Codul Muncii Oct2007

Pag.
1 din 67 Act sintetic la data 26-Oct-2007 pentru Codul Muncii din 2003
&2'8/ 081&,,GLQ LDQXDULH /(*($ QU GLQ LDQXDULH

)RUPD VLQWHWLF OD GDWD 2FW $FHVW DFW D IRVW FUHDW XWLOL]kQG WHKQRORJLD 6LQW$&7$FWH 6LQWHWLFH 6LQW$&7 úL WHKQRORJLD

$FWH6LQWHWLFHVXQWP UFLvQUHJLVWUDWHDOH(213URJUDPPLQJ
ODGDWD'HFDFWXODIRVWUHJOHPHQWDWDGH&RQWUDFW&ROHFWLYGH0XQFD
ODGDWD0DUDFWXODIRVWUHJOHPHQWDWDGH2UGLQXO

7,7/8/, 'LVSR]L LLJHQHUDOH
3DUODPHQWXO5RPkQLHLDGRSW SUH]HQWDOHJH
&$3,72/8/, 'RPHQLXOGHDSOLFDUH
$UW

3UH]HQWXO FRG UHJOHPHQWHD] WRWDOLWDWHD UDSRUWXULORU LQGLYLGXDOH úL FROHFWLYH GH PXQF

PRGXO vQ FDUH VH HIHFWXHD] FRQWUROXO DSOLF ULL UHJOHPHQW ULORU GLQ GRPHQLXO UDSRUWXULORU GH

PXQF SUHFXPúLMXULVGLF LDPXQFLL

3UH]HQWXOFRGVHDSOLF úLUDSRUWXULORUGHPXQF UHJOHPHQWDWHSULQOHJLVSHFLDOHQXPDLvQ

P VXUDvQFDUHDFHVWHDQXFRQ LQGLVSR]L LLVSHFLILFHGHURJDWRULL
$UW
'LVSR]L LLOHFXSULQVHvQSUH]HQWXOFRGVHDSOLF
D FHW
HQLORU URPkQL vQFDGUD L FX FRQWUDFW LQGLYLGXDO GH PXQF FDUH SUHVWHD] PXQF vQ
5RPkQLD
E FHW
HQLORU URPkQL vQFDGUD L FX FRQWUDFW LQGLYLGXDO GH PXQF vQ VWU LQ WDWH vQ ED]D XQRU
FRQWUDFWHvQFKHLDWHFXXQDQJDMDWRUURPkQFXH[FHS LDFD]XOXLvQFDUHOHJLVOD LDVWDWXOXLSHDO

F UXLWHULWRULXVHH[HFXW FRQWUDFWXOLQGLYLGXDOGHPXQF HVWHPDLIDYRUDELO
E FHW HQLORU URPkQL vQFDGUD L FX FRQWUDFW LQGLYLGXDO GH PXQF úL FDUH SUHVWHD] DFWLYLWDWHD

vQVWU LQ WDWHvQED]DXQRUFRQWUDFWHvQFKHLDWHFXXQDQJDMDWRUURPkQFXH[FHS LDFD]XOXLvQ
FDUHOHJLVOD LDVWDWXOXLSHDOFUXLWHULWRULXVHH[HFXWFRQWUDFWXOLQGLYLGXDOGHPXQFHVWHPDL
IDYRUDELO
OD GDWD ,XO 7LWOXO , &DSLWRO , DUW OLWHUD % PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
F FHW
HQLORU VWU LQL VDX DSDWUL]L vQFDGUD L FX FRQWUDFW LQGLYLGXDO GH PXQF FDUH SUHVWHD]

PXQF SHQWUXXQDQJDMDWRUURPkQSHWHULWRULXO5RPkQLHL
G SHUVRDQHORU FDUH DX GREkQGLW VWDWXWXO GH UHIXJLDW úL VH vQFDGUHD] FX FRQWUDFW LQGLYLGXDO

GHPXQF SHWHULWRULXO5RPkQLHLvQFRQGL LLOHOHJLL

H XFHQLFLORUFDUHSUHVWHD] PXQF vQED]DXQXLFRQWUDFWGHXFHQLFLHODORFXOGHPXQF
I DQJDMDWRULORUSHUVRDQHIL]LFHúLMXULGLFH
&$3,72/8/,, 3ULQFLSLLIXQGDPHQWDOH
J RUJDQL]D LLORUVLQGLFDOHúLSDWURQDOH
$UW

/LEHUWDWHDPXQFLLHVWHJDUDQWDW SULQ&RQVWLWX LH'UHSWXOODPXQF QXSRDWHILvQJU GLW

2ULFH SHUVRDQ HVWH OLEHU vQ DOHJHUHD ORFXOXL GH PXQF úL D SURIHVLHL PHVHULHL VDX
DFWLYLW
LLSHFDUHXUPHD] V RSUHVWH]H

1LPHQL QX SRDWH IL REOLJDW V PXQFHDVF VDX V QX PXQFHDVF vQWUXQ DQXPLW ORF GH

PXQF RULvQWURDQXPLW SURIHVLHRULFDUHDUILDFHVWHD

2ULFH FRQWUDFW GH PXQF vQFKHLDW FX QHUHVSHFWDUHD GLVSR]L LLORU DOLQ HVWH QXO GH
GUHSW
$UW

0XQFDIRU DW HVWHLQWHU]LV

7HUPHQXOPXQF IRU DW GHVHPQHD] RULFHPXQF VDXVHUYLFLXLPSXVXQHLSHUVRDQHVXE
DPHQLQ DUHRULSHQWUXFDUHSHUVRDQDQXúLDH[SULPDWFRQVLP PkQWXOvQPRGOLEHU

1XFRQVWLWXLHPXQF IRU DW PXQFDVDXDFWLYLWDWHDLPSXV GHDXWRULW LOHSXEOLFH
D vQWHPHLXOOHJLLSULYLQGVHUYLFLXOPLOLWDUREOLJDWRULX
E SHQWUXvQGHSOLQLUHDREOLJD LLORUFLYLFHVWDELOLWHSULQOHJH
Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Pag. 2 din 67 Act sintetic la data 26-Oct-2007 pentru Codul Muncii din 2003

F vQED]DXQHLKRW UkULMXGHF WRUHúWLGHFRQGDPQDUHU PDV GHILQLWLY vQFRQGL LLOHOHJLL
G vQ FD] GH IRU PDMRU UHVSHFWLY vQ FD] GH U]ERL FDWDVWURIH VDX SHULFRO GH FDWDVWURIH
SUHFXPLQFHQGLLLQXQGD LLFXWUHPXUHHSLGHPLLVDXHSL]RRWLLYLROHQWHLQYD]LLGHDQLPDOHVDX
LQVHFWHúLvQJHQHUDO vQWRDWHFLUFXPVWDQ HOHFDUHSXQvQSHULFROYLD DVDXFRQGL LLOHQRUPDOH
GHH[LVWHQ DOHDQVDPEOXOXLSRSXOD
LHLRULDOHXQHLS U LDDFHVWHLD
$UW

ÌQ FDGUXO UHOD LLORU GH PXQF IXQF LRQHD] SULQFLSLXO HJDOLW LL GH WUDWDPHQW ID GH WR L
VDODULD LLúLDQJDMDWRULL

2ULFH GLVFULPLQDUH GLUHFW VDX LQGLUHFW ID
GH XQ VDODULDW ED]DW SH FULWHULL GH VH[

RULHQWDUH VH[XDO FDUDFWHULVWLFL JHQHWLFH YkUVW DSDUWHQHQ QD LRQDO UDV FXORDUH HWQLH
UHOLJLH RS LXQH SROLWLF RULJLQH VRFLDO KDQGLFDS VLWXD LH VDX UHVSRQVDELOLWDWH IDPLOLDO
DSDUWHQHQ RULDFWLYLWDWHVLQGLFDOHVWHLQWHU]LV
&RQVWLWXLH GLVFULPLQDUH GLUHFW DFWHOH úL IDSWHOH GH H[FOXGHUH GHRVHELUH UHVWULF LH VDX
SUHIHULQ vQWHPHLDWHSHXQXOVDXPDLPXOWHGLQWUHFULWHULLOHSUHY]XWHODDOLQFDUHDXFD
VFRS VDX FD HIHFW QHDFRUGDUHD UHVWUkQJHUHD RUL vQOWXUDUHD UHFXQRDúWHULL IRORVLQ HL VDX
H[HUFLWULLGUHSWXULORUSUHY]XWHvQOHJLVOD LDPXQFLL
&RQVWLWXLHGLVFULPLQDUHLQGLUHFWDFWHOHúLIDSWHOHvQWHPHLDWHvQPRGDSDUHQWSHDOWHFULWHULL
GHFkWFHOHSUHY]XWHODDOLQGDUFDUHSURGXFHIHFWHOHXQHLGLVFULPLQULGLUHFWH
$UW

2ULFHVDODULDWFDUHSUHVWHD] RPXQF EHQHILFLD] GHFRQGL LLGHPXQF DGHFYDWHDFWLYLW LL

GHVI úXUDWHGHSURWHF LHVRFLDO GHVHFXULWDWHúLV Q WDWHvQPXQF SUHFXPúLGHUHVSHFWDUHD
GHPQLW LLúLDFRQúWLLQ HLVDOHIUQLFLRGLVFULPLQDUH
7XWXURU VDODULD LORU FDUH SUHVWHD] R PXQF OH VXQW UHFXQRVFXWH GUHSWXO OD SODW HJDO
SHQWUX PXQF HJDO GUHSWXO OD QHJRFLHUL FROHFWLYH GUHSWXO OD SURWHF LD GDWHORU FX FDUDFWHU
SHUVRQDOSUHFXPúLGUHSWXOODSURWHF LHvPSRWULYDFRQFHGLHULORUQHOHJDOH

7XWXURU VDODULD LORU FDUH SUHVWHD] R PXQF OH VXQW UHFXQRVFXWH GUHSWXO OD QHJRFLHUL
FROHFWLYH GUHSWXO OD SURWHF LD GDWHORU FX FDUDFWHU SHUVRQDO SUHFXP úL GUHSWXO OD SURWHF LH
vPSRWULYDFRQFHGLHULORUQHOHJDOH
OD GDWD 6HS 7LWOXO , &DSLWRO ,, DUW DOLQ PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD

3HQWUX PXQFD HJDO VDX GH YDORDUH HJDO HVWH LQWHU]LV RULFH GLVFULPLQDUH ED]DW SH
FULWHULXOGHVH[FXSULYLUHODWRDWHHOHPHQWHOHúLFRQGL LLOHGHUHPXQHUDUH
OD GDWD 6HS 7LWOXO , &DSLWRO ,, DUW FRPSOHWDW GH DUW , SXQFWXO GLQ 2UGRQDQWD XUJHQWD

$UW

6DODULD LL úL DQJDMDWRULL VH SRW DVRFLD OLEHU SHQWUX DS UDUHD GUHSWXULORU úL SURPRYDUHD
LQWHUHVHORUORUSURIHVLRQDOHHFRQRPLFHúLVRFLDOH
$UW

5HOD LLOHGHPXQF VHED]HD] SHSULQFLSLXOFRQVHQVXDOLW LLúLDOEXQHLFUHGLQ H
3HQWUXEXQDGHVIúXUDUHDUHOD
LLORUGHPXQF SDUWLFLSDQ LLODUDSRUWXULOHGHPXQF VHYRU
LQIRUPDúLVHYRUFRQVXOWDUHFLSURFvQFRQGL LLOHOHJLLúLDOHFRQWUDFWHORUFROHFWLYHGHPXQF
$UW
&HW
HQLLURPkQLVXQWOLEHULV VHvQFDGUH]HvQPXQF vQVWDWHOHPHPEUHDOH8QLXQLL(XURSHQH
SUHFXP úL vQ RULFDUH DOW VWDW FX UHVSHFWDUHD QRUPHORU GUHSWXOXL LQWHUQD LRQDO DO PXQFLL úL D
7,7/8/,, &RQWUDFWXOLQGLYLGXDOGHPXQF
WUDWDWHORUELODWHUDOHODFDUH5RPkQLDHVWHSDUWH
&$3,72/8/, ÌQFKHLHUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF
$UW

&RQWUDFWXO LQGLYLGXDO GH PXQF HVWH FRQWUDFWXO vQ WHPHLXO F UXLD R SHUVRDQ IL]LF GHQXPLW

VDODULDWVHREOLJ V SUHVWH]HPXQFDSHQWUXúLVXEDXWRULWDWHDXQXLDQJDMDWRUSHUVRDQ IL]LF

VDXMXULGLF vQVFKLPEXOXQHLUHPXQHUD LLGHQXPLWHVDODULX

$UW

&ODX]HOHFRQWUDFWXOXLLQGLYLGXDOGHPXQF QXSRWFRQ LQHSUHYHGHULFRQWUDUHVDXGUHSWXULVXE
QLYHOXOPLQLPVWDELOLWSULQDFWHQRUPDWLYHRULSULQFRQWUDFWHFROHFWLYHGHPXQF
$UW

&RQWUDFWXOLQGLYLGXDOGHPXQF VHvQFKHLHSHGXUDW QHGHWHUPLQDW

3ULQH[FHS LHFRQWUDFWXOLQGLYLGXDOGHPXQF VHSRDWHvQFKHLDúLSHGXUDW GHWHUPLQDW vQ

FRQGL LLOHH[SUHVSUHY ]XWHGHOHJH
$UW

3HUVRDQDIL]LF GREkQGHúWHFDSDFLWDWHGHPXQF ODvPSOLQLUHDYkUVWHLGHDQL
3HUVRDQD IL]LF SRDWH vQFKHLD XQ FRQWUDFW GH PXQF vQ FDOLWDWH GH VDODULDW úL OD vPSOLQLUHD
YkUVWHLGHDQLFXDFRUGXOSULQ LORUVDXDOUHSUH]HQWDQ LORUOHJDOLSHQWUXDFWLYLW LSRWULYLWH
FX GH]YROWDUHD IL]LF DSWLWXGLQLOH úL FXQRúWLQ HOH VDOH GDF DVWIHO QX vL VXQW SHULFOLWDWH
VQWDWHDGH]YROWDUHDúLSUHJWLUHDSURIHVLRQDO
ÌQFDGUDUHDvQPXQFDSHUVRDQHORUVXEYkUVWDGHDQLHVWHLQWHU]LV
ÌQFDGUDUHDvQPXQFDSHUVRDQHORUSXVHVXELQWHUGLF LHMXGHFWRUHDVFHVWHLQWHU]LV
ÌQFDGUDUHDvQPXQFvQORFXULGHPXQFJUHOHYWPWRDUHVDXSHULFXORDVHVHSRDWHIDFH
GXS vPSOLQLUHD YkUVWHL GH DQL DFHVWH ORFXUL GH PXQF VH VWDELOHVF SULQ KRWUkUH D
*XYHUQXOXL
$UW

ÌQVHQVXOSUH]HQWXOXLFRGSULQDQJDMDWRUVHvQ HOHJHSHUVRDQDIL]LF VDXMXULGLF FHSRDWH
GHPXQFSHED]GHFRQWUDFWLQGLYLGXDOGHPXQF
SRWULYLWOHJLLV DQJDMH]HIRU

3HUVRDQD MXULGLF SRDWH vQFKHLD FRQWUDFWH LQGLYLGXDOH GH PXQF vQ FDOLWDWH GH DQJDMDWRU
GLQPRPHQWXOGREkQGLULLSHUVRQDOLW LLMXULGLFH
3HUVRDQDIL]LF SRDWHvQFKHLDFRQWUDFWHLQGLYLGXDOHGHPXQFvQFDOLWDWHGHDQJDMDWRUGLQ
PRPHQWXOGREkQGLULLFDSDFLW LLGHH[HUFL LX
3HUVRDQD IL]LF GREkQGHúWH FDSDFLWDWHD GH D vQFKHLD FRQWUDFWH LQGLYLGXDOH GH PXQF vQ
FDOLWDWHGHDQJDMDWRUGLQPRPHQWXOGREkQGLULLFDSDFLW LLGHSOLQHGHH[HUFL LX
OD GDWD ,XO 7LWOXO ,, &DSLWRO , DUW DOLQ PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
$UW

(VWHLQWHU]LV VXEVDQF LXQHDQXOLW LLDEVROXWHvQFKHLHUHDXQXLFRQWUDFWLQGLYLGXDOGHPXQF

vQVFRSXOSUHVW ULLXQHLPXQFLVDXDXQHLDFWLYLW LLOLFLWHRULLPRUDOH
$UW

&RQWUDFWXO LQGLYLGXDO GH PXQF VH vQFKHLH vQ ED]D FRQVLP PkQWXOXL SU LORU vQ IRUP

VFULV vQ OLPED URPkQ 2EOLJD LD GH vQFKHLHUH D FRQWUDFWXOXL LQGLYLGXDO GH PXQF vQ IRUP
VFULVUHYLQHDQJDMDWRUXOXL
OD GDWD 0DL 7LWOXO ,, &DSLWRO , DUW DOLQ D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

&RQWUDFWXO LQGLYLGXDO GH PXQF VH vQFKHLH vQ ED]D FRQVLP PkQWXOXL SU LORU vQ IRUP

VFULV vQ OLPED URPkQ 2EOLJD LD GH vQFKHLHUH D FRQWUDFWXOXL LQGLYLGXDO GH PXQF vQ IRUP
VFULV UHYLQH DQJDMDWRUXOXL $QJDMDWRUXO SHUVRDQ MXULGLF SHUVRDQD IL]LF DXWRUL]DW V
GHVIúRDUH R DFWLYLWDWH LQGHSHQGHQW SUHFXP úL DVRFLD LD IDPLOLDO DX REOLJD LD GH D vQFKHLD
vQIRUPVFULVFRQWUDFWXOLQGLYLGXDOGHPXQFDQWHULRUvQFHSHULLUDSRUWXULORUGHPXQF
XUJHQWD
OD GDWD 0DL 7LWOXO ,, &DSLWRO , DUW DOLQ D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD $XJ 7LWOXO ,, &DSLWRO , DUW DOLQ D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD 'HF 7LWOXO ,, &DSLWRO , DUW DOLQ D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD 0DU 7LWOXO ,, &DSLWRO , DUW DOLQ D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD



ÌQ VLWXD LD vQ FDUH FRQWUDFWXO LQGLYLGXDO GH PXQF QX D IRVW vQFKHLDW vQ IRUP VFULV VH

SUH]XP F DIRVWvQFKHLDWSHRGXUDW QHGHWHUPLQDW LDUS U LOHSRWIDFHGRYDGDSUHYHGHULORU
FRQWUDFWXDOHúLDSUHVWD LLORUHIHFWXDWHSULQRULFHDOWPLMORFGHSURE

0XQFD SUHVWDW vQ WHPHLXO XQXL FRQWUDFW LQGLYLGXDO GH PXQF vL FRQIHU VDODULDWXOXL
YHFKLPHvQPXQF
$UW

$QWHULRU vQFKHLHULL VDX PRGLILF ULL FRQWUDFWXOXL LQGLYLGXDO GH PXQF DQJDMDWRUXO DUH

REOLJD LD GH D LQIRUPD SHUVRDQD FDUH VROLFLW DQJDMDUHD RUL GXS FD] VDODULDWXO FX SULYLUH OD

FODX]HOHJHQHUDOHSHFDUHLQWHQ LRQHD] V OHvQVFULHvQFRQWUDFWVDXV OHPRGLILFH


REOLJD LD GH D LQIRUPD SHUVRDQD VHOHFWDW vQ YHGHUHD DQJDM ULL RUL GXS FD] VDODULDWXO FX

SULYLUHODFODX]HOHJHQHUDOHSHFDUHLQWHQ LRQHD] V OHvQVFULHvQFRQWUDFWVDXV OHPRGLILFH
XUJHQWD



SULYLUHODFODX]HOHJHQHUDOHSHFDUHLQWHQ LRQHD] V OHvQVFULHvQFRQWUDFWVDXV OHPRGLILFH
OD GDWD 'HF 7LWOXO ,, &DSLWRO , DUW DOLQ PRGLILFDW GH DUW SXQFWXO GLQ /HJHD



SULYLUHODFODX]HOHHVHQ LDOHSHFDUHLQWHQ LRQHD] V OHvQVFULHvQFRQWUDFWVDXV OHPRGLILFH
ODGDWD6HS7LWOXO,,&DSLWRO,DUWDOLQPRGLILFDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD

2EOLJD LD GH LQIRUPDUH D SHUVRDQHL VHOHFWDWH vQ YHGHUHD DQJDM ULL VDX D VDODULDWXOXL VH

FRQVLGHU vQGHSOLQLW GHF WUHDQJDMDWRUODPRPHQWXOFRPXQLF ULLRIHUWHLVDOHSULYLQGFRQ LQXWXO
FRQWUDFWXOXLLQGLYLGXDOGHPXQF VDXDODFWXOXLDGL LRQDOGXSFD]
OD GDWD ,XO 7LWOXO,,&DSLWRO, DUW DOLQ FRPSOHWDWGHDUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD

2EOLJD LD GH LQIRUPDUH D SHUVRDQHL VHOHFWDWH vQ YHGHUHD DQJDM ULL VDX D VDODULDWXOXL VH

FRQVLGHU vQGHSOLQLW GH F WUH DQJDMDWRU OD PRPHQWXO VHPQ ULL FRQWUDFWXOXL LQGLYLGXDO GH

PXQF VDXDDFWXOXLDGL LRQDOGXS FD]
OD GDWD 'HF 7LWOXO ,, &DSLWRO , DUW DOLQ A PRGLILFDW GH DUW SXQFWXO GLQ /HJHD

,QIRUPDUHD SUHY ]XW OD DOLQ YD FXSULQGH GXS FD] FHOSX LQ XUP WRDUHOHHOHPHQWH

3HUVRDQDVHOHFWDW vQYHGHUHDDQJDM ULLRULGXS FD]VDODULDWXOYDILLQIRUPDWFXSULYLUHOD

FHOSX LQXUP WRDUHOHHOHPHQWH
XUJHQWD

3HUVRDQD VHOHFWDW vQ YHGHUHDDQJDM ULLRUL VDODULDWXOGXS FD] YDILLQIRUPDW FXSULYLUH

ODFHOSX LQXUP WRDUHOHHOHPHQWH

D LGHQWLWDWHDS U LORU

E ORFXO GH PXQF VDX vQ OLSVD XQXL ORF GH PXQF IL[ SRVLELOLWDWHD FD VDODULDWXO V

PXQFHDVF vQGLYHUVHORFXUL

F VHGLXOVDXGXS FD]GRPLFLOLXODQJDMDWRUXOXL
G DWULEX LLOHSRVWXOXL

G IXQF LDRFXSD LD FRQIRUP VSHFLILFD LHL &ODVLILF ULL RFXSD LLORU GLQ 5RPkQLD VDX DOWRU DFWH
QRUPDWLYHúLDWULEX LLOHSRVWXOXL
OD GDWD ,XO 7LWOXO ,, &DSLWRO , DUW DOLQ OLWHUD ' PRGLILFDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
H ULVFXULOHVSHFLILFHSRVWXOXL

I GDWDGHODFDUHFRQWUDFWXOXUPHD] V vúLSURGXF HIHFWHOH
J vQ FD]XO XQXL FRQWUDFW GH PXQF SH GXUDW GHWHUPLQDW VDX DO XQXL FRQWUDFW GH PXQF


WHPSRUDU GXUDWDDFHVWRUD

K GXUDWDFRQFHGLXOXLGHRGLKQ ODFDUHVDODULDWXODUHGUHSWXO

L FRQGL LLOHGHDFRUGDUHDSUHDYL]XOXLGHF WUHS U LOHFRQWUDFWDQWHúLGXUDWDDFHVWXLD
M VDODULXO SH ED] DOWH HOHPHQWH FRQVWLWXWLYH DOH YHQLWXULORU VDODULDOH SUHFXP úL
SHULRGLFLWDWHDSO LLVDODULXOXLODFDUHVDODULDWXODUHGUHSWXO

N GXUDWDQRUPDO DPXQFLLH[SULPDW vQRUH]LúLRUHV SW PkQ
O LQGLFDUHD FRQWUDFWXOXL FROHFWLY GH PXQF FH UHJOHPHQWHD]
FRQGL LLOH GH PXQF DOH
VDODULDWXOXL
P GXUDWDSHULRDGHLGHSURE
P GXUDWDSHULRDGHLGHSURE GXS FD]
OD GDWD ,XO 7LWOXO ,, &DSLWRO , DUW DOLQ OLWHUD 0 PRGLILFDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
P GXUDWDSHULRDGHLGHSURE
OD GDWD 'HF 7LWOXO ,, &DSLWRO , DUW DOLQ OLWHUD 0 PRGLILFDW GH DUW SXQFWXO GLQ
/HJHD

(OHPHQWHOH GLQ LQIRUPDUHD SUHY ]XW OD DOLQ WUHEXLH V VH UHJ VHDVF úL vQ FRQ LQXWXO
FRQWUDFWXOXLLQGLYLGXDOGHPXQF

2ULFH PRGLILFDUH D XQXLD GLQWUH HOHPHQWHOH SUHY ]XWH OD DOLQ vQ WLPSXO H[HFXW ULL

FRQWUDFWXOXL LQGLYLGXDO GH PXQF LPSXQH vQFKHLHUHD XQXL DFW DGL LRQDO OD FRQWUDFW vQWUXQ
WHUPHQGH]LOHGHODGDWDvQFXQRúWLQ ULLvQVFULVDVDODULDWXOXLFXH[FHS LDVLWXD LLORUvQFDUH

R DVHPHQHD PRGLILFDUH UH]XOW FD SRVLELO GLQ OHJH VDX GLQ FRQWUDFWXO FROHFWLY GH PXQF
DSOLFDELO

/DQHJRFLHUHDvQFKHLHUHDVDXPRGLILFDUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF RULFDUHGLQWUH

S U L SRDWH IL DVLVWDW GH F WUH WHU L FRQIRUP SURSULHL RS LXQL FX UHVSHFWDUHD FRQILGHQ LDOLW LL

SUHY ]XWHODDOLQ
OD GDWD ,XO 7LWOXO ,, &DSLWRO , DUW DOLQ FRPSOHWDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD

/DQHJRFLHUHDvQFKHLHUHDVDXPRGLILFDUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF RULFDUHGLQWUH

S U LSRDWHILDVLVWDW GHWHU LFRQIRUPSURSULHLRS LXQLFXUHVSHFWDUHDSUHYHGHULORUDOLQ

&XSULYLUHODLQIRUPD LLOHIXUQL]DWHVDODULDWXOXLSUHDODELOvQFKHLHULLFRQWUDFWXOXLLQGLYLGXDOGH

PXQF vQWUHS U LSRDWHLQWHUYHQLXQFRQWUDFWGHFRQILGHQ LDOLWDWH
$UW

ÌQ FD]XO vQ FDUH VDODULDWXO XUPHD] V vúL GHVI úRDUH DFWLYLWDWHD vQ VWU LQ WDWH DQJDMDWRUXO

DUH REOLJD LD GH DL FRPXQLFD vQ WLPS XWLO LQIRUPD LLOH SUHY ]XWH OD DUW DOLQ LQFOXVLY

LQIRUPD LL UHIHULWRDUH OD ÌQ FD]XO vQ FDUH VDODULDWXO XUPHD] V vúL GHVI úRDUH DFWLYLWDWHD vQ

VWU LQ WDWHDQJDMDWRUXODUHREOLJD LD GHDL FRPXQLFD vQWLPSXWLOLQIRUPD LLOHSUHY ]XWHODDUW
DOLQSUHFXPúLLQIRUPD LLUHIHULWRDUWHOD
XUJHQWD

ÌQ FD]XO vQ FDUH SHUVRDQD VHOHFWDW vQ YHGHUHD DQJDM ULL RUL VDODULDWXO GXS FD] XUPHD]

V vúL GHVI úRDUH DFWLYLWDWHD vQ VWU LQ WDWH DQJDMDWRUXO DUH REOLJD LD GH DL FRPXQLFD vQ WLPS

XWLOLQIRUPD LLOHSUHY ]XWHODDUWDOLQSUHFXPúLLQIRUPD LLUHIHULWRDUHOD

ÌQ FD]XO vQ FDUH SHUVRDQD VHOHFWDW vQ YHGHUHD DQJDM ULL RUL VDODULDWXO GXS FD] XUPHD]

V vúL GHVI úRDUH DFWLYLWDWHD vQ VWU LQ WDWH DQJDMDWRUXO DUH REOLJD LD GH DL FRPXQLFD vQ WLPS

XWLO vQDLQWH GH SOHFDUH LQIRUPD LLOH SUHY ]XWH OD DUW DOLQ SUHFXP úL LQIRUPD LL
UHIHULWRDUHOD
OD GDWD 6HS 7LWOXO ,, &DSLWRO , DUW DOLQ PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD

D GXUDWDSHULRDGHLGHPXQF FHXUPHD] V ILHSUHVWDW vQVWU LQ WDWH

E PRQHGDvQFDUHYRUILSO WLWHGUHSWXULOHVDODULDOHSUHFXPúLPRGDOLW LOHGHSODW


F SUHVWD LLOHvQEDQLúLVDXvQQDWXU DIHUHQWHGHVI úXU ULLDFWLYLW
LLvQVWU LQ WDWH
G FRQGL LLOHGHFOLP

H UHJOHPHQW ULOHSULQFLSDOHGLQOHJLVOD LDPXQFLLGLQDFHD DU

I RELFHLXULOH ORFXOXL D F URU QHUHVSHFWDUH LDU SXQH vQ SHULFRO YLD D OLEHUWDWHD VDX VLJXUDQ D
SHUVRQDO
J FRQGL LLOHGHUHSDWULHUHDOXFU WRUXOXLGXS FD]
ODGDWD6HS7LWOXO,,&DSLWRO,DUWDOLQFRPSOHWDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD

,QIRUPD LLOH SUHY ]XWH OD DOLQ OLW D E úL F WUHEXLH V ILH vQVFULVH úL vQ FRQ LQXWXO
ODGDWD,XO7LWOXO,,&DSLWRO,DUWDOLQFRPSOHWDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD

,QIRUPD LLOHSUHY ]XWHODDOLQOLWDEúLFWUHEXLHV VHUHJ VHDVF úLvQFRQ LQXWXO

'LVSR]L LLOH DOLQ VH FRPSOHWHD] SULQ OHJL VSHFLDOH FDUH UHJOHPHQWHD] FRQGL LLOH

VSHFLILFHGHPXQF vQVWU LQ WDWH
$UW

ÌQVLWXD LDvQFDUHDQJDMDWRUXOQXvúLH[HFXW REOLJD LDGHLQIRUPDUHvQWHUPHQGH]LOHGHOD

PRPHQWXO ODQV ULL RIHUWHL GH vQFKHLHUH VDX PRGLILFDUH D FRQWUDFWXOXL LQGLYLGXDO GH PXQF RUL

GXS FD]DSUHVW ULLDFWLYLW LLvQVWULQWDWHVDODULDWXOHVWHvQGUHSWVVHVL]H]HvQWHUPHQGH
GH ]LOH LQVWDQ D MXGHFWRUHDVF FRPSHWHQW úL V VROLFLWH GHVSJXELUL FRUHVSXQ]WRDUH
SUHMXGLFLXOXL SH FDUH OD VXIHULW FD XUPDUH D QHH[HFXWULL GH FWUH DQJDMDWRU D REOLJD LHL GH
LQIRUPDUH

ÌQVLWXD LDvQFDUHDQJDMDWRUXOQXvúLH[HFXW REOLJD LDGHLQIRUPDUHSUHY ]XW ODDUWúL

VDODULDWXO HVWH vQ GUHSW V VHVL]H]H vQ WHUPHQ GH GH ]LOH GH OD GDWD QHvQGHSOLQLULL DFHVWHL
REOLJD LL LQVWDQ D MXGHFWRUHDVF
FRPSHWHQW úL V VROLFLWH GHVS JXELUL FRUHVSXQ] WRDUH

SUHMXGLFLXOXL SH FDUH OD VXIHULW FD XUPDUH D QHH[HFXW ULL GH F WUH DQJDMDWRU D REOLJD LHL GH
LQIRUPDUH
OD GDWD,XO 7LWOXO,, &DSLWRO ,DUWPRGLILFDW GH DUW,SXQFWXOGLQ 2UGRQDQWDXUJHQWD

ÌQVLWXD LDvQFDUHDQJDMDWRUXOQXvúLH[HFXW REOLJD LDGHLQIRUPDUHSUHY ]XW ODDUWúL

SHUVRDQD VHOHFWDW vQ YHGHUHD DQJDM ULL RUL VDODULDWXO GXS FD] DUH GUHSWXO V VHVL]H]H vQ
WHUPHQ GH GH ]LOH GH OD GDWD QHvQGHSOLQLULL DFHVWHL REOLJD LL LQVWDQ D MXGHF WRUHDVF

FRPSHWHQW úL V VROLFLWH GHVS JXELUL FRUHVSXQ] WRDUH SUHMXGLFLXOXL SH FDUH OD VXIHULW FD

XUPDUHDQHH[HFXW ULLGHF WUHDQJDMDWRUDREOLJD LHLGHLQIRUPDUH
ODGDWD'HF7LWOXO,,&DSLWRO,DUWPRGLILFDWGHDUWSXQFWXOGLQ/HJHD
$UW

ÌQ DIDUD FODX]HORU JHQHUDOH SUHY ]XWH OD DUW vQWUH S U L SRW IL QHJRFLDWH úL FXSULQVH vQ

FRQWUDFWXOLQGLYLGXDOGHPXQF úLDOWHFODX]HVSHFLILFH

ÌQ DIDUD FODX]HORU HVHQ LDOH SUHY ]XWH OD DUW vQWUH S U L SRW IL QHJRFLDWH úL FXSULQVH vQ

FRQWUDFWXOLQGLYLGXDOGHPXQF úLDOWHFODX]HVSHFLILFH
OD GDWD6HS 7LWOXO,, &DSLWRO, DUWDOLQPRGLILFDWGHDUW,SXQFWXOGLQ 2UGRQDQWD
XUJHQWD

6XQWFRQVLGHUDWHFODX]HVSHFLILFHI U FDHQXPHUDUHDV ILHOLPLWDWLY
D FODX]DFXSULYLUHODIRUPDUHDSURIHVLRQDO
E FODX]DGHQHFRQFXUHQ
F FODX]DGHPRELOLWDWH
G FODX]DGHFRQILGHQ LDOLWDWH
$UW
&ODX]DGHQHFRQFXUHQ vOREOLJSHVDODULDWVQXSUHVWH]HvQLQWHUHVXOSURSULXVDXDOXQXL
WHU R DFWLYLWDWH FDUH VH DIO vQ FRQFXUHQ FX FHD SUHVWDW OD DQJDMDWRUXO VX RUL V QX


SUHVWH]H R DFWLYLWDWH vQ IDYRDUHD XQXL WHU FDUH VH DIO vQ UHOD LL GH FRQFXUHQ FX DQJDMDWRUXO

V XúLvOREOLJ SHDQJDMDWRUV vLSO WHDVF VDODULDWXOXLRLQGHPQL]D LHOXQDU
&ODX]DGHQHFRQFXUHQ vúLSURGXFHHIHFWHOHQXPDLGDFvQFXSULQVXOFRQWUDFWXOXLLQGLYLGXDO
GH PXQF VXQW SUHY]XWH vQ PRG FRQFUHW DFWLYLW LOH FH VXQW LQWHU]LVH VDODULDWXOXL SH GXUDWD
FRQWUDFWXOXL

,QGHPQL]D LD GDWRUDW VDODULDWXOXL VH QHJRFLD] úL HVWH GH FHO SX LQ GLQ VDODULX

,QGHPQL]D LDWUHEXLHSO WLW vQWRFPDLúLODWLPS
&ODX]DGHQHFRQFXUHQ QXSRDWHILVWDELOLWSHGXUDWDSHULRDGHLGHSURE
/DvQFKHLHUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQFVDXSHSDUFXUVXOH[HFXWULLDFHVWXLDSU LOH
SRWQHJRFLD úL FXSULQGHvQ FRQWUDFWRFODX] GHQHFRQFXUHQWSULQFDUHVDODULDWXO VILH REOLJDW
FD GXS vQFHWDUHD FRQWUDFWXOXL V QX SUHVWH]H vQ LQWHUHVXO VX SURSULX VDX DO XQXL WHU R
DFWLYLWDWH FDUH VH DIO vQ FRQFXUHQ FX FHD SUHVWDW OD DQJDMDWRUXO VX vQ VFKLPEXO XQHL
LQGHPQL]D LL GH QHFRQFXUHQ OXQDUH SH FDUH DQJDMDWRUXO VH REOLJ V R SOWHDVF SH WRDW
SHULRDGDGHQHFRQFXUHQ
/DvQFKHLHUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQFVDXSHSDUFXUVXOH[HFXWULLDFHVWXLDSU LOH
SRWQHJRFLD úL FXSULQGHvQ FRQWUDFWRFODX] GHQHFRQFXUHQ SULQFDUHVDODULDWXO VILH REOLJDW
FD GXS vQFHWDUHD FRQWUDFWXOXL V QX SUHVWH]H vQ LQWHUHV SURSULX VDX DO XQXL WHU R DFWLYLWDWH
FDUHVHDIOvQFRQFXUHQ FXFHDSUHVWDWODDQJDMDWRUXOVXvQVFKLPEXOXQHLLQGHPQL]D LLGH
QHFRQFXUHQ OXQDUH SH FDUH DQJDMDWRUXO VH REOLJ V R SOWHDVF SH WRDW SHULRDGD GH
QHFRQFXUHQ

&ODX]DGHQHFRQFXUHQ vúLSURGXFHHIHFWHOHQXPDLGDFvQFXSULQVXOFRQWUDFWXOXLLQGLYLGXDO

GH PXQF VXQW SUHY ]XWH vQ PRG FRQFUHW DFWLYLW LOH FH VXQW LQWHU]LVH VDODULDWXOXL OD GDWD
vQFHWULL FRQWUDFWXOXL FXDQWXPXO LQGHPQL]D LHL GH QHFRQFXUHQ OXQDUH SHULRDGD SHQWUX FDUH
vúL SURGXFH HIHFWHOH FODX]D GH QHFRQFXUHQ WHU LL vQ IDYRDUHD FURUD VH LQWHU]LFH SUHVWDUHD
DFWLYLW LLSUHFXPúLDULDJHRJUDILFXQGHVDODULDWXOSRDWHILvQUHDOFRPSHWL LHFXDQJDMDWRUXO
,QGHPQL]D LD GH QHFRQFXUHQ OXQDU GDWRUDW VDODULDWXOXL QX HVWH GH QDWXU VDODULDO VH
QHJRFLD] úL HVWH GH FHO SX LQ GLQ PHGLD YHQLWXULORU VDODULDOH EUXWH DOH VDODULDWXOXL GLQ
XOWLPHOH OXQL DQWHULRDUH GDWHL vQFHWULL FRQWUDFWXOXL LQGLYLGXDO GH PXQF VDX vQ FD]XO vQ FDUH
GXUDWD FRQWUDFWXOXL LQGLYLGXDO GH PXQF D IRVW PDL PLF GH OXQL GLQ PHGLD YHQLWXULORU
VDODULDOHOXQDUHEUXWHFXYHQLWHDFHVWXLDSHGXUDWDFRQWUDFWXOXL
,QGHPQL]D LD GH QHFRQFXUHQ
UHSUH]LQW R FKHOWXLDO HIHFWXDW GH DQJDMDWRU HVWH

GHGXFWLELO OD FDOFXOXO SURILWXOXL LPSR]DELO úL VH LPSR]LWHD] OD SHUVRDQD IL]LF EHQHILFLDU
SRWULYLWOHJLL

$UW
&ODX]DGHQHFRQFXUHQ QXvúLPDLSURGXFHHIHFWHOHODGDWDvQFHWULLFRQWUDFWXOXLLQGLYLGXDO
GHPXQF
3ULQH[FHS LHGHODSUHYHGHULOHDOLQFODX]DGHQHFRQFXUHQ vúLSRDWHSURGXFHHIHFWHOH

úL GXS vQFHWDUHD FRQWUDFWXOXL LQGLYLGXDO GH PXQF SHQWUX R SHULRDG GH PD[LPXP OXQL vQ
FD]XO IXQF LLORU GH H[HFX LH úL GH PD[LPXP DQL SHQWUX FHL FDUH DX RFXSDW IXQF LL GH

FRQGXFHUH GDF R DVWIHO GH SHULRDG D IRVW FRQYHQLW H[SUHV SULQ FRQWUDFWXO LQGLYLGXDO GH

PXQF
3UHYHGHULOH DOLQ QX VXQW DSOLFDELOH vQ FD]XULOH vQ FDUH vQFHWDUHD FRQWUDFWXOXL LQGLYLGXDO

GH PXQF VD SURGXV GH GUHSW RUL D LQWHUYHQLW GLQ LQL LDWLYD DQJDMDWRUXOXL SHQWUX PRWLYH
QHLPSXWDELOHVDODULDWXOXL
&ODX]D GH QHFRQFXUHQ vúL SRDWH SURGXFH HIHFWHOH SHQWUX R SHULRDG GH PD[LPXP DQL

GHODGDWDvQFHW ULLFRQWUDFWXOXLLQGLYLGXDOGHPXQF
3UHYHGHULOH DOLQ QX VXQW DSOLFDELOH vQ FD]XULOH vQ FDUH vQFHWDUHD FRQWUDFWXOXL LQGLYLGXDO

GHPXQF VDSURGXVGHGUHSWFXH[FHS LDFD]XULORUSUHY ]XWHODDUWOLWGIJKúLM
RULDLQWHUYHQLWGLQLQL LDWLYDDQJDMDWRUXOXLSHQWUXPRWLYHFDUHQX LQGHSHUVRDQDVDODULDWXOXL


$UW
&ODX]D GH QHFRQFXUHQ QX SRDWH DYHD FD HIHFW LQWHU]LFHUHD vQ PRG DEVROXW D H[HUFLWULL

SURIHVLHLVDODULDWXOXLVDXDVSHFLDOL] ULLSHFDUHRGH LQH
/DVHVL]DUHDVDODULDWXOXLVDXDLQVSHFWRUDWXOXLWHULWRULDOSHQWUXPXQFLQVWDQ DFRPSHWHQW
SRDWHGLPLQXDHIHFWHOHFODX]HLGHQHFRQFXUHQ
$UW

ÌQ FD]XO QHUHVSHFW ULL FX YLQRY LH D FODX]HL GH QHFRQFXUHQ VDODULDWXO SRDWH IL REOLJDW OD

UHVWLWXLUHD LQGHPQL]D LHL úL GXS FD] OD GDXQHLQWHUHVH FRUHVSXQ] WRDUH SUHMXGLFLXOXL SH FDUH
ODSURGXVDQJDMDWRUXOXL
$UW

3ULQFODX]DGHPRELOLWDWHS U LOHvQFRQWUDFWXOLQGLYLGXDOGHPXQF VWDELOHVFF vQFRQVLGHUDUHD

VSHFLILFXOXLPXQFLLH[HFXWDUHDREOLJD LLORUGHVHUYLFLXGHF WUHVDODULDWQXVHUHDOL]HD] vQWUXQ

ORFVWDELOGHPXQF ÌQDFHVWFD]VDODULDWXOEHQHILFLD] GHSUHVWD LLVXSOLPHQWDUHvQEDQLVDXvQ
QDWXU
$UW

3ULQFODX]DGHFRQILGHQ LDOLWDWHS U LOHFRQYLQFDSHWRDW GXUDWDFRQWUDFWXOXLLQGLYLGXDOGH

PXQF úL GXS vQFHWDUHD DFHVWXLD V QX WUDQVPLW GDWH VDX LQIRUPD LL GH FDUH DX OXDW
FXQRúWLQ vQ WLPSXO H[HFXWULL FRQWUDFWXOXL vQ FRQGL LLOH VWDELOLWH vQ UHJXODPHQWHOH LQWHUQH vQ

FRQWUDFWHOHFROHFWLYHGHPXQF VDXvQFRQWUDFWHOHLQGLYLGXDOHGHPXQF
1HUHVSHFWDUHDDFHVWHLFODX]HGHFWUHRULFDUHGLQWUHSU LDWUDJHREOLJDUHDFHOXLvQFXOSOD
SODWDGHGDXQHLQWHUHVH
$UW

2 SHUVRDQ SRDWH IL DQJDMDW vQ PXQF QXPDL vQ ED]D XQXL FHUWLILFDW PHGLFDO FDUH

FRQVWDW IDSWXOF FHOvQFDX] HVWHDSWSHQWUXSUHVWDUHDDFHOHLPXQFL
1HUHVSHFWDUHDSUHYHGHULORUDOLQDWUDJHQXOLWDWHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF

ÌQ VLWXD LD vQ FDUH VDODULDWXO SUH]LQW FHUWLILFDWXO PHGLFDO GXS PRPHQWXO vQFKHLHULL

FRQWUDFWXOXLLQGLYLGXDOGHPXQF LDUGLQFXSULQVXOFHUWLILFDWXOXLUH]XOW F FHOvQFDX] HVWHDSW

GHPXQF FRQWUDFWXODVWIHOvQFKHLDWU PkQHYDODELO
&RPSHWHQ D úL SURFHGXUD GH HOLEHUDUH D FHUWLILFDWXOXL PHGLFDO SUHFXP úL VDQF LXQLOH

DSOLFDELOHDQJDMDWRUXOXLvQFD]XODQJDM ULLVDXVFKLPE ULLORFXOXLRULIHOXOXLPXQFLLI U FHUWLILFDW
PHGLFDOVXQWVWDELOLWHSULQOHJLVSHFLDOH
6ROLFLWDUHDODDQJDMDUHDWHVWHORUGHJUDYLGLWDWHHVWHLQWHU]LV

/D DQJDMDUHD vQ GRPHQLLOH V Q WDWH DOLPHQWD LH SXEOLF HGXFD LH úL vQ DOWH GRPHQLL
VWDELOLWHSULQDFWHQRUPDWLYHVHSRWVROLFLWDúLWHVWHPHGLFDOHVSHFLILFH
$UW
&HUWLILFDWXOPHGLFDOHVWHREOLJDWRULXúLvQXUP WRDUHOHVLWXD LL
D OD UHvQFHSHUHD DFWLYLW
LL GXS R vQWUHUXSHUH PDL PDUH GH OXQL SHQWUX ORFXULOH GH PXQF
DYkQGH[SXQHUHODIDFWRULQRFLYLSURIHVLRQDOLúLGHXQDQvQFHOHODOWHVLWXD LL

E vQFD]XOGHWDú ULLVDXWUHFHULLvQDOWORFGHPXQF RULvQDOW DFWLYLWDWH

E vQ FD]XO GHWDú ULL VDX WUHFHULL vQ DOW ORF GH PXQF RUL vQ DOW DFWLYLWDWH GDF VH VFKLPE
FRQGL LLOHGHPXQF
OD GDWD ,XO 7LWOXO ,, &DSLWRO , DUW OLWHUD % PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
F ODvQFHSHUHDPLVLXQLLvQFD]XOVDODULD LORUvQFDGUD LFXFRQWUDFWGHPXQF WHPSRUDU

G vQ FD]XO XFHQLFLORU SUDFWLFDQ LORU HOHYLORU úL VWXGHQ LORU vQ VLWXD LD vQ FDUH XUPHD] V ILH

LQVWUXL LSHPHVHULLúLSURIHVLLSUHFXPúLvQVLWXD LDVFKLPE ULLPHVHULHLSHSDUFXUVXOLQVWUXLULL

H SHULRGLF vQ FD]XO FHORU FDUH OXFUHD] vQ FRQGL LL GH H[SXQHUH OD IDFWRUL QRFLYL SURIHVLRQDOL

SRWULYLWUHJOHPHQW ULORU0LQLVWHUXOXL6 Q W LLúL)DPLOLHL
I SHULRGLF vQ FD]XO FHORU FDUH GHVIúRDU DFWLYLW L FX ULVF GH WUDQVPLWHUH D XQRU EROL úL FDUH
OXFUHD] vQ VHFWRUXO DOLPHQWDU ]RRWHKQLF OD LQVWDOD LLOH GH DSURYL]LRQDUH FX DS SRWDELO vQ
FROHFWLYLW L GH FRSLL vQ XQLW L VDQLWDUH SRWULYLW UHJOHPHQWULORU 0LQLVWHUXOXL 6QW LL úL

)DPLOLHL
J SHULRGLF vQ FD]XO FHORU FDUH OXFUHD] vQ XQLW
L I U IDFWRUL GH ULVF SULQ H[DPHQH PHGLFDOH

GLIHUHQ LDWH vQ IXQF LH GH YkUVW VH[ úL VWDUH GH V Q WDWH SRWULYLW UHJOHPHQW ULORU GLQ
FRQWUDFWHOHFROHFWLYHGHPXQF
$UW

&RQWUDFWXO LQGLYLGXDO GH PXQF VH vQFKHLH GXS YHULILFDUHD SUHDODELO D DSWLWXGLQLORU
SURIHVLRQDOHúLSHUVRQDOHDOHSHUVRDQHLFDUHVROLFLW DQJDMDUHD
0RGDOLW
LOHvQFDUHXUPHD] V VHUHDOL]H]HYHULILFDUHDSUHY ]XW ODDOLQVXQWVWDELOLWH

vQ FRQWUDFWXO FROHFWLYGH PXQF DSOLFDELO vQ VWDWXWXO GH SHUVRQDO SURIHVLRQDO VDX GLVFLSOLQDU
úLvQUHJXODPHQWXOLQWHUQvQPVXUDvQFDUHOHJHDQXGLVSXQHDOWIHO
,QIRUPD LLOH FHUXWH VXE RULFH IRUP GH FWUH DQJDMDWRU SHUVRDQHL FDUH VROLFLW DQJDMDUHD
FX RFD]LD YHULILFULL SUHDODELOH D DSWLWXGLQLORU QX SRWDYHDXQ DOWVFRS GHFkW DFHOD GH D DSUHFLD
FDSDFLWDWHDGHDRFXSDSRVWXOUHVSHFWLYSUHFXPúLDSWLWXGLQLOHSURIHVLRQDOH

$QJDMDWRUXO SRDWH FHUH LQIRUPD LL vQ OHJ WXU FX SHUVRDQD FDUH VROLFLW DQJDMDUHD GH OD

IRúWLL V L DQJDMDWRUL GDU QXPDL FX SULYLUH OD IXQF LLOH vQGHSOLQLWH úL OD GXUDWD DQJDM ULL úL QXPDL

FXvQFXQRúWLQ DUHDSUHDODELO DFHOXLvQFDX]
$UW
ÌQFDGUDUHDVDODULD LORUODLQVWLWX LLOHúLDXWRULW
LOHSXEOLFHúLODDOWHXQLW LEXJHWDUHVHIDFH
QXPDLSULQFRQFXUVVDXH[DPHQGXS FD]
3RVWXULOH YDFDQWH H[LVWHQWH vQ VWDWXO GH IXQF LL YRU IL VFRDVH OD FRQFXUV vQ UDSRUW FX
QHFHVLW
LOHILHF UHLXQLW
LSUHY ]XWHODDOLQ
ÌQ FD]XO vQ FDUH OD FRQFXUVXO RUJDQL]DW vQ YHGHUHD RFXS ULL XQXL SRVW YDFDQW QX VDX
SUH]HQWDWPDLPXO LFDQGLGD LvQFDGUDUHDvQPXQF VHIDFHSULQH[DPHQ

&RQGL LLOH GH RUJDQL]DUH úL PRGXO GH GHVI úXUDUH D FRQFXUVXOXLH[DPHQXOXL VH VWDELOHVF
SULQUHJXODPHQWDSUREDWSULQKRW UkUHD*XYHUQXOXL
$UW
3HQWUX YHULILFDUHD DSWLWXGLQLORU VDODULDWXOXL OD vQFKHLHUHD FRQWUDFWXOXL LQGLYLGXDO GH PXQF

VH SRDWH VWDELOL R SHULRDG GH SURE GH FHO PXOW GH ]LOH FDOHQGDULVWLFH SHQWUX IXQF LLOH GH
H[HFX LHúLGHFHOPXOWGH]LOHFDOHQGDULVWLFHSHQWUXIXQF LLOHGHFRQGXFHUH
9HULILFDUHD DSWLWXGLQLORU SURIHVLRQDOH OD vQFDGUDUHD SHUVRDQHORU FX KDQGLFDS VH UHDOL]HD]

H[FOXVLYSULQPRGDOLWDWHDSHULRDGHLGHSURE GHPD[LPXPGH]LOHFDOHQGDULVWLFH

ÌQ FD]XO PXQFLWRULORU QHFDOLILFD L SHULRDGD GH SURE DUH FDUDFWHU H[FHS LRQDO úL QX SRDWH

GHS úL]LOHOXFU WRDUH
$EVROYHQ LL LQVWLWX LLORU GH vQY PkQW VH vQFDGUHD] OD GHEXWXO ORU vQ SURIHVLH SH ED]D

XQHLSHULRDGHGHSURE FXSULQVHvQWUHúLOXQL
$EVROYHQ LL LQVWLWX LLORU GH vQY PkQW VH vQFDGUHD] OD GHEXWXO ORU vQ SURIHVLH SH ED]D

XQHLSHULRDGHGHSURE GHFHOPXOWOXQL
ODGDWD,XO7LWOXO,,&DSLWRO,DUWDOLQPRGLILFDW GHDUW,SXQFWXOGLQ 2UGRQDQWD
XUJHQWD

3HGXUDWDVDXODVIkUúLWXOSHULRDGHLGHSURE FRQWUDFWXOLQGLYLGXDOGHPXQF SRDWHvQFHWD

SULQWURQRWLILFDUHVFULV ODLQL LDWLYDRULF UHLDGLQWUHS U L
ODGDWD,XO7LWOXO,,&DSLWRO,DUWDOLQFRPSOHWDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD

3HGXUDWDVDXODVIkUúLWXOSHULRDGHLGHSURE FRQWUDFWXOLQGLYLGXDOGHPXQF SRDWHvQFHWD

QXPDLSULQWURQRWLILFDUHVFULV ODLQL LDWLYDRULF UHLDGLQWUHS U L

3HGXUDWDSHULRDGHLGHSURE VDODULDWXOVHEXFXU GHWRDWHGUHSWXULOHúLDUHWRDWHREOLJD LLOH

SUHY ]XWHvQOHJLVOD LDPXQFLLvQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOvQUHJXODPHQWXOLQWHUQ
SUHFXPúLvQFRQWUDFWXOLQGLYLGXDOGHPXQF
$UW

3HGXUDWDH[HFXW ULLXQXLFRQWUDFWLQGLYLGXDOGHPXQF QXSRDWHILVWDELOLW GHFkWRVLQJXU


SHULRDG GHSURE

3ULQ H[FHS LH VDODULDWXO SRDWH IL VXSXV OD R QRX SHULRDG GH SURE vQ VLWXD LD vQ FDUH

DFHVWDGHEXWHD] ODDFHODúLDQJDMDWRUvQWURQRX IXQF LHVDXSURIHVLHRULXUPHD] V SUHVWH]H

DFWLYLWDWHDvQWUXQORFGHPXQF FXFRQGL LLJUHOHY W P WRDUHVDXSHULFXORDVH
1HLQIRUPDUHD VDODULDWXOXL DQWHULRU vQFKHLHULL VDX PRGLILF ULL FRQWUDFWXOXL LQGLYLGXDO GH

PXQF FX SULYLUH OD SHULRDGD GH SURE vQ WHUPHQXO SUHY ]XW OD DUW DOLQ GXFH OD

GHF GHUHD DQJDMDWRUXOXL GLQ GUHSWXO GH D YHULILFD DSWLWXGLQLOH VDODULDWXOXL SULQWUR DVHPHQHD
PRGDOLWDWH

3HULRDGDGHSURE FRQVWLWXLHYHFKLPHvQPXQF
$UW

$QJDMDUHD VXFFHVLY D PDL PXOW GH WUHL SHUVRDQH SH SHULRDGH GH SURE SHQWUX DFHODúL SRVW
HVWHLQWHU]LV
$UW
ODGDWD0DU7LWOXO,,&DSLWRO,DUWDIRVWUHJOHPHQWDWDGH+RWDULUHD
)LHFDUHDQJDMDWRUDUHREOLJD LDGHDvQILLQ DXQUHJLVWUXJHQHUDOGHHYLGHQ DVDODULD LORU

5HJLVWUXO JHQHUDO GH HYLGHQ D VDODULD LORU VH YD vQUHJLVWUD vQ SUHDODELO OD DXWRULWDWHD
SXEOLF FRPSHWHQW SRWULYLW OHJLL vQ D FUHL UD] WHULWRULDO VH DIO GRPLFLOLXO UHVSHFWLY VHGLXO
DQJDMDWRUXOXLGDWGHODFDUHGHYLQHGRFXPHQWRILFLDO
5HJLVWUXOJHQHUDOGHHYLGHQ DVDODULD LORUVHFRPSOHWHD]vQRUGLQHDDQJDMULLúLFXSULQGH
HOHPHQWHOH GH LGHQWLILFDUH D WXWXURU VDODULD LORU HOHPHQWHOH FH FDUDFWHUL]HD] FRQWUDFWHOH GH
PXQF DOH DFHVWRUD SUHFXP úL WRDWH VLWXD LLOH FDUH LQWHUYLQ SH SDUFXUVXO GHVIúXUULL UHOD LLORU
GH PXQF vQ OHJWXU FX H[HFXWDUHD PRGLILFDUHD VXVSHQGDUHD VDX vQFHWDUHD FRQWUDFWXOXL
LQGLYLGXDOGHPXQF
5HJLVWUXOJHQHUDOGHHYLGHQ DVDODULD LORUVHFRPSOHWHD]vQRUGLQHDDQJDMULLúLFXSULQGH
HOHPHQWHOH GH LGHQWLILFDUH DOH WXWXURU VDODULD LORU GDWD DQJDMULL IXQF LDRFXSD LD FRQIRUP
VSHFLILFD LHL &ODVLILFULL RFXSD LLORU GLQ 5RPkQLD VDX DOWRU DFWH QRUPDWLYH WLSXO FRQWUDFWXOXL
LQGLYLGXDOGHPXQFúLGDWDvQFHWULLFRQWUDFWXOXLLQGLYLGXDOGHPXQF
ODGDWD,XO7LWOXO,,&DSLWRO,DUWDOLQPRGLILFDW GHDUW,SXQFWXOGLQ 2UGRQDQWD
XUJHQWD
5HJLVWUXO JHQHUDO GH HYLGHQ D VDODULD

LORU HVWH S VWUDW OD GRPLFLOLXO UHVSHFWLY VHGLXO

DQJDMDWRUXOXL XUPkQG V ILH SXV OD GLVSR]L LH LQVSHFWRUXOXL GH PXQF VDX RULF UHL DOWH
DXWRULW
LFDUHvOVROLFLW vQFRQGL LLOHOHJLL

/DVROLFLWDUHDVDODULDWXOXLDQJDMDWRUXOHVWHREOLJDWV HOLEHUH]HXQGRFXPHQWFDUHV DWHVWH

DFWLYLWDWHDGHVI úXUDW GHDFHVWDYHFKLPHDvQPXQF vQPHVHULHúLvQVSHFLDOLWDWH
ÌQ FD]XO vQFHW ULL DFWLYLW LL DQJDMDWRUXOXL UHJLVWUXO JHQHUDO GH HYLGHQ D VDODULD LORU VH

GHSXQHODDXWRULWDWHDSXEOLF FRPSHWHQW SRWULYLWOHJLLvQDF UHLUD] WHULWRULDO VHDIO VHGLXO
VDXGRPLFLOLXODQJDMDWRUXOXLGXS FD]
0HWRGRORJLDGHvQWRFPLUHDUHJLVWUXOXLJHQHUDOGHHYLGHQ DVDODULD
LORUvQUHJLVWU ULOHFDUH

VH HIHFWXHD] SUHFXP úL RULFH DOWH HOHPHQWH vQ OHJ WXU FX vQWRFPLUHD DFHVWRUD VH VWDELOHVF

SULQKRW UkUHD*XYHUQXOXL
$UW
2ULFHVDODULDWDUHGUHSWXOGHDFXPXODPDLPXOWHIXQF LLvQED]DXQRUFRQWUDFWHLQGLYLGXDOH

GHPXQF EHQHILFLLQGGHVDODULXOFRUHVSXQ] WRUSHQWUXILHFDUHGLQWUHDFHVWHD
)DF H[FHS LH GH OD SUHYHGHULOH DOLQ VLWXD LLOH vQ FDUH SULQ OHJH VXQW SUHY ]XWH
LQFRPSDWLELOLW LSHQWUXFXPXOXOXQRUIXQF LL

6DODULD LLFDUHFXPXOHD] PDLPXOWHIXQF LLVXQWREOLJD LV GHFODUHILHF UXLDQJDMDWRUORFXO

XQGHH[HUFLW IXQF LDSHFDUHRFRQVLGHU GHED]
$UW
&HW

HQLLVWU LQLúLDSDWUL]LLSRWILDQJDMD LSULQFRQWUDFWLQGLYLGXDOGHPXQF vQED]DSHUPLVXOXL

&$3,72/8/,, ([HFXWDUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF
GHPXQF HOLEHUDWSRWULYLWOHJLL
$UW


'UHSWXULOH úL REOLJD LLOH SULYLQG UHOD LLOH GH PXQF GLQWUH DQJDMDWRU úL VDODULDW VH VWDELOHVF

SRWULYLW OHJLL SULQ QHJRFLHUH vQ FDGUXO FRQWUDFWHORU FROHFWLYH GH PXQF úL DO FRQWUDFWHORU
LQGLYLGXDOHGHPXQF
$UW
OD GDWD $XJ 7LWOXO ,, &DSLWRO ,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD ,DQ 7LWOXO ,, &DSLWRO ,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD 0DL 7LWOXO ,, &DSLWRO ,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

6DODULD LL QX SRW UHQXQ D OD GUHSWXULOH FH OH VXQW UHFXQRVFXWH SULQ OHJH 2ULFH WUDQ]DF LH SULQ

FDUH VH XUP UHúWH UHQXQ DUHD OD GUHSWXULOH UHFXQRVFXWH GH OHJH VDODULD LORU VDX OLPLWDUHD

DFHVWRUGUHSWXULHVWHORYLW GHQXOLWDWH
$UW

6DODULDWXODUHvQSULQFLSDOXUP WRDUHOHGUHSWXUL
D GUHSWXOODVDODUL]DUHSHQWUXPXQFDGHSXV

E GUHSWXOODUHSDXV]LOQLFúLV SW PkQDO
F GUHSWXOODFRQFHGLXGHRGLKQDQXDO
G GUHSWXOODHJDOLWDWHGHúDQVHúLGHWUDWDPHQW
H GUHSWXOODGHPQLWDWHvQPXQF

I GUHSWXOODVHFXULWDWHúLV Q WDWHvQPXQF
J GUHSWXOODDFFHVODIRUPDUHDSURIHVLRQDO
K GUHSWXOODLQIRUPDUHúLFRQVXOWDUH
L GUHSWXOGHDOXDSDUWHODGHWHUPLQDUHDúLDPHOLRUDUHDFRQGL LLORUGHPXQF úLDPHGLXOXLGH

PXQF
M GUHSWXOODSURWHF LHvQFD]GHFRQFHGLHUH

N GUHSWXOODQHJRFLHUHFROHFWLY úLLQGLYLGXDO
O GUHSWXOGHDSDUWLFLSDODDF LXQLFROHFWLYH
P GUHSWXOGHDFRQVWLWXLVDXGHDDGHUDODXQVLQGLFDW

6DODULDWXOXLvLUHYLQvQSULQFLSDOXUP WRDUHOHREOLJD LL
D REOLJD LD GH D UHDOL]D QRUPD GH PXQF VDX GXS FD] GH D vQGHSOLQL DWULEX LLOH FH vL UHYLQ
FRQIRUPILúHLSRVWXOXL
E REOLJD LDGHDUHVSHFWDGLVFLSOLQDPXQFLL
F REOLJD LD GH D UHVSHFWD SUHYHGHULOH FXSULQVH vQ UHJXODPHQWXO LQWHUQ vQ FRQWUDFWXO FROHFWLY

GHPXQF DSOLFDELOSUHFXPúLvQFRQWUDFWXOLQGLYLGXDOGHPXQF
G REOLJD LDGHILGHOLWDWHID GHDQJDMDWRUvQH[HFXWDUHDDWULEX LLORUGHVHUYLFLX
H REOLJD LDGHDUHVSHFWDPVXULOHGHVHFXULWDWHúLVQWDWHDPXQFLLvQXQLWDWH
I REOLJD LDGHDUHVSHFWDVHFUHWXOGHVHUYLFLX
$UW

$QJDMDWRUXODUHvQSULQFLSDOXUP WRDUHOHGUHSWXUL

D V VWDELOHDVF RUJDQL]DUHDúLIXQF LRQDUHDXQLW LL

E V VWDELOHDVF DWULEX LLOHFRUHVSXQ] WRDUHSHQWUXILHFDUHVDODULDWvQFRQGL LLOHOHJLL
E V VWDELOHDVF DWULEX LLOH FRUHVSXQ]WRDUH SHQWUX ILHFDUH VDODULDW vQ FRQGL LLOH OHJLL úLVDX
vQ FRQGL LLOH FRQWUDFWXOXL FROHFWLY GH PXQF vQFKHLDW OD QLYHO QD LRQDO VDX OD QLYHO GH UDPXU
GHDFWLYLWDWHDSOLFDELO
OD GDWD ,XO 7LWOXO ,, &DSLWRO ,, DUW DOLQ OLWHUD % PRGLILFDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD

E V VWDELOHDVF DWULEX LLOH FRUHVSXQ] WRDUH SHQWUX ILHFDUH VDODULDW vQ FRQGL LLOH OHJLL úLVDX

vQ FRQGL LLOH FRQWUDFWXOXL FROHFWLY GH PXQF DSOLFDELO vQFKHLDW OD QLYHO QD LRQDO OD QLYHO GH

UDPXU GHDFWLYLWDWHVDXGHJUXSGHXQLW L
ODGDWD'HF7LWOXO,,&DSLWRO,,DUWDOLQOLWHUD%PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD


F V GHDGLVSR]L LLFXFDUDFWHUREOLJDWRULXSHQWUXVDODULDWVXEUH]HUYDOHJDOLW LLORU

G V H[HUFLWHFRQWUROXODVXSUDPRGXOXLGHvQGHSOLQLUHDVDUFLQLORUGHVHUYLFLX
H V FRQVWDWH VYkUúLUHD DEDWHULORU GLVFLSOLQDUH úL V DSOLFH VDQF LXQLOH FRUHVSXQ]WRDUH
SRWULYLWOHJLLFRQWUDFWXOXLFROHFWLYGHPXQF DSOLFDELOúLUHJXODPHQWXOXLLQWHUQ
$QJDMDWRUXOXLvQUHYLQvQSULQFLSDOXUPWRDUHOHREOLJD LL
D V LQIRUPH]H VDODULD LL DVXSUD FRQGL LLORU GH PXQF úL DVXSUD HOHPHQWHORU FDUH SULYHVF
GHVIúXUDUHDUHOD LLORUGHPXQF
E V DVLJXUH SHUPDQHQW FRQGL LLOH WHKQLFH úL RUJDQL]DWRULFH DYXWH vQ YHGHUH OD HODERUDUHD
QRUPHORUGHPXQFúLFRQGL LLOHFRUHVSXQ]WRDUHGHPXQF
F VDFRUGHVDODULD LORUWRDWHGUHSWXULOHFHGHFXUJGLQOHJHGLQFRQWUDFWXOFROHFWLYGHPXQF
DSOLFDELOúLGLQFRQWUDFWHOHLQGLYLGXDOHGHPXQF
G VFRPXQLFHSHULRGLFVDODULD LORUVLWXD LDHFRQRPLFúLILQDQFLDUDXQLW LL
ODGDWD)HE7LWOXO,,&DSLWRO,,DUWDOLQOLWHUD'DIRVWDWDFDWGH'HFL]LD

G V FRPXQLFH SHULRGLF VDODULD LORU VLWXD LD HFRQRPLF úL ILQDQFLDU D XQLW LL 3HULRGLFLWDWHD

FRPXQLF ULORUVHVWDELOHúWHSULQQHJRFLHUHvQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELO
OD GDWD ,XO 7LWOXO ,, &DSLWRO ,, DUW DOLQ OLWHUD ' PRGLILFDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD

G V FRPXQLFH SHULRGLF VDODULD LORU VLWXD LD HFRQRPLF úL ILQDQFLDU D XQLW LL FX H[FHS LD
LQIRUPD LLORU VHQVLELOH VDX VHFUHWH FDUH SULQ GLYXOJDUH VXQW GH QDWXU V SUHMXGLFLH]H
DFWLYLWDWHD XQLW
LL 3HULRGLFLWDWHD FRPXQLF ULORU VH VWDELOHúWH SULQ QHJRFLHUH vQ FRQWUDFWXO
FROHFWLYGHPXQF DSOLFDELO
ODGDWD'HF7LWOXO,,&DSLWRO,,DUWDOLQOLWHUD'PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

H V VH FRQVXOWH FX VLQGLFDWXO VDX GXS FD] FX UHSUH]HQWDQ LL VDODULD LORU vQ SULYLQ D

GHFL]LLORUVXVFHSWLELOHV DIHFWH]HVXEVWDQ LDOGUHSWXULOHúLLQWHUHVHOHDFHVWRUD

I V SO WHDVF WRDWH FRQWULEX LLOH úL LPSR]LWHOH DIODWH vQ VDUFLQD VD SUHFXP úL V UH LQ úL V
YLUH]HFRQWULEX LLOHúLLPSR]LWHOHGDWRUDWHGHVDODULD LvQFRQGL LLOHOHJLL

J V vQILLQ H]H UHJLVWUXO JHQHUDO GH HYLGHQ D VDODULD LORU úL V RSHUH]H vQUHJLVWUULOH

SUHY ]XWHGHOHJH
K VHOLEHUH]HODFHUHUHWRDWHGRFXPHQWHOHFDUHDWHVWFDOLWDWHDGHVDODULDWDVROLFLWDQWXOXL
L VDVLJXUHFRQILGHQ LDOLWDWHDGDWHORUFXFDUDFWHUSHUVRQDODOHVDODULD LORU
&$3,72/8/,,, 0RGLILFDUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF
$UW

&RQWUDFWXOLQGLYLGXDOGHPXQF SRDWHILPRGLILFDWQXPDLSULQDFRUGXOS U LORU

&X WLWOX GH H[FHS LH PRGLILFDUHD XQLODWHUDO D FRQWUDFWXOXL LQGLYLGXDO GH PXQF HVWH

SRVLELO QXPDLvQFD]XULOHúLvQFRQGL LLOHSUHY ]XWHGHSUH]HQWXOFRG

0RGLILFDUHD FRQWUDFWXOXL LQGLYLGXDO GH PXQF VH UHIHU OD RULFDUH GLQWUH XUP WRDUHOH
HOHPHQWH
ODGDWD,DQ7LWOXO,,&DSLWRO,,,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

D GXUDWDFRQWUDFWXOXL
E ORFXOPXQFLL
F IHOXOPXQFLL
G FRQGL LLOHGHPXQF
H VDODULXO

I WLPSXOGHPXQF úLWLPSXOGHRGLKQ
$UW

/RFXOPXQFLL SRDWH IL PRGLILFDW XQLODWHUDOGH F WUH DQJDMDWRU SULQ GHOHJDUHD VDX GHWDúDUHD

VDODULDWXOXLvQWUXQDOWORFGHPXQF GHFkWFHOSUHY ]XWvQFRQWUDFWXOLQGLYLGXDOGHPXQF

3H GXUDWD GHOHJ ULL UHVSHFWLY D GHWDú ULL VDODULDWXO vúL S VWUHD] IXQF LD úL WRDWH FHOHODOWH

GUHSWXULSUHY ]XWHvQFRQWUDFWXOLQGLYLGXDOGHPXQF
$UW


'HOHJDUHD UHSUH]LQW H[HUFLWDUHD WHPSRUDU GLQ GLVSR]L LD DQJDMDWRUXOXL GH F WUH VDODULDW D

XQRUOXFU ULVDXVDUFLQLFRUHVSXQ] WRDUHDWULEX LLORUGHVHUYLFLXvQDIDUDORFXOXLV XGHPXQF
$UW

'HOHJDUHD SRDWH IL GLVSXV SHQWUX R SHULRDG GH FHO PXOW GH ]LOH úL VH SRDWH SUHOXQJL
FXDFRUGXOVDODULDWXOXLFXFHOPXOWGH]LOH
6DODULDWXO GHOHJDW DUH GUHSWXO OD SODWD FKHOWXLHOLORU GH WUDQVSRUW úL FD]DUH SUHFXP úL OD R

LQGHPQL]D LHGHGHOHJDUH vQ FRQGL LLOHSUHY ]XWHGHOHJH VDXGHFRQWUDFWXO FROHFWLYGHPXQF
DSOLFDELO
$UW

'HWDúDUHD HVWH DFWXO SULQ FDUH VH GLVSXQH VFKLPEDUHD WHPSRUDU D ORFXOXL GH PXQF GLQ

GLVSR]L LD DQJDMDWRUXOXL OD XQ DOW DQJDMDWRU vQ VFRSXO H[HFXW ULL XQRU OXFU UL vQ LQWHUHVXO
DFHVWXLD ÌQ PRG H[FHS LRQDO SULQ GHWDúDUH VH SRDWH PRGLILFD úL IHOXO PXQFLL GDU QXPDL FX
FRQVLP PkQWXOVFULVDOVDODULDWXOXL
$UW

'HWDúDUHDSRDWHILGLVSXV SHRSHULRDG GHFHOPXOWXQDQ

ÌQ PRG H[FHS LRQDO SHULRDGD GHWDú ULL SRDWH IL SUHOXQJLW SHQWUX PRWLYH RELHFWLYH FH
LPSXQ SUH]HQ D VDODULDWXOXL OD DQJDMDWRUXO OD FDUH VD GLVSXV GHWDúDUHD FX DFRUGXO DPEHORU

S U LGLQvQOXQL

6DODULDWXOSRDWHUHIX]DGHWDúDUHDGLVSXV GHDQJDMDWRUXOV XQXPDLvQPRGH[FHS LRQDOúL
SHQWUXPRWLYHSHUVRQDOHWHPHLQLFH
6DODULDWXO GHWDúDW DUH GUHSWXO OD SODWD FKHOWXLHOLORU GH WUDQVSRUW úL FD]DUH SUHFXP úL OD R

LQGHPQL]D LHGHGHWDúDUH vQ FRQGL LLOHSUHY ]XWHGH OHJHVDX GHFRQWUDFWXOFROHFWLYGHPXQF
DSOLFDELO
$UW

'UHSWXULOH FXYHQLWH VDODULDWXOXL GHWDúDW VH DFRUG GH DQJDMDWRUXO OD FDUH VD GLVSXV
GHWDúDUHD

3H GXUDWD GHWDú ULL VDODULDWXO EHQHILFLD] GH GUHSWXULOH FDUH vL VXQW PDL IDYRUDELOH ILH GH
GUHSWXULOHGHODDQJDMDWRUXOFDUHDGLVSXVGHWDúDUHDILHGHGUHSWXULOHGHODDQJDMDWRUXOODFDUH
HVWHGHWDúDW

$QJDMDWRUXO FDUH GHWDúHD] DUH REOLJD LD GH D OXD WRDWH P VXULOH QHFHVDUH SHQWUX FD

DQJDMDWRUXOODFDUHVDGLVSXVGHWDúDUHDV vúLvQGHSOLQHDVF LQWHJUDOúLODWLPSWRDWHREOLJD LLOH
IDGHVDODULDWXOGHWDúDW

'DF DQJDMDWRUXO OD FDUH VD GLVSXV GHWDúDUHD QX vúL vQGHSOLQHúWH LQWHJUDO úL OD WLPS WRDWH
REOLJD LLOH ID GH VDODULDWXO GHWDúDW DFHVWHD YRU IL vQGHSOLQLWH GH DQJDMDWRUXO FDUH D GLVSXV
GHWDúDUHD

ÌQ FD]XO vQ FDUH H[LVW GLYHUJHQ vQWUH FHL GRL DQJDMDWRUL VDX QLFL XQXO GLQWUH HL QX vúL
vQGHSOLQHúWH REOLJD LLOH SRWULYLW SUHYHGHULORU DOLQ úL VDODULDWXO GHWDúDW DUH GUHSWXO GH D

UHYHQL OD ORFXO V X GH PXQF GH OD DQJDMDWRUXO FDUH OD GHWDúDW GH D VH vQGUHSWD vPSRWULYD

RULF UXLDGLQWUHFHLGRLDQJDMDWRULúLGHDFHUHH[HFXWDUHDVLOLW DREOLJD LLORUQHvQGHSOLQLWH
$UW

$QJDMDWRUXOSRDWHPRGLILFDWHPSRUDUORFXOúLIHOXOPXQFLLI U FRQVLP PkQWXOVDODULDWXOXLúL
PDMRU FX WLWOX GH VDQF LXQH GLVFLSOLQDU VDX FD PVXU GH
vQ FD]XO XQRU VLWXD LL GH IRU
SURWHF LHDVDODULDWXOXLvQFD]XULOHúLvQFRQGL LLOHSUHY ]XWHGHSUH]HQWXOFRG
&$3,72/8/,9 6XVSHQGDUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF
$UW

6XVSHQGDUHD FRQWUDFWXOXL LQGLYLGXDO GH PXQF SRDWH LQWHUYHQL GH GUHSW SULQ DFRUGXO

S U LORUVDXSULQDFWXOXQLODWHUDODOXQHLDGLQWUHS U L

6XVSHQGDUHD FRQWUDFWXOXL LQGLYLGXDO GH PXQF DUH FD HIHFW VXVSHQGDUHD SUHVW ULL PXQFLL
LLGUHSWXULORUGHQDWXUVDODULDOGHFWUHDQJDMDWRU
GHF WUHVDODULDWúLDSO
3HGXUDWDVXVSHQGULLSRWFRQWLQXDVH[LVWHDOWHGUHSWXULúLREOLJD LLDOHSU LORUGHFkWFHOH
SUHY]XWHODDOLQGDFSULQOHJLVSHFLDOHSULQFRQWUDFWXOFROHFWLYGHPXQFDSOLFDELOSULQ


FRQWUDFWHLQGLYLGXDOHGHPXQF VDXUHJXODPHQWHLQWHUQHQXVHSUHYHGHDOWIHO

3HGXUDWDVXVSHQG ULLSRWFRQWLQXDV H[LVWHDOWHGUHSWXULúLREOLJD LLDOHS U LORUGHFkWFHOH

SUHY ]XWH OD DOLQ GDF DFHVWHD VXQW SUHY ]XWH SULQ OHJL VSHFLDOH SULQ FRQWUDFWXO FROHFWLY

GHPXQF DSOLFDELOSULQFRQWUDFWHLQGLYLGXDOHGHPXQF VDXSULQUHJXODPHQWHLQWHUQH
ODGDWD,XO7LWOXO,,&DSLWRO,9DUWDOLQPRGLILFDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD

ÌQ FD]XO VXVSHQG ULL FRQWUDFWXOXL LQGLYLGXDO GH PXQF GLQ FDX]D XQHL IDSWH LPSXWDELOH

VDODULDWXOXL SH GXUDWD VXVSHQG ULL DFHVWD QX YD EHQHILFLD GH QLFL XQ GUHSW FDUH UH]XOW GLQ
FDOLWDWHDVDGHVDODULDW
$UW

&RQWUDFWXOLQGLYLGXDOGHPXQF VHVXVSHQG GHGUHSWvQXUP WRDUHOHVLWXD LL
D FRQFHGLXGHPDWHUQLWDWH
E FRQFHGLXSHQWUXLQFDSDFLWDWHWHPSRUDU GHPXQF
F FDUDQWLQ
G HIHFWXDUHDVHUYLFLXOXLPLOLWDUREOLJDWRULX
H H[HUFLWDUHD XQHL IXQF LL vQ FDGUXO XQHL DXWRULW

L H[HFXWLYH OHJLVODWLYH RUL MXGHF WRUHúWL SH

WRDW GXUDWDPDQGDWXOXL
H H[HUFLWDUHD XQHL IXQF LL vQ FDGUXO XQHL DXWRULW
L H[HFXWLYH OHJLVODWLYH RUL MXGHF WRUHúWL SH

WRDW GXUDWDPDQGDWXOXLGDF OHJHDQXSUHYHGHDOWIHO
OD GDWD 1RY 7LWOXO ,, &DSLWRO ,9 DUW OLWHUD ( PRGLILFDW GH DUW SXQFWXO GLQ /HJHD

I vQGHSOLQLUHDXQHLIXQF LLGHFRQGXFHUHVDODUL]DWHvQVLQGLFDW
J IRU PDMRU
K vQFD]XOvQFDUHVDODULDWXOHVWHDUHVWDWSUHYHQWLYvQFRQGL LLOH&RGXOXLGHSURFHGXU SHQDO

L vQDOWHFD]XULH[SUHVSUHY ]XWHGHOHJH
$UW

&RQWUDFWXO LQGLYLGXDO GH PXQF SRDWH IL VXVSHQGDW GLQ LQL LDWLYD VDODULDWXOXL vQ XUP WRDUHOH
VLWXD LL

D FRQFHGLX SHQWUX FUHúWHUHD FRSLOXOXL vQ YkUVW GH SkQ OD DQL VDX vQ FD]XO FRSLOXOXL FX

KDQGLFDSSkQ ODvPSOLQLUHDYkUVWHLGHDQL

E FRQFHGLX SHQWUX vQJULMLUHD FRSLOXOXL EROQDY vQ YkUVW GH SkQ OD DQL VDX vQ FD]XO FRSLOXOXL

FXKDQGLFDSSHQWUXDIHF LXQLLQWHUFXUHQWHSkQ ODvPSOLQLUHDYkUVWHLGHDQL
F FRQFHGLXSDWHUQDO
G FRQFHGLXSHQWUXIRUPDUHSURIHVLRQDO
H H[HUFLWDUHD XQRU IXQF LL HOHFWLYH vQ FDGUXO RUJDQLVPHORU SURIHVLRQDOH FRQVWLWXLWH OD QLYHO

FHQWUDOVDXORFDOSHWRDW GXUDWDPDQGDWXOXL
I SDUWLFLSDUHDODJUHY
J DEVHQ HQHPRWLYDWH
OD GDWD ,XO 7LWOXO ,, &DSLWRO ,9 DUW OLWHUD * DEURJDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD

&RQWUDFWXO LQGLYLGXDO GH PXQF SRDWH IL VXVSHQGDW vQ VLWXD LD DEVHQ HORU QHPRWLYDWH DOH
VDODULDWXOXL vQ FRQGL LLOH VWDELOLWH SULQ FRQWUDFWXO FROHFWLY GH PXQF DSOLFDELO FRQWUDFWXO

LQGLYLGXDOGHPXQF SUHFXPúLSULQUHJXODPHQWXOLQWHUQ
ODGDWD,XO7LWOXO,,&DSLWRO,9DUWFRPSOHWDWGHDUW,SXQFWXOGLQ2UGRQDQWDXUJHQWD

$UW

&RQWUDFWXO LQGLYLGXDO GH PXQF SRDWH IL VXVSHQGDW GLQ LQL LDWLYD DQJDMDWRUXOXL vQ

XUP WRDUHOHVLWXD LL

D SHGXUDWDFHUFHW ULLGLVFLSOLQDUHSUHDODELOHvQFRQGL LLOHOHJLL
E FDVDQF LXQHGLVFLSOLQDU

F vQFD]XOvQFDUHDQJDMDWRUXODIRUPXODWSOkQJHUHSHQDO vPSRWULYDVDODULDWXOXLVDXDFHVWDD

IRVW WULPLV vQ MXGHFDW SHQWUX IDSWH SHQDOH LQFRPSDWLELOH FX IXQF LD GH LQXW SkQ OD


U PkQHUHDGHILQLWLY DKRW UkULLMXGHF WRUHúWL
ODGDWD)HE7LWOXO,,&DSLWRO,9DUWDOLQOLWHUD&DIRVWDWDFDWGH'HFL]LD
OD GDWD ,XO 7LWOXO ,, &DSLWRO ,9 DUW DOLQ OLWHUD & DIRVW DWDFDW GH H[FHSWLH UHVSLQVD
'HFL]LD
G vQ FD]XO vQWUHUXSHULL WHPSRUDUH D DFWLYLW

LL I U vQFHWDUHD UDSRUWXOXL GH PXQF vQ VSHFLDO
SHQWUXPRWLYHHFRQRPLFHWHKQRORJLFHVWUXFWXUDOHVDXVLPLODUH
H SHGXUDWDGHWDú ULL

ÌQ FD]XULOH SUHY ]XWH OD DOLQ OLW F GDF VH FRQVWDW QHYLQRY LD FHOXL vQ FDX]

VDODULDWXO vúL UHLD DFWLYLWDWHD DYXW DQWHULRU úL L VH YD SO WL R GHVS JXELUH HJDO FX VDODULXO úL
FHOHODOWHGUHSWXULGHFDUHDIRVWOLSVLWSHSHULRDGDVXVSHQGULLFRQWUDFWXOXL
ÌQ FD]XULOH SUHY]XWH OD DOLQ OLW D E úL F GDF VH FRQVWDW QHYLQRY LD FHOXL vQ
FDX] VDODULDWXO vúL UHLD DFWLYLWDWHD DYXW DQWHULRU úL L VH YD SOWL vQ WHPHLXO QRUPHORU úL
SULQFLSLLORU UVSXQGHULL FLYLOH FRQWUDFWXDOH R GHVSJXELUH HJDO FX VDODULXO úL FHOHODOWH GUHSWXUL
GHFDUHDIRVWOLSVLWSHSHULRDGDVXVSHQGULLFRQWUDFWXOXL
ODGDWD,XO7LWOXO,,&DSLWRO,9DUWDOLQPRGLILFDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD

ÌQ FD]XULOH SUHY ]XWH OD DOLQ OLW D E úL F GDF VH FRQVWDW QHYLQRY LD FHOXL vQ

FDX] VDODULDWXO vúL UHLD DFWLYLWDWHD DQWHULRDU SO WLQGXLVH vQ WHPHLXO QRUPHORU úL SULQFLSLLORU

U VSXQGHULL FLYLOH FRQWUDFWXDOH R GHVS JXELUH HJDO FX VDODULXO úL FHOHODOWH GUHSWXUL GH FDUH D

IRVWOLSVLWSHSHULRDGDVXVSHQG ULLFRQWUDFWXOXL
OD GDWD 'HF 7LWOXO ,, &DSLWRO ,9 DUW DOLQ PRGLILFDW GH DUW SXQFWXO GLQ /HJHD

$UW
3H GXUDWD vQWUHUXSHULL WHPSRUDUH D DFWLYLW
LL DQJDMDWRUXOXL VDODULD LL EHQHILFLD] GH R

LQGHPQL]D LHSO WLW GLQIRQGXOGHVDODULLFHQXSRDWHILPDLPLF GHGLQVDODULXOGHED]

FRUHVSXQ] WRUORFXOXLGHPXQF RFXSDW
ODGDWD)HE7LWOXO,,&DSLWRO,9DUWDOLQDIRVWDWDFDWGH'HFL]LD

3H GXUDWD vQWUHUXSHULL WHPSRUDUH SUHY ]XWH OD DOLQ VDODULD LL VH YRU DIOD OD GLVSR]L LD

DQJDMDWRUXOXLDFHVWDDYkQGRULFkQGSRVLELOLWDWHDV GLVSXQ UHvQFHSHUHDDFWLYLW LL
$UW

&RQWUDFWXO LQGLYLGXDO GH PXQF SRDWH IL VXVSHQGDW SULQ DFRUGXO S U LORU vQ FD]XO FRQFHGLLORU

&$3,72/8/9 ÌQFHWDUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF
I U SODW SHQWUXVWXGLLVDXSHQWUXLQWHUHVHSHUVRQDOH
$UW

&RQWUDFWXOLQGLYLGXDOGHPXQF SRDWHvQFHWDDVWIHO
D GHGUHSW

E FDXUPDUHDDFRUGXOXLS U LORUODGDWDFRQYHQLW GHDFHVWHD

F FD XUPDUH D YRLQ HL XQLODWHUDOH D XQHLD GLQWUH S U L vQ FD]XULOH úL vQ FRQGL LLOH OLPLWDWLY

6(&,81($ ÌQFHWDUHDGHGUHSWDFRQWUDFWXOXLLQGLYLGXDOGHPXQF
SUHY ]XWHGHOHJH
$UW

&RQWUDFWXOLQGLYLGXDOGHPXQF vQFHWHD] GHGUHSW
D ODGDWDGHFHVXOXLVDODULDWXOXLVDXDQJDMDWRUXOXLSHUVRDQ IL]LF
D ODGDWDGHFHVXOXLVDODULDWXOXL
ODGDWD6HS7LWOXO,,&DSLWRO96HFWLXQHDUWOLWHUD$PRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD

E OD GDWD U PkQHULL LUHYRFDELOH D KRW UkULL MXGHF WRUHúWL GH GHFODUDUH D PRU LL VDX D SXQHULL

VXE LQWHUGLF LH D VDODULDWXOXL RUL D DQJDMDWRUXOXL SHUVRDQ IL]LF GDF DFHDVWD DQWUHQHD]
OLFKLGDUHDDIDFHULL

E OD GDWD U PkQHULL LUHYRFDELOH D KRW UkULL MXGHF WRUHúWL GH GHFODUDUH D PRU LL VDX D SXQHULL
VXELQWHUGLF LHDVDODULDWXOXL
ODGDWD6HS7LWOXO,,&DSLWRO96HFWLXQHDUWOLWHUD%PRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD


F FDXUPDUHDGL]ROY ULLDQJDMDWRUXOXLSHUVRDQ MXULGLF GHODGDWDODFDUHSHUVRDQDMXULGLF

vúLvQFHWHD] H[LVWHQ D
OD GDWD 6HS 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW OLWHUD & DEURJDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD

G OD GDWD vQGHSOLQLULL FXPXODWLYH D FRQGL LLORU GH YkUVW VWDQGDUG úL D VWDJLXOXL PLQLP GH

FRWL]DUH SHQWUX SHQVLRQDUH VDX GXS FD] OD GDWD FRPXQLF ULL GHFL]LHL GH SHQVLRQDUH SHQWUX

OLPLW GHYkUVW RULLQYDOLGLWDWHDVDODULDWXOXLSRWULYLWOHJLL

G OD GDWD FRPXQLF ULL GHFL]LHL GH SHQVLRQDUH SHQWUX OLPLW GH YkUVW SHQVLRQDUH DQWLFLSDW

SHQVLRQDUHDQWLFLSDW SDU LDO VDXSHQVLRQDUHSHQWUXLQYDOLGLWDWHDVDODULDWXOXLSRWULYLWOHJLL
ODGDWD,XO7LWOXO,,&DSLWRO96HFWLXQHDUWOLWHUD'PRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD
H FDXUPDUHDFRQVWDW ULLQXOLW
LLDEVROXWHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF GHODGDWDOD

FDUH QXOLWDWHD D IRVW FRQVWDWDW SULQ DFRUGXO S U LORU VDX SULQ KRW UkUH MXGHF WRUHDVF
GHILQLWLY
I FDXUPDUHDDGPLWHULLFHUHULLGHUHLQWHJUDUHvQIXQF LDRFXSDW GHVDODULDWDXQHLSHUVRDQH
FRQFHGLDWHQHOHJDOVDXSHQWUXPRWLYHQHvQWHPHLDWHGHODGDWDU PkQHULLGHILQLWLYHDKRW UkULL

MXGHF WRUHúWLGHUHLQWHJUDUH

J FD XUPDUH D FRQGDPQ ULL SHQDOH FX H[HFXWDUHD SHGHSVHL OD ORFXO GH PXQF GH OD GDWD
HPLWHULLPDQGDWXOXLGHH[HFXWDUH

J FD XUPDUH D FRQGDPQ ULL SHQDOH OD H[HFXWDUHD XQHL SHGHSVH SULYDWLYH GH OLEHUWDWH GH OD

GDWDU PkQHULLGHILQLWLYHDKRW UkULLMXGHF WRUHúWL
ODGDWD,XO7LWOXO,,&DSLWRO96HFWLXQHDUWOLWHUD*PRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD

J FD XUPDUH D FRQGDPQ ULL OD H[HFXWDUHD XQHL SHGHSVH SULYDWLYH GH OLEHUWDWH GH OD GDWD

U PkQHULLGHILQLWLYHDKRW UkULLMXGHF WRUHúWL
OD GDWD 'HF 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW OLWHUD * PRGLILFDW GH DUW SXQFWXO
GLQ/HJHD
K GH OD GDWD UHWUDJHULL GH F WUH DXWRULW LOH VDX RUJDQLVPHOH FRPSHWHQWH D DYL]HORU

DXWRUL]D LLORURULDWHVW ULORUQHFHVDUHSHQWUXH[HUFLWDUHDSURIHVLHL
OD GDWD $XJ 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW OLWHUD + D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD

L FD XUPDUH D LQWHU]LFHULL H[HUFLW ULL XQHL SURIHVLL VDX D XQHL IXQF LL FD P VXU GH VLJXUDQ

RUL SHGHDSV FRPSOHPHQWDU GH OD GDWD U PkQHULL GHILQLWLYH D KRW UkULL MXGHF WRUHúWL SULQ
FDUHVDGLVSXVLQWHUGLF LD

M OD GDWD H[SLU ULL WHUPHQXOXL FRQWUDFWXOXL LQGLYLGXDO GH PXQF vQFKHLDW SH GXUDW
GHWHUPLQDW

N UHWUDJHUHD DFRUGXOXL S ULQ LORU VDX DO UHSUH]HQWDQ LORU OHJDOL vQ FD]XO VDODULD LORU FX YkUVWD

FXSULQV vQWUHúLDQL
$UW

1HUHVSHFWDUHD RULF UHLD GLQWUH FRQGL LLOH OHJDOH QHFHVDUH SHQWUX vQFKHLHUHD YDODELO D

FRQWUDFWXOXLLQGLYLGXDOGHPXQF DWUDJHQXOLWDWHDDFHVWXLD
&RQVWDWDUHDQXOLW
LLFRQWUDFWXOXLLQGLYLGXDOGHPXQF SURGXFHHIHFWHSHQWUXYLLWRU
OD GDWD 0DL 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD

1XOLWDWHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF SRDWHILDFRSHULW SULQvQGHSOLQLUHDXOWHULRDU D
FRQGL LLORULPSXVHGHOHJH

ÌQ VLWXD LD vQ FDUH R FODX] HVWH DIHFWDW GH QXOLWDWH vQWUXFkW VWDELOHúWH GUHSWXUL VDX
REOLJD LL SHQWUX VDODULD L FDUH FRQWUDYLQ XQRU QRUPH OHJDOH LPSHUDWLYH VDX FRQWUDFWHORU

FROHFWLYH GH PXQF DSOLFDELOH DFHDVWD HVWH vQORFXLW GH GUHSW FX GLVSR]L LLOH OHJDOH VDX
FRQYHQ LRQDOHDSOLFDELOHVDODULDWXODYkQGGUHSWXOODGHVS JXELUL
3HUVRDQD FDUH D SUHVWDW PXQFD vQ WHPHLXO XQXL FRQWUDFW LQGLYLGXDO GH PXQF QXO DUH

GUHSWXO OD UHPXQHUDUHD DFHVWHLD FRUHVSXQ] WRU PRGXOXL GH vQGHSOLQLUH D DWULEX LLORU GH
VHUYLFLX
&RQVWDWDUHD QXOLW LL úL VWDELOLUHD SRWULYLW OHJLL D HIHFWHORU DFHVWHLD VH SRW IDFH SULQ


DFRUGXOS U LORU
GHFWUHLQVWDQ
6(&,81($ &RQFHGLHUHD
'DF S U LOHQXVHvQ HOHJQXOLWDWHDVHSURQXQ DMXGHF WRUHDVF
$UW
&RQFHGLHUHD
UHSUH]LQW vQFHWDUHD FRQWUDFWXOXL LQGLYLGXDO GH PXQF GLQ LQL LDWLYD
DQJDMDWRUXOXL

&RQFHGLHUHD SRDWH IL GLVSXV SHQWUX PRWLYH FDUH LQ GH SHUVRDQD VDODULDWXOXL VDX SHQWUX
PRWLYHFDUHQX LQGHSHUVRDQDVDODULDWXOXL
$UW

(VWHLQWHU]LV FRQFHGLHUHDVDODULD LORU

D SHFULWHULLGHVH[RULHQWDUHVH[XDO FDUDFWHULVWLFLJHQHWLFHYkUVW DSDUWHQHQ QD
LRQDO

UDV FXORDUH HWQLH UHOLJLH RS LXQH SROLWLF RULJLQH VRFLDO KDQGLFDS VLWXD LH VDX

UHVSRQVDELOLWDWHIDPLOLDO DSDUWHQHQ RULDFWLYLWDWHVLQGLFDO
E SHQWUXH[HUFLWDUHDvQFRQGL LLOHOHJLLDGUHSWXOXLODJUHYúLDGUHSWXULORUVLQGLFDOH
$UW
&RQFHGLHUHDVDODULD LORUQXSRDWHILGLVSXV
D SH GXUDWD LQFDSDFLW
LL WHPSRUDUH GH PXQF VWDELOLW SULQ FHUWLILFDW PHGLFDO FRQIRUP
OHJLL
E SHGXUDWDFRQFHGLXOXLSHQWUXFDUDQWLQ

F SH GXUDWD vQ FDUH IHPHLD VDODULDW HVWH JUDYLG vQ P VXUD vQ FDUH DQJDMDWRUXO D OXDW
FXQRúWLQ GHDFHVWIDSWDQWHULRUHPLWHULLGHFL]LHLGHFRQFHGLHUH
G SHGXUDWDFRQFHGLXOXLGHPDWHUQLWDWH

H SH GXUDWD FRQFHGLXOXL SHQWUX FUHúWHUHD FRSLOXOXL vQ YkUVW GH SkQ OD DQL VDX vQ FD]XO

FRSLOXOXLFXKDQGLFDSSkQ ODvPSOLQLUHDYkUVWHLGHDQL

I SH GXUDWD FRQFHGLXOXL SHQWUX vQJULMLUHD FRSLOXOXL EROQDY vQ YkUVW GH SkQ OD DQL VDX vQ

FD]XO FRSLOXOXL FX KDQGLFDS SHQWUX DIHF LXQL LQWHUFXUHQWH SkQ OD vPSOLQLUHD YkUVWHL GH
DQL
J SHGXUDWDvQGHSOLQLULLVHUYLFLXOXLPLOLWDU

K SH GXUDWD H[HUFLW ULL XQHL IXQF LL HOLJLELOH vQWUXQ RUJDQLVP VLQGLFDO FX H[FHS LD VLWXD LHL

vQ FDUH FRQFHGLHUHD HVWH GLVSXV SHQWUX R DEDWHUH GLVFLSOLQDU JUDY VDX SHQWUX DEDWHUL

GLVFLSOLQDUHUHSHWDWHV YkUúLWHGHF WUHDFHOVDODULDW

L SHGXUDWDHIHFWX ULLFRQFHGLXOXLGHRGLKQ

3UHYHGHULOHDOLQQXVHDSOLF vQFD]XOFRQFHGLHULLSHQWUXPRWLYHFHLQWHUYLQFDXUPDUH

6(&,81($ &RQFHGLHUHD SHQWUX PRWLYH FDUH LQ GH SHUVRDQD
DUHRUJDQL] ULLMXGLFLDUHVDXDIDOLPHQWXOXLDQJDMDWRUXOXLvQFRQGL LLOHOHJLL
VDODULDWXOXL
$UW
$QJDMDWRUXO SRDWH GLVSXQH FRQFHGLHUHD SHQWUX PRWLYH FDUH LQ GH SHUVRDQD VDODULDWXOXL vQ

XUP WRDUHOHVLWXD LL

D vQFD]XOvQFDUHVDODULDWXODV YkUúLWRDEDWHUHJUDY VDXDEDWHULUHSHWDWHGHODUHJXOLOHGH

GLVFLSOLQ D PXQFLL RUL GH OD FHOH VWDELOLWH SULQ FRQWUDFWXO LQGLYLGXDO GH PXQF FRQWUDFWXO

FROHFWLYGHPXQF DSOLFDELOVDXUHJXODPHQWXOLQWHUQFDVDQF LXQHGLVFLSOLQDU
E vQFD]XOvQFDUHVDODULDWXOHVWHDUHVWDWSUHYHQWLYSHQWUXRSHULRDG PDLPDUHGHGH]LOH
vQFRQGL LLOH&RGXOXLGHSURFHGXU SHQDO
E vQFD]XOvQFDUHVDODULDWXOHVWHDUHVWDWSUHYHQWLYSHQWUXRSHULRDG PDLPDUHGHGH]LOH
vQFRQGL LLOH&RGXOXLGHSURFHGXU SHQDO
ODGDWD,XO7LWOXO,,&DSLWRO96HFWLXQHDUWOLWHUD%PRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD
F vQ FD]XO vQ FDUH SULQ GHFL]LH D RUJDQHORU FRPSHWHQWH GH H[SHUWL] PHGLFDO VH FRQVWDW

LQDSWLWXGLQHD IL]LF úLVDX SVLKLF D VDODULDWXOXL IDSW FH QX SHUPLWH DFHVWXLD V vúL

vQGHSOLQHDVF DWULEX LLOHFRUHVSXQ]WRDUHORFXOXLGHPXQFRFXSDW

G vQ FD]XO vQ FDUH VDODULDWXO QX FRUHVSXQGH SURIHVLRQDO ORFXOXL GH PXQF vQ FDUH HVWH
vQFDGUDW

H vQFD]XOvQFDUHVDODULDWXOvQGHSOLQHúWHFRQGL LLOHGHYkUVW VWDQGDUGúLVWDJLXOGHFRWL]DUHúL
QXDVROLFLWDWSHQVLRQDUHDvQFRQGL LLOHOHJLL
OD GDWD ,XO 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW FRPSOHWDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD

H vQFD]XOvQFDUHVDODULDWXOvQGHSOLQHúWHFRQGL LLOHGHYkUVW VWDQGDUGúLVWDJLXGHFRWL]DUHúL
QXDVROLFLWDWSHQVLRQDUHDvQFRQGL LLOHOHJLL
ODGDWD'HF7LWOXO,,&DSLWRO96HFWLXQHDUWOLWHUD(PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD
$UW
ÌQFD]XOvQFDUHFRQFHGLHUHDLQWHUYLQHSHQWUXXQXOGLQWUHPRWLYHOHSUHY ]XWHODDUWOLW
EG DQJDMDWRUXO DUH REOLJD LD GH D HPLWH GHFL]LD GH FRQFHGLHUH vQ WHUPHQ GH GH ]LOH

FDOHQGDULVWLFHGHODGDWDFRQVWDW ULLFDX]HLFRQFHGLHULL

ÌQ
FD]XO vQ FDUH FRQFHGLHUHD LQWHUYLQH SHQWUX PRWLYXO SUHY ]XW OD DUW OLW D
DQJDMDWRUXO SRDWH HPLWH GHFL]LD GH FRQFHGLHUH QXPDL FX UHVSHFWDUHD GLVSR]L LLORU DUW

OD GDWD ,XO 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ FRPSOHWDW GH DUW , SXQFWXO
GLQ2UGRQDQWDXUJHQWD
'HFL]LD VH HPLWH vQ VFULV úL VXE VDQF LXQHD QXOLW
LL DEVROXWH WUHEXLH V ILH PRWLYDW vQ

IDSWúLvQGUHSWúLV FXSULQG SUHFL] ULFXSULYLUHODWHUPHQXOvQFDUHSRDWHILFRQWHVWDW úLOD

LQVWDQ DMXGHF WRUHDVF ODFDUHVHFRQWHVW
OD GDWD ,XQ 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
OD GDWD ,DQ 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
OD GDWD $SU 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
$UW

&RQFHGLHUHD SHQWUX V YkUúLUHD XQHL DEDWHUL JUDYH VDX D XQRU DEDWHUL UHSHWDWH GH OD

UHJXOLOH GH GLVFLSOLQ D PXQFLL SRDWH IL GLVSXV QXPDL GXS vQGHSOLQLUHD GH F WUH DQJDMDWRU D

FHUFHW ULLGLVFLSOLQDUHSUHDODELOHúLvQWHUPHQHOHVWDELOLWHGHSUH]HQWXOFRG

3URFHGXUDFHUFHW ULLSUHDODELOHHVWHGHDVHPHQHDREOLJDWRULHvQFD]XOFRQFHGLHULLSHQWUX
VLWXD LD vQ FDUH VDODULDWXO QX FRUHVSXQGH SURIHVLRQDO 7HUPHQHOH úL FRQGL LLOH FHUFHW ULL

SUHDODELOHVXQWFHOHSUHY ]XWHSHQWUXFHUFHWDUHDGLVFLSOLQDU

&RQFHGLHUHDVDODULDWXOXL SHQWUXPRWLYXOSUHY ]XWODDUW OLWGSRDWH ILGLVSXV QXPDL

GXS HYDOXDUHD SUHDODELO D VDODULDWXOXL FRQIRUP SURFHGXULL GH HYDOXDUH VWDELOLWH SULQ

FRQWUDFWXO FROHFWLY GH PXQF vQFKHLDW OD QLYHO QD LRQDO VDX OD QLYHO GH UDPXU GH DFWLYLWDWH
DSOLFDELOSUHFXPúLSULQUHJXODPHQWXOLQWHUQ
ODGDWD,XO7LWOXO,,&DSLWRO96HFWLXQHDUWDOLQPRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD

&RQFHGLHUHDVDODULDWXOXL SHQWUXPRWLYXOSUHY ]XWODDUW OLWGSRDWH ILGLVSXV QXPDL

GXS HYDOXDUHD SUHDODELO D VDODULDWXOXL FRQIRUP SURFHGXULL GH HYDOXDUH VWDELOLWH SULQ

FRQWUDFWXO FROHFWLY GH PXQF DSOLFDELO vQFKHLDW OD QLYHO QD LRQDO OD QLYHO GH UDPXU GH
DFWLYLWDWHVDXGHJUXSGHXQLW LSUHFXPúLSULQUHJXODPHQWXOLQWHUQ
OD GDWD 'HF 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ PRGLILFDW GH DUW SXQFWXO
GLQ/HJHD

3kQ OD GDWD VWDELOLULL vQ FRQWUDFWXO FROHFWLY GH PXQF vQFKHLDW OD QLYHO QD LRQDO VDX OD

QLYHOGHUDPXU GHDFWLYLWDWHDSOLFDELODSURFHGXULLGHHYDOXDUHSUHY ]XWHODDUWDOLQ

GLQ /HJHD QU &RGXO PXQFLL VH DSOLF vQ FRQWLQXDUH GLVSR]L LLOH DFHVWXL DUWLFRO vQ
IRUPDVDQHPRGLILFDW

'DF vQWHUPHQGHXQDQGHODLQWUDUHDvQYLJRDUHDSUH]HQWHLRUGRQDQ HGHXUJHQ QXVH

VWDELOHúWH SURFHGXUD GH HYDOXDUH vQ FRQGL LLOH SUHY ]XWH PDL VXV DQJDMDWRUXO YD VWDELOL

DFHDVW SURFHGXU SULQUHJXODPHQWXOLQWHUQvQFRQGL LLOHOHJLL
3UHYHGHULOH UHJXODPHQWXOXL LQWHUQ UHIHULWRDUH OD SURFHGXUD GH HYDOXDUH VH DSOLF SkQ OD


GDWDVWDELOLULLDFHVWHLDvQFRQWUDFWXOFROHFWLYGHPXQF vQFKHLDWODQLYHOQD LRQDOVDXODQLYHOGH

UDPXU GHDFWLYLWDWHDSOLFDELO
OD GDWD ,XO 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW UHJOHPHQWDWD GH DUW ,, GLQ 2UGRQDQWD
XUJHQWD
$UW
ODGDWD0DU7LWOXO,,&DSLWRO96HFWLXQHDUWDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

ÌQFD]XO vQFDUHFRQFHGLHUHDVH GLVSXQHSHQWUXPRWLYHOHSUHY ]XWHODDUWOLWFúL G

SUHFXPúLvQFD]XOvQFDUHFRQWUDFWXOLQGLYLGXDOGHPXQF DvQFHWDWGHGUHSWvQWHPHLXODUW
OLW I DQJDMDWRUXO DUH REOLJD LD GH DL SURSXQH VDODULDWXOXL DOWH ORFXUL GH PXQF YDFDQWH vQ

XQLWDWH FRPSDWLELOH FX SUHJ WLUHD SURIHVLRQDO VDX GXS FD] FX FDSDFLWDWHD GH PXQF
VWDELOLWGHPHGLFXOGHPHGLFLQDPXQFLL

ÌQ VLWXD LD vQ FDUH DQJDMDWRUXO QX GLVSXQH GH ORFXUL GH PXQF YDFDQWH SRWULYLW DOLQ

DFHVWDDUH REOLJD LD GHDVROLFLWDVSULMLQXODJHQ LHLWHULWRULDOHGH RFXSDUHDIRU HLGHPXQF vQ

YHGHUHD UHGLVWULEXLULL VDODULDWXOXL FRUHVSXQ] WRU SUHJ WLULL SURIHVLRQDOH VDX GXS FD]
FDSDFLW LL GH PXQF VWDELOLWH GH PHGLFXO GH PHGLFLQ D PXQFLL XUPkQG V vL FRPXQLFH
VDODULDWXOXLVROX LLOHSURSXVHGHDJHQ LH


YHGHUHD UHGLVWULEXLULL VDODULDWXOXL FRUHVSXQ] WRU SUHJ WLULL SURIHVLRQDOH VDX GXS FD]
FDSDFLW
LLGHPXQF VWDELOLWHGHPHGLFXOGHPHGLFLQ DPXQFLL
2UGRQDQWDXUJHQWD


YHGHUHD UHGLVWULEXLULL VDODULDWXOXL FRUHVSXQ] WRU SUHJ WLULL SURIHVLRQDOH úLVDX GXS FD]
FDSDFLW
LLGHPXQF VWDELOLWHGHPHGLFXOGHPHGLFLQ DPXQFLL
GLQ/HJHD

6DODULDWXODUHODGLVSR]L LHXQWHUPHQGH]LOHOXFU WRDUHGHODFRPXQLFDUHDDQJDMDWRUXOXL
FRQIRUP SUHYHGHULORU DOLQ úL SHQWUX DúL PDQLIHVWD H[SUHV FRQVLP PkQWXO FX SULYLUH

ODQRXOORFGHPXQF RIHULW

6DODULDWXODUHODGLVSR]L LHXQWHUPHQGH]LOHOXFU WRDUHGHODFRPXQLFDUHDDQJDMDWRUXOXL
FRQIRUPSUHYHGHULORUDOLQSHQWUXDúLPDQLIHVWDH[SUHVFRQVLP PkQWXOFXSULYLUHODQRXO

ORFGHPXQF RIHULW
2UGRQDQWDXUJHQWD
6DODULDWXO DUH OD GLVSR]L LH XQ WHUPHQ GH ]LOH OXFU WRDUH GH OD FRPXQLFDUHD
DQJDMDWRUXOXL FRQIRUP SUHYHGHULORU DOLQ SHQWUX DúL PDQLIHVWD vQ VFULV FRQVLP PkQWXO
FXSULYLUHODQRXOORFGHPXQF RIHULW
GLQ/HJHD

ÌQFD]XOvQFDUHVDODULDWXOQXvúLPDQLIHVW H[SUHVFRQVLP PkQWXOvQWHUPHQXOSUHY]XWOD

DOLQSUHFXPúLvQFD]XOvQFDUHDJHQ LDWHULWRULDO GHRFXSDUHDIRU HLGHPXQF QXSRDWH

vQGHSOLQLREOLJD LDSUHY ]XW ODDOLQDQJDMDWRUXOSRDWHGLVSXQHFRQFHGLHUHDVDODULDWXOXL

ÌQFD]XOvQFDUHVDODULDWXOQXvúLPDQLIHVW H[SUHVFRQVLP PkQWXOvQWHUPHQXOSUHY]XWOD

DOLQ SUHFXP úL GXS QRWLILFDUHD FD]XOXL F WUH DJHQ LD WHULWRULDO GH RFXSDUH D IRU HL GH

PXQF FRQIRUPDOLQDQJDMDWRUXOSRDWHGLVSXQHFRQFHGLHUHDVDODULDWXOXL
2UGRQDQWDXUJHQWD
ÌQ FD]XO vQ FDUH VDODULDWXO QX vúL PDQLIHVW FRQVLP PkQWXO vQ WHUPHQXO SUHY]XW OD DOLQ

SUHFXPúLGXS QRWLILFDUHDFD]XOXLF WUHDJHQ LDWHULWRULDO GHRFXSDUHDIRU HLGHPXQF
FRQIRUPDOLQDQJDMDWRUXOSRDWHGLVSXQHFRQFHGLHUHDVDODULDWXOXL
GLQ/HJHD

ÌQ FD]XO FRQFHGLHULL SHQWUX PRWLYXO SUHY ]XW OD DUW OLW F VDODULDWXO EHQHILFLD] GH R


FRPSHQVD LH vQ FRQGL LLOH VWDELOLWH vQ FRQWUDFWXO FROHFWLY GH PXQF DSOLFDELO VDX vQ FRQWUDFWXO

6(&,81($ &RQFHGLHUHD SHQWUX PRWLYH FDUH QX LQ GH SHUVRDQD
LQGLYLGXDOGHPXQF GXS FD]
VDODULDWXOXL
$UW
ODGDWD)HE7LWOXO,,&DSLWRO96HFWLXQHDUWDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

ODGDWD0DL7LWOXO,,&DSLWRO96HFWLXQHDUWDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

&RQFHGLHUHD SHQWUX PRWLYH FDUH QX

LQ GH SHUVRDQD VDODULDWXOXL UHSUH]LQW vQFHWDUHD

FRQWUDFWXOXL LQGLYLGXDO GH PXQF GHWHUPLQDW GH GHVILLQ DUHD ORFXOXL GH PXQF RFXSDW GH
VDODULDWFDXUPDUHDGLILFXOW
LORUHFRQRPLFHDWUDQVIRUP ULORUWHKQRORJLFHVDXDUHRUJDQL] ULL
DFWLYLW LL

'HVILLQ DUHD ORFXOXL GH PXQF WUHEXLH V ILH HIHFWLY úL V DLE R FDX] UHDO úL VHULRDV

GLQWUHFHOHSUHY ]XWHODDOLQ
&RQFHGLHUHD SHQWUX PRWLYH FDUH QX
LQ GH SHUVRDQD VDODULDWXOXL UHSUH]LQW vQFHWDUHD

FRQWUDFWXOXL LQGLYLGXDO GH PXQF GHWHUPLQDW GH GHVILLQ DUHD ORFXOXL GH PXQF RFXSDW GH

VDODULDWGLQXQXOVDXPDLPXOWHPRWLYHI U OHJ WXU FXSHUVRDQDDFHVWXLD
'HVILLQ DUHDORFXOXLGHPXQFWUHEXLHVILHHIHFWLYúLVDLERFDX]UHDOúLVHULRDV
OD GDWD 6HS 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW PRGLILFDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
$UW
&RQFHGLHUHD SHQWUX PRWLYH FDUH QX LQ GH SHUVRDQD VDODULDWXOXL SRDWH IL LQGLYLGXDO VDX
FROHFWLY
$UW

6DODULD LL FRQFHGLD L SHQWUX PRWLYH FDUH QX LQ GH SHUVRDQD ORU EHQHILFLD] GH P VXUL DFWLYH
GHFRPEDWHUHDúRPDMXOXLúLSRWEHQHILFLDGHFRPSHQVD LLvQFRQGL LLOHSUHY ]XWHGHOHJHúLGH

6(&,81($ &RQFHGLHUHD FROHFWLY 6(&,81($ &RQFHGLHUHD
FRQWUDFWXOFROHFWLYGHPXQF DSOLFDELO
FROHFWLY ,QIRUPDUHD FRQVXOWDUHD VDODULD LORU úL SURFHGXUD

FRQFHGLHULORUFROHFWLYH
OD GDWD 6HS 7LWOXO ,, &DSLWRO 9 6HFWLXQH PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
$UW

3ULQ FRQFHGLHUH FROHFWLY VH vQ HOHJH FRQFHGLHUHD vQWUR SHULRDG GH GH ]LOH

FDOHQGDULVWLFH GLVSXV GLQ XQXO VDX PDL PXOWH PRWLYH GLQWUH FHOH SUHY ]XWH OD DUW DOLQ
DXQXLQXP UGH

D FHOSX LQVDODULD LGDF DQJDMDWRUXOFDUHGLVSRQLELOL]HD] DUHvQFDGUD LPDLPXOWGHGH
VDODULD LúLPDLSX LQGHGHVDODULD L

D FHO SX LQ VDODULD L GDF DQJDMDWRUXO FDUH GLVSRQLELOL]HD] DUH vQFDGUD L PDL PXOW GH
GHVDODULD LúLPDLSX LQGHGHVDODULD L
ODGDWD,XO7LWOXO,,&DSLWRO96HFWLXQHDUWOLWHUD$PRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD

E FHO SX LQ GLQ VDODULD L GDF DQJDMDWRUXO FDUH GLVSRQLELOL]HD] DUH vQFDGUD L FHO SX LQ
GHVDODULD LGDUPDLSX LQGHGHVDODULD L

F FHOSX LQGHVDODULD LGDF DQJDMDWRUXOFDUHGLVSRQLELOL]HD] DUHvQFDGUD LFHOSX LQ
GHVDODULD L

3ULQ FRQFHGLHUH FROHFWLY VH vQ HOHJH FRQFHGLHUHD vQWUR SHULRDG GH GH ]LOH
FDOHQGDULVWLFH GLQ XQXO VDX PDL PXOWH PRWLYH FDUH QX LQ GH SHUVRDQD VDODULDWXOXL D XQXL

QXP UGH

D FHOSX LQVDODULD LGDF DQJDMDWRUXOFDUHGLVSRQLELOL]HD] DUHvQFDGUD LPDLPXOWGH
GHVDODULD LúLPDLSX LQGHGHVDODULD L


E FHO SX LQGLQVDODULD LGDF DQJDMDWRUXOFDUHGLVSRQLELOL]HD] DUH vQFDGUD L FHOSX LQ
GHVDODULD LGDUPDLSX LQGHGHVDODULD L

F FHO SX LQ GH VDODULD L GDF DQJDMDWRUXO FDUH GLVSRQLELOL]HD] DUH vQFDGUD L FHO SX LQ
GHVDODULD L

/D VWDELOLUHD QXP UXOXL HIHFWLY GH VDODULD L FRQFHGLD L FROHFWLY SRWULYLW DOLQ VH LDX vQ

FDOFXO úL DFHL VDODULD L F URUD OHDX vQFHWDW FRQWUDFWHOH LQGLYLGXDOH GH PXQF GLQ LQL LDWLYD

DQJDMDWRUXOXL GLQ XQXO VDX PDL PXOWH PRWLYH I U OHJ WXU FX SHUVRDQD VDODULDWXOXL FX
FRQGL LDH[LVWHQ HLDFHOSX LQFRQFHGLHUL
2UGRQDQWDXUJHQWD
$UW
ODGDWD)HE7LWOXO,,&DSLWRO96HFWLXQHDUWDIRVWDWDFDWGH'HFL]LD

ÌQFD]XOFRQFHGLHULORUFROHFWLYHDQJDMDWRUXOXLvLUHYLQXUP WRDUHOHREOLJD LL

D V vQWRFPHDVF XQSODQGHP VXULVRFLDOHVDXGHDOWWLSSUHY ]XWGHOHJHRULGHFRQWUDFWHOH
FROHFWLYHGHPXQFDSOLFDELOHFXFRQVXOWDUHDVLQGLFDWXOXLVDXDUHSUH]HQWDQ LORUVDODULD LORU
E VSURSXQVDODULD LORUSURJUDPHGHIRUPDUHSURIHVLRQDO
F V SXQ OD GLVSR]L LH VLQGLFDWXOXL FDUH DUH PHPEUL vQ XQLWDWH VDX GXS FD]
UHSUH]HQWDQ LORU VDODULD LORU WRDWH LQIRUPD LLOH UHOHYDQWH vQ OHJWXU FX FRQFHGLHUHD FROHFWLY
vQYHGHUHDIRUPXOULLSURSXQHULORUGLQSDUWHDDFHVWRUD
G V LQL LH]H vQ WLPS XWLO vQ VFRSXO SXQHULL GH DFRUG FRQVXOWUL FX VLQGLFDWXO VDX GXS FD]
FX UHSUH]HQWDQ LL VDODULD LORU UHIHULWRDUH OD PHWRGHOH úL PLMORDFHOH GH HYLWDUH D FRQFHGLHULORU

FROHFWLYHVDXGHUHGXFHUHDQXP UXOXLGHVDODULD LDIHFWD LúLGHDWHQXDUHDFRQVHFLQ HORU


D V LQL LH]H vQ VFRSXO SXQHULL GH DFRUG FRQVXOW UL FX VLQGLFDWXO VDX GXS FD] FX
UHSUH]HQWDQ LL VDODULD LORU UHIHULWRDUH OD PHWRGHOH úL PLMORDFHOH GH HYLWDUH D FRQFHGLHULORU

FROHFWLYHVDXGHUHGXFHUHDQXP UXOXLGHVDODULD LDIHFWD LúLGHDWHQXDUHDFRQVHFLQ HORUSULQ

UHFXUJHUHDODP VXULVRFLDOHFHYL]HD] vQVSHFLDOVSULMLQXOSHQWUXUHFDOLILFDUHVDXUHFRQYHUVLH

SURIHVLRQDO DVDODULD LORUFRQFHGLD L
E V SXQ OD GLVSR]L LH VLQGLFDWXOXL FDUH DUH PHPEUL vQ XQLWDWH VDX GXS FD]

UHSUH]HQWDQ LORU VDODULD LORU WRDWH LQIRUPD LLOH UHOHYDQWH vQ OHJ WXU FX FRQFHGLHUHD FROHFWLY

vQYHGHUHDIRUPXO ULLSURSXQHULORUGLQSDUWHDDFHVWRUD
OD GDWD ,XO 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW PRGLILFDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD


D V LQL LH]H vQ VFRSXO SXQHULL GH DFRUG vQ FRQGL LLOH SUHY ]XWH GH OHJH FRQVXOW UL FX

VLQGLFDWXOVDXGXS FD]FXUHSUH]HQWDQ LLVDODULD LORUUHIHULWRDUHODPHWRGHOHúLPLMORDFHOHGH

HYLWDUH D FRQFHGLHULORU FROHFWLYH VDX GH UHGXFHUH D QXP UXOXL GH VDODULD L DIHFWD L úL GH
DWHQXDUHDFRQVHFLQ HORU
E V
SXQ OD GLVSR]L LH VLQGLFDWXOXL FDUH DUH PHPEUL vQ XQLWDWH VDX GXS FD]

UHSUH]HQWDQ LORU VDODULD LORU vQ FRQGL LLOH SUHY ]XWH GH OHJH WRDWH LQIRUPD LLOH UHOHYDQWH vQ

OHJ WXU FXFRQFHGLHUHDFROHFWLY vQYHGHUHDIRUPXO ULLSURSXQHULORUGLQSDUWHDDFHVWRUD
ODGDWD'HF7LWOXO,,&DSLWRO96HFWLXQHDUWPRGLILFDWGHDUWSXQFWXOGLQ/HJHD

ÌQ FD]XO vQ FDUH DQJDMDWRUXO LQWHQ LRQHD] V HIHFWXH]H FRQFHGLHUL FROHFWLYH DFHVWD DUH
REOLJD LDGHDLQL LDvQWLPSXWLOúLvQVFRSXODMXQJHULLODRvQ HOHJHUHvQFRQGL LLOHSUHY ]XWHGH

OHJH FRQVXOW UL FX VLQGLFDWXO VDX GXS FD] FX UHSUH]HQWDQ LL VDODULD LORU FX SULYLUH FHO SX LQ
OD
D PHWRGHOH úL PLMORDFHOH GH HYLWDUH D FRQFHGLHULORU FROHFWLYH VDX GH UHGXFHUH D QXP UXOXL
GHVDODULD LFDUHYRUILFRQFHGLD L

E DWHQXDUHD FRQVHFLQ HORU FRQFHGLHULL SULQ UHFXUJHUHD OD P VXUL VRFLDOH FDUH YL]HD]
SULQWUH DOWHOH VSULMLQ SHQWUX UHFDOLILFDUHD VDX UHFRQYHUVLD SURIHVLRQDO D VDODULD LORU
FRQFHGLD L

ÌQ SHULRDGD vQ FDUH DX ORF FRQVXOW UL SRWULYLW DOLQ SHQWUX D SHUPLWH VLQGLFDWXOXL VDX

UHSUH]HQWDQ LORUVDODULD LORUV IRUPXOH]HSURSXQHULvQWLPSXWLODQJDMDWRUXODUHREOLJD LDV OH


IXUQL]H]HWRDWHLQIRUPD LLOHUHOHYDQWHúLV OHQRWLILFHvQVFULVXUP WRDUHOH

D QXP UXOWRWDOúLFDWHJRULLOHGHVDODULD L

E PRWLYHOHFDUHGHWHUPLQ FRQFHGLHUHDSUHFRQL]DW

F QXP UXOúLFDWHJRULLOHGHVDODULD LFDUHYRUILDIHFWD LGHFRQFHGLHUH
G FULWHULLOH DYXWH vQ YHGHUH SRWULYLW OHJLL úLVDX FRQWUDFWHORU FROHFWLYH GH PXQF SHQWUX
VWDELOLUHDRUGLQLLGHSULRULWDWHODFRQFHGLHUH

H P VXULOHDYXWHvQYHGHUHSHQWUXOLPLWDUHDQXP UXOXLFRQFHGLHULORU

I P VXULOH SHQWUX DWHQXDUHD FRQVHFLQ HORU FRQFHGLHULL úL FRPSHQVD LLOH FH XUPHD] V ILH
DFRUGDWH VDODULD LORU FRQFHGLD L FRQIRUP GLVSR]L LLORU OHJDOH úLVDX FRQWUDFWXOXL FROHFWLY GH

PXQF DSOLFDELO
J GDWDGHODFDUHVDXSHULRDGDvQFDUHYRUDYHDORFFRQFHGLHULOH

K WHUPHQXO vQ XQWUXO F UXLD VLQGLFDWXO VDX GXS FD] UHSUH]HQWDQ LL VDODULD LORU SRW IDFH

SURSXQHULSHQWUXHYLWDUHDRULGLPLQXDUHDQXP UXOXLVDODULD LORUFRQFHGLD L

2EOLJD LLOH SUHY ]XWH OD DOLQ úL VH PHQ LQ LQGLIHUHQW GDF GHFL]LD FDUH GHWHUPLQ

FRQFHGLHULOH FROHFWLYH HVWH OXDW GH F WUH DQJDMDWRU VDX GH R vQWUHSULQGHUH FDUH GH LQH
FRQWUROXODVXSUDDQJDMDWRUXOXL

ÌQ VLWXD LD vQ FDUH GHFL]LD FDUH GHWHUPLQ FRQFHGLHULOH FROHFWLYH HVWH OXDW GH R
vQWUHSULQGHUH FDUH GH LQH FRQWUROXO DVXSUD DQJDMDWRUXOXL DFHVWD QX VH SRDWH SUHYDOD vQ

QHUHVSHFWDUHD REOLJD LLORU SUHY ]XWH OD DOLQ úL GH IDSWXO F vQWUHSULQGHUHD UHVSHFWLY
QXLDIXUQL]DWLQIRUPD LLOHQHFHVDUH
2UGRQDQWDXUJHQWD
$UW

$QJDMDWRUXO DUH REOLJD LD V QRWLILFH vQ VFULV VLQGLFDWXOXL VDX GXS FD] UHSUH]HQWDQ LORU

VDODULD LORU LQWHQ LD GH FRQFHGLHUH FROHFWLY FX FHO SX LQ GH ]LOH FDOHQGDULVWLFH DQWHULRDUH
HPLWHULLGHFL]LLORUGHFRQFHGLHUH

$QJDMDWRUXO DUH REOLJD LD V QRWLILFH vQ VFULV VLQGLFDWXOXL VDX GXS FD] UHSUH]HQWDQ LORU

VDODULD LORU LQWHQ LD GH FRQFHGLHUH FROHFWLY FX FHO SX LQ GH ]LOH FDOHQGDULVWLFH DQWHULRDUH
HPLWHULLGHFL]LLORUGHFRQFHGLHUH
2UGRQDQWDXUJHQWD

1RWLILFDUHDLQWHQ LHLGHFRQFHGLHUHFROHFWLY VHIDFHVXEIRUPDXQXLSURLHFWGHFRQFHGLHUH

FROHFWLY FDUHWUHEXLHV FXSULQG 1RWLILFDUHDLQWHQ LHLGHFRQFHGLHUHFROHFWLY WUHEXLHV
FXSULQG
2UGRQDQWDXUJHQWD

D QXP UXOWRWDOúLFDWHJRULLOHGHVDODULD L

E PRWLYHOHFDUHGHWHUPLQ FRQFHGLHUHD

F QXP UXOúLFDWHJRULLOHGHVDODULD LFDUHYRUILDIHFWD LGHFRQFHGLHUH
G FULWHULLOH DYXWH vQ YHGHUH SRWULYLW OHJLL úLVDX FRQWUDFWHORU FROHFWLYH GH PXQF SHQWUX
VWDELOLUHDRUGLQLLGHSULRULWDWHODFRQFHGLHUH

H P VXULOHDYXWHvQYHGHUHSHQWUXOLPLWDUHDQXP UXOXLFRQFHGLHULORU
I PVXULOH SHQWUX DWHQXDUHD FRQVHFLQ HORU FRQFHGLHULL úL FRPSHQVD LLOH FH XUPHD] V ILH
DFRUGDWHVDODULD LORUVXSXúLFRQFHGLHULLFRQIRUPGLVSR]L LLORUOHJDOHúLFRQWUDFWXOXLFROHFWLYGH

PXQF DSOLFDELO

DFRUGDWH VDODULD LORU VXSXúL FRQFHGLHULL FRQIRUP GLVSR]L LLORU OHJDOH úLVDX FRQWUDFWXOXL

OD GDWD ,XO 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ OLWHUD ) PRGLILFDW GH DUW ,
SXQFWXOGLQ2UGRQDQWDXUJHQWD

DFRUGDWH VDODULD LORU FRQFHGLD L FRQIRUP GLVSR]L LLORU OHJDOH úLVDX FRQWUDFWXOXL FROHFWLY GH

PXQF DSOLFDELO

OD GDWD 'HF 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ OLWHUD ) PRGLILFDW GH DUW
SXQFWXOGLQ/HJHD
J GDWDGHODFDUHVDXSHULRDGDvQFDUHYRUDYHDORFFRQFHGLHULOH

K WHUPHQXO vQ XQWUXO F UXLD VLQGLFDWXO VDX GXS FD] UHSUH]HQWDQ LL VDODULD LORU SRW IDFH

SURSXQHULSHQWUXHYLWDUHDRULGLPLQXDUHDQXP UXOXLVDODULD LORUFRQFHGLD L

$QJDMDWRUXO DUH REOLJD LD V QRWLILFH SURLHFWXO GH FRQFHGLHUH LQVSHFWRUDWXOXL WHULWRULDO GH

PXQF úLDJHQ LHLWHULWRULDOHGHRFXSDUHDIRU HLGHPXQF ODDFHHDúLGDW ODFDUHODQRWLILFDW

VLQGLFDWXOXLVDXGXS FD]UHSUH]HQWDQ LORUVDODULD LORU

$QJDMDWRUXO DUH REOLJD LD V FRPXQLFH QRWLILFDUHD SUHY ]XW OD DOLQ LQVSHFWRUDWXOXL

WHULWRULDOGHPXQF úLDJHQ LHLWHULWRULDOHGHRFXSDUHDIRU HLGHPXQF ODDFHHDúLGDW ODFDUH

DFRPXQLFDWRVLQGLFDWXOXLVDXGXS FD]UHSUH]HQWDQ LORUVDODULD LORU
2UGRQDQWDXUJHQWD

$QJDMDWRUXO DUH REOLJD LD V FRPXQLFH R FRSLH D QRWLILF ULL SUHY ]XWH OD DUW DOLQ

LQVSHFWRUDWXOXL WHULWRULDO GH PXQF úL DJHQ LHL WHULWRULDOH GH RFXSDUH D IRU HL GH PXQF OD

DFHHDúLGDW ODFDUHDFRPXQLFDWRVLQGLFDWXOXLVDXGXS FD]UHSUH]HQWDQ LORUVDODULD LORU
2UGRQDQWDXUJHQWD
$UW

6LQGLFDWXO VDX GXS FD] UHSUH]HQWDQ LL VDODULD LORU SRW SURSXQH DQJDMDWRUXOXL P VXUL vQ

YHGHUHD HYLW ULL FRQFHGLHULORU RUL GLPLQX ULL QXP UXOXL VDODULD LORU FRQFHGLD L vQWUXQ WHUPHQ
GHGH]LOHFDOHQGDULVWLFHGHODGDWDSULPLULLSURLHFWXOXLGHFRQFHGLHUH

$QJDMDWRUXO DUH REOLJD LD GH D U VSXQGH vQ VFULV úL PRWLYDW OD SURSXQHULOH IRUPXODWH
SRWULYLWSUHYHGHULORUDOLQvQWHUPHQGH]LOHGHODSULPLUHDDFHVWRUD

ÌQ FD]XO vQ FDUH DVSHFWHOH OHJDWH GH FRQFHGLHUHD FROHFWLY DYXW vQ YHGHUH QX SRW IL

VROX LRQDWH vQ LQWHULRUXO WHUPHQXOXL GH GH ]LOH SUHY ]XW OD DUW DOLQ OD VROLFLWDUHD

RULF UHLDGLQWUHS U LLQVSHFWRUDWXOWHULWRULDOGH PXQF SRDWHGLVSXQHSUHOXQJLUHDDFHVWXLDFX
PD[LPXP]LOHFDOHQGDULVWLFH


GH]LOHFDOHQGDULVWLFHGHODGDWDSULPLULLQRWLILFULL
$QJDMDWRUXO DUH REOLJD LD GH D UVSXQGH vQ VFULV úL PRWLYDW OD SURSXQHULOH IRUPXODWH
SRWULYLWSUHYHGHULORUDOLQvQWHUPHQGH]LOHFDOHQGDULVWLFHGHODSULPLUHDDFHVWRUD

/D VROLFLWDUHD RULF UHLD GLQWUH S U L LQVSHFWRUDWXO WHULWRULDO GH PXQF SRDWH GLVSXQH
DPkQDUHD PRPHQWXOXL HPLWHULL GHFL]LHL GH FRQFHGLHUH FX PD[LPXP ]LOH FDOHQGDULVWLFH vQ

FD]XOvQFDUHDVSHFWHOHOHJDWHGHFRQFHGLHUHDFROHFWLY DYXW vQYHGHUHQXSRWILVROX LRQDWHvQ
WHUPHQXOVWDELOLWODDUWDOLQ
2UGRQDQWDXUJHQWD

/D VROLFLWDUHD RULF UHLD GLQWUH S U L LQVSHFWRUDWXO WHULWRULDO GH PXQF SRDWH GLVSXQH
DPkQDUHD PRPHQWXOXL HPLWHULL GHFL]LHL FX PD[LPXP ]LOH FDOHQGDULVWLFH vQ FD]XO vQ FDUH

DVSHFWHOH OHJDWH GH FRQFHGLHUHD FROHFWLY DYXW vQ YHGHUH QX SRW IL VROX LRQDWH SkQ OD GDWD

SUHY ]XW vQ QRWLILFDUHD LQWHQ LHL GH FRQFHGLHUH FROHFWLY FD ILLQG GDWD HPLWHULL GHFL]LLORU GH
FRQFHGLHUH
GLQ/HJHD


GH]LOHFDOHQGDULVWLFHGHODGDWDSULPLULLQRWLILFULL
$QJDMDWRUXO DUH REOLJD LD GH D UVSXQGH vQ VFULV úL PRWLYDW OD SURSXQHULOH IRUPXODWH
SRWULYLWSUHYHGHULORUDOLQvQWHUPHQGH]LOHFDOHQGDULVWLFHGHODSULPLUHDDFHVWRUD
2UGRQDQWDXUJHQWD

$UW

ÌQ VLWXD LD vQ FDUH XOWHULRU FRQVXOW ULORU FX VLQGLFDWXO VDX UHSUH]HQWDQ LL VDODULD LORU
SRWULYLW SUHYHGHULORU DUW úL DQJDMDWRUXO GHFLGH DSOLFDUHD P VXULL GH FRQFHGLHUH

FROHFWLY DFHVWD DUH REOLJD LD GH D QRWLILFD vQ VFULV LQVSHFWRUDWXO WHULWRULDO GH PXQF úL

DJHQ LD WHULWRULDO GH RFXSDUH D IRU HL GH PXQF FX FHO SX LQ GH ]LOH FDOHQGDULVWLFH
DQWHULRDUHGDWHLHPLWHULLGHFL]LLORUGHFRQFHGLHUH

1RWLILFDUHD SUHY ]XW OD DOLQ WUHEXLH V FXSULQG WRDWH LQIRUPD LLOH UHOHYDQWH FX

SULYLUHODLQWHQ LDGHFRQFHGLHUHFROHFWLY SUHY ]XWHODDUWDOLQSUHFXPúLUH]XOWDWHOH

FRQVXOW ULORU FX VLQGLFDWXO VDX UHSUH]HQWDQ LL VDODULD LORUSUHY ]XWHOD DUW DOLQ úL DUW

vQVSHFLDOPRWLYHOHFRQFHGLHULORUQXP UXOWRWDODOVDODULD LORUQXP UXOVDODULD LORUDIHFWD L
GHFRQFHGLHUHúLGDWDGHODFDUHVDXSHULRDGDvQFDUHYRUDYHDORFDFHVWHFRQFHGLHUL

$QJDMDWRUXO DUH REOLJD LD V FRPXQLFH R FRSLH D QRWLILF ULL SUHY ]XWH OD DOLQ
VLQGLFDWXOXL VDX UHSUH]HQWDQ LORU VDODULD LORU OD DFHHDúL GDW OD FDUH D FRPXQLFDWR

LQVSHFWRUDWXOXLWHULWRULDOGHPXQF úLDJHQ LHLWHULWRULDOHGHRFXSDUHDIRU HLGHPXQF
6LQGLFDWXO VDX UHSUH]HQWDQ LL VDODULD LORU SRW WUDQVPLWH HYHQWXDOH SXQFWH GH YHGHUH
LQVSHFWRUDWXOXLWHULWRULDOGHPXQF

/D VROLFLWDUHD PRWLYDW D RULF UHLD GLQWUH S U L LQVSHFWRUDWXO WHULWRULDO GH PXQF FX

DYL]XO DJHQ LHL WHULWRULDOH GH RFXSDUH D IRU HL GH PXQF SRDWH GLVSXQH UHGXFHUHD SHULRDGHL

SUHY ]XWH OD DOLQ I U D DGXFH DWLQJHUH GUHSWXULORU LQGLYLGXDOH FX SULYLUH OD SHULRDGD GH
SUHDYL]

,QVSHFWRUDWXO WHULWRULDO GH PXQF DUH REOLJD LD GH D LQIRUPD vQ WLPS XWLO DQJDMDWRUXO úL

VLQGLFDWXO VDX UHSUH]HQWDQ LL VDODULD LORU GXS FD] DVXSUD UHGXFHULL SHULRDGHL SUHY ]XWH OD
DOLQSUHFXPúLGHVSUHPRWLYHOHFDUHDXVWDWODED]DDFHVWHLGHFL]LL
$UW

ÌQSHULRDGDSUHY ]XW ODDUW DOLQDJHQ LDWHULWRULDO GHRFXSDUHDIRU HLGHPXQF

WUHEXLH V FDXWH VROX LL OD SUREOHPHOH ULGLFDWH GH FRQFHGLHULOH FROHFWLYH SUHFRQL]DWH úL V OH

FRPXQLFHvQWLPSXWLODQJDMDWRUXOXLúLVLQGLFDWXOXLRULGXS FD]UHSUH]HQWDQ LORUVDODULD LORU

/D VROLFLWDUHD PRWLYDW D RULF UHLD GLQWUH S U L LQVSHFWRUDWXO WHULWRULDO GH PXQF FX
FRQVXOWDUHD DJHQ LHL WHULWRULDOH GH RFXSDUH D IRU HL GH PXQF SRDWH GLVSXQH DPkQDUHD
PRPHQWXOXL HPLWHULL GHFL]LLORU GH FRQFHGLHUH FX PD[LPXP ]LOH FDOHQGDULVWLFH vQ FD]XO vQ

FDUH DVSHFWHOH OHJDWH GH FRQFHGLHUHD FROHFWLY DYXW vQ YHGHUH QX SRW IL VROX LRQDWH SkQ OD
GDWD VWDELOLW vQ QRWLILFDUHD GH FRQFHGLHUH FROHFWLY SUHY]XW OD DUW DOLQ FD ILLQG

GDWDHPLWHULLGHFL]LLORUGHFRQFHGLHUH

,QVSHFWRUDWXO WHULWRULDO GH PXQF DUH REOLJD LD GH D LQIRUPD vQ VFULV DQJDMDWRUXO úL

VLQGLFDWXO VDX UHSUH]HQWDQ LL VDODULD LORU GXS FD] DVXSUD DPkQ ULL PRPHQWXOXL HPLWHULL
GHFL]LLORU GH FRQFHGLHUH SUHFXP úL GHVSUH PRWLYHOH FDUH DX VWDW OD ED]D DFHVWHL GHFL]LL

vQDLQWHGHH[SLUDUHDSHULRDGHLLQL LDOHSUHY ]XWHODDUW DOLQ

OD GDWD 6HS 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW FRPSOHWDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
$UW
$QJDMDWRUXO FDUH D GLVSXV FRQFHGLHUL FROHFWLYH QX SRDWH IDFH QRL DQJDM UL SH ORFXULOH GH

PXQF DOHVDODULD LORUFRQFHGLD LSHRSHULRDG GHOXQLGHODGDWDFRQFHGLHULLDFHVWRUD

ÌQFD]XOvQFDUHvQDFHDVW SHULRDG DQJDMDWRUXOUHLDDFWLYLW
LOHDF URUvQFHWDUHDFRQGXV
OD FRQFHGLHUL FROHFWLYH VDODULD LL FDUH DX IRVW FRQFHGLD L DX GUHSWXO GH D IL UHDQJDMD L SH

DFHOHDúLORFXULGHPXQF SHFDUHOHDXRFXSDWDQWHULRUI U H[DPHQVDXFRQFXUVRULSHULRDG
GHSURE
OD GDWD 0DU 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
ÌQVLWXD LDvQFDUHVDODULD LLFDUHDXGUHSWXOGHDILUHDQJDMD LSRWULYLWDOLQQXVROLFLW

DFHVWOXFUXDQJDMDWRUXOSRDWHIDFHQRLDQJDM ULSHORFXULOHGHPXQF U PDVHYDFDQWH
UHVSLQVD'HFL]LD
$QJDMDWRUXO FDUH D GLVSXV FRQFHGLHUL FROHFWLYH QX SRDWH IDFH QRL DQJDM UL SH ORFXULOH GH


PXQF DOHVDODULD LORUFRQFHGLD LSHRSHULRDG GHOXQLGHODGDWDFRQFHGLHULLDFHVWRUD

ÌQFD]XOvQFDUHvQDFHDVW SHULRDG DQJDMDWRUXOUHLDDFWLYLW
LOHDF URUvQFHWDUHDFRQGXV
OD FRQFHGLHULFROHFWLYH DFHVWD DUHREOLJD LD GH DWUDQVPLWHVDODULD LORU FDUHDXIRVW FRQFHGLD L

RFRPXQLFDUHVFULV vQDFHVWVHQVúLGHDLUHDQJDMDSHDFHOHDúLORFXULGHPXQF SHFDUHOHDX

RFXSDWDQWHULRUI U H[DPHQVDXFRQFXUVRULSHULRDG GHSURE
6DODULD LL DX OD GLVSR]L LH XQ WHUPHQ GH PD[LPXP ]LOH OXFU WRDUH GH OD GDWD

FRPXQLF ULL DQJDMDWRUXOXL SUHY]XW OD DOLQ SHQWUX DúL PDQLIHVWD H[SUHV
FRQVLP PkQWXOFXSULYLUHODORFXOGHPXQFRIHULW
ÌQ VLWXD LD vQ FDUH VDODULD LL FDUH DX GUHSWXO GH D IL UHDQJDMD L SRWULYLW DOLQ QX vúL

PDQLIHVW H[SUHVFRQVLP PkQWXOvQWHUPHQXOSUHY]XWODDOLQVDXUHIX]ORFXOGHPXQF

RIHULWDQJDMDWRUXOSRDWHIDFHQRLDQJDM ULSHORFXULOHGHPXQF U PDVHYDFDQWH
2UGRQDQWDXUJHQWD
$QJDMDWRUXO FDUH D GLVSXV FRQFHGLHUL FROHFWLYH QX SRDWH IDFH QRL vQFDGU UL SH ORFXULOH GH

PXQF DOHVDODULD LORUFRQFHGLD LWLPSGHOXQLGHODGDWDFRQFHGLHULLDFHVWRUD

ÌQ VLWXD LD vQ FDUH vQ DFHDVW SHULRDG VH UHLDX DFWLYLW
LOH D F URU vQFHWDUH D FRQGXV OD
FRQFHGLHUL FROHFWLYH DQJDMDWRUXO DUH REOLJD LD GH D WUDQVPLWH VDODULD LORU FDUH DX IRVW

FRQFHGLD LRFRPXQLFDUHVFULV vQDFHVWVHQVúLGHDLUHDQJDMDSHDFHOHDúLORFXULGHPXQF SH

FDUHOHDXRFXSDWDQWHULRUI U H[DPHQVDXFRQFXUVRULSHULRDG GHSURE
6DODULD LL DX OD GLVSR]L LH XQ WHUPHQ GH PD[LPXP ]LOH OXFU WRDUH GH OD GDWD

FRPXQLF ULL DQJDMDWRUXOXL SUHY]XW OD DOLQ SHQWUX DúL PDQLIHVWD vQ VFULV
FRQVLP PkQWXOFXSULYLUHODORFXOGHPXQFRIHULW
ÌQ VLWXD LD vQ FDUH VDODULD LL FDUH DX GUHSWXO GH D IL UHDQJDMD L SRWULYLW DOLQ QX vúL

PDQLIHVW vQVFULVFRQVLP PkQWXOvQWHUPHQXOSUHY]XWODDOLQVDXUHIX]ORFXOGHPXQF

RIHULWDQJDMDWRUXOSRDWHIDFHQRLvQFDGU ULSHORFXULOHGHPXQF U PDVHYDFDQWH
ODGDWD'HF7LWOXO,,&DSLWRO96HFWLXQHDUWPRGLILFDWGHDUWSXQFWXOGLQ/HJHD
6(&,81($ 'UHSWXOODSUHDYL]

$UW
3HUVRDQHOH FRQFHGLDWH vQ WHPHLXO DUW OLW F úL G DO DUW úL EHQHILFLD] GH
GUHSWXOODXQSUHDYL]FHQXSRDWHILPDLPLFGH]LOHOXFU WRDUH

ÌQ FD]XULOH vQ FDUH XQLWDWHD HVWH REOLJDW SRWULYLW OHJLL V DFRUGH XQ SUHDYL] OD

GHVIDFHUHDFRQWUDFWXOXLGHPXQF GXUDWDSUHDYL]XOXLYDILGHGH]LOHOXFU WRDUH
ODGDWD'HF7LWOXO,,&DSLWRO96HFWLXQHDUWDOLQUHJOHPHQWDWDGH&DSLWRODUW
GLQ&RQWUDFW&ROHFWLYGH0XQFD
)DF H[FHS LH GH OD SUHYHGHULOH DOLQ SHUVRDQHOH FRQFHGLDWH vQ WHPHLXO DUW OLW G

FDUHVHDIO vQSHULRDGDGHSURE
ÌQ VLWXD LD vQ FDUH vQ SHULRDGD GH SUHDYL] FRQWUDFWXOLQGLYLGXDOGHPXQF HVWH VXVSHQGDW

WHUPHQXO GH SUHDYL] YD IL VXVSHQGDW FRUHVSXQ] WRU FX H[FHS LD FD]XOXL SUHY ]XW OD DUW
DOLQ
OD GDWD ,XO 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW FRPSOHWDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
$UW

'HFL]LD GH FRQFHGLHUH VH FRPXQLF VDODULDWXOXL vQ VFULV úL WUHEXLH V FRQ LQ vQ PRG
REOLJDWRULX

D PRWLYHOHFDUHGHWHUPLQ FRQFHGLHUHD
E GXUDWDSUHDYL]XOXL
F FULWHULLOHGHVWDELOLUHDRUGLQLLGHSULRULWDWHFRQIRUPDUWDOLQOLWG
OD GDWD 0DU 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ OLWHUD & D IRVW DWDFDW GH
H[FHSWLHUHVSLQVD'HFL]LD
F FULWHULLOHGHVWDELOLUHDRUGLQLLGHSULRULW LFRQIRUPDUWDOLQOLWGQXPDLvQFD]XO

FRQFHGLHULORUFROHFWLYH
OD GDWD ,XO 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ OLWHUD & PRGLILFDW GH DUW ,
SXQFWXOGLQ2UGRQDQWDXUJHQWD

F FULWHULLOH GH VWDELOLUH D RUGLQLL GH SULRULW L FRQIRUP DUW DOLQ OLW G
QXPDLvQFD]XOFRQFHGLHULORUFROHFWLYH
OD GDWD $SU 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ OLWHUD & PRGLILFDW GH DUW
SXQFWXOGLQ/HJHD

G OLVWD WXWXURU ORFXULORU GH PXQF GLVSRQLELOH vQ XQLWDWH úL WHUPHQXO vQ FDUH VDODULD LL

XUPHD] V RSWH]HSHQWUXDRFXSDXQORFGHPXQF YDFDQWvQFRQGL LLOHDUW
OD GDWD 0DU 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ OLWHUD ' D IRVW DWDFDW GH
H[FHSWLHUHVSLQVD'HFL]LD
WHUPHQXOGHSUHDYL]YDILVXVSHQGDWFRUHVSXQ] WRU
OD GDWD ,XO 7LWOXO ,, &DSLWRO9 6HFWLXQH DUW DOLQ DEURJDW GHDUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
$UW

6(&,81($ &RQWUROXOúLVDQF LRQDUHDFRQFHGLHULORUQHOHJDOH
'HFL]LDGHFRQFHGLHUHSURGXFHHIHFWHGHODGDWDFRPXQLF ULLHLVDODULDWXOXL
$UW

&RQFHGLHUHD GLVSXV FX QHUHVSHFWDUHD SURFHGXULL SUHY ]XWH GH OHJH HVWH ORYLW GH QXOLWDWH
DEVROXW
$UW
ODGDWD0DL7LWOXO,,&DSLWRO96HFWLXQHDUWDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

ÌQFD]GHFRQIOLFWGHPXQF DQJDMDWRUXOQXSRDWHLQYRFDvQID DLQVWDQ HLDOWHPRWLYHGHIDSW
VDXGHGUHSWGHFkWFHOHSUHFL]DWHvQGHFL]LDGHFRQFHGLHUH
$UW

ÌQ FD]XO vQ FDUH FRQFHGLHUHD D IRVW HIHFWXDW vQ PRG QHWHPHLQLF VDX QHOHJDO LQVWDQ D YD

GLVSXQH DQXODUHD HL úL YD REOLJD DQJDMDWRUXO OD SODWD XQHL GHVS JXELUL HJDOH FX VDODULLOH
LQGH[DWHPDMRUDWHúLUHDFWXDOL]DWHúLFXFHOHODOWHGUHSWXULGHFDUHDUILEHQHILFLDWVDODULDWXO
OD GDWD 'HF 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
/D VROLFLWDUHD VDODULDWXOXL LQVWDQ D FDUH D GLVSXV DQXODUHD FRQFHGLHULL YD UHSXQH S U LOH vQ

VLWXD LDDQWHULRDU HPLWHULLDFWXOXLGHFRQFHGLHUH
OD GDWD )HE 7LWOXO ,, &DSLWRO 9 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
6(&,81($ 'HPLVLD
UHVSLQVD'HFL]LD
$UW
3ULQ GHPLVLH VH vQ HOHJH DFWXO XQLODWHUDO GH YRLQ D VDODULDWXOXL FDUH SULQWUR QRWLILFDUH

VFULV FRPXQLF DQJDMDWRUXOXL vQFHWDUHD FRQWUDFWXOXL LQGLYLGXDO GH PXQF GXS vPSOLQLUHD
XQXLWHUPHQGHSUHDYL]
UHVSLQVD'HFL]LD

5HIX]XO DQJDMDWRUXOXL GH D vQUHJLVWUD GHPLVLD G GUHSWXO VDODULDWXOXL GH D IDFH GRYDGD
DFHVWHLDSULQRULFHPLMORDFHGHSURE
6DODULDWXODUHGUHSWXOGHDQXPRWLYDGHPLVLD
UHVSLQVD'HFL]LD

7HUPHQXO GH SUHDYL] HVWH FHO FRQYHQLW GH S U L vQ FRQWUDFWXO LQGLYLGXDO GH PXQF VDX

GXS FD]FHOSUHY ]XWvQFRQWUDFWHOHFROHFWLYHGHPXQF DSOLFDELOHúLQXSRDWHILPDLPDUHGH
]LOH FDOHQGDULVWLFH SHQWUX VDODULD LL FX IXQF LL GH H[HFX LH UHVSHFWLY GH GH ]LOH

FDOHQGDULVWLFHSHQWUXVDODULD LLFDUHRFXS IXQF LLGHFRQGXFHUH

3H GXUDWD SUHDYL]XOXL FRQWUDFWXO LQGLYLGXDO GH PXQF FRQWLQX V vúL SURGXF WRDWH
HIHFWHOH
WHUPHQXOGHSUHDYL]YDILVXVSHQGDWFRUHVSXQ] WRU


&RQWUDFWXO LQGLYLGXDO GH PXQF vQFHWHD] OD GDWD H[SLU ULL WHUPHQXOXL GH SUHDYL] VDX OD
GDWDUHQXQ ULLWRWDOHRULSDU
LDOHGHF WUHDQJDMDWRUODWHUPHQXOUHVSHFWLY
UHVSLQVD'HFL]LD

6DODULDWXO SRDWH GHPLVLRQD I U SUHDYL] GDF DQJDMDWRUXO QX vúL vQGHSOLQHúWH REOLJD LLOH
DVXPDWHSULQFRQWUDFWXOLQGLYLGXDOGHPXQF
&$3,72/8/9, &RQWUDFWXOLQGLYLGXDOGHPXQF SHGXUDWGHWHUPLQDW
$UW

3ULQ GHURJDUH GH OD UHJXOD SUHY ]XW OD DUW DOLQ DQJDMDWRULL DX SRVLELOLWDWHD GH D
DQJDMD vQ FD]XULOH úL vQ FRQGL LLOH SUH]HQWXOXL FRG SHUVRQDO VDODULDW FX FRQWUDFW LQGLYLGXDO GH

PXQF SHGXUDW GHWHUPLQDW

&RQWUDFWXO LQGLYLGXDO GH PXQF SH GXUDW GHWHUPLQDW VH SRDWH vQFKHLD QXPDL vQ IRUP

VFULV FXSUHFL]DUHDH[SUHV DGXUDWHLSHQWUXFDUHVHvQFKHLH

&RQWUDFWXOLQGLYLGXDOGHPXQF SHGXUDW GHWHUPLQDW SRDWHILSUHOXQJLWúLGXS H[SLUDUHD

WHUPHQXOXL LQL LDO FX DFRUGXO VFULV DO S U LORU GDU QXPDL vQ XQWUXO WHUPHQXOXL SUHY ]XW OD DUW

úLGHFHOPXOWGRX RULFRQVHFXWLY

ÌQWUH DFHOHDúL S U L VH SRW vQFKHLD FHO PXOW FRQWUDFWH LQGLYLGXDOH GH PXQF SH GXUDW

GHWHUPLQDW VXFFHVLYHGDUQXPDLvQ XQWUXOWHUPHQXOXLSUHY ]XWODDUW

ÌQWUH DFHOHDúL S U L VH SRW vQFKHLD VXFFHVLY FHO PXOW FRQWUDFWH LQGLYLGXDOH GH PXQF SH

GXUDW GHWHUPLQDW GDUQXPDLvQ XQWUXOWHUPHQXOXLSUHY ]XWODDUW
OD GDWD 'HF 7LWOXO ,, &DSLWRO 9, DUW DOLQ PRGLILFDW GH DUW SXQFWXO GLQ /HJHD

&RQWUDFWHOH LQGLYLGXDOH GH PXQF SH GXUDW GHWHUPLQDW vQFKHLDWH vQ WHUPHQ GH OXQL GH

OD vQFHWDUHD XQXL FRQWUDFW GH PXQF SH GXUDW GHWHUPLQDW DQWHULRU VXQW FRQVLGHUDWH
FRQWUDFWHVXFFHVLYH
ODGDWD,XO7LWOXO,,&DSLWRO9,DUWFRPSOHWDWGHDUW,SXQFWXOGLQ2UGRQDQWDXUJHQWD

&RQWUDFWHOHLQGLYLGXDOHGHPXQF SHGXUDW GHWHUPLQDW vQFKHLDWHvQWHUPHQGHOXQLGH

OD vQFHWDUHD XQXL FRQWUDFW GH PXQF SH GXUDW GHWHUPLQDW VXQW FRQVLGHUDWH FRQWUDFWH
VXFFHVLYH

$UW

&RQWUDFWXO LQGLYLGXDO GH PXQF SRDWH IL vQFKHLDW SHQWUX R GXUDW GHWHUPLQDW QXPDL vQ

XUP WRDUHOHFD]XUL

D vQORFXLUHDXQXLVDODULDWvQFD]XOVXVSHQG ULLFRQWUDFWXOXLV XGHPXQF FXH[FHS LDVLWXD LHL
vQFDUHDFHOVDODULDWSDUWLFLS ODJUHY
E FUHúWHUHDWHPSRUDU DDFWLYLW LLDQJDMDWRUXOXL
OD GDWD )HE 7LWOXO ,, &DSLWRO 9, DUW OLWHUD % D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD )HE 7LWOXO ,, &DSLWRO 9, DUW OLWHUD % D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

F GHVI úXUDUHDXQRUDFWLYLW LFXFDUDFWHUVH]RQLHU
G vQ VLWXD LD vQ FDUH HVWH vQFKHLDW vQ WHPHLXO XQRU GLVSR]L LL OHJDOH HPLVH FX VFRSXO GH D
IDYRUL]DWHPSRUDUDQXPLWHFDWHJRULLGHSHUVRDQHI U ORFGHPXQF

G DQJDMDUHDXQHLSHUVRDQHDIODWHvQFXWDUHDXQXLORFGHPXQFFDUHvQWHUPHQGHDQLGH

ODGDWDDQJDM ULLvQGHSOLQHúWHFRQGL LLOHGHSHQVLRQDUHSHQWUXOLPLW GHYkUVW

G DQJDMDUHD XQHL SHUVRDQH FDUH vQ WHUPHQ GH DQL GH OD GDWD DQJDM ULL vQGHSOLQHúWH
FRQGL LLOHGHSHQVLRQDUHSHQWUXOLPLW GHYkUVW
OD GDWD'HF 7LWOXO,, &DSLWRO 9,DUWOLWHUD'APRGLILFDW GH DUW SXQFWXO GLQ/HJHD

G RFXSDUHD XQHL IXQF LL HOLJLELOH vQ FDGUXO RUJDQL]D LLORU VLQGLFDOH SDWURQDOH VDX DO
RUJDQL]D LLORUQHJXYHUQDPHQWDOHSHSHULRDGDPDQGDWXOXL


G DQJDMDUHDSHQVLRQDULORUFDUHvQFRQGL LLOHOHJLLSRWFXPXODSHQVLDFXVDODULXO
ODGDWD,XO7LWOXO,,&DSLWRO9,DUWOLWHUD'FRPSOHWDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD

H vQDOWHFD]XULSUHY ]XWHH[SUHVGHOHJLVSHFLDOH

H vQ DOWH FD]XUL SUHY ]XWH H[SUHV GH OHJL VSHFLDOH RUL SHQWUX GHVI úXUDUHD XQRU OXFU UL
SURLHFWH SURJUDPH vQ FRQGL LLOH VWDELOLWH SULQ FRQWUDFWXO FROHFWLY GH PXQF vQFKHLDW OD QLYHO
QD LRQDOúLVDXODQLYHOGHUDPXU
ODGDWD,XO7LWOXO,,&DSLWRO9,DUWOLWHUD(PRGLILFDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD
$UW

&RQWUDFWXO LQGLYLGXDO GH PXQF SH GXUDW GHWHUPLQDW QX SRDWH IL vQFKHLDW SH R SHULRDG
PDLPDUHGHOXQL

&RQWUDFWXO LQGLYLGXDO GH PXQF SH GXUDW GHWHUPLQDW QX SRDWH IL vQFKHLDW SH R SHULRDG
PDLPDUHGHGHOXQL
ODGDWD,XO7LWOXO,,&DSLWRO9,DUWDOLQPRGLILFDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD

ÌQFD]XOvQFDUHFRQWUDFWXOLQGLYLGXDOGHPXQF SHGXUDW GHWHUPLQDW HVWHvQFKHLDWSHQWUX

D vQORFXL XQ VDODULDW DO F UXL FRQWUDFW LQGLYLGXDO GH PXQF HVWH VXVSHQGDW GXUDWD FRQWUDFWXOXL

YDH[SLUDODPRPHQWXOvQFHW ULLPRWLYHORUFHDXGHWHUPLQDWVXVSHQGDUHDFRQWUDFWXOXLLQGLYLGXDO

GHPXQF DOVDODULDWXOXLWLWXODU
$UW

6DODULDWXOvQFDGUDWFXFRQWUDFWLQGLYLGXDOGHPXQF SHGXUDW GHWHUPLQDW SRDWHILVXSXVXQHL

SHULRDGHGHSURE FDUHQXYDGHS úL
D ]LOHOXFU WRDUHSHQWUXRGXUDWDFRQWUDFWXOXLLQGLYLGXDOGHPXQFPDLPLFGHOXQL
E ]LOH OXFUWRDUH SHQWUX R GXUDW D FRQWUDFWXOXL LQGLYLGXDO GH PXQF FXSULQV vQWUH úL
OXQL

F GH ]LOH OXFU WRDUH SHQWUX R GXUDW D FRQWUDFWXOXL LQGLYLGXDO GH PXQF PDL PDUH GH
OXQL

G GH]LOHOXFU WRDUHvQFD]XOVDODULD LORUvQFDGUD LvQIXQF LLGHFRQGXFHUHSHQWUXRGXUDW D

FRQWUDFWXOXLLQGLYLGXDOGHPXQF PDLPDUHGHOXQL
$UW

/D H[SLUDUHD FRQWUDFWXOXL LQGLYLGXDO GH PXQF SH GXUDW GHWHUPLQDW SH ORFXO GH PXQF

UHVSHFWLYYDILDQJDMDWXQVDODULDWFXFRQWUDFWLQGLYLGXDOGHPXQF SHGXUDW QHGHWHUPLQDW

/D vQFHWDUHD FHOXL GHDO WUHLOHD FRQWUDFW LQGLYLGXDO GH PXQF SH GXUDW GHWHUPLQDW

VXFFHVLYSUHY ]XWODDUWDOLQVDXODH[SLUDUHDWHUPHQXOXLSUHY ]XWODDUWDOLQ
SH SRVWXO UHVSHFWLY YD IL DQJDMDW XQ VDODULDW FX FRQWUDFW LQGLYLGXDO GH PXQF SH GXUDW
QHGHWHUPLQDW
ODGDWD,XO7LWOXO,,&DSLWRO9,DUWDOLQPRGLILFDWGHDUW,SXQFWXOGLQ2UGRQDQWD
XUJHQWD

/D vQFHWDUHD FHOXL GHDO WUHLOHD FRQWUDFW LQGLYLGXDO GH PXQF SH GXUDW GHWHUPLQDW

SUHY ]XWODDUWDOLQVDXODH[SLUDUHDWHUPHQXOXLSUHY ]XWODDUWDOLQGDF SH
SRVWXOUHVSHFWLYYDILDQJDMDWXQVDODULDWDFHVWDYDILDQJDMDWFXFRQWUDFWLQGLYLGXDOGHPXQF

SHGXUDW QHGHWHUPLQDW

'LVSR]L LLOHDOLQQXVXQWDSOLFDELOH

D vQFD]XOvQFDUHFRQWUDFWXOLQGLYLGXDOGHPXQF SHGXUDW GHWHUPLQDW HVWHvQFKHLDWSHQWUX

D vQORFXL WHPSRUDU XQ VDODULDW DEVHQW GDF LQWHUYLQH R QRX FDX] GH VXVSHQGDUH D
FRQWUDFWXOXLDFHVWXLD

E vQ FD]XO vQ FDUH XQ QRXFRQWUDFWLQGLYLGXDO GH PXQF SHGXUDW GHWHUPLQDW HVWH vQFKHLDW

vQYHGHUHDH[HFXW ULLXQRUOXFU ULXUJHQWHFXFDUDFWHUH[FHS LRQDO

F vQ FD]XO vQ FDUH vQFKHLHUHD XQXL QRX FRQWUDFW LQGLYLGXDO GH PXQF SH GXUDW GHWHUPLQDW

VHLPSXQHSHQWUXWHPHLXULOHSUHY ]XWHODDUWOLWH


VHLPSXQHGDWRULW XQRUPRWLYHRELHFWLYHSUHY ]XWHH[SUHVGHOHJLVSHFLDOH
ODGDWD6HS7LWOXO,,&DSLWRO9,DUWDOLQOLWHUD&PRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD


VHLPSXQHGDWRULW XQRUPRWLYHRELHFWLYHFXSULQVHvQFRQWUDFWXOFROHFWLYGHPXQF vQFKHLDWOD

QLYHO QD LRQDO úLVDX OD QLYHO GH UDPXU SHQWUX GHVI úXUDUHD XQRU OXFU UL SURLHFWH VDX
SURJUDPH
ODGDWD6HS7LWOXO,,&DSLWRO9,DUWDOLQOLWHUD&FRPSOHWDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD

G vQ FD]XO vQ FDUH FRQWUDFWXO LQGLYLGXDO GH PXQF SH GXUDW GHWHUPLQDW D vQFHWDW GLQ
LQL LDWLYD VDODULDWXOXL VDX GLQ LQL LDWLYD DQJDMDWRUXOXL SHQWUX R DEDWHUH JUDY VDX DEDWHUL
UHSHWDWHDOHVDODULDWXOXL
$UW

$QJDMDWRULL VXQW REOLJD L V LQIRUPH]H VDODULD LL DQJDMD L FX FRQWUDFW LQGLYLGXDO GH PXQF SH

GXUDW GHWHUPLQDW GHVSUH ORFXULOH GH PXQF YDFDQWH VDX FDUH YRU GHYHQL YDFDQWH

FRUHVSXQ] WRDUHSUHJ WLULLORUSURIHVLRQDOHúLV OHDVLJXUHDFFHVXOODDFHVWHORFXULGHPXQF vQ
FRQGL LL HJDOH FX FHOH DOH VDODULD LORU DQJDMD L FX FRQWUDFW LQGLYLGXDO GH PXQF SH SHULRDG

QHGHWHUPLQDW $FHDVW LQIRUPDUHVHIDFHSULQWUXQDQXQ DILúDWODVHGLXODQJDMDWRUXOXL

2 FRSLH D DQXQ XOXL SUHY ]XW OD DOLQ VH WUDQVPLWH GH vQGDW VLQGLFDWXOXL VDX
UHSUH]HQWDQ LORUVDODULD LORU
OD GDWD 6HS 7LWOXO ,, &DSLWRO 9, DUW FRPSOHWDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
$UW

&XH[FHS LDGLVSR]L LLORUFRQWUDUHSUHY ]XWHvQSUH]HQWXOFRGGLVSR]L LLOHOHJDOHSUHFXPúLFHOH

FXSULQVH vQ FRQWUDFWHOH FROHFWLYH GH PXQF DSOLFDELOH VDODULD LORU FX FRQWUDFW LQGLYLGXDO GH

PXQF SHGXUDW QHGHWHUPLQDW VHDSOLF vQHJDO P VXU úLVDODULD LORUFXFRQWUDFWLQGLYLGXDO
GHPXQFSHGXUDWGHWHUPLQDW

5HIHULWRU OD FRQGL LLOH GH DQJDMDUH úL GH PXQF VDODULD LL FX FRQWUDFW LQGLYLGXDO GH PXQF

SH GXUDW GHWHUPLQDW QX YRU IL WUDWD L PDL SX LQ IDYRUDELO GHFkW VDODULD LL SHUPDQHQ L
FRPSDUDELOL QXPDL SH PRWLYXO GXUDWHL FRQWUDFWXOXL LQGLYLGXDO GH PXQF FX H[FHS LD FD]XULORU
vQFDUHWUDWDPHQWXOGLIHULWHVWHMXVWLILFDWGHPRWLYHRELHFWLYH

ÌQ VHQVXO DOLQ VDODULDWXO SHUPDQHQW FRPSDUDELO UHSUH]LQW VDODULDWXO DO F UXL FRQWUDFW

LQGLYLGXDO GH PXQF HVWH vQFKHLDW SH GXUDW QHGHWHUPLQDW úL FDUH GHVI úRDU DFHHDúL

DFWLYLWDWH VDX XQD VLPLODU vQ DFHHDúL XQLWDWH DYkQGXVH vQ YHGHUH FDOLILFDUHDDSWLWXGLQLOH
SURIHVLRQDOH

$WXQFLFkQGQXH[LVW XQVDODULDWSHUPDQHQWFRPSDUDELOvQDFHHDúLXQLWDWHVHDXvQYHGHUH

GLVSR]L LLOH GLQ FRQWUDFWXO FROHFWLY GH PXQF DSOLFDELO ÌQ FD]XO vQ FDUH QX H[LVW XQ FRQWUDFW

FROHFWLY GH PXQF DSOLFDELO VH DX vQ YHGHUH GLVSR]L LLOH OHJLVOD LHL vQ YLJRDUH VDX FRQWUDFWXO
FROHFWLYGHPXQFODQLYHOQD LRQDO
OD GDWD 6HS 7LWOXO ,, &DSLWRO 9, DUW PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
&$3,72/8/9,, 0XQFDSULQDJHQWGHPXQF WHPSRUDU

XUJHQWD
$UW

0XQFD SULQ DJHQW GH PXQF WHPSRUDU GHQXPLW vQ FRQWLQXDUH PXQF WHPSRUDU HVWH

PXQFD SUHVWDW GH XQ VDODULDW WHPSRUDU FDUH GLQ GLVSR]L LD DJHQWXOXL GH PXQF WHPSRUDU

SUHVWHD] PXQFDvQIDYRDUHDXQXLXWLOL]DWRU

6DODULDWXO WHPSRUDU HVWH SHUVRDQD vQFDGUDW OD XQ DQJDMDWRU DJHQW GH PXQF WHPSRUDU

SXVODGLVSR]L LHXQXLXWLOL]DWRUSHGXUDWDQHFHVDU vQYHGHUHDvQGHSOLQLULLXQRUDQXPLWHVDUFLQL
SUHFLVHúLFXFDUDFWHUWHPSRUDU

$JHQWXOGHPXQF WHPSRUDU HVWHVRFLHWDWHDFRPHUFLDO DXWRUL]DW GH0LQLVWHUXO0XQFLL úL
6ROLGDULW LL 6RFLDOH FDUH SXQH SURYL]RULX OD GLVSR]L LH XWLOL]DWRUXOXL SHUVRQDO FDOLILFDW úLVDX

QHFDOLILFDW SH FDUH vO DQJDMHD] úL vO VDODUL]HD] vQ DFHVW VFRS &RQGL LLOH GH vQILLQ DUH úL

IXQF LRQDUH SUHFXP úL SURFHGXUD GH DXWRUL]DUH D DJHQWXOXL GH PXQF WHPSRUDU VH VWDELOHVF

SULQKRW UkUHD*XYHUQXOXL
OD GDWD 6HS 7LWOXO ,, &DSLWRO 9,, DUW DOLQ D IRVW UHJOHPHQWDWD GH +RWDULUHD

8WLOL]DWRUXO HVWH DQJDMDWRUXO F UXLD DJHQWXO GH PXQF WHPSRUDU vL SXQH OD GLVSR]L LH XQ
VDODULDWWHPSRUDUSHQWUXvQGHSOLQLUHDXQRUDQXPLWHVDUFLQLSUHFLVHúLFXFDUDFWHUWHPSRUDU
$UW

8Q XWLOL]DWRU SRDWH DSHOD OD DJHQ L GH PXQF WHPSRUDU GRDU SHQWUX H[HFXWDUHD XQHL VDUFLQL

SUHFLVH úL FX FDUDFWHU WHPSRUDU GHQXPLW PLVLXQH GH PXQF WHPSRUDU úL QXPDL vQ

XUP WRDUHOHFD]XUL

D SHQWUX vQORFXLUHD XQXL VDODULDW DO F UXL FRQWUDFW LQGLYLGXDO GH PXQF HVWH VXVSHQGDW SH
GXUDWDVXVSHQG ULL
E SHQWUXSUHVWDUHDXQRUDFWLYLW LFXFDUDFWHUVH]RQLHU
F SHQWUXSUHVWDUHDXQRUDFWLYLW LVSHFLDOL]DWHRULRFD]LRQDOH
$UW

0LVLXQHD GH PXQF WHPSRUDU VH VWDELOHúWH SHQWUX XQ WHUPHQ FDUH QX SRDWH IL PDL PDUH
GHOXQL

'XUDWD PLVLXQLL GH PXQF WHPSRUDU SRDWH IL SUHOXQJLW R VLQJXU GDW SHQWUX R SHULRDG

FDUHDG XJDW ODGXUDWDLQL LDO DPLVLXQLLQXSRDWHFRQGXFHODGHS úLUHDXQHLSHULRDGHGH
OXQL

&RQGL LLOH vQ FDUH GXUDWD XQHL PLVLXQL GH PXQF WHPSRUDU SRDWH IL SUHOXQJLW VXQW

SUHY ]XWH vQ FRQWUDFWXO GH PXQF WHPSRUDU VDX SRW IDFH RELHFWXO XQXL DFW DGL LRQDO OD DFHVW
FRQWUDFW
$UW

$JHQWXO GH PXQF WHPSRUDU SXQH OD GLVSR]L LH XWLOL]DWRUXOXL XQ VDODULDW DQJDMDW SULQ

FRQWUDFW GH PXQF WHPSRUDU vQ ED]D XQXL FRQWUDFW GH SXQHUH OD GLVSR]L LH vQFKHLDW vQ IRUP

VFULV
&RQWUDFWXOGHSXQHUHODGLVSR]L LHWUHEXLHV FXSULQG

D PRWLYXOSHQWUXFDUHHVWHQHFHVDU XWLOL]DUHDXQXLVDODULDWWHPSRUDU

E WHUPHQXOPLVLXQLLúLGDF HVWHFD]XOSRVLELOLWDWHDPRGLILF ULLWHUPHQXOXLPLVLXQLL

F FDUDFWHULVWLFLOHVSHFLILFHSRVWXOXLvQVSHFLDOFDOLILFDUHDQHFHVDU ORFXOH[HFXW ULLPLVLXQLLúL
SURJUDPXOGHOXFUX
G FRQGL LLOHFRQFUHWHGHPXQF

H HFKLSDPHQWHOHLQGLYLGXDOHGHSURWHF LHúLGHPXQF SHFDUHVDODULDWXOWHPSRUDUWUHEXLHV
OHXWLOL]H]H
I RULFHDOWHVHUYLFLLúLIDFLOLW LvQIDYRDUHDVDODULDWXOXLWHPSRUDU

J YDORDUHD FRQWUDFWXOXL GH FDUH EHQHILFLD] DJHQWXO GH PXQF WHPSRUDU SUHFXP úL
UHPXQHUD LDODFDUHDUHGUHSWXOVDODULDWXO

2ULFH FODX] SULQ FDUH VH LQWHU]LFH DQJDMDUHD GH F WUH XWLOL]DWRU D VDODULDWXOXL WHPSRUDU

GXS vQGHSOLQLUHDPLVLXQLLHVWHQXO
$UW
6DODULD LL WHPSRUDUL DX DFFHV OD WRDWH VHUYLFLLOH úL IDFLOLW LOH DFRUGDWH GH XWLOL]DWRU vQ
DFHOHDúLFRQGL LLFDúLFHLODO LVDODULD LDLDFHVWXLD

8WLOL]DWRUXO HVWH REOLJDW V DVLJXUH VDODULDWXOXL WHPSRUDU GRWDUHD FX HFKLSDPHQWH

LQGLYLGXDOH GH SURWHF LH úL GH PXQF FX H[FHS LD VLWXD LHL vQ FDUH SULQ FRQWUDFWXO GH SXQHUH OD
GLVSR]L LHGRWDUHDHVWHvQVDUFLQDDJHQWXOXLGHPXQF WHPSRUDU
$UW
8WLOL]DWRUXO QX SRDWH EHQHILFLD GH VHUYLFLLOH VDODULDWXOXL WHPSRUDU GDF XUP UHúWH V

vQORFXLDVF DVWIHO XQ VDODULDW DO V X DO F UXL FRQWUDFW GH PXQF HVWH VXVSHQGDW FD XUPDUH D

SDUWLFLS ULLODJUHY
$UW


&RQWUDFWXO GH PXQF WHPSRUDU HVWH XQ FRQWUDFW GH PXQF FH VH vQFKHLH vQ VFULV vQWUH

DJHQWXOGHPXQF WHPSRUDU úLVDODULDWXOWHPSRUDUGHUHJXO SHGXUDWDXQHLPLVLXQL

ÌQFRQWUDFWXOGHPXQF WHPSRUDU VHSUHFL]HD] vQDIDUDHOHPHQWHORUSUHY ]XWHODDUW

úL OD DUW DOLQ FRQGL LLOH vQ FDUH XUPHD] V VH GHVI úRDUH PLVLXQHD GXUDWD PLVLXQLL
LGHQWLWDWHD úL VHGLXO XWLOL]DWRUXOXL SUHFXP úL PRGDOLW LOH GH UHPXQHUDUH D VDODULDWXOXL
WHPSRUDU
$UW

&RQWUDFWXO GH PXQF WHPSRUDU VH SRDWH vQFKHLD úL SHQWUX PDL PXOWH PLVLXQL FX

UHVSHFWDUHDWHUPHQXOXLSUHY ]XWODDUWDOLQ

ÌQWUH GRX PLVLXQL VDODULDWXOWHPSRUDUVH DIO OD GLVSR]L LD DJHQWXOXL GH PXQF WHPSRUDU

úLEHQHILFLD] GHXQVDODULXSO WLWGHDJHQWFDUHQXSRDWHILPDLPLFGHFkWVDODULXOPLQLPEUXW

SH DU

3HQWUXILHFDUHQRX PLVLXQHvQWUHS U LVHvQFKHLHXQDFWDGL LRQDOODFRQWUDFWXOGHPXQF

WHPSRUDU vQFDUHYRUILSUHFL]DWHWRDWHHOHPHQWHOHSUHY ]XWHODDUWDOLQ

&RQWUDFWXOGHPXQF WHPSRUDU vQFHWHD] ODWHUPLQDUHDXOWLPHLPLVLXQLSHQWUXFDUHDIRVW
vQFKHLDW
$UW

3H WRDW GXUDWD PLVLXQLL VDODULDWXO WHPSRUDU EHQHILFLD] GH VDODULXO SO WLW GH DJHQWXO GH

PXQF WHPSRUDU
6DODULXO SULPLW GH VDODULDWXO WHPSRUDU SHQWUX ILHFDUH PLVLXQH QX SRDWH IL LQIHULRU FHOXL SH
FDUHvOSULPHúWHVDODULDWXOXWLOL]DWRUXOXLFDUHSUHVWHD] DFHHDúLPXQF VDXXQDVLPLODU FXFHD
DVDODULDWXOXLWHPSRUDU

ÌQ P VXUD vQ FDUH XWLOL]DWRUXO QX DUH DQJDMDW XQ DVWIHO GH VDODULDW VDODULXO SULPLW GH
VDODULDWXO WHPSRUDU YD IL VWDELOLW OXkQGXVH vQ FRQVLGHUDUH VDODULXO XQHL SHUVRDQH DQJDMDWH FX

FRQWUDFW LQGLYLGXDO GH PXQF úL FDUH SUHVWHD] DFHHDúL PXQF VDX XQD VLPLODU DVWIHO FXP
HVWHVWDELOLWSULQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOXWLOL]DWRUXOXL

$JHQWXOGHPXQF WHPSRUDU HVWHFHOFDUHUH LQHúLYLUHD] WRDWHFRQWULEX LLOHúLLPSR]LWHOH

GDWRUDWH GH VDODULDWXO WHPSRUDU F WUH EXJHWHOH VWDWXOXL úL SO WHúWH SHQWUX DFHVWD WRDWH
FRQWULEX LLOHGDWRUDWHvQFRQGL LLOHOHJLL
ÌQ FD]XO vQ FDUH vQ WHUPHQ GH ]LOH FDOHQGDULVWLFH GH OD GDWD OD FDUH REOLJD LLOH SULYLQG
SODWD VDODULXOXL úL FHOH SULYLQG FRQWULEX LLOH úL LPSR]LWHOH DX GHYHQLW VFDGHQWH úL H[LJLELOH LDU

DJHQWXO GH PXQF WHPSRUDU QX OH H[HFXW HOH YRU IL SO WLWH GH XWLOL]DWRU vQ ED]D VROLFLW ULL
VDODULDWXOXLWHPSRUDU

8WLOL]DWRUXO FDUH D SO WLW VXPHOH GDWRUDWH SRWULYLW DOLQ VH VXEURJ SHQWUX VXPHOH

SO WLWHvQGUHSWXULOHVDODULDWXOXLWHPSRUDUvPSRWULYDDJHQWXOXLGHPXQF WHPSRUDU
$UW

3ULQ FRQWUDFWXO GH PXQF WHPSRUDU VH SRDWH VWDELOL R SHULRDG GH SURE SHQWUX UHDOL]DUHD

PLVLXQLL D F UHL GXUDW HVWH IL[DW vQ IXQF LH GH VROLFLWDUHD XWLOL]DWRUXOXL GDU FDUH QX SRDWH IL
PDLPDUHGH

D GRX ]LOHOXFU WRDUHvQFD]XOvQFDUHFRQWUDFWXOGHPXQF WHPSRUDU HVWHvQFKHLDWSHQWUXR

SHULRDG PDLPLF VDXHJDO FXROXQ

E ]LOH OXFU WRDUH vQ FD]XO vQ FDUH FRQWUDFWXO GH PXQF WHPSRUDU HVWH vQFKHLDW SHQWUX R

SHULRDG FXSULQV vQWUHROXQ úLGRX OXQL

F ]LOH OXFU WRDUH vQ FD]XO vQ FDUH FRQWUDFWXO GH PXQF WHPSRUDU HVWH vQFKHLDW SHQWUX R

SHULRDG PDLPDUHGHGRX OXQL
$UW

3H SDUFXUVXO PLVLXQLL XWLOL]DWRUXO U VSXQGH SHQWUX DVLJXUDUHD FRQGL LLORU GH PXQF SHQWUX
VDODULDWXOWHPSRUDUvQFRQIRUPLWDWHFXOHJLVOD LDvQYLJRDUH

8WLOL]DWRUXO YD QRWLILFD GH vQGDW DJHQWXOXL GH PXQF WHPSRUDU RULFH DFFLGHQW GH PXQF

VDX vPEROQ YLUH SURIHVLRQDO GH FDUH D OXDW FXQRúWLQ úL D FUHL YLFWLP D IRVW XQ VDODULDW
WHPSRUDUSXVODGLVSR]L LHGHDJHQWXOGHPXQFWHPSRUDU
$UW

/D vQFHWDUHD PLVLXQLL VDODULDWXO WHPSRUDU SRDWH vQFKHLD FX XWLOL]DWRUXO XQ FRQWUDFW
LQGLYLGXDOGHPXQF

ÌQ FD]XO vQ FDUH XWLOL]DWRUXO DQJDMHD] GXS R PLVLXQH XQ VDODULDW WHPSRUDU GXUDWD
PLVLXQLL HIHFWXDWH VH LD vQ FDOFXO OD VWDELOLUHD GUHSWXULORU VDODULDOH SUHFXP úL D FHORUODOWH

GUHSWXULSUHY ]XWHGHOHJLVOD LDPXQFLL

'DF XWLOL]DWRUXO FRQWLQX V EHQHILFLH]HGHPXQFD VDODULDWXOXLWHPSRUDUI U DvQFKHLDFX

DFHVWDXQFRQWUDFWLQGLYLGXDO GHPXQF VDXI U DSUHOXQJL FRQWUDFWXOGHSXQHUHOD GLVSR]L LH

VH FRQVLGHU F vQWUH DFHO VDODULDW WHPSRUDU úL XWLOL]DWRU D LQWHUYHQLW XQ FRQWUDFW LQGLYLGXDO GH

PXQF SHGXUDW QHGHWHUPLQDW
$UW

$JHQWXO GH PXQF WHPSRUDU FDUH FRQFHGLD] VDODULDWXO WHPSRUDU vQDLQWH GH WHUPHQXO

SUHY ]XW vQ FRQWUDFWXO GH PXQF WHPSRUDU SHQWUX DOWH PRWLYH GHFkW FHOH GLVFLSOLQDUH DUH

REOLJD LD GH D UHVSHFWD UHJOHPHQW ULOH OHJDOH SULYLQG vQFHWDUHD FRQWUDFWXOXL LQGLYLGXDO GH

PXQF SHQWUXPRWLYHFDUHQX LQGHSHUVRDQDVDODULDWXOXL
$UW

&XH[FHS LDGLVSR]L LLORUVSHFLDOHFRQWUDUHSUHY ]XWHvQSUH]HQWXOFDSLWROGLVSR]L LLOHOHJDOHúL

SUHYHGHULOH FRQWUDFWHORU FROHFWLYH GH PXQF DSOLFDELOH VDODULD LORU DQJDMD L FX FRQWUDFW

LQGLYLGXDO GH PXQF SH GXUDW QHGHWHUPLQDW OD XWLOL]DWRU VH DSOLF vQ HJDO P VXU úL
&$3,72/8/9,,, &RQWUDFWXOLQGLYLGXDOGHPXQF FXWLPSSDU LDO

VDODULD LORUWHPSRUDULSHGXUDWDPLVLXQLLODDFHVWD
$UW
$QJDMDWRUXO SRDWH vQFDGUD VDODULD L FX SURJUDP GH OXFUX FRUHVSXQ] WRU XQHL IUDF LXQL GH

QRUP GH FHO SX LQ GRX RUH SH ]L SULQ FRQWUDFWH LQGLYLGXDOH GH PXQF SH GXUDW

QHGHWHUPLQDW VDX SH GXUDW GHWHUPLQDW GHQXPLWH FRQWUDFWH LQGLYLGXDOH GH PXQF FX WLPS
SDU LDO

&RQWUDFWXOLQGLYLGXDOGHPXQF FXWLPSSDU LDOVHvQFKHLHQXPDLvQIRUP VFULV

'XUDWD V SW PkQDO GH OXFUX D XQXL VDODULDW DQJDMDW FX FRQWUDFW LQGLYLGXDO GH PXQF FX

WLPS SDU LDO HVWH LQIHULRDU FHOHL D XQXL VDODULDWFXQRUP vQWUHDJ FRPSDUDELO I U DSXWHD IL

PDLPLF GHRUH

6DODULDWXO FRPSDUDELO HVWH VDODULDWXO FX QRUP vQWUHDJ DO DFHOXLDúL DQJDMDWRU FDUH

SUHVWHD] DFHHDúL DFWLYLWDWH VDX XQD VLPLODU FX FHD D VDODULDWXOXL DQJDMDW FX FRQWUDFW

LQGLYLGXDO GH PXQF FX WLPS SDU LDO $WXQFL FkQG QX H[LVW XQ VDODULDW FRPSDUDELO VH DX vQ

YHGHUH GLVSR]L LLOH GLQ FRQWUDFWXO FROHFWLY GH PXQF DSOLFDELO DFHOXL DQJDMDWRU VDX GLVSR]L LLOH
OHJLVOD LHLvQYLJRDUH

6DODULDWXO FX IUDF LXQH GH QRUP HVWH VDODULDWXO DO F UXL QXP U GH RUH QRUPDOH GH OXFUX

FDOFXODWHV SW PkQDO VDX FD PHGLH OXQDU HVWH LQIHULRU QXP UXOXL GHRUH QRUPDOH GH OXFUX DO

XQXLVDODULDWFXQRUP vQWUHDJ FRPSDUDELO
OD GDWD 6HS 7LWOXO ,, &DSLWRO 9,,, DUW PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
$UW

$QJDMDWRUXO SRDWH vQFDGUD VDODULD L FX IUDF LXQH GH QRUP SULQ FRQWUDFWH LQGLYLGXDOH GH

PXQF SHGXUDW QHGHWHUPLQDW VDXSHGXUDW GHWHUPLQDW GHQXPLWHFRQWUDFWHLQGLYLGXDOHGH
PXQFFXWLPSSDU LDO

&RQWUDFWXOLQGLYLGXDOGHPXQF FXWLPSSDU LDOVHvQFKHLHQXPDLvQIRUP VFULV

6DODULDWXO FRPSDUDELO HVWH VDODULDWXO FX QRUP vQWUHDJ GLQ DFHHDúL XQLWDWH FDUH DUH

DFHODúL WLS GH FRQWUDFW LQGLYLGXDO GH PXQF SUHVWHD] DFHHDúL DFWLYLWDWH VDX XQD VLPLODU FX
FHDDVDODULDWXOXLDQJDMDWFXFRQWUDFWLQGLYLGXDOGHPXQF FXWLPSSDU LDODYkQGXVHvQYHGHUH

úLDOWHFRQVLGHUHQWHFXPDUILYHFKLPHDvQPXQF úLFDOLILFDUHDDSWLWXGLQLOHSURIHVLRQDOH

$WXQFLFkQGQXH[LVW XQVDODULDWFRPSDUDELOvQDFHHDúLXQLWDWHVHDXvQYHGHUHGLVSR]L LLOH

GLQ FRQWUDFWXO FROHFWLY GH PXQF DSOLFDELO ÌQ FD]XO vQ FDUH QX H[LVW XQ FRQWUDFW FROHFWLY GH

PXQF DSOLFDELO VH DX vQ YHGHUH GLVSR]L LLOH OHJLVOD LHL vQ YLJRDUH VDX FRQWUDFWXO FROHFWLY GH
PXQFODQLYHOQD LRQDO

OD GDWD 6HS 7LWOXO ,, &DSLWRO 9,,, DUW FRPSOHWDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
$UW

&RQWUDFWXOLQGLYLGXDOGHPXQF FXWLPSSDU LDOFXSULQGHvQDIDUDHOHPHQWHORUSUHY ]XWHOD

DUWDOLQXUP WRDUHOH
D GXUDWDPXQFLLúLUHSDUWL]DUHDSURJUDPXOXLGHOXFUX
E FRQGL LLOHvQFDUHVHSRDWHPRGLILFDSURJUDPXOGHOXFUX
F LQWHUGLF LDGHDHIHFWXDRUHVXSOLPHQWDUHFXH[FHS LDFD]XULORUGHIRU PDMRUVDXSHQWUX

DOWH OXFU UL XUJHQWH GHVWLQDWH SUHYHQLULL SURGXFHULL XQRU DFFLGHQWH RUL vQO WXU ULL FRQVHFLQ HORU
DFHVWRUD

ÌQ VLWXD LD vQ FDUH vQWUXQ FRQWUDFW LQGLYLGXDO GH PXQF FX WLPS SDU LDO QX VXQW SUHFL]DWH

HOHPHQWHOHSUHY ]XWHODDOLQFRQWUDFWXOVHFRQVLGHU DILvQFKHLDWSHQWUXQRUP vQWUHDJ
$UW

6DODULDWXOvQFDGUDWFXFRQWUDFWGHPXQF FXWLPSSDU LDOVHEXFXU GHGUHSWXULOHVDODULD LORU

FX QRUP vQWUHDJ vQ FRQGL LLOH SUHY ]XWH GH OHJH úL GH FRQWUDFWHOH FROHFWLYH GH PXQF
DSOLFDELOH

'UHSWXULOH VDODULDOH VH DFRUG SURSRU LRQDO FX WLPSXO HIHFWLY OXFUDW UDSRUWDW OD GUHSWXULOH
VWDELOLWHSHQWUXSURJUDPXOQRUPDOGHOXFUX

ÌQ FD]XO VDODULDWXOXL FDUH GHVI úRDU DFWLYLWDWHD vQ WHPHLXO XQXL FRQWUDFW LQGLYLGXDO GH

PXQF FX WLPS SDU LDO VWDJLXO GH FRWL]DUH OD VLVWHPXO SXEOLF GH DVLJXU UL VRFLDOH VH VWDELOHúWH
SURSRU LRQDOFXWLPSXOHIHFWLYOXFUDWFRQIRUPOHJLL
OD GDWD ,XO 7LWOXO ,, &DSLWRO 9,,, DUW DOLQ DEURJDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
$UW

$QJDMDWRUXO HVWH REOLJDW FD vQ P VXUD vQ FDUH HVWH SRVLELO V LD vQ FRQVLGHUDUH FHUHULOH

VDODULD LORU GHD VH WUDQVIHUD ILH GH ODXQ ORFGH PXQF FXQRUP vQWUHDJ OD XQXO FX IUDF LXQH

GH QRUP ILH GH OD XQ ORF GH PXQF FX IUDF LXQH GH QRUP OD XQ ORF GH PXQF FX QRUP

vQWUHDJ VDXGHDúLP ULSURJUDPXOGHOXFUXvQFD]XOvQFDUHDSDUHDFHDVW RSRUWXQLWDWH

$QJDMDWRUXOHVWHREOLJDWV LQIRUPH]HODWLPSFXSULYLUHODDSDUL LDXQRUORFXULGHPXQF FX

IUDF LXQHGHQRUP VDXFXQRUP vQWUHDJ SHQWUXDIDFLOLWDWUDQVIHUXULOHGHODQRUP vQWUHDJ
OD IUDF LXQH GH QRUP úL LQYHUV $FHDVW LQIRUPDUH VH IDFH SULQWUXQ DQXQ DILúDW OD VHGLXO
DQJDMDWRUXOXL

2 FRSLH D DQXQ XOXL SUHY ]XW OD DOLQ VH WUDQVPLWH GH vQGDW VLQGLFDWXOXL VDX
OD GDWD 6HS 7LWOXO ,, &DSLWRO 9,,, DUW DOLQ FRPSOHWDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD

$QJDMDWRUXODVLJXU vQP VXUDvQFDUHHVWHSRVLELODFFHVXOODORFXULGHPXQF FXIUDF LXQH

&$3,72/8/,; 0XQFDODGRPLFLOLX
GHQRUP ODWRDWHQLYHOXULOH
$UW
6XQWFRQVLGHUD LVDODULD LFXPXQFDODGRPLFLOLXDFHLVDODULD LFDUHvQGHSOLQHVFODGRPLFLOLXO
ORUDWULEX LLOHVSHFLILFHIXQF LHLSHFDUHRGH LQ
ÌQ YHGHUHD vQGHSOLQLULL VDUFLQLORU GH VHUYLFLX FH OH UHYLQ VDODULD LL FX PXQFD OD GRPLFLOLX vúL
VWDELOHVFVLQJXULSURJUDPXOGHOXFUX

$QJDMDWRUXO HVWH vQ GUHSW V YHULILFH DFWLYLWDWHD VDODULDWXOXL FX PXQFD OD GRPLFLOLX vQ
FRQGL LLOHVWDELOLWHSULQFRQWUDFWXOLQGLYLGXDOGHPXQF
$UW

&RQWUDFWXO LQGLYLGXDO GH PXQF OD GRPLFLOLX VH vQFKHLH QXPDL vQ IRUP VFULV úL FRQ LQH vQ

DIDUDHOHPHQWHORUSUHY ]XWHODDUWDOLQXUP WRDUHOH
D SUHFL]DUHDH[SUHVFVDODULDWXOOXFUHD]ODGRPLFLOLX
E SURJUDPXO vQ FDGUXO FUXLD DQJDMDWRUXO HVWH vQ GUHSW V FRQWUROH]H DFWLYLWDWHD VDODULDWXOXL
VXúLPRGDOLWDWHDFRQFUHWGHUHDOL]DUHDFRQWUROXOXL

F REOLJD LD DQJDMDWRUXOXL GH D DVLJXUD WUDQVSRUWXO OD úL GH OD GRPLFLOLXO VDODULDWXOXL GXS FD]

DO PDWHULLORU SULPH úL PDWHULDOHORU SH FDUH OH XWLOL]HD] vQ DFWLYLWDWH SUHFXP úL DO SURGXVHORU
ILQLWHSHFDUHOHUHDOL]HD]
$UW

6DODULDWXOFXPXQFDODGRPLFLOLXVHEXFXU GHWRDWHGUHSWXULOHUHFXQRVFXWHSULQOHJHúLSULQ

FRQWUDFWHOH FROHFWLYH GH PXQF DSOLFDELOH VDODULD LORU DO F URU ORF GH PXQF HVWH OD VHGLXO
DQJDMDWRUXOXL

3ULQFRQWUDFWHOHFROHFWLYHGHPXQF VHSRWVWDELOLúLDOWHFRQGL LLVSHFLILFHSULYLQGPXQFDOD
7,7/8/,,, 7LPSXOGHPXQFúLWLPSXOGHRGLKQ
GRPLFLOLX
&$3,72/8/, 7LPSXOGHPXQF
6(&,81($ 'XUDWDWLPSXOXLGHPXQF
$UW

7LPSXO GH PXQF UHSUH]LQW WLPSXO SH FDUH VDODULDWXO vO IRORVHúWH SHQWUX vQGHSOLQLUHD

VDUFLQLORUGHPXQF
7LPSXO GH PXQF UHSUH]LQW RULFH SHULRDG vQ FDUH VDODULDWXO SUHVWHD] PXQFD VH DIO OD
GLVSR]L LD DQJDMDWRUXOXL úL vQGHSOLQHúWH VDUFLQLOH úL DWULEX LLOH VDOH FRQIRUP SUHYHGHULORU

FRQWUDFWXOXLLQGLYLGXDOGHPXQF FRQWUDFWXOXLFROHFWLYGHPXQF DSOLFDELOúLVDXDOHOHJLVOD LHL
vQYLJRDUH
OD GDWD 6HS 7LWOXO ,,, &DSLWRO , 6HFWLXQH DUW PRGLILFDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
$UW

3HQWUXVDODULD LLDQJDMD LFXQRUP vQWUHDJ GXUDWDQRUPDO DWLPSXOXLGHPXQF HVWHGH
RUHSH]LúLGHGHRUHSHV SW PkQ

ÌQFD]XOWLQHULORUvQYkUVW GHSkQ OD DQLGXUDWDWLPSXOXLGHPXQF HVWHGHRUHSH

]LúLGHGHRUHSHV SW PkQ
$UW

5HSDUWL]DUHDWLPSXOXLGHPXQF vQFDGUXOV SW PkQLLHVWHGHUHJXO XQLIRUP GHRUH

SH]LWLPSGH]LOHFXGRX ]LOHGHUHSDXV
ÌQ IXQF LH GH VSHFLILFXO XQLW LL VDX DO PXQFLL SUHVWDWH VH SRDWH RSWD úL SHQWUX R

UHSDUWL]DUH LQHJDO D WLPSXOXL GH PXQF FX UHVSHFWDUHD GXUDWHL QRUPDOH D WLPSXOXL GH

PXQF GHGHRUHSHV SW PkQ
$UW

'XUDWD PD[LP OHJDO D WLPSXOXL GH PXQF QX SRDWH GHS úL GH RUH SH V SW PkQ
LQFOXVLYRUHOHVXSOLPHQWDUH

&kQGPXQFDVHHIHFWXHD] vQVFKLPEXULGXUDWDWLPSXOXLGHPXQF YDSXWHDILSUHOXQJLW

SHVWH RUH SH ]L úL SHVWH GH RUH SH V SW PkQ FX FRQGL LD FD PHGLD RUHORU GH PXQF
FDOFXODWSHRSHULRDGPD[LPGHVSWPkQLV QXGHSúHDVFRUHSH]LVDXGHRUH
SHVSWPkQ
3ULQ H[FHS LH GXUDWD WLPSXOXL GH PXQF SRDWH IL SUHOXQJLW SHVWH GH RUH SH
VSWPkQ FDUH LQFOXG úL RUHOH VXSOLPHQWDUH FX FRQGL LD FD PHGLD RUHORU GH PXQF
FDOFXODWSHRSHULRDGGHUHIHULQ GHROXQFDOHQGDULVWLFVQXGHSúHDVFGHRUHSH
VSWPkQ
OD GDWD,XO 7LWOXO,,, &DSLWRO , 6HFWLXQH DUW DOLQ PRGLILFDWGHDUW ,SXQFWXO
GLQ2UGRQDQWDXUJHQWD

3ULQ H[FHS LH GXUDWD WLPSXOXL GH PXQF FH LQFOXGH úL RUHOH VXSOLPHQWDUH SRDWH IL

SUHOXQJLW SHVWH GH RUH SH V SW PkQ FX FRQGL LD FD PHGLD RUHORU GH PXQF FDOFXODW

SH R SHULRDG GH UHIHULQ
GH OXQL FDOHQGDULVWLFH V QX GHS úHDVF GH RUH SH

V SW PkQ
ODGDWD'HF7LWOXO,,,&DSLWRO,6HFWLXQHDUWDOLQPRGLILFDWGHDUWSXQFWXO
GLQ/HJHD


3HQWUX DQXPLWH VHFWRDUH GH DFWLYLWDWH XQLW L VDX SURIHVLL VWDELOLWH SULQ FRQWUDFWXO

FROHFWLYGHPXQF XQLFODQLYHOQD LRQDOVHSRWQHJRFLDSULQFRQWUDFWXOFROHFWLYGHPXQF OD

QLYHOGHUDPXU GHDFWLYLWDWHDSOLFDELOSHULRDGHGHUHIHULQ PDLPDULGHROXQGDUFDUHV

QXGHS úHDVF OXQL

3HQWUX DQXPLWH VHFWRDUH GH DFWLYLWDWH XQLW L VDX SURIHVLL VWDELOLWH SULQ FRQWUDFWXO

FROHFWLYGHPXQF XQLFODQLYHOQD LRQDOVHSRWQHJRFLDSULQFRQWUDFWXOFROHFWLYGHPXQF OD

QLYHO GH UDPXU GH DFWLYLWDWH DSOLFDELO SHULRDGH GH UHIHULQ PDL PDUL GH OXQL GDU FDUH V

QXGHS úHDVF OXQL
OD GDWD 'HF 7LWOXO,,, &DSLWRO , 6HFWLXQH DUW DOLQAPRGLILFDWGHDUW SXQFWXO
GLQ/HJHD

/D VWDELOLUHD SHULRDGHORU GH UHIHULQ SUHY]XWH OD DOLQ úL QX VH LDX vQ FDOFXO

GXUDWD FRQFHGLXOXL GH RGLKQ DQXDO úL VLWXD LLOH GH VXVSHQGDUH D FRQWUDFWXOXL LQGLYLGXDO GH
PXQF
ODGDWD,XO7LWOXO,,,&DSLWRO,6HFWLXQHDUWDOLQFRPSOHWDWGHDUW,SXQFWXO
GLQ2UGRQDQWDXUJHQWD

3UHYHGHULOHDOLQúLQXVHDSOLF WLQHULORUFDUHQXDXvPSOLQLWYkUVWDGHDQL

3UHYHGHULOHDOLQúL QXVHDSOLF WLQHULORUFDUHQXDXvPSOLQLWYkUVWDGHDQL
OD GDWD ,XO 7LWOXO ,,, &DSLWRO , 6HFWLXQH DUW DOLQ PRGLILFDW GH DUW , SXQFWXO
GLQ2UGRQDQWDXUJHQWD
$UW
OD GDWD $SU 7LWOXO ,,, &DSLWRO , 6HFWLXQH DUW D IRVW UHJOHPHQWDWD GH 2UGLQXO

3HQWUX DQXPLWH VHFWRDUH GH DFWLYLWDWH XQLW L VDX SURIHVLL VH SRDWH VWDELOL SULQ QHJRFLHUL
FROHFWLYH VDX LQGLYLGXDOH RUL SULQ DFWH QRUPDWLYH VSHFLILFH R GXUDW ]LOQLF D WLPSXOXL GH

PXQF PDLPLF VDXPDLPDUHGHRUH

'XUDWD]LOQLF DWLPSXOXLGHPXQF GHRUHYDILXUPDW GHRSHULRDG GHUHSDXVGH
GHRUH
$UW
0RGXOFRQFUHWGHVWDELOLUHDSURJUDPXOXLGHOXFUXLQHJDOvQFDGUXOV SW PkQLLGHOXFUXGH

GHRUHSUHFXP úLvQFDGUXOV SW PkQLLGHOXFUXFRPSULPDWHYDILQHJRFLDWSULQFRQWUDFWXO

FROHFWLY GH PXQF OD QLYHOXO DQJDMDWRUXOXL VDX vQ DEVHQ D DFHVWXLD YD IL SUHY ]XW vQ
UHJXODPHQWXOLQWHUQ
3URJUDPXOGHOXFUXLQHJDOSRDWHIXQF LRQDQXPDLGDF HVWHVSHFLILFDWH[SUHVvQFRQWUDFWXO
LQGLYLGXDOGHPXQF
$UW

3URJUDPXO GH PXQF úL PRGXO GH UHSDUWL]DUH D DFHVWXLD SH ]LOH VXQW DGXVH OD FXQRúWLQ
VDODULD LORUúLVXQWDILúDWHODVHGLXODQJDMDWRUXOXL
$UW
$QJDMDWRUXOSRDWHVWDELOLSURJUDPHLQGLYLGXDOL]DWHGHPXQF FXDFRUGXOVDXODVROLFLWDUHD

VDODULDWXOXL vQ FDX] GDF DFHDVW SRVLELOLWDWH HVWH SUHY ]XW vQ FRQWUDFWHOH FROHFWLYH GH

PXQF DSOLFDELOHODQLYHOXODQJDMDWRUXOXLVDXvQDEVHQ DDFHVWRUDvQUHJXODPHQWHOHLQWHUQH

3URJUDPHOH LQGLYLGXDOL]DWH GH PXQF SUHVXSXQ XQ PRG GH RUJDQL]DUH IOH[LELO D WLPSXOXL
GHPXQF

'XUDWD ]LOQLF D WLPSXOXL GH PXQF HVWH vPS U LW vQ GRX SHULRDGH R SHULRDG IL[ vQ

FDUH SHUVRQDOXO VH DIO VLPXOWDQ OD ORFXO GH PXQF úL R SHULRDG YDULDELO PRELO vQ FDUH
VDODULDWXOvúLDOHJHRUHOHGHVRVLUHúLGHSOHFDUHFXUHVSHFWDUHDWLPSXOXLGHPXQF ]LOQLF

3URJUDPXOLQGLYLGXDOL]DWGHPXQF SRDWHIXQF LRQDQXPDLFXUHVSHFWDUHDGLVSR]L LLORUDUW
úL
$UW

$QJDMDWRUXO DUH REOLJD LD GH D LQH HYLGHQ D RUHORU GH PXQF SUHVWDWH GH ILHFDUH VDODULDW úL
RULGHFkWHRULHVWHVROLFLWDW
6(&,81($ 0XQFDVXSOLPHQWDU
GHDVXSXQHFRQWUROXOXLLQVSHF LHLPXQFLLDFHDVW HYLGHQ

$UW

0XQFD SUHVWDW vQ DIDUD GXUDWHL QRUPDOH D WLPSXOXL GH PXQF V SW PkQDO SUHY ]XW OD

DUWHVWHFRQVLGHUDW PXQF VXSOLPHQWDU
0XQFDVXSOLPHQWDU QXSRDWHILHIHFWXDWIUDFRUGXOVDODULDWXOXLFXH[FHS LDFD]XOXLGH
IRU PDMRU VDX SHQWUX OXFUUL XUJHQWH GHVWLQDWH SUHYHQLULL SURGXFHULL XQRU DFFLGHQWH RUL
vQOWXUULLFRQVHFLQ HORUXQXLDFFLGHQW
$UW

/D VROLFLWDUHD DQJDMDWRUXOXL VDODULD LL SRW HIHFWXD PXQF VXSOLPHQWDU FX UHVSHFWDUHD
SUHYHGHULORUDUW

(IHFWXDUHD PXQFLL VXSOLPHQWDUH SHVWH OLPLWD VWDELOLW SRWULYLW SUHYHGHULORU DOLQ HVWH
LQWHU]LV

/D VROLFLWDUHD DQJDMDWRUXOXL VDODULD LL SRW HIHFWXD PXQF VXSOLPHQWDU FX UHVSHFWDUHD
SUHYHGHULORUDUWVDXGXS FD]

(IHFWXDUHD PXQFLL VXSOLPHQWDUH SHVWH OLPLWD VWDELOLW SRWULYLW SUHYHGHULORU DUW VDX

GXS FD] HVWH LQWHU]LV FX H[FHS LD FD]XOXL GH IRU PDMRU VDX SHQWUX DOWH OXFUUL

XUJHQWH GHVWLQDWH SUHYHQLULL SURGXFHULL XQRU DFFLGHQWH RUL vQO WXU ULL FRQVHFLQ HORU XQXL
DFFLGHQW
OD GDWD ,XO 7LWOXO ,,, &DSLWRO , 6HFWLXQH DUW PRGLILFDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
$UW

0XQFD VXSOLPHQWDU VH FRPSHQVHD] SULQ RUH OLEHUH SO WLWH vQ XUP WRDUHOH GH ]LOH

GXS HIHFWXDUHDDFHVWHLD

ÌQ DFHVWH FRQGL LL VDODULDWXO EHQHILFLD] GH VDODULXO FRUHVSXQ] WRU SHQWUX RUHOH SUHVWDWH
SHVWHSURJUDPXOQRUPDOGHOXFUX
$UW

ÌQFD]XOvQFDUHFRPSHQVDUHDSULQRUHOLEHUHSO WLWHQXHVWHSRVLELO vQWHUPHQXOSUHY ]XW

GH DUW DOLQ vQ OXQD XUP WRDUH PXQFD VXSOLPHQWDU YD IL SO WLW VDODULDWXOXL SULQ

DG XJDUHDXQXLVSRUODVDODULXFRUHVSXQ] WRUGXUDWHLDFHVWHLD
6SRUXO SHQWUX PXQFD VXSOLPHQWDU
DFRUGDW vQ FRQGL LLOH SUHY ]XWH OD DOLQ VH
VWDELOHúWH SULQ QHJRFLHUH vQ FDGUXO FRQWUDFWXOXL FROHFWLY GH PXQF VDX GXS FD] DO

FRQWUDFWXOXLLQGLYLGXDOGHPXQF úLQXSRDWHILPDLPLFGHGLQVDODULXOGHED]
$UW

6(&,81($ 0XQFDGHQRDSWH
7LQHULLvQYkUVW GHSkQ ODDQLQXSRWSUHVWDPXQF VXSOLPHQWDU
$UW

0XQFDSUHVWDW vQWUHRUHOHHVWHFRQVLGHUDW PXQF GHQRDSWH

6DODULDWXOGHQRDSWHUHSUH]LQWGXSFD]

D VDODULDWXOFDUHHIHFWXHD] PXQF GHQRDSWHFHOSX LQRUHGLQWLPSXOV X]LOQLFGHOXFUX
E VDODULDWXOFDUHHIHFWXHD]PXQFGHQRDSWHvQSURSRU LHGHFHOSX LQGLQWLPSXOV X
OXQDUGHOXFUX
OD GDWD 6HS 7LWOXO ,,, &DSLWRO , 6HFWLXQH DUW DOLQ FRPSOHWDW GH DUW , SXQFWXO
GLQ2UGRQDQWDXUJHQWD

'XUDWDQRUPDO DPXQFLLGHQRDSWHQXYDGHS úLRUHvQWURSHULRDG GHGHRUH

'XUDWD QRUPDO D WLPSXOXL GH OXFUX SHQWUX VDODULDWXO GH QRDSWH QX YD GHS úL R PHGLH
GH PD[LPXP OXQL FDOHQGDULVWLFH FX
GH RUH SH ]L FDOFXODW SH R SHULRDG GH UHIHULQ
UHVSHFWDUHDSUHYHGHULORUOHJDOHFXSULYLUHODUHSDXVXOVSWPkQDO
ODGDWD6HS7LWOXO,,,&DSLWRO,6HFWLXQHDUWDOLQPRGLILFDWGHDUW,SXQFWXO
GLQ2UGRQDQWDXUJHQWD

'XUDWD QRUPDO D WLPSXOXL GH OXFUX SHQWUX VDODULD LL GH QRDSWH D F URU DFWLYLWDWH VH

GHVI úRDU vQ FRQGL LL VSHFLDOH VDX GHRVHELWH GH PXQF VWDELOLWH SRWULYLW GLVSR]L LLORU OHJDOH
QXYDGHSúL RUHSHSDUFXUVXORULFUHLSHULRDGHGHGHRUHvQFDUHSUHVWHD]PXQFGH

QRDSWH
ODGDWD6HS7LWOXO,,,&DSLWRO,6HFWLXQHDUWDOLQFRPSOHWDWGHDUW,SXQFWXO
GLQ2UGRQDQWDXUJHQWD

$QJDMDWRUXO FDUH vQ PRG IUHFYHQW XWLOL]HD] PXQFD GH QRDSWH HVWH REOLJDW V LQIRUPH]H
GHVSUHDFHDVWDLQVSHFWRUDWXOWHULWRULDOGHPXQF
$UW

6DODULD LLFDUHHIHFWXHD] FHO SX LQRUHGHPXQF GHQRDSWHEHQHILFLD] ILHGHSURJUDPGH
OXFUX UHGXV FX R RU ID GH GXUDWD QRUPDO D ]LOHL GH PXQF IU FD DFHDVWD V GXF OD
VFGHUHD VDODULXOXL GH ED] ILH GH XQ VSRU OD VDODULX GH PLQLPXP GLQ VDODULXO GH ED]
SHQWUXILHFDUHRUGHPXQFGHQRDSWHSUHVWDW
6DODULD LLGHQRDSWHEHQHILFLD]
D ILH GH SURJUDP GH OXFUX UHGXV FX R RU ID GH GXUDWD QRUPDO D ]LOHL GH PXQF SHQWUX
]LOHOH vQ FDUH HIHFWXHD] FHO SX LQ RUH GH PXQF GH QRDSWH IU FD DFHDVWD V GXF OD
VFGHUHDVDODULXOXLGHED]
E ILH GH XQ VSRU OD VDODULX GH PLQLPXP GLQ VDODULXO GH ED] SHQWUX ILHFDUH RU GH
PXQFGHQRDSWHSUHVWDW
OD GDWD 6HS 7LWOXO ,,, &DSLWRO , 6HFWLXQH DUW PRGLILFDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD
$UW

6DODULD LL FDUH XUPHD] V GHVI úRDUH FHO SX LQ RUH GH PXQF GH QRDSWH VXQW VXSXúL
XQXLH[DPHQPHGLFDOJUDWXLWvQDLQWHGHvQFHSHUHDDFWLYLW
LLúLGXS DFHHDSHULRGLF

6DODULD LL FDUH XUPHD] V GHVI úRDUH PXQF GH QRDSWH vQ FRQGL LLOH DUW DOLQ

VXQW VXSXúL XQXL H[DPHQ PHGLFDO JUDWXLW vQDLQWH GH vQFHSHUHD DFWLYLW
LL úL GXS DFHHD
SHULRGLF
ODGDWD6HS7LWOXO,,,&DSLWRO,6HFWLXQHDUWDOLQPRGLILFDWGHDUW,SXQFWXO
GLQ2UGRQDQWDXUJHQWD
&RQGL LLOH GH HIHFWXDUH D H[DPHQXOXL PHGLFDO úL SHULRGLFLWDWHD DFHVWXLD VH VWDELOHVF SULQ
UHJXODPHQW DSUREDW SULQ RUGLQ FRPXQ DO PLQLVWUXOXL PXQFLL úL VROLGDULW LL VRFLDOH úL DO
PLQLVWUXOXLV Q W LLúLIDPLOLHL

6DODULD LL FDUH GHVI úRDU PXQF GH QRDSWH úL DX SUREOHPH GH V Q WDWH UHFXQRVFXWH FD

DYkQGOHJ WXU FXDFHDVWDYRUILWUHFX LODRPXQF GH]LSHQWUXFDUHVXQWDS L
$UW
7LQHULLFDUHQXDXvPSOLQLWYkUVWDGHDQLQXSRWSUHVWDPXQF GHQRDSWH

)HPHLOH JUDYLGH O X]HOH úL FHOH FDUH DO SWHD] QX SRW IL REOLJDWH V SUHVWH]H PXQF GH
6(&,81($ 1RUPDGHPXQF
QRDSWH
$UW

1RUPDGHPXQF H[SULP FDQWLWDWHDGHPXQF QHFHVDU SHQWUXHIHFWXDUHDRSHUD LXQLORUVDX

OXFU ULORU GH F WUH R SHUVRDQ FX FDOLILFDUH FRUHVSXQ] WRDUH FDUH OXFUHD] FX LQWHQVLWDWH

QRUPDO vQ FRQGL LLOH XQRU SURFHVH WHKQRORJLFH úL GH PXQF GHWHUPLQDWH 1RUPD GH PXQF
FXSULQGH WLPSXO SURGXFWLY WLPSXO SHQWUX vQWUHUXSHUL LPSXVH GH GHVI úXUDUHD SURFHVXOXL
WHKQRORJLFWLPSXOSHQWUXSDX]HOHJDOHvQFDGUXOSURJUDPXOXLGHPXQF
$UW

1RUPDGHPXQF VHH[SULP vQIXQF LHGHFDUDFWHULVWLFLOHSURFHVXOXLGHSURGXF LHVDXGHDOWH
DFWLYLW
L FH VH QRUPHD] VXE IRUP GH QRUPH GH WLPS QRUPH GH SURGXF LH QRUPH GH

SHUVRQDOVIHU GHDWULEX LLVDXVXEDOWHIRUPHFRUHVSXQ] WRDUHVSHFLILFXOXLILHF UHLDFWLYLW L
$UW

1RUPDUHDPXQFLLVHDSOLF WXWXURUFDWHJRULLORUGHVDODULD L
$UW
ODGDWD)HE7LWOXO,,,&DSLWRO,6HFWLXQHDUWDIRVWDWDFDWGH'HFL]LD

1RUPHOH GH PXQF VH HODERUHD] GH F WUH DQJDMDWRU FX DFRUGXO VLQGLFDWXOXL VDX GXS
FD]DOUHSUH]HQWDQ LORUVDODULD LORU


1RUPHOH GH PXQF VH HODERUHD] GH F WUH DQJDMDWRU FRQIRUP QRUPDWLYHORU vQ YLJRDUH

VDX vQ FD]XO vQ FDUH QX H[LVW QRUPDWLYH QRUPHOH GH PXQF VH HODERUHD] GH F WUH

DQJDMDWRUFXDFRUGXOVLQGLFDWXOXLRULGXS FD]DOUHSUH]HQWDQ LORUVDODULD LORU
OD GDWD ,XO 7LWOXO ,,, &DSLWRO , 6HFWLXQH DUW DOLQ PRGLILFDW GH DUW , SXQFWXO
GLQ2UGRQDQWDXUJHQWD

ÌQ FD]XO XQXL GH]DFRUG FX SULYLUH OD QRUPHOH GH PXQF S U LOH YRU DSHOD OD DUELWUDMXO
XQXLWHU DOHVGHFRPXQDFRUG
ODGDWD,XO7LWOXO,,,&DSLWRO,6HFWLXQHDUWDOLQFRPSOHWDWGHDUW,SXQFWXO
GLQ2UGRQDQWDXUJHQWD

ÌQVLWXD LDvQFDUHQRUPHOHGHPXQF QXPDLFRUHVSXQGFRQGL LLORUWHKQLFHvQFDUHDXIRVW

DGRSWDWH VDX QX DVLJXU XQ JUDG FRPSOHW GH RFXSDUH D WLPSXOXL QRUPDO GH PXQF DFHVWHD
YRUILVXSXVHXQHLUHH[DPLQ UL
3URFHGXUD GH UHH[DPLQDUH SUHFXP úL VLWXD LLOH FRQFUHWH vQ FDUH SRDWH LQWHUYHQL VH

VWDELOHVFSULQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOVDXSULQUHJXODPHQWXOLQWHUQ
&$3,72/8/,, 5HSDXVXULSHULRGLFH
6(&,81($ 3DX]DGHPDVúLUHSDXVXO]LOQLF
$UW

ÌQ FD]XULOH vQ FDUH GXUDWD ]LOQLF D WLPSXOXL GH PXQF HVWH PDL PDUH GH RUH VDODULD LL

DXGUHSWXOODSDX] GHPDV úLODDOWHSDX]HvQFRQGL LLOHVWDELOLWHSULQFRQWUDFWXOFROHFWLYGH

PXQF DSOLFDELOVDXSULQUHJXODPHQWXOLQWHUQ

7LQHULL vQ YkUVW GH SkQ OD DQL EHQHILFLD] GH R SDX] GH PDV GH FHO SX LQ GH

PLQXWH vQ FD]XO vQ FDUH GXUDWD ]LOQLF D WLPSXOXL GH PXQF HVWH PDL PDUH GH RUH úL

MXP WDWH
3DX]HOHFXH[FHS LDGLVSR]L LLORUFRQWUDUHGLQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOúLGLQ

UHJXODPHQWXOLQWHUQQXVHYRULQFOXGHvQGXUDWD]LOQLF QRUPDO DWLPSXOXLGHPXQF
$UW

6DODULD LLDXGUHSWXOvQWUHGRX ]LOHGHPXQF ODXQUHSDXVFDUHQXSRDWHILPDLPLFGH
RUHFRQVHFXWLYH
3ULQ H[FHS LH vQ FD]XO PXQFLL vQ VFKLPEXUL DFHVW UHSDXV QX SRDWH IL PDL PLF GH RUH
vQWUHVFKLPEXUL
$UW

6(&,81($ 3DX]DGHPDVúLUHSDXVXO]LOQLF
3HULRDGDGHUHSDXVUHSUH]LQW RULFHSHULRDG FDUHQXHVWHWLPSGHPXQF
$UW

ÌQ FD]XULOH vQ FDUH GXUDWD ]LOQLF D WLPSXOXL GH PXQF HVWH PDL PDUH GH RUH VDODULD LL

DXGUHSWXOODSDX] GHPDV úLODDOWHSDX]HvQFRQGL LLOHVWDELOLWHSULQFRQWUDFWXOFROHFWLYGH

PXQF DSOLFDELOVDXSULQUHJXODPHQWXOLQWHUQ

7LQHULL vQ YkUVW GH SkQ OD DQL EHQHILFLD] GH R SDX] GH PDV GH FHO SX LQ GH

PLQXWH vQ FD]XO vQ FDUH GXUDWD ]LOQLF D WLPSXOXL GH PXQF HVWH PDL PDUH GH RUH úL

MXP WDWH
3DX]HOHFXH[FHS LDGLVSR]L LLORUFRQWUDUHGLQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOúLGLQ

UHJXODPHQWXOLQWHUQQXVHYRULQFOXGHvQGXUDWD]LOQLF QRUPDO DWLPSXOXLGHPXQF
$UW

6DODULD LLDXGUHSWXOvQWUHGRX ]LOHGHPXQF ODXQUHSDXVFDUHQXSRDWHILPDLPLFGH
RUHFRQVHFXWLYH
3ULQ H[FHS LH vQ FD]XO PXQFLL vQ VFKLPEXUL DFHVW UHSDXV QX SRDWH IL PDL PLF GH RUH
vQWUHVFKLPEXUL
OD GDWD 6HS 7LWOXO ,,, &DSLWRO ,, 6HFWLXQH PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
$UW



0XQF vQ VFKLPEXUL UHSUH]LQW RULFH PRG GH RUJDQL]DUH D SURJUDPXOXL GH OXFUX SRWULYLW

F UXLD VDODULD LL VH VXFFHG XQXO SH DOWXO OD DFHODúL SRVW GH PXQF SRWULYLW XQXL DQXPLW
SURJUDPLQFOXVLYSURJUDPURWDWLYúLFDUHSRDWHILGHWLSFRQWLQXXVDXGLVFRQWLQXXLPSOLFkQG
SHQWUX VDODULDW QHFHVLWDWHD UHDOL] ULL XQHL DFWLYLW L vQ LQWHUYDOH RUDUH GLIHULWH vQ UDSRUW FX R

SHULRDG ]LOQLF VDXV SW PkQDO VWDELOLW SULQFRQWUDFWXOLQGLYLGXDOGHPXQF

6DODULDW vQ VFKLPEXUL UHSUH]LQW RULFH VDODULDW DO F UXL SURJUDP GH OXFUX VH vQVFULH vQ
FDGUXOSURJUDPXOXLGHPXQF vQVFKLPEXUL
OD GDWD 6HS 7LWOXO ,,, &DSLWRO ,, 6HFWLXQH FRPSOHWDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
6(&,81($ 5HSDXVXOVSWPkQDO
XUJHQWD
$UW

5HSDXVXOV SW PkQDOVHDFRUG vQGRX ]LOHFRQVHFXWLYHGHUHJXO VkPE WDúLGXPLQLFD

ÌQ FD]XO vQ FDUH UHSDXVXO vQ ]LOHOH GH VkPE W úL GXPLQLF DU SUHMXGLFLD LQWHUHVXO SXEOLF

VDX GHVI úXUDUHD QRUPDO D DFWLYLW
LL UHSDXVXO V SW PkQDO SRDWH IL DFRUGDW úL vQ DOWH ]LOH

VWDELOLWHSULQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOVDXSULQUHJXODPHQWXOLQWHUQ

ÌQ VLWXD LD SUHY ]XW OD DOLQ VDODULD LL YRU EHQHILFLD GH XQ VSRU OD VDODULX VWDELOLW SULQ

FRQWUDFWXOFROHFWLYGHPXQF VDXGXS FD]SULQFRQWUDFWXOLQGLYLGXDOGHPXQF

ÌQ VLWXD LL GH H[FHS LH ]LOHOH GH UHSDXV V SW PkQDO VXQW DFRUGDWH FXPXODW GXS R
SHULRDG GH DFWLYLWDWH FRQWLQX FH QX SRDWH GHSúL ]LOH FDOHQGDULVWLFH FX DXWRUL]DUHD
LQVSHFWRUDWXOXL WHULWRULDO GH PXQF úL FX DFRUGXO VLQGLFDWXOXL VDX GXS FD] DO

ÌQ VLWXD LL GH H[FHS LH ]LOHOH GH UHSDXV V SW PkQDO VXQW DFRUGDWH FXPXODW GXS R

SHULRDG GH DFWLYLWDWH FRQWLQX FH QX SRDWH GHS úL ]LOH FDOHQGDULVWLFH FX DXWRUL]DUHD
LQVSHFWRUDWXOXL WHULWRULDO GH PXQF úL FX DFRUGXO VLQGLFDWXOXL VDX
GXS FD] DO
ODGDWD6HS7LWOXO,,,&DSLWRO,,6HFWLXQHDUWDOLQPRGLILFDWGHDUW,SXQFWXO
GLQ2UGRQDQWDXUJHQWD

6DODULD LL DOF URUUHSDXVV SW PkQDOVHDFRUG vQ FRQGL LLOHDOLQDXGUHSWXOODGXEOXO
FRPSHQVD LLORUFXYHQLWHSRWULYLWDUWDOLQ
$UW

ÌQ FD]XO XQRU OXFU UL XUJHQWH D F URU H[HFXWDUH LPHGLDW HVWH QHFHVDU SHQWUX

RUJDQL]DUHD XQRU P VXUL GH VDOYDUH D SHUVRDQHORU VDX EXQXULORU DQJDMDWRUXOXL SHQWUX

HYLWDUHD XQRU DFFLGHQWH LPLQHQWH VDX SHQWUX vQO WXUDUHD HIHFWHORU SH FDUH DFHVWH DFFLGHQWH
OHDX SURGXV DVXSUD PDWHULDOHORU LQVWDOD LLORU VDX FO GLULORU XQLW
LL UHSDXVXO V SW PkQDO
SRDWHILVXVSHQGDWSHQWUXSHUVRQDOXOQHFHVDUvQYHGHUHDH[HFXW ULLDFHVWRUOXFU UL

6DODULD LLDOF URUUHSDXVV SW PkQDODIRVWVXVSHQGDWvQFRQGL LLOHDOLQDXGUHSWXOOD
6(&,81($ 6UEWRULOHOHJDOH
GXEOXOFRPSHQVD LLORUFXYHQLWHSRWULYLWDUWDOLQ
$UW

=LOHOHGHV UE WRDUHOHJDO vQFDUHQXVHOXFUHD] VXQW
úLLDQXDULH
SULPDúLDGRXD]LGH3DúWL
PDL
GHFHPEULH
SULPDúLDGRXD]LGH&U FLXQ

]LOH SHQWUX ILHFDUH GLQWUH FHOH GRX V UE WRUL UHOLJLRDVH DQXDOH GHFODUDWH DVWIHO GH
FXOWHOHUHOLJLRDVHOHJDOHDOWHOHGHFkWFHOHFUHúWLQHSHQWUXSHUVRDQHOHDSDU LQkQGDFHVWRUD
$FRUGDUHD]LOHORUOLEHUHVHIDFHGHF WUHDQJDMDWRU
$UW

3ULQ KRW UkUH D *XYHUQXOXL VH YRU VWDELOL SURJUDPH GH OXFUX DGHFYDWH SHQWUX XQLW LOH

VDQLWDUH úL SHQWUX FHOH GH DOLPHQWD LH SXEOLF vQ VFRSXO DVLJXU ULL DVLVWHQ HL VDQLWDUH úL


UHVSHFWLY DO DSURYL]LRQ ULL SRSXOD LHL FX SURGXVH DOLPHQWDUH GH VWULFW QHFHVLWDWH D F URU
DSOLFDUHHVWHREOLJDWRULH
$UW

3UHYHGHULOH DUW QX VH DSOLF vQ ORFXULOH GH PXQF vQ FDUH DFWLYLWDWHD QX SRDWH IL

vQWUHUXSW GDWRULW FDUDFWHUXOXLSURFHVXOXLGHSURGXF LHVDXVSHFLILFXOXLDFWLYLW LL
$UW
6DODULD LORUFDUHOXFUHD] vQXQLW
LOHSUHY ]XWHODDUWSUHFXPúLODORFXULOHGHPXQF

SUHY ]XWH OD DUW OL VH DVLJXU FRPSHQVDUHD FX WLPS OLEHU FRUHVSXQ] WRU vQ XUP WRDUHOH
GH]LOH

ÌQ FD]XO vQ FDUH GLQ PRWLYH MXVWLILFDWH QX VH DFRUG ]LOH OLEHUH VDODULD LL EHQHILFLD]

SHQWUX PXQFD SUHVWDW vQ ]LOHOH GH V UE WRDUH OHJDO GH XQ VSRU OD VDODULXO GH ED] FH QX

SRDWH IL PDL PLF GH GLQ VDODULXO GH ED] FRUHVSXQ] WRU PXQFLL SUHVWDWH vQ SURJUDPXO
QRUPDOGHOXFUX
$UW

3ULQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOVHSRWVWDELOLúLDOWH]LOHOLEHUH
&$3,72/8/,,, &RQFHGLLOH
6(&,81($ &RQFHGLXOGHRGLKQDQXDOúLDOWHFRQFHGLLDOHVDODULD LORU
$UW

'UHSWXOODFRQFHGLXGHRGLKQ DQXDOSO WLWHVWHJDUDQWDWWXWXURUVDODULD LORU

'UHSWXO OD FRQFHGLX GH RGLKQ DQXDO QX SRDWH IRUPD RELHFWXO YUHXQHL FHVLXQL UHQXQ UL
VDXOLPLW UL
$UW

'XUDWDPLQLP DFRQFHGLXOXLGHRGLKQ DQXDOHVWHGHGH]LOHOXFU WRDUH

'XUDWD HIHFWLY D FRQFHGLXOXL GH RGLKQ DQXDO VH VWDELOHúWH SULQ FRQWUDFWXO FROHFWLY GH

PXQF DSOLFDELOHVWHSUHY ]XW vQFRQWUDFWXOLQGLYLGXDOGHPXQF úLVHDFRUG SURSRU LRQDOFX

DFWLYLWDWHDSUHVWDW vQWUXQDQFDOHQGDULVWLF

6 UE WRULOH OHJDOH vQ FDUH QX VH OXFUHD] SUHFXP úL ]LOHOH OLEHUH SO WLWH VWDELOLWH SULQ

FRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOQXVXQWLQFOXVHvQGXUDWDFRQFHGLXOXLGHRGLKQ DQXDO

'XUDWD FRQFHGLXOXL GH RGLKQ DQXDO SHQWUX VDODULD LL FX FRQWUDFW LQGLYLGXDO GH PXQF FX

WLPSSDU LDOVHDFRUG SURSRU LRQDOFXWLPSXOHIHFWLYOXFUDW
OD GDWD )HE 7LWOXO ,,, &DSLWRO ,,, 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
OD GDWD ,XO 7LWOXO ,,, &DSLWRO ,,, 6HFWLXQH DUW DOLQ DEURJDW GH DUW , SXQFWXO
GLQ2UGRQDQWDXUJHQWD
$UW

&RQFHGLXOGHRGLKQ VHHIHFWXHD] vQILHFDUHDQ
3ULQ H[FHS LH GH OD SUHYHGHULOH DOLQ HIHFWXDUHD FRQFHGLXOXL vQ DQXO XUP WRU HVWH

SHUPLV QXPDL vQ FD]XULOH H[SUHV SUHY ]XWH GH OHJH VDX vQ FD]XULOH SUHY ]XWH vQ FRQWUDFWXO


$QJDMDWRUXO HVWH REOLJDW V DFRUGH FRQFHGLX SkQ OD VIkUúLWXO DQXOXL XUP WRU WXWXURU
VDODULD LORU FDUH vQWUXQ DQ FDOHQGDULVWLF QX DX HIHFWXDW LQWHJUDO FRQFHGLXO GH RGLKQ OD FDUH
DYHDXGUHSWXO

&RPSHQVDUHD vQ EDQL D FRQFHGLXOXL GH RGLKQ QHHIHFWXDW HVWH SHUPLV QXPDL vQ FD]XO

vQFHW ULLFRQWUDFWXOXLLQGLYLGXDOGHPXQF
OD GDWD $SU 7LWOXO ,,, &DSLWRO ,,, 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
OD GDWD 2FW 7LWOXO ,,, &DSLWRO ,,, 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
OD GDWD 'HF 7LWOXO ,,, &DSLWRO ,,, 6HFWLXQH DUW DOLQ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
$UW

6DODULD LL FDUH OXFUHD] vQ FRQGL LL JUHOH SHULFXORDVH VDX Y W P WRDUH QHY ] WRULL DOWH


SHUVRDQH FX KDQGLFDS úL WLQHULL vQ YkUVW GH SkQ OD DQL EHQHILFLD] GH XQ FRQFHGLX GH

RGLKQ VXSOLPHQWDUGHFHOSX LQ]LOHOXFUWRDUH
$UW

(IHFWXDUHD FRQFHGLXOXL GH RGLKQ VH UHDOL]HD] vQ ED]D XQHL SURJUDP UL FROHFWLYH VDX
LQGLYLGXDOHVWDELOLWHGHDQJDMDWRUFXFRQVXOWDUHDVLQGLFDWXOXLVDXGXS FD]DUHSUH]HQWDQ LORU

VDODULD LORUSHQWUXSURJUDP ULOHFROHFWLYHRULFXFRQVXOWDUHDVDODULDWXOXLSHQWUXSURJUDP ULOH

LQGLYLGXDOH3URJUDPDUHDVHIDFHSkQ ODVIkUúLWXODQXOXLFDOHQGDULVWLFSHQWUXDQXOXUP WRU

3ULQSURJUDP ULOHFROHFWLYHVHSRWVWDELOLSHULRDGHGHFRQFHGLXFDUHQXSRWILPDLPLFLGH
OXQLSHFDWHJRULLGHSHUVRQDOVDXORFXULGHPXQF

3ULQ SURJUDPDUH LQGLYLGXDO VH SRDWH VWDELOL GDWD HIHFWX ULL FRQFHGLXOXL VDX GXS FD]
SHULRDGD vQ FDUH VDODULDWXO DUH GUHSWXO GH D HIHFWXD FRQFHGLXO SHULRDG FDUH QX SRDWH IL PDL
PDUHGHOXQL
ÌQFDGUXOSHULRDGHORUGHFRQFHGLXVWDELOLWHFRQIRUPDOLQúLVDODULDWXOSRDWHVROLFLWD
HIHFWXDUHDFRQFHGLXOXLFXFHOSX LQGH]LOHDQWHULRDUHHIHFWX ULLDFHVWXLD
ÌQ FD]XO vQ FDUH SURJUDPDUHD FRQFHGLLORU VH IDFH IUDF LRQDW DQJDMDWRUXO HVWH REOLJDW V

VWDELOHDVF SURJUDPDUHD DVWIHO vQFkW ILHFDUH VDODULDW V HIHFWXH]H vQWUXQ DQ FDOHQGDULVWLF FHO

SX LQ]LOHOXFU WRDUHGHFRQFHGLXQHvQWUHUXSW
$UW

6DODULDWXO HVWH REOLJDW V HIHFWXH]H vQ QDWXU FRQFHGLXO GH RGLKQ vQ SHULRDGD vQ FDUH D IRVW

SURJUDPDW FX H[FHS LD VLWXD LLORU H[SUHV SUHY ]XWH GH OHJH VDX DWXQFL FkQG GLQ PRWLYH
RELHFWLYHFRQFHGLXOQXSRDWHILHIHFWXDW
$UW

3HQWUX SHULRDGD FRQFHGLXOXL GH RGLKQ VDODULDWXO EHQHILFLD] GH R LQGHPQL]D LH GH

FRQFHGLX FDUH QX SRDWH IL PDL PLF GHFkW YDORDUHD WRWDO D GUHSWXULORU VDODULDOH FXYHQLWH
SHQWUXSHULRDGDUHVSHFWLY

3HQWUX SHULRDGD FRQFHGLXOXL GH RGLKQ VDODULDWXO EHQHILFLD] GH R LQGHPQL]D LH GH

FRQFHGLX FDUH QX SRDWH IL PDL PLF GHFkW VDODULXO GH ED] LQGHPQL]D LLOH úL VSRUXULOH FX

FDUDFWHU SHUPDQHQW FXYHQLWH SHQWUX SHULRDGD UHVSHFWLY SUHY ]XWH vQ FRQWUDFWXO LQGLYLGXDO
GHPXQF
ODGDWD,XO7LWOXO,,,&DSLWRO,,,6HFWLXQHDUWDOLQPRGLILFDWGHDUW,SXQFWXO
GLQ2UGRQDQWDXUJHQWD
UHVSLQVD'HFL]LD

,QGHPQL]D LD GH FRQFHGLX GH RGLKQ UHSUH]LQW PHGLD ]LOQLF D YHQLWXULORU GLQ OXQDOXQLOH

vQFDUHHVWHHIHFWXDWFRQFHGLXOPXOWLSOLFDW FXQXP UXOGH]LOHGHFRQFHGLX
,QGHPQL]D LD GH FRQFHGLX GH RGLKQ
UHSUH]LQW PHGLD ]LOQLF D GUHSWXULORU VDODULDOH

SUHY ]XWH OD DOLQ GLQ XOWLPHOH OXQL DQWHULRDUH FHOHL vQ FDUH HVWH HIHFWXDW FRQFHGLXO

PXOWLSOLFDW FXQXP UXOGH]LOHGHFRQFHGLX
GLQ2UGRQDQWDXUJHQWD
UHVSLQVD'HFL]LD

,QGHPQL]D LD GH FRQFHGLX GH RGLKQ VH SO WHúWH GH F WUH DQJDMDWRU FX FHO SX LQ ]LOH

OXFU WRDUHvQDLQWHGHSOHFDUHDvQFRQFHGLX
$UW

&RQFHGLXOGHRGLKQ SRDWHILvQWUHUXSWODFHUHUHDVDODULDWXOXLSHQWUXPRWLYHRELHFWLYH
$QJDMDWRUXOSRDWHUHFKHPD VDODULDWXO GLQFRQFHGLXO GH RGLKQ vQ FD] GH IRU PDMRU VDX
SHQWUX LQWHUHVH XUJHQWH FDUH LPSXQ SUH]HQ D VDODULDWXOXL OD ORFXO GH PXQF ÌQ DFHVW FD]
DQJDMDWRUXO DUH REOLJD LD GH D VXSRUWD WRDWH FKHOWXLHOLOH VDODULDWXOXL úL DOH IDPLOLHL VDOH

QHFHVDUH vQ YHGHUHD UHYHQLULL OD ORFXO GH PXQF SUHFXP úL HYHQWXDOHOH SUHMXGLFLL VXIHULWH GH
DFHVWDFDXUPDUHDvQWUHUXSHULLFRQFHGLXOXLGHRGLKQ
$UW
ÌQ FD]XO XQRU HYHQLPHQWH IDPLOLDOH GHRVHELWH VDODULD LL DX GUHSWXO OD ]LOH OLEHUH SO WLWH

FDUHQXVHLQFOXGvQGXUDWDFRQFHGLXOXLGHRGLKQ

(YHQLPHQWHOH IDPLOLDOH GHRVHELWH úL QXP UXO ]LOHORU OLEHUH SO WLWH VXQW VWDELOLWH SULQ OHJH

SULQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOVDXSULQUHJXODPHQWXOLQWHUQ
$UW

3HQWUXUH]ROYDUHDXQRUVLWXD LLSHUVRQDOHVDODULD LLDXGUHSWXOODFRQFHGLLI U SODW
'XUDWDFRQFHGLXOXLIUSODWVHVWDELOHúWHSULQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOVDX
6(&,81($ &RQFHGLLOHSHQWUXIRUPDUHSURIHVLRQDO
SULQUHJXODPHQWXOLQWHUQ
$UW

6DODULD LLDXGUHSWXOV EHQHILFLH]HODFHUHUHGHFRQFHGLLSHQWUXIRUPDUHSURIHVLRQDO

&RQFHGLLOHSHQWUXIRUPDUHSURIHVLRQDO VHSRWDFRUGDFXVDXI U SODW
$UW

&RQFHGLLOH I U SODW SHQWUX IRUPDUH SURIHVLRQDO VH DFRUG OD VROLFLWDUHD VDODULDWXOXL SH

SHULRDGDIRUP ULLSURIHVLRQDOHSHFDUHVDODULDWXORXUPHD] GLQLQL LDWLYDVD
$QJDMDWRUXOSRDWHUHVSLQJHVROLFLWDUHDVDODULDWXOXLQXPDLFXDFRUGXOVLQGLFDWXOXLVDXGXS

FD] FX DFRUGXO UHSUH]HQWDQ LORU VDODULD LORU úL QXPDL GDF DEVHQ D VDODULDWXOXL DU SUHMXGLFLD

JUDYGHVI úXUDUHDDFWLYLW LL
$UW

&HUHUHD GH FRQFHGLX I U SODW SHQWUX IRUPDUH SURIHVLRQDO WUHEXLH V ILH vQDLQWDW

DQJDMDWRUXOXL FX FHO SX LQ R OXQ vQDLQWH GH HIHFWXDUHD DFHVWXLD úL WUHEXLH V SUHFL]H]H GDWD

GH vQFHSHUH D VWDJLXOXL GH IRUPDUH SURIHVLRQDO GRPHQLXO úL GXUDWD DFHVWXLD SUHFXP úL
GHQXPLUHDLQVWLWX LHLGHIRUPDUHSURIHVLRQDO

(IHFWXDUHD FRQFHGLXOXL I U SODW SHQWUX IRUPDUH SURIHVLRQDO VH SRDWH UHDOL]D úL
IUDF LRQDW vQ FXUVXO XQXL DQ FDOHQGDULVWLF SHQWUX VXV LQHUHD H[DPHQHORU GH DEVROYLUH D XQRU
IRUPH GH vQY PkQW VDX SHQWUX VXV LQHUHD H[DPHQHORU GH SURPRYDUH vQ DQXO XUPWRU vQ
FDGUXOLQVWLWX LLORUGHvQY PkQWVXSHULRUFXUHVSHFWDUHDFRQGL LLORUVWDELOLWHODDOLQ
$UW
ÌQFD]XOvQFDUHvQFXUVXOXQXLDQFDOHQGDULVWLFSHQWUXVDODULD LLvQYkUVW GHSkQ ODGH
DQL úL UHVSHFWLY vQ FXUVXO D DQL FDOHQGDULVWLFL FRQVHFXWLYL SHQWUX VDODULD LL vQ YkUVW GH

SHVWH GH DQL QX D IRVW DVLJXUDW SDUWLFLSDUHD OD R IRUPDUH SURIHVLRQDO SH FKHOWXLDOD

DQJDMDWRUXOXL VDODULDWXO vQ FDX] DUH GUHSWXO OD XQ FRQFHGLX SHQWUX IRUPDUH SURIHVLRQDO

SO WLWGHDQJDMDWRUGHSkQ OD]LOHOXFU WRDUH
ÌQ FD]XO vQ FDUH DQJDMDWRUXO QX úLD UHVSHFWDW REOLJD LD GH D DVLJXUD SH FKHOWXLDOD VD

SDUWLFLSDUHDXQXLVDODULDWODIRUPDUHSURIHVLRQDO vQFRQGL LLOHSUHY ]XWHGHOHJHVDODULDWXODUH

GUHSWXO OD XQ FRQFHGLX SHQWUX IRUPDUH SURIHVLRQDO SO WLW GH DQJDMDWRU GH SkQ OD ]LOH

OXFU WRDUHVDXGHSkQ ODGHRUH
GLQ2UGRQDQWDXUJHQWD

ÌQVLWXD LDSUHY ]XW ODDOLQLQGHPQL]D LDGHFRQFHGLXYDILVWDELOLW FRQIRUPDUW

3HULRDGD vQ FDUH VDODULDWXO EHQHILFLD] GH FRQFHGLXO SO WLW SUHY ]XW OD DOLQ VH
VWDELOHúWH GH FRPXQ DFRUG FX DQJDMDWRUXO &HUHUHD GH FRQFHGLX SO WLW SHQWUX IRUPDUH

SURIHVLRQDO YDILvQDLQWDW DQJDMDWRUXOXLvQFRQGL LLOHSUHY ]XWHODDUWDOLQ
$UW

'XUDWDFRQFHGLXOXLSHQWUXIRUPDUHSURIHVLRQDO QXSRDWHILGHGXV GLQGXUDWDFRQFHGLXOXLGH

RGLKQ DQXDOúLHVWHDVLPLODW XQHLSHULRDGHGHPXQF HIHFWLY vQFHHDFHSULYHúWHGUHSWXULOH
7,7/8/,9 6DODUL]DUHD
FXYHQLWHVDODULDWXOXLDOWHOHGHFkWVDODULXO
&$3,72/8/, 'LVSR]L LLJHQHUDOH

$UW

6DODULXOUHSUH]LQW FRQWUDSUHVWD LDPXQFLLGHSXVHGHVDODULDWvQED]DFRQWUDFWXOXLLQGLYLGXDO

GHPXQF

3HQWUXPXQFDSUHVWDW vQED]DFRQWUDFWXOXLLQGLYLGXDOGHPXQF ILHFDUHVDODULDWDUHGUHSWXO
ODXQVDODULXH[SULPDWvQEDQL

/D VWDELOLUHD úL OD DFRUGDUHD VDODULXOXL HVWH LQWHU]LV RULFH GLVFULPLQDUH SH FULWHULL GH VH[

RULHQWDUH VH[XDO FDUDFWHULVWLFL JHQHWLFH YkUVW DSDUWHQHQ QD
LRQDO UDV FXORDUH HWQLH

UHOLJLH RS LXQH SROLWLF RULJLQH VRFLDO KDQGLFDS VLWXD LH VDX UHVSRQVDELOLWDWH IDPLOLDO
DSDUWHQHQ RULDFWLYLWDWHVLQGLFDO
$UW

6DODULXOFXSULQGHVDODULXOGHED] LQGHPQL]D LLOHVSRUXULOHSUHFXPúLDOWHDGDRVXUL
$UW

6DODULLOHVHSO WHVFvQDLQWHDRULF URUDOWHREOLJD LLE QHúWLDOHDQJDMDWRULORU
$UW
6DODULLOH VH VWDELOHVF SULQ QHJRFLHUL LQGLYLGXDOH VDXúL FROHFWLYH vQWUH DQJDMDWRU úL VDODULD L
VDXUHSUH]HQWDQ LDLDFHVWRUD
6LVWHPXOGHVDODUL]DUHDSHUVRQDOXOXLGLQDXWRULW LOHúLLQVWLWX LLOHSXEOLFHILQDQ DWHLQWHJUDO

VDX vQ PDMRULWDWH GH OD EXJHWXO GH VWDW EXJHWXO DVLJXU ULORU VRFLDOH GH VWDW EXJHWHOH ORFDOH úL
EXJHWHOH IRQGXULORU VSHFLDOH VH VWDELOHúWH SULQ OHJH FX FRQVXOWDUHD RUJDQL]D LLORU VLQGLFDOH
UHSUH]HQWDWLYH
$UW
6DODULXO HVWH FRQILGHQ LDO DQJDMDWRUXO DYkQG REOLJD LD GH D OXD P VXULOH QHFHVDUH SHQWUX
DVLJXUDUHDFRQILGHQ LDOLW LL
OD GDWD0DU 7LWOXO,9 &DSLWRO, DUW DOLQ DIRVWDWDFDW GH H[FHSWLHUHVSLQVD 'HFL]LD

ÌQ VFRSXO SURPRY ULL LQWHUHVHORU úL DS U ULL GUHSWXULORU VDODULD LORU FRQILGHQ LDOLWDWHD

VDODULLORU QX SRDWH IL RSXV VLQGLFDWHORU VDX GXS FD] UHSUH]HQWDQ LORU VDODULD LORU vQ VWULFW

&$3,72/8/ ,, 6DODULXO PLQLP JDUDQWDW &$3,72/8/ ,, 6DODULXO GH ED]
OHJ WXU FXLQWHUHVHOHDFHVWRUDúLvQUHOD LDORUGLUHFW FXDQJDMDWRUXO
PLQLPEUXWSH DUJDUDQWDWvQSODW
ODGDWD,XO7LWOXO,9&DSLWRO,,PRGLILFDWGHDUW,SXQFWXOGLQ2UGRQDQWDXUJHQWD
$UW

6DODULXO GH ED] PLQLP EUXW SH DU JDUDQWDW vQ SODW FRUHVSXQ] WRU SURJUDPXOXL QRUPDO

GH PXQF VH VWDELOHúWH SULQ KRW UkUH D *XYHUQXOXL GXS FRQVXOWDUHD VLQGLFDWHORU úL D
SDWURQDWHORUÌQFD]XOvQFDUHSURJUDPXOQRUPDOGHPXQF HVWHSRWULYLWOHJLLPDLPLFGHRUH

]LOQLF VDODULXO GH ED] PLQLP EUXW RUDU VH FDOFXOHD] SULQ UDSRUWDUHD VDODULXOXL GH ED] PLQLP

EUXWSH DU ODQXP UXOPHGLXGHRUHOXQDUSRWULYLWSURJUDPXOXLOHJDOGHOXFUXDSUREDW
OD GDWD ,DQ 7LWOXO ,9 &DSLWRO ,, DUW DOLQ D IRVW UHJOHPHQWDWD GH +RWDULUHD

$QJDMDWRUXO QX SRDWH QHJRFLD úL VWDELOL VDODULL GH ED] SULQ FRQWUDFWXO LQGLYLGXDO GH PXQF

VXEVDODULXOGHED] PLQLPEUXWRUDUSH DU

$QJDMDWRUXO HVWH REOLJDW V JDUDQWH]H vQ SODW XQ VDODULX EUXW OXQDU FHO SX LQ HJDO FX

VDODULXOGHED] PLQLPEUXWSH DU $FHVWHGLVSR]L LLVHDSOLF úLvQFD]XOvQFDUHVDODULDWXOHVWH

SUH]HQW OD OXFUX vQ FDGUXO SURJUDPXOXL GDU QX SRDWH V vúL GHVI úRDUH DFWLYLWDWHD GLQ PRWLYH
QHLPSXWDELOHDFHVWXLDFXH[FHS LDJUHYHL

6DODULXO GH ED] PLQLP EUXW SH DU JDUDQWDW vQ SODW HVWH DGXV OD FXQRúWLQ VDODULD LORU
SULQJULMDDQJDMDWRUXOXL
$UW

3HQWUX VDODULD LL F URUD DQJDMDWRUXO FRQIRUP FRQWUDFWXOXL FROHFWLY VDX LQGLYLGXDO GH PXQF OH

DVLJXU KUDQ FD]DUHVDXDOWHIDFLOLW
LVXPDvQEDQLFXYHQLW SHQWUXPXQFDSUHVWDW QXSRDWH

&$3,72/8/,,, 3ODWDVDODULXOXL
ILPDLPLF GHFkWVDODULXOPLQLPEUXWSH DU SUHY ]XWGHOHJH
$UW


6DODULXO VH SO WHúWH vQ EDQL FHO SX LQ R GDW SH OXQ OD GDWD VWDELOLW vQ FRQWUDFWXO

LQGLYLGXDOGHPXQF vQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELOVDXvQUHJXODPHQWXOLQWHUQGXS
FD]
3ODWDVDODULXOXLVHSRDWHHIHFWXDSULQYLUDPHQWvQWUXQFRQWEDQFDUvQFD]XOvQFDUHDFHDVW

PRGDOLWDWHHVWHSUHY ]XW vQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELO

3ODWD vQ QDWXU D XQHL S U L GLQ VDODULX vQ FRQGL LLOH VWDELOLWH OD DUW HVWH SRVLELO

QXPDL GDF HVWH SUHY ]XW H[SUHV vQ FRQWUDFWXO FROHFWLY GH PXQF DSOLFDELO VDX vQ FRQWUDFWXO
LQGLYLGXDOGHPXQF
ÌQWkU]LHUHD QHMXVWLILFDW D SO LL VDODULXOXL VDX QHSODWD DFHVWXLD SRDWH GHWHUPLQD REOLJDUHD
DQJDMDWRUXOXLODSODWDGHGDXQHLQWHUHVHSHQWUXUHSDUDUHDSUHMXGLFLXOXLSURGXVVDODULDWXOXL
$UW

6DODULXOVHSO WHúWHGLUHFWWLWXODUXOXLVDXSHUVRDQHLvPSXWHUQLFLWHGHDFHVWD
ÌQ FD] GH GHFHV DO VDODULDWXOXL GUHSWXULOH VDODULDOH GDWRUDWH SkQ OD GDWD GHFHVXOXL VXQW

SO WLWH vQ RUGLQH VR XOXL VXSUDYLH XLWRU FRSLLORU PDMRUL DL GHIXQFWXOXL VDX S ULQ LORU DFHVWXLD

'DF QX H[LVW QLFL XQD GLQWUH DFHVWH FDWHJRULL GH SHUVRDQH GUHSWXULOH VDODULDOH VXQW SO WLWH
DOWRUPRúWHQLWRULvQFRQGL LLOHGUHSWXOXLFRPXQ
$UW
3ODWD VDODULXOXL VH GRYHGHúWH SULQ VHPQDUHD VWDWHORU GH SODW SUHFXP úL SULQ RULFH DOWH
GRFXPHQWHMXVWLILFDWLYHFDUHGHPRQVWUHD] HIHFWXDUHDSO
LLF WUHVDODULDWXOvQGUHSW LW

6WDWHOH GH SODW SUHFXP úL FHOHODOWH GRFXPHQWH MXVWLILFDWLYH VH S VWUHD] úL VH DUKLYHD]

GHF WUHDQJDMDWRUvQDFHOHDúLFRQGL LLúLWHUPHQHFDvQFD]XODFWHORUFRQWDELOHFRQIRUPOHJLL
$UW
ODGDWD)HE7LWOXO,9&DSLWRO,,,DUWDIRVWDWDFDWGH'HFL]LD

1LFLRUH LQHUHGLQVDODULXQXSRDWHILRSHUDW vQDIDUDFD]XULORUúLFRQGL LLORUSUHY ]XWHGH
OHJH
5H LQHULOH FX WLWOX GH GDXQH FDX]DWH DQJDMDWRUXOXL QX SRW IL HIHFWXDWH GHFkW GDF GDWRULD

VDODULDWXOXL HVWH VFDGHQW OLFKLG úL H[LJLELO úL D IRVW FRQVWDWDW FD DWDUH SULQWUR KRW UkUH

MXGHF WRUHDVF GHILQLWLY úLLUHYRFDELO
ODGDWD$SU7LWOXO,9&DSLWRO,,,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

ODGDWD0DU7LWOXO,9&DSLWRO,,,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

ÌQFD]XOSOXUDOLW LLGHFUHGLWRULDLVDODULDWXOXLYDILUHVSHFWDW XUP WRDUHDRUGLQH

D REOLJD LLOHGHvQWUH LQHUHFRQIRUP&RGXOXLIDPLOLHL
E FRQWULEX LLOHúLLPSR]LWHOHGDWRUDWHF WUHVWDW

F GDXQHOHFDX]DWHSURSULHW LLSXEOLFHSULQIDSWHLOLFLWH
G DFRSHULUHDDOWRUGDWRULL

5H LQHULOHGLQVDODULXFXPXODWHQXSRWGHS úLvQILHFDUHOXQ MXP WDWHGLQVDODULXOQHW
$UW
OD GDWD 0DL 7LWOXO ,9 &DSLWRO ,,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

$FFHSWDUHD I U UH]HUYH D XQHL S U L GLQ GUHSWXULOH VDODULDOH VDX VHPQDUHD DFWHORU GH SODW vQ
DVWIHOGHVLWXD LLQXSRDWHDYHDVHPQLILFD LDXQHLUHQXQ ULGLQSDUWHDVDODULDWXOXLODGUHSWXULOH
VDODULDOHFHLVHFXYLQvQLQWHJUDOLWDWHDORUSRWULYLWGLVSR]L LLORUOHJDOHVDXFRQWUDFWXDOH
$UW
'UHSWXO OD DF LXQH FX SULYLUH OD GUHSWXULOH VDODULDOH SUHFXP úL FX SULYLUH OD GDXQHOH
UH]XOWDWH GLQ QHH[HFXWDUHD vQ WRWDOLWDWH VDX vQ SDUWH D REOLJD LLORU SULYLQG SODWD VDODULLORU VH
SUHVFULHvQWHUPHQGHDQLGHODGDWDODFDUHGUHSWXULOHUHVSHFWLYHHUDXGDWRUDWH

7HUPHQXO GH SUHVFULS LH SUHY ]XW OD DOLQ HVWH vQWUHUXSW vQ FD]XO vQ FDUH LQWHUYLQH R
UHFXQRDúWHUH GLQ SDUWHD GHELWRUXOXL FX SULYLUH OD GUHSWXULOH VDODULDOH VDX GHULYkQG GLQ SODWD
&$3,72/8/,9 )RQGXOGHJDUDQWDUHSHQWUXSODWDFUHDQ HORUVDODULDOH

VDODULXOXL

$UW
$QJDMDWRUXO DUH REOLJD LD GH D FRQWULEXL OD IRQGXO GH JDUDQWDUH SHQWUX SODWD FUHDQ HORU

VDODULDOHFDUHUH]XOW GLQFRQWUDFWHOHLQGLYLGXDOHGHPXQF vQFRQGL LLOHOHJLL

)RQGXOGHJDUDQWDUHSHQWUXSODWDFUHDQ HORUVDODULDOHDVLJXU SODWDFUHDQ HORUFDUHSULYHVF
VDODUL]DUHD
&RQVWLWXLUHD úL XWLOL]DUHD IRQGXOXL GH JDUDQWDUH SHQWUX SODWD FUHDQ HORU VDODULDOH VH YRU
UHJOHPHQWDSULQOHJHVSHFLDO
OD GDWD ,XO 7LWOXO ,9 &DSLWRO ,9 DUW PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
$UW
/D FRQVWLWXLUHD úL OD XWLOL]DUHD IRQGXOXL GH JDUDQWDUH SHQWUX SODWD FUHDQ HORU VDODULDOH VH YRU

UHVSHFWDXUP WRDUHOHSULQFLSLL

D SDWULPRQLXOLQVWLWX LLORU GH DGPLQLVWUDUHDIRQGXULORU WUHEXLHV ILH LQGHSHQGHQWGHFDSLWDOXO
GHH[SORDWDUHDOXQLW
LORUúLWUHEXLHV ILHFRQVWLWXLWDVWIHOvQFkWDVXSUDDFHVWXLDV QXSRDW IL
SXVVHFKHVWUXvQFXUVXOSURFHGXULLvQFD]GHLQVROYDELOLWDWH

E DQJDMDWRULL WUHEXLH V FRQWULEXLH OD ILQDQ DUH vQ P VXUD vQ FDUH DFHDVWD QX HVWH DFRSHULW

LQWHJUDOGHF WUHDXWRULW LOHSXEOLFH

F REOLJD LD GH SODW D LQVWLWX LLORU GH DGPLQLVWUDUH D IRQGXULORU YD H[LVWD LQGHSHQGHQW GH
vQGHSOLQLUHDREOLJD LHLGHFRQWULEX LHODILQDQ DUH
ODGDWD,XO7LWOXO,9&DSLWRO,9DUWDEURJDWGHDUW,SXQFWXOGLQ2UGRQDQWDXUJHQWD
&$3,72/8/ 9 3URWHF LD GUHSWXULORU VDODULD LORU vQ FD]XO WUDQVIHUXOXL

vQWUHSULQGHULLDOXQLW LLVDXDOXQRUSU LDOHDFHVWHLD

$UW

6DODULD LLEHQHILFLD] GHSURWHF LDGUHSWXULORUORUvQFD]XOvQFDUHVHSURGXFHXQWUDQVIHUDO
vQWUHSULQGHULLDOXQLW
LLVDXDOXQRUS U LDOHDFHVWHLDF WUHXQDOWDQJDMDWRUSRWULYLWOHJLL
'UHSWXULOH úL REOLJD LLOH FHGHQWXOXL FDUH GHFXUJ GLQWUXQ FRQWUDFW VDX UDSRUW GH PXQF
H[LVWHQWODGDWDWUDQVIHUXOXLYRUILWUDQVIHUDWHLQWHJUDOFHVLRQDUXOXL
7UDQVIHUXO vQWUHSULQGHULLDOXQLW
LLVDXDOXQRU S U L DOHDFHVWHLDQXSRDWHFRQVWLWXLPRWLY

GHFRQFHGLHUHLQGLYLGXDO VDXFROHFWLY DVDODULD LORUGHF WUHFHGHQWRULGHF WUHFHVLRQDU
$UW
&HGHQWXO úL FHVLRQDUXO DX REOLJD LD GH D LQIRUPD úL GH D FRQVXOWD DQWHULRU WUDQVIHUXOXL

VLQGLFDWXOVDXGXS FD]UHSUH]HQWDQ LLVDODULD LORUFXSULYLUHODLPSOLFD LLOHMXULGLFHHFRQRPLFH
7,7/8/9 6QWDWHDúLVHFXULWDWHDvQPXQF
úLVRFLDOHDVXSUDVDODULD LORUGHFXUJkQGGLQWUDQVIHUXOGUHSWXOXLGHSURSULHWDWH
&$3,72/8/, 5HJXOLJHQHUDOH
$UW

$QJDMDWRUXODUHREOLJD LDV LDWRDWHP VXULOHQHFHVDUHSHQWUXSURWHMDUHDYLH LLúLV Q W LL
VDODULD LORU
OD GDWD ,XO 7LWOXO9&DSLWRO, DUW DOLQ DEURJDW GH DUW,SXQFWXOGLQ 2UGRQDQWD
XUJHQWD

$QJDMDWRUXODUHREOLJD LDV DVLJXUHVHFXULWDWHDúLV Q WDWHDVDODULD LORUvQWRDWHDVSHFWHOH
OHJDWHGHPXQF

'DF XQ DQJDMDWRU DSHOHD] OD SHUVRDQHVDX VHUYLFLL H[WHULRDUH DFHDVWD QX vO H[RQHUHD]

GHU VSXQGHUHvQDFHVWGRPHQLX
2EOLJD LLOH VDODULD LORU vQ GRPHQLXO VHFXULW
LL úL V Q W
LL vQ PXQF QX SRW DGXFH DWLQJHUH
UHVSRQVDELOLW LLDQJDMDWRUXOXL

0 VXULOH SULYLQG VHFXULWDWHD úL V Q WDWHD vQ PXQF QX SRW V GHWHUPLQH vQ QLFL XQ FD]
REOLJD LLILQDQFLDUHSHQWUXVDODULD L
$UW

'LVSR]L LLOH SUH]HQWXOXL WLWOX VH FRPSOHWHD] FX GLVSR]L LLOH OHJLL VSHFLDOH DOH FRQWUDFWHORU


FROHFWLYHGHPXQF DSOLFDELOHSUHFXPúLFXQRUPHOHúLQRUPDWLYHOHGHSURWHF LHDPXQFLL
1RUPHOHúLQRUPDWLYHOHGHSURWHF LHDPXQFLLSRWVWDELOL

D P VXULJHQHUDOHGHSURWHF LHDPXQFLLSHQWUXSUHYHQLUHDDFFLGHQWHORUGHPXQF úLDEROLORU
SURIHVLRQDOHDSOLFDELOHWXWXURUDQJDMDWRULORU

E P VXULGHSURWHF LHDPXQFLLVSHFLILFHSHQWUXDQXPLWHSURIHVLLVDXDQXPLWHDFWLYLW L

F P VXULGHSURWHF LHVSHFLILFHDSOLFDELOHDQXPLWRUFDWHJRULLGHSHUVRQDO
G GLVSR]L LLUHIHULWRDUHODRUJDQL]DUHDúLIXQF LRQDUHDXQRURUJDQLVPHVSHFLDOHGHDVLJXUDUHD

VHFXULW
LLúLV Q W LLvQPXQF
$UW
ÌQFDGUXOSURSULLORUUHVSRQVDELOLW
LDQJDMDWRUXOYDOXDP VXULOHQHFHVDUHSHQWUXSURWHMDUHD
VHFXULW
LL úL V Q W LL VDODULD LORU LQFOXVLY SHQWUX DFWLYLW LOH GH SUHYHQLUH D ULVFXULORU

SURIHVLRQDOH GH LQIRUPDUH úL SUHJ WLUH SUHFXP úL SHQWUX SXQHUHD vQ DSOLFDUH D RUJDQL] ULL
SURWHF LHLPXQFLLúLPLMORDFHORUQHFHVDUHDFHVWHLD

/DDGRSWDUHDúLSXQHUHDvQDSOLFDUHDP VXULORUSUHY ]XWHODDOLQVHYD LQHVHDPDGH

XUP WRDUHOHSULQFLSLLJHQHUDOHGHSUHYHQLUH
D HYLWDUHDULVFXULORU
E HYDOXDUHDULVFXULORUFDUHQXSRWILHYLWDWH
F FRPEDWHUHDULVFXULORUODVXUV
G DGDSWDUHD PXQFLL OD RP vQ VSHFLDO vQ FHHD FH SULYHúWH SURLHFWDUHD ORFXULORU GH PXQF úL

DOHJHUHD HFKLSDPHQWHORU úL PHWRGHORU GH PXQF úL GH SURGXF LH vQ YHGHUHD DWHQX ULL FX

SUHF GHUHDPXQFLLPRQRWRQHúLDPXQFLLUHSHWLWLYHSUHFXPúLDUHGXFHULLHIHFWHORUDFHVWRUD
DVXSUDV Q W LL
H OXDUHDvQFRQVLGHUDUHDHYROX LHLWHKQLFLL
I vQORFXLUHD D FHHD FH HVWH SHULFXORV FX FHHD FH QX HVWH SHULFXORV VDX FX FHHD FH HVWH PDL
SX LQSHULFXORV
J SODQLILFDUHDSUHYHQLULL

K DGRSWDUHD P VXULORU GH SURWHF LH FROHFWLY FX SULRULWDWH ID GH PVXULOH GH SURWHF LH
LQGLYLGXDO
L DGXFHUHDODFXQRúWLQ VDODULD LORUDLQVWUXF LXQLORUFRUHVSXQ] WRDUH
$UW

$QJDMDWRUXO U VSXQGH GH RUJDQL]DUHD DFWLYLW LL GH DVLJXUDUH D V Q W LL úL VHFXULW LL vQ
PXQF

ÌQ FXSULQVXO UHJXODPHQWHORU LQWHUQH VXQW SUHY ]XWH vQ PRG REOLJDWRULX UHJXOL SULYLQG

VHFXULWDWHDúLV Q WDWHDvQPXQF

ÌQ HODERUDUHD P VXULORU GH VHFXULWDWH úL V Q WDWH vQ PXQF DQJDMDWRUXO VH FRQVXOW FX

VLQGLFDWXO VDX GXS FD] FX UHSUH]HQWDQ LL VDODULD LORU SUHFXP úL FX FRPLWHWXO GH VHFXULWDWH úL

V Q WDWHvQPXQF
$UW

$QJDMDWRUXO DUH REOLJD LD V DVLJXUH WR L VDODULD LL SHQWUX ULVF GH DFFLGHQWH GH PXQF úL EROL
SURIHVLRQDOHvQFRQGL LLOHOHJLL
$UW

$QJDMDWRUXO DUH REOLJD LD V RUJDQL]H]H LQVWUXLUHD DQJDMD LORU V L vQ GRPHQLXO VHFXULW LL úL

V Q W LLvQPXQF

,QVWUXLUHD VH UHDOL]HD] SHULRGLF SULQ PRGDOLW L VSHFLILFH VWDELOLWH GH FRPXQ DFRUG GH

F WUHDQJDMDWRUvPSUHXQ FXFRPLWHWXOGHVHFXULWDWHúLV Q WDWHvQPXQF úLFXVLQGLFDWXOVDX

GXS FD]FXUHSUH]HQWDQ LLVDODULD LORU

,QVWUXLUHD SUHY ]XW OD DOLQ VH UHDOL]HD] REOLJDWRULX vQ FD]XO QRLORU DQJDMD L DO FHORU

FDUH vúL VFKLPE ORFXO GH PXQF VDX IHOXO PXQFLL úL DO FHORU FDUH vúL UHLDX DFWLYLWDWHD GXS R
vQWUHUXSHUH PDL PDUH GH OXQL ÌQ WRDWH DFHVWH FD]XUL LQVWUXLUHD VH HIHFWXHD] vQDLQWH GH
vQFHSHUHDHIHFWLY DDFWLYLW LL
,QVWUXLUHDHVWHREOLJDWRULHúLvQVLWXD LDvQFDUHLQWHUYLQPRGLILF ULDOHOHJLVOD LHLvQGRPHQLX

$UW

/RFXULOH GH PXQF WUHEXLH V ILH RUJDQL]DWH DVWIHO vQFkW V JDUDQWH]H VHFXULWDWHD úL

V Q WDWHDVDODULD LORU

$QJDMDWRUXO WUHEXLH V RUJDQL]H]H FRQWUROXO SHUPDQHQW DO VW ULL PDWHULDOHORU XWLODMHORU úL
VXEVWDQ HORUIRORVLWHvQSURFHVXOPXQFLLvQVFRSXODVLJXU ULLV Q W LLúLVHFXULW LLVDODULD LORU

$QJDMDWRUXOU VSXQGHSHQWUXDVLJXUDUHDFRQGL LLORUGHDFRUGDUHDSULPXOXLDMXWRUvQFD]GH

DFFLGHQWH GH PXQF SHQWUX FUHDUHD FRQGL LLORU GH SUHvQWkPSLQDUH D LQFHQGLLORU SUHFXP úL
SHQWUXHYDFXDUHDVDODULD LORUvQVLWXD LLVSHFLDOHúLvQFD]GHSHULFROLPLQHQW
$UW
3HQWUX DVLJXUDUHD VHFXULW
LL úL V Q W
LL vQ PXQF LQVWLWX LD DELOLWDW SULQ OHJH SRDWH

GLVSXQH OLPLWDUHD VDX LQWHU]LFHUHD IDEULF ULL FRPHUFLDOL] ULL LPSRUWXOXL RUL XWLOL] ULL FX RULFH
WLWOXDVXEVWDQ HORUúLSUHSDUDWHORUSHULFXORDVHSHQWUXVDODULD L

,QVSHFWRUXO GH PXQF SRDWH FX DYL]XO PHGLFXOXL GH PHGLFLQ D PXQFLL V LPSXQ

DQJDMDWRUXOXL V VROLFLWH RUJDQLVPHORU FRPSHWHQWH FRQWUD FRVW DQDOL]H úL H[SHUWL]H DVXSUD
XQRU SURGXVH VXEVWDQ H VDX SUHSDUDWH FRQVLGHUDWH D IL SHULFXORDVH SHQWUX D FXQRDúWH
&$3,72/8/,, &RPLWHWXOGHVHFXULWDWHúLVQWDWHvQPXQF
FRPSR]L LDDFHVWRUDúLHIHFWHOHSHFDUHOHDUSXWHDSURGXFHDVXSUDRUJDQLVPXOXLXPDQ
$UW

/D QLYHOXO ILHF UXL DQJDMDWRU VH FRQVWLWXLH XQ FRPLWHW GH VHFXULWDWH úL V Q WDWH vQ PXQF
FX VFRSXO GH D DVLJXUD LPSOLFDUHD VDODULD LORU OD HODERUDUHD úL DSOLFDUHD GHFL]LLORU vQ GRPHQLXO
SURWHF LHLPXQFLL

&RPLWHWXO GH VHFXULWDWH úL V Q WDWH vQ PXQF VH FRQVWLWXLH vQ FDGUXO SHUVRDQHORU MXULGLFH

GLQVHFWRUXOSXEOLFSULYDWúLFRRSHUDWLVWLQFOXVLYFXFDSLWDOVWU LQFDUHGHVI úRDU DFWLYLW LSH
WHULWRULXO5RPkQLHL
$UW

&RPLWHWXO GH VHFXULWDWH úL V Q WDWH vQ PXQF VH RUJDQL]HD] OD DQJDMDWRULL SHUVRDQH
MXULGLFHODFDUHVXQWvQFDGUD LFHOSX LQGHVDODULD L

ÌQ FD]XO vQ FDUH FRQGL LLOH GH PXQF VXQW JUHOH Y W P WRDUH VDX SHULFXORDVH LQVSHFWRUXO

GH PXQF SRDWH FHUH vQILLQ DUHD DFHVWRU FRPLWHWH úL SHQWUX DQJDMDWRULL OD FDUH VXQW vQFDGUD L
PDLSX LQGHGHVDODULD L
ÌQFD]XOvQFDUHDFWLYLWDWHDVHGHVI úRDU vQXQLW LGLVSHUVDWHWHULWRULDOVHSRWvQILLQ DPDL

PXOWH FRPLWHWH GH VHFXULWDWH úL V Q WDWH vQ PXQF 1XP UXO DFHVWRUD VH VWDELOHúWH SULQ

FRQWUDFWXOFROHFWLYGHPXQF DSOLFDELO

&RPLWHWXO GH VHFXULWDWH úL V Q WDWH vQ PXQF FRRUGRQHD] P VXULOH GH VHFXULWDWH úL

V Q WDWHvQPXQF úL vQFD]XODFWLYLW LORUFDUHVHGHVIúRDUWHPSRUDUFXRGXUDWPDLPDUH
GHOXQL
ÌQ VLWXD LD vQ FDUH QX VH LPSXQH FRQVWLWXLUHD FRPLWHWXOXL GH VHFXULWDWH úL V Q WDWH vQ

PXQF DWULEX LLOH VSHFLILFH DOH DFHVWXLD YRU IL vQGHSOLQLWH GH UHVSRQVDELOXO FX SURWHF LD PXQFLL
QXPLWGHDQJDMDWRU
$UW
&RPSRQHQ D DWULEX LLOH VSHFLILFH úL IXQF LRQDUHD FRPLWHWXOXL GH VHFXULWDWH úL V Q WDWH vQ

PXQF VXQWUHJOHPHQWDWHSULQRUGLQDOPLQLVWUXOXLPXQFLLúLVROLGDULW LLVRFLDOH
&RPSRQHQ D DWULEX LLOH VSHFLILFH úL IXQF LRQDUHD FRPLWHWXOXL GH VHFXULWDWH úL

V Q WDWHvQPXQF VXQWUHJOHPHQWDWHSULQKRW UkUHD*XYHUQXOXL
&$3,72/8/,,, 3URWHF LDVDODULD LORUSULQVHUYLFLLPHGLFDOH

ODGDWD$SU7LWOXO9&DSLWRO,,DUWPRGLILFDWGHDUWSXQFWXOGLQ/HJHD
$UW

$QJDMDWRULL DX REOLJD LD V DVLJXUH DFFHVXO VDODULD LORU OD VHUYLFLXO PHGLFDO GH PHGLFLQ D
PXQFLL
$UW

6HUYLFLXO PHGLFDO GH PHGLFLQ D PXQFLL SRDWH IL XQ VHUYLFLX DXWRQRP RUJDQL]DW GH

DQJDMDWRUVDXXQVHUYLFLXDVLJXUDWGHRDVRFLD LHSDWURQDO

'XUDWD PXQFLL SUHVWDWH GH PHGLFXO GH PHGLFLQ D PXQFLL VH FDOFXOHD] vQ IXQF LH GH

QXP UXOGHVDODULD LDLDQJDMDWRUXOXLSRWULYLWOHJLL
$UW

0HGLFXOGHPHGLFLQ DPXQFLLHVWHXQVDODULDWDWHVWDWvQSURIHVLDVDSRWULYLWOHJLLWLWXODUDO
XQXLFRQWUDFWGHPXQFvQFKHLDWFXXQDQJDMDWRUVDXFXRDVRFLD LHSDWURQDO
0HGLFXOGHPHGLFLQDPXQFLLHVWHLQGHSHQGHQWvQH[HUFLWDUHDSURIHVLHLVDOH
$UW

6DUFLQLOHSULQFLSDOHDOHPHGLFXOXLGHPHGLFLQ DPXQFLLFRQVWDXvQ

D SUHYHQLUHDDFFLGHQWHORUGHPXQF úLDEROLORUSURIHVLRQDOH

E VXSUDYHJKHUHDHIHFWLY DFRQGL LLORUGHLJLHQ úLV Q WDWHvQPXQF

F DVLJXUDUHD FRQWUROXOXL PHGLFDO DO VDODULD LORU DWkW OD DQJDMDUHD vQ PXQF FkW úL SH GXUDWD

H[HFXW ULLFRQWUDFWXOXLLQGLYLGXDOGHPXQF

ÌQ YHGHUHD UHDOL] ULL VDUFLQLORU FH vL UHYLQ PHGLFXO GH PHGLFLQ D PXQFLL SRDWH SURSXQH

DQJDMDWRUXOXL VFKLPEDUHD ORFXOXL GH PXQF VDX D IHOXOXL PXQFLL XQRU VDODULD L GHWHUPLQDW GH

VWDUHDGHV Q WDWHDDFHVWRUD

0HGLFXOGHPHGLFLQ DPXQFLLHVWHPHPEUXGHGUHSWvQFRPLWHWXOGHVHFXULWDWHúLV Q WDWH
vQPXQF
$UW

0HGLFXO GH PHGLFLQ D PXQFLL VWDELOHúWH vQ ILHFDUH DQ XQ SURJUDP GH DFWLYLWDWH SHQWUX
vPEXQ W
LUHD PHGLXOXL GH PXQF GLQ SXQFW GH YHGHUH DO V Q W
LL vQ PXQF SHQWUX ILHFDUH
DQJDMDWRU
(OHPHQWHOH SURJUDPXOXL VXQW VSHFLILFH SHQWUX ILHFDUH DQJDMDWRU úL VXQW VXSXVH DYL] ULL

FRPLWHWXOXLGHVHFXULWDWHúLV Q WDWHvQPXQF
$UW

3ULQ OHJH VSHFLDO YRU IL UHJOHPHQWDWH DWULEX LLOH VSHFLILFH PRGXO GH RUJDQL]DUH D DFWLYLW LL
RUJDQLVPHOH GH FRQWURO SUHFXP úL VWDWXWXO SURIHVLRQDO VSHFLILF DO PHGLFLORU GH PHGLFLQ D
7,7/8/9, )RUPDUHDSURIHVLRQDO
PXQFLL

$UW

)RUPDUHDSURIHVLRQDO DVDODULD LORUDUHXUP WRDUHOHRELHFWLYHSULQFLSDOH
D DGDSWDUHDVDODULDWXOXLODFHULQ HOHSRVWXOXLVDXDOHORFXOXLGHPXQF

E RE LQHUHDXQHLFDOLILF ULSURIHVLRQDOH
F DFWXDOL]DUHD FXQRúWLQ HORU úL GHSULQGHULORU VSHFLILFH SRVWXOXL úL ORFXOXL GH PXQF úL

SHUIHF LRQDUHDSUHJ WLULLSURIHVLRQDOHSHQWUXRFXSD LDGHED]

G UHFRQYHUVLDSURIHVLRQDO GHWHUPLQDW GHUHVWUXFWXU ULVRFLRHFRQRPLFH
H GREkQGLUHD XQRU FXQRúWLQ H DYDQVDWH D XQRU PHWRGH úL SURFHGHH PRGHUQH QHFHVDUH
SHQWUXUHDOL]DUHDDFWLYLW LORUSURIHVLRQDOH
I SUHYHQLUHDULVFXOXLúRPDMXOXL

J SURPRYDUHDvQPXQF úLGH]YROWDUHDFDULHUHLSURIHVLRQDOH
)RUPDUHDSURIHVLRQDOúLHYDOXDUHDFXQRúWLQ HORUVHIDFSHED]DVWDQGDUGHORURFXSD LRQDOH
$UW

)RUPDUHDSURIHVLRQDO DVDODULD LORUVHSRDWHUHDOL]DSULQXUP WRDUHOHIRUPH

D SDUWLFLSDUHD OD FXUVXUL RUJDQL]DWH GH F WUH DQJDMDWRU VDX GH F WUH IXUQL]RULL GH VHUYLFLL GH
IRUPDUHSURIHVLRQDOGLQ DUVDXGLQVWULQWDWH
E VWDJLLGHDGDSWDUHSURIHVLRQDOODFHULQ HOHSRVWXOXLúLDOHORFXOXLGHPXQF
F VWDJLLGHSUDFWLF úLVSHFLDOL]DUHvQ DUúLvQVWULQWDWH
G XFHQLFLHRUJDQL]DWODORFXOGHPXQF

H IRUPDUHLQGLYLGXDOL]DW

I DOWHIRUPHGHSUHJ WLUHFRQYHQLWHvQWUHDQJDMDWRUúLVDODULDW
$UW
$QJDMDWRUXODUHREOLJD LDGHDDVLJXUDVDODULD LORUDFFHVSHULRGLFODIRUPDUHDSURIHVLRQDO
$QJDMDWRULL DX REOLJD LD GH D DVLJXUD SDUWLFLSDUHD OD SURJUDPH GH IRUPDUH SURIHVLRQDO

SHQWUXWR LVDODULD LLGXS FXPXUPHD]

D FHOSX LQRGDW ODDQLGDF DXFHOSX LQGHVDODULD L

E FHOSX LQRGDW ODDQLGDF DXVXEGHVDODULD L

&KHOWXLHOLOH FX SDUWLFLSDUHD OD SURJUDPHOH GH IRUPDUH SURIHVLRQDO DVLJXUDW vQ FRQGL LLOH

DOLQVHVXSRUW GHF WUHDQJDMDWRUL
ODGDWD,XO7LWOXO9,&DSLWRO,DUWPRGLILFDWGHDUW,SXQFWXOGLQ2UGRQDQWDXUJHQWD

$UW

$QJDMDWRUXO SHUVRDQ MXULGLF HODERUHD] DQXDO SODQXUL GH IRUPDUH SURIHVLRQDO FX

FRQVXOWDUHDVLQGLFDWXOXLVDXGXS FD]DUHSUH]HQWDQ LORUVDODULD LORU

3ODQXO GH IRUPDUH SURIHVLRQDO IDFH SDUWH LQWHJUDQW GLQ FRQWUDFWXO FROHFWLY GH PXQF
DSOLFDELO

6DODULD LL DX GUHSWXO V ILH LQIRUPD L FX SULYLUH OD FRQ LQXWXO SODQXOXL GH IRUPDUH
SURIHVLRQDO

$QJDMDWRUXO SHUVRDQ MXULGLF FDUH DUH PDL PXOW GH GH VDODULD L HODERUHD] DQXDO úL

DSOLF SODQXUL GH IRUPDUH SURIHVLRQDO FX FRQVXOWDUHD VLQGLFDWXOXL VDX GXS FD] D

3ODQXO GH IRUPDUH SURIHVLRQDO HODERUDW FRQIRUP SUHYHGHULORU DOLQ GHYLQH DQH[ OD

FRQWUDFWXOFROHFWLYGHPXQF vQFKHLDWODQLYHOGHXQLWDWH

$UW

)RUPDUHD SURIHVLRQDO LQGLYLGXDOL]DW VH VWDELOHúWH GH F WUH DQJDMDWRU vPSUHXQ FX VDODULDWXO

vQ FDX] LQkQG VHDPD GH FULWHULLOH DYXWH vQ YHGHUH vQ FDGUXO SODQXOXL DQXDO GH IRUPDUH

SURIHVLRQDO úLGHFRQGL LLOHGHGHVI úXUDUHDDFWLYLW
LLODORFXOGHPXQF
OD GDWD ,XO 7LWOXO 9, &DSLWRO , DUW DEURJDW GH DUW , SXQFWXO GLQ 2UGRQDQWD XUJHQWD

$UW

0RGDOLWDWHDFRQFUHW GHIRUPDUHSURIHVLRQDO GUHSWXULOH úLREOLJD LLOHS U LORUGXUDWDIRUP ULL
SURIHVLRQDOH SUHFXP úL RULFH DOWH DVSHFWH OHJDWH GH IRUPDUHD SURIHVLRQDO IDF RELHFWXO XQRU
DFWHDGL LRQDOHODFRQWUDFWHOHLQGLYLGXDOHGHPXQF

3DUWLFLSDUHD OD IRUPDUH SURIHVLRQDO SRDWH DYHD ORF OD LQL LDWLYD DQJDMDWRUXOXL VDX OD
LQL LDWLYDVDODULDWXOXL

0RGDOLWDWHD FRQFUHW GH IRUPDUH SURIHVLRQDO GUHSWXULOH úL REOLJD LLOH S U LORU GXUDWD

IRUP ULL SURIHVLRQDOH SUHFXP úL RULFH DOWH DVSHFWH OHJDWH GH IRUPDUHD SURIHVLRQDO LQFOXVLY
REOLJD LLOH FRQWUDFWXDOH DOH VDODULDWXOXL vQ UDSRUW FX DQJDMDWRUXO FDUH D VXSRUWDW FKHOWXLHOLOH

RFD]LRQDWHGHIRUPDUHDSURIHVLRQDO VHVWDELOHVFSULQDFRUGXOS U LORUúLIDFRELHFWXOXQRUDFWH
DGL LRQDOHODFRQWUDFWHOHLQGLYLGXDOHGHPXQF

$UW

ÌQ FD]XO vQ FDUH SDUWLFLSDUHD OD FXUVXULOH VDX VWDJLLOH GH IRUPDUH SURIHVLRQDO HVWH LQL LDW

GH DQJDMDWRU WRDWH FKHOWXLHOLOH RFD]LRQDWH GH DFHDVW SDUWLFLSDUH VXQW VXSRUWDWH GH F WUH
DFHVWD

ÌQFD]XOvQFDUHvQFRQGL LLOHSUHY ]XWHODDOLQSDUWLFLSDUHDODFXUVXULOHVDXVWDJLLOHGH

IRUPDUH SURIHVLRQDO SUHVXSXQH VFRDWHUHD SDU LDO GLQ DFWLYLWDWH VDODULDWXO SDUWLFLSDQW YD
EHQHILFLDGHGUHSWXULVDODULDOHDVWIHO


D GDF SDUWLFLSDUHDSUHVXSXQHVFRDWHUHDGLQDFWLYLWDWHDVDODULDWXOXLSHQWUXRSHULRDG FHQX

GHS úHúWH GLQ GXUDWD ]LOQLF D WLPSXOXL QRUPDO GH OXFUX DFHVWD YD EHQHILFLD SH WRDW

GXUDWD IRUP ULL SURIHVLRQDOH GH VDODULXO LQWHJUDO FRUHVSXQ] WRU SRVWXOXL úL IXQF LHL GH LQXWH
FXWRDWHLQGHPQL]D LLOHVSRUXULOHúLDGDRVXULOHODDFHVWD

E GDF SDUWLFLSDUHD SUHVXSXQH VFRDWHUHD GLQ DFWLYLWDWH D VDODULDWXOXL SHQWUX R SHULRDG PDL

PDUH GH GLQ GXUDWD ]LOQLF D WLPSXOXL QRUPDO GH OXFUX DFHVWD YD EHQHILFLD GH VDODULXO

GHED] úLGXS FD]GHVSRUXOGHYHFKLPH
'DF SDUWLFLSDUHD OD FXUVXULOH VDX OD VWDJLXO GH IRUPDUH SURIHVLRQDO SUHVXSXQH VFRDWHUHD
LQWHJUDO GLQ DFWLYLWDWH FRQWUDFWXO LQGLYLGXDO GH PXQF DO VDODULDWXOXL UHVSHFWLY VH VXVSHQG
DFHVWD EHQHILFLLQG GH R LQGHPQL]D LH SOWLW GH DQJDMDWRU SUHY]XW vQ FRQWUDFWXO FROHFWLY GH
PXQFDSOLFDELOVDXvQFRQWUDFWXOLQGLYLGXDOGHPXQFGXSFD]
3H SHULRDGD VXVSHQGULL FRQWUDFWXOXL LQGLYLGXDO GH PXQF vQ FRQGL LLOH SUHY]XWH OD DOLQ
VDODULDWXOEHQHILFLD]GHYHFKLPHODDFHOORFGHPXQFDFHDVWSHULRDGILLQGFRQVLGHUDW
VWDJLXGHFRWL]DUHvQVLVWHPXODVLJXUULORUVRFLDOHGHVWDW
$UW
6DODULD LLFDUHDXEHQHILFLDWGHXQFXUVVDXXQVWDJLXGHIRUPDUHSURIHVLRQDO PDLPDUHGH
GH ]LOH vQ FRQGL LLOH DUW DOLQ OLW E úL DOLQ QX SRW DYHD LQL LDWLYD vQFHW ULL

FRQWUDFWXOXL LQGLYLGXDO GH PXQF R SHULRDG GH FHO SX LQ DQL GH OD GDWD DEVROYLULL FXUVXULORU
VDXVWDJLXOXLGHIRUPDUHSURIHVLRQDO
OD GDWD0DU 7LWOXO9, &DSLWRO, DUW DOLQ DIRVWDWDFDW GH H[FHSWLHUHVSLQVD 'HFL]LD

'XUDWD REOLJD LHL VDODULDWXOXL GH D SUHVWD PXQF vQ IDYRDUHD DQJDMDWRUXOXL FDUH D VXSRUWDW

FKHOWXLHOLOH RFD]LRQDWH GH IRUPDUHD SURIHVLRQDO SUHFXP úL RULFH DOWH DVSHFWH vQ OHJ WXU FX

REOLJD LLOH VDODULDWXOXL XOWHULRDUH IRUP ULL SURIHVLRQDOH VH VWDELOHVF SULQ DFW DGL LRQDO OD
FRQWUDFWXOLQGLYLGXDOGHPXQF

1HUHVSHFWDUHD GH F WUH VDODULDW D GLVSR]L LHL SUHY ]XWH OD DOLQ GHWHUPLQ REOLJDUHD

DFHVWXLD OD VXSRUWDUHD WXWXURU FKHOWXLHOLORU RFD]LRQDWH GH SUHJ WLUHD VD SURIHVLRQDO

SURSRU LRQDOFXSHULRDGDQHOXFUDW GLQSHULRDGDVWDELOLW FRQIRUPDFWXOXLDGL LRQDOODFRQWUDFWXO
LQGLYLGXDOGHPXQF

2EOLJD LD SUHY ]XW OD DOLQ UHYLQH úL VDODULD LORU FDUH DX IRVW FRQFHGLD L vQ SHULRDGD

VWDELOLW SULQ DFWXO DGL LRQDO SHQWUX PRWLYH GLVFLSOLQDUH VDX DO F URU FRQWUDFW LQGLYLGXDO GH
PXQFDvQFHWDWFDXUPDUHDDUHVWULLSUHYHQWLYHSHQWUXRSHULRDGPDLPDUHGHGH]LOHD
FRQGDPQULL SULQWUR KRWUkUH MXGHFWRUHDVF GHILQLWLY SHQWUX R LQIUDF LXQH vQ OHJWXU FX
PXQFD ORU SUHFXP úL vQ FD]XO vQ FDUH LQVWDQ D SHQDO D SURQXQ DW LQWHUGLF LD GH H[HUFLWDUH D
SURIHVLHLWHPSRUDUVDXGHILQLWLY
$UW

ÌQ FD]XO vQ FDUH VDODULDWXO HVWH FHO FDUH DUH LQL LDWLYD SDUWLFLS ULL OD R IRUP GH SUHJ WLUH

SURIHVLRQDO FXVFRDWHUHGLQDFWLYLWDWHDQJDMDWRUXOYDDQDOL]DVROLFLWDUHDVDODULDWXOXLvPSUHXQ

FXVLQGLFDWXOVDXGXS FD]FXUHSUH]HQWDQ LLVDODULD LORU

$QJDMDWRUXO YD GHFLGH FX SULYLUH OD FHUHUHD IRUPXODW GH VDODULDW SRWULYLW DOLQ vQ

WHUPHQ GH ]LOH GH OD SULPLUHD VROLFLW ULL 7RWRGDW DQJDMDWRUXO YD GHFLGH FX SULYLUH OD

FRQGL LLOH vQ FDUH YD SHUPLWH VDODULDWXOXL SDUWLFLSDUHD OD IRUPD GH SUHJ WLUH SURIHVLRQDO

LQFOXVLYGDF YDVXSRUWDvQWRWDOLWDWHVDXvQSDUWHFRVWXORFD]LRQDWGHDFHDVWD
$UW

6DODULD LL FDUH DX vQFKHLDW XQ DFW DGL LRQDO OD FRQWUDFWXO LQGLYLGXDO GH PXQF FX SULYLUH OD

IRUPDUHD SURIHVLRQDO SRW SULPL vQ DIDUD VDODULXOXL FRUHVSXQ] WRU ORFXOXL GH PXQF úL DOWH

&$3,72/8/,, &RQWUDFWHVSHFLDOHGHIRUPDUHSURIHVLRQDO RUJDQL]DWGH
DYDQWDMHvQQDWXU SHQWUXIRUPDUHDSURIHVLRQDO
DQJDMDWRU

$UW

6XQW FRQVLGHUDWH FRQWUDFWH VSHFLDOH GH IRUPDUH SURIHVLRQDO FRQWUDFWXO GH FDOLILFDUH

SURIHVLRQDO úLFRQWUDFWXOGHDGDSWDUHSURIHVLRQDO
$UW

&RQWUDFWXOGHFDOLILFDUHSURIHVLRQDO HVWHFHOvQED]DF UXLDVDODULDWXOVHREOLJ V XUPH]H
FXUVXULOHGHIRUPDUHRUJDQL]DWHGHDQJDMDWRUSHQWUXGREkQGLUHDXQHLFDOLILF ULSURIHVLRQDOH

3RW vQFKHLD FRQWUDFWH GH FDOLILFDUH SURIHVLRQDO VDODULD LL FX YkUVWD PLQLP GH DQL
vPSOLQL L FDUH QX DX GREkQGLW R FDOLILFDUH VDX DX GREkQGLW R FDOLILFDUH FH QX OH SHUPLWH

PHQ LQHUHDORFXOXLGHPXQF ODDFHODQJDMDWRU

&RQWUDFWXO GH FDOLILFDUH SURIHVLRQDO VH vQFKHLH SHQWUX R GXUDW FXSULQV vQWUH OXQL úL
DQL
$UW

3RW vQFKHLD FRQWUDFWH GH FDOLILFDUH SURIHVLRQDO QXPDL DQJDMDWRULL DXWRUL]D L vQ DFHVW VHQV
GH0LQLVWHUXO0XQFLLúL6ROLGDULW LL6RFLDOHúLGH0LQLVWHUXO(GXFD LHLúL&HUFHW ULL

3URFHGXUDGHDXWRUL]DUHSUHFXPúLPRGXOGHDWHVWDUHDFDOLILF ULLSURIHVLRQDOHVHVWDELOHVF
SULQOHJHVSHFLDO
$UW

&RQWUDFWXO GH DGDSWDUH SURIHVLRQDO VH vQFKHLH vQ YHGHUHD DGDSW ULL VDODULD LORU GHEXWDQ L

ODRIXQF LHQRX ODXQORFGHPXQF QRXVDXvQFDGUXOXQXLFROHFWLYQRX

&RQWUDFWXOGHDGDSWDUHSURIHVLRQDO VHvQFKHLHRGDW FXvQFKHLHUHDFRQWUDFWXOXLLQGLYLGXDO

GHPXQF VDXGXS FD]ODGHEXWXOVDODULDWXOXLvQIXQF LDQRX ODORFXOGHPXQF QRXVDXvQ
FROHFWLYXOQRXvQFRQGL LLOHOHJLL
$UW

&RQWUDFWXO GH DGDSWDUH SURIHVLRQDO HVWH XQ FRQWUDFW vQFKHLDW SH GXUDW GHWHUPLQDW FH
QXSRDWHILPDLPDUHGHXQDQ

/D H[SLUDUHD WHUPHQXOXL FRQWUDFWXOXL GH DGDSWDUH SURIHVLRQDO VDODULDWXO SRDWH IL VXSXV

XQHLHYDOX ULvQYHGHUHDVWDELOLULLP VXULLvQFDUHDFHVWDSRDWHIDFHID IXQF LHLQRLORFXOXLGH

PXQF QRXVDXFROHFWLYXOXLQRXvQFDUHXUPHD] V SUHVWH]HPXQFD
$UW

)RUPDUHD SURIHVLRQDO OD QLYHOXO DQJDMDWRUXOXL SULQ LQWHUPHGLXO FRQWUDFWHORU VSHFLDOH VH

IDFHGHF WUHXQIRUPDWRU
)RUPDWRUXOHVWHQXPLWGHDQJDMDWRUGLQWUHVDODULD LLFDOLILFD LFXRH[SHULHQ SURIHVLRQDO

GHFHOSX LQDQLvQGRPHQLXOvQFDUHXUPHD] V VHUHDOL]H]HIRUPDUHDSURIHVLRQDO
8QIRUPDWRUSRDWHDVLJXUDIRUPDUHDvQDFHODúLWLPSSHQWUXFHOPXOWVDODULD L
([HUFLWDUHD DFWLYLW
LL GH IRUPDUH SURIHVLRQDO VH LQFOXGH vQ SURJUDPXO QRUPDO GH OXFUX DO
IRUPDWRUXOXL
$UW
)RUPDWRUXODUHREOLJD LDGHDSULPLGHDDMXWDGHDLQIRUPDúLGHDvQGUXPDVDODULDWXOSH

GXUDWD FRQWUDFWXOXL VSHFLDO GH IRUPDUH SURIHVLRQDO úL GH D VXSUDYHJKHD vQGHSOLQLUHD

DWULEX LLORUGHVHUYLFLXFRUHVSXQ] WRDUHSRVWXOXLRFXSDWGHVDODULDWXOvQIRUPDUH

)RUPDWRUXO DVLJXU FRRSHUDUHD FX DOWH RUJDQLVPH GH IRUPDUH úL SDUWLFLS OD HYDOXDUHD

&$3,72/8/,,, &RQWUDFWXOGHXFHQLFLHODORFXOGHPXQF
VDODULDWXOXLFDUHDEHQHILFLDWGHIRUPDUHSURIHVLRQDO
$UW

&RQWUDFWXO GH XFHQLFLH OD ORFXO GH PXQF HVWH FRQWUDFWXO LQGLYLGXDO GH PXQF GH WLS

SDUWLFXODUvQWHPHLXOF UXLD

D DQJDMDWRUXOSHUVRDQ MXULGLF VDXSHUVRDQ IL]LF VHREOLJ FDvQDIDUDSO LLXQXLVDODULX

V DVLJXUHXFHQLFXOXLIRUPDUHDSURIHVLRQDO vQWURDQXPLW PHVHULH

E XFHQLFXO VH REOLJ V XUPH]H FXUVXULOH GH IRUPDUH SURIHVLRQDO úL V PXQFHDVF vQ
VXERUGLQHDDQJDMDWRUXOXLUHVSHFWLY


&RQWUDFWXOGHXFHQLFLHODORFXOGHPXQF VHvQFKHLHSHRGXUDW GHWHUPLQDW FDUHQXSRDWH
ILPDLPDUHGHDQL

8FHQLFLDODORFXOGHPXQF VHRUJDQL]HD] vQED]DFRQWUDFWXOXLGHXFHQLFLH

&RQWUDFWXO GH XFHQLFLH OD ORFXO GH PXQF HVWH FRQWUDFWXO LQGLYLGXDO GH PXQF GH WLS

SDUWLFXODUvQWHPHLXOF UXLD

D DQJDMDWRUXOSHUVRDQ MXULGLF VDXSHUVRDQ IL]LF VHREOLJ FDvQDIDUDSO LLXQXLVDODULX

V DVLJXUH IRUPDUHD SURIHVLRQDO D XFHQLFXOXL vQWUR PHVHULH SRWULYLW GRPHQLXOXL V X GH
DFWLYLWDWH

E XFHQLFXOVHREOLJ V VHIRUPH]HSURIHVLRQDO úL V PXQFHDVF vQVXERUGLQHDDQJDMDWRUXOXL
UHVSHFWLY

&RQWUDFWXOGHXFHQLFLHODORFXOGHPXQF VHvQFKHLHSHGXUDW GHWHUPLQDW
OD GDWD ,XO 7LWOXO 9, &DSLWRO ,,, DUW PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD
$UW

&RQWUDFWXO GH XFHQLFLH OD ORFXO GH PXQF VH vQFKHLH GH F WUH DQJDMDWRUXO DXWRUL]DW GH
0LQLVWHUXO0XQFLLúL6ROLGDULW LL6RFLDOH
ODGDWD,XO7LWOXO9,&DSLWRO,,,DUWDEURJDWGHDUW,SXQFWXOGLQ 2UGRQDQWDXUJHQWD

$UW

3RDWH IL vQFDGUDW FD XFHQLF RULFH WkQ U FDUH QX GH LQH R FDOLILFDUH SURIHVLRQDO úL FDUH OD
GHEXWXOSHULRDGHLGHXFHQLFLHQXDvPSOLQLWYkUVWDGHGHDQL

8FHQLFXO EHQHILFLD] GH GLVSR]L LLOH DSOLFDELOH FHORUODO L VDODULD L vQ P VXUD vQ FDUH HOH QX
VXQWFRQWUDUHFHORUVSHFLILFHVWDWXWXOXLGHXFHQLF

3HUVRDQDvQFDGUDW vQPXQF vQED]DXQXLFRQWUDFWGHXFHQLFLHDUHVWDWXWGHXFHQLF

8FHQLFXO EHQHILFLD] GH GLVSR]L LLOH DSOLFDELOH FHORUODO L VDODULD L vQ P VXUD vQ FDUH HOH QX
VXQWFRQWUDUHFHORUVSHFLILFHVWDWXWXOXLV X
XUJHQWD
$UW
7LPSXO QHFHVDU XFHQLFXOXL SHQWUX SDUWLFLSDUHD OD DFWLYLW L WHRUHWLFH FH LQ GH SUHJ WLUHD VD

SURIHVLRQDO HVWHLQFOXVvQSURJUDPXOQRUPDOGHPXQF

$UW
ÌQFD]XOXFHQLFLORUVHLQWHU]LF

D PXQFDSUHVWDW vQFRQGL LLJUHOHY W P WRDUHVDXSHULFXORDVH
E PXQFDVXSOLPHQWDU
F PXQFDGHQRDSWH

$UW

&RQWUDFWXO GH XFHQLFLH OD ORFXO GH PXQF YD FXSULQGH vQ DIDUD GLVSR]L LLORU REOLJDWRULL

SUHY ]XWHvQFRQWUDFWXOLQGLYLGXDOGHPXQF XUP WRDUHOH

D SUHFL]DUHDSHUVRDQHLFDUHXUPHD] V VHRFXSHGHSUHJ WLUHDXFHQLFXOXLGHQXPLW PDLVWUX
GHXFHQLFLHúLFDOLILFDUHDDFHVWHLD

E GXUDWDQHFHVDU SHQWUXRE LQHUHDFDOLILF ULLvQPHVHULDUHVSHFWLY

F DYDQWDMHOHvQQDWXU DFRUGDWHXFHQLFXOXLvQYHGHUHDFDOLILF ULLSURIHVLRQDOH

$UW
0DLVWUXOGHXFHQLFLHHVWHVDODULDWDODQJDMDWRUXOXLDWHVWDWSHQWUXSUHJ WLUHDXFHQLFLORU
0DLVWUXOGHXFHQLFLHHVWHDWHVWDWGH0LQLVWHUXO0XQFLLúL6ROLGDULW LL6RFLDOH

ODGDWD,XO7LWOXO9,&DSLWRO,,,DUWDEURJDWGHDUW,SXQFWXOGLQ2UGRQDQWDXUJHQWD

$UW

$SWLWXGLQLOH XFHQLFXOXL GH D SUHVWD PHVHULD SHQWUX FDUH HVWH SUHJ WLW SULQ FRQWUDFWXO GH

XFHQLFLHODORFXOGHPXQF IDFRELHFWXOXQHLYHULILF ULILQDOHRUJDQL]DWHGHDQJDMDWRU

6DODULD LLDF URUIRUPDUHSURIHVLRQDO DI FXWRELHFWXOXQXLFRQWUDFWGHXFHQLFLHODORFXOGH

PXQF QXYRUSXWHDILREOLJD LODVXSRUWDUHDFKHOWXLHOLORUGHIRUPDUHI FXWHGHDQJDMDWRU
ODGDWD,XO7LWOXO9,&DSLWRO,,,DUWDEURJDWGHDUW,SXQFWXOGLQ2UGRQDQWDXUJHQWD

$UW
&RQWUROXO DFWLYLW
LL GH XFHQLFLH OD ORFXO GH PXQF VWDWXWXO XFHQLFXOXL PRGXO GH vQFKHLHUH úL

GH H[HFXWDUH D FRQWUDFWXOXL GH XFHQLFLH OD ORFXO GH PXQF DXWRUL]DUHD DQJDMDWRULORU SHQWUX

vQFKHLHUHD FRQWUDFWHORU GH XFHQLFLH OD ORFXO GH PXQF DWHVWDUHD PDLVWUXOXL GH XFHQLFLH

YHULILFDUHD ILQDO D DSWLWXGLQLORU XFHQLFXOXL SUHFXP úL RULFH DOWH DVSHFWH OHJDWH GH FRQWUDFWXO

GHXFHQLFLHODORFXOGHPXQF XUPHD] V ILHUHJOHPHQWDWHSULQOHJHVSHFLDO

2UJDQL]DUHD GHVI úXUDUHD úL FRQWUROXO DFWLYLW
LL GH XFHQLFLH VH UHJOHPHQWHD] SULQ OHJH
VSHFLDO
7,7/8/9,, 'LDORJXOVRFLDO
XUJHQWD

$UW

3HQWUX DVLJXUDUHD FOLPDWXOXL GH VWDELOLWDWH úL SDFH VRFLDO SULQ OHJH VXQW UHJOHPHQWDWH
PRGDOLW
LOHGHFRQVXOW ULúLGLDORJSHUPDQHQWvQWUHSDUWHQHULLVRFLDOL
$UW

&RQVLOLXO (FRQRPLF úL 6RFLDO HVWH LQVWLWX LH SXEOLF GH LQWHUHV QD LRQDO WULSDUWLW DXWRQRP

FRQVWLWXLW vQVFRSXOUHDOL] ULLGLDORJXOXLVRFLDOODQLYHOQD LRQDO
$UW

ÌQ FDGUXO PLQLVWHUHORUúL SUHIHFWXULORUIXQF LRQHD] vQ FRQGL LLOHOHJLLFRPLVLLGHGLDORJ VRFLDO

&$3,72/8/,, 6LQGLFDWHOH
FXFDUDFWHUFRQVXOWDWLYvQWUHDGPLQLVWUD LDSXEOLF VLQGLFDWHúLSDWURQDW
$UW

6LQGLFDWHOH VXQW SHUVRDQH MXULGLFH LQGHSHQGHQWH I U VFRS SDWULPRQLDO FRQVWLWXLWH vQ

VFRSXO DS U ULL úL SURPRY ULL GUHSWXULORU FROHFWLYH úL LQGLYLGXDOH SUHFXP úL D LQWHUHVHORU
SURIHVLRQDOHHFRQRPLFHVRFLDOHFXOWXUDOHúLVSRUWLYHDOHPHPEULORUORU
&RQGL LLOHúLSURFHGXUDGHGREkQGLUHDSHUVRQDOLW
LLMXULGLFHGHF WUHRUJDQL]D LLOHVLQGLFDOH

VHUHJOHPHQWHD] SULQOHJHVSHFLDO
2UJDQL]D LLOH VLQGLFDOH DX GUHSWXO GH DúL UHJOHPHQWD SULQ VWDWXWHOH SURSULL PRGXO GH

RUJDQL]DUH DVRFLHUH úL JHVWLXQH FX FRQGL LD FD VWDWXWHOH V ILH DGRSWDWH SULQWUR SURFHGXU

GHPRFUDWLF vQFRQGL LLOHOHJLL
$UW

6LQGLFDWHOH SDUWLFLS SULQ UHSUH]HQWDQ LL SURSULL vQ FRQGL LLOH OHJLL OD QHJRFLHUHD úL vQFKHLHUHD

FRQWUDFWHORU FROHFWLYH GH PXQF OD WUDWDWLYH VDX DFRUGXUL FX DXWRULW LOH SXEOLFH úL FX
SDWURQDWHOHSUHFXPúLvQVWUXFWXULOHVSHFLILFHGLDORJXOXLVRFLDO
$UW
6LQGLFDWHOH VH SRW DVRFLD vQ PRG OLEHU vQ FRQGL LLOH OHJLL vQ IHGHUD LL FRQIHGHUD LL VDX XQLXQL
WHULWRULDOH
$UW
([HUFL LXO GUHSWXOXL VLQGLFDO DO VDODULD LORU HVWH UHFXQRVFXW OD QLYHOXO WXWXURU DQJDMDWRULORU FX
UHVSHFWDUHD GUHSWXULORU úL OLEHUW LORU JDUDQWDWH SULQ &RQVWLWX LH úL vQ FRQIRUPLWDWH FX

GLVSR]L LLOHSUH]HQWXOXLFRGúLDOHOHJLORUVSHFLDOH
$UW

(VWHLQWHU]LV RULFHLQWHUYHQ LHDDXWRULW
LORUSXEOLFHGHQDWXU DOLPLWDGUHSWXULOHVLQGLFDOH
VDXDOHvPSLHGLFDH[HUFLWDUHDORUOHJDO
(VWH LQWHU]LV GH DVHPHQHD RULFH DFW GH LQJHULQ DO SDWURQLORU VDX DO RUJDQL]D LLORU
SDWURQDOH ILH GLUHFW ILH SULQ UHSUH]HQWDQ LL VDX PHPEULL ORU vQ FRQVWLWXLUHD RUJDQL]D LLORU
VLQGLFDOHVDXvQH[HUFLWDUHDGUHSWXULORUORU
$UW

/D FHUHUHD PHPEULORU ORU VLQGLFDWHOH SRW V vL UHSUH]LQWH SH DFHúWLD vQ FDGUXO FRQIOLFWHORU GH
GUHSWXUL
$UW
ODGDWD)HE7LWOXO9,,&DSLWRO,,DUWDIRVWDWDFDWGH'HFL]LD

5HSUH]HQWDQ LORUDOHúLvQRUJDQHOHGHFRQGXFHUHDOHVLQGLFDWHORUOLVHDVLJXU SURWHF LDOHJLL

FRQWUDRULF URUIRUPHGHFRQGL LRQDUHFRQVWUkQJHUHVDXOLPLWDUHDH[HUFLW ULLIXQF LLORUORU
3H WRDW GXUDWD H[HUFLWULL PDQGDWXOXL SUHFXP úL SH R SHULRDG GH DQL GH OD vQFHWDUHD
DFHVWXLD UHSUH]HQWDQ LL DOHúL vQ RUJDQHOH GH FRQGXFHUH DOH VLQGLFDWHORU QX SRW IL FRQFHGLD L
SHQWUX PRWLYH FDUH QX LQ GH SHUVRDQD VDODULDWXOXL SHQWUX QHFRUHVSXQGHUH SURIHVLRQDO VDX
SHQWUXPRWLYHFH LQGHvQGHSOLQLUHDPDQGDWXOXLSHFDUHODXSULPLWGHODVDODULD LLGLQXQLWDWH
ODGDWD1RY7LWOXO9,,&DSLWRO,,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

$OWH P VXUL GH SURWHF LH D FHORU DOHúL vQ RUJDQHOH GH FRQGXFHUH DOH VLQGLFDWHORU VXQW

&$3,72/8/,,, 5HSUH]HQWDQ LLVDODULD LORU
SUHY ]XWHvQOHJLVSHFLDOHúLvQFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELO
$UW

/D DQJDMDWRULL OD FDUH VXQW vQFDGUD L PDL PXOW GH GH VDODULD L úL GDF QLFL XQXO QX HVWH

PHPEUXGHVLQGLFDWLQWHUHVHOHDFHVWRUDSRWILSURPRYDWHúLDS UDWHGHUHSUH]HQWDQ LLORUDOHúL
úLPDQGDWD LVSHFLDOvQDFHVWVFRS

5HSUH]HQWDQ LLVDODULD LORUVXQWDOHúLvQFDGUXODGXQ ULLJHQHUDOHDVDODULD LORUFXYRWXODFHO

SX LQMXP WDWHGLQQXP UXOWRWDODOVDODULD LORU

5HSUH]HQWDQ LL VDODULD LORU QX SRW V GHVI úRDUH DFWLYLW L FH VXQW UHFXQRVFXWH SULQ OHJH
H[FOXVLYVLQGLFDWHORU
$UW
3RW IL DOHúL FD UHSUH]HQWDQ L DL VDODULD LORU VDODULD LL FDUH DX vPSOLQLW YkUVWD GH GH DQL úL

FDUHDXOXFUDWODDQJDMDWRUFHOSX LQXQDQI U vQWUHUXSHUH

&RQGL LD YHFKLPLL SUHY ]XWH OD DOLQ QX HVWH QHFHVDU vQ FD]XO DOHJHULL UHSUH]HQWDQ LORU
VDODULD LORUODDQJDMDWRULLQRXvQILLQ D L

1XP UXOGHUHSUH]HQWDQ LDOHúLDLVDODULD LORUVHVWDELOHúWHGHFRPXQDFRUGFXDQJDMDWRUXO

vQUDSRUWFXQXP UXOGHVDODULD LDLDFHVWXLD
'XUDWDPDQGDWXOXLUHSUH]HQWDQ LORUVDODULD LORUQXSRDWHILPDLPDUHGHDQL
$UW

5HSUH]HQWDQ LLVDODULD LORUDXXUP WRDUHOHDWULEX LLSULQFLSDOH

D V XUP UHDVF UHVSHFWDUHD GUHSWXULORU VDODULD LORU vQ FRQIRUPLWDWH FX OHJLVOD LD vQ YLJRDUH

FX FRQWUDFWXO FROHFWLY GH PXQF DSOLFDELO FX FRQWUDFWHOH LQGLYLGXDOH GH PXQF úL FX
UHJXODPHQWXOLQWHUQ

E V SDUWLFLSHODHODERUDUHDUHJXODPHQWXOXLLQWHUQ

F V SURPRYH]HLQWHUHVHOHVDODULD LORUUHIHULWRDUHODVDODULXFRQGL LLGHPXQF WLPSGHPXQF

úL WLPS GH RGLKQ VWDELOLWDWH vQ PXQF SUHFXP úL RULFH DOWH LQWHUHVH SURIHVLRQDOH HFRQRPLFH
úLVRFLDOHOHJDWHGHUHOD LLOHGHPXQF

G V VHVL]H]H LQVSHFWRUDWXO GH PXQF FX SULYLUH OD QHUHVSHFWDUHD GLVSR]L LLORU OHJDOH úL DOH

FRQWUDFWXOXLFROHFWLYGHPXQF DSOLFDELO
$UW

$WULEX LLOH UHSUH]HQWDQ LORU VDODULD LORU PRGXO GH vQGHSOLQLUH D DFHVWRUD SUHFXP úL GXUDWD úL

OLPLWHOHPDQGDWXOXLORUVHVWDELOHVFvQFDGUXODGXQ ULLJHQHUDOHDVDODULD LORUvQFRQGL LLOHOHJLL
$UW
7LPSXO DORFDW UHSUH]HQWDQ LORU VDODULD LORU vQ YHGHUHD vQGHSOLQLULL PDQGDWXOXL SH FDUH ODX

SULPLW HVWH GH GH RUH SH OXQ úL VH FRQVLGHU WLPS HIHFWLY OXFUDW ILLQG VDODUL]DW
FRUHVSXQ] WRU
$UW

3H WRDW GXUDWD H[HUFLW ULL PDQGDWXOXL UHSUH]HQWDQ LL VDODULD LORU QX SRW IL FRQFHGLD L SHQWUX
PRWLYH FDUH QX LQ GH SHUVRDQD VDODULDWXOXL SHQWUX QHFRUHVSXQGHUH SURIHVLRQDO VDX SHQWUX
&$3,72/8/,9 3DWURQDWXO
PRWLYHFH LQGHvQGHSOLQLUHDPDQGDWXOXLSHFDUHODXSULPLWGHODVDODULD L
$UW
3DWURQXO GHQXPLW vQ SUH]HQWXO FRG DQJDMDWRU HVWH SHUVRDQD MXULGLF vQPDWULFXODW VDX

SHUVRDQDIL]LF DXWRUL]DW SRWULYLWOHJLLFDUHDGPLQLVWUHD] úLXWLOL]HD] FDSLWDOXOLQGLIHUHQWGH
QDWXUD DFHVWXLD vQ VFRSXO RE LQHULL GH SURILW vQ FRQGL LL GH FRQFXUHQ úL FDUH DQJDMHD]

PXQF VDODULDW
$UW

3DWURQDWHOH VXQW RUJDQL]D LL DOH SDWURQLORU DXWRQRPH I U FDUDFWHU SROLWLF vQILLQ DWH FD

SHUVRDQHMXULGLFHGHGUHSWSULYDWI U VFRSSDWULPRQLDO
3DWURQDWHOHVHSRWFRQVWLWXLvQXQLXQLIHGHUD LLFRQIHGHUD LLSDWURQDOHVDXvQDOWHVWUXFWXUL
DVRFLDWLYH
$UW

3DWURQDWHOH UHSUH]LQW VXV LQ úL DS U LQWHUHVHOH PHPEULORU ORU vQ UHOD LLOH FX DXWRULW LOH
SXEOLFHFXVLQGLFDWHOHúLFXDOWHSHUVRDQHMXULGLFHúLIL]LFHvQUDSRUWFXRELHFWXOúLVFRSXOORUGH
DFWLYLWDWHSRWULYLWSURSULLORUVWDWXWHúLvQDFRUGFXSUHYHGHULOHOHJLL
/D FHUHUHD PHPEULORU ORU SDWURQDWHOH vL SRW UHSUH]HQWD SH DFHúWLD vQ FD]XO FRQIOLFWHORU GH
GUHSWXUL
$UW

0HPEULORU RUJDQHORU GH FRQGXFHUH DOHVH DOH SDWURQDWHORU OL VH DVLJXU SURWHF LD OHJLL FRQWUD

RULF URU IRUPH GH GLVFULPLQDUH FRQGL LRQDUH FRQVWUkQJHUH VDX OLPLWDUH D H[HUFLW ULL IXQF LLORU
ORU
$UW
3DWURQDWHOH VXQW SDUWHQHUL VRFLDOL vQ UHOD LLOH FROHFWLYH GH PXQF SDUWLFLSkQG SULQ
UHSUH]HQWDQ L SURSULL OD QHJRFLHUHD úL vQFKHLHUHD FRQWUDFWHORU FROHFWLYH GH PXQF OD WUDWDWLYH
úL DFRUGXUL FX DXWRULW LOH SXEOLFH úL FX VLQGLFDWHOH SUHFXP úL vQ VWUXFWXULOH VSHFLILFH GLDORJXOXL
VRFLDO
$UW
&RQVWLWXLUHD úL IXQF LRQDUHD DVRFLD LLORU SDWURQDOH SUHFXP úL H[HUFLWDUHD GUHSWXULORU úL
REOLJD LLORUDFHVWRUDVXQWUHJOHPHQWDWHSULQOHJH

(VWH LQWHU]LV RULFH LQWHUYHQ LH D DXWRULW
LORU SXEOLFH GH QDWXU D OLPLWD H[HUFLWDUHD
GUHSWXULORUSDWURQDOHVDXDOHvPSLHGLFDH[HUFLWDUHDOHJDO
(VWH LQWHU]LV GH DVHPHQHD RULFH DFW GH LQJHULQ DO VDODULD LORU VDX DO VLQGLFDWXOXL ILH

GLUHFW ILH SULQ UHSUH]HQWDQ LL ORU VDX SULQ PHPEULL VLQGLFDWXOXL GXS FD] vQ FRQVWLWXLUHD
7,7/8/9,,, &RQWUDFWHOHFROHFWLYHGHPXQF
DVRFLD LLORUSDWURQDOHVDXvQH[HUFLWDUHDGUHSWXULORUORU
$UW

&RQWUDFWXO FROHFWLY GH PXQF HVWH FRQYHQ LD vQFKHLDW vQ IRUP VFULV vQWUH DQJDMDWRU VDX

RUJDQL]D LDSDWURQDO GHRSDUWHúLVDODULD LUHSUH]HQWD LSULQVLQGLFDWHRULvQDOWPRGSUHY ]XW

GHOHJHGHFHDODOW SDUWHSULQFDUHVHVWDELOHVFFODX]HSULYLQGFRQGL LLOHGHPXQF VDODUL]DUHD
SUHFXPúLDOWHGUHSWXULúLREOLJD LLFHGHFXUJGLQUDSRUWXULOHGHPXQF


1HJRFLHUHD FROHFWLY HVWH REOLJDWRULH FX H[FHS LD FD]XOXL vQ FDUH DQJDMDWRUXO DUH vQFDGUD L
PDLSX LQGHGHVDODULD L

/DQHJRFLHUHDFODX]HORUúLODvQFKHLHUHDFRQWUDFWHORUFROHFWLYHGHPXQF S U LOHVXQWHJDOHúL
OLEHUH

&RQWUDFWHOH FROHFWLYH GH PXQF vQFKHLDWH FX UHVSHFWDUHD GLVSR]L LLORU OHJDOH FRQVWLWXLH

OHJHDS U LORU
$UW

3 U LOH UHSUH]HQWDUHD DFHVWRUD úL SURFHGXUD GH QHJRFLHUH úL GH vQFKHLHUH D FRQWUDFWHORU

FROHFWLYHGHPXQF VXQWVWDELOLWHSRWULYLWOHJLL
$UW

&RQWUDFWHOH FROHFWLYH GH PXQF QX SRW FRQ LQH FODX]H FDUH V VWDELOHDVF GUHSWXUL OD XQ

QLYHOLQIHULRUFHOXLVWDELOLWSULQFRQWUDFWHOHFROHFWLYHGHPXQF vQFKHLDWHODQLYHOVXSHULRU
OD GDWD 0DL 7LWOXO 9,,, DUW DOLQ D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD )HE 7LWOXO 9,,, DUW DOLQ D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

&RQWUDFWHOH LQGLYLGXDOH GH PXQF QX SRW FRQ LQH FODX]H FDUH V VWDELOHDVF GUHSWXUL OD XQ
QLYHOLQIHULRUFHOXLVWDELOLWSULQFRQWUDFWHOHFROHFWLYHGHPXQF

/D vQFKHLHUHD FRQWUDFWXOXL FROHFWLY GH PXQF SUHYHGHULOH OHJDOH UHIHULWRDUH OD GUHSWXULOH
VDODULD LORUDXXQFDUDFWHUPLQLPDO
$UW

3UHYHGHULOH FRQWUDFWXOXL FROHFWLY GH PXQF SURGXF HIHFWH SHQWUX WR L VDODULD LL LQGLIHUHQW GH

GDWDDQJDM ULLVDXGHDILOLHUHDORUODRRUJDQL]D LHVLQGLFDO
$UW

&RQWUDFWHOH FROHFWLYH GH PXQF VH SRW vQFKHLD OD QLYHOXO DQJDMDWRULORU DO UDPXULORU GH
DFWLYLWDWHúLODQLYHOQD LRQDO

&RQWUDFWHOH FROHFWLYH GH PXQF VH SRW vQFKHLD úL OD QLYHOXO XQRU JUXSXUL GH DQJDMDWRUL
GHQXPLWHvQFRQWLQXDUHJUXSXULGHDQJDMDWRUL
$UW

&ODX]HOHFRQWUDFWHORUFROHFWLYHGHPXQF SURGXFHIHFWHGXS FXPXUPHD]

D SHQWUX WR L VDODULD LL DQJDMDWRUXOXL vQ FD]XO FRQWUDFWHORU FROHFWLYH GH PXQF vQFKHLDWH OD
DFHVWQLYHO
E SHQWUX WR L VDODULD LL vQFDGUD L OD DQJDMDWRULL FDUH IDF SDUWH GLQ JUXSXO GH DQJDMDWRUL SHQWUX

FDUHVDvQFKHLDWFRQWUDFWXOFROHFWLYGHPXQF ODDFHVWQLYHO
F SHQWUX WR L VDODULD LL vQFDGUD L OD WR L DQJDMDWRULL GLQ UDPXUD GH DFWLYLWDWH SHQWUX FDUH VD

vQFKHLDWFRQWUDFWXOFROHFWLYGHPXQF ODDFHVWQLYHO

G SHQWUX WR L VDODULD LL vQFDGUD L OD WR L DQJDMDWRULL GLQ DU vQ FD]XO FRQWUDFWXOXL FROHFWLY GH

PXQF ODQLYHOQD LRQDO

/D ILHFDUH GLQWUH QLYHOXULOH SUHY ]XWH OD DUW VH vQFKHLH XQ VLQJXU FRQWUDFW FROHFWLY GH

PXQF
$UW

&RQWUDFWXO FROHFWLY GH PXQF VH vQFKHLHSHR SHULRDG GHWHUPLQDW FDUH QX SRDWH ILPDL PLF

GHOXQLVDXSHGXUDWDXQHLOXFU ULGHWHUPLQDWH
$UW

([HFXWDUHDFRQWUDFWXOXLFROHFWLYGHPXQF HVWHREOLJDWRULHSHQWUXS U L

1HvQGHSOLQLUHD REOLJD LLORU DVXPDWH SULQ FRQWUDFWXO FROHFWLY GH PXQF DWUDJH U VSXQGHUHD

S U LORUFDUHVHIDFYLQRYDWHGHDFHDVWD
$UW

&ODX]HOH FRQWUDFWXOXL FROHFWLY GH PXQF SRW IL PRGLILFDWH SH SDUFXUVXO H[HFXW ULL OXL vQ

FRQGL LLOHOHJLLRULGHFkWHRULS U LOHFRQYLQDFHVWOXFUX
$UW

&RQWUDFWXOFROHFWLYGHPXQF vQFHWHD]

D ODvPSOLQLUHDWHUPHQXOXLVDXODWHUPLQDUHDOXFU ULLSHQWUXFDUHDIRVWvQFKHLDWGDF S U LOHQX

FRQYLQSUHOXQJLUHDDSOLF ULLDFHVWXLD

E ODGDWDGL]ROY ULLVDXOLFKLG ULLMXGLFLDUHDDQJDMDWRUXOXL

F SULQDFRUGXOS U LORU
$UW

$SOLFDUHD FRQWUDFWXOXL FROHFWLY GH PXQF SRDWH IL VXVSHQGDW SULQ DFRUGXO GH YRLQ DO SU LORU
RULvQFD]GHIRU PDMRU
$UW
ÌQ FD]XO vQ FDUH OD QLYHO GH DQJDMDWRU JUXS GH DQJDMDWRUL VDX UDPXU QX H[LVW FRQWUDFW

7,7/8/,; &RQIOLFWHOHGHPXQF
FROHFWLYGHPXQF VHDSOLF FRQWUDFWXOFROHFWLYGHPXQF vQFKHLDWODQLYHOVXSHULRU

$UW

&RQIOLFWXO GH PXQF UHSUH]LQW RULFH GH]DFRUG LQWHUYHQLW vQWUH SDUWHQHULL VRFLDOL vQ
UDSRUWXULOHGHPXQF

&RQIOLFWHOH GH PXQF FH DX FD RELHFW VWDELOLUHD FRQGL LLORU GH PXQF FX RFD]LD QHJRFLHULL

FRQWUDFWHORUFROHFWLYHGHPXQF VXQWFRQIOLFWHUHIHULWRDUHODLQWHUHVHOHFXFDUDFWHUSURIHVLRQDO
VRFLDOVDXHFRQRPLFDOHVDODULD LORUGHQXPLWHFRQIOLFWHGHLQWHUHVH

&RQIOLFWHOH GH PXQF FH DX FD RELHFW H[HUFLWDUHD XQRU GUHSWXUL VDX vQGHSOLQLUHD XQRU
REOLJD LLGHFXUJkQGGLQOHJLRULGLQDOWHDFWHQRUPDWLYHSUHFXPúLGLQFRQWUDFWHOHFROHFWLYHVDX

LQGLYLGXDOHGHPXQF VXQWFRQIOLFWHUHIHULWRDUHODGUHSWXULOHVDODULD LORUGHQXPLWHFRQIOLFWHGH
GUHSWXUL
$UW

&$3,72/8/,, *UHYD
3URFHGXUDGHVROX LRQDUHDFRQIOLFWHORUGHPXQF VHVWDELOHúWHSULQOHJHVSHFLDO
$UW

6DODULD LLDXGUHSWXOODJUHY SHQWUXDS UDUHDLQWHUHVHORUSURIHVLRQDOHHFRQRPLFHúLVRFLDOH
$UW

*UHYDUHSUH]LQW vQFHWDUHDYROXQWDU úLFROHFWLY DOXFUXOXLGHF WUHVDODULD L

3DUWLFLSDUHD VDODULD LORU OD JUHY HVWH OLEHU 1LFL XQ VDODULDW QX SRDWH IL FRQVWUkQV V

SDUWLFLSHVDXV QXSDUWLFLSHODRJUHY

/LPLWDUHD VDX LQWHU]LFHUHD GUHSWXOXL OD JUHY SRDWH LQWHUYHQL QXPDL vQ FD]XULOH úL SHQWUX

FDWHJRULLOHGHVDODULD LSUHY ]XWHH[SUHVGHOHJH
$UW

3DUWLFLSDUHD OD JUHY SUHFXP úL RUJDQL]DUHD DFHVWHLD FX UHVSHFWDUHD OHJLL QX UHSUH]LQW R

vQF OFDUH D REOLJD LLORU VDODULD LORU úL QX SRW DYHD GUHSW FRQVHFLQ VDQF LRQDUHD GLVFLSOLQDU D
VDODULD LORUJUHYLúWLVDXDRUJDQL]DWRULORUJUHYHL
$UW

0RGXO GH H[HUFLWDUH D GUHSWXOXL GH JUHY RUJDQL]DUHD GHFODQúDUHD úL GHVI úXUDUHD JUHYHL

SURFHGXULOHSUHDODELOHGHFODQú ULLJUHYHLVXVSHQGDUHDúLvQFHWDUHDJUHYHLSUHFXPúLRULFHDOWH

7,7/8/; ,QVSHF LD0XQFLL
DVSHFWHOHJDWHGHJUHY VHUHJOHPHQWHD] SULQOHJHVSHFLDO
$UW

$SOLFDUHD UHJOHPHQW ULORU JHQHUDOH úL VSHFLDOH vQ GRPHQLXO UHOD LLORU GH PXQF VHFXULW LL úL

V Q W
LL vQ PXQF HVWH VXSXV FRQWUROXOXL ,QVSHF LHL 0XQFLL FD RUJDQLVP VSHFLDOL]DW DO

DGPLQLVWUD LHL SXEOLFH FHQWUDOH FX SHUVRQDOLWDWH MXULGLF vQ VXERUGLQHD 0LQLVWHUXOXL 0XQFLL úL
6ROLGDULW LL6RFLDOH

$UW

,QVSHF LD0XQFLLDUHvQVXERUGLQHLQVSHFWRUDWHWHULWRULDOHGHPXQF RUJDQL]DWHvQILHFDUHMXGH
úLvQPXQLFLSLXO%XFXUHúWL
$UW

7,7/8/;, 5VSXQGHUHDMXULGLF
ÌQILLQ DUHDúLRUJDQL]DUHD,QVSHF LHL0XQFLLVXQWUHJOHPHQWDWHSULQOHJHVSHFLDO
&$3,72/8/, 5HJXODPHQWXOLQWHUQ
$UW

5HJXODPHQWXO LQWHUQ VH vQWRFPHúWH GH F WUH DQJDMDWRU FX FRQVXOWDUHD VLQGLFDWXOXL VDX D
UHSUH]HQWDQ LORUVDODULD LORUGXS FD]
$UW

5HJXODPHQWXOLQWHUQFXSULQGHFHOSX LQXUP WRDUHOHFDWHJRULLGHGLVSR]L LL
D UHJXOLSULYLQGSURWHF LDLJLHQDúLVHFXULWDWHDvQPXQF vQFDGUXOXQLW LL

E UHJXOL SULYLQG UHVSHFWDUHD SULQFLSLXOXL QHGLVFULPLQ ULL úL DO vQO WXU ULL RULF UHL IRUPH GH

vQF OFDUHDGHPQLW LL
F GUHSWXULOHúLREOLJD LLOHDQJDMDWRUXOXLúLDOVDODULD LORU
G SURFHGXUDGHVROX LRQDUHDFHUHULORUVDXUHFODPD LLORULQGLYLGXDOHDOHVDODULD LORU
H UHJXOLFRQFUHWHSULYLQGGLVFLSOLQDPXQFLLvQXQLWDWH
I DEDWHULOHGLVFLSOLQDUHúLVDQF LXQLOHDSOLFDELOH
J UHJXOLUHIHULWRDUHODSURFHGXUDGLVFLSOLQDU
K PRGDOLW LOHGHDSOLFDUHDDOWRUGLVSR]L LLOHJDOHVDXFRQWUDFWXDOHVSHFLILFH
$UW
5HJXODPHQWXO LQWHUQ VH DGXFH OD FXQRúWLQ VDODULD LORU SULQ JULMD DQJDMDWRUXOXL úL vúL
SURGXFHHIHFWHOHID GHVDODULD LGLQPRPHQWXOvQFXQRúWLQ ULLDFHVWRUD
2EOLJD LD GH LQIRUPDUH D VDODULD LORU FX SULYLUH OD FRQ LQXWXO UHJXODPHQWXOXL LQWHUQ WUHEXLH

vQGHSOLQLW GHDQJDMDWRU

0RGXO FRQFUHW GH LQIRUPDUH D ILHF UXL VDODULDW FX SULYLUH OD FRQ LQXWXO UHJXODPHQWXOXL

LQWHUQ VH VWDELOHúWH SULQ FRQWUDFWXO FROHFWLY GH PXQF DSOLFDELO VDX GXS FD] SULQ FRQ LQXWXO
UHJXODPHQWXOXLLQWHUQ

5HJXODPHQWXOLQWHUQVHDILúHD] ODVHGLXODQJDMDWRUXOXL
$UW
2ULFHPRGLILFDUH FHLQWHUYLQHvQ FRQ LQXWXO UHJXODPHQWXOXLLQWHUQHVWHVXSXV SURFHGXULORUGH

LQIRUPDUHSUHY ]XWHODDUW
$UW
2ULFH VDODULDW LQWHUHVDW SRDWH VHVL]D DQJDMDWRUXO FX SULYLUH OD GLVSR]L LLOH UHJXODPHQWXOXL

LQWHUQvQP VXUDvQFDUHIDFHGRYDGDvQF OF ULLXQXLGUHSWDOV X
&RQWUROXO OHJDOLW LL GLVSR]L LLORU FXSULQVH vQ UHJXODPHQWXO LQWHUQ HVWH GH FRPSHWHQ D

LQVWDQ HORUMXGHF WRUHúWLFDUHSRWILVHVL]DWHvQWHUPHQGHGH]LOHGHODGDWDFRPXQLF ULLGH

F WUHDQJDMDWRUDPRGXOXLGHVROX LRQDUHDVHVL] ULLIRUPXODWHSRWULYLWDOLQ
$UW

ÌQWRFPLUHD UHJXODPHQWXOXL LQWHUQ OD QLYHOXO ILHF UXL DQJDMDWRU VH UHDOL]HD] vQ WHUPHQ GH

GH]LOHGHODGDWDLQWU ULLvQYLJRDUHDSUH]HQWXOXLFRG

ÌQFD]XODQJDMDWRULORUvQILLQ D LGXS LQWUDUHDvQYLJRDUHDSUH]HQWXOXLFRGWHUPHQXOGH

&$3,72/8/,, 5VSXQGHUHDGLVFLSOLQDU
GH]LOHSUHY ]XWODDOLQvQFHSHV FXUJ GHODGDWDGREkQGLULLSHUVRQDOLW LLMXULGLFH
$UW

$QJDMDWRUXO GLVSXQH GH SUHURJDWLY GLVFLSOLQDU DYkQG GUHSWXO GH D DSOLFD SRWULYLW OHJLL

VDQF LXQL GLVFLSOLQDUH VDODULD LORU V L RUL GH FkWH RUL FRQVWDW F DFHúWLD DX V YkUúLW R DEDWHUH

GLVFLSOLQDU


$EDWHUHD GLVFLSOLQDU HVWH R IDSW vQ OHJ WXU FX PXQFD úL FDUH FRQVW vQWUR DF LXQH VDX

LQDF LXQH V YkUúLW FX YLQRY
LH GH F WUH VDODULDW SULQ FDUH DFHVWD D vQF OFDW QRUPHOH OHJDOH

UHJXODPHQWXOLQWHUQFRQWUDFWXOLQGLYLGXDOGHPXQF VDXFRQWUDFWXOFROHFWLYGHPXQF DSOLFDELO

RUGLQHOHúLGLVSR]L LLOHOHJDOHDOHFRQGXF WRULORULHUDUKLFL
$UW
6DQF LXQLOH GLVFLSOLQDUH SH FDUH OH SRDWH DSOLFD DQJDMDWRUXO vQ FD]XO vQ FDUH VDODULDWXO

V YkUúHúWHRDEDWHUHGLVFLSOLQDU VXQW
D DYHUWLVPHQWXOVFULV
OD GDWD ,XQ 7LWOXO ;, &DSLWRO ,, DUW DOLQ OLWHUD $ D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD

E VXVSHQGDUHD FRQWUDFWXOXL LQGLYLGXDO GH PXQF SHQWUX R SHULRDG FH QX SRDWH GHS úL

]LOHOXFU WRDUH

F UHWURJUDGDUHDGLQIXQF LHFXDFRUGDUHDVDODULXOXLFRUHVSXQ] WRUIXQF LHLvQFDUHVDGLVSXV

UHWURJUDGDUHDSHQWUXRGXUDW FHQXSRDWHGHS úLGH]LOH
G UHGXFHUHDVDODULXOXLGHED]SHRGXUDWGHOXQLFX
H UHGXFHUHD VDODULXOXL GH ED] úLVDX GXS FD] úL D LQGHPQL]D LHL GH FRQGXFHUH SH R
SHULRDGGHOXQLFX
I GHVIDFHUHDGLVFLSOLQDUDFRQWUDFWXOXLLQGLYLGXDOGHPXQF
ÌQ FD]XO vQ FDUHSULQ VWDWXWH SURIHVLRQDOHDSUREDWHSULQ OHJHVSHFLDO VHVWDELOHúWHXQDOW

UHJLPVDQF LRQDWRUYDILDSOLFDWDFHVWD
$UW
$PHQ]LOHGLVFLSOLQDUHVXQWLQWHU]LVH

3HQWUXDFHHDúLDEDWHUHGLVFLSOLQDU VHSRDWHDSOLFDQXPDLRVLQJXU VDQF LXQH
$UW
OD GDWD 2FW 7LWOXO ;, &DSLWRO ,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

$QJDMDWRUXO VWDELOHúWH VDQF LXQHD GLVFLSOLQDU DSOLFDELO vQ UDSRUW FX JUDYLWDWHD DEDWHULL

GLVFLSOLQDUHV YkUúLWHGHVDODULDWDYkQGXVHvQYHGHUHXUP WRDUHOH

D vPSUHMXU ULOHvQFDUHIDSWDDIRVWV YkUúLW
E JUDGXOGHYLQRY LHDVDODULDWXOXL
F FRQVHFLQ HOHDEDWHULLGLVFLSOLQDUH

G FRPSRUWDUHDJHQHUDO vQVHUYLFLXDVDODULDWXOXL
H HYHQWXDOHOHVDQF LXQLGLVFLSOLQDUHVXIHULWHDQWHULRUGHF WUHDFHVWD

$UW
OD GDWD $SU 7LWOXO ;, &DSLWRO ,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD


6XE VDQF LXQHD QXOLW

LL DEVROXWH QLFL R P VXU FX H[FHS LD FHOHL SUHY ]XWH OD DUW

DOLQ OLW D QX SRDWH IL GLVSXV PDL vQDLQWH GH HIHFWXDUHD XQHL FHUFHW UL GLVFLSOLQDUH
SUHDODELOH

ÌQ YHGHUHD GHVI úXU ULL FHUFHW ULL GLVFLSOLQDUH SUHDODELOH VDODULDWXO YD IL FRQYRFDW vQ VFULV

GH SHUVRDQD vPSXWHUQLFLW GH F WUH DQJDMDWRU V UHDOL]H]H FHUFHWDUHD SUHFL]kQGXVH RELHFWXO
GDWDRUDúLORFXOvQWUHYHGHULL

1HSUH]HQWDUHD VDODULDWXOXL OD FRQYRFDUHD I FXW vQ FRQGL LLOH SUHY ]XWHOD DOLQ I U XQ

PRWLY RELHFWLY G GUHSWXO DQJDMDWRUXOXL V GLVSXQ VDQF LRQDUHD I U HIHFWXDUHD FHUFHW ULL
GLVFLSOLQDUHSUHDODELOH

ÌQ FXUVXO FHUFHW ULL GLVFLSOLQDUH SUHDODELOH VDODULDWXO DUH GUHSWXO V IRUPXOH]H úL V VXV LQ

WRDWHDS U ULOHvQIDYRDUHDVDúLV RIHUHSHUVRDQHLvPSXWHUQLFLWHV UHDOL]H]HFHUFHWDUHDWRDWH

SUREHOHúLPRWLYD LLOHSHFDUHOHFRQVLGHU QHFHVDUHSUHFXPúLGUHSWXOV ILHDVLVWDWODFHUHUHD

VDGHF WUHXQUHSUH]HQWDQWDOVLQGLFDWXOXLDOF UXLPHPEUXHVWH
$UW




$QJDMDWRUXOGLVSXQHDSOLFDUHDVDQF LXQLLGLVFLSOLQDUHSULQWURGHFL]LHHPLV vQIRUP VFULV

vQWHUPHQGHGH]LOHFDOHQGDULVWLFHGHODGDWDOX ULLODFXQRúWLQ GHVSUHVYkUúLUHDDEDWHULL
GLVFLSOLQDUHGDUQXPDLWkU]LXGHOXQLGHODGDWDVYkUúLULLIDSWHL
ODGDWD1RY7LWOXO;,&DSLWRO,,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

6XEVDQF LXQHDQXOLW LLDEVROXWHvQGHFL]LHVHFXSULQGvQPRGREOLJDWRULX

ODGDWD,DQ7LWOXO;,&DSLWRO,,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

OD GDWD 1RY 7LWOXO ;, &DSLWRO ,, DUW DOLQ D IRVW DWDFDW GH H[FHSWLH UHVSLQVD
'HFL]LD
D GHVFULHUHDIDSWHLFDUHFRQVWLWXLHDEDWHUHGLVFLSOLQDU
E SUHFL]DUHD SUHYHGHULORU GLQ VWDWXWXO GH SHUVRQDO UHJXODPHQWXO LQWHUQ VDX FRQWUDFWXO

FROHFWLYGHPXQF DSOLFDELOFDUHDXIRVWvQF OFDWHGHVDODULDW

F PRWLYHOH SHQWUX FDUH DX IRVW vQO WXUDWH DS U ULOH IRUPXODWH GH VDODULDW vQ WLPSXO FHUFHW ULL

GLVFLSOLQDUH SUHDODELOH VDX PRWLYHOH SHQWUX FDUH vQ FRQGL LLOH SUHY ]XWH OD DUW DOLQ

QXDIRVWHIHFWXDW FHUFHWDUHD

G WHPHLXOGHGUHSWvQED]DF UXLDVDQF LXQHDGLVFLSOLQDU VHDSOLF
H WHUPHQXOvQFDUHVDQF LXQHDSRDWHILFRQWHVWDW

I LQVWDQ DFRPSHWHQW ODFDUHVDQF LXQHDSRDWHILFRQWHVWDW

'HFL]LD GHVDQF LRQDUHVHFRPXQLF VDODULDWXOXLvQFHOPXOW]LOHFDOHQGDULVWLFHGHODGDWD
HPLWHULLúLSURGXFHHIHFWHGHODGDWDFRPXQLF ULL

&RPXQLFDUHD VHSUHG SHUVRQDO VDODULDWXOXLFXVHPQ WXU GHSULPLUH RUL vQ FD]GHUHIX]

DOSULPLULLSULQVFULVRDUHUHFRPDQGDW ODGRPLFLOLXOVDXUHúHGLQ DFRPXQLFDW GHDFHVWD

'HFL]LD GH VDQF LRQDUH SRDWH IL FRQWHVWDW GH VDODULDW OD LQVWDQ HOH MXGHF WRUHúWL

&$3,72/8/,,, 5VSXQGHUHDSDWULPRQLDO
FRPSHWHQWHvQWHUPHQGHGH]LOHFDOHQGDULVWLFHGHODGDWDFRPXQLF ULL
$UW

$QJDMDWRUXOHVWH REOLJDW vQWHPHLXOQRUPHORU úL SULQFLSLLORUU VSXQGHULLFLYLOHFRQWUDFWXDOH

V vO GHVS JXEHDVF SH VDODULDW vQ VLWXD LD vQ FDUH DFHVWD D VXIHULW XQ SUHMXGLFLX PDWHULDO GLQ
FXOSDDQJDMDWRUXOXLvQWLPSXOvQGHSOLQLULLREOLJD LLORUGHVHUYLFLXVDXvQOHJ WXU FXVHUYLFLXO
ODGDWD0DL7LWOXO;,&DSLWRO,,,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

OD GDWD $SU 7LWOXO ;, &DSLWRO ,,, DUW DOLQ D IRVW UHJOHPHQWDWD GH 'HFL]LD

$QJDMDWRUXO HVWH REOLJDW vQ WHPHLXO QRUPHORU úL SULQFLSLLORU U VSXQGHULL FLYLOH
FRQWUDFWXDOH V vO GHVSJXEHDVF SH VDODULDW vQ VLWXD LD vQ FDUH DFHVWD D VXIHULW XQ
SUHMXGLFLX PDWHULDO VDX PRUDO GLQ FXOSD DQJDMDWRUXOXL vQ WLPSXO vQGHSOLQLULL
REOLJD LLORUGHVHUYLFLXVDXvQOHJ WXUFXVHUYLFLXO
OD GDWD ,XO 7LWOXO ;, &DSLWRO ,,, DUW DOLQ PRGLILFDW GH DUW , SXQFWXO GLQ /HJHD

ÌQFD]XOvQFDUHDQJDMDWRUXOUHIX] V vOGHVS JXEHDVF SHVDODULDWDFHVWDVHSRDWHDGUHVD

FXSOkQJHUHLQVWDQ HORUMXGHF WRUHúWLFRPSHWHQWH
OD GDWD $SU 7LWOXO ;, &DSLWRO ,,, DUW DOLQ D IRVW UHJOHPHQWDWD GH 'HFL]LD

$QJDMDWRUXO FDUH D SO WLW GHVS JXELUHD vúL YD UHFXSHUD VXPD DIHUHQW GH OD VDODULDWXO
YLQRYDWGHSURGXFHUHDSDJXEHLvQFRQGL LLOHDUWúLXUP WRDUHOH
$UW

6DODULD LL U VSXQG SDWULPRQLDO vQ WHPHLXO QRUPHORU úL SULQFLSLLORU U VSXQGHULL FLYLOH
FRQWUDFWXDOH SHQWUX SDJXEHOH PDWHULDOH SURGXVH DQJDMDWRUXOXL GLQ YLQD úL vQ OHJ WXU FX

PXQFDORU

6DODULD LL QX U VSXQG GH SDJXEHOH SURYRFDWH GH IRU D PDMRU VDX GH DOWH FDX]H

QHSUHY ]XWH úL FDUH QX SXWHDX IL vQO WXUDWH úL QLFL GH SDJXEHOH FDUH VH vQFDGUHD] vQ ULVFXO
QRUPDODOVHUYLFLXOXL
$UW

&kQG SDJXED D IRVW SURGXV GH PDL PXO L VDODULD L FXDQWXPXO U VSXQGHULL ILHF UXLD VH

VWDELOHúWHvQUDSRUWFXP VXUDvQFDUHDFRQWULEXLWODSURGXFHUHDHL

'DF P VXUD vQ FDUH VD FRQWULEXLW OD SURGXFHUHD SDJXEHL QX SRDWH IL GHWHUPLQDW

U VSXQGHUHD ILHF UXLD VH VWDELOHúWH SURSRU LRQDO FX VDODULXO V X QHW GH OD GDWD FRQVWDW ULL
SDJXEHL úL DWXQFL FkQG HVWH FD]XO úL vQ IXQF LH GH WLPSXO HIHFWLY OXFUDW GH OD XOWLPXO VX
LQYHQWDU
$UW

6DODULDWXOFDUHDvQFDVDWGHODDQJDMDWRURVXP QHGDWRUDW HVWHREOLJDWV RUHVWLWXLH
ODGDWD,DQ7LWOXO;,&DSLWRO,,,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

'DF VDODULDWXO D SULPLW EXQXUL FDUH QX L VH FXYHQHDX úL FDUH QX PDL SRW IL UHVWLWXLWH vQ

QDWXU VDX GDF DFHVWXLD L VDX SUHVWDW VHUYLFLL OD FDUH QX HUD vQGUHSW LW HVWH REOLJDW V
VXSRUWH FRQWUDYDORDUHD ORU &RQWUDYDORDUHD EXQXULORU VDX VHUYLFLLORU vQ FDX] VH VWDELOHúWH
SRWULYLWYDORULLDFHVWRUDGHODGDWDSO LL
$UW
OD GDWD 0DU 7LWOXO ;, &DSLWRO ,,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

6XPD VWDELOLW SHQWUX DFRSHULUHD GDXQHORU VH UH LQH vQ UDWH OXQDUH GLQ GUHSWXULOH VDODULDOH

FDUHVHFXYLQSHUVRDQHLvQFDX] GLQSDUWHDDQJDMDWRUXOXLODFDUHHVWHvQFDGUDW vQPXQF
5DWHOHQXSRWILPDLPDULGHRWUHLPHGLQVDODULXOOXQDUQHWI U DSXWHDGHS úLvPSUHXQ

FXFHOHODOWHUH LQHULSHFDUHOHDUDYHDFHOvQFDX] MXP WDWHGLQVDODULXOUHVSHFWLY
$UW

ÌQ FD]XO vQ FDUH FRQWUDFWXO LQGLYLGXDO GH PXQF vQFHWHD] vQDLQWH FD VDODULDWXO V vO IL

GHVS JXELWSHDQJDMDWRUúLFHOvQFDX] VHvQFDGUHD] ODXQDOWDQJDMDWRURULGHYLQHIXQF LRQDU

SXEOLF UH LQHULOH GLQ VDODULX VH IDF GH F WUH QRXO DQJDMDWRU VDX QRXD LQVWLWX LH RUL DXWRULWDWH

SXEOLF GXS FD] SH ED]D WLWOXOXL H[HFXWRULX WUDQVPLV vQ DFHVW VFRS GH F WUH DQJDMDWRUXO

S JXELW
ODGDWD6HS7LWOXO;,&DSLWRO,,,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD

'DF SHUVRDQD vQ FDX] QX VD vQFDGUDW vQ PXQF OD XQ DOW DQJDMDWRU vQ WHPHLXO XQXL

FRQWUDFW LQGLYLGXDO GH PXQF RUL FD IXQF LRQDU SXEOLF DFRSHULUHD GDXQHL VH YD IDFH SULQ

XUP ULUHDEXQXULORUVDOHvQFRQGL LLOH&RGXOXLGHSURFHGXU FLYLO
$UW

OD GDWD 6HS 7LWOXO ;, &DSLWRO ,,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

ÌQFD]XOvQFDUHDFRSHULUHDSUHMXGLFLXOXLSULQUH LQHULOXQDUHGLQVDODULXQXVHSRDWHIDFHvQWUXQ
WHUPHQGHPD[LPXPDQLGHODGDWDODFDUHVDHIHFWXDWSULPDUDW GHUH LQHULDQJDMDWRUXOVH

&$3,72/8/,9 5VSXQGHUHDFRQWUDYHQ LRQDO
SRDWHDGUHVDH[HFXWRUXOXLMXGHF WRUHVFvQFRQGL LLOH&RGXOXLGHSURFHGXU FLYLO
$UW

&RQVWLWXLHFRQWUDYHQ LHúLVHVDQF LRQHD] DVWIHOXUP WRDUHOHIDSWH

D QHUHVSHFWDUHD GLVSR]L LLORU SULYLQG JDUDQWDUHD vQ SODW D VDODULXOXL PLQLP EUXW SH DU FX

DPHQG GHODOHLODOHL

D QHUHVSHFWDUHD GLVSR]L LLORU SULYLQG JDUDQWDUHD vQ SODW D VDODULXOXL PLQLP EUXW SH DU FX


DPHQG GHODOHLODOHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD$PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

E vQF OFDUHD GH F WUH DQJDMDWRU D SUHYHGHULORU DUW DOLQ FX DPHQG GH OD
OHLODOHL

E vQF OFDUHD GH F WUH DQJDMDWRU D SUHYHGHULORU DUW DOLQ FX DPHQG GH OD OHL OD
OHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD%PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD
F vPSLHGLFDUHD VDX REOLJDUHD SULQ DPHQLQ UL RUL SULQ YLROHQ H D XQXL VDODULDW VDX D XQXL

JUXS GH VDODULD L V SDUWLFLSH OD JUHY RUL V PXQFHDVF vQ WLPSXO JUHYHL FX DPHQG GH OD
OHLODOHL
F vPSLHGLFDUHD VDX REOLJDUHD SULQ DPHQLQ UL RUL SULQ YLROHQ H D XQXL VDODULDW VDX D XQXL

JUXS GH VDODULD L V SDUWLFLSH OD JUHY RUL V PXQFHDVF vQ WLPSXO JUHYHL FX DPHQG GH OD
OHLODOHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD&PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

G SULPLUHD OD PXQF D XQHL SHUVRDQH SHQWUX FDUH QX D IRVW vQWRFPLW FRQWUDFW LQGLYLGXDO GH

PXQF RUL VWLSXODUHD vQ FRQWUDFWXO LQGLYLGXDO GH PXQF D XQRU FODX]H FRQWUDUH GLVSR]L LLORU

OHJDOHFXDPHQG GHODOHLODOHL

G VWLSXODUHD vQ FRQWUDFWXO LQGLYLGXDO GH PXQF D XQRU FODX]H FRQWUDUH GLVSR]L LLORU OHJDOH FX

DPHQG GHODOHLODOHL
ODGDWD,XO7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD'PRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD

G VWLSXODUHD vQ FRQWUDFWXO LQGLYLGXDO GH PXQF D XQRU FODX]H FRQWUDUH GLVSR]L LLORU OHJDOH FX

DPHQG GHODOHLODOHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD'PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

H vQFDGUDUHDvQPXQF DPLQRULORUFXQHUHVSHFWDUHDFRQGL LLORUOHJDOHGHYkUVW VDXIRORVLUHD
L FX vQFOFDUHD SUHYHGHULORU OHJDOH UHIHULWRDUH OD
DFHVWRUD SHQWUX SUHVWDUHD XQRU DFWLYLW
UHJLPXOGHPXQFDOPLQRULORUFXDPHQGGHODOHLODOHL
ODGDWD0DL7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD(DIRVWDWDFDWGHH[FHSWLHUHVSLQVD
'HFL]LD

H SULPLUHDODPXQF DSHUVRDQHORUI U vQFKHLHUHDXQXLFRQWUDFWLQGLYLGXDOGHPXQF SRWULYLW

DUW DOLQ FX DPHQG GH OD OHL OD OHL SHQWUX ILHFDUH SHUVRDQ

LGHQWLILFDW I U DGHS úLYDORDUHDFXPXODW GHPLOLDUGOHL
ODGDWD,XO7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD(PRGLILFDWGHDUW,SXQFWXOGLQ
2UGRQDQWDXUJHQWD

H SULPLUHD OD PXQF D SHUVRDQHORU I U vQFKHLHUHD XQXL FRQWUDFW LQGLYLGXDO GH PXQF
SRWULYLW DUW DOLQ FX DPHQG GH OD OHL OD OHL SHQWUX ILHFDUH SHUVRDQ
LGHQWLILFDWIUDGHSúLYDORDUHDFXPXODWGHOHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD(PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD
ODGDWD0DL7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD(DIRVWDWDFDWGHH[FHSWLHUHVSLQVD
'HFL]LD
OD GDWD $XJ 7LWOXO ;, &DSLWRO ,9 DUW DOLQ OLWHUD ( D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD

I vQF OFDUHD GH F WUH DQJDMDWRU D SUHYHGHULORU DUW úL FX DPHQG GH OD
OHLODOHL

I vQF OFDUHD GH F WUH DQJDMDWRU D SUHYHGHULORU DUW úL FX DPHQG GH OD OHL OD
OHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD)PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

J vQF OFDUHD REOLJD LHL SUHY ]XWH OD DUW FX DPHQG GH OD OHL OD
OHL

J vQF OFDUHDREOLJD LHLSUHY ]XWHODDUWFXDPHQG GHODOHLODOHL

ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD*PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

K QHUHVSHFWDUHDGLVSR]L LLORUSULYLQGPXQFDVXSOLPHQWDU FXDPHQG GHODOHLOD
OHL

K QHUHVSHFWDUHD GLVSR]L LLORU SULYLQG PXQFD VXSOLPHQWDU FX DPHQG GH OD OHL OD
OHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD+PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

L QHUHVSHFWDUHD SUHYHGHULORU OHJDOH SULYLQG DFRUGDUHD UHSDXVXOXL V SW PkQDO FX DPHQG GH
ODOHLODOHL

L QHUHVSHFWDUHD SUHYHGHULORU OHJDOH SULYLQG DFRUGDUHD UHSDXVXOXL V SW PkQDO FX DPHQG GH
ODOHLODOHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD,PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

M QHDFRUGDUHD LQGHPQL]D LHL SUHY ]XWH OD DUW DOLQ vQ FD]XO vQ FDUH DQJDMDWRUXO vúL
vQWUHUXSH WHPSRUDU DFWLYLWDWHD FX PHQ LQHUHD UDSRUWXULORU GH PXQF FX DPHQG GH OD
OHLODOHL

M QHDFRUGDUHD LQGHPQL]D LHL SUHY ]XWH OD DUW DOLQ vQ FD]XO vQ FDUH DQJDMDWRUXO vúL

vQWUHUXSH WHPSRUDU DFWLYLWDWHD FX PHQ LQHUHD UDSRUWXULORU GH PXQF FX DPHQG GH OD
OHLODOHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD-PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

N vQF OFDUHD SUHYHGHULORU OHJDOH UHIHULWRDUH OD PXQFD GH QRDSWH FX DPHQG GH OD
OHLODOHL
OD GDWD ,XO 7LWOXO ;, &DSLWRO ,9 DUW DOLQ FRPSOHWDW GH DUW , SXQFWXO GLQ
2UGRQDQWDXUJHQWD

N vQF OFDUHDSUHYHGHULORUOHJDOHUHIHULWRDUHODPXQFDGHQRDSWHFXDPHQG GHODOHLOD
OHL
ODGDWD'HF7LWOXO;,&DSLWRO,9DUWDOLQOLWHUD.PRGLILFDWGHDUWSXQFWXOGLQ
/HJHD

&RQVWDWDUHDFRQWUDYHQ LLORUúLDSOLFDUHDVDQF LXQLORUVHIDFGHF WUHLQVSHFWRULLGHPXQF

&$3,72/8/9 5VSXQGHUHDSHQDO
&RQWUDYHQ LLORUSUHY ]XWHODDOLQOLVHDSOLF GLVSR]L LLOHOHJLVOD LHLvQYLJRDUH
$UW

1HH[HFXWDUHDXQHLKRW UkULMXGHF WRUHúWLGHILQLWLYHSULYLQGSODWDVDODULLORUvQWHUPHQGH]LOH

GH OD GDWD FHUHULL GH H[HFXWDUH DGUHVDWH DQJDMDWRUXOXL GH F WUH SDUWHD LQWHUHVDW FRQVWLWXLH
LQIUDF LXQHúLVHSHGHSVHúWHFXvQFKLVRDUHGHODODOXQLVDXFXDPHQG
$UW

1HH[HFXWDUHD XQHL KRW UkUL MXGHF WRUHúWL GHILQLWLYH SULYLQG UHLQWHJUDUHD vQ PXQF D XQXL
VDODULDW FRQVWLWXLH LQIUDF LXQH úL VH SHGHSVHúWH FX vQFKLVRDUH GH OD OXQL OD DQ VDX FX
DPHQG
$UW

ÌQ FD]XO LQIUDF LXQLORU SUHY ]XWH OD DUW úL DF LXQHD SHQDO VH SXQH vQ PLúFDUH OD
SOkQJHUHDSHUVRDQHLY W PDWH

ÌPS FDUHDS U LORUvQO WXU U VSXQGHUHDSHQDO
$UW

1HGHSXQHUHD GH F WUH DQJDMDWRU vQ WHUPHQ GH ]LOH vQ FRQWXULOH VWDELOLWH D VXPHORU

vQFDVDWHGHODVDODULD LFXWLWOXGHFRQWULEX LHGDWRUDW F WUHVLVWHPXOSXEOLFGHDVLJXU ULVRFLDOH

F WUH EXJHWXO DVLJXU ULORU SHQWUX úRPDM RUL F WUH EXJHWXO DVLJXU ULORU VRFLDOH GH V Q WDWH
FRQVWLWXLHLQIUDF LXQHúLVHSHGHSVHúWHFXvQFKLVRDUHGHODODOXQLVDXFXDPHQG
OD GDWD $XJ 7LWOXO ;, &DSLWRO 9 DUW DEURJDW GH &DSLWRO ,9 DUW OLWHUD % GLQ /HJHD

$UW



ÌQFDGUDUHD vQ PXQF D PLQRULORU FX QHUHVSHFWDUHD FRQGL LLORU OHJDOH GH YkUVW VDX IRORVLUHD
DFHVWRUD SHQWUX SUHVWDUHD XQRU DFWLYLW
L FX vQF OFDUHD SUHYHGHULORU OHJDOH UHIHULWRDUH OD

UHJLPXOGHPXQF DOPLQRULORUFRQVWLWXLHLQIUDF LXQHúLVHSHGHSVHúWHFXvQFKLVRDUHGHODOD
DQL
OD GDWD ,XO 7LWOXO ;, &DSLWRO 9 DUW FRPSOHWDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
7,7/8/;,, -XULVGLF LDPXQFLL

XUJHQWD

$UW

-XULVGLF LD PXQFLL DUH FD RELHFW VROX LRQDUHD FRQIOLFWHORU GH PXQF FX SULYLUH OD vQFKHLHUHD
H[HFXWDUHD PRGLILFDUHD VXVSHQGDUHD úL vQFHWDUHD FRQWUDFWHORU LQGLYLGXDOH VDX GXS FD]

FROHFWLYH GH PXQF SUHY ]XWH GH SUH]HQWXO FRG SUHFXP úL D FHUHULORU SULYLQG UDSRUWXULOH
MXULGLFHGLQWUHSDUWHQHULLVRFLDOLVWDELOLWHSRWULYLWSUH]HQWXOXLFRG
$UW

3RWILS U LvQFRQIOLFWHOHGHPXQF

D VDODULD LLSUHFXP úLRULFHDOW SHUVRDQ WLWXODU DXQXLGUHSWVDXDXQHLREOLJD LL vQWHPHLXO
SUH]HQWXOXLFRGDODOWRUOHJLVDXDOFRQWUDFWHORUFROHFWLYHGHPXQF
E DQJDMDWRULL SHUVRDQH IL]LFH úLVDX SHUVRDQH MXULGLFH DJHQ LL GH PXQF WHPSRUDU

XWLOL]DWRULLSUHFXPúLRULFHDOW SHUVRDQ FDUHEHQHILFLD] GHRPXQF GHVI úXUDW vQFRQGL LLOH
SUH]HQWXOXLFRG
F VLQGLFDWHOHúLSDWURQDWHOH

G DOWH SHUVRDQH MXULGLFH VDX IL]LFH FDUH DX DFHDVW YRFD LH vQ WHPHLXO OHJLORU VSHFLDOH VDX DO

&RGXOXLGHSURFHGXU FLYLO
$UW

&HUHULOHvQYHGHUHDVROX LRQ ULLXQXLFRQIOLFWGHPXQF SRWILIRUPXODWH
D vQ WHUPHQ GH GH ]LOH FDOHQGDULVWLFH GH OD GDWD vQ FDUH D IRVW FRPXQLFDW GHFL]LD

XQLODWHUDO D DQJDMDWRUXOXL UHIHULWRDUH OD vQFKHLHUHD H[HFXWDUHD PRGLILFDUHD VXVSHQGDUHD
VDXvQFHWDUHDFRQWUDFWXOXLLQGLYLGXDOGHPXQF
E vQ WHUPHQ GH GH ]LOH FDOHQGDULVWLFH GH OD GDWD vQ FDUH VD FRPXQLFDW GHFL]LD GH
VDQF LRQDUHGLVFLSOLQDU
F vQ WHUPHQ GH DQL GH OD GDWD QDúWHULL GUHSWXOXL OD DF LXQH vQ VLWXD LD vQ FDUH RELHFWXO

FRQIOLFWXOXLLQGLYLGXDOGHPXQF FRQVW vQSODWDXQRUGUHSWXULVDODULDOHQHDFRUGDWHVDXDXQRU

GHVS JXELUL F WUH VDODULDW SUHFXP úL vQ FD]XO U VSXQGHULL SDWULPRQLDOH D VDODULD LORU ID GH
DQJDMDWRU

G SH WRDW GXUDWD H[LVWHQ HL FRQWUDFWXOXL vQ FD]XO vQ FDUH VH VROLFLW FRQVWDWDUHD QXOLW LL

XQXLFRQWUDFWLQGLYLGXDOVDXFROHFWLYGHPXQF RULDXQRUFODX]HDOHDFHVWXLD
OD GDWD 0DL 7LWOXO ;,, &DSLWRO , DUW DOLQ OLWHUD ' D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
OD GDWD 6HS 7LWOXO ;,, &DSLWRO , DUW DOLQ OLWHUD ' D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
OD GDWD 6HS 7LWOXO ;,, &DSLWRO , DUW DOLQ OLWHUD ' D IRVW DWDFDW GH H[FHSWLH
UHVSLQVD'HFL]LD
H vQ WHUPHQ GH OXQL GH OD GDWD QDúWHULL GUHSWXOXL OD DF LXQH vQ FD]XO QHH[HFXW ULL

FRQWUDFWXOXLFROHFWLYGHPXQF RULDXQRUFODX]HDOHDFHVWXLD

ÌQ WRDWH VLWXD LLOH DOWHOH GHFkW FHOH SUHY ]XWH OD DOLQ WHUPHQXO HVWH GH DQL GH OD
GDWDQDúWHULLGUHSWXOXL
ODGDWD,DQ7LWOXO;,,&DSLWRO,DUWDOLQDIRVWDWDFDWGHH[FHSWLHUHVSLQVD'HFL]LD
&$3,72/8/,, &RPSHWHQ DPDWHULDOúLWHULWRULDO

$UW
OD GDWD 0DL 7LWOXO ;,, &DSLWRO ,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD



-XGHFDUHD FRQIOLFWHORU GH PXQF HVWH GH FRPSHWHQ D LQVWDQ HORU VWDELOLWH FRQIRUP &RGXOXL

GHSURFHGXU FLYLO

&HUHULOHUHIHULWRDUH OD FDX]HOH SUHY ]XWHOD DOLQ VH DGUHVHD] LQVWDQ HL FRPSHWHQWH vQ

&$3,72/8/,,, 5HJXOLVSHFLDOHGHSURFHGXU
DF UHLFLUFXPVFULS LHUHFODPDQWXOvúLDUHGRPLFLOLXOVDXUHúHGLQ DRULGXS FD]VHGLXO
$UW

&DX]HOHSUHY ]XWHODDUWVXQWVFXWLWHGHWD[DMXGLFLDU GHWLPEUXúLGHWLPEUXOMXGLFLDU
$UW

&HUHULOHUHIHULWRDUHODVROX LRQDUHDFRQIOLFWHORUGHPXQF VHMXGHF vQUHJLPGHXUJHQ

7HUPHQHOHGHMXGHFDW QXSRWILPDLPDULGH]LOH

3URFHGXUDGHFLWDUHDS U LORUVHFRQVLGHU OHJDOvQGHSOLQLW GDF VHUHDOL]HD] FXFHOSX LQ
GHRUHvQDLQWHGHWHUPHQXOGHMXGHFDW
$UW
OD GDWD 0DU 7LWOXO ;,, &DSLWRO ,,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD )HE 7LWOXO ;,, &DSLWRO ,,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD )HE 7LWOXO ;,, &DSLWRO ,,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

OD GDWD 0DL 7LWOXO ;,, &DSLWRO ,,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

6DUFLQD SUREHL vQ FRQIOLFWHOH GH PXQF UHYLQH DQJDMDWRUXOXL DFHVWD ILLQG REOLJDW V GHSXQ

GRYH]LOHvQDS UDUHDVDSkQ ODSULPD]LGHvQI LúDUH
$UW
OD GDWD 0DU 7LWOXO ;,, &DSLWRO ,,, DUW D IRVW DWDFDW GH H[FHSWLH UHVSLQVD 'HFL]LD

$GPLQLVWUDUHDSUREHORUVHIDFHFXUHVSHFWDUHDUHJLPXOXLGHXUJHQ LQVWDQ DILLQGvQGUHSWV

GHFDG GLQ EHQHILFLXO SUREHL DGPLVH SDUWHD FDUH vQWkU]LH vQ PRG QHMXVWLILFDW DGPLQLVWUDUHD
DFHVWHLD
$UW

+RW UkULOHSURQXQ DWHvQIRQGVXQWGHILQLWLYHúLH[HFXWRULLGHGUHSW
$UW

3URFHGXUDGHVROX LRQDUHDFRQIOLFWHORUGHPXQF VHUHJOHPHQWHD] SULQOHJHVSHFLDO
$UW

7,7/8/;,,, 'LVSR]L LLWUDQ]LWRULLúLILQDOH
'LVSR]L LLOHSUH]HQWXOXLWLWOXVHFRPSOHWHD] FXSUHYHGHULOH&RGXOXLGHSURFHGXU FLYLO
$UW
3RWULYLW REOLJD LLORU LQWHUQD LRQDOH DVXPDWH GH 5RPkQLD OHJLVOD LD PXQFLL YD IL DUPRQL]DW
SHUPDQHQW FX QRUPHOH 8QLXQLL (XURSHQH FX FRQYHQ LLOH úL UHFRPDQG ULOH 2UJDQL]D LHL
,QWHUQD LRQDOHD0XQFLLFXQRUPHOHGUHSWXOXLLQWHUQD LRQDODOPXQFLL
$UW

5RPkQLD YD UHDOL]D WUDQVSXQHUHD SkQ OD GDWD DGHU ULL OD 8QLXQHD (XURSHDQ vQ OHJLVOD LD

QD LRQDO D GLVSR]L LLORU FRPXQLWDUH SULYLQG FRPLWHWXO HXURSHDQ GH vQWUHSULQGHUH vQ XQLW LOH GH

GLPHQVLXQH FRPXQLWDU SH P VXUD DSDUL LHL úL GH]YROW ULL vQ HFRQRPLH D XQRU DVWIHO GH
vQWUHSULQGHULSUHFXPúLSHFHOHSULYLQGGHWDúDUHDVDODULD LORUvQFDGUXOIXUQL] ULLGHVHUYLFLL
$UW
ÌQ VHQVXO SUH]HQWXOXL FRG SULQ VDODULD L FX IXQF LH GH FRQGXFHUH VH vQ HOHJH DGPLQLVWUDWRULL

VDODULD LLQFOXVLYSUHúHGLQWHOHFRQVLOLXOXLGHDGPLQLVWUD LHGDF HVWHúLVDODULDWGLUHFWRULLJHQHUDOL
úL GLUHFWRULLGLUHFWRULL JHQHUDOL DGMXQF L úL GLUHFWRULL DGMXQF L úHILL FRPSDUWLPHQWHORU GH PXQF
GLYL]LL GHSDUWDPHQWH VHF LL DWHOLHUH VHUYLFLL ELURXUL SUHFXP úL DVLPLOD LL ORU VWDELOL L SRWULYLW

OHJLLVDXSULQFRQWUDFWHOHFROHFWLYHGHPXQF RULGXS FD]SULQUHJXODPHQWXOLQWHUQ

$UW
'LVSR]L LLOH SUH]HQWXOXL FRG VH vQWUHJHVF FX FHOHODOWH GLVSR]L LL FXSULQVH vQ OHJLVOD LD PXQFLL

úL vQ P VXUD vQ FDUH QX VXQW LQFRPSDWLELOH FX VSHFLILFXO UDSRUWXULORU GH PXQF SUHY ]XWH GH
SUH]HQWXOFRGFXGLVSR]L LLOHOHJLVOD LHLFLYLOH

3UHYHGHULOHSUH]HQWXOXL FRGVHDSOLF FX WLWOX GH GUHSW FRPXQ úL DFHORU UDSRUWXUL MXULGLFHGH

PXQF QHvQWHPHLDWH SH XQ FRQWUDFW LQGLYLGXDO GH PXQF vQ P VXUD vQ FDUH UHJOHPHQW ULOH

VSHFLDOH QX VXQW FRPSOHWH úL DSOLFDUHD ORU QX HVWH LQFRPSDWLELO FX VSHFLILFXO UDSRUWXULORU GH

PXQF UHVSHFWLYH
$UW

9HFKLPHD vQ PXQF VWDELOLW SkQ OD GDWD GH GHFHPEULH VH SUREHD] FX FDUQHWXO

GH PXQF ÌQ FD]XO vQ FDUH R SHUVRDQ QX SRVHG FDUQHW GH PXQF YHFKLPHD vQ PXQF VH
UHFRQVWLWXLHODFHUHUHGHFWUHLQVWDQ DMXGHFWRUHDVFFRPSHWHQWVVROX LRQH]HFRQIOLFWHOHGH
PXQF SH ED]D vQVFULVXULORU VDX D DOWRU SUREH GLQ FDUH V UH]XOWH H[LVWHQ D UDSRUWXULORU GH
PXQF
3kQ OD GDWD SUHY]XW OD DOLQ DQJDMDWRULL VDX GXS FD] LQVSHFWRUDWHOH WHULWRULDOH GH
PXQF FDUH GH LQ FDUQHWHOH GH PXQF DOH VDODULD LORU YRU HOLEHUD vQ PRG HúDORQDW FDUQHWHOH
UHVSHFWLYHWLWXODULORUSHED]GHSURFHVYHUEDOLQGLYLGXDOGHSUHGDUHSULPLUH
GHPXQF
'XS GDWD DEURJULL 'HFUHWXOXL QU SULYLQG FDUQHWXO GH PXQF FX PRGLILFULOH
XOWHULRDUH YHFKLPHD vQ PXQF VWDELOLW SkQ OD GDWD GH GHFHPEULH VH UHFRQVWLWXLH OD
FHUHUHD SHUVRDQHL FDUH QX SRVHG FDUQHW GH PXQF GH FWUH LQVWDQ D MXGHFWRUHDVF
FRPSHWHQWVVROX LRQH]HFRQIOLFWHOHGHPXQF SHED]DvQVFULVXULORUVDXDDOWRUSUREHGLQFDUH
V UH]XOWH H[LVWHQ D UDSRUWXULORU GH PXQF &HUHULOH GH UHFRQVWLWXLUH IRUPXODWH DQWHULRU GDWHL
DEURJULL 'HFUHWXOXL QU FX PRGLILFULOH XOWHULRDUH VH YRU VROX LRQD SRWULYLW
GLVSR]L LLORUDFHVWXLDFWQRUPDWLY

$QJDMDWRULL FDUH S VWUHD] úL FRPSOHWHD] FDUQHWHOH GH PXQF OH YRU HOLEHUD WLWXODULORU vQ

PRG HúDORQDW SkQ OD GDWD GH LXQLH SH ED] GH SURFHVYHUEDO LQGLYLGXDO GHSUHGDUH
SULPLUH

,QVSHFWRUDWHOH WHULWRULDOH GH PXQF FDUH GH LQ FDUQHWHOH GH PXQF DOH VDODULD LORU OH YRU

HOLEHUDSkQ ODGDWDSUHY ]XW ODDOLQvQFRQGL LLOHVWDELOLWHSULQRUGLQDOPLQLVWUXOXLPXQFLL
VROLGDULW LLVRFLDOHúLIDPLOLHL
ODGDWD'HF7LWOXO;,,,DUWPRGLILFDWGHDUWSXQFWXOGLQ/HJHD

GHPXQF
'XS GDWD DEURJULL 'HFUHWXOXL QU SULYLQG FDUQHWXO GH PXQF FX PRGLILFULOH
XOWHULRDUH YHFKLPHD vQ PXQF VWDELOLW SkQ OD GDWD GH GHFHPEULH VH UHFRQVWLWXLH OD
FHUHUHD SHUVRDQHL FDUH QX SRVHG FDUQHW GH PXQF GH FWUH LQVWDQ D MXGHFWRUHDVF
FRPSHWHQWVVROX LRQH]HFRQIOLFWHOHGHPXQF SHED]DvQVFULVXULORUVDXDDOWRUSUREHGLQFDUH
V UH]XOWH H[LVWHQ D UDSRUWXULORU GH PXQF &HUHULOH GH UHFRQVWLWXLUH IRUPXODWH DQWHULRU GDWHL
DEURJULL 'HFUHWXOXL QU FX PRGLILFULOH XOWHULRDUH VH YRU VROX LRQD SRWULYLW
GLVSR]L LLORUDFHVWXLDFWQRUPDWLY

$QJDMDWRULL FDUH S VWUHD] úL FRPSOHWHD] FDUQHWHOH GH PXQF OH YRU HOLEHUD WLWXODULORU vQ

PRG HúDORQDW SkQ OD GDWD GH LXQLH SH ED] GH SURFHVYHUEDO LQGLYLGXDO GHSUHGDUH
SULPLUH

,QVSHFWRUDWHOH WHULWRULDOH GH PXQF FH GH LQ FDUQHWHOH GH PXQF DOH VDODULD LORU OH YRU

HOLEHUDSkQ ODGDWDSUHY ]XW ODDOLQvQFRQGL LLOHVWDELOLWHSULQRUGLQDOPLQLVWUXOXLPXQFLL
VROLGDULW LLVRFLDOHúLIDPLOLHL
OD GDWD 6HS 7LWOXO ;,,, DUW PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD XUJHQWD

$UW

3H GDWD LQWU ULL vQ YLJRDUH D SUH]HQWXOXL FRG FDX]HOH SULYLQG FRQIOLFWH GH PXQF DIODWH SH UROXO

WULEXQDOHORU VH MXGHF vQ FRQWLQXDUH SRWULYLW GLVSR]L LLORU SURFHVXDOH DSOLFDELOH OD GDWD VHVL] ULL

LQVWDQ HORU
$UW

3UH]HQWXOFRGLQWU vQYLJRDUHODGDWDGHPDUWLH

3HGDWDLQWU ULLvQYLJRDUHDSUH]HQWXOXLFRGVHDEURJ
&RGXOPXQFLLDO 565/HJHD QU SXEOLFDWvQ %XOHWLQXO 2ILFLDO3DUWHD, QU
GLQGHFHPEULHFXPRGLILF ULOHúLFRPSOHWULOHXOWHULRDUH
/HJHD QU /HJHD RUJDQL]ULL úL GLVFLSOLQHL PXQFLL vQ XQLW LOH VRFLDOLVWH GH VWDW
SXEOLFDW vQ %XOHWLQXO 2ILFLDO 3DUWHD , QU GLQ PDUWLH FX PRGLILFULOH úL
FRPSOHWULOHXOWHULRDUH
'HFUHWXO QU SULYLQG PRGXO GH UHFXSHUDUH D XQRU SDJXEH DGXVH DYXWXOXL REúWHVF
SXEOLFDWvQ%XOHWLQXO2ILFLDO3DUWHD,QUGLQPDUWLH
/HJHD QU SULYLQG DQJDMDUHD VDODULD LORU vQ IXQF LH GH FRPSHWHQ SXEOLFDW vQ
0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,QUGLQQRLHPEULH

/HJHD QU SULYLQG FXPXOXO GH IXQF LL SXEOLFDW vQ 0RQLWRUXO 2ILFLDO DO 5RPkQLHL
3DUWHD,QUGLQLDQXDULH

/HJHD VDODUL] ULL QU SXEOLFDW vQ 0RQLWRUXO 2ILFLDO DO 5RPkQLHL 3DUWHD , QU

GLQIHEUXDULHFXPRGLILF ULOHúLFRPSOHW ULOHXOWHULRDUH

/HJHD QU SULYLQG FRQFHGLXO GH RGLKQ úL DOWH FRQFHGLL DOH VDODULD LORU SXEOLFDW vQ
0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,QUGLQIHEUXDULH

/HJHD QU SULYLQG JDUDQWDUHD vQ SODW D VDODULXOXL PLQLP SXEOLFDW vQ 0RQLWRUXO
2ILFLDODO5RPkQLHL3DUWHD,QUGLQRFWRPEULH

/HJHD QU SULYLQG VWDELOLUHD ]LOHORU GH V UE WRDUH OHJDO vQ FDUH QX VH OXFUHD]

SXEOLFDW vQ0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,QUGLQLXOLHFXPRGLILF ULOHúL
FRPSOHWULOHXOWHULRDUH
DUW úL GLQ /HJHD QU SULYLQG FRQWUDFWXO FROHFWLY GH PXQF UHSXEOLFDW vQ
0RQLWRUXO2ILFLDODO5RPkQLHL3DUWHD,QUGLQPDL
RULFHDOWHGLVSR]L LLFRQWUDUH

ÌQFHSkQGFXGDWDGHLDQXDULHVHDEURJ GLVSR]L LLOH'HFUHWXOXLQU SULYLQG

FDUQHWXOGHPXQF SXEOLFDWvQ%XOHWLQXO2ILFLDO3DUWHD,QUGLQDSULOLH

ÌQFHSkQGFXGDWDGHLDQXDULHVHDEURJ GLVSR]L LLOH'HFUHWXOXLQU SULYLQG

FDUQHWXO GH PXQF SXEOLFDW vQ %XOHWLQXO 2ILFLDO 3DUWHD , QU GLQ DSULOLH FX

PRGLILF ULOHXOWHULRDUH
ODGDWD'HF7LWOXO;,,,DUWDOLQPRGLILFDWGHDUWSXQFWXOGLQ/HJHD

3H GDWD GH LDQXDULH VH DEURJ GLVSR]L LLOH 'HFUHWXOXL QU SULYLQG FDUQHWXO

GH PXQF SXEOLFDW vQ %XOHWLQXO 2ILFLDO 3DUWHD , QU GLQ DSULOLH FX PRGLILF ULOH
XOWHULRDUH
OD GDWD 6HS 7LWOXO ;,,, DUW DOLQ PRGLILFDW GH DUW , SXQFWXO GLQ 2UGRQDQWD
XUJHQWD

$FHDVW OHJH D IRVW DGRSWDW vQ WHPHLXO SUHYHGHULORU DUW GLQ &RQVWLWX LD 5RPkQLHL vQ XUPD

DQJDM ULL U VSXQGHULL *XYHUQXOXL vQ ID D &DPHUHL 'HSXWD LORU úL D 6HQDWXOXL vQ úHGLQ D FRPXQ GLQ
GDWDGHGHFHPEULH
35(ù(',17(/(&$0(5(,'(387$ ,/25
9$/(5'251($18
35(ù(',17(/(6(1$78/8,
1,&2/$(9 &52,8

3XEOLFDWvQ0RQLWRUXO2ILFLDOFXQXP UXOGLQGDWDGHIHEUXDULH

)RUPD VLQWHWLF OD GDWD 2FW $FHVW DFW D IRVW FUHDW XWLOL]kQG WHKQRORJLD 6LQW$&7$FWH 6LQWHWLFH 6LQW$&7 úL WHKQRORJLD

$FWH6LQWHWLFHVXQWP UFLvQUHJLVWUDWHDOH(213URJUDPPLQJ

Codul Muncii Oct2007

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Codul Muncii Oct2007

Uploaded by

Copyright:

Available Formats

Pag.

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

F ODvQFHSHUHDPLVLXQLLvQFD]XOVDODULD LORUvQFDGUD LFXFRQWUDFWGHPXQF WHPSRUDU 

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

 )LHFDUHDQJDMDWRUDUHREOLJD LDGHDvQILLQ DXQUHJLVWUXJHQHUDOGHHYLGHQ DVDODULD LORU

 5HJLVWUXO JHQHUDO GH HYLGHQ D VDODULD

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

L GUHSWXOGHDOXDSDUWHODGHWHUPLQDUHDúLDPHOLRUDUHDFRQGL LLORUGHPXQF úLDPHGLXOXLGH

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

L VDVLJXUHFRQILGHQ LDOLWDWHDGDWHORUFXFDUDFWHUSHUVRQDODOHVDODULD LORU

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

H H[HUFLWDUHD XQHL IXQF LL vQ FDGUXO XQHL DXWRULW

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

G vQ FD]XO vQWUHUXSHULL WHPSRUDUH D DFWLYLW

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

 &RQFHGLHUHD SHQWUX PRWLYH FDUH QX

FROHFWLY ,QIRUPDUHD FRQVXOWDUHD VDODULD LORU úL SURFHGXUD

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

 ÌQVLWXD LDvQFDUHVDODULD LLFDUHDXGUHSWXOGHDILUHDQJDMD LSRWULYLWDOLQ  QXVROLFLW

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

F FULWHULLOHGHVWDELOLUHDRUGLQLLGHSULRULW LFRQIRUPDUWDOLQ  OLWG QXPDLvQFD]XO

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

 'LVSR]L LLOHDOLQ  QXVXQWDSOLFDELOH

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

&$3,72/8/9,, 0XQFDSULQDJHQWGHPXQF WHPSRUDU

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

&$3,72/8/9,,, &RQWUDFWXOLQGLYLGXDOGHPXQF FXWLPSSDU LDO

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

F LQWHUGLF LDGHDHIHFWXDRUHVXSOLPHQWDUHFXH[FHS LDFD]XULORUGHIRU PDMRUVDXSHQWUX

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

&$3,72/8/, 'LVSR]L LLJHQHUDOH

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

Text creat de SintAct® EON Programming SA - tel:021/3201478, contact@eon.ro

 ÌQFD]XOSOXUDOLW LLGHFUHGLWRULDLVDODULDWXOXLYDILUHVSHFWDW XUP WRDUHDRUGLQH

E FRQWULEX LLOHúLLPSR]LWHOHGDWRUDWHF WUHVWDW

&$3,72/8/,9 )RQGXOGHJDUDQWDUHSHQWUXSODWDFUHDQ HORUVDODULDOH

F ODvQFHSHUHDPLVLXQLLvQFD]XOVDODULD LORUvQFDGUD LFXFRQWUDFWGHPXQF WHPSRUDU

)LHFDUHDQJDMDWRUDUHREOLJD LDGHDvQILLQ DXQUHJLVWUXJHQHUDOGHHYLGHQ DVDODULD LORU

5HJLVWUXO JHQHUDO GH HYLGHQ D VDODULD

L VDVLJXUHFRQILGHQ LDOLWDWHDGDWHORUFXFDUDFWHUSHUVRQDODOHVDODULD LORU

&RQFHGLHUHD SHQWUX PRWLYH FDUH QX

FROHFWLY ,QIRUPDUHD FRQVXOWDUHD VDODULD LORU úL SURFHGXUD

ÌQVLWXD LDvQFDUHVDODULD LLFDUHDXGUHSWXOGHDILUHDQJDMD LSRWULYLWDOLQQXVROLFLW

F FULWHULLOHGHVWDELOLUHDRUGLQLLGHSULRULW LFRQIRUPDUWDOLQOLWGQXPDLvQFD]XO

'LVSR]L LLOHDOLQQXVXQWDSOLFDELOH

&$3,72/8/9,, 0XQFDSULQDJHQWGHPXQF WHPSRUDU

&$3,72/8/9,,, &RQWUDFWXOLQGLYLGXDOGHPXQF FXWLPSSDU LDO

F LQWHUGLF LDGHDHIHFWXDRUHVXSOLPHQWDUHFXH[FHS LDFD]XULORUGHIRU PDMRUVDXSHQWUX

&$3,72/8/, 'LVSR]L LLJHQHUDOH

ÌQFD]XOSOXUDOLW LLGHFUHGLWRULDLVDODULDWXOXLYDILUHVSHFWDW XUP WRDUHDRUGLQH

E FRQWULEX LLOHúLLPSR]LWHOHGDWRUDWHF WUHVWDW

&$3,72/8/,9 )RQGXOGHJDUDQWDUHSHQWUXSODWDFUHDQ HORUVDODULDOH

vQWUHSULQGHULLDOXQLW LLVDXDOXQRUSU LDOHDFHVWHLD

&$3,72/8/,,, 3URWHF LDVDODULD LORUSULQVHUYLFLLPHGLFDOH

&$3,72/8/, 'LVSR]L LLJHQHUDOH

)RUPDUHDSURIHVLRQDOúLHYDOXDUHDFXQRúWLQ HORUVHIDFSHED]DVWDQGDUGHORURFXSD LRQDOH

F VWDJLLGHSUDFWLF úLVSHFLDOL]DUHvQ DUúLvQVWULQWDWH

&$3,72/8/, 'LVSR]L LLJHQHUDOH

&$3,72/8/, 'LVSR]L LLJHQHUDOH

G SURFHGXUDGHVROX LRQDUHDFHUHULORUVDXUHFODPD LLORULQGLYLGXDOHDOHVDODULD LORU

ÌQ FD]XO vQ FDUHSULQ VWDWXWH SURIHVLRQDOHDSUREDWHSULQ OHJHVSHFLDO VHVWDELOHúWHXQDOW

H HYHQWXDOHOHVDQF LXQLGLVFLSOLQDUHVXIHULWHDQWHULRUGHF WUHDFHVWD

6XE VDQF LXQHD QXOLW

6XEVDQF LXQHDQXOLW LLDEVROXWHvQGHFL]LHVHFXSULQGvQPRGREOLJDWRULX

7,7/8/;,, -XULVGLF LDPXQFLL

&$3,72/8/, 'LVSR]L LLJHQHUDOH

&$3,72/8/,, &RPSHWHQ DPDWHULDOúLWHULWRULDO

$GPLQLVWUDUHDSUREHORUVHIDFHFXUHVSHFWDUHDUHJLPXOXLGHXUJHQ LQVWDQ DILLQGvQGUHSWV