)252%2/,9,$1262%5(0(',2 $0%,(17(<'(6$552//2 2%6(59$725,2/$7,12$0(5,&$12'( &21)/,&726$0%,(17$/(6 0,5$'$692&(6<621,'26 &21)/,&726 $0%,(17$/(6 (1 %2/,9,$ )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR %ROLYLD &RQIOLFWRV$PELHQWDOHVHQ%ROLYLD (GLFLyQ &RUUHFFLyQ -HQQ\*UXHQEHUJHU 6XVDQD&DEH]DV +pFWRU6iQFKH] 5HYLVLyQ\DSRUWHV $OLSLR9DOGp] &pVDU3DGLOOD 3DWULFLD0ROLQD (GXDUGR*XG\QDV 7DSD 0DSDV (GXDUGR*XG\QDVSURSXHVWDFRQFHSWXDO 0DXULFLR%D\URSURSXHVWDJUiILFD 0LJXHO$OFREDHODERUDFLyQPRQWDMH &HQWURGH3ODQLILFDFLyQ7HUULWRULDOH,QGtJHQD&37, &,'2% ¤ )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR)2%20$'( &DVLOOD /D3D]%ROLYLD 7HO )D[ HPDLOIRERPDGH#IRERPDGHRUJER KWWSZZZIRERPDGHRUJER ¤ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV2/&$ 0DWWD2ULHQWH3'SWRfXxRD 6DQWLDJR&KLOH 7HO )D[ HPDLORFD#UGFFO SDJLQDZHEZZZUHOFDQHWRFD (VWDSXEOLFDFLyQHVSRVLEOHJUDFLDVDODFRODERUDFLyQVROLGDULDGHOJRELHUQRGH+RODQGD\GH+,926 /D3D] %ROLYLD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV ,QGLFH 3UHVHQWDFLyQ &RQWH[WRVRFLRHFRQyPLFRQDFLRQDO &RQIOLFWRVVRFLHGDG\QDWXUDOH]D &RQWH[WROHJDO\FRQIOLFWRVDPELHQWDOHV %UHYHKLVWRULDGHODPLQHUtDHQ%ROLYLD 5XSWXUDGLTXHGHFRODVGH3RUFR &RQWDPLQDFLyQGHDJXDV\VXHORVSRUODERUHVPLQHUDVGHODPLQD7D]QDDODFXHQFDPHQRUGHUtR %ODQFR &RWDJDLWD &RQWDPLQDFLyQGHDJXDV\VXHORSRUPLQDVHLQJHQLRVGH&KRUROTXH\&KXUTXLQL &RQWDPLQDFLyQGHOUtR+XD\QD0D\X &RQWDPLQDFLyQGHDJXDVGHOUtR7XSL]DSRUSDVLYRVDPELHQWDOHV &RQWDPLQDFLyQGHOUtRGHOD5LYHUD &RQFHVLyQPLQHUDSDUDODH[SORWDFLyQGHiULGRVHQHOUtR,YLUJDU]DPD &RQFHVLRQHVPLQHUDVHQHO3DUTXH1DFLRQDO$PERUy 'HVWUXFFLyQSURJUHVLYDGHO&HUUR5LFRGH3RWRVt %RVTXHV\FRQIOLFWRVIRUHVWDOHV ([SORWDFLyQIRUHVWDOSRUODHPSUHVD'RQ9tFWRU &RQVWUXFFLyQGHFDUUHWHUD6DQWD&UX] 7ULQLGDG $SHUWXUDGHFDPLQRHQWUH%HQL\&RFKDEDPED 2SRVLFLyQDODH[SORWDFLyQIRUHVWDOLUUDFLRQDOHQODFRORQLD2VDNDGH(QWUH5tRV $XWRUL]DFLyQSDUDH[SORWDFLyQ\ XVRGHUHFXUVRVIRUHVWDOHV ([SORWDFLyQLOHJDOGHPDGHUDHQOD5HVHUYD1DFLRQDO0DQXULSL+HDWK ,QVWDODFLyQ GH DQWHQD UHSHWLGRUD GH (17(/ HQ OD 5HVHUYD GH OD %LRVIHUD \ 7HUULWRULR ,QGtJHQD3LOyQ/DMDV 6DTXHRGHPDGHUDHQOD(VWDFLyQ%LROyJLFDGHO%HQL 'HIRUHVWDFLyQHQHOPXQLFLSLRGH7RPLQD ([SORWDFLyQGHKLGURFDUEXURV\FRQIOLFWRVDPELHQWDOHVHQ%ROLYLD &RQVWUXFFLyQGHOJDVRGXFWR%ROLYLD %UDVLO *DVRGXFWR6DQ0LJXHO 6DQ0DWtDV &XLDEi &RQWDPLQDFLyQFDXVDGDSRUODH[SORWDFLyQSHWUROHUDDFDUJRGHODHPSUHVD&KDFR6$HQ(QWUH5tRV 'HVWUXFFLyQGHFDPLQRV\FRQWDPLQDFLyQSRUODHPSUHVDSHWUROHUD3OXV3HWURO )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQIOLFWRXQLYHUVLWDULRFRQOD0D[XVHQHOWUySLFRFRFKDEDPELQR /RVLPSDFWRVGHOD5HSVROHQHO3DUTXH1DFLRQDO7HUULWRULR,QGtJHQD,VLERUR6pFXUH ,PSDFWRVDPELHQWDOHVGHODHPSUHVD&KDFR$PRFRHQODFRPXQLGDGGH,SD 9LOODPRQWHV 'HUUDPHGHKLGURFDUEXURVGH75$165('(6 &RQWDPLQDFLyQGHODTXHEUDGD/RV0RQRV 3ROtWLFDHLQVWUXPHQWRVGHJHVWLyQGHORVUHFXUVRVKtGULFRVHQ%ROLYLD &RQWDPLQDFLyQGHOUtR3LOFRPD\X 0RUWDQGDGGHSHFHVSRUFRQWDPLQDFLyQGHDJXDVHQHOUtR3LUDt 5HGXFFLyQGHODDFWLYLGDGSLVFtFRODHQ9LOODPRQWHV &RQWDPLQDFLyQGHODTXHEUDGD'HOSRUHOLQJHQLRD]XFDUHUR 'UDJDGRGHOFDQDO7DPHQJRSDUDODFRQVWUXFFLyQGHOD+LGURYtD3DUDJXD\ 3DUDQi &RQVWUXFFLyQGHUHSUHVDV/DV3DYDV$UUD]D\DO\&DPEDUt 3HVFDFRPHUFLDOFODQGHVWLQDHQHO%HQL 5HVLVWHQFLDDODSHUIRUDFLyQGHSR]RVGHDJXDHQHO9DOOH%DMRGH&RFKDEDPED 7LHUUD\WHUULWRULRDYDQFHVGLILFXOWDGHV\FRQIOLFWRV &RQIOLFWRVSRUODSURSLHGDG\SRVHVLyQHQHOWHUULWRULRLQGtJHQDGH0RQWH9HUGH 6XSHUSRVLFLyQGHFRQFHVLyQIRUHVWDOFRQ5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ /DMDV 6XSHUSRVLFLyQGHFRQFHVLyQIRUHVWDOFRQHO3DUTXH1DFLRQDO\$UHDGH0DQHMR,QWHJUDO 0DGLGL 6XSHUSRVLFLyQGH7HUULWRULRV&RPXQLWDULRVGH2ULJHQFRQFRQFHVLyQPDGHUHUD ([SORWDFLyQIRUHVWDO\H[SORWDFLyQSDOPLWHUDHQiUHDVGH7&2V 6XSHUSRVLFLyQGHFRQFHVLRQHVIRUHVWDOHVFRQ7LHUUDV&RPXQLWDULDVGH 2ULJHQ (PLVLyQGHJDVHVWy[LFRVSRUSHTXHxDVLQGXVWULDVODGULOOHUDVGH2UXUR /RVFRQIOLFWRVDPELHQWDOHVXUEDQRVHQ%ROLYLD &RQWDPLQDFLyQDPELHQWDOSRUODGULOOHUDVHQODFLXGDGGH/D3D] (PLVLyQGHJDVHVWy[LFRVSRUODVFKLPHQHDVGHODHPSUHVD6$0&2 (PLVLyQGHJDVHV\HIOXHQWHVKDFLDODDWPyVIHUD\VXHORSRUODHPSUHVD%$5(06$ &RQWDPLQDFLyQ$WPRVIpULFDSRUOD)DEULFDGH&HPHQWRHO3XHQWH &RQWDPLQDFLyQDPELHQWDOHQ $OWR/LPD 3pUGLGDGHiUHDVYHUGHVGH7ULQLGDGSRUORWHDPLHQWRVLOHJDOHV &RQIOLFWRVXVFLWDGRDFDXVDGHODYHQWDSDUFLDOGHOSDUTXH([ &RPEDWLHQWHVHQODFLXGDGGH&RFKDEDPED &RQWDPLQDFLyQ\GHIRUHVWDFLyQHQOD]RQD/DMDVWDPER\OD%DUUDQFD &RQWDPLQDFLyQGHODTXHEUDGDGH4XLUSLQFKDFD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV &RQWDPLQDFLyQSURYRFDGDSRUHOLQJHQLRD]XFDUHUR6DQ$XUHOLRDOD]RQD6XUGHODFLXGDG GH6DQWD&UX] &RQWDPLQDFLyQGHODUUR\RGH6DQ-XDQGH7ULQLGDG &RQWDPLQDFLyQGHUHOOHQRVDQLWDULRGH.¶DUD.¶DUD &RQVXPRGHDJXDFRQWDPLQDGDHQ5LEHUDOWD &RQFOXVLRQHV %LEOLRJUDItD $QH[RV (OSUR\HFWR&XLDEi&RPRFRPSUDUFRQVHUYDFLRQLVWDV $SXQWHVVREUHODVDPHQD]DVGHFRQIOLFWRVDPELHQWDOHVHQ3DQGR /LVWDGHSHUVRQDVTXHKLFLHURQSRVLEOHHVWDSXEOLFDFLyQ 6LJODV\DEUHYLDFLRQHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 3UHVHQWDFLyQ (VWH GRFXPHQWR TXH SUHVHQWD GH PDQHUD JHQHUDO HO iPELWR HQ HO TXH VH GHVDUUROODQ ORV SUREOHPDV DPELHQWDOHV HQ %ROLYLD DVt FRPR DOJXQRV GH ORV FRQIOLFWRV GHO SDtV HV HO UHVXOWDGR GH OD FRRUGLQDFLyQ GH DFFLRQHVGHXQDVHULHGHSHUVRQDVHLQVWLWXFLRQHVTXHDSDUWLUGHVXWUDEDMRFRWLGLDQRLGHQWLILFDURQFRQIOLFWRV DPELHQWDOHVFX\DJHVWLyQHQODPD\RUSDUWHGHORVFDVRVHVRVHUiVXSUy[LPRGHVDItR 6RQGRVODVLQVWLWXFLRQHVTXHLPSXOVDURQHVWHWUDEDMRSRUXQDSDUWHHO2EVHUYDWRULR/DWLQRDPHULFDQRGH &RQIOLFWRV$PELHQWDOHV2/&$TXHWLHQHVHGHHQ6DQWLDJRGH&KLOH\HVXQDRUJDQL]DFLyQFUHDGDHQ SDUDODSURWHFFLyQDPELHQWDOTXH FRQWULEX\HD ODUHGXFFLyQGHORVGDxRV VRFLDOHV \ DPELHQWDOHV GRQGHODVHJXULGDGHFROyJLFDVHYHDPHQD]DGDSRUDFWLYLGDGHVGHOVHUKXPDQR 6X WUDEDMR FRQVLVWH HQ DVHVRUDU D FRPXQLGDGHV SURWDJRQLVWDV GH FRQIOLFWRV DPELHQWDOHV UHDOL]DU XQ VHJXLPLHQWR GH ORV PLVPRV GHVDUUROODU LQVWUXPHQWRV GH JHVWLyQ GH FRQIOLFWRV LQYHVWLJDU \ GLIXQGLU DVSHFWRV UHODFLRQDGRV FRQ OD SURWHFFLyQ DPELHQWDO \ ORV GHUHFKRV FLXGDGDQRV UHDOL]DU FDWDVWURV VHFWRULDOHV H LQYHVWLJDFLRQHV HVSHFtILFDV \ SURPRYHU OD WUDQVIHUHQFLD GH PHWRGRORJtDV GH JHVWLyQ GH FRQIOLFWRV 3DUD OD HODERUDFLyQ GH HVWH GRFXPHQWR HO 2/&$ DSRUWy VX H[SHULHQFLD \ HQ FDSDFLWy D DSUR[LPDGDPHQWHSHUVRQDVGHORVGHSDUWDPHQWRVGH7DULMD6DQWD&UX]%HQL6XFUH2UXUR3RWRVt &RFKDEDPED \ /D 3D] HQ OD PHWRGRORJtD GH JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV DGHPiV FRRUGLQy HO VHJXLPLHQWRGHODVDFWLYLGDGHV\EULQGyLPSRUWDQWHVDSRUWHVWHyULFRVSDUDHOHQULTXHFHUHVWHGRFXPHQWR 3RU RWUD SDUWH HO )2%20$'( TXH HV XQ PRYLPLHQWR VRFLRDPELHQWDO QDFLRQDO FUHDGR HQ FRPR LQVWDQFLDDUWLFXODGRUDDQDOtWLFDSURSRVLWLYD\GHDFFLyQGHVWLQDGDDFRQVROLGDUHOPRYLPLHQWRHFRORJLVWD QDFLRQDO PHGLDQWH HO IRUWDOHFLPLHQWR GH ORV YtQFXORV HQWUH RUJDQL]DFLRQHV GH EDVH LQVWLWXFLRQHV QR JXEHUQDPHQWDOHVHQWLGDGHVDFDGpPLFDV\SHUVRQDVVHQVLEOHVDODWHPiWLFDDPELHQWDO 6XUROHVDWHQGHU\DUWLFXODUODVLQLFLDWLYDV\SURSXHVWDVVRFLRDPELHQWDOHVGHVXVPLHPEURV\GHRWURV DFWRUHVVRFLDOHVPHGLDQWHODGHQXQFLDDFWLYDRSRUWXQD\GRFXPHQWDGDGHORVSUREOHPDVODH[LJHQFLDGH DSOLFDFLyQGHODOHJLVODFLyQYLJHQWH\HOPRQLWRUHRDVtFRPRODILVFDOL]DFLyQGHODJHVWLyQDPELHQWDO6X REMHWLYR JHQHUDO HV FRQWULEXLU D OD JHQHUDFLyQ GH DOWHUQDWLYDV GH JHVWLyQ GH OD SUREOHPiWLFD VRFLR DPELHQWDOFRQ ODILQDOLGDGGHPHMRUDUODFDOLGDGGHYLGDGHODSREODFLyQHQODSHUVSHFWLYDGHOGHVDUUROOR VRVWHQLEOH (O )2%20$'( FRRUGLQy FRQ HO 2/&$ HO SURFHVR QDFLRQDO GH FDSDFLWDFLyQ HQ JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV\DWUDYpVGHORVPLHPEURVGHORVIRURVGHSDUWDPHQWDOHVSDUWLFLSyHQHOPLVPR(VWHSURFHVR TXH LQYROXFUy D XQ LPSRUWDQWH Q~PHUR GH SHUVRQDV FRPSURPHWLGDV FRQ OD WHPiWLFD DPELHQWDO IXH OD EDVHWHyULFRPHWRGROyJLFDSDUDODHODERUDFLyQGHHVWHUHJLVWURQDFLRQDOGHFRQIOLFWRV 3RURWUDSDUWHHO )2%20$'(SUHSDUyODSXEOLFDFLyQGHOSUHVHQWHGRFXPHQWRWDQWRFRQORVDSRUWHVGH LQVWLWXFLRQHV \ SHUVRQDV YLQFXODGDV D OD WHPiWLFD DPELHQWDO GHVGH OD SHUVSHFWLYD GH OD HFRORJtDVRFLDO 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV FRPRFRQODFRQYRFDWRULDDDOJXQRVHVSHFLDOLVWDVSDUDTXHFRODERUHQHQWHPDVTXHHQJOREDQFLHUWRWLSR GHFRQIOLFWRV 6LQHPEDUJRHOSULQFLSDODSRUWHIXHHOGHORVSURWDJRQLVWDVTXHEULQGDURQLQIRUPDFLyQSDUDORVUHJLVWURV GH FRQIOLFWRV TXLHQHV HQ JHQHUDO VH FDUDFWHUL]DQ SRU WHQHU OD YDOHQWtD GH HQIUHQWDU D ORV VHFWRUHV GH SRGHU SDUD GHIHQGHU HO DPELHQWH GHO TXH GHSHQGH QXHVWUD VREUHYLYHQFLD \ OD GH ODV IXWXUDV JHQHUDFLRQHV (QHVWHVHQWLGRWDQWRODVSREODFLRQHVORFDOHVTXHKDQ EULQGDGRLQIRUPDFLyQSDUDODHODERUDFLyQGHHVWH UHJLVWURFRPRORVHFRORJLVWDVVRPRVSDUWHGHXQSURFHVRGHDSUHQGL]DMHTXHQRVHQULTXHFHPXWXDPHQWH \TXHHVWiGHVWLQDGRDIRUWDOHFHUQXHVWUDVFDSDFLGDGHVGHLQYHVWLJDFLyQ\DFFLyQ SDUDSDUWLFLSDUHQOD JHVWLyQDPELHQWDOGHVGHHOiPELWRORFDO\FRQORVDFWRUHVORFDOHV (VWHOLEURDGHPiVGHVHUHOSURGXFWRGHXQJUDQQ~PHURGHH[SHULHQFLDVLQVWLWXFLRQDOHV\SHUVRQDOHVWDPELpQ LQWHQWDUHVXPLUODUHDOLGDGDPELHQWDOGH%ROLYLD$XQTXHVXFRQWHQLGRHVWiGHVWLQDGRDSUHVHQWDUDOJXQRVGHORV FRQIOLFWRV VRFLRDPELHQWDOHV QDFLRQDOHV \ SRU HOOR WLHQGH D VHU FUtWLFR \ KDFH pQIDVLV HQ HO DQiOLVLV GH OR QHJDWLYR WDPELpQ SHUPLWH DSUHFLDUORV DYDQFHV\UHWURFHVRV TXH HQ PDWHULD DPELHQWDO WXYR HOSDtV WDQWRD WUDYpVGHODOHJLVODFLyQQDFLRQDO\ODVSROtWLFDVGHJRELHUQRDVtFRPRGHODVDFFLRQHVGHOPRYLPLHQWRDPELHQWDO FX\RVp[LWRV\IUDFDVRVVHYHQUHIOHMDGRVHQHVWDVSiJLQDVDWUDYpVGHHMHPSORVHVSHFtILFRV (OOLEURHQXQDSULPHUDSDUWHSUHVHQWDWDQWRDODVLQVWLWXFLRQHVTXHOOHYDURQDGHODQWHHVWHWUDEDMRFRPR OD SURSXHVWD TXH OHV SHUPLWLy DXQDU HVIXHU]RV \ FRPSDUWLU H[SHULHQFLDV FRQ OD ILQDOLGDG GH PHMRUDU OD UHDOLGDG VRFLRDPELHQWDO GH QXHVWURV SDtVHV (Q HVWH VHQWLGR H[SOLFD UHVXPLGDPHQWH HO GHVDUUROOR GHO FRQFHSWRGHJHVWLyQFRPXQLWDULDGHFRQIOLFWRVDVtFRPRVXVSULQFLSLRV\PHWRGRORJtDFRQODLQWHQFLyQGH TXHHOOHFWRUFRPSUHQGDHOVLJQLILFDGRGHHVWHWUDEDMR /DVHJXQGDSDUWHFRQWLHQHXQDPX\EUHYHGHVFULSFLyQGHOFRQWH[WREROLYLDQRHQHOWUDQVFXUVRGHOD~OWLPD GpFDGD \ KDFH UHIHUHQFLD D ODV OLPLWDFLRQHV TXH LPSOLFD VHU SDUWHGH XQ VLVWHPD JOREDOL]DGR HQ HO TXH LPSHUDODOH\GHOPiVIXHUWHSDUDFRQFOXLUFRQXQHVER]RGHSURSXHVWDKDFLDHOIXWXUR$FRQWLQXDFLyQ SUHVHQWDHOPDUFROHJDOHQHOFXiOVHJHVWDQ\GHVDUUROODQORVFRQIOLFWRVPHGLDQWHXQEUHYHDQiOLVLVGHO HVWDGRDFWXDOGHODOHJLVODFLyQEROLYLDQDFRQLQFLGHQFLDDPELHQWDO /DWHUFHUDSDUWHHVWiGHVWLQDGDDODSUHVHQWDFLyQGHORVFRQIOLFWRVTXHIXHURQUHJLVWUDGRVDORODUJRGH HVWHWUDEDMR&DEHPHQFLRQDUTXHVHLQWHQWyUHFRJHUORVPiVVREUHVDOLHQWHVQRREVWDQWHVHGLRSULRULGDG DDTXHOORVHQORVTXHORVSDUWLFLSDQWHVHVWDEDQWUDEDMDQGR\DTXHODLQWHQFLyQGHHVWHGRFXPHQWRHVGDU FRQWLQXLGDGD ODVDFFLRQHV UHDOL]DGDV \IRUWDOHFHUODV (VWDSDUWHGHOGRFXPHQWRIXHRUJDQL]DGDHQ VHLV JUDQGHV WHPiWLFDV PLQHUD IRUHVWDO SHWUROHUD KtGULFD WHUULWRULDO \ XUEDQD &DGD XQR GH ORV WHPDV PHQFLRQDGRV YD DFRPSDxDGR GH XQD LQWURGXFFLyQ TXH HQ OtQHDV JHQHUDOHV WLHQH HO SURSyVLWR GH LQWURGXFLUDOOHFWRUHQODSUREOHPiWLFDDPELHQWDOTXHUHSUHVHQWDQ /D FXDUWD SDUWH GHO GRFXPHQWR HVWi GHVWLQDGR DO HVWXGLR GH FDVR GHO *DVRGXFWR &XLDEi GRQGH HO )2%20$'(WXYRXQDDFWLYDSDUWLFLSDFLyQ\TXHSRUORVLQWHUHVHVSULYDGRVWDQWRGHODVWUDQVQDFLRQDOHV FRPRGHJUXSRVFRQVHUYDFLRQLVWDVFRQFOX\yHQODILUPDGHXQFRQYHQLRTXHWHQGUiXQLPSDFWRQHJDWLYR LUUHYHUVLEOHHQHOERVTXHVHFRWURSLFDOFKLTXLWDQR )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR /D TXLQWD SDUWH LQFOX\H XQ DUWtFXOR VREUH OD SUREOHPiWLFD VRFLR DPELHQWDO GH 3DQGR OD PLVPD TXH IXH HODERUDGDFRQODILQDOLGDGGHH[SOLFDUODUD]yQSRUODTXHQRH[LVWHXQQ~PHURLPSRUWDQWHGHFRQIOLFWRV DPELHQWDOHV\ODGLItFLOVLWXDFLyQSRUODTXHDWUDYLHVDHVHGHSDUWDPHQWR (OGRFXPHQWRFRQFOX\HFRQXQDHYDOXDFLyQGHORTXHIXHVXGHVDUUROORDVtFRPRFRQXQDQiOLVLVGHODV SHUVSHFWLYDVTXHODJHVWLyQFRPXQLWDULDGHFRQIOLFWRVEULQGDDODHFRORJtDSROtWLFD (VWHOLEURKDLQWHQWDGRVHUORPiVSDUWLFLSDWLYRSRVLEOHORTXHVHYHUHIOHMDGRHQVXFRQWHQLGRTXHSRUOD PLVPDUD]yQQRVLHPSUHFRLQFLGHFRQODSRVLFLyQGHODVRUJDQL]DFLRQHVTXHLPSXOVDURQVXHODERUDFLyQ\ SXEOLFDFLyQ6LQHPEDUJRVXLQWHQFLyQWDPELpQIXHUHFRJHURSLQLRQHVGLYHUVDV\GLVWLQWRVSXQWRVGHYLVWD (QFXDQWRDODVILFKDVHVLPSRUWDQWHVHxDODUTXHpVWDVVRQGHH[FOXVLYDUHVSRQVDELOLGDGGHTXLHQHVODV HODERUDURQ\DTXHODLQIRUPDFLyQTXHFRQWLHQHQHVSURGXFWRGHVXWUDEDMRHLQYHVWLJDFLyQ )2%20$'(2/&$ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQIOLFWRVVRFLHGDG\QDWXUDOH]D (Q%ROLYLDH[LVWHXQDODUJDKLVWRULDGHFRQIOLFWRVRULJLQDGRVDSDUWLUGHODPDQHUDHQODTXHORVGLIHUHQWHV JUXSRVVRFLDOHVDSURYHFKDQORVUHFXUVRVQDWXUDOHV<DGHVGHpSRFDVGHODFRORQLDVHDO]DURQDOJXQDV YRFHV DLVODGDV SUHRFXSDGDV SRU OD GHIRUHVWDFLyQ R HO DFFHVR DO DJXD SRWDEOH 3RU RWUD SDUWH HQ ORV ~OWLPRVDxRVVHKDQVXFHGLGRYDULRVFRQIOLFWRVPXFKRVUHFRUGDUiQHO³WUHQIDQWDVPD´TXHGHDPEXODED GH SXHEOR HQ SXHEOR SRUTXH QDGLH TXHUtD UHFLELU XQD FDUJD TXH WRGRV VRVSHFKDEDQ SHOLJURVD 2WURV WHQGUiQ WRGDYtD SUHVHQWH HO URPSLPLHQWR GHO GLTXH GH FRODV GH 3RUFR TXH LQFUHPHQWy GH PDQHUD SUHRFXSDQWH OD FRQWDPLQDFLyQ GH ODV DJXDV GHO UtR 3LOFRPD\R 0iV UHFLHQWHPHQWH HO WHQGLGR GH JDVRGXFWRVKDGHVHQFDGHQDGRHQpUJLFRVFRQIOLFWRVSDUDORJUDUODSUHVHUYDFLyQGHOERVTXHFKLTXLWDQR (VRV\RWURVFDVRVPXHVWUDQTXHHQODDFWXDOLGDGORVFRQIOLFWRVVHHQFXHQWUDQHQHOFHQWURGHODWHPiWLFD DPELHQWDO \ UHYHODQ VXV HVWUHFKDV YLQFXODFLRQHV FRQ ODV HVWUDWHJLDV GH GHVDUUROOR TXH VLJXH HO SDtV (VWRV FRQIOLFWRV UHIOHMDQ ODV GLIHUHQWHV FRQFHSFLRQHV GH ODV SHUVRQDV VREUH FyPR GHEH PDUFKDU HO GHVDUUROOR FyPR FRQVHUYDU ORV UHFXUVRV QDWXUDOHV \ FyPR ORJUDU XQD GLVWULEXFLyQ HTXLWDWLYD GH ORV EHQHILFLRV TXH HOOR SURGXFH 3RU OR WDQWR ORV FRQIOLFWRV DPELHQWDOHV WDPELpQ VH H[WLHQGHQ KDFLD SUREOHPDV PX\ LPSRUWDQWHV FRPR OD GHPRFUDWL]DFLyQ GH ODV SROtWLFDV DPELHQWDOHV \ HO FRQFHSWR GH FLXGDGDQtD &RQFHSWRGHFRQIOLFWRDPELHQWDO /RV FRQIOLFWRV VRFLRDPELHQWDOHV VXUJHQ FXDQGR H[LVWH XQD LQFRPSDWLELOLGDG GH LQWHUHVHV TXH JHQHUDOPHQWHHVWiUHODFLRQDGDDXQDDVLPHWUtDHQFXDQWRDODFFHVRGHORVLQYROXFUDGRVDORVUHFXUVRVOR TXHSHUPLWHLQIOXLUDIDYRUGHXQRV\HQGHWULPHQWRGHRWURV$SDUWLUGHORDQWHULRUFRPSUHQGHUHPRVSRU TXp OD JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV HV XQ SURFHVR GH UHGHILQLFLyQ GH UHODFLRQHV KXPDQDV GH FUHDFLyQ GH HVSDFLRV GH SDUWLFLSDFLyQ SDUD OD WRPD GH GHFLVLRQHV \ GH UHDILUPDFLyQ GH GHUHFKRV GH DFFHVR D ORV UHFXUVRV \ D ODVRSRUWXQLGDGHV 2UWt] $GHPiV GHO DFFHVR ORV FRQIOLFWRV WDPELpQ SXHGHQVXUJLUSRUGLIHUHQWHVYDORUHVTXHVHDGMXGLFDQDORVUHFXUVRVQDWXUDOHVHQYDULRVFDVRVJUXSRV FLXGDGDQRVGHILHQGHQiUHDVVLOYHVWUHVSRUVXVYDORUHVLQWUtQVHFRVDXQTXHQXQFDOOHJDUiQDXWLOL]DUORV UHFXUVRVTXHHOODVEULQGHQ(VWRVFRQIOLFWRVVHGHVDUUROODQHQXQHVSDFLRTXHHVS~EOLFRVHYHQWLODQHQ UHXQLRQHVDELHUWDVDSDUHFHQGHFODUDFLRQHVHQODSUHQVD\ODRSLQLyQS~EOLFDSXHGHOOHJDUDHVWDUDOWDQWR GH ODGLVFXVLyQ )LQDOPHQWH KD\ XQ UHFRQRFLPLHQWRHQWUHORVDFWRUHVHQRSRVLFLyQ PiVDOOiTXHVHDQ FRQVLGHUDGDVYiOLGDVRQRVXVSRVLFLRQHV6DQWDQGUHX\*XG\QDV (QDOJXQRVFDVRV ORVFRQIOLFWRVVRFLRDPELHQWDOHVHQIUHQWDQDGRVWLSRVGHDFWRUHV ORVTXHSUHWHQGHQ DSRGHUDUVHRKDFHUXVRGHORVUHFXUVRVQDWXUDOHVSDUDORJUDUEHQHILFLRVLQGLYLGXDOHVRHPSUHVDULDOHVVLQ LPSRUWDUOHVODVLWXDFLyQGHODVSREODFLRQHVORFDOHV\HVWDV~OWLPDVTXHGHILHQGHQVXVUHFXUVRVSRUTXH VRQ OD EDVH GH VX VXEVLVWHQFLD (Q RWURV FDVRV KD\ PiVGH GRV DFWRUHV \ ILQDOPHQWH WDPELpQ H[LVWHQ VLWXDFLRQHV PiV FRPSOHMDV GRQGH OD GLVSXWD SDUWH GH EXVFDU EHQHILFLRV FROHFWLYRV SHUR H[LVWHQ GLIHUHQFLDVVREUHORVPRGRVRFRQGLFLRQHVSDUDOOHJDUDHOORV /RV FRQIOLFWRV DPELHQWDOHV TXH VH GHVFULEHQ HQ HVWH OLEUR SDUWHQ GH ODV SURSLDV FRQFHSFLRQHV GH VXV SDUWLFLSDQWHV \ WHVWLJRV (V OD YLVLyQ GH ORV SURSLRVDFWRUHVOR TXH GHILQH DO FRQIOLFWR\ QR WLHQH PD\RU 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV VHQWLGR LQWHQWDU GLULPLUORV VREUH VX YDOLGH] R QR GHVGH DQiOLVLV H[WHUQRV 3RU HVD UD]yQ ODV ILFKDV \ GHVFULSFLRQHVGHORVFRQIOLFWRVVRQPX\YDULDGDVUHIOHMDQGRFRQFHSFLRQHVGLVWLQWDVGHXQJUXSRDRWUR\ GHXQDUHJLyQGHOSDtVDRWUD(VDGLYHUVLGDGVHKDPDQWHQLGR\HVXQRGHORVDVSHFWRVPiVULFRVGHO SUHVHQWHHVWXGLR /RVFRQIOLFWRVDPELHQWDOHVSRQHQHQHYLGHQFLD ODSOXUDOLGDGGHYDORUDFLRQHV\SHUFHSFLRQHVTXHH[LVWHQ VREUHODQDWXUDOH]D(VWDSOXUDOLGDGGHSHQGHGHORVFRQWH[WRVVRFLDOHV\SRVHHXQDKLVWRULD3DUWLHQGRGH HVWRODHFRORJtDSROtWLFDVHFRQVWLWX\HHQXQDSURSXHVWDTXHVRVWLHQHODQHFHVLGDGGHDQDOL]DUODUHODFLyQ KXPDQDFRQODQDWXUDOH]DHQXQFRQWH[WRKLVWyULFRGHVWDFDQGRODUHODFLyQGLDOpFWLFDHQWUHODVRFLHGDG\ VX HQWRUQR GHELGR D TXH FRQVLGHUD TXH DQWHV TXH ORV OtPLWHV ItVLFRV TXH HQIUHQWD OD VRFLHGDG HQ VX LQWHJULGDGHVWiQORVOtPLWHVVRFLDOHVTXHWUDGXFHQORVSUREOHPDVQDWXUDOHVHQFRQWUDGLFFLRQHVSROtWLFDV KDFHQTXHODSUREOHPiWLFDDPELHQWDOVHDDVXPLGDGHIRUPDVGLIHUHQWHV\GHSHQGHQGHORVLQWHUHVHVGH ODVGLVWLQWDVFODVHVVRFLDOHV\SDtVHV)RODGRUL &RQUHODFLyQD ORDQWHULRU ORVFRQIOLFWRVGHMDQ HQ HYLGHQFLDTXHVLELHQHODSRUWHGH ODV FLHQFLDVSDUD GLVHxDUHVWUDWHJLDVGHFRQVHUYDFLyQHVIXQGDPHQWDOQRHVVXILFLHQWH+DQVLGRPXFKRVORVFDVRVGRQGH ORV JUXSRV FLXGDGDQRV D SDUWLU GH VXV VDEHUHV \ YDORUDFLRQHV DUULEDQ D FRQFOXVLRQHV GLVWLQWDV GH ODV JHQHUDGDV SRU OD FLHQFLD WUDGLFLRQDO $GHPiV PXFKRV GH ORV SUREOHPDV TXH HOORV HQIUHQWDQ VRQ XQD FRQVHFXHQFLDGHODVDSOLFDFLRQHVGHVPHGLGDVGHODFLHQFLD\WHFQRORJtDFRQWHPSRUiQHD/RVFRQIOLFWRV DPELHQWDOHVPXHVWUDQDVtODLPSRUWDQFLDHQODSOXUDOLGDGGHVDEHUHVVREUHODQDWXUDOH]D,QVSLUiQGRQRV HQ'HOpDJHHVEXHQRUHFRUGDUTXHODVFLHQFLDVSXUDVQRSXHGHQHVWDUDLVODGDVGHORVFRQWHQLGRV LGHROyJLFRVTXHPDUFDURQHOFDPLQRGHVXGHVDUUROORSRUTXHpVWRVQRVyORDIHFWDURQODDSOLFDFLyQGHORV FRQRFLPLHQWRV VLQR TXH DGHPiV VRQ FRPSRQHQWHVIXQGDPHQWDOHV GHOFRQRFLPLHQWR HQ Vt PLVPR \ HV IUHFXHQWHTXHODIRUPDHQTXHVHGLVFXUUHVREUHHORUGHQGHODQDWXUDOH]DVHDWDPELpQXQDIRUPDGHGDU OHJLWLPLGDG D OD HVWUXFWXUD VRFLDO SUHYDOHFLHQWH 'HVGH HVWD SHUVSHFWLYD HV LPSRVLEOH VHSDUDU HO GHVFXEULPLHQWRFLHQWtILFRGHODVFRQGLFLRQHVWpFQLFDV GHDFFHVRDODLQIRUPDFLyQ\GHODVPRGDOLGDGHV SROtWLFDVGRPLQDQWHV(VWRVDSRUWHVGHPXHVWUDQTXHODJHVWLyQDPELHQWDOQRHVVyORXQDFXHVWLyQWpFQLFD \TXHQHFHVDULDPHQWHGHEHLQFRUSRUDUXQDGLVFXVLyQSROtWLFD &RPXQLGDG\JHVWLyQFRPXQLWDULD &RPR UHVSXHVWD D ORV FRQIOLFWRV DPELHQWDOHV KDQ VXUJLGR YDULDV UHVSXHVWDV \ HQWUH HOODV OD JHVWLyQ FRPXQLWDULD(VWDHVXQ LQVWUXPHQWRGH OD HFRORJtDSROtWLFDGHVWLQDGRDGLVPLQXLUODVDVLPHWUtDV GHORV SREODGRUHVORFDOHV\RULHQWDGRDTXHODGHIHQVDDFFHVR\FRQWUROGHORVUHFXUVRVQDWXUDOHVOHVSHUPLWD UHFRQRFHUVXVLQWHUHVHVFROHFWLYRV\HQIUHQWDUVXVFRQIOLFWRVHQIXQFLyQDHOORV 3RUHVWDUD]yQODJHVWLyQFRPXQLWDULDGHFRQIOLFWRVVHDSOLFDSDUDFRQVHJXLUTXHORVFRQIOLFWRVODWHQWHVVH PDQLILHVWHQ\DVtSRGHUVXSHUDUORVSUREOHPDVTXHORVSURYRFDQ(VWRFRQHOREMHWLYRGHHYLWDUTXHORV FRVWRV RFDVLRQDGRV SRU ORV SUREOHPDV VHDQ FDUJDGRV D ODV FRPXQLGDGHV ORFDOHV TXH VRQ ODV PiV YXOQHUDEOHVRDOPHGLRDPELHQWHTXHFRPRVHxDOD&HVDU3DGLOOD*UXHQEHUJHU\0ROLQDHQXQRV DxRVQRVSDVDUiODFXHQWD 3RU RWUD SDUWH SDUD TXH OD JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV VHD H[LWRVD H[LVWHQ DOJXQDV FRQGLFLRQHV EiVLFDVTXHHVQHFHVDULRWHQHUHQFXHQWDHQWUHHOODVSRGHPRVPHQFLRQDU )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR /D HIHFWLYD SDUWLFLSDFLyQ FLXGDGDQD TXH HVWi GHVWLQDGD D JDUDQWL]DU TXH OD WRPD GH GHFLVLRQHV VHD UHSUHVHQWDWLYD \ FRQVLGHUH ODV RSLQLRQHV GH ORV GLVWLQWRV JUXSRV LQWHUHVDGRV SDUD OR TXH HV LQGLVSHQVDEOH OD GLVSRQLELOLGDG GH UHFXUVRV TXH IDFLOLWHQ HO DFFHVR RSRUWXQR D OD LQIRUPDFLyQ QHFHVDULD \ D DVHVRUtDV LQGHSHQGLHQWHV DVt FRPR WDPELpQRSRUWXQLGDGHVLJXDOHVGHDFFHVRDODVDXWRULGDGHV 3URFHVRVGHVFHQWUDOL]DGRV SDUDODWRPDGHGHFLVLRQHVFRQODILQDOLGDGGHQRGHMDUHQ ODV³PDQRV´GHOPHUFDGRQLODSODQLILFDFLyQWHUULWRULDOQLHOXVRGHUHFXUVRV\SDUDTXHORV SURFHVRVSDUWLFLSDWLYRVUHIOHMHQODVH[SUHVLRQHVGHGHVDUUROORVRFLRHFRQyPLFR\FXOWXUDO GH ODV FRPXQLGDGHV TXH SUHWHQGHQ DOFDQ]DU XQ PDQHMR VRVWHQLEOH GH VXV UHFXUVRV QDWXUDOHV /DSUHYHQFLyQ\SUHFDXFLyQ FRPRSULQFLSLRVGHJHVWLyQDPELHQWDOSDUDHYLWDU TXHORV SUR\HFWRVGHDOWRULHVJRLPSXOVDGRVSRUDPELFLRQHVSULYDGDVTXHIDYRUHFHQDSHTXHxRV VHFWRUHVVHDQSULRUL]DGRV (O UHFKD]R D ODV FRPSHQVDFLRQHV HFRQyPLFDV D FDPELR GH OD GHJUDGDFLyQ GHO DPELHQWH(VWHPHFDQLVPRGHPHUFDGRTXHSRQHSUHFLRDOHQWRUQRHVXQDFRUUXSFLyQ DPELHQWDOTXHYDHQFRQWUDGHODSURWHFFLyQDPELHQWDO\SRUORWDQWRGHOELHQFRP~Q 0HWRGRORJtDGHODJHVWLyQFRPXQLWDULDGHFRQIOLFWRV /DPHWRGRORJtDGHODJHVWLyQFRPXQLWDULDGHFRQIOLFWRVSUHFLVDSRUXQDSDUWHDFFHGHUDODLQIRUPDFLyQ SDUD OD WRPD GH GHFLVLRQHV \ SRU RWUD ORJUDU OD SDUWLFLSDFLyQ FRPSURPHWLGD GH ODV RUJDQL]DFLRQHV FLXGDGDQDV2/&$ (QWUH VXV LQVWUXPHQWRV PiV FRPXQHV HVWiQ OD GRFXPHQWDFLyQ H LQIRUPDFLyQ OD FRPXQLFDFLyQ \ OD FRRUGLQDFLyQODRULHQWDFLyQODDVHVRUtDODGHQXQFLD\ODVHQVLELOL]DFLyQ 3DUDDSOLFDUODPHWRGRORJtDGH OD JHVWLyQFRPXQLWDULDGHFRQIOLFWRVHVQHFHVDULRUHFRQRFHUHOHVWDGRGHORVPLVPRV\WHQHULQIRUPDFLyQ VREUHFyPRpVWRVVHGHVDUUROODQDVtFRPRVREUHODVYDULDEOHVTXHOHVVRQFRPXQHV (VWDLQIRUPDFLyQVREUHORVFRQIOLFWRVHVODEDVHSDUDODHODERUDFLyQGHXQSODQHVWUDWpJLFRTXHJXtHODV DFFLRQHVTXHVHUHDOL]DUiQGXUDQWHHOFRQIOLFWRHQHVWDIDVHODSDUWLFLSDFLyQGHORVDFWRUHVORFDOHVHVGH VXPD LPSRUWDQFLD \D TXH HO SODQ HVWUDWpJLFR GHEH VHU XQ LQVWUXPHQWR FRPXQLWDULR TXH SHUPLWD KDFHU IUHQWH RSRUWXQDPHQWH D ORV LPSHGLPHQWRV SDUD ORJUDU HO REMHWLYR ³DOFDQ]DEOH´ WHQLHQGR HQ FXHQWD ORV UHFXUVRVTXHVHUiQXWLOL]DGRVHLGHQWLILFDQGRFODUDPHQWHTXLpQHMHFXWDUiODVDFFLRQHVGHILQLGDV (Q%ROLYLDHOSURFHVRGHJHVWLyQFRPXQLWDULDGHFRQIOLFWRVGLRXQLPSRUWDQWHSDVRFXDQGRHO2/&$\HO )2%20$'( FRRUGLQDURQ OD UHDOL]DFLyQ GH WDOOHUHV UHJLRQDOHV VREUH FRQFHSWRV PHWRGRORJtDV H LQVWUXPHQWRVGHJHVWLyQFRPXQLWDULDGHFRQIOLFWRV (VWDVDFWLYLGDGHVSHUPLWLHURQFRQWDUDORVIRURVGHSDUWDPHQWDOHVFRQUHFXUVRVKXPDQRVFDSDFLWDGRV\ GLVSXHVWRVDSRQHUHQSUiFWLFDORVFRQRFLPLHQWRVDGTXLULGRVSDUDLQLFLDUHOVHJXQGRSDVRUHIHULGRDOD LGHQWLILFDFLyQ\UHFROHFFLyQGHLQIRUPDFLyQVREUHFRQIOLFWRVDPELHQWDOHVGHOSDtV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 8QDYH]TXHORVIRURVGHSDUWDPHQWDOHVLGHQWLILFDURQORVFRQIOLFWRVDPELHQWDOHVH[LVWHQWHVHQVXViPELWRV JHRJUiILFRV GH DFFLyQ VH VHOHFFLRQy ORV FRQIOLFWRV PiV UHSUHVHQWDWLYRV ,QPHGLDWDPHQWH GHVSXpV VH LQLFLy HO OHYDQWDPLHQWR GH OD LQIRUPDFLyQ TXH FRQVLVWLy SRU XQD SDUWH HQ HO UHJLVWUR GH ORV FRQIOLFWRV PHGLDQWHXQD ILFKD H[SUHVDPHQWHSUHSDUDGDSDUDWDOHIHFWR\ SRU RWUDHQ ODSUHVHQWDFLyQGH HQWRUQR VRFLRHFRQyPLFRGHORVPLVPRV 7HQLHQGRHQFXHQWDTXHHOOHYDQWDPLHQWRGHODLQIRUPDFLyQLPSOLFDEDXQFRQWDFWRGLUHFWRFRQORVDFWRUHV GHO FRQIOLFWR VH GLR XQD PD\RU SULRULGDG D ORV FRQIOLFWRV HQ ORV TXH ODV LQVWLWXFLRQHV GHO )2%20$'( HVWDEDQ LQYROXFUDGDV 6LQ HPEDUJR HQ DOJXQRV FDVRV HO OHYDQWDPLHQWR GH LQIRUPDFLyQ LPSOLFy OD UHDOL]DFLyQGHYLDMHVDOHVFHQDULRGHOFRQIOLFWRSDUDHQWDEODUUHODFLyQFRQVXVDFWRUHV &RQODSUHVHQWDFLyQGHHVWHGRFXPHQWRHO2/&$\HO)2%20$'(KDQDYDQ]DGRXQSDVRPiVHQOD JHVWLyQFRPXQLWDULDGHFRQIOLFWRVDPELHQWDOHVHQ%ROLYLDVLQHPEDUJRD~QTXHGDQSHQGLHQWHVODVWDUHDV PiVGLItFLOHVLPSXOVDUSURPRYHUJHQHUDOL]DU\GDUVHJXLPLHQWRDODJHVWLyQFRPXQLWDULDGHORVPLVPRV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWH[WRVRFLRHFRQyPLFRQDFLRQDO (Q UHVSXHVWD D OD FULVLV GHO PRGHOR HVWDWLVWD EDVDGR HQ OD VXVWLWXFLyQ GH LPSRUWDFLRQHV PHGLDQWH OD LQGXVWULDOL]DFLyQORVJRELHUQRVEROLYLDQRVTXHVHVXFHGLHURQDSDUWLUGHRSWDURQSRUHOPRGHOROLEHUDO SDUDODFRQGXFFLyQGHO(VWDGR(OOLEHUDOLVPRGHVSXpVGHFDWRUFHDxRVGHDSOLFDFLyQKDGDGROXJDUDOD SULYDWL]DFLyQ GH ODV HPSUHVDV GH WUDQVSRUWH \ FRPXQLFDFLyQ OD LQIUDHVWUXFWXUD SURGXFWLYD \ ORV UHFXUVRV KLGURFDUEXUtIHURVDVtFRPRPLQHURVTXHVHKDOODEDQHQPDQRVGHO(VWDGR&RQWLQXDQGRHQHVWDYtDTXH\D KD PRVWUDGR HQ PXFKRV FDVRV QDFLRQDOHV \ H[WUDQMHURV VX LQHILFLHQFLD HVWi LQWHQWDQGR HQWUHJDU D ORV FDSLWDOHV SULYDGRV HVSHFLDOPHQWH LQWHUQDFLRQDOHV OD JHVWLyQ GH ORV ERVTXHV ORV UHFXUVRV GH OD ELRGLYHUVLGDGHLQFOXVRHODJXD (OLQLFLRGHODMXVWHHVWUXFWXUDOIXHPDUFDGRSRUODSURPXOJDFLyQHQGHO'HFUHWR6XSUHPR FX\D SULQFLSDO ERQGDG IXH FRQWURODU OD JDORSDQWH LQIODFLyQ \ IUHQDU OD GHYDOXDFLyQ 1R REVWDQWH VXV JHVWRUHVFRQVLGHUDQTXHWDPELpQVHGHEHSRQGHUDUSRVLWLYDPHQWHSRUXQDSDUWHHOQXHYRUROQRUPDGRU UHJXODGRU \ IDFLOLWDGRU GHO (VWDGR TXH GHMy HQ PDQRV GH ORV FDSLWDOHV SULYDGRV IXQGDPHQWDOPHQWH H[WUDQMHURV\ GHOPHUFDGRHOGHVWLQRGHODSURGXFFLyQ 3RURWUD ODOLEUH FRQWUDWDFLyQTXHH[LPLyDODV HPSUHVDVGHODVWUDEDVOHJDOHVTXHH[LVWtDQSDUDGHVSHGLUDVXVWUDEDMDGRUHV /D LPSOHPHQWDFLyQ GHO PRGHOR OLEHUDO FX\D FRQVLJQD FHQWUDO HVH[SRUWDU R PRULU WLHQH FRPR WHOyQ GH IRQGR OD HURJDFLyQ GH OH\HV TXH IDFLOLWDQ DO FDSLWDO SULYDGR QR VyOR OD H[SORWDFLyQ GH ORV UHFXUVRV QDWXUDOHV VLQR DGHPiV GH ORV UHFXUVRV KXPDQRV GHO SDtV /D /H\ &RUD]yQ TXH IXH GLFWDGD FRQ HO SURSyVLWR GH VXSHUDU HO REVWiFXOR TXH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR SRQH D OD DGTXLVLFLyQ R SRVHVLyQH[WUDQMHUDGHVXHORRVXEVXHORQDFLRQDOGHQWURGHORV.PGHODVIURQWHUDVGHOSDtV\TXH HVWiGHVWLQDGDDTXH%ROLYLDVHFRQYLHUWDHQXQQ~FOHRHQHUJpWLFRFRPXQLFDFLRQDOUHJLRQDODWUDYpVGHOD DSHUWXUD GH FRUUHGRUHV SDUD OD H[SRUWDFLyQ GH HQHUJtD H KLGURFDUEXURV \ HO WHQGLGR GH UHGHV GH WHOHFRPXQLFDFLyQ (O&yGLJR0LQHURTXHSULYLOHJLDHVWDDFWLYLGDGH[WUDFWLYLVWDLQFOXVRD ULHVJRGHFUHDU LQFHUWLGXPEUH VREUH OD SURSLHGDG \ XVR GHO VXHOR \ OD JHVWLyQ GH iUHDV SURWHJLGDV /D /H\ GH +LGURFDUEXURV TXH SULYDWL]y <3)% SULYDQGR DO (VWDGR EROLYLDQR GH VX PiV LPSRUWDQWH IXHQWH GH LQJUHVRV )LQDOPHQWH HO SUR\HFWR GH )OH[LELOL]DFLyQ /DERUDO TXH RILFLDOPHQWHVH GHWXYRKDVWD ILQHV GHO DxRSHUR TXHHQORVKHFKRVHVWiVLHQGRLPSOHPHQWDGRFRQGLVLPXOR $O UHVSHFWR GH DFXHUGR DO &HQWUR GH (VWXGLRV SDUD HO 'HVDUUROOR /DERUDO \ $JUDULR &('/$ OD IOH[LELOL]DFLyQ HVWi HQ PDUFKD \ VH SURSRQH GLYLGLU D ODV IXHU]DV TXH VH RSRQHQ D OD UHGXFFLyQ GH ORV GHUHFKRVODERUDOHVPHGLDQWHHOGHQRPLQDGR(VWDWXWRGHO)XQFLRQDULR3~EOLFRDSUREDGRUHFLHQWHPHQWHTXH VXSXHVWDPHQWHHVWiGHVWLQDGR DHOLPLQDU OD FRUUXSFLyQ \ HO FOLHQWHOLVPRSROtWLFR SHURTXH HQ ORVKHFKRV LQWHQWD DWDFDU SULPHUR D XQ VHFWRU DQXODQGR VXV GHUHFKRV GH DVRFLDFLyQ \ KXHOJD SDUD SRVWHULRUPHQWH DUUHPHWHUFRQWUDORVWUDEDMDGRUHVIDEULOHVPLQHURV\GHRWURVVHFWRUHV 'H HVWD PDQHUD HQ HO WLHPSR WUDQVFXUULGR \ PLHQWUDV ORV GLIHUHQWHV JRELHUQRV XWLOL]DQ HO HVORJDQ GH ³OXFKDFRQWUDODSREUH]D´VHHVWiGHWHULRUDQGRFDGDYH]PiVODFDOLGDG\HOQLYHOGHYLGDGHODVJUDQGHV PD\RUtDV OLPLWDQGR VXV SRVLELOLGDGHV GH DFFHVR D ORV UHFXUVRV QDWXUDOHV \ D ODV RSRUWXQLGDGHV GH 3HULyGLFR/D5D]yQGHVHSWLHPEUHGH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV HGXFDFLyQDVtFRPRDORVVHUYLFLRVGHVDOXG$GHPiVVHHYLGHQFLDTXHHQHVWRVDxRVODDVLPHWUtDVRFLDO \HFRQyPLFDVHSURIXQGL]D\QRVDOHMDGHODWDQSXEOLFLWDGDPHWDGHVXSHUDUODSREUH]D (QXQDUWtFXOR GHSUHQVDTXH FRPR PXFKRVRWURVQRVUHFXHUGDTXH %ROLYLD HVXQR GHORV SDtVHV PiV SREUHV GHO FRQWLQHQWH GHELGR D TXH HO GH VX SREODFLyQ FDUHFH GH VHUYLFLRV EiVLFRV FRPR YLYLHQGDVDOXGHGXFDFLyQRLQIUDHVWUXFWXUDVDQLWDULDHOSHULyGLFR/D5D]yQLQIRUPDTXHHVWDVLWXDFLyQ VH UHIOHMD FUXGDPHQWH HQ ORV HVFDVRV LQJUHVRV HFRQyPLFRV \ ODV SpVLPDV FRQGLFLRQHV GH YLGD GH OD SREODFLyQ\UHVDOWDHVWHKHFKRLQGLFDQGRTXHPiVGHOGHORVDVDODULDGRVGHOSDtVUHFLEHQHOPtQLPR EiVLFRGH%ROLYLDQRVORTXHHTXLYDOHDGyODUHVDPHULFDQRVPHQVXDOHV 3RURWUDSDUWHGHDFXHUGRDO$QXDULRGHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDVSHUVRQDVGHODV PLOORQHV HFRQyPLFDPHQWH DFWLYDV HVWiQ GHVRFXSDGDV \ PLOORQHV VRQ WUDEDMDGRUHV SRU FXHQWD SURSLDHVGHFLUWUDEDMDQHQSpVLPDVFRQGLFLRQHVVLQQLQJ~QWLSRGHEHQHILFLRVRFLDORVHJXURPpGLFR\SRU PtQLPRV LQJUHVRV HFRQyPLFRV TXH OHV REOLJD D UHDOL]DU MRUQDGDV GH HQWUH \ KRUDV GH WUDEDMR 3DUDOHODPHQWHDHVWDVLWXDFLyQHQHORWURH[WUHPRGHODSLUiPLGHVHDFXPXODQIRUWXQDVFRQHOWUiILFRGH LQIOXHQFLDV HO QDUFRWUiILFR \ OD FRUUXSFLyQ VLQ HPEDUJR SDUD QR KDEODU GH WHPDV WDQ HVFDEURVRV QRV SDUHFHVXILFLHQWHPHQFLRQDUTXHHOGHMXQLRGHHO%DQFR0XQGLDOILUPyXQFRQYHQLRSRUPLOORQHV GHGyODUHVSDUDILQDQFLDUXQ3ODQGH/XFKD&RQWUDOD&RUUXSFLyQHQHO6HFWRU3~EOLFR /DVFLIUDVVREUHDQDOIDEHWLVPRWDPELpQUHIOHMDQODDFWXDOVLWXDFLyQVRFLRHFRQyPLFDGHOSDtVGHDFXHUGRD LQIRUPDFLyQ GHO )RQGR GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQFLD 81,&() HQ %ROLYLD KD\ DSUR[LPDGDPHQWH PLOORQHV GH SHUVRQDV PD\RUHV GH TXLQFH DxRV HQWUH ORV FXDOHV PiV GH PLOORQHVVRQDQDOIDEHWRVIXQFLRQDOHV 6LWHQHPRVHQFXHQWDTXHODSREODFLyQEROLYLDQDHVGHDOJRPiV GHPLOORQHVGHSHUVRQDVHOSRUFHQWDMHGHDQDOIDEHWLVPRIXQFLRQDOHVH[WUHPDGDPHQWHDOWR 2WURDVSHFWRTXHWDPELpQSRGHPRVPHQFLRQDUHQWUHORVPXFKRVRWURVTXHVRQSDUWHGHOFRQWH[WRHQHO FXiOVHGHVDUUROODQORVFRQIOLFWRVVRQODVPDVLYDVPLJUDFLRQHVGHODSREODFLyQFDPSHVLQDHLQGtJHQDGHO iUHDUXUDOKDFLDHOH[WHULRUGHOSDtVSULQFLSDOPHQWHOD5HS~EOLFD$UJHQWLQD\KDFLDODVJUDQGHVFLXGDGHVGHO HMHFHQWUDOFRPSXHVWRSRU/D3D]&RFKDEDPED\6DQWD&UX]ODVPLVPDVTXHHQODDFWXDOLGDGFRQFHQWUDQ HOGHODSREODFLyQEROLYLDQDPLHQWUDVTXHKDFHPHQRVGHDxRVODSREODFLyQUXUDOVXSHUDEDHO GHOWRWDO /R DQWHULRU VH H[SOLFD SRU OD H[WUHPDGD GHVLJXDOGDG HQ OD GLVWULEXFLyQ GH OD WLHUUD GH DFXHUGR D XQD SXEOLFDFLyQ GHO ,/',6 $UULHWD ODV XQLGDGHV DJURSHFXDULDV GH HFRQRPtD FDPSHVLQD FRQ H[WHQVLRQHVGHKDVWDFLQFRKHFWiUHDVTXHUHSUHVHQWDQHOGHOWRWDOGHXQLGDGHVFRQWURODQVRODPHQWH HOGHODVXSHUILFLHGHOSDtVHQFRQWUDVWHFRQODVXQLGDGHVDJURSHFXDULDVGHPiVGHKHFWiUHDV TXHFRQFHQWUDQHOGHODWLHUUD\TXHVyORUHSUHVHQWDQHOGHOWRWDOGHODVXQLGDGHV(QWUHHVWRV ~OWLPRVORVODWLIXQGLVWDVGHPiVGHKHFWiUHDVVRQGXHxRVGHOGHOWHUULWRULRQDFLRQDO 3RURWUDSDUWHGHDFXHUGRDGHFODUDFLRQHVS~EOLFDVGHO6XSHULQWHQGHQWH$JUDULRHO GHODVWLHUUDV GHO SDtV QR WLHQHQ XQD VLWXDFLyQ MXUtGLFD FODUD OR TXH REYLDPHQWH JHQHUD JUDYHV FRQIOLFWRV GH VREUHSRVLFLyQGHSURSLHGDGHV\GHXVRVDORODUJRGHOWHUULWRULRQDFLRQDO 3HULyGLFR/D5D]yQGHDJRVWRGH 3HULyGLFR/D5D]yQGHDJRVWRGH 3HULyGLFR3UHVHQFLDGHVHSWLHPEUHGH 2VFDU5HD(PHUJHQFLDGHKXPDQLGDG3HULyGLFR3UHVHQFLDPDUWHVGHVHSWLHPEUHGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (V GHFLU TXH GHVSXpV GH WUHV DxRV GH SURPXOJDGD OD /H\ GHO 6HUYLFLR 1DFLRQDO GH 5HIRUPD $JUDULD ,15$ ORV SURFHVRV GH VDQHDPLHQWR GH WLHUUDV HVWiQ HVWDQFDGRV \ HO SHRU FDVR GHOSDtV HV HO GHO GHSDUWDPHQWRGH3DQGRGRQGHGHDFXHUGRDLQIRUPDFLyQREWHQLGDSRUHOSHULyGLFR3UHVHQFLDHOGH ORVFDPSHVLQRVQRVRQSURSLHWDULRVOHJtWLPRVGHVXVWLHUUDV (QHVWDVFLUFXQVWDQFLDVHVGLItFLOKDEODUGHSURWHFFLyQDPELHQWDO\PHQRVGHVRVWHQLELOLGDG$OUHVSHFWR :HUQHU*5D]DSODQWHDTXHH[LVWHXQDFODUDFRQWUDGLFFLyQHQWUHHOPRGHORHFRQyPLFRQHROLEHUDO SUHYDOHFLHQWH\ODVSRVLELOLGDGHVSDUDHVWDEOHFHUUHJXODFLRQHVDPELHQWDOHVHIHFWLYDV\DTXHODV~OWLPDV VRQ VyOR FRPSDWLEOHV FRQ ODV SROtWLFDV QDFLRQDOHV PLHQWUDV SURYHDQ FLHUWRV EHQHILFLRV H[WUD FRPR SRU HMHPSORSUHVWLJLRLQWHUQDFLRQDORIOXMRVGHIRQGRVDGLFLRQDOHVSDUDHOSDtV (VWHDXWRUFRQVLGHUDTXHORVOtPLWHVSDUDODLPSOHPHQWDFLyQGHXQFRQFHSWRGHVRVWHQLELOLGDGHQORVSDtVHV GH OD SHULIHULD VRQ H[SOtFLWRV \ HVWiQ GDGRV SRU HO SUHGRPLQLR GHO QHROLEHUDOLVPR D HVFDOD QDFLRQDO H LQWHUQDFLRQDO XQ (VWDGR SHULIpULFR FHQWUDOLVWD FRQ GHILFLHQFLDV FUyQLFDV HQ WpUPLQRV GH VX FDSDFLGDG GH UHJXODUVXWHUULWRULR\FRQXQDIXHUWH GHSHQGHQFLDGHOILQDQFLDPLHQWRH[WHUQR\XQUpJLPHQGHDFXPXODFLyQ TXHWUDGLFLRQDOPHQWHKDGHSHQGLGR\WRGDYtDGHSHQGHGHXQDH[SORWDFLyQQDWXUDOGHJUDQHVFDOD3RUOR WDQWR VHxDOD TXH ODV SROtWLFDV DPELHQWDOHV VyOR SXHGHQ MXJDU XQ URO VHFXQGDULR \DTXH OD VRVWHQLELOLGDG HFROyJLFDDVtFRPRODVUHJXODFLRQHVDPELHQWDOHVHVWiQVXERUGLQDGDVWDQWRSROtWLFDFRPRFRQFHSWXDOPHQWH DXQGHVDUUROOREDVDGR\RULHQWDGRHQXQUpJLPHQGHDFXPXODFLyQYtDODLQWHQVLILFDFLyQGHODH[SORWDFLyQGH ODEDVHGHORVUHFXUVRV QDWXUDOHVGHOSDtV (MHPSORFODURGHORDQWHULRUHVHOKHFKRGHTXHOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR20&REVHUYD FRQEHQHSOiFLWRTXHORVUHJtPHQHVGHFRPHUFLRHLQYHUVLyQEROLYLDQRVVRQSUHGHFLEOHV\WUDQVSDUHQWHV\ GHVWDFDORVEDMRV\XQLIRUPHVQLYHOHVDUDQFHODULRV\ODLQH[LVWHQFLDGHPHGLGDVGHSURWHFFLyQDOFRPHUFLR H[WHULRU /R TXH HV XQ YHUGDGHUR FRQWUDVWH FRQ ODV UHJXODFLRQHV QR DUDQFHODULDV TXH (VWDGRV 8QLGRVWLHQHSDUDODVLPSRUWDFLRQHVDVtFRPR ORVDOWtVLPRVSRUFHQWDMHVGHVXEYHQFLyQDODDJULFXOWXUD TXH WDQWR HQ HVWH SDtV FRPR HQ ORV SDtVHV HXURSHRV HVWiQ HQWUH HO \ HO GHO YDORU WRWDO GH OD SURGXFFLyQ8JDUWHFKH (Q RWUDV SDODEUDV HO OLEHUDOLVPR FX\DV QRUPDV SDUD HO FRPHUFLR LQWHUQDFLRQDO VRQ VyOR LQHOXGLEOHV SDUD SDtVHV SHULIpULFRV SURYRFD TXH OD UHODFLyQ GH PHUFDGR VH DVLHQWH VREUH QXHVWUDV ~QLFDV YHQWDMDV FRPSDUDWLYDVODPDQRGHREUDVXEYDORUDGD\ODH[SORWDFLyQLQWHQVLYDGHUHFXUVRVQDWXUDOHV(VWHSURFHVR GH H[SORWDFLyQ TXH VH GHVDUUROOD HQ PDQRV GH FDSLWDOHV SULYDGRV HQWUH ORV FXDOHV OD LQYHUVLyQ GLUHFWD H[WUDQMHUDHVFRQVLGHUDGDHOSULQFLSDODJHQWHGHLQYHUVLyQ6HRDQHGHMDDVXSDVRXQVLQOtPLWHVGH FRQIOLFWRVVRFLRHFRQyPLFRV\DPELHQWDOHVTXHHQVXJUDQSDUWHUHFDHQVREUHORVPiVYXOQHUDEOHV (QHVWHVHQWLGRODJOREDOL]DFLyQTXHKDVLGRGHILQLGDFRPRHOFUHFLPLHQWRGHODDFWLYLGDGHFRQyPLFDTXH WUDVFLHQGHFRQFDGDYH]PD\RUIXHU]DODVIURQWHUDVQDFLRQDOHV\UHJLRQDOHV\TXHYDGHODPDQRGHOD OLEHUWDGGHORVPRYLPLHQWRVLQWHUQDFLRQDOHVGH FDSLWDOKDOOHJDGRDWDOQLYHOGHFRQFHQWUDFLyQTXHHQOD DFWXDOLGDG DOUHGHGRU GH HPSUHVDV PDQHMDQ HO GHO FRPHUFLR PXQGLDO OR TXH LPSOLFD XQD VLJQLILFDWLYDSpUGLGDGHDXWRQRPtDSDUDGHILQLUSROtWLFDVHFRQyPLFDV 3HULyGLFR/D5D]yQ/D3D] GHDJRVWRGH 2VFDU8JDUWHFKH6HPLQDULR%ROLYLDKDFLDHO6LJOR;;,&,'($&15&('/$&(%318' 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (QHVWHFRQWH[WR\DQWHHVWDVLWXDFLyQORVHFRORJLVWDVFXHVWLRQDQPiVDOOiGHOOLEHUDOLVPRHOPRGHORGH DFXPXODFLyQ TXH OR XWLOL]D SDUD VXV ILQHV \ SODQWHD TXH OD KXPDQLGDG SDUD FRQWLQXDU VX HYROXFLyQ SUHFLVDUHYHUWLUOR$OUHVSHFWRVXSURSXHVWDFHQWUDOHVTXHODGHFLVLyQVREUHHO XVRGHORVUHFXUVRV\HO GHVWLQR GH VXV EHQHILFLRV HVWp HQ PDQRV GH ODV SREODFLRQHV ORFDOHV DVSHFWR TXH ORVLGHQWLILFD FRQ OD SURSXHVWD GHO GHVDUUROOR VRVWHQLEOH HQ OD PHGLGD HQ pVWD SURSRQH SHQVDU JOREDOPHQWH \ DFWXDU ORFDOPHQWH SDUD DOFDQ]DU XQ PRGHOR GH GHVDUUROOR TXH FRQWHPSOH OD HTXLGDG HQWUH JHQHUDFLRQHV SUHVHQWHV\IXWXUDV (QHVWHVHQWLGRODH[LVWHQFLDGHHQIUHQWDPLHQWRVHQWUHDFWRUHVVRFLDOHVSRUHODFFHVRDORVUHFXUVRVQDWXUDOHV \ODFDOLGDGGHYLGDH[SUHVDFRQIOLFWRVGHLQWHUHVHVTXHFRQODD\XGDGHODPHWRGRORJtDGHJHVWLyQFRPXQLWDULD GH FRQIOLFWRV SXHGHQ FRQYHUWLUVH HQ DFFLRQHV TXH FRQTXLVWHQ HO GHUHFKR GH ODV SREODFLRQHV ORFDOHV HQ OD GHILQLFLyQGHOXVR\GHVWLQRGHORVEHQHILFLRVGHVXVUHFXUVRVQDWXUDOHV\VXDPELHQWH 6LELHQHVWDHVVyORXQDHVWUDWHJLDPiVHQODE~VTXHGDGHVROXFLRQHVDODVOLPLWDQWHVTXHQRVLPSRQHHO PRGHOR VX DSOLFDFLyQ SXHGH VHU HO KLOR FRQGXFWRU KDFLD OD FRQVHFXFLyQ GH UHVSXHVWDV FRQFUHWDV \ PiV JHQHUDOHVFRPRHVSRUHMHPSORDOFDQ]DUODDXWRVXILFLHQFLDDOLPHQWDULD\IRUWDOHFHUODVDOLDQ]DVUHJLRQDOHV SDUDSRGHUHMHUFHUSUHVLyQVREUHHOQLYHOGHORVWpUPLQRVGHLQWHUFDPELR\HOWUDWDPLHQWRTXHWHQGUiQXHVWUD GHXGDH[WHUQD(VWR~OWLPRGHEHUtDFRQWDUFRQHOVHJXLPLHQWRGHODVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLO ODWLQRDPHULFDQDGHRWUDPDQHUDSULPDUtDQORVLQWHUHVHVGHDTXHOORVTXHXVXIUXFW~DQGHODGHSHQGHQFLDHQ ODTXHYLYHQQXHVWURVSDtVHV -HQQ\*UXHQEHUJHU 6RFLyORJDFRQHVWXGLRVGH0DHVWUtDHQ5HODFLRQHV (FRQyPLFDV,QWHUQDFLRQDOHVH,QWHJUDFLyQ )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWH[WROHJDO\FRQIOLFWRVDPELHQWDOHV /HJLVODFLyQSURSLDPHQWHDPELHQWDO /D OHJLVODFLyQ SURSLDPHQWHDPELHQWDO HVWi FRPSXHVWD HQ %ROLYLD SRU OD /H\ GHO0HGLR$PELHQWH\ VXV 5HJODPHQWRVHQYLUWXGGHTXHUHVSRQGHQDODPRGHUQDFRQFHSFLyQDPELHQWDOFRQXQDYLVLyQVLVWpPLFD \ WUDQVGLVFLSOLQDULD 1R REVWDQWH GH TXH OD OHJLVODFLyQ PHQFLRQDGD HV UHFLHQWH SRFR DSOLFDGD \ HVFDVDPHQWH GLIXQGLGD HV HO LQVWUXPHQWRMXUtGLFR IXQGDPHQWDO SDUD SURWHJHU HO HQWRUQR\ ORVUHFXUVRV QDWXUDOHV GHO SDtV IXQGDPHQWDOPHQWH FRQWUD ORV LQWHUHVHV VHFWRULDOHV TXH VXHOHQ LJQRUDU ORV DVSHFWRV DPELHQWDOHVHQHOGHVDUUROORGHVXVSURFHVRVSURGXFWLYRV /D /H\ GHO 0HGLR $PELHQWH DSUREDGD HQ DEULO GH WLHQH SRU REMHWR FUHDU HO PDUFR OHJDO SDUDOD SURWHFFLyQ \ FRQVHUYDFLyQ GHO PHGLR DPELHQWH \ ORV UHFXUVRV QDWXUDOHV UHJXODQGR ODV DFFLRQHV GHO KRPEUHFRQUHODFLyQDODQDWXUDOH]D\SURPRYLHQGRHOGHVDUUROORVRVWHQLEOHFRQODILQDOLGDGGHPHMRUDUOD FDOLGDGGHYLGDGH ODSREODFLyQ (VWD/H\ IXHSURGXFWRGH XQRGH ORV SURFHVRVPiV SDUWLFLSDWLYRVTXH YLYLyHOSDtVHQYLUWXGDTXHVXGLVFXVLyQLQYROXFUyDGHFHQDVGHDPELHQWDOLVWDVWpFQLFRVDFDGpPLFRV\ DXWRULGDGHVGHWRGRVORVGHSDUWDPHQWRVGH%ROLYLD 'HDFXHUGRDGLFKD/H\DUWtFXORWRODSROtWLFDQDFLRQDODPELHQWDOGHEHFRQWULEXLUDPHMRUDUODFDOLGDGGH YLGDGHORVEROLYLDQRV D SDUWLUGHODGHILQLFLyQGH DFFLRQHV JXEHUQDPHQWDOHVTXHJDUDQWLFHQ ODFDOLGDG DPELHQWDOXUEDQD\UXUDOODSURPRFLyQGHOGHVDUUROORVRVWHQLEOHFRQHTXLGDG\MXVWLFLDVRFLDOWRPDQGRHQ FXHQWDODGLYHUVLGDG FXOWXUDOGHOSDtVDVtFRPRODFRQVHUYDFLyQGHODGLYHUVLGDGELROyJLFDODRSWLPL]DFLyQ \ UDFLRQDOL]DFLyQGH ORVUHFXUVRVQDWXUDOHVUHQRYDEOHVJDUDQWL]DQGRVXGLVSRQLELOLGDGDODUJRSOD]R OD LQFRUSRUDFLyQGHODGLPHQVLyQDPELHQWDOHQORVSURFHVRVGHGHVDUUROORDVtFRPRHQORVGHHGXFDFLyQHO IRPHQWRDODLQYHVWLJDFLyQFLHQWtILFD\WHFQROyJLFDHORUGHQDPLHQWRWHUULWRULDOODFUHDFLyQ\IRUWDOHFLPLHQWR GHORVPHGLRVLQVWUXPHQWRV\PHWRGRORJtDVSDUDODHODERUDFLyQGHSODQHV\HVWUDWHJLDVDPELHQWDOHVGHO SDtVSULRUL]DQGRODHODERUDFLyQ\PDQWHQLPLHQWRGHODVFXHQWDVSDWULPRQLDOHV\ODFRPSDWLELOL]DFLyQGH ODVSROtWLFDVQDFLRQDOHVFRQODVWHQGHQFLDVDPELHQWDOHVLQWHUQDFLRQDOHV/H\GHO0HGLR$PELHQWH &RQ HVWD ILQDOLGDG OD /H\ FUHy XQ PDUFR LQVWLWXFLRQDO SDUD HO WUDWDPLHQWR \ DGPLQLVWUDFLyQ HVWDWDO VLQ HPEDUJRHQODDFWXDOLGDGpVWHVHKDOODGHVDFWXDOL]DGRGHELGRDORVVXFHVLYRVFDPELRVHQODHVWUXFWXUD GHO 3RGHU (MHFXWLYR (VWD VLWXDFLyQ HQWUDxD XQ FRQIOLFWR SRWHQFLDO \D TXH OD QHFHVDULD DGHFXDFLyQ GH HVWD/H\DODQXHYDHVWUXFWXUDGHO(MHFXWLYRSXHGHGDUStHDXQDUHYLVLyQTXHSHUPLWDPRGLILFDUODDIDYRU GHLQWHUHVHVVHFWRULDOHVSULQFLSDOPHQWHPLQHURV\SHWUROHURV &RQHOREMHWLYRGHDSOLFDUOD/H\GHO0HGLR$PELHQWHVHSURPXOJyHO'HFUHWR6XSUHPR TXH SXVRHQYLJHQFLDORV5HJODPHQWRVGHOD/H\GHO0HGLR$PELHQWHORVPLVPRVTXHHVWiQFRPSXHVWRVSRU ORV 5HJODPHQWRV *HQHUDOHV GH *HVWLyQ $PELHQWDO 3UHYHQFLyQ \ &RQWURO $PELHQWDO &RQWDPLQDFLyQ $WPRVIpULFDGH&RQWDPLQDFLyQ+tGULFD$FWLYLGDGHVFRQ6XVWDQFLDV3HOLJURVDV\*HVWLyQGH5HVLGXRV 6yOLGRV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV /HJLVODFLyQVHFWRULDO /D OHJLVODFLyQ VHFWRULDO GH UHOHYDQFLD DPELHQWDO SURWHJH DOJXQRV HOHPHQWRV DPELHQWDOHV GH ODV DFWLYLGDGHVVHFWRULDOHV (QFXDQWRDORVSURFHVRVGHUHGDFFLyQ\DSUREDFLyQGHOH\HVVHFWRULDOHVOLJDGDVDOPDQHMRGHUHFXUVRV QDWXUDOHV&DUORV3HOiH] VHxDODTXHSDUDODDSUREDFLyQGHOD/H\)RUHVWDOLQVWLWXFLRQHVGHOD VRFLHGDG FLYLO \ SULQFLSDOPHQWH OD /LJD GH 'HIHQVD GHO 0HGLR $PELHQWH /,'(0$ OD $VRFLDFLyQ 3UR 'HIHQVDGHOD1DWXUDOH]D352'(1$\HO)2%20$'(MXJDURQXQSDSHOIXQGDPHQWDOSDUDLPSHGLUTXH ORVERVTXHVVHDQSULYDWL]DGRV6LQHPEDUJRHVWHQRIXHHOFDVRHQODUHJODPHQWDFLyQGHOD/H\)RUHVWDO '6 TXH IXH DSUREDGD VLQ HO FRQRFLPLHQWR QL OD SDUWLFLSDFLyQ GH OD VRFLHGDG FLYLO 3RU RWUD SDUWHVHxDODTXHHQODJHVWLyQGHJRELHUQRGHDGHEtDQVHUDSUREDGRVHOSUR\HFWRGH/H\GH &RQVHUYDFLyQGHOD'LYHUVLGDG%LROyJLFD\OD/H\GH$JXDVHQFDPELRIXHURQSURPXOJDGDVRWUDVOH\HV FRQ DOWR LPSDFWR DPELHQWDO FRPR OD /H\ GH +LGURFDUEXURV HO &yGLJR 0LQHUR TXH FRQWLHQHQ DVSHFWRV GLULJLGRV D HYDGLU ODV UHJXODFLRQHV DPELHQWDOHV FRQWHPSODGDV HQ OD /H\ GHO 0HGLR $PELHQWH \ VXV UHJODPHQWRV +DFLHQGR UHIHUHQFLD D OD /H\ GH &RQVHUYDFLyQ GH OD %LRGLYHUVLGDG PHQFLRQDTXHVXGLVFXVLyQIXHUHWRPDGDHQSHURTXHDODIHFKDH[LVWHQGRVYHUVLRQHVSURSXHVWDV SRUHOPLVPRSDUWLGRGHJRELHUQRXQDSURYHQLHQWHGHO(MHFXWLYR\RWUDGHO/HJLVODWLYRTXHKDQVHPEUDGR GHVFRQFLHUWR \ KDQ UHWUDVDGR FRQVLGHUDEOHPHQWH VX DQiOLVLV \ DSUREDFLyQ &RQ UHODFLyQ D OD /H\ GH $JXDVHVWiHQYLJHQFLDXQ'HFUHWR6XSUHPRGHOVLJORSDVDGRTXHHQIXHHOHYDGRDUDQJRGH/H\ SRUORTXHHVLQGLVSHQVDEOHVXDFWXDOL]DFLyQSHURODPHQWDEOHPHQWHHOQXHYRSUR\HFWRGH/H\HVWiHQOD WULJpVLPDSULPHUDYHUVLyQODPLVPDTXHVLJXHHQUHYLVLyQ (VWD VLWXDFLyQ UHIOHMD DGHPiVGH ODLQFRKHUHQFLD HQ FXDQWR D ODV SROtWLFDV GH GHVDUUROORVRVWHQLEOH OD IDOWD GH YROXQWDG GH ORV JREHUQDQWHV SDUD GRWDU DO SDtV GH XQD OHJLVODFLyQ DPELHQWDO DFRUGH FRQ ORV GHVDItRV GHO QXHYR PRGHOR GH GHVDUUROOR SURSXHVWR D HVFDOD JOREDO \ DVXPLGR SRU QXHVWURV SDtVHV 7DPELpQHYLGHQFLDODSUHVLyQ TXHHMHUFHQORVVHFWRUHVGHSRGHUTXHVHKDQPRYLOL]DGRSDUDHYDGLUOD OHJLVODFLyQ DPELHQWDODWUDYpVGHQXHYDVQRUPDVMXUtGLFDVTXHLPSLGHQVXDSOLFDFLyQ 8Q HMHPSOR FODUR GH OR DQWHULRU HV HO UHIHULGR D ORV SURFHGLPLHQWRV SDUD OD REWHQFLyQ GH OD OLFHQFLD DPELHQWDO5HVSHFWRDHVWHWHPD0DULDQHOOD+LGDOJR SODQWHDTXHVLELHQOD/H\GHO0HGLR$PELHQWH\ VX FXHUSR UHJODPHQWDULR FRQFLEHQ FRPR WHPDV WUDQVYHUVDOHV ODV OLFHQFLDV DPELHQWDOHV ODV QRUPDV VHFWRULDOHV FRPR HO 5HJODPHQWR $PELHQWDO GHO &yGLJR GH 0LQHUtD '6 GHMDQ GH ODGR OD WUDQVYHUVDOLGDGDOHVWDEOHFHUSURFHGLPLHQWRVHLQVWUXPHQWRVWpFQLFRVGLIHUHQWHVTXHOOHYDQDFRQIOLFWRV GHDSOLFDELOLGDG\FRDG\XYDQDODLQHILFLHQFLDGHODJHVWLyQ(QHVWHVHQWLGROD'UD+LGDOJRRSLQDTXH SDUD TXH OD QRUPDWLYD DPELHQWDO SXHGD VHU FRQVLGHUDGD XQD IRUWDOH]D GHEH DWUDYHVDU XQ SURFHVR GH UHYLVLyQ\FRPSDWLELOL]DFLyQGHpVWDVQRUPDV2WUDGHODVGHELOLGDGHVTXHLGHQWLILFDOD'UD+LGDOJRHQOD QRUPDWLYD DPELHQWDO HV OD IDOWD GH PHFDQLVPRV FODURV GH SDUWLFLSDFLyQ GH OD VRFLHGDG FLYLO 7DPELpQ VHxDOD TXH HO SULQFLSLR GHO ³6LOHQFLR $GPLQLVWUDWLYR´ FRQWHPSODGR HQ ORV 5HJODPHQWRV GH OD /H\ GHO 0HGLR$PELHQWH\TXHVHDSOLFDGHVGHORVSULPHURVSDVRVGHOSURFHVRSDUDODDSUREDFLyQGHO0DQLILHVWR $PELHQWDOHVPX\SUHRFXSDQWHSXHVWRTXHHQODSUiFWLFDVHKDREVHUYDGRXQDVHULHGHRPLVLRQHVHQOD LQIRUPDFLyQSURSRUFLRQDGDHLQFOXVRGHILFLHQFLDVHQGLYHUVRVGRFXPHQWRVWpFQLFRVORVFXDOHVVLQRVRQ (QWUHYLVWDUHDOL]DGDD&DUORV3HOiH]HVSHFLDOLVWDHQGHUHFKRDPELHQWDOHOGHVHSWLHPEUHGH (QWUHYLVWDUHDOL]DGDDOD'UD0DULDQHOOD+LGDOJRHVSHFLDOLVWDHQGHUHFKRDPELHQWDOHOGHVHSWLHPEUHGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR UHYLVDGRVGHQWURGHOSOD]RILMDGRSRU/H\JUDFLDVDOVLOHQFLRDGPLQLVWUDWLYRVHUiQODEDVHGHOD/LFHQFLD $PELHQWDOFRQODVFRQVHFXHQFLDVGHVIDYRUDEOHVSDUDODJHVWLyQDPELHQWDO (QWUHPXFKDVRWUDVGHILFLHQFLDVGHVGHODSHUVSHFWLYDDPELHQWDOOD'UD+LGDOJRVHxDODTXH (O&yGLJR 0LQHUR QR WLSLILFD QLQJ~Q GHOLWR HPHUJHQWH GH ODV DFWLYLGDGHV PLQHUDV QL WDPSRFR HVWDEOHFH LQIUDFFLyQ DOJXQDSDVLEOHDVDQFLRQHVSHURVHFRQYLHUWHHQHOLQVWUXPHQWRSDUDGHWHUPLQDUHOSOD]RGHSUHVFULSFLyQ GHODVDFFLRQHVRULJLQDGDVHQDFWLYLGDGHVPLQHUDVUHGXFLHQGRWRGRVHVWRVDWUHVDxRVHLQFXUULHQGRGH HVWDPDQHUDHQHUURUGHGHUHFKRIUHQWHDO&yGLJR3HQDOTXH HVWDEOHFHDxRVSDUDODSUHVFULSFLyQGH GHOLWRVSHQDOHV3RURWUDSDUWHUHPDUFDTXHHO5HJODPHQWRGHO&yGLJR0LQHURVHxDODTXHODVDFWLYLGDGHV GH H[SORUDFLyQ JHRItVLFD SHUIRUDFLyQ \ VRQGHR H[SORUDFLyQ SRU SR]RV FXDGURV SLTXHV \ WULQFKHUDV \ RWURVPpWRGRVGHH[SORUDFLyQTXHQRSURGX]FDQGHVPRQWHVDVtFRPRODVDFWLYLGDGHVPLQHUDVPHQRUHV FRQ LPSDFWRV DPELHQWDOHV FRQRFLGRV QR VLJQLILFDWLYRV QR UHTXLHUHQ GH OD SUHVHQWDFLyQ GH (VWXGLR GH (YDOXDFLyQGH,PSDFWR$PELHQWDOQLGH0DQLILHVWR$PELHQWDO'HHVWDPDQHUDVHFRQFOX\HTXHWDQWRHO &yGLJRFRPRVXUHJODPHQWRQRVHOLPLWDQDGHWHUPLQDUODVQRUPDVWpFQLFDVHVSHFtILFDVGHODDFWLYLGDG PLQHUDSDUDPLQLPL]DUORVLPSDFWRVDPELHQWDOHVTXHHPDQDQGHpVWDVLQRTXHYDPiVDOOi\DPSOtDOD OLVWDGHDFWLYLGDGHV PLQHUDVTXHQRUHTXLHUHQFXPSOLUFRQODQRUPDWLYDDPELHQWDO (QFXDQWRDOD/H\GH+LGURFDUEXURVVXDSOLFDFLyQUHIOHMDQXHYDPHQWHFyPRORVLQWHUHVHVVHFWRULDOHVVH VREUHSRQHQDORVDPELHQWDOHVOD,QJ3DWULFLD0ROLQDGHVWDFDORVLJXLHQWH(OWUDEDMRGHO)2%20$'(KD SHUPLWLGRLGHQWLILFDUTXHHO%DQFR0XQGLDOILQDQFLyODVUHIRUPDVGHDMXVWHHVWUXFWXUDO\ODHODERUDFLyQGH OH\HVQHFHVDULDVSDUDDSOLFDUVXVSROtWLFDVGHDSHUWXUDGHPHUFDGRV\DWUDFFLyQGHLQYHUVLRQHV(QHVWH PDUFRIXHSURPXOJDGDOD/H\GH +LGURFDUEXURVFRPRFRQGLFLyQSUHYLDSDUDHOSURFHVRGHFDSLWDOL]DFLyQ (O 5HJODPHQWR $PELHQWDO SDUD HO 6HFWRU GH +LGURFDUEXURV '6 UHGXFH ORV WLHPSRV GH DSUREDFLyQGHORVHVWXGLRVGHLPSDFWRDPELHQWDOFRQUHODFLyQDO5HJODPHQWRGH3UHYHQFLyQ\&RQWUROGH OD/H\GHO0HGLR$PELHQWHHQXQDIiQSRUKDFHUPiVDWUDFWLYDVODVDFWLYLGDGHVSHWUROHUDVHQ%ROLYLD&RQ HOOR VH UHGXFHQ ODV SRVLELOLGDGHV GH REVHUYDU ORV SUR\HFWRV GH UHDOL]DU FRQVXOWDV HIHFWLYDV \ GH HVWDEOHFHUODVEDVHVSDUDHOVHJXLPLHQWR\PRQLWRUHR1RVDWLVIHFKRVFRQHVWRVFRUWRVSOD]RVOD2ILFLQD 6HFWRULDOHOHYyDO0LQLVWHULRGH'HVDUUROOR(FRQyPLFRXQSUR\HFWRGHPRGLILFDFLRQHVDHVWHUHJODPHQWRHQ HOTXHVHUHGXFHQD~QPiVHVWRVSOD]RV\VHUHVWDFRPSHWHQFLDVDO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOHD IDYRU GH OD 8QLGDG $PELHQWDO GHO 9LFHPLQLVWHULR GH +LGURFDUEXURV HVWDEOHFLHQGR DGHPiV XQD UHODFLyQ GLUHFWD FRQ ODV HPSUHVDV 'H KHFKR HVWD SURSXHVWD GH UHJODPHQWR HVWi SUy[LPD D VHU SURPXOJDGD PLHQWUDV TXH HO SUR\HFWR GH 5HJODPHQWR GH ([SORWDFLRQHV 3HWUROHUDV HQ 7HUULWRULRV ,QGtJHQDV \ $UHDV 3URWHJLGDVOOHYD\DFDVLWUHVDxRVHQSUHSDUDFLyQ\QRKD VLGRSURPXOJDGRKDVWDODIHFKD /DVXSHUSRVLFLyQGHGHUHFKRV\ODOHJLVODFLyQVREUHUHFXUVRVQDWXUDOHVUHQRYDEOHV $ SHVDU GH TXH WDQWR OD /H\ )RUHVWDO FRPR OD /H\ GHO6HUYLFLR 1DFLRQDOGH 5HIRUPD $JUDULD OODPDGD WDPELpQ /H\ ,15$ HVWDEOHFHQ GLYHUVRV PHFDQLVPRV SDUD GHILQLU HO XVR \ SURSLHGDG GH ODV WLHUUDVXQRGHORVSULQFLSDOHVSUREOHPDVTXHJHQHUDOPHQWHGHULYDHQFRQIOLFWRVSDUDHODSURYHFKDPLHQWR VRVWHQLEOH\ODSURWHFFLyQGHORVUHFXUVRVQDWXUDOHVHVODVXSHUSRVLFLyQGHGHUHFKRVVHDQOHJDOPHQWH RWRUJDGRVHVGHFLUFXPSOLHQGRFRQODVIRUPDOLGDGHVMXUtGLFDVGHOGHUHFKRSRVLWLYRRGHUHFKRVTXHQR QHFHVDULDPHQWH FXHQWDQ FRQ UHFRQRFLPLHQWR MXUtGLFR H[SUHVR FRPR HV HO FDVR GH ODV WLHUUDV GH ORV SXHEORV LQGtJHQDV TXH QR WLHQHQ WtWXORV GH SURSLHGDG $O UHVSHFWR DPEDV OH\HV PHQFLRQDGDV (QWUHYLVWDUHDOL]DGDDOD,QJ3DWULFLD0ROLQD&RRUGLQDGRUD1DFLRQDOGHO)2%20$'( 8QDPRGDOLGDGGHSULYDWL]DFLyQ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV FRQVLGHUDQ HO UHVJXDUGR GH ODV iUHDV SURWHJLGDV OD GRWDFLyQ R DGMXGLFDFLyQ GH WLHUUDV SDUD XVRV DJURSHFXDULRVDSDUWLUGHODFDSDFLGDGGHXVRPD\RUGHODWLHUUDIDFLOLGDGHVSDUDTXHHOSURSLHWDULRGH WLHUUDVDJURSHFXDULDVSXHGDXVDUVXVWLHUUDVSDUDILQHVIRUHVWDOHV\HVWDEOHFHQWDPELpQODSURKLELFLyQGH XVDU WLHUUDV IRUHVWDOHV SDUD ILQHVDJURSHFXDULRV GHELHQGR XWLOL]DUVH REOLJDWRULDPHQWH GH DFXHUGR D VX FDSDFLGDGGHXVRPD\RU 2WUD GLVSRVLFLyQ H[SUHVD UHIHULGD D OD VXSHUSRVLFLyQ HV DTXHOOD TXH HVWDEOHFH TXH HQ ODV WLHUUDV GH DSWLWXGGHXVRDJUtFRODRJDQDGHUDHQODVGHSURWHFFLyQRSURGXFFLyQIRUHVWDO\HQODVFRPXQLWDULDVGH RULJHQHQODVTXHH[LVWLHUDVXSHUSRVLFLyQRFRQIOLFWRVGHGHUHFKRSUHYDOHFHUiHOGHUHFKRGHSURSLHGDG DJUtFROD JDQDGHUDRGHODFRPXQLGDGFDPSHVLQDSXHEORR FRPXQLGDGLQGtJHQDXRULJLQDULDVREUHODV FRQFHVLRQHV FRQWUDWRV R DXWRUL]DFLRQHV GH DSURYHFKDPLHQWR IRUHVWDO (Q ODV WLHUUDV GH SURWHFFLyQ R SURGXFFLyQIRUHVWDOHOEHQHILFLDULRGHEHUiFXPSOLUFRQODVUHJXODFLRQHVFRQUHVSHFWRDOXVRPD\RUGHOD WLHUUDHVWDEOHFLGDVHQQRUPDVHVSHFLDOHV (Q HVWH VHQWLGR VH REVHUYD TXH ORV FRQIOLFWRV H[LVWHQWHV VRQ HQ VX PD\RUtD SRU OD SRFD R QLQJXQD FRRUGLQDFLyQ HQWUH ODV LQVWDQFLDV FRPSHWHQWHV WDQWR VREUH iUHDV SURWHJLGDV \ YLGD VLOYHVWUH FRPR ODV LQVWDQFLDV TXH RWRUJDQ GHUHFKRV IRUHVWDOHV \ DJURSHFXDULRV OR TXH GD OXJDU D VXSHUSRVLFLRQHV SULQFLSDOPHQWHSRUORVSUREOHPDVDUUDVWUDGRVGHORVVLVWHPDVDQWHULRUHVGHGRWDFLRQHV\FRQFHVLRQHVD WUDYpV GHO &RQVHMR 1DFLRQDO GH 5HIRUPD $JUDULD &HQWUR GH 'HVDUUROOR )RUHVWDO H ,QVWLWXWR GH &RORQL]DFLyQ 8VRVRVWHQLEOHGHODWLHUUD 8QDVSHFWRLQWHUHVDQWHGHOD/H\,15$HVTXHLQFRUSRUDHOFULWHULRGHOXVRVRVWHQLEOHGHODWLHUUDHQODV DFWLYLGDGHVDJURSHFXDULDVIRUHVWDOHVXRWUDVGHFDUiFWHUSURGXFWLYR\DPSOtDHOFRQFHSWRGHODIXQFLyQ HFRQyPLFRVRFLDO DJUDULD HVWDEOHFLGD HQ OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR GH PRGR TXH LQFRUSRUDOD FRQVHUYDFLyQHQWLpQGDVHXVRVRVWHQLEOH\SURWHFFLyQGHODELRGLYHUVLGDG\HOHFRWXULVPR6LQHPEDUJR SDUHFLHUD QR H[LVWLU FODULGDG HQ TXH HVWDV DFWLYLGDGHV WDPELpQ SXHGHQ VHU SURGXFWLYDV H LQWHUHVDQWHV HFRQyPLFDPHQWH \D TXH OD UHGDFFLyQ GH VX DUWtFXOR VHSDUD ODV DFWLYLGDGHV SURGXFWLYDV GH ODV GH FRQVHUYDFLyQ /DDSWLWXGGHORVVXHORVOD/H\,15$\OD/H\)RUHVWDO 7DPELpQFDEHFRQVLGHUDUHOWHPDGHODDSWLWXGGHXVRGHODVWLHUUDV/DLQWHQFLyQFRQODTXHVHLQFRUSRUy HOFRQFHSWRGHODFDSDFLGDGGHXVRPD\RUGHODWLHUUDWDQWRHQOD/H\)RUHVWDOFRPRHQOD/H\,15$IXH EXHQD \D TXH VH FRQVLGHUDED LPSRUWDQWH TXH ORV HFRVLVWHPDV VHDQ DSURYHFKDGRV GH DFXHUGR D VX DSWLWXGVHDDJUtFRODIRUHVWDOJDQDGHUDRFRQVLGHUDQGRVXDOWDELRGLYHUVLGDG 1RREVWDQWHVHXVyHUUyQHDPHQWHHOFRQFHSWRGH³FDSDFLGDGGHXVRPD\RUGHODWLHUUD´\DTXHHVWHHV XQPpWRGRPiVSDUDGHWHUPLQDUODDSWLWXGGHORVVXHORVDVtFRPRHOPpWRGR)$2\RWURV6HJ~QH[SHUWRV HQODPDWHULDQRQHFHVDULDPHQWHHOPpWRGRGHFDSDFLGDGGHXVRPD\RUGHODWLHUUDHVHOPHMRUSRUOD ULJLGH]GHOPLVPR\HQYLUWXGGHTXHIXHFRQFHELGRVREUHODEDVHGHXQDUHDOLGDGHFRVLVWpPLFDGLIHUHQWHD ODGH%ROLYLD'HKHFKRWDPELpQ GHEHFRQVLGHUDUVHTXHHVWRVPpWRGRVVRQHODERUDGRVSDUDGHWHUPLQDU ODDSWLWXGGHORVVXHORVFRQVLGHUDQGRSULQFLSDOPHQWHORVILQHVDJUtFRODVORTXHGDOXJDUDIDYRUHFHUHOXVR 'LVSRVLFLyQILQDO6HJXQGD,/H\,15$ )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR DJURSHFXDULRSRUTXHVLXQiUHDERVFRVDFRQULTXH]DHQELRGLYHUVLGDGHVDSWDSDUDXVRVDJURSHFXDULRV ORPiVSUREDEOHHVTXHVHDGHIRUHVWDGDSDUDHVRVILQHVHQGHVPHGURGHOERVTXH\SULQFLSDOPHQWHGHOD ELRGLYHUVLGDG 'H WRGDV IRUPDV ODVOH\HVGH QLQJXQDPDQHUD GHEHQ GHWHUPLQDU HOPpWRGR HVSHFtILFR D XVDUVH /D/H\,15$\ODELRGLYHUVLGDG /D /H\ ,15$ IDFXOWD D OD 6XSHULQWHQGHQFLD $JUDULD D RWRUJDU FRQFHVLRQHV GH WLHUUDV ILVFDOHV SDUD OD FRQVHUYDFLyQ \ SURWHFFLyQ GH OD ELRGLYHUVLGDG LQYHVWLJDFLyQ \ HFRWXULVPR GLVSRVLFLyQ TXH GLR OXJDU DO 'HFUHWR6XSUHPR1RGHOGH MXOLR GHTXHVXSHUSRQHDWULEXFLRQHVGHOD6XSHULQWHQGHQFLD $JUDULDFRQODHQWLGDGTXHUHJtDODViUHDVSURWHJLGDVDQWHULRUPHQWH'LUHFFLyQ1DFLRQDOGH&RQVHUYDFLyQ GHOD%LRGLYHUVLGDGDFWXDOPHQWHHO6HUYLFLR1DFLRQDOGH$UHDV3URWHJLGDV (O'HFUHWR6XSUHPRTXHSUiFWLFDPHQWHHVUHJODPHQWDULRGHOD/H\,15$UHJXODPX\OLJHUDPHQWH ODFRQFHVLyQ GH iUHDVGH ELRGLYHUVLGDG IDFXOWiQGRVHODLQYHVWLJDFLyQFLHQWtILFDHQ iUHDVSURWHJLGDV HQ WLHUUDV LQPRYLOL]DGDV R HQ WLHUUDV FODVLILFDGDV FRPR LPSURSLDV SDUD DFWLYLGDGHV GH H[SORWDFLyQ IRUHVWDO DJUtFROD R SHFXDULD H[LVWLHQGR HO ULHVJR GH TXH D WtWXOR GH LQYHVWLJDFLyQ FLHQWtILFD VH UHDOLFH ELRSURVSHFFLyQ LQFOXVLYH D WtWXOR JUDWXLWR VLQ FRQVLGHUDU TXH HVR GDUi OXJDU D HYDGLU OD OHJLVODFLyQ LQWHUQDFLRQDO HVSHFLDO VREUH UHFXUVRV JHQpWLFRV TXH D SDUWLU GH OD VXVFULSFLyQ GH OD 'HFLVLyQ GHO $FXHUGR GH &DUWDJHQD HV /H\ GH OD 5HS~EOLFD 'HEH FRQVLGHUDUVH TXH OD ELRGLYHUVLGDG \ ORV UHFXUVRV JHQpWLFRV VRQ UHFXUVRV GH LPSRUWDQFLD HVWUDWpJLFD SDUD %ROLYLD DXQTXH WRGDYtD QR VH OHV RWRUJD OD LPSRUWDQFLDGHOFDVR 2WUR HUURU GH FRQFHSWR TXH FRQWHPSOD OD /H\ ,15$ HV HO GH HVWDEOHFHU OD H[SURSLDFLyQ GH WLHUUDV LQGtJHQDV\FDPSHVLQDVSDUDODSURWHFFLyQ\FRQVHUYDFLyQGHODELRGLYHUVLGDGFXDQGROD/H\GHO0HGLR $PELHQWHUHFRQRFHODFRPSDWLELOLGDGGHODV7LHUUDV&RPXQLWDULDVGH2ULJHQFRQODV$UHDV3URWHJLGDV'H KHFKRTXLHQHVWLHQHQPD\RUFRQRFLPLHQWRVREUHODIORUD\IDXQDQDWLYDVRQORVLQGtJHQDV\RULJLQDULRV SULQFLSDOPHQWH TXLHQHV PDQWLHQHQ ORV VLVWHPDV DQFHVWUDOHV GH DSURYHFKDPLHQWR GH ORV UHFXUVRV QDWXUDOHV\VRQTXLHQHVKDQFRDG\XYDGRDODFRQVHUYDFLyQGHODELRGLYHUVLGDGKDVWDODIHFKD 9DFtRVHQODOHJLVODFLyQDPELHQWDOVHFWRULDO (QDXVHQFLDGH OD/H\ GH &RQVHUYDFLyQ GH OD'LYHUVLGDG%LROyJLFD VH DSUREy HO'HFUHWR6XSUHPR GHO GH MXOLR GH TXH UHJODPHQWD ODV iUHDV SURWHJLGDV \ HO 'HFUHWR 6XSUHPR DSUREDGRHOGHMXQLRGHTXHUHJODPHQWDOD'HFLVLyQGHO$FXHUGRGH&DUWDJHQDVREUH UHFXUVRVJHQpWLFRV 8QDIDOHQFLDTXHVHSUHVHQWDUHVSHFWRDOD/H\,15$\VXUHJODPHQWRHVODIDOWDGHUHJXODFLyQGH DFWLYLGDGHV DJURSHFXDULDV FRQ ILQHV DJUtFRODV SDUD HO XVRGH OD WLHUUDHQ ODGHUDV WDPSRFR H[LVWHQ QRUPDV WpFQLFDV UHVSHFWR DO PDQHMR GH SDVWL]DOHV R D OD VREUHFDUJD DQLPDO H[LVWLHQGR FRQWUDGLFFLRQHVHQODOHJLVODFLyQYLJHQWHUHVSHFWRDO0LQLVWHULRTXHGHEHUtDHODERUDUODV\DTXHOD/H\ GH 0HGLR$PELHQWHGLVSRQHTXH HVFRPSHWHQFLDGHO0LQLVWHULR GH $JULFXOWXUD PLHQWUDVTXH OD/H\ ,15$RWRUJDHVWDDWULEXFLyQDO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 3RURWURODGRHVIXQGDPHQWDOODDSUREDFLyQGHOD/H\GH2UGHQDPLHQWR7HUULWRULDOSDUDSURPRYHUHO GHVDUUROORVRVWHQLEOHRULHQWDQGRODJHVWLyQGHODWLHUUDUHFXUVRVQDWXUDOHV\RFXSDFLyQGHOWHUULWRULRD WUDYpVGHODSODQLILFDFLyQWUDQVHFWRULDODHVFDODPXQLFLSDOGHSDUWDPHQWDO\QDFLRQDO (O RUGHQDPLHQWR WHUULWRULDO GHEH GDU OD FRKHUHQFLD HVSDFLDO \ GH VRVWHQLELOLGDG D ODV SROtWLFDV S~EOLFDVGHPRGRTXHGHSROtWLFDVJXEHUQDPHQWDOHVTXHQRUPDOPHQWHQRVXSHUDQHOPHGLDQRSOD]R VH SDVH D SROtWLFDV GH (VWDGR HV GHFLU DO ODUJR SOD]R PiVDOOi GH XQD JHVWLyQ JXEHUQDPHQWDOGH FLQFRDxRV (VLPSRUWDQWHFRQVLGHUDUTXHODOHJLVODFLyQVREUHUHFXUVRVQDWXUDOHVSULRUL]DHODSURYHFKDPLHQWRGH UHFXUVRVQDWXUDOHVQRUHQRYDEOHVIUHQWHDORVUHFXUVRVQDWXUDOHVUHQRYDEOHV\DTXHSRUHMHPSORHO &yGLJRGH0LQHUtDRWRUJDDORVFRQFHVLRQDULRVPLQHURVHOGHUHFKRGHXVRGHODPDGHUDPDWHULDOHV GHFRQVWUXFFLyQDVtFRPRODSRWHVWDGGHXVRGHDJXDVGHGRPLQLRSULYDGRLQFOXVLYHOOHJDDSODQWHDU ODH[SURSLDFLyQDOSURSLHWDULRGHOVXHORHQFDVRGHQROOHJXHDXQDFXHUGRFRQHOFRQFHVLRQDULR (Q%ROLYLDWRGDYtDORVFRQIOLFWRVDPELHQWDOHVSRUHODEXVRGHDJURTXtPLFRVQRUHIOHMDQODGLPHQVLyQ GHODSUREOHPiWLFDH[LVWHQWH6LELHQH[LVWHHO'HFUHWR6XSUHPRGHOGHPD\RGHHVWD GLVSRVLFLyQ HV SRFR FXPSOLGD \ REVROHWD DGHPiV GH VHU PX\ SHUPLVLYD UHVSHFWR D IDFXOWDU OD SRVLELOLGDG GH LPSRUWDU DJURTXtPLFRV FRQ DXWRUL]DFLyQ GH DOWRV IXQFLRQDULRV GHO 0LQLVWHULR GH $JULFXOWXUD \ *DQDGHUtD OR FXDO JHQHUD FRUUXSFLyQ \ JUDYHV SUREOHPDV DPELHQWDOHV HQWUH HOORV WHPLEOHVGDxRVDODVDOXGKXPDQD )DOHQFLDVHQHOPDUFRLQVWLWXFLRQDO /D GLVROXFLyQ GHO 9LFHPLQLVWHULR GH 3ODQLILFDFLyQ \ 2UGHQDPLHQWR 7HUULWRULDO GLR OXJDU D TXH HO 9LFHPLQLVWHULRGH 3DUWLFLSDFLyQ3RSXODUDVXPD HOURO GH SODQLILFDGRUDOFRQYHUWLUVHHQ9LFHPLQLVWHULRGH 3ODQLILFDFLyQ(VWUDWpJLFD\GH3DUWLFLSDFLyQ3RSXODU+HFKRTXHSURYRFDXQJUDQYDFtR\FRQIXVLyQHQHO PDUFRLQVWLWXFLRQDODGPLQLVWUDWLYRGHO(VWDGR\DTXHODSDUWLFLSDFLyQSRSXODUSULQFLSDOPHQWHVHHMHFXWDHQ HOQLYHOPXQLFLSDOPLHQWUDVTXHODSODQLILFDFLyQGHEHUHDOL]DUVHHQHOQDFLRQDOGHSDUWDPHQWDO\PXQLFLSDO $SDUHQWHPHQWHVHKDUHVWDGRLPSRUWDQFLDDOUROGHODSODQLILFDFLyQHVWDWDO 2WUR DVSHFWR TXH HV LPSRUWDQWH PHQFLRQDU HV HO PDUFR LQVWLWXFLRQDO GHO 6LVWHPD GH 5HJXODFLyQ GH 5HFXUVRV 1DWXUDOHV 5HQRYDEOHV 6,5(1$5( TXH KD VLGR FUHDGRFRQ OD /H\ )RUHVWDO \ TXH QR VH KD SXHVWRHQSUiFWLFD /DV6XSHULQWHQGHQFLDV$JUDULD\)RUHVWDOTXHDFWXDOPHQWHGHVHPSHxDQ ODVIXQFLRQHVHVWDEOHFLGDVSRU /H\FDUHFHQGHFRRUGLQDFLyQLQWHULQVWLWXFLRQDOH[LVWLHQGRFRQIOLFWRVGHFRPSHWHQFLDVLWXDFLyQTXHWLHQGH D FRPSOLFDUVH FRQ OD IXWXUD FUHDFLyQ GH OD 6XSHULQWHQGHQFLD GH $JXDV \ OD SRVLEOH FRQVWLWXFLyQ GH OD 6XSHULQWHQGHQFLD GH %LRGLYHUVLGDG SURSXHVWD SRU XQD GH ODV YHUVLRQHV GHO 3UR\HFWR GH /H\ GH &RQVHUYDFLyQGHOD'LYHUVLGDG%LROyJLFD (VLPSRUWDQWHGHVWDFDUODLQGHSHQGHQFLDGHO6LVWHPDGH6XSHULQWHQGHQFLDVHQDOJXQRVFDVRVIDYRUDEOH SDUDHYLWDUGLVFRQWLQXLGDG\YXOQHUDELOLGDGLQVWLWXFLRQDOSRUSUHVLRQHVSROtWLFDV6LQHPEDUJRVHFRQVWLWX\H WDPELpQ HQ XQ ULHVJR DO VHU SUiFWLFDPHQWH XQ SRGHU SDUDOHOR DO 3RGHU (MHFXWLYR DO WHQHU DWULEXFLRQHV RPQtPRGDVVLHQGRPX\OLPLWDGDVODVDWULEXFLRQHVGHOPLQLVWHULRFRPSHWHQWHHQHVWHFDVRHO0LQLVWHULR GH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQSUiFWLFDPHQWHQXODVHQORTXHKDFHDODILVFDOL]DFLyQ )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 2WUR WHPD TXH FRPSOLFD OD FUHDFLyQ GH ODV 6XSHULQWHQGHQFLDV HQ UHFXUVRV QDWXUDOHV HV TXH GHEHQ JHQHUDU VXVSURSLRV LQJUHVRV QRUPDOPHQWH D SDUWLU GH FREURV SRU HO DSURYHFKDPLHQWRGHO UHFXUVR TXH UHJXODQFUHiQGRVH XQD HVSHFLHGH LQFHQWLYR SHUYHUVR TXH SXHGH UHSHUFXWLUQR HQXQ DSURYHFKDPLHQWR VRVWHQLEOHVLQRPiVELHQHQXQDH[SORWDFLyQGHVPHGLGD7DPELpQVHDGYLHUWHQYDFtRVGHFRRUGLQDFLyQ FRQODV6XSHULQWHQGHQFLDVGHUHFXUVRVQDWXUDOHVQRUHQRYDEOHVFRPRODGHKLGURFDUEXURVTXHGHSHQGH GHO6LVWHPDGH5HJXODFLyQ6HFWRULDO6,5(6(FUHDGRSDUDODUHJXODFLyQGHODVHPSUHVDVFDSLWDOL]DGDV 'HVFHQWUDOL]DFLyQ\SDUWLFLSDFLyQSRSXODU /D GHVFHQWUDOL]DFLyQ GHO JRELHUQR QDFLRQDO KDFLD HQWLGDGHV GHSDUWDPHQWDOHV SURYLQFLDOHV \ ORFDOHV GHEHUtD DXPHQWDU OD HILFLHQFLD GH OD DFWLYLGDG S~EOLFD SRU XQD SDUWH JUDFLDV D OD SUHVHQFLD ItVLFD GH TXLHQHVWRPDQODVGHFLVLRQHVHQORVOXJDUHVGRQGHVXVSROtWLFDVYD\DQDVHULPSOHPHQWDGDVSRURWUD JUDFLDV DO EHQHILFLR TXH REWLHQHQ ORV DFWRUHV ORFDOHV GH OD ILVFDOL]DFLyQ TXH KDFHQ GH ORV UHFXUVRV S~EOLFRV \ DGHPiV TXH SHUPLWH XQD PHMRU FRRUGLQDFLyQ LQWHULQVWLWXFLRQDO 6LQ HPEDUJR XQR GH ORV PD\RUHVSHOLJURVGHHVWDPHGLGDHVTXHVHGHVFHQWUDOLFHQODVUHVSRQVDELOLGDGHVVLQFUHDUXRWRUJDUORV FRUUHVSRQGLHQWHV UHFXUVRV \ FDSDFLGDG SDUD FXPSOLUODV 2WUR SHOLJUR GH OD GHVFHQWUDOL]DFLyQ HV TXH SXHGHIRUWDOHFHUODVFDSDFLGDGHVGHORVJUXSRVGHSRGHUSUHHVWDEOHFLGRVSDUDGHIHQGHUVXVLQWHUHVHVHQ FRQWUDGHDTXHOORVGHODVRFLHGDGFLYLOORFDO\QDFLRQDO3DFKHFR\.DLPRZLW] (Q %ROLYLD HO SURFHVR GH GHVFHQWUDOL]DFLyQ VH LQLFLy HQ FRQ OD SURPXOJDFLyQ GH OD /H\ GH 3DUWLFLSDFLyQ 3RSXODU TXH FRQ OD ILQDOLGDG GH ORJUDU XQD PHMRU GLVWULEXFLyQ \ DGPLQLVWUDFLyQ GH ORV UHFXUVRVS~EOLFRVFUHyPHFDQLVPRVSDUDDUWLFXODUDODVFRPXQLGDGHVFDPSHVLQDVSXHEORVLQGtJHQDV\ MXQWDV YHFLQDOHV HQ OD YLGD MXUtGLFD SROtWLFD \ HFRQyPLFD GHO SDtV &RQ HVWH REMHWLYR OD /H\ DPSOLy OD MXULVGLFFLyQGHORVPXQLFLSLRVDOiPELWRUXUDOSDUDTXHFXEULHUDQWRGRHOWHUULWRULRQDFLRQDODODYH]TXHOHV WUDQVILULyODUHVSRQVDELOLGDGGHODJHVWLyQGHORVVHUYLFLRVS~EOLFRVGHVDOXGHGXFDFLyQFXOWXUDGHSRUWHV FDPLQRV YHFLQDOHV \ PLFURULHJR 3DUD KDFHU YLDEOH HO FXPSOLPLHQWR GH HVWDV QXHYDV IXQFLRQHV OD /H\ RWRUJyHOGHORVLQJUHVRVQDFLRQDOHVDORVPXQLFLSLRVSRUFHQWDMHTXHGHEHVHUGLVWULEXLGRHQIXQFLyQ GHOQ~PHURGHKDELWDQWHVGHFDGDMXULVGLFFLyQPXQLFLSDO2WURLQJUHVRHQWUHJDGRDORVPXQLFLSLRVIXHHO LPSXHVWRDODVSURSLHGDGHVUXUDOHVDORVLQPXHEOHVXUEDQRV\DORVYHKtFXORV 3RURWUDSDUWHOD/H\FUHyODV2UJDQL]DFLRQHV7HUULWRULDOHVGH%DVH27%VTXHSDUDVXUHFRQRFLPLHQWR OHJDOGHEHQUHSUHVHQWDUDWRGDODSREODFLyQGHXQDGHWHUPLQDGDXQLGDGWHUULWRULDORUJDQL]DGDVHJ~QVXV XVRV FRVWXPEUHV R GLVSRVLFLRQHV HVWDWXWDULDV (O URO GH ODV 27%V HV SDUWLFLSDU HQ ODV GHFLVLRQHV PXQLFLSDOHV WDQWR HQ OR UHODWLYR D OD GHVLJQDFLyQ GH DXWRULGDGHV HGXFDWLYDV \ GH VDOXG FRPRD OD UHDOL]DFLyQ GH REUDV S~EOLFDV \ JHVWLyQ DPELHQWDO &RPR PHFDQLVPR SDUD DUWLFXODU D ODV 27%V FRQ OD SODQLILFDFLyQ SDUWLFLSDWLYD PXQLFLSDO OD /H\ FUHD ORV &RPLWpV GH 9LJLODQFLD FRQVWLWXLGRV SRU XQD UHSUHVHQWDQWHGHFDGDFDQWyQRGLVWULWRGHODMXULVGLFFLyQ(VWRVWLHQHQODDWULEXFLyQGHYLJLODUHOPDQHMR LQWHJUDOGHORVUHFXUVRVPXQLFLSDOHV/H\GH3DUWLFLSDFLyQ3RSXODU 3RVWHULRUPHQWH HQ OD /H\ GH 'HVFHQWUDOL]DFLyQ $GPLQLVWUDWLYD WUDQVILULy D OD 3UHIHFWXUDV OD UHVSRQVDELOLGDGGHIRUPXODU \HMHFXWDUSODQHVSURJUDPDV\SUR\HFWRVGHGHVDUUROORHFRQyPLFR\VRFLDO SURPRYHU OD SDUWLFLSDFLyQ SRSXODU HQWUH RWUDV DWULEXFLRQHV \ OH RWRUJD ORV UHFXUVRV SULQFLSDOPHQWH SURYHQLHQWHVGHUHJDOtDVHLPSXHVWRV/H\GH'HVFHQWUDOL]DFLyQ$GPLQLVWUDWLYD 6LELHQODVOH\HVDWUDYpVGHODVGLVSRVLFLRQHVDQWHVPHQFLRQDGDVHVWDEOHFHQPHFDQLVPRVSDUDTXHOD SREODFLyQ ORFDOSDUWLFLSH HQ OD JHVWLyQPXQLFLSDOODVGHFLVLRQHVVREUHHOPDQHMR GH UHFXUVRV QDWXUDOHV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV SRU XQD SDUWH VLJXHQ VLHQGR DWULEXFLyQ GHO JRELHUQR FHQWUDO \ SRU RWUD ODV OH\HV VHFWRULDOHV TXH VXSHGLWDQ ORV LQJUHVRV GHSDUWDPHQWDOHV DO SDJR GH LPSXHVWRV \ UHJDOtDV IRPHQWDQ XQD PD\RU H[SORWDFLyQGHORVUHFXUVRVQDWXUDOHVHQFRQWUDSRVLFLyQDXQDSROtWLFDGHFRQWURO\UHJXODFLyQ $GHPiV ORV SHOLJURV GH OD GHVFHQWUDOL]DFLyQ WDPELpQ VRQ YLVLEOHV HQ %ROLYLD GRQGH HQ PXFKRV FDVRV HVWH SURFHVR KD RWRUJDGR PiV UHFXUVRV D ORV JUXSRV GH SRGHU WUDGLFLRQDOHV \ KD GHMDGR PiV GHVDPSDUDGRVDORVSREODGRUHVORFDOHVDTXLHQHVVXSXHVWDPHQWHHVWXYRGLULJLGR 'DQLW]D'HILOLSSLV&K $ERJDGDHVSHFLDOLVWDHQ'HUHFKR$PELHQWDO )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR %UHYHKLVWRULDGHODPLQHUtDHQ%ROLYLD (OGHVDUUROORVRFLRHFRQyPLFRGH%ROLYLDKDHVWDGRtQWLPDPHQWHOLJDGRDODH[SORWDFLyQGHPLQHUDOHV\SRU FRQVLJXLHQWHODVGHPDQGDV\SUHFLRVGHORVPHUFDGRVLQWHUQDFLRQDOHVKDQPDUFDGRHOULWPRGHODYLGDGHO SDtV\KDQVLGRGHILQLWLYRVSDUDHOFXUVRTXHKDWRPDGRVXKLVWRULD ,QFOXVRDQWHVGHVXFUHDFLyQFRPR5HS~EOLFDHOWHUULWRULRDOWRSHUXDQRIXHFRQRFLGRPXQGLDOPHQWHSRUVXV ULFRV\DFLPLHQWRVSULQFLSDOPHQWHGHSODWDORVFXDOHVHQOXJDUGHKDEHUGHMDGRULTXH]DV\SURVSHULGDGDO SDtV VH FRQYLUWLHURQ HQ OD FDXVD GH H[SORWDFLyQ GH VXV KDELWDQWHV \ GH GHJUDGDFLyQ SDXODWLQD GH VXV UHFXUVRVKtGULFRVVXHORV\YHJHWDFLyQ $ SDUWLU GH \ SUiFWLFDPHQWH KDVWD OD LQGHSHQGHQFLD GH %ROLYLD OD H[SORWDFLyQ GH SODWD SHUPLWLy OD FUHDFLyQGHFDSLWDOHVHXURSHRVTXHSXGLHURQVHUDFXPXODGRVJUDFLDVDODFDQWLGDG\FDOLGDGGHHVWHPHWDO\ D ODXWLOL]DFLyQGH PLOODUHV GHLQGtJHQDV TXH PXULHURQHQORV VRFDYRQHV SRU ODVSURORQJDGDV MRUQDGDV GH WUDEDMRIRU]DGRTXHHUDQREOLJDGRVDVRSRUWDUDWUDYpVGHODPLWD/DPLWDTXHWUDGLFLRQDOPHQWHIXHXWLOL]DGD SRUHOVLVWHPDLQFDLFRSDUDODUHDOL]DFLyQGHWUDEDMRVDJUtFRODVPLQHURV\GHVHUYLFLRIXHUHFXSHUDGDSRUORV HVSDxROHV SDUD REOLJDU D ODV FRPXQLGDGHV LQGtJHQDV D WUDEDMDU HQ ODV PLQDV GHVHVWUXFWXUDQGR VX RUJDQL]DFLyQFRPXQLWDULD\GLVPLQX\HQGRFRQVLGHUDEOHPHQWHVXSURGXFFLyQDJUtFROD 3HVHDODSURIXQGDFULVLVGHODPLQHUtDGHODSODWDGXUDQWHORVDxRVGHOXFKDSRUODLQGHSHQGHQFLDHVWD DFWLYLGDG UHWRPy LPSRUWDQFLD D PHGLDGRV GHO VLJOR ;,; \ SHUPLWLy OD DFXPXODFLyQ GH QXHYRV FDSLWDOHV HVWDYH]QDFLRQDOHVKDVWDTXHDILQHVGHOVLJORSDVDGRODFDtGDGHVXSUHFLRLQWHUQDFLRQDOSUiFWLFDPHQWH WHUPLQyFRQODH[SORWDFLyQDUJHQWtIHUD $ LQLFLRV GHO SUHVHQWH VLJOR OD GHPDQGD LQWHUQDFLRQDO GHO HVWDxR UHDILUPy HQ HO PDUFR GH OD GLYLVLyQ LQWHUQDFLRQDO GHO WUDEDMR HO URO PRQRSURGXFWRU GH PLQHUDOHV GHO SDtV 'XUDQWH VLHWH GpFDGDV OD H[SORWDFLyQSULQFLSDOPHQWHGHHVWDxRSHURWDPELpQGHSORPR]LQF\ZROIUDPHQWUHRWURVSHUPLWLyDPDVDU JUDQGHV IRUWXQDV HQWUH pVWDV OD GH 6LPyQ 3DWLxR TXLHQ VH FRQYLUWLy XQ XQR GH ORV GLH]KRPEUHV PiV ULFRVGHOPXQGR6LQHPEDUJRHVWDVJUDQGHVULTXH]DVQRIXHURQUHLQYHUWLGDVHQHOSDtV\HOUpJLPHQGH H[SORWDFLyQKXPDQD\QDWXUDOVREUHHOTXHVHFRQVWUX\HURQHQFHQGLyODPHFKDVXEYHUVLYDTXHFXOPLQyHQ ODUHYROXFLyQGHEDMRODFRQVLJQDGHQDFLRQDOL]DFLyQGHODVPLQDV 'H HVWD PDQHUD VXUJLy OD &RUSRUDFLyQ 0LQHUD %ROLYLDQD &20,%2/ TXH FRQWUROy HO GH OD LQGXVWULD PLQHUDQDFLRQDO\TXHDSHVDUGHQDFHUFDVLVLQFDSLWDOGHELGRDODVLQGHPQL]DFLRQHVTXHWXYRTXHSDJDUD ODV JUDQGHV HPSUHVDV QDFLRQDOL]DGDV VH FRQVWLWX\y HQ OD SULQFLSDO IXHQWH GH LQJUHVR GHO SDtV 3HUR ODV SROtWLFDVGHVXVWLWXFLyQGHLPSRUWDFLRQHVDWUDYpVGHODGLYHUVLILFDFLyQGHODHFRQRPtDLPSLGLHURQIRUWDOHFHUD OD&20,%2/TXHWXYRTXHVREUHYLYLUFRQORVDQWLFXDGRVHTXLSRV\ORVFDVLDJRWDGRV\DFLPLHQWRVTXHKDEtD KHUHGDGRGHORVOODPDGRV³EDURQHVGHOHVWDxR´0LHQWUDVWDQWRVXVUHFXUVRVHUDQGHVWLQDGRVDGHVDUUROODUHO RULHQWHGHOSDtVPHGLDQWHHODSR\RDOVHFWRUSHWUROHUR\DJURLQGXVWULDO\DODFRQVWUXFFLyQGHFDPLQRVSDUD FRQHFWDUORFRQHOUHVWRGHOSDtV$GHPiVHQDSHQDVXQDGpFDGDGHVSXpVGHODQDFLRQDOL]DFLyQGHODV PLQDVVHLQLFLDQXHYDPHQWHHOSURFHVRGHDSHUWXUDDODLQLFLDWLYDSULYDGD $LQLFLRVGHODGpFDGDGHORVVHWHQWDHOJRELHUQRPLOLWDUGHODpSRFDHQ OXJDUGHIRUWDOHFHUODHPSUHVD QDFLRQDO GLR XQ IXHUWH LPSXOVR D OD PLQHUtD SULYDGD PHGLDQWH OD HQWUHJD HQ IRUPD GH FUpGLWRV R GH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV LQYHUVLRQHVGHORVPLOORQHVGHGyODUHVTXHKDEtDFRQVHJXLGRSDUDHOVHFWRUPLQHUR(OGHHVH PRQWRIXHGHVWLQDGRDODVHPSUHVDVPLQHUDVHVWDGRXQLGHQVHVHODODPLQHUtDPHGLDQD\VyORHO D &20,%2/ 4XLURJD \ 6DOLQDV (Q HVWD pSRFD D SHVDU GH ODV IDYRUDEOHV FRQGLFLRQHV SDUD HO HVWDxR HQ HO PHUFDGR PXQGLDO OD IDOWD GH UHFXUVRV SDUD VXSHUDU ODV OLPLWDFLRQHV GH OD &20,%2/ LPSLGLHURQTXHODHPSUHVDHVWDWDODSURYHFKHHVDFR\XQWXUDLQWHUQDFLRQDO)LQDOPHQWHDPHGLDGRVGHOD GpFDGDGHORVRFKHQWDODGLVPLQXFLyQGHVXSUHFLRHQHOPHUFDGRLQWHUQDFLRQDOSURYRFDGDHQSDUWHSRUOD YHQWDGHODVUHVHUYDVHVWUDWpJLFDVGH(VWDGRV8QLGRVOOHYyDOSDtVDODEDQFDURWD (O DxR IHFKD TXH PDUFD HO LQLFLR GH OD SXHVWD HQ PDUFKD GHO PRGHOR QHROLEUHUDO VH UHDOL]y OD UHFRQYHUVLyQ GHO VHFWRU PLQHUR FRQ HO GHVSLGR GH PiV GH WUDEDMDGRUHV GH OD &20,%2/ $O UHVSHFWRODVDXWRUDVGH0LQHUDOHV\0DGHUDV 4XLURJD\6DOLQDVKDFHQODVLJXLHQWHGHVFULSFLyQ 7UHLQWDDxRVGHVSXpVGHODQDFLRQDOL]DFLyQGHODVPLQDVHO(VWDGR%ROLYLDQRGLVSXVRTXHTXLHQHVKDEtDQ VXVWHQWDGRODHFRQRPtDQDFLRQDO\DQRHUDQQHFHVDULRVSDUDHOSDtV\DXQTXHVHOHVSDJyXQGHVDKXFLR QR VH OHV JDUDQWL]y RWUD IXHQWH GH WUDEDMR SRU OR TXH OD ³UHORFDOL]DFLyQ´ IXH XQ HXIHPLVPR /RV H[ WUDEDMDGRUHVPLQHURVGHELHURQPLJUDUDODV FLXGDGHV DODV ]RQDVGHFRORQL]DFLyQ \GHH[SORWDFLyQGHO RUR HQ E~VTXHGD GH WUDEDMR HQ FRQGLFLRQHV WDQWR R PiV GLItFLOHV TXH ODV PLQDV $OJXQRV JUXSRV SHUPDQHFLHURQ HQ ORV FHQWURV PLQHURV \ VH RUJDQL]DURQ HQ FRRSHUDWLYDV SDUD FRQWLQXDU WUDEDMDQGR ORV YLHMRV \DFLPLHQWRV (Q VH GHFODUy OD PXHUWH GH OD PLQHUtD HVWDWDO HO FLFOR GHO HVWDxR VH KDEtD HFOLSVDGR\XQSDtVHPSREUHFLGRLQLFLDEDODE~VTXHGDGHRWUDVDOWHUQDWLYDVHFRQyPLFDV /D SXEOLFDFLyQ 0LQHUtD R 0HGLR $PELHQWH =HOD\D VHxDOD TXHXQD GH ODV FRQVHFXHQFLDV PiV YLVLEOHV GHO SURFHVR GH UHHVWUXFWXUDFLyQ PLQHUD IXH XQ JLJDQWHVFR FUHFLPLHQWR HQ ODV ILODV GHO FRRSHUDWLYLVPRODV PLVPDVTXHGHSHUVRQDVHQSDVDURQDHQ 3DUDOHODPHQWHDHVWHSURFHVR\JUDFLDVDODSR\RGHO(VWDGRODOODPDGDQXHYDPLQHUtDKDEtDFRPHQ]DGR D IRUWDOHFHUVH \ VH YLR PX\ EHQHILFLDGD FXDQGR HQ HO JRELHUQR DSOLFy FRPR SDUWHGH OD 1XHYD 3ROtWLFD(FRQyPLFDXQDUHIRUPDWULEXWDULDTXHHVWDEOHFLyODOLEUHH[SORWDFLyQGHORVPLQHUDOHVOLEHUDQGRD HVWDDFWLYLGDGGHWRGRVORVLPSXHVWRVVDOYRHOGHODVUHJDOtDVPLQHUDV /DDSOLFDFLyQGHOPRGHOROLEHUDO\HOIDYRUDEOHSUHFLRLQWHUQDFLRQDOGHPLQHUDOHVH[SORWDGRVSRUODQXHYD PLQHUtDFRPRHO]LQFSORPR\RURKLFLHURQTXHORVSURSLHWDULRVGHODVHPSUHVDV&20685\(086$VH FRQYLUWLHUDQFRPR GLFH=HOD\DHQORVQXHYRVDPRVGHODVLWXDFLyQ'HHVWDPDQHUD\GHDFXHUGRDOD LQYHVWLJDFLyQ UHDOL]DGD SRU 4XLURJD \ 6DOLQDV ORV LQJUHVRV SRU FRQFHSWR GH UHJDOtDV H LPSXHVWRV GHO VHFWRUPLQHURGLVPLQX\HURQHQWUH\GHDPLOORQHVGHGyODUHV (OSURFHVRGHFUHFLPLHQWRGHODPLQHUtDSULYDGDIXHWDPELpQSURSLFLDGRDSDUWLUGH FRQXQDPD\RU DSHUWXUD GH OD HFRQRPtD D OD LQYHUVLyQ H[WUDQMHUD $FWXDOPHQWH XQD JUDQ FDQWLGDG GH HPSUHVDV WUDQVQDFLRQDOHV FRPR $QGHDQ 6LOYHU 5HVRXUFH 5tR 7LQWR $PHULFDQ %DUULFN *HQFRU %LOOLQWRQ 6LOYHU 6WDQGDUG HQWUH PXFKDV RWUDV VH HQFXHQWUDQ H[SORWDQGR PLQHUDOHV HQ HO SDtV \D VHD GH PDQHUD LQGHSHQGLHQWHRHQVRFLHGDGFRQHPSUHVDVQDFLRQDOHV (OLQWHUpVGHDVHJXUDUODVLQYHUVLRQHVH[WUDQMHUDVOOHJyDVXPi[LPDH[SUHVLyQFXDQGRHQGLFLHPEUHGH VH SURGXMR OD PDVDFUH GH SREODGRUHV GH ODV ORFDOLGDGHV GH &DSDFLUFD \ $PD\DSDPSD (Q HVWD RFDVLyQ FRPR HQ PXFKDV RWUDV IXHURQ HO HMHUFLWR \ OD SROLFtD QDFLRQDO TXLHQHV D IXHU]D GH EDOD GHIHQGLHURQORVLQWHUHVHVGHODHPSUHVDFDQDGLHQVH9LVWD*ROG&R )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (VWH SURFHVR GH H[SORWDFLyQ GH PLQHUDOHV TXH GXUD PiV GH FXDWUR VLJORV QR VyOR WXYR XQ LPSRUWDQWH LPSDFWRHQODHVSHUDQ]D\FDOLGDGGHYLGDGHORVEROLYLDQRVVLQRTXHDGHPiVGHWHULRUySURIXQGDPHQWH VXPHGLRDPELHQWH 'HVGHODSHUVSHFWLYDDPELHQWDOODDFWLYLGDGPLQHUDRFDVLRQDGLIHUHQWHVLPSDFWRVFRQGLVWLQWRVQLYHOHVGH LQWHQVLGDG HQWUH HOORV SRGHPRV PHQFLRQDU OD FRQWDPLQDFLyQ GH JUDQGHV H[WHQVLRQHV GH VXHORV \ FXHUSRV GH DJXD DVt FRPR OD WUDQVIRUPDFLyQ GHO SDLVDMH D WUDYpV GH OD GHVWUXFFLyQ GH FHUURV OD FRQVWUXFFLyQ GH GLTXHV \ OD DFXPXODFLyQ GH FRODVGH PLQHUDOHV 7DPELpQ WLHQHXQ LPSRUWDQWH LPSDFWR VREUHODELRGLYHUVLGDG\DTXHXWLOL]DPDGHUDSDUDHODSXQWDODPLHQWRGHVRFDYRQHV\SDUDDOLPHQWDUODV IXQGLFLRQHV SURYRFDQGR XQD IXHUWH SUHVLyQ VREUH ORV ERVTXHV \ GHMDQGR ORV VXHORV H[SXHVWRV D ORV SURFHVRVGHHURVLyQ3RURWUDSDUWHODVHPLVLRQHVGHJDVHVWy[LFRVDVtFRPRHOYHUWLPLHQWRGHUHVLGXRV OtTXLGRV\VyOLGRVDPHQD]DQFRQVWDQWHPHQWHRGDVODVIRUPDVGHYLGDTXHVHGHVDUUROODQDVXHQWRUQR 'HVGH OD E~VTXHGD \ SURVSHFFLyQ SDVDQGR SRU OD IDVH GH H[SORWDFLyQ \ FRQFOX\HQGR FRQ OD GH SURFHVDPLHQWR WRGRV ORV SURFHVRV GH H[SORWDFLyQ GH PHWDOHV SURYRFDQ LPSDFWRV \D VHD D WUDYpV GH WRPD GH PXHVWUDV UHPRFLyQ GHO VXHOR FRQVWUXFFLyQ GH FDUUHWHUDV H LQIUDHVWUXFWXUD GUDJDGR GH ORV OHFKRVGHUtRVGHVFDUJDVGHDJXDGHPLQDRHPLVLyQGHSROYRVREUHFXHUSRVGHDJXD\VXHORVDVtFRPR GHJDVHVWy[LFRVHQWUHRWURV /DJHQHUDFLyQGHOL[LYLDGRVSURGXFHORVPiVDOWRVLPSDFWRVDPELHQWDOHVGHODPLQHUtD\HVXQSURFHVR TXH RFXUUH FXDQGR HO DJXD JHQHUDOPHQWH GH OOXYLD HQWUD HQ FRQWDFWR FRQ ORV GHVPRQWHV R FRODV DFXPXODGRV FX\RV FRQWHQLGRV HOHYDGRV HQ SLULWD DFLGLILFDQ HO PHGLR \ IDYRUHFH OD PRYLOL]DFLyQ GH PHWDOHV SHVDGRV TXH DO IOXLU FRQWDPLQDQ WRGR D VX SDVR (O DOWR JUDGR GH WR[LFLGDG GH ORV PHWDOHV SHVDGRVVHGHEHHQSDUWHDVXEDMDGHJUDGDFLyQ\DOWDFDSDFLGDGGHILMDFLyQHQODFDGHQDWUyILFDIORUD\ IDXQD WHUUHVWUH\ DFXiWLFD 2UVDJ /RV OL[LYLDGRV VRQ SURGXFLGRVWDQWR SRU ODPLQHUtD WUDGLFLRQDO FRPRSRUODPRGHUQDDVtFRPRSRUPLQDV HLQJHQLRVTXH\DQRHVWiQHQIXQFLRQDPLHQWR\TXHFRQOD GHVDSDULFLyQGH&20,%2/QRKD\TXLHQORVDVXPD 7DQWRODVDFWLYLGDGHVSURGXFWLYDVGHORVFRRSHUDWLYLVWDVFRPRGHODVJUDQGHVHPSUHVDVPLQHUDVSURGXFHQ DOWRVLPSDFWRVDODPELHQWH'HVFULELHQGRODSHTXHxDPLQHUtDDXUtIHUD+HQWVFKHO\7DXFHUVHxDODQ TXH ORV LPSDFWRV FDXVDGRV DO DPELHQWH SRU HVWH WLSR GH DFWLYLGDGHV SURGXFHQ XQ DOWR JUDGR GH FRQWDPLQDFLyQSRUHOPDOXVRGHOPHUFXULRHOLQJUHVRGHFRODVDORVUtRVODVHGLPHQWDFLyQGHPDWHULDOILQR HQ ORV FDXFHV HO YHUWLPLHQWR GH FRPEXVWLEOHV \ DFHLWHV OD GHVWUXFFLyQ GHO SDLVDMH OD SURGXFFLyQ GH GHVHFKRVVyOLGRV\DJXDVQHJUDVHQODVSREODFLRQHVPLQHUDVODSUHVLyQVREUHODIORUD\IDXQDHWF 3RU VX SDUWH OD QXHYD PLQHUtD TXH VXSXHVWDPHQWH HV XQ HMHPSOR HQ FXDQWR D PLWLJDFLyQ GH GDxRV DPELHQWDOHV VH UHILHUH UHVFDWD HO RUR GH \DFLPLHQWRV GH EDMD OH\ PHGLDQWH SURFHGLPLHQWRV ItVLFRV \ TXtPLFRV DOWDPHQWH Wy[LFRV $GHPiV HQ ORV~OWLPRV DxRV OD XWLOL]DFLyQ GHO [DQWDWR \ HO FLDQXURVH KD JHQHUDOL]DGRSULQFLSDOPHQWHSDUDODUHFXSHUDFLyQGHSORPR]LQF\SODWD7RGRHVWRVLQFRQWDUFRQORV DFFLGHQWHV TXH FRPR HQ HO FDVR GHO GLTXH GH FRODV GH 3RUFR RFDVLRQDQ LPSDFWRV TXH HVWiQ HQ SURSRUFLyQFRQHOWDPDxRGHODVH[SORWDFLRQHVPLQHUDV &RPR VHxDOD =HOD\D OD SURIXQGD WUDQVIRUPDFLyQ VXIULGD HQ OD PLQHUtD DO SURPHGLDU ORV DxRV RFKHQWDVXSXVRQRVyORHOUHPSOD]RGHXQRVDFWRUHVVRFLDOHVSRURWURV\GHXQRVPLQHUDOHVSRURWURV VLQR WDPELpQ HO GH XQD WHFQRORJtD \ XQRV PpWRGRV GH H[SORWDFLyQ SRU RWURV GLIHUHQWHV \ HQ ~OWLPD LQVWDQFLDGHXQRVGDxRVVREUHHOPHGLRDPELHQWHSRURWURV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV /DV LQYHVWLJDFLRQHV UHDOL]DGDV SRU 4XLURJD \ 6DOLQDV GDQ HMHPSORV SDWpWLFRV GHO QLYHO GH FRQWDPLQDFLyQGHQXHVWURVUHFXUVRVGHVFULEHQSRUHMHPSORFRPRHOODJR3RRSyDJRWDGR\FRQWDPLQDGR KDVWDHOOtPLWHGHVDSDUHFLyVLQTXHVHKD\DHVWDEOHFLGRUHVSRQVDELOLGDGHV&RQUHODFLyQDOODJR7LWLFDFD DGYLHUWHQ VREUH OD FDWiVWURIH HFROyJLFD TXH VXFHGHUi GH SHUVLVWLU OD FRQWLQXD FRQWDPLQDFLyQ TXH OH RFDVLRQDODPLQD0DWLOGHPHGLDQWHHODSRUWHGHDJXDV\VHGLPHQWRVTXHFRQWLHQHQQLYHOHVUHODWLYDPHQWH DOWRVGH]LQFSORPR\PDQJDQHVR7DPELpQHVWiHOFDVRGHOUtR3LOFRPD\XTXHDWUDYpVGHVXVDIOXHQWHV SURYHQLHQWHVGH ODV ]RQDVPLQHUDV GH 3RWRVt UHFLEH ODFRQWDPLQDFLyQ GH WRQHODGDVGH ORGRV \ ODPDV VDWXUDGDVSRUUHDFWLYRVTXHFRQWDPLQDQVXVDJXDV\DIHFWDQDPLOHVGHKHFWiUHDVGHFXOWLYR 3DUHFHUtD TXH HQ %ROLYLDQDGLH HVWiOLEUH GH OD FRQWDPLQDFLyQ SURGXFLGD SRU OD PLQHUtD WDPELpQ HQ OD FLXGDGGH/D3D]GHDFXHUGRDLQYHVWLJDFLRQHVUHDOL]DGDVSRU=HOD\DODVDJXDViFLGDVSURYHQLHQWHVGH ODPLQD0LOOXQLDFWXDOPHQWHDEDQGRQDGDDIHFWDQDODUHGGHDJXDSRWDEOHTXHDEDVWHFHDFDVLXQFXDUWR GHVXVKDELWDQWHV 3RU RWUD SDUWH HQ OR TXH KDFH D OD VDOXG VH GHVWDFD GUDPiWLFDPHQWH HO FDVR GH OD FLXGDG GH 2UXUR GRQGHHQWUH\VHUHDOL]DURQHVWXGLRVTXHGHPRVWUDURQTXHHOGHFDGDPLOQDFLGRVWHQtDQ PDOIRUPDFLRQHVFRQJpQLWDVUHODFLRQDGDVFRQODFRQWDPLQDFLyQPLQHUD $SHVDUGHODVLWXDFLyQGHVFULWD HQIXHSURPXOJDGRHO&yGLJR0LQHURHOPLVPRTXHUHDILUPDQGROD SUHIHUHQFLD RWRUJDGD DO VHFWRU \ DWHQXDQGR OR HVWLSXODGR HQ ORV 5HJODPHQWRV GH OD /H\ GHO 0HGLR $PELHQWH FRQVLGHUD TXH ODV DFWLYLGDGHV PLQHUDV VRQSUR\HFWRV GH LQWHUpV QDFLRQDO \ FRQ FDUiFWHU GH XWLOLGDG S~EOLFD (VWR FUHD XQD VHULH GH LQFHUWLGXPEUHV HQ FXDQWR D OD SURSLHGDG \ RWURV GHUHFKRV SUHFRQVWLWXLGRV\DTXHSHUPLWHTXHODVDFWLYLGDGHVPLQHUDVVHUHDOLFHQWDQWRDOLQWHULRUGHSURSLHGDGHV DJUtFRODV FRPR IRUHVWDOHV H LQFOXVR GHQWUR GH iUHDV SURWHJLGDV \ 7HUULWRULRV &RPXQLWDULRV GH 2ULJHQ 7&2V3RURWUDSDUWHHO&yGLJR0LQHURGHWHUPLQDTXHORVHVWXGLRVGHHYDOXDFLyQGHLPSDFWRDPELHQWDO VyORVRQQHFHVDULRVSDUDODIDVHGHH[SORWDFLyQFRQORTXHODVDFWLYLGDGHVGHSURVSHFFLyQ\H[SORUDFLyQ VHYHQH[HQWDVGHHVWRVHVWXGLRVHQiUHDVQRSURWHJLGDV (QHOFDVRGHODV7&2VHO&yGLJR0LQHUROHVLPSLGHODXWLOL]DFLyQGRPpVWLFDGHFDQWHUDV\QRFRQVLGHUDOD SDUWLFLSDFLyQGHORVKDELWDQWHVHQHOFRQWURODPELHQWDOGHODVRSHUDFLRQHVPLQHUDVSULYDGDVTXHQRGHMDQ QLQJ~QEHQHILFLRDORVSREODGRUHVORFDOHV\VtOHVFDXVDQHJDWLYRVLPSDFWRVVRFLDOHV\DPELHQWDOHV(QHO FDVRGHO2ULHQWHEROLYLDQRVyORWRPDQGRHQFXHQWDRFKR7&2VODVFRQFHVLRQHVPLQHUDVVXSHUSXHVWDVD VXVWHUULWRULRVDEDUFDQXQWRWDOGHKD'H9ULHV (VWHDSUHWDGRUHVXPHQGHODKLVWRULD\VLWXDFLyQPLQHUDGHOSDtVQRVSHUPLWHDERUGDUFRQPiVFODULGDG ORV FRQIOLFWRV TXH D FRQWLQXDFLyQ SUHVHQWDPRV ORV PLVPRV TXH VH GHVDUUROODQ HQ XQ FRQWH[WR FX\DV OLPLWDQWHV HVWUXFWXUDOHV SRU OR PHQRVHQHOFDVRGH ORVFRRSHUDWLYLVWDV \ PLQHURVSHTXHxRV GLILFXOWDQ HQRUPHPHQWHODWDUHDGHPLWLJDUHOFRQVWDQWH\SURIXQGRGDxRDPELHQWDOTXHSURYRFDQ -HQQ\*UXHQEHUJHU )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 5XSWXUDGLTXHGHFRODVGH3RUFR 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR 0XQLFLSLRVGH 3RUFR&DL]D'7RURSDOFD\7XPXVODGHODV SURYLQFLDV)UtDV/LQDUHV\1RU&KLFKDVGHOGHSDUWDPHQWRGH 3RWRVt &RPSDxtD0LQHUDGHO6XU&20685 *UXSR3RUFR 5HJXODGRUGHO FRQIOLFWR 3UHIHFWXUD ,QLFLDGRU GHOFRQIOLF WR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 6RFLHGDGFLYLOSULQFLSDOPHQWHFRPXQDULRV 0iVGHKDELWDQWHVGHFRPXQLGDGHV 0LQHUD <DVHSURGXMR\VLJXHSURGXFLpQGRVH 3HOLJURVDPROHVWD\FRQWDPLQDQWH KDHQHOGHSDUWDPHQWRGH3RWRVt &RPHUFLDOSLVFtFROD\DJURSHFXDULD $JXDIORUDIDXQD\VDOXG GHDJRVWRGH GHDJRVWRGH 5HVDUFLPLHQWRGHGDxRVRFDVLRQDGRV\FXPSOLPLHQWRGHOD/H\GHO 0HGLR$PELHQWH ,QIRUPDWLYDVRUJDQL]DWLYDV\GHYLJLODQFLD GHDJRVWRGH 'HVFULSFLyQGHOFRQIOLFWR /DHPSUHVD&20685FRPHQ]yDWUDEDMDUHQODVPLQDVGH3RUFRHQ\GHVGHHVHDxRVHLQLFLDURQ ODVGHQXQFLDVGHFRQWDPLQDFLyQSRUSDUWHGHODVFRPXQLGDGHVDIHFWDGDVVLWXDGDVDORODUJRGHODFXHQFD DOWD GHO UtR 7XPXVOD (VWDV GHQXQFLDV QR IXHURQ DWHQGLGDV SRU ORV SHUVRQHURV JXEHUQDPHQWDOHV \ ODV DFWLYLGDGHVGHODHPSUHVDFRQWLQXDURQUHDOL]iQGRVHVLQHOFRQWUROUHVSHFWLYR (QDJRVWRGHODUXSWXUDGHOGLTXHGHFRODVGH3RUFRGHODHPSUHVD&20685DIHFWyVyORHQHO GHSDUWDPHQWR GH 3RWRVt D PiV GH FDPSHVLQRV GH FRPXQLGDGHV (VWH LPSDFWR DFHQWXy HQ JUDQGHVSURSRUFLRQHVORVSUREOHPDVVRFLDOHVHFRQyPLFRVGHVDOXG\DPELHQWDOHVGHODUHJLyQVLQHPEDUJR KDVWDODIHFKDQLVLTXLHUDVHSODQLILFyODUHDOL]DFLyQGHXQGLDJQyVWLFRVRFLRHFRQyPLFR\DPELHQWDOSDUDFRQRFHU HQODYHUGDGHUDGLPHQVLyQORVHIHFWRVSURYRFDGRV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV $O UHVSHFWR ODV RUJDQL]DFLRQHV GHO OXJDU \ YDULDV LQVWLWXFLRQHV SRWRVLQDV FRPR 'HUHFKRV +XPDQRV OD 6RFLHGDG3RWRVLQDGH(FRORJtD623(\HO)RUR3RWRVLQRUHDOL]DURQDFFLRQHVGHLQYHVWLJDFLyQ\GHQXQFLD FRQODILQDOLGDGGHORJUDUHOUHVDUFLPLHQWRGHORVGDxRVRFDVLRQDGRV\HOFXPSOLPLHQWRGHOD/H\ /D &20685 PLQLPL]y ORV HIHFWRV GHO DFFLGHQWH \ RFXOWy LQIRUPDFLyQ VREUH OD FDQWLGDG GH GHVHFKRV YHUWLGRV DO FDXVH GHO UtR DGHPiV RSWy SRU GLYLGLU D ODV FRPXQLGDGHV KDFLHQGR RIUHFLPLHQWRV VyOR D DOJXQDV ORFDOLGDGHV R SHUVRQDV \ FRPSUDQGR ORV DQLPDOHV PXHUWRV SRU OD FRQWDPLQDFLyQ D SUHFLRV LUULVRULRV 3RU VX SDUWH ODV DXWRULGDGHV JXEHUQDPHQWDOHV HQ FRPSOLFLGDG FRQ OD HPSUHVD UHVWDURQ LPSRUWDQFLDDOKHFKR\WDPELpQPLQLPL]DURQORVHIHFWRV 'HDFXHUGRDORVWHVWLPRQLRVGHORVDIHFWDGRVODHPSUHVD&20685GRWyVyORDDOJXQDVFRPXQLGDGHV GH WUDQVIRUPDGRUHVSDUDOX] SHURpVWRVQRSXGLHURQVHUXWLOL]DGRV SRUTXHGHDFXHUGRD ODRSLQLyQGH SHUVRQHURVGHODHPSUHVDGH HOHFWULFLGDGQRVHHQFXHQWUDQHQFRQGLFLRQHVWpFQLFDVDGHFXDGDV 3RURWUDSDUWHORVFDPSHVLQRVGHODV]RQDVDIHFWDGDVDILUPDURQTXHORVGtDVSRVWHULRUHVDODUXSWXUDGHO GLTXHGHFRODVPLHPEURVGHOD&20685SURFHGLHURQDFRPSUDUORVDQLPDOHVTXHPXULHURQSRUKDEHU LQJHULGRDJXDVGHOUtRFRQWDPLQDGR6LQHPEDUJRODVPXHUWHVFRQWLQXDURQ\ODHPSUHVD\DQRVRFRUULy PiV HFRQyPLFDPHQWH D ORV FRPXQDULRV $GHPiV ORV FDPSHVLQRV TXH YLYHQ D OR ODUJR GH HVWD ULEHUD VHxDODURQTXHOD&20685UHDOL]yPXFKRVRIUHFLPLHQWRVTXHKDVWDODIHFKDQRVHKLFLHURQHIHFWLYRV 2WURDVSHFWRTXHORVFRPXQDULRVREVHUYDURQHVHOKHFKRGHTXHQDGLHUHDOL]yQLXQGLDJQyVWLFRQLXQD HYDOXDFLyQGHORVGDxRVFDXVDGRVDODIORUD\ODIDXQDFRPRWDPSRFRVREUHORVQHJDWLYRVHIHFWRVVRFLR HFRQyPLFRV\GHVDOXGRFDVLRQDGRVDORODUJRGHWRGDODFXHQFD (QODDFWXDOLGDGODVDJXDVGHORVUtRVGHHVWDFXHQFDD~QSHUPDQHFHQFRQXQDFRORUDFLyQPDUUyQRVFXUD\ ORVFDPSHVLQRVHVWiQFRQYHQFLGRVGHTXHQRYROYHUiQDVHUFULVWDOLQDVFRPRORIXHURQDQWHULRUPHQWH(VWR VHGHEHDTXHODFRQWDPLQDFLyQFRQWLQ~DSXHVWRTXHODHPSUHVDVXHOWDODVDJXDVFRQWDPLQDGDVGHOGLTXH GH3RUFRHQIRUPDSHUPDQHQWH\HVSHFLDOPHQWHSRUODVQRFKHV'HHVWDPDQHUDORVFDPSHVLQRVVLJXHQ VLHQGRDIHFWDGRVSRUORVHIHFWRVGHODFRQWDPLQDFLyQWDQWRFRPRVXVDQLPDOHV\VXSURGXFFLyQDJUtFROD &RQ UHODFLyQ DO WHPD VRFLDO HO HIHFWR GHO URPSLPLHQWR GHO GLTXH GH FRODV GH 3RUFR KD WHQLGR FRPR FRQVHFXHQFLDODPLJUDFLyQORTXHVHHYLGHQFLDFODUDPHQWHDWUDYpVGHODFODXVXUDSRUIDOWDGHDOXPQRVGH GRVHVWDEOHFLPLHQWRVHVFRODUHVVHFFLRQDOHVXQRHQODORFDOLGDGGH-DUL\HORWURHQ7RUFRFKL%DMR$QWHHVWD VLWXDFLyQORVFRPXQDULRVGHODUHJLyQDILUPDQTXHVHRUJDQL]DUiQHQQ~FOHRVGHGHIHQVDSDUDPDUFKDU KDFLD3RUFR\KDFHURtUVXVGHPDQGDV /DUXSWXUDGHOGLTXHGHFRODVQRVPXHVWUDSRUXQDSDUWHODVOLPLWDFLRQHVGHODVLQVWLWXFLRQHVTXHWUDEDMDQ HQODWHPiWLFDDPELHQWDOODVPLVPDVTXHSRUIDOWDGHUHFXUVRVSULQFLSDOPHQWHHFRQyPLFRVQRSXGLHURQ UHDOL]DUDFFLRQHVRSRUWXQDVSDUDKDFHUTXHVHHQIUHQWHDGHFXDGDPHQWHHVWDFDWiVWURIHDPELHQWDO\SRU RWUD WDPELpQ GHYHOD OD DFWLWXG LUUHVSRQVDEOH \ GHVOHDO GHO JRELHUQR GH HQWRQFHV TXH VH OLPLWy D HQFXEULUOD\ODGHMDGH]GHODFWXDOTXHQRKDUHDOL]DGRQLQJXQDDFFLyQSDUDVXEVDQDUHOGDxRSURYRFDGR \HYLWDUTXHODFRQWDPLQDFLyQVLJDRFXUULHQGR )XHQWHV 9LVLWDDODVFRPXQLGDGHVGH.HVWXFKL-DUL7RUFRFKL3DQFRFKL7RURSDOFD6DURSDOFD3DOFD +LJXHUDV\7XPXVODGRQGHVHHQWUHYLVWyDGLULJHQWHV\SREODGRUHVORFDOHV 3HUVRQD HQFDUJDGDGHOUHJLVWUR(UQHVWR4XLQWDQD623(3RWRVt )2%20$'( (O3UHVLGHQWHGHODpSRFD*RQ]DOR6iQFKH]GH/R]DGDHVXQRGHORVPD\RUHVDFFLRQLVWDVGH&20685 )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHDJXDV\VXHORVSRUODERUHVPLQHUDVGHODPLQD7D]QDD ODFXHQFDPHQRUGHUtR%ODQFR &RWDJDLWD 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR &XHQFDPHQRUUtR%ODQFR&RWDJDLWDWUDPR7D]QD 3DOFDUtR %ODQFRGHOPXQLFLSLR&RWDJDLWDSURYLQFLD1RU&KLFKDVGHO GHSDUWDPHQWRGH3RWRVt &20,%2/&20,1(6$\&RRSHUDWLYDVPLQHUDV $XWRULGDGHVFDPSHVLQDVVRFLHGDGFLYLO\XQLYHUVLGDG (OGDxR JHQHUDGR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ3UHIHFWXUD\ $OFDOGtDGH3RWRVt $SUR[LPDGDPHQWHDKDELWDQWHVGHFRPXQLGDGHV DVHQWDGDVDORODUJRGHOUtR%ODQFR ([SORWDFLyQGHUHFXUVRVPLQHUDOyJLFRVSRUHOYHUWLGRGHDJXDV iFLGDVGHPLQD\SDVLYRVDPELHQWDOHVSRUGHVPRQWHV\FRODV XELFDGDVHQHOPLVPRFDXFHGHOUtR <DVHSURGXMR\HVUHFXUUHQWH $UHDD IHFWDGD KD $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 3HOLJURVD\FRQWDPLQDQWH $JURSHFXDULD $JXDIORUDIDXQD\VDOXG 'HVGHHODVHQWDPLHQWRGHFRQVRUFLRV3DWLxR+RVFKLOOGHQ $SDUWLUGHODxR /DLPSOHPHQWDFLyQGHPHGLGDVGHPLWLJDFLyQHQHO\DFLPLHQWRGH 7D]QD DGHPiV GHO UHVDUFLPLHQWR GH GDxRV DPELHQWDOHV D ODV FRPXQLGDGHVDVHQWDGDVDORODUJRGHUtR%ODQFR &XPSOLPLHQWRGH/H\\VXUHJODPHQWR ,QIRUPDWLYDVGHYLJLODQFLDFRQWURO\UHXQLRQHV $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR (VWHFRQIOLFWRVHRULJLQyGHELGRDODGHVFDUJDGHDJXDViFLGDVSURFHGHQWHVGHH[FDYDFLRQHVVXEWHUUiQHDV DEDQGRQDGDVTXHHVWiQXELFDGDVHQHOGLVWULWRGH7D]QD$FWXDOPHQWHHVWHGLVWULWRHVWiFRQWURODGRSRUOD FRPSDxtDWUDQVQDFLRQDO&RPSDxtD0LQHUD6RFLHGDG$QyQLPD&20,1(6$7DPELpQHVWiOD&RRSHUDWLYD 7D]QD/WGDTXHVHGHGLFDDODH[SORWDFLyQGHPLQHUDOHVGHHVWDxR\ZROIUDPXWLOL]DQGRPpWRGRVPDQXDOHV GHUHFXSHUDFLyQ\SRUJUDYLPHWUtD7D]QDFXHQWDFRQXQDLQIUDHVWUXFWXUDLPSRUWDQWHSDUDVXVRSHUDFLRQHV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV HQWUHHOODVVHSXHGH PHQFLRQDUDOLQJHQLRGH%XHQ5HWLURFX\DFDSDFLGDGLQVWDODGDHVGH 7RQGtDGH ZROIUDP\ELVPXWR /D H[SORWDFLyQ PLQHUD WLHQH VX PD\RU LPSDFWR HQ OD YHJHWDFLyQ \ OD VDOXG GH ODV SREODFLRQHV DVHQWDGDV FHUFDDORV\DFLPLHQWRVGHELGRDTXHHVWDVFRPXQLGDGHVXWLOL]DQHODJXDGHOUtRFRQWDPLQDGDSRUPHWDOHV SHVDGRVFRPRFDGPLRSORPR]LQFDQWLPRQLRPDQJDQHVR\RWURVSDUDFRQVXPRKXPDQR\DJURSHFXDULR (O FRQIOLFWR GHO UtR %ODQFR VH LQLFLy DSUR[LPDGDPHQWH HO DxR HQ HVH HQWRQFHV OD PLQD GH 7D]QD HVWDEDDGPLQLVWUDGDSRU&20,%2/\VXVVXFHVLYRVJHUHQWHVSURPHWLHURQDOWHUQDWLYDVSDUDVROXFLRQDUHO FRQIOLFWR 6LQ HPEDUJR HVDV SURPHVDV QR IXHURQ FXPSOLGDV \ SDUDDFDOODU HO GHVFRQWHQWR RIUHFLHURQ SXHVWRVGHWUDEDMRDWRGRVSULQFLSDOPHQWHDODVDXWRULGDGHVFRPXQDOHV &RQHOWUDQVFXUVRGHOWLHPSRODVRSHUDFLRQHVIXHURQSDUDOL]iQGRVHGHELGRDODPDODDGPLQLVWUDFLyQKDVWDTXHHQ ODFDtGDGHORVSUHFLRVGHORVPLQHUDOHVRFDVLRQyHOFLHUUHGHODVRSHUDFLRQHVGH&20,%2/\VHSURFHGLyDO GHVSLGRPDVLYRGHVXVWUDEDMDGRUHV'HHVWDPDQHUDHO\DFLPLHQWRIXHWRPDGRSRUFRRSHUDWLYDVFX\RWUDEDMR UXGLPHQWDULR\VLQQLQJ~QFRQWURODPELHQWDOSURYRFyXQQXHYRFRQIOLFWRFRQORVFRPXQDULRV (QHVWDRFDVLyQORVDIHFWDGRVUHDOL]DURQDFFLRQHVSDUDREOLJDUDORVJHQHUDGRUHVGHOGDxRDWRPDUSUHYLVLRQHV SHURDQWHODIDOWDGHUHVSXHVWDVGHORVJHQHUDGRUHVORVDIHFWDGRVGHFLGLHURQPDUFKDUKDVWDODPLQD\GHVWUXLU VXV LQVWDODFLRQHV D UDt] GH OR FXDO VH OOHJy D XQ DFXHUGR HQWUH ODV SDUWHV SDUD FRQWURODU OD FRQWDPLQDFLyQ SURGXFLGDSRUODVFRRSHUDWLYDV3RVWHULRUPHQWHDSDUWLUGHHOSUR\HFWR6DQ-XDQGHO2URILQDQFLDGRSRU HO%,' \ DGPLQLVWUDGRSRUOD&RUSRUDFLyQGH 'HVDUUROORGH 3RWRVt&25'(32FX\RREMHWLYRHUD RULHQWDU\ EULQGDUDSR\RWpFQLFRDOVHFWRUDJUtFROD\JDQDGHURHQODVSURYLQFLDV1RU\6XG&KLFKDVUHFXSHUyVXHORVHQOD ]RQDDIHFWDGDORJUDQGRGHHVWDPDQHUDUHGXFLUHQPtQLPDHVFDODHOLPSDFWRPRWLYRGHOFRQIOLFWR 6LQHPEDUJRHQHOFRQIOLFWRVH LQLFLyQXHYDPHQWHSULQFLSDOPHQWHDSDUWLU GH ODQRWLFLDGHTXH OD HPSUHVD &20,1(6$ UHDFWLYDUtD OD H[SORWDFLyQ GHO \DFLPLHQWR GH 7D]QD /DV SURWHVWDV QR IXHURQ HVFXFKDGDV KDVWD TXH HQ ORV UHSUHVHQWDQWHV GH FRPXQLGDGHV \ OD )HGHUDFLyQ 8QLFD GH &DPSHVLQRVUHDOL]DURQXQD UHXQLyQDPSOLDGDHQ ODTXH GHWHUPLQDURQEORTXHDUODFDUUHWHUDWURQFDO3RU RWUDSDUWHODVFRPXQLGDGHVDVHQWDGDVHQHOiUHDGHFRQIOLFWRDPHQD]DURQFRQGHVWUXLUODLQIUDHVWUXFWXUD GHO\DFLPLHQWRSHURSRUIDOWDGHRULHQWDFLyQ\GHGHFLVLyQODVFRPXQLGDGHVQROOHYDURQDODSUiFWLFDVXV DPHQD]DV\VHPDQWXYLHURQHQHVSHUDGHTXHHOJRELHUQRFHQWUDOVROXFLRQHHOFRQIOLFWR (QODDFWXDOLGDGHOFRQIOLFWRHQWUHODHPSUHVD&20,1(6$\ODVFRRSHUDWLYDVFRQORVSREODGRUHVGHODUHJLyQ FRQWLQ~D\ODGHPDQGDGHORVDIHFWDGRVHVTXHVHLPSOHPHQWHPHGLGDVSDUDPLWLJDUHOLPSDFWRGHODVDJXDV iFLGDVTXHVHFRPSHQVHORVGDxRVRFDVLRQDGRV\VHFXPSODOD/H\GHO0HGLR$PELHQWH\VXVUHJODPHQWRV (QHVWHVHQWLGRVROLFLWDQTXHORVVXHORVGHODUHJLyQVHDQUHKDELOLWDGRV\TXHVHOOHYHDGHODQWHXQSURFHVR GHPRQLWRUHRFRQWLQXRSRUSDUWHGHORVDJHQWHVGHOJRELHUQRFHQWUDO /DVHPSUHVDV\ODVFRRSHUDWLYDVPLQHUDVHYLWDQDERUGDUHOWHPDGHOFRQIOLFWR\SURPHWHQUHDOL]DUPHGLGDV GH PLWLJDFLyQ /DV DXWRULGDGHV UHSUHVHQWDWLYDV GHO iUHD DIHFWDGD YHQ FRQ SUHRFXSDFLyQ TXH HO FRQIOLFWR WLHQGHDFUHFHU\TXHHVXUJHQWHODLQWHUYHQFLyQGHODVDXWRULGDGHVFHQWUDOHVHQFDUJDGDVGHHVWDWHPiWLFD )XHQWHV (QWUHYLVWDVDODVDXWRULGDGHVFRPXQDOHVGHUtR%ODQFR\ODH[SHULHQFLDSHUVRQDOGHOHQFDUJDGR GHOUHJLVWURTXLHQWUDEDMyHQHOiUHDHQPRQLWRUHRDPELHQWDOGHDJXDV\VXHORV 3HUVRQDHQFDUJDGDGHOUHJLVWUR(OtDV3XFK&)2%20$'( 3RWRVt )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQ GH DJXDV \ VXHOR SRU PLQDV H LQJHQLRV GH &KRUROTXH \ &KXUTXLQL 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 7UDPR)LHUUR8QR± &RWDJDLWDPXQLFLSLRGH&RWDJDLWDGHOD SURYLQFLD1RU&KLFKDVGHOGHSDUWDPHQWRGH3RWRVt &20,%2/FRRSHUDWLYDPLQHUD&KRUROTXH/WGDHPSUHVDPLQHUD &KXUTXLQL,QJHQLR&XQFDQL $XWRULGDGHVFDPSHVLQDV\RWURVDFWRUHVGHODVRFLHGDGFLYLO 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH3UHIHFWXUD\$OFDOGtD (QWUH\KDELWDQWHVGHFRPXQLGDGHVDVHQWDGDVDORODUJR GHOUtR&DLWL ([SORWDFLyQGHUHFXUVRVPLQHUDOyJLFRV\WUDWDPLHQWRGHPLQHUDOHV <DVHSURGXMR\HVUHFXUUHQWH &RQWDPLQDQWH\SHOLJURVD KD $JURSHFXDULR $JXDIDXQDIORUD\VDOXG $SDUWLUGH $SDUWLUGH 4XH VH UHDOLFHQ PHGLGDV GH PLWLJDFLyQ HQ HO \DFLPLHQWR GH &KRUROTXH4XHVHFRQWUROH\DOPDFHQHODVFRODVGHODHPSUHVDGH &KXUTXLQL4XHVHSURFHGDDOUHVDUFLPLHQWRGHGDxRVDPELHQWDOHV D ODV FRPXQLGDGHV DVHQWDGDV D OR ODUJR GHO UtR &DLWL 4XH VH Gp FXPSOLPLHQWRDOD/H\GHO0HGLR$PELHQWH\VXVUHJODPHQWRV ,QIRUPDFLyQYLJLODQFLDFRQWURO\UHXQLRQHV $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR (VWHFRQIOLFWRHVFDXVDGRSRUORV\DFLPLHQWRVGHODPLQD&KRUROTXH\SRUHOLQJHQLR&KXUTXLQL(OSULPHUR HV XQ \DFLPLHQWR GH FDVLWHULWD DVRFLDGR D ZROIUDPLWD ELVPXWLQD JDOHQD SLULWD DUVHQRSLULWD (Q OD DFWXDOLGDGHVWH\DFLPLHQWRVHKDOODEDMRODDGPLQLVWUDFLyQ GHOD&RRSHUDWLYD&KRUROTXH/WGD\SURGXFH HQWUH\WRQHODGDVGLDULDVGHFRQFHQWUDGRVGHHVWDxRFX\DVDJXDVGHPLQDVRQGHVFDUJDGDVDOUtR &DLWLHOPLVPRSUHVHQWDS+GH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 3RU RWURODGRHO LQJHQLRGH&KXUTXLQLXELFDGRHQOD PLVPD FXHQFDFRQFHQWUDPLQHUDOHVGHDQWLPRQLR SURFHGHQWHVGHORVGHVPRQWHVDFXPXODGRVGXUDQWHYDULDVJHVWLRQHVORVPLVPRVTXHHQpSRFDGHOOXYLDV YDQWDPELpQDSDUDUDOUtR&DLWL (VWHFRQIOLFWR\DH[LVWtDHQORVWLHPSRVGHOD&20,%2/\VXFDXVDSULQFLSDOIXHODFRQWLQXDIXJDGHDJXDV iFLGDVGHODPLQD&KRUROTXHKDFLDHOYDOOHGHUtR&DLWL3RVWHULRUPHQWHFRQODLQVWDODFLyQGHODSODQWDGH WUDWDPLHQWR HQ &KXUTXLQL HO FRQIOLFWR VH IXH DJUDYDQGR \ GHVGH VH DFHQWXy SRU OD DSDULFLyQ GH SUREOHPDVVRFLRHFRQyPLFRVSURYRFDGRVSRUODGHJUDGDFLyQGHORVVXHORVGHFXOWLYR\ODFRQWDPLQDFLyQ GHODVDJXDVGHPLQD (VWRVSUREOHPDVRFDVLRQDURQIOXMRVPLJUDWRULRVKDFLDRWURVGHSDUWDPHQWRVSULQFLSDOPHQWH7DULMD\6DQWD &UX] \ WDPELpQ KDFLD OD 5HS~EOLFD $UJHQWLQD $O UHVSHFWR GDWRV GHO ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD ,1( VH HVWLPDQ TXH XQ GH OD SREODFLyQ KD DEDQGRQDGR HO WUDEDMR DJUtFROD SDUD XELFDUVH HQ ORV EDUULRVPDUJLQDOHVGHODVFLXGDGHVPHQFLRQDGDV 3DUDOHODPHQWHVXUJLyRWURFRQIOLFWRFRQODPLQDGH)LHUUR8QRSHUWHQHFLHQWHD&KRUROTXHODPLVPDTXH H[SORWDFDVLWHULWD\YLHUWHVXVDJXDViFLGDVDOUtR&DLWL/DVDXWRULGDGHVFRPXQDOHVUHDOL]DURQUHFODPRV DQWHORVJHQHUDGRUHVGHODFRQWDPLQDFLyQSHURQRREWXYLHURQUHVXOWDGRDOJXQRSULQFLSDOPHQWHSRUTXHHQ HVDpSRFDHVWDVHPSUHVDVGDEDQWUDEDMRDPiVGHSHUVRQDVPXFKDVGHHOODVSURYHQLHQWHVGHODV ]RQDVDIHFWDGDVORTXHUHVWyIXHU]DDODVGHPDQGDVFRPXQDOHV6LQHPEDUJRDxRWUDVDxRFRQWLQXDURQ ORVFRQIOLFWRVGHPDQHUDLQIRUPDOVLQTXHQLQJXQDDXWRULGDGJXEHUQDPHQWDOLQWHUYHQJDFRPRPHGLDGRU 'HVGH\KDVWDODIHFKDHOFRQIOLFWRFRQWLQ~D\ORVSREODGRUHVGHODUHJLyQDPHQD]DQFRQ UHDOL]DU DFFLRQHVGLUHFWDV\GHVWUXLUHOLQJHQLR&KXTXLUL(VWHFRQIOLFWRTXHKD VLGRWUDWDGRFRQODSDUWLFLSDFLyQGH ODSREODFLyQGH&RWDJDLWDHVWiKDFHWLHPSRHQHVSHUDGHTXHODVSURPHVDVUHDOL]DGDVSRUODVHPSUHVDV VHFXPSODQ$OUHVSHFWRVyOROD8QLYHUVLGDG$XWyQRPD7RPiV)UtDVKDUHDOL]DGRHVWXGLRVVREUHHOJUDGR GHFRQWDPLQDFLyQGHDJXDVGHOUtR&DLWL\WDPELpQVHHODERUDURQDOJXQRVSUR\HFWRVGHUHFXSHUDFLyQGH VXHORVSDUDHYLWDUODPDVLYDPLJUDFLyQGHORVSREODGRUHVGHODUHJLyQ /RVJHQHUDGRUHVGHOGDxRQRVHPDQLILHVWDQUHVSHFWRDOFRQIOLFWR\HOJRELHUQRQDFLRQDOWDPSRFRVHKD LQYROXFUDGRHQpO /DV FRPXQLGDGHVDIHFWDGDVH[LJHQTXHHOPXQLFLSLR\ ODVXESUHIHFWXUDGH&RWDJDLWD LQWHUYHQJDQ SHUR VXV H[LJHQFLDV QR VRQ HVFXFKDGDV (O &DFLTXH $JDSLWR /ySH] 9 TXH UHSUHVHQWD \ DGPLQLVWUDRFKRVHFFLRQHVGHODUHJLyQSRGUtDWRPDUGHFLVLRQHVVREUHHOFRQIOLFWRSLGHODLQWHUYHQFLyQGHO JRELHUQRFHQWUDO 8OWLPDPHQWH XQD FRPLVLyQ GH OD UHJLyQ YLDMy D OD FLXGDG GH /D 3D] SDUD HQWUHYLVWDUVH FRQ SROtWLFRV UHJLRQDOHV TXLHQHV SURPHWLHURQ GDU VROXFLyQ DO FRQIOLFWR SHUR KDVWD OD IHFKD QR KD\ SURSXHVWD GH VROXFLyQ )XHQWHV 9LVLWDVDODVFRPXQLGDGHVGH&RWDJDLWLOOD3HUDV3DPSD&DLWL*XDGDOXSH\HQWUHYLVWDFRQHO &DFLTXHODPi[LPDDXWRULGDGGHOD]RQD 3HUVRQDHQFDUJDGDGHOUHJLVWUR(OtDV3XFK&)2%20$'( 3RWRVt )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHDJXDVGHOUtR7XSL]DSRUSDVLYRVDPELHQWDOHV 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGHVTXHJHQHUDQHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 7UDPR7DWDVL 2UR,QJHQLR 2SORFD 7XSL]DSURYLQFLD6XU &KLFKDVPXQLFLSLRGH7XSL]DGHOGHSDUWDPHQWRGH 3RWRVt <DFLPLHQWRGH7DWDVLLQJHQLRGH9HWLOODVGHSHQGLHQWHVGH &20,%2/\\DFLPLHQWRGH&KLOFRELMD $XWRULGDGHVGH7XSL]D\&RPXQLGDGHVDIHFWDGDV 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH3UHIHFWXUD\$OFDOGtD $SUR[LPDGDPHQWHDKDELWDQWHVGHFRPXQLGDGHV DVHQWDGDVDORODUJRGHOUtR7XSL]D $JXDViFLGDVGHPLQDOL[LYLDFLyQGHFRODV\GHVPRQWHV <DVHSURGXMR\HVUHFXUUHQWH 3HOLJURVD\FRQWDPLQDQWH KD $JURSHFXDULD $JXDIORUDIDXQD\VDOXG $SDUWLUGH $SDUWLUGH 0HGLGDV GH PLWLJDFLyQ HQ HO \DFLPLHQWR GH 7DWDVL FRQWURO \ DOPDFHQDPLHQWRGHODVFRODVSURYHQLHQWHVGHORV,QJHQLRV9HWLOODV \ &KLOFRELMD UHVDUFLPLHQWR GH GDxRV DPELHQWDOHV D ODV FRPXQLGDGHVSULQFLSDOPHQWHGH2UR,QJHQLR\2SORFD\ &XPSOLPLHQWRGH/H\GHO0HGLR$PELHQWH\VXUHJODPHQWR ,QIRUPDFLyQYLJLODQFLDFRQWURO\UHXQLRQHVRUJDQL]DWLYDV $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR /RVSULQFLSDOHVDIOXHQWHVGHODFXHQFDPHQRUGHOUtR7XSL]DQDFHQHQORVFHQWURVPLQHURVGH7DWDVL6DQ 9LFHQWH \ &KLOFRELMD (VWDV XQLGDGHV GH SURGXFFLyQ PLQHUD HQ HO SDVDGR FHUFDQR DGTXLULHURQ XQD QRWDEOH LPSRUWDQFLD SRU ORV YRO~PHQHV GH SURGXFFLyQ \ VX LQFLGHQFLD IDYRUDEOH HQ OD HFRQRPtD GH OD UHJLyQ 6LQ HPEDUJR WDPELpQ RULJLQDURQ FRQIOLFWRV GH RUGHQ VRFLDO HQWUH ORV SREODGRUHV GH ODV iUHDV UXUDOHVSUy[LPDVDORVPHQFLRQDGRVFHQWURVPLQHURVGHELGRDODFRQWDPLQDFLyQGHODVDJXDV\VXHORV DJUtFRODV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV $ODIHFKDDSHVDUGHODVEDMDVFRWL]DFLRQHVGHORVPLQHUDOHVDVtFRPRGHORVFRVWRVHOHYDGRV\ODV SUHFDULDV FRQGLFLRQHV GH RSHUDFLyQ OD PLQHUtD VLJXH VLHQGR OD SULQFLSDO DFWLYLGDG\ IXHQWH GH LQJUHVRV HFRQyPLFRV GH OD UHJLyQ (VWD VLWXDFLyQ SHUVLVWLUi HQWUH WDQWR QR VH HVWUXFWXUH QXHYDV LQGXVWULDV HQ FRQVHFXHQFLD ORV SUREOHPDV \ FRQIOLFWRV DPELHQWDOHV FRQWLQXDUiQ VL QR VH DGRSWDQ PHGLGDV SDUD DWHQXDUORV /D FXHQFDPHQRUGHOUtR 7XSL]D VHXELFDHQ ODSDUWH 6XUGHOGHSDUWDPHQWRGH3RWRVt VHJ~QHOPDSD JHQHUDO GH VXEFXHQFDV DEDUFD GHVGH ODV QDFLHQWHV GH ORV UtRV 9HWLOODV +RQGD 7DWDVL &KLWD&KLOFR $OPRQD6DORKDVWDODFRQIOXHQFLDFRQHOUtR6DQ-XDQGHO2URFRQXQDH[WHQVLyQDSUR[LPDGDGHNP /DFXHQFDSUHVHQWDGLIHUHQWHVWLSRVGHSDLVDMHVJHRPRUIROyJLFRVHQODSDUWHDOWDVHREVHUYD XQSDLVDMH GHVHUUDQtDVFRQSHQGLHQWHVDEUXSWDV\HOHYDFLRQHVTXHVXSHUDQORVPVQPGRQGHHQFDMDQYDOOHV MyYHQHVIRUPDGRVD WUDYpV GH XQDGLVHFFLyQSURIXQGD ODSDUWH PHGLD\ EDMDGHHVWDFXHQFD PHQRUVH FDUDFWHUL]D SRU OD SUHVHQFLD GH XQ SDLVDMH GH YDOOHV DPSOLRV \ PDGXURV FRQ H[WHQVDV SOD\DV H LPSRUWDQWHVWHUUD]DVGRQGHVHKDGHVDUUROODGRXQDDFWLYLGDGDJUtFRODGHLPSRUWDQFLD (OVLVWHPDGHGUHQDMHGHOiUHDSUHVHQWDFRPRFDXFHSULQFLSDODOUtR7XSL]DTXHQDFHHQODVFDEHFHUDV GH ODVPLQDV 7DWDVL 6DQ 9LFHQWH \ &KLOFRELMD 6XV DIOXHQWHV LPSRUWDQWHV FRQVWLWX\HQ ORVUtRV 9HWLOODV \ +RQGDTXHVHXQHQDOUtR7DWDVLpVWHDVXYH]FRQIOX\HFRQORVUtRV&KLOFR\6RURFD\D7UHV3DOFDV\ 6DORSDUDIRUPDUHQ~OWLPDLQVWDQFLDHOUtR7XSL]DHOFXDOOOHJDDGHVHPERFDUDODVXEFXHQFDGHOUtR6DQ -XDQGHO2UR /DSUREOHPiWLFD DPELHQWDOGH HVWDFXHQFDHVSURGXFLGDSRU ORVWUDEDMRVPLQHURVSULQFLSDOPHQWHGHORV \DFLPLHQWRV GH 7DWDVL 6DQ 9LFHQWH \ &KLOFRELMD /RV GRV SULPHURV VRQ GHSyVLWRV DUJHQWtIHURV TXH GHSHQGtDQGH&20,%2/6LQHPEDUJRHOLQLFLRGH ODH[SORWDFLyQVHUHPRQWDDODpSRFDGHODFRORQLD FXDQGRDPERV\DFLPLHQWRVGLVSRQtDQGHLQJHQLRVPHFDQL]DGRVSRUIORWDFLyQVHOHFWLYDORTXHGHPXHVWUD ODDFXPXODFLyQGHHQRUPHVGHSyVLWRVGHFRODV7RQDSUR[LPDGDPHQWHFRQFRQWHQLGRVGH]LQF SORPR \ SLULWD ODVPLVPDVTXH DxR WUDV DxR HQ pSRFDV GH OOXYLD VRQ WUDQVSRUWDGDV DJXDV DEDMR /RV \DFLPLHQWRVDFWXDOPHQWHVHHQFXHQWUDQEDMRODDGPLQLVWUDFLyQGHFRRSHUDWLYDVTXHH[WUDHQPLQHUDOHVGH SORPRSODWD\]LQFSDUDWUDWDUORVSRVWHULRUPHQWHHQIRUPDPDQXDO 3RU RWUR ODGR OD PLQD &KLOFRELMD EDMR DGPLQLVWUDFLyQ GH (PSUHVD 0LQHUD 8QLILFDGD 6$ (086$ VH HQFXHQWUDDO1RUHVWHGHODSREODFLyQGH7XSL]D\H[SORWDHQODDFWXDOLGDGPLQHUDOHVGHDQWLPRQLR6XV SURFHVRVGHFRQFHQWUDFLyQVHUHDOL]DQHQXQDSODQWDGHWUDWDPLHQWRSRUIORWDFLyQ (Q OD DFWXDOLGDG QR H[LVWH FRQWURO VREUH ODV DJXDV iFLGDV TXH IOX\HQ GH ODV PLQDV QL GLVSRVLFLRQHV SDUD FRQWURODUORVGHVHFKRVPHWDO~UJLFRVTXHVHYLHUWHQDORVFDXFHVGHORVUtRV/DVDJXDViFLGDVTXHHQWUDQD ORV FXUVRV GH ORV UtRV SURYRFDQ VHULRV SUREOHPDV HVHQFLDOPHQWH OD GHJUDGDFLyQ GH WHUUHQRV FXOWLYDEOHV GHELGR D VX EDMR S+ $GHPiV VH KD FRPSUREDGR OD H[LVWHQFLD GH HOHYDGRV FRQWHQLGRV GH ]LQF FDGPLR FREUHFURPRQtTXHOPDQJDQHVRDQWLPRQLRSORPR\PHUFXULRGLVXHOWRVSRUHIHFWRGHODYDGR\OL[LYLDFLyQGH GHVPRQWHV\FRODVGH7DWDVL\9HWLOODV(VWDVDJXDVTXHVRQYHUWLGDVHQORVUtRVOOHJDQDORVYDOOHVGRQGH VRQXWLOL]DGRVFRQILQHVGHULHJRHLQFOXVRSDUDFRQVXPRKXPDQR\DQLPDO $OLJXDOTXHHQODVRWUDVUHJLRQHVGHFRQIOLFWRHQOD]RQDGHOUtR7XSL]DQRH[LVWHQUHJXODGRUHVORFDOHVDQWH ORFXDOORVPXQLFLSLRVGHODVSURYLQFLDVGH1RU\6XU&KLFKDVHVWiQJHVWLRQDQGRODFUHDFLyQGHXQDRILFLQD DPELHQWDOTXHUHJXOH\ILVFDOLFHORVFRQIOLFWRV\SUREOHPDVGHRUGHQDPELHQWDO 0DSD*HQHUDOGH6XEFXHQFDVGHOD3DUWH6XGGHO'HSDUWDPHQWRGH3RWRVt)21$0$8$7) )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (VWH SUREOHPD FRPHQ]y HVSHFLDOPHQWH HQ ODV ]RQDV GH 3RUWXJDOHWH \ 7DWDVL GHELGR D OD H[SORWDFLyQ LQWHQVLYD GH PLQHUDO PHGLDQWH OD XWLOL]DFLyQ GH PHUFXULR $ SDUWLU GH VH LQLFLy HO GHVDUUROOR GH ODERUHVPLQHUDVHQ7DWDVL6DQ9LFHQWH\&KLOFRELMD\HVWHSURFHVRSURYRFyHOGHVSOD]DPLHQWRGHPDQR GHREUDGHDJULFXOWRUHV\GLROXJDUDODSpUGLGDGHVLVWHPDVGHSURGXFFLyQ\DODEDQGRQRGHWLHUUDV (OFRQIOLFWR\DH[LVWtDHQORVWLHPSRVGHOD&20,%2/SULQFLSDOPHQWHSRUODIXJDGHDJXDViFLGDVGHOD PLQD7DWDVLKDFLDHOYDOOHGH7XSL]D\SRUGHVHFKRVVyOLGRVGHOLQJHQLR9HWLOODV3RVWHULRUPHQWHHQ ODHPSUHVD(086$LQJUHVyDOFRQIOLFWRSRUVROWDUPDWHULDOGHOLQJHQLRDOUtR7XSL]D /D LQWHQVLYD H[SORWDFLyQ GH PLQHUDOHV \ OD LQVWDODFLyQ GH SODQWDV PHWDO~UJLFDV RFDVLRQDURQ HQ SRFR WLHPSR XQ JUDYH GHWHULRUR DPELHQWDO \ FRQIOLFWRV VRFLDOHV FRQ ORV SRFRV FRPXQDULRV TXH FRQWLQXDEDQ DVHQWDGRVDORODUJRGHOUtR7XSL]DTXLHQHVVHDJUXSDURQ\YLVLWDURQDORVJHUHQWHVGH(086$\HVWRV UHVSRQGLHURQFRQODDPHQD]DGHTXHVHUUDUtDQODPLQD\UHWLUDUtDQDOSHUVRQDOSURYRFDQGRXQFRQIOLFWR VRFLDOD~QPD\RU $ILQHVGHODGpFDGDGH ODSREODFLyQFLYLOGH7XSL]D\ODVFRPXQLGDGHVFDPSHVLQDVGHODUHJLyQ UHDOL]DURQ DFFLRQHV HQ FRQWUD GH OD HPSUHVD (086$ \ ORJUDURQ TXH pVWD FRQVLGHUH PHGLGDV GH PLWLJDFLyQ /D8QLYHUVLGDG$XWyQRPD7RPiV)UtDVPHGLDQWHOD)DFXOWDGGH*HRORJtDKL]RFRQRFHURSRUWXQDPHQWHD ODVDXWRULGDGHVSROtWLFDVGH7XSL]DHOFRQIOLFWRTXHVHSURGXFLUtDHQFDVRGHTXHVHURPSDHOGLTXHGH FRODV GH 7DWDVL 6LQ HPEDUJR KDVWD OD IHFKD ODV DXWRULGDGHV QR KDQ WRPDQGR HQ FXHQWD HVWD DGYHUWHQFLD /D SURSXHVWD WpFQLFD HV FRQVWUXLU JDYLRQHV SULQFLSDOPHQWH HQ ORV SXQWRV GH PD\RU HVFRUUHQWtD GH DJXDV VXSHUILFLDOHV \D TXH HVWRV HURVLRQDQ \ DUUDVWUDQ PDWHULDOHV D SDUWLU GH ODV FRODV \ GHVPRQWHV KDFLD HO UtR 7XSL]DSURYRFDQGRDVtFRQIOLFWRVDPELHQWDOHV $GHPiVGHEHH[LVWLUXQSODQGH UHFXSHUDFLyQGH VXHORVGH FXOWLYRVTXHKDQVLGRDIHFWDGRVSRULQXQGDFLRQHVHQpSRFDGHOOXYLDVPHGLDQWHODFRQVWUXFFLyQGHGHIHQVLYRV HQODV]RQDVGH2UR,QJHQLR2SORFD9LOOD3URYLGHQFLD\<XUFXPD $O SUHVHQWH VHJ~Q GHFODUDFLRQHV GHO &RUUHJLGRU \ GHO $JHQWH &DQWRQDO GH ODV FRPXQLGDGHV GH 2UR ,QJHQLR \2SORFDUHVSHFWLYDPHQWHHOFRQIOLFWRH[LVWHFRQODPLQDGH7DWDVL\FRQHO,QJHQLR9HWLOODVTXH HVWiQDEDQGRQDGRVHQODDFWXDOLGDG$OUHVSHFWRHOORVGHFODUDQKDEHUDFXGLGRHQYDULDVRSRUWXQLGDGHVD OD$OFDOGtD\DOD6XESUHIHFWXUDGH7XSL]DVLQUHVXOWDGRDOJXQR\PDQLILHVWDQTXHDVXPLUiQPHGLGDVPiV UDGLFDOHVVLHVTXHQRORJUDQVROXFLRQDUHOFRQIOLFWRSULQFLSDOPHQWHFRQTXLHQHVKDQJHQHUDGRHOGDxR HQ HVWH FDVR &20,%2/ \ ODV FRRSHUDWLYDV TXH DFWXDOPHQWH RSHUDQ HQ OD ]RQD (VWDV DXWRULGDGHV ORFDOHV SLGHQ TXH VH GHWHQJD OD IXJD GH DJXDV iFLGDV \ VHGLPHQWRV SURYHQLHQWHV GH ORV SDVLYRV DPELHQWDOHV\DTXHpVWRVSURYRFDQIXHUWHVLPSDFWRVHVSHFLDOPHQWHHQpSRFDVGHOOXYLD\VRQODFDXVD GH PLJUDFLRQHV TXH RFXUUHQ GHELGR D OD FRQWDPLQDFLyQ GH ORV VXHORV\ D OD FRQVWDQWH SUHVHQFLD GH HQIHUPHGDGHV JDVWURLQWHVWLQDOHV \ DIHFFLRQHV SUHQDWDOHV SURGXFLGDV SRU HO FRQVXPR GH DJXDV FRQWDPLQDGDV )XHQWHV 6HYLVLWyDODVFRPXQLGDGHVGH2SORFD\2UR,QJHQLRGRQGHVHHQWUHYLVWyDORVGLULJHQWHV\ SREODGRUHVGHGLFKDVFRPXQLGDGHV 3HUVRQDHQFDUJDGDGHOUHJLVWUR(OtDV3XFK&)2%20$'( 3RWRVt 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHOUtR+XD\QD0D\X 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR &LXGDGGH3RWRVt 5HJXODGRUGHO FRQIOLFWR ,QJHQLRVPLQHURV6DJiUQDJD(032&RSDFDEDQD'DQLHOD 3DOOLULV'RORUHV1RYD± &UX]GHO6XU$VXQFLyQ\*XDGDOXSH\ JRELHUQRPXQLFLSDO 9HFLQRVDJUXSDGRVHQRUJDQL]DFLRQHVGHEDVH\RUJDQL]DFLRQHV QRJXEHUQDPHQWDOHV *RELHUQRGHSDUWDPHQWDO\PXQLFLSDO $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH ,QLFLDGRU GHOFRQIOLF WR $IHFWDGRV /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR KDELWDQWHVGHODV]RQDVGH6DQ&ULVWyEDO6DQ3HGUR\6DQ %HQLWR 0LQHUtD &RQWDPLQDQWH &RPHUFLDOYLYLHQGDDJURSHFXDULDHTXLSDPLHQWR \VHUYLFLRV $JXDIORUDIDXQDDLUH\VDOXG DJUDYDGRGHVGH (PERYHGDGRGHOUtR+XD\QD0D\X\PHMRUDPLHQWRGHORV SURFHVRVGHLQJHQLRV 0RYLOL]DFLRQHVLQIRUPDWLYDVUD\DGRVDILFKHVYRODQWHVPXUDOHV FRPXQLWDULRVSHULIRQHRVGHQXQFLDVS~EOLFDVFRRUGLQDFLyQHQWUH RUJDQL]DFLRQHVGHOD]RQDHLQYHVWLJDFLRQHV $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR 'HVGH HO UtR +XD\QD 0D\X DIOXHQWH GHO UtR GH /D 5LEHUD VLUYH D ODV ODERUHV GH H[SORWDFLyQ GH PLQHUDOHV FX\RV VLVWHPDV GH ODJXQDV H LQJHQLRV YLHUWHQ VXV GHVKHFKRV VyOLGRV \ DJXDV iFLGDV D VX FDXFH(VWHUtRSDVDSRUODV]RQDVSREODGDVGHODFLXGDGGH3RWRVtWDOHVFRPR3DLODYLUL6DQ&ULVWyEDO 6DQ3HGUR\6DQ%HQLWR /DDFWLYLGDGHFRQyPLFDSULQFLSDOGHXQGHODVIDPLOLDVGHHVWDV]RQDVHVODPLQHUtDGHELGRDTXHORV GLIHUHQWHVLQJHQLRVORFDOHVOHVEULQGDQIXHQWHVGHWUDEDMRSRUHVWDUD]yQVXVYLYLHQGDV\RWURVVHUYLFLRV VHHQFXHQWUDQHQHOOXJDU 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 'H HVWD PDQHUD DGHPiV GHO SUREOHPD GH ODFRQWDPLQDFLyQ PLQHUDVH WLHQH OD SUHVHQFLD GH IRFRV GH LQIHFFLyQHQGLIHUHQWHVWUDPRVGHOUtR\DTXHODVIDPLOLDVPDQWHQLHQGRVXVSUiFWLFDVFXOWXUDOHV UXUDOHV FUtDQ FHUGRV IXHUD GH OD FDVD \ WLHQHQ YDULRV SHUURV HQ ODV FDOOHV TXLHQHV DFXGHQ D HVWH UtR D ILQ GH DOLPHQWDUVH GH ODV EDVXUDV \ H[FUHPHQWRV SXHV ODV IDPLOLDV OR XWLOL]DQ FRPR EDxR KLJLpQLFR \ FRPR YHUWHGHURGHGHVHFKRVVyOLGRV3URGXFWRGHOR DQWHULRUORVYHFLQRVWDPELpQGHEHQVRSRUWDUODFRQVWDQWH SUHVHQFLDGHPRVFDV &RPR HIHFWR GH OD FRQWDPLQDFLyQGHODJXD \ GHODLUH H[LVWH DOWRVtQGLFHVGH HQIHUPHGDGHV GH OD SLHO GLDUUHDVDJXGDVLQIHFFLRQHVUHVSLUDWRULDV\FDVRVGHFRQMXQWLYLWLVHVSHFLDOPHQWHHQWUHORVQLxRVTXHDO QRWHQHUHVSDFLRVGHUHFUHDFLyQMXHJDQDRULOODVGHOUtR (O UtR +XD\QD 0D\X HPSH]y D JHQHUDU FRQIOLFWR FXDQGR ORV SREODGRUHV ORFDOHV OR LGHQWLILFDQ FRPR HO FDXVDQWH GH VXVSUREOHPDVGH VDOXG $ HVWH KHFKR WDPELpQFRQWULEX\y HO WUDEDMR GH HGXFDFLyQ VREUH VDOXGDVRFLDGDDRWURVIDFWRUHVTXHHO&HQWUR3RSXODUGH6DOXG(GXFDFLyQ\3URGXFFLyQ&(1326(3 RWUDV21*V\OD,JOHVLD&DWyOLFDUHDOL]DURQHQOD]RQD $SDUWLUGHHQSDUWLFXODUODVMXQWDVGHYHFLQRVGH6DQ3HGURUHDOL]DURQVROLFLWXGHVHVFULWDV\YLVLWDV D DXWRULGDGHV VROLFLWDQGR HO HPERYHGDGR GHO UtR (Q ORV YHFLQRV \D PiVRUJDQL]DGRV HQ WRUQRD &(1326(3 VH PRYLOL]DURQ\ WUDEDMDURQ HQ OD E~VTXHGDGH VROXFLRQHV D OD IDOWD GH VHUYLFLRV EiVLFRV SODQWHDQGRHVWDVQHFHVLGDGHVVLQQLQJ~Qp[LWRDODVDXWRULGDGHVORFDOHVGHOD3UHIHFWXUDGH6DOXGGHOD $GPLQLVWUDFLyQ $XWyQRPD SDUD 2EUDV 6DQLWDULDV 3RWRVt $$326 HWF (QWRQFHV VH UHFXUULy DO )RQGR 6RFLDOGH(PHUJHQFLDTXLHQDSR\yHVWDVGHPDQGDV(QVHLQLFLyODLQVWDODFLyQGHDJXDGRPLFLOLDULD DOFDQWDULOODGR\FRQVWUXFFLyQGHEDxRVHQORVGRPLFLOLRVDXQTXHH[LVWHXQSUREOHPDGHHVFDVH]GHDJXD (/ SURFHVR GH FRQVWUXFFLyQ GHO VLVWHPD GH DJXD \ DOFDQWDULOODGR PRWLYy XQD VHULH GH YLVLWDV D DXWRULGDGHV \ SXEOLFDFLRQHV HQ OD SUHQVD DFHUFD GH OD VLWXDFLyQ TXH WHQtDQ HVWDV IDPLOLDV SRU OD FRQWDPLQDFLyQ \ OD FDUHQFLD GH DJXD /DV UHODFLRQHV FRQ OD SUHQVD IXHURQ LPSRUWDQWHV SXHV ORV SHULRGLVWDVUHDOL]DURQHOVHJXLPLHQWRGHODVLWXDFLyQGHOUtR+XD\QD0D\X (QODJHVWLyQOD+RQRUDEOH$OFDOGtD0XQLFLSDOLQLFLyODSUHSDUDFLyQ\GLVHxRGHXQSUR\HFWRSDUDHO HPERYHGDGR GHO UtR H LQIRUPy TXH VH UHFLELUtD XQ ILQDQFLDPLHQWR GHO )RQGR 1DFLRQDO GH 'HVDUUROOR 5HJLRQDO)1'5/DVDXWRULGDGHV\ORVYHFLQRVGHWRGDVODV]RQDVSRUGRQGHHOUtRDWUDYLHVDDEULJDURQ HVSHUDQ]DVGHPHMRUDUHVWDVSDUWHVGHODFLXGDG\FRQWULEXLUDODGLVPLQXFLyQGHHQIHUPHGDGHV\DOPHGLR DPELHQWH (VWH SUR\HFWR HQ pSRFDV HOHFWRUDOHV HV XWLOL]DGR FRPR EDQGHUD SRU ORV GLIHUHQWHV SDUWLGRV SROtWLFRV SHUR XQD YH] TXH OOHJDQ DO SRGHU QR FULVWDOL]DQ QLQJ~Q RIUHFLPLHQWR \ ODV PRYLOL]DFLRQHV \ SURWHVWDVDVtFRPRORVDFFLGHQWHVHQHOUtRVLJXHQVLQVROXFLyQ $FWXDOPHQWHODSUHIHFWXUDHOPXQLFLSLR\ODLQVWLWXFLyQUHJXODGRUDGHODJXDHVWiQEXVFDQGRILQDQFLDPLHQWR SDUDHOWUDWDPLHQWRGHDJXDVGHORVLQJHQLRVHODOFDQWDULOODGR\SRVLEOHHPERYHGDGRGHOUtRSHURD~QQR VH YH ORV IUXWRV GH HVWDV LQLFLDWLYDV (OOR KDFH TXH OD SREODFLyQ QR FUHD HQ SURPHVDV \ QR DSR\H ODV DFFLRQHVTXHUHDOL]DQHVWDVLQVWLWXFLRQHV )XHQWHV -,&$³(VWXGLRGH(YDOXDFLyQGHO,PSDFWR$PELHQWDOGHO6HFWRU0LQHURHQHO'HSDUWDPHQWRGH 3RWRVt´HLQIRUPDFLyQGHO&(1326(3 3HUVRQDHQFDUJDGDGHOUHJLVWUR5RVDULR/DLPH0&(1326(3)2%20$'( 3RWRVt )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHO UtRGH/D5LEHUD 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV &RVWRVS DU DUHGXFLUHOG DxR )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 0XQLFLSLRGH3RWRVt ,QJHQLRVPLQHURVfDxD\6DQ-RVp9HUD&UX]2WWR6DQ0LJXHO %ROtYDU6DQ-XDQ(0&$'HQYHU0ROLQR6DQWD&DWDOLQD &RSDFDEDQD6DQ6LOYHVWUH&DQGHODULD6DQ)UDQFLVFR9HODUGH =DEDOHWD$QGLQD7KXUX*RQ]iOH] 0DUWtQH]6RPLO /D&KDFD &20,&(/1RYD )RUWDOH]D&RPSDxtDPHWDO~UJLFD3RWRVt 0HQGR]D/$0%2/6DQWD/XFtD2FFLGHQWDO,0685,QJHQLR6DQ 3HGUR3RWRVt&RSDFDEDQD6DQWD&DWDOLQD6DQ-RUJH620,1.25 \/D$OLDGD 3REODGRUHVUHXQLGRVHQRUJDQL]DFLRQHVGHEDVH\21*V *RELHUQRGHSDUWDPHQWDO KDELWDQWHVGHORVEDUULRV6DQ-XDQ&DQWXPDUFD\SDUWH GHOFHQWURGHODFLXGDGGH3RWRVt 0LQHUtD <DVHSURGXMR\HVUHFXUUHQWH &RQWDPLQDQWH &RPHUFLDOSLVFtFRODYLYLHQGDHTXLSDPLHQWRVHUYLFLRVHLQGXVWULDO $JXDIORUDIDXQDDLUH\VDOXG 6yORODFRQVWUXFFLyQGHOGLTXHGHFRODVGH6DQ$QWRQLRUHTXLHUH XQDLQYHUVLyQDSUR[LPDGDGHPLOORQHVGHGyODUHV 'HVGHD 0LWLJDUODFRQWDPLQDFLyQRFDVLRQDGDSRUODDFWLYLGDGPLQHUD\ VHQVLELOL]DUDORVKDELWDQWHVGHODFLXGDGUHVSHFWRDODVLWXDFLyQGH ODVIDPLOLDVDIHFWDGDVSRUODFRQWDPLQDFLyQ 'HQXQFLDVPRYLOL]DFLRQHVFRRUGLQDFLyQFRQRUJDQL]DFLRQHVGH EDVH 21*VH,JOHVLD\E~VTXHGDGHILQDQFLDPLHQWR $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR (O UtR GH /D 5LEHUD WLHQH WUHV DIOXHQWHV HQ DO FLXGDG GH 3RWRVt &KHFNWDNDOD +XD\QD 0D\X \ .RULPD\X OXHJRDJXDVDEDMRWRPDODGHQRPLQDFLyQGH$OMDPD\X\IOX\HHQGLUHFFLyQQRUHVWHPiVDGHODQWHFRQIOX\H FRQODTXHEUDGDGH-D\DMPD\XTXHFXUVDHOIODQFRRHVWHGHO&HUUR5LFRGH3RWRVt\GHOUtRGHDJXDGXOFH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV FX\RDIOXHQWHHVHOUtR+XDFDFKLPD\X/RVUtRVGH/D5LEHUD$OMDPD\X0ROLQR\7DUDSD\DVRQSDUWHVGHOD PLVPDFXHQFDTXHVHLQLFLDFRQHOSULPHUR\WRPDGLIHUHQWHVGHQRPLQDFLRQHVGHDFXHUGRDODORFDOLGDGTXH DWUDYLHVD3ULPHURHVGHQRPLQDGRUtR7DUDSD\DOXHJR/D5LEHUDFXDQGRDWUDYLHVDODFLXGDG3RWRVtKDVWD VXFRQIOXHQFLDFRQHOUtR-HV~V9DOOHDFRQWLQXDFLyQVHOROODPD$OMDPD\XKDVWDVXFRQIOXHQFLDFRQHOUtR +XDQFDUDQLPiVDGHODQWHWRPDODGHQRPLQDFLyQGH(O0ROLQRHQODVFHUFDQtDVGHODSREODFLyQGHOPLVPR QRPEUH\ILQDOPHQWHDJXDVDEDMRKDVWDODFRQIOXHQFLDFRQHOUtR3LOFRPD\XVHORQRPEUD7DUDSD\D (VWH UtR SUHVHQWD FRQWDPLQDFLyQ PLQHUD GHELGR D TXH SDUD HO WUDWDPLHQWR GH PLQHUDOHV VH XWLOL]D PDWHULDOHV TXH SURGXFHQ HIOXHQWHV iFLGRV (QWUH \ SDUD OD H[WUDFFLyQ GH HVWDxR \ OD SURGXFFLyQ GH VX SULQFLSDO PLQHUDO OD FDVLWHULWD VH DSOLFy IXQGDPHQWDOPHQWH OD FRQFHQWUDFLyQ JUDYLPpWULFDSRUORTXHODFRQWDPLQDFLyQFRQVLVWLyHQODSURGXFFLyQGHGHVKHFKRVVyOLGRV\DFXPXODFLyQ GHUHODYHV\GHVPRQWHV $ SDUWLU GH VH H[SORWy VXOIXURV GH ]LQF SODWD \ SORPR TXH VRQUHFXSHUDGRV SRU IORWDFLyQ HVWH SURFHVR UHTXLHUH GH XQD PROLHQGD ILQD \ OD DSOLFDFLyQ GH UHDFWLYRV TXtPLFRV FROHFWRUHV [DQWDWRV DFWLYDGRUHV \ GHSUHVDQWHV SRU WDQWR OD FRQWDPLQDFLyQ \D H[LVWHQWH IXH DJUDYDGD FRQ ORV GHVKHFKRV VyOLGRV TXH ORV LQJHQLRV YLHUWHQ DO UtR GH /D 5LEHUD \ IOX\HQ KDFLD HO UtR 3LOFRPD\X (Q FRQGLFLRQHV QRUPDOHVHOWUDQVSRUWHGHVyOLGRVHQVXVSHQFLyQGHORVUtRVGH/D5LEHUD$OMDPD\X\7DUDSD\DSXHGH DVFHQGHUD7GtD (O UtR /D 5LEHUD HUD FRQVLGHUDGR SRU PXFKRV XQD DWUDFFLyQ WXUtVWLFD KR\ HV FDXVD GH XQ FRQIOLFWR DPELHQWDO SULQFLSDOPHQWH SRU OD DFWLYLGDG PLQHUD \ OD SUHVHQFLD GH EDVXUDOHV \ DQLPDOHV HQ VXV DOUHGHGRUHV$GHPiVFRQHOFUHFLPLHQWRGHODFLXGDGYDULDVSHUVRQDVFRQVWUX\HURQVXVFDVDVGHMDQGR TXHHOULyVLJDVXFXUVRSRUGHEDMRGHHOODVRSRUVXVFDOOHVFHQWUDOHV ,QLFLDOPHQWH ODV SURWHVWDV GH ORV YHFLQRV HUDQ DLVODGDV FDGD XQR UHFODPDED SRU VX YLYLHQGD SHUR SRVWHULRUPHQWHVHRUJDQL]DURQFRQUHSUHVHQWDQWHVGHEDUULRV\GHODV]RQDVSDUDDFXGLUDODVDXWRULGDGHV \ D RWUDV RUJDQL]DFLRQHV HQ EXVFD GH VROXFLRQHV DO FRQIOLFWR (Q UHVSXHVWD D HVWDV GHQXQFLDV YDULDV RUJDQL]DFLRQHVQRJXEHUQDPHQWDOHVUHDOL]DURQUHXQLRQHV\DFFLRQHVGHHGXFDFLyQHQWUHRWUDV7DPELpQ GHPDQHUDFRQMXQWDFRQORVYHFLQRVVHDFXGLy DODVDXWRULGDGHVGHSDUWDPHQWDOHV\QDFLRQDOHV 3DUD HQFRQWUDU VROXFLRQHV D HVWH SUREOHPD D SDUWLU GH OD JHVWLyQ HO JRELHUQR GHSDUWDPHQWDO $GPLQLVWUDFLyQ $XWyQRPD SDUD 2EUDV 6DQLWDULDV 3RWRVt $$326 \ HO 0XQLFLSLR UHVSRQGLHQGR D ODV FRQWLQXDV SUHVLRQHV GH ORV YHFLQRV EXVFDURQ HO DSR\R GH RUJDQLVPRV LQWHUQDFLRQDOHV FRPR OD &RRSHUDFLyQ)LQDQFLHUD$OHPDQD.I: SDUDILQDQFLDUXQSUR\HFWRGHJUDQPDJQLWXG(VWDSURSXHVWD FRQWHPSODHQVXIDVHSULQFLSDOODFRQVWUXFFLyQGHXQGLTXHGHFRODVHQ6DQ $QWRQLRHOPLVPRTXHGHEHUi VHUYLU SDUD TXH ORV LQJHQLRV RSHUHQ EDMR QRUPDV \ UHJODPHQWRV HVWDEOHFLGRV HQ OD OHJLVODFLyQ DPELHQWDO $GHPiVEXVFDVROXFLRQDUHOSUREOHPDGHODIDOWDSDUFLDOGHDOFDQWDULOODGRHQODFLXGDG6LQHPEDUJRKDVWD ODIHFKDQRH[LVWHQDYDQFHVVLJQLILFDWLYRVORTXHSURYRFDLQFHUWLGXPEUHHQODVSREODFLRQHVDIHFWDGDV $FWXDOPHQWHODRUJDQL]DFLyQGHQRPLQDGD3ODQGH5HKDELOLWDFLyQGH$UHDV+LVWyULFDVGH3RWRVt35$3+ MXQWR D ODV RUJDQL]DFLRQHV YHFLQDOHV \ HO PXQLFLSLR HVWiQ EXVFDQGR DOWHUQDWLYDV GH VROXFLyQ FXLGDQGR WDPELpQHODVSHFWRKLVWyULFR\WXUtVWLFRGHODFLXGDG )XHQWHV -,&$(VWXGLRGH(YDOXDFLyQGHO,PSDFWR$PELHQWDOGHO6HFWRU0LQHURHQHO'HSDUWDPHQWRGH 3RWRVtHLQIRUPDFLyQGHO&(1326(3 3HUVRQDHQFDUJDGDGHOUHJLVWUR5RVDULR/DLPH0&(1326(3)2%20$'( 3RWRVt )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQFHVLyQPLQHUDSDUDODH[SORWDFLyQGHiULGRVHQHOUtR,YLUJDU]DPD 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR ,YLUJDU]DPDFDQWyQ,QFXQDGHOD4XLQWD6HFFLyQGH3XHUWR 9LOODUURHOGHODSURYLQFLD&DUUDVFRGHOGHSDUWDPHQWRGH &RFKDEDPED (PSUHVDPLQHUD1XHYR$PDQHFHU\*UDQ3RGHU )HGHUDFLyQ GH -XQWDV 9HFLQDOHV GH ,YLUJDU]DPD &RPLWp 3URFDPLQRVGH,YLUJDU]DPD&RORQLDV6DQ-DYLHU\GHPD\R\ +DFLHQGD7UHV&RORQLDV 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH6XSHULQWHQGHQFLDGH0LQDV 5HJLRQDO&RFKDEDPED3UHIHFWXUDGH&RFKDEDPED\0XQLFLSLR GH3XHUWR9LOODUURHO SHUVRQDVGHOSXHEORGH,YLUJDU]DPD ([WUDFFLyQGHSLHGUDDUHQDJUDYD\FDVFDMR 6HSURGXMR\VHSURGXFLUi (URVLYD\FRQWDPLQDQWH KD 8VRGHPDWHULDOHVGHFRQVWUXFFLyQ 6XHOR\DJXD $JRVWRGH(PSUHVD*UDQ3RGHU\G LFLHPEUHGH(PSUHVD 1XHYRDPDQHFHU -XOLRGH (YLWDUTXHVHDPHQDFHODHVWDELOLGDGGHOVXHOR\TXHORVUHFXUVRV H[LVWHQWHVHQHOUtRVHDQGHXVRSULYDGR 3HWLFLRQHV YRWRV UHVROXWLYRV DPHQD]D GH DFFLRQHV GH KHFKR PRYLOL]DFLRQHVGHQXQFLDVS~EOLFDV\SDURFtYLFR GHMXOLRGH 'HVFULSFLyQGHOFRQIOLFWR (Q OD RSRVLFLyQ D ODV FRQFHVLRQHV PLQHUDV HQ HO UtR ,YLUJDU]DPD SDUWLFLSDURQ WRGRV ORV VHFWRUHV GH OD ]RQD PRYLGRV SRU OD FRQYLFFLyQ GH TXH ORV UHFXUVRV H[LVWHQWHV HQ HO UtR QR GHEtDQ EHQHILFLDU H[FOXVLYDPHQWHDXQDSHUVRQDPDVDOFRQWUDULRGHEtDQHVWDUDGLVSRVLFLyQGHWRGDODSREODFLyQ 2WURDVSHFWRTXHVHFRQYLUWLyHQSDUWHGHOFRQIOLFWRIXHHOWHPRUGHTXH ODVDFWLYLGDGHVUHDOL]DGDVSRUOD HPSUHVDDODIHFWDUDORVODWHUDOHVGHOUtRSRQtDQHQSHOLJURDODSREODFLyQGH,YLUJDU]DPD\DTXHORV FDXGDOHVGHOUtRHQpSRFDVGHOOXYLDSRGUtDQDUUDVDUFRQHO SXHEOR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (QHVWHFRQIOLFWRVHFRQIURQWDURQGRVWLSRVGHLQWHUHVHVHOGHOSXHEORGH,YLUJDU]DPD\ORVFRORQRVGHOD ]RQDTXHKDELWXDOPHQWHXWLOL]DEDQORViULGRVGHOUtR\HOGHODHPSUHVDPLQHUDTXHREWXYRODFRQFHVLyQ SDUDH[WUDHUORV &XDQGRODHPSUHVD FRPHQ]yVXVDFWLYLGDGHVVRUSUHQGLyDORVKDELWDQWHVORFDOHVFRQHOFREURGH%V SRU FDUUHWLOODGHDUHQDH[WUDtGD D UDt]GH ORFXDOODSREODFLyQGH ,YLUJDU]DPD SLGLyODLQWHUYHQFLyQD OD $OFDOGtD GH 3XHUWR 9LOODUURHO $GHPiV UHDOL]y YRWRV UHVROXWLYRV GH UHFKD]R D OD FRQFHVLyQ PLQHUD DVt FRPRGHQXQFLDVS~EOLFDVDPHQD]yWDPELpQFRQWRPDUPHGLGDVGHKHFKR\SURWDJRQL]yXQSDURFtYLFR VROLFLWDQGRTXHODHPSUHVDDEDQGRQHODFRQFHVLyQ/DHPSUHVDSRUVXSDUWHH[SOLFyTXHWHQtDWRGRHQ UHJOD SDUD SURFHGHU D OD H[SORWDFLyQ GH PDWHULDOHV GH FRQVWUXFFLyQ \ SRU OR WDQWR SRGtD UHDOL]DU ORV FREURVSRUODH[WUDFFLyQGHiULGRV /DGLVFXVLyQHQWUHODVHPSUHVDV\ORVDIHFWDGRVVHGLRVREUHODEDVHGHDUJXPHQWRVSROtWLFRVVRFLDOHV DPELHQWDOHV \MXUtGLFRV SHURDOILQDOVH OOHJyD ODFRQFOXVLyQGHTXHVHGHEtDDFXGLUD ODVDXWRULGDGHV FRUUHVSRQGLHQWHVSDUDODGHILQLFLyQGHOFRQIOLFWR &XDQGR ODV DXWRULGDGHV VH SUHVHQWDURQ ORV DIHFWDGRV H[SUHVDURQ VX SUHRFXSDFLyQ DQWH ORV GDxRV DPELHQWDOHVTXHODHPSUHVDHVWDED RFDVLRQDQGR\VREUHORVLPSDFWRVVRFLDOHVQHJDWLYRVTXHLPSOLFDED HO PDQHMR GHO UtR SRU XQD HPSUHVD SULYDGD 6LQ HPEDUJROD SUHIHFWXUD QR KL]R FRQRFHU VX SRVLFLyQ DO UHVSHFWRQLHOLQIRUPHTXHHODERUyGHVSXpVGHODYLVLWD\DSHVDUGHODVH[LJHQFLDVGHORVDIHFWDGRVHQOD DFWXDOLGDGODHPSUHVDVLJXHWUDEDMDQGR )XHQWHV 7HVWLPRQLRGHSHUVRQDVTXHSDUWLFLSDQHQHOFRQIOLFWRGHOUtR,YLUJDU]DPD 3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$ &RFKDEDPED )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQFHVLRQHV PLQHUDV HQ HO 3DUTXH 1DF LRQDO \ $UHD 1DWXUDO GH 0DQHMR ,QWHJUDGR$PERUy 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 5tR6XUXW~3DUTXH1DFLRQDO$PERUyPXQLFLSLRGH%XHQD9LVWD SURYLQFLD,FKLORGHOGHSDUWDPHQWRGH6DQWD&UX] &HUiPLFDV1RUWH 6XE&HQWUDO&DPSHVLQDGH&KDVNL&HQWUDO&DPSHVLQD,FKLOR\ FRPXQLGDG9LOOD$PERUy 0XQLFLSLRGH%XHQD9LVWD6XESUHIHFWXUD3UHIHFWXUD\ $GPLQLVWUDFLyQGHO3DUTXH$PERUyGHSHQGLHQWHGHO6(51$3 +DELWDQWHVGHODVFRPXQLGDGHVGH9LOOD$PERUy(VSHMLWRV 5HFRPSHQVD&RRSHUDWLYD'RUDGR9LOOD(QYLGLD0LUDIORUHV,VDPD ,\,,\6DQWD5RVD ([SORWDFLyQGHiULGRV 6HUHDOL]DUi &RQWDPLQDQWH\PROHVWRVD $JURSHFXDULDSLVFtFROD\HFRWXULVPR $JXDDLUHIORUDIDXQD\VDOXG 0DU]RGH $EULOGH ,PSHGLUTXHORVFRQFHVLRQDULRVWUDEDMHQHQHOUtR6XUXW~ 0RYLOL]DFLyQGHORVFDPSHVLQRVDPSOLDGRSDUDGHILQLUDFFLRQHV VROLFLWXGGHDVHVRUDPLHQWRLQVSHFFLyQRFXODUFRQDXWRULGDGHV UHXQLRQHVFRQDXWRULGDGHV\FRQFHVLRQDULRV\YRWRUHVROXWLYR $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR /D H[SORWDFLyQ GH iULGRV HQ HO 3DUTXH 1DFLRQDO $PERUy KD RFDVLRQDGR DGHPiV GH XQ SUREOHPD DPELHQWDOXQ FRQIOLFWRVRFLDO SRUTXHOD DFWLYLGDG PLQHUD HVWi SRU HQFLPDGH ORV GHUHFKRV SURSLHWDULRV TXHWLHQHQODVFRPXQLGDGHVFDPSHVLQDVVREUHVXVWLHUUDV(QHVWHFDVRODFRPXQLGDG9LOOD$PERUyHVOD PiV DIHFWDGD \D TXH OD H[SORWDFLyQ PLQHUD DIHFWDUi OD DFWLYLGDG GH HFRWXULVPR TXH OD FRPXQLGDG KD HPSUHQGLGRGHVGH (Q HO FRQWH[WR JHQHUDO OD H[SORWDFLyQ PLQHUD GH iULGRV KD WHQLGR LQWHUUXSFLRQHV GHELGR D OD DFFLyQ RUJDQL]DGDGHODVFRPXQLGDGHVFDPSHVLQDV(QHOFDVRGHOUtR6XUXW~HQHOVHFWRUGHODVFRPXQLGDGHV GH9LOOD$PERUy1XHYD3DOHVWLQD\&RRSHUDWLYDODLQVWDODFLyQGHODHPSUHVDTXHVXSRQHHODUUHJORGH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV FDPLQRV GH DFFHVR ODLQVWDODFLyQ GH FDPSDPHQWRV ERPEDV GH DJXD PROHGRUDV \ RWUDV DFWLYLGDGHV HVWiSDUDOL]DGDGHVGHMXOLRGHGHELGRDODUHVLVWHQFLDTXHKD RUJDQL]DGROD6XEFHQWUDO&KDVNL\OD &HQWUDOGHODSURYLQFLD,FKLOR 6L ELHQ HO PXQLFLSLR OD SUHIHFWXUD OD VXESUHIHFWXUD \ OD DGPLQLVWUDFLyQ GHO SURSLR SDUTXH VRQ ORV UHVSRQVDEOHVGHYHODUSRUORVUHFXUVRVQDWXUDOHVPiVD~QWUDWiQGRVHGHXQiUHDSURWHJLGDVXDFFLRQDU QRKDVLGRGHOWRGRFODURQLGHOWRGRFRQWXQGHQWHSDUDLPSHGLUODH[SORWDFLyQGHiULGRV(VWDVDXWRULGDGHV QRPDQLIHVWDURQVXSRVLFLyQKDVWDTXHODVFRPXQLGDGHVFDPSHVLQDVH[SUHVDURQVXFRQWUDULHGDGIUHQWHD ODH[SORWDFLyQPLQHUDLPSLGLHQGRODLQVWDODFLyQGHOFRQFHVLRQDULR\H[LJLHQGRXQDLQVSHFFLyQRFXODUGHO VHFWRUDIHFWDGR (QHVWHFDVRODLQVWLWXFLyQ3URGXFWLYLGDG%LRVIHUD\0HGLR$PELHQWH352%,20$DSR\yODVDFWLYLGDGHV GHORVFDPSHVLQRVPHGLDQWHXQDH[SOLFDFLyQGHWDOODGDGHORVLPSDFWRVVRFLRDPELHQWDOHVTXHJHQHUDOD DFWLYLGDG PLQHUDHVWD H[SOLFDFLyQ VH UHDOL]y HQ OD FRPXQLGDG GH9LOOD $PERUy HQ PDU]RGH /RV GLULJHQWHVGHODFRPXQLGDGPHQFLRQDGDVHHQFDUJDURQGHWUDQVPLWLUODLQIRUPDFLyQDVX6XEFHQWUDO\HVWR JHQHUyODGHIHQVDGHOUtR\ODQHJDWLYDDTXHVHUHDOLFHFXDOTXLHUDFWLYLGDGPLQHUDHQOD]RQD /D LQVSHFFLyQ RFXODU HQ OD TXH SDUWLFLSDURQ DOUHGHGRU GH FDPSHVLQRV GH ODV FRPXQLGDGHV DIHFWDGDVDILOLDGDVDOD6XEFHQWUDO&KDVNLOD)HGHUDFLyQ'HSDUWDPHQWDOUHSUHVHQWDQWHVGHODSUHIHFWXUD VXESUHIHFWXUD \ PXQLFLSLR GH %XHQD 9LVWD 352%,20$ \ OD $VHVRUtD /HJDO $YD ,YL $YDUHQGD $/$6 SHUPLWLyFRPSUREDUTXHODH[SORWDFLyQGHiULGRVDWHQWDFRQWUDORVREMHWLYRVGHOSDUTXH\FRQFOXLUHQTXH VH GHEHUtD UHDOL]DU XQ PDQHMR DGHFXDGR GH OD FXHQFD HQ HO PDUFR GH OD SURSXHVWD GH DGPLQLVWUDFLyQ FDPSHVLQD GHO 3DUTXH 1DFLRQDO $PERUy 3RU RWUD SDUWH FRPR UHVXOWDGR GH OD LQVSHFFLyQ RFXODU \ HQ UHVSXHVWDDODMXVWLILFDFLyQGHODHPSUHVDPLQHUDHQVHQWLGRGHTXHHQHOUtR6XUXW~VHKDQDFXPXODGR PXFKRV VHGLPHQWRV TXH SURYRFDQ HO FDPELR GH VX FDXFH RULJLQDO VH SODQWHy TXH VL HV QHFHVDULR UHPRYHU ORV VHGLPHQWRVPHQFLRQDGRV HVWD DFWLYLGDG GHEHUi SURGXFLU XQ EHQHILFLR VRFLDO \ QR SULYDGR SDUDJDUDQWL]DUHOPDQHMRGHODFXHQFD $O UHVSHFWR ODV FRPXQLGDGHV ODQ]DURQ XQ YRWR UHVROXWLYR FRQ FXDWURSXQWRV HO SULPHUR \ HO VHJXQGR SLGHQODVXVSHQFLyQGHWRGRWUDEDMRPLQHURHQHO5tR6XUXW~\<DSDFDQtPLHQWUDVQRKD\DXQHVWXGLRGH LPSDFWRDPELHQWDOFRQSDUWLFLSDFLyQFDPSHVLQD\QRVHKD\DDSUREDGRODILFKDDPELHQWDO(OWHUFHUSXQWR PHQFLRQDODQHFHVLGDGGHPDQWHQHUHOHVWDGRGHHPHUJHQFLD\HOFXDUWRTXHOD&RQIHGHUDFLyQ6LQGLFDO 8QLFDGH7UDEDMDGRUHV&DPSHVLQRVGH%ROLYLD&687&%QRVHUHVSRQVDELOL]DVLODVFRPXQLGDGHVWRPDQ PHGLGDVGHKHFKR 3RUHOPRPHQWR\GHELGRDODSUHVLyQTXHHMHUFHQODVRUJDQL]DFLRQHVFDPSHVLQDVODHPSUHVDQRSXHGH LQJUHVDUDOD]RQDOLEUHPHQWHSDUDLQLFLDUVXVRSHUDFLRQHV )XHQWHV +HPHURJUiILFDV\HQWUHYLVWDVDFRPXQDULRVGH9LOOD$PERUy,VDPD\(VSHMLWRV 3HUVRQDHQFDUJDGDGHOUHJLVWUR+HQU\0*XDUGLD0)2%20$'( 6DQWD&UX] 'DWRGH352%,20$TXHSDUWLFLSyHQODLQVSHFFLyQRFXODUUHDOL]DGDHQDEULOGH (OYRWRUHVROXWLYRIXHHPLWLGRHOGHPD\RGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 'HVWUXFFLyQSURJUHVLYDGHO&HUUR5LFRGH3RWRVt 8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH3RWRVtGHSDUWDPHQWRGH3RWRVt ,QLFLDGRU GHOFRQIOLF WR &20&,32\623( *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 9DULDVHPSUHVDVPLQHUDV $OFDOGtDGH3RWRVt\JRELHUQRFHQWUDO 3REODFLyQGHODFLXGDGGH3RWRVt 0LQHUtD 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH &RQWDPLQDQWH\SHOLJURVD &RPHUFLDOYLYLHQGDLQGXVWULDOHTXLSDPLHQWRVHUYLFLRV\WXULVPR $JXDDLUHIORUDIDXQD\VDOXG &RQVHUYDUHO&HUUR5LFRGH3RWRVt 'HFODUDFLyQGH5HOLTXLD1DFLRQDO&RORTXLR,QWHUQDFLRQDOGH +LVWRULDPHVDUHGRQGDGHFODUDFLyQGH0RQXPHQWR1DFLRQDO VHPLQDULRWDOOHU\RWUDVDFWLYLGDGHVFXOWXUDOHVHLQIRUPDWLYDV $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR (O&HUUR5LFRGH3RWRVtFRQVWLWX\HXQRGHORVHOHPHQWRVFXOWXUDOHVDQGLQRVGHPD\RUWUDVFHQGHQFLDDGHPiV HVIXHQWHGHWUDEDMRSDUDXQLPSRUWDQWHSRUFHQWDMHGHODSREODFLyQSRWRVLQDGHELGRDTXHGHVSXpVGHPiVGH FXDWUR VLJORV GH H[SORWDFLyQ \ OD DFXPXODFLyQ GH JUDQGHV ULTXH]DV QR VH ORJUy FRQVROLGDU QLQJXQD RWUD DFWLYLGDGTXHUHHPSODFHODPLQHUDDSHVDUGHVXVQHJDWLYRVLPSDFWRVVREUHODSREODFLyQ\HODPELHQWH 3RFRV DxRV GHVSXpV GHO GHVFXEULPLHQWR GHO \DFLPLHQWR DUJHQWtIHUR HO XVR GH PDGHUD SDUD ILQHV PLQHURV RFDVLRQyODGHVWUXFFLyQGHVXFREHUWXUDYHJHWDO\FRQHOODGHVDSDUHFLyVXDEXQGDQWHIDXQD/DGHPDQGDGH PDGHUDSRUSDUWHGHODPLQHUtDOOHJyDOXJDUHVGLVWDQWHVRFDVLRQDQGRODSpUGLGDGHH[WHQVRVERVTXHVQDWLYRV 3RUORVP~OWLSOHVLPSDFWRVTXHJHQHUDVXH[SORWDFLyQODSURWHFFLyQ\FRQVHUYDFLyQGHO&HUUR5LFRGH3RWRVtQR GHEHHVWDUUHIHULGDVRODPHQWHDVXFDUiFWHUKLVWyULFRVLQRSULQFLSDOPHQWHDVXDVSHFWRVRFLRDPELHQWDO\DTXH ODPLQHUtDHVXQDDFWLYLGDGTXHHQWRGDVVXVHWDSDVWLHQHHIHFWRVQHJDWLYRVVREUHHOHQWRUQRItVLFR\ODVDOXG KXPDQD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV /DULTXH]DPLQHUDGHO&HUUR5LFRGHVGHVXGHVFXEULPLHQWRKDDWUDtGRHOLQWHUpV\ODFRGLFLDGHSURSLRV\ H[WUDxRV/DPHQWDEOHPHQWHORVDFWRUHVGHVXH[SORWDFLyQMDPiVLPSOHPHQWDURQPHGLGDVGHSURWHFFLyQ TXH SUHVHUYHQ VX HVWUXFWXUD ItVLFD QL WDPSRFR DSRUWDURQ DO GHVDUUROOR UHJLRQDO 3RU HO FRQWUDULR VyOR JHQHUDURQP~OWLSOHVSUREOHPDVFRPRODGHVWUXFFLyQGHUHFXUVRVQDWXUDOHV\KXPDQRVDGHPiVGHXQD IXHUWHFRQWDPLQDFLyQDPELHQWDO $SDUWLUGHODSREODFLyQFLYLO\RUJDQLVPRVFXOWXUDOHVLQLFLDURQXQDVHULHGHDFFLRQHVFRQHOREMHWLYR GH ORJUDU OD SUHVHUYDFLyQ GH HVWH FRORVR GH SODWD &RQ HVWD PLVPD ILQDOLGDG WDPELpQ VH PDQLIHVWDURQ RUJDQL]DFLRQHV QDFLRQDOHV H LQWHUQDFLRQDOHV SRU OD LPSRUWDQFLD KLVWyULFD TXH SRVHH *UDFLDV D HVWDV DFFLRQHV HQ OD FLXGDG GH 3RWRVt IXH GHFODUDGD 3DWULPRQLR GH OD +XPDQLGDG VLHQGR XQR GH ORV DVSHFWRVIXQGDPHQWDOHVSDUDHVWDGHFODUDFLyQODSUHVHQFLDGHO&HUUR5LFR (QHO&HUUR5LFRIXHDVXYH]GHFODUDGR0RQXPHQWR1DFLRQDODWUDYpVGH'HFUHWR/H\ GHOGH QRYLHPEUHGHFX\DUHJODPHQWDFLyQIXHHQFRPHQGDGDDOHQWRQFHV,QVWLWXWR%ROLYLDQR&XOWXUDO,%& \DO+RQRUDEOH&RQVHMR0XQLFLSDO (Q HO 9ROXQWDULDGR ,QIDQWLO GH OD 6RFLHGDG 3RWRVLQD GH (FRORJtD 623( HQYLy XQD FDUWD DO 3UHVLGHQWH GH OD 5HS~EOLFD VROLFLWiQGROH VH DGKLHUD D VX &DPSDxD GH 'HIHQVD GHO &HUUR 5LFR OD PHQFLRQDGDFDUWDUHXQLyILUPDVGHDOXPQRVGHGLIHUHQWHVHVWDEOHFLPLHQWRVGHOQLYHOSULPDULRGHODFLXGDG SHUR QXQFD UHFLELy UHVSXHVWD (O PLVPR DxR OD 6RFLHGDG *HRJUiILFD \ GH +LVWRULD GH 3RWRVt FRQPHPRUDQGRORVDxRV GHO GHVFXEULPLHQWR DUJHQWtIHUR HQ HO &HUUR 5LFR RUJDQL]y HO GHQRPLQDGR (QFXHQWUR ,QWHUQDFLRQDO GH +LVWRULDGRUHV $PLJRV GH 3RWRVt HQ HO TXH SDUWLFLSDURQ SHUVRQDOLGDGHV FXOWXUDOHVGH$PpULFD\(XURSDFRQHOREMHWRGHVHQVLELOL]DUDOPXQGRVREUHODQHFHVLGDGGHSUHVHUYDU HVWHPRQXPHQWRQDWXUDO (Q OD &20,%2/ KL]R FRQRFHU VX LQWHQFLyQ GH H[SORWDU HO FHUUR D WUDYpV GH WHFQRORJtDV TXH JDUDQWLFHQ OD HVWDELOLGDG GH VX HVWUXFWXUD ItVLFD (O PpWRGR SURSXHVWR HUD HO GH UHOOHQR KLGUiXOLFR TXH VHJ~Q HQWHQGLGRV HQ OD PDWHULD HV DSOLFDEOH VyOR D PDVDV GH URFD TXH QR KDQ VLGR LQWHUYHQLGDV DQWHULRUPHQWH\HO&HUUR5LFRSUHVHQWDP~OWLSOHVSHUIRUDFLRQHV (O DQXQFLR GH &20,%2/ DGHPiV GH GHVSHUWDU SUHRFXSDFLyQ HQ ORV HVSHFLDOLVWDV RFDVLRQy TXH ODV 3DOOLULV PXMHUHVTXHUHVFDWDQPLQHUDOHVGHORVGHVPRQWHVSURFHGLHUDQDWRPDUItVLFDPHQWHHOFHUUR3RURWUDSDUWHOD 623(VHGLULJLyD+HUPiQYDQ+RRIIHVSHFLDOLVWDGHOD81(6&2SDUDH[SUHVDUVXSUHRFXSDFLyQSRUHOSHOLJUR TXHUHSUHVHQWDEDHOWUDEDMR LQWHQVLYRTXHSUHWHQGtDUHDOL]DUOD&20,%2/(OHVSHFLDOLVWDUHVSRQGLyTXHHQ GLFLHPEUH GH HO &RPLWp 3DWULPRQLDO 0XQGLDO KDEtD VROLFLWDGR D ODV DXWRULGDGHV EROLYLDQDV LQIRUPDFLyQ VREUHODVPHGLGDVTXHHVWDEDQWRPDQGRSDUDODJHVWLyQ\SUHVHUYDFLyQGHOFHUURDORTXHOD6XEVHFUHWDUtDGH &XOWXUDGH%ROLYLDUHVSRQGLy TXHVHHVWDEDJHVWLRQDQGR ODHODERUDFLyQGHXQUHJODPHQWRVREUHHO&HUUR HO PLVPRTXHKDVWDODIHFKDQRKDVLGRHODERUDGR 'XUDQWH ORV DxRV TXH GXUD HO FRQIOLFWR OD SUHQVD SRWRVLQD KD KHFKR FRQRFHU FRQVWDQWHPHQWH VX SUHRFXSDFLyQUHVSHFWRDOSUREOHPDGHOFHUUR\DOKHFKRGHTXHORVSRGHUHVHFRQyPLFRV\SROtWLFRVVLJDQ LQWHUSRQLpQGRVHDORVSHGLGRVGHODSREODFLyQGHFRQVHUYDUHO&HUUR5LFRTXHVLELHQWLHQHXQVLJQLILFDGR GHULTXH]DSDUDGyMLFDPHQWHWDPELpQUHSUHVHQWDODSREUH]DGHXQSXHEOR )XHQWHV +HPHURJUiILFDV GDWRV GH &20,%2/ FRUUHVSRQGHQFLD FRQ OD 81(6&2 FRQVXOWDV LQVWLWXFLRQDOHVVHPLQDULRVRUJDQL]DGRVSRUHO&RQFHMR0XQLFLSDO\&25'(32 3HUVRQDHQFDUJDGDGHOUHJLVWUR(UQHVWR4XLQWDQD623()2%20$'( 3RWRVt )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR %RVTXHV\FRQIOLFWRVIRUHVWDOHV (VWHDSDUWDGRHVWiGHVWLQDGRDLQWURGXFLUXQDVHULHGHILFKDVGHVFULSWLYDVTXHKDQVLGRHODERUDGDVFRQHO SURSyVLWRGHGRFXPHQWDUXQDYDULHGDGGHFRQIOLFWRVHQHOVHQWLGRDPSOLRGHOWpUPLQR TXHKDQHVWDGR RFXUULHQGRUHODFLRQDGRVFRQHODSURYHFKDPLHQWRGHORVUHFXUVRVIRUHVWDOHVHQ%ROLYLDDOJXQRVGHHOORV GH ODUJD GXUDFLyQ \ RWURV UHODWLYDPHQWH UHFLHQWHV 3HVH D TXH ODV ILFKDV QR UHIOHMDQ FRQ GHWDOOH HO FRPSOHMRGHYDULDEOHVHFRQyPLFDVSROtWLFDV\VRFLDOHVTXHURGHDQHORULJHQ\HYROXFLyQGHFDGDXQRGH ORVFRQIOLFWRVQLORJUDQGLPHQVLRQDUSRUODGLILFXOWDGTXHHOORLPSOLFD VXVLPSDFWRVDFWXDOHV\HVSHUDGRV SURSRUFLRQDQ DOJXQRV HOHPHQWRV VREUH HO GHVDUUROOR GH HVWRV FRQIOLFWRV \ OR TXH HV PiV LPSRUWDQWH UHSUHVHQWDQ XQ FRQMXQWR GH DOHUWDV TXH GHEHQ OODPDUQRV OD DWHQFLyQ FRQ UHODFLyQ D FXiOHV VRQ ORV SULQFLSDOHV IDFWRUHV TXH RULJLQDQ ODV GLVSXWDV (Q %ROLYLD DVt FRPR HQ RWURV SDtVHV GH OD UHJLyQ ORV IDFWRUHVPiVLPSRUWDQWHVTXHDIHFWDQHOPDQHMRVRVWHQLEOHGHORVUHFXUVRV IRUHVWDOHVHVWiQYLQFXODGRV FRQ GHUHFKRV SRFR FODURV VREUH ORV UHFXUVRV GHELOLGDGHV LQVWLWXFLRQDOHV \ VHVJRV GH ODV SROtWLFDV IRUHVWDOHVHQWUHRWURV&RQWUHUDV /DLQWHQFLyQGHHVWHGRFXPHQWRHVGHVFULELUODVLWXDFLyQGHODWHQHQFLDGHODWLHUUDHQORTXHVHFRQRFH FRPR ODV WLHUUDV EDMDV GH %ROLYLD HQ OD PHGLGD HQ TXH GHILQH HO PDUFR HVSDFLDO \ GH GLVWULEXFLyQ GH UHFXUVRVHQHOTXHVHGHVHQYXHOYHQORVFRQIOLFWRVIRUHVWDOHV'HVSXpVVHSUHVHQWDEUHYHPHQWHDOJXQRV GH ORV SULQFLSDOHV UDVJRV TXH KDQ FDUDFWHUL]DGR OD HYROXFLyQ GHO VHFWRU IRUHVWDO HQ ODV ~OWLPDV WUHV GpFDGDV )LQDOPHQWHVHH[SRQHDOJXQDVSLVWDVSDUDOD UHIOH[LyQ HQ UHODFLyQ DDOJXQRVGH ORVFRQIOLFWRV KHUHGDGRV SRU HO VHFWRU IRUHVWDO \ ODV UHJXODFLRQHV IRUHVWDOHV TXH HVWiQ VLHQGR XWLOL]DGDV SDUD HQIUHQWDUORV (Q OD VXSHUILFLH IRUHVWDO HQ HO SDtV FXEUtD PLOORQHV GH KHFWiUHDV GH ODV FXDOHV DSUR[LPDGDPHQWHHOHVWDEDORFDOL]DGRHQODVWLHUUDVEDMDV0'60$$XQTXHQRH[LVWHQFLIUDV FRQILDEOHVVHLQGLFDTXHODWDVDGHGHIRUHVWDFLyQSDUDWRGRHOSDtVVHUtDGHSHURWDPELpQVHKD VXJHULGR TXH pVWD SRGUtD VHU EDVWDQWH VXSHULRU HQ DOJXQDV ]RQDV GH ODV WLHUUDV EDMDV GRQGH H[LVWHQ PD\RUHV SUHVLRQHV VREUH ORV ERVTXHV SURYHQLHQWHV GH OD H[SDQVLyQ GH OD DJULFXOWXUD \ JDQDGHUtD 3DFKHFR 'HELGR D OD DPSOLDFLyQ GH OD IURQWHUD DJUtFROD YLQFXODGD DO FUHFLPLHQWR HQ OD ~OWLPD GpFDGDGHODSURGXFFLyQPHFDQL]DGDGHVR\D\FXOWLYRVDVRFLDGRVHQHOGHSDUWDPHQWRGH6DQWD&UX]OD GHIRUHVWDFLyQ KD VHJXLGR XQD WHQGHQFLD GH FUHFLPLHQWR H[SRQHQFLDO \ WDPELpQ KD DXPHQWDGR OD GHJUDGDFLyQGHORVERVTXHV.DLPRZLW]HWDO 1RH[LVWHLQIRUPDFLyQFRQILDEOHHQORTXHFRQFLHUQHDODVLWXDFLyQGHODWHQHQFLDGHOVXHORHQODVWLHUUDV EDMDV\HQJUDQGHViUHDVKD\UHFODPRVFRQIOLFWLYRVUHODFLRQDGRVFRQODSURSLHGDG\RHOHVWDGROHJDOGH OD PLVPD HV LQFLHUWR (VWDGtVWLFDV RILFLDOHV PXHVWUDQ TXH HO JRELHUQR EROLYLDQR KD GLVWULEXLGR DSUR[LPDGDPHQWH PLOORQHV GH ORV PLOORQHV GH KHFWiUHDV GH OD UHJLyQ D GLIHUHQWHV JUXSRV HQWUH \ &HUFD GH PLOORQHV GH KHFWiUHDV IXHURQ HQWUHJDGDV D H[SORWDFLRQHV FRPHUFLDOHV PHGLDQDV \ JUDQGHV PLOORQHV D SHTXHxRV SURGXFWRUHV HQ ]RQDV GH FRORQL]DFLyQ \ PLOORQHV SDUD SXHEORV LQGtJHQDV 3DFKHFR (V SRVLEOH TXH XQD PD\RU SURSRUFLyQ GH WLHUUD KD\D SDVDGR D FRQWURO SULYDGR D WUDYpV GH PHGLRV FXDVLOHJDOHV H LOHJDOHV .DLPRZLW] HW DO \ 3DFKHFR $GLFLRQDOPHQWH SRFR PiV GH PLOORQHV GH KHFWiUHDV FXHQWDQ FRQ GHPDQGDV GH LQPRYLOL]DFLyQ DO KDEHUVLGRUHFODPDGDVSRU GLIHUHQWHVSXHEORVLQGtJHQDV6XSHULQWHQGHQFLD)RUHVWDO DXQTXHQR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV VHFRQRFHFXDQWDGHHVWDVXSHUILFLHVHUiHIHFWLYDPHQWHWLWXODGDHQIDYRUGHHVDVSREODFLRQHV'H9ULHV 'HVGH PHGLDGRV GH ORV DxRV OD SRUFLyQ GH ODV WLHUUDV EDMDV EROLYLDQDV GHOLPLWDGDV FRPR iUHDV SURWHJLGDVVHKDYXHOWREDVWDQWHVLJQLILFDWLYD+DFLDPLOORQHVGHKHFWiUHDVHOGHOWRWDOGH ODVWLHUUDVEDMDVKDEtDUHFLELGRDOJ~QHVWDWXWRGHSURWHFFLyQDXQTXHODVLWXDFLyQOHJDOGHPLOORQHVGH KHFWiUHDV GH HVWDV WLHUUDV QR KDEtD VLGR GHILQLGD \ VyOR XQD SHTXHxD IUDFFLyQ GHO WRWDO HVWDED HIHFWLYDPHQWHSURWHJLGD '1&% $GHPiV KDVWD HO JRELHUQR EROLYLDQR KDEtD DVLJQDGR PLOORQHVGHKHFWiUHDVFRPRiUHDVGHH[SORWDFLyQIRUHVWDODFRPSDxtDVPDGHUHUDV0DQFLOOD 0XFKDVGHHVDViUHDVIXHURQDVLJQDGDVVREUHERVTXHVS~EOLFRVQRFODVLILFDGRVSDUDSURGXFFLyQIRUHVWDO RWUDV VREUH SURSLHGDGHV SULYDGDV R VREUHSXHVWDV D ODV WLHUUDV RFXSDGDV SRU SREODFLRQHV LQGtJHQDV :RUOG%DQN$FWXDOPHQWHQRVHFRQRFHFRQSUHFLVLyQODVXSHUILFLHGHERVTXHVILVFDOHVTXHKDEUtD HQHOSDtVDXQTXHOD6XSHULQWHQGHQFLD)RUHVWDOHVWLPDTXHODVWLHUUDVGHSURGXFFLyQIRUHVWDOSHUPDQHQWH GHOSDtVFXEULUtDQXQiUHDGHPLOORQHVGHKHFWiUHDV 6XSHULQWHQGHQFLD)RUHVWDO+DVWDDKRUD PLOORQHVGHKHFWiUHDVIXHURQHQWUHJDGDVFRPRFRQFHVLRQHVIRUHVWDOHVDHPSUHVDV\PLOORQHVGH KHFWiUHDVHVWiQVLHQGRVROLFLWDGDVSRU$6/V 90$51') 1R VH SXHGH GHFLU TXH HO VHFWRU IRUHVWDO KD RFXSDGR XQ OXJDU LPSRUWDQWH HQ ODV SURSXHVWDV JXEHUQDPHQWDOHVGHGHVDUUROOR\PDVELHQVXFRPSRUWDPLHQWRKDVLGRUHODWLYDPHQWHHUUiWLFRVLJXLHQGR HO SDVR GHO GHVHPSHxR JOREDO GH OD HFRQRPtD \ OD LQFHUWLGXPEUH GH ORV PHUFDGRV H[WHUQRV /D FRQWULEXFLyQGHOVHFWRUIRUHVWDODO3,%KLVWyULFDPHQWHVHKDHQFRQWUDGRHQQLYHOHVSRFRVXSHULRUHVDO 3DYH]\%RMDQLF\PHQRVGHOGHOD3REODFLyQ(FRQyPLFDPHQWH$FWLYD3($RFXSDGDTXHYLYH HQ HO iUHD UXUDO GHVDUUROOD DFWLYLGDGHV VLOYtFRODV \ GH H[WUDFFLyQ GH PDGHUD ,1( DXQTXH XQD SURSRUFLyQPD\RUGHSHQGHHQDOJ~QJUDGRGHUHFXUVRVIRUHVWDOHVSDUDVXEVLVWLU(VHHVHOFDVRGHODV SREODFLRQHVLQGtJHQDVFRPXQLGDGHVGHSURGXFWRUHVFRORQRV\HVSHFLDOPHQWHGHXQQXPHURVRVHFWRUGH SHTXHxRVSURGXFWRUHVGHPDGHUDHPSOD]DGRVHQORVSREODGRVXUEDQRVGHODVWLHUUDVEDMDV /D PiV LPSRUWDQWH H[SDQVLyQ GHO DSURYHFKDPLHQWR GH PDGHUD HQ ODV WLHUUDV EDMDV VH SURGXMR HQ OD GpFDGD GH ORVDxRVKDFLD HO QRUWH GHOGHSDUWDPHQWRGH 6DQWD &UX] YLQFXODGD SULQFLSDOPHQWHD OD H[SORWDFLyQ \ H[SRUWDFLyQ GH PDGHUDV YDOLRVDV VLJXLHQGR ODV LQLFLDWLYDV GH GLYHUVLILFDFLyQ GH OD EDVH SURGXFWLYDHQHOGHSDUWDPHQWRGH6DQWD&UX]$XQTXHODH[SORWDFLyQGHORVERVTXHVHVWXYROHJDOPHQWH OLPLWDGD D ODV iUHDV FODVLILFDGDV FRPR UHVHUYDV IRUHVWDOHV GH SURGXFFLyQ VX DSURYHFKDPLHQWR VH H[WHQGLy VREUH H[WHQVDV VXSHUILFLHV HQ iUHDV IRUHVWDOHV QRFODVLILFDGDV 6WRO] /DV HPSUHVDV JUDQGHV PDQWXYLHURQ iUHDV GH FRUWH HQ ORV ERVTXHV GH SURGXFFLyQ SHUPDQHQWH HQ WDQWR PXFKDV PHGLDQDV \ SHTXHxDV HPSUHVDV VRODV WXYLHURQ FRQWUDWRV GH DSURYHFKDPLHQWR ~QLFR \R H[WUDMHURQ PDGHUDGHODVSDUFHODVGHFRORQRV6WRO] 'HDFXHUGRDOD/H\)RUHVWDO1RGHMXOLRGHODVWLHUUDVGHSURGXFFLyQIRUHVWDOSHUPDQHQWH73)3VRQ ´« DTXHOODV TXH SRU VXV FDUDFWHUtVWLFDV SRVHHQ GLFKD FDSDFLGDG DFWXDO R SRWHQFLDO GH XVR PD\RU VHDQ ILVFDOHV R SULYDGDVµDUW7RPDQGRFRPRUHIHUHQFLDHVWDGHILQLFLyQHQODHVWLPDFLyQGHOD6)QRVHLQGLFDODSURSRUFLyQGH ODV 73)3V FRUUHVSRQGHUtDQ HIHFWLYDPHQWH D ERVTXHV ILVFDOHV DXQTXH VXSRQHPRV TXH OD PD\RU SDUWH GH HVDV iUHDV FRUUHVSRQGHUtDQDODFDWHJRUtDGHERVTXHVS~EOLFRV 6HUHILHUHDODV$VRFLDFLRQHV6RFLDOHVGHO/XJDU$6/V(VWDVVRQUHFRQRFLGDVHQOD/H\)RUHVWDO1RDUW,,\ FRQVWLWX\HQ JUXSRV RUJDQL]DGRV FRQIRUPDGRV SRU XVXDULRV WUDGLFLRQDOHV GH ERVTXH FRPXQLGDGHV FDPSHVLQDV \ SXHEORVLQGtJHQDVFRQHOGHUHFKR GHVROLFLWDUiUHDVGHFRQFHVLyQ IRUHVWDOGHQWURGHODV$UHDV)RUHVWDOHV GH5HVHUYD 0XQLFLSDO$)50SDUDVXDSURYHFKDPLHQWRVRVWHQLEOH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR +DFLDILQHVGHHVDGpFDGDFRQODDSHUWXUDGHORVFDPLQRVGHSHQHWUDFLyQKDFLDHO%HQLORVPDGHUHURV FRPHQ]DURQDLQFXUVLRQDUHQHVWDVQXHYDV]RQDVGHELGRDOKHFKRTXHODVHVSHFLHVILQDV\ODPDUDHQ SDUWLFXODU YLUWXDOPHQWHVH KDEtDQ DJRWDGR HQ ORV ERVTXHVFUXFHxRVGHELGR D ORV DFHOHUDGRV ULWPRV GH H[WUDFFLyQ TXH FDUDFWHUL]DURQ D OD H[SORWDFLyQ IRUHVWDO ,/',6 HW DO 1R REVWDQWH OD FULVLV HFRQyPLFDGHODSULPHUDPLWDGGHODGpFDGDGHORVDxRVVHPDQLIHVWyHQODFDtGDGHODSURGXFFLyQ PDGHUHUDSHURVREUHWRGRHQODFDtGDGHODVH[SRUWDFLRQHVGHPDGHUD$QGHUVRQHWDO SODQWHD TXHXQDGHODVSULQFLSDOHVFDXVDVGHODGHSUHVLyQGHODVH[SRUWDFLRQHVGHPDGHUDDVHUUDGDIXHURQODV WDVDV GLIHUHQFLDOHV HQWUH HO WLSR GH FDPELR RILFLDO \ HO SDUDOHOR TXH RFDVLRQDURQ HO GHVLQFHQWLYR D ODV H[SRUWDFLRQHV RILFLDOHV DXQTXH HVH PLVPR IHQyPHQR DOHQWy DO PLVPR WLHPSR OD H[SDQVLyQ GH ODV H[SRUWDFLRQHVLOHJDOHV /DLPSOHPHQWDFLyQGHODVSROtWLFDVGHDMXVWHHVWUXFWXUDOGHVGHHQODPHGLGDHQTXHHVWLPXODURQHO GHVDUUROORGHDFWLYLGDGHVGHH[SRUWDFLyQQRWUDGLFLRQDOHVFRQWULEX\yDODUHFXSHUDFLyQGHOVHFWRUIRUHVWDO (VD H[SDQVLyQ IXH HO UHVXOWDGR GH SROtWLFDV GH GHYDOXDFLyQ GH OD PRQHGD LQFHQWLYRV ILVFDOHV D ODV H[SRUWDFLRQHVVXEVLGLRVHQODVWDULIDVGHWUDQVSRUWHS~EOLFR\ODFRQVWUXFFLyQGHFDPLQRV.DLPRZLW]HW DO /DVHxDOPiVHYLGHQWHGHODUHFXSHUDFLyQIXHHOLPSRUWDQWHLQFUHPHQWRGHODVH[SRUWDFLRQHVGH PDGHUDDXQTXHODPD\RUSDUWHGHHOODV VLJXLyFRQFHQWUDGDHQXQDV FXDQWDV HVSHFLHVYDOLRVDV 6HKD VXJHULGRTXHHVWDH[SDQVLyQLPSOLFyXQDPD\RUGHJUDGDFLyQGHORVERVTXHVGHELGRDTXHVHSURGXMRXQ LQFUHPHQWR GH OD H[WUDFFLyQ GH PDGHUD SURYHQLHQWH GH ERVTXHV QR PDQHMDGRV ,ELG $GHPiV HVWH SURFHVR VH SURGXMR HQ XQ FRQWH[WR GH YDFtR OHJDO H LQVWLWXFLRQDO SDUFLDOPHQWH HVWLPXODGR SRU OD GHFODUDWRULD GH XQD ³3DXVD (FROyJLFD +LVWyULFD´ D SULQFLSLRV GH ORV DxRV OD PLVPD TXH SURYRFy HIHFWRV FRQWUDULRV D ORV GHVHDGRV SRUTXH JHQHUy LQFHUWLGXPEUH VREUH ORV SOD]RV \ HVWDELOLGDG GH ORV FRQWUDWRVGH DSURYHFKDPLHQWR OR TXH SXGR KDEHU OOHYDGR D DXPHQWDU OD YHORFLGDGGH OD H[WUDFFLyQ GH PDGHUD$QGDOX]HWDO (QODGpFDGDGHORVVHDPSOLyODRFXSDFLyQGHiUHDVIRUHVWDOHVSRUODVHPSUHVDVPDGHUHUDVHQORV ERVTXHVK~PHGRVGHOQRUWHGHOSDtV3HVHDTXHHVDUHJLyQVHKDFDUDFWHUL]DGRSRUODLPSRUWDQFLDGHOD SURGXFFLyQGHJRPD\FDVWDxD±EUD]LOQXWVODSURGXFFLyQGHPDGHUDIXHLPSRUWDQWHHQHVDUHJLyQGHVGH ORV DxRV RFKHQWD SHUR FREUy PD\RU YLJRU HQ ORV QRYHQWD GHELGR D OD DVLJQDFLyQ GH FRQFHVLRQHV IRUHVWDOHVDHPSUHVDULRVFUXFHxRV\DODIRUPXODFLyQGHO3ODQ6REHUDQtD&RQVHUYDFLyQ\'HVDUUROOR HQ PHGLDQWHHOFXDOVHDSUREyODDVLJQDFLyQGHFRQWUDWRVGHDSURYHFKDPLHQWRGHODUJRSOD]RDPiVGH XQD GHFHQD GH HPSUHVDV PDGHUHUDV HQ ODV iUHDV IURQWHUL]DV GHO GHSDUWDPHQWR GH 3DQGR 3DFKHFR \ .DLPRZLW] (QWUH \ FDVL ODV GRV WHUFHUDV SDUWHV GH ORV YRO~PHQHV DQXDOHV GH H[WUDFFLyQ GH PDGHUD IXHURQGHFLQFRHVSHFLHVPDUD6ZLHWHQLDPDFURSK\OODUREOHRWXPL$PEXUDQDFHDUHQVLVRFKRy+XUD FUHSLWDQVVHUHEy6FKL]RORELXPVS\FHGUR&HGUHODVS /DSURGXFFLyQGHPDUDKDWHQGLGRDGLVPLQXLU HQHOWLHPSRGHELGRDVXJUDGXDOSURFHVRGHDJRWDPLHQWRPLHQWUDVTXHODGHODVRWUDVFXDWURHVSHFLHVKD VHJXLGR XQD WHQGHQFLD FRQWUDULD 4XLURJD \ 6DOLQDV $GHPiV SHVH D TXH HV PRGHVWR HO DSURYHFKDPLHQWRGHRWUDVHVSHFLHVWLHQGHDFUHFHUHVHOFDVRGHHVSHFLHVFRPRHOELERVL)LFXVVS\ \HVTXHUR&DULQLDQDVS /D H[SDQVLyQ GH ORV IUHQWHV IRUHVWDOHV KD LPSOLFDGR OD GHJUDGDFLyQ GH ORV UHFXUVRV IRUHVWDOHV \ GH PDQHUDSDUDOHODKDDFDUUHDGRXQDVHULHGHFRQIOLFWRVVRFLDOHVGHGLIHUHQWHLQWHQVLGDG\GXUDFLyQHQWUH ORV GLVWLQWRV DFWRUHV TXH FRPSLWHQ SRU ORV UHFXUVRV GHO ERVTXH LQFOX\HQGR ODV DFWLYLGDGHV GH FRQVHUYDFLyQGHODELRGLYHUVLGDG(QUHODFLyQDORSULPHURKLVWyULFDPHQWHODVRSHUDFLRQHVIRUHVWDOHVQR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV KDQ VHJXLGR FULWHULRV GH PDQHMR IRUHVWDO VRVWHQLEOH OR TXH VH KD H[SOLFDGR SRU OD H[LVWHQFLD GH XQ DPELHQWHGHLQFHUWLGXPEUHSDUDODLQYHUVLyQHQRSHUDFLRQHVIRUHVWDOHVGHODUJRSOD]RHQFLHUWDPHGLGD MXVWLILFDGD SRU ORV FRQIOLFWRV GH VXSHUSRVLFLyQ GH GHUHFKRV H LQVHJXULGDG MXUtGLFD GH ODV iUHDV GH DSURYHFKDPLHQWR PDGHUHUR OD GHELOLGDG HQ HO VLVWHPD GH DGPLQLVWUDFLyQ \ HO VHVJR GH ODV SROtWLFDV IRUHVWDOHV TXH SULYLOHJLDURQ FRQWUDWRV GH DSURYHFKDPLHQWR IRUHVWDO GH FRUWR SOD]R :RUOG %DQN 6WRO]\4XHYHGR6]ZDJU]DN &RQ UHODFLyQ D OR VHJXQGR ODV HVWUXFWXUDV GH SRGHU \ ODV GHFLVLRQHV GH SROtWLFDV SDUD HO XVR GH ORV UHFXUVRV IRUHVWDOHV XVXDOPHQWH KDQ IDYRUHFLGR OD H[SDQVLyQ GH ODV HPSUHVDV IRUHVWDOHV VREUH ORV ERVTXHV ORTXHKDJHQHUDGRFRQWUDGLFFLRQHVFRQORVLQWHUHVHVORFDOHVHQXQDPSOLRUDQJRTXHYDGHVGH ORVGHFRPXQLGDGHVLQGtJHQDVRFDPSHVLQDVKDVWDORVGHRUJDQL]DFLRQHVFtYLFDVSURYLQFLDOHVSRUTXHORV EHQHILFLRV GHO DSURYHFKDPLHQWR QR UHWRUQDURQ D ODV ]RQDV GRQGH VH RULJLQDURQ HVRV UHFXUVRV \ HQ PXFKRVFDVRVIXHURQDIHFWDGRVORVLQJUHVRVGHSREODGRUHVORFDOHVSURYHQLHQWHVGHODSURYHFKDPLHQWRGH PDGHUD$OJXQRVUHVXOWDGRVGHHVHIHQyPHQRVHUHIOHMDURQHQHOFUHFLPLHQWRGHXQQXPHURVRVHFWRUGH SHTXHxRV SURGXFWRUHV LQIRUPDOHV DO PDUJHQ GH OD OHJDOLGDG \ HQ HO KHFKR GH TXH DOJXQRV JRELHUQRV PXQLFLSDOHVGHODVWLHUUDVEDMDVWRPDUDQLQLFLDWLYDVSDUDILMDULPSXHVWRVDOFRPHUFLRGHODPDGHUDHQWUH RWUDV3HURHQRWURVFDVRVHVWRVDFWRUHVWDPELpQKDQHVWDEOHFLGRUHODFLRQHVGHFRPSOHPHQWDULHGDGHVHO FDVRGHSHTXHxRVLQIRUPDOHVTXHSURYHHQPDGHUDSDUDODVFRQFHVLRQHV\DOJXQRVJRELHUQRVPXQLFLSDOHV TXHDSR\DQODVDFWLYLGDGHVGHHPSUHVDVPDGHUHUDVHQVXVMXULVGLFFLRQHVSRUORVEHQHILFLRVFRODWHUDOHV TXHSXHGHQREWHQHUGHHOODV3DFKHFR\.DLPRZLW]3HVHDTXHH[LVWHQQXPHURVRVHVWXGLRVHQODV WLHUUDV EDMDV TXH GRFXPHQWDQ GLVWLQWDV VLWXDFLRQHV GHO FRQIOLFWR HV LQFLHUWD OD PDJQLWXG HQ OD TXH FRQWULEX\HQ HVRV FRQIOLFWRV SDUDDFHOHUDUODV WDVDV GHGHJUDGDFLyQGHORVERVTXHVHQ ODV iUHDVGRQGH HVWRVVHSUHVHQWDQ 'HVGH OD VHJXQGD PLWDG GH OD GpFDGD GH ORV DxRV ORV VXFHVLYRV JRELHUQRV KDQ UHDOL]DGR DOJXQRV HVIXHU]RVFRQHOREMHWLYRH[SOtFLWRGHIRPHQWDUHOXVRPiVVRVWHQLEOHGHOERVTXH\UHVROYHUORVRUtJHQHV GH ORV FRQIOLFWRV HQ RUGHQ GH DVHJXUDU XQD PHMRU GLVWULEXFLyQ GH ORV EHQHILFLRV SURYHQLHQWHV GHO DSURYHFKDPLHQWRGHORVUHFXUVRVIRUHVWDOHV3DUDHOORVHKDQLQWURGXFLGRLPSRUWDQWHVPRGLILFDFLRQHVHQ ODV SROtWLFDV GH WLHUUDV FRPR UHIRUPDV HQ HO VLVWHPD LPSRVLWLYR IRUHVWDO QXHYDV UHJXODFLRQHV SDUD FRQWURODUHOFXPSOLPLHQWRGHOPDQHMRIRUHVWDO\UHIRUPDVHQODLQVWLWXFLRQDOLGDGS~EOLFDTXHKDLQFOXLGROD DPSOLDFLyQ GH ODV UHVSRQVDELOLGDGHV PXQLFLSDOHV HQ WHPDV GH JHVWLyQ IRUHVWDO HQWUH ODV PiV LPSRUWDQWHV(V WRGDYtDSUHPDWXURVHxDODUFRQSUHFLVLyQFXiOHVKDQVLGRORVLPSDFWRVGHHVWDVQXHYDV UHJXODFLRQHVHQHOFXPSOLPLHQWRGHORVREMHWLYRVGHVRVWHQLELOLGDG\HTXLGDGTXHHVDVPLVPDVSROtWLFDV VHKDQSURSXHVWR1RREVWDQWHODSULQFLSDOGLVFXVLyQVXE\DFHQWHDODVSROtWLFDVTXHWRGDYtDKDVLGRSRFR H[SOLFLWDGDHVUHVSHFWRDVtHOQXHYR³UpJLPHQIRUHVWDO´HVWDUtDIDYRUHFLHQGRHOVLVWHPDGHFRQFHVLRQHV UHSLWLHQGRODWUDGLFLyQGHOSDVDGRRVLHIHFWLYDPHQWHVHHVWiDYDQ]DQGRHQODGHPRFUDWL]DFLyQGHOXVRGH ORV UHFXUVRV GHO ERVTXH 1R HV QXHVWUD LQWHQFLyQ UHDOL]DU XQD HYDOXDFLyQ GH HVWDV SROtWLFDV VLQR VLPSOHPHQWH HVER]DU DOJXQDV LGHDV HQ WpUPLQRV GH FXDOHV VRQ VXV LPSOLFDFLRQHV UHVSHFWR D OD SHUVLVWHQFLDRQRGHVLWXDFLRQHVGHFRQIOLFWR /D DSOLFDFLyQ GH OD QXHYD QRUPDWLYLGDG IRUHVWDOFRQOOHYD HIHFWRV SRVLWLYRV HQ OD SURPRFLyQ GHO PDQHMR IRUHVWDO HQ OD PHGLGD HQ TXH VH KD UHGXFLGR OD SRVHVLyQ HVSHFXODWLYD GH iUHDV IRUHVWDOHV VH KD IRPHQWDGRXQDPiVHILFLHQWHUHFDXGDFLyQGHSDWHQWHVIRUHVWDOHVUHGXFLHQGRORVPiUJHQHVGHFRUUXSFLyQ /DVQXHYDVRULHQWDFLRQHVGHODSROtWLFDGHWLHUUDV\IRUHVWDOHVWiQFRQWHQLGDVHQOD/H\)RUHVWDO1GHMXOLRGH \VXUHJODPHQWR'61GHGLFLHPEUHGH\HQOD/H\GHO6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULD 1GHRFWXEUHGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR HQVXUHFDXGDFLyQ\DGPLQLVWUDFLyQ\VHKDSURPRYLGRODH[WUDFFLyQIRUHVWDOEDMRSODQHVGHPDQHMRSDUD JDUDQWL]DU OD VRVWHQLELOLGDG GHO DSURYHFKDPLHQWR IRUHVWDO 1R REVWDQWH WRGDYtD VRQ GHILFLHQWHV ORV VLVWHPDV GH FRQWURO GHO FXPSOLPLHQWR GH HVWRV SODQHV \ H[LVWHQ LPSRUWDQWHV PiUJHQHV SDUD HO DSURYHFKDPLHQWRLQIRUPDOGHPDGHUDVLQODVUHVSHFWLYDVDXWRUL]DFLRQHV$VXYH]ORVSRFRVDYDQFHVHQ OD FODVLILFDFLyQ GH ERVTXHV\ HQ OD GHOLPLWDFLyQ GH ORVERVTXHVILVFDOHV HVWiOOHYDQGRD TXH ODV iUHDV OLEHUDGDVSRUODVFRQFHVLRQHVQRVHHQFXHQWUHQSURWHJLGDVHQODSUiFWLFDORTXHODVKDFHYXOQHUDEOHVD SUHVLRQHVGHDJHQWHVH[WHUQRVVREUHORVUHFXUVRVIRUHVWDOHV(VWH~OWLPRIDFWRUKDIUHQDGRHOSURFHVRGH OLFLWDFLyQS~EOLFDGHODViUHDVIRUHVWDOHVILVFDOHVSRUORVDOWRVJUDGRVGHLQFHUWLGXPEUHTXHJHQHUDSDUDOD LQYHUVLyQSULYDGDQDFLRQDO\H[WUDQMHUD %DVWDQWHV HVIXHU]RV VH KDQ KHFKR SDUD FRQWURODU HO DSURYHFKDPLHQWR LQIRUPDO GH ORV SHTXHxRV SURGXFWRUHVGHPDGHUDORVTXHWRGDYtDQRVHKDQVRPHWLGRDOQXHYRHVTXHPDGHPDQHMRIRUHVWDO(QOD FRQFHSFLyQGHODQXHYDOHJLVODFLyQIRUHVWDOODRSFLyQSDUDIRUPDOL]DUHODSURYHFKDPLHQWRGHORVSHTXHxRV SURGXFWRUHV GH PDGHUD HV RWRUJiQGROHV FRQFHVLRQHV HQ ODV $UHDV GH 5HVHUYD )RUHVWDO 0XQLFLSDO $5)0EDMRDOJXQRVSURFHGLPLHQWRVHVWDEOHFLGRV(VWRWHyULFDPHQWHFRQWULEXLUtDDIUHQDUODSUHVLyQGH ORVJUXSRVLQIRUPDOHVVREUHORVERVTXHV(VWHPHFDQLVPRDVXPHDOJXQRVVXSXHVWRVGLItFLOHVGHFXPSOLU HQ OD SUiFWLFD HQWUH HOORV OD SRVLELOLGDG GH TXH HVWRV JUXSRV SRU Vt PLVPRV HVWiQ HQ FRQGLFLRQHV GH DYDQ]DU HQ HO HVWDEOHFLPLHQWR GH DFWLYLGDGHV DVRFLDWLYDV GH PDQHMR GHO ERVTXH \ HQ DGRSWDU QXHYDV WHFQRORJtDVGHDSURYHFKDPLHQWR3HVHDHOORKDVWDDKRUDORVDYDQFHVKDQVLGROHQWRVGHELGRVREUHWRGR DGHVHQFXHQWURV LQVWLWXFLRQDOHVHQHOQLYHOQDFLRQDO\H[LVWHXQLPSRUWDQWHPDUJHQGHGHPDQGDVVRFLDOHV LQVDWLVIHFKDV OR TXH FXHVWLRQD HO DOFDQFH GH ORV HVIXHU]RV RULHQWDGRV D GHPRFUDWL]DU HO DFFHVR D ORV UHFXUVRV GHO ERVTXH $GHPiV HQ OD PHGLGD HQ TXH QR VH VXSHUHQ ORV REVWiFXORV SDUD UHVROYHU OD LQIRUPDOLGDG HQ HO DSURYHFKDPLHQWR GH OD PDGHUD SRU SDUWH GH SHTXHxRV H[WUDFWRUHV SDUWH GH HVWDV SUHVLRQHVSXHGHQRULHQWDUVHKDFLDORVERVTXHVILVFDOHVTXHQRHVWiQVLHQGRRFXSDGRVEDMRHOUpJLPHQGH FRQFHVLRQHVRTXH QRLQJUHVHQDOVLVWHPDGHVXEDVWD 8QSDVR LPSRUWDQWHKD VLGRHOUHFRQRFLPLHQWRGHGHUHFKRVWHUULWRULDOHVSDUDORVSXHEORVLQGtJHQDV\ OD H[FOXVLYLGDG GHO DSURYHFKDPLHQWR IRUHVWDO GHQWUR GH ODV 7LHUUDV &RPXQLWDULDV GH 2ULJHQ 7&2V $FWXDOPHQWHODVSROtWLFDVSURPXHYHQHODSURYHFKDPLHQWRIRUHVWDOHQ7&2VEDMRHVTXHPDVFRPHUFLDOHV UHVSHWDQGRODVDFWXDOHVUHJXODFLRQHVGHOPDQHMR IRUHVWDODEULHQGRSRVLELOLGDGHV SDUDOD VXVFULSFLyQGH FRQWUDWRVVXEVLGLDULRVRGHULHVJRFRPSDUWLGRFRQHPSUHVDVIRUHVWDOHVSDUDYLDELOL]DUHOPDQHMRIRUHVWDO GHQWURGHVXV7&2V'HVGHODSHUVSHFWLYDGHOD6XSHULQWHQGHQFLD)RUHVWDO6)VHFRQVLGHUDTXHHVWH PHFDQLVPRSXHGHFRQWULEXLUDIUHQDUHODSURYHFKDPLHQWRLOHJDOGHPDGHUDTXHSHUVLVWHHQODV7&2V1R REVWDQWH PXFKDV GH ODV RUJDQL]DFLRQHV LQGtJHQDV \ DOJXQDV GH ODV LQVWLWXFLRQHV SULYDGDV TXH ORV FRODERUDQKDQVRVWHQLGRTXHHVWDVQRUPDVHVWDUtDQLPSOLFDQGRGLItFLOHVSURFHVRVGHDGDSWDFLyQSRUTXH ORVHVWDUtDIRU]DQGRDLQFRUSRUDUVLVWHPDVGHPDQHMRH[FOXVLYDPHQWHJXLDGRVSRUREMHWLYRVFRPHUFLDOHV (OQXHYRHVTXHPDGHGLVWULEXFLyQGHODVSDWHQWHVIRUHVWDOHVSRUDSURYHFKDPLHQWR\GHVPRQWHDEUHOD SRVLELOLGDG GH SURPRYHU OD LQYHVWLJDFLyQ IRUHVWDO HQ ODV SUHIHFWXUDV SHUR pVWDV KDQ HVWDGR LQYLUWLHQGR HVWRV UHFXUVRV HQRWURV SURSyVLWRV $VX YH] HVWH HVTXHPD SRVLELOLWD TXH ORVPXQLFLSLRV FRQ UHFXUVRV IRUHVWDOHV SXHGDQ EHQHILFLDUVH PiV GH OD H[SORWDFLyQ GH HVRV UHFXUVRV SHUR D~Q QR TXHGD FODURVL HO QXHYRVLVWHPDGHGLVWULEXFLyQGHLQJUHVRVIRUHVWDOHVYDDEHQHILFLDUGHIRUPDVLJQLILFDWLYDDORVPXQLFLSLRV HQ UHJLRQHV IRUHVWDOHV 1R REVWDQWH EDMR HO DQWHULRU UpJLPHQ IRUHVWDO OD PD\RU SDUWH GH ODV UHJDOtDV PDGHUHUDV TXH OOHJDEDQ D ODV UHJLRQHV IRUHVWDOHV VH GHVWLQDEDQ D LQIUDHVWUXFWXUD VRFLDO PLHQWUDV TXH DKRUD XQD PD\RU SDUWH GHEH VHU XVDGD HQ OD SURPRFLyQ GH PDQHMR IRUHVWDO VRVWHQLEOH $VLPLVPR ORV UHFXUVRV REWHQLGRV GH ODV SDWHQWHV SDUD ILQDQFLDU ODV DFWLYLGDGHV GH OD 6XSHULQWHQGHQFLD )RUHVWDO VRQ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV GHPDVLDGR EDMRV SRQLHQGR HQ ULHVJR OD YLDELOLGDG HFRQyPLFD GHO VLVWHPD GH UHJXODFLyQIRUHVWDO 6LQ HPEDUJR GHEH GHVWDFDUVH TXH EDMR HO DFWXDO VLVWHPD VH KDQ SURGXFLGR DYDQFHV UHODFLRQDGRV FRQ ORV PHFDQLVPRVGH FRQWUROGHO SDJRGHODVSDWHQWHV IRUHVWDOHV ODUHGXFFLyQ GH OD FRUUXSFLyQIXQFLRQDULD\ UHJODV PiV FODUDV SDUD VX GLVWULEXFLyQ 8Q SRVLEOH ULHVJR HV TXH ODV PXQLFLSDOLGDGHV QR XVHQ HVRV UHFXUVRV HQ DFWLYLGDGHV GH PiV ODUJR SOD]R YLQFXODGDV FRQ OD JHVWLyQ GH ORV UHFXUVRV IRUHVWDOHV \ SHUVLVWDQHQDWHQGHUODVGHPDQGDVGHODFR\XQWXUD (OWHPDGHODViUHDVSURWHJLGDVHVWRGDYtDSROpPLFRHQWDQWRSHUVLVWHQDOJXQDVVLWXDFLRQHVGHFRQIOLFWR GHELGR D OD H[LVWHQFLD GH iUHDV GH FRQFHVLRQHV IRUHVWDOHV GHQWUR GHO VLVWHPD GH iUHDV SURWHJLGDV DXQTXHVHKDQSURGXFLGRLPSRUWDQWHVDYDQFHVLQVWLWXFLRQDOHVSDUDFRPSHQVDUDHPSUHVDVIRUHVWDOHVHQ HVWDVLWXDFLyQSRUSDUWHGHO6HUYLFLR1DFLRQDOGH$UHDV3URWHJLGDV6(51$33RURWUDSDUWHHQDOJXQRV FDVRVHVWDViUHDVFRQWULEX\HQHIHFWLYDPHQWHDODFRQVHUYDFLyQSHURHQRWURVUHVWULQJHQODXWLOL]DFLyQGH ORVUHFXUVRVQDWXUDOHVGHSREODFLRQHVORFDOHV\KDQHQWUDGRHQFRQIOLFWRVDELHUWRVFRQHOODVSRQLHQGRHQ ULHVJR OD YLDELOLGDG GH VX PDQHMR FRPR iUHDV GH FRQVHUYDFLyQ (Q RWUDV FLUFXQVWDQFLDV JUXSRV GH LQGtJHQDV \R FDPSHVLQRV VH KDQ FRPSURPHWLGR FRQ RSFLRQHV GH SURWHFFLyQ GH ORV UHFXUVRV SRU ORV EHQHILFLRVSRWHQFLDOHVTXHHOOROHVSXHGHEULQGDUDIXWXUR$GHPiVHOPDQHMRFHQWUDOL]DGRGHODViUHDV\ XVXDOPHQWH GHOHJDGR D RUJDQL]DFLRQHVH[WHUQDV QR VLHPSUH KD SHUPLWLGR XQD DFWLYD GLVFXVLyQ GH ORV SODQHVGHJHVWLyQFRQODVRUJDQL]DFLRQHVORFDOHV\FRQ ORVJRELHUQRVPXQLFLSDOHVLPSLGLHQGRTXHpVWRV VH LQYROXFUHQ HQ PD\RU JUDGR HQ HVWH WLSR GH HVIXHU]RV GH FRQVHUYDFLyQ OR TXH SXHGH GHELOLWDU VXV SRVLELOLGDGHVIXWXUDV (V HQ HVWH FRQWH[WR TXH GHEHQ OHHUVH ODV ILFKDV TXH VH SUHVHQWDQ D FRQWLQXDFLyQ ODV TXH LOXVWUDQ VLWXDFLRQHVHVSHFtILFDVGHFRQIOLFWRYLQFXODGRVFRQHOPDQHMRIRUHVWDO\ODFRQVHUYDFLyQGHORVERVTXHV (VWRV FRQIOLFWRV QR SXHGHQ HQWHQGHUVH HQ WRGD VX GLPHQVLyQ VL QR VH ORV YLQFXOD FRQ HO SDWUyQ GH GHVDUUROORHVSDFLDOGHODH[SORWDFLyQIRUHVWDO\ODRULHQWDFLyQGHODVSROtWLFDVIRUHVWDOHV$OPLVPRWLHPSR OD OHFWXUD GH HVRV FRQIOLFWRV GHEH VHUYLU FRPR XQ HOHPHQWR DGLFLRQDO SDUD MX]JDU HO DYDQFH GH ODV SROtWLFDV IRUHVWDOHV \ HO JUDGR HQ TXH ORV HVIXHU]RV TXH VH YLHQHQ GHVDUUROODQGR GHVGH HO (VWDGR \ OD VRFLHGDGHVWiQSURPRYLHQGRRQRHOPDQHMRPiVVRVWHQLEOHGHORVUHFXUVRVIRUHVWDOHV\ODSRVLELOLGDGGH DVHJXUDUXQDGLVWULEXFLyQPiVHTXLWDWLYDGHVXVEHQHILFLRV\GRQGHHVWiQORVSULQFLSDOHVREVWiFXORVTXH WRGDYtDVHGHEHQHQIUHQWDU 3DEOR3DFKHFR% 6RFLyORJR0DVWHUHQ(FRQRPtD$JUtFROD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR ([SORWDFLyQIRUHVWDOSRUODHPSUHVD'RQ9tFWRU 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR &RPXQLGDGHV/DV6LGUDV5tR1HJUR&DPSR/DUJR\*XWLpUUH] GHODSURYLQFLD*UDQ&KDFRGHO0XQLFLSLRGH&DUDSDUtGHO GHSDUWDPHQWRGH7DULMD (PSUHVD'RQ9tFWRU 5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH ,QLFLDGRU GHOFRQIOLF WR $IHFWDGRV &HQWUDO3URYLQFLDOGH&DUDSDUt\)2%20$'( $FWLYLGDGT XHJHQ HU DHO GDxR &XDWURFRPXQLGDGHVFDPSHVLQDVFRQXQD SREODFLyQDSUR[LPDGD GHIDPLOLDV ([SORWDFLyQIRUHVWDO /DDFWLYLGDGHV 'HSUHGDGRUD (OGDxR JHQHUDGR $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV ,QYHUVLyQG H OJHQH UDGR U FRQRFLGD )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 6HHMHFXWy KD )RUHVWDO )ORUD\IDXQD GHGyODUHV 0D\RGH 6HSWLHPEUHGH 6DFDUDODHPSUHVD'RQ9tFWRUGHOOXJDU\QRSHUPLWLUOD H[SORWDFLyQGHORVERVTXHV 5HXQLRQHVDPSOLDGRVFRQFHQWUDFLRQHVWDOOHUGHGLVFXVLyQ KXHOJDGHKDPEUHPDUFKDGHVGH&DUDSDUtD7DULMDWRPDGHODV LQVWDODFLRQHVGHODHPSUHVDGHFRPLVRGHPDTXLQDULD\GHQXQFLD S~EOLFD GHDJRVWRGH 'HVFULSFLyQGHOFRQIOLFWR (VWHFRQIOLFWRVHLQLFLyHQ\GXUyKDVWDDxRHQTXH ODHPSUHVDGHVLVWLyHQVHJXLUH[SORWDQGR OD FRQFHVLyQ FRQ OR TXH VH ORJUy VX UHWLUDGD GHILQLWLYD (O FRQIOLFWR VH LQLFLD FXDQGR WRGDYtD H[LVWtD HO &HQWURGH'HVDUUROOR)RUHVWDOHQHVWDpSRFDODHPSUHVD'RQ9tFWRUORJUDLQJUHVDUDODVFRPXQLGDGHVTXH VHHQFXHQWUDQXELFDGDVHQODVHJXQGDVHFFLyQGHODSURYLQFLD*UDQ&KDFRGHOGHSDUWDPHQWRGH7DULMD IUHQWHDORTXHODVFRPXQLGDGHVVHUH~QHQHQXQDPSOLDGRGHOD6XEFHQWUDOGH6LGUDV\GHFLGHQLPSHGLU ODH[SORWDFLyQIRUHVWDOGHOiUHD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 3RVWHULRUPHQWH OD GHQXQFLD HV HQYLDGD WDQWR DO )2%20$'( GH 7DULMD FRPR DO &HQWUR GH 'HVDUUROOR )RUHVWDOVROLFLWDQGRTXHVHGHWHQJDODVDFWLYLGDGHVGHGLFKDHPSUHVD'HHVWDPDQHUDVHORJUDTXHXQD FRPLVLyQFRPSXHVWDSRUHO&RPLWp&tYLFROD)HGHUDFLyQGH&DPSHVLQRVGHOGHSDUWDPHQWRHO&')OD 6XESUHIHFWXUD\HO)2%20$'(LQJUHVHDOD]RQDSDUDYHULILFDUODGHQXQFLD8QDYH]UHDOL]DGDODYLVLWD VHSURFHGHDHOHYDUXQLQIRUPHGRQGHVHFRQILUPDODYHUDFLGDGGHODGHQXQFLDKHFKDSRUORVFRPXQDULRV \VHH[LJHODLQPHGLDWDVDOLGDGHODHPSUHVD 6LQ HPEDUJR SRFR WLHPSR GHVSXpV VH DSUREy OD QXHYD /H\ )RUHVWDO \ VH FUHy OD 6XSHULQWHQGHQFLD )RUHVWDO PHGLDQWH OD FXDO GLFKD HPSUHVD ORJUy OD FRQYHUVLyQ GH VXV FRQWUDWRVGH DSURYHFKDPLHQWR IRUHVWDODOUpJLPHQGHFRQFHVLRQHV'HHVWDPDQHUDHOFRQIOLFWRVXUJHQXHYDPHQWH $ VROLFLWXG GH ORV DIHFWDGRV HO )2%20$'( RUJDQL]D XQ VHPLQDULR GH GLVFXVLyQ VREUH HO WHPD HQ OD FLXGDG GH &DUDSDUtGRQGHVH FRPSUXHEDQXHYDPHQWHODVGHQXQFLDVGH ORVFRPXQDULRV\ VH UDWLILFD OD GHFLVLyQ GH LPSHGLU HO LQJUHVR GH OD HPSUHVD 3DUDOHODPHQWH VH VXVFLWDQ HQIUHQWDPLHQWRV HQWUH ORV FRPXQDULRV \ ORV WUDEDMDGRUHVGH OD HPSUHVD \ VH GHWLHQH D DOJXQRV FDPSHVLQRV FRQ HO DSR\R GH OD 6XESUHIHFWXUDGH<DFXLEDTXHOOHYDODIXHU]DS~EOLFDFRQHVDILQDOLGDG &RPRUHSUHVDOLDODVFRPXQLGDGHVEORTXHDQHOFDPLQRGHDFFHVR\SRVWHULRUPHQWHUHDOL]DQXQDPDUFKD KDVWDODFLXGDGGH7DULMDSDUDH[LJLUDODVDXWRULGDGHVTXHLPSLGDQHOLQJUHVRGHODHPSUHVDDODViUHDV HQ FRQIOLFWR $QWH HVWDV PHGLGDV GH SUHVLyQ ODV DXWRULGDGHV VH FRPSURPHWHQ D UHDOL]DU ODV JHVWLRQHV UHVSHFWLYDVSDUDVDFDUDODHPSUHVDGHODUHJLyQSHURFRQWUDGLFLHQGRVXSURPHVDOHRWRUJDQHOSHUPLVR GHFRUWH(VWRREYLDPHQWHSURYRFDODLUDGH ORVFRPXQDULRVTXLHQHVGHFLGHQLQFHQGLDUODVPDTXLQDULDV\ GHFRPLVDUORVHTXLSRVGHODHPSUHVD $UDt]GHHVWRVKHFKRVVHFRQIRUPDQXHYDPHQWHXQDFRPLVLyQSDUDRUJDQL]DUXQDUHXQLyQHQWUHWRGRV ORV LQYROXFUDGRV \ GXUDQWH OD PLVPD VH ILUPD XQ GRFXPHQWR HQ HO FXDO OD HPSUHVD VH FRPSURPHWH D SDUDOL]DUVXVDFWLYLGDGHVKDVWDTXHVHFRQFOX\DXQHVWXGLRGHFODVLILFDFLyQGHERVTXHVFX\DHODERUDFLyQ UHTXHUtDXQRVPHVHV\SHUPLWLUtDVDEHUVLOD]RQDHVDSWDSDUDODH[SORWDFLyQIRUHVWDORQR(OUHVXOWDGR GH HVHHVWXGLRQRIXHGLIXQGLGRRILFLDOPHQWHSHURVHVDEHTXHIXHPX\GHVIDYRUDEOHSDUDODHPSUHVD\D TXHpVWDGHVLVWLyGHVXFRQFHVLyQIRUHVWDO\DEDQGRQyOD]RQD /DVRUJDQL]DFLRQHVKDQMXJDGRXQSDSHOPX\LPSRUWDQWHHQODVROXFLyQGHHVWHFRQIOLFWR/D 6XEFHQWUDO GH6LGUDVIXHHOPRWRUGHWRGDODPRYLOL]DFLyQOD)HGHUDFLyQGH&DPSHVLQRVGH7DULMD\HQHVSHFLDOODGHO &KDFR EULQGDURQ VX DSR\R HQ WRGR PRPHQWR HO &RPLWp &tYLFR GH 7DULMD \ HO GH &DUDSDUt DSR\DURQ OD PRYLOL]DFLyQ\ODVGHQXQFLDV\HO)2%20$'(DSR\yDODVFRPXQLGDGHVVHVXPyDODVPRYLOL]DFLRQHV UHDOL]yODGHQXQFLD\SUHVLRQyDODVDXWRULGDGHVDWUDYpVGHODRUJDQL]DFLyQGHORVHYHQWRVPHQFLRQDGRV (Q OD DFWXDOLGDG VH HVWi WUDEDMDQGR SDUD OD FUHDFLyQ GH XQ iUHD GH UHVHUYD IRUHVWDO TXH SXHGD VHU DGPLQLVWUDGDSRUORVSURSLRVFDPSHVLQRVTXLHQHVHVWiQHQFDUJDGRVGHHVWHWUDEDMRVRQORVGLULJHQWHVGH OD6XEFHQWUDO\ORVWpFQLFRVGH3520(7$ )XHQWHV 'RFXPHQWRVGHGHQXQFLDGHO)2%20$'(LQIRUPHGHOGHOD6XSHULQWHQGHQFLD)RUHVWDO 3HUVRQDHQFDUJDGDGHOUHJLVWUR$OLSLR9DOGp])2%20$'( 7DULMD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQVWUXFFLyQGHFDUUHWHUD6DQWD&UX] 7ULQLGDG 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR 0XQLFLSLRGH6DQ$QGUpVSURYLQFLD0DUEiQGHSDUWDPHQWRGHO %HQL &RORQL]DGRUHVHVSRQWiQHRV \JUXSRVGHSRGHU &RPXQLGDGHVORFDOHVRULJLQDULDV ,15$6XSHULQWHQGHQFLD)RUHVWDO6XSHULQWHQGHQFLD$JUDULD\ -XGLFDWXUD$JUDULD IDPLOLDVGHODFRPXQLGDG(OYLUDHQHOSXHQWH6DQ3DEOR (OGDxR JHQHUDGR 'HIRUHVWDFLyQSDUDKDELOLWDUFXOWLYRV\H[SORWDFLyQGHUHFXUVRV IRUHVWDOHV (VWiHQHMHFXFLyQ $UHDD IHFWDGD KDGHODViUHDVDOUHGHGRUGHODFDUUHWHUD /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 'HVWUXFWLYD $JUtFRODGHSDVWRUHR\XVRVWUDGLFLRQDOHV )ORUD\IDXQD (YLWDUODFRORQL]DFLyQHVSRQWiQHDPHGLDQWHWLWXODFLyQGHODV WLHUUDVSHUWHQHFLHQWHVDODVFRPXQLGDGHV $XGLHQFLDVGHFRQFLOLDFLyQFRQHO,15$ -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR /D H[WUHPDGD SREUH]D TXH SURGXFH OD GHVLJXDO GLVWULEXFLyQ GH WLHUUDV DIHFWD SULQFLSDOPHQWH D FDPSHVLQRVGHODOWLSODQR\ORVYDOOHVVXEDQGLQRVTXLHQHVHQODV~OWLPDVGpFDGDVVHKDQ YLVWRIRU]DGRVD LQLFLDU QXPHURVDVPLJUDFLRQHV VREUHWRGR HVSRQWiQHDVKDFLD ODV ]RQDV WURSLFDOHV(VWDV PLJUDFLRQHV TXHHQJHQHUDODSURYHFKDQODDSHUWXUDGHQXHYRVFDPLQRVSDUDVXVDVHQWDPLHQWRVSURYRFDQXQDVHULH GHFRQIOLFWRVHQWUHSREODGRUHVWUDGLFLRQDOHVFRORQRV\JUDQGHVSURSLHWDULRV $O UHVSHFWR $UJHPLUR 3URFySLR GHVFULEH XQD VLWXDFLyQ DQDOyJLFD FXDQGR UHILULpQGRVH D OD $PD]RQLDEUDVLOHUDGLFHQDGDHVPiVSHUYHUVRTXHODVSDVLRQHV\OXFKDVTXHH[LVWHQHQOD$PD]RQLD HQWUH VXV PiV H[SORWDGRV JUXSRV VRFLDOHV HO LQGLR HO FRORQR HO JDULPSHLUR 6RQ ULYDOLGDGHV ELHQ RUTXHVWDGDVIRPHQWDGDVSRUORVJUXSRVGRPLQDQWHVTXHLQWHOLJHQWHPHQWHYLVOXPEUDQSHOLJURHQODXQLyQ GHHVWRVVHJPHQWRVGHVKHUHGDGRV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (Q HO SUHVHQWH FRQIOLFWR ORV HQIUHQWDPLHQWRV HQWUH ORV QXHYRV FRORQRV \ ODV SREODFLRQHV LQGtJHQDV RULJLQDULDVVHLQLFLDURQDSDUWLUGHFXDQGRVHSUR\HFWyODREUDFDPLQHUDTXHLQFHQWLYyXQDLQWHQVD FRORQL]DFLyQ GH OD ]RQD HVSHFLDOPHQWH HQ HO WUDPR 3XHQWH 6DQ 3DEOR \ (OYLUD OtPLWH HQWUH HO GHSDUWDPHQWR GH 6DQWD &UX] \ %HQL 3RVWHULRUPHQWH HQ YLVWD GH TXH OD FRQVWUXFFLyQ GH OD FDUUHWHUD LQWHUGHSDUWDPHQWDO YDORUL]y ODV SURSLHGDGHV VLWXDGDV HQ HO iUHD HQ FRPHQ]y XQ SURFHVR GH DFDSDUDPLHQWRGHWLHUUDVSRUSDUWHGHJUXSRVGHSRGHUTXHGHVSOD]yDODVFRPXQLGDGHVDVHQWDGDVHQHO iUHD /D SUHVLyQ SRU SDUWH GH QXHYRV DFWRUHV VRFLDOHV \ HFRQyPLFRV DMHQRV D ORV RULJLQDULRV SURYRFy TXH PXFKRV LQGtJHQDVDEDQGRQHQ R HQDMHQHQ VXV WLHUUDV 6LQ HPEDUJR HQ OD DFWXDOLGDG ODV FRPXQLGDGHV RULJLQDULDV HVWiQ JHVWLRQDQGR DQWH HO ,15$ OD LQPRYLOL]DFLyQ GH VXV WLHUUDV FRQ OD ILQDOLGDG GH UHFXSHUDUODVDWUDYpVGHORVSURFHVRVGHVDQHDPLHQWRFRPXQLWDULRV1RREVWDQWHQRH[LVWHXQFDWDVWUR WHUULWRULDO GHO iUHD HQ FRQIOLFWR PHQRV SODQHV GH XVR GHO VXHOR TXH SHUPLWDQ HVWDEOHFHU FRQ SUHFLVLyQ PHFDQLVPRV GH FRQVROLGDFLyQ GH ODV WLHUUDV FRPXQLWDULDV $GHPiV SDUD ORJUDU TXH HVWDV iUHDV VH FRQYLHUWDQ HQ WLHUUDV FRPXQLWDULDV GH RULJHQ GHEHQ PRGLILFDU VXV DFWXDOHV SHUVRQHUtDV MXUtGLFDV FRPR FDPSHVLQRVSRUSHUVRQHUtDVFRPXQLWDULDVSURFHVRTXHDGHPiVGHWRPDUWLHPSRLPSOLFDODHURJDFLyQGH UHFXUVRVHFRQyPLFRV $SHVDUGHHVWRVLPSHGLPHQWRVODVRUJDQL]DFLRQHVLQGtJHQDVHVWiQGLVSXHVWDVDGHIHQGHU \FRQVROLGDU VXVWHUULWRULRVDWUDYpVGHODDSOLFDFLyQGHODOHJLVODFLyQYLJHQWHTXHGHDFXHUGRDOD/H\,15$VHxDODTXH /DV 7LHUUDV &RPXQLWDULDV GH 2ULJHQ VRQ ORV HVSDFLRV JHRJUiILFRV TXH FRQVWLWX\HQ HO KiELWDW GH ORV SXHEORV\FRPXQLGDGHVLQGtJHQDV\RULJLQDULDVDORVFXDOHVKDQWHQLGRWUDGLFLRQDOPHQWHDFFHVR\GRQGH PDQWLHQHQ\GHVDUUROODQVXVSURSLDVIRUPDVGHRUJDQL]DFLyQHFRQyPLFDVRFLDO\FXOWXUDOGHPRGRTXH DVHJXUDQ VX VREUHYLYHQFLD \ GHVDUUROOR 6RQ LQDOLHQDEOHV LQGLYLVLEOHV LUUHYHUVLEOHV FROHFWLYDV FRPSXHVWDVSRUFRPXQLGDGHVRPDQFRPXQLGDGHVLQHPEDUJDEOHVHLPSUHVFULSWLEOHV )XHQWHV +HPHURJUiILFDV\HQWUHYLVWDFRQXQFRPXQDULRGHOOXJDUTXHDQWHULRUPHQWHWUDEDMyFRPR ,QVSHFWRU$JUDULRHLQIRUPDFLyQKHPHURJUiILFD 3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D]&(-,6 7ULQLGDG )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR $SHUWXUDGHFDPLQRHQWUH%HQL\&RFKDEDPED 8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLR6DQ,JQDFLRSURYLQFLD0R[RVGHSDUWDPHQWRGHO%HQL ,QLFLDGRU GHOFRQIOLF WR 'LULJHQWHVGHO7,31,6 *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $OFDOGtD\VXESUHIHFWXUDGH6DQ,JQDFLR 3UHIHFWXUD KDELWDQWHVGHO7,31,6 $SHUWXUDGHFDPLQR 6HSURGXFLUi $UHDD IHFWDGD 3HOLJURVDSDUDODFRQVHUYDFLyQGHERVTXHSULPDULR\ DWHQWDWRULD FRQWUDODVXSHUYLYHQFLDGHORVSXHEORVLQGtJHQDV KD 5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG $FWLYLGDGHVDIHFWDG DV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR $JURSHFXDULD\FRQVHUYDFLyQ $JRVWRGH )HEUHURGH 0RGLILFDUHOWUD\HFWRSDUDHYLWDUODGHVWUXFFLyQGHOERVTXH\DOD YH]IDYRUHFHUD]RQDVGRQGHVHHQFXHQWUDQFRQFHQWUDGDVODV FRPXQLGDGHVGHO7,31,6 3URSXHVWDGHPRGLILFDFLyQGHOWUD]RFDPLQHURVREUHODEDVHGH XQWUD\HFWRGLJLWDOL]DGRHQPDSDV2ILFLRDQWHOD3UHIHFWXUD 5HVROXFLRQHVGHOHQFXHQWURGHO7,31,6 -XQLRGH 'HVFULSFLyQGHOFRQIOLFWR (O7HUULWRULR,QGtJHQD3DUTXH1DFLRQDO,VLERUR6pFXUH7,31,6WLHQHXQDVXSHUILFLHGHPLOORQHVGH KHFWiUHDV\HVWiVLWXDGRDOVXUGHOGHSDUWDPHQWRGHO%HQLHQVXOtPLWHFRQ&RFKDEDPED(VWD]RQDGRQGH YLYHQDSUR[LPDGDPHQWHLQGtJHQDVGHORVSXHEORVRULJLQDULRVPRMHxRWULQLWDULR\XUDFDUp\FKLPiQDVt FRPRFRORQL]DGRUHVGHORFFLGHQWHHQIXHGHFODUDGD3DUTXH1DFLRQDO 5HFLHQWHPHQWH OD 3UHIHFWXUD GHO %HQL UHVDOWDQGR OD QHFHVLGDG GH IRUWDOHFHU OD LQWHJUDFLyQ UHJLRQDO LQVLVWLyVREUHODQHFHVLGDGGHYLQFXODUODVFRPXQLGDGHVGHO7,31,6FRQHOUHVWRGHOGHSDUWDPHQWRSHUR SRVWHULRUPHQWHHODERUyXQSUR\HFWRFDPLQHURFX\RWUD]ROOHJDDOGHSDUWDPHQWRGH&RFKDEDPED\TXH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV VHJ~Q HVWD LQVWDQFLD JXEHUQDPHQWDO SHUPLWLUi DOFDQ]DU XQ PHUFDGR SRWHQFLDO SDUDORVSURGXFWRVGH OD ]RQD\VXSHUDUVXVGLILFXOWDGHVGHLQWHJUDFLyQSRUIDOWDGHXQFDPLQRGHYLQFXODFLyQ /RV GLULJHQWHV GHO 7,31,6 KLFLHURQ FRQRFHU D OD DXWRULGDG SUHIHFWXUDO VX SUHRFXSDFLyQ UHVSHFWR D HVWD VLWXDFLyQ \D TXH HO WUD]R SURSXHVWR HVWDED IXHUD GHO HMH GH ODV FRPXQLGDGHV \ SHQHWUDED iUHDV GHVSREODGDVSRUORTXHHQYH]GHEHQHILFLDUDORVKDELWDQWHVGHODUHJLyQDFHQWXDUtDODH[SORWDFLyQGH VXVUHFXUVRV IRUHVWDOHV/RVGLULJHQWHVGHO7,31,6IXQGDPHQWDURQVXSURSXHVWDDUJXPHQWDQGRSRUXQD SDUWHTXHHOWUD]RGHOFDPLQRFUX]DXQWHUULWRULRLQGtJHQD\SRU RWUDTXHVXVFRPXQLGDGHVVHHQFXHQWUDQ GHVYLQFXODGDVSRUIDOWDGHXQDFFHVRFDPLQHUR\DTXHODV~QLFDVYtDVGHFRPXQLFDFLyQHQWUHVt\FRQHO UHVWR GHO GHSDUWDPHQWR VRQ OD IOXYLDO \ OD DpUHD HVWD ~OWLPD DOWDPHQWH FRVWRVD VREUH WRGR SDUD OD FRPHUFLDOL]DFLyQGHODSURGXFFLyQDJUtFRODGHO7,31,6\GHORVSURGXFWRVTXHLQJUHVDQDOWHUULWRULR 6LQ HPEDUJR HQ YLVWD GH TXH HO WUD]R SURSXHVWR SRU ODV DXWRULGDGHV GHO 7,31,6 LPSOLFDED DPSOLDU HQ DSUR[LPDGDPHQWHNLOyPHWURVODH[WHQVLyQGHODFDUUHWHUDVHVXJLULyFRPRDOWHUQDWLYDTXHHOHMHWURQFDO VHH[WLHQGDHQGRVUDPDOHVVHFXQGDULRVTXHSHUPLWDQYLQFXODUDODVFRPXQLGDGHVLQGtJHQDV $QWHHVWDUHVSXHVWD ORVGLULJHQWHV GHO7,31,6LQVLVWLHURQ HQ VXSURSXHVWDLQLFLDO\ DGHPiVUHFODPDURQHO (VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDOSDUDHOWUD]RRILFLDOHOPLVPRTXHGHEHUtDUHDOL]DUVHDQWHVGH ODHODERUDFLyQGHOSUR\HFWR\QRSDUDOHODPHQWHFRPRHVHOFDVRDFWXDO(VWDGHPDQGDGHODRUJDQL]DFLyQ LQGtJHQDTXHHVWiDSR\DGDSRUOD/H\GHO0HGLR$PELHQWHVH YHIRUWDOHFLGDSRUHOKHFKRGHTXHHOWUD]R DWUDYLHVDERVTXHVSULPDULRVFRQDOWDFRQFHQWUDFLyQGHELRGLYHUVLGDG /D SRVLFLyQ JXEHUQDPHQWDO VH UHILHUH D TXH HO SURSyVLWR GHO WUDPR FDUUHWHUR HV OOHJDU D ORVPHUFDGRV GH &RFKDEDPEDODPLVPDTXHGHVGLFHODLQWHQFLyQGHYLQFXODUFRQHOFDPLQRDODVFRPXQLGDGHVLQGtJHQDV\ SREODFLRQHVUHJLRQDOHVGH6DQ/RUHQ]R6DQ)UDQFLVFR\/D6DQWtVLPD7ULQLGDG(VWRSXVRHQDOHUWDDORV GLULJHQWHV GHO 7,31,6 GHELGR DO FRQIOLFWR OLPtWURIH TXH WLHQHQ FRQ HO GHSDUWDPHQWR GH&RFKDEDPED HO PLVPRTXHUHFODPDFRPRSDUWHGHVXWHUULWRULRHO3DUTXH1DFLRQDO,VLERUR6pFXUH3RURWURODGR\DQWHHVWH KHFKR\DVHKDLQLFLDGRODDSHUWXUDGHODEUHFKDSDUDLQWURGXFLUODPDTXLQDULDODVDXWRULGDGHVGHO7,31,6 LQVLVWHQHQODQHFHVLGDGGHTXHVHUHDOLFHHO(VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO $QWH HVWD GHPDQGD ODV DXWRULGDGHV GHSDUWDPHQWDOHV KDQ UHFDOFDGR TXH HVWH HV XQ SUR\HFWR GH LQWHUpV GHSDUWDPHQWDO\QRVHFWRULDOSDUDORTXHFXHQWDQFRQHOUHVSDOGRGHOGHQRPLQDGR&RPLWpGH'HIHQVDGHOD ,QWHJULGDG7HUULWRULDOGHO%HQLTXLpQDSR\DHOSUR\HFWRGHYLQFXODFLyQFRQ&RFKDEDPED 'H DFXHUGR D GHFODUDFLRQHV HPLWLGDV SRU &DUORV 1DYLD 'LUHFWRU GHO &HQWUR GH 'RFXPHQWDFLyQ SDUD HO 'HVDUUROOR GHO %HQL &,''(%(1, OD FDUUHWHUD 7ULQLGDG&RFKDEDPED UHTXLHUH OD UHDOL]DFLyQ SUHYLD GH HVWXGLRV GH GLVHxR \ HYDOXDFLyQGHLPSDFWRDPELHQWDO SXHV VH WUDWD GHXQD FDUUHWHUDTXHDWUDYHVDUiXQ iUHDSURWHJLGD\SRGUtDFRQYHUWLUVHVyORHQXQFDQDOGHH[WUDFFLyQGHUHFXUVRVQDWXUDOHVGHOD]RQD (OFRQIOLFWRDXQVHPDQWLHQH\SDUHFHTXHHOWUD]RRILFLDOQRVHUiPRGLILFDGRSHURTXHVtVHUHDOL]DUiHO FRUUHVSRQGLHQWH(VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO )XHQWHV 3UHQVDRUDO\HVFULWD\HQWUHYLVWDDORVGLULJHQWHVGHO7,31,6 3HUVRQDHQFDUJDGDGHOUHJLVWUR :DOWHU3D]&(-,6 7ULQLGDG 3HULyGLFR3UHVHQFLDGHVHSWLHPEUHGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 2SRVLFLyQ D OD H[SORWDFLyQ IRUHVWDO LUUDFLRQDO HQ OD FRORQLD 2VDND GH (QWUH5tRV 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR &RORQLD2VDNDGHOPXQLFLSLRGH(QWUH5tRVSURYLQFLD&DUUDVFR GHOGHSDUWDPHQWRGH&RFKDEDPED $VHUUDGHUR/XL]DJD &RORQLD2VDND $IHFWDGRV ,QVWLWXWR1DFLRQDOGH5HIRUPD$JUDULD,15$\ 6XSHULQWHQGHQFLD)RUHVWDO± 5HJLRQDO&RFKDEDPED IDPLOLDVGHFRORQRV (OGDxR JHQHUDGR 6HSURGXMRSDUFLDOPHQWH $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR ([WUDFFLyQGHWURQFDV 'HVWUXFWLYD KD $JURSHFXDULD 6XHORIORUD\IDXQD GHIHEUHURGH )HEUHURGH 2EWHQHUWtWXORVGHSURSLHGDGSDUDLPSHGLUTXHODHPSUHVD /XL]DJDVHKDJDSURSLHWDULDGHWHUUHQRVXELFDGDVHQODFRORQLD 2VDND 'HQXQFLDV DFFLRQHV OHJDOHV \ UHWHQFLyQ GH PDTXLQDULD GH OD HPSUHVDHQODFRORQLD2VDND GHMXOLRGH 'HVFULSFLyQGHOFRQIOLFWR 3DUWH GH OD FRORQLD 2VDND VH HQFXHQWUD DO LQWHULRUGHO 3DUTXH1DFLRQDO &DUUDVFR HQ XQD ]RQD GRQGH FRPLHQ]DQODVDOWXUDVGHOD&RUGLOOHUD2ULHQWDO\TXHVHFDUDFWHUL]DSRUODSUHVHQFLDGHiUEROHVFRQYDORU FRPHUFLDO\XQDDEXQGDQWHULTXH]DGHIORUD\IDXQD/DVFDUUHWHUDVTXHSHUPLWHQHODFFHVRDOD]RQDVRQ VHFXQGDULDVSHURDODPD\RUSDUWHGHORVFKDFRVSDUFHODVGHFXOWLYRVyORVHOOHJDDSLH (O DxR ORV FRORQRV GH OD FRPXQLGDG 2VDND FRQVLJXLHURQ DXWRUL]DFLyQ SDUD DVHQWDUVH HQ XQD H[WHQVLyQGHKDSRVWHULRUPHQWHHQXQDYH]LQLFLDGRVORVWUiPLWHVGHWLWXODFLyQVHSUHVHQWy HO FRQIOLFWR GH VXSHUSRVLFLyQ GH WLHUUDV GHELGR D TXH HO DVHUUDGHUR /XL]DJD DSDUHFLy FRQ WtWXORV GH SURSLHGDGDGXFLHQGRTXHFRPSUyODVWLHUUDVGHXQDWHUFHUDSHUVRQD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV $QWH HVWD VLWXDFLyQ ORV SREODGRUHV GH OD FRORQLD 2VDND GHQXQFLDURQ OD LQYDVLyQ D VX SURSLHGDG \ SLGLHURQXQDLQVSHFFLyQSRUSDUWHGHODVDXWRULGDGHV3RVWHULRUPHQWHHQORVFRORQRVVROLFLWDURQDO ,15$ PHGLDQWH PHPRULDO OD HQWUHJD GH WtWXORV D OD FRORQLD 2VDND DVt FRPR OD VXVSHQVLyQ D OD HPSUHVD/XL]DJDSRUSDUWHGHOD6XSHULQWHQGHQFLD)RUHVWDO 'XUDQWHHVWHSHULRGRHOFRQIOLFWR VHGHVDUUROOyEiVLFDPHQWHSRUPHGLRVOHJDOHVDWUDYpVGHORVFXDOHVVH ORJUy GHPRVWUDU TXH OD HPSUHVD HVWDED DFWXDQGR GH PDQHUD LOHJDO \ DEXVLYD (QWUH ORV DEXVRV VH GHQXQFLyTXHODHPSUHVDXWLOL]DEDORVVHUYLFLRVGHXQDERJDGRTXLHQHVWDEDHQFDUJDGRGHDPHQD]DUD ORVGLULJHQWHVGHORVFRORQRVFRQGHQXQFLDUORVFRPRQDUFRWUDILFDQWHV\DSOLFDUOHVODWHPLGD/H\ /RVFRORQRVQRSXGLHURQFRQWUDWDUXQDERJDGRSHURUHFXUULHURQDO)RUR&RFKDEDPELQRTXHOHVFRODERUy SUHVHQWDQGRWRGDODGRFXPHQWDFLyQUHTXHULGDGHQWURGHODFXDOVHFRQWHPSODEDHOSUREOHPDDPELHQWDO TXHODLQDGHFXDGDH[SORWDFLyQIRUHVWDOHVWDEDRFDVLRQDQGR (Q YLVWD GH TXH OD HPSUHVD FRQWLQXy WUDEDMDQGR D SHVDU GH TXH ODV DXWRULGDGHV UHFRQRFLHURQ TXH HO DVHUUDGHURGHEtDVXVSHQGHUVXVDFWLYLGDGHVORVFRORQRVLQFDXWDURQVXPDTXLQDULD(QUHVSXHVWDDHVWD DFFLyQODHPSUHVDKL]RTXHVHDSUHVDUDDORVGLULJHQWHVGHODFRORQLD2VDNDTXLHQHVFRQODPHGLDFLyQ GHOD)HGHUDFLyQGHO0DPRUpIXHURQSXHVWRVHQOLEHUWDGFRQGLFLRQDOGHVSXpVGHGRVGtDVGHHQFLHUUR (QHVWDUHJLyQODVSUHVLRQHVGHORVFRORQRVVREUHHOVHFWRUPDGHUHURKDQRFDVLRQDGRTXHpVWRV~OWLPRV GHWHQJDQVXVDFWLYLGDGHVH[WUDFWLYDV,QFOXVRODHPSUHVD/XL]DJDGHMySHQGLHQWHHOMXLFLRTXHVHJXtDD ORVGLULJHQWHVGHODFRORQLD/RDQWHULRUVHGHEHDTXHODRUJDQL]DFLyQ\PRYLOL]DFLyQGHORVFRORQRVFRORFy D ODV HPSUHVDV PDGHUHUDV HQ XQD SRVLFLyQ GH GHVYHQWDMD TXH OHV LPSLGH UHWRPDU VXV DFWLYLGDGHV HQ HVWRVOXJDUHVGHGRQGHSUiFWLFDPHQWHIXHURQH[SXOVDGRV )XHQWHV 7HVWLPRQLRVGH SDUWLFLSDQWHVHQHOFRQIOLFWR 3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$ &RFKDEDPED 'HDFXHUGRDHVWD/H\HOVRVSHFKRVRHQWUDDSULVLyQKDVWDTXHFRPSUXHEHVXLQRFHQFLD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR $XWRUL]DFLyQSDUDH[SORWDFLyQ\XVRGHUHFXUVRVIRUHVWDOHV 8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH6DQ%XHQD9HQWXUDGHOGHSDUWDPHQWRGH/D3D] ,QLFLDGRU GHOFRQIOLF WR &RPLWp&tYLFRGH6DQ%XHQD9HQWXUD'LUHFWRULRVGH$6/V *HQHUDGRU GHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 6XSHULQWHQGHQFLD)RUHVWDO 0XQLFLSLR6XSHULQWHQGHQFLD)RUHVWDO,15$\0LQLVWHULRGH 'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ KDELWDQWHVGHOD]RQDTXHYLYtDQGHODH[WUDFFLyQGHPDGHUD 'HPRUDHQODDSUREDFLyQGH3ODQHV2SHUDWLYRVGH $SURYHFKDPLHQWR)RUHVWDO 6HHVWiSURGXFLHQGR 6RFLDO\DPELHQWDOPHQWHSHOLJURVDSRUTXHODVSHUVRQDVQR WLHQHQRWUDIXHQWHGHWUDEDMR\SXHGHQYHUVHIRU]DGDVDH[WUDHU PDGHUDGHIRUPDLOHJDO &RPHUFLDO (VSHFLHVPDGHUDEOHV GHVGHTXHOD/H\)RUHVWDOFRUWyODVRSFLRQHVGH DSURYHFKDPLHQWRDORVSHTXHxRVH[WUDFWRUHVGHPDGHUD $EULOGH $JLOL]DUODDSUREDFLyQGH32$)V\TXHODVOH\HVGHQXQWUDWR LJXDODODV$6/V\DODVHPSUHVDVPDGHUHUDV $VDPEOHDV\FDUWDVGHSURWHVWD 0D\RGH 'HVFULSFLyQGHOFRQIOLFWR 8QDYH]SURPXOJDGDOD/H\)RUHVWDOFLHQWRVGHPRWRVLHUULVWDVTXHGDURQSURKLELGRVGHH[SORWDUPDGHUD HQIRUPDGHFXDUWRQHVVLHQGRODVXQLGDGHVRSHUDWLYDVIRUHVWDOHVGHODV$OFDOGtDV\ODVRILFLQDVUHJLRQDOHV GHOD6XSHULQWHQGHQFLD)RUHVWDOODVHQFDUJDGDVGHKDFHUFXPSOLUHVWDSURKLELFLyQ 6LQHPEDUJROD/H\)RUHVWDODEUHODSRVLELOLGDGDORVXVXDULRVWUDGLFLRQDOHVGHOERVTXHGHRUJDQL]DUVH\ REWHQHU SHUVRQHUtD MXUtGLFD PHGLDQWH OD FRQIRUPDFLyQ GH $JUXSDFLRQHV 6RFLDOHV GHO /XJDU $6/V ODV PLVPDV TXH D SDUWLU GH OD SUHVHQWDFLyQ \ DSUREDFLyQ SRU OD 6XSHULQWHQGHQFLD )RUHVWDO GH 3ODQHV 2SHUDWLYRV $QXDOHV)RUHVWDOHV32$)V SXHGHQ REWHQHU HO GHUHFKR DFRQFHVLRQHV SUHYLR SURFHVR GH VHOHFFLyQHQODV$UHDVGH5HVHUYD)RUHVWDO0XQLFLSDO$5)0FX\DH[WHQVLyQDVFLHQGHKDVWDXQGH ORVERVTXHVILVFDOHVGHQWURGHVXMXULVGLFFLyQ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (VWHFRQIOLFWRHVVLPLODUDOTXHRFXUUHHQRWUDV]RQDVIRUHVWDOHVGHOSDtVFRPR6DQ,JQDFLRGH9HODVFR\ 6DQ5DIDHOGH6DQWD&UX],[LDPDV\7XPXSDVDGH/D3D]\5XUUHQDEDTXHGHO%HQLGRQGHQLODVRILFLQDV UHJLRQDOHVQLODVORFDOHVWLHQHQLQIRUPDFLyQVREUHORVSURFHVRVTXHVLJXHODRWRUJDFLyQGHSHUPLVRVGH H[WUDFFLyQ\DTXHDSDUHQWHPHQWHWRGRHVWiFHQWUDOL]DGRHQOD6XSHULQWHQGHQFLD)RUHVWDOGH6DQWD&UX] (Q6DQ%XHQD9HQWXUDHOFRQIOLFWRIXHLQLFLDGRSRUORVSREODGRUHVGHOOXJDUTXLHQHVGHVSXpVGHKDFHUHO WUiPLWHGHSHUVRQHUtDMXUtGLFDSDUDFRQVHJXLUHOUHFRQRFLPLHQWRFRPR$6/TXHGXUDHQWUHVHLVPHVHV\GRV DxRV DVt FRPR HODERUDU 32$)V TXH FXPSODQ FRQ ORV UHTXLVLWRV GH OD /H\ )RUHVWDO \ VX UHJODPHQWR OD 6XSHULQWHQGHQFLD)RUHVWDOQROHVKDRWRUJDGRQLQJ~QSHUPLVRSDUDODH[WUDFFLyQGHUHFXUVRVIRUHVWDOHV6LQ HPEDUJRODV$5)0VHVWiQVLHQGRRWRUJDGDVDHPSUHVDVPDGHUHUDVDMHQDVDORVPXQLFLSLRVDIHFWDGRV (VWD VLWXDFLyQ KD SURYRFDGR XQD WRWDO LQHVWDELOLGDG HFRQyPLFD HQ ODV IDPLOLDV TXH YLYtDQ FDVL H[FOXVLYDPHQWH GH OD H[WUDFFLyQ PDGHUHUD ODV PLVPDV TXH HQ OD DFWXDOLGDG D WUDYpV GH VXV RUJDQL]DFLRQHVORFDOHV\ORVGLUHFWRULRVGHODV$6/VSUHVLRQDQDODVDXWRULGDGHVGHJRELHUQRSDUDTXHOD 6XSHULQWHQGHQFLD)RUHVWDORWRUJXHODVDXWRUL]DFLRQHVFRUUHVSRQGLHQWHVDODEUHYHGDGSRVLEOH 2WURSUREOHPDUHODFLRQDGRFRQODV$6/VHV HOPRQWRGHODSDWHQWHIRUHVWDODUDt]GHOFXDOHQIHEUHURGH $6/V GH 6DQWD $QD 6DQ 5DIDHO \ 6DQ ,JQDFLR GH 9HODVFR GHO GHSDUWDPHQWR GH 6DQWD &UX] VH UHXQLHURQFRQHO0LQLVWURGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQSDUDVROLFLWDUOHODHQWUHJDGHODV$5)0V \OOHJDUDXQDFXHUGRVREUHODLQWHUSUHWDFLyQGHODUWtFXORGH OD/H\)RUHVWDOHOPLVPRTXHVHxDODTXH ODVFRPXQLGDGHVRUJDQL]DGDVGHOOXJDUUHFLELUiQFRQFHVLRQHVSRUXQPRQWRPtQLPRGHSDWHQWHIRUHVWDO /RVDFXHUGRVDORVTXHVHOOHJyFRQHO0LQLVWUR5H\HV9LOODIXHURQUHIUHQGDGRVHQXQDDXGLHQFLDS~EOLFD UHDOL]DGDHQ6DQWD&UX]HOPHVGHPDU]R (Q DEULO GH YDULDV UHJLRQHV GHO SDtV VH SURQXQFLDURQ VREUH HO LQFXPSOLPLHQWR GHO JRELHUQR \ FRQIRUPDURQ PRYLPLHQWRV GH SURWHVWD DQWH HVWDVLWXDFLyQ /RV SULPHURV GtDV GH PD\R YDULDV $6/V GH 6DQWD&UX]HQQRWDGLULJLGDDO0LQLVWURGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQGLHURQSOD]RKDVWDHO GHPD\RSDUDTXHVHSURPXOJXHHO'HFUHWR6XSUHPRUHIHULGRDOPRQWRGHODSDWHQWHSDUDODV$6/V\ VH SURFHGDDHQWUHJDUODViUHDVVROLFLWDGDV/DPLVPDQRWDLQGLFDTXHHQFDVRGHQRWHQHUXQDUHVSXHVWD SRVLWLYDKDVWDODIHFKDGHILQLGDSURFHGHUtDQDUHDOL]DUPHGLGDVGHSUHVLyQHQFRRUGLQDFLyQFRQODVGHPiV $6/VGHOSDtV\VXVJRELHUQRVPXQLFLSDOHV 'RVGtDVGHVSXpVRUJDQL]DFLRQHVGH6DQ%XHQD9HQWXUDHQYLDURQXQDFRPLVLyQDODFLXGDGGH/D3D] HQFDEH]DGD SRU HO $OFDOGH 0XQLFLSDO \ XQD QRWD DO 0LQLVWUR GH 'HVDUUROOR 6RVWHQLEOH \ 3ODQLILFDFLyQ VROLFLWiQGROH LQVWUX\D D OD 6XSHULQWHQGHQFLD )RUHVWDO TXHDSUXHEH VXV 32$)V \ ODSURPXOJDFLyQ GH XQ 'HFUHWR6XSUHPRTXHLQWHUSUHWHHODUWtFXORGH OD/H\)RUHVWDO (VH PLVPR PHV ODV $6/V GHO PXQLFLSLR GH 6DQ %XHQD 9HQWXUD VH SXVLHURQ HQ HPHUJHQFLD \ VH VROLGDUL]DURQ FRQ HO SDUR FtYLFR RUJDQL]DGR SRU ODV $6/V GH OD SURYLQFLD 9HODVFR GHO GHSDUWDPHQWR GH 6DQWD&UX]/DPD\RUSUHRFXSDFLyQGHODV$6/VHVTXHOD/H\QROHVGDHOPLVPRWUDWDPLHQWRTXHDODV HPSUHVDVPDGHUHUDV\DTXHHOODVREWLHQHQVLQPD\RUHVGLILFXOWDGHVODVFRQFHVLRQHVTXHVROLFLWDQ )XHQWHV 9LVLWDDOD]RQD\HQWUHYLVWDVFRQGLIHUHQWHVDFWRUHV 3HUVRQDHQFDUJDGDGHOUHJLVWUR +XJR%RVTXH/D3D] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR ([SORWDFLyQLOHJDOGHPDGHUDHQOD5HVHUYD1DFLRQDO0DQXULSL+HDWK 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR 5HVHUYD1DFLRQDO0DQXULSL+HDWKSURYLQFLD0DQXULSLPXQLFLSLRV GH)LODGHOILD3XHUWR5LFR\6DQ3HGURGHOGHSDUWDPHQWRGH 3DQGR (PSUHVDVPDGHUHUDV 3REODGRUHVGHOFDQWyQ(O&KLYp $FWLYLGDGT XHJHQ HU DHO GDxR 'LUHFFLyQ*HQHUDOGH$UHDV3URWHJLGDV6XSHULQWHQGHQFLD )RUHVWDO\3UHIHFWXUDGHO'HSDUWDPHQWRGH3DQGR 3REODGRUHVGHOD]RQDHLQGLUHFWDPHQWHWRGRHOSDtVSRUWUDWDUVH GHXQDiUHDSURWHJLGDQDFLRQDO\HQPD\RUHVFDODODSREODFLyQ PXQGLDOSRUODSpUGLGDGHOERVTXHWURSLFDO ([SORWDFLyQIRUHVWDOLOHJDO /DDFWLYLGDGHV 'HVWUXFWLYD $IHFWDGRV (OGDxR JHQHUDGR $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR <DVHSURGXMR\HVUHFXUUHQWH $SUR[LPDGDPHQWHKD 5HFROHFFLyQGHSURGXFWRVGHOERVTXH %RVTXHDJXD\VXHOR 4XHORVH[SORWDGRUHVLOHJDOHVVHDQVDQFLRQDGRV\VHIUHQHOD H[WUDFFLyQLOHJDOGHPDGHUD 5HVROXFLRQHVGHODFRPXQLGDGLQVSHFFLRQHVGHFRPLVRV GHQXQFLDVDODVDXWRULGDGHVPHGLRVGHFRPXQLFDFLyQ\D RUJDQL]DFLRQHVDPELHQWDOLVWDVPDUFKDJHVWLRQHVHQODVHGHGH JRELHUQR\QHJRFLDFLRQHV 6HSWLHPEUHGH 'HVFULSFLyQGHOFRQIOLFWR /D5HVHUYD1DFLRQDO$PD]yQLFDGHO0DQXULSL+HDWKIXHFUHDGDPHGLDQWH'HFUHWR6XSUHPRGHO GH GLFLHPEUH GH HQ HO GHSDUWDPHQWR DPD]yQLFR GH 3DQGR /D 5HVHUYD WLHQH XQD H[WHQVLyQ DSUR[LPDGD GH KD (O GHSDUWDPHQWR GH 3DQGR HV DFWXDOPHQWH XQD GH ODV SRFDV iUHDV GH %ROLYLDGRQGHD~QVHHQFXHQWUDPDUDRFDRED6ZLHWHQLDPDFURSK\OOD /DH[SORWDFLyQLOHJDOIRUHVWDOHQOD5HVHUYD0DQXULSL+HDWKVHLQLFLyHQSHURIXHDSDUWLUGH TXHORVSREODGRUHVGHODUHJLyQLQLFLDURQVXVUHFODPRVDOHQWRQFHV&HQWURGH'HVDUUROOR)RUHVWDODSDUWLU 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV GHORVFXDOHVVHSURKLELyDORVFRPXQDULRVWDODUPDGHUDSDUDODFRQVWUXFFLyQGHVXVYLYLHQGDVPLHQWUDV TXHORVPDGHUHURVVHJXtDQH[SORWiQGRODFRQHODYDOGHODVDXWRULGDGHV7UDVPXFKRVUHFODPRVORJUDURQ HO UHHPSOD]R GHO JXDUGD IRUHVWDO SRU XQ FRPXQDULR FRQ HO TXH UHDOL]DURQ DFFLRQHV GH VHJXLPLHQWR LQVSHFFLyQ\GHFRPLVR (QXQRGHORVUHFRUULGRVUHDOL]DGRHOGH DEULOGHHQFRQWUDURQSHUVRQDV\PRWRVLHUUDVGHOD %DUUDFDGH(UZLQ5RGULJXH]DSXQWRGHVDFDUPDGHUDSHURORJUDURQH[SXOVDUORV3RVWHULRUPHQWHHO GH MXQLR GHO PLVPR DxR HQFRQWUDURQ TXH ORV KHUPDQRV 'RPtQJXH] KDEtDQ GHUUXPEDGR WURQFDV GH PDUD\GH FHGUR\DELHUWRVHQGDVSDUDODH[WUDFFLyQGHODPDGHUD (Q MXOLR GH UHDOL]DURQ OD SULPHUD LQVSHFFLyQ XELFDQGR VHQGDV \ FDPSDPHQWRV PDGHUHURV (Q OD VHJXQGD LQVSHFFLyQ HQ DJRVWR HQFRQWUDURQ FDPSDPHQWRV FRQ HTXLSRV GH UDGLR \ GRFXPHQWRV GH H[SORWDFLyQGHODHPSUHVD0DQXWDWD 3UHVHQWDGD OD GHQXQFLD HQ HO PHV GH VHSWLHPEUH MXQWDPHQWH FRQ HO )LVFDO GH 'LVWULWR VH SURFHGLy D LQFDXWDUVNLGHUV WUDFWRUHV\XQFDPLyQORVTXHIXHURQLQXWLOL]DGRV/DVDXWRULGDGHVVHFRPSURPHWLHURQ DFRODERUDUSDUDVXWUDVODGR\ILUPDURQHODFWDGHGHFRPLVRSHURDOUHWRUQDUORVFRPXQDULRVDOOXJDU\DQR HVWDEDQORVVNLGHUV QLHOFDPLyQ 'HDFXHUGRDOGLDULR3UHVHQFLDHOGHVHSWLHPEUHGHHOHQWRQFHV3UHIHFWRGH3DQGR-XDQ&DUORV 5LVV DGPLWLy FRUUXSFLyQ HQ OD VDOLGD GH PDGHUD GHO GHSDUWDPHQWR VLQ HPEDUJR VRVWXYR TXH QDGD VH SRGtD KDFHU KDVWD TXH OD UHJODPHQWDFLyQ GH OD /H\ )RUHVWDO VDOLHUD D OX] OR FXiO VXFHGLy HO GH GLFLHPEUHGH (OGHRFWXEUHGHHVHDxRHOILVFDO,YDQ*DQWLHUTXHKDEtDDFRPSDxDGRODVLQVSHFFLRQHV\GHFRPLVRV IXH DPHQD]DGR GH PXHUWH /RV SREODGRUHV GH (O &KLYp KLFLHURQ XQ OODPDGR D ODV LQVWLWXFLRQHV \ SRVWHULRUPHQWHXQDGHQXQFLDHOSHULyGLFR/D5D]yQ(OGHGLFLHPEUHPDUFKDURQDODFLXGDGGH&RELMDD SLHSHUVRQDVHQWUHKRPEUHVPXMHUHV\QLxRV /RV SULPHURV GtDV GH HQHUR GH SUHVHQWDURQ RWUD GHQXQFLD TXH GDED FXHQWD TXH HO 6U -RUJH 9DOGLYLDEDUUDTXHURKDEtDFRUWDGRWURQFDVHLQVWDODGRXQDIiEULFDGHSDOPLWR\XQDVHUUDGHURGHQWUR GHOD5HVHUYD)RUHVWDO (OGH6HSWLHPEUHGHXQDFRPLVLyQRUJDQL]DGDSRUHO)RUR3DQGLQRFRQODSUHVHQFLDGHO)LVFDO DXWRULGDGHV \ FRPXQDULRV GHO &KLYp VH KL]R SUHVHQWH HQ HO OXJDUGHQRPLQDGR9HQWDUUyQ GHFRPLVDQGR HTXLSRVGHWUDEDMRVNLGHUVFKDWDV\PRWRUHVWURQFDV\RWURV (O)RUR3DQGLQRVHFRQVWLWX\yHQSDUWH FLYLOHQHOSURFHVRTXHHO0LQLVWHULR3~EOLFRLQLFLyHQGHIHQVDGHORVUHFXUVRVQDWXUDOHVGHOD5HVHUYD 'H DFXHUGR DO LQIRUPH GHO YLDMH GH RFWXEUH GH UHDOL]DGR SRU OD FRPLVLyQ FRQIRUPDGD SRU LQWHJUDQWHVGHO)RUR3DQGLQRHQHOWUDPR&RELMD1DUHXGDHQFRQWUDURQHQHONPKDGHVERVFDGDV \TXHPDGDVGHSURSLHGDGGHOVHxRU)HUUHLUDHQHONPSURSLHGDGGH&DUORV1XxH]HQFRQWUDURQXQ DVHUUDGHURTXHFRUWDEDPDGHUDGHFDVWDxRSDUDFRQVWUXFFLyQ³SULQFLSDOPHQWHYLJDV\OLVWRQHVSRUVHUGH EXHQDFDOLGDG´ 1DUHXGDVHHQFXHQWUDDNPGH&RELMDOXHJRVHOOHJDDOD SREODFLyQGH9HUDFUX]GHDOOtD)RUWDOH]D H[LVWHXQ FDPLQRGH NP KDFLD HO1RUWHFRQVWUXLGR SRUODHPSUHVD 6DQ0DUWtQ DELHUWRHVH DxRSDUD VDFDUPiVGHiUEROHVGHFHGUR\RWURVWDQWRVGHPDUDTXHIXHURQWUDVODGDGRVDODVHUUDGHURGHHVWD HPSUHVDHQ 5XWLQDHQ ODPDUJHQGHUHFKDGHOUtR7DKXDPDQX/D FRPLVLyQFRPSUREyODH[WUDFFLyQGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR SDOPLWR GH DVDt \ YHULILFDURQ ORV FRUWHV LUUDFLRQDOHV GH DUUR\XHORV \ SHQGLHQWHV $VLPLVPR SXGLHURQ UHFRJHUODV YHUVLRQHVGH ORVSREODGRUHVSRU ODV TXHORVFDPLRQHVWURQTXHURVGH ,0$3$RWUDHPSUHVD PDGHUHUD TXH RSHUDED LOHJDOPHQWH KDFtDQ HO WUDVODGR GH WURQFRV VyOR SRU ODV QRFKHV 6HJ~Q ORV GHQXQFLDQWHVODViUHDVHQODVFXDOHVORVPDGHUHURV\SDOPLWHURVKDEtDQGHSUHGDGROOHJDEDQLQFOXVLYHDO WHUULWRULRGHODVHWQLDV<DPLQDKXD\0DFKLQHULVHQODPDUJHQGHOUtR$FUHHVGHFLUTXH³EDUULHURQ´GHVGH ODPDUJHQGHO7DKXDPDQXKDVWDHO$FUHGRQGHTXHGDQPX\SRFRVHVSDFLRVVLQGHSUHGDU 6HJ~QHO)LVFDO,YiQ*DQWLHUOD&RPLVLyQYHULILFyODH[LVWHQFLDGH VNLGHUV \XQFDPLyQWURQTXHURDVt FRPRiUEROHVGHPDGHUDFRQXQWDPDxRGHPGHODUJR\DFPGHGLiPHWURTXHHVWDEDQSRU VHUWUDVODGDGRV2WURVDUEROHVGHFHGUR\GHPDUDHVWDEDQHQODVPiUJHQHVGHOUtR0DGUHGH'LRV /D FRPLVLyQ OXHJR GH UHFRJHU LQIRUPDFLyQ SUHOLPLQDU GHFLGLy LQXWLOL]DU ODV PDTXLQDULDV GHFRPLVDU ODV OODYHV \ UHSXHVWRV \ RUGHQy D ORV UHVSRQVDEOHV QR VDFDU ODV PDTXLQDULDV QL OD PDGHUD GHO OXJDU EDMR DGYHUWHQFLDGHVHUSURFHVDGRV3RVWHULRUPHQWHHIHFWXyODLQFDXWDFLyQIRUPDOGHWRGDODPDTXLQDULD\HO GHFRPLVRGHODPDGHUDFRPRLQVWUXPHQWRGHGHOLWR´3UHVHQFLDGHRFWXEUHGH (OGHRFWXEUHGHHQHOGHVSDFKRGHOD3UHIHFWXUDVHILUPyXQDFXHUGRHQHOTXHVHHVWDEOHFLHURQ HQWUHRWURVORVVLJXLHQWHVSXQWRV D 6XVSHQGHU WHPSRUDOPHQWH OD RWRUJDFLyQ GH QXHYDV FRQFHVLRQHV IRUHVWDOHV HQ WDQWR OD 6XSHULQWHQGHQFLD)RUHVWDO\OD3UHIHFWXUDGHOGHSDUWDPHQWR3DQGRUHDOLFHQXQDHYDOXDFLyQVREUHHO SURFHVR GH DSOLFDFLyQ GHO 5pJLPHQ )RUHVWDO \ FRQYHQJDQ XQD HVWUDWHJLD FRQMXQWD VREUH IXWXUDV FRQFHVLRQHV E /DUHDOL]DFLyQGHXQDLQVSHFFLyQDODVFRQFHVLRQHVSRUSDUWHGHOD6XSHULQWHQGHQFLD F (OIRUWDOHFLPLHQWRGHODRILFLQDORFDOGH3DQGR G (O HQYtR SRU SDUWH GH OD 6XSHULQWHQGHQFLD GH ORV SODQHV GH PDQHMR IRUHVWDO GH FDGD XQD GH ODV HPSUHVDVFRQFHVLRQDGDVKDVWDHOGH GLFLHPEUHGHHVHDxR H /LTXLGDFLyQVREUHSURGXFWRVIRUHVWDOHVSURFHVDGRVHQ5LEHUDOWDFRQYHULILFDFLyQGHORVFHUWLILFDGRVGH RULJHQ 0X\ SRFR GH HVWH FRQYHQLR IXH FXPSOLGR SHUR VLUYLy FRPR LQVWUXPHQWR SDUD TXH OD 3UHIHFWXUD \ OD 6XSHULQWHQGHQFLD)RUHVWDOVLJXLHUDQSURWHJLHQGRODH[SORWDFLyQLOHJDO (O GH QRYLHPEUH GH HO )2%20$'( GH 3DQGR SLGLy D OD 6XSHULQWHQGHQFLD )RUHVWDO OD LQPRYLOL]DFLyQGHODViUHDVGHFRQFHVLyQGHODVHPSUHVDVPDGHUHUDVTXHWUDEDMDQHQHOGHSDUWDPHQWR GH3DQGRKDVWDTXHVHSUDFWLTXHXQDDXGLWRULDIRUHVWDOGHOSRWHQFLDOPDGHUHUR'HQXQFLySRURWUDSDUWH TXH ODVHPSUHVDV9DUJDV 'HVWUH %ROLWDO &DEUHUD \ %HFHUUD LQFXUVLRQDURQ HQ SOHQD5HVHUYD 1DFLRQDO SDUDFRUWDUHQ HVHDxRPiVGHWUHVPLOiUEROHVGHPDUD (O GH GLFLHPEUH GH ORV SREODGRUHV GH OD UHJLyQ KLFLHURQ XQ QXHYR OODPDGR D ORV PHGLRV GH FRPXQLFDFLyQSDUDLQIRUPDUVREUHODH[SORWDFLyQLOHJDOHQOD5HVHUYD\FRPRVXVLQWHQWRVLQIUXFWXRVRVGH IUHQDUOD GHVGH D SHVDU GH ODV GLYHUVDV GHQXQFLDV GHFRPLVRV FRPLVLRQHV H LQVSHFFLRQHV UHDOL]DGDVFRQHO)RUR3DQGLQR\FRQHO)LVFDOGH'LVWULWRHQOD~OWLPDGHODVFXDOHVIXHURQDFXVDGRVGH YHQGHUPDGHUD\REOLJDGRVSRUOD3UHIHFWXUDGH3DQGR\OD6XSHULQWHQGHQFLD)RUHVWDODDFHSWDUHOUHWLUR GHODPDGHUDHQYLUWXGGHOFRQYHQLRILUPDGRHQOD3UHIHFWXUD\DGHYROYHUHOPRWRUGHFRODLQFDXWDGRXQ DxRDWUiV\FRQHOTXHUHDOL]DEDQHOFRQWUROGHODH[WUDFFLyQ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV /RVSREODGRUHVGHODUHJLyQKLFLHURQXQOODPDGRDODVRUJDQL]DFLRQHVHFRORJLVWDVSLGLHQGRXQDFRPLVLyQ GHDOWRQLYHOVDQFLRQHVSDUDORVLQIUDFWRUHVHOWUDVSDVRGHORVREMHWRVGHFRPLVDGRVDODFRPXQLGDG\TXH HOFRQWUROGHOD5HVHUYDHVWpDFDUJRGHODVRUJDQL]DFLRQHVGH(O&KLYH &DQVDGRV GH VXV LQIUXFWXRVRV UHVXOWDGRV D OD IHFKD ORV FRPXQDULRV VH YLHURQ REOLJDGRV D QHJRFLDU DOJXQDVQHFHVLGDGHVPtQLPDVSDUDVXVSREODFLRQHV(QODDFWXDOLGDGODH[SORWDFLyQLOHJDOHQOD5HVHUYD 0DQXULSL+HDWKFRQWLQ~D0HGLDQWHODVDXWRUL]DFLRQHVRWRUJDGDVSRUOD1RUPDGHOD/H\)RUHVWDOTXH DSUXHEDQ SODQHV GH PDQHMR KDVWD KD EDUUDTXHURV HQ FRPSOLFLGDG FRQ ODV HPSUHVDV PDGHUHUDV UHDOL]DQHO³ODYDGRGHODPDGHUD´TXHVDFDQGHOD5HVHUYD3DUDFRPSOHWDUHVWHSDQRUDPDORVSHUPLVRV GHFKDTXHRTXHSRU/H\VRQRWRUJDGRV~QLFDPHQWHSRUOD6XSHULQWHQGHQFLD)RUHVWDODFWXDOPHQWHHVWiQ VLHQGRDSUREDGRVSRUOD3UHIHFWXUDHQFRPSOLFLGDGFRQOD2ILFLQDGH27(3/86ODXQLGDGHQFDUJDGDGH FHUWLILFDUODFDSDFLGDGGHXVRGHOVXHORGHDFXHUGRDO3ODQGH8VRGHO6XHORDSUREDGRPHGLDQWH'HFUHWR 6XSUHPR1R /DVGHQXQFLDVGHH[SORWDFLyQLOHJDOHQ3DQGRFRQWLQ~DQDODIHFKDVLQVHUDWHQGLGDV(QHQHURGH OD)HGHUDFLyQ'HSDUWDPHQWDOGH7UDEDMDGRUHV&DPSHVLQRV\OD6XEFHQWUDOGH3XHUWR5LFRGHQXQFLDURQDO $OFDOGHGHODSREODFLyQGH&RQTXLVWDFRPRFRPHUFLDOL]DGRULOHJDOGHPDGHUDGHOPXQLFLSLRXELFDGRHQ PHGLRGHOD5HVHUYD(VHPLVPRPHVORVUHSUHVHQWDQWHVGHODFRPXQLGDG9LOOD$PD]yQLFDGHQXQFLDURQ TXHIXHURQDWURSHOODGRVHQGLFLHPEUHSRUODHPSUHVDPDGHUHUD&KDULWRGH*XVWDYR5RFDXELFDGDHQHO 3RUYHQLU TXLHQ KL]R WDODU LOHJDOPHQWH GLIHUHQWHV HVSHFLHV GH PDGHUD FHGUR PDUD WXPLO DOPHQGULOOR FDWXDEDWRFREiOVDPRLWDXEDEDTXLR\PDUILO (OGHVHSWLHPEUHHOSUHVLGHQWHGHOD27%7ULQLGDGFLWR\RWURVUHSUHVHQWDQWHVGHODFRPXQLGDGXELFDGD HQHOOtPLWH6XGHVWHGHOD5HVHUYDGHQXQFLDURQD*HUVHDV&DVWHGREDUUDTXHURGHOD]RQDSRUODWDODGH iUEROHV GH UREOH \ FHGUR HQ OD FRPXQLGDG (VWD SHUVRQD IXH WDPELpQ GHQXQFLDGD SRU WHQHU XQ DVHUUDGHURLOHJDO ORFDOL]DGRHQODSURYLQFLD$EXQiGRQGHOOHYDORViUEROHVWDODGRV 1LQJXQDGH HVWDV GHQXQFLDVIXH UHVXHOWD SRUOD 6XSHULQWHQGHQFLD)RUHVWDOFX\RV IXQFLRQDULRV DUJX\HQ TXHODVPLVPDVOOHJDQGHPDVLDGRWDUGH(QRWURVFDVRVIUHQWHDODSUHSRWHQFLDGHORVPDGHUHURVLOHJDOHV \ODGHELOLGDGGHORVSXHVWRVGHFRQWUROGHOD6XSHULQWHQGHQFLDHVWDLQVWDQFLDGHFRRUGLQDFLyQFDVLQDGD SXHGHKDFHU )XHQWHV =RQLILFDFLyQ$JURHFROyJLFD\6RFLRHFRQyPLFD \ 3HUILO$PELHQWDOGH 'HSDUWDPHQWRGH 3DQGR 'RFXPHQWRV YDULRV GHQXQFLDV LQIRUPHV GHFRPLVRV FDUWDV QRWDULDGDV SURSRUFLRQDGRV SRU ORVSREODGRUHVGH(O&KLYp\RWUDVFRPXQLGDGHV\&DULWDV3DQGR1RWDVGH3UHQVD3UHVHQFLD &RQYHQLR VXVFULWR HQ OD 3UHIHFWXUD &RPXQLFDFLRQHV SHUVRQDOHV \ WHVWLPRQLRV 3HUVRQDHQFDUJDGDGHOUHJLVWUR3DWULFLD0ROLQD)2%20$'( )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR ,QVWDODFLyQGHDQWHQDUHSHWLGRUDGH(17(/HQOD5HVHUYDGHOD%LRVIHUD\ 7HUULWRULR,QGtJHQD3LOyQ/DMDV 8ELFDFLyQGHOFRQIOLFWR *HQHUDGRUGHOFRQIOLFWR ,QLFLDGRUGHOFRQIOLFWR 5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ/DMDV ORFDOLGDGGH3LHGUDV%ODQFDVPXQLFLSLRGH5XUUHQDEDTXH GHOGHSDUWDPHQWRGHO%HQL (PSUHVD1DFLRQDOGH7HOHFRPXQLFDFLRQHV(17(/ 5HJXODGRUGHOFRQIOLFWR &RPLWp&tYLFRGH5XUUHQDEDTXH\DGPLQLVWUDFLyQGHOD 5HVHUYD3LOyQ/DMDV 6(51$3\6XSHULQWHQGHQFLD)RUHVWDO $FWLYLGDGTXHJHQHUDHO GDxR (OGDxRJHQHUDGR 6HSURGXFLUi $IHFWDGRV /DDFWLYLGDGHV $FWLYLGDGDIHFWDGD 5HFXUVRVDIHFWDGRV )HFKDGHLQLFLRGHOGDxR )HFKDLQLFLRGHOFRQIOLFWR 2EMHWLYRGHORV DIHFWDGRV $FFLRQHVUHDOL]DGDV )HFKDGHUHJLVWUR ,QGtJHQDV&KLPDQHVFRORQL]DGRUHV\RWURVKDELWDQWHVGHOD UHJLyQ ,QVWDODFLyQGHDQWHQDUHSHWLGRUDGH(17(/ ,QFRPSDWLEOHFRQXQiUHDGHFRQVHUYDFLyQ 6XSHUYLYHQFLD $JXDDLUHVXHORIORUDIDXQD\VDOXG 6HSWLHPEUHGH 6HSWLHPEUHGH 4XH(17(/FXPSODFRQORVUHTXLVLWRVWpFQLFRVGHOD (YDOXDFLyQGH,PSDFWR$PELHQWDO $VDPEOHDVHPLVLyQGHUHVROXFLRQHVGHSURWHVWD\ GHQXQFLDVDQWHODDGPLQLVWUDFLyQGHOiUHDSURWHJLGD 0D\RGH 'HVFULSFLyQGHOFRQIOLFWR (O DxR OD (PSUHVD 1DFLRQDO GH 7HOHFRPXQLFDFLRQHV 6$ (17(/ LQLFLD XQD VHULH GH DFFLRQHV FRPRODFRQVWUXFFLyQGHXQFDPLQRGHDFFHVR\RWUDVLQKHUHQWHVDODLQVWDODFLyQGHXQD5HSHWLGRUDHQHO &HUUR3LOyQ4XLTXLEH\ %HQLDOLQWHULRUGHOD5HVHUYDGHOD%LRVIHUD\7LHUUD&RPXQLWDULDGH2ULJHQ3LOyQ /DMDV 3DUDOD UHDOL]DFLyQ GH ODV DFWLYLGDGHV (17(/ QR VROLFLWy DXWRUL]DFLyQ QL D OD 'LUHFFLyQGHO $UHD 3URWHJLGD QL D QLQJXQD RWUD DXWRULGDG WDPSRFR LPSOHPHQWy PHGLGD DOJXQD SDUD PLWLJDU ORV LPSDFWRV QHJDWLYRVRFDVLRQDGRVDOiUHD (QHOPHVGHVHSWLHPEUHGHOPLVPRDxROD$GPLQLVWUDFLyQGHO$UHDDUDt]GHODVDFWLYLGDGHVGHSURWHFFLyQ UHDOL]DGDV SRU ORV JXDUGDSDUTXHV WRPD FRQRFLPLHQWR GH WRGDV ODVDFFLRQHV UHDOL]DGDVSRU (17(/ \ OH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV VROLFLWD OD SUHVHQWDFLyQ GH OD/LFHQFLD $PELHQWDO HQ FXPSOLPLHQWR D OR GLVSXHVWR SRU HO5HJODPHQWR GH $UHDV 3URWHJLGDV \ 5HJODPHQWR GH 3UHYHQFLyQ \ &RQWURO $PELHQWDO GHPDQGD TXH QR HV DWHQGLGD IDYRUDEOHPHQWHSRUODHPSUHVDGHELGRDTXHQLVLTXLHUDKDEtDLQLFLDGRHOWUiPLWHSDUDODREWHQFLyQGHOD PLVPD6LPXOWiQHDPHQWHHO&RPLWp&tYLFRGH5XUUHQDEDTXHHPLWHXQYRWRUHVROXWLYRPHGLDQWHHOFXDOVH RSRQH D OD UHLQLFLDFLyQ GH ODV DFWLYLGDGHV GH (17(/ SRU ORV GDxRV FDXVDGRV (Q HVWH FRQWH[WR OD 'LUHFFLyQGHO$UHDSDUDOL]D DFWLYLGDGHVGHODUHIHULGDHPSUHVDKDVWDTXHVXVDFFLRQHVVHHQPDUTXHQHQ /H\\SRQHHQFRQRFLPLHQWRGHODDXWRULGDGDPELHQWDOFRPSHWHQWHORDFRQWHFLGR 8Q PHV PiV WDUGH OD (PSUHVD (17(/ LQLFLD VX WUiPLWH SDUD OD REWHQFLyQ GH OD /LFHQFLD $PELHQWDO SUHVHQWDQGRVX)LFKD$PELHQWDODFRPSDxDGDGHXQ3ODQGH$SOLFDFLyQ\6HJXLPLHQWR$PELHQWDODGMXQWR VLQHVSHUDUSUHYLDPHQWHODFDWHJRUL]DFLyQSRUODDXWRULGDGFRPSHWHQWHWDOFXDOPDQGDHOSURFHGLPLHQWR 3HRU D~Q HO FLWDGR SODQ VH SUHVHQWD FRPR VL VH WUDWDUD GH XQ SUR\HFWR QXHYR FX\RV LPSDFWRV VH SURGXFLUtDQDIXWXUR\FRQWLHQHLQIRUPDFLyQTXHQRFRUUHVSRQGtDDODUHDOLGDGSUHWHQGLHQGRGHHVWHPRGR QR VyOR EXUODU ODV REOLJDFLRQHV DPELHQWDOHV LPSXHVWDV SRU /H\ DO LJQRUDU WRGRV ORV LPSDFWRV FDXVDGRV KDVWD HVD IHFKD \ SUHWHQGHU REWHQHU VX /LFHQFLD $PELHQWDO VLQ FXPSOLU HIHFWLYDPHQWH ODV REOLJDFLRQHV FRQWHQLGDV HQ ODV GLVSRVLFLRQHV DPELHQWDOHV \D TXH SRU HO JUDGR GH DYDQFH GH ODV REUDV QR FRUUHVSRQGtD OD SUHVHQWDFLyQ GH XQD )LFKD $PELHQWDO VLQR GH XQ 0DQLILHVWR $PELHQWDO GRQGH VH FRQWHPSOHFODUDPHQWHODVDFFLRQHVFRUUHFWLYDVDUHDOL]DUVHHQGHWHUPLQDGRSHUtRGRGHWLHPSR 6REUHHOSDUWLFXODUOD'LUHFFLyQGHO$UHDMXQWRDODDXWRULGDGQDFLRQDOGHiUHDVSURWHJLGDVHPLWLHURQXQD VHULHGHREVHUYDFLRQHVGH tQGROH WpFQLFR\ OHJDODQWHODDXWRULGDGDPELHQWDOFRPSHWHQWH\ H[LJLHURQOD SUHVHQWDFLyQGHO0DQLILHVWR$PELHQWDOFRQGDWRVILGHGLJQRVDVtFRPRPHGLGDVDGHFXDGDVSDUDFRUUHJLU WRGRVORVLPSDFWRVFDXVDGRVGHQWURGHOD5HVHUYDKDVWDHVDIHFKD $QWH HVD VLWXDFLyQ (17(/ LQWHQWy UHLQLFLDU DFWLYLGDGHV VLQ p[LWR SRVWHULRUPHQWH VH GLR D OD WDUHD GH DILUPDUTXHODLQWHQFLyQGHODVDXWRULGDGHVOXJDUHxDVVyORHUDIUHQDUHOGHVDUUROORGHOD]RQDUHFXUULHQGR DODSR\RGHDOJXQDVDXWRULGDGHVDMHQDVD5XUUHQDEDTXHTXHVRVWHQtDQODPLVPDYHUVLyQ\PDQLIHVWDQGR HQUHLWHUDGDVRFDVLRQHVTXHOD]RQDVHTXHGDUtDVLQHOVHUYLFLRGHWHOHFRPXQLFDFLyQ $SHVDUGHODSUHVLyQHMHUFLGDFRQGLYHUVRVDUJXPHQWRVXQRVPHVHVGHVSXpVGLFKDHPSUHVDQRWXYRRWUD DOWHUQDWLYD TXH HQPDUFDUVH HQ ODV QRUPDV DPELHQWDOHV YLJHQWHV SUHVHQWDQGR HO 0DQLILHVWR $PELHQWDO FRUUHVSRQGLHQWH KDVWD OD REWHQFLyQ GH OD /LFHQFLD $PELHQWDO OD FXDO VH RWRUJy FRQGLFLRQDGD D OD UHSDUDFLyQGHORVGDxRVFDXVDGRVHQXQSOD]RHVWDEOHFLGR $ OD IHFKD SRU OD LQIRUPDFLyQ REWHQLGD HQ OD ]RQD VH FRQRFH TXH QR REVWDQWH KDEHU WUDQVFXUULGR VXSHUDEXQGDQWHPHQWHHOSOD]RRWRUJDGRSDUDODVDFFLRQHVFRUUHFWLYDVpVWDVD~QQRKDQVLGRFRQFOXLGDV SHVHDOFRPSURPLVRDVXPLGRSRU(17(/ /RVHxDODGRHYLGHQFLDTXHHPSUHVDVFRPR(17(/TXH FXHQWDQFRQORVUHFXUVRVKXPDQRV\ILQDQFLHURV SDUDHQPDUFDUVXVDFFLRQHVHQODVGLVSRVLFLRQHVOHJDOHVGHRUGHQDPLHQWRMXUtGLFRPXHVWUDQXQSURIXQGR GHVSUHFLRSRUODSURWHFFLyQGHOPHGLRDPELHQWH\ORVUHFXUVRVQDWXUDOHVTXHFRQOOHYDDODLQREVHUYDQFLD GH ODV REOLJDFLRQHV DPELHQWDOHV HVWDEOHFLGDV SRU /H\ D~Q HQ iUHDV SURWHJLGDV TXH VRQ SDWULPRQLR GH WRGRVORVEROLYLDQRV\VHHQFXHQWUDQVXMHWDVDXQUpJLPHQHVSHFLDOGHSURWHFFLyQ )XHQWHV9LVLWDDOD]RQD\HQWUHYLVWDVFRQGLIHUHQWHVDFWRUHV 3HUVRQD HQFDUJDGDGHOUHJLVWUR +XJR%RVTXH/D3D] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 6DTXHRGHPDGHUDHQOD(VWDFLyQ%LROyJLFDGHO%HQL 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR 5HVHUYDGHOD%LRVIHUD(%%0XQLFLSLRGH6DQWD$QDGHO <DFXPDGHOGHSDUWDPHQWRGHO%HQL *UXSRVSROtWLFRV GHSRGHU\PRWRVLHUULVWDV (%%$1&%\6(51$3 $IHFWDGRV 3ROLFtDGH6DQ%RUMD0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\ 3ODQLILFDFLyQ6(51$3\&RUWH1DFLRQDOGH-XVWLFLD (%%\61$3 (OGDxR JHQHUDGR <DVHSURGXMR $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 7DODGHiUEROHVGHPDUDHQiUHDSURWHJLGD ,OHJDO\GHSUHGDWRULD KD &RQVHUYDFLyQGHODELRGLYHUVLGDG )ORUD\IDXQD GHQRYLHPEUHGH GHQRYLHPEUHGH &DVWLJDUDORVUHVSRQVDEOHVHLPSHGLUTXHVDTXHQODPDGHUD SDUDVHQWDUSUHFHGHQWHV 3URFHVRSHQDO&DPSDxDGHGHQXQFLDDHVFDODQDFLRQDO H LQWHUQDFLRQDO(VWLPDFLyQHFRQyPLFDGHOGDxR -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR /D5HVHUYDGHOD%LRVIHUD(VWDFLyQ%LROyJLFDGHO%HQL(%%HVXQDGHODVXQLGDGHVGHFRQVHUYDFLyQGHO 6LVWHPD 1DFLRQDOGH $UHDV 3URWHJLGDV61$3 TXH HVWi FRDGPLQLVWUDGD SRU OD $FDGHPLD 1DFLRQDO GH &LHQFLDVGH%ROLYLD$1&%/D(%%SURPXHYHODDFWLYLGDGFLHQWtILFDHGXFDWLYD\GHPDQHMRGHUHFXUVRV HQODSHUVSHFWLYDGHHQFRQWUDUDOWHUQDWLYDVGHXVRVRVWHQLEOHGHODGLYHUVLGDGELROyJLFD /DVXSHUILFLHGHOD(%%HVGHKD\HQHOODVHSURWHJHPXHVWUDVUHSUHVHQWDWLYDVGHODGLYHUVLGDG ELROyJLFDHQWUHODVTXHVHHQFXHQWUDQPDQFKRQHVGHiUEROHVGHPDUD6ZLHWHQLDPDFURSK\OOD'HELGRDO SURFHVRGHH[WLQFLyQFRPHUFLDOGHHVWDHVSHFLHODVDFFLRQHVLOHJDOHVGHH[WUDFFLyQHQiUHDVSURWHJLGDV VHLQFUHPHQWDQ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (OGHQRYLHPEUHGHVHVXSRTXHPRWRVLHUULVWDVHVWDEDQLQYDGLHQGRHOiUHDGHOD(%%(OGH QRYLHPEUHHOFXHUSRGH*XDUGDSDUTXHGHOD5HVHUYDHQXQRSHUDWLYRFRQMXQWRFRQHIHFWLYRVGHOD3ROLFtD 1DFLRQDOHQFRQWUDURQDSHUVRQDVTXHVHKDOODEDQWDODQGRiUEROHVFHQWHQDULRVGHPDUD\SURFHGLHURQDO GHFRPLVR GHDUPDV \PRWRVLHUUDV DVtFRPRDODGHWHQFLyQ\ GHVDORMRGHORV VHxRUHV/XFLR3RUWDOHV\ 2UODQGR 3RUFHO TXLHQHV VH LGHQWLILFDURQ FRPR UHVSRQVDEOHV GHO JUXSR $PEDV SHUVRQDV IXHURQ FRQGXFLGDV D OD SROLFtD GH OD ORFDOLGDG GH 6DQ %RUMD GRQGH VH OHV WRPy GHFODUDFLyQ \ VH OHV LQLFLy HO SURFHVRFRUUHVSRQGLHQWH /DLQVSHFFLyQHQHOOXJDUTXHGHEtDSHUPLWLUFRQFOXLUODVGLOLJHQFLDVMXGLFLDOHVIXHUHWUDViQGRVHKDVWDHO GHQRYLHPEUHHQHOODSDUWLFLSDURQOD3ROLFtD1DFLRQDOODVXSHULQWHQGHQFLD)RUHVWDOOD8QLGDG)RUHVWDO 0XQLFLSDOGH6DQWD$QDHO,QVWLWXWRGH(FRORJtDGHOD8QLYHUVLGDG0D\RUGH6DQ$QGUpV\FRPXQDULRVGH &DUPHQGHO0DWR\&HUR2FKR 6LQHPEDUJRSRUSUHVLRQHVGHRUGHQSROtWLFRHOSURFHVRVHGLODWy\OD$1&%UHFXUULyDODSUHQVDSDUDTXH YHULILTXHQ\KDJDQS~EOLFDODGHQXQFLDDGHPiVUHDOL]yXQOODPDPLHQWRDODVLQVWLWXFLRQHVDPELHQWDOLVWDV \VROLFLWyDODVDXWRULGDGHVQDFLRQDOHVVXLQWHUYHQFLyQGLUHFWDSDUDTXHYLDELOLFHQODVDFFLRQHVMXGLFLDOHV\ GHQLQLFLRDOSURFHVRFRUUHVSRQGLHQWH /DUHVSXHVWDGHODVDXWRULGDGHVORFDOHVHQWUHORVTXHVHHQFXHQWUDQSHUVRQDVLQYROXFUDGDVHQHOGHOLWR IXH GHVSUHVWLJLDU OD LPDJHQ \ WUDEDMR GH OD (%% HQ OD ]RQD H LQLFLDU TXHUHOOD FULPLQDO HQ FRQWUD GH OD 'LUHFWRUDGHOD5HVHUYD3RURWUDSDUWHDUJXPHQWDQGRTXHORVPRWRVLHUULVWDVSHUWHQHFHQDXQDVXSXHVWD FRPXQLGDG LQGtJHQD GHQRPLQDGD 6DQWD $QLWD GHO 0RQWH $OWR FX\D LQH[LVWHQFLD KD VLGR YHULILFDGD FRSWDURQ D DOJXQRV GLULJHQWHV LQGtJHQDV SDUD UHDOL]DU DFXVDFLRQHV VREUH DFFLRQHV TXH OD (%% KDEUtD UHDOL]DGRHQFRQWUDGHODVXSXHVWDFRPXQLGDG (QODDFWXDOLGDGHOSURFHVROHJDOHQFRQWUDGHORVDFWRUHVGHOGHOLWRGHWDODHVWiHQFXUVR\OD&RPLVLyQ GH'HVDUUROOR6RVWHQLEOHGHOD&iPDUDGH'LSXWDGRVKDSURPXOJDGRPLQXWDVGHVROLFLWXGGHLQIRUPHVD GLIHUHQWHV LQVWDQFLDV GHO 3RGHU (MHFXWLYR 3RU VX SDUWH DOJXQDV DJHQFLDV GH FRRSHUDFLyQ LQWHUQDFLRQDO KDQ PDQLIHVWDGR VXSUHRFXSDFLyQ SRUHVWDVLWXDFLyQTXH DIHFWDHOFXPSOLPLHQWRGH ORVREMHWLYRV GHODV XQLGDGHVGHFRQVHUYDFLyQGHOSDtV )XHQWHV(VWDFLyQ%LROyJLFDGHO%HQL 3HUVRQDHQFDUJDGDGHOUHJLVWUR -HQQ\*UXHQEHUJHU)2%20$'( )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 'HIRUHVWDFLyQHQHOPXQLFLSLRGH7RPLQD 8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH7RPLQDGHSDUWDPHQWRGH&KXTXLVDFD ,QLFLDGRU GHOFRQIOLF WR &RPXQLGDGGH2WRURQJR *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR +LHUYDMHURVGHPXQLFLSLRVDOHGDxRV &HQWUDOHV\6XEFHQWUDOHVFDPSHVLQDV 9DULDVIDPLOLDVGHFRPXQLGDGHV 8VRLUUDFLRQDOGHELRPDVD\SDVWRUHRLQWHQVLYR (VUHFXUUHQWH 3HOLJURVD (QWUH\KD 8VRVWUDGLFLRQDOHVYLYLHQGDHTXLSDPLHQWR\VHUYLFLRV $JXDDLUHIORUD\IDXQD )HEUHURGH 5HGXFLUODSUHVLyQGHOSDVWRUHRHQHOERVTXHPHGLDQWHQRUPDWLYD HVSHFtILFD 5HXQLRQHVGHQXQFLDVSURFHVRVGHHODERUDFLyQGHQRUPDWLYD\ ILUPDGHFRPSURPLVRV -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR 7RPLQDHVXQiUHDUXUDOTXHVHHQFXHQWUDD.PGHODFLXGDGGH6XFUHHOGHVXVKDELWDQWHV VRQFDPSHVLQRV7LHQHXQDH[WHQVLyQGHKHFWiUHDVGHODVFXDOHVHOHVERVTXHVHFRQDWLYR\ XQVRQWLHUUDVFXOWLYDGDV(VWDUHJLyQSUHVHQWDWUHV]RQDVDOWLWXGLQDOHVDOWXUDWHPSRUDO\YDOOH 'HVGH OD pSRFD GH OD FRORQLD ORV ERVTXHV GH OD UHJLyQ VLUYLHURQ SDUD KDFHU WURQFDV GHVWLQDGDV D OD H[WUDFFLyQ GH PLQHUDOHV \ FRPR FRPEXVWLEOH SDUD ODVIXQGLFLRQHV PHWDO~UJLFDV +DFH XQRV DxRV OD GHPDQGD GH OHxD SDUD FDUEyQ FRPHQ]y D LQFUHPHQWDUVH \ FRQ HOOD DXPHQWy OD WDOD LQGLVFULPLQDGD GH iUEROHVSDUDHOEHQHILFLRH[FOXVLYRGHDOJXQRVHPSUHVDULRVSULYDGRV6HFDOFXODTXHVHSUHFLVDTXHPDU WRQHODGDVGHiUEROHVSDUDREWHQHUXQDVWRQHODGDVGHFDUEyQ (QWUH±ODVFRPXQLGDGHV\VXEFHQWUDOHVFDPSHVLQDVGHOD]RQDVHPRYLOL]DURQHQGHIHQVDGH OD DJUHVLYD H[SORWDFLyQ SULYDGD RULHQWDGD D OD SURGXFFLyQ LQGXVWULDO GH FDUEyQ (Q HVWH SHULRGR ODV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV RUJDQL]DFLRQHVFDPSHVLQDVUHVROYLHURQ SURWHJHUVXVERVTXHVD WUDYpV GHODGHVWUXFFLyQGHORVKRUQRV FDUERQHURVTXHXWLOL]DEDQWRGRWLSRGHHVSHFLHVIRUHVWDOHV\DUEXVWLYDVFRQWDOGHFXEULUVXFDSDFLGDGGH SURGXFFLyQODPLVPDTXHDVFHQGtDDXQDVFDPLRQDGDVDSUR[LPDGDPHQWH (VWH WLSR GH H[SORWDFLyQ IXH GHWHUPLQDQWH SDUD HO HVWDGR GH GHWHULRUR HQ HO TXH VH HQFXHQWUDQ ORV ERVTXHVVHFRVGH7RPLQD 8QDSXEOLFDFLyQGHO&,&'$35$'(1VHxDODEDDOUHVSHFWRTXHFDGD DxRVHGHVWUXtDQLUUHSDUDEOHPHQWHKHFWiUHDVGHERVTXHWDQWRSRUHIHFWRVGHGHJUDGDFLyQSURJUHVLYD QDWXUDO FRPR D OD SURGXFFLyQ GH FDUEyQ 3RVWHULRUPHQWH ODV LQGXVWULDV FDUERQHUDVVH WUDVODGDURQ D OXJDUHV GRQGH OD ELRPDVD HUD PiV DEXQGDQWH \ QR H[LVWtD RSRVLFLyQ VRFLDO FRPR ODV SURYLQFLDV +HUQDQGR6LOHV\/XLV&DOYR (OGHVDUUROORGHOFRQIOLFWRHQPXFKDVGHVXVDFFLRQHVFRQWyFRQHODSR\RGHRUJDQL]DFLRQHVHFRORJLVWDV FRPR HV HO FDVR GHO )RUR %ROLYLDQR VREUH 0HGLR $PELHQWH \ OD $VRFLDFLyQ 6XFUHQVH GH (FRORJtD $FWXDOPHQWH ORV ERVTXHV GH OD SURYLQFLD 7RPLQD HVWiQ VXMHWRV DO XVR WUDGLFLRQDO DVt FRPR DO QR WUDGLFLRQDO\DTXHODXWLOL]DFLyQGHOHxDSDUDODSURGXFFLyQGHFDUEyQIXHUHPSOD]DGDSRUODXWLOL]DFLyQGH OHxDSDUDODSURGXFFLyQGHFKLFDEHELGDWUDGLFLRQDOGHOD&XOWXUD4XHFKXDTXHVHSURGXFHPHGLDQWHOD IHUPHQWDFLyQGHOPDt]HVSHFLDOPHQWHHQODVSURYLQFLDV<DPSDUDH]=XGDxH]\9LOOD6HUUDQR 3RU RWUD SDUWH HO SDVWRUHR UHDOL]DGR SRU SREODGRUHV GH PXQLFLSLRV YHFLQRV FRPR ORV GH =XGDxH] \ <DPSDUDH]7DUDEXFR\9LOOD6HUUDQRVHKDFRQYHUWLGRHQHOQXHYRFRQIOLFWRGHOOXJDU \KDSURYRFDGR HQIUHQWDPLHQWRVHQWUHFRPXQLGDGHVGHODSURYLQFLD\RWURVPXQLFLSLRVOLPtWURIHV(VWRVHGHEHDTXH ORV SURSLHWDULRVGHJDQDGRXWLOL]DQORVWUHVSLVRVDOWLWXGLQDOHVGHOD]RQDSDUDDOLPHQWDUDVXVDQLPDOHVORV PLVPRV TXH TXHGDQ SRU SHULRGRV GH DSUR[LPDGDPHQWH PHVHV VLQ QLQJ~Q FRQWURO R PDQHMR GHELOLWDQGR\DFHOHUDQGRHOSURFHVRGHODHURVLyQTXHVHSURGXFHSRUODSHUGLGDGHODFREHUWXUDYHJHWDO GHOD]RQD )UHQWHDHVWDVLWXDFLyQVHGHFLGLyFREUDUXQDFLHUWDFDQWLGDGGHGLQHURSDUDSHUPLWLUHOSDVWRUHRHQOD ]RQDSHURHVWRWUDMRFRQVLJRXQDVHULHGHHQIUHQWDPLHQWRVHQWUHFRPXQDULRVGHOOXJDU\SURSLHWDULRVGH JDQDGR$GHPiVORVIRQGRVUHFDXGDGRVQRIXHURQXWLOL]DGRVSDUDHOPDQHMRGHORVERVTXHVVLQRSDUD UHDOL]DURWURWLSRGHREUDVFRPRODUHIDFFLyQGHOFROHJLRRODSRVWDVDQLWDULD 8QR GH ORV DVSHFWRV VREUHVDOLHQWHV GH HVWH FRQIOLFWR HV TXH ODV FRPXQLGDGHV ORFDOHV FXHQWDQ FRQ QRUPDWLYDV WUDGLFLRQDOHV SDUD OD XWLOL]DFLyQ GH ORV UHFXUVRV QDWXUDOHV \ VX HVWUXFWXUD RUJDQL]DWLYD OHV SHUPLWH XQD JUDQ FDSDFLGDG GH FRQYRFDWRULD \ PRYLOL]DFLyQ FXDQGR VRQ DJHQWHV H[WHUQRV ORV TXH SURGXFHQORVGDxRV )XHQWHV )XHQWHVELEOLRJUiILFDVKHPHURJUiILFDV\HQWUHYLVWDVDKDELWDQWHVGHOOXJDU\DRILFLDOHVWpFQLFRV GHOPXQLFLSLRGH7RPLQD 3HUVRQDHQFDUJDGDGHOUHJLVWUR /XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR ([SORWDFLyQGHKLGURFDUEXURV\ FRQIOLFWRVDPELHQWDOHVHQ%ROLYLD 5HVXOWD SDUDGyMLFR TXH HO PLVPR SDUWLGR SROtWLFR \ HO PLVPR SUHVLGHQWH KD\DQ SURWDJRQL]DGR GRV JRELHUQRV WDQ GLDPHWUDOPHQWH RSXHVWRV FRPR OR IXHURQ HO JRELHUQR HVWDWLVWD GHO 015 GH \ HO JRELHUQRQHROLEHUDOGHOPLVPRSDUWLGRHQ +DVWD ORV JRELHUQRV EROLYLDQRV FHGLHURQ D HPSUHVDV H[WUDQMHUDV HQRUPHV WHUULWRULRV ULFRV HQ SHWUyOHR HVDV HPSUHVDV VH OOHYDURQ HOFUXGR GHMDQGR PX\ SRFR SDUD HO SDtVH LQFOXVLYH YHQGLHURQ HO SHWUyOHRQDFLRQDO\VXVGHULYDGRVDO3DUDJXD\GXUDQWHOD*XHUUDGHO&KDFR (OSULPHUSR]RSURGXFWRUGH%ROLYLDIXHHO3R]R1GH %HUPHMRSHUWHQHFLHQWHDOD6WDQGDUG2LOODTXH HQSRVHtDPLOORQHVGHKD SDUDH[SORUDFLyQ/RVSR]RVGHVFXELHUWRVSRUHVWDHPSUHVDDGHPiVGHO GH %HUPHMR IXHURQ &DPLUL 6DQDQGLWD\ %XHQD 9LVWD (O SRGHU HFRQyPLFR \ SROtWLFR GH ORV FRQVRUFLRV SHWUROHURVHQHVDpSRFD\DHUDQRWDEOH\VXVLQWHUHVHVSRGtDQGHFLGLUODKLVWRULDGHXQSDtVFRPRVXFHGLy FRQ OD*XHUUDGHO&KDFR HQODTXHEROLYLDQRV \ SDUDJXD\RVGHMDURQVXYLGDSRU XQFRQIOLFWRIURQWHUL]R SURYRFDGR SRU ORV GRV PDVWRGRQWHV GHO SHWUyOHROD 6WDQGDUG 2LOSRU HO ODGR EROLYLDQR\ OD 6KHOO5R\DO 'XWFKSRUHOODGRSDUDJXD\R/DUD]yQGHOFRQIOLFWRHUDQODVVXSXHVWDVUHVHUYDVTXHDOEHUJDEDHO&KDFR *DYDOGi +DVWD HO GHVHQFDGHQDPLHQWR GH OD JXHUUD HQ OD 6WDQGDUG2LO DILUPDEDTXHQR KDEtD HQFRQWUDGR SHWUyOHR SHUR \D HQ VH GHQXQFLy OD H[LVWHQFLD GH XQ ROHRGXFWR FODQGHVWLQR VREUH HO UtR %HUPHMR KDFLDOD$UJHQWLQDTXHHQUHDOLGDGSURGXFtDGHVGHVLQSDJDULPSXHVWRV )LQDOL]DGD OD JXHUUD \ OXHJR GHO SURFHVDPLHQWR OHJDO GH OD HPSUHVD HQ HO 3UHVLGHQWH 7HMDGD 6RU]DQRGHFUHWyODFDGXFLGDGGHWRGDVODVFRQFHVLRQHVTXHQR KXELHUDQFXPSOLGRODVREOLJDFLRQHVILMDGDV SRUOD/H\GHO3HWUyOHRFRQORTXHHQVHGLFWyODFDGXFLGDGGHODVSURSLHGDGHVGHOD6WDQGDUG2LO SRUGHIUDXGDFLyQ\SRUFRQWUDEDQGHDUSHWUyOHRDOD$UJHQWLQD\YHQGHUORDO3DUDJXD\ (OGH GLFLHPEUHGHHOJRELHUQRGHOSUHVLGHQWH'DYLG7RURFUHy<DFLPLHQWRV3HWUROtIHURV)LVFDOHV %ROLYLDQRV<3)%TXHIXHFRQVROLGiQGRVHHQHOJRELHUQRGH*HUPiQ%XVFK/RVLQLFLRVGH<3)%IXHURQ GLItFLOHV\DTXHODVFRQGLFLRQHVHQTXH VHHQFRQWUDEDHOSDtVGHVSXpVGHODJXHUUDWDPELpQORHUDQ3RU RWURODGROD6WDQGDUG2LODWUDYpVGHOJRELHUQRGHORV(VWDGRV8QLGRVSUHVLRQySDUDVHULQGHPQL]DGD (Q VH OOHJy D XQ DFXHUGR SRU HO FXiO %ROLYLD GHEtD SDJDU PLOORQHV GH GyODUHV SDUD TXH OD 6WDQGDUG2LODEDQGRQHHOSDtVWUDVOD³YHQWDGHVXVGHUHFKRVLQWHUHVHV\SURSLHGDGHVHQ%ROLYLDWDOFXiO H[LVWtDQDQWHVGHOGHPDU]RGH\DGHPiVSRUODYHQWDGHPDSDV\HVWXGLRVJHROyJLFRV´9DUJDV 6DOJXHLUR &RQODUHYROXFLyQGH%ROLYLDYLYLyXQDVHULHGHFDPELRVHVWUXFWXUDOHVLQFOX\HQGRODQDFLRQDOL]DFLyQ GHODVPLQDV$FRQVHFXHQFLDGHHOOR(VWDGRV8QLGRVUHDOL]yXQEORTXHRHFRQyPLFRTXHOOHYyDOSDtVD XQD FULVLV DSURYHFKDGD SDUD RIUHFHU DOLPHQWRV HQ GRQDFLyQ D FDPELRGH TXH %ROLYLD UHYLVH VX SROtWLFD SHWUROHUD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (O &yGLJR 'DYHQSRUW OODPDGR DVt SRU HO EXIHWH GH DERJDGRV QRUWHDPHULFDQRV FRQWUDWDGRV SDUD VX UHGDFFLyQIXHIRUPXODGRFRQILQDQFLDPLHQWR\DVLVWHQFLDWpFQLFDGHORV(VWDGRV8QLGRV0HGLDQWHHVWD /H\VHRWRUJDURQSHUPLVRVGHUHFRQRFLPLHQWRVXSHUILFLDO\FRQFHVLRQHVGHH[SORUDFLyQSRUDxRV\GH H[SORWDFLyQSRUDxRVHQVXSHUILFLHVPD\RUHVDKD/DWULEXWDFLyQHVWDEOHFtDUHJDOtDVGH VREUHSURGXFFLyQEUXWDODVPLVPDVTXHSRGtDQVHUUHEDMDGDVHLPSXHVWRVGHODODVXWLOLGDGHV/DV HPSUHVDVEHQHILFLDGDVFRQODQXHYDOHJLVODFLyQIXHURQOD*XOI2LO\OD7HVRUR/D*XOI2LOWUDEDMyGHVGH D\GHVFXEULyORVPiVLPSRUWDQWHVFDPSRVSHWUROtIHURV\JDVtIHURVGHOSDtVFRPRORVGH5tR *UDQGH/D3HxD&DUDQGD\&ROSD (QEDMRODSUHVLGHQFLDGH$OIUHGR2YDQGRHVWRVFDPSRVIXHURQQDFLRQDOL]DGRV'HDFXHUGRDYDULRV DXWRUHVODQDFLRQDOL]DFLyQGHOD*XOIVHHIHFW~RHQXQPRPHQWRSURSLFLRSDUDORVLQWHUHVHVGHOSDtV6LQ HPEDUJR OD LQGHPQL]DFLyQ TXH OXHJR VH WXYR TXH SDJDU GHELGR D SUHVLRQHV HVWDGRXQLGHQVHV DUJXFLDV OHJDOHV \ SDJRV LOHJDOHV D ORV SROtWLFRV OH TXLWy JUDQ SDUWH GH VXV PpULWRV \ SDUD PXFKRV VLJQLILFy OD GHYROXFLyQGHORQDFLRQDOL]DGR(O0LQLVWURGH0LQDV\3HWUyOHRTXHILUPyODQDFLRQDOL]DFLyQGHOD*XOI2LO 0DUFHOR4XLURJD6DQWD&UX]UHQXQFLyHQPD\RGHDQWHVGHODILUPDGHO'HFUHWRGH,QGHPQL]DFLyQ 3RUHO'HFUHWRGH,QGHPQL]DFLyQVHDFRUGySDJDUHOGHODVH[SRUWDFLRQHVGHORVFDPSRV&DUDQGD &ROSD \ 5tR *UDQGH GH PDQHUD GLIHULGD HQ DxRV \ VLQ LQWHUHVHV (Q FDVR GH DJRWDPLHQWR GH OD SURGXFFLyQODVVXPDVSDJDGDVFRQVWLWXLUtDQODLQGHPQL]DFLyQWRWDO6LQHPEDUJRGXUDQWHODGLFWDGXUDGH +XJR%DQ]HU HOFRQYHQLRGHILGHLFRPLVRSRUHOFXDOHOSDtVDFRUGySDJDUDOD*XOI2LOHO PRQWR WRWDO VHLVDxRVHQ YH]GH DXPHQWy HQRUPHPHQWH OD GHXGD GH <3)% FRQ ODEDQFD SULYDGD 6HJ~Q9DUJDV6DOJXHLURFRQHVWHSDJRDFHOHUDGRVHSHUGLHURQPLOORQHVGHGyODUHV (Q PDU]R GH VH UHGDFWyOD QXHYD /H\ GH +LGURFDUEXURV HQ OD TXH DSDUHFLHURQ ORV FRQWUDWRV GH RSHUDFLyQFRQMXQWDFRQORVTXHVHYXHOYHDOVLVWHPDGHFRQFHVLRQHVDXQTXHGHPDQHUDGLVLPXODGD(Q XQFRQWH[WRJOREDOHQHOTXHHQWRGRHOSODQHWDODH[SORWDFLyQSHWUROHUDSDVDEDDPDQRVHVWDWDOHVHQWUH \ODSDUWLFLSDFLyQGHOHVWDGRDHVFDODPXQGLDOHQODH[SORWDFLyQSHWUROHUDSDVyGHXQD XQ%ROLYLDFHGLyODHQWUDGDDQXHYDVFRPSDxtDVFRQFRQFHVLRQHVGHDxRV*DYDOGi (QWUH\ODVWDVDVGHFUHFLPLHQWRGHODHFRQRPtDEROLYLDQDIXHURQDOWDVSHURHOORVHGHELyD ODVIDYRUDEOHV FRQGLFLRQHVGH ORVPHUFDGRVGH H[SRUWDFLyQ \GH DFFHVRD ORVFUpGLWRVLQWHUQDFLRQDOHV PiV TXH SRU JDQDQFLDV GH SURGXFWLYLGDG LQWHUQD &XDQGR ODV FRQGLFLRQHV LQWHUQDFLRQDOHV FDPELDURQ DSDUHFLHURQODVGHELOLGDGHV GHO ERRPGH FUHFLPLHQWR\ GHLQYHUVLRQHV (OLQLFLRGH ORV DxRV PRVWUy TXH HO GHVDUUROOR KDEtD VLGR PX\ HQGHXGDGR \ TXH ODV LQYHUVLRQHV S~EOLFDV QR SURSRUFLRQDUtDQ ORV UHWRUQRVHVSHUDGRV´0RUDOHV 6LQ HPEDUJR SRFRV DxRV GHVSXpV HQWUH \ HO GHWHULRUR GH OD VLWXDFLyQ HFRQyPLFD HVWXYR DFRPSDxDGRSRUXQJUDQGHWHULRURSROtWLFR(OGHVFRQWURO\FULVLVGHODSROtWLFD\GHODHFRQRPtDKL]RTXH ORV PLOLWDUHV TXH KDEtDQ PDQWHQLGR HO SRGHU HQ VXV PDQRV SRU YDULDV JHVWLRQHV SURIXQGDPHQWH UHVLVWLGRV LQWHUQDPHQWH\ DLVODGRVLQWHUQDFLRQDOPHQWHGHFLGLHUDQGHMDU HOJRELHUQRD ORV JDQDGRUHVGH ODVHOHFFLRQHVGH ³(VWHSHUtRGRJHQHUyXQGHFDLPLHQWRLPSRUWDQWHGHODSURGXFFLyQSHWUROtIHUD\UHSUHVHQWyHOFRPLHQ]RGH XQRGH ORVFLFORV\ FULVLVPiVJUDQGHGH OD HPSUHVD HVWDWDOGHOSHWUyOHRSHUR ORVSUHFLRVGHOSHWUyOHR VXELHURQGHPDQHUDH[RUELWDQWHHQHOPHUFDGRLQWHUQDFLRQDO\HVWHHVXQDVSHFWRTXHOOHJyDSDOLDUGH DOJXQD PDQHUD HO GHWHULRUR TXH <3)% SUHVHQWDED HQ ORV QLYHOHV GH SURGXFFLyQ´ 9DUJDV 6DOJXHLUR )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 3RURWURODGR ODSDUWLFLSDFLyQGH<3)%HQODSURGXFFLyQQDFLRQDOIXHGLVPLQX\HQGRKDVWDFXEULUHO GHODSURGXFFLyQGHSHWUyOHRPLHQWUDVTXHODGHODVFRQWUDWLVWDVLEDHQDXPHQWR&RQHOJDVRFXUULy DOJR SDUHFLGR \D TXH ODV HPSUHVDV FRQWUDWLVWDV HPSH]DURQ D DSRUWDU FDGD YH] PD\RU YROXPHQ D OD SURGXFFLyQQDFLRQDO /DWUDQVLFLyQDODGHPRFUDFLD\HOFRPLHQ]RGHODJUDQ\SHUVLVWHQWHFULVLVHFRQyPLFDFRQYHUJLHURQHQHO JRELHUQR GHO 'U +HUQiQ 6LOHV TXLHQ KHUHGy DGHPiV XQDV ILQDQ]DV S~EOLFDV PX\ GHWHULRUDGDV D FRQVHFXHQFLD GH OD GHXGD H[WHUQD \ XQD DFXPXODFLyQ GH GHPDQGDV VRFLDOHV TXH VH FRQYLUWLHURQHQFDXVDLQPHGLDWDGHODDFHOHUDFLyQGHODLQIODFLyQ $O QR SRGHU FRQWURODU OD FULVLV HFRQyPLFD QL OD RSRVLFLyQ SROtWLFD LPSODFDEOH +HUQiQ 6LOHV WXYR TXH HQWUHJDUHOJRELHUQRDQWHVGHODILQDOL]DFLyQGHVXPDQGDWR9tFWRU3D](VWHQVRURJDQyODVHOHFFLRQHV\ IXHSURFODPDGRSRUHO&RQJUHVRLQLFLDQGRODHWDSDQHROLEHUDOFRQODSURPXOJDFLyQGHO'HFUHWRHQ $JRVWRGH(OQXHYRPRGHORHFRQyPLFRGHWXYRODLQIODFLyQSHURODVWDVDVGHFUHFLPLHQWRGHO3,%D GLH]DxRVGHJRELHUQROOHJDURQDSHQDVDPHQRVGHODQXDO\PHQRVGHSHUFDSLWD 3URGXFWRGHODHVWDELOL]DFLyQHFRQyPLFDHQJHQHUDO\GHODQLYHODFLyQGHSUHFLRVHQHOPHUFDGRH[WHUQR GH ORVGHULYDGRVGHKLGURFDUEXURV GH HQ DGHODQWH <3)% FRPHQ]y D JHQHUDUDOWRVH[FHGHQWHV\ ORJUyDEDVWHFHUHOFRQVXPRLQWHUQRGHSHWUyOHRKDVWDDxRHQTXHVHHPSH]yDLPSRUWDUGLHVHODVt FRPRRWURVGHULYDGRV\SHTXHxDVFDQWLGDGHVGHSHWUyOHR)UHQWHDOGHVSORPHGHORVSUHFLRVGHODPLQHUtD HQ<3)%VHFRQYLUWLyHQODIXHQWHGHPD\RULQJUHVRVGHO7HVRUR*HQHUDOGHOD1DFLyQ7*1\HQHO VRVWpQGHODVILQDQ]DVHVWDWDOHVFRQXQD SDUWLFLSDFLyQSRUFHQWXDOHQHO3,%GHO\ $SHVDUGH HOOR OD SROtWLFD GH HVWUDQJXODPLHQWR ILQDQFLHUR D <3)% DSOLFDGD GHVGH IXH DFHQWXDGD SRU ORV JRELHUQRVVXFHVLYRVGHELOLWDQGRODVSRVLELOLGDGHVGHGHVDUUROORIXWXURGHODHPSUHVD 3HUR QR IXH VLQR KDVWD HO JRELHUQR GH *RQ]DOR 6iQFKH] GH /R]DGD EDMR OD WHVLV GHO WULiQJXORHQHUJpWLFRTXHVHGHVPDQWHOy<3)%DEULHQGRGHILQLWLYDPHQWHVXVSXHUWDVDORVLQWHUHVHVGH ODVWUDQVQDFLRQDOHV(OOODPDGRWULiQJXORHQHUJpWLFRHVODFRQFUHFLyQGHODHVWUDWHJLDQDFLRQDOSDUDKDFHU GH%ROLYLDXQSDtVFRPSHWLWLYRSDUDODVHPSUHVDVSHWUROHUDV6XVYpUWLFHVVRQODSURPXOJDFLyQGHODQXHYD /H\ GH +LGURFDUEXURV OD FDSLWDOL]DFLyQ GH <3)% \ OD FRQVWUXFFLyQ GHO JDVRGXFWR %ROLYLD %UDVLO TXH JDUDQWL]DXQPHUFDGRVHJXURSDUDODH[SRUWDFLyQGHJDV /D QXHYD /H\ GH +LGURFDUEXURV DSUREDGD HQ DEULO GH FDPELy WRGDV ODV UHJODV GH MXHJR HVWDEOHFLHQGR XQ UpJLPHQ WULEXWDULR DWUDFWLYR \ FRPSHWLWLYR SDUD HO FDSLWDO SULYDGR FRQ OD ILQDOLGDG GH LQFHQWLYDUODHQWUDGDGHFDSLWDOHVIUHVFRVSDUDUHDOL]DUODH[SORUDFLyQGHQXHYRVEORTXHV(OSODQWHDPLHQWR GH OD QXHYD /H\ HVWi RULHQWDGR D UHWRUQDU HO VLVWHPD GH FRQFHVLRQHV SHWUROtIHUDV VLQ OLPLWDU HO iUHD Pi[LPD GH H[SORUDFLyQ 7DPSRFR OLPLWD HO Q~PHUR GH FRQWUDWRV GH ULHVJR FRPSDUWLGR FRQ <3)% GH PDQHUDTXHXQDFRPSDxtDSXHGH DGMXGLFDUVHYDULDVXQLGDGHVGHWUDEDMRHQHOPLVPRSDtV 'XUDQWH HO SHUtRGR GH <3)% ILUPy DOUHGHGRU GH FRQWUDWRV GH DVRFLDFLyQ (Q FRQ OD QXHYD/H\GH+LGURFDUEXURVOD6HFUHWDUtD1DFLRQDOGH(QHUJtDUHSDUWLyPLOORQHVGHKHFWiUHDVHQWUH FRQVRUFLRVSHWUROHURVH[WUDQMHURV 0XFKDVVRQODVREVHUYDFLRQHV\FUtWLFDVDOSURFHVRGHFDSLWDOL]DFLyQTXHGHEHUtDKDEHUWHUPLQDGRFRQOD WUDQVIHUHQFLD GHO 2OHRGXFWR &DUUDVFR9DOOH +HUPRVR D OD (PSUHVD 7UDQVUHGHV SRU XQ PRQWR GH PLOORQHVGH GyODUHV 6LQ HPEDUJR HO SURFHVR GH FDSLWDOL]DFLyQ QR WHUPLQy DKt SRUTXH%ROLYLD ILUPy HQ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV PDU]R GH XQ QXHYR DFXHUGR GH DMXVWH HFRQyPLFR FRQ HO )RQGR 0RQHWDULR ,QWHUQDFLRQDO )0, GHQRPLQDGR 3URJUDPD GH $MXVWH (VWUXFWXUDO $PSOLDGR \ 5HIRU]DGR (6$) SRU HO TXH HO )0, DFHSWD UHGXFLUODPHWDGHOFUHFLPLHQWRGHDVXELUHOGpILFLWILVFDOGHDDXPHQWDQGRODFDSDFLGDG GHHQGHXGDPLHQWR\PDQWHQHUODWDVDGHLQIODFLyQHQ3DUDOHODPHQWHHOJRELHUQRVHFRPSURPHWLyD DFHOHUDU HO SURFHVR GH SULYDWL]DFLyQ GH ODV XQLGDGHV GH <3)% OD HPSUHVD 9LQWR \ HQYLDU DO &RQJUHVR 1DFLRQDOODVOH\HVGH$GXDQDV\&yGLJR7ULEXWDULR3UHVHQFLDGHPDU]RGH (QWUHODVFUtWLFDVDODFDSLWDOL]DFLyQVHPHQFLRQDQ /DVFRQGLFLRQHVJHQHUDOHVGHOSURFHVRGHFDSLWDOL]DFLyQXQDPRGDOLGDGGHSULYDWL]DFLyQHQODFXiO HO (VWDGR PDQWLHQH XQ UHPDQHQWH VXSRQH HO LQFUHPHQWR GH VX FDSLWDO PHGLDQWH QXHYRV DSRUWHV SURYHQLHQWHV GH LQYHUVLRQLVWDV SULYDGRV (VWDV DFFLRQHV QR GHEHUtDQ H[FHGHU D ODV DFFLRQHV HPLWLGDVSRUODVVRFLHGDGHVGHHFRQRPtDPL[WD9DUJDV6DOJXHLUR /RV LQYHUVLRQLVWDV GHEtDQ VXVFULELU XQ FRQWUDWR GH DGPLQLVWUDFLyQ FRQ OD VRFLHGDG GH HFRQRPtD PL[WDSRUHOTXHQR SRGtDQDGTXLULUGHWHUFHURVDFFLRQHVGHGLFKDVVRFLHGDGHVTXHVXSHUHQHO GHO WRWDO GH ODV DFFLRQHV HQ FLUFXODFLyQ PLHQWUDV HO FRQWUDWR VH HQFXHQWUH YLJHQWH (Q HO FDVR GH <3)% ODV UHJODV GH MXHJR IXHURQ FDPELDQGR SDXODWLQDPHQWH HV DVt TXH OD SDUWLFLSDFLyQ GH OD SURSLHGDGGHSDUDHOVRFLRHVWUDWpJLFR\SDUDORVFLXGDGDQRVSDVyDVHUGH\ 9DUJDV6DOJXHLUR /RV\DFLPLHQWRVGHSHWUyOHR\JDVIXHURQFRQFHGLGRVDYDULDVHPSUHVDVH[WUDQMHUDVVyORVREUHOD EDVHGHUHVHUYDVFRPSUREDGDVTXHOOHJDQDPiVGH PLOPLOORQHVGHGyODUHVGHORVFXDOHVVH HVWLPD TXH %ROLYLD VyOR UHFLELUi HO GHO WRWDO 8Q UHJDOR /D HQDMHQDFLyQ GH QXHVWUD ULTXH]D SHWUROHUD(YDOXDFLyQ&'$(1(O'LDULRGHPDU]RGH (QHOFDVRGHOJDVVyORVHSDJDUiQDO(VWDGRSHTXHxRVLPSXHVWRVVREUHHOYROXPHQH[SRUWDGRQR VREUHODSURGXFFLyQEUXWDRHQERFDGHSR]RHQEDVHDOFRQWUROGHORVPLVPRVH[SRUWDGRUHVRVHD TXHVHHQWUHJDUiDORVUDWRQHVHOFRQWUROGHOTXHVR&'$(1(O'LDULRGHPDU]RGH /RTXHVHYDDH[SRUWDUWDQWRHQJDVFRPRHQSHWUyOHRHVSURSLHGDGGHODVWUDQVQDFLRQDOHVQRGH ORV EROLYLDQRV /RV LQJUHVRV SURYHQGUiQ VRODPHQWH GH ORV LPSXHVWRV TXH KDQ VLGR GLVPLQXLGRV PHGLDQWH HO XVR GH WHUPLQRORJtD VXL JHQHULV SHWUyOHR YLHMR´ \ SHWUyOHR QXHYR (V GHFLU TXH HO SHWUyOHR SURYHQLHQWH GH FDPSRV HQ H[SORWDFLyQ SDJDUi LPSXHVWRV DOWRV PLHQWUDV TXH WRGD SURGXFFLyQGHSR]RVQXHYRVSDJDUiXQLPSXHVWRPiVEDMR&RQHVWDDUJXFLDVHQRPLQDURQFRPR FDPSRVUHFLHQWHVDGHODVHPSUHVDVFDSLWDOL]DGDVFRQORTXHHOGHODWULEXWDFLyQTXH HQWUHJDED<3)% DO(VWDGREDMyDTXHHQWUHJDUiQODVHPSUHVDVFDSLWDOL]DGRUDVDVtQRPLQDGDV SDUD OR FXiO KDQ PRGLILFDGR OD /H\ GH +LGURFDUEXURV \ ORV FRQWUDWRV GH FDSLWDOL]DFLyQ (QULTXH 0DULDFD%LOEDR(O'LDULRGHHQHURGH /DVWUDQVQDFLRQDOHV ORJUDURQLPSRQHU XQ 5HJODPHQWRGH &RQWUROGH 3UHFLRV SRU HOTXH YHQGHQ ³VX SHWUyOHR´ D <3)% D SUHFLRV PD\RUHV DO LQWHUQDFLRQDO EDMR HO DUJXPHQWR GH TXH SUHFLRV GH 86 EDUULO QR OHV SHUPLWLUtDQ SURJUDPDU VXV LQYHUVLRQHV /RV 7LHPSRV QRYLHPEUH /D (PSUHVDHVWDWDOGHMyGHSHUFLELUPiVGHPLOORQHVGHGyODUHVSRUHVWDFDXVD$OPLVPRWLHPSRFRQ ORVFDPELRVDO5HJODPHQWRPHQFLRQDGRODVXELGDGHSUHFLRVGHORVFRPEXVWLEOHVHVUiSLGDSHUROD GLVPLQXFLyQ HV OHQWD \D TXH FRQ GH DO]D HQ ODV FRWL]DFLRQHV LQWHUQDFLRQDOHV GHO SHWUyOHR \ VXV GHULYDGRVVHSURYRFDXQDVXELGDLQPHGLDWDGHORVSUHFLRVGHORVFRPEXVWLEOHVHQHOPHUFDGRLQWHUQR )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR PLHQWUDVTXHUHFLpQFXDQGRVHDOFDQ]DXQDGLVPLQXFLyQGHOOD6XSHULQWHQGHQFLDGH+LGURFDUEXURV SXHGHEDMDUORVSUHFLRVGHORVFRPEXVWLEOHVHQ%ROLYLD/D5D]yQGHPDU]RGH &RQOD FDSLWDOL]DFLyQ <3)% TXHGy VRODPHQWHFRPRXQD HVSHFLHGHHWLTXHWDR FDVFDUyQYDFtRSDUD VDOYDUODVIRUPDVOHJDOHV6XVLVWHPDGHWUDQVSRUWHSDVyDODQXHYDHQWLGDG³7UDQVUHGHV´HPSUHVD FRQIRUPDGDSRU(QURQ\6KHOO\ODV$)3VPLHQWUDVTXHHOUHVWDQWHLQLFLDOPHQWHGHORV WUDEDMDGRUHVGH<3)%KDVLGRYHQGLGRHQJUDQSDUWHDGRVFRPSDxtDVILQDQFLHUDVLQWHUQDFLRQDOHVHQ XQSURFHVRPiVELHQGHSULYDWL]DFLyQ(QHOFDVRGHO JDVRGXFWR6DQWD&UX] 6DR3DXORVHIRUPyRWUD HPSUHVD*DV7UDQV%ROLYLDQRTXHWLHQHD7UDQVUHGHVFRPRDFFLRQLVWDPD\RULWDULRFRQPLHQWUDV TXHHOGHODVDFFLRQHVUHVWDQWHVVHGLVWULEX\HURQQXHYDPHQWHHQWUH(QURQ6KHOO\ RWUDVHPSUHVDVGHODSDUWHEUDVLOHUDFRQORTXH(QURQ\6KHOOWLHQHQHOGHODVDFFLRQHV GHOJDVRGXFWRODVGRV$)3VVHTXHGDQFRQHO\ORVWUDEDMDGRUHVGH<3)%SUiFWLFDPHQWHQDGD /RKPDQ)HEUHUR5HYLVWDGtDVHQODVQRWLFLDV&(',% * $ 6 7 5 $ 1 6 % 2 / , 9 , $ 1 2 3 H WUR E UD V % 7 % $ ) 3 V 6 K H OO ( Q UR Q ( Q U R Q 6 K H OO (OGHORVLQJUHVRVWRWDOHVSRULQWHUPHGLRGHODVGRV$)3VVLJQLILFDUiSDUDHOSDtVHQHODxR XQRVPLOORQHVGHGyODUHVGHLQJUHVRQHWRPLHQWUDVTXHSDUDHODxRVHHVSHUDOOHJDU DPLOORQHVDxRHQTXHORVVRFLRVH[WUDQMHURVOOHJDUiQ DJDQDUHOGHVSURSRUFLRQDGRPRQWRGH PLOORQHVGHGyODUHVHQWRWDO0/RKPDQGtDVHQODVQRWLFLDVIHEUHUR 6HFDOFXODTXHHQORVSUy[LPRVDxRVORVLQJUHVRVILVFDOHVUHJDOtDV\WULEXWRVSRUH[SRUWDFLyQ GHJDVDO%UDVLOSDUDORVSUy[LPRVDxRV HVWDUiQDOUHGHGRUGHPLOORQHVGHGyODUHVSRUDxR TXH HV DSHQDV OD WHUFHUD SDUWH GHO WRWDO GH LQJUHVRV QHWRV FRQ XQD WHQGHQFLD D EDMDU IUHQWH DO SURPHGLRGHPLOORQHVGHGyODUHVGHLQJUHVRVDOILVFRHQWUHJDGRVSRU<3)%HQORV~OWLPRVDxRV DQWHVGHODFDSLWDOL]DFLyQ0/RKPDQIHEUHUR5HYLVWDGtDVHQODVQRWLFLDV&(',% 'LYHUVDVLQVWLWXFLRQHV\HQWHQGLGRVHQODPDWHULDKLFLHURQREVHUYDFLRQHVDOSURFHVRVLQHPEDUJR pVWHIXHPDQHMDGRFRQPX\SRFDWUDQVSDUHQFLDDXVHQFLDGHFRQVXOWD\FHQVXUDGHLQIRUPDFLyQSRU ORTXHH[LVWtDQGXGDVVREUHHOVXVWHQWRWpFQLFRGHOSURFHVR\HOGHVFRQRFLPLHQWRGHODVYHQWDMDVD VHU ORJUDGDV DVt FRPR OD LPSRVLELOLGDG GH ILVFDOL]DU ORV PRQWRV GH LQYHUVLyQ \ ORV WLHPSRV SDUD HMHFXWDUORV9DUJDV6DOJXHLUR 6H DFRUGy QR YHQGHU ODV UHILQHUtDV \ ODV XQLGDGHV GH FRPHUFLDOL]DFLyQ OR FXiO WDPELpQ IXH PRGLILFDGR PiV DGHODQWH (O GH 1RYLHPEUH GH HO JRELHUQR GH %ROLYLD VXEDVWy ODV GRV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV UHILQHUtDVPiVJUDQGHVGHOSDtV*XDOEHUWR9LOODUURHOGH&RFKDEDPED\*XLOOHUPR(OGHU%HOOGH 6DQWD&UX]DOFRQVRUFLRGHODSHWUROHUDHVWDWDOEUDVLOHxD3(752%5$66$\ODHPSUHVDSULYDGD DUJHQWLQD3pUH]&RPSDQFGHVSXpVGHXQDxRGHSRVWHUJDFLyQGHELGRDODUHVLVWHQFLDGHGLIHUHQWHV VHFWRUHVGHOSDtV 'HDFXHUGRD5DIDHO0RUDWy(O'LDULRIHEUHURGH%ROLYLDHVWiRIHUWDQGRODVUHILQHUtDVDXQ SUHFLRGHPLOORQHVGHGyODUHVSDUDTXHHQGLH]DxRVREWHQJDQXQDXWLOLGDGQHWDGHPLOORQHV GHGyODUHVPiVODUHFXSHUDFLyQGHOFDSLWDO\GHODVUHVHUYDVGHUHSRVLFLyQ/DVUHILQHUtDVJHQHUDQ XQLQJUHVRDQXDODO7*1GHPLOORQHVGHGyODUHVVHJ~Q(QULTXH0DULDFD%LOEDR(O'LDULRGH PDU]RGH /D /H\ GH +LGURFDUEXURV RWRUJD DO 6XSHULQWHQGHQWH GH +LGURFDUEXURV ODV IXQFLRQHV GH HQWUHJDU FRQFHVLRQHVSDUDHOWUDQVSRUWH\GLVWULEXFLyQGHJDVQDWXUDOSRUUHGHVGHWHUPLQDORVYRO~PHQHVGH JDVQDWXUDOGHVWLQDGRVDOPHUFDGRLQWHUQR\ DODH[SRUWDFLyQHVWDEOHFHODVWDULIDVGHWUDQVSRUWHGH KLGURFDUEXURV\ILVFDOL]DVXFXPSOLPLHQWRYLJLODODFRQWLQXLGDGGHODVRSHUDFLRQHVGHWUDQVSRUWH\HO XVRGHFDSDFLGDGHQEHQHILFLRGHWHUFHURVLPSRQHSUHFLRVGHORVGHULYDGRVGHOSHWUyOHRHQIXQFLyQ GHORVSUHFLRVLQWHUQDFLRQDOHVHWF&RQVLJXLHQWHPHQWHHO(VWDGRQRFRQWURODHOVHFWRUHQHUJpWLFR\ SRUWDQWR KDDEDQGRQDGRODIRUPXODFLyQGHXQDSROtWLFDSHWUROHUDQDFLRQDO(QULTXH0DULDFD%LOEDR (O'LDULRGHMXQLRGH /DFDSLWDOL]DFLyQ\ORVLPSDFWRVDPELHQWDOHV 8QR GH ORV DUJXPHQWRV XWLOL]DGRV SDUD GHIHQGHU HO SURFHVR GH FDSLWDOL]DFLyQ VH UHILHUH D ORV LPSDFWRV DPELHQWDOHV TXH OD H[SORWDFLyQ SHWUROHUD SRU SDUWH GH OD HPSUHVD HVWDWDO JHQHUy \ TXH VyOR SRGUtDQ VHU HQIUHQWDGRVSRUODVHPSUHVDVFDSLWDOL]DGDV3UHYLRDOSURFHVRVHHQFDUJyXQDDXGLWRUtDHVSHFLDOL]DGDHQWUH RWURV GH ORV SDVLYRV DPELHQWDOHV TXH KDEtD GHMDGR <3)% 'H DFXHUGR D ORV UHVXOWDGRV GH HVWD DXGLWRUtD SUHOLPLQDUODVFDSLWDOL]DGRUDVVyORGHELHURQDVXPLUXQDUHVSRQVDELOLGDGDPELHQWDOGHPLOORQHVGHGyODUHV 3RVWHULRUPHQWH VH UHDOL]y XQD VHJXQGD DXGLWRUtD DPELHQWDO HVWLSXODGD GHQWUR GHO SURFHVR FX\RV UHVXOWDGRV IXHURQ FRQRFLGRV GXUDQWH \ SRU OD FXDO UHVDOWy TXH ORV SDVLYRV DPELHQWDOHV UHDOHV H[LVWHQWHVGXUDQWHHOSURFHVRGHFDSLWDOL]DFLyQQRDVFHQGtDQDORVPLOORQHVGHGyODUHVGHODDXGLWRUtD SUHOLPLQDUVLQRDPRQWRV RKDVWDYHFHVVXSHULRUHV(QIXQFLyQDODVHJXQGDDXGLWRUtDDPELHQWDOHO (VWDGRGHEHFXEULUXQPRQWRDSUR[LPDGRGHPLOORQHVGHGyODUHVGHSDVLYRVDPELHQWDOHVDGLFLRQDOHV TXH QR SRVHH (VWRV HUURUHV FRPHWLGRV GXUDQWH HO SURFHVR GH FDSLWDOL]DFLyQ GH ORV ELHQHV GH <3)% GHULYDQ HQ XQD DEXOWDGD GHXGD DPELHQWDO SRU HO (VWDGR D WUDYpV GH <3)% &DUORV $OEHUWR /ySH] 9LFHPLQLVWURGH(QHUJtDH+LGURFDUEXURV3UHVHQFLDPD\R /D YHQWD GH ODV UHILQHUtDV VLJQLILFD XQD SpUGLGD PXOWLPLOORQDULD SDUD <3)% \ SDUD HO SDtV \D TXH GH DFXHUGR D ORV FiOFXORVGHORVH[SHUWRVFRQXQDLQYHUVLyQGHPLOORQHVODVGRVUHILQHUtDVKDEUtDQGDGRDOSDtVXQDXWLOLGDGJOREDO OtTXLGDGHGyODUHVPLHQWUDVTXHKDQVLGRWUDVSDVDGDVSRUHOJRELHUQRGHO*HQHUDO%DQ]HUSRUODtQILPD VXPDGHGyODUHV'HDFXHUGRDO,QJ5DIDHO0RUDWy)RURGHO&HQWURGH'LSORPDGRVGH$OWRV(VWXGLRV 1DFLRQDOHVHQGHIHQVDGHODVUHILQHUtDVGH<3)%&'$(15HY$OWRV(VWXGLRV1RHOTXHLQYLHUWDHQFRPSUDU ODVUHILQHUtDVUHFXSHUDUiVXLQYHUVLyQHQPHVHV\HQDxRVJDQDUiGHPLODPLOPLOORQHVGHGyODUHVTXHGHEtDQ EHQHILFLDUDODV 1DFLyQ%ROLYLDQD $GHPiVODWUDQVIHUHQFLDUHVXOWDLOHJDOSRUVHULQFRQVWLWXFLRQDOQRKDEHUVLGR DXWRUL]DGDSRUHO3RGHU/HJLVODWLYDFRPRPDQGDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\SRUTXHQRKD\XQHVWXGLR SUHYLR SDUD SURFHGHU D WDO SULYDWL]DFLyQ KHFKRV TXH LQYDOLGDQ OD YHQWD GH XQ ELHQ GHO (VWDGR 5HQp 5RFDEDGR &(',%'RVVLHU7HPD3HWUyOHR1R*RELHUQR6XEDVWy5HILQHUtDVGH<3)%1RYLHPEUH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 3DUDFRPSOHWDUHOSDQRUDPDIXHSURPXOJDGRHO'HFUHWR6XSUHPRSRUHOTXHHO(VWDGRDVXPHOD UHVSRQVDELOLGDG GH ORV SDVLYRV DPELHQWDOHV HQ XQ QXHYR LQWHQWR GH ³KDFHU PiV DWUDFWLYRV ORV ELHQHV HVWDWDOHVDVHUWUDQVIHULGRV´ (QFXDQWRDORVLPSDFWRVDPELHQWDOHVUHVXOWyHYLGHQWHSDUDORVSURPRWRUHVGHODVPHGLGDVGHDMXVWH\ FDSLWDOL]DFLyQ TXH OD SUROLIHUDFLyQ GH DFWLYLGDGHV GH H[SORUDFLyQ \ GHVDUUROOR GH QXHYRV FDPSRV SDUD VDWLVIDFHU ODV GHPDQGDV \ FRPSURPLVRV GH YHQWD GH JDV DO %UDVLO JHQHUDUtDQ LPSDFWRV VREUH HFRVLVWHPDV IUiJLOHV WHUULWRULRV \ SXHEORV LQGtJHQDV GH %ROLYLD FRQVWLWX\pQGRVH HQ HO WHPD DPELHQWDO IXQGDPHQWDO(VWRKDTXHGDGRFRQILUPDGRSRUORVP~OWLSOHVSUREOHPDVFRQIOLFWRV\DFFLGHQWHVTXHHVWiQ DIHFWDQGRHODPELHQWH\ODVHJXULGDGGHORVSREODGRUHVHQORVGLIHUHQWHVSXQWRVGHOSDtVGRQGHH[LVWHQ DFWLYLGDGHVSHWUROHUDV 3RUVXSDUWHORVSUR\HFWRV\DFXHUGRVGHILQDQFLDPLHQWRGHODEDQFDPXOWLODWHUDO%DQFR0XQGLDO\%,' HVWLSXODURQ FODUDPHQWHTXH ODVLQVWLWXFLRQHVGHOHVWDGRHQFDUJDGDVGHOFRQWURO\ ILVFDOL]DFLyQDPELHQWDO GHEtDQVHUIRUWDOHFLGDV\ GHVWLQDURQDHOORSDUWHGHOILQDQFLDPLHQWRGHOSURFHVR'HHVWHPRGRIXHFUHDGD OD 8QLGDG $PELHQWDO GHO 9LFHPLQLVWHULR GH +LGURFDUEXURV 80$ \ IXH SURPXOJDGR HO 5HJODPHQWR $PELHQWDOGHO6HFWRU+LGURFDUEXURV5$6+TXHHVWDEOHFHFRPSHWHQFLDV\DWULEXFLRQHVDOD80$(VWH UHJODPHQWRHQDOJXQRVFDVRVVHVREUHSRQHDO5HJODPHQWRGHOD/H\GHO0HGLR$PELHQWHSRUHMHPSOR FRQUHODFLyQDODUHGXFFLyQGHORVSOD]RVSDUDODDSUREDFLyQGHORV(VWXGLRVGH(YDOXDFLyQGH,PSDFWR $PELHQWDO((,$V(VWDRILFLQDIXH IRUWDOHFLGDSRUHO%DQFR0XQGLDO3HWUR&DQDGi\HO%,'HQWUHRWURV PHGLDQWHODFRQWUDWDFLyQGHYDULRVWpFQLFRVSDUDTXHUHDOLFHQODUHYLVLyQ\HOVHJXLPLHQWRGHORV((,$V DGHPiVGHQRUPDVHVSHFtILFDVFRPRHO5HJODPHQWRGH([SORWDFLyQ3HWUROHUDHQ7HUULWRULRV,QGtJHQDV\ $UHDV 3URWHJLGDV HO 5HJODPHQWR GH (OHFWULFLGDG HO 3ODQ $PELHQWDO GHO 6HFWRU +LGURFDUEXURV \ RWURV SUR\HFWRVFRQHODSR\RGHFRQVXOWRUHVH[WHUQRV/D80$HVWXYRDFDUJRGHOVHJXLPLHQWRDOJDVRGXFWR 6DQWD&UX] 6DR3DXORDVtFRPRDODJUDQFDQWLGDGGHSUR\HFWRVGHH[SORUDFLyQ\H[SORWDFLyQSHWUROHUD SUHVHQWDGRV HQ HVD RILFLQD OD PD\RUtD GH ORV FXDOHV IXHURQ DSUREDGRV FRQ JUDQ SUHPXUD \ SRFDV REVHUYDFLRQHV6LQHPEDUJRHOPRQLWRUHR\ILVFDOL]DFLyQIXHURQSUiFWLFDPHQWHLQH[LVWHQWHVRWHQGLHURQD YHODUORVLQWHUHVHVVHFWRULDOHVDQWHVTXHDPELHQWDOHV(QHVWHPDUFRVHJHVWLRQDDFWXDOPHQWHHOSUR\HFWR GH PRGLILFDFLRQHV DO 5$6+ SRU HO FXDO VH SUHWHQGH UHGXFLU D~Q PiV ORV HVWUHFKRV SOD]RV SDUD OD DSUREDFLyQ GH ((,$V DVt FRPR DFDSDUDU PD\RUHV DWULEXFLRQHV \ UHODFLyQ GLUHFWD FRQ ODV HPSUHVDV \ FRQVXOWRUDVSHWUROHUDVHQDELHUWDFRPSHWHQFLDFRQHO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ /RV SUREOHPDV \ DFFLGHQWHV DPELHQWDOHV JHQHUDGRV SRU OD H[SORWDFLyQ SHWUROHUD VRQ PXFKRV VLQ PHQFLRQDU ORV FRQIOLFWRV JHQHUDGRV SRU OD FRQVWUXFFLyQ GH ORV JUDQGHV SUR\HFWRV GH LQIUDHVWUXFWXUD KLGURFDUEXUtIHUD$FRQWLQXDFLyQDOJXQRVHMHPSORV 'HVGHHOGHRFWXEUHDODIHFKDGHQRYLHPEUHHOSR]R0DGUHMRQHVXELFDGRD.PGHOD FLXGDGGH<DFXLEDVHHQFXHQWUDDUGLHQGR\\DH[SORWyHOSR]RFRQWRGRVORVHTXLSRVTXHIXHURQ WUDtGRVGHVGHORV(VWDGRV8QLGRVSDUDWUDWDUGHFRQWURODUORSHURODIXJDGHJDVFRQWLQ~D\SRUWDQWR HOLQFHQGLRQRVHSXHGHDSDJDU(OSR]RSHUWHQHFHDODHPSUHVD3OXVSHWURO (QIHEUHURGHXQDULDGDGHVWUX\yHOGXFWRGHH[SRUWDFLyQGHJDVDOD$UJHQWLQDSRUORTXH 7UDQVUHGHV GHFLGLy KDFHUOR SDVDU HQFLPD GHO SXHQWH IHUURYLDULR VREUH HO UtR 3LOFRPD\R /RV SREODGRUHV GH 9LOODPRQWHV UHDOL]DURQ SURWHVWDV \ GHQXQFLDV KDVWD TXH HQ QRYLHPEUH GH OD 6XSHULQWHQGHQFLDGH+LGURFDUEXURVFRQPLQyD7UDQVUHGHVDSUHVHQWDUXQDDOWHUQDWLYDGHVROXFLyQ 'XUDQWHHODxRORVSREODGRUHVGHOWUySLFRFRFKDEDPELQRGHQXQFLDURQSHUPDQHQWHPHQWHDOD HPSUHVD &KDFR SRU FRQWDPLQDFLyQGH DJXDV WLHUUDV \UtRV HQ OD ]RQD GH&DUUDVFR \ %XOR %XOR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 3UHVHQFLD GH MXQLR GH (O &HQWUR GH 'HVDUUROOR 3HVTXHUR GHQXQFLy DVLPLVPR TXH ODV HPSUHVDV&KDFR0D[XV\5HSVROSURYRFDQODPXHUWHGHSHFHVHQORVUtRV,FKLOR6DQ/XLV0D\OD (xDH,FKRDHQORVDIOXHQWHVGHO,]DU]DPDDVtFRPRHQORVDIOXHQWHVGHO,FKLORHQWHUULWRULRFUXFHxR 'LYHUVDV FRPLVLRQHV GH ORV 0LQLVWHULRV GH 'HVDUUROOR 6RVWHQLEOH H +LGURFDUEXURV VH KLFLHURQ SUHVHQWHVDVtFRPRRUJDQL]DFLRQHVFtYLFDVDPELHQWDOLVWDV\GHEDVHSHURODVHPSUHVDVLQVLVWHQHQ TXHORVGDxRVFRUUHVSRQGHQDSDVLYRVDPELHQWDOHVTXHGHMRODHPSUHVDHVWDWDO (OGHRFWXEUHGHVHSURGXMRXQLQFHQGLRHQHOSR]R9tERUD,,FHUFDGH<DSDFDQtHOPLVPR TXHDOSURGXFLUVHHOLQFHQGLRQRFRQWDEDFRQOLFHQFLDDPELHQWDO(QGLFLHPEUHGHHVHDxRHOSR]R VHJXtD DUGLHQGR HQ XQD OODPD GH PHWURV GH DQFKR SRU P GH DOWXUD FRQWDPLQDQGR HO HFRVLVWHPD DGHPiV GH SURGXFLU XQD DUHQLOOD TXH FRQWDPLQDED WDPELpQ D ODV SHUVRQDV ORV DQLPDOHVORVSDVWRV\HODJXD3UHVHQFLDGHQRYLHPEUH\GH GLFLHPEUHGH (O GH MXOLR GH VH SURGXMR XQD IXJD GH JDV HQ OD HVWDFLyQ GH ERPEHR GH 7UDQVUHGHV HQ 7LJXLSDSREODFLyQGHKDELWDQWHVTXHGLH]DxRVDWUiVVXIULyRWURDFFLGHQWHTXHFREUyODYLGDGH SHUVRQDV(QMXQLRGHLQGtJHQDVJXDUDQtHVGH3XHUWR0DUJDULWD\DOUHGHGRUHVGLHURQFXHQWD GH OD FRQWDPLQDFLyQ HQ TXHEUDGDV \ GHVWUXFFLyQ GH ERVTXHV HQ VXV FRPXQLGDGHV SRU ODV DFWLYLGDGHVGHODHPSUHVD0D[XVODTXHDFHSWyHOKHFKRPHQFLRQDQGRTXHWRGRORSDJDEDQPX\ ELHQ \ TXH ORV FDPLQRV SODQFKDGDV \ SLVWDV GH DWHUUL]DMH TXHGDUtDQ HQ EHQHILFLR GH OD ]RQD $O UHVSHFWR HQ HQHUR GH ORV SREODGRUHV GH ,WLND *XDVX \D VHQWDURQ TXHMDV FRQWUD GLFKD HPSUHVD3UHVHQFLDGH MXQLRGH (Q VHSWLHPEUH GH WUHV HMHFXWLYRV GH 7UDQVUHGHV IXHURQ SURFHVDGRV SRU OD FRQWDPLQDFLyQ DPELHQWDORFDVLRQDGDHQHOPHVGHPD\RGHELGRDXQGHUUDPHGHGLHVHO\SHWUyOHRHQXQDODJXQD GHR[LGDFLyQXELFDGDHQHOPXQLFLSLRFUXFHxR (VWRV VRQ DSHQDV DOJXQRV HMHPSORV IUHQWH D OD LQH[LVWHQWH ILVFDOL]DFLyQ SRU SDUWH GH ORV RUJDQLVPRV UHVSRQVDEOHV ORVSREODGRUHV ORFDOHV \ ODVRUJDQL]DFLRQHVGH EDVH HPSLH]DQ D ILVFDOL]DU ORV SUR\HFWRV SHWUROHURV JHQHUDQGR SURSXHVWDV SURSLDV SDUD OR FXDO KDQ HQFRQWUDGR DOLDGRV HQ ODV RUJDQL]DFLRQHV VRFLRDPELHQWDOLVWDV \ HFRORJLVWDV ODV TXH OHV DSR\DQ IDFLOLWDQGR HO DFFHVR D OD LQIRUPDFLyQ D ODV DXWRULGDGHVDPELHQWDOHVDILQDQFLDGRUHV\DPHGLRVGHFRPXQLFDFLyQ(VWDVSURSXHVWDVSUHOLPLQDUHVGH PRQLWRUHR\VHJXLPLHQWRGHVGHODVRFLHGDGFLYLOHPSLH]DQDVHUFRQVLGHUDGDVFRQLQWHUpVSRUHO0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ ORV RUJDQLVPRV ILQDQFLHURV ORV TXH GHEHQ FRPSUHQGHU TXH HV LPSRVLEOH UHDOL]DU VHJXLPLHQWR ILVFDOL]DFLyQ \ PRQLWRUHR VL QR SDUWLFLSDQ ORV DIHFWDGRV TXLHQHV VRSRUWDQ ORV LPSDFWRVGHODVDFWLYLGDGHVSHWUROHUDV (QHOFDVRGHOJDVRGXFWR%ROLYLD %UDVLOHOVHJXLPLHQWRSRUSDUWHGHORVSREODGRUHVGH(O&DUPHQ5LYHUR 7RUUHVXQDSHTXHxDSREODFLyQHQODUXWDGHOJDVRGXFWRTXHRUJDQL]yHO&RPLWpGH)LVFDOL]DFLyQSURPRYLy OD FRQWUDWDFLyQ GH XQD ³2LGRUD´ RPEXGVSHUVRQ LQVWLWXFLRQDOL]DQGR XQD LQVWDQFLD GH PRQLWRUHR TXH HPSLH]D D VHUUHSURGXFLGD HQ RWURV SUR\HFWRV ILQDQFLDGRVSRU ODEDQFD PXOWLODWHUDO %,'&DUUHWHUD6DQWD &UX]3XHUWR6XiUH]PLHQWUDVORVSREODGRUHVORFDOHVHPSLH]DQDUHSURGXFLUORV&RPLWpVGH)LVFDOL]DFLyQ 3DWULFLD0ROLQD ,QJHQLHUD$JUyQRPD3RVWJUDGR HQ(FRORJtD\&RQVHUYDFLyQ )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQVWUXFFLyQGHOJDVRGXFWR%ROLYLD %UDVLO 8ELFDFLyQG H OFRQIOLF WR $FWLYLGDGT XHJHQ HU DHO GDxR &DUPHQ5LYHUR7RUUHVPXQLFLSLRGH3XHVWR6XiUH]SURYLQFLD *HUPiQ%XVFKGHOGHSDUWDPHQWRGH6DQWD&UX] 3(752*$6%2/\HOFRQVRUFLRFRQVWUXFWRUGHOGXFWR%50 &3%0XUSK\%URV,QF $JHQFLDPXQLFLSDO&DUPHQ5LYHUR7yUUH])RUR&UXFHxR\ 352%,20$ 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\'HVDUUROOR6RVWHQLEOH 3UHIHFWXUDGHO'HSDUWDPHQWR6XESUHIHFWXUD\0XQLFLSLR &DUPHQ5LYHUR7yUUH]\VXVFRPXQLGDGHVDOHGDxDV&DUPHQ 9LHMR&DQGHODULD\6DQWD$QD &RQVWUXFFLyQGHOJDVRGXFWR /DDFWLYLGDGHV 3HOLJURVD\PROHVWD *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV (OGDxR JHQHUDGR $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV ,QYHUVLyQG H OJHQH UDGR U &RPSHQVDFLRQ HV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR <DVHSURGXMR &RPHUFLDOYLYLHQGDHTXLSDPLHQWRV\VHUYLFLRV $JXDIORUDIDXQD\VDOXG PLOORQHVGHGyODUHV GHGyODUHVDPHULFDQRV $JRVWRGH -XQLRGH &RQVHJXLUTXHORVHMHFXWRUHVGHOJDVRGXFWRUHFRQR]FDQHO SDJR SRUHOGHUHFKRGHXVXIUXFWRGHORVUHFXUVRVQDWXUDOHV 5HXQLRQHVGHQHJRFLDFLyQFRQORVJHQHUDGRUHVGHOFRQIOLFWR7DOOHU GHDQiOLVLVGHOJDVRGXFWR\GHWHUPLQDFLyQGHORVLPSDFWRV VRFLDOHVDPELHQWDOHV\HFRQyPLFRV&RQIRUPDFLyQGHO&RPLWpGH )LVFDOL]DFLyQGHO*DVRGXFWR6HJXLPLHQWRDODVDFFLRQHVGHORV HMHFXWRUHV0HGLGDVGHSUHVLyQSDUDTXHODVGHPDQGDVVHDQ DWHQGLGDV'HQXQFLDVS~EOLFDVHQPHGLRVGHFRPXQLFDFLyQ $EULOGH 'HVFULSFLyQGHOFRQIOLFWR /DORFDOLGDGGH&DUPHQ5LYHUR7yUUH]IXHFRQYHUWLGDSRUHO*DVRGXFWRHQXQFDPSDPHQWRDSHVDU GH TXH HO FRPSURPLVR GH OD HPSUHVD FRQVWUXFWRUD HUD TXH ORV DVHQWDPLHQWRV VH UHDOLFHQ D XQD GLVWDQFLD 'DWRREWHQLGRGHXQFXDGURGHOD8QLGDGGH*HVWLyQ$PELHQWDOGHO3UR\HFWR*DVRGXFWR%ROLYLD%UDVLOHODERUDGRHO GHVHSWLHPEUHGH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV FRQVLGHUDEOH GH HVWD SREODFLyQ (VWH LQFXPSOLPLHQWR TXH LPSOLFyOD LQYDVLyQ GH FDVL PLO WUDEDMDGRUHV RFDVLRQySUREOHPDVVRFLDOHVDPELHQWDOHV\HFRQyPLFRV (QWUH HVWRV SUREOHPDV \ GH DFXHUGR DO OLVWDGR REWHQLGR FRQ OD FRPXQLGDG HQ MXQLR GH SRGHPRV PHQFLRQDU HQWUH ORV SUREOHPDV HFRQyPLFRV HO DXPHQWR GH ORV SUHFLRV GH ORV SURGXFWRV GH SULPHUD QHFHVLGDG ODGHVWUXFFLyQGHODVFDOOHV\ ODGHVWUXFFLyQGH FDEOHVSRU SDUWHGHORVFDPLRQHV (QWUHORV SUREOHPDVDPELHQWDOHVHVWiQODSUHVLyQVREUHHOERVTXH\ODFRQVHFXHQWHGHIRUHVWDFLyQSRUSDUWHGHODV HPSUHVDV SULYDGDV HO LQFUHPHQWR GH SODJDV DJUtFRODV HO UXLGR GH PRWRUHV ODV KRUDV GHO GtD OD JHQHUDFLyQGHSROYRODHVFDVH]GHDJXDSRWDEOHSDUDFRQVXPRGHODSREODFLyQGHELGRDTXHHOFRQVRUFLR DFDSDUyODSRFDDJXDH[LVWHQWHODFRQWDPLQDFLyQGHODJXDSRWDEOHODFUHDFLyQGHEDVXUDOHVHQHOPRQWH OD GHVDSDULFLyQ GH IDXQD \ HO XVR GH H[SORVLYRV (QWUH ORV SUREOHPDV VRFLDOHV OD SUHVLyQ GH ORV WUDEDMDGRUHV VREUH OD SREODFLyQ SRU IDOWD GH FDSDFLGDG KRWHOHUD \ PHGLRV GH FRPXQLFDFLyQ OD IDOWD GH VHJXULGDGFLXGDGDQDHOLQFUHPHQWRGHORFDOHV\EDUHVGHH[SHQGLRGHEHELGDVDOFRKyOLFDVHODXPHQWR GH HQIHUPHGDGHV LQIHFFLRVDV XQD PD\RU GHPDQGD GH PHGLFDPHQWRV TXH VRQ HVFDVRV OD SpUGLGD GH LQIUDHVWUXFWXUD VDQLWDULD XQ DXPHQWRGH ULHVJRHQ OD VDOXG LQIDQWLO\ ODSpUGLGD GH FRQFHQWUDFLyQ HQ HO DXODSRUUXLGRGHFDPLRQHWDVGHOFRQVRUFLR /DVLWXDFLyQGH&DUPHQ5LYHURQRHVDLVODGD\DTXHWDQWRHQODVSURYLQFLDV*HUPiQ%XVFK&KLTXLWRV\ &RUGLOOHUD ORV SREODGRUHV ORFDOHV QR LQGtJHQDV QR IXHURQ WRPDGRVHQ FXHQWD QL SDUD ODV FRQVXOWDV QL SDUDODH[SOLFDFLyQGHORVDOFDQFHVGHOSUR\HFWRDSHVDUGHTXHODLPSOHPHQWDFLyQGHOPLVPRDGHPiV GH FDXVDU GDxRV D ODV FDUUHWHUDV SURGXMR XQD LQWHQVLYD H[SORWDFLyQ GHO ERVTXH SDUD OD REWHQFLyQ GH GXUPLHQWHVGHVWLQDGDVDDVHQWDUODVWXEHUtDVHQHOSURFHVRGHVROGDGRGHODVXQLRQHVGHOGXFWR 'HHVWDPDQHUDHO3ODQGH0DQHMR$PELHQWDO\HO(VWXGLRGH,PSDFWR$PELHQWDOQRWRPDURQHQFXHQWDD PXFKDVGHODVSREODFLRQHVORFDOHVFRQHODUJXPHQWRGHTXHQRH[LVWtDQLPSDFWRVHQODVPLVPDV (VWR VLJQLILFyFRPRHQHOFDVR7DSHUDVXELFDGDDNLOyPHWURVGH6DQ-RVpGH&KLTXLWRVFRQXQDSREODFLyQ GHKDELWDQWHVVXWRWDOH[FOXVLyQHQODVQHJRFLDFLRQHVFRPSHQVDWRULDV 6LQ HPEDUJR &DUPHQ 5LYHUR IXH OD ~QLFD FRPXQLGDG TXH VH DQLPy D HQWUDU HQ FRQIOLFWR FRQ ORV HMHFXWRUHV GHO SUR\HFWR HO PLVPR TXH IXH SODQWHDGR FRQ HO DUJXPHQWR GH TXH ORV GDxRV VRFLDOHV \ DPELHQWDOHVQRVRQVXMHWRVGHFRPSHQVDFLyQ\TXHORVJHQHUDGRUHVGHOFRQIOLFWRGHELHURQKDEHUSUHYLVWR WRGDVODVPHGLGDVGHPLWLJDFLyQDQWHVGHOLQLFLRGHODREUD (QHVWHVHQWLGRODVSREODFLRQHVORFDOHVGHPDQGDURQHOSDJRSRUHOGHUHFKRGHXVXIUXFWR\DFODUDURQTXH QRHVWDEDQSLGLHQGRIDYRUDOJXQRQLFRPSHQVDFLyQVLPSOHPHQWHH[LJLHQGRVXVGHUHFKRVGHEHQHILFLDUVH GLUHFWDPHQWHGHOXVR\DSURYHFKDPLHQWRGHVXVUHFXUVRVQDWXUDOHV)XHVREUHODEDVHGHHVWRVFULWHULRV TXHVHUHDOL]DURQODVQHJRFLDFLRQHVODVPLVPDVTXHHVWXYLHURQDFRPSDxDGDVGHXQDVHULHGHPHGLGDV GHSUHVLyQ\GHQXQFLDVS~EOLFDVTXHIRUWDOHFLHURQXQPRYLPLHQWRDSDUHQWHPHQWHDLVODGRJUDFLDVDODSR\R GHYDULDVLQVWLWXFLRQHV &RPRFRQVHFXHQFLDGHWDOHVDFRQWHFLPLHQWRVORVHMHFXWRUHVGHOSUR\HFWRVHDSUHVXUDURQDQHJRFLDUFRQ ORVRWURVPXQLFLSLRVSDUDHYLWDUTXHDVXPDQXQDSRVLFLyQVLPLODU\FRQFHGLHURQD&DUPHQ5LYHUR7yUUH] WRGDVODVGHPDQGDVTXHSODQWHyHQWUHHOODVODVROXFLyQDVXVSUREOHPDVGHDJXDOX]VDOXG\HGXFDFLyQ /DDFWLWXGDVXPLGDSRUHO&RPLWpGH)LVFDOL]DFLyQWXYRUHSHUFXVLRQHVDWRGRQLYHOSXHVIUXWRGHOWUDEDMR FRRUGLQDGRHQWUH352%,20$HO)RUR&UXFHxR\HO)2%20$'(VHFRQVLJXLyTXHHOSUR\HFWRLQFOX\DHQ VXDJHQGDHOGHQRPLQDGR&RPLWp6RFLDOTXHLQFOX\HODSDUWLFLSDFLyQGHOD2LGRUD\TXHSHUPLWLyXQDUHDO )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR SDUWLFLSDFLyQ GH OD VRFLHGDG FLYLO UHSUHVHQWDGD SRU ORV FRPLWpV GH ILVFDOL]DFLyQ FRPLWpV FtYLFRV \ ODV RUJDQL]DFLRQHVDQWHVPHQFLRQDGDV )XHDSDUWLUGHODVGHQXQFLDVS~EOLFDVTXHVHORJUyFUHDUWRGDXQDUHGGHVROLGDULGDGFRQODSREODFLyQGHO &DUPHQ5LYHUR7yUUH]\VHFRPHQ]yDSUHVLRQDUDORVRUJDQLVPRVILQDQFLHURVSDUDDEULUODSDUWLFLSDFLyQ GH ODVRFLHGDGFLYLOODPLVPD TXH LQLFLDOPHQWHHVWDED FHUUDGDSRU HOWLSR GH FRQYHQLRUHDOL]DGRFRQOD EDQFDPXOWLODWHUDODSHVDUGHTXHODVGHQXQFLDVKDEtDQPRVWUDGRODFDVLWRWDODXVHQFLDGHPHFDQLVPRV UHIHULGRVDODSDUWLFLSDFLyQHLQIRUPDFLyQGHODVRFLHGDGFLYLO (QRFWXEUHGHOVHUHDOL]yODSULPHUDUHXQLyQTXHLQYROXFUyDODVRFLHGDGFLYLOHQHOODSRUSULPHUDYH] WDPELpQVHSXGRHVFXFKDUODVGHQXQFLDVUHDOL]DGDVSRUORVDIHFWDGRV\SRUODVLQVWLWXFLRQHVTXHHVWDEDQ KDFLHQGR HO VHJXLPLHQWR DO SUR\HFWR )RUR 5HJLRQDO GH 3XHUWR 6XiUH] &RPLWp GH )LVFDOL]DFLyQ GHO &DUPHQ 5LYHUR 7yUUH] )RUR&UXFHxR 352%,20$ )2%20$'( (O UHVXOWDGR GH GLFKD UHXQLyQ IXH OD FUHDFLyQGHO&RPLWp6RFLDO\GHOFDUJRGHOD2LGRUDSHUVRQDFRQWUDWDGDSRUORVRUJDQLVPRVILQDQFLHURV FRPRQH[RHQWUHODVRFLHGDGFLYLOHO&RPLWp$PELHQWDODVtFRPRFRQORVPLVPRVRUJDQLVPRVILQDQFLHURV $ SDUWLU GH HVD IHFKD VHLV UHXQLRQHVKDQ VLGRUHDOL]DGDV D WUDYpV GH HOODV VH SXGR ORJUDU XQ IOXMR GH LQIRUPDFLyQ\ODSRVLELOLGDGGHFDQDOL]DUODVGHPDQGDVGHODVSREODFLRQHVORFDOHV )XHQWHV 5HYLVLyQ ELEOLRJUiILFD \ KHPHURJUiILFD DVt FRPR WHVWLPRQLRV GH SREODGRUHV GH (O &DUPHQ 5LYHUR7yUUH]3XHUWR6XiUH]7DSHUDV5RERUp$UUR\R&RQFHSFLyQ 3HUVRQDHQFDUJDGDGHOUHJLVWUR+HQU\0*XDUGLD0)2%20$'( 6DQWD&UX] 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR *DVRGXFWR6DQ0LJXHO 6DQ0DWtDV &XLDEi 8ELFDFLyQG H OFRQIOLF WR $FWLYLGDGT XHJHQ HU DHO GDxR 7DSHUDVGH6DQ-XDQPXQLFLSLRGH6DQ-RVpGH&KLTXLWRV SURYLQFLD&KLTXLWRVGHOGHSDUWDPHQWRGH6DQWD&UX] *DV2ULHQWH%ROLYLDQRJRELHUQRFRQWUDWLVWDV6(53(7%2/ &203523(7&21'872%2/,17(5\VXEFRQWUDWLVWDV &26(&$\7UDQV6DOYDWLHUUD &RPLWpGH)LVFDOL]DFLyQ\&RPLWp&tYLFRGH7DSHUDV)RUR &UXFHxR\352%,20$ 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ 9LFHPLQLVWHULRGH(QHUJtDH+LGURFDUEXURV3UHIHFWXUD 6XESUHIHFWXUD\PXQLFLSLRV +DELWDQWHVGH7DSHUDVGH6DQ-XDQ6DQ-XDQGH&KLTXLWRV %XHQD9LVWD,SLDV5DPDGD\(QWUH5tRV &RQVWUXFFLyQGHOJDVRGXFWR /DDFWLYLGDGHV 'HVWUXFWLYD *HQHUDGRUGHOFRQIOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV (OGDxR JHQHUDGR $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV <DVHSURGXMR KDHQWRGRHOJDVRGXFWR 5HFXUVRVDIHFWDG RV &RPHUFLDOYLYLHQGDHTXLSDPLHQWRVVHUYLFLRV\FRQVHUYDFLyQ GHERVTXHQDWLYR\IXQGDPHQWDOPHQWHHO%RVTXH&KLTXLWDQR TXHHVHO~OWLPRERVTXHWURSLFDOVHFRGHOPXQGR $JXDIORUDIDXQD\VDOXG )HFKDLQLFLRGHOFRQIOLF WR $EULOGH )HFKDGHL QLFL RGHOGDxR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 1RYLHPEUHGH 3URWHJHUHO~OWLPRERVTXHSULPDULRVHFRGHOPXQGR \UHDOL]DU XQDILVFDOL]DFLyQSHUPDQHQWH &RQIRUPDFLyQGHO&RPLWpGH)LVFDOL]DFLyQWDOOHUHQ7DSHUDV SURQXQFLDPLHQWRVVHQVLELOL]DFLyQUHXQLRQHVLQIRUPDWLYDV ILUPDGHFRQYHQLR\UHFRUULGRGHORVFDPSDPHQWRV $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR /DFRQVWUXFFLyQGHOJDVRGXFWRD&XLDEiWLHQHGRVDVSHFWRVDVHUWRPDGRVHQFXHQWDHODPELHQWDOTXH VHUHILHUHDODGHIHQVDGHO~OWLPRERVTXHVHFRGHOPXQGR\HOVRFLDOTXHHVWiUHODFLRQDGR FRQHOUHVSHWR TXHVHGHEHWHQHUDODVSREODFLRQHVORFDOHV (QORUHIHULGRDODVSHFWRDPELHQWDOHOFRQIOLFWRVHFHQWUyHQODQHFHVLGDGGHPRGLILFDUODUXWDGHOGXFWR SDUDTXHQRDIHFWHDOERVTXHSULPDULRFKLTXLWDQR\SDVHSRUHOFDPLQRFDUUHWHURTXHXQHD6DQ-RVpGH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV &KLTXLWRV 6DQ 5DIDHO 6DQ /RUHQ]R /DV 3HWDV \ 6DQ 0DWtDV (VWH FDPELR GH UXWD HUD WRWDOPHQWH MXVWLILFDGRVLVHGHVHDEDHYLWDULPSDFWRVDXQHFRVLVWHPD~QLFRHQHOPXQGR $GHPiVHQODSURSXHVWDGHOFDPELRGHUXWDVHREVHUYDURQGHILFLHQFLDVHQHOHVWXGLRGHHYDOXDFLyQGH LPSDFWRDPELHQWDOSUHVHQWDGRSRUODHPSUHVD(175,;± ,QJHQLHURV$VRFLDGRV3&$SXHVORVLQGLFDGRUHV \ODVPHGLGDVXWLOL]DGDVOR~QLFRTXHKDFtDQHUDHQFXEULUHOLPSDFWRUHDOGHOJDVRGXFWRVREUHHOERVTXH VHFR\HO3DQWDQDO (QORVRFLDOODIDOWDGHUHVSHWRDOGHUHFKRTXHWLHQHQORVSXHEORVGHGHILQLUVREUHVXVUHFXUVRVTXHVH H[SUHVyHQHYLWDUODVFRQVXOWDVFRUUHVSRQGLHQWHV\HQLJQRUDUDVXVDXWRULGDGHVORFDOHVIRUWDOHFLyODLGHD GH FUHDU XQ &RPLWp GH )LVFDOL]DFLyQ GHO *DVRGXFWR D &XLDEi HO PLVPR TXH SHUPLWLy XQD VHULH GH PRYLOL]DFLRQHVGHODVORFDOLGDGHVDIHFWDGDVSULQFLSDOPHQWHGH7DSHUDV6DQ-XDQ\%XHQD9LVWD 2WURHOHPHQWRTXHVHLQWURGXMRHQHOFRQIOLFWRIXHHOUHIHULGRDORVFRQVHUYDFLRQLVWDV::):&6-DUGtQ %RWiQLFR GH 0LVVRXUL 0XVHR 1RHO .HPSII 0HUFDGR \ )XQGDFLyQ $PLJRV GH OD 1DWXUDOH]D TXLHQHV DSURYHFKDQGR OD SUHVLyQ LQWHUQDFLRQDO QHJRFLDURQ SRU GHEDMR GH OD PHVD XQD FRPSHQVDFLyQ TXH OHV SHUPLWLUiDSURYHFKDUORVUHFXUVRVQDWXUDOHVTXHTXHGHQHQOD ]RQDDFDPELRGHODYDO³YHUGH´TXHGLHURQD GLFKRSUR\HFWRHOPLVPRTXHGHILQLyODDSUREDFLyQGHVXILQDQFLDPLHQWR(OKHFKRGHTXHRUJDQL]DFLRQHV H[WUDQMHUDVQHJRFLHQORVUHFXUVRVQDWXUDOHVGHOSDtVDHVSDOGDVGHODVDXWRULGDGHVQDFLRQDOHVJHQHUyOD PRYLOL]DFLyQ GH ODV SREODFLRQHV ORFDOHV DVt FRPR GH ORV PXQLFLSLRV \ GHO PLVPR 9LFHPLQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH DGHPiV FUHy XQDGLQiPLFD TXH UHDYLYy OD SURSXHVWD GH PRGLILFDU HO WUD]DGRGHO GXFWRDVtFRPRODGHPDQGDGHVREHUDQtDGHODVSREODFLRQHVORFDOHVVREUHVXVUHFXUVRVQDWXUDOHV (OUHVXOWDGRGHHVWDVPRYLOL]DFLRQHVIXHTXHODVSREODFLRQHVDIHFWDGDVTXHDQWHVQRHVWDEDQLQFOXLGDV HQORVSODQHVGHOSUR\HFWRVHDQWRPDGDVHQFXHQWDSRUHOPLVPR\TXHDGHPiVDSDUWLUGHODVDFFLRQHV GHILVFDOL]DFLyQUHDOL]DGDVGHVGHHOiPELWRORFDOVHORJUyTXHHOSUR\HFWRLQFOX\DXQFRPSRQHQWHVRFLR DPELHQWDO1RREVWDQWHHOREMHWLYRDPELHQWDOSULQFLSDOQRIXHDOFDQ]DGR\DTXHHOWUD]RLQLFLDODWUDYpV GHO%RVTXH&KLTXLWDQRVHPDQWHQGUi )XHQWHV 5HYLVLyQELEOLRJUiILFDKHPHURJUiILFD\GHGRFXPHQWRVHPLWLGRVSRUORVDFWRUHV 3HUVRQDHQFDUJDGDGHOUHJLVWUR+HQU\0*XDUGLD0)2%20$'( 6DQWD&UX] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQ FDXVDGD SRU OD H[SORWDFLyQ SHWUROHUD D FDUJR GH OD HPSUHVD&KDFR6$HQ(QWUH5tRV 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR (QWUH5tRVVHJXQGDVHFFLyQGHODSURYLQFLD&DUUDVFRGHO GHSDUWDPHQWRGH&RFKDEDPED <3)%\&KDFR6$ 6LQGLFDWRGHODFRORQLD3DOPDU $IHFWDGRV 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\9LFHPLQLVWHULRGH(QHUJtD H+LGURFDUEXURV FRPXQLGDGHVGHFDPSHVLQRVFRORQRV (OGDxR JHQHUDGR (VWDHQHMHFXFLyQ\FRQWLQXDUiHMHFXWiQGRVH $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV &RVWRG HUHG XFLUHO GDxR )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR ([SORUDFLyQVtVPLFDSHUIRUDFLyQ\SURGXFFLyQ 3HOLJURVD\FRQWDPLQDQWH KDHQH[SORUDFLyQ\HQSURGXFFLyQ $JURSHFXDULRVSLVFtFRODVFRQVXPRKXPDQRGHDJXD $JXDIORUDIDXQDVDOXGVXHORV D 86SRUGDxRVRFDVLRQDGRVDODVSDUFHODV DJUtFRODVVLQFRQWHPSODUORVFULWHULRVWpFQLFRVDPELHQWDOHV &DPSR&DUUDVFR\ &DPSR.DWDULDPEDVD FDUJRGH<3)% GHRFWXEUHGH ([LJLUTXHODHPSUHVD&KDFR6$QRFRQWDPLQHHOPHGLR DPELHQWHHLQGHPQLFHDORVTXH\DKDDIHFWDGRDGHPiVTXH GHMHEHQHILFLRVSDUDODMXULVGLFFLyQGH(QWUH5tRV 3UHVHQWDFLyQGHUHFODPRVSDUDODUHSRVLFLyQGH GDxRV\GH LQIRUPHVREUHORVWHUUHQRV\FXOWLYRVDIHFWDGRVGHQXQFLDV S~EOLFDVVREUHODFRQWDPLQDFLyQDWUDYpVGHORVPHGLRVGH FRPXQLFDFLyQHQ&RFKDEDPED\/D3D]DVDPEOHDV\EORTXHR GHMXOLRGH 'HVFULSFLyQGHOFRQIOLFWR /DFRQWDPLQDFLyQSHWUROHUDHQHOWUySLFRFRFKDEDPELQRSDUWLFXODUPHQWHHQOD]RQDGH(QWUH5tRVGDWD GH OD GpFDGD GHO VHVHQWD \ VH LQLFLy FRQ OD SHUIRUDFLyQ GHO SULPHU SR]R H[SORUDWRULR UHDOL]DGD EDMR OD JHVWLyQGH<3)%/DSURGXFFLyQGHSHWUyOHRHQHO&DPSR&DUUDVFRFRPHQ]y HODxR (VHQHVWH PRPHQWR TXH VH LQLFLy OD FRQWDPLQDFLyQ GH UtRV \ OD SHUGLGD GH FXOWLYRV TXH SURGXMR OD UHDFFLyQ GH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV FRORQRV\VXUHFODPRGHLQGHPQL]DFLyQSRUORVGDxRVRFDVLRQDGRV(QYDULRVFDVRV<3)%UHFRQRFLyOD QHFHVLGDGGH HIHFWXDULQGHPQL]DFLRQHV\UHDOL]RLQVSHFFLRQHVVREUHODVSDUFHODVGDxDGDV (QGHDEULOGHDUDt]GHODFDSLWDOL]DFLyQGH<3)%ODHPSUHVDSHWUROHUD&KDFR6$VHDGMXGLFyORV FDPSRV &DUUDVFR \ .DWDUL TXH \D VH HQFRQWUDEDQ HQ SURGXFFLyQ )XH HQ HVWDV FLUFXQVWDQFLDV FXDQGR HO GHSDUWDPHQWRGH&RFKDEDPEDVHFRQVWLWX\yHQHOSULPHUSURGXFWRUGHKLGURFDUEXURVGHOSDtVTXHORVFRORQRVVH RUJDQL]DURQFRQPiVIXHU]D(VWROHVSHUPLWLyREOLJDUDODHPSUHVDDQHJRFLDUSDUDVHUDGPLWLGRVHQHOGHVDUUROOR GH ORV WUDEDMRV GH H[SORUDFLyQ \ H[SORWDFLyQ WHQLHQGR FRPR PHWD FRP~Q OD FRPSHQVDFLyQ GH ORV GDxRV RFDVLRQDGRV3RVWHULRUPHQWHJUDFLDVDODFRRUGLQDFLyQTXHVHGLRFRQHO)RUR&RFKDEDPELQRHOWHPDDPELHQWDO DGTXLULy LPSRUWDQFLD DXQTXH HQ JHQHUDO VLHPSUH VH HQFRQWUyUHOHJDGR D XQ VHJXQGR SODQR HQ ODV FRQWLQXDV H[LJHQFLDVSUHVHQWDGDVDODHPSUHVD&KDFR6$ 3DUDHYLWDUHQIUHQWDUHOFRQIOLFWRODHPSUHVDUHDOL]yFRQYHQLRVLQGLYLGXDOHVFRQORVFDPSHVLQRVDILQGHTXH OHSHUPLWDQH[SORUDU\H[SORWDUKLGURFDUEXURV3RURWUDSDUWHUHFXUULyDDPHGUHQWDUDTXLHQHVVHOHRSRQtDQ RH[LJtDQFRPSHQVDFLRQHVSRUORVGDxRVRFDVLRQDGRV\GHVPLQWLyS~EOLFDPHQWHODVGHQXQFLDVUHDOL]DGDV VREUH OD FRQWDPLQDFLyQ GH UtRV \ VXHORV TXH HVWDED RFDVLRQDQGR 7DPELpQ ORJUy UHDOL]DU FRQYHQLRV FRQ DOJXQDV RUJDQL]DFLRQHV GH (QWUH 5tRV FRPR VRQ HO &RPLWp &tYLFR \ OD )HGHUDFLyQ GH 0DPRUp 3DUDOHODPHQWHUHDOL]yFDPSDxDGHSUHQVDVREUHODVYHQWDMDVTXHWUDHQODH[SORWDFLyQGHKLGURFDUEXURVHQHO SDtV\ODVFDPSDxDVGHVDOXGSURYH\HQGRPHGLFDPHQWRVSDUDSUHYHQLUHQIHUPHGDGHVHQODSREODFLyQ 3RUVXSDUWH ORVDIHFWDGRV UHDOL]DURQHQYDULDVRFDVLRQHVUHFODPRVD<3)%SDUDODFRPSHQVDFLyQGH GDxRV SRU ODV SDUFHODV DIHFWDGDV H KLFLHURQ GHQXQFLDV S~EOLFDV VREUH OD FRQWDPLQDFLyQ XWLOL]DQGR IRWRJUDItD\YLGHRVTXHIXHURQPRVWUDGRVSRUORVPHGLRVGHFRPXQLFDFLyQGH&RFKDEDPED\/D3D] (QDJRVWRGHVHUHDOL]yXQDDVDPEOHDPDJQDHQ%XOR%XORODPLVPDTXHFRQWyFRQODSDUWLFLSDFLyQ GHODVVXEDOFDOGtDVGH%XOR%XORUtR%ODQFR(QWUH5tRVH,]DUVDPDGHORVFRPLWpVFtYLFRVUHVSHFWLYRV\GH ODVFHQWUDOHVGH0D\R,FKRD9LOOD8QLyQ\UtR%ODQFRDVtFRPRFRQSREODGRUHVGH%XOR%XOR(QHVWD RFDVLyQ VH UHFODPy ODV UHJDOtDV SHWUROHUDV SDUD OD UHJLyQ \ VH GHQXQFLy OD FRQWDPLQDFLyQ $VLPLVPRVH UHDOL]DURQQXHYDVGHQXQFLDVGHFRQWDPLQDFLyQSRUSHUVRQDVGHO3DOPDUOD&HQWUDOGH&RORQL]DGRUHVGHOUtR %ODQFROD&HQWUDOGHFRORQL]DGRUHVGHPD\R\HO6LQGLFDWRGH6DQWD%DUEDUD(OPLVPRPHVVHH[LJLyDO 3UHIHFWRGH&RFKDEDPEDODVLQGHPQL]DFLRQHVFRUUHVSRQGLHQWHVDVtFRPRODLQIUDHVWUXFWXUDSDUDGHSyVLWRV GHUHVLGXRVVyOLGRVLQVWDODFLyQGHDJXDSRWDEOH\PHGLGDVSDUDHYLWDUODFRQWDPLQDFLyQGHODPELHQWH $QWHODIDOWDGHUHVSXHVWDHOPHVGHPDU]RGHORVDIHFWDGRVUHDOL]DURQXQEORTXHRGHGtDVHQODV HQWUDGDVGHO&DPSR&DUUDVFR\.DWDULGHODORFDOLGDGGH(QWUH5tRV(VWDDFFLyQHQODTXHSDUWLFLSDURQ ORV DIHFWDGRV \ OD )HGHUDFLyQ GH 0DPRUp REOLJy D OD HPSUHVD D ILUPDU XQ FRQYHQLR HQ HO TXH VH FRPSURPHWLyDSUHVWDUDWHQFLyQDODVSHWLFLRQHVGHORVSREODGRUHVORFDOHV\DVHJXLUDSR\DQGRSURJUDPDV GHVDOXG6LQHPEDUJRODVSHWLFLRQHVTXHHVWDEDQUHIHULGDVDUHFLELUXQDLQGHPQL]DUFRUUHFWDPLWLJDUOD FRQWDPLQDFLyQ\GDUXQDSRUWHHQPDWHULDOHVQRIXHURQUHVSHWDGDVSRUODHPSUHVD (QODDFWXDOLGDGODVFRQGLFLRQHVSDUDHQIUHQWDUDODHPSUHVDVRQPX\IDYRUDEOHV\DTXHVHUHDOL]DURQ HVWXGLRVFRQODSDUWLFLSDFLyQPDVLYDGHODVEDVHVTXHSHUPLWLHURQGLIXQGLUORVGDxRVRFDVLRQDGRVDODV SDUFHODVDORVUtRV\DOPHGLRDPELHQWHGHODVFRPXQLGDGHVDIHFWDGDV )XHQWHV 7HVWLPRQLRVGHSHUVRQDVTXHSDUWLFLSDURQHQHOFRQIOLFWRFRQODVHPSUHVDV&KDFR\0D[XV 3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$ &RFKDEDPED )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 'HVWUXFFLyQGHFDPLQRV\FRQWDPLQDFLyQSRU ODHPSUHVDSHWUROHUD 3OXV 3HWURO 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR 0XQLFLSLRGH+XDFDUHWDSURYLQFLD+HUQDQGR6LOHV GHSDUWDPHQWRGH&KXTXLVDFD (PSUHVDSHWUROHUD3OXV3HWURO 5HJXODGRUGHO FRQIOLFWR $OFDOGtD\&RQFHMR0XQLFLSDO ,QLFLDGRU GHOFRQIOLF WR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD &RQVHMRPXQLFLSDO\SREODGRUHVGHODFRPXQLGDGGH+XDFDUHWD +DELWDQWHVGHOPXQLFLSLRGH+XDFDUHWD $FWLYLGDGHVGHSURVSHFFLyQSHWUROHUD <DVHSURGXMR\HVUHFXUUHQWH 3HOLJURVDFRQWDPLQDQWH\PROHVWD 7UDPRHQWUH+XDFDUHWD\0RQWHDJXGR $FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDHTXLSDPLHQWR\VHUYLFLRV )HFKDGHL QLFL RGHOGDxR GHIHEUHURGH 5HFXUVRVDIHFWDG RV )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR $JXDIORUDIDXQD\VDOXG GHPDU]RGH 5HVWDXUDUODLQIUDHVWUXFWXUDFDPLQHUD\HYLWDUXQPD\RU LPSDFWRVREUHORVUHFXUVRVKXPDQRV\QDWXUDOHVGHOD]RQD 'HQXQFLDQHJRFLDFLyQ\EORTXHRGHFDPLQRV -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR +XDFDUHWDHVXQD]RQDSURGXFWRUDGHFtWULFRVHVSHFLDOPHQWHQDUDQMDPDQGDULQDSRPHOR\NLQRWRFX\D SULQFLSDO YtD GH DFFHVR HV HO FDPLQR SURYHQLHQWH GH 0RQWHDJXGR 6XFUH (VWD FDUUHWHUD HV GH VXPD LPSRUWDQFLDSDUDHOPXQLFLSLR\DTXHGHHOODGHSHQGHVXUHODFLyQFRQHOPHUFDGRH[WHUQRWDQWRSDUDOD YHQWDFRPRSDUDODFRPSUDGHSURGXFWRV $FWXDOPHQWHHOWUDPRFDPLQHURHQWUH0RQWHDJXGR\+XDFDUHWDHVWiVLHQGRJUDYHPHQWHDIHFWDGRSRUOD HPSUHVDSHWUROHUD3/863(752/FX\RWUDQVSRUWHGHPDTXLQDULDSHVDGDGHMDKXHOODVSURIXQGDVVREUH OD WLHUUD VXHOWD \ DUFLOORVD GH OD FDUUHWHUD YROYLpQGROD LQWUDQVLWDEOH \ HQ FRQVHFXHQFLD RFDVLRQDQGR SpUGLGDV HFRQyPLFDV DO PXQLFLSLR $GHPiV D HVWH SUREOHPD VH DxDGH OD GHVWUXFFLyQ YHJHWDO GH ODV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV ODGHUDVGHOFDPLQR\DTXHFXDQGRXQFDPLyQRODPDTXLQDULDHVGHWHQLGRSRUHOIDQJRVXVWULSXODQWHV WDODQiUEROHVSDUDVDFDUORV $QWHHVWDVLWXDFLyQORVSHTXHxRVSURGXFWRUHV\ODSREODFLyQHQJHQHUDOFRQYRFDURQDODVDXWRULGDGHVGH OD $OFDOGtD HO &RQFHMR 0XQLFLSDO \ OD ,JOHVLD \ GHFLGLHURQ HQ VXV DVDPEOHDV UHDOL]DU XQ EORTXHR GHO FDPLQR+XDFDUHWD± 0RQWHDJXGR(VWHEORTXHRHQHOTXHWDPELpQSDUWLFLSDURQODVDXWRULGDGHVORFDOHV WXYRHOSURSyVLWRGHLPSHGLUTXHODHPSUHVDHIHFW~HVXVODERUHVKDVWDTXHQRH[LVWDHOFRPSURPLVRGH UHKDELOLWDU\DFRQGLFLRQDUHODFFHVRWURQFDO $ SDUWLU GH HVWDV DFFLRQHV IXH SRVLEOH HQWDEODU FRQYHUVDFLRQHV FRQ ORV UHVSRQVDEOHV GH OD HPSUHVD TXLHQHV VH FRPSURPHWLHURQ D UHDOL]DU ORV WUDEDMRV GH UHSDUDFLyQ \ PDQWHQLPLHQWR UHVSHFWLYRV /D HPSUHVDFXPSOLyFRQORVDFXHUGRVUHDOL]DGRVQRREVWDQWHHOSUREOHPDFRQWLQ~DSRUHOFRQVWDQWHIOXMR YHKLFXODU $GHPiVODSREODFLyQKDFRPHQ]DGRDSHUFDWDUVHGHRWURSUREOHPDORVUHVLGXRVVyOLGRVTXHJHQHUDQORV FDPSDPHQWRVGHODHPSUHVDXELFDGRVDSRFRVNLOyPHWURVGHODSREODFLyQSULQFLSDOTXHVHFRQVWLWX\HQ HQ XQ IRFR GH LQIHFFLyQ \ FRQWDPLQDFLyQ $O UHVSHFWR OD HPSUHVD KD PDQLIHVWDGR VX LQWHQFLyQ GH WUDVODGDUORVGHVHFKRVDRWUDSREODFLyQ\WUDWyGHHQFRQWUDUVROXFLRQHVFRRUGLQDGDVFRQOD$OFDOGtDGH +XDFDUHWDQRREVWDQWHKDVWDODIHFKDQRVHUHDOL]yQLQJXQDSURSXHVWDYLDEOH\DTXHORVVXHORVGHOOXJDU VRQPX\IUiJLOHV\QRSUHVHQWDQORVJUDGRVGHSHUPHDELOLGDGySWLPRVSDUDODFRQVWUXFFLyQGHXQUHOOHQR VDQLWDULR 2WUR GH ORV SUREOHPDV SURYRFDGRV SRU OD HPSUHVD VRQ ODV ILVXUDV TXH VXIULy HO SXHQWH 3DUDSHWL TXH FRQHFWDDOPXQLFLSLRFRQODVRWUDVORFDOLGDGHVGHELGRDOVREUHSHVRGHORVFDPLRQHVGHDOWRWRQHODMHTXH RFDVLRQDURQTXHVXYLGD~WLOFDOFXODGDHQDxRVKD\DGLVPLQXLGRFRQVLGHUDEOHPHQWH $GHPiVGH ORVSUREOHPDVVHxDODGRV HOLQJUHVRGH ODVHPSUHVDVSHWUROHUDVD ODVSREODFLRQHVUXUDOHV RFDVLRQDXQLQFUHPHQWRHQORVSUHFLRVGHODFDQDVWDIDPLOLDUTXHSDUDORVKDELWDQWHVGHOiUHDUXUDOWLHQH LPSRUWDQWHVUHSHUFXVLRQHV 2EVHUYDFLRQHV (Q HVWH FDVR SRGHPRV LGHQWLILFDU GRV WLSRV GH FRQIOLFWR XQR HQ SURFHVR \ RWUR SRU GHVDUUROODUVH 6LQ HPEDUJRFDEHKDFHU QRWDU TXH ODVDXWRULGDGHVWLHQHQSRFDV SRVLELOLGDGHVGH VROXFLRQDUORV FRQIOLFWRV GDGDVORVHVFDVRVUHFXUVRV FRQORVTXHFXHQWDQ\ODQXODSRVLELOLGDGGHPRQLWRUHDUODVDFWLYLGDGHVGHOD HPSUHVD )XHQWHV +HPHURJUiILFD \ HQWUHYLVWDV D KDELWDQWHV GHO OXJDU RILFLDOHV WpFQLFRV GH ORV PXQLFLSLRV GH 0RQWHDJXGR\+XDFDUHWD&RQVHMRGH&DSLWDQHV*XDUDQLHVGH&KXTXLVDFD 3HUVRQDHQFDUJDGDGHOUHJLVWUR/XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQIOLFWRXQLYHUVLWDULRFRQOD0D[XVHQHOWUySLFRFRFKDEDPELQR 8ELFDFLyQG H OFRQIOLF WR )XQGR8QLYHUVLWDULRGHO6DFWDHQHO7UySLFR&RFKDEDPELQR ,QLFLDGRU GHOFRQIOLF WR $FWLYLGDGT XHJHQ HU DHO GDxR 2UJDQL]DFLRQHVDPELHQWDOLVWDV\OD8QLYHUVLGDG0D\RUGH6DQ 6LPyQGH&RFKDEDPED 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ 9LFHPLQLVWHULRGH(QHUJtDH+LGURFDUEXURV\6XSHULQWHQGHQFLD GH+LGURFDUEXURV 'RFHQWHVLQYHVWLJDGRUHV\HVWXGLDQWHVGHOD8066\ SREODGRUHVGHOD]RQD ([SORUDFLyQVtVPLFD' /DDFWLYLGDGHV &RQWDPLQDQWH *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV (OGDxR JHQHUDGR $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR (PSUHVD0D[XV 1RVHOOHJyDJHQHUDU KDGHO)XQGR8QLYHUVLWDULRGHO9DOOHGHO6DFWD ,QYHVWLJDFLyQ\FRQVHUYDFLyQ %RVTXHDJXDVXHORIORUD\IDXQD 1ROOHJyDSURGXFLUVH 6HSWLHPEUHGH ,PSHGLUTXHODHPSUHVD0D[XVLQLFLHDFWLYLGDGHVGH H[SORUDFLyQVtVPLFDHQORVSUHGLRVXQLYHUVLWDULRV $SR\RDO&RQVHMR8QLYHUVLWDULRGHQXQFLDVDODSUHQVDYLVLWDV HLQVSHFFLRQHV 6HSWLHPEUHGH 'HVFULSFLyQGHOFRQIOLFWR (Q DEULO GH OD HPSUHVD SHWUROHUD 0D[XV LQLFLy OD H[SORUDFLyQ VtVPLFD ' FRQ DOWD GHQVLGDG GH OtQHDVVtVPLFDVHQORVFDPSRV6XUXEt\3DORPDGHOWUySLFRFRFKDEDPELQR(OSURJUDPDDEDUFDEDXQD H[WHQVLyQGHKHFWiUHDVFRPSUHQGLHQGRKHFWiUHDVGHO)XQGRGHO6DFWDSHUWHQHFLHQWHDOD 8QLYHUVLGDG0D\RUGH6DQ6LPyQ8066 (OGHVHSWLHPEUHHO&RQVHMR8QLYHUVLWDULRUHFKD]yHOLQJUHVRGHOD0D[XVHQVXVSUHGLRV(OGH VHSWLHPEUH GLYHUVDV LQVWLWXFLRQHV GH OD VRFLHGDG FLYLO FRFKDEDPELQD HQYLDURQ XQD FDUWD DELHUWD DO 0LQLVWURGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQDRWUDVDXWRULGDGHVQDFLRQDOHV\GHSDUWDPHQWDOHVDVt FRPR DO 5HFWRU GH OD 8QLYHUVLGDG 0D\RU GH 6DQ 6LPyQ DSR\DQGR D HVWD LQVWLWXFLyQ DFDGpPLFD HQ OD GHIHQVDGHVXVGHUHFKRVSURSLHWDULRVGHSUHVHUYDFLyQDPELHQWDO\GHORVSUR\HFWRVSDUDHOGHVDUUROORH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV LQYHVWLJDFLyQ FRPSURPHWLGRV FRQ RUJDQLVPRV LQWHUQDFLRQDOHV /D UHVROXFLyQ GHO &RQVHMR 8QLYHUVLWDULR IXHUDWLILFDGDSRUHVDLQVWDQFLDPi[LPDGHGHFLVLyQSRVWHULRUPHQWH (Q IHFKD GH RFWXEUH GH XQD FRPLVLyQ GH ODV RUJDQL]DFLRQHV DPELHQWDOLVWDV GH &RFKDEDPED UHDOL]yXQDYLVLWDDO%ORTXH0DPRUpGRQGH OD0D[XVUHDOL]DED VXVDFWLYLGDGHV GHH[SORUDFLyQ VtVPLFD ' /D YLVLWD IXH RUJDQL]DGD SRU OD HPSUHVD SDUD FRQYHQFHU D OD VRFLHGDG FLYLO FRFKDEDPELQD GH OD QXOLGDGGHLPSDFWRVGHVXVRSHUDFLRQHV\FRQVHJXLUHODSR\RGHODVRUJDQL]DFLRQHVDPELHQWDOLVWDVSDUD HOLQJUHVRGHODHPSUHVD0D[XVDO)XQGR8QLYHUVLWDULRGHO6DFWDXQRGHORV~OWLPRVUHGXFWRVGHERVTXH WURSLFDO VXSHU K~PHGR GHO WUySLFR EROLYLDQR (Q HO DFWR HVWXYLHURQ SUHVHQWHV DGHPiV GLUHFWLYRV GH OD 0D[XVHMHFXWLYRVGH<3)$UJHQWLQD\UHVSRQVDEOHVDVtFRPRRSHUDULRVGHODHPSUHVDHQFDUJDGDGHOD SURVSHFFLyQVtVPLFD 7UDV YLVLWDU HO FDPSDPHQWR FHQWUDO GH OD HPSUHVD VLWXDGR HQ ODV LQPHGLDFLRQHV GH ,YLUJDU]DPD ORV PLHPEURV GH OD FRPLVLyQLQYLWDGD IXHURQWUDVODGDGRV DOFDPSR GH RSHUDFLRQHV GRQGH VH FRQFOXtDQORV ~OWLPRVWUDPRVGHODFDPSDxDVtVPLFDDQWHVGHHQWUDUDO)XQGR8QLYHUVLWDULRGHO6DFWD5HFRUULHURQXQ FRUWRWUDPRGH XQD OtQHDVtVPLFDTXH WUDQVFXUUtDD WUDYpVGHiUHDV FXOWLYDGDV DEDQGRQDGDV \HQHVDV FRQGLFLRQHVORVLPSDFWRVDPELHQWDOHVSHUFLELGRVIXHURQSRFRV SXHVVH WUDWDED GHXQD ]RQDGRQGHODV FRQGLFLRQHVGHOHFRVLVWHPD\DKDEtDQVLGRGHJUDGDGDV /DFRPLVLyQGHDPELHQWDOLVWDVDVLVWLyDXQDGHPRVWUDFLyQVREUHODVGHWRQDFLRQHVTXHVHUHDOL]DEDQFDGD PHWURV \ TXH FRQVLVWtDQ HQ OD DSHUWXUD GH XQ SR]R GH PHWURV GH SURIXQGLGDG OD LQVHUFLyQ GH OLEUDVGHH[SORVLYR\ODGHWRQDFLyQGHORVPLVPRV(QHODFWRVHDSUHFLyXQLPSDFWRSRWHQFLDOPX\DOWR VREUHODIDXQDSXHVVLELHQODVH[SORVLRQHVQRSURYRFDQHURVLyQHQFRQGLFLRQHVQRUPDOHVWHUUHQRSODQR \DOHMDGRGHFXUVRVGHDJXDHOUXLGR\ODRQGDH[SDQVLYDWLHQHXQJUDQLPSDFWRVREUHORVDQLPDOHV 'XUDQWH HO UHWRUQR DO FDPSDPHQWR FHQWUDO ORV DPELHQWDOLVWDV URPSLHURQ HO SURWRFROR SUHSDUDGR SRU OD HPSUHVD DO IRU]DU XQD YLVLWD DO 3R]R 6XUXEt GRQGH FRQVWDWDURQ XQ SHUPDQHQWH UHEDOVH GH OD IRVD GH ORGRVGHSHUIRUDFLyQ(QHVWDYLVLWD VHGHWHFWDURQSURIXQGRVVtQWRPDVGHDFXPXODFLyQGHFUXGRJUDVDV\ PHWDOHV SHVDGRV HQ ORV FXUVRV GH DJXD DG\DFHQWHV $O WRPDU PXHVWUDV GH FUXGR VHGLPHQWDGR WDQWR GLULJHQWHVGH0D[XVFRPRGH<3)PRVWUDURQVXSHUSOHMLGDG\DVHJXUDURQTXHHUDXQFDVRDLVODGRTXH DGHPiVHVWDEDHQSURFHVRGHUHSDUDFLyQ (Q HO FDPSR 6XUXEt GRQGH H[LVWH XQD EDWHUtD GH WUHV SR]RV ORVRSHUDULRVGH ODHPSUHVD HQWUDURQ HQ FLHUWDV FRQWUDGLFFLRQHV DO LQGLFDU HO GHVWLQR GH ORV UHVLGXRV VyOLGRV GH XQD IRVD GH GHFDQWDFLyQ TXH HVWDED WRWDOPHQWH GHVWUXLGD \D TXH PLHQWUDV XQRV DVHJXUDEDQ TXH ORV UHVLGXRV HUDQ YHUWLGRV HQ ORV FDPLQRVFRPXQDOHVDFWLYLGDGHVWULFWDPHQWHSURKLELGDSRUOD/H\RWURVDILUPDEDQTXHORVUHVLGXRVD~Q SHUPDQHFtDQHQODIRVD3RU~OWLPRRWURVWpFQLFRVDVHJXUDURQ ODFRQWUDWDFLyQGHXQDHPSUHVDIUDQFHVD SDUDHOWUDWDPLHQWR\UHFLFODMHGHORVUHVLGXRV$GHPiVVHFRQVWDWyXQGXGRVRPRQLWRUHR\VHJXLPLHQWR DPELHQWDOGHODVRSHUDFLRQHVSXHVWRTXHORVVXSHUYLVRUHVDPELHQWDOHVGHOHJDGRVSRUHOJRELHUQRHUDQ UHQWDGRVSRUODSURSLDHPSUHVD /DVRUJDQL]DFLRQHVDPELHQWDOLVWDVHPLWLHURQXQDQXHYDFDUWDDELHUWDHQIHFKDGHRFWXEUHGHDOD TXH ORV PHGLRV GH FRPXQLFDFLyQ GLHURQ DPSOLD FREHUWXUD D WLHPSR GH VHxDODU TXH OD FRQWDPLQDFLyQ SHWUROHUDHQHOWUySLFRFRFKDEDPELQRHOGHSDUWDPHQWRFRQPD\RUFDQWLGDGGHSR]RVGHH[SORWDFLyQHQ %ROLYLDDEDUFDXQDVXSHUILFLHGHKHFWiUHDVVLHQGRODV]RQDVPiVDIHFWDGDVODVGH%XOR%XOR (QWUH 5tRV 9DOOH GH 6DFWD H LQPHGLDFLRQHV GHO UtR 3XWLQWLUL /DV GHQXQFLDV GH ORV SREODGRUHV ORFDOHV FRQWUDODVHPSUHVDV0D[XV5HSVRO\&KDFRTXHUHDOL]DQDFWLYLGDGHVGHH[SORUDFLyQ\H[SORWDFLyQKDQ VLGRFRQVWDQWHV PLHQWUDVHOPRQLWRUHR\ VHJXLPLHQWR SRU SDUWH GH ODVLQVWDQFLDV JXEHUQDPHQWDOHV VRQ )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR LQHILFDFHV \ FDVL LQH[LVWHQWHV OR FXiO QR VRUSUHQGH \D TXH SDUD HO 9LFHPLQLVWUR GH (QHUJtD H +LGURFDUEXURV&DUORV/ySH]VXUHVSRQVDELOLGDGVHOLPLWDDODGHEULQGDUFRQGLFLRQHVSDUDJDUDQWL]DUOD HMHFXFLyQGHODVLQYHUVLRQHV3UHVHQFLDGHMXOLR /D HPSUHVD 0D[XV HQVD\y GLIHUHQWHV IRUPDV GH SUHVLyQ SDUD ORJUDU HO LQJUHVR DO )XQGR 8QLYHUVLWDULR GHVGHODVDPHQD]DVGHLQWHUYHQFLyQSROLFLDOKDVWDLQWHQWDUJDQDUDOLDGRVHQWUHORVDPELHQWDOLVWDVDWUDYpV GHVXFRQWUDWDFLyQFRPRFRQVXOWRUtDVSDUDHOPRQLWRUHRSHURWRGRIXHLQ~WLO 'HDFXHUGRDXQDQRWDGHSUHQVDGHIHFKDGHMXOLRSHULyGLFR3UHVHQFLDHO9LFHPLQLVWURGH(QHUJtDH +LGURFDUEXURV ODPHQWy OD SRVLFLyQ DVXPLGD SRU OD 8QLYHUVLGDG 0D\RU GH 6DQ 6LPyQ GH &RFKDEDPED VHxDODQGRTXHGHHVD IRUPDVHDKX\HQWDQODVLQYHUVLRQHVSHWUROHUDVHQ&RFKDEDPEDODVPLVPDVTXH VHUiQWUDVODGDGDVDRWURGHSDUWDPHQWR (O FRPXQLFDGR GHO )2%20$'( GLIXQGLGR HO GH MXOLR VHxDODED HVWDYH] &RFKDEDPED RSWy SRU VXV ERVTXHV\SRUODYLGD )XHQWHV 'RFXPHQWRVYDULRVFDUWDVDELHUWDV,QIRUPH&(',%YLVLWD&DPSR0DPRUpQRWDVGHSUHQVD GHORVSHULyGLFRV/RV7LHPSRV\3UHVHQFLD 3HUVRQDHQFDUJDGDGHOUHJLVWUR3DWULFLD0ROLQD)2%20$'( 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR ,PSDFWRVDPELHQWDOHVGHODHPSUHVD&KDFR$PRFRHQODFRPXQLGDGGH ,SD 9LOODPRQWHV 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGHVTXHJHQHUDQHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV &RPXQLGDG,SDPXQLFLSLRGH9LOODPRQWHVSURYLQFLD*UDQ &KDFRGHSDUWDPHQWRGH7DULMD (PSUHVD&KDFR$PRFR\VXEFRQWUDWLVWDV62/,'67$7(\ 6(53(7%2/ $XWRULGDGHV\SREODGRUHVGHOD&RPXQLGDGGH,SD 9LFHPLQLVWHULRGH5HFXUVRV1DWXUDOHV0HGLR$PELHQWH\ 'HVDUUROOR)RUHVWDO9LFHPLQLVWHULRGH(QHUJtDH+LGURFDUEXURV +DELWDQWHVGHODVFRPXQLGDGGH,SD&RPXQLGDG*UDQGHGH 7DUDLUt &RQVWUXFFLyQGHXQSR]RH[SORUDWRULR\GHODLQIUDHVWUXFWXUD DVRFLDGDKHOLSXHUWRVFDPSDPHQWR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH &RQWDPLQDQWH 5HFXUVRVDIHFWDG RV $JULFXOWXUDJDQDGHUtDYLGDVLOYHVWUHFRQVHUYDFLyQGHOERVTXH DFWLYLGDGHVGHODFRPXQLGDG %RVTXHVDJXDIDXQDVXHORV\VDOXG )HFKDLQLFLRGHOFRQIOLF WR )HFKDGHL QLFL RGHOGDxR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR &RQVHUYDFLyQGHORVUHFXUVRVQDWXUDOHVSDUWLFXODUPHQWHGHO DJXDERVTXH\VXHORFXPSOLPLHQWRGHODVPHGLGDVGH PLWLJDFLyQGHO((,$ 5HXQLRQHVFDUWDVDODVDXWRULGDGHVGHQXQFLD 1RYLHPEUHGH 'HVFULSFLyQGHOFRQIOLFWR 'XUDQWHORVDxRV\OD(PSUHVD&KDFRUHDOL]yWUDEDMRVGHVtVPLFDHQHOEORTXH$JXDUDJXHSDUDOR FXDO FRQWUDWy D OD HPSUHVD 6ROLG 6WDWH 3DUD HOOR VH LQVWDODURQ HQ OD FDQFKD GH ,SD FRQYLUWLpQGROD HQ FDPSDPHQWR \ HQ KHOLSXHUWR SHUMXGLFDQGR GH HVWD PDQHUD OD DFWLYLGDG GHSRUWLYD GH OD FRPXQLGDG /DV DFWLYLGDGHVGHODSHWUROHUDIXHURQUHDOL]DGDVVLQLQIRUPDUQLVROLFLWDUSHUPLVRDORVSREODGRUHV\SDUDOOHYDUODVD FDERQRUHSDUDURQHQFUX]DUODVOtQHDVVtVPLFDVSRUPHGLRGHORVSRWUHURVTXHEUDGDV\ERVTXHQDWLYR8QD YH]WHUPLQDGRHOWUDEDMRVHIXHURQVLQUHSRQHUORVGDxRVFDXVDGRV\VLQUHIRUHVWDUODVEUHFKDVVtVPLFDVQLORV KHOLSXHUWRV (QPDU]RGHODHPSUHVD&KDFRYROYLySDUDFRQVWUXLUXQSR]RH[SORUDWRULRDEULHQGRFDPLQRKDVWDOD SODQFKDGD XELFDGD HQ OD 6HUUDQtD GH $JXDUDJXH H LQVWDODQGR VX FDPSDPHQWR HQ HO SRWUHUR GHO VHxRU 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 6LPyQ=HEDOORVD.PGH,SDHVWDYH]PHGLDQWHODHPSUHVD6HUSHWERO$SHVDUGHTXHHQHO(VWXGLR GH(YDOXDFLyQGH,PSDFWR$PELHQWDOVRVWLHQHQTXHHIHFWXDURQXQDFRQVXOWDS~EOLFDHVWRQRHVHYLGHQWH \DTXHVyORDSHGLGRGHODFRPXQLGDGSUHRFXSDGDSRUQRVDEHUORTXHHVWDEDRFXUULHQGRVHKLFLHURQ SUHVHQWHVHQODPLVPD (O GH RFWXEUH GH OD (PSUHVD &KDFR HQYLy D OD FRPXQLGDG HO SODQ GH FRQFHUWDFLyQ TXH KDEtD HODERUDGRSDUDVXILUPD(OGH2FWXEUHDXWRULGDGHVGHODFRPXQLGDGVHKLFLHURQSUHVHQWHVHQ9LOODPRQWHV \D TXH QR HVWDEDQ GH DFXHUGR FRQ HO GRFXPHQWR TXH SUHWHQGtDQ KDFHUOHV ILUPDU OR FXiO IXH LQIRUPDGR DO $OFDOGHDTXLpQSLGLHURQKDFHUORPLVPRDWLHPSRGHEXVFDUDSR\RHQRUJDQL]DFLRQHVDPELHQWDOLVWDV (/GHRFWXEUHHO$OFDOGHVHUHXQLyFRQOD'UD.DWLD9HJDGHOD(PSUHVD&KDFR6$\ ILUPyHOSODQGH FRQFHUWDFLyQ(VWHPLVPRGtDODFRPXQLGDGWHQtDTXHUHXQLUVHFRQOD'UD9HJDDODVGHODPDxDQD FRPR QR VH SUHVHQWDED ODV DXWRULGDGHV \ RWURV PLHPEURV GH OD &RPXQLGDG VXELHURQ DO SR]R GRQGH IXHURQVRUSUHQGLGRVDOFRQRFHUTXHODHPSUHVDXWLOL]DHODJXDGHOUtR,SDSDUDHOFDPSDPHQWRDJXDTXH HVXWLOL]DGDHQHOVLVWHPDGHPLFURULHJRGHODFRPXQLGDG(O'LUHFWRUGH2EUDVGHODHPSUHVD ,QJ:DOGR 0iUTXH]LQIRUPyTXHODHPSUHVDHVWDEDXWLOL]DQGRHODJXDGHOUtRWHPSRUDOPHQWHORFXDOQRDIHFWDUtDD OD FRPXQLGDG (Q HO (VWXGLR GH (YDOXDFLyQ GH ,PSDFWR $PELHQWDO DSUREDGR HVWi FODUDPHQWH HVSHFLILFDGRTXHODHPSUHVDSHUIRUDUiSR]RVSDUDVXSURYLVLyQGHDJXDSRUORTXHODXWLOL]DFLyQGHODJXD GHOUtR,SDHVFRPSOHWDPHQWHLOHJDO&XDQGRILQDOPHQWHOOHJyODDERJDGDGHODHPSUHVDORVFRPXQDULRV OHPDQLIHVWDURQTXHQR ILUPDUtDQHOGRFXPHQWRUHFODPDQGRORVVLJXLHQWHVSXQWRV\DFRUGDQGRXQDQXHYD UHXQLyQSDUDHOGHRFWXEUH /DUHSUHVDFRQVWUXLGDFHUFDGHOSR]RHVFRPSOHWDPHQWHLOHJDO ([LVWHQ ULHVJRV GH FRQWDPLQDFLyQ DJXDV DEDMR GRQGH OD FRPXQLGDG KDFH XVR GH HVWH UHFXUVRSDUDFRQVXPRKXPDQR /DLOHJDOH[WUDFFLyQGHDJXDGHOUtRPHGLDQWH ERPEHRTXHDIHFWDODSURYLVLyQGHDJXDSDUD PLFURULHJR /DH[WUDFFLyQLOHJDOGHPDGHUD /DQHFHVLGDGGHFHUFDUODSODQFKDGDSRUORVULHVJRVTXHWLHQHHOJDQDGR /DLQH[LVWHQWHRFXSDFLyQGHPDQRGHREUDORFDO (Q OD UHXQLyQ GHO GH RFWXEUH GRQGH HVWXYLHURQ SUHVHQWHV HO $OFDOGH GH 9LOODPRQWHV YDULRV GH VXV WpFQLFRV HO RILFLDO PD\RU OD LQVWLWXFLyQ QR JXEHUQDPHQWDO $PELR &KDFR \ ORV UHSUHVHQWDQWHV GH OD HPSUHVD&KDFR(QHVWDUHXQLyQHO$OFDOGH\HO2ILFLDO0D\RUKLFLHURQFXDQWRSXGLHURQSDUDFRQYHQFHUD ODV FRPXQLGDGHV GH ,SD \ 7DUDLUL SDUD ILUPDU HO FRQYHQLR DUJX\HQGR TXH ODV UHJDOtDV SRGUtDQ VHU SHUMXGLFDGDV VLQORJUDU VX REMHWLYR /D (PSUHVD TXHGy HQ HODERUDU HO QXHYR SODQ GH FRQFHUWDFLyQ FRQ EDVHHQODUHXQLyQ\HQYLDUORDOD$OFDOGtDSDUDVX UHYLVLyQMXQWRDODFRPXQLGDGGH,SD /RVLPSDFWRVDPELHQWDOHVFDXVDGRVSRUOD(PSUHVD&KDFRHQOD&RPXQLGDGVRQ /D DSHUWXUD GH VHQGDV \ FDPLQRV DG\DFHQWHV SDUD HO WUDVODGR GH PDTXLQDULD H LQVXPRV HVWiRFDVLRQDQGRXQDPD\RUSUHVLyQGHORVPDGHUHURVLOHJDOHV ([LVWH SUHVLyQ VREUH OD SREODFLyQ SRU SDUWH GHO WUiILFR GH YHKtFXORV GH DOWR WRQHODMH \ FDPLRQHWDVTXHSDVDQDYHORFLGDGHVDOWDVRFDVLRQDQGRHODWURSHOORGHORVDQLPDOHVGHOD ]RQD (OXVRLOHJDOGHODJXDSRUSDUWHGHODHPSUHVD&KDFR6$KDJHQHUDGRVXGLVPLQXFLyQSDUD HOPLFURULHJRGHODVFRPXQLGDGHVYHFLQDVDOUtR,SD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 'HVDSDULFLyQGHDOJXQDVHVSHFLHVQDWLYDVGHDQLPDOHVTXHKDELWDQHOiUHDFRPRYHQDGRV DQWDVXULQDVORURVFRU]XHODHWF /D SpUGLGD GH FRQFHQWUDFLyQ GH ORV HVFRODUHV HQ ODV FODVHV SRU HO WUiILFR \ HO UXLGR SURGXFLGRSRUODVPDTXLQDULDV /DWLHUUDDFXPXODGDDORODUJRGHOFDPLQRFXDQGRDEULHURQODVEUHFKDVFRUUHHOULHVJRGH GHVPRURQDUVH\WDSDUORVVLVWHPDVGHPLFURULHJR *HQHUDFLyQGHSROYRSRUHOPRYLPLHQWRGHPDTXLQDULDORTXHDIHFWDDODVSHUVRQDV\ORV FXOWLYRVDJUtFRODV 5XLGR\HVWULGHQFLDSRUHOXVRGHH[SORVLYRVDODEULUHOFDPLQRKDFLDODSODQFKDGD (QRFWXEUHGHOD&RPXQLGDGKL]RFRQRFHUDOD$XWRULGDG$PELHQWDOTXHQRILUPDUtDHO&RQYHQLR(Q QRYLHPEUHWUDVFRQVHJXLU\DQDOL]DUHOHVWXGLRGHHYDOXDFLyQGHLPSDFWRDPELHQWDOODFRPXQLGDGGHFLGLy KDFHUS~EOLFDVXGHQXQFLDVREUHORVLQFXPSOLPLHQWRV\DWURSHOORVGHOD(PSUHVD&KDFRHQ,SD\7DUDLUL )XHQWHV &RPXQLFDFLRQHVSHUVRQDOHV(,$3R]R&DPDWLQGLUHXQLRQHV\YLVLWDVDODFRPXQLGDG 5HVSRQVDEOHGHOUHJLVWUR0DUtD6HOYD*DQGDULOODV$0%,2&+$&2 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR /RV LPSDFWRV GH OD 5HSVRO HQ HO 3DUTXH 1DFLRQDO 7HUULWRULR ,QGtJHQD ,VLERUR6pFXUH 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR 3DUTXH1DFLRQDO\7HUULWRULR,QGtJHQD,VLERUR6pFXUH7,31,6 XELFDGRHQODV3URYLQFLDV&KDSDUH\0R[RVGHORV GHSDUWDPHQWRVGH%HQL\&RFKDEDPED (PSUHVDSHWUROHUD5HSVRO 2UJDQL]DFLRQHVFDPSHVLQDVHLQGtJHQDVGHOiUHD $FWLYLGDGT XHJHQ HU DHO GDxR 9LFHPLQLVWHULRGH5HFXUVRV1DWXUDOHV0HGLR$PELHQWH\ 'HVDUUROOR)RUHVWDO6HUYLFLR1DFLRQDOGH$UHDV3URWHJLGDV 9LFHPLQLVWHULRGH(QHUJtDH+LGURFDUEXURV +DELWDQWHVGHODVFRPXQLGDGHVPR[HxDVGHOD6XEFHQWUDOGHO 7,31,6GHODVFHQWUDOHVGH FRORQL]DGRUHV\GHODV FRPXQLGDGHV\XUDFDUpVGHORVUtRV0ROHWRH,FKLOR ([SORUDFLyQSHWUROHUD /DDFWLYLGDGHV &RQWDPLQDQWH $IHFWDGRV (OGDxR JHQHUDGR $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH KDVGHORVGHSDUWDPHQWRVGH&RFKDEDPED\%HQL $JULFXOWXUDFD]DSHVFDDFWLYLGDGHVFRWLGLDQDV )DXQDERVTXHVVDOXG 6HUFRQVXOWDGRVDQWHVGH TXHVHUHDOLFHQODVDFWLYLGDGHV SHWUROHUDV\TXHVHPLWLJXHQORVLPSDFWRV 5HXQLRQHVSURQXQFLDPLHQWRVGHQXQFLDVEORTXHRV FRQYHQLRV 'LFLHPEUHGH 'HVFULSFLyQGHOFRQIOLFWR (Q OD HPSUHVD 5HSVROILUPy XQ FRQWUDWRFRQ HO JRELHUQR EROLYLDQR PHGLDQWH HO FXDO OD FRPSDxtD DGTXLULy HO GHUHFKR GH H[SORWDU HO EORTXH 6pFXUH GXUDQWH DxRV VLHWH GH ORV FXDOHV GHGLFDUtD D OD DFWLYLGDG SURVSHFWLYD /DV DFWLYLGDGHV GH SURVSHFFLyQ VtVPLFD VH UHDOL]DURQ VREUHWRGRGHQWUR GH ORV OtPLWHVGHO7HUULWRULR,QGtJHQD3DUTXH1DFLRQDO,VLERUR6pFXUH (O 3DUTXH 1DFLRQDO ,VLERUR 6pFXUH IXH FUHDGR HO GH QRYLHPEUH GH \ SRVWHULRUPHQWH IXH UHFRQRFLGR FRPR WHUULWRULR LQGtJHQD 7,31,6 HQ 6X XELFDFLyQ JHRJUiILFD HQ OD WUDQVLFLyQ GH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV HFRVLVWHPDV GH SLH GH PRQWH KDFLD ODV OODQXUDV DPD]yQLFDV OH GD FDUDFWHUtVWLFDV PX\ HVSHFLDOHV HQ FXDQWR D ULTXH]D ELROyJLFD GHELGR D OD FRPELQDFLyQ GH GLIHUHQWHV HFRVLVWHPDV TXH VH UHSDUWHQ ORV GLIHUHQWHVSLVRV DOWLWXGLQDOHV(VWD FRPELQDFLyQGH HFRVLVWHPDV PXFKRVGH ORV FXDOHVFRQVHUYDQD~Q VXVFRQGLFLRQHVRULJLQDOHVSRUVXGLILFXOWDGGHDFFHVRHLQWHUYHQFLyQKDJHQHUDGRHQODHYROXFLyQGHODV HVSHFLHVXQDJUDQGLYHUVLGDGGHIRUPDV\FRPSRUWDPLHQWRV6HFRQFHQWUDSRUWDQWRHQHO7,31,6XQRGH ORVIRFRVPiVLPSRUWDQWHVGHELRGLYHUVLGDGDHVFDODPXQGLDO /DSUHVHQFLDGH5HSVROHQHO7,31,6YXOQHUDWRGRVORVSXQWRVGHO3ODQGH0DQHMRGHO3DUTXHSHURODV RSHUDFLRQHV KLGURFDUEXUtIHUDV VRQ SULRULGDG QDFLRQDO \ VH VREUHSRQHQ D ORV LQWHUHVHV DPELHQWDOHV 'XUDQWHORVWUHVDxRVTXHOOHYD5HSVRORSHUDQGRHQOD]RQDpVWDKDVLGRGHQXQFLDGDUHSHWLGDVYHFHVSRU SDUWHGHRUJDQL]DFLRQHVDPELHQWDOLVWDVFRPRHO)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROORRODV )HGHUDFLRQHV GH 6LQGLFDWRV &DPSHVLQRV GHO 7UySLFR SRU YHUWLGR GH UHVLGXRV Wy[LFRV HQ ORV UtRV GHIRUHVWDFLyQGHPiUJHQHVGHUtRVFD]DLOHJDOGHHVSHFLHVGHQWURGHiUHDVSURWHJLGDVLQFXPSOLPLHQWR GHSODQHVGHDEDQGRQRRFXSDFLyQLOHJDOGHSURSLHGDGHVHWF (OSUR\HFWRGHH[SORUDFLyQVtVPLFDIXHUHDOL]DGRHQGRVIDVHVFRQXQWRWDOGHNPGHDSHUWXUDGH OtQHDVVtVPLFDV OD PD\RUtDGHHOODVGHQWURGHO3DUTXH1DFLRQDO'XUDQWHODVRSHUDFLRQHV VHJHQHUDURQ QXPHURVRVLPSDFWRVVREUHODSREODFLyQORFDOVLQGLFDWRVFDPSHVLQRV\RUJDQL]DFLRQHVLQGtJHQDVTXHIXH HVWDIDGDFRQODILUPDGHFRQYHQLRVFRQ5HSVROTXHQXQFDIXHURQFXPSOLGRV(QDEULOGHOXHJRGH GtDVGHOEORTXHRSHUPDQHQWHD WRGDVODVDFWLYLGDGHV GH 5HSVROUHDOL]DGR SRUODVRFKRFHQWUDOHVGH FRORQL]DGRUHVTXHDJOXWLQDQD FRPXQLGDGHVFDPSHVLQDV GHO7,31,6ODHPSUHVDUHVROYLyHODVXQWR FRQSURPHVDVGHREUDVFDPLQHUDV\SHTXHxDVGRQDFLRQHVTXHQXQFDFXPSOLy'RVVHPDQDVPiVWDUGH ODVIXHU]DVDUPDGDVRFXSDEDQHO3DUTXHSDUDHUUDGLFDUORVFRFDOHV <DHQIHEUHURGHHO;,,(QFXHQWURGH&RUUHJLGRUHV\5HSUHVHQWDQWHVGHO7,31,6UHIOHMyHOUHFKD]R GHODSREODFLyQGHO3DUTXHDODH[SORUDFLyQSHWUROHUDGH5HSVROSRUVHUXQDGHFLVLyQLQFRQVXOWD(QMXQLR GH HVH PLVPR DxR XQ (QFXHQWUR ([WUDRUGLQDULR GH &RUUHJLGRUHV \ 5HSUHVHQWDQWHV GHO7,31,6 GHFLGLy SUHVLRQDU SDUD SDUDOL]DU ODV DFWLYLGDGHV GH SURVSHFFLyQ TXH UHDOL]DED OD HPSUHVD *HRSK\VLFDO SDUD 5HSVRO/RVSXHEORVLQGtJHQDVGHFLGLHURQODLQWHUYHQFLyQGLUHFWDWRPDQGRWUDEDMDGRUHVFRPRUHKHQHV (OGHMXOLRHQUHXQLyQHQWUH HO3UHIHFWRGHO%HQL&,'2%&3,%68%&(175$/GH3XHEORV,QGtJHQDV GHO7,31,6OD6HFUHWDUtD1DFLRQDOGH(QHUJtDOD6HFUHWDULDGH5HFXUVRV1DWXUDOHV\*HVWLyQ$PELHQWDO <3)%\5HSVROVHGHFLGLyTXH<3)%QRYROYHUtDDHIHFWXDUFRQWUDWRVGHRSHUDFLyQVLQFRQVXOWDUDORV LQGtJHQDVODFUHDFLyQGHXQDFRPLVLyQELSDUWLWD\ODSURSXHVWDLQGtJHQDGHSDUWLFLSDFLyQ\FRQVXOWD 'XUDQWH \ VH UHDOL]DURQ ODV SURVSHFFLRQHV VtVPLFDV /D (PSUHVD RIUHFLy PiV GH GyODUHV FRPR D\XGD KXPDQLWDULD SHUR VRODPHQWH HQWUHJy SHTXHxDV OLPRVQDV \ UHJDORV SHUVRQDOHV D GLULJHQWHV FDPSHVLQRV (Q VH LQLFLy OD FRQVWUXFFLyQ GH XQ SR]R H[SORUDWRULR RFXSDQGR ILQFDV FDPSHVLQDVVLQQLQJXQDFRPSHQVDFLyQPLHQWUDVODHPSUHVD*HRSOXVUHDOL]yHO(VWXGLRGH(YDOXDFLyQ GH,PSDFWR$PELHQWDOGHODVOtQHDVGHSURVSHFFLyQVtVPLFD\DFRPSOHWDGDVEDViQGRVHHQXQDYLVLWDGH GRVGtDVDOOXJDU (Q HQHUR GH OD HPSUHVD ILUPy XQ FRQYHQLR FRQ OD &HQWUDO GH 3XHEORV ,QGtJHQDV GHO %HQL \ OD 2UJDQL]DFLyQ ,QGtJHQD 5HJLRQDO SRU HO FXDO OD HPSUHVD VH FRPSURPHWLy D PLQLPL]DU ORV LPSDFWRV FRQWUDWDU PDQR GH REUD ORFDO \ UHDOL]DU WDOOHUHV \ VHPLQDULRV LQIRUPDWLYRV DVt FRPR KDFHU HQWUHJD GH IRQGRVSDUDODRUJDQL]DFLyQLQGtJHQDQDFLRQDOSDVDMHVSDUDGRVEDFKLOOHUHVLQGtJHQDVODFRQVWUXFFLyQGH XQFDPSDPHQWRSDUDORVLQGtJHQDV\ODGRWDFLyQGHHTXLSRVGHUDGLRDFRPXQLGDGHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 3RUVXSDUWHODVRUJDQL]DFLRQHVFDPSHVLQDVGHOODGRFRFKDEDPELQRHQHVWDGRGHHPHUJHQFLDH[LJLHURQ XQVHPLQDULRVHULR\FRPSOHWRVREUHODVDFWLYLGDGHVGHOD5HSVROPLHQWUDVGHQXQFLDEDQODGHIRUHVWDFLyQ GH ODV RULOODVGHO UtR ,VLQXWD SRU SDUWH GH OD HPSUHVD TXH FRQWUDYHQtD OD /H\ )RUHVWDO \ HO (VWXGLR GH (YDOXDFLyQGH,PSDFWR$PELHQWDO(O6HPLQDULRSUHSDUDGRSRUODHPSUHVDFRQVLVWLyHQODSUR\HFFLyQGH XQYtGHR GHRWUDFRPSDxtDHQOD]RQDGHO&KDFR)LQDOPHQWHODHPSUHVDFRQVLJXLyILUPDUXQFRQYHQLR FRPSURPHWLpQGRVHDGRWDUGHHTXLSRVGHUDGLRUHSDUDUHOFDPLQRGRWDUDOFXHUSRGHSURWHFFLyQFRQXQ FDPSDPHQWR\FRQIRUPDUXQHTXLSRPL[WRGHPRQLWRUHRFRQORFXDOORVFDPSHVLQRVGHFLGLHURQOHYDQWDUHO EORTXHR\JDUDQWL]DUHOWUDEDMRGHOD5HSVROHQOD]RQD 3DUDOHODPHQWH HO $OFDOGH GH 9LOOD 7XQDUL GHQXQFLy HO YHUWLGR GH ORGRV \ FUXGRV SURYHQLHQWHV GHO SR]R H[SORUDWRULR GH OD 5HSVRO HQ HO UtR 6DQ 0DWHR (Q PD\R GH HO )2%20$'( \ VX ILOLDO HQ &RFKDEDPEDGHQXQFLDURQODGHIRUHVWDFLyQHQODVPiUJHQHVGHOUtR,VLQXWD\HOLQFXPSOLPLHQWRGHOSODQGH DEDQGRQR\UHVWDXUDFLyQGHOSR]RH[SORUDWRULRHQ9LOOD7XQDUL (QMXOLRGHOD'LUHFFLyQGHO7,31,6GHQXQFLyHOURWXQGRLQFXPSOLPLHQWRGHOFRQYHQLRVXVFULWRSRUOD 5HSVROHOWUiILFRGHDQLPDOHV\RWUDVLQIUDFFLRQHVDODQRUPDWLYDDPELHQWDO(QDJRVWRGHOPLVPRDxRHO )2%20$'(UHDOL]yXQDH[WHQVDGHQXQFLDVREUHODVLQIUDFFLRQHVDOD/H\GHO0HGLR$PELHQWHOD/H\GH +LGURFDUEXURV\DO'HFUHWR6XSUHPR(QVHSWLHPEUHGH5HSVRODEDQGRQyWHPSRUDOPHQWHHO 7,31,6VLQFXPSOLUQLQJXQRGHORVGRVFRQYHQLRVILUPDGRVFRQOD&HQWUDOGH3XHEORV,QGtJHQDVGHO%HQL\ FRQODVRFKRFHQWUDOHVFDPSHVLQDV (QRFWXEUHGHOD9LFHPLQLVWUDGH5HFXUVRV1DWXUDOHV0HGLR $PELHQWH \ 'HVDUUROOR )RUHVWDO GLMR GHVFRQRFHU ORV GRV FRQYHQLRV \ VH FRPSURPHWLy D UHDOL]DU XQD LQVSHFFLyQHQOD]RQD(QQRYLHPEUHGHPiVGH 21*VLQVWLWXFLRQHV\JUXSRVGHODVRFLHGDGFLYLO GH &RFKDEDPED HPLWLHURQ XQD FDUWD DELHUWD GLULJLGD D ORV 0LQLVWHULRV GH 'HVDUUROOR 6RVWHQLEOH \ 3ODQLILFDFLyQH +LGURFDUEXURV DVt FRPRWDPELpQD ODVDXWRULGDGHVORFDOHV H[LJLHQGR TXH VH FXPSOD OD QRUPDWLYDDPELHQWDO\VHWUDPLWHQDPRQHVWDFLRQHVDODVHPSUHVDVSHWUROHUDV5HSVRO$PRFR\0D[XV TXHUHDOL]DURQUHSHWLGDVLQIUDFFLRQHVHQHO7UySLFRGH&RFKDEDPED )XHQWHV 0DUF*DYDOGi/DVPDQFKDVGHO3HWUyOHR%ROLYLDQR7UDVORVSDVRVGH5HSVROHQHO3DUTXH 1DFLRQDO7HUULWRULR,QGtJHQD,VLERUR6pFXUH5HGGH $OHUWD3HWUROHUDGH%ROLYLD 5HVSRQVDEOHGHOUHJLVWUR (ODERUDGRSRU3DWULFLD0ROLQD )2%20$'(VREUHODEDVHGHOWUDEDMRGH 0DUF*DYDOGi 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 'HUUDPHGHKLGURFDUEXURVGH7UDQVUHGHV 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR =RQDGH&XFKLULEDUULR+LODQGHUtDPXQLFLSLRGH6DQWD&UX]GHO GHSDUWDPHQWRGH6DQWD&UX] 7UDQVUHGHV -XQWDVYHFLQDOHV $IHFWDGRV 0LQLVWHULR3~EOLFR3UHIHFWXUD2ILFLQDGH&DOLGDG\6HUYLFLR $PELHQWDOGHOD$OFDOGtD\9LFHPLQLVWHULRGH'HVDUUROOR6RVWHQLEOH $SUR[LPDGDPHQWHIDPLOLDVGHFXDWURXUEDQL]DFLRQHV (OGDxR JHQHUDGR <DVHSURGXMR $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 5RWXUDGHYiOYXOD\GHUUDPHGHSHWUyOHR 3HOLJURVDPROHVWD\FRQWDPLQDQWH $SUR[LPDGDPHQWHKD 3LVFtFROD $JXDDLUHIORUDIDXQD\VDOXG 0D\RGH 0D\RGH 5HVDUFLPLHQWRGHGDxRVRFDVLRQDGRVSRUHOGHUUDPH 2UJDQL]DFLyQVHQVLELOL]DFLyQ\H[LJHQFLDV 6HSWLHPEUHGH 'HVFULSFLyQGHOFRQIOLFWR (OGHPD\RGHVHLQLFLyHOGHUUDPHGHSHWUyOHRHQXQDGHODVSODQWDVGHERPEHRGHODHPSUHVD 7UDQVUHGHV XELFDGD HQ OD ]RQD GHQRPLQDGD /D 0XHUWH GHO EDUULR +LODQGHUtD ,QPHGLDWDPHQWH GHVSXpV ORV YHFLQRV DIHFWDGRV UHDFFLRQDURQ VROLFLWDQGR D ODV LQVWLWXFLRQHV S~EOLFDV TXH UHDOLFHQ DFFLRQHVSDUDVXEVDQDUHOGDxR /DV LQVWDQFLDV HQFDUJDGDV GH UHJXODU HVWH WLSR GH FRQIOLFWRV LQLFLDURQ DFFLRQHV OHJDOHV FRQWUD 7UDQVUHGHVDSDUWLUGHORFXDOHO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQHVWDEOHFLyXQDPXOWD GHGyODUHVTXHGHEHUiLUHQEHQHILFLRGHOD$OFDOGtD (PSUHVDTXHFDSLWDOL]y<3)%SDUDKDFHUVHFDUJRGHOWUDQVSRUWHGHKLGURFDUEXURVTXHWLHQHFRPRDFFLRQLVWDVD HPSUHVDVPXOWLQDFLRQDOHVFRPR(1521\6+(// 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 3RUVXSDUWHODHPSUHVDKDLQLFLDGRODSXULILFDFLyQGHODVDJXDVFRQWDPLQDGDV\KDFRQWUDWDGRXQDJHQWH SDUD HYLWDU TXH VH GHSRVLWH EDVXUDHQOD SR]D GRQGH VH SURGXMRHOGHUUDPH SHURVH QLHJD D SDJDU OD PXOWDDUJXPHQWDQGRTXHXQSURFHVROHJDOGHEHFRQWDUFRQSUXHEDV\WHVWLJRV (QODDFWXDOLGDGVHHVWiHQHVSHUDGHTXH7UDQVUHGHVFLWHDORVGLULJHQWHVGHORVYHFLQGDULRVDIHFWDGRV SDUDOOHJDUDDFXHUGRV6LQHPEDUJRHVWRV~OWLPRVWHPHQTXHORVRIUHFLPLHQWRVTXHGHQHQSURPHVDV\VH KDQGHFODUDGRHQHPHUJHQFLD/DVWLPRVDPHQWHHQHVWHFDVRORVDIHFWDGRVVHHQFXHQWUDQDLVODGRV\D TXHQRKD\LQVWLWXFLRQHVTXHDSR\HQ\RULHQWHQHIHFWLYDPHQWHVXVGHPDQGDV5HVSHFWRDHVWHFRQIOLFWR H[LVWHQUXPRUHVGHTXHODHPSUHVDTXLHUHFRQVWUXLUXQSDUTXHHFROyJLFRHQFRPSHQVDFLyQSRUORVGDxRV RFDVLRQDGRV SHUR SDUHFH TXH HVWD SURSXHVWD QR LQWHUHVD D ORV DIHFWDGRV TXH OR TXH TXLHUHQ HV HO UHVDUFLPLHQWRGHGDxRVRFDVLRQDGRVSRUHOGHUUDPHGHSHWUyOHR )XHQWHV +HPHURJUiILFD\HQWUHYLVWDVDUHSUHVHQWDQWHVGHOEDUULR+LODQGHUtD 3HUVRQDHQFDUJDGDGHOUHJLVWUR0DUJRWK&pVSHGHV)2%20$'( 6DQWD&UX] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHODTXHEUDGD/RV0RQRV 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR 6HUUDQtDGHO$JDUDJH3R]R1PXQLFLSLRGH9LOODPRQWHV GHOGHSDUWDPHQWRGH7DULMD <3)%\&KDFR 5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ ,QLFLDGRUGHOFRQIOLF WR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR $PELR&KDFR21* DIHFWDGRVGLUHFWRVGHODHWQLD:HHQKD\HN 3HWUROHUD 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH &RQWDPLQDQWH\SHOLJURVD KD 3LVFtFROD $JXDDLUHIORUDIDXQD\VDOXG )HEUHURGH 0DU]RGH /RJUDUHOFRQWUROGHOSR]R1\ODOLPSLH]DDVtFRPROD UHFXSHUDFLyQGHODViUHDVDIHFWDGDV 'HQXQFLDS~EOLFDUHXQLRQHVFRQDIHFWDGRVUHXQLyQFRQHO &RPLWp&tYLFRGH7DULMDGHFODUDWRULDGHHVWDGRGHHPHUJHQFLD \UHXQLyQFRQHOUHSUHVHQWDQWHGHO9LFHPLQLVWHULRGH$SR\R ,QWHJUDO\OLPSLH]DGHODTXHEUDGD/RV0RQRV GH-XOLRGH 'HVFULSFLyQGHOFRQIOLFWR (QIHEUHURGH VHSURGXMRXQGHUUXPEHTXHURPSLyODVWXEHUtDV\ODSODQFKDGDGHOSR]R 1GHO EORTXH /RV 0RQRV XELFDGR HQ OD VHUUDQtD GHO $JDUDJH HQ OD WHUFHUD VHFFLyQ GH OD SURYLQFLD *UDQ &KDFR GHO GHSDUWDPHQWR GH 7DULMD D SRFRV NLOyPHWURV GHO WHUULWRULR :HHQKD\HN (VWH DFFLGHQWH IXH LQIRUPDGRHQODDXGLWRULDDPELHQWDOUHDOL]DGDSRU ODHPSUHVD&KDFRHQHVWHPLVPRDxRVLQHPEDUJRHO JRELHUQRQRKL]RQDGDSRUFRQWURODUHOGDxRRFDVLRQDGR (QPDU]RGHOD21*$PELR&KDFRFRQRILFLQDHQ9LOODPRQWHVUHDOL]yXQDYLVLWDDOOXJDU\DQWHOD HYLGHQFLDGHOGDxRRFXUULGRKL]RXQDGHQXQFLDS~EOLFDDQWHOD3UHIHFWXUD$HVWDGHQXQFLDVHVXPDURQODV UHDOL]DGDVSRUORVGLULJHQWHV:HHQKD\HNHO&RPLWp&tYLFRGH7DULMD\HO)2%20$'(3RVWHULRUPHQWHVH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV FUHyXQDFRPLVLyQYHULILFDGRUDFX\RLQIRUPHIXHSUHVHQWDGRHQXQDUHXQLyQRUJDQL]DGDHQ9LOODPRQWHV GRQGHVHH[LJLyODLQPHGLDWDLQWHUYHQFLyQGHGLFKRSR]R (VWH KHFKR PRYLOL]y D WRGDV ODV RUJDQL]DFLRQHV H LQVWLWXFLRQHV FtYLFDV GHO GHSDUWDPHQWR GH 7DULMD \ D RWUDVLQVWLWXFLRQHVGHOSDtVODSUHRFXSDFLyQJHQHUDOKL]RTXHHO&RPLWp&tYLFRGH7DULMDGHFODUDUDHVWDGR GHHPHUJHQFLD(VWHKHFKRPRWLYyTXHHOJRELHUQRGRVPHVHVGHVSXpVGHKDEHUDVXPLGRFRPSURPLVRV UHVSHFWR D OD LQWHUYHQFLyQ GHO SR]R UHDFFLRQH \ GHFLGD LQLFLDU DFWLYLGDGHV SDUD FRQWURODUOR \ OXHJR SURFHGHUDODOLPSLH]D\UHFXSHUDFLyQGHODViUHDVGDxDGDV (Q HVWH FRQIOLFWR ORV JHQHUDGRUHV XWLOL]DQGR HO DUJXPHQWR GH TXH HO KHFKR KDEtD VLGR LQIRUPDGR RSRUWXQDPHQWHHQQRUHDOL]DURQQLQJXQDDFFLyQ\VyORUHDFFLRQDURQFXDQGRODVRUJDQL]DFLRQHV\HO SXHEORHQJHQHUDOVHPRYLOL]y\SUHVLRQySDUDTXHHOGDxRVHDVROXFLRQDGR (Q HVWH VHQWLGR ODV DFFLRQHV WpFQLFDV SURSXHVWDV SRU HO JRELHUQR \ TXH \D HVWiQ HQ HMHFXFLyQ SRU HO 9LFHPLQLVWHULRGH'HIHQVD VRQ x x x x %HUPDVGHUHFROHFFLyQHQODTXHEUDGD/RV0RQRV &RQVWUXFFLyQGHGRVIRVDV 4XHPDGHJDV &RQWUROGHILQLWLYRGHOSR]R $FWXDOPHQWH ORV DIHFWDGRV \ VXV DOLDGRV FRQWLQ~DQ UHDOL]DQGR DFFLRQHV GH PRQLWRUHR SDUD ORJUDU OD OLPSLH]D\UHFXSHUDFLyQGHODViUHDVDIHFWDGDV\HOFRQWUROGHOSR]R1 )XHQWHV 'HQXQFLDGH$PELR&KDFR\DXGLWRULDDPELHQWDOGHODHPSUHVD&KDFR 3HUVRQDHQFDUJDGDGHOUHJLVWUR $OLSLR9DOGp])2%20$'( 7DULMD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 3ROtWLFDHLQVWUXPHQWRVGHJHVWLyQ GHORVUHFXUVRVKtGULFRVHQ%ROLYLD 3ROtWLFDGHUHFXUVRVKtGULFRVGH%ROLYLD %ROLYLD QR GLVSRQH GH XQD SROtWLFD JOREDO GH UHFXUVRV KtGULFRV TXH RULHQWH ODV DFWLYLGDGHV QDFLRQDOHV UHJLRQDOHV\ORFDOHV+DVWDDKRUDORVUHFXUVRVKtGULFRVKDQVLGRXWLOL]DGRVVHJ~QORVUHTXHULPLHQWRVGH SUR\HFWRVHVSHFtILFRVDVRFLDGRVDSURJUDPDVRHQDOJXQRVFDVRVDSODQHV\HVWUDWHJLDVGHHQWLGDGHV UHJLRQDOHV QDFLRQDOHV R LQWHUQDFLRQDOHV S~EOLFDV R SULYDGDV (O XVR GHO DJXD KD WHQLGR FRPR GHQRPLQDGRU FRP~Q HO LQWHUpV SDUWLFXODU VLQ FRQVLGHUDU HIHFWLYDPHQWH VX XVR P~OWLSOH QL PHMRUDU OD FRRUGLQDFLyQHQWUHORVGLIHUHQWHVVHFWRUHVXVXDULRV (QHOFDVRHVSHFtILFRGHORVLQVWUXPHQWRVOHJDOHVHQHOSDtVHVWiYLJHQWHXQD/H\GH$JXDVTXHGDWDGH EDVDGD D VX YH] HQ XQ GHFUHWR GH 3RU VX PLVPD DQWLJHGDG HVWD /H\ HV DSOLFDEOH VyOR SDUFLDOPHQWHDVtSRUHMHPSORDFHSWDWDQWRODSURSLHGDGS~EOLFDFRPRSULYDGDGHODVDJXDVORTXHHVWi HQFRQWUDGLFFLyQFRQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRTXHGHILQHTXHODVDJXDVHQWRGRVVXVHVWDGRV VRQ GH GRPLQLR RULJLQDULR GHO (VWDGR TXH VyOR SRGUi HQWUHJDUODV HQ FRQFHVLyQ /D /H\ YLJHQWH KDFH pQIDVLV HQ ORV XVRV SDUD ULHJR \ IHUURFDUULOHV DVt FRPR HQ HO UpJLPHQ GH VHUYLGXPEUHV SDUD OD FRQVWUXFFLyQGHREUDVKLGUiXOLFDV([LVWHDGHPiVXQVHQWLGRLPSOtFLWRGHTXHHODJXDHVDFFHVRULDDOD WLHUUDWRGRORFXDOVHH[SOLFDSRUODpSRFDHQ TXHVHGLFWy'HHVWDPDQHUDQRVHLQFOX\HQDUWtFXORVVREUH YDULRVXVRVGHODJXD\WDPSRFRVREUHORVGHUHFKRVGHORVSXHEORVRULJLQDULRV (QHOFDPSRGHORVUHFXUVRVQDWXUDOHVODWHQGHQFLDGHORV~OWLPRVDxRVHVUHGXFLUHOUROGHO(VWDGRFRPR LQYHUVRUHQORVJUDQGHVSUR\HFWRVGHDSURYHFKDPLHQWRGHHVRVUHFXUVRV\DVXPLUPiVELHQHOSDSHOGH UHJXODGRU VLJXLHQGR ODV WHQGHQFLDV SUHGRPLQDQWHV HQ /DWLQRDPpULFD LPSXOVDGDV SRU RUJDQLVPRV LQWHUQDFLRQDOHVFRPRHO)RQGR0RQHWDULR,QWHUQDFLRQDO(QHVWHVHQWLGRHQDxRVUHFLHQWHVVHDSUREDURQ YDULDV OH\HV VHFWRULDOHV FRPR HO &yGLJR GH 0LQHUtD OD /H\ GH +LGURFDUEXURV \ OD /H\ )RUHVWDO (Q JHQHUDO HVDV OH\HV GDQ pQIDVLV DO HVWtPXOR GH OD LQYHUVLyQ SULYDGD SDUWLFXODUPHQWH H[WUDQMHUD H LQFRUSRUDQ DVSHFWRV DPELHQWDOHV \ GH PDQHMR GH UHFXUVRV (O SUREOHPD HV TXH WLHQHQ XQ HQIRTXH H[FHVLYDPHQWH VHFWRULDO SHUPLWLHQGR SRU HMHPSOR D ODV DXWRULGDGHV GH FDGD iUHD RWRUJDU DXWRPiWLFDPHQWHORVUHFXUVRVGHDJXD \VXHORMXQWRFRQODVFRQFHVLRQHVPLQHUDVRSHWUROHUDV /RVDYDQFHVGHOSDtVHQHOWHPDGHORVUHFXUVRVKtGULFRVHVWiQDVRFLDGRVDORVDYDQFHVHQODSROtWLFDGH GHVDUUROOR VRVWHQLEOH TXH D VX YH] WLHQH XQ SXQWR GH SDUWLGD HQ OD DSUREDFLyQ GH OD /H\ GH 0HGLR $PELHQWH OR TXH GH DOJXQD PDQHUD KD VLGR UHIRU]DGR SRU OH\HV SRVWHULRUHV FRPR OD GH 3DUWLFLSDFLyQ 3RSXODU TXH KDQ EXVFDGR GHVFHQWUDOL]DU OD DGPLQLVWUDFLyQ GHO SDtV \ GDU PD\RU SDUWLFLSDFLyQ D ODV FRPXQLGDGHV\ODVRFLHGDGFLYLOHQJHQHUDO'HQWURGHHVWHFRQWH[WRVHHODERUyFRQDSR\RGHOD)$2HO 3ODQ GH 0DQHMR GH &XHQFDV +LGURJUiILFDV TXH VHUi GH XWLOLGDG SDUD HODERUDU SRVWHULRUPHQWH HO 3ODQ 1DFLRQDOGH5HFXUVRV+tGULFRV/D/H\GH0HGLR$PELHQWHLQFRUSRUDDUWtFXORV\UHJODPHQWRVUHODWLYRVDO DJXD FRPR HO 5HJODPHQWRHQ 0DWHULD GH &RQWDPLQDFLyQ+tGULFD SHURHV FODUDPHQWHLQVXILFLHQWH SDUD GHILQLUSROtWLFDV\HVWUDWHJLDVHQHOFDPSRGHORVUHFXUVRVKtGULFRV 'LYHUVRVHVWXGLRV HQFDUJDGRVR UHDOL]DGRVSRU HOJRELHUQREROLYLDQR YDULRVGH ORVFXDOHV KDQUHFLELGRDSR\RGH81(6&23+,PXHVWUDQODQHFHVLGDGGHWHQHUXQDSROtWLFD\XQSODQQDFLRQDOGH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV UHFXUVRV KtGULFRV DVt FRPR ODV FRQVHFXHQFLDV QHJDWLYDV GH QR GLVSRQHU GH HOORV (O SURSLR JRELHUQR EROLYLDQR KD GHFODUDGR VX YROXQWDG GH HVWDEOHFHU LQPHGLDWDPHQWH XQD DXWRULGDG GHO VHFWRU KtGULFR GHO SDtVEDVDGDHQHOFRQFHSWRGHTXHODXQLGDGGHJHVWLyQHVODFXHQFD\HQFULWHULRVGHDWHQFLyQDFDGD XQRGHORVSULQFLSDOHVIDFWRUHVGHOFLFORKLGUROyJLFR6LQHPEDUJRHVWRQRVHKDOOHYDGRDFDERGHELGRD GLYHUVRV IDFWRUHV 8QR GH HOORV HV OD SUHVLyQ GH VHFWRUHV LQIOX\HQWHV FRPR HO PLQHUR R SHWUROHUR TXH SHUFLEHQ TXH VXV LQWHUHVHV VH YHUtDQ DIHFWDGRV QHJDWLYDPHQWH SRU XQD OHJLVODFLyQ PRGHUQD \ XQD DXWRULGDGGHDJXDVIXHUWH\HILFLHQWH/DIDOWDGHYLVLyQGHGLYHUVRVJRELHUQRVKDOOHYDGRLQFOXVRDUHGXFLU JUDGXDOPHQWH HO SUHVXSXHVWR GHVWLQDGR D VLVWHPDV GH LQIRUPDFLyQ \ UHFROHFFLyQ GH GDWRV KLGURPHWHRUROyJLFRVTXHVRQHVHQFLDOHVSDUDODSODQLILFDFLyQ\JHVWLyQKtGULFD 3RU RWUR ODGR HO DFFHVR GH OD SREODFLyQ DO DJXD HV GHILFLHQWH \ PXHVWUD ODV GHVLJXDOGDGHV VRFLDOHV H[LVWHQWHVHQHOSDtV(QXQGHODSREODFLyQEROLYLDQDWHQtDDFFHVRDODJXDSRWDEOHSRUPHGLR GH UHGHV HQ HO iUHD UXUDO HVWH SRUFHQWDMH HUD GH VyOR XQ PLHQWUDV TXH HQ HO iUHD XUEDQD VH LQFUHPHQWDEDDXQ/DVLWXDFLyQHVSHRUSDUDORVVHUYLFLRVVDQLWDULRV\GHDOFDQWDULOODGRHOGHOD SREODFLyQFDUHFtDGHHVWRVVHUYLFLRV6XEVHFUHWDUtDGH0HGLR$PELHQWH /DQHFHVLGDGGHSODQLILFDU\JHVWLRQDUVHPXHVWUDWDPELpQHQRWURVDVSHFWRVVLELHQ%ROLYLDDSDUHFHFRQ XQD GLVSRQLELOLGDG KtGULFD SHU FDSLWD GH PDxR VXSHULRU DO SURPHGLR ODWLQRDPHULFDQR \ PX\ VXSHULRU DO PXQGLDO OD VLWXDFLyQ YDUtD PXFKR HVSDFLDOPHQWH /D FXHQFD DPD]yQLFD \ HQ SDUWLFXODU OD OODQXUD\ORVYDOOHVK~PHGRVGHOIODQFRRULHQWDOGHOD&RUGLOOHUDGH/RV$QGHVUHFLEHQODPD\RUSDUWHGH HVRVUHFXUVRV(QFDPELRODUHJLyQDOWLSOiQLFD\ORVYDOOHVVHFRVLQWHUDQGLQRVUHFLEHQXQDSUHFLSLWDFLyQ SURPHGLRLQIHULRUDORVPPDxRDSHVDUGHTXHFRQFHQWUDQPiVGHOGHODSREODFLyQ%DMRHVWDV FRQGLFLRQHVODFRPSHWHQFLDSRUHODJXDVHKDH[DFHUEDGRHQYDULRVOXJDUHV\FRQHOODORVFRQIOLFWRVKDQ DXPHQWDGR 8Q HVWXGLR GH UHDOL]DGR SRU HO HQWRQFHV 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 0HGLR $PELHQWH 0'60$LGHQWLILFyYDULDVOLPLWDFLRQHVHQHO VHFWRUKtGULFRQDFLRQDOTXHVHKDQPDQWHQLGRKDVWDODIHFKD \VHUHVXPHQHQORVVLJXLHQWHVSXQWRV 1RH[LVWHXQDDXWRULGDGQDFLRQDOGHDJXDVFRQVROLGDGD 1RH[LVWHXQDOHJLVODFLyQVREUHHOVHFWRUKtGULFRDGHFXDGDDODVLWXDFLyQDFWXDO 1RH[LVWHJHVWLyQ GHODRIHUWD\ODGHPDQGDGHUHFXUVRVKtGULFRV 1RH[LVWHXQDSROtWLFDGHLQYHVWLJDFLyQ\GHVDUUROORGHORVUHFXUVRVKtGULFRV ([LVWHXQDPXOWLSOLFDFLyQGHHVIXHU]RVVREUHHOPLVPRWHPDHQPXFKDVGHODVDFWLYLGDGHV UHODFLRQDGDVHYDOXDFLyQGHORVUHFXUVRVKtGULFRV ,QVWUXPHQWRV (O DQiOLVLV GH OD VLWXDFLyQ GH ORV UHFXUVRV KtGULFRV HQ %ROLYLD 0'60$ OOHYy D SURSRQHU XQD HVWUDWHJLDGHDFFLyQFRQORVVLJXLHQWHVREMHWLYRVDFRUWRSOD]R &RQWDU FRQ GLVSRVLFLRQHV OHJDOHV DFWXDOL]DGDV TXH UHJXOHQ ODV DFWLYLGDGHV GHO VHFWRU KtGULFR &RQWDU FRQ XQD HVWUXFWXUD LQVWLWXFLRQDO TXH IDFLOLWH OD HMHFXFLyQ \ FRRUGLQDFLyQ GH ODV DFWLYLGDGHVUHODFLRQDGDVDORVUHFXUVRVKtGULFRV (VWDEOHFHUVLVWHPDVGHRSHUDFLyQ\PDQHMRGHORVUHFXUVRVKtGULFRVDHVFDODGHFXHQFDV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 'HVDUUROODUXQ VLVWHPDGHHGXFDFLyQ\FDSDFLWDFLyQ TXH FXEUDWRGRVORVQLYHOHVSDUDHO PDQHMRHILFLHQWHGHORVUHFXUVRVKtGULFRV 0RYLOL]DUDODSREODFLyQSDUDORJUDUVXSDUWLFLSDFLyQDFWLYDHQHOXVRVRVWHQLEOHGHOUHFXUVR KtGULFR (VWRVREMHWLYRVHVWiQtQWLPDPHQWHUHODFLRQDGRVFRQORVLQVWUXPHQWRVRSHUDWLYRVGHODSROtWLFDGHUHFXUVRV KtGULFRVGHOSDtV\SRUWDQWRFRQORVWHPDVTXHVHGHVDUUROODUiQDFRQWLQXDFLyQ3RURWURODGRHOKHFKR GHTXHQLQJXQRGHHVRVREMHWLYRVVHKD\DDOFDQ]DGRKDVWDDKRUDPXHVWUDORSRFRTXHVHKDDYDQ]DGR HQGHILQLUXQDSROtWLFDHLPSOHPHQWDUXQSODQQDFLRQDOGHUHFXUVRVKtGULFRV ,QVWUXPHQWRVOHJDOHV /DQHFHVLGDGGHXQDQXHYD/H\GH$JXDVQRVHKDSODVPDGRHQKHFKRV\QRSRUIDOWDGHSURSXHVWDVHQ OD ~OWLPD GpFDGD VH UHGDFWDURQ YHUVLRQHV OD PiV UHFLHQWH GH MXOLR GH ([LVWHQ GLYHUVDV H[SOLFDFLRQHVSDUDHVWDVLWXDFLyQDSDUWHGHODHYLGHQWHIDOWDGHYROXQWDGSROtWLFDPRVWUDGDSRUVXFHVLYRV JRELHUQRV\OHJLVODWXUDV3RVLEOHPHQWHXQDGHHOODVHVODSUHVLyQHMHUFLGDSRUJUXSRVGHSRGHUDOVHQWLU TXHVXVLQWHUHVHVHFRQyPLFRVSRGtDQYHUVHDIHFWDGRV(VWHIXHHOFDVRGHOVHFWRUPLQHURTXHORJUyOD SURQWD DSUREDFLyQ GHO &yGLJR 0LQHUR D SHVDU GH TXH VX DFWLYLGDG KD SHUGLGR SHVR UHODWLYR HQ OD HFRQRPtDEROLYLDQDHQORV~OWLPRVDxRV$FWXDOPHQWHHOVHFWRUSHWUROHURUHSUHVHQWDODPD\RUSDUWHGHOD LQYHUVLyQSULYDGD\H[WUDQMHUDHQHOSDtVORTXHHVUHVXOWDGRWDQWRGHXQDSROtWLFDVHFWRULDOELHQGHILQLGD TXH VH KD FRQFUHWDGR HQ SUR\HFWRV FRPR HO JDVRGXFWR DO %UDVLO \ XQ PDUFR OHJDO SURSLFLR D HVDV LQYHUVLRQHV(VHPDUFROHJDORWRUJDDOWLWXODUGHODFRQFHVLyQSHWUROHUDHOXVROLEUHGHWRGRFDUJRGHQWUR GHOiUHDGHFRQFHVLyQGHUHFXUVRVQDWXUDOHVFRPRHODJXDPDGHUDJUDYD\PDWHULDOHVGHFRQVWUXFFLyQ %DMR HVWDV FRQGLFLRQHV QR HV GH H[WUDxDU TXH FLHUWRV VHFWRUHV QR PXHVWUHQ LQWHUpV HQ DSR\DU XQ SUR\HFWRGH/H\GH$JXDVTXHOHVTXLWDUtDDOJXQRVGHUHFKRVRDOPHQRVORVOLPLWDUtD $SHVDUGHHVWRV\RWURVSUREOHPDVHODFWXDOSUR\HFWRWLHQHXQDSUREDELOLGDGUD]RQDEOHGHVHUDSUREDGR HQ HO 3DUODPHQWR GRQGH \D IXH SUHVHQWDGR \ GHEH VHU WUDWDGR HQ HVWD R HQ OD SUy[LPD JHVWLyQ (O SUR\HFWR KD VLGR GLVFXWLGR FRQ FLHUWD DPSOLWXG \ VH OH LQFRUSRUDURQ DSRUWHV GH GLYHUVRV VHFWRUHV 6LQ HPEDUJRSHUVLVWHQDOJXQDVREVHUYDFLRQHVHQWUHHOODVODVUHIHULGDVDOPDUFRLQVWLWXFLRQDOSURSXHVWRTXH HVFRPSOHMR\SURSRQHXQDDXWRULGDGGHDJXDVEDVDGDHQODGLYLVLyQSROtWLFDGHOSDtV\QRHQ HOFRQFHSWR GHFXHQFDKLGURJUiILFDDVtFRPRODVREVHUYDFLRQHVVREUHHOPHUFDGRGHGHUHFKRVGHDJXDV ,QVWUXPHQWRVHFRQyPLFRV\DGPLQLVWUDWLYRV (O ~OWLPR SUR\HFWR GH /H\ GH $JXDV LQFRUSRUD HO SULQFLSLR GHO YDORU HFRQyPLFR GHO DJXD \ SURSRQH LQVWUXPHQWRV HFRQyPLFRV \ DGPLQLVWUDWLYRV SDUD HOVHFWRUKtGULFR 8QR GH HOORV HV ODSDWHQWH GHO DJXD GHILQLGD FRPR HO YDORU TXH VH SDJDUi DQXDOPHQWH SRU OD FRQFHVLyQ TXH RWRUJD HO GHUHFKR GH XVR \ DSURYHFKDPLHQWRGHOUHFXUVRHQXQLGDGGHYROXPHQSRUXQLGDGGHWLHPSR$PHGLDQRSOD]RVHVXSRQH TXHORVLQJUHVRVGHULYDGRVGHODSDWHQWHVRVWHQGUiQHOVLVWHPDDGPLQLVWUDWLYR\GHJHVWLyQGHODJXD (QODVFRQGLFLRQHVDFWXDOHVHOVHFWRUKtGULFRQRGLVSRQHGHLQVWUXPHQWRVHFRQyPLFRVHVSHFtILFRVSDUDVX IXQFLRQDPLHQWR &DGD LQVWLWXFLyQ UHODFLRQDGD D OD JHVWLyQ GHO DJXD REWLHQH VXV UHFXUVRV GH PDQHUD LQGHSHQGLHQWH 6HJ~Q HO FDVR HVWRV SXHGHQ SURYHQLU GHO 3UHVXSXHVWR *HQHUDO GH OD 1DFLyQ GH FRQYHQLRV QDFLRQDOHV H LQWHUQDFLRQDOHV R GHO FREUR D XVXDULRV (VWD GLVSHUVLyQ FRQWULEX\H DO XVR LQHILFLHQWH GH HVRV UHFXUVRV TXH GH WRGDV PDQHUDV VRQ HVFDVRV D SHVDU GH OD HYLGHQFLDGH TXH HO GHVDUUROORGHPXFKDVUHJLRQHVHVWi\HVWDUiIXHUWHPHQWHFRQGLFLRQDGRSRUODGLVSRQLELOLGDGGHDJXD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 'H WRGDV PDQHUDV ORV SODQHV QDFLRQDO \ UHJLRQDOHV GH GHVDUUROOR HFRQyPLFR KDQ LQFOXLGR PRQWRV LPSRUWDQWHV SDUD HMHFXWDU SUR\HFWRV KtGULFRV SHUR QXHYDPHQWH VH QRWD OD IDOWD GH XQD SROtWLFD GH UHFXUVRVKtGULFRVTXHRULHQWH\FRRUGLQHODVDFWLYLGDGHVDHVFDODQDFLRQDOUHJLRQDO\ORFDO(OSUR\HFWRGH /H\ Vt LQFRUSRUD GHWDOODGDPHQWH FRQFHSWRV GH SODQLILFDFLyQ TXH VH WUDGXFLUiQ HQ HO 3ODQ 1DFLRQDO GHO 5HFXUVR $JXD &RQ UHIHUHQFLD D RWURV LQVWUXPHQWRV DGPLQLVWUDWLYRV VH REVHUYD OD H[LVWHQFLD GH XQD 6XSHULQWHQGHQFLDGH$JXDVFRPRyUJDQRUHJXODGRULQGHSHQGLHQWHGHOD$XWRULGDGGH$JXDVHQFDUJDGR GHOUpJLPHQGHFRQFHVLRQHV (GXFDFLyQ /D SREODFLyQ EROLYLDQD SDUWLFXODUPHQWH OD UXUDO WLHQH WUDGLFLyQ GH WUDEDMR FRPXQLWDULR OHJDGR GH ODV FXOWXUDV SUHFRORPELQDV TXH GHVDUUROODURQ HVWUXFWXUDV HODERUDGDV SDUD HO PDQHMR GH UHFXUVRV HQ XQ DPELHQWH JHRJUiILFR PX\ FRPSOHMR VXMHWR D ULHVJRV FRPR ODV VHTXtDV H LQXQGDFLRQHV 6H GHVWDFD HVSHFLDOPHQWHHOJUDGRGHGHVDUUROORTXHDOFDQ]DURQODVHVWUXFWXUDVGHPDQHMRGHODJXDDVtFRPR ORV QLYHOHVWpFQLFRV\ GH SODQLILFDFLyQ GH HVDVFXOWXUDV/DLQWHUYHQFLyQFRORQLDOTXHEUyHVWHSURFHVRSHUR D~QTXHGDQIRUPDVGHRUJDQL]DFLyQFRPXQLWDULD\UHVWRVGHORJURVWpFQLFRVFRPRHOFXOWLYRHQFDPSRV HOHYDGRV $OJXQDV DFWLYLGDGHV LQWURGXFLGDV MXQWR FRQ OD FRORQL]DFLyQ HVSDxROD FRPR OD PLQHUtD D JUDQ HVFDOD IXHURQHVSHFLDOPHQWHGHVWUXFWLYDVSDUDHOPHGLRDPELHQWH\HQSDUWLFXODUSDUDHODJXD(VRVPpWRGRVGH H[SORWDFLyQQRWRPDEDQHQ FXHQWDHOFLFORGHODJXD QLRWURV XVRV\ FRQWDPLQDURQORVUHFXUVRVKtGULFRV KDVWDXQQLYHOH[WUHPRHQDOJXQDVFXHQFDVGHORVGHSDUWDPHQWRVRFFLGHQWDOHVGH2UXUR\3RWRVt /D HGXFDFLyQ GH OD pSRFD FRORQLDO \ UHSXEOLFDQD WDPSRFR DSURYHFKy OD EDVH VRFLDO \ WpFQLFD GH ODV FXOWXUDV SUHFRORPELQDV (O GLDJQyVWLFR LQFOXLGR HQ OD SURSXHVWD GH 5HIRUPD (GXFDWLYD GHO JRELHUQR DQWHULRU PXHVWUD XQ SDQRUDPD FUtWLFR GH OD HGXFDFLyQ HQ %ROLYLD FRQ LPSRUWDQWHV VHFWRUHV KXPDQRV PDUJLQDGRV GH OD HGXFDFLyQ IRUPDO \ FRQ VHULDV GHILFLHQFLDV HQ OD IRUPDFLyQ WpFQLFD \ HQ HO GHVDUUROOR GHO UD]RQDPLHQWR FUHDWLYLGDG \ GHVWUH]DV HVSHFtILFDV /D 5HIRUPD (GXFDWLYD TXH \D IXH SURPXOJDGD\HVWiHQHMHFXFLyQLQFOX\yHOREMHWLYRGHLQVSLUDUHQORVHGXFDQGRVXQDFRQFLHQFLDFODUDGH ODGHIHQVD \ HOPDQHMR VRVWHQLEOHGH ORVUHFXUVRVQDWXUDOHV \GH ODSUHVHUYDFLyQGHOPHGLRDPELHQWH 'HVGHVXSURPXOJDFLyQVHDYDQ]yDOJRHQODLQFRUSRUDFLyQGHFRQWHQLGRVDPELHQWDOHVHQORVSODQHVGH HVWXGLR\SURJUDPDVGHWRGRVORVFLFORVSHURHYLGHQWHPHQWHHOSHULRGRWUDQVFXUULGRHVWRGDYtDPX\FRUWR SDUDHYDOXDUUHVXOWDGRV /RVLQVWUXPHQWRVDGHVDUUROODUHQHOPDUFRGHOD5HIRUPD(GXFDWLYDVRQLPSRUWDQWHVQRVyORSDUDORJUDU XQPDQHMRHILFLHQWHGHORVUHFXUVRVKtGULFRVVLQRSDUDPRYLOL]DUDODSREODFLyQ\ORJUDUVXSDUWLFLSDFLyQ DFWLYDHQHOXVRVRVWHQLEOHGHHVRVUHFXUVRV6yORDVtFRQWULEXLUiHIHFWLYDPHQWHDGLVPLQXLUODVGLIHUHQFLDV VRFLDOHVHQHODFFHVRDOFRQRFLPLHQWR\PHMRUDUHOFRQWUROGHODVHVWUXFWXUDVGHSRGHU 5HODFLyQGHOVLVWHPDHGXFDWLYRFRQHOPDQHMRGHORVUHFXUVRVKtGULFRV (O PDQHMR GH ORV UHFXUVRV KtGULFRV GH %ROLYLD KD HVWDGR HQ PDQRV GH SHUVRQDO QDFLRQDO SHUR FRQ IUHFXHQFLDQRHQPDQRVGHSURIHVLRQDOHVFRQIRUPDFLyQHVSHFtILFDHQHVWHFDPSR6LQHPEDUJRPiVDOOi GHOSUREOHPDGHULYDGRGHODLQIOXHQFLDSROtWLFDHQODDVLJQDFLyQGHFDUJRVMHUiUTXLFRVJXEHUQDPHQWDOHV VHREVHUYDTXHHOGHVDUUROORVRVWHQLEOHGHORVUHFXUVRVKtGULFRVHQFXHQWUDHQWUHVXVPD\RUHVREVWiFXORV ODIDOWDGHFDSDFLWDFLyQSURIHVLRQDOGHOSHUVRQDOGHLQVWLWXFLRQHVTXHGHVDUUROODQDFWLYLGDGHQHOFDPSRGHO DJXDORTXHVHUHODFLRQDHQSDUWHFRQORVEDMRVVDODULRV(QIRUPDJHQHUDOVHREVHUYDSUREOHPDVFRPROD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR IDOWD GH FRQRFLPLHQWRV GH JHVWLyQ \ VXSHUYLVLyQ HQ WRGRV ORV QLYHOHV HO XVR LQHILFD] GH ORV UHFXUVRV KXPDQRVGLVSRQLEOHV\ODIDOWDGHFDSDFLGDGGHHODERUDUSROtWLFDV\SODQHV 1RREVWDQWHODVXQLYHUVLGDGHVGHOSDtVKDQLQFRUSRUDGRGHVGHKDFHPXFKRWLHPSRDWUiVODIRUPDFLyQGH SURIHVLRQDOHV HQ UHFXUVRV KtGULFRV HQ HO QLYHO GH SUHJUDGR GHVDUUROODQGR WHFQRORJtD SRU PHGLR GH VXV LQVWLWXWRVGHLQYHVWLJDFLyQ&DVLWRGDODLQYHVWLJDFLyQVHFRQFHQWUDHQODVXQLYHUVLGDGHVS~EOLFDV\GHDKt VX DSRUWH IXQGDPHQWDO DO FRQRFLPLHQWR GH ORV UHFXUVRV KtGULFRV GHO SDtV 3RU RWUR ODGR \ JUDFLDV D FRQYHQLRVHVSHFtILFRVPXFKRVSURIHVLRQDOHVKDQFRQWLQXDGRHVWXGLRVGHSRVWJUDGRHQXQLYHUVLGDGHVGHO H[WHULRU 'H WRGDV PDQHUDV OD IRUPDFLyQ GH SURIHVLRQDOHV HQ UHFXUVRV KtGULFRV DO LJXDO TXH HQ RWURV FDPSRV VHKDUHDOL]DGRSRULQLFLDWLYDVDLVODGDVTXHKDQGDGROXJDUDODGLVSHUVLyQGHHVIXHU]RV $O UHVSHFWR HO GRFXPHQWR GH OD 6XEVHFUHWDUtD GH 0HGLR $PELHQWH LGHQWLILFy ORV VLJXLHQWHV REVWiFXORV (Q SULPHU OXJDU OD IDOWD GH XQD HVWUDWHJLD QDFLRQDO GH LQYHVWLJDFLyQ TXH LQFOX\D WDQWR UHFXUVRVHVWDWDOHVFRPRSULYDGRVSDUDSURPRYHUODLQYHVWLJDFLyQGHDVSHFWRVGHLQWHUpVSDUDHOSDtV\HQ VHJXQGRODDXVHQFLDGHFHQWURVGHGRFXPHQWDFLyQDGHFXDGRVTXHVLVWHPDWLFHQODLQIRUPDFLyQWpFQLFD\ HFRQyPLFD SURGXFLGD HQ HO SDtV (O PLVPR GRFXPHQWR UHFRPLHQGD HO GHVDUUROOR GH XQ SURJUDPD GH HQWUHQDPLHQWR GLULJLGR D DGPLQLVWUDGRUHV GHO VHFWRU S~EOLFR \ D ORV GLIHUHQWHV JUXSRV GH XVXDULRV GHO DJXD8QGRFXPHQWRPiVUHFLHQWH0'63LQFOX\HRWUDVUHFRPHQGDFLRQHVFRPRODGHLQFRUSRUDU DVSHFWRV VRFLDOHV HQ OD IRUPDFLyQ GH WpFQLFRV H LQJHQLHURV HQ HO FDPSR GHO DJXD DVt FRPR OD GH H[WHQGHUODFDSDFLWDFLyQPiVDOOiGHOQLYHOGHSUHJUDGR +DVWDSULQFLSLRVGHODGpFDGDGHOQRYHQWDQRH[LVWtDXQVRORFXUVRGHSRVWJUDGRHQ%ROLYLDHQHOFDPSR GHORVUHFXUVRVKtGULFRV 6LQHPEDUJRDFWXDOPHQWHDOPHQRVWUHVXQLYHUVLGDGHVS~EOLFDVGHGLIHUHQWHV UHJLRQHVGHOSDtVWLHQHQFXUVRVDHVHQLYHO HLQFOXVRVHHVWiLPSOHPHQWDQGRDSDUWLUGHODxRXQ FXUVR LWLQHUDQWH FRPSDUWLGR HQWUH WUHV XQLYHUVLGDGHV FRQ OD SDUWLFLSDFLyQ GH SURIHVRUHV QDFLRQDOHV \ H[WUDQMHURV 8QD GH ORV IDFWRUHV TXH KD FRQWULEXLGR D HVWH GHVDUUROOR HV OD IRUPDFLyQ GH XQ JUXSR LPSRUWDQWH GH SURIHVLRQDOHVHQXQLYHUVLGDGHVGHOH[WHULRUFRQWtWXORVGHPDHVWUtD\GRFWRUDGR6HREVHUYDTXHHOQLYHO GH SRVWJUDGR VH FRQFHQWUD HQ ODV XQLYHUVLGDGHV S~EOLFDV OR TXH VH H[SOLFD SRU HO KHFKR GH TXH OD IRUPDFLyQ HQ UHFXUVRV KtGULFRV UHTXLHUH GH LPSRUWDQWHV LQYHUVLRQHV HQ LQIUDHVWUXFWXUD \ HTXLSDPLHQWR TXH SRU FXHVWLRQHV GH UHQWDELOLGDG JHQHUDOPHQWH QR VH MXVWLILFDQ GHVGH HO SXQWR GH YLVWD GH ODV XQLYHUVLGDGHVSULYDGDV 7RGRVORVHVIXHU]RVGHPHMRUDGHODHGXFDFLyQSURIHVLRQDOGHEHQWHQHUFRPRPHWDODSDUWLFLSDFLyQDFWLYD \SULRULWDULDGHSURIHVLRQDOHV\WpFQLFRVEROLYLDQRVHQHOPDQHMRGLVHxRGLPHQVLRQDPLHQWR\SXHVWDHQ PDUFKDGHODVDFFLRQHVVREUHHOGHVDUUROORGHOUHFXUVRKtGULFR -RUJH0ROLQD&DUSLR ,QJHQLHUR+LGUiXOLFR 'LUHFWRUGHO,QVWLWXWRGH+LGUiXOLFDH+LGURORJtD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHOUtR3LOFRPD\X 8ELFDFLyQG H OFRQIOLF WR 'HSDUWDPHQWRVGH2UXUR&KXTXLVDFD3RWRVt\7DULMD ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $JULFXOWRUHVDIHFWDGRVSRUODVDJXDVFRQWDPLQDGDVHQWLGDGHV FtYLFDV\RUJDQL]DFLRQHVDPELHQWDOLVWDV 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH $FWLYLGDGT XHJHQ HU DHO GDxR 'HVFDUJDVGHUHVLGXRVGHODDFWLYLGDGPLQHUDDOUtR *HQHUDGRUGHOFRQ IOLFWR $IHFWDGRV (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR (PSUHVDVFRRSHUDWLYLVWDVHLQJHQLRVPLQHURV /DVFRPXQLGDGHVTXHYLYHQHQODVULEHUDVGHOUtR3LOFRPD\X <DVHSURGXMR\HVUHFXUUHQWH 3HOLJURVDFRQWDPLQDQWH\PROHVWD KD &RPHUFLDOYLYLHQGDSLVFtFROD\DJURSHFXDULD $JXDIORUDIDXQDVXHOR\VDOXG 'HVGHODpSRFDGHODFRORQLD 6HSWLHPEUHGH 'LVPLQXLUHOSURFHVRGHFRQWDPLQDFLyQGHOUtR3LOFRPD\X $VDPEOHDVFRPXQDOHV\GHVXEFHQWUDOHVHGLFWRVDOD SUHIHFWXUDPRYLOL]DFLRQHVLQYHVWLJDFLRQHV\GHQXQFLDV S~EOLFDV -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR /D KLVWRULD GHO SDtV QRV PXHVWUD TXH HO GHVDUUROOR GH OD H[SORWDFLyQ PLQHUD VH KD FRQVWLWXLGR HQ XQ LPSHGLPHQWRSDUDODDFWLYLGDGDJUtFROD(VWRVHGHEHDTXHODPLQHUtDWDOFRPRVHGDHQ%ROLYLDDIHFWD OD SURGXFWLYLGDG FDPSHVLQD GHELGR D TXH FRQWDPLQD ORV UHFXUVRV QDWXUDOHV SURYRFDQGR LPSDFWRV DPELHQWDOHVQRFLYRVSDUDODVDOXG\ODYLGDGHORVKDELWDQWHVORFDOHV (QHOFDVRGHOUtR3LOFRPD\XODFRQWDPLQDFLyQVHGHEHDYDULRVIDFWRUHVHQWUHHOORVSRGHPRVPHQFLRQDU OD GHVFDUJD GH GHVHFKRV \ HIOXHQWHV PLQHURV OD GHVFDUJD GH DJXDV VHUYLGDV VLQ WUDWDPLHQWR GH ODV FLXGDGHVGH3RWRVt\6XFUHODGHUHVLGXRVLQGXVWULDOHV\ODFRQWDPLQDFLyQ QDWXUDOTXHVXIUHDODWUDYHVDU ]RQDVJHROyJLFDVPLQHUDOL]DGDV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 2WURSUREOHPDFUHFLHQWHSDUDODFXHQFDHVODHURVLyQGHELGDDODGHIRUHVWDFLyQODH[SORWDFLyQDJURSHFXDULD\ HOFXOWLYRLQWHQVLYRTXHSURYRFDXQDUUDVWUHGHDSUR[LPDGDPHQWHPLOORQHVGHWRQHODGDVGHVHGLPHQWRVTXH HQWUDQFDGDDxRDOUtR&2'(7$5 (OUtR3LOFRPD\XWLHQHXQDORQJLWXGGH.PHOSURPHGLRDQXDOGHVXFDXGDOHVGHPV\WLHQH XQDSURIXQGLGDGTXHOOHJDDORVP\XQDQFKRGHP,QIRUPDFLyQGHODHVWDFLyQKLGUROyJLFDGH 9LOODPRQWHV /D FXHQFD GH UtR 3LOFRPD\X FXEUH XQ iUHD GH KHFWiUHDV IRUPD SDUWH GH OD FXHQFDGHOUtRGH/D3ODWD\DWUDYLHVDFXDWURGHSDUWDPHQWRVGHOSDtV2UXUR3RWRVt &KXTXLVDFD\7DULMD6XVDJXDVFRQVWLWX\HQHOSULQFLSDOUHFXUVRKtGULFRSDUDPiVGH KHFWiUHDV VLWXDGDV HQ OD ULEHUD GHO UtR \ DSWDV SDUD OD DJULFXOWXUD VLQ HPEDUJR HO SRWHQFLDO Pi[LPRGHDSURYHFKDPLHQWRVHHVWLPDHQKHFWiUHDV (OUtR3LOFRPD\XUHFLEHHQVXWUD\HFWRYDULRVDIOXHQWHVPXFKRVGHORVFXDOHVOOHYDQHQVXOHFKRUHVLGXRV GH GHVKHFKRV PLQHUDOyJLFRV SURYHQLHQWHV GH XQRV LQJHQLRV XELFDGRV HQ OD FLXGDG GH 3RWRVt \ HPSUHVDV PLQHUDV SULYDGDV \ FRRSHUDWLYDV TXH FRQWDPLQDQ D VX SDVR ODV WLHUUDV FXOWLYDEOHV (Q HO VHPLQDULR 6LWXDFLyQ $PELHQWDO GHO 5tR 3LOFRPD\X VH KD HVWLPDGR TXH VH YLHUWH XQ SURPHGLR GH WRQHODGDVGLDULDVGHFRODVGHIORWDFLyQGHSORPRSODWD\]LQF(VWDFRQWDPLQDFLyQDIHFWDHVSHFtILFDPHQWHD ODV UHJLRQHV TXH XWLOL]DQ HVWDV DJXDVSDUD HO ULHJR GH ORV FXOWLYRV GH KRUWDOL]DV IUXWDOHV \ RWURV 'H HVWD PDQHUDVHFRUUH HOJUDYHULHVJR GH TXH ORV SURGXFWRVFRQWHQJDQ DOWRV tQGLFHV GH PHWDOHV GDxLQRV SDUDOD VDOXGKXPDQD\WDPELpQSDUDHOJDQDGR3RURWUDSDUWHODDFWLYLGDGSLVFtFRODTXHDQWHVGHOURPSLPLHQWRGHO GLTXHGHFRODVGHODHPSUHVD&20685HQ3RUFR HUDDEXQGDQWHDKRUDVHKDSHUGLGRFRPSOHWDPHQWH /RV QLYHOHV GH FRQWDPLQDFLyQ GHWHUPLQDGRV HQ ORVHVWXGLRVUHDOL]DGRV SRU HO &(5'(7 GXUDQWH WUHV DxRVFRQVHFXWLYRVLQGLFDQTXHH[LVWHXQDFRQWDPLQDFLyQGHSORPRYHFHVPD\RUDODSHUPLVLEOHSRU ODQRUPDGH(QYLURQPHQW&DQDGi(VWRVGDWRVIXHURQUHFRJLGRVDQWHVGHOGHVDVWUHHFROyJLFRGH3RUFR GHVSXpVRWURVHVWXGLRVGHODXQLYHUVLGDGGH1LMPHGHQGH+RODQGDGHPRVWUDURQTXHODFRQWDPLQDFLyQ GHOUtRVHLQFUHPHQWyHQYHFHVPiV &RQODILQDOLGDGGHEXVFDUVROXFLRQHVDHVWRVSUREOHPDVGHJUDQPDJQLWXGVHUHDOL]DURQYDULDVDFFLRQHV HQWUHVGHORVGHSDUWDPHQWRVDIHFWDGRV (Q SULPHU OXJDU HO GH RFWXEUH GH HO FDQWyQ GH 6RWRPD\RU GH OD SURYLQFLD GH <DPSDUDH] GHO GHSDUWDPHQWRGH&KXTXLVDFDUHDOL]yXQDUHXQLyQ³KLVWyULFD´GHODTXHVXUJLyHOGRFXPHQWRWLWXODGR³(Q GHIHQVDGHOUtR3LOFRPD\XTXHHVODGHIHQVDGHQXHVWUDVYLGDV´ 3RVWHULRUPHQWH HO GH RFWXEUH GH OD )HGHUDFLyQ 8QLFD GH 7UDEDMDGRUHV &DPSHVLQRV GH &KXTXLVDFD FRQ PRWLYR GHO 'tD GHO $UERO UHDOL]y XQ DPSOLDGR TXH WHUPLQy FRQ OD UHGDFFLyQ GH XQ GRFXPHQWR TXH GLR PHVHV GH SOD]R SDUD TXH VH FRQVWUX\D HO GLTXH GH FRODV GH ³6DQ $QWRQLR´ (O 0RQVHxRU :DOWHU 3pUH] DX[LOLDU GH OD DUTXLGLyFHVLV GH &KXTXLVDFD FULWLFy OD FRQWDPLQDFLyQ \ H[LJLy £6DOYDUHOUtR3LOFRPD\X (Q 3RWRVt ODVGHQXQFLDVGH FRQWDPLQDFLyQGH ODVSREODFLRQHV DIHFWDGDV IXHURQ SHUPDQHQWHV SHURVH GLHURQFRQPD\RULQVLVWHQFLD\IXHU]DDSDUWLUGHODURWXUDGHOGLTXHGHFRODVGH3RUFR(VWHKHFKRJHQHUy XQDPRYLOL]DFLyQGHODSREODFLyQSRWRVLQDTXHIXHHQFDEH]DGDSRUHO&RPLWp&tYLFRODVLQVWLWXFLRQHVGHO )RUR3RWRVLQROD$VDPEOHD3HUPDQHQWHGH'HUHFKRV+XPDQRV\RWUDVRUJDQL]DFLRQHVTXHUHFODPDURQHO UHVDUFLPLHQWRGHGDxRV\ODFRPSHQVDFLyQDORVDIHFWDGRV 9HUILFKDFRUUHVSRQGLHQWHSiJLQD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR $OJXQDV RUJDQL]DFLRQHV DILOLDGDV DO )RUR 3RWRVLQR UHDOL]DURQ YLVLWDV D OD ]RQD FRQMXQWDPHQWH FRQ WpFQLFRV GHODHPSUHVD &20685 SDUDGHWHUPLQDUODPDJQLWXGGHOGDxRSURGXFLGRSRUHODFFLGHQWHGH 3RUFRPHGLDQWHXQDHYDOXDFLyQGHDJXDV\WLHUUDVODHPSUHVDUHDOL]yODOLPSLH]DSDUFLDOGHVHGLPHQWRV TXH DIHFWDURQ FDQDOHV GH ULHJR \ VHPEUDGtRV \ HQWUHJyHQ DOJXQDV FRPXQLGDGHVSROLWXERV \ FHPHQWR SDUDTXHORVSURSLRVFDPSHVLQRVVHSURYHDQGHDJXDSRWDEOHTXHQRSURYHQJDGHOUtR 3RURWUDSDUWHHQ3RFR3RFR\6RWRPD\RUODVFRPXQLGDGHVVHRUJDQL]DURQSDUDHIHFWXDUGHQXQFLDVVREUH OD PXHUWH GH DQLPDOHV \ WUDVWRUQRV HQ OD VDOXG GH ORV FRPXQDULRV TXH KLFLHURQ OOHJDU D ORV )RURV GHSDUWDPHQWDOHV\DOD SUHQVDGHODVFLXGDGHVGH3RWRVt\6XFUH$VLPLVPRFDPSHVLQRVGHFDQWRQHV LQLFLDURQXQMXLFLRDODHPSUHVD&20685HOPLVPRTXHQRSURVSHUy\DTXHHVWDHPSUHVDGHVPRYLOL]yD ODVFRPXQLGDGHVDSDUWLUGHQHJRFLDFLRQHVLQGLYLGXDOHVTXHFRQFOX\HURQHQODGRWDFLyQGHKHUUDPLHQWDV FHPHQWR\RWURVPDWHULDOHV (Q7DULMDDQWHODDODUPDQWHFRQWDPLQDFLyQGHOUtR\ODFRQVHFXHQWHGLVPLQXFLyQGHODSREODFLyQSLVFtFROD HO )2%20$'( \ &(5'(7 RUJDQL]DURQ XQD VHULH GH DFWLYLGDGHV (Q SULPHU OXJDU IXHURQ UHDOL]DGRV HVWXGLRV SDUD GHWHUPLQDU ORV QLYHOHV GH FRQWDPLQDFLyQ ORV PLVPRV TXH LGHQWLILFDURQ OD H[LVWHQFLD GH FRQFHQWUDFLRQHVGHSORPRYHFHVPD\RUHVGHORSHUPLVLEOH 3RVWHULRUPHQWHVHUHDOL]yXQDFDPSDxD GH LQIRUPDFLyQ \ FRQFLHQWL]DFLyQ GLULJLGD D WRGD OD SREODFLyQ DIHFWDGD GH 7DULMD 6H SURFHGLy D OD SXEOLFDFLyQ GH ORV HVWXGLRV \ GRV DILFKHV VREUH OD FRQWDPLQDFLyQ \ D OD RUJDQL]DFLyQ GH WDOOHUHV SDUD DQDOL]DUHOWHPDGHODFRQWDPLQDFLyQ FRQSDUWLFLSDFLyQGHODSREODFLyQDIHFWDGDHLQVWLWXFLRQHVTXHWLHQHQ TXH YHUFRQODSUREOHPiWLFDGHOUtR3LOFRPD\XHQODVTXHSDUWLFLSDURQFRPRGLVHUWDQWHV$'(3(6&$GH 7DULMD\GH9LOODPRQWHVJRELHUQRPXQLFLSDOGH9LOODPRQWHV\HO&(5'(7/DVRUJDQL]DFLRQHVGHEDVH\ HO )2%20$'( UHDOL]DURQ GHQXQFLDV S~EOLFDV \ VH SURPRYLy UHXQLRQHV FRQ DXWRULGDGHV SDUD KDFHU FRQRFHUODSUREOHPiWLFD\SDUDH[LJLUXQDVROXFLyQDOWHPDGHODFRQWDPLQDFLyQ 7DPELpQVHLQLFLyXQMXLFLRGHUHVSRQVDELOLGDGDODHPSUHVD&20685SRUVHUODFDXVDQWHGHOGHVDVWUH GH 3RUFR ODPHQWDEOHPHQWH HVWH MXLFLR D~Q VLJXH VX SURFHVR HO PLVPR TXH VH GLILFXOWD SRU HVWDU LQIOXHQFLDGRSRU DVSHFWRV SROtWLFRV (QHVWHSURFHVRSDUWLFLSDURQ HO)2%20$'(&(5'(7 HO&RPLWp &tYLFR GH 7DULMD 25.$:(7$ 2UJDQL]DFLyQ GH ORV SXHEORV LQGtJHQDV :HHQKD\HN \ OD $VDPEOHD GHO 3XHEOR*XDUDQtGHO,WLND*XDVXGH7DULMD (QUHVSXHVWDDODVGHPDQGDVGHSDUWDPHQWDOHVORVSUHIHFWRVGH7DULMD3RWRVt\&KXTXLVDFDSODQWHDURQ OD SRVLELOLGDG GH OD FRQVWUXFFLyQ GH XQ GLTXH WUDQVLWRULR HQ WDQWR OD FRQVWUXFFLyQ GHO 'LTXH GH 6DQ $QWRQLRSXHGD VHUUHDOLGDG(VWDSURSXHVWD TXH FRQWDEDFRQXQ ILQDQFLDPLHQWRGHOJRELHUQRDOHPiQ IXH UHVLVWLGD SRU ORV SURSLHWDULRV GH ORV LQJHQLRV PLQHURV TXH GH HVWH PRGR KLFLHURQ SHOLJUDU HO ILQDQFLDPLHQWRGHELGRDTXHXQRGHVXVUHTXLVLWRVHUDTXHWRGRVORVHPSUHVDULRVPLQHURVVHLQYROXFUHQ FRQ HO SURJUDPD GH PLWLJDFLyQ DPELHQWDO (VWD IDOWD GH VHQVLELOLGDG IXH GXUDPHQWH FULWLFDGD SRU ODV SREODFLRQHVDIHFWDGDV\DTXHFRQVLGHUDQTXHORVLQJHQLRVPLQHURVVRQORVSULQFLSDOHVUHVSRQVDEOHVGH HVWHGHVDVWUHHFROyJLFR\DPELHQWDOTXHVHFRQVWLWX\HHQXQRGHORVPD\RUHVGHODKLVWRULDGH%ROLYLD $QWH HVWD VLWXDFLyQ HO EORTXH &tYLFR GH 6XU FRQVWLWXLGR SRU ORV GHSDUWDPHQWRV GH 7DULMD 3RWRVt \ &KXTXLVDFD SLGLyDOJRELHUQRFHQWUDO OD FRQFUHFLyQGHOFUpGLWRDOHPiQGHVWLQDGRD ODFRQVWUXFFLyQGHO GLTXHGHFRODVGH6DQ$QWRQLR 3RUVXSDUWHOD&iPDUD5HJLRQDO$JURSHFXDULDGH&KXTXLVDFD³&5$&+´LQVWDXUyXQDGHPDQGDSHQDO TXHFRQFOX\yFRQXQDWUDQVDFFLyQRULHQWDGDDOIRUWDOHFLPLHQWRJUHPLDOGHODV]RQDVDIHFWDGDVGLULJLGDVD SDOLDU ORV GDxRV DPELHQWDOHV D WUDYpV GH SURJUDPDV GH GHVDUUROOR SURGXFWLYR TXH GLUHFWDPHQWH EHQHILFLDUDQ D ODV FRPXQLGDGHV FDPSHVLQDV GH ODV SURYLQFLDV 1RU \ 6XG &LQWL GH GHSDUWDPHQWR GH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV &KXTXLVDFD+DVWDHOGtDGHKR\HVWDGHPDQGDUHJLVWUDGDHQHOMX]JDGRGH&DPDUJRKDVLGROD~QLFD DFFLyQMXGLFLDOUHIHULGDDODFRQWDPLQDFLyQGHUtR3LOFRPD\X (QHOSODQRLQWHUQDFLRQDOVHFUHyOD&RPLVLyQ7UL1DFLRQDO%ROLYLDQR$UJHQWLQD3DUDJXD\FRQODILQDOLGDG GHVDOYDUHOUtR3LOFRPD\XHPSHURKDVWDHOPRPHQWRHVWDFRPLVLyQQRUHDOL]yQLQJXQDDFFLyQGHFLVLYD SDUD UHVROYHU HO SUREOHPD $O UHVSHFWR HO 3UHVLGHQWH SDUDJXD\R GH HQWRQFHV -XDQ &DUORV :DVPRV\ DGPLWLy TXH KDVWD DKRUD ODV VROXFLRQHV SODQWHDGDV SDUD FRPEDWLU OD H[WUHPD DFXPXODFLyQ GH VHGLPHQWDFLyQ HQHVWDVDJXDVIXHURQSDUFKHVDOFRQIOLFWRDPELHQWDO $SHVDUGHWRGDVODVDFFLRQHVUHDOL]DGDVKDVWDDKRUDPX\SRFRVHKDFRQVHJXLGRHQEHQHILFLRGHODV FRPXQLGDGHV\SDUDVROXFLRQDUODFRQWDPLQDFLyQGHOUtR1RREVWDQWHYDULDVDOWHUQDWLYDVGHVROXFLyQDO SUREOHPDIXHURQSURSXHVWDVHQWUHHOODVODFRQVWUXFFLyQGHGLTXHVHQODV]RQDVPLQHUDVSDUDHYLWDUTXH FRQWLQ~HQ HFKDQGR VXV GHVHFKRV DO UtR HO PDQHMR GH OD FXHQFD PHGLDQWH VX UHIRUHVWDFLyQ \ HO DVHVRUDPLHQWRWpFQLFRDWRGRVORVSURGXFWRUHVSDUDTXHUHDOLFHQSUiFWLFDVTXHQR SURYRTXHQHURVLyQ\OD FRQVWUXFFLyQGHODJXQDVGHR[LGDFLyQHQWRGDVODVFLXGDGHVTXHYLHUWHQVXVDJXDVDOUtR (OSUREOHPD GHOULy 3LOFRPD\RHVWiFUHFLHQGR GHELGRD TXHORVQLYHOHVGHFRQWDPLQDFLyQVRQPD\RUHV FDGDYH]PD\RUHV QRVyORDFDXVDGHODUHDFWLYDFLyQPLQHUDVLQRDGHPiVSRUTXHTXHVXVHIHFWRVVRQ DFXPXODWLYRV )XHQWHV 5HYLVLyQ ELEOLRJUiILFD KHPHURJUiILFD \ HQWUHYLVWDV D KDELWDQWHV GH ODV SREODFLRQHV GH 6RWRPD\RU\OD0HQGR]D9LVLWDVDODVFRPXQLGDGHVGHORVFDQWRQHV3RFR3RFR\6RWRPD\RU HQWUHYLVWDV D GLULJHQWHV GH GLIHUHQWHV VLQGLFDWRV \ PDWHULDO SHULRGtVWLFR GH 352',6 <$1$3$.81$ &(5'(7 3LOFRPD\R HVWXGLRV VREUH FRQWDPLQDFLyQ HGLWRU (GLFLRQHV *UiILFDV(*GRFXPHQWRVGHDUFKLYRGHO)2%20$'( 3HUVRQD HQFDUJDGDGHOUHJLVWUR /XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD 0DQXHO)DUIiQ$)2%20$'( 3RWRVt $OLSLR9DOGp])2%20$'(± 7DULMD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 0RUWDQGDGGHSHFHVSRUFRQWDPLQDFLyQGHDJXDVHQHOUtR3LUDt 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR /RFDOLGDG)HUQiQGH]$ORQ]RPXQLFLSLR)HUQiQGH]$ORQ]RGHO GHSDUWDPHQWRGH6DQWD&UX] ,QJHQLR$]XFDUHUR81$*52 $FWLYLGDGT XHJHQ HU DHO GDxR +DELWDQWHVGHODV]RQDVDIHFWDGDVSULQFLSDOPHQWHORVGH)DMD 5RFDEDGR6DJUDGR&RUD]yQ\)DMD&RWRFD )LVFDOtDGH'LVWULWR&RPLVLyQ5HJXODGRUDGHO0HGLR$PELHQWH -X]JDGR6pSWLPRGH,QVWUXFFLyQHQOR3HQDO9LFHPLQLVWHULRGH 'HVDUUROOR6RVWHQLEOH\6XSHULQWHQGHQFLD)RUHVWDO KDELWDQWHVSULQFLSDOPHQWHDJULFXOWRUHV\FDxHURVGHOD ]RQD ([SXOVLyQGHGHVHFKRVGHODSURGXFFLyQGHD]~FDUMDUXELFKL /DDFWLYLGDGHV 3HOLJURVDFRQWDPLQDQWH\PROHVWD 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV (OGDxR JHQHUDGR $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH $SUR[LPDGDPHQWHKD 9LYLHQGD\SLVFtFROD $JXDDLUHIORUDIDXQD\VDOXG $SUR[LPDGDPHQWHHQ 0D\RGH 'HWHQHUHOGHVDVWUHHFROyJLFR\TXHQRVHSURYRTXH QXHYDPHQWHODPRUWDQGDGGHSHFHV 'HQXQFLDVS~EOLFDV 6HSWLHPEUH 'HVFULSFLyQGHOFRQIOLFWR 'HVGHKDFHYDULRVDxRVDWUiVOD]RQDGH)HUQiQGH]$ORQ]RVHYLRDIHFWDGDSRUHOMDUXELFKLGHVHFKRGH ODSURGXFFLyQGHD]~FDUTXH 81$*52YLHUWHUHFXUUHQWHPHQWHHQpSRFDGH ]DIUDDODUUR\RTXHSDVD MXQWRDOLQJHQLR\DWUDYLHVDWRGDOD]RQDKDVWDOOHJDUDOUtR3LUDLFLWR (OMDUXELFKLDIHFWDDODVSHUVRQDVDVHQWDGDVHQODVULEHUDVGHODUUR\RSRUYDULRVPRWLYRVSRUXQDSDUWH GHELGRDOPDORORUTXHSURGXFHSRURWUDSRUTXHSURYRFDODPRUWDQGDGGHSHFHV\ILQDOPHQWHSRUTXHKD FRQWDPLQDGRODVDJXDVVXEWHUUiQHDVGHODUHJLyQ5HVSHFWRDHVWH~OWLPRSUREOHPDXQKDELWDQWHGHOD (VWDHVODIHFKDHQTXHVHWRPDHQFXHQWDHOUHJLVWURKHPHURJUiILFR\ODSDUWLFLSDFLyQGHODVRFLHGDGFLYLORUJDQL]DGD HQHO)RUR&UXFHxR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV ]RQD PRVWUy TXH VX SR]R GH YHLQWLVLHWHPHWURVGH SURIXQGLGDG XELFDGR D PHWURVGHO DUUR\R HVWi FRQWDPLQDGRFRQMDUXELFKL2WURVKDELWDQWHVGHOD]RQDLQIRUPDURQTXHDOJXQRVYHFLQRVXWLOL]DQHODJXD FRQWDPLQDGD SDUDUHJDUVXVFXOWLYRV$GHPiVORVYHFLQRVLQGLFDURQTXHXQDQRULDVLWXDGDDFLQFRPHWURV GHO SR]R DQWHV PHQFLRQDGR \ FX\D SURIXQGLGDG HV GH VLHWH PHWURV WLHQH DJXDV FODUDV SHUR SURGXFH PDOHVWDUHV HVWRPDFDOHV D~Q GHVSXpV GH KDEHU VLGR KHUYLGD &XDQGR VH UHDOL]y OD YLVLWD D OD ]RQD VH WRPy XQD PXHVWUD GHO DJXD FRQWDPLQDGDFX\R DQiOLVLV ItVLFRTXtPLFR HQFRQWUy HOHPHQWRV FRPR FDOFLR ELFDUERQDWRVVXOIDWRV\VyOLGRVHQPD\RUSURSRUFLyQGHORHVWDEOHFLGRHQHOUHJODPHQWRGHOD/H\ $SDUWLUGHODUHFXUUHQWHPRUWDQGDGGHSHFHVSURGXFLGDSRUODGHVFRPSRVLFLyQGHOMDUXELFKLTXHFRQVXPH HOR[tJHQRGHODJXDVHUHDOL]DURQYDULRVHVWXGLRVDFFLRQHV\GHPDQGDVSDUDFXDQWLILFDUWDQWRODSpUGLGD GHSHFHVFRPRHOLPSDFWRHFRQyPLFRVREUHORVFXOWLYRVGHOD]RQD &RQHVWDILQDOLGDGLQVWLWXFLRQHVFRPR $6(2&')\OD8QLYHUVLGDG*DEULHO5HQp0RUHQRUHDOL]DURQXQVLQQ~PHURGHHVWXGLRV /DVHVSHFLHVGHSHFHVDIHFWDGDVTXHPXHUHQSRUWRQHODGDVVRQHOVXUXEtODERJDHOSDF~ODSHYDOD UD\DHOJHQHUDO\HOGRUDGR'DWRREWHQLGRSRUHOLQIRUPHGHODLQVSHFFLyQGH352%,20$HQ3RU RWUDSDUWH ODVRQFHFRPXQLGDGHVDIHFWDGDVVRQSURGXFWRUDVGHDUUR]VR\D\FDxDGHD]~FDU\UHVSHFWR D HVWH ~OWLPR SURGXFWR PHQFLRQDQ TXH HO QLYHO GH VDFDURVD KD GLVPLQXLGR QRWDEOHPHQWH SRU OD FRQWDPLQDFLyQGH ODVDJXDVVXSHUILFLDOHV\ VXEWHUUiQHDV(QHVWHVHQWLGR ODV IDMDVPiVDIHFWDGDV VRQ &RSDFDEDQD 5RFDEDGR &RWRFD 3RUWyQ H ,OOLPDQL ODV PLVPDV TXH FXHQWDQ FRQ IDPLOLDV DSUR[LPDGDPHQWH\FX\RVFXOWLYRVDIHFWDGRVDOFDQ]DQDXQDVKHFWiUHDV $O UHVSHFWR HV QHFHVDULR VHxDODU TXH ODV FRPXQLGDGHV FDPSHVLQDV GH OD UHJLyQ WLHQHQ XQD UHODFLyQ HFRQyPLFDPX\IXHUWHFRQORVLQJHQLRVTXHFRPSUDQVXSURGXFFLyQGHFDxDORTXHKDFHTXHVXDFFLRQDU QRVHDWDQIURQWDODSHVDUGHTXH ODGLVPLQXFLyQGHORVQLYHOHVGHVDFDURVDOHVDIHFWDHFRQyPLFDPHQWH /RVFDxDYHUDOHVFRQWDPLQDGRVWLHQHQJUDGRVGHVDFDURVDGHDJUDGRVGHSXUH]D\VXSUHFLRYDUtD HQWUH \ GyODUHV DPHULFDQRV OD WRQHODGD PLHQWUDV TXH ODV WLHUUDV TXH QR KDQ VLGR FRQWDPLQDGDV SURGXFHQFDxDFRQ\JUDGRVGHVDFDURVD\VXSUHFLRHVGHGyODUHVODWRQHODGD $ SHVDU GH TXH HO SUREOHPD HV UHFXUUHQWH \ GDWD GH PiV GH DxRV KDVWD OD IHFKD ORV FRQIOLFWRV JHQHUDGRV QR KDQ GDGR XQD VROXFLyQ DO SUREOHPD (Q HO )RUR &UXFHxR LQLFLy XQD DJUHVLYD FDPSDxD SDUD ORJUDU TXH VHGHWHQJD OD PRUWDQGDG GH SHFHV HOORWUDMR FRPR FRQVHFXHQFLD SUREOHPDV OHJDOHVSDUDHOUHSUHVHQWDQWHGHO)RURHQHVHHQWRQFHVDSHVDUGHTXHGLYHUVDVLQVWLWXFLRQHVJHQHUDURQ XQD VHULHGHGDWRV WpFQLFRV TXH FHUWLILFDEDQODVFDXVDVUHDOHVGH OD PRUWDQGDGGHSHFHV \ DSXQWDEDQ FRPRFXOSDEOHVDORVLQJHQLRVD]XFDUHURVGHOD81$*52 (Q JHQHUDO ODV DFFLRQHV OHJDOHV HPSUHQGLGDV TXH GDWDQ GHVGH QR SXGLHURQ IUHQDU OD FRQWDPLQDFLyQ GH ORV LQJHQLRV ,QFOXVR HQ HO FDVR GHO MXLFLR PiV VRQDGR HQ FX\R GHVDUUROOR OOHJy D GHQRPLQDUVHFRPR ³)LVFDO (FROyJLFR´ D OD DXWRULGDGUHVSRQVDEOH GHO MXLFLR OD VHQWHQFLD IXH SULPHUR OD DEVROXFLyQ\ GHVSXpVXQDWRWDO DPELJHGDG HQFXDQWRDTXLpQHVHUDQORVFXOSDEOHV \ ILQDOPHQWH VH GHWHUPLQy XQD HVFDOD GH PXOWDV \ PHGLGDV GH PLWLJDFLyQ TXH QR VHDGHFXDEDQ D OD PDJQLWXG GH ORV GDxRV SURYRFDGRV /R SDWpWLFR GH HVWH SURFHVR HV TXH PLHQWUDV VH OLEUDED GH FXOSD D ORV SUHVXQWRV FXOSDEOHVQXHYDPHQWHPRUtDQORVSHFHVGHOUtR3LUDt 4XHEUDFKR65//DERUDWRULRGH$JXDV\6XHORV6DQWD&UX]GHVHSWLHPEUHGH 352%,20$,QIRUPH9LDMH,QVSHFFLyQUtR3LUDLFLWR 352%,20$,QIRUPH9LDMH,QVSHFFLyQUtR3LUDLFLWR 3HULyGLFR(O'HEHUGHVHSWLHPEUHGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (O~OWLPRMXLFLRGDWDGH\HQODDFWXDOLGDGHVWiSDVDQGRGHMX]JDGRHQMX]JDGR\HOFDVRLQFOXVRIXH WUDQVIHULGRDODVDXWRULGDGHVGH9DOOHJUDQGHSREODFLyQXELFDGDDFLHQWRVGHNLOyPHWURVGHOOXJDUGHORV KHFKRV3RUHVWDUD]yQODVH[FXVDV\GHPiVPDQLREUDVMXGLFLDOHVQRKDQSHUPLWLGRQLMX]JDUQLVDQFLRQDU DORVFXOSDEOHVGHOGHOLWRHFROyJLFRQLPLWLJDUHOLPSDFWRGHORVLQJHQLRVSDUDHYLWDUHOGHVDVWUHDPELHQWDO TXHSURGXFHQ 'H HVWD PDQHUD PLHQWUDV ODV DXWRULGDGHV HQFDUJDGDV GH UHJXODU HO FRQIOLFWR GHPRUDQ ORV SURFHVRV DUJXPHQWDQGR OD IDOWD GH SUXHEDV FRQWXQGHQWHV ORV JHQHUDGRUHV GHO GDxR QLHJDQ FXDOTXLHU UHVSRQVDELOLGDGDOUHVSHFWR )XHQWHV +HPHURJUiILFDV\YLVLWDVGHFDPSRSDUDHQWUHYLVWDUDDIHFWDGRV\WRPDUPXHVWUDVGHDJXD 3HUVRQDHQFDUJDGDGHOUHJLVWUR6DUD&UHVSR\)HUQDQGR)LJXHURD )2%20$'( 6DQWD &UX] 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 5HGXFFLyQGHODDFWLYLGDGSLVFtFRODHQ9LOODPRQWHV 8ELFDFLyQG H OFRQIOLF WR ,QLFLDGRU GHOFRQIOLF WR 5tR3LOFRPD\RPXQLFLSLRVGH9LOODPRQWHV2 &RQQRU(O 3DOPDU\6XG&KLFKDVGHORVGHSDUWDPHQWRVGH7DULMD3RWRVt\ &KXTXLVDFD (PSUHVDV0LQHUDVSHWUROHUDVODVFLXGDGHVTXHHFKDQORV GHVHFKRVELROyJLFRVDOUtR\ODGHIRUHVWDFLyQ &HQWURGH'HVDUUROOR3HVTXHURGH7DULMD&'3 $IHFWDGRV KDELWDQWHVGH:HHQKD\HN\GH*XDUDQt *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH &RQWDPLQDFLyQGHOUtR3LOFRPD\RSRUGLIHUHQWHVDFWLYLGDGHV 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH &RQWDPLQDQWH\SHOLJURVD 7RGRHOUtR3LOFRPD\R 3LVFtFROD\FRPHUFLDO $JXDIORUDIDXQD\VDOXG 'HVGHODpSRFDGHODFRORQLD 6HSWLHPEUHGH 0HMRUDUODFDQWLGDG GHSURGXFFLyQSHVTXHUDGHOUtR3LOFRPD\R 0RQLWRUHRGHSURGXFFLyQSHVTXHUD\GHQXQFLDS~EOLFD $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR /D SURGXFFLyQ SHVTXHUD KD VXIULGR XQD GLVPLQXFLyQ PX\ GUiVWLFD HQ OOHJy D 70 \ IXH GLVPLQX\HQGRKDVWDOOHJDUD70HQ3RURWUDSDUWHHOWDPDxRGHORVSHFHVSULQFLSDOPHQWHGHO ViEDORWDPELpQKDGLVPLQXLGRFRQVLGHUDEOHPHQWH /D SHVFD FRPHUFLDO HV XQD DFWLYLGDG TXH HQ OD UHJLyQ VH UHDOL]D VyOR HQWUH ORV PHVHV GH PD\R \ VHSWLHPEUH \D TXH D PHGLDGRV GH HVWH ~OWLPR PHV VH GHFUHWD ODYHGD KDVWDHO SUy[LPR DxR \ VyOR OD SHVFDGHVXEVLVWHQFLDFRQWLQ~D\DTXHODVSREODFLRQHVTXHKDELWDQHQODULEHUDGHOUtRFRPRHVHOFDVR GHORVZHHQKD\HN\JXDUDQtHVVHDOLPHQWDQSULQFLSDOPHQWHGHSHVFDGR (OUtR3LOFRPD\XHVGHQRPLQDGR3LOFRPD\RHQORVGHSDUWDPHQWRVHQORVTXHQRVHKDEODHOLGLRPDTXLFKXD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV &RPRIUXWRGHXQVLVWHPiWLFRPRQLWRUHRGHODSURGXFFLyQSHVTXHUDUHDOL]DGDSRUODHQWLGDGHQFDUJDGD GHOFRQWUROGHODSHVFDGHOViEDOR\WRPDQGRHQFXHQWDORVHVWXGLRVHODERUDGRVSRUHO&(5'(7VREUHOD FRQWDPLQDFLyQ GHO UtR 3LOFRPD\R VHGHQXQFLy S~EOLFDPHQWH OD DODUPDQWHGLVPLQXFLyQ HQ OD SURGXFFLyQ SHVTXHUDOD PLVPD TXH HVWDEDDIHFWDQGRVHULDPHQWHDODHFRQRPtDGH ODVSREODFLRQHVLQGtJHQDVTXH YLYHQGHODSHVFD (Q HVWH VHQWLGR WDQWR HO SXHEOR :HHQKD\HN FRPR HO*XDUDQt DODUPDGRVSRU HVWDVLWXDFLyQ UHDOL]DURQ UHXQLRQHVFRPXQDOHV \ WDOOHUHV UHJLRQDOHV FRQ OD ILQDOLGDG GH KDFHU FRQRFHU VX SUHRFXSDFLyQ \ EXVFDU DOWHUQDWLYDVGHVROXFLyQDOFRQIOLFWR$GHPiVH[LJLHURQDOJRELHUQRQDFLRQDOTXHDVXPDXQDSROtWLFDFODUD GHGHIHQVD GHOUtR\GHOViEDORTXHHVHOSHVFDGRPiVDSUHFLDGRHQHOPHUFDGRQDFLRQDOHLQWHUQDFLRQDO 3RURWUDSDUWHVHHODERUyXQDILFKHFRQHOVLJXLHQWHHVORJDQ1XHVWURVUtRVVRQQXHVWUDYLGDVHUiODGH QXHVWURVKLMRV"SDUDPRVWUDUODSUHRFXSDFLyQUHVSHFWRD ODGLVPLQXFLyQGHODSHVFD\HODXPHQWRGHOD FRQWDPLQDFLyQ 'H HVWD PDQHUD VH LQLFLy XQD FDPSDxD HQ WRGDV ODV FRPXQLGDGHV DIHFWDGDV \ HQ ODV FLXGDGHVSDUDORJUDUHODSR\RGHODSREODFLyQVREUHHVWHFRQIOLFWRPLHQWUDVHOPLVPRQRVHDVROXFLRQDGR /D FDPSDxD VH UHDOL]y D WUDYpV GH UHXQLRQHV FRPXQDOHV DVDPEOHDV GH ORV SXHEORV :HHQKD\HN \ *XDUDQtGHQXQFLDVHQORVPHGLRVGHFRPXQLFDFLyQ\UHXQLRQHVFRQODVDXWRULGDGHV /DVFDXVDVGHHVWHFRQIOLFWRVRQSULQFLSDOPHQWHODVDFWLYLGDGHVGHODVHPSUHVDVPLQHUDV\ODVFLXGDGHV TXHHFKDQVXVGHVHFKRVDOUtR$OUHVSHFWRODVHPSUHVDVPLQHUDVQRKDQKHFKRFDVLQDGDSDUDHYLWDUOD FRQWDPLQDFLyQ\DGHPiVVHQHJDURQDDVXPLUORVFRVWRVGHODFRQVWUXFFLyQGHXQDUHSUHVDGHVWLQDGDD FRQWHQHU VXV GHVKHFKRV 3RU VX SDUWH OD PD\RUtD GH ODV FLXGDGHV ULEHUHxDV QR FXHQWD FRQ ODV WDQ QHFHVDULDVODJXQDVGHR[LGDFLyQ\VXVDXWRULGDGHVHOXGHQHVWDUHVSRQVDELOLGDGDUJXPHQWDQGRODIDOWDGH UHFXUVRVHFRQyPLFRVSDUDFXEULUGLFKRVSUR\HFWRV 3RU RWUD SDUWH GHELGR DO SUREOHPD GH HURVLyQ TXH VXIUH JUDQ SDUWH GH OD UHJLyQ VH KD SODQWHDGR OD QHFHVLGDG GH UHDOL]DU XQ PDQHMR LQWHJUDO GH OD FXHQFD SHUR OD &RPLVLyQ 7ULQDFLRQDO TXLpQ HV OD HQFDUJDGD GH HVWH WHPD QR VH KD PRYLOL]DGR KDVWD DKRUD SDUD UHVROYHU HO SUREOHPD \ FRQ pVWH HO FRQIOLFWR 3RU VX SDUWH HO 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 3ODQLILFDFLyQ QR KD GDGR PXHVWUDV GH LQWHUHVDUVHHQVROXFLRQDUHVWRVSUREOHPDV\DSHVDUGHHVWDULQIRUPDGRVGHVXJUDYHGDGQRKDQ SURFHGLGRDH[LJLUDORVFRQWDPLQDGRUHVHOFXPSOLPLHQWRGH ODOHJLVODFLyQDPELHQWDO )XHQWHV ,QIRUPH DQXDOGH$'(3(6&$ ,QJ0DUFR$*XHUUHUR&(5'(73LOFRPD\RHVWXGLRV VREUHFRQWDPLQDFLyQHGLWRU(GLFLRQHV*UiILFDV(* 3HUVRQDHQFDUJDGDGHOUHJLVWUR $OLSLR9DOGp])2%20$'(± 7DULMD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHODTXHEUDGD'HOSRUHO,QJHQLRD]XFDUHUR 8ELFDFLyQGHOFRQIOLFWR *HQHUDGRUGHOFRQIOLFWR ,QLFLDGRUGHOFRQIOLFWR 5HJXODGRUGHOFRQIOLFWR $IHFWDGRV $NPGHODFLXGDG%HUPHMRSURYLQFLD$UFH GHSDUWDPHQWRGH7DULMD ,QGXVWULDV$JUtFRODVGH%HUPHMR )2%20$'(\OD8QLYHUVLGDG$XWyQRPD-XDQ0LVDHO 6DUDFKR8$-06 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH 3REODFLyQGH%HUPHMR $FWLYLGDGTXHJHQHUDHOGDxR 3URGXFFLyQD]XFDUHUD (OGDxRJHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH $UHDDIHFWDGD KD /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDGDV 5HFXUVRVDIHFWDGRV )HFKDGHLQLFLRGHOGDxR )HFKDLQLFLRGHOFRQIOLFWR 2EMHWLYRGHORVDIHFWDGRV $FFLRQHVUHDOL]DGDV )HFKDGHUHJLVWUR 3HOLJURVD\FRQWDPLQDQWH $JURSHFXDULD\SLVFtFROD $JXDIORUDIDXQD\VDOXG $xRGH 0D\RGH $FDEDUFRQODFRQWDPLQDFLyQ\UHFXSHUDUODViUHDV DIHFWDGDV 8QHVWXGLRGHFRQWDPLQDFLyQGHODTXHEUDGD'HOSRU ORVGHVHFKRVGHPHOD]DGHQXQFLDS~EOLFDGHODDFFLyQ WDOOHUGHO)2%20$'(\H[LJHQFLDGHPDQLILHVWR DPELHQWDO GHDJRVWRGH 'HVFULSFLyQGHOFRQIOLFWR 'HVGHTXHLQLFLyVXVODERUHVHOLQJHQLRD]XFDUHURKDFRQWDPLQDQGRODTXHEUDGD'HOGRQGH GHSRVLWDWRGRVORVGHVHFKRVGHODIDEULFDFLyQGHD]~FDU(QODDFWXDOLGDGODTXHEUDGD'HO QR WLHQHQLQJXQDFODVHGHYLGDSRUORTXHVXUHFXSHUDFLyQHVGLItFLO $QWH HVWD VLWXDFLyQ HO )2%20$'( SUHRFXSDGR SRU ODV GHQXQFLDV GH ODV RUJDQL]DFLRQHV GH %HUPHMR KD UHDOL]DGR XQ VHPLQDULR SDUD GLVFXWLU \ DQDOL]DU OD FRQWDPLQDFLyQ RFDVLRQDGD SRU ,QGXVWULDV$JUtFRODVGH%HUPHMRDSDUWLUGHOFXDOVHGHFLGLyUHDOL]DUODGHQXQFLDS~EOLFD\H[LJLU DODVDXWRULGDGHVFRUUHVSRQGLHQWHVODVROXFLyQGHHVWHFRQIOLFWR3DUDUHVSDOGDUHVWDGHQXQFLDOD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 8QLYHUVLGDG UHDOL]y XQ HVWXGLR GH FRQWDPLQDFLyQ GH GLFKD TXHEUDGD GHPRVWUDQGR GH HVWD PDQHUDTXHHVWiSUiFWLFDPHQWHPXHUWD (QODDFWXDOLGDGVHHVWiH[LJLHQGRDOD6HFUHWDULDGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWHGH OD3UHIHFWXUDGH7DULMDTXHXWLOLFHWRGDVODVPHGLGDVQHFHVDULDVSDUDTXHHO,QJHQLRSUHVHQWHVX PDQLILHVWR DPELHQWDO \ SURFHGD D UHDOL]DU ODV DFFLRQHV QHFHVDULDV SDUD WHUPLQDU FRQ OD FRQWDPLQDFLyQ\ODSRVWHULRUUHFXSHUDFLyQGHODTXHEUDGD &RPRHQODPD\RUSDUWHGHORVFRQIOLFWRVDPELHQWDOHVGHOSDtVODIDOWDGHFODULGDGHQODVSROtWLFDV DPELHQWDOHVGLILFXOWDQHOFXPSOLPLHQWRGHOD/H\GHO0HGLR$PELHQWH\VXUHJODPHQWDFLyQUD]yQ SRU OD TXH OD VRFLHGDG FLYLO RUJDQL]DGD GHEH UHDOL]DU ODV DFFLRQHV SDUD REOLJDU DO JRELHUQR HO FXPSOLPLHQWRGHOD/H\ 1RVHWLHQHXQDSRVLFLyQGHORVJHQHUDGRUHVGHO FRQIOLFWRQLXQDSURSXHVWDFODUDGHVROXFLyQDO PLVPR VRODPHQWH VH OLPLWDQ D LQGLFDU TXH HO PDQLILHVWR DPELHQWDO TXH WRGDYtD QR VH KD SUHVHQWDGRYDDLQGLFDUODVPHGLGDVGHPLWLJDFLyQDVHUHMHFXWDGDV )XHQWHV0HPRULDGHO6HPLQDULR7DOOHU)2%20$'((VWXGLRGHFRQWDPLQDFLyQGHODTXHEUDGD HOQXHYH,,(0$8$-06 3HUVRQDHQFDUJDGDGHOUHJLVWUR *RQ]DOR0RQWDxR)2%20$'( 7DULMD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 'UDJDGRGHOFDQDO7DPHQJRSDUDODFRQVWUXFFLyQGHOD+LGURYtD3DUDJXD\ 3DUDQi 8ELFDFLyQG H OFRQIOLF WR $IHFWDGRV 3XHUWR6XiUH]SURYLQFLD*HUPiQ%XVFKGHOGHSDUWDPHQWRGH 6DQWD&UX] *RELHUQRVGH%ROLYLD%UDVLO8UXJXD\3DUDJXD\\$UJHQWLQD (Q%ROLYLD&iPDUDGH([SRUWDGRUHVGH%ROLYLD &DPSHVLQRVLQGtJHQDVDFDGpPLFRVSHULRGLVWDV&RPLWp&tYLFR 27%V\)RUR&UXFHxRHQWUHRWURV 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ 6XESUHIHFWXUD\$OFDOGtD 3HVFDGRUHVFDPSHVLQRVLQGtJHQDV\SREODFLyQORFDO (OGDxR JHQHUDGR <DVHSURGXMR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV ,QYHUVLyQG H OJHQH UDGR U )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 'UDJDGRGHOFDQDO7DPHQJR\REUDGHLQJHQLHUtD 3HOLJURVDFRQWDPLQDQWH\PROHVWD KD $JURSHFXDULD\SLVFtFROD $JXDIORUDIDXQD\VDOXG GyODUHVVyORSDUDHOGUDJDGR (QHURGH -XQLRGH &RQRFHUDIRQGRHOSUR\HFWR\KDFHUVHJXLPLHQWRDODVREUDV GHGUDJDGR 2EWHQFLyQGHLQIRUPDFLyQVREUHHOSUR\HFWRFRRUGLQDFLyQFRQ RUJDQL]DFLRQHVGHOOXJDU\21*VUHDOL]DFLyQGHUHXQLRQHV VHPLQDULR\FRORTXLR\FDPSDxDVGHVHQVLELOL]DFLyQ $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR (O SUR\HFWR GH FRQVWUXFFLyQ GH OD +LGURYtD 3DUDJXD\3DUDQi HVWi VLHQGR DXVSLFLDGR SRU HO %DQFR ,QWHUDPHULFDQR GH 'HVDUUROOR %,' \ DOHQWDGR SRU ORV H[SRUWDGRUHV GH JUDQRV PLQHUDOHV \ UHFXUVRV IRUHVWDOHV(QHOFDVRGHOGUDJDGRGHOFDQDO7DPHQJROD&iPDUDGH([SRUWDGRUHVGH%ROLYLD&$'(; IXHODTXHLPSXOVyHOPLVPR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 3DUDORJUDUTXHHOUtRVHDQDYHJDEOHORVGtDVGHODxR\ODVKRUDVGHOGtDHVQHFHVDULRUHDOL]DU PRGLILFDFLRQHV LPSRUWDQWHV D VX FXUVR HQWUH ODV TXH VH SXHGH VHxDODU OD UHFWLILFDFLyQ GH FXUYDV OD UHPRFLyQGHVXSHUILFLHVURFRVDV\ODSURIXQGL]DFLyQGHVXOHFKR (O SUR\HFWR +LGURYtD WDO FRPR HVWi SODQWHDGR DXPHQWDUi OD IXHU]D GHO IOXMR GHO UtR SURYRFDUi SULQFLSDOPHQWH VHTXtDV HQ ODV SDUWHV DOWDV H LQXQGDFLRQHV HQ ODV SDUWHV EDMDV \ OD PRGLILFDFLyQ HQ HO FDXVHGHOUtRWHQGUiQLPSDFWRVDFXPXODWLYRVFX\DVFRQVHFXHQFLDVVRQLQVRVSHFKDGDVSXHVDIHFWDUiQDO 3DQWDQDOTXHHVXQRGHORVKXPHGDOHVPiVLPSRUWDQWHVGHOPXQGRSRUVXIXQFLyQUHJXODGRUDGHOIOXMR KtGULFR\SRUODJUDQELRGLYHUVLGDGTXHSRVHH 3DUDHQFDUDUHOPHJDSUR\HFWRTXHWLHQHXQiUHDGHLQIOXHQFLDGHKHFWiUHDV\DIHFWDDPLOORQHV GHSHUVRQDVDSUR[LPDGDPHQWHORVFLQFRSDtVHVLQYROXFUDGRVFRQIRUPDURQXQ&RPLWp,QWHUJXEHUQDPHQWDO GHOD+LGURYtD&,+HQXQDYH]TXHVHDSUREyODYLDELOLGDGHFRQyPLFD\ORVHVWXGLRVGHIDFWLELOLGDG DVtFRPRHOHVWXGLRGHLPSDFWRDPELHQWDOILQDQFLDGRVSRUHO318'\HO%,' 1RREVWDQWHHO&,+WXYRTXHPRGLILFDUHOSURJUDPDGHHMHFXFLyQGHOSUR\HFWR\HPSUHQGHUVXUHDOL]DFLyQ SRUSDUWHVDQWHODRSRVLFLyQRUJDQL]DGDGHODVRFLHGDGFLYLOGHORVFLQFRSDtVHVTXHUHDOL]DURQHVWXGLRV LQGHSHQGLHQWHV\GHPRVWUDURQVXLQYLDELOLGDGHFRQyPLFDDVtFRPRODIDOWDGHVHULHGDGGHVXVHVWXGLRVGH HYDOXDFLyQGHLPSDFWRDPELHQWDO 8QD GH ODV REUDV GH PD\RU LPSRUWDQFLD SDUD OD FRQVWUXFFLyQ GH OD +LGURYtD HV HO GUDJDGR GHO FDQDO 7DPHQJR GHELGR D OD FDQWLGDG GH VHGLPHQWRV TXH VH GHEH UHPRYHU (VWH GUDJDGR IXH UHDOL]DGR VLQ FRQVLGHUDU ORV HIHFWRV TXH SRGUtD RFDVLRQDU (QWUH VXV HIHFWRV SULPDULRV VH VHxDOD SULQFLSDOPHQWH OD FRQWDPLQDFLyQ GH DJXDV SRU OD UHPRFLyQ GH VHGLPHQWRV TXH SRVHHQ UHVLGXRV GH PHWDOHV GH DJURTXtPLFRV H LQFOXVR GH KHFHV IHFDOHV (Q HO FDVR GH OD /DJXQD &iFHUHV GRQGH QDFH HO FDQDO 7DPHQJRHOHIHFWRVREUHODSREODFLyQHVJUDYH\DTXHpVWDSURYHHGH DJXDSDUDFRQVXPRKXPDQRDOD &RRSHUDWLYDGH$JXDV³/D3RUWHxD´GH3XHUWR6XiUH] (QWUHORVHIHFWRVVHFXQGDULRVSRGHPRVPHQFLRQDU HOKHFKRGHTXHODUHPRFLyQGHVHGLPHQWRV\VXGHSRVLFLyQHQODVRULOODVGHOFDQDOKDQSURYRFDGRTXHOD ODJXQD VH OOHQH GH ORGR DIHFWDQGR GH PDQHUD GLUHFWD D ORV SHVFDGRUHV TXLpQHV REOLJDGRV SRU HVD FLUFXQVWDQFLDDPSOLDURQVXVIURQWHUDVGHSHVFD\KDQOOHJDGRLQFOXVRDLQWHUQDUVHHQiUHDVSURWHJLGDV 2WURGHORVIDFWRUHVVHFXQGDULRVTXHQRIXHWRPDGRHQFXHQWDHVHOLQFHQWLYRDODPRQRSURGXFFLyQGH VR\D FX\R DXPHQWR \ FRQVHFXHQWH DPSOLDFLyQ GH OD IURQWHUD DJUtFROD UHSHUFXWH SULQFLSDOPHQWH HQ ORV ERVTXHVGHODUHJLyQ $QWH HVWD VLWXDFLyQ YDULRV VHFWRUHV GH OD SREODFLyQ FLYLO EROLYLDQD H LQWHUQDFLRQDO KLFLHURQ FRQRFHU VX RSRVLFLyQHVWDPRYLOL]DFLyQWDPELpQLPSXOVyDTXHVHRUJDQLFHHO)RUR5HJLRQDOGHOD3URYLQFLD*HUPiQ %XVFK FRQ VHGH HQ 3XHUWR 6XiUH] 6LQ HPEDUJR QL OD FRQIRUPDFLyQ GHO )RUR UHJLRQDO QL ODV DFFLRQHV UHDOL]DGDVKDVWDODIHFKDSXGLHURQHYLWDUODHMHFXFLyQGHODREUDTXHVHLQDXJXUyHOGHQRYLHPEUHGH 1R REVWDQWH ODV DFFLRQHV GH OD VRFLHGDG FLYLO RULJLQDURQ UHDFFLRQHV VREUH WRGR GH SDUWH GH ORV JHQHUDGRUHV TXLHQHV LQVLVWHQ HQ TXH ORV LPSDFWRV DPELHQWDOHV VRQ PtQLPRV DXQTXH OD UHDOLGDG ORV FRQWUDGLFH\DTXHHOGUDJDGRGHOFDQDO7DPHQJRKDUHSHUFXWLGRGHPDQHUDGLUHFWDHQOD/DJXQD&iFHUHV \HQODYLGDGHODVSHUVRQDVTXH\DVHDSDUDODSHVFDRSDUDGRWDUVHGHDJXDSRWDEOHGHSHQGHQGHHOOD (Q OD DFWXDOLGDG HO )RUR 5HJLRQDO GH OD 3URYLQFLD *HUPiQ %XVFK XELFDGR HQ 3XHUWR 6XiUH] HVWi HQFDUDQGRODSRVLELOLGDGGHFRQVHJXLUODUHDOL]DFLyQGHXQHVWXGLRKLGUROyJLFRGHOVLVWHPD7DPHQJRTXH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR SHUPLWD LGHQWLILFDU VROXFLRQHV SDUD UHYHUWLU HO GHWHULRUR FDXVDGR SRU ORV VHGLPHQWRV DFXPXODGRV HQ OD ODJXQD&iFHUHV 3RU VX SDUWH OD FRRSHUDWLYD GH SHVFDGRUHV FRQ OD ILQDOLGDG GH HQFRQWUDU DOWHUQDWLYDV GH DSURYHFKDPLHQWR VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV HVWi DQDOL]DQGR HO GHVDUUROOR GH DFWLYLGDGHV HFRWXUtVWLFDVJHVWLRQDGDVSRUORVSREODGRUHVORFDOHVHQHO 3DQWDQDO &RPHQWDULRV 6REUHODWHPSRUDOLGDGGHOFRQIOLFWRKD\TXHGLIHUHQFLDUGRVPRPHQWRVSULPHURODRSRVLFLyQDOSUR\HFWR SULQFLSDOPHQWHLPSXOVDGDSRURUJDQL]DFLRQHV³FRQVHUYDFLRQLVWDV´TXHGDWDGHVGH \VHJXQGRODV DFFLRQHV FRQFUHWDVUHDOL]DGDV SRU SDUWH GH ODV SREODFLRQHVORFDOHVTXH VH LQLFLDQ HQ (O )RUR GH 3XHUWR 6XiUH] VH FUHy HQ DJRVWR GH \ ODV PDQLIHVWDFLRQHV S~EOLFDV ORFDOHV GH FDPSHVLQRV PDHVWURV27%VSHVFDGRUHV21*VSHULRGLVWDVHLQGtJHQDVHQVHQWLGRGHTXHHOGUDJDGRVyOREHQHILFLD DORVHPSUHVDULRVVLQGHMDUQDGDPiVTXHLPSDFWRVQHJDWLYRVHQODUHJLyQUHFLpQIXHFRQRFLGDHQIHFKD GHODLQDXJXUDFLyQGHO&DQDO7DPHQJRHVGHFLUHQQRYLHPEUHGH )XHQWHV 5HYLVLyQKHPHURJUiILFD\ELEOLRJUiILFDHQWUHYLVWDV DSREODGRUHVGH3XHUWR6XiUH]\&DUPHQ 5LYHUR7yUUH] 3HUVRQDHQFDUJDGDGHOUHJLVWUR+HQU\0*XDUGLD0)2%20$'( 6DQWD&UX] 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQVWUXFFLyQGHUHSUHVDV/DV3DYDV$UUD]D\DO\&DPEDUt 8ELFDFLyQG H OFRQIOLF WR ,QLFLDGRU GHOFRQIOLF WR 5tRV*UDQGH\%HUPHMRGHODSURYLQFLD$UFHGHOGHSDUWDPHQWR GH7DULMD\GHODUHS~EOLFD$UJHQWLQD &RPLVLyQ5HJLRQDOGHOD&XHQFDGHO%HUPHMR&25(%( &RPLVLyQ%LQDFLRQDOGHOD&XHQFDGHO%HUPHMR )2%20$'(\ODVFRPXQLGDGHVDIHFWDGDV $IHFWDGRV IDPLOLDVGHFLQFRFRPXQLGDGHVFDPSHVLQDV *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ &RQVWUXFFLyQGHWUHVUHSUHVDVGHJUDQPDJQLWXG 6HSURGXFLUi &RQWDPLQDQWH 1RHVWDHVWLPDGD $JURSHFXDULDSLVFtFROD\YLYLHQGD $JXDIORUD\IDXQD 1RVHKDLQLFLDGR GHMXOLRGHO ,PSHGLUODFRQVWUXFFLyQGHODVUHSUHVDV 7DOOHUGHGLVFXVLyQGHOWHPDUHXQLRQHVFRPXQDOHVGH LQIRUPDFLyQFRQIRUPDFLyQGHO&RPLWpGH'HIHQVDGHODV &RPXQLGDGHVUHXQLRQHVFRQOD)HGHUDFLyQ6LQGLFDO8QLFDGH 7UDEDMDGRUHV&DPSHVLQRVGH7DULMDUHXQLRQHVFRQHO&RPLWp &tYLFROD3UHIHFWXUD\SDUODPHQWDULRVSDUDGHWHQHUHOSUR\HFWR GHDJRVWRGH 'HVFULSFLyQGHOFRQIOLFWR (VWHSUR\HFWRIXHGHILQLGRPHGLDQWHXQFRQYHQLRELQDFLRQDOGHQRPLQDGRHO$FXHUGRGH2UiQHQWUHORV JRELHUQRV GH %ROLYLD \ OD $UJHQWLQD TXLHQHV D WUDYpV GH VXV UHVSHFWLYDV FDQFLOOHUtDV SDUWLFLSDQ HQ OD &RPLVLyQ%LQDFLRQDOGHOD&XHQFDGHO%HUPHMR(O$FXHUGRGH2UiQIXHUDWLILFDGRHQWRGRVVXVWpUPLQRV SRU HO &RQJUHVR GH %ROLYLD PHGLDQWH /H\ GHO GH RFWXEUH GH \ SRU HO &RQJUHVR GH OD $UJHQWLQDPHGLDQWH/H\GHOGHPD\RGHO (QHVWHDFXHUGRVHDSUXHEDTXHODUHDOL]DFLyQGHOSUR\HFWRVHHODERUDUiPHGLDQWHXQQXHYRSURJUDPD GHFRPSXWDFLyQOODPDGR'DWD5RRPTXHFRQVLVWHHQTXHHOSUR\HFWRVHYD\DFRQVWUX\HQGRDPHGLGD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV TXHDYDQ]DQORVHVWXGLRVGHIDFWLELOLGDG'HHVWDPDQHUDHOSUR\HFWRVyORHVWDUitQWHJUDPHQWHFRQFOXLGR FXDQGRVH OLFLWHODREUD PLHQWUDV WDQWRVHLPSLGHTXH HOSUR\HFWRVHDFRQRFLGRHQ VX WRWDOLGDG\FRQ HVWHSUHWH[WRORVUHVSRQVDEOHVDUJXPHQWDQTXHQRVHSXHGHGDUPD\RULQIRUPDFLyQ (VWH SUR\HFWR WLHQH XQD LQYHUVLyQ SUHYLVWD GH PLOORQHV GH GyODUHV DPHULFDQRV \ VX REMHWLYR HV OD JHQHUDFLyQGHHQHUJtDKLGURHOpFWULFD\ODUHJXODFLyQGHDJXDOLPSLDSDUDULHJRGHPiVGHKHFWiUHDV ODPD\RUSDUWHHQWHUULWRULRDUJHQWLQR 6LQ HPEDUJR ORV LPSDFWRV TXH SURYRFDUi HVWH SUR\HFWR WHQGUiQ IXHUWHV HIHFWRV HQ %ROLYLD HQWUH HOORV SRGHPRVPHQFLRQDU x x x x x 0RGLILFDFLyQGHORVSURFHVRVHFROyJLFRV\GHORVHFRVLVWHPDVDIHFWDQGRHOKiELWDWQDWXUDOGHYDULRV DQLPDOHVGHODVGRVUHVHUYDVGHOD]RQD7DULTXLD\%DULW~ ,QXQGDFLyQGHOGHODUHVHUYDGH7DULTXLD ,QXQGDFLyQGHJUDQFDQWLGDGGHWLHUUDVDJUtFRODVHQSURGXFFLyQ ,PSDFWRVVRFLDOHVQHJDWLYRVDOREOLJDUDIDPLOLDVDWUDVODGDUVHDRWURVOXJDUHV ,QXQGDFLyQGHiUHDVERVFRVDV\SpUGLGDGH PXFKDVHVSHFLHVIRUHVWDOHV $QWHHVWDVLWXDFLyQHO)2%20$'(3520(7$\ODVFRPXQLGDGHVSRWHQFLDOPHQWHDIHFWDGDVRUJDQL]DURQ XQDWDOOHUHQODFLXGDGIURQWHUL]DGH%HUPHMRSDUDGHQXQFLDUS~EOLFDPHQWHHVWDVLWXDFLyQ(QGLFKRWDOOHU SDUWLFLSDURQ WRGDV ODV FRPXQLGDGHV DIHFWDGDV ODV RUJDQL]DFLRQHV GH EDVH H LQYLWDGRV GH GLIHUHQWHV LQVWLWXFLRQHV3RVWHULRUPHQWHFRQHODSR\RGH3520(7$ODVFRPXQLGDGHVDXVSLFLDURQUHXQLRQHVFRQHO &RPLWp&tYLFRGH7DULMDSDUDGHEDWLUVREUHHOWHPD6LQHPEDUJRHO&RPLWp&tYLFRGHFLGLyGHIHQGHUVXV SRVLEOHVUHJDOtDV\QRRSRQHUVHDODFRQVWUXFFLyQGHHVWDVUHSUHVDV $ SDUWLU GH HVWD H[SHULHQFLD VH FRQIRUPy HO &RPLWp GH 'HIHQVD FRQ GHOHJDGRV GH ODV FLQFR FRPXQLGDGHV DIHFWDGDV \ SRU OD )HGHUDFLyQ GH &DPSHVLQRV $FWR VHJXLGR HO &RPLWp GH 'HIHQVD RUJDQL]y UHXQLRQHV FRQ OD 3UHIHFWXUD \ ORV SDUODPHQWDULRV SDUD VROLFLWDUOHV TXH VH RSRQJDQ D OD FRQVWUXFFLyQGH ODV UHSUHVDV DUJXPHQWDQGRORVGDxRV DPELHQWDOHV \ HFROyJLFRV TXH VH RFDVLRQDUtDQ HVSHFLDOPHQWHDODVUHVHUYDVGHIORUD\IDXQDGH7DULTXLD\%DULW~\ORVGDxRVVRFLDOHV\HFRQyPLFRV TXHFDXVDUtDQDODVSREODFLRQHVORFDOHV (QOD$UJHQWLQDWDPELpQVHUHDOL]DURQDFFLRQHVSDUDGHWHQHUHVWHSUR\HFWR\HO&ROHJLRGH$ERJDGRVGH OD FLXGDG GH 6DOWD LQLFLy XQ MXLFLR GH UHVSRQVDELOLGDGHV DO JRELHUQR DQWH HO &RQJUHVR 1DFLRQDO (VWDV DFFLRQHV KDQ SHUPLWLGR TXH HO JRELHUQR GH OD $UJHQWLQD GHFLGD VXVSHQGHU HO SUR\HFWR KDVWD OD QXHYD HOHFFLyQSUHVLGHQFLDOGHHVHSDtV6LQHPEDUJRWDPELpQGHFLGLyTXH\DQRILQDQFLDUiHVWHSUR\HFWR\TXH FRQYRFDUtDDODHPSUHVDSULYDGDSDUDTXHVHKDJDFDUJRGHOPLVPR (Q OD DFWXDOLGDG ODV RUJDQL]DFLRQHV VH HQFXHQWUDQ HQ DOHUWD DQWH FXDOTXLHU FDPELR GH GHFLVLyQ GH OD FRPLVLyQELQDFLRQDO )XHQWHV &RPLVLyQ%LQDFLRQDO&25(%(,QIRUPHVGHO)2%20$'(3520(7$\&RPLWp&tYLFRGH 7DULMD 3HUVRQDHQFDUJDGDGHOUHJLVWUR$OLSLR9DOGp])2%20$'( 7DULMD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 3HVFDFRPHUFLDOFODQGHVWLQDHQHO%HQL 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR 0XQLFLSLRVGH6DQ-RDTXtQ\0DJGDOHQDGHODVSURYLQFLDV 0DPRUpH,WHQH]GHOGHSDUWDPHQWRGHO%HQL 3HVFDGRUHVEUDVLOHURV 5HJXODGRUGHO FRQIOLFWR 8QLGDGGH9LGDVLOYHVWUH\&HQWURGH'HVDUUROOR3HVTXHUR ,QLFLDGRU GHOFRQIOLF WR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUHDOL]DGDV )HFKDGH UHJLVWUR 6XEFHQWUDO,QGtJHQD KDELWDQWHVGHODUHJLyQ 3HVFDFRPHUFLDOLOHJDO 6HHVWiSURGXFLHQGR 'HSUHGDGRUD KD 3LVFtFROD\FRQVHUYDFLyQGHIDXQDVLOYHVWUH )ORUD\IDXQD &UHDFLyQGHXQDUHGGHFRQWUROSHUPDQHQWHSDUDLPSHGLUHO LQJUHVRGHHPEDUFDFLRQHVLOHJDOHVDOUtR0DPRUp 'HFRPLVRGHHPEDUFDFLRQHV5HXQLRQHVFRQDXWRULGDGHVGHO &HQWURGH5HFXUVRV3HVTXHURV\GHOD1DYDO/HYDQWDPLHQWR GHLQIRUPDFLyQ 0D\RGH 'HVFULSFLyQGHOFRQIOLFWR 'HVGHKDFHFLQFRDxRVODSHVFDFRPHUFLDOFODQGHVWLQD UHDOL]DGDSRUODQFKRQHVGHEDQGHUDEUDVLOHUDVH GHVDUUROODHQODPiVDEVROXWDLPSXQLGDG(VWDDFWLYLGDGGHSUHGDGRUDDIHFWDDOSDF~DOVXUXEt\KDVWDD ODV WRUWXJDV GH UtR 6H FDOFXOD TXH DQXDOPHQWH VH H[WUDHQ GH HVWD PDQHUD LOHJDO WRQHODGDV GH SHVFDGR FX\R GHVWLQR VRQ ORV PHUFDGRV EUDVLOHURV VLQ TXH ORV PXQLFLSLRV \ FRPXQLGDGHV LQGtJHQDV DIHFWDGDV UHFLEDQ FRPSHQVDFLyQ DOJXQD \ WHQJDQ TXH KDFHU IUHQWH D XQD QRWDEOH UHGXFFLyQ GH HVWH UHFXUVRIXQGDPHQWDOSDUDVXVREUHYLYHQFLD 6HJ~Q ORV UHODWRV GH ORV KDELWDQWHV GHO OXJDU ODV YHFHV TXH WUDWDURQ GH LQWHUFHSWDU ORV ODQFKRQHV EUDVLOHURV VXV WULSXODQWHV DILUPDURQ TXH SRVHtDQ DXWRUL]DFLRQHV GHO JRELHUQR EROLYLDQR VLQ HPEDUJR QXQFDVHPRVWUDURQGLFKDVDXWRUL]DFLRQHV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 'HDFXHUGRDORVWHVWLPRQLRVUHFRJLGRVHQODVFRPXQLGDGHVGH3XHUWR6LOHVHQOD3URYLQFLD0DPRUpORV UHFXUVRVSHVTXHURVTXHVRQVXSULQFLSDOPHGLRGHVXEVLVWHQFLDKDQLGRPHUPDQGRSDXODWLQDPHQWH\HQ DOJXQRVFDVRVHVWiQSUiFWLFDPHQWHGHVDSDUHFLHQGR (VWHWLSRGHSHVFDJHQHUDOPHQWH VHUHDOL]DSRUODVQRFKHVPHGLDQWHPRWRUHVIXHUDGHERUGD\XWLOL]DQGR UHFLSLHQWHV \ PDOODV TXH QR SHUPLWHQ GLVFULPLQDU ORV SHFHV DGXOWRV GH ORV PHQRUHV $GHPiV ORV ODQFKRQHVEUDVLOHURVQRFRQRFHQGHYHGDVQLGHFLFORVELROyJLFRV\DTXHRSHUDQHQFXDOTXLHUpSRFDGHO DxR $OJXQDVDFFLRQHVDLVODGDVIXHURQUHDOL]DGDVFRQODILQDOLGDGGHFDSWXUDUORVODQFKRQHVSHURSRUIDOWDGH D\XGDRSRUWXQDGHODVDXWRULGDGHVHQFDUJDGDVQXQFDVHORJUyVDQFLRQDUORVRUHDOL]DUGHFRPLVRVGHODV WRQHODGDVGHSHFHVTXHH[WUDHQLOHJDOPHQWH (QYLVWDGHTXHODVDXWRULGDGHVHQODPDWHULDSODQWHDQTXHODVGHQXQFLDVGHEHQVHUPiVFRQFUHWDVSDUD SRGHUUHDOL]DUDFFLRQHVODVVXEFHQWUDOHVLQGtJHQDVDIHFWDGDVHVWiQWRPDQGRFRQFLHQFLDGHODJUDYHGDG GHOSUREOHPD\GHFLGLHURQUHJLVWUDUJUiILFDPHQWHHVWRVKHFKRVPHGLDQWHIRWRJUDItDVTXHVHUiQHQYLDGDVD OD3UHIHFWXUDORFDOFRQODHVSHUDQ]DGHTXHGHHVWDPDQHUDWRPHFDUWDVHQHODVXQWR )XHQWHV 6XEFHQWUDO,QGtJHQD6DQ-RDTXtQ 3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D])2%20$'( %HQL )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 5HVLVWHQFLD D OD SHUIRUDFLyQ GH SR]RV GH DJXD HQ HO 9DOOH %DMR GH &RFKDEDPED 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 9LQWRHVODFXDUWDVHFFLyQGHODSURYLQFLD4XLOODFROORGHO GHSDUWDPHQWRGH&RFKDEDPED <3)%\6(0$3$ $IHFWDGRV *RELHUQRVPXQLFLSDOHVGH7LTXLSD\D\9LQWR&RPLWp&tYLFR 6XEFHQWUDOGH&DPSHVLQRV$VRFLDFLyQGH6LVWHPDVGH5LHJR GH7LTXLSD\D&RPLWpGH'HIHQVDGH5HFXUVRV+tGULFRV 6XEFHQWUDO&DPSHVLQDGH9LQWR\FRPXQLGDGGHSURSLHWDULRV\ XVXDULRV/DJXQD0D\X 3UHVLGHQFLD GH OD 5HS~EOLFD EULJDGD SDUODPHQWDULD GH &RFKDEDPED3UHIHFWXUDGH&RFKDEDPED0XQLFLSDOLGDGGHOD 3URYLQFLD.DQDWD\6XSHULQWHQGHQFLDGH$JXDV KDELWDQWHVSULQFLSDOPHQWHGH(O3DVR6LSH6LSH\9LQWR (OGDxR JHQHUDGR <DVHSURGXMR\FRQWLQXDUiSURGXFLHQGR 5HJXODGRUGHO FRQIOLFWR $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV 3HUIRUDFLyQGHSR]RVSURIXQGRVSDUDH[WUDHUDJXDVVXEWHUUiQHDV $FWLYLGDGD IHFWDGD 3HOLJURVDSURYRFDODGHVDSDULFLyQGHPDQDQWLDOHVGLVPLQXFLyQ GHDJXDGHORVSR]RVFDVHURV\HURVLyQGHORVVXHORV $JURSHFXDULD ,QYHUVLyQG H OJHQH UDGR U 86SRUSR]RSURIXQGR 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR $JXDVXHOR\VXEVXHOR $xRDFDUJR GH<3)% GHVHSWLHPEUHGH 'HPRVWUDUDODSREODFLyQORVGDxRVRFDVLRQDGRVSRUOD SHUIRUDFLyQGHSR]RV\HYLWDUODSHUIRUDFLyQGHQXHYRVSR]RV &DELOGRV DELHUWRV YRWR UHVROXWLYR GH FRPXQLGDGHV DJUtFRODV GHO9DOOH%DMR PDUFKDV PDVLYDV GHVGH 9LQWR KDVWD &RFKDEDPED GHVWUR]RV HQ OD DOFDOGtD GH 6LSH 6LSH \ EORTXHRVGHODFDUUHWHUD&RFKDEDPED± 2UXUR /D3D] GHMXOLRGH 'HVFULSFLyQGHOFRQIOLFWR /RV GDxRV RFDVLRQDGRV D ODV SREODFLRQHV GHO 9DOOH %DMR D FDXVD GH OD SHUIRUDFLyQ GH SR]RV SURIXQGRV WLHQHQ FODUDPHQWH GRV SHULRGRV GHILQLGRV (Q SULPHU OXJDU HO DxR <3)% FRQVLJXLy OD DSUREDFLyQ PHGLDQWH'HFUHWR6XSUHPRSDUDSHUIRUDUSR]RVHQ4XLOODFROOR\9LQWRGRQGHODSREODFLyQQRVHRSXVR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV QLFRQVLGHUyORVGDxRVIXWXURV6LQHPEDUJRDSDUWLUGHODSREODFLyQVHRUJDQL]ySDUDLPSHGLUQXHYDV SHUIRUDFLRQHVGHELGRDTXH\DVHPRVWUDURQORVGDxRVRFDVLRQDGRVSRUODVDQWHULRUPHQWHUHDOL]DGDV(QWUH ORVGDxRVLGHQWLILFDGRVHVWiDODSpUGLGDGHDJXDHQORVSR]RVFDVHURV\HOKXQGLPLHQWRGHYDULRVWHUUHQRV DJUtFRODVHQODVORFDOLGDGHVGH(O3DVR\6LSH6LSH /DVSULQFLSDOHVDFFLRQHVGHVDUUROODGDVHQHVWHFRQIOLFWRIXHURQODVVLJXLHQWHV (O GHVHSWLHPEUHGHORVDIHFWDGRVUHDOL]DURQXQFDELOGRDELHUWRTXHQROOHJyDWHQHUPD\RUHV FRQVHFXHQFLDV3RVWHULRUPHQWHHOGH RFWXEUHGHODVMXQWDVYHFLQDOHVGHODVSREODFLRQHVGHO9DOOH %DMRRUJDQL]DURQXQDPDUFKDGHQRPLQDGD3RUOD9LGD\HO$JXDGHVGH9LQWRKDVWD&RFKDEDPEDHQOD TXH SDUWLFLSDURQ SHUVRQDV $QWH HVWD VLWXDFLyQ ORV JHQHUDGRUHV GHO FRQIOLFWR HQ HVWUHFKD FRRUGLQDFLyQ FRQ OD SUHIHFWXUD\ HO 0XQLFLSLR GH &RFKDEDPED DFXGLHURQ DOD SROLFtD \ DO HMHUFLWR SDUD UHVJXDUGDU ORVHTXLSRV\UHSULPLUDODSREODFLyQRSRVLWRUD (O GH PDU]R GH FRPXQLGDGHV DJUtFRODV GHO 9DOOH %DMR HODERUDURQ XQ YRWR UHVROXWLYR GH RSRVLFLyQDODSHUIRUDFLyQGHSR]RV(QDEULOGHHVHPLVPRDxRVHGLFWDHO(VWDGRGH6LWLRHQODUHJLyQ\ YDULRVGHVXVGLULJHQWHVSDVDQDODFODQGHVWLQLGDGPLHQWUDVTXHRWURVVRQDSUHVDGRV (O GH QRYLHPEUH GH ORV SREODGRUHV ORFDOHV RFDVLRQDQ GHVWUR]RV D OD $OFDOGtD GH 6LSH 6LSH \ H[LJHQODDQXODFLyQGHORVFRQWUDWRVTXHDXWRUL]DEDQODSHUIRUDFLyQGH SR]RVHQOD]RQD(OGHOPLVPR PHV ORV SREODGRUHV GH FRPXQLGDGHV GH 6LSH 6LSH \ 9LQWR UHDOL]DQ RWUD PDUFKD D OD FLXGDG GH &RFKDEDPEDSDUDH[SUHVDUVXUHFKD]RIUHQWHDODSHUIRUDFLyQGHSR]RVSURIXQGRV $QWHHVWDVLWXDFLyQGHFRQIOLFWRORVJHQHUDGRUHVFRQWUDWDQDWpFQLFRVSDUDGHPRVWUDUTXHQRVHHVWDED SURYRFDQGR GDxRV FRQ OD SHUIRUDFLyQ GH SR]RV VXEWHUUiQHRV \ SUHWHQGHQ HQIUHQWDU D OD SREODFLyQ GH &RFKDEDPEDFRQWUDORVSREODGRUHVGHO9DOOH%DMRFRQHVWDILQDOLGDGUHDOL]DQFDPSDxDVSRUORVPHGLRV GHFRPXQLFDFLyQDIDYRUGHODSHUIRUDFLyQGHSR]RVSURIXQGRV (O \ GH HQHUR GH ORV SREODGRUHVGHO 9DOOH %DMR UHDOL]DQ DVDPEOHDV HQ ODVORFDOLGDGHV GH (O 3DVR 9LQWR \ 4XLOODFROOR UHFKD]DQGR QXHYDPHQWH OD SHUIRUDFLyQ GH SR]RV \ HO GH HQHUR UHDOL]DQ EORTXHRVHQODFDUUHWHUDSULQFLSDOTXHXQH &RFKDEDPEDFRQODVFLXGDGHVGH2UXUR\/D3D] $ORODUJRGHHVWHFRQIOLFWRODRSRVLFLyQDODSHUIRUDFLyQGHSR]RVSURIXQGRVWXYRODYHQWDMDGHFRQWDU FRQ LQIRUPDFLyQ WpFQLFD TXH SUHGHFtD ORV GDxRV TXH VXIULUtDQ ODV FRPXQLGDGHV VL VH SHUVLVWtD FRQ OD SHUIRUDFLyQ GH QXHYRV SR]RV (VWD GRFXPHQWDFLyQ UHDOL]DGD D SDUWLU GH HVWXGLRV UHDOL]DGRV SRU FRQVXOWRUDVIUDQFHVDVGHVGHODGpFDGDGHORVVHVHQWDIXHDFWXDOL]DGDSRULQJHQLHURVJHyORJRVTXHVH KDOODEDQ FRPSURPHWLGRVFRQORVLQWHUHVHVGHORVFDPSHVLQRV (QFXDQGR6(0$3$SUHWHQGLySHUIRUDUQXHYRVSR]RVVHHQFRQWUyFRQXQDDJUHVLYDUHVLVWHQFLDGHORV SREODGRUHVGHODUHJLyQDQWHODFXDOODVDXWRULGDGHVLQWHUYLQLHURQPHGLDQWHODUHDOL]DFLyQGHFRQYHQLRVFRQ DOJXQRVGLULJHQWHVSHURQRSXGLHURQGLVPLQXLUODRSRVLFLyQ\YLJLODQFLDGHORVFDPSHVLQRVDIHFWDGRV )XHQWHV 7HVWLPRQLRVGHSDUWLFLSDQWHVHQHOFRQIOLFWR 3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$ &RFKDEDPED )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 7LHUUD\WHUULWRULR DYDQFHVGLILFXOWDGHV\FRQIOLFWRV /D WLHUUDHVGHGRPLQLRRULJLQDULRGHODQDFLyQ\FRUUHVSRQGHDO(VWDGR VX GLVWULEXFLyQUHGLVWULEXFLyQ\ UHDJUXSDPLHQWR(VWDGLVSRVLFLyQFRQVWLWXFLRQDOUHFRJLGDGHOD5HIRUPD$JUDULDPH[LFDQDGHTXH LQVSLUyORVGLIHUHQWHVSURFHVRVDJUDULRVGHOFRQWLQHQWHHQWUHpVWRVHOEROLYLDQRGH\FX\DILQDOLGDG HUD OD GH UHVWLWXLU ODV WLHUUDV D VXV SURSLHWDULRV OHJtWLPRV ORV SXHEORV RULJLQDULRV \ HO FRQMXQWR GH ORV VHFWRUHVVRFLDOHVQDFLRQDOHV/RDQWHULRUVHFRPSOHPHQWDFRQODGLVSRVLFLyQIXQGDPHQWDOTXHHVWDEOHFH TXH³/DWLHUUDHVGHTXLHQODWUDEDMD´FRQWHQLGDHQHODUWGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR (VWRVGRVVRSRUWHVGRFWULQDOHV\OHJDOHVIXQGDPHQWDOHVGHOD5HIRUPD$JUDULDGHEXVFDEDQHOLPLQDU HOYLHMR\DQDFUyQLFRUpJLPHQIHXGDOODWLIXQGLDULRGHODSULPHUDpSRFDUHSXEOLFDQDTXHIXHUDKHUHGDGRGHOD FRORQLD KLVSDQD H LPSODQWDGR FRPR SURGXFWR GH OD ³UHFRQTXLVWD´ GH HVSDFLRV WHUULWRULDOHV DXWyQRPRV SRU SDUWH GH (VSDxD IUHQWH D OD GRPLQDFLyQ iUDEH D OD TXH VH HQFRQWUDEDQ VRPHWLGRV HQ HO SHUtRGR LQPHGLDWDPHQWH SUHFHGHQWH D OD DYHQWXUD FRORQLDO \ TXH UHIOHMDED VX DWUDVR HFRQyPLFR \ SROtWLFR FRQ UHODFLyQDOUHVWRGH(XURSD (OSURFHVRGHOD5HIRUPD$JUDULDEROLYLDQDVHSURSRQtDUHGLVWULEXLU ODVWLHUUDVTXHHQHVH PRPHQWRVH HQFRQWUDEDQ HQ SRGHU GH DSUR[LPDGDPHQWH ODWLIXQGLVWDV TXH UHSUHVHQWDEDQ HO GH ORV SURSLHWDULRVUXUDOHV\UHWHQtDQHOGHODSURSLHGDGDJUDULDDSUR[LPDGDPHQWHPLOORQHVGHKDHQ WDQWR TXH HO GH OD SREODFLyQ LQGtJHQDUHWHQtD DSHQDV HO 2EYLDPHQWH HQ HVWDV FRQGLFLRQHV H[LVWtD\DHOPLQLIXQGLR\HOODWLIXQGLRGRPLQDQWHUHVXOWDEDVHULPSURGXFWLYR 6H WUDWDED GHXQ QXHYR LQWHQWR GH GHVDUUROODU OD YtD FDSLWDOLVWD HQHO DJUR $O HIHFWR HOHVStULWX GH OD 5HIRUPD$JUDULDEROLYLDQDHUDGHGHVDUUROODUHQIRUPDFRPELQDGDORVVLVWHPDV³MXQNHU´\³IDUPHU´HQHO PDUFRGHXQPRGHORHVWDWDOSRSXOLVWD (O VRODU FDPSHVLQR \ OD SHTXHxD SURSLHGDG FRPR FODVHV GH SURSLHGDG UHFRQRFLGDV HQ IDYRU GH ORV FDPSHVLQRVEXVFDEDGRWDUOHVGHWLHUUDVSDUDTXHSXHGDQGLVSRQHUGHXQPHGLRGHYLGD\GHVDUUROOR/D PHGLDQD SURSLHGDG HVWDED GHVWLQDGD D VDWLVIDFHU OD GHPDQGD DOLPHQWDULD QDFLRQDO \ OD HPSUHVD DJURSHFXDULD GHEtD GHVWLQDU VX SURGXFFLyQ VREUH WRGR D OD H[SRUWDFLyQ 'H HVWD PDQHUD VH KDEUtD UHVXHOWRHOSUREOHPDGHODLQMXVWDGLVWULEXFLyQ\WHQHQFLDGHWLHUUDV\GHODLPSURGXFWLYLGDGODWLIXQGLDULD (PSHUR FXDWUR GpFDGDV GHVSXpV GH KDEHUVH SXHVWR HQ YLJHQFLD HVWD PHGLGD QLQJXQR GH ORV GRV REMHWLYRV IXH DOFDQ]DGR $FWXDOPHQWH PLOORQHV GH KHFWiUHDV VH HQFRQWUDUtDQ HQ SRGHU GH +XELHURQ YDULRV LQWHQWRV DQWHULRUHV GH GHVDUUROOR GH OD YtD FDSLWDOLVWD HQ HO DJUR FDUDFWHUL]DGRV WRGRV HOORV SRU SUHWHQGHU HOLPLQDU ODV WLHUUDV GH FRPXQLGDG \ FRQYHUWLUODV HQ KDFLHQGDV \ TXH VLQ HPEDUJR SRU QR DIHFWDU SUHFLVDPHQWH OD HVWUXFWXUD GH ODV KDFLHQGDV IHXGDOHV UHVXOWDURQ VHU UHVWULFWLYRV \ IUXVWUDQWHV 6H LQVFULEHQ HQ HVWRV LQWHQWRVODVXEDVWD GHWLHUUDV LQGtJHQDVLPSOHPHQWDGD SRU0HOJDUHMR DVtFRPR ODLQVWDODFLyQ GHPHVDVUHYLVLWDGRUDV FRQILQHVGHH[YLQFXODFLyQGHODVWLHUUDVGHFRPXQLGDGSUDFWLFDGDSRU7RPDV)UtDV\1DUFLVR&DPSHUR (O VLVWHPD -XQNHU EXVFD FRQYHUWLU D ORV FDPSHVLQRV HQ SURSLHWDULRV DJUDULRV SDUD HQULTXHFHUORV DUWLFXODUORV DO PHUFDGR \FRQYHUWLU VXV WLHUUDVHQKDFLHQGDV FDSLWDOLVWDV (OVLVWHPD )DUPHU WUDWDGHFRQYHUWLUODKDFLHQGD IHXGDOHQ KDFLHQGDFDSLWDOLVWDDWUDYpVGHODLQWURGXFFLyQGHPDTXLQDULDPHFDQL]DGD\WUDEDMRDVDODULDGR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV HPSUHVDULRV DJURSHFXDULRV PLOORQHV GH KHFWiUHDV HQ SRGHU GH DSUR[LPDGDPHQWH PLO FDPSHVLQRV PLOORQHV GH KHFWiUHDV HQ SRGHU GH DSUR[LPDGDPHQWH PLO LQGtJHQDV PLOORQHV GH KHFWiUHDV HQ SRGHU GH FRQFHVLRQDULRV PDGHUHURV PLOORQHV GH KHFWiUHDV HQ SRGHU GH FRQFHVLRQDULRVPLQHURVPLOORQHVGHKHFWiUHDVGHiUHDVSURWHJLGDV (QFXDQWRDORVQLYHOHVGHSURGXFWLYLGDGHQ%ROLYLDH[LVWLUtDQPLOORQHVGHKHFWiUHDVDSWDVSDUDOD DJULFXOWXUD GH ODV FXDOHV DFWXDOPHQWH VyOR HVWDUtDQ VLHQGR DSURYHFKDGDV PLOORQHV HQ HVWD VXSHUILFLH FXOWLYDGD HO VHFWRU FDPSHVLQR JHQHUDUtD HO GH OD SURGXFFLyQ DJURSHFXDULD QDFLRQDO PLHQWUDVTXHHOVHFWRUHPSUHVDULDOVyORXQ (QWUH ODV GLYHUVDV FDXVDV TXH H[SOLFDQ HVWH SURFHVR DJUDULR EROLYLDQR FRQ VHJXULGDG TXH OD LQMXVWD GLVWULEXFLyQGHWLHUUDV\VXXWLOL]DFLyQGLVWRUVLRQDGDKDQGHWHUPLQDGRORVEDMRVQLYHOHVGHSURGXFWLYLGDG /DVFDXVDVSRUODVFXDOHVVHKDFRQFHQWUDGRODSURSLHGDGDJUDULDHQGHVPHGURGHODSURGXFWLYLGDGWLHQHQ TXH YHU FRQ HO IDYRULWLVPR SROtWLFR \ HFRQyPLFR TXH KD SULPDGR HQ OD GLVWULEXFLyQ GH WLHUUDV GRQGH ORV QLYHOHVGHFRUUXSFLyQKDQOOHJDGRDFRPSURPHWHUDODVPiVDOWDVHVIHUDVHVWDWDOHVDGHPiVHQPXFKRV FDVRV JUDQGHV H[WHQVLRQHV GH WLHUUDV IXHURQ GLVWULEXLGDV HQ UHJtPHQHV GH IDFWR TXH SRU GHILQLFLyQ FDUHFtDQGHOHJDOLGDG\OHJLWLPLGDGSDUDWDOHIHFWR 'DGDVHVWDVFRQGLFLRQHVHOGHQRYLHPEUHGHHOJRELHUQRGH3D]=DPRUDGHFLGH LQWHUYHQLUODRILFLQDGH5HIRUPD$JUDULD\GHVGHHQWRQFHVVHSUHWHQGHUHHVWUXFWXUDUHODJURSDUDORFXDO VHSRQHHQYLJHQFLDXQDQXHYDUHIRUPDDJUDULDHQIHFKDGHRFWXEUHGH8QRGHORVREMHWLYRV FHQWUDOHVGHOD/H\,15$HVHOGHUHJXODUL]DUHOGHUHFKRGHSURSLHGDGDJUDULDPHGLDQWHODHMHFXFLyQGHO SURFHGLPLHQWR GH VDQHDPLHQWR QR VRODPHQWH SDUD UHYLVDU OD VLWXDFLyQ MXUtGLFD GH ODV SURSLHGDGHV WLWXODGDV GH ORV SURFHVRV DJUDULRV HQ WUiPLWH \ GH ODV SRVHVLRQHV VLQR WDPELpQ ORV LQQXPHUDEOHV FRQIOLFWRVTXHDIHFWDQDODWLHUUD\TXHWLHQHQXQRULJHQHQODFDyWLFD\FOLHQWHODUGLVWULEXFLyQGHWLHUUDV (VWRVFRQIOLFWRVSXHGHQVHUDJUXSDGRVGHODVLJXLHQWHPDQHUD ,QVHJXULGDGMXUtGLFD 0XFKRVSURFHVRVDJUDULRVVHHQFXHQWUDQLQFRQFOXVRVVREUHWRGRWUDWiQGRVHGH VROLFLWXGHV GH LQGtJHQDV FDPSHVLQRV \ FRORQL]DGRUHV TXH DO QR WHQHU LQIOXHQFLDV HQ ODV LQVWDQFLDV EXURFUiWLFDVWLHQHQTXHHVSHUDUPXFKDVYHFHVKDVWDHOILQGHVXVGtDVSDUDODFRQFOXVLyQGHORVWUiPLWHV /D VXSHUILFLH WLWXODGD HQ IDYRU GH ORV SXHEORV LQGtJHQDV HV WRGDYtD SURYLVLRQDO VH HQFXHQWUD VXMHWR DO SURFHVR GH VDQHDPLHQWR GH OD SURSLHGDG DJUDULD TXH QHFHVDULDPHQWH OD YD D UHGXFLU FRPR SURGXFWR GH OD FRQVROLGDFLyQ GH SURSLHWDULRVSDUWLFXODUHVHQVXLQWHULRU )XHQWHVFRPELQDGDV&(-,67,(55$)$2&(51$36XSHULQWHQGHQFLD)RUHVWDO\6XSHULQWHQGHQFLDGH0LQDV 'DWRVSURSRUFLRQDGRVSRUHO0LQLVWHULRGH$JULFXOWXUD*DQDGHUtD\'HVDUUROOR5XUDOHQHOSUHVHQWHDxR 'DWRVSURSRUFLRQDGRVSRUOD)XQGDFLyQ7,(55$HQSRUWDQWRVXMHWRVDVHUDFWXDOL]DGRV (O XVR GH WpFQLFDV LQDGHFXDGDV HQ WRGR HO SDtV \ OD SUHVLyQ GHPRJUiILFD HQ HO DOWLSODQR KDQ SURYRFDGR OD PHQRU IHUWLOLGDG GHO VXHOR OD HURVLyQ KtGULFD \ HyOLFD SRU SpUGLGD GH OD FXELHUWD YHJHWDO \ GLVPLQXFLyQ GH OD FDQWLGDG GH DQLPDOHVYHU´ORVGDWRVGHODWLHUUDµGH,YDQ$ULDVHQ3UHVHQFLDGHOGHDJRVWRGH (OFDVRPiVHVFDQGDORVRIXHHOGH%2/,%5$6HQHOTXHXQH[0LQLVWURGH(GXFDFLyQVHDGMXGLFRLOHJDOPHQWHPLO KDGHWLHUUDHQHOGHSDUWDPHQWRGH6DQWD&UX] 'XUDQWHHOJRELHUQRGHIDFWRGHO*UDO%DQ]HUVHGLVWULEX\HURQPLOORQHVGHKDHQWDQWRTXHGXUDQWHHO JRELHUQRGHIDFWRGH*DUFtD0H]DVHGLVWULEX\HURQPLOORQHV )HFKDGHSURPXOJDFLyQGHOD/H\GHO6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULDFRQRFLGDEDMRODGHQRPLQDFLyQGH/H\ ,15$ )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 8QD JUDQ FDQWLGDG GH SRVHHGRUHV SUHFDULRV IXQGDPHQWDOPHQWH HQ ORV VHFWRUHV VRFLDOHV DUULED PHQFLRQDGRVHQIUHQWDQWDPELpQXQDVLWXDFLyQGHLQVHJXULGDGMXUtGLFDSRUQRKDEHUVHEHQHILFLDGRFRQOD WLWXODFLyQGHVXVWLHUUDV 7UiPLWHV IUDXGXOHQWRV 8QD JUDQ FDQWLGDG GH WUiPLWHV DJUDULRV KDQ VLGR UHDOL]DGRV GH PDQHUD LUUHJXODUREWHQLHQGRWtWXORVGHOLFWLYDPHQWHFRQSDSHOHVIDEULFDGRVHQJDELQHWH ([SHGLHQWHVYLFLDGRVGHQXOLGDG'HDFXHUGRDHVWLPDFLRQHVIXQGDGDVHQODH[SHULHQFLDLQPHGLDWD JHQHUDGD HQ OD HMHFXFLyQ GHO SURFHVR GH VDQHDPLHQWR GH OD SURSLHGDG DJUDULD OD PD\RUtD GH ORV H[SHGLHQWHV VH HQFXHQWUDQ DIHFWDGRV SRU YLFLRV GH QXOLGDG DEVROXWD R UHODWLYD GHULYDGRV GHO LQFXPSOLPLHQWRGHGLVSRVLFLRQHVOHJDOHVYLJHQWHVGXUDQWHODWUDPLWDFLyQDVtFRPRGHOLQFXPSOLPLHQWRGH ODVSULQFLSDOHVDFWXDFLRQHVSURFHVDOHV 6XSHUSRVLFLRQHV /D HODERUDFLyQ GH SODQHV WRSRJUiILFRV HQ PXFKRV FDVRV VH KD UHDOL]DGR HQ JDELQHWH\QRHQHOWHUUHQRLQFXPSOLHQGRSUHYLDVSHULFLDVWpFQLFDVDOHIHFWR(QRWURVFDVRVORVSODQRV QR FXPSOHQ PtQLPRV UHTXLVLWRV WpFQLFRV HQ YLUWXG GH KDEHU VLGR LPSURYLVDGRV (VWR KD GDGR OXJDU D LQQXPHUDEOHVVXSHUSRVLFLRQHVH[SUHVDGDVHQPXFKRVFDVRVHQGREOHV\WULSOHVWLWXODFLRQHV /LQGHURV /DGHOLPLWDFLyQSUHFDULDRDXVHQFLDGHpVWDVXPDGDDORVFRQIOLFWRVGHVXSHUSRVLFLyQ\DODV DPSOLDFLRQHV LOHJDOHV GHULYD HQ FRQIOLFWRV GH OLQGHURV SRU ODV FXDOHV ORV FROLQGDQWHV PLGHQ DOWXUDV R UHXELFDQPRMRQHVDUELWUDULDPHQWH $YDVDOODPLHQWRV (ODYDVDOODPLHQWRVHKDFRQVWLWXLGRHQXQDSUiFWLFDIUHFXHQWHLPSOHPHQWDGDVREUH WRGR SRU PHGLDQRV \ JUDQGHV SURSLHWDULRV TXH VXHOHQ LQWURGXFLUVH D SUHGLRV DMHQRV DIHFWDQGR HVSHFLDOPHQWHDFRPXQDULRVLQGtJHQDV\FDPSHVLQRV &RPXQLGDGHV FDXWLYDV /RV DYDVDOODPLHQWRV \ DPSOLDFLRQHV DUELWUDULDV VXPDGRV D LOHJDOHV FRPSUDYHQWDV GH SDUFHODV KD JHQHUDGR HO FHUFDPLHQWR GH FRPXQLGDGHV TXH D HVWH HIHFWR VH ODV GHQRPLQDFRQYHQFLRQDOPHQWHFRPR³FRPXQLGDGHVFDXWLYDV´ &RQIOLFWRV FRQ RWURV RSHUDGRUHV /RV FRQIOLFWRV GH WLHUUDV QR VRODPHQWH VH SUHVHQWDQ HQWUH SURSLHWDULRV\ SRVHHGRUHVDJUDULRVVLQRWDPELpQFRQRWURVRSHUDGRUHVWDOHVFRPR D &RQIOLFWRVFRQFRQFHVLRQDULRVIRUHVWDOHVSHVHDTXHOD/H\,15$HVWDEOHFHHOGHUHFKRGHSULRULGDGGH ORV SURSLHWDULRV DJUDULRV FRQ UHODFLyQ D ORV FRQFHVLRQDULRV IRUHVWDOHV H[LVWHQ GLYHUVRV FRQIOLFWRV \ 'XUDQWH HO VDQHDPLHQWR GHO 7&2 GH 0RQWH 9HUGH HQ HO GHSDUWDPHQWR GH 6DQWD &UX] VH YHULILFy OD H[LVWHQFLD GH H[SHGLHQWHV FX\RV SDSHOHV VHOODGRV QR FRUUHVSRQGtDQ D ODV IHFKDV GH UHJLVWUR $GHPiV HQ HO FDVR GH OD FRRSHUDWLYD GHQRPLQDGD´OD(VSHUDQ]DµFRQXQDH[WHQVLyQGHKDVHYHULILFRTXHHOQ~PHURGHH[SHGLHQWHFRUUHVSRQGtDDOD SURYLQFLD&DPDFKRGHOGHSDUWDPHQWRGH/D3D]\QRDODSURYLQFLDfXIORGH&KDYH]GHO'SWRGH6DQWD&UX](QHVWH PLVPRFDVRHOQ~PHURGHOWtWXORHMHFXWRULDOFRUUHVSRQGtDPiVELHQDOGHSDUWDPHQWRGH&KXTXLVDFD3RURWUDSDUWHHODxR HO,15$GHQXQFLyDQWHOD3ROLFtD7pFQLFD-XGLFLDO ODH[LVWHQFLDGHH[SHGLHQWHVFRQVHULRVLQGLFLRVGHIDOVHGDG PDWHULDOHLGHROyJLFDHQYLUWXGDQRHQFRQWUDUVHUHJLVWUDGRVHQOLEURVRILFLDOHV (OVDQHDPLHQWR GHOSROtJRQR 1GHO7,31,6KDPRVWUDGR TXHSHVHDTXHODH[WHQVLyQREMHWRGHOSURFHGLPLHQWR DOFDQ]D VRODPHQWH D PLOKD ODVSURSLHGDGHVSDUWLFXODUHVXELFDGDVDOLQWHULRUGHOiUHDGHDFXHUGR DORVGDWRV FRQWHQLGRVHQVXVWtWXORVFRPSUHQGHQXQDH[WHQVLyQGHKDVLWXDFLyQDSOLFDEOHVRODPHQWHSRUODVQXPHURVDV VXSHUSRVLFLRQHVTXHOHVDIHFWDQ $OJXQDVGHHOODVVHODVGHQRPLQD´FKRQFKRFRULWRµGDGDVXVLWXDFLyQGHHQFLHUUR\KDFLHQGRDQDORJtDDODFiUFHOGHDOWD VHJXULGDGGHODFLXGDGGH/D3D] 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV E F OLWLJLRVMXGLFLDOHVVXVFLWDGRVDUDt]GHODRWRUJDFLyQGHFRQFHVLRQHVIRUHVWDOHVVXSHUSXHVWDVDWHUULWRULRV LQGtJHQDVHQHORULHQWHEROLYLDQR &RQIOLFWRVFRQHPSUHVDVSHWUROHUDV\FRQFHVLRQDULRVPLQHURV/DVGLVSRVLFLRQHVOHJDOHVFRQWHQLGDVHQ OD/H\GH+LGURFDUEXURV\HO&yGLJRGH0LQHUtDHVWDEOHFHQTXHODVDFWLYLGDGHVSHWUROHUDV\PLQHUDV VRQGHXWLOLGDGS~EOLFDSRULPSHULRGHOD/H\SRUWDQWRWLHQHQSULPDFtDHQUHODFLyQDORVGHUHFKRVGH SURSLHGDGDJUDULD(VWRVLJQLILFDTXHORVRSHUDGRUHVSHWUROHURV\PLQHURVSXHGHQH[SURSLDUVXSHUILFLHV GHSUHGLRVDJUDULRV(PSHURDGHPiVGHORVFRQIOLFWRVTXHSXGLHUDQJHQHUDUVHSRUODVLWXDFLyQDQWHV SODQWHDGD VH SUHVHQWDQ ORV LPSDFWRV DPELHQWDOHV \ FXOWXUDOHV TXH DIHFWDQ D ORV VXSHUILFLDULRV HQ JHQHUDO\SDUWLFXODUPHQWHDODVFRPXQLGDGHVLQGtJHQDV\FDPSHVLQDV 2WURVFRQIOLFWRVSRWHQFLDOHV/DVFRQFHVLRQHVGHXVRTXHVHHQFXHQWUDQHVWDEOHFLGDVHQOD/H\,15$\ VX UHJODPHQWDFLyQ RWRUJDUiQ FRQFHVLRQHV FRQ ILQHV GH LQYHVWLJDFLyQ FRQVHUYDFLyQ \ HFRWXULVPR ODV PLVPDVTXHVHHQPDUFDUiQIXQGDPHQWDOPHQWHHQHOiPELWRGHODLQGXVWULDJHQpWLFD ELRWHFQROyJLFD UHSUHVHQWDQGR FXDQWLRVDV XWLOLGDGHV \ JUDQGHV LQWHUHVHV SDUD OR FXDO VH SRGUiQ H[SURSLDU IXQGRV DJUDULRV JHQHUiQGRVH FRQIOLFWRV \ FRQVHFXHQFLDV VLPLODUHV D ODV TXH VH HQIUHQWD FRQ ODV HPSUHVDV SHWUROHUDV\PLQHUDV (O SUR\HFWR GH /H\ GH $JXDV SRU VX SDUWH WDPELpQ SUHYp OD H[SURSLDFLyQ GH IXQGRV DJUDULRV SDUD OD FRQVWUXFFLyQ GH REUDV S~EOLFDV GH DSURYHFKDPLHQWR GH IXHQWHV KLGURHOpFWULFDV ODV PLVPDV TXH LQFUHPHQWDUiQORVWHQVLRQDPLHQWRVSRUODWHQHQFLDGHODWLHUUD )LQDOPHQWH OD WHQGHQFLD GH SDUWH GH ORV JRELHUQRV PXQLFLSDOHV GH DPSOLDU ODV MXULVGLFFLRQHV XUEDQDV FRQODILQDOLGDGGHSHUFLELUPD\RUHVLQJUHVRVSURYHQLHQWHVSRUODVREOLJDFLRQHVLPSRVLWLYDVDIHFWDUiFDGD YH] GH PDQHUD PiV FUHFLHQWH D ORV SURSLHWDULRV \ SRVHHGRUHV UXUDOHV TXH WHQGUiQ TXH HQIUHQWDU LQQXPHUDEOHVFRQIOLFWRVFRQORVJRELHUQRVPXQLFLSDOHV &DUORV5RPHUR%RQLID] /LFHQ'HUHFKR 'LUHFWRUGHO&(-,67ULQLGDG /DVFRQFHVLRQHVIRUHVWDOHVRWRUJDGDVSRUOD6XSHULQWHQGHQFLD)RUHVWDOHQHOPHVGHDJRVWRGHVHVXSHUSRQHQHQ XQD H[WHQVLyQ DSUR[LPDGD GH GH KHFWiUHDV D WHUULWRULRV LQGtJHQDV SRU OR TXH KDQ VLGR REMHWR GH LPSXJQDFLyQ\VHHQFXHQWUDQHQWUiPLWHORVUHFXUVRVFRQWHQFLRVRDGPLQLVWUDWLYRVLQWHUSXHVWRVDQWHOD&RUWH6XSUHPD GH-XVWLFLD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQIOLFWRVSRUODSURSLHGDG\SRVHVLyQHQHOWHUULWRULRLQGtJHQDGH0RQWH 9HUGH 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR 7&2GH0RQWH9HUGHPXQLFLSLR&RQFHSFLyQGHOGHSDUWDPHQWR GH6DQWD&UX] *UXSRVGHSRGHU &,&&&3(6&2,&+ $IHFWDGRV ,15$6XSHULQWHQGHQFLD)RUHVWDO6XESUHIHFWXUDGH &RQFHSFLyQ\$OFDOGtD&RQFHSFLyQ 3XHEOR&KLTXLWDQRGH0RQWH9HUGH (OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV 'HVPRQWHHQiUHDVGHXVR\DSURYHFKDPLHQWRGHOD7&2 'HVWUXFWLYD KDGHERVTXHWURSLFDO &RPHUFLDODJURSHFXDULDLQGXVWULDOYLYLHQGD\SLVFtFROD $JXDIORUD\IDXQD )HFKDGHL QLFL RGHOGDxR )HEUHURGH 2EMHWLYRGHORV DIHFWD GR V *DUDQWL]DUODFRQVHUYDFLyQGHORVGHUHFKRVWHUULWRULDOHVGH SRVHVLyQVREUHOD7&2 &RRUGLQDFLyQ FRQ RWURV LQYROXFUDGRV SDUD OD GHIHQVD GH ORV LQWHUHVHV GLVHxR GH HVWUDWHJLD GH GHIHQVD GHO WHUULWRULR LQVWDODFLyQGHWUDQFDVGHFRQWURO\PRYLOL]DFLyQVRFLDOKDFLDHO 7&2 6HSWLHPEUHGH )HFKDLQLFLRGHOFRQIOLF WR $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 0DU]RGH 'HVFULSFLyQGHOFRQIOLFWR 'HVGHILQHVGHVHUHJLVWUyHOLQJUHVR\DVHQWDPLHQWRLOHJDOHVHQOD7&2 GH0RQWH9HUGHSURYLQFLD fXIOR GH &KiYH] GHO GHSDUWDPHQWR GH 6DQWD &UX] (VWD DFWLYLGDG UHDOL]DGD SRU WUDILFDQWHV GH WLHUUDV WHQtD HO REMHWLYR FRQFUHWR GH DSRGHUDUVH GH JUDQGHV H[WHQVLRQHV GH ERVTXH SDUD OXHJR YHQGHUODV D SHUVRQDVH[WUDQMHUDVHQGHVPHGURGHODViUHDVGHXVR\DSURYHFKDPLHQWRWUDGLFLRQDOGHORVFKLTXLWDQRV GH0RQWH9HUGH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (QHVWDVDFWLYLGDGHVLOHJDOHVVHDFHQWXDURQFRQHOLQJUHVRGHSRUORPHQRVDWUDILFDQWHVGH WLHUUDVDOLQWHULRUGHOWHUULWRULRGH0RQWH9HUGHORVPLVPRVTXHHIHFWXDURQGHVPRQWHVLOHJDOHVFRPRHVHO FDVR HVSHFtILFR GH OD IDPLOLD +DUE FDFHUtD LQGLVFULPLQDGD FRUWH \ DVHUUDGR GH PDGHUD WRGR HVWR DFRPSDxDGRSRUXQDHVWUDWHJLDGH³OHJDOL]DU´VXVDVHQWDPLHQWRVDWUDYpVGHODIDOVLILFDFLyQGHWtWXORV\ H[SHGLHQWHV DJUDULRV ³FHUWLILFDGRV´ SRU HO ,15$ QDFLRQDO R GHSDUWDPHQWDO GHSHQGLHQGR GH ODV YLQFXODFLRQHVSROtWLFDV\HFRQyPLFDVGHORVLQWHUHVDGRV /RV FRQIOLFWRV GHULYDURQ HQ OD PRYLOL]DFLyQ HIHFWLYD TXH OOHYy D ORV LQGtJHQDVD LQVWDODU WUHV WUDQFDVGH FRQWURODOLQJUHVRGHOWHUULWRULRLPSLGLHQGRGHKHFKRODHQWUDGDRVDOLGDGHSHUVRQDVTXHLQWHQWDVHQFRQ PDTXLQDULDSHVDGDXRWURVPHGLRVDVHQWDUVHHQHOOXJDU /DPRYLOL]DFLyQVHUHJLVWUyHQGRVRSRUWXQLGDGHVXQDHQMXQLR\RWUDHQDJRVWRGH(QODSULPHUD TXH WXYR FRPR HSLFHQWUR OD ORFDOLGDG GH &RQFHSFLyQ ORV LOHJDOHV ORJUDURQ PRYLOL]DU ODV DXWRULGDGHV ³FtYLFDV´ GHO SXHEOR DVt FRPR D OD $VRFLDFLyQ GH *DQDGHURV HO &RPLWp &tYLFR \ OD 8QLyQ -XYHQLO &UXFHxLVWD GH 6DQWD &UX] 7RGRV HOORV SHUWHQHFLHQWHV D OD )DODQJH 6RFLDOLVWD %ROLYLDQD \ D $FFLyQ 'HPRFUiWLFD1DFLRQDOLVWD/DVROXFLyQGHHVWHFRQIOLFWRFRQFOX\yHQODGHVWLWXFLyQGHO'LUHFWRU1DFLRQDO GHO,15$'U+XJR7HRGRYLFK (QODVHJXQGDPRYLOL]DFLyQORVLQGtJHQDVGH6DQ-DYLHUIXHURQORVPiVSUHVLRQDGRVHQHVWHFDVRKDVWD HO3iUURFR-HV~V*DOHRWHIXHREMHWRGHDJUHVLRQHV$OLJXDOTXHHQHODQWHULRUFRQIOLFWRHQHVWHWDPELpQ KXERXQDHVWUDWHJLDGHDPHGUHQWDPLHQWRDORVGLULJHQWHVLQGtJHQDV\DVXVDVHVRUHV (OFRQIOLFWRDFDEyHOGHDJRVWRGHFRQHO³$FWDGHHQWHQGLPLHQWR\FRRUGLQDFLyQ´SRUODFXDOORV FKLTXLWDQRV TXHGDURQ MXQWR DO ,15$ \ D OD SROLFtD D FDUJR GH ORV SXHVWRV GH FRQWURO D WUDYpV GH ORV FXDOHV VH KD ORJUDGR LPSHGLU KDVWD OD IHFKD QXHYRV DVHQWDPLHQWRV GH WHUFHURV HQ OD ]RQD GH 0RQWH 9HUGH )XHQWHV ,QIRUPDFLyQGHO&(-,6 6DQWD&UX] 3HUVRQDHQFDUJDGDGHOUHJLVWUR/HRQDUGR7DPEXULQL&(-,6 6DQWD&UX] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 6XSHUSRVLFLyQ GH FRQFHVLyQ IRUHVWDO FRQ 5HVHUYD GH OD %LRVIHUD \ 7HUULWRULR,QGtJHQD3LOyQ/DMDV 8ELFDFLyQ G H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ/DMDVPXQLFLSLRV GH<XFXPR\5XUUHQDEDTXHGHOGHSDUWDPHQWRGHO%HQL (PSUHVDPDGHUHUD%HUQD6XFHVRUHV65/ $FWLYLGDGT XHJHQ HU DHO GDxR &RPLWp&tYLFRGH5XUUHQDEDTXH'1&%DFWXDO'*% 6(51$3$GPLQLVWUDFLyQGHOD5HVHUYD3LOyQ/DMDV 6XSHULQWHQGHQFLD)RUHVWDO$OFDOGtDVGH<XFXPR\ 5XUUHQDEDTXH\$GPLQLVWUDFLyQGHOD5HVHUYD3LOyQ/DMDV $SUR[LPDGDPHQWHKDELWDQWHVGHODUHJLyQ HVSHFLDOPHQWHLQGtJHQDV\FRORQL]DGRUHV ([SORWDFLyQPDGHUHUD /DDFWLYLGDGHV 'HVWUXFWLYDFRQUHODFLyQDORVUHFXUVRVIRUHVWDOHV 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV (OGDxR JHQHUDGR $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR <DVHSURGXMR\HVUHFXUUHQWH 6REUHYLYHQFLD\FRQVHUYDFLyQ $JXDVXHORIORUD\IDXQD DxRHQHOTXHOOHJDQODVSULPHUDVHPSUHVDVPDGHUHUDV 0DU]RGH ,PSHGLUTXHODHPSUHVD%HUQDVLJDH[WUD\HQGRPDGHUDGHOD 5HVHUYD\TXHDEDQGRQHGHILQLWLYDPHQWHODViUHDVVXSHUSXHVWDV 3URFHVROHJDOFRQWUDODHPSUHVD'HQXQFLDDQWHOD6)\OD RSLQLyQS~EOLFD$PSOLDGRV\FDELOGRV 0D\RGH 'HVFULSFLyQGHOFRQIOLFWR /D5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ/DMDVIXHFUHDGDHQDEULOGHPHGLDQWHGHFUHWR 6XSUHPR1FRPRFRQVHFXHQFLDGHOD0DUFKDSRUHO7HUULWRULR\OD'LJQLGDGSURWDJRQL]DGDSRU ORV SXHEORV LQGtJHQDV \ GH ODV SURSXHVWDV GH RUJDQL]DFLRQHV FLHQWtILFDV TXH SURSRQtDQ VX UHFRQRFLPLHQWRFRPRUHVHUYD(OiUHDSURWHJLGDWLHQHXQDVXSHUILFLHGHKHFWiUHDV\VHHQFXHQWUD XELFDGDDOQRURHVWHGH/D3D]HQOD~OWLPDHVWULEDFLyQGHOD&RUGLOOHUD2ULHQWDOGHORV$QGHVHQHOOtPLWH FRQOD/ODQXUD%HQLDQDFRQXQUDQJRDOWLWXGLQDOTXHRVFLODHQWUH\PVQP/DVFDUDFWHUtVWLFDV HFROyJLFDVGHOD]RQDOHRWRUJDQXQDULTXH]DHQELRGLYHUVLGDGPX\LPSRUWDQWHSHURDOPLVPRWLHPSRXQD IUDJLOLGDGFDUDFWHUtVWLFDGHHVWHHFRVLVWHPDHQHVSDFLDOIUHQWHDODVDFWLYLGDGHVDQWUySLFDV 'HDFXHUGRDHVWLPDFLRQHVGHO3ODQGH0DQHMRGHO7HUULWRULR,QGtJHQD5HVHUYDGHOD%LRVIHUD3LOyQ/DMDV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV /DVGHQXQFLDVVREUHRSHUDFLRQHVPDGHUHUDVHQODUHVHUYD3LOyQ/DMDVGDWDQGHVGHVXHVWDEOHFLPLHQWRHQ $OJXQDVGHODVHPSUHVDVPDGHUHUDVTXHH[WUDMHURQPDGHUDGHO3LOyQFRQFRQWUDWRVGHOH[&HQWUR GH'HVDUUROOR)RUHVWDOVRQ%HUQD6XFHVRUHV65/6HOYD1HJUD%HOOD9LVWD\0RQWH5HGRQGR(Q LQLFLy WUDEDMRV OD (PSUHVD (O 3LQR XWLOL]DQGR PDTXLQDULD VRILVWLFDGD DEULHQGR QXPHURVRV FDPLQRV \ VHQGDVVLQUHVSHWDUQRUPDV6]ZDJU]DN 8QGLDJQyVWLFRGHODVLWXDFLyQ OHJDOGHODVHPSUHVDVPDGHUHUDVDVHQWDGDVHQODUHJLyQ+HLQULFK\ XQDHYDOXDFLyQWpFQLFDGHOWUDEDMRGHODVPLVPDV%DVFRSpHWDOGHWHUPLQDURQTXHpVWDVHUDQLOHJDOHV \DTXHQLQJXQDGH ODVHPSUHVDV PDGHUHUDV VH UHJtDQSRU OD/H\ )RUHVWDO GH HQWRQFHV QL SRU HO'HFUHWR 6XSUHPR GH 3DXVD (FROyJLFD GH /D PHQFLRQDGD HYDOXDFLyQ FRQVWDWy TXH ODV HPSUHVDV DFWXDEDQGHPDQHUDLOHJDOSRUORTXHOD6HFUHWDUtD1DFLRQDOGH5HFXUVRV1DWXUDOHV\0HGLR$PELHQWH\OD 3UHIHFWXUDGHOD3D]HQHOPHVGHMXOLRGHGHQXQFLDURQDORVUHSUHVHQWDQWHVGHODVHPSUHVDV(O3LQR \ %HOODYLVWD SRU GHOLWR GH IDOVHGDG PDWHULDO HQ OD XELFDFLyQ GHO iUHD GH FRUWH \ GDxR D OD 5HVHUYD /D 6HFUHWDUtDGH5HFXUVRV1DWXUDOHV\0HGLR$PELHQWHVHFRQVWLWX\yHQSDUWHFLYLOHQHOMXLFLRHQWDEODGRDODV HPSUHVDV (O 3LQR \ %HOOD 9LVWD SRU ORV LPSDFWRV FDXVDGRV D OD 5HVHUYD \ SRU ODV LQIUDFFLRQHV OHJDOHV FRPHWLGDVDQWHORFXDODPEDVVHFRPSURPHWLHURQDSDJDUORVGDxRV\SHUMXLFLRVRFDVLRQDGRV 3DUDOHODPHQWH VH OHYDQWy XQ SURFHVR DGPLQLVWUDWLYR FRQWUD ODV HPSUHVDV PHQFLRQDGDV SRU HO TXH OD 6XSHULQWHQGHQFLD )RUHVWDO DQXOy ORV FRQWUDWRV GH DSURYHFKDPLHQWR IRUHVWDO \ HVWDEOHFLy ORV SDJRV TXH GHEtDQHIHFWXDUODVHPSUHVDV 6LQ HPEDUJR FXDQGR VH SRVHVLRQy DO QXHYR 6XSHULQWHQGHQWH )RUHVWDO GHFOLQy FRPSHWHQFLDV SDUD HMHFXWDUODVUHVROXFLRQHVDQWHULRUHVDSDUWLUGHDUJXPHQWRVGpELOHV\SRFRFODURVFRPRODDXVHQFLDGH SDSHOPHPEUHWDGRDQRPEUHGHOD6XSHULQWHQGHQFLDODGXDOLGDGGHDFFLyQGHO6XSHULQWHQGHQWH,QWHULQR\ GHO 6HFUHWDULR 1DFLRQDO GH 5HFXUVRV 1DWXUDOHV \ 0HGLR $PELHQWH &RQ HVWD DFWLWXG VH EHQHILFLy D ORV HPSUHVDULRVPDGHUHURVTXHREWXYLHURQFRQWUDWRVGHIRUPDLUUHJXODU\TXHUHDOL]DURQJUDYHVGDxRVDOD UHVHUYDLPSLGLHQGRTXHVHDQVDQFLRQDGRV /DV HPSUHVDV (O 3LQR \ %HOODYLVWD GHMDURQ OD ]RQD DO LJXDO TXH 0RQWH 5HGRQGR \ 6HOYD 1HJUD TXH VDOLHURQYROXQWDULDPHQWH2WUDHPSUHVDOD%HUQD5HVRXUFHV65/DUJXPHQWDQGRODDSOLFDFLyQGHOD/H\ )RUHVWDODSUREDGDHQLQLFLyXQSURFHVROHJDOGHUHFRQYHUVLyQGHVXVFRQFHVLRQHVD~QHQFXUVR (QHOWUDQVFXUVR GHGLFKRSURFHVROHJDOODHPSUHVD REWXYRHOSHUPLVRGHOD6XSHULQWHQGHQFLD)RUHVWDO SDUDVHJXLUH[SORWDQGRPDGHUD\ORVUHVSRQVDEOHVGHOD5HVHUYD\HO6(51$3RSWDURQSRUHO5HFXUVRGH 5HYRFDWRULDDQWHHO6,5(6(SDUD TXHODUHVROXFLyQGHODDXWRULGDGIRUHVWDOVHDPRGLILFDGD$FWXDOPHQWH VHHVSHUDTXHOD6XSHULQWHQGHQFLD)RUHVWDOVHSURQXQFLHPHGLDQWHXQDQXHYDUHVROXFLyQ $SHVDUGHOSURFHVROHJDOHQFXUVR\ORVHVIXHU]RVGHJHVWLyQGHOiUHDSURWHJLGDVHJ~QORVWHVWLPRQLRV GHORVSREODGRUHVGHODVFRPXQLGDGHVFKLPDQHVGHODUHJLyQGHORVFRORQL]DGRUHVORVJXDUGDSDUTXHVGH ODUHVHUYD\OD8QLGDG2SHUDWLYD)RUHVWDOGHOD$OFDOGtDGH5XUUHQDEDTXHODHPSUHVD%HUQDFRQWLQXDED H[SORWDQGRPDGHUDPHGLDQWHXQFRQWUDWRGHVHUYLFLRVUHDOL]DGRFRQODHPSUHVD&RODQ]L(VWDVXEVLGLDULD HVWDUtDSURFHGLHQGRDH[WUDHUPDGHUDWXPEDGD\DPDUFDUORViUEROHVTXHVHWXPEDUiQHVWHDxRFX\R Q~PHURDVFHQGHUtDDXQRVHMHPSODUHVGHPDUDFHGUR\UREOH2EYLDPHQWHWRGDHVWDDFWLYLGDGHV LOHJDO \D TXH VHJ~QWpFQLFRV GH OD 6XSHULQWHQGHQFLD )RUHVWDO QL XQD QLRWUD HPSUHVD WLHQH XQ SODQ GH PDQHMRDSUREDGR (O &RPLWp &tYLFR GH 5XUUHQDEDTXH UHDOL]y GHQXQFLDV S~EOLFDV VREUH HO FDVR RPLVR TXH OD 6XSHULQWHQGHQFLD )RUHVWDO SUHVWD D ODV GLVSRVLFLRQHV OHJDOHV YLJHQWHV \ SODQWHy D WUDYpV GH YDULRV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR PHGLRV GH FRPXQLFDFLyQ VX SUHRFXSDFLyQ UHVSHFWR DO IXWXUR GH OD 5HVHUYD \ GH ODV FRPXQLGDGHV LQGtJHQDVDVHQWDGDVDORODUJRGHOUtR4XLTXLEH\FX\DVWLHUUDVGHFDFHUtDWUDGLFLRQDOVHVREUHSRQHQDODV GHODVXSXHVWDFRQFHVLyQPDGHUHUD (QXQFRPXQLFDGRGLULJLGRDO)2%20$'(HQDJRVWRGHHO&RPLWp&tYLFRGH5XUUHQDEDTXHSODQWHy TXHHQGHIHQVDGHVXSDWULPRQLRHVWiGLVSXHVWRDUHFXUULUDRWUDVLQVWDQFLDVDVtFRPRDHMHFXWDUDFFLRQHV \TXHVHGHFODUD HQHPHUJHQFLDDJXDUGDQGRFRQLPSDFLHQFLDHOILQGHHVWRVDWURSHOORV (ORFWXEUHGHIXHSURPXOJDGRHO'HFUHWR6XSUHPRSRUHOTXHVHOHJDOL]DODPDGHUDWDODGD \ VH GD SOD]R SDUD UHWLUDUOD &RQ HVWH 'HFUHWR VH SURPXHYH OD WDOD LQGLVFULPLQDGDSRU OR TXH ODV FRPXQLGDGHVFKLPDQHV\ PRVHWHQHVGHO iUHDUHXQLGDVHO GH QRYLHPEUHGHOD]RQDUHFKD]DURQ SRU XQDQLPLGDGHOGHFUHWR )XHQWHV9LVLWDDOD]RQD\HQWUHYLVWDVFRQGLIHUHQWHVDFWRUHV 3HUVRQDHQFDUJDGDGHOUHJLVWUR+XJR%RVTXH/D3D] 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 6XSHUSRVLFLyQ GH FRQFHVLyQ IRUHVWDO FRQ HO 3DUTXH 1DFLRQDO \ $UHD GH 0DQHMR,QWHJUDO0DGLGL 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR 3DUTXH1DFLRQDO\$UHDGH0DQHMR,QWHJUDO0DGLGLPXQLFLSLRV GH5XUUHQDEDTXH\6DQ%XHQD9HQWXUDGHORVGHSDUWDPHQWRV GH/D3D]\HO%HQL (PSUHVDPDGHUHUD+DXVHU)iWLPD/WGD &RPLWpVFtYLFRVGH5XUUHQDEDTXH\6DQ%XHQD9HQWXUD $FWLYLGDGT XHJHQ HU DHO GDxR 6XSHULQWHQGHQFLD)RUHVWDO$OFDOGtDGH6DQ%XHQD9HQWXUD $GPLQLVWUDFLyQGHO3DUTXH0DGLGL\6(51$3 KDELWDQWHVGHODUHJLyQHVSHFLDOPHQWHLQGtJHQDV\ FRORQL]DGRUHV ([SORWDFLyQGHPDGHUD /DDFWLYLGDGHV 'HVWUXFWLYR $IHFWDGRV (OGDxR JHQHUDGR $UHDD IHFWDGD 6HSURGXFLUi KD $FWLYLGDGHVDIHFWDG DV &D]D\SHVFDWUDGLFLRQDO )HFKDGHL QLFL RGHOGDxR 1RVHKDLQLFLDGR 5HFXUVRVDIHFWDG RV )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR $JXDVXHORIORUD\IDXQD 0DU]RGH $QXODUORVFRQWUDWRVGHDSURYHFKDPLHQWRIRUHVWDODODUJRSOD]R GHODHPSUHVD)iWLPDGHQWURGHOiUHDSURWHJLGD $VDPEOHDGHODVRUJDQL]DFLRQHVORFDOHV'HQXQFLDVDQWHOD 6XSHULQWHQGHQFLD)RUHVWDO1HJRFLDFLyQGHO6(51$3FRQOD HPSUHVD 0D\RGH 'HVFULSFLyQGHOFRQIOLFWR (O3DUTXH1DFLRQDO\$UHD1DWXUDOGH0DQHMR,QWHJUDGR0DGLGLIXHFUHDGRPHGLDQWH'HFUHWR6XSUHPR1 GHO GH VHSWLHPEUH GH (Q VXSHUSRVLFLyQ FRQ HO iUHD GHO 3DUTXH ODV HPSUHVDV +DXVHU )iWLPD /WGD \ $JURLQGXVWULDO \ 0DGHUHUD 6DQ ,JQDFLR 65/ HUDQ WLWXODUHV GH FRQWUDWRV GH DSURYHFKDPLHQWRIRUHVWDODODUJRSOD]RREWHQLGRVHQPDU]R\IHEUHURGHUHVSHFWLYDPHQWHHVGHFLU FXDQGRWRGDYtDHVWDEDYLJHQWHOD3DXVD(FROyJLFD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV /D/H\)RUHVWDOGHWHUPLQDTXHORVFRQWUDWRVGHDSURYHFKDPLHQWRIRUHVWDODODUJRSOD]RVHFRQYLHUWDQHQ FRQFHVLRQHV IRUHVWDOHV 6LQ HPEDUJR D SHVDU GH QR HVWDU IDFXOWDGD SDUD HIHFWXDU UHYRFDWRULDV GH GHUHFKRVOD6XSHULQWHQGHQFLD)RUHVWDOUHXELFyDODHPSUHVD6DQ,JQDFLR65/IXHUDGHORVOtPLWHVGHO 3DUTXHXQDYH]TXHpVWDKXERSUHVHQWDGRVX3ODQ*HQHUDOGH0DQHMR /D HPSUHVD +DXVHU FX\D iUHD GH DSURYHFKDPLHQWR WRWDO VH HQFRQWUDED VXSHUSXHVWD DO 3DUTXH QR DGPLWLyWHQHUHOPLVPRWUDWDPLHQWR\DTXHLPSXVR5HFXUVRGH5HYRFDWRULDDOD&RPSHQVDFLyQGH$UHD UHVXHOWD SRU OD 6XSHULQWHQGHQFLD )RUHVWDO FRQ HO DUJXPHQWR GH TXH OD UHVROXFLyQ GH FRQWUDWRV GH DSURYHFKDPLHQWRHUDXQDDWULEXFLyQGHO3RGHU(MHFXWLYR $QWHODLQPLQHQWHLUUXSFLyQPDGHUHUDDO3DUTXH1DFLRQDOODVDXWRULGDGHVORFDOHVGH6DQ%XHQD9HQWXUD SULPHUR\HO&RPLWp&tYLFRGH5XUUHQDEDTXHGHVSXpVHOHYDURQYRWRVUHVROXWLYRVUHFKD]DQGRWRGRLQWHQWR GHRFXSDFLyQ6XREMHWLYRHUDHYLWDUTXHHO3DUTXHVHDXVDGRHQEHQHILFLRGHJUDQGHVHPSUHVDULRV\VX SURSXHVWDIXHODUHXELFDFLyQGHODHPSUHVD (Q PD\R GH FXDQGR VH SURFHGLy DO OHYDQWDPLHQWR GH HVWD LQIRUPDFLyQ HVWH FRQIOLFWR HVWDED HQ DVFHQVR VLQ HPEDUJR D WUDYpV GH OD LQWHUYHQFLyQ GHO 6(51$3 \ FRQ HO DSR\R GH RUJDQL]DFLRQHV DPELHQWDOLVWDV LQWHUQDFLRQDOHV VH OOHJy D XQ DFXHUGR HFRQyPLFR FRQ OD HPSUHVD +DXVHU )iWLPD /WGD SDUDTXHDEDQGRQHHOiUHDSURWHJLGD 8QDVSHFWRVREUHVDOLHQWHHQHVWHWLSRGHFRQIOLFWRVHVODQRWDEOHKRUIDQGDGGHORVDIHFWDGRVHQORTXH UHVSHFWDDUHFXUVRVSDUDODJHVWLyQGHFRQIOLFWRV$OUHVSHFWRSDUHFHUtDTXHOD6XSHULQWHQGHQFLD)RUHVWDO FRQHODUJXPHQWRGHYDFtRVOHJDOHVRLQWHUSUHWDFLyQHTXtYRFDGHFLHUWRVDUWtFXORVHVWDUtDIDYRUHFLHQGRD ORVHPSUHVDULRVHQYH]GH GHIHQGHU HOSDWULPRQLRQDWXUDO\ DSR\DU DORVDFWRUHVVRFLDOHV ORFDOHV 8QD QRWDIHFKDGDHOGHPDU]RGHHVWHDxRGHO&RPLWp&tYLFRGH6DQ%XHQD9HQWXUDTXHOOHYDODVILUPDV GH ODV DXWRULGDGHV ORFDOHV FRQGHQD OD SROtWLFD SURWHFFLRQLVWD GH OD 6XSHULQWHQGHQFLD TXH EHQHILFLD VRODPHQWHDORVJUDQGHVPDGHUHURVLPSRUWiQGROHXQEOHGRODFRQVHUYDFLyQGHODVUHVHUYDV\SDUTXHVGH 6DQ%XHQD9HQWXUD )XHQWHV 9LVLWDDOD]RQD\HQWUHYLVWDVFRQGLIHUHQWHVDFWRUHV 3HUVRQDHQFDUJDGDGHOUHJLVWUR +XJR%RVTXH/D3D] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 6XSHUSRVLFLyQ GH 7HUULWRULRV &RPXQLWDULRV GH 2ULJHQ FRQ FRQFHVLyQ PDGHUHUD 8ELFDFLyQG H OFRQIOLF WR ,QLFLDGRU GHOFRQIOLF WR <RWD~7&2*XDUD\RVPXQLFLSLR(O3XHQWHGHOGHSDUWDPHQWR GH6DQWD&UX] (PSUHVD%HUQD/WGD6XSHULQWHQGHQFLD)RUHVWDOH ,15$ &RPXQLGDG<RWD~ $IHFWDGRV 3XHEOR*XDUD\R&RPXQLGDG<RWD~ *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 6XSHULQWHQGHQFLD)RUHVWDO ([SORWDFLyQIRUHVWDO 6HHVWiSURGXFLHQGRRHVUHFXUUHQWH 3HOLJURVD KDGHERVTXHWURSLFDO &RPHUFLDO\SLVFtFROD $JXDIORUD\IDXQD -XOLRGH $JRVWRGH *DUDQWL]DUHOOLEUHXVRDSURYHFKDPLHQWR\HOWUiQVLWRKDFLD RWUDViUHDVHQHOERVTXH*XDUD\RSRUSDUWHGHODV FRPXQLGDGHVDOHGDxDVDODFRQFHVLyQ%HUQD/WGD 'HQXQFLD D OD 6XSHULQWHQGHQFLD )RUHVWDO \ PRYLOL]DFLyQ GH OD FRPXQLGDG GHVHSWLHPEUHGH 'HVFULSFLyQGHOFRQIOLFWR (O GH MXQLR GH SHUVRQHURV GH OD 6XSHULQWHQGHQFLD )RUHVWDO HO ,15$ \ HIHFWLYRV GH OD 3ROLFtD 1DFLRQDO LQWHUFHSWDURQ D FRPXQDULRV GH <RWD~ \ GH $VFHQVLyQ GH *XDUD\RV HQ HO 7HUULWRULR ,QGtJHQD *XDUD\RHQHOiUHDGHXVRWUDGLFLRQDOGHODFRPXQLGDGGH<RWD~ (VWRVFRPXQDULRVFRPRWUDGLFLRQDOPHQWHORKDFHQWUDQVLWDEDQKDFLDXQD]RQDGHXVRFXOWXUDOJXDUD\D HQ HO RHVWH GH OD 7&2 TXH VXSXHVWDPHQWH HVWi DO LQWHULRU GH OD FRQFHVLyQ IRUHVWDO %HUQD /WGD SDUD UHDOL]DU GHVOLQGHV GH VXV FKDFRV \ DVt SURWHJHUORV GHO DYDQFH GH SLUDWHURV SHUVRQDV TXH GH PDQHUD LOHJDO LQJUHVDQ D ORV ERVTXHV SDUD VDFDU PDGHUD GHVWLQDGD D VX FRPHUFLDOL]DFLyQ JDULPSHLURV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV EXVFDGRUHVGHRUR\DYDVDOODGRUHVSURYHQLHQWHVGHOYHFLQR7HUULWRULRGH0RQWH9HUGH$GHPiVWHQtDQ OD LQWHQFLyQ GH SRQHU D UHSDUR HO iUHD GH XVR FXOWXUDOGHQRPLQDGR ³&DVD 3LHGUD´ TXH VLUYH GH OtPLWH KLVWyULFRHQWUH*XDUD\RV\&KLTXLWDQRV]RQDDOWD\GHGHQVDFREHUWXUDERVFRVD (O RSHUDWLYR DQWHV PHQFLRQDGR TXH IXH UHDOL]DGR DSDUHQWHPHQWH D VROLFLWXG GH OD HPSUHVD PDGHUHUD FRQGXMR DO GHFRPLVR GH WRGDV ODV SHUWHQHQFLDV GH ORV FRPXQDULRV ODV PLVPDV TXH VyOR SXGLHURQ VHU UHFXSHUDGDVGHVSXpVGHPXFKRQRVLQDQWHVUHDOL]DULQWHQVDVJHVWLRQHV /XHJR GH ODV UHSUHVHQWDFLRQHV UHVSHFWLYDV SDUD GHQXQFLDU HVH DWURSHOOR OD 6XSHULQWHQGHQFLD )RUHVWDO DYDOy ODV DFFLRQHV GH VXV SHUVRQHURV HQ IUDQFD YLRODFLyQ GH ODV QRUPDV OHJDOHV YLJHQWHV FRPR HO &RQYHQLR2,7UDWLILFDGRSRUHOJRELHUQRGH%ROLYLD\OD/H\,15$3RVWHULRUPHQWHODHPSUHVDLQVWDOy XQDUHMDSDUDWUDQFDUHOFDPLQRGHDFFHVRD³&DVD3LHGUD´\DORV³FKDFRV´ORWHVGHFXOWLYRDOJXQRVGH ORVFXDOHVHVWiQVREUHSXHVWRVDODFRQFHVLyQLOHJDOTXHQRHVUHFRQRFLGDSRUHO3XHEOR*XDUD\R'HHVWD PDQHUD VyOR VH SHUPLWLy WUDQVLWDU D FRPXQDULRV ³DXWRUL]DGRV´ H[SUHVDPHQWH SRU OD HPSUHVD %HUQD D WUDYpVGHXQDFUHGHQFLDOHPLWLGDSRUHOODPLVPD1RVDWLVIHFKRVFRQHVWDPHGLGDORVSURSLHWDULRVGHOD PDGHUHUDLQVWUX\HURQDVXSHUVRQDOFDYDUFRQRUXJDV JUDQGHVSR]RV \]DQMDVSDUDLPSHGLU HOSDVRGH FXDOTXLHU PRWRUL]DGR X RWUR PHGLR GH WUDQVSRUWH H LQVWDODURQ VREUH OD HQWUDGD GHO FDPLQR JUDQGHV iUEROHVWDODGRVSDUDLPSHGLUFXDOTXLHULQJUHVRQRGHVHDGR $QWHHVWDV\RWUDVVLWXDFLRQHVLQYHURVtPLOHVSDUDHOGHVDUUROOR\OLEUHHMHUFLFLRGHORVGHUHFKRVVRFLDOHV HFRQyPLFRV\FXOWXUDOHVGHO3XHEOR*XDUD\RHQDJRVWRGHODVFRPXQLGDGHVGH<RWD~\0RPHQp RUJDQL]DURQXQDPDUFKDGHSURWHVWD3RVWHULRUPHQWHVHVXPDURQDODVPRYLOL]DFLRQHVOD&RRUGLQDGRUDGH 3XHEORV (WQLFRV GH 6DQWD &UX] &3(6& \ OD &HQWUDO GH 2UJDQL]DFLRQHV GH ORV 3XHEORV 1DWLYRV *XDUD\RV &231$* ORJUDQGR GH PDQHUD FRQMXQWD \ EDMR DPHQD]D GH EORTXHDU OD FDUUHWHUD 6DQWD &UX]7ULQLGDG HO GHVSOD]DPLHQWR KDVWD OD ]RQD GH DXWRULGDGHV GH OD 3UHIHFWXUD GHO 'HSDUWDPHQWR GH 6DQWD&UX]HO'LUHFWRU'HSDUWDPHQWDOGHO,15$GH6DQWD&UX]\HO6XSHULQWHQGHQWH)RUHVWDO1DFLRQDO pVWH~OWLPRLQVSHFFLRQyHOOXJDUGHOFRQIOLFWRSURPHWLHQGRHQFRQWUDUXQDVROXFLyQDOSUREOHPDTXHKDVWD ODIHFKDQRIXHUHVXHOWR +R\HVWDV\ RWUDViUHDVKDQVLGRGHYRUDGDVSRUHOIXHJRTXHFRQVXPLyPiVPLOORQHVGHKHFWiUHDV GHMDQGRFRPR³UHVHUYRULRV´~QLFDPHQWHODViUHDVH[LVWHQWHVDOLQWHULRUGHODVFRQFHVLRQHVIRUHVWDOHV6H HVWLPDTXHGHVSXpVGHODFDWiVWURIHRFXUULGDHQ*XDUD\RVHO3XHEORGH<RWD~TXHKDVXIULGRODTXHPD WRWDOGHVXVFKDFRV\iUHDVGHXVR\HOGH0RPHQpTXHSUiFWLFDPHQWHKDGHVDSDUHFLGRSRUHIHFWRGH ODV OODPDV SUHVLRQDUiQ SRU HO UHWLUR GHILQLWLYR GH HVWD \ RWUDV FRQFHVLRQHV HQ HO 7HUULWRULR ,QGtJHQD *XDUD\R )XHQWHV ,QIRUPDFLyQGHO&(-,6 6DQWD&UX] 3HUVRQDHQFDUJDGDGHOUHJLVWUR /HRQDUGR7DPEXULQL&(-,6± 6DQWD&UX] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR ([SORWDFLyQIRUHVWDO\H[SORWDFLyQSDOPLWHUDHQiUHDVGH7&2V 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR 7&2%DMR3DUDJXiPXQLFLSLR6DQ,JQDFLRGH9HODVFRGHO GHSDUWDPHQWR6DQWD&UX] (PSUHVDV7DUXPi3DUDJXi\3DOPLWRV,FKLOR 5HJXODGRUGHO FRQIOLFWR 6XSHULQWHQGHQFLD)RUHVWDO ,QLFLDGRU GHOFRQIOLF WR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR &RPXQLGDGHV3RUYHQLU)ORULGD\3LVR)LUPH KDELWDQWHVGHOSXHEOR,QGtJHQDGHO%DMR3DUDJXi (OGDxR JHQHUDGR ([SORWDFLyQIRUHVWDO\H[SORWDFLyQSDOPLWHUDHQiUHDVGHXVR FRPXQDOGHWUHVFRPXQLGDGHVLQGtJHQDV 6HHVWiSURGXFLHQGRRHVUHFXUUHQWH $UHDD IHFWDGD KDGHERVTXHWURSLFDO /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV 3HOLJURVD $JURSHFXDULDFRPHUFLDOLQGXVWULDO\SLVFtFROD $JXDIORUD\IDXQD )HFKDGHL QLFL RGHOGDxR -XOLRGH 2EMHWLYRGHORV DIHFWD GR V *DUDQWL]DUHOOLEUHXVRDSURYHFKDPLHQWRH[FOXVLYRGHORV UHFXUVRVQDWXUDOHVGHODViUHDVFRPXQDOHVHQOD7&2GHO%DMR 3DUDJXi 'HQXQFLD DQWH OD 6) SXEOLFDFLRQHV GH SUHQVD UHXQLRQHV FRQ ODVFRPXQLGDGHV\)$1LQVWDODFLyQGHSXHVWRVGHFRQWUROHQHO iUHD GH FRQIOLFWR GHVDORMR \ VHFXHVWUR GH WUDFWRUHV ³VNLGHU´ &DPSDxDGHSUHQVD\UHXQLRQHVFRQODVHPSUHVDV\OD&1) 6HSWLHPEUHGH )HFKDLQLFLRGHOFRQIOLF WR $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR (QMXOLRGHOD6XSHULQWHQGHQFLD)RUHVWDORWRUJyWUHVFRQFHVLRQHVIRUHVWDOHVTXHVHVREUHSRQHQHQ VXWRWDOLGDGDODViUHDVFRPXQDOHVGHWUHVFRPXQLGDGHVLQGtJHQDVXELFDGDVHQODSURYLQFLD9HODVFRDOD YHUDGHOUtR3DUDJXiFROLQGDQWHVDO3DUTXH1DFLRQDO1RHO.HPSII0HUFDGR311.0/DVXSHUILFLHGHOD FRQFHVLyQ PDGHUHUD 7DUXPi VH VREUHSRQH HQ KD DSUR[LPDGDPHQWH OD FRQFHVLyQ PDGHUHUD 3DUDJXiWDPELpQHQKD\ODHPSUHVD3DOPLWRV,FKLORFRQKDVHVREUHSRQHHQVXWRWDOLGDG DOiUHDGHHVWDVFRPXQLGDGHV/DVXSHUSRVLFLyQHVWDOTXHORVFRPXQDULRVQRSXHGHQXVDUVXViUHDVVLQ TXHFDLJDQHQiUHDVFRQFHVLRQDGDVRHQWUHQGHQWURGHOiUHDGHO311.0 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 3RUHVWDUD]yQ\DQWHODDEVROXWDGHVSUHRFXSDFLyQGHOD6XSHULQWHQGHQFLD)RUHVWDO\RWURVDFWRUHVFRPR HO9LFHPLQLVWHULRGH0HGLR $PELHQWH\ 'HVDUUROOR)RUHVWDO90$') FX\D UHVSRQVDEOHQR UHFRQRFHORV GHUHFKRV FRPXQDULRV ODV FRPXQLGDGHV SURFHGLHURQ D WRPDU DFFLRQHV GH KHFKR TXH JHQHUDURQ XQ FRQIOLFWRJUDYHHQWRGDODUHJLyQ 'HVSXpV GH XQ VHFXHVWUR GH GRV WUDFWRUHV GH OD HPSUHVD 3DUDJXi SURSLHGDG GHO 3UHVLGHQWH GH OD &iPDUD 1DFLRQDO )RUHVWDO &1) OD UHDOL]DFLyQ GH XQ EORTXHR TXH SDUDOL]y FDVL FRPSOHWDPHQWH ODV DFWLYLGDGHVHQOD]RQD\ODFRQWLQXDDPHQD]DGHORVPDGHUHURVGHGHVSOD]DUDOHMpUFLWRDOD]RQDVHOOHJy D XQD QHJRFLDFLyQ D SDUWLU GH OD FXDO VH VXVFULELy XQ FRQYHQLR HQ GHVWLQDGR SRU XQD SDUWH D VXVSHQGHUODVPRYLOL]DFLRQHVGHODVFRPXQLGDGHV\SRURWUDSDUDTXHODHPSUHVDSXHGDDSURYHFKDUOD PDGHUD \ ORV LQGtJHQDV ORV SDOPLWRV (O FRQYHQLR IXH ILUPDGR FRQ OD FRODERUDFLyQ GH OD $OFDOGtD \ 6XESUHIHFWXUD GH 6DQ ,JQDFLR GH 9HODVFR HO &(-,6 \ )$1 VRODPHQWH FRQ ODV HPSUHVDV PDGHUHUDV 7DUXPi\3DUDJXi\QRFRQODSDOPLWHUDFX\DVFRQFHVLRQHVHVWiQVREUHSXHVWDHQVXWRWDOLGDGDOD7&2 (QHVWH~OWLPRVHHVWiWUDPLWDQGRXQDGHPDQGDGHH[SURSLDFLyQSRUODLQYLDELOLGDGHFRQyPLFD\VRFLDOGH ODPLVPDHQHVWD]RQD )XHQWHV ,QIRUPDFLyQGHO&(-,66DQWD&UX] 3HUVRQDHQFDUJDGDGHOUHJLVWUR /HRQDUGR7DPEXULQL&(-,6 6DQWD&UX] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 6XSHUSRVLFLyQ GH FRQFHVLRQHV IRUHVWDOHV FRQ 7LHUUDV &RPXQLWDULDV GH 2ULJHQ 8ELFDFLyQG H OFRQIOLF WR (OGDxR JHQHUDGR 7HUULWRULR,QGtJHQD0XOWLpWQLFRGHODVSURYLQFLDVGH0R[RV\ %DOOLYLiQDVtFRPRWLHUUDVFRPXQLWDULDV,WRQDPDVGHODSURYLQFLD ,WHQH]GHOGHSDUWDPHQWRGHO%HQL &RQFHVLRQDULRVIRUHVWDOHV)iWLPD%ROLYLD0DKRJDQ\\0RQWH *UDQGH 6XEFHQWUDOGH&DELOGRV,QGtJHQDVGHO7,0\OD&HQWUDOGH 3XHEORV,QGtJHQDVGHO%HQL 6,5(6(6XSHULQWHQGHQFLD)RUHVWDO\&RUWH6XSUHPDGH -XVWLFLD KDELWDQWHVGHO7HUULWRULR0XOWLpWQLFR,WRQDPDVHVWLPDFLyQ DSDUWLUGHODSURSLHGDGFROHFWLYD ([SORWDFLyQIRUHVWDOHQWHUULWRULRVLQGtJHQDVSRUVXSHUSRVLFLyQ GHGHUHFKRVFRQFHVLRQDOHV 6HHVWiSURGXFLHQGRSRUODH[SORWDFLyQHQiUHDVVXSHUSXHVWDV $UHDD IHFWDGD KDiUHDWRWDOGHO7,0 *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 'HVWUXFWLYD\H[FOX\HDODV7&2V 6XSHUYLYHQFLD\FRQVHUYDFLyQ )ORUD\IDXQD $JRVWRGH $JRVWRGH 6DFDUDORVFRQFHVLRQDULRVIRUHVWDOHVGHVXVWLHUUDV /HJDOHVDGPLQLVWUDWLYDV\GHQXQFLDVS~EOLFDVQDFLRQDOHVH LQWHUQDFLRQDOHV -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR $SULQFLSLRVGHORVDxRVHOH[&HQWURGH'HVDUUROOR)RUHVWDO&')RWRUJyXQDVHULHGHFRQWUDWRVGH DSURYHFKDPLHQWR IRUHVWDO D HPSUHVDV PDGHUHUDV VREUH WLHUUDV TXH WUDGLFLRQDOPHQWH SHUWHQHFtDQ D GLIHUHQWHVSXHEORVLQGtJHQDVGHQWURGHOERVTXH&KLPDQHV 'XUDQWH OD SUHVLGHQFLD GH -DLPH 3D] =DPRUD VH GLFWy HO 'HFUHWR 6XSUHPR HO PLVPR TXH GHFODUDEDDOERVTXH&KLPDQHViUHDGHSURWHFFLyQ\ WHUULWRULRLQGtJHQD (VWH 'HFUHWRGLVSRQtDTXHORV DVHUUDGHURVGHQWURGHHVWDiUHDGHEtDQVHUUHXELFDGRVIXHUDGHODV]RQDVGHSURWHFFLyQ\TXHXQDYH] 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV FRQFOXLGRVORVFRQWUDWRVGHDSURYHFKDPLHQWRDODUJRSOD]RHVWDV]RQDVGHDSURYHFKDPLHQWRHPSUHVDULDO SDVDUtDQDIRUPDUQXHYDPHQWHSDUWHGHORVWHUULWRULRVLQGtJHQDV 6LQHPEDUJRHVWDVGLVSRVLFLRQHVQRIXHURQHIHFWLYL]DGDV\DTXHHQFXDQGRVHDSUXHEDODQXHYD /H\)RUHVWDO VHOHVFRQFHGHDORVWLWXODUHVGHFRQWUDWRVGHDSURYHFKDPLHQWRIRUHVWDOHOEHQHILFLRGHOD FRQYHUVLyQYROXQWDULDEDMRODFRQGLFLyQGHSUHVHQWDFLyQRDGHFXDFLyQGHVXVSODQHVGHPDQHMR\HOSDJR GHVXVREOLJDFLRQHVIRUHVWDOHV (Q DJRVWR GH OD 6XSHULQWHQGHQFLD )RUHVWDO GLFWy UHVROXFLRQHV GH FRQYHUVLyQ HQ WRGR HO SDtV )UHQWHDHVWDVLWXDFLyQORVSXHEORVLQGtJHQDVFX\RVWHUULWRULRVVHHQFRQWUDEDQWLWXODGRVHMHFXWRULDOPHQWH RGHPDQGDGRVH LQPRYLOL]DGRVSRU HO,15$KLFLHURQODUHSUHVHQWDFLyQDQWHOD6XSHULQWHQGHQFLD(QHO FDVR GHO GHSDUWDPHQWR GHO %HQL ODV VXSHUSRVLFLRQHV DIHFWDQ DO 7HUULWRULR ,QGtJHQD 0XOWLpWQLFR \ D OD 5HVHUYD)RUHVWDOGHO,WHQH]LQPRYLOL]DGD\GHPDQGDGDSRUORV,WRQDPDV /D DXWRULGDG IRUHVWDO UHFKD]y ODV UHSUHVHQWDFLRQHV \ UHFXUVRV GH UHYRFDWRULD LQWHUSXHVWRV SRU ODV RUJDQL]DFLRQHVLQGtJHQDVFRQHODUJXPHQWRGHTXHHQQLQJ~QPRPHQWRVHKDEtDYXOQHUDGRORVSUHFHSWRV GHOD/H\GHOGHMXOLRGHTXHUDWLILFDHO&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO 7UDEDMR 2,7 \ FX\R LQVWUXPHQWR GHWHUPLQD TXH ORV SXHEORV LQGtJHQDV WLHQHQ GHUHFKR D SURFHVRV GH FRQVXOWDSUHYLDDODLPSRVLFLyQGHFXDOTXLHUUHVROXFLyQGHFDUiFWHUDGPLQLVWUDWLYRRSROtWLFRHQORVOLPLWHV GHORVWHUULWRULRVWLWXODGRVHLQPRYLOL]DGRV 3RU RWUD SDUWH HO RUJDQLVPR WpFQLFR GH ODV RUJDQL]DFLRQHV LQGtJHQDV &37, GHPRVWUy D WUDYpV GH XQ PDSHR GH ODV FRRUGHQDGDV GH ODV FRQYHUVLRQHV IRUHVWDOHV TXH DOJXQRV GH VXV YpUWLFHV DIHFWDEDQ SDUFLDOPHQWHDORVWHUULWRULRVLQGtJHQDV (Q ODV RUJDQL]DFLRQHV LQGtJHQDV VLJXLHQGR ORV SURFHGLPLHQWRV FRQWHQLGRV HQ OD /H\ )RUHVWDO SUHVHQWDURQ UHFXUVRV MHUiUTXLFRV DQWH HO 6LVWHPD GH 5HJXODFLyQ 6HFWRULDO 6,5(6( FRQYHUWLGR SRVWHULRUPHQWHHQ6,5(1$5(SDUDVROLFLWDUTXHDQXOHODVUHVROXFLRQHVGHFRQYHUVLyQHQODViUHDVTXH UHVXOWDEDQ VREUHSXHVWDV D VXV WHUULWRULRV (VWD LQVWLWXFLyQ UHJXODWRULD LJXDOPHQWH UHFKD]y ORV UHFXUVRV XWLOL]DQGR ORV PLVPRV DUJXPHQWRV YHUWLGRV SRU OD 6XSHULQWHQGHQFLD )RUHVWDO HQ VHQWLGR GH TXH HO GHUHFKRGHEHQHILFLRDFRQYHUVLyQVLPSOHPHQWHUDWLILFDEDHOWUDVSDVRGHXQUpJLPHQIRUHVWDODRWUR\TXH ODUDWLILFDFLyQGHORVFRQWUDWRVDODUJRSOD]RFRQFHGLGRVSRUHOH[&')SHUPLWLUtDTXHXQDYH]TXHpVWRV IHQH]FDQODViUHDVHQFRQIOLFWRSDVDUtDQQXHYDPHQWHDIRUPDUSDUWHGHORVWHUULWRULRVWLWXODGRVHQHVWH FDVRGHO7,0 /DVLQWHUSUHWDFLRQHVOHJDOHVHVJULPLGDVSRUOD6XSHULQWHQGHQFLD\HO6,5(1$5(SDUDQHJDUORVUHFXUVRV DGPLQLVWUDWLYRV SUHVHQWDGRV IXHURQ UHFKD]DGDV SRU ODV RUJDQL]DFLRQHV LQGtJHQDV FRQ HO DUJXPHQWR GH TXHHOSURFHVRGH VDQHDPLHQWRQRVHKDOODEDDVHJXUDGRHQXQWLHPSRUHODWLYDPHQWHFRUWRGHELGRDTXH OD/H\,15$GLVSRQHXQSOD]RGHDxRVSDUDUHVROYHUORVFRQIOLFWRVDJUDULRV\SODQWHDURQVXUHFODPRD OD &RUWH 6XSUHPD GH -XVWLFLD FRPR UHFXUVR FRQWHQFLRVR HQ ~OWLPD LQVWDQFLD SDUD TXH VH JDUDQWLFH OD LQPRYLOL]DFLyQ GH ORVWHUULWRULRVWLWXODGRV SRU OD ,15$ (VWD Pi[LPD LQVWDQFLDD~Q QR KD HPLWLGR HOIDOOR GHILQLWLYR 3DUDOHODPHQWH ODV RUJDQL]DFLRQHV LQGtJHQDV EXVFDURQ TXH RUJDQL]DFLRQHV LQWHUQDFLRQDOHV DSR\HQ VX FDXVD DQWH OD2,7TXH HV OD LQVWDQFLD HQFDUJDGD GH YLJLODU HOFXPSOLPLHQWR GHO &RQYHQLR TXH IXH UDWLILFDGR SRU %ROLYLD PHGLDQWH /H\ GHO DxR /D 2,7 HYDOXy OD VLWXDFLyQ \ HYLGHQFLR HO LQFXPSOLPLHQWR GH ORV SUHFHSWRV FRQWHQLGRV HQ HO &RQYHQLR SRU QR KDEHUVH UHDOL]DGR ORV SURFHVRV SUHYLRVGHFRQVXOWDDQWHVGHODLPSRVLFLyQGHGHUHFKRVDMHQRVDODUJRSOD]RTXHDIHFWDQODVQRUPDVGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR YLGDHVSDFLRV\KiELWDWVQDWXUDOHVFXOWXUDOHVHKLVWyULFRVGHORVSXHEORVLQGtJHQDV$GHPiVUHFRPHQGyHO FXPSOLPLHQWRGHHVWDQRUPDFRQFDUiFWHUUHWURDFWLYR $OSDUHFHUVRQODVGLVWLQWDVLQWHUSUHWDFLRQHVOHJDOHVHQWUHODVRUJDQL]DFLRQHVLQGtJHQDV\ODVLQVWDQFLDV JXEHUQDPHQWDOHV ODV TXH SURYRFDURQ HO FRQIOLFWR GHELGR D TXH HO UpJLPHQ GH FRQYHUWLELOLGDG GH ORV FRQWUDWRVIRUHVWDOHVDOUpJLPHQGHFRQFHVLRQHV QRHVWiVXILFLHQWHPHQWHFODURHQOD/H\ )RUHVWDOFRPR SDUD HVWDEOHFHU ODVLWXDFLyQIUHQWH DO 'HFUHWR 6XSUHPR < D OD SRVWHULRU WLWXODFLyQGHO 7,0 SRU HO ,15$SDUDHVWDEOHFHUORVGHUHFKRVFRQFHVLRQDOHV\ORVHPHUJHQWHVGHHVH'HFUHWR6XSUHPR 6REUH ORV QXHYRV WHUULWRULRV GHPDQGDGRV R LQPRYLOL]DGRV HO UpJLPHQ GH FRQYHUWLELOLGDG IRUHVWDO GHVFRQRFLyODVUHVROXFLRQHVGHLQPRYLOL]DFLyQDJUDULD\ORVFRQIXQGLyFRQODVLQPRYLOL]DFLRQHVGHRUGHQ IRUHVWDOTXHWLHQHGHILQLFLRQHV\REMHWLYRVFRPSOHWDPHQWHGLIHUHQWHVSXHVWRTXHODLQPRYLOL]DFLyQDJUDULD QR SXHGH HVWDEOHFHU QXHYRV GHUHFKRV GH QLQJXQD FODVH PLHQWUDV TXH OD LQPRYLOL]DFLyQ IRUHVWDO EXVFD HYLWDU OD H[WUDFFLyQ GH IRUHVWDO KDVWD WDQWR QR VH UHDOLFHQ ORV HVWXGLRV WpFQLFRV HYDOXDWLYRV SDUD GHWHUPLQDUHOWLSRGHFDWHJRUtDGHH[SORWDFLyQIRUHVWDO'HLJXDOPDQHUDODLQWHUSUHWDFLyQHPLWLGDSRUOD 6XSHULQWHQGHQFLD )RUHVWDO GHILQLy TXH ODV UHVROXFLRQHV GH FRQYHUVLyQ QR VLJQLILFDEDQ GH PRGR DOJXQR XQDIRUPDGHUHQRYDFLyQGH GHUHFKRVIRUHVWDOHVVLQRHOWUiQVLWRGHXQUpJLPHQDQWLJXRDXQRQXHYRTXH SHUPLWH DGHFXDU ORV GHUHFKRV GH ODV HPSUHVDV IRUHVWDOHV SUHYLR FXPSOLPLHQWR GH DGHFXDFLyQ GH VXV SODQHV GH PDQHMR 6LQ HPEDUJR HQ YLVWD GH TXH pVWRV WURSH]DURQ FRQ PXFKDV REVHUYDFLRQHV VH SRVWHUJyODIHFKDOtPLWHSDUDVXSUHVHQWDFLyQSULPHURKDVWDGLFLHPEUHGH\OXHJRSRUYDULRVPHVHV PiVKDVWDTXHVHSURFHGLyDODGLFWDFLyQGHUHVROXFLRQHVHQDJRVWRGH )XHQWHV5HVROXFLRQHVGH&RQYHUVLyQ)RUHVWDOHPLWLGDVSRUOD6XSHULQWHQGHQFLD)RUHVWDO 3HUVRQDHQFDUJDGDGHOUHJLVWUR :DOWHU3D]&(-,6 7ULQLGDG 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR /RVFRQIOLFWRVDPELHQWDOHV XUEDQRVHQ%ROLYLD $QWHFHGHQWHV 'HVGHTXHHOGRPLQLRGHODQDWXUDOH]DGHMyGHFRQVWLWXLUVHHQXQPHGLRSDUDORJUDUHOELHQHVWDUVRFLDO\ VH WUDQVIRUPy HQ XQ LQVWUXPHQWR GH DFXPXODFLyQ GH ULTXH]DV GH ODV FODVHV GRPLQDQWHV VH HPSH]y D URPSHUHOHTXLOLEULRDUPRQLRVRKXPDQLGDGQDWXUDOH]DTXHJDUDQWL]DED ORTXH KR\ HXIHPtVWLFDPHQWHVH GHQRPLQD ³GHVDUUROOR VRVWHQLEOH´ \ SDUDOHODPHQWH VXUJH HO IHQyPHQR GHVWUXFWLYR GH DJUHVLyQ DO PHGLR DPELHQWH(QRWURVWpUPLQRVDOURPSHUHOHTXLWDWLYR³PHUFDGRQDWXUDO´GHVDWLVIDFFLyQGHODVQHFHVLGDGHV \ VXVWLWXLUOD SRU OD GHVLJXDO FRQFXUUHQFLD D OD HFRQRPtD GH PHUFDGRVH GD LQLFLR D OD DJUHVLyQ GH OD QDWXUDOH]DTXHKR\HQGtDVHREMHWLYDFRPRXQDIUDQFDFRQWDPLQDFLyQDPELHQWDO 3ODQWHDUVH SROtWLFDV DPELHQWDOHV VHULDV \ VLQFHUDV LJQRUDQGR HO RULJHQ LQLFLDO GH OD FRQWDPLQDFLyQ DPELHQWDODFWXDOHVFRPR³SRQHUHOFDVFDEHODOJDWRSDUDTXHQRFDFHUDWRQHV´\SUHFLVDPHQWHHVRHVOR TXH RFXUUH HQ HOVLVWHPDGH ³HFRQRPtDGH OLEUHPHUFDGR´GRQGHVH SODQWHDXQ FRQVWDQWHLQFHQWLYR DO FRQVXPLVPR\DOPLVPRWLHPSRXQVXSXHVWRGHVDUUROORVRVWHQLEOH([LVWHQFLHQWRVGHKHFKRVFLHQWtILFRV TXH UHIUHQGDQ QXHVWUD DVHYHUDFLyQ \ TXH VXUJHQ SUHFLVDPHQWH DOOt GRQGH VH DFXxDQ ODV SROtWLFDV HFRQyPLFDV\DPELHQWDOHVHFXPpQLFDV&yPRHMHPSORPHQFLRQDPRVDOJXQRVFDVRV 6HJ~Q HO &HQWUR 1DFLRQDO SDUD (VWDGtVWLFDV GH OD 6DOXG GH ORV (VWDGRV 8QLGRV HO WDEDFR HV OD SULQFLSDO FDXVD GH PXHUWHV SUHPDWXUDV DQXDOHV PDWD PiV SHUVRQDV TXH HO FRQMXQWR GH ODV VLJXLHQWHV FDXVDV GH PXHUWH DOFRKROLVPR DFFLGHQWHV DXWRPRYLOtVWLFRV VXLFLGLRV XVR LQWHQVR GH GURJDV \ KRPLFLGLRV 3RU HVWD UD]yQ \ SRU TXH HOFRVWR QRFLYR GHO WDEDFR H[FHGH VXV EHQHILFLRV HFRQyPLFRV HO JRELHUQR GH HVWH SDtV HVWi HPSUHQGLHQGR IXHUWHV UHVWULFFLRQHV D OD YHQWD GH HVWD GURJDOtFLWD 6LQHPEDUJR³GHVGH HOJRELHUQRIHGHUDOKDDPHQD]DGRFRQ LPSRQHUVDQFLRQHV FRPHUFLDOHVFRQWUDORVSDtVHVH[WUDQMHURVTXHQRTXLWHQORVDUDQFHOHV\RWUDVUHVWULFFLRQHVLPSXHVWDV D ORVSURGXFWRVGH WDEDFRHVWDGRXQLGHQVHV (VRVLJQLILFDTXHHOJRELHUQRGH(8$HVWiHMHUFLHQGR XQDDFFLyQFRHUFLWLYDVREUHRWURVJRELHUQRVSDUDTXHSHUPLWDQODVLPSRUWDFLRQHVGHXQDGURJDPX\ SHOLJURVDDOWDPHQWHDGLFWLYDTXHHVSURGXFLGDHQ(VWDGRV8QLGRVPLHQWUDVTXHWUDWDGHGHWHQHUHO IOXMRGHODVGURJDVLOtFLWDVGHVGHRWURVSDtVHVDORV(8$´0LOOHU (O FRPHUFLR LQWHUQDFLRQDO GH ORV GHVHFKRV SHOLJURVRV HV RWUR JUDQ QHJRFLR GH FLHUWDV FRPSDxtDV QRUWHDPHULFDQDVTXHVHUHDOL]DOtFLWDPHQWHFRQDXWRUL]DFLyQGHOD$JHQFLDGH3URWHFFLyQ$PELHQWDO (3$ R GH IRUPD LOtFLWD SHUR TXH HV LQFHQWLYDGD SRU VDQFLRQHV HFRQyPLFDV UHODWLYDPHQWH LQVLJQLILFDQWHVIUHQWHDODVJUDQGHVJDQDQFLDVTXHGHMDHVWHQHJRFLRHQRUPHPHQWHOXFUDWLYR1RHQ YDQR HO EDUFR FDUJXHUR .KLDP 6HD HQ ]DUSy GH )LODGHOILD OD FXQD GH OD OLEHUWDG QRUWHDPHULFDQDFRQGHVHFKRVSHOLJURVRVDILQGHEXVFDUXQGHSyVLWRGHILQLWLYRSDUDGLFKDFDUJDTXH OXHJRGH GRVDxRVGHQDYHJDUGHSDtVHQSDtVDOQRVHUDFHSWDGROHJDOPHQWHHQQLQJXQDSDUWHGHO PXQGRUHJUHVyQXHYDPHQWHD)LODGHOILDSHURVLQVXFDUJDPRUWtIHUDTXHIXHHFKDGDLOHJDOPHQWHHQ HO2FpDQRËQGLFR ,QIRUPHVGH*UHHQSHDFH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV $O SDtV SHVH D QR FRQWDU FRQ FRVWDV LJXDOPHQWH OOHJDQ GHVHFKRV Wy[LFRV SDUD VHU UHFLFODGRV R HQWHUUDGRVFRPRHQHOFDVRGH³WUHQIDQWDVPD´TXHSDUWHGHVXFDUJDIXHSURFHVDGDHQ$OWR/LPD RWURWDQWRWUDVODGDGDD2UXUR\GHOUHVWRQRH[LVWHFHUWH]DGHTXHIXH³GHYXHOWRDOUHPLWHQWH´&RPR GLFH XQ SDUDGLJPD DPELHQWDOLVWD QHROLEHUDO ³TXLpQ FRQWDPLQD SDJD´ SHUR SRU VXSXHVWR FRQ XQD tQILPD SDUWH GH ODV JDQDQFLDV JHQHUDGDV D FRVWD GH OD VDOXG GH PLOODUHV GH YtFWLPDV LQGHIHQVDV JHQHUDOPHQWHGHSDtVHVFDSLWDOLVWDVDWUDVDGRVFRPRHOQXHVWUR /RVQHJRFLRVGHODVDUPDVFRQYHQFLRQDOHV\QRFRQYHQFLRQDOHVGHORVSUHFXUVRUHVGHODFRFDtQDGH ODVLPiJHQHVYLROHQWDV\DOLHQDQWHVGHODLQGXVWULDGHIiUPDFRVSURVFULWRVHQORVSDtVHVGRQGHVRQ SURGXFLGRVHWFVRQSXHVSDUWHGHODDFWXDOHFRQRPtDGHOLEUHPHUFDGR (OFRQVXPLVPR\ODKLSRFUHVtDDPELHQWDOLVWDGHORVSDtVHVGHVDUUROODGRVODGHXGDH[WHUQD\ODSREUH]D GH ORV SDtVHV GHO KHPLVIHULR 6XU FRQVWLWX\HQ ODV YDULDEOHV JHQHUDGRUDV PiV LPSRUWDQWHV GH OD SUREOHPiWLFD DPELHQWDO HQ ORV SDtVHV GHSHQGLHQWHV \ PLHQWUDV QR VH ODV HQFDUH VLQFHUD \ UHVSRQVDEOHPHQWH KDFHQ XWySLFR FXDOTXLHU SUR\HFWR DPELHQWDO GH SURWHFFLyQ GH OD QDWXUDOH]D R GH GHVDUUROOR VRVWHQLEOH 3RU WDQWR QLQJXQD SROtWLFD DPELHQWDO VHULD SRGUi VHU YLDEOH \ HIHFWLYD VL VRVOD\D HVWRVIDFWRUHVHVSHFLDOPHQWHORVGHODGHXGDH[WHUQD\ODSREUH]D (OFRQWH[WRVRFLRDPELHQWDOHQHOVXEGHVDUUROOR /D H[FHVLYD SUHVLyQ HFRQyPLFD TXH HMHUFHQ ORV SDtVHV GHO KHPLVIHULR 1RUWH VREUH ORV SDtVHV GHO KHPLVIHULRVXEGHVDUUROODGR DILQGHPDQWHQHUVXVDOWRVLQGLFDGRUHVHFRQyPLFRVKDRULJLQDGRHQHVWRV ~OWLPRV SDtVHV GRV PDUDEXQWDV DPELHQWDOHV VLDPHVDV /D GHXGD H[WHUQD \ OD SREUH]D TXH D VX YH] HMHUFHQ IXHUWHSUHVLyQ VREUHORV UHFXUVRVQDWXUDOHVUHQRYDEOHV\ QR UHQRYDEOHV SURYRFDQGRSUREOHPDV DPELHQWDOHV +DVWD HO SUHVHQWH QR H[LVWH QLQJXQD VHxDO YHUD]PHQWH LPSRUWDQWH \ VLQFHUD SRU SDUWH GH ORV SDtVHV GHVDUUROODGRVGHHQFDUDUODVROXFLyQGHODGHXGDH[WHUQD(O³*UXSRGHORV6LHWH´UHFLHQWHPHQWHUHFKD]y ODFRQGRQDFLyQWRWDOGHODPLVPDSHVHDTXHHQLQWHUHVHV\DVHSDJRYDULDVYHFHVHOPRQWRGHOFDSLWDO 1LODVFRQGRQDFLRQHVSDUFLDOHVQLHOFDPELRGH³GHXGDSRUQDWXUDOH]D´VRQVROXFLRQHVDHVWDWUDJHGLDGH ODVSRVWULPHUtDVGHOVLJOR;;6RQWDQFRQGLFLRQDGDVWDQSHTXHxDV\FRQWDQWDVDULVWDVFRQWUDFWXDOHVTXH VH DVHJXUDQ OD UHGXFFLyQ GH ODV SpUGLGDV GH VXV MXJRVDV JDQDQFLDV DO FREUDU SDUFLDOPHQWH OD GHXGD LPSDJDEOHHLQPRUDO /D SREUH]D QR VyOR GHSUHGD OD QDWXUDOH]D WDPELpQ GHSUHGD ItVLFD \ HVSLULWXDOPHQWH DO KRPEUH /D GHSUHGDFLyQ ELROyJLFD VH PDQLILHVWD HQ OD GHSUHVLyQ GHO VLVWHPD LQPXQLWDULR TXH DO LQWHUDFWXDU FRQ HO DPELHQWHFRQWDPLQDGRVH WUDQVIRUPDHQ XQ LQFUHPHQWRFXDQWLFXDOLWDWLYRSULPLFLDOGH ODVHQIHUPHGDGHV LQIHFWRFRQWDJLRVDV \ SRVWHULRUPHQWH HO LQFUHPHQWR \R DSDULFLyQ GH HQIHUPHGDGHV FUyQLFDV \ GHJHQHUDWLYDV/DGHSUHGDFLyQHVSLULWXDOVHUHIOHMDHQODGHSUHVLyQGHOVLVWHPDQHUYLRVRFHQWUDO\GHORV yUJDQRV GH ORV VHQWLGRV TXH DO LQWHUDFWXDU FRQ HO DPELHQWH FRQWDPLQDGR PDQLILHVWDQ WHPSUDQDPHQWH 9HUHOFRQIOLFWRDPELHQWDOGH$OWR/LPDHOFDVRPiVDQWLJXR\DOPLVPRWLHPSRLUUHVROXWRKDVWDODIHFKDSHVHDVX FRQVLVWHQFLDOHJtWLPD\OHJDO )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR GLVWXUELRV QHXURYHJHWDWLYRV WHQVLyQ QHUYLRVD \ SRVWHULRUPHQWH DIHFFLRQHV GH ORV yUJDQRV GH ORV VHQWLGRVHQIHUPHGDGHVQHXURSVtTXLFDV\SVLTXLiWULFDV ,QIHOL]PHQWH HODGYHQLPLHQWRSOHQR GHO QHROLEHUDOLVPR\ GH VXVSROtWLFDV HFRQyPLFDVGH OLEUHPHUFDGR HVWiDFHOHUDQGRODGHSUHGDFLyQGHQXHVWURVUHFXUVRVQDWXUDOHV\HFRQyPLFRV\DOHMDQGRFDGDYH]PiV ODVSRVLELOLGDGHVGHXQDWUHJXDDODQDWXUDOH]D\DORVSREUHV /DGHSUHGDFLyQ\ORVFRQIOLFWRVDPELHQWDOHVHQ%ROLYLD (O IHQyPHQR GH OD GHJUDGDFLyQ DPELHQWDO HQ HO SDtV WDPSRFR HV QXHYR VXUJH \ FRQYLYH FRQ OD H[SORWDFLyQGHQXHVWURVUHFXUVRVQDWXUDOHVUHQRYDEOHV\QRUHQRYDEOHVFRPRORVPLQHUDOHVHOSHWUyOHROD JRPD ODV FDVWDxDV \ ODV PDGHUDV SUHFLRVDV $FWXDOPHQWH D QLYHO GHO FDPSR \D WUDQVFXUUH SRU OD GHSUHGDFLyQ GH OD ELRGLYHUVLGDG JHQpWLFD \ VH KD DVHQWDGR HQ ORV FHQWURV XUEDQRV PHGLDQWH OD FRQWDPLQDFLyQDPELHQWDOGHODDWPyVIHUDODVDJXDV\VXHORV /D FRQWDPLQDFLyQXUEDQDPiVSHOLJURVDSURYLHQHIXQGDPHQWDOPHQWHGH ODVHPSUHVDV LQGXVWULDOHV \GHO SDUTXH DXWRPRWRU (Q FLHUWDV FLXGDGHV FRPR /D 3D] \ (O $OWR HO SUREOHPD GH ORWHDPLHQWRV GH iUHDV YHUGHV \ GH HTXLSDPLHQWR FREUD PDJQLWXG VLPLODU D ODV SUREOHPiWLFDV LQGXVWULDOHV \ GH DXWRPRWRUHV $XQTXH WRGDYtD QR IXH REMHWLYDGR GHQWUR GHO iPELWR DPELHQWDO OD FDUHVWtD GH HVSDFLRV YHUGHV \ GH UHFUHRMXQWRDODFRQWDPLQDFLyQDF~VWLFDVRQORVSULQFLSDOHVIDFWRUHVDPELHQWDOHVGH WHQVLyQ QHUYLRVD GLVWXUELRVQHXURYHJHWDWLYRV\SDWRORJtDVQHXURSVtTXLFDV 3HVH D TXH HO PRYLPLHQWR DPELHQWDOLVWD HQ QXHVWUR SDtV HV WRGDYtD LQFLSLHQWH VH DSUHFLD VX UiSLGR GHVDUUROORDWUDYpVGHODJHVWDFLyQGHFRQIOLFWRVDPELHQWDOHVHQWRUQRDODGHIHQVDSRSXODUGHHVSDFLRV GHVWLQDGRV SDUD iUHDV YHUGHV \ GH HVSDUFLPLHQWR $Vt VXUJHQ IXHUWHV RUJDQL]DFLRQHV GH GHIHQVD GH iUHDV YHUGHV TXH OOHJDQ D IUHQDU OD DUUHPHWLGD HPSUHVDULDO GH FRQVWUXFWRUHV PiV FRQRFLGRV FRPR ³ORWHDGRUHV´8QGLJQRHMHPSORTXHHPXODUHQODFLXGDGGH/D3D]VRQORV&RPLWpVGH'HIHQVDGHÈUHDV 9HUGHVFRQIRUPDGRVSRUMXQWDVGHYHFLQRVSURIHVLRQDOHV\YHFLQRVQRWDEOHVGHODVGLVWLQWDV]RQDV (QJHQHUDOHQODVFLXGDGHVVHHVWiJHVWDQGRPiVUiSLGDPHQWHXQPRYLPLHQWRDPELHQWDOLVWDDOOtGRQGH VXUJHQSUREOHPDVDPELHQWDOHVHVGHFLUHQDTXHOORVVHFWRUHVVRFLDOHVTXHFRPSDUWHQXQPLVPRHVSDFLR ItVLFRFRQORVORWHDPLHQWRV\ORVDVHQWDPLHQWRVLQGXVWULDOHV /RV FRQIOLFWRV DPELHQWDOHVXUEDQRVTXH VH UHSRUWDQHQ OD SUHVHQWHSXEOLFDFLyQ VRQHQ VX PD\RUtDGH WUDVFHQGHQFLDUHGXFLGDHVSDFLDOPHQWH &DVRV SXQWXDOHV GH GHIHQVD GH iUHDV YHUGHV SURWDJRQL]DGRV SRU YHFLQRV PXFKRV GH ORV FXDOHV VHJXUDPHQWHLJQRUDQVXFDUiFWHUGHFRQIOLFWRDPELHQWDO\ 3RU IHQyPHQRV GH FRQWDPLQDFLyQ LQGXVWULDO FODUDPHQWH WLSLILFDGRV FRPR FRQIOLFWRV DPELHQWDOHV \ SURWDJRQL]DGRVWDPELpQSRU MXQWDV GHYHFLQRV \RWUDVRUJDQL]DFLRQHVSRSXODUHV HQPXFKRVFDVRV YDOLpQGRVHGHODVQRUPDWLYDVDPELHQWDOHVUHFLHQWHPHQWHVDQFLRQDGDV (QHORWURH[WUHPRVHHQFXHQWUDQJUDQGHVFDVRVGHSUREOHPDVDPELHQWDOHVFRPRODFRQWDPLQDFLyQGH ORV UtRV &KRTXH\DSX 3LUDt *XDGDOTXLYLU HWF TXH DIHFWDQ GLUHFWD H LQGLUHFWDPHQWH D SREODGRUHV GH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV JUDQGHV FLXGDGHV SHUR TXH QR KDQ VLGR D~Q PRWLYRV GH FRQIOLFWRV DPELHQWDOHV \ SRU OR WDQWR QR VH HQFXHQWUDQUHSRUWDGRVFRPRWDOHV (VWDV DSDUHQWHV SDUDGRMDV WLHQHQ H[SOLFDFLRQHV UHODFLRQDGDV FRQ XQ GHVIDVH HQWUH OD FRQFLHQFLD DPELHQWDO LQGLYLGXDO \ FROHFWLYD SURSLDV GH LQFLSLHQWHV PRYLPLHQWRV DPELHQWDOLVWDV \ GLFKRV FRPSRUWDPLHQWRV VLUYHQ SDUD VXVWHQWDU HO RWUR SDUDGLJPD DPELHQWDOLVWD QHROLEHUDO ³/RV GHUHFKRV GH SURSLHGDG´TXHVHVXVWHQWDSUHFLVDPHQWHHQTXHORVFLXGDGDQRVQRGHILHQGHQELHQHVDPELHQWDOHVGRQGH ORVGHUHFKRVGHSURSLHGDGVRQFROHFWLYRV 3DUD VXSHUDU HVWRV GHVIDVHV HV LPSRUWDQWH TXH VH UHJHQHUH R JHQHUH OD FRQFLHQFLD GH SURSLHGDG FROHFWLYD PX\ IXHUWHPHQWH HQUDL]DGD HQ QXHVWUD FXOWXUD UXUDO \ TXH VH IXH SHUGLHQGR D QLYHO XUEDQR (VWDPRV FRQYHQFLGRV TXH HO QXHYR PRYLPLHQWR DPELHQWDOLVWD UHFXSHUDUi SDUD Vt HVWD FRQFLHQFLD GH SURSLHGDGFROHFWLYD\TXHPX\SURQWRVHREMHWLYDUiQ\DUULEDUiQDJUDQGHVFRQIOLFWRVDPELHQWDOHVORVTXH D VX YH] VH FRQVWLWXLUiQ HQ QXHYRV SXQWRV GH SDUWLGD GH UHLYLQGLFDFLRQHV DPELHQWDOHV \ VRFLDOHV WUDQVIRUPDGRUDV $QWRQLR0LUDQGD$OLDJD0'03+ (SLGHPLyORJRHVSHFLDOLVWDHQ6DOXG$PELHQWDO 'RFHQWH7LWXODUGHO'HSDUWDPHQWRGH6DOXG3~EOLFD GHOD)DFXOWDGGH0HGLFLQDGHOD8QLYHUVLGDG0D\RUGH6DQ$QGUpV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (PLVLyQGHJDVHVWy[LFRVSRUSHTXHxDVLQGXVWULDVODGULOOHUDVGH2UXUR 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR =RQD1RUHVWHGHODFLXGDGGH2UXURPXQLFLSLRGH2UXUR± &HUFDGRGHOGHSDUWDPHQWRGH2UXUR *UXSRGHPLFURHPSUHVDVODGULOOHUDV -XQWDVYHFLQDOHV3DVWRUDO6RFLDO\)RUR2UXUHxR (OGDxR JHQHUDGR &RQWUROGHOD'LUHFFLyQGHO0HGLR$PELHQWHGHOD3UHIHFWXUDHO 0XQLFLSLR 7RGDODSREODFLyQGHOD]RQD1RUHVWH\FLUFXQGDQWHVD NPD ODUHGRQGDGHORVIRFRVHPLVRUHV\GLUHFWDPHQWHXQRV KDELWDQWHVGHORVH[LVWHQWHVHQODFLXGDG 8VRLQDGHFXDGRGHFRPEXVWLEOHSDUDORVKRUQRVGHFRFFLyQGH ORVODGULOORV 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH $UHDD IHFWDGD KD $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR /D DFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV &RVWRVG HUHG XFLUHOGDx R ,QYHUVLyQG H OJHQH UDGRU FRQRFLGR )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR &RQWDPLQDQWH 9LYLHQGDHLQGXVWULDO $JXDDLUH\VDOXG $SUR[LPDGDPHQWHXQRVGyODUHVDPHULFDQRVSRU ODGULOOHUDKDFLHQGRXQWRWDOGH 1RSDVDGHORVGyODUHVDPHULFDQRVSRUFDGDODGULOOHUD &RQPXFKDIXHU]DGHVGH &DPELDUGHOXJDUODVODGULOOHUDVRFDPELDUVXFRPEXVWLEOHSDUD HYLWDUORVJDVHVFRQWDPLQDQWHVHPLWLGRVDODPELHQWH ,QIRUPDWLYDVGHSODQLILFDFLyQYLJLODQFLD\FRQWURO\ PRYLOL]DFLRQHV 'HVHSWLHPEUHDGLFLHPEUHGH 'HVFULSFLyQGHOFRQIOLFWR +DFH YDULRV DxRV DWUiV DOJXQDV IDPLOLDV GHHVFDVRVUHFXUVRV LQLFLDURQ OD SURGXFFLyQ GH ODGULOORVHQ OD ]RQDQRUHVWHGHODFLXGDGGH2UXUR7LHPSRGHVSXpVHQFRPHQ]DURQDH[LVWLUTXHMDVPX\IXHUWHV GH ORV YHFLQRV GHELGR D ORV KXPRV \ JDVHV Wy[LFRV TXH HPLWHQ XQDV WUHLQWD ODGULOOHUDV TXH SURGXFHQ ODGULOORJDPERWHSDUDODFRQVWUXFFLyQGHYLYLHQGDV\RWURV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV /RVPDWHULDOHVHPSOHDGRVSRUHVWDVPLFURHPSUHVDVSDUDODSURGXFFLyQGHODGULOORVVRQDUFLOOD\DJXD SRUORFXDOGHMDQHQOD]RQDJUDQGHVKR\RVGHGRQGHH[WUDHQ HVWHPDWHULDO3RURWURODGRSDUDFDOHQWDU ORVKRUQRVDUWHVDQDOHVFRQTXHFXHQWDQXVDQFRPRFRPEXVWLEOHODWDTXLDH[FUHPHQWRGHRYHMDV\HQOD PD\RUtDGHORVFDVRVOODQWDVGHJRPD /D JRPD DO VHU FRPEXVWLRQDGD HPLWH JDVHV Wy[LFRV SDUD OD VDOXG \ HO PHGLR DPELHQWH FRPR VRQ VXVWDQFLDVFORUDGDVWR[LQDV\KDOyJHQRVTXHVRQFDQFHUtJHQRV1RRFXUUHORPLVPRFRQODWDTXLDTXH FRPR HV XQD VXVWDQFLD RUJiQLFD VH TXHPD \ VyOR HPLWH XQ RORU QDXVHDEXQGR FDUDFWHUtVWLFR GH ORV H[FUHPHQWRVGHJDQDGRSHURTXHQRHVQRFLYRSDUDODVDOXG &RQODILQDOLGDGGHDOHUWDUVREUHHVWDVLWXDFLyQHO)RUR2UXUHxROD3DVWRUDO6RFLDO\RWUDVRUJDQL]DFLRQHV UHDOL]DURQDFWLYLGDGHVLQIRUPDWLYDVVREUHHOHIHFWRGHORVJDVHVHPLWLGRVSRUODVODGULOOHUDV3RUVXSDUWH ORV YHFLQRV SHUWHQHFLHQWHV D ODV MXQWDV YHFLQDOHV DIHFWDGDV UHDOL]DURQ PRYLOL]DFLRQHV SDUD VROLFLWDU OD VROXFLyQGHOSUREOHPD /D SURSXHVWD UHDOL]DGD WDQWR SRU ODV RUJDQL]DFLRQHV YHFLQDOHV FRPR SRU DTXHOODV SUHRFXSDGDV SRU OD FDOLGDG DPELHQWDO HV FDPELDUHOFRPEXVWLEOHTXH WLHQHQ SRU HO JDV QDWXUDO TXHSDVD PX\ FHUFD GH OD ]RQDHOJDVQDWXUDOHVEDUDWR\QRFRQWDPLQDHOPHGLRDPELHQWHSHURORTXHVHGHEHKDFHUHVJHVWLRQDU ORVUHFXUVRVSDUDODLQVWDODFLyQGHXQDUHGGHGLVWULEXFLyQ\ORVTXHPDGRUHVHQFDGD KRUQRGHFRFFLyQ 7DPELpQVHGHEHUiRSWLPL]DUODFRQVWUXFFLyQGHVXVKRUQRV\FKLPHQHDV 3RU~OWLPRSDUDLQWHQWDUUHXELFDUHVWDVODGULOOHUDVVHGHEHUiFRQVLGHUDUODH[LVWHQFLDGHODPDWHULDSULPD HQRWUD]RQD\ODVFRPSHQVDFLRQHVSRUORVWHUUHQRVDUHYHUWLU3RUVXSDUWHORVGXHxRVGHODVODGULOOHUDV VHxDODURQ TXH HVWDUtDQ GLVSXHVWRV D WUDVODGDUVH R D XWLOL]DU RWURV FRPEXVWLEOHV VL VH OHV SURSRUFLRQD D\XGDWpFQLFD\HFRQyPLFD $OUHVSHFWRODVDXWRULGDGHVHQFDUJDGDVGHOWHPDVHOLPLWDURQDUHDOL]DUGHQXQFLDVVREUHODFRQWDPLQDFLyQ SURGXFLGDSHURQRUHDOL]DURQQLQJXQDDFFLyQHIHFWLYDHQFRQWUDGHOSUREOHPD )XHQWHV 'DWRV GHO 3UR\HFWR 3LORWR 2UXUR 7DOOHUHV GH 0HGLR $PELHQWH )RUR 2UXUHxR GH 0HGLR $PELHQWH(JU(GJDU5RGUtJXH] 3HUVRQDHQFDUJDGDGHOUHJLVWUR+pFWRU/RD\]D&DUWDJHQD2UXUR )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQDPELHQWDOSRUODGULOOHUDVHQODFLXGDGGH/D3D] 8ELFDFLyQG H OFRQIOLF WR &DOOH6XFUHGHODFLXGDGGH/D3D] ,QLFLDGRU GHOFRQIOLF WR 9HFLQRVGHOHGLILFLR9LUJHQGH&RQFHSFLyQ *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 7HFQRFHUiPLFD%ROLYLDQD/WGD $OFDOGtDGH/D3D] 8QRVKDELWDQWHVGHOD]RQDDOHGDxDDODIiEULFD (PLVLyQGHKXPR\KROOtQ <DVHSURGXMR\HVUHFXUUHQWH &RQWDPLQDQWH\PROHVWD KD &RPHUFLDO\YLYLHQGD $JXDDLUH\VDOXG $ORVLQLFLDGRUHVHQ &LHUUHGHODIiEULFDGHODGULOORV 'HQXQFLDV\VROLFLWXGGHSDUTXHLQGXVWULDO -XQLRGH 'HVFULSFLyQGHOFRQIOLFWR (QODFLXGDGGH/D3D]H[LVWHQDSUR[LPDGDPHQWHGRVFLHQWDVIiEULFDVGHODGULOOR\VyORXQDYHLQWHQDGH HOODV VRQ OHJDOHV (VWDV IiEULFDV TXH HQ VX PD\RUtD HVWiQ XELFDGDV HQ ]RQDV SHULIpULFDV XWLOL]DQ FRPEXVWLEOHVFRPRFDXFKRDFHLWHVXFLR\PDGHUD 'H DFXHUGR D LQIRUPDFLyQ SXEOLFDGD HQ HO SHULyGLFR /D 5D]yQ HQ OD FLXGDG GH /D 3D] VH TXHPDQ PHQVXDOPHQWH XQRV OLWURV GH DFHLWH XVDGR DGHPiV GH OODQWDV \ PDGHUD FX\RV HIHFWRV FRQWDPLQDQWHVGDxDQODVDOXGGHVXVKDELWDQWHVDVtFRPRODFDOLGDGGHODLUH\GHODJXD 'HDFXHUGRDOD/H\GHO0HGLR$PELHQWHHVDWULEXFLyQGHOJRELHUQRPXQLFLSDOFRQWURODUODFDOLGDGGHODLUH \ YHODU SRU HO FXPSOLPLHQWRGH ODV GLVSRVLFLRQHV OHJDOHVVREUH FRQWDPLQDFLyQ DWPRVIpULFD /RV YHFLQRV TXHVXIUHQORVLPSDFWRVSURGXFLGRVSRUHVWDVIiEULFDVKDQUHDOL]DGRYDULDVGHQXQFLDVDODVDXWRULGDGHV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV PXQLFLSDOHVVLQHPEDUJR pVWDVKDQHVWDGRPiVLQWHUHVDGDVHQUHDOL]DUORWHDPLHQWRVGHiUHDVYHUGHV\ RWURVQHJRFLDGRVTXHFXPSOLUODOHJLVODFLyQYLJHQWH (QHOFDVRGHODIiEULFDGHODGULOORV7HFQRFHUiPLFD%ROLYLDQDXELFDGDHQODFDOOH6XFUHGHODFLXGDGGH/D 3D] TXH VH HQFXHQWUD D XQDV FLQFR FXDGUDV GH OD SOD]D SULQFLSDO GHVGH KDFH FLQFR DxRV ORV FRSURSLHWDULRVGHXQ HGLILFLRYHFLQRKDQUHDOL]DGRUHFODPRV\GHQXQFLDVVLQVHUHVFXFKDGRV (VWD IiEULFD KHFKD KXPRV \ KROOtQ JHQHUDOPHQWH SRU ODV QRFKHV \ GH HVWD PDQHUD FRQWDPLQD ORV GHSyVLWRVGHDJXDGHOYHFLQGDULR\DGHPiVHQQHJUHFHODVSDUHGHVORVPXHEOHVDVtFRPRODVFRUWLQDVGH ORVGHSDUWDPHQWRVGHOD]RQD7DPELpQORVFRPHUFLRVFHUFDQRVDODIiEULFDVXIUHQODFRQWDPLQDFLyQGH VXVPHUFDGHUtDV3HURORSHRUGHHVWDVLWXDFLyQHVTXHODVDOXGGHORVKDELWDQWHV\ODGHORVQLxRVGHODV HVFXHODVGHOD]RQDVHYHDIHFWDGD (QUHVSXHVWDDODVFRQVWDQWHVTXHMDVGHORVYHFLQRV\DODVGHPDQGDVGHFLHUUHGHODIiEULFDORVGXHxRV GH OD IiEULFD SODQWHDQ TXH HVWiQ GLVSXHVWRV D WUDVODGDU VXVLQVWDODFLRQHV VL OD DOFDOGtDFUHD XQ SDUTXH LQGXVWULDO /D DOFDOGtD UHVSRQGH TXH OR KDUi SHUR KDVWD OD IHFKD QR VH FRQRFH QLQJXQD JHVWLyQ DO UHVSHFWR )XHQWHV9LVLWDDOD=RQD\FRQYHUVDFLyQFRQORVYHFLQRV 3HUVRQDHQFDUJDGDGHOUHJLVWUR +XPEHUWR0HUFDGR)2%20$'(± /D3D] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (PLVLyQGHJDVHVWy[LFRVSRUODVFKLPHQHDVGHODHPSUHVD 6$0&2 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR =RQD6XUGHODFLXGDGGH2UXURPXQLFLSLRGH2UXUR± &HUFDGR GHOGHSDUWDPHQWRGH2UXUR 6RXWK$PHULFDQ&KHPLFDO&RUSRUDWLRQ6$0&2 (OGDxR JHQHUDGR 3REODFLyQDIHFWDGDSRUORVGDxRVFDXVDGRVSRUODVHPLVLRQHV GH62 &RQWUROGHOD'LUHFFLyQGHO0HGLR$PELHQWHGHOD3UHIHFWXUD\ HO0XQLFLSLR 7RGDODSREODFLyQDIHFWDGDGHOD]RQD6XG\]RQDV FLUFXQGDQWHVD NPDODUHGRQGDGHORVIRFRVHPLVRUHV/RV GLUHFWDPHQWHDIHFWDGRVVRQXQRVKDELWDQWHV 3URFHVRVLQGXVWULDOHVREWHQFLyQGHiFLGRVXOI~ULFRFORUKtGULFR DFHLWHVHOHFWUyOLWRVGHWHUJHQWHVEROVDVHWF <DVHSURGXMR\HVUHFXUUHQWH $UHDD IHFWDGD KD 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV ,QYHUVLyQG H OJHQHUDGRU )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR &RQWDPLQDQWH\SHOLJURVD &RPHUFLDOYLYLHQGDHLQGXVWULDO $JXDDLUH\VDOXG $SUR[LPDGDPHQWHXQPLOOyQGHGyODUHV &DGDYH]TXHUHLQLFLDQRSHUDFLRQHVOD~OWLPDYH]IXHHQ RFWXEUHGH 'HVGH 5HXELFDUODHPSUHVD6$0&2IXHUDGHODFLXGDG ([LJLUDODHPSUHVDTXHDGHFXHVXVFKLPHQHDV\WHQJDFRQWURO DPELHQWDOHQVXVSURFHVRV 3DJRDOGDxRDPELHQWDO\DODVDOXGGHORVYHFLQRVHQHOPDUFR GHOD/H\GH0HGLR$PELHQWH ,QIRUPDWLYDVGHSODQLILFDFLyQ\PRYLOL]DFLRQHVGHYLJLODQFLD\ FRQWURO 'HDJRVWRDRFWXEUHGHDFWXDOL]DGDHQ 'HVFULSFLyQGHOFRQIOLFWR 'HVGHTXHODHPSUHVD6$0&2LQLFLyRSHUDFLRQHVQXQFDWXYRHQFXHQWDORVLPSDFWRVDPELHQWDOHVTXH HVWDEDRFDVLRQDQGRSULPHURSRUTXHOD]RQD QRHUDPX\SREODGD\VHJXQGRSRUTXHQRH[LVWtDQQRUPDV SDUDHOFXLGDGRGHOPHGLRDPELHQWH\ODVDOXGKXPDQD3RUHVWDVUD]RQHVODWHFQRORJtDGHHVWDHPSUHVD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV QRSUHYLyHOFRQWUROGHODVGHVFDUJDVJDVHRVDVKDFLDODDWPyVIHUDHQODVHWDSDVGHLQLFLRGHRSHUDFLRQHV \VREUHFDUJDGHSURGXFFLyQ2WURSUREOHPDWpFQLFRHVTXHODDOWXUDGHVXVFKLPHQHDVQRHVODDGHFXDGD SDUDGHVDORMDUORVJDVHVGH6262JDVVXOIKtGULFRFRPSXHVWRV12\12 \RWURVQRFXDQWLILFDEOHV SRUODULJLGH]GHODLQGXVWULDHQFXDQWRDVXFRQWURO\PRQLWRUHR (VWDVHPLVLRQHVVLQFRQWUROTXHVHVXFHGHQHQHWDSDV\pSRFDVGLIHUHQWHVSURYRFDURQODDODUPDGHOD SREODFLyQ SRU ORV GDxRV FDXVDGRV D OD YLVWD SXOPRQHV \ SLHO OD PLVPD TXH UHDFFLRQy UHDOL]DQGR PRYLOL]DFLyQSDUDH[LJLUTXHODHPSUHVDFRUULMDVXVRSHUDFLRQHVRVHWUDVODGHDRWUD]RQD (QUHVSXHVWDDHVWDVLWXDFLyQODHPSUHVDQRWRPyPHGLGDVSUHYHQWLYDVQLUHVDUFLyGDxRVVLPSOHPHQWH DUJXPHQWy TXH VH KDEtD WUDWDGR GH XQ DFFLGHQWH \ VH FRPSURPHWLy D TXH QR YROYHUtD D VXFHGHU 2EYLDPHQWHHVWRQRVXFHGLy\DTXHFDGDYH]TXHODSODQWDUHLQLFLDVXVRSHUDFLRQHVHPLWHQXHYDPHQWH ORVPLVPRVJDVHVFRQWDPLQDQWHVDODDWPyVIHUD /RVYHFLQRV\DOJXQDVLQVWLWXFLRQHVFRPRHO)RUR2UXUHxROD3DVWRUDO6RFLDO/D8QLYHUVLGDG7pFQLFDGH 2UXUR\HO&HQWURGH(FRORJtD\3XHEORV$QGLQRV&(3$UHDOL]DURQDFFLRQHVLQIRUPDWLYDVGHYLJLODQFLD\ FRQWURO DVt FRPR PRYLOL]DFLRQHV SDUD VROLFLWDU TXH OD HPSUHVD DGHFXH VX WHFQRORJtD PHGLDQWH OD LQVWDODFLyQGHXQODYDGRUGHJDVHVTXHHYLWHODHPLVLyQ GHORVFRQWDPLQDQWHVKDFLDODV]RQDVSREODGDV 7DPELpQVHSURSXVRUHDGHFXDUODVFKLPHQHDV\HOHYDUVXDOWXUD3RURWUDSDUWHVHHVWiH[LJLHQGRTXHOD HPSUHVDSUHVHQWHVXPDQLILHVWRDPELHQWDO 6LQHPEDUJRODVHQWLGDGHVHQFDUJDGDVGHILVFDOL]DU\UHJXODU HOFRQIOLFWRQRKDQUHDOL]DGRKDVWDODIHFKD DFFLRQHVSDUDFXDQWLILFDUODVHPLVLRQHVQLSDUDGDUVROXFLRQHVFRQFUHWDV\HIHFWLYDVDORVSUREOHPDVGH FRQWDPLQDFLyQGHOD]RQD3RUWDQWRHOFRQIOLFWRFRQWLQ~DVLQVROXFLyQKDVWDODIHFKD )XHQWHV 6HPLQDULRWDOOHUUHDOL]DGRSRU&(3$&HQWURGH(FRORJtD\3XHEORV$QGLQRVGDWRVGHO3,,4 3URJUDPDGH,QYHVWLJDFLyQGH,QJHQLHUtD4XtPLFD\GDWRVGHODHPSUHVD 3HUVRQDHQFDUJDGDGHOUHJLVWUR+pFWRU/RD\]D&DUWDJHQD2UXUR )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (PLVLyQGHJDVHV\HIOXHQWHV KDFLDODDWPyVIHUD\VXHORSRUODHPSUHVD %$5(06$ 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR =RQD6XGRHVWHGHODFLXGDGGH2UXURPXQLFLSLRGH2UXUR± &HUFDGRGHOGHSDUWDPHQWRGH2UXUR %$5(;(PSUHVD0LQHUD6$ )DPLOLDVDIHFWDGDV\WUDEDMDGRUHVGHODH[,WRV (OGDxR JHQHUDGR &RQWUROGHOD'LUHFFLyQGHO0HGLR$PELHQWHGHOD3UHIHFWXUD\ HO0XQLFLSLR 7RGDODSREODFLyQDIHFWDGDGHOD]RQD6XGRHVWH\FLUFXQGDQWHV DNPDODUHGRQGDGHODSODQWDKLGURPHWDO~UJLFD 'LUHFWDPHQWHXQRVKDELWDQWHV 8QSURFHVRGHOL[LYLDFLyQFORUXUDQWHGHODVFRODV\UHODYHVGHO LQJHQLR,WRVSDUDREWHQHUSODWDPHWiOLFD 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH $UHDD IHFWDGD KD $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV &RVWRVG HUHG XFLUHOGDxR ,QYHUVLyQG H OJHQH UDGRU FRQRFLGR )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR &RQWDPLQDQWH 9LYLHQGDHLQGXVWULDO $JXDDLUH\VDOXG $SUR[LPDGDPHQWHXQRVPLOORQHVGH86SDUDGLVPLQXLUORV GDxRV\PRQWDUODIiEULFDGHiFLGRFORUKtGULFR (VWiSRUHQFLPDGHORVPLOORQHVGH86 &20,%2/ %$5(06$ &RQPXFKDIXHU]DGHVGH $GHFXDUODVRSHUDFLRQHVGH%$5(06$SDUDHYLWDUQXHYRV VXFHVRVFRPRHPLVLRQHVJDVHRVDVFRQWDPLQDQWHV\HIOXHQWHV OtTXLGRV\DGHPiVH[LJLUHOFXPSOLPLHQWRGHOD'HFODUDWRULDGH ,PSDFWR$PELHQWDOGHODHPSUHVD\VXVDGHFXDFLRQHV ,QIRUPDWLYDVSODQLILFDFLyQYLJLODQFLDFRQWURO\PRYLOL]DFLRQHV $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR (Q DO LQLFLDU HO DxR FXDQGR %$5(06$ %DUH[ (PSUHVD 0LQHUD 6RFLHGDG $QyQLPD ILUPy XQ FRQWUDWRGHDUUHQGDPLHQWRFRQ&20,%2/&RUSRUDFLyQ0LQHUDGH%ROLYLDSRUXQDGXUDFLyQGHGLH]DxRV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV \SDVLEOHDXQDDPSOLDFLyQSRURWURVGLH]PiVUHFLELyODSODQWDKLGURPHWDO~UJLFDFRQDOJXQRVSUREOHPDV GH HPLVLRQHV \ VDOLGD GH HIOXHQWHV OtTXLGRV /D SXHVWD HQ PDUFKD GH ODV DFWLYLGDGHV GH %$5(06$ RULJLQy UHFODPRV GH ODSREODFLyQ OD PLVPD TXH \D YLYH HQ XQ iUHD FRQWDPLQDGD FRQ JUDQFDQWLGDG GH GHVPRQWHV \ FRODV GH PLQHUDO H[SXHVWRV DO DLUH OLEUH \ QR HVWi GLVSXHVWD D VXIULU XQ DXPHQWR GH OD FRQWDPLQDFLyQ $UDt]GHHVWDVLWXDFLyQVHUHDOL]DURQDFFLRQHVLQIRUPDWLYDV\PRYLOL]DFLRQHVSDUDH[LJLUHQXQDSULPHUD LQVWDQFLDTXHODHPSUHVDWUDPLWHVX/LFHQFLD$PELHQWDO\VX'HFODUDWRULDGH,PSDFWRV$PELHQWDOHV\HQ XQD VHJXQGD TXH OD OLFHQFLD WUDPLWDGD VH DGHFXH D ODV RSHUDFLRQHV TXH DFWXDOPHQWH GHVDUUROOD OD HPSUHVD (VWR FRQ OD ILQDOLGDG GH JDUDQWL]DU TXH QR VH UHSHWLUiQORV VLQLHVWURV RFXUULGRV DQWHULRUPHQWH FRPR VRQ HPLVLyQ GH JDVHV \ ILOWUDFLRQHV GHO GLTXH GH FRODV TXH DIHFWy D WRGD OD ]RQD FLUFXQGDQWH DGHPiVGHODUHPRFLyQGHVXHORV /DSRVLFLyQGHO%$5(06$HVTXH\DFXHQWDFRQOD'HFODUDWRULDGH,PSDFWR$PELHQWDO\TXHXQDYH]TXH FRQFOX\DVXVDGHFXDFLRQHVSRGUiUHDOL]DUDFFLRQHVSDUDHOFXPSOLPLHQWRGHOD/H\/RVUHJXODGRUHVGHO FRQIOLFWR KDQ FRQWURODGR HO SURFHVR GH ODV RSHUDFLRQHV GH OD HPSUHVD \ KDQ GDGR HO YLVWR EXHQR D VX 'HFODUDWRULDGH,PSDFWRV$PELHQWDOHV (QODDFWXDOLGDGORVDIHFWDGRVHVWiQDODHVSHUDGHTXHODHPSUHVDWRPHPHGLGDVVREUHVXVFKLPHQHDV GH OD SODQWD SLURPHWDO~UJLFD GRQGH VH HVWi IXQGLHQGR SODWD \ QR VH WLHQH XQ FRQWURO DGHFXDGR GH ODV HPLVLRQHV $GHPiV HVSHUDQ TXH H[LVWD XQ FRQWURO VHJXUR HQ HO GLTXH GH FRODV GH ,WRV SDUD TXH QR H[LVWDQILOWUDFLRQHVQLHVFXUULPLHQWRV )XHQWHV 'DWRVGHODPLVPDHPSUHVDHQWUHJDGRVHQODSUHVHQWDFLyQGHOSUR\HFWRGHLQVWDODFLyQGHOD SODQWDGHiFLGRFORUKtGULFRLQIRUPDFLyQGHODVMXQWDVYHFLQDOHV'LUHFFLyQGH0HGLR$PELHQWH GHOD3UHIHFWXUD3DVWRUDO6RFLDO\&iULWDV 3HUVRQDHQFDUJDGDGHOUHJLVWUR+pFWRU/RD\]D&DUWDJHQD2UXUR )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQDWPRVIpULFDSRUODIDEULFDGHFHPHQWR(O3XHQWH 8ELFDFLyQG H OFRQIOLF WR (O3XHQWHSURYLQFLD0pQGH]GHOGHSDUWDPHQWRGH7DULMD ,QLFLDGRU GHOFRQIOLF WR &DPSHVLQRVGH(O3XHQWH\)2%20$'( *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR )DEULFDGHFHPHQWR(O3XHQWH 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH KDELWDQWHVHQWUHFDPSHVLQRV\SREODFLyQXUEDQD 3URGXFFLyQGHFHPHQWR <DVHSURGXMR &RQWDPLQDQWH\PROHVWD KD $JURSHFXDULD\SLVFtFROD $JXDDLUHIORUDIDXQD\ODVDOXG $JRVWRGHO 0DU]RGH 4XHODIiEULFDVROXFLRQHHOSUREOHPDGHODFRQWDPLQDFLyQ\ UHVDU]DORVGDxRVRFDVLRQDGRV 'HQXQFLDGHORVDIHFWDGRVDQWHHO)2%20$'(GHQXQFLD S~EOLFDDQWHOD6HFUHWDULDGH'HVDUUROOR6RVWHQLEOH\0HGLR $PELHQWHGHOD3UHIHFWXUD\H[LJHQFLDGHXQDVROXFLyQ LQPHGLDWD GHDJRVWRGH 'HVFULSFLyQGHOFRQIOLFWR 'HVGHHOLQLFLRGHVXVDFWLYLGDGHVODIiEULFDGHFHPHQWR(O3XHQWHKDHVWDGRHPLWLHQGRSROYRFRQWRGRV ORVFRPSRQHQWHVGHOFHPHQWRFX\DFDQWLGDGGLDULDDVFLHQGHDTXHKD SURYRFDGRJUDQGHVSpUGLGDV SRUODFRQWDPLQDFLyQGHVXHORV\DQLPDOHVGHORVDJULFXOWRUHVTXHKDELWDQHQVXiUHDGHLQIOXHQFLD $QWH HVWD VLWXDFLyQ OD SREODFLyQ DIHFWDGD UHDOL]y GHQXQFLDV \ H[LJLy D OD IiEULFD TXH LQVWDOH LQPHGLDWDPHQWHXQILOWURSDUDHYLWDUODFRQWDPLQDFLyQTXHHVWDEDRFDVLRQDQGR&RQORTXHODIiEULFDKL]R FRQVWUXLUXQILOWURSDUDHYLWDUODFRQWDPLQDFLyQGHOiUHDHQFRQIOLFWR &RQ HO REMHWLYR GH EXVFDU DOLDGRV TXH OH SHUPLWDQ FXPSOLU VXV REMHWLYRV ORV FDPSHVLQRV GH OD UHJLyQ SUHVHQWDURQ VX GHQXQFLD DO )2%20$'( HO PLVPR TXH OD KL]R S~EOLFD \ OD HOHYy DQWH OD 3UHIHFWXUD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV GHSDUWDPHQWDO $ SDUWLU GH HVD DFFLyQ VH FRQIRUPy XQD FRPLVLyQ SDUD YHULILFDU OD FRQWDPLQDFLyQ FRPSXHVWDSRUOD3UHIHFWXUD)2%20$'(\HO&RPLWp&tYLFRODPLVPDTXHHOHYyXQLQIRUPHLQGLFDQGR ODJUDYHGDGGHODFRQWDPLQDFLyQ\H[LJLHQGRODLQPHGLDWDVROXFLyQ 3RVWHULRUPHQWH HO ,,(0$ ,QVWLWXWR GH ,QYHVWLJDFLyQ GH (FRORJtD \ 0HGLR $PELHQWH UHDOL]y XQ HVWXGLR VREUH ODV FDUDFWHUtVWLFDV GH OD FRQWDPLQDFLyQ GLFKR HVWXGLR IXH VROLFLWDGR SRU HO &RPLWp &tYLFR \ HO )2%20$'( \ ORV UHVXOWDGRV GH ORV PLVPRV GDQ DOWRV JUDGRV GH FRQWDPLQDFLyQ SRU SROXFLyQ \ XQD GHJUDGDFLyQGHORVVXHORVGHFXOWLYRHQQLYHOHVDODUPDQWHV 3RVWHULRUPHQWH VH UHDOL]y XQ VHPLQDULR HQ (O 3XHQWH SDUD WUDWDU HO WHPD GH OD FRQWDPLQDFLyQ DQDOL]DQGRVpODFRQWDPLQDFLyQGHOUtR6DQ-XDQGHO2UR\ODFRQWDPLQDFLyQSRUODIiEULFD(O3XHQWH 'HVSXpVGHXQODUJRSHULRGRGHSUHVLRQHVTXHGXUDGHVGHPDU]RGHOKDVWDMXQLRGHOUHFLpQVH ORJUy TXH OD IiEULFD LQVWDOH XQ ILOWUR TXH VROXFLRQy HQ SDUWH OD FRQWDPLQDFLyQ6LQ HPEDUJR QR VH KD UHDOL]DGR QLQJXQD DFFLyQ SDUD VROXFLRQDU HO GDxR RFDVLRQDGR D ORV VXHORV QL VH KD FRPSHQVDGR D ODV IDPLOLDVDIHFWDGDVHFRQyPLFDPHQWHSRUORVLPSDFWRVGHODIiEULFDORTXHLPSLGHTXHVXSURGXFFLyQDFWXDO VHLJXDOHDODTXHWHQtDQDQWHVGHVXIULUORVHIHFWRVGHODFRQWDPLQDFLyQ )XHQWHV 'HQXQFLDVDQWHODVDXWRULGDGHV\ODSUHQVD0HPRULDGHO6HPLQDULRGHO)2%20$'(VREUHOD FRQWDPLQDFLyQ\HVWXGLRGHFRQWDPLQDFLyQ,,(0$ 3HUVRQDHQFDUJDGDGHOUHJLVWUR*RQ]DOR0RQWDxR)2%20$'( 7DULMD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQDPELHQWDOHQ$OWR/LPD 8ELFDFLyQGHOFRQIOLFWR $IHFWDGRV 6HJXQGD6HFFLyQGH$OWR/LPDGHODFLXGDGGH(O$OWRGHO GHSDUWDPHQWRGH/D3D] )iEULFDV+RUPHW%XVWRVSURFHVDGRUDVGHPLQHUDOHV\ &$/%2/IiEULFDGHFDODPLQDV $VRFLDFLRQHVGHSDGUHVGHIDPLOLDGHHVWDEOHFLPLHQWRV HGXFDWLYRVYHFLQRVGHOD]RQD\MXQWDVYHFLQDOHVGH$OWR/LPD \*HUPiQ%XVFKOD&HQWUDO2EUHUD5HJLRQDO\OD)HGHUDFLyQ GH-XQWDV9HFLQDOHVGH(O$OWR $OFDOGtD0XQLFLSDOGH(O$OWROD3UHIHFWXUD'HSDUWDPHQWDOGH/D 3D]\HO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH YHFLQRVGHODV]RQDVGH$OWR/LPD\*HUPiQ%XVFK (OGDxRJHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH $UHD$IHFWDGD D PDQ]DQRVDSUR[LPDGDPHQWH *HQHUDGRUGHOFRQIOLFWR ,QLFLDGRUGHOFRQIOLFWR 5HJXODGRUGHOFRQIOLFWR $FWLYLGDGTXHJHQHUDHOGDxR (PDQDFLRQHVGHJDVHVWy[LFRV\UHVLGXRVOtTXLGRV\VyOLGRV /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDGDV 5HFXUVRVDIHFWDGRV )HFKDGHLQLFLRGHOGDxR )HFKDLQLFLRGHOFRQIOLFWR 2EMHWLYRGHORV DIHFWDGRV $FFLRQHVUHDOL]DGDV )HFKDGHUHJLVWUR &RQWDPLQDQWHSHOLJURVD\PROHVWD 9LYLHQGDVHTXLSDPLHQWR\VHUYLFLRV $LUHVXHORVDJXDPDWHULDOHVVDOXGKXPDQD GH 2FWXEUHGHUHFODPRHVFULWRD OD$OFDOGtDGH(O $OWRUHDOL]DGRSRUODVDVRFLDFLRQHVGHSDGUHVGHIDPLOLDGHODV HVFXHODV0LJXHO$UDPD\R\-XDQ-RVp7yUUH] &LHUUHRWUDVODGRGHODVIiEULFDVDOXJDUHVPiVDOHMDGRV 5HFODPRVIRUPDOHVDDXWRULGDGHVYRWRVUHVROXWLYRVPDUFKDV EORTXHRVFODXVXUDWHPSRUDOGHIiEULFDVHVWXGLRVDPELHQWDOHV LQVSHFFLRQHVDODVHPSUHVDVHVWXGLRVELRPpGLFRVUHXQLRQHV WpFQLFDVVHPLQDULRV\HVWXGLRVHSLGHPLROyJLFRVDPELHQWDOHV 2FWXEUHGH 'HVFULSFLyQGHOFRQIOLFWR /DHPSUHVDPHWDO~UJLFD%XVWRVVHLQVWDOyHQ(VWDHPSUHVDWUDEDMDORVGtDVGHODxR\ODV KRUDV GHO GtD 3URFHVD SLURPHWDO~UJLFDPHQWH ZROIUDP \ PLQHUDOHV GH DQWLPRQLR \ DUVpQLFR KDVWD FRQYHUWLUORVHQ WULy[LGRV 3RVHHXQVLVWHPD GH ILOWURVPHGLDQWHFRQGXFWRV\ FKLPHQHDV TXHSHUPLWH HO HVFDSH GH JDVHV D OD DWPyVIHUD LQFOXVR DQWHV GH VHU H[SXOVDGRV SRU FKLPHQHDV GH EDMD DOWXUD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV $VLPLVPRDFXPXODUHVLGXRVVyOLGRVHQHVSDFLRVGHVFXELHUWRVTXHVRQGLVHPLQDGRVSRUDFFLyQHyOLFDH KtGULFD /DHPSUHVD PHWDO~UJLFD +250(7 WUDEDMDGHVGHSURFHVDQGRSORPR \ HVWDxR /DLQWHQVLGDG \ HO ULWPRGHWUDEDMRGHHVWDIiEULFDHVDOLJXDOTXHHQHODQWHULRUFDVRGHWRGRHODxR\ODVKRUDVGHOGtD 6XVLVWHPDGHILOWURVHVXQSRFRPHMRUDOGHODHPSUHVD%XVWRVSHURLJXDOPHQWHGHVSLGHJDVHVWy[LFRV (O DOPDFHQDPLHQWR GH ODV SDUWtFXODV GH ORV PHWDOHV VH UHDOL]D FDVL D OD LQWHPSHULH /RV UHVLGXRV VRQ DOPDFHQDGRV DO DLUH OLEUH VXMHWRV D OD HURVLyQ HyOLFD H KtGULFD FRQ OD FRQVLJXLHQWH FRQWDPLQDFLyQ GH VXHORVDJXD\DLUH(VWDHVOD~QLFDHPSUHVDTXHFXHQWDFRQVX PDQLILHVWRDPELHQWDODSUREDGRSHURQR VH HVWi UHDOL]DQGR XQ VHJXLPLHQWR D VX FURQRJUDPD GH DFWLYLGDGHV GH PLWLJDFLyQ \ PHMRUDPLHQWR DPELHQWDOGHVXSURFHVRSURGXFWLYR /D IiEULFD &$/%2/ &DODPLQDV %ROLYLDQDV RSHUD GHVGH DSUR[LPDGDPHQWH /RV PDWHULDOHV TXH XWLOL]D VRQ HO ]LQF SORPR iFLGR FORUKtGULFR \ iFLGR FUyPLFR /RV UHVLGXRV OtTXLGRV FRQWDPLQDQ SUREDEOHPHQWHODFDSDIUHiWLFDGHODJXD\WDPELpQODVXSHUILFLDO6XVGHVHFKRVVyOLGRVVRQDFXPXODGRVD ODLQWHPSHULH$GLIHUHQFLDGHODVIiEULFDVDQWHULRUHVWUDEDMDHQ KRUDULRFRQWLQXRGHOXQHVDYLHUQHV\FRQ HWDSDVGHFLHUUHGHSURGXFFLyQUHJXODGDVSRUODGHPDQGDGHFDODPLQDV /RV JDVHV TXH GHVSLGHQ ODV IiEULFDV VRQ PDOROLHQWHV LUULWDQWHV GH ODV YtDV UHVSLUDWRULDV FRQMXQWLYDV PXFRVDV \ SLHO \ SXHGHQ VHU SHUFLELGRV IiFLOPHQWH HVWR SURYRFy FRQVWDQWHV SURWHVWDV GH ORV YHFLQRV GHVGHKDVWDODIHFKD/DFRQWDPLQDFLyQGHVXHORV\DJXDVQRVRQPD\RUPHQWHPRWLYRGHSURWHVWDV DXQTXH VRQ LJXDOPHQWH SHOLJURVRV SDUD ORV QLxRV TXH UHDOL]DQ VXV DFWLYLGDGHV O~GLFDV HQ ODV FDOOHV \ WHUUHQRVEDOGtRV$GHPiVODVFRQVWUXFFLRQHVVHUHDOL]DQFRQPDWHULDOHVGHWLHUUDFRQWDPLQDGDFRQSORPR \RWURVPHWDOHVSHVDGRVFRQHOSHOLJURFRQVLJXLHQWHSDURWRGRVORVTXHVHH[SRQHQDORVPLVPRV 6H UHDOL]DURQ QXPHURVDV DFWLYLGDGHV GH SURWHVWD \ SUHVLyQ SRSXODU SDUD TXH ODV IiEULFDV VHDQ UHORFDOL]DGDVDSDUWLUGHHVWDVSUHVLRQHVVHUHDOL]DURQDFWLYLGDGHVWpFQLFDVFRPRLQVSHFFLRQHV\KDVWD HVWXGLRVELRPpGLFRV\HSLGHPLROyJLFRV (QQRYLHPEUHGHHO,QVWLWXWR1DFLRQDO GH6DOXG2FXSDFLRQDO,162HPLWLyXQLQIRUPHWpFQLFRGH PHGLFLRQHV DWPRVIpULFDV UHDOL]DGDV SRU HQFDUJR GH ODV HPSUHVDV HQ FRQIOLFWR TXLHQHV WDPELpQ FDQFHODURQ HO FRVWR GHO HVWXGLR 6H UHDOL]DURQ PHGLFLRQHV HQ DLUH GH SORPR DUVpQLFR FURPR ]LQF DQKtGULGRVXOIXURVR\iFLGRFORUKtGULFR\ORVUHVXOWDGRVREWHQLGRVLQGLFDEDQTXHVHHVWDEDPX\SRUGHEDMR GH ODV FRQFHQWUDFLRQHV Pi[LPDV SHUPLVLEOHV UHFRPHQGDGDV SRU OD $PHULFDQ &RQIHUHQFH RI *RYHUQPHQWDO,QGXVWULDO+\JLHQLVWV$&*,+GHORV(VWDGRV8QLGRV (QHVWHPLVPRLQIRUPHVLQHPEDUJRVHUHFRPLHQGDFRQWUDGLFWRULDPHQWHDVXVFRQFOXVLRQHVGLVPLQXLUHO SHUtRGRGHWUDEDMRGHKUVDILQGHGDUXQGHVFDQVRDPELHQWDODODQDWXUDOH]D7DPELpQVHUHFRPLHQGD D OD $OFDOGtD GH (O $OWR \ QR DVt D ODV HPSUHVDV FRQWDPLQDGRUDV TXH DUERULFH ORV OtPLWHV GH ODV HPSUHVDVDPDQHUDGHFUHDUXQDEDUUHUDQDWXUDO (O PDU]R GH HO 'LUHFWRU GH &RQWURO GH &DOLGDG $PELHQWDO GHO 0'60$ HQYLyDO 3URIHVRU 'RQ 6DQWLDJR 7HUiQ 3UHVLGHQWH GH OD &RPLVLyQ GH 6DQHDPLHQWR$PELHQWDOGH OD 6HJXQGD6HFFLyQ GH $OWR /LPDXQLQIRUPHWpFQLFRSUHSDUDGRSRUXQD&RPLVLyQ7pFQLFD,QWHULQVWLWXFLRQDOFRQIRUPDGDSRUWRGDVODV SDUWHVLQYROXFUDGDVGRQGHVHFRQFOX\HTXH x /D SODQWD %86726 WLHQH XQD WHFQRORJtD GHILQLWLYDPHQWHLQDGHFXDGD GH FDSWXUD GH WULy[LGR GH DUVpQLFRVXVWDQFLDFODUDPHQWHFDQFHUtJHQD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR x x /DSODQWD&$/%2/QRFXHQWDFRQXQVLVWHPDGHGHSXUDFLyQGHJDVHVDGHFXDGRSRUORTXHVX VLVWHPD HVWDUtD FRQWDPLQDGR FRQ PHWDOHV SHVDGRV HVSHFLDOPHQWH SORPR 7DPELpQ H[LVWHQ GXGDVVREUHODHILFLHQFLDGHOPDQHMRGHUHVLGXRVOtTXLGRViFLGRV 6REUH OD SODQWD +250(7 QR VH UHDOL]DURQ PD\RUHV REVHUYDFLRQHV TXH OD GH HVWDEOHFHU FRQ SUHFLVLyQORVJDVHVTXHHPLWHQ\HQFDVRQHFHVDULRFRQVWUXLUQXHYDVFKLPHQHDVGHFDSWXUDGH SROYRV (O GH PDU]R GH HO &RQFHMR 0XQLFLSDO GH (O $OWR HPLWLy OD RUGHQDQ]D PXQLFLSDO TXH GLVSRQHODFODXVXUDGHODVWUHVIiEULFDVODVTXHDGHPiVGHEHUtDQLQGHPQL]DUDORVYHFLQRVDIHFWDGRV 5HFLpQHOGHPD\RVHKDFHHIHFWLYDODFODXVXUDGHODVPHQFLRQDGDVIiEULFDV(OGHPD\RGH ODV HPSUHVDV FRQWDPLQDGRUDV SLGHQ DPSDUR FRQVWLWXFLRQDO HO GH PD\R VH DGPLWH OD GHPDQGD GH DPSDUR\HQMXQLRVRQUHDELHUWDVSRURUGHQMXGLFLDO (OPHVGHDJRVWRGHVHUHDOL]yXQHVWXGLRELRPpGLFR\DPELHQWDOHQQLxRVHVFRODUHVDFDUJRGHOD 236 %ROLYLD\(&2GH0p[LFR6HWRPDURQPXHVWUDVGHVXHORDJXD\SROYRGRPLFLOLDULRSDUDGHWHUPLQDU QLYHOHV GH DUVpQLFR \ SORPR \ PXHVWUDV KHPiWLFDV SDUD GHWHUPLQDU SORPR HQ ORV HVFRODUHV HVWDV PXHVWUDVOXHJRIXHURQHQYLDGDVD0p[LFR /RVUHVXOWDGRVTXHVHREWXYLHURQGHPRVWUDURQXQDFRQWDPLQDFLyQSRUHQFLPDGHORVQLYHOHVDFHSWDGRV $VtHOGHORVQLxRVPXHVWUHDGRVHQWUH\DxRVSUHVHQWDQYDORUHVKHPiWLFRVSRUHQFLPDGHORV PLFURJUDPRV SRU GHFLOLWUR \ HO HVWiQ SRU HQFLPD GH ORV PLFURJUDPRV SRU GHFLOLWUR (V GHFLU H[LVWH XQ HIHFWLYR GDxR D OD VDOXG KXPDQD HVSHFLDOPHQWH GH QLxRV \ HPEDUD]DGDV ,JXDOPHQWH HO ULHVJRSURPHGLRGHH[SRVLFLyQDODUVpQLFRHQORVQLxRVHVGHPLFURJUDPRVNJGtDFDVLHOGREOHD ODQRUPDGHOD$JHQFLDGH3URWHFFLyQ$PELHQWDO(3$ PLFURJUDPRVNJGtD /RVUHVXOWDGRVGHHVWHHVWXGLRIXHURQGDGRVDFRQRFHUHQXQD FRQIHUHQFLDGRQGHHVWXYLHURQSUHVHQWHV WRGDVODVSDUWHVLQYROXFUDGDV6HUHFRPHQGyUHDOL]DUXQDOLPSLH]DJHQHUDOGHVXHORVDLVODUORVUHVLGXRV\ GHVHFKRVTXHVHHQFXHQWUDQDODLQWHPSHULHPHMRUDUHOHVWDGRQXWULFLRQDOHKLJLpQLFRHVSHFLDOPHQWHGH ORVQLxRV )LQDOPHQWH \D VH HVWi HQ SOHQR SURFHVR GH FRQFOXVLRQHV GH XQ HVWXGLR HSLGHPLROyJLFR DPELHQWDO UHDOL]DGR HQ ORV PHQRUHV GH FLQFR DxRV GHO OXJDU DIHFWDGR &RPSDUDQGR ORV UHVXOWDGRV FRQ XQ JUXSR FRQWURO GH QLxRV XELFDGRV FXDGUDV PiV DEDMR VH REVHUYD ULHJRV UHODWLYRV \ DWULEXLEOHV FODUDPHQWH GLIHUHQFLDOHV \ TXH KDFHQ FRQFOXLU TXH H[LVWHXQ GDxR D OD VDOXG KXPDQD HVSHFLDOPHQWH UHVSLUDWRULR GpUPLFR\FRQMXQWLYDOHV +DVWD OD IHFKD ORV UHJXODGRUHV GHO FRQIOLFWR QR KLFLHURQ QDGD SRU PLWLJDU OD VLWXDFLyQ GH ORV SREODGRUHV DIHFWDGRV\VREUHWRGRKDFHUFXPSOLUPtQLPDPHQWHORVDFXHUGRVHVWDEOHFLGRVHQWUHODVSDUWHVLQYROXFUDGDV )XHQWHV ,QVSHFFLRQHV UHDOL]DGDV FRQMXQWDPHQWH FRQ OD +$0 GH (O $OWR YLVLWDV D ODV IiEULFDV PHQFLRQDGDV WHVWLPRQLRV GH ORV YHFLQRV DIHFWDGRV HODERUDFLyQ GH KLVWRULDV FOtQLFDV GH PHQRUHV GH DxRV UHYLVLyQ GHO UHJLVWUR KHPHURJUiILFR GHO 6U 6DQWLDJR 7HUiQ 'LULJHQWH DPELHQWDO GH OD ]RQD 0DQLILHVWR $PELHQWDO GH OD HPSUHVD +RUPHW HVWXGLR ELRPpGLFR UHDOL]DGRSRUOD236206HVWXGLRHSLGHPLROyJLFRUHDOL]DGRSRU$0LUDQGD 3HUVRQDHQFDUJDGDGHOUHJLVWUR $QWRQLR0LUDQGD$OLDJD /D3D] 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 3pUGLGDGHiUHDVYHUGHVGH7ULQLGDGSRUORWHDPLHQWRVLOHJDOHV 8ELFDFLyQG H OFRQIOLF WR &LXGDGGH7ULQLGDGFDSLWDOGHOGHSDUWDPHQWRGHO%HQL ,QLFLDGRU GHOFRQIOLF WR $OFDOGtD\DQWLJXRVSURSLHWDULRV *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDG $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR /RWHDGRUHVFODQGHVWLQRV $OFDOGtD0XQLFLSDO IDPLOLDVDVHQWDGDVHQiUHDVYHUGHVORWHDGDV /RWHDPLHQWRGHiUHDVYHUGHV 6HHVWiSURGXFLHQGR $IHFWDODFDOLGDGGH YLGD (TXLSDPLHQWR\VHUYLFLRV $UHVYHUGHVFROHFWLYDV 0D\RGH 0D\RGH &RQVROLGDUVXDVHQWDPLHQWR 0RYLOL]DFLyQ\KXHOJDV -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR /DVQXHYDVXUEDQL]DFLRQHVGHODFLXGDGGH7ULQLGDGQRHVWiQDVXPLHQGRHOPDQGDWROHJDOUHIHULGRDOD REOLJDFLyQ TXH WLHQHQ GH FHGHU HO GH VX VXSHUILFLH SDUD GHVWLQDUODV D iUHDV YHUGHV \ GH HTXLSDPLHQWR (QJHQHUDOHOFUHFLPLHQWRGHODFLXGDGHVFDyWLFR\ODPD\RUSDUWHGHVXVEDUULRVQRFXHQWDQQLFRQOD LQIUDHVWUXFWXUDVDQLWDULDEiVLFDQLFRQHVSDFLRVYHUGHV3DUDHPSHRUDUODVLWXDFLyQODVSRFDViUHDVGH HVSDUFLPLHQWRTXHTXHGDQVHKDOODQGHVSURWHJLGDVSRUIDOWDGHXQPDUFROHJDOUHJXODWRULRTXHLPSLGDHO DYDVDOODPLHQWR GH ORWHDGRUHV FODQGHVWLQRV ORV PLVPRV TXH HQFXHQWUDQ SUHVDV IiFLOHV HQ IDPLOLDV KXPLOGHVGHVHVSHUDGDVSRUREWHQHUWHUUHQRVHQHOiUHDXUEDQD (VWHHVHOFDVRGHOD&DQFKD9LHMDXQiUHDTXHDQWLJXDPHQWHHUDXWLOL]DGDFRPRFDQFKDGHSRUWLYD\TXH IXH FD\HQGR HQ HO DEDQGRQR FXDQGR DSDUHFLHURQ RWURV FDPSRV GHSRUWLYRV PHMRU HTXLSDGRV KDVWD HO SXQWRGHFRQYHUWLUVHHQiUHDEDOGtDGHELGRDTXHVXV GXHxRVOHJDOHVQRFXPSOLHURQFRQODVRUGHQDQ]DV PXQLFLSDOHVUHVSHFWRDODPXUDOODPLHQWRGHORVSUHGLRVXUEDQRV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (VWD VLWXDFLyQ IXH DSURYHFKDGD SRU ORWHDGRUHV VLQ HVFU~SXORV \ GLR OXJDU D GRV FRQIOLFWRV (O SULPHUR HQWUHODVIDPLOLDVTXHVHDVHQWDURQUHFLHQWHPHQWHHQOD&DQFKD9LHMD\ODVSHUVRQDVTXHUHFODPDQVXV GHUHFKRVPHGLDQWHODSUHVHQWDFLyQGHWtWXORVGHSURSLHWDULRVUHJLVWUDGRVS~EOLFDPHQWH(OVHJXQGRHQWUH ODPXQLFLSDOLGDGTXHGLFHGHIHQGHUODVXSXHVWDiUHDYHUGH\GHHTXLSDPLHQWR\ORVJUXSRVIDPLOLDUHVTXH DGXFHQTXHVXDVHQWDPLHQWRHVOHJDOSRUTXHVHWUDWDUtDGHiUHDVEDOGtDV $QWHHVWDVLWXDFLyQODVIDPLOLDVDVHQWDGDVHQOD&DQFKD9LHMDUHDOL]DURQPRYLOL]DFLRQHV\DQXQFLDURQXQD KXHOJDGHKDPEUH/XHJRHOFRQIOLFWRVHDJXGL]yFXDQGRVXVGLULJHQWHVIXHURQREMHWRGHXQMXLFLRSHQDO SRUXVXUSDFLyQGHWHUUHQRVSURPRYLGRSRUTXLHQHVVHFRQVLGHUDQGXHxRVGHGLFKRVSUHGLRV $O PRPHQWR HO SURFHVR VLJXH VX FXUVR \ H[LVWHQ DOJXQDV LQLFLDWLYDV SDUD UHORFDOL]DU D HVWDV IDPLOLDV GRWiQGROHV GH RWUDV iUHDV SHUR VXV GLULJHQWHV VH RSRQHQ \ KDQ HPLWLGR GHFODUDFLRQHV S~EOLFDV FRPXQLFDQGR TXH PDQWHQGUiQ OD RFXSDFLyQ \ VROLFLWDQGR DO PXQLFLSLR OD UHJXODUL]DFLyQ GH HVWRV DVHQWDPLHQWRVSRUODYtDDGMXGLFDFLyQIUDQFD (O0XQLFLSLRD~QQRVHKDSURQXQFLDGRVREUHODSURFHGHQFLDGHHVDYtDGHELGRDTXHH[LVWHRSRVLFLyQGH TXLHQHVVHFRQVLGHUDQVHUORVYHUGDGHURVSURSLHWDULRV(OFRQIOLFWROHJDOHVWiHQVWDWXTXRSHURODV-XQWDV 9HFLQDOHVGH7ULQLGDGKDQUHVSDOGDGRDORVDVHQWDGRVPDQLIHVWDQGRTXHVHWUDWDGH]RQDVEDOGtDVTXH QXQFDUHFLELHURQDWHQFLyQPXQLFLSDO $O UHVSHFWR VH GHEH PHQFLRQDU TXH H[LVWHQ PXFKRV YDFtRV OHJDOHV VREUH HO WUDWDPLHQWR D iUHDV FRQVLGHUDGDVYHUGHV\VXMHWDVDHTXLSDPLHQWRXUEDQR$GHPiVQRH[LVWHQUHJODVSDUDDSOLFDUODFHVLyQ JUDWXLWDTXHSHUPLWDFRQVROLGDUDIDYRUGHSULYDGRVODViUHDVYHUGHV3RUHVWDVUD]RQHVODGHILQLFLyQGHO FRQIOLFWRGHSHQGHUiGHODSUHVLyQTXHORVGLIHUHQWHVDFWRUHVSXHGDQUHDOL]DU )XHQWHV 5HYLVLyQ KHPHURJUiILFD HQWUHYLVWDV FRQ GLULJHQWHV SHWLFLyQ SXEOLFD GH DXGLHQFLD FRQ OD PXQLFLSDOLGDG 3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D]&(-,6 %HQL )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQIOLFWR VXVFLWDGR D FDXVD GH OD YHQWD SDUFLDO GHO SDUTXH ([ FRPEDWLHQWHVHQODFLXGDGGH&RFKDEDPED 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR =RQD1RURHVWHGHODFLXGDGGH&RFKDEDPEDSURYLQFLD .DQDWDPXQLFLSLRGH.DQDWD &RQFHMR0XQLFLSDOGHOD3URYLQFLD.DQDWD\(PSUHVD,&1RUWH -XQWDYHFLQDO&DUORV,,, $FWLYLGDGT XHJHQ HU DHO GDxR +$OFDOGtD0XQLFLSDOGHOD3URYLQFLD .DQDWD 3UHVLGHQWHGHOD&RUWH6XSUHPDGH-XVWLFLDGHODFLXGDGGH &RFKDEDPED -XQWDVYHFLQDOHVGHEDUULR([FRPEDWLHQWHV9LOOD0RQWHQHJUR &DUORV,,,\EDUULR)DEULO &RQVWUXFFLyQGHXQVXSHUPHUFDGRHQiUHDYHUGH /DDFWLYLGDGHV 0ROHVWD $IHFWDGRV (OGDxR JHQHUDGR $UHDD IHFWDGD $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV ,QYHUVLyQG H OJHQH UDGR U )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 1RVHSURGXMRHOGDxR KD (VSDUFLPLHQWR )ORUD GyODUHVDPHULFDQRV 'LFLHPEUHGH )HEUHURGH $QXODUODRUGHQDQ]DPXQLFLSDO1GHOGHGLFLHPEUHGH TXHGLVSRQHHOFDPELRGHXVRGHVXHORHQSDUWHGHO SDUTXH([FRPEDWLHQWHV &RQFLHQWL]DFLyQ DVDPEOHDV GH YHFLQRV SURQXQFLDPLHQWRV S~EOLFRV GHVWUXFFLyQ GH ODV LQVWDODFLRQHV SDUD HYLWDU TXH OD REUD VHD LQLFLDGD \ VROLFLWXG GH DPSDUR FRQVWLWXFLRQDO SDUD DQXODUOD2UGHQDQ]D0XQLFLSDO -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR (O&RQFHMR0XQLFLSDOGH&RFKDEDPEDHQIHFKDGHGLFLHPEUHGHGLVSXVRHOFDPELRGHXVRGH VXHORGHPWUDQVIRUPDQGRGHHVWDPDQHUDXQiUHDGHHTXLSDPLHQWRHQiUHDGHFRQVWUXFFLyQ FRQHODIiQGHIDYRUHFHUDODHPSUHVD,&1RUWHTXHGHVHDEDFRQVWUXLUXQVXSHUPHUFDGRHQOD]RQD'H 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV HVWD PDQHUD HO &RQFHMR 0XQLFLSDO OHJDOL]y OD YHQWD GH HVWRV WHUUHQRV \ IDYRUHFLy OD SRVWHULRU FRQVWUXFFLyQGHOVXSHUPHUFDGR,&1RUWH $QWHHVWDVLWXDFLyQODMXQWDYHFLQDO &DUORV,,, FXHVWLRQyDVX UHSUHVHQWDQWH\ORGHVFRQRFLySRUKDEHUSHUPLWLGRODYHQWDSDUFLDOGHOSDUTXH([FRPEDWLHQWHV (O FRQIOLFWR LQLFLDOPHQWH VH GHVDUUROOy D WUDYpV GH FRPXQLFDGRV SRU OD SUHQVD OR TXH SHUPLWLy HO SURQXQFLDPLHQWR GH RWURV VHFWRUHV FRPR ORV FROHJLRV GH DERJDGRV \ DUTXLWHFWRV TXH FHQVXUDURQ S~EOLFDPHQWHODFRQGXFWDDVXPLGDSRUHO&RQFHMR0XQLFLSDO\WLSLILFDURQODYHQWDFRPRXQDFWRLOHJDO 3DUDOHODPHQWHDHVWDVGHQXQFLDVODVEDVHVGHODVMXQWDVYHFLQDOHVFHUFDQDVDOSDUTXHVHVXPDURQDO FRQIOLFWR\WRPDURQOD]RQDSDUDHYLWDUODFRQVWUXFFLyQGHOVXSHUPHUFDGR'XUDQWHHVWDDFWLYLGDGWXYLHURQ TXHHQIUHQWDUVHDRWURJUXSRGLULJLGRSHUVRQDOPHQWHSRUHO3UHVLGHQWHGHO&RQFHMR0XQLFLSDOTXHFDVLD GLDULRVHUHXQtDDPHWURVGHOD]RQDWRPDGD(VWHFRQIOLFWRVHYLRIRUWDOHFLGRSRUODPRYLOL]DFLyQ\ SDUWLFLSDFLyQGHFLGLGDGHODVEDVHVTXHDSDUWLUGHFRQWLQXDVDFFLRQHVGHKHFKRORJUDURQTXHODHPSUHVD ,&1RUWHFDPELHHOVLWLRGHODFRQVWUXFFLyQ (Q HVWH FDVR HO &ROHJLR GH $ERJDGRV DQWH ODV SUHVLRQHV HMHUFLGDV SRU ODV DXWRULGDGHV PXQLFLSDOHV UHWURFHGLy HQ VXV FXHVWLRQDPLHQWRV D OD $OFDOGtD QR REVWDQWH HO &ROHJLR GH $UTXLWHFWRV PDQWXYR VX SRVLFLyQKDVWDHOILQDO (VWH FRQIOLFWR SXVR GH PDQLILHVWR OD FDSDFLGDG GH ODV SREODFLRQHV ORFDOHV SDUD GHIHQGHU VXV iUHDV YHUGHV LQFOXVR DQWH ORV UHFXUVRV TXH ODV DXWRULGDGHV PRYLOL]DURQ SDUD ORJUDU VX REMHWLYR (QWUH ODV DFFLRQHV UHDOL]DGDV SRU ODV DXWRULGDGHV VH GHVWDFDURQ ORV SURQXQFLDPLHQWRV SDJDGRV GH TXLHQHV VXSXHVWDPHQWH HVWDEDQ GH DFXHUGR FRQ OD FRQVWUXFFLyQ GHO VXSHUPHUFDGR HO DSURYHFKDPLHQWR GH OD GHVLQIRUPDFLyQGHORVSURSLRVYHFLQRV\ODSREODFLyQHQJHQHUDOSDUDMXVWLILFDUVXVREUDVODXWLOL]DFLyQGH FKDQWDMHVUHIHULGRVDODVXVSHQVLyQGHODVREUDVGHSDYLPHQWDFLyQTXHVHHVWDEDQGHVDUUROODQGRHQSDUWH GHODVFDOOHVFROLQGDQWHVDOSDUTXH([FRPEDWLHQWHV\ODSUHVLyQDORVDUTXLWHFWRVGHOD$OFDOGtDSDUDTXH GHVFRQR]FDQDO&ROHJLRGH$UTXLWHFWRVGHOFXDOOHJDOPHQWHVRQSDUWH )XHQWHV 7HVWLPRQLRGHSHUVRQDVTXHSDUWLFLSDURQHQHOFRQIOLFWRGHOSDUTXH([FRPEDWLHQWHV 3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$± &RFKDEDPED )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQ\GHIRUHVWDFLyQHQOD]RQD/DMDVWDPER\OD%DUUDQFD 8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH6XFUHGHSDUWDPHQWRGH&KXTXLVDFD ,QLFLDGRUGHOFRQIOLF WR -XQWDVYHFLQDOHVGHORVGLVWULWRV\ *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV 3URSLHWDULRVGHODGULOOHUDV\\HVHUDV 3UHIHFWXUD\$OFDOGtD0XQLFLSDOGH6XFUH (OGDxR JHQHUDGR $SUR[LPDGDPHQWHKDELWDQWHVGHORVGLVWULWRV\DVt FRPRSREODFLRQHVDOHGDxDV 'HIRUHVWDFLyQ\FRPEXVWLyQGHPDGHUD\OODQWDVSDUDOD SURGXFFLyQGHODGULOORV\HVR\FDO (VUHFXUUHQWH $UHDD IHFWDGD KD $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $FWLYLGDGD IHFWDGD 3HOLJURVD\FRQWDPLQDQWH 5HFXUVRVDIHFWDG RV (VODVDOXGGHODVSHUVRQDVODTXHVHYHDIHFWDGD\HVWRWLHQH XQLPSDFWRVREUHVXYLGDFRWLGLDQD $JXDDLUHVXHORIORUDIDXQD\VDOXG )HFKDLQLFLRGHOFRQIOLF WR )HFKDGHL QLFL RGHOGDxR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 5HORFDOL]DFLyQGHODVLQGXVWULDVODGULOOHUDVD]RQDVPiV GLVWDQWHVSDUDGLVPLQXLUODFRQWDPLQDFLyQDWPRVIpULFDHQHO OXJDU ,QVSHFFLyQGHODVLQGXVWULDVFRQWDPLQDQWHVGHQXQFLDV\ PRYLOL]DFLRQHV -XQLRGH 'HVFULSFLyQGHOFRQIOLFWR (Q HO FRQWH[WR GH OD DSOLFDFLyQ GH ODV HVWUDWHJLDV GHSDUWDPHQWDOHV GH GHVDUUROOR HV SUHFLVR DERUGDU OD SUREOHPiWLFDGHOXVRGHELRPDVDFRPRHQHUJpWLFRGDGRTXHVXQLYHOGHFRQVXPRPiVGHXQWHUFLRGHO FRQVXPRHQHUJpWLFRQDFLRQDODVtFRPRVXVLPSOLFDFLRQHVSDUDHOPHGLRDPELHQWH\SDUDHOGHVDUUROORGH PHUFDGRVHQHUJpWLFRVVREUHWRGRHQHOiUHDUXUDOFREUDQLPSRUWDQFLD (Q&KXTXLVDFDDGHPiVGHOFRQVXPRGRPpVWLFRODIDEULFDFLyQGHODGULOORV\WHMDVODSURGXFFLyQGHFDO\ \HVRODGHVWLODFLyQGHOLFRUHV\ODSURGXFFLyQGHFDUEyQYHJHWDOVRQVHFWRUHVDOWDPHQWHFRQVXPLGRUHV GH ELRPDVD 9DULDVGH HVDV LQGXVWULDV JHQHUDOPHQWH UXGLPHQWDULDV VH HQFXHQWUDQXELFDGDV HQ iUHDV FLUFXQGDQWHVDODFLXGDG6XFUHFRPRVRQOD]RQDGH/DMDVWDPER\/D%DUUDQFD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (Q ORV DxRV VHWHQWD H[LVWtDQ XQDV ODGULOOHUDV QR REVWDQWH FRQ HO FUHFLPLHQWR GH OD SREODFLyQ \ OD H[SDQVLyQGHODPDQFKDXUEDQDHVDV]RQDVIXHURQLQWHJUiQGRVHDODFLXGDG\DXPHQWDURQGHWDOPDQHUD TXH HQ OD DFWXDOLGDG H[LVWHQ DSUR[LPDGDPHQWH XQDV HQ HO iUHD SHULXUEDQD \ HQ HO iUHD UXUDO FLUFXQGDQWHDOPXQLFLSLRGH6XFUH /DXWLOL]DFLyQGHODFREHUWXUDYHJHWDOGHOOXJDUFRPRFRPEXVWLEOHRULJLQyXQDGLVSXWDHQWUHORVKDELWDQWHV GH OD]RQD\ ORV GXHxRVGH ODV IiEULFDV GHELGRD TXHHQpSRFDGHOOXYLD HOFDXGDOGH ODVTXHEUDGDV DXPHQWDEDSURYRFDQGRODHURVLyQGHORVVXHORVFXOWLYDEOHV2WURDVSHFWRTXHPHUHFLyODUHDFFLyQGHORV YHFLQRVIXHODTXHPDGHQHXPiWLFRVSDUDFDOHQWDUORVKRUQRV (QODVUHXQLRQHVGHYHFLQRVSURYRFDURQHQIUHQWDPLHQWRVYHUEDOHVHQWUHORVGLULJHQWHVYHFLQDOHV\ SURSLHWDULRVGHODVODGULOOHUDVVLQTXHVHOOHJDUDDXQDVROXFLyQ(VWRVHGHELyDTXHHQODPD\RUtDGH ORVFDVRVODVLQGXVWULDVSURYHHQGHIXHQWHVGHWUDEDMRDORVKDELWDQWHVGHOD]RQDORTXHLPSLGHTXHORV GLULJHQWHVWHQJDQHODSR\RGHVXV EDVHV\TXHHOFRQIOLFWRWHQJDPD\RUUHSHUFXVLyQHQRWURVQLYHOHVGHOD VRFLHGDG 3RU DKRUD WRGR VH OLPLWD D OODPDGDV GH DWHQFLyQ SRU SDUWH GH ORV GLULJHQWHV GXUDQWH ODV DVDPEOHDVYHFLQDOHV (QODDFWXDOLGDGQRVHUHDOL]DQDFFLRQHVGHELGRDTXHORVGLULJHQWHVYHFLQDOHVVHVLHQWHQOLPLWDGRVSRU HO KHFKR GH TXH ODVODGULOOHUDVJHQHUDQIXHQWHV GH WUDEDMR HQ VXV GLVWULWRV WUDEDMR 3RU HVWD UD]yQ ODV DFFLRQHVVHOLPLWDQDOODPDGDVGHDWHQFLyQGXUDQWHODVDVDPEOHDVYHFLQDOHV 2EVHUYDFLRQHV (V LPSRUWDQWH FXDQWLILFDU OD FDQWLGDG GH OD ELRPDVD H[SORWDGD FRQ ILQHV HQHUJpWLFRV \ ODV LQFLGHQFLDV GH PHUFDGHR HQ ORV SURFHVRV GH SURGXFFLyQLQGXVWULDO GH PDQHUD TXH VH SXHGDQ LGHQWLILFDUDOWHUQDWLYDVTXHSHUPLWDQVXSHUDUODSUREOHPiWLFDTXHHOFRQVXPRGHELRPDVDSURYRFD HQHOSDtV 8QDGHODVFDXVDVGHHVWDVLWXDFLyQVRQODVSROtWLFDVH[SRUWDGRUDVGHOSDtV\ODLQH[LVWHQFLDGH LQFHQWLYRV HFRQyPLFRV SDUD HO XVR DGHFXDGR GH ORV UHFXUVRV QDWXUDOHV (O JDV QDWXUDO WLHQH SUHFLRV SUHIHUHQFLDOHV SDUD OD H[SRUWDFLyQ \ QR DVt SDUD GHVDUUROODU OD LQGXVWULD QDFLRQDO (O SUHFLR SRU PLOODU GH SLHV F~ELFRV SDUD OD H[SRUWDFLyQ HV GH FHQWDYRV GH GyODU \ GH GyODUHV SDUD OD LQGXVWULD ORFDO (VWH GHEH VHU XQ SXQWR GH DQiOLVLV FRQ ORV SURSLHWDULRV GH ODV ODGULOOHUDVSDUD TXHSXHGDQPHMRUDUVXVFRQGLFLRQHVGHWUDEDMR )XHQWHV %LEOLRJUiILFDV\HQWUHYLVWDFRQDFWRUHVKDELWDQWHVGHOOXJDU\RILFLDOHV WpFQLFRVGHORV PXQLFLSLRVPHQFLRQDGRV 3HUVRQDHQFDUJDGDGHOUHJLVWUR/XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHODTXHEUDGDGH4XLUSLQFKDFD 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR 'LVWULWRV\GHOPXQLFLSLRGH6XFUHGHSDUWDPHQWRGH &KXTXLVDFD 0XQLFLSLRGHODFLXGDGGH6XFUH 5HJXODGRUGHO FRQIOLFWR $OFDOGtD ,QLFLDGRU GHOFRQIOLF WR $IHFWDGRV -XQWDVGHYHFLQRVGHOGLVWULWR\ $FWLYLGDGT XHJHQ HU DHO GDxR $SUR[LPDGDPHQWHSREODGRUHVGHORVGLVWULWRV\DVt FRPRSREODFLRQHVDOHGDxDV (OYHUWHUGHVHFKRVVyOLGRV\OtTXLGRVDODTXHEUDGD /DDFWLYLGDG HV 3HOLJURVDPROHVWD\FRQWDPLQDQWH (OGDxR JHQHUDGR $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR (VUHFXUUHQWH KD &RPHUFLDOYLYLHQGDDJURSHFXDULDHTXLSDPLHQWR\VHUYLFLRV $JXDDLUHIORUDIDXQD\VDOXG /RJUDUHOPDQHMRVRVWHQLEOHGHODTXHEUDGDSDUDGLVPLQXLUOD FRQWDPLQDFLyQKtGULFD\ODHURVLyQGHVXHORV $QiOLVLVWpFQLFRGHQXQFLDVDODSUHQVD\PRYLOL]DFLRQHV -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR /D FLXGDGGH6XFUH FDSLWDO GH %ROLYLD VH FDUDFWHUL]DSRU VXDUTXLWHFWXUDFRORQLDO \ FOLPD WHPSODGR 6XV RUtJHQHVVHUHPRQWDQDOVLJOR;9,SHUtRGRHQHOTXHIXHFRQRFLGDSRUXQDSDUWHFRPRXQFHQWURFXOWXUDO GHH[FHOHQFLDFX\D SULQFLSDOH[SUHVLyQFRQVWLWX\yODWULFHQWHQDULD8QLYHUVLGDGGH6DQ)UDQFLVFR;DYLHU\ SRUODRWUDFRPRHOFHQWURDGPLQLVWUDWLYRUHJLRQDOGHOD&RURQD(VSDxROD(VWRVDWULEXWRV\VXFHUFDQtDD 3RWRVtKLFLHURQTXHHQHOODVHFRQFHQWUHQODVIDPLOLDVGHORVSRWHQWDGRVPLQHURVGHVGHODpSRFDGHOD FRORQLD (QORVDxRVVHWHQWDGHELGRDODGLVPLQXFLyQGHODH[SORWDFLyQPLQHUDGH\DFLPLHQWRVGHSODWD\HVWDxR HQ HO GHSDUWDPHQWR GH 3RWRVt VH LQLFLy XQ SURFHVR PLJUDWRULR TXH GLR OXJDU D DVHQWDPLHQWRV HVSRQWiQHRVHQHOPXQLFLSLRGH6XFUH(VWHSURFHVRVHDFHQWXyHQORVDxRVRFKHQWDGHELGRDOFLHUUHGH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV YDULRVFHQWURVPLQHURVGH3RWRVt'HHVWDPDQHUDORVOXJDUHVEDOGtRVFHUFDQRVDODTXHEUDGDGHOUtR 4XLUSLQFKDFDIXHURQSREOiQGRVHSDXODWLQDPHQWH (OUtR4XLUSLQFKDFDFUX]DSDUWHGHODFLXGDGGH6XFUH\SRUIDOWDGHHPERYHGDGRHQORVGLVWULWRV\ VHKDFRQYHUWLGRHQVXSULQFLSDOUHFHSWRUGHDJXDVSOXYLDOHV\VHUYLGDVDVtFRPRGHGHVHFKRVGH FRQVWUXFFLyQLQGXVWULDOHV GRPpVWLFRV\KRVSLWDODULRV$GHPiVHVWHUtRUHFLEH ODVDJXDVGHOVLVWHPD GHDOFDQWDULOODGRGH6XFUHTXHMXQWRFRQORVGHPiVGHVHFKRVVRQWUDQVSRUWDGDVUtRDEDMRVLQQLQJ~Q WLSR GH WUDWDPLHQWR SURYRFDQGR OD FRQWDPLQDFLyQ GHO PXQLFLSLR GH <RWDOD (O GH OD TXHEUDGD GH 4XLUSLQFKDFD FRUUHVSRQGH DO iUHD XUEDQD QR REVWDQWH SRU OD WHQGHQFLD TXH PXHVWUD HO FUHFLPLHQWR XUEDQRDFWXDOHQXQIXWXURSUy[LPRVHJXUDPHQWHVHLQFUHPHQWDUiHVWDSURSRUFLyQ /RVSREODGRUHVTXHKDELWDQUtRDEDMRXWLOL]DQHVWDVDJXDVSDUDGDUGHEHEHUDVXVDQLPDOHV\UHJDUVXV FXOWLYRV SULQFLSDOPHQWH GH KRUWDOL]DV TXH OXHJR FRPHUFLDOL]DQ HQ OD FLXGDG GH6XFUH (VWR WUDH FRPR FRQVHFXHQFLDXQDVHULHGHHQIHUPHGDGHVGHRUGHQJDVWURLQWHVWLQDOWDQWRSDUDORVDQLPDOHVTXHEHEHQ \ VHDOLPHQWDQGHHOODFRPRSDUDORVSREODGRUHVGHODFLXGDG'LIHUHQWHVDQiOLVLVUHDOL]DGRVHQOD]RQD FRQILUPDQ HO DOWR JUDGR GH FRQWDPLQDFLyQ GH OD TXHEUDGD DVt FRPR GH VXV DIOXHQWHV FHUFDQRV /D FRQWDPLQDFLyQPiVVLJQLILFDWLYDHVODGHPLFURRUJDQLVPRVSDWyJHQRVSRUWDGRUHVGHHQIHUPHGDGHVFRPR OD SROLRPLHOLWLVJDVWURHQWHULWLVDPHELDVLVGLDUUHDVFRUULHQWHV\HOFyOHUD(VWH~OWLPRRFDVLRQyHQ XQDIXHUWHHSLGHPLDGHFyOHUDHQODFLXGDG$HVWRVHDxDGHORVRORUHV\HOPDODVSHFWRGHODTXHEUDGD SULQFLSDOPHQWH HQ ORV GLVWULWRV PHQFLRQDGRV OR FXDO OH TXLWD VXV SLQWRUHVFRV UDVJRV SDLVDMtVWLFRV LQFRPRGDDORVYHFLQRVGHOD]RQD\VHFRQVWLWX\HHQIRFRSHUPDQHQWHGHFRQWDPLQDFLyQ 3RUHVWDVUD]RQHVHQORVYHFLQRVGHORVGLVWULWRV\GH6XFUHVHRUJDQL]DURQDWUDYpVGHVXVMXQWDV YHFLQDOHVSDUDVROLFLWDUDO$OFDOGHXQDVROXFLyQDHVWHSUREOHPD3RURWUDSDUWHOD$VRFLDFLyQ6XFUHQVHGH (FRORJtD$6(PDQLIHVWyTXHHOSUREOHPD GH OD TXHEUDGD GHO4XLUSLQFKDFD LPSOLFDED XQDOWRULHVJR GH FRQWDPLQDFLyQSDUDODSREODFLyQ\DJULFXOWXUDGHOD]RQD (Q UHVSXHVWD D OD GHPDQGD VRFLDO HO PXQLFLSLR LQLFLy XQD VHULH GH JHVWLRQHV LQVWLWXFLRQDOHV FRQ OD (PSUHVD/RFDOGH$JXD3RWDEOH\$OFDQWDULOODGRGH6XFUH(/$3$6(QUHVSXHVWDDORFXDO(/$3$6 HODERUy XQ SUR\HFWR SDUD HO WUDWDPLHQWR GH DJXDV VHUYLGDV TXH SHUPLWLUi GLVPLQXLU OD FRQWDPLQDFLyQ DJXDV GHEDMR GH OD TXHEUDGD 4XLUSLQFKDFD (VWH SUR\HFWR GHQRPLQDGR 6XFUH ,, LQFRUSRUD OD FRQVWUXFFLyQ\SXHVWDHQIXQFLRQDPLHQWRGHXQDSODQWDGHWUDWDPLHQWRELROyJLFRGHDJXDVVHUYLGDV(QOD DFWXDOLGDGVHWLHQHILQDQFLDGDODFRQWUDSDUWHLQWHUQDFLRQDOSDUDODLPSOHPHQWDFLyQGHOSUR\HFWR6XFUH,,\ HVWDHQ SURFHVRGHDGMXGLFDFLyQ &DEHKDFHUQRWDUTXHODPRYLOL]DFLyQGHORVGLVWULWRVPHQFLRQDGRVHVFLUFXQVWDQFLDO\DTXHVyORFREUD LPSRUWDQFLD FXDQGR HO SUREOHPD VH DJXGL]D SRU HMHPSOR HQ OD pSRFD GH OOXYLDV R HQ pSRFDV VHFDV FXDQGRVXUJHQUHEURWHVGHODHSLGHPLDGHOFyOHUD )XHQWHV %LEOLRJUiILFDV\HQWUHYLVWDVSHUVRQDOHVDKDELWDQWHVGHOOXJDU\RILFLDOHVWpFQLFRVGHOPXQLFLSLR PHQFLRQDGR 3HUVRQDHQFDUJDGDGHOUHJLVWUR/XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQSURYRFDGDSRUHOLQJHQLRD]XFDUHUR6DQ$XUHOLRDOD]RQD 6XUGHODFLXGDGGH6DQWD&UX] 8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH6DQWD&UX]GHOGHSDUWDPHQWRGH6DQWD&UX] ,QLFLDGRU GHOFRQIOLF WR %DUULR3ULPDYHUD *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR ,QJHQLR6DQ$XUHOLR 3UHIHFWXUD\DOFDOGtD $SUR[LPDGDPHQWHKDELWDQWHVGHEDUULRVFUXFHxRV 9HUWLPLHQWRGHGHVHFKRVGHOD]DIUD (VUHFXUUHQWH 3HOLJURVDFRQWDPLQDQWH\PROHVWD &RPHUFLDOYLYLHQGDVHUYLFLRV\HTXLSDPLHQWR $JXDDLUH\VDOXG $JRVWRGH 5HWLURGHOLQJHQLR6DQ$XUHOLR $QiOLVLVGHDJXDVPRYLOL]DFLRQHV\FRQIHUHQFLDVGHSUHQVD 6HSWLHPEUHGH 'HVFULSFLyQGHOFRQIOLFWR (VWHFRQIOLFWRVHVXVFLWD SRUORVPDORVRORUHVTXHSURYRFDHOULHJRGHFDxDYHUDOHVFRQORVGHVHFKRVGHOD SURGXFFLyQGHD]~FDUGHQRPLQDGRMDUXELFKL\FX\DVDJXDVFRQWDPLQDGDVVRQYHUWLGDVDORVFDQDOHVGH GUHQDMHXELFDGRVHQORVFRVWDGRVGHOLQJHQLRODVPLVPDVTXHDIHFWDQDEDUULRVGHODFLXGDGGH6DQWD &UX] (OMDUXELFKLSRUXQDSDUWHDWUDHXQDJUDQFDQWLGDGGHPRVFDV\SRURWUDHQWLHPSRVHFRVHFRQYLHUWHHQ XQ SROYR TXH DIHFWD D PXFKRV EDUULRV GH OD FLXGDG GH HVWD PDQHUD SURYRFD HQIHUPHGDGHV RIWDOPROyJLFDV GpUPLFDVH LQWHVWLQDOHV HQWUH RWUDV UD]yQ SRU OD TXH ORV EDUULRV DIHFWDGRV H[LJHQ TXH GLFKRLQJHQLRVHDFODXVXUDGR /RVGLULJHQWHVGH ORV GLVWLQWRV EDUULRVKDQ UHDOL]DGRXQDVHULHGHDFFLRQHV WHQGLHQWHV DGDU VROXFLyQDO SUREOHPD GH OD FRQWDPLQDFLyQ \D PHQFLRQDGD HQWUH HOODV VH HQFXHQWUD OD GHQXQFLD S~EOLFD GH OD FXDO KLFLHURQHFRORVPHGLRVORFDOHVGHFRPXQLFDFLyQ7DPELpQHQHOGHVDUUROORGHOFRQIOLFWRVHLQYROXFUDURQHO 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 0XVHR GH +LVWRULD 1DWXUDO 1RHO .HPSII 0HUFDGR 0+11.0 \ OD )XQGDFLyQ $PLJRV GH OD 1DWXUDOH]D )$1TXLHQHVFRODERUDURQDODVMXQWDVYHFLQDOHVHQHOHVWXGLRGHODFDOLGDGGHODVDJXDVYHUWLGDVSRUHO LQJHQLR 5HVSHFWR DO FRQIOLFWR HO JHQHUDGRU DILUPD TXH QR HVWi YLRODQGR QLQJXQD QRUPD DPELHQWDO \ TXH ORV GHVHFKRVTXHYLHUWHVRQGHELGDPHQWHWUDWDGRV SRU ORWDQWR QR FRQVLGHUDTXH HVWp RFDVLRQDQGRGDxR DOJXQR $QWHHVWDVLWXDFLyQ\ODVPROHVWLDVRFDVLRQDGDVSRUODVPRVFDV\ORVPDORVRORUHVIXQGDPHQWDOPHQWHHQ pSRFD GH ]DIUD ORV SREODGRUHV GH ORV EDUULRV HVWiQ HQ HVWDGR GH HPHUJHQFLD \ GLVSXHVWRV D UHDOL]DU PRYLOL]DFLRQHVEXVFDQGRTXHHOLQJHQLRVHWUDVODGHDXQD]RQDLQGXVWULDODXQTXHDFWXDOPHQWHQRHVWiQ PRYLOL]DGRV H[LVWH OD SRVLELOLGDG GH TXH ODV DFFLRQHV FRPLHQFHQ QXHYDPHQWH HVWD YH] GHVGH XQD SHUVSHFWLYDPiVLQWHJUDO\QRVLPSOHPHQWHWpFQLFD )XHQWHV +HPHURJUiILFDV\HQWUHYLVWDVDSREODGRUHVGHOEDUULR3ULPDYHUD 3HUVRQDHQFDUJDGDGHOUHJLVWUR0DXULFLR*XWLpUUH]\)HUQDQGR%DWROODQHU)2%20$'( 6DQWD&UX] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHODUUR\RGH6DQ-XDQGH7ULQLGDG 8ELFDFLyQG H OFRQIOLF WR *HQHUDGRUGHOFRQ IOLFWR ,QLFLDGRU GHOFRQIOLF WR 5HJXODGRUGHO FRQIOLFWR &LXGDGGH7ULQLGDGFDSLWDOGHOGHSDUWDPHQWRGH%HQL 9HFLQRVTXHFLUFXQGDQHODUUR\R6DQ-XDQLQGXVWULDVGH 7ULQLGDG\PXQLFLSLR 2UJDQL]DFLRQHVFtYLFDVDPELHQWDOLVWDV\MXYHQLOHV $IHFWDGRV $OFDOGtD&HQWURGHVDOXG\6XSHULQWHQGHQFLDGH6DQHDPLHQWR %iVLFR KDELWDQWHVGHORVEDUULRVFHUFDQRVDODUUR\R (OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH $FWLYLGDGT XHJHQ HU DHO GDxR /DDFWLYLGDGHV $UHDD IHFWDGD $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR 9HUWLPLHQWRGHGHVHFKRVDJXDVVHUYLGDVHLQGXVWULDOHV &RQWDPLQDQWH KD (TXLSDPLHQWR\VHUYLFLRV $LUHIORUDIDXQD\VDOXG 0LWLJDUODFRQWDPLQDFLyQKDVWDTXHVHFRQVWUX\DHO DOFDQWDULOODGRGHODFLXGDG 7DOOHUHVVHPLQDULRVFDPSDxDV\SURWHVWDVSRUFRQRFLGDV SHUVRQDOLGDGHV -XOLRGH 'HVFULSFLyQGHOFRQIOLFWR 'HVGHODGpFDGDGHORVDxRVWUHLQWDHODUUR\R6DQ-XDQHVXQRGHORVHVSDFLRVWXUtVWLFRVGHODFLXGDGGH 7ULQLGDG(QGpFDGDVDQWHULRUHVDORVRFKHQWDGXUDQWHODVpSRFDVGHOOXYLDORVEDUFRVTXHFRPXQLFDEDQD HVWD FDSLWDO FRQ HO UHVWR GHO GHSDUWDPHQWR LQJUHVDEDQ GLUHFWDPHQWH KDVWD HO FHQWUR GH OD FLXGDG 6LQ HPEDUJRODVLQXQGDFLRQHVSHULyGLFDVTXHVXIUtDODFLXGDGREOLJDURQDFRQVWUXLUXQDQLOORGHFRQWHQFLyQDVX DOUHGHGRU (VWR REVWDFXOL]y HO GUHQDMH QDWXUDO GHO DUUR\R FX\DV DJXDV FRPHQ]DURQ D HVWDQFDUVH (O SRVWHULRU FUHFLPLHQWR XUEDQR GH OD FLXGDG OD PLVPD TXH QR FXHQWD FRQ DOFDQWDULOODGR FRQYLUWLy DO DUUR\R HQ XQ FROHFWRUGHDJXDVLQGXVWULDOHVDVtFRPRGRPpVWLFDV\GHVHFKRVGHVyOLGRVGHWRGRWLSR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 3RU HVWD UD]yQ HO JUDGR GH FRQWDPLQDFLyQ GHO DUUR\R HV PX\ HOHYDGR \ RFDVLRQD PDORV RORUHV TXH HQYXHOYHQ D WRGD OD FLXGDG $GHPiV VXV DJXDV VRQ IRFRV GH SURSDJDFLyQ GH PRVTXLWRV FRQ ORV FRQVHFXHQWHV ULHVJRV GH PDODULD R ILHEUH DPDULOOD /R ~QLFR TXH SHUPLWH GLVPLQXLU HO DOWR ULHVJR TXH HQWUDxDHVWDVLWXDFLyQHV TXHXQDSODQWDGHQRPLQDGD7DURSHVHKDH[WHQGLGRFDVLSRUWRGRHODUUR\R\ IXQFLRQDFRPRDEVRUEHQWHQDWXUDOGHODFRQWDPLQDFLyQ +DVWD OD IHFKD QR VH UHDOL]DURQ HYDOXDFLRQHV QL VREUH HO JUDGR GH HVWD FRQWDPLQDFLyQ QL VREUH ORV SUREOHPDVTXHRFDVLRQDTXHSHUPLWDQHQFRQWUDUVROXFLRQHVSHUPDQHQWHVDHVWDVLWXDFLyQ(VWRVHGHEH IXQGDPHQWDOPHQWH TXH QL HQWUH ODV DXWRULGDGHV QL ORV SREODGRUHV H[LVWH XQD YHUGDGHUD FRQFLHQFLD GHO SUREOHPDDPELHQWDO\GHVXVLPSDFWRVVREUHODVDOXGKXPDQD 6RQ SRFDV ODV RUJDQL]DFLRQHV TXH VH KDQ PRYLOL]DGR \ UHDOL]DGR DFFLRQHV GH SURWHVWD R SURQXQFLDPLHQWRVS~EOLFRVUHVSHFWRDHVWDVLWXDFLyQHQWUHHOORVSRGHPRVPHQFLRQDUDDOJXQRVYHFLQRV DVHQWDGRVDODVULYHUDVGHODUUR\RHO&RPLWp&tYLFR)HPHQLQR\RUJDQL]DFLRQHVDPELHQWDOLVWDVDVtFRPR ORVMXYHQLOHV (VWDVRUJDQL]DFLRQHVSUHRFXSDGDVSRUODVDOXGGHODSREODFLyQ\ODDSDULHQFLDGHODFLXGDGUHDOL]DURQ XQDVHULHGHSURWHVWDV\UHFODPRVSDUDH[LJLUDOPXQLFLSLRTXHVDQHHHOiUHD6LQHPEDUJRVXVDFFLRQHV TXHGDURQSUiFWLFDPHQWHDLVODGDVGHOJUXHVRGHODSREODFLyQ /RVKDELWDQWHVFHUFDQRVDOD]RQDGHFRQIOLFWRTXHVRQORVTXHSURYRFDQHQJUDQPHGLGDHOSUREOHPD VLJXHQYHUWLHQGRDOLJXDOTXHDOJXQDVLQGXVWULDVVXVEDVXUDVDODUUR\RGHELGRDTXH QRH[LVWHQLQJXQD UHJXODULGDGHQHOVHUYLFLRPXQLFLSDOGHUHFRMRGHUHVLGXRVVyOLGRV$GHPiVHOVLVWHPDGHFXQHWDVTXHVH FRQVWUX\y HQ OD HWDSD GH FUHFLPLHQWR GH ODFLXGDG SDUD HO GHVDJH SOXYLDO HV XWLOL]DGRSRU ORV YHFLQRV FRPRPHGLRSDUDOLPSLDUVXVSR]RVVpSWLFRVDWUDYpV GHOERPEHR'HHVWDPDQHUDHVDVDJXDVGHVSXpV GHSDVDUSRUODVFXQHWDVYDQDSDUDUDODUUR\R6DQ-XDQ 'H HVWD PDQHUD ORV JHQHUDGRUHV GHO FRQIOLFWR VH FRQYLHUWHQ HQ ORV DIHFWDGRV \ VL QR IXHUD SRU ODV RUJDQL]DFLRQHVFtYLFDV\DPELHQWDOLVWDVpVWHQRVHUtDPiVTXHRWURSUREOHPDHQWUHORVPXFKRVTXHWLHQH ODFLXGDGGH7ULQLGDG /DVSHUVSHFWLYDVGHVROXFLyQHPSUHQGLGDVSRUHO0XQLFLSLRSRUHOPRPHQWRVHKDQOLPLWDGRDHYLWDUTXH HO DUUR\R VH FRQYLHUWD WDPELpQ HQ XQ OXJDU GRQGH VH FRQFHQWUH EDVXUD VyOLGD \D TXH FRQVLGHUDQ TXH PLHQWUDVQRVHFRQVWUX\DHOVLVWHPDGHDOFDQWDULOODGRGHODFLXGDGQRVHSXHGHHQIUHQWDUHVWRVSUREOHPDV GHFRQWDPLQDFLyQ 3RURWUDSDUWHDQWHODVGHPDQGDVGHODVRUJDQL]DFLRQHVLQLFLDGRUDVGHOFRQIOLFWRODVDXWRULGDGHVVHKDQ SURSXHVWR ERPEHDU ODV SRFDV DJXDV TXH TXHGDQ HQ HO DUUR\R IXHUD GHO SULPHU DQLOOR D ILQ GH GHVFRQWDPLQDU SDUFLDOPHQWH HO iUHD $GHPiV D SDUWLU GH ORV HVWXGLRV ELROyJLFRV TXH H[LVWHQ VREUH OD DFFLyQ ELRGHJUDGDEOH GHO 7DURSH HVWiQ DQDOL]DQGR OD PDQHUD GH FRQFHQWUDU VX VLHPEUD D ILQ GH FRQWUDUUHVWDUODFRQWDPLQDFLyQGHDJXDV )XHQWHV (QWUHYLVWDVDRUJDQL]DFLRQHVFtYLFDV\HVWXGLDQWHVGHODVFDUUHUDVGHDJURQRPtD\GHVDQLGDG DQLPDOYHWHULQDULDGHFODUDFLRQHVSXEOLFDVGHIXQFLRQDULRVGHFRQWURODPELHQWDO 3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D]&(-,6± )2%20$'( %HQL )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQVXPRGHDJXDFRQWDPLQDGDHQ5LEHUDOWD 8ELFDFLyQG H OFRQIOLF WR &LXGDGGH5LEHUDOWDGHOGHSDUWDPHQWRGHO%HQL ,QLFLDGRU GHOFRQIOLF WR 2UJDQL]DFLRQHVDPELHQWDOLVWDVGH5LEHUDOWD *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $FWLYLGDGT XHJHQ HU DHO GDxR (OGDxR JHQHUDGR /DDFWLYLGDGHV $FWLYLGDGD IHFWDGD 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVW UR <3)% 6XSHULQWHQGHQFLDGH+LGURFDUEXURV %DUULRV(O3DOPDU\3HWUROHUR )LOWUDFLRQHVGHGLHVHO &RQWDPLQDQWH 3HOLJURVD 9LGD $JXD\DLUH (QHURGH $JRVWRGH 'HVFRQWDPLQDUORVDFXtIHURV ,QVSHFFLyQWpFQLFDDORVSR]RV\QRULDV $JRVWRGH 'HVFULSFLyQGHOFRQIOLFWR <3)%WLHQHXQDSODQWDGHDOPDFHQDPLHQWRGHFDUEXUDQWHVGHGLHVHOHQODFLXGDGGH5LEHUDOWDODPLVPD TXHHVWDUtDILOWUDQGRKDFLDORVDFXtIHURVGHDJXDVXEWHUUiQHDTXHVRQXWLOL]DGRVSRUORVEDUULRV(O3DOPDU \3HWUROHUR(VWDVDJXDVVRQXWLOL]DGDVSRUORVSREODGRUHVGHORVEDUULRVPHQFLRQDGRVDWUDYpVGHSR]RV \QRULDVFRPR~QLFDIXHQWHGHDEDVWHFHUVHSDUDVXVQHFHVLGDGHVGRPpVWLFDV\DTXHHODJXDSRWDEOH TXHVHGLVWULEX\HDODSREODFLyQPHGLDQWHUHGVyORDEDUFDDXQFLQFXHQWDSRUFLHQWRGHODSREODFLyQ\HO UHVWRDFFHGHDHVWHHOHPHQWRPHGLDQWHODSHUIRUDFLyQGHSR]RV 'HVGH SULQFLSLRV GH ORV SREODGRUHV GH HVWRV EDUULRV SHUFLELHURQ TXH HO DJXD SDUHFtD HVWDU PH]FODGDFRQNHURVHQH\VROLFLWDURQDODHPSUHVDODLQVSHFFLyQWpFQLFDFRUUHVSRQGLHQWH\ODXELFDFLyQGHO OXJDUGHODVILOWUDFLRQHV /RVUHSUHVHQWDQWHVGH<3)%HQ5LEHUDOWDUHVSRQGLHURQTXHORVYHFLQRVGHORVEDUULRVDIHFWDGRVGHEtDQ DEVWHQHUVHGH FRQVXPLUDJXD GHSR]RV \QRULDVFRQWDPLQDGRVKDVWDTXHVH LGHQWLILTXH HO OXJDUGH ODV ILOWUDFLRQHV6LQHPEDUJRHVWRIXHUHFKD]DGRSRUORVYHFLQRV\DTXHFRPRVHGLMRDQWHVORVSR]RV\ODV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV QRULDV VRQ VX ~QLFD IXHQWH GH DEDVWHFLPLHQWR \ DGHPiV HO PXQLFLSLR QR FXHQWD FRQ UHFXUVRV SDUD H[WHQGHULQPHGLDWDPHQWHODUHGGRPLFLOLDULDGHDJXD3RUHVWDVUD]RQHVVHSODQWHyTXH<3)%SURYHDHO OLTXLGR HOHPHQWR SRU VX FXHQWD \ ULHVJR KDVWD WDQWR VH HQFXHQWUHQ ODV IDOODV TXH RULJLQDQ HVWD FRQWDPLQDFLyQ /DVLQVSHFFLRQHVWpFQLFDVUHDOL]DGDVDUDt]GHHVWRVUHFODPRVHQFRQWUDURQSUHVHQFLDGHFDUEXUDQWHVHQ ORVDFXtIHURV\DOQRSRGHUGHWHFWDUFRQSUHFLVLyQODORFDOL]DFLyQGHODVIXJDVVHOLPLWDURQDUHFRPHQGDU TXHORVEDUULRVDIHFWDGRVVHDEVWHQJDQGHFRQVXPLUHVWDVDJXDVVXEWHUUiQHDV (Q YLVWD GH HVWD VLWXDFLyQ <3)% HVWi SURSRUFLRQDQGR DJXD PHGLDQWH FLVWHUQDV \ DXQTXH HVWR QR VROXFLRQDHOSUREOHPDGHFRQWDPLQDFLyQTXHSUHRFXSDDORVLQLFLDGRUHVGHOFRQIOLFWRSRUORPHQRVHVWi HYLWDQGRXQPD\RUGDxRD ODVDOXGGHTXLHQHVGHSHQGHQGHORVSR]RVVXEWHUUiQHRV 3RUVXSDUWHODVDXWRULGDGHVGHOUDPRSDUHFHUtDTXHQRKDQWRPDGRFRQRFLPLHQWRGHOFRQIOLFWRDSHVDU GHORVQHJDWLYRVLPSDFWRVTXHHODJXDPH]FODGDFRQFDUEXUDQWHVWLHQHSDUDODVDOXG\HOPHGLRDPELHQWH $OUHVSHFWRVHHVSHUDTXHODRILFLQDGHVDOXGSXEOLFDDFDUJRGHODVDXWRULGDGHVGHOVHFWRUREOLJXHQ\ JDUDQWLFHQ TXH OD SODQWD GH DOPDFHQDPLHQWR FXPSOD FRQ ORV UHTXLVLWRV GH LPSHUPHDELOL]DFLyQ TXH JDUDQWLFHQODLQH[LVWHQFLDGHILOWUDFLRQHV )XHQWHV 'HQXQFLDVGHORVYHFLQGDULRVDIHFWDGRV\SXEOLFDFLRQHVGHOSHULyGLFR(O'HEHUViEDGRGH DJRVWRGH 3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D]&(-,6± )2%20$'( %HQL )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQWDPLQDFLyQGHUHOOHQRVDQLWDULRGH.·DUD.·DUD 8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLR&HUFDGRGHOGHSDUWDPHQWRGH&RFKDEDPED ,QLFLDGRU GHOFRQIOLF WR &RPXQLGDGHV,JOHVLD\)RUR&RFKDEDPELQR *HQHUDGRUGHOFRQ IOLFWR 5HJXODGRUGHO FRQIOLFWR $IHFWDGRV $OFDOGtDGH&HUFDGRR(06$ 3UHIHFWXUDGHOGHSDUWDPHQWR $FWLYLGDGT XHJHQ HU DHO GDxR IDPLOLDVGHODVFRPXQLGDGHVGH$UUXPDQL6DQ0LJXHO\ .¶DUD.¶DUD 'HSyVLWRLQDGHFXDGRGHGHVHFKRVVyOLGRV /DDFWLYLGDGHV 0ROHVWDFRQWDPLQDQWH\SHOLJURVD (OGDxR JHQHUDGR $FWLYLGDGHVDIHFWDG DV 5HFXUVRVDIHFWDG RV )HFKDGHL QLFL RGHOGDxR )HFKDLQLFLRGHOFRQIOLF WR 2EMHWLYRGHORV DIHFWD GR V $FFLRQHVUH DOL]DGDV )HFKDGH UHJLVWUR <DVHSURGXMR\HVUHFXUUHQWH 9LYLHQGD\DJURSHFXDULD $JXDDLUHIORUDIDXQD\VDOXG \UHFUXGHFHHQ /RJUDUHOSDJRGHLQGHPQL]DFLyQSRUODFRQWDPLQDFLyQ\HO FLHUUHFRQWURODGRGHOUHOOHQR %ORTXHRVGHQXQFLDV\FDPSDxDV 6HSWLHPEUHGH 'HVFULSFLyQGHOFRQIOLFWR (OFRQIOLFWRVXUJHSRUODFRQWDPLQDFLyQDWPRVIpULFDHKtGULFDTXHDIHFWDSULQFLSDOPHQWHDODVFRPXQLGDGHV GH$UUXPDQL6DQ0LJXHO\.¶DUD.¶DUDODPLVPDTXHVHJHQHUDDUDt]GHODIDOWDGHFRQWUROHQHOPDQHMRGH ORVGHVHFKRVVyOLGRVTXHVHYLHUWHQHQHOUHOOHQRVDQLWDULRGH.¶DUD.¶DUD (Q PD\R GH ODV WUHV FRPXQLGDGHV PHQFLRQDGDV FRQMXQWDPHQWH FRQ OD SDUURTXLD GH 6DQWD 9HUD &UX]KDFHQFRQRFHUVXGHQXQFLD\FRPRPHGLGDGHSUHVLyQEORTXHDQORVDFFHVRVDOUHOOHQRVDQLWDULR $Vt PLVPRVH KDFH ODGHQXQFLD UHVSHFWLYDGH ODV FRPXQLGDGHV \ DPELHQWDOLVWDV DQWH OD 3UHIHFWXUD D SDUWLUGHORFXiOHVWDDXWRULGDGGHSDUWDPHQWDOHQIRUPDFRQMXQWDFRQHO)RUR&RFKDEDPELQRUHDOL]DXQD LQVSHFFLyQ DO UHOOHQR VDQLWDULR 0HGLDQWH HVWD YLVLWD VH YHULILFD HO LQFXPSOLPLHQWR GHO 5HJODPHQWR GH *HVWLyQ GH 5HVLGXRV 6yOLGRV UHIHULGR D GHILFLHQFLDV HQ OD FROHFFLyQ GH ORV OL[LYLDGRV GHO UHOOHQR D OD H[LVWHQFLD GH GHVSHUGLFLRV SHOLJURVRV KRVSLWDODULRV LQGXVWULDOHV \ GH RWUD tQGROH DVt FRPR D OD FRQWDPLQDFLyQGHSR]RV\RWUDVIXHQWHVGHDEDVWHFLPLHQWRGHDJXDGHODVFRPXQLGDGHV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 3RVWHULRUPHQWHOD3UHIHFWXUDHPLWHXQDUHVROXFLyQDPELJXD\SRFRVDWLVIDFWRULDHQODTXHFRQPLQDDOD (PSUHVD 0XQLFLSDO GH 6HUYLFLR GH $VHR (06$ D UHDOL]DU REUDV SDUD HO UHFRMR DGHFXDGR GH ORV OL[LYLDGRVDVt FRPRSDUDHOGHSRVLWRGHUHVLGXRV LQGXVWULDOHVVHDxDGHHQHVWDUHVROXFLyQTXH(06$ GHEH SUHVHQWDU VX PDQLILHVWR DPELHQWDO DSUREDGR SDUD OR FXDO VH OH RWRUJD GtDV (VWH SOD]R VH FXPSOLUi OD VHJXQGD TXLQFHQD GH VHSWLHPEUH (O PXQLFLSLR HYLWD LQPLVFXLUVH HQ HO SUREOHPD \ GHMD D (06$OLEUDGDDVXVXHUWHSHVHDKDEHURSHUDGRHOUHOOHQRGHVGHKDVWDHQIRUPDGLUHFWD\D VHUSDUWHGHO'LUHFWRULRGHHVDHPSUHVD /DDPSOLDGLIXVLyQUHDOL]DGDHQPHGLRVGHFRPXQLFDFLyQVREUHHOWHPD\ORVDYDQFHV HQODJHVWLyQGHO FRQIOLFWRREOLJyDODHPSUHVDDUHDOL]DUDOJXQDVDFFLRQHVGHPLWLJDFLyQGHVXVLPSDFWRV6LQHPEDUJROD IDOWDGHXQDYROXQWDGSDUDUHVROYHUHOSUREOHPDDGHFXDGDPHQWHOOHYyDODHPSUHVD\DODVDXWRULGDGHVD GLODWDU \ GLVWUDHU D ORV DFWRUHV KDFLHQGR SURPHVDV TXH GHVSXpV QR IXHURQ FXPSOLGDV /RV GDxRV RULJLQDGRVQRKDQVLGRHYDOXDGRVSRUORVFRVWRVTXHUHTXLHUHQORVHVWXGLRVHVSHFLDOPHQWHUHIHULGRVDOD SUHVHQFLDGHPHWDOHVSHVDGRV (QPD\R\MXOLRGHDQWHODVROLFLWXGGHXQRGHORVPLHPEURVGHOD&RPLVLyQGH0HGLR$PELHQWHGH OD &iPDUD GH 'LSXWDGRV pVWD GHOHJy D ORV 'LSXWDGRV &ODXGLR /R]D \ *RQ]DOR 0DOGRQDGR TXLHQHV YHULILFDURQ ODV GHQXQFLDV HQ HO OXJDU GH ORV KHFKRV 3RVWHULRUPHQWH HVWD &RPLVLyQ KL]R FRQRFHU GRV PLQXWDVGHFRPXQLFDFLyQVREUHHOWHPD.DUDNDUDDO0LQLVWURGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ /DSULPHUDPLQXWD VHxDODTXHHOPLQLVWHULRFRUUHVSRQGLHQWHGHEHUHDOL]DUXQDDXGLWRULDDPELHQWDOHQHO UHOOHQR VDQLWDULR OD VHJXQGD VROLFLWD DO 0LQLVWUR GH 'HVDUUROOR 6RVWHQLEOH TXH LQVWUX\D DO 3UHIHFWR GHO GHSDUWDPHQWROD DSOLFDFLyQGH VDQFLRQHV DGPLQLVWUDWLYDV FRQWUD OD QHJOLJHQFLD GH ORV IXQFLRQDULRV (V LPSRUWDQWHPHQFLRQDUTXHHQ HOVHJXLPLHQWRGHHVWHFRQIOLFWRTXHWRGDYtDHVWiSHQGLHQWHVHFRQWyFRQ HOSHUPDQHQWHDSR\RGHO'LSXWDGR*RQ]DOR0DOGRQDGR 3RURWUDSDUWHVHGHEHVHxDODUTXHODVDXWRULGDGHVFRPSHWHQWHVHQHVWHFDVROD'LUHFFLyQGH5HFXUVRV 1DWXUDOHVSDUHFHUtDQGHVFRQRFHUOD/H\GHO0HGLR$PELHQWH\VXVUHJODPHQWRV\DTXHHQHOFRQIOLFWR H[LVWHQFDXVDOHVTXHORWLSLILFDQFRPRGHOLWRDPELHQWDODSHVDUGHOPLVPRODDPELYDOHQFLDGHODDXWRULGDG SUHIHFWXUDOGLODWDODDSOLFDFLyQGHVDQFLRQHV\SHUPLWHTXHODVLQIUDFFLRQHVFRQWLQ~HQ6HJ~QOD/H\WRGR DTXHO TXH HQYHQHQD FRQWDPLQD R DGXOWHUD DJXDV GHVWLQDGDV DO FRQVXPR S~EOLFR DO XVR LQGXVWULDO DJURSHFXDULRRSLVFtFRODSRUHQFLPDGHORVOtPLWHVSHUPLVLEOHVFRPHWHGHOLWRDPELHQWDO $VtPLVPR DOD KRUDGHLQWHUSUHWDUHO5HJODPHQWRGH*HVWLyQGH5HVLGXRV6yOLGRVQRVHDSOLFDQVXVDUWtFXORV\ORV PLVPRVTXHHVWDEOHFHQORVSOD]RVSDUDORVUHOOHQRVVDQLWDULRV\ERWDGHURVSUHVHQWHQVXVPDQLILHVWRV\ SODQGHDGHFXDFLyQDPELHQWDO )XHQWHV &RSLDVGHODVPLQXWDVGHFRPXQLFDFLyQFRSLDVGHOD5HVROXFLyQ3UHIHFWXUDO&RSLDDFWDGH YLVLWD.¶DUD.¶DUD 3HUVRQDHQFDUJDGDGHOUHJLVWUR*DEULHO+HUEDV)2%20$'( &RFKDEDPED /H\GHO0HGLR$PELHQWH15HS~EOLFDGH%ROLYLDGHMXQLRGH 5HJODPHQWR*HQHUDOGH*HVWLyQGH$PELHQWDO5HS~EOLFDGH%ROLYLDGHGLFLHPEUHGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR &RQFOXVLRQHV (OUHJLVWURGHFRQIOLFWRVDPELHQWDOHVGH%ROLYLDKDVLGR IXQGDPHQWDOPHQWHXQDH[SHULHQFLDFROHFWLYD\DTXH VXHODERUDFLyQLPSOLFyVXPDUHODSRUWHGHXQDJUDQFDQWLGDGGHSHUVRQDVWDQWRDWUDYpVGHWHVWLPRQLRV\ HQWUHYLVWDVFRPRGHSXEOLFDFLRQHV6LQHPEDUJRHODSRUWHHVHQFLDOIXHUHDOL]DGRSRUTXLHQHVUHJLVWUDURQORV FRQIOLFWRV \ HODERUDURQ ORV DUWtFXORV TXH ORV DFRPSDxDQ \ OHV VLUYHQ GH FRQWH[WR (Q HVWH VHQWLGR FRUUHVSRQGH UHVDOWDU TXH ORV UHVXOWDGRV REWHQLGRV VRQ SULQFLSDOPHQWH SURGXFWR GH OD SDUWLFLSDFLyQ FRPSURPHWLGD GH ODV LQVWLWXFLRQHV \ SHUVRQDV TXH FRQIRUPDQ ORV IRURV GHSDUWDPHQWDOHV \D TXH VLQ VX WUDEDMR \ HO GH RWUDV SHUVRQDV TXH D SHVDU GH QR VHU SDUWH DFWLYD GHO )2%20$'( EULQGDURQ VX H[SHULHQFLD SURIHVLRQDO SDUD HQULTXHFHU HVWH GRFXPHQWR HO PLVPR QR KXELHUD FXPSOLGR FRQ XQR GH ORV SULQFLSLRV GH OD SURSXHVWD PHWRGROyJLFD GH OD JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV FXDO HV OD HIHFWLYD SDUWLFLSDFLyQ $SDUWLUGHORVFRQIOLFWRVSUHVHQWDGRVHQHVWDREUDVXUJHQXQDVHULHGHFRQFOXVLRQHV\GHVDItRVSDUDOD DFFLyQIXWXUD(QWUHHOORVGHVHDPRVGHVWDFDUORVVLJXLHQWHV $FFHVRDODLQIRUPDFLyQ (O DFFHVR D OD LQIRUPDFLyQ HV XQ GHUHFKR FLXGDGDQR TXH DO VHU UHVWULQJLGR R FRDUWDGR JHQHUD GHVFRQILDQ]D $O PLVPR WLHPSR OD FDOLGDG GH OD SDUWLFLSDFLyQ FLXGDGDQD GHSHQGH GH TXH pVWD VHD LQIRUPDGDDGHFXDGD\RSRUWXQDPHQWH (O DFFHVR D OD LQIRUPDFLyQ QR GHEH TXHGDU UHVWULQJLGR D OD SRVLELOLGDG GH TXH ORV FLXGDGDQRV VH DFHUTXHQD XQD RILFLQD JXEHUQDPHQWDOSDUDVROLFLWDUXQ LQIRUPH(Q UHDOLGDG WDQWRHO(VWDGR FRPRORV HPSUHQGHGRUHV SULYDGRV WLHQHQ OD REOLJDFLyQ GH LQIRUPDU GH VXV DFWLYLGDGHV D OD FLXGDGDQtD (V UHVSRQVDELOLGDG GH ORV HMHFXWRUHV GH SUR\HFWRV TXH OD LQIRUPDFLyQ UHOHYDQWH OOHJXH D ODV SHUVRQDV SRWHQFLDOPHQWHDIHFWDGDV\pVWDQRSXHGHGHVFDQVDUHQODLQLFLDWLYDGHORVJUXSRVORFDOHV 3DUWLFLSDFLyQFLXGDGDQD &RQODSURPXOJDFLyQGHOD/H\GH3DUWLFLSDFLyQ3RSXODU\GHOD/H\GH'HVFHQWUDOL]DFLyQHQHOSDtVVH LQFRUSRUDDOD VRFLHGDGFLYLOHQHOSURFHVRGHJHVWLyQ S~EOLFD PHGLDQWHWUDQVIHUHQFLDGH FRPSHWHQFLDV GHVGH HO QLYHO FHQWUDO GHO 3RGHU (MHFXWLYR D ORV JRELHUQRV GHSDUWDPHQWDOHV \ ORFDOHV D WUDYpV GH XQ SURFHVR JUDGXDO SHUPDQHQWH SURJUHVLYR \ REOLJDWRULR (O FRQFHSWR GH SDUWLFLSDFLyQ FLXGDGDQD TXH XWLOL]DOD/H\GH3DUWLFLSDFLyQ3RSXODULPSOLFDSDUWLFLSDFLyQHQODWRPDGHGHFLVLRQHVHQWRGRHO SURFHVR GH SODQLILFDFLyQ JHVWLyQ PRQLWRUHR FRQWURO HYDOXDFLyQ \ VHJXLPLHQWR 3RU OR WDQWR OD SDUWLFLSDFLyQ FLXGDGDQDQRSXHGHHVWDUUHVWULQJLGDDFRQVXOWDVRLQIRUPDFLRQHVEULQGDGDVDLQLFLRGHXQSUR\HFWRRHQ HOPDUFRGHXQD(,$(VRVFRPSRQHQWHV VRQLPSRUWDQWHVSHURQRVRQVXILFLHQWHVPiVD~QVLODFRQVXOWD HVUHDOL]DGDGHPDQHUDGHVLQIRUPDGDRLQRSRUWXQD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (QHOSURFHVRGHWRPDGHGHFLVLyQGHEHQSDUWLFLSDUORVJUXSRVDIHFWDGRV(OORVHGHEHDTXHPXFKRV HPSUHQGLPLHQWRV H[LJHQ XQD FRQVLGHUDFLyQ SROtWLFD OR TXH UHPLWH D FRQVLGHUDU ODV GLIHUHQWHV YDORUDFLRQHV GH ORV JUXSRV ODV DSUHFLDFLRQHV VREUH ORV ULHVJRV \ EHQHILFLRV TXH HOORV HQIUHQWDQ \ HQ FyPRVHGLVWULEXLUiQHVRVEHQHILFLRV $VLPLVPR HV PX\ LPSRUWDQWH OD FRSDUWLFLSDFLyQ FLXGDGDQD HQ HO PRQLWRUHR \ VHJXLPLHQWR GH ODV DFWLYLGDGHVFRQLPSDFWRVHFRQyPLFRVVRFLDOHV\DPELHQWDOHV/DVFRPXQLGDGHVORFDOHVHQWDQWRVHUtDQ ODVPiVDIHFWDGDVSRUFRQWDPLQDFLRQHVRDFFLGHQWHVVRQWDPELpQODVPiVLQWHUHVDGDVHQXQPRQLWRUHR VRVWHQLGRGHORVSUR\HFWRV$GHPiVHQPXFKRVFDVRVHO(VWDGRQRDVXPHHVHPRQLWRUHRRpVWHQRHV HIHFWLYRRSXHGHVHUSRWHQFLDOPHQWHFRUUXSWR (V QHFHVDULRFRPHQ]DU D UHIOH[LRQDU HQ %ROLYLD VREUHOD QHFHVLGDGGH QXHYDVIRUPDV GH SDUWLFLSDFLyQ FLXGDGDQDHQODJHVWLyQDPELHQWDO([LVWHQH[SHULHQFLDVQXHYDVJHQHUDGDVSRUSUR\HFWRVILQDQFLDGRVSRU OD EDQFD PXOWLODWHUDO FRPR HO &RPLWp GH &RQVXOWD GH OD (YDOXDFLyQ (VWUDWpJLFD GH OD &DUUHWHUD 6DQWD &UX]ODVUHXQLRQHVFRQOD2LGRUDGHO*DVRGXFWR%ROLYLD%UDVLO(VWDVH[SHULHQFLDVGHEHQVHUDQDOL]DGDV GHVPHQX]DQGRORVORJURVREWHQLGRVSDUDYHUVLYDQPiVDOOiGH IRUPDVGHFRSDUWLFLSDFLyQSDUDDYDODU SUR\HFWRV\VLYDOHODSHQDSUR\HFWDUODVDRWURViPELWRV (OSDSHOGHO(VWDGR (QXQDEXHQDSDUWHGHORVFRQIOLFWRVGHVFULWRVHQHVWH OLEURHO(VWDGRKDMXJDGRSDSHOHVFODYHVHDSRU IDOWDGHLQWHUYHQFLyQSRULQDGHFXDGDVUHJXODFLRQHVHWF6HDGHXQDSHUVSHFWLYDRGHRWUDORVFRQIOLFWRV DPELHQWDOHVGHMDQHQHYLGHQFLDODGHELOLGDGLQVWLWXFLRQDOGHO(VWDGRJHQHUDGDSRUHOPRGHORHFRQyPLFR QHROLEHUDOTXHGHMDWRGRHQPDQRVGHOPHUFDGRHOFXiOQRSXHGHVROXFLRQDUFRQIOLFWRV5HVXOWDHYLGHQWH TXH HV QHFHVDULD XQD SUHVHQFLD GHO (VWDGR HQ SDUWLFXODU HQ DVSHFWRV DPELHQWDOHV \ TXH pVWH GHEH PHMRUDU HQ VX HILFLHQFLD SDUD OR TXH UHTXLHUH HO DSR\R GH ORV SREODGRUHV ORFDOHV HQ ODV WDUHDV GH VHJXLPLHQWR\ SURWHFFLyQDPELHQWDO 3RU OR DQWHULRU WDPELpQ HV QHFHVDULR FRQVLGHUDU ORV QXHYRV UROHV GH ODV RUJDQL]DFLRQHV QR JXEHUQDPHQWDOHVGHORVJUXSRVORFDOHV\GHODVHPSUHVDV(QHOFDVRGHODV21*VODH[SHULHQFLDGH HVWRV FRQIOLFWRV \ OD SRVLELOLGDG GH OD JHVWLyQ FRPXQLWDULD H[LJH IRUWDOHFLPLHQWRV \ DUWLFXODFLRQHV LQWHULQVWLWXFLRQDOHVHVWUHFKDUORVYtQFXORVFRQORVJUXSRVDIHFWDGRV\JHQHUDUODVPHMRUHVRSFLRQHVGH DFFLyQ 'HPRFUDFLD\SROtWLFD /RVFRQIOLFWRVDPELHQWDOHVVRQXQRGHORVIODQFRVGRQGHVHH[SUHVDQODVWHQVLRQHVGHODVSROtWLFDVGH GHVDUUROORHQQXHVWURSDtVIUHQWHDODVH[LJHQFLDVGHFDOLGDGGHYLGD\FRQVHUYDFLyQ/DJHQHUDFLyQGH HVDV SROtWLFDV UHTXLHUH GH HVSDFLRV DELHUWRV \FROHFWLYRV GH GLVFXVLyQ GRQGH SXHGDQ H[SUHVDUVH ORV FLXGDGDQRV$OOtGRQGHORVFRQIOLFWRVDPELHQWDOHVUHYHODQLQIRUPDFLyQTXHHVRFXOWDGDRODLPSRVLELOLGDG GH TXH ORV UHFODPRV ORFDOHV JHQXLQRV VHDQ DWHQGLGRV SRU HO (VWDGR R OD DXVHQFLD GH SURWHFFLyQ \ HIHFWLYLGDG OHJDO HQ GHPDQGDV QR VRODPHQWH VH GHWHULRUD HO DPELHQWH VLQR TXH VH HURVLRQD OD FLXGDGDQtD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR /D JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV WLHQH D QXHVWUR MXLFLR XQ FRPSRQHQWH GH SULPHUD LPSRUWDQFLD DO IRUWDOHFHUDODSHUVRQDHQVXFRQGLFLyQGHFLXGDGDQR\SRUORWDQWRSURPRYHUORVHVFHQDULRVSROtWLFRV (OORUHTXLHUHDWULEXWRVTXHD YHFHVVRQPLQLPL]DGRVSHURTXHWRGDYtDVRQGpELOHVHQQXHVWURSDtV(QWUH HOORV VH HQFXHQWUDQ HO DFFHVR D OD LQIRUPDFLyQ OD SRVLELOLGDG GH HOHYDU GHPDQGDV DOOt GRQGH QR VH FXPSOHODOHJLVODFLyQQDFLRQDO\TXHORVFLXGDGDQRVTXHKDJDQHVRVHDQSURWHJLGRVHQVXVGHUHFKRVSRU WULEXQDOHV LPSDUFLDOHV TXH QR VH GHMHQ LQIOXHQFLDU SRU OD SUHVLyQ GH HPSUHVDV PXOWLPLOORQDULDV SRU SROtWLFRVTXHUHFXHUGHQTXHKDQOOHJDGRDVXVSXHVWRVGHVGHHOYRWRFLXGDGDQR\TXHSRUORWDQWRVLUYDQ DVXVGHPDQGDV\SRUWpFQLFRVTXHUHFXHUGHQVXVFRPSURPLVRVpWLFRVGHGHIHQVDGHODYLGD 3DUD ILQDOL]DU FDEH VHxDODU TXH HVIXHU]RV GH VLVWHPDWL]DU OD LQIRUPDFLyQ UHOHYDQWH HQ WRUQR D ORV FRQIOLFWRV DPELHQWDOHVVHHVWiQGHVDUUROODQGRWDPELpQHQRWURVSDtVHVGH$PpULFD/DWLQD&KLOHUHDOL]yOD H[SHULHQFLD SLORWR HQ EDMR OD FRRUGLQDFLyQ GHO 2EVHUYDWRULR /DWLQRDPHULFDQR GH &RQIOLFWRV $PELHQWDOHV \ KR\ WUDEDMD VREUH HO WHUFHU FDWDVWUR GH FRQIOLFWRV DPELHQWDOHV SURQWR D VHU SXEOLFDGR $FWXDOPHQWHVHHQFXHQWUDQHQSUHSDUDFLyQGHFDWDVWURVHQ3HU~(FXDGRU\3DUDJXD\(VWRVHVIXHU]RV IRUPDQSDUWHGHXQLQWHQWRGHFRPSDUWLUH[SHULHQFLDVDHVFDODQDFLRQDO\UHJLRQDOSDUDGHHVWDPDQHUD SRGHUFRPSDUWLUWDPELpQSURSXHVWDVGHJHVWLyQGHFRQIOLFWRVDPELHQWDOHVHQHOIXWXUR /D LPSRUWDQFLD GH HVWH HVIXHU]R UHJLRQDO HV TXH HQ XQ PXQGR FDGD YH] PiV JOREDOL]DGR ODV FDUDFWHUtVWLFDVGHODVLQWHUYHQFLRQHVHQHODPELHQWHDGTXLHUHQIRUPDVVLPLODUHVHQORVGLIHUHQWHVSDtVHV GH OD UHJLyQ (OOR SODQWHD FRPR GHVDItR SRGHU HODERUDU UHVSXHVWDV FRPXQHV D SUREOHPDV FRPXQHV SURIXQGL]DQGR OD FRRUGLQDFLyQ \ OD VROLGDULGDG HQWUH QXHVWURV SXHEORV \ QXHVWUDV RUJDQL]DFLRQHV HQ OD WDUHD GH ORJUDU XQ GHVDUUROOR TXH QR SRQJD HQ SHOLJUR OD SUR\HFFLyQ GH QXHVWUDV VRFLHGDGHV HQ HO SUHVHQWH\HOIXWXUR )2%20$'(2/&$ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR %LEOLRJUDItD i $QGDOX]$(9DVTXH]\)$JXLODU(YDOXDFLyQGHOD$SOLFDFLyQGHO'HFUHWRGH5HJODPHQWDFLyQGH OD3DXVD(FROyJLFD+LVWyULFD6HFWRU)RUHVWDO'6 %2/)256DQWD&UX] i $QGHUVRQ5-/)&RQVWDQWLQRDQG10.LVKRU6WDELOL]DWLRQ6WUXFWXUDO$GMXVWPHQWDQG%ROLYLDV )RUHVWU\([SRUWV/DWLQ$PHULFD7HFKQLFDO'HSDUWPHQW(QYLURQPHQW'LYLVLRQ'LVVHPLQDWLRQ1RWH :KDVLQJWRQ'&:RUOG%DQN i $UULHWD0DULR7HQHQFLD$FWXDOGHOD7LHUUDHQ%ROLYLD,/',6/D3D] i %DQN,QIRUPDWLRQ&HQWHU8Q(VWXGLRGH&DVR3ODQGH0DQHMR$PELHQWDO*DVRGXFWR%ROLYLD %UDVLO (O*DVRGXFWRHQWUH%ROLYLD\%UDVLO¢8QSUR\HFWRGHGHVDUUROORHVWUHOOD" i %DVFRSp)HWDO(YDOXDFLyQGH,PSDFWR$PELHQWDO'HELGRDOD([SORWDFLyQ0DGHUHUDHQOD5HVHUYD GH OD %LRVIHUD ± 7HUULWRULR ,QGtJHQD 3LOyQ /DMDV \ 6XJHUHQFLDV SDUD VX 0DQHMR ,QWHJUDO6RVWHQLEOH 96)6DQWD&UX] i &(',%GtDVHQODV QRWLFLDV3XEOLFDFLyQPHQVXDO0DU]R\-XQLR i &(5'(7 3LOFRPD\RHVWXGLRVVREUHFRQWDPLQDFLyQ(GLFLRQHV*UiILFDV(* i &RPLVLyQ1DFLRQDOGH ORV5tRV 3LOFRPD\R\ %HUPHMR,QIRUPHGH $FWLYLGDGHV 7DULMD'LFLHPEUHGH i &RQWUHUDV $ /DV 3ROtWLFDV GH *RELHUQR \ ORV %RVTXHV HQ &LQFR 3DtVHV $QGLQRV 'RFXPHQWR 3UHVHQWDGRHQHOWDOOHU/DSROtWLFDGHERVTXHVHQORVSDtVHVGHODFRPXQLGDGDQGLQD&HQWUR$QGLQR SDUDHO'HVDUUROOR6RVWHQLEOH%RJRWi i &RRUGLQDGRUDGH3XHEORV(WQLFRVGH6DQWD&UX]2SRVLFLyQSUHVHQWDGDDODVROLFLWXGGHFRQFHVLyQ SDUDODFRQVWUXFFLyQGHOJDVRGXFWR6DQ0LJXHO6DQ0DWtDV6DQWD&UX]0D\RGH i 'H9ULHV$7HUULWRULRV,QGtJHQDVHQODV7LHUUDV%DMDVGH%ROLYLD&,'2%&37,6196DQWD&UX] i 'HOpDJH-HDQ3DXO+LVWRULDGHOD(FRORJtD,&$5$(VSDxD i 'LUHFFLyQ1DFLRQDOGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDG'1&%,QIRUPDFLyQ%iVLFDVREUHODV$UHDV 3URWHJLGDVHQ%ROLYLD ERUUDGRUQRSXEOLFDGR/D3D] i (60$3 $6( (VWLPDFLyQ GHO &RQVXPR GH %LRPDVD GH OD ,QGXVWULD 5XUDO 'HSDUWDPHQWR &KXTXLVDFD6XFUH i )$1 ::) 0LVVRXUL %RWDQLFDO *DUGHQ :&6 0XVHR GH +LVWRULD 1DWXUDO 1RHO .HPSII 0HUFDGR (VWXGLR6XSOHPHQWDULR$PELHQWDO,QGHSHQGLHQWH 0D\R i )2%20$'( &KXTXLVDFD0HPRULDGHO3ULPHU(QFXHQWUR'HSDUWDPHQWDOGHO)RUR&KXTXLVDTXHxR VREUH0HGLR$PELHQWH\'HVDUUROOR6XFUH2FWXEUH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV i )RODGRUL *XLOOHUPR 8QD 7LSRORJtD VREUH HO 3HQVDPLHQWR $PELHQWDO 8QLYHUVLGDGH )HGHUDO GR 3DUQi i )RUR &KXTXLVDTXHxR GHO 0HGLR $PELHQWH \ 'HVDUUROOR &RQWDPLQDFLyQ GHO 5tR 3LOFRPD\R 6XFUH %ROLYLD-XQLR i *DYDOGD0DUF/DV0DQFKDVGHO3HWUyOHR%ROLYLDQR 5$32/&$)2%20$'(%ROLYLD i *XG\QDV ( \ $ 6DQWDQGUHX&LXGDGDQtD HQ 0RYLPLHQWR 3DUWLFLSDFLyQ \ &RQIOLFWRV $PELHQWDOHV 75,/&(&/$(6)(6858UXJXD\ i *UXHQEHUJHU -HQQ\ \ 3DWULFLD 0ROLQD (GLWRUDV 0HPRULD 7DOOHUHV GH *HVWLyQ &RPXQLWDULD GH &RQIOLFWRV$PELHQWDOHV )2%20$'(2/&$%ROLYLD i *XHUUHUR 0DUFR $ &(5'(7 3LOFRPD\R (VWXGLRV VREUH &RQWDPLQDFLyQ (Q ,QIRUPH $QXDO GH $'(3(6&$(GLFLRQHV*UiILFDV(*7DULMD i +6DOYDGRU94XH]DGD53RUFHO3ODQ3DUWLFLSDWLYRGH$FFLyQ$PELHQWDOSDUDOD&LXGDGGH6XFUH +$0GH6XFUH$6(\)2%20$'( &KXTXLVDFD6XFUH)HEUHUR i +HLQULFK )UHGG\ ,QIRUPH -XUtGLFROHJDO 3UHOLPLQDU 6LWXDFLyQ HQ TXH VH (QFXHQWUDQ ODV (PSUHVDV 0DGHUHUDV8ELFDGDV'HQWURGHOD=RQDGH$PRUWLJXDPLHQWRGHOD5HVHUYDGHOD%LRVIHUD± 7HUULWRULR ,QGtJHQD3LOyQ/DMDV 96)/D3D] i +(5(1&,$ 3ODQ GH 'HVDUUROOR 0XQLFLSDO GH )LODGHOILD 3URYLQFLD 0DQXULSL 3'&5 0XQLFLSLR GH )LODGHOILD3UHIHFWXUDGH3DQGR&RELMD i +(5(1&,$3ODQGH'HVDUUROOR0XQLFLSDOGH3XHUWR5LFR3URYLQFLD0DQXULSL3'&50XQLFLSLRGH 3XHUWR5LFR3UHIHFWXUDGH3DQGR&RELMD i +(5(1&,$ 3URSXHVWD GH 5HFDWHJRUL]DFLyQ GH OD 5HVHUYD 1DFLRQDO $PD]yQLFD 0DQXULSL +HDWK 8QLYHUVLGDG$PD]yQLFDGH3DQGR'LUHFFLyQ*HQHUDOGH%LRGLYHUVLGDG/D3D] i ,/',6&,''(%(1,1XHVWUR%RVTXHGH0DxDQD6tQWHVLV'RFXPHQWDOGHO3URFHVR)RUHVWDO%HQLDQR ,/',6/D3D] i ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD,1((QFXHVWD1DFLRQDOGH(PSOHR,,5RQGD/D3D] i .DLPRZWL] ' & 9DOOHMRV 3 3DFKHFR DQG 5 /ySH] 0XQLFLSDO *RYHUQPHQWV DQG )RUHVW 0DQDJHPHQW LQ /RZODQG %ROLYLD -RXUQDO RI (QYLURQPHQW 'HYHORSPHQW 8QLYHUVLW\ RI &DOLIRUQLD8QLWHG6WDWHV i .DLPRZWL]'*7KLHOHDQG33DFKHFR7KH(IIHFWVRI6WUXFWXUDO$GMXVWPHQWRQ'HIRUHVWDWLRQDQG )RUHVW'HJUDGDWLRQLQ/RZODQG%ROLYLD:RUOG'HYHORSPHQW i 0DQFLOOD 5&RQVXOWRUtD VREUH5HFXUVRV )RUHVWDOHV 3URJUDPD 1DFLRQDOGH 8VR 6RVWHQLEOH GH ORV %RVTXHVH,QFUHPHQWRDODV([SRUWDFLRQHV'RFXPHQWR7pFQLFR1R3$)%2//D3D] )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR i 0HUORW / \ %UXJLRQL ,/D 5HVHUYD GH OD %LRVIHUD\ 7HUULWRULR ,QGtJHQD3LOyQ /DMDV HQ OD $PD]RQLD %ROLYLDQD3URSXHVWDSDUD&RPSDWLELOL]DU&RQVHUYDFLyQ\'HVDUUROOR (Q'HVDUUROOR6RVWHQLEOHHQOD $PD]RQLD/DFRORQL]DFLyQHQFXHVWLyQ 5XUDOWHU&,&'$ i 0LOOHU7\OHU(FRORJtD\0HGLR$PELHQWH *UXSR(GLWRULDO,EHURDPHULFDQD6$0p[LFR') i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 0HGLR $PELHQWH 0HPRULD ([SOLFDWLYD 0DSD )RUHVWDO 6HFUHWDUtD1DFLRQDOGH5HFXUVRV1DWXUDOHV/D3D] %ROLYLD i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 0HGLR $PELHQWH 3URSXHVWD GH )RUWDOHFLPLHQWR GHO 6HFWRU +tGULFRGHOD5HS~EOLFDGH%ROLYLD /D3D] %ROLYLD i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 0HGLR $PELHQWH 5HJODPHQWDFLyQ GH OD /H\ GHO 0HGLR $PELHQWH/D3D]± %ROLYLD i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 3ODQLILFDFLyQ 0'63 6LWXDFLyQ GH ORV 5HFXUVRV +tGULFRV HQ %ROLYLD /D3D] %ROLYLD i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH 'HFODUDWRULD GH ,PSDFWR $PELHQWDO \ 3OLHJR GH &RQGLFLRQHV $GLFLRQDOHV 'LFLHPEUH i 0RUDOHV (O $MXVWH 0DFURHFRQyPLFR %ROLYLDQR GH D 8QLYHUVLGDG &DWyOLFD %ROLYLDQD /D 3D] i 0RVFRVR 5RODQGR( ,QYHVWLJDGRU \ 9LOODQXHYD $UWXUR $VHVRU \ (GLWRU(VWXGLRGH &DVRV GH ODV &RPXQLGDGHVGH3RWUHURV3XQDPD\R<3XFDUD³7LSRVGH5HODFLyQ%RVTXH&RPXQLGDG\1RUPDV 7UDGLFLRQDOHV GH $FFHVR DO %RVTXH´ 6HFFLyQ 0XQLFLSDO GH 7RPLQD 'HSDUWDPHQWR GH &KXTXLVDFD &,&'$± 35$'(0 i 0XULOOR$+XPEHUWR&RQWDPLQDFLyQGHO5tR3LOFRPD\RDVX,QJUHVRDO'HSDUWDPHQWRGH&KXTXLVDFD )2%20$'(80536;&K6XFUH(QHURGH i 2EVHUYDWRULR /DWLQRDPHULFDQR GH &RQIOLFWRV $PELHQWDOHV *XtD 0HWRGROyJLFD SDUD OD *HVWLyQ &RPXQLWDULDGH&RQIOLFWRV$PELHQWDOHV &KLOH i 2UVDJ9ODGLPLU&RQVLGHUDFLRQHVVREUHOD&RQWDPLQDFLyQ4XtPLFDGHORV6XHORV&LUFXQODFXVWUHVDO /DJR3RRSy (Q6HPLQDULR7DOOHU5HJLRQDOVREUHHO/DJR3RRSy,/',6872&23/$2UXUR i 2UWL]3DEOR3URSXHVWD0HWRGROyJLFDSDUDOD5HVROXFLyQGH&RQIOLFWRV6RFLRDPELHQWDOHV(Q3ULPHU &XUVR7DOOHU7UDWDPLHQWR\*HVWLyQGH&RQIOLFWRV6RFLRDPELHQWDOHV3HU~ i 3DFKHFR3(VWLORVGH'HVDUUROOR'HIRUHVWDFLyQ\'HJUDGDFLyQGHORV%RVTXHVHQODV7LHUUDV%DMDV GH%ROLYLD&,)25&('/$7,(55$/D3D] i 3DFKHFR3,QIOXHQFLDVGHODV3ROtWLFDV3~EOLFDVVREUHORV%RVTXHV 'RFXPHQWRSUHVHQWDGRHQHO WDOOHU/DSROtWLFDGHERVTXHVHQORVSDtVHVGHODFRPXQLGDGDQGLQD&HQWUR$QGLQRSDUDHO'HVDUUROOR 6RVWHQLEOH%RJRWi 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV i 3DFKHFR 3 \ ' .DLPRZLW] 0XQLFLSLRV \ *HVWLyQ )RUHVWDO HQ HO 7UySLFR %ROLYLDQR &,)25&('/$7,(55$%2/)25/D3D] i 3DYH] , \ $ %RMDQLF (O 3URFHVR 6RFLDO GH )RUPXODFLyQ GH OD /H\ )RUHVWDO GH %ROLYLD GH &,)25&('/$7,(55$3520$%/D3D] i 3LQDUG 1 $ $QiOLVLV VRPHUR GH ORV UHVXOWDGRV &LHQWtILFRV GHO 'U * 1DYDUUR VREUH HO (VWDGR GH &RQVHUYDFLyQGHO%RVTXH&KLTXLWDQRGHQWURGHO'HUHFKRGH9tDGHO*DVRGXFWRD &XLDEi%ROLYLD i 3URFySLR$UJHPLR$PD]RQLD(FRORJLDH'HJUDGDFDR6RFLDO (GLWRUD$OID2PHJD6DR3DXOR i 3XEOLFDFLRQHV GH ORV SHULyGLFRV &RUUHR GHO 6XU (O 'HEHU (O 'LDULR (O 0XQGR (O 1XHYR 'tD /D 0DUFKD/D3UHQVD/RV7LHPSRV\3UHVHQFLD i 43,'&(5'(7)2%20$'((O5tR3LOFRPD\R7DULMD i 4XLURJD2VFDU)RURGH3XHUWR6XiUH]&RPHQWDULRVDO(VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO GHO*DVRGXFWRD&XLDEi%ROHWtQ)RUR10D\R i 4XLURJD06\(6DOLQDV0LQHUDOHV\0DGHUD7HPDVSDUDHO'HEDWH$PELHQWDO*5$0$/D3D] i 5D]D :HUQHU * 6XVWDLQDEOH 'HYHORSPHQW LQ WKH 1HROLEHUDO 3HULSKHU\ 7KH ([SHULHQFH RI 6XVWDLQDELOLW\3ROLWLFVLQ%ROLYLD± ERUUDGRUQRSXEOLFDGR$XVWULD i 5HJODPHQWR$PELHQWDOSDUD$FWLYLGDG0LQHUD'HFUHWR6XSUHPR1GHOGH MXOLRGH i 5HJODPHQWR$PELHQWDOSDUDHO6HFWRUGH+LGURFDUEXURV'HFUHWR6XSUHPRGHOGHMXOLRGH i 5HJODPHQWRGH$JXDV'HFUHWR6XSUHPRGHOGH VHSWLHPEUHGH i 5HJODPHQWRGHOD/H\)RUHVWDO'HFUHWR6XSUHPR1GHOGHGLFLHPEUHGH i 5HJODPHQWRVGHOD/H\GHO0HGLR$PELHQWH'HFUHWR6XSUHPR1GHOGH GLFLHPEUHGH i 5HS~EOLFDGH%ROLYLD&yGLJRGH0LQHUtD1GHOGHPDU]RGH i 5HS~EOLFDGH%ROLYLD/H\GH'HVFHQWUDOL]DFLyQ$GPLQLVWUDWLYD1GHOGHMXOLRGH i 5HS~EOLFDGH%ROLYLD/H\GH+LGURFDUEXURV1GHOGH DEULOGH i 5HS~EOLFDGH%ROLYLD/H\GH3DUWLFLSDFLyQ3RSXODU1GHOGHDEULOGH i 5HS~EOLFDGH%ROLYLD/H\GHO0HGLR$PELHQWH1GHOGHDEULOGH i 5HS~EOLFDGH%ROLYLD/H\GHO6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULD,15$1GHRFWXEUH GH i 5HS~EOLFDGH%ROLYLD/H\)RUHVWDO1GHOGH MXOLRGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR i 5HS~EOLFDGH%ROLYLD1XHYD/H\)RUHVWDO1GHOGHMXOLRGH i 6DQ0DUWtQ6DDYHGUD3DEOR&RQIOLFWRV$PELHQWDOHVHQ&KLOH2/&$,(3&KLOH i 6WRO] 5 'LDJQyVWLFR GHO 6HFWRU )RUHVWDO 0LVLyQ )RUHVWDO $OHPDQD0LQLVWHULR GH $VXQWRV &DPSHVLQRV\$JURSHFXDULRV&HQWURGH 'HVDUUROOR)RUHVWDO/D3D] i 6WRO] 5 3RVLELOLGDGHV GH 8WLOL]DFLyQ GH ORV 5HFXUVRV )RUHVWDOHV 7URSLFDOHV GHO 1RUWH \ (VWH GH %ROLYLD&RQVLGHUDQGR$VSHFWRV(FROyJLFRV)*8.521%(5*&2168/7,1*%RQQ i 6WRO] 5\ /4XHYHGR(VWXGLRGHO6HFWRU )RUHVWDOGHO'HSDUWDPHQWRGH6DQWD&UX]3UR\HFWRGH 3URWHFFLyQGHORV5HFXUVRV1DWXUDOHVHQHO'HSDUWDPHQWRGH6DQWD&UX] 6DQWD&UX] i 6XEVHFUHWDUtDGH0HGLR$PELHQWH6LWXDFLyQGHORV5HFXUVRV+tGULFRVHQ%ROLYLD /D3D] %ROLYLD i 6XSHULQWHQGHQFLD)RUHVWDO/D6LWXDFLyQ)RUHVWDOGHODV7&2V83&2,6DQWD&UX] i 6]ZDUJ]DN $ (VWXGLR VREUH HO $SURYHFKDPLHQWR GH 5HFXUVRV )RUHVWDOHV HQ %ROLYLD ERUUDGRU QR SXEOLFDGR7RPR,)RUR%ROLYLDQRGH0HGLR$PELHQWH\'HVDUUROOR/D3D] i 7KRPDV +HQWVFKHO \ (YHO\Q 7DXFHU/D 3HTXHxD 0LQHUtD $XUtIHUD HQ %ROLYLD \ VX ,PSDFWR HQ HO $PELHQWH (Q+iELWDW/,'(0$/D3D] i 80536;&K 3URJUDPD GH *UDGXDFLyQ GH OD &DUUHUD GH 'HUHFKR 2UJDQL]DFLyQ 6LVWpPLFD 6RFLDO SDUD )UHQDU OD &RQWDPLQDFLyQ GHO UtR 3LOFRPD\R FRQ (QIDVLV HQ OD 'HPDQGD GH 5HVSHWR D OD 1RUPDWLYD9LJHQWH6XFUH i 9DUJDV6DOJXHLUR<3)%(QWUHQDFLRQDOLVWDV\/LEHUDOHV&DSLWDOL]DFLyQ" i 9HWHULQDULRVVLQ)URQWHUDV3ODQGH0DQHMR± GHO7HUULWRULR,QGtJHQD5HVHUYDGH%LRVIHUD 3LOyQ/DMDV/D3D] i 9LFHPLQLVWHULR GH 0HGLR $PELHQWH 5HFXUVRV 1DWXUDOHV \ 'HVDUUROOR )RUHVWDO 90$51')$UHDV )RUHVWDOHVGH5HVHUYD0XQLFLSDO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH/D3D] i :RUOG%DQN%ROLYLD)RUHVWU\6XEVHFWRU 5HYLHZ/DWLQ$PHULFDDQGWKH&DULEEHDQ5HJLRQDO2IILFH :DVKLQJWRQ'& i =HOD\D5LFDUGR0LQHUtDR0HGLR$PELHQWHHO*UDQ'LOHPD &('2,1/$3D] i =21,6,*3ODQGH8VRGHO6XHORGHO'HSDUWDPHQWRGH3DQGR3/863$1'2/D3D] i =21,6,* =RQLILFDFLyQ $JURHFROyJLFD \ 6RFLRHFRQyPLFD \ 3HUILO $PELHQWDO GHO 'HSDUWDPHQWR GH 3DQGR /D3D] 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR $QH[RV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (OSUR\HFWR&XLDEi FRPRFRPSUDUFRQVHUYDFLRQLVWDV (O GH PDU]R GH HO JRELHUQR SURPXOJy OD /H\ &RUD]yQ SDUD TXH ³%ROLYLD VH FRQYLHUWD HQ XQ Q~FOHR HQHUJpWLFR\FRPXQLFDFLRQDOUHJLRQDOD WUDYpV GH ODDSHUWXUDGH FRUUHGRUHVSDUDODH[SRUWDFLyQ HQHUJpWLFDKLGURFDUEXUtIHUD \ HO WHQGLGR GH UHGHVGH WHOHFRPXQLFDFLyQ´SDUDOR FXDO OD /H\ SULRUL]D SUR\HFWRVHQWUHORVTXHVHHQFXHQWUDHOJDVRGXFWR6DQ0LJXHO6DQ0DWtDVFRQRFLGRFRPRHOJDVRGXFWR ODWHUDORHOJDVRGXFWRD&XLDEi3RVLEOHPHQWHSRUHVWRHOUHSUHVHQWDQWHGH(1521HQ%ROLYLD$EUDKDP 0RUHQRGLMRHQODUHXQLyQUHDOL]DGDSRUHO&RPLWp&tYLFR3UR6DQWD&UX]HOGHMXOLRTXH³VXHPSUHVD KDEtD ORJUDGROD DSUREDFLyQ GHOD /H\ &RUD]yQ´6DEHPRVTXH IXHURQ PXFKDVODV SUHVLRQHVHMHUFLGDV SDUDODDSUREDFLyQGHHVWD/H\SHURHVWDGHFODUDFLyQUD\DHQHOFLQLVPR /D/H\&RUD]yQIXHUHVLVWLGDSRUTXHGHMDGHODGRFRQVLGHUDFLRQHVGHVREHUDQtDQDFLRQDOHVWDEOHFLGDVHQ OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRODPLVPDTXHVHxDODH[SUHVDPHQWHHQVXDUWtFXORTXHGHQWURGH ORV .P GH ODV IURQWHUDV ORV H[WUDQMHURV QR SXHGHQ DGTXLULU QL SRVHHU SRU QLQJ~Q WtWXOR VXHOR QL VXEVXHORGLUHFWDRLQGLUHFWDPHQWHLQGLYLGXDOPHQWHRHQVRFLHGDGEDMRSHQDGHSHUGHUHQEHQHILFLRGHO (VWDGR OD SURSLHGDG DGTXLULGD H[FHSWR HQ FDVR GH QHFHVLGDG QDFLRQDO GHFODUDGD SRU /H\ H[SUHVD 8WLOL]DQGR HVWH UHFXUVR OD /H\ &RUD]yQ GHFODUD GH QHFHVLGDG QDFLRQDO TXH HPSUHVDV FRQ FDSLWDO H[FOXVLYDPHQWH H[WUDQMHUR R PL[WR SXHGDQ REWHQHU PHGLDQWH FRQFHVLRQHV H[WHQVLRQHV GH VXHOR QHFHVDULDVSDUDODFRQVWUXFFLyQ\RSHUDFLyQGH D GXFWRVSDUDHOWUDQVSRUWH\FRPHUFLDOL]DFLyQGHKLGURFDUEXURV\VXVGHULYDGRV E WRGR WLSR GH LQVWDODFLRQHV SDUD OD JHQHUDFLyQ LQWHUFRQH[LyQ WUDQVPLVLyQ GLVWULEXFLyQ \ FRPHUFLDOL]DFLyQGHHOHFWULFLGDG\ F WRGRWLSRGHLQVWDODFLRQHVSDUDWHOHFRPXQLFDFLRQHVGHQWURGHORV.PGHODIURQWHUDQDFLRQDOHQHO SHUtPHWURGHRQFHFRUUHGRUHVGH H[SRUWDFLyQTXHVHVHxDODQHQHODQH[RGHOD/H\ 'HHVWDPDQHUDOD/H\&RUD]yQSHUPLWLyVDOYDUHOREVWiFXOROHJDOHVWDEOHFLGRHQOD&RQVWLWXFLyQ3ROtWLFD GHO(VWDGRTXHLPSHGtDODFRQVWUXFFLyQGHOJDVRGXFWRD&XLDEi (OSUR\HFWR&XLDEi (O3UR\HFWR&XLDEiFRPSUHQGHGRVSDUWHVHOJDVRGXFWR6DQ0LJXHO6DQ0DWtDVHQ%ROLYLD\ODSODQWD WHUPRHOpFWULFDGH&XLDEiHQ%UDVLO(OJDVRGXFWRHVWiIXQGDPHQWDOPHQWHGHVWLQDGRDDOLPHQWDUODSODQWD SDUD OD JHQHUDFLyQ GH HQHUJtD TXH DFWXDOPHQWH IXQFLRQD D GLHVHO \ TXH D WUDYpV GHO SUR\HFWR VHUi DPSOLDGDFRQORTXHUHTXHULUiPLOORQHVGHPHWURVF~ELFRVGHJDVQDWXUDOSRUGtD (VWi SUHYLVWR TXH %ROLYLD DSRUWH FRQ HO GH HVD GHPDQGD VLHPSUH \ FXDQGR VXV SUHFLRV VHDQ FRPSHWLWLYRV\HOUHVWRSURYHQJDGH<3)$UJHQWLQDHPSUHVDFRQODTXH(1521XQDGHODVSURSLHWDULDV GH7UDQVUHGHVILUPyXQDFXHUGRSDUDHVHDSURYLVLRQDPLHQWR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (OJDVRGXFWRD&XLDEi (OJDVRGXFWR6DQ 0LJXHO6DQ 0DWtDV VHRULJLQDHQHOUHFLHQWHPHQWHFRQVWUXLGRJDVRGXFWR6DQWD&UX] 6DR3DXOR R*DVRGXFWR%ROLYLD%UDVLO\VHGLULJHKDFLDHOQRUHVWH7HQGUiXQDH[WHQVLyQDSUR[LPDGDGH .P HQ WHUULWRULR EROLYLDQR \ HQ WHUULWRULR EUDVLOHUR XQ GLiPHWUR GH SXOJDGDV \ XQD FDSDFLGDGGHPLOORQHVGHPHWURVF~ELFRVSRUGtD/DLQYHUVLyQWRWDOGHDFXHUGRDO9LFHSUHVLGHQWHGH 7UDQVUHGHV -DYLHU 3DQWRMD HV GH PLOORQHV GH GyODUHV (O DQFKR GH YtD VHUi GH P GXUDQWH OD FRQVWUXFFLyQ\PHWURVGXUDQWHODRSHUDFLyQ(OGXFWRVHUiHQWHUUDGRDXQDSURIXQGLGDGPtQLPDGH PHWUR$FWLYLGDGHVDVRFLDGDVDODFRQVWUXFFLyQVRQHOOHYDQWDPLHQWRGHVPRQWHQLYHODGRPDQLSXODFLyQ HQVDPEODMH \ FRORFDFLyQ GH WXEHUtD DVt FRPR HO UHOOHQR GH ]DQMDV 6X LQIUDHVWUXFWXUD DVRFLDGD LQFOXLUi iUHDVGHDOPDFHQDPLHQWRRILFLQDV\iUHDVGHPDQWHQLPLHQWR &DUDFWHUtVWLFDVHFRQyPLFDVGHOSUR\HFWR &RVWRDSUR[LPDGRGHODREUDJDVRGXFWR\SODQWDJHQHUDGRUDPLOORQHVGHGyODUHV 3UpVWDPRGHOD2YHUVHDV,QYHVWPHQW3ULYDWH&RUSRUDWLRQ23,&PLOORQHVGHGyODUHV &RQFHVLyQ SDUD OD FRQVWUXFFLyQ \ RSHUDFLyQ GHO JDVRGXFWR RWRUJDGD SRU OD 6XSHULQWHQGHQFLD GH +LGURFDUEXURVDOD(PSUHVD*DV2ULHQWH%ROLYLDQRFRQIRUPDGDSRUODVHPSUHVDV7UDQVUHGHV 6KHOO\(QURQ$VXYH]7UDQVUHGHVHVWiFRQIRUPDGDSRU6KHOO(QURQ\ ORVIRQGRVGHSHQVLRQHVDGPLQLVWUDGRVSRUODV$)3 (O%RVTXH6HFR&KLTXLWDQR 'H DFXHUGR DO WUD]R SUR\HFWDGR HO JDVRGXFWR D &XLDEi DWUDYHVDUi FXDWUR HFRUUHJLRQHV HO &KDFR HO %RVTXH6HFR&KLTXLWDQRHO&HUUDGR\HO3DQWDQDO$SHVDUGHTXHODFRQVHUYDFLyQGHKiELWDWVLQWDFWRV HQ HVWDV FXDWUR UHJLRQHV HV LPSRUWDQWH FLHQWtILFRV \ HVSHFLDOLVWDV FRQVLGHUDQ GH LPSRUWDQFLD FUtWLFD HO HVWDGRGHFRQVHUYDFLyQGHO%RVTXH&KLTXLWDQR (O %RVTXH &KLTXLWDQR KD VLGR FDWHJRUL]DGR FRPR XQ HFRVLVWHPD PXQGLDOPHQWH QRWDEOH SRU VXV FDUDFWHUtVWLFDVGHELRGLYHUVLGDG$SHVDUGHKDEHUVLGRSRFRHVWXGLDGRHVWiHQWUHORVERVTXHVVHFRVFRQ PD\RUULTXH]DGHHVSHFLHVTXHLQFOX\HXQDYDULHGDGGHYHUWHEUDGRVHQSHOLJURGHH[WLQFLyQ\HVSHFLHV PX\UDUDVGHSODQWDV'HDFXHUGRDO(VWXGLR$PELHQWDO6XSOHPHQWDULR,QGHSHQGLHQWH,6($HVWHVHFWRU GHO%RVTXH6HFR&KLTXLWDQRHVWiDFWXDOPHQWHHQPX\EXHQHVWDGRGHFRQVHUYDFLyQ\UHODWLYDPHQWHKD VLGR SRFR GLVWXUEDGR (O $UHD 1DWXUDO GH 0DQHMR ,QWHJUDGR GH 6DQ 0DWtDV KD VLGR FUHDGD SDUD GDUOH DXQTXHLQFRUSRUDVyORXQDSRUFLyQGHO%RVTXH&KLTXLWDQR /RV ERVTXHV VHFRV VRQ HFRVLVWHPDV GH JUDQ IUDJLOLGDG UD]yQ SRU OD FXDO PX\ SRFRV VH PDQWLHQHQ LQWDFWRV /DSpUGLGDGHKiELWDWV \ VXGHJUDGDFLyQVH GHEHQSULQFLSDOPHQWHDOIXHJR\ D ODLQYDVLyQGH SDVWXUDV /DV SULQFLSDOHV DPHQD]DV SDUD HO %RVTXH &KLTXLWDQR VRQ HO LQFUHPHQWR GH OD IUHFXHQFLD GH IXHJRODFRORQL]DFLyQQRSODQLILFDGDODDJULFXOWXUDPHFDQL]DGD\ODJDQDGHUtD(OJDVRGXFWRFUX]DUiXQ (OIXHJR HVXQIHQyPHQR HVWDFLRQDOLPSRUWDQWHHQ HOHVWHGH%ROLYLD QRIUHFXHQWH HQORVERVTXHV VHFRVTXHHVWiQ OLEUHVGHODLQIOXHQFLD KXPDQD /DIUHFXHQFLD KLVWyULFDGHO IXHJR HQORVGLIHUHQWHV HFRVLVWHPDV HVYDULDEOHGHVGHODV SDVWXUDV GRQGH SXHGH VHU PX\ IUHFXHQWH XQR D YDULRV DxRV KDVWD HO ERVTXH GRQGH VyOR VH SUHVHQWD HQ FDVRV GH VHTXtDVDJXGDVHVGHFLUXQDYH]FDGDDOJXQDVGpFDGDV(OLQFUHPHQWRGHODDFWLYLGDGKXPDQDLQFUHPHQWDODIUHFXHQFLD GHOIXHJR )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR iUHDYLUJHQTXHXQHTXLSRLQWHUQDFLRQDOGHHYDOXDFLyQ UiSLGDGHFRQVHUYDFLyQKDLGHQWLILFDGRFRPR³OR TXHSXHGHVHUHOiUHDPiVJUDQGHGHERVTXHDOWRVHFRUHPDQHQWHUHODWLYDPHQWHSRFRGLVWXUEDGRQRVyOR HQQHRWUySLFRVLQRHQPXQGRHQWHUR´(VWXGLR$PELHQWDO6XSOHPHQWDULR,QGHSHQGLHQWH /RVLPSDFWRV GLUHFWRVGHOJDVRGXFWRHVWiQUHIHULGRVD ODFRQVWUXFFLyQ\ PDQWHQLPLHQWRGHOGHUHFKRGH YtD TXH GHVWUXLUi OD YHJHWDFLyQ \ FDXVDUi UXSWXUD HQ XQD EDQGD GH PHWURV GH DQFKR HQ DSUR[LPDGDPHQWH .P /D PD\RU SUHRFXSDFLyQ VRQ ORV LPSDFWRV VHFXQGDULRV HVSHUDGRV RFDVLRQDGRVSRUHOHVWDEOHFLPLHQWRGHXQFRUUHGRUDWUDYpVGHOERVTXHLQWDFWRTXHIDFLOLWHHODFFHVRSDUD RWUDVDFWLYLGDGHVH[WUDFWLYDVPDGHUDEOHV\QRPDGHUDEOHV /D &KLTXLWDQtDHVXQD UHJLyQJHRJUiILFDGHODVWLHUUDV EDMDV GHOHVWHGHOGHSDUWDPHQWRGH 6DQWD&UX] TXH WLHQHXQD KHUHQFLDFXOWXUDO GH SXHEORVLQGtJHQDVLQIOXHQFLDGRV SRU ODVPLVLRQHVMHVXtWLFDVGHOVLJOR ;9,,,/DUHJLyQHVWiVLWXDGDHQXQD ]RQDGHWUDQVLFLyQHQWUHORVERVTXHVK~PHGRVHQHOERUGH6XUGHOD FXHQFDDPD]yQLFD\ODVIRUPDFLRQHVGHPDWRUUDOHVSLQRVRGHO*UDQ&KDFR/D&KLTXLWDQtDVHFDUDFWHUL]D SRU H[WHQVLRQHV JUDQGHV SRFR QR GLVWXUEDGDV GH ERVTXH VHPLGHFLGXR VDEDQDV GH FHUUDGR \ WLHUUDV K~PHGDV GH SDQWDQDO ,6($ 'LYHUVRV DXWRUHV LGHQWLILFDURQ HVWD iUHD FRPR XQR GH ORV HFRVLVWHPDVPiVDPHQD]DGRVHQHOQHRWUySLFR\ODHFRUUHJLyQHQPD\RUSHOLJURGH%ROLYLDEDVDGRVHQ ODFRQGLFLyQ~QLFDGHODUHJLyQHOHVWDGRGHSUHVHUYDFLyQ\ODWDVDGHGHIRUHVWDFLyQRGHJUDGDFLyQTXH DPHQD]DFDPELDUVXHVWDGR (QHOiUHDGHHVWXGLRFRH[LVWHQSREODFLRQHVLQGtJHQDVDJULFXOWRUHVSHTXHxRVKDFHQGDGRV\JDQDGHURV FRPSDxtDVPDGHUHUDV\PLQHUDVFRORQL]DGRUHVQDFLRQDOHV\H[WUDQMHURV(QWUHODVSREODFLRQHVLQGtJHQDV SRU GRQGH SDVDUi HO GXFWR VH HQFXHQWUDQ DVHQWDGRV SXHEORV FKLTXLWDQRV D\RUHRV \ JXDUDQtHV TXH KDELWDQSULQFLSDOPHQWHHQODV]RQDVUXUDOHVSHURWDPELpQHQODVSREODFLRQHVXUEDQDV /DVQHJRFLDFLRQHV\HODFXHUGRGHODVHPSUHVDVFRQORVFRQVHUYDFLRQLVWDV (QORVSURPRWRUHVGHOSUR\HFWRLQLFLDURQQHJRFLDFLRQHVFRQODVRUJDQL]DFLRQHVLQGtJHQDVSDUDHO ILQDQFLDPLHQWR GH XQ 3ODQ GH 'HVDUUROOR ,QGtJHQD FRPR PHGLGD GH PLWLJDFLyQ GH ORV LPSDFWRV GHO JDVRGXFWRD&XLDEiVLQOOHJDUDQLQJ~QDFXHUGRKDVWDPD\RGH $ ILQHV GH QRYLHPEUH GH VH FRQRFLy TXH *DV 2ULHQWH %ROLYLDQR KDEtD LQLFLDGR WUDEDMRV GH GHVPRQWHWUDQVSRUWH\DFRSLRGHPDWHULDOHQODFRPXQLGDGGH7DSHUDVODPLVPDTXHQRIXHLQIRUPDGDQL PHQRVFRQVXOWDGDVREUHHOSUR\HFWRDSHVDUGHTXHXQRGHORVFDPSDPHQWRVVHHVWDEOHFLyHQVXiUHD GHMXULVGLFFLyQ $QWH ODGHQXQFLDHIHFWXDGDDO9LFHPLQLVWHULRGH +LGURFDUEXURV VXRILFLQDGH PHGLRDPELHQWHDJLOL]y OD DSUREDFLyQ GHO (VWXGLR GH (YDOXDFLyQ GH ,PSDFWR $PELHQWDO GHO SUR\HFWR ORJUDQGROD RWRUJDFLyQ GH OD OLFHQFLDHQIHFKDGHGLFLHPEUHGHEDMRQXHYHFRQGLFLRQHVTXHIXHURQLPSXHVWDVSRUODDXWRULGDG DPELHQWDOGHO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOHPLHQWUDVTXHODRILFLQDDPELHQWDOGHO9LFHPLQLVWHULRGH +LGURFDUEXURVLQVWDQFLDWpFQLFDGHUHYLVLyQQRUHDOL]yQLQJXQDREVHUYDFLyQ /DHPSUHVD*DV2ULHQWH%ROLYLDQRVROLFLWyDOD23,&FRUSRUDFLyQGHLQYHUVLyQSULYDGD GHVFHQWUDOL]DGD GHOJRELHUQRGHORV(VWDGRV8QLGRVTXHJDUDQWL]DLQYHUVLRQHVSULYDGDVHVWDGRXQLGHQVHVHQHOH[WHULRU XQSUpVWDPRGHEDMRLQWHUpVSDUDHOSUR\HFWR/D23,&VHHQFRQWUDEDHYDOXDQGRHOSUR\HFWRGHVGHILQHV GHSDUDORFXDOUHDOL]yYLDMHVD6DQWD&UX]DFRPLHQ]RVGHDxR3UHRFXSDGRVFRQHVWDVLWXDFLyQHO 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV GHIHEUHURGH$PD]RQ:DWFK::)%ROLYLD\$PLJRVGHOD7LHUUDHQYLDURQXQDFDUWDDOD23,& SLGLHQGRTXHQRDSUXHEHHOILQDQFLDPLHQWR (O GH PDU]R OD 23,& SRVSXVR OD DSUREDFLyQ GHO SUR\HFWR GHELGR D TXH FRQVLGHUy DO (VWXGLR GH (YDOXDFLyQ GH ,PSDFWR $PELHQWDO DSUREDGR HQ %ROLYLD FRPR GHILFLHQWH H LQFRPSOHWR /RV GHIHFWRV GH EDVHVHxDODGRVSRUGLIHUHQWHVDXWRUHVIXHURQPXFKRVHQWUHHOORV /DFRQVLGHUDFLyQGHO%RVTXH&KLTXLWDQRFRPRXQDVXEXQLGDGGHO3DQWDQDO 1RLGHQWLILFDFLyQGHODLPSRUWDQFLDJOREDOGHO%RVTXH&KLTXLWDQR 1R IXHURQ FRQVLGHUDGDV DQDOL]DGDV QL SUHYLVWDV PHGLGDV GH PLWLJDFLyQ SDUD ORV LPSDFWRV VHFXQGDULRV (UURUHVHQHODQiOLVLVGHDOWHUQDWLYDV\DTXHpVWHVHUHDOL]DSDUDODWRWDOLGDGGHOWUD]DGRFXDQGR GHEHUtD GLYLGLUVH OD REUD HQ WUDPRV DQDOL]DQGR DOWHUQDWLYDV SDUD FDGD WUDPR SRWHQFLDOPHQWH FRQIOLFWLYR (UURUHVHQHOFiOFXORGHO,QGLFHGH(YDOXDFLyQ$PELHQWDOGHOSUR\HFWR )DOWD GH HVWXGLRV GH GLVWULEXFLyQ GH HVSHFLHV DPHQD]DGDV \ SXQWRV FODYHV HQ OD GLQiPLFD IDXQtVWLFDQHFHVDULRVSDUDHVWDEOHFHUDOWHUQDWLYDVGHWUD]DGR $XVHQFLDGHPHGLGDVEiVLFDVGHPLWLJDFLyQFRPRVRQORVSDVRVGHIDXQDDWUDYpVGHOGHUHFKR GHYtD /DFXHVWLRQDEOHSDUWLFLSDFLyQGHODHPSUHVDHQHO3ODQGH&RQVHUYDFLyQGHO3DQWDQDO\GHO$10, 6DQ0DWtDV 6LQ HPEDUJR OD 23,& HQIRFy VXV REVHUYDFLRQHV HQ OD IDOWD GH FRQVLGHUDFLyQ GH ORV LPSDFWRV VHFXQGDULRV UD]yQ SRU OD FXDO LQVWUX\y OD UHDOL]DFLyQ GH XQ (VWXGLR $PELHQWDO 6XSOHPHQWDULR HO TXH GHEHUtD WDPELpQ GHILQLU VL HO iUHD D LPSDFWDU HUD ERVTXH SULPDULR \ GHEHUtD PRGLILFDU ORV SODQHV GH PLWLJDFLyQ\FRQVHUYDFLyQVREUHODEDVHGHHVWHHVWXGLR(VWHHVWXGLRIXHHQFDUJDGRDODPLVPDHPSUHVD TXHUHDOL]yHOGHILFLHQWH((,$HVGHFLU(QWUL[3FDEDMRORVDOFDQFHVGHILQLGRVSRUOD23,&FRQXQDIDVH GHFDPSRGHGtDV\DXQ FRVWRGH86 3DUDOHODPHQWHFLHQWtILFRVGHOD::):&60LVVRXUL%RWDQLFDO*DUGHQ0XVHR1RHO.HPSII0HUFDGR\ )XQGDFLyQ $PLJRV GH OD 1DWXUDOH]D ORJUDURQ XQ ILQDQFLDPLHQWR GH OD (1521 SDUD OOHYDU D FDER XQ (VWXGLR $PELHQWDO ,QGHSHQGLHQWH /DV FRQFOXVLRQHV GH HVWH HVWXGLR VH FHQWUDURQ HQ HO JUDGR GH FRQVHUYDFLyQGHO%RVTXH&KLTXLWDQR\GHPRVWUDURQTXHVHWUDWDSULQFLSDOPHQWHGHXQERVTXHSULPDULR SRU OR WDQWR SODQWHDURQ OD QHFHVLGDG GH FDPELDU HO WUD]R GHO GXFWR \ GH TXH VH ILQDQFLH XQ 3ODQ GH FRQVHUYDFLyQ SDUD PLWLJDU ORV LPSDFWRV VHFXQGDULRV &RQ HVWDV FRQFOXVLRQHV ODV RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDVLQLFLDURQXQDHWDSDGHUHXQLRQHVFRQ(QURQ7UDQVUHGHV\6KHOOHQODVFXDOHV(QURQ PDQLIHVWy VX LQWHUpV GH ILQDQFLDU HO 3ODQ GH &RQVHUYDFLyQ SURSXHVWR SRU HO HVWXGLR PHQFLRQDGR /DV RUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVGHFLGLHURQTXHVHUtDGH LQWHUpVGHO%RVTXH6HFR&KLTXLWDQRGH%ROLYLD ORJUDUHVWDLQYHUVLyQ$SDUWLUGHHQWRQFHVVHLQLFLDURQODVFRQYHUVDFLRQHVWDQWRHQ6DQWD&UX]FRPRHQ :DVKLQJWRQ VREUH HO PRQWR SDUD HO 3ODQ GH &RQVHUYDFLyQ (VWD QHJRFLDFLyQ VREUH HO SDWULPRQLR GH UHFXUVRVQDWXUDOHV GH %ROLYLD QR VyOR TXH QR FRQWy FRQ OD SUHVHQFLD GH DXWRULGDGHV JXEHUQDPHQWDOHV QDFLRQDOHVQLPHQRVORFDOHVQLFRQSDUWLFLSDFLyQGHUHSUHVHQWDQWHVLPSDUFLDOHVGHODVRFLHGDGFLYLOVLQR TXHDGHPiVVHGHVDUUROOyFRQODSDUWLFLSDFLyQGHOD(PEDMDGRUDGHORV(VWDGRV8QLGRVTXLpQSURSLFLyXQ DFXHUGR )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (OGHPD\RODRUJDQL]DFLyQPDWUL]LQGtJHQDGH6DQWD&UX]&3(6&SUHVHQWyDOD6XSHULQWHQGHQFLDGH +LGURFDUEXURVXQDRSRVLFLyQFRQWUDODRWRUJDFLyQGHODOLFHQFLDSDUDODFRQVWUXFFLyQGHOGXFWRGHQWURGHO SOD]ROHJDO\EDVDGDHQFRQVLGHUDFLRQHVDPELHQWDOHV(VWDRSRVLFLyQIXHUHWLUDGDFXDWURGtDVPiVWDUGH GHELGRDODILUPDGHXQFRQYHQLRSRUHOTXHORVSURPRWRUHVGHOSUR\HFWRVHFRPSURPHWLHURQDILQDQFLDUXQ 3ODQ GH 'HVDUUROOR GH ORV 3XHEORV ,QGtJHQDV 3'3, \ HO VDQHDPLHQWR GH ODV WLHUUDV SRU XQ PRQWR DSUR[LPDGRGHPLOORQHVGHGyODUHVSHURQRVHUHVROYLHURQORVDVSHFWRVDPELHQWDOHVVHxDODGRVHQOD RSRVLFLyQ (O)2%20$'(QRDOFDQ]yDSUHVHQWDURSRVLFLyQDOD6XSHULQWHQGHQFLDSHUGLHQGRGHHVWDPDQHUDXQD RSRUWXQLGDGPX\LPSRUWDQWH$VXYH]OD6XSHULQWHQGHQFLDHYDOXyPX\VXSHUILFLDO\DGPLQLVWUDWLYDPHQWH HOFDVRVLQWRPDUHQFXHQWDSRUHMHPSORODVFRQGLFLRQHVHQTXHIXHDSUREDGDODOLFHQFLDDPELHQWDOODV PLVPDVTXHQRKDEtDQVLGRFXPSOLGDV 3DUDOHODPHQWH JUXSRVDPELHQWDOLVWDV GH %ROLYLD \ GHOPXQGR DXQDEDQ HVIXHU]RV SDUD FRQYHQFHU D ORV LQWHJUDQWHVGHOD-XQWD'LUHFWLYDGHOD23,&TXHQRGHEHUtDQILQDQFLDUHOSUR\HFWR\SUHSDUDEDQXQDQRWD VXVFULWD SRU RUJDQL]DFLRQHV GH WRGR HO PXQGR GLULJLGD D OD -XQWD ::) ILUPy HVD QRWD /HJLVODGRUHV QRUWHDPHULFDQRVVHVXPDURQWDPELpQDODRSRVLFLyQDOSUR\HFWRKDELHQGRHQYLDGRXQDQRWDDOD23,&HO GH MXQLR HQ OD TXH UHFXHUGDQ TXH GH DFXHUGR D ODV UHIRUPDV DPELHQWDOHV GH HVWD LQVWLWXFLyQ DQXQFLDGDVSRUHOSUHVLGHQWH&OLQWRQHQOD23,&HVWiSURKLELGDGHILQDQFLDUSUR\HFWRVH[WUDFWLYRV\ GHLQIUDHVWUXFWXUDHQERVTXHVWURSLFDOHVSULPDULRV /DV RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV GHGLFDURQ OD ~OWLPD VHPDQD DQWHV GHO YRWR GH 23,& D OD LQWHQVLILFDFLyQGHVXVQHJRFLDFLRQHVSDUDORJUDUHOPD\RUPRQWRSRVLEOHHQODVPHMRUHVFRQGLFLRQHVQR SDUDHOERVTXHVLQRSDUDHOODVHVGHFLUDOPDUJHQGHODIXHQWHGHILQDQFLDPLHQWRDOPDUJHQGHOFDPELR GHUXWD\FRQHOPDQWHQLPLHQWRGHOYDORUGHXWLOL]DQGRSDUDHOORODSUHVLyQGHORVDPELHQWDOLVWDVDVt FRPRGHODPLVPD::)TXHDPHQD]yFRQXQDFDPSDxDGHSUHQVD(ODFXHUGRIXHILUPDGRHOGtDGH MXQLR \ VLUYLy SDUDTXH ODVHPSUHVDVSHWUROHUDV KLFLHUDQOREE\ FRQOD 23,& DUJX\HQGR TXH HO DFXHUGR SURWRFRODUVDWLVIDFtDODVSUHRFXSDFLRQHVDPELHQWDOHVGHODFRPXQLGDGFRQVHUYDFLRQLVWD (O DFXHUGR HVWDEOHFH TXH ORV SURPRWRUHV GHO SUR\HFWR HQWUHJDUiQ PLOORQHV GH GyODUHV DO JUXSR GH RUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVSDUDHOGHVDUUROORHLPSOHPHQWDFLyQGHXQSURJUDPDGHFRQVHUYDFLyQ GHO %RVTXH &KLTXLWDQR $GHPiV XQD GH VXV FOiXVXODV VHxDOD TXH HO PHQFLRQDGR SURJUDPD GHEH VHU FRQWDUFRQHOFRPSURPLVRGHSDUWLFLSDFLyQGHOJRELHUQRGH%ROLYLDTXLpQDGHPiVGHEtDFRPSURPHWHUVHD VXLPSOHPHQWDFLyQ(VWHDFXHUGRIXH DHVSDOGDVGHORVJUXSRVDPELHQWDOLVWDVTXHVHKDEtDQVXPDGRD ODV SURWHVWDV HQ FRQWUD GHO JDVRGXFWR \ OR TXH HV LQFRQFHELEOH VLQ FRQRFLPLHQWR GHO 0LQLVWHULR GH 'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQHQ%ROLYLDEDMRFX\DDGPLQLVWUDFLyQVHHQFXHQWUDHO$UHD1DWXUDOGH 0DQHMR,QWHJUDGR6DQ0DWtDVFUHDGDSDUDGDUSURWHFFLyQDO%RVTXH&KLTXLWDQR2EYLDPHQWHHODFXHUGR WDPSRFRIXHGHFRQRFLPLHQWRGHORVJRELHUQRVGHSDUWDPHQWDOHV\ORFDOHV3DUDFRPSOHWDUODVFRVDVHO DFXHUGR FUHD XQ FRQVRUFLR SDULWDULR HQWUH ODV HPSUHVDV SURPRWRUDV GHO SUR\HFWR \ ODV RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV LQYROXFUDGDV SDUD OD DGPLQLVWUDFLyQ GH ORV IRQGRV SDVDQGR SRU HQFLPD GH ODV LQVWLWXFLRQHV GHO (VWDGR QHJRFLDQGR ERVTXHV TXH SHUWHQHFHQ DO SDtV HQ IODJUDQWH DWURSHOOR D VX VREHUDQtD 1RWDGHO&RQJUHVRGHORV(VWDGRV8QLGRV+RXVHRI5HSUHVHQWDWLYHVDO6U*HRUJH0XxR]3UHVLGHQWH\&(4GH 8623,&GHMXQLRGH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV (ODFXHUGRLQFOXtDXQSXQWRHVSHFtILFRSRUHOTXHQRSRGtDVHUGDGRDFRQRFHUKDVWDTXHVHHVWDEOHFLHUDQ HVWUDWHJLDVGHGLIXVLyQ6LQHPEDUJROD23,&ORGLYXOJy\ORXWLOL]yFRPRDYDOSDUDDSUREDUHOGHMXQLR HO ILQDQFLDPLHQWR SDUD HOSUR\HFWR EDMR RFKRFRQGLFLRQHV HQWUH ODVTXH VH LQFOX\HQ OD ILUPD IRUPDO GHO DFXHUGRSURWRFRODUODFUHDFLyQGHO&RPLWpGH'LUHFFLyQGHOFRQVRUFLRHOHVWDEOHFLPLHQWROHJDOGHOIRQGR ILGXFLDULR\DOWHUDFLRQHVHQODFRQVWUXFFLyQGHODUXWDGHOGXFWRHQORVOXJDUHV FRQVLGHUDGRVFRPR]RQDV FUtWLFDVGHOERVTXHSULPDULR /DUHDFFLyQGHORVJRELHUQRVQDFLRQDO\ORFDO (O GH MXQLR HQ OD FLXGDG GH 6DQWD &UX] VH UHXQLHURQ DOFDOGHV UHSUHVHQWDQWHV GH ORV &RPLWpV GH )LVFDOL]DFLyQ&RPLWpV&tYLFRV&HQWUDOHV,QGtJHQDV27%VDJHQWHVPXQLFLSDOHVSDUURTXLDVSURIHVRUHV\ PpGLFRV GH ODV SURYLQFLDV $QJHO 6DQGyYDO *HUPiQ %XVFK \ &KLTXLWRV SDUD WRPDU FRQRFLPLHQWR GHO SUR\HFWR\GHORVLPSDFWRVTXHJHQHUDUtD$OUHVSHFWRREVHUYDURQODIDOWDGHLQIRUPDFLyQ\FRQVXOWDTXH KDEtD H[LVWLGR \ HPLWLHURQ XQ SURQXQFLDPLHQWR S~EOLFR GH UHFKD]R DO WUD]DGR GHO JDVRGXFWR \ D ODV QHJRFLDFLRQHV GH ODV RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV UHDOL]DGDV D HVSDOGDV DO SDtV \ GH ODV SREODFLRQHVORFDOHVHLQGtJHQDV$GHPiVH[LJLHURQTXHORVPLOORQHVGHGyODUHVVHDQHQWUHJDGRVDOD PDQFRPXQLGDGGHPXQLFLSLRVFKLTXLWDQRV\DODVRUJDQL]DFLRQHVORFDOHVSDUDODFUHDFLyQGHXQIRQGRGH GHVDUUROOR\JHVWLyQDPELHQWDOTXHVLUYDGHEDVHSDUDTXHODVSREODFLRQHVKDJDQXQ PDQHMRVRVWHQLEOH\ HMHU]DQILVFDOL]DFLyQGHVXVUHFXUVRVQDWXUDOHV 3RVWHULRUPHQWH HO &RPLWp &tYLFR 3UR 6DQWD &UX] OD $VRFLDFLyQ GH 0XQLFLSLRV GH 6DQWD &UX] \ OD 0DQFRPXQLGDG GH 0XQLFLSLRV &KLTXLWDQRV UHDOL]y WUHV UHXQLRQHV HO HO \ HO GH MXOLR D ODV TXH FRQYRFyDO9LFHPLQLVWHULRGH'HVDUUROOR6RVWHQLEOHTXHHVWXYRSUHVHQWHHQODVGRV~OWLPDV\PDQLIHVWy QR KDEHU WHQLGR FRQRFLPLHQWR GHO SURFHVR GH QHJRFLDFLRQHV OOHYDGR D FDER SRU OD (QURQ OD 6KHOO ODV LQVWLWXFLRQHVFRQVHUYDFLRQLVWDVLQYROXFUDGDV\OD23,&/RVUHSUHVHQWDQWHVGHO9LFHPLQLVWHULRLQIRUPDURQ TXH ODOLFHQFLD DPELHQWDORWRUJDGDHVWDED FRQGLFLRQDGDDOFXPSOLPLHQWRGHYDULRVDVSHFWRV\ DGHPiV VHxDODEDH[SOtFLWDPHQWHODLQH[LVWHQFLDGHXQSHUPLVRSDUDLQJUHVDUDO$10,6DQ0DWtDV3RURWUDSDUWH PRVWUDURQVXVRUSUHVDVREUHHOKHFKRGHTXHVHKD\DQHJRFLDGRXQSODQGHFRQVHUYDFLyQDOPDUJHQGH ODV LQVWLWXFLRQHV EROLYLDQDV UHVSRQVDEOHVGH ODV iUHDV SURWHJLGDV PiV D~Q WRPDQGR HQ FXHQWD TXH HO JRELHUQRHVWiUHDOL]DQGRJUDQGHVHVIXHU]RVSDUDORJUDUILQDQFLDUODJHVWLyQGHHVWDViUHDV(VHOFDVRGHO SUR\HFWR*(),,SRUPLOORQHVGHGyODUHVSDUDODJHVWLyQGHYDULDViUHDVTXHD~QHVWiHQSURFHVRGH DSUREDFLyQ (QHVWDVUHXQLRQHVSXGRHYLGHQFLDUVHODDFWLWXGSRFRWUDQVSDUHQWH\GLVWUDFFLRQLVWDGHORVUHSUHVHQWDQWHV GHOD(QURQ\VXVDVHVRUHV(QWUL[3&$DVtFRPRGHODVRUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVVLJQDWDULDVGHO FRQYHQLRTXLHQHVSUHWHQGLHURQFRQYHQFHUGHTXHVHWUDWDEDGHXQDFXHUGR\HVIXHU]RSULYDGRTXHKDEtD ORJUDGR PLOORQHVGH GyODUHVSDUDHOSDtV $GHPiV LQWHQWDURQH[SOLFDU TXH HVWDVLWXDFLyQ QDGD WHQtD TXHYHUFRQODDSUREDFLyQGHOSUpVWDPRGHOD23,&SDUDODFRQVWUXFFLyQGHOJDVRGXFWRDSHVDUGHTXH ODV FRQGLFLRQHV GH DSUREDFLyQ H[SUHVDPHQWH OR VHxDODQ (Q HVWD RFDVLyQ QR EULQGDURQ QLQJXQD GRFXPHQWDFLyQ )XH HO )2%20$'( HO TXH SUHVHQWy ORVGRFXPHQWRV GH OD 23,& DVt FRPR HO DFXHUGR SURWRFRODUTXHIXHURQFXHVWLRQDGRVSRUODVRUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVFRQHODUJXPHQWRGHTXH QR HUDQ GRFXPHQWRV RILFLDOHV 6LQ HPEDUJR WLHPSR GHVSXpV OD 23,& KL]R OOHJDU HVD PLVPD GRFXPHQWDFLyQGHPDQHUDRILFLDODOJRELHUQR )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR /DSRVLFLyQDPELHQWDOLVWD /RV DPELHQWDOLVWDV PDQWXYLHURQ ILUPH VX SRVLFLyQ VREUH HO FDPELR GH WUD]R GHO GXFWR SDUD ORJUDU XQD HIHFWLYDSURWHFFLyQGHO%RVTXH&KLTXLWDQRSHURHOJRELHUQRVRVWXYRTXHKDELpQGRVHDSUREDGRODOLFHQFLD SRUSDUWHGHOD6XSHULQWHQGHQFLDGH+LGURFDUEXURVODSRVLELOLGDGGHHOORKDEtDTXHGDGRDWUiV3RURWUR ODGRFXHVWLRQDURQODIDOWDGHpWLFDGHODVRUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVTXHQHJRFLDURQVXVSURSLDV DILUPDFLRQHVFLHQWtILFDV\VHYDOLHURQGHOPRYLPLHQWRLQWHUQDFLRQDOHQFRQWUDGHOSUR\HFWRSDUDFRQVHJXLU IRQGRV TXH EHQHILFLDQ VREUH WRGR D RUJDQL]DFLRQHV TXH QR WLHQHQ QLQJXQD WXLFLyQ HQ OD ]RQD QR OD KDELWDQQRODKDQFRQVHUYDGR\QRVRQUHVSRQVDEOHVGHVX DGPLQLVWUDFLyQ $VLPLVPRVHVRVWXYRTXHODVREHUDQtDQDFLRQDOGHEHVHUUHVSHWDGD\ORVSREODGRUHVORFDOHVWLHQHQTXH HMHUFHU HO GHUHFKR GH VHU DPSOLDPHQWH LQIRUPDGRV \ HILFD]PHQWH FRQVXOWDGRV VREUH HVWH WLSR GH SUR\HFWRV TXH SRU XQDSDUWH JHQHUDQ JUDQGHVLPSDFWRV DPELHQWDOHVD ORVHFRVLVWHPDV PiV ULFRV DVt FRPRFRQIOLFWRVVRFLDOHVDODVSREODFLRQHVPiVGHVSURWHJLGDVGHOSDtV\SRURWUDPX\SRFRVEHQHILFLRV SDUDHOSDtVODUHJLyQ\ODVFRPXQLGDGHVORFDOHV (O GH MXOLR HO )2%20$'( FRQMXQWDPHQWH D UHGHV \ RUJDQL]DFLRQHV DPELHQWDOLVWDV \ GH GHUHFKRV KXPDQRV GHO PXQGR GLULJLy XQD QRWD D ODV FLQFR RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV SDUD H[SUHVDU VX JUDQSUHRFXSDFLyQVREUHHODFXHUGRSURWRFRODUGHELGRDTXH D (ODFXHUGRSURWRFRODUMXJyXQSDSHOGHVXSUHPDLPSRUWDQFLDHQODGHFLVLyQWRPDGDSRUOD23,&SDUD VXEVLGLDUDODVFRUSRUDFLRQHVSURPRWRUDVGHOSUR\HFWRJDVRGXFWRD&XLDEi E (OERUUDGRUPDUFDXQSUHFHGHQWHDOHVWDEOHFHUTXHODVFRUSRUDFLRQHVSXHGHQFRPSUDUHODSR\RGH RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV SDUD IDFLOLWDU FXDOTXLHU SUR\HFWR GH GHVDUUROOR FRQFHUQLHQWH \ DVt VRFDYDUORVHVIXHU]RVGHRUJDQL]DFLRQHV\FRPXQLGDGHVSDUDSDUDURUHGLVHxDUHVWRVSUR\HFWRV F (O ERUUDGRU GHO SURWRFROR HVWDEOHFH TXH OR HVWLSXODGR HQ pVWH QR VH KDUtD S~EOLFR KDVWD TXH HO DFXHUGRILQDOKXELHVHVLGRILUPDGR6LQHPEDUJR23,&\(QURQVXPLQLVWUDURQFRSLDVGHOERUUDGRUD ORV UHSUHVHQWDQWHV RILFLDOHV GHO JRELHUQR GH ORV (VWDGRV 8QLGRV FRPR SDUWH GHO p[LWR GH ODV QHJRFLDFLRQHVGHOSUpVWDPRSDUDHOJDVRGXFWRHOFXDOVHUtDDSUREDGRSRUOD-XQWDGH23,&DSHVDU GH OD JUDQ RSRVLFLyQ DO SUpVWDPR TXH \D H[LVWtD (UD GH VXSRQHUVH TXH ODV RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV HQWHQGtDQ TXH HO ERUUDGRU GHO DFXHUGR SURWRFRODU SRGtD VHU XWLOL]DGR GH HVWD PDQHUD 3RURWUDSDUWHODQRWDUHDOL]DORVVLJXLHQWHVFXHVWLRQDPLHQWRV ¢&DPELDURQ OD LGHD GH DSR\DU OD UXWD DOWHUQDWLYD HQ IDYRU GH ORV SDWURFLQDGRUHV GHO SUR\HFWR GHELGRDODRIHUWDGHGLQHUR" ¢)LUPDURQHOGRFXPHQWRDQWHVGHODIHFKDGHDSUREDFLyQSRUSDUWHGHOD23,&DVDELHQGDVGH TXHHOGRFXPHQWRVHUtDXWLOL]DGRSDUDTXHVHGLHVHQJDUDQWtDVGHOSUpVWDPR" 1RWD HQYLDGD SRU HO )2%20$'( &RDOLFLyQ 5tRV 9LYRV $PD]RQ :DWFK 5DLQIRUHVW $FWLRQ 1HWZRUN 3URMHFW 8QGHUJURXQGD::):&60XVHR1RHO.HPSII0HUFDGR0LVVRXUL%RWDQLFDO*DUGHQ)$1GHMXOLRGH %RUUDGRU3URWRFRORSDUDXQD3URJUDPDGH&RQVHUYDFLyQHQHO(VWHGH%ROLYLD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV ¢3RUTXpQRIXHGLVFXWLGRHOGRFXPHQWRFRQORVSREODGRUHVORFDOHV\JUXSRVDPELHQWDOLVWDVGH %ROLYLD GDGD ODV LPSOLFDQFLDV GHO PLVPR SDUD ORV SXHEORV GH OD UHJLyQ FKLTXLWDQD \ OD FRQVHUYDFLyQ" /DQRWDFRQFOX\HHQTXHORVDVXQWRVpWLFRVGHODVQHJRFLDFLRQHVUHDOL]DGDVSRUORVFRQVHUYDFLRQLVWDVFRQ ORVSDWURFLQDGRUHVGHOJDVRGXFWRD&XLDEiWLHQHQFRQVHFXHQFLDVGHHQRUPHWUDVFHQGHQFLDDODUJRSOD]R SDUDHOIXWXURGHODVFDPSDxDVVREUHHODPELHQWH\ODMXVWLFLDVRFLDOSRUORTXHVHKDFHQHFHVDULRLQLFLDU XQDPSOLRGHEDWHLQWHUQDFLRQDOVREUHHOSDSHOGHODVRUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVLQWHUQDFLRQDOHVDO IDFLOLWDUODUHDOL]DFLyQGHSUR\HFWRVGHGHVDUUROORGHVWUXFWLYRVDFDPELRGHILQDQFLDFLyQSDUDVXVSUR\HFWRV GHFRQVHUYDFLyQ /RVLQWHJUDQWHVGHOD5HGGH$OHUWD3HWUROHUDGHORVSDtVHVGHO6XU2LOZDWFKKLFLHURQOOHJDUQRWDVGHORV PiV GLVWDQWHV OXJDUHV GHO PXQGR DO -HIH GH OD 2ILFLQD 6HFWRULDO GHO 0LQLVWHULR GH +LGURFDUEXURV UHVSRQVDEOHGHODDSUREDFLyQGHOFXHVWLRQDGR(VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDOGHOSUR\HFWR SDUDTXHUHYLVHVXSRVLFLyQ/DVQRWDVIXHURQUHPLWLGDVDO9LFHSUHVLGHQWHGHOD5HS~EOLFD$GLFLRQDOPHQWH IXHGLULJLGDXQDFDUWDDELHUWDDO3UHVLGHQWHGH %ROLYLD SHURQR VHREWXYR UHVSXHVWD /D $VDPEOHDGH 'HUHFKRV+XPDQRVGH%ROLYLDDWUDYpVGHVXILOLDOHQ6DQWD&UX]WDPELpQKL]RS~EOLFRVXUHFKD]R $FWXDOPHQWH 7UDQVUHGHV \ *DV 2ULHQWH %ROLYLDQR DVt FRPR RWUDV HPSUHVDV FRQVXOWRUDV DPELHQWDOHV SHWUROHUDV FRPR 'DPHV 0RRUH TXH KL]R HO GHILFLHQWH PRQLWRUHR GHO JDVRGXFWR %ROLYLD%UDVLO VH HQFXHQWUDQHQXQDFRVWRVDFDPSDxDSXEOLFLWDULDDPELHQWDOGHQWURGH%ROLYLDEXVFDQGRFUHDUXQDLPDJHQ GHUHVSHWRDOPHGLRDPELHQWHSDUDORFXDOKDQFRQWUDWDGRHPSUHVDVSURGXFWRUDVGHLPDJHQTXHSXEOLFDQ SiJLQDV HQ ORV GLDULRV QDFLRQDOHV SURFODPDQGR HO UHVSHWR D ODV OH\HV DPELHQWDOHV GHO SDtV \ D ORV SULQFLSLRV FRPR D ODV DFFLRQHV DPELHQWDOHV $SR\DQ HVWDV FDPSDxDV KDFLHQGR SURSDJDQGD VREUH ORV DSRUWHV UHDOL]DGRV D HPSUHVDV TXH GLULJHQ SUR\HFWRV HGXFDWLYRV /D 5D]yQ GH DJRVWR GH \ 3UHVHQFLDGHDJRVWRGH /DVLWXDFLyQDFWXDO (O GH MXOLR VH LQDXJXUy RILFLDOPHQWH OD FRQVWUXFFLyQ GHO JDVRGXFWR (O 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH\3ODQLILFDFLyQHPLWLyHOSHUPLVRSDUDHOLQJUHVRDOiUHDHQEDVHDXQDFXHUGRGHFRRSHUDFLyQ ILUPDGR HQWUH *DV 2ULHQWH %ROLYLDQR \ HO 6HUYLFLR 1DFLRQDO GH $UHDV 3URWHJLGDV DxDGLHQGR DOJXQDV FRQGLFLRQHV FRPR OD SUHVHQWDFLyQ GHO 3ODQ GH 3UHYHQFLyQ \ 0LWLJDFLyQ \ HO 3ODQ GH $SOLFDFLyQ \ 6HJXLPLHQWR$PELHQWDOSDUDODVDOWHUQDWLYDVGHWUDPRVSUHVHQWDGDVDVtFRPRODHODERUDFLyQGHXQ3ODQ GH0RQLWRUHR0LWLJDFLyQ\5HVWDXUDFLyQFRQODSDUWLFLSDFLyQGHO9LFHPLQLVWHULRGH5HFXUVRV1DWXUDOHV\ 'HVDUUROOR )RUHVWDO OD SREODFLyQ ORFDO OD 'LUHFFLyQ GHO $10, 6DQ 0DWtDV OD 'LUHFFLyQ *HQHUDO GH %LRGLYHUVLGDG \ HO 6HUYLFLR 1DFLRQDO GH $UHDV 3URWHJLGDV DVSHFWRV TXH D~Q QR KDQ VLGR FXPSOLGRV D SHVDUGHORFXDOHOJDVRGXFWRHVWiDSXQWRGHVHUFRQFOXLGR (O GH MXQLR ODV RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV IRUPDOL]DURQ VX SDUWLFLSDFLyQ HQ HO 3UR\HFWR GH &RQVHUYDFLyQ GHO %RVTXH &KLTXLWDQR &)&3 ::) HQ UHVJXDUGR GH VX FUHGLELOLGDG LQVWLWXFLRQDO LQWHJULGDGH LQGHSHQGHQFLDGHFLGLy QR ILUPDU HO DFXHUGR GHELGRSULQFLSDOPHQWH DO SHVRTXH WLHQHQODV HPSUHVDVDOVHUFRQWUDSDUWHVHQODHVWUXFWXUDRUJDQL]DFLRQDO\ODIDOWDGHLQGHSHQGHQFLDHQODWRPDGH GHFLVLRQHVTXHHVWRVXSRQHORTXHFXHVWLRQDODFDSDFLGDGGHOSURFHVRGHJHQHUDUFRQVHUYDFLyQDODUJR &DUWD$ELHUWDDO*HQHUDO+XJR%DQ]HU3UHVLGHQWHGHOD5HS~EOLFDGH%ROLYLDGHMXOLRGH )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR SOD]R::)GHFLGLyDVXPLUXQDUHODFLyQLQGHSHQGLHQWH\GHVGHIXHUDPRQLWRUHDUHO&)&3DVtFRPRORV LPSDFWRVDFXPXODWLYRVGHOJDVRGXFWR (OGH VHSWLHPEUHRUJDQL]DFLRQHVDPELHQWDOLVWDVGH%ROLYLD\GHOPXQGRVROLFLWDURQDOYLFHSUHVLGHQWHGH ORV(VWDGRV8QLGRV $O*RUHLQVWUXLU D ORVGLUHFWLYRVGHOD23,&QHJDUFXDOTXLHU DSR\R DO3UR\HFWR GHO *DVRGXFWR D &XLDEi FDUWD TXH HO YLFHSUHVLGHQWH QR KD UHVSRQGLGR \ QR VH FRQRFH D~Q VL HO ILQDQFLDPLHQWRIXHRQRGHVHPEROVDGR (O,QIRUPH3LQDUG 8QD GH ODV FRQGLFLRQHV SDUDOD DSUREDFLyQ SRU OD -XQWD 'LUHFWLYD GH 23,& GHO ILQDQFLDPLHQWR SDUD HO SUR\HFWR D &XLDEi IXH OD UHYLVLyQ GH OD PHWRGRORJtD \ FRQFOXVLRQHV DOFDQ]DGRV SRU HO 'U *RQ]DOR 1DYDUURHQVXHVWXGLRERWiQLFRGHO%RVTXH&KLTXLWDQRGHQWURGHOGHUHFKRGHYtDSXEOLFDGRFRPRSDUWH GHO(VWXGLR$PELHQWDO6XSOHPHQWDULRGH(QWUL[3&$ 3DUDUHDOL]DUHVWDUHYLVLyQOD23,&FRQWUDWyDOD'UD0$3LQDUGTXLHQGHEtDRIUHFHUXQDRSLQLyQGHOD UDFLRQDOLGDGGHODVFRQFOXVLRQHVDOFDQ]DGDVSRUHO'U1DYDUURSDUDORFXDOOD'UD3LQDUGDQDOL]yOR DSURSLDGRGHODPHWRGRORJtDHPSOHDGDODVROLGH]GHORVGDWRV\GDGRVORVGDWRVGLVSRQLEOHVOR OyJLFRGHODFRQFOXVLyQ 'H DFXHUGR D OD 'UD 3LQDUG 1DYDUUR \ VX HTXLSR RULHQWDURQ OD WDUHD GH GLDJQRVWLFDU HO HVWDGR GH FRQVHUYDFLyQGHOERVTXHDGRSWDQGRODGHILQLFLyQGH23,&\EXVFDQGRHYLGHQFLDVGHGLVWXUELRVKXPDQRV (OORVHQFRQWUDURQHYLGHQFLDV\FRQFOX\HURQTXHODPD\RUSDUWHGHOiUHDQRHVSULPDULD'DGRHOFRQFHSWR GH ERVTXH SULPDULR SUtVWLQR TXH HOORV GHEtDQ XVDU OD FRQFOXVLyQ OH SDUHFH UD]RQDEOH D SHVDU GH ODV GHELOLGDGHVHQORVPpWRGRVXVDGRVDVtFRPRHOPDOXVRGHOFRQFHSWRGHERVTXHVHFXQGDULRTXHHVXQ HVWDGRVXFHVLRQDO\QRQHFHVDULDPHQWHXQERVTXHQRSULPDULR$SHVDUGHHOORDODFLHQWtILFDHOHVWXGLR QR OH SDUHFH IDWDOPHQWH GHIHFWXRVR FRPR OR HV OD GHILQLFLyQ XWLOL]DGD SDUD GLDJQRVWLFDU HO HVWDGR GH FRQVHUYDFLyQGHOERVTXH 3RUORDQRWDGRHOODXUJHDORVGLUHFWLYRVGHOD23,&DUHFRQVLGHUDUVXGHILQLFLyQGHERVTXHSULPDULR\D HVFXFKDUDORV]RyORJRVTXLHQHVVHxDODQTXHWRGRVORVLQGLFDGRUHVGHERVTXHLQWDFWRHVWiQSUHVHQWHVHQ HO %RVTXH &KLTXLWDQR D ORVELyORJRVTXH VRVWLHQHQ TXH pVWH HV XQR GH ORVVHFWRUHVPiV JUDQGHV GH ERVTXHGHHVWHWLSRHQHVWDFRQGLFLyQHQWRGRHO7UySLFRD~QFXDQGRHOERVTXHQRFDLJDHQVXFDWHJRUtD SDUDFRQVHUYDFLyQSRUTXHKD\HYLGHQFLDGHGLVWXUELRVKXPDQRV &RQFOXVLRQHV (O0LQLVWHULR GH 'HVDUUROOR6RVWHQLEOH \ 3ODQLILFDFLyQ SXGRHYLGHQFLDUVXVSURSLDVOLPLWDFLRQHV SDUD OD DSUREDFLyQ GH HVWXGLRV GH LPSDFWR DPELHQWDO \ RWRUJDPLHQWR GH ODV OLFHQFLDV 3XGR FRPSUREDUTXHODRILFLQDVHFWRULDOGHO9LFHPLQLVWHULRGH+LGURFDUEXURVQRFXPSOHXQUROWpFQLFR HQODUHYLVLyQGHORVHVWXGLRV\HODVHVRUDPLHQWRDOD$XWRULGDG$PELHQWDOSDUDODRWRUJDFLyQGH OLFHQFLDV&RQODDSUREDFLyQ GHOHVWXGLRGHHYDOXDFLyQGHLPSDFWRDPELHQWDOGHOJDVRGXFWR6DQ 0LJXHO6DQ 0DWtDV R JDVRGXFWR D &XLDEi HO JRELHUQR VH FHUUy SRVLELOLGDGHV GH PD\RU SHVR IUHQWHDORVILQDQFLDGRUHV 3RVLFLyQGH::)VREUHHO3URJUDPDGH&RQVHUYDFLyQGHO%RVTXH&KLTXLWDQR 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV /DV OLPLWDFLRQHV GH OD 'LUHFFLyQ *HQHUDO GH ,PSDFWR &DOLGDG \ 6HUYLFLRV $PELHQWDOHV 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQHQORUHIHUHQWHDFRPXQLFDFLyQHVWDPELpQ XQ DVSHFWR TXH LQIOX\H HQ HOWUDEDMR TXH UHDOL]D 3DUD ORVEDQFRVPXOWLODWHUDOHV TXH ILQDQFLDQ SURFHVRVGHUHIRUPDVDO(VWDGRHVWHFDVRGHEHUtDFRQVWLWXLUXQSURIXQGROODPDGRGHDWHQFLyQ SXHVWRTXHHVWiQSRUGHILQLFLyQFRQFHQWUDGRVHQDSR\DUDODVRILFLQDVDPELHQWDOHVVHFWRULDOHV ODVTXHKDQGHPRVWUDGRFXPSOLUIXQFLRQHVGLIHUHQWHVDODVGHSURWHFFLyQDPELHQWDO\HQPXFKRV FDVRVFRPRHOSUHVHQWHFRQWUDSXHVWDV /RV SURFHVRV GH FRQVXOWD OOHYDGRV D FDER SRU ORV FRQVXOWRUHV KDQ GHPRVWUDGR VHU FRPSOHWDPHQWHGHILFLHQWHV\VHVJDGRVSXHVWRTXHHQHOPHMRUGHORVFDVRVUHDOL]DQHQWUHYLVWDV DDOJXQDVDXWRULGDGHVORFDOHVSDUDQHJRFLDUSHTXHxRVPRQWRV GHFRPSHQVDFLyQ/RVSURFHVRV GH FRQVXOWD GHEHQ LQYROXFUDU WDPELpQ D DXWRULGDGHV UHJLRQDOHV ORFDOHV RUJDQL]DFLRQHV DPELHQWDOLVWDVLQGtJHQDVFtYLFDV\GHEHQVHUSURFHVRVDPSOLDPHQWHLQIRUPDWLYRV1RGHEHUtDQ GDUVH QHJRFLDFLRQHV D SXHUWD FHUUDGD FRQ RUJDQL]DFLRQHV LQGtJHQDV DLVODGDV GH ODV QHJRFLDFLRQHVFRQDXWRULGDGHVQDFLRQDOHVPXQLFLSDOHV\SREODFLRQHVORFDOHVSRUTXHHVWRUHVWD WUDQVSDUHQFLD \ OOHYD D OD E~VTXHGD GH ³FRPSHQVDFLRQHV´ TXH HQ PXFKRV FDVRV PX\ SRFR WLHQHQTXHYHUFRQODUHDOSURWHFFLyQDPELHQWDO\VRFLDO (O GHEDWH LQWHUQDFLRQDO DELHUWR HQ WRUQR DO HQYHUGHFLPLHQWR GH SUR\HFWRV FXHVWLRQDGRV DPELHQWDOPHQWHGHEHSURIXQGL]DUVH(VQHFHVDULRHYLWDUTXHHVWHWLSRGHDFWXDFLyQVHFRQYLHUWD HQ SDWUyQ GH FRQGXFWD SRU OD WUDVFHQGHQFLD VREUH ORV HVIXHU]RV GH SURWHFFLyQ DPELHQWDO \ MXVWLFLDVRFLDO )LQDOPHQWHHVQHFHVDULRDXQDUHVIXHU]RVHQWRUQRDOVHJXLPLHQWR\PRQLWRUHRVRFLRDPELHQWDO GHO SUR\HFWR SDUD OR FXDO ODV H[SHULHQFLDV GH ORV FRPLWpV GH ILVFDOL]DFLyQ FRQVWLWX\HQ XQ LPSRUWDQWHDSRUWHTXHUHTXLHUHQGHHVIXHU]RVGHLQIRUPDFLyQ\DSR\RRUJDQL]DWLYR$HVWHQLYHO ORFDOHOUROGHO)2%20$'(\GHODVRUJDQL]DFLRQHVGHSDUWDPHQWDOHVHVPX\LPSRUWDQWHSRUOR TXHHVQHFHVDULRVXPDU\FRRUGLQDUDFFLRQHVSDUDFXPSOLUOR 3DWULFLD0ROLQD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR $SXQWHVVREUHODVDPHQD]DVGHFRQIOLFWRV DPELHQWDOHVHQ3DQGR (OGHSDUWDPHQWRGH3DQGRFRQVXH[WHQVLyQGHKHFWiUHDVUHSUHVHQWDHOGHODVXSHUILFLH GHOWHUULWRULREROLYLDQRHVWiGLYLGLGRHQSURYLQFLDV\PXQLFLSLRV7LHQHXQDDOWLWXGTXHYDUtDHQWUHORV \ PVQP 6X FOLPD HV WURSLFDO K~PHGR \ FiOLGR FRQ XQD pSRFD UHODWLYDPHQWH VHFD GH PD\R D VHSWLHPEUH)RUPDSDUWHGHODFXHQFDGHOUtR$PD]RQDVFRQXQD DEXQGDQWHUHGGHUtRV\ODPD\RUtDGH VXWHUULWRULRHVWiFXELHUWRSRUERVTXHVVLHPSUHYHUGHV6HKDQUHJLVWUDGRPiVGHHVSHFLHVGHiUEROHV \SDOPHUDVHQHOGHSDUWDPHQWR\HVXQDUHJLyQFRQVLGHUDGDGHDOWDGLYHUVLGDGIDXQtVWLFD6LQHPEDUJR ORVVXHORVVRQSREUHV\GHEDMDIHUWLOLGDGH[FHSWRHQODVOODQXUDVDOXYLDOHV /D UHJLyQ TXH HVWXYR SREODGD SRU GLYHUVRV SXHEORV LQGtJHQDV FDUDFWHUL]DGRV SRU XQ DSURYHFKDPLHQWR HTXLOLEUDGRGHORVUHFXUVRVQDWXUDOHVHPSH]yDFREUDULPSRUWDQFLDSDUDOD5HS~EOLFDUHFLpQDSDUWLUGHO DXJHHFRQyPLFRGHOFDXFKR'HVGHPHGLDGRVGHOVLJOR;,;FRPHQ]yXQDJUDQSUHVLyQFRORQL]DGRUDTXH VRPHWLyDODVSREODFLRQHVRULJLQDULDVFRQYLUWLpQGRODVHQPDQRGHREUDHVWDEOHODPD\RUtDGHODVYHFHV SRU OD IXHU]D /D SHQHWUDFLyQ GH FDSLWDOHV H[WUDQMHURV SULQFLSDOPHQWH LQJOHVHV SDUD OD LQGXVWULD GH OD JRPD FRQVROLGy HPSUHVDV GH H[SORWDFLyQ \ FRPHUFLDOL]DFLyQ GH HVWD PDWHULD SULPD HQWUH ODV TXH VH GLVWLQJXLy OD HPSUHVD 6XiUH] +HUPDQRV TXH OOHJy D FRQWURODU HO GH ODV iUHDV ERVFRVDV (VWDV HPSUHVDVVH FDUDFWHUL]DURQSRU LQWHJUDUQXPHURVRV FHQWURVGH H[SORWDFLyQGH FDXFKRORFDOL]DGRVD OR ODUJRGHORVUtRV\GHQRPLQDGRVEDUUDFDVFRQDFWLYLGDGHVDJUtFRODV\SHFXDULDVGHHVWDIRUPDOOHJDURQD GRPLQDUWRGRHOSURFHVRGHH[SORWDFLyQGHJRPDH[SRUWDFLyQ\SURYLVLyQGHORVELHQHVEiVLFRVSDUDVXV WUDEDMDGRUHV 'HVSXpV GH OD 6HJXQGD *XHUUD 0XQGLDO ORV SUHFLRV GH OD JRPD HPSH]DURQ D FDHU \ FRQ HOORV VH GHVLQWHJUDURQ ODV JUDQGHV HPSUHVDV H[WUDFWLYLVWDV FRPHUFLDOHV /DV SURSLHGDGHV DJUtFRODV JRPHUDV \ FDVWDxHUDVIXHURQYHQGLGDVRDSURSLDGDV\SDVDURQDPDQRVSULQFLSDOPHQWHGHVXVH[DGPLQLVWUDGRUHV\ H[ WUDEDMDGRUHV (OOR RULJLQy OD DSDULFLyQ GH QXPHURVDV EDUUDFDV PHGLDQDV \ SHTXHxDV \ WDPELpQ GH QXHYDV FRPXQLGDGHV /D H[SORWDFLyQ GH OD JRPD VH PDQWXYR KDVWD OD GpFDGD GHO RFKHQWD JUDFLDV D VXEYHQFLRQHVGHO%UDVLOHQWDQWRVHLQFUHPHQWDEDODGHPDQGDH[WHUQDGHFDVWDxDPDWHULDSULPDTXHVH KDFRQYHUWLGRHQHOSULQFLSDOVXVWHQWRHFRQyPLFRGHODUHJLyQGXUDQWHOD~OWLPDGpFDGD 3HVHDTXHHOFUHFLPLHQWRGHODVH[SRUWDFLRQHVGHFDVWDxDKDVLGRDVFHQGHQWHORV~OWLPRVDxRV HQWUH \ ORV LQJUHVRV SDUD ORV UHFROHFWRUHV \ EDUUDTXHURV QR VH KDQ LQFUHPHQWDGR VLJQLILFDWLYDPHQWH GDGR TXH ORV H[FHGHQWHV KDQ IDYRUHFLGR VyOR D ODV HPSUHVDV EHQHILFLDGRUDV GH SURSLHWDULRVFUXFHxRV\SDFHxRV'HELGRDTXHODH[SORWDFLyQ GHFDVWDxDVHUHDOL]DVyORFXDWURPHVHVDO DxRHQWUHGLFLHPEUH\PDU]RORVEDUUDTXHURVKDQLQFXUVLRQDGRHQODH[SORWDFLyQGHPDGHUD\SDOPLWR $OJXQRVKDQHVWDGRWDPELpQLQYROXFUDGRVHQODH[SORWDFLyQGHRURDOXYLRQDOVREUHWRGRGXUDQWHHODXJH TXHVH YLYLyHQWUH\HQHOUtR0DGUHGH'LRV (QWUH ODV SULQFLSDOHV FDUDFWHUtVWLFDV GH OD UHJLyQ TXH SHUPLWHQ HQWHQGHU ORV SURFHVRV JHQHUDGRUHV GH SUREOHPDVDPELHQWDOHVVHSXHGHQPHQFLRQDUODVVLJXLHQWHV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV D (OSDWUyQGHRFXSDFLyQGHOHVSDFLRHVWiEDVDGRHQXQDXQLGDGH[WUDFWLYDEDUUDFDFRPRVLVWHPD GHDSURSLDFLyQ\XVRLUUHVWULFWRGHWRGRVORVUHFXUVRVTXHVHHQFXHQWUDQHQHOOD&RQHVDOyJLFDVH HVWDEOHFLyODSUiFWLFDGHOGHUHFKRGHSRVHVLyQVREUHODWLHUUDVLQXQUHVSDOGRSURSLHWDULROHJDO (OOR KDOOHYDGRDXQDHOHYDGDFRQFHQWUDFLyQGHWLHUUDVHQPDQRVGHDOJXQRVEDUUDTXHURV E /DHFRQRPtDGHODUHJLyQVHKDVXVWHQWDGREiVLFDPHQWHHQODH[SORWDFLyQGHPDWHULDVSULPDVVLQ YDORUDJUHJDGR/RVH[FHGHQWHVGHODH[SORWDFLyQGHORVUHFXUVRVQDWXUDOHVSUiFWLFDPHQWHQRKDQ EHQHILFLDGR D 3DQGR ORV H[FHGHQWHV HFRQyPLFRV GHO FDXFKR VH H[SRUWDURQ D ,QJODWHUUD ORV H[FHGHQWHVGHFDVWDxDSDOPLWR\PDGHUDTXHGDQHQPDQRVGHHPSUHVDULRVFUXFHxRVSDFHxRV\ EHQLDQRV(QJHQHUDOFDVLWRGRVORVEDUUDTXHURVORFDOHVJUDQGHV\SHTXHxRVWLHQHQGHXGDVFRQ ODVHPSUHVDVEHQHILFLDGRUDVRFRQODEDQFDFRPHUFLDO$OSDUHFHUWDPSRFRKXERXQPDQHMRPX\ UDFLRQDOQLHILFLHQWHGHORV FUpGLWRVRWRUJDGRVDOVHFWRUFDVWDxHURSRU ODEDQFD FRPHUFLDOSRUOR TXHODFDQWLGDGGHGHXGRUHVHVEDVWDQWHHOHYDGD F (OVLVWHPDGH H[SORWDFLyQ GHODJRPD \ FDVWDxDVH VXVWHQWDVREUHODEDVH GHXQ HOHYDGRFRVWR VRFLDO/RVWUDEDMDGRUHVGHODVEDUUDFDVPDQWLHQHQXQDUHODFLyQGHGHSHQGHQFLDFRQHOSURSLHWDULR EDUUDTXHUR D WUDYpV GHO ³KDELOLWR´ XQD PRGDOLGDG GH FUpGLWR SRU OD FXDO HO WUDEDMDGRU UHFLEH DQWLFLSDGDPHQWHDOLPHQWRV\SURGXFWRVGHSULPHUDQHFHVLGDGHQGHXGiQGRVHFRQHOSDWUyQFRQHO FRPSURPLVR GH SDJDU VX GHXGD FRQ HO SURGXFWR GH VX WUDEDMR /RV SUHFLRV GH ORV SURGXFWRV DOLPHQWDULRV ILMDGRV SRU HO SURSLHWDULR GH OD EDUUDFD VRQ JHQHUDOPHQWH UHFDUJDGRV DO PLVPR WLHPSRTXHVHSDJDQSUHFLRVEDMRVSRUODFDVWDxDDQWHVSRUODJRPD/RPLVPRVXFHGHFRQODV FRPXQLGDGHV ³OLEUHV´ TXH QR WLHQHQ UHFXUVRV SDUD PHMRUDU VXV FRQGLFLRQHV GH SURGXFFLyQ \ WHUPLQDQWDPELpQFRPRGHXGRUHVGHORVEDUUDTXHURV3RUHOORQRVRUSUHQGHHOJUDYHHVWDGRGH SREUH]DHQHOGHSDUWDPHQWRVHJ~QHO,1(ODLQFLGHQFLDGHSREUH]DHQ3DQGRHVGHO G (O ILQ GH OD pSRFD GH OD JRPD KD JHQHUDGR XQD JUDQ PLJUDFLyQ GH OD SREODFLyQ UXUDO D &RELMD SURYRFDQGR XQD JUDQ SUHVLyQ GH WUDEDMR 6LQ HPEDUJR HQ OD FDSLWDO GHO GHSDUWDPHQWR SUiFWLFDPHQWHQRH[LVWHQIXHQWHVGHHPSOHRDSDUWHGHODVLQVWLWXFLRQHVGHO(VWDGRSULQFLSDOPHQWH 3UHIHFWXUD\$OFDOGtDTXHVHKDQFRQYHUWLGRHQODVPD\RUHVHPSOHDGRUDV(OORKDFHTXHODSUHVLyQ SROtWLFDGHOSDUWLGRHQIXQFLyQ GHJRELHUQRVHDPX\IXHUWHVREUHORVIXQFLRQDULRVHVWDWDOHV (VWR GHELOLWD HQWUH RWUDV D ODV LQVWLWXFLRQHV GH ILVFDOL]DFLyQ \ FRQWURO GH ORV UHFXUVRV QDWXUDOHV TXH UHVSRQGHQPiVDFRQVLJQDVSROtWLFDVTXHDLQWHUHVHVUHJLRQDOHV /RV HOHPHQWRV DQWHULRUHV QRV SHUPLWHQHQWHQGHU ODVFRQGLFLRQHV GRQGHVH RULJLQDQ DOJXQRVSUREOHPDV DPELHQWDOHVTXHDPHQD]DQGHULYDUHQFRQIOLFWRV$FRQWLQXDFLyQVHHQXPHUDDOJXQRVGHORVSULQFLSDOHV SUREOHPDVDPELHQWDOHVGHODUHJLyQTXHDXQTXHQRKDQH[SORWDGRWRGDYtDFRPRFRQIOLFWRVH[SOtFLWRVVH SXHGHQFODVLILFDUFRPRFRQIOLFWRVSRWHQFLDOHV ([SORWDFLyQLOHJDOGHPDGHUD /D H[SORWDFLyQ GH PDGHUD KD HPSH]DGR D FREUDU LPSRUWDQFLD D SDUWLU GH ORV ~OWLPRV DxRV FRQ OD DVLJQDFLyQ GH FRQFHVLRQHV SULQFLSDOPHQWH D HPSUHVDULRV GH 6DQWD &UX] +DVWD KDEtD FRQFHVLRQHV IRUHVWDOHV HQ 3DQGR UHFRQRFLGDV SRU OD 6XSHULQWHQGHQFLD )RUHVWDO FXEULHQGR XQ WRWDO GH KD 6LQHPEDUJRQR VH WLHQH LQIRUPDFLyQ GH FXiOHVGHHOODV FXHQWDQFRQSODQHVGH PDQHMR DSUREDGRVQLVHWLHQHQGDWRVVREUHORVYRO~PHQHVGHSURGXFFLyQGHPDGHUD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR (ODSURYHFKDPLHQWRGHODPDGHUDHVVHOHFWLYDVHH[SORWDSULQFLSDOPHQWHPDUDUREOH\FHGUR8QGDWR LPSRUWDQWHD GHVWDFDUHVTXHDOJXQDVFRQFHVLRQHVVHHQFXHQWUDQHQiUHDVGHILQLGDVSRUHO3ODQGH8VR GHO6XHOR3/863DQGRFRPRSURKLELGDVRGHXVRUHVWULQJLGRSDUDODDFWLYLGDGPDGHUHUD6LELHQSDUHFH TXHHO&HQWURGH'HVDUUROOR)RUHVWDODVLJQyDQWHULRUPHQWHFRQWUDWRVGHDSURYHFKDPLHQWRGHODUJRSOD]R HQHVDViUHDVOD6XSHULQWHQGHQFLD)RUHVWDOQRKDDFWXDGRSDUDUHPHGLDUODVLWXDFLyQ3RURWUDSDUWHVH KDGHQXQFLDGRTXHDOJXQDVHPSUHVDVHVWDUtDQH[SORWDQGRPDGHUDIXHUDGHVXVFRQFHVLRQHV ([LVWHQWDPELpQGHQXQFLDVGHTXHDOJXQDVHPSUHVDVPDGHUHUDVHVWDUtDQRSHUDQGRHQHOGHSDUWDPHQWR VLQ FRQFHVLRQHV 6H KD YHULILFDGR WDPELpQ TXH H[LVWH H[SORWDFLyQ LOHJDO GH PDGHUD DO LQWHULRU GH OD 5HVHUYD 0DQXULSL +HDWK TXH JHQHUDOPHQWH HV ³EODQTXHDGD´ HQ 5LEHUDOWD DXQTXH QR VH KD SRGLGR FXDQWLILFDUORVYRO~PHQHVH[WUDtGRV2WUDVGHQXQFLDVKDEODQGHH[SRUWDFLyQLOHJDOGHPDGHUDKDFLD%UDVLO \3HU~ /DVDXWRULGDGHVGHOGHSDUWDPHQWRPXHVWUDQXQJUDQLQWHUpVSRUODH[SORWDFLyQGHPDGHUDDFWLYLGDGTXH HVYLVWDHQJHQHUDOFRPRXQDIXHQWHSRWHQFLDOGHUHFXUVRVHFRQyPLFRVSDUD3DQGR6LQHPEDUJRFRPR VHKDYLVWRQRH[LVWHFDSDFLGDGLQVWLWXFLRQDOSDUDFXPSOLUFRQODHODERUDFLyQ\HMHFXFLyQGHSODQHVGH PDQHMR \ PHQRV D~Q SDUD IUHQDU HO DSURYHFKDPLHQWR LOHJDO GH PDGHUD 3HUR QR VyOR HV QRWRULD OD GHELOLGDG GH OD 6XSHULQWHQGHQFLD )RUHVWDO VLQR TXH WDPSRFR H[LVWH ILVFDOL]DFLyQ GH SDUWH GH ORV PXQLFLSLRV SDUD FRQWURODU ODV UHJDOtDV SURYHQLHQWHV GH HVWD DFWLYLGDG 3RFRV PXQLFLSLRV KDQ LPSOHPHQWDGRVXV8QLGDGHV)RUHVWDOHV0XQLFLSDOHV\ORVTXHORKDQKHFKRQRFXHQWDQFRQVXILFLHQWH FDSDFLWDFLyQWpFQLFDQLDGPLQLVWUDWLYD ([SORWDFLyQLQWHQVLYDGHSDOPLWR /D H[SORWDFLyQ GH SDOPLWR GH DVDt (XWHUSH SUHFDWRULD VH KD SUHVHQWDGR FRPR XQD DOWHUQDWLYD GH EHQHILFLRV LQPHGLDWRV SDUD DOJXQRV GXHxRV GH EDUUDFDV (VWD DFWLYLGDG FREUD QRWRULHGDG UHFLpQ ORV ~OWLPRV DxRV (Q VH HVWLPy TXH VH SURFHVDURQ PLOORQHV GH FRUD]RQHV GH SDOPLWR HQ ODV IiEULFDVH[LVWHQWHVHQWRQFHVHQODUHJLyQ/DH[WUDFFLyQGHSDOPLWRVHUHDOL]DHQJUDQGHVH[WHQVLRQHVGH ERVTXHGHXQDPDQHUDQRVRVWHQLEOHXQUHFROHFWRUSXHGHVDFDUHQWUHDSDOPLWRVGLDULRV\QRKDFH QLQJ~QHVIXHU]RSDUDVXUHSREODPLHQWR(QSRFRWLHPSRODSURGXFFLyQGHSDOPLWRKDGHFDtGRDOKDEHUVH DJRWDGRODVSODQWDVGHDVDtGHPD\RUDFFHVLELOLGDGFHUFDQDVDODVFDUUHWHUDV\UtRVGHOGHSDUWDPHQWR &D]D\SHVFDLQWHQVLYD /DVSREODFLRQHVORFDOHVUHDOL]DQDFWLYLGDGHVODFD]D\SHVFDSULQFLSDOPHQWHSDUDDXWRFRQVXPR([LVWH XQD HOHYDGD GHSHQGHQFLD GH FDUQH GH PRQWH HQ OD GLHWD IDPLOLDU SRU OR TXH pVWH KD VLGR HO IDFWRU SULQFLSDOGHSUHVLyQVREUHODIDXQD(OORVHYXHOYHXQDDPHQD]DGXUDQWHODpSRFDGH]DIUDGHFDVWDxD SRUTXHODVSREODFLRQHVGHIDXQDVHYHQVRPHWLGDVDXQD HQRUPHSUHVLyQGHFD]D*UDQGHVFRQWLQJHQWHV GH WUDEDMDGRUHV VH GHVSOD]DQ GHVGH ODV FLXGDGHV GH 5LEHUDOWD \ &RELMD SDUD LQFRUSRUDUVH D OD UHFROHFFLyQGHFDVWDxD\HQFXHQWUDQHQORVDQLPDOHVVLOYHVWUHVVXSULQFLSDOIXHQWHGHSURWHtQDV(VWRKD KHFKR TXH ODV SREODFLRQHV GH DOJXQRV PDPtIHURV \ DYHV VH YHD GLVPLQXLGD 7HVWLPRQLRV GH ORV SREODGRUHVGHOOXJDUGDQFXHQWDTXHHQORV~OWLPRVDxRVODFDFHUtDVHKDYXHOWRPX\HVFDVD 2WUDSUiFWLFDGHSUHGDWRULDIUHFXHQWHHVODUHFROHFFLyQGHKXHYRVGHSHWDWRUWXJDGHUtR\ODFDSWXUDGH ODSURSLDSHWDSDUDDOLPHQWDFLyQ\FRPHUFLDOL]DFLyQ/RVKXHYRVVHFRPHUFLDOL]DQHQ&RELMD\5LEHUDOWD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV /RV UtRV PiV DIHFWDGRV SRU HVWD DFWLYLGDG VRQ HO 7DKXDPDQX HO 0DQXULSL \ HO 2UWKRQ GRQGH ODV SREODFLRQHVGHSHWDVVHKDQYLVWRQRWDEOHPHQWHGLVPLQXLGDVVHJ~QRSLQLyQGHORVSREODGRUHVULEHUHxRV 7DPELpQVHKDHYLGHQFLDGRODSHVFDHQXQDQRWDEOHHVFDODGHO³SDLFKL´XQSH]GHJUDQWDPDxR\PX\ DSUHFLDGR SRU VX DEXQGDQWH FDUQH DFWLYLGDG TXH HV UHDOL]DGD SRU V~EGLWRV EUDVLOHxRV \ FRQ ILQHV GH H[SRUWDFLyQ3REODGRUHVULEHUHxRVDILUPDQTXHHOSDLFKLSH]IRUiQHR\PX\YRUD]HVWDUtDDIHFWDQGRDODV SREODFLRQHVGHSHFHVQDWLYRVSHURQRVHKDQUHDOL]DGRLQYHVWLJDFLRQHVVREUHHVWHWHPD *HVWLyQHQGHEOHGHOD5HVHUYD0DQXULSL+HDWK /D 5HVHUYD 1DFLRQDO 0DQXULSL +HDWK IXH FUHDGD HQ FRQ FDVL KD FRQ OD ILQDOLGDG GH SUHVHUYDUODELRGLYHUVLGDGGHORVERVTXHVDPD]yQLFRVGH%ROLYLD6LQHPEDUJRGHVGHVXFUHDFLyQQRVH KD UHDOL]DGR QLQJXQD DFWLYLGDG SDUD VX FRQVHUYDFLyQ (Q HO 3/86 3DQGR UHFRPHQGy UHGXFLU D DOUHGHGRUGHKDODH[WHQVLyQRULJLQDOGHOD5HVHUYDDOPLVPRWLHPSRTXHUHFRPHQGDEDKDFHU PD\RUHVHVWXGLRVSDUDODGHILQLFLyQGHODFDWHJRUtDGHPDQHMR\GHORVOtPLWHVGHILQLWLYRV5HFLpQDILQDOHV GHODHQWRQFHV'LUHFFLyQ1DFLRQDOGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHFLGLyHQFDUJDUXQHVWXGLR SDUDUHGHILQLUORVOtPLWHV\UHFDWHJRUL]DUOD5HVHUYD(QDEULOGHOD21*+HUHQFLD\OD8QLYHUVLGDG $PD]yQLFDGH3DQGRSUHVHQWDURQORVUHVXOWDGRVGHOHVWXGLRSURSRQLHQGRTXHORVOtPLWHVGHOD5HVHUYD TXHGDUDQHQWUHORVUtRV0DQXULSL\2UWKRQDOQRUWH\UtR0DGUHGH'LRVDOVXUFRQXQDH[WHQVLyQWRWDOGH KD 5HFLpQHQMXQLRGHODDXWRULGDGQDFLRQDOGHiUHDVSURWHJLGDVHO6(51$3WRPyODGHFLVLyQSROtWLFD GHLQLFLDUODJHVWLyQGHOD5HVHUYDDXQTXHFRQWUDULDPHQWHDODUHFRPHQGDFLyQWpFQLFDPHQFLRQDGDOR KL]RDSDUWLUGHORVOtPLWHVSUHOLPLQDUHVUHFRPHQGDGRVSRUHO3/863DQGR6HQRPLQyDXQGLUHFWRU\VH RWRUJy XQ SUHVXSXHVWR DGPLQLVWUDWLYR SDUD OD SUHVHQWH JHVWLyQ TXH SDUD ORV UHTXHULPLHQWRV GH IXQFLRQDPLHQWRGHOiUHDSURWHJLGDSDUHFHWRGDYtDPX\OLPLWDGR (VLPSRUWDQWHWRPDUHQFXHQWDTXHHO'HFUHWR6XSUHPR1GLFLHPEUHGHGHFUHDFLyQGHOD 5HVHUYD WLHQH SOHQD YLJHQFLD DO QR KDEHU VLGR GHURJDGR SRU XQD QRUPD GHO PLVPR UDQJR MXUtGLFR SRU WDQWRORVOtPLWHVGHOiUHDSURWHJLGDILMDGRVSRUHVWHGHFUHWRVRQORVTXHWLHQHQDFWXDOPHQWHYDOLGH]OHJDO /RVSULQFLSDOHVSUREOHPDVTXHDIHFWDQDOD5HVHUYDVRQODH[SORWDFLyQLOHJDOGHPDGHUDODJDQDGHUtDOD FRQIXVDVLWXDFLyQHQFXDQWRDODWHQHQFLDGHWLHUUDVODFD]D\SHVFDIXUWLYDVODH[SORWDFLyQGHSDOPLWR\ ORVFKDTXHRV 3RURWUDSDUWHORVSREODGRUHVORFDOHVQRPXHVWUDQPXFKDFRQILDQ]DVREUHHOIXWXURGHOD5HVHUYD\VH HQFXHQWUDQ UHFHORVRV GH ODV DFWLYLGDGHV GH FRQWURO DQWLFLSDGDV SRU OD QXHYD DGPLQLVWUDFLyQ GHO iUHD SURWHJLGD$XQTXHSRULQFLSLHQWHQRVHSXHGHMX]JDUWRGDYtDODJHVWLyQGHOiUHDVtHVSRVLEOHSUHGHFLU TXH SRGUi VHU YLDEOH VRODPHQWH VL FRQWHPSOD OD HODERUDFLyQ GH XQ SODQ GH PDQHMR TXH SHUPLWD OD SDUWLFLSDFLyQGHODVFRPXQLGDGHVORFDOHV ,QFLHUWDVLWXDFLyQOHJDOGHODWHQHQFLDGHODWLHUUD 8QR GH ORV SUREOHPDV VRFLDOHV SUHSRQGHUDQWHV HQ 3DQGR HV HO UHIHULGR DO UpJLPHQ GH WHQHQFLD GH OD WLHUUD /D PD\RU SDUWH GH ORV JUDQGHV SURSLHWDULRV GH WLHUUDV SULQFLSDOPHQWH EDUUDTXHURV FXHQWDQ FRQ WtWXORVGHGXGRVRRULJHQREDVDQVXGHUHFKRSURSLHWDULRHQODSRVHVLyQDUELWUDULDGHJUDQGHVH[WHQVLRQHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR VLQ QLQJ~Q VXVWHQWR OHJDO (Q WDQWR ODV FRPXQLGDGHV FDPSHVLQDV RUJDQL]DGDV HQ WRUQR D WLHUUDV QR RFXSDGDVSRUODVEDUUDFDVFHUFDQDVDORVUtRV\ODVFDUUHWHUDVQRFXHQWDQFRQWtWXORVGHSURSLHGDG 'H DFXHUGR DO ~OWLPR FHQVR DJURSHFXDULR GH HQ 3DQGR KDEtD XQLGDGHV SURGXFWLYDV FXEULHQGR KD 8Q GH HVWH WRWDO KD HVWDED HQ PDQRV GH DSHQDV SURSLHWDULRVHOGHOWRWDOGHSURSLHWDULRVORTXHUHSUHVHQWDXQSURPHGLRGHPiVGHKDSRU FDGDSURSLHGDG([LVWHQSURSLHGDGHVEDUUDFDVTXHOOHJDQDRKD(QFRQWUDVWHXQWRWDO GHSHTXHxRVSURSLHWDULRVFRQSRVHVLRQHVPHQRUHVDKDXWLOL]DEDQDSHQDVHOGHOVXHOR GLVSRQLEOH /D H[DJHUDGD FRQFHQWUDFLyQ GH WLHUUDV SRU ORV EDUUDTXHURV QR VRODPHQWH OLPLWD HO DFFHVR GH ORV SHTXHxRV SURGXFWRUHV D ORV UHFXUVRV GHO ERVTXH VLQR WDPELpQ WLHQH HIHFWRV HFRQyPLFRV QHJDWLYRV SXHVWRTXHpVWRVH[SORWDQVyORPDWHULDVSULPDV\SRURWURODGRSRUTXHDSURYHFKDQVRODPHQWHODViUHDV FHUFDQDVDUtRV\FDUUHWHUDV 6LQHPEDUJR\DSHVDUGHODXUJHQFLDGHUHJXODUL]DUODVLWXDFLyQGHODWHQHQFLDGHODWLHUUDHQ3DQGRHO ,15$SUiFWLFDPHQWHQRKDDUUDQFDGRHOSURFHVRGHVDQHDPLHQWRGHWLHUUDVSRUORTXHFRQWLQXDPHQWHVH SURGXFHQ WHQVLRQHV HQWUH EDUUDTXHURV TXH VLHQWHQ LQYDGLGD VX SURSLHGDG \ ORV FRPXQDULRV TXH DSURYHFKDQORVUHFXUVRVGHOERVTXH 3RU RWURODGRFDVL QLQJ~Q EDUUDTXHURFXHQWD FRQSHUPLVRVGHDSURYHFKDPLHQWRSDUDOD UHFROHFFLyQGH FDVWDxD \ SRU OR WDQWR QR VH SDJDQ ODV SDWHQWHV FRUUHVSRQGLHQWHV (O VLVWHPD LPSRVLWLYR SDUD ORV SURGXFWRVIRUHVWDOHVQRPDGHUDEOHVKDVLGRUHFKD]DGRSRUHOVHFWRUEDUUDTXHURSRUORTXHSUiFWLFDPHQWH QRVHKDOOHJDGRDDSOLFDU 2WUR FRQIOLFWR VREUH HO TXH VH KDQ HIHFWXDGR GHQXQFLDV HV OD VXSHUSRVLFLyQ GH FRQFHVLRQHV IRUHVWDOHV VREUH iUHDV WUDGLFLRQDOPHQWH RFXSDGDV SRU FRPXQLGDGHV LQGtJHQDV FDPSHVLQDV \ EDUUDFDV (VWH FRQIOLFWRHVQRWRULRVREUHWRGRHQHOQRURHVWHGHOGHSDUWDPHQWRHQODSURYLQFLD1LFROiV6XiUH] -XDQ)HUQDQGR5H\HV &RRUGLQDGRU1DFLRQDOGH+HUHQFLD ,QWHUGLVFLSOLQDULDSDUDHO'HVDUUROOR6RVWHQLEOH 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR /LVWDGHSHUVRQDVTXHKLFLHURQSRVLEOHHVWDSXEOLFDFLyQ $OLSLR9DOGp])2%20$'( 7DULMD $QWRQLR0LUDQGD$OLDJD/D3D] &DUORV5RPHUR%RQLID]&(-,6 )2%20$'( %HQL &HVDU3DGLOOD&KLOH 'DQLW]D'HILOLSSLV/D3D] (GXDUGR*XG\QDV8UXJXD\ (OtDV3XFK&)2%20$'( 3RWRVt (UQHVWR4XLQWDQD623()2%20$'( 3RWRVt )HUQDQGR%DWROODQHU)2%20$'( 6DQWD&UX] *DEULHO+HUEDV)2%20$'( &RFKDEDPED *RQ]DOR0RQWDxR)2%20$'( 7DULMD +pFWRU/RD\]D&DUWDJHQD&DULWDV 2UXUR +pFWRU6iQFKH])2%20$'( +HQU\0*XDUGLD0)2%20$'( 6DQWD&UX] +XJR%RVTXH/D3D] +XPEHUWR0HUFDGR)2%20$'( /D3D] -HQQ\*UXHQEHUJHU)2%20$'( /D3D] -RUJH0ROLQD&/D3D] -XDQ)HUQDQGR5H\HV3DQGR /DOR/D]R)2%20$'( /D3D] /XF\&KDFROOR)2%20$'( /D3D] /HRQDUGR7DPEXULQL&(-,6 6DQWD&UX] /XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD 0DQXHO)DUIiQ$ )2%20$'( 3RWRVt 0DUJRWK&pVSHGHV)2%20$'( 6DQWD&UX] 0DULDQHOOD+LGDOJR/D3D] 0DUtD6HOYD*DQGDULOODV$0%,2&+$&2 7DULMD 0DXULFLR%D\UR/D3D] 0DXULFLR*XWLpUUH])2%20$'( 6DQWD&UX] 0RLVpV3pUH]$'5(1$ &RFKDEDPED 3DEOR3DFKHFR%(VWDGRV8QLGRV 3DWULFLD0ROLQD&)2%20$'( 5RVDULR/DLPH0&(1326(3)2%20$'( 3RWRVt 6DUD&UHVSR\)HUQDQGR)LJXHURD )2%20$'( 6DQWD&UX] 6XVDQD&DEH]DV/D3D] :DOWHU3D]&(-,6)2%20$'( %HQL 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 6LJODV\DEUHYLDFLRQHV $$326 $&*,+ $'(3(6&$ $)3V $)50 $/$6 $1&% $5)0 $6( $6(2 $6/ %$5(06$ %,' &$'(; &$/%2/ &') &'3 &(',% &('/$ &(-,6 &(1326(3 &(3$ &(3,% &(5'(7 &,&& &,&'$ &,''(%(1, &,'2% &,+ &2'$& &2'(7$5 &20&,32 &20,%2/ $GPLQLVWUDFLyQ$XWyQRPDSDUD2EUDV6DQLWDULDV3RWRVt $PHULFDQ&RQIHUHQFHRI *RYHUQPHQWDO,QGXVWULDO+\JLHQLVWV $SR\RDODV$FWLYLGDGHVGHOD3HVFD\OD$FXLFXOWXUDHQ%ROLYLD $GPLQLVWUDGRUDVGH)RQGRVGH3HQVLRQHV $UHD)RUHVWDOGH5HVHUYD0XQLFLSDO $VHVRUtD/HJDO$YD,YL$YDUHQGD $FDGHPLD1DFLRQDOGH&LHQFLDVGH%ROLYLD $UHDVGH5HVHUYD)RUHVWDO0XQLFLSDO $VRFLDFLyQ6XFUHQVHGH(FRORJtD $VRFLDFLyQ(FROyJLFDGHO2ULHQWH $JUXSDFLRQHV6RFLDOHVGHO/XJDU %DUH[(PSUHVD0LQHUD6RFLHGDG$QyQLPD %DQFR,QWHUDPHULFDQRGH'HVDUUROOR &iPDUDGH([SRUWDGRUHVGH%ROLYLD &DODPLQDV%ROLYLDQDV &HQWURGH'HVDUUROOR)RUHVWDO &HQWURGH'HVDUUROOR3HVTXHURGH7DULMD &HQWURGH'RFXPHQWDFLyQH,QIRUPDFLyQGH%ROLYLD &HQWURGH(VWXGLRVSDUDHO'HVDUUROOR/DERUDO\$JUDULR &HQWURGH(VWXGLRV-XUtGLFRVH,QYHVWLJDFLyQ6RFLDO &HQWUR3RSXODUGH6DOXG(GXFDFLyQ\3URGXFFLyQ &HQWURGH(FRORJtD\3XHEORV$QGLQRV &HQWUDOGH3XHEORV,QGtJHQDVGHO%HQL &HQWURGH(VWXGLRV5HJLRQDOHVSDUDHO'HVDUUROORGH7DULMD &HQWUDO,QGtJHQDGH&RPXQLGDGHVGH&RQFHSFLyQ &HQWUR,QWHUQDFLRQDOGH&RRSHUDFLyQSDUDHO'HVDUUROOR$JUtFROD &HQWURGH'RFXPHQWDFLyQSDUDHO'HVDUUROOR GHO%HQL &RQIHGHUDFLyQ,QGtJHQDGHO2ULHQWH&KDFR\$PD]RQLDGH%ROLYLD &RPLWp,QWHUJXEHUQDPHQWDOGHOD+LGURYtD &RPLWpGH'HIHQVD$PELHQWDOGH&RFKDEDPED &RUSRUDFLyQGH'HVDUUROORGH7DULMD &RPLWp&tYLFR3RWRVLQLVWD &RUSRUDFLyQ0LQHUDGH%ROLYLD 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV &20,1(6$ &20685 &231$* &25 &25'(32 &25(%( &268'( &3(6& &37, &5$&+ '*% '1&% (%% ((,$ (/$3$6 (06$ (086$ (17(/ )$1 )$2 )1'5 )2%20$'( )213/$7$ ,%& ,/',6 ,1( ,15$ ,162 ,6($ -,&$ &RPSDxtD0LQHUD6RFLHGDG$QyQLPD &RPSDxtD0LQHUDGHO6XU &HQWUDOGH2UJDQL]DFLRQHVGHORV3XHEORV1DWLYRV*XDUD\RV &HQWUDO2EUHUD5HJLRQDO &RUSRUDFLyQGH'HVDUUROORGH3RWRVt &RPLVLyQ5HJLRQDOGHOD&XHQFDGHO%HUPHMR $JHQFLD6XL]DSDUDHO'HVDUUROOR\OD&RRSHUDFLyQ &RRUGLQDGRUDGH3XHEORV(WQLFRVGH6DQWD&UX] &HQWURGH3ODQLILFDFLyQ7HUULWRULDO,QGtJHQD &iPDUD5HJLRQDO$JURSHFXDULDGH&KXTXLVDFD 'LUHFFLyQ*HQHUDOGH%LRGLYHUVLGDG 'LUHFFLyQ1DFLRQDOGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDG 5HVHUYDGHOD%LRVIHUD(VWDFLyQ%LROyJLFDGHO%HQL (VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO (PSUHVD/RFDOGH$JXD3RWDEOH\$OFDQWDULOODGRGH6XFUH /,'(0$ 0'60$ 0'63 0('0,1 0+11.0 2,7 /LJDGH'HIHQVDGHO0HGLR$PELHQWH 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ 0DQHMR,QWHJUDGRGHO0HGLR$PELHQWHHQOD3HTXHxD0LQHUtD 0XVHRGH+LVWRULD1DWXUDO1RHO.HPSII0HUFDGR 2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR .I: (PSUHVD0XQLFLSDOGH6HUYLFLRVGH$VHR (PSUHVD0LQHUD8QLILFDGD6RFLHGDG$QyQLPD (PSUHVD1DFLRQDOGH7HOHFRPXQLFDFLRQHV )XQGDFLyQ$PLJRVGHOD1DWXUDOH]D 2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$OLPHQWDFLyQ\$JULFXOWXUD )RQGR1DFLRQDOGH'HVDUUROOR5HJLRQDO )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR )RQGR)LQDQFLHURSDUDOD&XHQFDGHO3ODWD ,QVWLWXWR%ROLYLDQR&XOWXUDO ,QVWLWXWR/DWLQRDPHULFDQRGH,QYHVWLJDFLRQHV6RFLDOHV ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD ,QVWLWXWR1DFLRQDOGH5HIRUPD$JUDULD ,QVWLWXWR1DFLRQDOGH6DOXG2FXSDFLRQDO (VWXGLR$PELHQWDO6XSOHPHQWDULR,QGHSHQGLHQWH $JHQFLDGH&RRSHUDFLyQ,QWHUQDFLRQDOGHO-DSyQ &RRSHUDFLyQ)LQDQFLHUD$OHPDQD )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 2/&$ 20& 2,&+ 21* 23,& 236 27%V 3($ 3/86 311.0 317 318' 32$) 35$'(0 35$3+ 352%,20$ 3520(7$ 6(0$3$ 6(51$3 6) 6,5(1$5( 6,5(6( 61$3 623( 7&2 7*1 7,0 7,31,6 73)3 80$ 81(6&23+, 81$*52 90$51') <3) <3)% 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR 2UJDQL]DFLyQ,QGtJHQD&KLTXLWDQD 2UJDQL]DFLyQQR*XEHUQDPHQWDO 2YHUVHDV,QYHVWPHQW3ULYDWH&RUSRUDWLRQ 2UJDQL]DFLyQ3DQDPHULFDQDGH6DOXG 2UJDQL]DFLRQHV7HUULWRULDOHVGH%DVH 3REODFLyQ(FRQyPLFDPHQWH$FWLYD 3ODQGH8VRGHO6XHOR 3DUTXH1DFLRQDO1RHO.HPSII0HUFDGR 3DUTXH1DFLRQDO7XQDUL 3URJUDPD GH1DFLRQHV8QLGDVSDUDHO'HVDUUROOR 3ODQHV2SHUDWLYRVGH$SURYHFKDPLHQWR)RUHVWDO 3UR\HFWRGH$SR\RDO'HVDUUROORHQ0LFURUHJLRQHV 3ODQGH5HKDELOLWDFLyQGH$UHDV+LVWyULFDVGH3RWRVt 3URGXFWLYLGDG%LRVIHUD\0HGLR$PELHQWH 3URWHFFLyQGHO0HGLR$PELHQWH7DULMD 6HUYLFLR0XQLFLSDOGH$JXD3RWDEOH\$OFDQWDULOODGR 6HUYLFLR1DFLRQDOGH$UHDV3URWHJLGDV 6XSHULQWHQGHQFLD)RUHVWDO 6LVWHPDGH5HJXODFLyQGH5HFXUVRV1DWXUDOHV5HQRYDEOHV 6LVWHPD GH5HJXODFLyQ6HFWRULDO 6LVWHPD1DFLRQDOGH$UHDV3URWHJLGDV 6RFLHGDG3RWRVLQDGH(FRORJtD 7LHUUDV&RPXQLWDULDVGH2ULJHQ 7HVRUR*HQHUDOGHOD1DFLyQ 7HUULWRULR,QGtJHQD0XOWLpWQLFR 7HUULWRULR,QGtJHQD3DUTXH1DFLRQDO,VLERUR6pFXUH 7LHUUDVGH3URGXFFLyQ)RUHVWDO3HUPDQHQWH 8QLGDG$PELHQWDOGHO9LFHPLQLVWHULRGH+LGURFDUEXURV 3URJUDPD+LGUROyJLFR,QWHUQDFLRQDOGHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUD OD(GXFDFLyQ&LHQFLD\&XOWXUD 8QLyQ$JURLQGXVWULDOGH&DxHURV 9LFHPLQLVWHULRGH0HGLR$PELHQWH5HFXUVRV1DWXUDOHV\'HVDUUROOR)RUHVWDO <DFLPLHQWR3HWUROtIHURV)LVFDOHVGHOD$UJHQWLQD <DFLPLHQWR3HWUROtIHURV)LVFDOHV%ROLYLDQRV 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV