32/Ì7,&$6 32/Ì7,&$6'(35,9$&,'$' '(35,9$&,'$' :$<32,177(/(&2081,&$&,21(66$ :$<32,177(/(&2081,&$&,21(66$ (Q:D\SRLQWYDORUDPRVVXSUHIHUHQFLD\VXFRQILDQ]DHQWUHJDGDHVSRUHVRTXHKHPRVFUHDGR HVWD 3ROtWLFD GH 3ULYDFLGDG SDUD GHPRVWUDU QXHVWUR ILUPH FRPSURPLVR FRQ OD SULYDFLGDG FXPSOLHQGRGHHVWDPDQHUDFRQODQRUPDWLYDYLJHQWHVREUH3URWHFFLyQGH'DWRV3HUVRQDOHVOH\ $O LQJUHVDU KRMHDU \R XVDU HVWH VLWLR XVWHG DGPLWH KDEHU OHtGR \ HQWHQGLGR HVWD 3ROtWLFD GH 3ULYDFLGDG\ HVWi GH DFXHUGRHQ VXMHWDUVH D HVWDV FRQGLFLRQHV\ FXPSOLU FRQ WRGDV ODVOH\HV\ UHJODPHQWRVDSOLFDEOHV 'DGRTXHQXHVWUDVDFWLYLGDGHVFRPHUFLDOHVVHGHVDUUROODQEiVLFDPHQWHHQ,QWHUQHWHVWD3ROtWLFD GH 3ULYDFLGDG VH DSOLFD D OD LQIRUPDFLyQ HQWUHJDGD SRU HO XVXDULR DO PRPHQWR GH XWLOL]DU QXHVWUDVSODWDIRUPDVFRPRDTXHOORVGDWRVSHUVRQDOHVRLQIRUPDFLyQUHFRSLODGDSRU:D\SRLQW PHGLDQWHVX6LWLR:HE\GHORVHTXLSRV*36PRQLWRUHDGRV D5 D5HFROHFFLyQGH'DWRV HFROHFFLyQGH'DWRV (OWUDWDPLHQWROHJDO\DSURSLDGRGHOD,QIRUPDFLyQ3HUVRQDOHVLPSRUWDQWHSDUDQRVRWURV3DUD JDUDQWL]DUODLQWHJULGDGGHHVWRV:D\SRLQWXWLOL]DUiWRGDLQIRUPDFLyQGHORVXVXDULRVUHFRSLODGD ~QLFDPHQWHFRQILQHVGHLGHQWLILFDFLyQ LGHQWLILFDFLyQ LGHQWLILFDFLyQHVWDGtVWLFRV\HQWUHJDGHVHUYLFLRV HVWDGtVWLFRV\HQWUHJDGHVHUYLFLRV \HQWUHJDGHVHUYLFLRV 1RHVSROtWLFDGH:D\SRLQWWUDVPLWLUOD,QIRUPDFLyQGHOXVXDULR\DVHD3HUVRQDO\RFRPHUFLDOD WHUFHURV :D\SRLQWDWUDYpVGHVXSODWDIRUPDZHEDOPDFHQDLQIRUPDFLyQHQWUHJDGDYROXQWDULDPHQWHSRU HO XVXDULR DGHPiV GH OD REWHQLGD D WUDYpV GHO ORV HTXLSRV *36 1R VLHQGR XQD HQXQFLDFLyQ WD[DWLYD ODLQIRUPDFLyQDOPDFHQDGD HQHOEDQFR GH GDWRV GH :D\SRLQW EiVLFDPHQWH FRQVLVWH HQ D5HJLVWURVGH/RFDOL]DFLyQ,QVWDQWiQHDGHORVHTXLSRV*36 E5HJLVWURVGH/RFDOL]DFLyQ+LVWyULFDGHORVHTXLSRV*36 F3XQWRVGH5HIHUHQFLDGHILQLGRVSRUHO8VXDULR G=RQDV*HRJUiILFDVGHILQLGDVSRUHO8VXDULR H,QIRUPDFLyQGH&XHQWDVGH8VXDULRV 7RGDODLQIRUPDFLyQTXHHOXVXDULRDSRUWDDOVLWLRHVUHFROHFWDGDH[FOXVLYDPHQWHSRU:D\SRLQW 6$ E8VRGHORV E8VRGHORV' 8VRGHORV'DWRV3 DWRV3HUVRQDOHV HUVRQDOHV 7RGDODLQIRUPDFLyQUHFROHFWDGDDWUDYpVGHVX6LWLR:HE\HTXLSRV*36WLHQHQSRUREMHWLYRD 3RGHUOOHYDUHIHFWRXQDSUHVWDFLyQGHVHUYLFLRVFRQODPiVDOWDVHJXULGDG\p[LWR\DVHDWDQWR SDUDHOXVXDULRFRPRSDUDODHPSUHVDEWUDWDPLHQWRVREUHORVGDWRVGHORFDOL]DFLyQ*36SDUD ODHVWLPDFLyQGHOHVWDGRGHFRQJHVWLyQ\WUiILFRFHVWXGLRVREUHORVLQWHUHVHV\FRPSRUWDPLHQWR GH QXHVWURV XVXDULRV G 3HUVRQDOL]DFLyQ GH ODV SODWDIRUPDV GH DFXHUGR D ODV SUHIHUHQFLDV GH QXHVWURV XVXDULRV H 5HDOL]DU HVWXGLRV \ SURFHVDPLHQWR HVWDGtVWLFR VREUH ORV GDWRV GH ORFDOL]DFLyQGHORVHTXLSRV (QHOFDVRGHODLQIRUPDFLyQSHUVRQDOQRLGHQWLILFDEOHVHXWLOL]DUDGHODVLJXLHQWHIRUPD D D 'LUHFFLyQ,3 'LUHFFLyQ,3 XWLOL]DPRVVX GLUHFFLyQ ,3 SDUD GLDJQRVWLFDU SUREOHPDV FRQ QXHVWURVHUYLGRU \ SDUDDGPLQLVWUDUQXHVWURV6LWLRV:HE$GHPiVVXGLUHFFLyQ,3QRVSHUPLWHWHQHUXQUHJLVWURGH ORVOXJDUHVGHVGHGRQGHKDQKHFKRLQJUHVRDQXHVWUDVSODWDIRUPDV/DYHULILFDFLyQGHGLUHFFLyQ ,3HVXWLOL]DGDSRUQXHVWUDVSODWDIRUPDVFRPRXQPpWRGRGHVHJXULGDGDGLFLRQDOYDOLGDQGRTXH ODGLUHFFLyQ,3LQVWDQWiQHDGHFDGDFRQVXOWDDQXHVWUDVSODWDIRUPDVVHDLJXDODODGLUHFFLyQ,3 UHJLVWUDGDSRUHOXVXDULRDOPRPHQWRGHLQJUHVDUDOVLVWHPD E E &RRNLHV &RRNLHV 8WLOL]DPRV FRRNLHV SDUD EULQGDUOH FRQWHQLGRV HVSHFtILFRV GH DFXHUGR FRQ VXV LQWHUHVHVHVWDGtVWLFDVGHXVR\SDUDJXDUGDUVXQRPEUHGHXVXDULR\FRQWUDVHxDGHPRGRTXH QRWHQJDTXHYROYHUDLQJUHVDUODFDGDYH]TXHYLVLWDQXHVWURVLWLR &6HJXULGDG &6HJXULGDG 6HJXULGDG 3DUD PDQWHQHU DOWRV QLYHOHV GH VHJXULGDG \ DFFHVR D OD LQIRUPDFLyQ UHJLVWUDGD SRU VXV VLVWHPDV:D\SRLQWWUDEDMDFRQSURYHHGRUHVHTXLSDPLHQWR\WHFQRORJtDVDYDQ]DGDV 'DWD &HQWHU /RV VLVWHPDV GH :D\SRLQW HVWiQ DORMDGRV ItVLFDPHQWH HQ 'DWD &HQWHU XELFDGR HQ OD &LXGDG GH 6DQWLDJR HO FXDO SRVHH DOWRV HVWiQGDUHV GH VHUYLFLRHQWpUPLQRVGHUHGXQGDQFLD\VHJXULGDG R &OLPDWL]DFLyQ \(QHUJtD /DV LQIUDHVWUXFWXUDV FUtWLFDV GH FOLPDWL]DFLyQ \ HQHUJtD VH KDQ FRQVLGHUDGR HQ PRGDOLGDG FRPSOHWDPHQWH UHGXQGDQWH FRQ XQD FRQILJXUDFLyQDVHJXUDQGRODSHUPDQHQWHGLVSRQLELOLGDGGHORVVHUYLFLRV\ SHUPLWLHQGRXQDRSHUDFLyQVLQLQWHUUXSFLRQHVLQFOXVREDMRFRQGLFLRQHVGHIDOOD FUtWLFD R 0RQLWRUHR3HUPDQHQWH7RGDVODVVDODVGHOGDWDFHQWHUFXHQWDQFRQVLVWHPDVGH PRQLWRUHR SHUPDQHQWH GH YDULDEOHV DPELHQWDOHV GH LQIUDHVWUXFWXUD \ GH HTXLSDPLHQWR TXH HQ FRQMXQWR D XQ GHWDOODGR SODQ GH PDQWHQLPLHQWR SUHYHQWLYRSHUPLWHQDVHJXUDUXQGHVHPSHxRySWLPR\SHUPDQHQWHGHWRGRVORV VHUYLFLRV R ,QIUDHVWUXFWXUD GH FRQWURO GH LQFHQGLRV /DV VDODV GH GDWDFHQWHU KDQ VLGR FRQVWUXLGDV FRQ LQIUDHVWUXFWXUD LQFRPEXVWLEOH \ UHWDUGDQWH \ FXHQWDQ FRQ VLVWHPDVGHGHWHFFLyQ\PRQLWRUHRSURDFWLYRSUHYHQWLYR\VLVWHPDVGHH[WLQFLyQ DXWRPiWLFDSDUDHQIUHQWDUHQIRUPDUiSLGD\HILFLHQWHXQHYHQWRFRQUHVXOWDGR GHIXHJR R $FFHVLELOLGDG\YLJLODQFLD(ODFFHVRDFDGDXQDGHODVVDODVHVWiUHVJXDUGDGR SRUGRVFRQWUROHV(OSULPHURHVELRPpWULFRSDUDYDOLGDUODLGHQWLGDGGHOXVXDULR \ HO VHJXQGR UHJLVWUD ORV PRYLPLHQWRV DO LQWHULRU GHO HGLILFLR $GHPiV WRGD OD LQIUDHVWUXFWXUD GH GDWDFHQWHU HV PRQLWRUHDGD PHGLDQWH VLVWHPDV GH YLGHR YLJLODQFLDFRQJUDEDFLyQ\UHJLVWURGHHYHQWRVODVKRUDV R ,QIUDHVWUXFWXUD GH VHJXULGDG HQ HO UDFN /DV VDODV GH GDWDFHQWHU FXHQWDQ FRQ FiPDUDV GH DFFHVR LQGHSHQGLHQWHV SDUD FDEOHV GH GDWRV H LQWHUQHW TXH DVHJXUDQ GLVSRQHU HQ HO UDFN GH FRQHFWLYLGDG FRPSOHWDPHQWH UHGXQGDQWHSRU UXWDVItVLFDVLQGHSHQGLHQWHV R 'LVHxR 2ULHQWDGR D OD *DUDQWtD HQ OD &RQWLQXLGDG 2SHUDFLRQDO /D LQIUDHVWUXFWXUD \ HVSHFLDOPHQWH ORV SURFHVRV \ RSHUDFLyQ GH ORV VHUYLFLRV GH GDWDFHQWHUFRQVLGHUDQHVWULFWDVSROtWLFDVGHPDQWHQFLyQSUHYHQWLYD\UHVJXDUGRV QHFHVDULRV SDUD JDUDQWL]DU OD FRQWLQXLGDG RSHUDFLRQDO GH WRGRV VHUYLFLRV HVSHFLDOPHQWHDQWHFRQGLFLRQHVGHPDQWHQLPLHQWR\FRQWLQJHQFLD +DUGZDUH +DUGZDUH R 5HGXQGDQFLD GH 'DWRV /RV VHUYLGRUHV SULQFLSDOHV GH :D\SRLQW WUDEDMDQ FRQ LQIUDHVWUXFWXUDGHUHGXQGDQFLDHQDOPDFHQDPLHQWRGHODLQIRUPDFLyQXWLOL]DQGR WHFQRORJtDGHDUUHJORGHGLVFRVLQGHSHQGLHQWHV5$,'FDUDFWHUtVWLFDTXHHQWUHJD PD\RUWROHUDQFLDDIDOORVLQWHJULGDG\PHMRUUHQGLPLHQWR R 5HGXQGDQFLD (OpFWULFD &XHQWD FRQ )XHQWH GH 3RGHU GH DOLPHQWDFLyQ HOpFWULFD UHGXQGDQWH SHUPLWLHQGR HO IXQFLRQDPLHQWR LQLQWHUUXPSLGR GHO VLVWHPD DXQ FXDQGRXQDIXHQWHGHSRGHUVXIUDDOJ~QGHVSHUIHFWR R )LUHZDOO/DLQIRUPDFLyQTXHOOHJDDORVVHUYLGRUHVGH:D\SRLQWHVSURFHVDGD\ ILOWUDGD SRU HTXLSDPLHQWR 5RXWHU &LVFR HO FXDO SURWHJH D ORV VLVWHPDV GH :D\SRLQWGHDFFHVRSRUSXHUWRV\SURWRFRORVGHFRPXQLFDFLyQQRDXWRUL]DGRV 6RIWZDUH 6RIWZDUH R 6LVWHPD2SHUDWLYR/LQX[/RVVLVWHPDVGH:D\SRLQWHVWiQEDVDGRVHQYHUVLRQHV HVWDEOHV UREXVWDV GHO VLVWHPD RSHUDWLYR /LQX[ 8QD GH ODV FDUDFWHUtVWLFDV SULQFLSDOHV GH HVWD SODWDIRUPD HV ODV UHVWULFFLRQHV \ DOWRV QLYHOHV GH VHJXULGDG HQWpUPLQRVGHODFFHVRDODLQIRUPDFLyQTXHHVWHSRVHH R %DVHGH'DWRV3RVWJUH64//RVVLVWHPDVGH:D\SRLQWXWLOL]DQPRWRUGHEDVHGH GDWRV GH 3RVWJUH64/ TXH FXHQWDQ FRQ FDUDFWHUtVWLFDV SDUD PDQWHQHU VHUYLFLRV GHDOWDGLVSRQLELOLGDG\DFFHVR R 66/&RQWDPRVFRQWHFQRORJtD66/6HFXUH6RFNHWV/D\HUTXHDVHJXUDWDQWROD DXWHQWLFLGDG GH QXHVWUR VLWLR FRPR HO FLIUDGR GH OD LQIRUPDFLyQ WUDQVPLWLGD &DGD YH] TXH HO FOLHQWH DFFHGH D VX FXHQWD PHGLDQWH QXHVWUR 6LWLR :HE RIUHFHPRVOD SRVLELOLGDG GH QDYHJDU PHGLDQWH HO ´0RGR6HJXUR66/µ HO FXDO DFUHGLWD TXH HO QDYHJDGRU HVWi FRQHFWDGR UHDOPHQWH D QXHVWUR 6LWLR :HE \ D QXHVWURV 6HUYLGRUHV DFFHGLHQGR D WUDYpV GH XQ PpWRGR GH FLIUDGR GH OD LQIRUPDFLyQ \ XQD FODYH GH VHVLyQ ~QLFD SHUPLWLHQGR GH HVWD PDQHUD TXH OD LQIRUPDFLyQ HQWUHJDGD SRU HO FOLHQWH VHD FRGLILFDGD DQWHV GH WX WUDQVIHUHQFLD SDUDTXHQRSXHGDVHUOHtGDFXDQGRpVWDYLDMDDWUDYpVGH,QWHUQHW7RGRVORV FHUWLILFDGRV66/VHFUHDQSDUDXQVHUYLGRUSDUWLFXODUHQXQGRPLQLRHVSHFtILFR\ SDUD XQD HQWLGDG FRPHUFLDO FRPSUREDGD :D\SRLQW FXHQWD FRQ XQ VHUYLGRU FHUWLILFDGRSRU*R'DGG\FRP 3URFHGLPLHQWRV 3URFHGLPLHQWRV R 5HVSDOGRV 3HULyGLFRV :D\SRLQW UHDOL]D UHVSDOGRV SHULyGLFRV GHODLQIRUPDFLyQ DOPDFHQDGDHQVXVVLVWHPDVWDQWRDQLYHOGHODVDSOLFDFLRQHVFRPRWDPELpQHQ ORV GDWRV DOPDFHQDGRV HQ VXV EDVHV GH GDWRV SDUD TXH HQ FDVR TXH RFXUUD DOJ~Q LQFLGHQWH PD\RU VHD SRVLEOH UHVWDXUDU HO VLVWHPD EDVDGR HQ OD ~OWLPD LQIRUPDFLyQUHVSDOGDGDDOPDFHQDGD R 0HMRUD &RQWLQXD :D\SRLQW HQ VX E~VTXHGD SRU DXPHQWDU FRQWLQXDPHQWH ORV QLYHOHVGHVHJXULGDG\FDOLGDGGHVXVVHUYLFLRVSUXHEDHYDO~DHLPSOHPHQWDHQ HOWLHPSRQXHYDVPHWRGRORJtDV\WHFQRORJtDVGLVSRQLEOHVSDUDHVWRVILQHV G G5HVSRQVDELOLGDGGHORVGDWRVHQWUHJDGRV 5HVSRQVDELOLGDGGHORVGDWRVHQWUHJDGRV (VGHH[FOXVLYDUHVSRQVDELOLGDGGHOXVXDULRWHQHUUHVSDOGRGHWRGDODLQIRUPDFLyQHQWUHJDGDD :D\SRLQW :D\SRLQW QR HV UHVSRQVDEOH SRU SpUGLGDV WRWDOHV R SDUFLDOHV GH LQIRUPDFLyQ HQWUHJDGD \ DOPDFHQDGD HQ QXHVWURV VHUYLGRUHV SXHVWR TXH HVWH QR HV HO REMHWR GHO QXHVWURV VHUYLFLRV H H0RGLILFDFLyQDFWXDOL]DFLyQEORTXHRRFDQFHODFLyQGHGDWRVSHUVRQDOHV 0RGLILFDFLyQDFWXDOL]DFLyQEORTXHRRFDQFHODFLyQGHGDWRVSHUVRQDOHV (O XVXDULR WLHQH HO GHUHFKR \ OD RSFLyQ GH DFFHGHU PRGLILFDU EORTXHDU R ERUUDU ORV GDWRV SHUVRQDOHVTXHGHpOFRQVWHQHQODEDVHGHGDWRVGH:D\SRLQW 3DUDODUHDOL]DFLyQGHGLFKDDFFLyQSRGUiHIHFWXDUODGHODVVLJXLHQWHVPDQHUDV ,QJUHVDQGR D OD RSFLyQ ´$FWXDOL]DU 0LV 'DWRVµ HQ HO PHQ~ ´0L 3HUILOµ GHO SDQHO GH %LHQYHQLGD´'DVKERDUGµGHODSODWDIRUPD 9tDFRUUHRHOHFWUyQLFRDODGLUHFFLyQSULYDFLGDG#ZD\SRLQWFO &RPXQLFiQGRVHDOD0HVD&HQWUDOWHOpIRQR (QFDVRGHUHYRFDFLyQGHDOJXQDDXWRUL]DFLyQHQYLUWXGGHO$UWGHODOH\HVWDGHEHUi FRQVWDUSRUHVFULWR\QRWHQGUiHIHFWRUHWURDFWLYR /D UHVSXHVWD D VX VROLFLWXG VHUi QRWLILFDGD YtD FRUUHR HOHFWUyQLFR UHJLVWUDGR SRU HO XVXDULR D PiVWDUGDUGHQWURGHGtDVKiELOHV GtDVKiELOHVDOUHTXHULPLHQWR GtDVKiELOHV I$FFHVR\7UDQVIHUHQFLDVGHODEDVHGHGDWRV I$FFHVR\7UDQVIHUHQFLDVGHODEDVHGHGDWRV $FFHVR\7UDQVIHUHQFLDVGHODEDVHGHGDWRV :D\SRLQW FRPR SROtWLFD JHQHUDO QR WUDQVIHULUi FHGHUi YHQGHUi R GH RWUD PDQHUD SURYHHUi VXVGDWRVGHFDUiFWHUSHUVRQDODSHUVRQDDOJXQD 6LQ SHUMXLFLR HO XVXDULR XVXDULR DXWRUL]D DXWRUL]D \ UHFRQRFH UHFRQRFH H[SUHVDPHQWH TXH OD ,QIRUPDFLyQ 3HUVRQDO UHFRSLODGDSXHGHVHUWUDWDGDWUDQVIHULGDRYLVWDSRUWHUFHURVH[FHSFLRQDOPHQWHHQODVVLJXLHQWHV FLUFXQVWDQFLDV D (Q HO FDVR TXH IXQFLRQDULRV HQFDUJDGRV GHO FXPSOLPLHQWR GH OD OH\ X RWURV IXQFLRQDULRV JXEHUQDPHQWDOHV DQWH XQD VROLFLWXG UHODFLRQDGD FRQ XQD LQYHVWLJDFLyQ SHQDO R XQDVXSXHVWDDFWLYLGDGLOHJDOE(QFDVRTXHXQVRFLRFRPHUFLDOGH:D\SRLQWODUHTXLHUD3DUD DO HIHFWR GHEHUi FXPSOLU FRQ ORV PLVPRV QLYHOHV GH SURWHFFLyQ TXH ORV XWLOL]DGRV SRU QXHVWUD HPSUHVDF(QHOFDVRGHODVWUDQVDFFLRQHVFRPHUFLDOHVVXVGDWRVGHFDUiFWHUSHUVRQDOSXHGHQ VHU XVDGRV SRU WHUFHURV VyOR SDUD HIHFWRV GH SRGHU FRPSOHWDU \ HMHFXWDU OD WUDQVDFFLyQ TXH PRWLYyODHQWUHJDRUHFROHFFLyQGHHVDLQIRUPDFLyQ J&RQVXOWDV J&RQVXOWDV &RQVXOWDV :D\SRLQW FRQVLGHUD GH VXPD LPSRUWDQFLD VXV LQTXLHWXGHV VREUH OD SULYDFLGDG 6L FUHH TXH :D\SRLQW QR KD FXPSOLGR FRQ HVWD 3ROtWLFD GH 3ULYDFLGDG FRQ UHVSHFWR D VX ,QIRUPDFLyQ 3HUVRQDOSXHGHFRPXQLFDUVHHOiUHDHQFDUJDGD 0DLOSULYDFLGDG#ZD\SRLQWFO 7HOpIRQR0HVD&HQWUDO