5HSUHVHQWDFLyQGH2EMHWRV7ULGLPHQVLRQDOHV $O DQDOL]DU OD HVWUXFWXUD WULGLPHQVLRQDO GH XQD HVFHQD D SDUWLU GH XQD R PiV LPiJHQHVIUHFXHQWHPHQWHHVQHFHVDULRUHSUHVHQWDUFyPRVHGLYLGHODHVFHQDHQREMHWRV GH YDULRVWLSRV\HVSDFLRYDFtR(QSULQFLSLRHVWRVHSRGUtDKDFHUXVDQGRXQDPDWUL]' HQ OD TXH ORV YDORUHV UHSUHVHQWDQ ORV WLSRV GH ORV REMHWRV SRU HMHPSOR HQ XQD PDWUL] ELQDULD ORV ¶V SRGUtDQ UHSUHVHQWDU SXQWRV RFXSDGRV SRU REMHWRV \ ORV ¶V SRGUtDQ UHSUHVHQWDUSXQWRVQRRFXSDGRV'HWRGDVIRUPDVH[FHSWRSDUDWDPDxRVPX\SHTXHxRV ODV PDWULFHV ' UHTXLHUHQ XQD FDQWLGDG GH HVSDFLR SURKLELWLYD LQFOXVR XQD PDWUL] ELQDULD GH [ [ UHTXLHUH ! ELWV $Vt ODV UHSUHVHQWDFLRQHV \ DSUR[LPDFLRQHVFRPSDFWDVOOHJDQDVHUHVSHFLDOPHQWHLPSRUWDQWHVHQHOFDVRGH' 8QDDSUR[LPDFLyQDODUHSUHVHQWDFLyQ'HVFRQVLGHUDUODPDWUL]'FRPRXQD VHFXHQFLDGHPDWULFHV'³URGDMDV´R³VHFFLRQHVHQVHULH´MXVWRFRPRHQHOFDVRGH ELGLPHQVLRQDOFRQVLGHUiEDPRVXQDLPDJHQFRPRXQDVHFXHQFLDGHILODV&XDOTXLHUDGH ORV HVTXHPDV GH UHSUHVHQWDFLyQ GHVFULWRV HQ HVWH FDStWXOR SXHGHQ VHU XVDGRV SDUD UHSUHVHQWDUODVURGDMDVLQGLYLGXDOHV 2WUDSRVLELOLGDGHVXVDUEORTXHV'(OHTXLYDOHQWH'DO0$7HVWiEDVDGDHQ FXERVPD[LPDOHVREORTXHVGHDOJXQDRWUDIRUPDHVWiQGDUGHYDORUFRQVWDQWHFHQWUDGRV HQ FDGD SXQWR(OHTXLYDOHQWHDOiUEROGHFXDGUDGRVHVHO³RFWUHH´REWHQLGRPHGLDQWH VXEGLYLVLRQHVVXFHVLYDVGHODPDWUL]GTXHDVXPLPRVTXHHV [ [ HQRFWHWRV N N N KDVWDTXHVHDOFDQFHQRFWHWRVGHYDORUFRQVWDQWH 8QD FODVH GH ODV UHSUHVHQWDFLRQHV DSUR[LPDGDV FRQRFLGD FRPR FRQRV JHQHUDOL]DGRV R FLOLQGURV KD VLGR DPSOLDPHQWH XVDGD SDUD UHSUHVHQWDU REMHWRV WULGLPHQVLRQDOHV 8Q FRQR JHQHUDOL]DGR VH GHILQH SRU XQ HMH XQ ERUGH GH VHFFLyQ WUDQVYHUVDO\XQDIXQFLyQGHWDPDxRHVHOYROXPHQEDUULGRPLHQWUDVODIRUPDVHPXHYH DORODUJRGHOHMHSHUSHQGLFXODUDpORDDOJ~QRWURiQJXORILMR\FRQHOHMHSDVDQGRD WUDYpVGHpOHQXQSXQWRGHUHIHUHQFLDHVSHFLILFDGRFDPELDQGRHOWDPDxRGHSRVLFLyQD SRVLFLyQFRPRVHHVSHFLILFDHQODIXQFLyQGHWDPDxR (OERUGHGHXQDUHJLyQ'FRQVLVWHHQXQFRQMXQWRGHVXSHUILFLHV/DSHQGLHQWH GHXQDVXSHUILFLHHQXQSXQWRHVWiGHILQLGDSRUXQSDUGHiQJXORVTXHHVSHFLILFDQFyPR HVWiRULHQWDGDODQRUPDODODVXSHUILFLHHQHVHSXQWR$VtHOHTXLYDOHQWHGHXQFyGLJRGH FDGHQD R GH ILVXUD HQ HO FDVR GH XQD VXSHUILFLH VHUtD XQD PDWUL] GH YDORUHV FXDQWLILFDGRV UHSUHVHQWDQGR ORV SDUHV GH SHQGLHQWHV SDUD FDGD SDUFKH XQLGDG GH OD VXSHUILFLH6HSXHGHQUHSUHVHQWDUYDULRVWLSRVGHLQIRUPDFLyQWULGLPHQVLRQDOVREUHXQD HVFHQDHQODIRUPDGHPDWULFHVELGLPHQVLRQDOHV3RUHMHPSORGDGDXQDLPDJHQGHXQD HVFHQDHOUDQJRGHVGHHOREVHUYDGRUDFDGDSXQWRYLVLEOH\ODSHQGLHQWHGHODVXSHUILFLH HQ FDGD SXQWR YLVLEOH VH SXHGHQ UHSUHVHQWDU FRPR PDWULFHV HQ XQ UHJLVWUR FRQ OD LPDJHQ1yWHVHTXHODPDWUL]GHSHQGLHQWHVHVXQDPDWUL]GHYHFWRUHV0DUUKDOODPDGR DHVWDPDWUL]³HVER]R '´'HEHUtDVHxDODUVHTXHODUHVROXFLyQWULGLPHQVLRQDOGHWDO PDWUL]YDUtDGHXQSXQWRDRWURGHODHVFHQD 6REUH OD H[WUDFFLyQ GHLQIRUPDFLyQWULGLPHQVLRQDOVREUHXQDHVFHQDDSDUWLUGH LPiJHQHV GH OD HVFHQD HJ OD SHQGLHQWH D SDUWLU GHO VRPEUHDGR R OD SHUVSHFWLYD \ HO UDQJRUHODWLYRDSDUWLUGHRFFOXVLRQFXHV