/(*,6/$&,Î1&2162/,'$'$

/H\  GH  GH RFWXEUH GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR

&RP~QGHODV$GPLQLVWUDFLRQHV3~EOLFDV

-HIDWXUDGHO(VWDGR
¨%2(©Q~PGHGHRFWXEUHGH
5HIHUHQFLD%2($

Ê1',&(


- İ(0'* c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c 

7Ê78/235(/,0,1$5'LVSRVLFLRQHVJHQHUDOHV                                            

$UWtFXOR2EMHWRGHOD/H\                                                  

$UWtFXORÇPELWRVXEMHWLYRGHDSOLFDFLyQ                                         

7Ê78/2,'HORVLQWHUHVDGRVHQHOSURFHGLPLHQWR                                           

&$3Ê78/2,/DFDSDFLGDGGHREUDU\HOFRQFHSWRGHLQWHUHVDGR                               

$UWtFXOR&DSDFLGDGGHREUDU                                                

$UWtFXOR&RQFHSWRGHLQWHUHVDGR                                             

$UWtFXOR5HSUHVHQWDFLyQ                                                  

$UWtFXOR5HJLVWURVHOHFWUyQLFRVGHDSRGHUDPLHQWRV                                 

$UWtFXOR3OXUDOLGDGGHLQWHUHVDGRV                                            

$UWtFXOR1XHYRVLQWHUHVDGRVHQHOSURFHGLPLHQWR                                   

&$3Ê78/2,,,GHQWLILFDFLyQ\ILUPDGHORVLQWHUHVDGRVHQHOSURFHGLPLHQWRDGPLQLVWUDWLYR                

$UWtFXOR6LVWHPDVGHLGHQWLILFDFLyQGHORVLQWHUHVDGRVHQHOSURFHGLPLHQWR                  

$UWtFXOR6LVWHPDVGHILUPDDGPLWLGRVSRUODV$GPLQLVWUDFLRQHV3~EOLFDV                   

$UWtFXOR8VRGHPHGLRVGHLGHQWLILFDFLyQ\ILUPDHQHOSURFHGLPLHQWRDGPLQLVWUDWLYR            

$UWtFXOR$VLVWHQFLDHQHOXVRGHPHGLRVHOHFWUyQLFRVDORVLQWHUHVDGRV                    

7Ê78/2,,'HODDFWLYLGDGGHODV$GPLQLVWUDFLRQHV3~EOLFDV                                    

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

SUHVXQWRGHVHVWLPDWRULRHOyUJDQRDGPLQLVWUDWLYRSRGUiDFRUGDUODVXVSHQVLyQGHOSOD]RSDUD
UHVROYHUKDVWDTXHUHFDLJDSURQXQFLDPLHQWRMXGLFLDO
'HDFXHUGRFRQODYROXQWDGGHVXSULPLUWUiPLWHVTXHOHMRVGHFRQVWLWXLUXQDYHQWDMDSDUD
ORVDGPLQLVWUDGRVVXSRQtDQXQDFDUJDTXHGLILFXOWDEDHOHMHUFLFLRGHVXVGHUHFKRVOD/H\QR
FRQWHPSOD \D ODV UHFODPDFLRQHV SUHYLDV HQ YtD FLYLO \ ODERUDO GHELGR D OD HVFDVD XWLOLGDG
SUiFWLFDTXHKDQGHPRVWUDGRKDVWDODIHFKD\TXHGHHVWHPRGRTXHGDQVXSULPLGDV
(O WtWXOR 9, VREUH OD LQLFLDWLYD OHJLVODWLYD \ SRWHVWDG QRUPDWLYD GH ODV $GPLQLVWUDFLRQHV
3~EOLFDV UHFRJH ORV SULQFLSLRV D ORV TXH KD GH DMXVWDU VX HMHUFLFLR OD $GPLQLVWUDFLyQ WLWXODU
KDFLHQGRHIHFWLYRVORVGHUHFKRVFRQVWLWXFLRQDOHVHQHVWHiPELWR
-XQWR FRQ DOJXQDV PHMRUDV HQ OD UHJXODFLyQ YLJHQWH VREUH MHUDUTXtD SXEOLFLGDG GH ODV
QRUPDV\SULQFLSLRVGHEXHQDUHJXODFLyQVHLQFOX\HQYDULDVQRYHGDGHVSDUDLQFUHPHQWDUOD
SDUWLFLSDFLyQGHORVFLXGDGDQRVHQHOSURFHGLPLHQWRGHHODERUDFLyQGHQRUPDVHQWUHODVTXH
GHVWDFD OD QHFHVLGDG GH UHFDEDU FRQ FDUiFWHU SUHYLR D OD HODERUDFLyQ GH OD QRUPD OD
RSLQLyQ GH FLXGDGDQRV \ HPSUHVDV DFHUFD GH ORV SUREOHPDV TXH VH SUHWHQGHQ VROXFLRQDU
FRQODLQLFLDWLYDODQHFHVLGDG\RSRUWXQLGDGGHVXDSUREDFLyQORVREMHWLYRVGHODQRUPD\ODV
SRVLEOHVVROXFLRQHVDOWHUQDWLYDVUHJXODWRULDV\QRUHJXODWRULDV
3RU RWUD SDUWH HQ DUDV GH XQD PD\RU VHJXULGDG MXUtGLFD \ OD SUHGLFWLELOLGDG GHO
RUGHQDPLHQWRVHDSXHVWDSRUPHMRUDUODSODQLILFDFLyQQRUPDWLYDH[DQWH3DUDHOORWRGDVODV
$GPLQLVWUDFLRQHV GLYXOJDUiQ XQ 3ODQ $QXDO 1RUPDWLYR HQ HO TXH VH UHFRJHUiQ WRGDV ODV
SURSXHVWDVFRQUDQJRGHOH\RGHUHJODPHQWRTXHYD\DQDVHUHOHYDGDVSDUDVXDSUREDFLyQ
HODxRVLJXLHQWH$OPLVPRWLHPSRVHIRUWDOHFHODHYDOXDFLyQH[SRVWSXHVWRTXHMXQWRFRQHO
GHEHUGHUHYLVDUGHIRUPDFRQWLQXDODDGDSWDFLyQGHODQRUPDWLYDDORVSULQFLSLRVGHEXHQD
UHJXODFLyQ VH LPSRQH OD REOLJDFLyQ GH HYDOXDU SHULyGLFDPHQWH OD DSOLFDFLyQ GH ODV QRUPDV
HQYLJRUFRQHOREMHWRGHFRPSUREDUVLKDQFXPSOLGRORVREMHWLYRVSHUVHJXLGRV\VLHOFRVWH\
FDUJDVGHULYDGRVGHHOODVHVWDEDMXVWLILFDGR\DGHFXDGDPHQWHYDORUDGR
3RU OR TXH UHVSHFWD D ODV GLVSRVLFLRQHV DGLFLRQDOHV WUDQVLWRULDV GHURJDWRULDV \ ILQDOHV
FDEHDOXGLUDODUHODWLYDDODDGKHVLyQSRUSDUWHGHODV&RPXQLGDGHV$XWyQRPDV\(QWLGDGHV
/RFDOHVDORVUHJLVWURV\VLVWHPDVHVWDEOHFLGRVSRUOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGRHQ
DSOLFDFLyQGHOSULQFLSLRGHHILFLHQFLDUHFRQRFLGRHQOD/H\2UJiQLFDGHGHDEULO
'HVWDFD LJXDOPHQWH OD GLVSRVLFLyQ VREUH ODV HVSHFLDOLGDGHV SRU UD]yQ GH OD PDWHULD
GRQGH VH HVWDEOHFH XQD VHULH GH DFWXDFLRQHV \ SURFHGLPLHQWRV TXH VH UHJLUiQ SRU VX
QRUPDWLYD HVSHFtILFD \ VXSOHWRULDPHQWH SRU OR SUHYLVWR HQ HVWD /H\ HQWUH ODV TXH FDEH
GHVWDFDUODVGHDSOLFDFLyQGHORVWULEXWRV\UHYLVLyQHQPDWHULDWULEXWDULD\DGXDQHUDODVGH
JHVWLyQ LQVSHFFLyQ OLTXLGDFLyQ UHFDXGDFLyQ LPSXJQDFLyQ \ UHYLVLyQ HQ PDWHULD GH
6HJXULGDG6RFLDO\'HVHPSOHRHQGRQGHVHHQWLHQGHQFRPSUHQGLGRVHQWUHRWURVORVDFWRV
GH HQFXDGUDPLHQWR \ DILOLDFLyQ GH OD 6HJXULGDG 6RFLDO \ ODV DSRUWDFLRQHV HFRQyPLFDV SRU
GHVSLGRVTXHDIHFWHQDWUDEDMDGRUHVGHFLQFXHQWDRPiVDxRVHQHPSUHVDVFRQEHQHILFLRV
DVtFRPRODVDFWXDFLRQHV\SURFHGLPLHQWRVVDQFLRQDGRUHVHQPDWHULDWULEXWDULD\DGXDQHUD
HQHORUGHQVRFLDOHQPDWHULDGHWUiILFR\VHJXULGDGYLDO\HQPDWHULDGHH[WUDQMHUtD
3RU ~OWLPR OD /H\ FRQWLHQH ODV GLVSRVLFLRQHV GH GHUHFKR WUDQVLWRULR DSOLFDEOHV D ORV
SURFHGLPLHQWRVHQFXUVRDVXHQWUDGDHQYLJRUDDUFKLYRV\UHJLVWURV\DO3XQWRGH$FFHVR
*HQHUDOHOHFWUyQLFRDVtFRPRODVTXHKDELOLWDQSDUDHOGHVDUUROORGHORSUHYLVWRHQOD/H\

7Ê78/235(/,0,1$5
'LVSRVLFLRQHVJHQHUDOHV

$UWtFXOR% /*

'
4c

 /D SUHVHQWH /H\ WLHQH SRU REMHWR UHJXODU ORV UHTXLVLWRV GH YDOLGH] \ HILFDFLD GH ORV
DFWRV DGPLQLVWUDWLYRV HO SURFHGLPLHQWR DGPLQLVWUDWLYR FRP~Q D WRGDV ODV $GPLQLVWUDFLRQHV
3~EOLFDV LQFOX\HQGR HO VDQFLRQDGRU \ HO GH UHFODPDFLyQ GH UHVSRQVDELOLGDG GH ODV
$GPLQLVWUDFLRQHV3~EOLFDVDVtFRPRORVSULQFLSLRVDORVTXHVHKDGHDMXVWDUHOHMHUFLFLRGH
ODLQLFLDWLYDOHJLVODWLYD\ODSRWHVWDGUHJODPHQWDULD
 6ROR PHGLDQWH OH\ FXDQGR UHVXOWH HILFD] SURSRUFLRQDGR \ QHFHVDULR SDUD OD
FRQVHFXFLyQGHORVILQHVSURSLRVGHOSURFHGLPLHQWR\GHPDQHUDPRWLYDGDSRGUiQLQFOXLUVH
WUiPLWHVDGLFLRQDOHVRGLVWLQWRVDORVFRQWHPSODGRVHQHVWD/H\5HJODPHQWDULDPHQWHSRGUiQ
HVWDEOHFHUVHHVSHFLDOLGDGHVGHOSURFHGLPLHQWRUHIHULGDVDORVyUJDQRVFRPSHWHQWHVSOD]RV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

SURSLRV GHO FRQFUHWR SURFHGLPLHQWR SRU UD]yQ GH OD PDWHULD IRUPDV GH LQLFLDFLyQ \
WHUPLQDFLyQSXEOLFDFLyQHLQIRUPHVDUHFDEDU

$UWtFXOR¡($/*
.0% /$1*

+'$$Ż)c

/DSUHVHQWH/H\VHDSOLFDDOVHFWRUS~EOLFRTXHFRPSUHQGH
D /D$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
E /DV$GPLQLVWUDFLRQHVGHODV&RPXQLGDGHV$XWyQRPDV
F /DV(QWLGDGHVTXHLQWHJUDQOD$GPLQLVWUDFLyQ/RFDO
G (OVHFWRUS~EOLFRLQVWLWXFLRQDO
(OVHFWRUS~EOLFRLQVWLWXFLRQDOVHLQWHJUDSRU
D  &XDOHVTXLHUD RUJDQLVPRV S~EOLFRV \ HQWLGDGHV GH GHUHFKR S~EOLFR YLQFXODGRV R
GHSHQGLHQWHVGHODV$GPLQLVWUDFLRQHV3~EOLFDV
E /DVHQWLGDGHVGHGHUHFKRSULYDGRYLQFXODGDVRGHSHQGLHQWHVGHODV$GPLQLVWUDFLRQHV
3~EOLFDV TXH TXHGDUiQ VXMHWDV D OR GLVSXHVWR HQ ODV QRUPDV GH HVWD /H\ TXH
HVSHFtILFDPHQWH VH UHILHUDQ D ODV PLVPDV \ HQ WRGR FDVR FXDQGR HMHU]DQ SRWHVWDGHV
DGPLQLVWUDWLYDV
F  /DV 8QLYHUVLGDGHV S~EOLFDV TXH VH UHJLUiQ SRU VX QRUPDWLYD HVSHFtILFD \
VXSOHWRULDPHQWHSRUODVSUHYLVLRQHVGHHVWD/H\
 7LHQHQ OD FRQVLGHUDFLyQ GH $GPLQLVWUDFLRQHV 3~EOLFDV OD $GPLQLVWUDFLyQ *HQHUDO GHO
(VWDGRODV$GPLQLVWUDFLRQHVGHODV&RPXQLGDGHV$XWyQRPDVODV(QWLGDGHVTXHLQWHJUDQOD
$GPLQLVWUDFLyQ /RFDO DVt FRPR ORV RUJDQLVPRV S~EOLFRV \ HQWLGDGHV GH GHUHFKR S~EOLFR
SUHYLVWRVHQODOHWUDD GHODSDUWDGRDQWHULRU
 /DV &RUSRUDFLRQHV GH 'HUHFKR 3~EOLFR VH UHJLUiQ SRU VX QRUPDWLYD HVSHFtILFD HQ HO
HMHUFLFLRGHODVIXQFLRQHVS~EOLFDVTXHOHVKD\DQVLGRDWULEXLGDVSRU/H\RGHOHJDGDVSRUXQD
$GPLQLVWUDFLyQ3~EOLFD\VXSOHWRULDPHQWHSRUODSUHVHQWH/H\

7Ê78/2,
'HORVLQWHUHVDGRVHQHOSURFHGLPLHQWR

&$3Ê78/2,
/DFDSDFLGDGGHREUDU\HOFRQFHSWRGHLQWHUHVDGR

$UWtFXOR+$

*--c
$ ORV HIHFWRV SUHYLVWRV HQ HVWD /H\ WHQGUiQ FDSDFLGDG GH REUDU DQWH ODV
$GPLQLVWUDFLRQHV3~EOLFDV
D  /DV SHUVRQDV ItVLFDV R MXUtGLFDV TXH RVWHQWHQ FDSDFLGDG GH REUDU FRQ DUUHJOR D ODV
QRUPDVFLYLOHV
E  /RV PHQRUHV GH HGDG SDUD HO HMHUFLFLR \ GHIHQVD GH DTXHOORV GH VXV GHUHFKRV H
LQWHUHVHV FX\D DFWXDFLyQ HVWp SHUPLWLGD SRU HO RUGHQDPLHQWR MXUtGLFR VLQ OD DVLVWHQFLD GH OD
SHUVRQD TXH HMHU]D OD SDWULD SRWHVWDG WXWHOD R FXUDWHOD 6H H[FHSW~D HO VXSXHVWR GH ORV
PHQRUHV LQFDSDFLWDGRV FXDQGR OD H[WHQVLyQ GH OD LQFDSDFLWDFLyQ DIHFWH DO HMHUFLFLR \
GHIHQVDGHORVGHUHFKRVRLQWHUHVHVGHTXHVHWUDWH
F  &XDQGR OD /H\ DVt OR GHFODUH H[SUHVDPHQWH ORV JUXSRV GH DIHFWDGRV ODV XQLRQHV \
HQWLGDGHVVLQSHUVRQDOLGDGMXUtGLFD\ORVSDWULPRQLRVLQGHSHQGLHQWHVRDXWyQRPRV

$UWtFXOR*) +/*

$)/ - .*c

6HFRQVLGHUDQLQWHUHVDGRVHQHOSURFHGLPLHQWRDGPLQLVWUDWLYR
D 4XLHQHVORSURPXHYDQFRPRWLWXODUHVGHGHUHFKRVRLQWHUHVHVOHJtWLPRVLQGLYLGXDOHVR
FROHFWLYRV
E  /RV TXH VLQ KDEHU LQLFLDGR HO SURFHGLPLHQWR WHQJDQ GHUHFKRV TXH SXHGDQ UHVXOWDU
DIHFWDGRVSRUODGHFLVLyQTXHHQHOPLVPRVHDGRSWH

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

F  $TXHOORV FX\RV LQWHUHVHV OHJtWLPRV LQGLYLGXDOHV R FROHFWLYRV SXHGDQ UHVXOWDU

DIHFWDGRV SRU OD UHVROXFLyQ \ VH SHUVRQHQ HQ HO SURFHGLPLHQWR HQ WDQWR QR KD\D UHFDtGR
UHVROXFLyQGHILQLWLYD
 /DV DVRFLDFLRQHV \ RUJDQL]DFLRQHV UHSUHVHQWDWLYDV GH LQWHUHVHV HFRQyPLFRV \
VRFLDOHV VHUiQ WLWXODUHV GH LQWHUHVHV OHJtWLPRV FROHFWLYRV HQ ORV WpUPLQRV TXH OD /H\
UHFRQR]FD
&XDQGRODFRQGLFLyQGHLQWHUHVDGRGHULYDVHGHDOJXQDUHODFLyQMXUtGLFDWUDQVPLVLEOHHO
GHUHFKRKDELHQWHVXFHGHUiHQWDOFRQGLFLyQFXDOTXLHUDTXHVHDHOHVWDGRGHOSURFHGLPLHQWR

$UWtFXOR +- . )/$Ż)c
 /RV LQWHUHVDGRV FRQ FDSDFLGDG GH REUDU SRGUiQ DFWXDU SRU PHGLR GH UHSUHVHQWDQWH
HQWHQGLpQGRVH FRQ pVWH ODV DFWXDFLRQHV DGPLQLVWUDWLYDV VDOYR PDQLIHVWDFLyQ H[SUHVD HQ
FRQWUDGHOLQWHUHVDGR
/DVSHUVRQDVItVLFDVFRQFDSDFLGDGGHREUDU\ODVSHUVRQDVMXUtGLFDVVLHPSUHTXHHOOR
HVWp SUHYLVWR HQ VXV (VWDWXWRV SRGUiQ DFWXDU HQ UHSUHVHQWDFLyQ GH RWUDV DQWH ODV
$GPLQLVWUDFLRQHV3~EOLFDV
 3DUD IRUPXODU VROLFLWXGHV SUHVHQWDU GHFODUDFLRQHV UHVSRQVDEOHV R FRPXQLFDFLRQHV
LQWHUSRQHUUHFXUVRVGHVLVWLUGHDFFLRQHV\UHQXQFLDUDGHUHFKRVHQQRPEUHGHRWUDSHUVRQD
GHEHUi DFUHGLWDUVH OD UHSUHVHQWDFLyQ 3DUD ORV DFWRV \ JHVWLRQHV GH PHUR WUiPLWH VH
SUHVXPLUiDTXHOODUHSUHVHQWDFLyQ
/DUHSUHVHQWDFLyQSRGUiDFUHGLWDUVHPHGLDQWHFXDOTXLHUPHGLRYiOLGRHQ'HUHFKRTXH
GHMHFRQVWDQFLDILGHGLJQDGHVXH[LVWHQFLD
$ HVWRV HIHFWRV VH HQWHQGHUi DFUHGLWDGD OD UHSUHVHQWDFLyQ UHDOL]DGD PHGLDQWH
DSRGHUDPLHQWR DSXG DFWD HIHFWXDGR SRU FRPSDUHFHQFLD SHUVRQDO R FRPSDUHFHQFLD
HOHFWUyQLFD HQ OD FRUUHVSRQGLHQWH VHGH HOHFWUyQLFD R D WUDYpV GH OD DFUHGLWDFLyQ GH VX
LQVFULSFLyQ HQ HO UHJLVWUR HOHFWUyQLFR GH DSRGHUDPLHQWRV GH OD $GPLQLVWUDFLyQ 3~EOLFD
FRPSHWHQWH
 (O yUJDQR FRPSHWHQWH SDUD OD WUDPLWDFLyQ GHO SURFHGLPLHQWR GHEHUi LQFRUSRUDU DO
H[SHGLHQWHDGPLQLVWUDWLYRDFUHGLWDFLyQGHODFRQGLFLyQGHUHSUHVHQWDQWH\GHORVSRGHUHVTXH
WLHQHUHFRQRFLGRVHQGLFKRPRPHQWR(OGRFXPHQWRHOHFWUyQLFRTXHDFUHGLWHHOUHVXOWDGRGH
ODFRQVXOWDDOUHJLVWURHOHFWUyQLFRGHDSRGHUDPLHQWRVFRUUHVSRQGLHQWHWHQGUiODFRQGLFLyQGH
DFUHGLWDFLyQDHVWRVHIHFWRV
/DIDOWDRLQVXILFLHQWHDFUHGLWDFLyQGHODUHSUHVHQWDFLyQQRLPSHGLUiTXHVHWHQJDSRU
UHDOL]DGR HO DFWR GH TXH VH WUDWH VLHPSUH TXH VH DSRUWH DTXpOOD R VH VXEVDQH HO GHIHFWR
GHQWURGHOSOD]RGHGLH]GtDVTXHGHEHUiFRQFHGHUDOHIHFWRHOyUJDQRDGPLQLVWUDWLYRRGHXQ
SOD]RVXSHULRUFXDQGRODVFLUFXQVWDQFLDVGHOFDVRDVtORUHTXLHUDQ
 /DV $GPLQLVWUDFLRQHV 3~EOLFDV SRGUiQ KDELOLWDU FRQ FDUiFWHU JHQHUDO R HVSHFtILFR D
SHUVRQDV ItVLFDV R MXUtGLFDV DXWRUL]DGDV SDUD OD UHDOL]DFLyQ GH GHWHUPLQDGDV WUDQVDFFLRQHV
HOHFWUyQLFDVHQUHSUHVHQWDFLyQGHORVLQWHUHVDGRV'LFKDKDELOLWDFLyQGHEHUiHVSHFLILFDUODV
FRQGLFLRQHV\REOLJDFLRQHVDODVTXHVHFRPSURPHWHQORVTXHDVtDGTXLHUDQODFRQGLFLyQGH
UHSUHVHQWDQWHV \ GHWHUPLQDUi OD SUHVXQFLyQ GH YDOLGH] GH OD UHSUHVHQWDFLyQ VDOYR TXH OD
QRUPDWLYDGHDSOLFDFLyQSUHYHDRWUDFRVD/DV$GPLQLVWUDFLRQHV3~EOLFDVSRGUiQUHTXHULUHQ
FXDOTXLHU PRPHQWR OD DFUHGLWDFLyQ GH GLFKD UHSUHVHQWDFLyQ 1R REVWDQWH VLHPSUH SRGUi
FRPSDUHFHUHOLQWHUHVDGRSRUVtPLVPRHQHOSURFHGLPLHQWR

$UWtFXOR "$./-*.
' /-Ż)$*.

+* -($ )/*.c

 /D $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR ODV &RPXQLGDGHV $XWyQRPDV \ ODV (QWLGDGHV
/RFDOHVGLVSRQGUiQGHXQUHJLVWURHOHFWUyQLFRJHQHUDOGHDSRGHUDPLHQWRVHQHOTXHGHEHUiQ
LQVFULELUVH DO PHQRV ORV GH FDUiFWHU JHQHUDO RWRUJDGRV DSXG DFWD SUHVHQFLDO R
HOHFWUyQLFDPHQWH SRU TXLHQ RVWHQWH OD FRQGLFLyQ GH LQWHUHVDGR HQ XQ SURFHGLPLHQWR
DGPLQLVWUDWLYRDIDYRUGHUHSUHVHQWDQWHSDUDDFWXDUHQVXQRPEUHDQWHODV$GPLQLVWUDFLRQHV
3~EOLFDV7DPELpQGHEHUiFRQVWDUHOEDVWDQWHRUHDOL]DGRGHOSRGHU
(QHOiPELWRHVWDWDOHVWHUHJLVWURVHUiHO5HJLVWUR(OHFWUyQLFRGH$SRGHUDPLHQWRVGHOD
$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
/RV UHJLVWURV JHQHUDOHV GH DSRGHUDPLHQWRV QR LPSHGLUiQ OD H[LVWHQFLD GH UHJLVWURV
SDUWLFXODUHV HQ FDGD 2UJDQLVPR GRQGH VH LQVFULEDQ ORV SRGHUHV RWRUJDGRV SDUD OD

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

UHDOL]DFLyQ GH WUiPLWHV HVSHFtILFRV HQ HO PLVPR &DGD 2UJDQLVPR SRGUi GLVSRQHU GH VX
SURSLRUHJLVWURHOHFWUyQLFRGHDSRGHUDPLHQWRV
/RVUHJLVWURVHOHFWUyQLFRVJHQHUDOHV\SDUWLFXODUHVGHDSRGHUDPLHQWRVSHUWHQHFLHQWHV
DWRGDV\FDGDXQDGHODV$GPLQLVWUDFLRQHVGHEHUiQVHUSOHQDPHQWHLQWHURSHUDEOHVHQWUHVt
GH PRGR TXH VH JDUDQWLFH VX LQWHUFRQH[LyQ FRPSDWLELOLGDG LQIRUPiWLFD DVt FRPR OD
WUDQVPLVLyQWHOHPiWLFDGHODVVROLFLWXGHVHVFULWRV\FRPXQLFDFLRQHVTXHVHLQFRUSRUHQDORV
PLVPRV
/RV UHJLVWURV HOHFWUyQLFRV JHQHUDOHV \ SDUWLFXODUHV GH DSRGHUDPLHQWRV SHUPLWLUiQ
FRPSUREDU YiOLGDPHQWH OD UHSUHVHQWDFLyQ GH TXLHQHV DFW~HQ DQWH ODV $GPLQLVWUDFLRQHV
3~EOLFDV HQ QRPEUH GH XQ WHUFHUR PHGLDQWH OD FRQVXOWD D RWURV UHJLVWURV DGPLQLVWUDWLYRV
VLPLODUHVDOUHJLVWURPHUFDQWLOGHODSURSLHGDG\DORVSURWRFRORVQRWDULDOHV
/RV UHJLVWURV PHUFDQWLOHV GH OD SURSLHGDG \ GH ORV SURWRFRORV QRWDULDOHV VHUiQ
LQWHURSHUDEOHVFRQORVUHJLVWURVHOHFWUyQLFRVJHQHUDOHV\SDUWLFXODUHVGHDSRGHUDPLHQWRV
/RVDVLHQWRVTXHVHUHDOLFHQHQORVUHJLVWURVHOHFWUyQLFRVJHQHUDOHV\SDUWLFXODUHVGH
DSRGHUDPLHQWRVGHEHUiQFRQWHQHUDOPHQRVODVLJXLHQWHLQIRUPDFLyQ
D  1RPEUH \ DSHOOLGRV R OD GHQRPLQDFLyQ R UD]yQ VRFLDO GRFXPHQWR QDFLRQDO GH
LGHQWLGDGQ~PHURGHLGHQWLILFDFLyQILVFDORGRFXPHQWRHTXLYDOHQWHGHOSRGHUGDQWH
E  1RPEUH \ DSHOOLGRV R OD GHQRPLQDFLyQ R UD]yQ VRFLDO GRFXPHQWR QDFLRQDO GH
LGHQWLGDGQ~PHURGHLGHQWLILFDFLyQILVFDORGRFXPHQWRHTXLYDOHQWHGHODSRGHUDGR
F )HFKDGHLQVFULSFLyQ
G 3HUtRGRGHWLHPSRSRUHOFXDOVHRWRUJDHOSRGHU
H 7LSRGHSRGHUVHJ~QODVIDFXOWDGHVTXHRWRUJXH
/RVSRGHUHVTXHVHLQVFULEDQHQORVUHJLVWURVHOHFWUyQLFRVJHQHUDOHV\SDUWLFXODUHVGH
DSRGHUDPLHQWRVGHEHUiQFRUUHVSRQGHUDDOJXQDGHODVVLJXLHQWHVWLSRORJtDV
D 8QSRGHUJHQHUDOSDUDTXHHODSRGHUDGRSXHGDDFWXDUHQQRPEUHGHOSRGHUGDQWHHQ
FXDOTXLHUDFWXDFLyQDGPLQLVWUDWLYD\DQWHFXDOTXLHU$GPLQLVWUDFLyQ
E 8QSRGHUSDUDTXHHODSRGHUDGRSXHGDDFWXDUHQQRPEUHGHOSRGHUGDQWHHQFXDOTXLHU
DFWXDFLyQDGPLQLVWUDWLYDDQWHXQD$GPLQLVWUDFLyQX2UJDQLVPRFRQFUHWR
F 8QSRGHUSDUDTXHHODSRGHUDGRSXHGDDFWXDUHQQRPEUHGHOSRGHUGDQWH~QLFDPHQWH
SDUDODUHDOL]DFLyQGHGHWHUPLQDGRVWUiPLWHVHVSHFLILFDGRVHQHOSRGHU
3iUUDIRDQXODGR
&DGD&RPXQLGDG$XWyQRPDDSUREDUiORVPRGHORVGHSRGHUHVLQVFULELEOHVHQHOUHJLVWUR
FXDQGRVHFLUFXQVFULEDDDFWXDFLRQHVDQWHVXUHVSHFWLYD$GPLQLVWUDFLyQ
(ODSRGHUDPLHQWR¨+0
DFWD©VHRWRUJDUiPHGLDQWHFRPSDUHFHQFLDHOHFWUyQLFDHQOD
FRUUHVSRQGLHQWH VHGH HOHFWUyQLFD KDFLHQGR XVR GH ORV VLVWHPDV GH ILUPD HOHFWUyQLFD
SUHYLVWRVHQHVWD/H\RELHQPHGLDQWHFRPSDUHFHQFLDSHUVRQDOHQODVRILFLQDVGHDVLVWHQFLD
HQPDWHULDGHUHJLVWURV
/RVSRGHUHVLQVFULWRVHQHOUHJLVWURWHQGUiQXQDYDOLGH]GHWHUPLQDGDPi[LPDGHFLQFR
DxRVDFRQWDUGHVGHODIHFKDGHLQVFULSFLyQ(QWRGRFDVRHQFXDOTXLHUPRPHQWRDQWHVGHOD
ILQDOL]DFLyQGHGLFKRSOD]RHOSRGHUGDQWHSRGUiUHYRFDURSURUURJDUHOSRGHU/DVSUyUURJDV
RWRUJDGDV SRU HO SRGHUGDQWH DO UHJLVWUR WHQGUiQ XQD YDOLGH] GHWHUPLQDGD Pi[LPD GH FLQFR
DxRVDFRQWDUGHVGHODIHFKDGHLQVFULSFLyQ
/DVVROLFLWXGHVGHLQVFULSFLyQGHOSRGHUGHUHYRFDFLyQGHSUyUURJDRGHGHQXQFLDGHO
PLVPRSRGUiQGLULJLUVHDFXDOTXLHUUHJLVWURGHELHQGRTXHGDULQVFULWDHVWDFLUFXQVWDQFLDHQHO
UHJLVWUR GH OD $GPLQLVWUDFLyQ X 2UJDQLVPR DQWH OD TXH WHQJD HIHFWRV HO SRGHU \ VXUWLHQGR
HIHFWRVGHVGHODIHFKDHQODTXHVHSURGX]FDGLFKDLQVFULSFLyQ

$UWtFXOR'0-'$

$)/ - .*.c

&XDQGR HQ XQD VROLFLWXG HVFULWR R FRPXQLFDFLyQ ILJXUHQ YDULRV LQWHUHVDGRV ODV
DFWXDFLRQHV D TXH GHQ OXJDU VH HIHFWXDUiQ FRQ HO UHSUHVHQWDQWH R HO LQWHUHVDGR TXH
H[SUHVDPHQWHKD\DQVHxDODGR\HQVXGHIHFWRFRQHOTXHILJXUHHQSULPHUWpUPLQR

$UWtFXOR0 1*.
$)/ - .*.
)
'
+-* $($ )/*c

6LGXUDQWHODLQVWUXFFLyQGHXQSURFHGLPLHQWRTXHQRKD\DWHQLGRSXEOLFLGDGVHDGYLHUWH
OD H[LVWHQFLD GH SHUVRQDV TXH VHDQ WLWXODUHV GH GHUHFKRV R LQWHUHVHV OHJtWLPRV \ GLUHFWRV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

FX\DLGHQWLILFDFLyQUHVXOWHGHOH[SHGLHQWH\TXHSXHGDQUHVXOWDUDIHFWDGRVSRUODUHVROXFLyQ
TXHVHGLFWHVHFRPXQLFDUiDGLFKDVSHUVRQDVODWUDPLWDFLyQGHOSURFHGLPLHQWR

&$3Ê78/2,,
,GHQWLILFDFLyQ\ILUPDGHORVLQWHUHVDGRVHQHOSURFHGLPLHQWRDGPLQLVWUDWLYR

$UWtFXOR$./ (.

$ )/$!$$Ż)

'*.
$)/ - .*.
)
'
+-* $($ )/*c

 /DV $GPLQLVWUDFLRQHV 3~EOLFDV HVWiQ REOLJDGDV D YHULILFDU OD LGHQWLGDG GH ORV
LQWHUHVDGRV HQ HO SURFHGLPLHQWR DGPLQLVWUDWLYR PHGLDQWH OD FRPSUREDFLyQ GH VX QRPEUH \
DSHOOLGRVRGHQRPLQDFLyQRUD]yQVRFLDOVHJ~QFRUUHVSRQGDTXHFRQVWHQHQHO'RFXPHQWR
1DFLRQDOGH,GHQWLGDGRGRFXPHQWRLGHQWLILFDWLYRHTXLYDOHQWH
 /RV LQWHUHVDGRV SRGUiQ LGHQWLILFDUVH HOHFWUyQLFDPHQWH DQWH ODV $GPLQLVWUDFLRQHV
3~EOLFDVDWUDYpVGHORVVLVWHPDVVLJXLHQWHV
D  6LVWHPDV EDVDGRV HQ FHUWLILFDGRV HOHFWUyQLFRV FXDOLILFDGRV GH ILUPD HOHFWUyQLFD
H[SHGLGRVSRUSUHVWDGRUHVLQFOXLGRVHQOD´´/LVWDGHFRQILDQ]DGHSUHVWDGRUHVGHVHUYLFLRVGH
FHUWLILFDFLyQµµ
E  6LVWHPDV EDVDGRV HQ FHUWLILFDGRV HOHFWUyQLFRV FXDOLILFDGRV GH VHOOR HOHFWUyQLFR
H[SHGLGRVSRUSUHVWDGRUHVLQFOXLGRVHQOD´´/LVWDGHFRQILDQ]DGHSUHVWDGRUHVGHVHUYLFLRVGH
FHUWLILFDFLyQµµ
F  &XDOTXLHU RWUR VLVWHPD TXH ODV $GPLQLVWUDFLRQHV S~EOLFDV FRQVLGHUHQ YiOLGR HQ ORV
WpUPLQRV\FRQGLFLRQHVTXHVHHVWDEOH]FDVLHPSUHTXHFXHQWHQFRQXQUHJLVWURSUHYLRFRPR
XVXDULR TXH SHUPLWD JDUDQWL]DU VX LGHQWLGDG \ SUHYLD FRPXQLFDFLyQ D OD 6HFUHWDUtD *HQHUDO
GH $GPLQLVWUDFLyQ 'LJLWDO GHO 0LQLVWHULR GH $VXQWRV (FRQyPLFRV \ 7UDQVIRUPDFLyQ 'LJLWDO
(VWDFRPXQLFDFLyQYHQGUiDFRPSDxDGDGHXQDGHFODUDFLyQUHVSRQVDEOHGHTXHVHFXPSOH
FRQWRGRVORVUHTXLVLWRVHVWDEOHFLGRVHQODQRUPDWLYDYLJHQWH'HIRUPDSUHYLDDODHILFDFLD
MXUtGLFDGHOVLVWHPDKDEUiQGHWUDQVFXUULUGRVPHVHVGHVGHGLFKDFRPXQLFDFLyQGXUDQWHORV
FXDOHVHOyUJDQRHVWDWDOFRPSHWHQWHSRUPRWLYRVGHVHJXULGDGS~EOLFDSRGUiDFXGLUDODYtD
MXULVGLFFLRQDOSUHYLRLQIRUPHYLQFXODQWHGHOD6HFUHWDUtDGH(VWDGRGH6HJXULGDGTXHGHEHUi
HPLWLUHQHOSOD]RGHGLH]GtDVGHVGHVXVROLFLWXG
/DV $GPLQLVWUDFLRQHV 3~EOLFDV GHEHUiQ JDUDQWL]DU TXH OD XWLOL]DFLyQ GH XQR GH ORV
VLVWHPDVSUHYLVWRVHQODVOHWUDVD \E VHDSRVLEOHSDUDWRGRSURFHGLPLHQWRDXQFXDQGRVH
DGPLWDSDUDHVHPLVPRSURFHGLPLHQWRDOJXQRGHORVSUHYLVWRVHQODOHWUDF 
 (Q UHODFLyQ FRQ ORV VLVWHPDV GH LGHQWLILFDFLyQ SUHYLVWRV HQ OD OHWUD F  GHO DSDUWDGR
DQWHULRU VH HVWDEOHFH OD REOLJDWRULHGDG GH TXH ORV UHFXUVRV WpFQLFRV QHFHVDULRV SDUD OD
UHFRJLGDDOPDFHQDPLHQWRWUDWDPLHQWR\JHVWLyQGHGLFKRVVLVWHPDVVHHQFXHQWUHQVLWXDGRV
HQWHUULWRULRGHOD8QLyQ(XURSHD\HQFDVRGHWUDWDUVHGHFDWHJRUtDVHVSHFLDOHVGHGDWRVD
ORVTXHVHUHILHUHHODUWtFXORGHO5HJODPHQWR 8( GHO3DUODPHQWR(XURSHR\GHO
&RQVHMR GH  GH DEULO GH  UHODWLYR D OD SURWHFFLyQ GH ODV SHUVRQDV ItVLFDV HQ OR TXH
UHVSHFWD DO WUDWDPLHQWR GH GDWRV SHUVRQDOHV \ D OD OLEUH FLUFXODFLyQ GH HVWRV GDWRV \ SRU HO
TXH VH GHURJD OD 'LUHFWLYD &( HQ WHUULWRULR HVSDxRO (Q FXDOTXLHU FDVR ORV GDWRV VH
HQFRQWUDUiQ GLVSRQLEOHV SDUD VX DFFHVR SRU SDUWH GH ODV DXWRULGDGHV MXGLFLDOHV \
DGPLQLVWUDWLYDVFRPSHWHQWHV
/RVGDWRVDTXHVHUHILHUHHOSiUUDIRDQWHULRUQRSRGUiQVHUREMHWRGHWUDQVIHUHQFLDDXQ
WHUFHUSDtVXRUJDQL]DFLyQLQWHUQDFLRQDOFRQH[FHSFLyQGHORVTXHKD\DQVLGRREMHWRGHXQD
GHFLVLyQGHDGHFXDFLyQGHOD&RPLVLyQ(XURSHDRFXDQGRDVtORH[LMDHOFXPSOLPLHQWRGHODV
REOLJDFLRQHVLQWHUQDFLRQDOHVDVXPLGDVSRUHO5HLQRGH(VSDxD
 (Q WRGR FDVR OD DFHSWDFLyQ GH DOJXQR GH HVWRV VLVWHPDV SRU OD $GPLQLVWUDFLyQ
*HQHUDOGHO(VWDGRVHUYLUiSDUDDFUHGLWDUIUHQWHDWRGDVODV$GPLQLVWUDFLRQHV3~EOLFDVVDOYR
SUXHED HQ FRQWUDULR OD LGHQWLILFDFLyQ HOHFWUyQLFD GH ORV LQWHUHVDGRV HQ HO SURFHGLPLHQWR
DGPLQLVWUDWLYR

$UWtFXOR$./ (.

!$-(
($/$*.
+*-
'.
($)$./-$*) .
Ɲ'$.c

 /RV LQWHUHVDGRV SRGUiQ ILUPDU D WUDYpV GH FXDOTXLHU PHGLR TXH SHUPLWD DFUHGLWDU OD
DXWHQWLFLGDG GH OD H[SUHVLyQ GH VX YROXQWDG \ FRQVHQWLPLHQWR DVt FRPR OD LQWHJULGDG H
LQDOWHUDELOLGDGGHOGRFXPHQWR

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

(QHOFDVRGHTXHORVLQWHUHVDGRVRSWDUDQSRUUHODFLRQDUVHFRQODV$GPLQLVWUDFLRQHV
3~EOLFDVDWUDYpVGHPHGLRVHOHFWUyQLFRVVHFRQVLGHUDUiQYiOLGRVDHIHFWRVGHILUPD
D  6LVWHPDV GH ILUPD HOHFWUyQLFD FXDOLILFDGD \ DYDQ]DGD EDVDGRV HQ FHUWLILFDGRV
HOHFWUyQLFRV FXDOLILFDGRV GH ILUPD HOHFWUyQLFD H[SHGLGRV SRU SUHVWDGRUHV LQFOXLGRV HQ OD
´´/LVWDGHFRQILDQ]DGHSUHVWDGRUHVGHVHUYLFLRVGHFHUWLILFDFLyQµµ
E 6LVWHPDVGHVHOORHOHFWUyQLFRFXDOLILFDGR\GHVHOORHOHFWUyQLFRDYDQ]DGREDVDGRVHQ
FHUWLILFDGRVHOHFWUyQLFRVFXDOLILFDGRVGHVHOORHOHFWUyQLFRH[SHGLGRVSRUSUHVWDGRULQFOXLGRHQ
OD´´/LVWDGHFRQILDQ]DGHSUHVWDGRUHVGHVHUYLFLRVGHFHUWLILFDFLyQµµ
F  &XDOTXLHU RWUR VLVWHPD TXH ODV $GPLQLVWUDFLRQHV S~EOLFDV FRQVLGHUHQ YiOLGR HQ ORV
WpUPLQRV\FRQGLFLRQHVTXHVHHVWDEOH]FDVLHPSUHTXHFXHQWHQFRQXQUHJLVWURSUHYLRFRPR
XVXDULR TXH SHUPLWD JDUDQWL]DU VX LGHQWLGDG \ SUHYLD FRPXQLFDFLyQ D OD 6HFUHWDUtD *HQHUDO
GH $GPLQLVWUDFLyQ 'LJLWDO GHO 0LQLVWHULR GH $VXQWRV (FRQyPLFRV \ 7UDQVIRUPDFLyQ 'LJLWDO
(VWDFRPXQLFDFLyQYHQGUiDFRPSDxDGDGHXQDGHFODUDFLyQUHVSRQVDEOHGHTXHVHFXPSOH
FRQWRGRVORVUHTXLVLWRVHVWDEOHFLGRVHQODQRUPDWLYDYLJHQWH'HIRUPDSUHYLDDODHILFDFLD
MXUtGLFDGHOVLVWHPDKDEUiQGHWUDQVFXUULUGRVPHVHVGHVGHGLFKDFRPXQLFDFLyQGXUDQWHORV
FXDOHVHOyUJDQRHVWDWDOFRPSHWHQWHSRUPRWLYRVGHVHJXULGDGS~EOLFDSRGUiDFXGLUDODYtD
MXULVGLFFLRQDOSUHYLRLQIRUPHYLQFXODQWHGHOD6HFUHWDUtDGH(VWDGRGH6HJXULGDGTXHGHEHUi
HPLWLUHQHOSOD]RGHGLH]GtDVGHVGHVXVROLFLWXG
/DV $GPLQLVWUDFLRQHV 3~EOLFDV GHEHUiQ JDUDQWL]DU TXH OD XWLOL]DFLyQ GH XQR GH ORV
VLVWHPDVSUHYLVWRVHQODVOHWUDVD \E VHDSRVLEOHSDUDWRGRVORVSURFHGLPLHQWRVHQWRGRV
VXVWUiPLWHVDXQFXDQGRDGLFLRQDOPHQWHVHSHUPLWDDOJXQRGHORVSUHYLVWRVDODPSDURGHOR
GLVSXHVWRHQODOHWUDF 
(QUHODFLyQFRQORVVLVWHPDVGHILUPDSUHYLVWRVHQODOHWUDF GHODSDUWDGRDQWHULRUVH
HVWDEOHFH OD REOLJDWRULHGDG GH TXH ORV UHFXUVRV WpFQLFRV QHFHVDULRV SDUD OD UHFRJLGD
DOPDFHQDPLHQWR WUDWDPLHQWR \ JHVWLyQ GH GLFKRV VLVWHPDV VH HQFXHQWUHQ VLWXDGRV HQ
WHUULWRULRGHOD8QLyQ(XURSHD\HQFDVRGHWUDWDUVHGHFDWHJRUtDVHVSHFLDOHVGHGDWRVDORV
TXH VH UHILHUH HO DUWtFXOR  GHO 5HJODPHQWR 8(   GHO 3DUODPHQWR (XURSHR \ GHO
&RQVHMR GH  GH DEULO GH  HQ WHUULWRULR HVSDxRO (Q FXDOTXLHU FDVR ORV GDWRV VH
HQFRQWUDUiQ GLVSRQLEOHV SDUD VX DFFHVR SRU SDUWH GH ODV DXWRULGDGHV MXGLFLDOHV \
DGPLQLVWUDWLYDVFRPSHWHQWHV
/RVGDWRVDTXHVHUHILHUHHOSiUUDIRDQWHULRUQRSRGUiQVHUREMHWRGHWUDQVIHUHQFLDDXQ
WHUFHUSDtVXRUJDQL]DFLyQLQWHUQDFLRQDOFRQH[FHSFLyQGHORVTXHKD\DQVLGRREMHWRGHXQD
GHFLVLyQGHDGHFXDFLyQGHOD&RPLVLyQ(XURSHDRFXDQGRDVtORH[LMDHOFXPSOLPLHQWRGHODV
REOLJDFLRQHVLQWHUQDFLRQDOHVDVXPLGDVSRUHO5HLQRGH(VSDxD
 &XDQGR DVt OR GLVSRQJD H[SUHVDPHQWH OD QRUPDWLYD UHJXODGRUD DSOLFDEOH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV SRGUiQ DGPLWLU ORV VLVWHPDV GH LGHQWLILFDFLyQ FRQWHPSODGRV HQ
HVWD/H\FRPRVLVWHPDGHILUPDFXDQGRSHUPLWDQDFUHGLWDUODDXWHQWLFLGDGGHODH[SUHVLyQGH
ODYROXQWDG\FRQVHQWLPLHQWRGHORVLQWHUHVDGRV
&XDQGRORVLQWHUHVDGRVXWLOLFHQXQVLVWHPDGHILUPDGHORVSUHYLVWRVHQHVWHDUWtFXOR
VXLGHQWLGDGVHHQWHQGHUi\DDFUHGLWDGDPHGLDQWHHOSURSLRDFWRGHODILUPD

$UWtFXOR.*

( $*.

$ )/$!$$Ż)
4
!$-(
)
'
+-* $($ )/*
($)$./-/$1*c

 &RQ FDUiFWHU JHQHUDO SDUD UHDOL]DU FXDOTXLHU DFWXDFLyQ SUHYLVWD HQ HO SURFHGLPLHQWR
DGPLQLVWUDWLYRVHUiVXILFLHQWHFRQTXHORVLQWHUHVDGRVDFUHGLWHQSUHYLDPHQWHVXLGHQWLGDGD
WUDYpVGHFXDOTXLHUDGHORVPHGLRVGHLGHQWLILFDFLyQSUHYLVWRVHQHVWD/H\
/DV$GPLQLVWUDFLRQHV3~EOLFDVVyORUHTXHULUiQDORVLQWHUHVDGRVHOXVRREOLJDWRULRGH
ILUPDSDUD
D )RUPXODUVROLFLWXGHV
E 3UHVHQWDUGHFODUDFLRQHVUHVSRQVDEOHVRFRPXQLFDFLRQHV
F ,QWHUSRQHUUHFXUVRV
G 'HVLVWLUGHDFFLRQHV
H 5HQXQFLDUDGHUHFKRV

$UWtFXOR.$./ )$
)
'
0.*

( $*.
' /-Ż)$*.

'*.
$)/ - .*.c

 /DV $GPLQLVWUDFLRQHV 3~EOLFDV GHEHUiQ JDUDQWL]DU TXH ORV LQWHUHVDGRV SXHGHQ
UHODFLRQDUVHFRQOD$GPLQLVWUDFLyQDWUDYpVGHPHGLRVHOHFWUyQLFRVSDUDORTXHSRQGUiQDVX

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

GLVSRVLFLyQORVFDQDOHVGHDFFHVRTXHVHDQQHFHVDULRVDVtFRPRORVVLVWHPDV\DSOLFDFLRQHV
TXHHQFDGDFDVRVHGHWHUPLQHQ
 /DV $GPLQLVWUDFLRQHV 3~EOLFDV DVLVWLUiQ HQ HO XVR GH PHGLRV HOHFWUyQLFRV D ORV
LQWHUHVDGRV QR LQFOXLGRV HQ ORV DSDUWDGRV  \  GHO DUWtFXOR  TXH DVt OR VROLFLWHQ
HVSHFLDOPHQWH HQ OR UHIHUHQWH D OD LGHQWLILFDFLyQ \ ILUPD HOHFWUyQLFD SUHVHQWDFLyQ GH
VROLFLWXGHVDWUDYpVGHOUHJLVWURHOHFWUyQLFRJHQHUDO\REWHQFLyQGHFRSLDVDXWpQWLFDV
$VLPLVPR VL DOJXQR GH HVWRV LQWHUHVDGRV QR GLVSRQH GH ORV PHGLRV HOHFWUyQLFRV
QHFHVDULRVVXLGHQWLILFDFLyQRILUPDHOHFWUyQLFDHQHOSURFHGLPLHQWRDGPLQLVWUDWLYRSRGUiVHU
YiOLGDPHQWH UHDOL]DGD SRU XQ IXQFLRQDULR S~EOLFR PHGLDQWH HO XVR GHO VLVWHPD GH ILUPD
HOHFWUyQLFDGHOTXHHVWpGRWDGRSDUDHOOR(QHVWHFDVRVHUiQHFHVDULRTXHHOLQWHUHVDGRTXH
FDUH]FDGHORVPHGLRVHOHFWUyQLFRVQHFHVDULRVVHLGHQWLILTXHDQWHHOIXQFLRQDULR\SUHVWHVX
FRQVHQWLPLHQWR H[SUHVR SDUD HVWD DFWXDFLyQ GH OR TXH GHEHUi TXHGDU FRQVWDQFLD SDUD ORV
FDVRVGHGLVFUHSDQFLDROLWLJLR
 /D $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR ODV &RPXQLGDGHV $XWyQRPDV \ ODV (QWLGDGHV
/RFDOHVPDQWHQGUiQDFWXDOL]DGRXQUHJLVWURXRWURVLVWHPDHTXLYDOHQWHGRQGHFRQVWDUiQORV
IXQFLRQDULRV KDELOLWDGRV SDUD OD LGHQWLILFDFLyQ R ILUPD UHJXODGD HQ HVWH DUWtFXOR (VWRV
UHJLVWURVRVLVWHPDVGHEHUiQVHUSOHQDPHQWHLQWHURSHUDEOHV\HVWDULQWHUFRQHFWDGRVFRQORV
GH ODV UHVWDQWHV $GPLQLVWUDFLRQHV 3~EOLFDV D ORV HIHFWRV GH FRPSUREDU OD YDOLGH] GH ODV
FLWDGDVKDELOLWDFLRQHV
(QHVWHUHJLVWURRVLVWHPDHTXLYDOHQWHDOPHQRVFRQVWDUiQORVIXQFLRQDULRVTXHSUHVWHQ
VHUYLFLRVHQODVRILFLQDVGHDVLVWHQFLDHQPDWHULDGHUHJLVWURV

7Ê78/2,,
'HODDFWLYLGDGGHODV$GPLQLVWUDFLRQHV3~EOLFDV

&$3Ê78/2,
1RUPDVJHQHUDOHVGHDFWXDFLyQ

$UWtFXOR - #*.

'.
+ -.*).
)
.0.
- '$*) .
*)
'.
($)$./-$*) .
Ɲ'$.c

4XLHQHV GH FRQIRUPLGDG FRQ HO DUWtFXOR  WLHQHQ FDSDFLGDG GH REUDU DQWH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV VRQ WLWXODUHV HQ VXV UHODFLRQHV FRQ HOODV GH ORV VLJXLHQWHV
GHUHFKRV
D  $ FRPXQLFDUVH FRQ ODV $GPLQLVWUDFLRQHV 3~EOLFDV D WUDYpV GH XQ 3XQWR GH $FFHVR
*HQHUDOHOHFWUyQLFRGHOD$GPLQLVWUDFLyQ
E  $ VHU DVLVWLGRV HQ HO XVR GH PHGLRV HOHFWUyQLFRV HQ VXV UHODFLRQHV FRQ ODV
$GPLQLVWUDFLRQHV3~EOLFDV
F $XWLOL]DUODVOHQJXDVRILFLDOHVHQHOWHUULWRULRGHVX&RPXQLGDG$XWyQRPDGHDFXHUGR
FRQORSUHYLVWRHQHVWD/H\\HQHOUHVWRGHORUGHQDPLHQWRMXUtGLFR
G $ODFFHVRDODLQIRUPDFLyQS~EOLFDDUFKLYRV\UHJLVWURVGHDFXHUGRFRQORSUHYLVWRHQ
OD/H\GHGHGLFLHPEUHGHWUDQVSDUHQFLDDFFHVRDODLQIRUPDFLyQS~EOLFD\EXHQ
JRELHUQR\HOUHVWRGHO2UGHQDPLHQWR-XUtGLFR
H $VHUWUDWDGRVFRQUHVSHWR\GHIHUHQFLDSRUODVDXWRULGDGHV\HPSOHDGRVS~EOLFRVTXH
KDEUiQGHIDFLOLWDUOHVHOHMHUFLFLRGHVXVGHUHFKRV\HOFXPSOLPLHQWRGHVXVREOLJDFLRQHV
I $H[LJLUODVUHVSRQVDELOLGDGHVGHODV$GPLQLVWUDFLRQHV3~EOLFDV\DXWRULGDGHVFXDQGR
DVtFRUUHVSRQGDOHJDOPHQWH
J  $ OD REWHQFLyQ \ XWLOL]DFLyQ GH ORV PHGLRV GH LGHQWLILFDFLyQ \ ILUPD HOHFWUyQLFD
FRQWHPSODGRVHQHVWD/H\
K  $ OD SURWHFFLyQ GH GDWRV GH FDUiFWHU SHUVRQDO \ HQ SDUWLFXODU D OD VHJXULGDG \
FRQILGHQFLDOLGDG GH ORV GDWRV TXH ILJXUHQ HQ ORV ILFKHURV VLVWHPDV \ DSOLFDFLRQHV GH ODV
$GPLQLVWUDFLRQHV3~EOLFDV
L &XDOHVTXLHUDRWURVTXHOHVUHFRQR]FDQOD&RQVWLWXFLyQ\ODVOH\HV
(VWRVGHUHFKRVVHHQWLHQGHQVLQSHUMXLFLRGHORVUHFRQRFLGRVHQHODUWtFXORUHIHULGRVD
ORVLQWHUHVDGRVHQHOSURFHGLPLHQWRDGPLQLVWUDWLYR

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

$UWtFXOR    - #*
4
*'$"$Ż)

- '$*)-.
' /-Ż)$( )/
*)
'.

($)$./-$*) .
Ɲ'$.c
 /DV SHUVRQDV ItVLFDV SRGUiQ HOHJLU HQ WRGR PRPHQWR VL VH FRPXQLFDQ FRQ ODV
$GPLQLVWUDFLRQHV 3~EOLFDV SDUD HO HMHUFLFLR GH VXV GHUHFKRV \ REOLJDFLRQHV D WUDYpV GH
PHGLRV HOHFWUyQLFRV R QR VDOYR TXH HVWpQ REOLJDGDV D UHODFLRQDUVH D WUDYpV GH PHGLRV
HOHFWUyQLFRV FRQ ODV $GPLQLVWUDFLRQHV 3~EOLFDV (O PHGLR HOHJLGR SRU OD SHUVRQD SDUD
FRPXQLFDUVH FRQ ODV $GPLQLVWUDFLRQHV 3~EOLFDV SRGUi VHU PRGLILFDGR SRU DTXHOOD HQ
FXDOTXLHUPRPHQWR
 (Q WRGR FDVR HVWDUiQ REOLJDGRV D UHODFLRQDUVH D WUDYpV GH PHGLRV HOHFWUyQLFRV FRQ
ODV $GPLQLVWUDFLRQHV 3~EOLFDV SDUD OD UHDOL]DFLyQ GH FXDOTXLHU WUiPLWH GH XQ SURFHGLPLHQWR
DGPLQLVWUDWLYRDOPHQRVORVVLJXLHQWHVVXMHWRV
D /DVSHUVRQDVMXUtGLFDV
E /DVHQWLGDGHVVLQSHUVRQDOLGDGMXUtGLFD
F  4XLHQHV HMHU]DQ XQD DFWLYLGDG SURIHVLRQDO SDUD OD TXH VH UHTXLHUD FROHJLDFLyQ
REOLJDWRULD SDUD ORV WUiPLWHV \ DFWXDFLRQHV TXH UHDOLFHQ FRQ ODV $GPLQLVWUDFLRQHV 3~EOLFDV
HQ HMHUFLFLR GH GLFKD DFWLYLGDG SURIHVLRQDO (Q WRGR FDVR GHQWUR GH HVWH FROHFWLYR VH
HQWHQGHUiQLQFOXLGRVORVQRWDULRV\UHJLVWUDGRUHVGHODSURSLHGDG\PHUFDQWLOHV
G  4XLHQHV UHSUHVHQWHQ D XQ LQWHUHVDGR TXH HVWp REOLJDGR D UHODFLRQDUVH
HOHFWUyQLFDPHQWHFRQOD$GPLQLVWUDFLyQ
H /RVHPSOHDGRVGHODV$GPLQLVWUDFLRQHV3~EOLFDVSDUDORVWUiPLWHV\DFWXDFLRQHVTXH
UHDOLFHQ FRQ HOODV SRU UD]yQ GH VX FRQGLFLyQ GH HPSOHDGR S~EOLFR HQ OD IRUPD HQ TXH VH
GHWHUPLQHUHJODPHQWDULDPHQWHSRUFDGD$GPLQLVWUDFLyQ
 5HJODPHQWDULDPHQWH ODV $GPLQLVWUDFLRQHV SRGUiQ HVWDEOHFHU OD REOLJDFLyQ GH
UHODFLRQDUVHFRQHOODVDWUDYpVGHPHGLRVHOHFWUyQLFRVSDUDGHWHUPLQDGRVSURFHGLPLHQWRV\
SDUD FLHUWRV FROHFWLYRV GH SHUVRQDV ItVLFDV TXH SRU UD]yQ GH VX FDSDFLGDG HFRQyPLFD
WpFQLFD GHGLFDFLyQ SURIHVLRQDO X RWURV PRWLYRV TXHGH DFUHGLWDGR TXH WLHQHQ DFFHVR \
GLVSRQLELOLGDGGHORVPHGLRVHOHFWUyQLFRVQHFHVDULRV

$UWtFXOR )"0

'*.
+-* $($ )/*.c

/DOHQJXDGHORVSURFHGLPLHQWRVWUDPLWDGRVSRUOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
VHUiHOFDVWHOODQR1RREVWDQWHORDQWHULRUORVLQWHUHVDGRVTXHVHGLULMDQDORVyUJDQRVGHOD
$GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR FRQ VHGH HQ HO WHUULWRULR GH XQD &RPXQLGDG $XWyQRPD
SRGUiQXWLOL]DUWDPELpQODOHQJXDTXHVHDFRRILFLDOHQHOOD
(Q HVWH FDVR HO SURFHGLPLHQWR VH WUDPLWDUi HQ OD OHQJXD HOHJLGD SRU HO LQWHUHVDGR 6L
FRQFXUULHUDQYDULRVLQWHUHVDGRVHQHOSURFHGLPLHQWR\H[LVWLHUDGLVFUHSDQFLDHQFXDQWRDOD
OHQJXD HO SURFHGLPLHQWR VH WUDPLWDUi HQ FDVWHOODQR VL ELHQ ORV GRFXPHQWRV R WHVWLPRQLRV
TXHUHTXLHUDQORVLQWHUHVDGRVVHH[SHGLUiQHQODOHQJXDHOHJLGDSRUORVPLVPRV
 (Q ORV SURFHGLPLHQWRV WUDPLWDGRV SRU ODV $GPLQLVWUDFLRQHV GH ODV &RPXQLGDGHV
$XWyQRPDV \ GH ODV (QWLGDGHV /RFDOHV HO XVR GH OD OHQJXD VH DMXVWDUi D OR SUHYLVWR HQ OD
OHJLVODFLyQDXWRQyPLFDFRUUHVSRQGLHQWH
 /D $GPLQLVWUDFLyQ 3~EOLFD LQVWUXFWRUD GHEHUi WUDGXFLU DO FDVWHOODQR ORV GRFXPHQWRV
H[SHGLHQWHV R SDUWHV GH ORV PLVPRV TXH GHEDQ VXUWLU HIHFWR IXHUD GHO WHUULWRULR GH OD
&RPXQLGDG $XWyQRPD \ ORV GRFXPHQWRV GLULJLGRV D ORV LQWHUHVDGRV TXH DVt OR VROLFLWHQ
H[SUHVDPHQWH6LGHELHUDQVXUWLUHIHFWRVHQHOWHUULWRULRGHXQD&RPXQLGDG$XWyQRPDGRQGH
VHDFRRILFLDOHVDPLVPDOHQJXDGLVWLQWDGHOFDVWHOODQRQRVHUiSUHFLVDVXWUDGXFFLyQ

$UWtFXOR "$./-*.c
&DGD$GPLQLVWUDFLyQGLVSRQGUiGHXQ5HJLVWUR(OHFWUyQLFR*HQHUDOHQHOTXHVHKDUi
HO FRUUHVSRQGLHQWH DVLHQWR GH WRGR GRFXPHQWR TXH VHD SUHVHQWDGR R TXH VH UHFLED HQ
FXDOTXLHU yUJDQR DGPLQLVWUDWLYR 2UJDQLVPR S~EOLFR R (QWLGDG YLQFXODGR R GHSHQGLHQWH D
pVWRV7DPELpQVHSRGUiQDQRWDUHQHOPLVPRODVDOLGDGHORVGRFXPHQWRVRILFLDOHVGLULJLGRV
DRWURVyUJDQRVRSDUWLFXODUHV
/RV 2UJDQLVPRV S~EOLFRV YLQFXODGRV R GHSHQGLHQWHV GH FDGD $GPLQLVWUDFLyQ SRGUiQ
GLVSRQHUGHVXSURSLRUHJLVWURHOHFWUyQLFRSOHQDPHQWHLQWHURSHUDEOHHLQWHUFRQHFWDGRFRQHO
5HJLVWUR(OHFWUyQLFR*HQHUDOGHOD$GPLQLVWUDFLyQGHODTXHGHSHQGH

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

(O 5HJLVWUR (OHFWUyQLFR *HQHUDO GH FDGD $GPLQLVWUDFLyQ IXQFLRQDUi FRPR XQ SRUWDO TXH
IDFLOLWDUi HO DFFHVR D ORV UHJLVWURV HOHFWUyQLFRV GH FDGD 2UJDQLVPR 7DQWR HO 5HJLVWUR
(OHFWUyQLFR *HQHUDO GH FDGD $GPLQLVWUDFLyQ FRPR ORV UHJLVWURV HOHFWUyQLFRV GH FDGD
2UJDQLVPRFXPSOLUiQFRQODVJDUDQWtDV\PHGLGDVGHVHJXULGDGSUHYLVWDVHQODOHJLVODFLyQHQ
PDWHULDGHSURWHFFLyQGHGDWRVGHFDUiFWHUSHUVRQDO
/DV GLVSRVLFLRQHV GH FUHDFLyQ GH ORV UHJLVWURV HOHFWUyQLFRV VH SXEOLFDUiQ HQ HO GLDULR
RILFLDO FRUUHVSRQGLHQWH \ VX WH[WR tQWHJUR GHEHUi HVWDU GLVSRQLEOH SDUD FRQVXOWD HQ OD VHGH
HOHFWUyQLFD GH DFFHVR DO UHJLVWUR (Q WRGR FDVR ODV GLVSRVLFLRQHV GH FUHDFLyQ GH UHJLVWURV
HOHFWUyQLFRVHVSHFLILFDUiQHOyUJDQRRXQLGDGUHVSRQVDEOHGHVXJHVWLyQDVtFRPRODIHFKD\
KRUDRILFLDO\ORVGtDVGHFODUDGRVFRPRLQKiELOHV
(Q OD VHGH HOHFWUyQLFD GH DFFHVR D FDGD UHJLVWUR ILJXUDUi OD UHODFLyQ DFWXDOL]DGD GH
WUiPLWHVTXHSXHGHQLQLFLDUVHHQHOPLVPR
/RVDVLHQWRVVHDQRWDUiQUHVSHWDQGRHORUGHQWHPSRUDOGHUHFHSFLyQRVDOLGDGHORV
GRFXPHQWRV H LQGLFDUiQ OD IHFKD GHO GtD HQ TXH VH SURGX]FDQ &RQFOXLGR HO WUiPLWH GH
UHJLVWUR ORV GRFXPHQWRV VHUiQ FXUVDGRV VLQ GLODFLyQ D VXV GHVWLQDWDULRV \ D ODV XQLGDGHV
DGPLQLVWUDWLYDVFRUUHVSRQGLHQWHVGHVGHHOUHJLVWURHQTXHKXELHUDQVLGRUHFLELGDV
(OUHJLVWURHOHFWUyQLFRGHFDGD$GPLQLVWUDFLyQX2UJDQLVPRJDUDQWL]DUiODFRQVWDQFLD
HQFDGDDVLHQWRTXHVHSUDFWLTXHGHXQQ~PHURHStJUDIHH[SUHVLYRGHVXQDWXUDOH]DIHFKD
\ KRUD GH VX SUHVHQWDFLyQ LGHQWLILFDFLyQ GHO LQWHUHVDGR yUJDQR DGPLQLVWUDWLYR UHPLWHQWH VL
SURFHGH \ SHUVRQD X yUJDQR DGPLQLVWUDWLYR DO TXH VH HQYtD \ HQ VX FDVR UHIHUHQFLD DO
FRQWHQLGR GHO GRFXPHQWR TXH VH UHJLVWUD 3DUD HOOR VH HPLWLUi DXWRPiWLFDPHQWH XQ UHFLER
FRQVLVWHQWHHQXQDFRSLDDXWHQWLFDGDGHOGRFXPHQWRGHTXHVHWUDWHLQFOX\HQGRODIHFKD\
KRUDGHSUHVHQWDFLyQ\HOQ~PHURGHHQWUDGDGHUHJLVWURDVtFRPRXQUHFLERDFUHGLWDWLYRGH
RWURVGRFXPHQWRVTXHHQVXFDVRORDFRPSDxHQTXHJDUDQWLFHODLQWHJULGDG\HOQRUHSXGLR
GHORVPLVPRV
 /RV GRFXPHQWRV TXH ORV LQWHUHVDGRV GLULMDQ D ORV yUJDQRV GH ODV $GPLQLVWUDFLRQHV
3~EOLFDVSRGUiQSUHVHQWDUVH
D (QHOUHJLVWURHOHFWUyQLFRGHOD$GPLQLVWUDFLyQX2UJDQLVPRDOTXHVHGLULMDQDVtFRPR
HQ ORV UHVWDQWHV UHJLVWURV HOHFWUyQLFRV GH FXDOTXLHUD GH ORV VXMHWRV D ORV TXH VH UHILHUH HO
DUWtFXOR
E (QODVRILFLQDVGH&RUUHRVHQODIRUPDTXHUHJODPHQWDULDPHQWHVHHVWDEOH]FD
F  (Q ODV UHSUHVHQWDFLRQHV GLSORPiWLFDV X RILFLQDV FRQVXODUHV GH (VSDxD HQ HO
H[WUDQMHUR
G (QODVRILFLQDVGHDVLVWHQFLDHQPDWHULDGHUHJLVWURV
H (QFXDOTXLHURWURTXHHVWDEOH]FDQODVGLVSRVLFLRQHVYLJHQWHV
/RV UHJLVWURV HOHFWUyQLFRV GH WRGDV \ FDGD XQD GH ODV $GPLQLVWUDFLRQHV GHEHUiQ VHU
SOHQDPHQWH LQWHURSHUDEOHV GH PRGR TXH VH JDUDQWLFH VX FRPSDWLELOLGDG LQIRUPiWLFD H
LQWHUFRQH[LyQ DVt FRPR OD WUDQVPLVLyQ WHOHPiWLFD GH ORV DVLHQWRV UHJLVWUDOHV \ GH ORV
GRFXPHQWRVTXHVHSUHVHQWHQHQFXDOTXLHUDGHORVUHJLVWURV
 /RV GRFXPHQWRV SUHVHQWDGRV GH PDQHUD SUHVHQFLDO DQWH ODV $GPLQLVWUDFLRQHV
3~EOLFDV GHEHUiQ VHU GLJLWDOL]DGRV GH DFXHUGR FRQ OR SUHYLVWR HQ HO DUWtFXOR  \ GHPiV
QRUPDWLYDDSOLFDEOHSRUODRILFLQDGHDVLVWHQFLDHQPDWHULDGHUHJLVWURVHQODTXHKD\DQVLGR
SUHVHQWDGRV SDUD VX LQFRUSRUDFLyQ DO H[SHGLHQWH DGPLQLVWUDWLYR HOHFWUyQLFR GHYROYLpQGRVH
ORVRULJLQDOHVDOLQWHUHVDGRVLQSHUMXLFLRGHDTXHOORVVXSXHVWRVHQTXHODQRUPDGHWHUPLQHOD
FXVWRGLD SRU OD $GPLQLVWUDFLyQ GH ORV GRFXPHQWRV SUHVHQWDGRV R UHVXOWH REOLJDWRULD OD
SUHVHQWDFLyQ GH REMHWRV R GH GRFXPHQWRV HQ XQ VRSRUWH HVSHFtILFR QR VXVFHSWLEOHV GH
GLJLWDOL]DFLyQ
5HJODPHQWDULDPHQWHODV$GPLQLVWUDFLRQHVSRGUiQHVWDEOHFHUODREOLJDFLyQGHSUHVHQWDU
GHWHUPLQDGRVGRFXPHQWRVSRUPHGLRVHOHFWUyQLFRVSDUDFLHUWRVSURFHGLPLHQWRV\FROHFWLYRV
GH SHUVRQDV ItVLFDV TXH SRU UD]yQ GH VX FDSDFLGDG HFRQyPLFD WpFQLFD GHGLFDFLyQ
SURIHVLRQDO X RWURV PRWLYRV TXHGH DFUHGLWDGR TXH WLHQHQ DFFHVR \ GLVSRQLELOLGDG GH ORV
PHGLRVHOHFWUyQLFRVQHFHVDULRV
 3RGUiQ KDFHUVH HIHFWLYRV PHGLDQWH WUDQVIHUHQFLD GLULJLGD D OD RILFLQD S~EOLFD
FRUUHVSRQGLHQWH FXDOHVTXLHUD FDQWLGDGHV TXH KD\D TXH VDWLVIDFHU HQ HO PRPHQWR GH OD
SUHVHQWDFLyQGHGRFXPHQWRVDODV$GPLQLVWUDFLRQHV3~EOLFDVVLQSHUMXLFLRGHODSRVLELOLGDG
GHVXDERQRSRURWURVPHGLRV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

 /DV $GPLQLVWUDFLRQHV 3~EOLFDV GHEHUiQ KDFHU S~EOLFD \ PDQWHQHU DFWXDOL]DGD XQD
UHODFLyQGHODVRILFLQDVHQODVTXHVHSUHVWDUiDVLVWHQFLDSDUDODSUHVHQWDFLyQHOHFWUyQLFDGH
GRFXPHQWRV
1RVHWHQGUiQSRUSUHVHQWDGRVHQHOUHJLVWURDTXHOORVGRFXPHQWRVHLQIRUPDFLyQFX\R
UpJLPHQHVSHFLDOHVWDEOH]FDRWUDIRUPDGHSUHVHQWDFLyQ

$UWtFXOR-#$1*

*0( )/*.c

&DGD$GPLQLVWUDFLyQGHEHUiPDQWHQHUXQDUFKLYRHOHFWUyQLFR~QLFRGHORVGRFXPHQWRV
HOHFWUyQLFRVTXHFRUUHVSRQGDQDSURFHGLPLHQWRVILQDOL]DGRVHQORVWpUPLQRVHVWDEOHFLGRVHQ
ODQRUPDWLYDUHJXODGRUDDSOLFDEOH
 /RV GRFXPHQWRV HOHFWUyQLFRV GHEHUiQ FRQVHUYDUVH HQ XQ IRUPDWR TXH SHUPLWD
JDUDQWL]DU OD DXWHQWLFLGDG LQWHJULGDG \ FRQVHUYDFLyQ GHO GRFXPHQWR DVt FRPR VX FRQVXOWD
FRQLQGHSHQGHQFLDGHOWLHPSRWUDQVFXUULGRGHVGHVXHPLVLyQ6HDVHJXUDUiHQWRGRFDVROD
SRVLELOLGDGGHWUDVODGDUORVGDWRVDRWURVIRUPDWRV\VRSRUWHVTXHJDUDQWLFHQHODFFHVRGHVGH
GLIHUHQWHV DSOLFDFLRQHV /D HOLPLQDFLyQ GH GLFKRV GRFXPHQWRV GHEHUi VHU DXWRUL]DGD GH
DFXHUGRDORGLVSXHVWRHQODQRUPDWLYDDSOLFDEOH
 /RV PHGLRV R VRSRUWHV HQ TXH VH DOPDFHQHQ GRFXPHQWRV GHEHUiQ FRQWDU FRQ
PHGLGDV GH VHJXULGDG GH DFXHUGR FRQ OR SUHYLVWR HQ HO (VTXHPD 1DFLRQDO GH 6HJXULGDG
TXH JDUDQWLFHQ OD LQWHJULGDG DXWHQWLFLGDG FRQILGHQFLDOLGDG FDOLGDG SURWHFFLyQ \
FRQVHUYDFLyQGHORVGRFXPHQWRVDOPDFHQDGRV(QSDUWLFXODUDVHJXUDUiQODLGHQWLILFDFLyQGH
ORVXVXDULRV\HOFRQWUROGHDFFHVRVDVtFRPRHOFXPSOLPLHQWRGHODVJDUDQWtDVSUHYLVWDVHQ
ODOHJLVODFLyQGHSURWHFFLyQGHGDWRV

$UWtFXOR*'*-$Ż)

'.
+ -.*).c

 /DV SHUVRQDV FRODERUDUiQ FRQ OD $GPLQLVWUDFLyQ HQ ORV WpUPLQRV SUHYLVWRV HQ OD /H\
TXH HQ FDGD FDVR UHVXOWH DSOLFDEOH \ D IDOWD GH SUHYLVLyQ H[SUHVD IDFLOLWDUiQ D OD
$GPLQLVWUDFLyQORVLQIRUPHVLQVSHFFLRQHV\RWURVDFWRVGHLQYHVWLJDFLyQTXHUHTXLHUDQSDUD
HOHMHUFLFLRGHVXVFRPSHWHQFLDVVDOYRTXHODUHYHODFLyQGHODLQIRUPDFLyQVROLFLWDGDSRUOD
$GPLQLVWUDFLyQ DWHQWDUD FRQWUD HO KRQRU OD LQWLPLGDG SHUVRQDO R IDPLOLDU R VXSXVLHUDQ OD
FRPXQLFDFLyQ GH GDWRV FRQILGHQFLDOHV GH WHUFHURV GH ORV TXH WHQJDQ FRQRFLPLHQWR SRU OD
SUHVWDFLyQGHVHUYLFLRVSURIHVLRQDOHVGHGLDJQyVWLFRDVHVRUDPLHQWRRGHIHQVDVLQSHUMXLFLR
GH OR GLVSXHVWR HQ OD OHJLVODFLyQ HQ PDWHULD GH EODQTXHR GH FDSLWDOHV \ ILQDQFLDFLyQ GH
DFWLYLGDGHVWHUURULVWDV
 /RV LQWHUHVDGRV HQ XQ SURFHGLPLHQWR TXH FRQR]FDQ GDWRV TXH SHUPLWDQ LGHQWLILFDU D
RWURVLQWHUHVDGRVTXHQRKD\DQFRPSDUHFLGRHQpOWLHQHQHOGHEHUGHSURSRUFLRQiUVHORVDOD
$GPLQLVWUDFLyQDFWXDQWH
 &XDQGR ODV LQVSHFFLRQHV UHTXLHUDQ OD HQWUDGD HQ HO GRPLFLOLR GHO DIHFWDGR R HQ ORV
UHVWDQWHV OXJDUHV TXH UHTXLHUDQ DXWRUL]DFLyQ GHO WLWXODU VH HVWDUi D OR GLVSXHVWR HQ HO
DUWtFXOR

$UWtFXOR*(+-  )$

'.
+ -.*).c

/DFRPSDUHFHQFLDGHODVSHUVRQDVDQWHODVRILFLQDVS~EOLFDV\DVHDSUHVHQFLDOPHQWH
RSRUPHGLRVHOHFWUyQLFRVVyORVHUiREOLJDWRULDFXDQGRDVtHVWpSUHYLVWRHQXQDQRUPDFRQ
UDQJRGHOH\
 (Q ORV FDVRV HQ TXH SURFHGD OD FRPSDUHFHQFLD OD FRUUHVSRQGLHQWH FLWDFLyQ KDUi
FRQVWDU H[SUHVDPHQWH HO OXJDU IHFKD KRUD ORV PHGLRV GLVSRQLEOHV \ REMHWR GH OD
FRPSDUHFHQFLDDVtFRPRORVHIHFWRVGHQRDWHQGHUOD
/DV$GPLQLVWUDFLRQHV3~EOLFDVHQWUHJDUiQDOLQWHUHVDGRFHUWLILFDFLyQDFUHGLWDWLYDGHOD
FRPSDUHFHQFLDFXDQGRDVtORVROLFLWH

$UWtFXOR .+*).$'$

'
/-($/$Ż)c

 /RV WLWXODUHV GH ODV XQLGDGHV DGPLQLVWUDWLYDV \ HO SHUVRQDO DO VHUYLFLR GH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV TXH WXYLHVHQ D VX FDUJR OD UHVROXFLyQ R HO GHVSDFKR GH ORV
DVXQWRVVHUiQUHVSRQVDEOHVGLUHFWRVGHVXWUDPLWDFLyQ\DGRSWDUiQODVPHGLGDVRSRUWXQDV
SDUD UHPRYHU ORV REVWiFXORV TXH LPSLGDQ GLILFXOWHQ R UHWUDVHQ HO HMHUFLFLR SOHQR GH ORV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

GHUHFKRVGHORVLQWHUHVDGRVRHOUHVSHWRDVXVLQWHUHVHVOHJtWLPRVGLVSRQLHQGRORQHFHVDULR
SDUDHYLWDU\HOLPLQDUWRGDDQRUPDOLGDGHQODWUDPLWDFLyQGHSURFHGLPLHQWRV
 /RV LQWHUHVDGRV SRGUiQ VROLFLWDU OD H[LJHQFLD GH HVD UHVSRQVDELOLGDG D OD
$GPLQLVWUDFLyQ3~EOLFDGHTXHGHSHQGDHOSHUVRQDODIHFWDGR

$UWtFXOR'$"$Ż)

- .*'1 -c
/D$GPLQLVWUDFLyQHVWiREOLJDGDDGLFWDUUHVROXFLyQH[SUHVD\DQRWLILFDUODHQWRGRVORV
SURFHGLPLHQWRVFXDOTXLHUDTXHVHDVXIRUPDGHLQLFLDFLyQ
(Q ORV FDVRV GH SUHVFULSFLyQ UHQXQFLD GHO GHUHFKR FDGXFLGDG GHO SURFHGLPLHQWR R
GHVLVWLPLHQWR GH OD VROLFLWXG DVt FRPR GH GHVDSDULFLyQ VREUHYHQLGD GHO REMHWR GHO
SURFHGLPLHQWRODUHVROXFLyQFRQVLVWLUiHQODGHFODUDFLyQGHODFLUFXQVWDQFLDTXHFRQFXUUDHQ
FDGDFDVRFRQLQGLFDFLyQGHORVKHFKRVSURGXFLGRV\ODVQRUPDVDSOLFDEOHV
6H H[FHSW~DQ GH OD REOLJDFLyQ D TXH VH UHILHUH HO SiUUDIR SULPHUR ORV VXSXHVWRV GH
WHUPLQDFLyQGHOSURFHGLPLHQWRSRUSDFWRRFRQYHQLRDVtFRPRORVSURFHGLPLHQWRVUHODWLYRVDO
HMHUFLFLR GH GHUHFKRV VRPHWLGRV ~QLFDPHQWH DO GHEHU GH GHFODUDFLyQ UHVSRQVDEOH R
FRPXQLFDFLyQDOD$GPLQLVWUDFLyQ
(OSOD]RPi[LPRHQHOTXHGHEHQRWLILFDUVHODUHVROXFLyQH[SUHVDVHUiHOILMDGRSRUOD
QRUPDUHJXODGRUDGHOFRUUHVSRQGLHQWHSURFHGLPLHQWR
(VWH SOD]R QR SRGUi H[FHGHU GH VHLV PHVHV VDOYR TXH XQD QRUPD FRQ UDQJR GH /H\
HVWDEOH]FDXQRPD\RURDVtYHQJDSUHYLVWRHQHO'HUHFKRGHOD8QLyQ(XURSHD
&XDQGRODVQRUPDVUHJXODGRUDVGHORVSURFHGLPLHQWRVQRILMHQHOSOD]RPi[LPRpVWH
VHUiGHWUHVPHVHV(VWHSOD]R\ORVSUHYLVWRVHQHODSDUWDGRDQWHULRUVHFRQWDUiQ
D (QORVSURFHGLPLHQWRVLQLFLDGRVGHRILFLRGHVGHODIHFKDGHODFXHUGRGHLQLFLDFLyQ
E  (Q ORV LQLFLDGRV D VROLFLWXG GHO LQWHUHVDGR GHVGH OD IHFKD HQ TXH OD VROLFLWXG KD\D
WHQLGRHQWUDGDHQHOUHJLVWURHOHFWUyQLFRGHOD$GPLQLVWUDFLyQX2UJDQLVPRFRPSHWHQWHSDUD
VXWUDPLWDFLyQ
 /DV $GPLQLVWUDFLRQHV 3~EOLFDV GHEHQ SXEOLFDU \ PDQWHQHU DFWXDOL]DGDV HQ HO SRUWDO
ZHE D HIHFWRV LQIRUPDWLYRV ODV UHODFLRQHV GH SURFHGLPLHQWRV GH VX FRPSHWHQFLD FRQ
LQGLFDFLyQGHORVSOD]RVPi[LPRVGHGXUDFLyQGHORVPLVPRVDVtFRPRGHORVHIHFWRVTXH
SURGX]FDHOVLOHQFLRDGPLQLVWUDWLYR
(Q WRGR FDVR ODV $GPLQLVWUDFLRQHV 3~EOLFDV LQIRUPDUiQ D ORV LQWHUHVDGRV GHO SOD]R
Pi[LPR HVWDEOHFLGR SDUD OD UHVROXFLyQ GH ORV SURFHGLPLHQWRV \ SDUD OD QRWLILFDFLyQ GH ORV
DFWRV TXH OHV SRQJDQ WpUPLQR DVt FRPR GH ORV HIHFWRV TXH SXHGD SURGXFLU HO VLOHQFLR
DGPLQLVWUDWLYR 'LFKD PHQFLyQ VH LQFOXLUi HQ OD QRWLILFDFLyQ R SXEOLFDFLyQ GHO DFXHUGR GH
LQLFLDFLyQGHRILFLRRHQODFRPXQLFDFLyQTXHVHGLULJLUiDOHIHFWRDOLQWHUHVDGRGHQWURGHORV
GLH]GtDVVLJXLHQWHVDODUHFHSFLyQGHODVROLFLWXGLQLFLDGRUDGHOSURFHGLPLHQWRHQHOUHJLVWUR
HOHFWUyQLFRGHOD$GPLQLVWUDFLyQX2UJDQLVPRFRPSHWHQWHSDUDVXWUDPLWDFLyQ(QHVWH~OWLPR
FDVR OD FRPXQLFDFLyQ LQGLFDUi DGHPiV OD IHFKD HQ TXH OD VROLFLWXG KD VLGR UHFLELGD SRU HO
yUJDQRFRPSHWHQWH
 &XDQGR HO Q~PHUR GH ODV VROLFLWXGHV IRUPXODGDV R ODV SHUVRQDV DIHFWDGDV SXGLHUDQ
VXSRQHU XQ LQFXPSOLPLHQWR GHO SOD]R Pi[LPR GH UHVROXFLyQ HO yUJDQR FRPSHWHQWH SDUD
UHVROYHU D SURSXHVWD UD]RQDGD GHO yUJDQR LQVWUXFWRU R HO VXSHULRU MHUiUTXLFR GHO yUJDQR
FRPSHWHQWH SDUD UHVROYHU D SURSXHVWD GH pVWH SRGUiQ KDELOLWDU ORV PHGLRV SHUVRQDOHV \
PDWHULDOHVSDUDFXPSOLUFRQHOGHVSDFKRDGHFXDGR\HQSOD]R
 (O SHUVRQDO DO VHUYLFLR GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV TXH WHQJD D VX FDUJR HO
GHVSDFKRGHORVDVXQWRVDVtFRPRORVWLWXODUHVGHORVyUJDQRVDGPLQLVWUDWLYRVFRPSHWHQWHV
SDUD LQVWUXLU \ UHVROYHU VRQ GLUHFWDPHQWH UHVSRQVDEOHV HQ HO iPELWR GH VXV FRPSHWHQFLDV
GHOFXPSOLPLHQWRGHODREOLJDFLyQOHJDOGHGLFWDUUHVROXFLyQH[SUHVDHQSOD]R
(O LQFXPSOLPLHQWR GH GLFKD REOLJDFLyQ GDUi OXJDU D OD H[LJHQFLD GH UHVSRQVDELOLGDG
GLVFLSOLQDULDVLQSHUMXLFLRGHODTXHKXELHUHOXJDUGHDFXHUGRFRQODQRUPDWLYDDSOLFDEOH

$UWtFXOR0.+ ).$Ż)
 '
+'5*
(İ3$(*
+-
- .*'1 -c

 (O WUDQVFXUVR GHO SOD]R Pi[LPR OHJDO SDUD UHVROYHU XQ SURFHGLPLHQWR \ QRWLILFDU OD
UHVROXFLyQVHSRGUiVXVSHQGHUHQORVVLJXLHQWHVFDVRV
D &XDQGRGHEDUHTXHULUVHDFXDOTXLHULQWHUHVDGRSDUDODVXEVDQDFLyQGHGHILFLHQFLDVR
ODDSRUWDFLyQGHGRFXPHQWRV\RWURVHOHPHQWRVGHMXLFLRQHFHVDULRVSRUHOWLHPSRTXHPHGLH

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

HQWUHODQRWLILFDFLyQGHOUHTXHULPLHQWR\VXHIHFWLYRFXPSOLPLHQWRSRUHOGHVWLQDWDULRRHQVX
GHIHFWRSRUHOGHOSOD]RFRQFHGLGRWRGRHOORVLQSHUMXLFLRGHORSUHYLVWRHQHODUWtFXORGH
ODSUHVHQWH/H\
E  &XDQGR GHED REWHQHUVH XQ SURQXQFLDPLHQWR SUHYLR \ SUHFHSWLYR GH XQ yUJDQR GH OD
8QLyQ(XURSHDSRUHOWLHPSRTXHPHGLHHQWUHODSHWLFLyQTXHKDEUiGHFRPXQLFDUVHDORV
LQWHUHVDGRV \ OD QRWLILFDFLyQ GHO SURQXQFLDPLHQWR D OD $GPLQLVWUDFLyQ LQVWUXFWRUD TXH
WDPELpQGHEHUiVHUOHVFRPXQLFDGD
F &XDQGRH[LVWDXQSURFHGLPLHQWRQRILQDOL]DGRHQHOiPELWRGHOD8QLyQ(XURSHDTXH
FRQGLFLRQHGLUHFWDPHQWHHOFRQWHQLGRGHODUHVROXFLyQGHTXHVHWUDWHGHVGHTXHVHWHQJD
FRQVWDQFLDGHVXH[LVWHQFLDORTXHGHEHUiVHUFRPXQLFDGRDORVLQWHUHVDGRVKDVWDTXHVH
UHVXHOYDORTXHWDPELpQKDEUiGHVHUQRWLILFDGR
G  &XDQGR VH VROLFLWHQ LQIRUPHV SUHFHSWLYRV D XQ yUJDQR GH OD PLVPD R GLVWLQWD
$GPLQLVWUDFLyQ SRU HO WLHPSR TXH PHGLH HQWUH OD SHWLFLyQ TXH GHEHUi FRPXQLFDUVH D ORV
LQWHUHVDGRV \ OD UHFHSFLyQ GHO LQIRUPH TXH LJXDOPHQWH GHEHUi VHU FRPXQLFDGD D ORV
PLVPRV(VWHSOD]RGHVXVSHQVLyQQRSRGUiH[FHGHUHQQLQJ~QFDVRGHWUHVPHVHV(QFDVR
GHQRUHFLELUVHHOLQIRUPHHQHOSOD]RLQGLFDGRSURVHJXLUiHOSURFHGLPLHQWR
H  &XDQGR GHEDQ UHDOL]DUVH SUXHEDV WpFQLFDV R DQiOLVLV FRQWUDGLFWRULRV R GLULPHQWHV
SURSXHVWRV SRU ORV LQWHUHVDGRV GXUDQWH HO WLHPSR QHFHVDULR SDUD OD LQFRUSRUDFLyQ GH ORV
UHVXOWDGRVDOH[SHGLHQWH
I &XDQGRVHLQLFLHQQHJRFLDFLRQHVFRQYLVWDVDODFRQFOXVLyQGHXQSDFWRRFRQYHQLRHQ
ORVWpUPLQRVSUHYLVWRVHQHODUWtFXORGHHVWD/H\GHVGHODGHFODUDFLyQIRUPDODOUHVSHFWR\
KDVWDODFRQFOXVLyQVLQHIHFWRHQVXFDVRGHODVUHIHULGDVQHJRFLDFLRQHVTXHVHFRQVWDWDUi
PHGLDQWHGHFODUDFLyQIRUPXODGDSRUOD$GPLQLVWUDFLyQRORVLQWHUHVDGRV
J  &XDQGR SDUD OD UHVROXFLyQ GHO SURFHGLPLHQWR VHD LQGLVSHQVDEOH OD REWHQFLyQ GH XQ
SUHYLRSURQXQFLDPLHQWRSRUSDUWHGHXQyUJDQRMXULVGLFFLRQDOGHVGHHOPRPHQWRHQTXHVH
VROLFLWD OR TXH KDEUi GH FRPXQLFDUVH D ORV LQWHUHVDGRV KDVWD TXH OD $GPLQLVWUDFLyQ WHQJD
FRQVWDQFLDGHOPLVPRORTXHWDPELpQGHEHUiVHUOHVFRPXQLFDGR
 (O WUDQVFXUVR GHO SOD]R Pi[LPR OHJDO SDUD UHVROYHU XQ SURFHGLPLHQWR \ QRWLILFDU OD
UHVROXFLyQVHVXVSHQGHUiHQORVVLJXLHQWHVFDVRV
D  &XDQGR XQD $GPLQLVWUDFLyQ 3~EOLFD UHTXLHUD D RWUD SDUD TXH DQXOH R UHYLVH XQ DFWR
TXHHQWLHQGDTXHHVLOHJDO\TXHFRQVWLWX\DODEDVHSDUDHOTXHODSULPHUDKD\DGHGLFWDUHQ
HOiPELWRGHVXVFRPSHWHQFLDVHQHOVXSXHVWRDOTXHVHUHILHUHHODSDUWDGRGHODUWtFXOR
GHHVWD/H\GHVGHTXHVHUHDOL]DHOUHTXHULPLHQWRKDVWDTXHVHDWLHQGDRHQVXFDVRVH
UHVXHOYD HO UHFXUVR LQWHUSXHVWR DQWH OD MXULVGLFFLyQ FRQWHQFLRVR DGPLQLVWUDWLYD 'HEHUi VHU
FRPXQLFDGRDORVLQWHUHVDGRVWDQWRODUHDOL]DFLyQGHOUHTXHULPLHQWRFRPRVXFXPSOLPLHQWR
RHQVXFDVRODUHVROXFLyQGHOFRUUHVSRQGLHQWHUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYR
E  &XDQGR HO yUJDQR FRPSHWHQWH SDUD UHVROYHU GHFLGD UHDOL]DU DOJXQD DFWXDFLyQ
FRPSOHPHQWDULDGHODVSUHYLVWDVHQHODUWtFXORGHVGHHOPRPHQWRHQTXHVHQRWLILTXHD
ORVLQWHUHVDGRVHODFXHUGRPRWLYDGRGHOLQLFLRGHODVDFWXDFLRQHVKDVWDTXHVHSURGX]FDVX
WHUPLQDFLyQ
F  &XDQGR ORV LQWHUHVDGRV SURPXHYDQ OD UHFXVDFLyQ HQ FXDOTXLHU PRPHQWR GH OD
WUDPLWDFLyQ GH XQ SURFHGLPLHQWR GHVGH TXH pVWD VH SODQWHH KDVWD TXH VHD UHVXHOWD SRU HO
VXSHULRUMHUiUTXLFRGHOUHFXVDGR

$UWtFXOR(+'$$Ż)
 '
+'5*
(İ3$(*
+-
- .*'1 -
4
)*/$!$-c

 ([FHSFLRQDOPHQWH FXDQGR VH KD\DQ DJRWDGR ORV PHGLRV SHUVRQDOHV \ PDWHULDOHV
GLVSRQLEOHV D ORV TXH VH UHILHUH HO DSDUWDGR  GHO DUWtFXOR  HO yUJDQR FRPSHWHQWH SDUD
UHVROYHU D SURSXHVWD HQ VX FDVR GHO yUJDQR LQVWUXFWRU R HO VXSHULRU MHUiUTXLFR GHO yUJDQR
FRPSHWHQWH SDUD UHVROYHU SRGUi DFRUGDU GH PDQHUD PRWLYDGD OD DPSOLDFLyQ GHO SOD]R
Pi[LPR GH UHVROXFLyQ \ QRWLILFDFLyQ QR SXGLHQGR VHU pVWH VXSHULRU DO HVWDEOHFLGR SDUD OD
WUDPLWDFLyQGHOSURFHGLPLHQWR
 &RQWUD HO DFXHUGR TXH UHVXHOYD VREUH OD DPSOLDFLyQ GH SOD]RV TXH GHEHUi VHU
QRWLILFDGRDORVLQWHUHVDGRVQRFDEUiUHFXUVRDOJXQR

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

$UWtFXOR$' )$*
($)$./-/$1*
)
+-* $($ )/*.
$)$$*.

.*'$$/0
 '
$)/ - .*c

(QORVSURFHGLPLHQWRVLQLFLDGRVDVROLFLWXGGHOLQWHUHVDGRVLQSHUMXLFLRGHODUHVROXFLyQ
TXHOD$GPLQLVWUDFLyQGHEHGLFWDUHQODIRUPDSUHYLVWDHQHODSDUWDGRGHHVWHDUWtFXORHO
YHQFLPLHQWR GHO SOD]R Pi[LPR VLQ KDEHUVH QRWLILFDGR UHVROXFLyQ H[SUHVD OHJLWLPD DO
LQWHUHVDGRRLQWHUHVDGRVSDUDHQWHQGHUODHVWLPDGDSRUVLOHQFLRDGPLQLVWUDWLYRH[FHSWRHQORV
VXSXHVWRV HQ ORV TXH XQD QRUPD FRQ UDQJR GH OH\ R XQD QRUPD GH 'HUHFKR GH OD 8QLyQ
(XURSHDRGH'HUHFKRLQWHUQDFLRQDODSOLFDEOHHQ(VSDxDHVWDEOH]FDQORFRQWUDULR&XDQGRHO
SURFHGLPLHQWRWHQJDSRUREMHWRHODFFHVRDDFWLYLGDGHVRVXHMHUFLFLRODOH\TXHGLVSRQJDHO
FDUiFWHU GHVHVWLPDWRULR GHO VLOHQFLR GHEHUi IXQGDUVH HQ OD FRQFXUUHQFLD GH UD]RQHV
LPSHULRVDVGHLQWHUpVJHQHUDO
(O VLOHQFLR WHQGUi HIHFWR GHVHVWLPDWRULR HQ ORV SURFHGLPLHQWRV UHODWLYRV DO HMHUFLFLR GHO
GHUHFKR GH SHWLFLyQ D TXH VH UHILHUH HO DUWtFXOR  GH OD &RQVWLWXFLyQ DTXHOORV FX\D
HVWLPDFLyQ WXYLHUD FRPR FRQVHFXHQFLD TXH VH WUDQVILULHUDQ DO VROLFLWDQWH R D WHUFHURV
IDFXOWDGHV UHODWLYDV DO GRPLQLR S~EOLFR R DO VHUYLFLR S~EOLFR LPSOLTXHQ HO HMHUFLFLR GH
DFWLYLGDGHVTXHSXHGDQGDxDUHOPHGLRDPELHQWH\HQORVSURFHGLPLHQWRVGHUHVSRQVDELOLGDG
SDWULPRQLDOGHODV$GPLQLVWUDFLRQHV3~EOLFDV
(O VHQWLGR GHO VLOHQFLR WDPELpQ VHUi GHVHVWLPDWRULR HQ ORV SURFHGLPLHQWRV GH
LPSXJQDFLyQGHDFWRV\GLVSRVLFLRQHV\HQORVGHUHYLVLyQGHRILFLRLQLFLDGRVDVROLFLWXGGH
ORV LQWHUHVDGRV 1R REVWDQWH FXDQGR HO UHFXUVR GH DO]DGD VH KD\D LQWHUSXHVWR FRQWUD OD
GHVHVWLPDFLyQ SRU VLOHQFLR DGPLQLVWUDWLYR GH XQD VROLFLWXG SRU HO WUDQVFXUVR GHO SOD]R VH
HQWHQGHUi HVWLPDGR HO PLVPR VL OOHJDGR HO SOD]R GH UHVROXFLyQ HO yUJDQR DGPLQLVWUDWLYR
FRPSHWHQWH QR GLFWDVH \ QRWLILFDVH UHVROXFLyQ H[SUHVD VLHPSUH TXH QR VH UHILHUD D ODV
PDWHULDVHQXPHUDGDVHQHOSiUUDIRDQWHULRUGHHVWHDSDUWDGR
/DHVWLPDFLyQSRUVLOHQFLRDGPLQLVWUDWLYRWLHQHDWRGRVORVHIHFWRVODFRQVLGHUDFLyQGH
DFWR DGPLQLVWUDWLYR ILQDOL]DGRU GHO SURFHGLPLHQWR /D GHVHVWLPDFLyQ SRU VLOHQFLR
DGPLQLVWUDWLYRWLHQHORVVRORVHIHFWRVGHSHUPLWLUDORVLQWHUHVDGRVODLQWHUSRVLFLyQGHOUHFXUVR
DGPLQLVWUDWLYRRFRQWHQFLRVRDGPLQLVWUDWLYRTXHUHVXOWHSURFHGHQWH
 /D REOLJDFLyQ GH GLFWDU UHVROXFLyQ H[SUHVD D TXH VH UHILHUH HO DSDUWDGR SULPHUR GHO
DUWtFXORVHVXMHWDUiDOVLJXLHQWHUpJLPHQ
D (QORVFDVRVGHHVWLPDFLyQSRUVLOHQFLRDGPLQLVWUDWLYRODUHVROXFLyQH[SUHVDSRVWHULRU
DODSURGXFFLyQGHODFWRVyORSRGUiGLFWDUVHGHVHUFRQILUPDWRULDGHOPLVPR
E  (Q ORV FDVRV GH GHVHVWLPDFLyQ SRU VLOHQFLR DGPLQLVWUDWLYR OD UHVROXFLyQ H[SUHVD
SRVWHULRUDOYHQFLPLHQWRGHOSOD]RVHDGRSWDUiSRUOD$GPLQLVWUDFLyQVLQYLQFXODFLyQDOJXQDDO
VHQWLGRGHOVLOHQFLR
/RVDFWRVDGPLQLVWUDWLYRVSURGXFLGRVSRUVLOHQFLRDGPLQLVWUDWLYRVHSRGUiQKDFHUYDOHU
WDQWRDQWHOD$GPLQLVWUDFLyQFRPRDQWHFXDOTXLHUSHUVRQDItVLFDRMXUtGLFDS~EOLFDRSULYDGD
/RV PLVPRV SURGXFHQ HIHFWRV GHVGH HO YHQFLPLHQWR GHO SOD]R Pi[LPR HQ HO TXH GHEH
GLFWDUVH \ QRWLILFDUVH OD UHVROXFLyQ H[SUHVD VLQ TXH OD PLVPD VH KD\D H[SHGLGR \ VX
H[LVWHQFLD SXHGH VHU DFUHGLWDGD SRU FXDOTXLHU PHGLR GH SUXHED DGPLWLGR HQ 'HUHFKR
LQFOXLGR HO FHUWLILFDGR DFUHGLWDWLYR GHO VLOHQFLR SURGXFLGR (VWH FHUWLILFDGR VH H[SHGLUi GH
RILFLRSRUHOyUJDQRFRPSHWHQWHSDUDUHVROYHUHQHOSOD]RGHTXLQFHGtDVGHVGHTXHH[SLUHHO
SOD]RPi[LPRSDUDUHVROYHUHOSURFHGLPLHQWR6LQSHUMXLFLRGHORDQWHULRUHOLQWHUHVDGRSRGUi
SHGLUOR HQ FXDOTXLHU PRPHQWR FRPSXWiQGRVH HO SOD]R LQGLFDGR DQWHULRUPHQWH GHVGH HO GtD
VLJXLHQWH D DTXpO HQ TXH OD SHWLFLyQ WXYLHVH HQWUDGD HQ HO UHJLVWUR HOHFWUyQLFR GH OD
$GPLQLVWUDFLyQX2UJDQLVPRFRPSHWHQWHSDUDUHVROYHU

$UWtFXOR'/

- .*'0$Ż)
3+- .
)
+-* $($ )/*.
$)$$*.

*!$$*c

(QORVSURFHGLPLHQWRVLQLFLDGRVGHRILFLRHOYHQFLPLHQWRGHOSOD]RPi[LPRHVWDEOHFLGR
VLQ TXH VH KD\D GLFWDGR \ QRWLILFDGR UHVROXFLyQ H[SUHVD QR H[LPH D OD $GPLQLVWUDFLyQ GHO
FXPSOLPLHQWRGHODREOLJDFLyQOHJDOGHUHVROYHUSURGXFLHQGRORVVLJXLHQWHVHIHFWRV
D (QHOFDVRGHSURFHGLPLHQWRVGHORVTXHSXGLHUDGHULYDUVHHOUHFRQRFLPLHQWRRHQVX
FDVR OD FRQVWLWXFLyQ GH GHUHFKRV X RWUDV VLWXDFLRQHV MXUtGLFDV IDYRUDEOHV ORV LQWHUHVDGRV
TXH KXELHUHQ FRPSDUHFLGR SRGUiQ HQWHQGHU GHVHVWLPDGDV VXV SUHWHQVLRQHV SRU VLOHQFLR
DGPLQLVWUDWLYR

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

E (QORVSURFHGLPLHQWRVHQTXHOD$GPLQLVWUDFLyQHMHUFLWHSRWHVWDGHVVDQFLRQDGRUDVR
HQJHQHUDOGHLQWHUYHQFLyQVXVFHSWLEOHVGHSURGXFLUHIHFWRVGHVIDYRUDEOHVRGHJUDYDPHQ
VHSURGXFLUiODFDGXFLGDG(QHVWRVFDVRVODUHVROXFLyQTXHGHFODUHODFDGXFLGDGRUGHQDUi
HODUFKLYRGHODVDFWXDFLRQHVFRQORVHIHFWRVSUHYLVWRVHQHODUWtFXOR
 (Q ORV VXSXHVWRV HQ ORV TXH HO SURFHGLPLHQWR VH KXELHUD SDUDOL]DGR SRU FDXVD
LPSXWDEOH DO LQWHUHVDGR VH LQWHUUXPSLUi HO FyPSXWR GHO SOD]R SDUD UHVROYHU \ QRWLILFDU OD
UHVROXFLyQ

$UWtFXOR($.$Ż)

*0( )/*.
+*-
'.
($)$./-$*) .
Ɲ'$.c

6HHQWLHQGHSRUGRFXPHQWRVS~EOLFRVDGPLQLVWUDWLYRVORVYiOLGDPHQWHHPLWLGRVSRUORV
yUJDQRV GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV /DV $GPLQLVWUDFLRQHV 3~EOLFDV HPLWLUiQ ORV
GRFXPHQWRV DGPLQLVWUDWLYRV SRU HVFULWR D WUDYpV GH PHGLRV HOHFWUyQLFRV D PHQRV TXH VX
QDWXUDOH]DH[LMDRWUDIRUPDPiVDGHFXDGDGHH[SUHVLyQ\FRQVWDQFLD
3DUDVHUFRQVLGHUDGRVYiOLGRVORVGRFXPHQWRVHOHFWUyQLFRVDGPLQLVWUDWLYRVGHEHUiQ
D  &RQWHQHU LQIRUPDFLyQ GH FXDOTXLHU QDWXUDOH]D DUFKLYDGD HQ XQ VRSRUWH HOHFWUyQLFR
VHJ~QXQIRUPDWRGHWHUPLQDGRVXVFHSWLEOHGHLGHQWLILFDFLyQ\WUDWDPLHQWRGLIHUHQFLDGR
E 'LVSRQHUGHORVGDWRVGHLGHQWLILFDFLyQTXHSHUPLWDQVXLQGLYLGXDOL]DFLyQVLQSHUMXLFLR
GHVXSRVLEOHLQFRUSRUDFLyQDXQH[SHGLHQWHHOHFWUyQLFR
F ,QFRUSRUDUXQDUHIHUHQFLDWHPSRUDOGHOPRPHQWRHQTXHKDQVLGRHPLWLGRV
G ,QFRUSRUDUORVPHWDGDWRVPtQLPRVH[LJLGRV
H ,QFRUSRUDUODVILUPDVHOHFWUyQLFDVTXHFRUUHVSRQGDQGHDFXHUGRFRQORSUHYLVWRHQOD
QRUPDWLYDDSOLFDEOH
6H FRQVLGHUDUiQ YiOLGRV ORV GRFXPHQWRV HOHFWUyQLFRV TXH FXPSOLHQGR HVWRV UHTXLVLWRV
VHDQWUDVODGDGRVDXQWHUFHURDWUDYpVGHPHGLRVHOHFWUyQLFRV
 1R UHTXHULUiQ GH ILUPD HOHFWUyQLFD ORV GRFXPHQWRV HOHFWUyQLFRV HPLWLGRV SRU ODV
$GPLQLVWUDFLRQHV3~EOLFDVTXHVHSXEOLTXHQFRQFDUiFWHUPHUDPHQWHLQIRUPDWLYRDVtFRPR
DTXHOORVTXHQRIRUPHQSDUWHGHXQH[SHGLHQWHDGPLQLVWUDWLYR(QWRGRFDVRVHUiQHFHVDULR
LGHQWLILFDUHORULJHQGHHVWRVGRFXPHQWRV

$UWtFXOR'$ 5
4
!$$

'.
*+$.
- '$5.
+*-
'.
($)$./-$*) .
Ɲ'$.c

 &DGD $GPLQLVWUDFLyQ 3~EOLFD GHWHUPLQDUi ORV yUJDQRV TXH WHQJDQ DWULEXLGDV ODV
FRPSHWHQFLDV GH H[SHGLFLyQ GH FRSLDV DXWpQWLFDV GH ORV GRFXPHQWRV S~EOLFRV
DGPLQLVWUDWLYRVRSULYDGRV
/DV FRSLDV DXWpQWLFDV GH GRFXPHQWRV SULYDGRV VXUWHQ ~QLFDPHQWH HIHFWRV
DGPLQLVWUDWLYRV /DV FRSLDV DXWpQWLFDV UHDOL]DGDV SRU XQD $GPLQLVWUDFLyQ 3~EOLFD WHQGUiQ
YDOLGH]HQODVUHVWDQWHV$GPLQLVWUDFLRQHV
$ HVWRV HIHFWRV OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR ODV &RPXQLGDGHV $XWyQRPDV \
ODV (QWLGDGHV /RFDOHV SRGUiQ UHDOL]DU FRSLDV DXWpQWLFDV PHGLDQWH IXQFLRQDULR KDELOLWDGR R
PHGLDQWHDFWXDFLyQDGPLQLVWUDWLYDDXWRPDWL]DGD
6H GHEHUi PDQWHQHU DFWXDOL]DGR XQ UHJLVWUR X RWUR VLVWHPD HTXLYDOHQWH GRQGH
FRQVWDUiQORVIXQFLRQDULRVKDELOLWDGRVSDUDODH[SHGLFLyQGHFRSLDVDXWpQWLFDVTXHGHEHUiQ
VHU SOHQDPHQWH LQWHURSHUDEOHV \ HVWDU LQWHUFRQHFWDGRV FRQ ORV GH ODV UHVWDQWHV
$GPLQLVWUDFLRQHV3~EOLFDVDORVHIHFWRVGHFRPSUREDUODYDOLGH]GHODFLWDGDKDELOLWDFLyQ(Q
HVWH UHJLVWUR R VLVWHPD HTXLYDOHQWH FRQVWDUiQ DO PHQRV ORV IXQFLRQDULRV TXH SUHVWHQ
VHUYLFLRVHQODVRILFLQDVGHDVLVWHQFLDHQPDWHULDGHUHJLVWURV
7HQGUiQODFRQVLGHUDFLyQGHFRSLDDXWpQWLFDGHXQGRFXPHQWRS~EOLFRDGPLQLVWUDWLYRR
SULYDGR ODV UHDOL]DGDV FXDOTXLHUD TXH VHD VX VRSRUWH SRU ORV yUJDQRV FRPSHWHQWHV GH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV HQ ODV TXH TXHGH JDUDQWL]DGD OD LGHQWLGDG GHO yUJDQR TXH KD
UHDOL]DGRODFRSLD\VXFRQWHQLGR
/DVFRSLDVDXWpQWLFDVWHQGUiQODPLVPDYDOLGH]\HILFDFLDTXHORVGRFXPHQWRVRULJLQDOHV
 3DUDJDUDQWL]DU ODLGHQWLGDG \FRQWHQLGRGHODVFRSLDVHOHFWUyQLFDVRHQSDSHO\SRU
WDQWRVXFDUiFWHUGHFRSLDVDXWpQWLFDVODV$GPLQLVWUDFLRQHV3~EOLFDVGHEHUiQDMXVWDUVHDOR
SUHYLVWRHQHO(VTXHPD1DFLRQDOGH,QWHURSHUDELOLGDGHO(VTXHPD1DFLRQDOGH6HJXULGDG\
VXVQRUPDVWpFQLFDVGHGHVDUUROORDVtFRPRDODVVLJXLHQWHVUHJODV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

D  /DV FRSLDV HOHFWUyQLFDV GH XQ GRFXPHQWR HOHFWUyQLFR RULJLQDO R GH XQD FRSLD
HOHFWUyQLFD DXWpQWLFD FRQ R VLQ FDPELR GH IRUPDWR GHEHUiQ LQFOXLU ORV PHWDGDWRV TXH
DFUHGLWHQVXFRQGLFLyQGHFRSLD\TXHVHYLVXDOLFHQDOFRQVXOWDUHOGRFXPHQWR
E  /DV FRSLDV HOHFWUyQLFDV GH GRFXPHQWRV HQ VRSRUWH SDSHO R HQ RWUR VRSRUWH QR
HOHFWUyQLFRVXVFHSWLEOHGHGLJLWDOL]DFLyQUHTXHULUiQTXHHOGRFXPHQWRKD\DVLGRGLJLWDOL]DGR
\ GHEHUiQ LQFOXLU ORV PHWDGDWRV TXH DFUHGLWHQ VX FRQGLFLyQ GH FRSLD \ TXH VH YLVXDOLFHQ DO
FRQVXOWDUHOGRFXPHQWR
6H HQWLHQGH SRU GLJLWDOL]DFLyQ HO SURFHVR WHFQROyJLFR TXH SHUPLWH FRQYHUWLU XQ
GRFXPHQWRHQVRSRUWHSDSHORHQRWURVRSRUWHQRHOHFWUyQLFRHQXQILFKHURHOHFWUyQLFRTXH
FRQWLHQHODLPDJHQFRGLILFDGDILHOHtQWHJUDGHOGRFXPHQWR
F  /DV FRSLDV HQ VRSRUWH SDSHO GH GRFXPHQWRV HOHFWUyQLFRV UHTXHULUiQ TXH HQ ODV
PLVPDV ILJXUH OD FRQGLFLyQ GH FRSLD \ FRQWHQGUiQ XQ FyGLJR JHQHUDGR HOHFWUyQLFDPHQWH X
RWURVLVWHPDGHYHULILFDFLyQTXHSHUPLWLUiFRQWUDVWDUODDXWHQWLFLGDGGHODFRSLDPHGLDQWHHO
DFFHVRDORVDUFKLYRVHOHFWUyQLFRVGHOyUJDQRX2UJDQLVPRS~EOLFRHPLVRU
G  /DV FRSLDV HQ VRSRUWH SDSHO GH GRFXPHQWRV RULJLQDOHV HPLWLGRV HQ GLFKR VRSRUWH VH
SURSRUFLRQDUiQ PHGLDQWH XQD FRSLD DXWpQWLFD HQ SDSHO GHO GRFXPHQWR HOHFWUyQLFR TXH VH
HQFXHQWUH HQ SRGHU GH OD $GPLQLVWUDFLyQ R ELHQ PHGLDQWH XQD SXHVWD GH PDQLILHVWR
HOHFWUyQLFDFRQWHQLHQGRFRSLDDXWpQWLFDGHOGRFXPHQWRRULJLQDO
$ HVWRV HIHFWRV ODV $GPLQLVWUDFLRQHV KDUiQ S~EOLFRV D WUDYpV GH OD VHGH HOHFWUyQLFD
FRUUHVSRQGLHQWHORVFyGLJRVVHJXURVGHYHULILFDFLyQXRWURVLVWHPDGHYHULILFDFLyQXWLOL]DGR
 /RV LQWHUHVDGRV SRGUiQ VROLFLWDU HQ FXDOTXLHU PRPHQWR OD H[SHGLFLyQ GH FRSLDV
DXWpQWLFDVGHORVGRFXPHQWRVS~EOLFRVDGPLQLVWUDWLYRVTXHKD\DQVLGRYiOLGDPHQWHHPLWLGRV
SRUODV$GPLQLVWUDFLRQHV3~EOLFDV/DVROLFLWXGVHGLULJLUiDOyUJDQRTXHHPLWLyHOGRFXPHQWR
RULJLQDO GHELHQGR H[SHGLUVH VDOYR ODV H[FHSFLRQHV GHULYDGDV GH OD DSOLFDFLyQ GH OD
/H\GHGHGLFLHPEUHHQHOSOD]RGHTXLQFHGtDVDFRQWDUGHVGHODUHFHSFLyQGHOD
VROLFLWXGHQHOUHJLVWURHOHFWUyQLFRGHOD$GPLQLVWUDFLyQX2UJDQLVPRFRPSHWHQWH
$VLPLVPR ODV $GPLQLVWUDFLRQHV 3~EOLFDV HVWDUiQ REOLJDGDV D H[SHGLU FRSLDV DXWpQWLFDV
HOHFWUyQLFDVGHFXDOTXLHUGRFXPHQWRHQSDSHOTXHSUHVHQWHQORVLQWHUHVDGRV\TXHVHYD\DD
LQFRUSRUDUDXQH[SHGLHQWHDGPLQLVWUDWLYR
&XDQGRODV$GPLQLVWUDFLRQHV3~EOLFDVH[SLGDQFRSLDVDXWpQWLFDVHOHFWUyQLFDVGHEHUi
TXHGDUH[SUHVDPHQWHDVtLQGLFDGRHQHOGRFXPHQWRGHODFRSLD
 /D H[SHGLFLyQ GH FRSLDV DXWpQWLFDV GH GRFXPHQWRV S~EOLFRV QRWDULDOHV UHJLVWUDOHV \
MXGLFLDOHVDVtFRPRGHORVGLDULRVRILFLDOHVVHUHJLUiSRUVXOHJLVODFLyQHVSHFtILFD

$UWtFXOR*0( )/*.
+*-/*.
+*-
'*.
$)/ - .*.
'
+-* $($ )/*
($)$./-/$1*c

 /RV LQWHUHVDGRV GHEHUiQ DSRUWDU DO SURFHGLPLHQWR DGPLQLVWUDWLYR ORV GDWRV \
GRFXPHQWRV H[LJLGRV SRU ODV $GPLQLVWUDFLRQHV 3~EOLFDV GH DFXHUGR FRQ OR GLVSXHVWR HQ OD
QRUPDWLYDDSOLFDEOH$VLPLVPRORVLQWHUHVDGRVSRGUiQDSRUWDUFXDOTXLHURWURGRFXPHQWRTXH
HVWLPHQFRQYHQLHQWH
 /RV LQWHUHVDGRV WLHQHQ GHUHFKR D QR DSRUWDU GRFXPHQWRV TXH \D VH HQFXHQWUHQ HQ
SRGHU GH OD $GPLQLVWUDFLyQ DFWXDQWH R KD\DQ VLGR HODERUDGRV SRU FXDOTXLHU RWUD
$GPLQLVWUDFLyQ /D DGPLQLVWUDFLyQ DFWXDQWH SRGUi FRQVXOWDU R UHFDEDU GLFKRV GRFXPHQWRV
VDOYR TXH HO LQWHUHVDGR VH RSXVLHUD D HOOR 1R FDEUi OD RSRVLFLyQ FXDQGR OD DSRUWDFLyQ GHO
GRFXPHQWR VH H[LJLHUD HQ HO PDUFR GHO HMHUFLFLR GH SRWHVWDGHV VDQFLRQDGRUDV R GH
LQVSHFFLyQ
/DV $GPLQLVWUDFLRQHV 3~EOLFDV GHEHUiQ UHFDEDU ORV GRFXPHQWRV HOHFWUyQLFDPHQWH D
WUDYpVGHVXVUHGHVFRUSRUDWLYDVRPHGLDQWHFRQVXOWDDODVSODWDIRUPDVGHLQWHUPHGLDFLyQGH
GDWRVXRWURVVLVWHPDVHOHFWUyQLFRVKDELOLWDGRVDOHIHFWR
&XDQGR VH WUDWH GH LQIRUPHV SUHFHSWLYRV \D HODERUDGRV SRU XQ yUJDQR DGPLQLVWUDWLYR
GLVWLQWRDOTXHWUDPLWDHOSURFHGLPLHQWRHVWRVGHEHUiQVHUUHPLWLGRVHQHOSOD]RGHGLH]GtDV
D FRQWDU GHVGH VX VROLFLWXG &XPSOLGR HVWH SOD]R VH LQIRUPDUi DO LQWHUHVDGR GH TXH SXHGH
DSRUWDUHVWHLQIRUPHRHVSHUDUDVXUHPLVLyQSRUHOyUJDQRFRPSHWHQWH
 /DV $GPLQLVWUDFLRQHV QR H[LJLUiQ D ORV LQWHUHVDGRV OD SUHVHQWDFLyQ GH GRFXPHQWRV
RULJLQDOHVVDOYRTXHFRQFDUiFWHUH[FHSFLRQDOODQRUPDWLYDUHJXODGRUDDSOLFDEOHHVWDEOH]FD
ORFRQWUDULR

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

$VLPLVPR ODV $GPLQLVWUDFLRQHV 3~EOLFDV QR UHTXHULUiQ D ORV LQWHUHVDGRV GDWRV R

GRFXPHQWRV QR H[LJLGRV SRU OD QRUPDWLYD UHJXODGRUD DSOLFDEOH R TXH KD\DQ VLGR DSRUWDGRV
DQWHULRUPHQWH SRU HO LQWHUHVDGR D FXDOTXLHU $GPLQLVWUDFLyQ $ HVWRV HIHFWRV HO LQWHUHVDGR
GHEHUi LQGLFDU HQ TXp PRPHQWR \ DQWH TXp yUJDQR DGPLQLVWUDWLYR SUHVHQWy ORV FLWDGRV
GRFXPHQWRV GHELHQGR ODV $GPLQLVWUDFLRQHV 3~EOLFDV UHFDEDUORV HOHFWUyQLFDPHQWH D WUDYpV
GHVXVUHGHVFRUSRUDWLYDVRGHXQDFRQVXOWDDODVSODWDIRUPDVGHLQWHUPHGLDFLyQGHGDWRVX
RWURV VLVWHPDV HOHFWUyQLFRV KDELOLWDGRV DO HIHFWR VDOYR TXH FRQVWH HQ HO SURFHGLPLHQWR OD
RSRVLFLyQ H[SUHVD GHO LQWHUHVDGR R OD OH\ HVSHFLDO DSOLFDEOH UHTXLHUD VX FRQVHQWLPLHQWR
H[SUHVR([FHSFLRQDOPHQWHVLODV$GPLQLVWUDFLRQHV3~EOLFDVQRSXGLHUDQUHFDEDUORVFLWDGRV
GRFXPHQWRVSRGUiQVROLFLWDUQXHYDPHQWHDOLQWHUHVDGRVXDSRUWDFLyQ
 &XDQGR FRQ FDUiFWHU H[FHSFLRQDO \ GH DFXHUGR FRQ OR SUHYLVWR HQ HVWD /H\ OD
$GPLQLVWUDFLyQ VROLFLWDUD DO LQWHUHVDGR OD SUHVHQWDFLyQ GH XQ GRFXPHQWR RULJLQDO \ pVWH
HVWXYLHUD HQ IRUPDWR SDSHO HO LQWHUHVDGR GHEHUi REWHQHU XQD FRSLD DXWpQWLFD VHJ~Q ORV
UHTXLVLWRV HVWDEOHFLGRV HQ HO DUWtFXOR  FRQ FDUiFWHU SUHYLR D VX SUHVHQWDFLyQ HOHFWUyQLFD
/DFRSLDHOHFWUyQLFDUHVXOWDQWHUHIOHMDUiH[SUHVDPHQWHHVWDFLUFXQVWDQFLD
([FHSFLRQDOPHQWHFXDQGRODUHOHYDQFLDGHOGRFXPHQWRHQHOSURFHGLPLHQWRORH[LMDR
H[LVWDQ GXGDV GHULYDGDV GH OD FDOLGDG GH OD FRSLD ODV $GPLQLVWUDFLRQHV SRGUiQ VROLFLWDU GH
PDQHUD PRWLYDGD HO FRWHMR GH ODV FRSLDV DSRUWDGDV SRU HO LQWHUHVDGR SDUD OR TXH SRGUiQ
UHTXHULUODH[KLELFLyQGHOGRFXPHQWRRGHODLQIRUPDFLyQRULJLQDO
 /DV FRSLDV TXH DSRUWHQ ORV LQWHUHVDGRV DO SURFHGLPLHQWR DGPLQLVWUDWLYR WHQGUiQ
HILFDFLDH[FOXVLYDPHQWHHQHOiPELWRGHODDFWLYLGDGGHODV$GPLQLVWUDFLRQHV3~EOLFDV
 /RV LQWHUHVDGRV VH UHVSRQVDELOL]DUiQ GH OD YHUDFLGDG GH ORV GRFXPHQWRV TXH
SUHVHQWHQ

&$3Ê78/2,,
7pUPLQRV\SOD]RV

$UWtFXOR'$"/*-$ 

/Ŏ-($)*.
4
+'5*.c

/RV WpUPLQRV \ SOD]RV HVWDEOHFLGRV HQ pVWD X RWUDV OH\HV REOLJDQ D ODV DXWRULGDGHV \
SHUVRQDODOVHUYLFLRGHODV$GPLQLVWUDFLRQHV3~EOLFDVFRPSHWHQWHVSDUDODWUDPLWDFLyQGHORV
DVXQWRVDVtFRPRDORVLQWHUHVDGRVHQORVPLVPRV

$UWtFXORŻ(+0/*

+'5*.c
 6DOYR TXH SRU /H\ R HQ HO 'HUHFKR GH OD 8QLyQ (XURSHD VH GLVSRQJD RWUR FyPSXWR
FXDQGR ORV SOD]RV VH VHxDOHQ SRU KRUDV VH HQWLHQGH TXH pVWDV VRQ KiELOHV 6RQ KiELOHV
WRGDVODVKRUDVGHOGtDTXHIRUPHQSDUWHGHXQGtDKiELO
/RV SOD]RV H[SUHVDGRV SRU KRUDV VH FRQWDUiQ GH KRUD HQ KRUD \ GH PLQXWR HQ PLQXWR
GHVGH OD KRUD \ PLQXWR HQ TXH WHQJD OXJDU OD QRWLILFDFLyQ R SXEOLFDFLyQ GHO DFWR GH TXH VH
WUDWH \ QR SRGUiQ WHQHU XQD GXUDFLyQ VXSHULRU D YHLQWLFXDWUR KRUDV HQ FX\R FDVR VH
H[SUHVDUiQHQGtDV
 6LHPSUH TXH SRU /H\ R HQ HO 'HUHFKR GH OD 8QLyQ (XURSHD QR VH H[SUHVH RWUR
FyPSXWR FXDQGR ORV SOD]RV VH VHxDOHQ SRU GtDV VH HQWLHQGH TXH pVWRV VRQ KiELOHV
H[FOX\pQGRVHGHOFyPSXWRORVViEDGRVORVGRPLQJRV\ORVGHFODUDGRVIHVWLYRV
&XDQGRORVSOD]RVVHKD\DQVHxDODGRSRUGtDVQDWXUDOHVSRUGHFODUDUORDVtXQDOH\RSRU
HO'HUHFKRGHOD8QLyQ(XURSHDVHKDUiFRQVWDUHVWDFLUFXQVWDQFLDHQODVFRUUHVSRQGLHQWHV
QRWLILFDFLRQHV
/RVSOD]RVH[SUHVDGRVHQGtDVVHFRQWDUiQDSDUWLUGHOGtDVLJXLHQWHDDTXHOHQTXH
WHQJDOXJDUODQRWLILFDFLyQRSXEOLFDFLyQGHODFWRGHTXHVHWUDWHRGHVGHHOVLJXLHQWHDDTXHO
HQTXHVHSURGX]FDODHVWLPDFLyQRODGHVHVWLPDFLyQSRUVLOHQFLRDGPLQLVWUDWLYR
6LHOSOD]RVHILMDHQPHVHVRDxRVpVWRVVHFRPSXWDUiQDSDUWLUGHOGtDVLJXLHQWHD
DTXHO HQ TXH WHQJD OXJDU OD QRWLILFDFLyQ R SXEOLFDFLyQ GHO DFWR GH TXH VH WUDWH R GHVGH HO
VLJXLHQWH D DTXHO HQ TXH VH SURGX]FD OD HVWLPDFLyQ R GHVHVWLPDFLyQ SRU VLOHQFLR
DGPLQLVWUDWLYR
(OSOD]RFRQFOXLUiHOPLVPRGtDHQTXHVHSURGXMRODQRWLILFDFLyQSXEOLFDFLyQRVLOHQFLR
DGPLQLVWUDWLYRHQHOPHVRHODxRGHYHQFLPLHQWR6LHQHOPHVGHYHQFLPLHQWRQRKXELHUDGtD

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

HTXLYDOHQWHDDTXHOHQTXHFRPLHQ]DHOFyPSXWRVHHQWHQGHUiTXHHOSOD]RH[SLUDHO~OWLPR
GtDGHOPHV
&XDQGRHO~OWLPRGtDGHOSOD]RVHDLQKiELOVHHQWHQGHUiSURUURJDGRDOSULPHUGtDKiELO
VLJXLHQWH
&XDQGRXQGtDIXHVHKiELOHQHOPXQLFLSLRR&RPXQLGDG$XWyQRPDHQTXHUHVLGLHVHHO
LQWHUHVDGR H LQKiELO HQ OD VHGH GHO yUJDQR DGPLQLVWUDWLYR R D OD LQYHUVD VH FRQVLGHUDUi
LQKiELOHQWRGRFDVR
 /D $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR \ ODV $GPLQLVWUDFLRQHV GH ODV &RPXQLGDGHV
$XWyQRPDV FRQ VXMHFLyQ DO FDOHQGDULR ODERUDO RILFLDO ILMDUiQ HQ VX UHVSHFWLYR iPELWR HO
FDOHQGDULR GH GtDV LQKiELOHV D HIHFWRV GH FyPSXWRV GH SOD]RV (O FDOHQGDULR DSUREDGR SRU
ODV &RPXQLGDGHV $XWyQRPDV FRPSUHQGHUi ORV GtDV LQKiELOHV GH ODV (QWLGDGHV /RFDOHV
FRUUHVSRQGLHQWHVDVXiPELWRWHUULWRULDODODVTXHVHUiGHDSOLFDFLyQ
'LFKR FDOHQGDULR GHEHUi SXEOLFDUVH DQWHV GHO FRPLHQ]R GH FDGD DxR HQ HO GLDULR RILFLDO
TXH FRUUHVSRQGD DVt FRPR HQ RWURV PHGLRV GH GLIXVLyQ TXH JDUDQWLFHQ VX FRQRFLPLHQWR
JHQHUDOL]DGR
 /D GHFODUDFLyQ GH XQ GtD FRPR KiELO R LQKiELO D HIHFWRV GH FyPSXWR GH SOD]RV QR
GHWHUPLQD SRU Vt VROD HO IXQFLRQDPLHQWR GH ORV FHQWURV GH WUDEDMR GH ODV $GPLQLVWUDFLRQHV
3~EOLFDV OD RUJDQL]DFLyQ GHO WLHPSR GH WUDEDMR R HO UpJLPHQ GH MRUQDGD \ KRUDULRV GH ODV
PLVPDV

$UWtFXORŻ(+0/*

+'5*.
)
'*.
- "$./-*.c

 &DGD $GPLQLVWUDFLyQ 3~EOLFD SXEOLFDUi ORV GtDV \ HO KRUDULR HQ HO TXH GHEDQ
SHUPDQHFHU DELHUWDV ODV RILFLQDV TXH SUHVWDUiQ DVLVWHQFLD SDUD OD SUHVHQWDFLyQ HOHFWUyQLFD
GH GRFXPHQWRV JDUDQWL]DQGR HO GHUHFKR GH ORV LQWHUHVDGRV D VHU DVLVWLGRV HQ HO XVR GH
PHGLRVHOHFWUyQLFRV
 (O UHJLVWUR HOHFWUyQLFR GH FDGD $GPLQLVWUDFLyQ X 2UJDQLVPR VH UHJLUi D HIHFWRV GH
FyPSXWR GH ORV SOD]RV SRU OD IHFKD \ KRUD RILFLDO GH OD VHGH HOHFWUyQLFD GH DFFHVR TXH
GHEHUi FRQWDU FRQ ODV PHGLGDV GH VHJXULGDG QHFHVDULDV SDUD JDUDQWL]DU VX LQWHJULGDG \
ILJXUDUGHPRGRDFFHVLEOH\YLVLEOH
(OIXQFLRQDPLHQWRGHOUHJLVWURHOHFWUyQLFRVHUHJLUiSRUODVVLJXLHQWHVUHJODV
D  3HUPLWLUi OD SUHVHQWDFLyQ GH GRFXPHQWRV WRGRV ORV GtDV GHO DxR GXUDQWH ODV
YHLQWLFXDWURKRUDV
E  $ ORV HIHFWRV GHO FyPSXWR GH SOD]R ILMDGR HQ GtDV KiELOHV \ HQ OR TXH VH UHILHUH DO
FXPSOLPLHQWRGHSOD]RVSRUORVLQWHUHVDGRVODSUHVHQWDFLyQHQXQGtDLQKiELOVHHQWHQGHUi
UHDOL]DGD HQ OD SULPHUD KRUD GHO SULPHU GtD KiELO VLJXLHQWH VDOYR TXH XQD QRUPD SHUPLWD
H[SUHVDPHQWHODUHFHSFLyQHQGtDLQKiELO
/RVGRFXPHQWRVVHFRQVLGHUDUiQSUHVHQWDGRVSRUHORUGHQGHKRUDHIHFWLYDHQHOTXHOR
IXHURQ HQ HO GtD LQKiELO /RV GRFXPHQWRV SUHVHQWDGRV HQ HO GtD LQKiELO VH UHSXWDUiQ
DQWHULRUHVVHJ~QHOPLVPRRUGHQDORVTXHORIXHUDQHOSULPHUGtDKiELOSRVWHULRU
F  (O LQLFLR GHO FyPSXWR GH ORV SOD]RV TXH KD\DQ GH FXPSOLU ODV $GPLQLVWUDFLRQHV
3~EOLFDV YHQGUi GHWHUPLQDGR SRU OD IHFKD \ KRUD GH SUHVHQWDFLyQ HQ HO UHJLVWUR HOHFWUyQLFR
GH FDGD $GPLQLVWUDFLyQ X 2UJDQLVPR (Q WRGR FDVR OD IHFKD \ KRUD HIHFWLYD GH LQLFLR GHO
FyPSXWRGHSOD]RVGHEHUiVHUFRPXQLFDGDDTXLHQSUHVHQWyHOGRFXPHQWR
 /D VHGH HOHFWUyQLFD GHO UHJLVWUR GH FDGD $GPLQLVWUDFLyQ 3~EOLFD X 2UJDQLVPR
GHWHUPLQDUiDWHQGLHQGRDOiPELWRWHUULWRULDOHQHOTXHHMHUFHVXVFRPSHWHQFLDVHOWLWXODUGH
DTXpOOD\DOFDOHQGDULRSUHYLVWRHQHODUWtFXORORVGtDVTXHVHFRQVLGHUDUiQLQKiELOHVD
ORVHIHFWRVSUHYLVWRVHQHVWHDUWtFXOR(VWHVHUiHO~QLFRFDOHQGDULRGHGtDVLQKiELOHVTXHVH
DSOLFDUi D HIHFWRV GHO FyPSXWR GH SOD]RV HQ ORV UHJLVWURV HOHFWUyQLFRV VLQ TXH UHVXOWH GH
DSOLFDFLyQDORVPLVPRVORGLVSXHVWRHQHODUWtFXOR

$UWtFXOR(+'$$Ż)c
/D$GPLQLVWUDFLyQVDOYRSUHFHSWRHQFRQWUDULRSRGUiFRQFHGHUGHRILFLRRDSHWLFLyQ
GHORVLQWHUHVDGRVXQDDPSOLDFLyQGHORVSOD]RVHVWDEOHFLGRVTXHQRH[FHGDGHODPLWDGGH
ORV PLVPRV VL ODV FLUFXQVWDQFLDV OR DFRQVHMDQ \ FRQ HOOR QR VH SHUMXGLFDQ GHUHFKRV GH
WHUFHUR(ODFXHUGRGHDPSOLDFLyQGHEHUiVHUQRWLILFDGRDORVLQWHUHVDGRV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

/DDPSOLDFLyQGHORVSOD]RVSRUHOWLHPSRPi[LPRSHUPLWLGRVHDSOLFDUiHQWRGRFDVRD
ORVSURFHGLPLHQWRVWUDPLWDGRVSRUODVPLVLRQHVGLSORPiWLFDV\RILFLQDVFRQVXODUHVDVtFRPR
D DTXHOORV TXH VXVWDQFLiQGRVH HQ HO LQWHULRU H[LMDQ FXPSOLPHQWDU DOJ~Q WUiPLWH HQ HO
H[WUDQMHURRHQORVTXHLQWHUYHQJDQLQWHUHVDGRVUHVLGHQWHVIXHUDGH(VSDxD
 7DQWR OD SHWLFLyQ GH ORV LQWHUHVDGRV FRPR OD GHFLVLyQ VREUH OD DPSOLDFLyQ GHEHUiQ
SURGXFLUVH HQ WRGR FDVR DQWHV GHO YHQFLPLHQWR GHO SOD]R GH TXH VH WUDWH (Q QLQJ~Q FDVR
SRGUi VHU REMHWR GH DPSOLDFLyQ XQ SOD]R \D YHQFLGR /RV DFXHUGRV VREUH DPSOLDFLyQ GH
SOD]RVRVREUHVXGHQHJDFLyQQRVHUiQVXVFHSWLEOHVGHUHFXUVRVLQSHUMXLFLRGHOSURFHGHQWH
FRQWUDODUHVROXFLyQTXHSRQJDILQDOSURFHGLPLHQWR
 &XDQGR XQD LQFLGHQFLD WpFQLFD KD\D LPSRVLELOLWDGR HO IXQFLRQDPLHQWR RUGLQDULR GHO
VLVWHPD R DSOLFDFLyQ TXH FRUUHVSRQGD \ KDVWD TXH VH VROXFLRQH HO SUREOHPD OD
$GPLQLVWUDFLyQ SRGUi GHWHUPLQDU XQD DPSOLDFLyQ GH ORV SOD]RV QR YHQFLGRV GHELHQGR
SXEOLFDU HQ OD VHGH HOHFWUyQLFD WDQWR OD LQFLGHQFLD WpFQLFD DFRQWHFLGD FRPR OD DPSOLDFLyQ
FRQFUHWDGHOSOD]RQRYHQFLGR
 &XDQGR FRPR FRQVHFXHQFLD GH XQ FLEHULQFLGHQWH VH KD\DQ YLVWR JUDYHPHQWH
DIHFWDGRV ORV VHUYLFLRV \ VLVWHPDV XWLOL]DGRV SDUD OD WUDPLWDFLyQ GH ORV SURFHGLPLHQWRV \ HO
HMHUFLFLR GH ORV GHUHFKRV GH ORV LQWHUHVDGRV TXH SUHYp OD QRUPDWLYD YLJHQWH OD
$GPLQLVWUDFLyQ SRGUi DFRUGDU OD DPSOLDFLyQ JHQHUDO GH SOD]RV GH ORV SURFHGLPLHQWRV
DGPLQLVWUDWLYRV

$UWtFXOR-($/$Ż)

0-" )$c

 &XDQGR UD]RQHV GH LQWHUpV S~EOLFR OR DFRQVHMHQ VH SRGUi DFRUGDU GH RILFLR R D
SHWLFLyQ GHO LQWHUHVDGR OD DSOLFDFLyQ DO SURFHGLPLHQWR GH OD WUDPLWDFLyQ GH XUJHQFLD SRU OD
FXDOVHUHGXFLUiQDODPLWDGORVSOD]RVHVWDEOHFLGRVSDUDHOSURFHGLPLHQWRRUGLQDULRVDOYRORV
UHODWLYRVDODSUHVHQWDFLyQGHVROLFLWXGHV\UHFXUVRV
1RFDEUiUHFXUVRDOJXQRFRQWUDHODFXHUGRTXHGHFODUHODDSOLFDFLyQGHODWUDPLWDFLyQ
GHXUJHQFLDDOSURFHGLPLHQWRVLQSHUMXLFLRGHOSURFHGHQWHFRQWUDODUHVROXFLyQTXHSRQJDILQ
DOSURFHGLPLHQWR

7Ê78/2,,,
'HORVDFWRVDGPLQLVWUDWLYRV

&$3Ê78/2,
5HTXLVLWRVGHORVDFWRVDGPLQLVWUDWLYRV

$UWtFXOR-*0$Ż)
4
*)/ )$*c
/RVDFWRVDGPLQLVWUDWLYRVTXHGLFWHQODV$GPLQLVWUDFLRQHV3~EOLFDVELHQGHRILFLRRD
LQVWDQFLD GHO LQWHUHVDGR VH SURGXFLUiQ SRU HO yUJDQR FRPSHWHQWH DMXVWiQGRVH D ORV
UHTXLVLWRV\DOSURFHGLPLHQWRHVWDEOHFLGR
(OFRQWHQLGRGHORVDFWRVVHDMXVWDUiDORGLVSXHVWRSRUHORUGHQDPLHQWRMXUtGLFR\VHUi
GHWHUPLQDGR\DGHFXDGRDORVILQHVGHDTXpOORV

$UWtFXOR*/$1$Ż)c
6HUiQPRWLYDGRVFRQVXFLQWDUHIHUHQFLDGHKHFKRV\IXQGDPHQWRVGHGHUHFKR
D /RVDFWRVTXHOLPLWHQGHUHFKRVVXEMHWLYRVRLQWHUHVHVOHJtWLPRV
E /RVDFWRVTXHUHVXHOYDQSURFHGLPLHQWRVGHUHYLVLyQGHRILFLRGHGLVSRVLFLRQHVRDFWRV
DGPLQLVWUDWLYRVUHFXUVRVDGPLQLVWUDWLYRV\SURFHGLPLHQWRVGHDUELWUDMH\ORVTXHGHFODUHQVX
LQDGPLVLyQ
F  /RV DFWRV TXH VH VHSDUHQ GHO FULWHULR VHJXLGR HQ DFWXDFLRQHV SUHFHGHQWHV R GHO
GLFWDPHQGHyUJDQRVFRQVXOWLYRV
G /RVDFXHUGRVGHVXVSHQVLyQGHDFWRVFXDOTXLHUDTXHVHDHOPRWLYRGHpVWDDVtFRPR
ODDGRSFLyQGHPHGLGDVSURYLVLRQDOHVSUHYLVWDVHQHODUWtFXOR
H /RVDFXHUGRVGHDSOLFDFLyQGHODWUDPLWDFLyQGHXUJHQFLDGHDPSOLDFLyQGHSOD]RV\
GHUHDOL]DFLyQGHDFWXDFLRQHVFRPSOHPHQWDULDV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

I /RVDFWRVTXHUHFKDFHQSUXHEDVSURSXHVWDVSRUORVLQWHUHVDGRV
J /RVDFWRVTXHDFXHUGHQODWHUPLQDFLyQGHOSURFHGLPLHQWRSRUODLPSRVLELOLGDGPDWHULDO
GHFRQWLQXDUORSRUFDXVDVVREUHYHQLGDVDVtFRPRORVTXHDFXHUGHQHOGHVLVWLPLHQWRSRUOD
$GPLQLVWUDFLyQHQSURFHGLPLHQWRVLQLFLDGRVGHRILFLR
K  /DV SURSXHVWDV GH UHVROXFLyQ HQ ORV SURFHGLPLHQWRV GH FDUiFWHU VDQFLRQDGRU DVt
FRPRORVDFWRVTXHUHVXHOYDQSURFHGLPLHQWRVGHFDUiFWHUVDQFLRQDGRURGHUHVSRQVDELOLGDG
SDWULPRQLDO
L /RVDFWRVTXHVHGLFWHQHQHOHMHUFLFLRGHSRWHVWDGHVGLVFUHFLRQDOHVDVtFRPRORVTXH
GHEDQVHUORHQYLUWXGGHGLVSRVLFLyQOHJDORUHJODPHQWDULDH[SUHVD
 /D PRWLYDFLyQ GH ORV DFWRV TXH SRQJDQ ILQ D ORV SURFHGLPLHQWRV VHOHFWLYRV \ GH
FRQFXUUHQFLDFRPSHWLWLYDVHUHDOL]DUiGHFRQIRUPLGDGFRQORTXHGLVSRQJDQODVQRUPDVTXH
UHJXOHQVXVFRQYRFDWRULDVGHELHQGRHQWRGRFDVRTXHGDUDFUHGLWDGRVHQHOSURFHGLPLHQWR
ORVIXQGDPHQWRVGHODUHVROXFLyQTXHVHDGRSWH

$UWtFXOR*-(c
/RVDFWRVDGPLQLVWUDWLYRVVHSURGXFLUiQSRUHVFULWRDWUDYpVGHPHGLRVHOHFWUyQLFRVD
PHQRVTXHVXQDWXUDOH]DH[LMDRWUDIRUPDPiVDGHFXDGDGHH[SUHVLyQ\FRQVWDQFLD
 (Q ORV FDVRV HQ TXH ORV yUJDQRV DGPLQLVWUDWLYRV HMHU]DQ VX FRPSHWHQFLD GH IRUPD
YHUEDO OD FRQVWDQFLD HVFULWD GHO DFWR FXDQGR VHD QHFHVDULD VH HIHFWXDUi \ ILUPDUi SRU HO
WLWXODU GHO yUJDQR LQIHULRU R IXQFLRQDULR TXH OD UHFLED RUDOPHQWH H[SUHVDQGR HQ OD
FRPXQLFDFLyQ GHO PLVPR OD DXWRULGDG GH OD TXH SURFHGH 6L VH WUDWDUD GH UHVROXFLRQHV HO
WLWXODU GH OD FRPSHWHQFLD GHEHUi DXWRUL]DU XQD UHODFLyQ GH ODV TXH KD\D GLFWDGR GH IRUPD
YHUEDOFRQH[SUHVLyQGHVXFRQWHQLGR
&XDQGRGHEDGLFWDUVHXQDVHULHGHDFWRVDGPLQLVWUDWLYRVGHODPLVPDQDWXUDOH]DWDOHV
FRPR QRPEUDPLHQWRV FRQFHVLRQHV R OLFHQFLDV SRGUiQ UHIXQGLUVH HQ XQ ~QLFR DFWR
DFRUGDGR SRU HO yUJDQR FRPSHWHQWH TXH HVSHFLILFDUi ODV SHUVRQDV X RWUDV FLUFXQVWDQFLDV
TXHLQGLYLGXDOLFHQORVHIHFWRVGHODFWRSDUDFDGDLQWHUHVDGR

&$3Ê78/2,,
(ILFDFLDGHORVDFWRV

$UWtFXOR ) -*"$'$
.$)"0'-c
 /DV UHVROXFLRQHV DGPLQLVWUDWLYDV GH FDUiFWHU SDUWLFXODU QR SRGUiQ YXOQHUDU OR
HVWDEOHFLGRHQXQDGLVSRVLFLyQGHFDUiFWHUJHQHUDODXQTXHDTXpOODVSURFHGDQGHXQyUJDQR
GHLJXDORVXSHULRUMHUDUTXtDDOTXHGLFWyODGLVSRVLFLyQJHQHUDO
 6RQ QXODV ODV UHVROXFLRQHV DGPLQLVWUDWLYDV TXH YXOQHUHQ OR HVWDEOHFLGR HQ XQD
GLVSRVLFLyQ UHJODPHQWDULD DVt FRPR DTXHOODV TXH LQFXUUDQ HQ DOJXQD GH ODV FDXVDV
UHFRJLGDVHQHODUWtFXOR

$UWtFXOR% 0/$1$c
/RV DFWRV GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV VXMHWRV DO 'HUHFKR $GPLQLVWUDWLYR VHUiQ
HMHFXWLYRVFRQDUUHJORDORGLVSXHVWRHQHVWD/H\

$UWtFXOR! /*.c
 /RV DFWRV GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV VXMHWRV DO 'HUHFKR $GPLQLVWUDWLYR VH
SUHVXPLUiQYiOLGRV\SURGXFLUiQHIHFWRVGHVGHODIHFKDHQTXHVHGLFWHQVDOYRTXHHQHOORV
VHGLVSRQJDRWUDFRVD
 /D HILFDFLD TXHGDUi GHPRUDGD FXDQGR DVt OR H[LMD HO FRQWHQLGR GHO DFWR R HVWp
VXSHGLWDGDDVXQRWLILFDFLyQSXEOLFDFLyQRDSUREDFLyQVXSHULRU
 ([FHSFLRQDOPHQWH SRGUi RWRUJDUVH HILFDFLD UHWURDFWLYD D ORV DFWRV FXDQGR VH GLFWHQ
HQ VXVWLWXFLyQ GH DFWRV DQXODGRV DVt FRPR FXDQGR SURGX]FDQ HIHFWRV IDYRUDEOHV DO
LQWHUHVDGRVLHPSUHTXHORVVXSXHVWRVGHKHFKRQHFHVDULRVH[LVWLHUDQ\DHQODIHFKDDTXH
VHUHWURWUDLJDODHILFDFLDGHODFWR\pVWDQROHVLRQHGHUHFKRVRLQWHUHVHVOHJtWLPRVGHRWUDV
SHUVRQDV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

/DVQRUPDV\DFWRVGLFWDGRVSRUORVyUJDQRVGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQHO
HMHUFLFLR GH VX SURSLD FRPSHWHQFLD GHEHUiQ VHU REVHUYDGDV SRU HO UHVWR GH ORV yUJDQRV
DGPLQLVWUDWLYRV DXQTXH QR GHSHQGDQ MHUiUTXLFDPHQWH HQWUH Vt R SHUWHQH]FDQ D RWUD
$GPLQLVWUDFLyQ
 &XDQGR XQD $GPLQLVWUDFLyQ 3~EOLFD WHQJD TXH GLFWDU HQ HO iPELWR GH VXV
FRPSHWHQFLDV XQ DFWR TXH QHFHVDULDPHQWH WHQJD SRU EDVH RWUR GLFWDGR SRU XQD
$GPLQLVWUDFLyQ 3~EOLFD GLVWLQWD \ DTXpOOD HQWLHQGD TXH HV LOHJDO SRGUi UHTXHULU D pVWD
SUHYLDPHQWHSDUDTXHDQXOHRUHYLVHHODFWRGHDFXHUGRFRQORGLVSXHVWRHQHODUWtFXORGH
OD/H\GHGHMXOLRUHJXODGRUDGHOD-XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYD\
GHUHFKD]DUHOUHTXHULPLHQWRSRGUiLQWHUSRQHUUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYR(QHVWRV
FDVRVTXHGDUiVXVSHQGLGRHOSURFHGLPLHQWRSDUDGLFWDUUHVROXFLyQ

$UWtFXOR*/$!$$Ż)c
 (O yUJDQR TXH GLFWH ODV UHVROXFLRQHV \ DFWRV DGPLQLVWUDWLYRV ORV QRWLILFDUi D ORV
LQWHUHVDGRV FX\RV GHUHFKRV H LQWHUHVHV VHDQ DIHFWDGRV SRU DTXpOORV HQ ORV WpUPLQRV
SUHYLVWRVHQORVDUWtFXORVVLJXLHQWHV
7RGDQRWLILFDFLyQGHEHUiVHUFXUVDGDGHQWURGHOSOD]RGHGLH]GtDVDSDUWLUGHODIHFKD
HQ TXH HO DFWR KD\D VLGR GLFWDGR \ GHEHUi FRQWHQHU HO WH[WR tQWHJUR GH OD UHVROXFLyQ FRQ
LQGLFDFLyQ GH VL SRQH ILQ R QR D OD YtD DGPLQLVWUDWLYD OD H[SUHVLyQ GH ORV UHFXUVRV TXH
SURFHGDQ HQ VX FDVR HQ YtD DGPLQLVWUDWLYD \ MXGLFLDO HO yUJDQR DQWH HO TXH KXELHUDQ GH
SUHVHQWDUVH \ HO SOD]R SDUD LQWHUSRQHUORV VLQ SHUMXLFLR GH TXH ORV LQWHUHVDGRV SXHGDQ
HMHUFLWDUHQVXFDVRFXDOTXLHURWURTXHHVWLPHQSURFHGHQWH
/DVQRWLILFDFLRQHVTXHFRQWHQLHQGRHOWH[WRtQWHJURGHODFWRRPLWLHVHQDOJXQRGHORV
GHPiVUHTXLVLWRVSUHYLVWRVHQHODSDUWDGRDQWHULRUVXUWLUiQHIHFWRDSDUWLUGHODIHFKDHQTXH
HOLQWHUHVDGRUHDOLFHDFWXDFLRQHVTXHVXSRQJDQHOFRQRFLPLHQWRGHOFRQWHQLGR\DOFDQFHGH
ODUHVROXFLyQRDFWRREMHWRGHODQRWLILFDFLyQRLQWHUSRQJDFXDOTXLHUUHFXUVRTXHSURFHGD
 6LQ SHUMXLFLR GH OR HVWDEOHFLGR HQ HO DSDUWDGR DQWHULRU \ D ORV VRORV HIHFWRV GH
HQWHQGHU FXPSOLGD OD REOLJDFLyQ GH QRWLILFDU GHQWUR GHO SOD]R Pi[LPR GH GXUDFLyQ GH ORV
SURFHGLPLHQWRVVHUiVXILFLHQWHODQRWLILFDFLyQTXHFRQWHQJDFXDQGRPHQRVHOWH[WRtQWHJUR
GHODUHVROXFLyQDVtFRPRHOLQWHQWRGHQRWLILFDFLyQGHELGDPHQWHDFUHGLWDGR
/DV$GPLQLVWUDFLRQHV3~EOLFDVSRGUiQDGRSWDUODVPHGLGDVTXHFRQVLGHUHQQHFHVDULDV
SDUD OD SURWHFFLyQ GH ORV GDWRV SHUVRQDOHV TXH FRQVWHQ HQ ODV UHVROXFLRQHV \ DFWRV
DGPLQLVWUDWLYRVFXDQGRpVWRVWHQJDQSRUGHVWLQDWDULRVDPiVGHXQLQWHUHVDGR

$UWtFXOR*)$$*) .
" ) -' .
+-
'
+-İ/$

'.
)*/$!$$*) .c

/DVQRWLILFDFLRQHVVHSUDFWLFDUiQSUHIHUHQWHPHQWHSRUPHGLRVHOHFWUyQLFRV\HQWRGR
FDVRFXDQGRHOLQWHUHVDGRUHVXOWHREOLJDGRDUHFLELUODVSRUHVWDYtD
1R REVWDQWH OR DQWHULRU ODV $GPLQLVWUDFLRQHV SRGUiQ SUDFWLFDU ODV QRWLILFDFLRQHV SRU
PHGLRVQRHOHFWUyQLFRVHQORVVLJXLHQWHVVXSXHVWRV
D  &XDQGR OD QRWLILFDFLyQ VH UHDOLFH FRQ RFDVLyQ GH OD FRPSDUHFHQFLD HVSRQWiQHD GHO
LQWHUHVDGRRVXUHSUHVHQWDQWHHQODVRILFLQDVGHDVLVWHQFLDHQPDWHULDGHUHJLVWUR\VROLFLWHOD
FRPXQLFDFLyQRQRWLILFDFLyQSHUVRQDOHQHVHPRPHQWR
E  &XDQGR SDUD DVHJXUDU OD HILFDFLD GH OD DFWXDFLyQ DGPLQLVWUDWLYD UHVXOWH QHFHVDULR
SUDFWLFDU OD QRWLILFDFLyQ SRU HQWUHJD GLUHFWD GH XQ HPSOHDGR S~EOLFR GH OD $GPLQLVWUDFLyQ
QRWLILFDQWH
&RQ LQGHSHQGHQFLD GHO PHGLR XWLOL]DGR ODV QRWLILFDFLRQHV VHUiQ YiOLGDV VLHPSUH TXH
SHUPLWDQWHQHUFRQVWDQFLDGHVXHQYtRRSXHVWDDGLVSRVLFLyQGHODUHFHSFLyQRDFFHVRSRU
HO LQWHUHVDGR R VX UHSUHVHQWDQWH GH VXV IHFKDV \ KRUDV GHO FRQWHQLGR tQWHJUR \ GH OD
LGHQWLGDG ILGHGLJQD GHO UHPLWHQWH \ GHVWLQDWDULR GH OD PLVPD /D DFUHGLWDFLyQ GH OD
QRWLILFDFLyQHIHFWXDGDVHLQFRUSRUDUiDOH[SHGLHQWH
/RV LQWHUHVDGRV TXH QR HVWpQ REOLJDGRV D UHFLELU QRWLILFDFLRQHV HOHFWUyQLFDV SRGUiQ
GHFLGLU\FRPXQLFDUHQFXDOTXLHUPRPHQWRDOD$GPLQLVWUDFLyQ3~EOLFDPHGLDQWHORVPRGHORV
QRUPDOL]DGRVTXHVHHVWDEOH]FDQDOHIHFWRTXHODVQRWLILFDFLRQHVVXFHVLYDVVHSUDFWLTXHQR
GHMHQGHSUDFWLFDUVHSRUPHGLRVHOHFWUyQLFRV
5HJODPHQWDULDPHQWH ODV $GPLQLVWUDFLRQHV SRGUiQ HVWDEOHFHU OD REOLJDFLyQ GH SUDFWLFDU
HOHFWUyQLFDPHQWH ODV QRWLILFDFLRQHV SDUD GHWHUPLQDGRV SURFHGLPLHQWRV \ SDUD FLHUWRV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

FROHFWLYRV GH SHUVRQDV ItVLFDV TXH SRU UD]yQ GH VX FDSDFLGDG HFRQyPLFD WpFQLFD
GHGLFDFLyQSURIHVLRQDOXRWURVPRWLYRVTXHGHDFUHGLWDGRTXHWLHQHQDFFHVR\GLVSRQLELOLGDG
GHORVPHGLRVHOHFWUyQLFRVQHFHVDULRV
$GLFLRQDOPHQWH HO LQWHUHVDGR SRGUi LGHQWLILFDU XQ GLVSRVLWLYR HOHFWUyQLFR \R XQD
GLUHFFLyQ GH FRUUHR HOHFWUyQLFR TXH VHUYLUiQ SDUD HO HQYtR GH ORV DYLVRV UHJXODGRV HQ HVWH
DUWtFXORSHURQRSDUDODSUiFWLFDGHQRWLILFDFLRQHV
(QQLQJ~QFDVRVHHIHFWXDUiQSRUPHGLRVHOHFWUyQLFRVODVVLJXLHQWHVQRWLILFDFLRQHV
D $TXHOODVHQODVTXHHODFWRDQRWLILFDUYD\DDFRPSDxDGRGHHOHPHQWRVTXHQRVHDQ
VXVFHSWLEOHVGHFRQYHUVLyQHQIRUPDWRHOHFWUyQLFR
E /DVTXHFRQWHQJDQPHGLRVGHSDJRDIDYRUGHORVREOLJDGRVWDOHVFRPRFKHTXHV
(QORVSURFHGLPLHQWRVLQLFLDGRVDVROLFLWXGGHOLQWHUHVDGRODQRWLILFDFLyQVHSUDFWLFDUi
SRUHOPHGLRVHxDODGRDOHIHFWRSRUDTXHO(VWDQRWLILFDFLyQVHUiHOHFWUyQLFDHQORVFDVRVHQ
ORVTXHH[LVWDREOLJDFLyQGHUHODFLRQDUVHGHHVWDIRUPDFRQOD$GPLQLVWUDFLyQ
&XDQGR QR IXHUD SRVLEOH UHDOL]DU OD QRWLILFDFLyQ GH DFXHUGR FRQ OR VHxDODGR HQ OD
VROLFLWXG VH SUDFWLFDUi HQ FXDOTXLHU OXJDU DGHFXDGR D WDO ILQ \ SRU FXDOTXLHU PHGLR TXH
SHUPLWDWHQHUFRQVWDQFLDGHODUHFHSFLyQSRUHOLQWHUHVDGRRVXUHSUHVHQWDQWHDVtFRPRGH
ODIHFKDODLGHQWLGDG\HOFRQWHQLGRGHODFWRQRWLILFDGR
 (Q ORV SURFHGLPLHQWRV LQLFLDGRV GH RILFLR D ORV VRORV HIHFWRV GH VX LQLFLDFLyQ ODV
$GPLQLVWUDFLRQHV 3~EOLFDV SRGUiQ UHFDEDU PHGLDQWH FRQVXOWD D ODV EDVHV GH GDWRV GHO
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDORVGDWRVVREUHHOGRPLFLOLRGHOLQWHUHVDGRUHFRJLGRVHQHO
3DGUyQ 0XQLFLSDO UHPLWLGRV SRU ODV (QWLGDGHV /RFDOHV HQ DSOLFDFLyQ GH OR SUHYLVWR HQ OD
/H\GHGHDEULOUHJXODGRUDGHODV%DVHVGHO5pJLPHQ/RFDO
 &XDQGR HO LQWHUHVDGR R VX UHSUHVHQWDQWH UHFKDFH OD QRWLILFDFLyQ GH XQD DFWXDFLyQ
DGPLQLVWUDWLYD VH KDUi FRQVWDU HQ HO H[SHGLHQWH HVSHFLILFiQGRVH ODV FLUFXQVWDQFLDV GHO
LQWHQWR GH QRWLILFDFLyQ \ HO PHGLR GDQGR SRU HIHFWXDGR HO WUiPLWH \ VLJXLpQGRVH HO
SURFHGLPLHQWR
 &RQ LQGHSHQGHQFLD GH TXH OD QRWLILFDFLyQ VH UHDOLFH HQ SDSHO R SRU PHGLRV
HOHFWUyQLFRVODV$GPLQLVWUDFLRQHV3~EOLFDVHQYLDUiQXQDYLVRDOGLVSRVLWLYRHOHFWUyQLFR\RD
ODGLUHFFLyQGHFRUUHRHOHFWUyQLFRGHOLQWHUHVDGRTXHpVWHKD\DFRPXQLFDGRLQIRUPiQGROHGH
OD SXHVWD D GLVSRVLFLyQ GH XQD QRWLILFDFLyQ HQ OD VHGH HOHFWUyQLFD GH OD $GPLQLVWUDFLyQ X
2UJDQLVPRFRUUHVSRQGLHQWHRHQODGLUHFFLyQHOHFWUyQLFDKDELOLWDGD~QLFD/DIDOWDGHSUiFWLFD
GHHVWHDYLVRQRLPSHGLUiTXHODQRWLILFDFLyQVHDFRQVLGHUDGDSOHQDPHQWHYiOLGD
&XDQGRHOLQWHUHVDGRIXHUDQRWLILFDGRSRUGLVWLQWRVFDXFHVVHWRPDUiFRPRIHFKDGH
QRWLILFDFLyQODGHDTXpOODTXHVHKXELHUDSURGXFLGRHQSULPHUOXJDU

$UWtFXOR-İ/$

'.
)*/$!$$*) .
)
++ 'c

7RGDVODVQRWLILFDFLRQHVTXHVHSUDFWLTXHQHQSDSHOGHEHUiQVHUSXHVWDVDGLVSRVLFLyQ
GHO LQWHUHVDGR HQ OD VHGH HOHFWUyQLFD GH OD $GPLQLVWUDFLyQ X 2UJDQLVPR DFWXDQWH SDUD TXH
SXHGDDFFHGHUDOFRQWHQLGRGHODVPLVPDVGHIRUPDYROXQWDULD
 &XDQGR OD QRWLILFDFLyQ VH SUDFWLTXH HQ HO GRPLFLOLR GHO LQWHUHVDGR GH QR KDOODUVH
SUHVHQWHpVWHHQHOPRPHQWRGHHQWUHJDUVHODQRWLILFDFLyQSRGUiKDFHUVHFDUJRGHODPLVPD
FXDOTXLHUSHUVRQDPD\RUGHFDWRUFHDxRVTXHVHHQFXHQWUHHQHOGRPLFLOLR\KDJDFRQVWDUVX
LGHQWLGDG6LQDGLHVHKLFLHUDFDUJRGHODQRWLILFDFLyQVHKDUiFRQVWDUHVWDFLUFXQVWDQFLDHQ
HO H[SHGLHQWH MXQWR FRQ HO GtD \ OD KRUD HQ TXH VH LQWHQWy OD QRWLILFDFLyQ LQWHQWR TXH VH
UHSHWLUiSRUXQDVRODYH]\HQXQDKRUDGLVWLQWDGHQWURGHORVWUHVGtDVVLJXLHQWHV(QFDVRGH
TXHHOSULPHULQWHQWRGHQRWLILFDFLyQVHKD\DUHDOL]DGRDQWHVGHODVTXLQFHKRUDVHOVHJXQGR
LQWHQWRGHEHUiUHDOL]DUVHGHVSXpVGHODVTXLQFHKRUDV\YLFHYHUVDGHMDQGRHQWRGRFDVRDO
PHQRV XQ PDUJHQ GH GLIHUHQFLD GH WUHV KRUDV HQWUH DPERV LQWHQWRV GH QRWLILFDFLyQ 6L HO
VHJXQGR LQWHQWR WDPELpQ UHVXOWDUD LQIUXFWXRVR VH SURFHGHUi HQ OD IRUPD SUHYLVWD HQ HO
DUWtFXOR
&XDQGRHOLQWHUHVDGRDFFHGLHUDDOFRQWHQLGRGHODQRWLILFDFLyQHQVHGHHOHFWUyQLFDVH
OH RIUHFHUi OD SRVLELOLGDG GH TXH HO UHVWR GH QRWLILFDFLRQHV VH SXHGDQ UHDOL]DU D WUDYpV GH
PHGLRVHOHFWUyQLFRV

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

$UWtFXOR-İ/$

'.
)*/$!$$*) .

/-1Ŏ.

( $*.
' /-Ż)$*.c

/DVQRWLILFDFLRQHVSRUPHGLRVHOHFWUyQLFRVVHSUDFWLFDUiQPHGLDQWHFRPSDUHFHQFLDHQ
OD VHGH HOHFWUyQLFD GH OD $GPLQLVWUDFLyQ X 2UJDQLVPR DFWXDQWH D WUDYpV GH OD GLUHFFLyQ
HOHFWUyQLFD KDELOLWDGD ~QLFD R PHGLDQWH DPERV VLVWHPDV VHJ~Q GLVSRQJD FDGD
$GPLQLVWUDFLyQX2UJDQLVPR
$ ORV HIHFWRV SUHYLVWRV HQ HVWH DUWtFXOR VH HQWLHQGH SRU FRPSDUHFHQFLD HQ OD VHGH
HOHFWUyQLFD HO DFFHVR SRU HO LQWHUHVDGR R VX UHSUHVHQWDQWH GHELGDPHQWH LGHQWLILFDGR DO
FRQWHQLGRGHODQRWLILFDFLyQ
/DVQRWLILFDFLRQHVSRUPHGLRVHOHFWUyQLFRVVHHQWHQGHUiQSUDFWLFDGDVHQHOPRPHQWR
HQTXHVHSURGX]FDHODFFHVRDVXFRQWHQLGR
&XDQGR OD QRWLILFDFLyQ SRU PHGLRV HOHFWUyQLFRV VHD GH FDUiFWHU REOLJDWRULR R KD\D VLGR
H[SUHVDPHQWHHOHJLGDSRUHOLQWHUHVDGRVHHQWHQGHUiUHFKD]DGDFXDQGRKD\DQWUDQVFXUULGR
GLH]GtDVQDWXUDOHVGHVGHODSXHVWDDGLVSRVLFLyQGHODQRWLILFDFLyQVLQTXHVHDFFHGDDVX
FRQWHQLGR
6HHQWHQGHUiFXPSOLGDODREOLJDFLyQDODTXHVHUHILHUHHODUWtFXORFRQODSXHVWDD
GLVSRVLFLyQ GH OD QRWLILFDFLyQ HQ OD VHGH HOHFWUyQLFD GH OD $GPLQLVWUDFLyQ X 2UJDQLVPR
DFWXDQWHRHQODGLUHFFLyQHOHFWUyQLFDKDELOLWDGD~QLFD
 /RV LQWHUHVDGRV SRGUiQ DFFHGHU D ODV QRWLILFDFLRQHV GHVGH HO 3XQWR GH $FFHVR
*HQHUDOHOHFWUyQLFRGHOD$GPLQLVWUDFLyQTXHIXQFLRQDUiFRPRXQSRUWDOGHDFFHVR

$UWtFXOR*/$!$$Ż)
$)!-0/0*.c
&XDQGRORVLQWHUHVDGRVHQXQSURFHGLPLHQWRVHDQGHVFRQRFLGRVVHLJQRUHHOOXJDUGHOD
QRWLILFDFLyQRELHQLQWHQWDGDpVWDQRVHKXELHVHSRGLGRSUDFWLFDUODQRWLILFDFLyQVHKDUiSRU
PHGLRGHXQDQXQFLRSXEOLFDGRHQHO¨%ROHWtQ2ILFLDOGHO(VWDGR©
$VLPLVPR SUHYLDPHQWH \ FRQ FDUiFWHU IDFXOWDWLYR ODV $GPLQLVWUDFLRQHV SRGUiQ SXEOLFDU
XQDQXQFLRHQHOEROHWtQRILFLDOGHOD&RPXQLGDG$XWyQRPDRGHOD3URYLQFLDHQHOWDEOyQGH
HGLFWRV GHO $\XQWDPLHQWR GHO ~OWLPR GRPLFLOLR GHO LQWHUHVDGR R GHO &RQVXODGR R 6HFFLyQ
&RQVXODUGHOD(PEDMDGDFRUUHVSRQGLHQWH
/DV $GPLQLVWUDFLRQHV 3~EOLFDV SRGUiQ HVWDEOHFHU RWUDV IRUPDV GH QRWLILFDFLyQ
FRPSOHPHQWDULDVDWUDYpVGHORVUHVWDQWHVPHGLRVGHGLIXVLyQTXHQRH[FOXLUiQODREOLJDFLyQ
GHSXEOLFDUHOFRUUHVSRQGLHQWHDQXQFLRHQHO¨%ROHWtQ2ILFLDOGHO(VWDGR©

$UWtFXOR0'$$Ż)c
 /RV DFWRV DGPLQLVWUDWLYRV VHUiQ REMHWR GH SXEOLFDFLyQ FXDQGR DVt OR HVWDEOH]FDQ ODV
QRUPDV UHJXODGRUDV GH FDGD SURFHGLPLHQWR R FXDQGR OR DFRQVHMHQ UD]RQHV GH LQWHUpV
S~EOLFRDSUHFLDGDVSRUHOyUJDQRFRPSHWHQWH
(Q WRGR FDVR ORV DFWRV DGPLQLVWUDWLYRV VHUiQ REMHWR GH SXEOLFDFLyQ VXUWLHQGR pVWD ORV
HIHFWRVGHODQRWLILFDFLyQHQORVVLJXLHQWHVFDVRV
D &XDQGRHODFWRWHQJDSRUGHVWLQDWDULRDXQDSOXUDOLGDGLQGHWHUPLQDGDGHSHUVRQDVR
FXDQGR OD $GPLQLVWUDFLyQ HVWLPH TXH OD QRWLILFDFLyQ HIHFWXDGD D XQ VROR LQWHUHVDGR HV
LQVXILFLHQWHSDUDJDUDQWL]DUODQRWLILFDFLyQDWRGRVVLHQGRHQHVWH~OWLPRFDVRDGLFLRQDODOD
LQGLYLGXDOPHQWHUHDOL]DGD
E &XDQGRVHWUDWHGHDFWRVLQWHJUDQWHVGHXQSURFHGLPLHQWRVHOHFWLYRRGHFRQFXUUHQFLD
FRPSHWLWLYDGHFXDOTXLHUWLSR(QHVWHFDVRODFRQYRFDWRULDGHOSURFHGLPLHQWRGHEHUiLQGLFDU
HOPHGLRGRQGHVHHIHFWXDUiQODVVXFHVLYDVSXEOLFDFLRQHVFDUHFLHQGRGHYDOLGH]ODVTXHVH
OOHYHQDFDERHQOXJDUHVGLVWLQWRV
/DSXEOLFDFLyQGHXQDFWRGHEHUiFRQWHQHUORVPLVPRVHOHPHQWRVTXHHODUWtFXOR
H[LJH UHVSHFWR GH ODV QRWLILFDFLRQHV 6HUi WDPELpQ DSOLFDEOH D OD SXEOLFDFLyQ OR HVWDEOHFLGR
HQHODSDUWDGRGHOPLVPRDUWtFXOR
(QORVVXSXHVWRVGHSXEOLFDFLRQHVGHDFWRVTXHFRQWHQJDQHOHPHQWRVFRPXQHVSRGUiQ
SXEOLFDUVH GH IRUPD FRQMXQWD ORV DVSHFWRV FRLQFLGHQWHV HVSHFLILFiQGRVH VRODPHQWH ORV
DVSHFWRVLQGLYLGXDOHVGHFDGDDFWR
 /D SXEOLFDFLyQ GH ORV DFWRV VH UHDOL]DUi HQ HO GLDULR RILFLDO TXH FRUUHVSRQGD VHJ~Q
FXDOVHDOD$GPLQLVWUDFLyQGHODTXHSURFHGDHODFWRDQRWLILFDU
 6LQ SHUMXLFLR GH OR GLVSXHVWR HQ HO DUWtFXOR  OD SXEOLFDFLyQ GH DFWRV \
FRPXQLFDFLRQHV TXH SRU GLVSRVLFLyQ OHJDO R UHJODPHQWDULD GHED SUDFWLFDUVH HQ WDEOyQ GH

3iJLQD
 %2/(7Ê12),&,$/'(/(67$'2
/(*,6/$&,Î1&2162/,'$'$

DQXQFLRV R HGLFWRV VH HQWHQGHUi FXPSOLGD SRU VX SXEOLFDFLyQ HQ HO 'LDULR RILFLDO
FRUUHVSRQGLHQWH

$UWtFXOR )$$Ż)

)*/$!$$*) .
4
+0'$$*) .c

6L HO yUJDQR FRPSHWHQWH DSUHFLDVH TXH OD QRWLILFDFLyQ SRU PHGLR GH DQXQFLRV R OD
SXEOLFDFLyQ GH XQ DFWR OHVLRQD GHUHFKRV R LQWHUHVHV OHJtWLPRV VH OLPLWDUi D SXEOLFDU HQ HO
'LDULR RILFLDO TXH FRUUHVSRQGD XQD VRPHUD LQGLFDFLyQ GHO FRQWHQLGR GHO DFWR \ GHO OXJDU
GRQGHORVLQWHUHVDGRVSRGUiQFRPSDUHFHUHQHOSOD]RTXHVHHVWDEOH]FDSDUDFRQRFLPLHQWR
GHOFRQWHQLGRtQWHJURGHOPHQFLRQDGRDFWR\FRQVWDQFLDGHWDOFRQRFLPLHQWR
$GLFLRQDOPHQWH \ GH PDQHUD IDFXOWDWLYD ODV $GPLQLVWUDFLRQHV SRGUiQ HVWDEOHFHU RWUDV
IRUPDVGHQRWLILFDFLyQFRPSOHPHQWDULDVDWUDYpVGHORVUHVWDQWHVPHGLRVGHGLIXVLyQTXHQR
H[FOXLUiQODREOLJDFLyQGHSXEOLFDUHQHOFRUUHVSRQGLHQWH'LDULRRILFLDO

&$3Ê78/2,,,
1XOLGDG\DQXODELOLGDG

$UWtFXOR0'$

+' )*
 - #*c

/RVDFWRVGHODV$GPLQLVWUDFLRQHV3~EOLFDVVRQQXORVGHSOHQRGHUHFKRHQORVFDVRV
VLJXLHQWHV
D /RVTXHOHVLRQHQORVGHUHFKRV\OLEHUWDGHVVXVFHSWLEOHVGHDPSDURFRQVWLWXFLRQDO
E /RVGLFWDGRVSRUyUJDQRPDQLILHVWDPHQWHLQFRPSHWHQWHSRUUD]yQGHODPDWHULDRGHO
WHUULWRULR
F /RVTXHWHQJDQXQFRQWHQLGRLPSRVLEOH
G  /RV TXH VHDQ FRQVWLWXWLYRV GH LQIUDFFLyQ SHQDO R VH GLFWHQ FRPR FRQVHFXHQFLD GH
pVWD
H  /RV GLFWDGRV SUHVFLQGLHQGR WRWDO \ DEVROXWDPHQWH GHO SURFHGLPLHQWR OHJDOPHQWH
HVWDEOHFLGR R GH ODV QRUPDV TXH FRQWLHQHQ ODV UHJODV HVHQFLDOHV SDUD OD IRUPDFLyQ GH OD
YROXQWDGGHORVyUJDQRVFROHJLDGRV
I  /RV DFWRV H[SUHVRV R SUHVXQWRV FRQWUDULRV DO RUGHQDPLHQWR MXUtGLFR SRU ORV TXH VH
DGTXLHUHQ IDFXOWDGHV R GHUHFKRV FXDQGR VH FDUH]FD GH ORV UHTXLVLWRV HVHQFLDOHV SDUD VX
DGTXLVLFLyQ
J &XDOTXLHURWURTXHVHHVWDEOH]FDH[SUHVDPHQWHHQXQDGLVSRVLFLyQFRQUDQJRGH/H\
7DPELpQVHUiQQXODVGHSOHQRGHUHFKRODVGLVSRVLFLRQHVDGPLQLVWUDWLYDVTXHYXOQHUHQ
OD &RQVWLWXFLyQ ODV OH\HV X RWUDV GLVSRVLFLRQHV DGPLQLVWUDWLYDV GH UDQJR VXSHULRU ODV TXH
UHJXOHQ PDWHULDV UHVHUYDGDV D OD /H\ \ ODV TXH HVWDEOH]FDQ OD UHWURDFWLYLGDG GH
GLVSRVLFLRQHVVDQFLRQDGRUDVQRIDYRUDEOHVRUHVWULFWLYDVGHGHUHFKRVLQGLYLGXDOHV

$UWtFXOR)0'$'$c
6RQDQXODEOHVORVDFWRVGHOD$GPLQLVWUDFLyQTXHLQFXUUDQHQFXDOTXLHULQIUDFFLyQGHO
RUGHQDPLHQWRMXUtGLFRLQFOXVRODGHVYLDFLyQGHSRGHU
 1R REVWDQWH HO GHIHFWR GH IRUPD VyOR GHWHUPLQDUi OD DQXODELOLGDG FXDQGR HO DFWR
FDUH]FD GH ORV UHTXLVLWRV IRUPDOHV LQGLVSHQVDEOHV SDUD DOFDQ]DU VX ILQ R Gp OXJDU D OD
LQGHIHQVLyQGHORVLQWHUHVDGRV
/DUHDOL]DFLyQGHDFWXDFLRQHVDGPLQLVWUDWLYDVIXHUDGHOWLHPSRHVWDEOHFLGRSDUDHOODV
VyOR LPSOLFDUi OD DQXODELOLGDG GHO DFWR FXDQGR DVt OR LPSRQJD OD QDWXUDOH]D GHO WpUPLQR R
SOD]R

$UWtFXOR Ŧ($/ .

'
3/ ).$Ż)

'
)0'$
*
)0'$'$

'*.
/*.c

 /D QXOLGDG R DQXODELOLGDG GH XQ DFWR QR LPSOLFDUi OD GH ORV VXFHVLYRV HQ HO
SURFHGLPLHQWRTXHVHDQLQGHSHQGLHQWHVGHOSULPHUR
/DQXOLGDGRDQXODELOLGDGHQSDUWHGHODFWRDGPLQLVWUDWLYRQRLPSOLFDUiODGHODVSDUWHV
GHOPLVPRLQGHSHQGLHQWHVGHDTXpOODVDOYRTXHODSDUWHYLFLDGDVHDGHWDOLPSRUWDQFLDTXH
VLQHOODHODFWRDGPLQLVWUDWLYRQRKXELHUDVLGRGLFWDGR

3iJLQD