7e&1,&$6'(0$1(-2 ( 6 3 ( & , $ / &$3Ì78/2 (TXLSDPLHQWR &KHTXHRGHQHXPiWLFRV $MXVWHVSUiFWLFRV\FRQVHMRVDQWHVGHVDOLU (GLFLyQ-8/,2 &$3Ì78/2 )UHQDMHHQWUDGD\VDOLGD ODVWUHVHWDSDVGHODVFXUYDV &yPRDIURQWDUODV (GLFLyQ$*2672 &$3Ì78/2 /RVOtPLWHVHQ FDGDWLSRGHPRWR 4XpVXFHGHFXDQGRVH LQFOLQDGHPiV (GLFLyQ6(37,(0%5( &$3Ì78/2 &yPRFRQGXFLUFRQ XQDFRPSDxDQWH /DWUD]DGDLGHDO&RQVHMRV (GLFLyQ2&78%5( &$3Ì78/2 'LVWULEXFLyQGHSHVRV \SUHVLyQVREUHORVIUHQRV 6LVWHPDDOGHWDOOH (GLFLyQ129,(0%5( (OWUiILFR\ORV LPSUXGHQWHV FyPRHYLWDUORV &$3Ì78/2 (YLWDUWUDPSDVXUEDQDV 7UXFRVSDUDPRYLOL]DUWHPiV VHJXUR (GLFLyQ',&,(0%5( %0:0RWRUUDG !(63(&,$/ 7e&1,&$6'(0$1(-2&$3Ì78/29, *$0%(7$$17,&,3$'$ /$&,8'$'(67É5(3/(7$'(75$03$6<&21'8&725(6,55(63(782626325/248(7(1(02648( (67$5$7(1726$72'2/248(2&855((1815(&255,'285%$12(1(67$Ô/7,0$(175(*$'(/ (63(&,$/ '( 7e&1,&$6 '( 0$1(-2 7( 02675$026 72'2 /2 48( +$< 48( 6$%(5 < +$&(5 3$5$ 35(9(1,581$&&,'(17((1(/75É),&2&e175,&2 !&216(-26<758&26 &XDQGRXQDXWRVHFUX]DHQQXHVWURFDPLQR \HVFXFKDPRVHOIDPRVR´QRWHYLµSXHGH VHUTXHVHDYHUGDG'HQWURGHXQYHKtFXOR H[LVWHQGLYHUVRVSXQWRVFLHJRVTXHHVWiQ MXVWDPHQWHGRQGHODVPRWRVFLUFXODQ\VLHO PRWRFLFOLVWDUHDOL]DXQDPDQLREUDEUXVFD SXHGHVHUIDWDO3RUHVRQRKD\TXHHVWDU VHSDUDGRGHODXWRSULQFLSDOPHQWHGHVGH ODSDUWHWUDVHUD6LQRORJUDPRVYHUHO URVWURGHOFRQGXFWRUpOWDPSRFRQRVYHUi /RLGHDOHVSDVDUSRUOD]RQDGHDOFDQFHGH ORVHVSHMRV ( 6 3 ( & , $ / &XDQGRYLDMDPRVSRUODFLXGDGFRQFHQWUDGRV\UHDOL]DPRV PDQLREUDV UiSLGDV \ FRQ DJLOLGDG HV PX\ SUREDEOH TXH H[LVWDQFRQGXFWRUHVTXHKDFHQWRGRORFRQWUDULRDORTXH QRVRWURV KDFHPRV +D\ JHQWH TXH VH GLVWUDH HVFXFKDQGR P~VLFD PLUDQGR ODV YLGULHUDV R DOJXQD VHxRULWD« KD EODQGR SRU FHOXODU HWF PLHQWUDV PDQHMD 3DUD QXHVWUD SURSLDVHJXULGDGGHEHPRVHVWDUDWHQWRVDVXVPRYLPLHQ WRV\SULQFLSDOPHQWHDQWLFLSDUQRVDVXVUHDFFLRQHV (QORVFHQWURVGHPD\RUFRQFHQWUDFLyQGHWUiQVLWRHQORV TXH ODV FDOOHV \ DYHQLGDV VH YHQ GHVERUGDGDV GH YHKtFX ORV SRGHPRV GLVIUXWDU WRGDV ODV YHQWDMDV TXH ODV PRWRV \VFRRWHUVRIUHFHQ(VWRVYHKtFXORVVRQGLPLQXWRViJLOHV PDQLREUDEOHV \ QR QHFHVLWDQ XQ HVSDFLR HVSHFtILFR SDUD HVWDFLRQDU6LQHPEDUJRODVHVWDGtVWLFDVFRQILUPDQTXHHQ HOWUiILFRXUEDQRFRUUHPRVORVPD\RUHVULHVJRVSRUTXHDOOt RFXUUHODPD\RUFDQWLGDGGHDFFLGHQWHV3RGHPRVDVHYHUDU TXHXQPDQHMRDWHQWR\WpFQLFRHQODFLXGDGQRVSHUPL WH HQFDUDU ODV WtSLFDV VLWXDFLRQHV FRWLGLDQDV GH ULHVJR VLQ QLQJ~QLQFRQYHQLHQWH6LQHPEDUJRODYLVWDHVHOVHQWLGR PiVLPSRUWDQWHSDUDSLORWDU6LHQUHFRUULGRVUXWHURVQRV D\XGDDYLVXDOL]DUHOWUD]DGR\QRV´DYLVDµVREUHSRVLEOHV REVWiFXORV HQ HO WUiILFR XUEDQR HO WUDEDMR VH PXOWLSOLFD SRUTXHVRQQXPHURVRVORVHOHPHQWRVTXHSXHGHQLQWHUIH ULUVHHQQXHVWURFDPLQRSHDWRQHVSXHUWDVDELHUWDVDQL PDOHVEDFKHVYHKtFXORVDWUiV\DDPERVODGRV«3RUHVWDV UD]RQHV XQD GH ODV PD\RUHV D\XGDV TXH SRGHPRV WHQHU WHQHUHOPD\RUFDPSRYLVXDOSRVLEOH(VWRVXFHGHFXDQGRQRV DEULPRVELHQDQWHVGHJLUDU$TXtHVFRQYHQLHQWHWLUDUVHKDFLDOD L]TXLHUGDDQWHVGHWRPDUODHVTXLQDDODGHUHFKDSRUHMHPSOR SDUDWHQHUXQFDPSRGHYLVLyQPiVDPSOLR\DQWLFLSDUODDSDUL FLyQGHXQSRVLEOHDXWR (MHPSOR&XLGDGRVLVHSUHWHQGHVXSHUDUDXQYHKtFXORFRQ XQDELIXUFDFLyQSUy[LPDPiVD~QVLQRVHWLHQHXQDFRUUHFWD YLVLyQGHOWUD\HFWRFRPRRFXUUHHQHOGLEXMRQ~PHURXQR(O FRQGXFWRUGHODXWRTXHHVWiGREODQGRVRODPHQWHVHSUHRFXSD SRUHOIOXMRGHYHKtFXORVTXHFLUFXODSRUVXPDQR\QRSRUORV TXHYLHQHQSRUODPDQRFRQWUDULD$TXtHVGRQGHRFXUUHQORVDF FLGHQWHVIDWDOHV+D\TXHSURFXUDUVXSHUDUDOTXHHVWiDGHODQWH PHGLDQWHXQDPDQLREUDVHJXUD\VDELHQGRTXHQDGLHDSDUHFHUi SRUODPDQRFRQWUDULD (MHPSOR2WURFODURHMHPSORHVFXDQGRHOPRWRFLFOLVWDVXSHUD ORVYHKtFXORVTXHHVWiQGHWHQLGRVRELHQFLUFXODQGRHQPDUFKD OHQWD(QHVWDVLWXDFLyQORVYHKtFXORVTXHYDPRVDVXSHUDUSXH GHQIUHQDUSDUDGDUSDVRDDOJXLHQTXHYLHQHGHODPDQRFRQ WUDULD\GHVHDGREODUKDFLDODL]TXLHUGD6LQRPDQWHQHPRVXQD YHORFLGDG\YLVLyQSUXGHQWHWHUPLQDUHPRVHQFLPDGHOTXHHVWp GREODQGR5HGREODUODDWHQFLyQHQVDOLGDVGHHVWDFLRQDPLHQWRV RHVWDFLRQHVGHVHUYLFLR /DDWHQFLyQEXHQMXLFLR\ODLQWHUSUHWDFLyQGHORVIDFWRUHVGHEHQ DFRPSDxDUHOPDQHMRHQWRGRPRPHQWRLQFOXVRFXDQGRHVWDPRV GHWHQLGRVHQXQDHVTXLQD+DEODQGRGHODHVTXLQDH[LVWHQDOJXQDV WpFQLFDVTXHD\XGDQDHYLWDUDFFLGHQWHVHQHVDV]RQDV (QFLHUWRVOXJDUHVHVQRUPDOFLUFXODUSRUDVIDOWRHQEXHQHVWDGR\ GHUHSHQWHDOOOHJDUDXQDHVTXLQDHQFRQWUDUXQSLVRUHVEDODGL]R RDOJXQDREUDGHEDFKHR3DUDHYLWDUXQDFFLGHQWHHVFRQYHQLHQWH (ODVIDOWRSRUPiV TXHHVWpOLPSLR HVFRQGHHVWHWLSR GHWUDPSDVULHOHV GHMDGRVSRUORV FDPLRQHV\FROHFWLYRV GHPD\RUSHVR &XLGDGRDOIUHQDURDO FDPELDUEUXVFDPHQWH ODGLUHFFLyQRHO WUD\HFWRHQHVWRV OXJDUHV\DTXHHV IiFLOSHUGHUHOFRQWURO GHODPRWR 3DUDOOHJDUDOD ´SROHµQRKD\TXH WHQHUSULVDKDVWD TXHHOVHPiIRURVH SRQJDHQYHUGH(Q HVWDVLWXDFLyQHV FRP~QTXHDSDUH]FD GHODQDGDXQSHDWyQ ]LJ]DJXHDQGR HQWUHORVYHKtFXORV VREUHWRGRHQ ]RQDVFRPHUFLDOHV WXUtVWLFDVRSDUDGDV GHFROHFWLYRV %0:0RWRUUDG HVFRQWDUFRQXQDFRUUHFWDYLVLyQSHULIpULFDTXHFRPRVX SURSLR QRPEUH OR LQGLFD HV OD FDSDFLGDG GH SHUFLELU ORV PRYLPLHQWRV TXH DFRQWHFHQ HQ XQ FDPSR GH YLVLyQ PiV DOOiGHQXHVWUR´IRFRSULQFLSDOµ $GHPiVGHYHUWHQHPRVTXHVDEHULQWHUSUHWDUORTXHORV RMRVFDSWDQSDUWLHQGRVLHPSUHGHOSULQFLSLRGHTXHDTXH OORVTXHQRVURGHDQHVWiQGLVWUDtGRV\QRSHUFLEHQQXHVWUD SUHVHQFLD *HQHUDOPHQWH GHQWUR GH XQ DXWR ODV SHUVR QDVDFRVWXPEUDQDHVFXFKDUP~VLFDHQFHUUDGRV\DLVODGRV FRQ DLUH DFRQGLFLRQDGR HQ YHUDQR« \ SUREDEOHPHQWH FRQXQDPDQRRFXSDGDDFDXVDGHXQDSDUDWLWROODPDGR FHOXODU(VWRV´SHUVRQDMHVµYLVXDOPHQWHQRSHUFLEHQQDGD PiV TXH HO YHKtFXOR TXH ORV SUHFHGH \ SRU OR WDQWR QR YHQ QXHVWUDV PDQLREUDV ¢/R LGHDO" +DFHU TXH QRV YHDQ QRVHVFXFKHQXQGHGRSUy[LPRDODERFLQDHVIXQGDPHQ WDOSDUDDYLVDUTXHHVWDPRVFHUFD\MDPiVXELFDUQRVHQHO SXQWRFLHJRGHORVUHWURYLVRUHV$SUHQGHUDDQDOL]DUWRGR GHVGHHOSXQWRGHYLVWDGHODSHUVRQDTXHHVWiHQHODXWR HVIXQGDPHQWDO $QGDUHQPRWRSRUODFLXGDGHVPXFKRPiVUiSLGR\iJLO TXHDQGDUHQDXWR/DFOiVLFDKLVWRULD´HVWR\DPHGLDKRUD GHYLDMHSHUROOHJXpHQGLH]PLQXWRVµQRGHMDGHVHUYHU GDG(OSUREOHPDHVTXHPXFKDVYHFHVVRPRVUiSLGRVSRU GHPiVSDUDHOOHQWR\WRUSHWUiQVLWRXUEDQR(VMXVWDPHQWH HVWDGLIHUHQFLDGHULWPRVODTXHJHQHUDSUREOHPDV&RPR VXFHGHHQXQFLUFXLWRHQWUHORVSURIHVLRQDOHVTXHLQWHQWDQ FRPSHWLU \ ORV TXH HVWiQ FLUFXODQGR SRU SULPHUD YH] HQ ODVFDOOHVHVWiQORVTXHYLDMDQDYHORFLGDGHVHVFDQGDORVDV\ ORVTXHODVUHVSHWDQMXQWRDODVVHxDOL]DFLRQHVYLDOHV(VWR SXHGHVHUXQSUREOHPDSDUDXQDPRWRiJLO\YHOR]GXUDQWH XQHPERWHOODPLHQWR &RQVHMRXQDYH]TXHHQWUHQDPRVODYLVLyQ\YDPRVGHVFX EULHQGRORVSXQWRVFLHJRVTXHDQWHVQRYHtDPRVSRUQRHV WDUGHELGDPHQWHFRQFHQWUDGRVQRKD\TXHFLUFXODUFRQHO DFHOHUDGRUDIRQGR0DQHMDUDWHQWR\QXQFDFLUFXODUFRPR XQ GHVHVSHUDGR SRU TXHUHU OOHJDU D GHVWLQR FLQFR PLQX WRVDQWHV&XDQGRURGDPRVFRQSULVDQRORJUDPRVODFRQ FHQWUDFLyQ QHFHVDULD SDUD GHWHFWDU DQWLFLSDGDPHQWH ODV ´WUDPSDVµTXHVHVLW~DQHQHOWUD\HFWRDOJRFRP~QHQODV JUDQGHVFLXGDGHV/DYHORFLGDGKDFHTXHODFRQFHQWUDFLyQ VHYXHOYDH[FOXVLYDDOWLSRGHPDQHMR6LELHQHVWRQRHVWi PDOHQODFLXGDGHVIiFLOWRSDUVHFRQDOJ~QFRQWUDWLHPSR \ODSULRULGDGHVGHWHFWDUORDWLHPSR\HYLWDUOR2WURSXQ WR HVHQFLDO HV HVWDU VLHPSUH SUHSDUDGR &RORFDU XQ GHGR FHUFD GH OD ERFLQD \ RWURV GRV SUy[LPRV D OD SDODQFD GH IUHQRQRVSUHSDUDQSDUDXQDDFFLyQUiSLGD8QGHWDOOHQR PHQRUTXHSHUPLWHJDQDUYDOLRVDVGpFLPDVGHVHJXQGR\ GHWHUPLQDUODGLIHUHQFLDHQWUHXQVXVWR\XQDYLVLWDDXQ PpGLFR /D ERFLQD LQVLVWLPRV SXHGH VHU QXHVWUD PHMRU DOLDGD\QRLQFRPRGDUiVLODVDEHPRVXVDUEUHYHPHQWH\ VLQDEXVR5HFRUGDWRULRQRVRWURVFLUFXODPRVSRUUXWDVGH PDQHUD UiSLGD \ FRQFHQWUDGRV SHUR ORV FRQGXFWRUHV GH YHKtFXORVJHQHUDOPHQWHVRQOHQWRV\GLVWUDtGRV6DEHPRV ODVFRQVHFXHQFLDVTXHHVWHFRQWUDVWHSXHGHSURYRFDUSRU ORTXHVLHPSUHHVHVHQFLDOODSUHRFXSDFLyQ1DGDGHVXVWRV QLDOJRTXHVHOHSDUH]FD3UHYHQLUVLJQLILFDSHQVDUVLHPSUH HQORSHRUSDUDDVtHYLWDUODVLWXDFLyQGHULHVJRIUHQDQGRR UHDOL]DQGRXQDPDQLREUDHYDVLYD\VHJXLUQXHVWURFDPLQR !&216(-26<758&26 $QWLFLSDQGRORVHUURUHV« 8QYHKtFXOR TXHVDOHGHO HVWDFLRQDPLHQWR PDUFKDDWUiV GHEHWHQHUPXFKR FXLGDGRVLQR WLHQHXQDEXHQD YLVLyQ¢<VLVDOH HQUHYHUVD\ DFHOHUDQGR"6LQR HVWDPRVDWHQWRV SRGHPRVWHUPLQDU FRPRXQPRVTXLWR DSODVWDGRHQOD OXQHWD«3DUDHVWR HVFRQYHQLHQWH HVWDUVLHPSUH SUHYHQLGRQR FLUFXODU´SHJDGRµ DORVDXWRV HVWDFLRQDGRV SUHVWDUDWHQFLyQ VLVHHQFLHQGHXQDOX]GHVWRSRUHYHUVDRELHQVLHOHVFDSH 3(/,*526$18(6752$/5('('25 HVWiHPLWLHQGRJDVHVLQGLFDQGRTXHHOYHKtFXORHVWiHQ <D HVWXGLDPRV ODV DFWLWXGHV TXH GHEHPRV WHQHU FXDQGR FLUFXODPRVSRUODFLXGDGVRPRVWDQiJLOHV\FDSDFHVGHLU WDQ UiSLGR TXH ORV DXWRV SXHGHQ QR HVSHUDU DOJXQRV GH QXHVWURVPRYLPLHQWRV(VQHFHVDULRKDFHUWRGRFRQVHJX ULGDG SDUD TXH ORV RWURV FRQR]FDQ QXHVWUDV LQWHQFLRQHV 7DPELpQHVLPSRUWDQWHHVWDUVLHPSUHSUHSDUDGRVSDUDHYL WDUVLWXDFLRQHVGHULHVJRGHELGRDHUURUHVDMHQRV(QHVWD ~OWLPDHGLFLyQYHUHPRVFXiOHVVRQODVVLWXDFLRQHVTXHPiV VHUHSLWHQHQODYLGDXUEDQDVREUHODVGRVUXHGDV\FyPR PDUFKD/RPLVPRSDVDFRQORVDXWRVFXDQGRHVWDFLRQDQ HQGREOHILODFRPRHQODVHQWUDGDV\VDOLGDVGHFROHJLRV\D TXHDGHPiVGHTXHPX\SRFRVSUHQGHQODEDOL]DXQQLxR SXHGHVDOLUGHODXWRVLQSUHVWDUDWHQFLyQ\QDGDSRGUiHYLWDU XQDFFLGHQWH ( 6 3 ( & , $ / !&216(-26<758&26 &XLGDGRFRQHOVROGHODSULPHUD\ ~OWLPDKRUDSRUTXHVXVUD\RVIXHUWHV SHUMXGLFDQODYLVLyQ\SURYRFDQPXFKDV VLWXDFLRQHVGHULHVJR$FRUGDWHORV UD\RVSXHGHQDWUDSDUODYLVLyQHQ UHODFLyQDODVIDOWR\WDPELpQFHJDUDORV FRQGXFWRUHVGHORVYHKtFXORV &XDQGRFLUFXODPRVHQWUHGRVRPiV YHKtFXORVHQXQDDYHQLGDFRQPXFKR HPERWHOODPLHQWRHVSRVLEOHGDUGH FDUDFRQDOJRDVtIRWR6LHPSUHKD\ TXHPLUDUGHODQWHGHORVGRVDXWRVTXH YDQDOIUHQWH(VLPSRUWDQWHSUHYHQLU SUHYHQLUODV\HYLWDUODVSRUTXHDVHJXUDPRVTXHHVSRVLEOH UHDOL]DUHVWDVGRVDFFLRQHVHQODPD\RUtDGHODVVLWXDFLRQHV GHULHVJR +R\ HQ GtD WDQWR HQ FLXGDG FRPR HQ UXWDV \ DXWRSLVWDV ORVPRWRFLFOLVWDVFLUFXODQDPHQRUYHORFLGDGDFDXVDGHORV UDGDUHV\SDUDHYLWDUODVH[FHVLYDVPXOWDVSRUQRUHVSHWDU ORVOtPLWHVYLDOHV(QORVDXWRVPRGHUQRVFRQODVWHFQROR JtDVGHDERUGRTXHSRVHHQHOFRQGXFWRUYDPiVGLVWUDtGR GH PRGR TXH GXUDQWH XQ FRQJHVWLRQDPLHQWR LPSUHYLVWR DOJXQRSXHGHFKRFDUFRQHOYHKtFXORTXHOHSUHFHGH (Q OD FLXGDG KD\ TXH HYLWDU TXH HO YHKtFXOR TXH QRV DQ WHFHGH VH DSUR[LPH \ GHEHPRV PDQWHQHU XQD FLHUWD GLV WDQFLDGHOTXHWHQHPRVDGHODQWH$OJXQRVDPDQWHVGHODV GRVUXHGDVVHJXUDPHQWH\DSDVDURQSRUXQDVLWXDFLyQHQ ODTXHHODXWRGHDGHODQWHIUHQyEUXVFDPHQWHQRSXGLH URQ SDUDU D WLHPSR \ YLHURQ FyPR VX UXHGD GHODQWHUD VH HVWUHOODEDFRQHOSDUDJROSHV&RQHVWDODPHQWDEOHDFFLyQ DSUHQGHPRVDSHUFLELU\PDUFDUODGLVWDQFLD\DHVWDUPiV DWHQWRV3RUHVRQXQFDVHGHEHFLUFXODUSHJDGRDOYHKtFX ORTXHWHQHPRVDGHODQWH\PXFKRPHQRVXELFDUVHHQHO FHQWURGHOPLVPR6LHPSUHHVYLDEOHXELFDUVHHQXQRGHVXV ODWHUDOHVL]TXLHUGDRGHUHFKDGHSHQGHGHFDGDXQRSDUD SRGHUWHQHUXQPDUJHQGHPDQLREUDPiVDPSOLR$GHPiV GHJXDUGDUXQDGLVWDQFLDTXHDVHJXUHXQDEXHQDIUHQDGD KD\TXHSUHVWDUDWHQFLyQDOYHKtFXORTXHHVWiDGHODQWHGHO TXHQRVSUHFHGHSDUDSUHYHUODPDQLREUD(VIXQGDPHQWDO ORUHSHWLPRVXQDYH]PiVWHQHUVLHPSUHGRVGHGRVFHUFD GHODSDODQFDGHIUHQR\UHGXFLUDVtHOWLHPSRGHUHDFFLyQ 3DUDHYLWDURWURWLSRGHSUREOHPDTXL]iVSHRUFRPRODFR OLVLyQSRUGHWUiVKD\TXHHVWDUDWHQWRVDODKRUDGHGHWH QHUQRVHQXQVHPiIRUR3DUDHVWRVLHPSUHGHEHPRVPLUDU SRUHOUHWURYLVRU\YHULILFDUTXLpQYLHQHDWUiVDOJXLHQFRQ SULVDSXHGHTXHUHUSDVDUHOVHPiIRURHQURMR/RLGHDOHV QRGHWHQHUQRVHQPHGLRGHXQFDUULOVLQRHQWUHODVOtQHDV GLYLVRUDV GH ORV PLVPRV SDUD HYLWDU TXH XQ LUUHVSHWXRVR TXHQRTXLHUDGHWHQHUVHFKRTXHFRQQRVRWURV /DDJLOLGDGGH QXHVWUDPRWR QRVSHUPLWH VXSHUDUODV FRQGLFLRQHV GHWUiQVLWR \VHUPiV UiSLGRVSHUR QRVLHPSUHHV SRVLEOHSDVDU SRUGRQGH TXHUHPRV (QWUHGRV DXWRVHVPHMRU HVSHUDUDTXH VHDEUDQ\KD\DPiVHVSDFLRSDUDHYLWDU XQDWUDPSD\VHUHQFHUUDGRVSRUXQRR DPERVDODYH] &XDQGRFLUFXODPRVHQPRWRHVLPSRUWDQWHGHMDUHQFODUR QXHVWUDV LQWHQFLRQHV SDUD TXH HO TXH YLHQH DWUiV SXHGD UHDFFLRQDUDWLHPSR\QRVHWRSHFRQQXHVWURFROtQ6LOD OX]URMDQRQRVSHUPLWHDYDQ]DUPiVDOOiQRGHEHPRVIUH QDUEUXVFDPHQWHVREUHODOtQHDOtPLWHVLQRLQGLFDUQXHVWUD PDQLREUDFRQFODULGDGSUHVLRQDQGRYDULRVWRTXHVGHIUH QRFRQWLQXRVSDUDTXHODSHUVRQDTXHYLHQHDWUiVYHDOD OX]\HQWLHQGDQXHVWUDLQWHQFLyQ/RPLVPRRFXUUHFXDQGR YDPRVDFDPELDUGHFDUULORELHQWRPDUXQDVXELGDDXQD DXWRSLVWDRDFFHVR 6(*85,'$'<&21752//$35,25,'$' (VFRP~QVXSHUDUODILODGHYHKtFXORVHQHOVHPiIRURSRU ODL]TXLHUGDHQXQDYtDGHGREOHPDQR(QDOJXQDVFLXGD GHVHVWRQRHVDOJRTXHOODPHODDWHQFLyQSHURHQRWUDV ODSROLFtDGHWXUQRQRVPXOWDUiLQPHGLDWDPHQWHSRUTXH HVWDPRVLQYDGLHQGRODPDQRFRQWUDULD1RYDPRVDH[SOD \DUQRVHQHODVSHFWROHJDOSHURVtHQHOGHVHJXULGDGVLVH KDFHHVWRFRQFDOPD\FRQWUROHVPXFKRPiVIiFLOOOHJDUD SULPHUDILODTXHHQWUHORVRWURVYHKtFXORV &LUFXODUSRUODGHUHFKDGHORVDXWRVHQPHGLRGHOWUiQVL WRQRHVXQDEXHQDLGHD$XQTXHVHDXQDDFFLyQFRP~Q HQWUH ORV ´PRWRTXHURVµ HVD PDQLREUD HQYXHOYH PXFKRV ULHVJRV$OURGDUHQWUHORVEyOLGRVDODGHUHFKDHVSUREDEOH TXHHQFRQWUHPRVXQDSXHUWDDELHUWD\DTXHDOJ~QSDVD MHURSXHGHGHVFHQGHUGHXQWD[L«-DPiVGHEHPRVSHQVDU HQVXSHUDUXQ´WDFKRµR´ERQGLµSRUODGHUHFKD\DTXH DTXHOSDVDMHURTXHGHVFLHQGDVHJXUDPHQWHQRYHDYLDEOH ODLQYLWDFLyQGHVXELUVHDODPRWRVLQSUHYLRDYLVR« 3DVDU XQD ILOD GH DXWRV SRU OD L]TXLHUGD HQ OD SDUDGD GH VHPiIRURQRHVQLQJ~QVHFUHWR/DYHUGDGHOJUDQVHFUHWR HVVLHPSUHHVWDUDWHQWR\SUHSDUDGRSDUDOLEUDUVHGHODDF FLyQLQGHELGDGHDOJ~QFRQGXFWRU\QRDEXVDUGHQXHVWUD VXHUWH (QHOFDVRGHODVURWRQGDVKD\TXHUHFRUGDUHOSULQFLSLR IXQGDPHQWDOODSULRULGDGODWLHQHHOTXHHVWiFLUFXODQGR %0:0RWRUUDG !72'262%5((/&21752/ 6LHPSUHTXHVHGHVHHFLUFXODUSRU ODVFDOOHVGHODFLXGDGREYLDPHQWH KDFHIDOWDSUHVWDUDWHQFLyQDWRGR ORTXHKD\DOUHGHGRUORVDXWRV TXHQRVSUHFHGHQHOHVWDGR GHODVFDOOHVODVHQWUDGDVDORV HVWDFLRQDPLHQWRVODVHxDOL]DFLyQVL XQSHDWyQFUX]DLQGHELGDPHQWH« 3HURORPiVLPSRUWDQWHGHWRGR HVWRHVORTXHRFXUUHGHWUiVGH QRVRWURV(VDKtGRQGHVHDYHFLQDQ ORVPD\RUHVSHOLJURVHQSDUWH SRUTXHXQJROSHWUDVHURHQXQD PRWRHVPXFKRSHRUTXHHQXQ DXWRQRKD\QLQJXQDSURWHFFLyQ RDSR\RDH[FHSFLyQGHODUXHGD \WDPELpQSRUHOUHVXOWDGR LQHVSHUDGR$TXtWHQHPRVXQ VFRRWHUFLUFXODQGRSRUXQDDYHQLGD ODUJD\UiSLGD+D\TXHHVWDUDWHQWR DOFDPLQRVDEHUTXpYDDGHODQWH\ SUHVWDUDWHQFLyQDORVUHWURYLVRUHV SDUDFRQWURODUORVPRYLPLHQWRV GHTXLHQHVYLHQHQGHWUiV&RPR HVSRVLEOHYHUHQODIRWRGRV YHKtFXORVHVWiQFDPELDQGRGHFDUULO SRVLEOHPHQWHDFHOHUDQGRSRUORTXH GHUHSHQWHKDEUiXQHPERWHOODPLHQWR DOIUHQWH(QXQDVLWXDFLyQDVt WHQGUHPRVTXHIUHQDUVLHPSUH SUHYLQLHQGRQXHVWUDPDQLREUD (OIOXLGRGHOIUHQRDEVRUEHPXFKROD KXPHGDGGHODPELHQWH\VHGHJUDGD FRQHOSDVRGHOWLHPSRSRGpVGHVFXEULU ODIDOODGHOVLVWHPDFXDQGRPiVOR QHFHVLWDV&DPELDHOOtTXLGRFDGDGRV DxRV &XDQGRSDUDPRVHQXQVHPiIRURQRKD\ TXHGHWHQHUVHHQHOPHGLRGHXQFDUULO \DTXHVLXQFRQGXFWRUHVWXYLHVHGLVWUDtGR SRGUtDIUHQDUWDUGH\HPEHVWLUQRV0HMRU XELFDUVHHQWUHODVOtQHDVVHSDUDGRUDV GHFDUULOHV6LHVWXYLpVHPRVGHWHQLGRV SRUODURWRQGD6LQHPEDUJRFXDQGRVRPRVQRVRWURVORV TXHHVWDPRVDSXQWRGHFRQWRUQHDUODFRQXQDPRWRORV DXWRVTXHSUHWHQGHQDWUDYHVDUODQRWHQGUiQHOPLVPRUHV SHWRTXHWHQGUtDQVLIXpVHPRVXQFDPLyQ3RUHVRKD\TXH HVWDU DWHQWR \ VDEHU IUHQDU HQ FDVR GH TXH QR UHVSHWHQ QXHVWUDSULRULGDG&RQRFLHQGRORVULHVJRVTXHXQDURWRQ GDRIUHFHSDUDTXLHQYLDMDHQPRWRVLHVWDPRVHQHOFDUULO GHUHFKR VDEHPRV TXH WHQHPRV TXH SUHVWDU PXFKD DWHQ FLyQDODL]TXLHUGDSRUTXHSUREDEOHPHQWHHOTXHYHQJD VH FUXFH HQ QXHVWUR FDPLQR VL GHVHD VDOLU GH OD URWRQGD (VWRHVSHRUTXHHVWDUMXVWRHQHOSXQWRFLHJRGHOUHWUR YLVRU$VDEHULUGHVSDFLRGHGRVHQODSDODQFDGHIUHQR\ RWURXELFDGRHQODERFLQD 7DPELpQHOHVWDGRGHODPRWRSRGUiLQFRPRGDUXQDPD QLREUD HQ XQD URWRQGD $TXt WHQGUHPRV OD RSRUWXQLGDG GHSRQHUHQSUiFWLFDDOJXQDVGHODVFRVDVTXHYLPRVHQORV ( 6 3 ( & , $ / GHEHUtDPRVHVWDUDWHQWRVDQXHVWURV UHWURYLVRUHVSRUTXHXQDDPEXODQFLD WDOFXDOVHDSUHFLDHQODLPDJHQXRWUD PRWRSXHGHTXHUHUDGHODQWDUVH$TXt ORPHMRUHVHQFRQWUDUXQHVSDFLRVLQ GHWHQHUQRVVREUHODVHQGDSHDWRQDO SULPHURV FDStWXORV HO FRQWURO GH OD PRWR D SDUWLU GH ODV IXHU]DDSOLFDGDHQHOPDQLOODU1RVHGHEHSDVDUSRUXQD URWRQGDLQGLFDQGRVyORHOLQLFLRGHODFXUYD\GHMDQGRTXH ODPRWRVLJDVXWUD\HFWRULD'HEHPRVREOLJDUODDFRQWLQXDU FRQODWUD\HFWRULDTXHGHVHDPRVPDUFDQGRHOJLURSDUDOD GHUHFKDDOHQWUDUDODL]TXLHUGDSDUDVHJXLU\RWUDYH]D OD GHUHFKD SDUD VDOLU $OOt VHQWLUHPRV FyPR HMHUFH IXHU]D HO PDQLOODU \ FyPR REHGHFH ODV yUGHQHV PHWUR D PHWUR JLUDQGRPiVRPHQRVRLQFOLQiQGRVHPiVRPHQRV¢&XHV WD"'HSHQGH$HVWDDOWXUDGHOSDUWLGRQRHVWDPRVSDUD TXHODPRWRGHFLGDSRUVtVRODHVWDPRVSDUDSLORWDUSDUD GHFLGLU \ QR SDUD GHMDUQRV OOHYDU (Q QXHVWUD SUXHED FRQ OD +RQGD &%) FRQ WHOHPHWUtD D ERUGR OOHJDPRV D PHGLUNJGHIXHU]DVREUHHOPDQLOODU(VWRUHPDUFDOR LPSRUWDQWHTXHSXHGHVHUXQDURWRQGDSDUDDSUHQGHU DPDQHMDU !7(&12/2*Ì$%0:0RWRUUDG &6SRUW\&*7 (OPRWRUGHGRVFLOLQGURVHQOtQHDGHO&6SRUW\GHO&*7 HVXQSURSXOVRUFRPSOHWDPHQWHQXHYRGHVDUUROODGRSRU%0:0R WRUUDG7LHQHXQDFLOLQGUDGDGHFF\VXSRWHQFLDQRPLQDOHVGH &9DUSPFRQXQWRUTXHPi[LPRHVGHNJPD USP /D WUDQVPLVLyQ HVWi D FDUJR GH XQD FDMD &97 LQWHJUDGD (O PRWRUHVWiPRQWDGRHQXQDSDUWHPX\EDMDGHOVFRRWHUSRUORTXH HOFHQWURGHJUDYHGDGHVWDPELpQPX\EDMR 'XUDQWHODIDVHGHGHVDUUROORXQDGHODVPHWDVFRQVLVWLyHQFRP ELQDUODILGHOLGDGDODWUD\HFWRULDHQUHFWDVDDOWDVYHORFLGDGHVHQ DXWRSLVWDVFRQXQDJUDQPDQLREUDELOLGDGHQHOWUiILFRXUEDQR2WUR GHORVREMHWLYRVFRQVLV WLy HQ TXH HO VFRRWHU VLHPSUH PDQWHQJD LQ IRUPDGR DO FRQGXFWRU VREUH VX FRPSRUWD PLHQWR GLQiPLFR 3DUD DOFDQ]DU HVWDV PHWDV FRPELQDGDV HO & 6SRUW \ HO & *7 FXHQWDQ FRQ XQ FKDVLV KtEULGR GH WXERV GH DFHUR\XQHOHPHQWRGH IXQGLFLyQ LQ\HFWDGD GH DOXPLQLR HQ HO VRSRUWH GHO EDVFXODQWH (O PRWRUGHGRVFLOLQGURVHQOtQHDKDFHDGHPiVODVYHFHVGHFRPSR QHQWH DXWRSRUWDQWH FRQWULEX\HQGR D OD JUDQ ULJLGH] GHO FRQMXQWR TXHUHGXQGDHQHOFRPSRUWDPLHQWRHVWDEOH\SUHFLVRGHORVVFRRWHU 3HURHOVRSRUWHGHIXQGLFLyQOLJHUDGHOPRQREUD]REDVFXODQWHFRQ SXQWR GH JLUR FRD[LDO WDPELpQ FRQWULEX\H D OD ySWLPD HVWDELOLGDG GLQiPLFD $VLPLVPR HO VLVWHPD GH DPRUWLJXDFLyQ WDPELpQ ORJUD DFUHFHQWDUODVFXDOLGDGHVGHSRUWLYDV\GHFRQIRUW(QODSDUWHGHODQ WHUDORVGRVVFRRWHUFXHQWDQFRQXQDKRUTXLOODLQYHUWLGDFRQWXERV GHFRQVLGHUDEOHVPLOtPHWURVGHGLiPHWUR(QODSDUWHSRVWHULRU ODDPRUWLJXDFLyQHVWiDFDUJRGHXQDSDWDWHOHVFySLFDPRQWDGDHQ HOODGRL]TXLHUGRHQSRVLFLyQKRUL]RQWDO ´/DSULPHUDVHQVDFLyQFXDQGRVXEtVDO&*7HVTXHHVWiVDUULED HQXQDGHODVPRWRVWXUtVWLFDVGH%0:(VFRPRGtVLPR\VHDGDSWD SHUIHFWDPHQWHDWXDOWXUD+D\HVSDFLRGHVREUDSDUDODVSLHUQDV\ VXV DPSOLDV SODWDIRUPDV KDFHQ TXH SXHGDV DGRSWDU YDULDV SRVWX UDV6XSDQWDOODUHJXODEOHHQDOWXUDHOpFWULFDPHQWHDXPHQWDHOFRQ IRUWGHPDUFKDTXLWiQGRQRVWRGRHOYLHQWRVLELHQHQVXSRVLFLyQ PiVDOWDYLEUDOLJHUDPHQWH(OPRWRUHVPX\SRWHQWH\RIUHFHSUHV WDFLRQHVGHVREUDSDUDYLDMDU$HVWRD\XGDVXFDSDFLGDGGHFDUJD GRV FDVFRV LQWHJUDOHV EDMR HO DVLHQWR \ GRV JUDQGHV JXDQWHUDV (O $%6 YLHQH GH VHULH SHUR VH WLHQH XQD JUDQ FDQWLGDG GH RSFLRQHV SDUDHTXLSDUODDWRSHSXxRV\DVLHQWRFDOHIDFWDEOHGHFRQGXFWRU\ SDVDMHUR*36HWF&yPREXHQD%0:ORVPDQGRVUHVSRQGHQFRQ VRORUR]DUORVORTXHGDXQDLGHDGHODJUDQFDOLGDGGHDFDEDGRV6X SHVRHVHOHYDGR\DXQTXHSDUHFHPXFKRPiVOLJHURHQPDUFKDVH PXHUHGHJDQDVSRUGHMDUDWUiVODFLXGDG\PHWHUVHGHOOHQRHQOD DXWRSLVWDSDUDTXHSXHGDVGLVIUXWDUGHWRGDVVXVYLUWXGHV 3DEOR%XHQRWHVWHUUHYLVWD0RWRFLFOLVPR %0:0RWRUUDG !$12%$-$5/$*8$5',$ 6LVHYDDVXSHUDUXQDILODGHYHKtFXORV SRUODL]TXLHUGDDPHQRVTXHVHD WRWDOPHQWHLPSRVLEOHTXHDOJXQRGH HVRVYHKtFXORVHQWUHDODL]TXLHUGDHQ DOJXQDFDOOHSRUTXHH[LVWHXQPXURSRU HMHPSORKD\TXHWHQHUPXFKRFXLGDGR SRFRLPSRUWDUiVLHVHDXWRKDEtDLQGLFDGR VXPDQLREUDPHGLDQWHHOJLURRQR 6XSHUDUXQDILODGHDXWRVLQFOXVLYH FXDQGRHVOHJDOWLHQHVXVULHVJRV\HV XQRGHORVDFFLGHQWHVWtSLFRVTXHRFXUUH HQODFLXGDGSRUTXHHOSLORWRGHODPRWR QRWRPDODGHELGDSUHFDXFLyQILJXUD XQR0i[LPRUHFDXGRHQORVFUXFHV GHFDOOHV\ELIXUFDFLRQHVHVWDFLRQHVGH VHUYLFLRHVWDFLRQDPLHQWRVHWF6REUH WRGRFXDQGRYHPRVXQDXWRFRQODV UXHGDVJLUDGDVKDFLDODL]TXLHUGD\ FRQHOJLURLQVHUWDGRHQHVDGLUHFFLyQ REYLDPHQWHHVRHVXQDVHxDOTXHLQGLFD TXHQRGHEHPRV VXSHUDUOR6LQRV DSUR[LPDPRVD XQDFFHVRKDFLDOD GHUHFKDKD\TXH WHQHUFXLGDGRFRQ ORVTXHGREODQ VLQDYLVDUWDO\ FRPRLQGLFDOD ILJXUDGRV4XLHQ FRQGXFHHO YHKtFXORSXHGH HVWDUGLVWUDtGR \WDOYH]GHFLGD D~OWLPRPRPHQWRGREODUKDFLDOD GHUHFKD(VHWLSRGHDFFLGHQWHHVRWUR FOiVLFRFXDQGRFLUFXODPRVSRUFDOOHV\ DYHQLGDVFpQWULFDV ¢(VTXLYDURLQWHQWDUIUHQDU"(VWDWDPELpQ SXHGHVHUXQDVLWXDFLyQH[WUHPD8Q DXWRTXHYLHQHGHIUHQWHGHFLGHJLUDU KDFLDODL]TXLHUGDRVHDQXHVWUDGHUHFKD ( 6 3 ( & , $ / \VLQFDOFXODUQXHVWUDYHORFLGDGUHDOL]D ODPDQLREUDEUXVFDPHQWHVLQJLURVLQ JXLxRGHOXFHV6LHPSUHHVEXHQRLQWHQWDU IUHQDUORPi[LPRSRVLEOH/DVPRWRVGH PD\RUFLOLQGUDGDIUHQDQPHMRUTXHXQ DXWRVLSRVHHQHOVLVWHPDGHIUHQRV$%6 SHURHQFDVRGHQRWHQHUORSRUORPHQRV GLVPLQXLUiODYHORFLGDG\UHGXFLUiODV FRQVHFXHQFLDV GHOLPSDFWR ¢(VSRVLEOH HVTXLYDUOR"7DO YH]SHURHQ HVHPRPHQWR HVGLItFLOVDEHU HOPRYLPLHQWR LGHDOSDUD HYDGLUDODXWR \XQDDFFLyQ EUXVFDH[LJLUi PXFKDWpFQLFD\ SURIHVLRQDOLVPR SDUDSRGHU YROYHUDFRQWURODU ODPRWR