You are on page 1of 14

&5,7(5,26(63(&Ì),&26'($&5(',7$&,Ð1² &($

75$=$%,/,'$'0(752/Ð*,&$ 9HUVLyQ






&5,7(5,26(63(&Ì),&26'($&5(',7$&,Ð1
75$=$%,/,'$'0(752/Ð*,&$


 

 

&($9HUVLyQ
$QWHV&($ 









(/$%25Ï 5(9,6Ï $352%Ï
  
  
',5(&7257e&1,&2&225',1$'25(6  
6(&725,$/(6/$%25$725,2 &20,7e7e&1,&2±&216(-2',5(&7,92 
&$/,%5$&,Ï1<(16$<2 3$57(6,17(5(6$'$6 &2168/7$3Ò%/,&$ 
*58327e&1,&2$6(625'(   ',5(&725(-(&87,92
/$%25$725,26
&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

TABLA DE CONTENIDO

 2%-(7,92

 $8725,$

 ,1752'8&&,Ï1

 $/&$1&(

 -867,),&$&,Ï1

 '2&80(1726'(5()(5(1&,$

 '(),1,&,21(6<&219(1&,21(6

 /,1($0,(1726

 127$6$&/$5$725,$6 1250$7,9$6 

 '2&80(17265(/$&,21$'26

 5(680(1'(&$0%,26

 $1(;2$*8,$'(&216,'(5$&21(6&8$1'2/$75$=$%,/,'$'12(67È(67$%/(&,'$
$75$9e6'(/&,3005$<$&8(5'26,/$& 
 
&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

 2%-(72

$VHJXUDU HO FXPSOLPLHQWR GH ORV UHTXLVLWRV HVWDEOHFLGRV SRU ODV QRUPDV 17&±,62,(& 
³5HTXLVLWRV JHQHUDOHV SDUD OD FRPSHWHQFLD GH ODERUDWRULRV GH HQVD\R \ FDOLEUDFLyQ´ 17&,62 
 /DERUDWRULRV &OtQLFRV  ³5HTXLVLWRV SDUWLFXODUHV UHODWLYRV D OD FDOLGDG \ D OD FRPSHWHQFLD \ ODV
GLUHFWULFHV GDGDV HQ HO GRFXPHQWR ,/$& 3 ³3ROLF\ RQ WUDFHDELOLW\ RI PHDVXUHPHQWV UHVXOWV´
UHVSHFWRGHODWUD]DELOLGDGPHWUROyJLFDGHODVPHGLFLRQHV

)DFLOLWDU OD LPSOHPHQWDFLyQ GH SROtWLFDV \ SURFHGLPLHQWRV GH OD &RRSHUDFLyQ ,QWHUDPHULFDQD GH
$FUHGLWDFLyQ ,$$& SDUDHVWDEOHFHUPDQWHQHU\DPSOLDUHODFXHUGRGHUHFRQRFLPLHQWRPXOWLODWHUDO 0/$
GH ,$$&  HQWUH ORV RUJDQLVPRV GH DFUHGLWDFLyQ TXH VRQ VLJQDWDULRV GHO PHPRUDQGR GH HQWHQGLPLHQWR
028 GH,$$&

/RVUHTXLVLWRVULJHQDSDUWLUGHHQHURGH

 $8725Ì$

(VWHGRFXPHQWRIXHSUHSDUDGRSRUHO2UJDQLVPR1DFLRQDOGH$FUHGLWDFLyQGH&RORPELD21$&FRQEDVH
HQHO GRFXPHQWR³,/$&3,/$&3ROLF\RQ7UDFHDELOLW\RI0HDVXUHPHQW5HVXOWV´ (QVXYHUVLyQ
SUHYLD GHO GRFXPHQWR 21$& ³3ROtWLFD GH 7UD]DELOLGDG 0HWUROyJLFD´ YHUVLyQ   \ HQ VX UHYLVLyQ \
SUHSDUDFLyQVHFRQWyFRQHODSR\RGHORVUHSUHVHQWDQWHVGHO,QVWLWXWR1DFLRQDOGH0HWURORJtDGH&RORPELD
\GHORVJUXSRVWpFQLFRV DVHVRUHV±*7$ GH HQVD\RV\ FDOLEUDFLRQHV\GHO&RPLWp 7pFQLFRGHO&RQVHMR
'LUHFWLYRGH21$&

 ,1752'8&&,Ð1

(O 2UJDQLVPR 1DFLRQDO GH $FUHGLWDFLyQ GH &RORPELD ± 21$& SUHVHQWD OD DFWXDOL]DFLyQ GHO GRFXPHQWR
³32/Ë7,&$'(75$=$%,/,'$'0(752/Ï*,&$&($´ GHQRPLQDGRDFWXDOPHQWHFRPR³&5,7(5,26
(63(&Ë),&26 '( $&5(',7$&,Ï1   75$=$%,/,'$' 0(752/Ï*,&$ ± &($´ 9HUVLyQ  TXH
EXVFDGDUUHVSXHVWDDORVFULWHULRVQHFHVLGDGHV\H[LJHQFLDVWDQWRQDFLRQDOHVFRPRLQWHUQDFLRQDOHVSDUD
VHU DSOLFDGDV SRU ORV 2UJDQLVPRV GH (YDOXDFLyQ GH OD &RQIRUPLGDG  GH IRUPD WDO TXH VH GHPXHVWUH
FRPSHWHQFLDWpFQLFDHQODUHDOL]DFLyQGHFDOLEUDFLRQHVPHGLFLRQHV\HQVD\RV

/DWUD]DELOLGDGPHWUROyJLFDHVXQIDFWRUGHWHUPLQDQWHHQODFRQILDQ]DGHORVUHVXOWDGRVGHXQDPHGLFLyQ
VLWXDFLyQ TXH REOLJD D JHQHUDU XQD DGHFXDGD DUPRQtD HQWUH ODV SUiFWLFDV \ SROtWLFDV FODYHV GH ORV
RUJDQLVPRVGHDFUHGLWDFLyQUHVSHFWRDORVFULWHULRVGHVFULWRVHQORVGRFXPHQWRV,$$&0'6HFFLyQ
³3ROtWLFDV \ SURFHGLPLHQWRV SDUD DFXHUGRV GH UHFRQRFLPLHQWR PXOWLODWHUDO HQWUH RUJDQLVPRV GH
DFUHGLWDFLyQ´ ,/$&3³3ROLF\RQWUDFHDELOLW\RIPHDVXUHPHQWVUHVXOWV´ TXHGDQODSDXWDSDUD
DVHJXUDU TXH ODV PHGLFLRQHV VH UHDOL]DQ EDMR XQD FDGHQD GHPRVWUDEOH GH WUD]DELOLGDG D SDWURQHV GH
UHIHUHQFLD QDFLRQDOHV R LQWHUQDFLRQDOHV /DV PHGLFLRQHV GHEHQ VHU UHVSDOGDGDV SRU HYLGHQFLDV TXH
DSR\HQ OD UHVSXHVWD GH UHVXOWDGRV FRQILDEOHV GH ORV LQVWUXPHQWRV TXH VH XWLOL]DQ SDUD FXDQWLILFDU R
FXDOLILFDUXQSDUiPHWURRFDUDFWHUtVWLFDGHLQWHUpV


&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

(O6XEVLVWHPD1DFLRQDOGHOD&DOLGDGGH&RORPELD61&$UHFRQRFHTXHODFRQIRUPLGDGGHORVSURGXFWRV
\ VHUYLFLRV VH GHPXHVWUD D WUDYpV GH ODV PHGLFLRQHV UHDOL]DGDV SRU ORV ODERUDWRULRV \ RUJDQLVPRV GH
LQVSHFFLyQ DFUHGLWDGRV FXDQGR VHD DSOLFDEOH OD PHGLFLyQ HQ VX DFWLYLGDG GH GHWHUPLQDFLyQ  ODV FXDOHV
GHEHQVHUFRQILDEOHV\WUD]DEOHVDO6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV±6,

 $/&$1&(

/RVFRQFHSWRV\GLUHFWULFHVGDGRVHQHVWHGRFXPHQWRGHEHQVHUDSOLFDGRVDODVPHGLFLRQHVUHDOL]DGDVSRU
ORV ODERUDWRULRVGHHQVD\RODERUDWRULRVGHFDOLEUDFLyQ\ODERUDWRULRV FOtQLFRV RUJDQLVPRVGHLQVSHFFLyQ
DFUHGLWDGRV FXDQGR VHD DSOLFDEOH OD PHGLFLyQ HQ VX DFWLYLGDG GH GHWHUPLQDFLyQ  R TXH VROLFLWDQ R
PDQWLHQHQVXDFUHGLWDFLyQDQWHHO21$&

 -867,),&$&,Ð1

(O 2UJDQLVPR 1DFLRQDO GH $FUHGLWDFLyQ GH &RORPELD ± 21$& HVWDEOHFH ORV &($ HQ WUD]DELOLGDG
PHWUROyJLFD SDUD GDUFXPSOLPLHQWR D ORV UHTXLVLWRV HVWDEOHFLGRV D QLYHO LQWHUQDFLRQDO HQ HO GRFXPHQWR
³,/$& 3,/$& 3ROLF\ RQ7UDFHDELOLW\ RI 0HDVXUHPHQW 5HVXOWV´ \ SDUD DVHJXUDU OD DFHSWDFLyQ
LQWHUQDFLRQDOGHODVPHGLGDVUHDOL]DGDVSRUORV2(&GHO3DtV

/RVFULWHULRVHVSHFtILFRVGHDFUHGLWDFLyQUHVSHFWRDODWUD]DELOLGDGGHODVPHGLFLRQHVHVWiQGHVWLQDGRVD
YHODUSRUODFRKHUHQFLDGHODVSUiFWLFDVQDFLRQDOHVFRQODVSROtWLFDVLQWHUQDFLRQDOHVSHUWLQHQWHVFRQPLUDV
DIDFLOLWDUODVXVFULSFLyQGHDFXHUGRVGHUHFRQRFLPLHQWRVPXOWLODWHUDOHV\ELODWHUDOHVGHODDFUHGLWDFLyQ(Q
HVWH FRQWH[WR HO 2UJDQLVPR 1DFLRQDO GH $FUHGLWDFLyQ GH &RORPELD21$& SDUD ILUPDU HO $FXHUGR GH
5HFRQRFLPLHQWR0XWXR,$$& 0/$ \PDQWHQHUVXHVWDWXVGHVLJQDWDULRGHOPLVPRUHTXLHUHGHPRVWUDUOD
FRPSHWHQFLD WpFQLFD GH ORV ODERUDWRULRV GH HQVD\R ODERUDWRULRV FOtQLFRV \ ODERUDWRULRV GH FDOLEUDFLyQ
DFUHGLWDGRVRUJDQLVPRVGHLQVSHFFLyQDFUHGLWDGRV FXDQGRVHDDSOLFDEOHODPHGLFLyQHQVXDFWLYLGDGGH
GHWHUPLQDFLyQ D WUDYpV GH OD GHPRVWUDFLyQ GHO FXPSOLPLHQWR GH ORV UHTXLVLWRV GH WUD]DELOLGDG HQ ORV
UHVXOWDGRVGHPHGLFLyQ

 '2&80(1726'(5()(5(1&,$

3DUD OD HODERUDFLyQ GH HVWH GRFXPHQWR VH KDQ FRQVLGHUDGR OLQHDPLHQWRV JHQHUDOHV FRQVXOWDGRV R
H[WUDFWDGRVGHORVVLJXLHQWHVGRFXPHQWRV

>@,62,(&*XLGHLQWHUQDWLRQDO9RFDEXODU\RI0HWURORJ\
>@ 17&±,62,(&  5HTXLVLWRV JHQHUDOHV SDUD OD FRPSHWHQFLD GH ODERUDWRULRV GH HQVD\R \
FDOLEUDFLyQ
>@ 17&,62  /DERUDWRULRV &OtQLFRV  ³5HTXLVLWRV SDUWLFXODUHV UHODWLYRV D OD FDOLGDG \ D OD
FRPSHWHQFLD
>@,$$&0',/$&3,/$&3ROLF\RQ7UDFHDELOLW\RI0HDVXUHPHQW5HVXOWV 3ROtWLFDGH,/$&
DFHUFDGHOD7UD]DELOLGDGGHODV0HGLFLRQHV 
>@ &DOLEUDWLRQ DQG 0HDVXUHPHQW &DSDELOLWLHV LQ WKH FRQWH[W RI WKH &,30 05$ &,30 05$' RU WKH
GRFXPHQWFDOLEUDWLRQDQGPHDVXUHPHQWFDSDELOLWLHV$SDSHUE\WKHMRLQW%,30,/$&ZRUNLQJJURXS 
>@,/$&*2,0/'*XLGHOLQHVIRUWKHGHWHUPLQDWLRQRIFDOLEUDWLRQLQWHUYDOVRIPHDVXULQJ
LQVWUXPHQWV
>@*XLGHIRUWKH8VHRIWKH,QWHUQDWLRQDO6\VWHPRI8QLWV 6, 1,676SHFLDO3XEOLFDWLRQ(GLWLRQ
>@-RLQW%,302,0/,/$&DQG,62'HFODUDWLRQRQ0HWURORJLFDO7UDFHDELOLW\GH1RYHPEHUGH
&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

>@,62*XLGH*HQHUDOUHTXLUHPHQWVIRUWKHFRPSHWHQFHRIUHIHUHQFHPDWHULDOSURGXFHUV
>@,/$&3,/$&3ROLF\IRU8QFHUWDLQW\LQ&DOLEUDWLRQ
>@,62,QYLWURGLDJQRVWLFPHGLFDOGHYLFHV0HDVXUHPHQWRITXDQWLWLHVLQELRORJLFDOVDPSOHV
0HWURORJLFDOWUDFHDELOLW\RIYDOXHVDVVLJQHGWRFDOLEUDWRUVDQGFRQWUROPDWHULDOV
>@,62,(&*XLGH7HUPVDQGGHILQLWLRQVXVHGLQFRQQHFWLRQZLWKUHIHUHQFHPDWHULDOV
>@,62,(&*XLGH5HIHUHQFHPDWHULDOV&RQWHQWVRIFHUWLILFDWHVDQGODEHOV
>@,62,(&*XLGH&DOLEUDWLRQLQDQDO\WLFDOFKHPLVWU\DQGXVHRIFHUWLILHGUHIHUHQFHPDWHULDOV


 '(),1,&,21(6<&219(1&,21(6

3DUD ORV ILQHV GH HVWH GRFXPHQWR VH DSOLFDQ ORV WpUPLQRV \ GHILQLFLRQHV SHUWLQHQWHV DO 9RFDEXODULR
,QWHUQDFLRQDOGH0HWURORJtD±9,0 ,62,(&*XLGH \ORVVLJXLHQWHV

&DGHQDGHWUD]DELOLGDGPHWUROyJLFD6XFHVLyQGHSDWURQHV\FDOLEUDFLRQHVTXHUHODFLRQDQXQUHVXOWDGR
GHPHGLGDFRQXQDUHIHUHQFLD
127$²8QDFDGHQDGHWUD]DELOLGDGPHWUROyJLFDVHGHILQHPHGLDQWHXQDMHUDUTXtDGHFDOLEUDFLRQHV
127$ ²/DFRPSDUDFLyQHQWUHGRVSDWURQHVGH PHGLGDSXHGHFRQVLGHUDUVHFRPRXQDFDOLEUDFLyQVL
pVWDVHXWLOL]DSDUDFRPSUREDU\VLSURFHGHFRUUHJLUHOYDORU\ODLQFHUWLGXPEUHGHPHGLGDDWULEXLGDDXQR
GHORVSDWURQHV

&DOLEUDFLyQRSHUDFLyQTXHEDMRFRQGLFLRQHVHVSHFLILFDGDVHVWDEOHFHHQXQDSULPHUDHWDSDXQDUHODFLyQ
HQWUH ORV YDORUHV \ VXV LQFHUWLGXPEUHV GH PHGLFLyQ DVRFLDGDV REWHQLGDV D SDUWLU GH ORV SDWURQHV GH
PHGLGD\ODVFRUUHVSRQGLHQWHVLQGLFDFLRQHVFRQVXVLQFHUWLGXPEUHVDVRFLDGDV\HQXQDVHJXQGDHWDSD
XWLOL]DHVWDLQIRUPDFLyQSDUDHVWDEOHFHUXQDUHODFLyQTXHSHUPLWDREWHQHUXQUHVXOWDGRGHPHGLGDDSDUWLU
GHXQDLQGLFDFLyQ

127$ 8QD FDOLEUDFLyQ SXHGH H[SUHVDUVH PHGLDQWH XQD GHFODUDFLyQ XQD IXQFLyQ GH FDOLEUDFLyQ XQ
GLDJUDPD GH FDOLEUDFLyQ XQD FXUYD GH FDOLEUDFLyQ R XQDWDEOD GH FDOLEUDFLyQ (Q DOJXQRV FDVRV SXHGH
FRQVLVWLUHQXQDFRUUHFFLyQDGLWLYDRPXOWLSOLFDWLYDGHODLQGLFDFLyQFRQVXLQFHUWLGXPEUHFRUUHVSRQGLHQWH

127$&RQYLHQHQRFRQIXQGLUODFDOLEUDFLyQFRQHODMXVWHGHXQVLVWHPDGHPHGLFLyQDPHQXGROODPDGR
LQFRUUHFWDPHQWH³DXWRFDOLEUDFLyQ´QLFRQXQDYHULILFDFLyQGHODFDOLEUDFLyQ

127$)UHFXHQWHPHQWHVHLQWHUSUHWDTXH~QLFDPHQWHODSULPHUDHWDSDGHHVWDGHILQLFLyQFRUUHVSRQGHD
ODFDOLEUDFLyQ

,10,QVWLWXWRV1DFLRQDOHVGH0HWURORJtDRLQVWLWXWRVGHVLJQDGRVSDUDPDQWHQHUORVSDWURQHVHQSDtVHVR
UHJLRQHVGHWRGRHOPXQGR(QHVWHGRFXPHQWRHOWpUPLQR,10HVXWLOL]DGRSDUDUHIHULUWDQWRORVLQVWLWXWRV
QDFLRQDOHVGHPHWURORJtDFRPRORVLQVWLWXWRVGHVLJQDGRVHQVXFDVR

0DWHULDO GH 5HIHUHQFLD 0DWHULDO VXILFLHQWHPHQWH KRPRJpQHR \ HVWDEOH FRQ UHVSHFWR D SURSLHGDGHV
HVSHFLILFDGDV HVWDEOHFLGR FRPR DSWR SDUD VX XVR SUHYLVWR HQ XQD PHGLFLyQ R HQ XQ H[DPHQ GH
SURSLHGDGHVFXDOLWDWLYDV

&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

0DWHULDO GH 5HIHUHQFLD &HUWLILFDGR 0DWHULDO GH UHIHUHQFLD DFRPSDxDGR SRU OD GRFXPHQWDFLyQ HPLWLGD
SRU XQ RUJDQLVPR DXWRUL]DGR TXH SURSRUFLRQD XQR R YDULRV YDORUHV GH SURSLHGDGHV HVSHFLILFDGDV FRQ
LQFHUWLGXPEUHV\WUD]DELOLGDGHVDVRFLDGDVHPSOHDQGRSURFHGLPLHQWRVYiOLGRV

7UD]DELOLGDG 0HWUROyJLFD 3URSLHGDG GH XQ UHVXOWDGR GH PHGLFLyQ SRU OD FXDO HO UHVXOWDGR SXHGH
UHODFLRQDUVH FRQ XQD UHIHUHQFLD PHGLDQWH XQD FDGHQD LQLQWHUUXPSLGD \ GRFXPHQWDGD GH FDOLEUDFLRQHV
FDGDXQDGHODVFXDOHVFRQWULEX\HDODLQFHUWLGXPEUHGHPHGLFLyQ 9,0 

7UD]DELOLGDG0HWUROyJLFDDXQD8QLGDGGH0HGLGD7UD]DELOLGDGPHWUROyJLFDHQODTXHODUHIHUHQFLDHV
ODGHILQLFLyQGHXQDXQLGDGGHPHGLGDPHGLDQWHVXUHDOL]DFLyQSUiFWLFD
127$ /D H[SUHVLyQ ³WUD]DELOLGDG DO 6,´ VLJQLILFD WUD]DELOLGDG PHWUROyJLFD D XQD XQLGDG GH PHGLGD HO
6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV

(QHVWHGRFXPHQWRVHXWLOL]DQODVVLJXLHQWHVDEUHYLDWXUDVRVLJODV

%,302ILFLQD,QWHUQDFLRQDOGH3HVDV\0HGLGDV
&,30&RPLWp,QWHUQDFLRQDOGH3HVDV\0HGLGDV
,$$&,QWHU$PHULFDQ$FFUHGLWDWLRQ&RRSHUDWLRQ
,/$& &RRSHUDFLyQ ,QWHUQDFLRQDO SDUD OD $FUHGLWDFLyQ GH /DERUDWRULRV ,QWHUQDWLRQDO /DERUDWRU\
$FFUHGLWDWLRQ&RRSHUDWLRQ 
,10,QVWLWXWR1DFLRQDOGH0HWURORJtD
-&7/07KH&,30,)&&DQG,/$&-RLQW&RPPLWWHHIRU7UDFHDELOLW\LQ/DERUDWRU\0HGLFLQH
0/$$FXHUGRPXOWLODWHUDOGHUHFRQRFLPLHQWR 0XOWL/DWHUDO$UUDQJHPHQW 
05$$FXHUGRGH5HFRQRFLPLHQWR0XWXR 0XWXDO5HFRJQLWLRQ$UUDQJHPHQW 
05&0DWHULDOGH5HIHUHQFLD&HUWLILFDGR
050DWHULDOGH5HIHUHQFLD
2(&2UJDQLVPR(YDOXDGRUGHOD&RQIRUPLGDG
21$&2UJDQLVPR1DFLRQDOGH$FUHGLWDFLyQGH&RORPELD
3053URGXFWRUGH0DWHULDOGH5HIHUHQFLD
6,6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV
9,09RFDEXODULR,QWHUQDFLRQDOGH0HWURORJtD
&0&&DSDFLGDGGH0HGLFLyQ\&DOLEUDFLyQ

 /,1($0,(1726

/RV ODERUDWRULRV GH HQVD\R FOtQLFRV \ FDOLEUDFLyQ \ FXDQGR VHD DSOLFDEOH ORV RUJDQLVPRV GH
LQVSHFFLyQ FXDQGRUHDOLFHQPHGLFLRQHVHQVXDFWLYLGDG GH GHWHUPLQDFLyQ DFUHGLWDGRV\YLJLODGRVSRUHO
2UJDQLVPR 1DFLRQDO GH $FUHGLWDFLyQ GH &RORPELD ± 21$& GHEHQ JDUDQWL]DU TXH PDQWLHQHQ OD
WUD]DELOLGDGPHWUROyJLFDDORVSDWURQHVGHPHGLFLyQ QDFLRQDOHVH[WUDQMHURVRLQWHUQDFLRQDOHV GHDFXHUGR
FRQ ODV GLUHFWULFHV GHO GRFXPHQWR ,/$&3 ,/$& ³3ROLF\ RQ WUDFHDELOLW\ RI PHDVXUHPHQWV
UHVXOWV´ORV UHTXLVLWRVHQFXDQWRDFDOLEUDFLyQGHHTXLSRV\WUD]DELOLGDGGHORVPDWHULDOHVGHUHIHUHQFLD
HVWDEOHFLGRVHQ17&,62,(&\ORVGHFDOLEUDFLyQGHVLVWHPDVPHGLFLyQGHILQLGRVHQ17&
,62,(&VHJ~QFRUUHVSRQGD




&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

 &5,7(5,2621$&3$5$/$75$=$%,/,'$'(1&$/,%5$&,21(6

/RVUHTXLVLWRVJHQHUDOHVSDUDODWUD]DELOLGDGHQ17&,62,(&VRQ

³7RGRVORVHTXLSRVXWLOL]DGRVSDUDORVHQVD\RVRODVFDOLEUDFLRQHVLQFOXLGRVORVHTXLSRVSDUD
PHGLFLRQHV DX[LOLDUHV SRU HMHPSOR GH ODV FRQGLFLRQHV DPELHQWDOHV  TXH WHQJDQ XQ HIHFWR
VLJQLILFDWLYR HQ OD H[DFWLWXG R HQ OD YDOLGH] GHO UHVXOWDGR GHO HQVD\R GH OD FDOLEUDFLyQ R GHO
PXHVWUHRGHEHQVHUFDOLEUDGRVDQWHVGHVHUSXHVWRVHQVHUYLFLR

(VREOLJDFLyQGHORV/DERUDWRULRVMXVWLILFDUODLGHQWLILFDFLyQGHVXVQHFHVLGDGHVGHFDOLEUDFLyQ´

/RV UHTXLVLWRV DGLFLRQDOHV SDUD OD WUD]DELOLGDG HQ XQ ODERUDWRULR GH FDOLEUDFLyQ HQ 17& ,62,(&
VRQ

³3DUDORVODERUDWRULRVGHFDOLEUDFLyQHOSURJUDPDGHFDOLEUDFLyQGHORVHTXLSRVGHEHVHU
GLVHxDGR\RSHUDGRGHPRGRTXHVHDVHJXUHTXHODVFDOLEUDFLRQHV\ODVPHGLFLRQHVKHFKDVSRUHO
ODERUDWRULRVHDQWUD]DEOHVDO6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV 6, ´

3DUDSDWURQHVGHUHIHUHQFLDORVUHTXLVLWRVSDUDODWUD]DELOLGDGHQ,62,(&17&VRQ

³ (O ODERUDWRULR GHEH WHQHU XQ SURJUDPD \ XQ SURFHGLPLHQWR SDUD OD FDOLEUDFLyQ GH VXV
SDWURQHV GH UHIHUHQFLD /RV SDWURQHV GH UHIHUHQFLD GHEHQ VHU FDOLEUDGRV SRU XQ RUJDQLVPR TXH
SXHGD SURYHHU OD WUD]DELOLGDG FRPR VH LQGLFD HQ  'LFKRV SDWURQHV GH UHIHUHQFLD SDUD OD
PHGLFLyQ FRQVHUYDGRV SRU HO ODERUDWRULR GHEHQ VHU XWLOL]DGRV VyOR SDUD OD FDOLEUDFLyQ \ SDUD
QLQJ~Q RWUR SURSyVLWR D PHQRV TXH VH SXHGD GHPRVWUDU TXH VX GHVHPSHxR FRPR SDWURQHV GH
UHIHUHQFLDQRVHUiLQYDOLGDGR/RVSDWURQHVGHUHIHUHQFLDGHEHQVHUFDOLEUDGRVDQWHV\GHVSXpVGH
FXDOTXLHUDMXVWH´

/DVGLUHFWULFHVSDUDHVWDEOHFHUORVSURJUDPDVGHFDOLEUDFLyQ\PDQWHQHUODWUD]DELOLGDGPHWUROyJLFD
VH SXHGHQ HQFRQWUDU HQ OD JXtD ,/$& * ³*XLGHOLQHV IRU WKH GHWHUPLQDWLRQ RI &DOLEUDWLRQ
LQWHUYDOV RI PHDVXULQJ LQVWUXPHQWV´ OD FXDO GHEH VHU WRPDGD HQ FXHQWD SRU XQ ODERUDWRULR SDUD
GHILQLUVXVSURJUDPDVGHFDOLEUDFLyQ

$GLFLRQDOPHQWH HO UHTXLVLWR  GH 17& ,62,(&  HVWDEOHFH TXH ³&XDQGR VH
XWLOLFHQVHUYLFLRVGHFDOLEUDFLyQH[WHUQRVVHGHEHDVHJXUDUODWUD]DELOLGDGGHODPHGLFLyQPHGLDQWH
HOXVRGHVHUYLFLRVGHFDOLEUDFLyQSURYLVWRVSRUODERUDWRULRVTXHSXHGDQGHPRVWUDUVXFRPSHWHQFLD
\VXFDSDFLGDGGHPHGLFLyQ\WUD]DELOLGDG´

21$& FRPR PLHPEUR SOHQR GH OD ,$$& H ,/$& DGRSWD FRPR GLUHFWUL] HO GRFXPHQWR ,/$&
3,/$&3ROLF\RQWUDFHDELOLW\RIPHDVXUHPHQWVUHVXOWVSDUDHVWDEOHFHUORVVLJXLHQWHV
FULWHULRVSDUDODWUD]DELOLGDGPHWUROyJLFD

21$&UHFRQRFHODWUD]DELOLGDGPHWUROyJLFDDO6,SDUDPHGLFLRQHVItVLFDV\RTXtPLFDVDWUDYpVGH




&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

 ,QVWLWXWRV1DFLRQDOHVGH0HWURORJtDFX\RVVHUYLFLRVFXEUDQODVQHFHVLGDGHV\VHHQFXHQWUHQ
FXELHUWRV SRU HO $FXHUGR GH 5HFRQRFLPLHQWR 0XWXR $50  GHO &RPLWp ,QWHUQDFLRQDO GH 3HVDV \
0HGLGDV &,30 /RVVHUYLFLRVFXELHUWRVSRUHO&,30$50VHSXHGHQFRQVXOWDUHQHODSpQGLFH&
GHO%,30.&'%GRQGHVHLQFOX\HHOLQWHUYDORGHPHGLFLRQHV\ODLQFHUWLGXPEUHSDUDFDGDVHUYLFLR

1RWD$OJXQRV,10WDPELpQSXHGHQGHPRVWUDUTXHVXVVHUYLFLRVHVWiQFXELHUWRVSRUHO&,3005$
PHGLDQWHODLQFOXVLyQGHOORJR&,3005$HQVXVFHUWLILFDGRVGHFDOLEUDFLyQVLQHPEDUJRODLQFOXVLyQ
GHOORJRQRHVPDQGDWRULR\HO%,30.&'%HVODIXHQWHGHDXWRULGDGSDUDHVWDYHULILFDFLyQ

1RWD /RV ,10 PLHPEURV SDUWLFLSDQWHV GH OD FRQYHQFLyQ GHO PHWUR SXHGHQ REWHQHU WUD]DELOLGDG
GLUHFWDPHQWH GH ODV PHGLFLRQHV UHDOL]DGDV HQ HO %,30 (O %,30  .&'%  SURYHH XQ DFFHVR
DXWRPiWLFRDORVVHUYLFLRVGHFDOLEUDFLyQSHUWLQHQWHVGHO%,30 LQFOX\HQGRHOLQWHUYDORGHPHGLFLRQHV
\ OD LQFHUWLGXPEUH  $GLFLRQDOPHQWH ORV FHUWLILFDGRV GH FDOLEUDFLyQ HPLWLGRV SRU HO %,30 VH
HQFXHQWUDQOLVWDGRV

 /DERUDWRULRV GH FDOLEUDFLyQ DFUHGLWDGRV SRU RUJDQLVPRV GH DFUHGLWDFLyQ ILUPDQWHV GH
$FXHUGRVGH5HFRQRFLPLHQWR0XWXR0XOWLODWHUDOHV $50 FRQ,/$&R,$$&TXHWHQJDQLQFRUSRUDGR
GHQWUR GH VX DOFDQFH GH DFUHGLWDFLyQ OD FDSDFLGDG GH PHGLFLyQ SDUD OD PDJQLWXG GH OD TXH VH
UHTXLHUHWUD]DELOLGDG

1RWD $OJXQRV ODERUDWRULRV LQGLFDQ TXH VXV VHUYLFLRV HVWiQ FXELHUWRV SRU HO DFXHUGR GH
UHFRQRFLPLHQWR PXWXR LQFOX\HQGR OD PDUFD ODERUDWRULR ,/$& FRPELQDGD FRQ OD PDUFD 05$ HQ HO
FHUWLILFDGR GH FDOLEUDFLyQ $OWHUQDWLYDPHQWH HO VtPEROR GH DFUHGLWDFLyQ GHO RUJDQLVPR TXH HV
VLJQDWDULRGHO$FXHUGRGH5HFRQRFLPLHQWR0XWXR0XOWLODWHUDOFRQ,/$&R,$$&VHSXHGHLQFOXLUHQHO
FHUWLILFDGRGHFDOLEUDFLyQ&XDOTXLHUDGHHVWDVRSFLRQHVSXHGHVHUFRQVLGHUDGDFRPRHYLGHQFLDGH
WUD]DELOLGDG

1RWD$SDUWLUGHOUHFRQRFLPLHQWRLQWHUQDFLRQDOGH21$&WRGDVODVWUD]DELOLGDGDQWHULRUHVUHIHULGDVD
ODERUDWRULRV GH FDOLEUDFLyQ DFUHGLWDGRV SRU HO 2UJDQLVPR 1DFLRQDO GH $FUHGLWDFLyQ GH &RORPELD
TXHGDQGHQWURGHODOFDQFHFXELHUWRSRUHVWHtWHP

 ,QVWLWXWRV1DFLRQDOHVGH0HWURORJtD ,10 DXQFXDQGRVXVFDSDFLGDGHVGHPHGLFLyQQRVH
HQFXHQWUHQFXELHUWDVSRU HO $FXHUGR GH 5HFRQRFLPLHQWR 0XWXR $50 GHO &,30 (QHVWH FDVR HO
RUJDQLVPRGHDFUHGLWDFLyQHVWDEOHFHODVSROtWLFDVSDUDDVHJXUDUTXHHVWRVVHUYLFLRVFXPSOHQFRQORV
FRUUHVSRQGLHQWHVFULWHULRVGHWUD]DELOLGDGPHWUROyJLFDHVWDEOHFLGRVHQ17&,62,(& /D
YLJHQFLD GH HVWH DSDUWDGR VH VROLFLWDUi DPSOLDUOR KDVWD HO  VHJ~Q UHVROXFLyQ GH OD $VDPEOHD
*HQHUDOGH,$$&FHOHEUDGDHQDJRVWRGHO 8

3DUDHVWHFDVRVHDFHSWDQORV,10TXHDVHJXUDQWUD]DELOLGDGDWUDYpVGHUHVXOWDGRVVDWLVIDFWRULRV
GHSDUWLFLSDFLyQHQLQWHUFRPSDUDFLRQHVRVHHQFXHQWUHQDFUHGLWDGRVSRURUJDQLVPRVGHDFUHGLWDFLyQ
ILUPDQWHVGH$FXHUGRVGH5HFRQRFLPLHQWR0XWXR0XOWLODWHUDOHV $50 FRQ,/$&R,$$&TXHWHQJDQ
&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

LQFRUSRUDGRGHQWURGHVXDOFDQFHGHDFUHGLWDFLyQODFDSDFLGDGGHPHGLFLyQSDUDODPDJQLWXGGHOD
TXHVHUHTXLHUHWUD]DELOLGDG

 8Q/DERUDWRULRGHFDOLEUDFLyQFX\RVVHUYLFLRVVHDMXVWDQDODVQHFHVLGDGHVSHURQRHVWiQ
FXELHUWRV SRU ORV $FXHUGRV GH 5HFRQRFLPLHQWR 0XWXR 0XOWLODWHUDOHV FRQ ,/$& R SRU DFXHUGRV
UHJLRQDOHV UHFRQRFLGRV SRU ,/$& (Q HVWH FDVR ODV SROtWLFDV SDUD DVHJXUDU TXH HVWRV VHUYLFLRV
FXPSOHQFRQORVFRUUHVSRQGLHQWHVFULWHULRVGHWUD]DELOLGDGPHWUROyJLFDHVWDEOHFLGRVHQ17&,62,(&
VHHQFXHQWUDQUHIHULGDVHQHODQH[R$

6H UHFRQRFHUi OD WUD]DELOLGDG PHWUROyJLFD GH ORV ODERUDWRULRV TXH GHPXHVWUHQ WUD]DELOLGDG GH VXV
PHGLFLRQHV D WUDYpV GHO XVR GH VHUYLFLRV GH FDOLEUDFLyQ SURYHtGRV GH DFXHUGR D ORV tWHPV R

6HDFHSWDQORVFULWHULRV\VyORFXDQGRHO/DERUDWRULRVXPLQLVWUHHYLGHQFLDREMHWLYDTXH
ORVFULWHULRVRQRVRQSRVLEOHVGHFXPSOLUSDUDXQWLSRGHFDOLEUDFLyQHVSHFtILFD

3DUD ORV FULWHULRV  \  HO ODERUDWRULR GHEHUi GHPRVWUDU HYLGHQFLDV REMHWLYDV TXH HVWDV
RSFLRQHVSURSRUFLRQDQWUD]DELOLGDGPHWUROyJLFDHLQFHUWLGXPEUHVDSURSLDGDVSDUDODPDJQLWXGTXHVH
UHTXLHUHFDOLEUDU(VWDVHYLGHQFLDVGHEHUiQHVWDUGLVSRQLEOHVSDUDHYDOXDFLyQSRU21$&

127$(ODQH[R$SURSRUFLRQDXQDJXtDSDUDUHDOL]DUHVWHWLSRGHHYDOXDFLRQHV

(O UHTXLVLWR  GH 17&,62,(&  HVWDEOHFH ³([LVWHQ FLHUWDV FDOLEUDFLRQHV TXH
DFWXDOPHQWHQRVHSXHGHQKDFHUHVWULFWDPHQWHHQXQLGDGHV6,(QHVWRVFDVRVODFDOLEUDFLyQGHEH
SURSRUFLRQDU FRQILDQ]D HQ ODV PHGLFLRQHV DO HVWDEOHFHU OD WUD]DELOLGDG D SDWURQHV GH PHGLFLyQ
DSURSLDGRVWDOHVFRPR

 HOXVRGHPDWHULDOHVGHUHIHUHQFLDFHUWLILFDGRVSURYLVWRVSRUXQSURYHHGRUFRPSHWHQWHFRQHOILQ
GHFDUDFWHUL]DUItVLFDRTXtPLFDPHQWHXQPDWHULDOGHPDQHUDFRQILDEOH VHHQWLHQGHFRPRSURYHHGRU
FRPSHWHQWH DTXHO SURYHHGRU TXH HYLGHQFLH TXH RSHUD DSOLFDQGR OD ,62 *XLGH  *HQHUDO
UHTXLUHPHQWVIRUWKHFRPSHWHQFHRIUHIHUHQFHPDWHULDOSURGXFHUV 

 OD XWLOL]DFLyQ GH PpWRGRV HVSHFLILFDGRV R GH QRUPDV FRQVHQVXDGDV FODUDPHQWH GHVFULWRV \
DFRUGDGRVSRUWRGDVODVSDUWHVFRQFHUQLHQWHV

6LHPSUHTXHVHDSRVLEOHVHUHTXLHUHODSDUWLFLSDFLyQHQXQSURJUDPDDGHFXDGRGHFRPSDUDFLRQHV
LQWHUODERUDWRULRV´

3DUDHVWDVLWXDFLyQ21$&UHFRQRFHODWUD]DELOLGDGPHWUROyJLFDEDMRHOVLJXLHQWHFULWHULR

 (OUHTXLVLWRGH17&,62,(&VyORVHSXHGHDSOLFDUHQHOFDVRHQTXH
HO ODERUDWRULR KD GHPRVWUDGR TXH ORV FULWHULRV GHVGH HO DO  WpFQLFDPHQWH QR VH SXHGHQ
FXPSOLU(VUHVSRQVDELOLGDGGHOODERUDWRULRHVFRJHUODIRUPDGHFXPSOLPLHQWRGHOUHTXLVLWR\
&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

VXPLQLVWUDUODVHYLGHQFLDVREMHWLYDV(VWDVHYLGHQFLDVGHEHUiQVHUGRFXPHQWDGDV\VHUiQHYDOXDGDV
SRU21$&

 &5,7(5,2621$&3$5$/$75$=$%,/,'$'(1(16$<26

/RV UHTXHULPLHQWRV GH WUD]DELOLGDG PHWUROyJLFD HQ ODERUDWRULRV GH HQVD\R \ ODERUDWRULRV  FOtQLFRV
DFUHGLWDGRVVRQORVVLJXLHQWHV

(Q17&,62,(&HQORVUHTXLVLWRVGHWUD]DELOLGDGPHWUROyJLFDGHOQXPHUDOVH
HVWDEOHFH³3DUDORVODERUDWRULRVGHHQVD\RORVUHTXLVLWRVGDGRVHQVHDSOLFDQDORVHTXLSRV
GHPHGLFLyQ\GHHQVD\RFRQIXQFLRQHVGHPHGLFLyQTXHXWLOL]DDPHQRVTXHVHKD\DHVWDEOHFLGR
TXHODLQFHUWLGXPEUHLQWURGXFLGDSRUODFDOLEUDFLyQFRQWULEX\HPX\SRFRDODLQFHUWLGXPEUHWRWDOGHO
UHVXOWDGRGHHQVD\R&XDQGRVHGpHVWDVLWXDFLyQHOODERUDWRULRGHEHDVHJXUDUVHGHTXHHOHTXLSR
XWLOL]DGRSXHGHSURYHHUODLQFHUWLGXPEUHGHPHGLFLyQUHTXHULGD

1RWD (O JUDGR GH FXPSOLPLHQWR GH ORV UHTXLVLWRV LQGLFDGRV HQ  GHSHQGH GH OD FRQWULEXFLyQ
UHODWLYD GH OD LQFHUWLGXPEUH GH OD FDOLEUDFLyQ D OD LQFHUWLGXPEUH WRWDO 6L OD FDOLEUDFLyQ HV HO IDFWRU
GRPLQDQWHHVFRQYHQLHQWHTXHVHVLJDQHVWULFWDPHQWHORVUHTXLVLWRV´

(Q17&,62ORVUHTXHULPLHQWRVVRQ³'HEHGLVHxDUVH\SRQHUVHHQSUiFWLFDXQ
SURJUDPDGHFDOLEUDFLyQGHORVVLVWHPDVGHPHGLGD\YHULILFDFLyQGHODYHUDFLGDGSDUDDVHJXUDUOD
WUD]DELOLGDG GH ORV UHVXOWDGRV D ODV XQLGDGHV GHO VLVWHPD LQWHUQDFLRQDO R SRU UHIHUHQFLD D XQD
FRQVWDQWHQDWXUDOXRWUDUHIHUHQFLDGHFODUDGD´

3DUDORVDQWHULRUHVFDVRVORVFULWHULRVGH21$&VRQ

 6LODFDOLEUDFLyQGHORVLQVWUXPHQWRVXWLOL]DGRVHQHOHQVD\RFRQWULEX\HQVLJQLILFDWLYDPHQWHD
ODLQFHUWLGXPEUHORVFULWHULRVGHWUD]DELOLGDGGHVGHHOQXPHUDODODSOLFDQ

 6L OD  FDOLEUDFLyQ QR HV XQ IDFWRU GRPLQDQWH SDUD HO UHVXOWDGR GHO HQVD\R  GH 17&
,62,(&   HO ODERUDWRULR GHEH VXPLQLVWUDU HYLGHQFLDV FXDQWLWDWLYDV SDUD GHPRVWUDU TXH OD
FRQWULEXFLyQDVRFLDGDDODFDOLEUDFLyQGHOLQVWUXPHQWRQRHVVLJQLILFDWLYDSDUDORVUHVXOWDGRVGHODV
PHGLFLRQHV\ODLQFHUWLGXPEUHGHPHGLFLyQGHO HQVD\RSRUFRQVLJXLHQWHQRVHUHTXLHUHGHPRVWUDU
WUD]DELOLGDG

(OUHTXHULPLHQWRDGLFLRQDOHQ17&,62SDUDODWUD]DELOLGDGHQ/DERUDWRULRVGHHQVD\RHV
³ &XDQGR OD WUD]DELOLGDG GH ODV PHGLFLRQHV D ODV XQLGDGHV 6, QR VHD SRVLEOH R QR VHD
SHUWLQHQWH VH GHEHQ H[LJLU ORV PLVPRV UHTXLVLWRV SDUD OD WUD]DELOLGDG SRU HMHPSOR SRU PHGLR GH
PDWHULDOHV GH UHIHUHQFLD FHUWLILFDGRV PpWRGRV DFRUGDGRV R QRUPDV FRQVHQVXDGDV  TXH SDUD ORV
ODERUDWRULRVGHFDOLEUDFLyQ YpDVH ´

(Q17&,62HOUHTXHULPLHQWRGHWUD]DELOLGDGHV³&XDQGRQLQJXQDGHHVWDVUHIHUHQFLDV
HVSRVLEOHRSHUWLQHQWH YpDVH GHEHQSURSRUFLRQDUVHRWURVPHGLRVSDUDSURSRUFLRQDUFRQILDQ]D
HQORVUHVXOWDGRVLQFOX\HQGRSHURQROLPLWiQGRVHDORVVLJXLHQWHV
&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

• 3DUWLFLSDFLyQHQXQSURJUDPDDGHFXDGRGHFRPSDUDFLRQHVLQWHUODERUDWRULR
• /D XWLOL]DFLyQ GH PDWHULDOHV GH UHIHUHQFLD DGHFXDGRV FHUWLILFDGRV SDUD LQGLFDU OD
FDUDFWHUL]DFLyQGHOPDWHULDO
• (ODQiOLVLVRODFDOLEUDFLyQSRURWURSURFHGLPLHQWR
• /DUHODFLyQRWLSRGHUHFLSURFLGDGGHODVPHGLFLRQHV
• 1RUPDV R PpWRGRV GH FRQVHQWLPLHQWR PXWXR TXH HVWpQ FODUDPHQWH HVWDEOHFLGDV
HVSHFLILFDGDV\FDUDFWHUL]DGDV\PXWXDPHQWHDFRUGDGDVSDUDWRGDVODVSDUWHVLQYROXFUDGDV
• /D GRFXPHQWDFLyQ VREUH OD GHFODUDFLyQ GH ORV UHDFWLYRV ORV SURFHGLPLHQWRV R HO VLVWHPD
DQDOtWLFRFXDQGRODWUD]DELOLGDGODSURSRUFLRQDHOSURYHHGRURHOIDEULFDQWH´
• 3DUD ODERUDWRULRV FOtQLFRV GHEH WHQHUVH HQ FXHQWD ORV UHTXLVLWRV DSOLFDEOHV GH OD ,62
 ³,Q YLWUR GLDJQRVWLF PHGLFDO GHYLFHV  0HDVXUHPHQW RI TXDQWLWLHV LQ ELRORJLFDO
VDPSOHV±0HWURORJLFDOWUDFHDELOLW\RIYDOXHVDVVLJQHGWRFDOLEUDWRUVDQGFRQWUROPDWHULDOV´

3DUDHVWRVFDVRV21$&HVWDEOHFHHOFULWHULRLQGLFDGRHQHOQXPHUDO

 &5,7(5,26 21$& 3$5$ /$ 75$=$%,/,'$' 680,1,675$'$ $ 75$9e6 '(
0$7(5,$/(6 '( 5()(5(1&,$ 05  < 0$7(5,$/(6 '( 5()(5(1&,$ &(57,),&$'26
05& 

(OUHTXLVLWRGH17&,62,(&HVWDEOHFH³0DWHULDOHVGHUHIHUHQFLD&DGDYH]TXH
VHDSRVLEOHVHGHEHHVWDEOHFHUODWUD]DELOLGDGGHORVPDWHULDOHVGHUHIHUHQFLDDODVXQLGDGHVGH
PHGLGD6,RDPDWHULDOHVGHUHIHUHQFLDFHUWLILFDGRV/RVPDWHULDOHVGHUHIHUHQFLDLQWHUQRVGHEHQ
VHUYHULILFDGRVHQODPHGLGDTXHVHDWpFQLFD\HFRQyPLFDPHQWHSRVLEOH´

1RWD /RV YDORUHV DVRFLDGRV FRQ 05 SXHGHQ QR VHU PHWUROyJLFDPHQWH WUD]DEOHV /RV YDORUHV
DVRFLDGRVFRQ05&VRQPHWUROyJLFDPHQWHWUD]DEOHV

1RWD$FWXDOPHQWHHODFXHUGRGHUHFRQRFLPLHQWRPXWXRFRQ,/$&QRFXEUHODDFUHGLWDFLyQGH
SURGXFWRUHV GH PDWHULDOHV GH UHIHUHQFLD 305  D QLYHO UHJLRQDO $3/$& RSHUD XQ DFXHUGR GH
UHFRQRFLPLHQWR PXWXR $50  SDUD 305 \ XQ Q~PHUR GH SDtVHV RSHUDQ VLVWHPDV SDUD
DFUHGLWDFLyQGH305\HOQ~PHURGH305DFUHGLWDGRVHVWiHQDXPHQWR

/RVFULWHULRVGH21$&UHODFLRQDGRVFRQODWUD]DELOLGDGPHWUROyJLFDVXPLQLVWUDGDSRU305VRQORV
VLJXLHQWHV

 /RVYDORUHVDVLJQDGRVD05&SURGXFLGRVSRUXQ,10HLQFOXLGRVHQHO%,30.&'%R
SURGXFLGRSRUXQSURGXFWRUGH05DFUHGLWDGREDMRODJXtD,62VHFRQVLGHUD
TXH WLHQHQ HVWDEOHFLGD XQDWUD]DELOLGDG YiOLGD YHU 5HVROXFLyQ  $VDPEOHD *HQHUDO GH
,/$& 
 /RVYDORUHVDVLJQDGRVD05&FXELHUWRVSRUODEDVHGHGDWRV-&7/0VHFRQVLGHUDTXH
WLHQHQWUD]DELOLGDGYiOLGD
 /D WUD]DELOLGDG GH ORV YDORUHV DVLJQDGRV D ORV FDOLEUDGRUHV \ PDWHULDOHV GH FRQWURO GH
FDOLGDG GH ORV  DUWHIDFWRV GH 'LDJQyVWLFR ,Q 9LWUR SURSRUFLRQDGRV SRU IDEULFDQWHV \
HPSOHDGRVSRUORVODERUDWRULRVFOtQLFRVGHEHVHUDVHJXUDGDSRUHOIDEULFDQWHDWUDYpV
&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

GHSURFHGLPLHQWRVGHPHGLFLyQGHUHIHUHQFLD\GHPDWHULDOHVGHUHIHUHQFLDFHUWLILFDGRV
HVWDEOHFLGRVSRUHO-RLQW&RPPLWWHHIRU7UDFHDELOLW\LQ/DERUDWRU\RI0HGLFLQH -&7/0 
$GLFLRQDOPHQWHSDUDSURSyVLWRVGHGHPRVWUDFLyQGHODWUD]DELOLGDGGHHVWDVPHGLFLRQHV
UHDOL]DGDV SRU ORV ODERUDWRULRV FOtQLFRV pVWRV GHEHQ VROLFLWDU D ORV IDEULFDQWHV OD
HYLGHQFLD GHO HPSOHR GH SURFHGLPLHQWRV GH PHGLFLyQ GH UHIHUHQFLD YDOLGDGRV \ GH
PDWHULDOHVGHUHIHUHQFLDFHUWLILFDGRVHVWDEOHFLGRVSRUHO-&7/0(OODERUDWRULRGHEHUi
SUHVHQWDUODGRFXPHQWDFLyQGHODWUD]DELOLGDGGHODVPHGLFLRQHVTXHUHDOL]DGHDFXHUGR
D OR GHVFULWR HQ OD JXtD GH 7UD]DELOLGDG PHWUROyJLFD GH ORV YDORUHV DVLJQDGRV D ORV
FDOLEUDGRUHV\PDWHULDOGHFRQWUROHPSOHDGRVSRUHOODERUDWRULRFOtQLFR

 /DPD\RUtDGH05\05&VRQSURGXFLGRVSRU RWURV305&XDQGR HVWRVLQVXPRVVH
FRQVLGHUDQFUtWLFRVHOODERUDWRULRGHEHGHPRVWUDUTXHORV05R05&VHDMXVWDQDVXV
QHFHVLGDGHV\VHHYDO~DQFRPRSURYHHGRUHVSDUDGDUFXPSOLPLHQWRDOUHTXLVLWRGH
17&,62,(&R17&,62

 127$6$&/$5$725,$6 1250$7,9$6 

1RWD  0HGLFLRQHV TXtPLFDV  (Q UHODFLyQ DO HVWDEOHFLPLHQWR GH OD WUD]DELOLGDG PHWUROyJLFD HQ
PHGLFLRQHVTXtPLFDVVHDVHJXUDDWUDYpVGHOXVRGHPDWHULDOHVGHUHIHUHQFLDFHUWLILFDGRV

(OSURFHVRGHFHUWLILFDFLyQUHTXLHUHGHODDSOLFDFLyQGHDOJ~QPpWRGRSULPDULRGHPHGLFLyQTXtPLFDR
GH GRV PpWRGRV VHFXQGDULRV LQGHSHQGLHQWHV FRPR PHGLR SDUD ORJUDU HO YtQFXOR GLUHFWR FRQ ODV
XQLGDGHVGHO6,

&XDQGR HO /DERUDWRULR GHPXHVWUH TXH QR SXHGH DVHJXUDU HO XVR GH PDWHULDOHV GH UHIHUHQFLD
FHUWLILFDGRVWUD]DEOHVDO6,SXHGHWHQHUHQFXHQWDODVVLJXLHQWHVRSFLRQHV

 8VR GHPDWHULDOHV GHUHIHUHQFLD FRQVHQVXDGRV DFXHUGRHQWUH ODV SDUWHV XVXDOPHQWHHO
ODERUDWRULR\HOFOLHQWH GHXQPDWHULDOGHUHIHUHQFLDHVSHFLILFDGR\GRFXPHQWDGR
 6LVWHPDV GH 0HGLFLyQ GH 5HIHUHQFLD (VWD UXWD GH WUD]DELOLGDG VH EDVD HQ HO XVR GH
VLVWHPDV GH PHGLFLyQ GH UHIHUHQFLD FXDQGR QR VH UHTXLHUHQ R QR H[LVWHQ PDWHULDOHV GH
UHIHUHQFLDXQHMHPSORGHHVWDUXWDHVHOXVRGHXQHVSHFWURIRWyPHWURSDWUyQFDOLEUDGR
 0pWRGRV GH 5HIHUHQFLD R SURFHGLPLHQWRV GH PHGLFLyQ GH UHIHUHQFLD  (VWRV PpWRGRV
QRUPDOL]DGRV\YDOLGDGRVVRQDSOLFDGRVSRUODERUDWRULRVGHPDQHUDWDOTXHORVYDORUHVTXH
UHVXOWDQGHVXDSOLFDFLyQWLHQHQWUD]DELOLGDGGHPRVWUDGDDXQLGDGHVGHO6,
 0pWRGRVSULPDULRVFRQWUD]DELOLGDGGLUHFWDDOPRORDONJ(VWDUXWDVHDSOLFDHQORVFDVRVHQ
ORV FXDOHV XQ ODERUDWRULR HV FDSD] GH HVWDEOHFHU XQ YtQFXOR GLUHFWR HQWUH XQD PHGLFLyQ
TXtPLFDRELROyJLFD\HO6,GHXQLGDGHVSRUPHGLRGHXQPpWRGRSULPDULR

1RWD  3DUD ODV FDOLEUDFLRQHVUHDOL]DGDVSRU XQ ODERUDWRULR FRQ HO REMHWR GH HVWDEOHFHU WUD]DELOLGDG
PHWUROyJLFD GH VXV SURSLDV DFWLYLGDGHV \ ODV FXDOHV QR VRQ SDUWH GHO DOFDQFH GH DFUHGLWDFLyQ GHO
ODERUDWRULRVHDSOLFDORHVWDEOHFLGRHQHO1XPHUDOGHHVWHGRFXPHQWR
&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

(VWDVFDOLEUDFLRQHVGHEHUiQVHULQIRUPDGDVHQOD VROLFLWXG GH DFUHGLWDFLyQGHIRUPDWDOTXH 21$&


HYDO~HODFRPSHWHQFLDWpFQLFDSDUDODUHDOL]DFLyQGHGLFKDVFDOLEUDFLRQHVGHQWURGHOSURFHVRLQLFLDOGH
DFUHGLWDFLyQ \ ODV YLJLODQFLDV VXFHVLYDV (Q OD HYDOXDFLyQ HO 2(& GHEHUi WHQHU HQWUH RWUDV ODV
HYLGHQFLDVLQGLFDGDVHQHO$QH[R$

1RWD  /RV RUJDQLVPRV GH HYDOXDFLyQ GH OD FRQIRUPLGDG TXH UHTXLHUDQ UHDOL]DU PHGLFLRQHV HQ
XQLGDGHV IXHUD GHO VLVWHPD LQWHUQDFLRQDO GHEHUiQ YLQFXODUODV DO 6, D WUDYpV GH ORV IDFWRUHV GH
FRQYHUVLyQ\JXtDGHXVRGHO6,HVWDEOHFLGRVHQHO ³*XLGHIRUWKH8VHRIWKH,QWHUQDWLRQDO6\VWHPRI
8QLWV 6, 1,676SHFLDO3XEOLFDWLRQ(GLWLRQ´

 '2&80(17265(/$&,21$'26

5$&5(*/$6'(/6(59,&,2'($&5(',7$&,Ï1

 5(680(1'(&$0%,26

)HFKDGH
9HUVLyQ 5HVXPHQGHFDPELRV
HPLVLyQ
  (PLVLyQRULJLQDOGHOGRFXPHQWR
5HYLVLyQ GH OD SROtWLFD DFODUDFLRQHV GH WHUPLQRORJtD H LQFOXVLyQ GH ,/$& 3 H
 
,/$&3
6HUHYLVDRUWRJUDILDVHUHWLUDODYHUVLyQGHODVQRUPDV\VHFRORFD~OWLPDYHUVLyQ\
  VH DGLFLRQD FRPR GRFXPHQWR GH FRQVXOWD SDUD HQWHQGLPHQWR GH ODWUD]DELOLGDG
PHWUROyJLFD,/$&*7UDFHDELOW\RI0HDVXUHPHQWV
6HDFWXDOL]DHOGRFXPHQWRFRQUHVSHFWRODYHUVLyQDFWXDOL]DGDGHODSROtWLFD,/$&
3
  6H FDPELD OD GHQRPLQDFLyQ GHO GRFXPHQWR GH ³3ROtWLFD GH 7UD]DELOLGDG
0HWUROyJLFD´ D ³(VSHFLILFDFLyQ 7pFQLFD SDUD OD $FUHGLWDFLyQ  7UD]DELOLGDG
0HWUROyJLFD´

&($
&5,7(5,26(63(&,),&26'($&5(',7$&,Ð1 9HUVLyQ
75$=$%,/,'$'0(752/Ð*,&$
3iJLQDGH

 $1(;2$*8,$'(&216,'(5$&21(6&8$1'2/$75$=$%,/,'$'12
(67É(67$%/(&,'$$75$9e6'(/&,3005$<$&8(5'26,/$&

/DV HYLGHQFLDV REMHWLYDV  SDUD HYDOXDU OD FRPSHWHQFLD WpFQLFD GHO ODERUDWRULR \ OD WUD]DELOLGDG PHWUROyJLFD
GHFODUDGDSXHGHQOOHJDUDLQFOXLUSHURQROLPLWDUVHDORVLJXLHQWH UHIHUHQFLDGHQXPHUDOHVGHOD17&,62,(&
 

 5HJLVWURVGHYDOLGDFLyQRFRQILUPDFLyQGHPpWRGRV  
 3URFHGLPLHQWRVGHHVWLPDFLyQGHODLQFHUWLGXPEUH  
 'RFXPHQWDFLyQGHOFRQWUROPHWUROyJLFRGHHTXLSRV  
 'RFXPHQWDFLyQGHODWUD]DELOLGDGPHWUROyJLFD  
 'RFXPHQWDFLyQGHODVHJXUDPLHQWRGHODFDOLGDGGHORVUHVXOWDGRV  
 'RFXPHQWDFLyQGHODFRPSHWHQFLDGHOSHUVRQDO  
 'RFXPHQWDFLyQGHODDGHFXDFLyQGHODVLQVWDODFLRQHV\VXVFRQGLFLRQHVDPELHQWDOHV  
 $XGLWRUtDVGHOODERUDWRULRGHFDOLEUDFLyQ \ 

You might also like