5(&20(1'$&,21(6 3$5$ /$ 3/$1,),&$&,Ï1 '( ,1752'8&&,Ï1 '( '$726 $/ 3,16,5$ '(/,0,7$&,Ï1 '( /26 &2/(&725(6 '( 81$ &8(1&$ '(),1,&,21(635(9,$6 75$02 &RQGXFWRHQWUHGRVSR]RV /,1($ '( $*8$ &RQMXQWR GH WUDPRV FRQVHFXWLYRV TXH WRGDYtD QR HVWiQ DJUXSDGRV HQ &ROHFWRUHV\TXHVHH[WLHQGHGHVGHVXSXQWRGHDUUDQTXHKDFLDDJXDVDUULEDSRUHOFDPLQR PiVODUJRGHORVSRVLEOHVKDVWDXQDFDEHFHUDGHFXHQFD1RUPDOPHQWHQRFXPSOLUiDOJXQRGH ORVUHTXLVLWRVTXHVHOHUHTXLHUHDXQFROHFWRU6LXQDOtQHDGHDJXDFXPSOHWRGRVORVUHTXLVLWRV VHUiSRUVLVRODXQFROHFWRU &2/(&725$JUXSDFLyQGH7UDPRVFRQVHFXWLYRVSHUWHQHFLHQWHVDXQD/tQHDGH$JXDTXH FXPSOHQXQDVGHWHUPLQDGDVFDUDFWHUtVWLFDV8QD/tQHDGHDJXDHVWDUiFRQIRUPDGDSRUXQVROR FROHFWRURSRUYDULRVFROHFWRUHVFRQVHFXWLYRV 5(48,6,7263$5$/$$*583$&,Ï1'(/2675$026'(81$ /,1($'($*8$'(1752'(81&2/(&725 $ 5(48,6,7261(&(6$5,26 7UDPRVGHODOtQHDFRQVHFXWLYRVFRQVWUXLGRVFRQHOPLVPRPDWHULDO 7UDPRVGHODOtQHDFRQVHFXWLYRVTXHFRQGXFHQHOPLVPRWLSRGHDJXDV 7UDPRVGHODOtQHDFRQVHFXWLYRVFRQODPLVPDIRUPDRWLSRORJtDGHVHFFLyQ 6LHPSUHKD\TXHFXPSOLUHVWRVUHTXLVLWRV %5(48,6,726&219(1,(17(6 7UDPRVGHODOtQHDFRQVHFXWLYRVTXHHVWiQHQXQDPLVPDFDOOH 7UDPRVGHODOtQHDFRQVHFXWLYRVTXHQRWLHQHQHQWURQTXHVODWHUDOHVFRQIOXHQFLDV R ELIXUFDFLRQHVGHRWURVFROHFWRUHVHQWRGDVXORQJLWXG 352&(',0,(172 5(&20(1'$'2 (1 /$ '(6,*1$&,Ï1 '( &2/(&725(6 , ± '(/,0,7$5/,1($6'($*8$25'(1$25'(1Q %XVFDU OD /tQHD GH IOXMR PiV ODUJD TXH DFDED HQ HO SXQWR GH GHVDJH GHOD &XHQFD(VDVHUiOD/tQHD3ULQFLSDOGH&XHQFDR/tQHDGHSULPHURUGHQ 'HOLPLWDUODV/tQHDV3ULQFLSDOHVGHVHJXQGRRUGHQ TXH VRQODVTXHFRQHFWDQ GLUHFWDPHQWH FRQ OD OtQHD SULQFLSDO GH FXHQFD 'HVGH HVH SXQWR GH FRQH[LyQ OOHJDQKDFLDDJXDVDUULEDKDVWDXQDFDEHFHUDGHFXHQFDSRUHOFDPLQRPiV ODJRGHWRGRVORVSRVLEOHV 'HOLPLWDUODV/tQHDV3ULQFLSDOHVGHWHUFHURUGHQ TXH VRQ ODV TXHFRQHFWDQ GLUHFWDPHQWHFRQODVOtQHDVGHVHJXQGRRUGHQ'HVGHHVHSXQWRGHFRQH[LyQ OOHJDQKDFLDDJXDVDUULEDKDVWDXQDFDEHFHUDGHFXHQFDSRUHOFDPLQRPiV ODJRGHWRGRVORVSRVLEOHV 3RU ~OWLPR VH GHOLPLWDUiQODVOtQHDVUHVWDQWHVGHyUGHQHVPD\RUHVTXHGHOD FXHQFD(VUHFRPHQGDEOHEXVFDUODWUD]DGHHVWDVOtQHDVGHVGHVXFRQH[LyQFRQ ODV GH RUGHQ LQPHGLDWR LQIHULRU KDFLD DJXDV DUULED KDVWD ODV FDEHFHUDV GH FXHQFD ,,±'(/,0,7$5&2/(&725(6'(1752'(&$'$81$'(/$6/,1($6'($*8$ &DGDXQDGHODVOtQHDVGHILQLGDVHVWDUiDVXYH]FRQIRUPDGDSRURSRUYDULRV FROHFWRUHVFRQVHFXWLYRV /RVUHTXLVLWRVSDUDGLYLGLUFDGDOtQHDGHDJXDHQORVFROHFWRUHVFRQVHFXWLYRVTXH ODFRQIRUPDQGHSHQGHUiQGHORUGHQGHODOtQHDGHODTXHHVWHPRVKDEODQGR$Vt (QODV/tQHDVGHyUGHQHV\3DUDDJUXSDUWUDPRVGHHVWRVWLSRVGHOtQHDV HQ XQPLVPRFROHFWRUVHGHEHQFXPSOLUVRODPHQWHORVUHTXLVLWRV1(&(6$5,26 GHVFULWRVHQHODSDUWDGR (Q/tQHDVGHRUGHQVXSHULRU3DUDDJUXSDUWUDPRVHQXQPLVPRFROHFWRUVHGHEH FXPSOLU D E F 4XHORVWUDPRVGHODOtQHDGHDJXDTXHYD\DPRVDDJUXSDUHQXQFROHFWRU FXPSODQORVUHTXLVLWRV1(&(6$5,26GHVFULWRVHQHODSDUWDGR 4XH GLFKRVWUDPRVHVWpQGHQWURGHXQDPLVPDFDOOHRTXHHQFDVRGH HVWDUHQFDOOHVGLIHUHQWHVVHGHODFLUFXQVWDQFLDGHTXHHOFDPELRGHFDOOH QRLPSOLTXHXQFDPELRHQODGLUHFFLyQGHOHMHGHODPLVPDVXSHULRUD JUDGRV6LHOFDPELRGHGLUHFFLyQHVVXSHULRUDVHGHEHUiFDPELDUGH FROHFWRU 4XH QR H[LVWDQ HQWURQTXHV ODWHUDOHV FRQIOXHQFLDV ELIXUFDFLRQHV LQWHUPHGLRVDOFRQMXQWRGHWUDPRVTXHTXLHURDJUXSDU(QFDVRGHH[LVWLU GLFKR HQWURQTXH ODWHUDO ORV WUDPRV DJXDV DUULED GH GLFKR HQWURQTXH GHEHUiQHVWDUHQODPLVPDFDOOHTXHORVGHDJXDVDEDMRGHORFRQWUDULRVH GHEHUiFDPELDUGHFROHFWRU