'(&5(726835(021 -25*(48,52*$5$0,5(= 35(6,'(17(&2167,78&,21$/'(/$5(38%/,&$ &216,'(5$1'2 4XHOD/H\1GHGHMXQLRGHGH6HJXURVHQVX7tWXOR,9HVWDEOHFHODYLJHQFLD GHORV6HJXURV2EOLJDWRULRVFUHDQGRHO6HJXUR2EOLJDWRULRGH$FFLGHQWHVGH7UiQVLWR62$7 4XH OD /H\ GH 6HJXURV VHxDOD HQ VX $UWtFXOR TXH ORV VHJXURV REOLJDWRULRV GHEHUiQ VHU DGPLQLVWUDGRVVHSDUDGDPHQWHGHORVRWURVVHJXURVTXHDGPLQLVWUHODHQWLGDGDVHJXUDGRUDVXVSyOL]DV GHEHUiQ VHU XQLIRUPHV \ GHEHUiQ VHU DXWRUL]DGDV SRU OD 6XSHULQWHQGHQFLD GH 3HQVLRQHV 9DORUHV \ 6HJXURV 4XH HO $UWtFXOR GH OD PHQFLRQDGD /H\ HVWDEOHFH OD REOLJDWRULHGDG SDUD TXH WRGR SURSLHWDULRGHYHKtFXORDXWRPRWRUHQHOWHUULWRULRGHOD5HS~EOLFDGH %ROLYLDFXHQWH FRQHO6HJXUR 2EOLJDWRULRGH$FFLGHQWHVGH7UiQVLWR62$7 4XH PHGLDQWH HO 'HFUHWR 6XSUHPR 1 GH GH PD\R GH VH UHJODPHQWD HO $UWtFXORGHOD/H\GH6HJXURVHQORUHIHUHQWHDO6HJXUR2EOLJDWRULRGH$FFLGHQWHVGH7UiQVLWR 62$7 4XHFRQSRVWHULRULGDGDODYLJHQFLDGHO'HFUHWR6XSUHPR1VHKDDSUREDGRHO'HFUHWR 6XSUHPR 1 GH IHFKD GH HQHUR GH TXH PRGLILFD ORV $UWtFXORV \ \ GHURJDHO$UWtFXORGHO'HFUHWR6XSUHPR1\VHKDGLFWDGRHO'HFUHWR6XSUHPR1 TXH PRGLILFD ORV $UWtFXORV \ LQFLVR E GHO FLWDGR 'HFUHWR 5HJODPHQWDULR GHO 6HJXUR 2EOLJDWRULRGH$FFLGHQWHVGH7UiQVLWR62$7 4XHGHEHQLQWURGXFLUVHPRGLILFDFLRQHVDORVGHFUHWRVUHJODPHQWDULRVDSUREDGRVTXHUHJXODQHO 6HJXUR2EOLJDWRULRGH$FFLGHQWHVGH7UiQVLWR62$7SDUDIRUWDOHFHUVXHMHFXFLyQ 4XH HV QHFHVDULR RUGHQDU QXHYDPHQWH HO 'HFUHWR 6XSUHPR 1 HQ YLUWXG D ODV PRGLILFDFLRQHVGLVSXHVWDVSRUHO'HFUHWR6XSUHPR1GHELHQGRDJUXSDUVHWRGDVODVQRUPDV VREUHODPDWHULDHQXQDFRPSLODFLyQ (1&216(-2'(0,1,67526 '(&5(7$ , $57,&8/202',),&$&,21$/'(&5(726835(021 6H PRGLILFD HO LQFLVR D GHO $UWtFXOR GHO 'HFUHWR 6XSUHPR 1 GH GH PD\R GH GHDFXHUGRDOVLJXLHQWHWH[WR ,, ,,, ,9 ³D /DV SHUVRQDV QDWXUDOHV R MXUtGLFDV SURSLHWDULDV GH YHKtFXORV PRWRUL]DGRV TXH WHQJDQ VX GHUHFKRSURSLHWDULRGHELGDPHQWHLQVFULWRHQHO5HJLVWURÒQLFRGH$XWRPRWRUHV 6HPRGLILFDHO$UWtFXORGHO'HFUHWR6XSUHPR1GHDFXHUGRDOVLJXLHQWH WH[WR $57Ë&8/29,*(1&,$'(/$32/,=$62$7/DSyOL]D~QLFDGHO62$7WHQGUiXQ SHUtRGR GH YLJHQFLD GH XQ DxR FDOHQGDULR /DV IHFKDV GH LQLFLR \ ILQDOL]DFLyQ GH HVWH SHUtRGRFDGDDxRVHUiQODVPLVPDVSDUDWRGRVORVFRQWUDWDQWHVGHO62$7 6H PRGLILFD HO $UWtFXOR GHO 'HFUHWR 6XSUHPR 1 FRQIRUPH VH GHVFULEH HQ HO VLJXLHQWHWH[WR $57,&8/2 2%7(1&,Ï1 '(/ %(1(),&,2 3URGXFLGR HO DFFLGHQWH GH WUiQVLWR H LGHQWLILFDGR HO YHKtFXOR ODV SHUVRQDV OHVLRQDGDV R ORV GHUHFKRKDELHQWHV GH ODV SHUVRQDV IDOOHFLGDV WLHQHQ GHUHFKR D FREUDU OD LQGHPQL]DFLyQ SURYHQLHQWH GHO 62$7 VLHQGR LPSURFHGHQWHVODVH[FHSFLRQHVTXHODHQWLGDGDVHJXUDGRUDSXHGDDOHJDUFRQWUDHODVHJXUDGR EDVDGDV HQ KHFKRV R FLUFXQVWDQFLDV LPSXWDEOHV D pVWH VLHPSUH TXH QR FRUUHVSRQGD D ODV H[FOXVLRQHVGHODSyOL]DSRURWUDSDUWHHOKHFKRLPSXWDEOHDOFRQGXFWRUQRHVRSRQLEOHDORV SDVDMHURVQLSHDWRQHVDIHFWDGRV /DV ~QLFDV FDXVDV GH H[FOXVLRQHV GH FREHUWXUD VRQ ODV FRQWHQLGDV HQ HO $UWtFXOR GHO SUHVHQWH'HFUHWR6XSUHPR 3DUD VROLFLWDU HO EHQHILFLR VH GHEHUi KDFHU OD GHQXQFLD D OD HQWLGDG DVHJXUDGRUD HQ HO SOD]R VHxDODGR HQ HO $UWtFXOR \ SUHVHQWDU HO ,QIRUPH 7pFQLFR GHO 2UJDQLVPR 2SHUDWLYR GH 7UiQVLWRDGHPiVGHWRGDODGRFXPHQWDFLyQGLVSXHVWDHQHOSUHVHQWH'HFUHWR6XSUHPRVREUHHO KHFKRRVREUHODUHFRQVWUXFFLyQGHOPLVPR (QFDVRGHQRLGHQWLILFDUVHDOYHKtFXORTXHRFDVLRQyHODFFLGHQWHVHSURFHGHUiGHDFXHUGRDOR HVWLSXODGRHQHO&DStWXOR;,GHOSUHVHQWH'HFUHWR6XSUHPR 6H PRGLILFD HO $UWtFXOR GHO 'HFUHWR 6XSUHPR 1 FRQIRUPH VH GHVFULEH HQ HO VLJXLHQWHWH[WR $57,&8/2 3/$=2 3$5$ ,1'(01,=$5 /DV HQWLGDGHV DVHJXUDGRUDV SDJDUiQ ODV LQGHPQL]DFLRQHV GHQWUR GH ORV TXLQFH GtDV KiELOHV D SDUWLU GH OD SUHVHQWDFLyQ GH ORV GRFXPHQWRV UHTXHULGRV HQ HO $UWtFXOR GHO SUHVHQWH UHJODPHQWR SDUD FDGD FDVR 'H QR SURFHGHUVHDOSDJRHQHOSOD]RVHxDODGROD6XSHULQWHQGHQFLDGH3HQVLRQHV9DORUHV \6HJXURV DSOLFDUi ODV VDQFLRQHV TXH FRUUHVSRQGDQ GH DFXHUGR D OR HVWDEOHFLGR HQ OD /H\ 1 GH 6HJXURV\HQORVUHJODPHQWRV (OPLVPRSOD]RUHJLUiSDUDHOSDJRGHODLQGHPQL]DFLyQSRUSDUWHGHO),62 $57,&8/202',),&$&,21$/'(&5(726835(021 6HPRGLILFD HO $UWtFXOR SXQWR GHO 'HFUHWR 6XSUHPR 1 GH GH HQHUR GH GH DFXHUGR DO VLJXLHQWHWH[WR ³$57,&8/2'(5(&+2'(5(3(7,&,212FXUULGRHODFFLGHQWHGHWUiQVLWRODHQWLGDG DVHJXUDGRUDSDJDUiODVLQGHPQL]DFLRQHVSRUULHVJRVFXELHUWRVSRUHO62$7\WHQGUiHOGHUHFKR GHUHSHWLUFRQWUDHOFRQGXFWRUTXHVHDFLYLO\SHQDOPHQWHUHVSRQVDEOHGHODFFLGHQWHXQDYH]TXH OD DXWRULGDG MXGLFLDO FRUUHVSRQGLHQWH KXELHUH FRPSUREDGR TXH VH HQFRQWUDED HQ DOJXQD GH ODV VLJXLHQWHVFLUFXQVWDQFLDV D (Q HVWDGR GH HEULHGDG GH DFXHUGR DO JUDGR GH DOFRKROHPLD FRQIRUPH VHxDOD OD QRUPD GLFWDGD SRU HO 2UJDQLVPR 2SHUDWLYR GH 7UiQVLWR HQ FRQFRUGDQFLD FRQ QRUPDV LQWHUQDFLRQDOHVVREUHDOFRKROHPLD E %DMRHOHIHFWRGHGURJDVQDUFyWLFRVXRWURVDOXFLQyJHQRV F &XDQGRQRSRVHDOLFHQFLDRDXWRUL]DFLyQSDUDFRQGXFLURFXDQGRVHDPHQRUGHGLHFLRFKR DxRVGHHGDGHQHOPDUFRGHORVHxDODGRHQHO&yGLJRGH7UiQVLWR 7DQWRODVHQWLGDGHVDVHJXUDGRUDVFRPRHO),62SRGUiQLQLFLDUODVDFFLRQHVOHJDOHVSHUWLQHQWHV VREUHODEDVHGHXQSULQFLSLRGHSUXHEDGHQWURGHORVSOD]RVHVWDEOHFLGRVSRUPDWHULDDSDUWLUGH RFXUULGRHOVLQLHVWURFRQWUDpORORVFRQGXFWRUHVLQYROXFUDGRVHQHODFFLGHQWH &XDQGR VH HYLGHQFLH TXH HO FRQGXFWRU WLHQH OLFHQFLD GH FRQGXFLU HQ SOHQR SURFHVR GH UHQRYDFLyQQRVHDSOLFDUiHOLQFLVRFVHxDODGRHQHOSUHVHQWH$UWtFXOR $57,&8/202',),&$&,21$/'(&5(726835(0216HPRGLILFD HO $UWtFXOR ~QLFR SXQWR % GHO 'HFUHWR 6XSUHPR 1 GH GH QRYLHPEUH GH GH DFXHUGRDOVLJXLHQWHWH[WR $57Ë&8/26$1&,21(63$5$(/3523,(7$5,2'(/9(+Ë&8/2(OSURSLHWDULR TXHQRDVHJXUHVXYHKtFXORWHQGUiODVVLJXLHQWHVVDQFLRQHV D &XDQGR ORV RILFLDOHV R DJHQWHV GHO 2UJDQLVPR 2SHUDWLYR GH 7UiQVLWR GHWHFWHQ XQ YHKtFXORTXHQRFXHQWHFRQHO62$7LPSHGLUiQODFLUFXODFLyQGHOPLVPR3RUQLQJ~Q PRWLYR VH SRGUi VHFXHVWUDU HO YHKtFXOR VLQ 62$7 SRU QR HQFRQWUDUVH HO PHQFLRQDGR KHFKRLQPHUVRHQORVFDVRVSUHYLVWRVHQHO$UWtFXORGHO&yGLJRGH7UiQVLWR (Q WRGR DFFLGHQWH GH WUiQVLWR HQ TXH VH GHPXHVWUH SRVHHU HO 6HJXUR 2EOLJDWRULR GH $FFLGHQWHV GH 7UiQVLWR 62$7 QR SRGUi VHU GHWHQLGR R VHFXHVWUDGR HO YHKtFXOR D H[FHSFLyQGHODUHVSRQVDELOLGDGTXHSXHGDHPHUJHUGHOGHOLWR E &XDQGR XQ YHKtFXOR FRQ 62$7 VH LQYROXFUH HQ XQ DFFLGHQWH GH WUiQVLWR FRQ RWUR YHKtFXOR TXH QR WLHQH 6HJXUR 2EOLJDWRULR GH $FFLGHQWHV GH 7UiQVLWR 62$7 ODV HQWLGDGHV DVHJXUDGRUDV GH DTXHOORV TXH Vt FXHQWHQ FRQ 62$7 LQGHPQL]DUiQ D ORV GDPQLILFDGRV GHO DFFLGHQWH TXH RFXSDQ HO YHKtFXOR DVHJXUDGR \ D ORV SHDWRQHV LQYROXFUDGRVSXGLHQGRUHSHWLUFRQWUDHOSURSLHWDULRGHOYHKtFXORQRDVHJXUDGRKDVWDORV PRQWRVSDJDGRVGHQWURGHORVOtPLWHVHVWDEOHFLGRVSRUHO62$7 F &XDQGR SRVHD &HUWLILFDGR R 5RVHWD 62$7 IDOVLILFDGRV OD 3ROLFtD %ROLYLDQD OHYDQWDUi ODV FRUUHVSRQGLHQWHV GLOLJHQFLDV GH SROLFtD MXGLFLDO FRQIRUPH D /H\ (Q FDVR GH DFFLGHQWHVHSURFHGHUiDGHPiVGHDFXHUGRDOLQFLVREGHOSUHVHQWHDUWtFXOR G &XDQGR HO SURSLHWDULR SUHWHQGD FRQWUDWDU HO 62$7 FRQ FXDOTXLHU HQWLGDG DVHJXUDGRUD SDJDUi HO GH OD SULPD GH DFXHUGR D ORV SOD]RV TXH VH DFXHUGHQ FRQ OD HPSUHVD LQGHSHQGLHQWHPHQWHGHOPHVHQTXHSUHWHQGDREWHQHUHO62$7H[FHSWXDQGRORQRUPDGR HQHO$UWtFXORGHOSUHVHQWH'HFUHWR6XSUHPR ,QGHSHQGLHQWHPHQWHGHODVSHQDOLGDGHVHVWDEOHFLGDVHQORVLQFLVRVE\FHOSURSLHWDULR GHEHUiFRPSUDUHO62$7SDJDQGRHOGHODSULPD $57,&8/2 38%/,&$&,21 '(/ 7(;72 25'(1$'2 6H DXWRUL]D D OD 6XSHULQWHQGHQFLDGH3HQVLRQHV9DORUHV\6HJXURVODHODERUDFLyQ\SXEOLFDFLyQGHOWH[WRRUGHQDGR GH ORV 'HFUHWRV UHJODPHQWDULRV GHO 6HJXUR 2EOLJDWRULR GH $FFLGHQWHV GH 7UiQVLWR D WUDYpV GH ODV 5HVROXFLRQHV$GPLQLVWUDWLYDVFRUUHVSRQGLHQWHV /RV6HxRUHV0LQLVWURVGH(VWDGRHQODV&DUWHUDVGH+DFLHQGDGH*RELHUQR\GH'HVDUUROOR (FRQyPLFRTXHGDQHQFDUJDGRVGHODHMHFXFLyQ\FXPSOLPLHQWRGHOSUHVHQWH'HFUHWR6XSUHPR (V GDGR HQ HO 3DODFLR GH *RELHUQR GH OD FLXGDG GH /D 3D] D ORV YHLQWLGyV GtDV GHO PHV GH GLFLHPEUHGHODxRGRVPLOXQR )'2 -25*( 48,52*$ 5$0,5(= *XVWDYR )HUQiQGH] 6DDYHGUD -RVp /XtV /XSR )ORUHV/HRSROGR)HUQiQGH])HUUHLUD2VFDU*XLODUWH/XMDQ-DFTXHV7ULJR/RXELHUH0DULR6HUUDWH 5Xt] &DUORV .HPSII %UXQR /XtV $OEHUWR *DPDUUD /DQGLYDU 0,1,6752 ,17(5,12 '( ('8&$&,21 &8/785$ < '(3257(6 (QULTXH 3D] $UJDQGRxD -XDQ $QWRQLR &KDKLQ /XSR :DOWHU 1~xH] 5RGUtJXH] 5DPLUR &DYHUR 8ULRQD &ODXGLR 0DQFLOOD 3HxD ;DYLHU 1RJDOHV ,WXUUL 0DXUR%HUWHUR*XWLpUUH]:LJEHUWR5LYHUR3LQWR