1250$'($8',725Ë$ 1$,03257$1&,$5(/$7,9$'(/$$8',725Ë$ &217(1,'2 3iUUDIRV ,QWURGXFFLyQ ,PSRUWDQFLDUHODWLYD /DUHODFLyQHQWUHODLPSRUWDQFLDUHODWLYD\HOULHVJRGHDXGLWRUtD (YDOXDFLyQGHOHIHFWRGHODVUHSUHVHQWDFLRQHVHUUyQHDV &RPXQLFDFLyQGHHUURUHV ± ,PSRUWDQFLDUHODWLYDGHODDXGLWRUtDGHEHUiOHHUVHHQHOFRQWH[WRGHO3UHIDFLRDODV1RUPDV,QWHUQDFLRQDOHVGH &RQWUROGH&DOLGDG$XGLWRUtD5HYLVLyQ2WURVWUDEDMRVSDUDDWHVWLJXDU\6HUYLFLRV5HODFLRQDGRVTXHH[SRQH ODDSOLFDFLyQ\DXWRULGDGGHODV1,$V 9pDVH$QH[R)DFWRUHV-XVWLILFDWLYRVGH&RQYHUJHQFLD ,03257$1&,$5(/$7,9$'(/$$8',725Ë$ ,QWURGXFFLyQ (OSURSyVLWRGHHVWD1RUPDGH$XGLWRULD1$ HVHVWDEOHFHUQRUPDV\SURSRUFLRQDUOLQHDPLHQWRVVREUH HOFRQFHSWRGHLPSRUWDQFLDUHODWLYD\VXUHODFLyQFRQHOULHVJRGHDXGLWRUtD (O DXGLWRU GHEHUi FRQVLGHUDU OD LPSRUWDQFLD UHODWLYD \ VX UHODFLyQ FRQ HO ULHVJR GH DXGLWRUtD FXDQGRFRQGX]FDXQDDXGLWRUtD ,PSRUWDQFLD 5HODWLYD PDWHULDOLGDG HV GHILQLGD HQ 0DUFR GH 5HIHUHQFLD SDUD OD 3UHSDUDFLyQ \ 3UHVHQWDFLyQ GH (VWDGRV)LQDQFLHURV GHO &RPLWp,QWHUQDFLRQDO GH 1RUPDV GH &RQWDELOLGDG DQWHULRU ,$6&HQORVWpUPLQRVVLJXLHQWHV /DLQIRUPDFLyQHVGHLPSRUWDQFLDUHODWLYDVLVXRPLVLyQRUHSUHVHQWDFLyQHUUyQHDSXGLHUDLQIOXLU HQODVGHFLVLRQHVHFRQyPLFDVGHORVXVXDULRVWRPDGDVFRQEDVHHQORVHVWDGRVILQDQFLHURV/D LPSRUWDQFLD UHODWLYD GHSHQGH GHO WDPDxR GH OD SDUWLGD R HUURU MX]JDGR HQ ODV FLUFXQVWDQFLDV SDUWLFXODUHVGHVXRPLVLyQRUHSUHVHQWDFLyQHUUyQHD$VtODLPSRUWDQFLDPDWHULDOLGDGUHODWLYD RIUHFH XQ SXQWR GH VHSDUDFLyQ GH OD SDUWLGD HQ FXHVWLyQ PiV TXH VHU XQD FDUDFWHUtVWLFD SULPRUGLDOFXDOLWDWLYDTXHGHEDWHQHUODLQIRUPDFLyQSDUDVHU~WLO ,PSRUWDQFLDUHODWLYDPDWHULDOLGDG (O REMHWLYR GH XQD DXGLWRUtD GH HVWDGRV ILQDQFLHURV HV KDFHU SRVLEOH DO DXGLWRU H[SUHVDU XQD RSLQLyQVREUHVLORVHVWDGRVILQDQFLHURVHVWiQSUHSDUDGRVUHVSHFWRGHWRGRORLPSRUWDQWHGH DFXHUGRFRQXQPDUFRGHUHIHUHQFLDSDUDLQIRUPDFLyQILQDQFLHUDDSOLFDEOH/DHYDOXDFLyQGHTXp HVGHLPSRUWDQFLDUHODWLYDHVXQDVXQWRGHMXLFLRSURIHVLRQDO $OGLVHxDUHOSODQGHDXGLWRUtDHODXGLWRUHVWDEOHFHXQQLYHODFHSWDEOHGHLPSRUWDQFLDUHODWLYDDPRGR GHGHWHFWDUHQIRUPDFXDQWLWDWLYDODVUHSUHVHQWDFLRQHVHUUyQHDVGHLPSRUWDQFLDUHODWLYD6LQHPEDUJR QHFHVLWDQ FRQVLGHUDUVH WDQWR HO PRQWR FDQWLGDG \ OD QDWXUDOH]D FDOLGDG GH ODV UHSUHVHQWDFLRQHV (MHPSORVGHUHSUHVHQWDFLRQHVHUUyQHDVFXDOLWDWLYDVVHUtDODGHVFULSFLyQLQDGHFXDGDHLPSURSLDGHXQD SROtWLFD GH FRQWDELOLGDG FXDQGR HV SUREDEOH TXH XQ XVXDULR GH ORV HVWDGRV ILQDQFLHURV IXHUD JXLDGR HTXLYRFDGDPHQWHSRUODGHVFULSFLyQ\HOGHMDUGHUHYHODUODLQIUDFFLyQDUHTXLVLWRVUHJXODGRUHVFXDQGR HV SUREDEOH TXH OD LPSRVLFLyQ FRQVHFXHQWH GH UHVWULFFLRQHV UHJXODWRULDV KDUi GLVPLQXLU HQ IRUPD LPSRUWDQWHODFDSDFLGDGGHRSHUDFLyQ (ODXGLWRUQHFHVLWDFRQVLGHUDUODSRVLELOLGDGGHUHSUHVHQWDFLRQHVHUUyQHDVGHFDQWLGDGHVUHODWLYDPHQWH SHTXHxDV TXH DFXPXODWLYDPHQWH SRGUtDQ WHQHU XQ HIHFWR LPSRUWDQWH VREUH ORV HVWDGRV ILQDQFLHURV 3RU HMHPSOR XQ HUURU HQ XQ SURFHGLPLHQWR GH ILQ GH PHV SRGUtD VHU XQD LQGLFDFLyQ GH XQD UHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYDVLHVHHUURUVHUHSLWLHUDFDGDPHV (O DXGLWRU FRQVLGHUD OD LPSRUWDQFLD UHODWLYD PDWHULDOLGDG WDQWR DO QLYHO JOREDO GHO HVWDGR ILQDQFLHUR FRPR HQ UHODFLyQ D VDOGRV GH FXHQWDV SDUWLFXODUHV FODVHV GH WUDQVDFFLRQHV \ UHYHODFLRQHV /D LPSRUWDQFLDUHODWLYDSXHGHVHULQIOXLGDSRUFRQVLGHUDFLRQHVFRPRUHTXHULPLHQWRVOHJDOHV\UHJXODGRUHV \ FRQVLGHUDFLRQHV UHODWLYDV D FODVHV GH WUDQVDFFLRQHV VDOGRV GH FXHQWDV \ UHYHODFLRQHV \ VXV UHODFLRQHV (VWH SURFHVR SXHGH GDU FRPR UHVXOWDGR GLIHUHQWHV QLYHOHV GH LPSRUWDQFLD UHODWLYD GHSHQGLHQGRGHODVSHFWRGHORVHVWDGRVILQDQFLHURVTXHHVWiVLHQGRFRQVLGHUDGR /DLPSRUWDQFLDUHODWLYDGHEHUtDVHUFRQVLGHUDGDSRUHODXGLWRUFXDQGR D GHWHUPLQDODQDWXUDOH]DRSRUWXQLGDG\DOFDQFHGHORVSURFHGLPLHQWRVGHDXGLWRUtD\ E HYDO~DHOHIHFWRGHODVUHSUHVHQWDFLRQHVHUUyQHDV /DUHODFLyQHQWUHLPSRUWDQFLDUHODWLYD\HOULHVJRGHDXGLWRUtD $O SODQHDU OD DXGLWRUtD HO DXGLWRU FRQVLGHUD TXp SXGLHUD KDFHU TXH ORV HVWDGRV ILQDQFLHURV VH UHSUHVHQWDUDQ GH XQD PDQHUD HUUyQHD GH LPSRUWDQFLD UHODWLYD (O HQWHQGLPLHQWR GHO DXGLWRU GH OD 1$ ,03257$1&,$5(/$7,9$'(/$$8',725Ë$ HQWLGDG\VXHQWRUQRHVWDEOHFHXQPDUFRGHUHIHUHQFLDGHQWURGHOFXDOHODXGLWRUSODQHDODDXGLWRUtD\ HMHUFHHOMXLFLRSURIHVLRQDOSDUDHYDOXDUORVULHVJRVGHUHSUHVHQWDFLyQHUUyQHDGHLPSRUWDQFLDUHODWLYD GH ORV HVWDGRV ILQDQFLHURV \ UHVSRQGHU D GLFKRV ULHVJRV GXUDQWH OD DXGLWRUtD 7DPELpQ OH D\XGD D HVWDEOHFHU OD LPSRUWDQFLD UHODWLYD \ D HYDOXDU VL HO MXLFLR VREUH LPSRUWDQFLD UHODWLYD VLJXH VLHQGR DSURSLDGR DO DYDQ]DU OD DXGLWRUtD /D HYDOXDFLyQ GH LPSRUWDQFLD SRU HO DXGLWRU UHODWLYD D FODVHV GH WUDQVDFFLRQHV VDOGRV GH FXHQWDV \ UHYHODFLRQHV D\XGD DO DXGLWRU D GHFLGLU FXHVWLRQHV FRPR TXp SDUWLGDV H[DPLQDU \ VL KD GH XVDU PXHVWUHR \ SURFHGLPLHQWRV DQDOtWLFRV VXVWDQWLYRV (VWR OH GD FDSDFLGDG DO DXGLWRU SDUD VHOHFFLRQDU ORV SURFHGLPLHQWRV GH DXGLWRUtD TXH HQ FRPELQDFLyQ SXHGH HVSHUDUVHTXHUHGX]FDQHOULHVJRGHDXGLWRUtDDXQQLYHODFHSWDEOHPHQWHEDMR +D\ XQD UHODFLyQ LQYHUVD HQWUH OD LPSRUWDQFLD UHODWLYD \ HO QLYHO GH ULHVJR GH DXGLWRUtD TXH HV TXH PLHQWUDV PiV DOWR HO QLYHO GH LPSRUWDQFLD UHODWLYD PiV EDMR HO ULHVJR GH DXGLWRUtD \ YLFHYHUVD (O DXGLWRU WRPD HQ FXHQWD OD UHODFLyQ LQYHUVD HQWUH LPSRUWDQFLD UHODWLYD \ ULHVJR GH DXGLWRUtD FXDQGR GHWHUPLQD OD QDWXUDOH]D RSRUWXQLGDG \ DOFDQFH GH ORV SURFHGLPLHQWRV GH DXGLWRUtD 3RU HMHPSOR VL GHVSXpV GH SODQHDU SURFHGLPLHQWRV GH DXGLWRUtD HVSHFtILFRV HO DXGLWRU GHWHUPLQD TXH HO QLYHO GH LPSRUWDQFLD UHODWLYD DFHSWDEOH HV PiV EDMR HO ULHVJR GH DXGLWRUtD DXPHQWD (O DXGLWRU FRPSHQVDUi HVWR D UHGXFLHQGRHOQLYHOHYDOXDGRGHULHVJRGHFRQWUROFXDQGRHVWRVHDIDFWLEOH\DSR\DQGRHOQLYHO UHGXFLGRGHVDUUROODQGRSUXHEDVGHFRQWUROH[WHQVDVRDGLFLRQDOHVR E UHGXFLHQGR HO ULHVJR GH GHWHFFLyQ DO PRGLILFDU OD QDWXUDOH]D RSRUWXQLGDG \ DOFDQFH GH ORV SURFHGLPLHQWRVVXVWDQWLYRVSODQHDGRV ,PSRUWDQFLD UHODWLYD PDWHULDOLGDG \ ULHVJR GH DXGLWRUtD DO HYDOXDU HYLGHQFLD GH DXGLWRUtD /D HYDOXDFLyQ GHO DXGLWRU GH LPSRUWDQFLD UHODWLYD \ ULHVJR GH DXGLWRUtD SXHGH VHU GLIHUHQWH HQ HO PRPHQWR GH SODQHDU LQLFLDOPHQWH HO WUDEDMR TXH HQ HO PRPHQWR GH HYDOXDU ORV UHVXOWDGRV GH SURFHGLPLHQWRVGHDXGLWRUtD(VWRSRGUtDVHUDFDXVDGHXQFDPELRHQFLUFXQVWDQFLDVRDFDXVDGHXQ FDPELRHQHOFRQRFLPLHQWRGHODXGLWRUFRPRUHVXOWDGRGHODDXGLWRUtD3RUHMHPSORVLODDXGLWRUtDHV SODQHDGDDQWHVGHOILQDOGHOSHULRGRHODXGLWRUDQWLFLSDUiORVUHVXOWDGRVGHRSHUDFLRQHV\ODSRVLFLyQ ILQDQFLHUD 6L ORV UHVXOWDGRV UHDOHV GH RSHUDFLRQHV \ GH OD SRVLFLyQ ILQDQFLHUD VRQ VXVWDQFLDOPHQWH GLIHUHQWHV OD HYDOXDFLyQ GH LPSRUWDQFLD UHODWLYD \ ULHVJR GH DXGLWRUtD SXHGH WDPELpQ FDPELDU $GLFLRQDOPHQWHDOSODQHDUHOWUDEDMRGHDXGLWRUtDHODXGLWRUSXHGHLQWHQFLRQDOPHQWHILMDUHOQLYHOGH LPSRUWDQFLDUHODWLYDDFHSWDEOHDXQQLYHOPiVEDMRGHORTXHVHSLHQVDXVDUSDUDHYDOXDUORVUHVXOWDGRV GH OD DXGLWRUtD (VWR SXHGH VHU KHFKR SDUD UHGXFLUOD SUREDELOLGDG GH UHSUHVHQWDFLRQHV HUUyQHDV QR GHVFXELHUWDV \ SDUD GDU DO DXGLWRU XQ PDUJHQ GH VHJXULGDG FXDQGR HYDO~H HO HIHFWR GH UHSUHVHQWDFLRQHVHUUyQHDVGHVFXELHUWDVGXUDQWHODDXGLWRUtD (YDOXDFLyQGHOHIHFWRGHUHSUHVHQWDFLRQHVHUUyQHDV $O HYDOXDU VL ORV HVWDGRV ILQDQFLHURV VRQ SUHSDUDGRV UHVSHFWR GH WRGR OR LPSRUWDQWH GH DFXHUGRFRQHOPDUFRGHUHIHUHQFLDDSOLFDEOHHODXGLWRUGHEHHYDOXDUVLHQHODJUHJDGRGHODV UHSUHVHQWDFLRQHVHUUyQHDVQRFRUUHJLGDVTXHKDQVLGRLGHQWLILFDGDVGXUDQWHODDXGLWRUtDVRQGH LPSRUWDQFLDUHODWLYD (ODJUHJDGRGHUHSUHVHQWDFLRQHVHUUyQHDVQRFRUUHJLGDVFRPSUHQGH D UHSUHVHQWDFLRQHVHUUyQHDVHVSHFtILFDVLGHQWLILFDGDVSRUHODXGLWRULQFOX\HQGRHOHIHFWRQHWRGH UHSUHVHQWDFLRQHV HUUyQHDV QR FRUUHJLGDV LGHQWLILFDGDV GXUDQWH OD DXGLWRUtD GH SHULRGRV SUHYLRV\ E OD PHMRU HVWLPDFLyQ GHO DXGLWRU GH RWUDV UHSUHVHQWDFLRQHV HUUyQHDV TXH QR SXHGHQ VHU LGHQWLILFDGDVHVSHFtILFDPHQWHRVHDHUURUHVSUR\HFWDGRV 1$ ,03257$1&,$5(/$7,9$'(/$$8',725Ë$ (O DXGLWRU QHFHVLWD FRQVLGHUDU VL HO DJUHJDGR GH UHSUHVHQWDFLRQHV HUUyQHDV QR FRUUHJLGDV HV GH LPSRUWDQFLD UHODWLYD 6L HO DXGLWRU FRQFOX\H TXH ODV UHSUHVHQWDFLRQHV HUUyQHDV SXHGHQ VHU GH LPSRUWDQFLD UHODWLYD HO DXGLWRU QHFHVLWD FRQVLGHUDU HO UHGXFLU HO ULHVJR GH DXGLWRUtD DPSOLDQGR ORV SURFHGLPLHQWRVGHDXGLWRUtDRSLGLHQGRDODDGPLQLVWUDFLyQTXHDMXVWHORVHVWDGRVILQDQFLHURV(QWRGR FDVR OD DGPLQLVWUDFLyQ SXHGH GHVHDU DMXVWDU ORV HVWDGRV ILQDQFLHURV VHJ~Q ODV UHSUHVHQWDFLRQHV HUUyQHDVLGHQWLILFDGDV 6LODDGPLQLVWUDFLyQVHQLHJDDDMXVWDUORVHVWDGRVILQDQFLHURV\ORVUHVXOWDGRVGHORV SURFHGLPLHQWRVGHDXGLWRUtDDPSOLDGRVQRFDSDFLWDQDODXGLWRUSDUDFRQFOXLUTXHHODJUHJDGR GHUHSUHVHQWDFLRQHVHUUyQHDVQRFRUUHJLGDVQRHVGHLPSRUWDQFLDUHODWLYDHODXGLWRUGHEHUtD FRQVLGHUDUODPRGLILFDFLyQDSURSLDGDDOGLFWDPHQGHODXGLWRUGHDFXHUGRFRQOD1$ 0RGLILFDFLRQHVDOGLFWDPHQGHODXGLWRULQGHSHQGLHQWH 6LHODJUHJDGRGHODVUHSUHVHQWDFLRQHVHUUyQHDVQRFRUUHJLGDVTXHHODXGLWRUKDLGHQWLILFDGRVHDFHUFD DOQLYHOGHLPSRUWDQFLDUHODWLYDHODXGLWRUGHEHUtDFRQVLGHUDUVLHVSUREDEOHTXHODVUHSUHVHQWDFLRQHV HUUyQHDV QR GHWHFWDGDV DO WRPDUVH FRQ ODV UHSUHVHQWDFLRQHV HUUyQHDV QR FRUUHJLGDV DJUHJDGDV SRGUtD H[FHGHU HO QLYHO GH LPSRUWDQFLD UHODWLYD $Vt DO DFHUFDUVH HO DJUHJDGR GH UHSUHVHQWDFLRQHV HUUyQHDV QR FRUUHJLGDV DO QLYHO GH LPSRUWDQFLD UHODWLYD HO DXGLWRU FRQVLGHUDUtD UHGXFLU HO ULHVJR GHVHPSHxDQGRSURFHGLPLHQWRVGHDXGLWRUtDDGLFLRQDOHVRSLGLHQGRDODDGPLQLVWUDFLyQTXHDMXVWHORV HVWDGRVILQDQFLHURVVHJ~QODVUHSUHVHQWDFLRQHVHUUyQHDVQRLGHQWLILFDGDV &RPXQLFDFLyQGH(UURUHV 6L HO DXGLWRU KDLGHQWLILFDGR XQD UHSUHVHQWDFLyQ HUUyQHD GH LPSRUWDQFLD UHODWLYDUHVXOWDQWH GH HUURU HO DXGLWRU GHEHUi FRPXQLFDU OD UHSUHVHQWDFLyQ HUUyQHD DO QLYHO DSURSLDGR GH OD DGPLQLVWUDFLyQ RSRUWXQDPHQWH \ FRQVLGHUDU OD QHFHVLGDG GH LQIRUPDU D ORV HQFDUJDGRV GHO JRELHUQRFRUSRUDWLYR GHDFXHUGRFRQOD1$ &RPXQLFDFLRQHVGHDVXQWRVGHDXGLWRUtDFRQ ORVHQFDUJDGRVGHOJRELHUQRFRUSRUDWLYR 3HUVSHFWLYDGHO6HFWRU3~EOLFR $O HYDOXDU OD LPSRUWDQFLD UHODWLYD HO VHFWRU S~EOLFR GHEH DGHPiV GH HMHUFHU HO MXLFLR SURIHVLRQDO FRQVLGHUDU FXDOTXLHUD OHJLVODFLyQ R UHJODPHQWR TXH SXHGD LPSDFWDU GLFKD HYDOXDFLyQ (Q HO VHFWRU S~EOLFRODLPSRUWDQFLDUHODWLYDVHEDVDWDPELpQHQHOFRQWH[WR\QDWXUDOH]DGHXQDSDUWLGDHLQFOX\H SRUHMHPSORVXVFHSWLELOLGDGWDQWRFRPRYDORU/DVXVFHSWLELOLGDGFXEUH8QDYDULHGDGGHDVXQWRVWDOHV FRPRFXPSOLPLHQWRFRQODVDXWRULGDGHVLQWHUpVOHJLVODWLYRRLQWHUpVS~EOLFR )(&+$'(9,*(1&,$ (VWDQRUPDGHDXGLWRUtDHQWUDHQYLJHQFLDDSDUWLUGHOGHHQHURGH6HDFRQVHMDVXDSOLFDFLyQDQWLFLSDGD SDUDORFXDOHODXGLWRUGHEHWRPDUODVSUHYLVLRQHVTXHLPSOLFDQDSOLFDUODV1$VHQORVFRPSURPLVRVDVXPLGRV\ HODOFDQFHGHVXWUDEDMR 9pDVHDQH[R)DFWRUHV-XVWLILFDWLYRVGH&RQYHUJHQFLD 9pDVHDQH[R)DFWRUHV-XVWLILFDWLYRVGH&RQYHUJHQFLD 1$ ,03257$1&,$5(/$7,9$'(/$$8',725Ë$ $ 1(;2 )$&725(6-867,),&$7,926'(&219(5*(1&,$ 5HIHUHQFLD 3iUUDIR 1RUPD 7HUPLQRORJtD XWLOL]DGDHQOD1$ 6LQyQLPRVPRGLVPRVEROLYLDQRV DFODUDFLRQHV\RWURV /D 5HVROXFLyQ $SOLFDFLyQ GH ODV 1RUPDV ,QWHUQDFLRQDOHV GH OD 3URIHVLyQ GH $XGLWRUtD \ &RQWDELOLGDG HQ OD 5HS~EOLFD GH %ROLYLD HVWDEOHFH³« $GRSWDU ORV SURQXQFLDPLHQWRV WpFQLFRV HPLWLGRV SRU OD )HGHUDFLyQ ,QWHUQDFLRQDO GH &RQWDELOLGDG ,)$& ~QLFDPHQWH HQ DXVHQFLD GH SURQXQFLDPLHQWRV WpFQLFRV HVSHFtILFRV GHO SDtV R UHJODPHQWDFLRQHVORFDOHVVREUHXQDDVXQWRGHWHUPLQDGR«´ *RELHUQRFRUSRUDWLYR 20DQGR&RUSRUDWLYRHVHOFRQMXQWRGHPpWRGRV\SURFHGLPLHQWRVTXH DGRSWDQ ODV HPSUHVDV SDUD DVHJXUDU TXH VXV DFFLRQHV \ OD GH VXV GLUHFWRUHVVHGLULMDQDFXPSOLUORVILQHVGHORVDFFLRQLVWDV (Q %ROLYLD VH GHVDUUROOy HO 3UR\HFWR GH /H\ ³*RELHUQR GH ODV 6RFLHGDGHVSRU$FFLRQHV´OH\TXHKDVWDODHPLVLyQGHHVWDQRUPDQR KDVLGRSURPXOJDGDFRQVLJXLHQWHPHQWHORVFRQFHSWRVHQHVWDPDWHULD QRVRQDSOLFDGRVHQVXSOHQLWXG8QDYH]TXHODOH\VHDSURPXOJDGD HVWRV PpWRGRV \ SURFHGLPLHQWRV VHUiQ tQWHJUDPHQWH DSOLFDGRV HQ OD QRUPD 6HFWRU 3XEOLFR 6HFWRUS~EOLFR *RELHUQR QDFLRQDO UHJLRQDO PXQLFLSDO DVt FRPR HQWLGDGHV JXEHUQDPHQWDOHV UHODFLRQDGDV (Q %ROLYLD ODV 1RUPDV GH $XGLWRUtD *XEHUQDPHQWDOHVWiQGLVSXHVWDVSRUOHJLVODFLyQQDFLRQDO 1$