Professional Documents
Culture Documents
Ley 25164
Ley 25164
(VWDQRUPDIXHFRQVXOWDGDDWUDYpVGH,QIR/(*EDVHGHGDWRVGHO&HQWURGH'RFXPHQWDFLyQH,QIRUPDFLyQ0LQLVWHULRGH(FRQRPtD\
)LQDQ]DV3~EOLFDV
/(<0$5&2'(5(*8/$&,21'((03/(238%/,&21$&,21$/
/H\
0DUFR QRUPDWLYR \ DXWRULGDG GH DSOLFDFLyQ 5HTXLVLWRV SDUD HO LQJUHVR ,PSHGLPHQWRV SDUD HO LQJUHVR
1DWXUDOH]DGHODUHODFLyQGHHPSOHR'HUHFKRV'HEHUHV6LVWHPD1DFLRQDOGHOD3URIHVLyQ$GPLQLVWUDWLYD
5pJLPHQ GLVFLSOLQDULR 5HFXUVR MXGLFLDO &DXVDOHV GH HJUHVR )RQGR SHUPDQHQWH GH FDSDFLWDFLyQ \
UHFDOLILFDFLyQODERUDO
6DQFLRQDGD6HSWLHPEUHGH
3URPXOJDGDGH+HFKR2FWXEUHGH
(O6HQDGR\&iPDUDGH'LSXWDGRVGHOD1DFLyQ$UJHQWLQDUHXQLGRVHQ&RQJUHVRHWFVDQFLRQDQFRQIXHU]DGH
/H\
$57,&8/2²$SUXpEDVHODOH\PDUFRGHUHJXODFLyQGHHPSOHRS~EOLFRQDFLRQDOTXHFRPRDQH[RIRUPDSDUWH
LQWHJUDQWHGHODSUHVHQWH
$57,&8/2 ² 'HQWUR GH ORV FLHQWR RFKHQWD GtDV GH VX HQWUDGD HQ YLJHQFLD HO 3RGHU (MHFXWLYR
UHJODPHQWDUiODVGLVSRVLFLRQHVGHODSUHVHQWH\GHOUpJLPHQDQH[R\HO-HIHGH*DELQHWHGH0LQLVWURVGHQWURGHO
PLVPRSOD]RGLFWDUiORVUHJODPHQWRVGHVXFRPSHWHQFLDTXHVHDQQHFHVDULRVDORVILQHVGHODSUHVHQWHOH\
$57,&8/2²/DVGLVSRVLFLRQHVGHODOH\PDUFRGHUHJXODFLyQGHOHPSOHRS~EOLFRWLHQHQFDUiFWHUJHQHUDO6XV
GLVSRVLFLRQHV VHUiQ DGHFXDGDV D ORV VHFWRUHV GH OD DGPLQLVWUDFLyQ S~EOLFD TXH SUHVHQWHQ FDUDFWHUtVWLFDV
SDUWLFXODUHV SRU PHGLR GH OD QHJRFLDFLyQ FROHFWLYD VHFWRULDO SUHYLVWD HQ OD /H\ H[FHSWR HQ FXDQWR IXHUHQ
DOFDQ]DGRVSRUORGLVSXHVWRHQHOLQFLVRLGHODUWtFXORGHOD/H\(QHVWH~OWLPRFDVRSUHYLRHOGLFWDGR
GHO DFWR DGPLQLVWUDWLYR TXH H[FOX\H DO SHUVRQDO GHEHUi FRQVXOWDUVH D OD FRPLVLyQ QHJRFLDGRUD GHO FRQYHQLR
FROHFWLYRJHQHUDO(QFXDOTXLHUFDVRODUHVROXFLyQTXHHO3RGHU(MHFXWLYRDGRSWDUHHQORVWpUPLQRVGHHVWD~OWLPD
GLVSRVLFLyQVHUiUHFXUULEOHDQWHOD-XVWLFLD
$57,&8/2²'HUyJDQVHODV/H\HV\VXPRGLILFDWRULD\\
6LQ SHUMXLFLR GH OR HVWDEOHFLGR SUHFHGHQWHPHQWH GLFKRV RUGHQDPLHQWRV \ VXV UHVSHFWLYDV UHJODPHQWDFLRQHV
FRQWLQXDUiQULJLHQGRODUHODFLyQODERUDOGHOSHUVRQDOGHTXHVHWUDWHKDVWDTXHVHILUPHQORVFRQYHQLRVFROHFWLYRV
GHWUDEDMRRVHGLFWHXQQXHYRRUGHQDPLHQWROHJDOTXHUHHPSODFHDODQWHULRU
(QQLQJ~QFDVRVHHQWHQGHUiTXHODVQRUPDVGHHVWDOH\PRGLILFDQODVGHOD/H\
$57,&8/2 ² 4XHGDQ H[SUHVDPHQWH H[FOXLGRV GHO iPELWR GH DSOLFDFLyQ GH OD SUHVHQWH OH\ HO SHUVRQDO GHO
3RGHU /HJLVODWLYR QDFLRQDO \ GHO 3RGHU -XGLFLDO GH OD 1DFLyQ TXH VH ULJHQ SRU VXV UHVSHFWLYRV RUGHQDPLHQWRV
HVSHFLDOHV
$57,&8/2²&RPXQtTXHVHDO3RGHU(MHFXWLYR
'$'$(1/$6$/$'(6(6,21(6'(/&21*5(62$5*(17,12(1%8(126$,5(6$/2648,1&(',$6
'(/0(6'(6(7,(0%5('(/$f20,/129(&,(1726129(17$<18(9(
²5(*,675$'$%$-2(/1²
$/%(572 5 3,(55, ² ('8$5'2 0(1(0 ² (VWKHU + 3HUH\UD $UDQGtD GH 3pUH] 3DUGR ² -XDQ &
2\DU]~Q
$1(;2
/(<0$5&2'(5(*8/$&,21'((03/(238%/,&21$&,21$/
&$3,78/2,
0$5&21250$7,92<$8725,'$''($3/,&$&,21
$UWtFXOR² /D UHODFLyQ GH HPSOHR S~EOLFR TXHGD VXMHWD D ORV SULQFLSLRV JHQHUDOHV HVWDEOHFLGRV HQ OD SUHVHQWH
OH\ ORV TXH GHEHUiQ VHU UHVSHWDGRV HQ ODV QHJRFLDFLRQHV FROHFWLYDV TXH VH FHOHEUHQ HQ HO PDUFR GH OD /H\
/RV GHUHFKRV \ JDUDQWtDV DFRUGDGRV HQ HVWD OH\ D ORV WUDEDMDGRUHV TXH LQWHJUDQ HO VHUYLFLR FLYLO GH OD
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP
/(<0$5&2'(5(*8/$&,21
1DFLyQFRQVWLWXLUiQPtQLPRVTXHQRSRGUiQVHUGHVSOD]DGRVHQSHUMXLFLRGHpVWRVHQODVQHJRFLDFLRQHVFROHFWLYDV
TXHVHFHOHEUHQHQHOPDUFRGHODFLWDGD/H\
1RWD ,QIROHJ 3RU DUW GH OD 'HFLVLyQ $GPLQLVWUDWLYD 1 %2 VH DFODUD TXH HO SULQFLSLR
JDUDQWL]DGRSRUHODUWtFXORLQILQHGHOSUHVHQWH$QH[RHQHVSHFLDOUHVSHFWRGHODVSUHYLVLRQHVGHVXVDUWtFXORV
\RWURVFRQFRUGDQWHVFRQHOPLVPRUHVXOWDGHDSOLFDFLyQHQDTXHOODVGLVSRVLFLRQHVFRQYHQFLRQDOHV
DFRUGDGDVHQHOPDUFRGHOD/H\1GHQHJRFLDFLRQHVFROHFWLYDVSDUDOD$GPLQLVWUDFLyQ3~EOLFD1DFLRQDO
$UWtFXOR ² (O 3RGHU (MHFXWLYR HVWDEOHFHUi HO yUJDQR UHFWRU HQ PDWHULD GH HPSOHR S~EOLFR \ DXWRULGDG GH
DSOLFDFLyQ H LQWHUSUHWDFLyQ GH ODV GLVSRVLFLRQHV GH HVWH UpJLPHQ HQ HO iPELWR GH OD -HIDWXUD GH *DELQHWH GH
0LQLVWURV
$UWtFXOR²/DSUHVHQWHQRUPDWLYDUHJXODORVGHEHUHV\GHUHFKRVGHOSHUVRQDOTXHLQWHJUDHO6HUYLFLR&LYLOGHOD
1DFLyQ(VWHHVWiFRQVWLWXLGRSRUODVSHUVRQDVTXHKDELHQGRVLGRGHVLJQDGDVFRQIRUPHORSUHYLVWRHQODSUHVHQWH
OH\SUHVWDQVHUYLFLRVHQGHSHQGHQFLDVGHO3RGHU(MHFXWLYRLQFOXVLYHHQWHVMXUtGLFDPHQWHGHVFHQWUDOL]DGRV
4XHGDQH[FHSWXDGRVGHORHVWDEOHFLGRHQHOSiUUDIRDQWHULRU
D (O -HIH GH *DELQHWH GH 0LQLVWURV ORV 0LQLVWURV HO 6HFUHWDULR *HQHUDO GH OD 3UHVLGHQFLD GH OD 1DFLyQ ORV
6HFUHWDULRV6XEVHFUHWDULRVHO-HIHGHOD&DVD0LOLWDUODVPi[LPDVDXWRULGDGHVGHRUJDQLVPRVGHVFHQWUDOL]DGRV
HLQVWLWXFLRQHVGHOD6HJXULGDG6RFLDO\ORVPLHPEURVLQWHJUDQWHVGHORVFXHUSRVFROHJLDGRV
E /DV SHUVRQDV TXH SRU GLVSRVLFLyQ OHJDO R UHJODPHQWDULD HMHU]DQ IXQFLRQHV GH MHUDUTXtD HTXLYDOHQWH D OD GH ORV
FDUJRVPHQFLRQDGRVHQHOLQFLVRSUHFHGHQWH
F(OSHUVRQDOPLOLWDUHQDFWLYLGDG\HOUHWLUDGRTXHSUHVWDUHVHUYLFLRVPLOLWDUHV
G(OSHUVRQDOSHUWHQHFLHQWHDODV)XHU]DVGH6HJXULGDG\3ROLFLDOHVHQDFWLYLGDG\UHWLUDGRTXHSUHVWDUHVHUYLFLRV
SRUFRQYRFDWRULD
H(OSHUVRQDOGLSORPiWLFRHQDFWLYLGDGFRPSUHQGLGRHQOD/H\GHO6HUYLFLR([WHULRUGHOD1DFLyQ
I (O SHUVRQDO FRPSUHQGLGR HQ FRQYHQFLRQHV FROHFWLYDV GH WUDEDMR DSUREDGDV HQ HO PDUFR GH OD /H\ WR
GHFUHWRRODTXHVHGLFWHHQVXUHHPSOD]R
J(OFOHUR
$OSHUVRQDOTXHSUHVWHVHUYLFLRVHQRUJDQLVPRVSHUWHQHFLHQWHVDOD$GPLQLVWUDFLyQ3~EOLFD1DFLRQDO\HVWpUHJLGR
SRUORVSUHFHSWRVGHOD/H\GH&RQWUDWRGH7UDEDMR1WR\PRGLILFDWRULDVRODTXHVHGLFWHHQVX
UHHPSOD]RVHOHVDSOLFDUiQODVSUHYLVLRQHVFRQWHQLGDVHQHVHUpJLPHQQRUPDWLYR
(Q ORV VXSXHVWRV FRQWHPSODGRV HQ HO SiUUDIR DQWHULRU \ HQ HO LQFLVR I ODV SDUWHV GH FRP~Q DFXHUGR SRGUiQ
LQVHUWDUVH HQ HO UpJLPHQ GH HPSOHR S~EOLFR D WUDYpV GH OD ILUPD GH FRQYHQLRV FROHFWLYRV GH WUDEDMR WDO FRPR OR
UHJXODHOLQFLVRMGHOD/H\\GHDFXHUGRFRQODVGLVSRVLFLRQHVGHGLFKDQRUPD
&$3,78/2,,
5(48,6,7263$5$(/,1*5(62
$UWtFXOR ² (O LQJUHVR D OD $GPLQLVWUDFLyQ 3~EOLFD 1DFLRQDO HVWDUi VXMHWR D OD SUHYLD DFUHGLWDFLyQ GH ODV
VLJXLHQWHVFRQGLFLRQHV
D 6HU DUJHQWLQR QDWLYR SRU RSFLyQ R QDWXUDOL]DGR (O -HIH GH *DELQHWH GH 0LQLVWURV SRGUi H[FHSWXDU GHO
FXPSOLPLHQWRGHHVWHUHTXLVLWRPHGLDQWHIXQGDPHQWDFLyQSUHFLVD\FLUFXQVWDQFLDGDGHODMXULVGLFFLyQVROLFLWDQWH
E&RQGLFLRQHVGHFRQGXFWDHLGRQHLGDGSDUDHOFDUJRTXHVHDFUHGLWDUiPHGLDQWHORVUHJtPHQHVGHVHOHFFLyQTXH
VH HVWDEOH]FDQ DVHJXUDQGR HO SULQFLSLR GH LJXDOGDG HQ HO DFFHVR D OD IXQFLyQ S~EOLFD (O FRQYHQLR FROHFWLYR GH
WUDEDMR GHEHUi SUHYHU ORV PHFDQLVPRV GH SDUWLFLSDFLyQ \ GH FRQWURO GH ODV DVRFLDFLRQHV VLQGLFDOHV HQ HO
FXPSOLPLHQWRGHORVFULWHULRVGHVHOHFFLyQ\HYDOXDFLyQDILQGHJDUDQWL]DUODHIHFWLYDLJXDOGDGGHRSRUWXQLGDGHV
F$SWLWXGSVLFRItVLFDSDUDHOFDUJR
,03(',0(17263$5$(/,1*5(62
$UWtFXOR²6LQSHUMXLFLRGHORHVWDEOHFLGRHQHODUWtFXORDQWHULRUQRSRGUiQLQJUHVDU
D (O TXH KD\D VLGR FRQGHQDGR SRU GHOLWR GRORVR KDVWD HO FXPSOLPLHQWR GH OD SHQD SULYDWLYD GH OD OLEHUWDG R HO
WpUPLQRSUHYLVWRSDUDODSUHVFULSFLyQGHODSHQD
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP
/(<0$5&2'(5(*8/$&,21
E(OFRQGHQDGRSRUGHOLWRHQSHUMXLFLRGHOD$GPLQLVWUDFLyQ3~EOLFD1DFLRQDO3URYLQFLDOR0XQLFLSDO
F(OTXHWHQJDSURFHVRSHQDOSHQGLHQWHTXHSXHGDGDUOXJDUDFRQGHQDSRUORVGHOLWRVHQXQFLDGRVHQORVLQFLVRV
D\EGHOSUHVHQWHDUWtFXOR
G(OLQKDELOLWDGRSDUDHOHMHUFLFLRGHFDUJRVS~EOLFRV
H (O VDQFLRQDGR FRQ H[RQHUDFLyQ R FHVDQWtD HQ OD $GPLQLVWUDFLyQ 3~EOLFD 1DFLRQDO 3URYLQFLDO R 0XQLFLSDO
PLHQWUDVQRVHDUHKDELOLWDGRFRQIRUPHORSUHYLVWRHQORVDUWtFXORV\GHODSUHVHQWHOH\
I(OTXHWHQJDODHGDGSUHYLVWDHQODOH\SUHYLVLRQDOSDUDDFFHGHUDOEHQHILFLRGHODMXELODFLyQRHOTXHJR]DUHGH
XQ EHQHILFLR SUHYLVLRQDO VDOYR DTXHOODV SHUVRQDV GH UHFRQRFLGD DSWLWXG ODV TXH QR SRGUiQ VHU LQFRUSRUDGDV DO
UpJLPHQGHHVWDELOLGDG
J(OTXHVHHQFXHQWUHHQLQIUDFFLyQDODVOH\HVHOHFWRUDOHV\GHOVHUYLFLRPLOLWDUHQHOVXSXHVWRGHODUWtFXORGH
OD/H\
K(OGHXGRUPRURVRGHO)LVFR1DFLRQDOPLHQWUDVVHHQFXHQWUHHQHVDVLWXDFLyQ
L/RVTXHKD\DQLQFXUULGRHQDFWRVGHIXHU]DFRQWUDHORUGHQLQVWLWXFLRQDO\HOVLVWHPDGHPRFUiWLFRFRQIRUPHOR
SUHYLVWR HQ HO DUWtFXOR GH OD &RQVWLWXFLyQ 1DFLRQDO \ HO 7tWXOR ; GHO &yGLJR 3HQDO DXQ FXDQGR VH KXELHUHQ
EHQHILFLDGRSRUHOLQGXOWRRODFRQGRQDFLyQGHODSHQD
$UWtFXOR ² /DV GHVLJQDFLRQHV HIHFWXDGDV HQ YLRODFLyQ D OR GLVSXHVWR HQ ORV DUWtFXORV \ R GH FXDOTXLHU
RWUDQRUPDYLJHQWHSRGUiQVHUGHFODUDGDVQXODVFXDOTXLHUDVHDHOWLHPSRWUDQVFXUULGRVLQSHUMXLFLRGHODYDOLGH]
GHORVDFWRV\GHODVSUHVWDFLRQHVFXPSOLGDVGXUDQWHHOHMHUFLFLRGHVXVIXQFLRQHV
&$3,78/2,,,
1$785$/(=$'(/$5(/$&,21'((03/(2
$UWtFXOR ² (O SHUVRQDO SRGUi UHYLVWDU HQ HO UpJLPHQ GH HVWDELOLGDG HQ HO UpJLPHQ GH FRQWUDWDFLRQHV R FRPR
SHUVRQDOGHJDELQHWHGHODVDXWRULGDGHVVXSHULRUHV/DVLWXDFLyQGHOSHUVRQDOGHVLJQDGRFRQFDUiFWHUDGKRQRUHP
VHUi UHJODPHQWDGD SRU HO 3RGHU (MHFXWLYR GH FRQIRUPLGDG FRQ ODV FDUDFWHUtVWLFDV SURSLDV GH OD QDWXUDOH]D GH VX
UHODFLyQ
$UWtFXOR²(OUpJLPHQGHHVWDELOLGDGFRPSUHQGHDOSHUVRQDOTXHLQJUHVHSRUORVPHFDQLVPRVGHVHOHFFLyQTXH
VH HVWDEOH]FDQ D FDUJRV SHUWHQHFLHQWHV DO UpJLPHQ GH FDUUHUD FX\D ILQDQFLDFLyQ VHUi SUHYLVWD SDUD FDGD
MXULVGLFFLyQXRUJDQLVPRVGHVFHQWUDOL]DGRVHQOD/H\GH3UHVXSXHVWR
/DFDUUHUDDGPLQLVWUDWLYDEiVLFD\ODVHVSHFtILFDVGHEHUiQFRQWHPSODUODDSOLFDFLyQGHFULWHULRVTXHLQFRUSRUHQORV
SULQFLSLRVGHWUDQVSDUHQFLDSXEOLFLGDG\PpULWRHQORVSURFHGLPLHQWRVGHVHOHFFLyQSDUDGHWHUPLQDUODLGRQHLGDGGH
OD IXQFLyQ D FXEULU GH OD SURPRFLyQ R DYDQFH HQ OD FDUUHUD EDVDGD HQ OD HYDOXDFLyQ GH OD HILFLHQFLD HILFDFLD
UHQGLPLHQWR ODERUDO \ GH H[LJHQFLDV GH FDSDFLWDFLyQ DFRUGH FRQ ODV QHFHVLGDGHV GH ODV WDUHDV R IXQFLRQHV D
GHVDUUROODUDVtFRPRODSUHYLVLyQGHVLVWHPDVEDVDGRVHQHOPpULWR\ODFDSDFLGDGGHORVDJHQWHVTXHPRWLYHQOD
SURPRFLyQGHORVPLVPRVHQODFDUUHUD
$UWtFXOR²(OUpJLPHQGHFRQWUDWDFLRQHVGHSHUVRQDOSRUWLHPSRGHWHUPLQDGRFRPSUHQGHUiH[FOXVLYDPHQWHOD
SUHVWDFLyQGHVHUYLFLRVGHFDUiFWHUWUDQVLWRULRRHVWDFLRQDOHVQRLQFOXLGRVHQODVIXQFLRQHVSURSLDVGHOUpJLPHQGH
FDUUHUD\TXHQRSXHGDQVHUFXELHUWRVSRUSHUVRQDOGHSODQWDSHUPDQHQWH
(OSHUVRQDOFRQWUDWDGRHQHVWDPRGDOLGDGQRSRGUiVXSHUDUHQQLQJ~QFDVRHOSRUFHQWDMHTXHVHHVWDEOH]FDHQHO
FRQYHQLR FROHFWLYR GH WUDEDMR HO TXH WHQGUi GLUHFWD YLQFXODFLyQ FRQ HO Q~PHUR GH WUDEDMDGRUHV TXH LQWHJUHQ OD
SODQWDSHUPDQHQWHGHORUJDQLVPR
'LFKR SHUVRQDO VHUi HTXLSDUDGR HQ ORV QLYHOHV \ JUDGRV GH OD SODQWD SHUPDQHQWH \ SHUFLELUi OD UHPXQHUDFLyQ GH
FRQIRUPLGDGFRQODFRUUHVSRQGLHQWHDOQLYHO\JUDGRUHVSHFWLYR
/D /H\ GH 3UHVXSXHVWR ILMDUi DQXDOPHQWH ORV SRUFHQWDMHV GH ODV SDUWLGDV FRUUHVSRQGLHQWHV TXH SRGUiQ VHU
DIHFWDGRVSRUFDGDMXULVGLFFLyQXRUJDQLVPRGHVFHQWUDOL]DGRSDUDODDSOLFDFLyQGHOUHIHULGRUpJLPHQ
$UWtFXOR²(OUpJLPHQGHSUHVWDFLyQGHVHUYLFLRVGHOSHUVRQDOGHJDELQHWHGHODVDXWRULGDGHVVXSHULRUHVTXH
VHUi UHJODPHQWDGR SRU HO 3RGHU (MHFXWLYR VRODPHQWH FRPSUHQGH IXQFLRQHV GH DVHVRUDPLHQWR R GH DVLVWHQFLD
DGPLQLVWUDWLYD(OSHUVRQDOFHVDUiHQVXVIXQFLRQHVVLPXOWiQHDPHQWHFRQODDXWRULGDGFX\RJDELQHWHLQWHJUD\VX
GHVLJQDFLyQSRGUiVHUFDQFHODGDHQFXDOTXLHUPRPHQWR
$UWtFXOR ² (O SHUVRQDO DOFDQ]DGR SRU HO UpJLPHQ GH HVWDELOLGDG TXH UHVXOWH DIHFWDGR SRU PHGLGDV GH
UHHVWUXFWXUDFLyQ TXH FRPSRUWHQ OD VXSUHVLyQ GH RUJDQLVPRV GHSHQGHQFLDV R GH ODV IXQFLRQHV DVLJQDGDV D ODV
PLVPDV FRQ OD HOLPLQDFLyQ GH ORV UHVSHFWLYRV FDUJRV VHUi UHXELFDGR HQ ODV FRQGLFLRQHV UHJODPHQWDULDV TXH VH
HVWDEOH]FDQ $ HVWH REMHWR VH JDUDQWL]DUi OD LQFRUSRUDFLyQ GHO DJHQWH DIHFWDGR SDUD RFXSDU FDUJRV YDFDQWHV
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP
/(<0$5&2'(5(*8/$&,21
$VLPLVPR HQ ORV FRQYHQLRV FROHFWLYRV GH WUDEDMR VH SUHYHUiQ DFFLRQHV GH UHFRQYHUVLyQ ODERUDO TXH SHUPLWDQ DO
DJHQWHLQVHUWDUVHHQGLFKRVFDUJRV
(QHOVXSXHVWRGHQRFRQFUHWDUVHODUHXELFDFLyQHODJHQWHTXHGDUiHQVLWXDFLyQGHGLVSRQLELOLGDG
(O SHUtRGR GH GLVSRQLELOLGDG VH DVLJQDUi VHJ~Q OD DQWLJHGDG GHO WUDEDMDGRU QR SXGLHQGR VHU PHQRU D VHLV
PHVHVQLPD\RUDGRFHPHVHV
6LGXUDQWHHOSHUtRGRGHGLVSRQLELOLGDGVHSURGXMHUDQYDFDQWHVHQOD$GPLQLVWUDFLyQ3~EOLFD&HQWUDO\2UJDQLVPRV
GHVFHQWUDOL]DGRVGHEHUiSULRUL]DUVHHOWUDEDMDGRUTXHVHHQFXHQWUHHQVLWXDFLyQGHGLVSRQLELOLGDGSDUDODFREHUWXUD
GHGLFKDVYDFDQWHV
9HQFLGR HO WpUPLQR GH OD GLVSRQLELOLGDG VLQ TXH KD\D VLGR UHXELFDGR R HQ HO FDVR TXH HO DJHQWH UHKXVDUH HO
RIUHFLPLHQWRGHRFXSDUXQFDUJRRQRH[LVWLHUDQYDFDQWHVVHSURGXFLUiODEDMDJHQHUiQGRVHHOGHUHFKRDSHUFLELU
XQD LQGHPQL]DFLyQ LJXDO D XQ PHV GH VXHOGR SRU FDGD DxR GH VHUYLFLR R IUDFFLyQ PD\RU GH WUHV PHVHV
WRPDQGRFRPREDVHODPHMRUUHPXQHUDFLyQPHQVXDOQRUPDO\KDELWXDOSHUFLELGDGXUDQWHHO~OWLPRDxRRGXUDQWHHO
WLHPSRGHSUHVWDFLyQGHVHUYLFLRVVLpVWHIXHUDPHQRUVDOYRHOPHMRUGHUHFKRTXHVHHVWDEOHFLHUHHQHO&RQYHQLR
&ROHFWLYRGH7UDEDMR\ODVLQGHPQL]DFLRQHVHVSHFLDOHVTXHSXGLHUHQUHJXODUVHSRUGLFKDYtD
$UWtFXOR ² 3DUD ORV VXSXHVWRV SUHYLVWRV HQ HO DUWtFXOR DQWHULRU ORV GHOHJDGRV GH SHUVRQDO FRQ PDQGDWR
YLJHQWHRSHQGLHQWHHODxRSRVWHULRUGHODWXWHODVLQGLFDOQRSRGUiQVHUDIHFWDGRVHQHOHMHUFLFLRGHVXVIXQFLRQHV
QL SXHVWRV HQ GLVSRQLELOLGDG (Q HO FDVR GH VXSUHVLyQ GHO RUJDQLVPR GHEHUiQ VHU DIHFWDGRV D RWUR GHQWUR GH OD
PLVPDMXULVGLFFLyQ\]RQDGHDFWXDFLyQ
$VLPLVPR DTXHOORV DJHQWHV TXH VH HQFXHQWUHQ GH OLFHQFLD SRU HQIHUPHGDG R DFFLGHQWH SRU HPEDUD]R \ SRU
PDWULPRQLRKDVWDYHQFLGRHOSHUtRGRGHVXOLFHQFLDQRSRGUiQVHUSXHVWRVHQVLWXDFLyQGHGLVSRQLELOLGDG
(Q HO FDVR GH OLFHQFLDV VLQ JRFH GH KDEHUHV OD VLWXDFLyQ GH GLVSRQLELOLGDG VXUWLUi HIHFWR GHVGH VX QRWLILFDFLyQ
FRUUHVSRQGLHQGRGHVGHHVHPRPHQWRODSHUFHSFLyQGHORVKDEHUHVPHQVXDOHV
$UWtFXOR ² 1R SRGUiQ VHU SXHVWRV HQ GLVSRQLELOLGDG ORV DJHQWHV FX\D UHQXQFLD VH HQFXHQWUH SHQGLHQWH GH
UHVROXFLyQQLORVTXHHVWXYLHUDQHQFRQGLFLRQHVGHMXELODUVHRSXGLHUHQHVWDUORGHQWURGHOSHUtRGRPi[LPRGHGRFH
PHVHVFRQWDGRVGHVGHODIHFKDHQTXHSXGLHURQVHUDIHFWDGRVSRUODGLVSRQLELOLGDG
$UWtFXOR ² /RV RUJDQLVPRV R GHSHQGHQFLDV VXSULPLGRV \ ORV FDUJRV R IXQFLRQHV HOLPLQDGRV QR SRGUiQ VHU
FUHDGRVQXHYDPHQWHQLFRQODPLVPDDVLJQDFLyQQLFRQRWUDGLVWLQWDSRUXQSOD]RGHGRVDxRVDSDUWLUGHODIHFKD
GHVXVXSUHVLyQ
/RVFDUJRVRIXQFLRQHVHOLPLQDGRVQRSRGUiQVHUFXPSOLGRVSRUSHUVRQDOFRQWUDWDGRQLSHUVRQDOGHJDELQHWH
$UWLFXOR²/RVDJHQWHVVHUiQGHVWLQDGRVDODVWDUHDVSURSLDVGHODFDWHJRUtDRQLYHOTXHKD\DQDOFDQ]DGR\
DO GHVDUUROOR GH WDUHDV FRPSOHPHQWDULDV R LQVWUXPHQWDOHV SDUD OD FRQVHFXFLyQ GH ORV REMHWLYRV GHO WUDEDMR
3XHGHQ VHU GHVWLQDGRV SRU GHFLVLyQ IXQGDGD GH VXV VXSHULRUHV D GHVDUUROODU WUDQVLWRULDPHQWH WDUHDV HVSHFtILFDV
GHO QLYHO VXSHULRU SHUFLELHQGR OD GLIHUHQFLD GH KDEHUHV FRUUHVSRQGLHQWH /D PRYLOLGDG GHO SHUVRQDO GH XQD
GHSHQGHQFLD D RWUD GHQWUR R IXHUD GH OD PLVPD MXULVGLFFLyQ SUHVXSXHVWDULD GHQWUR GHO iPELWR GH DSOLFDFLyQ GHO
SUHVHQWH UpJLPHQ HVWDUi VXMHWD D OD UHJXODFLyQ TXH VH HVWDEOH]FD HQ ORV FRQYHQLRV FROHFWLYRV FHOHEUDGRV HQ HO
PDUFR GH OD /H\ GHELHQGR FRQWHPSODUVH HQ WRGRV ORV FDVRV OD DXVHQFLD GH SHUMXLFLR PDWHULDO \ PRUDO DO
WUDEDMDGRU
3DUDODPRYLOLGDGJHRJUiILFDVHUHTXHULUiHOFRQVHQWLPLHQWRH[SUHVRGHOWUDEDMDGRU
(O 3RGHU (MHFXWLYR SRGUi FHOHEUDU FRQYHQLRV FRQ ORV RWURV SRGHUHV GHO (VWDGR 3URYLQFLDV \ 0XQLFLSLRV TXH
SRVLELOLWHQ OD PRYLOLGDG LQWHUMXULVGLFFLRQDO GH ORV DJHQWHV VLQ SHUMXLFLR GHO FXPSOLPLHQWR GH ODV GLVSRVLFLRQHV
FRQWHQLGDV HQ OD SUHVHQWH OH\ /D PRYLOLGDG GHO SHUVRQDO TXH VH LQVWUXPHQWH D WUDYpV GH OD DGVFULSFLyQ GH VX
UHVSHFWLYRiPELWRDRWURSRGHUGHO(VWDGRQDFLRQDO(VWDGRVSURYLQFLDOHV\R*RELHUQR$XWyQRPRGHOD&LXGDGGH
%XHQRV $LUHV QR SRGUi H[FHGHU ORV WUHVFLHQWRV VHVHQWD \ FLQFR GtDV FRUULGRV VDOYR H[FHSFLyQ IXQGDGD HQ
UHTXHULPLHQWRVH[WUDRUGLQDULRVGHVHUYLFLRV\HVWDUiVXMHWDDODVUHJODPHQWDFLRQHVTXHGLFWHQHQVXVUHVSHFWLYDV
MXULVGLFFLRQHVORV3RGHUHV(MHFXWLYR/HJLVODWLYR\-XGLFLDO
&$3,78/2,9
'(5(&+26
$UWtFXOR²/DVSHUVRQDVYLQFXODGDVODERUDOPHQWHFRQOD$GPLQLVWUDFLyQ3~EOLFD1DFLRQDOVHJ~QHOUpJLPHQDO
TXHKXELHUHQLQJUHVDGRWHQGUiQORVVLJXLHQWHVGHUHFKRVGHFRQIRUPLGDGFRQODVPRGDOLGDGHVHVWDEOHFLGDVHQODV
OH\HVHQODVQRUPDVUHJODPHQWDULDV\HQFXDQWRFRUUHVSRQGDHQORVFRQYHQLRVFROHFWLYRVGHWUDEDMR
D(VWDELOLGDG
E5HWULEXFLyQMXVWDSRUVXVVHUYLFLRVFRQPiVORVDGLFLRQDOHVTXHFRUUHVSRQGDQ
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP
/(<0$5&2'(5(*8/$&,21
F,JXDOGDGGHRSRUWXQLGDGHVHQODFDUUHUD
G&DSDFLWDFLyQSHUPDQHQWH
H/LEUHDILOLDFLyQVLQGLFDO\QHJRFLDFLyQFROHFWLYD
I/LFHQFLDVMXVWLILFDFLRQHV\IUDQTXLFLDV
J&RPSHQVDFLRQHVLQGHPQL]DFLRQHV\VXEVLGLRV
K$VLVWHQFLDVRFLDOSDUDVt\VXIDPLOLD
L,QWHUSRVLFLyQGHUHFXUVRV
M-XELODFLyQRUHWLUR
N5HQXQFLD
O+LJLHQH\VHJXULGDGHQHOWUDEDMR
P 3DUWLFLSDFLyQ SRU LQWHUPHGLR GH ODV RUJDQL]DFLRQHV VLQGLFDOHV HQ ORV SURFHGLPLHQWRV GH FDOLILFDFLRQHV \
GLVFLSOLQDULRVGHFRQIRUPLGDGFRQTXHVHHVWDEOH]FDHQHO&RQYHQLR&ROHFWLYR7UDEDMR
/DSUHVHQWHHQXPHUDFLyQQRWLHQHFDUiFWHUWD[DWLYRSXGLHQGRVHUDPSOLDGDSRUYtDGHODQHJRFLDFLyQFROHFWLYD
$OSHUVRQDOFRPSUHQGLGRHQHOUpJLPHQGHFRQWUDWDFLRQHV\HQHOGHJDELQHWHGHODVDXWRULGDGHVVXSHULRUHVVyOROH
DOFDQ]DUiQORVGHUHFKRVHQXQFLDGRVHQORVLQFLVRVEHILMN\OFRQVDOYHGDGHVTXHVHHVWDEOH]FDQSRU
YtDUHJODPHQWDULD
$UWtFXOR²(OSHUVRQDOFRPSUHQGLGRHQUpJLPHQGHHVWDELOLGDGWHQGUiGHUHFKRDFRQVHUYDUHOHPSOHRHOQLYHO
\JUDGRGHODFDUUHUDDOFDQ]DGR/DHVWDELOLGDGHQODIXQFLyQVHUiPDWHULDGHUHJXODFLyQFRQYHQFLRQDO
/DDGTXLVLFLyQGHODHVWDELOLGDGHQHOHPSOHRVHSURGXFLUiFXDQGRVHFXPSOLPHQWHQODVVLJXLHQWHVFRQGLFLRQHV
D $FUHGLWH FRQGLFLRQHV GH LGRQHLGDG D WUDYpV GH ODV HYDOXDFLRQHV SHULyGLFDV GH GHVHPSHxR FDSDFLWDFLyQ \ GHO
FXPSOLPLHQWRGHODVPHWDVREMHWLYRVHVWDEOHFLGRVSDUDODJHVWLyQGXUDQWHWUDQVFXUVRGHXQSHUtRGRGHSUXHEDGH
GRFH PHVHV GH SUHVWDFLyQ GH VHUYLFLRV HIHFWLYRV FRPR GH OD DSUREDFLyQ GH ODV DFWLYLGDGHV GH IRUPDFLyQ
SURIHVLRQDOTXHVHHVWDEOH]FDQ
E/DREWHQFLyQGHOFHUWLILFDGRGHILQLWLYRGHDSWLWXGSVLFRItVLFDSDUDHOFDUJR
F /D UDWLILFDFLyQ GH OD GHVLJQDFLyQ PHGLDQWH DFWR H[SUHVR HPDQDGR GH OD DXWRULGDG FRPSHWHQWH FRQ IDFXOWDGHV
SDUDHIHFWXDUGHVLJQDFLRQHVYHQFLPLHQWRGHOSOD]RHVWDEOHFLGRHQHOLQFLVRD
7UDQVFXUULGRV WUHLQWD GtDV GH YHQFLGR HO SOD]R SUHYLVWR HQ HO LQFLVR FLWDGR VLQ TXH OD DGPLQLVWUDFLyQ GLFWH HO
DFWR DGPLQLVWUDWLYR SHUWLQHQWH GHVLJQDFLyQ VH FRQVLGHUDUi HIHFWXDGD DGTXLULHQGR HO DJHQWH HO GHUHFKR D OD
HVWDELOLGDG
'XUDQWHHOSHUtRGRHQTXHHODJHQWHQRJRFHHVWDELOLGDGVXGHVLJQDFLyQSRGUiVHUFDQFHODGD
(OSHUVRQDOTXHJRFHGHHVWDELOLGDGODUHWHQGUiFXDQGRIXHUDGHVLJQDGRSDUDFXPSOLUIXQFLRQHVVLQGLFKDJDUDQWtD
1R VHUi FRQVLGHUDGR FRPR LQJUHVDQWH HO DJHQWH TXH FDPELH VX VLWXDFLyQ GH UHYLVWD SUHVXSXHVWDULD VLQ TXH
KXELHUDPHGLDGRLQWHUUXSFLyQGHUHODFLyQGHHPSOHRS~EOLFRGHQWURGHOiPELWRSUHVHQWHUpJLPHQ
/DHVWDELOLGDGHQHOHPSOHRFHVD~QLFDPHQWHFXDQGRVHFRQILJXUDDOJXQDGHODVFDXVDOHVSUHYLVWDVHQODSUHVHQWH
OH\
$UWtFXOR ² (O SHUVRQDO WLHQH GHUHFKR LJXDOGDG GH RSRUWXQLGDGHV HQ HO GHVDUUROOR GH FDUUHUD DGPLQLVWUDWLYD D
WUDYpV GH ORV PHFDQLVPRV TXH VH GHWHUPLQHQ /DV SURPRFLRQHV D FDUJRV YDFDQWHV VyOR SURFHGHUiQ PHGLDQWH
VLVWHPDVGHVHOHFFLyQGHDQWHFHGHQWHVPpULWRV\DSWLWXGHV(O&RQYHQLR&ROHFWLYRGH7UDEDMRGHEHUiSUHYHUORV
PHFDQLVPRVGHSDUWLFLSDFLyQ\GHFRQWUROTXHSHUPLWDQDODVDVRFLDFLRQHVVLQGLFDOHVYHULILFDUHOFXPSOLPLHQWRGH
ORVFULWHULRVLQGLFDGRV
$UWtFXOR ² (O UpJLPHQ GH OLFHQFLDV MXVWLILFDFLRQHV \ IUDQTXLFLDV VHUi PDWHULD GH UHJXODFLyQ HQ HO &RQYHQLR
&ROHFWLYR GH 7UDEDMR TXH FRQWHPSODUi ODV FDUDFWHUtVWLFDV SURSLDV GH OD IXQFLyQ S~EOLFD \ GH ORV GLIHUHQWHV
RUJDQLVPRV
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP
/(<0$5&2'(5(*8/$&,21
+DVWDWDQWRVHILUPHQORVFRQYHQLRVFROHFWLYRVGHWUDEDMRVHPDQWLHQHYLJHQWHHOUpJLPHQULJHDFWXDOPHQWHSDUDHO
VHFWRUS~EOLFR
$UWtFXOR ² (O SHUVRQDO SRGUi VHU LQWLPDGR D LQLFLDU ORV WUiPLWHV MXELODWRULRV FXDQGR UH~QD UHTXLVLWRV H[LJLGRV
SDUDREWHQHUODMXELODFLyQRUGLQDULDDXWRUL]iQGRORVDTXHFRQWLQ~HQHQODSUHVWDFLyQGHVXVVHUYLFLRVSRUHOSHUtRGR
GHXQDxRSDUWLUGHODLQWLPDFLyQUHVSHFWLYD
,JXDOSUHYLVLyQUHJLUiSDUDHOSHUVRQDOVROLFLWDUHYROXQWDULDPHQWHVXMXELODFLyQRUHWLUR
$UWtFXOR²(OSHUVRQDOTXHJR]DGHMXELODFLyQRUHWLURQRWLHQHGHUHFKRDODHVWDELOLGDG/DGHVLJQDFLyQSRGUi
VHU FDQFHODGD HQ FXDOTXLHU PRPHQWR SRU UD]RQHV GH RSRUWXQLGDG PpULWR R FRQYHQLHQFLD (Q HVH VXSXHVWR HO
DJHQWH WHQGUi GHUHFKR DO SDJR GH XQD LQGHPQL]DFLyQ TXH VH FDOFXODUi GH FRQIRUPLGDG FRQ OR QRUPDGR HQ HO
DUWtFXORGHODSUHVHQWHOH\FRPSXWiQGRVHDORVILQHVGHOFiOFXORGHODDQWLJHGDGHO~OWLPRSHUtRGRWUDEDMDGR
HQODDGPLQLVWUDFLyQ
$UWtFXOR ² /D UHQXQFLD HV HO GHUHFKR D FRQFOXLU OD UHODFLyQ GH HPSOHR SURGXFLpQGRVH OD EDMD DXWRPiWLFD GHO
DJHQWH D ORV WUHLQWD GtDV FRUULGRV GH VX SUHVHQWDFLyQ VL FRQ DQWHULRULGDG QR KXELHUD VLGR DFHSWDGD SRU
DXWRULGDGFRPSHWHQWH
&$3,78/29
'(%(5(6
$UWtFXOR ² /RV DJHQWHV WLHQHQ ORV VLJXLHQWHV GHEHUHV VLQ SHUMXLFLR GH ORV TXH HQ IXQFLyQ GH ODV
SDUWLFXODULGDGHVGHODDFWLYLGDGGHVHPSHxDGDVHHVWDEOH]FDQHQODVFRQYHQFLRQHVFROHFWLYDVGHWUDEDMR
D 3UHVWDU HO VHUYLFLR SHUVRQDOPHQWH HQFXDGUDQGR VX FXPSOLPLHQWR HQ SULQFLSLRV GH HILFLHQFLD HILFDFLD \
UHQGLPLHQWRODERUDOHQODVFRQGLFLRQHV\PRGDOLGDGHVTXHVHGHWHUPLQHQ
E 2EVHUYDU ODV QRUPDV OHJDOHV \ UHJODPHQWDULDV \ FRQGXFLUVH FRQ FRODERUDFLyQ UHVSHWR \ FRUWHVtD HQ VXV
UHODFLRQHVFRQHOS~EOLFR\FRQHOUHVWRGHOSHUVRQDO
F5HVSRQGHUSRUODHILFDFLDUHQGLPLHQWRGHODJHVWLyQ\GHOSHUVRQDOGHOiUHDDVXFDUJR
G5HVSHWDU\KDFHUFXPSOLUGHQWURGHOPDUFRGHFRPSHWHQFLDGHVXIXQFLyQHOVLVWHPDMXUtGLFRYLJHQWH
H2EHGHFHUWRGDRUGHQHPDQDGDGHOVXSHULRUMHUiUTXLFRFRPSHWHQWHTXHUH~QDODVIRUPDOLGDGHVGHOFDVR\WHQJD
SRUREMHWRODUHDOL]DFLyQGHDFWRVGHVHUYLFLRFRPSDWLEOHVFRQODIXQFLyQGHODJHQWH
I 2EVHUYDU HO GHEHU GH ILGHOLGDG TXH VH GHULYH GH OD tQGROH GH ODV WDUHDV TXH OH IXHURQ DVLJQDGDV \ JXDUGDU OD
GLVFUHFLyQFRUUHVSRQGLHQWHRODUHVHUYDDEVROXWDHQVXFDVRGHWRGRDVXQWRGHOVHUYLFLRTXHDVtORUHTXLHUDHQ
IXQFLyQ GH VX QDWXUDOH]D R GH LQVWUXFFLRQHV HVSHFtILFDV FRQ LQGHSHQGHQFLD GH OR TXH HVWDEOH]FDQ ODV
GLVSRVLFLRQHVYLJHQWHVHQPDWHULDGHVHFUHWRRUHVHUYDDGPLQLVWUDWLYD
J'HFODUDUEDMRMXUDPHQWRVXVLWXDFLyQSDWULPRQLDO\PRGLILFDFLRQHVXOWHULRUHVFRQORVDOFDQFHVTXHGHWHUPLQHOD
UHJODPHQWDFLyQ
K /OHYDU D FRQRFLPLHQWR GH OD VXSHULRULGDG WRGR DFWR RPLVLyQ R SURFHGLPLHQWR TXH FDXVDUH R SXGLHUH FDXVDU
SHUMXLFLRDO(VWDGRFRQILJXUDUGHOLWRRUHVXOWDUXQDDSOLFDFLyQLQHILFLHQWHGHORVUHFXUVRVS~EOLFRV&XDQGRHODFWR
RPLVLyQ R SURFHGLPLHQWR LQYROXFUDVH D VXV VXSHULRUHV LQPHGLDWRV SRGUi KDFHUOR FRQRFHU GLUHFWDPHQWH D OD
6LQGLFDWXUD*HQHUDOGHOD1DFLyQ)LVFDOtD1DFLRQDOGH,QYHVWLJDFLRQHV$GPLQLVWUDWLYDV\RDOD$XGLWRUtD*HQHUDO
GHOD1DFLyQ
L&RQFXUULUDODFLWDFLyQSRUODLQVWUXFFLyQGHXQVXPDULRFXDQGRVHORUHTXLHUDHQFDOLGDGGHWHVWLJR
M6RPHWHUVHDH[DPHQSVLFRItVLFRHQODIRUPDTXHGHWHUPLQHODUHJODPHQWDFLyQ
N([FXVDUVHGHLQWHUYHQLUHQWRGDDFWXDFLyQTXHSXHGDRULJLQDULQWHUSUHWDFLRQHVGHSDUFLDOLGDG
O9HODUSRUHOFXLGDGR\ODFRQVHUYDFLyQGHORVELHQHVTXHLQWHJUDQHOSDWULPRQLRGHO(VWDGR\GHORVWHUFHURVTXH
HVSHFtILFDPHQWHVHSRQJDQEDMRVXFXVWRGLD
P6HJXLUODYtDMHUiUTXLFDFRUUHVSRQGLHQWHHQODVSHWLFLRQHV\WUDPLWDFLRQHVUHDOL]DGDV
Q(QFXDGUDUVHHQODVGLVSRVLFLRQHVOHJDOHV\UHJODPHQWDULDVVREUHLQFRPSDWLELOLGDG\DFXPXODFLyQGHFDUJRV
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP
/(<0$5&2'(5(*8/$&,21
352+,%,&,21(6
$UWtFXOR²(OSHUVRQDOTXHGDVXMHWRDODVVLJXLHQWHVSURKLELFLRQHVVLQSHUMXLFLRGHODVTXHHQIXQFLyQGHODV
SDUWLFXODULGDGHVGHODDFWLYLGDGGHVHPSHxDGDVHHVWDEOH]FDQHQODVFRQYHQFLRQHVFROHFWLYDVGHWUDEDMR
D 3DWURFLQDU WUiPLWHV R JHVWLRQHV DGPLQLVWUDWLYDV UHIHUHQWHV D DVXQWRV GH WHUFHURV TXH VH YLQFXOHQ FRQ VXV
IXQFLRQHV
E 'LULJLU DGPLQLVWUDU DVHVRUDU SDWURFLQDU UHSUHVHQWDU R SUHVWDU VHUYLFLR UHPXQHUDGRV R QR SHUVRQDV GH
H[LVWHQFLD YLVLEOH R MXUtGLFD TXH JHVWLRQHQ R H[SORWHQ FRQFHVLRQHV R SULYLOHJLRV GH DGPLQLVWUDFLyQ HQ HO RUGHQ
QDFLRQDOSURYLQFLDOPXQLFLSDORTXHIXHUDQSURYHHGRUHVRFRQWUDWLVWDVGHODVPLVPDV
F 5HFLELU GLUHFWD R LQGLUHFWDPHQWH EHQHILFLRV RULJLQDGRV HQ FRQWUDWRV FRQFHVLRQHV R IUDQTXLFLDV TXH FHOHEUH X
RWRUJXHODDGPLQLVWUDFLyQHQRUGHQQDFLRQDOSURYLQFLDORPXQLFLSDO
G 0DQWHQHU YLQFXODFLRQHV TXH OH VLJQLILTXHQ EHQHILFLRV X REOLJDFLRQHV FRQ HQWLGDGHV GLUHFWDPHQWH ILVFDOL]DGDV
SRUHOPLQLVWHULRGHSHQGHQFLDRHQWLGDGHQHOTXHVHHQFXHQWUHSUHVWDQGRVHUYLFLRV
H 9DOHUVH GLUHFWD R LQGLUHFWDPHQWH GH IDFXOWDGHV R SUHUURJDWLYDV LQKHUHQWHV D VXV IXQFLRQHV SDUD ILQHV DMHQRV D
GLFKDIXQFLyQRSDUDUHDOL]DUSURVHOLWLVPRRDFFLyQSROtWLFD
I$FHSWDUGiGLYDVREVHTXLRVXRWURVEHQHILFLRVXREWHQHUYHQWDMDVGHFXDOTXLHUtQGROHFRQPRWLYRXRFDVLyQGHO
GHVHPSHxRGHVXVIXQFLRQHV
J 5HSUHVHQWDU SDWURFLQDU D OLWLJDQWHV R LQWHUYHQLU HQ JHVWLRQHV H[WUDMXGLFLDOHV FRQWUD OD $GPLQLVWUDFLyQ 3~EOLFD
1DFLRQDO
K'HVDUUROODUWRGDDFFLyQXRPLVLyQTXHVXSRQJDGLVFULPLQDFLyQSRUUD]yQGHUD]DUHOLJLyQQDFLRQDOLGDGRSLQLyQ
VH[RRFXDOTXLHURWUDFRQGLFLyQRFLUFXQVWDQFLDSHUVRQDORVRFLDO
L+DFHUXVRLQGHELGRRFRQILQHVSDUWLFXODUHVGHOSDWULPRQLRHVWDWDO
$UWtFXOR ² (V LQFRPSDWLEOH HO GHVHPSHxR GH XQ FDUJR UHPXQHUDGR HQ OD $GPLQLVWUDFLyQ 3~EOLFD 1DFLRQDO
FRQ HO HMHUFLFLR GH RWUR GH LJXDO FDUiFWHU HQ HO RUGHQ QDFLRQDO SURYLQFLDO R PXQLFLSDO FRQ H[FHSFLyQ GH ORV
VXSXHVWRVTXHVHGHWHUPLQHQSRUYtDUHJODPHQWDULDRTXHVHHVWDEOH]FDHQHO&RQYHQLR&ROHFWLYRGH7UDEDMR
&$3,78/29,
6,67(0$1$&,21$/'(/$352)(6,Ï1$'0,1,675$7,9$
$UWtFXOR ² (O 6LVWHPD 1DFLRQDO GH OD 3URIHVLyQ $GPLQLVWUDWLYD YLJHQWH SRGUi VHU UHYLVDGR DGHFXDGR \
PRGLILFDGR GH UHVXOWDU SURFHGHQWH HO iPELWR GH OD QHJRFLDFLyQ FROHFWLYD FRQ H[FHSFLyQ GH ODV PDWHULDV
UHVHUYDGDV D OD SRWHVWDG UHJODPHQWDULD GHO (VWDGR SRU OD /H\ (Q ORV RUJDQLVPRV SUHYLVWRV SRU GLFKR
VLVWHPDGHEHUiQWHQHUSDUWLFLSDFLyQWRGDVODVDVRFLDFLRQHVVLQGLFDOHVVLJQDWDULDVGHORVFRQYHQLRVFROHFWLYRVGH
WUDEDMRGHFRQIRUPLGDGFRQORQRUPDGRHQOD/H\
&$3,78/29,,
5(*,0(1',6&,3/,1$5,2
$UWtFXOR ² (O SHUVRQDO YLQFXODGR SRU XQD UHODFLyQ GH HPSOHR S~EOLFR UHJXODGD SRU OD SUHVHQWH OH\ \ TXH
UHYLVWD HQ OD SODQWD SHUPDQHQWH QR SRGUi VHU SULYDGR GH VX HPSOHR QL VHU REMHWR GH PHGLGDV GLVFLSOLQDULDV VLQR
SRUODVFDXVDVHQODVFRQGLFLRQHVTXHH[SUHVDPHQWHVHHVWDEOHFHQ
$O SHUVRQDO FRPSUHQGLGR HQ HO UpJLPHQ FRQWUDWDFLRQHV \ GH JDELQHWH VH OH DSOLFDUiQ ORV SUHFHSWRV GHO SUHVHQWH
FDStWXORHQODVFRQGLFLRQHVTXHHVWDEOH]FDQODVUHVSHFWLYDVUHJODPHQWDFLRQHV
$UWtFXOR²(OSHUVRQDOQRSRGUiVHUVDQFLRQDGRPiVGHXQDYH]SRUODPLVPDFDXVDGHELHQGRJUDGXDUVHOD
VDQFLyQHQEDVHDODJUDYHGDGGHODIDOWDFRPHWLGD\ORVDQWHFHGHQWHVGHODJHQWH
$UWtFXOR²(OSHUVRQDOFRPSUHQGLGRHQiPELWRGHDSOLFDFLyQGHOSUHVHQWHUpJLPHQWLHQHGHUHFKRDTXHVHOH
JDUDQWLFHHOGHELGRSURFHVRDGMHWLYRHQORVWpUPLQRVGHODUWtFXORLQFLVRIGHOD/H\RODTXHODVXVWLWX\D
$UWtFXOR²(OSHUVRQDOSRGUiVHUREMHWRGHODVVLJXLHQWHVPHGLGDVGLVFLSOLQDULDV
D$SHUFLELPLHQWR
E6XVSHQVLyQGHKDVWDWUHLQWDGtDVHQXQDxRFRQWDGRVDSDUWLUGHODSULPHUDVXVSHQVLyQ
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP
/(<0$5&2'(5(*8/$&,21
F&HVDQWtD
G([RQHUDFLyQ
/DVXVSHQVLyQVHKDUiHIHFWLYDVLQSUHVWDFLyQGHVHUYLFLRVQLJRFHGHKDEHUHVHQODVQRUPDV\WpUPLQRVTXHVH
GHWHUPLQHQ\VLQSHUMXLFLRGHODVUHVSRQVDELOLGDGHVSHQDOHV\FLYLOHVTXHILMHODOHJLVODFLyQYLJHQWH
$UWtFXOR²6RQFDXVDVSDUDLPSRQHUHODSHUFLELPLHQWRRODVXVSHQVLyQKDVWDGtDV
D,QFXPSOLPLHQWRUHLWHUDGRGHOKRUDULRHVWDEOHFLGR
E ,QDVLVWHQFLDV LQMXVWLILFDGDV TXH QR H[FHGHQ GH GLH] GtDV GLVFRQWLQXRV HQ HO ODSVR GH GRFH PHVHV
LQPHGLDWRVDQWHULRUHV\VLHPSUHTXHQRFRQILJXUHQDEDQGRQRGHWDUHDV
F,QFXPSOLPLHQWRGHORVGHEHUHVGHWHUPLQDGRVHQHODUWGHHVWDOH\VDOYRTXHODJUDYHGDG\PDJQLWXGGHORV
KHFKRVMXVWLILTXHQODDSOLFDFLyQGHODFDXVDOGHFHVDQWtD
$UWtFXOR²6RQFDXVDOHVSDUDLPSRQHUFHVDQWtD
D ,QDVLVWHQFLDV LQMXVWLILFDGDV TXH H[FHGDQ GH GLH] GtDV GLVFRQWLQXRV HQ ORV GRFH PHVHV LQPHGLDWRV
DQWHULRUHV
E $EDQGRQR GH VHUYLFLR HO FXDO VH FRQVLGHUDUi FRQVXPDGR FXDQGR HO DJHQWH UHJLVWUDUH PiV GH FLQFR
LQDVLVWHQFLDV FRQWLQXDV VLQ FDXVD TXH OR MXVWLILTXH \ IXHUD LQWLPDGR SUHYLDPHQWH HQ IRUPD IHKDFLHQWH D UHWRPDU
VXVWDUHDV
F ,QIUDFFLRQHV UHLWHUDGDV HQ HO FXPSOLPLHQWR GH VXV WDUHDV TXH KD\DQ GDGR OXJDU D WUHLQWD GtDV GH
VXVSHQVLyQHQORVGRFHPHVHVDQWHULRUHV
G&RQFXUVRFLYLORTXLHEUDQRFDXVDOVDOYRFDVRVGHELGDPHQWHMXVWLILFDGRVSRUODDXWRULGDGDGPLQLVWUDWLYD
H,QFXPSOLPLHQWRGHORVGHEHUHVHVWDEOHFLGRVHQORVDUWtFXORV\FXDQGRSRUODPDJQLWXG\JUDYHGDGGHOD
IDOWDDVtFRUUHVSRQGLHUH
I 'HOLWR GRORVR QR UHIHULGR D OD $GPLQLVWUDFLyQ 3~EOLFD FXDQGR SRU VXV FLUFXQVWDQFLDV DIHFWH HO SUHVWLJLR GH OD
IXQFLyQRGHODJHQWH
J &DOLILFDFLRQHV GHILFLHQWHV FRPR UHVXOWDGR GH HYDOXDFLRQHV TXH LPSOLTXHQ GHVHPSHxR LQHILFD] GXUDQWH WUHV
DxRV FRQVHFXWLYRV R FXDWUR DOWHUQDGRV HQ ORV ~OWLPRV GLH] DxRV GH VHUYLFLR \ KD\D FRQWDGR FRQ
RSRUWXQLGDGHVGHFDSDFLWDFLyQDGHFXDGDSDUDHOGHVHPSHxRGHODVWDUHDV
(QWRGRVORVFDVRVSRGUiFRQVLGHUDUVHODVROLFLWXGGHUHKDELOLWDFLyQDSDUWLUGHORVGRVDxRVGHFRQVHQWLGRHO
DFWRSRUHOTXHVHGLVSXVLHUDODFHVDQWtDRGHGHFODUDGDILUPHODVHQWHQFLDMXGLFLDOHQVXFDVR
$UWtFXOR²6RQFDXVDOHVSDUDLPSRQHUODH[RQHUDFLyQ
D6HQWHQFLDFRQGHQDWRULDILUPHSRUGHOLWRFRQWUDOD$GPLQLVWUDFLyQ3~EOLFD1DFLRQDO3URYLQFLDOR0XQLFLSDO
E)DOWDJUDYHTXHSHUMXGLTXHPDWHULDOPHQWHDOD$GPLQLVWUDFLyQ3~EOLFD
F3pUGLGDGHODFLXGDGDQtD
G9LRODFLyQGHODVSURKLELFLRQHVSUHYLVWDVHQHODUWtFXOR
H,PSRVLFLyQFRPRSHQDSULQFLSDORDFFHVRULDGHLQKDELOLWDFLyQDEVROXWDRHVSHFLDOSDUDODIXQFLyQS~EOLFD
(QWRGRVORVFDVRVSRGUiFRQVLGHUDUVHODVROLFLWXGGHUHKDELOLWDFLyQDSDUWLUGHORVFXDWURDxRVGHFRQVHQWLGRHO
DFWRSRUHOTXHVHGLVSXVLHUDODH[RQHUDFLyQRGHGHFODUDGDILUPHODVHQWHQFLDMXGLFLDOHQVXFDVR
/D H[RQHUDFLyQ FRQOOHYDUi QHFHVDULDPHQWH OD EDMD HQ WRGRV ORV FDUJRV S~EOLFRV TXH HMHUFLHUH HO DJHQWH
VDQFLRQDGR
$UWtFXOR²/DVXEVWDQFLDFLyQGHORVVXPDULRVSRUKHFKRVTXHSXHGDQFRQILJXUDUGHOLWRV\ODLPSRVLFLyQGHODV
VDQFLRQHV SHUWLQHQWHV HQ HO RUGHQ DGPLQLVWUDWLYR VRQ LQGHSHQGLHQWHV GH OD FDXVD FULPLQDO H[FHSWR HQ DTXHOORV
FDVRVHQTXHGHODVHQWHQFLDGHILQLWLYDVXUMDODFRQILJXUDFLyQGHXQDFDXVDOPiVJUDYHTXHODVDQFLRQDGDHQWDO
VXSXHVWRVHSRGUiVXVWLWXLUODPHGLGDDSOLFDGDSRURWUDGHPD\RUJUDYHGDG
$UWtFXOR ² /D DSOLFDFLyQ GH DSHUFLELPLHQWR \ VXVSHQVLyQ KDVWD HO Pi[LPR GH FLQFR GtDV QR UHTXHULUi OD
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP
/(<0$5&2'(5(*8/$&,21
LQVWUXFFLyQGHVXPDULR
/DV VXVSHQVLRQHV TXH H[FHGDQ GH GLFKR SOD]R VHUiQ DSOLFDGDV SUHYLD LQVWUXFFLyQ GH XQ VXPDULR VDOYR TXH VH
IXQGHQHQODVFDXVDOHVSUHYLVWDVHQORVLQFLVRVD\EGHODUW
/DFHVDQWtDVHUiDSOLFDGDSUHYLDLQVWUXFFLyQGHVXPDULRVDOYRTXHPHGLHQODVFDXVDOHVSUHYLVWDVHQORVLQFLVRV
DE\FGHODUW
$UWtFXOR²(OSHUVRQDOVXPDULDGRSRGUiVHUVXVSHQGLGRSUHYHQWLYDPHQWHRWUDVODGDGRGHQWURGHVX]RQDSRU
OD DXWRULGDG DGPLQLVWUDWLYD FRPSHWHQWH FXDQGR VX DOHMDPLHQWR VHD QHFHVDULR SDUD HO HVFODUHFLPLHQWR GH ORV
KHFKRV LQYHVWLJDGRV R FXDQGR VX SHUPDQHQFLD HQ IXQFLRQHV IXHUD HYDOXDGD FRPR SHOLJURVD R ULHVJRVD (VWD
GHFLVLyQGHEHUiVHUWRPDGDSRUODDXWRULGDGFRPSHWHQWHFRQORVGHELGRVIXQGDPHQWRV\WHQGUiORVHIHFWRVGHXQD
PHGLGD SUHFDXWRULD QR SXGLHQGR H[WHQGHUVH HQ QLQJ~Q FDVR GXUDQWH PiV GH WUHV PHVHV GHVGH OD IHFKD GH
LQLFLDFLyQ GHO VXPDULR 9HQFLGR GLFKR SOD]R VL HO VXPDULR QR KXELHUD VLGR FRQFOXLGR HO WUDEDMDGRU GHEHUi VHU
UHLQFRUSRUDGR D VXV WDUHDV KDELWXDOHV 8QD YH] FRQFOXLGR HO VXPDULR VL GHO PLVPR QR UHVXOWD OD DSOLFDFLyQ GH
VDQFLRQHVRODVTXHVHGHWHUPLQHQQRLPSOLTXHQODSpUGLGDGHORVKDEHUHVHOWUDEDMDGRUTXHKXELHUDVLGRDIHFWDGR
SRUXQDVXVSHQVLyQSUHYHQWLYDWHQGUiGHUHFKRDTXHVHOHDERQHQORVVDODULRVFDtGRVGXUDQWHHOODSVRGHYLJHQFLD
GHODPLVPDRODSDUWHSURSRUFLRQDOGHORVPLVPRVVHJ~QOHFRUUHVSRQGD
$UWtFXOR²/RVSOD]RVGHSUHVFULSFLyQSDUDODDSOLFDFLyQGHODVVDQFLRQHVGLVFLSOLQDULDVFRQODVVDOYHGDGHV
TXHGHWHUPLQHODUHJODPHQWDFLyQVHFRPSXWDUiQGHODVLJXLHQWHIRUPD
D&DXVDOHVTXHGLHUDQOXJDUDODDSOLFDFLyQGHDSHUFLELPLHQWR\VXVSHQVLyQVHLVPHVHV
E&DXVDOHVTXHGLHUDQOXJDUDODFHVDQWtDXQDxR
F&DXVDOHVTXHGLHUDQOXJDUDODH[RQHUDFLyQGRVDxRV
(QWRGRVORVFDVRVHOSOD]RVHFRQWDUiDSDUWLUGHOPRPHQWRGHODFRPLVLyQGHODIDOWD
$UWtFXOR²3RUYtDUHJODPHQWDULDVHGHWHUPLQDUiODVDXWRULGDGHVFRQDWULEXFLRQHVSDUDDSOLFDUODVVDQFLRQHVD
TXH VH UHILHUH HVWH FDStWXOR FRPR DVt WDPELpQ HO SURFHGLPLHQWR GH LQYHVWLJDFLyQ DSOLFDEOH (VWH SURFHGLPLHQWR
GHEHUiJDUDQWL]DUHOGHUHFKRGHGHIHQVDHQMXLFLR\HVWDEOHFHUiSOD]RVSHUHQWRULRVHLPSURUURJDEOHVSDUDUHVROYHU
ORV VXPDULRV DGPLQLVWUDWLYRV TXH QXQFD SRGUiQ H[FHGHU GH VHLV PHVHV GH FRPHWLGR HO KHFKR R OD FRQGXFWD
LPSXWDGD
&$3,78/29,,,
5(&8562-8',&,$/
$UWtFXOR²&RQWUD ORV DFWRV DGPLQLVWUDWLYRV TXH GLVSRQJDQ OD DSOLFDFLyQ GH VDQFLRQHV DO SHUVRQDO DPSDUDGR
SRUODHVWDELOLGDGSUHYLVWDHQHVWHUpJLPHQHODJHQWHDIHFWDGRSRGUiRSWDUSRULPSXJQDUORSRUODYtDDGPLQLVWUDWLYD
FRP~Q \ XQD YH] DJRWDGD pVWD DFXGLU D VHGH MXGLFLDO R UHFXUULU GLUHFWDPHQWH SRU DQWH OD &iPDUD 1DFLRQDO GH
$SHODFLRQHV HQ OR &RQWHQFLRVR $GPLQLVWUDWLYR )HGHUDO R SRU DQWH ODV FiPDUDV IHGHUDOHV FRQ DVLHQWR HQ ODV
SURYLQFLDV VHJ~Q FRUUHVSRQGD FRQIRUPH DO OXJDU GH SUHVWDFLyQ GH VHUYLFLRV GHO DJHQWH /D RSFLyQ IRUPXODGD HV
H[FOX\HQWHHLQKLEHODXWLOL]DFLyQGHFXDOTXLHURWUDYtDRDFFLyQ
(O UHFXUVR MXGLFLDO GLUHFWR VyOR SRGUi IXQGDUVH HQ OD LOHJLWLPLGDG GH OD VDQFLyQ FRQ H[SUHVD LQGLFDFLyQ GH ODV
QRUPDVSUHVXQWDPHQWHYLRODGDVRGHORVYLFLRVTXHVHDWULEX\HQDOVXPDULRLQVWUXLGR
$UWtFXOR²(OUHFXUVRMXGLFLDOGLUHFWRGHEHUiLQWHUSRQHUVHDQWHHO7ULEXQDOGHQWURGHORVQRYHQWDGtDVGH
QRWLILFDGD OD VDQFLyQ GHELHQGR OD DXWRULGDG DGPLQLVWUDWLYD HQYLDU DO 7ULEXQDO HO H[SHGLHQWH FRQ HO OHJDMR SHUVRQDO
GHOUHFXUUHQWHGHQWURGHORVGLH]GtDVGHUHTXHULGR
5HFLELGRVORVDQWHFHGHQWHVHO7ULEXQDOFRUUHUiWUDVODGRSRUVXRUGHQSRUGLH]GtDVSHUHQWRULRVDOUHFXUUHQWH\
DODDGPLQLVWUDFLyQ
9HQFLGRHVWHSOD]R\FXPSOLGDVODVPHGLGDVSDUDPHMRUSURYHHUTXHSXGLHUDKDEHUGLVSXHVWRHO7ULEXQDOOODPDUi
DXWRVSDUDVHQWHQFLDODTXHVHGLFWDUiGHQWURGHORVVHVHQWDGtDV7RGRVORVWpUPLQRVILMDGRVHQHOSUHVHQWH
DUWtFXORVHFRPSXWDUiQHQGtDVKiELOHVMXGLFLDOHV
$UWtFXOR ² 6L OD VHQWHQFLD IXHUD IDYRUDEOH DO UHFXUUHQWH HQ FDVR GH RUGHQDU VX UHLQFRUSRUDFLyQ OD
DGPLQLVWUDFLyQGHEHUiKDELOLWDUXQDYDFDQWHGHLJXDOFDWHJRUtDDODTXHUHYLVWDED(VWHSRGUiRSWDUSRUSHUFLELUOD
LQGHPQL]DFLyQSUHYLVWDHQHODUWtFXORUHQXQFLDQGRDOGHUHFKRGHUHLQFRUSRUDFLyQ
&$3,78/2,;
&$86$/(6'((*5(62
$UWtFXOR ² /D UHODFLyQ GH HPSOHR GHO DJHQWH FRQ OD $GPLQLVWUDFLyQ 3~EOLFD 1DFLRQDO FRQFOX\H SRU ODV
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP
/(<0$5&2'(5(*8/$&,21
VLJXLHQWHVFDXVDV
D&DQFHODFLyQGHODGHVLJQDFLyQGHOSHUVRQDOVLQHVWDELOLGDGHQORVWpUPLQRVGHODUWtFXOR
E5HQXQFLDDFHSWDGDRYHQFLPLHQWRGHOSOD]RGHFRQIRUPLGDGFRQORSUHYLVWRHQHODUWtFXOR
F&RQFOXVLyQRUHVFLVLyQGHOFRQWUDWRHQHOFDVRGHOSHUVRQDOEDMRHOUpJLPHQGHFRQWUDWDFLRQHV
G 9HQFLPLHQWR GHO SOD]R TXH OH FRUUHVSRQGLHUH GH FRQIRUPLGDG FRQ OR SUHYLVWR HQ HO DUWtFXOR SRU
UHHVWUXFWXUDFLyQRGLVROXFLyQGHRUJDQLVPRV
H5D]RQHVGHVDOXGTXHORLPSRVLELOLWHQSDUDHOFXPSOLPLHQWRGHWDUHDVODERUDOHV
I$SOLFDFLyQGHVDQFLRQHVGHFHVDQWtDRH[RQHUDFLyQ
J%DMDSRUMXELODFLyQUHWLURRYHQFLPLHQWRGHOSOD]RSUHYLVWRHQHODUWtFXOR
K3RUIDOOHFLPLHQWR
&$3,78/2;
'(/)21'23(50$1(17('(&$3$&,7$&,21<5(&$/,),&$&,21/$%25$/
$UWtFXOR²)DF~OWDVHDO3RGHU(MHFXWLYRDFUHDUXQIRQGRGHFDSDFLWDFLyQSHUPDQHQWH\UHFDOLILFDFLyQODERUDO
TXHIXQFLRQDUiHQHOiPELWRGHOD-HIDWXUDGH*DELQHWHGH0LQLVWURV
$UWtFXOR ² (O IRQGR WHQGUi SRU REMHWLYR HODERUDU SURJUDPDV GH FDSDFLWDFLyQ UHFDOLILFDFLyQ GH SXHVWRV GH
WUDEDMR\WRGDRWUDDFFLyQWHQGLHQWHDIDFLOLWDUODPRYLOLGDGIXQFLRQDO\ODUHDGDSWDFLyQGHORVHPSOHDGRVS~EOLFRVD
ORVFDPELRVWHFQROyJLFRVIXQFLRQDOHVXRUJDQL]DFLRQDOHVSURSLRVGHODDGPLQLVWUDFLyQPRGHUQD
$UWtFXOR ² (O yUJDQR GH DGPLQLVWUDFLyQ GH HVWH IRQGR VX FRPSRVLFLyQ \ PRGDOLGDGHV GH IXQFLRQDPLHQWR
VHUiHVWDEOHFLGRHQHOPDUFRGHODQHJRFLDFLyQFROHFWLYD\ORVUHFXUVRVDDVLJQDUGHEHUiQUHVSRQGHUDOFDUiFWHUGH
ORVGLIHUHQWHVSURJUDPDVGHPRGHUQL]DFLyQGHORVRUJDQLVPRVMXULVGLFFLRQHV
KWWSZZZLQIROHJJREDULQIROHJ,QWHUQHWDQH[RVQRUPDKWP