'RFXPHQWR 6*7&

6RFRYHVD6XU
)HFKD5HYLVLyQ 
3ROtWLFD6LVWHPDGH*HVWLyQHQ6DOXG\6HJXULGDGHQHO
9HUVLyQ1ž 
7UDEDMR
 3iJLQD 

$/0$&(1$0,(1726(*852'(&20%867,%/(
(OWUDQVSRUWHGH&RPEXVWLEOHDOD2EUDGHEHUiKDFHUVHSRUPHGLRGH&DPLRQHVGHVXPLQLVWUR
DXWRUL]DGRVSRUOD6(&

/DVERGHJDVSDUDHODOPDFHQDPLHQWRGHFRPEXVWLEOHGHEHQ

 7HQHUHOWDPDxRQHFHVDULRSDUDFRQWHQHUODWRWDOLGDGGHORVHVWDQTXHV\RWDPERUHVGHFRPEXVWLEOHVD
XWLOL]DUHQOD2EUD
 /DVSDUHGHVGHEHQSHUPLWLUODFRQYHQLHQWHYHQWLODFLyQGHODERGHJD\VHUGHPDWHULDOQRFRPEXVWLEOH
 'HEHQHVWDUDOHMDGDVGHFXDOTXLHUIXHQWHGHFDORU
 (YLWDUFRQWDFWRFRQRWURVSURGXFWRVDOPDFHQDGRVHVSHFLDOPHQWHILHUURVTXHSXHGDQSURGXFLUFKLVSD
 /D SXHUWD GHEH SHUPLWLU HO FLHUUH FRQ FDQGDGR GH OD ERGHJD GH IRUPD WDO TXH VROR HO UHVSRQVDEOH GH
ERGHJDSXHGDDFFHGHUDORVSURGXFWRVLQIODPDEOHV
 (O VXHOR GHEH VHU FDSD] GH FRQWHQHU GHUUDPHV GH ORV HVWDQTXHV R WDPERUHV GH FRPEXVWLEOHV
LPSLGLHQGRTXHHOWHUUHQRQDWXUDOVHFRQWDPLQHFRQORVOtTXLGRVLQIODPDEOHV
 ,QVWDODUOHWUHURVTXHLQGLTXHQ³3HOLJUR,QIODPDEOH´³1R)XPDU´
 ([WLQWRU GH 346 $%& GH  NLORV HQ H[WHULRU FRQ FDUJD DO GtD \ XQ EDOGH FRQ DUHQD SDUD FRQWHQHU
GHUUDPHV
 /RVWDPERUHVRHVWDQTXHVGHEHQSHUPDQHFHUFHUUDGRV6LVHPRVWUDVHQGHIRUPDGRVUHGRQGHDGRV12
DEULU EDMR QLQJXQD FLUFXQVWDQFLD 6H GHEH OODPDU DO 'HSDUWDPHQWR GH 3UHYHQFLyQ DQWHV GH DEULU HVWRV
HVWDQTXHVRWDPERUHV
 /RV WUDVYDVLMHV GH FRPEXVWLEOH VROR VH UHDOL]DUiQ FRQ OD ERPED HOpFWULFD GH ORV HVWDQTXHV R ERPEDV
PDQXDOHV1RUHDOL]DUFDUJDVFKXSDQGRPDQJXHUDV
 /RV WDPERUHV VL VH DOPDFHQDQ HQ IRUPD KRUL]RQWDO GHEH VHU FDEDOOHWHV GH PDGHUD \ FRQ OODYH SDUD
IDFLOLWDUUHWLURGHFRPEXVWLEOH
 /LPSLDUGHLQPHGLDWRORVGHUUDPHVRFDVLRQDGRV
 &RQHFWDUDWLHUUDHVWDQTXHFRQOtTXLGRVLQIODPDEOHVSDUDFRQWURODUFRUULHQWHHVWiWLFD



6*7&$OPDFHQDPLHQWR&RPEXVWLEOHV 3iJLQD 


 'RFXPHQWR 6*7&
6RFRYHVD6XU
)HFKD5HYLVLyQ 
3ROtWLFD6LVWHPDGH*HVWLyQHQ6DOXG\6HJXULGDGHQHO
9HUVLyQ1ž 
7UDEDMR
 3iJLQD 


(0(5*(1&,$6'(55$0(6'(&20%867,%/(6

‰ 'HUUDPHPHQRU

 $LVODUHOiUHDDIHFWDGD
 &XEULUFRQDUHQDHOGHUUDPH
 5HWLUDUODDUHQDFRQHVFRED\SDODSOiVWLFD
 5HFRSLODUDUHQDHQEROVDSOiVWLFD\GHSRVLWDUHQWDPERUGHUHVLGXRVWDSDGR\VHxDOL]DGR(QYLDU
DO9HUWHGHUR0XQLFLSDO

‰ 'HUUDPHPD\RUVREUHOWV

 $OHUWDUDYLYDYR]DOSHUVRQDOGHOVHFWRUDYLVDUDO'LUHFWRU7pFQLFRGHOD2EUD
 &RUWDUODHQHUJtDHOpFWULFDWDEOHURVHxDOL]DGR\GHIiFLORSHUDFLyQ
 (YLWDU HO HVFXUULPLHQWR GHO SURGXFWR D OD WLHUUD \ D ORV FXUVRV GH DJXDV PHGLDQWH EDUUHUDV GH
FRQWHQFLyQFRQDUHQD
 3RQHUEDUUHUDVFRQRVHQORVDFFHVRVDOOXJDU
 ,PSHGLUIXHQWHVGHLJQLFLyQHQHOiUHDIXPDUXVRFHOXODUHVHWF



3DUDHYLWDUODGLVSHUVLyQGHFRPEXVWLEOHHQFDVRGHGHUUDPHPD\RUVHPRQWDUiODERGHJDVREUHXQDEDVH
LPSHUPHDEOH OR]D SREUH 3ROLHWLOHQR FRQWLQXR JUXHVR TXH LPSLGD TXH HO FRPEXVWLEOH DFFHGD DO WHUUHQR
QDWXUDO
3DUD HYLWDU GHUUDPHV R JRWHRV VH SLGH TXH OD RSHUDFLyQ VH KDJD VREUH XQD WLQHWD  EDOGH FRQ DUHQD SDUD
HYLWDUHVFXUULPLHQWRV

 7LQHWDREDOGHFRQDUHQDSDUD
 JRWHRV
  




%DVH,PSHUPHDEOHFRQWLQXDFRQSUHWLOHVGHDORPHQRVFPTXHVLUYDQSDUD
FRQWHQHUGHUUDPHV

6*7&$OPDFHQDPLHQWR&RPEXVWLEOHV 3iJLQD