GHGLFLHPEUHGH &2168/7$3Ó%/,&$ 7$5*(735,1&,3,26<(6758&785$ ,1752'8&&,Ð1 (OGHRFWXEUHGHHO&RQVHMRGH*RELHUQRGHO%&(DGRSWyXQDGHFLVLyQVREUHODHVWUDWHJLDD ODUJR SOD]R GH 7$5*(7 6H UHFRQRFLy TXH DXQTXH 7$5*(7 KDEtD ORJUDGR FXPSOLU VXV SULQFLSDOHV REMHWLYRVODKHWHURJHQHLGDGGHVXGLVHxRWpFQLFRTXHUHIOHMDEDODUHDOLGDGGHPHGLDGRVGHODGpFDGDGH ORV QRYHQWD KDUtD TXH VXV XVXDULRV H[SHULPHQWDUDQ FRQ HO WLHPSR XQD VHULH GH SUREOHPDV TXH OHV OOHYDUtDDHVSHUDUXQVHUYLFLRFDGDYH]PiVDUPRQL]DGR7DPELpQODHILFLHQFLDHQWpUPLQRVGHFRVWHIXH FRQVLGHUDGD SUREOHPiWLFD $GHPiV VH FXHVWLRQy OD FDSDFLGDG GHO DFWXDO VLVWHPD 7$5*(7 SDUD KDFHU IUHQWH D ORV UHWRV TXH SODQWHD HO IXWXUR HQ SDUWLFXODU OD DPSOLDFLyQ GH OD 8( 7$5*(7 WHQGUi TXH VROYHQWDUHVWDVGHILFLHQFLDV (OSUHVHQWHGRFXPHQWRGHVFULEHORVSULQFLSLRVHQTXHVHEDVDUi7$5*(7DVtFRPRVXHVWUXFWXUD(Q ODVHFFLyQ VH H[SRQHQ VXFLQWDPHQWH ODV FDUDFWHUtVWLFDV JHQHUDOHV \ OD HVWUXFWXUD GH 7$5*(7 HQ OD VHFFLyQ VH DERUGDQ FXHVWLRQHV UHODFLRQDGDV FRQ HO iPELWR ODV RSHUDFLRQHV ORV VHUYLFLRV \ ODV LQWHUIDFHV GH 7$5*(7 HQ OD VHFFLyQ VH DQDOL]DQ DVXQWRV UHODWLYRV D OD HVWUXFWXUD GH JRELHUQR ILQDQFLDFLyQ\ILMDFLyQGHSUHFLRV\HQODVHFFLyQVHGHWDOODQODVPHGLGDVTXHVHKDQGHDGRSWDUSDUDHO HVWDEOHFLPLHQWRGH7$5*(7 &$5$&7(5Ì67,&$6*(1(5$/(6<(6758&785$'(7$5*(7 7$5*(7 VHUi XQ VLVWHPD GH SODWDIRUPDV P~OWLSOHV EDVDGR HQ ORV SULQFLSLRV GH L XQ VHUYLFLR EiVLFR DPSOLR\DUPRQL]DGRRIUHFLGRSRUWRGDVODVSODWDIRUPDVLLXQDHVWUXFWXUD~QLFDGHSUHFLRVDSOLFDEOHD HVHVHUYLFLREiVLFRGHVGHHOPRPHQWRHQTXH7$5*(7FRPLHQFHDRSHUDU\LLLHILFLHQFLDHQWpUPLQRV GHFRVWHORTXHVXSRQHTXHHOSUHFLR~QLFRKDGHWHQHUFRPRUHIHUHQFLDHOVLVWHPDGHOLTXLGDFLyQEUXWD HQWLHPSRUHDO6/%75PiVHILFLHQWHHVGHFLUHOVLVWHPDFRQHOFRVWHPiVEDMRSRURSHUDFLyQ\TXH FXDQGR ILQDOLFH HO SHUtRGR GH FXDWUR DxRV SRVWHULRU DO LQLFLR GH ODV RSHUDFLRQHV GH 7$5*(7 ODV VXEYHQFLRQHVVXSHULRUHVDODVFRQVLGHUDGDVDFHSWDEOHVFRPR©ELHQS~EOLFRªWHQGUiQREOLJDWRULDPHQWH TXHGHVDSDUHFHU (OVLVWHPDGHSODWDIRUPDVP~OWLSOHV7$5*(7HVWDUiFRPSXHVWR SRU SODWDIRUPDV LQGLYLGXDOHV FUHDGDV HVSHFLDOPHQWH R FORQDGDV \ HQ ORV WUHV SULPHURV DxRV GH IXQFLRQDPLHQWR SRU XQD SODWDIRUPD FRPSDUWLGDSRUDTXHOORVEDQFRVFHQWUDOHVTXH²GHVGHHOLQLFLRRDORODUJRGHHVRVWUHVDxRV²GHFLGDQ UHQXQFLDUDVXVSODWDIRUPDVLQGLYLGXDOHV7UDVHVWHSHUtRGRLQLFLDOFXDOTXLHUEDQFRFHQWUDOSRGUiRSWDU HQWUH PDQWHQHU VX SODWDIRUPD LQGLYLGXDO HQWUDU D IRUPDU SDUWH GH OD SODWDIRUPD FRPSDUWLGD \D H[LVWHQWHRFUHDURWUDSODWDIRUPDFRPSDUWLGDFRQFXDOTXLHURWUREDQFRFHQWUDOTXHGHVHHKDFHUOR /D~QLFDSODWDIRUPDFRPSDUWLGDGLVSRQLEOHGHVGHHOLQLFLRGH7$5*(7IRUPDUiSDUWHLQWHJUDQWHGHOD HVWUXFWXUDGHHVWHVLVWHPD\QRHQWUDUiHQIXQFLRQDPLHQWRKDVWDTXHORVEDQFRVFHQWUDOHVLQWHUHVDGRV HQSULQFLSLRHQXQLUVHDHOODORKD\DQGHFLGLGRILQDOPHQWH(VWDSODWDIRUPDSRGUtDGHVDUUROODUVHDSDUWLU GH FHUR R EDVDUVH HQ XQD GH ODV \D H[LVWHQWHV &RQGLFLRQDGD D XQ DQiOLVLV WpFQLFR SRVWHULRU SRGUtD IXQGDPHQWDUVH HQ HO GHQRPLQDGR PRGHOR DFWLYRDFWLYR HQ HO TXH HO SHUVRQDO \ ODV WDUHDV FODYH VH UHSDUWHQHQGLVWLQWRVSDtVHV (OGLVHxRGHODSODWDIRUPDFRPSDUWLGDGHEHUiSHUPLWLUTXHFDGD%&1TXHVHLQWHJUHHQHOODPDQWHQJD ODVUHODFLRQHVYLQFXODGDVDODVRSHUDFLRQHVTXHUHDOLFHFRQ©VXVªHQWLGDGHVGHFUpGLWRLQFOXLGDVDTXHOODV GHULYDGDV GH OD SROtWLFD PRQHWDULD \ GH OD IXQFLyQ GH SUHVWDPLVWD GH ~OWLPD LQVWDQFLD &RPR RFXUUH DFWXDOPHQWH HO %&( QR PDQWHQGUi FXHQWDV GH HQWLGDGHV GH FUpGLWR VHD FXDO VHD OD SODWDIRUPD TXH GHFLGDXWLOL]DU 7RGDV ODV SODWDIRUPDV TXH IRUPHQ SDUWH GH 7$5*(7 GHEHUiQ VHJXLU ORV PLVPRV SULQFLSLRV UHFWRUHV FRPRSRUHMHPSORODILMDFLyQGHSUHFLRVODUHFXSHUDFLyQGHFRVWHVHODFFHVRORVVHUYLFLRVEiVLFRVHWF É0%,7223(5$&,21(66(59,&,26(,17(5&21(;,21(6'(7$5*(7 ÉPELWR (OiPELWRGH7$5*(7KDFHUHIHUHQFLDDODGLIHUHQFLDHQWUH7$5*(7\RWURVVLVWHPDVGHSDJR$HVWH UHVSHFWRODFDUDFWHUtVWLFDGLVWLQWLYDGHXQ©6/%75ªHV©ODWUDQVIHUHQFLDGHGLQHURGHOEDQFRFHQWUDOGH XQ WLWXODU D RWUR FRQ ILUPH]D LQWUDGtD \ GH IRUPD FRQWLQXDGDª (IHFWLYDPHQWH GHELGR D ODV PD\RUHV VLPLOLWXGHV HQWUH ORV 6/%75 WUDGLFLRQDOHV \ ORV VLVWHPDV KtEULGRV HO FRQFHSWR FODYH SDUD GHILQLU OD UHVSRQVDELOLGDG GLUHFWD GHO (XURVLVWHPD HQ OR TXH VROtDQ GHQRPLQDUVH ©6/%75ª \D QR HV QHFHVDULDPHQWH OD IRUPD GH OLTXLGDFLyQ ©EUXWDª VLQR OD ©ILUPH]D LQWUDGtD GH ORV SDJRV HIHFWXDGD GH IRUPDFRQWLQXDGDªHQFRQWUDSRVLFLyQFRQODILUPH]DGHILQGHGtDGHORVVLVWHPDVQHWRV3RUORWDQWRHO (XURVLVWHPD WLHQH IXQGDPHQWDOPHQWH HO PLVPR LQWHUpV \ OD PLVPD UHVSRQVDELOLGDG HQ WRGRV ORV VLVWHPDVTXHOLTXLGDQSDJRVLQGLYLGXDOHVWUDQVIURWHUL]RVRQDFLRQDOHVHQGLQHURGHOEDQFRFHQWUDO\FRQ (OIDFWRUFRQVLGHUDGRFRPRELHQS~EOLFRTXHVHUiHVWDEOHFLGRSRUHO&RQVHMRGH*RELHUQRGHO%&(WHQGUiGHELGDPHQWH HQ FXHQWD ODV H[WHUQDOLGDGHV SRVLWLYDV JHQHUDGDV SRU 7$5*(7 \ HQWUH RWUDV ODV GHULYDGDV GH OD UHGXFFLyQ GHO ULHVJR VLVWpPLFR /DVSODWDIRUPDVTXHQRFXPSODQHVWDH[LJHQFLDGHHILFLHQFLDGHFRVWHVWHQGUiQTXHGHMDUGHIXQFLRQDU 6LHPSUHTXHVHFXPSODFRQODREOLJDFLyQGHUHFXSHUDFLyQGHFRVWHVGHILQLGDDQWHULRUPHQWH ILUPH]D LQWUDGtD \ GH IRUPD FRQWLQXDGD LQGHSHQGLHQWHPHQWH GHO KHFKR GH TXH HVWpQ LQWHJUDGRV WpFQLFDPHQWHHQ7$5*(7HMHPSORVVRQHO57*6SOXVGH$OHPDQLD\HO316GH)UDQFLDUHVSHFWLYDPHQWH 1DWXUDOPHQWH OD LQWHJUDFLyQ GH WDOHV VLVWHPDV HQ 7$5*(7 GHEHUtD VHU VLHPSUH SRVLEOH H LQFOXVR IRPHQWDUVH /D2ULHQWDFLyQVREUH7$5*(7VHPRGLILFDUiWDQSURQWRFRPRVHDSRVLEOHSDUDTXHLQFOX\DHVWHQXHYR iPELWR /RV VLVWHPDV WpFQLFDPHQWH LQWHJUDGRV HQ 7$5*(7 WHQGUiQ TXH FXPSOLU SOHQDPHQWH FRQ OD 2ULHQWDFLyQ HQ VX YHUVLyQ PRGLILFDGD 3RU VX SDUWH ORV VLVWHPDV QR LQWHJUDGRV SRVLEOHPHQWH VyOR WHQJDQTXHFXPSOLUFRQXQDSDUWHGHOD2ULHQWDFLyQ 2SHUDFLRQHV &RPR RFXUUH FRQ HO DFWXDO VLVWHPD 7$5*(7 7$5*(7 VL ELHQ VH XWLOL]DUi SDUD HIHFWXDU SDJRV GH tQGROHPX\GLYHUVDGHEHVXRULJHQDODQHFHVLGDGGHOLTXLGDUHQGLQHURGHOEDQFRFHQWUDOSDJRVGHDOWR YDORU HQ HXURV FRQ LPSRUWDQFLD SDUD HO ULHVJR VLVWpPLFR /yJLFDPHQWH 7$5*(7 VHJXLUi VLHQGR FRPSDWLEOHFRQODH[LVWHQFLDGHRWURVVLVWHPDVTXHSURFHVHQSDJRVHQHXURV6LQHPEDUJR7$5*(7 HVWDUiGLVSRQLEOH©VLQPtQLPRVªORTXHTXLHUHGHFLUTXHQLHO(XURVLVWHPDQLORV%&1LPSRQGUiQOtPLWHV GHMXUHRGHIDFWRDFXDOTXLHUSDJRTXHORVXVXDULRVGHVHHQSURFHVDUHQWLHPSRUHDOHQGLQHURGHOEDQFR FHQWUDOHOGHQRPLQDGRHQIRTXHDPSOLR/RVSDJRVVHUiQGHWUHVWLSRVLSDJRVTXHKDQGHFDQDOL]DUVH REOLJDWRULDPHQWHDWUDYpVGH7$5*(7FRPR VXFHGH DKRUD GH FRQIRUPLGDG FRQ OD DFWXDO 2ULHQWDFLyQ VREUH7$5*(7HVGHFLUSDJRVUHODFLRQDGRVFRQODVRSHUDFLRQHVGHSROtWLFDPRQHWDULD\ODOLTXLGDFLyQ GH ORV VLVWHPDV DX[LOLDUHV GH JUDQGHV SDJRV LL SDJRV TXH HO (XURVLVWHPD FRQVLGHUD GHVHDEOH TXH VH SURFHVHQ SRU PHGLR GH 7$5*(7 \ LLL RWURV SDJRV TXH ORV XVXDULRV RSWHQ SRU FDQDOL]DU D WUDYpV GH 7$5*(7 6HUYLFLRV &XDQGR7$5*(7LQLFLyVXVRSHUDFLRQHVVHFRQVLGHUyTXHVXIXQFLRQDOLGDGWUDQVIURQWHUL]DFRQVWLWXtDHO HOHPHQWREiVLFRFRP~QGHWRGRVORV6/%75TXHSDUWLFLSDEDQHQ7$5*(7RTXHHVWDEDQFRQHFWDGRVD pO (Q HVH PRPHQWR OD JDPD GH VHUYLFLRV SUHVWDGRV SRU ORV GLVWLQWRV 6/%75 D VXV SDUWLFLSDQWHV HUD PD\RUTXHHQODDFWXDOLGDG(Q7$5*(7HOiPELWRGHOVHUYLFLREiVLFRFRP~QVHUiLQFOXVRPiVDPSOLR (OQLYHOGHVHUYLFLRVGH7$5*(7HVWDUiPXFKRPiVDUPRQL]DGRTXHHQHOVLVWHPDDFWXDOHLQFOXLUiXQ DPSOLRVHUYLFLREiVLFRTXHSUHVWDUiQWRGRVORVFRPSRQHQWHVGH7$5*(7DXQTXHORVSURFHGLPLHQWRV WpFQLFRV SXHGDQ VHU GLVWLQWRV &RQ WRGR \ EDViQGRVH HQ LQIRUPDFLyQ SURFHGHQWH GH ORV XVXDULRV ORV EDQFRVFHQWUDOHV\DJHVWLRQHQXQDSODWDIRUPDLQGLYLGXDORODSODWDIRUPDFRPSDUWLGDGLVSRQLEOHGHVGHHO LQLFLRGH7$5*(7RFXDOTXLHURWUDSODWDIRUPDFRPSDUWLGDTXHSXHGDH[LVWLUHQHOIXWXURWHQGUiQOD SRVLELOLGDGGHSURSRUFLRQDUVHUYLFLRVDGLFLRQDOHVDGHPiVGHOVHUYLFLREiVLFR (Q 7$5*(7 VH HVWDEOHFHUiQ SURFHGLPLHQWRV FODURV FRQ UHVSHFWR D OD SUHVWDFLyQ GH VHUYLFLRV DGLFLRQDOHVTXHVyORVHSRQGUiQHQIXQFLRQDPLHQWRWUDVKDEHUFRQVXOWDGRFRQORVXVXDULRV'HQWURGHO 6(%&KDEUiWUDQVSDUHQFLDHQORTXHVHUHILHUHDORVVHUYLFLRVSUHVWDGRVSRUORVGLVWLQWRVFRPSRQHQWHV GH7$5*(7ORTXHJDUDQWL]DUiTXHORVVHUYLFLRVLQWURGXFLGRVHQSULPHUOXJDUVRORSRUXQDSODWDIRUPD SXHGDQ IRUPDU SDUWH GHO VHUYLFLR EiVLFR GH 7$5*(7 HQ HO FDVR GH TXH ORV XVXDULRV GH RWUDV SODWDIRUPDVFRQVLGHUHQTXHGLFKRVVHUYLFLRVWDPELpQUHVXOWDQGHXWLOLGDGSDUDHOORV /RVVHUYLFLRV\ODVIXQFLRQHVGH7$5*(7 GHEHUtDQ FRQWHPSODUVH GHVGH OD SHUVSHFWLYD GHO XVXDULR OR TXH TXLHUH GHFLU TXH HV HO VHUYLFLR RIUHFLGR OR TXH FXHQWD QR OD IRUPD GH SURYHHUOR (O QLYHO GH VHUYLFLRVGH7$5*(7VHGHILQLUiHQHVWUHFKDFRRSHUDFLyQFRQORVXVXDULRVGH7$5*(7 &RUUHVSRQGHDO&RQVHMRGH*RELHUQRGHO%&(ODHODERUDFLyQGHODOLVWDGHVHUYLFLRVEiVLFRVDVtFRPR VXUHYLVLyQSHULyGLFD(VWDUHVSRQVDELOLGDGODHMHUFHUiWUDWDQGRGHIRPHQWDUODLQQRYDFLyQ(QFRQFUHWR SRGUtD RSWDUVH SRU LQFOXLU HQ OD OLVWD GH VHUYLFLRV EiVLFRV RWURV VHUYLFLRV DGLFLRQDOHV QRYHGRVRV TXH KD\DQGHPRVWUDGRVHUHILFLHQWHVHQDOJXQDSODWDIRUPD\TXHSXHGDQVHUGHLQWHUpVSDUDHOFRQMXQWRGHOD FRPXQLGDGGHXVXDULRVGH7$5*(7 ,QWHUID]FRQORVXVXDULRV\VLVWHPDVDX[LOLDUHV 'H DFXHUGR FRQ OR VROLFLWDGR SRU ORV XVXDULRV 7$5*(7 WDPELpQ SURVHJXLUi FRQ OD DUPRQL]DFLyQ GH ORV VHUYLFLRV UHODWLYRV D L OD LQWHUID] HQWUH HO 6/%75 \ VXV XVXDULRV \ LL OD OLTXLGDFLyQ GH ORV VLVWHPDV DX[LOLDUHV (QFXDQWRDODLQWHUID]7$5*(7LQLFLyVXVRSHUDFLRQHVHQHQHURGHFRPRXQVLVWHPDHQHOTXHORV EDQFRVFHQWUDOHVPDQWHQtDQGLVWLQWDVLQWHUFRQH[LRQHVFRQORVSDUWLFLSDQWHVHQVXV6/%75ELHQDWUDYpV GH 6:,)7 R PHGLDQWH XQ SURYHHGRU ORFDO GH WHOHFRPXQLFDFLRQHV 'HVGH HQWRQFHV FDVL WRGRV ORV EDQFRVFHQWUDOHVKDQRSWDGRSRU6:,)7RORXWLOL]DUiQHQHOIXWXURSUy[LPRHQUHVSXHVWDDODIXHUWH GHPDQGD GH ORV SDUWLFLSDQWHV HQ HO PHUFDGR /RV HVWiQGDUHV 6:,)7 SDUD ORV PHQVDMHV GH SDJRV KDQ SDVDGRDVHUORVKDELWXDOHVHQODVRSHUDFLRQHVGHSDJRSHUPLWLHQGRDOPLVPRWLHPSRFLHUWDIOH[LELOLGDG HQ VX HPSOHR 'DGR TXH GXUDQWH WRGR HO GHEDWH VREUH OD HYROXFLyQ D ODUJR SOD]R GH 7$5*(7 HQ HO (XURVLVWHPD VH FRPSDUWtD OD RSLQLyQ GH TXH VHUtD FRQYHQLHQWH HVWDEOHFHU XQD ~QLFD LQWHUID] HV PX\ SUREDEOH TXH 7$5*(7 \ VX LQWHUID] FRQ ORV XVXDULRV VH EDVH HQ HO HPSOHR DUPRQL]DGR GH ORV HVWiQGDUHVGHPHQVDMHVGH6:,)7 (QFXDQWRDORVVLVWHPDVDX[LOLDUHVKD\TXHWHQHUHQFXHQWDTXHHQHOPRPHQWRHQTXHVHDGRSWDURQODV VROXFLRQHVUHVSHFWLYDVODOLTXLGDFLyQGHORVVLVWHPDVDX[LOLDUHVHUDXQDFXHVWLyQSXUDPHQWHORFDOSDUDORV EDQFRVFHQWUDOHV(QFDGDOXJDUVHHQFRQWUDURQVROXFLRQHVGLIHUHQWHVTXHHQVXFRQWH[WRQDFLRQDOKDQ UHVXOWDGR VHU HQ JHQHUDO HILFLHQWHV 6LQ HPEDUJR HVWR QR VLJQLILFD TXH OD OLTXLGDFLyQ GH ORV VLVWHPDV DX[LOLDUHV QR KXELHUD SRGLGR UHDOL]DUVH GH IRUPD GLVWLQWD VL ODV QRUPDV GH OLTXLGDFLyQ VH KXELHUDQ FRRUGLQDGR D QLYHO HXURSHR 'HVGH OD SHUVSHFWLYD DFWXDO ORV PpWRGRV GH OLTXLGDFLyQ GH ORV VLVWHPDV DX[LOLDUHVVRQSXHVVROXFLRQHVKHUHGDGDVGH©ORTXHVHKDFtDªHQHOSDVDGRHQXQFRQWH[WRQDFLRQDO PiVTXHODFREHUWXUDGHODVDFWXDOHVQHFHVLGDGHVGHODVHQWLGDGHVGHFUpGLWRGHOD]RQDGHOHXUR (Q7$5*(7ODVSODWDIRUPDVLQGLYLGXDOHVSRGUtDQPDQWHQHUVXVDFWXDOHVPRGHORVGHOLTXLGDFLyQHQHO FDVR GH ORV VLVWHPDV DX[LOLDUHV SHUR SRU OR TXH UHVSHFWD D OD SODWDIRUPD FRPSDUWLGD VH SODQWHD OD FXHVWLyQGHVLKDEUiTXHPDQWHQHUWRGDVHVDVVROXFLRQHVKHUHGDGDV/DVGLVWLQWDVVROXFLRQHVHQPDWHULD GHOLTXLGDFLyQFXHQWDQFRQHOHPHQWRVFRPXQHVSXGLHQGRGLYLGLUVHHQGRVPRGHORVJHQHUDOHV − (O©PRGHORLQWHUFRQHFWDGRªHQHOTXHODOLTXLGDFLyQHQGLQHURGHOEDQFRFHQWUDOGHODVSRVLFLRQHV GHORVSDUWLFLSDQWHVHQHOVLVWHPDDX[LOLDUVHSURGXFHHQHO6/%75 − (O©PRGHORLQWHJUDGRªSDUDODOLTXLGDFLyQGHRSHUDFLRQHVFRQYDORUHVHQGLQHURGHOEDQFRFHQWUDO HQHOTXHODOLTXLGDFLyQDOFRQWDGRVHSURGXFHHQHOSURSLRVLVWHPDDX[LOLDU /DSODWDIRUPDFRPSDUWLGDGLVSRQLEOHGHVGHHOLQLFLRGHO7$5*(7DVtFRPRFXDOTXLHURWUDSODWDIRUPD FRPSDUWLGDTXHSXHGDH[LVWLUHQHOIXWXURSRGUtDRIUHFHUHVWDVVROXFLRQHVDUPRQL]DGDVHQPDWHULDGH OLTXLGDFLyQVLQUHGXFLUVXHVWDELOLGDG\UHQGLPLHQWR 1RREVWDQWHVHSRGUtDFRQVLGHUDUWDPELpQTXHGXUDQWHXQDIDVHGHWUDQVLFLyQORVVLVWHPDVDX[LOLDUHV QR OLTXLGDUDQ HQ OD SODWDIRUPD FRPSDUWLGD VLQR HQ ODV KDELWXDOHV FXHQWDV GH OLTXLGDFLyQ GH ORV SDUWLFLSDQWHVHQVXEDQFRFHQWUDOGHRULJHQ'HHVHPRGRHVWRVVLVWHPDVSRGUtDQPDQWHQHUVXPRGHOR GH OLTXLGDFLyQ SRU XQ WLHPSR \ ©FRQHFWDUVHª D OD SODWDIRUPD FRPSDUWLGD FXDQGR OR FRQVLGHUDVHQ FRQYHQLHQWH &RQ WRGR HV SUREDEOH TXH 7$5*(7 VH FRQYLHUWD HQ FDWDOL]DGRU GH XQD PD\RU DUPRQL]DFLyQ GH ORV GLVWLQWRV PpWRGRV GH OLTXLGDFLyQ 'H KHFKR ORV SDUWLFLSDQWHV HQ ORV VLVWHPDV GH SDJR HVWiQ SUHVLRQDQGR SDUD TXH VH SURGX]FD WDO DUPRQL]DFLyQ FRQ HO ILQ GH DXPHQWDU OD HILFLHQFLD \ DKRUUDUFRVWHV $HVWHUHVSHFWRKDEUtDTXHWHQHUHQFXHQWDHQWRGRPRPHQWRTXHODVSHFXOLDULGDGHVQDFLRQDOHVQRVRQ HQPXFKRVFDVRV©VHUYLFLRVFUHDGRVD OD PHGLGDª HQ HO VHQWLGR GH TXH HVWH VHUYLFLR HV QHFHVDULR GH HVWDPDQHUDFRQFUHWD\QRGHRWUD&RQIUHFXHQFLDVRQVLPSOHPHQWHVROXFLRQHVQDFLRQDOHVSURFHGHQWHV GHOSDVDGRTXHUHVSRQGHQDODVQHFHVLGDGHVGHOPHUFDGRGHOLTXLGDUGHPDQHUDHILFLHQWH\VHJXUDVXV RSHUDFLRQHV SHUR TXH DFWXDOPHQWH SRGUtDQ UHVROYHUVH SHUIHFWDPHQWH GH PRGR GLVWLQWR 'HVGH XQ SXQWR GH YLVWD WpFQLFR OD SODWDIRUPD FRPSDUWLGD GLVSRQLEOH GHVGH HO LQLFLR GH 7$5*(7 DVt FRPR FXDOTXLHURWUDSODWDIRUPDTXHSXHGDH[LVWLUHQHOIXWXURHVWDUiFDSDFLWDGDSDUDSUHVWDUWDQWRGLIHUHQWHV VHUYLFLRVHVSHFtILFRVSDUDXQSDtVFRPRVROXFLRQHVJHQHUDOHVGHOLTXLGDFLyQSDUDVLVWHPDVDX[LOLDUHV(V VyOR XQD FXHVWLyQ GH FRVWHV GH DGDSWDFLyQ \ GH VX UHSDUWR HQWUH OD SODWDIRUPD FRPSDUWLGD \ ORV VLVWHPDVDX[LOLDUHV(QFXDOTXLHUFDVRXQPD\RUJUDGRGHDUPRQL]DFLyQDKRUUDUtDFRVWHVDODUJRSOD]R VLHQGRpVWHHOPRWLYRSRUHOFXDOORVSDUWLFLSDQWHVHQORVVLVWHPDVGHSDJRVHPXHVWUDQIDYRUDEOHVDHVWH SURFHVR /D GLV\XQWLYD HQWUH HO FRVWH GH WUDQVLFLyQ \ OD DUPRQL]DFLyQ LQGLFD TXH HO SURFHVR UHTXHULUi EDVWDQWH WLHPSR $ FRUWR SOD]R HVWH REMHWLYR SRGUtD ORJUDVH PHGLDQWH HO HPSOHR GH VROXFLRQHV SUDJPiWLFDV (OPRGHORLQWHUFRQHFWDGRVHEDVDELHQHQXQSURFHGLPLHQWRGHWUDQVIHUHQFLDRHQXQSURFHGLPLHQWRGHDGHXGRGLUHFWR(Q HOSULPHUFDVROD OLTXLGDFLyQ GHO VLVWHPD DX[LOLDU VH HIHFW~D D WUDYpV GH XQ SURFHGLPLHQWR GH WUDQVIHUHQFLD HQ HO TXH ORV SDUWLFLSDQWHVFRQXQDSRVLFLyQFRUWDHQHOVLVWHPDDX[LOLDUGHSRVLWDQIRQGRVHQXQDFXHQWDGHOLTXLGDFLyQGHOVLVWHPDDX[LOLDU HQODSODWDIRUPDFRPSDUWLGD7DQSURQWRFRPRVHUHFLEHQHVWRVIRQGRVVHSDJDDORVSDUWLFLSDQWHVFRQXQDSRVLFLyQODUJD (XURXWLOL]DSRUHMHPSORHVWHWLSRGHPRGHOR(QHOVHJXQGRFDVRHOVLVWHPDDX[LOLDUJHQHUDDGHXGRVGLUHFWRVUHFLELHQGR ORVIRQGRVGHVXVGHXGRUHVDWUDYpVGHODSODWDIRUPDFRPSDUWLGD eVWD HV OD PDQHUD HQ OD TXH VH OLTXLGDQ HQ GLQHUR GHO EDQFR FHQWUDO ODV RSHUDFLRQHV FRQ YDORUHV HQ HO VLVWHPD GH FRPSHQVDFLyQ\OLTXLGDFLyQGHYDORUHV5*9GH)UDQFLD (6758&785$'(*2%,(512),1$1&,$&,Ð1<),-$&,Ð1'(35(&,26 /DHVWUXFWXUDGHJRELHUQRGH7$5*(7HVWDUiGLYLGLGDHQWUHVQLYHOHV&RPRVXFHGHHQODDFWXDOLGDG ORV yUJDQRV UHFWRUHV GHO %&( FRQVWLWXLUiQ OD DXWRULGDG Pi[LPD GHO VLVWHPD 7$5*(7 \ VHUiQ ORV UHVSRQVDEOHV ~OWLPRV HQ ORV DVXQWRV UHODFLRQDGRV FRQ ODV RSHUDFLRQHV QDFLRQDOHV \ WUDQVIURQWHUL]DV GH 7$5*(7 SULPHU QLYHO 'HQWUR GHO PDUFR JHQHUDO GHILQLGR SRU HO %&( ORV EDQFRV FHQWUDOHV TXH PDQWHQJDQ VXV SODWDIRUPDV LQGLYLGXDOHV R TXH FRPSDUWDQ XQD FRQ RWURV EDQFRV FHQWUDOHV VHUiQ UHVSRQVDEOHVVXEVLGLDULRVGHWRGRVORVWHPDVUHODFLRQDGRVFRQ7$5*(7TXHTXHGHQDVXGLVFUHFLyQ(Q SDUWLFXODUHOVHJXQGRQLYHOGHODHVWUXFWXUDGHJRELHUQRGHOVLVWHPDHVWDUiFDUJRGHORVEDQFRVFHQWUDOHV UHVSHFWLYRVHQHOFDVRGHODVSODWDIRUPDVLQGLYLGXDOHV\GHORVEDQFRVFHQWUDOHVSDUWLFLSDQWHVHQHOFDVR GH OD SODWDIRUPD R SODWDIRUPDV FRPSDUWLGDV (O RSHUDGRU WpFQLFR GH OD SODWDIRUPD R SODWDIRUPDV FRPSDUWLGDV\GHFDGDSODWDIRUPDLQGLYLGXDOFRQVWLWXLUiHOWHUFHUQLYHOGHODHVWUXFWXUDGHJRELHUQR (QHOSURFHVRGHWRPDGHGHFLVLRQHVHQORVGLVWLQWRVQLYHOHVGHODHVWUXFWXUDGHJRELHUQRUHVXOWDFUXFLDO OD HVWUHFKD SDUWLFLSDFLyQ GH ORV XVXDULRV GHO VLVWHPD SULQFLSDOPHQWH HQWLGDGHV GH FUpGLWR \ VLVWHPDV DX[LOLDUHV (O%&(IDFLOLWDUiFXDOTXLHUIXQFLyQGHFRRUGLQDFLyQTXHVHDQHFHVDULRUHDOL]DUHQ7$5*(7DOLJXDOTXH HQODDFWXDOLGDG (Q FXDQWR D OD ILQDQFLDFLyQ GH ORV GLVWLQWRV FRPSRQHQWHV GH 7$5*(7 ODV SODWDIRUPDV LQGLYLGXDOHV HVWDUiQ ILQDQFLDGDV SRU ORV EDQFRV FHQWUDOHV TXH ODV PDQWHQJDQ /D SODWDIRUPD FRPSDUWLGD HVWDUi ILQDQFLDGDSRUORVEDQFRVFHQWUDOHVTXHSDUWLFLSHQHQHOOD (OSULPHUQLYHOGHODHVWUXFWXUDGHJRELHUQR (OSDSHOGHO%&(VHUiHQODPD\RUPHGLGDSRVLEOHHOPLVPRHQWRGRVORVFRPSRQHQWHVGH7$5*(7H LQFOXLUi OD WRPD GH GHFLVLRQHV VREUH ORV DVXQWRV PHQFLRQDGRV DQWHULRUPHQWH HV GHFLU ORV VHUYLFLRV EiVLFRVODPHWRGRORJtDFRP~QVREUHORVFRVWHV\HOSUHFLR~QLFR(O©SULPHUQLYHOªGHODHVWUXFWXUDGH JRELHUQRGHEHUtDWUDWDUGHORJUDUHQWUHRWURVREMHWLYRVHOWUDWRHTXLWDWLYRGHWRGRVORVFRPSRQHQWHV GH7$5*(7(QHOFDVRSDUWLFXODUGHOD~QLFDSODWDIRUPDFRPSDUWLGDHO©SULPHUQLYHOªGHODHVWUXFWXUD GHJRELHUQRVyORGHEHUtDSDUWLFLSDUHQDTXHOODVFXHVWLRQHVHVSHFtILFDVGHULYDGDVGHVXFDUiFWHUH[FOXVLYR FRPRSODWDIRUPDFRPSDUWLGDDOLQLFLRGH7$5*(7(O%&(YHODUiSRUTXHHVWDSODWDIRUPD~QLFDSXHGD GHVHPSHxDUVXSDSHOSUHYLVWRGHSODWDIRUPDSDUDHOFRQMXQWRGHO(XURVLVWHPDHQODTXHFXDOTXLHUEDQFR FHQWUDOSRGUiSDUWLFLSDUHQXQDHWDSDSRVWHULRUFRQORVPLVPRVGHUHFKRV\REOLJDFLRQHVTXHORVEDQFRV TXHHQWUDURQDIRUPDUSDUWHGHHOODGHVGHHOLQLFLR (OVHJXQGRQLYHOGHODHVWUXFWXUDGHJRELHUQR (O VHJXQGR QLYHO GH OD HVWUXFWXUD GH JRELHUQR HVWi FRQVWLWXLGR HQ FDGD SODWDIRUPD SRU HO %&1 R ORV %&1 TXH SDUWLFLSHQ HQ HOOD 'H FRQIRUPLGDG FRQ ODV RULHQWDFLRQHV JHQHUDOHV GH 7$5*(7 HQ VX FRQMXQWR \ HQ HO PDUFR HVSHFtILFR GHILQLGR SRU HO %&( SDUD OD SODWDIRUPD FRPSDUWLGD FRPR OD ~QLFD H[LVWHQWHDOLQLFLRGH7$5*(7ORVEDQFRVFHQWUDOHVTXHODFRPSDUWDQGLVSRQGUiQGHODPLVPDOLEHUWDG SDUD JHVWLRQDUOD TXH OD TXH WHQGUiQ ORV EDQFRV FHQWUDOHV TXH PDQWHQJDQ SODWDIRUPDV LQGLYLGXDOHV SDUD DGPLQLVWUDUVXVVLVWHPDV /DV GHFLVLRQHV TXH VH DGRSWDUiQ HQ HVWH QLYHO GH OD HVWUXFWXUD GH JRELHUQR VH UHILHUHQ D FXHVWLRQHV HVWUXFWXUDOHVWDOHVFRPRHOGLVHxR\HOGHVDUUROORLQLFLDOHVGHODSODWDIRUPD\HQHOFDVRGHODSODWDIRUPD FRPSDUWLGD D VL pVWD VH FUHDUi D SDUWLU GH FHUR R VH EDVDUi HQ XQD SODWDIRUPD \D H[LVWHQWH 7DPELpQ FRUUHVSRQGH D HVWH QLYHO OD GHFLVLyQ UHODWLYD D OD XELFDFLyQ GH OD SODWDIRUPD FRPSDUWLGD TXH VLQ HPEDUJR VyOR VH DGRSWDUi SUHYLD FRQVXOWD FRQ HO SULPHU QLYHO GH OD HVWUXFWXUD GH JRELHUQR )DFWRUHV WDOHV FRPR ORV FRVWHV OD FRPSHWHQFLD WpFQLFD GHO RSHUDGRU \ OD VHJXULGDG GHEHUiQ GHWHUPLQDU HVWD GHFLVLyQ&RQVLGHUDFLRQHVUHODWLYDVDODVHJXULGDGSRGUtDQOOHYDUDTXHODVVHGHVSULQFLSDO\VHFXQGDULDGH ODSODWDIRUPDFRPSDUWLGDVHVLWXDUDQHQGLVWLQWRVSDtVHV $GHPiV GH HVWDV GHFLVLRQHV HVWUXFWXUDOHV TXH KDQ GH DGRSWDUVH HQ OD IDVH GH LPSODQWDFLyQ GH 7$5*(7HQHVWHQLYHOGHODHVWUXFWXUDGHJRELHUQRKDEUiTXHWRPDUWDPELpQGHFLVLRQHVFR\XQWXUDOHV XQD YH] TXH HO VLVWHPD HQWUH HQ IXQFLRQDPLHQWR (MHPSORV GH HOOR VRQ OD HOHFFLyQ \ HO GHVDUUROOR GH QXHYRV VHUYLFLRV DGLFLRQDOHV VROLFLWDGRV SRU ORV XVXDULRV GH OD SODWDIRUPD WDQWR QDFLRQDOHV FRPR GHO FRQMXQWRGHODSODWDIRUPDODILMDFLyQGHSUHFLRVGHWDOHVVHUYLFLRVODFRQWUDWDFLyQGHSHUVRQDOSDUDORV yUJDQRV GH JHVWLyQ GH HVWH QLYHO GH OD HVWUXFWXUD GH JRELHUQR \ HO VHJXLPLHQWR GHO GHVDUUROOR GH OD DFWLYLGDGDODUJRSOD]R/DUHVSRQVDELOLGDGGHPDQWHQHUUHODFLRQHVGHULYDGDVGHODVRSHUDFLRQHVFRQORV XVXDULRV SDUD GLVSRQHU GH XQD EXHQD LQIRUPDFLyQ VREUH ORV PHUFDGRV ILQDQFLHURV \ SRGHU DFWXDU DGHFXDGDPHQWH HQ VLWXDFLRQHV GH HPHUJHQFLD DGPLWLU SDUWLFLSDQWHV HQ HO VLVWHPD FRQWURODU ODV RSHUDFLRQHV GLDULDV \ ODV SRVLFLRQHV GH OLTXLGH] LQWUDGtD GH ORV FOLHQWHV ©SURSLRVµ GH ORV EDQFRV FHQWUDOHVJDUDQWL]DUODIOXLGH]GHORVSDJRV\VROYHQWDUORVSUREOHPDVHQFRODERUDFLyQFRQODVHQWLGDGHV GHFUpGLWR\ORVVLVWHPDVDX[LOLDUHVHWFVHJXLUiUHFD\HQGRHQORVEDQFRVFHQWUDOHVLQFOXVRHQHOFDVR GHODSODWDIRUPDFRPSDUWLGD (QFXDQWRDODILQDQFLDFLyQVHUiSUHFLVRGHVDUUROODUXQVLVWHPDSDUDJDUDQWL]DUTXHORVEDQFRVFHQWUDOHV TXHVHLQWHJUHQHQODSODWDIRUPDFRPSDUWLGDHQXQDHWDSDSRVWHULRUFRQWULEX\DQFRQXQDSDUWLFLSDFLyQ DGHFXDGDDORVFRVWHVLQLFLDOHVGHGHVDUUROORHLPSODQWDFLyQGHODSODWDIRUPD (OWHUFHUQLYHOGHODHVWUXFWXUDGHJRELHUQR /DV SODWDIRUPDV LQGLYLGXDOHV SRGUtDQ VHU JHVWLRQDGDV SRU HO %&1 FRUUHVSRQGLHQWH R SRU XQD HQWLGDG H[WHUQD (O RSHUDGRU R ORV RSHUDGRUHV WpFQLFRV GH OD SODWDIRUPD FRPSDUWLGD SRGUtDQ VHU GH IRUPD URWDWRULD XQ %&1 HO %&( R YDULRV EDQFRV FHQWUDOHV D OD YH] 2WUD SRVLELOLGDG SRGUtD VHU FRQWUDWDU D XQD HQWLGDG LQGHSHQGLHQWH \D IXHUD SULYDGD R SURSLHGDG GH ORV EDQFRV FHQWUDOHV TXH LQWHJUDUDQ OD SODWDIRUPD SDUD TXH VH RFXSDVH GH VX IXQFLRQDPLHQWR &RPR HQ HO IXQFLRQDPLHQWR GH OD SODWDIRUPD SXHGHSDUWLFLSDUPiVGHXQEDQFRFHQWUDOVXGHVDUUROORQRWLHQHSRUTXpOOHYDUORDFDERQHFHVDULDPHQWH XQD ~QLFD HQWLGDG /DV GHFLVLRQHV TXH DGRSWDUiQ OD HQWLGDG R HQWLGDGHV D ODV TXH VH HQFRPLHQGH OD SURYLVLyQ WpFQLFD GH FDGD SODWDIRUPD LQGLYLGXDO R FRPSDUWLGD VH UHIHULUiQ DO IXQFLRQDPLHQWR WpFQLFR GLDULR GHO VLVWHPD VREUH OD EDVH GH ORV DFXHUGRV DOFDQ]DGRV FRQ HO EDQFR R ORV EDQFRV FHQWUDOHV SHUWLQHQWHVDFHUFDGHOQLYHOGHVHUYLFLRV (OSDSHOGHORVXVXDULRV 3DUD YHODU SRU TXH FDGD SODWDIRUPD IXQFLRQH \ VH PDQWHQJD FRPR XQ FRPSRQHQWH HILFLHQWH GH 7$5*(7TXHVDWLVIDJDODVQHFHVLGDGHVGHVXV XVXDULRV VH HVWDEOHFHUi FRPR SDUWH LQWHJUDQWH GH ORV SURFHVRVGHWRPDGHGHFLVLRQHVXQSURFHGLPLHQWRGHFRQVXOWDHQHOTXHSDUWLFLSDUiQORVXVXDULRV/D SDUWLFLSDFLyQGHpVWRVHQODVGHFLVLRQHVVHJDUDQWL]DUiGHGRVPDQHUDV(QSULPHUOXJDUVHOHVFRQVXOWDUi VREUHWRGRVDTXHOORVDVXQWRVTXHVHSODQWHHQHQORVGLVWLQWRVQLYHOHVGHODHVWUXFWXUDGHJRELHUQR\TXH OHV DIHFWHQ FRPR SRU HMHPSOR HO QLYHO GH VHUYLFLRV (Q VHJXQGR OXJDU SRGUiQ SRU LQLFLDWLYD SURSLD H[SUHVDUVXRSLQLyQ\SUHVHQWDUSURSXHVWDVUHODWLYDVDWRGDVODVFXHVWLRQHVTXHFRQVLGHUHQLPSRUWDQWHV +DEUi TXH GHWHUPLQDU ORV SURFHGLPLHQWRV SDUD TXH OD SDUWLFLSDFLyQ GH ORV XVXDULRV HQ HO SURFHVR GH FRQVXOWDVHDDPSOLD\VXILFLHQWH3RUXQODGRVHWHQGUiHQFXHQWDGHELGDPHQWHODSDUWLFLSDFLyQGHFDGD XVXDULR HQ ORV LPSRUWHV \ Q~PHUR GH ODV RSHUDFLRQHV GH SDJR WRWDOHV $O PLVPR WLHPSR WDPELpQ GHEHUiQUHIOHMDUVHGHPDQHUDDSURSLDGDODVSRVLEOHVQHFHVLGDGHVHVSHFtILFDVGHODVHQWLGDGHVGHFUpGLWR GHPHQRUWDPDxR /DHVWUHFKDSDUWLFLSDFLyQGHORVXVXDULRVQRLQYDOLGDHOKHFKRGHTXHODVGHFLVLRQHVILQDOHVVHDGRSWDUiQ HQORVGLVWLQWRVQLYHOHVGHODHVWUXFWXUDGHJRELHUQR$VtQRKDEUiFDELGDSDUDHODXWRPDWLVPRVHJ~QHO FXDO HO UHVXOWDGR GH XQD FRQVXOWD D ORV XVXDULRV GHWHUPLQDUtD OD GHFLVLyQ ILQDO D DGRSWDU (Q DOJXQRV FDVRV TXH FDEH SUHVXPLU SRFR IUHFXHQWHV SRGUtD VHU QHFHVDULR RWRUJDU PD\RU LPSRUWDQFLD D FRQVLGHUDFLRQHV GH SROtWLFD S~EOLFD FRPR OD UHGXFFLyQ GHO ULHVJR VLVWpPLFR /D IRUPD HQ TXH VH RUJDQL]DUi HO GLiORJR FRQ ORV XVXDULRV GH OD SODWDIRUPD FRPSDUWLGD DVt FRPR HO SDSHO GH ORV GLVWLQWRV EDQFRVFHQWUDOHVTXHHQWUHQDIRUPDUSDUWHGHHOODVHGHFLGLUiHQPiVGHWDOOHHQHOVHJXQGRQLYHOGHOD HVWUXFWXUDGHJRELHUQR )LMDFLyQGHSUHFLRV (Q HO FDVR GH ORV VHUYLFLRV TXH IRUPDQ SDUWH GHO VHUYLFLR EiVLFR GH 7$5*(7 HO %&( HVWDEOHFHUi XQD ~QLFD HVWUXFWXUD GH SUHFLRV SDUD HO FRQMXQWR GH 7$5*(7 LQVSLUDGD HQ HO SULQFLSLR ©PLVPR VHUYLFLR PLVPR SUHFLRª OR TXH QR LPSOLFD QHFHVDULDPHQWH XQ SUHFLR ~QLFR 3RU HMHPSOR GHQWUR GH HVWD HVWUXFWXUD ORV SUHFLRV SRGUiQ JUDGXDUVH VHJ~Q HO Q~PHUR GH SDJRV UHDOL]DGRV SRU XQ SDUWLFLSDQWH R VHJ~Q HO PRPHQWR HQ TXH VH HIHFW~HQ &DGD EDQFR FHQWUDO SRU VHSDUDGR \ GH IRUPD LQGHSHQGLHQWH SRGUiVHJXLUILMDQGRHOSUHFLRGHORVVHUYLFLRVDGLFLRQDOHV (O©PLVPRSUHFLRªVHEDVDUiHQXQ6/%75GHUHIHUHQFLDGHILQLGRFRPRDTXpOHQHOTXHHOFRVWHPHGLR SRU RSHUDFLyQ QDFLRQDO \ WUDQVIURQWHUL]D VHD PiV EDMR \ WHQGUi TXH SHUPLWLU TXH HO VLVWHPD GH UHIHUHQFLD UHFXSHUH WRGRV ORV FRVWHV WHQLHQGR HQ FXHQWD VLQ HPEDUJR HO IDFWRU FRQVLGHUDGR FRPR ©ELHQS~EOLFRª(VWHIDFWRUVHUiHOPLVPRSDUDWRGRVORVFRPSRQHQWHVGH7$5*(7 /DHVWUXFWXUDGHSUHFLRV~QLFDVHLPSODQWDUiGHVGHHOLQLFLRGH7$5*(7 (O6/%75GHUHIHUHQFLDQRVHUiUHTXHULGRDLQFUHPHQWDUVXSUHFLRSDUDTXH7$5*(7HQVXFRQMXQWR SXHGDUHFXSHUDUHQPD\RUPHGLGDORVFRVWHV (O&RQVHMRGH*RELHUQRGHFLGLUiHQVXPRPHQWRVLUHVXOWDUHFRPHQGDEOHODWUDQVLFLyQJUDGXDODXQSUHFLR~QLFR 0(','$6 48( 6( +$1 '( $'237$5 3$5$ (/ (67$%/(&,0,(172 '( 7$5*(7 7$5*(7FRPHQ]DUiDRSHUDUFXDQGR L HQWUHHQYLJRUOD2ULHQWDFLyQVREUH7$5*(7 LL WRGRV ORV FRPSRQHQWHV GH 7$5*(7 SURSRUFLRQHQ ORV VHUYLFLRV EiVLFRV HVWLSXODGRV HQ OD 2ULHQWDFLyQ LLL ORVVHUYLFLRVVHRIUH]FDQDXQSUHFLR~QLFR\ LY ODSODWDIRUPDFRPSDUWLGDHVWpRSHUDWLYD /DGHFLVLyQGHO&RQVHMRGH*RELHUQRDGRSWDGDHQRFWXEUHGHOVHFHQWUyHQORVSULQFLSLRVEiVLFRV GH7$5*(7GHMDQGRGLYHUVRVDVSHFWRVSDUDFRQVLGHUDFLRQHVIXWXUDV /RVVLJXLHQWHVSUHSDUDWLYRVGH7$5*(7SXHGHQGLYLGLUVHHQWUHVIDVHVLODIDVHSUHYLDDOSUR\HFWRLL ODIDVHGHOSUR\HFWR\LLLODIDVHGHSUXHED\FRPSUREDFLyQ /DIDVHSUHYLDDOSUR\HFWRLQFOX\HORVVLJXLHQWHVSDVRV − /DV RSLQLRQHV GH WRGRV ORV XVXDULRV GH 7$5*(7 VREUH OD PHMRU PDQHUD GH SRQHU HQ SUiFWLFD HO HQIRTXHHOHJLGRSDUD7$5*(7DVtFRPRVREUHVXQLYHOGHVHUYLFLRVTXHVHREWHQGUiQPHGLDQWH HVWD FRQVXOWD S~EOLFD (OOR SHUPLWLUi LGHQWLILFDU ODV QHFHVLGDGHV GH ORV XVXDULRV GH 7$5*(7 SULQFLSDOPHQWH HQWLGDGHV GH FUpGLWR VLVWHPDV DX[LOLDUHV TXH OLTXLGDQ HQ 7$5*(7 \ EDQFRV FHQWUDOHV − /RV %&1 TXH GHVHHQ IRUPDU SDUWH GH OD ~QLFD SODWDIRUPD FRPSDUWLGD GLVSRQLEOH DO LQLFLR GH 7$5*(7HQWDEODUiQXQGHEDWHFRRUGLQDGRSRUHO%&(HQHOTXHSRGUiLQWHUYHQLUFXDOTXLHU%&1 LQWHUHVDGRHQSDUWLFLSDUHQHVDLQLFLDWLYD+DEUiGHDOFDQ]DUVHXQDFXHUGRVREUHORVGHWDOOHVUHODWLYRV DO JRELHUQR \ OD ILQDQFLDFLyQ GH OD SODWDIRUPD FRPSDUWLGD DVt FRPR VREUH VX XELFDFLyQ \ HO SURYHHGRURORVSURYHHGRUHVGHOVHUYLFLRWpFQLFR − /D2ULHQWDFLyQVREUH7$5*(7VHPRGLILFDUiSDUDTXHUHIOHMHODVGHFLVLRQHVTXHKD\DDGRSWDGRHO &RQVHMRGH*RELHUQRGHO%&(FRQUHVSHFWRD7$5*(7 − (Q IXQFLyQ GH ODV QHFHVLGDGHV GH ORV XVXDULRV VH HVWDEOHFHUi XQD OLVWD GH VHUYLFLRV EiVLFRV GH 7$5*(7 WRPDQGR FRPR SXQWR GH SDUWLGD HO PD\RU JUDGR GH VLPLOLWXGHV REMHWLYDV HQWUH ORV DFWXDOHV 6/%75 PiV TXH ORV ©UHTXLVLWRV PtQLPRV FRPXQHVª SUHYLVWRV HQ OD DFWXDO 2ULHQWDFLyQ VREUH7$5*(7 /DIDVHGHSUR\HFWRGH7$5*(7VHLQLFLDUiXQDYH]FRPSOHWDGDVODVWDUHDVDQWHULRUHV'XUDQWHHVWDIDVH KDQ GH GHWHUPLQDUVH \ DFRUGDUVH ODV HVSHFLILFDFLRQHV RSHUDWLYDV \ WpFQLFDV DVt FRPR ODV QHFHVLGDGHV GHWDOODGDV GH ORV XVXDULRV 3RVWHULRUPHQWH VH KDQ GH GHVDUUROODU R DFWXDOL]DU ORV SURJUDPDV LQIRUPiWLFRV/RVEDQFRVFHQWUDOHVTXHPDQWHQJDQVXVSODWDIRUPDVLQGLYLGXDOHVWHQGUiQTXHDGDSWDUODVD ODVHVSHFLILFDFLRQHVGHOVLVWHPD7$5*(7\DOPHFDQLVPRGH LQWHUFRQH[LyQ ²,QWHUOLQNLQJ HQ FDVR GH TXHVHPRGLILTXH&RQFUHWDPHQWHHQODSODWDIRUPDFRPSDUWLGDHVWDIDVHGHEHUtDSRQHUVH HQ PDUFKD HQ SULQFLSLR DO ILUPDUVH HO FRQWUDWR R FRQWUDWRV HQWUH HO SURYHHGRU R SURYHHGRUHV GH OD SODWDIRUPD FRPSDUWLGD\ORVEDQFRVFHQWUDOHVTXHIRUPHQSDUWHGHHOODHLQFOX\HDOPHQRVWUHVVXESUR\HFWRV − 3ULPHUR HO SURYHHGRU R SURYHHGRUHV GH OD SODWDIRUPD FRPSDUWLGD \ ORV EDQFRV FHQWUDOHV TXH OD LQWHJUHQ WHQGUiQ TXH DGDSWDU VX VLVWHPD R VLVWHPDV D ODV HVSHFLILFDFLRQHV GH HVWD SODWDIRUPD FRPSDUWLGD − 6HJXQGR HQ FDVR GH SURGXFLUVH FDPELRV HQ HO PHFDQLVPR GH LQWHUFRQH[LyQ OD SODWDIRUPD FRPSDUWLGDKDEUiGHLQWHUFRQHFWDUVHFRQORVRWURVFRPSRQHQWHVGH7$5*(7GHDFXHUGRFRQODV QXHYDVHVSHFLILFDFLRQHV − 7HUFHURORVVLVWHPDVDX[LOLDUHV\SRVLEOHPHQWHODVHQWLGDGHVGHFUpGLWRWHQGUiQTXHDMXVWDUVHDOD LQWHUID]\DODIXQFLRQDOLGDGGHODSODWDIRUPDFRPSDUWLGD $OWpUPLQRGHHVWDIDVHKDEUiTXHGHVLJQDUHO6/%75GHUHIHUHQFLDWHQLHQGRHQFXHQWDORVFRVWHVGHO SURFHVDPLHQWR GH ORV SDJRV WDQWR QDFLRQDOHV FRPR WUDQVIURQWHUL]RV TXH VHUYLUi GH EDVH SDUD HVWDEOHFHU XQD HVWUXFWXUD GH SUHFLRV ~QLFD SDUD WRGR 7$5*(7 OD FXDO WRPDUi DGHPiV HQ FRQVLGHUDFLyQ OD H[LVWHQFLD GHO IDFWRU FRQVLGHUDGR FRPR ©ELHQ S~EOLFRª 6H HIHFWXDUi DVLPLVPR XQ DQiOLVLVTXHH[DPLQDUiHOPRGRHQHOTXHODHVWUXFWXUDGHSUHFLRVSURSXHVWDDIHFWDUtDDORVREMHWLYRVGHO VLVWHPDFRPRSXHGHQVHUHOSURFHVDPLHQWRGHOPD\RUQ~PHURSRVLEOHGHJUDQGHV SDJRV \ XQ DPSOLR DFFHVRGLUHFWR (QXQDWHUFHUDIDVHODVSUXHEDVLQWHQVLYDV\ODVFRPSUREDFLRQHVSUHYLDVDODSXHVWDHQPDUFKDFRQVWLWX\HQ UHTXLVLWRVHVHQFLDOHVSDUDDVHJXUDUTXHHOLQLFLRGHODVRSHUDFLRQHVGH7$5*(7HQVXFRQMXQWRVHOOHYH DFDERVLQFRQWUDWLHPSRV 'DGD OD PDJQLWXG GHO SUR\HFWR SXHVWD GH PDQLILHVWR SRU ODV PHGLGDV TXH KDQ GH DGRSWDUVH HQ SUHSDUDFLyQGHOHVWDEOHFLPLHQWRGH7$5*(7QRFDEHHVSHUDUTXHHVWpHQSOHQRIXQFLRQDPLHQWRDQWHV GHODVHJXQGDPLWDGGHHVWDGpFDGDORTXHSODQWHDXQDVHULHGHFXHVWLRQHVUHODWLYDVDOSHUtRGRGHWUDQVLFLyQ (Q HO SHUtRGR SUHYLR DO LQLFLR GH 7$5*(7 VH SXHGHQ DGHODQWDU FLHUWDV PHGLGDV VLHPSUH TXH QR HQWUHQHQFRQIOLFWRFRQODGHFLVLyQDGRSWDGDVREUH7$5*(73RUHMHPSORHOHVWDEOHFLPLHQWRGHOD SODWDIRUPDFRPSDUWLGDQRKDGHHVSHUDUQHFHVDULDPHQWHDODLPSODQWDFLyQGHORVVHUYLFLRVEiVLFRV SRU SDUWH GH WRGRV ORV FRPSRQHQWHV GH 7$5*(7 $VLPLVPR OD 2ULHQWDFLyQ VREUH 7$5*(7 GHEHUtDVHUPRGLILFDGDSDUDWHQHUHQFXHQWDHOQXHYRiPELWRYpDVHODVHFFLyQ /D DPSOLDFLyQ GH OD 8( SUHFHGHUi DO LQLFLR GH 7$5*(7 \ D OD H[LVWHQFLD GH OD SODWDIRUPD FRPSDUWLGD (O &RQVHMR GH *RELHUQR GHO %&( KD GHFLGLGR TXH ORV EDQFRV FHQWUDOHV GH ORV SDtVHV FDQGLGDWRVDODDGKHVLyQWHQJDQORVPLVPRVGHUHFKRV\REOLJDFLRQHVFRQUHVSHFWR D OD FRQH[LyQ D 7$5*(7 TXH ORV %&1 GH OD 8( TXH DFWXDOPHQWH QR SHUWHQHFHQ D OD ]RQD GHO HXUR $ DTXHOORV EDQFRV FHQWUDOHV GH ORV SDtVHV FDQGLGDWRV TXH QR GHVHHQ HVWDEOHFHU VXV SURSLDV SODWDIRUPDV HQ HXURVVHOHVRIUHFHUiXQDVROXFLyQSURYLVLRQDOKDVWDTXHODSODWDIRUPDFRPSDUWLGDHVWpGLVSRQLEOH (O6(%&SURQWRLGHQWLILFDUiVXSRQLHQGRTXHODVKD\DDTXHOODVPHMRUDVVROLFLWDGDVSRUORVXVXDULRV GH7$5*(7SDUDHODFWXDOVLVWHPD7$5*(7TXHSXHGDQOOHYDUVHDFDERHQXQWLHPSROLPLWDGR\D XQFRVWHUD]RQDEOH