seguridad computacional - seguridad de la información

Anuncio
8QLYHUVLGDGGHO&DXFD
6HJXULGDG
&RPSXWDFLRQDO
/LEURGH&RQVXOWDSDUD
$GPLQLVWUDGRUHV\
XVXDULRV
6LOHU$PDGRU'RQDGR
0LJXHO$QJHO1LxR=DPEUDQR
$QGUpV)OHFKDV
35,0(5$(',&,21
)$&8/7$''(,1*(1,(5Ë$(/(&75Ï1,&$<7(/(&2081,&$&,21(6
352*5$0$'(,1*(1,(5,$'(6,67(0$6
6(*85,'$'&20387$&,21$/
/,%52'(&2168/7$3$5$$'0,1,675$'25(6<
868$5,26'(5('(6&20387$&,21$/(6
$XWRUHV
6,/(5$0$'25'21$'2
0,*8(/$1*(/1,f2
$1'5e6)/(&+$6
)UHHZDUH OLWHUDULR 3URKLELGR HO XVR FRPHUFLDO 1LQJXQD SDUWH GH HVWH OLEUR SXHGH VHU UHSURGXFLGD R
WUDQVPLWLGD GH QLQJXQD PDQHUD \ SRU QLQJ~Q PHGLR HOHFWUyQLFR R PHFiQLFR LQFOX\HQGR OD IRWRFRSLD OD
JUDEDFLyQRFXDOTXLHURWURVLVWHPDGHDOPDFHQDPLHQWR\UHFXSHUDFLyQGHLQIRUPDFLyQVLQSHUPLVRHVFULWRGH
ORVDXWRUHVRGHOD8QLYHUVLGDGGHO&DXFD3DUDPD\RULQIRUPDFLyQGLUtMDVHDVDPDGRU#XFDXFDHGXFR
&RS\ULJKWF6LOHU$PDGRU'RQDGR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
7$%/$'(&217(1,'2
7DEODGH,OXVWUDFLRQHV /LVWDGH7DEODV $*5$'(&,0,(1726 352/2*2 ,1752'8&&,Ï1 'HILQLFLyQGH+DFNHU )iEXODSDUD+DFNHUV .SHUXFLW#5RM# ,1752'8&&,Ï1$/266,67(0$623(5$7,926 ,QWURGXFFLyQ &RPSXWDGRU&RPSXWDGRUD2UGHQDGRU &RQFHSWR 2UJDQL]DFLyQ,QWHUQDGHO&RPSXWDGRU %UHYH+LVWRULDGHORV6LVWHPDV2SHUDWLYRV 'HILQLFLyQ(VWUXFWXUD\)XQFLRQHVGHORV6LVWHPDV2SHUDWLYRV 6HJXULGDGHQORV6LVWHPDV2SHUDWLYRV 6HJXULGDGH[WHUQD 6HJXULGDG,QWHUQD 6HJXULGDGGHOSURFHVDGRU 6HJXULGDGGHODPHPRULD 6HJXULGDGGHORV$UFKLYRV 8Q VLVWHPDRSHUDWLYRVHULR 6LVWHPD2SHUDWLYR81,; $QWHFHGHQWHVKLVWyULFRV *HQHUDOLGDGHV &DUDFWHUtVWLFDVGHO6LVWHPD2SHUDWLYR81,; (OHQWRUQRGHXVXDULR81,; )LORVRItDHOHPHQWDOGH81,; &RPDQGRV)XQGDPHQWDOHVGH81,; $\XGDHQ/tQHDGHORVVLVWHPDV81,; 0RYLPLHQWRSRUILFKHURV\GLUHFWRULRV 'LUHFWRULRVGHOVLVWHPD 2WURVFRPDQGRVXVXDOHV 3URWHFFLyQGH$UFKLYRV &DPELRGHODVFDGHQDVGHSHUPLVR $548,7(&785$ '(5('(6 (VWUXFWXUDHQQLYHOHV /260$1'$0,(1726'(/$5(' /RVPDQGDPLHQWRVGHOXVXDULRGHODUHG /RVPDQGDPLHQWRVGHODGPLQLVWUDGRUGHODUHG ,1752'8&&,Ï1$/$&5,372/2*Ë$ $1È/,6,65(0272'(/266,67(0$6 ,QWURGXFFLyQ /RFDOL]DFLyQ 6HUYLGRUGH1RPEUHV16 ,QIRUPDFLyQGHOUHJLVWURGHGRPLQLR $QiOLVLVGHOVLVWHPDRSHUDWLYR $QiOLVLVVLQFRQRFLPLHQWRGHODSLOD7&3,3 $QiOLVLVEDVDGRHQODSLOD7&3,3 6HUYLFLRV &*, )$//26'(6(*85,'$'(1/266,67(0$623(5$7,926 :LQGRZV; 3URWHFWRUGHSDQWDOOD 8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
/LQX[ )DNH0DLO&RUUHRIDOVR :LQGRZV17 %DFN2ULILFH 62/8&,21(63$5$)257$/(&(5/$6(*85,'$' /LEUHUtD$UFRLULV5DLQERZ%RRNV )LUHZDOOEDMROLQX[VRSRUWDGRHQXQVLVWHPD %HRZXOI $SOLFDFLRQHV 'HVFULSFLyQ -XVWLILFDFLyQ &DVRVLQWHUQDFLRQDOHV /D8QLYHUVLGDGGHORV$QGHVSUHVHQWH 7HVWGHVHJXULGDGFRPSXWDFLRQDOSDUDXVXDULRVGHODUHG ,39 /DFDEHFHUDGHO,SY &DPSRVTXHFRQWLHQHODFDEHFHUDSULQFLSDOGHO,SY &RPSUREDFLyQHQWUHHO,SY\HO,SY ,SY (67$'Ë67,&$6,17(51$&,21$/(6 &(57&&6WDWLVWLFV 'HWHFWLYHVHQVHJXULGDGFRPSXWDFLRQDO $XPHQWDQODVSpUGLGDVILQDQFLHUDV $XWRSVLDLQIRUPiWLFD 8QiUHDHQH[SDQVLyQ */26$5,2 %,%/,2*5$)Ë$ 7DEODGH,OXVWUDFLRQHV
,OXVWUDFLyQ2UJDQL]DFLyQLQWHUQDGHO&RPSXWDGRU ,OXVWUDFLyQ%UHYH+LVWRULDGH/RV6LVWHPDV2SHUDWLYRV ,OXVWUDFLyQ7DEODSDUDGHVHQFULSWDUSULPHUGtJLWRHQKH[DGHFLPDO ,OXVWUDFLyQ7DEODSDUDGHVHQFULSWDUVHJXQGRGtJLWRHQ+H[DGHFLPDO ,OXVWUDFLyQ0RGHORSDUDXVDU6073 ,OXVWUDFLyQ&DEHFHUDGH,39 ,OXVWUDFLyQ&DEHFHUD,39 /LVWDGH7DEODV
7DEOD(MHPSORGH1LYHOHVGHXQ62 7DEOD1LYHOHV26,GH,62 7DEOD7LSRVGH6XEUHGHVHQ7&3,3 7DEOD0HWDVGH,39 7DEOD(VSDFLRGHGLUHFFLRQHV,39 7DEOD7LSRVGHFDEHFHUDGHH[WHQVLyQ,39 8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
$*5$'(&,0,(1726
3ULPHURTXHWRGRD'LRVSRUEULQGDUQRVODVDOXG\ODRSRUWXQLGDGGHFXOPLQDUHVWHWH[WR
$ ORV HVWXGLDQWHV GH OD (/(&7,9$ '( 6(*85,'$' &20387$&,21$/ TXLHQHV
FRODERUDURQFRQVXVWDOOHUHV\SUiFWLFDVHQODHODERUDFLyQGHHVWHWH[WR
$ORVLQWHJUDQWHVGHOJUXSRGHLQYHVWLJDFLyQ*7, *UXSRHQ7HFQRORJtDVGHOD,QIRUPDFLyQ
GHO'HSDUWDPHQWRGH,QJHQLHUtDGH6LVWHPDVGHOD81,9(56,'$''(/&$8&$ HQODOtQHD
GH 6(*85,'$' &20387$&,21$/ TXLHQHV D WUDYpV GH VXV LQYHVWLJDFLRQHV HQ PDWHULD
GHVHJXULGDGFRPSXWDFLRQDO FRODERUDURQFRQPXFKDGHODWHRUtDGHHVWHWH[WR
$ ORV SURIHVRUHVGHO'HSDUWDPHQWR GH ,QJHQLHUtD GH 6LVWHPDVTXLHQHVEULQGDURQHODSR\R
ORJtVWLFR\ODLQIUDHVWUXFWXUDQHFHVDULDSDUDODFXOPLQDFLyQGHHVWHWH[WR
$ PL HVSRVD &ODXGLD \ PL KLMD <XOLDQD TXLHQHV VLQ VX DSR\RHVWH WH[WR QR KXELHVH VLGR
SRVLEOHWHUPLQDUORDOILQ
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
352/2*2
+ROD OHFWRU ELHQYHQLGR D HVWH OLEUR GH FRQVXOWD TXH WUDWD VREUH WHPDV FRPR HO KDFNLQJ
FUDFNLQJ YLUXV \ VHJXULGDG FRPSXWDFLRQDO HQ JHQHUDO WHPDV TXH QR VRQ WUDWDGRV
OLEUHPHQWHHQQXHVWUDVRFLHGDGGHELGRDTXHODFHQVXUDDXQVLJXHWUDEDMDQGR
1R SUHWHQGHPRV H[WHQGHU HO FULPHQ QL LQFLWDU D OD LOHJDOLGDG VLPSOHPHQWH TXHUHPRV TXH
WRGRHOPXQGRSXHGDGHVFXEULUHVWDVIRUPDVDOWHUQDWLYDVGHFRQRFLPLHQWR
(O SURSyVLWR GH HVWH PDWHULDO HV VHUYLU FRPR JXtD GH UHIHUHQFLD HQOD DVLJQDWXUD GH OD
HOHFWLYD GH 6HJXULGDG &RPSXWDFLRQDO \ WH[WR GH FRQVXOWD SDUD HO JUXSR GH LQYHVWLJDFLyQ
*7, HQ OD )DFXOWDG GH ,QJHQLHUtD (OHFWUyQLFD ),(7 GHO 'HSDUWDPHQWR GH ,QJHQLHUtD GH
6LVWHPDVGHOD8QLYHUVLGDGGHO&DXFD
(V LPSRUWDQWH WHQHU FODUR ORV FRQFHSWRV GH VLVWHPDV RSHUDWLYRV UHGHV \ OHQJXDMHV GH
SURJUDPDFLyQ 3RU HOOR LQLFLDPRV HO OLEUR DFODUDQGR HVWRV FRQFHSWRV FDStWXORV \ HO
OHFWRUTXH\DSRVHDHVWRVIXQGDPHQWRVSXHGHSDVDUGLUHFWDPHQWHDOUHVWRGHFDStWXORVHQORV
FXDOHV HQWUDPRV GH OOHQR HQ OD VHJXULGDG FRPSXWDFLRQDO 3UiFWLFDPHQWH HO HVWXGLDQWH
HQFRQWUDUiWRGDODLQIRUPDFLyQQHFHVDULDSDUDHOGHVDUUROORGHODDVLJQDWXUD(VWHPDWHULDO
SRGUiVHUFRPSOHPHQWDGRFRQRWUDVOHFWXUDVFRQVXOWDVRPDQXDOHVGHUHIHUHQFLDTXHWUDWHQ
ORVWHPDVDILQHV(QHOFDStWXORVHSUHVHQWDXQJORVDULRGHODWHUPLQRORJtDPiVXVDGDHQ
ODVHJXULGDGFRPSXWDFLRQDO
5HFXHUGH TXH HO FRQRFLPLHQWR HQ PDWHULD GH OD VHJXULGDG FRPSXWDFLRQDO HV FRPR XQ
FDQGDGRYLHMRHVSHUDQGRXQDOODYHTXHORDEUD
(O PDUVLHPSUHHVWDDKt\HVLPSRVLEOHDSUHQGHUDQDGDUVLQXQFD
LQWHQWDPRVVXPHUJLUQRVHQpO
5HOLV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
1
,1752'8&&,Ï1
HJ~QHOGLFFLRQDULRGHODOHQJXDHVSDxRODYR[/DSDODEUDVHJXULGDG
YLHQH GHO ODWtQ 6HFXULWDWH TXH VLJQLILFD FDOLGDG GH VHJXUR \
FRPSXWDFLRQDO GHO JULHJR&RPSXWDUH TXH VLJQLILFD XVDU HO FiOFXOR
QXPpULFR SDUD PHGLU DOJR /DVHJXULGDG FRPSXWDFLRQDO QR VH GHEH
OLPLWDU ~QLFDPHQWH DO KDUGZDUH \ VRIWZDUH WDPELpQ OH FRPSHWH DO
XVR DGHFXDGR GH ODV LQVWDODFLRQHV GRQGH VH PDQHMDQ HV GHFLU
LPSOHPHQWDU SROtWLFDV GH VHJXULGDG TXH UHJXOHQ HO WUiQVLWR GHO SHUVRQDO
PDTXLQDULD H LQVXPRV HQ OD HPSUHVD FRQWHPSODU PHGLGDV GH FRQWLQJHQFLD HQ FDVR GH
FDWiVWURIHV GRQGH SULPD VDOYDJXDUGDU OD LQWHJULGDG GH ODV SHUVRQDV \ OH VLJXH HQ MHUDUTXtD
VDOYDJXDUGDU OD LQWHJULGDG GH OD LQIRUPDFLyQ DQWHV TXH FXDOTXLHU PDTXLQDULD \ HTXLSR /D
HGXFDFLyQGHFDGDXQDGHODVSHUVRQDVTXHWLHQHQDFDUJRODUHVSRQVDELOLGDGGHPDQWHQHUOD
LQWHJULGDGGHORVGHPiVHPSOHDGRV\GHODLQIRUPDFLyQHVPX\LPSRUWDQWHSDUDODHPSUHVD
'HVGHHOSRUWHURRYLJLODQWHGHODHPSUHVDHQFXHVWLyQKDVWDHOJHUHQWHRHOSUHVLGHQWHGHOD
PLVPD MXHJDQ XQ SDSHO LPSRUWDQWH HQ HO PDQHMR VHJXUR GH OD LQIRUPDFLyQ /D
LQIUDHVWUXFWXUD MXHJDXQ SDSHOLPSRUWDQWHTXHFRQMXJDGRFRQODHGXFDFLyQGHFDGDXQDGH
ODVSHUVRQDVGHODHPSUHVDSHUPLWHQVXELUREDMDUHOQLYHOGHVHJXULGDGFRPSXWDFLRQDOGHOD
HPSUHVD8QVLPSOHGHVFXLGRGHOSRUWHURSHUPLWLUtDHODFFHVRDOLQWUXVRXELFDUHOFHQWURGH
FRPSXWRQRGHEHVHUPX\GLItFLOKDFHUVHSDVDUSRUXQPHQVDMHUR GHFXDOTXLHUHPSUHVDTXH
YDDHQWUHJDUXQDFDUWDQRGHEHVHUPX\FRPSOLFDGRDSURYHFKDUXQHTXLSRGHVDWHQGLGRVLQ
HO XVXDULR KDELWXDO \ DGHPiV FRQ DFFHVR D OD UHG \ GLUHFWRULRV FRPSDUWLGRV VHUtD HO
GHUUXPEHWRWDOGHODVHJXULGDGFRPSXWDFLRQDOHQHVDHPSUHVDVRODPHQWHSRUTXHHOSRUWHUR
VHGHVFXLGyXQRVVHJXQGRVHQODVHJXULGDGGHODSXHUWD
([LVWHQ RWUDV FDXVDV SRU PHGLR GH ODV FXDOHV VH YH FRPSURPHWLGD OD VHJXULGDG GH OD
LQIRUPDFLyQ/DGHILFLHQFLDHQORVHTXLSRVUHVSHFWLYRVGHVRSRUWHODLQJHQLHUtD VRFLDOHO
HVSLRQDMHLQGXVWULDOODGHILFLHQWHDGPLQLVWUDFLyQGHXQDUHGORVYLUXVIDOORVGHVHJXULGDG
HQSURJUDPDV\ORVYiQGDORVLQIRUPiWLFRV
x
x
x
/D GHILFLHQFLD HQ ORV HTXLSRV UHVSHFWLYRV GH VRSRUWH FRPR 836 SODQWDV
HOpFWULFDV GH UHVSDOGR XQLGDGHV GH FRSLDV GH VHJXULGDG UHJXODGRUHV GH FRUULHQWH \
HVWUDWHJLDV ySWLPDV SDUD VX DSOLFDFLyQ VRQ LQGLVSHQVDEOHV D OD KRUD GH HYDOXDU OD
VHJXULGDGGHODLQIRUPDFLyQHQXQDHPSUHVD
/DLQJHQLHUtDVRFLDOOODPDGDDVtDPDQHUDGHEXUODHQHOiPELWRGHODVHJXULGDG
FRPSXWDFLRQDO HV RWUD HVWUDWHJLD XWLOL]DGD SRU ORV YiQGDORV LQIRUPiWLFRV FRQVLVWH HQ
FRQVHJXLUODVFODYHVGHORVXVXDULRVKDFLpQGRVHSDVDUSRUHODGPLQLVWUDGRUGHODUHGRXQ
VLPSOH RSHUDGRU GH VX SURYHHGRU GH VHUYLFLR D ,QWHUQHW SDUD REWHQHU DFFHVR DODV
FXHQWDVGHORVWDQWRVXVXDULRVLQFDXWRVTXHFDHQDQWHHVWDHVWUDWHJLD
(O HVSLRQDMH LQGXVWULDO VH KD FRQYHUWLGR HQ RWUR IDFWRU TXH DWDxH D OD
SUREOHPiWLFD GH OD VHJXULGDG FRPSXWDFLRQDO ODV GLIHUHQWHV WpFQLFDV FRPR HQWUDU GH
PDQHUDLOHJDODXQVHUYLGRUGHO'R''HSDUWPHQWRI'HIHQVHIURP86$RDODPLVPD
1$6$KDVWDKDFHXQRVDxRVHUDQVLPSOHPHQWHOLEUHWRVGHFLHQFLDILFFLyQ\DKDQGHMDGR
GHVHUORSDUDVHUFRPSOHWDPHQWHSRVLEOHV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
x
x
x
x
$SURYHFKDU OD GHILFLHQWH DGPLQLVWUDFLyQ GH XQD UHG HV RWUD IRUPD GH REWHQHU
DFFHVRDORVUHFXUVRVFRPSXWDFLRQDOHVGHXQDHPSUHVDSRUSDUWHGHORVLQWUXVRVQLQJ~Q
VLVWHPDRSHUDWLYRHVWDH[LPLGRGHIDOORVGHVHJXULGDGSRUORWDQWRORVDGPLQLVWUDGRUHV
GHEHQHVWDUDWHQWRVDQWHODVQRWLFLDVDFWXDOL]DGDVGHIDOORVGHVHJXULGDGHQ FDGDXQRGH
ORV SURJUDPDV TXH WLHQHQ HQ VXV VHUYLGRUHV SDUD LQVWDODU ODV DFWXDOL]DFLRQHV GH ORV
PLVPRV R HQ VX GHIHFWR ORV SDUFKHV TXH FRQWURODQ ORV IDOORV GH VHJXULGDG D HVRV
SURJUDPDV
/RVYLUXV HQPXFKDVRFDVLRQHVDFRPSDxDQDSURJUDPDVYLVWRVRV\~WLOHVSHUR
SRFR FRQILDEOHV HQ ,QWHUQHW ORV JXVDQRV VRQ XQD FODVH GH YLUXV TXH SDUD SRGHU
GLIXQGLUVH FRQ PD\RUHIHFWLYLGDG VLQTXHORVXVXDULRVORQRWHQXWLOL]DQODVGLUHFFLRQHV
GHFRUUHRTXHVHHQFXHQWUDQHQHOHTXLSRDIHFWDGRSDUDHQYLDUVHDXWRPiWLFDPHQWH
)DOORVGHVHJXULGDGHQSURJUDPDVVHVXPDQDODDYDODQFKDGHSUREOHPDVDWHQHU
HQ FXHQWD FXDQGR GHVHDPRV TXH QXHVWUD LQIRUPDFLyQ VHD OD PiV VHJXUD (Q DOJXQDV
RFDVLRQHVFXDQGRHOIDOORQRHVLQWHQFLRQDOVHOHVOODPDEXJ &XDQGRHVLQWHQFLRQDOVH
OHVOODPDSXHUWDVWUDVHUDVRWUR\DQRVGHSHQGLHQGRGHOVHUYLFLRTXHSUHVWHGLFKRIDOOR
/RVYiQGDORVLQIRUPiWLFRVVRQORVPiVSHOLJURVRV\GLUHFWDPHQWHUHVSRQVDEOHV
TXH OD VHJXULGDG FRPSXWDFLRQDO VHD HO WHPD GH PD\RU LPSRUWDQFLD HQ OD FRPXQLGDG
,QWHUQHWDHVWRVLQGLYLGXRVVHOHVGHEHWHQHUFRPSOHWDPHQWHFRQWURODGRV\DOHMDGRVGH
FXDOTXLHU UHG $FWXDOPHQWH OD OHJLVODFLyQ HQ &RORPELD D~Q VH HQFXHQWUD GHVLHUWD FRQ
UHVSHFWRDHVWHWLSRGHWHPDVVLQHPEDUJRHQHOiPELWRPXQGLDO\DVHKDQWRPDGRORV
FRUUHFWLYRV DGHFXDGRV \ VH VDQFLRQDQ GH IRUPD HMHPSODU D HVWH WLSR GH GHOLQFXHQWHV
FDVRV UHQRPEUDGRV FRPR HO GH .HYLQ 0LWQLFN -RKQ 'UDSHU ,DQ 0XUSK\ \ .HYLQ
3RXOVHQHQWUHRWURV PXHVWUDQDODFRPXQLGDGGH,QWHUQHWHQJHQHUDOTXHVLVHYLRODQODV
OH\HVHVWDVVHHQFDUJDUDQGHHOORV
(O DXJH GH ,QWHUQHW HO DYDQFH HQ ODV WHOHFRPXQLFDFLRQHV \ HQ HO KDUGZDUH GH ORV
FRPSXWDGRUHV KDQ VLGR LPSRUWDQWHV HQ ORV ~OWLPRV DxRV DEULHQGR XQD JUDQ SXHUWD GH
FRPXQLFDFLyQTXHSHUPLWHDFXDOTXLHUXVXDULRUHDOL]DUWRGRWLSRGHWUDQVDFFLRQHVHQIRUPD
UHPRWDVLQGHVSOD]DUVHGHXQVLWLRDRWUR(VWRQRKDVLGRSRVLWLYRGHOWRGRGHELGRDTXH
HVWDJUDQSXHUWDGHFRPXQLFDFLyQKDTXHGDGRDELHUWDWDPELpQSDUDWRGRWLSRGHSHUVRQDMHV
HQFDUJDGRV GH EXVFDU IDOORV HQ ORV VLVWHPDV GH LQIRUPDFLyQ \ DSURYHFKiQGRVH GH HOORV
ORJUDQ DYHULJXDU GHVGH VXV GDWRV SHUVRQDOHV KDVWD ORV Q~PHURV GH ODV WDUMHWDV GH FUpGLWR
FXHQWDVEDQFDULDV\WRGRWLSRGHLQIRUPDFLyQTXHOHVSXHGDFDXVDUDOJ~QWLSRGHEHQHILFLR
DGHPiV VH OOHYDQ WRGDV ODV FRQWUDVHxDV GHO XVXDULR VLQ REYLDPHQWH ROYLGDU GHMDU HQ HO
HTXLSRGHOLQFDXWRXQDSXHUWDWUDVHUDSRUPHGLRGHODFXDOHODWDFDQWHYDSRGHUHQWUDUWDQWDV
YHFHV TXLHUD HQ XQ IXWXUR 'HELGR D HVWR ODV QDFLRQHV GHO PXQGR KDQ FHQWUDGR VXV
HVIXHU]RV DO IRUWDOHFLPLHQWRGHODVHJXULGDGHQVXVUHGHVLQWHUQDVVLQHPEDUJRHVWRQRKD
VLGR VXILFLHQWH /D XQLYHUVLGDG GHO &DXFD D WUDYpV GH VX SURJUDPD GH ,QJHQLHUtD GH
6LVWHPDVKDFUHDGRXQJUXSRGHLQYHVWLJDFLyQ*7,*UXSRGH7HFQRORJtDV,QWHUQHW\HQWUH
VXVOtQHDVH[LVWHXQDOODPDGDVHJXULGDGFRPSXWDFLRQDOTXHWLHQHFRPRREMHWLYRSULQFLSDO
RIUHFHUHOPD\RUJUDGRGHVHJXULGDGFRPSXWDFLRQDO DFXDOTXLHUHQWLGDGTXHORQHFHVLWH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
'HILQLFLyQGH+DFNHU
(ODUFKLYRGHODMHUJDFRQWLHQHYDULDVGHILQLFLRQHVGHOWpUPLQR³KDFNHU´ODPD\RUtDGH
ODV FXDOHV WLHQH TXH YHUFRQ OD DILFLyQ D OR WpFQLFR\ OD FDSDFLGDG GH GHOHLWDUVH FRQ OD
VROXFLyQ GH SUREOHPDV\ D VREUHSDVDUORV OtPLWHV 6L XVWHG TXLHUHVDEHUFRPR WUDEDMDQ
ORVKDFNHUVVLJDOH\HQGRHVWHWH[WR\VHGDUiFXHQWDTXHQRHVWDQIiFLO
([LVWHXQDFRPXQLGDGXQDFXOWXUDFRPSDUWLGDGHSURJUDPDGRUHVH[SHUWRV\EUXMRVGH
UHGHV TXH FX\D KLVWRULD VH SXHGH UDVWUHDU GpFDGDV DWUiV KDVWD ODV SULPHUDV
PLQLFRPSXWDGRUDV GH WLHPSR FRPSDUWLGR \ ORV SULPHURV H[SHULPHQWRV GH $53$QHW
/RV PLHPEURVGHHVWDFXOWXUDDFXxDURQHOWpUPLQR³KDFNHU´/RV KDFNHUVFRQVWUX\HURQ
,QWHUQHW /RV KDFNHUV KLFLHURQ GHO VLVWHPD RSHUDWLYR 81,;OR TXH HV HQ OD DFWXDOLGDG
/RVKDFNHUVKDFHQDQGDU8VHQHW/RVKDFNHUVKDFHQTXHIXQFLRQHOD:::6LXVWHGHV
SDUWH GH HVWD FXOWXUD VL XVWHG KD FRQWULEXLGR D HOOD \ RWUD JHQWH OR OODPD KDFNHU
HQWRQFHVXVWHGHVXQKDFNHU
/D PHQWDOLGDG GH KDFNHUQRHVWiFRQILQDGDDHVWDFXOWXUDGHKDFNHUVHQVRIWZDUH+D\
SHUVRQDVTXH DSOLFDQOD DFWLWXG GH KDFNHUD RWUDVFRVDVFRPRHOHFWUyQLFDRP~VLFDGH
KHFKRSXHGHXVWHGHQFRQWUDUODHQORVPiVDOWRVQLYHOHVGHFXDOTXLHUFLHQFLDRDUWH/RV
KDFNHUVHQVRIWZDUHUHFRQRFHQHVWRVHVStULWXVHPSDUHQWDGRV\ORVGHQRPLQDQ³KDFNHUV´
WDPELpQ\DOJXQRVVRVWLHQHQTXHODQDWXUDOH]D GHKDFNHUHVHQUHDOLGDGLQGHSHQGLHQWH
GHO PHGLR SDUWLFXODU HQ HO FXDO HO KDFNHU WUDEDMD (Q HO UHVWR GH HVWH GRFXPHQWR QRV
FRQFHQWUDUHPRV FRQ ODV KDELOLGDGHV \ DFWLWXGHV GH ORV KDFNHUV HQ VRIWZDUH \ HQ ODV
WUDGLFLRQHVGHODFXOWXUDFRPSDUWLGDTXHRULJLQyHOWpUPLQR³KDFNHU´
([LVWH RWUR JUXSR GH SHUVRQDV TXH D ORV JULWRV VH DXWR GHQRPLQDQ KDFNHUV SHUR QROR
VRQ eVWDV VRQ SHUVRQDV SULQFLSDOPHQWH YDURQHV DGROHVFHQWHV TXH VH GLYLHUWHQ
LQJUHVDQGR LOHJDOPHQWH HQ FRPSXWDGRUDV \ HVWDIDQGR DO VLVWHPD GH WHOHIRQtD /RV
KDFNHUVGHYHUGDGWLHQHQXQQRPEUHSDUDHVDVSHUVRQDV³FUDFNHUV´\QRTXLHUHQVDEHU
QDGD FRQ HOORV /RV KDFNHUV GH YHUGDG RSLQDQ TXH OD PD\RUtD GH ORV FUDFNHUV VRQ
SHUH]RVRVLUUHVSRQVDEOHV\QRPX\EULOODQWHVIXQGDPHQWDQVXFUtWLFDHQTXHVHUFDSD]
GHURPSHUODVHJXULGDGQR ORKDFHDXQRXQKDFNHUGHODPLVPDPDQHUDTXHVHUFDSD]
GHHQFHQGHUXQDXWRFRQXQSXHQWHHQODOODYHQRORSXHGHWUDQVIRUPDUHQLQJHQLHURGH
DXWRPRWRUHV 'HVDIRUWXQDGDPHQWHPXFKRVSHULRGLVWDV\HGLWRUHVXWLOL]DQHUUyQHDPHQWH
ODSDODEUD³KDFNHU´SDUDGHVFULELUDORVFUDFNHUV(VWRHVFDXVDGHHQRUPHLUULWDFLyQSDUD
ORVYHUGDGHURVKDFNHUV
/D GLIHUHQFLD EiVLFD HVWi HQ TXH ORV KDFNHUV FRQVWUX\HQ FRVDV ORV FUDFNHUV ODV
GHVWUX\HQ
6L XVWHG DXQ GHVHD FRQRFHU FyPR WUDEDMDQ ORV KDFNHUV FRQWLQ~H OH\HQGR \ VH GDUi
FXHQWD TXH QR HV WDQ IiFLO 6L XVWHG TXLHUH VDEHU VREUH FUDFNHUV PHMRU PLUH HQ ORV
JUXSRVGHQRWLFLDVRQHZVHQDOW\SUHSiUHVHSDUDVRSRUWDUODGXUDUHDOLGDGFXDQGR
GHVFXEUDTXHXVWHGQRHVWDQOLVWRFRPRFUHH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
)iEXODSDUD+DFNHUV
.SHUXFLW#5RM#
+DEtDXQDYH]XQDXVXDULDGH,QWHUQHWOODPDGD.SHUXFLWDTXHHVWDEDFRQVXVDPLJRV
FKDWHDQGRHQHO,5&FDQDOERVTXH'HSURQWROHOOHJyXQHPDLOGHVXPDPiTXHOH
GHFtD+LMDSRUDWWDFKPHQWWHPDQGRXQRVDUFKLYRVSDUDHOGRFXPHQWR+70/GHWX
DEXHOLWD 3RU IDYRU DFFHGH D VX FXHQWD \ VH ORV SDVDV SDUD TXH HOOD SXHGD PRQWDU VX
SDJLQD:::
< DVt OD XVXDULD FX\R ORJLQ QDPH HUD .SHUXFLWD VH GLVSXVR D DEULU XQD YHQWDQD \
HQYLDUOHDVXDEXHOLWDORVDUFKLYRVTXHOHKDEtDQPDQGDGR
(VWDED KDFLHQGR XQ GRZQORDG GHO DWWDFKPHQW GHVGH VX FXHQWD ZHEPDLO FXDQGR GH
SURQWR OH OOHJR XQ PHQVDMH SRU ,&4 GH XQ XVXDULR GH GLUHFFLyQ HO
ORER#KDFNHUERVTXHFRP PDLO WRHOORER#KDFNHUERVTXHFRP .SHUXFLWD OH FRQWHVWy
HOPHQVDMH,&4(OREROD VDOXGy\OHSUHJXQWyGRQGHLED
.SHUXFLWDOHFRQWHVWy
9R\DODFXHQWDGHPLDEXHOLWDDHQYLDUOHXQVRIWZDUHSDUDTXHPRQWHVXSiJLQDZHE
<DVt(ORERKL]RXQWHOQHWSRUXQDWDMR\OOHJyDODFXHQWDGHODDEXHOLWDSULPHUR
&XDQGR OD FXHQWD GH OD DEXHOLWD OH SLGLy ORJLQ ,' LQJUHVR .SHUXFLWD FUDFNHy HO
SDVVZRUG\HQWUy/DDEXHOLWDDOYHUTXHQRHUD.SHUXFLWDVLQRRWUDSHUVRQDWUDWyGH
KDFHUOHXQNLOODOSURFHVR
3HUR(ORERIXHPDVYHOR]OHKL]RXQ,&03 IORRGDORVSXHUWRVTXHHOILUHZDOOGHOD
DEXHOLWDQRHVWDEDFRQWURODQGR\FXDQGRFD\yOHFDPELRHOSDVVZRUG
/XHJRVHWRPySULYLOHJLRVGH5227HQODPiTXLQD\FDPELyHOVLVWHPDRSHUDWLYRSRU
XQRGLIHUHQWHTXHVHSDUHFtDHQWRGRKDVWDHQODLQWHUID]DOGHODDEXHOLWD
(QWRQFHVVHPHWLyDODFXHQWDGHODDEXHOLWD\VHKL]RSDVDUSRUHOOD
$O UDWR OOHJR .SHUXFLWD \ FXDQGR HQWUy QRWy XQ SRFR FDPELDGD OD FXHQWD GH VX
DEXHOLWD/HKL]RXQWDON\OHSUHJXQWR
$EXHOLWDSRUTXHWLHQHVHVDFXRWDHQGLVFRWDQJUDQGH"
(VSDUDDOPDFHQDUPLVDUFKLYRVPHMRU
.SHUXFLWDSUHJXQWy
$EXHOLWDSRUTXHWLHQHVHVDLQWHUID]JUiILFDWDQQRYHGRVD"
(VSDUDDGPLQLVWUDUPLVDUFKLYRVPHMRU
.SHUXFLWDVLQWLyTXHDOJRUDURVXFHGtDDKt
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
$EXHOLWDSRUTXHWLHQHVSULYLOHJLRVGH5227"
3DUD&5$&.($57( 0(-25
.SHUXFLWD VH GLy FXHQWDTXHHVDQRHUDVXDEXHOLWD\DOKDFHUOHXQZKRLVGHVFXEULy
TXHHVWDEDFRQHFWDGDGHVGHHORER#KDFNHUERVTXHFRP
,QPHGLDWDPHQWH PDQGy XQ HPDLO D VHFXULW\#F\EHUVSDFHFRSRUJ SDUD GHODWDU DO
LPSRVWRU(VWHWUDWyGHEORTXHDUVX323VHUYHUKDFLpQGROHXQRYHUORDGGHPHPRULD
SHUR.SHUXFLWD\DKDEtDKHFKRFOLFNHQHOERWyQ6HQG
$O UDWR VH FRQHFWy D OD PiTXLQD XQR GH ORV LQYHVWLJDGRUHV GH F\EHUVSDFHFRS TXH
UiSLGDPHQWH REWXYR OD GLUHFFLyQ ,3 GH (ORER OH KL]R XQ RYHUULGH D OD PiTXLQD VH
WRPy SULYLOHJLRV GH 5227 \ DQWHV GH TXH (ORER VH GLHUD FXHQWD OH KL]R XQ NLOO DO
SURFHVR\FRORFyXQEDQDWRGRHOGRPLQLR
'HO7UDVKGHOVLVWHPDRSHUDWLYRGH(ORERVHSXGRUHFXSHUDUODWDEODGHSDUWLFLyQGHO
VLVWHPDGHODDEXHOLWDSRUORTXHVHSXGRUHFXSHUDUWRGDVXLQIRUPDFLyQ
/D DEXHOLWD SXGR UHFXSHUDU VX WUDEDMR \ VXELy VX SiJLQD ZHE D XQ SURPHGLR GH
.EVHJGH WUDQVIHUHQFLD (O VLWH IXH DGPLUDGR SRU WRGRVHQHOFLEHUHVSDFLRUHFLELHQGR
QXPHURVRVKLWVHQSRFRWLHPSR
),1
#QyQLPR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
,1752'8&&,Ï1$/266,67(0$623(5$7,926
,QWURGXFFLyQ
/D GHILQLFLyQ PiV VHQFLOOD GH OR TXH HV XQ VLVWHPD RSHUDWLYR OD SRGHPRV HQXQFLDU HQ OD
VLJXLHQWH IUDVH ³8Q 6LVWHPD 2SHUDWLYR HV XQ VRIWZDUH TXH SRQH D GLVSRVLFLyQ GH ORV
XVXDULRVGHOFRPSXWDGRUORVUHFXUVRVKDUGZDUHSDUDVXXWLOL]DFLyQ´
/DKLVWRULDGHORVVLVWHPDVRSHUDWLYRVODSRGHPRVYHUHQGRVSDUWHVXQDpSRFDHQODFXDO
ORVRUGHQDGRUHVFDUHFtDQGHVLVWHPDRSHUDWLYR\ODRWUDHQODFXDOORVRUGHQDGRUHV\DSRVHHQ
HOVLVWHPDRSHUDWLYR
/DFUHDFLyQGHOVLVWHPDRSHUDWLYRFRPRWDOVXUJHDSDUWLUGHODQHFHVLGDGGHPD[LPL]DUOD
HILFLHQFLD GH ORV UHFXUVRV KDUGZDUH GH ODV PiTXLQDV HV GHFLU FUHDU XQ VRIWZDUH FDSD]GH
XWLOL]DUGHPDQHUDHILFLHQWHWRGRVORVFRPSRQHQWHVKDUGZDUHGHORVSULPHURVFRPSXWDGRUHV
$QWHV GH SUHVHQWDU ODV IXQFLRQHV \ ODV FDUDFWHUtVWLFDV IXQGDPHQWDOHV GH ORV VLVWHPDV
RSHUDWLYRV YHUHPRV SULPHUR XQD EUHYH HYROXFLyQ KLVWyULFD GH WDO IRUPD TXH QRV SHUPLWD
HVWDEOHFHUODLPSRUWDQFLDGHORVVLVWHPDVRSHUDWLYRVHQORVFRPSXWDGRUHV
&RPSXWDGRU&RPSXWDGRUD2UGHQDGRU
&RQFHSWR
/DGHILQLFLyQHVODPLVPDSDUDFXDOTXLHUWLSRGHPiTXLQDODGHILQLFLyQJHQHUDO\DFHSWDGD
HVODVLJXLHQWHHVXQDPiTXLQDTXHOOHYDDFDERSURFHVDPLHQWRGHLQIRUPDFLyQGLJLWDO
,QIRUPDFLyQGLJLWDOHVDTXHOODTXHSXHGHH[SUHVDUVHSRUPHGLRGHQ~PHURVROHWUDV
(O SURFHVDPLHQWR R WUDQVIRUPDFLyQ TXH OOHYD D FDER HO FRPSXWDGRU FRQ R VREUH OD
LQIRUPDFLyQGLJLWDOQRHVILMR\GHEHVHUGHILQLGRSRUHOXVXDULRGHODPiTXLQD6HGLFH
HQWRQFHVTXHHOXVXDULRSURJUDPDODFRPSXWDGRUD(OSURFHVDPLHQWRGHODLQIRUPDFLyQ
SURGXFH FRPR UHVXOWDGR PiV LQIRUPDFLyQ $ OD LQIRUPDFLyQ TXH YD VHU SURFHVDGD QRV
UHIHULUHPRVFRPRGDWRV GHHQWUDGDRHQWUDGDDOD LQIRUPDFLyQSURGXFLGD QRVUHIHULPRV
FRPRUHVXOWDGRVRVDOLGD
2UJDQL]DFLyQ,QWHUQDGHO&RPSXWDGRU
8QD FRPSXWDGRUD HVWD FRQIRUPDGD SRU ORV VXEVLVWHPDV 3URFHVDGRU 0HPRULD \
'LVSRVLWLYRVGH(QWUDGD\6DOLGD
3RSXODUPHQWH VH OH GHQRPLQD SURFHVDGRU D OD FDMD TXH FRQWLHQHQ WRGRV ORV GLVSRVLWLYRV
LQWHUQRV GHO FRPSXWDGRU UHDOPHQWH HVWH HOHPHQWR HV XQR GH ORV GLVSRVLWLYRV GHO
FRPSXWDGRU \ HV HO TXH SHUPLWH HMHFXWDU OD OyJLFD GH ORV SURJUDPDV LQFOX\HQGR OD GHO
VLVWHPDRSHUDWLYR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
,OXVWUDFLyQ2UJDQL]DFLyQLQWHUQDGHO&RPSXWDGRU
(O PHMRU WpUPLQR SDUD HVWR HV &38 8QLGDG &HQWUDO GH 3URFHVDPLHQWR OD FXDO HVWD
UHSUHVHQWDGD HQ OD ,OXVWUDFLyQ HQ HO UHFXDGUR L]TXLHUGR HVWH D VX YH] VH SXHGH GLYLGLU HQ
XQLGDG DULWPpWLFR OyJLFD XQLGDG GH FRQWURO \ ORV UHJLVWURV HVWRV HOHPHQWRV SHUPLWHQ
HMHFXWDU FDGD XQD GH ODV LQVWUXFFLRQHV GH ORV SURJUDPDV HQ FRQMXQWR FRQ ODPHPRULD GHO
FRPSXWDGRU D OD FXDO FRP~QPHQWH VH OH GHQRPLQD PHPRULD 5$0 5DQGRP $FFHVV
0HPRU\,PSRUWDQWHSDUDUHFLELU\HQYLDUGDWRVIXHUDGHOVLVWHPDHVWiQORVGLVSRVLWLYRVGH
HQWUDGD\VDOLGD
%UHYH+LVWRULDGHORV6LVWHPDV2SHUDWLYRV
(QODHYROXFLyQGHORVVLVWHPDVRSHUDWLYRVVHSXHGHGHFLUGHDOJXQDPDQHUDTXHKDQHVWDGR
DOSDUGHODHYROXFLyQGHORVFRPSXWDGRUHVHVWRHVGHELGRDTXHORVFDPELRVHQHOKDUGZDUH
GH OD PiTXLQD SHUPLWHQ D ORV VLVWHPDV RSHUDWLYRV PDV \ PHMRUHV FDSDFLGDGHV 2WUR
HOHPHQWRLPSRUWDQWHVRQODVQHFHVLGDGHVGHORVXVXDULRVJHQpULFDPHQWHSRGHPRVGHFLUTXH
HQ XQ SULQFLSLR ORV VLVWHPDV RSHUDWLYRV VH GHGLFDEDQ D WUDWDU GH UHVROYHU HO SUREOHPD GH
DFFHVR IiFLO \ HILFLHQWH D ORV GLVSRVLWLYRV SRVWHULRUPHQWH HQ ODV XOWLPDV GpFDGDV ORV
VLVWHPDV RSHUDWLYRV HVWiQ GHGLFDGRV IXQGDPHQWDOPHQWH D ODV LQWHUIDFHV DJUDGDEOHV \
VHQFLOODV \ DO PDQHMR \ VRSRUWH GH SURJUDPDV GH DSOLFDFLyQ HVSHFtILFD SUHIHULEOHPHQWH HQ
HQWRUQRVPXOWLWDUHD
3RGHPRVYHUODKLVWRULDGHORV62\VXVFDUDFWHUtVWLFDVUHVXPLGDVHQOD,OXVWUDFLyQ
(Q XQ SULQFLSLR DQWHV GH VH FUHDURQ ORV SULPHURV JUDQGHV FRPSXWDGRUHV FRQ OD
FRQILJXUDFLyQEiVLFDGHORVRUGHQDGRUHVDFWXDOHVHVWRVHUDQHO0$5.,HOHFWURPHFiQLFR
\ HO (1,$& WXERV DO YDFLy FRPR SUR\HFWRV GH SXQWD GH JUXSRV GH LQYHVWLJDFLyQ
FRPSXHVWRSRUXQLYHUVLGDGHV\HPSUHVDVSULYDGDV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
*HQHUDFLyQ
x
x
*HQHUDFLyQ
x
x
x
x
x
*HQHUDFLyQ
*HQHUDFLyQ
*HQHUDFLyQ
0XOWLSURJUDPDFLyQ
0XOWLSURFHVDPLHQWR
7UDEDMRLQGHSHQGLHQWHGHOGLVSRVLWLYRXVDGR
6LVWHPDV GH SURFHVDPLHQWR GH WLHPSR
FRPSDUWLGR
6LVWHPDVGHWLHPSRUHDO
x
x
(VSHFLDOHVSDUDWDUHDVJUDQGHV
3UREOHPDVHQHOHODXPHQWRGHORVWLHPSRVGH
HMHFXFLyQGHORVSURJUDPDV
$SUHQGL]DMHHQJRUURVRGHOVLVWHPD
x
x
x
x
x
x
(PSOHRGH5HGHVGHRUGHQDGRUHV
3URFHVDPLHQWRHQOtQHD
3UREOHPDVGHVHJXULGDG
0iTXLQDVYLUWXDOHV
%DVHVGH'DWRV
,QJHQLHUtDGH6LVWHPDVOyJLFRV
x
,QWHUFRQH[LyQ HQWUH GLIHUHQWHV UHGHV \
VHUYLFLRV,QWHUQHW&RPSXWDFLyQGLVWULEXLGD
\HQSDUDOHOR
$SOLFDFLRQHV GH /yJLFD GLIXVD \ DOJRULWPRV
GHWHFQRORJtDVGHSXQWD
6LVWHPDVGH,QIRUPDFLyQ*HRJUiILFD
x
*HQHUDFLyQ
$KRUD
$JLOL]DUHOSDVRGHXQWUDEDMRDRWUR
³3URFHVDPLHQWRSRUORWHV´
8VXDULR GHEH UHIHULVWH DO GLVSRVLWLYR
HVSHFtILFRTXHHVWDXVDQGR
$SOLFDGRV DVLVWHPDVJUDQGHV
x
x
x
x
x
+LVWRULDGHORV
6LVWHPDV
2SHUDWLYRV
8VXDULR LQWHUDFWXDED FRQ HO OHQJXDMH
PiTXLQD
,QVWUXFFLRQHVPDQXDOHV
3pUGLGDGH7LHPSRHQFDPELRVGHWDUHDV
x
x
,OXVWUDFLyQ%UHYH+LVWRULDGH/RV6LVWHPDV2SHUDWLYRV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
&yPRVHSUHVHQWDHQODILJXUDVHDSUHFLDTXHHQHVWDpSRFDQRH[LVWtDHOVLVWHPDRSHUDWLYR
FRPRWDOSRUFRQVLJXLHQWHVHHVSHFLDOL]DURQORVWUDEDMRVSDUDSRGHUXVDUHVWDVPiTXLQDVVH
XWLOL]DEDHODFFHVRSRURSHUDGRUHOFXDOHUDXQXVXDULRHVSHFLDOL]DGRTXHWHQLDODPLVLyQGH
PDQLSXODUODPiTXLQDFDUJDUSURJUDPDVREWHQHUUHVXOWDGRVHWF/RVSURJUDPDGRUHVHUDQ
XVXDULRV TXH IRUPDWHDEDQ ORV WUDEDMRV XVDQGR FyGLJR PiTXLQD \ ORV SDVDEDQ D ORV
RSHUDGRUHVSDUDTXHHOORVORVHMHFXWDUDQHQODPiTXLQD
(Q FDGD FDPELR GH WDUHD HO RSHUDGRU GHEtD UHLQLFLDU WRGD OD PiTXLQD FRQ HO SURJUDPD
FRUUHFWRSDUDHMHFXWDUORVSURJUDPDVGHSHQGLHQGRGHVXVQHFHVLGDGHVHVWRFRQOOHYDEDDXQD
JUDQSpUGLGDGHWLHPSRHQHOSDVRGHXQWUDEDMRDORWUR8QDPHMRUDVHUHDOL]yDODJUXSDU
ORV WUDEDMRV GHO PLVPR WLSR \ HMHFXWDUOR HQ XQ VROR ORWH D HVWR VH OH FRQRFLy FRPR
SURFHVDPLHQWR SRU JUXSRV (IHFWLYDPHQWH HVWR SHUPLWLy GLVPLQXLU HO WLHPSR TXH
GHPRUDEDQ ORV WUDEDMRV HQ VHU HMHFXWDGRV 3RVWHULRUPHQWH VH GHWHFWR TXH HO WUDEDMR
UHDOL]DGR SRU HO RSHUDGRU FRQVLVWtD HQ XQD VHULH GH SDVRV ILMRV \ VLVWHPiWLFRV DVt VH GLR
RULJHQDODHODERUDFLyQGHXQSURJUDPDUHVLGHQWHHQODPHPRULDGHORVFRPSXWDGRUHVTXH
SHUPLWtDFODVLILFDUHOWUDEDMR\HMHFXWDUORSRUORWHVFRPXQHV$HVWHSURJUDPDVHOHOODPR
PRQLWRU UHVLGHQWH DFWXDOPHQWH HV FRQVLGHUDGR FRPR HO SULPHU VLVWHPD RSHUDWLYR HQ ODV
PiTXLQDV
/RV VLJXLHQWHV DYDQFHV HQ ORV VLVWHPDVRSHUDWLYRV VH FDUDFWHUL]DURQ SRU OD E~VTXHGD GH OD
PHMRUD GHO UHQGLPLHQWR DVt VH LPSOHPHQWR HO PDQHMRRII ± OLQH DO DSDUHFHU ODV FLQWDV
PDJQpWLFDVTXHVRQPiVUiSLGDVTXHODVOHFWRUDVGHWDUMHWDVVHSRGtDDOPDFHQDUORVWUDEDMRV
HQ HVWDV FLQWDV IXHUD GH OtQHD PLHQWUDV VH HMHFXWDQ XQDV WDUHDV \D DOPDFHQDGDV HQ OD
PiTXLQD /R PLVPR SDUD OD VDOLGD GH ORV GDWRV 2WUR HOHPHQWR TXH D\XGy HQ HO
UHQGLPLHQWR IXH HO EXIIHULQJ OD FXDO FRQVLVWH HQ DOPDFHQDPLHQWRV LQWHUPHGLRV HQWUH OD
PiTXLQDPLHQWUDVHOSURFHVDGRUHMHFXWDRWUDVWDUHDVSRVWHULRUPHQWHSXHGHDWHQGHUHOEXIIHU
GH LQIRUPDFLyQ (OVSRROLQJ SHUPLWLy DSURYHFKDV OHFWXUDV \ HVFULWXUDV VLPXOWDQHDV D ORV
PRGHUQRVGLVFRVGXURVTXHSHUPLWLHURQHVWDVFDUDFWHUtVWLFDV
$ SDUWLU GH OD JHQHUDFLyQ VH HPSH]DURQ D LPSOHPHQWDU FDUDFWHUtVWLFDV DGLFLRQDOHV D ORV
VLVWHPDV RSHUDWLYRV TXH OH GLHURQ HILFLHQFLD \ HILFDFLD D OD HODERUDFLyQ GH WUDEDMRV GH
GLIHUHQWHVtQGROHV\FRQXVXDULRVRWUDEDMRVVLPXOWiQHRV/DPXOWLSURJUDPDFLyQ SHUPLWLy
HMHFXWDUYDULRVSURJUDPDVVLPXOWiQHDPHQWHHQXQDPiTXLQDLQGHSHQGLHQWHGHOQ~PHURGH
SURFHVDGRUHV TXH SRVHD HVWD FXDQGR PDQHMDPRV YDULRV SURFHVDGRUHV VH HVWDEOHFLHURQ ORV
VLVWHPDV GH PXOWLSURFHVDPLHQWR $Vt SRFR D SRFR VH IXHURQ HQFRQWUDQGR PHMRUHV
WHFQRORJtDV GH PD[LPL]DFLyQ GH ORV UHFXUVRV GH ODV FRPSXWDGRUDV FRQ OD SRVWHULRU
DSDULFLyQGHRWURVSUREOHPDVLQKHUHQWHVDHVWDVQXHYDVWHFQRORJtDV
)LQDOPHQWH HQ ODV ~OWLPDV JHQHUDFLRQHV VH SXHGH DSUHFLDU TXH ORV VLVWHPDV RSHUDWLYRV VH
HVSHFLDOL]DQGHDFXHUGRDODVQHFHVLGDGHVGHXVXDULRHQODVDSOLFDFLRQHVHVSHFtILFDVFRPR
HOPDQHMRGHEDVHVGHGDWRV\VLVWHPDVGHLQIRUPDFLyQJHRJUiILFD(VWRHVGHELGRDTXHHO
KDUGZDUH KD OOHJDGR D JUDQGHV YHORFLGDGHV GH SURFHVDPLHQWR \ PDQLSXODFLyQ GH GDWRV OR
FXDO SHUPLWH D ODV DSOLFDFLRQHV GHVSUHRFXSDUVH SRU HO UHQGLPLHQWR \ HQIRFDUVH HQ OD
FRQVWUXFFLyQ DGHFXDGD GH VLVWHPDV TXH UHVSRQGDQ DO PDQHMR GHO FRQRFLPLHQWR \ QR GH
VLPSOHVGDWRV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
'HILQLFLyQ(VWUXFWXUD\)XQFLRQHVGHORV6LVWHPDV2SHUDWLYRV
(Q ORV VHVHQWDV XQ 62 VH GHILQH FRPR (O VRIWZDUH TXH FRQWUROD DO KDUGZDUH
$FWXDOPHQWH XQ 62 VH GHILQH FRPR /RV SURJUDPDV LPSOHPHQWDGRV HQ 6RIWZDUH R
)LUPZDUHTXHKDFHQSRVLEOHTXHVHXVHHO+DUGZDUH
/DWHQGHQFLDDFWXDOHVKDFHU62PiVVLPSOHV\RULHQWDGRVDODVQHFHVLGDGHVGHOXVXDULR
)XQFLRQHVJHQHUDOHVGHXQ62
&UHDODLPDJHQTXHHOXVXDULRFRQRFHGHHOHQRWUDVSDODEUDVHO62GLVSRQHDOXVXDULRXQD
LQWHUID]TXHOHSHUPLWDFRPXQLFDUVHFRQODPiTXLQD
&XPSOH OD )XQFLyQ GH 6LVWHPD OyJLFR VREUH HO VLVWHPD ItVLFR GH OD PiTXLQD SHUPLWLHQGR
FRPSDUWLUKDUGZDUH\VRIWZDUHFRQRWURVXVXDULRV
3ODQLILFD ORV UHFXUVRV FUtWLFRV GHO VLVWHPD HQWUH ORV XVXDULRV SURFHVDGRU PHPRULD \
GLVSRVLWLYRVGHHQWUDGD\VDOLGDGHLQIRUPDFLyQ(6
/DV DFWLYLGDGHV SURSLDV GHO 62 VRQ OD JHVWLyQ GH SURFHVDGRUHV DOPDFHQDPLHQWR GH
LQIRUPDFLyQGLVSRVLWLYRVGH(6\SURFHVRVRDSOLFDFLRQHV
(VWUXFWXUDGHORV62
6H SXHGHQ FODVLILFDU VHJ~Q VX ILQDOLGDG WLSR GH SURFHVR ORWHV WLHPSR FRPSDUWLGR
PXOWLSURFHVR HWF \ ODV QHFHVLGDGHV VHJ~Q ORV UHTXLVLWRV GH XVXDULR R GH VRIWZDUH /RV
SULQFLSDOHVWLSRVVRQ
0RQROtWLFD8QVRORSURJUDPDFRPSXHVWRSRUXQFRQMXQWRGHUXWLQDV
x
x
x
x
0yGXORVFRPSLODGRVSRUVHSDUDGR
%XHQDGHILQLFLyQGHSDUiPHWURV\GHHQODFH
1RSRVHHQSURWHFFLRQHVQLSULYLOHJLRV
+HFKRVDODPHGLGDGHODVQHFHVLGDGHV
-HUiUTXLFD'LYLGHHO62HQSHTXHxDVSDUWHVGHILQLGDV\FRQXQDFODUDLQWHUIDVHHQWUHHO
UHVWRGHORVHOHPHQWRV(M
1LYHO 8VXDULR
1LYHO± $UFKLYRV
1LYHO± (QWUDGD6DOLGD
1LYHO± &RPXQLFDFLRQHV
1LYHO± 0HPRULD
1LYHO± *HVWLyQGH&38
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
1LYHO± +DUGZDUH
7DEOD(MHPSORGH1LYHOHVGHXQ62
0iTXLQD 9LUWXDO 3UHVHQWDQ XQD ,QWHUIDFH D FDGD SURFHVR SUHVHQWDQGR XQD PiTXLQD TXH
SDUHFHLGpQWLFDDODPiTXLQDUHDOVXE\DFHQWH
x 0DQHMRGH0XOWLSURJUDPDFLyQ
x 0iTXLQDH[WHQGLGD
x ,QWHJUDFLyQGHGLVWLQWRV62
x (OQ~FOHRHVXQPRQLWRUYLUWXDO
&OLHQWH 6HUYLGRU 6LVWHPD RSHUDWLYR GH SURSyVLWR JHQHUDO DGPLQLVWUD ORV SURFHVRV OD
PHPRULD\ODFRPXQLFDFLyQHQWUHSURFHVRV
3UHVWDFLRQHVGHXQ6LVWHPD2SHUDWLYR
/DV SUHVWDFLRQHVGHORVVLVWHPDVRSHUDWLYRVODVSRGHPRVFODVLILFDUVHJ~QHOXVXDULRGHODV
PLVPDV
3URJUDPDGRU(OSURJUDPDGRUQHFHVLWDHMHFXWDUORVSURJUDPDVUHDOL]DURSHUDFLRQHVGH(6
\JHVWLRQDUDUFKLYRV
6LVWHPD(OVLVWHPDPDQLSXODORVUHFXUVRVGHODPiTXLQDOOHYDXQDVHVWDGtVWLFDVGHOXVRGH
ORVPLVPRV\PDQWLHQHXQDVSURWHFFLRQHVDIDOORVSURFHVDGRU(6\GHPHPRULD
/RVSURFHVRVODPHPRULD\OD(6
8QD GH ODV SULQFLSDOHV IXQFLRQHV GH ORV VLVWHPDV RSHUDWLYRV UDGLFD HQ OD JHVWLyQ \
DGPLQLVWUDFLyQGHORVSURFHVRVODPHPRULD\OD(6([LVWHQFDStWXORVHQWHURVHQOLEURVGH
VLVWHPDV RSHUDWLYRV SDUD ORV PHFDQLVPRV \ PpWRGRV XWLOL]DGRV SRU ORV 62 SDUD OD
DGPLQLVWUDFLyQGHHVWRVGLVSRVLWLYRV1RHVHOILQGHHVWHWH[WRSUHVHQWDUHVWDLQIRUPDFLyQ
SRUTXH VH H[WLHQGH PiV KDOOD GH ORV ORV OtPLWHV GH OD WHPiWLFD WUDWDGD 6H SURFHGHUi D
SUHVHQWDU FRQFHSWRV IXQGDPHQWDOHV TXH SHUPLWHQ UHODFLRQDUVH FRQ OD VHJXULGDG
FRPSXWDFLRQDOGLUHFWDPHQWH
/RVSURFHVRV
8Q SURFHVR HV XQ SURJUDPD HQ HMHFXFLyQ MXQWR FRQ XQ HQWRUQR DVRFLDGR UHJLVWURV
YDULDEOHV HWF $FWXDOPHQWH H[LVWHQ VLVWHPDV RSHUDWLYRV TXH SHUPLWHQ D ORV XVXDULRV
LQLFLDUGLYHUVRVSURFHVRV\DVXYH]HVWRVSURFHVRVSXHGHQJHQHUDUPiVSURFHVRVKLMRVWRGR
HVWR VH UHDOL]D HQ VLVWHPDV GH P~OWLSOHV XVXDULRV PXOWLSURJUDPDFLyQ FRQFXUUHQWHV HQ HO
PLVPR WLHPSR (VWD SRVLELOLGDG GHWHUPLQD TXH HO VLVWHPD RSHUDWLYR SHUPLWD LQLFLDU
P~OWLSOHV DSOLFDFLRQHV VHJ~Q OD SHWLFLyQ TXH VH OH KDJD HV PiV HVWDV SHWLFLRQHV SXHGHQ
YHQLU GH XVXDULRV LQVWDODGRV HQ OD PLVPD PiTXLQD R GH XVXDULRV UHPRWRV FRQHFWDGRV D
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
WUDYpVGHODUHGVtVHLQLFLDXQDFRQH[LyQYtD02'(0HQHVHPRPHQWRHOFRPSXWDGRUHVWD
HQUHG
/D SRVLELOLGDG GH TXH XQ XVXDULR R SURJUDPD GH OD PiTXLQD SXHGD LQLFLDU SURFHVRV HV OD
SULPHUD SXHUWD HQ OD TXH XQ LQWUXVR HQ FXDOTXLHUD GH VXV PRGDOLGDGHV KDFNHU YLUXV
JXVDQRWUR\DQRHWFHQWUHDOVLVWHPDDFHGDDODLQIRUPDFLyQGHODPLVPD\FDXVHHVWUDJRV
(V GLItFLOSDUD HO 62VDEHUTXH SURFHVR HV EXHQRRPDORHO62WLHQHTXHFRQILDUHQHO
SURFHVRKDVWDTXHHVWHLQWHQWHYLRODUODVVHJXULGDGHV\SURWHFFLRQHVGHOVLVWHPD
8QHOHPHQWRLPSRUWDQWHDWHQHUHQFXHQWDHVTXHWRGRVORVSURFHVRVTXHVHHMHFXWDQHQXQD
PiTXLQDFRPSLWHQSRUORVUHFXUVRVGHODPLVPDSURFHVDGRUPHPRULD(6QRUPDOPHQWH
VH FODVLILFDQ ORV SURFHVRV FRPR OLPLWDGRV SRU (6 \ OLPLWDGRV SRU SURFHVDGRU HVWR HV
FXDQGR ORV SURFHVRV VH FDUDFWHUL]DQ SRU KDFHU PXFKDV SHWLFLRQHV DO 62 GHO XVR GH ORV
GLVSRVLWLYRVGHHQWUDGD\VDOLGD\GHOSURFHVDGRUUHVSHFWLYDPHQWH
/D0HPRULD
/D PHPRULDGHOFRPSXWDGRUHVXQRGHORVGLVSRVLWLYRVPiVLPSRUWDQWHVSDUDODHMHFXFLyQ
GHODVDSOLFDFLRQHV7RGRSURFHVRWLHQHXQHVSDFLRHQODPHPRULDKDVWDHOPLVPRVLVWHPD
RSHUDWLYR GHEH H[LVWLU HQ OD PHPRULD GHO FRPSXWDGRU (O 62 HV HO HQFDUJDGR GH
DGPLQLVWUDU HVWH UHFXUVR GH DVLJQDU HVSDFLRV SDUD SURFHVRV HQWUDQWHV \ GH DGPLQLVWUDUOR
HQWUH HOORV &XDQGR VH HMHFXWD XQ SURFHVR GDxLQR (M 9LUXV HVWH QRUPDOPHQWH KDFH XQD
SHWLFLyQ GH PHPRULD \ VH LQVWDOD HQ DOJ~Q ULQFyQ GH HOOD /D PHPRULD HV XQR GH ORV
UHFXUVRV TXH XWLOL]DQ PiV HVWRV SURJUDPDV GDxLQRV SDUD DOPDFHQDUVH \ HMHFXWDUVH HV PiV
SDUDSUHYDOHFHUD~QFXDQGRVHKDOODERUUDGRHOSURJUDPDItVLFDPHQWHGHORVGLVFRVGXURV
'LVSRVLWLYRVGH(6
/RV GLVSRVLWLYRV GH HQWUDGD \ VDOLGD VRQ WRGRV ORV HOHPHQWRV KDUGZDUH TXH SHUPLWHQ DO
FRPSXWDGRUUHFLELU\HQYLDULQIRUPDFLyQIXHUDGHOVLVWHPD(QWUHHOORVSRGHPRVHQFRQWUDU
ODV WDUMHWDV GH UHG ODV WDUMHWDV GH 02'(0 \ DOJR PX\ LPSRUWDQWH ORVSXHUWRV ORV FXDOHV
VRQ ODV SXHUWDV GH HQWUDGD \ VDOLGD GH LQIRUPDFLyQ GHO FRPSXWDGRU \ VRQ ODV YtDV SRU ODV
FXDOHVORVLQWUXVRVDFFHGHQDpOQRUPDOPHQWHORVSXHUWRVVHQXPHUDQFRQGtJLWRVHQWHURV\
SRVHHQ XQD GLUHFFLyQ HQ OD PHPRULD GHO FRPSXWDGRU HQ OD FXDO FRORFDQ \ UHFLEHQ OD
LQIRUPDFLyQ 7RGDV ODV PiTXLQDV \ VX UHVSHFWLYR 62 HVWDEOHFHQ XQ FRQMXQWR DPSOLR GH
SXHUWRVSDUDFRPXQLFDFLRQHV\FRQILJXUDFLyQGHVHUYLFLRVWHOQHWLQWHUQHWWUDQVIHUHQFLDGH
DUFKLYRVHWFPXFKRVGHHVWRVSXHUWRVHVWiQKDELOLWDGRVSRUGHIHFWR\VLQWHQHUXQVHUYLFLR
DGHFXDGRSRUHOPLVPRHVWRVVHFRQYLHUWHQHQODVSULQFLSDOHVSXHUWDVGHHQWUDGDSDUDYLRODU
ODVHJXULGDGGHOVLVWHPD
6HJXULGDGHQORV6LVWHPDV2SHUDWLYRV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(Q HVWH DSDUWDGR VH SUHWHQGH DQDOL]DU ORV DVSHFWRV TXH LQWHUYLHQHQ HQ OD VHJXULGDG GH ORV
VLVWHPDVLQIRUPiWLFRVHQJHQHUDO\HQORVVLVWHPDVRSHUDWLYRVHQSDUWLFXODU
3ULPHURVHKDFHXQEDODQFHUHTXHULPLHQWRV\PHFDQLVPRVQHFHVDULRVSDUDSRVHHUXQDEXHQD
VHJXULGDGLQIRUPiWLFDWDQWRGHORVHTXLSRVFRPRGHORVSURJUDPDV\GDWRV
/D VHJXULGDG VHSXHGH DQDOL]DU GHVGH GRV HQIRTXHVOD VHJXULGDG H[WHUQD \ OD VHJXULGDG
LQWHUQD
6H GHEHQ HVWDEOHFHU GLUHFWULFHV \ PHFDQLVPRV GH VHJXULGDG TXH SHUPLWDQ HVWDEOHFHU XQ
VLVWHPD VHJXUR 8QD GH HOODV VRQ ODV UHVWULFFLRQHV D ORV DFFHVRV GH ODV SHUVRQDV QR
DXWRUL]DGDV DO OXJDU GRQGH HVWiQ ORV HTXLSRV PDQWHQHU HQ EXHQ HVWDGR ORV PDWHULDOHV \
SUHYHQLUULHVJRVFDWDVWUyILFRVFRPRLQXQGDFLRQHVLQFHQGLRVHWF0XFKRVGHORVFDVRVGH
YLRODFLyQGHGDWRVVHFDXVDQSRUHODFFHVRGHSHUVRQDOQRDXWRUL]DGDVDORVHTXLSRV ([LVWH
RWUDFXVDGHHVWRVDFFHVRV\HVODPLFURLQIRUPiWLFD HOVRIWZDUHPDOLQWHQFLRQDGRHVGHFLU
SHTXHxRVSURJUDPDVTXHWLHQHQODIDFLOLGDGGHUHSURGXFLUVH\HMHFXWDUVHFX\RVHIHFWRVVRQ
GHVWUXFWLYRV\HQODPD\RUtDGHORVFDVRVHOGDxRHVLUUHYHUVLEOH YLUXVLQIRUPiWLFRV
3RUHVWRORVJRELHUQRVGHORVGLVWLQWRVSDtVHVKDQGLFWDGROH\HV\QRUPDVSDUDDVHJXUDUXQD
UDFLRQDOVHJXULGDGHQORVVLVWHPDVGHLQIRUPDFLyQ\SURWHJHUHOGHUHFKRDODLQWLPLGDGGHOD
LQIRUPDFLyQGHODVSHUVRQDV
6HJXULGDGH[WHUQD
8Q FRUUHFWR VLVWHPD GH VHJXULGDGHVHOTXHDUWLFXODWRGRVORVVXEVLVWHPDVGHSURWHFFLRQHV
HQWUH VL GH WDO IRUPD TXH SDUD TXH XQ LQWUXVR SXHGD YLRODUOD VH HQFXHQWUH FRQ YDULRV
REVWiFXORVDODYH]7RGRVORVPHFDQLVPRVGLULJLGRVDDVHJXUDUHOVLVWHPDLQIRUPiWLFRVLQ
TXHHOSURSLRVLVWHPDLQWHUYHQJDHVORTXHVHGHQRPLQDVHJXULGDGH[WHUQD
3RGHPRVYHUODVHJXULGDGH[WHUQDGHGRVIRUPDV
6HJXULGDG )tVLFD (QJORED ORV PHFDQLVPRV TXH LPSLGHQ D ORV DJHQWHV ItVLFR HQWUDU DO
VLVWHPD LQIRUPiWLFR (M )XHJR KXPR LQXQGDFLRQHV GHVFDUJDV HOpFWULFDV FDPSRV
PDJQpWLFRV DFFHVR ItVLFR GH SHUVRQDV GH PDOD LQWHQFLyQ $Vt SRGHPRV HVWDEOHFHU GRV
IRUPDV
x
x
3URWHFFLyQFRQWUDGHVDVWUHV(OHPHQWRVGHSUHYHQFLyQGHWHFFLyQ\HOLPLQDFLyQGH
ORVDJHQWHVPHQFLRQDGRVDQWHULRUPHQWH
3URWHFFLyQ FRQWUD LQWUXVRV (OHPHQWRV TXH QR SHUPLWDQ HO DFFHVR ItVLFR GH ODV
SHUVRQDVQRDXWRUL]DGDV(M3XHUWDVGHVHJXULGDGKXHOODVFyGLJRVHWF
6HJXULGDG GH $GPLQLVWUDFLyQ (QJORED ORV PHFDQLVPRV PiV XVXDOHV SDUD LPSHGLU HO
DFFHVROyJLFRGHSHUVRQDVItVLFDVDOVLVWHPD3RGHPRVGLYLGLUHVWRFRPR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
3URWHFFLyQGHDFFHVR(VHOPHFDQLVPRTXHSHUPLWHFRQHFWDUDORVXVXDULRVDXWRUL]DGRV\
QRSHUPLWLUODHQWUDGDDORVLQWUXVRV/DVPRGDOLGDGHVVRQ
3DODEUDV GH DFFHVR SDVVZRUG 3DUD OD LGHQWLILFDFLyQ GHO XVXDULR OD IyUPXOD PDV
H[WHQGLGD HV OD GHORJLQ GLiORJR GH HQWUDGDTXH FRQVLVWH HQ SHGLU XQ QRPEUHGHXVXDULR
XVHUQDPH \ SDODEUD GH DFFHVR SDVVZRUG GH WDO IRUPD TXH GHVSXpV GH XQ Q~PHUR GH
LQWHQWRV HVSHFtILFR HO VLVWHPD QR OH GHMD FRQHFWDUVH $GLFLRQDOPHQWH HO DGPLQLVWUDGRU GHO
62 SXHGH GHVFRQHFWDU FXDOTXLHU XVXDULR TXH pO FRQVLGHUH QR GHVHDGR (O QRPEUH GH
XVXDULRHVS~EOLFR\HOSDVVZRUGHVSHUVRQDOSRUHOORHVUHFRPHQGDEOHTXHVHFDPELHHVWH
SHULyGLFDPHQWH (VWD FODYH HV DOPDFHQDGD HQ XQ DUFKLYR GHO VLVWHPD RSHUDWLYR
GHSHQGLHQGR GHO 62 VH XVD XQ PpWRGR GH HQFULSFLyQ SDUD LPSHGLU TXH HVWD LQIRUPDFLyQ
VHDYLRODGDSRURWURVXVXDULRV
&ULSWRJUDItD(VXQSURFHVRGHWUDQVIRUPDFLyQTXHVHDSOLFDDXQRVGDWRVSDUDRFXOWDUVX
FRQWHQLGR ([LVWHQ GLIHUHQWHV WpFQLFDV ODV PiV FRPXQHV VRQ 2UH[FOXVLYR (VWiQGDU GH
(QFULSWDGR GH 'DWRV 'DWD (QFU\SWLRQ (VWiQGDU± '(6 \ HO PpWRGR GH 5LYHVW 6KDPLU \
$GHOPDQ56$
6HJXULGDG )XQFLRQDO (QJORED DVSHFWRV UHODWLYRV DO IXQFLRQDPLHQWR GHO VLVWHPD \ D OD
VHJXULGDGGHODVLQVWDODFLRQHVVHSUHWHQGHWHQHU
6HJXULGDGHQODWUDQVPLVLyQGHGDWRV/DV OtQHDVGHWUDQVPLVLyQVRQIiFLOPHQWHYLRODEOHV
SRUHVWRVHXWLOL]DQODVVLJXLHQWHVWpFQLFDV
&RPSDFWDFLyQ GH ORV GDWRV 6H FRPSULPHQ ORV GDWRV SDUD TXH RFXSHQ HO PHQRU HVSDFLR
SRVLEOH\DVtFRQVHJXLUHQSULQFLSLRTXHODGXUDFLyQGHODWUDQVPLVLyQVHDPHQRU\TXHSDUD
HQWHQGHUOD KDOOD TXH GHVFRPSDFWDUOD (QWUH ORV PpWRGRV GH FRPSDFWDFLyQ H[LVWHQ OD
UHGXFFLyQ GH HVSDFLRV HQ EODQFR \ FRGLILFDFLyQ SRU GLIHUHQFLD &ULSWRJUDItD <D
H[SOLFDGD
)LDELOLGDG $GHPiV GH ODV PHGLGDV DQWHULRUHV VH VXHOHQ WRPDU RWUDV SDUD DVHJXUDU HO
FRUUHFWR HVWDGR GH OD LQIRUPDFLyQ DO OOHJDU D VX GHVWLQR 6H SXHGHQ SUHVHQWDU SUREOHPDV
GHELGRV D FDXVDV DFFLGHQWDOHV FRPR OD LQIOXHQFLD GH IXHUWHV FDPSRV PDJQpWLFRV
SHUWXUEDFLRQHVHOpFWULFDVHWFDVtFRPRSRUPRWLYRVGHLQWUXVLyQGHLQIRUPDFLyQFRQHOILQ
GHPRGLILFDUODRGHVWUXLUOD3DUDHVWRVHOHDxDGHXQDLQIRUPDFLyQDGLFLRQDODODVFDEHFHUDV
GH ORV GDWRV HQYLDGRV FRQ HO ILQ GH DVHJXUDU TXH OD LQIRUPDFLyQ OOHJy FRUUHFWDPHQWH
1RUPDOPHQWHVHXVDQORVVLJXLHQWHVPpWRGRV
x
%LWGHSDULGDG
x
&yGLJRGHUHGXQGDQFLDFtFOLFD
x
&yGLJRVGH+DPPLQJ
6LVWHPDV WROHUDQWHV D ORV IDOORV 6H XWLOL]DQ HQ VLVWHPDV GRQGH VH SXHGD SHUGHU
LQIRUPDFLyQ GHELGR D XQ PDO IXQFLRQDPLHQWR GH ORV PLVPRV (V LPSRUWDQWH SDUD ORV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
VLVWHPDVGHFRQWURO\VXSHUYLVLyQHQWLHPSRUHDO([LVWHQPHFDQLVPRVTXHDQWHVLWXDFLRQHV
GH PDO IXQFLRQDPLHQWR FRQVLJXHQ UHFXSHUDU \ FRQWURODU HO HQWRUQR SURWHJLHQGR
IXQGDPHQWDOPHQWHODLQIRUPDFLyQ
6HJXULGDG,QWHUQD
7RGRVORVPHFDQLVPRVGLULJLGRVDDVHJXUDUHOVLVWHPDLQIRUPiWLFRVLHQGRHOSURSLRVLVWHPD
HO TXH FRQWUROD GLFKRV PHFDQLVPRV VH HQJOREDQHQ OR TXH SRGHPRV GHQRPLQDUVHJXULGDG
LQWHUQD
6HJXULGDGGHOSURFHVDGRU
([LVWHQPHFDQLVPRVGH SURWHFFLyQ GHO SURFHVDGRU TXH SHUPLWHQ PDQWHQHUOR DVDOYRGHXQ
IDOORFUtWLFRHVWRVVRQ
x
x
(VWDGRVSURWHJLGRVNHUQHORQRSURWHJLGR8VXDULR
5HORMKDUGZDUHSDUDHYLWDUHOEORTXHRGHOSURFHVDGRU
6HJXULGDGGHODPHPRULD
6H WUDWD GH PHFDQLVPRV SDUD HYLWDU TXH XQ XVXDULR DFFHGD OD LQIRUPDFLyQ GH RWUR VLQ
DXWRUL]DFLyQ(QWUHHOORVFLWDUHPRVGRV
x
x
x
5HJLVWUROtPLWHVIURQWHUD
(VWDGRSURWHJLGR\QRSURWHJLGRGHOSURFHVDGRU
$GHPiVVHXWLOL]DQSDUDODPHPRULDPpWRGRVFRPRHOGHXWLOL]DUXQELWGHSDULGDGRHO
GHFKHTXHRGHVXPD
6HJXULGDGGHORV$UFKLYRV
/D ILQDOLGDG SULQFLSDO GH ODV FRPSXWDGRUDV HV HO WUDWDPLHQWR GH OD LQIRUPDFLyQ TXH VH
DOPDFHQD SHUPDQHQWHPHQWH HQ ORV DUFKLYRV /D SpUGLGD R DOWHUDFLyQ QR GHVHDGD GHGLFKD
LQIRUPDFLyQ FDXVDUtD WUDVWRUQRV TXH SRGUtDQ VHU LUUHSDUDEOHV HQ DOJXQRV FDVRV 3DUD XQ
FRUUHFWRPDQHMRGHODLQIRUPDFLyQVHGHEHHQIRFDUGHVGHGRVDVSHFWRVODGLVSRQLELOLGDG \
ODSULYDFLGDG GHORVDUFKLYRV
'LVSRQLELOLGDG GH ORV DUFKLYRV 8Q DUFKLYR GHEH WHQHU OD LQIRUPDFLyQ SUHYLVWD \ HVWDU
GLVSRQLEOHHQHOPRPHQWRTXHXQXVXDULRODQHFHVLWH+D\TXHWHQHUSUHVHQWHODQHFHVLGDG
GHDVHJXUDUWDOFLUFXQVWDQFLD\SDUDHOORVHSXHGHQUHDOL]DUODVVLJXLHQWHVDFFLRQHV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
&RSLDVGHVHJXULGDGEDFNXS &RQVLVWHHQ TXHFDGDFLHUWRWLHPSRKRUDGtDVHPDQD
VH UHDOLFH XQD FRSLD GHO FRQWHQLGR GH ORV DUFKLYRV GH IRUPD TXH VL VH GHVWUX\HQpVWRV HV
SRVLEOHODUHFXSHUDFLyQGHORVGDWRVDSDUWLUGHOD~OWLPDGHODVFRSLDV(VWRVHVXHOHKDFHU
FRQSURJUDPDVGHXWLOLGDGGHORVVLVWHPDVRSHUDWLYRV
$UFKLYR/2*(QVLVWHPDVGHWLHPSRFRPSDUWLGRGyQGHWUDEDMDQVLPXOWiQHDPHQWHPXFKRV
XVXDULRV TXH HQWUH RWUDV RSHUDFLRQHV OOHYDQ DFDER QXPHURVDV DFWXDOL]DFLRQHV \
PRGLILFDFLRQHV GH DUFKLYRV QR VRQ VXILFLHQWHV ODV SHULyGLFDV FRSLDV GH VHJXULGDG SDUD
DIURQWDU OD SpUGLGD GH LQIRUPDFLyQ 6L IDOOD OD FRPSXWDGRUD VH SXHGH UHFXSHUDU R
UHFRQVWUXLUODLQIRUPDFLyQDSDUWLUGHORVDUFKLYRV/2*ORVFXDOHVOOHYDQODLQIRUPDFLyQGH
WRGDVODVPRGLILFDFLRQHVKHFKDVDORVDUFKLYRVGHO XVXDULR
3ULYDFLGDGGHORVDUFKLYRV(OFRQWHQLGRGHORVDUFKLYRVVHGHEHSURWHJHUGHORVDFFHVRV
QR GHVHDGRV (QWUH HO SHOLJUR GH SHUPLWLU D WRGRV ORV XVXDULRV ORV DFFHVRV D FXDOTXLHU
DUFKLYR \ OD ULJLGH] GH FDGD XVXDULR VyOR SXHGD DFFHGHU D ORV VX\RV HO VLVWHPD GH
SURWHFFLyQGHEHSHUPLWLUDFFHVRVGHIRUPDFRQWURODGDVHJ~QODVUHJODVSUHGHILQLGDV\FRQ
ODVFRQVLJXLHQWHVDXWRUL]DFLRQHV&DGDXVXDULRDOFRPHQ]DUODVHVLyQHQXQVLVWHPDWUDVVX
LGHQWLILFDFLyQ WLHQH DVLJQDGR SRU HO VLVWHPD GH SURWHFFLyQ XQ GRPLQLR FRPSXHVWR GH XQD
VHULHGHUHFXUVRV\GHRSHUDFLRQHVSHUPLWLGDVSRUHMHPSORXQDVHULHGHDUFKLYRVDORVTXH
SXHGH DFFHGHU QR WHQLHQGR SHUPLVR SDUD HO UHVWR GH ORV DUFKLYRV 1RUPDOPHQWH HVWR VH
PDQHMDFRQORTXHVHFRQRFHFRPRPDWUL]GHGRPLQLRVHQODFXDOODVILODVVRQORVGRPLQLRV
\ODVFROXPQDVVRQWRGRVORVUHFXUVRVGHOVLVWHPDORVGRPLQLRVUHFXUVRVUHODFLRQDGRV\HQ
WLSR GH SHUPLVR VREUH HVWRV GHWHUPLQDUDQ HO JUDGR GH SURWHFFLyQ D FDGD XVXDULR 6L OD
PDWUL] HV GH SRFRV GDWRV VH XWLOL]D HO PpWRGR GH DVLJQDU XQD OLVWD GH GRPLQLRV D FDGD
UHFXUVRHVWRVHFRQRFHFRPROLVWDGHDFFHVR
8QVLVWHPDRSHUDWLYRVHULR
([LVWHQ GLIHUHQWHV WLSRV GH VLVWHPDV RSHUDWLYRV FRQ GLIHUHQWHV DUTXLWHFWXUDV FRPR VH YLR
DQWHULRUPHQWH /RV VLVWHPDV RSHUDWLYRV PRGHUQRV FXPSOHQ FRQ ODV IXQFLRQHV \
SUHVWDFLRQHV EiVLFDV SHUR KD\ TXH UHFRQRFHU TXH FDGD VLVWHPD WLHQH VXV SURSLDV
SDUWLFXODULGDGHV DVt FRPR GLIHUHQFLDVHQ UREXVWH] SRWHQFLD \ HVWDELOLGDG (Q OD JDPD GH
HVWRV VLVWHPDV RSHUDWLYRV HQFRQWUDPRV ORV VLVWHPDV 8QL[ ORV FXDOHV VRQ DFHSWDGRV HQ HO
PXQGRFRPRORVVLVWHPDVRSHUDWLYRVPiVHILFDFHV\HILFLHQWHVTXHVXVKRPyORJRV
/D UD]yQ GH WRPDU HO VLVWHPD RSHUDWLYR 8QL[ \R /LQX[ SDUD HO PDQHMR GH OD VHJXULGDG
FRPSXWDFLRQDOUDGLFDSUHFLVDPHQWHHQODUREXVWH]HILFDFLD\XWLOLGDGHVSDUDHOPDQHMRGHOD
VHJXULGDGHQORVFRPSXWDGRUHV\HQODVUHGHVGHFRPSXWDGRUDV$GHPiVSRUORVLJXLHQWH
(OREMHWLYRGHXQ6LVWHPD2SHUDWLYRVHULRHVHOGHFUHDUXQDPiTXLQDYLUWXDOSDUDODTXHVHD
VHQFLOOR WUDEDMDU (V GHFLU RFXOWDU HO KDUGZDUH +: 'H HVWD IRUPD GRV DUTXLWHFWXUDV
GLVWLQWDVFRQ HO PLVPR 62SDUHFHUiQODPLVPDPiTXLQD3RUHMHPSORXQD681FRQ
6XQ26 81,;%6' SDUD 681 \ XQ 3& FRQ )UHH%6' 81,;%6' SDUD
3&VHDQWRMDUiQLJXDOHVDOXVXDULRQRHQSUHVWDFLRQHVSRUVXSXHVWR3RUHOFRQWUDULRXQD
PLVPDDUTXLWHFWXUDFRQGRV62GLVWLQWRVVHSUHVHQWDUiFRPRGRVPiTXLQDVGLVWLQWDV3RU
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
HMHPSOR XQ 3& VHUi FRPSOHWDPHQWH GLVWLQWR FRQ 06'26 R FRQ 6ODFNZDUH /,18;
81,;6<67(09SDUD3&
(VWD RFXOWDFLyQ GH KDUGZDUH GHEH UHDOL]DUVH GH XQ PRGR FyPRGR \ VHJXUR 'HEH VHU
FyPRGRSDUDSRGHUXWLOL]DUORVVHUYLFLRVGHOPLVPRVLQSUREOHPDVDXQTXHQRGLUHFWDPHQWH
VLQR D WUDYpV GHO 62 HQ HVWH FDVR HO 81,; < GHEH VHU VHJXUR SDUD OLEHUDU DO
SURJUDPDGRUGHODSUHRFXSDFLyQGHHYLWDUFDWiVWURIHVIXQFLyQGHODTXHVHGHEHHQFDUJDUHO
SURSLR VLVWHPD $ ORV SURJUDPDGRUHVGH '26 HVWR GH OD RFXOWDFLyQ SXHGH SDUHFHUOHVXQD
GHVYHQWDMDVLQHPEDUJRHVWRHVSRUTXHHO'26QRUHDOL]DHVWDIXQFLyQDOPHQRVGHIRUPD
FyPRGD\VHJXUD
'HVGHXQDYLVLyQDPSOLDHO62GHEHVXSRQHU
x
8QHQWRUQRGHPDQWHQLPLHQWR\FUHDFLyQGHSURJUDPDV
8Q LQWHUID] VRILVWLFDGR GH RSHUDFLRQHV SDUD HO SURJUDPDGRU XQ LQWpUSUHWH GH
FRPDQGRV
/DFRUUHFWDJHVWLyQGHUHFXUVRVGHOVLVWHPD
x
x
x
x
x
x
x
(MHFXWDUSURJUDPDV
$VLJQDUUHFXUVRV&38
(QFDUJDUVHGHODSURWHFFLyQGHOVLVWHPD
/DVRSHUDFLRQHVGHHQWUDGD\VDOLGD
/DJHVWLyQGHXVXDULRV\SURFHVRV
/DGHWHFFLyQGHHUURUHV\
/DPDQLSXODFLyQGHOVLVWHPDGHILFKHURV
x
x
'HVGHXQDYLVLyQPiVUHVWULQJLGDVHFRQVLGHUDHO62FRPRHOQ~FOHRRNHUQHOGHOVLVWHPD
FRQODVIXQFLRQHV\HVWUXFWXUDVGHGDWRVQHFHVDULDVSDUD*(67,21$5UHFXUVRV$VtSXHV
HO62GHEH
/OHJDGRV D HVWH SXQWR ORV SURJUDPDGRUHV FRQ H[SHULHQFLD HQ '26 DGYHUWLUiQ TXH HQ OD
PD\RUtD GHORVFDVRVVRQHOORVORVTXHVHHQFDUJDQGHHVWDVIXQFLRQHVHQOXJDUGHOSURSLR
VLVWHPD
81,;FRPRODPD\RUtDGHORV62DFWXDOHVHVXQVLVWHPDPXOWLXVXDULR\PXOWLWDUHD(VWR
LQIOX\HHQODJHVWLyQGHODSURWHFFLyQGHOVLVWHPD TXHVROXFLRQDGHODVLJXLHQWHIRUPD
7RGDV ODV RSHUDFLRQHV GH ( 6 VRQ UHDOL]DGDV SRU 81,;HQ HO OODPDGR PRGR VXSHUYLVRU
PRGR GH HMHFXFLyQ HQ HO TXH HO 62 WRPD FRQWURO WRWDO GHO RUGHQDGRU DUUHEDWiQGRVHOR DO
SURJUDPDGHXVXDULR(OXVXDULRVLQHPEDUJRWLHQHODLPSUHVLyQGHVHUpOTXLHQUHDOL]DOD
RSHUDFLyQ LQYRFDQGR XQD V\VWHP FDOO R OODPDGD DO VLVWHPD GHVGH SURJUDPD /D IRUPD GH
XQD V\VWHP FDOO HV OD GH XQD IXQFLyQ & FXDOTXLHUD \ HV OD IRUPD TXH WLHQH HO XVXDULR GH
LQWHUDFWXDUFRQHOVLVWHPD
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
81,;WLHQHXQDEVROXWRFRQWUROGHODPHPRULDJHVWLRQDQGROtPLWHVGH]RQDSDUDXVXDULRV\
SDUD Vt PLVPR \ SURSRUFLRQDQGR OODPDGDV SDUD SHWLFLyQ \ OLEHUDFLyQ 3RGUtD FRPSDUDUVH
FRQHOPRGRSURWHJLGRGHXQH[WHQGHUGH'26
$OVHUXQ62PXOWLXVXDULR\PXOWLWDUHDSHURPRQRSURFHVDGRUGHEHUHDOL]DUODJHVWLyQGH
OD &38 DVLJQiQGRVHOD R DUUHEDWiQGRVHOD D ORV SURJUDPDV GH XVXDULR VLVWHPD GH WLHPSR
FRPSDUWLGR
(VLPSRUWDQWHHQWHQGHUTXHXQ62FRPR81,;HVWiHQWRGDVSDUWHV\QDGDHVFDSDDVX
FRQWURO'HHVWHPRGRH[LVWHXQPRGRGXDOGHHMHFXFLyQGHSURJUDPDVPRGRXVXDULR HQ
HOTXHHOSURJUDPDGHXVXDULRWLHQHHOFRQWURO\PRGRVXSHUYLVRU RPRQLWRUHQHOTXHHVXQD
UXWLQDGHOSURSLR62ODTXHFRQWURODHORUGHQDGRU
/D HQWUDGD HQ PRGR VXSHUYLVRU R DFWLYDFLyQ GHO 62 VH SURGXFLUi SRU XQR HQWUH WUHV
PRWLYRV
x
x
x
8QDOODPDGDDOVLVWHPD
8QDLQWHUUXSFLyQKDUGZDUHRVRIWZDUH
8QWUDSRLQWHUUXSFLyQHVSHFLDOKDUGZDUHTXHJHQHUDOPHQWHDQLTXLODHOSURFHVRTXH
ODSURYRFy
6LVWHPD2SHUDWLYR81,;
$QWHFHGHQWHVKLVWyULFRV
(O 62 8QL[ IXH FUHDGR D ILQDOHV GH OD GpFDGD GH ORV VREUHOD EDVH GH YDULRV WUDEDMRV
UHDOL]DGRV FRQMXQWDPHQWH SRU HO 0,7 \ /DERUDWRULRV %(// 'LFKRV WUDEDMRV SUR\HFWR
08/7,&6LEDQHQFDPLQDGRVDODFUHDFLyQGHXQPDFURVLVWHPDGHFRPSXWDFLyQTXHGLHVH
VHUYLFLRDPLOHVGHXVXDULRV6LELHQHOSUR\HFWRIUDFDVySRVLEOHPHQWHSRULQWHQWDUDEDUFDU
GHPDVLDGR FRQWDQGR FRQ XQRV HOHPHQWRV KDUGZDUH OLPLWDGRV HQ pVD pSRFD LQIOX\y
GHFLVLYDPHQWHVREUHODHYROXFLyQGHORVVLVWHPDVLQIRUPiWLFRVSRVWHULRUHV
8Q DQWLJXR PLHPEUR GH GLFKR SUR\HFWR .HQ 7KRPSVRQ GHVDUUROOy SRU VX FXHQWD XQ
VLVWHPD RSHUDWLYR PRQRXVXDULR FRQ OD FDUDFWHUtVWLFD SULQFLSDO GH XQ VLVWHPD GH DUFKLYRV
MHUiUTXLFR
(O VLVWHPDHQFRQWUyPXFKRVHQWXVLDVWDV\VHKL]RSRUWDEOHDOUHVFULELUVHFDVLtQWHJUDPHQWH
HQOHQJXDMH&\VHVXPLQLVWUyHQFyGLJRIXHQWHDODVXQLYHUVLGDGHVFRQILQHVDFDGpPLFRV
$Vt OD XQLYHUVLGDG GH &DOLIRUQLD HQ %HUNHOH\ VH DSURSLR \ PRGLILFR GLFKR VLVWHPD IXQGDPHQWDOPHQWHFRPXQLFDFLRQHV\GLYHUVDVXWLOLGDGHVFRPRHOHGLWRUYL \OLEHUyOR
TXHOXHJRVHUtDHO%6'XQRGHORVGRVGLDOHFWRVSULQFLSDOHVGHO81,;
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
$FWXDOPHQWHH[LVWHQGRVFRUULHQWHVODVFXDOHVFDGDYH]SRVHHQPiVHOHPHQWRVFRPXQHVOD
%6'\OD6\VWHP95
*HQHUDOLGDGHV
(O62 8QL[VHHQFDUJDGHFRQWURODU\DVLJQDUORVUHFXUVRVItVLFRVGHORUGHQDGRUKDUGZDUH
\GHSODQLILFDUWDUHDV3RGHPRVHVWDEOHFHUWUHVHOHPHQWRVSULQFLSDOHVGHQWURGHpVWH62
(OQ~FOHRGHOVLVWHPDRSHUDWLYRNHUQHO HOHVFDOyQPiVEDMRTXHUHDOL]DWDUHDVWDOHVFRPR
HODFFHVRDORVGLVSRVLWLYRVWHUPLQDOHVGLVFRVFLQWDV
(O LQWpUSUHWH GH FRPDQGRV VKHOO HV OD LQWHUIDVH EiVLFD TXH RIUHFH 81,; GH FDUD DO
XVXDULR $GHPiV GH HMHFXWDU RWURV SURJUDPDV SRVHH XQ OHQJXDMH SURSLR DVt FRPR
QXPHURVDVFDUDFWHUtVWLFDVDGLFLRQDOHVTXHVHHVWXGLDUiQHQXQFDStWXORSRVWHULRU
8WLOLGDGHV GH IDEULFD QRUPDOPHQWH VH WUDWD GH SURJUDPDV HMHFXWDEOHV TXH YLHQHQ MXQWR
FRQHO6LVWHPD2SHUDWLYRDOJXQDVGHHOODVVRQ
x &RPSLODGRUHV&DVVHPEOHU\HQDOJXQRVFDVRV)RUWUDQ\&
x +HUUDPLHQWDVGHHGLFLyQ(GLWRUHVYLH[IRUPDWHDGRUHVWURIIILOWURV
x 6RSRUWHGHFRPXQLFDFLRQHV+HUUDPLHQWDVEDVDGDVHQ7&3,3WHOQHWIWS
x 3URJUDPDVGH$GPLQLVWUDFLyQGHO6LVWHPDV\VDGPVDYD
x 8WLOLGDGHVGLYHUVDV\MXHJRVpVWH~OWLPRVHVXHOHLQVWDODUDSDUWH
&DUDFWHUtVWLFDVGHO6LVWHPD2SHUDWLYR81,;
/DVSULQFLSDOHVVRQ
8QVLVWHPDGHILFKHURVMHUiUTXLFRHQHOTXHWRGRVHHQFXHQWUDDQFODGRHQODUDt]URRW/D
PD\RUtD GH OD OLWHUDWXUD VREUH HO WHPD GLFH TXH HO VLVWHPD GH ILFKHURV 81,; HV XQ JUDIR
DFtFOLFRVLQHPEDUJRODUHDOLGDGHVTXHVHWUDWDGHXQJUDIRFtFOLFR(O'26SRUHMHPSOR
HVXQiUEROFRQXQGLUHFWRULRUDt]GHODTXHFXHOJDQVXEGLUHFWRULRVTXHDVXYH]VRQUDtFHV
GHRWURVVXEiUEROHV8QJUDIRFtFOLFRHVFRPRXQiUEROHQHOTXHVHSXHGHQHQOD]DUQRGRV
GHQLYHOHVLQIHULRUHVFRQXQQLYHOVXSHULRU(VGHFLUVHSXHGHHQWUDUHQXQVXEGLUHFWRULR\
DSDUHFHUPiVFHUFDGHODUDt]GHORTXHVHHVWDED
(O VLVWHPD GH ILFKHURV HVWi EDVDGR HQ OD LGHD GH YRO~PHQHV TXH VH SXHGHQ PRQWDU \
GHVPRQWDUSDUDORTXHVHOHVDVLJQDXQQRGRGHOiUEROFRPRSXQWRGHDQFODMH8QVLVWHPD
ItVLFRSXHGHGLYLGLUVHHQXQRRPiVYRO~PHQHV
81,;UHDOL]DXQULJXURVRFRQWUROGHDFFHVRDILFKHURV&DGDXQRVHHQFXHQWUDSURWHJLGRSRU
XQDVHFXHQFLDGHELWV6yORVHSHUPLWHHODFFHVRJOREDODOURRWRVXSHUXVXDULR3RUWDQWRHO
XQLYHUVRGHXVXDULRVGH81,;VHHQFXHQWUDGLYLGLGRHQGRVJUXSRVSULQFLSDOHVQRVyORSDUD
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
HO DFFHVR D ILFKHURV VLQR SDUD WRGDVODVDFWLYLGDGHV HO URRW WRGRSRGHURVR SDUD HO TXH QR
KD\EDUUHUDV\HOUHVWRGHORVXVXDULRVFRQWURODGRVSRUHO62VHJ~QODVGLUHFWLYDVGHOURRW
8QDGHODVJUDQGHVLGHDVGH81,;HVODXQLILFDFLyQ\FRPSDWLELOLGDGGHWRGRVORVSURFHVRV
GHHQWUDGD\VDOLGD3DUD81,;HOXQLYHUVRHVXQVLVWHPDGHILFKHURV'HHVWDIRUPDH[LVWH
FRPSDWLELOLGDGHQWUHILFKHURVGLVSRVLWLYRVSURFHVRVSLSHV\VRFNHWV
(O Q~FOHR GH 81,; HV UHODWLYDPHQWH FRPSDFWR HQ FRPSDUDFLyQ FRQ RWURV VLVWHPDV GH
WLHPSR FRPSDUWLGR ,QWURGXFH OD LGHD GH UHGXFLU HO WDPDxR GHO NHUQHO \ FHGHU FLHUWDV
IXQFLRQHV D SURJUDPDV H[WHUQRV DO Q~FOHR OODPDGRV GHPRQLRV (VWR KD VLGR PX\
GHVDUUROODGR\HQODDFWXDOLGDGODWHQGHQFLDHVHOGHVDUUROORGHPLFURNHUQHOVVLQHPEDUJR
81,;DXQTXHSLRQHURHVDQWHULRUDHVWRVGHVDUUROORV
(OVLVWHPDSUHVHQWDFRPDQGRVGHXVXDULRHVGHFLUDQLYHOGHVKHOOSDUDLQLFLDU\PDQLSXODU
SURFHVRV FRQFXUUHQWHV DVtQFURQRV 8Q XVXDULR SXHGH HMHFXWDU YDULRV SURFHVRV
LQWHUFDPELDUORVHLQWHUFRQHFWDUORVDWUDYpVGHSLSHVRWXEHUtDVVLPEROL]DGRVSRUHOFDUiFWHUæ
$6&,, (Q '26 WDPELpQ H[LVWH OD LGHD GHO SLSH VLQ HPEDUJR DO QR H[LVWLU
FRQFXUUHQFLD GH SURFHVRV QR VH WUDWD GH XQD FRPXQLFDFLyQ HQ WLHPSR UHDO VLQR GH XQ
SDVRGHLQIRUPDFLyQDWUDYpVGHILFKHURVWHPSRUDOHV
81,;HVXQ62GHUHGDOJRTXHPXFKRVFRQIXQGHQFRQXQ62GLVWULEXLGR3RUHOORVH
KDLQFOXLGRHQVXQ~FOHRODDUTXLWHFWXUDGHSURWRFRORVGHLQWHUQHW7&3,3
(OHQWRUQRGHXVXDULR81,;
6LQWHWL]DQGRORH[SXHVWRGHILQLUHPRVD81,;FRPRXQVLVWHPDPXOWLXVXDULR\GHWLHPSR
FRPSDUWLGR(OXVXDULRLQWURGXFHFRPDQGRV\UHFLEHUHVXOWDGRVHQXQWHUPLQDO
7RGR XVXDULR GLVSRQH GH XQ GLUHFWRULR SULYDGR OODPDGR KRPH GLUHFWRU\ VREUH HO TXH
H[FHSWXDQGRDOURRWVyORpOWLHQHFRQWURO
/DVHJXULGDGHQ81,;QRHVXQDGLUHFWLYDSULQFLSDOGHELGRDVXRULJHQ\SURSyVLWRLQLFLDO
SRUORTXHVHSXHGHUHFRUUHUWRGRHOiUEROGHILFKHURVHVGHFLUHOJUDIR\ODVSURWHFFLRQHV
GHEHQVHUH[SOtFLWDV\HVSHFtILFDV
(O VLVWHPD SURSRUFLRQD WDPELpQ D QLYHO GH VKHOO LPSRUWDQWHV IDFLOLGDGHV SDUD ODV
FRPXQLFDFLRQHVHQWUHXVXDULRV\PiTXLQDVGHQWUR\IXHUDGHOSURSLRVLVWHPD
< FRPR FDUDFWHUtVWLFD PiV LPSRUWDQWH SHUPLWH XQ DOWR JUDGR GH GHO HQWRUQR VHJ~Q ODV
SUHIHUHQFLDVGHFDGDXVXDULRDWUDYpVGHILFKHURVGHFRQILJXUDFLyQSDUWLFXODUHV
&RPR FRQWUDSDUWLGD R GHVYHQWDMD KD\ TXH DGYHUWLU TXH SUHVHQWD XQ HQWRUQR GH yUGHQHV
UtJLGR$ODFRVWXPEUDUVHVHSUHVHQWDUHDOPHQWHHILFLHQWHSHURKD\TXHUHFDOFDUTXHVHUiDO
DFRVWXPEUDUVH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
)LORVRItDHOHPHQWDOGH81,;
3DUD81,;HOXQLYHUVRHVXQVLVWHPDGHILFKHURV1RH[LVWHQSHULIpULFRVVyORILFKHURV'H
HVWHPRGRVHXQLILFDQWRGRVORVSURFHVRV(6/RV GLUHFWRULRVVRQILFKHURVTXHFRQWLHQHQ
HQODFHV FRQ RWURV ILFKHURV 7HUPLQDOHV GLVFRV FRPSDFWRV H LPSUHVRUDV VRQ ILFKHURV HQ
WHRUtD VH SXHGH HVFULELU \ OHHU GH WRGRV HOORV 3DUD HQFRQWUDU ORV ILFKHURV HQ HO GLVFR HO
VLVWHPDXWLOL]DSXQWHURVOODPDGRVLQRGRV$OERUUDUXQILFKHURVLPSOHPHQWHVHERUUDVXL
QRGR SHUR DO FRQWUDULR TXH HQ '26 XQD YH] VH KD ERUUDGR DOJR HQ 81,; HV
,55(&83(5$%/( \D TXH QR KD\ IRUPD GH HQFRQWUDU GH QXHYR HO FDPLQR D OD
LQIRUPDFLyQHQGLVFR
&DGDSURFHVRRSURJUDPDHQPHPRULDWLHQHXQRZQHU RSURSLHWDULRTXHHVHOVXMHWRTXHOR
KD ODQ]DGR 'HVGH VX QDFLPLHQWR DGTXLHUH ORV SHUPLVRV GHO RZQHU &XDQGR XQ SURFHVR
TXHGDKXpUIDQRVHOHGHQRPLQDGHPRQLRRGDHPRQ YHUHPRVRWUDVGRVDFHSFLRQHVSDUDHVWH
WpUPLQRpVWDHVODPHQRVXVDGD\SUHFLVD
(OVLVWHPDQRHV62GHWLHPSRUHDO£&8,'$'2$/'(6&21(&7$5816,67(0$
81,;3RGUtDQSHUGHUVHGDWRVTXHILJXUDQ FRPRDUFKLYDGRV(O62HMHFXWDODVyUGHQHV
FXDQGRTXLHUH\DXQTXHGpSRUUHFLELGDXQDRUGHQGHHVFULWXUDHQGLVFRSXHGHHVWDUGDQGR
SULRULGDGDRWURSURJUDPDUHDOPHQWHUHDOL]DXQDODERUGHFDFKpLQWHUQD3DUDDVHJXUDUVHGH
TXHWRGRVHUHIOHMDHQODPHPRULDGHPDVDHVGHFLUGHTXHVHKDHVFULWRGHYHUGDGORTXHVH
WHQtD TXH HVFULELU H[LVWH OD RUGHQ V\QF 6L VH GHVHD DSDJDU XQ RUGHQDGRU EDMR 81,; VH
GHEHU HQWUDU DO VLVWHPD FRPR URRW R VXSHUXVXDULR \ HMHFXWDU OD RUGHQ KDOW 8QD YH] HO
VLVWHPD KD\D UHDOL]DGR ODV RSHUDFLRQHV RSRUWXQDV OR QRWLILFDUi \ VH SRGUi DSDJDU OD
PiTXLQDVLQSHOLJUR
81,;GLIHUHQFLDODVPD\~VFXODVGHODVPLQ~VFXODVFDVHVHQVLWLYH
&RPDQGRV)XQGDPHQWDOHVGH81,;
8Q VLVWHPD 81,; HQ PRGR PXOWLXVXDULR SXHGH DUUDQFDUVH HQ PRGR PRQRXVXDULR SDUD
ODERUHVGHDGPLQLVWUDFLyQHVSHUDODHQWUDGDGHXQXVXDULRDOVLVWHPDSURFHVRTXHUHFLEHHO
QRPEUHGHORJLQ3DUDHOORHORUGHQDGRUPXHVWUDXQPHQVDMHLGHQWLILFiQGRVH\ODSDODEUD
ORJLQ
3DUD HQWUDU KD\ TXH GLVSRQHU GH XQD FXHQWD TXH HV FRPR VH OODPD DO KHFKR GH VHU
UHFRQRFLGR SRU HO VLVWHPD \ SRU WDQWR WHQHU DFFHVR (Q FDVR GH VHU XQ VLVWHPD UHFLpQ
LQVWDODGR QR KDEUi D~Q FUHDGD QLQJXQD FXHQWD H[FHSWR OD GH URRW SRU OR TXH KDEUi TXH
FRQWHVWDUWHFOHDQGRURRW(QRWURFDVRVH WHFOHDHOORJLQRLGHQWLILFDWLYRFRUUHVSRQGLHQWH
7UDVHOOR\SDUDFRPSUREDUODLGHQWLGDGGHOXVXDULRHOVLVWHPDSUHJXQWDUi
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
3DVVZG
(VSHUDQGR XQ SDVVZRUG R SDODEUD FODYH DVRFLDGRV DO ORJLQ \ VL WRGR YD ELHQ \D VH HVWi
GHQWUR0LHQWUDVVHWHFOHDODSDODEUDFODYHQRDSDUHFHHFRHQSDQWDOODSDUDTXHQDGLHHQORV
DOUHGHGRUHVSXHGDOHHUOD3RUHOORVLVHSURGXFHXQHUURUDOWHFOHDUKDEUiRWUDRSRUWXQLGDG
(QFDVRGHTXHQRKD\DGHILQLGDQLQJXQDSDODEUDGHSDVRREYLDPHQWHQRVHSUHJXQWDUiSRU
HOOD(VWRVXHOHRFXUULUFRQHOXVXDULRURRWFXDQGR81,;HVWiUHFLpQLQVWDODGR6LXQDYH]
GHQWUR VH GHVHD VDOLU EDVWDU WHFOHDU H[LW ORJRXW R VLPSOHPHQWH &21752/' VHJ~Q HO
VLVWHPDHQTXHXQRVHHQFXHQWUH
1DGDPiVWHUPLQDUHOSURFHVRGHORJLQXQDVKHOODUUDQFDDXWRPiWLFDPHQWH\DGYLHUWHGHVX
GLVSRVLFLyQ D UHFLELU FRPDQGRV PRVWUDQGR XQ SURPSW TXH SRU GHIHFWR VHUi XQR GH ORV
VtPERORV ! y HQ IXQFLyQ GH TXH VKHOO VH XVH \ GH VL XQR HV HO URRW R QR (VWH
SURPSWHTXLYDOHDOIDPRVR&!GHO'26\FRPRHVWH~OWLPRHVUHGHILQLEOH
<DGHVGHGHQWURVHSXHGHHPSH]DUDMXJDUFRQDOJXQRVFRPDQGRV
(FKR
6XILQDOLGDGHVPRVWUDUPHQVDMHVHVGHFLUSUHVHQWDXQHFRGHVXVDUJXPHQWRVHQSDQWDOOD
GHPRGRLGpQWLFRDFRPRIXQFLRQDHOHFKRGHO'26/DGLIHUHQFLDHVWULEDHQTXHDOLJXDO
TXH OD PD\RUtD GH ORV FRPDQGRV 81,; GLVSRQH GH XQ JUDQ Q~PHUR GH RSFLRQHV 'H
PRPHQWR VyOR VH PHQFLRQDUi OD RSFLyQ HFKRQ TXH HYLWD HO UHWRUQR GH FDUUR H LQLFLR GH
OtQHDHFKRWDPELpQVLUYHSDUDPRVWUDUYDORUHVGHYDULDEOHV3RUHMHPSOR
HFKR7(50
0RVWUDUiHOYDORUGHODYDULDEOHWHUPTXHHVXQDYDULDEOHGHODVKHOOTXHLQGLFDHOWLSRGH
WHUPLQDO &RQ HVWR VH DGHODQWD OD LGHDGH TXH H[LVWHQ YDULDEOHVGHHQWRUQRDOLJXDOTXHHQ
'26\GHOPLVPRPRGRSXHGHQH[DPLQDUVHPHGLDQWHODLQVWUXFFLyQVHW
KRVWQDPH
,QGLFDHOQRPEUHGHODPiTXLQDTXHDORMDHOVLVWHPD1RVHWUDWDGHOQRPEUHGHOKDUGZDUH
VLQRGHXQQRPEUHFRQTXHVHEDXWL]DDWRGRVORVVLVWHPDV81,;(VWRVHGHEHDTXH81,;
HVXQVLVWHPDHQUHG\SRUWDQWRKD\TXHWHQHUELHQLGHQWLILFDGDVDODVPiTXLQDV
ZKR
0XHVWUD XQD OLVWD GH ORV XVXDULRV TXH VH HQFXHQWUDQ FRQHFWDGRV HQ HVH PRPHQWR HQ HO
VLVWHPD
ZKRDPL
$XQTXHSXHGHLQGXFLUDODVRQULVDVXIXQFLyQHVLQIRUPDUOHDXQRGHTXLpQHV1RVHWUDWD
GH UHVROYHUSUREOHPDVGH SHUVRQDOLGDG HQFXDQWRXQRVHPXHYHXQSRFRSRUHOVLVWHPD\
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
VLHPSUH TXH GLVSRQJD GH PiV GH XQD FXHQWD GHVFXEULUi TXH HV XQ FRPDQGR UHDOPHQWH
QHFHVDULR
OV
8QD YH] HO XVXDULR VH KD VLWXDGR \ VDEH GyQGH HVWi \ TXLpQ HV FRQYLHQH DEULU ORV RMRV \
PLUDU DOUHGHGRU OV DEUHYLDWXUD GH /LVW PXHVWUD HO FRQWHQLGR GH XQ GLUHFWRULR 6X
IXQFLRQDPLHQWR\VLQWD[LVHQDQiORJRDOGLUGHO'26$VtSXHVODVLQWD[LVHV
OV>RSFLRQHV@>SDWK@>PiVFDUDGHILFKHURV@
(QWUHODVRSFLRQHVODVPiVXVDGDVVRQ
OTXHLQGLFDSHUPLVRVIHFKD\SURSLHWDULR
DOLVWDWDPELpQORVILFKHURV
(Q81,;ORVQRPEUHVGHILFKHURQRVHYHQVXMHWRVDODVUHJODVGH'26TXHORVOLPLWDD
FDUDFWHUHV \ XQD H[WHQVLyQ GH FDUDFWHUHV VHSDUDGRV SRU XQ SXQWR VLQR TXH SXHGHQWHQHU
XQDORQJLWXGHQWUH\FDUDFWHUHVHQIXQFLyQGHODYHUVLyQ3RURWUDSDUWHH[LVWHQORV
PLVPRV ZLOFDUGV GHO '26 \ " DXQTXH VX XVR GLILHUH OLJHUDPHQWH \D TXH SHUPLWH
H[SUHVLRQHV GHO WLSR >FDGHQD@ 3DUD 81,; XQ ILFKHUR FX\R QRPEUH FRPLHQ]D SRU HO
FDUiFWHUSXQWRFRPRSURILOHHVXQILFKHURRFXOWR\~QLFDPHQWHVHUiOLVWDGRVLVHXWLOL]D
ODRSFLyQD
FDW
0XHVWUDHOFRQWHQLGRGHXQILFKHURGHOPLVPRPRGRTXHHOW\SHGHO'26(TXLYDOHWHFOHDU
FDWORJLQHQ81,;TXHW\SHORJLQHQ'26 DXQTXHORJLQQRHVQRPEUHYiOLGRHQ'26
GDWH
0XHVWUDODKRUDGHOVLVWHPDGHIRUPDDQiORJDDFRPRORKDFHHO'26
SDVVZG
&DPELD HO SDVVZRUG GHO XVXDULR TXH OR HMHFXWD HQ OD PiTXLQD HQ OD TXH VH HMHFXWD (V
LPSRUWDQWHXWLOL]DUHVWHFRPDQGRIUHFXHQWHSDUDSURWHJHUHOVLVWHPDDQWHHOSRWHQFLDODWDTXH
GHKDFNHUV
\SSDVVZG
(QFDVRGHTXHODPiTXLQDVHHQFXHQWUHHQXQDUHGFRQXQVLVWHPDGHLQIRUPDFLyQGHUHG
FRQRFLGR FRPR <3 <HOORZ 3DJHV R 1,6 1HWZRUN ,QIRUPDWLRQ 6HUYLFH HVWH FRPDQGR
FDPELDHOSDVVZRUGHQWRGRHOFRQMXQWRGHODUHG
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
$\XGDHQ/tQHDGHORVVLVWHPDV81,;
7KRPVRQ\5LWFKHGLMHURQ1RHVEXHQRTXHHOXVXDULRHVWpVyOR\HOPDQXDOVHKL]R<
DVt JUDFLDV D GLRV FXDQGR ODV FRVDV VH SRQHQ GLItFLOHV VLHPSUH VH SXHGH DFFHGHU D ORV
FRPSOHWRVPDQXDOHVGHUHIHUHQFLDGHOXVXDULR\GHOSURJUDPDGRUGLUHFWDPHQWHGHVGHOtQHD
GHFRPDQGRSDUDHOORVHGLVSRQHGHODLQVWUXFFLyQPDQ
PDQ
(V HO FRPDQGR PiV LPSRUWDQWH WDQWR SDUD HO XVXDULR SULQFLSLDQWH FRPR SDUD HO
H[SHULPHQWDGRLQFOXVRSDUDHOURRW$WUDYpVGHpOVHSXHGHDFFHGHUDOFRPSOHWRPDQXDO
HQOtQHDGHOVLVWHPD/DVLQWD[LVHVPDQ>VHFFLyQ@FRPDQGRDEXVFDU!
3RUHMHPSORSXHGHVHULQWHUHVDQWHWHFOHDUPDQSDVVZG RPDQPDQ(OPDQXDOHVWiGLYLGLGR
HQ RFKR VHFFLRQHV 3RU GHIHFWR ODV E~VTXHGDV VH UHDOL]DUiQ FRPHQ]DQGR SRU OD SULPHUD
VHFFLyQ\DYDQ]DQGRKDVWDTXHVHHQFXHQWUHODSULPHUDSiJLQDTXHFRQWHQJDORTXHVHSLGH
$VtVLVHWHFOHD
PDQZULWH
6HREWHQGUiODLQIRUPDFLyQVREUHHOFRPDQGRZULWHVHFFLyQSHURVLVHWHFOHD
PDQZULWH
6H REWHQGUi LQIRUPDFLyQ VREUH XQD OODPDGD DO VLVWHPD GH PLVPR QRPEUH SHQVDGD SDUD
LQFOXLUHQSURJUDPDV&VHFFLyQ(QFDVRGHTXHQRVHVHSDTXpVHEXVFDH[DFWDPHQWHVH
SXHGHWHFOHDU
PDQNDOJR
<DSDUHFHUiQWRGDVORVWpUPLQRVHQWRGDVODVVHFFLRQHVTXHWHQJDQDOJRTXHYHUFRQDOJR
6L VH SLGH LQIRUPDFLyQ VREUH XQ FRPDQGR LQWHUQR GH OD VKHOO FRPR FG R HFKR HO PDQXDO
GLUi TXH QR HQFXHQWUD OD SiJLQD (VWR VH GHEH D TXH OD LQIRUPDFLyQ UHODWLYD D HVWRV
FRPDQGRVVHHQFXHQWUDHQODSiJLQDGHPDQXDOGHODSURSLDVKHOO
0RYLPLHQWRSRUILFKHURV\GLUHFWRULRV
(O VLVWHPD GH GLUHFWRULRV GH 81,;WLHQH XQD HVWUXFWXUD DUEyUHD DXQTXH QR VH WUDWD GH XQ
iUERO FRPR VH YHUi HQ HO DSDUWDGR GHGLFDGR DO VLVWHPD GH ILFKHURV (Q HVWH iUEROFDGD
XVXDULRGLVSRQHGHXQ+RPH'LUHFWRU\XQGLUHFWRULRFRQVXQRPEUH\EDMRHOFXDOSXHGH
KDFHUORTXHTXLHUD(VODSDUWHItVLFDGHODLGHDGHWHQHUXQDFXHQWD$VtSXHVDXQTXHHO
VLVWHPDHVPXOWLXVXDULRFDGDXVXDULRGLVSRQHGHXQDSDUWHSULYDGDGHGLVFR&DEHUHFRUGDU
TXH ORV ILFKHURV FX\R QRPEUH FRPLHQ]D SRU SXQWR 3HUPDQHFHQ RFXOWRV 3DUDPRYHUVH
SRUHVWDHVWUXFWXUDGHGLUHFWRULRVVHSXHGHQGHVWDFDUORVFRPDQGRV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
SZG
3ULQW :RUNLQJ 'LUHFWRU\ HVFULEH HO SDWK DEVROXWR GHO GLUHFWRULR DFWXDO SDUWLHQGR GHO
GLUHFWRULRUDt](TXLYDOHDWHFOHDUFG VLQDUJXPHQWRVHQ'26
FG
&DPELD GH 'LUHFWRULR (V LGpQWLFR DO '26 VDOYR HQ TXH FXDQGR VH WHFOHD VLQ LQGLFDU
GLUHFWRULRFRQGXFHGLUHFWDPHQWHDOKRPHGLUHFWRU\ GHODSHUVRQDTXHORHMHFXWD
FS
&RSLDILFKHURVVHJ~QODVLQWD[LV
FS ILOHQDPH!ILOHQDPH!
'RQGH VH SXHGH LQGLFDU HO SDWK FRPSOHWR GH ORV ILFKHURV (TXLYDOH DO FRPDQGRFRS\ GH
'26
PY
5HQRPEUDXQILFKHURFRQODVLQWD[LV
PYDQWLJXR!QXHYR!
(TXLYDOH DO FRPDQGRUHQDPH GHO '26 SHUR HV PXFKR PiV SRWHQWH \D TXH WDPELpQ VLUYH
SDUD FDPELDU GH VLWLR XQ ILFKHUR \D TXH SXHGH LQFOXLU XQ SDWK HQ FDGD QRPEUH $Vt VH
SRGUtDGHFLU
PYSURILOHKRPHHFKHYDSURILOH
3DUDPRYHUHOILFKHURSURILOH GHVGHODUDt]KDVWDHOGLUHFWRULRKRPHHFKHYD
UP
%RUUDXQDOLVWDGHILFKHURV(TXLYDOHDOFRPDQGRGHOHWH GH'26
UPGLU
%RUUDGLUHFWRULRVYDFtRV(TXLYDOHDOFRPDQGRGHOPLVPRQRPEUHGH'26UG
PNGLU
&UHDGLUHFWRULRV(TXLYDOHDOFRPDQGRGHOPLVPRQRPEUHGH'26PG
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
'LUHFWRULRVGHOVLVWHPD
1R WRGR HO iUERO GH GLUHFWRULRV HVWi FRPSXHVWR SRU GLUHFWRULRV GH XVXDULR ([LVWHQ
PXFKRV GH HOORV TXH VRQ GH XVR JHQHUDO R GHO SURSLR VLVWHPD \ FRQ ORV TXH KDEUi TXH
IDPLOLDUL]DUVH/RVPiVLPSRUWDQWHVVRQ
(OUDt]GHOTXHFXHOJDQWRGRV
ELQ\XVUELQ
&RQWLHQHQFRPDQGRV81,;HMHFXWDEOHV
HWF
(V TXL]i HO GLUHFWRULR PiV LPSRUWDQWH &RQWLHQH ILFKHURV GH GDWRV \ FRQILJXUDFLyQ GHO
VLVWHPDHOILFKHURGHSDVVZRUGFRQILJXUDFLyQGHWHUPLQDOHVUHGHWFGHDKtVXQRPEUH
GHY
)LFKHURVGHGLVSRVLWLYRV(6
XVUPDQ
0DQXDO
WPS
'LUHFWRULRSDUDDUUHJORVWHPSRUDOHV72'26ORVXVXDULRVSXHGHQOHHU\HVFULELUHQpO
2WURVFRPDQGRVXVXDOHV
3DUD HVWH SULPHU FKDSX]yQ SRU HO PXQGR 81,; YLHQH ELHQ FRQRFHU DOJXQRV RWURV
FRPDQGRV~WLOHV /RV TXH VH SUHVHQWDQD FRQWLQXDFLyQ VRQ GH FRQRFLPLHQWR REOLJDGR SDUD
WRGRXVXDULR
JUHS
JUHSFDGHQD!ILFKHUR!
%XVFDODVOtQHDVTXHFRQWLHQHQODFDGHQDHQHOILFKHURGDGR\ODVLPSULPHHQSDQWDOOD
FPS
FPSILFKHUR!ILFKHUR!
%XVFDODSULPHUDGLIHUHQFLDHQWUHORVILFKHURVLQGLFDGRV
GLII
GLIIILFKHUR!ILFKHUR!
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
%XVFDWRGDVODVGLIHUHQFLDVHQWUHORVILFKHURVGDGRV
WDLO
WDLOILFKHUR!
0XHVWUDODV~OWLPDVOtQHDVGHXQILFKHUR
KHDG
KHDGILFKHUR!
0XHVWUDODVSULPHUDVOtQHDVGHXQILFKHUR
VRUW
2UGHQDSRUOtQHDV
ZF
0XHVWUDHOWDPDxRGHXQILFKHURLQGLFDQGRVHJ~QODRSFLyQ
OOtQHDV
ZSDODEUDV
FFDUDFWHUHV
\VLYDVLQRSFLRQHVODVWUHVFRVDV
DW
(MHFXWDHOFRQWHQLGRGHXQILFKHURHQODIHFKD\KRUDHVSHFLILFDGDV
FDO
,PSULPHXQFDOHQGDULR
PRUH
PRUHILFKHUR!
0XHVWUDHOFRQWHQGLGRGHXQILFKHURGHIRUPDSDJLQDGDGHOPLVPRPRGRTXHHOPRUHGH
'26VLQHPEDUJRDOFRQWUDULRTXHHQ'26QRHVQHFHVDULRUHGLULJLUVXHQWUDGDLQGLFDQGR
PRUHILFKHUR
3URWHFFLyQGH$UFKLYRV
$OVHU81,;XQVLVWHPDPXOWLXVXDULRVXUJHHOSUREOHPDGHODSURWHFFLyQ\SULYDFLGDGGHOD
LQIRUPDFLyQ $Vt FDGD ILFKHUR SRVHH XQ FyGLJR GH ELWV SDUD UHJXODU VX DFFHVR (O
HVTXHPD HPSOHDGR FOiVLFR HQ PXFKRV VLVWHPDVRSHUDWLYRV FRQVLVWH HQ GLYLGLU HO XQLYHUVR
GHXVXDULRVTXHYHFDGDILFKHURHQWUHVFODVHV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
x
x
x
ODFODVHX XVHUIRUPDGD~QLFDPHQWHSRUHOGXHxRGHOILFKHUR
OD FODVHJ JURXSIRUPDGD SRU WRGRV ORV XVXDULRV TXH SHUWHQHFHQ DO PLVPR JUXSR
GHOGXHxR
ODFODVHRIRUPDGDSRUHOUHVWRGHOXQLYHUVR
8Q XVXDULR SXHGH SHUWHQHFHU D PiV GH XQ JUXSR SHUR XQ ILFKHUR VyOR SXHGH SHUWHQHFHU D
XQR'HHVWDIRUPDSDUWHGHORVILFKHURVGHXQXVXDULRSRGUtDQVHUDFFHGLGRVSRUXQRGH
ORVJUXSRVDORVTXHHOXVXDULRSHUWHQHFH\SDUWH SRURWURJUXSR
&RPRVLHPSUHHVHOURRWHOTXHGHFLGHTXpXVXDULRVSHUWHQHFHQDTXpJUXSRVORVFXDOHVVH
VXHOHQ RUJDQL]DU DWHQGLHQGR D UD]RQHV GH WUDEDMR /D OyJLFD GH HVWR HV TXH XQ XVXDULR
FRQFUHWRFODVHXSXHGHWHQHUHQXQILFKHURXQDFDUWDGHVX QRYLDTXHQROHLQWHUHVDTXH
OHD QDGLH PiV6LQHPEDUJRWDPELpQGLVSRQGUiGHXQDVHULHGHILFKHURVDORVTXHWHQGUi
TXHSHUPLWLUHODFFHVRDVXJUXSRGHWUDEDMRFODVHJSHURQRTXHUUiTXHORVYHDQDGLHPiV
'HOPLVPRPRGRSRGUtDWDPELpQLQWHUHVDUOH TXHWRGRHOPXQGRFODVHRSXGLHUDDFFHGHUD
OD LQIRUPDFLyQ FRQWHQLGD HQ RWUD VHULH GH ILFKHURV (O URRW FRPR VXSHUXVXDULR HV FDVR
DSDUWH\DTXHGLVSRQHGHDFFHVRDWRGRVORVILFKHURVGHOVLVWHPD
([LVWHQIRUPDVGHDFFHGHUDXQILFKHUROHFWXUDHVFULWXUD\HMHFXFLyQ$VtORVELWVGH
SURWHFFLyQ GH DFFHVR GH FDGD ILFKHUR VH HQFXHQWUDQ GLYLGLGRVHQJUXSRVGHELWV&DGD
JUXSRGHELWVLQGLFDDFFHVRDXJRUHVSHFWLYDPHQWH\FDGDELWGHFDGDJUXSRLQGLFD
x
x
x
ELWUSHUPLVRGHOHFWXUD
ELW ZSHUPLVRGHHVFULWXUD
ELW[SHUPLVRGHHMHFXFLyQ
([iPHQGHODVFDGHQDVGHSHUPLVR
1RKD\PHMRUIRUPDGHHQWHQGHUHOSURFHVRTXHDFFHGHUDODVFDGHQDVGHELWVGHSURWHFFLyQ
GH FDGD ILFKHUR SULPHUR SDUD VX OHFWXUD \ PiV WDUGH SDUD VX PRGLILFDFLyQ 3DUD HOOR VH
HPSOHDUiODRSFLyQOGHOFRPDQGROVTXHSURSRUFLRQDXQDVDOLGDFRPR
UZ[U[U[HFKHYD-DQILFKHUR
/D VDOLGD DTXt SUHVHQWDGD VH REWHQGUtD GH XQ 81,; HVWiQGDU (Q /LQX[ VH REWHQGUi OD
SUHVHQWDGDVLPLODUSHURFRQRWUDLQIRUPDFLyQGHLQWHUpV
2EVHUYDQGRODILJXUDVHHQWHQGHUiPHMRUHOVLJQLILFDGRGHORVELWVGHODFDGHQD
&XDQGRXQELWHVWHDFWLYRVHPRVWUDUiODOHWUDFRUUHVSRQGLHQWHDODIRUPDGHDFFHVRTXH
UHSUHVHQWD\VLHVWiLQDFWLYRDSDUHFHUiFRPRXQJXLyQ$VtHOHMHPSORSUHVHQWDXQILFKHUR
FRQSHUPLVRVGHOHFWXUDHVFULWXUD\HMHFXFLyQUZ[SDUDHOSURSLHWDULR\GHVyOROHFWXUD\
HMHFXFLyQU[SDUDWRGRVORVGHPiV(QDOJXQRVFDVRVSXHGHDSDUHFHUXQDVHQHOOXJDUGH
XQ ELW GH SHUPLVR TXH LQGLFDUi XQ VHWXLG R VHWJLG HV GHFLU KHUHQFLD GH SURSLHGDGHV GH
JUXSR R GH SURSLHWDULR SDUD HO XVXDULR TXH HMHFXWH HO ILFKHUR (Q HO FDStWXOR DQWHULRU VH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
PHQFLRQDED TXH XQ SURFHVR DGTXLUtD ORV SHUPLVRV GHO VXMHWR TXH OR KDEtD ODQ]DGR 6LQ
HPEDUJR HQ RFDVLRQHV SXHGH LQWHUHVDU TXH VH KHUHGHQ ORV SHUPLVRV GHO SURSLHWDULR GHO
ILFKHUR(VHOFDVRGHOFRPDQGRSDVVZGSURFHVRTXHGHEHSRGHUHMHFXWDUFXDOTXLHUD\HQ
FDPELRWHQHUSHUPLVRVGHURRWSDUDPRGLILFDUHOILFKHURHWFSDVVZGTXHVyORWLHQHSHUPLVR
GHHVFULWXUDSDUDHOPLVPRURRW([DPLQDQGRVXVFDGHQDVGHSHUPLVROLVWDGRVHSXHGH
YHUFyPRGLVSRQHGHIDFWRUGHKHUHQFLD6HSXHGHWDPELpQREVHUYDUTXHH[LVWHXQGpFLPR
FDUiFWHUTXHGHILQLUiHOWLSRGHILFKHUR
x
x
x
x
x
x
VVLHVXQVRFNHW
OVLHVXQHQODFHVLPEyOLFR
GVLHVXQGLUHFWRULR
FVLHVXQGLVSRVLWLYRGHFDUDFWHUHV
EVLHVXQGLVSRVLWLYRGHEORTXH
VLHVXQILFKHURFRUULHQWH
VH UHFXHUGD TXH SDUD 81,; WRGR VRQ ILFKHURV 3DUD VDEHU D TXp JUXSR SHUWHQHFH FDGD
ILFKHURVHSXHGHXWLOL]DU
OVOJ
(Q /LQX[ OD RSFLyQ J FDUHFH GH VLJQLILFDGR \D TXH TXHGD HQJOREDGD GLUHFWDPHQWH HQ OD
RSFLyQO(QJHQHUDOH[LVWHXQJUXSRSULQFLSDODOTXHSHUWHQHFHFDGDXVXDULRFX\RQ~PHUR
VHHQFXHQWUDHQVXHQWUDGDHQHOILFKHURHWFSDVVZG(VDHVWHJUXSRDOTXHSHUWHQHFHUiQ
SRUGHIHFWRWRGRVORVILFKHURVGHHVHXVXDULR
&DPELRGHODVFDGHQDVGHSHUPLVR
3DUDDOWHUDUORVSHUPLVRVGHXQILFKHUR81,;SURYHHODLQVWUXFFLyQFKPRG(VWHFRPDQGR
UHFRQRFH GRV WLSRV GH VLQWD[LV XQD EDVDGD HQ FDGHQDV PQHPyQLFDV H[SUHVDQGR
PRGLILFDFLRQHVPiVLQWXLWLYD\RWUDEDVDGDHQFRPELQDFLRQHVHQEDVHRFWDOPiVSRWHQWH
/DVLQWD[LVSDUDHOSULPHUFDVRHV
FKPRGTXLpQRSSHUPLVR>>RSSHUPLVR@@ILFKHUR
GyQGHTXLpQH[SUHVDHOFRQMXQWRGHXVXDULRVDORVTXHYDDDIHFWDU HOFDPELRGHSHUPLVRV\
SXHGHVHU
8QDFRPELQDFLyQFXDOTXLHUDGHXJR
ODOHWUDDRQLQJXQDOHWUDSDUDGHVLJQDUDWRGRV
RSUHSUHVHQWDODRSHUDFLyQDUHDOL]DU\SXHGHVHU
SDUDDxDGLU
SDUDTXLWDUR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
SDUDUHVHWHDUHOSHUPLVR
SHUPLVRREYLDPHQWHUHSUHVHQWDHOSHUPLVRTXHVHGHVHDPRGLILFDU$VtSRUHMHPSOR
FKPRGJUILFKHUR
TXLWDUi SHUPLVR GH OHFWXUD SDUD OD FODVH J JUXSR \ GHMDU HO UHVWR GH ORV SHUPLVRV
LQDOWHUDGRV
FKPRG[ILFKHUR
KDUiHMHFXWDEOHXQILFKHURSDUDWRGRHOXQLYHUVR\
FKPRGXJ[ILFKHUR
ORKDUiVyORSDUDHOXVXDULR\VXJUXSR
/D VHJXQGD VLQWD[LV GHO FRPDQGR DXQTXH PiV FRPSOHMD SHUPLWH FDPELDU GH XQ VROD \
EUHYHYH]WRGRVORVSHUPLVRVGHXQILFKHURVLVHWUDWDSRUVHSDUDGRFDGDXQRGHORVJUXSRV
GH XVXDULR VH HQFRQWUDUi ELWV GH SHUPLVR SDUD FDGD XQR &RQ ELWV SRGUiQ H[SUHVDUVH
KDVWDFRPELQDFLRQHVGHVGHKDVWD$VtVHSXHGHH[SUHVDUSRUXQGtJLWRRFWDOORV
SHUPLVRVGHFDGDJUXSR
3RUSRQHUXQHMHPSOR
6XSRQJDPRV TXH VH GHVHD TXH WRGR HO XQLYHUVR SXHGD OHHU XQ ILFKHUR SHUR VyOR HO
SURSLHWDULRSXHGDPRGLILFDUOR/DHVWUXFWXUDGHSHUPLVRVVHUi
XUZJURU
(VGHFLU
UZ U U
RORTXHHVORPLVPR
TXHHQRFWDOVHUi
3RUWDQWRKDEUiTXHWHFOHDU
FKPRGILFKHUR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
$548,7(&785$ '(5('(6
(QHODSDUWDGRDQWHULRUKHPRVGHVFULWRGHXQDIRUPDPX\EiVLFDODQHFHVLGDGGHODVUHGHV
WHOHPiWLFDV \ ORV UHTXLVLWRV HOHPHQWDOHV TXH GHEH RIUHFHU D ORV XVXDULRV (Q HO DSDUWDGR
DFWXDOSUHVHQWDPRVWDPELpQGHPDQHUDPX\VRPHUDFRPRVHLQLFLDRSUHSDUDHOHVWXGLRGH
ODV UHGHV \D TXH DO VHU XQ FRQMXQWR SDUWLFXODUPHQWH FRPSOHMR QHFHVLWD XQD HVWUXFWXUDFLyQ
TXH SHUPLWD GHVFRPSRQHU HO VLVWHPD HQ VXV HOHPHQWRV GLUHFWDPHQWH UHDOL]DEOHV
,QWURGXFLPRVDVtHOPRGHORGHUHIHUHQFLDSDUDOD,QWHUFRQH[LyQGH6LVWHPDV$ELHUWRV26,
2SHQ6\VWHPV,QWHUFRQQHFWLRQ7UDVHVWDEUHYHLQWURGXFFLyQGHGLFDUHPRVXQPD\RUGHWDOOH
HQ HOHVWXGLRGHOD&DSDGH3UHVHQWDFLyQTXHHVODTXHVHHQFDUJDHQPD\RUPHGLGDGHOD
VHJXULGDG\FLIUDGRGHORVGDWRVLQWHUFDPELDGRV
(VWUXFWXUDHQQLYHOHV
(O PRGHOR 26, GH ,62 ,QWHUQDWLRQDO 6WDQGDUGV 2UJDQL]DWLRQ VXUJH HQ HO DxR DQWHODQHFHVLGDGLPSHUDQWHGHLQWHUFRQHFWDUVLVWHPDVGHSURFHGHQFLDGLYHUVD²GLYHUVR
IDEULFDQWHV² FDGD XQR GH ORV FXDOHV HPSOHDEDQ VXV SURSLRV SURWRFRORV SDUD HO
LQWHUFDPELR GH VHxDOHV (O WpUPLQR DELHUWR VH VHOHFFLRQy FRQ OD LGHD GH UHDO]DU OD
IDFLOLGDGEiVLFDGHOPRGHORTXHGRRULJHQDOPLVPRIUHQWHDRWURVPRGHORVSURSLHWDULRV
\SRUWDQWRFHUUDGRV
(OPRGHOR26,HVWiFRPSXHVWRSRUXQDSLODGHQLYHOHVRFDSDVFDGDXQRGHHOORVFRQ
XQD IXQFLRQDOLGDG HVSHFtILFD SDUD SHUPLWLU OD LQWHUFRQH[LyQ H LQWHURSHUDWLYLGDG GH
VLVWHPDV KHWHURJpQHRV /D XWLOLGDG UDGLFD HQ OD VHSDUDFLyQ TXH HQ pO VH KDFH GH ODV
GLVWLQWDV WDUHDV TXH VRQ QHFHVDULDV SDUD FRPXQLFDU GDWRV HQWUH GRV VLVWHPDV
LQGHSHQGLHQWHV(VLPSRUWDQWHVHxDODUTXHHVWHPRGHORQRHVXQDDUTXLWHFWXUDGHUHGHQ
VtPLVPRGDGRTXHQRVHHVSHFLILFDHQIRUPDH[DFWDORVVHUYLFLRV\SURWRFRORVTXHVH
XWLOL]DUiQ HQ FDGD QLYHO VLQR TXH VRODPHQWH LQGLFD OD IXQFLRQDOLGDG GH FDGD XQR GH
HOORV 6LQ HPEDUJR ,62 WDPELpQ KD JHQHUDGR QRUPDV SDUD OD PD\RUtD GH ORV QLYHOHV
DXQTXHpVWDVQRIRUPDQSDUWHGHOPRGHOR26,KDELpQGRVHSXEOLFDGRWRGDVHOODVFRPR
QRUPDVLQGHSHQGLHQWHV
1XP
1LYHO
$SOLFDFLyQ
3UHVHQWDFLyQ
6HVLyQ
7UDQVSRUWH
5HG
(QODFH
)tVLFR
)XQFLyQ
'DWRVQRUPDOL]DGRV
,QWHUSUHWDFLyQGHORVGDWRV
'LiORJRVGHFRQWURO
,QWHJULGDGGHORVPHQVDMHV
(QFDPLQDPLHQWR
'HWHFFLyQGHHUURUHV
&RQH[LyQGHHTXLSRV
7DEOD1LYHOHV26,GH,62
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
/260$1'$0,(1726'(/$5('
&XDOTXLHU XVXDULR R DGPLQLVWUDGRU GH FXDOTXLHU UHG FRPSXWDFLRQDOTXH VLJDORV VLJXLHQWHV
PDQGDPLHQWRVHVWiSURFXUDQGRXQQLYHOGHVHJXULGDGDOWRSDUDVXLQIRUPDFLyQ\SRUHQGH
WDPELpQSDUDODLQIRUPDFLyQGHVXVFRPSDxHURVGHWUDEDMR
/RVPDQGDPLHQWRVGHOXVXDULRGHODUHG
'HEHPRV VHU FRPSOHWDPHQWH ILHOHV D HVWRV PDQGDPLHQWRV VL HQ DOJ~Q PRPHQWR
SHFDPRV HQ QR FXPSOLUORV HQWRQFHV GHEHPRV DWHQHUQRV D ODV FRQVHFXHQFLDV GHO EDMR
QLYHO GH VHJXULGDG TXH OH EULQGDPRV D QXHVWUD LQIRUPDFLyQ \ D QXHVWURV FRPSDxHURV
XVXDULRVGHODUHG
/D FRQWUDVHxD HV SHUVRQDO QR GHEH VHU SUHVWDGD EDMR QLQJXQD
FLUFXQVWDQFLDVLSRUDOJ~QPRWLYRVHVRVSHFKDGHVXSRVLEOHXVRVLQVXDXWRUL]DFLyQ
GHEH FDPELDUOD GH LQPHGLDWR \ UHSRUWDU HO KHFKR DO DGPLQLVWUDGRU GH OD UHG
5HFXHUGHTXHODVFRQWUDVHxDVGHEHQFDPELDUVHSHULyGLFDPHQWH1RHVUHFRPHQGDEOH
XWLOL]DU FRQWUDVHxDV FRUWDV PtQLPR FDUDFWHUHV \ PXFKR PHQRV SDODEUDV TXH VH
SXHGDQHQFRQWUDUHQDOJ~QGLFFLRQDULRRTXHWHQJDQDOJXQDUHODFLyQFRQHOGXHxRGH
ODPLVPD6HVXJLHUHTXHVHDQSDODEUDVVLQVHQWLGRXVDQGRORVFDUDFWHUHVHVSHFLDOHV
/D XWLOL]DFLyQ GH ORV DQWLYLUXV HV LPSRUWDQWH VH GHEH HMHFXWDU SRU OR
PHQRV XQD YH] DO GtD D WRGR HO GLVFR GXUR GH VX HTXLSR VH UHFRPLHQGD HMHFXWDUOR
LQPHGLDWDPHQWH DO OOHJDU D VX VLWLR GH WUDEDMR HVWR HV IiFLO GHELGR D TXH H[LVWHQ
DOJXQRVTXHVHSXHGHQFRQILJXUDUSDUDTXHVHHMHFXWHQDOLQLFLDUHOHTXLSRDGHPiV
GHEH YDFXQDU WRGR GLVNHWWH TXH XWLOLFH HQ VX HTXLSR DVt VHD GH VX SURSLHGDG R GH
DOJ~Q RULJHQ FRQILDEOH 5HFXHUGH TXH VL \D KD VLGR YDFXQDGR HO GLVNHWWH \ IXH
XWLOL]DGR HQ RWUR HTXLSR GHEH YDFXQDUOR QXHYDPHQWH 5HFXHUGH YDFXQDU WRGRV ORV
DUFKLYRVDGMXQWRVDVXVFRUUHRV\DTXHOORVTXHGHVFDUJXHGHODUHG1RROYLGHTXHOD
DFWXDOL]DFLyQGHORVDQWLYLUXVHVXQDODERUGHODGPLQLVWUDGRUSHURHVVXGHEHUFRPR
XVXDULRILQDOHVWDUDWHQWRDHVWR
(QFDVRTXHVXHTXLSRTXHGHGHVDWHQGLGRSRUDOJXQDUD]yQ GHEHFRORFDU HO
SURWHFWRU GH SDQWDOOD SURWHJLGR SRU FRQWUDVHxD HVWD GHEH VHU FRORFDGD HQ HO
PLVPR LQVWDQWH TXH FRORFy HO SURWHFWRU GH SDQWDOOD \ QR GHEH VHU LJXDO D ODV
DQWHULRUPHQWH XWLOL]DGDV GHELGR D TXH H[LVWHQ SURJUDPDV TXH ORJUDQ GHVFLIUDU OD
FRQWUDVHxDGHORVSURWHFWRUHVGHSDQWDOOD\DGHPiVODGHDFFHVRDODUHG1RVREUD
FRORFDU XQD FRQWUDVHxD HQ HO ERRW GH DUUDQTXH DO HTXLSR HVWR QR SHUPLWLUi HO
DFFHVR DXQTXH VH DSDJXH HO HTXLSR 1R HVWi GH PiVTXH HO HTXLSR WHQJDXQDOODYH
ItVLFDRKDUGNH\ODFXDOQRSHUPLWDTXHFXDOTXLHUSHUVRQDSXHGDGHVWDSDUHOHTXLSR
TXLWDU OD SLOD GHO &026 R HO MXPSHU GH OD %,26 %DVLF ,QSXW 2XWSXW 6\VWHP \
PRGLILFDUODFRQWUDVHxD
6L PDQHMD LQIRUPDFLyQ VHFUHWD SDUD VX HPSUHVD OR PHMRU HVPDQWHQHUOD
HQFULSWDGD HQ VX GLVFR GXUR ORFDO FRQ XQD FRSLD UHVSHFWLYD HQ VX VHUYLGRU (VWR
PLVPRDSOLFDSDUDHOFRUUHRHOHFWUyQLFR8QRGHHVWRVSURGXFWRVHVHO3*3 3UHWW\
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
*RRG3ULYDF\1RROYLGHDVHJXUDUVXOODYHSULYDGDVLODSLHUGHHVSUREDEOHTXHVX
LQIRUPDFLyQSXHGDVHUGHVFLIUDGD
6LSRUDOJXQDUD]yQXVWHGGHEHFRPSDUWLULQIRUPDFLyQHQODUHGDVHJ~UHVH
GH FRORFDUORVSHUPLVRVHVWULFWDPHQWHQHFHVDULRVDORVXVXDULRVDGHFXDGRV\SRUHO
PtQLPRWLHPSR SRVLEOH 5HFXHUGH TXH DO FRPSDUWLU VX LQIRUPDFLyQ FRQ WRGRV ORV
SHUPLVRV KDELOLWDGRV FRUUH HO ULHVJR GH SHUGHU WRGD OD LQIRUPDFLyQ FRPSDUWLGD
$GHPiV H[LVWHQ SURJUDPDV HVSHFLDOL]DGRV HQ GHVFLIUDU ODV FODYHV GHGLUHFWRULRV
FRPSDUWLGRV SRU FRQWUDVHxDV SDUD OXHJRFRORFDU SURJUDPDV TXH VH DXWR HMHFXWHQ
GHVGHDOOt\UHDOL]DUDOJXQDODERUHVSHFtILFD
$EVWpQJDVHGHLQVWDODUSURJUDPDVQRDXWRUL]DGRV SRUVXDGPLQLVWUDGRUGH
OD UHG XVWHG SXHGH FRQYHUWLUVH HQ HO UHVSRQVDEOH GHOFDRV HQ PDWHULD GH VHJXULGDG
SDUDWRGDODUHGGHODHPSUHVD(VWRVSURJUDPDVSXHGHQVHUWUR\DQRV6RQDTXHOORV
SURJUDPDVTXHSURPHWHQVHUDOJR\UHDOPHQWHUHDOL]DQRWUDFRVDTXHFRPSURPHWHOD
VHJXULGDG GHO XVXDULR R SXHUWDV WUDVHUDV 3URJUDPD TXH OH SHUPLWH DO YiQGDOR
LQIRUPiWLFR HQWUDU DO VLVWHPD TXH \D KD YXOQHUDGR GH PDQHUD PiV VHQFLOOD \
UHLWHUDWLYDTXHOHGDQDFFHVRDORVYiQGDORVLQIRUPiWLFRVSDUDUHDOL]DUDOJXQDODERU
FRQFUHWD
3URFXUH TXHVXHTXLSRVHHQFXHQWUHHQySWLPDVFRQGLFLRQHV HVGHFLUTXH
WHQJDEXHQD YHQWLODFLyQ PDQWHQLPLHQWR GH KDUGZDUH \VRIWZDUHSRUSHUVRQDO
DXWRUL]DGR GH OD HPSUHVD 1R GHVLQVWDOH QL LQVWDOH QLQJ~Q WLSR GH KDUGZDUH VLQ
DXWRUL]DFLyQGHODGPLQLVWUDGRUUHFXHUGHTXHODGHVLQVWDODFLyQRLQVWDODFLyQGHHVWH
SURYRFDUi FDPELRVHQ ODFRQILJXUDFLyQGHVXHTXLSR\HVWRGHEHVHUPDQHMDGRSRU
SHUVRQDOHVSHFLDOL]DGRDGHPiVTXHVXLQIRUPDFLyQFRUUHULHVJRGHSHUGHUVH
1R EDVWD PDQWHQHU FRSLD GH OD LQIRUPDFLyQ HQFULSWDGD HQ HO VHUYLGRU
5HFXHUGH UHDOL]DU FRSLDV GH UHVSDOGR DFWXDOL]DGDV GH OD LQIRUPDFLyQ YLWDO TXH
PDQHMHHQVXGLVFRGXUR\FRORFDUODHQXQOXJDUVHJXUREDMROODYH\HQFULSWDGD HOXVXDULRSXHGHUHDOL]DUHVWDODERU(QHOFDVRTXHODLQIRUPDFLyQVHJXDUGHHQ XQ
OXJDUIXHUDGHODHPSUHVDEDMRPHGLGDVH[WUHPDVGHVHJXULGDGHODGPLQLVWUDGRUGH
ODLQIRUPDFLyQGHORVXVXDULRVGHEHVHUHOHQFDUJDGRGHHVWDODERU
0DQWHQHUODLQIRUPDFLyQGHODHPSUHVDHQODPLVPD\QRWUDQVSRUWDUODD
RWURVLWLRGLIHUHQWH GHHVWD&RUUHPRVHOULHVJRGHQRWHQHUODVPLVPDVSUHFDXFLRQHV
GH VHJXULGDG HQ RWUR VLWLR \ SRU HQGH HVWDUHPRV DWHQWDQGR FRQWUD OD VHJXULGDG GH
QXHVWUDLQIRUPDFLyQ\GHQXHVWUDHPSUHVD
$VHJ~UHVH GH VHJXLU FDGD XQR GH ORV PDQGDPLHQWRV DQWHULRUHV \ OH
JDUDQWL]RODPi[LPDFDOLGDG\QLYHOGHVHJXULGDGHQHOPDQHMRGHODLQIRUPDFLyQGH
VXHPSUHVD5HFXHUGHTXHVLKDFHH[WHQVLYDHVWDLQIRUPDFLyQRGLVWULEXLUODDWUDYpV
GHFXDOTXLHUPHGLRHVWDUiFRODERUDQGRFRQODGHELGDHGXFDFLyQHQHOPDQHMRGHOD
LQIRUPDFLyQ
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
/RVPDQGDPLHQWRVGHODGPLQLVWUDGRUGHODUHG
6LJDUHVSDOGH\DXGLWHFDGDXQRGHORV PDQGDPLHQWRV GHOXVXDULRGHODUHG
5HVSRQVDELOLGDGHV D QLYHO LQGLYLGXDO (O DFFHVR D ORV GDWRV ~QLFDPHQWH GHEH
FRQFHGHUVH WUDV OD LGHQWLILFDFLyQ GHO XVXDULR 8Q PLVPR HPSOHDGR QR GHEH VHU HO
UHVSRQVDEOHGHDXWRUL]DU\UHDOL]DUFDPELRVHQHOVRIWZDUHGHODHPSUHVD(VWDEOHFHU
XQVLVWHPDVHJXURGHFRQWUDVHxDV$XGLWDUODVUHGHVFDGDGRVDxRV\DTXHORVQLYHOHV
GH VHJXULGDG HVWDEOHFLGRV HQ VX PRPHQWR WLHQGHQ D GHWHULRUDUVH FRQ HO WUDQVFXUVR
GHOWLHPSR&ODVLILFDUODLQIRUPDFLyQVHJ~QVXVJUDGRVGHVHQVLELOLGDGHLPSRUWDQFLD
GHQWUR GH OD RUJDQL]DFLyQ&RQWURODUHOSURFHVDPLHQWR/DLQIRUPDFLyQSXHGHHVWDU
HQ WUHVHVWDGRV3URFHVR$OPDFHQDPLHQWR\7UDQVPLVLyQ/DFRQILGHQFLDOLGDG\OD
LQWHJULGDGHQODWUDQVPLVLyQ\HODOPDFHQDPLHQWRODVDOFDQ]DPRVFRQODHQFULSFLyQ
(VWDEOH]FD SROtWLFDV GH VHJXULGDG DSURSLDGDV SDUD OD UHG FRPSXWDFLRQDO GH OD
HPSUHVD FUHDFLyQ GH XVXDULRV PDQHMR GH FRQWUDVHxDV LQVWDODFLyQ GH KDUGZDUH \
VRIWZDUH SHUILOHV GH XVXDULR HVWiQGDU \ PLQLPLFH OD FDQWLGDG GH FXHQWDV GH
DGPLQLVWUDGRUHV GH OD UHG (VWUDWHJLDV GH FRQWLQJHQFLD HQ FDVR GH SpUGLGD GH
LQIRUPDFLyQGHORVXVXDULRVRVXVSHQVLyQGHORVVHUYLGRUHVGHODHPSUHVDSRUDOJXQD
UD]yQ
,PSOHPHQWHVLVWHPDVGHVHJXULGDGSDUDODUHGHQFDGDXQRGHORVVHUYLGRUHVGHOD
HPSUHVD XWLOL]DQGR ILUHZDOOV SUR[\ R ILOWURV 0DQWHQJD XQ VHUYLGRU GH SUXHED HQ
GRQGH SXHGD LQVWDODU \ GHVLQVWDODU ORV SURJUDPDV TXH WLHQH HQ VX UHG SDUD UHDOL]DU
SUXHEDV GH VHJXULGDG D ORV SURJUDPDV TXH XVD ,GHQWLILFDU TXH VHUYLGRUHV GHEHQ
SHUWHQHFHU D OD UHG PLOLWDUL]DGD \ FXDOHV D OD UHG GHVPLOLWDUL]DGD HVWR VH GHEH
UHDOL]DUSDUDLGHQWLILFDUORVDQLOORVGHVHJXULGDGGHODUHG
5HVSRQGDLQPHGLDWDPHQWHDQWHFXDOTXLHUVXJHUHQFLDRTXHM D GHXQXVXDULRFRQ
UHVSHFWRDODVHJXULGDGGHVXLQIRUPDFLyQ3UREDEOHPHQWHVHDXQIDOORGHVHJXULGDG
LPSRUWDQWH FRQWUD OD HPSUHVD \ VX XVXDULR OR KD GHWHFWDGR SRU XVWHG DKRUUiQGROH
WLHPSR\GLQHURDODHPSUHVDHQVROXFLRQDUOR
3URFXUH QR VREUHFDUJDU ORV VHUYLGRUHV DVLJQiQGROHV PXFKRV VHUYLFLRV UHFXHUGH
TXH HVWR EDMD HO UHQGLPLHQWR \ DWHQWD FRQWUD OD VHJXULGDG \ OD FRQVWDQFLD GH ORV
VHUYLFLRVHQORVPLVPRV$QWHFXDOTXLHUWLSRGHIDOODGHKDUGZDUHRVRIWZDUHDFXGD
LQPHGLDWDPHQWH DO SURYHHGRU R UHFXUUD GH LQPHGLDWR DO VHUYLGRU %'& %DFNXS
'RPDLQ&RQWUROGHODHPSUHVD
(O PDQHMR GH ORV SXHUWRV HV IXQGDPHQWDO D OD KRUD GH DXGLWDU SRVLEOHV KXHFRV GH
VHJXULGDGUHFXHUGHTXHGHEHWHQHUODPHQRUFDQWLGDGGHSXHUWRVDELHUWRV HQORV
VHUYLGRUHV(VWRVSXHGHQVHUHQFXDOTXLHUPRPHQWRSXHUWDVGHDFFHVRDORVYiQGDORV
GHODUHG([LVWHQSURJUDPDVTXHOHDYLVDQHQOtQHDVLDOJ~QSXHUWRKDVLGRDELHUWRGH
IRUPDDQRUPDORVLDOJXLHQHVWiFRQHFWDGRDDOJXQRGHHOORVGHIRUPDIUDXGXOHQWD
5HFXHUGH TXH VL WLHQHLQVWDODGR DOJ~QSURJUDPDTXHRIUHFHXQVHUYLFLRLQQHFHVDULR
HVWiGHMDQGRXQSXHUWRDELHUWRHOFXDOSXHGHVHUYLROHQWDGR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
,PSOHPHQWDU HVWUDWHJLDV SDUD OD FUHDFLyQ GH ODV FRSLDV GH UHVSDOGR UHFXHUGH
TXH GHEH PDQWHQHU FRSLDV GLDULDV VHPDQDOHV PHQVXDOHV \ DQXDOHVDGHPiV HVWDV
GHEHQVHUHQFULSWDGDV\GHEHQJXDUGDUVHHQOXJDUHVVHJXURVFRPREDQFRVRFDMDVGH
VHJXULGDGFRQWUDLQFHQGLRVHQOXJDUHVIXHUDGHODHPSUHVD\GHH[WUHPDVHJXULGDG
'HEHOHHUGLDULDPHQWHORVORJV DUFKLYRVGHWH[WRTXHPXHVWUDQHOIXQFLRQDPLHQWR
\ODXWLOL]DFLyQGHOHTXLSRHQPRPHQWRVHVSHFtILFRV TXHDUURMDHOVHUYLGRUHVWRV
PXFKDV YHFHV QRV LQIRUPDQ GH DFFHVRV QR SHUPLWLGRV HQ KRUDV QR DFRVWXPEUDGDV
5HFXHUGHUHVWULQJLUHODFFHVRDOPi[LPRGHORVXVXDULRVGHODUHGHVRLQFOX\HGtDVD
ODVHPDQDKRUDVGLUHFWRULRV\VLWLRVGHWUDEDMR
(ODFFHVRDOFHQWURGHFRPSXWR GRQGHVHHQFXHQWUDQORVVHUYLGRUHVGHODHPSUHVD
GHEH VHU FRPSOHWDPHQWH UHVWULQJLGR \ DXGLWDGR FDGD LQVWDQWH 6H UHFRPLHQGD
XWLOL]DU VLVWHPDV HOHFWUyQLFRV %LRPpWULFRV SDUD YHULILFDU HO DFFHVR DO FHQWUR GH
FRPSXWR
1RROYLGHTXHODPHMRUDXGLWRULDGHVHJXULGDGSDUDODUHGGHODHPSUHVDHVHOLQWHQWR
GHYLRODFLyQGHODVHJXULGDGGHODPLVPDFRQYLpUWDVHHQHOKDFNHUGHVXHPSUHVD LQJUHVH D ORV JUXSRV GH GLVFXVLyQ GH KDFNHUV LQVFUtEDVH D ODV OLVWDV GH FRUUHRV GH
HVWRV\DSUHQGDGHHOORV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
,1752'8&&,Ï1$/$&5,372/2*Ë$
/D &ULSWRORJtD HV OD VXPD GH FULSWRJUDItD \ FULSWRDQiOLVLV (WLPROyJLFDPHQWH
&ULSWRORJtDTXLHUHGHFLU³HVFULWXUDRFXOWD´$FWXDOPHQWHWLHQHHOVLJQLILFDGRGHFLHQFLD
GH OD FRPXQLFDFLyQ VHJXUD VX REMHWLYR HV TXH GRV SDUWHV SXHGDQ LQWHUFDPELDU
LQIRUPDFLyQVLQTXHXQDWHUFHUDSDUWHQRDXWRUL]DGDDSHVDUGHTXHFDSWHORVGDWRVVHD
FDSD] GH GHVFLIUDU OD LQIRUPDFLyQ /D FULSWRJUDItD DFW~D PHGLDQWH FULSWRVLVWHPDV XQ
FULSWRVLVWHPD R VLVWHPD FLIUDGR HV XQ VLVWHPD TXH SHUPLWH FLIUDU ORV PHQVDMHV GH WDO
IRUPDTXHXQDSHUVRQDQRDXWRUL]DGDQRSXHGDGHVFLIUDUHOPHQVDMH/DFULSWRJUDItDHV
ODFLHQFLDGHGLVHxDUFULSWRVLVWHPDV
'HVGHVXVLQLFLRVODFULSWRJUDItDOOHJyDVHU XQDKHUUDPLHQWDPX\XVDGDHQHODPELHQWH
PLOLWDUSRUHMHPSORHQODVHJXQGDJUDQJXHUUDPXQGLDOWXYRXQSDSHOGHWHUPLQDQWHXQD
GHODVPiTXLQDVGHFLIUDGRTXHWXYRJUDQSRSXODULGDGVHOODPy(1,*0$$OWHUPLQDU
ODJXHUUDODVDJHQFLDVGHVHJXULGDGGHODVJUDQGHVSRWHQFLDVLQYLUWLHURQPXFKRVUHFXUVRV
SDUDVXLQYHVWLJDFLyQ/DFULSWRJUDItDFRPRODFRQRFHPRVKR\VXUJLyFRQODLQYHQFLyQ
GHODFRPSXWDGRUD
/DFULSWRJUDItDDFWXDOVHLQLFLDHQODVHJXQGDPLWDGGHODGpFDGDGHORVDxRV1RHV
KDVWD OD LQYHQFLyQ GHO VLVWHPD FRQRFLGR FRPR '(6 'DWD (QFU\SWLRQ 6WDQGDUG HQ
TXH VH GD D FRQRFHU PDV DPSOLDPHQWH SULQFLSDOPHQWH HQ HO PXQGR LQGXVWULDO \
FRPHUFLDO3RVWHULRUPHQWHFRQHOVLVWHPD56$5LYHVW6KDPLU$GOHPDQHQVH
DEUHHOFRPLHQ]RGHODFULSWRJUDItDHQXQJUDQUDQJRGHDSOLFDFLRQHVHQWUDQVPLVLRQHV
PLOLWDUHV HQ WUDQVDFFLRQHV ILQDQFLHUDV HQ FRPXQLFDFLyQ GH VDWpOLWH HQ UHGHV GH
FRPSXWDGRUDVHQOtQHDVWHOHIyQLFDVHQWUDQVPLVLRQHVGHWHOHYLVLyQHWFpWHUD
(O FULSWRDQiOLVLV WUDWD GH URPSHU ORV FULSWRVLVWHPDV SDUD DSRGHUDUVH GH OD LQIRUPDFLyQ
FLIUDGD
/RV &ULSWRVLVWHPDVFOiVLFRVVRQVLPpWULFRV8QFULSWRVLVWHPDFOiVLFRHVWiIRUPDGRSRU
HOVLJXLHQWHFRQMXQWRGHSDUiPHWURV3&.H'GRQGH
3 HV XQ FRQMXQWR ILQLWR FX\RV HOHPHQWRV VH OODPDQ ³WH[WRV SODQRV´ HVWRV VHUiQ ORV
PHQVDMHVTXHVHTXLHUHQHQYLDUWDOFXDO
& HV XQ FRQMXQWR ILQLWR FX\RVHOHPHQWRVVHOODPDQ³WH[WRVFLIUDGRV´HVWRVHUtDORTXH
UHVXOWDXQDYH]TXHODLQIRUPDFLyQVHFLIUD
.HVXQFRQMXQWRILQLWRFX\RVHOHPHQWRVVHOODPDQ³FODYHV´
( ^(N N .`GRQGH(N3o &
' ^'N N .`GRQGH'N&o 3FXPSOLHQGRTXH'N(N[ [ [ 3
(VWR VH EDVD HQ TXH ODV SDUWHV VH SRQHQ GH DFXHUGR HQ OD FODYH \ HQ PDQWHQHUOD
VHFUHWD/DFODYHNGDODVWUDQVIRUPDFLRQHV(N \'N
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
8QFULSWRDQDOLVWDLQWHUFHSWD&SHURFRPRQRFRQRFHODFODYHNQRHVFDSD]GHUHFXSHUDU
3 &XDOTXLHU SHUVRQD TXH FRQR]FD OD FODYH N \ WHQJD HO PpWRGR GH HQFULSFLyQ SXHGH
GHVFLIUDU HO PHQVDMH /D FODYH GHEH LQWHUFDPELDUVH SRU XQ FDQDO VHJXUR \ DGHPiV HO
FRQMXQWRGHODVFODYHVGHEHVHUHQRUPH(VWHFULSWRVLVWHPDVHOODPDVLPpWULFR \DTXHHO
FRQRFLPLHQWRGHODFODYHSHUPLWHODVRSHUDFLRQHVGHFLIUDU\GHVFLIUDU
Do Eo ]o = o $OIDEHWR
(N[ [NPRG [ =
'N[ [NPRG [ =
N (FODXGLD IxG[JOG
'(IxG[JOG FODXGLD
(VWHVLVWHPDGHFLIUDGRVHFRQRFHFRPRFLIUDGRGH-XOLR&pVDU
&RPR VyOR KD\ SRVLEOHV FODYHV VH SUXHEDQ WRGDV ODV SRVLEOHV FODYHV KDVWD TXH VH
HQFXHQWUDODFRUUHFWD
3 & =
. 6 ^V = o = V HVEL\HFWLYDSHUPXWDFLyQ`
(V[ V [ [ =
'V[ V [ [ =
_._ !
(OTXH_._VHDWDQJUDQGHLPSOLFDTXHHVWHFULSWRVLVWHPDQRVHSXHGDDQDOL]DUSRUIXHU]D
EUXWD(VWHFULSWRVLVWHPDVHOODPDFULSWRVLVWHPDGHVXVWLWXFLyQ
(OVLJXLHQWHHVHOFyGLJRGHOSURJUDPDHQ7XUER&TXHFLIUDFXDOTXLHUPHQVDMHXVDQGR
HOPpWRGRGH-XOLR&pVDU
$8725
6,/(5$0$'25'21$'2
)(&+$'(&5($&,21
$&78$/,=$&,21
120%5('(/352*5$0$-8/,2&
&217$&72
VDPDGRU#XFDXFDHGXFR
'(6&5,3&,21(67(352*5$0$720$810(16$-($/)$%(7,&2</2(1&5,37$
86$1'2(/0(72'2'(-8/,2&(6$548($75$9(='(81
&255,0,(1723(50,7(&,)5$5(/0(16$-(25,*,1$/(12752
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
LQFOXGHVWULQJK!
LQFOXGHVWGLRK!
LQFOXGHFRQLRK!
GHILQH0D[
352&(',0,(17248(&219,(57((/0(16$-(25,*,1$/(168&255(6321',(17(180(52
YRLG3URFHGLPLHQWR&RQYHUWLU1XPHURFKDULQWLQW
352&(',0,(17248(&219,(57((/0(16$-((168&255(6321',(17(180(52</(
$80(17$(/&255,0,(172
YRLG3URFHGLPLHQWR-XOLR&HVDULQWLQWLQWLQWLQW
352&(',0,(17248(&219,(57((/0(16$-(180(5,&2<&255,'2$68&255(6321',(17(
9$/25$/)$%(7,&2
YRLG3URFHGLPLHQWR&RQYHUWLU/HWUDLQWFKDULQW
YRLGPDLQYRLG
^
FKDUVUF 18//
FKDU9HFWRU/HWUDV>0D[@ ^`9HFWRU/HW>0D[@ ^`
LQW9HFWRU1XPHUR>0D[@9HFWRU1XPHUR&RUULGR>0D[@
LQWQL(QW&RUULPLHQWR(QW6ZLWFK
`
FOUVFU
SULQWI352*5$0$48((1&5,37$810(16$-(325(/0(72'2'(-8/,2&(6$5 ?Q
SULQWI?Q
SULQWI'LJLWHHOPHQVDMHDHQFULSWDUHQPLQXVFXODV
VFDQIVVUF
Q VWUOHQVUF
VWUFS\9HFWRU/HWUDVVUF
3URFHGLPLHQWR&RQYHUWLU1XPHUR9HFWRU/HWUDV9HFWRU1XPHURQ
SULQWI?Q'LJLWHHOFRUULPLHQWR
VFDQIG(QW&RUULPLHQWR
3URFHGLPLHQWR-XOLR&HVDU9HFWRU1XPHUR9HFWRU1XPHUR&RUULGR(QW&RUULPLHQWRQ
3URFHGLPLHQWR&RQYHUWLU/HWUD9HFWRU1XPHUR&RUULGR9HFWRU/HWQ
SULQWI?Q0HQVDMHHQFULSWDGR?Q
IRUL L QL
^
SULQWIF9HFWRU/HW>L@
`
JHWFK
3URFHGLPLHQWR&RQYHUWLU1XPHUR9HFWRU/HW9HFWRU1XPHURQ
3URFHGLPLHQWR-XOLR&HVDU9HFWRU1XPHUR&RUULGR9HFWRU1XPHUR(QW&RUULPLHQWRQ
3URFHGLPLHQWR&RQYHUWLU/HWUD9HFWRU1XPHUR9HFWRU/HWQ
SULQWI?Q0HQVDMHGHVFLIUDGR?Q
IRUL L QL
^
SULQWIF9HFWRU/HW>L@
`
SULQWI?Q?Q?Q
SULQWI$87256,/(5$0$'25'21$'2?Q
SULQWI)(&+$'(&5($&,21?Q
SULQWI$&78$/,=$&,21?Q
SULQWI120%5( '(/352*5$0$-8/,2&?Q
SULQWI&217$&72VDPDGRU#XFDXFDHGXFR?Q
SULQWI'(6&5,3&,21(67(352*5$0$720$810(16$-($/)$%(7,&2<?Q
SULQWI/2(1&5,37$86$1'2(/0(72'2'(-8/,2&(6$5?Q
SULQWI48($75$9(='(81&255,0,(1723(50,7(&,)5$5?Q
SULQWI(/0(16$-(25,*,1$/(12752
?Q
SULQWI
JHWFK
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
YRLG3URFHGLPLHQWR-XOLR&HVDULQW9HFWRU1XPLQW9HFWRU1&LQW&RUULPLHQWRLQWILQLQWVZ
^
LQWL
`
LIVZ ^
IRUL L ILQL
^
9HFWRU1&>L@ 9HFWRU1XP>L@&RUULPLHQWR
LI9HFWRU1&>L@! ^
9HFWRU1&>L@ 9HFWRU1&>L@
`
`
`
HOVH
^
IRUL L ILQL
^
9HFWRU1&>L@ 9HFWRU1XP>L@&RUULPLHQWR
LI9HFWRU1&>L@
^
9HFWRU1&>L@ 9HFWRU1&>L@
`
`
`
(/ 6,*8,(17( 352&(',0,(172 &219,(57( (/ 9(&725/ 48( &217,(1( (/ 0(16$-( $ 68
&255(6321',(17(9$/25180(5,&2
YRLG3URFHGLPLHQWR&RQYHUWLU1XPHURFKDU9HFWRU/LQW9HFWRU1LQWP
^
LQWL
IRUL L PL
^
VZLWFK9HFWRU/>L@
^
FDVH
D
9HFWRU1>L@ EUHDN
FDVH
E
9HFWRU1>L@ EUHDN
FDVH
F
9HFWRU1>L@ EUHDN
FDVH
G
9HFWRU1>L@ EUHDN
FDVH
H
9HFWRU1>L@ EUHDN
FDVH
I
9HFWRU1>L@ EUHDN
FDVH
J
9HFWRU1>L@ EUHDN
FDVH
K
9HFWRU1>L@ EUHDN
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
`
`
`
FDVH
L
9HFWRU1>L@
EUHDN
FDVH
M
9HFWRU1>L@
EUHDN
FDVH
N
9HFWRU1>L@
EUHDN
FDVH
O
9HFWRU1>L@
EUHDN
FDVH
P
9HFWRU1>L@
EUHDN
FDVH
Q
9HFWRU1>L@
EUHDN
FDVH
x
9HFWRU1>L@
EUHDN
FDVH
R
9HFWRU1>L@
EUHDN
FDVH
S
9HFWRU1>L@
EUHDN
FDVH
T
9HFWRU1>L@
EUHDN
FDVH
U
9HFWRU1>L@
EUHDN
FDVH
V
9HFWRU1>L@
EUHDN
FDVH
W
9HFWRU1>L@
EUHDN
FDVH
X
9HFWRU1>L@
EUHDN
FDVH
Y
9HFWRU1>L@
EUHDN
FDVH
Z
9HFWRU1>L@
EUHDN
FDVH
[
9HFWRU1>L@
EUHDN
FDVH
\
9HFWRU1>L@
EUHDN
FDVH
]
9HFWRU1>L@
EUHDN
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(/ 6,*8,(17( 352&(',0,(172 &219,(57( (/ 9(&7251 48( &217,(1( (/ 9$/25
180(5,&2$68&255(6321',(17(9$/25$/)$%(7,&2
YRLG3URFHGLPLHQWR&RQYHUWLU/HWUDLQW9HFWRU1FKDU9HFWRU/LQWP
^
LQWL
IRUL L PL
^
VZLWFK9HFWRU1>L@
^
FDVH
9HFWRU/>L@ D
EUHDN
FDVH
9HFWRU/>L@ E
EUHDN
FDVH
9HFWRU/>L@ F
EUHDN
FDVH
9HFWRU/>L@ G
EUHDN
FDVH
9HFWRU/>L@ H
EUHDN
FDVH
9HFWRU/>L@ I
EUHDN
FDVH
9HFWRU/>L@ J
EUHDN
FDVH
9HFWRU/>L@ K
EUHDN
FDVH
9HFWRU/>L@ L
EUHDN
FDVH
9HFWRU/>L@ M
EUHDN
FDVH
9HFWRU/>L@ N
EUHDN
FDVH
9HFWRU/>L@ O
EUHDN
FDVH
9HFWRU/>L@ P
EUHDN
FDVH
9HFWRU/>L@ Q
EUHDN
FDVH
9HFWRU/>L@ x
EUHDN
FDVH
9HFWRU/>L@ R
EUHDN
FDVH
9HFWRU/>L@ S
EUHDN
FDVH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
`
`
`
9HFWRU/>L@
EUHDN
FDVH
9HFWRU/>L@
EUHDN
FDVH
9HFWRU/>L@
EUHDN
FDVH
9HFWRU/>L@
EUHDN
FDVH
9HFWRU/>L@
EUHDN
FDVH
9HFWRU/>L@
EUHDN
FDVH
9HFWRU/>L@
EUHDN
FDVH
9HFWRU/>L@
EUHDN
FDVH
9HFWRU/>L@
EUHDN
FDVH
9HFWRU/>L@
EUHDN
T
U
V
W
X
Y
Z
[
\
]
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
$1È/,6,65(0272'(/266,67(0$6
,QWURGXFFLyQ
'HWUiVGHFXDOTXLHUDWDTXHH[LWRVRDXQDPiTXLQDVHHVFRQGHXQDQiOLVLVH[KDXVWLYRGHOD
YtFWLPD HV GHFLU UHFRSLODU OD PD\RU FDQWLGDG GH LQIRUPDFLyQ VREUH OD YtFWLPD WLSR GH
VLVWHPDRSHUDWLYRTXHXWLOL]DFDQWLGDGGHSXHUWRVDELHUWRV HQHOHTXLSRIDOORVGHVHJXULGDG
UHFRQRFLGRV HWF HQ HO FDVR TXH OD YtFWLPD QR VH HQFXHQWUH HQ HO PLVPR OXJDU TXH HO
DWDFDQWHDHVWRVHOHGHQRPLQDDQiOLVLVUHPRWR
/RFDOL]DFLyQ
(QHVWHPDQXDOVHWUDWDUi~QLFDPHQWHHOFDVRGHXQVHUYLGRUFRQXQD GLUHFFLyQ,3ILMD\
XQ GRPLQLR DVRFLDGR \D TXH HO DQiOLVLV GH VLVWHPDV VH DSOLFD D HVWH WLSR GH
FRQILJXUDFLRQHV \ QR PH SDUHFH OyJLFR HO RFXSDUVH GH RUGHQDGRUHV GH XVXDULRV
GRPpVWLFRV\DTXHQRUPDOPHQWHQRVRQORVTXHQHFHVLWDQHVWHWLSRGHFRPSUREDFLRQHV
/R~QLFRDUHVDOWDUHVTXHODV,3VGHODVPiTXLQDVTXHYDPRVDDQDOL]DUQRSXHGHQHVWDUHQ
QLQJ~QFDVRHQWUH
&ODVH
$GH
%GH
&GH
5HG
D
D
D
7DEOD7LSRVGH6XEUHGHVHQ7&3,3
<DTXHHVWDVVRQGHXVRSULYDGRSDUD/$1H,QWUDQHW\HVWDPRVWUDWDQGRHOFDVRGH
PiTXLQDVFRQHFWDGDVD,QWHUQHW/DYHUVLyQGHO,QWHUQHW3URWRFROXWLOL]DGDPD\RUPHQWHHQ
ODDFWXDOLGDGHVODSHURHVFLHUWRTXHORVHVIXHU]RVSRUTXHHVWHVHDUHHPSOD]DGRHQXQ
IXWXUR QRPX\OHMDQRSRU,3Y HVQRWDEOH\HQHVWHFDPELDUiHOHVTXHPDGHGLUHFFLRQHV\
ODVGLUHFFLRQHVVHUiQPiVODUJDV
'RVKHUUDPLHQWDVGHXVRPX\FRP~QHQWUHORVXVXDULRVGHFXDOTXLHUVLVWHPDRSHUDWLYR
VHULRVRQ3LQJ\WUDFHURXWH1RVSDUHFHTXHHVREYLRVXXVR\VLQRVLHPSUHSXHGHVDFXGLU
DO PDQ SDUD VDEHUWRGDV VXV RSFLRQHVGH VLQWD[LV /D ~OWLPD GH HOODV PXFKDVYHFHV HV
VXEYDORUDGD HQ XQ DQiOLVLV \ UHDOPHQWH SXHGH GDU XQD LGHD GH OD VLWXDFLyQ ItVLFD GHO
VHUYLGRU\PDTXLQDVFHUFDQDVDHVWH$FWXDOPHQWHKD\EDVWDQWHVIURQWHQGV\XWLOLGDGHV
EDVDGDVHQWUDFHURXWHSDUD[ZLQGRZVHLQFOXVRDOJXQDGHHOODVUHSUHVHQWDHQXQPDSD
HOFDPLQRTXHVLJXHXQSDTXHWHGHVGHQXHVWURVLVWHPDKDVWDODPDTXLQDDDQDOL]DU
0iVDGHODQWHFRPHQWDUHPRVHOXVRGHWUDFHURXWHSDUDFRQRFHUPHMRUHOWLSRGHILUHZDOO
TXHSURWHJHDXQDPiTXLQD
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
6HUYLGRU GH1RPEUHV16
2WUDKHUUDPLHQWDPX\~WLOHQHODQiOLVLVHVHOQVORRNXSJUDFLDVDHOODSRGUHPRVVDEHUHO
VHUYLGRU GH QRPEUHV 16 TXH RIUHFH HO GRPLQLR D QXHVWUR VHUYLGRU HV GHFLU HO 16 TXH
KDFHTXHZ[\]VHDGGGGFRP3DUDREWHQHUHVWDLQIRUPDFLyQKDUHPRVXVRGH QXHVWUR
'16 HV GHFLU HO VHUYLGRU GH QRPEUHV TXH QRV RIUHFH QXHVWUR ,63 $Vt SRU HMHPSOR
VXSRQLHQGR TXH PL 16 HV QVZRUOGRQOLQHHV \ TXHUHPRV VDEHU FXDO HV HO 16 GH
LQVIOXJRUJVHDFWXDUtDGHODVLJXLHQWHIRUPD
QVORRNXSLQVIOXJRUJ
6HUYHUQVZRUOGRQOLQHHV
$GGUHVV
1DPHLQVIOXJRUJ
$GGUHVV
QVORRNXS
'HIDXOW6HUYHUQVZRUOGRQOLQHHV
$GGUHVV
!VHWT QV
!LQVIOXJRUJ
6HUYHUQVZRUOGRQOLQHHV
$GGUHVV
1RQDXWKRULWDWLYHDQVZHU
LQVIOXJRUJ
QDPHVHUYHU 1616&20
LQVIOXJRUJ
QDPHVHUYHU 163$,5&20
$XWKRULWDWLYHDQVZHUVFDQEHIRXQGIURP
1616&20
LQWHUQHWDGGUHVV 163$,5&20
LQWHUQHWDGGUHVV &RPRSXHGHVREVHUYDUKHPRVREWHQLGRORVVHUYLGRUHVGHQRPEUHVWDQWRSULPDULRFRPR
VHFXQGDULR OR TXH KDFH TXH LQVIOXJRUJ HVWH DVRFLDGR D VLHQGR
1616&20\163$,5&20(VWDLQIRUPDFLyQQRVSXHGHVHUGHJUDQXWLOLGDGSDUD
FLHUWRWLSRGH FRVDV/RTXHVLSXHGHVHUGHPXFKDXWLOLGDGHVVDEHUTXHHQORV16KD\
XQRV DUFKLYRV GH ]RQDV HQ ORV TXH VH HQFXHQWUD OD LQIRUPDFLyQ VREUH HO GRPLQLR D
DQDOL]DUGHHVWDIRUPDHQFRQWUDUHPRV
]RQHLQVIOXJRUJ
^
W\SHPDVWHU
ILOHLQVIOXJRUJ]RQH
`
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(QHODUFKLYRHQHOTXHVHHQFRQWUDVHODLQIRUPDFLyQVREUHODVVHFFLRQHVGH]RQDDOJXQDV
YHFHV YDUQDPHG VLHQGR HO DUFKLYR GH ]RQD SDUD LQVIOXJRUJ
YDUQDPHGLQVIOXJRUJ]RQHHQHOVXSXHVWRGHHVWDUHQYDUQDPHG$OOtHQFRQWUDUtDPRV
#,1
ZZZ,1
IWS,1
16
1616&20
$
&1$0(ZZZ
&1$0( VLJQLILFD FDQRQLFDO QDPH \ TXLHUH GHFLU TXH HQ UHDOLGDG OD ,3 D OD TXH VH
UHILHUH IWSLQVIOXJRUJHVODPLVPDTXHZZZLQVIOXJRUJ\TXHHQHVWHFDVRHVODPLVPD
TXHLQVIOXJRUJFRPRSRGHPRVFRPSUREDUKDFLHQGR
QVORRNXS
'HIDXOW6HUYHUQVZRUOGRQOLQHHV
$GGUHVV
!VHWT QV
!ZZZLQVIOXJRUJ
6HUYHUQVZRUOGRQOLQHHV
$GGUHVV
1RQDXWKRULWDWLYHDQVZHU
ZZZLQVIOXJRUJ
FDQRQLFDOQDPH LQVIOXJRUJ
!IWSLQVIOXJRUJ
6HUYHUQVZRUOGRQOLQHHV
$GGUHVV
IWSLQVIOXJRUJ FDQRQLFDOQDPH LQVIOXJRUJ
'HHVWDIRUPDSRGHPRVVDEHUVLORVGHPRQLRVGHIWSZZZ\RWURVVHUYLFLRVPiVGH
XQGRPLQLRVHHQFXHQWUDQHQXQDPLVPDPDTXLQDRPDTXLQDVGLIHUHQWHVPX\~WLOSDUD
WHQHUXQDYLVLyQJOREDOGHOVHUYLGRUDHVWXGLDU\DTXHORTXHHQSULQFLSLRVHSRGtDSHQVDU
TXH HUD XQ VHUYLGRU HQ SDUWLFXODU VRQ YDULRV $GHPiV ZZZLQVIOXJRUJ SRU HMHPSOR
SXHGHHVWDUDVRFLDGRDYDULDV,3V\YLFHYHUVD
3HVH D TXH SDUD VDEHU HO VHUYLGRU GH QRPEUHV GHO VHUYLGRU D HVWXGLDU KHPRV XWLOL]DGR
QVORRNXSTXHVHVXSRQHTXHHVHOPpWRGR HQHOFXDOXWLOL]DPRVXQSRFRQXHVWURVSURSLRV
PHGLRV HVWRV 16V VH SRGUtDQ VDEHU KDFLHQGR XVR GHO FRPDQGR TXH VH XWLOL]D HQ OR TXH
YLHQHDFRQWLQXDFLyQZKRLV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
,QIRUPDFLyQGHOUHJLVWURGHGRPLQLR
3DUD REWHQHU LQIRUPDFLyQ VREUH HO UHJLVWUR GHXQ GRPLQLR HQWLpQGDVH SRU GRPLQLR
GGG[[[\QRSUGGG[[[SUGGG[[[TXHVHUiQFRQVLGHUDGRVVXEGRPLQLRVGHOSULPHUR
VHSXHGHKDFHUXVRGHODKHUUDPLHQWD\DLPSOHPHQWDGDHQODPD\RUtDGHORV8QL[ZKRLV
$VtGHHVWDIRUPD
ZKRLVLQVIOXJRUJ
>ZKRLVLQWHUQLFQHW@
:KRLV6HUYHU9HUVLRQ
'RPDLQQDPHVLQWKHFRPQHWDQGRUJGRPDLQVFDQQRZEHUHJLVWHUHGZLWKPDQ\
GLIIHUHQW FRPSHWLQJ UHJLVWUDUV *R WR KWWSZZZLQWHUQLFQHW IRU GHWDLOHG
LQIRUPDWLRQ
'RPDLQ1DPH,16)/8*25*
5HJLVWUDU1(7:25.62/87,216,1&
:KRLV6HUYHUZKRLVQHWZRUNVROXWLRQVFRP
5HIHUUDO85/ZZZQHWZRUNVROXWLRQVFRP
1DPH6HUYHU1616&20
1DPH6HUYHU163$,5&20
8SGDWHG'DWHMXQ
!!!/DVWXSGDWHRIZKRLVGDWDEDVH0RQ'HF (67
7KH5HJLVWU\GDWDEDVHFRQWDLQV21/<&201(725*('8GRPDLQVDQG
5HJLVWUDUV
3XHGHREVHUYDUFRPRVHKDQREWHQLGRWDPELpQORVVHUYLGRUHVGHQRPEUHVTXHFRQWLHQHQOD
HQWUDGD LQVIOXJRUJ SRU HVWR OR FRPHQWDGR DQWHULRUPHQWH 3HUR HQ UHDOLGDG HVWR OD
PD\RUtDGHODVYHFHVQRHVGHPXFKDXWLOLGDG\DTXHDFWXDOPHQWHORVUHJLVWURVGHGRPLQLRV
QR VRQ GLUHFWRV \ HQ UHDOLGDG QR ILJXUD HO QRPEUH GHO TXH OR TXLVR UHJLVWUDU VLQR GH OD
HPSUHVD LQWHUPHGLDULD TXH KL]R HIHFWLYR HO UHJLVWUR /R TXH QRV SURSRUFLRQD XQD
LQIRUPDFLyQ PXFKR PiV FRPSOHWD HV KDFHU XQ ZKRLV DO :KRLV 6HUYHU TXH QRV KD
SURSRUFLRQDGR HVWH SULPHU ZKRLV LQVIOXJRUJ TXH HV ZKRLVQHWZRUNVROXWLRQVFRP DVt GH
HVWDIRUPD
ZKRLVLQVIOXJRUJ#ZKRLVQHWZRUNVROXWLRQVFRP
>ZKRLVQHWZRUNVROXWLRQVFRP@
7KH 'DWD LQ 1HWZRUN 6ROXWLRQV
:+2,6 GDWDEDVH LV SURYLGHG E\ 1HWZRUN
6ROXWLRQV IRU LQIRUPDWLRQ SXUSRVHV DQG WR DVVLVW SHUVRQV LQ REWDLQLQJ LQIRUPDWLRQ
DERXWRUUHODWHGWRDGRPDLQQDPHUHJLVWUDWLRQUHFRUG
1HWZRUN 6ROXWLRQV GRHV QRW JXDUDQWHH LWV DFFXUDF\ %\ VXEPLWWLQJ D :+2,6
TXHU\ \RX DJUHH WKDW \RX ZLOO XVH WKLV 'DWD RQO\ IRU ODZIXO SXUSRVHVDQG WKDW
XQGHUQRFLUFXPVWDQFHVZLOO\RXXVHWKLV'DWDWR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
DOORZ HQDEOH RU RWKHUZLVH VXSSRUW WKH WUDQVPLVVLRQ RI PDVV XQVROLFLWHG
FRPPHUFLDODGYHUWLVLQJRUVROLFLWDWLRQVYLDHPDLOVSDPRUHQDEOHKLJK
YROXPH DXWRPDWHG HOHFWURQLF SURFHVVHV WKDW DSSO\ WR 1HWZRUN 6ROXWLRQV RU LWV
V\VWHPV1HWZRUN6ROXWLRQVUHVHUYHVWKHULJKWWRPRGLI\WKHVHWHUPVDWDQ\WLPH
%\VXEPLWWLQJWKLVTXHU\\RXDJUHHWRDELGHE\WKLVSROLF\
5HJLVWUDQW
,PSDWLHQW
1RYDWRXV
6SDQLVK)LGR1HW/LQX[8VHUV*URXS,16)/8*'20
$YGD3DEOR9, &
'RV+HUPDQDV6HYLOOD
(6
'RPDLQ1DPH,16)/8*25*
$GPLQLVWUDWLYH&RQWDFW%LOOLQJ&RQWDFW
0RQWLOOD)UDQFLVFR-)-0SDFRSHSH#,16)/8*25*
,PSDWLHQW
1RYDWRXV
6SDQLVK)LGR1HW/LQX[8VHUV*URXS
$YGD3DEOR9, &
'RV+HUPDQDV6HYLOOD
(6
)$;
7HFKQLFDO&RQWDFW
$GPLQLVWUDWRU'RPDLQ'$GRPDLQ#3$,5&20
SDLU1HWZRUNV,QF
6LGQH\6W6XLWH
3LWWVEXUJK3$
)$;
5HFRUGODVWXSGDWHGRQ-XO
5HFRUGH[SLUHVRQ-XQ
5HFRUGFUHDWHGRQ-XQ
'DWDEDVHODVWXSGDWHGRQ'HF(67
'RPDLQVHUYHUVLQOLVWHGRUGHU
163$,5&20
1616&20
9HPRV SXHV XQD LQIRUPDFLyQ PXFKR PDV FRPSOHWD 3DUD REWHQHU LQIRUPDFLyQ VREUH
GRPLQLRVTXHQRVHDQFRPQHWRUJHGXWHQGUHPRV TXH VDEHU HO VHUYLGRU TXH QRV
SHUPLWHKDFHUXQZKRLV
GHGLFKRGRPLQLR\DTXHFRQHOZKRLVLQWHUQLFQHWQRQRV
SHUPLWLUiHVDE~VTXHGD
ZKRLVFWYHV
>ZKRLVLQWHUQLFQHW@
:KRLV6HUYHU9HUVLRQ
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
'RPDLQQDPHVLQWKHFRPQHWDQGRUJGRPDLQVFDQQRZEHUHJLVWHUHGZLWKPDQ\
GLIIHUHQW FRPSHWLQJ UHJLVWUDUV *R WR KWWSZZZLQWHUQLFQHW IRU GHWDLOHG
LQIRUPDWLRQ
1RPDWFKIRU&79(6
!!!/DVWXSGDWHRIZKRLVGDWDEDVH0RQ'HF(67
7KH5HJLVWU\GDWDEDVHFRQWDLQV21/<&201(725*('8GRPDLQVDQG
5HJLVWUDUV
$QiOLVLVGHOVLVWHPDRSHUDWLYR
$QiOLVLVVLQFRQRFLPLHQWRGHODSLOD7&3,3
'HSDTXHWHDOJXQRVVLVWHPDVRSHUDWLYRVTXL]iVYHUVLRQHVDQWLJXDVWHQtDQRLQFOXVR
WLHQHQ SRU FRVWXPEUH GDUQRV GLFKD LQIRUPDFLyQ 6LVWHPD 2SHUDWLYR \ YHUVLyQ DO
UHDOL]DUWHOQHWDOVHUYLGRU\ORVDGPLQLVWUDGRUHVQRVHSUHRFXSDQGHFRGLILFDUOR$VtTXH
VLHPSUHSXHGHVSUREDU\VLKD\VXHUWHSRUHMHPSORWHHQFXHQWUDVFRQ
WHOQHWMHURSDFRP
7U\LQJ
&RQQHFWHGWRMHURSDFRP
(VFDSHFKDUDFWHULV
A@
&REDOW/LQX[UHOHDVH)DUJR
.HUQHO&B6.RQDPLSV
ORJLQ
/RTXHHVFLHUWRHVTXHFXDOTXLHUV\VDGPLQVHULRGHEHSUHRFXSDUVHGHFDPELDUHVWR
\DTXHWDPSRFRKD\TXHGDUWDQWDVIDFLOLGDGHV3HURHQODDFWXDOLGDGVLTXHHVFLHUWR
TXH FDGD YH] VRQ PiV ORV V\VDGPLQV TXH FDPELDQ HVWR H LQFOXVR SRQHQ XQ VLVWHPD
RSHUDWLYRRYHUVLyQIDOVD$VtTXHHVWDWDPSRFRYDDVHUXQDPX\EXHQDVROXFLyQSDUDVDEHU
HO VLVWHPD RSHUDWLYR GH OD PiTXLQD TXH WUDWDPRV (O HVFiQHU ,66 GH SDJR XWLOL]D HVWD
ILDEOHWpFQLFDDVtTXHWHUHFRPLHQGRXVDUORVSURJUDPDV4XHVRR10$3TXHVRQJUDWLV
$XQ DVt SRGHPRV VHJXLU REWHQLHQGR LQIRUPDFLyQ VREUH HO 6LVWHPD 2SHUDWLYR GH OD
PiTXLQD D HVWXGLDUGH IRUPDPiVRPHQRVSDUHFLGD\DTXHSRUHMHPSORVLWLHQHORV
VHUYLFLRV ZZZ IWS R VQPS D OR PHMRU VH SXHGH KDFHU XQD SHWLFLyQ DO VHUYLGRU ZHE
HMHFXWDU6<67HQXQDVHVLyQGH)73RVLPSOHPHQWHYHUODYHUVLyQGHOFOLHQWHGH)73R
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
XVDU VQPSZDON GH ODV XWLOLGDGHV &08 6103 SDUD FRQVHJXLU FLHUWD LQIRUPDFLyQ
UHVSHFWLYDPHQWH\VDEHUHQDOJXQRVFDVRVHO62GHHVWDIRUPDSRUHMHPSOR
WHOQHWZZZPLFURVRIWFRP
7U\LQJ
&RQQHFWHGWRZZZPLFURVRIWDNDGQVQHW
(VFDSHFKDUDFWHULV
A@
SUREDQGR"
+773%DG5HTXHVW
6HUYHU0LFURVRIW,,6
'DWH:HG'HF*07
/HSDUHFHFRQRFLGRORGH,,6"3XHV\DVDEHTXHKDEODPRVGHXQ:LQGRZV
WHOQHWIWSFLXGDGIXWXUDFRP
7U\LQJ
&RQQHFWHGWRIWSFLXGDGIXWXUDFRP
(VFDSHFKDUDFWHULV
A@
6HUY8)736HUYHUYHIRU:LQ6RFNUHDG\
<SRU WDQWRVLUHYLVDPRVODVFDUDFWHUtVWLFDVGHO6HUY8)736HUYHU
_)736HUY8IURPLVDIXOOIHDWXUHG
_)73VHUYHUWKDWDOORZV\RXWRWXUQDOPRVWDQ\
_06:LQGRZV[17FRPSXWHULQWRDQ
_,QWHUQHW)736HUYHU
QRVGDPRVFXHQWDGHTXHHVWDPRVKDEODQGRGHXQVLVWHPDRSHUDWLYR:LQGRZV
$QiOLVLVEDVDGRHQODSLOD7&3,3
$QWHV GH SDVDU D HQXPHUDU ORV SURJUDPDV TXH KDQ KHFKR SRVLEOH HO UHFRQRFLPLHQWR GHO
VLVWHPD RSHUDWLYR GH XQ VHUYLGRU GH IRUPD UHPRWD PH SDUHFH OyJLFR H[SOLFDU D JUDQGHV
UDVJRVFXDOHVVXIXQFLRQDPLHQWRVLQHQWUDUGHPRPHQWRHQSDUWLFXODULGDGHV
'LFKRVSURJUDPDVEDVDQVXIXQFLRQDPLHQWRHQDQDOL]DUODVGLIHUHQWHVUHVSXHVWDVTXH
RIUHFHQGLVWLQWRVVLVWHPDVDQWHFLHUWRVHQYtRVKHDTXtODVVLQJXODULGDGHV\ODYDULHGDG
GHPpWRGRV3RUWDQWRGLFKDVUHVSXHVWDVTXHVRQFRP~QPHQWHFRQRFLGDVFRPR7&3,3
ILQJHUSULQWVVRQODVTXHSHUPLWHQGLVWLQJXLUXQVLVWHPDRSHUDWLYRGHRWUR0XFKDVYHFHV
UHFXUUHQGLFKRVSURJUDPDVDGLVWLQWRVWLSRVGHHQYtRV\DTXHHQPXFKDVRFDVLRQHVODV
GLIHUHQFLDVHQODSLOD7&3,3GHXQVLVWHPDRSHUDWLYRDRWURQRVRQPX\PDUFDGDV\DQWH
FLHUWRV HQYtRV DFW~DQ GH LJXDO IRUPD GLIHUHQFLiQGRVH D YHFHV VROR HQ XQR R LQFOXVR QR
KDELHQGRGLIHUHQFLDFRPRHQHOFDVRGH:LQGRZV17HQORVTXHLQFUHtEOHPHQWHQR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
VHREVHUYDXQFRPSRUWDPLHQWRGLIHUHQWHHQVXVSLODV7&3,3~QLFDPHQWHSUREDQGRQXNHV
FRQWUDGLFKRVVHUYLGRUHV\YLHQGRVLVHFDHQRQRSDUDDVtGLVWLQJXLUSRUHMHPSORHQWUHXQ
\XQHM:LQ1XNH
(QWUHORVSURJUDPDVGLVSRQLEOHVTXHXWLOL]DQGLFKDWpFQLFDGHILQJHUSULQWLQJGHVWDFDQ
x
x
x
x
x
x
x
6322)(5SDUD,5&DXWRU-RKDQ
&+(&.26DXWRUVKRN
10$3DXWRUI\RGRU
16$7DXWRUPL[WHU
3)DXWRU0LFKDO=DOHZVNL
66DXWRU6XG
48(62DXWRUVDYDJH
(Q OR TXH VH UHILHUH DO WLSR GH WpFQLFDV XVDGDV SDUD GLIHUHQFLDU XQRV VLVWHPDV
RSHUDWLYRVVHGHEHSXQWXDOL]DUTXHHQUHDOLGDGHVWDVSUXHEDVVHFRPELQDQSDUDDVt
FRQVHJXLUDLVODUFDGDVLVWHPDRSHUDWLYR8QSURJUDPDPX\EXHQRSDUDKDFHUHVWHWLSRGH
SUXHEDV HV HO KSLQJ DQWLUH]#LQYHFHRUJ KWWSZZZN\X]]RUJDQWLUH]KSLQJKWPO R
VLQJ DDQGUHV#PIRPHV KWWSVRXUFHIRUJHQHWSURMHFWVVLQJ FRPELQiQGROR FRQ HO
DQiOLVLVPHGLDQWHWFSGXPSRHWKHUHDOXQPDJQLILFRIURQWHQG\DTXHDXQTXHXVWHGSXHGH
UHDOL]DU VX SURSLR FyGLJR HQ & SRU HMHPSOR HVWi FODUR TXH HVWR UHTXLHUH XQRV
FRQRFLPLHQWRV GH 8QL[ 1HWZRUN SURJUDPLQJ EDVWDQWH LPSRUWDQWHV DVt TXH HQ HVWH
WH[WR DQDOL]DUHPRV ORV UHVXOWDGRV REWHQLGRV FRQ KSLQJ \ QR SUHVHQWDUHPRV FyGLJRV
HVSHFtILFRVSDUDFDGDSUXHEDDGHPiVXWLOL]DUHPRVQXHVWUDPiTXLQDSDUDGLFKDVSUXHEDV\
QR OR KDUHPRV GH IRUPD UHPRWD SDUD DVt WHQHU XQ PD\RU FRQWURO GH ORV UHVXOWDGRV /RV
PpWRGRVTXHFRQRFHPRVVRQ
7&3,61&XDQGRHOVHUYLGRUDDQDOL]DUUHVSRQGHDVROLFLWXGHVGHFRQH[LyQJHQHUDXQRV
Q~PHURVHQODVHFXHQFLDLQLFLDO,61TXHQRVLHPSUHVHSURGXFHQGHODPLVPDIRUPD
HVWR HV DSURYHFKDGR SDUD GLVWLQJXLU XQRV VLVWHPDV GH RWURV (VWRV ,61V SXHGHQ VHU
FRQVWDQWHV KXEV GH FRP HWF . 81,; DQWLJXRV DOHDWRULRV OLQX[ ! $,;
PRGHUQRV 2SHQ906 LQFUHPHQWR HQ IXQFLyQ GHO WLHPSR :LQGRZV GH LQFUHPHQWR
DOHDWRULR IUHHEVG GLJLWDO XQL[ FUD\ VRODULV PRGHUQRV VLHQGR HVWRV ~OWLPRV
LQFUHPHQWRVEDVDGRVHQGLIHUHQWHVFRVDVFRPRSRUHMHPSORPi[LPRVFRPXQHVGLYLVRUHV
6LHQYLDPRVYDULRVSDTXHWHVSRUHMHPSORGHODIRUPD
KSLQJORFDOKRVWS
GHIDXOWURXWLQJQRWSUHVHQW
+3,1*ORFDOKRVWOR12)/$*6DUHVHWKHDGHUVGDWDE\WHV
E\WHVIURPIODJV 5$VHT WWO LG ZLQ UWW PV
E\WHVIURPIODJV 5$VHT WWO LG ZLQ UWW PV
ORFDOKRVWKSLQJVWDWLVWLF
SDFNHWVWUDPLWWHGSDFNHWVUHFHLYHGSDFNHWORVV
URXQGWULSPLQDYJPD[ PV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
< DKRUD DQDOL]DPRV GLFKRV SDTXHWHV SRU HMHPSOR FRQ HO WFSGXPS PiV FODUR VRQ ORV
UHVXOWDGRVTXHRIUHFHHWKHUHDOSHURSDUDFRSLDUDTXtHVPiVFyPRGDODVDOLGDGHOWFSGXPS
VRORFRSLDUHPRVODVUHVSXHVWDVQRODVSHWLFLRQHV
ORKRQRUDWR!KRQRUDWRZZZZLQ
OR
KRQRUDWR
!
KRQRUDWRZZZ
ZLQ
6HREVHUYDSXHVXQD YDULDFLyQ HQOD VHT LQLFLDOGHOSDTXHWH7&3HQHOSULPHUSDTXHWH
YHPRV \ HQ HO VHJXQGR VLHQGR HQ HVWH FDVR FRPSOHWDPHQWH
DOHDWRULRV\DTXHHVWR\WUDEDMDQGRHQ
XQDPHD
/LQX[KRQRUDWRFRP6036DW-XQ&(67
LXQNQRZQ
2SFLRQHVGH7&3HVWDWpFQLFDVHEDVDHQHOGLIHUHQFLDUVLVWHPDVRSHUDWLYRVVHJ~QHO
QXPHURGHRSFLRQHV7&3TXHDGPLWHQORVYDORUHVGHGLFKDVRSFLRQHV\HORUGHQHQTXH
ODVRSFLRQHVVHQRVSUHVHQWDQ(VWRTXH\RVHSDVRORHVXWLOL]DGRSRU1PDSVLVDEHVGH
RWURVSURJUDPDVTXHORXVHQQRGXGHVHQGHFtUPHOR\PRGLILFDUHHVWR
)\RGRUHQVX1PDSKDFHSUXHEDODVVLJXLHQWHVRSFLRQHV
:LQGRZ6FDOH 1230D[6HJPHQW6L]H 7LPHVWDPS(QGRI2SV
(OKSLQJQRLPSOHPHQWDHVWDSRVLELOLGDGQRORKHPRV OOHYDGRDODSUDFWLFD6LHPSUHXVWHG
SXHGHDQDOL]DUHOFyGLJRGHO1PDSTXHUHDOL]DHVWR\KHUHGDUGLFKDWpFQLFD
),16HEDVDHQHOHQYtRDXQSXHUWRDELHUWRGHOVHUYLGRUDHVWXGLRGHXQSDTXHWH),1R
FXDOTXLHUDTXHQRWHQJDXQIODJ$&.R6<16HJ~QHO5)&HOVHUYLGRUQRWHQGUtDTXH
UHVSRQGHU SHUR DOJXQRV 26V UHVSRQGHQ FRQ XQ 5(6(7 FRPR :LQGRZV +38; ,5,;
096%6',&,6&2
3DUDKDFHUXQDSUXHEDSUDFWLFDXVDUHPRVHOSXHUWRFRQDSDFKHDUUDQFDGR
XVUELQKWWSG
KSLQJORFDOKRVWS)
GHIDXOWURXWLQJQRWSUHVHQW
+3,1*ORFDOKRVWOR)VHWKHDGHUVGDWDE\WHV
ORFDOKRVWKSLQJVWDWLVWLF
SDFNHWVWUDPLWWHGSDFNHWVUHFHLYHGSDFNHWORVV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
URXQGWULSPLQDYJPD[ PV
6H REVHUYD SXHV FRPR QXHVWUR OLQX[ VL TXH FXPSOH HO 5)& \ QR UHVSRQGH D GLFKRV
SDTXHWHV
$&.UHFLELGR(OYDORUGH$&.TXHQRV HQYtD HOVHUYLGRUDDQDOL]DUFXDQGRSRUHMHPSOR
HQYLDPRV XQ 6<1_),1_85*_36+ D XQ SXHUWR DELHUWR R XQ ),1_36+_85* D XQ SXHUWR
FHUUDGRSXHGHYDULDUUHVSHFWRDOQ~PHURGHVHFXHQFLDLQLFLDOTXHHQYtDHVWH
3DUD SUREDU LQLFLDOPHQWH PDQGDUH XQ SDTXHWH QRUPDO D XQ SXHUWR FHUUDGR \ VH
FRPSUXHED TXH HO YDORU GH $&. QR FDPELD \ GHVSXpV XQR ),1_36+_85* WDPELpQ D XQ
SXHUWRFHUUDGR\VHYHUiFRPRFDPELD
NLOODOOKWWSG
KSLQJORFDOKRVWS
\HQODVDOLGDGHOWFSGXPSVHYH
OR!KRQRUDWR!KRQRUDWRZZZ
ZLQ
ORKRQRUDWR!KRQRUDWRZZZ
ZLQ
OR!KRQRUDWRZZZ!KRQRUDWR5DFN
ZLQ
YHPRVFRPRVHPDQWLHQHHQHODFNSHURHQFDPELR
KSLQJORFDOKRVWS6)83
\HQODVDOLGDGHOWFSGXPSDKRUDYHPRV
OR ! KRQRUDWR ! KRQRUDWRZZZ 6)3
ZLQXUJ
OR KRQRUDWR ! KRQRUDWRZZZ 6)3
ZLQXUJ
OR!KRQRUDWRZZZ!KRQRUDWR5DFN
ZLQ
6H YH SXHV FRPR KD FDPELDGR HO YDORU GH VHT UHVSHFWR DO GH DFN GH D
'HODPLVPDIRUPDKDFLHQGRGLFKDSUXHEDSDUDXQSXHUWRDELHUWRVHSXHGHYHUTXHKD\
XQDYDULDFLyQ(QHVWDVSUXHEDVKHPRVXVDGROLQX[SHURGHXQVLVWHPDDRWURHVDYDULDFLyQ
SXHGHVHUGLIHUHQWHORTXHSHUPLWHGLIHUHQFLDUORVFODURHVWD
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
)ODJ7&3HQHOHQFDEH]DGR7&3GHXQSDTXHWH6<1+DFLHQGRHVWRSRUOR
TXH KHPRV SUREDGR \ OHtGR ~QLFDPHQWH HO OLQX[ PDQWLHQH GLFKD IODJ HQ OD
UHVSXHVWD\HOUHVWRFDQFHODODFRQH[LyQ(VWRGHHVWXGLDUVHDIRQGRSXHGHVHUYLUSDUD
GLIHUHQFLDU26V
1RKHPRVKHFKRXQDGHPRVWUDFLyQSUiFWLFDGHGLFKRPpWRGR\DTXHHQHVWHPRPHQWRQR
WHQHPRVLQVWDODGRHO.HUQHOSHURVLPSOHPHQWHVHKDUtDKSLQJORFDOKRVWS 6
\VHDQDOL]DUtDQORVUHVXOWDGRVYHUWLGRVSRUHOWFSGXPS
,&03
(VWD WpFQLFD VH EDVDUtD HQ HO FRQWURO GHO Q~PHUR GH PHQVDMHV GH GHVWLQDWLRQ
XQUHDFKDEOH TXH HQYtD XQ KRVW SRU HMHPSOR DO PDQGDU XQ JUDQ QXPHUR GH
SDTXHWHVD XQSXHUWR8'3(QOLQX[HQFRQWUDPRVFRPROLPLWDGLFKDFDQWLGDGGH
PHQVDMHV\SRUHMHPSOR
FDWXVUVUFOLQX[QHWLSYLFPSF
5DWH/LPLWLQJ
6+28/'EHDEOHWROLPLWHUURUPHVVDJHUDWH2.
6+28/'DOORZVHWWLQJRIUDWHOLPLWV2.LQWKHVRXUFH
3HUR HVWD WpFQLFD HV GH GLItFLO LPSOHPHQWDFLyQ \D TXH KDEUtD TXH FRQVLGHUDU OD
SRVLELOLGDGGHTXHORVSDTXHWHVSXHGDQSHUGHUVH
KSLQJORFDOKRVWXGSLX>LQWHUYDORBHQBPLFURVHJXQGRV@
ORFDOKRVWKSLQJVWDWLVWLF
SDFNHWVWUDPLWWHGSDFNHWVUHFHLYHGSDFNHWORVV
URXQGWULSPLQDYJPD[ PV
<VHDQDOL]DUtDVLOLPLWDRQRHOQXPHURGHSDTXHWHVGH,&033RUW8QUHDFKDEOH
3HUR QR KDJR OD SUXHED FRQ PL ORFDOKRVW \D TXH ODV FRQGLFLRQHV VRQ
FRPSOHWDPHQWHGLIHUHQWHVDODVFRQGLFLRQHVTXHWHHQFRQWUDUtDVHQ,QWHUQHW$~Q
DVtYHRGHGLItFLOLPSOHPHQWDFLyQHVWDWpFQLFDSRUORGLFKRDQWHULRUPHQWH
%DViQGRVHHQORVPHQVDMHVGHHUURU,&03 \FHQWUiQGRVHHQORVPHQVDMHV TXHVH
UHILHUHQ D TXH QR VH SXGR DOFDQ]DU XQ SXHUWR FDVL WRGRV ORV 26V PDQGDQ
VLPSOHPHQWH HO HQFDEH]DGR ,3 \ RFKR E\WHV SHUR WDQWR 6RODULV FRPR /LQX[
PDQGDQXQDUHVSXHVWDXQSRFRPDVODUJDVLHQGRHVWHXOWLPRHOTXHUHVSRQGHFRQ
PD\RUQXPHURGHE\WHV(VWRFODURHVWDSXHGHVHUXWLOL]DGRSDUDGLVWLQJXLUXQRV
26VGHRWURV
KSLQJORFDOKRVWXGSS
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
\ VL DQDOL]DPRV XQR GH ORV SDTXHWHV ,&03 GH 'HVWLQDWLRQ XQUHDFKDEOH
REVHUYDPRV
+HDGHUOHQJWKE\WHV
3URWRFRO,&03[
'DWDE\WHV
7\SH'HVWLQDWLRQXQUHDFKDEOH
&RGH3RUWXQUHDFKDEOH
6H REVHUYD SXHV FRPR HQ VLVWHPDV OLQX[ DGHPiV GHO HQFDEH]DGR ,3 VH UHWRUQDQ
EDVWDQWHPDVGHE\WHVE\WHV
)LMiQGRVH QXHYDPHQWH HQ ORV PHQVDMHV GH HUURU ,&03 GHELGR D TXH QR VH SXGR
DOFDQ]DUXQSXHUWRVHREVHUYDTXHWRGRVORV26VDH[FHSFLyQGHOLQX[XVDFRPR
YDORU GH 726 WLSR GH VHUYLFLR SHUR OLQX[ HQ FDPELR XVD [F VLHQGRHVWR
SDUWHGH$)$,.HOFDPSRGHUHIHUHQFLDTXHQRHVXVDGR
KSLQJORFDOKRVWXGSS
\HQHOWFSGXPSSRUHMHPSORREVHUYDPRVODVLJXLHQWHVDOLGD
OR!KRQRUDWR!KRQRUDWRLFPSKRQRUDWRXGSSRUWIV
SXQUHDFKDEOH>WRV[F@
ORKRQRUDWR!KRQRUDWRLFPSKRQRUDWRXGSSRUWIV
SXQUHDFKDEOH>WRV[F@
VLHQGRHOWRV[FFRPRKHH[SXHVWRDQWHULRUPHQWH\DTXHVHWUDWDGHXQOLQX[D
GLIHUHQFLDGHORVGHPiVVLVWHPDVRSHUDWLYRV
%DViQGRVH HQ ORV HQFDEH]DGRV GH ORV SDTXHWHV ,&03 GH HUURU YHPRV FRPR
GLIHUHQWHV 26V OR XWLOL]DQFRPR VFUDWFK VSDFH
(V GHFLUOR PRGLILFDQ\ DVt SRU
HMHPSORHQFRQWUDPRVFRPRIUHHEVGRSHQEVGXOWUL[ FDPELDQHO,'GHOD,3GHO
PHQVDMH RULJLQDO HQ VX UHVSXHVWD EVGL DXPHQWD HQ E\WHV OD ORQJLWXG WRWDO GHO
FDPSRGH,3\KD\PDVGLIHUHQFLDVTXHHVWiQSRUDQDOL]DUDVtTXH\DVDEHV
(QPLOLQX[SRUHMHPSORHOXQSDTXHWHXGSDOSXHUWRHV
FDFG(#
IIDHII
\ VXHOSDTXHWH,&03GH'HVWLQDWLRQXQUHDFKDEOHHV
FGHIID(
IIIE
FDFGI (#
IDHII
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(QOLQX[HOFDPSRGHOD,3QRYDULDGHOSDTXHWHXGSDOLFPSGHHUURUDGLIHUHQFLD
GHRWURV62VSHURSDVDGHWHQHULG[DFDWHQHULG[GH(VWHPpWRGRQROR
KHHVWXGLDGRDIRQGR\YHRTXHSXHGHWHQHUEDVWDQWHVSDUWLFXODULGDGHV6LTXLHUHV
WHQHUXQDYLVLyQXQSRFRPDVFRPSOHWDGHOHVFDQHRGHSXHUWRVPHGLDQWHPpWRGRV
EDVDGRVHQ,&03 SXHGHVOHHU,&03 XVDJHLQVFDQQLQJRWDPELpQOODPDGR
8QGHUVWDQGLQJ VRPH RI WKH ,&03 3URWRFRO
V +D]DUGV GH 2ILU $UNLQ GH 6\V
VHFXULW\*URXSHQKWWSZZZV\VVHFXULW\FRP
(VWD WpFQLFD VROR SXHGH VHU XVDGD HQ SODWDIRUPDV XQL[OLQX[EVG \ QR HQ
:LQGRZV \D TXH QR UHVSRQGH D ODVTXHULHVTXH VHUiQ XVDGDV TXH VRQ GH ,&03
WLSRRWDPELpQFRQRFLGDVFRPR,&037LPHVWDPS5HTXHVW
(QHOFDVRGHOVLVWHPDRSHUDWLYROLQX[TXHHVHOTXHSRVHHPRVSRGHPRVREVHUYDU
ODVLJXLHQWHSUXHED
VLQJYYWVWDPS
GHOTXHVHREWHQGUiXQWLHPSRGHUHVSXHVWDGHWLPHVWDPSTXHSXHGHVHUXWLOL]DGR
SDUDGLIHUHQFLDUXQRV26VGHRWURV
(VWDWpFQLFDVHEDVDHQHOIXQFLRQDPLHQWRHVSHFLILFRGHORVURXWHUV(QSDUWLFXODU
VHEDVDHQ,&035RXWHU6ROLFLWDWLRQ,&03GHWLSR&DGD5RXWHU
PXOWLFDVWHD
FDGD FLHUWR WLHPSR XQ DQXQFLR GH UXWD ,&03 GH WLSR GHVGH FDGD XQD GH VXV
LQWHUIDFHVGH
PXOWLFDVW
\GHHVWDIRUPDDQXQFLDODGLUHFFLyQ,3GHOLQWHUID]
6LYHPRVTXHHOKRVWUHPRWRUHVSRQGHFRQ,&03GHWLSRIUHQWHDXQ,&03GHWLSR
HQWRQFHV QRV HQFRQWUDPRV DQWH XQ 5RXWHU 3HUR ORV URXWHUV TXH WHQJDQ
VXSULPLGDHVWDFDUDFWHUtVWLFDQRVHUiQGHWHFWDGRV
/DVSUXHEDVSDUDHVWHPpWRGRODVSXHGHVUHDOL]DUWDQWRFRQKSLQJFRPRFRQVLQJ
DQWLJXR LFPSXVK SHUR HO XOWLPR IXH HO SULPHUR HQ LPSOHPHQWDUOD \ DVt
HQFRQWUDPRV
VLQJUWV
KSLQJ&
%LW QR IUDJPHQWDGR HVWD WpFQLFD VH EDVD HQ TXH FLHUWRV VLVWHPDV RSHUDWLYRV
SRQHQXQELWQRIUDJPHQWDGRGH,3HQDOJXQRVGHORVSDTXHWHVTXH HQYtDQ3HUROR
TXH HV FLHUWR HV TXH QR WRGRV OR KDFHQ \ GH KDFHUOR QR OR KDFHQ GH OD PLVPD
IRUPDORTXHSXHGHVHUDSURYHFKDGRSDUDDYHULJXDUHO26
(QQXHVWUR/LQX[GHOTXH\DKHFRSLDGRXQXQDPHDDQWHVSDUDVDEHUHO.HUQHO
TXHXVR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
KSLQJORFDOKRVW
DODQDOL]DUXQRGHORVSDTXHWHVWFSPDQGDGRVFRQHWKHUHDOVHFRPSUXHEDTXH
)ODJV[
'RQ
W)UDJPHQW6HW
0RUHIUDJPHQWV1RWVHW
SHUR WDPSRFR KH KHFKR XQ JUDQ QXPHUR GH SUXHEDV SDUD DVHJXUDU TXH HQ DOJ~Q
FDVR\FRQFLHUWRWLSRGHSDTXHWHVQRVHDGMXQWHGLFKRELW$XQDVtKD\26VTXH
QXQFDORXVDQFRPR6&2R2SHQ%6'
/D YHQWDQD LQLFLDO GH 7&3 VH EDVD HQ OD FRPSUREDFLyQ GH ODV GLPHQVLRQHV GH OD
YHQWDQDGHORVSDTXHWHVTXHQRVGHYXHOYHHOVHUYLGRUDHVWXGLDU(OYDORUTXHWRPD
HVFDVLVLHPSUHLJXDOSDUDFDGDVLVWHPDRSHUDWLYRKHLQFOXVRKD\VLVWHPDVTXHVH
SXHGHQLGHQWLILFDUSRUPHGLRGHHVWHPpWRGR\DTXHVRQORV~QLFRVTXHOHDVLJQDQ
FLHUWRYDORUDGLFKDYHQWDQDHM$,;[)
(QORTXH VHUHILHUHDVLVWHPDVOLQX[IUHHEVGRVRODULVWLHQGHQDPDQWHQHUHO
PLVPR WDPDxR GH YHQWDQD SDUD FDGD VHVLyQ (Q FDPELR FLVFR R 0LFURVRIW
:LQGRZV17FDPELDFRQVWDQWHPHQWH
KSLQJORFDOKRVW
\DODQDOL]DUSRUHMHPSORGRVGHORVSDTXHWHVFRQHWKHUHDOYHPRV
:LQGRZ6L]H[
:LQGRZ6L]H[
7UDWDPLHQWRGHIUDJPHQWDFLyQ6HEDVDHQHOKHFKRGHTXHORVVLVWHPDVRSHUDWLYRV
WUDWDQ GH GLIHUHQWH IRUPDQ ORV IUDJPHQWRV GH ,3 VRODSDGRV PLHQWUDV DOJXQRV
PDQWLHQHQHOPDWHULDOLQLFLDORWURVVREUHHVFULEHQODSRUFLRQHVDQWLJXDVFRQODV
QXHYDV'HGLItFLOLPSOHPHQWDFLyQSXHVWRTXH KD\VLVWHPDVRSHUDWLYRVTXHQR
SHUPLWHQ PDQGDU IUDJPHQWRV GH ,3 OpDVH 6RODULV SHUR VL TXH HV FLHUWR TXH
WHQGUtDEDVWDQWHXWLOLGDG
1R OR KHPRV DQDOL]DGR HQ OD SUiFWLFD \D TXH QR HQFRQWUDPRV OD IRUPD GH KDFHUOR
FRQKSLQJ\HOKDFHUXQFyGLJRTXHORKDJDQRQRVSDUHFHPDWHULDSDUDFXEULUHQ
HVWHWH[WRSRUWHQHUEDVWDQWHGLILFXOWDG
6\QIORRGXQDWpFQLFD TXHQRQRVSDUHFHDSOLFDEOHSRUUD]RQHVELHQPDUFDGDV
+D\FLHUWRV26VTXHOOHJDXQPRPHQWRHQTXHQRDFHSWDQQXHYDVFRQH[LRQHVVLKD
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
PDQGDGR GHPDVLDGRV SDTXHWHV 6<1 \ SRU HMHPSOR DOJXQRV VLVWHPDV RSHUDWLYRV
VRORDGPLWHQSDTXHWHV/LQX[HYLWDHVWRSRUPHGLRGHODV6<1FRRNLHV
1XNHV&RPR\DKHPRVGLFKRDQWHULRUPHQWHODSLODGH:LQ:LQ17R:LQ
SDUHFH LGpQWLFD3DUDGLVWLQJXLU HQWUH XQD X RWUDHOPpWRGRTXHSURSRQJRHVHO
DSOLFDU1XNHVGHIRUPDFURQROyJLFDHVGHFLUGHPDV DQWLJXRVDPDVQXHYRVH
LUYLHQGRVLHOVHUYLGRUVHFXHOJDRQRGHHVWDIRUPDVDEUHPRVODYHUVLyQ\DTXHVL
VDEHPRVTXHXQQXNHSRUHMHPSOR:LQQXNHVRORIXQFLRQDFRQ:LQSXHV
\DWHQGUHPRVHO26$XQDVtQRUHFRPLHQGRHVWHPpWRGR SRUUD]RQHVREYLDV
6HUYLFLRV
6RIWZDUHGHHVFDQHRGHSXHUWRV\YXOQHUDELOLGDGHV
/RTXHGHVHDPRVFRQHVWDUHGXFLGDVHFFLyQHVVLPSOHPHQWHGDUQXHVWUDRSLQLyQDFHUFDGHO
VRIWZDUHGHHVFDQHRGHSXHUWRVTXHKD\HQHVWHPRPHQWRHQODUHG
(VSUHFLVRGHVWDFDUTXHPLHQWUDVDOJXQRVGHORVSURJUDPDVTXHGHWDOODPRVDFRQWLQXDFLyQ
VLPSOHPHQWH VRQ HVFDQHDGRUHV GH SXHUWRV RWURV WDPELpQ SXHGHQ VHUYLU SDUD GHWHFWDU
YXOQHUDELOLGDGHVHQHOVLVWHPD
1PDS/RSXHGHHQFRQWUDUHQKWWSZZZLQVHFXUHRUJQPDSLQGH[KWPOVHWUDWDGHXQR
GHORVHVFDQHDGRUHVGHSXHUWRVPDVFRPSOHWRV'HVDUUROODGRSRU)\RGRU$GPLWHWDQWR
XQHVFDQHRQRUPDOFRPRVLOHQFLRVR
6WUREHFODVVE /R SRGUi HQFRQWUDU HQ KWWSZZZOX\HUQHWVRIWZDUHVWUREHFODVVE 6LUYH
SDUDHVFDQHDUUHGHVJUDQGHVHQSRFRWLHPSRSHURQRHVDFWXDOL]DGRUHJXODUPHQWH
9HWHVFDQ HVWD HQ KWWSZZZVHOIHYLGHQWFRPVSORLWVKWPO (V QRUPDOPHQWH XQD
KHUUDPLHQWD GH KDFNHUV \D TXH FRQ HOOD VH SXHGH HVFDQHDU D JUDQ YHORFLGDG JUDQGHV
UHGHVHLQFOX\HORVH[SORLWVSDUDODVYXOQHUDELOLGDGHVTXHGHWHFWDHQHOSURSLRWDUJ]
6DWDQ SDUD EDMDUOR YD\D D KWWSZZZSRUFXSLQHRUJVDWDQ 8VD XQD LQWHUIDFHEDVDGD
HQZHE\VXPRGHORGHDFWXDFLyQKDVLGRKHUHGDGRSRUSURJUDPDVFRPR1HVVXV6DLQWR
6$5$$ORPHMRUSDUDKDFHUORIXQFLRQDUHQODVPDVPRGHUQDVGLVWULEXFLRQHVGHOLQX[
WLHQHVSUREOHPDV
1HVVXVEiMHORGHKWWSZZZQHVVXVRUJ(VPX\~WLO+D\WDQWRFOLHQWHFRPRVHUYLGRU
KD\FOLHQWHVSDUD;-DYD\:LQGRZVSHURVHUYLGRU~QLFDPHQWHSDUD8QL[(VPX\
IiFLODJUHJDUQXHYRVFKHTXHRVSDUDYXOQHUDELOLGDGHVTXHLQLFLDOPHQWHQRHVWDEDSUHSDUDGR
\ VX HTXLSR GH GHVDUUROODGRUHV VXHOH DFWXDOL]DUOR IUHFXHQWHPHQWH 8WLOL]D HO 1PDS SDUD
KDFHUXQDQiOLVLVSUHOLPLQDUGHORVSXHUWRV0DVTXHUHFRPHQGDEOH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
6DLQWORSXHGHHQFRQWUDUHQKWWSZZZZZGVLFRPVDLQW&RPR\DKHFRPHQWDGRVH
EDVDHQ6DWDQ\FRPRHVWHIXQFLRQDDWUDYpVGHZHE/DVQXHYDVIXQFLRQDOLGDGHVQRVRQ
DJUHJDGDV GH XQD IRUPD PX\ UiSLGD SHUR HVWR WUDH FRQVLJR XQ PHMRU IXQFLRQDPLHQWR GHO
SURJUDPDTXHGHVWDFDSRUFODVLILFDUHQQLYHOHVHOSUREOHPDHQFRQWUDGR
6$5$VHHQFXHQWUDHQKWWSKRPHDUFFRPVDUDLQGH[KWPO+HUHGDVXIXQFLRQDPLHQWR
GH6DLQW\6DWDQ,QFOX\HXQDKHUUDPLHQWDSDUDFUHDULQIRUPHVGHODVYXOQHUDELOLGDGHVHWF
16$7 OR SXHGH EDMDU GH KWWSPL[WHUYRLGUXSURJVKWPO 6X FUHDGRU HV PL[WHU
UHFRQRFLGRSURIHVLRQDOGHODVHJXULGDGLQIRUPiWLFD$OLJXDOTXHQHVVXVVHOHSXHGHQ
KDFHU UHJODV QXHYDV GH FKHTXHR SDUD QXHYDV YXOQHUDELOLGDGHV QR H[LVWHQWHV HQ HO
PRPHQWRGHFRGHDUHOSURJUDPD/DSHJDHVTXHQRVHSXHGHXWLOL]DUGHVGHXQDPiTXLQD
UHPRWD\VRORIXQFLRQDEDMROLQX[8QL[
0HVVDOD EiMHOR HQ KWWSZZZVHFXULW\IRFXVFRPWRROV (VWH SURJUDPD PH KD
VRUSUHQGLGR JUDWDPHQWH \D TXH DQDOL]D XQ JUDQ QXPHUR GHYXOQHUDELOLGDGHVFRQRFLGDV
$GHPiVVXVGHVDUUROODGRUHVORDFWXDOL]DQIUHFXHQWHPHQWH
0QV EiMHOR HQ DOJXQD ZHE GH VHJXULGDG LQIRUPiWLFD \D TXH ORV HQODFHV TXH YDQ D OD
SiJLQDGHGLFKRSURJUDPDQRIXQFLRQDQ7LHQHFDSDFLGDGGHHVFDQHDUVLOHQFLRVDPHQWH
\PXHVWUDYXOQHUDELOLGDGHV
+D\JUDQ QXPHUR GHHVFDQHDGRUHVGHSXHUWRVGHQLYHOEDVWDQWHEiVLFRWDQWRHQ&FRPR
SHUO TXH WDPSRFR YDPRV DQDOL]DU SRU VHSDUDGR VLHPSUH SXHGH EXVFDUORV HQ
IUHVKPHDWQHW R SDFNHWVWRUPVHFXULI\FRP (Q DOJ~Q FDVR SXHGH VHU LQWHUHVDQWH EDMDUWH
DOJXQRGHHOORV\DTXHWHVHUiPDVIiFLODQDOL]DUHOFyGLJRXVDGRSDUDHVWHWLSRGHXWLOLGDGHV
3RURWUDSDUWHFDEHUHVDOWDUTXHSXHGHVHQFRQWUDUUHGXFLGRVSURJUDPDVHQOHQJXDMH&TXH
~QLFDPHQWH FRPSUXHEDQ OD H[LVWHQFLD GH XQD YXOQHUDELOLGDG HQ FRQFUHWR ,QFOXVR WH
SXHGHVHU~WLOHOKDFHUWHDOJ~QHVFiQHUHVSHFLILFRGHFLHUWDYXOQHUDELOLGDGHQFDVRGH
TXHHVWDQR KD\DVLGRKHFKDSXEOLFD
7pFQLFDVXVDGDVHQHOHVFDQHRGHSXHUWRV
(QXQHVFDQHRGHSXHUWRVVHKDQLGRLQFOX\HQGRWpFQLFDVTXHHQODPD\RUtDGHORVFDVRVOR
TXHEXVFDQHVTXHHOHVFDQHRGHSXHUWRVQRVHDGHWHFWDGRSRUHOKRVWUHPRWR$FWXDOPHQWH
KD\XQ FLHUWR YDFtR OHJDOHQ OR TXH VH UHILHUH D HVWHWLSRGHDFFLRQHV\DTXHQRHVWDPX\
FODURVLHVOHJDORLOHJDOKDFHUGLFKRVHVFDQHRV6HJ~QXQDVHQWHQFLDUHFLHQWHHQ
86$HOHVFDQHRGHSXHUWRVQRHVLOHJDOPLHQWUDVQRVHSHUMXGLTXHDOKRVWUHPRWR
(VFDQHDQGR 7&3 FRQ FRQQHFW HV HO PpWRGR EiVLFR TXH HV XVDGR HQ ORV HVFDQHUV GH
SXHUWRV (O SUREOHPD HV TXH DEUH XQD FRQH[LyQ D XQ SXHUWR GH IRUPD TXH SXHGH VHU
GHWHFWDGRGLFKRLQWHQWR\ORJJHDGR/DSDUWHSRVLWLYDHVTXHGHVWDFDSRUVXUDSLGH]\
IDFLOLGDG GH LPSOHPHQWDFLyQ HQ FyGLJR & 3XHGH VHU XWLOL]DGR FRQ YDULRV VRFNHWV HQ
SDUDOHORSDUDDVtQRWHQHUTXHXVDUXQEXFOHTXHKDUtDPDVODUJRHOSURFHVR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(VFDQHDQGR 7&3 FRQ 6<1 (VWH PpWRGR HV XQ SRFR PHMRU TXH HO FOiVLFR H[SXHVWR
DQWHULRUPHQWH \D TXH QR DEUH XQD FRQH[LyQ 7&3 SRU FRPSOHWR SRU HVR HO DSHODWLYR
KDOIRSHQHQLQJOHV6HEDVDHQHQYLDUXQSDTXHWH6<1DXQSXHUWR\VLVHREWLHQH
XQ6<1_$&.HVLQHTXtYRFDPHQWHSRUTXHHOSXHUWRHVWDDELHUWR\VLVHREWLHQHXQ567HV
LQGLFDFLyQ GH TXH HO SXHUWR HVWD FHUUDGR 'H HVWDU DELHUWR VH HQYtD XQ 567 SDUD
FHUUDU OD FRQH[LyQ SHUR HVWR OR KDFH DXWRPiWLFDPHQWH HO NHUQHO (VWD WpFQLFD
VHJXUDPHQWH KD\ HQ VHUYLGRUHV HQ ORV TXH QR HV GHWHFWDGD SHUR DFWXDOPHQWH \D KD\
KHUUDPLHQWDV TXH SHUPLWHQ VX GHWHFFLyQ FRPRLSORJ DGHPiV QHFHVLWDV SULYLOHJLRV GH
URRWSDUDFRQVWUXLUGLFKRVSDTXHWHV
(VFDQHDQGR7&3FRQ),1VLSLHQVDVTXHHOVHUYLGRUTXHHVWDDQDOL]DQGRSXHGHGHWHFWDU
XQHVFiQHUEDVDGRHQODWpFQLFDGHHQYtRGHSDTXHWHV6<1VLHPSUHVHSXHGHUHFXUULUD
HVFDQHUV EDVDGRV HQ HVWH PpWRGR (O KHFKR HV TXH ORV SXHUWRV DELHUWRV DQWH HO HQYtR GH
SDTXHWHV),1QRKDFHQQDGDORVLJQRUDQHQFDPELRORVSXHUWRVFHUUDGRV UHVSRQGHQ
FRQ XQ 567_$&. (VWH PpWRGR SXHV VH EDVD HQ XQ EXJ GH OD LPSOHPHQWDFLyQ 7&3 HQ
FLHUWRVVLVWHPDVRSHUDWLYRVSHURKD\HQFLHUWRVVLVWHPDVTXHHVWRQRIXQFLRQDFRPRHQ
HOFDVRGHODVPDTXLQDV0LFURVRIW3HURHQODVXOWLPDVUHOHDVHV GHFLHUWRVSURJUDPDV\D
VH DJUHJD OD RSFLyQ LQFOXVR GH GHWHFWDU HVWH WLSR GH HVFDQHRV HVH HV HO FDVR GH XQ
SURJUDPDOODPDGRVQRUW
)UDJPHQWDWLRQ VFDQQLQJ (VWH PpWRGR VH EDVD HQ XQD WpFQLFD QR WRWDOPHQWH QXHYD VLQR
TXHHVXQDYDULDFLyQGHRWUDVWpFQLFDV\DTXHHQUHDOLGDG\FRPRPRVWUDUHHQHOHMHPSOR
GH FyGLJR HV XQ HVFDQ EDVDGR HQ 6<1 R ),1 SHUR FRQ SHTXHxRV SDTXHWHV IUDJPHQWDGRV
(Q UHDOLGDG VH PDQGDQ XQD SDUHMD GH SHTXHxRV IUDJPHQWRV ,3 DO KRVW UHPRWR D
HVWXGLDU(OSULQFLSDO SUREOHPDHVTXHDOJXQRVSURJUDPDVWLHQHQSUREOHPDVSDUDWUDWDU
HVWHWLSRGHSDTXHWHV/DYHQWDMDHVTXHHVWHPpWRGRGHHVFDQHRHVPDVGLItFLOGHGHWHFWDU
\ILOWUDUSRUORV,'6
)73ERXQFHUEXHQRHVWHPpWRGRGHHVFDQHRVHEDVDHQODFDUDFWHUtVWLFDGHDOJXQRV
VHUYLGRUHVGHIWSTXHSHUPLWHQXVDUORFRPRSUR[\HVGHFLUFUHDUXQDVHUYHU'73DFWLYR
TXHOHSHUPLWDHQYLDUFXDOTXLHUILFKHURDFXDOTXLHURWURVHUYLGRU/DWpFQLFDHQVLSDUDHO
SURSyVLWR GH HVFDQHR GH SXHUWRV FRQVLVWH HQ FRQHFWDU SRU IWS DO VHUYHU \ PHGLDQWH HO
FRPDQGR 3257 GHFODUDU HO 8VHU'73 SDVLYR TXH HVFXFKD HQ HO SXHUWR TXH TXHUHPRV
VDEHU VL HVWD DELHUWR 'HVSXpV VH DFW~D GH OD VLJXLHQWH IRUPD VH KDFH XQ /,67 GHO
GLUHFWRULRDFWXDO\HOUHVXOWDGRVHUiHQYLDGRDOFDQDO6HUYHU'736LHOSXHUWRTXH
FRPSUREDPRVHVWDDELHUWRWRGRRFXUUHFRQQRUPDOLGDGJHQHUDQGRODVUHVSXHVWDV\
SHUR VL HO SXHUWR HVWD FHUUDGR REWHQGUHPRV &DQ
W EXLOG GDWD FRQQHFWLRQ
&RQQHFWLRQUHIXVHG(VWHPpWRGRHVHQSDUWHQRORVXILFLHQWHPHQWHUiSLGRSHURDXQDVt
SXHGHVHU~WLO\DTXHHVGLItFLOGHWUDFHDUSRUSDUWHGHOVHUYHUUHPRWR
(VFDQHR GH VHUYLFLRV 53& HV UHODWLYDPHQWH IiFLO KDFHU XQ HVFDQ GH ORV SXHUWRV TXH
RIUHFHQVHUYLFLRVUSFEDVWDQWHUiSLGR\ HQODPD\RUtDGHORVFDVRVQRVHGHMDQORJVHQHO
KRVW UHPRWR 3HUR GHELGRDTXHKDQVLGRGHVFXELHUWDVEDVWDQWHVYXOQHUDELOLGDGHVHQ
HVWRV VHUYLFLRV FLHUWRV V\VDGPLQV KDQ RSWDGR SRU EORTXHDU HO DFFHVR D HVWH WLSR GH
VHUYLFLRV$OUHIHULUPHD53&ORKDJRD21&53&\QR'&(53&53&HVXQVLVWHPD
EDVDGRHQTXHU\\UHSO\'HVSXpVGHHQYLDUHOQXPHURGHOSURJUDPDHQHOTXHHVWDV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
LQWHUHVDGR HO QXPHUR GH SURFHGLPLHQWR DOJ~Q DUJXPHQWR DXWHQWLFDFLyQ \ RWURV
SDUiPHWURV GHO KRVW UHPRWR REWLHQHV OR TXH HO SURFHGLPLHQWR GHYXHOYH R DOJXQDV
LQGLFDFLRQHVGHSRUTXHIDOOy
&*,
,QLFLDOPHQWHYDPRVDH[SOLFDUXQSRFRHOSUREOHPDHQORTXHVHUHILHUHDYXOQHUDELOLGDGHV
GH ORV VFULSWV &*,VSDUD GHVSXpV SUHVHQWDU HMHPSOR GH VRIWZDUH TXH SXHGH VHU XWLOL]DGR
SDUDHQFRQWUDUHVWHWLSRGHYXOQHUDELOLGDGHVWDQFRPXQHV\DOPLVPRWLHPSRSHOLJURVDV
&*,VLJQLILFD&RPPRQ*DWHZD\,QWHUIDFH$FWXDOPHQWHVXXVRHQWRGRWLSRGHVLVWHPDVHV
QRUPDO \ HO OHQJXDMH GH SURJUDPDFLyQ TXH YR\ D DGRSWDU SDUD ORV PLVPRV HV 3(5/SRU
WDQWRDVXPRFLHUWRFRQRFLPLHQWRGHOOHQJXDMH3(5/3URJUDPPLQJ3HUOGH/DUU\:DOO
7RP&KULVWLDQVHQ\-RQ2UZDWGH(G2
5HLOO\HVXQEXHQFRPLHQ]R$XQTXHVHSXHGHQ
XVDUHQ VLVWHPDV:LQGRZV WUDWDUHPRV HO FDVR GH VLVWHPDV8QL[ SRU VHUHQORVTXHWHQJR
PDVH[SHULHQFLD
&*,SHUPLWHODFRPXQLFDFLyQHQWUHSURJUDPDVFOLHQWH\VHUYLGRUHVTXHRSHUDQFRQ
KWWSVLHQGRHOSURWRFRORHQHOTXHVHOOHYDDFDERHVWDFRPXQLFDFLyQ7&3,3\HOSXHUWRHO
SULYLOHJLDGR SHURVHHVSHFLILFDQRWURVSXHUWRVQRSULYLOHJLDGRV
+D\GRVPRGRVEiVLFRVHQORVTXHRSHUDQORVVFULSWV&*,V
3HUPLWLU HO SURFHVR EiVLFR GH GDWRV TXH KDQ VLGR SDVDGRV PHGLDQWH XQ LQSXW
/pDVHVFULSWVTXHSRUHMHPSORFKHTXHDQODFRUUHFWDVLQWD[LVGH GRFXPHQWRV+70/
$FWXDUFRPRFRQGXFWRGHORVGDWRVTXHVRQSDVDGRVGHOSURJUDPDFOLHQWHDO
VHUYLGRU \ GHYXHOWRV GHO VHUYLGRU DO FOLHQWH /pDVH VFULSW TXH SRU HMHPSOR
DFW~DQFRPRIURQWHQGGHXQDEDVHGHGDWRVGHOVHUYLGRU
/RVVFULSWV&*,HQUHDOLGDGDGHPiVGH3(5/OHQJXDMHLQWHUSUHWHGHSURJUDPDFLyQ
VHSXHGHXVDU7&/VKHOOVFULSWGH8QL[\$SSOH6FULSWHQORTXHVHUHILHUHDHVWHWLSR
GHOHQJXDMHVSHURWDPELpQVHSXHGHQXVDUOHQJXDMHVGHSURJUDPDFLyQFRPSLODEOHV\
OHQJXDMHVGHVFULSWLQJ3HURXVDUH3(5/\DTXHORVOHQJXDMHVLQWHUSUHWDGRVVRQPDV
IiFLOHVGHDQDOL]DU\FDPELDUTXHORVSURJUDPDVFRPSLODGRVSRUUD]RQHVREYLDV
/RV WUHVPpWRGRV DSOLFDEOHV D SURJUDPDV&*,TXH YDPRVDSUHVHQWDUVRQ3RVW*HW\3XW
SDUDVDEHUORTXHKDFHFDGDXQRSXHGHVOHHUODVHVSHFLILFDFLRQHV+773
/DVYXOQHUDELOLGDGHVGHORVVFULSWV&*,QRHVWiQSURSLDPHQWHHQHOORVPLVPRVVLQRHQODV
HVSHFLILFDFLRQHV KWWS \ ORV SURJUDPDV GH VLVWHPD OR ~QLFR TXH SHUPLWH &*, HV
DFFHGHUDFLWDGDVYXOQHUDELOLGDGHV
0HGLDQWHHOORVXQVHUYLGRUSXHGHVXIULUOHFWXUDUHPRWDGHDUFKLYRVDGTXLVLFLyQGHVKHOO
GH IRUPD LOHJDO \ PRGLILFDFLyQ GH ILFKHURV GHO VLVWHPD DVt TXH HV FLHUWR TXH KD\ TXH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
DQDOL]DUELHQHVWHWLSRGHSURJUDPDV\DTXHFRPRYHVVHSRQHHQSHOLJURODLQWHJULGDGGHO
VLVWHPD3RUORWDQWRHQXQDQiOLVLVUHPRWRGHXQVLVWHPDHVPX\DWHQHUHQFXHQWDHVWHWLSR
GHYXOQHUDELOLGDGHV
(OSULPHUSUREOHPDGHGLFKRVVFULSWVHQODIDOWDGHYDOLGDFLyQVXILFLHQWHHQHOLQSXWGHO
XVXDULRTXHFRQOOHYDFLHUWRVSUREOHPDV/RVGDWRVSDVDGRVPHGLDQWHXQVFULSW&*,TXH
XVH *HW HVWiQ SXHVWRV DO ILQDO GH XQD XUO \ HVWRV VRQ WUDWDGRV SRU HO VFULSW FRPR XQD
YDULDEOH GH HQWRUQR OODPDGD 48(5<B675,1* FRQ PXHVWUDV GH OD IRUPD YDULDEOH YDORU
/RV OODPDGRV DPSHUVDQGV
VHSDUDQ GLFKDV PXHVWUDV \ MXQWR FRQ ORV FDUDFWHUHV QR
DOIDQXPpULFRV GHEHQ GH VHUFRGLILFDGRVFRPRYDORUHVKH[DGHFLPDOHVGHGRVGtJLWRV
7RGRVHOORVYLHQHSUHFHGLGRVSRUHOVLJQRHQODXUOFRGLILFDGD(VHOVFULSW&*,HO
WLHQH TXH ERUUDUORV FDUDFWHUHV TXH KDQVLGR SDVDGRVSRUHOXVXDULRPHGLDQWHLQSXWSRU
HMHPSORVLVHTXLHUHQERUUDUORVFDUDFWHUHVR!\FRVDVDVtGHXQGRFXPHQWRKWPO
HVWHHMHPSOR SHUWHQHFHD*UHJRU\*LOOLV
^1$0(9$/8( VSOLW B
9$/8( aV?JUHHPSOD]D
FRQ
9$/8( aV>_$)@^`SDFN&KH[^``HJUHHPSOD]D[[FRQ$6&,,
9$/8( aV>!??_
????>?@?^?`@??JERUUDFDUDFVHVSHFLDOHV
0<'$7$>1$0(` 9$/8(
3HURKD\XQDFRVDTXHQRKDFHHVWHSHTXHxRHMHPSORQRVHHVFRQVFLHQWHGHODSRVLELOLGDG
GH FUHDU XQD QXHYD OtQHD PHGLDQWH D TXH VH SXHGH XVDU SDUD HMHFXWDU FRPDQGRV
GLIHUHQWHV GH ORV GHO VFULSW 3RU HMHPSOR VH SRGUtD KDFHU OR VLJXLHQWH GH QR FDHU HQ OD
FXHQWDGHHVWDYXOQHUDELOLGDG
KWWSZZZHMHPSORFRPFJLELQSUHJXQWD"DELQFDWHWFSDVVZG
HV XQ HVSDFLR HQ EODQFR \ D FRPR VH KD HVSHFLILFDGR DQWHULRUPHQWH HV XQD
HVSHFLHGHUHWXUQ
'LJDPRV TXH HO IURQWHQG TXH KD\HQ XQD SDJLQD ZHE SDUD OODPDUD XQ VFULSW &*,HV XQ
IRUPXODULR (Q WRGR IRUPXODULR WLHQH TXH KDEHU XQ LQSXW HVWH LQSXW WLHQH XQ QRPEUH
DVRFLDGR TXH GLJDPRV HV OR \D H[SXHVWR DQWHULRUPHQWH YDULDEOH YDORU 3DUD XQD FLHUWD
VHJXULGDG ORV FRQWHQLGRV GHO LQSXW GHEHQ GH VHU ILOWUDGRV \ SRU WDQWR ORV FDUDFWHUHV
HVSHFLDOHVGHEHQGHVHUILOWUDGRVDGLIHUHQFLDGHOHMHPSORFRPHQWDGRDQWHULRUPHQWH/RV
VFULSWV&*,LQWHUSUHWDGRVTXHIDOODQHQODYDOLGDFLyQGHORVGDWRVSDVDQORVGLFKRV
GDWRVGHOLQSXWDOLQWHUSUHWH
2WUD HWLTXHWD IUHFXHQWH HQ ORV IRUPXODULRV HV OD VHOHFW (VWDSHUPLWH DO XVXDULR HOHJLU XQD
VHULHGHRSFLRQHV\GLFKDVHOHFFLyQYDMXVWRGHVSXpVGHYDULDEOH YDORU3DVDFRPRFRQHO
LQSXW GH IDOODU OD YDOLGDFLyQ VH DVXPH TXH GLFKD HWLTXHWD VROR FRQWLHQH GDWRV
SUHGHILQLGRV\ORVGDWRVVRQSDVDGRVDOLQWHUSUHWH/RVSURJUDPDVFRPSLODGRVTXHQR
KDFHQXQDYDOLGDFLyQVHPHMDQWHVRQLJXDOPHQWHYXOQHUDEOHV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
2WUR GH ODV YXOQHUDELOLGDGHV PX\ IUHFXHQWHV HV HO KHFKR GH TXH VL HO VFULSW OODPD DO
SURJUDPD GH FRUUHR GH 8QL[ \ QR ILOWUD OD VHFXHQFLD a
HVWD SXHGH VHU XVDGD SDUD
HMHFXWDU XQ FRPDQGR GH IRUPD UHPRWD \D TXH HO SURJUDPD GH FRUUHR SHUPLWH HMHFXWDUXQ
FRPDQGRGHODIRUPD
aFRPPDQG
GHQXHYRHOSUREOHPDGHILOWUDGRHVWDSUHVHQWH
3RU RWUD SDUWH VL HQFXHQWUDV XQD OODPDGD D H[HFFRQ XQ VROR DUJXPHQWR HVWD SXHGH VHU
XVDGDSDUDREWHQHUXQDSXHUWDGHDFFHVR(QHOFDVRGHDEULUXQILFKHURSRUHMHPSORVH
SXHGHXVDUXQSLSHSDUDDEULUXQDVKHOOGHODIRUPD
RSHQ),&+(52_QRPEUHBGHOBSURJUDPD$5*6
&RQWLQXDQGRFRQIXQFLRQHVYXOQHUDEOHVVLHQFXHQWUDXQDOODPDGDGHODIRUPDV\VWHP
FRQXQVRORDUJXPHQWRHVWDSXHGHVHUXVDGDFRPRSXHUWDGHDFFHVR DOVLVWHPD\DTXHHO
VLVWHPDFUHDXQDVKHOOSDUDHVWR3RUHMHPSOR
V\VWHPXVUELQVHQGPDLOWVVPDLOILFKHUR
VXSRQHPRVTXHVHLPDJLQDUi
,13877<3( +,''(11$0( PDLO
9$/8( PDLO#UHPRWHKRVWFRPPDLOPDLO#DWDFDQWHFRP HWFSDVVZG!
6FULSWV &*,V TXH SDVDQ LQSXWV GHO XVXDULR DO FRPDQGR HYDO WDPELpQ VH SXHGHQ
DSURYHFKDUSXHVWRTXH
B 9$/25
V??J
5(68/7$'2 HYDOTTB
$Vt VL SRU HMHPSOR 9$/25 FRQWLHQH DOJ~Q FRPDQGR PDOLFLRVR HO UHVXOWDGR SDUD HO
VHUYLGRUUHPRWRSXHGHVHUEDVWDQWHPDOR
(VPX\UHFRPHQGDEOHUHYLVDUTXHORVSHUPLVRVGHILFKHURVRQFRUUHFWRV\SRUHMHPSORGH
XVDU OD OLEUHUtD FJLOLE FRVD PX\ QRUPDO HVWD GHEH GH WHQHU ORV FRUUHVSRQGLHQWHV
SHUPLVRV\DTXHVLQRHVWDUtDPRVDQWHRWUDYXOQHUDELOLGDG3DUDFKHTXHDUHVWRVSHUPLVRV
VH KDUtD GH OD IRUPD JHQpULFD DELQOVODXVUVUFLQFOXGH 6L VH OOHJDVH D
FRSLDUPRGLILFDU\UHHPSOD]DUGLFKDOLEUHUtDVHSRGUtDQHMHFXWDUFRPDQGRVRUXWLQDVGH
IRUPDUHPRWDFRQORTXHFRQOOHYDHVR$GHPiVVLHOLQWHUSUHWHGH3(5/XWLOL]DGRSRUHO
FJL HV 6(78,' VHUi SRVLEOH PRGLILFDU SHUPLVRV GH ORV ILFKHURV TXH TXLHUDV SDVDQGR XQ
FRPDQGRGLUHFWDPHQWHDOVLVWHPDDWUDYpVGHOLQWHUSUHWH\DVtSRUHMHPSOR
B FKPRG?HWF?KRVWGHQ\
5(68/7 HYDOTTB
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(VWR HV JUDFLDV D 66, \ OD PD\RUtD GH ORV V\VDGPLQV FRPSHWHQWHV WHQGUtDQ TXH
GHVDFWLYDUOR3DUDVDEHUVLXQVHUYHUXWLOL]DHVWRVHKDUtDGHODVLJXLHQWHIRUPD
FRPPDQGYDULDEOH YDOXH!
H[HFFPG FKPRGHWFKRVWGHQ\!
7HUHFRPLHQGRODOHFWXUDGH3HUO&*,SUREOHPVE\UISSKUDFNSDUDWHQHUXQDYLVLyQ
PDVFRPSOHWDGHOSUREOHPD\DTXHDQDOL]DPDVIDOORVGHVHJXULGDGGH&*,V
$FWXDOPHQWH KD\ HVFDQHDGRUHV GH &*,V HQ ORV TXH VH KDQ GHVFXELHUWR
YXOQHUDELOLGDGHV TXH HQ PXFKRV FDVRV VRQ GH HVWH WLSR R GH RWURV PDV FRPSOHMRV TXH
WDPSRFR PH SDUHFH IDFWLEOH H[SOLFDUORV HQ XQ WH[WR GH HVWH WLSR $ FRQWLQXDFLyQ WH
SUHVHQWR DOJXQRV GH ORV HVFDQHDGRUHV GH YXOQHUDELOLGDGHV &*,V TXH PH SDUHFHQ PDV
FRPSOHWRV HQ HVWH DSDUWDGR VLPSOHPHQWH QRPEUDUH ORV HVSHFtILFRV GH &*,V \ QR
DTXHOORVHVFDQHUVGHWLSRYHWHVFDQ TXHHQWUHVXVIXQFLRQDOLGDGHVDxDGLGDVHVWDHVWHWLSR
GHHVFDQHR
ZKLVNHUE\UDLQIRUHVWSXSS\
KWWSZZZZLUHWULSQHWUIS
YRLGH\HE\GXNH
KWWSSDFNHWVWRUPVHFXULI\FRP81,;FJLVFDQQHUVYRLGH\H]LS
XFJLE\VXGVKOO
KWWSLQIHFWHGLOPQHWXQOJ
7VVFJLVK
KWWSZZZWHDPWVVRUJ
&JLFKN
KWWSVRXUFHIRUJHQHWSURMHFWVFJLFKN
FJLVFDQQHUSOGHUD]DPH[LFDQD
KWWSSDFNHWVWRUPVHFXULI\FRP81,;VFDQQHUVFJLVFDQQHUSO
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
)$//26'(6(*85,'$'(1/266,67(0$623(5$7,926
&RQFHSWXDOPHQWH DO FRQMXQWR GH SURJUDPDV GH VLVWHPD TXH FRQWURODQ \ DGPLQLVWUDQ ORV
UHFXUVRVGHOVLVWHPDVHOHFRQRFHFRPR6LVWHPD2SHUDWLYR\VXSURSyVLWRHVSURSRUFLRQDU
XQHQWRUQRHQHOFXDOHOXVXDULRSXHGDHMHFXWDUSURJUDPDVGHPDQHUDFyPRGD\HILFLHQWH
(Q HO QLYHO LQIHULRU VH HQFXHQWUDQ ORV GLVSRVLWLYRV ItVLFRV (Q HVWH QLYHOVH HQFXHQWUDQ ORV
FKLSVFRPRSURFHVDGRUPHPRULDVFDEOHVIXHQWHVGHSRGHUHWF
(O VLJXLHQWH QLYHO FRUUHVSRQGH D OD 0LFURSURJUDPDFLyQ /D PLFURSURJUDPDFLyQ
FRUUHVSRQGH D XQ VRIWZDUH TXH FRQWUROD GLUHFWDPHQWH ORV GLVSRVLWLYRV SURSRUFLRQDQGR DO
QLYHOVLJXLHQWHXQDLQWHUID]PDVVHQFLOODHVWHVRIWZDUHSRUORJHQHUDOVHHQFXHQWUDHQ520
PHPRULDVRORGHOHFWXUD(QUHVXPHQHOPLFURSURJUDPDHVXQLQWpUSUHWHTXHLQWHUSUHWDODV
LQVWUXFFLRQHV GH OHQJXDMH GH PiTXLQD GH PDQHUD TXH JHQHUD WRGDV ODV VHxDOHV TXH VH
UHTXLHUHQSDUDODHMHFXFLyQGHODVLQVWUXFFLRQHV
(OOHQJXDMHGHPiTXLQDFRUUHVSRQGHDOFRQMXQWRGHLQVWUXFFLRQHVTXHVRQLQWHUSUHWDGDVSRU
HO PLFURSURJUDPD (Q DOJXQDV PiTXLQDV HO PLFURSURJUDPD VH LPSODQWD HQ HO KDUGZDUH
PLVPR\QRIRUPDSDUWHGHXQDFDSDGLIHUHQWHDOKDUGZDUH
/DFDSDFRUUHVSRQGLHQWHDOVLVWHPDRSHUDWLYRFXPSOHODIXQFLRQDOLGDGGHSURSRUFLRQDUDOD
FDSDVLJXLHQWHXQDLQWHUID]VHQFLOODRFXOWiQGROHDOXVXDULRODFRPSOHMLGDGGHOKDUGZDUHD
WUDYpVGHXQFRQMXQWRGHLQVWUXFFLRQHVDSURSLDGDV
6REUH ODFDSDGHOVLVWHPDRSHUDWLYRVHHQFXHQWUDQSURJUDPDVGHVLVWHPDTXHSURSRUFLRQDQ
DO XVXDULR XQD LQWHUID] PDV FHUFDQD \ DPLJDEOH FRQ OD FXDO WUDEDMDU (Q HVWD FDSD VH
HQFXHQWUDQHOLQWpUSUHWHGHFRPDQGRVFRPSLODGRUHV\HGLWRUHV
(VWHVRIWZDUHQRHVSDUWH GHOVLVWHPDRSHUDWLYRSXHVVHHMHFXWDQHQPRGRXVXDULRQRWLHQH
DFFHVRGLUHFWRDORVUHFXUVRVGHOVLVWHPDVLQRTXHHODFFHVRDORVUHFXUVRVORKDFHQDWUDYpV
GHODVLQVWDQFLDVTXHSURSRUFLRQDHOVLVWHPDRSHUDWLYR
/RVVLJXLHQWHVVRQORVVLVWHPDVRSHUDWLYRVPiVXVDGRV\VXVIDOODVGHVHJXULGDGPiVJUDYHV
:LQGRZV;
3URWHFWRUGHSDQWDOOD
7RPDGR GH OD UHYLVWD 6(7 HMHPSODU DJUDGHFLPLHQWRV D %DFWHULR KWWSZZZVHW
H]LQHRUJ
(VWHWH[WRLQWHQWDH[SOLFDUGHXQDPDQHUDIiFLO\VHQFLOODODIRUPDGHGHVHQFULSWDUODFODYH
GHOSURWHFWRUGHSDQWDOODGH:LQGRZV1RVHVLVHKDEUiQHVFULWRPXFKRVWH[WRVDFHUFDGHO
WHPDSHUREXHQRVLHVDVtXQRPiV7DPELpQHVSHURTXHQRVHDHO~QLFRTXHDSDUH]FDHQOD
UHYLVWD VL HV TXH DSDUHFH DFHUFD GH HVWH X RWURV WHPDV +D\ TXH DFODUDU FRPR VLHPSUH
QR"4XHHVWHDUWLFXORKDVLGRHVFULWRFRQILQHVGLGiFWLFRV
1HFHVLWDUHPRV XQ HGLWRU KH[DGHFLPDO XQD WDEOD GH FyGLJR $6&,, HQ KH[DGHFLPDO HVWH
WH[WR\HOVLVWHPDRSHUDWLYR:LQGRZV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
0pWRGR
:LQGRZVJXDUGDODFODYHHQFULSWDGDHQORVDUFKLYRVXVHUGDWVLHORUGHQDGRUVRORORXVD
XQD SHUVRQD HO DUFKLYR VH HQFXHQWUD SRU GHIHFWR HQ HO GLUHFWRULR GH :LQGRZV VL VH KDQ
GHILQLGR YDULDV FXHQWDV GH XVXDULR GLFKRV DUFKLYRV HVWDUiQ HQ OD FDUSHWD
SURILOHV?QRPEUHGHXVXDULRXVHUGDWHVXQRGHORVGRVDUFKLYRVGHUHJLVWURVHHQFXHQWUDQ
FRQORVDWULEXWRVVKU\OOHYDXQDFRSLDGHVHJXULGDGTXHVHOODPDUiXVHUGDHVWRVHUi
HQFDVRTXHHOXVXDULRKDOODFDPELDGRODFRQWUDVHxD\DOOtVHHQFRQWUDUiODDQWLJXDSRUVL
QRVLQWHUHVD
7HQHQFXHQWDTXHPXFKRVXVXDULRVXWLOL]DQODPLVPDFODYHSDUDXQPRQWyQGHFRVDVDVt
TXH GHVFLIUDU pVWD QRV SXHGH VHU EDVWDQWH ~WLO 7DPELpQ KD\ TXH WHQHU HQ FXHQWD TXH
:LQGRZVQRGLVWLQJXHHQWUHPD\~VFXODV\PLQ~VFXODV
$KRUDELHQSDVHPRVDGHVFLIUDUODIUDVHGHODFODYH(GLWDHODUFKLYRFRQXQHGLWRU\EXVFD
ODFDGHQD6FUHHQ6DYHB'DWDDFRQWLQXDFLyQWHHQFRQWUDUiVXQDVHULHGHQ~PHURV\OHWUDV
SXHV ELHQ DKt HVWi OD FODYH HQFULSWDGD &DGD OHWUD GH OD FODYH HVWi IRUPDGD SRU GRV HQ HO
DUFKLYR HQ $6&,, \ FDGD XQD GH HVWDV HV XQ Q~PHUR HQ KH[DGHFLPDO /D IRUPD GH
HQFULSWDUHVODVLJXLHQWHFDGDOHWUDGHODFRQWUDVHxDVHHQFULSWDVLHPSUHGHODPLVPDIRUPD
GHSHQGLHQGR GH OD SRVLFLyQ TXH pVWD RFXSD HQ OD FRQWUDVHxD HV GHFLU OD OHWUD D SRU
HMHPSOR VL HQ OD FODYH YD HQ OD SULPHUD SRVLFLyQ HQFULSWDGD VHUi VLHPSUH KH[DGHFLPDO LQGHSHQGLHQWHPHQWH GH TXH YD\DVRODRDFRPSDxDGDVLHVWDHQODVHJXQGD
SRVLFLyQWHQGUiQRWURVYDORUHVSHURVLHPSUHVHUiQORVPLVPRVFXDQGRHVWHHQHVDSRVLFLyQ
/RPLVPRRFXUUHSDUDHOUHVWRGHFDUDFWHUHV
8QD YH] HQWHQGLGR HO IXQFLRQDPLHQWR XWLOL]DQGR ODV WDEODV TXH VH HQFXHQWUDQ DO ILQDO GHO
GRFXPHQWR \ XQD WDEOD GH FyGLJR $6&,, HQ KH[DGHFLPDO VHUi VHQFLOOR GHVFLIUDU OD
FRQWUDVHxD &DGD OHWUD GH OD FRQWUDVHxD VRQ GRV Q~PHURV HQ KH[DGHFLPDO FRPR H[SOLTXp
DQWHV FRUUHVSRQGLHQWHV D FDGD XQD GH ODV WDEODV TXH KD\ DO ILQDO GHO GRFXPHQWR
UHVSHFWLYDPHQWH/DVILODVHVWiQIRUPDGDVSRUORVQ~PHURVHQKH[DGHFLPDO\ODVFROXPQDV
FRUUHVSRQGHQDODSRVLFLyQTXHRFXSDQODVOHWUDVHQODFODYH
$ODKRUDGHGHVHQFULSWDUKD\TXHILMDUVHHQVLHVHOSULPHURVHJXQGRQ~PHURKH[DGHFLPDO
FDGD OHWUD GH OD FRQWUDVHxD VRQ GRV \ OD SRVLFLyQ TXH RFXSD OD SDUHMD HQ OD FRQWUDVHxD
9DPRV D H[SOLFDU OD IRUPD GH GHVHQFULSWDU FRQ XQ HMHPSOR SDUD TXH TXHGH PiV FODUR
7HQHPRV FRPR FODYH OD E HQ HO DUFKLYR XVHUGDW GHVSXpV GH OD IUDVH
6FUHHQ6DYHB'DWDQRVHQFRQWUDPRV$$6&,,HQKH[DGHFLPDOVHUtD3XHVELHQ
WRPDPRV HO SULPHU GtJLWR \ OR EXVFDPRV HQ OD SULPHUD WDEOD HQ OD SRVLFLyQ HV OD
SULPHUDOHWUDGHODFODYH\HOVHJXQGRGtJLWRHQODVHJXQGDWDEODWDPELpQHQODSRVLFLyQ
2EWHQHPRVHOGHODSULPHUDWDEOD\HOGHODVHJXQGDMXQWDQGRORVGRVQRVGD HOQXPHUR
KH[DGHFLPDOKTXHVLOREXVFDPRVHQHOFyGLJR$6&,,FRUUHVSRQGHDODOHWUDETXHHV
ODFRQWUDVHxDGHOSURWHFWRUGHSDQWDOODIiFLOQR"
8QHMHPSOR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
$$)%(!XVHUGDW
!$6&,,
)!7DEODV
KKKKKKK)K!+(;$
EDFWHULR!&ODYH
+
(
;
$
'
(
&
,
0
$
/
3 2 6
, & , 2 1
(
6
,OXVWUDFLyQ7DEODSDUDGHVHQFULSWDUSULPHUGtJLWRHQKH[DGHFLPDO
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
+
(
;
$
'
(
&
,
0
$
/
3
$
%
&
'
(
)
2
(
)
&
'
$
%
6
(
)
&
'
$
%
,
'
&
)
(
%
$
&
)
(
,
%
$
'
&
)
(
2
1
%
$
)
(
'
&
' % & $ % ' $ & ) ( ( 6
$ &
% '
(
)
( ) & $
' %
,OXVWUDFLyQ7DEODSDUDGHVHQFULSWDUVHJXQGRGtJLWRHQ+H[DGHFLPDO
127$ /DV WDEODV HVWiQ KHFKDV SDUD FODYHV GH ORQJLWXG Pi[LPD GH FDUDFWHUHV VL WH
HQFXHQWUDV FRQ XQD FRQWUDVHxD PD\RU SXHGHV FRPSOHWDUODV WX PLVPR SRQLHQGR FODYHV D
SRVWD\UHDOL]DQGRHOSURFHVRDOUHYpV
(O SURJUDPD TXH HMHFXWD FDGD XQR GH ORV SDVRV GHVFULWRV DQWHULRUPHQWH HVWi HQ
KWWSZZZXFDXFDHGXFRaVDPDGRU
/LQX[
/LQX[HVXQVLVWHPDRSHUDWLYRJUDWXLWR\GHOLEUHGLVWULEXFLyQLQVSLUDGRHQHOVLVWHPD8QL[
HVFULWRSRU/LQXV7RUYDOGVFRQODD\XGDGHPLOHVGHSURJUDPDGRUHVHQ,QWHUQHW8QL[HVXQ
VLVWHPDRSHUDWLYRGHVDUUROODGRHQXQDGHFX\DVPD\RUHVYHQWDMDVHVTXHHVIiFLOPHQWH
SRUWDEOH D GLIHUHQWHVWLSRVGH RUGHQDGRUHVSRUORTXHH[LVWHQYHUVLRQHVGH 8QL[SDUDFDVL
WRGRV ORV WLSRV GH RUGHQDGRUHV GHVGH 3& \ 0DF KDVWD HVWDFLRQHV GH WUDEDMR \
VXSHURUGHQDGRUHV $O FRQWUDULR TXH RWURV VLVWHPDV RSHUDWLYRV FRPR SRU HMHPSOR 0DF26
6LVWHPD RSHUDWLYR GH ORV $SSOH 0DFLQWRVK 8QL[ QR HVWi SHQVDGR SDUD VHU IiFLO GH
HPSOHDUVLQRSDUDVHUVXPDPHQWHIOH[LEOH3RUORWDQWR/LQX[QRHVHQJHQHUDOWDQVHQFLOOR
GHHPSOHDUFRPRRWURVVLVWHPDVRSHUDWLYRVDXQTXHVHHVWiQUHDOL]DQGRJUDQGHVHVIXHU]RV
SDUDIDFLOLWDUVXXVR3HVHDWRGRODHQRUPHIOH[LELOLGDGGH/LQX[\VXJUDQHVWDELOLGDG\HO
EDMR FRVWH KDQ KHFKR GH HVWH VLVWHPD RSHUDWLYR XQD RSFLyQ PX\ D WHQHU HQ FXHQWD SRU
DTXHOORVXVXDULRVTXHVHGHGLTXHQDWUDEDMDUDWUDYpVGHUHGHVQDYHJXHQSRU,QWHUQHWRVH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
GHGLTXHQDODSURJUDPDFLyQ$GHPiVHOIXWXURGH/LQX[ HVEULOODQWH\FDGDYH]PiV\PiV
JHQWH \PiV\PiVHPSUHVDVHQWUHRWUDV,%0 ,QWHO&RUHOHVWiQDSR\DQGRHVWHSUR\HFWR
FRQORTXHHOVLVWHPDVHUiXQp[LWR
&DEHUHVDOWDUTXHHOVLJXLHQWHIDOORQRHVVRODPHQWHGHOLQX[VLQRGHWRGRVDTXHOORVVLVWHPDV
RSHUDWLYRVTXHRIUHFHQVHUYLFLRVGHFRUUHRSRUHOSXHUWRXVDQGRVHQGPDLO
)DNH0DLO&RUUHRIDOVR
$OJXQD YH] OH KD RFXUULGR TXH OH KD OOHJDGR FRUUHR GHO MHIH DVLJQiQGROH XQ WUDEDMR SRU
UHDOL]DU \ TXH VH ORGHEHHQWUHJDUDVXFRPSDxHURGHWUDEDMR"3XHVXVWHGWDOYH]VHDXQD
YtFWLPDGHXQFRPSDxHURIORMRTXHOHKDHVWDGRDVLJQDQGRHOWUDEDMRTXHOHFRUUHVSRQGHDHO
DXVWHG
/DLQIRUPDFLyQDFRQWLQXDFLyQHVGHXVRS~EOLFR\HGXFDWLYRHODXWRUQRVHUHVSRQVDELOL]D
GH FXDOTXLHU IDOOR GDxR R SHUMXLFLR GH VX XVR LQGHELGR 3RU IDYRU XWLOtFHVH FRQ
UHVSRQVDELOLGDG \ FRPR RSFLyQ SDUD YDOLGDU HO VLVWHPD GH VHJXULGDG GH VX VHUYLGRU
5HFXHUGHTXHVXSODQWDUDDOJXLHQHVXQGHOLWR
,QWURGXFFLyQ
(VWH DUWLFXOR VH UHDOL]y GHELGR D OD GHILFLHQFLD HQ OD VHJXULGDG GH PXFKRV VHUYLGRUHV HQ
,QWHUQHW0XFKDVGHODVHPSUHVDVWLHQHQFRPRSULQFLSDOSUHRFXSDFLyQFRQHFWDUVXVHTXLSRV
HQUHGSDUDFRPSDUWLUVXLQIRUPDFLyQJDQDQGRWLHPSR\GLQHURHVRHVHQWHQGLEOHORTXH
QR OR HV HQWHQGLEOH HV OD GHILFLHQFLDHQODVHVWUDWHJLDVGHVHJXULGDGSDUDLPSODQWDUHQXQD
HPSUHVD'HVGHHOPLVPRSRUWHURGHODHPSUHVDKDVWDHODGPLQLVWUDGRUGHORVVHUYLGRUHV
WRGRV VRQ UHVSRQVDEOHV GLUHFWRV R LQGLUHFWRV GH OD VHJXULGDG 3DVDQGR SRU ORV VHUYLFLRV
KDELOLWDGRV\PDOFRQILJXUDGRVTXHGHMDQORVDGPLQLVWUDGRUHVDGHPiVGHODVIDOODVREXJV
GHORVSURJUDPDVLQVWDODGRVHQORVVHUYLGRUHV
8QR GH HVRV VHUYLFLRV HV HO GHOVPWS TXH XWLOL]D HO SXHUWR SDUDHQYLDU\UHFLELUFRUUHR
XVDQGRXQSURJUDPDOODPDGRVHQGPDLO
(OREMHWLYRGHO3URWRFRORGH7UDQVIHUHQFLDGH&RUUHR6LPSOH6073HVWUDQVIHULUFRUUHRGH
IRUPDFRQILDEOH\HILFLHQWH
6073 HV LQGHSHQGLHQWH GHO VXEVLVWHPD GH WUDQVPLVLyQ HQ SDUWLFXODU \ UHTXLHUH VRODPHQWH
XQFDQDOGHIOXMRGHGDWRVRUGHQDGR\FRQILDEOH
(VWDEOHFLHQGROD FRQH[LyQ
(O FDQDO GH WUDQVPLVLyQ GHO 6073 HV XQD FRQH[LyQ 7&3 HVWDEOHFLGD HQWUH HO SXHUWR TXH
SURFHVD HO HQYtR \ HO SXHUWR TXH SURFHVD OD UHFHSFLyQ 8QD VLPSOH FRQH[LyQ IXOO
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
G~SOH[&RPXQLFDFLyQHQODFXDOWDQWRHOHPLVRUFRPRHOUHFHSWRUSXHGHQHQYLDU DOPLVPR
WLHPSR(M&RPXQLFDFLRQHVSXQWRDSXQWRHQODFHV:$1HQWUHURXWHUVHWFHVXVDGD
FRPRFDQDOGHWUDQVPLVLyQ(VWHSURWRFRORWLHQHDVLJQDGRHOVHUYLFLRDOSXHUWR
8QD FDUDFWHUtVWLFD LPSRUWDQWH GH 6073 HV VX FDSDFLGDG SDUD GHWHQHU FRUUHRV FUX]DQGR HO
DPELHQWH GH VHUYLFLR GH WUDQVSRUWH 8Q VHUYLFLR GH WUDQVSRUWH SURYHH XQRV SURFHVRV
LQWHUQRV GH DPELHQWH GH FRPXQLFDFLyQ ,3&( 8Q ,3&( SXHGH FXEULU XQD UHG YDULDV
UHGHVRXQVXEFRQMXQWRGHUHG(VLPSRUWDQWHDVHJXUDUVHTXHORVVLVWHPDVGHWUDQVSRUWHV
QRHVWpQXQRDXQRFRQODVUHGHV8QSURFHVRSXHGHFRPXQLFDUVHGLUHFWDPHQWHFRQRWURD
WUDYpVGHFXDOTXLHU,3&(/DDSOLFDFLyQ0DLOXVDORVSURFHVRVLQWHUQRVGHFRPXQLFDFLyQ
0DLOSXHGHFRPXQLFDUVHHQWUHSURFHVRVHQGLIHUHQWHV,3&(0iVHVSHFtILFDPHQWHHOFRUUHR
SXHGHGHWHQHUVHHQWUHVHUYLGRUHVVREUHGLIHUHQWHVVLVWHPDVGHWUDQVSRUWHSRUXQVHUYLGRU
HQDPERVVLVWHPDV
(OPRGHOR6073
(O GLVHxR GHO 6073 HVWD EDVDGR HQ HO VLJXLHQWH PRGHOR GH FRPXQLFDFLRQHV &RPR
UHVXOWDGRGHXQUHTXHULPLHQWRGHFRUUHRGHXQXVXDULRHOHPLVRU6073HVWDEOHFHXQFDQDO
GHWUDQVPLVLyQELGLUHFFLRQDOFRQHO6073GHVWLQR(O6073GHVWLQRSXHGHVHUHOVHUYLGRU
ILQDORXQRLQWHUPHGLR/RVFRPDQGRVGHO6073VRQJHQHUDGRVSRUHOHPLVRURUHPLWHQWH\
VRQHQYLDGRVDO6073GHVWLQRODVUHSOLFDVVRQHQYLDGDVGHVGHHOGHVWLQR6073DOHPLVRU
6073FRPRUHVSXHVWDDORVFRPDQGRV
8QD YH] TXH HO FDQDO GH WUDQVPLVLyQ VH HVWDEOHFH HO HPLVRU 6073 HQYtD XQ FRPDQGR
0$,/LQGLFDQGRHOUHPLWHQWHGHOFRUUHR6LHO GHVWLQDWDULR6073SXHGHUHFLELUHOFRUUHR
UHVSRQGH FRQ XQ 2. VLQR UHVSRQGH UHFKD]DQGR HO UHPLWHQWH SHUR QR WRGD OD
FRPXQLFDFLyQ (O HPLVRU \ HO UHFHSWRU SXHGHQ QHJRFLDU DOJXQRV UHFLSLHQWHV 1R VRQ PDV
TXH ORV EX]RQHV GH FRUUHR GH ORV XVXDULRV &XDQGR HO UHFLSLHQWH KD VLGR QHJRFLDGR
HQWRQFHVHOHPLVRUHQYtDORVGDWRVGHOFRUUHRWHUPLQDQGRFRQXQDVHFXHQFLDHVSHFLDO6LHO
UHFHSWRU6073SURFHVDVDWLVIDFWRULDPHQWHORVGDWRVGHOFRUUHRUHVSRQGHFRQXQ2.7RGR
HVWHSURFHVRORSRGHPRVUHSUHVHQWDUHQHOVLJXLHQWHJUiILFR
____
_8VXDULR_!__6073__
_(PLVRU _&RPDQGRV5HSOLFDV_5HFHSWRU_
_6073_!_6073_
_6LVWHPD_!__\&RUUHR__!_6LVWHPD_
_GH__'HPRQLR__'HPRQLR__GH_
_DUFKLYRV______$UFKLYRV_
(PLVRU6073
5HFHSWRU6073
,OXVWUDFLyQ0RGHORSDUDXVDU6073
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
6HQGPDLO
(VXQGHPRQLRRSURJUDPDHOFXDOHVSHUDFRQH[LRQHVSRUHOSXHUWRHVXVDGRSDUDHQYLDU
FRUUHRV 6H SXHGHQ XWLOL]DU VHUYLGRUHV GH FRUUHRV XQR SDUD ORV FRUUHRV HQWUDQWHV TXH
SXHGHVHUHOSXHUWR\RWURSDUDORVFRUUHRVVDOLHQWHVHOSXHUWR/RPHMRURSHRUGH
WRGRHVTXHQRVHQHFHVLWDFXHQWDORFDOHQHOVHUYLGRUGHFRUUHRSDUDXWLOL]DUHOVHUYLFLROR
FXDO SHUPLWLUtD D FXDOTXLHUSHUVRQD GHQWUR RIXHUD GH OD UHGHQYLDUFRUUHRDFXDOTXLHUD(O
~QLFRLQFRQYHQLHQWHVHUiVLHOUHPLWHQWHQRWLHQHEX]yQGHFRUUHRHQHOVHUYLGRUDXQTXHHO
GHVWLQDWDULR UHFLED HOPHQVDMHQXQFDSRGUiHQYLDUOHVXUHVSXHVWDGHELGRDTXHHOXVXDULR
QRWHQGUtDXQEX]yQFUHDGRHQHOVHUYLGRUSDUDUHFLELUODUHVSXHVWD
¢&yPRHQYLDUXQFRUUHRIDOVRRIDNHPDLO"
5HTXHULPLHQWRV
6RORXQHTXLSRFRQHFWDGRD,QWHUQHWRDXQDLQWUDQHW
3DVRV
'HEHPRVUHDOL]DUXQDVHVLyQWHOQHWDOSXHUWRGHFRUUHRGHFXDOTXLHUPDTXLQD
81,;RDILQYXOQHUDEOH¢&yPRVDEHUVLODPiTXLQDHVYXOQHUDEOH"DOUHDOL]DU
HOWHOQHWDOSXHUWRQRVDSDUHFHUiDOJRFRPRHVWR
>XVXDULR#VHUYLGRUa@WHOQHWQRPEUHGHVHUYLGRUR,3!HQWHU!
7U\LQJ
&RQQHFWHGWR
(VFDSHFKDUDFWHULV
A@
(6073 6HQGPDLO 7XH 0D\ 'HEHPRV ILMDUQRV HQ OD YHUVLyQ GHO SURJUDPD 6HQGPDLO OD FXDO HV
YXOQHUDEOHDHVWHDWDTXHHQWRQFHVSRGHPRVHVWDUVHJXURVTXHYDIXQFLRQDU
/XHJRWHFOHDPRVODVLJXLHQWHLQVWUXFFLyQ
PDLOIURPVDQWDBFODXV#WULQHRSRORQRUWHHQWHU!
VDQWDBFODXV#WULQHRSRORQRUWH6HQGHURN
(VWRTXLHUHGHFLUTXHHOXVXDULRGHRULJHQKDVLGRDFHSWDGRFRPRUHPLWHQWH
$KRUD GHEHPRV FRORFDU DO GHVWLQDWDULR HVWH GHEH H[LVWLU SDUD FRPSUREDU TXH
UHFLELyHOFRUUHRHQYLDGRSRUVDQWDFODXV
UFSWWRXVXDULR#VHUYLGRUHQWHU!
XVXDULR#VHUYLGRU5HFLSLHQWRN
(VWRTXLHUHGHFLUTXHHOXVXDULRGHVWLQRKDVLGRDFHSWDGRFRPRUHPLWHQWH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
$KRUDGHEHPRVWHFOHDUGDWD\OXHJRHQWHUSDUDFRORFDUHOPHQVDMHGHOUHPLWHQWH
'HEHVHUDOJRDVt
GDWDHQWHU!
(QWHUPDLOHQGZLWKRQDOLQHE\LWVHOI
/R~QLFRTXHGHEHPRVKDFHUHVFRORFDUHOPHQVDMHTXHGHVHHPRVRSULPLUHQWHU
\FRORFDUXQSXQWR3RUHMHPSOR
GDWD
(QWHUPDLOHQGZLWKRQDOLQHE\LWVHOI
-R MR MR FRPR HVWDV PL TXHULGR DPLJR VL WH KDVSRUWDGR ELHQWH WUDHUp XQ UHJDOLWR
HQWHU!
HQWHU!
'HEHDSDUHFHUOHXQPHQVDMHSDUHFLGRDHVWH
7$$0HVVDJHDFFHSWHGIRUGHOLYHU\
<OLVWRHOPHQVDMHKDVLGRHQYLDGRVDWLVIDFWRULDPHQWHDOXVXDULRFRQHOUHPLWHQWH
VDQWD FODXV (O QXPHUR HVH H[WUDxR7$$ HV HO 0,'R LGHQWLILFDFLyQ GHO
FRUUHR
¢&XDOHVVRQODVSRVLEOHVVROXFLRQHVDOSUREOHPDGHOIDNHPDLO"
9LVLWDU OD SiJLQD KWWSZZZVHQGPDLORUJ \ DFWXDOL]DUWH D OD ~OWLPD YHUVLyQ
2EVHUYDUODFRUUHFFLyQGHORVEXJVHQODYHUVLyQDFWXDOL]DGD(IHFWLYDSHURGH
LJXDOIRUPDQRGHPRUDUDQHQHQFRQWUDUXQQXHYREXJHQODYHUVLyQDFWXDOL]DGD
<DHVWiODYHUVLyQEHWDGHVHQGPDLOHVEXHQDRSFLyQSUREDUOD\PLUDU
VLFRUULJHHOHUURU
,PSOHPHQWDU HO 5)& 5HTXHVW )RU &RPPHQW HQ VX VLVWHPD VH HQFXHQWUD
HQKWWSZZZIUHHVRIWRUJ&,(5)&2ULJUIFW[W
'HVKDELOLWDU HO VHUYLFLR GH FRUUHR VPWS SRU HO SXHUWR 0X\ UDGLFDO SHUR
HIHFWLYDVXVFRQVHFXHQFLDVVHUtDQLQKDELOLWDUHOVHUYLFLRGHFRUUHRSRUHOSXHUWR
/HHU
GHWHQLGDPHQWH
ORV
5)&
KWWSZZZIUHHVRIWRUJ&,(5)&LQGH[KWP
\
HQ
,QVWDODU HO VHQGPDLO VHFXUH VZLWFK FXHVWD 86 /R SXHGHQ ORFDOL]DU HQ
KWWSZZZVHQGPDLOFRPVWRUH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
:LQGRZV17
/D17HQ:LQGRZVVLJQLILFDQXHYDWHFQRORJtD ORFXDOHVODIRUPDFRPR0LFURVRIWYHtDHO
VLVWHPD RSHUDWLYR 'HELGR D TXH IXH GLVHxDGR SDUD 3& GH GHWHUPLQDGD FDOLGDG VH
LQFUHPHQWDURQORVUHTXHULPLHQWRVGHVLVWHPDVLHQGRORVPtQLPRV&38HMHFXWiQGRVH
D0+]0EGH5$0(OGHVDUUROORGH:LQGRZV17FRPHQ]yHQ\VHSXVRDOD
YHQWDSRUILQHQMXOLRGH/DUD]yQSDUDHOFLFORGHGHVDUUROORWDQODUJRHOTXHHPSH]y
DOPLVPRWLHPSRTXHHVHVWDEDWUDEDMDQGRHQ:LQGRZV;IXHTXH:LQGRZV17
HUDXQVLVWHPDRSHUDWLYRFRPSOHWDPHQWHQXHYRGHSULQFLSLRDILQ0LFURVRIWQHFHVLWDEDXQ
VLVWHPD RSHUDWLYR FRQ IXHU]D LQGXVWULDO XQD XQLGDG GH GLVFR GXUR GH 0E \ XQD WDUMHWD
9*$
3RFR GHVSXpV GH VDOLU :LQGRZV 17 0LFURVRIW SXVR D OD YHQWD XQD YHUVLyQ PHMRUDGD GHO
SURGXFWR OD FXDO IXH GLVHxDGD SDUD XVDUVH GH PDQHUD H[SOtFLWD FRPR XQ VHUYLGRU (VWD VH
OODPR GH PDQHUD DSURSLDGD :LQGRZV 17 $GYDQFHG 6HUYHU (VWD GLVSDULGDG HQWUH ORV
QRPEUHV GH SURGXFWRV :LQGRZV 17 \ :LQGRZV 17 $GYDQFHG 6HUYHU IXH
VLPSOLILFDGDPiVDGHODQWHFXDQGRORVQRPEUHVGHORVSURGXFWRVVHYROYLHURQ:RUNVWDWLRQ\
6HUYHU3RUWDQWRVLHPSUHTXHVDOtDXQDQXHYDYHUVLyQHOQ~PHURGHODYHUVLyQVHDSOLFDED
D:LQGRZV17:RUNVWDWLRQ\:LQGRZV176HUYHU
'HVGH HO SXQWR GH YLVWD GH XQ DGPLQLVWUDGRU XQD GH ODV FDUDFWHUtVWLFDV SULQFLSDOHV GH
:LQGRZV176HUYHUSHUPLWHODDGPLQLVWUDFLyQFHQWUDOL]DGDGHODVFXHQWDVGHORVXVXDULRV\
GH SUREOHPDV UHODFLRQDGRV FRQ OD VHJXULGDG (VWR VLJQLILFD TXH XQ DGPLQLVWUDGRU GH UHG
SXHGH XVDU 17 6HUYHU SDUD FRQWURODU OD FRQILJXUDFLyQ \ VRSRUWH GH XQD DPSOLD JDPD GH
VLVWHPDVRSHUDWLYRVEDVDGRVHQ:LQGRZVWRGRGHVGHXQDXELFDFLyQFHQWUDO
8QD GH ODV FDUDFWHUtVWLFDV GH :LQGRZV 17 6HUYHU HV TXH SXHGH LQWHJUDU XQ Q~PHUR GH
VLVWHPDV RSHUDWLYRV GLVSDUHV HQWRUQRV HQ OD PLVPD UHG 3RU HMHPSOR SXHGH XVDUOR SDUD
FRQHFWDUFOLHQWHVTXHHMHFXWDQ:LQGRZV;:LQGRZV17:RUNVWDWLRQ260DFLQWRVK\
81,; /LQX[ &RQ XQ HVIXHU]R PtQLPR LQFOXVR SXHGH HVFDODUVH GH DFXHUGR FRQ ODV
QHFHVLGDGHVGHODRUJDQL]DFLyQ
%DFN2ULILFH
x
x
&UHDGRUHV
&XOWRIWKHGHDGFRZKWWSZZZFXOWGHDGFRZFRP
8VXDULRVJHQHURVRVTXHHQYtDQ3OXJLQV%XWW6QLIIHU
8WLOLGDG
(VXQSURJUDPD&OLHQWHDWDFDQWH6HUYLGRUDWDFDGRTXHWHGHMDPRQLWRUHDUUHPRWDPHQWH
XQFRPSXWDGRUTXHWUDEDMHFRQ:LQGRZV17;\KDFHUFRQHOOR TXHTXLHUDVIRUPDWHDUOH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
HO GLVFR GXUR GDxDU HO UHJLVWUR VDFDUOH WRGRV ORV SDVVZRUGV SRQHU XQ NH\ORJJHU GDUVH
FXHQWD FXDQGR HO XVXDULR VH FRQHFWD FRQ FXDOTXLHU SiJLQD ZHE FDSWXUDQGR OD SDQWDOOD
DSDJDU \ UHLQLFLDU HMHFXWDU DSOLFDFLRQHV GHWHQHU DSOLFDFLRQHV FUHDUERUUDU GLUHFWRULRV
HWF
,QVWDODFLyQ
6RODPHQWHVHGHEHHMHFXWDUHODUFKLYRERVHUYHH[HHQHO3&TXHYD\DVDDWDFDU\OLVWRHO
SURJUDPD VH LQVWDOD \ VH GHVLQVWDOD VROR TXHGDQGR HVFRQGLGR HQ HO GLVFR FRPR XQ
WUR\DQR VLQ TXH OR SXHGDQ ERUUDU XVXDOPHQWH VH LQVWDOD FRPR H[H HVSDFLR HQ EODQFR
H[H\DEULHQGRHOSXHUWRHQHO3&
)XQFLRQDPLHQWR
'HVSXpV GH LQVWDODU HO ERVHUYHH[H HQ HO 3& GH OD YtFWLPD WLHQHV TXH HQYLDU FRPDQGRV
HVSHFtILFRVYtD*8,RFOLHQWHGHWH[WRSDUDHIHFWXDUODRSHUDFLyQTXHGHVHHVUHPRWDPHQWH
ORV SDTXHWHV VH HQYtDQ YtD 8'3 WHQLHQGR FRPR RSFLyQ OD HOHFFLyQ GH XQ SDVVZRUG GH
HQFULSFLyQ/DVDFFLRQHVVHHQYtDQXWLOL]DQGRFRPXQLFDFLyQGHOFOLHQWHDXQDGLUHFFLyQ,3
FXDQGRHOVHUYLGRUQRWLHQHXQDGLUHFFLyQHVWiWLFDHVORPiVFRP~QHQORV,63SRUTXH\D
DVLJQDQ ,3 GLQiPLFD VH SXHGH ORFDOL]DU XVDQGR HO FRPDQGR 6ZHHS R 6ZHHSOLVW GHVGH HO
FOLHQWHGHWH[WRRXVDQGR3LQJHQHO*8,
5HDFFLyQGH0LFURVRIW
/RSULPHURTXHVHSXEOLFyHQ1HZ<RUN7LPHVDFHUFDGHHVWHSURJUDPDIXHODVLJXLHQWH
IUDVHGLFKDSRU(GPXQG0XWKGH0LFURVRIW
(VDHVXQDKHUUDPLHQWDTXHQRVRWURV\QXHVWURVXVXDULRVQRGHEHQWRPDUVHULDPHQWH
3DVDGR XQ WLHPSR VH DYLVy TXH PLOHVGH FRPSXWDGRUHV\ SURYHHGRUHVGH VHUYLFLR ,QWHUQHW
KDEtDQVLGRLQIHFWDGRVSRUHVHSURJUDPD
(O GH ORV SURYHHGRUHV GH VHUYLFLR ,QWHUQHW $XVWUDOLDQDV IXHURQ LQIHFWDGDV FRQ %DFN
2ULILFH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
62/8&,21(63$5$)257$/(&(5/$6(*85,'$'
/LEUHUtD$UFRLULV5DLQERZ%RRNV
/D VLJXLHQWH HV XQD OLVWD TXH FDWDORJD FDGD OLEUR GH OD OLEUHUtD DUFRLULV GH HVWD IRUPD
SRGHPRVVDEHUFXDOGHEHPRVLPSOHPHQWDUHQQXHVWUDUHGFRPSXWDFLRQDO
2UDQJH%RRN
'R'67'
'HSDUWPHQWRI'HIHQVH7UXVWHG&RPSXWHU6\VWHP(YDOXDWLRQ&ULWHULD
*UHHQ%RRN
&6&67'
'HSDUWPHQWRI'HIHQVH3DVVZRUG0DQDJHPHQW*XLGHOLQH
<HOORZ%RRN
&6&67'
&RPSXWHU6HFXULW\5HTXLUHPHQWV *XLGDQFHIRU$SSO\LQJWKH'HSDUWPHQWRI'HIHQVH
7UXVWHG&RPSXWHU6\VWHP(YDOXDWLRQ&ULWHULDLQ6SHFLILF(QYLURQPHQWV
<HOORZ%RRN
&6&67'
7HFKQLFDO 5DWLRQDOH %HKLQG &6&67' &RPSXWHU 6HFXULW\ 5HTXLUHPHQWV
*XLGDQFH IRU $SSO\LQJ WKH 'HSDUWPHQW RI 'HIHQVH 7UXVWHG &RPSXWHU 6\VWHP
(YDOXDWLRQ&ULWHULDLQ6SHFLILF(QYLURQPHQWV
7DQ%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ$XGLWLQ7UXVWHG6\VWHPV
%ULJKW%OXH%RRN
1&6&7*
7UXVWHG3URGXFW(YDOXDWLRQ $*XLGHIRU9HQGRUV
1HRQ2UDQJH%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ'LVFUHWLRQDU\$FFHVV&RQWUROLQ7UXVWHG6\VWHPV
7HDO*UHHQ%RRN
1&6&7*
*ORVVDU\RI&RPSXWHU6HFXULW\7HUPV
5HG%RRN
1&6&7*
7UXVWHG1HWZRUN,QWHUSUHWDWLRQRIWKH7UXVWHG&RPSXWHU6\VWHP
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(YDOXDWLRQ&ULWHULD
2UDQJH%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ&RQILJXUDWLRQ0DQDJHPHQWLQ7UXVWHG6\VWHPV
%XUJXQG\%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ'HVLJQ'RFXPHQWDWLRQLQ7UXVWHG6\VWHPV
'DUN/DYHQGHU%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ7UXVWHG'LVWULEXWLRQLQ7UXVWHG6\VWHPV
9HQLFH%OXH%RRN
1&6&7*
&RPSXWHU6HFXULW\6XEV\VWHP,QWHUSUHWDWLRQRIWKH7UXVWHG&RPSXWHU
6\VWHP(YDOXDWLRQ &ULWHULD
$TXD%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ6HFXULW\0RGHOLQJLQ7UXVWHG6\VWHPV
'DUN5HG%RRN
1&6&7*
7UXVWHG1HWZRUN,QWHUSUHWDWLRQ(QYLURQPHQWV*XLGHOLQH *XLGDQFHIRU
$SSO\LQJWKH7UXVWHG1HWZRUN,QWHUSUHWDWLRQ
3LQN%RRN
1&6&7*
5DWLQJ0DLQWHQDQFH3KDVH 3URJUDP'RFXPHQW
3XUSOH%RRN
1&6&7*
*XLGHOLQHVIRU)RUPDO9HULILFDWLRQ6\VWHPV
%URZQ%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ7UXVWHG)DFLOLW\0DQDJHPHQW
<HOORZ*UHHQ%RRN
1&6&7*
*XLGHOLQHVIRU:ULWLQJ7UXVWHG)DFLOLW\0DQXDOV
/LJKW%OXH
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ,GHQWLILFDWLRQDQG$XWKHQWLFDWLRQLQ7UXVWHG
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
6\VWHPV
/LJKW%OXH%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ2EMHFW5HXVHLQ7UXVWHG6\VWHPV
%OXH%RRN
1&6&7*
7UXVWHG3URGXFW(YDOXDWLRQ4XHVWLRQQDLUH
*UD\%RRN
1&6&7*$
7UXVWHG8QL[:RUNLQJ*URXS7586,;5DWLRQDOHIRU6HOHFWLQJ
$FFHVV&RQWURO/LVW)HDWXUHVIRUWKH8QL[6\VWHP
/DYHQGHU%RRN
1&6&7*
7UXVWHG'DWD%DVH0DQDJHPHQW6\VWHP,QWHUSUHWDWLRQRIWKH7UXVWHG
&RPSXWHU6\VWHP(YDOXDWLRQ&ULWHULD
<HOORZ%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ7UXVWHG5HFRYHU\LQ7UXVWHG6\VWHPV
%ULJKW2UDQJH%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGQJ6HFXULW\7HVWLQJDQG7HVW'RFXPHQWDWLRQLQ
7UXVWHG6\VWHPV
3XUSOH%RRN
1&6&7*9ROXPH
$*XLGHWR3URFXUHPHQWRI7UXVWHG6\VWHPV$Q,QWURGXFWLRQWR
3URFXUHPHQW,QLWLDWRUVRQ&RPSXWHU6HFXULW\5HTXLUHPHQWV
3XUSOH%RRN
1&6&7*9ROXPH
$*XLGHWR3URFXUHPHQWRI7UXVWHG6\VWHPV/DQJXDJHIRU5)3
6SHFLILFDWLRQVDQG6WDWHPHQWVRI:RUN $Q$LGWR3URFXUHPHQW
,QLWLDWRUV
3XUSOH%RRN
1&6&7*9ROXPH
$*XLGHWR3URFXUHPHQWRI7UXVWHG6\VWHPV&RPSXWHU6HFXULW\&RQWUDFW
'DWD5HTXLUHPHQWV/LVWDQG'DWD,WHP'HVFULSWLRQ7XWRULDO
3XUSOH%RRN
1&6&7*9ROXPH
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
$*XLGHWR3URFXUHPHQWRI7UXVWHG6\VWHPV+RZWR(YDOXDWHD%LGGHU
V
3URSRVDO'RFXPHQW $Q$LGWR3URFXUHPHQW,QLWLDWRUVDQG&RQWUDFWRUV
*UHHQ%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ'DWD5HPDQHQFHLQ$XWRPDWHG,QIRUPDWLRQ
6\VWHPV
+RW3HDFK%RRN
1&6&7*
$*XLGHWR:ULWLQJWKH6HFXULW\)HDWXUHV8VHU
V*XLGHIRU7UXVWHG6\VWHPV
7XUTXLRVH%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ,QIRUPDWLRQ6\VWHP6HFXULW\2IILFHU
5HVSRQVLELOLWLHVIRU$XWRPDWHG,QIRUPDWLRQ6\VWHPV
9LROHW%RRN
1&6&7*
$VVHVVLQJ&RQWUROOHG$FFHVV3URWHFWLRQ
%OXH%RRN
1&6&7*
,QWURGXFWLRQWR&HUWLILFDWLRQDQG$FFUHGLWDWLRQ
/LJKW3LQN%RRN
1&6&7*
$*XLGHWR8QGHUVWDQGLQJ&RYHUW&KDQQHO$QDO\VLVRI7UXVWHG6\VWHPV
&7HFKQLFDO5HSRUW
&RPSXWHU9LUXVHV3UHYHQWLRQ'HWHFWLRQDQG7UHDWPHQW
&7HFKQLFDO5HSRUW
,QWHJULW\LQ$XWRPDWHG,QIRUPDWLRQ6\VWHPV
&7HFKQLFDO5HSRUW
7KH'HVLJQDQG(YDOXDWLRQRI,1)26(&V\VWHPV7KH&RPSXWHU6HFXULW\
&RQWULEXWLRQVWRWKH&RPSRVLWLRQ'LVFXVVLRQ
17,66$0&20386(&
$GYLVRU\0HPRUDQGXPRQ2IILFH$XWRPDWLRQ6HFXULW\*XLGHOLQH
<RXFDQJHW\RXURZQIUHHFRS\RIDQ\RUDOORIWKHERRNVE\ZULWLQJ
RUFDOOLQJ
,1)26(&$ZDUHQHVV'LYLVLRQ
$771;,$2&
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
)RUW*HRUJH*0HDGH0'
%DUEDUD.HOOHU
,I\RXDVNWREHSXWRQWKHPDLOLQJOLVW\RX
OOJHWDFRS\RIHDFKQHZ
ERRNDVLWFRPHVRXWW\SLFDOO\DFRXSOHD\HDU
> ,KDYHQRWSHUVRQDOO\VHHQWKLVERRN@
> ,KDYHQRWSHUVRQDOO\VHHQWKLVERRNDQG,EHOLHYHLWPD\ QRW@
>EHDYDLODEOH@
)LUHZDOOEDMROLQX[VRSRUWDGRHQXQVLVWHPD%HRZXOI
/RV JUDQGHVDYDQFHVTXHVHKDQGDGRHQWHFQRORJtDGHODLQIRUPDFLyQHQORV~OWLPRVDxRV
VH GHEHQ HQ JUDQ PHGLGD D XQD JUDQ UHGXFFLyQ HQ ORV SUHFLRV GH ORV VLVWHPDV
FRPSXWDFLRQDOHVKDUGZDUHVRIWZDUH\DXQPHMRUDPLHQWRFRQVLGHUDEOHHQODFDSDFLGDG
GHFRPSXWRGHGLFKRVVLVWHPDV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(Q OD GpFDGD GH ORV VH GLHURQ ODV FRQGLFLRQHV TXH IDFLOLWDURQ HO GHVDUUROOR GH XQD
WHFQRORJtD TXH SHUPLWLHUD FRQVWUXLU PiTXLQDV GH FRQVLGHUDEOH SRGHU GH FyPSXWR XVDQGR
FRPSRQHQWHV TXH SXGLHUDQ HQFRQWUDUVH IiFLOPHQWH HQ HO PHUFDGR (Q SDUWLFXODU OD
GLVPLQXFLyQGHSUHFLRHODXPHQWRGHODFDSDFLGDG\FRQILDELOLGDGGHORVSURFHVDGRUHVSDUD
3&V FRPR 3HQWLXP \ $OSKD OD GLVPLQXFLyQ GH ORV SUHFLRV GH ORV VLVWHPDV GH
FRPXQLFDFLyQ HQWUH 3&V FRPR )DVW (WKHUQHW \ HO GHVDUUROOR GH VRIWZDUH S~EOLFDPHQWH
GLVSRQLEOH FRPR HO VLVWHPD RSHUDWLYR /LQX[ OLEUHUtDV SDUD HO HVWiQGDU SDUD SDVR GH
PHQVDMHV HQ VLVWHPDV PXOWLSURFHVDGRU 03, \ ODV KHUUDPLHQWDV GHSURJUDPDFLyQ *18
IDFLOLWDURQHOORJURGHHVDPHWD
/D WHFQRORJtD TXH SHUPLWH FUHDU VLVWHPDV PXOWLSURFHVDGRU GH DOWR GHVHPSHxR
FRPSXWDFLRQDO XVDQGR FRPSRQHQWHV GH IiFLO FRQVHFXFLyQ HQ HO PHUFDGR FRQ VLVWHPD
RSHUDWLYR /LQX[ VH FRQRFH FRPR %HRZXOI (Q WpUPLQRV JHQHUDOHV XQD FRPSXWDGRUD
%HRZXOI HV XQ VLVWHPD FRPSXWDFLRQDO FRQ XQ VLVWHPD RSHUDWLYR /LQX[ IXQFLRQDQGRVREUH
XQDUUHJORGH3&VTXHVHFRPXQLFDQDWUDYpVGHXQDUHGGHDOWDYHORFLGDG\VRQFRQWURODGRV
SRU XQ 3& FHQWUDO /DV FRPSXWDGRUDV %HRZXOI SXHGHQ GDUOH D ODV XQLYHUVLGDGHV X
RUJDQL]DFLRQHVFRQSRFRVUHFXUVRVHFRQyPLFRVXQDSODWDIRUPDH[FHOHQWHSDUDODHQVHxDQ]D
LQYHVWLJDFLyQ FLHQWtILFD \ GHVDUUROOR GH VRIWZDUH FRPSXWDFLRQDO TXH GH RWUD PDQHUD VHUtD
LPSRVLEOHWHQHU
(O 'HSDUWDPHQWR GH 6LVWHPDV GH OD ),(7 HQ VX JUXSR GH LQYHVWLJDFLyQ *7, *UXSR GH
7HFQRORJtDVGHOD,QIRUPDFLyQFRQHOILQGHGDUOHDORVHVWXGLDQWHVGHOD),(7XQVRSRUWH
DGHFXDGR WDQWR HQ KDUGZDUH FRPR HQ VRIWZDUH HQ VX OtQHDGH LQYHVWLJDFLyQ HQVHJXULGDG
FRPSXWDFLRQDO VH SURSRQH FRQVWUXLU XQVLVWHPDPXOWLSURFHVDGRUSDUDFRPSXWDFLyQGHDOWR
GHVHPSHxRGHWLSR%HRZXOITXHOHGHDORVHVWXGLDQWHV\DODXQLYHUVLGDGHOHPHQWRVSDUD
HO IRUWDOHFLPLHQWR GH ODV DFWLYLGDGHV GH HQVHxDQ]D H LQYHVWLJDFLyQ (O VLVWHPD WHQGUi
XWLOLGDG LQPHGLDWD HQ ODV DVLJQDWXUDV GH HOHFWLYD HQVHJXULGDG FRPSXWDFLRQDO \ DTXHOODV
RWUDV TXH QHFHVLWHQ PXFKR UHFXUVR GH KDUGZDUH SDUD VROXFLRQDU SUREOHPDV GH DOWR
UHTXHULPLHQWR FRPSXWDFLRQDO \D TXH HQ HOODV VH YDQ D WUDEDMDU WHPDV TXH WLHQHQ HVWUHFKD
UHODFLyQ FRQ VLVWHPDV RSHUDWLYRV VLVWHPDV GLVWULEXLGRV \ VLVWHPDV GH WLHPSR UHDO 8QD
FRPSXWDGRUD%HRZXOI OH GDUiODRSRUWXQLGDGDODIDFXOWDG\HQSDUWLFXODUDOGHSDUWDPHQWR
GH OOHYDU D FDER GHVDUUROORV TXH QR SRGUtDQ UHDOL]DUVH HQ XQD FRPSXWDGRUD FRQYHQFLRQDO
2WUDV GHSDUWDPHQWRV WDOHV FRPR HO GHSDUWDPHQWR GH 0DWHPiWLFDV \ GH )tVLFD SRGUtDQ
XWLOL]DUODHQDSOLFDFLRQHVTXHGHPDQGHQPXFKRVUHFXUVRVFRPSXWDFLRQDOHV
(O GHVHPSHxR GH XQ VLVWHPD PXOWLSURFHVDGRU GHSHQGH GH OD FDSDFLGDGGHFyPSXWRGHORV
SURFHVDGRUHV HVWi UHVWULQJLGD SRU HO SURFHVDGRU FRQ PHQRU SRGHU FRPSXWDFLRQDO GHO
VLVWHPD GH FRPXQLFDFLRQHV HQWUH SURFHVDGRUHV GH OD FDQWLGDG \ YHORFLGDG GH OD PHPRULD
SULQFLSDO\GHODIRUPDHQTXHVHUHSDUWHQORVSURFHVRVHQWUHORVQRGRV
/RV VLVWHPDV %HRZXOI SUHVHQWDQ ORV PD\RUHV GHVFHQVRV HQ VX FDSDFLGDG GH FyPSXWR
FXDQGRVHVREUHFDUJDHOVLVWHPDGHFRPXQLFDFLRQHVVHVDWXUDDQFKRGHEDQGD
6L OD FDQWLGDG GH PHPRULD SULQFLSDO 5$0 HV EDMD VH QHFHVLWD XVDUPHPRULDVHFXQGDULD
PHPRULDYLUWXDO PHPRULDGHLQWHUFDPELR GLVFRGXUR\HOGHVHPSHxRGHOVLVWHPDEDMD
FRQVLGHUDEOHPHQWH (Q XQ %HRZXOI ORV QRGRV SXHGHQ WHQHU R QR XQ GLVFR SDUD PDQHMDU
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
PHPRULDGHLQWHUFDPELR&XDQGRQRWLHQHQXQGLVFRSDUDLQWHUFDPELRUHFXUUHQDOGLVFRGHO
QRGRFHQWUDO\VREUHFDUJDQHOVLVWHPDGHFRPXQLFDFLRQHV
$SOLFDFLRQHV
'HVFULSFLyQ
-XVWLILFDFLyQ
,QLFLDOPHQWHSUXHEDVGHVHJXULGDGHQXQDUHG&RQILJXUDFLyQFRPRILUHZDOO\KHUUDPLHQWD
GHSUXHEDGHYXOQHUDELOLGDGTXHORKHPRVOODPDGRPRGRGXDO
8WLOL]DQGR ODV GLIHUHQWHV WpFQLFDV GH VHJXULGDG \ EDViQGRQRV HQ SROtWLFDV \ HVWiQGDUHV
LQWHUQDFLRQDOHV HVWLSXODGRV HQ HO 2UDQJH %RRN \ SRU HO 'HSDUWDPHQWR GH 'HIHQVD GH ORV
(VWDGRV8QLGRVQXHVWUDDSOLFDFLyQGHEHVHUFDSD]GHYHULILFDUVLXQDUHGFXPSOHRQRFRQ
ORV HVWiQGDUHV HQ FDVR GH QR FXPSOLUORV GHEH VXJHULUOH DO DGPLQLVWUDGRU XQD VROXFLyQ
LQPHGLDWD\HILFD]
,QWHUQHW VH HVWi FRQYLUWLHQGR UiSLGDPHQWH HQ XQ PHGLR GRPLQDQWH SDUD ORV QHJRFLRV \ ODV
FRPXQLFDFLRQHV 7RGDYtD SDUHFH DOJR DVt FRPR XQD IURQWHUD SRUTXH KD\ PX\ SRFD
UHJXODFLyQ$PHGLGDTXHHVWDIURQWHUDDXPHQWDHQWDPDxR\DOFDQFHVHHVWiFRQYLUWLHQGR
HQXQREMHWLYRSDUDSROtWLFRV\IXQFLRQDULRVJXEHUQDPHQWDOHVTXHTXLHUHQUHJXODUOD
$XQTXH DOJXQRV DVSHFWRV GH ,QWHUQHW SUREDEOHPHQWH QHFHVLWHQ DOJR GH UHJXODFLyQ HVWD
ODERU QR HV WDQ VLPSOH FRPR SDUHFH /D QDWXUDOH]D PLVPD GH ,QWHUQHW XQD DPSOLD
FRQVWHODFLyQFRQPLOORQHVGHFRPSXWDGRUDVGLVSHUVDVSRUHOPXQGRKDFHTXHVHDGLItFLOR
TXL]i LPSRVLEOH UHJXODUOD $O PLVPR WLHPSR OD DXVHQFLD GH UHJXODFLRQHV LPSOLFD TXH
FXDOTXLHUD TXH XVH HVWD UHG HVHQFLDOPHQWH S~EOLFD SRGUtD FRQYHUWLUVH HQ XQ EODQFR SDUD
FXDOTXLHURWURTXHWHQJDHOVXILFLHQWHFRQRFLPLHQWRWpFQLFR\TXLHUDLQYDGLUVXSULYDFLGDG
0LHQWUDVTXHODDPHQD]DGHORVYiQGDORVLQIRUPiWLFRVHVEDMDSDUDLQGLYLGXRVXQDDPHQD]D
PiVVHULDSDUDODSULYDFLGDGSHUVRQDOSURYLHQHGHFRPSDxtDVTXHRSHUDQVLWLRV:HE
(O FRUUHR EDVXUD HV PiV XQD PROHVWLD TXH XQ SUREOHPD VHULR 3HUR TXp SDVD VL XVWHG HVWi
OH\HQGR DUWtFXORV VREUH HO FiQFHU HQ XQ VLWLR :HE VREUH VDOXG ¢/H JXVWDUtD TXH HVWD
LQIRUPDFLyQ IXHVH UHYHODGD D FRPSDxtDV GH VHJXURV" /D PD\RUtD GH OD JHQWH FRQVLGHUDUtD
HVWRXQDLQYDVLyQDVXSULYDFLGDG
&DVRVLQWHUQDFLRQDOHV
/D KLVWRULD GH HVWRV FDVRV GH VHJXULGDG FRPSXWDFLRQDO HQ ,QWHUQHW HV WDQ YLHMD FRPR
,QWHUQHW PLVPR (O SULPHUR GH HVWRV FDVRV IDPRVRV IXH HO UHDOL]DGR SRU HO HVWXGLDQWH GH
&RUQHOO 8QLYHUVLW\ 5REHUW 0RUULV HO GH QRYLHPEUH GH FXDQGR D WUDYpV GH XQ
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
SURJUDPD TXH VH YDOtD GH DOJXQRV HUURUHV GH ORV VLVWHPDV RSHUDFLRQDOHV SXVR HQ MDTXH D
FRPSXWDGRUHVVHJ~QXQHVWLPDWLYRRULJLQDOFRPSXWDGRUHVHQHUDQPXFKRV
FRPSXWDGRUHV\DXQTXHQRVHFRQRFLyHOPRQWRH[DFWRGHODVSpUGLGDVVHSXHGHDVHJXUDU
TXH HVWXYR HQWUH PLOOyQ \ PLOORQHV GH GyODUHV (O HVWXGLDQWH SRU VX ODGR IXH
FRQGHQDGRDDxRVGHFiUFHO\DFDQFHODUXQDVXPDGHGyODUHVSRUUHVWLWXFLyQGH
GDxRV
2WURVFDVRVLQWHUQDFLRQDOHVELHQFRQRFLGRVVRQORVGHOFOiVLFRURERGHORVFHQWDYRVHQXQD
HPSUHVDORVFXDOHVLEDQDSDUDUDODVDUFDVGHXQHPSOHDGRFUDFNHUHOFXDOIXH GHVFXELHUWR
\ SXHVWR HQ SULVLyQ 8OWLPDPHQWH VH KD LPSXHVWR OD PRGD GH SLQWDU JUDIILWWLV HQ ODV
SiJLQDVZHEGHLPSRUWDQWHVHPSUHVDVRLQVWLWXFLRQHV(QWUHORV~OWLPRVFDVRVUHJLVWUDGRVVH
HQFXHQWUDQODVSiJLQDVSULQFLSDOHVGHOD&,$\GHO'HSDUWDPHQWRGH-XVWLFLDGHORV(VWDGRV
8QLGRV (VWRV FDVRV KDQ OOHJDGR D H[WUHPRV HQ TXH ORV YiQGDORV LQIRUPiWLFRV SLGHQ
YDFXQDVSDUDSURWHJHUODRUJDQL]DFLyQ\QRUHDOL]DUQLQJ~QGDxR
/D8QLYHUVLGDGGHORV$QGHVSUHVHQWH
(Q &RORPELD WDPELpQ KDQ H[LVWLGR YDULRV FDVRV GH SUREOHPDV GH VHJXULGDG GHVGH KDFH
DOJ~Q WLHPSR SHUR FRQ OD OOHJDGD GH ,QWHUQHW HVWH SUREOHPD VH KD DJXGL]DGR 6H UHFLEHQ
GHVGHPHQVDMHVDQyQLPRVKDVWDDWDTXHVDORVSURYHHGRUHVGHVHUYLFLR/DVWLPRVDPHQWHHQ
&RORPELD QR KD\ XQ PHFDQLVPR OHJDO QL GH LQIUDHVWUXFWXUD HILFLHQWH TXH JDUDQWLFH XQD
FRQYLYHQFLDUD]RQDEOH
/D 8QLYHUVLGDG GH ORV $QGHVKD VXIULGRYDULRVDWDTXHV$FWXDOPHQWHH[LVWHQPiVGH
FDVRVGRFXPHQWDGRVGHYLRODFLyQDOUHJODPHQWRGHXVRGH,QWHUQHW(OSULPHURTXHYLHQHD
PL PHPRULD OR VXIULy RWUR DGPLQLVWUDGRU DQWHULRU D Pt )XH XQ DWDTXH GH XQ FKLOHQR TXH
GHVWUX\yODLQIRUPDFLyQGHXQDGHODVPiTXLQDVH[LVWHQWHVHQOD8QLYHUVLGDG(OSUREOHPD
VXUJLyLQLFLDOPHQWHSRUFDXVDGHXQXVXDULRTXHWHQtDXQDSDODEUDFODYHVHQFLOODFRQORFXDO
HOYiQGDORLQIRUPiWLFR WXYRDFFHVRDYDULDVGHODVIDFLOLGDGHVTXHRIUHFHODPiTXLQDGHVGH
VXLQWHULRU8QDYH]DGHQWURVHGHGLFyDERUUDUWRGRORTXHSXGROOHJDQGRLQFOXVRDERUUDU
YDULRVSUR\HFWRVGHORVHVWXGLDQWHVTXLHQHVWXYLHURQTXHUHSHWLUHOWUDEDMR
2WURFDVRPiVPRGHUQRHVXQRHQTXHXQHVWXGLDQWHOHHQYLyXQFRUUHRDOPRQLWRUGHFLHUWD
PDWHULD KDFLpQGRVH SDVDU SRU RWUR HVWXGLDQWH DVHJXUDQGR TXH KDEtD HQWUHJDGR XQ WUDEDMR
FRQRWUDSHUVRQD\QRHOVRORFRPRUHDOPHQWHRFXUULy8QDGXGD\XQD SURQWDUHVSXHVWDGHO
GHSDUWDPHQWR LPSOLFDGR IDFLOLWy HO HVFODUHFLPLHQWR GH OD YHUGDG EDMR WpFQLFDV
FRPSXWDFLRQDOHV(OHVWXGLDQWHVHHQFXHQWUDHQHVWHPRPHQWRVXVSHQGLGR
8QD HVWXGLDQWH WDPELpQ UHFLELy YDULRV FRUUHRV HQ ORV FXDOHV XQ HQDPRUDGR DQyQLPR
H[SUHVDEDWRGRVORVVHQWLPLHQWRVTXHVHQWtDKDFLDHOOD(VWHFDVRTXHGyHQODLPSXQLGDG
7RPDGR
GH
XQ
GRFXPHQWR
KWWSSROLIHPRXQLDQGHVHGXFR
GH
OD
8QLYHUVLGDG
GH
ORV
$QGHV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
7HVWGHVHJXULGDGFRPSXWDFLRQDOSDUDXVXDULRVGHODUHG
(OVLJXLHQWHHVXQWHVWGHVHJXULGDGTXHGHEHDSOLFDUHODGPLQLVWUDGRUGHODUHGDWRGRVORV
XVXDULRV GH OD PLVPD SDUD PHGLU ORV QLYHOHV GH ULHVJR HQ PDWHULD GH VHJXULGDG GH OD
LQIRUPDFLyQGHORVXVXDULRV(QDOJXQRVFDVRV ODVUHVSXHVWDVVXHOHQSDUHFHUREYLDVSHURDO
FRORFDUOHVHOJUDGRGHVLQFHULGDGDODVUHVSXHVWDV\DGHMDQGHVHUWDQREYLDV/DVUHVSXHVWDV
FRUUHFWDVGHOWHVWVRQGHDPSOLRFRQRFLPLHQWRSRUORVDGPLQLVWUDGRUHVGHODUHGDVtTXHVL
XVWHGGLOLJHQFLyHOWHVW\WLHQHDOJXQDGXGDFRQUHVSHFWRDODVUHVSXHVWDVHQWRQFHVGLUtMDVH
DODGPLQLVWUDGRUGHVXUHG(OWRPDUiORVFRUUHFWLYRVGHOFDVRDSDUWLUGHVXVUHVSXHVWDV
1RPEUHGHOXVXDULR
&DUJRHQODHQWLGDG
1~PHURGHODRILFLQD
,GHQWLILFDFLyQGHOHTXLSR
)HFKD
&RQUHVSHFWRDOPDQHMRGHFRQWUDVHxDV
D &RPSDUWR PL FRQWUDVHxD GH DFFHVR DO VHUYLGRU FRQ PLV FRPSDxHURV GH
WUDEDMR
6,
12
E 0LFRQWUDVHxDWLHQHPHQRVGHFDUDFWHUHV
6,
12
F 0L FRQWUDVHxD WLHQH SRU OR PHQRV XQ FDUiFWHU HVSHFLDO HV GHFLU
´ "£HQWUHRWURV
6,
12
G 0L FRQWUDVHxD WLHQH TXH YHU FRQ DOJR GH PL OXJDU GH WUDEDMR IDPLOLD R
DPLJR
6,
12
H 0LFRQWUDVHxDWLHQHTXHYHUFRQXQDVHFXHQFLDGHVyORQ~PHURVSODFDGH
PLWUDQVSRUWHRODLGHQWLILFDFLyQGHDOJ~QGRFXPHQWR
6,
12
I $FRVWXPEURDUHSHWLUPLVFRQWUDVHxDVSDUDQRROYLGDUODV
6,
12
J 3DUDTXHQRVHPHROYLGHODDQRWRHQXQVLWLRVHJXURSHURFHUFDQRDPL
OXJDUGHWUDEDMR
6,
12
K $FRVWXPEURXWLOL]DUSURJUDPDVTXHJHQHUHQPLFRQWUDVHxDSRUPL
6,
12
L 0LFRQWUDVHxDKDVLGRGHVFLIUDGDDOJXQDYH]
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
6,
12
&RQUHVSHFWRDOPDQHMRGHODLQIRUPDFLyQ
D 0DQWHQJRXQDFRSLDDFWXDOL]DGDHQHOVHUYLGRU
6,
12
E /DLQIRUPDFLyQFUtWLFDGHODHPSUHVDODPDQHMRHQFULSWDGD
6,
12
6,
12
F 0HOOHYRWUDEDMRGHODHPSUHVDSDUDDGHODQWDUORHQPLFDVD
G ,QVWDOR SURJUDPDV TXH GHVFDUJR GH LQWHUQHW VLQ DXWRUL]DFLyQ GHO
DGPLQLVWUDGRUGHODUHGTXHPHIDFLOLWDQXQSRFRPLWUDEDMR
6,
12
H (QYtRLQIRUPDFLyQFUtWLFDSRUFRUUHRHOHFWUyQLFRVLQHQFULSWDUOD
6,
12
I 6pPDQHMDUFRPSOHWDPHQWHHODQWLYLUXVTXHVHPHLQVWDOyHQPLHTXLSR
6,
12
J $FWXDOL]RUHJXODUPHQWHXQDYH]DOPHVPLDQWLYLUXV
6,
12
K (MHFXWRPLDQWLYLUXVSRUORPHQRVXQDYH]DOGtD
6,
12
L &XDOTXLHU DUFKLYR TXH OOHJXH D PL HTXLSR VHD GHVGHXQD SiJLQD ZHE
FRUUHRHOHFWUyQLFRVHUYLGRUGHDUFKLYRVRGLVNHWWHHVYDFXQDGR
6,
12
M +HSHUGLGRLQIRUPDFLyQSRUFDXVDGHDOJ~QYLUXV
6,
12
&RQUHVSHFWRDOHTXLSR
D 0DQWHQJRHOHTXLSRHQXQOXJDUIUHVFRUHFRPHQGDEOHHLGHDO
6,
12
E 6H OH UHDOL]D HO PDQWHQLPLHQWR GH VRIWZDUH QHFHVDULR SRU SHUVRQDO
HVSHFLDOL]DGR
6,
12
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
F 6H OH UHDOL]D HO PDQWHQLPLHQWR GH KDUGZDUH QHFHVDULR SRU SHUVRQDO
HVSHFLDOL]DGR
6,
12
G (VSRUWiWLO
6,
12
H (Q HO FDVR TXH QR VHD SRUWiWLO SHUPDQHFH HQ HO PLVPR VLWLR
FRQVWDQWHPHQWH
6,
12
I 3HUPDQHFHFRPSOHWDPHQWHFHUUDGR
6,
12
J (YLWRLQJHULUDOLPHQWRVFHUFDGHOHTXLSR
6,
12
K ,QVWDODKDUGZDUHSRUVXSURSLDFXHQWD\QRDYLVDDOSHUVRQDOHQFDUJDGR
6,
12
L (VWDEOHFH FRQILJXUDFLRQHV \ ODV FDPELD FXDQGR GHVHD VLQ LQIRUPDU DO
SHUVRQDOHQFDUJDGR
6,
12
M ,QVWDOR SURJUDPDV VLQ GLOLJHQFLDU GHELGDPHQWH OD OLFHQFLD GH VRIWZDUH
DQWHHOSHUVRQDOHQFDUJDGR
6,
12
N 3RVHRDOJXQD836TXHUHVSDOGHODDXVHQFLDGHHQHUJtD
6,
12
O +H SHUGLGR LQIRUPDFLyQ LPSRUWDQWH SRU FDXVD GH OD LQWHUUXSFLyQ GH
HQHUJtDHOpFWULFD
6,
12
P 6HKDGDxDGRDOJ~QHOHPHQWRGHPLHTXLSRSRUFDXVDGHODLQWHUUXSFLyQ
GHODHQHUJtDHOpFWULFD
6,
12
&RPHQWDULRV
,39
&RPRWRGRVVDEHPRVORVGtDVGHO,3DFWXDO,SYHVWiQFRQWDGRV(QXQFRPLHQ]RVRORODV
XQLYHUVLGDGHV ODV LQGXVWULDV GH DOWD WHFQRORJtD \ HO 'HSDUWDPHQWR GH 'HIHQVD GH ORV
(VWDGRV 8QLGRV HUDQ ORV TXH KDFtDQ XVR GHO ,QWHUQHW +R\ HQ GtD JUDFLDV DO DXJH TXH KD
WHQLGRHO,QWHUQHWVRQPLOORQHVORVXVXDULRVFRQGLIHUHQWHVQHFHVLGDGHVTXHHVWiQKDFLHQGR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
XVR GHO 7RGRV HOORV FRQHFWDGRV GHVGH GLIHUHQWHV SDUWHV \ FDGD XQR FRQ GLIHUHQWHV
QHFHVLGDGHV 3RU HVWR VH YLR TXH HO ,3 DFWXDO WHQLD TXH HYROXFLRQDU YROYLpQGRVH PiV
IOH[LEOH
$O YHUHO SUREOHPD TXH VH SUHVHQWDUtD HQ HOIXWXURHO,(7) FRPHQ]yHQHODxRGHD
WUDEDMDU HQ XQD QXHYD YHUVLyQ GHO ,3 \ WHQLHQGR FRPR EDVH SDUD VX LPSOHPHQWDFLyQ ODV
VLJXLHQWHVPHWDV
0DQHMDUPLOORQHVGHKRVWV
'LVPLQXLUHOWDPDxRGHODVWDEODVGH
HQUXWDPLHQWR
6LPSOLILFDUHOSURWRFROR
%ULQGDUPD\RUVHJXULGDG
3UHVWDUPD\RUDWHQFLyQDOWLSRGHVHUYLFLR
$\XGDUDODPXOWLWUDQVPLVLyQ
3HUPLWLUTXHXQKRVWVHDPyYLO
3HUPLWLUTXHHOSURWRFRORHYROXFLRQH
3HUPLWLUTXHHOSURWRFRORQXHYR\HOYLHMR
FRH[LVWDQSRUDxRV
7DEOD0HWDVGH,39
3DUD HQFRQWUDU XQ SURWRFROR TXH FXPSOLHUD FRQ WRGR HVWR OD ,(7) KL]R XQD FRQYRFDWRULD
VROLFLWDQGRSURSXHVWDV6HUHFLELHURQ\QRWRGDVHVWDEDQFRPSOHWDV)LQDOPHQWHHQHODxR
GHVHSXEOLFDURQHQOD,(((1HWZRUNODVWUHVPHMRUHVSURSXHVWDV'HHVWDVGHVSXpV
GH PXFKRV DQiOLVLV \ UHYLVLRQHV VH VHOHFFLRQR OD PHMRU (VWD HUD OODPDGD 6,33±6LPSOH
,QWHUQHW3URWRFRO3OXVGHVLJQiQGROHHOQRPEUHGH,SY
(O,SYPDQWLHQHODVFDUDFWHUtVWLFDVEXHQDVGHO,SYUHGXFHODVPDODV\DJUHJDXQDVQXHYDV
GRQGHKDFtDQIDOWD$OJXQDVGHHOODVVRQ
x
x
x
x
x
x
x
,SYQRHVFRPSDWLEOHFRQ,SY
(VFRPSDWLEOHFRQORVSURWRFRORVGH,QWHUQHW7&38'3,&03 ,*03 263)
%*3\'16
7LHQH GLUHFFLRQHV PDV JUDQGHV TXH HO ,SY (VWDV WLHQHQ ORQJLWXG GH E\WHV
SURSRUFLRQDQGRDVtXQDFDQWLGDGLOLPLWDGDGHGLUHFFLRQHV,QWHUQHW
6LPSOLILFDFLyQGHODFDEHFHUDODFXDOFRQWLHQHVRORFDPSRVFRQWUDTXHWLHQH
HO,SY(VWRSHUPLWHTXHORVHQUXWDGRUHVWUDEDMHQFRQPD\RUHILFLHQFLDDODKRUD
GHSURFHVDUORVSDTXHWHV
0HMRUD HQ HO WLHPSR GH SURFHVDPLHQWR GH ORV SDTXHWHV (VWR JUDFLDV D TXH
FDPSRVTXHDQWHVHUDQREOLJDWRULRVHQODFDEHFHUDDKRUDVRQRSFLRQDOHV
0HMRUD HQ OD VHJXULGDG UHFDOFDQGR IXQGDPHQWDOPHQWH OD DXWHQWLFLGDG \ OD
FRQILGHQFLDOLGDG
0D\RUDWHQFLyQDOWLSRGHVHUYLFLR(O,SYWLHQHXQFDPSRGHELWVGHGLFDGRD
HVWHSHURFRQODGHPDQGDHVSHUDGDGHPXOWLPHGLDHQODUHGVHUHTXLHUHPXFKR
PDV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
/DFDEHFHUDGHO,SY
ELWV
9HUVLyQ3ULRULGDG
(WLTXHWDVGHIOXMR
/RQJLWXGGHFDUJD~WLO6LJXLHQWHFDEHFHUD/tPLWHGHVDOWRV
'LUHFFLyQGHRULJHQ
E\WHV
'LUHFFLyQGHGHVWLQR
E\WHV
,OXVWUDFLyQ&DEHFHUDGH,39
&DPSRVTXHFRQWLHQHODFDEHFHUDSULQFLSDOGHO,SY
9HUVLyQ
&DPSR TXH H[DPLQDUDQ ORV HQUXWDGRUHV SDUD VDEHU HO WLSR GH SDTXHWH TXH
WLHQHQ\DVHDXQR,SYRXQR,SY$VtHVWRVVHSDVDUDQDOPDQHMDGRUDGHFXDGRGHODFDSD
GHUHG
3ULRULGDG
6H XWLOL]D SDUDGLVWLQJXLU D FXDOHVSDTXHWHV VHOHVSXHGHKDFHUHOFRQWUROGH
IOXMR'RQGH
GHDVRQSDUDWUDQVPLVLRQHVDODVFXDOHVVHOHVSXHGHUHGXFLUODYHORFLGDG
GH D VRQ SDUD WUiILFR HQ WLHPSR UHDO (Q HVWRV QR VH SXHGH UHGXFLU OD
YHORFLGDG \D TXH OD WDVD GH HQYtR HV FRQVWDQWH $Fi VH HQFXHQWUDQ ODV
WUDQVPLVLRQHVGHDXGLR\YLGHR
(WLTXHWDGHIOXMR
3HUPLWLUiHVWDEOHFHUXQDVHXGRFRQH[LyQFRQVXVSURSLRVUHTXLVLWRV\
SURSLHGDGHVHQWUHXQRULJHQ\XQGHVWLQR
/RQJLWXGGHFDUJD~WLO
6LJXLHQWHFDEHFHUD
,QGLFDFXiQWRVE\WHVVLJXHQDODFDEHFHUDGHE\WHV
,QGLFDFXDOGHODVVHLVFDEHFHUDVGHH[WHQVLyQVLJXHDHVWD
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
/LPLWHGHVDOWRV6HXWLOL]DSDUDHYLWDUTXHXQSDTXHWHYLYDHWHUQDPHQWHOLPLWDVXWLHPSRGH
YLGD
'LUHFFLyQ GH RULJHQ \ GHVWLQR &RQ HO ,SY RULJLQDOPHQWH VH XWLOL]DEDQ GLUHFFLRQHV GH E\WHV&RQHOSDVRGHOWLHPSRVHSUHVHQWtDTXHHVWDVVHDJRWDUtDQ3RUHVRHVTXHQDFLyOD
LGHDGHXWLOL]DUGLUHFFLRQHVGHE\WHVODVFXDOHVVHJ~QFiOFXORVQXQFDDFDEDUtDQ
(O HVSDFLR GH GLUHFFLRQHV GHO ,SY VH PXHVWUD D FRQWLQXDFLyQ GRQGH ODV GLUHFFLRQHV TXH
FRPLHQ]DQFRQFHURVVHUHVHUYDQSDUDGLUHFFLRQHV,SY
3UHILMR
ELQDULR
8VR
5HVHUYDGR,SY
1RDVLJQDGR
'LUHFFLRQHV26,
16$3
'LUHFFLRQHV,3;
GH1RYHOO
1HWZDUH
1RDVLJQDGR
1RDVLJQDGR
1RDVLJQDGR
1RDVLJQDGR
'LUHFFLRQHV
EDVDGDVHQ
SURYHHGRU
1RDVLJQDGR
'LUHFFLRQHV
EDVDGDVHQ
JHRJUDItD
1RDVLJQDGR
1RDVLJQDGR
1RDVLJQDGR
1RDVLJQDGR
1RDVLJQDGR
1RDVLJQDGR
1RDVLJQDGR
'LUHFFLRQHVGH
HQODFHGHXVRORFDO
'LUHFFLRQHVGH
LQVWDODFLyQGHXVR
ORFDO
0XOWLWUDQVPLVLyQ
7DEOD(VSDFLRGHGLUHFFLRQHV,39
)UDFFLyQ
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(O XVR GH SUHILMRV SDUD ODV GLUHFFLRQHV EDVDGDV HQ HO VLWLR JHRJUiILFR \ HQ HO SURYHHGRU
SHUPLWLUi XQ PHMRU FRQWURO \D TXH SDUD ORV ELWV TXH VLJXHQ DO SUHILMR VHUYLUiQ SDUD
LGHQWLILFDU HO UHJLVWUR GRQGH VH HQFXHQWUD HO SURYHHGRU $FWXDOPHQWH HVWiQ SDUD 1RUWH
$PpULFD(XURSD\$VLD0DVDGHODQWHVHSRGUiQDPSOLDUKDVWDUHJLVWURVQXHYRV&DGD
XQR SRGUi GLYLGLU ORV E\WHV UHVWDQWHV FRPR TXLHUD SHUR VH HVSHUD TXH HO QXPHUR GH
SURYHHGRUHVVHDGHE\WHV
(Q HO PRGHOR JHRJUiILFR ORV SURYHHGRUHVQR MXHJDQ XQSDSHOLPSRUWDQWH$Vt,SYSXHGH
PDQHMDUDPERVWLSRVGHGLUHFFLRQHV
x
x
/DV ORFDOHV GH HQODFH \ GH LQVWDODFLRQHV ODV FXDOHV VROR VH XWLOL]DQ GH PDQHUD ORFDO
GHQWURGHXQDRUJDQL]DFLyQ
/DVGHPXOWLWUDQVPLVLyQODVFXDOHVWLHQHQXQFDPSRLQGLFDGRUGHELWVXQRGHHQODFH
GHELWVVHJXLGRSRUHOSUHILMR\XQLGHQWLILFDGRUGHJUXSRGHELWV
$GHPiVPDQHMDRWURWLSRGHGLUHFFLRQDPLHQWRHVHOGHQRPLQDGR$Q\FDVWGRQGHHOGHVWLQR
HVXQJUXSRGHGLUHFFLRQHVGRQGHHQYH]GHHQWUHJDUXQSDTXHWHDWRGDVVHOHHQWUHJDVROR
DXQRHOPDVFHUFDQR(OVLVWHPDGHHQUXWDPLHQWRHVHOHQFDUJDGRGHVHOHFFLRQDUDTXHKRVW
VHOHHQWUHJDUi
/DQXHYDQRWDFLyQSDUDHVFULELUGLUHFFLRQHVGHE\WHVHVODVLJXLHQWH
$%&'(
GRQGHVHHVFULEHQJUXSRVGHFXDWURGtJLWRVKH[DGHFLPDOHVVHSDUDGRVSRUGRVSXQWRV3DUD
YROYHUORPDVySWLPRWRGRVORVFHURVDODL]TXLHUGDSRGUiQRPLWLUVH
Æ
7DPELpQSXHGHQUHHPSOD]DUVHXQRRPDVJUXSRVGHFHURVSRUXQSDUGHVLJQRVGHGRV
SXQWRV
$%&'(
3RUXOWLPRODVGLUHFFLRQHV,SYVHSXHGHQHVFULELUFRQXQSDUGHVLJQRVGHGRVSXQWRV
&RPSUREDFLyQHQWUHHO,SY\HO,SY
'RQGHVHTXLWRHOFDPSRGHSURWRFROR\DTXHHOFDPSRGHQH[WKHDGHULQGLFDORTXHOHVLJXH
DODXOWLPDFDEHFHUDGH,3
7DPELpQVHTXLWDURQORVFDPSRVGHIUDJPHQWDFLyQ\DTXHHO,SYUHFRQRFHSDTXHWHVGH
E\WHVORFXDOKDFHTXHVHDSRFRSUREDEOHTXHRFXUUDIUDJPHQWDFLyQ&XDQGRXQKRVWHQYtD
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
XQSDTXHWHPiVJUDQGHTXHORGHELGRVHOHGHYXHOYHXQPHQVDMHGHHUURULQIRUPiQGROHTXH
GHEHGLYLGLUVXSDTXHWHDOWDPDxRFRUUHFWR
(OFDPSRGHVXPDGHFRPSUREDFLyQGHVDSDUHFH\DTXHGHELGRDOFDOFXORTXHHVWHKDFHHVWR
UHGXFHHOGHVHPSHxR
3HUR QR VROR TXH TXLWR WDPELpQ VH LQWURGXMR XQ QXHYR FRQFHSWR FDEHFHUD GH H[WHQVLyQ
(VWDVVHXVDQSDUDGDULQIRUPDFLyQH[WUD$FRQWLQXDFLyQVHPXHVWUDORVWLSRVGHFDEHFHUD
GHH[WHQVLyQ
&DEHFHUDGHH[WHQVLyQ
2SFLRQHVGHVDOWRSRUVDOWR
'HVFULSFLyQ
,QIRUPDFLyQ GLYHUVD SDUD ORV
HQUXWDGRUHV
5XWDWRWDORSDUFLDODVHJXLU
0DQHMR GH IUDJPHQWRV GH
GDWDJUDPDV
&RPSUREDFLyQ GH OD LGHQWLGDG
GHOWUDQVPLVRU
,QIRUPDFLyQ VREUH HO FRQWHQLGR
FLIUDGR
,QIRUPDFLyQ DGLFLRQDO SDUD HO
GHVWLQR
(QUXWDPLHQWR
)UDJPHQWDFLyQ
9HULILFDFLyQGHDXWHQWLFLGDG
&DUJD ~WLO FLIUDGD
VHJXULGDG
2SFLRQHVGHGHVWLQR
GH
7DEOD7LSRVGHFDEHFHUDGHH[WHQVLyQ,39
,SY
3DUDYLVXDOL]DUPHMRUFXDOHVIXHURQORVFDPELRVTXHVHOHKLFLHURQDO,SYD
FRQWLQXDFLyQVHPRVWUDUiODFDEHFHUDGHO,SY
ELWV
9HUVLyQ,+/7LSRGH6HUYLFLR/RQJLWXGWRWDO
,GHQWLILFDFLyQ'0 'HVSOD]DGHO)UDJPHQWR
))
7LHPSRGH9LGD3URWRFROR6XPDGHFRPSUREDFLyQGHFDEHFHUD
'LUHFFLyQGHRULJHQ
'LUHFFLyQGHGHVWLQR
2SFLRQHVRPiVSDODEUDV
,OXVWUDFLyQ&DEHFHUD,39
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(67$'Ë67,&$6,17(51$&,21$/(6
&(57&&6WDWLVWLFV
1XPEHURILQFLGHQWVUHSRUWHG
<HDU
,QFLGHQWV
<HDU
,QFLGHQWV
<HDU
,QFLGHQWV
7RWDOLQFLGHQWVUHSRUWHG
44DQG4
9XOQHUDELOLWLHVUHSRUWHG
<HDU
9XOQHUDELOLWLHV
<HDU
9XOQHUDELOLWLHV
7RWDOYXOQHUDELOLWLHVUHSRUWHG
44DQG4
6HFXULW\DOHUWVSXEOLVKHG
<HDU
$GYLVRULHV
9HQGRU%XOOHWLQV
6XPPDULHV
7RWDOV
<HDU
$GYLVRULHV
9HQGRU%XOOHWLQV
6XPPDULHV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
7RWDOV
<HDU
$GYLVRULHV
6XPPDULHV
7RWDOV
7RWDOVHFXULW\DOHUWVSXEOLVKHG
44DQG4
6HFXULW\QRWHVSXEOLVKHG
<HDU
,QFLGHQWQRWHV
9XOQHUDEOLW\QRWHV
7RWDOQRWHV
<HDU
,QFLGHQWQRWHV
9XOQHUDEOLW\QRWHV
7RWDOQRWHV
7RWDOVHFXULW\QRWHVSXEOLVKHG
44DQG4
0DLOPHVVDJHVKDQGOHG
<HDU
0DLO
<HDU
0DLO
44DQG4
<HDU
0DLO
7RWDOPDLOPHVVDJHVKDQGOHG
+RWOLQHFDOOVUHFHLYHG
<HDU
&DOOV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
<HDU
&DOOV
7RWDOKRWOLQHFDOOVUHFHLYHG
44DQG4
VWDWLVWLFVFRUUHFWHG$SULO
&(57Š DQG&(57&RRUGLQDWLRQ&HQWHUŠ DUHUHJLVWHUHGLQWKH863DWHQWDQG7UDGHPDUN
RIILFH
&RS\ULJKW&DUQHJLH0HOORQ8QLYHUVLW\
'HWHFWLYHVHQVHJXULGDGFRPSXWDFLRQDO
6$1 )5$1&,6&2 (VWDGRV 8QLGRV (VFULELHQGR IUHQpWLFDPHQWH DO WHFODGR GH VX
FRPSXWDGRUD.ULV+DZRUWKVHPRYtDSRUXQODEHULQWRGHGDWRVHQEXVFDGHSUXHEDV
(O GLUHFWRULR GH XQD HPSUHVD PXOWLPLOORQDULD VRVSHFKDED TXH HVWDEDQ DOWHUDQGR VXV
LQIRUPHV GH YHQWDV (VWDED HQ PDQRV GH +DZRUWK HQFRQWUDU ORV PHQVDMHV LQFULPLQDWRULRV
TXHVHVXSRQtDQSHUGLGRV
8WLOL]DQGR SURJUDPDV GH UDVWUHR \ E~VTXHGD GH GDWRV WDQ SRWHQWHV TXH DOJXQD YH] IXHURQ
FRQVLGHUDGRVVHFUHWRVGHHVWDGRSXGRHQFRQWUDUORTXHHOGLUHFWRULREXVFDED/DMXQWDIXH
QRWLILFDGD \ WUDV HOOR OOHJDURQ
QXPHURVRV FDUJRV FRQWUD IXQFLRQDULRV
GHODHPSUHVD
.ULV +DZRUWK GLULJH HO ODERUDWRULR GH
LQYHVWLJDFLRQHV GH 'HORLWWH 7RXFKH
XQD GH ODV QXPHURVDV ILUPDV SULYDGDV
GHGLFDGDVDLQYHVWLJDUFDVRVGHIUDXGH
LQIRUPiWLFR \ DEXVR GHO FRUUHR
HOHFWUyQLFR
+DZRUWKTXLHQGLULJHHOODERUDWRULRGH
LQYHVWLJDFLyQ LQIRUPiWLFD GH 'HORLWWH
7RXFKH HQ 6DQ )UDQFLVFR HV XQD
HQWUHODFUHFLHQWHFDQWLGDGGHFLEHULQYHVWLJDGRUHVSULYDGRVTXHOXFKDQFRQWUDFUtPHQHVTXH
HOJRELHUQRQRHVWiSUHSDUDGRSDUDUHVROYHURTXHODVHPSUHVDVSUHILHUHQQRGHQXQFLDU
+DZRUWK UHK~VD D GLYXOJDU HO QRPEUH GH VXV FOLHQWHV 3RFDV HPSUHVDV HVWiQ GLVSXHVWDV D
UHYHODU VX YXOQHUDELOLGDG D ORV DFFLRQLVWDV FRPSHWLGRUHV R SRWHQFLDOHV GHPDQGDQWHV
DOJXQRVQRTXLHUHQTXHVXVSURSLRVHPSOHDGRVVHHQWHUHQ
(VWRV GHWHFWLYHV SXHGHQ LGHQWLILFDU OD IXHQWH GH LQIRUPHV GH YHQWDV DOWHUDGRV DWUDSDU
ODGURQHV GH VHFUHWRV LQGXVWULDOHV UDVWUHDU LQWUXVRV D\XGDU D UHFKD]DU GHQXQFLDV SRU
GHVSLGRV DEXVLYRV R DFRVR VH[XDO\UHYHODUHOXVRLQDSURSLDGRGHOD,QWHUQHWSRUSDUWHGH
ORVHPSOHDGRV
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
(Q'HORLWWH7RXFKHXWLOL]DQXQDKHUUDPLHQWDOODPDGD6LOHQW5XQQHUXQSURJUDPDFUHDGR
SRU5D\WKHRQ&RUSSDUDODVDJHQFLDVGHLQWHOLJHQFLDHVWDGRXQLGHQVHVFDSD]GHFDSWXUDU\
DQDOL]DUHQWLHPSRUHDOWRGDODDFWLYLGDGGHXQDUHGLQIRUPiWLFD
3RGUtDPRV HQFRQWUDU R UHFXSHUDU FXDOTXLHU FRVD GH XQ GLVFR UtJLGR GLFH +DZRUWK (Q
DOJXQD SDUWH GHO VLVWHPD SHUPDQHFHQ ODV KXHOODV HOHFWUyQLFDV $ QR VHU TXH VH OOHYHQ HO
GLVFR UtJLGR \ OH SDVHQ FRQ XQ FDPLyQ SRU HQFLPD QXQFD SXHGHQ HVWDU VHJXURV GH TXH OD
LQIRUPDFLyQKD\DVLGRUHDOPHQWHHOLPLQDGD
$OJXQRVGHORVKDOOD]JRVGHHVWRVLQYHVWLJDGRUHVPXFKRVGHORVFXDOHVKDQVLGRDJHQWHVR
ILVFDOHV IHGHUDOHV HV GHQXQFLDGD D ORV RUJDQLVPRV GH JRELHUQR SHUR OD PD\RUtD QXQFD
OOHJDDWUDVFHQGHU
$GHPiV HV SRFR OR TXH HO JRELHUQR SRGUtD KDFHU GLFH +RZDUG 6FKPLGW D FDUJR GH OD
VHJXULGDG GH 0LFURVRIW 1LQJXQD GH ODVIXHU]DV GHORUGHQFXHQWD FRQ SHUVRQDO HQWUHQDGR
SDUD KDFHU HVWH WLSR GH WUDEDMR R TXH SXHGD RFXSDUVH GH ODV SRWHQFLDOHV YtFWLPDV GLFH
6FKPLGW
$XPHQWDQODVSpUGLGDVILQDQFLHUDV
/DVSpUGLGDVGHELGDVDOGHOLWRLQIRUPiWLFRDXPHQWDURQHODxRSDVDGRHQXQSRUFLHQWR\
HOSRUFLHQWRGHODVHPSUHVDV\DJHQFLDVGHOJRELHUQRGHWHFWDURQEUHFKDVGHVHJXULGDG
GH DFXHUGR FRQ XQD HQFXHVWD DQXDO GHO &RPSXWHU 6HFXULW\ ,QVWLWXWH GH 6DQ)UDQFLVFR \ HO
)%,
6LQHPEDUJRVyORXQWHUFLRGHORVRUJDQLVPRVFRQVXOWDGRVGLFHQKDEHUGHQXQFLDGRORV
DWDTXHV
0XFKDV YHFHV VyOR ORV DERJDGRV R IXQFLRQDULRV GH DOWR UDQJR VH HQWHUDQ GH ORV TXH ORV
FLEHUGHWHFWLYHV GHVFXEUHQ SRU PHGLRV HOHFWUyQLFRV \ OR XWLOL]DQ SDUD HYLWDU GHPDQGDV
FLYLOHV
2WURFDVRWtSLFRXQYHQGHGRUGHHTXLSDPLHQWRSDUDODFRQVWUXFFLyQFRQWUDWyD'HORLWWH
7RXFKHFXDQGRVHGLVSRQtDDGHPDQGDUDXQH[HPSOHDGRGHDOWRUDQJRSRUKDEHUVHOOHYDGR
DXQLPSRUWDQWHFOLHQWHFRQVLJRDOSDVDUVHDODFRPSHWHQFLD
+DZRUWK UDVWUHy OD LQIRUPDFLyQ FRPHUFLDO TXH PDQHMDED HO H[ HPSOHDGR KDVWD XQD FXHQWD
H[WHUQDGH<DKRR/RVPHQVDMHVQRDXWRUL]DGRVFRQWHQtDQFRSLDVGHGHOLFDGRVGRFXPHQWRV
LQWHUQRV (O FDVR VH UHVROYLy IXHUD GH OD FRUWH (Q PL PXQGR HQFRQWUDPRV HO DUPD
KXPHDQWH\VHODHQWUHJDPRVDODILVFDOtDGLFH+DZRUWK
$XWRSVLDLQIRUPiWLFD
1HZ 7HFKQRORJLHV GH 2UHJRQ IXH XQD GH ODV SULPHUDV HPSUHVDV HQ LQWHUHVDUVH SRU ODV
DXWRSVLDVLQIRUPiWLFDV)XQGDGDHQSRUXQ JUXSRGHH[DJHQWHVIHGHUDOHVSLRQHURVHQ
OD PDWHULD HQWUH HOORV 0LFKDHO $QGHUVRQ LQYHVWLJDGRU GHO,56 GHVGHKDFHDxRVTXLHQ
KDHQWUHQDGRDPLOHVGHDJHQWHVGHVHJXULGDGVREUHWpFQLFDVGHUDVWUHRLQIRUPiWLFR
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
/D DSDULFLyQ GH QXPHURVRV ODERUDWRULRV SULYDGRV QR KD SDVDGR GHVDSHUFLELGD HQWUH ODV
IXHU]D GHO RUGHQ TXH D GXUDV SHQDV SXHGHQ PDQWHQHUVH DO GtD FRQ ORV FUtPHQHV
LQIRUPiWLFRV
0XFKDV YHFHV VH OOHYDQ GHO JRELHUQR D ORV PHMRUHV \ OHV SDJDQ HO GREOH GLFH 'DYLG
*UHHQ GHOHJDGR HQ MHIH GH OD 6HFFLyQ GH 'HOLWR ,QIRUPiWLFR \ 3URSLHGDG ,QWHOHFWXDO GHO
)%,
$FWXDOPHQWH1HZ7HFKQRORJ\HQWUHQD\DVLVWHDORVDJHQWHVGHOJRELHUQR\HVSHFLDOLVWDVGH
ODVFLQFRSULQFLSDOHVHPSUHVDVGHFRQWDELOLGDG\FRQVXOWRUtDDVtFRPRDILUPDVTXHLQWHJUDQ
HOOLVWDGRGH)RUWXQH(VXQDSURIHVLyQPX\OXFUDWLYD
'HORLWWH7RXFKHFREUDGyODUHVODKRUD\ILMDHQGyODUHVHOSUHFLRSURPHGLRGH
XQD DXWRSVLD LQIRUPiWLFD /D HPSUHVD DEULy VX SULPHU ODERUDWRULR HQ 'DOODV HQ HO
VHJXQGR HVWH DxR HQ 6DQ )UDQFLVFR \ SUy[LPDPHQWH DEULUi RWUR HQ &KLFDJR < WRGDYtD
SODQHDQ DPSOLDU D~Q PiV HO HVSDFLR SDUD SRGHU DOPDFHQDU WRGRV ORV HTXLSRV \ OD
LQIRUPDFLyQH[WUDtGDGHORVUtJLGRVGHVXVFOLHQWHV
(UQVW <RXQJ FRPHQ]y FRQ VyOR XQ ODERUDWRULR HQ \ DKRUD FXHQWD FRQ VHLV HQ ORV
(VWDGRV8QLGRVXQRHQ&DQDGi\RWURHQ/RQGUHV
8QiUHDHQH[SDQVLyQ
/D WHQGHQFLD VHJXLUi HQ DXPHQWR D PHGLGD TXH PiV\PiVQHJRFLRVVHKDFHQDWUDYpVGH
PHGLRV GLJLWDOHV VRVWLHQH .ULVWRSKHU 6KDUUDU H[ LQYHVWLJDGRU SDUD OD IXHU]D DpUHD TXH
DFWXDOPHQWHOLGHUDORVODERUDWRULRVGHDXWRSVLDVLQIRUPiWLFDVGH(UQVW<RXQJ
/RVQHJRFLRVHVWDEDQVRPHWLGRVDLQWUXVLRQHV\DWDTXHVGHYLUXV\DKRUDQXHVWURVFOLHQWHV
QRVFRQVXOWDQSDUDDVHVRUDUORVMXGLFLDOPHQWHGLFH6KDUUDU
/RV GHVFXEULPLHQWRV HOHFWUyQLFRV VRQ D~Q PiV LPSRUWDQWHV DKRUD TXH ODV FRUWHV IHGHUDOHV
FRPHQ]DURQ D H[LJLU D ORV OLWLJDQWHV TXH SUHVHQWHQ HYLGHQFLD GLJLWDO DGHPiV GH LPSUHVD
$QWHULRUPHQWH XQ MXH] GHEtD DSUREDU XQ SHGLGR GH PHQVDMHV GH FRUUHR HOHFWUyQLFR R
DUFKLYRVGHFRPSXWDGRUD
(VWDVWpFQLFDVVRQWDQLPSRUWDQWHVSDUDORVGHVFXEULPLHQWRVFRPRXQDIRWRFRSLDGRUDGLFH
(PPHWW6WDQWRQGH)HQZLFN:HVWXQDILUPDGH3DOR$OWR1RVHWUDWDGHVLORVDUFKLYRV
VHUYLUiQFRPRHYLGHQFLDVLQRGHTXpWDQLPSRUWDQWHVVHUiQ
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
*/26$5,2
$6&,,
$PHULFDQ 6WDQGDUG &RGH ,QIRUPDWLRQ,QWHUFKDQJH&yGLJRHVWiQGDUDPHULFDQR SDUD
HOLQWHUFDPELRGHLQIRUPDFLyQ
%DFN2IILFH
3DTXHWHGHVRIWZDUHSDUD:LQGRZV17TXHSURYHHFRQHFWLYLGDG\VHUYLFLRVGH,QWHUQHW
%XJ
)DOORGHXQSURJUDPDTXHDIHFWDODVHJXULGDGGHODLQIRUPDFLyQGHO3&
&RQWUDVHxD
&ODYHVHFUHWDGHXQXVXDULRTXHGDHODFFHVRDXQVHUYLGRU
&UDFNLQJ
6H OH OODPD D OD DFFLyQ GH YLRODU R URPSHU OD VHJXULGDG GH XQ VLVWHPD RSHUDWLYR R
SURJUDPD
'HPRQLR
5HDOPHQWHVHOODPDQ'DHPRQV\VRQDTXHOORVSURJUDPDVTXHVXEHQORVVHUYLFLRVHQORV
VLVWHPDVRSHUDWLYRV8QL[
)LQJHU3ULQWLQJ
7pFQLFD XWLOL]DGD SRU +DFNHUV \ &UDFNHUV SDUD REWHQHU OD PD\RU FDQWLGDG GH
LQIRUPDFLyQ VREUH XQ GHWHUPLQDGR VLVWHPD RSHUDWLYR \ VHUYLFLRV HQ HMHFXFLyQ GH XQD
FRPSXWDGRUDSHUVRQDORXQVHUYLGRU
)LUHZDOO
3URJUDPDTXHSHUPLWHHOILOWUDGRGHSDTXHWHV\VHUYLFLRVDXQDUHG
*8,
*UDSKLF8VHU,QWHUIDFH,QWHUID]GHXVXDULRJUiILFD
+DFNLQJ
$FFLyQ GH OOHYDU DO OtPLWH GHO FRQRFLPLHQWR DOJXQD GLVFLSOLQD FLHQFLD R DUWH
3RSXODUPHQWHVHOHOODPDDVtDODVODDFFLRQHVGHORV+DFNHUV
+H[DGHFLPDO
1~PHURHQXQVLVWHPDFRQEDVHHQ
,QJHQLHUtDVRFLDO
6H OH OODPD D OD DFFLyQ GH HQJDxDU D XQ XVXDULR R DGPLQLVWUDGRU GH XQD UHG SDUD
FRQVHJXLUVXFRQWUDVHxD
,QWUDQHW
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
5HGLQWHUQD R WDPELpQOODPDGDFRUSRUDWLYDVHSDUDGDGH,QWHUQHWSHURFRQORVPLVPRV
VHUYLFLRVDORVXVXDULRVGHODPLVPD
,3
,QWHUQHW 3URWRFRO3URWRFRORGHLQWHUQHW
,3&(
,QWHUQ 3URFHVV &RPXQLFDWLRQ (QYLURPHQW 3URFHVRV LQWHUQRV GH DPELHQWH GH
FRPXQLFDFLyQ
,61
,QLWLDO6HTXHQFH1XPEHU1~PHURGHVHFXHQFLDLQLFLDO
6RQ DTXHOORV Q~PHURV TXH VH JHQHUDQ HQ OD VHFXHQFLD LQLFLDO FXDQGR HO VHUYLGRU
UHVSRQGHDVROLFLWXGHVGHFRQH[LyQ
/RJLQ
$Vt VH OH OODPD D OD LGHQWLILFDFLyQ GHO XVXDULR SUHYLD D OD H[LJHQFLD GH OD FRQWUDVHxD
SDUDHOSRVWHULRUDFFHVRDXQVHUYLGRU
3UR[\
8Q VHUYLGRU 3UR[\ HV HO TXH FRPXQLFD OD HVWDFLyQ GHO XVXDULR FRQ LQWHUQHW \ HVWi
DVRFLDGRFRQHO*DWHZD\\HQDOJXQRVFDVRVFRQHO)LUHZDOO
5)&
5HTXHVW)RU&RPPHQW
5RXWHU
(QUXWDGRU TXH SHUPLWH OD FRQH[LyQ HQWUH ,QWHUQHW \ QXHVWUD ,QWUDQHW R HQWUH UHGHV
FXDOHVTXLHUD
6073
6LPSOH0DLO7UDQVIHU3URWRFRO3URWRFRORGH7UDQVIHUHQFLDGHFRUUHR6LPSOH
7UR\DQR
3URJUDPDTXHDSDUHQWDGDUXQVHUYLFLRFRQILDEOHSHURTXHHQUHDOLGDGDWHQWDFRQWUDOD
VHJXULGDGGHODLQIRUPDFLyQGHTXLHQORXWLOL]D
836
8QLW 3RZHU 6XSO\8QLGDGGHIXHQWHGHSRGHU
9LUXV
3URJUDPDV TXH WLHQHQ HO FRPSRUWDPLHQWR GH ORV YLUXV ELROyJLFRV VH UHSURGXFHQ GH
LJXDOIRUPD\DWDFDQKDVWDHOSXQWRGHGHMDULQXWLOL]DEOHXQFRPSXWDGRU
:$1
:LGH $UHD 1HWZRUN5HGGHiUHDDPSOLD
8QLYHUVLGDGGHO&DXFD
6(*85,'$'&20387$&,21$/
%,%/,2*5$)Ë$
67DQHQEDXP5HGHVGH&RPSXWDGRUDV&DSLWXOR,SY
( $OFDOGH - 0RUHUD - $ 3pUH]± &DPSDQHUR ,QWURGXFFLyQDORV6LVWHPDV
2SHUDWLYRV
$SXQWHV GH &ODVH GH ,QWURGXFFLyQ D OD ,QIRUPiWLFD \ 6LVWHPDV 2SHUDWLYRV
8QLYHUVLGDGGHO&DXFD± 0LJXHO$QJHO1LxR=
KWWSPHPEHUVQEFLFRPDUWXURYDOGHVOLQX[FXUKWP7XWRULDOGH81,;
KWWSKLJKODQGGLWXSPHV81,;LQGH[KWPO7XWRULDOGH81,;
8QLYHUVLGDGGHO&DXFD
Descargar