/ $ / , % ( 5 $/ , = $& , Ï 1 ' ( / 2 6 0 ( 5 & $' 2 6 ( / e & 7 5 , & 2 6 < ( / 0 ( ' , 2 $0 % , ( 1 7 ( '5*Ï0(=,'$5211(5%5$9290)(/,&,$12-$&20,12± (/(51(53/,1$5(6//$0$6)2267(5+,86± 23267,*/,21,)&5(<52¶5<$1 +58'1,&./-6È1&+(='(7(0%/(48()7+20$6 &20,6,Ï11$&,21$/'((1(5*Ë$$7Ï0,&$ $9*(1(5$/3$=%8(126$,5(6$5*(17,1$ 7(/)$;± (0$,/GJRPH]#FQHDJRYDU 3$/$%5$6&/$9( SROtWLFDDPELHQWDOLQVWUXPHQWRVLPSDFWRDPELHQWDOPHWRGRORJtDGH HYDOXDFLyQ 5(680(1 /RV PHUFDGRV HOpFWULFRV FRPSHWLWLYRV VRQ UHODWLYDPHQWH UHFLHQWHV 0LHQWUDV VXV DFWRUHV DSUHQGHQ D DMXVWDUVHDODVQXHYDVFRQGLFLRQHV FRQWLQ~DHOGHVDUUROORGHOPDUFRUHJXODGRU /D&RPLVLyQ(XURSHDDSUREyHQVX4XLQWR3URJUDPD0DUFRHOSUR\HFWRGH$FFLRQHV&RQFHUWDGDVSDUD XQ *UXSR GH 'LVFXVLyQ VREUH ,QVWUXPHQWRV GH 3ROtWLFD $PELHQWDO HQ ORV 0HUFDGRV (OpFWULFRV /LEHUDOL]DGRV GH $PpULFD /DWLQD < (XURSD 3DUD HO GLVHxR \ OD HMHFXFLyQ GHO SUR\HFWR VH IRUPy XQ FRQVRUFLR GH QXHYH LQVWLWXFLRQHV GH $OHPDQLD $UJHQWLQD %UDVLO &KLOH (VSDxD \ ORV 3DtVHV %DMRV LQWHJUDGR SRU RUJDQLVPRV GH FLHQFLD \ WpFQLFD GH ORV GLVWLQWRV SDtVHV ODV DJHQFLDV UHJXODGRUDV GH $UJHQWLQD\(VSDxD/D2UJDQL]DFLyQ3DQDPHULFDQDGHOD6DOXGWDPELpQIRUPDSDUWHGHOJUXSR ,1752'8&&,Ï1 (O REMHWLYR GHO 3UR\HFWR FRQFLHUQH HO GLVHxR GH SROtWLFDV TXH SURPXHYDQ VLVWHPDV HOpFWULFRV HFRQyPLFDPHQWHHILFLHQWHV\DPELHQWDOPHQWHUHVSRQVDEOHVHQHOFRQWH[WRGHODFUHFLHQWHOLEHUDOL]DFLyQ GHORVPHUFDGRVHXURSHRV\ODWLQRDPHULFDQRV6HSUHYpDOFDQ]DUHVWHREMHWLYRDWUDYpVGHXQDVHULHGH DFWLYLGDGHVTXHLQFOX\HQODUHYLVLyQGHORVHIHFWRVGHODOLEHUDOL]DFLyQVREUHHOLPSDFWRDPELHQWDOGH ORVVLVWHPDVHOpFWULFRVHODQiOLVLV\ODFRPSDUDFLyQGHPHWRGRORJtDVSDUDODHYDOXDFLyQGHOLPSDFWR DPELHQWDOGHORVVLVWHPDVHOpFWULFRV\HOLQWHUFDPELRGHH[SHULHQFLDVDFHUFDGHODLQFRUSRUDFLyQGH ORVDVSHFWRVDPELHQWDOHVHQORVPHUFDGRVHOpFWULFRVOLEHUDOL]DGRV (O SULQFLSDO SURGXFWR GH HVWDV DFFLRQHV FRQFHUWDGDV VHUi XQ FRQMXQWR GH UHFRPHQGDFLRQHV SDUD ORV WRPDGRUHV GH GHFLVLyQ DFHUFD GH ODV FRQVHFXHQFLDV VREUH HO PHGLR DPELHQWH \ HFRQyPLFDV GH OD OLEHUDOL]DFLyQGHOVHFWRUHOpFWULFR$VLPLVPRVHHVSHUDLGHQWLILFDUODVSROtWLFDVPiVDGHFXDGDVSDUDORJUDU HOGHVDUUROORVRVWHQLEOHGHOVHFWRU /D SULPHUD UHXQLyQ GHO *UXSR VH OOHYy D FDER HQ 6DQWLDJR GH &KLOH HQ VHSWLHPEUH GH (Q HVWH WUDEDMRVHSUHVHQWDQODVFXHVWLRQHVFODYHVDVRFLDGDVDORVSURFHVRVGHOLEHUDOL]DFLyQHQFDGDXQRGHORV VHLVSDtVHVGLVFXWLGDVHQHVDRFDVLyQ7DPELpQVHLQGLFDQODVSULQFLSDOHVWHQGHQFLDVGHODSHUIRUPDQFH DPELHQWDOGHORVGLIHUHQWHVVHFWRUHVHOpFWULFRVDQWHODVQXHYDVFRQGLFLRQHV (/352&(62'(/,%(5$/,=$&,Ï1(1/266(,63$Ë6(6 6LELHQFDGDSDtVKDOLEHUDGRVXVHFWRUHOpFWULFRGHDFXHUGRD VXV SHFXOLDULGDGHV HO SURFHVR FRQWLHQH FDUDFWHUtVWLFDVFRPXQHVTXHLQFOX\HQ ODVHSDUDFLyQH[SOtFLWDGHORVWUHVVHJPHQWRVGHOVLVWHPDHOpFWULFRJHQHUDFLyQWUDQVPLVLyQ\ GLVWULEXFLyQ OD GHILQLFLyQ GH HVWRV WUHV VHJPHQWRV GHVLQWHJUDGRV YHUWLFDOPHQWH MXQWR FRQ ORV XVXDULRV FRPRORVSULQFLSDOHVDFWRUHVGHOPHUFDGR ODLQWURGXFFLyQGHPHFDQLVPRVFRPSHWLWLYRVHQHOVHFWRUGHJHQHUDFLyQ ODH[LVWHQFLDGHHVTXHPDVGHDFFHVRDELHUWR\QRGLVFULPLQDWRULR HO GHUHFKR \ OD REOLJDFLyQ SRU SDUWH GH ORV FRQFHVLRQDULRV GHO VHFWRU GH GLVWULEXFLyQ D VXPLQLVWUDUHOHFWULFLGDGHQHOiPELWRORFDO XQVLVWHPDGHSUHFLRVSDUDORVVHFWRUHVGHJHQHUDFLyQ\WUDQVPLVLyQTXHFRQWHPSODSUHFLRV PDUJLQDOHVSDUDODRSHUDFLyQ\RH[SDQVLyQGHSRWHQFLD\ HOSUHFLRGHODGLVWULEXFLyQGHHOHFWULFLGDGHVWiEDVDGRHQHOFRVWRPDUJLQDOGHH[SDQVLyQGH DFXHUGRFRQHVTXHPDVILMDGRVSRUODUHJXODFLyQ 'HVGHHOSXQWRGHYLVWDDPELHQWDOODVUHIRUPDVGHMDURQHQPDQRVGHORVDFWRUHVSULYDGRVTXHFRPSLWHQ HQHOPHUFDGRWUHVGHFLVLRQHVLPSRUWDQWHV /D GHFLVLyQ VREUH HO WLSR \ OD RSRUWXQLGDG GH ODV QXHYDV LQYHUVLRQHV GHSHQGH DKRUD GH ODV SULRULGDGHVGHOVHFWRUSULYDGR6LELHQHQDOJXQRVGHORVSDtVHVVHHODERUDXQ3ODQ,QGLFDWLYR GRQGH VH VXJLHUHQ ODV LQYHUVLRQHV IXWXUDV HVWDV VXJHUHQFLDV QR VRQ PD\RULWDULDPHQWH WHQLGDVHQFXHQWD/DVGHFLVLRQHVSULYDGDVWLHQHQKRUL]RQWHVGHSOD]RPiVFRUWR\FRVWRVGH ILQDQFLDFLyQDOWRVTXHKDFHQPHQRVDWUDFWLYDVDODVWHFQRORJtDVFRQDOWRVFRVWRVGHFDSLWDO ([LVWHQWDPELpQLQFHQWLYRV SDUD PLQLPL]DU FRVWRV KXQGLGRV PHGLDQWH OD HQWUDGD DO PHUFDGR FRQ LQYHUVLRQHV LQLFLDOHV \ WLHPSRV GH UHWRUQR PHQRUHV /RV LQYHUVRUHV SULYDGRV WLHQHQ DGHPiV HQ FXHQWD ORV ULHVJRV SROtWLFRV OD SDUWLFLSDFLyQ HQ RWURV PHUFDGRV DVRFLDGRV WDOHV FRPRHOJDVRODVSRVLELOLGDGHVGHLQWHUFRQH[LyQ/DLPSOLFDQFLDPiVREYLDGHWRGRORDQWHULRU KDVLGRODLQVWDODFLyQGHFHQWUDOHVDJDVQDWXUDORFRPEXVWLEOHVOtTXLGRVSRUVREUHRWURVWLSRV GHWHFQRORJtDVWDOHVFRPRODKLGUiXOLFDODQXFOHDURODVQXHYDVWHFQRORJtDVDEDVHGHFDUEyQ (O GHVSDFKR GH FDUJD VH EDVD ~QLFDPHQWH HQ ORV FRVWRV GLUHFWRV \ HVWRV FRQVWLWX\HQ HQWRQFHV HO IDFWRU PiV LPSRUWDQWH HQ HO PHUFDGR FRPSHWLWLYR &RPR FRQVHFXHQFLD ODV SODQWDVFRQPHQRUHVFRVWRVVRQODVSULPHUDVGHVSDFKDGDV(VWHSURFHVRQRWRPDHQFXHQWD H[WHUQDOLGDGDPELHQWDODOJXQDDVRFLDGDDXQDSODQWDHVSHFtILFD/DVH[WHUQDOLGDGHVVHWLHQHQ HQFXHQWDVyORVLIXHURQFRQVLGHUDGDVSRUODVDXWRULGDGHVDPELHQWDOHVDOHODERUDUODSROtWLFD\ ODUHJXODFLyQFRUUHVSRQGLHQWH /DORFDOL]DFLyQGHODVFHQWUDOHVQXHYDVHVXQDGHFLVLyQTXHGHSHQGHGHODVSULRULGDGHVGHO VHFWRU SULYDGR 3RU HMHPSOR HV FRQYHQLHQWH ORFDOL]DU ODV FHQWUDOHV D JDV FHUFD GH ORV JDVRGXFWRV SDUD UHGXFLU FRVWRV \ ULHVJRV (VWR SXHGH FRQGXFLU DO HPSHRUDPLHQWR GH SUREOHPDVDPELHQWDOHV\DH[LVWHQWHV 'H PDQHUD TXH OD LQFOXVLyQ GH DFWRUHV SULYDGRV HQ HO VHFWRU HOpFWULFR KD LQFRUSRUDGR WDPELpQ ODV SULRULGDGHV GH HVWRV DFWRUHV HQ OD WRPD GH GHFLVLRQHV FODYHV TXH DIHFWDQ HO PHGLR DPELHQWH (VWDV SULRULGDGHV LQFOX\HQ PHQRUHV FRVWRV GLUHFWRV FRPR DVt WDPELpQ ULHVJRV \ FRQVLGHUDFLRQHV PiV HVWUDWpJLFDV &URQRORJtDGHO3URFHVRGH/LEHUDOL]DFLyQ /DWDEODEULQGDXQDFURQRORJtDGHOLQLFLRGHODOLEHUDOL]DFLyQTXHWRPDFRPREDVHODUHJXODFLyQ6LELHQ HOSURFHVRUHFRQRFHRWURVDQWHFHGHQWHVHQODPD\RUtDGHORVSDtVHVH[FHSWRHQ%UDVLOODVDQFLyQGH XQDOH\LQWHJUDOSDUDHOVHFWRUHOpFWULFRKDGDGRHOPDUFRMXUtGLFRSDUDVXGHVDUUROOR 7DEOD 8QDFURQRORJtDGHODOLEHUDOL]DFLyQEDVDGDHQODVDQFLyQGHODOH\PDUFRSDUDHOVHFWRU HOpFWULFR &KLOH x /H\*HQHUDOGHORV6HUYLFLRV(OpFWULFRV 8QLyQ(XURSHD x *XtDVSDUDOD/LEHUDOL]DFLyQGHO6HFWRU(OpFWULFR x &UHDFLyQGHOD$JHQFLD1DFLRQDOGHOD(QHUJtD(OpFWULFD $UJHQWLQD %UDVLO (VSDxD %UDVLO $OHPDQLD %UDVLO x /H\GHOD(QHUJtD(OpFWULFD x /H\GHOD(QHUJtD(OpFWULFD x &UHDFLyQ GH OD $GPLQLVWUDFLyQ GH ORV 5HFXUVRV +LGURHOpFWULFRV x /H\GHOD(QHUJtD x &UHDFLyQGHO0HUFDGR0D\RULVWD(OpFWULFR &DUDFWHUtVWLFDVGHORV0HUFDGRV(OpFWULFRV$VRFLDGDVDO0HGLR$PELHQWH /DILJXUDUHVXPH\FRPSDUDODVFDUDFWHUtVWLFDVGHOSDUTXHGHJHQHUDFLyQHOpFWULFDGHFDGDXQRGHORV SDtVHVSDUDHODxR(QHOODVHDSUHFLDODUHOHYDQFLDGHODJHQHUDFLyQWHUPRHOpFWULFDHQORVSDtVHV HXURSHRV /D HQHUJtD KLGURHOpFWULFD HV SUHSRQGHUDQWH HQ %UDVLO PLHQWUDV TXH HQ $UJHQWLQD \ &KLOH OD JHQHUDFLyQHVWiSULQFLSDOPHQWHEDODQFHDGDHQWUHHVWDV GRV RSFLRQHV /D HVWUXFWXUD GH ORV SDUTXHV GH JHQHUDFLyQHVFHQWUDOHQODSHUIRUPDQFHDPELHQWDOGHOVLVWHPDHOpFWULFR $UJHQWLQD 7HUPRHOpFWULFD +LGURHOpFWULFD 1XFOHDU %UDVLO 5HQRYDEOH &KLOH $OHPDQLD 3DtVHV%DMRV (VSDxD 7: K )LJXUD*HQHUDFLyQ(OpFWULFDSRU7LSR ([LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV HQ ODV FXHVWLRQHV GH OD UHJXODFLyQ DPELHQWDO HQWUH ORV SDtVHV ODWLQRDPHULFDQRV\HXURSHRVFRQVLGHUDGRVHQHVWHHVWXGLR $ORVSDtVHVHXURSHRVOHVSUHRFXSDTXHODOLEHUDOL]DFLyQDIHFWHQHJDWLYDPHQWHODFRPSHWLWLYLGDGGHODV HQHUJtDV UHQRYDEOHV GH OD JHQHUDFLyQ GLVWULEXLGD \ GH ODV PHGLGDV GH JHVWLyQ GH OD GHPDQGD (Q FRQVHFXHQFLD KDQ IDYRUHFLGR HO HPSOHR GH LQVWUXPHQWRV TXH GDQ LQFHQWLYRV D ORV GRV SULPHURV VLQ HPEDUJRSRFRVHKDKHFKRSDUDSURPRYHUPHGLGDVGHJHVWLyQGHODGHPDQGDSRUSDUWHGHODVHPSUHVDV HOpFWULFDV 6H KDQ ILMDGR REMHWLYRV SDUD ODV WHFQRORJtDV GH HQHUJtDV UHQRYDEOHV \ DGHPiV ORV SDtVHV HXURSHRVWLHQGHQDDSR\DUDDOJXQDVWHFQRORJtDVUHODWLYDPHQWHLQHILFLHQWHV\DH[LVWHQWHV (Q $OHPDQLD OD SULRULGDG SDUD ODV HQHUJtDV UHQRYDEOHV VH EDVD HQ HO UHTXHULPLHQWR KDFLD ORV GLVWULEXLGRUHVGHJDUDQWL]DUODFRPSUDGHHOHFWULFLGDGJHQHUDGDDWUDYpVGHHVWHWLSRGHHQHUJtD\GHFR JHQHUDFLyQDXQSUHFLRPtQLPRUHJXODGR\SRUODSRVLELOLGDGGHUHFKD]DUHODFFHVRDODUHGHQHOFDVRGH TXH OD JHQHUDFLyQ UHQRYDEOH VH YHD DIHFWDGD /D PHWD HV TXH ODV HQHUJtDV UHQRYDEOHV VXPLQLVWUHQ XQ GHOWRWDOSDUDHODxRSHUPLWLHQGRTXHPDGXUHQ\WHQJDQODRSRUWXQLGDGGHVHUFRPSHWLWLYDV /D SURWHFFLyQ SDUD HO OLJQLWR KDVWD HO DxR KD VLGR HVWLSXODGD HQ OD H[ $OHPDQLD RULHQWDO FRPR UpJLPHQGHWUDQVLFLyQ$VLPLVPRVHKDLPSOHPHQWDGRDOJXQDVSROtWLFDVGHJHVWLyQGHODGHPDQGDSDUD DSR\DULQLFLDWLYDVGHHILFLHQFLDHQHUJpWLFDHQHGLILFLRV\HQODLQGXVWULD ([LVWHHQ(VSDxDXQUpJLPHQHVSHFLDOTXHHVWDEOHFHSUHFLRVILMRVSDUDODHOHFWULFLGDGFRQEDVH HQ FR JHQHUDFLyQHQHUJtDVUHQRYDEOHV\DSURYHFKDPLHQWRGHGHVHFKRV7DPELpQKDQILMDGRSDUDODVHQHUJtDV UHQRYDEOHV XQD PHWD GH JHQHUDFLyQ GH HOHFWULFLGDG GHO SDUD HO DxR (O VLVWHPD HVSDxRO DGPLWH XQ GHVSDFKR SULRULWDULR SDUD ODV FHQWUDOHV D FDUEyQ TXH QR KD VLGR HPSOHDGR D~Q ([LVWH XQ UpJLPHQ GH WUDQVLFLyQ SDUD ODV FHQWUDOHV H[LVWHQWHV HVSHFLDOPHQWH SDUD ODV TXH TXHPDQ FDUEyQ &RQ UHVSHFWRDODJHVWLyQGHODGHPDQGD(VSDxDDSOLFyXQUHFDUJRDODVWDULIDVGHSDUDODSURPRFLyQ GHWHFQRORJtDVPiVHILFLHQWHVDSHVDUGHVXHIHFWLYLGDGHOUpJLPHQFHVyHQ (Q HO VLVWHPD KRODQGpV HO DFFHVR D OD UHG VH SURYHH PHGLDQWH XQ HVTXHPD GH DFFHVR FRQ WDULIDV EDVDGDV HQ XQ VLVWHPD GH HVWDPSLOOD SRVWDO /RV OLFHQFLDWDULRV WLHQHQ OD REOLJDFLyQ GH FRPSUDU HOHFWULFLGDG ³YHUGH´ SDUD VXV XVXDULRV TXH VH JHVWLRQD D WUDYpV GH FHUWLILFDGRV YHUGHV (O JRELHUQR KD DSOLFDGRXQUpJLPHQGHWUDQVLFLyQSDUDODFRJHQHUDFLyQODJDVLILFDFLyQGHOFDUEyQ\DOJXQRVDFXHUGRV GH FRPSUD GH HQHUJtD HOpFWULFD /RV 3DtVHV %DMRV DSR\DQ D ODV HQHUJtDV UHQRYDEOHV PHGLDQWH H[HQFLRQHVLPSRVLWLYDV\RWRUJDQVXEVLGLRVSDUDSURJUDPDVGHFRQVHUYDFLyQGHHQHUJtD6HKDQILMDGR PHWDVSDUDTXHODVHQHUJtDVUHQRYDEOHVFRQVWLWX\DQHOGHOVXPLQLVWURSULPDULRGH HQHUJtD SDUD HO DxR\SDUDTXHODHILFLHQFLDHQHUJpWLFDJOREDOPHMRUHXQDQXDOPHQWH&RQUHVSHFWRDODJHVWLyQ GHODGHPDQGDHOJRELHUQRRWRUJDVXEVLGLRVGLUHFWRVSDUDFRQVHUYDFLyQGHODHQHUJtD (Q ORV SDtVHV ODWLQRDPHULFDQRV QR H[LVWLy XQD SUHRFXSDFLyQ SDUD FRPSOHPHQWDU HO SURFHVR GH OLEHUDOL]DFLyQ FRQ PHGLGDV GH DSR\R SDUD ODV HQHUJtDV UHQRYDEOHV OD FRJHQHUDFLyQ R OD JHVWLyQ GH OD GHPDQGD (O UpJLPHQ HVSHFLDO SDUD ODV HQHUJtDV VRODU \ HyOLFD D WUDYpV GH EHQHILFLRV LPSRVLWLYRV GH $UJHQWLQD FRQVWLWX\H XQD H[FHSFLyQ (VWH UpJLPHQ MXQWR FRQ LQFHQWLYRV HQ HO iPELWR SURYLQFLDO HVWLPXODURQ OD SUHVHQWDFLyQ GH SUR\HFWRV GH DSURYHFKDPLHQWR GH OD HQHUJtD HyOLFD HQ OD 3DWDJRQLD %UDVLO KD RWRUJDGR LQFHQWLYRV SDUD OD FRJHQHUDFLyQ HQ ODV LQGXVWULDV GHO D]~FDU \ GHO DFHUR \ SDUD HO UHHPSOD]RGHFDOHIRQHVHOpFWULFRVSRUVRODUHV%UDVLOKDLQVWDXUDGRXQDSROtWLFDHVSHFtILFDGHSURPRFLyQ GHODHQHUJtDWHUPRHOpFWULFDRIUHFHJDUDQWtDVSDUDHOVXPLQLVWURGHFRPEXVWLEOHDODUJRSOD]R\SDUDHO DFFHVRGHILQDQFLDPLHQWRDWUDYpVGHO%DQFR%UDVLOHxRSDUDHO'HVDUUROOR /DVIXHQWHV\DH[LVWHQWHVQRKDQVLGRJHQHUDOPHQWHSURWHJLGDVHQ$PpULFD/DWLQD6RODPHQWH%UDVLOKD FRQVLGHUDGRXQDPH]FODGHYLHMDV\QXHYDVFHQWUDOHVKLGUiXOLFDVGHQWURGHOSDTXHWHGHFDGDFRPSDxtD KDVWD HO DxR (O SURFHVR GH OLEHUDOL]DFLyQ IXH PiV DEUXSWR TXH HQ (XURSD \ DOJXQDV FHQWUDOHV QXHYDV UHODWLYDPHQWH LQHILFLHQWHV VH KDQ HQFRQWUDGR FRPSLWLHQGR FRQ WHFQRORJtDV GH EDMR FRVWR FRQVWUXLGDVUHFLHQWHPHQWH(VWRLPSOLFySRUORJHQHUDOXQDWUDQVLFLyQKDFLD ODV FHQWUDOHV D JDV SRU OR JHQHUDOPiVOLPSLDVTXHODVDFDUEyQ6LQHPEDUJRHVWRQRVLHPSUHHVDVt(Q&KLOHDOJXQDVFHQWUDOHV DFDUEyQFX\DFRQVWUXFFLyQILQDOL]yHQWUH\HVWiQDODE~VTXHGDGHFRPEXVWLEOHVPiVEDUDWRV SDUD FRPSHWLU FRQ HO JDV QDWXUDO (O FRPEXVWLEOH TXH HVWiQ FRQVLGHUDQGR HV XQ UHVLGXDO GHO SHWUyOHR FRQRFLGRORFDOPHQWHFRPR³SHWFRNH´VLELHQPiVEDUDWRHVSRWHQFLDOPHQWHPiVGDxLQRSDUDHOPHGLR DPELHQWH 32/Ë7,&$648($)(&7$1/$6&$5$&7(5Ë67,&$6$0%,(17$/(6'(/260(5&$'26 (/e&75,&26/,%(5$/,=$'26 /D WDEOD UHVXPH ORV LQVWUXPHQWRV DPELHQWDOHV HPSOHDGRV HQ FDGD SDtV TXH QR VRQ HVSHFtILFRV GHO VHFWRUHOpFWULFRSHURORDIHFWDQ(QWRGRVORVSDtVHVWDQWRODVFHQWUDOHVQXHYDVFRQODVH[SDQVLRQHVGH ODV H[LVWHQWHV GHEHQ OOHYDU D FDER HYDOXDFLRQHV GH LPSDFWR DPELHQWDO 'H PDQHUD VLPLODU WRGRV ORV SDtVHV UHTXLHUHQ HO FXPSOLPLHQWR GH OtPLWHV GH HPLVLyQ \ GH HVWiQGDUHV GH FDOLGDG GHO DLUH &RPR FRQVHFXHQFLDORVHIHFWRVDPELHQWDOHVGLUHFWRVGHODOLEHUDOL]DFLyQKDQVLGRSUREDEOHPHQWHPHQRUHVGH ORTXHSRGUtDKDEHUVHHVSHUDGREDMRXQDVLWXDFLyQFRQXQDUHJXODFLyQPiVOD[D (Q (XURSD VL ELHQ ODV PHGLGDV WRPDGDV QR KDQ WHQLGR UHODFLyQ GLUHFWD FRQ HO 3URWRFROR GH .\RWR VH HVSHUD TXH ORV SDtVHV HXURSHRV FRPR LQWHJUDQWHV GHO $QH[R % FRPLHQFHQ D WRPDU PHGLGDV HQ OD GLUHFFLyQ GH OD UHGXFFLyQ GH VXV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR /RV 3DtVHV %DMRV GHEHQ UHGXFLUVXVHPLVLRQHVXQFRQUHVSHFWRDOQLYHOGHGXUDQWHHOSHULRGR$OHPDQLDGHEH UHGXFLU VXV HPLVLRQHV HQ XQ DQXDO SDUD DOFDQ]DU VXV REMHWLYRV GH UHGXFFLyQ /RV 3DtVHV %DMRV HQ SDUWLFXODU SHUR WDPELpQ $OHPDQLD GHSHQGHQ IXHUWHPHQWH GH ORV DFXHUGRV YROXQWDULRV VHFWRULDOHV TXH KDQVLGRHIHFWLYRVSDUDODUHGXFFLyQGHODVHPLVLRQHVGHy[LGRVGHQLWUyJHQR\GHGLy[LGRGHD]XIUH(O UHWLUR GH OD JHQHUDFLyQ QXFOHRHOpFWULFD HV RWUD FDUDFWHUtVWLFD LPSRUWDQWH GHO PHUFDGR HQ $OHPDQLD \ H[LVWHPX\SRFRDSR\RSROtWLFRSDUDVXH[SDQVLyQHQORV3DtVHV%DMRV /D SDUWLFLSDFLyQ S~EOLFD \ OD SUHRFXSDFLyQ FUHFLHQWH DFHUFD GH ODV FRQVHFXHQFLDV DPELHQWDOHV GH ODV GHFLVLRQHVGHSURGXFFLyQ\FRQVXPRFRQVWLWX\HXQDQXHYDYDULDEOHTXHDIHFWDORVPHUFDGRVHOpFWULFRV OLEHUDOL]DGRV$VLPLVPRORVDFXHUGRVFRPHUFLDOHV\ODWHQGHQFLDKDFLDXQDPD\RULQWHJUDFLyQHFRQyPLFD WLHQHQ XQ URO SUHSRQGHUDQWH HQ /DWLQRDPpULFD \ (XURSD /D LQWHUFRQH[LyQ GH ORV VLVWHPDV GH JDV \ GH HOHFWULFLGDG D WUDYpV GH GLVWLQWRV SDtVHV VH KD YLVWR IDYRUHFLGD SRU HVWH QXHYR SDUDGLJPD (VWR KD LPSXOVDGRHOGHVDUUROORGHODV'LUHFWULFHVSDUDOD(OHFWULFLGDG\HO*DVHQOD8QLyQ(XURSHD(Q$PpULFD /DWLQDHOSURFHVRVHKDEDVDGRKDVWDDKRUDHQDFXHUGRVELODWHUDOHV 7DEOD3ROtWLFDVDPELHQWDOHVTXHDIHFWDQORVPHUFDGRVHOpFWULFRVOLEHUDOL]DGRV ; ; ; ; ; ; 3DtVHV %DMRV ; ; ; ; ; (VSDxD ; ; $OHPDQLD ; ; (XURSD &KLOH ; ; %UDVLO (YDOXDFLyQGHLPSDFWRDPELHQWDO (VWiQGDUHVDPELHQWDOHV\GHHPLVLyQ 3URWRFRORGH.\RWR 3URJUDPDVYROXQWDULRV 5HWLURGHODJHQHUDFLyQQXFOHDU ;VHDSOLFD $UJHQWLQD 6XGDPpULFD ; ; ; ; /RVVLJXLHQWHVLQFLVRVSUHVHQWDQFDUDFWHUtVWLFDVDFHUFDGHODVSROtWLFDVHVSHFtILFDVSDUDFDGDSDtV $UJHQWLQD (OVHFWRUHOpFWULFRWHQtDDQWHFHGHQWHVDPELHQWDOHVIXHUWHVDQWHVGHODOLEHUDOL]DFLyQ(VWRVDQWHFHGHQWHV MXQWRFRQODDGRSFLyQGHHVWiQGDUHVHVSHFtILFRVSDUDHOVHFWRULPSOLFDURQTXHORVFDPELRVHQHOVLVWHPD QR DIHFWDUDQ QHJDWLYDPHQWH HO DPELHQWH 8Q DVSHFWR LPSRUWDQWH GH OD SROtWLFD LQFOX\H OD SDUWLFLSDFLyQ S~EOLFD (OPDUFROHJDODPELHQWDOKDWHQLGRXQDOWRJUDGRGHFXPSOLPLHQWRSRUSDUWHGHWRGRVORVPLHPEURVGHO PHUFDGRHOpFWULFR6LQHPEDUJRHLQGHSHQGLHQWHGHOSURFHVRGHOLEHUDOL]DFLyQGHOPHUFDGRHOpFWULFROD IDOWD GH GHILQLFLyQ DFHUFD GH ORV UROHV FRQFUHWRV HQ ODV GLVWLQWDV MXULVGLFFLRQHV QDFLRQDO SURYLQFLDO \ PXQLFLSDOHVYLVWDFRPRXQDDPHQD]DSRWHQFLDOSDUDHOPHGLRDPELHQWH /RVDFXHUGRVUHJLRQDOHVGHOLEUHFRPHUFLRUHODWLYRVDODVWUDQVDFFLRQHVGHHQHUJtDHVWiQVHQWDQGRODV EDVHVSDUDQXHYRVGHVDUUROORV$UJHQWLQDHVXQPLHPEURGHO7UDWDGRGHO0HUFRVXU\WLHQHDFXHUGRVGH OLEUH FRPHUFLR FRQ &KLOH (O QXHYR PDUFR UHJXODWRULR SHUPLWH D ODV HPSUHVDV FHOHEUDU DFXHUGRV WUDQV IURQWHUL]RVTXHLQFOX\HQLQYHUVLRQHV\ODFRQVWUXFFLyQGHVLVWHPDVLQWHUFRQHFWDGRVGHWUDQVPLVLyQ&RPR UHVXOWDGR VH HVWiQ GHVDUUROODQGR QXHYRV SUR\HFWRV GH LQWHUFRQH[LyQ SDUD LQFUHPHQWDU GH PDQHUD VLJQLILFDWLYD OD FRPHUFLDOL]DFLyQ GH HQHUJtD HQWUH $UJHQWLQD \ %UDVLO \ HQWUH $UJHQWLQD \ &KLOH 6H KDQ UHDOL]DGRWDPELpQDOJXQRVLQWHQWRVSDUDHVWDEOHFHUXQPDUFRFRPSHWLWLYRSDUDXQPHUFDGRUHJLRQDOGH OLEUHFRPHUFLRGHHQHUJtDTXHSHUPLWLUtDDFXHUGRVGHODUJRSOD]RWUiQVLWRGHHQHUJtD\WUDQVDFFLRQHVD WpUPLQR %UDVLO &RQDQWHULRULGDGDOSURFHVRGHOLEHUDOL]DFLyQ%UDVLOWXYRXQDSROtWLFDDPELHQWDOELHQGHVDUUROODGDTXHVH LQLFLy HQ 6H HVWDEOHFLHURQ OtPLWHV GH HPLVLyQ SDUD IXHQWHV HVWDFLRQDULDV /D OLEHUDOL]DFLyQ GHO VHFWRU HOpFWULFR QR IXH DFRPSDxDGD SRU FDPELRV HQ HVWDV SROtWLFDV FRQ H[FHSFLyQ GH OD UHJXODFLyQ FRQFHUQLHQWHDOXVRGHODJXD(QHVWHiPELWRXQJUXSRGHSROtWLFDVLPSRUWDQWHVWXYR LPSDFWR VREUH OD SRVLELOLGDG GH OD JHQHUDFLyQ KLGURHOpFWULFD /D 3ROtWLFD 1DFLRQDO GH ORV 5HFXUVRV +tGULFRV LQWURGXMR HO SULQFLSLR´HOFRQWDPLQDGRUSDUD´MXQWRFRQODJHVWLyQGHORVFXUVRVGHDJXDSRUFRPLWpVORFDOHV\HOSDJR GHOXVRGHODJXD(VWDVLWXDFLyQDFRPSDxDGDGHODSUHVLyQLQWHUQDFLRQDOFRQWUDHOGHVDUUROORGHQXHYRV SUR\HFWRV HQ HO $PD]RQDV KDQ GLILFXOWDGR HO GHVDUUROOR GH QXHYRV SUR\HFWRV KLGUiXOLFRV JUDQGHV \ IDYRUHFLGRDORVSUR\HFWRVGHFHQWUDOHVDJDV %UDVLO WDPELpQ HV PLHPEUR GHO 0HUFRVXU \ ORV DFXHUGRV UHJLRQDOHV GH OLEUH FRPHUFLR KDQ SHUPLWLGR HO GHVDUUROOR GH LQWHUFRQH[LRQHV GH JDV QDWXUDO &RPR FRQVHFXHQFLD HO JDV QDWXUDO SURFHGHQWH GH $UJHQWLQDHVHOVXPLQLVWURSDUDXQDSDUWHGHOGHVDUUROORWHUPRHOpFWULFRGHO%UDVLO &KLOH /D SROtWLFD DPELHQWDO FKLOHQD LQFOX\H OD HYDOXDFLyQ GHO LPSDFWR DPELHQWDO \ HO FXPSOLPLHQWR GH ORV HVWiQGDUHVGHFDOLGDGDPELHQWDO\GHHPLVLyQ (VWRV LQVWUXPHQWRV KDQ VLGR LPSOHPHQWDGRV D SDUWLU GH FXDQGRVHFUHyOD&RPLVLyQ1DFLRQDOGHO0HGLR$PELHQWH&21$0$/DHYDOXDFLyQGHOLPSDFWR DPELHQWDOLQFOX\HODSDUWLFLSDFLyQS~EOLFD\VHUHTXLHUHSDUDFDGDSUR\HFWRQXHYRH[SDQVLyQR FDPELR GHFRPEXVWLEOH(VWDVHYDOXDFLRQHVVHOOHYDQDFDERPHGLDQWHSDUiPHWURVFXDQWLWDWLYRVTXHLQFOX\HQHO LPSDFWRVREUHODFDOLGDGGHODLUH/DOOHJDGDGHOJDVQDWXUDODOQRUWHGH&KLOHGHVSOD]yHOGHVSDFKRGH DOJXQDV SODQWDV D FDUEyQ GH UHFLHQWH FRQVWUXFFLyQ &RPR UHVSXHVWD ORV SURSLHWDULRV GH HVWDV SODQWDV KDQ VROLFLWDGR OD SRVLELOLGDG GH HPSOHDU UHVLGXDO GH SHWUyOHR TXH VL ELHQ HV PiV EDUDWR TXH HO FDUEyQ WDPELpQ HV PiV FRQWDPLQDQWH /D VROLFLWXG HVWi VLHQGR HYDOXDGD EDMR SURWHVWD GH DJULFXOWRUHV \ DPELHQWDOLVWDV 8QDSROtWLFDTXHDIHFWDHOPHUFDGRHOpFWULFRHVOD/H\,QGtJHQDTXHHVWDEOHFHUHVWULFFLRQHVSDUDHOXVR GHODWLHUUDHQ PDQRV DERUtJHQHV 0XFKDV GH HOODV HVWiQ FHUFDQDV D VLWLRV SDUD SRWHQFLDOHV SUR\HFWRV KLGURHOpFWULFRV (VWD OH\ MXQWR FRQ OD SDUWLFLSDFLyQ S~EOLFD \ OD DFFLyQ GH JUXSRV DPELHQWDOHV KD GLILFXOWDGRHOGHVDUUROORGHSUR\HFWRVKLGURHOpFWULFRV /RVDFXHUGRVFRPHUFLDOHVELODWHUDOHV\ODVSROtWLFDVGHLQWHJUDFLyQFRQORVSDtVHVYHFLQRVKDQSHUPLWLGR HOGHVDUUROORGHJDVRGXFWRV\OtQHDVGHWUDQVPLVLyQGHHOHFWULFLGDGGHVGH$UJHQWLQD $OHPDQLD (Q $OHPDQLD VH YH FRQ EXHQRV RMRV HO DOWR JUDGR GH LQWHUYHQFLyQ SRU SDUWH GHO JRELHUQR HQ HO iUHD PHGLRDPELHQWDO$GHPiVODFUHFLHQWHSUHRFXSDFLyQS~EOLFDIDYRUHFHODDGRSFLyQ\HOFXPSOLPLHQWRGH HVWiQGDUHVDPELHQWDOHVPiVHVWULFWRV$OHPDQLDKDFHFXPSOLUHVWULFWDPHQWHORVFRQWUROHVGHHPLVLyQHQ FHQWUDOHVGHJHQHUDFLyQ 'HVGH VH DSOLFDQ LPSXHVWRV DO FRQVXPR GH HQHUJtD HVWR LQFOX\y QXHYRV LPSXHVWRV D OD HOHFWULFLGDG\DORVFRPEXVWLEOHV 3RU HO 3URWRFROR GH .\RWR $OHPDQLD VH FRPSURPHWLy D UHGXFLU VXV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHURXQ $OHPDQLDWDPELpQSURPXHYHDFXHUGRVYROXQWDULRVFRQHOVHFWRUSURGXFWLYR$WUDYpVGHOFRPSURPLVRSRU SDUWHGHODLQGXVWULDDOHPDQDVREUH3UHYHQFLyQGHO&DOHQWDPLHQWR*OREDOVHLGHQWLILFDURQREMHWLYRVSDUD XQDUHGXFFLyQGHOGHGLy[LGRGHFDUERQRSDUDHODxR \GHSDUDVREUHODEDVHGH (OJRELHUQR\ORVJHQHUDGRUHVKDQDFRUGDGRUHWLUDUFRPSOHWDPHQWHODJHQHUDFLyQQXFOHRHOpFWULFDD ORODUJRGHORVSUy[LPRVYHLQWHDxRV (VSDxD &RPRHQWRGRVORVRWURVSDtVHVVHDSOLFDQDOPHUFDGRHOpFWULFRORVVLJXLHQWHVLQVWUXPHQWRVDPELHQWDOHV EiVLFRVHYDOXDFLyQGHLPSDFWRDPELHQWDOFRQWUROHVGHHPLVLRQHV\GHODFDOLGDGGHODLUH(VWRV~OWLPRV KDQ KHFKR QHFHVDULR OD LQWURGXFFLyQ GH WHFQRORJtDV GH FRQWURO GH HPLVLRQHV HQ YDULDV FHQWUDOHV GH JHQHUDFLyQ (VSDxD KD FRQVHUYDGR DO SODQHDPLHQWR LQGLFDWLYR FRPR XQD PDQHUD GH SURYHHU D ORV DJHQWHV GHO PHUFDGRGHXQDLQIRUPDFLyQKRPRJpQHD\SDUDJDUDQWL]DUHOVXPLQLVWUR\ODDVLJQDFLyQHILFLHQWHGHORV UHFXUVRVDPELHQWDOHV\HFRQyPLFRVHQVXVLVWHPDHOpFWULFR /RV3DtVHV%DMRV /RV HVTXHPDV YROXQWDULRV VRQ PX\ VLJQLILFDWLYRV HQ ORV 3DtVHV %DMRV (Q HO PHUFDGR OLEHUDOL]DGR OD HOHFWULFLGDG ³YHUGH´ JHQHUDGD PHGLDQWH HQHUJtDV UHQRYDEOHV HV XQ LQVWUXPHQWR SDUD ORV FRPHUFLDOL]DGRUHVGHHQHUJtDTXHOHVSHUPLWHREWHQHUXQSURGXFWRGLIHUHQFLDGR'HVGHMXOLRGHHO PHUFDGR SDUD HVWH WLSR GH HOHFWULFLGDG HV FRPSOHWDPHQWH OLEUH \ DOJXQDV ILUPDV HVWiQ WUDWDQGR GH PHMRUDUVXLQVHUFLyQHQHOPHUFDGRDWUDYpVGHODYHQWDGHHOHFWULFLGDG³YHUGH´/RVLQFHQWLYRVILVFDOHV OHVSHUPLWHQRIUHFHQHVWDHOHFWULFLGDGDSUHFLRVLJXDOHVROHYHPHQWHVXSHULRUHVDORVGHODHOHFWULFLGDG FRQYHQFLRQDO+DFLDILQHVGHDJRVWRGHDOUHGHGRUGHOGHODVKRJDUHVKRODQGHVHVFRPSUDEDQ HQHUJtD ³YHUGH´ $VLPLVPR YDULDV HPSUHVDV HQ LQVWLWXFLRQHV HPSOHDEDQ HVWD IRUPD GH HQHUJtD &RPR ORV3DtVHV%DMRVQRSURGXFHQPXFKDHOHFWULFLGDGDSDUWLUGHIXHQWHVUHQRYDEOHVVHHVWiLQFUHPHQWDQGR ODH[SRUWDFLyQGHHOHFWULFLGDG³YHUGH´ /DHODERUDFLyQGHFRQVHQVRVHVXQSLODULPSRUWDQWHGHODSROtWLFDDPELHQWDOKRODQGHVD6HKDILUPDGRXQ JUDQ Q~PHUR GH DFXHUGRV HQWUH HO JRELHUQR \ HO VHFWRU SULYDGR /DV HPSUHVDV GHO VHFWRU VH KDQ FRPSURPHWLGRDSHUWHQHFHUDORVOtGHUHVPXQGLDOHVHQHILFLHQFLDHQHUJpWLFDSDUDHODxR(Q ORVJHQHUDGRUHVGHHOHFWULFLGDG\HOJRELHUQRILUPDURQXQDFXHUGRSDUDODUHGXFFLyQGHODVHPLVLRQHVGH GLy[LGRGHD]XIUH\GHy[LGRVGHQLWUyJHQRHQ\UHVSHFWLYDPHQWHHQXQSHULRGRGHYHLQWHDxRV 7DPELpQVHHVWiQHVWXGLDQGRVLVWHPDVGHFRPHUFLRGH³FHUWLILFDGRVYHUGHV´\GHHPLVLRQHVGHGLy[LGR GHFDUERQRHVWDV~OWLPDVHQUHODFLyQDO3URWRFRORGH.\RWR7RGRHVWRDIHFWDUiDOPHUFDGRHOpFWULFR (Q XQRV SRFRV DxRV FHUUDUi OD ~OWLPD SODQWD QXFOHDU \ HV SRFR SUREDEOH TXH HQ HO IXWXUR FHUFDQR VH LQVWDOHRWUDFHQWUDOQXFOHDUWDQWRSRUUD]RQHVHFRQyPLFDVFRPRSROtWLFDV $63(&726&/$9(6<7(1'(1&,$6'(/260(5&$'26(/e&75,&26&21&216(&8(1&,$6 62%5((/0(',2$0%,(17( &RPRORVSUHFLRVGHODHOHFWULFLGDGGLVPLQX\HURQHQWRGRVORVSDtVHVHVWXGLDGRVH[FHSWRHQORV3DtVHV %DMRV OXHJR GH OD OLEHUDOL]DFLyQ \ DVLPLVPR KXER XQ FUHFLPLHQWR GH OD HFRQRPtD WDPELpQ DXPHQWy IXHUWHPHQWH HO FRQVXPR GH HOHFWULFLGDG $GHPiV HVWi DXPHQWDQGR HO FRQVXPR SRUFHQWXDO GH HOHFWULFLGDGFRQUHVSHFWRDOFRQVXPRWRWDOGHHQHUJtDHQODPD\RUtDGHORVSDtVHV/DVFXHVWLRQHVKDVWD DKRUDGLVFXWLGDVSHUPLWHQLGHQWLILFDUDOJXQRVDVSHFWRVFODYHV \ WHQGHQFLDV GH ORV PHUFDGRV HOpFWULFRV OLEHUDOL]DGRVTXHDIHFWDQDOPHGLRDPELHQWHHQFDGDXQRGHORVSDtVHVDSHVDUGHTXHSRUDKRUDQRHV SRVLEOHLGHQWLILFDUFDXVDOLGDGHVRODLPSRUWDQFLDUHODWLYDGHFDGDIDFWRU /D7DEODUHVXPHODVSULQFLSDOHVWHQGHQFLDVGHWHFWDGDVHQHOGHVHPSHxRDPELHQWDOGHOVHFWRUHOpFWULFR SRVWHULRUHV D VX OLEHUDOL]DFLyQ 6H SXHGH DSUHFLDU TXH ODV FHQWUDOHV D JDV HVWiQ LQFUHPHQWDQGR VX SDUWLFLSDFLyQ HQ HO SDUTXH GH JHQHUDFLyQ HQ WRGRV ORV SDtVHV DQDOL]DGRV (QWUH ORV IDFWRUHV TXH VXVWHQWDQHVWDWHQGHQFLD VH HQFXHQWUDQ OD DYHUVLyQ DO ULHVJR EDMDV LQYHUVLRQHV \ EDMRV FRVWRV /D FR JHQHUDFLyQ\ODVHQHUJtDVUHQRYDEOHVUHFLEHQDSR\RHQORVSDtVHVHXURSHRVPLHQWUDVTXHQRWLHQHQQLDO SDUHFHUWHQGUiQXQUROUHOHYDQWHHQORVSDtVHVODWLQRDPHULFDQRV/DVJHQHUDFLRQHVQXFOHDUHKLGUiXOLFD HVWiQ SDVDQGR SRU XQ SHULRGR GH HVWDQFDPLHQWR R GH UHGXFFLyQ (O FRPHUFLR WUDQVIURQWHUL]R GH HOHFWULFLGDGHVWiHQDXPHQWR 7DEOD/LEHUDOL]DFLyQ\FXHVWLRQHVDPELHQWDOHV $UJHQWLQD x ,QFRUSRUDFLyQGHQXHYDVPiTXLQDVGHJHQHUDFLyQDJDVQDWXUDO\UHWLURGHODVYLHMDV x 0HMRUDHQODHILFLHQFLDGHODVPiTXLQDVGHVSDFKDGDV x 5HHPSOD]RGHRWUDVIRUPDVGHHQHUJtDSRUHOHFWULFLGDG x 'LVPLQXFLyQGHODVSpUGLGDVWpFQLFDV\QRWpFQLFDV x 6HOHFFLyQLUUHVWULFWDGHOFRPEXVWLEOHTXHPDGR x 1RH[LVWLyLQWHUpVGHQXHYRVSUR\HFWRVKLGURHOpFWULFRVSRUSDUWHGHOVHFWRUSULYDGR x 0D\RUSDUWLFLSDFLyQS~EOLFD\PD\RUSUHRFXSDFLyQDPELHQWDOSRUSDUWHGHOPHUFDGR %UDVLO x /DVRSFLRQHVKLGURHOpFWULFD\QXFOHDUQRUHVXOWDURQFRPSHWLWLYDVIUHQWHDORVFLFORV FRPELQDGRVDJDVQDWXUDO x (OVHFWRUSULYDGRQRKDPRVWUDGRHOPLVPRFRPSURPLVRVRFLDO\DPELHQWDOTXHWXYRHO (VWDGR x /DSROtWLFDQDFLRQDOGHUHFXUVRVKtGULFRVKDKHFKRPHQRVFRPSHWLWLYDHVWDRSFLyQSDUDORV LQYHUVRUHVSULYDGRV &KLOH x /RVFLFORVFRPELQDGRVDJDVQDWXUDOHVWiQGHVSOD]DQGRORVSUR\HFWRVKLGURHOpFWULFRV x 3UHRFXSDFLyQSRUSDUWHGHODRSLQLyQS~EOLFDDFHUFDGHORVLPSDFWRVVRFLDOHVGHORV SUR\HFWRVKLGURHOpFWULFRV x ,QFUHPHQWRHQORVQLYHOHVGHHPLVLyQGHFRQWDPLQDQWHVDWPRVIpULFRV x 1RH[LVWHQLQFHQWLYRVSDUDODHILFLHQFLDHQHUJpWLFD x 1RVHHVSHUDXQDXPHQWRVLJQLILFDWLYRGHODVHQHUJtDVUHQRYDEOHV x 6HHVWiFRQVLGHUDQGRHOHPSOHRGHFRPEXVWLEOHVPiVEDUDWRV\PiVFRQWDPLQDQWHV $OHPDQLD x /DOLEHUDOL]DFLyQSDUHFHWHQHUXQPtQLPRHIHFWRGLUHFWRVREUHHOPHGLRDPELHQWH x /DOLEHUDOL]DFLyQIXHPDQHMDGDSRUHOHVWDGRSDUDHYLWDULPSDFWRVDPELHQWDOHVQHJDWLYRV x 8QHQIRTXHIXHUWHPHQWHLQWHUYHQFLRQLVWDSRUSDUWHGHOHVWDGRSDUDDSR\DUODGLYHUVLILFDFLyQ GHOVXPLQLVWURGHHQHUJtD x 5HWLURSDXODWLQRGHODJHQHUDFLyQQXFOHDU (VSDxD x /DPHMRUDGHODSHUIRUPDQFHDPELHQWDOGHOVLVWHPDHOpFWULFRQRSDUHFHGHULYDUGHOD OLEHUDOL]DFLyQ x (OPDQWHQLPLHQWRGHODVPHGLGDVGHFRQWUROWLHQHHOUROPiVUHOHYDQWHUHVSHFWRGHOD SHUIRUPDQFHDPELHQWDO x /DSURPRFLyQGHODVHQHUJtDVUHQRYDEOHVKDSURYRFDGRODLQVWDODFLyQGHXQLPSRUWDQWH SDUTXHGHJHQHUDFLyQHyOLFD 3DtVHV%DMRV x ,QFUHPHQWRGHODVLPSRUWDFLRQHVGHHQHUJtDHOpFWULFD x 3pUGLGDGHFRPSHWLWLYLGDGGHODFRJHQHUDFLyQ x 5HWLURSDXODWLQRGHODHQHUJtDQXFOHDU x /DHOHFWULFLGDGSURYHQLHQWHGHHQHUJtDVUHQRYDEOHVKDSHUPLWLGRDORVSURYHHGRUHVFRQWDU FRQXQLQVWUXPHQWRSDUDLQWURGXFLUXQDGLIHUHQFLDFLyQHQVXSURGXFWR &21&/86,21(6 /D PD\RUtD GH ORV SURFHVRV GH OLEHUDOL]DFLyQ DQDOL]DGRV VH OOHYDURQ D FDER HQ OD GpFDGD GHO QRYHQWD FXDQGR WRGRV ORV SDtVHV WHQtDQ VX OHJLVODFLyQ DPELHQWDO GHVDUUROODGD (Q FRQVHFXHQFLD WRGRV ORV SUR\HFWRVQXHYRVRODVH[SDQVLRQHVGHEHQFXPSOLUFRQODUHVSHFWLYDHYDOXDFLyQGHOLPSDFWRDPELHQWDO YHULILFDUORVOtPLWHVGHHPLVLyQ\FXPSOLUFRQORVHVWiQGDUHVGHFDOLGDGDPELHQWDO /RVSDtVHVHXURSHRVWLHQHQDGHPiVODSUHRFXSDFLyQGHFXPSOLUFRQHO3URWRFRORGH.\RWRTXHHVWLSXOD UHGXFFLRQHV VLJQLILFDWLYDV GH ODV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR HQ ODV SUy[LPDV GRV GpFDGDV(VWRVSDtVHVKDQRWRUJDGRXQIXHUWHDSR\RDODVHQHUJtDVUHQRYDEOHVSRUPHGLRGHUHJXODFLyQ HVSHFtILFD\ODDGRSFLyQGHPHWDVGHFUHFLPLHQWR7DPELpQH[LVWHXQDUHJXODFLyQHVSHFtILFDSDUDODFR JHQHUDFLyQ HQ HVWRV SDtVHV /DV PHGLGDV GH JHVWLyQ GH OD GHPDQGD KDQ GHVDSDUHFLGR HQ WRGRV ORV SDtVHVH[FHSWRHQ$OHPDQLD(Q$PpULFD/DWLQDQRH[LVWHDSR\RSDUDODVHQHUJtDVUHQRYDEOHVH[FHSWR HQ $UJHQWLQD /D FRJHQHUDFLyQ R ODV PHGLGDV GH JHVWLyQ GH OD GHPDQGD WDPSRFR WLHQHQ XQ URO VLJQLILFDWLYRHQHVWRVSDtVHV 1R UHVXOWDG FODUR SRU HO PRPHQWR VL ORV PHUFDGRV HOpFWULFRV OLEHUDOL]DGRV SRGUiQ DOFDQ]DU WRGDV ODV PHWDV DPELHQWDOHV ILMDGDV HQ FDGD XQR GH ORV SDtVHV HQ SDUWLFXODU OD UHGXFFLyQ GH ODV HPLVLRQHV GH JDVHVGHHIHFWRLQYHUQDGHURTXHQRHVHVSHFtILFDSDUDHOVHFWRU 8QDVSHFWRLPSRUWDQWHGHOSURFHVRGHOLEHUDOL]DFLyQTXHSXHGHDIHFWDUHOGHVHPSHxRDPELHQWDOGHORV PHUFDGRVHOpFWULFRVOLEHUDOL]DGRVHVHOWUDVSDVRDOVHFWRUSULYDGRGHXQJUXSRLPSRUWDQWHGHGHFLVLRQHV HQSDUWLFXODU x x x ODVGHFLVLRQHVVREUHLQYHUVLyQVHWRPDQFRQORVFULWHULRVGHOVHFWRUSULYDGRHVWRIDYRUHFHODV RSFLRQHVPHQRVLQWHQVLYDVHQFDSLWDO\GHPHQRUULHVJRWDOHVFRPRORVFLFORVFRPELQDGRVD JDVQDWXUDO ODORFDOL]DFLyQGHODVQXHYDVSODQWDVVHGHFLGHGHDFXHUGRDODFRQYHQLHQFLDGHOLQYHUVRU VH FRQVLGHUD HO XVR GH QXHYRV FRPEXVWLEOHV LQGHSHQGLHQWHPHQWH GH VX GDxR DPELHQWDO UHODWLYRVyORVHH[LJHHYDOXDFLyQGHOLPSDFWRDPELHQWDO\HOFXPSOLPLHQWRGHORVHVWiQGDUHV GHFDOLGDGDPELHQWDO\GHORVOtPLWHVGHHPLVLyQ (Q HO FRUWR SOD]R VH SUHYp OD LQVWDODFLyQ GH SODQWDV GH JHQHUDFLyQ PiV HILFLHQWHV \ OD FRQVHFXHQWH GLVPLQXFLyQ GHO LPSDFWR DPELHQWDO DVRFLDGR DO VHFWRU 6LQ HPEDUJR HQ HO ODUJR SOD]R OD OLEHUDOL]DFLyQ SXHGH HPSHRUDU HVWH LPSDFWR SRU OD VXVWLWXFLyQ GH ODV HQHUJtDV QXFOHDU H KLGUiXOLFD SRU FLFORV FRPELQDGRVDJDVQDWXUDO\SRUHOLPSHGLPHQWRGHDXPHQWDUODSDUWLFLSDFLyQGHODVHQHUJtDVUHQRYDEOHV GHELGRDVXVDOWRVFRVWRVGHFDSLWDO$ODUJRSOD]RDPHGLGDTXHODGHPDQGDSRUHOJDVQDWXUDODXPHQWD DXPHQWDUiVXSUHFLR\SXHGHVHUTXHUHVXOWHQDWUDFWLYDVODVFHQWUDOHVDFDUEyQ (VWR FRQGXFH D XQD VHJXQGD FXHVWLyQ /RV FRVWRV VRFLDOHV KDQ VLGR KDVWD DKRUD HVFDVDPHQWH FRQVLGHUDGRV\VRQPX\GLItFLOHVGHLQFRUSRUDU(ODSR\RDODVHQHUJtDVUHQRYDEOHVFRQPHWDVFODUDVHQ $OHPDQLD(VSDxD\ORV3DtVHV%DMRVFRQVWLWX\HXQDH[FHSFLyQDHVWR~OWLPR(OSURFHVRGHOLEHUDOL]DFLyQ KDKHFKRHYLGHQWHODQHFHVLGDGGHVHSDUDORVREMHWLYRVVRFLDOHV\DPELHQWDOHVGHORVREMHWLYRVGHOVHFWRU SULYDGR $QWHV GH OD OLEHUDOL]DFLyQ HO (VWDGR LPSRQtD VXV FULWHULRV DPELHQWDOHV \ VRFLDOHV DO VLVWHPD HOpFWULFR(QHOSUHVHQWHWRGRFDPELRGHFULWHULRVRHODSR\RDXQWLSRGHJHQHUDFLyQRGHFRPEXVWLEOH SURGXFLUiJDQDGRUHV\SHUGHGRUHV&RPRUHVXOWDGR x x x VH KDQ DSOLFDGR UHJtPHQHV HVSHFLDOHV SDUD IDYRUHFHU WHFQRORJtDV PiV YLHMDV \ PHQRV HILFLHQWHV MXQWR FRQ LQVWUXPHQWRV HVSHFtILFRV TXH SHUPLWHQ ILQDQFLDUODV (VWR IXH UHODWLYDPHQWHVHQFLOORGHOOHYDUDFDERSRUTXHVHKL]RDQWHVGHODOLEHUDOL]DFLyQ H[LVWHODQHFHVLGDGGHFRQWDUFRQDXWRULGDGHVDPELHQWDOHV\GHHQHUJtDFRQVXILFLHQWHSRGHU FDSDFHVGHLPSRQHUVXVREMHWLYRVDORVPHUFDGRVHOpFWULFRVOLEHUDOL]DGRV/RVSHUGHGRUHVVH RSRQGUiQDODVPHGLGDVTXHORVSHUMXGLTXHQ\GHPDQGDUiQFRPSHQVDFLRQHV(VWRKDFHTXH VHPiVIiFLOFRQFHQWUDUVHHQDTXHOODVSROtWLFDVTXHSUREDEOHPHQWHQRWHQJDQRSRVLFLyQWDOHV FRPRORVSURJUDPDVGHHILFLHQFLDHQHUJpWLFD VH UHTXLHUH XQD UHJXODFLyQ HVSHFtILFD TXH SHUPLWD LQFRUSRUDU ORV FRVWRV VRFLDOHV HQ OD RSHUDFLyQ \ OD SODQLILFDFLyQ GH OD HQHUJtD HOpFWULFD (VWH GHEHUi LQFOXLU PHFDQLVPRV GH ILQDQFLDPLHQWR\GHFRPSHQVDFLyQ6yORFXDQGRH[LVWHQPHWDV\SROtWLFDVFODUDVVHREVHUYDQ PHMRUDVHQODGLUHFFLyQGHVHDGDFRPRHQHOFDVRGHODVHQHUJtDVUHQRYDEOHV (VWiQVXUJLHQGRQXHYRVDFWRUHVHQORVPHUFDGRVHOpFWULFRVOLEHUDOL]DGRVDOJXQRVFRQSUHRFXSDFLyQSRU ORVDVSHFWRVDPELHQWDOHV\RWURVVLQHOOD/RVLQWHUHVHVDPELHQWDOHVGHORVFRQVXPLGRUHVGHHOHFWULFLGDG HVWiQ HPSH]DQGR D VHU WHQLGRV HQ FXHQWD $ WUDYpV GH ODV WDULIDV ³YHUGHV´ ORV FRQVXPLGRUHV SXHGHQ H[SUHVDU VX SUHIHUHQFLD SRU OD HOHFWULFLGDG JHQHUDGD D SDUWLU GH IXHQWHV UHQRYDEOHV GH HQHUJtD HVWR FRQVWLWX\H RWUD PDQHUD GH LQFRUSRUDU ORV DVSHFWRV VRFLDOHV DO FRVWR GH OD HOHFWULFLGDG /RV JUXSRV DPELHQWDOLVWDV\RWURVJUXSRGHRSLQLyQWDOHVFRPRORVDERUtJHQHVSXHGHQRSRQHUVHDJUDQGHVSUR\HFWRV R D QXHYRV FRPEXVWLEOHV HQ HO PDUFR GH OD QXHYD OHJLVODFLyQ DPELHQWDO 7DPELpQ HVWiQ HPHUJLHQGR JUXSRVGHSUHVLyQGHOVHFWRUSULYDGRTXHSURPXHYHQLQWHUHVHVHVSHFtILFRVWDOHVFRPRODLQWURGXFFLyQGH RWURVFRPEXVWLEOHVRGHQXHYDVWHFQRORJtDV&RQUHVSHFWRDODVDXWRULGDGHVDPELHQWDOHVVHSUHYpTXH OD FDSDFLGDG WpFQLFD \ HO SRGHU GH ORV RUJDQLVPRV GH UHJXODFLyQ GHWHUPLQDUiQ HQ PD\RU PHGLGD OD SUREDELOLGDGGHSURGXFLUODQXHYDOHJLVODFLyQGHSURWHFFLyQDPELHQWDO (VWR GHILQH XQ QXHYR PDUFR SDUD HO OLGHUD]JR DPELHQWDO GHO VHFWRU HOpFWULFR (O FXLGDGR GHO DPELHQWH UHTXHULUi QXHYRV DFWRUHV SROtWLFDV \ FRPSHWHQFLDV GLIHUHQWHV (V QHFHVDULR DGDSWDUVH D HVWDV QXHYDV FRQGLFLRQHV GH PRGR GH WHQHU OD FDSDFLGDG SDUD SURPRYHU ODV SROtWLFDV GHVHDGDV \ WDPELpQ SDUD DVHJXUDU TXH ODV LQYHUVLRQHV UHTXHULGDV SRU HO VHFWRU QR VXIUDQ GHPRUDV GHELGR D FDXVDV SROtWLFDV R EXURFUiWLFDV