02',),&$&,21(6 5(*/$0(172'(0,1,%$6.(7 7HPSRUDGD 6H KD FUHDGR XQ 5HJODPHQWR (VSHFtILFR DGDSWDGR D ODV QHFHVLGDGHV SURSLDV GH OD FRPSHWLFLyQGHO0LQLEDVNHW 6LJXLHQGRODILORVRItDGHO0LQLEDVNHWTXHWRGRVORVMXJDGRUHVSDUWLFLSHQHQHOMXHJR\ VLQSHUGHUHOHVStULWXGHODFRPSHWLFLyQVHKDQ DGDSWDGRORV WLHPSRV GH MXHJR SDUD TXH ORV MXJDGRUHV MXHJXHQ XQ PtQLPR GH PLQXWRV PLQXWRV PiV TXH HQ HO DQWHULRUUHJODPHQWR /RVWLHPSRVGHMXHJRVHUiQGHSHULRGRVGHPLQXWRV D &DGD MXJDGRU GHEH MXJDU DO PHQRV GRV SHUtRGRV FRPSOHWRV GXUDQWH HO WUDQVFXUVRGHOSDUWLGR (QWHQGLpQGRVH SHUtRGR FRPSOHWR GHVGH TXH VH LQLFLD HO SHUtRGR KDVWD TXH ILQDOL]DVDOYRODVVLJXLHQWHVH[FHSFLRQHV -XJDGRU OHVLRQDGR 8Q MXJDGRU TXH QR ILQDOLFH XQ SHUtRGR SRU OHVLyQ VH FRQVLGHUDTXH\DKDMXJDGRXQSHUtRGRFRPSOHWR 1RH[LVWHREOLJDFLyQGHVHUVXVWLWXLGRVLUHFLEHDVLVWHQFLD6LHPSUH\FXDQGR HOMXHJRQRVHGHWHQJDSRUPiVGHGRVPLQXWRV -XJDGRUGHVFDOLILFDGR8QMXJDGRUTXHQRILQDOLFHXQSHUtRGRSRUTXHKDVLGR GHVFDOLILFDGRVHFRQVLGHUDTXH\DKDMXJDGRXQSHUtRGRFRPSOHWR -XJDGRU FRPHWH IDOWDV SHUVRQDOHV 8Q MXJDGRU TXH QR ILQDOLFH XQ SHUtRGR SRU KDEHU FRPHWLGR IDOWDV SHUVRQDOHV VH FRQVLGHUD TXH \D KD MXJDGR XQ SHUtRGRFRPSOHWR (O MXJDGRU TXH VXVWLWX\H DO MXJDGRU OHVLRQDGR GHVFDOLILFDGR R HOLPLQDGR SRU IDOWDVSHUVRQDOHVHOSHUtRGRMXJDGROHFXHQWDFRPRFRPSOHWR E12HVWiSHUPLWLGRKDFHUVXVWLWXFLRQHV6$/92 6XVWLWXLU-XJDGRU/HVLRQDGR 6XVWLWXLU-XJDGRUGHVFDOLILFDGR 6XVWLWXLU-XJDGRUTXHKD\DFRPHWLGR)DOWDV3HUVRQDOHV ',5(&&,¾17e&1,&$)5% F &DGD MXJDGRU GHEHUi SHUPDQHFHU HQ HO EDQFR GH VXVWLWXWRV GXUDQWH GRV SHUtRGRV FRPSOHWRV HQ ORV FLQFR SULPHURV SHUtRGRV HQWHQGLpQGRVH SHUtRGR FRPSOHWRGHVGHTXHVHLQLFLDHOSHUtRGRKDVWDTXHILQDOL]D6,1(;&(3&,21(6 G6HSHUPLWLUiQ&DPELRVHQHO~OWLPRSHUtRGR (OWLHPSRGHMXHJRSRUSHUtRGRVHUiGHPLQXWRVDUHORMFRUULGR(QODVIDOWDV \HQORVWLHPSRVPXHUWRVQRVHSDUDUiHOUHORM %XVFDQGRXQFULWHULRREMHWLYRVHVXSULPHODUHJODGHODSDVLYLGDG\VHDSOLFDUi´ SDVDUHOFDPSRGHIHQVLYR\´GHSRVHVLyQ %XVFDQGRODPHMRUDHQODIRUPDFLyQ\HYROXFLyQGHOMXJDGRU\REVHUYDQGRTXHHQ ORVSDUWLGRVGH0LQLSRUQRUPDJHQHUDOODWHQGHQFLDGHOMXHJRHVODGHMXJDU[\ ILQDOL]DUFRQODQ]DPLHQWRVPX\FHUFDQRVDODURFRQORTXHHOIXQGDPHQWRGHOWLUR HQ HVWDV HGDGHV SUiFWLFDPHQWH QR VH XWLOL]D 6H LPSODQWD OD OtQHD GH WUHV SXQWRV FRQODTXHYDPRVKDIRPHQWDUHOIXQGDPHQWRGHOWLURHQORVMXJDGRUHV\D VX YH] LQWHQWDU FDPELDU OD HVWUXFWXUD GH MXHJR FRQ OD UHDOL]DFLyQ GH PiV ODQ]DPLHQWRV H[WHULRUHV \ REOLJDQGR DVt D TXH ODV GHIHQVDV WLHQGDQ D DEULUVH \ VHDQPiVDFWLYDVHYLWDQGRFDHUHQGHIHQVDVLOHJDOHV (OGLEXMRGHODOtQHDVHGHWHUPLQyGHWDOIRUPDTXHIXHVHIiFLO\SUiFWLFRGHSLQWDU \ VH DMXVWH ELHQ D ODV PHGLGDV GHO FDPSR PWV D FDGD ODGR GH OD OtQHD SHUSHQGLFXODULPDJLQDULDTXHFUX]DGHDURDDURGHFDGDFDQDVWD\VREUHODOtQHD GHWLURVOLEUHV\SURORQJDQGRODPLVPDKDVWDODOtQHDGHIRQGR 6HWHQGUiXQWLHPSRPXHUWRSRUSHUtRGR 3DUD RSWLPL]DU ORV WLHPSRV GH GHVFDQVR \ JDQDU WLHPSR SDUD OD DSOLFDFLyQ GH ODV QXHYDVUHJODVHOGHVFDQVRHQWUHSHUtRGRV\\VHUiGHXQPLQXWR< HQORVSHUtRGRV\GHFLQFRPLQXWRV ',5(&&,¾17e&1,&$)5%