DGA Borrador Docum Incendios

3UR\HFWR GH 25'(1 ,&'[[[[GH BB GH BB GH GH UHJXODFLyQ GH
GHWHUPLQDGRV SURFHGLPLHQWRV DGPLQLVWUDWLYRV HQ PDWHULD GH VHJXULGDG
LQGXVWULDOGHODVLQVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRV

(O 5HJODPHQWR GH LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV DSUREDGR SRU
5HDO'HFUHWRGHGHQRYLHPEUHGHURJDGRSRUHO5HDO'HFUHWR
GH GH PD\R SRU HO TXH VH DSUXHED HO 5HJODPHQWR GH LQVWDODFLRQHV GH SURWHFFLyQ
FRQWUDLQFHQGLRVFRQWHPSODORVDVSHFWRVDWHQHUHQFXHQWDHQUHODFLyQFRQHOGLVHxR
LQVWDODFLyQ\PDQWHQLPLHQWRGHORVVLVWHPDVGHSURWHFFLyQFRQWUDLQFHQGLRV
3RU RWUR ODGR HO 5HJODPHQWR GH VHJXULGDG FRQWUD LQFHQGLRV HQ ORV
HVWDEOHFLPLHQWRV LQGXVWULDOHV DSUREDGR SRU 5HDO 'HFUHWR GH GH
GLFLHPEUH \ HO &yGLJR 7pFQLFR GH OD (GLILFDFLyQ &7( DSUREDGR SRU 5HDO 'HFUHWR
GH GH PDU]R HVWDEOHFHQ TXH HO GLVHxR OD HMHFXFLyQ OD SXHVWD HQ
IXQFLRQDPLHQWR \ HO PDQWHQLPLHQWR GH ODV LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD
LQFHQGLRV DVt FRPR VXV PDWHULDOHV FRPSRQHQWHV \ HTXLSRV GHEHQ FXPSOLU OR
HVWDEOHFLGRHQVXUHJODPHQWDFLyQHVSHFtILFD
/D 2UGHQ GH GH QRYLHPEUH GH GHO 'HSDUWDPHQWR GH ,QGXVWULD
&RPHUFLR \ 7XULVPR SRU OD TXH VH UHJXOD HO SURFHGLPLHQWR GH DFUHGLWDFLyQ GHO
FXPSOLPLHQWR GH ODV FRQGLFLRQHV GH VHJXULGDG LQGXVWULDO GH ODV LQVWDODFLRQHV GH
SURWHFFLyQ FRQWUD LQFHQGLRV \ SRU OD TXH VH PRGLILFDQ ORV UHTXLVLWRV SDUD OD
DXWRUL]DFLyQGHHPSUHVDVGHHVWDHVSHFLDOLGDGPRGLILFDGDSRUOD2UGHQGHGHDEULO
GHSRUOD2UGHQGHGHPD\RGH\SRUODGLVSRVLFLyQILQDOSULPHUDGHOD
2UGHQ (,( GH GH MXQLR IXH GLFWDGD SDUD UHJXODU HQ $UDJyQ HO
SURFHGLPLHQWR GH DFUHGLWDFLyQ GHO FXPSOLPLHQWR GH ODV FRQGLFLRQHV GH VHJXULGDG
LQGXVWULDO GH ODV LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV HQ HO PDUFR JHQHUDO
HVWDEOHFLGRSRUHO5HDO'HFUHWRGHGHQRYLHPEUHSRUHOTXHVHDSUREyHO
5HJODPHQWRGHLQVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRV
/D FLWDGD 2UGHQ HUD GH DSOLFDFLyQ SDUD ODV LQVWDODFLRQHV GH ORV HGLILFLRV R
HVWDEOHFLPLHQWRV DIHFWDGRV SRU OD 1RUPD %iVLFD GH (GLILFDFLyQ ©1%(&3,
&RQGLFLRQHV GH 3URWHFFLyQ &RQWUD ,QFHQGLRV HQ ORV (GLILFLRVª GHURJDGD SRU HO 5HDO
'HFUHWR GH GH PDU]R SRU HO TXH VH DSUXHED HO &yGLJR 7pFQLFR GH OD
(GLILFDFLyQ 6XSOHPHQWR 'RFXPHQWR %iVLFR 6, 6HJXULGDG HQ FDVR GH LQFHQGLR DVt
FRPRSDUDODVLQVWDODFLRQHVLQFOXLGDVHQORVHGLILFLRVRHVWDEOHFLPLHQWRVDIHFWDGRVSRU
HO5HDO'HFUHWRGHGHGLFLHPEUH
(O5HJODPHQWRGH LQVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRVDSUREDGRSRUHO
5HDO'HFUHWRGHGHPD\RHVWDEOHFHODVH[LJHQFLDVUHODWLYDVDOGLVHxRH
LQVWDODFLyQ GH ORV HTXLSRV \ VLVWHPDV GH SURWHFFLyQ DFWLYD FRQWUD LQFHQGLRV \ HO
PDQWHQLPLHQWRPtQLPRGHORVPLVPRV(VWDVH[LJHQFLDVDIHFWDQDDVSHFWRVUHJXODGRV
HQOD2UGHQGHGHQRYLHPEUHGHHQWUHORVTXHFDEHGHVWDFDUODPRGLILFDFLyQ
GH ODV FRQGLFLRQHV \ UHTXLVLWRV SDUD OD SXHVWD HQ VHUYLFLR GH ODV LQVWDODFLRQHV GH
SURWHFFLyQ FRQWUD LQFHQGLRV ORV UHTXLVLWRV TXH KDQ GH FXPSOLU ODV HPSUHVDV
LQVWDODGRUDV \ PDQWHQHGRUDV OD REOLJDFLyQ GH UHDOL]DU LQVSHFFLRQHV SHULyGLFDV D ODV
LQVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRVHQHGLILFLRVGHOiPELWRGHO&yGLJR7pFQLFR
GH OD (GLILFDFLyQ OD VXVWLWXFLyQ GH ORV WLSRV GH VLVWHPDV H[LVWHQWHV HQ HO
2UGHQBLQFHQGLRVBFRQVXOWDVBIHEGRF GH

5HJODPHQWR GH LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV DSUREDGR SRU 5HDO
'HFUHWR GH GH QRYLHPEUH D ORV DFWXDOHV VLVWHPDV DVt FRPR OD
DFWXDOL]DFLyQGHQRUPDVWpFQLFDVGHREOLJDGRFXPSOLPLHQWR
(O(VWDWXWRGH$XWRQRPtDGH$UDJyQHQVXUHGDFFLyQGDGDSRUOD/H\2UJiQLFD
GHGHDEULODWULEX\HDOD&RPXQLGDG$XWyQRPDHQVXDUWtFXOROD
FRPSHWHQFLDH[FOXVLYDHQPDWHULDGHLQGXVWULDVDOYRODVFRPSHWHQFLDVGHO(VWDGRSRU
UD]RQHVGHVHJXULGDGVDQLWDULDVRGHLQWHUpVGHODGHIHQVD

(Q HVH PDUFR FRUUHVSRQGH DO 'HSDUWDPHQWR GH ,QGXVWULD &RPSHWLWLYLGDG \
'HVDUUROOR(PSUHVDULDOHOHMHUFLFLRGHODVFRPSHWHQFLDVGHOD&RPXQLGDG$XWyQRPDHQ
PDWHULD GH DFWLYLGDG LQGXVWULDO TXH LQFOX\H HQ WRGR FDVR OD RUGHQDFLyQ JHVWLyQ
SODQLILFDFLyQ H LQVSHFFLyQ HQ PDWHULD GH LQGXVWULD GH DFXHUGR FRQ OR GLVSXHVWR HQ HO
'HFUHWRGHGHDJRVWRGHGHO3UHVLGHQWHGHO*RELHUQRGH$UDJyQSRUHOTXHVH
PRGLILFDODRUJDQL]DFLyQGHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ \
VHDVLJQDQFRPSHWHQFLDVDORV'HSDUWDPHQWRV
(O7H[WR5HIXQGLGRGHOD/H\GHUHJXODFLyQ\IRPHQWRGHODDFWLYLGDGLQGXVWULDO
GH $UDJyQ DSUREDGR SRU HO 'HFUHWR /HJLVODWLYR GH GH GLFLHPEUH GHO
*RELHUQRGH$UDJyQHVWDEOHFHHQHODUWtFXORTXHUHJODPHQWDULDPHQWHVHGLFWDUiQ
ODV QRUPDV \ VH HVWDEOHFHUiQ ORV UHTXLVLWRV WpFQLFRV TXH JDUDQWLFHQ HO FXPSOLPLHQWR
GHOREMHWRGHODVHJXULGDGLQGXVWULDOKDELOLWiQGRVHDO&RQVHMHURFRPSHWHQWHHQPDWHULD
GHLQGXVWULDSDUDGLFWDUFXDQWDVGLVSRVLFLRQHVVHDQQHFHVDULDVSDUDHOGHVDUUROORGHOD
FLWDGDOH\
(VWH7H[WR5HIXQGLGRRWRUJDUDQJRGH/H\DODDSXHVWDGH$UDJyQSRUIRPHQWDU
ODFDOLGDGGH ORVVHUYLFLRV\IUXWRGHHOOD VHDSUREyPHGLDQWH 'HFUHWRGH
GHPDU]RGHO*RELHUQRGH$UDJyQHO5HJODPHQWRVREUHHOUpJLPHQMXUtGLFRGHODV
HQWLGDGHV FRODERUDGRUDV GH OD $GPLQLVWUDFLyQ GH OD &RPXQLGDG $XWyQRPD GH $UDJyQ
SDUDHODVHJXUDPLHQWRYROXQWDULRGHODFDOLGDGGHORVVHUYLFLRVGHVHJXULGDGLQGXVWULDO
(VWH'HFUHWRDEULyODSXHUWDDODFRODERUDFLyQHQWUHORVGLYHUVRVDJHQWHVGHOVLVWHPD
GH OD VHJXULGDG LQGXVWULDO FRQ ODV GHQRPLQDGDV (QWLGDGHV FRODERUDGRUDV GH OD
$GPLQLVWUDFLyQ GH OD &RPXQLGDG $XWyQRPD GH $UDJyQ SDUD HO DVHJXUDPLHQWR
YROXQWDULRGHODFDOLGDGGHORVVHUYLFLRVGHVHJXULGDGLQGXVWULDOTXHHQVXDUWtFXOR
LPSRQH D HVWDV QXHYDV HQWLGDGHV OD REOLJDFLyQ GH SRQHU D GLVSRVLFLyQ GH WRGRV ORV
DJHQWHV GHO VLVWHPD GH VHJXULGDG LQGXVWULDO XQD SODWDIRUPD WHFQROyJLFD TXH SRGUi
SUHVWDU HQWUH RWURV HO VHUYLFLR GH UHJLVWUR GRFXPHQWDO \ OD HQWUDGD UHVWULQJLGD DO
DUFKLYRGH GRFXPHQWDFLyQPDQWHQLGRSRU ODHQWLGDGSUHYLRFRQYHQLRFRQHO*RELHUQR
GH$UDJyQ
(VWRVPHGLRVWHOHPiWLFRVYDQDSHUPLWLUFXDQGRVHDQJHVWLRQDGRVDWUDYpVGH
ODVSODWDIRUPDVSXHVWDVDGLVSRVLFLyQSRUODVHQWLGDGHVFRODERUDGRUDVODWUD]DELOLGDG
FRPSOHWD GH ODV FDUDFWHUtVWLFDV GH OD LQVWDODFLyQ GH WRGRV ORV LQWHUYLQLHQWHV \ GH OD
GRFXPHQWDFLyQWpFQLFDDVRFLDGDDFDGDWUiPLWH$GHPiVSURSRUFLRQDUiQLQIRUPDFLyQ
VXILFLHQWH DO 5HJLVWUR ÒQLFR GH ,QVWDODFLRQHV GH $UDJyQ 58,$UDJyQ FUHDGR SRU
2UGHQ(,(GHGHDEULO
$YDQ]DQGRXQSDVRPiVHQODOtQHDWUD]DGDSRUHVWH'HSDUWDPHQWRHQPDWHULD
GH GLJLWDOL]DFLyQ DJLOL]DFLyQ GH WUiPLWHV VLPSOLILFDFLyQ \ WUDPLWDFLyQ WHOHPiWLFD \

GHULYDGR GH OD /H\ GH GH QRYLHPEUH VREUH HO OLEUH DFFHVR D ODV
DFWLYLGDGHV GH VHUYLFLRV \ VX HMHUFLFLR TXH WUDQVSRQH OD 'LUHFWLYD GH 6HUYLFLRV GH OD
/H\ GH GH RFWXEUH GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q GH ODV
$GPLQLVWUDFLRQHV3~EOLFDV\GHOD/H\GHGHRFWXEUHGH5pJLPHQ-XUtGLFR
GHO 6HFWRU 3~EOLFR VH SUHWHQGH SRVLELOLWDU TXH HQ $UDJyQ HQWUH ORV PHGLRV
HOHFWUyQLFRV GLVSRQLEOHV SDUD JHVWLRQDU ODV FRPXQLFDFLRQHV D OD $GPLQLVWUDFLyQ HQ
PDWHULD GH LQVWDODFLRQHV GH VHJXULGDG LQGXVWULDO VH FRQVLGHUHQ FRPR WDOHV D ODV
SODWDIRUPDV WHFQROyJLFDV GH ODV QXHYDV HQWLGDGHV FRODERUDGRUDV UHJXODGDV HQ HO
'HFUHWR GH GH PDU]R $Vt PLVPR VH UHFRQRFHQ ODV FRPXQLFDFLRQHV
JHVWLRQDGDVSRUODVHQWLGDGHVFRODERUDGRUDVXQDYDOLGH]\HIHFWRVHTXLYDOHQWHVDODV
UHDOL]DGDV DQWH OD $GPLQLVWUDFLyQ $Vt VH KD OOHYDGR D FDER \D HQ OD 2UGHQ
(,( GH GH RFWXEUH GH UHJXODFLyQ GH GHWHUPLQDGRV SURFHGLPLHQWRV
DGPLQLVWUDWLYRV HQ PDWHULD GH VHJXULGDG LQGXVWULDO GH ODV LQVWDODFLRQHV HOpFWULFDV GH
EDMDWHQVLyQTXHHVWDEOHFHXQUpJLPHQMXUtGLFRPiVDPSOLRHQHOTXHWLHQHQYDOLGH]\
HIHFWRVHVWRVQXHYRVFDQDOHVDXWRPDWL]DGRVGHFRPXQLFDFLyQ
3RU RWUR ODGR OD $GPLQLVWUDFLyQ GH OD &RPXQLGDG $XWyQRPD GH $UDJyQ VH KD
GRWDGRGHXQDVHJXQGDYtDGHFRPXQLFDFLyQSRUPHGLRVHOHFWUyQLFRVTXHFRH[LVWHFRQ
ODV SODWDIRUPDV WHFQROyJLFDV GH ODV HQWLGDGHV FRODERUDGRUDV 0HGLDQWH OD 2UGHQ
(,(GHGHIHEUHURVHDSUREyODSODWDIRUPD',*,7$SDUDODWUDPLWDFLyQ
WHOHPiWLFD \ FRQVXOWD GH H[SHGLHQWHV H LQVWDODFLRQHV VRPHWLGDV D UHJODPHQWRV GH
VHJXULGDG LQGXVWULDO SHUPLWLHQGR SRU XQ ODGR OD FRPXQLFDFLyQ HOHFWUyQLFD GH ODV
LQVWDODFLRQHVVRPHWLGDVDUHJODPHQWRVGHVHJXULGDGLQGXVWULDOHODUFKLYRGHORVGDWRV
\GRFXPHQWDFLyQDVRFLDGDDODVFLWDGDVLQVWDODFLRQHV\SRURWUDSDUWHODGLJLWDOL]DFLyQ
GH ODV FRPXQLFDFLRQHV SUHVHQWDGDV SRU ODV SHUVRQDV ItVLFDV SUHVHQFLDOPHQWH DQWH OD
$GPLQLVWUDFLyQ
$GLFLRQDOPHQWH D OR LQGLFDGR VH KD FRQVWDWDGR OD QHFHVLGDG GH LQWURGXFLU
PRGLILFDFLRQHV HQ PDWHULD GH LQVSHFFLyQ \ HQ HO SOD]R GH FRQVHUYDFLyQ GH OD
GRFXPHQWDFLyQ GH PDQWHQLPLHQWR (Q HO SULPHU FDVR VH KD FUHDGR OD ILJXUD GH OD
LQVSHFFLyQ LQLFLDO TXH WLHQH SRU REMHWLYR GHWHFWDU GHIHFWRV R LQFXPSOLPLHQWRV GH OD
UHJODPHQWDFLyQ TXH VHUtDQ GH GLItFLO VXEVDQDFLyQ WUDV OD SXHVWD HQ PDUFKD GH OD
LQVWDODFLyQ (Q HO VHJXQGR FDVR VH KD DPSOLDGR HO SOD]R GH FRQVHUYDFLyQ GH OD
GRFXPHQWDFLyQ GH PDQWHQLPLHQWR D DxRV GH IRUPD TXH VH DVHJXUH TXH HQ FDGD
LQVSHFFLyQSHULyGLFDVHSXHGHGLVSRQHUGHODWRGDODGRFXPHQWDFLyQGHPDQWHQLPLHQWR
JHQHUDGDGHVGHODDQWHULRULQVSHFFLyQSHULyGLFDVLIXHUDQHFHVDULR
3RU HVWDV UD]RQHV \ SDUD DGDSWDU OD 2UGHQ D OD QRUPDWLYD GH FDUiFWHU EiVLFR
HVWDWDO \ D OD XWLOL]DFLyQ GH OD JHVWLyQ DXWRPDWL]DGD GHO SURFHGLPLHQWR PHGLDQWH ODV
SODWDIRUPDVWHOHPiWLFDVGHWUDPLWDFLyQUHVXOWDQHFHVDULRODPRGLILFDFLyQGHOD2UGHQ
GHQRYLHPEUHGHFLWDGD
&RQIRUPH OR GLVSXHVWR HQ HO DUWtFXOR GH OD /H\ GH GH RFWXEUH
GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV HQ OD
HODERUDFLyQ GH HVWD RUGHQ KDQ VLGR WHQLGRV HQ FXHQWD ORV SULQFLSLRV GH EXHQD
UHJXODFLyQ ORV SULQFLSLRV GH QHFHVLGDG HILFDFLD SURSRUFLRQDOLGDG VHJXULGDG MXUtGLFD
WUDQVSDUHQFLD \ HILFLHQFLD HQ OD SUHSDUDFLyQ \ WUDPLWDFLyQ GH HVWD GLVSRVLFLyQ
$VLPLVPR VH KD UHVSHWDGR OR UHFRJLGR HQ HO DUWtFXOR GH OD /H\ GH GH
MXQLRGHLJXDOGDGGHRSRUWXQLGDGHVHQWUHKRPEUHV\PXMHUHVHQ$UDJyQ

(Q HO SURFHGLPLHQWR GH HODERUDFLyQ GH HVWD GLVSRVLFLyQ VH KDQ REVHUYDGR ORV
WUiPLWHVSHUWLQHQWHV \VHKDGDGRDXGLHQFLDGHDFXHUGRFRQHODUWtFXORGH OD/H\
GH GH PD\R GHO 3UHVLGHQWH \ GHO *RELHUQR GH $UDJyQ DO &ROHJLR GH
,QJHQLHURV,QGXVWULDOHVGH$UDJyQ\OD5LRMD&2,,$5DO&ROHJLR2ILFLDOGH*UDGXDGRV
HQLQJHQLHUtDH,QJHQLHURV7pFQLFRV&2*,7,$5 DO&ROHJLRGH$UTXLWHFWRVGH$UDJyQ
DO &RQVHMR GH &ROHJLRV GH $SDUHMDGRUHV $UTXLWHFWRV 7pFQLFRV H ,QJHQLHURV GH
(GLILFDFLyQ GH $UDJyQ &2$$7= OD $VRFLDFLyQ GH (QWLGDGHV GHO 6LVWHPD GH OD
6HJXULGDG ,QGXVWULDO GH $UDJyQ $(66,$ FRPR HQWLGDG FRODERUDGRUD GH OD
$GPLQLVWUDFLyQ GH OD &RPXQLGDG $XWyQRPD GH $UDJyQ SDUD HO DVHJXUDPLHQWR
YROXQWDULR GH OD FDOLGDG GH ORV VHUYLFLRV GH VHJXULGDG LQGXVWULDO OD $VRFLDFLyQ GH
2UJDQLVPRV GH &RQWURO GH OD &RPXQLGDG $XWyQRPD GH $UDJyQ $62&$5 OD
$VRFLDFLyQ $UDJRQHVD GH (PSUHVDV 0DQWHQHGRUDV GH ([WLQWRUHV H ,QVWDODGRUDV \
0DQWHQHGRUDV GH (TXLSRV \ 6LVWHPDV GH 3UHYHQFLyQ GH ,QFHQGLRV $5$35(,1 OD
&RQIHGHUDFLyQ $UDJRQHVD GH ,QVWDODGRUHV \ 0DQWHQHGRUHV &2)$,0 OD)HGHUDFLyQ
$UDJRQHVDGH$VRFLDFLRQHV3URYLQFLDOHV(PSUHVDULDOHVGH)RQWDQHUtD&DOHIDFFLyQ*DV
\$ILQHV)$()21&$OD)HGHUDFLyQ$UDJRQHVDGH,QVWDODGRUHV(OHFWULFLVWD)$5,(
$VLPLVPR OD 2UGHQ KD VLGR UHPLWLGD DO &RQVHMR GH ,QGXVWULD GH $UDJyQ DO
'HSDUWDPHQWRGH&LHQFLD8QLYHUVLGDG\6RFLHGDGGHO&RQRFLPLHQWRDO 'HSDUWDPHQWR
GH 9HUWHEUDFLyQ GHO 7HUULWRULR 0RYLOLGDG \ 9LYLHQGD \ VH KD VRPHWLGR DO LQIRUPH
SUHFHSWLYR GH OD 6HFUHWDUtD *HQHUDO 7pFQLFD GHO 'HSDUWDPHQWR GH ,QGXVWULD
&RPSHWLWLYLGDG\'HVDUUROOR(PSUHVDULDO
(Q YLUWXG GH OR H[SXHVWR WUDV OD UHDOL]DFLyQ GH ORV WUiPLWHV SUHFHSWLYRV \ GH
DFXHUGRFRQORVLQIRUPHVGHOD'LUHFFLyQ*HQHUDOGH6HUYLFLRV-XUtGLFRVGHDFXHUGR
FRQODKDELOLWDFLyQUHJODPHQWDULDGHO&RQVHMHURFRPSHWHQWHHQPDWHULD GHLQGXVWULD
GHWHUPLQDGD HQ OD GLVSRVLFLyQ ILQDO VHJXQGD GHO 7H[WR 5HIXQGLGR GH OD /H\ GH
5HJXODFLyQ \ )RPHQWR GH OD $FWLYLGDG ,QGXVWULDO GH $UDJyQ DSUREDGR SRU 'HFUHWR
/HJLVODWLYRGHGHGLFLHPEUHGHO*RELHUQRGH$UDJyQ\GHFRQIRUPLGDGFRQ
HO SURFHGLPLHQWR HVWDEOHFLGR HQ OD /H\ GH GH PD\R HO 'HFUHWR GH GH
DJRVWR GH GHO 3UHVLGHQWH GHO *RELHUQR GH $UDJyQ SRU HO TXH VH PRGLILFD OD
RUJDQL]DFLyQGHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ\VHDVLJQDQ
FRPSHWHQFLDV D ORV 'HSDUWDPHQWRV \ HO 'HFUHWR GH GH DJRVWR GHO
*RELHUQR GH $UDJyQ SRU HO TXH VH GHVDUUROOD OD HVWUXFWXUD RUJiQLFD EiVLFD GH OD
$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQGLVSRQJR

&DStWXOR,
'LVSRVLFLRQHVJHQHUDOHV

$UWtFXOR2EMHWR
/D SUHVHQWH 2UGHQ WLHQH SRU REMHWR UHJXODU GHWHUPLQDGRV SURFHGLPLHQWRV
DGPLQLVWUDWLYRV HQPDWHULDGHFRQGLFLRQHVGHVHJXULGDGLQGXVWULDOGHODVLQVWDODFLRQHV
GHSURWHFFLyQFRQWUDLQFHQGLRV

$UWtFXORÈPELWRGHDSOLFDFLyQ
(VWD2UGHQHVGHDSOLFDFLyQD
/RV HTXLSRV VLVWHPDV \ FRPSRQHQWHV TXH FRQIRUPDQ ODV LQVWDODFLRQHV GH
SURWHFFLyQ FRQWUD LQFHQGLRV LQFOXLGRV HQ HO 5HJODPHQWR GH LQVWDODFLRQHV GH
SURWHFFLyQFRQWUDLQFHQGLRVDSUREDGRSRUHO5HDO'HFUHWRGHGH
PD\R XELFDGRV HQ OD &RPXQLGDG $XWyQRPD GH $UDJyQ ELHQ KD\DQ VLGR
LQVWDODGDV HQ HGLILFLRV R HVWDEOHFLPLHQWRV D ORV TXH OHV VHD GH DSOLFDFLyQ HO
&yGLJR7pFQLFRGHOD(GLILFDFLyQDSUREDGRSRUHO5HDO'HFUHWRGH
GH PDU]R R HO 5HJODPHQWR GH VHJXULGDG FRQWUD LQFHQGLRV HQ ORV
HVWDEOHFLPLHQWRV LQGXVWULDOHV DSUREDGR SRU 5HDO 'HFUHWR GH GH
GLFLHPEUHROHJLVODFLyQTXHORVVXVWLWX\D
/RVHVWDEOHFLPLHQWRVLQGXVWULDOHV
D4XH HVWiQ HQ HO iPELWR GH DSOLFDFLyQ GHO 5HDO 'HFUHWR GH
GHGLFLHPEUHROHJLVODFLyQTXHORVXVWLWX\D
E$TXHOORV FX\D DFWLYLGDG VH OD JHQHUDFLyQ GLVWULEXFLyQ \ VXPLQLVWUR GH
HQHUJtD\SURGXFWRVHQHUJpWLFRV
F /RV HVWDEOHFLPLHQWRV LQGXVWULDOHV FLWDGRV HQ ODV OHWUDV D \ E GH HVWH
DSDUWDGRH[LVWHQWHVDQWHVGHODHQWUDGDHQYLJRUGHO5HDO'HFUHWR
FXDQGR VX QLYHO GH ULHVJR LQWUtQVHFR VX VLWXDFLyQ R VXV FDUDFWHUtVWLFDV
LPSOLTXHQXQULHVJRJUDYHSDUDODVSHUVRQDVORVELHQHVRHOHQWRUQR\DVtVH
GHWHUPLQHPHGLDQWHUHVROXFLyQGHO'LUHFWRU*HQHUDOFRPSHWHQWHHQPDWHULDGH
VHJXULGDGLQGXVWULDO

$UWtFXOR&ODVLILFDFLyQHLGHQWLILFDFLyQGHODVLQVWDODFLRQHV
/DVLQVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRVVHFODVLILFDQDWHQGLHQGRDOXVRRD
OD DFWLYLGDG TXH VH GHVDUUROOD HQ ORV HGLILFLRV R HVWDEOHFLPLHQWRV HQ ORV TXH VH
HQFXHQWUDQXELFDGDV
D,QVWDODFLRQHVHQ]RQDVHGLILFLRVRHVWDEOHFLPLHQWRVGHXVRQRLQGXVWULDO
6H HQFXHQWUDQ FRPSUHQGLGRV HQ HVWD FODVLILFDFLyQ ODV LQVWDODFLRQHV TXH VH XELFDQ HQ
]RQDV HGLILFLRV R HVWDEOHFLPLHQWRV TXH GHEDQ VDWLVIDFHU ODV SUHVFULSFLRQHV
HVWDEOHFLGDV HQ HO ³'RFXPHQWR %iVLFR 6, 6HJXULGDG HQ FDVR GH LQFHQGLR´ GHO &yGLJR
7pFQLFRGHOD(GLILFDFLyQDSUREDGRSRUHO5HDO'HFUHWRRQRUPDWLYDTXHOR
VXVWLWX\D
E,QVWDODFLRQHVHQ]RQDVHGLILFLRVRHVWDEOHFLPLHQWRVGHXVRLQGXVWULDO
6H HQFXHQWUDQ FRPSUHQGLGRV HQ HVWD FODVLILFDFLyQ ODV LQVWDODFLRQHV TXH VH XELFDQ HQ
HVWDEOHFLPLHQWRVLQGXVWULDOHVLQFOXLGDVHQHODSDUWDGRGHHVWD2UGHQ
8QD LQVWDODFLyQ GH SURWHFFLyQ FRQWUD LQFHQGLRV TXHGDUi LGHQWLILFDGD
DXWRPiWLFDPHQWHPHGLDQWHXQ©1~PHURGHLQVWDODFLyQªTXHVHUi~QLFRSDUDWRGDOD
&RPXQLGDG$XWyQRPDGH$UDJyQ\ODVGLVWLQWDVFRPXQLFDFLRQHVTXHVHUHDOLFHQVREUH
OD PLVPD LQFOXLGD OD SULPHUD FRPXQLFDFLyQ SRU QXHYD LQVWDODFLyQ TXHGDUiQ
LGHQWLILFDGDVPHGLDQWHGLVWLQWRV©1~PHURVGHH[SHGLHQWHªTXHVHREWHQGUiQDVLPLVPR
DXWRPiWLFDPHQWH /D LGHQWLILFDFLyQ GH ODV LQVWDODFLRQHV GHEHUi UHFRJHU HQ OD PHGLGD
GH OR SRVLEOH OD UHIHUHQFLD FDWDVWUDO GH ORV HGLILFLRV R LQPXHEOHV GRQGH VH VLW~DQ ODV
PLVPDV

$UWtFXOR3UHVHQWDFLyQGHFRPXQLFDFLRQHVVROLFLWXGHVGHDXWRUL]DFLyQ\GRFXPHQWRV
(Q HO $QH[R ,; VH LGHQWLILFDQ ODV IRUPDV GH SUHVHQWDFLyQ HQ IXQFLyQ GHO WLSR GH
FRPXQLFDFLyQRVROLFLWXGGHDXWRUL]DFLyQ\GHOUpJLPHQMXUtGLFRSRUHOFXDOFDGDVXMHWR
HVWi REOLJDGR D UHODFLRQDUVH FRQ OD DGPLQLVWUDFLyQ SRU PHGLRV HOHFWUyQLFRV R QR
HOHFWUyQLFRVVHJ~QORSUHYLVWRHQHODUWtFXORGH/H\GHGHRFWXEUHGHO
3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QGHODV$GPLQLVWUDFLRQHV3~EOLFDV

&DStWXOR,,
$FWXDFLRQHVVRPHWLGDVDDFUHGLWDFLyQDQWHOD$GPLQLVWUDFLyQ

$UWtFXOR$FWXDFLRQHVVRPHWLGDVDDFUHGLWDFLyQ
/DV DFWXDFLRQHV VRPHWLGDV D DFUHGLWDFLyQ GHO FXPSOLPLHQWR GH ODV FRQGLFLRQHV GH
VHJXULGDGLQGXVWULDOPHGLDQWHFRPXQLFDFLRQHVGLULJLGDVDOD$GPLQLVWUDFLyQVRQ
D&RPXQLFDFLyQGH©QXHYDLQVWDODFLyQª
E&RPXQLFDFLyQGH©PRGLILFDFLyQGHLQVWDODFLyQª\DH[LVWHQWH
F &RPXQLFDFLyQGH©EDMDGHLQVWDODFLyQª
G &RPXQLFDFLyQGH©UHVXOWDGRGHLQVSHFFLyQªSHULyGLFDRQRSHULyGLFD
H&RPXQLFDFLyQGH©LQFHQGLRHQXQHVWDEOHFLPLHQWRLQGXVWULDOª
6H HQWLHQGH SRU PRGLILFDFLyQ GH XQD LQVWDODFLyQ \D H[LVWHQWH HQ XQ HGLILFLR R
HVWDEOHFLPLHQWR OD UHDOL]DFLyQ GH XQ FDPELR GH OD DFWLYLGDG GHO PLVPR R XQD
DPSOLDFLyQ R UHIRUPD TXH LPSOLTXH XQ DXPHQWR GH OD VXSHUILFLH RFXSDGD XQ FDPELR
GH ORV HOHPHQWRV FRQVWUXFWLYRV GHO HGLILFLR XQD PRGLILFDFLyQ GH ORV VLVWHPDV GH
SURWHFFLyQFRQWUDLQFHQGLRVRXQDXPHQWRGHOQLYHOGHULHVJR
(Q HO FDVR GH PRGLILFDFLyQ GH XQD SDUWH GH OD LQVWDODFLyQ GH XQ HVWDEOHFLPLHQWR
LQGXVWULDO H[LVWHQWH FRQ DQWHULRULGDG D OD HQWUDGD HQ YLJRU GHO 5HDO 'HFUHWR
GH GH GLFLHPEUH HO 6HUYLFLR 3URYLQFLDO FRPSHWHQWH HQ PDWHULD GH
VHJXULGDG LQGXVWULDO \ SRU UD]yQ GHO WHUULWRULR GRQGH VH HQFXHQWUH XELFDGR HO
HVWDEOHFLPLHQWR SRGUi SURSRQHU GH PDQHUD PRWLYDGD OD DSOLFDFLyQ GH GLFKR
UHJODPHQWRHQORVHVWDEOHFLPLHQWRVLQGXVWULDOHVDRWURVVHFWRUHV\iUHDVGHLQFHQGLRR
LQFOXVR DO HVWDEOHFLPLHQWR LQGXVWULDO HQ VX WRWDOLGDG DWHQGLHQGR DO QLYHO GH ULHVJR
LQWUtQVHFRVXVLWXDFLyQRODH[LVWHQFLDGHULHVJRJUDYHSDUDODVSHUVRQDVORVELHQHVR
HOHQWRUQR
(O 6HUYLFLR 3URYLQFLDO UHPLWLUi VX SURSXHVWD D OD 'LUHFFLyQ *HQHUDO FRPSHWHQWH HQ
PDWHULDGHVHJXULGDGLQGXVWULDOTXLHQGHEHUiGLFWDUODFRUUHVSRQGLHQWHUHVROXFLyQ

$UWtFXOR7LWXODUHVGHODVLQVWDODFLRQHV\VXMHWRVREOLJDGRVHQODVFRPXQLFDFLRQHV
$ORVHIHFWRVGHHVWD2UGHQVHFRQVLGHUDWLWXODUGHODLQVWDODFLyQDODSHUVRQDItVLFD
R MXUtGLFD TXH ILJXUD FRPR UHVSRQVDEOH DQWH OD $GPLQLVWUDFLyQ GH ODV REOLJDFLRQHV
LPSXHVWDVHQODQRUPDWLYD\UHJODPHQWDFLyQYLJHQWH

(QODVFRPXQLFDFLRQHVGH©QXHYDLQVWDODFLyQª\GH©PRGLILFDFLyQGHLQVWDODFLyQª\D
H[LVWHQWH VHUiQ VXMHWRV REOLJDGRV ODV HPSUHVDV LQVWDODGRUDV GH LQVWDODFLRQHV GH
SURWHFFLyQ FRQWUD LQFHQGLRV FRQ SHUVRQDOLGDG ItVLFD R MXUtGLFD TXLHQHV KDELHQGR
UHDOL]DGR\RUHFRQRFLGR\YHULILFDGRODLQVWDODFLyQWHQGUiQODREOLJDFLyQGHFRPXQLFDU
HO FXPSOLPLHQWR GH ODV FRQGLFLRQHV GH VHJXULGDG LQGXVWULDO UHJODPHQWDULDPHQWH
H[LJLEOHVHQORVWpUPLQRVHVWDEOHFLGRVHQODSUHVHQWH2UGHQ
/RVWLWXODUHVGHODVLQVWDODFLRQHVHVWDUiQREOLJDGRVDUHDOL]DUODVFRPXQLFDFLRQHVGH
©EDMDªGHODLQVWDODFLyQ
(QHOFDVRGHTXHVHSURGX]FDXQLQFHQGLRHQXQHVWDEOHFLPLHQWRLQGXVWULDOVHUiHO
WLWXODU GHO HVWDEOHFLPLHQWR TXLHQ WHQGUi OD REOLJDFLyQ GH UHDOL]DU OD FRPXQLFDFLyQ GHO
LQFHQGLR\ODFRUUHVSRQGLHQWHLQYHVWLJDFLyQSUHYLVWDVHQHO&DStWXOR9,GHHVWD2UGHQ
/RV DJHQWHV TXH OOHYHQ D FDER ODV LQVSHFFLRQHV GH ODV LQVWDODFLRQHV GH SURWHFFLyQ
FRQWUD LQFHQGLRV HVWDUiQ REOLJDGRV D FRPXQLFDU HO UHVXOWDGR GH ODV PLVPDV HQ ORV
WpUPLQRVHVWDEOHFLGRVHQODSUHVHQWH2UGHQ
/RV VXMHWRV REOLJDGRV D FRPXQLFDU WLHQHQ HO GHEHU GH UHVSRQGHU D ORV
UHTXHULPLHQWRV GH OD DGPLQLVWUDFLyQ HQ ORV SURFHGLPLHQWRV GH VXEVDQDFLyQ VLQ
SHUMXLFLRGHOGHEHUGHFRODERUDFLyQGHORVVXMHWRVLQWHUYLQLHQWHV

$UWtFXOR6XMHWRVLQWHUYLQLHQWHV
(QODVDFWXDFLRQHVVRPHWLGDVDDFUHGLWDFLyQLQWHUYLHQHQ
D /RV WpFQLFRV WLWXODGRV FRPSHWHQWHV HQ ORV SUR\HFWRVWpFQLFRV
PHPRULDVWpFQLFDV\FHUWLILFDGRVJHQHUDOHVGHLQVWDODFLyQ
E /DV HPSUHVDV LQVWDODGRUDV TXH HMHFXWHQ ODV LQVWDODFLRQHV HQ ODV YHULILFDFLRQHV
SUHYLDVDODSXHVWDHQVHUYLFLRGHODVLQVWDODFLRQHVHQODVPHPRULDVWpFQLFDV\
HQORVFHUWLILFDGRVGHLQVWDODFLyQ
F /RV DJHQWHV TXH OOHYHQ D FDER ODV DFWXDFLRQHV GH LQVSHFFLyQ FRQIRUPH DO
&DStWXOR ,9 GH HVWD 2UGHQ VLQ SHUMXLFLR GH ODV DWULEXFLRQHV TXH HQ FXDOTXLHU
FDVRRVWHQWDOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQDWUDYpV
GHVXV6HUYLFLRV3URYLQFLDOHV
G /RVWLWXODUHVGHODVLQVWDODFLRQHV

$UWtFXOR(QWLGDGHV WUDPLWDGRUDV HQ ORV SURFHGLPLHQWRV DGPLQLVWUDWLYRV GH
DFUHGLWDFLyQ
6RQ HQWLGDGHV WUDPLWDGRUDV HQ ORV SURFHGLPLHQWRV DGPLQLVWUDWLYRV GHVWLQDGRV D
DFUHGLWDU HO FXPSOLPLHQWR GH ODV FRQGLFLRQHV GH VHJXULGDG LQGXVWULDO
UHJODPHQWDULDPHQWH H[LJLEOHV D ODV LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV
PHGLDQWHFRPXQLFDFLRQHVGLULJLGDVDOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH
$UDJyQ
D /RV 6HUYLFLRV 3URYLQFLDOHV GH OD $GPLQLVWUDFLyQ GH OD &RPXQLGDG $XWyQRPD GH
$UDJyQFRPSHWHQWHVHQPDWHULDGHVHJXULGDGLQGXVWULDOSRUUD]yQGHWHUULWRULR
HQDGHODQWH6HUYLFLRV3URYLQFLDOHV
E /DV HQWLGDGHV FRODERUDGRUDV GH OD $GPLQLVWUDFLyQ GH OD &RPXQLGDG $XWyQRPD
GH $UDJyQ SDUD HO DVHJXUDPLHQWR YROXQWDULR GH OD FDOLGDG GH ORV VHUYLFLRV GH

VHJXULGDGLQGXVWULDOFXDQGRDVtVHHVWDEOH]FDHQHOFRUUHVSRQGLHQWHFRQYHQLRGH
FRODERUDFLyQ ILUPDGR HQWUH HVWDV \ OD $GPLQLVWUDFLyQ GH OD &RPXQLGDG
$XWyQRPDGH$UDJyQHQDGHODQWH(QWLGDGHV&RODERUDGRUDV
/D $GPLQLVWUDFLyQ GH OD &RPXQLGDG $XWyQRPD GH $UDJyQ SXEOLFLWDUi D WUDYpV
GHOSRUWDOHOHFWUyQLFRODUHODFLyQGHHQWLGDGHVFRODERUDGRUDVFRQODVTXHWHQJD
VXVFULWRHOFRUUHVSRQGLHQWHFRQYHQLR
F &XDOTXLHU RWUD SHUVRQD R HQWLGDG D TXLHQ OD QRUPDWLYD DSOLFDEOH RWRUJXH HVWH
FDUiFWHU

$UWtFXOR&RPXQLFDFLRQHV GH ©QXHYD LQVWDODFLyQª \ GH ©PRGLILFDFLyQ GH LQVWDODFLyQ
\DH[LVWHQWHª
8QD YH] ILQDOL]DGDV ODV REUDV UHDOL]DGDV ODV YHULILFDFLRQHV \ OD LQVSHFFLyQ LQLFLDO VL
SURFHGH \ DQWHV GH OD SXHVWD HQ VHUYLFLR GH OD LQVWDODFLyQ OD HPSUHVD LQVWDODGRUD
GHEHUi FRPXQLFDU OD DFWXDFLyQ UHDOL]DGD VREUH OD LQVWDODFLyQ SUHVHQWDQGR HO
IRUPXODULR GH FRPXQLFDFLyQ MXQWR FRQ WRGD OD GRFXPHQWDFLyQ GHWDOODGD HQ OD 7DEOD
GHO$QH[R,,GHHVWD2UGHQ

$UWtFXOR&RPXQLFDFLRQHVGH©EDMDGHLQVWDODFLyQª
/DV WUDPLWDFLRQHV TXH WHQJDQ SRU REMHWR ~QLFDPHQWH FRPXQLFDU OD EDMD GH XQD
LQVWDODFLyQ\DH[LVWHQWHVHUHDOL]DUiQPHGLDQWHOD~QLFDSUHVHQWDFLyQGHOIRUPXODULRGH
FRPXQLFDFLyQ&GHWHUPLQDGRHQOD7DEODGHO$QH[R,,GHHVWD2UGHQ
(OSOD]RSDUDFRPXQLFDUODEDMDGHODLQVWDODFLyQVHUiHOGHXQPHVGHVGHTXHpVWD
VHSURGX]FD

$UWtFXOR&RPXQLFDFLyQGH©UHVXOWDGRGHLQVSHFFLyQªSHULyGLFDRQRSHULyGLFD
&XDQGR XQD LQVWDODFLyQ VHD VRPHWLGD D XQD LQVSHFFLyQ SHULyGLFD R QR SHULyGLFD HO
DJHQWH TXH OD KD\D UHDOL]DGR FRPXQLFDUi HO UHVXOWDGR D OD $GPLQLVWUDFLyQ SRU PHGLR
GHOFHUWLILFDGRGH LQVSHFFLyQTXHFRUUHVSRQGDVHJ~QVHGLVSRQHHQHO&DStWXOR,9GH
HVWD2UGHQ

$UWtFXOR'RFXPHQWDFLyQDDSRUWDU
(QOD7DEOD,GHO$QH[R,,GHHVWD2UGHQVHGHWDOODODGRFXPHQWDFLyQDSUHVHQWDUHQ
ODVFRPXQLFDFLRQHVGHXQDQXHYDLQVWDODFLyQGHSURWHFFLyQFRQWUDLQFHQGLRVRGHXQD
PRGLILFDFLyQ HQ IXQFLyQ GHO XVR GHO HVWDEOHFLPLHQWR \ GH ORV WLSRV GH VLVWHPDV GH
SURWHFFLyQ DFWLYD FRQWUD LQFHQGLRV TXH VH KD\DQ LQVWDODGR R FRORFDGR $Vt PLVPR VH
GHWDOODODGRFXPHQWDFLyQQHFHVDULDSDUDODFRPXQLFDFLyQGHODEDMDGHODLQVWDODFLyQ
/RV IRUPXODULRV LQGLFDGRV HQ ORV DQH[RV GH HVWD 2UGHQ VHUiQ GH XVR REOLJDWRULR
FRQIRUPHDORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GHGHRFWXEUHGHO
3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV \ HVWDUiQ
GLVSRQLEOHVHQODYHUVLyQDFWXDOL]DGDHQHOFDWiORJRGHSURFHGLPLHQWRVGHO*RELHUQR
GH $UDJyQ HQ OD SiJLQD ZHE GHO *RELHUQR GH $UDJyQ KWWSVZZZDUDJRQHV
SURWHFFLRQFRQWUDLQFHQGLRV

$UWtFXOR)RUPDGHSUHVHQWDFLyQJHVWLyQ\ILQDOL]DFLyQGHODVFRPXQLFDFLRQHV
&RQ FDUiFWHU JHQHUDO ODV FRPXQLFDFLRQHV VHUiQ SUHVHQWDGDV SRU ORV VXMHWRV
REOLJDGRV D WUDYpV GH PHGLRV HOHFWUyQLFRV HQ ODV HQWLGDGHV TXH VH GHILQHQ HQ HO
DUWtFXORFRQIRUPHDODVLQGLFDFLRQHVGHHVWHDUWtFXOR
/DV FRPXQLFDFLRQHV VH UHDOL]DUiQ PHGLDQWH OD SUHVHQWDFLyQ GHO IRUPXODULR
FRUUHVSRQGLHQWHGHELGDPHQWHFXPSOLPHQWDGRVHJ~QPRGHORFRQWHQLGRHQHO$QH[R,
\GHORVGRFXPHQWRVTXHUHVXOWHQSUHFHSWLYRVVHJ~QODFRPXQLFDFLyQDUHDOL]DU
&DGDFRPXQLFDFLyQGHEHUiHMHFXWDUVHKDVWDVXILQDOL]DFLyQFRQODHQWLGDGDWUDYpVGH
ODFXDOVHKXELHUDLQLFLDGRQRSXGLpQGRVHLQLFLDUDODYH]FRQYDULDVHQWLGDGHVFRPX
QLFDFLRQHVLGpQWLFDVVREUHODPLVPDLQVWDODFLyQ
([FHSFLRQDOPHQWH\HQFDVRVMXVWLILFDGRVSUHYLDVROLFLWXGPRWLYDGDSRUHOLQWHUHVDGR
\ FRQ DXWRUL]DFLyQ H[SUHVD GHO 6HUYLFLR 3URYLQFLDO XQD FRPXQLFDFLyQ SRGUi VHU
ILQDOL]DGDSRUXQDHQWLGDGGLVWLQWDDODTXHODKXELHUDLQLFLDGR
6LQLQJXQDGHODVHQWLGDGHVGHILQLGDVHQHODUWtFXORE\FWLHQHODFDSDFLGDGSDUD
WUDPLWDUXQDGHWHUPLQDGDFRPXQLFDFLyQpVWDVHSUHVHQWDUiDQWHHO6HUYLFLR3URYLQFLDO
FRPSHWHQWHSRUUD]yQGHWHUULWRULRFRQIRUPHDO$QH[R,;
(IHFWXDGDODFRPXQLFDFLyQHQODIRUPD\UHTXLVLWRVH[LJLGRVHQHVWD2UGHQ\FRQ
OD GRFXPHQWDFLyQ UHTXHULGD SDUD FDGD FDVR VHJ~Q VH UHFRJH HQ HO $QH[R ,, \ XQD
YH] GLOLJHQFLDGRV ORV FHUWLILFDGRV TXH SURFHGDQ OD $GPLQLVWUDFLyQ FRQVLGHUDUi OD
FRPXQLFDFLyQFRPRYiOLGD
1RVHWHQGUiSRUYiOLGDODFRPXQLFDFLyQTXHQRUH~QDORVUHTXLVLWRVH[LJLGRVSRUHVWD
2UGHQ
(Q HO FRQYHQLR GH FRODERUDFLyQ VXVFULWR HQWUH HO *RELHUQR GH $UDJyQ \ FDGD HQWLGDG
WUDPLWDGRUDVHHVWDEOHFHUiQORVPHFDQLVPRVHVSHFtILFRVSDUDFRPXQLFDUDORVVXMHWRV
REOLJDGRVHLQWHUYLQLHQWHVHOHVWDGRGHORVSURFHGLPLHQWRVHQORVTXHSDUWLFLSHQ
7RGDODLQIRUPDFLyQ\GRFXPHQWDFLyQGHODFRPXQLFDFLyQTXHGDUiDGLVSRVLFLyQGH
ORV VXMHWRV REOLJDGRV H LQWHUYLQLHQWHV HQ OD HQWLGDG D WUDYpV GH OD FXDO VH KD\D
UHDOL]DGRSRUPHGLRVHOHFWUyQLFRV
/DHPSUHVD LQVWDODGRUDTXHKDUHDOL]DGRODFRPXQLFDFLyQGHEHUiIDFLOLWDUDOWLWXODU
GHODLQVWDODFLyQWRGDODGRFXPHQWDFLyQTXHGLFKDHPSUHVDLQVWDODGRUDKDSUHVHQWDGR
DQWHODDGPLQLVWUDFLyQSDUDIRUPDOL]DUHOWUiPLWHGHFRPXQLFDFLyQ(QSDUWLFXODUVLHO
WLWXODUGH OD LQVWDODFLyQHVSHUVRQDItVLFDSRGUiGLVSRQHUGH ODFLWDGDGRFXPHQWDFLyQ
HQSDSHOLQFOX\HQGRORVFHUWLILFDGRVGLOLJHQFLDGRVTXHSURFHGDQ
/DUHDOL]DFLyQGHODFRPXQLFDFLyQQRVXSRQGUiHQQLQJ~QFDVRODDSUREDFLyQWpFQLFD
GHO SUR\HFWR VL OR KXELHUD QL XQ SURQXQFLDPLHQWR IDYRUDEOH SRU SDUWH GH OD
$GPLQLVWUDFLyQ VREUH OD LGRQHLGDG WpFQLFD GH OD LQVWDODFLyQ DFRUGH FRQ ORV
UHJODPHQWRV \ GLVSRVLFLRQHV YLJHQWHV TXH OD DIHFWDQ (O LQFXPSOLPLHQWR GH ORV
UHJODPHQWRV \ GLVSRVLFLRQHV YLJHQWHV TXH OD DIHFWHQ SRGUi GDU OXJDU D DFWXDFLRQHV
SDUD OD FRUUHFFLyQ GH GHILFLHQFLDV R LQFOXVR D OD SDUDOL]DFLyQ LQPHGLDWD GH OD
LQVWDODFLyQVLQSHUMXLFLRGHODLQVWUXFFLyQGHH[SHGLHQWHVDQFLRQDGRUVLSURFHGH
$GHPiV GH OD FRPXQLFDFLyQ GH DFUHGLWDFLyQ GHO FXPSOLPLHQWR GH ODV FRQGLFLRQHV GH
VHJXULGDG LQGXVWULDO VREUH LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV VX SXHVWD HQ
IXQFLRQDPLHQWR HVWDUi VXSHGLWDGD HQ VX FDVR D OD DFUHGLWDFLyQ GHO FXPSOLPLHQWR GH

RWURV UHJODPHQWRV GH VHJXULGDG TXH OD DIHFWHQ \R D OD REWHQFLyQ GH ODV
FRUUHVSRQGLHQWHVDXWRUL]DFLRQHV

&DStWXOR,,,
$FWXDFLRQHVVRPHWLGDVDDXWRUL]DFLyQGHOD$GPLQLVWUDFLyQ

$UWtFXOR&RQGLFLRQHVWpFQLFDVGHVHJXULGDGHTXLYDOHQWH
&XDQGR VHJ~Q HO 5HJODPHQWR GH LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV HO
5HJODPHQWR GH 6HJXULGDG FRQWUD ,QFHQGLRV HQ ORV (VWDEOHFLPLHQWRV ,QGXVWULDOHV R
QRUPDWLYD YLJHQWH HQ FDGD PRPHQWR VH UHFXUUD D OD DSOLFDFLyQ GH WpFQLFDV GH
VHJXULGDG HTXLYDOHQWHV SDUD UHDOL]DU XQD LQVWDODFLyQ VX DSOLFDFLyQ GHEHUi VHU
MXVWLILFDGDGHELGDPHQWH\DSUREDGDSRUHO6HUYLFLRSURYLQFLDOFRPSHWHQWHHQIXQFLyQ
GHGRQGHVHVLW~HWHUULWRULDOPHQWHODLQVWDODFLyQ
3DUD HOOR HO WLWXODU R HO WpFQLFR WLWXODGR SUR\HFWLVWD GH OD LQVWDODFLyQ VROLFLWDUi OD
DSUREDFLyQ SDUD VX DSOLFDFLyQ GH WpFQLFDV GH VHJXULGDG HTXLYDOHQWHV PHGLDQWH HO
IRUPXODULRGHVROLFLWXGPRGHOR(GLULJLGRDOFRUUHVSRQGLHQWH6HUYLFLR3URYLQFLDO
MXVWLILFDQGRGLFKDVWpFQLFDVDWUDYpV GHSUR\HFWRPHPRULDRGRFXPHQWDFLyQWpFQLFD
ODVFXDOHVGHEHUiQSURSRUFLRQDUDOPHQRVXQQLYHOGHVHJXULGDGHTXLYDOHQWH
$ OD YLVWD GH OD GRFXPHQWDFLyQ SUHVHQWDGD HO 6HUYLFLR 3URYLQFLDO SRGUi DSUREDU
PHGLDQWH UHVROXFLyQ PRWLYDGD OD DSOLFDFLyQ GH WpFQLFDV GH VHJXULGDG HTXLYDOHQWHV
VROLFLWDGDV TXH VLHPSUH VHUi H[SUHVD GHVHVWLPDU OD VROLFLWXG R UHTXHULU OD
PRGLILFDFLyQGHODVPHGLGDVDOWHUQDWLYDV

$VLPLVPRSDUDODIRUPDFLyQGHOFULWHULRPRWLYDGRUGHODGHFLVLyQSRGUiUHTXHULUVHHO
VRSRUWHGHODLQIUDHVWUXFWXUDSDUDODFDOLGDG\ODVHJXULGDGLQGXVWULDO

$UWtFXOR([FHSFLyQGHOFXPSOLPLHQWRGHSUHVFULSFLRQHVUHJODPHQWDULDV
&XDQGR OD UHJODPHQWDFLyQ SUHYHD OD SRVLELOLGDG GH DFRJHUVH D OD H[FHSFLyQ GHO
FXPSOLPLHQWR GH SUHVFULSFLRQHV UHJODPHQWDULDV \ QR VHD IDFWLEOH DFRJHUVH D OR
VHxDODGRHQHODUWtFXORDQWHULRUGHHVWD2UGHQSUHYLDPHQWHDODHODERUDFLyQGHILQLWLYD
GH OD GRFXPHQWDFLyQ GH GLVHxR \ VLHPSUH DQWHV GH VX HMHFXFLyQ HO WLWXODU GH OD
LQVWDODFLyQ R HO WpFQLFR WLWXODGR SUR\HFWLVWD GH OD LQVWDODFLyQ GHEHUi UHDOL]DU XQD
©VROLFLWXGGHH[FHSFLyQªPHGLDQWHODSUHVHQWDFLyQGHOIRUPXODULRGHVROLFLWXGPRGHOR
(GLULJLGRDOFRUUHVSRQGLHQWH6HUYLFLR3URYLQFLDOH[SRQLHQGRORVPRWLYRVGHOD
PLVPDHLQGLFDQGRODVPHGLGDVGHVHJXULGDGDOWHUQDWLYDVTXHVHSURSRQHQODVFXDOHV
HQQLQJ~QFDVRSRGUiQUHEDMDUORVQLYHOHVGHSURWHFFLyQHVWDEOHFLGRVHQODOHJLVODFLyQ
GHDSOLFDFLyQ
$ODYLVWDGHODGRFXPHQWDFLyQSUHVHQWDGDHO6HUYLFLR3URYLQFLDOSRGUiFRQFHGHUOD
DXWRUL]DFLyQ GH H[FHSFLyQ TXH VLHPSUH VHUi H[SUHVD GHVHVWLPDU OD VROLFLWXG R
UHTXHULUODPRGLILFDFLyQGHODVPHGLGDVDOWHUQDWLYDV

$VLPLVPRSDUDODIRUPDFLyQGHOFULWHULRPRWLYDGRUGHODGHFLVLyQSRGUiUHTXHULUVHHO
VRSRUWHGHODLQIUDHVWUXFWXUDSDUDODFDOLGDG\ODVHJXULGDGLQGXVWULDO

$UWtFXOR0RGHORV~QLFRV
/RV SURGXFWRV HTXLSRV VLVWHPDV R VXV FRPSRQHQWHV GH SURWHFFLyQ FRQWUD
LQFHQGLRV GHEHUiQ OOHYDU HO PDUFDGR &( PDUFD GH FRQIRUPLGDG D QRUPD R GLVSRQHU
GHXQFHUWLILFDGRGHHYDOXDFLyQWpFQLFDIDYRUDEOHGHODLGRQHLGDGSDUDVXXVRSUHYLVWR
(QUHODFLyQFRQ ORVSURGXFWRVGHSURWHFFLyQFRQWUD LQFHQGLRVHTXLSRVRVLVWHPDV
TXH VH GLVHxHQ \ IDEULTXHQ FRPR PRGHOR ~QLFR SDUD XQD LQVWDODFLyQ GHWHUPLQDGD HO
WLWXODU R HO WpFQLFR WLWXODGR SUR\HFWLVWD GH OD LQVWDODFLyQ GHEHUi SUHVHQWDU DQWH HO
6HUYLFLR3URYLQFLDOFRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDODQWHVGHODSXHVWD
HQ IXQFLRQDPLHQWR GHO HTXLSR R HO VLVWHPD XQD VROLFLWXG GH PRGHOR ~QLFR VHJ~Q HO
PRGHOR(SUHYLVWRHQHO$QH[R9,,,GHHVWD2UGHQ\DFRPSDxDGDGHXQSUR\HFWR
ILUPDGRSRUWpFQLFRWLWXODGRFRPSHWHQWHHQHOTXHVHHVSHFLILTXHQVXVFDUDFWHUtVWLFDV
WpFQLFDV GH GLVHxR GH IXQFLRQDPLHQWR GH LQVWDODFLyQ \ GH PDQWHQLPLHQWR \ VH
DFUHGLWH HO FXPSOLPLHQWR GH WRGDV ODV SUHVFULSFLRQHV GH VHJXULGDG H[LJLGDV SRU HO
5HJODPHQWRGH3URWHFFLyQ&RQWUD,QFHQGLRVDSUREDGRSRUHO5HDO'HFUHWR
GH GH PD\R HQ VX FDVR PHGLDQWH OD UHDOL]DFLyQ GH ORV HQVD\RV \ SUXHEDV TXH
FRUUHVSRQGDQ/RV6HUYLFLRV3URYLQFLDOHVGLFWDUiQHQVXFDVRUHVROXFLyQHQODTXHVH
FRQVLGHUHDFUHGLWDGRHOFXPSOLPLHQWRGHORVUHTXLVLWRVFRUUHVSRQGLHQWHV
$VLPLVPR SDUD OD IRUPDFLyQ GHO FULWHULR PRWLYDGRU GH OD GHFLVLyQ SRU SDUWH GH ORV
6HUYLFLRV 3URYLQFLDOHV SRGUi UHTXHULU XQ LQIRUPH WpFQLFR HPLWLGR SRU XQ RUJDQLVPR
FXDOLILFDGRHLQGHSHQGLHQWHGRQGHVHDFUHGLWHHOFXPSOLPLHQWRGHODVSUHVFULSFLRQHVGH
VHJXULGDGH[LJLGDVSRUHOSUHVHQWHUHJODPHQWR

&DStWXOR,9
$FWXDFLRQHVGHLQVSHFFLyQ

$UWtFXOR2EOLJDFLRQHVGHOWLWXODUGHODLQVWDODFLyQHQPDWHULDGHLQVSHFFLyQ
&XDQGR HO XVR WLSLILFDGR GH OD LQVWDODFLyQ DVt OR UHTXLHUD \ VHJ~Q OR SUHYLVWR HQ HO
$QH[R ,, ORV WLWXODUHV GHEHUiQ HQFDUJDU D ORV DJHQWHV FRUUHVSRQGLHQWHV VHJ~Q VH
LQGLFD HQ HO DUWtFXOR OD UHDOL]DFLyQ GH ODV FRUUHVSRQGLHQWHV LQVSHFFLRQHV LQLFLDOHV
\RSHULyGLFDVHQORVSOD]RVPDUFDGRVSDUDODVPLVPDV
'XUDQWH HO SURFHGLPLHQWR GH LQVSHFFLyQ HO WLWXODU WLHQH HO GHEHU GH FRODERUDFLyQ FRQ
ORV DJHQWHV TXH UHDOLFHQ ODV LQVSHFFLRQHV (VWH GHEHU GH FRODERUDFLyQ LQFOX\H OD
REOLJDFLyQ GHO WLWXODU GH SURSRUFLRQDU OD GRFXPHQWDFLyQ QHFHVDULD SDUD OD FRUUHFWD
HMHFXFLyQGHODLQVSHFFLyQTXHVHUHJXODHQHODUWtFXOR

$UWtFXOR&ULWHULRV\'RFXPHQWDFLyQSDUDOOHYDUDFDERODVLQVSHFFLRQHV
6LHPSUH TXH VHD SRVLEOH OD LQVSHFFLyQ VH UHDOL]DUi FRQIRUPH D OD QRUPD 81( GH OD
VHULH TXH FRUUHVSRQGD ,QGHSHQGLHQWHPHQWH GH OD GHQRPLQDFLyQ GH ORV WLSRV

GHGHIHFWRVLQGLFDGRVHQGLFKDVQRUPDVDHIHFWRVGHODDSOLFDFLyQGHHVWD2UGHQVH
HQWHQGHUi TXH ORV GHIHFWRV HQFRQWUDGRV HQ GLFKDV LQVSHFFLRQHV VRQ PX\ JUDYHV
JUDYHV R OHYHV FRQIRUPH D OR LQGLFDGR HQ HO DUWtFXOR UHODWLYR D ORV GHIHFWRV
GHWHFWDGRV
/D LQVSHFFLyQ GH ODV LQVWDODFLRQHV VH UHDOL]DUi VREUH OD EDVH GH ORV FULWHULRV WpFQLFRV
FRUUHVSRQGLHQWHVDODUHJODPHQWDFLyQFRQODTXHVHUHDOL]yHOGLVHxRLQLFLDOROD~OWLPD
PRGLILFDFLyQ GH OD LQVWDODFLyQ \ DVt FRQVWH HQ OD GRFXPHQWDFLyQ DSRUWDGD D OD
$GPLQLVWUDFLyQHQVXGtD\HQVXFDVRGHORHVSHFLILFDGRHQODGRFXPHQWDFLyQWpFQLFD
(QODVLQVSHFFLRQHVLQLFLDOHVODGRFXPHQWDFLyQWpFQLFDVHUHILHUHDOPHQRVDOSUR\HFWR
RPHPRULD\DOUHVWRGHGRFXPHQWDFLyQGHGLVHxR
(QODVLQVSHFFLRQHVSHULyGLFDVORVWLWXODUHVGHEHUiQIDFLOLWDUDODJHQWHTXHOOHYHDFDER
ODLQVSHFFLyQHOFHUWLILFDGRGHOD~OWLPDLQVSHFFLyQSHULyGLFDUHDOL]DGDDODLQVWDODFLyQ\
VLIXHUDQHFHVDULRODGRFXPHQWDFLyQUHODWLYDDOPDQWHQLPLHQWR

$UWtFXOR,QVSHFFLRQHVLQLFLDOHV
3UHYLR D OD SXHVWD HQ VHUYLFLR MXQWR DO IRUPXODULR GH FRPXQLFDFLyQ HQ ODV
FRPXQLFDFLRQHVGHQXHYDLQVWDODFLyQRPRGLILFDFLyQLQGLFDGRVHQODWDEODGHO$QH[R
,, VH H[LJH OD SUHVHQWDFLyQ GH XQ FHUWLILFDGR GH LQVSHFFLyQ LQLFLDO HPLWLGR SRU XQ
RUJDQLVPRGHFRQWUROKDELOLWDGR
'LFKRFHUWLILFDGRVHUiFRQIRUPHDO0RGHOR&GHO$QH[R9\GHEHUiDFUHGLWDUTXH
GLFKRRUJDQLVPRGHFRQWUROKDUHDOL]DGRXQDLQVSHFFLyQLQLFLDODODVLQVWDODFLRQHV\TXH
VXUHVXOWDGRHVIDYRUDEOHVLQGHIHFWRV
/D LQVSHFFLyQ LQLFLDO FRQVLVWLUi HQ UHDOL]DU ODV FRPSUREDFLRQHV SURSLDV GH XQD
LQVSHFFLyQSHULyGLFD\DGLFLRQDOPHQWHFRPSUREDUTXHHOHVWDEOHFLPLHQWRLQVWDODFLRQHV
VRQFRQIRUPHVFRQORGLVSXHVWRHQODQRUPDWLYDGHSURWHFFLyQFRQWUDLQFHQGLRVTXHOH
VHDGHDSOLFDFLyQ

$UWtFXOR,QVSHFFLyQSHULyGLFDHLQVSHFFLyQQRSHULyGLFD
(QOD7DEODGHO$QH[R,,VHHVSHFLILFDODSHULRGLFLGDGGHODVLQVSHFFLRQHVSHULyGLFDV
VHJ~Q OD XELFDFLyQ GH ODV LQVWDODFLRQHV HO XVR GH OD ]RQD HGLILFLR R HVWDEOHFLPLHQWR
DWHQGLHQGR D OD QRUPDWLYD YLJHQWH \ GHO ULHVJR LQWUtQVHFR GHO FRQMXQWR GHO
HVWDEOHFLPLHQWR
$GHPiV OD $GPLQLVWUDFLyQ GH OD &RPXQLGDG $XWyQRPD GH $UDJyQ SRGUi RUGHQDU
LQVSHFFLRQHVQRSHULyGLFDVHQYLUWXGGHODVDWULEXFLRQHVTXHOHFRQILHUHQOD6HFFLyQ
GHO&DStWXOR9,,,GHO7H[WR5HIXQGLGRGHOD/H\GHUHJXODFLyQ\IRPHQWRGHODDFWLYLGDG
LQGXVWULDOGH$UDJyQDSUREDGRSRU'HFUHWR/HJLVODWLYRGHGHGLFLHPEUHGHO
*RELHUQR GH $UDJyQ \ HO DUWtFXOR GHO 'HFUHWR GHO *RELHUQR GH $UDJyQ
SRU HO TXH VH UHJXOD HO HMHUFLFLR GH ODV IXQFLRQHV HQ PDWHULD GH YLJLODQFLD GHO
FXPSOLPLHQWR GH OD OHJLVODFLyQ YLJHQWH VREUH VHJXULGDG GH SURGXFWRV HTXLSRV H
LQVWDODFLRQHV LQGXVWULDOHV DVLJQDGR D ORV 2UJDQLVPRV GH &RQWURO HQ HO iPELWR GH OD
&RPXQLGDG$XWyQRPDGH$UDJyQRODVTXHOHFRQILHUDQODQRUPDWLYDYLJHQWHHQFDGD
PRPHQWR

8QDYH]UHDOL]DGDODLQVSHFFLyQHODJHQWHHPLWLUiHOFHUWLILFDGRGHLQVSHFFLyQSHULyGLFD
GH OD LQVWDODFLyQ $QH[R 9, PRGHOR & R QR SHULyGLFD $QH[R 9,, PRGHOR
& VHJ~Q FRUUHVSRQGD (Q pO VH SRQGUi GH PDQLILHVWR HO UHVXOWDGR GH OD
LQVSHFFLyQ \ OD SRVLEOH UHODFLyQ GH GHIHFWRV VL ORV KXELHUD FRQ VX FODVLILFDFLyQ (VWH
FHUWLILFDGRGHEHUiHVWDUVHOODGRSRUHODJHQWHLQWHUYLQLHQWHFRUUHVSRQGLHQWH\VXVFULWR
SRUHOWpFQLFRFRPSHWHQWHTXHUHDOL]yODLQVSHFFLyQ
6L HO UHJODPHQWR YLJHQWH HQ HVH PRPHQWR QR UHVXOWD GH DSOLFDFLyQ HQ VX WRWDOLGDG
HVWD FLUFXQVWDQFLD VH GHEHUi KDFHU FRQVWDU FRPR REVHUYDFLyQ HQ HO FHUWLILFDGR GH
LQVSHFFLyQ
6L ORV GHIHFWRV HQFRQWUDGRV HQ OD LQVSHFFLyQ HVWiQ FODVLILFDGRV FRPR PX\ JUDYHV HO
6HUYLFLR 3URYLQFLDO SRGUi RUGHQDU ODV PHGLGDV TXH FRQVLGHUH QHFHVDULDV HQ
FXPSOLPLHQWR GHO DUWtFXOR GHO 7H[WR UHIXQGLGR GH OD /H\ GH LQGXVWULD GH $UDJyQ
DSUREDGR SRU 'HFUHWR /HJLVODWLYR R QRUPDWLYD TXH OD VXVWLWX\D (QWUH GLFKDV
PHGLGDVSRGUiDFRUGDUVHODSDUDOL]DFLyQSDUFLDORWRWDOGHODDFWLYLGDGKDVWDTXHVHDQ
VXEVDQDGRVORVGHIHFWRV\VHSUHVHQWHDFWDGHLQVSHFFLyQIDYRUDEOH

$UWtFXOR$JHQWHVTXHOOHYDUiQDFDERODLQVSHFFLyQ
/DV LQVSHFFLRQHV LQLFLDOHV VH OOHYDUiQ D FDER SRU ORV DJHQWHV TXH GHWHUPLQH OD
QRUPDWLYD HVWDWDO (Q FDVR GH TXH GLFKD QRUPDWLYD HVWDWDO QR OR GHWHUPLQH ODV
LQVSHFFLRQHVLQLFLDOHVVHOOHYDUiQDFDERSRUORVRUJDQLVPRVGHFRQWUROKDELOLWDGRVSDUD
OOHYDUDFDERODVLQVSHFFLRQHVSHULyGLFDVGHSURWHFFLyQFRQWUDLQFHQGLRV
/DV LQVSHFFLRQHV SHULyGLFDV VH OOHYDUiQ D FDER SRU ORV DJHQWHV TXH GHWHUPLQH HOORV
UHJODPHQWRVGHSURWHFFLyQFRQWUDLQFHQGLRVTXHVHDQGHDSOLFDFLyQ
/DV LQVSHFFLRQHV QR SHULyGLFDV VHUiQ OOHYDGDV D FDER SRU ORV WpFQLFRV GHO 6HUYLFLR
3URYLQFLDOFRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDORSRUORVDJHQWHVTXHKD\DQ
HIHFWXDGR OD LQVSHFFLyQ GHULYDGD GH ORV 3ODQHV GH ,QVSHFFLyQ ,QGXVWULDO GHO *RELHUQR
GH $UDJyQ R GH OD DSOLFDFLyQ GH ORV LQVWUXPHQWRV GH FRQWURO GH ODV HQWLGDGHV
FRODERUDGRUDVGHILQLGDVHQHODUWtFXOREGHHVWD2UGHQ

$UWtFXOR'HIHFWRVGHWHFWDGRVHQODVLQVSHFFLRQHVHLQFXPSOLPLHQWRV
/RVGHIHFWRVGHWHFWDGRVHQODVLQVSHFFLRQHVVHFODVLILFDQFRPR
D /HYHV FXDQGR VH REVHUYD XQD GHILFLHQFLD HQ HO FXPSOLPLHQWR GH ODV
SUHVFULSFLRQHV UHJODPHQWDULDV TXH QR VXSRQJD XQ ULHVJR DGLFLRQDO HQ OD
LQVWDODFLyQ
E *UDYHV FXDQGR VH REVHUYD XQD GHILFLHQFLD HQ HO FXPSOLPLHQWR GH ODV
SUHVFULSFLRQHVUHJODPHQWDULDVGHODTXHQRVHGHULYHULHVJRJUDYHHLQPLQHQWH
F 0X\ JUDYHV FXDQGR VH REVHUYD XQD GHILFLHQFLD HQ HO FXPSOLPLHQWR GH ODV
SUHVFULSFLRQHVUHJODPHQWDULDVGHODTXHVHGHULYHULHVJRJUDYHHLQPLQHQWH
(Q UHODFLyQ FRQ ORV LQFXPSOLPLHQWRV OHJDOHV \ GHIHFWRV WpFQLFRV TXH GHWHFWHQ HQ HO
HMHUFLFLRGHVXIXQFLyQLQVSHFWRUDORVDJHQWHVDFWXDUiQVHJ~QORGLVSXHVWRHQHO7H[WR
5HIXQGLGR GH OD /H\ GH UHJXODFLyQ \ IRPHQWR GH OD DFWLYLGDG LQGXVWULDO GH $UDJyQ
DSUREDGRSRU'HFUHWR/HJLVODWLYRGHGHGLFLHPEUHRQRUPDWLYDYLJHQWHHQ

FDGDPRPHQWR\VXDFWXDFLyQLQFOXLUiODDGRSFLyQGHPHGLGDVSURYLVLRQDOHVVHJ~QOR
UHJXODGRHQHVDQRUPDWLYD

$UWtFXOR5HVXOWDGRGHODLQVSHFFLyQ\SOD]RVSDUDFRUUHJLUORVGHIHFWRV
/DFDOLILFDFLyQGHODLQVSHFFLyQGHODLQVWDODFLyQSRGUiVHU
D)DYRUDEOH&XDQGR QR VH GHWHUPLQH OD H[LVWHQFLD GH QLQJ~Q GHIHFWR JUDYH R
PX\JUDYH
E&RQGLFLRQDGD&XDQGRVHGHWHUPLQHODH[LVWHQFLDGHDOPHQRVXQGHIHFWROHYH
GHWHFWDGR HQ OD LQVSHFFLyQ DQWHULRU \ TXH QR VH KD\D FRUUHJLGR VHJ~Q OR
GLVSXHVWRHQHOSXQWRVLJXLHQWHRXQGHIHFWRJUDYH
F1HJDWLYD&XDQGR VH GHWHUPLQH OD H[LVWHQFLD GH DO PHQRV XQ GHIHFWR PX\
JUDYH
&XDQGR OD FDOLILFDFLyQ GH OD LQVSHFFLyQ VHD IDYRUDEOH HO DJHQWH HPLWLUi XQ
FHUWLILFDGRGHLQVSHFFLyQIDYRUDEOHHQHOTXHVHKDUiQFRQVWDUORVGHIHFWRVOHYHVVLORV
KXELHUDHQWUHJDUiXQDFRSLDDOWLWXODU\FRPXQLFDUiRWUDDO6HUYLFLR3URYLQFLDO
(OWLWXODUGHODLQVWDODFLyQGHEHUiFRUUHJLUORVGHIHFWRVOHYHVVLORVKXELHUDHQHOSOD]R
HVWDEOHFLGR HQ HO UHJODPHQWR GH SURWHFFLyQ FRQWUD LQFHQGLRV TXH FRUUHVSRQGD \ HQ
WRGR FDVR DQWHV GH OD SUy[LPD LQVSHFFLyQ SHULyGLFD (Q OD VLJXLHQWH LQVSHFFLyQ
SHULyGLFDORVGHIHFWRVOHYHVQRFRUUHJLGRVVHUiQFODVLILFDGRVFRPRJUDYHV
&XDQGR OD FDOLILFDFLyQ GH OD LQVSHFFLyQ VHD FRQGLFLRQDGD HO DJHQWH HPLWLUi XQ
FHUWLILFDGR GH LQVSHFFLyQ FRQGLFLRQDGD HQ HO TXH VH KDUiQ FRQVWDU ORV GHIHFWRV
HQFRQWUDGRVHQWUHJDUiXQDFRSLDDOWLWXODU\FRPXQLFDUiRWUDDO6HUYLFLR3URYLQFLDO
(QHOFHUWLILFDGRGHLQVSHFFLyQHODJHQWHLQGLFDUiTXHHOWLWXODUGHODLQVWDODFLyQGHEH
FRUUHJLU ORV GHIHFWRV HQ HO SOD]R TXH VH SUHVFULED D SDUWLU GH OD IHFKD GH OD YLVLWD GH
LQVSHFFLyQ \ TXH HVH PLVPR DJHQWH UHDOL]DUi XQD VHJXQGD YLVLWD GH LQVSHFFLyQ SDUD
YHULILFDU TXH DVt VH KD\D KHFKR (O SOD]R Pi[LPR TXH VH SUHVFULED QR SRGUi VHU
VXSHULRUDVHLVPHVHV
&XDQGRODFDOLILFDFLyQGHODLQVSHFFLyQVHDQHJDWLYDHODJHQWHHPLWLUiXQFHUWLILFDGR
GHLQVSHFFLyQQHJDWLYDHQHOTXHVHKDUiQFRQVWDUORVGHIHFWRVHQFRQWUDGRVHQWUHJDUi
XQDFRSLDDOWLWXODU\FRPXQLFDUiRWUDDO6HUYLFLR3URYLQFLDO

$UWtFXOR6HJXQGDYLVLWDHQFDVRGHFDOLILFDFLyQFRQGLFLRQDGD
&XDQGRXQDJHQWHHPLWDXQFHUWLILFDGRGHLQVSHFFLyQFRQGLFLRQDGDLQGLFDUiHQpOOD
IHFKDPi[LPDGHFRUUHFFLyQGHORVGHIHFWRV\ODIHFKDOtPLWHSDUDUHDOL]DUODVHJXQGD
YLVLWD(VWDDQRWDFLyQVHUYLUiFRPRFRQYRFDWRULDHQILUPHGHODVHJXQGDYLVLWDHQWUH
HOWLWXODUGHODLQVWDODFLyQ\HODJHQWH
1R REVWDQWH VL HO WLWXODU FRPXQLFD DO DJHQWH OD VXEVDQDFLyQ GH ORV GHIHFWRV FRQ XQD
DQWHODFLyQGHPiVGHGtDVQDWXUDOHVUHVSHFWRDHVDIHFKDOtPLWHODVHJXQGDYLVLWD
GH LQVSHFFLyQ VH GHEHUi SDVDU HQ HO SOD]R GH GtDV QDWXUDOHV D SDUWLU GH GLFKD
FRPXQLFDFLyQ
6L HQ HVWD VHJXQGD YLVLWD GH LQVSHFFLyQ QR VH GHWHUPLQD OD H[LVWHQFLD GH QLQJ~Q
GHIHFWR JUDYH R PX\ JUDYH VH SURFHGHUi FRPR HQ HO DSDUWDGR VHJXQGR GHO DUWtFXOR
DQWHULRU

6LHQHVWDVHJXQGDYLVLWDGHLQVSHFFLyQVHGHWHUPLQDODH[LVWHQFLDGHDOPHQRVXQ
GHIHFWR JUDYH GHWHFWDGR HQ OD LQVSHFFLyQ DQWHULRU \ TXH QR KD VLGR FRUUHJLGR VH
UHFODVLILFDUiFRPRPX\JUDYH\VHSURFHGHUiFRPRHQHODSDUWDGRFXDUWRGHODUWtFXOR
DQWHULRU
6L HO DJHQWH VH SHUVRQD D UHDOL]DU OD LQVSHFFLyQ HQ OD IHFKD TXH UHVXOWH GH OD
DSOLFDFLyQGHHVWHDUWtFXOR\QRSXHGHUHDOL]DUODSRUPRWLYRVTXHVHDQUHVSRQVDELOLGDG
GHOWLWXODUFHUUDUiHOH[SHGLHQWHGHGLFKDLQVSHFFLyQFRQODFDOLILFDFLyQGHQHJDWLYD\
VHSURFHGHUiFRPRHQHOSXQWRFXDUWRGHODUWtFXORDQWHULRU
(QHVWHFHUWLILFDGRGHLQVSHFFLyQHODJHQWHKDUiFRQVWDUODKRUD\IHFKDGHODVHJXQGD
YLVLWD \ HQ HO DSDUWDGR GH REVHUYDFLRQHV GHO FHUWLILFDGR GH LQVSHFFLyQ R HQ KRMD
FRPSOHPHQWDULD VL HO HVSDFLR QR IXHUD VXILFLHQWH LQGLFDUi ORV PRWLYRV TXH KDQ
LPSHGLGR UHDOL]DUOD \ VL ORV GHIHFWRV TXH PRWLYDURQ OD FDOLILFDFLyQ GH ³FRQGLFLRQDGD´
HQODSULPHUDYLVLWDSRGUtDQVXSRQHUXQ SHOLJUR LQPHGLDWRDORULJLQDUVHXQIDOORGH OD
LQVWDODFLyQRELHQUHGXFLUGHPRGRVXVWDQFLDOODFDSDFLGDGGHXWLOL]DFLyQGHODPLVPD

$UWtFXOR1XHYDYLVLWDHQFDVRGHFDOLILFDFLyQQHJDWLYD
6L FRPR UHVXOWDGR GH XQD LQVSHFFLyQ OD FDOLILFDFLyQ GH OD LQVWDODFLyQ KD VLGR
QHJDWLYD\HOWLWXODUFRPXQLFDDXQDJHQWHODVXEVDQDFLyQGHORVGHIHFWRVpVWHGHEHUi
UHDOL]DUQXHYDYLVLWDGHLQVSHFFLyQSDUDYHULILFDUTXHDVtVHKD\DKHFKR
6L WUDV OD QXHYD YLVLWD GH LQVSHFFLyQ REWLHQH FDOLILFDFLyQ IDYRUDEOH VH SURFHGHUi
FRPRHQHODSDUWDGRVHJXQGRGHODUWtFXOR
6LHQ ODQXHYDYLVLWDGHLQVSHFFLyQYXHOYHDGHWHUPLQDUVH OD H[LVWHQFLDGHWRGRVR
DOJXQRGHORVGHIHFWRVVHUHSHWLUiHOSURFHVRSUHYLVWRHQHVWHDUWtFXOR

&DStWXOR9
0DQWHQLPLHQWR

$UWtFXOR0DQWHQLPLHQWR\FRQVHUYDFLyQGHORVVLVWHPDV
/RV HTXLSRV \ VLVWHPDV GH SURWHFFLyQ FRQWUD LQFHQGLRV VH PDQWHQGUiQ \
FRQVHUYDUiQFRQIRUPHDODUHJODPHQWDFLyQGHSURWHFFLyQFRQWUDLQFHQGLRVTXHOHVVHD
GHDSOLFDFLyQ
(O5HJODPHQWRGH,QVWDODFLRQHVGH3URWHFFLyQ&RQWUD,QFHQGLRVDSUREDGRSRUHO5HDO
'HFUHWR GH GH PD\R H[LJH TXH ORV HTXLSRV \ VLVWHPDV GH SURWHFFLyQ
DFWLYD FRQWUD LQFHQGLRV VXMHWRV D GLFKR UHJODPHQWR VH VRPHWDQ DO SURJUDPD GH
PDQWHQLPLHQWR HVWDEOHFLGR SRU HO IDEULFDQWH \ D TXH FRPR PtQLPR VH UHDOLFHQ ODV
RSHUDFLRQHVTXHVHHVWDEOHFHQHQVX$QH[R,,HQHOFXDOVHGHWHUPLQDHQFDGDFDVR
HOWLHPSRPi[LPRTXHSRGUiWUDQVFXUULUHQWUHGRVPDQWHQLPLHQWRVFRQVHFXWLYRV
/DV RSHUDFLRQHV GH PDQWHQLPLHQWR GHEHUiQ VHU UHDOL]DGDV SRU HPSUHVDV
PDQWHQHGRUDVKDELOLWDGDVSDUDORVVLVWHPDVTXHYD\DQDPDQWHQHU

$UWtFXOR 2EOLJDFLRQHV GHO WLWXODU UHODWLYDV DO PDQWHQLPLHQWR \ FRQWUDWR GH

PDQWHQLPLHQWR
/RVWLWXODUHVGHODVLQVWDODFLRQHVGHEHUiQPDQWHQHUHQEXHQHVWDGRGHIXQFLRQDPLHQWR
VXV LQVWDODFLRQHV \ WHQHU D GLVSRVLFLyQ GH ODV DXWRULGDGHV FRPSHWHQWHV R GH ORV
DJHQWHV TXH OOHYHQ D FDER ODV LQVSHFFLRQHV OD GRFXPHQWDFLyQ TXH GHEDQ GLVSRQHU
FRQIRUPHDHVWHDUWtFXOR\HOSRVWHULRU
&XDQGRDVtORHVWDEOH]FDHO5HJODPHQWRGHSURWHFFLyQFRQWUDLQFHQGLRVTXHOHVVHDGH
DSOLFDFLyQ HO WLWXODU GHEHUi WHQHU VXVFULWR XQ FRQWUDWR GH PDQWHQLPLHQWR GH ODV
LQVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRVFRQXQDHPSUHVDPDQWHQHGRUDKDELOLWDGD
SDUDORVVLVWHPDVTXHFRPSUHQGHODLQVWDODFLyQ(OWLWXODUWLHQHHOGHEHUGHFRQVHUYDU
HOFRQWUDWR
3DUDODSXHVWDHQVHUYLFLRGHODVLQVWDODFLRQHVGHSURWHFFLyQDFWLYDFRQWUDLQFHQGLRVHO
DUWtFXOR E GHO 5HJODPHQWR GH LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV
DSUREDGR SRU HO 5HDO 'HFUHWR GH GH PD\R H[LJH TXH HO WLWXODU WHQJD
VXVFULWRXQFRQWUDWRGHPDQWHQLPLHQWRFRQXQDHPSUHVDPDQWHQHGRUDKDELOLWDGDSDUD
ORV VLVWHPDV TXH FRPSUHQGH OD LQVWDODFLyQ (VWH UHJODPHQWR H[LPH GH HVWD
FRQWUDWDFLyQ DO WLWXODU GH OD LQVWDODFLyQ VL VH KDELOLWD FRPR PDQWHQHGRU \ GLVSRQH GH
ORVPHGLRV\RUJDQL]DFLyQQHFHVDULRVSDUDHIHFWXDUVXSURSLRPDQWHQLPLHQWR\DVXPH
VXHMHFXFLyQ\ODUHVSRQVDELOLGDGGHOPLVPR

$UWtFXOR2EOLJDFLRQHVGHORVPDQWHQHGRUHV
6LQ SHUMXLFLR GH ODV GHPiV REOLJDFLRQHV HVWDEOHFLGDV HQ OD UHJODPHQWDFLyQ ODV
HPSUHVDVGHPDQWHQLPLHQWRGHEHUiQ
&RPXQLFDUDOWLWXODUGHORVHTXLSRVRVLVWHPDVODVIHFKDVHQTXHFRUUHVSRQGHHIHFWXDU
ODVLQVSHFFLRQHVSHULyGLFDV
&RODERUDU HQ HO FDVR GH TXH HO DJHQWH LQVSHFWRU OR UHTXLHUD HQ ODV LQVSHFFLRQHV
3DUDHOORHODJHQWHLQVSHFWRUGHEHUiVROLFLWDUORSUHYLDPHQWHDOWLWXODURUHVSRQVDEOHGH
OD LQVWDODFLyQ SDUD TXH WUDVODGH GLFKD SHWLFLyQ GH DVLVWHQFLD D OD HPSUHVD GH
PDQWHQLPLHQWR
(ODERUDU \ IDFLOLWDU DO WLWXODU ODV DFWDV GH ORV PDQWHQLPLHQWRV \ WRGD GRFXPHQWDFLyQ
MXVWLILFDWLYD GH ODV RSHUDFLRQHV UHDOL]DGDV (VWRV GRFXPHQWRV GHEHUiQ HVWDU ILUPDGRV
SRU HO SHUVRQDO FXDOLILFDGR TXH ORV KD OOHYDGR D FDER VHU FRQIRUPHV FRQ ODV QRUPDV
WpFQLFDV\OHJLVODFLyQDSOLFDEOH\FRQVHUYDUVHGXUDQWHDxRVDSDUWLUGHODIHFKDGH
VXH[SHGLFLyQTXHGDQGRDGLVSRVLFLyQGHORV6HUYLFLRV3URYLQFLDOHV

&DStWXOR9,
$FWXDFLyQHQFDVRGHLQFHQGLR

$UWtFXOR&RPXQLFDFLyQGH©LQFHQGLRHQXQHVWDEOHFLPLHQWRLQGXVWULDOª
&XDQGR HQ XQ HVWDEOHFLPLHQWR LQGXVWULDO R HQ XQ HVWDEOHFLPLHQWR DIHFWDGR
SDUFLDOPHQWH SRU HO 5HJODPHQWR GH 6HJXULGDG FRQWUD ,QFHQGLRV HQ ORV
(VWDEOHFLPLHQWRV ,QGXVWULDOHV DSUREDGR SRU 5HDO GHFUHWR GH GH
GLFLHPEUH R QRUPD TXH OR VXVWLWX\D VH SURGX]FD XQ LQFHQGLR TXH GHED VHU
FRPXQLFDGR VHJ~Q ORV FULWHULRV HVWDEOHFLGRV HQ HVH 5HJODPHQWR HO LQGXVWULDO WLHQH OD
REOLJDFLyQGHUHDOL]DUODVDFWXDFLRQHVGHFRPXQLFDFLyQGHLQFHQGLR
(O WLWXODU GHO HVWDEOHFLPLHQWR GHEHUi FRPXQLFDU HO LQFHQGLR DO 6HUYLFLR 3URYLQFLDO
FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDOHQHOSOD]RPi[LPRGHTXLQFHGtDV
/DFRPXQLFDFLyQGHEHUiGHWDOODUODVFDXVDV\ODVFRQVHFXHQFLDVTXHKDWHQLGRHQHO
HVWDEOHFLPLHQWR\FXDOHVODVFLUFXQVWDQFLDTXHH[LJHODFLWDGDFRPXQLFDFLyQ
(O 6HUYLFLR 3URYLQFLDO LQIRUPDUi GHO LQFHQGLR D OD 'LUHFFLyQ *HQHUDO FRPSHWHQWH HQ
PDWHULDGHVHJXULGDGLQGXVWULDO
&XDQGRGHEDHPLWLUVHHVWDFRPXQLFDFLyQGHLQFHQGLRpVWDVHSURGXFLUiVLQSHUMXLFLR
GH RWUDV FRPXQLFDFLRQHV TXH VHDQ H[LJLEOHV SRU HO UHVWR GH QRUPDWLYD FRPR SRU
HMHPSORODUHODWLYDDODVPHGLGDVGHFRQWUROGHORVULHVJRVLQKHUHQWHVDORVDFFLGHQWHV
JUDYHVHQORVTXHLQWHUYHQJDQVXVWDQFLDVSHOLJURVDV

$UWtFXOR,QYHVWLJDFLyQGHLQFHQGLRHQXQHVWDEOHFLPLHQWRLQGXVWULDO
&XDQGR OR HVWDEOH]FD HO 5HJODPHQWR GH 6HJXULGDG FRQWUD ,QFHQGLRV HQ ORV
HVWDEOHFLPLHQWRV ,QGXVWULDOHV DSUREDGR SRU 5HDO 'HFUHWR GH GH
GLFLHPEUHRUHJODPHQWDFLyQTXHORVXVWLWX\DRHQHOFDVRGHTXHHOVXFHVRRFXUULGR
VHDGHHVSHFLDOLQWHUpV\DVtORGHWHUPLQHHO6HUYLFLR3URYLQFLDOFRPSHWHQWHHQPDWHULD
GH VHJXULGDG LQGXVWULDO HO WLWXODU GHO HVWDEOHFLPLHQWR LQGXVWULDO DGHPiV GH OD
FRPXQLFDFLyQ UHTXHULGD HQ HO DUWtFXOR DQWHULRU VROLFLWDUi FRQ FDUiFWHU XUJHQWH D XQ
RUJDQLVPR GH FRQWURO KDELOLWDGR HQ HO iPELWR UHJODPHQWDULR GH LQVWDODFLRQHV GH
SURWHFFLyQFRQWUDLQFHQGLRVXQDLQVSHFFLyQGHOHVWDEOHFLPLHQWR
(ORUJDQLVPRGHFRQWUROTXHGHEHUiDFWXDUHQWRGRPRPHQWREDMRHOSULQFLSLRGH
FRQILGHQFLDOLGDGHPLWLUiXQGLFWDPHQGHODLQVSHFFLyQDQDOL]DQGRMXQWRFRQHOWLWXODU
WRGRV ORV GDWRV GHO DFFLGHQWH \ HQ SDUWLFXODU FRQ FDUiFWHU SUHFHSWLYR ORV VLJXLHQWHV
GDWRV
6L HO HVWDEOHFLPLHQWR GLVSRQH GH SODQ GH HPHUJHQFLD LQWHULRU \ HQ VX FDVR OD
HIHFWLYLGDG GHO PLVPR VX SXHVWD HQ PDUFKD VL VH OOHYy D FDER FRUUHFWDPHQWH
DFWXDFLRQHVLQFRUUHFWDVWLHPSRVSHUVRQDOTXHKDLQWHUYHQLGRDVtFRPRWRGRDTXHOOR
TXHFRQVLGHUHQHFHVDULR
/RVDSDUDWRVHTXLSRVRVLVWHPDVGHSURWHFFLyQFRQWUDLQFHQGLRVLQVWDODGRVDVtFRPR
OD VXILFLHQFLD \ FRUUHFWR IXQFLRQDPLHQWR GH ORV PLVPRV SDUD HO FXPSOLPLHQWR GH OD

OHJLVODFLyQ DSOLFDEOH 6H FRPSUREDUi DGHPiV VL VH UHDOL]DURQ ODV RSHUDFLRQHV GH
PDQWHQLPLHQWR GH ORV VLVWHPDV GH SURWHFFLyQ FRQWUD LQFHQGLRV \ ODV LQVSHFFLRQHV
REOLJDWRULDV
&XPSOLPLHQWR GH ORV UHTXLVLWRV FRQVWUXFWLYRV GHO HVWDEOHFLPLHQWR HVWDEOHFLGRV HQ OD
QRUPDWLYDGHDSOLFDFLyQ
3ODQGHDFWXDFLRQHVGHPHMRUD\FRUUHFFLyQFRPRODUHYLVLyQ\SXHVWDDSXQWRGHORV
VLVWHPDV GH SURWHFFLyQ FRQWUD LQFHQGLRV TXH VH KDQ XWLOL]DGR GXUDQWH HO LQFHQGLR
FRUUHFFLyQGHODVGHILFLHQFLDVUHJODPHQWDULDVGHWHFWDGDVHQODLQVSHFFLyQUHYLVLyQGHO
SODQ GH DXWRSURWHFFLyQ IRUPDFLyQ GHO SHUVRQDO UHDOL]DFLyQ GH VLPXODFURV GH
DFFLGHQWHDVtFRPRWRGRDTXHOORTXHFRQVLGHUHQHFHVDULR
(O GLFWDPHQ GH GLFKD LQVSHFFLyQ UHDOL]DGR SRU HO 2UJDQLVPR GH &RQWURO VH GHEHUi
UHPLWLU DO 6HUYLFLR 3URYLQFLDO FRPSHWHQWH SRU UD]yQ GHO WHUULWRULR GRQGH VH XELTXH HO
HVWDEOHFLPLHQWRHQHOSOD]RPi[LPRGHXQPHVGHVGHTXHRFXUULyHOVXFHVR
(Q HO FDVR GH TXH HQ HO GLFWDPHQ VH GHWHFWHQ GHIHFWRV R QR VH LQGLTXH OD
LQIRUPDFLyQ PHQFLRQDGD DQWHULRUPHQWH HO 6HUYLFLR 3URYLQFLDO SRGUi UHTXHULU OD
VXEVDQDFLyQGHORVPLVPRV
(O 6HUYLFLR 3URYLQFLDO HODERUDUi XQ LQIRUPH VREUH HO LQFHQGLR RFXUULGR HQ HO TXH
TXHGHQ VXILFLHQWHPHQWH UHIOHMDGRV ORV GDWRV FRPSUHQGLGRV WDQWR HQ OD FRPXQLFDFLyQ
GHOLQFHQGLRFRPRHQODLQYHVWLJDFLyQDVtFRPRHOFXPSOLPLHQWRGHODUHJODPHQWDFLyQ
GHVHJXULGDGLQGXVWULDODSOLFDEOHDOHVWDEOHFLPLHQWRRODVLQVWDODFLRQHV\ODVSRVLEOHV
FDXVDV \ ODV FRQVHFXHQFLDV FRPR ORV GDxRV HFRQyPLFRV PDWHULDOHV SHUVRQDOHV
PHGLRDPELHQWDOHVODSDUDOL]DFLyQGHODDFWLYLGDGDVtFRPRWRGRDTXHOORTXHFRQVLGHUH
QHFHVDULR
3DUD OD UHDOL]DFLyQ GH OD LQYHVWLJDFLyQ \ GHO LQIRUPH HO 6HUYLFLR 3URYLQFLDO SRGUi
XWLOL]DU HO GLFWDPHQ GHO RUJDQLVPR GH FRQWURO R GH RWURV yUJDQRV DVt FRPR SRGUi
UHTXHULU OD D\XGD GH HVSHFLDOLVWDV FRPR HO &XHUSR GH %RPEHURV RUJDQL]DFLRQHV R
WpFQLFRVFRPSHWHQWHV
(O 6HUYLFLR 3URYLQFLDO GDUi WUDVODGR GHO ,QIRUPH GH OD LQYHVWLJDFLyQ \ GHO GLFWDPHQ
GHLQVSHFFLyQGHO2UJDQLVPRGH&RQWURODOD'LUHFFLyQ*HQHUDOFRPSHWHQWHHQPDWHULD
GHVHJXULGDGLQGXVWULDO\pVWDDVXYH]DOyUJDQRGLUHFWLYRFRPSHWHQWHHQPDWHULDGH
VHJXULGDGLQGXVWULDOGHO0LQLVWHULR
6LQ SHUMXLFLR GH OD LQYHVWLJDFLyQ GH LQFHQGLRV TXH VH UHFRJH HQ HVWH DUWtFXOR VH
SRGUi LQFRDU HO FRUUHVSRQGLHQWH H[SHGLHQWH VDQFLRQDGRU VL VH YHULILFD HO
LQFXPSOLPLHQWR GH OD UHDOL]DFLyQ GH ODV LQVSHFFLRQHV UHJODPHQWDULDV \R GH ODV
RSHUDFLRQHV GH PDQWHQLPLHQWR SUHYLVWDV HQ HO 5HJODPHQWR GH ,QVWDODFLRQHV GH
3URWHFFLyQ&RQWUD,QFHQGLRVDSUREDGRSRU5HDO'HFUHWRGHGHGLFLHPEUH
RQRUPDTXHORVXVWLWX\D

'LVSRVLFLyQ$GLFLRQDOÒQLFD,QFRUSRUDFLyQGHORVSURFHGLPLHQWRVD',*,7$
'H DFXHUGR D OR HVWDEOHFLGR HQ HO DUWtFXOR GH OD 25'(1 (,( GH GH
IHEUHURSRUODTXHVHDSUXHEDODSODWDIRUPD',*,7$SDUDODWUDPLWDFLyQWHOHPiWLFD\
FRQVXOWD GH H[SHGLHQWHV H LQVWDODFLRQHV VRPHWLGDV D UHJODPHQWRV GH VHJXULGDG

LQGXVWULDOVHLQFRUSRUDQORVSURFHGLPLHQWRVGHODUWtFXORDSDUWDGRVDEF\GDOD

SODWDIRUPD',*,7$

'LVSRVLFLyQWUDQVLWRULDSULPHUD8VRWHPSRUDOGHODDSOLFDFLyQLQIRUPiWLFD6,1(5*,$
/RVRUJDQLVPRVGHFRQWUROKDELOLWDGRVHQHOiPELWRUHJODPHQWDULRGHLQVWDODFLRQHVGH
SURWHFFLyQ FRQWUD LQFHQGLRV TXH YLHQHQ DFWXDQGR HQ HO PDUFR GH OD 2UGHQ GH GH
QRYLHPEUHGH GHO'HSDUWDPHQWRGH,QGXVWULD&RPHUFLR \7XULVPRSRU ODTXH
VH UHJXOD HO SURFHGLPLHQWR GH DFUHGLWDFLyQ GHO FXPSOLPLHQWR GH ODV FRQGLFLRQHV GH
VHJXULGDGLQGXVWULDOGHODVLQVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRV\SRUODTXHVH
PRGLILFDQORVUHTXLVLWRVSDUDODDXWRUL]DFLyQGHHPSUHVDVGHHVWDHVSHFLDOLGDGSRGUiQ
LQLFLDUQXHYRVH[SHGLHQWHVPHGLDQWHODDSOLFDFLyQLQIRUPiWLFD6,1(5*,$KDVWDTXHODV
FRPXQLFDFLRQHV VH SXHGDQ SUHVHQWDU SRU ORV VXMHWRV REOLJDGRV D WUDYpV GH ODV
SODWDIRUPDVWHOHPiWLFDVGHFRPXQLFDFLyQSUHYLVWDVHO$QH[R,;GHHVWD2UGHQ
'LVSRVLFLyQWUDQVLWRULDVHJXQGD([SHGLHQWHVHQWUiPLWH
/RV SURFHGLPLHQWRV DGPLQLVWUDWLYRV UHJXODGRV HQ HVWD 2UGHQ TXH VH HQFRQWUDUiQ HQ
WUiPLWH GHVGH OD SXEOLFDFLyQ HQ HO %ROHWtQ RILFLDO GH $UDJyQ GHEHUiQ SURVHJXLU KDVWD
VXILQDOL]DFLyQDWHQGLHQGRDORGLVSXHVWRHQODQRUPDWLYDYLJHQWHFXDQGRVHLQLFLDURQ
1R REVWDQWH ORV H[SHGLHQWHV HQ WUiPLWH FRPXQLFDGRV D WUDYpV GH RUJDQLVPRV GH
FRQWURO TXH QR KD\DQ VLGR ILQDOL]DGRV HQ HO SOD]R Pi[LPR GH QXHYH PHVHV GHVGH OD
HQWUDGD HQ YLJRU GH HVWD 2UGHQ VHUiQ UHPLWLGRV SRU ORV RUJDQLVPRV GH FRQWURO DO
6HUYLFLR3URYLQFLDOFRUUHVSRQGLHQWHHOFXDOUHVROYHUi

'LVSRVLFLyQ WUDQVLWRULD WHUFHUD 2UJDQLVPRV GH FRQWURO KDELOLWDGRV SDUD UHDOL]DU
LQVSHFFLRQHVLQLFLDOHV
/RVRUJDQLVPRVGHFRQWUROKDELOLWDGRVSDUDUHDOL]DULQVSHFFLRQHVSHULyGLFDVFRQIRUPHD
DO UHJODPHQWR GH HVWDEOHFLPLHQWRV LQGXVWULDOHV SRGUiQ UHDOL]DU LQVSHFFLRQHV LQLFLDOHV
GHHVWDEOHFLPLHQWRVLQGXVWULDOHVGXUDQWHHOSOD]RGHXQDxRGHVGHODHQWUDGDHQYLJRU
GHHVWDRUGHQ
7UDVFXUULGRHOSOD]RGHXQDxRLQGLFDGRVRORSRGUiQUHDOL]DULQVSHFFLRQHVLQLFLDOHVHQ
$UDJyQDTXHOORVRUJDQLVPRVGHFRQWUROKDELOLWDGRVFX\DDFUHGLWDFLyQFRQWHPSOHGLFKDV
LQVSHFFLRQHVLQLFLDOHV

'LVSRVLFLyQWUDQVLWRULDFXDUWD5HPLVLyQGHODGRFXPHQWDFLyQDORV6HUYLFLRV3URYLQFLDOHV
(Q HO SOD]R Pi[LPR GH XQ DxR GHVGH OD HQWUDGD HQ YLJRU GH HVWD 2UGHQ WRGRV ORV
H[SHGLHQWHVWUDPLWDGRVHQIRUPDWRQRHOHFWUyQLFRDWUDYpVGHORV2UJDQLVPRVGH&RQWURO
GHDFXHUGRFRQORGLVSXHVWRHQOD2UGHQGHGHQRYLHPEUHGHGHO'HSDUWDPHQWR
GH ,QGXVWULD &RPHUFLR \ 7XULVPR SRU OD TXH VH UHJXOD HO SURFHGLPLHQWR GH DFUHGLWDFLyQ
GHO FXPSOLPLHQWR GH ODV FRQGLFLRQHV GH VHJXULGDG LQGXVWULDO GH ODV LQVWDODFLRQHV GH
SURWHFFLyQFRQWUDLQFHQGLRV\SRUODTXHVHPRGLILFDQORVUHTXLVLWRVSDUDODDXWRUL]DFLyQGH
HPSUHVDV GH HVWD HVSHFLDOLGDG VH GHEHUiQ UHPLWLU DO 6HUYLFLR 3URYLQFLDO FRPSHWHQWH HQ
PDWHULD GH VHJXULGDG LQGXVWULDO FRQ ODV FDUDFWHUtVWLFDV QHFHVDULDV SDUD TXH pVWH ORV
SXHGDDUFKLYDUHQHODUFKLYRGRFXPHQWDOGHOD$GPLQLVWUDFLyQ

'LVSRVLFLyQGHURJDWRULD~QLFD'HURJDFLyQGHQRUPDV
4XHGDQ GHURJDGDV ODV yUGHQHV TXH VH UHODFLRQDQ VHJXLGDPHQWH DVt FRPR FXDQWDV
GLVSRVLFLRQHV GH LJXDO R LQIHULRU UDQJR VH RSRQJDQ D OR GLVSXHVWR HQ OD SUHVHQWH
2UGHQ
/D2UGHQGHGHQRYLHPEUHGHGHO'HSDUWDPHQWRGH,QGXVWULD&RPHUFLR\
7XULVPR SRU OD TXH VH UHJXOD HO SURFHGLPLHQWR GH DFUHGLWDFLyQ GHO FXPSOLPLHQWR GH
ODV FRQGLFLRQHV GH VHJXULGDG LQGXVWULDO GH ODV LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD
LQFHQGLRV\SRUODTXHVHPRGLILFDQORVUHTXLVLWRVSDUDODDXWRUL]DFLyQGHHPSUHVDVGH
HVWDHVSHFLDOLGDG
/D 2UGHQ GH GH DEULO GH GHO 'HSDUWDPHQWR GH ,QGXVWULD &RPHUFLR \
7XULVPRSRUODTXHVHPRGLILFDOD2UGHQGHGHQRYLHPEUHGH
'LVSRVLFLyQILQDOSULPHUD0RGLILFDFLyQGH$QH[RV
6H KDELOLWD DO 'LUHFWRU *HQHUDO FRPSHWHQWH HQ PDWHULD GH VHJXULGDG LQGXVWULDO SDUD
TXH PHGLDQWH UHVROXFLyQ SXHGD PRGLILFDU DVSHFWRV IRUPDOHV GH ORV $QH[RV GH OD
2UGHQ TXH QR DIHFWHQ D ODV REOLJDFLRQHV LPSXHVWDV HQ OD PLVPD R TXH ORV DGDSWH D
ORVFDPELRVGHODQRUPDWLYDEiVLFD

'LVSRVLFLyQILQDO6HJXQGD(QWUDGDHQYLJRU
/DSUHVHQWH2UGHQHQWUDUiHQYLJRUHQHOSOD]RGHXQPHVGHVGHVXSXEOLFDFLyQHQHO
©%ROHWtQ 2ILFLDO GH $UDJyQª VDOYR HO DUWtFXOR UHODWLYR D ODV LQVSHFFLRQHV LQLFLDOHV
HQWUDUiHQYLJRUHQHOSOD]RGHWUHVPHVHVGHVGHODSXEOLFDFLyQHQHO%ROHWtQRILFLDOGH
$UDJyQ

(Q=DUDJR]DD''GH000GH
(O&RQVHMHURGH,QGXVWULD&RPSHWLWLYLGDG\'HVDUUROOR(PSUHVDULDO

$57852$/,$*$/Ï3(=

$1(;26

$QH[R, 0RGHORGHIRUPXODULRGHFRPXQLFDFLyQ0RGHOR(
$QH[R,, &ODVLILFDFLyQ GH LQVWDODFLRQHV GRFXPHQWDFLyQ UHTXHULGD H
LQVSHFFLRQHV LQLFLDO \ SHULyGLFD HQ ODV DFWXDFLRQHV REMHWR GHO
SURFHGLPLHQWR
7$%/$ 'RFXPHQWDFLyQ D SUHVHQWDU SDUD QXHYD LQVWDODFLyQ GH
XQD PRGLILFDFLyQ GH XQD LQVWDODFLyQ R GH EDMD GH XQD
LQVWDODFLyQGHSURWHFFLyQFRQWUDLQFHQGLRV
7$%/$ ,QVSHFFLRQHVSHULyGLFDV
$QH[R,,, &HUWLILFDGR*HQHUDOGHLQVWDODFLyQ0RGHOR&
$QH[R,9 &HUWLILFDGRGHLQVWDODFLyQ0RGHOR&
$QH[R9 &HUWLILFDGRGHLQVSHFFLyQLQLFLDO0RGHOR&
$QH[R9, &HUWLILFDGRGHLQVSHFFLyQSHULyGLFD0RGHOR&
$QH[R9,, &HUWLILFDGRGHLQVSHFFLyQQRSHULyGLFD0RGHOR&
$QH[R9,,, 6ROLFLWXGGHPRGHOR~QLFR(
$QH[R,; )RUPDVGHSUHVHQWDFLyQGHODVFRPXQLFDFLRQHV\VROLFLWXGHV


,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26
&2081,&$&,Ï1
(

6HOOR\IHFKDGHHQWUDGD 1(;3(',(17( 9HUVLyQ

,17(5(6$'26XMHWRREOLJDGRTXHSUHVHQWDODGRFXPHQWDFLyQ 1,)1,(19$7
1RPEUH5D]yQ6RFLDO
$SHOOLGR $SHOOLGR

'$726'(/5(35(6(17$17( 1,)1,(
1RPEUH
$SHOOLGR $SHOOLGR

'20,&,/,2$()(&726'(127,),&$&,21(6
1RPEUH\$SHOOLGRV

'LUHFFLyQ
&yGLJR3RVWDO
3URYLQFLD /RFDOLGDG
3DtV HPDLO 7HOpIRQR

(03/$=$0,(172<'(120,1$&,Ï1'(/$,167$/$&,Ï1

&DOOH3OD]D2WURV 13LVR

3URYLQFLD /RFDOLGDG

5HIFDWDVWUDO &yGLJR3RVWDO

'HQRPLQDFLyQ

'$726'(/7,78/$5'(/$,167$/$&,Ï1 1,)1,(19$7

1RPEUH5D]yQ6RFLDO

$SHOOLGR $SHOOLGR

HPDLO 7HOpIRQR
(OLQWHUHVDGRHVHOVXMHWRREOLJDGRTXHSUHVHQWDODGRFXPHQWDFLyQHVGHFLU(/7,78/$5HQODFRPXQLFDFLyQGHEDMDGHODLQVWDODFLyQR/$(035(6$,167$/$'25$HQRWURFDVR

&$5$&7(5Ë67,&$635,1&,3$/(6'(/(',),&,2(67$%/(&,0,(172

8VRGHOHGLILFLRRGHOHVWDEOHFLPLHQWR6HxDODUODVGRVFDVLOODVHQHOFDVRGHTXHFRH[LVWDQDPERVXVRV 1RLQGXVWULDO ,QGXVWULDO

8VRRDFWLYLGDGSULQFLSDO
6XSHUILFLHFRQVWUXLGDP 6XSHUILFLH~WLOP 1LYHOGH5LHVJRLQWUtQVHFR $OWR 0HGLR %DMR
1GH6HFWRUHV
7LSRGHHVWDEOHFLPLHQWR 7LSR$ 7LSR% 7LSR& 7LSR' 7LSR(

'HDFXHUGRFRQHO5HJODPHQWRGH,QVWDODFLRQHVGH3URWHFFLyQ&RQWUD,QFHQGLRVYLJHQWHHOLQWHUHVDGR SUHVHQWD
ODGRFXPHQWDFLyQ\DSRUWDORVGDWRVHVSHFtILFRVGHODLQVWDODFLyQDOREMHWRGH
&2081,&$5
/$,167$/$&,21'(3527(&&,Ï1&2175$,1&(1',26&RQDQWHULRULGDGDVXSXHVWDHQVHUYLFLR(PSUHVDLQVWDODGRUD
3RUQXHYDLQVWDODFLyQ
3RUPRGLILFDFLyQGHLQVWDODFLyQH[LVWHQWH 1GHLQVWDODFLyQ
%$-$7LWXODUGHODLQVWDODFLyQ
%DMDGHLQVWDODFLyQ 1GHLQVWDODFLyQ

(QORVFDVRVGHQXHYDLQVWDODFLyQRPRGLILFDFLyQGHODLQVWDODFLyQ (QORVFDVRVHQTXHWDQVRORVHFRPXQLTXHODEDMDGHODLQVWDODFLyQ
)LUPDGRHOHFWUyQLFDPHQWH 1RPEUHIHFKD\ILUPD
HPSUHVDLQVWDODGRUD GHOWLWXODURUHSUHVHQWDQWH
RGHVXUHSUHVHQWDQWHVLHVWDHVSHUVRQDMXUtGLFD

1RPEUH 1RPEUH

(Q D GH GH

6(59,&,23529,1&,$/FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO'(

,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26
&2081,&$&,Ï1
(

1(;3(',(17( 9HUVLyQ

,17(5(6$'2 1,)1,(19$7

&$5$&7(5Ë67,&$635,1&,3$/(6'(/$,167$/$&,Ï1

,QVWDODFLyQGHSURWHFFLyQFRQWUDLQFHQGLRV (PSUHVDVLQVWDODGRUDVKDELOLWDGDV )HFKD

6LVWHPDV,QVWDODGRVRHTXLSRVFRORFDGRV 1,)&,)9$7 1RPEUH\DSHOOLGRV5D]yQVRFLDO FHUWLILFDGR

'HWHFFLyQ\GHDODUPDGHLQFHQGLRV

$EDVWHFLPLHQWRGHDJXDFRQWUDLQFHQGLRV

+LGUDQWHVFRQWUDLQFHQGLRV

([WLQWRUHVGHLQFHQGLR
(PSUHVDLQVWDODGRUDPDQWHQHGRUDIDEULFDQWHRFXDQGRODVXSHUILFLHGHOHVWDEOHFLPLHQWRPRVHWUDWHGHXQDYLYLHQGDXQLIDPLOLDUXVXDULR6LGLVSRQH
'HERFDVGHLQFHQGLRHTXLSDGDV

'HFROXPQDVHFD

)LMRVGHH[WLQFLyQSRUURFLDGRUHVDXWRPiWLFRV\DJXDS

)LMRVGHH[WLQFLyQSRUDJXDQHEXOL]DGD

)LMRVGHH[WLQFLyQSRUHVSXPDItVLFD

)LMRVGHH[WLQFLyQSRUSROYR

)LMRVGHH[WLQFLyQSRUDJHQWHVH[WLQWRUHVJDVHRVRV

)LMRVGHH[WLQFLyQSRUDHURVROHVFRQGHQVDGRV

3DUDHOFRQWUROGHKXPRV\GHFDORU

0DQWDVLJQtIXJDV

'HVHxDOL]DFLyQOXPLQLVFHQWH
,QVWDODFLyQHOpFWULFDGH%DMD7HQVLyQ (PSUHVDLQVWDODGRUDKDELOLWDGDGHEDMDWHQVLyQ
)HFKD
$OXPEUDGRGHHPHUJHQFLD

7,(1($8725,=$'$6 7pFQLFDVGHVHJXULGDGHTXLYDOHQWHVFRQ1GHH[SHGLHQWH
([FHSFLyQGHOFXPSOLPLHQWRGHSUHVFULSFLRQHVUHJODPHQWDULDV3&,FRQ1GHH[SHGLHQWH R\ 0RGHOR~QLFRFRQ1GHH[SHGLHQWH

'LVSRQHGH$%$67(&,0,(172'($*8$&203$57,'2TXHKDFRPXQLFDGRSUHYLDPHQWH\GLVSRQHGH1GHH[SHGLHQWH

'LVSRQHGH(9$/8$&,Ï17e&1,&$IDYRUDEOH'(,'21(,'$'GH &DPSDQDVGHFRFLQDV 6LVWHPDV$XWRPiWLFRVH[WLQFLyQJDVROLQHUDV 2WUR
3RURUJDQLVPRKDELOLWDGR

(O7LWXODUGHODLQVWDODFLyQKDVXVFULWR &2175$72'(0$17(1,0,(172FRQODHPSUHVDGHPDQWHQLPLHQWRKDELOLWDGD

1RPEUH5D]yQVRFLDO 1,)1,(19$7 15,$5,,

,QGLFDUHOQ~PHURGH5HJLVWUR,QGXVWULDOGH$UDJyQ5,$RGH5HJLVWUR,QWHJUDGR,QGXVWULDO5,,1~PHURGHLGHQWLILFDFLyQGHODHPSUHVD11111111FRQVXOWDEOHHQ KWWSVVHGHDSOLFDFLRQHVPLQHWXUJREHV5,,FRQVXOWDVSXEOLFDVFRQVXOWDGDWRVDVS[

'2&80(17$&,Ï1$3257$'$(,'(17,),&$&,Ï1'(/2668-(726,17(59,1,(17(6

'2&80(17$&,Ï1'(',6(f2 6LQRSURFHGHSUHVHQWDU0HPRULDR3UR\HFWRVHGHEHDGMXQWDU3ODQRGHODVLQVWDODFLRQHV
0(025,$7(&1,&$'(',6(f2 3/$12'(/$,167$/$&,Ï1

352<(&727e&1,&2
1RPEUH\DSHOOLGRVGHODXWRU

&ROHJLR2ILFLDO 1GHFROHJLDGR
9LVDGRSRU&2
1GHYLVDGR
&(57,),&$'2*(1(5$/'(,167$/$&,Ï1
1RPEUH\DSHOOLGRVGHOWpFQLFRWLWXODGR

9LVDGRSRU&2
1GHYLVDGR
&(57,),&$'26'(,167$/$&,Ï1 1GH&HUWLILFDGRVDSRUWDGRV

6LKDQLQWHUYHQLGRYDULDVHPSUHVDVLQVWDODGRUDVGH3&,H[LVWLUiXQFHUWLILFDGRGHLQVWDODFLyQSRUFDGDXQDGHHOODV 6LVHLQVWDOD$OXPEUDGRGHHPHUJHQFLDVHDSRUWDFHUWLILFDGRLQVW%7
&(57,),&$'2'(,163(&&,21,1,&,$/)$925$%/(
2UJDQLVPRGH&RQWURO
1DFUHGLWDFLyQ
$872/,48,'$&,Ï1'(7$6$6LSURFHGHVHJ~QODOHJLVODFLyQYLJHQWHHQOD&RPXQLGDG$XWyQRPDGH$UDJyQ ¼

(OUHVSRQVDEOHGHOWUDWDPLHQWRGHWXVGDWRVSHUVRQDOHVHVOD'LUHFFLyQ*HQHUDOGH,QGXVWULD\3<0(6/DILQDOLGDGGHOWUDWDPLHQWRODWUDPLWDFLyQGHSURFHGLPLHQWRVDGPLQLVWUDWLYRVHQPDWHULDGHVHJXULGDG\FDOLGDGLQGXVWULDO\PHWURORJtDLQFOXLGRV
ORVUHODWLYRVDLQIUDFFLRQHVDGPLQLVWUDWLYDV\VDQFLRQHV/DOHJLWLPDFLyQSDUDUHDOL]DUHOWUDWDPLHQWRGHGDWRVQRVODGDHOFXPSOLPLHQWRGHXQDREOLJDFLyQOHJDODVtFRPRHOHMHUFLFLRGHSRGHUHVS~EOLFRV1RYDPRVDFRPXQLFDUWXVGDWRVSHUVRQDOHV
D WHUFHURV GHVWLQDWDULRV VDOYR REOLJDFLyQ OHJDO 3RGUiV HMHUFHU WXV GHUHFKRV GH DFFHVR UHFWLILFDFLyQ VXSUHVLyQ \ SRUWDELOLGDG GH ORV GDWRV R GH OLPLWDFLyQ \ RSRVLFLyQ D VX WUDWDPLHQWR DVt FRPR D QR VHU REMHWR GH GHFLVLRQHV LQGLYLGXDOHV
DXWRPDWL]DGDVDWUDYpVGHODVHGHHOHFWUyQLFDGHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQFRQORVIRUPXODULRVQRUPDOL]DGRVGLVSRQLEOHV3RGUiVFRQVXOWDUODLQIRUPDFLyQDGLFLRQDO\GHWDOODGDVREUHHVWDDFWLYLGDGGHWUDWDPLHQWRHQ
KWWSVDSOLFDFLRQHVDUDJRQHVQRWLIBORSGBSXEGHWDLOVDFWLRQ"ILOH,G
)LUPDGRHOHFWUyQLFDPHQWHSRUODHPSUHVDLQVWDODGRUDRGHOUHSUHVHQWDQWHVLpVWDHVSHUVRQDMXUtGLFD
RHQVXFDVRILUPDGHOWLWXODURUHSUHVHQWDQWH

$1(;2,, 7DEOD 'RFXPHQWDFLyQ D SUHVHQWDU HQ ODV FRPXQLFDFLRQHV GH XQD QXHYD
LQVWDODFLyQGHXQDPRGLILFDFLyQRGHXQDEDMDGHXQDLQVWDODFLyQGHSURWHFFLyQ
FRQWUDLQFHQGLRV
7$%/$
'2&80(17$&,Ï1$35(6(17$5(1/$6&2081,&$&,Ï1(6'(81$18(9$,167$/$&,Ï12'(81$
02',),&$&,Ï1'(81$,167$/$&,Ï1'(3527(&&,Ï1&2175$,1&(1',26
,167$/$&,21(68%,&$'$6(1=21$6(',),&,262(67$%/(&,0,(1726'(86212,1'8675,$/
,QVWDODFLyQFRPSXHVWD~QLFDPHQWHSRUXQDRYDULDV
GHODVWUHVWLSRORJtDVVLJXLHQWHV([WLQWRUHV0DQWDV
LJQLIXJDV\VHxDOL]DFLyQOXPLQLVFHQWH
,QVWDODFLyQ FRPSXHVWD SRU RWURV VLVWHPDV GH
SURWHFFLyQFRQWUDLQFHQGLRV &*%3/
,167$/$&,21(68%,&$'$6(1=21$6(',),&,262(67$%/(&,0,(1726'(
862,1'8675,$/
5LHVJR,QWUtQVHFRPHGLRDOWR
6XSHUILFLH~WLOP
REDMRVL6XSHUILFLH~WLOt
\5LHVJR,QWUtQVHFR%DMR
P
&XDOTXLHUWLSRGHLQVWDODFLyQ &3*%, &0*%,
'2&80(17$&,Ï1$35(6(17$5(1/$6&2081,&$&,21(6
'(%$-$'(,167$/$&,Ï1
6HDFXDOVHDHOXVRGHOHGLILFLRRHVWDEOHFLPLHQWRGRQGHVHXELTXHODLQVWDODFLyQFXDQGRWDQVRORVHSURGX]FDODEDMDGH
XQDLQVWDODFLyQODGRFXPHQWDFLyQDDSRUWDUSRUHOWLWXODUVHUiWDQVyORHOIRUPXODULRGHFRPXQLFDFLyQ&
127$65(/$7,9$6$/$7$%/$
/DGRFXPHQWDFLyQLQGLFDGDSDUDFDGDFDVRGHEHUiSUHVHQWDUVHHQVXWRWDOLGDGGHIRUPDFRQMXQWDXQDYH]ILQDOL]DGD
ODLQVWDODFLyQSDUDSURFHGHUFRQODWUDPLWDFLyQGHOFRUUHVSRQGLHQWHH[SHGLHQWHDGPLQLVWUDWLYR
6H HQWLHQGH SRU PRGLILFDFLyQ GH XQD LQVWDODFLyQ GH SURWHFFLyQ FRQWUD LQFHQGLRV \D H[LVWHQWH HQ XQ HGLILFLR R
HVWDEOHFLPLHQWRODUHDOL]DFLyQGHXQFDPELRGHODDFWLYLGDGGHOPLVPRRXQDDPSOLDFLyQRUHIRUPDTXHLPSOLTXHXQ
DXPHQWRGHODVXSHUILFLHRFXSDGDXQFDPELRGHORVHOHPHQWRVFRQVWUXFWLYRVGHOHGLILFLRRXQDXPHQWRGHOQLYHOGH
ULHVJR
/D GRFXPHQWDFLyQ \ OD SXHVWD HQ VHUYLFLR GH ORV VLVWHPDV GH DOXPEUDGR GH HPHUJHQFLD VH UHDOL]DUi FRQIRUPH DO
UHJODPHQWRHOHFWURWpFQLFRGHEDMDWHQVLyQ\ODRUGHQTXHUHJXODHOSURFHGLPLHQWRGHDFUHGLWDFLyQGHOFXPSOLPLHQWRGH
GLFKRUHJODPHQWRHQ$UDJyQ
/D HPSUHVD LQVWDODGRUD TXHSUHVHQWD OD FRPXQLFDFLyQ GHEHUi IDFLOLWDU DO WLWXODU OD GRFXPHQWDFLyQTXHVH LQGLFD HQ
HVWDWDEOD
(Q HO FDVR GH DFWLYLGDGHV LQGXVWULDOHV WDOOHUHV DUWHVDQDOHV \ VLPLODUHV FRQ FDUJD GH IXHJR LJXDO R LQIHULRU D
0FDOP 0- P \ VXSHUILFLH ~WLO LJXDO R LQIHULRU D P OD PHPRULD GHEHUi UHIOHMDU UHJODPHQWDULDPHQWH OD
DSOLFDFLyQGHODSDUWDGRH[WLQWRUHV\GHODSDUWDGRDOXPEUDGRGHHPHUJHQFLDGHO$QH[R,,,GHO5HJODPHQWRGH
6HJXULGDGFRQWUD,QFHQGLRVHQORVHVWDEOHFLPLHQWRVLQGXVWULDOHVDSUREDGRSRUHO5HDO'HFUHWRGHGH
GLFLHPEUH
7,3,),&$&,Ï1'(/$6,167$/$&,21(6
,QVWDODFLRQHVXELFDGDVHQ]RQDVHGLILFLRVRHVWDEOHFLPLHQWRVGHXVRQRLQGXVWULDO
/DVLQVWDODFLRQHVFRPSUHQGLGDVHQHVWDFODVLILFDFLyQVRQDTXHOODVTXHVHXELFDQHQ]RQDVHGLILFLRVRHVWDEOHFLPLHQWRV
TXHGHEDQVDWLVIDFHUODVSUHVFULSFLRQHVHVWDEOHFLGDVHQHO³'RFXPHQWR%iVLFR6,6HJXULGDGHQFDVRGHLQFHQGLR´HVWR
HVODVFRPSUHQGLGDVGHQWURGHOiPELWRGHDSOLFDFLyQHVWDEOHFLGRHQHODSDUWDGR,,ÈPELWRGH$SOLFDFLyQ\DSDUWDGR,,,
&ULWHULRV *HQHUDOHV GH $SOLFDFLyQ GHO FLWDGR 'RFXPHQWR TXH VH LQFOX\H HQ OD 3DUWH ,, GHO &yGLJR 7pFQLFR GH OD
(GLILFDFLyQDSUREDGRSRUHO5HDO'HFUHWRRQRUPDWLYDTXHORVXVWLWX\D
6H HQFXHQWUDQ FRPSUHQGLGRV HQ HVWD FODVLILFDFLyQ ODV LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV XELFDGDV HQ
HGLILFLRV R HVWDEOHFLPLHQWRV TXH SRVHHQ XQR R YDULRV GH ORV VLJXLHQWHV XVRV UHVLGHQFLDO YLYLHQGD KRVSLWDODULR
DGPLQLVWUDWLYRGRFHQWHS~EOLFDFRQFXUUHQFLDUHVLGHQFLDOS~EOLFRDSDUFDPLHQWRRFRPHUFLDO

,QVWDODFLRQHVXELFDGDVHQ]RQDVHGLILFLRVRHVWDEOHFLPLHQWRGHXVRLQGXVWULDO
/DV LQVWDODFLRQHV FRPSUHQGLGDV HQ HVWD FODVLILFDFLyQ VRQ ODV LQVWDODFLRQHV XELFDGDV HQ HVWDEOHFLPLHQWRV LQGXVWULDOHV
LQFOXLGDVHQHOiPELWRGHDSOLFDFLyQHVWDEOHFLGRHQHO$UWtFXORGHO5HJODPHQWRGH6HJXULGDGFRQWUD,QFHQGLRVHQORV
HVWDEOHFLPLHQWRVLQGXVWULDOHVDSUREDGRSRUHO5HDO'HFUHWRGHGHGLFLHPEUH
3RUHOORVHHQFXHQWUDQFRPSUHQGLGRVHQHVWDFODVLILFDFLyQODVLQVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRVXELFDGDV
HQHGLILFLRVRHVWDEOHFLPLHQWRVTXHVHGHGLTXHQDDOJXQDRYDULDVGHODVVLJXLHQWHVDFWLYLGDGHVLQGXVWULDVWDOFRPRVH
GHILQHQ HQ HO DUWtFXOR GH OD /H\ GH GH MXOLR GH ,QGXVWULD DOPDFHQDPLHQWRV LQGXVWULDOHV WDOOHUHV GH
UHSDUDFLyQ \ HVWDFLRQDPLHQWRV GH YHKtFXORV GHVWLQDGRV DO WUDQVSRUWH GH SHUVRQDV \ DO WUDQVSRUWH GH PHUFDQFtDV
VHUYLFLRVDX[LOLDUHVRFRPSOHPHQWDULRVGHODVDFWLYLGDGHVFRPSUHQGLGDVHQORVSXQWRVDQWHULRUHV\DOPDFHQDPLHQWRVGH
FXDOTXLHUWLSRGHHVWDEOHFLPLHQWRFXDQGRVXFDUJDGHIXHJRWRWDOVHDLJXDORVXSHULRUDPLOORQHVGH0HJDMXOLRV0-
(VWDVLQVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRV\ODVFRQGLFLRQHVGHGLVHxR\FRQVWUXFFLyQGHORVVHFWRUHVHGLILFLRV
RHVWDEOHFLPLHQWRVWLSLILFDGRVFRPRXVRLQGXVWULDOGHEHUiQVDWLVIDFHUODVSUHVFULSFLRQHVHVWDEOHFLGDVHQ5HJODPHQWRGH
6HJXULGDGFRQWUD,QFHQGLRVHQORVHVWDEOHFLPLHQWRVLQGXVWULDOHVRUHJODPHQWRTXHORVXVWLWX\D

&2',),&$&,Ï1'(/$'2&80(17$&,Ï15(48(5,'$(17$%/$

& )RUPXODULRGHFRPXQLFDFLyQVHJ~QSURFHGD$QH[R,PRGHOR(
6L HQ OD LQVWDODFLyQ LQWHUYLHQH XQD ~QLFD HPSUHVD LQVWDODGRUD VHUi HVWD HPSUHVD OD TXH WHQJD
REOLJDFLyQGHFRPXQLFDUODLQVWDODFLyQ
&XDQGR LQWHUYHQJDQ YDULDV HPSUHVDV LQVWDODGRUDV HQ XQD PLVPD LQVWDODFLyQ HQ HO FDVR GH TXH HO
'LUHFWRU GH REUD VHD XQ WpFQLFR GH XQD GH ODV HPSUHVDV LQVWDODGRUDV VHUi GLFKD HPSUHVD OD TXH
HVWDUiREOLJDGDDSUHVHQWDUHOIRUPXODULRGH&RPXQLFDFLyQ&
(Q RWUR FDVR \ FXDQGR LQWHUYHQJDQ YDULDV HPSUHVDV LQVWDODGRUDV HO WLWXODU GHWHUPLQDUi FRPR
UHVSRQVDEOHDXQDGHHOODVSDUDODSUHVHQWDFLyQGHOIRUPXODULRGHFRPXQLFDFLyQMXQWRFRQHOUHVWRGH
ODGRFXPHQWDFLyQTXHVHLQGLFDHQOD7DEODGHHVWH$QH[R
3 3UR\HFWR 7pFQLFR VXVFULWR SRU WpFQLFR WLWXODGR FRPSHWHQWH \ YLVDGR SRU HO FRUUHVSRQGLHQWH &ROHJLR
2ILFLDO6XHVWUXFWXUDFLyQ\FRQWHQLGRVHUiFRQIRUPHDORHVWDEOHFLGRHQ1RUPDVWpFQLFDVTXHOHVHDQ
GHDSOLFDFLyQ
(QFDVRGHTXHVHSURGX]FDQPRGLILFDFLRQHVHQODHMHFXFLyQHOSUR\HFWRGHEHVHUHQWHQGLGRFRPRHO
GRFXPHQWRLQLFLDO\VXVPRGLILFDFLRQHV
(O SUR\HFWR GHEHUi FRQWHQHU OD GRFXPHQWDFLyQ QHFHVDULD TXH MXVWLILTXH HO FXPSOLPLHQWR GHO
5HJODPHQWR GH ,QVWDODFLRQHV GH 3URWHFFLyQ &RQWUD ,QFHQGLRV HO 5HJODPHQWR GH VHJXULGDG FRQWUD
LQFHQGLRV HQ ORV HVWDEOHFLPLHQWRV LQGXVWULDOHV R< FyGLJR WpFQLFR GH OD HGLILFDFLyQ R UHJODPHQWDFLyQ
TXHORVXVWLWX\D
6HLQGLFDUiQORVHTXLSRV\VLVWHPDVRVXVFRPSRQHQWHVTXHRVWHQWHQHOPDUFDGR&(ORVVXMHWRVD
PDUFDVGHFRQIRUPLGDGDQRUPDVORVTXHGLVSRQJDQGHXQDHYDOXDFLyQWpFQLFDGHODLGRQHLGDGSDUD
VXXVRSUHYLVWRRODDXWRUL]DFLyQGHXQPRGHOR~QLFR
$VLPLVPR VH LQGLFDUi OD FODVH R QLYHO GH FRPSRUWDPLHQWR DQWH HO IXHJR GH ORV SURGXFWRV GH OD
FRQVWUXFFLyQTXHDVtORUHTXLHUDQ
0 /D0HPRULD7pFQLFDGHGLVHxRGHODLQVWDODFLyQVXVFULWDSRUWpFQLFRWLWXODGRFRPSHWHQWH\YLVDGDSRU
HOFRUUHVSRQGLHQWH&ROHJLR2ILFLDO
/D 0HPRULD 7pFQLFDGHGLVHxR GH OD LQVWDODFLyQ SRGUiVHUVXVWLWXLGD SRU XQ 3UR\HFWR WpFQLFR HQ ORV
FDVRVTXHVHGLVSRQJDGHOPLVPR
* &HUWLILFDGR *HQHUDO GH ,QVWDODFLyQ GH 3URWHFFLyQ &RQWUD ,QFHQGLRV HPLWLGR SRU WpFQLFR WLWXODGR
FRPSHWHQWH\YLVDGRSRUHO&ROHJLR2ILFLDOFRUUHVSRQGLHQWH$QH[R,,,0RGHOR&
(QHVWH&HUWLILFDGRVHGHEHUiLQGLFDUH[SUHVDPHQWHTXHODLQVWDODFLyQGHSURWHFFLyQFRQWUDLQFHQGLRV
VHDMXVWDDOSUR\HFWR\FXPSOHFRQODVFRQGLFLRQHVGHGLVHxR\SUHVFULSFLRQHVUHJODPHQWDULDVTXHVH
UHFRJHQ HQ HO 5HJODPHQWR GH ,QVWDODFLRQHV GH 3URWHFFLyQ &RQWUD ,QFHQGLRV YLJHQWH R HQ HO
'RFXPHQWR%iVLFR³6,6HJXULGDGHQFDVRGHLQFHQGLR´GHO&yGLJR7pFQLFRGHOD(GLILFDFLyQRHQHO
5HJODPHQWRGHVHJXULGDGFRQWUDLQFHQGLRVHQORVHVWDEOHFLPLHQWRVLQGXVWULDOHVRDTXHOODVQRUPDVTXH
ORVVXVWLWX\DQ
(Q HO FDVR GH TXH VH KD\D WLSLILFDGR HO HGLILFLR R HVWDEOHFLPLHQWR FRPR XVR LQGXVWULDO VH GHEHUi
DGMXQWDU HO $QH[R GHO &HUWLILFDGR *HQHUDO GH ,QVWDODFLyQ FXPSOLPHQWDQGR ODV FDUDFWHUtVWLFDV VREUH
VHFWRUL]DFLyQ \ MXVWLILFDFLyQ GHO FXPSOLPLHQWR GHO $QH[R ,, GHO 5HJODPHQWR GH VHJXULGDG FRQWUD
LQFHQGLRVHQORVHVWDEOHFLPLHQWRVLQGXVWULDOHV
(VWH&HUWLILFDGRVHFRQVLGHUDUiSUHVHQWDGRXQDYH]GLOLJHQFLDGRSRUODDGPLQLVWUDFLyQ
% &HUWLILFDGR GH ,QVWDODFLyQ GH ODV HPSUHVDV LQVWDODGRUDV GH 3URWHFFLyQ &RQWUD ,QFHQGLRV TXH KDQ
LQWHUYHQLGR ILUPDGRSRUHO WpFQLFR WLWXODGR FRPSHWHQWHGHFDGDHPSUHVD (VWH FHUWLILFDGR SRQGUi GH
PDQLILHVWR TXH OD LQVWDODFLyQ KD VLGR UHDOL]DGD GH DFXHUGR DO 5HJODPHQWR GH ,QVWDODFLRQHV GH
3URWHFFLyQ&RQWUD,QFHQGLRVYLJHQWH$QH[R,90RGHOR&
(Q HO FDVR GH TXHOD LQVWDODFLyQ GH SURWHFFLyQ FRQWUDLQFHQGLRVFRQVWH GH YDULRV VLVWHPDV \ KD\DQ
LQWHUYHQLGRYDULDVHPSUHVDVLQVWDODGRUDVGHEHUiH[LVWLUXQFHUWLILFDGRHODERUDGRSRUFDGDXQDGHODV
HPSUHVDV \ ILUPDGR SRU ORV WpFQLFRV WLWXODGRV GH FDGD XQD GH HOODV 'H HVWD IRUPD HQ FDGD
FHUWLILFDGRODHPSUHVDTXHORKD\DHODERUDGRVHKDUiUHVSRQVDEOHGHORVHTXLSRV\VLVWHPDVTXHKD
LQVWDODGRHOOD
/DVHPSUHVDVLQVWDODGRUDVQRSRGUiQHPLWLUFHUWLILFDGRVGHLQVWDODFLRQHVTXHQRKD\DQUHDOL]DGRHOODV
PLVPDV
, &HUWLILFDGRGHLQVSHFFLyQLQLFLDOIDYRUDEOHVXVFULWR\VHOODGRSRUXQ2UJDQLVPRGH&RQWURO$QH[R9
PRGHOR&GHODQXHYDLQVWDODFLyQRGHODPRGLILFDFLyQGHODLQVWDODFLyQ
3/ 3ODQRGHODLQVWDODFLyQGHSURWHFFLyQFRQWUDLQFHQGLRV

$1(;2,, 7DEOD,QVSHFFLRQHVSHULyGLFDV
7$%/$

$,167$/$&,21(68%,&$'$6(1=21$6(',),&,262(67$%/(&,0,(1726'(86212,1'8675,$/GH
DSOLFDFLyQHO&7(R'(862,1'8675,$/(;,67(17(6$/$(175$'$(19,*25'(/56&,(,
(QIXQFLyQGHOXVR 3HULRGLFLGDG
+RVSLWDODULR \ UHVLGHQFLDO S~EOLFR LQGHSHQGLHQWHPHQWH GH OD

VXSHUILFLHFRQVWUXLGD
$GPLQLVWUDWLYRRGRFHQWHFRQVXSHUILFLHFRQVWUXLGDP
&RPHUFLDO S~EOLFD FRQFXUUHQFLD R DSDUFDPLHQWR FRQ
VXSHUILFLHFRQVWUXLGDP DxRV

&XDOTXLHUXVR\VXSHUILFLHFRQULHVJRHVSHFLDODOWR
(VWDEOHFLPLHQWRV XVR LQGXVWULDO H[LVWHQWHV DQWHV GHO
QROHVDSOLFDHO5HJODPHQWRGH6HJXULGDGFRQWUD
,QFHQGLRVHQHVWDEOHFLPLHQWRVLQGXVWULDOHV
%,167$/$&,21(68%,&$'$6(1=21$6(',),&,262(67$%/(&,0,(1726'(862,1'8675,$/GH
DSOLFDFLyQHO5HJODPHQWRGH6HJXULGDGFRQWUDLQFHQGLRVHQORVHVWDEOHFLPLHQWRVLQGXVWULDOHV56&,(,
(Q IXQFLyQ GHO 5LHVJR LQWUtQVHFR DSUREDGRSRUHO5'
GHO FRQMXQWR GHO 3HULRGLFLGDG
HVWDEOHFLPLHQWR
%DMR DxRV
0HGLR DxRV
$OWR DxRV

127$65(/$7,9$6$/$7$%/$
6HH[FHSW~DQGHUHDOL]DUODLQVSHFFLyQSHULyGLFDODVLQVWDODFLRQHVXELFDGDVHQ]RQDVHVWDEOHFLPLHQWRVRHGLILFLRV
GHXVRQRLQGXVWULDOGHVWLQDGRVD
D8VRUHVLGHQFLDOYLYLHQGD
E8VRDGPLQLVWUDWLYRRGRFHQWHFRQVXSHUILFLHFRQVWUXLGDPHQRUGHP
F8VRFRPHUFLDOS~EOLFDFRQFXUUHQFLDRDSDUFDPLHQWRFRQVXSHUILFLHFRQVWUXLGDPHQRUGHP

3ULPHUDLQVSHFFLyQSHULyGLFD(OSHULRGRSDUDODUHDOL]DFLyQGHODSULPHUDLQVSHFFLyQSHULyGLFDFRQWDUiRDSDUWLUGH
OD IHFKD GH OD ~OWLPD FRPXQLFDFLyQ UHDOL]DGD VREUH OD LQVWDODFLyQ SRU QXHYD LQVWDODFLyQ R SRU PRGLILFDFLyQ TXH
KD\DUHTXHULGRLQVSHFFLyQLQLFLDORODREOLJXHDLQVSHFFLRQHVSHULyGLFDVVHJ~QHO5HJODPHQWRGHLQVWDODFLRQHVGH
SURWHFFLyQ FRQWUD LQFHQGLRV DSUREDGR SRU 5HDO 'HFUHWR R SRU HO 5HJODPHQWR GH VHJXULGDG FRQWUD
LQFHQGLRVHQORVHVWDEOHFLPLHQWRVLQGXVWULDOHVDSUREDGRSRUHO5HDO'HFUHWR
3Uy[LPDLQVSHFFLyQSHULyGLFD(OSHULRGRSDUDODUHDOL]DFLyQGHODSUy[LPDLQVSHFFLyQSHULyGLFDFRQWDUiDSDUWLUGHOD
IHFKDGHUHDOL]DFLyQGHODDQWHULRULQVSHFFLyQSHULyGLFD

(Q HO $QH[R , $SDUWDGR GHO 5HJODPHQWR GH VHJXULGDG FRQWUD LQFHQGLRV HQ ORV HVWDEOHFLPLHQWRV LQGXVWULDOHV
DSUREDGRSRUHO5HDO'HFUHWRVHH[SOLFDODPHWRGRORJtDSDUDGHWHUPLQDUHOQLYHOGHULHVJRLQWUtQVHFRGHO
HVWDEOHFLPLHQWR LQGXVWULDOPHGLDQWH HOFiOFXOR GH ODGHQVLGDG GHFDUJD GHIXHJR SRQGHUDGD \ FRUUHJLGD GH FDGD
XQRGHORVVHFWRUHVRiUHDVGHLQFHQGLR

/DV LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV GHEHUiQ FXPSOLU OD SHULRGLFLGDG \ FRQGLFLRQHV UHODWLYDV D
LQVSHFFLRQHVSHULyGLFDVLQGLFDGDVHQHO5HJODPHQWRGH,QVWDODFLRQHVGH3URWHFFLyQFRQWUD,QFHQGLRVR5HJODPHQWR
GH VHJXULGDG FRQWUD LQFHQGLRV HQ HVWDEOHFLPLHQWRV LQGXVWULDOHV VHJ~Q OHV DIHFWH FRQ LQGHSHQGHQFLD GH OD
REOLJDFLyQGHSDVDURWUDVLQVSHFFLRQHVUHTXHULGDVSRURWUR5HJODPHQWRVGHVHJXULGDGTXHOHDIHFWHQ

,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26

&(57,),&$'2*(1(5$/'(,167$/$&,Ï1
&
9HUVLyQ

1(;3(',(17(

7,78/$5'(/$,167$/$&,Ï1 1,)1,(19$7

1RPEUH\DSHOOLGRV5D]yQVRFLDO

HPDLO 7HOpIRQR

(03/$=$0,(172(,'(17,),&$&,Ï1'(/$,167$/$&,Ï1


3URYLQFLD /RFDOLGDG


'HQRPLQDFLyQ

2%-(72'(/&(57,),&$'2'(/$,167$/$&,Ï1

1XHYDLQVWDODFLyQ 0RGLILFDFLyQGHODLQVWDODFLyQFRQ1GHLQVWDODFLyQ

&$5$&7(5Ë67,&$635,1&,3$/(6'(/(',),&,22(67$%/(&,0,(172

6XSHUILFLHFRQVWUXLGDP 6XSHUILFLH~WLOP 1LYHOGH5LHVJRLQWUtQVHFR $OWR 0HGLR %DMR
1GH6HFWRUHV 7LSRGHHVWDEOHFLPLHQWR 7LSR$ 7LSR% 7LSR& 7LSR' 7LSR(

25*$1,602'(&21752/48(5($/,=Ï/$,163(&&,Ï1,1,&,$/6LSRUODVFDUDFWHUtVWLFDVGHODLQVWDODFLyQVHUHDOL]y
2UJDQLVPRGHFRQWURO
)HFKDLQVSHFFLyQLQLFLDO
,QVWDODFLyQVRPHWLGDDLQVSHFFLRQHVSHULyGLFDVFDGD
DxRV )HFKDSUy[LPDLQVSHFFLyQSHULyGLFD

7e&1,&27,78/$'2&203(7(17(48(&(57,),&$

1,)1,(
1RPEUH 7HOpIRQR

'20,&,/,2$()(&72'(127,),&$&,21(6 1,)1,(
'LUHFFLyQ
/RFDOLGDG &3RVWDO 3URYLQFLD

HPDLO 7HOpIRQR

&(57,),&$'2

&ROHJLR2ILFLDOGRQGHVHKDYLVDGR

19LVDGR )HFKDGHYLVDGR

,'(17,),&$&,Ï1'(/352<(&72<68602',),&$&,21(6

&ROHJLR2ILFLDO
1GHFROHJLDGR

19LVDGR )HFKDGHYLVDGR
0RGLILFDFLRQHV

,GHQWLILFDUVLSURFHGHORVGRFXPHQWRVTXHPRGLILFDQHO3UR\HFWRLQLFLDOLGHQWLILFDGRHQODVGRVOtQHDVDQWHULRUHV(VWDGRFXPHQWDFLyQVHDSRUWDMXQWRDO3UR\HFWRDGMXQWDDOD&RPXQLFDFLyQ&

&RQWLQ~HVHHQKRMDFRPSOHPHQWDULDVLHOHVSDFLRIXHUDLQVXILFLHQWH

D GH GH
)LUPDGHOWpFQLFRWLWXODGR

,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26
&(57,),&$'2*(1(5$/'(,167$/$&,Ï1 &
YHUVLyQ
1(;3(',(17(
7LWXODUGHODLQVWDODFLyQ 1,)1,(19$7

$3$5$726(48,326<6,67(0$6,167$/$'26
(QODHMHFXFLyQGHODLQVWDODFLyQKDQLQWHUYHQLGR
(PSUHVDV,QVWDODGRUDVKDELOLWDGDV
6HDFRPSDxDDHVWH&HUWLILFDGRXQ&HUWLILFDGRGH,QVWDODFLyQHPLWLGRSRUFDGDXQDGHODVHPSUHVDVLQVWDODGRUDVTXHKDQLQWHUYHQLGR\HQHO
TXHVHFHUWLILFDHOFXPSOLPLHQWRGHO5HJODPHQWRGHORVVLVWHPDVLQVWDODGRV
$QH[R,,GHO5HJODPHQWRGH,QVWDODFLRQHVGH3URWHFFLyQ&RQWUD,QFHQGLRV
(VWDVLQVWDODFLRQHVGHEHUiQVHUVRPHWLGDVDOSURJUDPDGHPDQWHQLPLHQWRH[LJLGR

,QVWDODFLyQGHSURWHFFLyQFRQWUDLQFHQGLRV (PSUHVDVLQVWDODGRUDVKDELOLWDGDV )HFKD
6LVWHPDV,QVWDODGRVRHTXLSRVFRORFDGRV 1,)&,)9$7 1RPEUH\DSHOOLGRV5D]yQVRFLDO FHUWLILFDGR

'HGHWHFFLyQ\GHDODUPDGHLQFHQGLRV

'HDEDVWHFLPLHQWRGHDJXDFRQWUDLQFHQGLRV
&XPSOLPHQWDUVLHOVLVWHPDGHDEDVWHFLPLHQWRGHDJXDHVFRPSDUWLGR

1XHYR ([LVWHQWHFRQ1H[SHGLHQWH (VWDEOHFLPLHQWRVLQGXVWULDOHVTXHYDQDFRPSDUWLUHOGHSyVLWR,QGLFDUVXVHPSOD]DPLHQWRV

'HKLGUDQWHVFRQWUDLQFHQGLRV

([WLQWRUHVGHLQFHQGLR
(PSUHVDLQVWDODGRUDPDQWHQHGRUDIDEULFDQWHRFXDQGRODVXSHUILFLHGHOHVWDEOHFLPLHQWRPRVHWUDWHGHXQDYLYLHQGDXQLIDPLOLDUXVXDULR6LGLVSRQH
'HERFDVGHLQFHQGLRHTXLSDGDV

'HFROXPQDVHFD

)LMRVGHH[WLQFLyQSRUURFLDGRUHVDXWRPiWLFRV\DJXDS

)LMRVGHH[WLQFLyQSRUDJXDQHEXOL]DGD

)LMRVGHH[WLQFLyQSRUHVSXPDItVLFD

)LMRVGHH[WLQFLyQSRUSROYR

)LMRVGHH[WLQFLyQSRUDJHQWHVH[WLQWRUHVJDVHRVRV

)LMRVGHH[WLQFLyQSRUDHURVROHVFRQGHQVDGRV

3DUDHOFRQWUROGHKXPRV\GHFDORU

0DQWDVLJQtIXJDV

'HVHxDOL]DFLyQOXPLQLVFHQWH
,QVWDODFLyQHOpFWULFDGH%DMD7HQVLyQ (PSUHVDLQVWDODGRUDKDELOLWDGDGHEDMDWHQVLyQ
)HFKD
$OXPEUDGRGHHPHUJHQFLD
7,(1($8725,=$'$6
7pFQLFDVGHVHJXULGDGHTXLYDOHQWHVFRQ1GHH[SHGLHQWH

([FHSFLyQGHOFXPSOLPLHQWRGHSUHVFULSFLRQHVUHJODPHQWDULDV3&,FRQ1GHH[SHGLHQWH R\ 0RGHOR~QLFRFRQ1GHH[SHGLHQWH
'LVSRQHGH(9$/8$&,Ï17e&1,&$IDYRUDEOH'(,'21(,'$'SRURUJDQLVPRKDELOLWDGR
6H DGMXQWD $QH[R GH VHFWRUL]DFLyQ \ GH MXVWLILFDFLyQ GHO FXPSOLPLHQWR GH OR GLVSXHVWR HQ HO DQH[R ,,GHO 5HJODPHQWR GH 6HJXULGDG &RQWUD ,QFHQGLRV HQ ORV

(VWDEOHFLPLHQWRV,QGXVWULDOHV(QHOFDVRGHTXHHOXVRGHOHGLILFLRRGHOHVWDEOHFLPLHQWRVHDLQGXVWULDO

(OWpFQLFRILUPDQWHFRQHOWtWXORIDFXOWDWLYRGH \FX\RVGDWRVFRQVWDQDQWHULRUPHQWH
&(57,),&$
4XH OD UHIHULGD LQVWDODFLyQ \D UHDOL]DGD \R YHULILFDGD EDMR PL GLUHFFLyQ SRU ODV HPSUHVDV LQVWDODGRUDV LQGLFDGDV DQWHULRUPHQWH VH DMXVWD DO
SUR\HFWR VHxDODGR FXPSOH WRGDV ODV FRQGLFLRQHV WpFQLFDV \ SUHVFULSFLRQHV UHJODPHQWDULDV HVWDEOHFLGDV SRU HO 5HJODPHQWR GH ,QVWDODFLRQHV GH
3URWHFFLyQ&RQWUD,QFHQGLRVYLJHQWH\VHJ~QVHDHOXVRGHOiUHDHGLILFLRRHVWDEOHFLPLHQWRSRUHO'RFXPHQWR%iVLFR³6,6HJXULGDGHQFDVRGH
LQFHQGLR´GHO&yGLJR7pFQLFRGHOD(GLILFDFLyQYLJHQWH\RSRUHO5HJODPHQWRGH6HJXULGDGFRQWUD,QFHQGLRVHQORV(VWDEOHFLPLHQWRV,QGXVWULDOHV
YLJHQWH
2EVHUYDFLRQHV


D GH GH

/DSXHVWDHQPDUFKDGHODVLQVWDODFLRQHVFRQLQGHSHQGHQFLDGHOVHOODGRGHHVWHFHUWLILFDGRHVWDUiVXSHGLWDGDHQVXFDVRDODDFUHGLWDFLyQGHOFXPSOLPLHQWRGHORV5HJODPHQWRVGH6HJXULGDGTXHOH
DIHFWHQ\RDODREWHQFLyQGHODFRUUHVSRQGLHQWHDXWRUL]DFLyQ

,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26
$1(;2'(/&(57,),&$'2*(1(5$/'(,167$/$&,Ï1
&
9HUVLyQ
1(;3(',(17( $QH[R
7LWXODUGHODLQVWDODFLyQ 1,)1,(19$7

&XPSOLPHQWDUHQHOFDVRGHTXHHQHO&HUWLILFDGR*HQHUDOGH,QVWDODFLyQ
VHKD\DWLSLILFDGRHOHGLILFLRRHVWDEOHFLPLHQWRFRPRGHXVRLQGXVWULDO
6HFWRUL]DFLyQUHDOL]DGDHQHOHGLILFLRRHVWDEOHFLPLHQWR\HOQLYHOGHULHVJRLQWUtQVHFRGHFDGDVHFWRU
1LYHOGH
6XSHUILFLH 'HQVLGDGGHFDUJDDOIXHJR
&RPEXVWLEOH 5LHVJR
6HFWRU &RQVWUXLGD 'HVFULSFLyQGHODDFWLYLGDG 4V
,QWUtQVHFR
P
3URGXFWR .J 0FDOP 0MP

'HQVLGDGGHFDUJDGHOHVWDEOHFLPLHQWR4H
$SRUWDURWUDGRFXPHQWDFLyQSODQRV',1$HVTXHPDVXRWURVTXHVHFRQVLGHUHQQHFHVDULRVSDUDXQDPHMRUGHVFULSFLyQGHODVHFWRUL]DFLyQ
'HVFULSFLyQGHODVFDUDFWHUtVWLFDVFRQVWUXFWLYDVTXHMXVWLILTXHQHOFXPSOLPLHQWRGHO$QH[R,,GHO5HJODPHQWRGH6HJXULGDG
&RQWUD ,QFHQGLRV HQ ORV (VWDEOHFLPLHQWRV ,QGXVWULDOHV UHDFFLyQ DO IXHJR HQ ORV PDWHULDOHV GH UHYHVWLPLHQWR HVWDELOLGDG DO
IXHJRGHODHVWUXFWXUDSRUWDQWHUHVLVWHQFLDDOIXHJRGHFHUUDPLHQWRVDFFHVLELOLGDGYHQWLODFLyQHYDFXDFLyQHWF


(Q D GH GH


,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26

&(57,),&$'2'(,167$/$&,Ï1
&
1(;3(',(17( 9HUVLyQ

7,78/$5'(/$,167$/$&,Ï1 1,)1,(19$7


HPDLO 7HOpIRQR

(03/$=$0,(172(,'(17,),&$&,Ï1'(/$,167$/$&,Ï1


3URYLQFLD /RFDOLGDG

'HQRPLQDFLyQ &yGLJR3RVWDO

2%-(72'(/&(57,),&$'2'(/$,167$/$&,Ï1

1XHYDLQVWDODFLyQ 0RGLILFDFLyQGHODLQVWDODFLyQFRQ1GHLQVWDODFLyQ

$3$5$726(48,326<6,67(0$6,167$/$'26325/$(035(6$,167$/$'25$48((0,7((67(&(57,),&$'2
'HWHFFLyQ\GHDODUPDGHLQFHQGLRV )LMRVGHH[WLQFLyQSRUHVSXPDItVLFD
$EDVWHFLPLHQWRGHDJXDFRQWUDLQFHQGLRV )LMRVGHH[WLQFLyQSRUSROYR
+LGUDQWHVFRQWUDLQFHQGLRV )LMRVGHH[WLQFLyQSRUDJHQWHVH[WLQWRUHVJDVHRVRV
([WLQWRUHVGHLQFHQGLR )LMRVGHH[WLQFLyQSRUDHURVROHVFRQGHQVDGRV
%RFDVGHLQFHQGLRHTXLSDGDV &RQWUROGHKXPRV\GHFDORU

&ROXPQDVHFD 0DQWDVLJQtIXJDV

)LMRVGHH[WLQFLyQSRUURFLDGRUHVDXWRPiWLFRV\DJXDSXOYHUL]DGD $OXPEUDGRGHHPHUJHQFLD&HUWLILFDGRGHLQVWDODFLyQ%DMDWHQVLyQ

)LMRVGHH[WLQFLyQSRUDJXDQHEXOL]DGD 6HxDOL]DFLyQOXPLQLVFHQWH

([FHSFLyQGHOFXPSOLPLHQWRGHSUHVFULSFLRQHVUHJODPHQWDULDV3&,FRQ1GHH[SHGLHQWH
R\ 0RGHOR~QLFRFRQ1GHH[SHGLHQWH


'LVSRQHGH(9$/8$&,Ï17e&1,&$IDYRUDEOH'(,'21(,'$'(7,GH &DPSDQDV GH FRFLQDV 6LVWHPDV $XWRPiWLFRV H[WLQFLyQ JDVROLQHUDV
2WUR

(O7LWXODUGHODLQVWDODFLyQWLHQHVXVFULWR&2175$72'(0$17(1,0,(172FRQODHPSUHVDGHPDQWHQLPLHQWRKDELOLWDGD
1RPEUH5D]yQVRFLDO 1,)1,(19$7 15,$5,,
,QGLFDUHOQ~PHURGH5HJLVWUR,QGXVWULDOGH$UDJyQ5,$RGH5HJLVWUR,QWHJUDGR,QGXVWULDO5,,1~PHURGHLGHQWLILFDFLyQGHODHPSUHVD11111111FRQVXOWDEOHHQ
KWWSVVHGHDSOLFDFLRQHVPLQHWXUJREHV5,,FRQVXOWDVSXEOLFDVFRQVXOWDGDWRVDVS[

(035(6$,167$/$'25$SHUVRQDItVLFDRMXUtGLFD 15,$5,, 1,)1,(19$7
1RPEUH5D]yQ6RFLDO
$SHOOLGR $SHOOLGR

'$726'(/5(35(6(17$17(VLODHPSUHVDLQVWDODGRUDHVSHUVRQDMXUtGLFD 1,)1,(19$7
1RPEUH $SHOOLGR $SHOOLGR

'20,&,/,2$()(&726'(127,),&$&,21(6
1RPEUHDSHOOLGRV5D]yQ6RFLDO

'LUHFFLyQ &yGLJR3RVWDO
3URYLQFLD /RFDOLGDG
3DtV HPDLO 7HOpIRQR

7e&1,&27,78/$'2&203(7(17('(/$(035(6$,167$/$'25$

1RPEUH\DSHOOLGRV 1,)1,(19$7
/D HPSUHVD LQVWDODGRUD TXH HPLWH HVWH FHUWLILFDGR &(57,),&$ TXH OD LQVWDODFLyQ KD VLGR UHDOL]DGD GH DFXHUGR FRQ OR HVWDEOHFLGR HQ HO
5HJODPHQWRGH,QVWDODFLRQHVGH3URWHFFLyQ&RQWUD,QFHQGLRVYLJHQWH\TXHHOUHVXOWDGRGHODVYHULILFDFLRQHV\SUXHEDVGHORVVLVWHPDVTXHKDQ
VLGRLQVWDODGRVKDQUHVXOWDGRIDYRUDEOHV$VLPLVPR'(&/$5$TXHVHKDIDFLOLWDGRDOWLWXODURXVXDULRGHODLQVWDODFLyQDVtFRPRDODGLUHFFLyQ
IDFXOWDWLYD OD GRFXPHQWDFLyQ WpFQLFD H LQVWUXFFLRQHV GH PDQWHQLPLHQWR FRUUHVSRQGLHQWHV D OD LQVWDODFLyQ QHFHVDULDV SDUD VX EXHQ XVR \
FRQVHUYDFLyQ

2EVHUYDFLRQHV

)LUPDGRHQ D GH GH

)LUPDGHOWpFQLFRWLWXODGRFRPSHWHQWH
GHODHPSUHVDLQVWDODGRUD\VHOORGHODPLVPD

,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26
&(57,),&$'2'(,163(&&,Ï1,1,&,$/ &

1(;3(',(17( 9HUVLyQ

7,78/$5'(/$,167$/$&,Ï1 1,)1,(19$7
季季季季季
季季季季季

HPDLO
季季季季季 7HOpIRQR
季季季季季

&DOOH3OD]D2WURV

季季季季季
13LVR
季季季季季

3URYLQFLD
季季季季季 /RFDOLGDG
季季季季季
季季季季季

5HI&DWDVWUDO &yGLJR3RVWDO
季季季季季季季季季季

&RRUGHQDGDV; &RRUGHQDGDV<

季季季季季

'HQRPLQDFLyQ

2%-(72'(/$,163(&&,Ï1,1,&,$/ 1XHYDLQVWDODFLyQ 0RGLILFDFLyQ

&$5$&7(5Ë67,&$67e&1,&$635,1&,3$/(6'(/$,167$/$&,Ï1
5HJODPHQWRVDSOLFDEOHV 5' 5' 5' ,GHQWLILFDURWURVVLSURFHGH

6XSHUILFLHVFRQVWUXLGDP ~WLOP 1LYHO5LHVJRLQWUtQVHFR $OWR 0HGLR %DMR
1GH6HFWRUHV 7LSR 7LSR% 7LSR& 7LSR'
7LSRGHHVWDEOHFLPLHQWR 7LSR(
$
$3$5$726(48,326<6,67(0$648()250$1/$,167$/$&,Ï1'(3527(&&,Ï1&2175$,1&(1',26
)LMRVGHH[WLQFLyQSRUURFLDGRUHVDXWRPiWLFRV\DJXDSXOYHUL]DGD $OXPEUDGRGHHPHUJHQFLD

7,(1($8725,=$'$6
7pFQLFDVGHVHJXULGDGHTXLYDOHQWHVFRQ1GHH[SHGLHQWH


GLEXMDU



(O7LWXODUGHODLQVWDODFLyQKDVXVFULWR&2175$72'(0$17(1,0,(172FRQODHPSUHVDGHPDQWHQLPLHQWRKDELOLWDGD
1RPEUH5D]yQVRFLDO 1,)1,(19$7 15,$5,,
,QGLFDUHOQ~PHURGH5HJLVWUR,QGXVWULDOGH$UDJyQ5,$RGH5HJLVWUR,QWHJUDGR,QGXVWULDO5,,1GHLGHQWLILFDFLyQGHODHPSUHVD11111111FRQVXOWDEOHHQKWWSVVHGHDSOLFDFLRQHVPLQHWXUJREHV5,,FRQVXOWDVSXEOLFDVFRQVXOWDGDWRVDVS[

25*$1,602'(&21752/48(5($/,=$/$,163(&&,Ï1,1,&,$/

2UJDQLVPRGHFRQWURO 1GHDFUHGLWDFLyQ
3URYLQFLD /RFDOLGDG
HPDLO &,)

)HFKDLQVSHFFLyQLQLFLDO
,QVWDODFLyQVRPHWLGDDLQVSHFFLRQHVFDGD

7e&1,&2,163(&725
1RPEUH\$SHOOLGRV
1,)1,(19$7
HPDLO 7HOpIRQR

(O2UJDQLVPRGH&RQWURO\HOWpFQLFRLQVSHFWRUILUPDQWHFX\RVGDWRVFRQVWDQDQWHULRUPHQWH

&(57,),&$1 4XH OD UHIHULGD LQVWDODFLyQ \DWHUPLQDGD FXPSOHWRGRV ORV UHTXLVLWRV H[LJLGRV HQODUHJODPHQWDFLyQ WpFQLFD DSOLFDEOHD HVWH WLSR GH
LQVWDODFLRQHV GH SURWHFFLyQ FRQWUD LQFHQGLRV QR SUHVHQWDQGR GHIHFWR PX\ JUDYH JUDYH R OHYH DOJXQR VLHQGR OD FDOLILFDFLyQ GHO UHVXOWDGR GH OD
LQVSHFFLyQODGH)$925$%/(

D GH GH

6(//2'(/25*$1,602'(&21752/ )GR(OWpFQLFRWLWXODGRFRPSHWHQWH

'RFXPHQWRVDGMXQWRVDOFHUWLILFDGR
(O2UJDQLVPRGH&RQWUROSRGUiDGMXQWDUGRFXPHQWRVDOREMHWRGHFRPXQLFDUFXDOTXLHUREVHUYDFLyQKDFLpQGRORFRQVWDUHQODFRUUHVSRQGLHQWHFDVLOOD

,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26
&(57,),&$'2'(,163(&&,Ï13(5,Ï',&$

&
9HUVLyQ

1(;3(',(17(

7,78/$5'(/$,167$/$&,Ï1 1,)1,(19$7

HPDLO 7HOpIRQR
'$726'(/5(35(6(17$17(
1,)1,(
1RPEUH\DSHOOLGRV
(03/$=$0,(172<'(120,1$&,Ï1'(/$,167$/$&,Ï1

&DOOH3OD]D2WURV
13LVR

3URYLQFLD /RFDOLGDG



'HQRPLQDFLyQ

&$5$&7(5Ë67,&$67e&1,&$635,1&,3$/(6'(/$,167$/$&,Ï1

5HJODPHQWRVDSOLFDEOHV 5' 5' 5' ,GHQWLILFDURWURVVLSURFHGH

8VRGHOHGLILFLRRGHOHVWDEOHFLPLHQWR 6HxDODUODVGRVFDVLOODVHQHOFDVRGHTXHFRH[LVWDQDPERVXVRV 1RLQGXVWULDO ,QGXVWULDO

6XSHUILFLHVFRQVWUXLGDP ~WLOP 1LYHO5LHVJRLQWUtQVHFR $OWR 0HGLR %DMR
1GH6HFWRUHV
7LSRGHHVWDEOHFLPLHQWR 7LSR$ 7LSR% 7LSR& 7LSR' 7LSR(

$3$5$726(48,326<6,67(0$648()250$1/$,167$/$&,Ï1'(3527(&&,Ï1&2175$,1&(1',26

)LMRVGHH[WLQFLyQSRUURFLDGRUHVDXWRPiWLFRV\DJXDSXOYHUL]DGD $OXPEUDGRGHHPHUJHQFLD





(O7LWXODUGHODLQVWDODFLyQWLHQHVXVFULWR&2175$72'(0$17(1,0,(172FRQODHPSUHVDGHPDQWHQLPLHQWRKDELOLWDGD

1RPEUH5D]yQVRFLDO 1,)1,(19$7 15,$5,,
,QGLFDUHOQ~PHURGH5HJLVWUR,QGXVWULDOGH$UDJyQ5,$RGH5HJLVWUR,QWHJUDGR,QGXVWULDO5,,1~PHURGHLGHQWLILFDFLyQGHODHPSUHVD11111111FRQVXOWDEOHHQ
KWWSVVHGHDSOLFDFLRQHVPLQHWXUJREHV5,,FRQVXOWDVSXEOLFDVFRQVXOWDGDWRVDVS[

2%6(59$&,21(6,QGLFDUVLH[LVWHDOJ~QVHFWRUGHOHVWDEOHFLPLHQWRHQHOTXHQRHVGHDSOLFDFLyQHO5HJODPHQWRYLJHQWHRDOJ~QVHFWRU]RQDQR
DIHFWDGRSRUODLQVSHFFLyQTXHVHFRPXQLFD



,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26

&(57,),&$'2'(,163(&&,Ï13(5,Ï',&$

&
9HUVLyQ

1(;3(',(17(

25*$1,602'(&21752/48(5($/,=$/$,163(&&,Ï13(5,Ï',&$
2UJDQLVPRGHFRQWURO
1GHDFUHGLWDFLyQ
3URYLQFLD /RFDOLGDG
HPDLO &,)

)HFKDLQVSHFFLyQ
,QVWDODFLyQVRPHWLGDDLQVSHFFLRQHVFDGD

7(&1,&2,163(&725
1RPEUH\$SHOOLGRV
1,)1,(19$7
HPDLO
7HOpIRQR

(O2UJDQLVPRGH&RQWURO\HOWpFQLFRLQVSHFWRUILUPDQWHFX\RVGDWRVFRQVWDQDQWHULRUPHQWH
&(57,),&$1
4XHUHDOL]DGDODLQVSHFFLyQSHULyGLFDGHODUHIHULGDLQVWDODFLyQHQFXPSOLPLHQWRGHORHVWDEOHFLGRHQHODUWtFXORGHO5HJODPHQWRGH,QVWDODFLRQHV
GH3URWHFFLyQ&RQWUD,QFHQGLRVDSUREDGRSRUHO5HDO'HFUHWRGHGHPD\RHOUHVXOWDGRGHODPLVPDREWLHQHODFDOLILFDFLyQGH

)$925$%/( )HFKDSUy[LPDLQVSHFFLyQ\)HFKDPi[LPDGHFRUUHFFLyQGHORVSRVLEOHVGHIHFWRVOHYHV

&21',&,21$'$ )HFKDPi[LPDGHFRUUHFFLyQ )HFKDOtPLWHVHJXQGDYLVLWDLQVSHFFLyQ

1(*$7,9$

5HODFLyQGHGHIHFWRV 7LSRGHIHFWR

/DUHODFLyQGHGHIHFWRVFRQWLQXDHQKRMDFRPSOHPHQWDULD

D GH GH

6(//2'(/25*$1,602'(&21752/ (OWLWXODUILUPD
\ILUPDGHOWpFQLFRLQVSHFWRU

)$925$%/(&XDQGRQRVHGHWHUPLQHODH[LVWHQFLDGHQLQJ~QGHIHFWRJUDYHRPX\JUDYH
&21',&,21$'$&XDQGRVHGHWHUPLQHODH[LVWHQFLDGHDOPHQRVXQGHIHFWROHYHGHWHFWDGRHQODLQVSHFFLyQDQWHULRU\TXHQRVHKD\DFRUUHJLGRVHJ~QORGLVSXHVWRHQ
HOSXQWRVLJXLHQWHRXQGHIHFWRJUDYH
1(*$7,9$ &XDQGR VH GHWHUPLQH OD H[LVWHQFLD GH DO PHQRV XQ GHIHFWR PX\ JUDYH HQ FX\R FDVR HO 2UJDQLVPR GH &RQWURO LQVSHFWRU UHPLWLUi LQPHGLDWDPHQWH HO
&HUWLILFDGRGH,QVSHFFLyQ3HULyGLFDDO6HUYLFLR3URYLQFLDOFRUUHVSRQGLHQWH
/(9(&XDQGRVHREVHUYDXQDGHILFLHQFLDHQHOFXPSOLPLHQWRGHODVSUHVFULSFLRQHVUHJODPHQWDULDVTXHQRVXSRQJDXQULHVJRDGLFLRQDOHQODLQVWDODFLyQ
*5$9(&XDQGRVHREVHUYDXQDGHILFLHQFLDHQHOFXPSOLPLHQWRGHODVSUHVFULSFLRQHVUHJODPHQWDULDVGHODTXHQRVHGHULYHULHVJRJUDYHHLQPLQHQWH
08<*5$9(&XDQGRVHREVHUYDXQDGHILFLHQFLDHQHOFXPSOLPLHQWRGHODVSUHVFULSFLRQHVUHJODPHQWDULDVGHODTXHVHGHULYHULHVJRJUDYHHLQPLQHQWH

,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26

&(57,),&$'2'(,163(&&,Ï13(5,Ï',&$

&
9HUVLyQ

1(;3(',(17(

1RPEUH\DSHOOLGRV5D]yQ6RFLDOWLWXODU 1,)&,)

5HODFLyQGHGHIHFWRV&RQWLQXDFLyQ 7LSRGHIHFWR

/(9(&XDQGRVHREVHUYDXQDGHILFLHQFLDHQHOFXPSOLPLHQWRGHODVSUHVFULSFLRQHVUHJODPHQWDULDVTXHQRVXSRQJDXQULHVJRDGLFLRQDOHQODLQVWDODFLyQ
*5$9(&XDQGRVHREVHUYDXQDGHILFLHQFLDHQHOFXPSOLPLHQWRGHODVSUHVFULSFLRQHVUHJODPHQWDULDVGHODTXHQRVHGHULYHULHVJRJUDYHHLQPLQHQWH
08<*5$9(&XDQGRVHREVHUYDXQDGHILFLHQFLDHQHOFXPSOLPLHQWRGHODVSUHVFULSFLRQHVUHJODPHQWDULDVGHODTXHVHGHULYHULHVJRJUDYHHLQPLQHQWH

D GH GH

6(//2'(/25*$1,602'(&21752/ (OWLWXODUILUPD
\ILUPDGHOWpFQLFRLQVSHFWRU


,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26

&(57,),&$'2'(,163(&&,Ï1123(5,Ï',&$

&
9HUVLyQ

1
(;3(',(1

7,78/$5'(/$,167$/$&,Ï1 1,)1,(19$7

HPDLO 7HOpIRQR

'$726'(/5(35(6(17$17( 1,)1,(
1RPEUH\DSHOOLGRV

(03/$=$0,(172<'(120,1$&,Ï1'(/$,167$/$&,Ï1
&DOOH3OD]D2WURV
13LVR

3URYLQFLD /RFDOLGDG



'HQRPLQDFLyQ

7,32'(,163(&&,Ï1123(5,2',&$
'HRILFLRRUGLQDULD
()" *+"

, +

"+""" -
5(*/$0(1726$3/,&$%/(6$/$,163(&&,Ï1
(../012
(345.140 (462.65 ,GHQWLILFDURWURVVLSURFHGH

&$5$&7(5Ë67,&$67e&1,&$635,1&,3$/(6'(/$,167$/$&,Ï1

8VRGHOHGLILFLRRGHOHVWDEOHFLPLHQWR6HxDODUODVGRVFDVLOODVHQHOFDVRGHTXHFRH[LVWDQDPERVXVRV +" +"
7"$

8+- ;"9.:- $,"<- " = >?
.:-
"+9
8"-
" "-

>

(

$3$5$726(48,326<6,67(0$648()250$1/$,167$/$&,Ï1'(3527(&&,Ï1&2175$,1&(1',26
4#(" 6#?)"+<
41#?)"$
.# "",+"
44#?)",")"",
5#@""
4.#?)"
2#)""

3#>A+ 45#"B+
42#=",<+,
/#+

0#?)"+"C",++$ 43# + ,
4/#8E+"
D#?)",+ +

7,(1($8725,=$'$6 7pFQLFDVGHVHJXULGDGHTXLYDOHQWHV)"
([FHSFLyQGHOFXPSOLPLHQWR," )" 0RGHOR~QLFR)"
($%$67(&,0,(172'($*8$&203$57,'2A+B+$")"

((9$/8$&,Ï17e&1,&$$ '(,'21(,'$'- 8" +"C")", !"

,B "

"+""+"&2175$72'(0$17(1,0,(172""B "-
-
##

! !

"
""""""""
#
$%%

% %
%

2%6(59$&,21(69)",;"" "A+,"$,",;"
"A++:#

#&


,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26

&(57,),&$'2'(,163(&&,Ï1123(5,Ï',&$

&
9HUVLyQ

1(;3(',(17(

$*(17(48(5($/,=$/$,163(&&,21123(5,2',&$
,"
" '
( , "
$ %
B

7e&1,&2,163(&725

'
,"F"""+""""
&(57,),&$1
G+F "F +" " ," "
""F ("345.140F..F+" " (

)$925$%/( )HFKDSUy[LPDLQVSHFFLyQ )*#+
, $

&21',&,21$'$ )HFKDPi[LPDGHFRUUHFFLyQ )HFKDOtPLWHVHJXQGDYLVLWDLQVSHFFLyQ

1(*$7,9$

5HODFLyQGHGHIHFWRV 7LSRGHIHFWR

%""+B?"

8%%!(% H

7% 9:
""

)$925$%/($

,),
&21',&,21$'$$

- -
,

) #)

,
1(*$7,9$$

- -
) ,- ) .

+

,,

/(9( ,

*5$9( ,

, ,

08<*5$9( ,

, ,


,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26

&(57,),&$'2'(,163(&&,Ï1123(5,Ï',&$

#&

&
9HUVLyQ

1(;3(',(17(

89""+:

5HODFLyQGHGHIHFWRV&RQWLQXDFLyQ 7LSRGHIHFWR

#&

/(9( ,

*5$9( ,

, ,

08<*5$9( ,

, ,

8%%!(% H

""

7% 9:


,167$/$&,21(6'(3527(&&,Ï1&2175$,1&(1',26
62/,&,78''($352%$&,Ï1'(02'(/2Ò1,&2
(

1(;3(',(17( 9HUVLyQ

,17(5(6$'27pFQLFRWLWXODGRTXHILUPDHOSUR\HFWR 1,)1,(19$7
1RPEUH5D]yQ6RFLDO
$SHOOLGR $SHOOLGR

'$726'(/5(35(6(17$17( 1,)1,(
1RPEUH
$SHOOLGR $SHOOLGR

'20,&,/,2$()(&726'(127,),&$&,21(6
1RPEUH\$SHOOLGRV

3URYLQFLD /RFDOLGDG
3DtV HPDLO 7HOpIRQR

(03/$=$0,(172<'(120,1$&,Ï1'(/$,167$/$&,Ï1


3URYLQFLD /RFDOLGDG


'HQRPLQDFLyQ

'$726'(/7,78/$5'(/$,167$/$&,21 1,)1,(19$7

1RPEUH5D]yQ6RFLDO

$SHOOLGR $SHOOLGR

HPDLO 7HOpIRQR

'H DFXHUGR FRQ HO DUWtFXOR GHO 5HJODPHQWR GH ,QVWDODFLRQHV GH 3URWHFFLyQ &RQWUD ,QFHQGLRV DSUREDGR SRU HO 5HDO 'HFUHWR
GH GH PD\R HO LQWHUHVDGR SUHVHQWD OD GRFXPHQWDFLyQ \ DSRUWD ORV GDWRV HVSHFtILFRV DO REMHWR GH 62/,&,7$5 OD
DSUREDFLyQFRPRPRGHOR~QLFR

,'(17,),&$&,Ï1'(/02'(/2Ò1,&2REMHWRGHODVROLFLWXG


'2&80(17$&,Ï1$3257$'$

352<(&727e&1,&2

1RPEUH\DSHOOLGRVGHODXWRU
9LVDGRSRU&2
1GHYLVDGR

$872/,48,'$&,Ï1'(7$6$6LSURFHGHVHJ~QODOHJLVODFLyQYLJHQWHHQOD&RPXQLGDG$XWyQRPDGH$UDJyQ ¼

D GH GH

1RPEUH\ILUPDGHOLQWHUHVDGR

(O UHVSRQVDEOH GHO WUDWDPLHQWR GH WXV GDWRVSHUVRQDOHV HVOD 'LUHFFLyQ *HQHUDO GH ,QGXVWULD \ 3<0(6 /D ILQDOLGDG GHO WUDWDPLHQWRHV OD WUDPLWDFLyQ GH SURFHGLPLHQWRV DGPLQLVWUDWLYRV HQ PDWHULD GH
VHJXULGDG \ FDOLGDG LQGXVWULDO \ PHWURORJtD LQFOXLGRV ORV UHODWLYRV D LQIUDFFLRQHV DGPLQLVWUDWLYDV \ VDQFLRQHV /D OHJLWLPDFLyQ SDUD UHDOL]DU HO WUDWDPLHQWR GH GDWRV QRV OD GD HO FXPSOLPLHQWR GH XQD
REOLJDFLyQ OHJDO DVt FRPR HO HMHUFLFLR GH SRGHUHV S~EOLFRV 1R YDPRV D FRPXQLFDU WXV GDWRV SHUVRQDOHV D WHUFHURV GHVWLQDWDULRV VDOYR REOLJDFLyQ OHJDO 3RGUiV HMHUFHU WXV GHUHFKRV GH DFFHVR
UHFWLILFDFLyQVXSUHVLyQ\SRUWDELOLGDGGHORVGDWRVRGHOLPLWDFLyQ\RSRVLFLyQDVXWUDWDPLHQWRDVtFRPRDQRVHUREMHWRGHGHFLVLRQHVLQGLYLGXDOHVDXWRPDWL]DGDVDWUDYpVGHODVHGHHOHFWUyQLFDGHOD
$GPLQLVWUDFLyQ GH OD &RPXQLGDG $XWyQRPD GH $UDJyQ FRQ ORV IRUPXODULRV QRUPDOL]DGRV GLVSRQLEOHV 3RGUiV FRQVXOWDU OD LQIRUPDFLyQ DGLFLRQDO \ GHWDOODGD VREUH HVWD DFWLYLGDG GH WUDWDPLHQWR HQ
KWWSVDSOLFDFLRQHVDUDJRQHVQRWLIBORSGBSXEGHWDLOVDFWLRQ"ILOH,G

$1(;2,; )RUPDVGHSUHVHQWDFLyQGHODVFRPXQLFDFLRQHV\VROLFLWXGHV
7$%/$
)250$6'(35(6(17$&,Ï1'(/$6&2081,&$&,21(6<62/,&,78'(6
6XMHWR 7LSRGH /H\

)RUPDGHUHODFLRQDUVHFRQ )RUPDGHSUHVHQWDUODVFRPXQLFDFLRQHV\
352&(',0,(172 REOLJDGRD VXMHWR
OD$GPLQLVWUDFLyQ 85/GHODSODWDIRUPDGHWUDPLWDFLyQ
FRPXQLFDU REOLJDGR GH3$&
D )RUPDGHSUHVHQWDFLyQHOHFWUyQLFDD
&RQ
WUDYpVGH(QWLGDGFRODERUDGRUD$(66,$
3HUVRQDOLGDG $UW
3ODWDIRUPDGHWUDPLWDFLyQ
&RPXQLFDFLyQGH MXUtGLFD
(PSUHVD 7UDPLWDFLyQHOHFWUyQLFD ZZZSHJDVVRRUJ
18(9$LQVWDODFLyQ
,QVWDODGRUD 3HUVRQD REOLJDWRULD
R02',),&$&,Ï1 E )RUPDGHSUHVHQWDFLyQHOHFWUyQLFD
ItVLFDSRU
$UW 3ODWDIRUPD'LJLWD*RELHUQRGH$UDJyQ
HMHPSOR
85/KWWSVDSOLFDFLRQHVDUDJRQHVGLJLWD
DXWyQRPRV
&RQ
)RUPDGHSUHVHQWDFLyQHOHFWUyQLFD
3HUVRQDOLGDG $UWR 7UDPLWDFLyQHOHFWUyQLFD
3ODWDIRUPD'LJLWD*RELHUQRGH$UDJyQ
MXUtGLFDR $UW REOLJDWRULD
DXWyQRPR
7UDPLWDFLyQHOHFWUyQLFDQR
REOLJDWRULD(OVXMHWRHOLJH
&RPXQLFDFLyQGH 7LWXODU
UHODFLRQDUVHFRQOD )RUPDGHSUHVHQWDFLyQQRHOHFWUyQLFD
%$-$GHOD GHOD
DGPLQLVWUDFLyQSRUPHGLRV12
LQVWDODFLyQ LQVWDODFLyQ 3HUVRQD
HOHFWUyQLFRV
ItVLFD1RHV $UW
7UDPLWDFLyQHOHFWUyQLFDQR
DXWyQRPR
REOLJDWRULD(OVXMHWRHOLJH )RUPDGHSUHVHQWDFLyQHOHFWUyQLFD
UHODFLRQDUVHFRQOD 3ODWDIRUPD'LJLWD*RELHUQRGH$UDJyQ
DGPLQLVWUDFLyQSRUPHGLRV 85/KWWSVDSOLFDFLRQHVDUDJRQHVGLJLWD
HOHFWUyQLFRV

7LWXODUFRQ
&RPXQLFDFLyQGHO
7LWXODUGH 3HUVRQDOLGDG
,1&(1',2 7UDPLWDFLyQHOHFWUyQLFD )RUPDGHSUHVHQWDFLyQHOHFWUyQLFD
OD MXUtGLFDR $UW
\&RPXQLFDFLyQ REOLJDWRULD 3RUWDOGHWUDPLWHVGHO*RELHUQRGH$UDJyQ
LQVWDODFLyQ WpFQLFR
GHLQYHVWLJDFLyQ 85/KWWSVZZZDUDJRQHVWUDPLWHV
WLWXODGR
GHOLQFHQGLR
D )RUPDGHSUHVHQWDFLyQHOHFWUyQLFDD
WUDYpVGH(QWLGDGFRODERUDGRUD$(66,$
2UJDQLVPR
3ODWDIRUPDGHWUDPLWDFLyQ
,QVSHFFLRQHV GHFRQWURO (QWRGRVORV 7UDPLWDFLyQHOHFWUyQLFD
$UW ZZZSHJDVVRRUJ
3(5,Ï',&$6 KDELOLWDGR FDVRV REOLJDWRULD
E )RUPDGHSUHVHQWDFLyQHOHFWUyQLFD
HQ3&,
3ODWDIRUPD'LJLWD*RELHUQRGH$UDJyQ
6ROLFLWXGGH
DXWRUL]DFLyQGH
7e&1,&$6'(
6(*85,'$'
(48,9$/(17( 7LWXODUFRQ

7LWXODU 3HUVRQDOLGDG )RUPDGHSUHVHQWDFLyQHOHFWUyQLFD
6ROLFLWXGHVGH 7UDPLWDFLyQHOHFWUyQLFD
GHOD MXUtGLFDR $UW 3RUWDOGHWUDPLWHVGHO*RELHUQRGH$UDJyQ
(;&(3&,Ï1'( REOLJDWRULD
LQVWDODFLyQ WpFQLFR 85/KWWSVZZZDUDJRQHVWUDPLWHV
&803/,0,(172GH
WLWXODGR
ODVSUHVFULSFLRQHV
UHJODPHQWDULDV

6ROLFLWXGHVGH
02'(/26Ò1,&26
127$65(/$7,9$6$/$7$%/$
/DV FRPXQLFDFLRQHV \ VROLFLWXGHV SUHVHQWDGDV SRU PHGLRV HOHFWUyQLFRV GHEHUiQ HVWDU ILUPDGDV HOHFWUyQLFDPHQWH \ VH
FRQVLGHUDUiQSUHVHQWDGDVDORVHIHFWRVGHVXWUDPLWDFLyQHQHOPRPHQWRHQTXHVHREWHQJDHOMXVWLILFDQWHGHUHJLVWUR
$TXHOORVVXMHWRVREOLJDGRVTXHVHDQSHUVRQDVItVLFDV\GHDFXHUGRFRQODOHJLVODFLyQDSOLFDEOHGHFLGDQUHODFLRQDUVHDWUDYpV
GHPHGLRVQRHOHFWUyQLFRVFRQOD$GPLQLVWUDFLyQSRGUiQSUHVHQWDUODFRPXQLFDFLyQHQSDSHOMXQWRDOUHVWRGHGRFXPHQWDFLyQ
DWUDYpVGHFXDOTXLHUDGHODV8QLGDGHVGH5HJLVWURGHGRFXPHQWRVGHO*RELHUQRGH$UDJyQGH=DUDJR]D+XHVFD\7HUXHO\
HQODVRILFLQDVGHOHJDGDVGHO*RELHUQRGH$UDJyQDVtFRPRSRUFXDOTXLHUDGHORVPHGLRVVHxDODGRVHQHODUWtFXORGHOD
/H\GHGHRFWXEUHGHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QGHODV$GPLQLVWUDFLRQHV3~EOLFDV3$&
/DUHODFLyQGHODVRILFLQDVGHDVLVWHQFLDHQPDWHULDGHUHJLVWURVGHO*RELHUQRGH$UDJyQVHSXHGHHQFRQWUDUHQODVLJXLHQWH
XUO KWWSVZZZDUDJRQHVRILFLQDVGHDVLVWHQFLDHQPDWHULDGHUHJLVWURGHKXHVFDWHUXHO]DUDJR]DVHUYLFLRVDOFLXGDGDQR
JRELHUQRGHDUDJRQ
/DV LQVSHFFLRQHV 12 SHULyGLFDV VH FRPXQLFDUiQ GH DFXHUGR FRQ OR TXH GHWHUPLQH SDUD FDGD FDVR OD 'LUHFFLyQ *HQHUDO
FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO

DGA Borrador Docum Incendios

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

DGA Borrador Docum Incendios

Uploaded by

Copyright:

Available Formats

$UWtFXOR 2EOLJDFLRQHV GHO WLWXODU UHODWLYDV DO PDQWHQLPLHQWR \ FRQWUDWR GH

LQGXVWULDOVHLQFRUSRUDQORVSURFHGLPLHQWRVGHODUWtFXORDSDUWDGRVD E F \G DOD

8VRGHOHGLILFLRRGHOHVWDEOHFLPLHQWR 6HxDODUODVGRVFDVLOODVHQHOFDVRGHTXHFRH[LVWDQDPERVXVRV 1RLQGXVWULDO ,QGXVWULDO

(Q D GH GH

6(59,&,23529,1&,$/ FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO '(

,QVWDODFLyQGHSURWHFFLyQFRQWUDLQFHQGLRV (PSUHVDVLQVWDODGRUDVKDELOLWDGDV )HFKD

+RVSLWDODULR \ UHVLGHQFLDO S~EOLFR LQGHSHQGLHQWHPHQWH GH OD

,GHQWLILFDUVLSURFHGHORVGRFXPHQWRVTXHPRGLILFDQHO3UR\HFWRLQLFLDO LGHQWLILFDGRHQODVGRVOtQHDVDQWHULRUHV (VWDGRFXPHQWDFLyQVHDSRUWDMXQWRDO3UR\HFWRDGMXQWDDOD&RPXQLFDFLyQ &

&RQWLQ~HVHHQKRMDFRPSOHPHQWDULDVLHOHVSDFLRIXHUDLQVXILFLHQWH

8VRGHOHGLILFLRRGHOHVWDEOHFLPLHQWR 6HxDODUODVGRVFDVLOODVHQHOFDVRGHTXHFRH[LVWDQDPERVXVRV 1RLQGXVWULDO ,QGXVWULDO

 ,QGLFDUHOQ~PHURGH5HJLVWUR,QGXVWULDOGH$UDJyQ 5,$ RGH5HJLVWUR,QWHJUDGR,QGXVWULDO 5,, 1GHLGHQWLILFDFLyQGHODHPSUHVD11111111FRQVXOWDEOHHQKWWSVVHGHDSOLFDFLRQHVPLQHWXUJREHV5,,FRQVXOWDVSXEOLFDVFRQVXOWDGDWRVDVS[

HPDLO &,)

5HJODPHQWRVDSOLFDEOHV 5' 5' 5' ,GHQWLILFDURWURVVLSURFHGH

6(59,&,23529,1&,$/ FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO '(

HPDLO &,)

6(59,&,23529,1&,$/ FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO '(

6(59,&,23529,1&,$/ FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO '(

 $%%     

6(59,&,23529,1&,$/ FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO '(

   B

 ,"F" "  "+ "  ""  "

)$925$%/($  

6(59,&,23529,1&,$/ FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO '(

6(59,&,23529,1&,$/ FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO '(

6XMHWR 7LSRGH /H\

You might also like

$UWtFXOR 2EOLJDFLRQHV GHO WLWXODU UHODWLYDV DO PDQWHQLPLHQWR \ FRQWUDWR GH

LQGXVWULDOVHLQFRUSRUDQORVSURFHGLPLHQWRVGHODUWtFXORDSDUWDGRVDEF\GDOD

8VRGHOHGLILFLRRGHOHVWDEOHFLPLHQWR6HxDODUODVGRVFDVLOODVHQHOFDVRGHTXHFRH[LVWDQDPERVXVRV 1RLQGXVWULDO ,QGXVWULDO

6(59,&,23529,1&,$/FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO'(

+RVSLWDODULR \ UHVLGHQFLDO S~EOLFR LQGHSHQGLHQWHPHQWH GH OD

,GHQWLILFDUVLSURFHGHORVGRFXPHQWRVTXHPRGLILFDQHO3UR\HFWRLQLFLDOLGHQWLILFDGRHQODVGRVOtQHDVDQWHULRUHV(VWDGRFXPHQWDFLyQVHDSRUWDMXQWRDO3UR\HFWRDGMXQWDDOD&RPXQLFDFLyQ&

8VRGHOHGLILFLRRGHOHVWDEOHFLPLHQWR6HxDODUODVGRVFDVLOODVHQHOFDVRGHTXHFRH[LVWDQDPERVXVRV 1RLQGXVWULDO ,QGXVWULDO

,QGLFDUHOQ~PHURGH5HJLVWUR,QGXVWULDOGH$UDJyQ5,$RGH5HJLVWUR,QWHJUDGR,QGXVWULDO5,,1GHLGHQWLILFDFLyQGHODHPSUHVD11111111FRQVXOWDEOHHQKWWSVVHGHDSOLFDFLRQHVPLQHWXUJREHV5,,FRQVXOWDVSXEOLFDVFRQVXOWDGDWRVDVS[

HPDLO &,)

5HJODPHQWRVDSOLFDEOHV 5' 5' 5' ,GHQWLILFDURWURVVLSURFHGH

6(59,&,23529,1&,$/FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO'(

HPDLO &,)

6(59,&,23529,1&,$/FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO'(

6(59,&,23529,1&,$/FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO'(

$%%

6(59,&,23529,1&,$/FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO'(

B

,"F"""+""""

)$925$%/($

6(59,&,23529,1&,$/FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO'(

6(59,&,23529,1&,$/FRPSHWHQWHHQPDWHULDGHVHJXULGDGLQGXVWULDO'(