$XQTXH H[LVWHQ WUHV WLSRV GH SUR[\ 0HFKDQLVP3UR[\ 7RRO3UR[\ 0LVVLRQ3UR[\ 


WRGRVHOORVKHUHGDQGHODFODVH³3UR[\´(VWDDUTXLWHFWXUDHVQHFHVDULDSDUDHQJOREDUWRGRVORV
WLSRVGHSUR[LHVHQXQDFODVHJHQHUDOL]DGD\DTXHDOREWHQHUXQDUHIHUHQFLDGHOSUR[\DVRFLDGRD
XQ GHWHUPLQDGR HQODFH 6WDWLRQ/LQN  QR VH FRQRFH HO WLSR DO TXH SXHGH HVWDU DVRFLDGR GLFKR
HQODFH 0HFKDQLVP7RROR0LVVLRQ \HVQHFHVDULDHVWDFODVHTXHORVHQJOREHDWRGRV(OWLSRGH
SUR[\FRQFUHWRTXHHVQHFHVDULRXQDYH]WHQHPRVXQREMHWR ³3UR[\´ VH REWLHQH KDFLHQGRFDVW
VREUH OD VXSHUFODVH 3UR[\ HO WLSR GH FODVH D KDFHU FDVW GHSHQGHUi GH XQ LGHQWLILFDGRU TXH
FRQWLHQHODFODVHPDGUH

3DUD HO FDVR GH ORV VWXEV RFXUUH OR PLVPR \D TXH H[LVWHQ WUHV WLSRV GH VWXE
0HFKDQLVP6WXE 7RRO6WXE 0LVVLRQ6WXE  WRGRV HOORV KHUHGDQ GH OD FODVH ³6WXE´ (VWD
DUTXLWHFWXUDHVQHFHVDULDSDUDHQJOREDUWRGRVORVWLSRVGHVWXEVHQXQDFODVHJHQHUDOL]DGD\DTXH
DOREWHQHUXQDUHIHUHQFLDGHO6WXEDVRFLDGRDXQGHWHUPLQDGRHQODFH 5RF/LQN QRVHFRQRFHHO
WLSRDOTXHSXHGHHVWDUDVRFLDGRGLFKRHQODFH 0HFKDQLVP7RROR0LVVLRQ \HVQHFHVDULDHVWD
FODVH TXH ORV HQJOREH D WRGRV (OWLSR GH 6WXE FRQFUHWR TXHHV QHFHVDULR XQD YH] WHQHPRV XQ
REMHWR ³6WXE´ VH REWLHQH KDFLHQGR FDVW VREUH OD VXSHUFODVH 6WXE HO WLSR GH FODVH D KDFHU FDVW
GHSHQGHUiGHXQLGHQWLILFDGRUTXHFRQWLHQHODFODVHPDGUH

 &UHDFLyQGHORVHQODFHVGHFRPXQLFDFLRQHV
(QHOFDVRHQTXHVHWUDEDMHFRQXQFOLHQWHODDSOLFDFLyQHVWDUiIRUPDGDSRUXQHQODFHGH
FRQWURO \ PDQWHQLPLHQWR GH OD DSOLFDFLyQ \ WUHV HQODFHV GH FRQWURO GHO URERW XQ HQODFH SDUD
FRQWURODUFDGDGLYLVLyQGHOURERW (QHOFDVRGHWUDEDMDUFRQP~OWLSOHVFOLHQWHV GLVWULEXLGRVHQ
YDULDV PDTXLQDV  H[LVWLUiQ WDQWRV HQODFHV GH FRQWURO GH OD DSOLFDFLyQ FRPR PDTXLQDV FOLHQWH
H[LVWDQ\ORVWUHVHQODFHVDGLFLRQDOHVGHFRQWUROGHOURERW

(Q OD PDTXLQD VHUYLGRU VH FUHDQ SRU WDQWR XQ VHUYLGRU GH FRQWURO GH OD DSOLFDFLyQ \
RWURVWUHVVHUYLGRUHVTXHFRQWURODUDQHOURERW\TXHSURSRUFLRQDQODIXQFLRQDOLGDGQHFHVDULDSDUD
FRQWURODU \ PDQWHQHU HO URERW D WUDYpV GH YDULRV HQODFHV GH FRPXQLFDFLRQHV (VWRV WUHV
VHUYLGRUHVGLYLGHQHQWUHVFDSDVHOFRPSRUWDPLHQWRGHOURERWHVWDVFDSDVVRQODVIRUPDGDVSRU
OD ³KHUUDPLHQWD´ 0HFKDQLVP  HO ³EUD]R´ GHO URERW 7RRO  \ OD 0LVVLRQ DFWXDO GHO URERW
0LVVLRQ 

(OSULPHUSDVRSDUDODFUHDFLyQGHODDSOLFDFLyQHVDUUDQFDUHOVHUYLGRUGHFRQWUROTXHVH
HQFDUJDUDGHDUUDQFDUORVWUHVVHUYLGRUHVGHOURERWHQXQDVHULHGHSXHUWRVTXHHOPLVPRHOHJLUi


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

XQD YH] TXH HVWRV WUHV VHUYLGRUHV HVWpQ D OD HVSHUD GH DOJXQD SHWLFLyQ HO VHUYLGRU GH FRQWURO
FRPHQ]DUiWDPELpQDHVSHUDUSHWLFLRQHVGHFRQH[LyQ

&XDQGR XQ FOLHQWH GHVHH FRQHFWDUVH D ORV VHUYLGRUHV GHO URERW QHFHVLWDUi FRQRFHU OD
GLUHFFLyQ,3\ORVSXHUWRVGRQGHVHHMHFXWDQORVPLVPRV(OSURWRFRORWLHQHHVWDEOHFLGRTXHOD
~QLFDLQIRUPDFLyQTXHHOFOLHQWHGHEHFRQRFHUDFHUFDGHOH[WUHPRRSXHVWRHVODGLUHFFLyQ,3GH
ODPDTXLQD\HOSXHUWRGHOVHUYLGRUGHFRQWUROGHODDSOLFDFLyQ(VWHSXHUWR\GLUHFFLyQ,3VHUiQ
ILMRV\QHFHVDULRVSDUDTXHHOFOLHQWHSXHGDDFFHGHUDOURERW(OSURFHVRDVHJXLUSRUHOFOLHQWH
SDUDDFFHGHUDOURERWHVHOVLJXLHQWH

&RQRFLGDODGLUHFFLyQ,3 \HOSXHUWRGRQGHHVWDFRUULHQGRHOVHUYLGRUGHFRQWUROGHOD
DSOLFDFLyQ HO FOLHQWH VH FRQHFWDUD DO PLVPR \ HQYLDUD XQD SHWLFLyQ GH DFFHVR D ORV WUHV
VHUYLGRUHV TXH FRQWURODQ HO URERW (O VHUYLGRU GH FRQWURO DWHQGHUi GLFKD SHWLFLyQ HQYLDQGR DO
FOLHQWH ORV SXHUWRV GRQGH HVWiQ FRUULHQGR ORV VHUYLGRUHV GHO URERW GH IRUPD TXH HO FOLHQWH \D
GLVSRQGUiGHORVGRVSDUiPHWURVQHFHVDULRVSDUDDFFHGHUDHOORV ODGLUHFFLyQ,3TXH\DFRQRFtD
\ORVSXHUWRVUHFLELGRVSRUHOHQODFHGHFRQWURO 

(OFOLHQWHVHFRQHFWDUDFRQRFLHQGRGLFKDLQIRUPDFLyQDFDGDXQRGHORVWUHVVHUYLGRUHV
GHO URERW \ DFDED GH HVWD IRUPD HO SURFHVR GH FUHDFLyQ GH ORV HQODFHV QHFHVDULRV SDUD OD
FRPXQLFDFLyQFOLHQWHV±VHUYLGRUHV

(QODFUHDFLyQGHORVHQODFHVGHOSURWRFRORGLVHxDGRVHKDXWLOL]DGRXQPHFDQLVPRGH
UHFRQH[LyQDXWRPiWLFRHQFDVRGHIDOORHQODVFRPXQLFDFLRQHV'HHVWHPRGRWDQWRORVHQODFHV
GHFRQWUROGHOURERW /LQNV FRPRORVHQODFHVGHFRQWUROGHOSURWRFROR &WUO/LQNV HVWiQGRWDGRV
GHOVLJXLHQWHPHFDQLVPR
6L RFXUUH XQ HUURU GH FRQH[LyQ HQ HO FOLHQWH pVWH LQWHQWDUD FRQHFWDUVH GH QXHYR DO
VHUYLGRU FUHDQGR XQ QXHYR 6RFNHW (Q FDVR GH TXH RFXUUD XQ VHJXQGR HUURU GH FRQH[LyQ HO
FOLHQWH LQWHQWDUD FRQHFWDUVH DO VHUYLGRU SHUR HVWD YH] HQ XQ SXHUWR GLVWLQWR HYLWDQGR SRVLEOHV
EORTXHRVGHXQSXHUWRGHWHUPLQDGR (VLPSRUWDQWHTXHHQHOVHUYLGRUVHFUHHHO6HUYHU6RFNHW
DVRFLDGRDOSXHUWRDOWHUQDWLYR UHVHUYDGRGHDQWHPDQRSRUODDSOLFDFLyQ HQFDVRGHIDOORSDUD
TXH HO FOLHQWH SXHGD FRQHFWDUVH 6L XQ WHUFHU HUURU VXUJLHUD HO FOLHQWH GDUi SRU SHUGLGDV ODV
FRPXQLFDFLRQHV\QRLQWHQWDUD UHFRQHFWDU GH QXHYR FRQHOVHUYLGRU 3DUD TXH HVWH PHFDQLVPR
IXQFLRQH FRUUHFWDPHQWH HV QHFHVDULR VLQFURQL]DU FOLHQWH \ VHUYLGRU HQ FXDQWR DO QXPHUR GH
HUURUHVVHUHILHUHHVWRVHKDJHVWLRQDGRFRQXQFRQWDGRUTXHLQGLFDHOQXPHURGHHUURUHVTXHVH
KDQ VXFHGLGR HQ OD FRQH[LyQ GH XQ FOLHQWH \ HQ IXQFLyQ GH GLFKR FRQWDGRU VH RSWDUi SRU
UHFRQHFWDUGHXQPRGRXRWURRFHVDUORVLQWHQWRV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

$XQTXH VH KD H[SOLFDGR HO SURFHVR GH FUHDFLyQ GH FRQH[LyQ FRQ XQ ~QLFR FOLHQWH
SXHGHQUHFLELUVHYDULDVSHWLFLRQHVVREUH HO PLVPR SXHUWR \ FRQVHFXHQWHPHQWH VREUH HO PLVPR
VHUYLGRU /DV SHWLFLRQHV GH FRQH[LRQHV GH FOLHQWHV VH DOPDFHQDQ HQ HO SXHUWR SDUD TXH HO
VHUYLGRUSXHGDDFHSWDUODVGHIRUPDVHFXHQFLDO6LQHPEDUJRSXHGHVHUYLUODVVLPXOWiQHDPHQWHD
WUDYpVGHOXVRGHWKUHDGV

 &UHDFLyQGHODDUTXLWHFWXUDGHODDSOLFDFLyQ
8QDYH]FUHDGRVORVHQODFHVVREUHORVTXHWUDEDMDODDSOLFDFLyQVHKDGHFUHDUHOUHVWRGH
ODDUTXLWHFWXUDTXHDQWHULRUPHQWHVHKDPHQFLRQDGR

([WUHPRVHUYLGRU
(OSULPHUSDVRHVODFUHDFLyQGHORVVWXEVHQHOH[WUHPRGHOVHUYLGRU\TXHVHHQOD]DUDQ
D ORV REMHWRV 5RF/LQN FUHDGRV SDUD SRGHU FRQYHUWLU ODV OODPDGDV D SURFHGLPLHQWR ORFDOHV HQ
HQYtRGHPHQVDMHVDWUDYpVGHOHQODFHGHFRPXQLFDFLRQHVODPDQHUDGHHQOD]DUFDGDVWXEFRQVX
HQODFH VHUYLGRU DVRFLDGR 5RF/LQN  HV PHGLDQWH HO FRQVWUXFWRU GH FDGD VWXE TXH WRPD XQD
UHIHUHQFLD D VX FRUUHVSRQGLHQWH REMHWR 5RF/LQN 'H HVWH PRGR FRQVHJXLPRV TXH HO VWXE VH
SXHGDFRPXQLFDUFRQHOHQODFHSHURQRHOHQODFHFRQHOVWXEQHFHVDULRSDUDTXHORVPHQVDMHV
TXH HQYtDHO SUR[\ FOLHQWH  VHDQ FRQYHUWLGRV D OODPDGDV D SURFHGLPLHQWR GHO VHUYLGRU SRU OR
TXHHVQHFHVDULRWDPELpQSDVDUXQDUHIHUHQFLDGHVXVWXEDVRFLDGRDOREMHWR5RF/LQNPHGLDQWH
HOPpWRGRDGG6WXE 6WXE6WXE 

(OVLJXLHQWHSDVRHVFUHDUORVVHUYLGRUHVGHOURERWGHWLSR0HFKDQLVP7RRO\0LVVLRQ
TXHSURSRUFLRQHQODIXQFLRQDOLGDGQHFHVDULDSDUDHOFRQWUROGHOURERW3DUDTXHFDGD6WXESXHGD
FRPXQLFDUVH FRQ VX VHUYLGRU DVRFLDGR HV QHFHVDULR SDVDUOH XQD UHIHUHQFLD GH GLFKR VHUYLGRU
GHVSXpVGHFUHDUVHPHGLDQWHORVPpWRGRV DGG6HUYHU 0HFKDQLVP6HUYHUVHUYHU 
DGG6HUYHU 0LVVLRQ6HUYHU VHUYHU  DGG6HUYHU 7RRO6HUYHU VHUYHU  6H XVDUD HO PpWRGR TXH
SURFHGDGHSHQGLHQGRGHOWLSRGHVHUYLGRUDHQOD]DU

/DFRPXQLFDFLyQHQVHQWLGRV WXEo VHUYLGRUHV~QLFDSHURODFRPXQLFDFLyQHQVHQWLGR


VHUYLGRUo VWXEQRHVWDQHYLGHQWH\DTXHSXHGHQH[LVWLUYDULRVFOLHQWHVSDUDXQPLVPRVHUYLGRU
(VWRVHVROYHQWDSDVDQGRDFDGDPpWRGRTXHHOFOLHQWHOODPH\TXHUHTXLHUDXQDFRPXQLFDFLyQ
FRQVHQWLGRVHUYLGRUDVWXE PpWRGRVGHDFWXDOL]DFLyQ XQDUHIHUHQFLDDOSURSLRFOLHQWHSDUDTXH
HO VHUYLGRU SXHGD GLVWLQJXLU D TXp FOLHQWH GHYROYHU OD UHVSXHVWD TXH GLFKR PpWRGR VROLFLWD (O
SUREOHPDHQHVWHFDVRHVTXHHOVWXEHVHO~QLFRUHSUHVHQWDQWHGHWRGRVORVSRVLEOHVFOLHQWHVTXH
KD\ SDUD HO VHUYLGRU SRU OR TXH GLFKR VWXE DOPDFHQD WRGDV ODV UHIHUHQFLDV D ORV FOLHQWHV TXH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

KD\DQOODPDGRDHVWRVPpWRGRVGHDFWXDOL]DFLyQ\HOTXHVHHQOD]DFRPRFOLHQWHHQHOVHUYLGRU
HV HO SURSLR VWXE \D TXH LPSOHPHQWD OD PLVPD LQWHUID] TXH WRGRV ORV FOLHQWHV  &XDQGR HO
VHUYLGRU GHYXHOYH OD UHVSXHVWD D GLFKR VWXE pVWH VH HQFDUJD GH UHGLUHFFLRQDUOD DO FOLHQWH
FRUUHVSRQGLHQWHDOTXHLEDGLULJLGDODUHVSXHVWDGHIRUPDTXHHOVHUYLGRULJQRUHORVP~OWLSOHV
FOLHQWHVTXHSXHGDWHQHUGLVWULEXLGDPHQWH

([WUHPRFOLHQWH
(OSULPHUSDVRHQHOH[WUHPRGHOFOLHQWHXQDYH]FUHDGRVORVHQODFHVGHFRPXQLFDFLRQHV
VREUHORVTXHWUDEDMDUDODDSOLFDFLyQHVODFUHDFLyQGHORVSUR[LHVHQHOH[WUHPR GHO VHUYLGRU
TXH VH HQOD]DUDQ D ORV REMHWRV 6WDWLRQ/LQN FUHDGRV SDUD SRGHU FRQYHUWLU ODV OODPDGDV D
SURFHGLPLHQWRORFDOHVHQHQYtRGHPHQVDMHVDWUDYpVGHOHQODFHGHFRPXQLFDFLRQHVODPDQHUD
GHHQOD]DUFDGD3UR[\FRQVXHQODFHDVRFLDGR 6WDWLRQ/LQN HVPHGLDQWHHOFRQVWUXFWRUGHFDGD
3UR[\ TXH WRPD XQD UHIHUHQFLD D VX FRUUHVSRQGLHQWH REMHWR 6WDWLRQ/LQN 'H HVWH PRGR
FRQVHJXLPRV TXH FDGD 3UR[\ VH SXHGD FRPXQLFDU FRQ VX HQODFH FRUUHVSRQGLHQWH SHUR QR HO
HQODFH FRQ HO 3UR[\ QHFHVDULR SDUD TXH ORV PHQVDMHV TXH HQYtD HO 6WXE VHUYLGRU  VHDQ
FRQYHUWLGRVDOODPDGDVDSURFHGLPLHQWRGHOFOLHQWHSRUORTXHHVQHFHVDULRWDPELpQSDVDUXQD
UHIHUHQFLD GH VX 3UR[\ DVRFLDGR DO REMHWR 6WDWLRQ/LQN PHGLDQWH HO PpWRGR DGG3UR[\ 3UR[\
3UR[\ 

(O VLJXLHQWH SDVR HV FUHDU ORV FOLHQWHV TXH VH GHVHHQ SDUD FRQWURODU ORV WUHV WLSRV GH
VHUYLGRUHV 0HFKDQLVP7RRO\0LVVLRQ (VWRVFOLHQWHVVHGHEHQGHHQOD]DUFRQVXVHUYLGRUTXH
UHDOPHQWHVHUiHO3UR[\ UHSUHVHQWDQWHGHOVHUYLGRUHQHOFOLHQWH \DTXHLPSOHPHQWDODPLVPD
LQWHUID]TXHORVVHUYLGRUHV/DIRUPDGHHQOD]DUFDGDFOLHQWHFRQVX 3UR[\ FRUUHVSRQGLHQWH HV
SDViQGROH XQD UHIHUHQFLD DO FOLHQWH PHGLDQWH HO PpWRGR DGG&WUO 0HFKDQLVP&WUO FWUO 
DGG&WUO 0LVVLRQ&WUOFWUO \DGG&WUO 7RRO&WUOFWUO 6HXVDUDHOPpWRGRTXHSURFHGDDWHQGLHQGR
DOWLSRGHVHUYLGRU 3UR[\ DHQOD]DU&RPRHOPpWRGRSXHGHWRPDUXQDUHIHUHQFLDDFXDOTXLHU
REMHWRTXHLPSOHPHQWDODLQWHUID]GHOVHUYLGRU 0HFKDQLVP&WUO0LVVLRQ&WUO\7RRO&WUO VHOH
SDVDUDXQDUHIHUHQFLDDO 3UR[\ DXQTXH HO FOLHQWHFRQVLGHUDUD TXH HV HOSURSLR VHUYLGRU FRQ HO
TXHWUDEDMDUDORFDOPHQWH6LQHPEDUJRHO3UR[\FRQYHUWLUiODVOODPDGDVDPpWRGRVORFDOHVGHO
FOLHQWHHQOODPDGDVUHPRWDVDOVHUYLGRUTXHJHQHUDOPHQWHVHHQFRQWUDUDHQRWUDPDTXLQD

&RQORVSURFHGLPLHQWRVDQWHULRUHVFRQVHJXLPRVODFRPXQLFDFLyQHQVHQWLGRFOLHQWH o
SUR[\SHURQRHQVHQWLGRSUR[\ o FOLHQWH &RPR HVWH VHQWLGR GH OODPDGDV VRORWLHQH VHQWLGR
FXDQGR HO VHUYLGRU GHYXHOYH XQD UHVSXHVWD DO FOLHQWH \ HO KHFKR GH TXH SXHGDQ H[LVWLU YDULRV
FOLHQWHVHQODPLVPD PDTXLQDODVROXFLyQHVODGHSDVDUXQDUHIHUHQFLDGHOFOLHQWHTXHTXLHUD
XQDUHVSXHVWDHQHOPpWRGRGHSHWLFLyQGHGLFKDUHVSXHVWD(VWDUHIHUHQFLDGHOFOLHQWHWUDVSDVDUD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

ORVHQODFHVGHFRPXQLFDFLRQHV\VHLQVHUWDUDHQHOPpWRGRGHUHVSXHVWDGHODDQWHULRUOODPDGD
GHIRUPDTXHHOSUR[\\DSXHGDUHIHULUVHDOFOLHQWHTXHVROLFLWDEDODUHVSXHVWD

/OHJDGRV D HVWH SXQWR \D VH KD FUHDGR OD DUTXLWHFWXUD FRPSOHWD GH OD DSOLFDFLyQ TXH
EiVLFDPHQWHVLPSOLILFDODLPSOHPHQWDFLyQGHOVHUYLGRU\GHOFOLHQWH\DTXHVRQFRPSOHWDPHQWH
LQGHSHQGLHQWHVGHOSURWRFRORHQHOTXHVHWUDEDMDDQLYHOPiVEDMR7DQWR HO VHUYLGRUFRPR HO
FOLHQWHFRQVLGHUDQTXHVXVRSXHVWRVHVWiQHQODPLVPDPDTXLQD\SXHGHQFRPXQLFDUVHPHGLDQWH
OODPDGDVORFDOHV HQWUHREMHWRV SHURUHDOPHQWHKD\XQSURWRFRORSRUGHEDMRGHHVWDFDSDTXHVH
HQFDUJDGHGLVWULEXLUWRGDVODVOODPDGDVORFDOHVHQOODPDGDVUHPRWDVDVXVFOLHQWHVRVHUYLGRUHV
FRUUHVSRQGLHQWHV\WRGRHOOREDMRHOSURWRFROR7&3,3FRQHOTXHORVVRFNHWVGH-DYDWUDEDMDQ

5HVXPLHQGRORVSDVRVQHFHVDULRVSDUDREWHQHUXQDFRPXQLFDFLyQELGLUHFFLRQDOHQWUHORV
REMHWRVGHQXHVWUDDUTXLWHFWXUDREWHQHPRVHOVLJXLHQWHHVTXHPD

 6HFUHDQWUHVREMHWRV5RF/LQN
 6H FUHDQ WUHV VWXEV 0HFKDQLVP 7RRO \ 0LVVLRQ  VH OH SDVD HQ HO FRQVWUXFWRU XQD
UHIHUHQFLDDVX5RF/LQNDVRFLDGR
 $FDGDREMHWR5RF/LQNVHOHSDVDXQDUHIHUHQFLDDVXVWXEDVRFLDGRFRQ DGG6WXE « 
 6H FUHDQ WUHV VHUYLGRUHV 0HFKDQLVP 7RRO \ 0LVVLRQ  \ D FDGD VWXE VH OH SDVD VX
VHUYLGRUDVRFLDGRFRQHOPpWRGR DGG6HUYHU « 
 (O VHUYLGRU QR FRQWLHQH QLQJXQD UHIHUHQFLD D HO FOLHQWH VWXE  KDVWD TXH QLQJXQR VH
UHJLVWUHRVROLFLWHXQDUHVSXHVWDGHOVHUYLGRUHQHOSULPHUPRPHQWRVHUHJLVWUDUDHOVWXE
\DTXHHVHOUHSUHVHQWDQWHGHOFOLHQWH\GLFKRVWXEGLVWULEXLUiODUHVSXHVWDGHOVHUYLGRUDO
FOLHQWHTXHHQYLyODSHWLFLyQ
 6HFUHDQWUHVREMHWRV6WDWLRQ/LQN TXHVHHQOD]DQFRQVRFNHWVDORVREMHWRV5RF/LQN 
 6H FUHDQ WUHV SUR[LHV 0HFKDQLVP 7RRO \ 0LVVLRQ  VH OH SDVD HQ HO FRQVWUXFWRU XQD
UHIHUHQFLDDVX6WDWLRQ/LQNDVRFLDGR
 $ FDGD REMHWR 6WDWLRQ/LQN VH OH SDVD XQD UHIHUHQFLD D VX SUR[\ DVRFLDGR FRQ
DGG3UR[\ « 
 6H FUHD XQ FOLHQWH \ VH OH SDVDQ ODV WUHV UHIHUHQFLDV D ORV VHUYLGRUHV SUR[LHV  FRQ
DGG&WUO « SDUDTXHSXHGDHQYLDUSHWLFLRQHV\RUGHQHV&DGD3UR[\UHSUHVHQWDDHOWLSR
GH VHUYLGRU DVRFLDGR HQ OD PDTXLQD GHO FOLHQWH \ FRQYHUWLUi VXV OODPDGDV ORFDOHV HQ
OODPDGDVUHPRWDVDWUDYpVGHORVREMHWRV6WDWLRQ/LQN3DUDODFRPXQLFDFLyQHQVHQWLGR
3UR[\ D FOLHQWH VH UHVXHOYH HQYLDQGR HO FOLHQWH XQD UHIHUHQFLD D VL PLVPR HQ FDGD
PpWRGR TXH UHTXLHUD XQD UHVSXHVWD GHO VHUYLGRU HO VHUYLGRU DO UHFLELU HVWH WLSR GH
SHWLFLRQHVLQVHUWDUDGLFKDUHIHUHQFLDHQODUHVSXHVWDGHIRUPDTXHDOOOHJDUDO3UR[\D


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

WUDYpV GHO HQODFH GH FRPXQLFDFLRQHV HO VDEUi FRQ GLFKD UHIHUHQFLD D TXH FOLHQWH YD
GLULJLGD

(MHPSOR
VHUYLGRUJHW$ODUP WKLV  HQHOFOLHQWH
SUR[\

YRLGJHW$ODUP &OLHQWF ^FOLHQWHXSGDWH$ODUP F ` HQHOVHUYLGRU


VWXE

FXSGDWH$ODUP  HQHOSUR[\

 6H SXHGHQ FUHDU YDULRV FOLHQWHV HQ OD PLVPD PDTXLQD UHDOL]DQGR HO XOWLPR SXQWR \
YDULRVFOLHQWHVHQGLVWLQWDPDTXLQDUHDOL]DQGRORV~OWLPRVFXDWURSDVRV

6WDWLRQ/LQNB0HFKDQLVP3UR[\&OLHQW
6WDWLRQ/LQNB0LVVLRQ3UR[\&OLHQW
6WDWLRQ/LQNB7RRO3UR[\ &OLHQW

7&3,3

0HFKDQLVP6HUYHU 0HFKDQVLP6WXE 5RF/LQNB


0LVVLRQ6HUYHU 0LVVLRQ6WXE 5RF/LQNB
7RRO6HUYHU 7RRO6WXE 5RF/LQNB

(VWD DUTXLWHFWXUD SHUPLWH TXH OD LPSOHPHQWDFLyQ GHO FOLHQWH \ HO VHUYLGRU VHD
FRPSOHWDPHQWH LQGHSHQGLHQWH GHO SURWRFROR TXH WUDEDMH GHEDMR \ ODV GRV SHFXOLDULGDGHV TXH
SHUPLWHQHVWRVRQ

 (OFOLHQWHFRQWLHQHXQDUHIHUHQFLDDXQ REMHWR TXH LPSOHPHQWHODLQWHUID] GHOVHUYLGRU


&WUO  SHUR UHDOPHQWH GLFKR REMHWR QR HV HO PLVPR VHUYLGRU VLQR XQ 3UR[\ TXH
LPSOHPHQWDHVWDLQWHUID]\DFW~DGHUHSUHVHQWDQWHGHOVHUYLGRUHQODPDTXLQDGHOFOLHQWH
(O FOLHQWH WUDWD D HVWH 3UR[\ FRPR DO VHUYLGRU GHVFRQRFLHQGR OD LPSOHPHQWDFLyQ GHO
PLVPR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 (QHOH[WUHPRRSXHVWRRFXUUHDOJRVLPLODU\DTXHHOVHUYLGRUFRQWLHQHXQDUHIHUHQFLDD
XQ REMHWR TXH LPSOHPHQWH OD LQWHUID] GHO FOLHQWH SXHGH FRQWHQHU PiV \D TXH DGPLWH
YDULRV FOLHQWHV  SHUR HVWH REMHWR QR HV UHDOPHQWH XQ FOLHQWH VLQR XQ UHSUHVHQWDQWH GHO
PLVPR OODPDGR VWXE TXH LPSOHPHQWD OD PLVPD LQWHUID] GHO FOLHQWH 'H HVWH PRGR HO
VHUYLGRU VROR FRQVLGHUD OD LQWHUID] VLQ FRQRFHU OD LPSOHPHQWDFLyQ GHO REMHWR TXH OD
LPSOHPHQWD

/DDUTXLWHFWXUDIRUPDGDHQHOFDVRGHTXHGRVFOLHQWHVVHFRQHFWHQDOVHUYLGRU\FDGDXQRGH
HOORVHQGLVWLQWDVPiTXLQDVVHUtDFRPRODGHODILJXUD

$GHPiV GH HVWD ILJXUD ODV ILJXUDV Q~PHUR  \  TXH VH SUHVHQWDQ HQ HO DSDUWDGR GH
PRGHODGRGHOVLVWHPDPHGLDQWH80/FRQWLHQHQODDUTXLWHFWXUDGHODDSOLFDFLyQHQFDGDH[WUHPR
FOLHQWH\VHUYLGRU LQFOX\HQGRUHODFLRQHVHQWUHHQODFHVSUR[LHVVWXEVFOLHQWHV\VHUYLGRUHV6L
QRKDTXHGDGRFODURHOSURFHVRGHFUHDFLyQGHODDSOLFDFLyQVHSXHGHREVHUYDUHOGLDJUDPDGH
VHQFXHQFLDQ~PHURTXHLQGLFDGHIRUPDFRQFLVDWRGRHOSURFHVRFRPHQWDGRDQWHULRPHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 6RSRUWHPXOWLFOLHQWH
(V LPSRUWDQWH TXH HO SURWRFROR TXH WUDEDMH SRU GHEDMR GH OD DSOLFDFLyQ SHUPLWD OD
H[LVWHQFLDGHP~OWLSOHVFOLHQWHVGHIRUPDGLVWULEXLGD\ODLPSOHPHQWDFLyQGHHVWDIXQFLRQDOLGDG
HQHOVHUYLGRUHVGHPi[LPDLPSRUWDQFLD3ULQFLSDOPHQWHVHEDVDHQODH[LVWHQFLDGHWKUHDGVTXH
SHUPLWH TXH VH DWLHQGD XQD QXHYD SHWLFLyQ GH FRQH[LyQ PLHQWUDV HVWD FRQHFWDGR FRQ RWUD
PiTXLQDVLQTXHVHEORTXHHHOVLVWHPD

&DEHGHVWDFDUHOSURFHGLPLHQWRXWLOL]DGRSRUHOVHUYLGRUSDUDGLVWULEXLUODVUHVSXHVWDVGH
SHWLFLRQHV GH ORV FOLHQWHV D ODV GLVWLQWDV PDTXLQDV GRQGH VH HQFXHQWUDQ pVWRV %iVLFDPHQWH VH
EDVDVHQTXHFDGDHQODFHGHFRPXQLFDFLRQHVHQWUHHOFOLHQWH\HOVHUYLGRUFRQWLHQHXQVRFNHW\
XQRVIOXMRVGHOHFWXUD\HVFULWXUDDVDFLDGRVTXHVHYDQDOPDFHQDQGRHQDUUD\VFRQIRUPHVHYDQ
FUHDQGRHVWRVHQODFHV(OSXQWRPDVLPSRUWDQWHHQHVWDSDUWHHVHOVDEHUHQTXHSRVLFLyQGHORV
DUUD\VVHDOPDFHQDFDGDVRFNHWSDUDSRGHUREWHQHUHOHQODFHFRUUHFWRDVRFLDGRDOFOLHQWHDOTXH
VHGHEHGLULJLUODUHVSXHVWD

(VWRVVRFNHWV \IOXMRV,2 QRVHYDQDOPDFHQDQGRHQFXDOTXLHUSRVLFLyQGHORVDUUD\V


\DTXHHVWDSRVLFLyQHVFUtWLFDSDUDHOIXQFLRQDPLHQWRGHODDSOLFDFLyQSRUORTXHVHGHEHVHJXLU
FLHUWRFULWHULRDODKRUDGHDOPDFHQDUORV\REWHQHUORV(VWDSRVLFLyQGRQGHVHDOPDFHQDUDGHEH
VHULJXDODXQLGHQWLILFDGRUTXHFDGDFOLHQWHFRQWLHQHGHIRUPDTXHFRQRFLHQGRDOFOLHQWHGRQGH
YDGLULJLGDXQDUHVSXHVWDVHSXHGDREWHQHUHOHQODFHSRUGRQGHHQYLDUOD\HQFRQVHFXHQFLDOD
SRVLFLyQGHODUUD\GRQGHHVWDDOPDFHQDGRHOVRFNHWHQFXHVWLyQ

(OFULWHULRILMDGRSDUDHVWHSRVLFLRQDPLHQWRGHORVVRFNHWVGHORVHQODFHVHVHOVLJXLHQWH
/RV VRFNHWV VH YDQ DOPDFHQDQGR VHFXHQFLDOPHQWH HQ ORV DUUD\V FRQIRUPH VH YDQ FUHDQGR
HQODFHVSRUORTXHODSRVLFLyQGHOSULPHUHQODFHFUHDGRVHUiHODOVLJXLHQWHHQODFHFUHDGROH
FRUUHVSRQGHHODOVLJXLHQWHHOHWF8QDYH]TXHHVWiQDOPDFHQDGRVGLFKRVVRFNHWVVRORIDOWD
VDEHUDFFHGHUDODSRVLFLyQDGHFXDGDHQFDGDFDVRHQTXHVHTXLHUDHQYLDUXQDUHVSXHVWDDXQ
FOLHQWHGHWHUPLQDGR

(VWDFXHVWLyQSODQWHDFLHUWRVSUREOHPDVGHLPSOHPHQWDFLyQSHURILQDOPHQWHHOKHFKRGH
TXHFDGDPpWRGRTXHUHTXLHUDXQDUHVSXHVWDGHOVHUYLGRUVHLQVHUWDUDXQDUHIHUHQFLDDOFOLHQWH
TXHVROLFLWDGLFKDUHVSXHVWDKDVROYHQWDGRHOSUREOHPD6LPSOHPHQWHFRQDxDGLUXQPpWRGRDO
FOLHQWHTXHORLGHQWLILTXHFRQHOHQODFHDOTXHHVWDDVRFLDGRGHIRUPDTXHXVDQGRHVHPpWRGRHQ
HOVHUYLGRUXVDQGRODUHIHUHQFLDDGLFKRFOLHQWHTXHVHLQVHUWRHQODSHWLFLyQVHSXHGDREWHQHUHO
HQODFHSRUGRQGHGLVWULEXLUODUHVSXHVWD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(MHPSOR
VHUYLGRUJHW$ODUP WKLV  HQHOFOLHQWH
SUR[\

YRLGJHW$ODUP &OLHQWHFOLHQWH ^FOLHQWHXSGDWH$ODUP FOLHQWH ` HQHOVHUYLGRU


VWXE

YRLGXSGDWH$ODUP &OLHQWHFOLHQWH ^URF/LQNVHQG PHQVDMHFOLHQWHJHW/LQN,'  


HQHOVWXE

YRLGVHQG 0HQVDMHPVJLQWOLQN,' ^RXW6WUHDPV>OLQN,'@ZULWH2EMHFW PVJ `


HQ5RF/LQN

(VLPSRUWDQWHGHVWDFDUTXHDXQTXHHQ HO HMHPSOR VHHVSHFLILTXH TXH HQ HO VHUYLGRU VH


WUDEDMDFRQUHIHUHQFLDVDREMHWRVGHODFODVH³&OLHQW´SDUDXQDVLPSOLILFDFLyQGHODGHVFULSFLyQ
UHDOPHQWH VH WUDEDMD FRQ UHIHUHQFLDV D REMHWRV TXH LPSOHPHQWDQ ODV LQWHUIDFHV ³/LVWHQHU´ \R
³8SGDWHU´ TXH LPSOHPHQWD HO FOLHQWH &RQ HVWR VH FRQVLJXH TXH HO VHUYLGRU QR GHSHQGD GH OD
LPSOHPHQWDFLyQ GHO FOLHQWH VLHQGR VROR YLVLEOHV SDUD pO ODV LQWHUIDFHV DQWHULRUHV TXH
LPSOHPHQWD ,QFOXVR VH SXHGH GLVSRQHU GH FOLHQWHV FRQ GLVWLQWDV LPSOHPHQWDFLRQHV TXH
LPSOHPHQWHQ ODV PLVPDV LQWHUIDFHV GH IRUPD GLVWLQWD  \ HO FyGLJR GHO VHUYLGRU SHUPDQHFHUtD
LQDOWHUDEOHORTXHVHFRQRFHFRPREDMRDFRSODPLHQWRHQWUHREMHWRV

8QD YH] TXH VH FRQRFH HO FULWHULR D VHJXLU HQ HO VHUYLGRU VROR IDOWD FRQRFHU FRPR VH
DGMXGLFD D FDGD FOLHQWH VX LGHQWLILFDGRU GH HQODFH DVRFLDGR (VWH SURFHGLPLHQWR VH UHDOL]D DO
FUHDUFDGDFOLHQWHGHODVLJXLHQWHIRUPD
 ([LVWH XQD YDULDEOH HQWHUD TXH FRQWHQGUi HO Q~PHUR GH HQODFHV FUHDGRV KDVWD HO
PRPHQWR
6LVHFUHDXQHQODFHVHLQFUHPHQWDHVWDYDULDEOH
 6L VH FUHD XQ FOLHQWH VH DGMXGLFD HO YDORU GH GLFKD YDULDEOH FRPR LGHQWLILFDGRU GH
HQODFH

(VWHFULWHULRHVDQiORJRDOXWLOL]DGRHQHOVHUYLGRUSDUDDOPDFHQDUORVVRFNHWVGHIRUPD
TXHFRLQFLGLUiFRQODSRVLFLyQVROLFLWDGDSRUHOLGHQWLILFDGRUGHFDGDFOLHQWH(VWHSURFHGLPLHQWR
GH GLVWULEXFLyQ GH SHWLFLRQHV \ UHVSXHVWDV KDFLD WRGRV ORV SRVLEOHV FOLHQWHV VH OOHYD D FDER
JUDFLDVODH[LVWHQFLDGHYDULRVWKUHDGVFRPRVHFRPHQWRDQWHULRUPHQWH(VWRVWKUHDGVHYLWDQTXH
ODV FRPXQLFDFLRQHV VHDQ EORTXHDQWHV \ XQ VHUYLGRU SXHGD DWHQGHU D YDULRV FOLHQWHV
VLPXOWiQHDPHQWH(OIOXMROyJLFREiVLFRHQHOVHUYLGRUVHUtDFRPRpVWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

ZKLOH WUXH ^
DFHSWDUXQDFRQH[LyQ
FUHDUXQWKUHDGSDUDWUDWDUDFDGDFOLHQWH
`

/RVPpWRGRVGHOHFWXUD\HVFULWXUDTXHSURSRUFLRQD-DYDVRQEORTXHDQWHV(VWRTXLHUH
GHFLU TXH VL SHGLPRV OHHU GDWRV HO SURFHVR VH GHWLHQH KDVWD TXH ORV GDWRV KD\DQ VLGR OHtGRV
6LPLODUPHQWHRFXUUHFRQODHVFULWXUDTXHHOSURFHVRTXHTXLHUHHVFULELUVHYHGHWHQLGRKDVWDTXH
ORV GDWRV KDQ VLGR HVFULWRV &RQVHFXHQWHPHQWH ODV FLUFXQVWDQFLDV EORTXHDQWHV TXH VH SXHGHQ
SUHVHQWDUHQODDSOLFDFLyQVRQ
 (VSHUDU SHWLFLyQ GH XQ FOLHQWH HQ HO VHUYLGRU o PpWRGR DFFHSW GH OD FODVH
6HUYHU6RFNHW
 (QYLDUXQREMHWRDWUDYpVGHXQHQODFHGHFRPXQLFDFLRQHV o ZULWH2EMHFW GHODFODVH
2EMHFW2XWSXW6WUHDP
 /HHU XQ REMHWR HQYLDGR D WUDYpV GH XQ HQODFH GH FRPXQLFDFLRQHV o PpWRGR
UHDG2EMHFW GHODFODVH2EMHFW,QSXW6WUHDP

/D IRUPD GH HYLWDU TXH DOJXQRV GH HVWRV PpWRGRV SXHGD EORTXHDU OD DSOLFDFLyQ HV
HQFDSVXOiQGRORV HQ WKUHDGV TXH SHUPLWDQ TXH OD DSOLFDFLyQ SXHGD DFHSWDU SHWLFLRQHV \
WUDQVPLWLU\UHFLELUPHQVDMHVVLPXOWiQHDPHQWH

(O WKUHDG HQFDUJDGR GH GHVSDFKDU SHWLFLRQHV \ TXH SHUPLWH WUDEDMDU VLPXOWiQHDPHQWH
FRQ RWUDV FRQH[LRQHV \D FUHDGDV HV OD FODVH ³&RQQHFWRU´ TXH VH XVD WDQWR HQ HO H[WUHPR GHO
VHUYLGRUFRPRGHOFOLHQWH(QHOH[WUHPRGHOVHUYLGRU WDQWRGHORVHQODFHVGHOURERWFRPRHOGH
FRQWURO VHHQFDUJDGHFUHDUHOVHUYLGRUHQHOFRUUHVSRQGLHQWHSXHUWR\HVWDUSHUPDQHQWHPHQWH
DFHSWDQGR SHWLFLRQHV GH FRQH[LyQ GH ORV FOLHQWHV &DGD YH] TXH OOHJD XQD QXHYD SHWLFLyQ VH
HQFDUJDGHLQYRFDUDXQPpWRGRTXHFUHDRWURWKUHDGTXHHVWDUiHVFXFKDQGRDWUDYpVGHOHQODFH
FUHDGRSDUDGHVSDFKDUODVSHWLFLRQHVGHORVFOLHQWHV0LHQWUDVTXHHQHOH[WUHPRGHOFOLHQWHHO
WKUHDG ³&RQQHFWRU´ VH XVD SDUD FRQHFWDUVH DO FOLHQWH TXH DXQTXH VHD QR EORTXHDQWH HYLWD
UHWDUGRVDFDXVDGHSRVLEOHVSUREOHPDVHQHOHVWDEOHFLPLHQWRGHXQDFRQH[LyQ

&RQMXQWDPHQWH FRQ HO WKUHDG &RQQHFWRU H[LVWH RWUR WLSR GH WKUHDG TXH VH HQFDUJD GH
HQYLDUPHQVDMHV REMHWRV DWUDYpVGHXQHQODFHGHFRPXQLFDFLRQHVGHIRUPDQREORTXHDQWH\D
TXHHOPpWRGRTXHSURSRUFLRQD-DYDSDUDHQYLDUREMHWRVDWUDYpVGHXQIOXMRGHFRPXQLFDFLRQHV
HV EORTXHDQWH \ VL HO PHQVDMH D HQYLDU HV GH XQ WDPDxR FRQVLGHUDEOH OD DSOLFDFLyQ SXHGH
EORTXHDUVH HVSRQWiQHDPHQWH (VWH WKUHDG SHUPLWH DO SURFHVDGRU FRPSDUWLU OD DFFLyQ GH HQYLDU


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

PHQVDMHVFRQHOUHVWRGHIXQFLRQHVGHODDSOLFDFLyQHYLWDQGRFXDOTXLHUWLSRGHEORTXHR/DFODVH
VH FRQRFH FRQ HO QRPEUH GH ³7UDQVPLWWHU´ \ VLPSOHPHQWH VH HQFDUJD GH HQYLDU XQ REMHWR D
WUDYpVGHXQIOXMRGHHVFULWXUD

$QWHULRUPHQWHVHFRPHQWRTXHSRUFDGDFRQH[LyQTXHVHFUHDEDHQWUHHOVHUYLGRU\XQ
QXHYR FOLHQWH VH FUHDED DGHPiV XQ WKUHDG HQFDUJDGR GH GHVSDFKDU ODV SHWLFLRQHV GH GLFKR
FOLHQWHHVWHWKUHDGHVHOOODPDGR³5HFHLYHU´\DTXHVHHQFDUJDGHUHFLELUFXDOTXLHULQIRUPDFLyQ
TXH HO FOLHQWH HQYtD D WUDYpV GHO IOXMR GH FRPXQLFDFLRQHV IRUPDGR HQ HO HQODFH GH
FRPXQLFDFLRQHVHQWUHFOLHQWH\VHUYLGRU(VWHWKUHDGSXHGHFUHDUVHHQORVGRVH[WUHPRV FOLHQWH
\RVHUYLGRU SHURDFW~DGHIRUPDVLPLODUHQFDGDH[WUHPR(VWHWKUHDGSXHGHUHFLELUGRVWLSRV
GH PHQVDMHV EiVLFDPHQWH PHQVDMHV UHODFLRQDGRV FRQ HO URERW \ PHQVDMHV GHO SURWRFROR GH
FRPXQLFDFLRQHV PDQWHQLPLHQWR\VHUYLFLRVGHFRQH[LyQ 6LHOPHQVDMHUHFLELGRHVUHIHUHQWHDO
SURWRFROR pVWH VH SURFHVDUD HQ HO SURSLR WKUHDG 5HFHLYHU PLHQWUDV TXH VL HO PHQVDMH HV
YLQFXODGRDOFRQWUROGHOURERWQRVHSURFHVDGHQWURGHHVWHWKUHDGVLQRTXHVHFUHDRWURWKUHDG
HQFDUJDGRGHSURFHVDUHOPHQVDMH(VWHWLSRGHWKUHDGVHFRPHQWDUDPiVDGHODQWH

$XQTXH WRGRV ORV HQODFHV GH FRQWURO GHO URERW XVHQ ORV WKUHDGV GH WLSR 5HFHLYHU HO
HQODFH GH FRQWURO GHO SURWRFROR XVD RWUR WLSR GH WKUHDG ³&WUO/LQN5HFHLYHU´  \D TXH HO
SURFHVDPLHQWRGHORVPHQVDMHVTXHVHHQYLDUDQDWUDYpVGHHVWHHQODFHHVSHFLDOVRQGLVWLQWRVDO
UHVWR$WUDYpVGHWKUHDGVHUHFLELUiQ\SURFHVDUDQPHQVDMHVUHODFLRQDGRVFRQORVSXHUWRVGRQGH
HVWiQFRUULHQGRORVVHUYLGRUHVGHOURERWORVUHODFLRQDGRVFRQODWHUPLQDFLyQGHODFRQH[LyQHWF
TXHVHUiQSURFHVDGRVGHIRUPDGLVWLQWDVLHOWKUHDGORVUHFLEHHQHOH[WUHPRGHOVHUYLGRURGHO
FOLHQWH

(O WKUHDG HQFDUJDGR GH SURFHVDU ORV PHQVDMHV UHODFLRQDGRV FRQ HO FRQWURO \
QRWLILFDFLRQHV GHO URERW HV HO OODPDGR ³3URFFHVV0VJ´ (O PpWRGR TXH VH VLJXH SDUD SURFHVDU
FDGDPHQVDMHHVHOVLJXLHQWH
 (QHOH[WUHPRGHOVHUYLGRUFXDQGRVHUHFLEHXQPHQVDMHVHFUHDHVWHWLSRGHWKUHDGTXH
OR SURFHVH \ HVWH WKUHDG DWHQGLHQGR DO LGHQWLILFDGRU GHO PHQVDMH LQYRFDUD DO PpWRGR
FRUUHVSRQGLHQWHGHOVWXEDVRFLDGRDOHQODFHTXHDVXYH]OODPDUDDOPpWRGRVROLFLWDGR
GHOVHUYLGRU(VWHWLSRGHPHQVDMHVTXHVHHQYtDHQODGLUHFFLyQFOLHQWHDVHUYLGRUVRQ
ORVUHODFLRQDGRVFRQWRGDVODVyUGHQHVGHOURERW

 (QHOH[WUHPRGHOFOLHQWHFXDQGRVHUHFLEHXQPHQVDMHVHFUHDHVWHWLSRGHWKUHDGTXHOR
SURFHVH \ HVWH WKUHDG DWHQGLHQGR DO LGHQWLILFDGRU GHO PHQVDMH LQYRFDUD DO PpWRGR
FRUUHVSRQGLHQWHGHOSUR[\DVRFLDGRDOHQODFHTXHDVXYH]OODPDUDDOPpWRGRVROLFLWDGR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

GHOFOLHQWH(VWHWLSRGHPHQVDMHVTXHVHHQYtDHQODGLUHFFLyQVHUYLGRUDFOLHQWHVRQORV
UHODFLRQDGRVFRQODVDFWXDOL]DFLRQHVVREUHHOHVWDGRGHOURERW

%iVLFDPHQWH HO SURFHVDPLHQWR GH PHQVDMHV FRQVLVWH HQ REWHQHU XQ LGHQWLILFDGRU GHO
PHQVDMH H LQYRFDU DO PpWRGR DVRFLDGR D GLFKR LGHQWLILFDGRU HQ HO FRUUHVSRQGLHQWH VWXE R
SUR[\\DTXHVRQORVTXHDFW~DQGHLQWHUPHGLDULRVHQWUHFOLHQWHVHUYLGRU\HOSURWRFRORGH
FRPXQLFDFLRQHV

 (QYtR\UHFHSFLyQGHPHQVDMHV
$FRQWLQXDFLyQVHYDQDH[SOLFDUFRQGHWDOOHORVSDVRVDUHDOL]DUGX UDQWHHOHQYtRGHXQ
PHQVDMHSRUSDUWHGHXQRGHORVFOLHQWHV VHUYLGRU 

&XDOTXLHUPpWRGRGHOFOLHQWH VHUYLGRU TXHDSDUH]FDGHELGRDODLPSOHPHQWDFLyQGHODV


LQWHUIDFHV FRPR HV 0HFKDQLVP&WUO 0HFKDQLVP/LVWHQHU 0HFKDQLVP8SGDWHU«  HV GHFLU
FXDOTXLHUPpWRGRTXHVXSRQJDHOHQYtRGHXQDSHWLFLyQDORWURH[WUHPRGHODFRPXQLFDFLyQ\D
VHDGHFOLHQWHDVHUYLGRURYLFHYHUVDVXSRQGUiHOHQYtRGHXQFRQMXQWRGHELWVSRUHOHQODFHTXH
HORWURH[WUHPRGHEHVHUFDSD]GHHQWHQGHU

6LHPSUH TXH HO FOLHQWH VHUYLGRU  OODPH D XQR GH HVRV PpWRGRV FRPHQWDGRV
DQWHULRUPHQWH SRU HMHPSOR GH OD LQWHUID] 0HFKDQLVP&UWO 0HFKDQLVP/LVWHQHU  \ FRPR \D
DQWHULRUPHQWHVHFRPHQWyTXHHOFOLHQWH VHUYLGRU WLHQHXQD³UHIHUHQFLD´DOVHUYLGRU FOLHQWH VH
LQYRFDUi D HVH PLVPR PpWRGR SHUR GH OD UHIHUHQFLD TXH SRVHH FRPR \D VH GHEH VDEHU HVD
UHIHUHQFLDUHSUHVHQWDDXQSUR[\ VWXE REWHQLGDJUDFLDVDOPpWRGRDGG&RQWURO3XHVELHQGLFKR
SUR[\ VWXE  FRQWLHQH XQ REMHWR GH WLSR VWDWLRQ/LQN URF/LQN  TXH UHSUHVHQWD HO HQODFH GH
FRPXQLFDFLRQHV FUHDGR GXUDQWH HO SURFHVR GH HVWDEOHFLPLHQWR GH FRQH[LyQ TXH SHUPLWLUi OD
FRPXQLFDFLyQHQWUHXQSUR[\\XQVWXEHVGHFLUHQWUHXQFOLHQWH\XQVHUYLGRU

7RGRVORVPpWRGRVTXHWLHQHHOSUR[\ VWXE TXHVRQORVPLVPRVTXHWLHQHHOVHUYLGRU


FOLHQWH  SRU LPSOHPHQWDU OD PLVPD LQWHUID] TXH HO VHUYLGRU FOLHQWH  WLHQHQ OD PLVPD
LPSOHPHQWDFLyQ³OLQNVHQG  ´\FRQpVWHORTXHVHUHDOL]DHVJHQHUDOL]DUWRGRVORVSRVLEOHV
PpWRGRV TXH VXUMDQ SDUD HO HQYtR GH FXDOTXLHU RUGHQ GH HVWH PRGR VHD FXDO VHD OD RUGHQ D
HQYLDUDORWURH[WUHPRVLHPSUHVHXWLOL]DUiHVWHPpWRGRFDPELDQGRHOSDUiPHWUR(OSDUiPHWUR
D LQWURGXFLU FRUUHVSRQGH D XQ REMHWR GH WLSR 0HVVDJH HQ HVSHFLDO GH 0HFKDQLVP0VJ
0LVVLRQ0VJ\7RRO0VJFX\RVFRQVWUXFWRUHVHVWDUiQDGDSWDGRVSDUDFDGDXQDGHODVRUGHQHVD
JHQHUDU DGHPiV GH ORV SRVLEOHV SDUiPHWURV LQWHUQRV TXH SXHGHQ OOHYDU VL VH GHVHD HQYLDU XQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

REMHWR GH FXDOTXLHU WLSR DGMXQWDGR LQW IORDW« 7RGRV HVWRV PHQVDMHV WHQGUiQ XQ IRUPDWR HQ
FRP~Q\HVTXHWRGRVWLHQHQXQREMHWRGHWLSRHQWHURTXHUHSUHVHQWDHOLGHQWLILFDGRUGHWLSRGH
RUGHQDHQYLDUDGHPiVGHHVWR\VHJ~QHOYDORUGHOLGHQWLILFDGRULQWURGXFLGRVHGHEHUiQDGMXQWDU
RWURVGDWRVTXHVHDGMXQWDUDQHQHOHQYtRGHOPHQVDMH

(O~OWLPRSDVRSDUDHOHQYtRGHODRUGHQGHXQH[WUHPRDRWURHVODLPSOHPHQWDFLyQGHO
PpWRGR VHQG GH OD FODVH VWDWLRQ/LQN URF/LQN  (Q HVWD FODVH HQFRQWUDPRV XQ REMHWR GH WLSR
7UDQVPLWWHUTXHVHUiHOKLORHQFDUJDGRGHHQYLDUODRUGHQDORWURH[WUHPRPHGLDQWHHOVRFNHWTXH
SRVHH$HVWHKLORKD\TXHLQWURGXFLUOHHQHOFRQVWUXFWRUXQIOXMRGHGDWRVGHVDOLGDHQHVSHFLDO
XQREMHWRGHWLSR2EMHFW2XWSXW6WUHDP\RWURREMHWRGHWLSR&RPSRVHG2EMHFWTXHVHUiHOWLSRGH
GDWRTXHYDDFLUFXODUSRUODUHG\DVHDSDUDRUGHQHVLQWHUQDVGHOSURWRFRORRSDUDRUGHQHVGH
PRYLPLHQWRGHURERW'HHVWHPRGRFRPRDOPpWRGRVHQGWDQVROROHSDViEDPRVXQREMHWRGH
WLSR0HVVDJHWHQGUHPRVTXHHPSDTXHWDUHVHPHQVDMHGHQWURGHXQRGHWLSR&RPSRVHG2EMHFW
HVWR VH FRQVLJXH JUDFLDV DO FRQVWUXFWRU GH HVWD XOWLPD FODVH \ D XQ LGHQWLILFDGRU TXH SHUPLWD
GLVWLQJXLUVLODRUGHQTXHVHHVWiHQYLDQGRHVGHWLSRLQWHUQDRELHQHVXQDRUGHQGHPDQHMRGH
URERW

<D SDUD ILQDOL]DU HO HQYtR VROR TXHGDUi KDFHU XQD OODPDGD DO PpWRGR UXQ GHO KLOR
7UDQVPLWWHUSDUDTXHPHGLDQWHZULWH2EMHFWGHODFODVH2EMHFW2XWSXW6WUHDP UHFXHUGHTXHVHOH
LQWURGXFtD FRPR SDUiPHWUR XQ REMHWR GH HVWH WLSR  VH SXHGD HQYLDU HO REMHWR GH WLSR
&RPSRVHG2EMHFWFUHDGR

(OSURFHVRGHUHFHSFLyQTXHGDHQJUDQSDUWH\DDFODUDGR\FRPHQWDGRSRUTXHHOSURFHVR
HVEDVWDQWHVLPLODUDOGHWUDQVPLVLyQSHURDOUHYpV(OSURFHVRGHLQWHUFDPELRGHPpWRGRVHQWUH
URF/LQNVWDWLRQ/LQN±VWXESUR[\±VHUYLGRUFOLHQWHHVLJXDODOGHODWUDQVPLVLyQSHURQRDVtHO
SDVRSUHYLRGHUHFHSFLyQDVtTXHVHUiHVHSXQWRDOTXHPD\RUpQIDVLVVHOHGHHQODH[SOLFDFLyQ
$GHPiV KD\ TXH GHVWDFDU TXH HVWH SURFHVR HV WDPELpQ DGDSWDEOH WDQWR SDUD OD UHFHSFLyQ GHO
FOLHQWHFRPRSDUDHOVHUYLGRU

5HFRUGDQGROD SDUWH GH WUDQVPLVLyQ YHtDPRV TXH H[LVWtD XQ KLOR TXH VH HQFDUJDED GH
WUDQVPLWLUSRUODUHGREMHWRVGHWLSR&RPSRVHG2EMHFWSRUORTXHHVRHVORTXHVHHVSHUDUHFLELU
'H HVWH SURFHVR WDPELpQ VH HQFDUJD XQ KLOR FRQ OD GLIHUHQFLD GH TXH SDUD HO WUDQVPLVRU VH
FUHDED XQ KLOR SDUD FDGD PHQVDMH D WUDQVPLWLU PLHQWUDV TXH HQ UHFHSFLyQ VROR H[LVWH XQ KLOR
HQFDUJDGR GH UHFLELU WRGRV ORV PHQVDMHV \ VHUi XQ REMHWR GH WLSR 5HFHLYHU /D SULPHUD
RSHUDFLyQDUHDOL]DUSRUHOKLORWUDVUHFLELUHOREMHWR&RPSRVHG2EMHFWFRQHOPpWRGRUHDG2EMHFW
HV OHHU HO LGHQWLILFDGRU GH GLFKR REMHWR SDUD GLIHUHQFLDU VL OR UHFLELGR HV XQD RUGHQ LQWHUQD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

&RP,'V&20B06*  FX\D ILQDOLGDG VHUi OD GH FDPELDU HO HVWDGR GHO HQODFH R ELHQ HV XQ
PHQVDMHGHPRYLPLHQWRGHURERW &RP,'V(;7(51$/B06* 

$ OD SULPHUD GHODV RSFLRQHV QR VH OH GDUi LPSRUWDQFLD HQ HVWH SXQWR \D TXH TXHGDUi
SHUIHFWDPHQWHH[SOLFDGDHQHOSXQWRTXHVHHQFDUJDGHOSURWRFRORLQWHUQRXWLOL]DGR

6L HO PHQVDMH FRUUHVSRQGH D OD VHJXQGD RSFLyQ OR TXH VH GHEH UHDOL]DU HV DQDOL]DU HO
FRQWHQLGRGHHVHPHQVDMHSHURQRHOGHOREMHWR&RPSRVHG2EMHFWVLQRHOGHOWLSR0HVVDJHTXH
OOHYDDGMXQWDGRDOREMHWRUHFLELGR3DUDHOORVHFUHDUDXQKLORGHODFODVH&KHFN&KDQJHVDOTXHVH
OHGHEHSDVDUFRPRSDUiPHWURHOPHQVDMHDDQDOL]DU\XQREMHWRGHWLSR5RF/LQNR6WDWLRQ/LQN
VHJ~Q FRUUHVSRQGD DO H[WUHPR FOLHQWH R DO VHUYLGRU (O PpWRGR UXQ GH HVWH KLOR DQDOL]DUi HO
LGHQWLILFDGRU GHO PHQVDMH \ D SDUWLU GH pVWH XWLOL]DUi XQ WLSR GH VWXE R SUR[\ PHFKDQLVP
PLVVLRQRWRRO VHJ~QHOPHQVDMHHVWpHVSHFLILFDGRSDUDXQRXRWURWLSRSDUDOODPDUDOPpWRGR
TXH FRUUHVSRQGD FRQ HVH LGHQWLILFDGRU $Vt SRU HMHPSOR VL HO LGHQWLILFDGRU GHO PHQVDMH HV
7RRO,'V$&7,21B21 VH OODPDUi DO PpWRGR WRRO6WXEDFWLRQ2Q $GHPiV FRQ OD OODPDGD DO
PpWRGR VHUi QHFHVDULR LQWURGXFLUOH DOJXQRV SDUiPHWURV TXH FRUUHVSRQGHQ D OD YH] FRQ ORV
REMHWRVTXHYHQtDQDGMXQWRVDOPHQVDMHTXHVHUHFLELy$VtWUDVHVWDRSHUDFLyQ\DYROYHPRVDO
WUDVSDVR GH PpWRGRV HQWUH SUR[\VWXE \ VHUYLGRUFOLHQWH SHUR HQ RUGHQ LQYHUVR D FRPR VH
SURGXFtDDOWUDQVPLWLU

$O KDFHU XQD OODPDGD D XQ PpWRGR GH FXDOTXLHUD GH ORV VWXEVSUR[LHV FRPR HVWRV
SRVHHQXQDUHIHUHQFLDGHOVHUYLGRURFOLHQWHDVRFLDGRUHVSHFWLYDPHQWHHVWRVSULPHURVYROYHUiQD
SDVDUOHVHOPLVPRPpWRGRFRQORVPLVPRVSDUiPHWURV(VWRQRHVWDLPSOHPHQWDGRVLHPSUHDVt
\DTXHSDUDODVRSHUDFLRQHVGHUHJLVWURGHFOLHQWHVKD\TXHUHDOL]DURWUDVPXFKDVRSHUDFLRQHV
SHURHVR\DVHFRPHQWDUiHQHOVLJXLHQWHDSDUWDGR

)LQDOPHQWHVLQRKDTXHGDGRFODURHOSURFHVRGHHQYLR\UHFHSFLyQGHPHQVDMHVVREUHHO
SURWRFROR VH SXHGH REVHUYDU HO GLDJUDPD GH VHQFXHQFLD Q~PHUR  TXH VH SUHVHQWD HQ HO
DSDUWDGRGHPRGHODGRGHOVLVWHPDPHGLDQWH80/TXHLQGLFDGHIRUPDFRQFLVDWRGRHOSURFHVR
FRPHQWDGRDQWHULRPHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 6HUYLFLRGHUHJLVWURGHORVVHUYLGRUHV
 5HJLVWURPHGLDQWHQRWLILFDFLyQGHHYHQWRV
/RVVHUYLGRUHVGHOURERWGHWLSR0HFKDQLVP\7RROGLVSRQHQGHXQVHUYLFLRHQHOTXH
ORVFOLHQWHVSXHGHQUHFLELULQIRUPDFLyQVREUHHOHVWDGRGHOURERWFXDQGRpVWHYDUtDUHJLVWUiQGRVH
SUHYLDPHQWH HQ GLFKRVVHUYLGRUHV /RV PpWRGRV TXHSHUPLWHQ D XQFOLHQWHUHJLVWUDUVH HQ HVWRV
VHUYLGRUHVVRQORVVLJXLHQWHV

YRLGDGG0HFKDQLVP/LVWHQHU 0HFKDQLVP/LVWHQHUOLVWHQHU 
YRLGDGG7RRO/LVWHQHU 7RRO/LVWHQHUOLVWHQHU 

(VWRV PpWRGRV VRQ ORV TXH FRQWLHQH HO VHUYLGRU GH WLSR 0HFKDQLVP \ QRV EDVDUHPRV
~QLFDPHQWHHQHOSURFHVRGHUHJLVWURHQHVWHWLSRGHVHUYLGRU\DTXHSDUDHOGHWLSR7RROVHXVD
HOPLVPRSURFHVRDXQTXHFRQGLVWLQWRVPpWRGRV &RQHVWRVPpWRGRVHOFOLHQWH\DQRWLHQHTXH
HVWDU SHUPDQHQWHPHQWH SUHJXQWiQGROH D ORV VHUYLGRUHV HO HVWDGR GHO URERW \D TXH HO SURSLR
VHUYLGRUQRWLILFDUiDOFOLHQWHHOFDPELRGHHVWDGRGHOURERWFDGDYH]TXHVHPRGLILTXHHOPLVPR
'H HVWH PRGR ORV FOLHQWHV VRQ ³HVFXFKDGRUHV´ \ GHOHJDQ OD WDUHD GH FRPSUREDU HO HVWDGR GHO
URERWDORVVHUYLGRUHV

(OSURFHVRTXHVHOOHYDDFDERSDUDUHJLVWUDUXQFOLHQWHHVHOVLJXLHQWH

 8Q FOLHQWH OODPD D XQ PpWRGR FXDOTXLHUD GH ORV GRV DQWHULRUHV \ OH SDVD FRPR
SDUiPHWURXQDUHIHUHQFLDDVLPLVPR WKLV  \D TXH GLFKR FOLHQWH GHEH LPSOHPHQWDU ODV
LQWHUIDFHV0HFKDVQLP/LVWHQHU\R7RRO/LVWHQHUSDUDSRGHUUHJLVWUDUVHHQHOVHUYLGRU

 'LFKD LQYRFDFLyQ DO PpWRGR GHO VHUYLGRU OOHJD UHDOPHQWH DO 3UR[\ DVRFLDGR \ HVWH OR
FRQYLHUWH HQ XQ PHQVDMH TXH VH HQYtD D WUDYpV GHO HQODFH GH FRPXQLFDFLRQHV HVWH
PHQVDMHFRQWLHQHODUHIHUHQFLDDOFOLHQWHTXHVHLQWURGXMRFRPRSDUiPHWUR

 (O PHQVDMHOOHJD DO H[WUHPR GHO VHUYLGRU \ VH SURFHVD FRQYLUWLpQGRVH SRU HMHPSOR HQ
XQDOODPDGDDOPpWRGRDGG0HFKDQLVP/LVWHQHU 0HFKDQLVP/LVWHQHUPHFKDQLVP/LVWHQHU
GHOVWXEFRUUHVSRQGLHQWHDOTXHVHOHSDVDUDFRPRSDUiPHWURODUHIHUHQFLDDOFOLHQWHTXH
FRQWHQtDHOPHQVDMH&RPRHOVWXEHVHOUHSUHVHQWDQWHGHOFOLHQWHHQHOVHUYLGRUSXHVHO
TXH UHDOPHQWH VH UHJLVWUD HQ HO VHUYLGRU HV HO VWXE TXH WDPELpQ LPSOHPHQWD ODV
LQWHUIDFHV /LVWHQHU  \ ORV FOLHQWHV UHDOHV TXH SXHGHQ HVWDU GLVWULEXLGRV HQ GLVWLQWDV
PDTXLQDV VHUHJLVWUDQ HQHO VWXE 'H HVWDIRUPD TXHFDGD YH] TXH HO URERW FDPELH GH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

HVWDGR HO VHUYLGRU QRWLILFDUD DO VWXE SDUD pO HO ~QLFR FOLHQWH UHJLVWUDGR  \ HO VWXE
QRWLILFDUiDORVFOLHQWHVTXHVHKD\DQUHJLVWUDGRUHDOPHQWH

+D\TXHWHQHUHQFXHQWDTXHHOVWXEVRORGHEHUHJLVWUDUVHXQDYH]HQHOVHUYLGRU
TXHVHUiFXDQGRVHUHJLVWUHHOSULPHUFOLHQWH7DQWRHOVWXEFRPRHOVHUYLGRUDOPDFHQDQ
DVXVHVFXFKDGRUHVHQXQDOLVWDTXHHVWDLPSOHPHQWDGDSRUODFODVH³5HJLVWHUHG&OLHQWV´
TXHVHFRPHQWDUDPDVDGHODQWH

 /RVVHUYLGRUHVTXHSHUPLWHQHOUHJLVWURGHFOLHQWHVGHEHQFUHDUFDGDXQRXQ REMHWRGH
WLSR ³(YHQW&RQWURO´ TXH VH HQFDUJXH GH DYLVDU DO VHUYLGRU TXH HQ HO URERW VH KD
PRGLILFDGR DOJXQD YDULDEOH GH HVWDGR 3DUD FRQVHJXLU TXH OH SXHGD QRWLILFDU HVRV
FDPELRVDOFUHDUHVWHREMHWRHOVHUYLGRUOHSDVDXQDUHIHUHQFLDDVLPLVPR

(OSURFHVRTXHVHVLJXHSDUDQRWLILFDUDORVFOLHQWHVTXHHOURERWKDFDPELDGRGHHVWDGR
HVHOVLJXLHQWH

 (O SULPHU SDVR HV VLPXODU HO FDPELR GH HVWDGR GHO URERW TXH VH KD UHVXHOWR
LPSOHPHQWDGR XQD LQWHUID] JUiILFD GH XVXDULR SDUD FDGD WLSR GH VHUYLGRU TXH SHUPLWH
UHJLVWUDUVH GH HVWH PRGR 0HFKDQLVP6HUYHU*8, \ 7RRO6HUYHU*8,  (VWDV LQWHUIDFHV
FRQWLHQHQ YDULRV ERWRQHV TXH VLPXODQ HO FDPELR GH HVWDGR GHO URERW PRGLILFDQGR
YDULDEOHVLQWHUQDVHWF 

 &XDQGRVHVLPXODXQFDPELRGHYDULDEOHGHHVWDGRGHXQDSDUWHGHOURERWHQFRQFUHWRHO
REMHWR³(YHQW&RQWURO´DVRFLDGRDOVHUYLGRUTXHFRQWURODHVDSDUWHGHOURERWTXHVH KD
DOWHUDGR QRWLILFD D GLFKR VHUYLGRU TXH KD GH DFWXDOL]DU GLFKD YDULDEOH GH HVWDGR D ORV
FOLHQWHVUHJLVWUDGRV/RVPpWRGRVH[LVWHQWHVSHUPLWHQQRWLILFDUHOFDPELRGHOHVWDGRGHO
URERW\ODVDODUPDV

 (V HO SURSLR REMHWR (YHQW&RQWURO HO TXH UHFRUUH OD OLVWD GH FOLHQWHV UHJLVWUDGRV HQ HO
VHUYLGRU\QRWLILFiQGROHVHOFDPELR(QHVWHFDVRVRORVHOHQRWLILFDUDDOVWXE\DTXHHV
HO~QLFRFOLHQWHUHJLVWUDGRSDUDHOVHUYLGRU(OSURFHVRTXHVHUHDOL]DHQFDGDPpWRGRGHO
REMHWR(YHQW&RQWUROHVHOVLJXLHQWH

SXEOLFYRLGXSGDWH0HFKDQLVP6WDWXV 2EMHFWVWDWXV
^
ƒ &RPSUXHEDVLKD\DOJXLHQUHJLVWUDGRVLQRKD\QDGLHWHUPLQDHOPpWRGR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

ƒ 5HFRUUHODOLVWDGHUHJLVWUDGRV /LVWHQHU 
ƒ 3DUDFDGDHVFXFKDGRU³OLVWHQHU´UHJLVWUDGRLQYRFDDOPpWRGR

PHFKDQLVP6HUYHUXSGDWH0HFKDQLVP6WDWXV OLVWHQHU$SS,'V(9(17VWDWXV 

ƒ ,QYRFDDOPpWRGRGHO VHUYLGRU LQGLFiQGROH DGLFKR VHUYLGRUTXH HO SURSLR


REMHWR(YHQW&RQWUROHVWDUHFRUULHQGRODOLVWDGHFOLHQWHVUHJLVWUDGRV\TXHHO
FOLHQWH DO TXH DSXQWD OD UHIHUHQFLD ³OLVWHQHU´ HVWD UHJLVWUDGR \ GHEH
QRWLILFDUOHHOFDPELRGHHVWDGR(OUHVWRGHSDUiPHWURVLQGLFDTXHHOWLSRGH
UHJLVWURVROLFLWDGRSRUHOFOLHQWHHV PHGLDQWH HYHQWRV FDPELR HVWDGR  \ HO
QXHYRHVWDGRGHOURERWHVWDUHSUHVHQWDGRSRUHOREMHWR³VWDWXV´
`

ƒ (O PpWRGR GHO VHUYLGRU TXH HMHFXWD GLFKR REMHWR (YHQW&RQWURO HV GH OD
IRUPD

SXEOLFYRLGXSGDWH0HFKDQLVP6WDWXV 0HFKDQLVP/LVWHQHUOLVWHQHULQW
UHJ0RGH2EMHFWVWDWXV
^
OLVWHQHUXSGDWH0HFKDQLVP6WDWXV UHJ0RGHVWDWXV 

ƒ (O VHUYLGRU ~QLFDPHQWH LQYRFD DO PpWRGR GH DFWXDOL]DFLyQ GHO HVFXFKDGRU
TXH OH SDVR FRPR SDUiPHWUR HO REMHWR (YHQW&RQWURO DVRFLDGR (VWH
HVFXFKDGRUHVUHDOPHQWHHOVWXE\DTXHHVHO~QLFRFOLHQWHUHJLVWUDGRHQHO
VHUYLGRU 6H SXHGH FRPSUREDU TXH SDUD HO VHUYLGRU HO FOLHQWH HVWD HQ VX
PLVPDPDTXLQD\SXHGHDFFHGHUDOPHGLDQWHOODPDGDVORFDOHV

 8QDYH]TXHHOVHUYLGRUQRWLILFDDOVWXEHOFDPELRGHHVWDGRGHOURERWpVWH\DVHHQFDUJD
GH GLVWULEXLU D ORV FOLHQWHV UHDOHV GLFKDV QRWLILFDFLRQHV &DGD VWXE UHFRUUH OD OLVWD GH
UHJLVWUDGRV HQ ORV SURSLRV PpWRGRV GH OD VLJXLHQWH IRUPD VH H[SOLFD VROR OD SDUWH
FRUUHVSRQGLHQWHDOUHJLVWURPHGLDQWHHYHQWRVHOUHVWRHQHOVLJXLHQWHDSDUWDGR 

SXEOLFYRLGXSGDWH0HFKDQLVP6WDWXV LQWUHJLVWUDWLRQ0RGH2EMHFWPHFK6WDWXV
^


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

LI UHJLVWUDWLRQ0RGH $SS,'V(9(17


^
x &RPSUXHEDVLKD\DOJXLHQUHJLVWUDGRVLQRKD\QDGLHWHUPLQDHO
PpWRGR
`

ƒ 5HFRUUHODOLVWDGHUHJLVWUDGRV /LVWHQHU 
ƒ 3DUD FDGD HVFXFKDGRU ³OLVWHQHU´ UHJLVWUDGR OH HQYtD XQ PHQVDMH
DVRFLDGRDOPpWRGRGHDFWXDOL]DFLyQGHHVWDGRHVWHPHQVDMHVHHQYtDD
WUDYpV GHO LGHQWLILFDGRU GHO HQODFH DVRFLDGR DO FOLHQWH TXH VH KD
UHJLVWUDGR

0HFKDQLVP0VJP QHZ0HFKDQLVP0VJ
0HFKDQLVP,'V83'$7(B0(&+$1,60B67$786OLVWHQHUPHFK6WDWXV


OLQNVHQG POLVWHQHUJHW/LQN,' 
`

 (OPHQVDMHTXHHOVWXEHQYtDDWUDYpVGHOHQODFHHVSURFHVDGRDOOOHJDUDOH[WUHPRGHO
FOLHQWH \ VH FRQYLHUWH HQ XQD OODPDGD D XQ PpWRGR GHO SUR[\ FRUUHVSRQGLHQWH (VWH
SUR[\XWLOL]DUDODUHIHUHQFLDGHOFOLHQWHUHJLVWUDGRTXHLQFOXtDHOPHQVDMHSDUDQRWLILFDUOH
GHIRUPDORFDOHOQXHYRHVWDGRGHOURERW (MHPSOR

SXEOLFYRLGXSGDWH0HFKDQLVP6WDWXV LQWUHJ0RGH0HFKDQLVP/LVWHQHU
OLVWHQHU2EMHFWPHFK6WDWXV
^
OLVWHQHUXSGDWH0HFKDQLVP6WDWXV UHJLVWUDWLRQ0RGHPHFK6WDWXV 
`

 'HHVWHPRGRHOFOLHQWHUHFLEHODQRWLILFDFLyQGHOQXHYRHVWDGRGHOURERWVLQQHFHVLGDG
GHHVWDUHOSUHJXQWDQGRSRUHOHVWDGRGHOPLVPR

(VWHSURFHVRVHVLJXHHQWRGRVORPpWRGRVGHDFWXDOL]DFLyQGHHVWDGR\DODUPDVGHFDGD
VHUYLGRU 0HFKDQLVP\7RRO 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

7RGR HOSURFHVRGHUHJLVWUR GH FOLHQWHV PHGLDQWH HYHQWRV FRPHQWDGR DQWHULRUPHQWH VH


SUHVHQWDHQORVGLDJUDPDVGHVHQFXHQFLDHLQWHUDFFLyQQ~PHUR\TXHVHSUHVHQWDQHQHO
DSDUWDGRGHPRGHODGRGHOVLVWHPDPHGLDQWH80/

 5HJLVWURPHGLDQWHQRWLILFDFLyQSHULyGLFD
$GHPiVGHOVHUYLFLRGHQRWLILFDFLyQGHHYHQWRVHQHOHVWDGRGHOURERWORVVHUYLGRUHVGHO
URERWGHWLSR0HFKDQLVP\7RROGLVSRQHQGHRWURVHUYLFLRHQHOTXHORVFOLHQWHVSXHGHQUHFLELU
LQIRUPDFLyQ VREUH HO HVWDGR GHO URERW FDGD FLHUWR SHULRGR GH WLHPSR ILMDGR SRU HOORV
UHJLVWUiQGRVH SUHYLDPHQWH HQ GLFKRV VHUYLGRUHV /RV PpWRGRV TXH SHUPLWHQ D XQ FOLHQWH
UHJLVWUDUVHHQHVWRVVHUYLGRUHVGHHVWHPRGRVRQORVVLJXLHQWHV

YRLGDGG0HFKDQLVP/LVWHQHU 0HFKDQLVP/LVWHQHUOLVWHQHULQWSHULRG
YRLGDGG7RRO/LVWHQHU 0HFKDQLVP/LVWHQHUOLVWHQHULQWSHULRG

(VWRV PpWRGRV VRQ ORV TXH FRQWLHQH HO VHUYLGRU GH WLSR 0HFKDQLVP \ QRV EDVDUHPRV
~QLFDPHQWHHQHOSURFHVRGHUHJLVWURHQHVWHWLSRGHVHUYLGRU\DTXHSDUDHOGHWLSR7RROVHXVD
HOPLVPRSURFHVRDXQTXHFRQGLVWLQWRVPpWRGRV (OSURFHVRTXHVHOOHYDDFDERSDUDUHJLVWUDU
XQFOLHQWHHVHOVLJXLHQWH

 8Q FOLHQWH OODPD D XQ PpWRGR FXDOTXLHUD GH ORV GRV DQWHULRUHV \ OH SDVD FRPR
SDUiPHWURXQDUHIHUHQFLDDVLPLVPR WKLV  \D TXH GLFKR FOLHQWH GHEH LPSOHPHQWDU ODV
LQWHUIDFHV0HFKDVQLP/LVWHQHU\R7RRO/LVWHQHUSDUDSRGHUUHJLVWUDUVHHQHOVHUYLGRU\
DGHPiVOHLQWURGXFHXQHQWHURTXHHVHOSHULRGRGHWLHPSRHQPLOLVHJXQGRVFRQHOTXHHO
VHUYLGRUQRWLILFDUiHOHVWDGRGHOURERW

$QWHV GH LQVHUWDU FRPR SDUiPHWUR HO SHULRGR GH WLHPSR pVWH HQWHUR VH GHEH
UHGRQGHDUDXQQXPHURTXHVHDP~OWLSORGHOSHULRGRPtQLPRILMDGRHQODDSOLFDFLyQSDUD
SRGHULPSOHPHQWDUHOFRQWDGRUHQHOVHUYLGRU VHH[SOLFDUiPiVDGHODQWH HVWHUHGRQGHR
OR UHDOL]D XQ PpWRGR GH OD FODVH ³5HJLVWUDWLRQ3HULRG´ TXH VLJXH OD VLJXLHQWH UHJOD GH
UHGRQGHR
ƒ 6LSHULRGRSHULRGRPtQLPRSHULRGRUHGRQGHDGR SHULRGRPtQLPR
ƒ 6LSHULRGR!SHULRGRPi[LPRSHULRGRUHGRQGHDGR SHULRGRPi[LPR
ƒ 6LSHULRGRHVWDFRPSUHQGLGRHQWUHHOSHULRGRPi[LPR\PtQLPRSHULRGR HQWHUR
VXSHULRUPiVFHUFDQRTXHVHDP~OWLSORGHOSHULRGRPtQLPR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 'LFKD LQYRFDFLyQ DO PpWRGR GHO VHUYLGRU OOHJD UHDOPHQWH DO 3UR[\ DVRFLDGR \ HVWH OR
FRQYLHUWH HQ XQ PHQVDMH TXH VH HQYtD D WUDYpV GHO HQODFH GH FRPXQLFDFLRQHV HVWH
PHQVDMHFRQWLHQHODUHIHUHQFLDDOFOLHQWH\HOSHULRGRTXHVHLQWURGXMRFRPRSDUiPHWUR

 (O PHQVDMHOOHJD DO H[WUHPR GHO VHUYLGRU \ VH SURFHVD FRQYLUWLpQGRVH SRU HMHPSOR HQ
XQDOODPDGDDOPpWRGR DGG0HFKDQLVP/LVWHQHU 0HFKDQLVP/LVWHQHUPHFKDQLVP/LVWHQHU
LQWSHULRG GHOVWXEFRUUHVSRQGLHQWHDOTXHVHOHSDVDUDFRPRSDUiPHWURODUHIHUHQFLDDO
FOLHQWH \ HO SHULRGR TXH FRQWHQtD HO PHQVDMH $O LJXDO TXH SDUD HO UHJLVWUR PHGLDQWH
HYHQWRVHQHOHVWDGRGHOURERWTXLHQUHDOPHQWHVHUHJLVWUDHQHOVHUYLGRUHVHOVWXE TXH
WDPELpQ LPSOHPHQWD ODV LQWHUIDFHV /LVWHQHU TXH LPSOHPHQWD HO FOLHQWH  \ ORV FOLHQWHV
UHDOHV TXH SXHGHQ HVWDU GLVWULEXLGRV HQ GLVWLQWDV PDTXLQDV VH UHJLVWUDQ HQ HO VWXE $
SDUWLUGHHVWHSXQWRVHFRPSOLFDODRSHUDFLyQGHFRQWURODUHOSHULRGRTXHVHUHDOL]DGHO
VLJXLHQWHPRGR

&XDQGR VH LQYRFD HO PpWRGR GHO VWXE


DGG0HFKDQLVP/LVWHQHU 0HFKDQLVP/LVWHQHU OLVWHQHU LQW SHULRG  DO SURFHVDUVH HO
FRUUHVSRQGLHQWH PHQVDMH UHFLELGR SRU HO HQODFH HO HVFXFKDGRU TXH GHVHD UHFLELU OD
QRWLILFDFLyQ UHSUHVHQWDGR SRU OD UHIHUHQFLD ³OLVWHQHU´ VH DOPDFHQD MXQWR DO SHULRGR GH
UHJLVWUR HQ OD OLVWD GH UHJLVWUDGRV TXH FRQWLHQH HO VWXE $ FRQWLQXDFLyQ HO VWXE GHEH
UHJLVWUDUVH HQ HO VHUYLGRU SHUR VROR OR KDFH FXDQGR VH UHJLVWUD HO SULPHU FOLHQWH 6LQ
HPEDUJRXQD FDUDFWHUtVWLFD LPSRUWDQWH HVTXH HO VWXEVHUHJLVWUDHQ HO VHUYLGRUFRQ HO
SHULRGRPtQLPRILMDGRSRUODDSOLFDFLyQGHIRUPDTXHFDGDSHULRGRPtQLPRHOVHUYLGRU
QRWLILTXHDOVWXEHOHVWDGRGHOURERW\VHDHOVWXEHOTXHFRQVLGHUHHOWLHPSRGHUHJLVWUR
GHORVFOLHQWHVUHJLVWUDGRV\OHVQRWLILFDUiHOHVWDGRGHOURERWFXDQGROHVFRUUHVSRQGD6H
FRQVLJXH GH HVWD IRUPD TXH VROR H[LVWD XQ UHORM SDUD FDGD HQODFH HO TXH FUHD FDGD
VHUYLGRU 

 &XDQGRHOVWXEVHUHJLVWUDHQHOVHUYLGRUORKDFHFRQHOSHULRGRPtQLPR\HOVHUYLGRUVH
HQFDUJD GH UHJLVWUDU DO VWXE HQ VX OLVWD GH FOLHQWHV UHJLVWUDGRV FRQ GLFKR SHULRGR
6HJXLGDPHQWHHOVHUYLGRUFUHDHOREMHWRGHWLSR³7LPHU&RQWURO´TXHFRQWURODHOSHULRGR
VRODPHQWHVLHVOD SULPHUD YH] TXH VHUHJLVWUD XQ FOLHQWH \D TXH HO UHORM VRORVH GHEH
FUHDU XQD YH] \ GHEH VHU FRQ HO SHULRGR PtQLPR (VWH REMHWR FDGD SHULRGR PtQLPR
QRWLILFDUiDOVHUYLGRUTXHGHEHDFWXDOL]DUHOHVWDGRGHOURERWHQORVFOLHQWHVUHJLVWUDGRV
HQVXOLVWDSHURHOSUREOHPDHVTXHFDGDFOLHQWHVHUHJLVWUDFRQVXSHULRGR\SXHGHQVHU
GLVWLQWRVHQWUHVL3DUDVROYHQWDUHVWHSUREOHPDVHUHGRQGHyHOSHULRGRHQHOFOLHQWHDQWHV
GHHQYLDUVHDWUDYpVGHOHQODFHGHIRUPDTXHHOSHULRGRGHFDGDFOLHQWHHQHOH[WUHPR
GHOVHUYLGRUVHDP~OWLSORGHOSHULRGRPtQLPR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

&RQ HVWR VH FRQVLJXH TXH FDGD FOLHQWH FRQWHQJD HQ OD OLVWD XQD ³FXHQWD DWUiV´
ILMDGD SRU HO HQWHUR UHVXOWDQWH HQWUH OD GLYLVLyQ GHO SHULRGR GH UHJLVWUR \ HO SHULRGR
PtQLPR HVWD FXHQWD DWUiV VH YD GHFUHPHQWDQGR SRU FDGD SHULRGR GHO UHORM SHULRGR
PtQLPR \FXDQGRHVWDOOHJXHD³´KDOOHJDGRHOPRPHQWRGHDFWXDOL]DUHOHVWDGRGH
GLFKRFOLHQWHFRQHVDFXHQWDDWUiV&RQHVWHHMHPSORVHGHGXFHIiFLOPHQWHHODOJRULWPR
ƒ 3HULRGRPtQLPRILMDGRSRUODDSOLFDFLyQGHPLOLVHJXQGRV
ƒ 8Q FOLHQWH TXLHUH UHJLVWUDUVH FRQ SHULRGR  PLOLVHJXQGRV SHUR DQWHV GH
UHJLVWUDUORODDSOLFDFLyQUHGRQGHDDXWRPiWLFDPHQWHHOSHULRGRDPVHJ
ƒ (OVHUYLGRUUHJLVWUDDOFOLHQWHFRQXQDFXHQWDDWUiVGH GHIRUPDTXH
FDGDPVHJVHYDGHFUHPHQWDQGR  &XDQGRHVWDFXHQWDDWUiV
OOHJXHDHOVHUYLGRUQRWLILFDUiDOFOLHQWHHOQXHYRHVWDGRGHOURERW\UHLQLFLDUiOD
FXHQWDDWUiVGHQXHYRDSDUDODVLJXLHQWHQRWLILFDFLyQ'HHVWDIRUPDHOVHUYLGRU
VROR WLHQH TXH FUHDU XQ UHORM TXH HV YiOLGR SDUD WRGRV ORV FOLHQWHV \D TXH FDGD
FOLHQWHHVWDDVRFLDGRDXQDFXHQWDDWUiVTXHGHILQHHOSHULRGRFRQHOTXHUHDOPHQWH
VHUHJLVWUy

&RPRVHH[SOLFRHQHOUHJLVWURPHGLDQWHHYHQWRVHQHOVHUYLGRU~QLFDPHQWHVHUHJLVWUDUD
VX VWXE DVRFLDGR TXH VH UHJLVWUDUi VLHPSUH FRQ HO SHULRGR PtQLPR SRU OR TXH HQ OD OLVWD GH
UHJLVWUDGRVGHOVHUYLGRUVRORVH GLVSRQGUi GH XQ VRORHVFXFKDGRU FX\D FXHQWD DWUiV VH LQLFLDUi
FRQHOYDORUD³´HVGHFLUTXHFDGDPLOLVHJ SHULRGRPtQLPR HOVHUYLGRUQRWLILFDUiDOVWXE
HO HVWDGR GHO URERW (O VWXE FRQWLHQH RWUD OLVWD GH UHJLVWUDGRV GRQGH VH DOPDFHQDQ ORV FOLHQWHV
UHDOHV TXH GLVSRQGUiQ FDGD XQR GH VX FXHQWD DWUiV DVRFLDGD REWHQLGD PHGLDQWH HO DOJRULWPR
H[SOLFDGRDQWHULRUPHQWH'HHVWHPRGRFRPRHOVWXEVHUHJLVWUyFRQHOSHULRGRPtQLPRHQHO
VHUYLGRUFDGDPVHJHOVWXEGHFUHPHQWDUDODFXHQWDDWUiVGHVXVFOLHQWHVUHJLVWUDGRVFXDQGR
ODGHXQFOLHQWHOOHJXHD³´OHQRWLILFDUDHOHVWDGRGHOURERWVHJXLGDPHQWHUHLQLFLDUiODFXHQWD
DWUiVSDUDTXHUHFLEDQODVLJXLHQWHQRWLILFDFLyQFXDQGRH[SLUHGHQXHYRHOSHULRGR

(VLPSRUWDQWHGHVWDFDUTXHVLVHXVDODDSOLFDFLyQGHIRUPDFHQWUDOL]DGD VLQXVDUQLQJ~Q
SURWRFROR \DQRVHXVDQVWXEVQLSUR[LHVSRUORTXHORVFOLHQWHVVHUHJLVWUDQGLUHFWDPHQWHHQHO
VHUYLGRUFRQHOPLVPRSURFHGLPLHQWRTXHVHVHJXtDFXDQGRVHUHJLVWUDEDHOVWXE

$KRUDTXHVHFRQRFHODPHWRGRORJtDXVDGDSDUDUHJLVWUDUXQFOLHQWHHOSURFHVRTXHVH
VLJXHSDUDQRWLILFDUDORVFOLHQWHVHOHVWDGRGHOURERWHVHOVLJXLHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 &DGD VHUYLGRU FUHD XQ REMHWR GH WLSR 7LPHU&RQWURO \ OH SDVD HQ VX FRQVWUXFWRU XQD
UHIHUHQFLD TXH DSXQWD D VL PLVPR GH IRUPD TXH HVWH REMHWR SXHGD QRWLILFDUOH D  VX
VHUYLGRUDVRFLDGRFDGDYH]TXHH[SLUDHOSHULRGRHVWDEOHFLGRWDPELpQHQHOFRQVWUXFWRU
TXHVHUiVLHPSUHGHPVHJ SHULRGRPtQLPR 

WLPHU&RQWURO QHZ7LPHU&RQWURO WKLV$SS,'V0,1B3(5,2' 

(VWD FODVH FRQWLHQH XQ REMHWR GH OD FODVH MDYD[VZLQJ7LPHU GH OD $3, GH -DYD FX\R
FRQVWUXFWRUHVGHODIRUPD
WLPHU QHZ7LPHU SHULRGWKLV 

(VWH REMHWR HQYtD XQ HYHQWR FDGD SHULRGR LQGLFDGR FRPR SULPHU SDUiPHWUR HQ
PLOLVHJXQGRV DXQREMHWRTXHLPSOHPHQWHHOPpWRGRDFWLRQ3HUIRUPHG $FWLRQ(YHQW HYW  GH OD
FODVHMDYDDZWHYHQW$FWLRQ/LVWHQHUGH-DYD(QHVWHFDVRODFODVHTXHLPSOHPHQWDHVWHPpWRGR
HVODSURSLDFODVH7LPHU&RQWUROGRQGHVHFUHDHOREMHWR7LPHU WKLV \DVLPSOHPHQWHEDVWDTXH
HVWD FODVH LPSOHPHQWH OD FODVH $FWLRQ/LVWHQHU \ VREUHVFULED HO PpWRGR DFWLRQ3HUIRUPHG (VWH
PpWRGR UHFRUUHUi OD OLVWD GH UHJLVWUDGRV GHO VHUYLGRU \ OHV QRWLILFDUi D FDGD XQR HO HVWDGR GHO
URERW FXDQGR OHV FRUUHVSRQGDHV GHFLU DWHQGLHQGR DO YDORU GHOD FXHQWD DWUiV GHFDGD XQR GH
HOORV 6LQ HPEDUJR SDUD HO FDVR TXH VH HVWXGLD HQ HO TXH HO ~QLFR FOLHQWH UHJLVWUDGR HQ HO
VHUYLGRUHVHOVWXE\FRQSHULRGRPtQLPRODFXHQWDDWUiVVLHPSUHHVWDUiD³´SRUORTXHFDGD
SHULRGRPtQLPRVHQRWLILFDDOVWXEHOHVWDGRGHOURERW(QHOPpWRGRDFWLRQ3HUIRUPHGGHODFODVH
7LPHU&RQWUROVHUHDOL]DQODVVLJXLHQWHVRSHUDFLRQHV FDGDPVHJ 

ƒ 5HFRUURODOLVWDGHFOLHQWHVUHJLVWUDGRV ~QLFDPHQWHHVWDUiUHJLVWUDGRHOVWXE 
ƒ 3DUDFDGDFOLHQWH
R 6LVXFXHQWDDWUiVHV³´OHQRWLILFRHOHVWDGR \DODUPDV GHOURERW
R 6LVXFXHQWDHVWRGDYtDPD\RUTXH³´ ODGHFUHPHQWR

/DIRUPDGHQRWLILFDUDOFOLHQWH VWXE HOHVWDGRGHOURERWHVPHGLDQWHHVWRVPpWRGRV


PHFKDQLVP6HUYHUXSGDWH0HFKDQLVP6WDWXV PHFKDQLVP/LVWHQHU$SS,'V7,0(VWDWXV 
PHFKDQLVP6HUYHUXSGDWH0HFKDQLVP$ODUPV PHFKDQLVP/LVWHQHU$SS,'V7,0(DODUPV 

 /RTXHVHKDFHHVHQYLDUOHDOVHUYLGRUODUHIHUHQFLDGHOFOLHQWHDOTXHWLHQHTXHQRWLILFDU
HOHVWDGRTXHHQHOFDVRTXHHVWDPRVHVWXGLDQGR~QLFDPHQWHVHUiODUHIHUHQFLDDOVWXE
3RUORTXHHOVHUYLGRU~QLFDPHQWHGHEHXVDUHVDUHIHUHQFLDSDUDQRWLILFDUOHHOHVWDGRDO
VWXE OLVWHQHU 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

SXEOLF YRLG XSGDWH0HFKDQLVP6WDWXV 0HFKDQLVP/LVWHQHU OLVWHQHULQW UHJ0RGH2EMHFW


PHFK6WDWXV
^
OLVWHQHUXSGDWH0HFKDQLVP6WDWXV UHJLVWUDWLRQ0RGHPHFK6WDWXV 
`

1RWD 7DPELpQ VH HQYtDQ HO HVWDGR GH ODV DODUPDV SHUR VROR VH H[SOLFDUi FRPR VH
QRWLILFD HO HVWDGR HO URERW \D TXH VRQ SURFHGLPLHQWRV LGpQWLFRV VROR FDPELDQ ORV
PpWRGRV 

 (OVWXEDKRUDUHFLEHHOHVWDGRGHOURERW\GHEHUHGLULJLUORDORVFOLHQWHVUHJLVWUDGRV(O
VWXEDGHPiVGHEHFRQWURODUHOYDORUGHODFXHQWDDWUiVGHGLFKRVFOLHQWHVDOLJXDOTXHVH
KDFLDHQHOVHUYLGRU

SXEOLFYRLGXSGDWH0HFKDQLVP6WDWXV LQWUHJLVWUDWLRQ0RGH2EMHFWPHFK6WDWXV
^
LI UHJLVWUDWLRQ0RGH $SS,'V7,0(
^
ƒ 5HFRUURODOLVWDGHFOLHQWHVUHJLVWUDGRV
ƒ 3DUDFDGDFOLHQWH
‚ 6LVXFXHQWDDWUiVHV³´OHQRWLILFRHOHVWDGR \DODUPDV GHOURERW
‚ 6LVXFXHQWDHVWRGDYtDPD\RUTXH³´ ODGHFUHPHQWR
`
HOVHLI UHJLVWUDWLRQ0RGH $SS,'V(9(17
^«VHH[SOLFyDQWHULRUPHQWH«`
`

/DIRUPDGHQRWLILFDUDORVFOLHQWHVHOHVWDGRGHOURERWHVPHGLDQWHHOHQYtRGHPHQVDMHV
D WUDYpV GHO HQODFH DVRFLDGR D FDGD FOLHQWH (O PHQVDMH TXH VH HQYtD FRQWLHQH HO LGHQWLILFDGRU
DVRFLDGR DO PpWRGR GH DFWXDOL]DFLyQ GHO HVWDGR GHO URERW XQD UHIHUHQFLD DO FOLHQWH TXH VH
UHJLVWUy\SRU~OWLPRHOHVWDGRGHOURERWDDFWXDOL]DU

PHVVDJH QHZ0HFKDQLVP0VJ 0HFKDQLVP,'V83'$7(B0(&+$1,60B67$786


REMJHW0HFKDQLVP/LVWHQHU PHFK6WDWXV 

OLQNVHQG PHVVDJHREMJHW0HFKDQLVP/LVWHQHU JHW/LQN,' 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 (OPHQVDMHTXHVHHQYtDDWUDYpVGHOHQODFHHVSURFHVDGRDOOOHJDUDOH[WUHPRGHOFOLHQWH
\ VH FRQYLHUWH HQ XQD OODPDGD D XQ PpWRGR GHO SUR[\ FRUUHVSRQGLHQWH (VWH SUR[\
XWLOL]DUD OD UHIHUHQFLD GHO FOLHQWH UHJLVWUDGR TXH LQFOXtD HO PHQVDMH SDUD QRWLILFDUOH GH
IRUPDORFDOHOQXHYRHVWDGRGHOURERW (MHPSOR

SXEOLFYRLGXSGDWH0HFKDQLVP6WDWXV LQWUHJ0RGH0HFKDQLVP/LVWHQHUOLVWHQHU2EMHFW
PHFK6WDWXV
^
OLVWHQHUXSGDWH0HFKDQLVP6WDWXV UHJLVWUDWLRQ0RGHPHFK6WDWXV 
`

 'HHVWHPRGRHOFOLHQWHUHFLEHODQRWLILFDFLyQGHOQXHYRHVWDGRGHOURERWVLQQHFHVLGDG
GHHVWDUHOSUHJXQWDQGRSRUHOHVWDGRGHOPLVPR

(VWHSURFHVRVHVLJXHHQWRGRVORPpWRGRVGHDFWXDOL]DFLyQGHHVWDGR\DODUPDVGHFDGD
VHUYLGRU 0HFKDQLVP\7RRO 

 /LVWDGHFOLHQWHVUHJLVWUDGRV
/D OLVWDV GRQGH VH DOPDFHQDQ ORV FOLHQWHV UHJLVWUDGRV WDQWR ORV UHJLVWUDGRV PHGLDQWH
HYHQWRVFRPRPHGLDQWHXQSHULRGRGHWLHPSRVHHQFDSVXODQHQODFODVH³5HJLVWHUHG&OLHQWV´
(VWDFODVHFRQWLHQHORVYHFWRUHVGRQGHVHDOPDFHQDUiQORVFOLHQWHVGHOVHUYLFLRGHUHJLVWUR\ORV
PpWRGRVQHFHVDULRVSDUDVXLQVHUFLyQ\H[WUDFFLyQ
ƒ 3DUDHOVHUYLFLRGHUHJLVWURPHGLDQWHHYHQWRVVHGLVSRQHGHORVPpWRGRV

SXEOLFYRLGDGG7LPH/LVWHQHU 0HFKDQLVP/LVWHQHUFOLHQWLQWSHULRG ^`


SXEOLFYRLGDGG7LPH/LVWHQHU 7RRO/LVWHQHUFOLHQWLQWSHULRG ^«`

,QVHUWDQ HQ OD OLVWD GH UHJLVWUDGRV GH WLSR 0HFKDQLVP R 7RRO HQ FDGD FDVR XQ QXHYR
FOLHQWHTXHLPSOHPHQWHODVLQWHUIDFHV0HFKDQLVP/LVWHQHUR7RRO/LVWHQHUHQFDGDFDVR$QWHVGH
LQVHUWDUXQFOLHQWHHQVXOLVWDFRUUHVSRQGLHQWHVHFRPSUXHEDVLHOFOLHQWHHVWDED\DUHJLVWUDGRGH
IRUPDTXHQRVHSXHGDUHJLVWUDUPDVYHFHV\DTXHUHFLELUtDYDULDVYHFHVODPLVPDQRWLILFDFLyQGH
HVWDGR\HQFRQVHFXHQFLDRFXSDQGRXQHVSDFLRLQQHFHVDULRHQHOFDQDOGHFRPXQLFDFLRQHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

ƒ 3DUDHOVHUYLFLRGHUHJLVWURPHGLDQWHXQSHULRGRGHWLHPSRVHGLVSRQHGHORVPpWRGRV

SXEOLFYRLGDGG7LPH/LVWHQHU 0HFKDQLVP/LVWHQHUFOLHQWLQWSHULRG ^`


SXEOLFYRLGDGG7LPH/LVWHQHU 7RRO/LVWHQHUFOLHQWLQWSHULRG ^`

,QVHUWDQ HQ OD OLVWD GH UHJLVWUDGRV GH WLSR 0HFKDQLVP R 7RRO HQ FDGD FDVR QXHYR XQ
FOLHQWHTXHLPSOHPHQWHODVLQWHUIDFHV0HFKDQLVP/LVWHQHUR7RRO/LVWHQHUHQFDGDFDVR$QWHVGH
LQVHUWDUXQFOLHQWHHQVXOLVWDFRUUHVSRQGLHQWHVHFRPSUXHEDVLHOFOLHQWHHVWDED\DUHJLVWUDGRGH
IRUPDTXHVLQRHVWDUHJLVWUDGRVHLQVHUWDHQODOLVWD\VLQRHVWDUHJLVWUDGRSXHGHQVXFHGHUGRV
FDVRV
R 6LHVWDUHJLVWUDGRFRQHOPLVPRSHULRGR o QRKDFHQDGD
R 6LHVWDUHJLVWUDGRFRQSHULRGRGLVWLQWR o DFWXDOL]DHOSHULRGR

'HHVWDIRUPDVLXQPLVPRFOLHQWHVHUHJLVWUDFRQYDULRVSHULRGRVVRORSHUPDQHFHUiHO
~OWLPRFRQHOTXHVHUHJLVWUy(VWRSHUPLWHDOFOLHQWHPRGLILFDUHOSHULRGRGHDFWXDOL]DFLyQFRQHO
TXH HO VHUYLGRUOH QRWLILFDHO HVWDGR GHO URERW SHUPLWLHQGR OD FRUUHFFLyQ GH SRVLEOHV UHJLVWURV
FRQXQSHULRGRLQGHVHDGR

3RU ~OWLPR WDPELpQ HV LQWHUHVDQWH GHVWDFDU ORV PpWRGRV TXH HOLPLQDQ XQ FOLHQWH GHO
UHJLVWUR\DVHDPHGLDQWHHYHQWRVRSHULRGRGHWLHPSR(VWRVPpWRGRVVRQ

SXEOLFYRLGUHPRYH0HFKDQLVP/LVWHQHU 0HFKDQLVP/LVWHQHUOLVWHQHULQWUHJ0RGH ^«`


SXEOLFYRLGUHPRYH7RRO/LVWHQHU 7RRO/LVWHQHUOLVWHQHULQWUHJ0RGH ^«`

(VWRV PpWRGRV HOLPLQDQ HO FOLHQWH DO TXH DSXQWD OD UHIHUHQFLD OLVWHQHU GH OD OLVWD GH
UHJLVWUDGRV GH WLSR 0HFKDQLVP R 7RRO HQ FDGD FDVR (O HQWHUR TXH VH LQVHUWD FRPR VHJXQGR
SDUiPHWUR LQGLFD VL VH TXLHUH HOLPLQDU GHO UHJLVWUR GH HYHQWRV R GH SHULRGR GH WLHPSR YpDVH
FODVH$SS,'V 

3DUDWHUPLQDU FRQ WRGR HO SURFHVR GH UHJLVWUR HQ OD DSOLFDFLyQ FDEH GHVWDFDU TXH SDUD
DOPDFHQDUHQODVOLVWDV YHFWRUHV ORVHVFXFKDGRUHVUHJLVWUDGRV PHGLDQWH HYHQWRV VH LQVHUWDEDQ
GLUHFWDPHQWH ODV UHIHUHQFLDV D GLFKRV HVFXFKDGRUHV 0HFKDQLVP/LVWHQHU \ 7RRO/LVWHQHU  6LQ
HPEDUJR SDUD DOPDFHQDU ORV FOLHQWHV TXH VH UHJLVWUDQ FRQ XQ SHULRGR GH WLHPSR HQ ODV OLVWDV
QHFHVDULRDOPDFHQDUHOYDORUGHOSHULRGRDGHPiVGHODUHIHUHQFLDDOFOLHQWHSRUHOORHVQHFHVDULR
FUHDUXQREMHWRTXHHQFDSVXOHHVWRVGRVYDORUHVLQFOX\HQGRHOYDORUGHODFXHQWDDWUiVSDUDFDGD
FOLHQWH (VWRV REMHWRV VRQ LQVWDQFLDV GH OD FODVH 7LPH5HJLVWHUHG2EMHFW \ D WUDYpV GH HOORV VH
DFFHGHUiDOFOLHQWHUHJLVWUDGRVXSHULRGR\VXFXHQWDDWUiVSDUDODDFWXDOL]DFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

7RGR HO SURFHVR GH UHJLVWUR GH FOLHQWHV PHGLDQWH SHULyGR GH WLHPSR FRPHQWDGR
DQWHULRUPHQWHVHSUHVHQWDHQORVGLDJUDPDVGHVHQFXHQFLDQ~PHUR\TXHVHSUHVHQWDQHQHO
DSDUWDGRGHPRGHODGRGHOVLVWHPDPHGLDQWH80/

 &RPXQLFDFLyQDVtQFURQDYVVtQFURQD
/DIXQFLRQDOLGDGTXHLQLFLDOPHQWHSUHVHQWDEDQORVVHUYLGRUHVGHOURERWGHILQtDXQDVHULH
GH PpWRGRV TXH SHUPLWtDQ D ORV FOLHQWHV REWHQHU HO HVWDGR GHO URERW \ RWURV SDUiPHWURV GHO
PLVPR HVWRV PpWRGRV HVWDEDQ GHILQLGRV HQ ODV LQWHUIDFHV TXH ORV VHUYLGRUHV GHEHUtDQ
LPSOHPHQWDU 0HFKDVQLP&WUO7RRO&WUO\0LVVLRQ&WUO $OJXQRVGHHVWRVPpWRGRVHUDQ

SXEOLF2EMHFWJHW0HFKDQLVP6WDWXV 
SXEOLFLQW>@JHW0HFKDQLVP$ODUPV 
SXEOLF2EMHFWJHW7RRO6WDWXV 


(Q GHILQLWLYD ORV PpWRGRV D ORV TXH QRV UHIHULPRV VRQ D ORV PpWRGRV TXH GHYXHOYHQ
DOJ~Q YDORU X REMHWR \D TXH HO UHVWR GH PpWRGRV GHILQLGRV HQ ODV LQWHUIDFHV VHxDODGDV
DQWHULRUPHQWH\TXHQRGHYXHOYDQQLQJ~QYDORU YRLG QRVHWHQGUiQHQFXHQWDHQHVWHSXQWR\D
TXHQRSUHVHQWDQODSUREOHPiWLFDTXHDFRQWLQXDFLyQVHH[SOLFD

(VWRVPpWRGRVWLHQHQHOSUREOHPDGHTXHHOKHFKRGHTXHGHYXHOYDQXQYDORULPSOLFD
TXHHOFOLHQWHWLHQHTXHHVSHUDUODUHVSXHVWDTXHHOPpWRGRGHILQDSDUDSRGHUFRQWLQXDUHVGHFLU
ODFRPXQLFDFLyQHVEORTXHDQWH\DTXHHOFOLHQWHVHEORTXHDKDVWDTXHQRUHFLEDODUHVSXHVWDGHO
VHUYLGRU (VWH WLHPSR GH HVSHUD SXHGH VHU JUDQGH VL OD DSOLFDFLyQ VH HMHFXWD EDMR UHGHV TXH
SUHVHQWDQFLHUWRUHWDUGR ,QWHUQHW SRUORTXHVHRSWySRUUHGHILQLUORVPpWRGRVTXHSUHVHQWDEDQ
HVWDSUREOHPiWLFDGHIRUPDTXHODFRPXQLFDFLyQVHDFRPSOHWDPHQWHDVtQFURQDHVGHFLUTXHHO
FOLHQWHQRWHQJDTXHHVSHUDUODUHVSXHVWDGHOVHUYLGRUSDUDSRGHUFRQWLQXDUFRQRWUDVDFFLRQHV

(VWHSUREOHPDVHVROYHQWyGHILQLHQGRXQDVHULHGHPpWRGRVHQHOFOLHQWHGHIRUPDTXH
FDGD PpWRGR GHO VHUYLGRU TXH GHYXHOYD DOJ~Q YDORU HVWp DVRFLDGR FRQ XQR GH HVWRV PpWRGRV
QXHYRV HQ HO FOLHQWH /D LGHD HV TXH FXDQGR HO FOLHQWH OODPH D XQ PpWRGR GHO VHUYLGRU SDUD
REWHQHU XQ YDORU HO FOLHQWH KDJD OD SHWLFLyQ \ WHUPLQH HO PpWRGR VLQ REWHQHU UHVSXHVWD \ HO
VHUYLGRU FXDQGR SXHGD OH HQYLDUi OD UHVSXHVWD LQYRFDQGR DO PpWRGR GHO FOLHQWH DVRFLDGR D OD
SHWLFLyQTXHUHDOL]yGHIRUPDTXHODUHVSXHVWDVHLQVHUWHFRPRSDUiPHWURHQGLFKRPpWRGRGHO
FOLHQWH &RQ HVWH SURFHVR OD FRPXQLFDFLyQ HV DVtQFURQD \D TXH HO FOLHQWH QR VH EORTXHD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

HVSHUDQGRODUHVSXHVWDVLQRTXHHOHQYtDODSHWLFLyQ\VHROYLGDSXGLHQGRVHJXLUFRQVXWUDEDMR
(O VHUYLGRU OH HQYLDUi OD UHVSXHVWD TXH SXHGH UHWUDVDUVH \ HO FOLHQWH QR HVWDUD EORTXHDGR
HVSHUiQGROD VLQR TXH VHUi SURFHVDGD SRU ORV WKUHDGV UHFHSWRUHV FRPR XQD UHVSXHVWD PiV GHO
VHUYLGRU

(O SULPHU SDVR SDUD LPSOHPHQWDU HVWD FRPXQLFDFLyQ IXH GHILQLU WUHV QXHYDV LQWHUIDFHV
0HFKDQLVP8SGDWHU7RRO8SGDWHU\0LVVLRQ8SGDWHU TXHSUHFLVHQORVPpWRGRVTXHHOVHUYLGRU
LQYRFDUD SDUD SDVDU OD UHVSXHVWD D OD SHWLFLyQ TXH HO FOLHQWH UHDOL]y &RPR VH FRPHQWy
DQWHULRUPHQWHHVWDVLQWHUIDFHVGHILQHQXQPpWRGRGHUHVSXHVWDSDUDFDGDPpWRGRGHSHWLFLyQDO
VHUYLGRU (VWDV WUHV LQWHUIDFHV ODV GHEH LPSOHPHQWDU HO FOLHQWH SDUD TXH HO VHUYLGRU OHV SXHGD
GHYROYHUODUHVSXHVWDLQYRFDQGRDGLFKRVPpWRGRV

(OVHJXQGRSDVRIXHUHGHILQLUORVPpWRGRVGHODVLQWHUIDFHV0HFKDQLVP&WUO7RRO&WUO\
0LVVLRQ&WUO TXH GHYXHOYDQ DOJ~Q YDORU X REMHWR GH IRUPD TXH QR GHYXHOYDQ QDGD HV GHFLU
VXVWLWX\HQGRHOWLSRTXHGHYXHOYHQSRUHOWLSR³YRLG´$GHPiVGHHOORFDGDPpWRGRYDDWHQHUGH
XQ SDUiPHWUR REOLJDWRULR TXH VHUi XQD UHIHUHQFLD D XQ REMHWR GH WLSR 0HFKDQLVP8SGDWHU
7RRO8SGDWHUR0LVVLRQ8SGDWHUTXHUHSUHVHQWDUiDOFOLHQWHTXHTXLHUHUHFLELUODUHVSXHVWD

(VWRVSDVRVVHGHWDOODQFRQHOVLJXLHQWHHMHPSOR
6LDQWHVGLVSRQtDPRVHQODLQWHUID]0HFKDQLVP&WUOGHORVVLJXLHQWHVPpWRGRV

SXEOLF2EMHFWJHW0HFKDQLVP6WDWXV 
SXEOLFLQW>@JHW0HFKDQLVP$ODUPV 

 6H GHILQH XQD QXHYD LQWHUID] ³0HFKDQLVP8SGDWHU´  TXH LPSOHPHQWH ORV


PpWRGRVGHUHVSXHVWD

SXEOLFYRLGXSGDWH0HFKDQLVP6WDWXV 2EMHFWPHFK6WDWXV 
SXEOLFYRLGXSGDWH0HFKDQLVP$ODUPV LQW>@DFWLYH$ODUPV 

 6H UHGHILQHQ ORV PpWRGRV DQWHULRUHV GH OD LQWHUID] 0HFKDQLVP&WUO GH OD
VLJXLHQWHIRUPD

SXEOLFYRLGJHW0HFKDQLVP6WDWXV 0HFKDQLVP8SGDWHUXSGDWHU 
SXEOLFYRLGJHW0HFKDQLVP$ODUPV 0HFKDQLVP8SGDWHUXSGDWHU 


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

'HHVWDIRUPDXQSRVLEOHHMHPSORGHLQYRFDFLyQGHPpWRGRVVHUtDODVLJXLHQWH

&/,(17( 6(59,'25

VHUYLGRUJHW0HFKDQLVP6WDWXV WKLV 

&OLHQWHSXHGHVHJXLUWUDEDMDQGR«
7&3,3
VHUYLGRUPRYH)RUZDUG   FOLHQWHXSGDWH0HFKDQLVP6WDWXV VWDWXV 
VHUYLGRUPRYH5HYHUVH  
«

&OLHQWHUHFLEHHVWDGR

0LHQWUDVTXHGHIRUPDVtQFURQDHOPLVPRHMHPSORVHUtDODVLJXLHQWH

&/,(17( 6(59,'25

VHUYLGRUJHW0HFKDQLVP6WDWXV 

&OLHQWHEORTXHDGR 7&3,3 UHWXUQVWDWXV

&OLHQWHUHFLEHHVWDGR

VHUYLGRUPRYH5HYHUVH  
VHUYLGRUPRYH)RUZDUG  
«

$XQTXHVHKDH[SOLFDGRGHIRUPDJHQHUDOL]DGDWRGDVODVLQYRFDFLRQHVGHPpWRGRVTXH
LPSOLTXHQFOLHQWH \ VHUYLGRU VRQ WUDQVIRUPDGDV HQ PHQVDMHV TXH VRQ HQYLDGRV D WUDYpV GH ORV
HQODFHV GH FRPXQLFDFLRQHV /RV SUR[LHV \ VWXEV SURFHVDUDQ GLFKRV PHQVDMHV HQ OODPDGDV D
PpWRGRV\YLFHYHUVD

(VQHFHVDULRLQVHUWDUHQORVPpWRGRVDQWHULRUHVFRPRSDUiPHWURXQDUHIHUHQFLDDOFOLHQWH
PHGLDQWH 0HFKDQLVP8SGDWHU 7RRO8SGDWHU R 0LVVLRQ8SGDWHU \D TXH VHUi QHFHVDULD SDUD
FXDQGR VH GHYXHOYD OD UHVSXHVWD \D TXH DO UHFLELU HO SUR[\ OD UHVSXHVWD GHO VHUYLGRU QHFHVLWD
WHQHUODUHIHUHQFLDGHOFOLHQWHTXHKL]RODSHWLFLyQSDUDGHYROYHUOHGLFKDUHVSXHVWDORFDOPHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

3DUD WHUPLQDU VH SXHGH FRPSUREDU TXH HO SURFHVR GH KDFHU XQD SHWLFLyQ FRQ DOJ~Q
PpWRGR ³JHW´ HV VLPLODU DO SURFHVR GH UHJLVWUDUVH HQ HO VHUYLGRU \D TXH OD PHWRGRORJtD XVDGD
SDUDHQYLDUOHXQGDWRDOFOLHQWHHVHOPLVPRHQORVGRVFDVRV/D~QLFDGLIHUHQFLDTXHH[LVWHHV
TXHHQHOFDVRGHOUHJLVWURHQHOVHUYLGRUHOFOLHQWHQRVHSUHRFXSDGHHVWDUKDFLHQGRSHWLFLRQHV
GHLQIRUPDFLyQGHHVWDGR\DTXHUHJLVWUiQGRVHHQHOVHUYLGRUpVWHVHHQFDUJDDXWRPiWLFDPHQWH
GHHQYLDUOHODLQIRUPDFLyQ

 &LHUUHGHODVFRPXQLFDFLRQHV
 &LHUUHGHXQFOLHQWH
8QD YH] HQWHQGLGR HO WUDVSDVR GH PpWRGRV HQWUH FOLHQWHVWXEHQODFH HV IiFLO GH
FRPSUHQGHUHO PHFDQLVPR LPSOHPHQWDGR SDUD FHUUDU XQ FOLHQWH &RPR HV GH VXSRQHU OD FODVH
FOLHQWHGLVSRQHGHXQPpWRGROODPDGR³FORVH´TXHHVHOHQFDUJDGRGHFHUUDUGLFKRFOLHQWH(VWR
VXSRQHHOLPLQDUVHGHOUHJLVWURGHOVHUYLGRU\HVTXHORVHQODFHVTXHVHFUHDURQSDUDGDUVHUYLFLR
D ORV FOLHQWHV GH HVD PDTXLQD QR VH FHUUDUiQ KDVWD TXH QR VH PDQGH OD RUGHQ GH FHUUDU OD
DSOLFDFLyQ VKXWGRZQ$SS  SDUD SRVLELOLWDU GH HVWH PRGR OD SRVLEOH FUHDFLyQ GH RWURV FOLHQWHV
EDMRHVHPLVPRHQODFHSHURHVHPpWRGR\DQRSHUWHQHFHDODFODVH&OLHQWVLQRD0DQDJHUDVt
TXHVHFRPHQWDUiPDVDGHODQWH

$WHQGLHQGR D OD LPSOHPHQWDFLyQ \ FRPR \D VH GHVFULWR DQWHULRUPHQWH DO KDFHU XQD
OODPDGDDOPpWRGRFORVHVHOODPDUDQDORVUHPRYH0HFKDQLVP/LVWHQHU \UHPRYH7RRO/LVWHQHU
SDVDQGRFRPRSDUiPHWURWDQWRHOLGHQWLILFDGRUGHUHJLVWURSRUHYHQWRV $SS,'V(9(17 FRPR
SRUHVSDFLRWHPSRUDO $SS,'V7,0( SDUDDPERVPpWRGRVDGHPiVGHXQDUHIHUHQFLDGHOSURSLR
FOLHQWH(VRVPpWRGRVTXHHVWiQLPSOHPHQWDGRVHQODPLVPDFODVHFOLHQWHVHLUiQSDVDQGRWDO\
FRPRVHGHWDOOyHQHOSXQWRGH³HQYtR\UHFHSFLyQGHPHQVDMHV´KDVWDOOHJDUDOVWXE<HVTXH
FRPR \D VH FRPHQWy SDUD HO UHJLVWUR GH ORV FOLHQWHV GHELGR D TXH HO VHUYLGRU QR GHEH WHQHU
LQIRUPDFLyQGHORVFOLHQWHVVRQORVVWXEVORVHQFDUJDGRVGHDOPDFHQDUDORVFOLHQWHVUHJLVWUDGRV

/DLPSOHPHQWDFLyQGHHVWRVPpWRGRVHQORVVWXEVHVPX\VLPSOH\DTXHVHFRPSRQHGH
XQDOODPDGDDOPpWRGRFRQHOPLVPRQRPEUH\FRQORVPLVPRVSDUiPHWURVSHURHQHVWHFDVRGH
ODFODVH³5HJLVWHUHG&OLHQWV´TXHVHHQFDUJDGHWRGRHOSURFHVRGHUHJLVWURGHORVFOLHQWHVHQVXV
GLVWLQWDV YHUVLRQHV 3RU XOWLPR HQ HO PpWRGR GH HVWD FODVH VH YD D KDFHU XQ UHFRUULGR SRU ORV
YHFWRUHV GHVWLQDGRV DO UHJLVWUR \ VH HOLPLQDUD OD HQWUDGD TXH FRLQFLGD FRQ ORV SDUiPHWURV
LQWURGXFLGRV3HURKD\TXHWHQHUHQFXHQWDXQGHWDOOHPX\LPSRUWDQWH\HVTXHVRORVHHOLPLQDQ
ORV FOLHQWHV SHUR HQ QLQJ~Q FDVR VH SLHUGH HO ³FRQWDFWR´ FRQ ORV SUR[LHV \D TXH QR KD\ TXH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

ROYLGDUTXHDXQTXHVHFLHUUHXQFOLHQWHSXHGHTXHH[LVWDQRWURVIXWXURVFOLHQWHVTXHXVHQHVRV
HQODFHV

(OSURFHVRGHFHUUDGRGHOFOLHQWHTXHGDILQDOL]DGRFRQVRORHOLPLQDUDpVWHGHOUHJLVWUR
SHUR UD]RQDQGR SRGHPRV FRPSUHQGHU TXH VL QR VH FLHUUD OD LQWHUID] FRQ HO XVXDULR GH GLFKR
FOLHQWHpVWHSRGUtDVHJXLUPDQGDQGRRUGHQHVDOVHUYLGRUVLQGLVWLQJXLUHVWH~OWLPRVLHOFOLHQWH
KDVLGRFHUUDGRDQWHULRUPHQWHRQR

 &LHUUHGHODDSOLFDFLyQ
0HGLDQWH HO PpWRGR VKXWGRZQ$SS  FRQVHJXLPRV GDU OD RUGHQ D WRGRV ORV VHUYLGRUHV
SDUD TXH HOLPLQHQ WRGRV ORV GDWRV DOPDFHQDGRV HQ VXV UHJLVWURV \ DGHPiV FLHUUHQ WRGRV ORV
HQODFHV VRFNHWV TXHSHUPLWtDQFRPXQLFDUVHFRQORVFOLHQWHV(VWHPpWRGRSXHGHVHULQYRFDGR
SRUFXDOTXLHUDGHORVFOLHQWHVTXHHVWHFRUULHQGR\DTXHODLPSOHPHQWDFLyQGHpVWHVRORSURYRFD
HO HQYtR GH XQ REMHWR GH WLSR &WUO&RPSRVHG2EMHFW WLSR GH REMHWR TXH VH HQYtD HQWUH
&WUO/LQN6WDWLRQ \ &WUO/LQN5RF  FRQ LGHQWLILFDGRU &RP,'V(1' /R TXH UHDOPHQWH VH HVWi
KDFLHQGR HV HQYLDU XQ PHQVDMH FRQ XQ LGHQWLILFDGRU HVSHFLDO ILQ GH DSOLFDFLyQ  D WUDYpV GHO
HQODFH GH FRQWURO GH FRPXQLFDFLRQHV (VWH PHQVDMH OOHJDUi DO KRVW GRQGH HVWpQ FRUULHQGR ORV
VHUYLGRUHV\ORSURFHVDUDQGHIRUPDDGHFXDGDVLJXLHQGRHOSURFHVRTXHVLJXHDFRQWLQXDFLyQ

(OREMHWR PHQVDMH VHUiUHFRJLGRSRUHOKLORHQFDUJDGRGHODUHFHSFLyQGHGLFKRHQODFH


GH FRQWURO &WUO/LQN5HFHLYHU eVWH DO DQDOL]DU HO LGHQWLILFDGRU TXH DFRPSDxD DO REMHWR \
FRPSUREDUTXHFRUUHVSRQGHDODRUGHQGHFLHUUHGHDSOLFDFLyQFRQVLGHUDUiTXHHVWiWUDEDMDQGRHQ
HO H[WUHPR GHO VHUYLGRU GH FRQWURO &WUO/LQN5RF  \ HMHFXWDUD VHFXHQFLDOPHQWH YDULRV PpWRGRV
SDUD FHUUDU SRU FRPSOHWR OD DSOLFDFLyQ 9HDPRV SDVR D SDVR FRPR VH FLHUUDQ WRGDV ODV
FRPXQLFDFLRQHV\UHJLVWURVGHOVHUYLGRU\HOUHVWRGHFOLHQWHV

/D SULPHUD DFFLyQ D UHDOL]DU SRU HO VHUYLGRU VHUi OD GH OLPSLDU WRGRV VXV UHJLVWURV GH
DFWXDOL]DFLyQGHFOLHQWHVGHOPLVPRPRGRTXHVHKDFtDDOFHUUDUXQFOLHQWH3DUDHOORVHOODPDUi
DOPpWRGRHVWiWLFRUHVHW/LVWHQHUV GHODFODVH6HUYHUV&RQWDLQHUTXHHOLPLQDUiWRGRVORVFOLHQWHV
UHJLVWUDGRVHQORVVHUYLGRUHV6LQHPEDUJRFRPRUHDOPHQWHORVFOLHQWHVHVWiQDOPDFHQDGRVHQ
ORV VWXEV \D TXH HO REMHWR TXH HVWi UHJLVWUDGR HQ HO VHUYLGRU QR HV XQ FOLHQWH VLQR XQ VWXE
UHSUHVHQWDQWH GHO FOLHQWH  SXHVEDVWD FRQ HOLPLQDUORV FOLHQWHV UHJLVWUDGRV HQ HO VWXE /R TXH
EXVFDPRVGHVUHJLVWUDQGRWRGRVORVFOLHQWHVHVHYLWDUTXHVHHQYtHQPiVPHQVDMHVDWUDYpVGHORV
HQODFHV GH FRPXQLFDFLRQHV SXHVWR TXH VH YDQ D FHUUDU D FRQWLQXDFLyQ \ ORV REMHWRV TXH
UHDOPHQWHFRQYLHUWHQGLFKDVDFWXDOL]DFLRQHVGHORVFOLHQWHVUHJLVWUDGRVVRQORVREMHWRVVWXEHV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

SRUHOORTXHEDVWDFRQHOLPLQDUORVFOLHQWHVUHJLVWUDGRVGHOVWXE QRHVQHFHVDULRHOLPLQDUORVGHO
VHUYLGRU SXHVWR TXH VROR FRQWHQGUtD DO VWXE FRPR ³FOLHQWH´ UHJLVWUDGR  5HVXPLHQGR WRGR OR
FRPHQWDGRDQWHULRUPHQWHVREUHHOGHVUHJLVWURGHWRGRVORVFOLHQWHVOR~QLFRTXHVHGHEHKDFHU
HV HYLWDU TXH HO VWXE UHGLULMD ODV DFWXDOL]DFLRQHV D SRVLEOHV FOLHQWHV PHGLDQWH ORV HQODFHV GH
FRPXQLFDFLRQHV

(O VLJXLHQWH SDVR D UHDOL]DU HV FHUUDU WRGRV ORV KLORV UHFHSWRUHV TXH VH RFXSDEDQ GH
UHFLELUORVPHQVDMHVGHFDGDXQRGHORVHQODFHVGHFRQWURO &WUO/LQN5HFHLYHU GHODDSOLFDFLyQ
H[FHSWXDQGRHOKLORTXHKD\DUHFLELGRHOREMHWRFRQHOLGHQWLILFDGRU(1' \D TXH VHUiHVWH HO
TXH VH HQFDUJXH GH FHUUDU OD DSOLFDFLyQ (VWR HV VL SRU HMHPSOR GLVSRQHPRV GH  FOLHQWHV
GLVWULEXLGRVHQPDTXLQDVGLVWLQWDVHQHOVHUYLGRUVHFUHDUiQWKUHDGVUHFHSWRUHVVREUHFDGD
VWUHDPGHFRPXQLFDFLRQHVDVRFLDGRDFDGDFOLHQWHUHVSHFWLYDPHQWHFRQHVWDDUTXLWHFWXUDVLSRU
HOSULPHUHQODFHGHFRQWURO DVRFLDGRDOFOLHQWH VHUHFLEHXQPHQVDMHGHFLHUUHGHDSOLFDFLyQ
HOWKUHDGTXHUHFLEHGLFKRPHQVDMHGHEHFHUUDUHOUHVWRGHWKUHDGVUHFHSWRUHVGHFRQWURO FOLHQWHV
 \   SHUR VLQ FHUUDUVH D VL PLVPR \D TXH pVWH WKUHDG GRQGH VH KD UHFLELGR HO PHQVDMH GH
FLHUUH HVHOHQFDUJDGRGHFHUUDUWRGDVODVFRPXQLFDFLRQHV7RGRHVWHSURFHVRVHUHDOL]DFRQHO
PpWRGRHVWiWLFRFORVH&WUO5HFHLYHUV GHODFODVH&WUO/LQN5RF

$FRQWLQXDFLyQVHFHUUDUDQHOUHVWRGHKLORVUHFHSWRUHVSHURHQHVWHFDVRORVKLORVTXH
DFW~HQ HQ ORV HQODFHV GH FRPXQLFDFLRQHV DQWHULRUPHQWH VH FHUUDURQ ORV UHFHSWRUHV GH ORV
HQODFHVGHFRQWURO \DTXHVLVHGHVHDFHUUDUODDSOLFDFLyQQRGHEHPRVVHJXLUUHFLELHQGRRUGHQHV
GH ORV FOLHQWHV (VWRV KLORV VH FLHUUDQ FRQ HO PpWRGR HVWiWLFR FORVH5HFHLYHUV  GH OD FODVH
6HUYHUV&RQWDLQHUODFXDOVHHQFDUJDUiGHFHUUDUORVWKUHDGVUHFHSWRUHVGHORVHQODFHVDVRFLDGRV
DOVHUYLGRUGH0HFKDQLVP7RRO\0LVLyQ

(OVLJXLHQWHSDVRFRUUHVSRQGHDOFLHUUHGHORVFOLHQWHVTXHWRGDYtDSHUPDQHFHQDFWLYRV
FRQHOVHUYLGRU\DTXHHVLPSUHVFLQGLEOHSDUDHOFRUUHFWRFLHUUHGHODVFRPXQLFDFLRQHVTXHVH
FLHUUHQ DQWHV ORV FOLHQWHV TXH ORV SURSLRV VHUYLGRUHV (VWR VH FRQVLJXH HQYLDQGR XQ REMHWR
VLPLODUDOUHFLELGRHQHOKLORUHFHSWRUGHFRQWURO REMHWRFRQLGHQWLILFDGRU(1' DFDGDXQRGH
ORVHQODFHVGHFRQWUROTXHWRGDYtDSHUPDQHFHQDELHUWRV(QHORWURH[WUHPRGHODFRPXQLFDFLyQ
FOLHQWHV FXDQGRSRUFDGDXQRGHORVHQODFHVGHFRQWUROVHUHFLEDHVWHREMHWR WDPELpQPHGLDQWH
XQKLORGHWLSR&WUO/LQN5HFHLYHU VHFHUUDUiQWRGRVORVHQODFHV 6WDWLRQ/LQN TXHGHSHQGDQGH
HVRVHQODFHVGHFRQWUROFRQHOPpWRGRHVWiWLFRFORVH&OLHQWV GHODFODVH&OLHQWV&RQWDLQHUeVWH
PpWRGR VH HQFDUJD GH FHUUDU ORV IOXMRV GH HQWUDGDVDOLGD \ ORV VRFNHWV DELHUWRV SDUD OD
FRPXQLFDFLyQFRQHOVHUYLGRU\WRGRHVWRSDUDFDGDXQRGHORVHQODFHV 0HFKDQLVP7RRO\
0LVVLRQ  DELHUWRV 7RGR HVWH SURFHVDPLHQWR VH UHFLEH HQ WRGRV ORV FOLHQWHV TXH WHQJDQ
HVWDEOHFLGDXQDFRQH[LyQFRQHOVHUYLGRU GLVWULEXLGRVHQYDULRVKRVWV 3RU~OWLPR\GHIRUPD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

VLPLODUDFRPRRFXUULUiHQHOH[WUHPRVHUYLGRUVHYDQ D FHUUDUWRGRV ORV IOXMRV \ VRFNHWV TXH


SHUPDQH]FDQ DELHUWRV FRUUHVSRQGLHQWHV DO HQODFH GH FRQWURO HVWR VH FRQVLJXH FRQ HO PpWRGR
UHOHDVH&RQQHFWLRQ GHODFODVH&WUO/LQN6WDWLRQ

$ SDUWLU GH DKRUD WRGRV ORV SRVLEOHV FOLHQWHV FRQHFWDGRV DO VHUYLGRU HVWiQ FHUUDGRV
FRUUHFWDPHQWH SRU OR TXH DKRUD QRV GLVSRQHPRV D FHUUDU ORV VHUYLGRUHV FRPSOHWDPHQWH
9ROYLHQGR DO SURFHVDPLHQWR HQ HO H[WUHPR VHUYLGRU \ WUDVKDEHU GRUPLGR HO KLOR TXH SURFHVD
WRGRHOFLHUUHGHODVFRPXQLFDFLRQHV KLORUHFHSWRUTXHUHFLELyHOPHQVDMHGHILQGHDSOLFDFLyQ
GXUDQWH FLHUWD GXUDFLyQ a PLOLVHJXQGRV  SDUD GDU WLHPSR D TXH VH UHDOLFHQ ODV DFFLRQHV
DQWHULRUHVHQORVFOLHQWHVVHYDQDFHUUDUHOUHVWRGHORVKLORVTXHSHUPDQHFHQDELHUWRVHVGHFLU
WDQWR ORV SRVLEOHV WUDQVPLVRUHV 7UDQVPLWWHU  TXH TXHGHQ DELHUWRV FRPR ORV HQFDUJDGRV GH
DFHSWDU SHWLFLRQHV &RQHFWRU  3DUD HVWR VH OODPDUi DO PpWRGR FORVH7KUHDGV GH OD FODVH
6HUYHUV&RQWDLQHUODFXDOLQGLFDUiDFDGDXQRORVHQODFHVURF/LQNVH[LVWHQWHVTXHGHEHQFHUUDU
VXVWKUHDGVFRQHFWRUHV\WUDQVPLVRUHV

3RU~OWLPR\SDUDGHMDUODDSOLFDFLyQWRWDOPHQWHFHUUDGDVRORIDOWDFHUUDUWRGRVORVIOXMRV
\VRFNHWVGHODPDTXLQDVHUYLGRU(VWRVHFRQVLJXHFRQODOODPDGDDOPpWRGRFORVH$SOLFDWLRQGH
ODFODVH6HUYHUV&RQWDLQHUTXHUHDOL]DGRVRSHUDFLRQHV3ULPHURVHHQFDUJDGHLQGLFDUDFDGDXQR
GHORVVHUYLGRUHV HQODFHVURF/LQNV H[LVWHQWHVTXHGHEHQFHUUDUWRGRVORVIOXMRV\VRFNHWVTXH
SHUPDQH]FDQDELHUWRV\SRU~OWLPRVHHQFDUJDGHLQGLFDUDOVHUYLGRUGHFRQWURO &WUO/LQN5RF
TXHGHEHFHUUDUWRGRVVXVWKUHDGVDFWLYRV\VHJXLGDPHQWHORVIOXMRVHQWUDGDVDOLGD\VRFNHWV

(Q HVWH PRPHQWR WRGDV ODV FRPXQLFDFLRQHV VH KDQ FHUUDGR RUGHQDGDPHQWH \ VLQ
SURYRFDU QLQJ~Q WLSR GH H[FHSFLyQ WHQLHQGR OD JDUDQWtD GH TXH QXHVWURV HTXLSRV SHUPDQHFHQ
HVWDEOHV\QLQJ~QSXHUWRSHUPDQHFHDELHUWRHQHOVLVWHPD

7RGR HO SURFHVR GH FLHUUH OD DSOLFDFLyQ FRPHQWDGR DQWHULRUPHQWH VH SUHVHQWD HQ ORV
GLDJUDPDVGHVHQFXHQFLDQ~PHUR\TXHVHSUHVHQWDQHQHODSDUWDGRGHPRGHODGRGHO
VLVWHPDPHGLDQWH80/


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 0HWRGRORJtD
8QDYH]UHDOL]DGDODLPSOHPHQWDFLyQGHODDSOLFDFLyQVHSURFHGLyDVXFRPSUREDFLyQ\
VLPXODFLyQ3DUDHVWR\SDUDIDFLOLWDUHOSURFHVRVHGHVDUUROODURQXQFRQMXQWRGHLQWHUIDFHVFRQ
HOXVXDULR *8,V TXHSHUPLWLHUDQHOHQYtRGHyUGHQHVGHXQH[WUHPRDRWURPHGLDQWHXQVLPSOH
FOLFN

&RPR OD SULPHUD SDUWH GH OD DSOLFDFLyQ D LPSOHPHQWDU IXH HO SURWRFROR GH
FRPXQLFDFLRQHVLQWHUQRSDUDVXSXHVWDHQPDUFKDVHUHDOL]yODSULPHUDLQWHUID]FRQHOXVXDULR
PHGLDQWHODFXDOVHSHUPLWtDWDQWRODFUHDFLyQ\FLHUUHGHHQODFHVFRPRHOHQYtR\UHFHSFLyQGH
REMHWRVSRUODUHG

8QD YH] TXH VH IXHURQ LPSOHPHQWDQGR RWURV FRPSRQHQWHV GH OD DSOLFDFLyQ \ TXH VH
IXHURQDxDGLHQGRDOSURWRFRORODLQWHUID]FRQHOXVXDULRVHWXYRTXHUHPRGHODUDOHVWDGRDFWXDO
SDUD SHUPLWLU GH HVWH PRGR HO HQYtR GH PHQVDMHV SUHGHILQLGRV \ OD DFWXDOL]DFLyQ GH ORV
SDUiPHWURVGHUHJLVWURGHFOLHQWHV&RQHVWHIRUPDWRODLQWHUID]FRQHOXVXDULRGHOFOLHQWHHVWD
IRUPDGR SRU PHQ~V GHVSOHJDEOHV GRQGH DSDUHFHQ WRGDV OD RUGHQHV TXH VH SXHGHQ PDQGDU D
FDGDXQRGHORVVHUYLGRUHV$GHPiVGLFKDLQWHUID]HVWDUiIRUPDGDSRUXQDFDMDGHWH[WRGRQGH
LQWURGXFLUHOSHULRGRDOTXHVHGHVHDUHJLVWUDU\SRUXQERWyQSDUDFHUUDUHOFOLHQWH

/DLQWHUID]GHXVXDULRGHOVHUYLGRUHVPX\VHQFLOOD\HVWRHVGHELGRDTXHHQSULQFL SLR
pVWH QR GLVSRQGUi GH LQWHUID] FRQ HO XVXDULR $Vt OD ~QLFD UD]yQ GH LPSOHPHQWDUOD HV OD GH
VLPXODU XQ FDPELR HQODV YDULDEOHV TXHVXSXHVWDPHQWH GHVFULEHQ DO URERW SDUD GH HVWH PRGR
SRGHUFRPSUREDUHOFRUUHFWRIXQFLRQDPLHQWRGHOUHJLVWURGHFOLHQWHVPHGLDQWHHYHQWRV&RPRHO
UHJLVWUR GH ORV FOLHQWHV SXHGH VHU WDQWR SDUD HO VHUYLGRU GH PHFDQLVPR FRPR SDUD HO GH
KHUUDPLHQWDHQHOPRQLWRUGHODPDTXLQDVHUYLGRU VLHVTXHH[LVWH DSDUHFHUiQGRVLQWHUIDFHVGH
XVXDULRTXHVLPXODUDQHOSURFHVRGHFDPELRGHGLFKDVYDULDEOHV

<DKDELHQGRFUHDGRODVLQWHUIDFHVFRQHOXVXDULRHVFRQYHQLHQWHSUREDUODDSOLFDFLyQHQ
FXDOTXLHUD GH ODV VLWXDFLRQHV SRVLEOHV HQ ODV TXH SXHGH WHQHU XWLOLGDG OD DSOLFDFLyQ /D PDV
VHQFLOOD\ODTXHHQPDVRFDVLRQHVVHVXHOHLQVWDODUFRQVLVWHHQXQDOtQHDSXQWRDSXQWRHQWUHGRV
PDTXLQDV KDFLHQGR XQD GH HOODV GH VHUYLGRU \ RWUD GH FOLHQWH $PSOLDQGR HVWD VLWXDFLyQ \
GLVSRQLHQGR GH PiV GH GRV PiTXLQDV HQ UHG VH FRQVLJXH TXH HO URERW SXHGH VHU PDQHMDGR
PHGLDQWHYDULRVFOLHQWHVVLWXDGRVFDGDXQRGHHOORVHQPDTXLQDVGLVWLQWDV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

+D\WDPELpQXQDVLWXDFLyQTXHDXQTXHHOLPLQDODSURSLHGDGGHDSOLFDFLyQGLVWULEXLGD
SXHGHUHVXOWDU PX\ EHQHILFLRVD \D TXH pVWD VH SXHGH DGDSWDU D XQD VLWXDFLyQ FHQWUDOL]DGD HV
GHFLU TXH VH HQFXHQWUH WDQWR HO FOLHQWH FRPR HO VHUYLGRU HQ XQD ~QLFD PDTXLQD (VWR VXSRQH
XQRVSHTXHxRVFDPELRVHQHOFyGLJR\DTXHQRKD\TXHROYLGDUTXHQRKDEUtDTXHFUHDUQLQJ~Q
VRFNHW QL QLQJ~Q HOHPHQWR GH FRPXQLFDFLyQ HV GHFLU VH HOLPLQDUtD HO SDTXHWH GHO SURWRFROR
LQWHUQRHOGHORVVWXEV\HOGHORVSUR[LHV

'HELGR DO ERRP H[LVWHQWH DFWXDOPHQWH SRU OD UHG ,QWHUQHW WDPELpQ VH HMHFXWy OD
DSOLFDFLyQVREUHHVWDUHG\DTXHGLVSRQLHQGRGHXQDGLUHFFLyQ,3GHOD5HGSDUDFDGDXQDGHODV
PDTXLQDVHOSURFHVRHVVLPLODUDVLVHHVWXYLHVHHMHFXWDQGRODDSOLFDFLyQVREUH XQD UHG ORFDO
(VWDSURSLHGDGHVGHJUDQLPSRUWDQFLD\DTXHDOGLVSRQHUDFWXDOPHQWHFDVLWRGDVODVPDTXLQDV
FRQH[LyQ D ,QWHUQHW \ SURYRFD TXH SXHGD VHU PDQHMDGR HO URERW GHVGH XQ JUDQ Q~PHUR GH
PDTXLQDVVLQLPSRUWDUVXORFDOL]DFLyQ

8Q SRVLEOH HMHPSOR GH GHVSOLHJXH GHO VLVWHPD VHUtD HO GLVSRQHU GH XQ VHUYLGRU TXH
GLVSRQJD GH XQD GLUHFFLyQ S~EOLFD GH ,QWHUQHW \ DO TXH SXHGHQ DFFHGHU WDQWR FOLHQWHV
SHUWHQHFLHQWHV D OD UHG ORFDO FRPR D ,QWHUQHW (O GLDJUDPD GH GHVSOLHJXH Q~PHUR  TXH VH
SUHVHQWDHQHODSDUWDGRGHPRGHODGRGHOVLVWHPDPHGLDQWH80/HVXQHMHPSORGHXQDSRVLEOH
FRQILJXUDFLyQGHHVWDDSOLFDFLyQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 0DQXDOGHXVXDULRGHODDSOLFDFLyQ

 (MHFXFLyQGHODDSOLFDFLyQ
$ SHVDU GH TXH OD DSOLFDFLyQ HV EDVWDQWH VHQFLOOD GH HMHFXWDU VH KD HODERUDGR HVWD
SHTXHxD UHIHUHQFLD SDUD HO XVXDULR TXH GHVHH SUREDU VX HMHFXFLyQ VREUH XQD UHG ORFDO VREUH
,QWHUQHWRLQFOXVRVREUHXQ~QLFR3&

-DYDSURSRUFLRQDSULQFLSDOPHQWHPpWRGRVSDUDHMHFXWDUXQDDSOLFDFLyQGHHVWHWLSROD
SULPHUDGHHOODVHVODPiVEiVLFD\FRQVLVWHHQXWLOL]DUHOFRPDQGR³MDYD´ TXHSURSRUFLRQDOD
PDTXLQD YLUWXDO GH -DYD  VREUH ODV FODVHV FRQVLGHUDGDV FRPR ³PDLQ´ VLQ HPEDUJR GHELGR DO
JUDQQ~PHUR GH FODVHV TXH DEDUFD OD DSOLFDFLyQ VH RSWR SRU DOPDFHQDUWRGDV ODV FODVHVHQ XQ
DUFKLYR-$5TXHSHUPLWDVXHMHFXFLyQGHIRUPDPiVUiSLGD\VHQFLOOD(OVHJXQGRPpWRGRSDUD
HMHFXWDUODDSOLFDFLyQVHEDVDHQORVDUFKLYRV-$5DORVTXHQRVUHIHUtDPRVDQWHULRUPHQWH\HO
SURFHVRTXHVHVLJXHHVHOVLJXLHQWH

$OLJXDOTXHWRGDVODVDSOLFDFLRQHVEDVDGDVHQODDUTXLWHFWXUDFOLHQWHVVHUYLGRUHOSULPHU
SDVRFRQVLVWHHQODHMHFXFLyQGHOVHUYLGRU3DUDHOORVHXVDUiHOFRPDQGRMDYDSHURFRQODRSFLyQ
³±MDU´TXHLQGLFDTXHHVWDPRVHMHFXWDQGRODDSOLFDFLyQDSDUWLUGHXQILFKHUR-$5(OPDLQGHO
VHUYLGRUQRUHFRJHQLQJXQSDUiPHWURSRUORTXHSDUDHMHFXWDUORVLPSOHPHQWHHVFULELPRV³MDYD±
MDU 6HUYHUMDU´ HQ OD OtQHD GH FRPDQGRV (O UHVXOWDGR GHEH VHU VLPLODU DO GH OD ILJXUD GRQGH
SRGHPRV FRPSUREDU TXH VH KDQ FUHDGR ORV  VHUYLGRUHV GH FRQWURO GHO URERW \ HO VHUYLGRU GH
FRQWUROGHOSURWRFROR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

8QD YH] HVWp FRUULHQGR HO SURJUDPD VHUYLGRU VH SURFHGH D HMHFXWDU HO FOLHQWH TXH
~QLFDPHQWH UHFRJH XQ SDUiPHWUR TXH LQGLFD OD GLUHFFLyQ GHO KRVW GRQGH VH HVWi HMHFXWDQGR HO
VHUYLGRU(VWHSDUiPHWURVHSXHGHRPLWLUSHURHOFOLHQWHWRPDUDFRPRGLUHFFLyQSRUGHIHFWROD,3
 FRQRFLGD FRPR ³ORFDOKRVW´ TXH GD D HQWHQGHU TXH HO VHUYLGRU HVWD FRUULHQGR HQ OD
PLVPD PiTXLQD TXH HO FOLHQWH 1R REVWDQWH VL HO VHUYLGRU HVWi HMHFXWiQGRVH HQ XQ KRVW
SHUWHQHFLHQWH D XQD UHG ORFDO D OD TXH HO FOLHQWH WHQJD DFFHVR HO FOLHQWH GHEH HVSHFLILFDU OD
GLUHFFLyQ,3TXHWHQJDDVLJQDGDHOVHUYLGRUHQGLFKDUHG(OSURFHGLPLHQWRVHUtDHOPLVPRHQHO
FDVRGHTXHHOVHUYLGRUHVWpHMHFXWiQGRVHHQXQKRVWGH,QWHUQHW VHHVSHFLILFDUDOD,3GHGRPLQLR
S~EOLFR 

/DILJXUDPXHVWUDHOFRPDQGRTXHVHXWLOL]DUtDSDUDHMHFXWDUHOFOLHQWHVXSRQLHQGRTXHHO
VHUYLGRUHVWHFRUULHQGRHQHOKRVWFRQODGLUHFFLyQ

'H HVWH PRGR VH SXHGHQ HMHFXWDU RWURV FOLHQWHV VL VH GHVHD FRQWURODU HO URERW GHVGH
GLIHUHQWHVKRVWV\DTXHHOVHUYLGRUSXHGHVRSRUWDUVHUYLUSHWLFLRQHVGHIRUPDFRQFXUUHQWH

 ([WUHPRFOLHQWH
&XDQGR VH LQLFLD OD DSOLFDFLyQ GHVGH HO H[WUHPR FOLHQWH VH QRV PXHVWUD XQD YHQWDQD
GHVGHODFXDOVHSHUPLWHQUHDOL]DUDFFLRQHV³VWDUW$SS´³VKXWGRZQ$SS´\³RSHQ&OLHQW´&RQ
ODSULPHUDGHHOODVVHLQLFLDUiODDSOLFDFLyQFRQODFRQVHFXHQWHFUHDFLyQGHHQODFHV\GHWRGRV
ORV HOHPHQWRV QHFHVDULRV SDUD XQD FRPXQLFDFLyQ VHJXUD \ ILDEOH &RQ HO VHJXQGR ERWyQ
FRQVHJXLPRVHOFLHUUHGHODDSOLFDFLyQ\FRQHOODHOFLHUUHWDPELpQGHWRGRVORVFOLHQWHV\VXV
HQODFHV FUHDGRV SDUD VX IXQFLRQDPLHQWR &RQ HO ~OWLPR GH ORV ERWRQHV OR TXH VH FRQVLJXH HV
FUHDU XQ QXHYR FOLHQWH SDUD PDQHMDU HO URERW \ HV TXH DXQTXH QR WHQJD PXFKR VHQWLGR OD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

H[LVWHQFLDGHFOLHQWHVHQXQDPLVPDPiTXLQDVLHVSRVLEOHTXHVHKD\DFHUUDGRHOFOLHQWHFRQ
HO TXH VH HVWDED WUDEDMDQGR \ PiV WDUGH VH GHVHH FUHDU RWUR QXHYR SDUD VHJXLU PDQHMDQGR OD
DSOLFDFLyQ

(Q OD SULPHUD HMHFXFLyQ ODV  XOWLPDV DFFLRQHV HVWiQ GHVKDELOLWDGDV \D TXH QR WLHQH
QLQJ~Q VHQWLGR FUHDU XQ QXHYR FOLHQWH R PDV DXQ FHUUDU OD DSOLFDFLyQ VL pVWD WRGDYtD QR VH KD
LQLFLDGR $Vt DQiORJDPHQWH WUDV SXOVDU HO ERWyQ GH LQLFLR GH DSOLFDFLyQ VHUi pVWH HO TXH VH
GHVDFWLYH\ORVRWURVVHKDELOLWDUiQ

8QDYH]LQLFLDGDODDSOLFDFLyQDSDUHFHUiXQDQXHYDYHQWDQDHQODTXHSRGHPRVYHUXQ
ERWyQ GH FLHUUH GH FOLHQWH ³FORVH&OLHQW´  XQ WH[WER[ HQ HO TXH LQWURGXFLU XQ YDORU HQWHUR
³SHULRGR´  \ XQD EDUUD GH PHQ~ FRQ  HOHPHQWRV GHVSOHJDEOHV ³PHFKDQLVP´ ³PLVLyQ´ \
´WRRO´(PSH]DQGRSRUHOERWyQ³FORVH&OLHQW´VXDFFLyQHVODRSXHVWDDODGHORWURERWyQTXH
DSDUHFtD HQ OD SULPHUD YHQWDQD ³RSHQ&OLHQW´  $XQTXH SDUH]FD XQ SRFR H[WUDxR TXH GRV
ERWRQHVFX\DDFFLyQHVFRPSOHPHQWDULDDSDUH]FDQHQYHQWDQDVVHSDUDGDVHVWRWLHQHVXPRWLYR
\ HV TXH VLQR IXHUD DVt OD YHQWDQD SULQFLSDO WHQGUtD TXH WHQHU XQ ERWyQ SDUD FDGD XQR GH ORV
FOLHQWHVFUHDGRVKDVWDHOPRPHQWR\HVRUHVXOWDUtDSRFRHILFLHQWH

3XHV ELHQXQDYH]TXHVHKDLQLFLDGRODDSOLFDFLyQ\VHKDFUHDGRODVHJXQGDYHQWDQD
\DSRGHPRVPDQHMDUHOURERWPDQGiQGROHRUGHQHV3DUDHOOR\FRPRODVRUGHQHVVRQPXFKDVVH
KDQ GLVSXHVWR  ERWRQHV GHVSOHJDEOHV HQ ORV TXH VH RUGHQDQ ODV SRVLEOHV DFFLRQHV D UHDOL]DU
VHJ~QFXDOVHDVXFRPHWLGR³PHFKDQLVP´³PLVLyQ´\´WRRO´

'HQWURGHFDGDXQRGHHVWRVGLVWLQJXLPRVJUXSRVGHRUGHQHVHQHOSULPHUJUXSRVH
HQFXHQWUDQ ODV RUGHQHV WUDV ODV TXH QR VH HVSHUD XQD FRQWHVWDFLyQ GHO VHUYLGRU FRPR VRQ ORV
FDVRV GH ³HQDEOH-RLQW´ R ³VKLIW´ (Q HO VHJXQGR JUXSR DSDUHFHQ ORV PpWRGRV SDUD ORV TXH VH
HVSHUDXQDUHVSXHVWDTXHFRLQFLGHQSRUVHORVGHWLSR³JHW´ HOFOLHQWHGHVHDFRQRFHUHOYDORUGH
XQ SDUiPHWUR R YDULDEOH GHO URERW  WUDV VX LQYRFDFLyQ HO VHUYLGRU OODPDUi D DOJXQR GH VXV
PpWRGRVSDUD³HQYLDU´HOUHVXOWDGRGHODSHWLFLyQ(OXOWLPRJUXSRGHPpWRGRVUHSUHVHQWDDODV
RUGHQHVTXHSURYRFDUiQXQFDPELRHQHOUHJLVWURGHFOLHQWHVTXHGLVSRQHHOVHUYLGRUFRPRVRQ
ORVPpWRGRV³DGG0HFKDQLVP(YHQW/LVWHQHU´\³UHPRYH0HFKDQLVP7LPH/LVWHQHU´TXHSHUPLWHQ


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

TXH XQ FOLHQWH VH DxDGD R HOLPLQH GHO UHJLVWUR SDUD REWHQHU SHULyGLFDPHQWH R WUDV XQ HYHQWR
DOJ~Q SDUiPHWUR GHO URERW  $O SXOVDU XQR GH ORV PpWRGRV ³DGG´ GH WLSR ³7LPH/LVWHQHU´ VH
SURGXFLUi XQD OHFWXUD GHO FKHFNER[ GH OD SDUWH GHUHFKD GH OD LQWHUID] \ GH DKt VH REWHQGUi HO
YDORU GHO SHULRGR WUDV HO FXDO VH UHFLELUi HO YDORU GHO SDUiPHWUR DO TXH VH KD\D VXVFULWR 3RU
GHIHFWRVHWRPDFRPRSDUiPHWURPLOLVHJXQGRV SDUDHYLWDUGHHVWDIRUPDTXHHOXVXDULRQR
LQWURGX]FDQLQJ~QYDORU6LVHGHVHDFRQRFHUPiVVREUHHOIXQFLRQDPLHQWR GHO UHJLVWUR GHEHUi
GLULJLUVHDODVHFFLyQGRQGHVHH[SOLFDHVWRFRQXQPD\RUGHWDOOH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

+D\TXHGHVWDFDUDXQTXH\DVHKDDGYHUWLGRYDULDVYHFHVTXHHOFRPSRQHQWH³PLVLyQ´
QRWLHQHUHJLVWURGHFOLHQWHV\SRUORWDQWRQRGLVSRQGUiGHPpWRGRVGHHVWHJUXSR

3DUD FHUUDU OD DSOLFDFLyQ EDVWDUi FRQ SXOVDU VREUH HO ERWyQ GH OD YHQWDQD SULQFLSDO
³VKXWGRZQ$SS´ WUDV OR FXDO VH FHUUDUiQ WRGRV ORV FOLHQWHV HVWpQ R QR HQ QXHVWUD PLVPD
PiTXLQDHVSRUHVWRSRUORTXHKD\TXHOLPLWDUHOXVRGHHVWHERWyQ\DTXHWUDVHVWRVHFHUUDUi
LQFOXVR HO VHUYLGRU LPSLGLHQGR TXH QLQJ~Q RWUR FOLHQWH SXHGD YROYHU D SRQHUOR HQ PDUFKD
UHPRWDPHQWH $Vt VH DFRQVHMD XWLOL]DU VLHPSUH HO FLHUUH GH FOLHQWHV GHMDQGR HO VHUYLGRU D OD
HVFXFKDGHQXHYRVFOLHQWHV\HVTXHQRKD\TXHROYLGDUTXHVLVHUHDOL]DHVWDDSOLFDFLyQSDUD
SRGHUFRQWURODUHOURERWGHIRUPDUHPRWDFDUHFHGHVHQWLGRTXHFDGDYH]TXHVHGHVHHXWLOL]DU
WHQJD TXH KDEHU XQ RSHUDULR TXH VH GLULMD DO VHUYLGRU TXH HQ SULQFLSLR VH HQFRQWUDUi PX\
SUy[LPRDOURERW SDUDUHLQLFLDUOR

 ([WUHPRVHUYLGRU
/DH[LVWHQFLDGHXQDLQWHUID]JUiILFDHQHOVHUYLGRUFDUHFHGHVHQWLGRDOJXQR\DTXHHQ
SULQFLSLRpVWHFDUHFHUiGHPRQLWRU(VWDLQWHUID]VHFUHySDUDSHUPLWLUODVLPXODFLyQSRUSDUWHGHO
SURJUDPDGRU GH XQD YDULDFLyQ HQ ORV SDUiPHWURV R YDULDEOHV GHO URERW $VL GH HVWH PRGR VH
FUHR XQD VLPSOH YHQWDQD HQ OD TXH GHVWDFDQ  ERWRQHV \ XQ WH[WER[ &DGD YH] TXH KDJD FOLF
VREUHXQRGHHVRVERWRQHVVHVLPXODTXHVHKDYDULDGRRHOHVWDGRRODVDODUPDVGHXQRGHORV
FRPSRQHQWHV GH HVWH URERW $Vt GLVSRQGUHPRV GH  YHQWDQDV XQD SDUD HO FRPSRQHQWH
0HFKDQLVP\RWUDSDUD7RRO\FDGDXQDGHHOODVFRQORVFRPSRQHQWHVHVWDGR\DODUPDV/D
FDMD GH WH[WR GH OD SDUWH LQIHULRU VXSRQGUtD HO QXHYR YDORU TXH KD WRPDGR XQD YDULDEOH
GHWHUPLQDGDTXHDVXYH]VHWHQGUtDTXHHQYLDUDOFOLHQWHSDUDTXHHOXVXDULRGHODDSOLFDFLyQ
SXGLHUDDFWXDOL]DUODVX\D


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 'RFXPHQWDFLyQGHOFyGLJR

(OFyGLJRLPSOHPHQWDGRSDUDHVWDDSOLFDFLyQHVWiFRPHQWDGRVLJXLHQGRODVQRUPDVGH-DYD'RF
/DV FRQYHQFLRQHV GH FyGLJR VRQ LPSRUWDQWHV SDUD ORV SURJUDPDGRUHV SRU XQ JUDQ Q~PHUR GH
UD]RQHV

x (OGHOFRVWHGHOFyGLJRGHXQSURJUDPDYDDVXPDQWHQLPLHQWR
x &DVLQLQJ~QVRIWZDUHORPDQWLHQHWRGDVXYLGDHODXWRRULJLQDO
x /DV FRQYHQFLRQHV GH FyGLJR PHMRUDQ OD OHFWXUD GHO VRIWZDUH SHUPLWLHQGR HQWHQGHU
FyGLJRQXHYRPXFKRPiVUiSLGDPHQWH\PiVDIRQGR
x 6LVHGLVWULEX\HFyGLJRIXHQWHFRPRXQSURGXFWRHVQHFHVDULRDVHJXUDUVHGHTXHHVWD
ELHQKHFKR\SUHVHQWDGRFRPRFXDOTXLHURWURSURGXFWR

1RHVQHFHVDULRFRPHQWDUWRGDVODVOtQHDVGHFyGLJR VDOYRDOJ~QFDVRH[FHSFLRQDOTXH
UHTXLHUDVHUUHPDUFDGRSRUVXLPSRUWDQFLD UHDOPHQWHOR~QLFRLPSUHVFLQGLEOHDFRPHQWDUHVOD
FODVH\FDGDXQRGHORVPpWRGRVTXHHPSOHHPRVELHQSDUDTXLHQTXLHUDHQWHQGHUTXpKDFHHVD
FODVH R OD IXQFLyQ TXH GHVHPSHxDQ FDGD XQR GH ORV PpWRGRV R ELHQ SDUD TXH OXHJR OD
KHUUDPLHQWDGHJHQHUDFLyQDXWRPiWLFDGHGRFXPHQWDFLyQQRVFUHHODQXHVWUD

$Vt JUDFLDV D OD DSOLFDFLyQ -DYDGRF TXH VH DFRPSDxD HQ HO -'. VH SXHGHQ FUHDU
GRFXPHQWRVHQIRUPDWR+70/VLPLODUHVDORVTXHVHGLVWULEX\HQHQODD\XGDGHO$3,GH-DYD
$VtDSOLFDQGRHVWDXWLOLGDGDQXHVWURFyGLJRYDPRVDREWHQHUXQFRQMXQWRGHHVWRVILFKHURVTXH
VHVXPLQLVWUDUiQDWRGRVDTXHOORVSURJUDPDGRUHVTXHGHVHHQUHXWLOL]DUODDSOLFDFLyQ\SRUWDQWR
XWLOL]DUODVFODVHV\PpWRGRV\DFUHDGRV(VWRVILFKHURVVHDGMXQWDQHQHOSUR\HFWRHQWUHJDGR

/DLPDJHQGHODILJXUDSUHVHQWDXQHMHPSORGHODGRFXPHQWDFLyQJHQHUDGDSD UDODFODVH
0HFKDQLVP6HUYHU GRQGH VH SXHGH FRPSUREDU TXH HO GRFXPHQWR FRQWLHQH WRGDV ODV
FDUDFWHUtVWLFDVTXHSXHGHQUHSUHVHQWDUDXQDFODVH SDTXHWHLQWHUIDFHVPpWRGRVFRQVWUXFWRUHV
HWF 1RREVWDQWHHVWDLPDJHQHVVRODPHQWHXQHMHPSORSDUDKDFHUVHXQDLGHDGHODLPSRUWDQFLD
GH OD GRFXPHQWDFLyQ GHO FyGLJR D OD KRUD GH GLVWULEXLU XQD DSOLFDFLyQ 3DUD YLVXDOL]DU OD
GRFXPHQWDFLyQFRPSOHWDGHODDSOLFDFLyQGLUtMDVHDORVILFKHURVTXHVHDGMXQWDQFRQHOSUR\HFWR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 &RQFOXVLRQHV

8QD YH] ILQDOL]DGD OD DSOLFDFLyQ *R\D \ DQDOL]DQGR ODV FDUDFWHUtVWLFDV TXH RIUHFH OD
LPSOHPHQWDFLyQILQDOSRGHPRVGLVWLQJXLUGRVWLSRVGHFXDOLGDGHV$QDOL]DQGRODVTXHVHSXHGHQ
REVHUYDUPHGLDQWHODHMHFXFLyQGHVWDFDQODILDELOLGDG KDELOLGDG GHO VLVWHPD SDUD PDQWHQHUVH
RSHUDWLYRHQHOWLHPSR  \ODIXQFLRQDOLGDG KDELOLGDGGHOVLVWHPDSDUDKDFHU HOWUDEDMR SDUD HO
TXH IXH FUHDGR  (Q FXDQWR D ORV IDFWRUHV LQWHUQRV TXH VH SXHGHQ REVHUYDU GHVWDFDQ OD
PRGLILFDELOLGDG\DTXHHOVLVWHPDFRQPRGLILFDUODVLQWHUIDFHVTXHVHLPSOHPHQWDQ\DOJXQRV
SHTXHxRV FDPELRV PiV VH SXHGH DGDSWDU D OD IXQFLRQDOLGDG GH FXDOTXLHU DSOLFDFLyQ
SRUWDELOLGDGHVWDFXDOLGDGTXHGDPiVTXHSUREDGDSRUHOKHFKRGHTXHODLPSOHPHQWDFLyQHVWi
UHDOL]DGDHQ-DYD\UHXVDELOLGDG\DTXHWDQWRHOSURWRFRORLQWHUQRRELHQHOFRQMXQWRIRUPDGR
SRUSURWRFRORSUR[\VWXESXHGHVHUUHXWLOL]DGRSDUDFXDOTXLHURWUDDSOLFDFLyQFOLHQWHVHUYLGRU

$XQTXHVHWUDWHGHXQDVLPSOHDSOLFDFLyQFOLHQWHVHUYLGRUGHODVTXHH[LVWHQPXFKDVHQ
ODDFWXDOLGDGGRQGHHOFOLHQWHUHDOL]DSHWLFLRQHV\HOVHUYLGRUODVUHVSRQGHQRKD\TXHROYLGDU
TXHHOVHUYLGRULPSOHPHQWDGRWLHQHXQDJUDQLPSRUWDQFLDDOSHUPLWLUTXHORVFOLHQWHVTXHXWLOLFHQ
VXV VHUYLFLRV SXHGDQ HQFRQWUDUVH HQ FXDOTXLHU ORFDOL]DFLyQ \D VHDQ XQR R YDULRV FOLHQWHV VLQ
LPSRUWDU VL HVWiQ WRGRV R DOJXQR GH HOORV HQ OD PLVPD R GLVWLQWD PDTXLQD TXH HO VHUYLGRU
7HQLHQGR WDPELpQ SUHVHQWH TXH VH KDQ OOHJDGR D UHDOL]DU SUXHEDV GHO SURWRFROR HQ UHGHV WDQ
GLVSDUHV FRPR SXHGHQ VHU GHVGH XQD VLPSOH UHG ORFDO KDVWD ,QWHUQHW VLQ HQFRQWUDU QLQJXQD
FRPSOLFDFLyQSDUDHOOR 7DPELpQKD\TXHGHVWDFDUODLPSOHPHQWDFLyQUHDOL]DGDSDUDSHUPLWLUHO
DOPDFHQDPLHQWR GH ORV FOLHQWHV TXH VHJ~Q HO WLSR GH UHJLVWUR UHDOL]DGR UHFLELUiQ OD
DFWXDOL]DFLyQGHODVYDULDEOHVGHVHDGDV

7UDV OD UHDOL]DFLyQ GH HVWH SURWRFROR HQ -DYD TXH HV XQR GH ORV OHQJXDMHV GH
SURJUDPDFLyQ PiV DFWXDOHV \ WUDV KDEHU UHDOL]DGR RWUDV PXFKDV DSOLFDFLRQHV XWLOL]DQGR OD
LQWHUID]6RFNHW SURWRFROR7&3 FRQRWURVOHQJXDMHVFRPRVRQ&\'HOSKLVHSXHGHOOHJDUDOD
FRQFOXVLyQGHTXHUHDOL]DUHVWHWLSRGHDSOLFDFLRQHVUHVXOWDPXFKRPiVVHQFLOOR\iJLOXWLOL]DQGR
HOOHQJXDMH-DYD<HVTXHDGHPiVGHOD\DFRPHQWDGDYHQWDMDGHSRUWDELOLGDGODVLPSOLILFDFLyQ
TXH RIUHFHQ ORV PpWRGRV GH OD LPSOHPHQWDURQ -DYD GH OD LQWHUID] 6RFNHW UHFRPLHQGDQ
FODUDPHQWHVXXWLOL]DFLyQ&RPRHVGHVXSRQHUHVWDYHQWDMDWLHQHXQSULQFLSDOLQFRQYHQLHQWH\
HVTXHORVUHTXHULPLHQWRVKDUGZDUHQHFHVDULRVSDUDHOGHVDUUROORGHXQDDSOLFDFLyQHQ-DYDVRQ
DOWRV 'H HVWH PRGR SRU HMHPSOR SXHGH UHVXOWDU PX\ LQHILFLHQWH OD FRPSLODFLyQ GHO FyGLJR
IXHQWH HQ XQD PDTXLQD TXH QR SRVHD GH XQ JUDQ SURFHVDGRU (V SRU HVWR TXH HO UHQGLPLHQWR
SHUFLELGR DO HVWDU HMHFXWDQGR OD DSOLFDFLyQ SXHGH VHU HVFDVR VL OD PDTXLQD VREUH OD TXH HVWD
FRUULHQGRQRWLHQHXQSRWHQWHKDUGZDUH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(Q FXDQWR D OD XWLOL]DFLyQ GHO SURWRFROR 7&3 FRPR QLYHO GH WUDQVSRUWH VREUH HO TXH
WUDEDMDHOSURWRFRORFUHDGRQRFDEHGXGDGHTXHKDVLGRXQDGHFLVLyQDFHUWDGD\DTXHDGHPiV
GH ODV FDUDFWHUtVWLFDV WpFQLFDV RIUHFLGDV DO GLVSRQHU GH OD LQWHUID] 6RFNHW OD XWLOL]DFLyQ VH
VLPSOLILFDGHIRUPDFRQVLGHUDEOH

(QGHILQLWLYDSRGHPRVFDOLILFDUDODDSOLFDFLyQGHVDUUROODGDFRPRXQVLVWHPDRULHQWDGRD
REMHWRVPRGXODU\UREXVWRSHURTXHKDSUHVHQWDGRFLHUWDVGLILFXOWDGHVHQDVSHFWRVGHVHJXULGDG
\ FRPXQLFDFLRQHV 6H SXHGH FRQFOXLU FRQ TXH HO XVR GH VRFNHWV GLILFXOWD HO GLVHxR GH
DSOLFDFLRQHVGLVWULEXLGDV DSHVDUGHODVIDFLOLGDGHVTXHSURSRUFLRQDODFODVH6RFNHWGH-DYD \
DFWXDOPHQWH \D VH HVWiQ LQWHJUDQGR HQ OD HPSUHVD DSOLFDFLRQHV EDVDGDV HQ PLGGOHZDUH FRPR
50,\&25%$(VWDVWHFQRORJtDVSURSRUFLRQDQODLQIUDHVWUXFWXUDGHFRPXQLFDFLRQHVQHFHVDULD
SDUDODLPSOHPHQWDFLyQGHVLVWHPDVGHREMHWRVGLVWULEXLGRVVLQTXHVHDQHFHVDULRLPSOHPHQWDU
XQ SURWRFROR GH FRPXQLFDFLRQHV GH EDMR QLYHO FRPR HO GHVDUUROODGR HQ HVWH SUR\HFWR 1R
REVWDQWHFDGDWHFQRORJtDSUHVHQWDVXVYHQWDMDV\GHVYHQWDMDVUHVSHFWRDOXVRGHVRFNHWVSRUOR
TXHHQHOVLJXLHQWHDSDUWDGRVHSUHVHQWDUDXQDFRPSDUDWLYDPiVGHWDOODGDVREUHODVIDFLOLGDGHV\
GLILFXOWDGHVGHOXVRGHVRFNHWV\WHFQRORJtDVPLGGOHZDUH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 7UDEDMRVIXWXURV

$XQTXHODDSOLFDFLyQ*R\DGHVDUUROODGD HQHO SUR\HFWR GLVSRQH GHWRGRV ORV VHUYLFLRV


QHFHVDULRVSDUDHOPDQHMRGHOURERW*R\DPHGLDQWHXQDDUTXLWHFWXUDFOLHQWHVHUYLGRUH[LVWHQ
GLYHUVDVLPSOHPHQWDFLRQHVDGLFLRQDOHVTXHVHUtDQGHJUDQLPSRUWDQFLDSDUDODHYROXFLyQGHHVWD
DSOLFDFLyQ(QWUHHOODVGHVWDFDPRVHOGHVDUUROORGHVHUYLFLRVGHVHJXULGDGTXHSURSRUFLRQHQORV
SHUPLVRVQHFHVDULRVSDUDSRQHUDGLVSRVLFLyQ ORV VHUYLGRUHV GH FRQWUROD WUDYpV GH ,QWHUQHWGH
IRUPDILDEOH\UREXVWD6HHVWXGLDUDQSRVLEOHVFDVRVHQORVTXHVHSXHGDDxDGLUVHJXULGDGDOD
DSOLFDFLyQHVWRVVRQODVHJXULGDGTXHRIUHFH-DYD\VHJXULGDGPHGLDQWH66/

3RU ~OWLPR VH SURSRQGUi HO GLVHxR GH OD DSOLFDFLyQ *R\D PHGLDQWH HO XVR GH XQ
PLGGOHZDUHTXHVXVWLWX\DDOSURWRFRORGHEDMRQLYHOGHILQLGRHQHVWHSUR\HFWR6HUHDOL]DUiXQ
SHTXHxR HVWXGLR FRPSDUDWLYR VREUH ODV YHQWDMDV \ GHVYHQWDMDV GHO XVR GH WHFQRORJtDV
PLGGOHZDUHFRPR50,\&25%$UHVSHFWRDOXVRGH6RFNHWV

 6HUYLFLRVGHVHJXULGDG
/DVHJXULGDGHQODVDSOLFDFLRQHVFOLHQWHVHUYLGRUHVLPSRUWDQWH\HVSHFLDOPHQWHHQOD
DSOLFDFLRQHVFRPRODGHVDUUROODGDHQHVWHSUR\HFWRTXHSHUPLWHGLVWULEXLUODIXQFLRQDOLGDGGHORV
VHUYLGRUHVDWUDYpVGH,QWHUQHW&RPR\DVHVDEH,QWHUQHWHVXQDUHGDODTXHWLHQHDFFHVRWRGRHO
PXQGR\SRGUtDVHUSHOLJURVRFRQFHGHUSHUPLVRDOFyGLJRSDUDDFHSWDURFUHDUFRQH[LRQHVVREUH
KRVW UHPRWRV SRUTXH FyGLJR PDOHYROHQWH SRGUtD IiFLOPHQWH WUDQVIHULU \ FRPSDUWLU GDWRV
FRQILGHQFLDOHV7RGRHOORSRGUtDWHQHUJUDYHVFRQVHFXHQFLDV\DTXHVHSXHGHGDUHOFDVRGHTXH
FXDOTXLHUKRVWFRQHFWDGRD,QWHUQHWSRGUtDFRQHFWDUVHDQXHVWURVVHUYLGRUHV\FRQWURODUHOURERW
VLQODDXWRUL]DFLyQFRUUHVSRQGLHQWH3RUHOORHVLPSRUWDQWHFRQRFHUWRGRVORVHOHPHQWRVFDSDFHV
GHSURSRUFLRQDUVHJXULGDGDODDSOLFDFLyQGHVDUUROODGDHQHOSUR\HFWR\DXQTXHQRHVREMHWLYRGH
HVWHSUR\HFWRGHWDOODUWRGRVORVHOHPHQWRVTXHIRUPDQSDUWHGHOD0DTXLQD9LUWXDOGH-DYD -90
HQDGHODQWH VLKD\TXHGHVWDFDUDTXHOORVTXHHVWpQLQYROXFUDGRVHQHOPRGHORGHVHJXULGDGGH
-DYD(VWRVHOHPHQWRVVRQ

x &ODVV/RDGHUDQWHVGHTXHOD-90SXHGDHMHFXWDUXQSURJUDPDpVWDGHEHORFDOL]DUODV
FODVHVTXHFRPSRQHQXQSURJUDPD\FDUJDUODVHQPHPRULD(VWHSURFHVRQRHVWDQIiFLO
FRPRSXHGHUHVXOWDUHQRWURVOHQJXDMHV\DTXHHQ-DYDODVFODVHVSXHGHQVHUFDUJDGDV
WDQWRGHOVLVWHPDORFDOFRPRGHODUHG/D-90GLYLGHODVFODVHVHQJUXSRVODVFODVHV
VHJXUDVTXHVRQDTXHOODVFX\RFRPSRUWDPLHQWRHVVHJXUR\FRUUHFWR VRORVHFRQVLGHUDQ
GH HVWH WLSR DTXHOODV GLVWULEXLGDV SRU HO -5(  \ ODV FODVHV LQVHJXUDV TXH VRQ ODV


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

UHVWDQWHV\TXHVHORFDOL]DUiQHQODUXWDHVSHFLILFDGDHQHO&ODVVSDWK&RQHVWHHOHPHQWR
VHDVHJXUDFyPR\GHGRQGHVHFDUJDUiQODVFODVHVHYLWDQGRTXHFODVHVTXHDFFHGHQDO
VLVWHPD GXUDQWH OD HMHFXFLyQ SXHGDQ VHU UHPSOD]DGDV 'H HVWH PRGR HYLWDPRV SRU
HMHPSORTXHODFODVH6WULQJTXHXVDPRVHQXQGHVDUUROORQRKD\DVLGRPRGLILFDGDSRU
XQXVXDULRPDOLFLRVRTXHSUHWHQGDUHDOL]DURWUDVDFFLRQHVTXHQRVRQODVTXHVHGHWDOODQ
HQODHVSHFLILFDFLyQGHO-'.

x 9HULILFDGRU GH FODVHV VH HQFDUJDUi GH FRPSUREDU OD LQWHJULGDG GHO E\WHFRGH GH ODV
FODVHV LQVHJXUDV TXH YDQ D VHU FDUJDGDV FRPSUREDQGR TXH VX WDPDxR HVWUXFWXUD \
FDUDFWHUtVWLFDVGHHMHFXFLyQVHDQFRUUHFWDV

x 6HFXULW\ 0DQDJHU FRPR LQFOXVR GHVSXpV GH SDVDU SRU HO YHULILFDGRU GH FODVHV HO
FyGLJRHVWiVXMHWRDUHVWULFFLRQHVHQWLHPSRGHHMHFXFLyQHVWHHOHPHQWRVHHQFDUJDUiGH
JHVWLRQDU HO FRQWURO GH DFFHVR GXUDQWH OD HMHFXFLyQ eVWH FRPSUREDUi VL ORV PpWRGRV
LQYRFDGRV HQ ODV FODVHV WLHQHQ SHUPLVRV SDUD UHDOL]DU GHWHUPLQDGDV DFFLRQHV FRPR
SXHGHQVHUOHHUILFKHURVDEULUVRFNHWVHWF(O6HFXULW\0DQDJHUSHUWHQHFHDOSDTXHWH
MDYDODQJ\SXHGHVHUH[WHQGLGRSHUPLWLHQGRDOXVXDULRFUHDUVXSURSLDLPSOHPHQWDFLyQ
GHO PDQDJHU $Vt SRU HMHPSOR FXDQGR VH HMHFXWD XQ DSSOHW HO 6HFXULW\ 0DQDJHU VH
HQFDUJDGHTXHQRVHLQWHQWHQUHDOL]DUDFFLRQHVTXHQRHVWiQSHUPLWLGDV

(VWRV  HOHPHQWRV GH OD -90 MXQWR FRQ HO &RQWURO GH $FFHVR IRUPDQ HO PRGHOR GH
VHJXULGDG FRPSOHWR GH -DYD (VWH &RQWURO GH $FFHVR KD VXIULGR YDULDV PRGLILFDFLRQHV HQ ODV
GLIHUHQWHV YHUVLRQHV GHO -'. (Q OD YHUVLyQ  VH FRQVLGHUDED TXH WRGR HO FyGLJR ORFDO HUD
VHJXUR SRU OR TXH WHQtD DFFHVR D WRGRV ORV UHFXUVRV GHO VLVWHPD (Q FDPELR WRGR HO FyGLJR
UHPRWR HO GHVFDUJDGR GH OD UHG  VH FRQVLGHUD LQVHJXUR QR WHQLHQGR DFFHVR D FDVL QLQJ~Q
UHFXUVR6HJ~QHVWDYHUVLyQHOFyGLJRGHVFDUJDGRWHQtDPX\SRFDVDSOLFDFLRQHV

(QODYHUVLyQVHDPSOLyHOFRQFHSWRGLYLGLHQGRHOFyGLJRLQVHJXURHQILUPDGR\QR
ILUPDGR $Vt WRGR FyGLJR GHVFDUJDGR GH OD UHG TXH HVWH DFRPSDxDGR GH VX FRUUHVSRQGLHQWH
ILUPDWHQGUiDFFHVRDWRGRVORVUHFXUVRV\DTXHOTXHQRHVWpILUPDGRVHJXLUiVLQSRGHUDFFHGHU
DGLFKRVUHFXUVRV(QODXOWLPDYHUVLyQGHVDUUROODGD -DYD VHKDJOREDOL]DGRHOWUDWDPLHQWR
GHOFyGLJR\\DQRLPSRUWDODSURFHGHQFLDGHpVWH$KRUDWRGRHOFyGLJRHVWiVXMHWRDO&RQWURO
GH$FFHVR\DODVSROtWLFDVGHVHJXULGDG(OFyGLJRHVWDUiDVRFLDGRDXQGRPLQLRGHVHJXULGDG
TXHHVXQDDVRFLDFLyQHQWUHHOFyGLJRVXILUPD\ORVSHUPLVRVGHHVWH6HUiHO6HFXULW\0DQDJHU
HOTXHVHHQFDUJXHGHFRPSUREDUHVWRVSHUPLVRV3RUHMHPSORFXDQGRXQDFODVHLQWHQWDDEULUXQ
VRFNHW OD LPSOHPHQWDFLyQ GH OD FODVH 6RFNHW OODPDUi DO PpWRGR
6HFXULW\0DQDJHUFKHFN3HUPLVVLRQ  DQWHV GH DEULUOR (VWH PpWRGR FRPSUXHED VL HQ OD SROtWLFD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

GHVHJXULGDGHVDFODVHWLHQHSHUPLVRSDUDDEULUXQVRFNHW6LORWLHQHVHJXLUiDGHODQWHVLQRVH
ODQ]DUiXQDH[FHSFLyQGHVHJXULGDG

5HVXPLHQGRHOPRGHORGHVHJXULGDGWLHQHFRPSRQHQWHVSRUXQODGRORVHOHPHQWRV
GHOD-90TXHYHULILFDQODFRUUHFWDHMHFXFLyQGHOFyGLJR\SRURWURODGRHO&RQWUROGH$FFHVR
DVLJQDUiSHUPLVRVDOFyGLJRVLPSOLILFDQGRHQRUPHPHQWHHOGHVDUUROORGHORVSURJUDPDVSRUTXH
DKRUD HO SURJUDPDGRU QR QHFHVLWD SURJUDPDU OD VHJXULGDG VLPSOHPHQWH KDUi HO SURJUDPD \
OXHJROHDVLJQDUiXQRVSHUPLVRV

 &RQWUROGH$FFHVR
3DUD FRPSUREDU \ DVLJQDU XQRV SHUPLVRV VH XVD XQ ILFKHUR OODPDGR MDYDSROLF\
ORFDOL]DGR SRU GHIHFWR HQ HO GLUHFWRULR UDt] GH -DYD GHQWUR GH OLE GHQWUR GH VHFXULW\
1RUPDOPHQWHVHXVDQILFKHURVGHSROtWLFDVGHVHJXULGDGHOTXHYLHQHSRUGHIHFWR\XQRFUHDGR
SRU HO XVXDULR ([LVWH DGHPiV RWUR ILFKHUR OODPDGR MDYDVHFXULW\ WDPELpQ ORFDOL]DQGR HQ HO
PLVPRGLUHFWRULRTXHHODQWHULRUTXHVHXWLOL]DSDUDLQGLFDUOHDOD-90GRQGHWLHQHTXHEXVFDU
HOILFKHURGHSROtWLFDVGHVHJXULGDG

(QHOILFKHURMDYDSROLF\TXHVHUYtDSDUDJHVWLRQDUHOFRQWUROGHDFFHVRVHDOPDFHQDXQD
OLVWDGH85/VMXQWRFRQORVSHUPLVRVSDUDFDGDXQDGHHVWDV85/V$FRQWLQXDFLyQVHPXHVWUD
XQSHTXHxRHMHPSOR

JUDQWFRGH%DVHILOH&^`ZRUN^`0L&ODVHFODVV
^
SHUPLVVLRQMDYDQHW6RFNHW3HUPLVVLRQDFFHSWOLVWHQ
SHUPLVVLRQMDYDLR)LOH3HUPLVVLRQ$//),/(6!!ZULWHUHDG
`

&RPR SXHGH REVHUYDUVH HO IRUPDWR GH HVWH ILFKHUR HV PX\ VLPS OH \ FRQVLVWH HQ XQD
VHULHGHFOiXVXODVGHOWLSR
*UDQW>VLJQHG%\VLJQHUV@>FRGH%DVH85/@^
SHUPLVVLRQSHUPLVVLRQBFODVV>WDUJHW@> DFWLRQBOLVW@>VLJQHG%\VLJQHU@

`


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

&DGDFOiXVXODGLFHTXHHOFyGLJRILUPDGRSRUVLJQHUV\RORFDOL]DGRHQ85/WLHQH
ORV SHUPLVRV SHUPLVVLRQBFODVV (V GHFLU HQ HO IUDJPHQWR DQWHULRU HO FyGLJR ORFDOL]DGR HQ
ILOH&ZRUN0L&ODVVFODVV WLHQH SHUPLVR SDUD DFHSWDU FRQH[LRQHV SURFHGHQWHV GH XQD
GHWHUPLQDGDGLUHFFLRQ,3\WDPELpQSDUDOHHU\HVFULELUWRGRVORVILFKHURVGHOVLVWHPD+D\TXH
GHVWDFDUTXHORVSHUPLVRVVHDVLJQDQDOFyGLJRORFDOL]DGRHQFLHUWR85/RDOFyGLJRILUPDGRSRU
DOJXLHQ\ODVGRVFRQGLFLRQHVVHSXHGHQFRPELQDU

/RVSHUPLVRVVHGHILQHQXVDQGRODFODVHMDYDVHFXULW\3HUPLVVLRQ\VXVH [WHQVLRQHV(Q
UHDOLGDG HQ HO ILFKHUR VROR VH SRQH HO QRPEUH FRPSOHWR GH OD FODVH FRPR SRU HMHPSOR
MDYDLR)LOH3HUPLVVLRQ $GHPiV GHO QRPEUH GH OD FODVH VH SRQH XQ REMHWLYR WDUJHW \ XQDV
DFFLRQHVDFWLRQV(QHOHMHPSORGHODFODVH)LOH3HUPLVVLRQHOREMHWLYRHVHOILFKHURVREUHHO
FXDOVHDGTXLHUHQSHUPLVRV\ODVDFFLRQHVVRQORTXHSXHGHQKDFHUFRQHOREMHWLYRFRPROHHU\
HVFULELU$FRQWLQXDFLyQVHPXHVWUDXQDOLVWDGHWRGDVODVFODVHVGH3HUPLVRV

MDYDVHFXULW\3HUPLVVLRQMDYDVHFXULW\3HUPLVVLRQ&ROOHFWLRQMDYDVHFXULW\3HUPLVVLRQV
MDYDVHFXULW\8QUHVROYHG3HUPLVVLRQMDYDLR)LOH3HUPLVVLRQMDYDQHW6RFNHW3HUPLVVLRQ
MDYDVHFXULW\%DVLF3HUPLVVLRQMDYDXWLO3URSHUW\3HUPLVVLRQ
MDYDODQJ5XQWLPH3HUPLVVLRQMDYDDZW$:73HUPLVVLRQMDYDQHW1HW3HUPLVVLRQ
MDYDODQJUHIOHFW5HIOHFW3HUPLVVLRQMDYDLR6HULDOL]DEOH3HUPLVVLRQ
MDYDVHFXULW\6HFXULW\3HUPLVVLRQMDYDVHFXULW\6HFXULW\3HUPLVVLRQ

(VWDV FODVHV SXHGHQ VHU XVDGDV WDQWR SDUD HVSHFLILFDU ORV SHUPLVRV HQ HO ILFKHUR
MDYDSROLF\ FRPR SDUD VHU XVDGDV GHQWUR GHXQ SURJUDPD -DYD DOD KRUDGH KDFHU OODPDGDV DO
6HFXULW\0DQDJHU3DUDYHULILFDUVLHOSURJUDPDTXHVHHVWiHMHFXWDQGRWLHQHSHUPLVRVVHXWLOL]D
HO 6HFXULW\0DQDJHU \ SDUD VHU PiV H[DFWRV VH KDFH XQD OODPDGD D
6HFXULW\0DQDJHUFKHFN3HUPLVVLRQ  FX\R DUJXPHQWR HV XQ REMHWR GH WLSR 3HUPLVVLRQ 6L DO
PRGLILFDUORVSHUPLVRVGHOILFKHURMDYDSROLF\VHOHDxDGHQODVOtQHDV
JUDQW^
SHUPLVVLRQMDYDVHFXULW\$OO3HUPLVVLRQ
`

WHQGUHPRVODPHQRUVHJXULGDGSRVLEOH6HSXHGH \VHGHEH WRPDUXQDSROtWLFDPiVUHVWULFWLYD


HQ OD TXH ~QLFDPHQWH VH OH GHQ DFFHVR D ODV VLWXDFLRQHV TXH FRQR]FDPRV TXH QR VXSRQGUiQ
SHOLJURDOJXQRSHURDODKRUDGHUHDOL]DUHOGHVDUUROORVHRSWySRUPRGLILFDUHOILFKHURFRPRVH
LQGLFD HQ ODV OtQHDV GH DUULED \D TXH DVt QR DSDUHFHUi QLQJ~Q SUREOHPD UHODFLRQDGR FRQ OD
VHJXULGDGSHUPLWLHQGRHODFFHVRDODDSOLFDFLyQDFXDOTXLHUFOLHQWH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

'HWRGDVODVFODVHVTXHSURSRUFLRQDHOFRQWUROGHDFFHVR-DYDODFODVHTXHPiVLQWHUHVD
XWLOL]DUSDUDSURSRUFLRQDUVHJXULGDGDODDSOLFDFLyQ*R\DHVODFODVH6RFNHW3HUPLVVLRQ\DTXH
SXHGH FRQFHGHU SHUPLVRV DO FyGLJR SDUD DFHSWDU R FUHDU FRQH[LRQHV VREUH KRVW UHPRWRV /D
IXQFLRQDOLGDGGHHVWDFODVHVHUHVXPHDFRQWLQXDFLyQ

(O SHUPLVR MDYDQHW6RFNHW3HUPLVVLRQ FRQFHGH DFFHVR D XQD UHG PHGLDQWH VRFNHWV /D


IXHQWHHVXQQRPEUHGHKRVW\ODGLUHFFLyQGHOSXHUWR\ODVDFFLRQHVXQDOLVWDTXHHVSHFLILFDODV
IRUPDVGHFRQH[LyQFRQHVHKRVW/DVFRQH[LRQHVSRVLEOHVVRQDFFHSWFRQQHFWOLVWHQ\UHVROYH

(MHPSORVGHILFKHURVSROLFtD
(VWDHQWUDGDGHILFKHURGHSROLFtDSHUPLWHTXHXQDFRQH[LyQDFHSWHFRQH[LRQHVDOSXHUWR
HQHOKRVWFOLHQWJR\DFRP
JUDQW^
SHUPLVVLRQMDYDQHW6RFNHW3HUPLVVLRQ
FOLHQWJR\DFRP
FRQQHFWDFFHSW
`

(VWD HQWUDGD GH ILFKHUR GH SROLFtD SHUPLWH D OD FRQH[LyQ DFHSWDU FRQH[LRQHV SDUD
HVFXFKDUFXDOTXLHUSXHUWRHQWUHHO\HOHQHOKRVWORFDO
JUDQW^
SHUPLVVLRQMDYDQHW6RFNHW3HUPLVVLRQ
ORFDOKRVW
DFFHSWFRQQHFWOLVWHQ
`

(O KRVW VH H[SUHVD FRQ OD VLJXLHQWH VLQWD[LV FRPR XQ QRPEUH '16 XQD GLUHFFLyQ ,3
QXPpULFDRFRPRORFDOKRVW SDUDODPiTXLQDORFDO (OFRPRGtQDVWHULVFR VHSXHGHLQFOXLU
XQDYH]HQXQDHVSHFLILFDFLyQGHQRPEUH'166LVHLQFOX\HGHEHHVWDUHQODSRVLFLyQPiVDOD
L]TXLHUGDFRPRHQ JR\DFRP

KRVW  KRVWQDPH_,3DGGUHVV >SRUWUDQJH@


SRUWUDQJH SRUWQXPEHU_SRUWQXPEHU_
SRUWQXPEHU>SRUWQXPEHU@


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(OSXHUWRRUDQJRGHSXHUWRVHVRSFLRQDO8QDHVSHFLILFDFLyQGHSXHUWRGHODIRUPD1
GRQGH 1 HV XQ Q~PHUR GH SXHUWR VLJQLILFD WRGRV ORV SXHUWRV QXPHUDGRV 1 \ VXSHULRUHV
PLHQWUDV TXH XQD HVSHFLILFDFLyQ GH OD IRUPD 1 LQGLFD WRGRV ORV SXHUWRV QXPHUDGRV 1 H
LQIHULRUHV/DDFFLyQOLVWHQHVVyORLPSRUWDQWHFXDQGRVHXVDFRQHOORFDOKRVW\UHVROYH UHVXHOYH
ODGLUHFFLyQGHOVHUYLFLRKRVWLS FXDQGRFXDOTXLHUDGHODVRWUDVRSFLRQHVHVWiSUHVHQWH

 66/ 6HFXUH6RFNHW/D\HU FRQ6RFNHWV


66/VRQODVVLJODVGH6HFXUH6RFNHW/D\HURFDSDVHJXUDGHVRFNHWV(VXQDWHFQRORJtD
GHVDUUROODGDSRU1HWVFDSHSDUDDVHJXUDUODSULYDFLGDG\ILDELOLGDGGHODVFRPXQLFDFLRQHVHQWUH
GRVDSOLFDFLRQHV66/UHSUHVHQWDXQDDOWHUQDWLYDDORVVRFNHWV7&3,3XWLOL]DGRVQRUPDOPHQWH
SHURKD\TXHGHVWDFDUTXHHVWRVQXHYRVVRFNHWVVHHQFXHQWUDQHQXQDFDSDLQWHUPHGLDHQWUHORV
SURWRFRORV7&3,3GRQGHWUDEDMDQORVVRFNHWVRULJLQDOHV\HQWUHORVSURWRFRORVGHDSOLFDFLyQ
FRPR SXHGHQ VHU +773 R 6073  (V SRU HVWR TXH ODV DSOLFDFLRQHV TXH WUDEDMDQ VREUH 66/
GHEHUiQWHQHUXQGLVHxRDGDSWDGRDHVWDFDSD\DTXHDKRUDODVOODPDGDVGHEHQKDFHUVHDODFDSD
66/\QRDODGHWUDQVSRUWHFRPRRFXUUtDDQWHV+XELHUDVLGRPX\EHQHILFLRVRSDUDHVWHQXHYR
SURWRFROR TXH VX XVR WXYLHUD XQD LPSOHPHQWDFLyQ WUDQVSDUHQWH SRUTXH 66/ QHFHVLWD FLHUWD
LQIRUPDFLyQFULSWRJUiILFDDGLFLRQDOSDUDHVWDEOHFHUXQVRFNHW

8WLOL]D XQ VLVWHPD GH HQFULSWDFLyQ DVLPpWULFR EDVDGR HQ FODYHV SXEOLFDSULYDGD SDUD
QHJRFLDU XQD FODYH TXH VH XWLOL]D SDUD HVWDEOHFHU XQD FRPXQLFDFLyQ EDVDGD HQ HQFULSWDFLyQ
VLPpWULFD66/HVHOSURWRFRORGHHQFULSWDFLyQPiVXWLOL]DGRHQ,QWHUQHWHQHVWRVPRPHQWRV\HV
HOPiVXVDGRHQVHUYLGRUHVZHEGRQGHVHVROLFLWDLQIRUPDFLyQFRQILGHQFLDO66/HVXWLOL]DGRSRU
HOQLYHOGHDSOLFDFLyQFRPRFDSDGHWUDQVSRUWHGHIRUPDWRWDOPHQWHWUDQVSDUHQWHLQGHSHQGLHQWH
GHOSURWRFRORXWLOL]DGRSRUORTXHHVXQDRSFLyQLGHDOSDUDGRWDUDQXHVWUDDSOLFDFLyQGHXQDOWR
QLYHOGHVHJXULGDGFRQPX\SRFRHVIXHU]R


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

/DVSULQFLSDOHVSURSLHGDGHVGHVHJXULGDGSURSRUFLRQDGDVSRU66/VRQ
x &RPXQLFDFLyQVHJXUDEDVDGDHQHQFULSWDFLyQVLPpWULFD
x $XWHQWLILFDFLyQ\QHJRFLDFLyQEDVDGDHQHQFULSWDFLyQDVLPpWULFD
x &RPXQLFDFLyQILDEOHEDVDGDHQSURWRFRORVGHLQWHJULGDGGHPHQVDMHV
x 3ULYDFLGDGODLQIRUPDFLyQVHWUDQVPLWHFLIUDGD
x ,QWHJULGDG GH GDWRV 6H XVDQ IXQFLRQHV KDVK SDUD DVHJXUDU TXH QR VH PRGLILFD OD
LQIRUPDFLyQ
x $XWHQWLFLGDG6HLQWHUFDPELDQFHUWLILFDGRVGLJLWDOHV
x 1RUHSXGLR(OXVRGHILUPDV\FHUWLILFDGRVGLJLWDOHVDVHJXUDTXHQRVHSXHGDUHSXGLDU
XQDWUDQVDFFLyQ

66/SXHGHVHUXWLOL]DGRHQ-DYDSDUDREWHQHUXQQLYHOGHVRFNHWVVHJXUR681WRGDYtD
QRSURSRUFLRQDXQFRQMXQWRGHFODVHVTXHSHUPLWDQXWLOL]DU66/DXQTXHVLUHFRPLHQGDXQDVHULH
GHLPSOHPHQWDFLRQHVFRPHUFLDOHVTXHSXHGHQVHUXWLOL]DGDV

 $QiOLVLVGHODVSURSLHGDGHVGHVHJXULGDG66/
66/WLHQHGRVIDVHVHQVXSURFHVRGHFRPXQLFDFLyQ(QODSULPHUDIDVHVHHVWDEOHFHXQD
FRPXQLFDFLyQEDVDGDHQHQFULSWDFLyQDVLPpWULFDGRQGHHOFOLHQWH\HOVHUYLGRULQWHUFDPELDQORV
SULPHURV PHQVDMHV \ UHDOL]DQ OD QHJRFLDFLyQ GH ORV SDUiPHWURV GH OD VHVLyQ (VWD IDVH HVWD
VRSRUWDGD SRU XQ SURWRFROR FRQRFLGR FRPR +DQG6KDNH HVWUHFKDPLHQWR GH PDQRV  (Q OD
VHJXQGD IDVH VH HVWDEOHFH OD YHUGDGHUD VHVLyQ GH FRPXQLFDFLyQ GRQGH ODV DSOLFDFLRQHV
LQWHUFDPELDQLQIRUPDFLyQ

6H SXHGHQ SURGXFLUDWDTXHVVREUH HO SURWRFROR HQ OD FRPXQLFDFLyQ D WUDYpV GH OD UHG
VREUH ORV PHQVDMHV LQWHUFDPELDGRV HQWUH HO FOLHQWH \ HO VHUYLGRU 6H VXSRQH TXH XQ SRVLEOH
DWDFDQWHSRGUtDUHDOL]DUGLYHUVDVRSHUDFLRQHVLOtFLWDVVREUHORVPHQVDMHVFRPR
x 6XVWLWXFLyQ
x (OLPLQDFLyQ
x ,QWHUFHSWDFLyQ
x 'HVHQFULSWDFLRQ

66/KDVLGRGLVHxDGRWHQLHQGRHQFXHQWDHVWHWLSRGHDWDTXHVHLPSOHPHQWDPHFDQLVPRV
SDUDGHWHFWDUORVDXQTXHVXFRPHQWDULRQRHVHOREMHWLYRGHHVWHDSDUWDGR
(QWUH ODV RSFLRQHV GH FRPXQLFDFLyQ GH 66/ H[LVWH OD SRVLELOLGDG GH DXWHQWLILFDU D ORV
SDUWLFLSDQWHVGHODFRQH[LyQSRUPHGLRGHOXVRGH&HUWLILFDGRV8Q&HUWLILFDGRQRHVPDVTXH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

XQDLGHQWLILFDFLyQTXHSXHGHVHUFRPSUREDGDSRUXQD(QWLGDGGH9HULILFDFLyQFRPRSXHGHVHU
9HUL6LQJ6LQHPEDUJR66/SHUPLWHWDPELpQTXHORVSDUWLFLSDQWHVQRVHDQDXWHQWLILFDGRV3RU
ORWDQWRSRGHPRVGHVWDFDUORVVLJXLHQWHVPRGRVGHFRPXQLFDFLyQGH66/
x &RPXQLFDFLyQDQyQLPD1LQJXQRGHORVSDUWLFLSDQWHVHVWDDXWHQWLILFDGR
x 6HUYHUDXWHQWLILFDGR
x &OLHQWHDXWHQWLILFDGR
x $PERVDXWHQWLILFDGRV

(YLGHQWHPHQWH OD RSFLyQ PiV VHJXUD HV DTXHOOD HQ OD TXH WDQWR HO FOLHQWH FRPR HO
VHUYLGRUHVWiQDXWHQWLILFDGRV66/SXHGHVXIULUXQDWDTXHGLUHFWRDODFRPXQLFDFLyQHQFULSWDGD
SRUPpWRGRVGHIXHU]DEUXWD/RVPpWRGRVGHHQFULSWDFLyQGHFODYHSXEOLFDSULYDGDVHEDVDQHQ
IXQFLRQHV PDWHPiWLFDV GH XQ VROR VHQWLGR (VWR QR TXLHUH GHFLU UHDOPHQWH TXH QR VH SXHGD
FRQVHJXLUFDOFXODUODIXQFLyQLQYHUVDVLQRTXHHVPXFKRPDVFRVWRVRFRPSXWDFLRQDOPHQWHTXH
FDOFXODUODIXQFLyQQRUPDO(OWLHPSRQHFHVDULRSDUDGHVHQFULSWDUXQPHQVDMHGHSHQGHHQJUDQ
PHGLGDGHODORQJLWXGGHODVFODYHVXWLOL]DGDVHQODHQFULSWDFLyQ$FWXDOPHQWHVHFRQVLGHUDTXH
XQDFODYHGHELWVHVSRFRVHJXUD\ XQDFODYH GH  ELW HV SUiFWLFDPHQWHLQYXOQHUDEOH /D
ORQJLWXGGHFODYHVXWLOL]DGDSRU66/GHSHQGHGHODLPSOHPHQWDFLyQXWLOL]DGD

 /DVXLWHGHFLIUDGR
&RPR \D VH GLMR DQWHULRUPHQWH OD UHDOL]DF LyQ GH XQ SURWRFROR GH HQFULSWDFLyQ HV XQ
SURFHVR PX\ FRVWRVR \ TXH QR HVWi DO DOFDQFH GH WRGRV ORV SURJUDPDGRUHV 3RU WDQWR HV
QHFHVDULRUHFXUULUHQPXFKRVFDVRVDDOJRULWPRV\DLPSOHPHQWDGRV/DVXLWHGHFLIUDGRHVXQD
FRPELQDFLyQ GH DOJRULWPRV XVDGRV SRU XQD FRQH[LyQ 66/ \ ORV SDUiPHWURV DVRFLDGRV D ORV
PHFDQLVPRVFULSWRJUiILFRVXVDGRV

+D\XQDVHULHGHVXLWHVGHFLIUDGRGHILQLGDVHQHOHVWiQGDUSDUDSURSRUFLRQDUGLIHUHQWHV
VHUYLFLRV FULSWRJUiILFRV FRQ QRPEUHV DVRFLDGRV TXH GHVFULEHQ VX FRQWHQLGR DVt SRU HMHPSOR
SRGHPRV HQFRQWUDU OD VXLWH 66/B56$B(;3257B:,7+B'(6BB0' HQ OD TXH VH
FRPSUHQGHTXHVHXVD56$SDUDHOFLIUDGRGHODFODYHS~EOLFD'(6FRPRDOJRULWPRGHFLIUDGR
VLPpWULFRFRQXQDFODYHGHELWV\0'FRPRDOJRULWPRGHUHVXPHQRKDVK&RQHVWRYHPRV
TXHXQDVXLWHGHFLIUDGRHQJORED
x (ODOJRULWPRGHFODYHS~EOLFDXVDGRSDUDHOLQWHUFDPELRGHFODYHV
x (ODOJRULWPRGHFLIUDGRVLPpWULFRXVDGR
x (ODOJRULWPRGHUHVXPHQXVDGR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 )DFWRUtDVGHVRFNHWV
6LTXHUHPRVHQWHQGHUFRPR66/VHLQWHJUDHQ QXHVWUDDSOLFDFLyQGHEHPRVFRPSUHQGHU
FRPRIXQFLRQDQODV&XVWRP6RFNHW)DFWRULHV/RVSDVRVDUHDOL]DUSDUDFUHDUXQDQXHYD6RFNHW
)DFWRU\VRQ
 &UHDU GH XQ IOXMR VWUHDP  GH HQWUDGD \ RWUR GH VDOLGD TXH H[WLHQGDQ GH ODV FODVHV
)LOWHU,QSXW6WUHDP \ )LOWHU2XWSXW6WUHDP UHVSHFWLYDPHQWH (VWR HV QHFHVDULR SRUTXH OD
FDSDVRFNHWXWLOL]DHOFRQFHSWRGH6WUHDPSDUDLPSOHPHQWDUODFRQH[LyQDODUHG
 &UHDUQXHVWURQXHYRVRFNHWTXHGHEHH[WHQGHUGHODFODVH6RFNHWXWLOL]DQGRORV6WUHDPV
FUHDGRVHQHOSXQWR$OFUHDUXQQXHYRWLSRGHVRFNHWWHQHPRVTXHUHGHILQLUORVVWUHDPV
TXHYDDGHYROYHUQXHVWURQXHYRVRFNHW
 &UHDU OD QXHYD 6RFNHW )DFWRU\ TXH XWLOLFH ORV QXHYRV VRFNHWV FUHDGRV HQ HO SXQWR
DQWHULRU

(Q OD LPSOHPHQWDFLyQ GH ORV PpWRGRV ZULWH \ UHDG GH ORV VWUHDPV F UHDGRV HV GRQGH
GHILQLPRVUHDOPHQWHHOFRPSRUWDPLHQWRGHQXHVWUDFDSDGHWUDQVSRUWHHVGHFLUDKtHVGRQGHVH
GHEHUiLPSOHPHQWDUODHQFULSWDFLyQFRPSUHVLyQRFXDOTXLHURWUDDFFLyQGHVHDGD(QFDPELRORV
PpWRGRV GH OD QXHYD FODVH VRFNHW QR VHUi QHFHVDULR YROYHU D LPSOHPHQWDUORV \ VLPSOHPHQWH
EDVWDUi FRQ UHVFULELUORV 3RU XOWLPR OR ~QLFR TXH QRV TXHGD SRU KDFHU HV XWLOL]DU QXHVWUD
6RFNHW)DFWRU\HQXQSURJUDPD$FRQWLQXDFLyQVHPXHVWUDXQIUDJPHQWRGHFyGLJRHQHOTXHVH
LQVWDQFLDXQVRFNHW66/XWLOL]DQGRODIDFWRUtDTXHSURSRUFLRQD-DYDSRUGHIHFWR

66/6HUYHU6RFNHW)DFWRU\VHUYHUVI
66/6HUYHU6RFNHW)DFWRU\ 66/6HUYHU6RFNHW)DFWRU\JHW'HIDXOW 
66/6HUYHU6RFNHWV  66/6HUYHU6RFNHW VHUYHUVIFUHDWH6HUYHU6RFNHW  
66/6RFNHWF  66/6RFNHW VDFFHSW 

3RGHPRV FRPSUREDU TXH XWLOL]DQGR HO $3, GH UHIHUHQFLD GH 6XQ VH SXHGH DxDGLU GH
IRUPD VHQFLOOD OD IXQFLRQDOLGDG GH 66/ HQ ORV SURJUDPDV -DYD DXQTXH HO UHQGLPLHQWR VHD
EDVWDQWHSREUH\DTXHVHQHFHVLWDJUDQFDSDFLGDGGHSURFHVDGR


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 ,PSOHPHQWDFLyQPHGLDQWHPLGGOHZDUH 50,&25%$ 

8QDYH]UHDOL]DGDODLPSOHPHQWDFLyQGHODDSOLFDFLyQ*R\DPHGLDQWH6RFNHWV\VLHQGR
QHFHVDULRHOGLVHxRGHXQSURWRFRORTXHGHILQDODVUHJODV\FULWHULRVQHFHVDULRVSDUDHOSDVRGH
PHQVDMHVDWUDYpVGHORVHQODFHVGHFRPXQLFDFLRQHVSRGHPRVFRQVLGHUDUHOHVIXHU]R\WLHPSR
QHFHVDULRSDUDUHDOL]DUXQSURWRFRORGHHVWDVFDUDFWHUtVWLFDV6LQHPEDUJRDOWHQHUFRQRFLPLHQWR
GHODH[LVWHQFLDGHRWUDVWHFQRORJtDVRULHQWDGDVDREMHWRVGLVWULEXLGRVFRPRVRQ50, 5HPRWH
0HWKRG ,QYRFDWLRQ  \ &25%$ VH FRQVLGHUD TXH XWLOL]DQGR HO PLGGOHZDUH TXH RIUHFHQ HVWDV
WHFQRORJtDVHOGHVDUUROORGHODDSOLFDFLyQVHYHUtDVLPSOLILFDGRHQJUDQPHGLGD$FRQWLQXDFLyQ
VHSUHVHQWDUiXQUHVXPHQFRPSDUDWLYRGHODVFDUDFWHUtVWLFDVTXHODVWHFQRORJtDV6RFNHWV50,\
&25%$SUHVHQWDQSDUDHOGHVDUUROORGHDUTXLWHFWXUDVFOLHQWHVHUYLGRUVLPLODUHVDODDSOLFDFLyQ
GHVDUUROODGDHQHVWHSUR\HFWRTXHQRVVHUYLUiSDUDHYDOXDUODVHQEDVHDXQDVHULHGHFULWHULRV'H
IRUPDUHVXPLGDODVFDUDFWHUtVWLFDVTXHVHFRQVLGHUDUiQVHHQJOREDQHQFLQFRDVSHFWRV
 3URFHVRGHGHVDUUROOR&OLHQWH6HUYLGRU
 *UDGRGHLQWHJUDFLyQFRQ-DYD
 ,QVWDODFLyQ\GHVSOLHJXH
 5HQGLPLHQWR
 (VFDODELOLGDG

/RVSXQWRVTXHVHFRQVLGHUDQHQODWDEODFRPSDUDWLYDVRQORVVLJXLHQWHV

1LYHOGH$EVWUDFFLyQ$PHGLGDTXHHOQLYHOGHDEVWUDFFLyQRIUHFLGRSRUODWHFQRORJtDDXPHQWD
QXHVWUD DSOLFDFLyQ GHEH UHDOL]DU PHQRV WDUHDV &RQ ORV 6RFNHWV WHQtDPRV TXH GHILQLU
FRQYHQFLRQHV GH SDVR GH SDUiPHWURV WLSRV GH GDWRV PDUVKDOLQJ GHILQLFLyQ GH VHUYLFLRV HWF
&25%$\50,SRVHHQXQPD\RUQLYHOGHDEVWUDFFLyQ

,QWHJUDFLyQ FRQ -DYD &25%$ \ 50, SURYHHQ OD PHMRU LQWHJUDFLyQ FRQ -DYD /RV 6RFNHWV
RIUHFHQOLEUHUtDVGHEDMRQLYHO

6RSRUWH PXOWLSODWDIRUPD 7DQWR &25%$ 50, \ 6RFNHWV VH HMHFXWDQ HQ OD PD\RUtD GH ODV
SODWDIRUPDV\DTXHHV-DYD

,PSOHPHQWDFLyQ WRWDO HQ -DYD +D\ LPSOHPHQWDFLRQHV GH &25%$ 6RFNHWV \ 50, HVFULWDV
FRPSOHWDPHQWHHQ-DYD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

6RSRUWHGHWLSRV /DVWHFQRORJtDVEDVDGDVHQ2EMHWRV'LVWULEXLGRVSURYHHQVRSRUWHSDUDWLSRV
GH GDWRV \ FKHTXHR HQ WLHPSR GH FRPSLODFLyQ \ HMHFXFLyQ &25%$ SHUPLWH HVSHFLILFDU
SDUiPHWURV GH VDOLGD \ GH HQWUDGDVDOLGD 50, VyOR GH HQWUDGD \ ORV 6RFNHWV QR SURYHHQ
QLQJXQR

)DFLOLGDGGHFRQILJXUDFLyQ/DFRQILJXUDFLyQSDUDODVWUHVWHFQRORJtDVHVVHQFLOOD1RREVWDQWH
HOWUDEDMRFRQVLVWHPDVGLVWULEXLGRVQRHVIiFLO

,QYRFDFLyQ GH PpWRGRV GLVWULEXLGD 6yOR ODV EDVDGDV HQ 2EMHWRV 'LVWULEXLGRV SHUPLWHQ OD
LQYRFDFLyQGLVWULEXLGDGHPpWRGRV&25%$DGHPiVVRSRUWDUHIHUHQFLDVDREMHWRV~QLFDV

(VWDGRHQWUHLQYRFDFLRQHV &RQ6RFNHWVSRGHPRVPDQWHQHUHOHVWDGRSHURXQDYH]PiVHVWR
YDSRUFXHQWDGHOSURJUDPDGRU/DVGRVWHFQRORJtDVGH2EMHWRV'LVWULEXLGRVFRQVHUYDQHOHVWDGR
GH VXV REMHWRV SHUR VyOR &25%$ RIUHFH XQ LGHQWLILFDGRU ~QLFR D FDGD REMHWR TXH SHUPLWH
UHFRQHFWDUDOPLVPRREMHWR FRQVXPLVPRHVWDGR HQXQPRPHQWRSRVWHULRU

6RSRUWH GH 0HWDLQIRUPDFLyQ 6yOR &25%$ VRSRUWD LQWURVSHFFLyQ SHUPLWHQ GHVFXEULU GH


IRUPDGLQiPLFDORVLQWHUIDFHVTXHRIUHFHXQREMHWR &25%$ VRSRUWD WDPELpQ 5HSRVLWRULRV GH
,QWHUIDFHVLQWHU25%

,QYRFDFLyQGLQiPLFD 8QDYH]PiVVyOR&25%$RIUHFHHVWDSRVLELOLGDG

5HQGLPLHQWR&25%$\ORV6RFNHWVVRQORVTXHRIUHFHQXQPHMRUUHQGLPLHQWRPLHQWUDVTXH
50,HVWiPX\OHMRVGHHVWDVFLIUDV

6HJXULGDG /RV 6RFNHWV SURYHHQ VHJXULGDG D WUDYpV GH 66/ 6HFXUH 6RFNHW /D\HU  &25%$
GHILQH WDPELpQ XQ VHUYLFLR GH VHJXULGDG LQWHJUDGR HQ HO 25% 7DQWR &25%$ FRPR 50,
VRSRUWDQ66/

2EMHWRV SHUVLVWHQWHV 6yOR &25%$ SHUPLWH REMHWRV SHUVLVWHQWHV TXH WDPELpQ SRVHHQ
UHIHUHQFLDVSHUVLVWHQWHV

6RSRUWH PXOWLOHQJXDMH 7RGRV ORV OHQJXDMHV VRSRUWDQ 6RFNHWV 50, VyOR IXQFLRQD FRQ -DYD
&25%$RIUHFHWDPELpQVRSRUWHPXOWLOHQJXDMHGHILQLHQGRXQHVWiQGDUGHPDSSLQJGHDOWRQLYHO

3URWRFROR FRP~Q PXOWLOHQJXDMH &25%$ SURYHH SURWRFRORV HVWiQGDU GH FRPXQLFDFLyQ HQWUH
HQWLGDGHVLQGHSHQGLHQWHVGHOOHQJXDMHHO6LVWHPD2SHUDWLYR\ODSODWDIRUPDKDUGZDUH


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

(VFDODELOLGDG/RV6RFNHWVVRSRUWDQHVFDODELOLGDGDWUDYpVGHUHGHV7&3,36LQHPEDUJRHVWH
VRSRUWH HV D XQ QLYHO GH DEVWUDFFLyQ PX\ EDMR (Q FRQWUDVWH &25%$ RIUHFH IHGHUDFLRQHV GH
25%V GRPLQLRV GH QRPEUHV HWF ,,23 HVWDEOHFH XQD PDQHUD HVWiQGDU GH SURSDJDU
WUDQVDFFLRQHVVHJXULGDGHWFDWUDYpVGH25%VGHGLVWLQWRVIDEULFDQWHV/DLGHDEiVLFDHVTXH
SURYHHODLQIUDHVWUXFWXUDSDUDFRQHFWDU25%VGpELOPHQWHDFRSODGRV

(VWiQGDU DELHUWR 8QD LQIUDHVWUXFWXUD GH DSOLFDFLRQHV GLVWULEXLGDV D HVFDOD PXQGLDO TXH
SRVLEOHPHQWHVHLQWHJUHFRQ,QWHUQHWQRSXHGHSHUWHQHFHUDXQD~QLFDFRPSDxtD'HEHEDVDUVH
HQXQFRQMXQWRGHHVWiQGDUHVELHQGHILQLGRHQHOTXHORVGLVWLQWRVYHQGHGRUHVSXHGDQFRPSHWLU
VLQDOFDQ]DUQLQJXQRHOFRQWUROWRWDO&25%$\6RFNHWVVRQDELHUWRVHVWiQFRQWURODGRVSRUXQ
FXHUSRGHHVWDQGDUL]DFLyQ50,QRORHV\DTXHSHUWHQHFHD6XQ

&DUDFWHUtVWLFD &25%$ 50, 6RFNHWV


1LYHOGHDEVWUDFFLyQ   
,QWHJUDFLyQFRQ-DYD   
6RSRUWHPXOWLSODWDIRUPD   
,PSOHPHQWDFLyQWRWDOHQ-DYD   
6RSRUWHGHWLSRV   
)DFLOLGDGGHFRQILJXUDFLyQ   
,QYRFDFLyQGHPpWRGRVGLVWULEXLGD   œ
(VWDGRHQWUHLQYRFDFLRQHV   
0HWDLQIRUPDFLyQ  œ œ
,QYRFDFLRQHVGLQiPLFDV   œ
  
5HQGLPLHQWR SLQJ
PV PV PV
6HJXULGDG   
2EMHWRVSHUVLVWHQWHV  œ œ
6RSRUWHPXOWLOHQJXDMH  œ 
3URWRFRORFRP~QPXOWLOHQJXDMH  œ œ
(VFDODELOLGDG   
(VWiQGDUDELHUWR   

 PHMRU  SHRU œ 1$PX\PDODRLQH[LVWHQWH

&RPRVHGHVSUHQGHGHOD WDEOD HQOD TXH VH DQDOL]DQORVSXQWRV PiV LPSRUWDQWHV TXH


KHPRV LGR GHVFXEULHQGR GXUDQWH HO HVWXGLR GH WRGDV ODV WHFQRORJtDVOD PHMRU WHFQRORJtD HV OD
LQWHJUDFLyQGH-DYDFRQ&25%$


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 %LEOLRJUDItD

&OLHQWH6HUYLGRU

>%RDU@ %HUQDUG+%RDU,PSOHPHQWLQJFOLHQWVHUYHUFRPSXWLQJDVWUDWHJLFSHUVSHFWLYH
0F*UDZ+LOO
>2+(@ 5REHUW2UIDOL>HWDO@(VVHQWLDOFOLHQWVHUYHUVXUYLYDOJXLGH-RKQ:LOH\DQG
6RQV
>+DUROG@ (OOLRWWH5XVW\+DUROG-DYDQHWZRUNSURJUDPPLQJ 2
5HLOO\
>$OODPD@ 6XEUDKPDQ\DP$OODPDUDMX>HWDO@3URIHVVLRQDO-DYD6HUYHUSURJUDPPLQJ
-(((GLWLRQ:UR[3UHVV
>)DUOH\@ -LP)DUOH\-DYDGLVWULEXWHGFRPSXWLQJ 2
5HLOO\

x ³/D$UTXLWHFWXUD&OLHQWH6HUYLGRU</DV/RJLFDV'H0HGLFLyQ´'U$OYDUR5HQGyQ
*DOOyQ8QLYHUVLGDG'HO&DXFD
x ³6LVWHPDVHQDUTXLWHFWXUD&OLHQWH6HUYLGRU´'HSDUWDPHQWRGHFRQWUROGHFDOLGDG\
DXGLWRUtD
x ³6LVWHPDV2SHUDWLYRV'LVWULEXLGRV´)HUQDQGR3pUH]&RVWRYD-RVH0DUtD3HxD6DQFKH]
x ³0pWRGRV'H&RPSXWDFLyQ'LVWULEXLGD´'-XDQ-RVp*RQ]iOH]&LG8QLYHUVLGDGGH
9LJR(VFXHOD6XSHULRUGH,QJHQLHUtD,QIRUPiWLFD
x ³$UTXLWHFWXUD&OLHQWH6HUYLGRU´$UPDQGR6XiUH]&XHWR*3/6,

&RQFXUUHQFLD

>/HD@ 'RXJ/HD3URJUDPDFLyQFRQFXUUHQWHHQ-DYDSULQFLSLRV\SDWURQHVGHGLVHxR
$GGLVRQ:HVOH\HG
>+\GH@ 3DXO+\GH-DYDWUHDGSURJUDPPLQJ6DPV
>.OHLPDQ@ 6WHYH.OHLPDQ>HWDO@3URJUDPPLQJZLWKWKUHDGV 6XQVRIW3UHVV
>/HD@ 'RXJ/HD3URJUDPDFLyQFRQFXUUHQWHHQ-$9$SULQFLSLRV\SDWURQHVGH
GLVHxR$GGLVRQ:HVOH\HG


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

3DWURQHV

>*UDQG@ 0DUN*UDQG3DWWHUQVLQ-DYD9ROXPHDFDW DORJRIUHXVDEOHGHVLJQSDWWHUQV


LOOXVWUDWHGZLWK80/-RKQ:LOH\DQG6RQV
>*DPPD@ (ULFK*DPPD>HWDO@(OHPHQWVRI5HXVDEOH2EMHFW2ULHQWHG6RIWZDUH
$GGLVRQ:HVOH\
>*DPPD@ (ULFK*DPPD>HWDO@'HVLJQ3DWWHUQV(OHPHQWVRI5HXVDEO H2EMHFW2ULHQWHG
6RIWZDUH$GGLVRQ:HVOH\

x $UWLFXOR³'LVHxRGH6RIWZDUHFRQSDWURQHV´$OEHUWR0ROSHFHUHV
x KWWSZZZDTVHVZHEILOHVGHVLJQSDWWHUQV+WPO

80/

>/DUPDQ@ &UDLJ/DUPDQ80/\SDWURQHVLQWURGXFFLyQDODQiOLVLV\GLVHxRRULHQWDGRD
REMHWRV3UHQWLFH+DOOHG
>5HHG@ 3DXO5HHG'HYHORSLQJDSSOLFDWLRQVZLWK-DYDDQG80/ $GGLVRQ:HVOH\

>4XDWUDQL@ 7HUU\4XDWUDQL9LVXDOPRGHOLQJZLWK5DWLRQDO5RVHDQG80/$GGLVRQ
:HVOH\
>5DWLRQDO@5DWLRQDO6RIWZDUH&RUSRUDWLRQ5DWLRQDO5RVH(QWHUSULVH(GLWLRQ
KWWSZZZUDWLRQDOFRP

-DYD

x 8VLQJ-DYD´-RVHSK:HEHU(GLFLyQ 48(&RUSRUDWLRQ
x ³&RUH-DYD´&D\6+DUVWPDQQ<*DU\&RUQHOO6XQ0LFURV\VWHPV3UHVV
x ³-DYD$O'HVFXELHUWR´'H-DLPH-DZRUVNL  3UHQWLFH+DOO
x ³7KLQNLQJ,Q3DWWHUQV:LWK-DYD´'H%UXFH(FNHO3UHVLGHQW0LQGYLHZ,QF
x 6810LFURV\VWHPV7KH-6('RFXPHQWDWLRQ KWWSMDYDVXQFRPGRFV 
x 8VLQJ-DYD´-RVHSK:HEHU(GLFLyQ 48(&RUSRUDWLRQ
x ³&RUH-DYD´&D\6+DUVWPDQQ<*DU\&RUQHOO6XQ0LFURV\VWHPV3UHVV
x ³-DYD$O'HVFXELHUWR´'H-DLPH-DZRUVNL  3UHQWLFH+DOO
x ³7KLQNLQJ,Q3DWWHUQV:LWK-DYD´'H%UXFH(FNHO3UHVLGHQW0LQGYLHZ,QF


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

6HJXULGDG

>7KRPDV@ 6WHSKHQ7KRPDV66/DQG7/6HVVHQWLDOVVHFXULQJWKH:HE-RKQ:LOH\DQG
6RQV
>3LVWRLD@ 0DUFR3LVWRLD>HWDO@-DYDQHWZRUNVHFXULW\3UHQWLFH+DOO
>-DZRUVNL@ -DPLH-DZRUVNL3DXO-3HUURQH6HJXULGDGHQ-DYDHGLFLyQHVSHFLDO3UHQWLFH
+DOO
>2DNV@ 6FRWW2DNV-DYDVHFXULW\2
5HLOO\
>6XQ@ 6XQ0LFURV\VWHPV-DYD706HFXULW\ KWWSMDYDVXQFRPVHFXULW\ 

2WURV3UR\HFWRV)LQGH&DUUHUD

x ³2EMHWRV'LVWULEXLGRV\SHUVLVWHQFLDFRQ&25%$-DYD<&´-DYLHU&DUORV5RV
6DQFKH])DFXOWDGGH,QIRUPiWLFD8QLYHUVLGDGGH0XUFLD
x ³&RPHUFLR(OHFWUyQLFR7HFQRORJtD\$SOLFDFLRQHV´)HOLSH-6HYLOOD*DUQLFD
x ³3ODWDIRUPDGHDFFHVRDMXHJRVPXOWLMXJDGRUHQ,QWHUQHW´-XDQ0DUtD&DOYR7LUDGR
8QLYHUVLGDGGH9DOODGROLG(VFXHOD7pFQLFD6XSHULRUGH,QJHQLHUtD,QIRUPiWLFD
x ³*XtDGHFRQVWUXFFLyQGHVRIWZDUHHQMDYDFRQSDWURQHVGHGLVHxR´)UDQFLVFR-DYLHU
0DUWtQH]-XDQ(VFXHOD8QLYHUVLWDULDGH,QJHQLHUtDWpFQLFDHQLQIRUPiWLFDGH2YLHGR
x ³$SOLFDFLRQHV'LVWULEXLGDVHQ,QWHUQHW,QWUDQHWV'H/RV6RFNHWVDORV2EMHWRV
'LVWULEXLGRV´'LHJR6HYLOOD5XL])DFXOWDGGH,QIRUPiWLFD8QLYHUVLGDGGH0XUFLD


3URWRFRORGHFRPXQLFDFLRQHVSDUDURERWVGHVHUYLFLRVEDVDGRHQVRFNHWV

 'RFXPHQWRV\ILFKHURVDGMXQWDGRVDOSUR\HFWR

-XQWRDODSUHVHQWHGRFXPHQWDFLyQVHHQWUHJDXQ&'520HVWHGLVFRFRQWLHQHODYHUVLyQ
GLJLWDOGHHVWHGRFXPHQWRVHQIRUPDWR:RUGORVGRFXPHQWRVHQIRUPDWRGLJLWDOHPSOHDGRVSDUD
OD UHDOL]DFLyQ GHO SUR\HFWR ORV ILFKHURV IXHQWH HPSOHDGRV SDUD OD UHDOL]DFLyQ GH OD DSOLFDFLyQ
GHVDUUROODGD

(OFRQWHQLGRGHHVWHGLVFRSRUGLUHFWRULRVHVHOVLJXLHQWH

'RFXPHQWDFLyQ&RQWLHQHWRGDODGRFXPHQWDFLyQHQWUHJDGDFRQHOSUR\HFWRLPSUHVDHQSDSHO

&yGLJR )XHQWH ,QFOX\H WRGRV ORV ILFKHURV QHFHVDULRV SDUD FRPSLODU OD DSOLFDFLyQ *R\D DVt
FRPRORVILFKHURVGH3UR\HFWRGH.DZD

-DYDGRFV'LVSRQHGHODGRFXPHQWDFLyQ+70/GHORVSDTXHWHV\FODVHVTXHIRUPDQSDUWHGHOD
DSOLFDFLyQ *R\D JHQHUDGD DXWRPiWLFDPHQWH FRQ OD KHUUDPLHQWD -DYDGRF SURSRUFLRQDGD SRU
-DYD6RIWHQHO-'.

-$5&RQWLHQHORVILFKHURV-$5TXHDOPDFHQDQODVFODVHVGHODDSOLFDFLyQ
R &OLHQWMDUÆ -$5GHOFOLHQWHGHODDSOLFDFLyQ
R 6HUYHUMDUÆ -$5GHOVHUYLGRUGHODDSOLFDFLyQ

80/,QFOX\HORVILFKHURVGHSUR\HFWRGH5DWLRQDO5RVHTXHFRQWLHQHQWRGRVORVGLDJUDPDV
80/SUHVHQWDGRVHQODPHPRULD



You might also like