DOCV sencer - Diari Oficial de la Comunitat Valenciana

Anuncio
Núm. 5.507 / 08.05.2007
DIARI OFICIAL
Any XXX
Dijous, 10 de maig de 2007 / Jueves, 10 de mayo de 2007
Núm. 5.509
I. DISPOSICIONS GENERALS
I. DISPOSICIONES GENERALES
Conselleria d’Agricultura, Pesca i Alimentació
RESOLUCIÓ de 27 d’abril de 2007, de la Direcció General
de Pesca i Alimentació, per la qual s’establixen i es classifiquen les zones de producció de mol¿luscs bivalves i gasteròpodes en aigües de la Comunitat Valenciana. [2007/5668]
18.738
Conselleria de Agricultura, Pesca y Alimentación
RESOLUCIÓN de 27 de abril de 2007, de la Dirección
General de Pesca y Alimentación, por la que se establecen
y clasifican las zonas de producción de moluscos bivalvos y
gasterópodos en aguas de la Comunitat Valenciana. [2007/5668] 18.738
II. AUTORITATS I PERSONAL
II. AUTORIDADES Y PERSONAL
a) OFERTES D’OCUPACIÓ PÚBLICA,
OPOSICIONS I CONCURSOS
a) OFERTAS DE EMPLEO PÚBLICO,
OPOSICIONES Y CONCURSOS
Conselleria de Justícia, Interior
i Administracions Públiques
RESOLUCIÓ de 4 de maig de 2007, del conseller de Justícia, Interior i Administracions Públiques, per la qual es publica la relació d’aspirants que han superat les proves selectives
d’accés al grup E, sector administració general, accés lliure.
Convocatòria 6/04. [2007/5784]
18.740
Conselleria de Justícia, Interior
y Administraciones Públicas
RESOLUCIÓN de 4 de mayo de 2007, del conseller de
Justicia, Interior y Administraciones Públicas, por la que se
publica la relación de aspirantes que han superado las pruebas selectivas de acceso al Grupo E, sector Administración
General, acceso libre. Convocatoria 6/04. [2007/5784]
18.740
RESOLUCIÓ de 4 de maig de 2007, del conseller de Justícia, Interior i Administracions Públiques, per la qual es publica la relació d’aspirants que han superat les proves selectives
d’accés al grup E, sector administració general, torn de discapacitats. Convocatòria 7/04. [2007/5785]
18.745
RESOLUCIÓN de 4 de mayo de 2007, del conseller de Justicia, Interior y Administraciones Públicas, por la que se publica la relación de aspirantes que han superado las pruebas
selectivas de acceso al Grupo E, sector Administración General, turno de discapacitados. Convocatoria 7/04. [2007/5785]
18.745
RESOLUCIÓ de 4 de maig de 2007, del conseller de Justícia, Interior i Administracions Públiques, per la qual es publica la relació d’aspirants que han superat les proves selectives
d’accés al grup D, sector administració general, accés lliure.
Convocatòria 2/2004. [2007/5786]
18.747
RESOLUCIÓN de 4 de mayo de 2007, del conseller de
Justicia, Interior y Administraciones Públicas, por la que se
publica la relación de aspirantes que han superado las pruebas selectivas de acceso al grupo D, sector Administración
General, acceso libre. Convocatoria 2/2004. [2007/5786]
18.747
RESOLUCIÓ de 4 de maig de 2007, del conseller de Justícia, Interior i Administracions Públiques, per la qual es publica la relació d’aspirants que han superat les proves selectives
d’accés al grup D, sector administració general, torn de discapacitats. Convocatòria 3/2004. [2007/5787]
18.761
RESOLUCIÓN de 4 de mayo de 2007, del conseller de Justicia, Interior y Administraciones Públicas, por la que se publica la relación de aspirantes que han superado las pruebas
selectivas de acceso al grupo D, sector Administración General, turno de discapacitados. Convocatoria 3/2004. [2007/5787] 18.761
Ajuntament d’Altea
Llista definitiva d’admesos i exclosos i composició del tribunal qualificador en el procés selectiu per a cobrir una plaça
de tècnic de gestió econòmica i pressupostària. [2007/5758]
18.764
Ayuntamiento de Altea
Lista definitiva de admitidos y excluidos y composición del
tribunal calificador en el proceso selectivo para cubrir una
plaza de técnico de gestión económica y presupuestaria. 18.764
[2007/5758]
Ajuntament de la Vilavella
Oferta d’ocupació pública corresponent a l’exercici de 2007,
aprovada per la Junta de Govern Local, de data 26 de març
de 2007. [2007/4351]
18.766
Ayuntamiento de La Vilavella
Oferta de empleo público correspondiente al ejercicio de
2007, aprobada por la Junta de Gobierno Local, de fecha 26
de marzo de 2007. [2007/4351]
18.766
Núm. 5.507 / 08.05.2007
Ajuntament de Mislata
Convocatòria i bases específiques que han de regir el procés
selectiu per a la provisió d’una plaça de capatàs de Servicis
Generals, vacant en la plantilla de funcionaris. [2007/4051]
18.767
Ayuntamiento de Mislata
Convocatoria y bases específicas que han de regir el proceso selectivo para la provisión de una plaza de capataz de
Servicios Sociales, vacante en la plantilla de funcionarios.
[2007/4051]
18.767
Ayuntamiento de Vila-real
Extracto de la convocatoria para proveer dos plazas de oficial de la policía local, vacantes en la plantilla de funcionarios.
Ajuntament de Vila-real
Extracte de la convocatòria per a proveir dues places d’oficial de la policia local, vacants en la plantilla de funcionaris.
18.770
[2007/3592]
18.771
Universitat Jaume I
RESOLUCIÓN de 4 de mayo de 2007, del rectorado de la
Universitat Jaume I de Castellón, por la cual se publican la
lista definitiva de admitidos, la fecha de realización del ejercicio i la composición del tribunal de selección de las pruebas
selectivas para el acceso a la escala técnica básica de laboratorios, grupo C, sector administración especial, en aplicación
de la disposición adicional cuarta del Decreto 33/1999, de 9
de marzo. [2007/5824]
18.771
Consell Jurídic Consultiu de la Comunitat Valenciana
RESOLUCIÓ de 27 d’abril de 2007 del President del Consell Jurídic Consultiu de la Comunitat Valenciana per la qual
es convoquen, per a la seua provisió pel sistema de Lliure
Designació, dos llocs de treball de naturalesa funcionarial. [2007/5675]
18.773
Consell Jurídic Consultiu de la Comunitat Valenciana
RESOLUCIÓN de 27 de abril de 2007 del Presidente del
Consell Jurídic Consultiu de la Comunitat Valenciana por la
que se convocan, para su provisión por el sistema de Libre
Designación, dos puestos de trabajo de naturaleza funcionarial. [2007/5675]
18.773
b) NOMENAMENTS I CESSAMENTS
b) NOMBRAMIENTOS Y CESES
Conselleria de Justícia, Interior
i Administracions Públiques
RESOLUCIÓ de 30 d’abril de 2007, de la Direcció General
d’Administració Autonòmica per la qual es modifica la composició de la Comissió d’Avaluació del Concurs de Mèrits
núm. 017/2007. [2007/5772]
18.776
Conselleria de Justícia, Interior
y Administraciones Públicas
RESOLUCIÓN de 30 de abril de 2007, de la Dirección
General de Administración Autonómica por la que se modifica la composición de la comisión de valoración del concursos de méritos núm. 017/2007. [2007/5772]
18.776
RESOLUCIÓ de 4 de maig de 2007, de la Conselleria de
Justícia, Interior i Administracions Públiques, per la que es
modifica la composició del tribunal de les proves selectives
d’accés al grup A, Cos d’Advocats de la Generalitat, pel sistema d’oposició, convocatòria 1/06. [2007/5783]
18.777
RESOLUCIÓN de 4 de mayo de 2007, de la Conselleria de Justicia, Interior y Administraciones Públicas, por la
que se modifica la composición del tribunal de las pruebas
selectivas de acceso al grupo A, Cuerpo de Abogados de la
Generalitat, por el sistema de oposición, convocatoria 1/06. 18.777
[2007/3592]
Universitat Jaume I
RESOLUCIÓ de 4 de maig de 2007, del rectorat de la Universitat Jaume I de Castelló, per la qual es publiquen la llista
definitiva d’admesos, la data de realització de l’exercici i la
composició del tribunal de selecció de les proves selectives
per a l’accés a l’escala tècnica bàsica de laboratoris, grup
C, sector administració especial, en aplicació de la disposició addicional quarta del Decret 33/1999, de 9 de març.
[2007/5824]
18.770
[2007/5783]
18.778
Conselleria de Sanidad
RESOLUCIÓN de 25 de abril de 2007 del director general
de Recursos Humanos por la que se anuncia convocatoria
pública para la provisión de la plaza de director del Centro
de Salud Pública de Elche (nº pto. 13815) dependiente de la
Conselleria de Sanidad por el procedimiento de libre designación. [2007/5655]
18.778
Universitat d’Alacant
RESOLUCIÓ de 10 d’abril de 2007, de la Universitat
d’Alacant, per la qual s’adjudica la plaça de professor collaborador número DC03173 en l’àrea de coneixement de
Teoria de la Senyal i Comunicacions a Josep David Ballester
Berman. [2007/4504]
18.784
Universidad de Alicante
RESOLUCIÓN de 10 de abril de 2007, de la Universidad de
Alicante, por la cual se adjudica la plaza de profesor colaborador número DC03173 en el área de conocimiento de Teoría
de la Señal y Comunicaciones a Josep David Ballester Berman. [2007/4504]
18.784
Universitat Politècnica de València
RESOLUCIÓ de 30 d’abril de 2007 de la Universitat Politècnica de València, per la qual es nomena personal funcionari
de carrera del grup B, sector d’administració especial, categoria tècnic mitjà de laboratori, els aspirants que han superat
les proves selectives convocades per Resolució de 4 de maig
de 2006 (DOCV del dia 2 de juny de 2006), pel sistema de
concurs oposició, codi 2006/P/FC/C/ [2007/5788]
18.785
Universidad Politécnica de Valencia
RESOLUCIÓN de 30 de abril de 2007 de la Universidad
Politécnica de Valencia, por la que se nombran funcionarios
de carrera del grupo B, sector administración especial, categoría Técnico Medio de Laboratorio, a los aspirantes que
han superado las pruebas selectivas convocadas por Resolución de 4 de mayo de 2006 (DOCV de 2 de junio de 2006),
por el sistema de concurso-oposición, código 2006/P/FC/C/
Conselleria de Sanitat
RESOLUCIÓ de 25 d’abril de 2007, del director general
de Recursos Humans, per la qual anuncia una convocatòria
pública per a la provisió de la plaça número 13815, director del Centre de Salut Pública d’Elx, dependent de la Conselleria de Sanitat, pel procediment de lliure designació.
[2007/5655]
[2007/5788]
Universitat de València
RESOLUCIÓ de 6 de març de 2007, de la Universitat de
València, per la qual es nomena César Antonio Cascante Fernández, professor titular d’universitat, de l’àrea de coneixe-
Universitat de València
RESOLUCIÓN de 6 de marzo de 2007, de la Universitat de
València, por la que se nombra a César Antonio Cascante
Fernández, profesor titular de universidad, del área de cono-
18.785
Núm. 5.507 / 08.05.2007
ment «Didàctica i Organització Escolar». [2007/3761]
18.787
cimiento «Didáctica y Organización Escolar». [2007/3761]
18.787
c) ALTRES ASSUMPTES
c) OTROS ASUNTOS
Conselleria de Justícia, Interior i Administracions Públiques
RESOLUCIÓ de 27 d’abril de 2007, de la Direcció General d’Administració Autonòmica de la Conselleria de Justícia, Interior i Administracions Públiques, per la qual se citen
les persones interessades en el procediment administratiu de
referència a comparéixer en la via jurisdiccional. [2007/5781]
18.788
Conselleria de Justícia, Interior y Administraciones
Públicas
RESOLUCIÓN de 27 de abril de 2007, de la Dirección
General de Administración Autonómica de la Conselleria de
Justicia, Interior y Administraciones Públicas, por la que se
emplaza a los interesados en el procedimiento administrativo
de referencia a comparecer en la vía jurisdiccional. [2007/5781] 18.788
RESOLUCIÓ de 27 d’abril de 2007, de la Direcció General d’Administració Autonòmica de la Conselleria de Justícia, Interior i Administracions Públiques, per la qual se citen
les persones interessades en el procediment administratiu de
referència a comparéixer en la via jurisdiccional. [2007/5782]
18.789
RESOLUCIÓN de 27 de abril de 2007, de la Dirección
General de Administración Autonómica de la Conselleria de
Justicia, Interior y Administraciones Públicas, por la que se
emplaza a los interesados en el procedimiento administrativo
de referencia a comparecer en la vía jurisdiccional. [2007/5782] 18.789
III. ACTES ADMINISTRATIUS
III. ACTOS ADMINISTRATIVOS
a) AUTORITZACIONS I CONCESSIONS
a) AUTORIZACIONES Y CONCESIONES
Conselleria de Territori i Habitatge
RESOLUCIÓ de 30 de març de 2007, de la Direcció General de Qualitat Ambiental, per la qual es canvia la titularitat
de l’autorització ambiental integrada, concedida a Wendel
Email Ibérica, SA, per a la fabricació d’esmalts ceràmics i
frites en el terme municipal de Nules, a favor de Kerafrit,
SA. [2007/5610]
18.790
Conselleria de Territorio y Vivienda
RESOLUCIÓN de 30 de marzo de 2007, de la Dirección
General de Calidad Ambiental, por la que se procede al cambio de titularidad de la autorización ambiental integrada,
concedida a Wendel Email Ibérica, SA, para la fabricación de
esmaltes cerámicos y fritas en el término municipal de Nules,
a favor de Kerafrit, SA. [2007/5610]
18.790
b) SUBVENCIONS I BEQUES
b) SUBVENCIONES Y BECAS
Presidència de la Generalitat
RESOLUCIÓ de 13 d’abril de 200, de la consellera de Cooperació i Participació, per la qual s’establixen les bases i es
convoquen, per a l’exercici 2007, les subvencions a entitats
ciutadanes de la Comunitat Valenciana perquè dissenyen i
posen en pràctica fórmules de participació ciutadana adreçades a segments de població amb més dificultats per a participar. [2007/5246]
18.791
Presidencia de la Generalitat
RESOLUCIÓN de 13 de abril de 2007, de la consellera de
Cooperación y Participación, por la que se establecen las
bases y se convocan, para el ejercicio 2007, las subvenciones a entidades ciudadanas de la Comunitat Valenciana para
que diseñen y pongan en práctica fórmulas de participación
ciudadana dirigidas a segmentos de población con más dificultades para participar. [2007/5246]
18.791
Conselleria de Cultura, Educació i Esport
ORDRE conjunta de 5 d’abril de 2007, de les conselleries de Cultura, Educació i Esport, i d’Economia, Hisenda i
Ocupació per la qual es convoquen les ajudes per al desentrollament de Programes de Garantia Social per al curs 20072008. [2007/5620]
18.799
Conselleria de Cultura, Educación y Deporte
Orden Conjunta de 5 de abril de 2007, de las consellerias de
Cultura, Educación y Deporte, y de Economía, Hacienda y
Empleo por la que se convocan las ayudas para el desarrollo
de Programas de Garantía Social para el curso 2007-2008.
Conselleria d’Infraestructures i Transport
ORDE de 24 d’abril de 2007, de la Conselleria d’Infraestructures i Transport, de convocatòria d’ajudes a les empreses concessionàries de servicis regulars de transport públic
de viatgers per carretera de la Comunitat Valenciana per a la
millora de la flota de material mòbil vinculada a la reestructuració dels servicis prestats. [2007/5335]
18.801
Conselleria de Infraestructuras y Transporte
ORDEN de 24 de abril de 2007, de la Conselleria de Infraestructuras y Transporte, de convocatoria de ayudas a las
empresas concesionarias de servicios regulares de transporte
público de viajeros por carretera de la Comunitat Valenciana
para la mejora de la flota de material móvil vinculada a la
reestructuración de los servicios prestados. [2007/5335]
18.801
c) ALTRES ASSUMPTES
c) OTROS ASUNTOS
Junta Electoral Provincial d’Alacant
CORRECCIÓ d’errades de la publicació de candidatures
presentades per les circumscripcions d’Alacant, Castelló i
València, que concorreran a les eleccions a les Corts del dia
27 de maig de 2007. [2007/5876]
18.816
Junta Electoral Provincial de Alicante
CORRECCIÓN de errores de la Junta Electoral Provincial de
Alicante de la proclamación de candidaturas para las elecciones a Les Corts del día 27 de mayo de 2007. [2007/5876]
18.816
Presidència de la Generalitat
RESOLUCIÓ d’abril de 2007, del director general de Relacions amb les Corts i Secretariat de Govern de la Presidència de la Generalitat, per la qual es disposa la publicació de
l’annex al Conveni subscrit el 18 de juny de 1990 entre el
Ministeri d’Educació i Ciència i la Conselleria de Cultura,
Educació i Esport de la Comunitat Valenciana, per al desenrotllament del Programa d’Escoles Viatgeres a l’any 2006.
Presidencia de la Generalitat
RESOLUCION de 18 de abril de 2007, del director general
de Relaciones con las Cortes y Secretariado del Gobierno
de la Presidencia de la Generalitat, por la que se dispone la
publicación del Anexo al Convenio suscrito el 18 de junio de
1990 entre el Ministerio de Educación y Ciencia y la Conselleria de Cultura, Educación y Deporte de la Comunidad
Valenciana, para el desarrollo del Programa de Escuelas Via-
[2007/5620]
18.799
Núm. 5.507 / 08.05.2007
[2007/5007]
18.817
jeras en el año 2006. [2007/5007]
Conselleria de Cultura, Educació i Esport
ORDE de 4 d’abril de 2007, de la Conselleria de Cultura,
Educació i Esport, per la qual es modifica l’autorització de
diversos centres docents privats de la Comunitat Valenciana,
per canvi de titularitat. [2007/5071]
18.819
Conselleria de Cultura, Educación y Deporte
ORDEN de 4 de abril de 2007, de la Conselleria de Cultura,
Educación y Deporte, por la que se modifica la autorización
de varios centros docentes privados de la Comunitat Valenciana, por cambio de titularidad. [2007/5071]
Conselleria d’Infraestructures i Transport
RESOLUCIÓ de 26 de març de 2007, de la Direcció General
d’Arquitectura, d’acreditació del laboratori de control de qualitat de l’edificació TCO Geoscan Geotécnia Medioambiental
y Control de Calidad, SL, amb les referències: 07053EHA/
07(B), 07053GTC/07 i 07053GTL/07(B). [2007/4710]
18.821
Conselleria de Infraestructuras y Transporte
RESOLUCIÓN de 26 de marzo de 2007, de la Dirección
General de Arquitectura de acreditación del laboratorio de
control de calidad de la edificación TCO Geoscan Geotécnia
Medioambiental y Control de Calidad, SL. con las referencias: 07053EHA/07(B), 07053GTC/07 y 07053GTL/07(B).
18.817
18.819
[2007/4710]
18.821
RESOLUCIÓ de 29 de març de 2007, de la Direcció General d’Arquitectura, d’acreditació del laboratori de control de
qualitat de l’edificació Samaraez Chemical Consulting, SL,
amb la referència: 07054GTL/07(B). [2007/4880]
18.823
RESOLUCIÓN de 29 de marzo de 2007 de la Dirección
General de Arquitectura, de acreditación del laboratorio de
control de calidad de la edificación Samaraez Chemical Consulting, SL. con la referencia: 07054GTL/07(B). [2007/4880]
18.823
RESOLUCIÓ 23 de març de 2007, de la Direcció General
d’Energia, per la qual s’atorga a Gas Natural Distribución
SDG, SA, l’autorització administrativa per a la construcció
de les instal·lacions corresponents al gasoducte de gas natural denominat Ramal a Casinos i les seues instal¿lacions
auxiliars, al terme municipal de Casinos, província de València, s’aprova el projecte d’execució i es declara en concret la
seua utilitat pública. (CBREDE 2006/7/46). [2007/4921]
18.825
RESOLUCIÓN de 23 de marzo de 2007 de la Dirección
General de por la que se otorga a Gas Natural Distribución
SDG, SA. autorización administrativa para la construcción
de las instalaciones correspondientes al gasoducto de gas
natural denominado “Ramal a Casinos” y sus instalaciones
auxiliares, en el término municipal de Casinos, provincia
de Valencia, se aprueba el proyecto de ejecución y se declara en concreto su utilidad pública. (CBREDE 2006/7/46).
[2007/4921]
18.825
Conselleria de Justícia, Interior
i Administracions Públiques
RESOLUCIÓ de 20 de març de 2007, de la directora general
de Justícia, de la Conselleria de Justícia, Interior i Administracions Públiques, per la qual es resol inscriure la modificació dels Estatuts de l’Il·lustre Col·legi Provincial d’Advocats
d’Alacant, i es disposa la seua publicació en el Diari Oficial
de la Comunitat Valenciana. [2007/4691]
18.830
Conselleria de Justícia, Interior
y Administraciones Públicas
RESOLUCIÓN de 20 de marzo de 2007, de la directora
general de Justicia de la Conselleria de Justicia, Interior y
Administraciones Públicas, por la que se resuelve inscribir la
modificación de los Estatutos del Ilustre Colegio Provincial
de Abogados de Alicante, y se dispone su publicación en el
Diari Oficial de la Comunitat Valenciana. [2007/4691]
18.830
Diputació d’Alacant. SUMA. Gestió Tributària
Delegació efectuada pels ajuntaments de Biar, Gaianes
i Sagra de diversos tributs i taxes en periode executiu.
Diputación de Alicante. SUMA. Gestión Tributaria
Delegación efectuada por los ayuntamientos de Biar, Gaianes
y Sagra de diversos tributos y tasas en periodo ejecutivo.
[2007/3469]
18.859
[2007/3469]
18.859
Junta Electoral Provincial de València
CORRECCIÓ d’errades de la publicació de candidatures
presentades per les circumscripcions d’Alacant, Castelló i
València, que concorreran a les eleccions a Les Corts del dia
27 de maig de 2007. [2007/5875]
18.860
Junta Electoral Provincial de Valencia
CORRECCIÓN de errores de la publicación de candidaturas
presentadas por las circunscripciones de Alicante, Castellón
y Valencia, que van a concurrir a las elecciones a Les Corts
del día 27 de mayo de 2007. [2007/5875]
18.860
IV. ADMINISTRACIÓ DE JUSTÍCIA
IV. ADMINISTRACIÓN DE JUSTICIA
Audiència Provincial de València. Secció 06ª
Notificació a Electro Gestión Estubey, SL, de la sentència
número 98 dictada en el rotlle d’apel·lació número 820/2006.
18.861
Audiencia Provincial de València. Sección 06ª
Notificación a Electro Gestión Estubey, SL, de la sentencia número 98 recaída en el rollo de apelación número
820/2006. [2007/3934]
18.861
Jutjat Mercantil número 01 de València
Notificació a Manuel Caballero Herranz i Construccions i
Projectes Casco Antic, SL de la sentència dictada en les actuacions del juí ordinari 187/2006 [2007/3651]
18.862
Juzgado de lo Mercantil número 01 de Valencia
Notificación a Manuel Caballero Herranz y Construccions i
Projectes Casco Antic, SL de la sentencia recaída en los autos
del juicio ordinario 187/2006 [2007/3651]
18.862
Jutjat Mercantil número 02 de València
Notificació a Servicios y Hostelerías La Safor, SL i José
Artes Signes de la sentència número 26/2007 dictada en les
actuacions del juí verbal número 540/2006. [2007/4326]
18.863
Juzgado de lo Mercantil número 02 de València
Notificación a Servicios y Hostelerías La Safor, SL y José
Artes Signes de la sentencia número 26/2007 dictada en los
autos del juicio verbal número 540/2006. [2007/4326]
18.863
Jutjat de Primera Instància número 01 de Catarroja
Notificació a les persones interessades de la declaració d’hereus abintestat 88/2007 de Luis Moreno Vázquez. [2007/3959] 18.864
Juzgado de Primera Instancia número 01 de Catarroja
Notificación a las personas interesadas de la declaración de
herederos abintestato 88/2007 de Luis Moreno Vázquez.
[2007/3934]
[2007/3959]
18.864
Núm. 5.507 / 08.05.2007
Jutjat de Primera Instància número 03 de Torrevieja
Notificació a Susan Jones i George Eric Williams Jones
de la sentència dictada en les actuacions del juí verbal
147/2006. [2007/3879]
18.865
Juzgado de Primera Instancia número 03 de Torrevieja
Notificación a Susan Jones y George Eric Williams Jones de
la sentencia dictada en los autos del juicio verbal 147/2006.
Jutjat de Primera Instància número 03 de Torrevieja
Notificació a Olga López López i Viala Rene de la sentència dictada en les actuacions del juí verbal número 659/2005.
Juzgado de Primera Instancia número 03 de Torrevieja
Notificación a Olga López López y Viala Rene de la sentencia dictada en los autos del juicio verbal número 659/2005.
[2007/3878]
18.866
[2007/3879]
[2007/3878]
18.865
18.866
Jutjat de Primera Instància número 04 de Torrent
Notificació a Cia. Klin-Tan-Tun, SL de la sentència dictada
en les actuacions del juí verbal 280/2003. [2007/3820]
18.867
Juzgado de Primera Instancia número 04 de Torrent
Notificación a Cia. Klin-Tan-Tun, SL de la sentencia dictada
en los autos del juicio verbal 280/2003. [2007/3820]
18.867
Jutjat de Primera Instància número 04 de València
Notificació a Dalila Milán Amorós de la sentència número
209/2006 dictada en les actuacions del juí verbal número
834/2006. [2007/3953]
18.868
Juzgado de Primera Instancia número 04 de València
Notificación a Dalila Milán Amorós de la sentencia número 209/2006 recaída en los autos del juicio verbal número
834/2006. [2007/3953]
18.868
Jutjat de Primera Instància número 07 de València
Notificació a Perpetua Mangue Mandama i altres de la sentència dictada en les actuacions del juí de desnonament
número 797/2004. [2007/4260]
18.869
Juzgado de Primera Instancia número 07 de València
Notificación a Perpetua Mangue Mandama y otros de la sentencia dictada en los autos del juicio de desahucio número
797/2004. [2007/4260]
18.869
Jutjat de Primera Instància número 10 de València
Notificació a Claudia Martínez Galeano i Cristóbal Real Herrera de la sentència número 164/2006 dictada en les actuacions del juí verbal 687/2006. [2007/3880]
18.871
Juzgado de Primera Instancia número 10 de València
Notificación a Claudia Martínez Galeano y Cristóbal Real
Herrera de la sentencia número 164/2006 dictada en los autos
del juicio verbal 687/2006. [2007/3880]
18.871
Jutjat de Primera Instància número 10 de València
Notificació a Virginia Vieira Teixeira de la sentència número
3/2007 dictada en les actuacions del juí ordinari 552/2006.
Juzgado de Primera Instancia número 10 de València
Notificación a Virginia Vieira Teixeira de la sentencia número 3/2007 recaída en los autos del juicio ordinario 552/2006.
[2007/3652]
18.870
[2007/3652]
18.870
Jutjat de Primera Instància número 11 de València
Notificació a Mª Pilar Boix Montero de la sentència dictada
en les actuacions del juí verbal número 924/2004. [2007/3810]
18.873
Juzgado de Primera Instancia número 11 de València
Notificación a Mª Pilar Boix Montero de la sentencia dictada
en los autos del juicio verbal número 924/2004. [2007/3810]
18.873
Jutjat de Primera Instància número 20 de València
Notificació de la sentència dictada en les actuacions del
juí verbal número 734/1994, a Francisco Víctor Juan i
altres. [2007/3817]
18.874
Juzgado de Primera Instancia número 20 de València
Notificación de la sentencia dictada en los autos del juicio
verbal número 734/1994, a Francisco Víctor Juan y otros.
Jutjat de Primera Instància número 24 de València
Notificació a Luis Hernán Pérez Jiménez de la sentència dictada en les actuacions del juí de divorci contenciós número
860/2006. [2007/3811]
18.875
Juzgado de Primera Instancia número 24 de València
Notificación a Luis Hernán Pérez Jiménez de la sentencia
recaída en los autos del juicio de divorcio contencioso número 860/2006. [2007/3811]
18.875
Jutjat de Primera Instància número 25 de València
Notificació a Center Harrys, SL de la sentència dictada en les
actuacions del juí ordinari 486/2006. [2007/3877]
18.876
Juzgado de Primera Instancia número 25 de València
Notificación a Center Harrys, SL de la sentencia dictada en
los autos del juicio ordinario 486/2006. [2007/3877]
18.876
Jutjat de Primera Instància número 26 de València
Notificació a María del Mar Cortes Sancho de la sentència
dictada en les actuacions del juí d’assentiment d’adopció
149/2005. [2007/3655]
18.877
Juzgado de Primera Instancia número 26 de València
Notificación a María del Mar Cortes Sancho de la sentencia
recaída en los autos del juicio de asentimiento de adopción
149/2005. [2007/3655]
18.877
Jutjat de Primera Instància número 26 de València
Notificació a María del Rosario Pablo Guiñón de la sentència dictada en les actuacions del divorci contenciós número
201/2006. [2007/3654]
18.879
Juzgado de Primera Instancia número 26 de València
Notificación a María del Rosario Pablo Guiñón de la sentencia recaída en los autos del divorcio contencioso número
201/2006. [2007/3654]
18.879
Jutjat de Primera Instància número 26 de València
Notificació a Neil Patrick Smith de la resolució dictada en
les actuacions del juí de mesures fills extramatrimonials contenciós 694/2005. [2007/3822]
18.878
Juzgado de Primera Instancia número 26 de València
Notificación a Neil Patrick Smith de la resolución dictada en
los autos del juicio de medidas hijos extramatrimoniales contencioso 694/2005. [2007/3822]
18.878
V. ANUNCIS
V. ANUNCIOS
Institut Valencià d’Habitatge, SA
Notificació a Pilar Fernández Cañadillas. Expedient número
A-DAMC-0004/07. [2007/5564]
18.880
Institut Valenciano de la Vivienda, SA
Notificación a Pilar Fernández Cañadillas. Expediente número A-DAMC-0004/07. [2007/5564]
18.880
[2007/3817]
18.874
Núm. 5.507 / 08.05.2007
a) ORDENACIÓ DEL TERRITORI I URBANISME
a) ORDENACIÓN DEL TERRITORIO Y URBANISMO
Ajuntament d’Aldaia
Informació pública de la modificació del Pla General d’Ordenació Urbana per a l’eliminació de la unitat d’execució
número 2.6. [2007/3812]
18.881
Ayuntamiento de Aldaia
Información pública de la modificación del Plan General de
Ordenación Urbana para la eliminación de la unidad de ejecución número 2.6. [2007/3812]
18.881
Ajuntament d’Alacant
Informació pública del programa d’actuació integrada de
gestió directa municipal per a l’Àrea de la Medina del Pla
General Municipal d’Ordenació. [2007/3517]
18.882
Ayuntamiento de Alicante
Información pública del programa de actuación integrada de
gestión directa municipal para el Área de la Medina del Plan
General Municipal de Ordenación. [2007/3517]
18.882
Ajuntament de Gandia
Informació pública del programa per al desenvolupament
d’una actuació aïllada i projecte de reparcel¿lació forçosa per
a l’edificació en sòl urbà en els carrers del Duc Alfons el Vell
i d’Alexandre VI (exp. PP-666). [2007/4973]
18.883
Ayuntamiento de Gandia
Información pública del programa para el desarrollo de una
actuación aislada y proyecto de reparcelación forzosa para la
edificación en suelo urbano en las calles del Duc Alfons el
Vell y de Alexandre VI (exp. PP-666). [2007/4973]
18.883
Ajuntament de l’Alcora
Informació pública del Projecte de Modificació Puntual del
Pla General d’Ordenació Urbana de l’Alcora Número 45
18.884
Ayuntamiento de l’Alcora
Información pública del Proyecto de Modificación Puntual
del Plan General de Ordenación Urbana de L’Alcora Número
45 [2007/3475]
18.884
Ajuntament de Utiel
Informació pública de la modificació puntual del Pla General
d’Ordenació Urbana d’Utiel. [2007/3632]
18.885
Ayuntamiento de Utiel
Información pública de la modificación puntual del Plan
General de Ordenación Urbana de Utiel. [2007/3632]
18.885
b) LICITACIÓ I ADJUDICACIÓ DE CONTRACTES
b) LICITACIÓN Y ADJUDICACIÓN DE CONTRATOS
Presidència de la Generalitat
Adjudicació de l’expedient número CNMY07/DGPC/11.
Servici de desplaçament, allotjament i manutenció de participants en programes de la Direcció General de Participació
Ciutadana. [2007/4614]
18.886
Presidencia de la Generalitat
Adjudicación del expediente CNMY07/DGPC/11. Servicio
de desplazamiento, alojamiento y manutención de participantes en programas de la Dirección General de Participación
Ciudadana. [2007/4614]
18.886
Conselleria de Sanitat
Adjudicació número 516/2007. Subministrament de material
de neteja i toaleta per a l’ Hospital Universitari doctor Peset.
Conselleria de Sanidad
Adjudicación número 516/2007. Suministro de material de
limpieza y aseo para el Hospital Universitario Doctor Peset.
[2007/3475]
[2007/5704]
18.887
[2007/5704]
18.888
Conselleria de Turismo
Licitación del expediente 08/2007. Servicio de gestión, mantenimiento y creación de contenidos del portal turístico de la
Comunitat Valenciana en Internet y los webs Travelturisme y
Qualitur. [2007/5252]
18.888
Ciutat de la Llum, SA
Licitació de l’expedient CDL/ 008/07. Manteniment i conservació de zones enjardinades, instal¿lacions de reg i neteja, capçal i depòsit d’aigua de reg de la Ciudad de la Luz,
Alacant. [2007/5871]
18.890
Ciudad de la Luz, SA
Licitación del expediente número CDL/008/07. Mantenimiento y conservación de zonas ajardinadas, instalaciones
de riego y baldeo, cabezal y depósito de agua de riego de la
Ciudad de la Luz, Alicante. [2007/5871]
18.890
Construccions i Infraestructures Educatives de la Generalitat Valenciana, CIEGSA
Adjudicació de l’expedient ATCC 35/06. Assistència tècnica
de control de qualitat relativa a centre docent. [2007/5328]
18.891
Construcciones e Infraestructuras Educativas de la Generalitat Valenciana, CIEGSA
Adjudicación del expediente ATCC 35/06. Asistencia técnica
de control de calidad relativa a centro docente. [2007/5328]
18.891
Licitació de l’expedient OB 262/07. Redacció de projectes i
execució d’obra de construcció d’actuacions industrialitzades
18.892
Licitación del expediente OB 262/07. Redacción de proyectos y ejecución de obra de construcción de actuaciones industrializadas. [2007/5745]
18.892
Institut Valencià de Cinematografia
“Ricardo Muñoz Suay” (IVAC)
Adjudicació de l’expedient SER/1/2007. Servici d’agència de
viatges per a la celebració del Festival Internacional de Cine
Cinema Jove. [2007/5161]
18.894
Instituto Valenciano de Cinematografia
“Ricardo Muñoz Suay” (IVAC)
Adjudicación del expediente SER/1/2007. Servicio de agencia de viajes para la celebración del Festival Internacional de
Cine Cinema Jove [2007/5161]
18.894
Ajuntament d’Algimia de Alfara
Aprovació de les bases particulars per a la programació de
l’actuació integrada dels sectors S1a i S3 del Pla General
d’Ordenació Urbana d’Alfara de Algimia. [2007/3723]
18.895
Ayuntamiento de Alfara de Algimia
Aprobación de las bases particulares para la programación de la actuación integrada de los sectores S1a y S3 del
Plan General de Ordenación Urbana de Alfara de Algimia
Conselleria de Turisme
Licitació de l’expedient 08/2007. Servici de gestió, manteniment i creació de continguts del portal turístic de la Comunitat Valenciana en Internet i els webs Travelturisme i Qualitur.
[2007/5252]
[2007/5745]
[2007/3723]
18.887
18.895
Núm. 5.507 / 08.05.2007
Ajuntament de Guadasequies
Licitació del programa d’actuació integrada del sector de sòl
urbanitzable industrial PAP II del Pla General d’Ordenació
Urbana de Guadasequies. [2007/5559]
18.896
Ayuntamiento de Guadasequies
Licitación del programa de actuación integrada del sector de
suelo urbanizable industrial PAP II del Plan General de Ordenación Urbana de Guadasequies. [2007/5559]
18.896
Ajuntament de Mislata
Licitació número 07-SE-20. Servici de manteniment, neteja
i consergeria de la pista d’atletisme Inmaculada Francisco.
18.898
Ayuntamiento de Mislata
Licitación número 07-SE-20.2. Servicio de mantenimiento,
limpieza y conserjería de la pista de atletismo Inmaculada
Francisco. [2007/4602]
18.898
Universitat Politècnica de València
Licitació de l’expedient número MY07/ICOMAV/S/22.
Adquisició d’un ultramicrotomo. [2007/4770]
18.899
Universidad Politécnica de Valencia
Licitación del expediente número MY07/ICOMAV/S/22.
Adquisición de un ultramicrotomo. [2007/4770]
18.899
c) ALTRES ASSUMPTES
c) OTROS ASUNTOS
Conselleria d’Infraestructures i Transport
RESOLUCIÓ de 2 d’abril de 2007, de la Direcció General
d’Energia, per la qual s’atorga a Gas Natural Distribución,
SDG, SA, l’autorització administrativa i s’aprova el projecte
d’execució per a la construcció de les instal¿lacions corresponents al gasoducte de gas natural consistent en desplaçament en alta pressió A (APA)(1) en el Programa d’Actuació
Integrada El Tabach, al terme municipal de Cheste, província
de València. (CBREDE 2006/73/46). [2007/4923]
18.901
Conselleria de Infraestructuras y Transporte
RESOLUCIÓ de 2 d’abril de 2007, de la Direcció General
d’Energia, per la qual s’atorga a Gas Natural Distribución,
SDG, SA, l’autorització administrativa i s’aprova el projecte
d’execució per a la construcció de les instal¿lacions corresponents al gasoducte de gas natural consistent en desplaçament en alta pressió A (APA)(1) en el Programa d’Actuació
Integrada El Tabach, al terme municipal de Cheste, província
de València. (CBREDE 2006/73/46). [2007/4923]
18.901
RESOLUCIÓ de 28 de març, de la Conselleria d’Infraestructures i Transport, per la qual s’encomana a l’Entitat Pública
de Sanejament d’Aigües Residuals de la Comunitat Valenciana l’explotació de l’estació depuradora d’aigües residuals
(EDAR) de La Matanza-Orihuela (Alacant). [2007/4718]
18.905
RESOLUCIÓN de 28 de marzo de la Conselleria de Infraestructuras y Transporte, por la que se encomienda a la Entidad
Pública de Saneamiento de Aguas Residuales de la Comunidad Valenciana la explotación de la estación depuradora de
aguas residuales (E.D.A.R.) de la Matanza-Orihuela (Alican- 18.905
te). [2007/4718]
RESOLUCIÓ de 9 de novembre de 2006, del Servici Territorial d’Energia, relativa a la informació pública per a
l’autorització administrativa d’instal¿lació elèctrica. Exp:
ATASCT/2006/657/46 [2007/4957]
18.907
RESOLUCIÓN de 9 de noviembre de 2006 del Servicio
Territorial de Enegía relativa a la Información pública para
autorización administrativa de instalación eléctrica. Exp:
ATASCT/2006/657/46. [2007/4957]
18.907
Conselleria de Sanitat
Conselleria de Sanidad
Citació de compareixença a fi de notificar liquidacions per
taxes sanitàries. [2007/5837]
18.908
Citación de comparecencia a fin de proceder a la notificación
de determinadas liquidaciones por tasas sanitarias. [2007/5837] 18.908
Ferrocarrils de la Generalitat Valenciana
RESOLUCIÓ de 23 d’abril del 2007, de l’Entitat Pública
Ferrocarrils de la Generalitat Valenciana (FGV). Rectificació
del Plec de Clàusules Administratives Particulars que regix la
licitació del contracte de “Prestació dels servicis de vigilància i protecció de viatgers, agents, instal¿lacions i dependències de FGV en la província de València”, expedient 06/66.”
18.909
Ferrocarrils de la Generalitat Valenciana
RESOLUCIÓN de 23 de abril de 2007, de la Entidad Pública
Ferrocarrils de la Generalitat Valenciana (FGV). Rectificación del pliego de cláusulas administrativas particulares que
rige la licitación del contrato de “Prestación de los servicios
de vigilancia y protección de viajeros, agentes, instalaciones
y dependencias de FGV en la provincia de Valencia”, expediente 06/66.” [2007/5754]
18.909
Institut Valencià d’Habitatge, SA
Notificació a l’interessat de la providència i plec de càrrecs
per incoació d’expedient administratiu de resolució de contracte de compravenda per no ocupar l’habitatge pel seu titular com a domicili habitual i permanent (expedient núm. ARACNU-0016/07). [2007/5746]
18.910
Institut Valenciano de la Vivienda, SA
Notificación al interesado de la providencia y pliego de cargos por incoación de expediente administrativo de resolución
de contrato de compraventa por no ocupar la vivienda por
su titular como domicilio habitual y permanente (expediente
núm. A-RACNU-0016/07). [2007/5746]
18.910
Notificació als hereus de la senyora María López Brotons de
la incoació d’expedient de requeriment de comunicació de
subrogació (expedient número A-R/S-0001/07). [2007/5744]
18.911
Notificación a los herederos de doña María López Brotons
de la incoación de expediente de requerimiento de comunicación de subrogación (expediente número A-R/S-0001/07).
[2007/4602]
[2007/5754]
[2007/5744]
Institut Valencià de la Joventut
Notificació a Gustavo Adolfo Garrido Ortuño i altres, de la
falta i/o incorrecció de determinada documentació que, preceptivament, hauria d’acompanyar la sol·licitud d’ajuda per
al lloguer d’habitatges per jóvens i per parelles de jóvens
segons el que disposa l’Ordre de 18 de desembre de 2006 de
la Conselleria de Benestar Social (DOCV núm. 5.426, d’11
de gener de 2007). [2007/5133]
18.912
18.911
Instituto Valenciano de la Juventud
Notificación a Gustavo Adolfo Garrido Ortuño y otros, de
la falta y/o incorrección de determinada documentación que
preceptivamente debía acompañar a la solicitud de ayuda
para el alquiler de viviendas por jóvenes y por parejas de
jóvenes según lo dispuesto en la Orden de 18 de diciembre
de 2006 de la Conselleria de Bienestar Social (DOCV núm.
5.426, de 11 de enero de 2007). [2007/5133]
18.912
Núm. 5.507 / 08.05.2007
Caixa Rural de l’Alcúdia,
Societat Cooperativa Valenciana de Crèdit
Convocatòria de l’Assemblea General ordinària. [2007/5552]
18.915
Caixa Rural de l’Alcúdia,
Societat Cooperativa Valenciana de Crèdit
Convocatoria de la Asamblea General ordinaria. [2007/5552]
18.915
Núm
5509 / 10.05.2007
&RQVHOOHULDG¶$JULFXOWXUD3HVFDL$OLPHQWDFLy
18738
&RQVHOOHULDGH$JULFXOWXUD3HVFD\$OLPHQWDFLyQ
5(62/8&,ÏGHG¶DEULOGHGHOD'LUHFFLy*HQH
UDO GH 3HVFD L $OLPHQWDFLy SHU OD TXDO V¶HVWDEOL[HQ L HV
FODVVLILTXHQ OHV ]RQHs GH SURGXFFLy GH PRO¢OXVFV ELYDO
YHVLJDVWHUzSRGHVHQDLJHVGHOD&RPXQLWDW9DOHQFLDQD
5(62/8&,Ï1 GH GH DEULO GH GH OD 'LUHFFLyQ
*HQHUDOGH3HVFD\$OLPHQWDFLyQSRUODTXHVHHVWDEOHFHQ
\ FODVLILFDQ ODV ]RQDV GH SURGXFFLyQ GH PROXVFRV ELYDO
YRV\JDVWHUySRGRVHQDJXDVGHOD&RPXQLWDW9DOHQFLDQD
>@
>@
(QHOSXQWGHO¶DUWLFOHGHO5HLDO'HFUHWGHGHPDUo
GHO0LQLVWHULG¶$JULFXOWXUD3HVFDL$OLPHQWDFLySHOTXDOV¶HVWDEOL[HQ
OHV QRUPHV GH TXDOLWDW GH OHV DLJHV L GH OD SURGXFFLy GH PROÂOXVFV L
DOWUHV LQYHUWHEUDWV PDULQV V¶HVWDEOL[ TXH O¶zUJDQ FRPSHWHQW GH OD
FRPXQLWDWDXWzQRPDGHILQLUjLFODVVLILFDUjOHV]RQHVGHSURGXFFLyDPE
LQGLFDFLyGHOVOtPLWVHQTXqHVSRGHQUHFROÂOHFWDUPROÂOXVFVELYDOYHV
PROÂOXVFV JDVWHUzSRGHV WXQLFDWV L HTXLQRGHUPV GH SURGXFFLy QDWXUDO
SHUDOPDULVTXHLJRG¶DTLFXOWXUD
(QHO5HLDO'HFUHWGHGHPDLJHVUHJXOHQGHWHUPLQD
GHVFRQGLFLRQVG¶DSOLFDFLyGHOHVGLVSRVLFLRQVFRPXQLWjULHVHQPDWqULD
G¶KLJLHQHGHODSURGXFFLyLFRPHUFLDOLW]DFLyGHOVSURGXFWHVDOLPHQWD
ULVUHIHUHQWDOVUHJODPHQWV&(Q~PL
3HU D FRPSOLU OD QRUPDWLYD HVWDWDO GH UHIHUqQFLD OD &RPXQL
WDW9DOHQFLDQDSHUPLWMjGHOHVUHVROXFLRQVGHGHMXQ\GHGH
OD 'LUHFFLy *HQHUDO GH 3HVFD L 5HODFLRQV$JUjULHV GH GH MXQ\ GH
GHOD'LUHFFLy*HQHUDOGH3URGXFFLy$JUjULDL3HVFDGHGH
MXQ\ GH GH OD 'LUHFFLy *HQHUDO GH 3HVFD L &RPHUFLDOLW]DFLy
$JUjULDLG¶GHQRYHPEUHGHGHOD'LUHFFLy*HQHUDOGH3HVFD
YDHVWDEOLULFODVVLILFjOHV]RQHVGHSURGXFFLyGHPROÂOXVFVELYDOYHVL
JDVWHUzSRGHV
/HV ]RQHV G¶H[WUDFFLy HV FRQFHQWUHQ DO OLWRUDO GH OD SURYtQFLD GH
9DOqQFLDL&DVWHOOy
7RWDL[zDFRQVHOODFRQFHQWUDUHOVHVIRUoRVGHFRQWUROLDQjOLVLVREUH
OHV]RQHVYHUGDGHUHVGHSURGXFFLyXQLILFDQWOHV]RQHVHQIXQFLyGHOV
UHVXOWDWVGHOHVDQjOLVLVUHDOLW]DGHVLGHOHVTXDQWLWDWVH[WUHWHVHQFDGD
jUHDPDUtWLPDeVQHFHVVDULSHUWDQWPRGLILFDUOHVUHVROXFLRQVG¶HVWD
FRQVHOOHULDHQTXqV¶HVWDEOLHQOHV]RQHVGHSURGXFFLyGHELYDOYHVLJDV
WHUzSRGHV
3HUDL[zDILG¶DFRPSOLUHOVUHLDOVGHFUHWVHVPHQWDWVDODYLVWDGHOV
LQIRUPHVVREUHO¶HVWDWGHOVEDQFVQDWXUDOVGHPDULVTXHLJLDTLFXOWXUD
GHOD&RPXQLWDW9DOHQFLDQDLEDVDQWVHHQDOOzTXHV¶HVWDEOL[HQO¶DUWL
FOHGHOD/OHLGHGHGHVHPEUHGH3HVFD0DUtWLPDGHOD
&RPXQLWDW9DOHQFLDQDHVWDGLUHFFLyJHQHUDOUHVRO
(O5HDO'HFUHWRGHGHPDU]RGHO0LQLVWHULRGH$JUL
FXOWXUD 3HVFD \$OLPHQWDFLyQ SRU HO TXH VH HVWDEOHFH ODV QRUPDV GH
FDOLGDGGHODVDJXDV\GHODSURGXFFLyQGHPROXVFRV\RWURVLQYHUWH
EUDGRVPDULQRVHVWDEOHFHHQVXDUWtFXORSXQWRTXHHOyUJDQRFRP
SHWHQWHGHODFRPXQLGDGDXWyQRPDGHILQLUi\FODVLILFDUiODV]RQDVGH
SURGXFFLyQFRQLQGLFDFLyQGHVXVOtPLWHVHQODVTXHVHSXHGDQUHFR
OHFWDUPROXVFRVELYDOYRVPROXVFRVJDVWHUySRGRVWXQLFDGRV\HTXLQR
GHUPRVGHSURGXFFLyQQDWXUDOSDUDHOPDULVTXHRRGHDFXLFXOWXUD
(O 5HDO 'HFUHWR GH GH PD\R UHJXOD GHWHUPLQDGDV
FRQGLFLRQHVGHDSOLFDFLyQGHODVGLVSRVLFLRQHVFRPXQLWDULDVHQPDWH
ULD GH KLJLHQH GH OD SURGXFFLyQ \ FRPHUFLDOL]DFLyQ GH ORV SURGXFWRV
DOLPHQWLFLRVUHIHUHQWHDORV5HJODPHQWRV&(Qž
\
3DUD GDU FXPSOLPLHQWR D OD QRUPDWLYD HVWDWDO GH UHIHUHQFLD OD
&RPXQLWDW9DOHQFLDQDPHGLDQWHUHVROXFLRQHVGHOD'LUHFFLyQ*HQHUDO
GH3HVFD\5HODFLRQHV$JUDULDVGHGHMXQLRGHGHOD'LUHFFLyQ
*HQHUDO GH 3URGXFFLyQ$JUDULD \ 3HVFD GH GH MXQLR GH GH
OD 'LUHFFLyQ *HQHUDO GH 3HVFD \ &RPHUFLDOL]DFLyQ$JUDULD GH GH
MXQLRGH\GHOD'LUHFFLyQ*HQHUDOGH3HVFDGHGHQRYLHP
EUHGHHVWDEOHFLy\FODVLILFyODV]RQDVGHSURGXFFLyQGHPROXV
FRVELYDOYRV\JDVWHUySRGRV
/DV]RQDVGHH[WUDFFLyQHVWiQFRQFHQWUDGDVHQHOOLWRUDOGHODSUR
YLQFLDGH9DOHQFLD\&DVWHOOyQ
7RGR HOOR DFRQVHMD FRQFHQWUDU ORV HVIXHU]RV GH FRQWURO \ DQiOLVLV
VREUH ODV ]RQDV YHUGDGHUDV GH SURGXFFLyQ XQLILFDQGR ODV ]RQDV HQ
IXQFLyQGHORVUHVXOWDGRVGHORVDQiOLVLVUHDOL]DGRV\GHODVFDQWLGDGHV
H[WUDtGDVHQFDGDiUHDPDUtWLPDVLHQGRQHFHVDULRPRGLILFDUODVUHVR
OXFLRQHVGHHVWDFRQVHOOHULDTXHHVWDEOHFLHURQODV]RQDVGHSURGXFFLyQ
GHELYDOYRV\JDVWHUySRGRV
3RUORTXHSDUDGDUFXPSOLPLHQWRDORVUHDOHVGHFUHWRVUHIHUHQFLD
GRVDODYLVWDGHORVLQIRUPHVVREUHHOHVWDGRGHORVEDQFRVQDWXUDOHV
GHPDULVTXHR\DFXLFXOWXUDGHOD&RPXQLWDW9DOHQFLDQD\HQEDVHDOR
HVWDEOHFLGRHQHODUWtFXORGHOD/H\GHGHGLFLHPEUHGH
3HVFD0DUtWLPDGHOD&RPXQLGDG9DOHQFLDQDHVWD'LUHFFLyQ*HQHUDO
UHVXHOYH
3ULPHU
6¶DSURYDODUHODFLyGHOHV]RQHVGHSURGXFFLyGHPROÂOXVFVELYDO
YHVLJDVWHUzSRGHVHQDLJHVGHOOLWRUDOGHOD&RPXQLWDW9DOHQFLDQDTXH
ILJXUDHQO¶DQQH[G¶HVWDUHVROXFLy
3ULPHUR
6H DSUXHED OD UHODFLyQ GH ODV ]RQDV GH SURGXFFLyQ GH PROXVFRV
ELYDOYRV\JDVWHUySRGRVHQDJXDVGHOOLWRUDOGHOD&RPXQLWDW9DOHQFLD
QDTXHILJXUDHQHODQH[RGHHVWDUHVROXFLyQ
6HJRQ
$OHV]RQHVGHSURGXFFLyFODVVLILFDGHVHQO¶DQQH[FRPDWLSXV%pV
REOLJDWzULDODGHSXUDFLyGHOVPROÂOXVFVELYDOYHVH[WUHWV
6HJXQGR
(QODV]RQDVGHSURGXFFLyQFODVLILFDGDVHQHODQH[RFRPRWLSR%
HVREOLJDWRULDODGHSXUDFLyQGHORVPROXVFRVELYDOYRVH[WUDtGRV
7HUFHU
(L[D UHVROXFLy VXEVWLWXw[ OD G¶ GH QRYHPEUH GH GH OD
'LUHFFLy*HQHUDOGH3HVFDSHUODTXDOV¶HVWDEOL[HQLHVFODVVLILTXHQOHV
]RQHVGHSURGXFFLyGHPROÂOXVFVELYDOYHVLJDVWHUzSRGHVHQDLJHVGH
OD&RPXQLWDW9DOHQFLDQD'2*9Q~PGH
7HUFHUR
(VD UHVROXFLyQ VXVWLWX\H OD GH GH QRYLHPEUH GH GH OD
'LUHFFLyQ*HQHUDOGH3HVFDSRUODTXHVHHVWDEOHFHQ\FODVLILFDQODV
]RQDVGHSURGXFFLyQGHPROXVFRVELYDOYRV\JDVWHUySRGRVHQDJXDVGH
OD&RPXQLGDG9DOHQFLDQD'2*9Q~PGH
4XDUW
(VWDUHVROXFLySURGXLUjHIHFWHGHVGHO¶HQGHPjGHODSXEOLFDFLyHQ
HO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
&XDUWR
(VWD UHVROXFLyQ SURGXFLUi HIHFWRV GHVGH HO GtD VLJXLHQWH DO GH VX
SXEOLFDFLyQHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
&LQTXp
(VWD UHVROXFLy QR SRVD IL D OD YLD DGPLQLVWUDWLYD L FRQWUD HVWD HV
SRW LQWHUSRVDU HQ HO WHUPLQL G¶XQ PHV GHV GH OD QRWLILFDFLy R SXEOL
FDFLy XQ UHFXUV G¶DOoDGD GDYDQW GHO FRQVHOOHU G¶$JULFXOWXUD 3HVFD L
4XLQWR
(VWDUHVROXFLyQQRSRQHILQDODYtDDGPLQLVWUDWLYD\IUHQWHDHOOD
SXHGH LQWHUSRQHUVH HQ HO SOD]R GH XQ PHV GHVGH VX QRWLILFDFLyQ R
SXEOLFDFLyQUHFXUVRGHDO]DGDDQWHHOFRQVHOOHUGH$JULFXOWXUD3HVFD\
Núm
5509 / 10.05.2007
18739
$OLPHQWDFLy D SDUWLU GH OD GDWD GH SXEOLFDFLy HQ HO 'LDUL 2ILFLDO GH
OD &RPXQLWDW 9DOHQFLDQD G¶DFRUG DPE HOV DUWLFOHV L VHJHQWV GH
OD/OHLGHGHJHQHUGHPRGLILFDFLyGHOD/OHLGH
GHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO
3URFHGLPHQW$GPLQLVWUDWLX&RP~
$OLPHQWDFLyQDSDUWLUGHODIHFKDGHVXSXEOLFDFLyQHQHO'LDUL2ILFLDO
GHOD&RPXQLWDW9DOHQFLDQDGHDFXHUGRHODUWtFXOR\VLJXLHQWHVGH
OD/H\GHGHHQHURGHPRGLILFDFLyQGHOD/H\GH
GHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV
\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q
9DOqQFLD G¶DEULO GH (O GLUHFWRU JHQHUDO GH 3HVFD L$OL
PHQWDFLy-RVp)UDQFLVFR)HUUDQGR2UWD
9DOHQFLD GH DEULO GH ² (O GLUHFWRU JHQHUDO GH 3HVFD \
$OLPHQWDFLyQ-RVp)UDQFLVFR)HUUDQGR2UWD
$11(;
'HFODUDFLyGH]RQHVGHSURGXFFLy
&ODX
&9$
&ODVVLILFD
FLyGHOD
]RQD
8ELFDFLy
/tPLWV
6DJXQW
'HOFDSGH&DQHWž¶1
žž:
DO¶HVFXOOHUD1RUGGHOSRUWGH9DOqQFLD
ž¶1žž:
HQWUHOHVLVzEDWHVGHDPHWUHV
%
%
&ORwVVD&KDPHOHD
JDOOLQD
7HOOHULQD'RQD[
WUXQFXOXV
&9$
3RUWGH
9DOqQFLD
0XVFOHUHVGHOSRUWGH9DOqQFLD
HQWUHFRRUGHQDGHV
ž¶1ž¶:L
ž¶1ž¶:
&9$
&XOOHUD
*DQGLD
'HO¶HVFXOOHUD6XGGHOSRUWGH9DOqQFLD
ž¶1ž¶:
DOFDSGH6DQW$QWRQLž¶1
ž¶(
HQWUHOHVLVzEDWHVGHDPHWUHV
$
9LQDUzV
*DQGLD
'HVGHODGHPRUDGHžWUDoDGDGHVGH
ODGHVHPERFDGXUDGHOULX6pQLD
ž¶1ž¶(ILQVHOSDUDOāOHO
TXHSDVVDSHOFDSGH6DQW$QWRQL
ž¶1ž¶(
$
&9$
(VSqFLHVRJUXSV
G¶HVSqFLHVGH
UHIHUqQFLD
&OzW[LQD0\WLOXVVSS
&ORwVVD&KDPHOHD
JDOOLQD
7HOOHULQD'RQD[
WUXQFXOXV
(TXLQRGHUPV
*DVWHUzSRGHVLELYDOYHV
/HVFRRUGHQDGHVJHRJUjILTXHVHVWDQUHIHUHQFLDGHVHQGDWXP('
$1(;2
'HFODUDFLyQGH]RQDVGHSURGXFFLyQ
&ODVLILFDFLyQ (VSHFLHVRJUXSRVGH
GHOD]RQD HVSHFLHVGHUHIHUHQFLD
&ODYH
8ELFDFLyQ
/tPLWHV
&9$
6DJXQWR
'H&DER&DQHWž¶1ž¶:
$(VFROOHUD1RUWHGHO3XHUWRGH9DOHQFLD
ž¶1ž¶:
(QWUHODVLVREDWDVGHDPHWURV
%
&KLUOD&KDPHOHDJDOOLQD
&RTXLQD'RQD[WUXQFXOXV
&9$
3XHUWRGH
9DOHQFLD
%DWHDVGHO3XHUWRGH9DOHQFLD
(QWUHFRRUGHQDGDV
ž¶1ž¶:\
ž¶1ž¶:
%
0HMLOOyQ0\WLOXVVSS
&XOOHUD*DQGLD
'H(VFROOHUD6XUGHO3XHUWRGH9DOHQFLD
ž¶1ž¶:
$&DER6DQ$QWRQLRž¶1ž¶(
(QWUHODVLVREDWDVGHDPHWURV
$
&KLUOD&KDPHOHDJDOOLQD
&RTXLQD'RQD[WUXQFXOXV
(TXLQRGHUPRV
9LQDUzV*DQGLD
'HVGHODGHPRUDGHžWUD]DGDGHVGHOD
GHVHPERFDGXUDGHOUtR6HQLDž¶1
ž¶(KDVWDHOSDUDOHORTXHSDVDSRUHO
&DERGH6DQ$QWRQLRž¶1ž¶(
$
*DVWHUySRGRV\%LYDOYRV
&9$
&9$
/DVFRRUGHQDGDVJHRJUiILFDVHVWiQUHIHUHQFLDGDVHQGDWXP('
Núm
5509 / 10.05.2007
&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHV
5(62/8&,ÏGHGHPDLJGHGHOFRQVHOOHUGH-XV
WtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHV
SXEOLFD OD UHODFLy G¶DVSLUDQWV TXH KDQ VXSHUDW OHV SURYHV
VHOHFWLYHVG¶DFFpVDOJUXS(VHFWRUDGPLQLVWUDFLyJHQHUDO
DFFpVOOLXUH&RQYRFDWzULD>@
18740
&RQVHOOHULDGH-XVWtFLD,QWHULRU
\$GPLQLVWUDFLRQHV3~EOLFDV
5(62/8&,Ï1 GH GH PD\R GH GHO FRQVHOOHU GH
-XVWLFLD ,QWHULRU \ $GPLQLVWUDFLRQHV 3~EOLFDV SRU OD
TXH VH SXEOLFD OD UHODFLyQ GH DVSLUDQWHV TXH KDQ VXSHUD
GR ODV SUXHEDV VHOHFWLYDV GH DFFHVR DO *UXSR ( VHFWRU
$GPLQLVWUDFLyQ*HQHUDODFFHVROLEUH&RQYRFDWRULD
>@
&RQFORVHV OHV SURYHV VHOHFWLYHV SHU D O¶DFFpV DO JUXS ( VHFWRU
DGPLQLVWUDFLy JHQHUDO DFFpV OOLXUH FRQYRFDGHV SHU 2UGH GH GH
QRYHPEUH GH GH OD FRQVHOOHULD GH -XVWtFLD L $GPLQLVWUDFLRQV
3~EOLTXHV'2*9Q~PGHLGHFRQIRUPLWDWDPE
ODEDVHGHOD&RQYRFDWzULDUHVROF
&RQFOXLGDVODVSUXHEDVVHOHFWLYDVSDUDHODFFHVRDO*UXSR(6HF
WRU$GPLQLVWUDFLyQ*HQHUDODFFHVROLEUHFRQYRFDGDVSRU2UGHQGH
GHQRYLHPEUHGHGHODFRQVHOOHULDGH-XVWLFLD\$GPLQLVWUDFLRQHV
3~EOLFDV'2*9Q~PGHGHQRYLHPEUHGH\GHFRQ
IRUPLGDGFRQODEDVHGHODFRQYRFDWRULDUHVXHOYR
3ULPHU
3XEOLFDU D SURSRVWD GHO 7ULEXQDO OD UHODFLy G¶DVSLUDQWV TXH KDQ
VXSHUDWOHVSURYHVVHOHFWLYHVSHURUGHGHSXQWXDFLyTXHHVUHODFLRQHQ
HQO¶DQQH[,
3ULPHUR
3XEOLFDU D SURSXHVWD GHO 7ULEXQDO OD UHODFLyQ GH DVSLUDQWHV TXH
KDQVXSHUDGRODVSUXHEDVVHOHFWLYDVSRURUGHQGHSXQWXDFLyQTXHVH
UHODFLRQDQHQHO$QH[R,
6HJRQ
(QHOWHUPLQLGHGLHVKjELOVFRPSWDWVGHVGHOVHJHQWDOGHOD
SXEOLFDFLy GH OD SUHVHQW 5HVROXFLy HQ HO 'LDUL 2ILFLDO GH OD &RPXQL
WDW9DOHQFLDQD HOV DVSLUDQWV SURSRVDWV KDXUDQ GH SUHVHQWDU GDYDQW GH
OD 'LUHFFLy *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD HOV VHJHQWV GRFX
PHQWV
)RWRFzSLDGHO'1,RFHUWLILFDWGHQDL[HPHQWH[SHGLGDSHOUHJLV
WUHFLYLOFRUUHVSRQHQWRGRFXPHQWHTXLYDOHQWSHUDOVQDFLRQDOVG¶DOWUHV
HVWDWVDTXqIDUHIHUqQFLDODEDVHGHJXGDPHQWFRPSXOVDGD
6HJXQGR
(QHOSOD]RGHGtDVKiELOHVFRQWDGRVGHVGHHOVLJXLHQWHDOGHOD
SXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQHO'LDUL2ILFLDOGHOD&RPX
QLWDW 9DOHQFLDQD ORV DVSLUDQWHV SURSXHVWRV GHEHUiQ SUHVHQWDU DQWH OD
'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFDORVVLJXLHQWHVGRFX
PHQWRV
)RWRFRSLDGHO'1,RFHUWLILFDFLyQGHQDFLPLHQWRH[SHGLGDSRU
HO 5HJLVWUR &LYLO FRUUHVSRQGLHQWH R GRFXPHQWR HTXLYDOHQWH SDUD ORV
QDFLRQDOHVGHRWURV(VWDGRVDOTXHKDFHUHIHUHQFLDODEDVHGHELGD
PHQWHFRPSXOVDGD
)RWRFRSLD FRPSXOVDGD GHO WtWXOR GH &HUWLILFDGR GH (VFRODULGDG R
HTXLYDOHQWH(QHOFDVRGHWLWXODFLRQHVREWHQLGDVHQHOH[WUDQMHURGHEH
UiHVWDUVHHQSRVHVLyQGHODFUHGHQFLDOTXHDFUHGLWHVXKRPRORJDFLyQ
'HFODUDFLyQ GH QR KDEHU VLGR VHSDUDGR PHGLDQWH H[SHGLHQWH
GLVFLSOLQDULRGHFXDOTXLHU$GPLQLVWUDFLyQRHPSOHRS~EOLFRDVtFRPR
GH QR KDOODUVH LQKDELOLWDGR SHQDOPHQWH SDUD HO HMHUFLFLR GH IXQFLRQHV
S~EOLFDV
/RV DVSLUDQWHV TXH QR SRVHDQ OD QDFLRQDOLGDG HVSDxROD GHEHUiQ
SUHVHQWDU GHFODUDFLyQ MXUDGD GH QR HVWDU VRPHWLGR D VDQFLyQ GLVFLSOL
QDULDRFRQGHQDSHQDOTXHLPSLGDHQVX(VWDGRHODFFHVRDODIXQFLyQ
S~EOLFD
&HUWLILFDGR PpGLFR DFUHGLWDWLYR GH SRVHHU OD FDSDFLGDG ItVLFD \
SVtTXLFDQHFHVDULDSDUDHOGHVHPSHxRGHODVIXQFLRQHVGHORVSXHVWRV
GHWUDEDMRRIHUWDGRV
'HFRQIRUPLGDGFRQODEDVHGHODFRQYRFDWRULDORVDVSLUDQWHV
TXHKDQVXSHUDGRHO&RQFXUVR2SRVLFLyQDFUHGLWDUiQVXVFRQRFLPLHQ
WRV GH YDOHQFLDQR PHGLDQWH OD SUHVHQWDFLyQ GH XQR GH ORV VLJXLHQWHV
GRFXPHQWRV
7LWXOR GH %DFKLOOHUDWR R HTXLYDOHQWH FXUVDGR HQ OD &RPXQLGDG
$XWyQRPD9DOHQFLDQDFRQVXSHUDFLyQGHODVDVLJQDWXUDVGHYDOHQFLD
QR
7LWXOR GH OD (VFXHOD 2ILFLDO GH ,GLRPDV FRUUHVSRQGLHQWH DO WHUFHU
FXUVRGHFRQRFLPLHQWRVGHYDOHQFLDQR
&HUWLILFDGRGHQLYHOPHGLRGHOD-XQWD4XDOLILFDGRUDGH&RQHL[L
PHQWVGH9DOHQFLj
/RVDVSLUDQWHVTXHQRSXHGDQDFUHGLWDUHVWRVFRQRFLPLHQWRVFRQ
IRUPHDORHVWDEOHFLGRHQHODSDUWDGRTXLQWRREOLJDWRULDPHQWHGHEHUiQ
UHDOL]DU HO FXUVR HVSHFtILFR GH YDOHQFLDQR DO TXH VH UHILHUH HO DUWtFX
ORGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD$TXHOORVTXHQROR
VXSHUHQVHJXLUiQREOLJDGRVDUHDOL]DUORVVXFHVLYRVFXUVRVTXHODDGPL
QLVWUDFLyQRUJDQLFHSDUDODDGTXLVLFLyQGHOFRQRFLPLHQWRGHOYDOHQFLD
QRH[LJLEOH
)RWRFzSLDFRPSXOVDGDGHOWtWROGHFHUWLILFDWG¶HVFRODULWDWRHTXL
YDOHQW(QHOFDVGHWLWXODFLRQVREWLQJXGHVHQO¶HVWUDQJHUKDXUjG¶HVWDU
HQSRVVHVVLyGHODFUHGHQFLDOTXHDFUHGLWHODVHXDKRPRORJDFLy
'HFODUDFLyGHQRKDYHUVLJXWVHSDUDWPLWMDQoDQWH[SHGLHQWGLVFL
SOLQDULGHTXDOVHYRODGPLQLVWUDFLyRRFXSDFLyS~EOLFDDL[tFRPGHQR
WUREDUVHLQKDELOLWDWSHQDOPHQWSHUDO¶H[HUFLFLGHIXQFLRQVS~EOLTXHV
(OVDVSLUDQWVTXHQRSRVVHwVTXHQODQDFLRQDOLWDWHVSDQ\RODKDXUDQ
GHSUHVHQWDUGHFODUDFLyMXUDGDGHQRHVWDUVRWPpVDVDQFLyGLVFLSOLQjULD
R FRQGHPQD SHQDO TXH LPSHGLVFD HQ HO VHX (VWDW O¶DFFpV D OD IXQFLy
S~EOLFD
&HUWLILFDWPqGLF DFUHGLWDWLXGH SRVVHLU OD FDSDFLWDWItVLFDL SVt
TXLFDQHFHVVjULDSHUDO¶DFRPSOLPHQWGHOHVIXQFLRQVGHOVOORFVGHWUH
EDOORIHULWV
'HFRQIRUPLWDWDPEODEDVHGHOD&RQYRFDWzULDHOVDVSLUDQWV
TXHKDQVXSHUDWHOFRQFXUVRSRVLFLyDFUHGLWDUDQHOVVHXVFRQHL[HPHQWV
GHYDOHQFLjSHUPLWMjGHODSUHVHQWDFLyG¶XQGHOVVHJHQWVGRFXPHQWV
$7tWROGHEDW[LOOHUDWRHTXLYDOHQWFXUVDWDOD&RPXQLWDW$XWzQR
PD9DOHQFLDQDDPEVXSHUDFLyGHOHVDVVLJQDWXUHVGHYDOHQFLj
%7tWROGHO¶(VFROD2ILFLDOG¶,GLRPHVFRUUHVSRQHQWDOWHUFHUFXUV
GHFRQHL[HPHQWVGHYDOHQFLj
&&HUWLILFDWGHQLYHOOPLWMjGHOD-XQWD4XDOLILFDGRUDGH&RQHL[H
PHQWVGH9DOHQFLj
(OV DVSLUDQWV TXH QR SXJXHQ DFUHGLWDU HVWRV FRQHL[HPHQWV FRQ
IRUPH DO TXH HVWDEOL[ HO SDUjJUDI DQWHULRU REOLJDWzULDPHQW KDXUDQ GH
UHDOLW]DUHOFXUVHVSHFtILFGHYDOHQFLjDTXqHVUHIHUL[O¶DUWLFOHGHOD
/OHLGHOD)XQFLy3~EOLFD9DOHQFLDQD$TXHOOVTXHQRHOVXSHUHQVHJXL
UDQREOLJDWVDUHDOLW]DUHOVVXFFHVVLXVFXUVRVTXHO¶DGPLQLVWUDFLyRUJD
QLW]HSHUDO¶DGTXLVLFLyGHOFRQHL[HPHQWGHOYDOHQFLjH[LJLEOH
7HUFHU
(OVTXHWLQJXHQODFRQGLFLyGHIXQFLRQDULRSHUVRQDOODERUDODOVHU
YLFLGHO¶DGPLQLVWUDFLyGHOD*HQHUDOLWDWHVWDUDQH[HPSWVGHMXVWLILFDU
OHVFRQGLFLRQVLHOVUHTXLVLWVGHOSXQWVHJRQTXHMDWLQJXHQDFUHGLWDWV
7HUFHUR
4XLHQHV WXYLHUDQ OD FRQGLFLyQ GH IXQFLRQDULRV R SHUVRQDO ODERUDO
DO VHUYLFLR GH OD DGPLQLVWUDFLyQ GH OD *HQHUDOLWDW HVWDUiQ H[HQWRV GH
MXVWLILFDUODVFRQGLFLRQHV\UHTXLVLWRVGHOSXQWRVHJXQGRTXH\DWXYLH
Núm
5509 / 10.05.2007
18741
L LQVFULWV HQ HO 5HJLVWUH GH 3HUVRQDO GH OD 'LUHFFLy *HQHUDO G¶$GPL
QLVWUDFLy$XWRQzPLFD ~QLFDPHQW KDXUDQ GH PDQLIHVWDUKR SHU HVFULW
GDYDQW GH OD 'LUHFFLy *HQHUDO *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD
VHQVHDSRUWDUODGRFXPHQWDFLyFRUUHVSRQHQW
UDQDFUHGLWDGRVHLQVFULWRVHQHO5HJLVWURGH3HUVRQDOGHOD'LUHFFLyQ
*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFD~QLFDPHQWHGHEHUiQPDQLIHV
WDUORSRUHVFULWRDQWHOD'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQy
PLFDVLQDSRUWDUODGRFXPHQWDFLyQFRUUHVSRQGLHQWH
4XDUW
(OV DVSLUDQWV VHOHFFLRQDWV TXH GLQV GHO WHUPLQL LQGLFDW L H[FHS
WH FDVRV GH IRUoD PDMRU QR SUHVHQWHQ OD GRFXPHQWDFLy DFUHGLWDWLYD R
VH¶QGHGXw[TXHPDQTXHQG¶DOJXQGHOVUHTXLVLWVH[LJLWVQRSRGUDQVHU
QRPHQDWVSHUVRQDOGHOD*HQHUDOLWDWVHQVHSHUMXtGHODUHVSRQVDELOLWDW
HQTXqSRJXHUHQKDYHULQFRUUHJXWSHUIDOVHGDWHQOHVVHXHVVROÂOLFLWXGV
GHSDUWLFLSDFLy/DSODoDQRRFXSDGDSHUO¶DVSLUDQWTXHQRSUHVHQWDOD
GRFXPHQWDFLyTXHGDUjYDFDQW
&XDUWR
/RVDVSLUDQWHVVHOHFFLRQDGRVTXHGHQWURGHOSOD]RLQGLFDGR\VDOYR
FDVRVGHIXHU]DPD\RUQRSUHVHQWDVHQODGRFXPHQWDFLyQDFUHGLWDWLYDR
GHODPLVPDVHGHGXMHVHTXHFDUHFHQGHDOJXQRGHORVUHTXLVLWRVH[LJL
GRVQRSRGUiQVHUQRPEUDGRVSHUVRQDOGHOD*HQHUDOLWDWVLQSHUMXLFLR
GHODUHVSRQVDELOLGDGHQTXHSXGLHUDQKDEHULQFXUULGRSRUIDOVHGDGHQ
VXVVROLFLWXGHVGHSDUWLFLSDFLyQ/DSOD]DQRRFXSDGDSRUHODVSLUDQWH
TXHQRSUHVHQWDVHODGRFXPHQWDFLyQTXHGDUiYDFDQWH
9DOqQFLD GH PDLJ GH (O FRQVHOOHU GH -XVWtFLD ,QWHULRU L
$GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV
9DOHQFLD GH PD\R GH (O FRQVHOOHU GH -XVWLFLD ,QWHULRU \
$GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV
$1(;2,
$FFpV7RUQ/OLXUH$FFHVR7XUQROLEUH
25'(1'1,
&RJQRPVL1RP$SHOOLGRV\QRPEUH
'(/$/&$=$5 5,&2
6$/9$'25
/2=$12
52&$
%$5%(5$
0$57,1(=
5,9(52
$/%(52/$
6(*85$
&$53(1$
08f2=
3$/20$5(6
/8-$1
*5867$1
*$/%,6
0$57,1(=
626
%$55$*$1
02172<$
35,0$
&+$9$55,$
5$021
6$(=
58,=
0$6(5(6
9,&,$12
$*8,55(
&2//
&257(6
0$5&2
58%,2
/23(=
68%,(/$
&$%5(5$
52'5,*8(=
$%2/$),2
0$57,1(=
021
'2/6
257,
$/(0$1<
3(521$
&+$3$552
/23(=
021//25
3$5(-$
3$/23
58,=
/23(=
$/9$5(=
'(/3$/$&,2
-29(5
&$5%21(//
%(51$%(8
%5$92
257,=
*$5&,$
)(51$1'(=
1$9$6
626
('2
%(51$%(8
0$5+8(1'$
9,6&217,
02/,1(7(
52'5,*8(=
3$=
&26,1
3$/20$5
&$55$6&26$ 5(129(//
$/9$5(=
5$026
0$548(=
$/(*5(
6$+848,//2 $*867,
$/&29(5
)25(6
(648,%(/
0$57,1(=
257(*$
',&+$
('2
$1'5(6
*20(=
-$,0(
72502
3(f$
%/$<
720$6
$51$/
%(5*$
=85,$*$
0$7(2
&8(1&$
&$5%21(//
/25(17(
75$62%$5(6
1RWDILQDO1RWDILQDO
6,/9,$
0$5,$
)(51$1'2
526$0$5,$
9,&(17($1*(/
)5$1&,6&$
,6$%(/0$5,$
)(50,1
-8$15$021
0(5&('(6
-26(9,&(17(
0$5,$&$50(1
/(232/'2
$/%(572
-26(/8,6
0$5,$'2/25(6
(15,48(6$/9
-8$15$021
0$5,$'2/25(6
0$5,$-$=0,1
3$%/2
,6$%(/
0'(/&$50(1
&2162/$&,21
$1721,2
0$5,$7(5(6$
52*(/,$
6$17,$*2
)5$1&,6&2
0$5,$3,/$5
$*867,1$9,&(17
-8$1$1721,2
*$%5,(/
0$5,$'(/3,/$5 0$5,$3,/$5
$1$
(67+(5
526$
0$5,1$
&$50(1
$/%(572
)5$1&,6&$
0$5,&$50(1
-26(0$18(/
0&$50(1
-26(3)5$1&(6&
185,$$1$6$5$
0$5,1$
385,),&$&,21
02176(55$7
6$/9$'25
6$1=
%255$6
*21=$/(=
$*8,/(//$
%$,/$&+
%8f8(/
*21=$/(=
52'5,*8(=
%/$1&2
$*867,
0217$*8'
$/*8$&,/
*,/
&$55(*$/
0$6
52&+,1$
$/)$52
*$5&,$
*21=$/(=
6$9$//
%$5%(5
0$57,1(=
025&,//2
58%,2
*20(=
3,(5$
*$5&,$
9,//$/%$
&(59(5$
%2',
&2/20(5
3(5(=
78f$6
*8$5',2/$
)(0(1,$
9,&('2
%(//,'2
12*8(521
7255(*526$
$/$5&21
*$5&,$
*8=0$1
$*8,/$5
0$(675(
3(5(=
1$9$552
0,1*8(/$
/25,7(
&$3,//$
0$5&2
1(%27
3(/8)2
&$67(//6
$1'5(6
$*8,/(//$
0$57,1(=
72502
02/,1$
(63,126$
%$5%(5$
*20(=
%$//(67(5
3$/20$5(6
0$5,6&$/
0$1=$12
6$1&+(=
%$5%$
18f(=
*21=$/(=
&/$5$0217(
72'2
(67(9$1
%21$)(
3(,1$'2
6(55$/
58,=
*$6&21
)(55$1
*$55,'2
48(52/
3$6&8$/
&(5(=2
)(51$1'(=
'20(1(&+
3(5,6
//25&$
*$/,3,(162
0,5$//(6
(63$'$6
$/9$5(=
38-2/
)(55,2/6
0$15,48(
3,48(5
6$1&+(=
9(1'5(//
526
$55$1=
/$*81$
$/&$,'(
5$86(//
1,(9(6
0$5,&$50(1
$11$0$5,$
*21=$/2
0$5,$&$50(1
)5$1&,6&297(
0$5,$1,(9(6
0$18(/)5$1&,6& 0$5,$'(/&$50(1
0$5,$'(/3,/$5 -$9,(5
2&7$9,2
5$021
$1$0$5,$
9,&(17(
$1$0$5,$
0$5,$7(5(6$
0$5,$
$1*(/$
686$1$
9,&(17(
0$5,$7(5(6$
3,/$5
0$1*(/(6
0$5,$-(686
-26(/8,6
-26($/(-$1'52
)5$1&,6&2
-26()$$8525$
-$9,(5
&$50(1
-26()$
0$5,$&$50(1
0$5,$3,/$5
&$50(1
-2$48,1
0$5,$7(5(6$
$/(-$1'52
$1721,$
0$18(/
-26(-$9,(5
,10$&8/$'$
0$5,$'2/25(6
0$5,$(67+(5
9$/(17,1
$1$0$5,$
/8,6$0$5,$
$681&,21
0$5,$/8,6$
3,/$5
0$5,1$'(6$03$5 Núm
5509 / 10.05.2007
52'5,*2
)8(17(6
*$662
7$5526
6(03(5(
6,*8(1=$
625,$12
9(5$
02/,1$
&2//$17(6
0$57,
1$9$552
$5(1$6
0$48,/21
0$1=$1(5$
0$57,1(=
021=21,6
-8/,$
)(51$1'(=
7,5$'2
9$/(52
*$5&,$
1$<$
//25(17(
$/0,f$1$
*$55,*26
&5(0(//(5
&$*,*$/
3/80('
7(//2
6(55$12
/25(17(
0$&,$
52&+,1$
3216
08f2=
$9,/$
/$7255(
*$5&,$
%2/8'$
6$10$57,1
025/$1(6
3(f$
086(526
625,$12
*,0(12
3$6&8$/
6$1*8,12
%(//,'2
,9$f(=
5$026
5(98(/7$6
$%'21
$*($
/23(=
/23(=
025$/(-$
/23(=
+(55$(=
9,9$6
%$f21
*$5&,$
/23(=
$1'5(6
6,85$1$
0217$1(5
$52&$6
0217252
%(1,7(=
%$55(5$
52'5,*8(=
12*8(52/(6
6$/9$'25
$/2162
*$9(/$
18742
&$0%5,/6
3$55$
-25'$1
*21=$/(=
-8$1
5,48(/0(
3$1,$*8$
0$57,1(=
52%/(6
6(5,'-
+8(62
&255(&+(5
025&,//2
3$/$=21
$5(9$/2
&$55,21
0$5&26
'(/(21
72502
(6&2%('2
&$5021$
0(1(6(6
/25(1=2
0$57,1(=
)(55(5
&$67(//2
0$57,1(=
12*8(5$
)(51$1'(=
/8&$6
0$+,48(6
+857$'2
%$5521
%$//(67(5
&255(6$
*,/$%(57
9,/$
/23(=
%8(62
1$9$552
3$6&8$/
081',1$
0$=$5,&2
%$55('$
5(&$7$/$
/$5$
*,/
,/$
*21=$/(=
%(1,7(=
%(51$%(8
7255(-21
6$3(1$
/$5$
&$67(//$12
6$1&+(=
6,02
%(1,72
&8(1&$
=$025$
0$57,1(=
+(51$1'(=
&$129$6
'$17$
%$578$/
720$6
$5*8,68(/$6
6$1&+(=
*$55,*$
6$17,$*2
&$6$%$1
021=21,6
//25&$
$/0(1$5
$55$1=
6$/
'2/25(6
3,/$5
0$5,$/8,6$
-2$48,1-26(
)(51$1'2
-26($1721,2
)&2-$9,(5
-26()$
)5$1&,6&297(
5$)$(/
(1&$51$
0$5,&$50(1
/8&,$
)5$1&,6&$
9,&(17(
526$5,2
0$5,$3,/$5
-26(3$6&8$/
$1721,2
-8$1$1721,2
0,/$*526
526$0$5,$
-26(),1$$03$52 ,10$&8/$'$
0$5,$75,1,'$'
3(5(0$1(/
526(5
-26(/8,6
0$5,$-26(
(1&$51$&,21
(15,48($17
,6$%(/
$1721,$
5(0(',2697$
9,&(17
-26(/8,6
-8$1$
(9$0$5,$
0$5,$'2/25(6
9,&(17(
526$5,2
0$5,$<2/$1'$
0$5,$$'(/$
0$5,$526$
)5$1&,6&2-26(
0,*8(/
$6&(16,21
0(1&$51$&,21 -8$10$18(/
-26($1721,2
)(/,&,$1$
$03$52
-8$1$
0$5,$$1721,$
0$5,$/8,6$
$11$
0$5,$7(5(6$
)(51$1'2
1$7,9,'$'
0'2/25(6
0$*'$/(1$
-26()$
0$5,$-26()$
0$5,$7(5(6$
0$5,$9,&(17$
0$03$52
&$50(1
5$)$(/
6$&5$0(172
0$5,$&$50(1
$50$1'29,&(17( 3('52-8$1
0$5,$
0$5,$'2/25(6
6(*81'$
&2//$'2
)(51$1'(=
25'2f(=
&$67(//2
35$76
%26&+
&(59(5$
5,(5$
9,26&$
9$//6
0$'521$
1,(9(6
(6&8'(52
025$/(6
%2,;
9,9(6
&257(6
3$5(-$
&257(6
021('(52
$6(16,
9,'$/
*8,//2
%(51$%(8
$'68$5$
%(/75$1
*21=$/(=
6$/9$'25
&$6$/
&$67(//(7
5,&+$57(
$/)2162
*,/$%(57
0$57,1(=
*21=$/(=
*,/
021(55,6
5$026
02<$
08f2=
',$=
0(1*8$/
0$6
&+2552
'8$57
6$1&+(=
6,02
=$5$7(
3$8
9,&(17
257,=
025(12
5$021
0$57,1(=
0$57,1(=
*$5&,$
6$1&+,6
7255(6
&$%5(5$
625,$12
*20(=
*87,(55(=
9,'$/
%27$1=
9,//$0$<25
*21=$/(=
*$5,
0,5$
$/(38=
0$5&2
9$/(1&,$12
6$,=
$9,/$
%$//(67(5
/23(=
3(53,f$
7255(6
1$9$6
&2//$'2
'($1'5(6
7(1$
=$5$*2=$
6$1$+8-$
(6&5,9$
6$1&+(=
2/,9(5
1$9$552
/26$
$*8'2
6$/(6
-8$1
*$5&,$
',$=
5,9(5$
)(55(5
5$026
$/$02
0,52
'85$
6$1&+,6
58,=
*$5&,$
$02526
257(//6
$6(16,2
*$/$5=$
*20(=
)(55$1',6
$/%(57
0$57,1
-,0(1(=
9$5*$6
9,/$129$
*20(=
0(5&$'2
*2=$/9(=
&8<$6
$558)$7
52'5,*8(=
6(03(5(
$86,1$
6(55$
0$548(6
//25(17(
-8$1
*$'($
*$/$1
*$5&,$
*$5&,$
6$1&+(=
3(5(=
025(12
3(5$/(6
,%255$
/23(=
/,'21
/23(=
9,9$1&26
2/75$
6$1&+(=
$5$48(
*,0(1(=
3$/$8
026&$5'2
+(51$1'(=
*$5&,$
*$0(=
*$5&,$
<$f(=
%$//(67(5
2//(5
08f2=
0)5$1&,6&$
0$5$9,//$6
/8&,$12
$0$/,$9,5*,1,$
1,(9(6
-26()$&(/(67(
385,),&$&,21
-$9,(5
(0,/,$
9,&(17(
5$48(/
0$5,$'2/25(6
)5$1&,6&$
&$50(1
(/9,5$
-26(0$5,$
-26(5$021
0$5,$3
0$5,&$50(1
/8,6
$03$52$681&,21 )5$1&,6&$
-26()$
5$)$(/
0$18(/
(15,48(
0(5&('(6$
0$5,$'2/25(6
&$52/,1$
)5$1&,6&$
)5$1&,6&$
0$5,$$03$52
-26(0$5,$
-26()$
0$5,$0,/$*526$ $1$0$5,$
0$5,$$1*(/(6
$1$0$5,$
0$5,$$03$52
6(%$67,$1
0,*8(/
-2$48,1
-26(&$5/26
)5$1&,6&2-26(
,6$%(/
-8$1$
,6$%(/
0$5,$/8,6$
0,*8(/
-26(0,*8(/
)5$1&,6&$
/8,6
0$5,$$03$52
9,&725,$
*5$&,$0$5,$
7(2'252
3,/$5
$1721,2
0$5,$5(0(',2
$1721,$
-26($1721,2
$1*(/(6(8*(1,$ 0$5,$3,/$5
0-(686
0$5,$-26(
-8$1-26(
*(00$
-26(0,*8(/
&2168(/2
0$18(/$
(9$
$03$52
0$5,$/8=
26&$5
&(/,$
-26(
Núm
5509 / 10.05.2007
%86726
9,/$5
*8$5'$'2
%/$1&2
0$5,1
&8$'526
6$1&+,6
6$17$
725726$
&$67$f2
0$57,1(=
0$57,1(=
&2521$6
/23(=
*21=$/(=
'$526
025$
021=2
0$57,1(=
5,&2
58,=
52-$6
5$0,5(=
*20(=
*$5&,$
6$,=
*$5&,$
6$1&+(=
)(12//26$
*,0(12
*$5&,$
%$5',6$
08f2=
&$6$6
/23(=
%8(12
3(6&$'25
'(9(6$
6$3257
$/(*5(
6,021
0(1'(=
3$17$/(21
*$68//$
*21=$/(=
$/$5&21
*,0(12
081',1$
/25(1=2
18f(=
58,=
(63,126$
9$//(6
*,/$%(57
58,;
9$=48(=
32=2
),'$/*2
&848(5(//$ 5$0,5(=
&$67(//
%$5%(5$
*$5&,$
0$6&$5(//
3$6&8$/
&+$/(5
021)(55(5 62/621$
9,'$/
*,1(6
6(9,//$
3(5,6
*8,-$552
*,1(5(6
//25&$
&5(632
/23(=
3$5,&,2
6$1&+(=
6$1&+(=
+(51$1'(= 0$57,1(=
0$7(2
52-$6
&$67(//
%$5%(5$
&/(0(17(
&$55$6&2
*$5&,$
5(&8(1&2
//25(7
3(5(=
*20(=
(1&,62
/,=$1'$
5(1$8
3,1
$5%2/('$6
9,//$18(9$ $52&$6
%25-$
%26&$
)(0(1,$
//2'5$
0$&+$1&26(652'5,*2
,*/(6,$6
3,5,=
/23(=
38&+$'(6
*21=$/(=
5(48(1$
0$57,1(=
*$5&,$
*20(=
6$1&+(=
3(1$/%$
*$/'21
1$9$552
%(51$/
&(552
0818(5$
5$06
%$//(67(5
&29(6
2576
257,=
)867(5
1$'$/
&$036
$/0,f$1$
&$67(//2
+(51$1'2
*80,(/
9,&(17(
0$15,48(
021/(21
025$17
0$57,1(=
&29(6
3(5(=
0$57,1(=
52'5,*8(=
&25&2/(6
&$7$/$
%(1(,72
9(*$
/23(=
*21=$/(=
/202
%$5%(5
)867(5
18743
*5(*25,$
&2168(/2
%($75,=
0$5,$0$*'$/(1$
)8/*(1&,2
&$50(1
0&$50(1
9,&(17
$1*(/
06$/20(
-26(/8,6
&$50(1
-(6863('52
'$1,(/
'(6$03$5$'26
-26(/8,6
&$1'(/$5,$
-26(0,*8(/
0$5,$$1*(/(6
526$0$5,$
0,*8(/$1*(/
686$1$
0$5,$'2/25(6
6$%5,1$
0$5,$62/('$'
*$%5,(/
0$5,$)5$1&,6&$
686$1$
%/$1&$
0,*8(/
$/,&,$
$1721,2
0$5,$-26(
(8/2*,2-26(
(0,/,2
)5$1&,6&$
0$5,$)(51$1'$ 5,7$
0$5,$$1721,$
-26(0$5,$
0$5,$/8,6$
6$5$
0$5,$6$/8'
/$0%(572
0$5,$185,$
(0,/,2$1721,2
3('52-8$1
,10$&8/$'$
('8$5'2
(/,6$
&$5/26
(1&$51$&,21
$17,',2
0$5,$&$50(1
0$5,$$03$52
0$57,1
9,&(17(
$1$0$5,$
-2$48,1
0$5,$$1*(/(6
-26(0$18(/
$03$52$
$1721,2
(51(672
,10$&8/$'$
2/*$
-8/,$
185,$
0$5,$'2/25(6
)5$1&,6&$
0$5,$-26(
185,$
,10$&8/$'$
$1$'2/25(6
526$0$5,$
-26((9$5,672
0$5,
(67(9(
(6&$1'(//
//23,6
'(69,$7
*$%$/'21
+(51$1'(=
3(5$,5(
$<$/$
62/(5
&$67,//(-2
*$5&,$
*5$1(//
*8(55$
$/9$5(=
9$=48(=
0$57,1(=
)(55(5
*$5&,$
&$785/$
-251(7
6$1&+(=
$5&(
(67(%$1
*21=$/(=
0$7(2
+(51$1'(=
786(7
2578f2
$/)$52
'20,1*8(=
3$6725
9,/&+(=
025(12
*$5&,$
6$1&+,6
+8('2
%$55$&+,1$
0,*8(/
62/(5
&$12
752<$
3248,
025$
1,(72
)(55(,52
&$%$f(52
5,&2
),*8(5(6
3$6725
35$'2
%$5($
$5$*2
52%/('2
&+$3$
'85$
)(55$=
',$=
*$5&,$
+2/*$'2
6$1&+2
9$/,$
0,5$//(6
0$57,1(=
('2
52,*
',$=
/23(=
)(55$1'2
/23(=
'(7(5(6$
0$57,1(=
0,1*8(/$
52,*
6$/9$'25
0$57,1(=
78'(/$
0$5,$/285'(6
0(',1$
-26(0$5,$
+(51$1'(= 0$5,$-26()$
3$6725
-26(3
1$9$552
-26(/8,6
/23(=
$1721,$
/848(
,6$%(/
58,=
-26((15,48(
6$1&+(=
'$1,(/
/$7255(
0$5,$-26()$
)(55(5
(8*(1,$
<$*2
0$5,$3,/$5
*,521$
185,$
62872
5$021
*$<$1
0$5,$$681&,21
/23(=
%/$6
0(',1$
9,&(17(%(51$1'
%5,=
0$5,$-8/,$
0$&+$1&26(60$03$52
*,6%(57
$0$1'$
02/,1$
9,&(17(
0$57,1(=
2/$<$
5($/
5,&$5'2
/$0(/$
526$5,2
&/$5$0217( 021,&$
3('5(5$
&$50(1
720$6
0$5,$9,578'(6
*$5,1
,6$%(/
6,021
0$5,$-26(
025(12
-26(
3(5,6
0,/$*526
/23(=
-26()$
/23(=
62),$
=$)5$
0$18(/$
*$5&,$
-8$1
0$&+,
-8/,2$1721,2
'25'$
)(51$1'2
9,//$*5$6$ 0$5,$,6$%(/
6$1&+2
,*1$&,2
3$6&8$/
)$%5,&,2
*,/$%(57
0$5,1$
&8(67$
526$/,$
3(5(=
6$17,$*2
$/%(52/$
0$5,$526$5,2
9(//21
6$17,$*2
%527216
0$5,$/8,6$
025$
$1*(/(6
8%('$
0$5,$
5$021
0$5,$$1*(/(6
,=48,(5'2
$1*(/(6
*,0(1(=
526$5,2'2/25(6
%/$6&2
3$8/$$0(/,$
1$9$55(7(
52&,2
',$=
0$5,$$1*(/(6
1(%5('$
%$572/20(
5$0,5(=
-8$10$18(/
380$5(6
)(51$1'2
3$5,6
/8,6
&8/,$f(=
0$5,$62/('$'
*21=$/(=
0$5,$3,/$5
6$1&+(=
-26(*$%5,(/
025(12
3('52
&$/3
0$5,$-26(
626
0$5,$-26(
$1'5(6
(1&$51$&,21
9$48(52
-2$48,1
&$03,//2
0$5,$-(686$
',$=
-26()$
6$1-8$1
&5,67,1$,/,$'$
9,/$3/$1$
0$5,$'(&$50(1
$/&$5$=
0$5,$'2/25(6
$//$'2
$03$52
$55$1=
6$*5$5,2
7255(6
-8$1
$/,&$57
0$5,$7(5(6$
520(52
(9$$1*(/,1$
Núm
5509 / 10.05.2007
%/$6&2
48,/,6
%$'(1(6
%85,//2
9,//$*5$6$
021(55,6
&(59(5$
3(f$/9(5
'21$7
*$5&,$
*,0(12
+(51$1'(=
+(51$1'(=
=$5$*2=$
72/('2
)(55$1'2
6$1&+(=
*20(=
5,&2
0$5=$
//25,=
5,&+$57
=$5$*2=$
625,$12
7(1$
/2=$12
3(5(=
&(59(52
*20(=
3(5(=
3$6725
//25&$
'(/$7255(
&/,0(17
*$//85
0217$1(5
*,/
/23(='(/
9$//(
18744
&+,9$
1$'$/
/8=
0$57,1(=
3(5(=
%/$1&+
*$5&,$
$6(16,
&$0326
+(51$1'(=
/8=
0$57,1(=
&$6(6
&(%5,$1
&$%(=$
(6&5,9$
&$%5(5$
6$/$'2
0$5,
021)257
/23(=
62/(5
%527216
(/(*,'2
3,48(5$6
/23(=
%(/75$1
0$,48(6
08f2=
*$5&,$
*$/$1
0$5&2
0$57,1(=
*,1(5
7255(6
$5*8,68(/$6
6$+848,//2
(00$
09,&(17$
(/(1$0$5,$
3,/$5
0$5,$&5,67,1$
&5,67,1$
0$5,$$1$
/8,6
9,&7250$18(/
-8/,$
0$5,$-26(
0$18(/
-8$10$18(/
385,),&$&,21
-26(
3$/20$
)/25(17,1$
526$
*(00$-26(
0$18(/$0$5,$
$1$
-8$19,&(17(
)5$1&,6&2-26(
$/,&,$
0$5,$1,(9(6
$/2162
$1721,2
9,&(17(
)5$1&,6&$
0,6$%(/
0'2/25(6
$1$,6$%(/
)(/,6$
9,&(17$
0,*8(/
%(1(',&7$
0&$50(1
0$57,1(=
(/(1$&$50(1
*21=$/(=
%$5%$552-$
0$57,1(=
$51$/
92/7$
)(51$1'(=
%/$6&2
&$67(//2
*$5&,$
26&$
7$/(16
*$5&,$
3(5(=
52'5,*8(=
*$5&,$
3$6725
&$67(//2
58,=
6$1&+(=
0$*$5,1
7255$/%$
5(48(1$
6,5(5$
48,17(52
(63,126$
0$57,1(=
75$9(6
&257(6
0$=21
*5$'2/,
,*/(6,$6
)(51$1'(=
3,/(6
)(55(5
3(5(=
$/2162
$*8,/(5$
5(2/,'
38,*
$/9$52
257,=
0$5,$-(686
$50,f$1$
$1*(/
720$6
7(5(6$5,7$
//25(7
0$5,$-26(
025(17(
-8$10$18(/
%5,1(6
0$5,$-26()$
6(55$
0$5,$$1*(/(6
,%$f(=
-8$1)5$1&,6&2
3(,52
0$5,$/8=
785
$1721,2-26(
%58
-26()$&$50(1
*20(=
&5,67,1$
/23(=
0$5,$7(5(6$
6$(=
-26(),1$
025$1
75,1,'$'
%/$6&2
0$5,$
*$5&,$
$0$/,$
52/
$1721,$
+(51$1'(= (15,48(
-(5(=
526$
$5,f2
0$5,2
9(5&+(5
'$9,'
)/25(6
0$5,$&$50(1
$/'(*8(5
-8$1&$5/26
/23(=
-2$48,1)5$1&,6
32/2
$%(/$5'2
*$5&,$
03,/$5
'2/6
0$5,$3,/$5
&$=$f$
$1$0$5,$
3(5(=
$1721,$
&2//$'2
)5$1&,6&2
$/0(1$5
/8,60,*8(/
38,*
-26(),1$
%(/'$
0$5,$&2168(/2
9,//$'$1*26 *5(*25,$
/23(=
0$5,$-26()$
/,f$1
0$;,02
Núm
5509 / 10.05.2007
&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHV
18745
&RQVHOOHULDGH-XVWtFLD,QWHULRU
\$GPLQLVWUDFLRQHV3~EOLFDV
5(62/8&,ÏGHGHPDLJGHGHOFRQVHOOHUGH-XV
WtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHV
SXEOLFD OD UHODFLy G¶DVSLUDQWV TXH KDQ VXSHUDW OHV SURYHV
VHOHFWLYHVG¶DFFpVDOJUXS(VHFWRUDGPLQLVWUDFLyJHQHUDO
WRUQGHGLVFDSDFLWDWV&RQYRFDWzULD>@
5(62/8&,Ï1 GH GH PD\R GH GHO FRQVHOOHU GH
-XVWLFLD,QWHULRU\$GPLQLVWUDFLRQHV3~EOLFDVSRUODTXH
VHSXEOLFDODUHODFLyQGHDVSLUDQWHVTXHKDQVXSHUDGRODV
SUXHEDVVHOHFWLYDVGHDFFHVRDO*UXSR(VHFWRU$GPLQLV
WUDFLyQ *HQHUDO WXUQR GH GLVFDSDFLWDGRV &RQYRFDWRULD
>@
&RQFORVHV OHV SURYHV VHOHFWLYHV SHU D O¶DFFpV DO JUXS ' VHFWRU
DGPLQLVWUDFLy JHQHUDO WRUQ GH GLVFDSDFLWDWV FRQYRFDGHV SHU 2UGH GH
GHQRYHPEUHGHGHODFRQVHOOHULDGH-XVWtFLDL$GPLQLVWUDFL
RQV 3~EOLTXHV '2*9 Q~P GH L GH FRQIRUPLWDW
DPEODEDVHGHOD&RQYRFDWzULDUHVROF
&RQFOXLGDVODVSUXHEDVVHOHFWLYDVSDUDHODFFHVRDO*UXSR(6HF
WRU$GPLQLVWUDFLyQ *HQHUDO WXUQR GH GLVFDSDFLWDGRV FRQYRFDGDV SRU
2UGHQ GH GH QRYLHPEUH GH GH OD FRQVHOOHULD GH -XVWLFLD \
$GPLQLVWUDFLRQHV 3~EOLFDV '2*9 Q~P GH GH QRYLHPEUH
GH\GHFRQIRUPLGDGFRQODEDVHGHODFRQYRFDWRULDUHVXHO
YR
3ULPHU
3XEOLFDU D SURSRVWD GHO 7ULEXQDO OD UHODFLy G¶DVSLUDQWV TXH KDQ
VXSHUDWOHVSURYHVVHOHFWLYHVSHURUGHGHSXQWXDFLyTXHHVUHODFLRQHQ
HQO¶DQQH[,
3ULPHUR
3XEOLFDU D SURSXHVWD GHO 7ULEXQDO OD UHODFLyQ GH DVSLUDQWHV TXH
KDQVXSHUDGRODVSUXHEDVVHOHFWLYDVSRURUGHQGHSXQWXDFLyQTXHVH
UHODFLRQDQHQHO$QH[R,
6HJRQ
(QHOWHUPLQLGHGLHVKjELOVFRPSWDWVGHVGHOVHJHQWDOGHOD
SXEOLFDFLy GH OD SUHVHQW 5HVROXFLy HQ HO 'LDUL 2ILFLDO GH OD &RPXQL
WDW9DOHQFLDQD HOV DVSLUDQWV SURSRVDWV KDXUDQ GH SUHVHQWDU GDYDQW GH
OD 'LUHFFLy *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD HOV VHJHQWV GRFX
PHQWV
)RWRFzSLDGHO'1,RFHUWLILFDWGHQDL[HPHQWH[SHGLGDSHOUHJLV
WUHFLYLOFRUUHVSRQHQWRGRFXPHQWHTXLYDOHQWSHUDOVQDFLRQDOVG¶DOWUHV
HVWDWVDTXqIDUHIHUqQFLDODEDVHGHJXGDPHQWFRPSXOVDGD
6HJXQGR
(QHOSOD]RGHGtDVKiELOHVFRQWDGRVGHVGHHOVLJXLHQWHDOGHOD
SXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQHO'LDUL2ILFLDOGHOD&RPX
QLWDW 9DOHQFLDQD ORV DVSLUDQWHV SURSXHVWRV GHEHUiQ SUHVHQWDU DQWH OD
'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFDORVVLJXLHQWHVGRFX
PHQWRV
)RWRFRSLDGHO'1,RFHUWLILFDFLyQGHQDFLPLHQWRH[SHGLGDSRU
HO 5HJLVWUR &LYLO FRUUHVSRQGLHQWH R GRFXPHQWR HTXLYDOHQWH SDUD ORV
QDFLRQDOHVGHRWURV(VWDGRVDOTXHKDFHUHIHUHQFLDODEDVHGHELGD
PHQWHFRPSXOVDGD
)RWRFRSLD FRPSXOVDGD GHO WtWXOR GH &HUWLILFDGR GH (VFRODULGDG R
HTXLYDOHQWH(QHOFDVRGHWLWXODFLRQHVREWHQLGDVHQHOH[WUDQMHURGHEH
UiHVWDUVHHQSRVHVLyQGHODFUHGHQFLDOTXHDFUHGLWHVXKRPRORJDFLyQ
'HFODUDFLyQ GH QR KDEHU VLGR VHSDUDGR PHGLDQWH H[SHGLHQWH
GLVFLSOLQDULRGHFXDOTXLHU$GPLQLVWUDFLyQRHPSOHRS~EOLFRDVtFRPR
GH QR KDOODUVH LQKDELOLWDGR SHQDOPHQWH SDUD HO HMHUFLFLR GH IXQFLRQHV
S~EOLFDV
/RV DVSLUDQWHV TXH QR SRVHDQ OD QDFLRQDOLGDG HVSDxROD GHEHUiQ
SUHVHQWDU GHFODUDFLyQ MXUDGD GH QR HVWDU VRPHWLGR D VDQFLyQ GLVFLSOL
QDULDRFRQGHQDSHQDOTXHLPSLGDHQVX(VWDGRHODFFHVRDODIXQFLyQ
S~EOLFD
&HUWLILFDGR PpGLFR DFUHGLWDWLYR GH SRVHHU OD FDSDFLGDG ItVLFD \
SVtTXLFDQHFHVDULDSDUDHOGHVHPSHxRGHODVIXQFLRQHVGHORVSXHVWRV
GHWUDEDMRRIHUWDGRV
'HFRQIRUPLGDGFRQODEDVHGHODFRQYRFDWRULDORVDVSLUDQWHV
TXHKDQVXSHUDGRHO&RQFXUVR2SRVLFLyQDFUHGLWDUiQVXVFRQRFLPLHQ
WRV GH YDOHQFLDQR PHGLDQWH OD SUHVHQWDFLyQ GH XQR GH ORV VLJXLHQWHV
GRFXPHQWRV
7LWXORGH%DFKLOOHUDWRRHTXLYDOHQWHFXUVDGRHQOD&RPXQLGDG$XWy
QRPD9DOHQFLDQDFRQVXSHUDFLyQGHODVDVLJQDWXUDVGHYDOHQFLDQR
7LWXOR GH OD (VFXHOD 2ILFLDO GH ,GLRPDV FRUUHVSRQGLHQWH DO WHUFHU
FXUVRGHFRQRFLPLHQWRVGHYDOHQFLDQR
&HUWLILFDGRGHQLYHOPHGLRGHOD-XQWD4XDOLILFDGRUDGH&RQHL[L
PHQWVGH9DOHQFLj
/RVDVSLUDQWHVTXHQRSXHGDQDFUHGLWDUHVWRVFRQRFLPLHQWRVFRQ
IRUPHDORHVWDEOHFLGRHQHODSDUWDGRTXLQWRREOLJDWRULDPHQWHGHEHUiQ
UHDOL]DU HO FXUVR HVSHFtILFR GH YDOHQFLDQR DO TXH VH UHILHUH HO DUWtFX
ORGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD$TXHOORVTXHQROR
VXSHUHQVHJXLUiQREOLJDGRVDUHDOL]DUORVVXFHVLYRVFXUVRVTXHODDGPL
QLVWUDFLyQRUJDQLFHSDUDODDGTXLVLFLyQGHOFRQRFLPLHQWRGHOYDOHQFLD
QRH[LJLEOH
)RWRFzSLDFRPSXOVDGDGHOWtWROGHFHUWLILFDWG¶HVFRODULWDWRHTXL
YDOHQW(QHOFDVGHWLWXODFLRQVREWLQJXGHVHQO¶HVWUDQJHUKDXUjG¶HVWDU
HQSRVVHVVLyGHODFUHGHQFLDOTXHDFUHGLWHODVHXDKRPRORJDFLy
'HFODUDFLyGHQRKDYHUVLJXWVHSDUDWPLWMDQoDQWH[SHGLHQWGLVFL
SOLQDULGHTXDOVHYRODGPLQLVWUDFLyRRFXSDFLyS~EOLFDDL[tFRPGHQR
WUREDUVHLQKDELOLWDWSHQDOPHQWSHUDO¶H[HUFLFLGHIXQFLRQVS~EOLTXHV
(OVDVSLUDQWVTXHQRSRVVHwVTXHQODQDFLRQDOLWDWHVSDQ\RODKDXUDQ
GHSUHVHQWDUGHFODUDFLyMXUDGDGHQRHVWDUVRWPpVDVDQFLyGLVFLSOLQjULD
R FRQGHPQD SHQDO TXH LPSHGLVFD HQ HO VHX (VWDW O¶DFFpV D OD IXQFLy
S~EOLFD
&HUWLILFDWPqGLF DFUHGLWDWLXGH SRVVHLU OD FDSDFLWDWItVLFDL SVt
TXLFDQHFHVVjULDSHUDO¶DFRPSOLPHQWGHOHVIXQFLRQVGHOVOORFVGHWUH
EDOORIHULWV
'HFRQIRUPLWDWDPEODEDVHGHOD&RQYRFDWzULDHOVDVSLUDQWV
TXHKDQVXSHUDWHOFRQFXUVRSRVLFLyDFUHGLWDUDQHOVVHXVFRQHL[HPHQWV
GHYDOHQFLjSHUPLWMjGHODSUHVHQWDFLyG¶XQGHOVVHJHQWVGRFXPHQWV
$7tWROGHEDW[LOOHUDWRHTXLYDOHQWFXUVDWDOD&RPXQLWDW$XWzQR
PD9DOHQFLDQDDPEVXSHUDFLyGHOHVDVVLJQDWXUHVGHYDOHQFLj
%7tWROGHO¶(VFROD2ILFLDOG¶,GLRPHVFRUUHVSRQHQWDOWHUFHUFXUV
GHFRQHL[HPHQWVGHYDOHQFLj
&&HUWLILFDWGHQLYHOOPLWMjGHOD-XQWD4XDOLILFDGRUDGH&RQHL[H
PHQWVGH9DOHQFLj
(OV DVSLUDQWV TXH QR SXJXHQ DFUHGLWDU HVWRV FRQHL[HPHQWV FRQ
IRUPH DO TXH HVWDEOL[ HO SDUjJUDI DQWHULRU REOLJDWzULDPHQW KDXUDQ GH
UHDOLW]DUHOFXUVHVSHFtILFGHYDOHQFLjDTXqHVUHIHUL[O¶DUWLFOHGHOD
/OHLGHOD)XQFLy3~EOLFD9DOHQFLDQD$TXHOOVTXHQRHOVXSHUHQVHJXL
UDQREOLJDWVDUHDOLW]DUHOVVXFFHVVLXVFXUVRVTXHO¶DGPLQLVWUDFLyRUJD
QLW]HSHUDO¶DGTXLVLFLyGHOFRQHL[HPHQWGHOYDOHQFLjH[LJLEOH
7HUFHU
(OVTXHWLQJXHQODFRQGLFLyGHIXQFLRQDULRSHUVRQDOODERUDODOVHU
YLFLGHO¶DGPLQLVWUDFLyGHOD*HQHUDOLWDWHVWDUDQH[HPSWVGHMXVWLILFDU
7HUFHUR
4XLHQHV WXYLHUDQ OD FRQGLFLyQ GH IXQFLRQDULRV R SHUVRQDO ODERUDO
DO VHUYLFLR GH OD DGPLQLVWUDFLyQ GH OD *HQHUDOLWDW HVWDUiQ H[HQWRV GH
Núm
5509 / 10.05.2007
18746
OHVFRQGLFLRQVLHOVUHTXLVLWVGHOSXQWVHJRQTXHMDWLQJXHQDFUHGLWDWV
L LQVFULWV HQ HO 5HJLVWUH GH 3HUVRQDO GH OD 'LUHFFLy *HQHUDO G¶$GPL
QLVWUDFLy$XWRQzPLFD ~QLFDPHQW KDXUDQ GH PDQLIHVWDUKR SHU HVFULW
GDYDQW GH OD 'LUHFFLy *HQHUDO *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD
VHQVHDSRUWDUODGRFXPHQWDFLyFRUUHVSRQHQW
MXVWLILFDUODVFRQGLFLRQHV\UHTXLVLWRVGHOSXQWRVHJXQGRTXH\DWXYLH
UDQDFUHGLWDGRVHLQVFULWRVHQHO5HJLVWURGH3HUVRQDOGHOD'LUHFFLyQ
*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFD~QLFDPHQWHGHEHUiQPDQLIHV
WDUORSRUHVFULWRDQWHOD'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQy
PLFDVLQDSRUWDUODGRFXPHQWDFLyQFRUUHVSRQGLHQWH
4XDUW
(OV DVSLUDQWV VHOHFFLRQDWV TXH GLQV GHO WHUPLQL LQGLFDW L H[FHS
WH FDVRV GH IRUoD PDMRU QR SUHVHQWHQ OD GRFXPHQWDFLy DFUHGLWDWLYD R
VH¶QGHGXw[TXHPDQTXHQG¶DOJXQGHOVUHTXLVLWVH[LJLWVQRSRGUDQVHU
QRPHQDWVSHUVRQDOGHOD*HQHUDOLWDWVHQVHSHUMXtGHODUHVSRQVDELOLWDW
HQTXqSRJXHUHQKDYHULQFRUUHJXWSHUIDOVHGDWHQOHVVHXHVVROÂOLFLWXGV
GHSDUWLFLSDFLy/DSODoDQRRFXSDGDSHUO¶DVSLUDQWTXHQRSUHVHQWDOD
GRFXPHQWDFLyTXHGDUjYDFDQW
&XDUWR
/RVDVSLUDQWHVVHOHFFLRQDGRVTXHGHQWURGHOSOD]RLQGLFDGR\VDOYR
FDVRVGHIXHU]DPD\RUQRSUHVHQWDVHQODGRFXPHQWDFLyQDFUHGLWDWLYDR
GHODPLVPDVHGHGXMHVHTXHFDUHFHQGHDOJXQRGHORVUHTXLVLWRVH[LJL
GRVQRSRGUiQVHUQRPEUDGRVSHUVRQDOGHOD*HQHUDOLWDWVLQSHUMXLFLR
GHODUHVSRQVDELOLGDGHQTXHSXGLHUDQKDEHULQFXUULGRSRUIDOVHGDGHQ
VXVVROLFLWXGHVGHSDUWLFLSDFLyQ/DSOD]DQRRFXSDGDSRUHODVSLUDQWH
TXHQRSUHVHQWDVHODGRFXPHQWDFLyQTXHGDUiYDFDQWH
9DOqQFLD GH PDLJ GH (O FRQVHOOHU GH -XVWtFLD ,QWHULRU L
$GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV
9DOHQFLD GH PD\R GH (O FRQVHOOHU GH -XVWLFLD ,QWHULRU \
$GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV
$1(;2,
$FFpV7RUQGHGLVFDSDFLWDWV
$FFHVR7XUQRGHGLVFDSDFLWDGRV
25'(1
'1,
&RJQRPVL1RP$SHOOLGRV\QRPEUH
//25(16
/23(=
9,//$18(9$
&25'(//$7
1$9$552
&$55(*8,
$5&(
*21=$/(=
%$<2
'(/*$'2
&8(1&$
9(5'8
$50(17(526
2/,9$5(6
%$/$*8(5
3$55$
+(51$1'(=
&$1872
(648,9(/
(6&2/$12
%$/$*8(5
52'5,*8(=
0(5&(
6$(1='(85785,
3$6&8$/
7255(6
)20%8(1$
*$5&,$
6(48,
//('2
-26(/8,6
',(*2
00$*'$/(1$
&2168(/20(5&('
5$)$(/
-8$1/8,6
526$
,10$&8/$'$
0$5,$'2/25(6
&2168(/2
$'25$&,21
0,/$*526
0$5,$/8,6$
0&2168(/2
(/(1$
-$9,(5
&$5/26-26(
&5,67,1$
$/%(572
-8$1
0$18(/$
5$)$(/
-26(0,*8(/
&$5/26
$/(;$1'5(
6,/9,$
5,&$5'
'$1,(/
0/8=
-8$1&$5/26
1$9$552
<(67(
7$/$9(5$
3$9,$
*21=$/(=
35,25
5($/
*26$/9(=
7255(6
025(12
&$03,//2
3$/$&,26
/83,21
'20(1(&+
*20(=
'(8f$
$5$&,/
&+,9$
9,92
0$57,1(=
%5$1&+$'(//
0$57,1(=
=$025$
&(5'$1
3(5(=
6$1&+,6
9$//(
%(//(6
0$57,1(=
3(5(=
1RWDILQDO1RWDILQDO
Núm
5509 / 10.05.2007
&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHV
5(62/8&,ÏGHGHPDLJGHOGHO&RQVHOOHUGH-XV
WtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHV
SXEOLFD OD UHODFLy G¶DVSLUDQWV TXH KDQ VXSHUDW OHV SURYHV
VHOHFWLYHVG¶DFFpVDOJUXS'VHFWRUDGPLQLVWUDFLyJHQHUDO
DFFpVOOLXUH&RQYRFDWzULD>@
18747
&RQVHOOHULDGH-XVWtFLD,QWHULRU
\$GPLQLVWUDFLRQHV3~EOLFDV
5(62/8&,Ï1 GH GH PD\R GH GHO FRQVHOOHU GH
-XVWLFLD ,QWHULRU \ $GPLQLVWUDFLRQHV 3~EOLFDV SRU OD
TXH VH SXEOLFD OD UHODFLyQ GH DVSLUDQWHV TXH KDQ VXSHUD
GR ODV SUXHEDV VHOHFWLYDV GH DFFHVR DO *UXSR ' VHFWRU
$GPLQLVWUDFLyQ*HQHUDODFFHVROLEUH&RQYRFDWRULD
>@
&RQFORVHV OHV SURYHV VHOHFWLYHV SHU D O¶DFFpV DO JUXS ' VHFWRU
DGPLQLVWUDFLy JHQHUDO DFFpV OOLXUH FRQYRFDGHV SHU 2UGH GH GH
QRYHPEUH GH GH OD FRQVHOOHULD GH -XVWtFLD L $GPLQLVWUDFLRQV
3~EOLTXHV'2*9Q~PHURGHGHQRYHPEUHGHOLGH
FRQIRUPLWDWDPEODEDVHGHOD&RQYRFDWzULDUHVROF
&RQFOXLGDVODVSUXHEDVVHOHFWLYDVSDUDHODFFHVRDO*UXSR'6HF
WRU$GPLQLVWUDFLyQ*HQHUDODFFHVROLEUHFRQYRFDGDVSRU2UGHQGH
GHQRYLHPEUHGHGHODFRQVHOOHULDGH-XVWLFLD\$GPLQLVWUDFLRQHV
3~EOLFDV'2*9Q~PGHGHQRYLHPEUHGH\GHFRQ
IRUPLGDGFRQODEDVHGHODFRQYRFDWRULDUHVXHOYR
3ULPHU
3XEOLFDU D SURSRVWD GHO 7ULEXQDO OD UHODFLy G¶DVSLUDQWV TXH KDQ
VXSHUDWOHVSURYHVVHOHFWLYHVSHURUGHGHSXQWXDFLyTXHHVUHODFLRQHQ
HQO¶DQQH[,
3ULPHUR
3XEOLFDU D SURSXHVWD GHO 7ULEXQDO OD UHODFLyQ GH DVSLUDQWHV TXH
KDQVXSHUDGRODVSUXHEDVVHOHFWLYDVSRURUGHQGHSXQWXDFLyQTXHVH
UHODFLRQDQHQHO$QH[R,
6HJRQ
(QHOWHUPLQLGHGLHVKjELOVFRPSWDWVGHVGHOVHJHQWDOGHOD
SXEOLFDFLy GH OD SUHVHQW 5HVROXFLy HQ HO 'LDUL 2ILFLDO GH OD &RPXQL
WDW9DOHQFLDQD HOV DVSLUDQWV SURSRVDWV KDXUDQ GH SUHVHQWDU GDYDQW GH
OD 'LUHFFLy *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD HOV VHJHQWV GRFX
PHQWV
)RWRFzSLDGHO'1,RFHUWLILFDWGHQDL[HPHQWH[SHGLGDSHOUHJLV
WUHFLYLOFRUUHVSRQHQWRGRFXPHQWHTXLYDOHQWSHUDOVQDFLRQDOVG¶DOWUHV
HVWDWVDTXqIDUHIHUqQFLDODEDVHGHJXGDPHQWFRPSXOVDGD
6HJXQGR
(QHOSOD]RGHGtDVKiELOHVFRQWDGRVGHVGHHOVLJXLHQWHDOGHOD
SXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQHO'LDUL2ILFLDOGHOD&RPX
QLWDW 9DOHQFLDQD ORV DVSLUDQWHV SURSXHVWRV GHEHUiQ SUHVHQWDU DQWH OD
'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFDORVVLJXLHQWHVGRFX
PHQWRV
)RWRFRSLDGHO'1,RFHUWLILFDFLyQGHQDFLPLHQWRH[SHGLGDSRU
HO 5HJLVWUR &LYLO FRUUHVSRQGLHQWH R GRFXPHQWR HTXLYDOHQWH SDUD ORV
QDFLRQDOHVGHRWURV(VWDGRVDOTXHKDFHUHIHUHQFLDODEDVHGHELGD
PHQWHFRPSXOVDGD
)RWRFRSLD FRPSXOVDGD GHO WtWXOR DFDGpPLFR GH *UDGXDGR
(VFRODU *UDGXDGR HQ (GXFDFLyQ 6HFXQGDULD )RUPDFLyQ 3URIHVLRQDO
, R HTXLYDOHQWH (Q HO FDVR GH WLWXODFLRQHV REWHQLGDV HQ HO H[WUDQMHUR
GHEHUiHVWDUVHHQSRVHVLyQGHODFUHGHQFLDOTXHDFUHGLWHVXKRPRORJD
FLyQ
'HFODUDFLyQ GH QR KDEHU VLGR VHSDUDGR PHGLDQWH H[SHGLHQWH
GLVFLSOLQDULRGHFXDOTXLHU$GPLQLVWUDFLyQRHPSOHRS~EOLFRDVtFRPR
GH QR KDOODUVH LQKDELOLWDGR SHQDOPHQWH SDUD HO HMHUFLFLR GH IXQFLRQHV
S~EOLFDV
/RV DVSLUDQWHV TXH QR SRVHDQ OD QDFLRQDOLGDG HVSDxROD GHEHUiQ
SUHVHQWDU GHFODUDFLyQ MXUDGD GH QR HVWDU VRPHWLGR D VDQFLyQ GLVFLSOL
QDULDRFRQGHQDSHQDOTXHLPSLGDHQVX(VWDGRHODFFHVRDODIXQFLyQ
S~EOLFD
&HUWLILFDGRPpGLFRDFUHGLWDWLYRGHSRVHHUODFDSDFLGDGItVLFD\
SVtTXLFDQHFHVDULDSDUDHOGHVHPSHxRGHODVIXQFLRQHVGHORVSXHVWRV
GHWUDEDMRRIHUWDGRV
'HFRQIRUPLGDGFRQODEDVHGHODFRQYRFDWRULDORVDVSLUDQWHV
TXHKDQVXSHUDGRHO&RQFXUVR2SRVLFLyQDFUHGLWDUiQVXVFRQRFLPLHQ
WRV GH YDOHQFLDQR PHGLDQWH OD SUHVHQWDFLyQ GH XQR GH ORV VLJXLHQWHV
GRFXPHQWRV
$7LWXORGH%DFKLOOHUDWRRHTXLYDOHQWHFXUVDGRHQOD&RPXQLGDG
$XWyQRPD9DOHQFLDQDFRQVXSHUDFLyQGHODVDVLJQDWXUDVGHYDOHQFLD
QR
%7LWXORGHOD(VFXHOD2ILFLDOGH,GLRPDVFRUUHVSRQGLHQWHDOWHU
FHUFXUVRGHFRQRFLPLHQWRVGHYDOHQFLDQR
&&HUWLILFDGRGHQLYHOPHGLRGHOD-XQWD4XDOLILFDGRUDGH&RQHL
[LPHQWVGH9DOHQFLj
/RVDVSLUDQWHVTXHQRSXHGDQDFUHGLWDUHVWRVFRQRFLPLHQWRVFRQ
IRUPHDORHVWDEOHFLGRHQHODSDUWDGRTXLQWRREOLJDWRULDPHQWHGHEHUiQ
UHDOL]DU HO FXUVR HVSHFtILFR GH YDOHQFLDQR DO TXH VH UHILHUH HO DUWtFX
ORGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD$TXHOORVTXHQROR
VXSHUHQVHJXLUiQREOLJDGRVDUHDOL]DUORVVXFHVLYRVFXUVRVTXHODDGPL
QLVWUDFLyQRUJDQLFHSDUDODDGTXLVLFLyQGHOFRQRFLPLHQWRGHOYDOHQFLD
QRH[LJLEOH
)RWRFzSLD FRPSXOVDGD GHO WtWRO DFDGqPLF GH JUDGXDW HVFRODU
JUDGXDWHQHGXFDFLyVHFXQGjULDIRUPDFLySURIHVVLRQDO,RHTXLYDOHQW
(QHOFDVGHWLWXODFLRQVREWLQJXGHVHQO¶HVWUDQJHUKDXUjG¶HVWDUHQSRV
VHVVLyGHODFUHGHQFLDOTXHDFUHGLWHODVHXDKRPRORJDFLy
'HFODUDFLyGHQRKDYHUVLJXWVHSDUDWPLWMDQoDQWH[SHGLHQWGLVFL
SOLQDULGHTXDOVHYRODGPLQLVWUDFLyRRFXSDFLyS~EOLFDDL[tFRPGHQR
WUREDUVHLQKDELOLWDWSHQDOPHQWSHUDO¶H[HUFLFLGHIXQFLRQVS~EOLTXHV
(OVDVSLUDQWVTXHQRSRVVHwVTXHQODQDFLRQDOLWDWHVSDQ\RODKDXUDQ
GHSUHVHQWDUGHFODUDFLyMXUDGDGHQRHVWDUVRWPpVDVDQFLyGLVFLSOLQjULD
R FRQGHPQD SHQDO TXH LPSHGLVFD HQ HO VHX (VWDW O¶DFFpV D OD IXQFLy
S~EOLFD
&HUWLILFDWPqGLF DFUHGLWDWLXGH SRVVHLU OD FDSDFLWDWItVLFDL SVt
TXLFDQHFHVVjULDSHUDO¶DFRPSOLPHQWGHOHVIXQFLRQVGHOVOORFVGHWUH
EDOORIHULWV
'HFRQIRUPLWDWDPEODEDVHGHOD&RQYRFDWzULDHOVDVSLUDQWV
TXHKDQVXSHUDWHOFRQFXUVRSRVLFLyDFUHGLWDUDQHOVVHXVFRQHL[HPHQWV
GHYDOHQFLjSHUPLWMjGHODSUHVHQWDFLyG¶XQGHOVVHJHQWVGRFXPHQWV
$7tWROGHEDW[LOOHUDWRHTXLYDOHQWFXUVDWDOD&RPXQLWDW$XWzQR
PD9DOHQFLDQDDPEVXSHUDFLyGHOHVDVVLJQDWXUHVGHYDOHQFLj
%7tWROGHO¶(VFROD2ILFLDOG¶,GLRPHVFRUUHVSRQHQWDOWHUFHUFXUV
GHFRQHL[HPHQWVGHYDOHQFLj
&&HUWLILFDWGHQLYHOOPLWMjGHOD-XQWD4XDOLILFDGRUDGH&RQHL[H
PHQWVGH9DOHQFLj
(OV DVSLUDQWV TXH QR SXJXHQ DFUHGLWDU HVWRV FRQHL[HPHQWV FRQ
IRUPH DO TXH HVWDEOL[ HO SDUjJUDI DQWHULRU REOLJDWzULDPHQW KDXUDQ GH
UHDOLW]DUHOFXUVHVSHFtILFGHYDOHQFLjDTXqHVUHIHUL[O¶DUWLFOHGHOD
/OHLGHOD)XQFLy3~EOLFD9DOHQFLDQD$TXHOOVTXHQRHOVXSHUHQVHJXL
UDQREOLJDWVDUHDOLW]DUHOVVXFFHVVLXVFXUVRVTXHO¶DGPLQLVWUDFLyRUJD
QLW]HSHUDO¶DGTXLVLFLyGHOFRQHL[HPHQWGHOYDOHQFLjH[LJLEOH
Núm
5509 / 10.05.2007
18748
7HUFHU
(OVTXHWLQJXHQODFRQGLFLyGHIXQFLRQDULRSHUVRQDOODERUDODOVHU
YLFLGHO¶DGPLQLVWUDFLyGHOD*HQHUDOLWDWHVWDUDQH[HPSWVGHMXVWLILFDU
OHVFRQGLFLRQVLHOVUHTXLVLWVGHOSXQWVHJRQTXHMDWLQJXHQDFUHGLWDWV
L LQVFULWV HQ HO 5HJLVWUH GH 3HUVRQDO GH OD 'LUHFFLy *HQHUDO G¶$GPL
QLVWUDFLy$XWRQzPLFD ~QLFDPHQW KDXUDQ GH PDQLIHVWDUKR SHU HVFULW
GDYDQW GH OD 'LUHFFLy *HQHUDO *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD
VHQVHDSRUWDUODGRFXPHQWDFLyFRUUHVSRQHQW
7HUFHUR
4XLHQHV WXYLHUDQ OD FRQGLFLyQ GH IXQFLRQDULRV R SHUVRQDO ODERUDO
DO VHUYLFLR GH OD DGPLQLVWUDFLyQ GH OD *HQHUDOLWDW HVWDUiQ H[HQWRV GH
MXVWLILFDUODVFRQGLFLRQHV\UHTXLVLWRVGHOSXQWRVHJXQGRTXH\DWXYLH
UDQDFUHGLWDGRVHLQVFULWRVHQHO5HJLVWURGH3HUVRQDOGHOD'LUHFFLyQ
*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFD~QLFDPHQWHGHEHUiQPDQLIHV
WDUORSRUHVFULWRDQWHOD'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQy
PLFDVLQDSRUWDUODGRFXPHQWDFLyQFRUUHVSRQGLHQWH
4XDUW
(OV DVSLUDQWV VHOHFFLRQDWV TXH GLQV GHO WHUPLQL LQGLFDW L H[FHS
WH FDVRV GH IRUoD PDMRU QR SUHVHQWHQ OD GRFXPHQWDFLy DFUHGLWDWLYD R
VH¶QGHGXw[TXHPDQTXHQG¶DOJXQGHOVUHTXLVLWVH[LJLWVQRSRGUDQVHU
QRPHQDWVSHUVRQDOGHOD*HQHUDOLWDWVHQVHSHUMXtGHODUHVSRQVDELOLWDW
HQTXqSRJXHUHQKDYHULQFRUUHJXWSHUIDOVHGDWHQOHVVHXHVVROÂOLFLWXGV
GHSDUWLFLSDFLy/DSODoDQRRFXSDGDSHUO¶DVSLUDQWTXHQRSUHVHQWDOD
GRFXPHQWDFLyTXHGDUjYDFDQW
&XDUWR
/RVDVSLUDQWHVVHOHFFLRQDGRVTXHGHQWURGHOSOD]RLQGLFDGR\VDOYR
FDVRVGHIXHU]DPD\RUQRSUHVHQWDVHQODGRFXPHQWDFLyQDFUHGLWDWLYDR
GHODPLVPDVHGHGXMHVHTXHFDUHFHQGHDOJXQRGHORVUHTXLVLWRVH[LJL
GRVQRSRGUiQVHUQRPEUDGRVSHUVRQDOGHOD*HQHUDOLWDWVLQSHUMXLFLR
GHODUHVSRQVDELOLGDGHQTXHSXGLHUDQKDEHULQFXUULGRSRUIDOVHGDGHQ
VXVVROLFLWXGHVGHSDUWLFLSDFLyQ/DSOD]DQRRFXSDGDSRUHODVSLUDQWH
TXHQRSUHVHQWDVHODGRFXPHQWDFLyQTXHGDUiYDFDQWH
9DOqQFLDGHPDLJGHO±(OFRQVHOOHUGH-XVWtFLD,QWHULRUL
$GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV
9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH-XVWLFLD,QWHULRU\
$GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV
$1(;2,
$FFpV7RUQ/OLXUH
$FFHVR7XUQROLEUH
2UGUH
2UGHQ
'1,
&RJQRPVL1RP
$SHOOLGRV\QRPEUH
(67(/$
9(/$6&2
&2//$'2
*8$'$/$-$5$
520(52
&58=
625,$12
5(2/,'
-25'$1
2548,1
257(*$
%$55,(1726
/23(=
*$5&,$
&$%$f$6
&2/20(5
$6(16,2
,=48,(5'2
/23(=
3(5$/7$
9,//$/2%26
7(//2
5$021
+855,$*$
58,=
+(5026,1
5$',*$/(6
$/,(1$
9$=48(=
9(5'8
0$5*$,;
&(5'$
=$025$
(/9$5
3$5'2
*21=$/(=
720$6
*21=$/(=
52'5,*2
*87,(55(=
%(/'$
3/$=$
9$//6
',$*2
021/(21
625,$
0$(6752
9(5$
%21$)217
5,9$6
52-$6
*$5&,$
5(&8(1&2
0,f$1$
9$f2
&255($6
3$&+$
*$55,'2
*217$1
$55$1=
*,0(1(=
1$+$552
$<//21
0$57,
1$9$552
0,5$//(6
*,0(12
1$9$552
7$0$5,7
1$9$552
'(/$7255(
/(21
0$57,1(=
0$548(=
9,//$552<$
32=$6
6$/9$'25
',(*2
-25*(,*1$&,2
)&2-$9,(5
&21&(3&,21
$*867,1$
0$1*(/(6
$1$,6$%(/
0'(/&$50(1
01,(9(6
0$5,$3,/$5
$1$
$1$0$5,$
0$5,$-26(
,6$%(/
62),$
0$5,$&$50(
-26(0$18(/
-26()$
(1&$51$&,21
7(5(6$0$5,$
0$*12/,$
5$8/
(1&$51$&,21
9,&(17(
('8$5'20$18(/
2/9,'2
,10$&8/$'$
(63(5$1=$686$1
0$5,$
'2/25(6
12(/,$
3('52
7(5(6$
0$03$52
0$5,$'2/25(6
,6$%(/
&$50(1
1RWD
ILQDO
Núm
5509 / 10.05.2007
18749
52'5,*8(=
/$=$52
0$57,1(=
-251(7
*8(55(52
1$9$552
=$3$7(5
%28
6$/92
%$,'(=
0(1$
1$9$552
9(5'8
5$021
3,
+(51$1'(=
-25'$
%$/$*8(5
3(5(=
58,=
&$7$/$
)867(5
3(//,&(5
*20(=
1$9$/21
*20(=
5(%2//2
1$9$552
%(1,72
*$/$1
//25(16
52'5,*8(=
&$6(6
'$1&,8
6$/9$'25
7$5,1
686,//$
3$/$1&$
*20(=
&+251(7
58%,2
/23(=
3$6&8$/
9,'$/
5$021
&$3(//$
&2&(5$
2576
9$/0$f$
(648,8
)$1'26
)(55$1',6
025$
7$/$9(5$
&$5%21(//
&$9$
//8&+
*21=$/(=
&29(6
0$<25
3('52
/23(=
625,$12
3$5'2
6$1&+(=
6$17,$*2
9,/$
'20(1(&+
*$5&,$
38/,'2
48,17$16
&$53,2
58',//$
58,=
7$'(2
&$f$0$5(6
0$57,1(=
3257$
*$5&,$
*$55,*$
7252
3,&2
2/,9(5
38&+(
$3$5,&,2
&$0$5$6$
$1'5(6
025$17(
*$5&,$
0$57,
*20,6
%,$/&$1(7
*20(=
//25(16
+(51$1'(=
%$6
*87,(55(=
0$6
%248(5$
/23(=
*21=$/(=
&+(12//
5$06
6$/9$'25
&$55(7(52
58%$/&$%$
//8(60$
9,&(17(
72/('2
$5*,/(6
(*($
)(55(5
0$57,1(=
021)257
1(%27
3/$
&/,0(17
5,&$57
*21=$/(=
58,=
)(5586
$57(52
/23(=
&$67$f2
0$55248,1
&,*(6
*8(55(52
2576
//25(16
0$*'$/(1$
$*8,/(5$
(/(*,'2
*,/
5(&,2
*20(=
%$5%(5$1
720$6$
)/25(6
$0$/,$
0&21&(3&,21
&$50(1
&$50(1%(/(1
0$5,$,6$%(/
$1$0$5,$
0$5,$-(686
0$5,$(63(5$1=$
&$5/26
5$)$(/
0$5,$'2/25(6
)5$1&,6&$-26(
0$57$
$/,&,$6,/9,$
-26(6$/9$'25
526$$1$
-8/,$1
$1$
0$5,$'(/0$5
6,/9,$
0$5,$$03$52
0$03$52
$/(-$1'5,1$
9,&(17(
,10$&8/$'$
<2/$1'$
-$9,(5
$03$52
9,&(17(/8,6
0$5,$-(686
0$5,$-(686
0$5,$+(1$5
526$
185,$
526$
02176(55$7
0$5,$587+
0&21&(3&,21
0$5,$7(5(6$
3$8/$
$03$52
&$1'(/$5,$
0$5,$$03$52
)5$1&,6&$
0$5,$&$50(1
0$5,$-26(
)(/,3(-26(
526$5,2
5$021
-(6860$18(/
<2/$1'$
3,/$5
%(*2f$
0$5,$'(/0$5
$03$52
&/$5$
0$5,$'(/3,/$5
-2$1
$1721,2
00$*'$/(1$
0$5,$9,&(17$
6,/9,$
$/,&,$
3$75,&,$
0$5,$&$50(1
3,/$5
526$0$5,$
185,$
&$50(1
Núm
5509 / 10.05.2007
18750
*$5&,$
&/(0(17(
',(=
)(55$1',=
*$5&,$
9$1$&/2&+$
('2
%/$<
*20(=
,5$1=2
/23(=
9$=48(=
//25&$
$6,16
$/*$55$
)(51$1'(=
%$5%(5$
3(68'2
*21=$/(=
025(12
*21=$/(=0$'52f2
021)257
6$1&+(=
6(03(5(
025(12
6(*85$
'20,1*2
*$5&,$
6$/$
62/9(6
$/*$%$
$/%8,;(&+
3$17$/(21
02//$
52'5,*8(=
7255(*526$
*$/2772
62/(5
9$/'(6
(6&5,*
*$5&,$
5(<(6
'(5,9$6
+(59$6
0$57,1
75,//(6
'(',(*2
5(0,52
0$57,1(=
*5,6
%$f8/6
*8$5',2/$
/25(1=
6(*5(5$
72502
$1'5(6
&$5&(/(1
3,1$=2
(6&5,*
&2//$'2
0,1*8(/$
6$1&+(=
3('521
520$*8(5$
9,//$18(9$
%5,=
$&('2
720$6
9,//$*5$6$
6$1&+(=
&$55$6&2
)(55$1'(=
025(6,
6$1&+(=
6(55$12
7(1$
&2/$6
*5$6$
0,*8(/(=
6$/$
52-$6
&5(632
&$55$6&2
6$/,1$6
1$9$552
6(55(6
0$57,1(=
$/%$
*21=$/(=
52'5,*8(=
3$//$5(6
'85$
6$1&+(=
0$57,1(=
021'$5$<
&$3,//$
6$,=
&$12
*$5&,$
3$-$5(6
+(55$1',6
*$68//$
/81$
'(/$&58=
&2/$'2
9,//$
9,//$/21*$
'20(1(&+
%$5%(5$
+(51$1'(=
025(12
+8(6$
*$21$
&/$5,
*,/
)257
(675$'$
/23(=
0$5,
3$7,f2
,%$f(=
*$5&,$
7(-$',//26
0$7(8
%$f2
*21=$/(=
6$1=
5,%(//(6
//23,6
$55$1=
0(5&+$1
*$5&,$
*,5%(6
0$57,1(=
&8(1&$
%5$92
3257$
3(5(=
9,&(17(
/$0%(572
-8$1
3,/$5
'$1,(/
(1&$51$&,2
0,/$*526
)5$1&,6&2
$1$,6$%(/
185,$
6,/9,$
(/3,',$
5,7$
0(5&('(6
$03$52
05(0(',26
0$5,$7(5(6$
0$5,$,6$%(/
0$5,$-(686
0$18(/
&$50(1
(9$
$1$0$5,$
0$5,$-26()$
$03$52
0$5,$7(5(6$
$1721,2
-(6863('52
$1$0$5,$
686$1$
('8$5'2
&$50(1
686$1$
9,&(17
&$50(1
-25*(
7(5(6$
0$5,$,*1$&,$
526$0$5,$
0$5,$
%(5(1,&(
00$*'$/(1$
0$5,$&5,67,1$
-8$1-26(
-26(&$5/26
0,*8(/9,&(17(
2/*$
0$5,$526$5,2
-8/,$
0$5,$$03$52
'$9,'
(9$0$5,$
(/(1$
$681&,21
5$)$(/
'(6$03$5$'26
0'2/25(6
0$57$
)5$1&,6&$
&$50(10$5,$
$681&,21
5,7$
3,/$5
-26()$
0$5,$$1*(/(6
$03$52
0$5,$,6$%(/
-26(/8,6
0$5,$&5,67,1$
Núm
5509 / 10.05.2007
18751
+(5(',$
758-,//2
025(5$
$/%,2/
52'5,*8(=
$0$7
0$5&2
5(&$-
$/2162
)(51$1'(=
0$5&2
7257$-$'$
$/%,$&+
6$1&+(='(3$%/2
0$57,1(=
6$/$
9,//$5,12
*20(=
625,$12
$/'($
$5*8'2
0(52f2
&/,0(17
*5$1$'2
52$
6$(=
+(51$1'(=
3$/23
529,5$
%(5&,$12
9$48(52
'(6&2
3,7$5&+
$/$5&21
&$55,=2
(675(/$
%21(7
9,26&$
'(/3,12
*,0(1(=
0,//$1
720$6
3('52
%$5&(/2
58,=
5$06
6$1726
0$57,
0$&,$
0$5272
$025(6
3/$
520(52
6$/9$'25
2576
3$%/2
$03/(
&+$)(5
6(1$%5(
%(5(1*8(5
*,/
6$1&+(=
18(=
*20(=
3(,'52
9$//(6
*87,(55(=
0(',1$
1$'$/
9(/(57
*$5&,$
%255$6
325&$5
021=21,6
38,*
1$9$552
/$0%$1
257(*$
*21=$/(=
&+(&$
*$5&,$
6$1-(521,02
&2/$'2
3$55$
(67(/$
7$0$0(
/23(=
7,5$'2
3('5(,5$
+8(57$
48(6$'$
08/(7
0$5&2
$/(.6$1'5291$
-85$'2
&2'(6
*$1=$%$/
%(1$-(6
6(&2
&/(0(17(
*5$0817(//
(3,/$
%$//(67(5
6$1&+(=
%$67,'$
0$57,
6$1&+(=
08f2=
29,('2
%(50(-2
3/$
//23,6
&(5'$
&(59(5$
%$//(67(5
%867,//2
/,//2
(63,1
2//(5
/,=$
&$5&(//(5
)257(=$
)5$1&+
%$//(67(5
&$0326
/(50$
5(,*
9,/$3/$1$
&$%$//(52
6$+848,//2
0216(55$7(
,0%(5121
&$032<
021//25
)2/*8(5$
*$5&,$
0(6$
68(/9(6
-8$1-26(
&$50(1
02176(55$7
09,&(17$
$50$1'29,&(17(
0$5,2
$/,&,$
0$5,$3,/$5
0&2162/$&,21
$1$,6$%(/
52%(572
0$5,$&$50(1
0$5,$'2/25(6
5$021$
-8$1
0$5,$%(/(1
526$
-26($1721,2
7(5(6$
0$5,$'(/0$5
$1$0$5,$
)5$1&,6&2
(9$
6(5*,2
(/(1$
0$5,$-26(
'$1,(/
&21&(3&,21
-26(6$/9$'25
0$5,$(0(5,7$
&$52/,1$
0$5,$-(686
0$5,$3,/$5
$1$0$5,$
)5$1&,6&$
,6$%(/0$5,$
&$50(1
(0,/,$
/285'(6
5$)$(/
('8$5'2
5$021
0$5,$'2/25(6
$1$-26(
3$/20$
$03$52$
0$5,$,6$%(/
&5,67,1$
)5$1&,6&2/8,6
$1721,$
<2/$1'$
0$5,$/8,6$
-8$1$0$5,$
)5$1&,6&$
0$5,&$50(1
(/,6$
5$)$(/$6(16,
0$&$5(1$
03,/$5
)5$1&,6&20$18(
0&$50(1
&5,67,1$
0'(/&$50(1
,6$%(/0$5,$
/25(1$
9,&(17$
-26(0$18(/
0'(/$1*(/(6
*(0$
Núm
5509 / 10.05.2007
18752
9$=48(=
/23(=
58,=
&$1'(/
%26&+
0217(6$
)(51$1'(=
52&$
'$6,
52,*
6$/(6
0$57,1(=
*$0(=
%(1$-$6
)(55$1'2
&$67,//2
,1(6
3,48(5
58%,2
2/,9$5(6
%$//(67(526
0217(6
6,1,67(55$
)(55(5
*,/
$/&$5$=
6$1&+(=
*$5&,$
$*8,/$5
526
&$67(//
58%,2
48(6$'$
6$9$/
/23(=
)(12//26$
+8('2
2&+$1'2
/23(=
6$1&+(=
7(58(/
*21=$/(=
%(6$/'8&+
$/%256
&203$1<
2/,9$
58,=
520(52
$%'21
1$9$552
021/(21
%/$=48(=
%(//2
&$6$/
$/$0$
*2'2<
0$7$55('21$
&$17$9(//$
*$5&,$
&,61(526
*20(=
025$7$
/$0$6
72/26$
7(//2
0$57,1(=
)216(&$
$%$'
*$5&,$
0(1'(=
$5/$1',6
520(52
58,=
3(5(=
38&+$8
526
6$1&+,6
%$//(67(5
9$48(52
/23(=
)$8%(/
&$=25/$
)8*$5'2
//25(7
/23(=
0252
//8&+
)(51$1'(=
785(*$12
)8(17(6
&$55$6&26$
$%$'
0$f$6
9$5*$6
0$15(6$
0(5,12
/2=$12
*$5&,$
*$552
%$5%(5$
*$5&,$
'20,1*8(=
*8$5',2/$
6,02
*,0(12
'25'$
*80,//$
0$57,1(=
6$1&+(=
&$6(52
'$526
6$%$7(5
7255(*526$
*21=$/(=
0$57,1(=
*$5&,$
&8(1&$
/$5$
625,$
025$17
1$9$552
7255$6
$6(16,2
&+2=$6
6(55$12
/,1$5(6
=$5=262
%58//
$/&$0,
0$57,1(=
%$<$55,
)(51$1'(=
6,/9(675(
0$+,48(6
%$55(f$
9,&(16
&2/20$
5(&8(1&2
5$)$(/$
526$0$5,$
$1$0$5,$
0$5,$-(686
,10$&8/$'$
6$/9$'25
0'(/&$50(1
0$5,$1,(9(6
0$5,$$1*(/(6
-2$48,1
*(129(9$
-8/,$
-8/,$,6$%(/
)5$1&,6&$
0$5,$'2/25(6
,10$&8/$'$
021,&$
-8$19,&(17(
$0(/,$
00(5&('(6
/$85$
0$5,$&5,67,1$
0$5,$526$5,2
&,17$
$1$0$5,$
0$5,$-26(
0$5,&$50(1
-8$13('52
,6$%(/
25/$1'2
$/,&,$
0$5,$$03$52
$1$
,6$%(/
$11$
'(6$03$5$'26
)(51$1'2
&$50(13,/$5
0$5,&$50(1
$1721,$3,('$'
0$5,$-26()$
9,&(17
-8$1$1721,2
185,$
0(5&('(6
0$5,$-26()$
$0$/,$
$1721,$
-8$1$
)/25'(/8=
0$5,$'2/25(6
-26(/8,6
0$&$5(1$
&$52/,1$
-8$1$1721,2
6$1'5$,5(1(
(67(5
,10$&8/$'$
&5,67,1$
<2/$1'$
&/$5$,6$%(/
0/8,6$
0$5,$526$
0,*8(/$1*(/
(1&$51$&,21
-8$1
&$7$/,1$0$5,$
-$9,(5
0$5,$185,$
Núm
5509 / 10.05.2007
18753
9,&(17(
*$5&,$
)(55,6
1$9$/21
3,1('2
$=1$5
(67(9(
*$5&,$
&21*267
0$57,1
0$=21
$/&$=$5
526(//2
7$'(2
/23(=
35$'2
62/(5
&$0$5(1$
9,&(17(
*$5&(6
&2//$'2
-25'$
//8&+
/23(=
0$5,1
7(1$
(6&$57
9$/(52
0$5&+8(7
38,*
6$/(6
7$662
02/,1$
6$/(6
)2/*$'2
'(0$<$
',$=
)(12//26$
0$57,1(=
*20(=
%$/$*8(5
&$55$6&26$
0$5,1
5$021
*$5&,$
(6&5,%$12
25,(17
*$5&,$
6$1&+(=&87,//$6
%$//(67(5
02172<$
0$57,1(=
0$57,1(=
02172<$
6$10,*8(/
7(-('25
6(*85$
%$//(67(5
&$1(7
1$9$552
52'5,*2
%28
&$1'(/$
&267$
)(55,6
0$6$1(7
6$1&+(=
*,0(12
5(9(57
1$'$/
//25&$
*$5&,$
-2548(
*$5&,$
&$7$/$
*,0(12
('2
3$6725
&$5%21(//
'2/6
*20(=
%$578$/
//8&+
*$/,1'2
*,0(1(=
62/(5
6$/9$'25
*5$8
526(//
7255(6
08f2=
5(48(1,
38&+$'(6
0(/*$5
3,48(5$6
7(,;,'2
0$57,1(=
%/$6&2
//25&$
*,0(12
526$'2
6$1=
08f2=
025(12
'(*($
9$//6
$%(//$1
0$57,1(=
*$5&,$025(12
3$<$
)(55(5
*,0(1(=
*21=$/(=
&257(6
$/9$5(=
2/(*$5,2
1$9$552
*21=$/(=
6(5(62/$
2578f2
&267$
$/%(57
0$57,1(=
'$,0,(/
6$1=
3$6725
%$//(67(5
(1*8,;
&$036
&(59(52
$558(
0$&,$
3,1$
9,//$3/$1$
6(*8,
$/&$f,=
3(5(=
*$55,'2
0$5,$-26(
&2168(/2
-26(3
0$5,$62/('$'
7(5(6$
-2$1(0,/,
-26(3
$1721,$0$5,$
9,&(17(
0$5,$&2168(/2
0$5,$3,/$5
0$5,$$03$52
(/,$6
&21&(3&,21
5$)$(/
526$5,2
0$7,/'(
$5$1=$=8
$/(;,$
(67(5
0)5$1&,6&$
0$5,$-26(
0(5&('(6
-26(5,&$5'2
0'(/&$50(1
0$5,$1,(9(6
0(5&('(6
&21&(3&,21
-8$1'20,1*2
0,10$&8/$'$
0(5&('(6
$1*(/$
$1$0$5,$
$)5,&$9,5*,1,$
0$5,$$03$52
-25*(
3,/$5
-26($1721,2
-26()$
0$5,$$1*(/(6
&21&(3&,21
&21&(3&,21
3,/$5
0$5,$'(/0$5
-26(&$5/26
<2/$1'$
&$50(1
0$5,$'2/25(6
6$5$3$8/$
&5,67,1$
-26(0$18(/
$1$,6$%(/
0$5,$&$50(1
%($75,=
0$5,$526$
0'(6$03$5$'26
0$5,$$1721,$
26&$5
3$8/$
0'(/&$50(1
-26((0,/,2
0/8,6$
&$<(7$12
)('(5,&2
(/(1$0$5,$
0$5,$'(/3,/$5
$1$0$5,$
-$9,(5
526$11$
Núm
5509 / 10.05.2007
18754
*$5&,$
%(51$/
//25(17(
0217$1(5
7(1$
3$',//$
0217$+8'
%$6
(6&5,9$
*21=$/(=
5,=2
&$12
9$/(52
%(/'$
0$548(6
0217(6,126
5$0,5(=
52,*
752<$
*$5527(
-25'$
)$%5$
$5&26
'20,1*2
-,0(1(=
9(5'2<
(6&$/$17(
02&+2/,
*20(=
$5,f2
*5$1'(
9(*$
087
257,=
%(/(1*8(5
)$%5$
/23(=
52'5,*8(=
3(5(=
62/(5
%$'(1(6
*21=$/(=
3(5(=
/,=$1'$
6,59(17
*21=$/(=
,%$f(=
58%,2
3$6725
0$57,1(=
&$12
&$%5(5$
/23(=
08f2=
7255$/%$
&5(632
&$5%21(//
'2/=
)(51$1'(=
0$57,1(=
08f2=
526$
$552<2
$3$5,6,
38,*
6,85$1$
$/%(57
0$57,1(=
&$67(//
6$(=
6$1&+(=
%2/80$5
3$/23
6$/92
1$9$552
5,%(//(6
0$5,
52*/$
02/,1$
(1*8,'$126
025&,//2
*,0(12
+(51$1'(=
7852
%$5',6$
*20(=
52,*
&8(67$
720$6
6,/9(675(
/$3,('5$
&$/3
0$57,1(=
025(12
32572/(6
9(5&+(5
$/$3217
6$1&+(=
025(5$
&8(9$6
)867(5
3(5(72
*$<2
3(5,6
3,48(5
'(/2/02
&25&2/(6
*$5&,$
//,1$5(6
2681$
0217(6
*20(=
5(1$8
02<$
0$<25'202
$<862
&2520,1$6
025$1
&(59(5$
*$//(*2
&$6$0,7-$1$
$1'5(8
529,5$
-(5(=
&2//$'26
*$/,$1$
0$57,
3(5(=
58,=
78'(/$
0$5&+$17(
*$5&,$
=25,
&$36,5
720$6
*$5&,$&+,&$12
5$026
(67(9(
-26(),1$
/$,$
5$48(/
7(5(6$
0$5,$5(<(6
,6$%(/
-8$10$18(/
$1$0$5,$
9,&(17(
0$18(/
)5$1&,6&2-26(
<2/$1'$
9,&(17(-$9,(5
-8$1
385,),&$&,21
0$5,$,6$%(/
&$50(1
('8$5'2
526$/,$
-26(9,&(17(
)5$1&(6&9,&(17
0$5,$$03$52
(0,/,2
0$5,$$/,&,$
0$57$
0$5,$*(00$
,1*(%25*%$5%(/
-26(
$03$52
0$57$
$1721,2
&$52/,1$
0$5,$'2/25(6
$1$
&/$5$7(5(6$
0$5,$'2/25(6
185,$
185,$
0,6$%(/
9,&(17$
0$5,$-26(
0$5,$/8=
&$50(1
,10$&8/$'$
/(232/'2
,10$&8/$'$
<2/$1'$
0$5,$'(/0$5
75,1,'$'
0$5,$&$50(1
0$5&,$/
0$5,$$1*(/(6
0$5,$3,/$5
0$5,$5(0(',26
526$
-2$48,1$
'2/25(6
&5,67,1$
0&$50(1
0$5,&$50(1
0$5,$-26(
6$17,$*2
$/,&,$3$8/$
1,(9(6
&$50(1
0$5,$9,&(17$
%($75,=
0$5,$/8,6$
&$50(1%($75,=
Núm
5509 / 10.05.2007
18755
'(/$/$675$
//8&+
%2,;
&+$&21
/23(=
0$57,1(=
5$026
*$5&,$
&+,1(5
%85&+(6
&$55(f2
,//8(&$
%$//(67(5
)(51$1'(=
257(*$
0$57,1(=
%255$6
//25(16
0$7(8
02/,1$
1(%27
3,1$
9$/(1=8(/$
0$1=$1$52
&2//$'2
7(5521
3(6&$'25
%$,/$&+
*,-21
&$55$&('2
0$(6752
52'5,*8(=
*,0(12
720$6
0$57,1(=
520(52
9,6&217,
$%(-21
*$//85
%255(//
*$/9(=
%8(12
2/,9$5(6
9(1785$
'$&58=
62/(5
*$/9(=
02/,1$35$'26
0$57,1(=
38(572
%8f8(/
3,/$1
)(55(5
3$//$5(6
)/25(6
*$5&(6
*,0(1(=
02/72
7,6&$5
',$=
*,/
7255(6
8%('$
%25'$129$
&25(//$
/,'21
0$57,1
08172
&$%$//(52
$1'5(8
*$5&,$
)(51$1'(=
0$&,$1
0$57,1(=
7(5&(52
*20(=
*$5&,$
0,1*8(=
*$5&,$
/23(=
3$6725
*255,7$
257,=
0217(52
38,*&(59(5
257(*$
%$5'2//
3(,'52
257(*$
*20(=
$5$&,/
'(/*$'2
6(03(5(
/2=$12
&$/92
'(9(6$
-8$1
*$/9$1
(60(7
&25'21
7853,1
0$5,1
*5$8
%21$)(
/23(=
02/,1(7(
08f,=
7255(6
$/%$
0$57,1(=
526
(6&$/21$
*$5&,$
*2=$/9(6
08f2=
'8$57(
&255$/(6
7(//2
%(518=
72502
$1'8-$5
)(55(5
48(52/
)/25(6
02172/,8
//25(7
0,//$1
5,9(,52
&$67,//(-2
//25(16
&$7$/$
2/75$
0$5$*8$7
48(5$/
//$&(5
&203$1<
-$5$
0$5,$3$/20$
$85(/,$0$5,$
'2/25(6
0$5,$7(5(6$
$'25$&,21
0$5,$'(/62/
$1$0$5,$
-2$48,1-26(
0$5,$526$$1$
)5$1&,6&297(
62/('$'
$1$0$5,$
0$03$52
-26()5$1&,6&2
62/('$'
3$%/2
0$5,$&$50(1
$'(/$
-26($1721,2
%($75,=
&$52/,1$
0$5,6$
$1$
)5$1&,6&2-26(
3$%/2
0$18(/$
0$5,$$1*(/(6
(67+(5
0$681&,21
5$021$
0$5,$&$50(1
0$5,$-26(
$03$52
0$5,$-26(
3,/$5
&$50(10$5,$
)5$1&,6&2-26(
5$)$(/
0,*8(/
0$5,$7(5(6$
0$5,$0(5&('(6
-8$1(15,48(
$1721,23$%/2
&/27,/'(
,10$&8/$'$
$57852
$1$
0$5,$-26(
$'5,$12
,6$%(/
0$5,$1,(9(6
0$5,$&$50(1
$1$
021,&$
$&,6&/2-26(
'$1,(/
3,/$5
0$5,$&2168(/2
%($75,=
(0,/,$
3$6&8$/
9,&(17$0$5,$
$1$%(/(1
*/25,$7(5(6$
-26(&$5/26
0$5,$-26(
&$52/$
-$9,(5
Núm
5509 / 10.05.2007
18756
)(51$1'(=
0215$%$/
025(12
%2&26
&$55$6&26$
*$5&,$
-$55,1
6,0$552
6$f8'2
*,1(5
&2//$'2
025$
/23(=
('2
*$5&,$
526(//2
%2;
9(5$
7255(6
)(55(5
0$57,1(=
&$52
5$0%/$
520(52
02/,1$
(67(9(
720$6
$/)$52
*$5&,$
/$+8(57$
,%$f(=
0$57,1(=
(5$'(6
2/0('$
9,/$
02/72
025(12
0$//2/
6$1&+(=
+(51$1'(=
48,17$1$
'(9(5$
*5$1$'26
*$5&,$
,16$
0$5,1
9,'$/
/25(17(
6,0(21
6$,=
=$%$/$
+(5(',$
6$/92
6(9$
3(f$
*$5&,$
)$/20,5
1$9$552
)5$648(7
%$'(1(6
&$12
*$5&,$
3$6&8$/
0(/(52
0216$/9(
5('21
120'('(8
02//$
0217252
&$=25/$
38&+$/
&(5(=2
*21=$/(=
0$57,1(=
257(*$
$/)$*(0(
3$55(f2
,%255$
'20(1(&+
$/0(1$5
%(1$9(17
5(48(1$
$1'5(6
0$57,1(=
*,/
/,'21
+8(62
&$129(6
526
0$57,1(=
%/$6&2
257,=
85,26
'(/$5$
0(',1$
*$55,'2
*$//$5'2
)867(5
3(f$
&+(&$
&$55,21
%27(//$
6$,=
6$1&+,6
025$
=$)5$
*,0(12
1$9$552
&$1721
2/,9(5
/23(=
)8(17(6
(67(9(
)(55(52
9,f2/(6
$/2162
*$5&,$
*,0(12
*$5&,$
6$/(//(6
0$57,1(=
3257$
$02526
9,*$5$
0$&+$1&26(6
520(52
02/,1$
0$57,1(=
/8=
),7$
3(5(=
9$/(52
02/$12
%(1-80($
3$5'2
520(52
9(5'8
*$55,*$
0'(/&$50(1
$03$52
0&21&(3&,21
3('52-$9,(5
$1721,2
)5$1&,6&2
-(686
(60(5$/'$
0,*8(/$1*(/
0/8&,$
$03$52
$1721,2
$1$0$5,$
(1&$51$&,21
0$5,$0(5&('(6
)5$1&,6&$
686$1$
)5$1&,6&2-26(
,6$%(/
-(6869,&(17(
0$18(/$
0&$50(1
35,0,7,9$
-26(
-8$13$%/2
-26(0$5,$
$03$52
0$5,$(8*(1,$
,*1$&,2
0$5,$3,/$5
-$9,(5
526$5,2
0$5,$(/(1$
&/(0(17(
-26(
(/(1$
0$18(/$
/$85$
75,1,'$'
&$50(1
&5,67,1$
0$5,$3,/$5
0$5,$'(/0$5
0$5,$'(6$03$5$
0$5,$5(*,1$
+257(16,$
%(1,72/8,6
-26(
&$6,0,5/(21$5'
$03$52
0$5,$/8,6$
526$0$5,$
-25*(-2$48,1
5(0(',26
$1$$681&,21
0$03$52
-26(/8,6
0$5,$-26(
-8$1
(/(1$0$5,$
$1$
0$5,$'2/25(6
0,*8(/$1*(/
0$5,$0(5&('(6
5$48(/0$5,$
0$5,$/8=
185,$
-26(9,&(17(
5$)$(/
Núm
5509 / 10.05.2007
18757
9$/,(17(
7$0$5,7
6$1&+(=
'$6,
/23(=
6$1&+,6
3(5(=
&(59(5$
0$5725(//
7(52/
$1'5(6
*$'($
%$5%(5$1
&,$
'2%21
//,'2
6,*1(6
6$1&+,6
9,&(17(
52%/(6
58,=
$*867,1
3(5(=
5,32//
58%,2
&$7$/$
*21=$/(=
)(51$1'(=
,%$f(=
3$6&8$/
3248,
-$9$/2<(6
0$&+,
$/2162
,*8$/$'$
%/$6&2
6$3257
&5(0$'(6
$/&$0,
*87,(55(=
&$55$&('2
/23(=
52'5,*8(=
0$15,48(
&$67,//2
)(55$1',6
0,5$0%(//
&$12
$/$%$8
257(*$
&(552
0$57,1(=
=$<$6
52<2
/23(=
08f2=
$548(526
62/,9(//(6
0$57,1(=
3$6725
0$57,
5(,*
-,0(1(=
&$12
&+8(&$
52&+,1$
78f$6
*$5&,$
&257(6
7$57$-
&$129(6
08f2=
)85,2
0$502/
//25&$
&/(0(17(
)(55(5
%5,=
025(12
%$578$/
32/2
*$55,'2
*20(=
(6&5,9$
0$57,
6,*1(6
5($/
0$7(26
$/2162
52-$6
58('$
&25%$/$1'(&(/,6
%/$1&$
0(5&+$17(
%21',$
$/9$5(=
9,/$129$
-8$1
&203$1<
3(5(=
$<(/$
720$6
6$1&+(=
%$//(67(5
0$57,1(=
$/(*5(
5(<(6
0$57,1(=
0(1$5*8(6
6(121
38&+$'(6
(67251(//
025(1,//$
-,0(1(=
&$6$f
3,48(5(6
$5$&,/
7$0$5,7
/23(=
0819(5$
*$5&,$
*,0(1(=
6(*85$
9,/$3/$1$
-2)5(
%26&+
6(1'5$
3$6725
&25(//$
-8$1
9,&(17(
%25,//2
*,/$%(57
/$%25'$
&255(6$
'20(1(&+
$&81$
6$1&+(=
0$5,$$03$52
-2$48,0
%(57$
9,&(17$
&$50(1
-25',0,48(/
&$50(1
0$5,$-(686
0$5,1$
$'(/,1$
0$5,$7(5(6$
<2/$1'$
0$5,$*/25,$
-26($1721,2
&2168(/2
,10$&8/$'$
)5$1&,6&$
526(5
(0,/,2
0$5,$*(00$
-26(/8,6
0$5,$-26(
$1$0$5,$
&/$5$(8*(1,$
$1721,2
0(1&$51$&,21
(00$
0$5,$&$50(1
720$6
0$5,$(8*(1,$
6$17,$*2
0$5,$9,5*,1,$
$1$-26(
0$1*(/(6
)$%,2/$
3,/$5
526$0$5,$
-26(
(15,&0$18(/
-26($1'5(6
0$5,$,6$%(/
0$5,$$03$52
0$5,$-26(
(/9,5$
0$5,$
0'2/25(6
&$50(1
-26(0$5&26
0$5,$7(5(6$
0(5&('(6
-26(0$18(/
(15,48(7$
1$7$/,$
*5,6(/'$
0$5,$'(&$50(1
0$5,$$1*867,$6
*$%5,(/
0$5,$,6$%(/
0$5,$526$5,2
&58=
9,&(17(/8,6
0$18(/
$/,&,$
0$5,1$
$1$0$5,$
5(0(',2697$
0$5,$3,/$5
0$1*867,$6
0$5,$-26(
Núm
5509 / 10.05.2007
18758
/$52'$
/23(=
$552<2
5(&$7$/$
/23(=
',$=
25',f$*$
$/%(52/$
*21=$/(=
$/&$/$
*21=$/(=
/23(=
=$5$*2=$
%(/75$1
%$//(67(5
&2175(5$6
6,02
7251(52
)257
0,48(/
6$,=
%$5'2//
0$57,1(=
*$5&,$
3$6725
6$5$62/
//2)5,8
25(1*2
$/9$5(=
%855,(/
//23,6
%(/75$1
2/&,1$
5$026
6$1&+,6
*$5&,$
%527216
*20(=
48,17$1$5
$1'5(6
&$%$1(6
3$/$6,
0217$/9$
)8(17(6
5$021
25(//$1$
52'5,*8(=
9(1'5(//
*21=$/(=
'(9,6
58,=
0$57,1
025$/(6
(63(-2
*21=$/(=
*255,=
&$5%21(//
'(/$/&$=$5
625,$12
),72
%$f2
$6(16,
*$5&,$
52,*
68$5(=
$/0$*52
1$9$552
$52&$6
%(/'$
3(5(=
&2/20$
$%(//$1
0$57,1(=
)$5126
6$1&+(=
5,*2
*$5&,$
6$,=
&2175(5$6
/202
'$17$
6$1&+,6
*$5&,$
8%('$
6$1=
0$548(6
9,//$5
1$9$552
32=2
)8(17(6
0,//$1
$//$'2
-8/9(
0$57,1
2/75$
)/25(6
32'=,06.,
6$(=
'(258(7$
3$6725
)26
6$7255(
&(59(5$
*,5%(6
%(1,7(=
3$5'2
$*8$'2
%$5(1&$
6$1&+(=
/23(=
*,0(1(=
3$6725
'85$
*$5&,$
0$5&2
/23(=
$/%(1726$
*,0(12
-25*(
0$57,1(=
5$+21$
6$/(6
$172/,12
+(51$1'(=
*$5&,$
$*8,/$5
5,&2
',$=
%/(6$
%85*26
$/$02
*$5&,$
9$/9(5'(
3(/$(=
$%(1=$
%(51$/
(;326,72
*,1(5
0$5,$7(5(6$
5,&$5'2
-(686)(/,;
0(/(1$
*8,//(50,1$
526$0$5,$
(/,6(2
$1$0$5,$
//$126
-8$1&$5/26
526$0$5,$
0$5,$-26(
$/)5('2
(15,48(
(15,48(
&(/,$
,6$%(/
0$5,$-26(
0$5,$&$50(1
)5$1&,6&2-26(
0$5,$7(5(6$
3$75,&,$$1*(/$
$03$52
$03$52
-26(0$18(/
,6$%(/
$1721,2
/,',$
-2$1&$5/(6
0$5,$/8,6$
-26(3
)(55$1
-25*(
0$5,$-26(
&$5/26
3$1&5$&,2
(/(1$
&21&(3&,21
526$5,2
0$5,$-26()$
)&2-$9,(5
-26(0$5,$
0$5,$526$
-26(
0$5,$$03$52
-26($1721,2
0$5,$7(5(6$
0$681&,21
6$/9$'25
)5$1&,6&2$'2/)
0$5,$'2/25(6
686$1$
&$50(1
6,021
526$0$5,$
0$5,$&5,67,1$
-(686
6,/9,$
3,/$5
0$5,$<2/$1'$
-25*(-$9,(5
$03$52$681&,21
0$5,$'2/25(6
09,578'(6
(/,6$
-2$48,1
0$5,$$1*(/(6
2/*$
0$5,$-26(
Núm
5509 / 10.05.2007
18759
0,5$*$//
+(51$1'(=
%(575$1
&(59(5$
&2521$'2
+(55$(=
9,&(17
1$9$552
&260(
*$5&,$
/8-$1
52'5,*8(=
9,'$/
3,1=$
9$/(52
$5*(17(
6$1-8$1
$9,/$
6272
0$6
0(/,$
$&+$
%(//,'2
&/,0(17
&25(//$
&257(6
0$57,1(=
6$/9$'25
0$5&2
257(*$
1$9$552
*$5&,$
(67(9(
025$*8(6
0$57,1(=
48,/,6
6(5(12
*87,(55(=
72/26$
6$1&+(=
58%,2
*$5&,$
*$5&,$
1,(72
52-2
0$5,
58%(57
0$548(=
0$57,1(=
*20(=
0$*52
35$'2
5(&+
7521&+21,
6$1&+,6
%$55262
&5(632
*$//(*2
6(17$0$16
=$0$55$
+8(62
*20(=
085&,$
3$/$&,26
$%$5&$
$*8<(
&257
9$//(6
&$/=$'$
52,*
52'5,*8(=
%(//(6
&$67(//$12
58,=
=$025$
*$'($
*,/
%8//6
$=25,1
*$5&,$
(63,126$
%255$6
&$03,//26
6$85$
6$(=
0$57,1
<$f(=
625,$12
52'5,*8(=
58%,2
&+,9,7(
0,5$//(6
*,6%(57
*$5&,$
3$5('(6
5(48(1,
/2=$12
6$17$&5(8
*$5&,$
*$*2
<$*2
6$1726
%(1$9(17
3(5(=
1$'$/
*$5&,$
9,9$1&26
&21(-(52
0$57,1(=
&2/20(5
'21&(/
0$5&2
520(52
&$67,//2
0$<2
$/(0$1
$/(*5(
3$03/21$
0$57,1(=
&$129$6
6$(=
0(/(1'(=
6,//$
0$&+,
*21=$/(=
(67(9(
0$57,1
3(5(=
0$57,1(=
3/$1(//(6
725026
&/$85
*21=$/(=
3,48(5$6
%$7,67$
*20,6
*,/$%(57
)(55(5
&5,67,1$
7(5(6$
0$5,$/8,6$
9,&725+8*2
-$9,(5
1$7,9,'$'
-26(0,*8(/
1,(9(6
0$5,$-26(
$8525$
0$5,$0,/$*526
0'(/&$50(1
&$5/26
0-8/,$1$
-26(0,*8(/
5,&$5'2$1*(/
0$5,$%(/(1
0$5,$/8=
0$5,$7(5(6$
-26(&$5/26
-26(3
0$5,$-(686
0$7,/'(
&2168(/2
$03$52
&5,67,1$
&$50(1
0$5,$
$1$0$5,$
-(6863('52
)5$1&,6&2
0$5,$3,/$5
-26(/8,6
$1721,2
*5$&,$0$5,$
09,&(17$
%/$6
$1*(/(6(8*(1,$
720$6
(/,$
1$7$/,$
0$5,$
6(%$67,$1
1$',$
/$85$
0$5,$7(5(6$
(67()$1,$
526$
,6$%(/
-8/,$1$
$03$52
$'2/)2-26(
/8,6$/%(572
185,$
-8/,2$1721,2
0$1*(/(6
7(5(6$
0$5,$$03$52
0$5,$$1721,$
$1$,6$%(/
-8$1%$87,67$
-26(
686$1$
&$50(1
9,&(17(
9,&7250$18(/
(/(1$
0$5,$)5$1&,6&$
&5,67,1$(63(5$
Núm
5509 / 10.05.2007
18760
8%('$
)5$16,
0$57,
6$17,$*2
9,&(17
*$5&,$
*$5&,$
&(%5(,52
%$68572
48,/(6
3(5,6
*$5&,$
$/&$,'(
0(675(
/23(=
/25(17(
7255(*526$
/23(=
)2/*$'2
3$8
)(55$1'2
/23(=
)251(5
)217
$/0,f$1$
//25&$
&257(6
5,32//
9$/(52
$51$/
9(5*$5$
$1781(6
%26&$
+(51$1'(=
18('$
0$1&/86
52'5,*8(=
&$6752
3$6&8$/
*20,6
$/9$5(=
%$7//(6
0$5&2
+(51$1'(=
%$572/20(
$5(1(6
$6&2
(6&5,9$
0$57,1(=
%27(//$
'(5,9$6
//,1$5(6
3(5(=
%(558*$
%$5%(5$
)257($
$5%(/2$
*21=$/(=
%85*$/
3(5(=
)(55,2/6
+857$'2
6$10$57,
,%25
6(//(6
$*8,/$5
/$=$52
08/(7
%8(12
*20(=
-8$1
*8,-$552
%526(7$
-8$1
(6&5,9$
9$/(1=8(/$
*526
%8,*8(6
&$67(//2
9$/0$f$
/$75(
58,=
32=2
720$6
0$57,1(=
(6&$0,//$
%$1<8/6
&$53,17(52
257(*$
$/$5,2
*,/
&$6$62/$
&+$/(5
&$67(//2
0$57,1(=
+(55$1'2
3,48(5$6
$5$&,/
529,5$
%21$)(
5(9(57
2/$62
6$1&+(=
58,=
+8(6$
025$/(6
/$&20%$
08f2=
5$)$(/
,5(1(
0$5,$'2/25(6
-26(/8,6
*(0$
&$50,1$
,10$&8/$'$
-26(
0$5,$-26(
/8,6
-8$1$
'2/25(60$5,$
3,/$5
$1*(/$
-26(0,*8(/
)&2-$9,(5
-26()5$1&,6&2
0$5,$-26(
$/%(57
0,*8(/
3$/20$
'2/25(6
-8$1$1721,2
0$5,$-26(
0$5,$75,1,'$'
6,/9,$
$1721,2)(/,3(
)5$1&,6&$
$'5,$1
7(5(6$5,7$
0$5,$7(5(6$
9(521,&$
2/*$
0$5,$,6$%(/
0$5,$5$021$
526$
-(686
$1$0$5,$
0$5,$-26(
/(2125
'$9,'
0$5,$526$
-26(0$5,$3('5
0$18(/$
-26(6$/9$'25
&$50(1
$1$0$5,$
526$$1$
(/9,5$/8=
&/$8',2
&2168(/2
526$0$5,$
&21&(3&,21
-2$48,1
Núm
5509 / 10.05.2007
&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHV
18761
&RQVHOOHULDGH-XVWtFLD,QWHULRU
\$GPLQLVWUDFLRQHV3~EOLFDV
5(62/8&,ÏGHGHPDLJGHGHOFRQVHOOHUGH-XV
WtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHV
SXEOLFD OD UHODFLy G¶DVSLUDQWV TXH KDQ VXSHUDW OHV SURYHV
VHOHFWLYHVG¶DFFpVDOJUXS'VHFWRUDGPLQLVWUDFLyJHQHUDO
WRUQGHGLVFDSDFLWDWV&RQYRFDWzULD>@
5(62/8&,Ï1 GH GH PD\R GH GHO FRQVHOOHU GH
-XVWLFLD,QWHULRU\$GPLQLVWUDFLRQHV3~EOLFDVSRUODTXH
VHSXEOLFDODUHODFLyQGHDVSLUDQWHVTXHKDQVXSHUDGRODV
SUXHEDVVHOHFWLYDVGHDFFHVRDOJUXSR'VHFWRU$GPLQLV
WUDFLyQ *HQHUDO WXUQR GH GLVFDSDFLWDGRV &RQYRFDWRULD
>@
&RQFORVHV OHV SURYHV VHOHFWLYHV SHU D O¶DFFpV DO JUXS ' VHFWRU
DGPLQLVWUDFLy JHQHUDO WRUQ GH GLVFDSDFLWDWV FRQYRFDGHV SHU 2UGH GH
GHQRYHPEUHGHGHODFRQVHOOHULDGH-XVWtFLDL$GPLQLVWUDFL
RQV3~EOLTXHV'2*9Q~PHURGHGHQRYHPEUHGHL
GHFRQIRUPLWDWDPEODEDVHGHOD&RQYRFDWzULDUHVROF
&RQFOXLGDVODVSUXHEDVVHOHFWLYDVSDUDHODFFHVRDO*UXSR'6HF
WRU$GPLQLVWUDFLyQ *HQHUDO WXUQR GH GLVFDSDFLWDGRV FRQYRFDGDV SRU
2UGHQ GH GH QRYLHPEUH GH GH OD FRQVHOOHULD GH -XVWLFLD \
$GPLQLVWUDFLRQHV 3~EOLFDV '2*9 Q~P GH GH QRYLHPEUH
GH\GHFRQIRUPLGDGFRQODEDVHGHODFRQYRFDWRULDUHVXHO
YR
3ULPHU
3XEOLFDU D SURSRVWD GHO 7ULEXQDO OD UHODFLy G¶DVSLUDQWV TXH KDQ
VXSHUDWOHVSURYHVVHOHFWLYHVSHURUGHGHSXQWXDFLyTXHHVUHODFLRQHQ
HQO¶DQQH[,
3ULPHUR
3XEOLFDU D SURSXHVWD GHO 7ULEXQDO OD UHODFLyQ GH DVSLUDQWHV TXH
KDQVXSHUDGRODVSUXHEDVVHOHFWLYDVSRURUGHQGHSXQWXDFLyQTXHVH
UHODFLRQDQHQHO$QH[R,
6HJRQ
(QHOWHUPLQLGHGLHVKjELOVFRPSWDWVGHVGHOVHJHQWDOGHOD
SXEOLFDFLy GH OD SUHVHQW 5HVROXFLy HQ HO 'LDUL 2ILFLDO GH OD &RPXQL
WDW9DOHQFLDQD HOV DVSLUDQWV SURSRVDWV KDXUDQ GH SUHVHQWDU GDYDQW GH
OD 'LUHFFLy *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD HOV VHJHQWV GRFX
PHQWV
)RWRFzSLDGHO'1,RFHUWLILFDWGHQDL[HPHQWH[SHGLGDSHOUHJLV
WUHFLYLOFRUUHVSRQHQWRGRFXPHQWHTXLYDOHQWSHUDOVQDFLRQDOVG¶DOWUHV
HVWDWVDTXqIDUHIHUqQFLDODEDVHGHJXGDPHQWFRPSXOVDGD
6HJXQGR
(QHOSOD]RGHGtDVKiELOHVFRQWDGRVGHVGHHOVLJXLHQWHDOGHOD
SXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQHQHO'LDUL2ILFLDOGHOD&RPX
QLWDW 9DOHQFLDQD ORV DVSLUDQWHV SURSXHVWRV GHEHUiQ SUHVHQWDU DQWH OD
'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFDORVVLJXLHQWHVGRFX
PHQWRV
)RWRFRSLDGHO'1,RFHUWLILFDFLyQGHQDFLPLHQWRH[SHGLGDSRU
HO 5HJLVWUR &LYLO FRUUHVSRQGLHQWH R GRFXPHQWR HTXLYDOHQWH SDUD ORV
QDFLRQDOHVGHRWURV(VWDGRVDOTXHKDFHUHIHUHQFLDODEDVHGHELGD
PHQWHFRPSXOVDGD
)RWRFRSLDFRPSXOVDGDGHOWtWXORDFDGpPLFRGH*UDGXDGR(VFRODU
*UDGXDGRHQ(GXFDFLyQ6HFXQGDULD)RUPDFLyQ3URIHVLRQDO,RHTXL
YDOHQWH (Q HO FDVR GH WLWXODFLRQHV REWHQLGDV HQ HO H[WUDQMHUR GHEHUi
HVWDUVHHQSRVHVLyQGHODFUHGHQFLDOTXHDFUHGLWHVXKRPRORJDFLyQ
'HFODUDFLyQ GH QR KDEHU VLGR VHSDUDGR PHGLDQWH H[SHGLHQWH
GLVFLSOLQDULRGHFXDOTXLHU$GPLQLVWUDFLyQRHPSOHRS~EOLFRDVtFRPR
GH QR KDOODUVH LQKDELOLWDGR SHQDOPHQWH SDUD HO HMHUFLFLR GH IXQFLRQHV
S~EOLFDV
/RV DVSLUDQWHV TXH QR SRVHDQ OD QDFLRQDOLGDG HVSDxROD GHEHUiQ
SUHVHQWDU GHFODUDFLyQ MXUDGD GH QR HVWDU VRPHWLGR D VDQFLyQ GLVFLSOL
QDULDRFRQGHQDSHQDOTXHLPSLGDHQVX(VWDGRHODFFHVRDODIXQFLyQ
S~EOLFD
&HUWLILFDGRPpGLFRDFUHGLWDWLYRGHSRVHHUODFDSDFLGDGItVLFD\
SVtTXLFDQHFHVDULDSDUDHOGHVHPSHxRGHODVIXQFLRQHVGHORVSXHVWRV
GHWUDEDMRRIHUWDGRV
'HFRQIRUPLGDGFRQODEDVHGHODFRQYRFDWRULDORVDVSLUDQWHV
TXHKDQVXSHUDGRHO&RQFXUVR2SRVLFLyQDFUHGLWDUiQVXVFRQRFLPLHQ
WRV GH YDOHQFLDQR PHGLDQWH OD SUHVHQWDFLyQ GH XQR GH ORV VLJXLHQWHV
GRFXPHQWRV
$7LWXORGH%DFKLOOHUDWRRHTXLYDOHQWHFXUVDGRHQOD&RPXQLGDG
$XWyQRPD9DOHQFLDQDFRQVXSHUDFLyQGHODVDVLJQDWXUDVGHYDOHQFLD
QR
%7LWXORGHOD(VFXHOD2ILFLDOGH,GLRPDVFRUUHVSRQGLHQWHDOWHU
FHUFXUVRGHFRQRFLPLHQWRVGHYDOHQFLDQR
& &HUWLILFDGR GH QLYHO PHGLR GH OD -XQWD 4XDOLILFDGRUD GH
&RQHL[LPHQWVGH9DOHQFLj
/RVDVSLUDQWHVTXHQRSXHGDQDFUHGLWDUHVWRVFRQRFLPLHQWRVFRQ
IRUPHDORHVWDEOHFLGRHQHODSDUWDGRTXLQWRREOLJDWRULDPHQWHGHEHUiQ
UHDOL]DU HO FXUVR HVSHFtILFR GH YDOHQFLDQR DO TXH VH UHILHUH HO DUWtFX
ORGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD$TXHOORVTXHQROR
VXSHUHQVHJXLUiQREOLJDGRVDUHDOL]DUORVVXFHVLYRVFXUVRVTXHODDGPL
QLVWUDFLyQRUJDQLFHSDUDODDGTXLVLFLyQGHOFRQRFLPLHQWRGHOYDOHQFLD
QRH[LJLEOH
)RWRFzSLD FRPSXOVDGD GHO WtWRO DFDGqPLF GH JUDGXDW HVFRODU
JUDGXDWHQHGXFDFLyVHFXQGjULDIRUPDFLySURIHVVLRQDO,RHTXLYDOHQW
(QHOFDVGHWLWXODFLRQVREWLQJXGHVHQO¶HVWUDQJHUKDXUjG¶HVWDUHQSRV
VHVVLyGHODFUHGHQFLDOTXHDFUHGLWHODVHXDKRPRORJDFLy
'HFODUDFLyGHQRKDYHUVLJXWVHSDUDWPLWMDQoDQWH[SHGLHQWGLVFL
SOLQDULGHTXDOVHYRODGPLQLVWUDFLyRRFXSDFLyS~EOLFDDL[tFRPGHQR
WUREDUVHLQKDELOLWDWSHQDOPHQWSHUDO¶H[HUFLFLGHIXQFLRQVS~EOLTXHV
(OVDVSLUDQWVTXHQRSRVVHwVTXHQODQDFLRQDOLWDWHVSDQ\RODKDXUDQ
GHSUHVHQWDUGHFODUDFLyMXUDGDGHQRHVWDUVRWPpVDVDQFLyGLVFLSOLQjULD
R FRQGHPQD SHQDO TXH LPSHGLVFD HQ HO VHX (VWDW O¶DFFpV D OD IXQFLy
S~EOLFD
&HUWLILFDWPqGLF DFUHGLWDWLXGH SRVVHLU OD FDSDFLWDWItVLFDL SVt
TXLFDQHFHVVjULDSHUDO¶DFRPSOLPHQWGHOHVIXQFLRQVGHOVOORFVGHWUH
EDOORIHULWV
'HFRQIRUPLWDWDPEODEDVHGHOD&RQYRFDWzULDHOVDVSLUDQWV
TXHKDQVXSHUDWHOFRQFXUVRSRVLFLyDFUHGLWDUDQHOVVHXVFRQHL[HPHQWV
GHYDOHQFLjSHUPLWMjGHODSUHVHQWDFLyG¶XQGHOVVHJHQWVGRFXPHQWV
$7tWROGHEDW[LOOHUDWRHTXLYDOHQWFXUVDWDOD&RPXQLWDW$XWzQR
PD9DOHQFLDQDDPEVXSHUDFLyGHOHVDVVLJQDWXUHVGHYDOHQFLj
%7tWROGHO¶(VFROD2ILFLDOG¶,GLRPHVFRUUHVSRQHQWDOWHUFHUFXUV
GHFRQHL[HPHQWVGHYDOHQFLj
&&HUWLILFDWGHQLYHOOPLWMjGHOD-XQWD4XDOLILFDGRUDGH&RQHL[H
PHQWVGH9DOHQFLj
(OV DVSLUDQWV TXH QR SXJXHQ DFUHGLWDU HVWRV FRQHL[HPHQWV FRQ
IRUPH DO TXH HVWDEOL[ HO SDUjJUDI DQWHULRU REOLJDWzULDPHQW KDXUDQ GH
UHDOLW]DUHOFXUVHVSHFtILFGHYDOHQFLjDTXqHVUHIHUL[O¶DUWLFOHGHOD
/OHLGHOD)XQFLy3~EOLFD9DOHQFLDQD$TXHOOVTXHQRHOVXSHUHQVHJXL
UDQREOLJDWVDUHDOLW]DUHOVVXFFHVVLXVFXUVRVTXHO¶DGPLQLVWUDFLyRUJD
QLW]HSHUDO¶DGTXLVLFLyGHOFRQHL[HPHQWGHOYDOHQFLjH[LJLEOH
Núm
5509 / 10.05.2007
18762
7HUFHU
(OVTXHWLQJXHQODFRQGLFLyGHIXQFLRQDULRSHUVRQDOODERUDODOVHU
YLFLGHO¶DGPLQLVWUDFLyGHOD*HQHUDOLWDWHVWDUDQH[HPSWVGHMXVWLILFDU
OHVFRQGLFLRQVLHOVUHTXLVLWVGHOSXQWVHJRQTXHMDWLQJXHQDFUHGLWDWV
L LQVFULWV HQ HO 5HJLVWUH GH 3HUVRQDO GH OD 'LUHFFLy *HQHUDO G¶$GPL
QLVWUDFLy$XWRQzPLFD ~QLFDPHQW KDXUDQ GH PDQLIHVWDUKR SHU HVFULW
GDYDQW GH OD 'LUHFFLy *HQHUDO *HQHUDO G¶$GPLQLVWUDFLy$XWRQzPLFD
VHQVHDSRUWDUODGRFXPHQWDFLyFRUUHVSRQHQW
7HUFHUR
4XLHQHV WXYLHUDQ OD FRQGLFLyQ GH IXQFLRQDULRV R SHUVRQDO ODERUDO
DO VHUYLFLR GH OD DGPLQLVWUDFLyQ GH OD *HQHUDOLWDW HVWDUiQ H[HQWRV GH
MXVWLILFDUODVFRQGLFLRQHV\UHTXLVLWRVGHOSXQWRVHJXQGRTXH\DWXYLH
UDQDFUHGLWDGRVHLQVFULWRVHQHO5HJLVWURGH3HUVRQDOGHOD'LUHFFLyQ
*HQHUDOGH$GPLQLVWUDFLyQ$XWRQyPLFD~QLFDPHQWHGHEHUiQPDQLIHV
WDUORSRUHVFULWRDQWHOD'LUHFFLyQ*HQHUDOGH$GPLQLVWUDFLyQ$XWRQy
PLFDVLQDSRUWDUODGRFXPHQWDFLyQFRUUHVSRQGLHQWH
4XDUW
(OV DVSLUDQWV VHOHFFLRQDWV TXH GLQV GHO WHUPLQL LQGLFDW L H[FHS
WH FDVRV GH IRUoD PDMRU QR SUHVHQWHQ OD GRFXPHQWDFLy DFUHGLWDWLYD R
VH¶QGHGXw[TXHPDQTXHQG¶DOJXQGHOVUHTXLVLWVH[LJLWVQRSRGUDQVHU
QRPHQDWVSHUVRQDOGHOD*HQHUDOLWDWVHQVHSHUMXtGHODUHVSRQVDELOLWDW
HQTXqSRJXHUHQKDYHULQFRUUHJXWSHUIDOVHGDWHQOHVVHXHVVROÂOLFLWXGV
GHSDUWLFLSDFLy/DSODoDQRRFXSDGDSHUO¶DVSLUDQWTXHQRSUHVHQWDOD
GRFXPHQWDFLyTXHGDUjYDFDQW
&XDUWR
/RVDVSLUDQWHVVHOHFFLRQDGRVTXHGHQWURGHOSOD]RLQGLFDGR\VDOYR
FDVRVGHIXHU]DPD\RUQRSUHVHQWDVHQODGRFXPHQWDFLyQDFUHGLWDWLYDR
GHODPLVPDVHGHGXMHVHTXHFDUHFHQGHDOJXQRGHORVUHTXLVLWRVH[LJL
GRVQRSRGUiQVHUQRPEUDGRVSHUVRQDOGHOD*HQHUDOLWDWVLQSHUMXLFLR
GHODUHVSRQVDELOLGDGHQTXHSXGLHUDQKDEHULQFXUULGRSRUIDOVHGDGHQ
VXVVROLFLWXGHVGHSDUWLFLSDFLyQ/DSOD]DQRRFXSDGDSRUHODVSLUDQWH
TXHQRSUHVHQWDVHODGRFXPHQWDFLyQTXHGDUiYDFDQWH
9DOqQFLD GH PDLJ GH ± (O FRQVHOOHU GH -XVWtFLD ,QWHULRU L
$GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV
9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH-XVWLFLD,QWHULRU\
$GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV
$1(;2,
$FFpV7RUQGHGLVFDSDFLWDWV
$FFHVR7XUQRGHGLVFDSDFLWDGRV
2UGUH
2UGHQ
'1,
'1,
&RJQRPVLQRP
$SHOOLGRV\QRPEUH
0$57,1
&$6752
5$026
$51$/
7255(02&+$
6(48,
6$1&+(=
&8(1&$
'(/*$'2
'20,1*2
=$025$12
0$57,1(=
5$(=
&$55,//2
*$5&,$
*$/$1
'$8'(1
025(12
2/0('2
0$57,1(=
%$521$
&25'(//$7
0$57,1
7$/$<$
725026
7251(52
3(f$/9(5
52'5,*2
&5(0$'(6
2&+('$
%$//(67(5
6$1-8$1
*$5&,$
9(/(,52
0,//$1
*,/
&$1872
$6(16,
5,26
6(%$67,$1
*21=$/(=
/23(=
1$9$552
%$552)(7
0$57,1(=
%(//(6
&$03,//2
025(12
-8$1
%(1//2&+
9,&(17
0(5&+$1
*$5&,$
6272
9,9$6
3,7$5&+
7(1$
58=$)$
6$17$558),1$
&2//$'2
3$9,$
'(/32=2
*21=$/(=
2/,9(5
9$/(1=8(/$
7$%,52
%(1,72
'(-(686
/$&8(67$
//25(16
*8$5,1
%(//(6
3(&(6
+857$'2
(63$5=$
&+,9$
9(1'5(//
$%(//$
$/)2162
)5$1&(6&
0$5,$-26(
$/)5('2
1,(9(6
0/8=
02176(
$'25$&,21
&2168(/2
$1$0$5,$
9,&(17(
6(%$67,$1
-8$10$18(/
385,),&$&,21
+(&72558%(1
$1$
07(5(6$
&$50(
-26(
5$021
$/%(572
&2168(/20(5&('
-26()$
52%(572
$*867,9,&(17
-26(9,&(17(
3,/$5
'(6$03$5$'26
0$5,$5(*,1$
-26(/8,6
$/,&,$
-8$1
'$1,(/
0216(55$7
0$5,$'2/25(6
-26(0,*8(/
&5,67,1$
$/%(572
*(00$
1RWDILQDO
Núm
5509 / 10.05.2007
)5$1&2
5$021
$55$=2/$
0$5,1
9,//$(6&86$
3(,1$'2
*20(=
*5$0$-(
$*867,
6$1&+(=
//25(16
18763
/$7255(
*21=$/(=
7(58(/
,9255$
-,0(1(=
0217($*8'2
/23(=
62/(5
3$6725
0217(6,126
1$9$552
'(6,5((
-(686
6,/9,$
$1$0$5,$
-8$10$18(/
1$7$/,$
&$5/26
0-26(
6,/9,$
0$5,$&$50(1
-26(/8,6
Núm
5509 / 10.05.2007
18764
$MXQWDPHQWG¶$OWHD
$\XQWDPLHQWRGH$OWHD
/OLVWD GHILQLWLYD G¶DGPHVRV L H[FORVRV L FRPSRVLFLy GHO
WULEXQDO TXDOLILFDGRU HQ HO SURFpV VHOHFWLX SHU D FREULU
XQDSODoDGHWqFQLFGHJHVWLyHFRQzPLFDLSUHVVXSRVWjULD
/LVWD GHILQLWLYD GH DGPLWLGRV \ H[FOXLGRV \ FRPSRVLFLyQ
GHOWULEXQDOFDOLILFDGRUHQHOSURFHVRVHOHFWLYRSDUDFXEULU
XQDSOD]DGHWpFQLFRGHJHVWLyQHFRQyPLFD\SUHVXSXHVWD
ULD>@
>@
(Q GDWD GH PDLJ GH SHU 'HFUHW GH O¶$OFDOGLD 3UHVLGqQFLD
Q~PHURV¶KDUHVROW
(QIHFKDGHPD\RGHSRU'HFUHWRGHOD$OFDOGtD3UHVLGHQ
FLDQ~PHURVHKDUHVXHOWR
3ULPHU$SURYDUODOOLVWDGHILQLWLYDG¶DVSLUDQWVDGPHVRVLH[FORVRV
HQHOSURFpVVHOHFWLXSHUDFREULUXQDSODoDGHWqFQLFGHJHVWLyHFRQz
PLFDLSUHVVXSRVWjULDHVFDODG¶DGPLQLVWUDFLyHVSHFLDOVXEHVFDODWqFQL
FDFODVVHWqFQLFVXSHULRUTXHHVWUDQVFULXDFRQWLQXDFLy
3ULPHUR $SUREDU OD OLVWD GHILQLWLYD GH DVSLUDQWHV DGPLWLGRV \
H[FOXLGRVHQHOSURFHVRVHOHFWLYRSDUDFXEULUXQDSOD]DGHWpFQLFRGH
JHVWLyQHFRQyPLFD\SUHVXSXHVWDULDHVFDODGHDGPLQLVWUDFLyQHVSHFLDO
VXEHVFDODWpFQLFDFODVHWpFQLFRVXSHULRUTXHVHWUDQVFULEHDFRQWLQXD
FLyQ
$GPLWLGRV
$GPHVRV
%$/'Ï68&+0LJXHO-XDQ
)(12//$50$57Ë-RUGL
*$5&Ë$'(',21,6,262/(5$$OIRQVR
*21=È/(=1$'$/$QD,VDEHO
*8$5',2/$3,48(5(VWHU
*8$5',2/$3,48(55DTXHO
*8=0È1&$08f$66HEDVWLiQ
0217(6,126*21=È/(=-RVHS
325&$5-29(5-RVp$QWRQLR
6$1=*8,//e1-DLPH
6$7255(%(5%(*$/,JQDFLR
9,'$/)(51È1'(=(OHQD
([FORVRV
0$57Ë1(=1$9$6$QD0DUtD
0,5$1'$=$5&$$OLFLD
$
)
:
0
4
:
+
/
3
7
;
%
(
*
&DXVDG¶H[FOXVLy
&DXVHVG¶H[FOXVLy
1RDSRUWDUWLWXODFLyH[LJLGD
6HJRQ 'HVLJQDU FRP D FRPSRQHQWV GHO WULEXQDO TXDOLILFDGRU GHO
SURFpVVHOHFWLXVHJRQVODEDVHTXLQWDGHOHVEDVHVHVSHFtILTXHVLODEDVH
VH[WDGHOHVEDVHVJHQHUDOVFLWDGHVDQWHULRUPHQWLTXHUHJL[HQHOSUH
VHQWSURFpVVHOHFWLXHOVPHPEUHVTXHDFRQWLQXDFLyHVGHWDOOHQ
3UHVLGHQW
7LWXODU0LJXHO2UWL]=DUDJR]DDOFDOGHSUHVLGHQW
6XSOHQW-DFLQWR0XOHW/ORUHWSULPHUWLQHQWG¶DOFDOGH
6HFUHWDULTXHDFWXDUjFRPDYRFDODPEYHXLYRW
7LWXODU0LJXHO2OLYDUHV*LODEHUWVHFUHWDULGHODFRUSRUDFLy
6XSOHQW 6LPHyQ *DUFtD *DUFtD VHFUHWDUL O¶$MXQWDPHQW GH7HXOD
GD
9RFDOVDPEYHXLYRW
8QUHSUHVHQWDQWGHVLJQDWSHUOD'LUHFFLy*HQHUDOG¶$GPLQLVWUDFLy
/RFDO
7LWXODU&ODUD3HULV'RVGD,QWHUYHQWRUDGHO¶$MXQWDPHQWGHO¶$OIjV
GHO3L
6XSOHQW -RVp , 2L]D *DODQ ,QWHUYHQWRU GH O¶$MXQWDPHQW GH
%HQLGRUP
)XQFLRQDULWqFQLFGHOJUXS$SURSRVDWSHUO¶$OFDOGLD
7LWXODU0DULD7HUHVD%HUWRPHX9DOOpV7$($MGH7HXODGD
6XSOHQW0LJXHO$QJHO0RGUHJR&DEDOOHUR7$($MGH%HQLGRUP
)XQFLRQDULD SURSRVDW SHU OHV RUJDQLW]DFLRQV VLQGLFDOV UHSUHVHQWD
GHVHQO¶$MXQWDPHQW
7LWXODU$QJHO3pUH],xHVWD7$*
6XSOHQW6UD$OLFLD*DULMR&DVWHOOy7$(
9RFDOVDPEYHXSHUzVHQVHYRW
5HJLGRUGHOHJDWGHO¶jUHD
%$/'268&+0LJXHO-XDQ
)(12//$50$57Ë-RUGL
*$5&Ë$'(',21,6,262/(5$$OIRQVR
*21=È/(=1$'$/$QD,VDEHO
*8$5',2/$3,48(5(VWHU
*8$5',2/$3,48(55DTXHO
*8=0È1&$08f$66HEDVWLiQ
0217(6,126*21=È/(=-RVHS
325&$5-29(5-RVp$QWRQLR
6$1=*8,//e1-DLPH
6$7255(%(5%(*$/,JQDFLR
9,'$/)(51È1'(=(OHQD
([FOXLGRV
0$57Ë1(=1$9$6$QD0DUtD
0,5$1'$=$5&$$OLFLD
$
)
:
0
4
:
+
/
3
7
;
%
(
*
&DXVDGHH[FOXVLyQ
&DXVDVGHH[FOXVLyQ
1RDSRUWDUWLWXODFLyQH[LJLGD
6HJXQGR 'HVLJQDU FRPR FRPSRQHQWHV GHO WULEXQDO FDOLILFDGRU
GHO SURFHVR VHOHFWLYR VHJ~Q OD EDVH TXLQWD GH ODV EDVHV HVSHFtILFDV \
ODEDVHVH[WDGHODVEDVHVJHQHUDOHVFLWDGDVDQWHULRUPHQWH\TXHULJHQ
HO SUHVHQWH SURFHVR VHOHFWLYR D ORV PLHPEURV TXH D FRQWLQXDFLyQ VH
GHWDOODQ
3UHVLGHQWH
7LWXODU0LJXHO2UWL]=DUDJR]DDOFDOGHSUHVLGHQWH
6XSOHQWH-DFLQWR0XOHW/ORUHWSULPHUWHQLHQWHGHDOFDOGH
6HFUHWDULRTXHDFWXDUiFRPRYRFDOFRQYR]\YRWR
7LWXODU0LJXHO2OLYDUHV*LODEHUWVHFUHWDULRGHODFRUSRUDFLyQ
6XSOHQWH 6LPHyQ *DUFtD *DUFtD VHFUHWDULR HO$\XQWDPLHQWR GH
7HXODGD
9RFDOHVFRQYR]\YRWR
8QUHSUHVHQWDQWHGHVLJQDGRSRUOD'LUHFFLyQ*HQHUDOGHODDGPL
QLVWUDFLyQ/RFDO
7LWXODU &ODUD 3HULV 'RVGD LQWHUYHQWRUD GHO $\XQWDPLHQWR GH
/¶$OIjVGHO3L
6XSOHQWH -RVp , 2L]D *DODQ LQWHUYHQWRU GHO $\XQWDPLHQWR GH
%HQLGRUP
)XQFLRQDULRWpFQLFRGHOJUXSR$SURSXHVWRSRUOD$OFDOGtD
7LWXODU 0DUtD 7HUHVD %HUWRPHX 9DOOpV 7$( $\XQWDPLHQWR GH
7HXODGD
6XSOHQWH 0LJXHO$QJHO 0RGUHJR &DEDOOHUR 7$($\XQWDPLHQWR
GH%HQLGRUP
)XQFLRQDULRD SURSXHVWR SRU ODV RUJDQL]DFLRQHV VLQGLFDOHV UHSUH
VHQWDGDVHQHO$\XQWDPLHQWR
7LWXODU$QJHO3pUH],xHVWD7$*
6XSOHQWH$OLFLD*DULMR&DVWHOOy7$(
9RFDOHVFRQYR]SHURVLQYRWR
&RQFHMDOGHOHJDGRGHOiUHD
Núm
5509 / 10.05.2007
7LWXODU6DOYDGRU0DUWt/ORUHWUHJLGRUG¶+LVHQGDL3HUVRQDO
6XSOHQW-DLPH6HOOpV=DUDJR]LUHJLGRUGH3UHVLGqQFLDL-RYHQWXW
5HJLGRUOtGHUGHO¶RSRVLFLy
7LWXODU*XPHUVLQGR+LGDOJR+HUQiQGH]UHJLGRU362(
6XSOHQW9LFHQWH5LSROO2UR]FRUHJLGRU362(
18765
7LWXODU6DOYDGRU0DUWt/ORUHWFRQFHMDOGH+DFLHQGD\3HUVRQDO
6XSOHQWH-DLPH6HOOpV=DUDJR]LFRQFHMDOGH3UHVLGHQFLD\-XYHQ
WXG
&RQFHMDOOtGHUGHODRSRVLFLyQ
7LWXODU*XPHUVLQGR+LGDOJR+HUQiQGH]FRQFHMDO362(
6XSOHQWH9LFHQWH5LSROO2UR]FRFRQFHMDO362(
7HUFHU(VWDEOLUFRPDGDWDKRUDLOORFSHUDOFRPHQoDPHQWGHOSUL
PHUH[HUFLFLHOGLDGHPDLJGHDOHVKRUHVHQOHVGHSHQ
GqQFLHVPXQLFLSDOVGHO&($0VLWLDOFDUUHUGH0DULQD%DL[DQ~PHUR
G¶$OWHD
7HUFHUR (VWDEOHFHU FRPR IHFKD KRUD \ OXJDU SDUD HO FRPLHQ]R
GHO SULPHU HMHUFLFLR HO GtD GH PD\R GH D ODV KRUDV HQ
ODV GHSHQGHQFLDV PXQLFLSDOHV GHO &($0 VLWR HQ OD FDOOH GH 0DULQD
%DL[DQ~PHURGH$OWHD
4XDUW&RQYRFDUHOWULEXQDOTXDOLILFDGRUSHUDODVHXDFRQVWLWXFLyD
OHVKRUHVGHOGLDGHPDLJGHHQHOPDWHL[OORFGHFHOH
EUDFLyGHOSULPHUH[HUFLFL
&XDUWR&RQYRFDUDOWULEXQDOFDOLILFDGRUSDUDVXFRQVWLWXFLyQDODV
KRUDVGHOGtDGHPD\RGHHQHOPLVPROXJDUGHFHOHEUD
FLyQGHOSULPHUHMHUFLFLR
4XLQW/¶RUGHGHOVRSRVLWRUVHQOHVSURYHVTXHVLJXHQLQGLYLGXDOV
FRPHQoDUj SHU O¶DVSLUDQW HO SULPHU FRJQRP GHO TXDO FRPHQFH SHU OD
OOHWUD7
4XLQWR(ORUGHQGHORVRSRVLWRUHVHQODVSUXHEDVTXHVHDQLQGLYL
GXDOHVFRPHQ]DUiSRUHODVSLUDQWHTXHVXSULPHUDSHOOLGRHPSLHFHSRU
ODOHWUD7
6H[W3XEOLFDUODSUHVHQWUHVROXFLyDOWDXOHUG¶HGLFWHVPXQLFLSDOHQ
HO%XWOOHWt2ILFLDOGHOD3URYtQFLDG¶$ODFDQWLHQHO'LDUL2ILFLDOGHOD
&RPXQLWDW9DOHQFLDQD
+RPDQDLILUPDO¶DOFDOGHSUHVLGHQWGHO¶$MXQWDPHQWG¶$OWHD
6H[WR 3XEOLFDU OD SUHVHQWH UHVROXFLyQ HQ HO WDEOyQ GH HGLFWRV
PXQLFLSDO HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH$OLFDQWH \ HQ HO
'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
/RPDQGD\ILUPDHODOFDOGHSUHVLGHQWHGHO$\XQWDPLHQWRGH$OWHD
$OWHDGHPDLJGH/¶DOFDOGH0LJXHO2UWL]=DUDJR]D
$OWHDGHPD\RGH(ODOFDOGH0LJXHO2UWL]=DUDJR]D
Núm
5509 / 10.05.2007
$MXQWDPHQWGHOD9LODYHOOD
2IHUWD G¶RFXSDFLy S~EOLFD FRUUHVSRQHQW D O¶H[HUFLFL GH
DSURYDGDSHUOD-XQWDGH*RYHUQ/RFDOGHGDWD
GHPDUoGH>@
)XQFLRQDULVGHFDUUHUD
18766
$\XQWDPLHQWRGH/D9LODYHOOD
2IHUWD GH HPSOHR S~EOLFR FRUUHVSRQGLHQWH DO HMHUFLFLR GH
DSUREDGDSRUOD-XQWDGH*RELHUQR/RFDOGHIHFKD
GHPDU]RGH>@
)XQFLRQDULRVGHFDUUHUD
*UXSVHJRQVO¶DUWLFOHGHOD/OHLJUXS'&ODVVLILFDFLy
HVFDOD DGPLQLVWUDFLy JHQHUDO VXEHVFDOD DX[LOLDU 1RPEUH GH YDFDQWV
XQD'HQRPLQDFLyDX[LOLDUDGPLQLVWUDWLX
*UXSR VHJ~Q HO DUWtFXOR GH OD /H\ JUXSR & &ODVLIL
FDFLyQHVFDODDGPLQLVWUDFLyQHVSHFLDOVXEHVFDODVHUYLFLRVHVSHFLDOHV
1~PHURGHYDFDQWHVXQD'HQRPLQDFLyQRILFLDOGHSROLFtDORFDO
*UXSR VHJ~Q HO DUWtFXOR GH OD /H\ JUXSR & &ODVLIL
FDFLyQHVFDODDGPLQLVWUDFLyQHVSHFLDOVXEHVFDODVHUYLFLRVHVSHFLDOHV
1~PHURGHYDFDQWHVXQD'HQRPLQDFLyQDJHQWHGHSROLFtDORFDO
*UXSR VHJ~Q HO DUWtFXOR GH OD /H\ JUXSR & &ODVLIL
FDFLyQHVFDODDGPLQLVWUDFLyQHVSHFLDOVXEHVFDODVHUYLFLRVHVSHFLDOHV
1~PHUR GH YDFDQWHV XQD 'HQRPLQDFLyQ LQVSHFWRU GH RUGHQDQ]DV \
VHUYLFLRV
*UXSR VHJ~Q HO DUWtFXOR GH OD /H\ JUXSR ' &ODVLIL
FDFLyQ HVFDOD DGPLQLVWUDFLyQ JHQHUDO VXEHVFDOD DX[LOLDU 1~PHUR GH
YDFDQWHVXQD'HQRPLQDFLyQDX[LOLDUDGPLQLVWUDWLYR
/D 9LODYHOOD GH PDUo GH ± /¶DOFDOGH -RVp /XLV -DUTXH
$OPHOD
/D9LODYHOODGHPDU]RGH±(ODOFDOGH-RVp/XLV-DUTXH
$OPHOD
*UXSVHJRQVO¶DUWLFOHGHOD/OHLJUXS&&ODVVLILFDFLy
HVFDODDGPLQLVWUDFLyHVSHFLDOVXEHVFDODVHUYLFLVHVSHFLDOV1RPEUHGH
YDFDQWVXQD'HQRPLQDFLyRILFLDOGHSROLFLDORFDO
*UXSVHJRQVO¶DUWLFOHGHOD/OHLJUXS&&ODVVLILFDFLy
HVFDODDGPLQLVWUDFLyHVSHFLDOVXEHVFDODVHUYLFLVHVSHFLDOV1RPEUHGH
YDFDQWVXQD'HQRPLQDFLyDJHQWGHSROLFLDORFDO
*UXSVHJRQVO¶DUWLFOHGHOD/OHLJUXS&&ODVVLILFDFLy
HVFDODDGPLQLVWUDFLyHVSHFLDOVXEHVFDODVHUYLFLVHVSHFLDOV1RPEUHGH
YDFDQWVXQD'HQRPLQDFLyLQVSHFWRUG¶RUGHQDQFHVLVHUYLFLV
Núm
5509 / 10.05.2007
$MXQWDPHQWGH0LVODWD
&RQYRFDWzULDLEDVHVHVSHFtILTXHVTXHKDQGHUHJLUHOSUR
FpV VHOHFWLX SHU D OD SURYLVLy G¶XQD SODoD GH FDSDWjV GH
6HUYLFLV *HQHUDOV YDFDQW HQ OD SODQWLOOD GH IXQFLRQDULV
>@
&RQYRFDWzULD L EDVHV HVSHFtILTXHV DSURYDGHV SHU 5HVROXFLy GH
O¶$OFDOGLDGHGDWDGHPDUoGHTXHKDQGHUHJLUMXQWDPEOHV
EDVHV JHQHUDOV TXH YDQ VHU SXEOLFDGHV HQ HO %23 Q~P GH GDWD GHJHQHUGHHOSURFpVVHOHFWLXSHUDODSURYLVLyG¶XQDSODoDGH
FDSDWjVGH6HUYLFLV*HQHUDOVYDFDQWHQODSODQWLOODGHIXQFLRQDULVG¶HV
WHDMXQWDPHQW
&DSDWjV6HUYLFLV*HQHUDOV
'HQRPLQDFLyGHODSODoDFDSDWjVGH6HUYLFLV*HQHUDOV
1DWXUDOHVDIXQFLRQDULDOFODVVLILFDGDHQHOJUXS'HVFDODG¶DG
PLQLVWUDFLy HVSHFLDO VXEHVFDOD GH VHUYLFLV HVSHFLDOV FODVVH SHUVRQDO
G¶RILFLV
1RPEUHGHSODFHVXQD
7LWXODFLyH[LJLGDJUDGXDWHVFRODURHTXLYDOHQW
7ULEXQDO
3UHVLGHQW
(OSUHVLGHQWGHODFRUSRUDFLyRPHPEUHG¶HVWDHQTXLGHOHJXH
6HFUHWDUL
(O VHFUHWDUL GH OD FRUSRUDFLy R IXQFLRQDUL G¶HVWD HQ TXL GHOHJXH
TXHDFWXDUjDPEYHXLYRW
9RFDOV
8QUHJLGRUDPHPEUHGHODFRUSRUDFLyGHVLJQDWSHUO¶$OFDOGLD
5HSUHVHQWDQW GH OD *HQHUDOLWDW GHVLJQDW SHU OD 'LUHFFLy *UDO
G¶$GPLQLVWUDFLy/RFDO
)XQFLRQDULGHFDUUHUDG¶HVWDFRUSRUDFLyGHVLJQDWSHUOD-XQWDGH
*RYHUQ/RFDO
)XQFLRQDULGHFDUUHUDG¶HVWDFRUSRUDFLyGHVLJQDWSHU$OFDOGLD
8QIXQFLRQDULGHFDUUHUDG¶HVWDFRUSRUDFLyGHVLJQDWDSURSRVWD
GHOD-XQWDGHSHUVRQDO
/DGHVLJQDFLyGHOVPHPEUHVGHOWULEXQDOLQFORXUjODGHOVUHVSHFWLXV
VXSOHQWV$H[FHSFLyGHOSUHVLGHQWWRWVHOVPHPEUHVGHOWULEXQDOKDX
UDQG¶HVWDUHQSRVVHVVLyG¶XQDWLWXODFLyLJXDORVXSHULRUDO¶H[LJLGDHQ
ODUHVSHFWLYDFRQYRFDWzULD
$VVHVVRUVGHOWULEXQDOTXHSRGUDQDVVLVWLUDODVHVVLyDPEYHXSHUz
VHQVHYRW
±8QHVSHFLDOLVWDGHYDOHQFLj
±8QOOLFHQFLDWHQSVLFRORJLDSHUDOHVSURYHVSVLFRWqFQLTXHV
6LVWHPDGHVHOHFFLyFRQFXUVRSRVLFLy
'UHWVG¶H[DPHQ¼/HVSHUVRQHVLQWHUHVVDGHVHIHFWXDUDQ
O¶LQJUpVHQ/D&DL[DVtWLDDO¶DY%ODVFR,EixH]Q~PHURGH0LVODWD
HQHOVHJHQWQ~PHURGHFRPSWH(OMXVWL
ILFDQWGHO¶LQJUpVKDXUjG¶HQWUHJDUVHMXQWDPEODLQVWjQFLD
3RGUDQ TXHGDU H[HPSWV GHO SDJDPHQW GHOV PHQFLRQDWV GUHWV HOV
DVSLUDQWVTXHDFUHGLWHQJUHXVLWXDFLyHFRQzPLFDPLWMDQoDQWODSUHVHQ
WDFLy GH O¶RSRUW~ FHUWLILFDW GH O¶2ILFLQD G¶2FXSDFLy HQ HO TXH FRQVWH
TXHV¶HVWjGHVRFXSDWLTXHQRHVSHUFHSSUHVWDFLyQLVXEVLGLGHGHVR
FXSDFLy
3URYHVGHO¶RSRVLFLy
([HUFLFLVREOLJDWRULVLHOLPLQDWRULV
3ULPHUH[HUFLFL7HVWSVLFRWqFQLF'HFDUjFWHUREOLJDWRULLHOLPLQD
WRUL&RQVWDUjGHGRVIDVHV
7HVWDSWLWXGLQDOUHIHUHQWDO¶DYDOXDFLyG¶KDELOLWDWVSURIHVVLRQDOV
R FRPSHWqQFLHV GHO SHUILO FRPSUHQVLy PHFjQLFD DSWLWXG HVSDFLDO
FRPSUHQVLyYHUEDOUDRQDPHQWYHUEDODSWLWXGQXPqULFDLSDODQTXHV
7HVWDFWLWXGLQDOUHIHUHQWDO¶DYDOXDFLyGHIDFWRUVGHSHUVRQDOLWDW
TXHV¶DGHTHQDOSHUILOFDSDFLWDWGHFRPDQGDPHQWOLGHUDWJHWUHEDOO
HQ HTXLS DWHQFLy D OHV QRUPHV DXWRFRQWURO HPSDWLD YLJLOjQFLD SHU
IHFFLRQDPHQW
6LHVFRQVLGHUDUDQHFHVVDULHVSURFHGLUjODUHDOLW]DFLyG¶XQDHQWUH
YLVWDSHUVRQDODOVDVSLUDQWV
18767
$\XQWDPLHQWRGH0LVODWD
&RQYRFDWRULD\EDVHVHVSHFtILFDVTXHKDQGHUHJLUHOSUR
FHVR VHOHFWLYR SDUD OD SURYLVLyQ GH XQD SOD]D GH FDSDWD]
GH6HUYLFLRV6RFLDOHVYDFDQWHHQODSODQWLOODGHIXQFLRQD
ULRV>@
&RQYRFDWRULD\EDVHVHVSHFtILFDVDSUREDGDVSRU5HVROXFLyQGHOD
$OFDOGtDGHIHFKDGHPDU]RGHTXHKDQGHUHJLUMXQWRFRQODV
EDVHVJHQHUDOHVTXHIXHURQSXEOLFDGDVHQHO%23QžGHIHFKDGH
HQHURGHHOSURFHVRVHOHFWLYRSDUDODSURYLVLyQGHXQDSOD]DGH
FDSDWD]GH6HUYLFLRV*HQHUDOHVYDFDQWHHQODSODQWLOODGHIXQFLRQDULRV
GHHVWHD\XQWDPLHQWR
&DSDWD]6HUYLFLRV*HQHUDOHV
'HQRPLQDFLyQGHODSOD]DFDSDWD]GH6HUYLFLRV*HQHUDOHV
1DWXUDOH]D IXQFLRQDULDO FODVLILFDGD HQ HO JUXSR ' HVFDOD GH
DGPLQLVWUDFLyQ HVSHFLDO VXEHVFDOD GH VHUYLFLRV HVSHFLDOHV FODVH SHU
VRQDOGHRILFLRV
1~PHURGHSOD]DVXQD
7LWXODFLyQH[LJLGD*UDGXDGR(VFRODURHTXLYDOHQWH
7ULEXQDO
3UHVLGHQWH
(OSUHVLGHQWHGHODFRUSRUDFLyQRPLHPEURGHHVWDHQTXLHQGHOH
JXH
6HFUHWDULR
(OVHFUHWDULRGHODFRUSRUDFLyQRIXQFLRQDULRGHpVWDHQTXLHQGHOH
JXHTXHDFWXDUiFRQYR]\YRWR
9RFDOHV
8Q FRQFHMDO PLHPEUR GH OD FRUSRUDFLyQ GHVLJQDGR SRU OD
$OFDOGtD
5HSUHVHQWDQWH GH OD *HQHUDOLWDW 9DOHQFLDQD GHVLJQDGR SRU OD
'LUHFFLyQ*UDOGH$GPyQ/RFDO
)XQFLRQDULR GH FDUUHUD GH HVWD FRUSRUDFLyQ GHVLJQDGR SRU OD
-XQWDGH*RELHUQR/RFDO
)XQFLRQDULR GH FDUUHUD GH HVWD FRUSRUDFLyQ GHVLJQDGR SRU
$OFDOGtD
8QIXQFLRQDULRGHFDUUHUDGHHVWD&RUSRUDFLyQGHVLJQDGRDSUR
SXHVWDGHOD-XQWDGHSHUVRQDO
/DGHVLJQDFLyQGHORVPLHPEURVGHO7ULEXQDOLQFOXLUiODGHORVUHV
SHFWLYRVVXSOHQWHV$H[FHSFLyQGHOSUHVLGHQWHWRGRVORVPLHPEURVGHO
WULEXQDOGHEHUiQHVWDUHQSRVHVLyQGHXQDWLWXODFLyQLJXDORVXSHULRUD
ODH[LJLGDHQODUHVSHFWLYDFRQYRFDWRULD
$VHVRUHV GHO WULEXQDO TXH SRGUiQ DVLVWLU D OD VHVLyQ FRQ YR] SHUR
VLQYRWR
±8QHVSHFLDOLVWDGHYDOHQFLDQR
±8QOLFHQFLDGRHQSVLFRORJtDSDUODVSUXHEDVSVLFRWpFQLFDV
6LVWHPDGHVHOHFFLyQFRQFXUVRRSRVLFLyQ
'HUHFKRV GH H[DPHQ ¼ /RV LQWHUHVDGRV HIHFWXDUiQ HO
LQJUHVRHQ/D&DL[DVLWDHQDY%ODVFR,EixH]Q~PHURGH0LVODWD
HQODVLJXLHQWHQ~PHURGHFXHQWD(OMXVWL
ILFDQWHGHOLQJUHVRGHEHUiHQWUHJDUVHMXQWRFRQODLQVWDQFLD
3RGUiQTXHGDUH[HQWRVGHOSDJRGHORVPHQFLRQDGRVGHUHFKRVORV
DVSLUDQWHV TXH DFUHGLWHQ JUDYH VLWXDFLyQ HFRQyPLFD PHGLDQWH OD SUH
VHQWDFLyQGHORSRUWXQRFHUWLILFDGRGHOD2ILFLQDGH(PSOHRHQHOTXH
FRQVWHTXHVHHVWiGHVHPSOHDGR\TXHQRVHSHUFLEHSUHVWDFLyQQLVXE
VLGLRGHGHVHPSOHR
3UXHEDVGHODRSRVLFLyQ
(MHUFLFLRVREOLJDWRULRV\HOLPLQDWRULRV
3ULPHUHMHUFLFLRWHVWSVLFRWpFQLFR'HFDUiFWHUREOLJDWRULR\HOLPL
QDWRULR&RQVWDUiGHGRVIDVHV
 7HVW DSWLWXGLQDO UHIHUHQWH DOD HYDOXDFLyQ GH KDELOLGDGHV SUR
IHVLRQDOHVRFRPSHWHQFLDVGHOSHUILOFRPSUHQVLyQPHFiQLFDDSWLWXG
HVSDFLDO FRPSUHQVLyQ YHUEDO UD]RQDPLHQWR YHUEDO DSWLWXG QXPpULFD
\SDODQFDV
 7HVW DFWLWXGLQDO UHIHUHQWH D OD HYDOXDFLyQ GH IDFWRUHV GH SHU
VRQDOLGDG TXH VH DGHFXDQ DO SHUILO FDSDFLGDG GH PDQGR OLGHUD]JR
WUDEDMR HQ HTXLSR DWHQFLyQ D ODV QRUPDV DXWRFRQWURO HPSDWtD YLJL
ODQFLDSHUIHFFLRQDPLHQWR
6L VH FRQVLGHUDUD QHFHVDULR VH SURFHGHUi OD UHDOL]DFLyQ GH XQD
HQWUHYLVWDSHUVRQDODORVDVSLUDQWHV
Núm
5509 / 10.05.2007
18768
/DSXQWXDFLyGHOVDSDUWDWVLVyQLQFRPSDWLEOHVSHUOD
TXDOFRVDQRPpVHVSXQWXDUjFDGDDVSLUDQWHQXQGHOVDSDUWDWV
/DTXDOLILFDFLyILQDOGHOSURFpVVHOHFWLXYLQGUjGHWHUPLQDGDSHUOD
VXPDGHOHVSXQWXDFLRQVREWLQJXGHVHQHOVH[HUFLFLVGHO¶RSRVLFLyLHQ
ODIDVHGHFRQFXUV
7HPDUL
$11(;,
0DWqULHV&RPXQHV
7HPD/D&RQVWLWXFLyHVSDQ\RODGH(VWUXFWXUDFRQWLQJXWL
SULQFLSLVEjVLFV5HIRUPDGHOD&RQVWLWXFLy
7HPD2UJDQLW]DFLySROtWLFDGHO¶HVWDW(VSDQ\RO&ODVVHLIRUPD
GH O¶(VWDW 2UJDQLW]DFLy WHUULWRULDO GH O¶(VWDW /D &RURQD IXQFLRQV
FRQVWLWXFLRQDOVGHO5HL6XFFHVVLyL5HJqQFLD/DUDWLILFDFLy
7HPD/HV&RUWV*HQHUDOVOHV&DPEUHV&RPSRVLFLyDWULEXFLRQV
L IXQFLRQDPHQW /D IXQFLy OHJLVODWLYD (O 3RGHU H[HFXWLX HO *RYHUQ
5HODFLRQV HQWUH HO *RYHUQ L OHV &RUWV *HQHUDOV (O SRGHU MXGLFLDO
(VWUXFWXUD RUJDQLW]DFLy L IXQFLRQDPHQW GHOV 7ULEXQDOV HQ HO VLVWHPD
HVSDQ\RO
7HPD 2UJDQLW]DFLy WHUULWRULDO HVSDQ\ROD /HV FRPXQLWDWV DXWz
QRPHV(OV(VWDWXWVG¶DXWRQRPLDzUJDQVLFRPSHWqQFLHV/HVDGPLQLV
WUDFLRQV S~EOLTXHV HVWDWDO DXWRQzPLFD L ORFDO (O SURFHGLPHQW DGPL
QLVWUDWLX
7HPD (O PXQLFLSL FRPSHWqQFLHV ÑUJDQV XQLSHUVRQDOV GH
*RYHUQ /¶DOFDOGH (OV WLQHQWV G¶DOFDOGH (OV UHJLGRUV L OHV UHJLGRUHV
+LVHQGHVORFDOV&ODVVLILFDFLyGHOVLQJUHVVRV
7HPD 3HUVRQDO DO VHUYLFL GH O¶DGPLQLVWUDFLy ORFDO /D IXQFLy
S~EOLFD ORFDO L OD VHXD RUJDQLW]DFLy 'UHWV L GHXUHV GHOV IXQFLRQDULV
S~EOLFVORFDOV,QFRPSDWLELOLWDWV5qJLPGLVFLSOLQDUL
/DFDOLILFDFLyQGHORVHMHUFLFLRVVHUiGHDSWRRQRDSWR
6HJXQGR HMHUFLFLR &RQVLVWLUi HQ OD UHDOL]DFLyQ GH XQ WHVW GH SUHJXQWDVFRQUHVSXHVWDVDOWHUQDWLYDVVLHQGRVRORXQDGHHOODVFRUUHF
WDVREUHFRQRFLPLHQWRVUHODFLRQDGRVFRQHOWHPDULRFRQXQDGXUDFLyQ
Pi[LPD GH PLQXWRV /D FDOLILFDFLyQ GH HVWH HMHUFLFLR VHUi GH D
SXQWRVGHELHQGRDOFDQ]DUXQPtQLPRGHSXQWRVSDUDVXSHUDUHO
HMHUFLFLR
7HUFHUHMHUFLFLR6XSXHVWRSUiFWLFR
&RQVLVWLUi HQ OD UHDOL]DFLyQ GH XQ VXSXHVWR SUiFWLFR UHODFLRQDGR
FRQHO$QH[R,,0DWHULDVHVSHFtILFDVGHOSURJUDPDGHODFRQYRFDWR
ULDFX\DGXUDFLyQPi[LPDVHUiGHXQDKRUD\WUHLQWDPLQXWRV/DFDOL
ILFDFLyQGHHVWHHMHUFLFLRVHUiGHDSXQWRVGHELHQGRDOFDQ]DUXQ
PtQLPRGHSXQWRVSDUDVXSHUDUHOHMHUFLFLR
(MHUFLFLRREOLJDWRULRV\QRHOLPLQDWRULRV&XDUWRHMHUFLFLR
&RQVLVWLUiHQODUHDOL]DFLyQGHGRVSUXHEDV
&RQRFLPLHQWRRUDOGHOYDOHQFLDQRPHGLDQWHOHFWXUDGHXQWH[WR
HOHJLGRSRUHOWULEXQDO\FRQYHUVDFLyQVREUHHOPLVPR
&RQRFLPLHQWR HVFULWR GHO YDOHQFLDQR PHGLDQWH XQD WUDGXFFLyQ
GHOYDOHQFLDQRDOFDVWHOODQR\GHOFDVWHOODQRDOYDOHQFLDQRGHXQWH[WR
HOHJLGRSRUHOWULEXQDOGXUDQWHXQWLHPSRPi[LPRGHPLQXWRV
/DFDOLILFDFLyQJOREDOGHHVWHHMHUFLFLRVHUiGHDSXQWRV
)DVHGHFRQFXUVR
)LQDOL]DGRV ORV HMHUFLFLRV GH OD IDVH GH RSRVLFLyQ VH SURFHGHUi D
UHDOL]DU HO FRQFXUVR HQWUH ORV DVSLUDQWHV TXH KXELHUDQ VXSHUDGR ORV
HMHUFLFLRVGHODIDVHDQWHULRUGHDFXHUGRFRQHOVLJXLHQWHEDUHPR
([SHULHQFLDSURIHVLRQDOKDVWDXQPi[LPRGHSXQWRV
3RU KDEHU SUHVWDGR VHUYLFLRV HQ OD DGPLQLVWUDFLyQ ORFDO HQ
SOD]DLJXDODODTXHVHFRQYRFDSRUFDGDDxRFRPSOHWRSXQWR
3RUKDEHUSUHVWDGRVHUYLFLRVHQODDGPLQLVWUDFLyQORFDOHQOD
HVFDOD GH DGPLQLVWUDFLyQ HVSHFLDO VXEHVFDOD GH VHUYLFLRV HVSHFLDOHV
FODVHSHUVRQDOGHRILFLRVSRUFDGDDxRFRPSOHWRSXQWRV
3RU KDEHU SUHVWDGR VHUYLFLRV HQ RWUDV DGPLQLVWUDFLRQHV
S~EOLFDVHQSOD]DLJXDODODTXHVHFRQYRFDSRUFDGDDxRFRPSOHWR
SXQWRV
/DSXQWXDFLyQGHORVDSDUWDGRV\VRQLQFRPSDWLEOHV
SRUORTXHVRORVHSXQWXDUiDFDGDDVSLUDQWHHQXQRGHORVDSDUWDGRV
/DFDOLILFDFLyQILQDOGHOSURFHVRVHOHFWLYRYHQGUiGHWHUPLQDGDSRU
ODVXPDGHODVSXQWXDFLRQHVREWHQLGDVHQORVHMHUFLFLRVGHODRSRVLFLyQ
\HQODIDVHGHFRQFXUVR
7HPDULR
$QH[R,
0DWHULDVFRPXQHV
7HPD/D&RQVWLWXFLyQHVSDxRODGH(VWUXFWXUDFRQWHQLGR
\SULQFLSLRVEiVLFRV5HIRUPDGHOD&RQVWLWXFLyQ
7HPD2UJDQL]DFLyQSROtWLFDGHOHVWDGR(VSDxRO&ODVH\IRUPD
GHO(VWDGR2UJDQL]DFLyQWHUULWRULDOGHO(VWDGR/D&RURQDIXQFLRQHV
FRQVWLWXFLRQDOHVGHO5H\6XFHVLyQ\5HJHQFLD(OUHIUHQGR
7HPD/DV&RUWHVJHQHUDOHVODV&iPDUDV&RPSRVLFLyQDWULEX
FLRQHV \ IXQFLRQDPLHQWR /D IXQFLyQ OHJLVODWLYD (O 3RGHU HMHFXWLYR
HO*RELHUQR5HODFLRQHVHQWUHHO*RELHUQR\ODV&RUWHV*HQHUDOHV(O
SRGHU MXGLFLDO (VWUXFWXUD RUJDQL]DFLyQ \ IXQFLRQDPLHQWR GH ORV7UL
EXQDOHVHQHOVLVWHPDHVSDxRO
7HPD 2UJDQL]DFLyQ WHUULWRULDO HVSDxROD /DV &RPXQLGDGHV
$XWyQRPDV/RV(VWDWXWRVGHDXWRQRPtDyUJDQRV\FRPSHWHQFLDV/DV
DGPLQLVWUDFLRQHV S~EOLFDV HVWDWDO DXWRQyPLFD \ ORFDO (O SURFHGLPL
HQWRDGPLQLVWUDWLYR
7HPD (O PXQLFLSLR FRPSHWHQFLDV ÏUJDQRV XQLSHUVRQDOHV GH
*RELHUQR(ODOFDOGH/RVWHQLHQWHVGHDOFDOGH/RVFRQFHMDOHV+DFL
HQGDVORFDOHV&ODVLILFDFLyQGHORVLQJUHVRV
7HPD 3HUVRQDO DO VHUYLFLR GH OD DGPLQLVWUDFLyQ /RFDO /D IXQ
FLyQSXEOLFDORFDO\VXRUJDQL]DFLyQ'HUHFKRV\GHEHUHVGHORVIXQFL
RQDULRVS~EOLFRVORFDOHV,QFRPSDWLELOLGDGHV5pJLPHQGLVFLSOLQDULR
$11(;,,
0DWqULHVHVSHFtILTXHV
(GLILFLVS~EOLFVHQO¶jPELWORFDO&ODVVLILFDFLyLXVRV
6HUYLFLVPXQLFLSDOVLRUJDQLW]DFLyGHOHVEULJDGHV
)HUUDPHQWHVEjVLTXHV&ODVVLILFDFLyLXVRV
9HKLFOHVSHUDOWUDQVSRUWLWDVTXHVSUzSLHVG¶REUHV
6LVWHPHVSHUDO¶HPPDJDW]HPDPHQWLFODVVLILFDFLyGHOVPDWHUL
$QH[R,,
0DWHULDVHVSHFtILFDV
(GLILFLRVS~EOLFRVHQHOiPELWRORFDO&ODVLILFDFLyQ\XVRV
6HUYLFLRVPXQLFLSDOHV\RUJDQL]DFLyQGHODVEULJDGDV
+HUUDPLHQWDVEiVLFDV&ODVLILFDFLyQ\XVRV
9HKtFXORVSDUDHOWUDQVSRUWH\WDUHDVSURSLDVGHREUDV
6LVWHPDVSDUDHODOPDFHQDPLHQWR\FODVLILFDFLyQGHORVPDWHUL
/DTXDOLILFDFLyGHOVH[HUFLFLVVHUjG¶DSWHRQRDSWH
6HJRQH[HUFLFL&RQVLVWLUjHQODUHDOLW]DFLyG¶XQWHVWGHSUHJXQ
WHVDPEUHVSRVWHVDOWHUQDWLYHVVHUjQRPpVXQDG¶HOOHVFRUUHFWDVREUH
FRQHL[HPHQWVUHODFLRQDWVDPEHOWHPDULDPEXQDGXUDFLyPj[LPDGH
PLQXWV/DTXDOLILFDFLyG¶HVWHH[HUFLFLVHUjGHDSXQWVLV¶KDX
UDQG¶DFRQVHJXLUXQPtQLPGHSXQWVSHUDVXSHUDUO¶H[HUFLFL
7HUFHUH[HUFLFL6XSzVLWSUjFWLF
&RQVLVWLUj HQ OD UHDOLW]DFLy G¶XQ VXSzVLW SUjFWLF UHODFLRQDW DPE
O¶DQQH[,,PDWqULHVHVSHFtILTXHVGHOSURJUDPDGHODFRQYRFDWzULDOD
GXUDFLy Pj[LPD GH OD TXDO VHUj G¶XQD KRUD L WUHQWD PLQXWV /D TXD
OLILFDFLy G¶HVWH H[HUFLFL VHUj GH D SXQWV L V¶KD G¶DFRQVHJXLU XQ
PtQLPGHSXQWVSHUDVXSHUDUO¶H[HUFLFL
([HUFLFLREOLJDWRULVLQRHOLPLQDWRULV4XDUWH[HUFLFL
&RQVLVWLUjHQODUHDOLW]DFLyGHGRVSURYHV
&RQHL[HPHQWRUDOGHOYDOHQFLjPLWMDQoDQWOHFWXUDG¶XQWH[WWULDW
SHOWULEXQDOLFRQYHUVDFLyVREUHHOPDWHL[
&RQHL[HPHQW HVFULW GHO YDOHQFLj PLWMDQoDQW XQD WUDGXFFLy GHO
YDOHQFLjDOFDVWHOOjLGHOFDVWHOOjDOYDOHQFLjG¶XQWH[WWULDWSHOWULEXQDO
GXUDQWXQWHPSVPj[LPGHPLQXWV
/DTXDOLILFDFLyJOREDOG¶HVWHH[HUFLFLVHUjGHDSXQWV
)DVHGHFRQFXUV
)LQDOLW]DWV HOV H[HUFLFLV GH OD IDVH G¶RSRVLFLy HV SURFHGLUj D UHD
OLW]DUHOFRQFXUVHQWUHOHVSHUVRQHVDVSLUDQWVTXHKDJXHUHQVXSHUDWHOV
H[HUFLFLVGHODIDVHDQWHULRUG¶DFRUGDPEHOEDUHPVHJHQW
([SHULqQFLDSURIHVVLRQDOILQVDXQPj[LPGHSXQWV
3HU KDYHU SUHVWDW VHUYLFLV HQ O¶DGPLQLVWUDFLy ORFDO HQ SODoD
LJXDODTXqHVFRQYRFDSHUFDGDDQ\FRPSOHWSXQW
3HUKDYHUSUHVWDWVHUYLFLVHQO¶DGPLQLVWUDFLyORFDOHQO¶HVFDOD
G¶DGPLQLVWUDFLyHVSHFLDOVXEHVFDODGHVHUYLFLVHVSHFLDOVFODVVHSHUVR
QDOG¶RILFLVSHUFDGDDQ\FRPSOHWSXQWV
3HUKDYHUSUHVWDWVHUYLFLVHQDOWUHVDGPLQLVWUDFLRQVS~EOLTXHV
HQSODoDLJXDODTXqHVFRQYRFDSHUFDGDDQ\FRPSOHWSXQWV
DOV
DOHV
Núm
5509 / 10.05.2007
&ODVVLILFDFLyGHOHVWDVTXHVGHOD%ULJDGDGH6HUYLFLV*HQHUDOV
HQDFWHVS~EOLFV
(O PDQWHQLPHQW GH EpQV G¶XWLOLWDW S~EOLFD WDQTXHV SDSHUHUHV
EDQFVHWF
(OVWUHEDOOVGHPDQWHQLPHQWGHOPRELOLDULXUEjLHGLILFLVPXQLFL
SDOVVROGDGXUDPDQ\HULDHWF
/OHLGH6HJXUHWDW9LjULD&RPSHWqQFLHVPXQLFLSDOV
6HQ\DOLW]DFLyYHUWLFDO1RUPHVJHQHUDOV
6HQ\DOLW]DFLyKRULW]RQWDO1RUPHVJHQHUDOV
6HQ\DOLW]DFLy SURYLVLRQDO SHU DFWHV S~EOLFV REUHV VHUYLFLV
PXQLFLSDOVHWF
(OEDOLVDPHQW
*UXSV GH PDUTXHV YLDOV ORQJLWXGLQDO GLVFRQWtQXD FRQWtQXD
FRQWtQXDDGRVVDGHVWUDQVYHUVDOVIOHW[DLQVFULSFLRQVDOWUHVPDUTXHV
(VWDFLRQDPHQWVHQOtQLDVHQVHGHOLPLWDFLyGHSODFHVDPEGHOL
PLWDFLyGHSODFHVHQEDWHULDUHFWDHQEDWHULDREOLTXD
&RQGLFLRQV GH VDOXW L VHJXUHWDW L KLJLHQH HQ HO WUHEDOO ÒV GH
JXDQWVPjVFDUHVLDOWUHVHOHPHQWVGHSUHYHQFLy
18769
&ODVLILFDFLyQGHODVWDUHDVGHODEULJDGDGH6HUYLFLRV*HQHUDOHV
HQDFWRVS~EOLFRV
(OPDQWHQLPLHQWRGHELHQHVGHXWLOLGDGS~EOLFDYDOODVSDSHOH
UDVEDQFRVHWF
/RVWUDEDMRVGHPDQWHQLPLHQWRGHOPRELOLDULRXUEDQR\HGLILFLRV
PXQLFLSDOHVVROGDGXUDFHUUDMHUtDHWF
/H\GH6HJXULGDG9LDO&RPSHWHQFLDVPXQLFLSDOHV
6HxDOL]DFLyQYHUWLFDO1RUPDVJHQHUDOHV
6HxDOL]DFLyQKRUL]RQWDO1RUPDVJHQHUDOHV
6HxDOL]DFLyQ SURYLVLRQDO SRU DFWRV S~EOLFRV REUDV VHUYLFLRV
PXQLFLSDOHVHWF
(OEDOL]DPLHQWR
*UXSRV GH PDUFDV YLDOHV ORQJLWXGLQDO GLVFRQWLQXD FRQWLQXD
FRQWLQXDDGRVDGDVWUDQVYHUVDOHVIOHFKDLQVFULSFLRQHVRWUDVPDUFDV
(VWDFLRQDPLHQWRVHQOtQHDVLQGHOLPLWDFLyQGHSOD]DVFRQGHOL
PLWDFLyQGHSOD]DVHQEDWHUtDUHFWDHQEDWHUtDREOLFXD
&RQGLFLRQHVGHVDOXG\VHJXULGDGHKLJLHQHHQHOWUDEDMR8VR
GHJXDQWHVPDVFDULOODV\RWURVHOHPHQWRVGHSUHYHQFLyQ
0LVODWDGHPDU]RGH±(ODOFDOGH0DQXHO&RUUHGHUD6DQF
0LVODWDGHPDUoGH±/¶DOFDOGH0DQXHO&RUUHGHUD6DQF
KLV
KLV
Núm
5509 / 10.05.2007
$MXQWDPHQWGH9LODUHDO
18770
$\XQWDPLHQWRGH9LODUHDO
([WUDFWH GH OD FRQYRFDWzULD SHU D SURYHLU GXHV SODFHV
G¶RILFLDOGHODSROLFLDORFDOYDFDQWVHQODSODQWLOODGHIXQ
FLRQDULV>@
([WUDFWR GH OD FRQYRFDWRULD SDUD SURYHHU GRV SOD]DV GH
RILFLDOGHODSROLFtDORFDOYDFDQWHVHQODSODQWLOODGHIXQ
FLRQDULRV>@
(QHO%XWOOHWt2ILFLDOGHOD3URYtQFLDGH&DVWHOOyQ~PHURFRU
UHVSRQHQWDOGLDGHPDUoGHHVSXEOLTXHQtQWHJUDPHQWOHVEDVHV
SHUDODSURYLVLyHQSURSLHWDWGHOHVSODFHVVHJHQWVYDFDQWVHQODSODQ
WLOODGHIXQFLRQDULVG¶HVWHDMXQWDPHQW
(O WHUPLQL GH SUHVHQWDFLy G¶LQVWjQFLHV VHUj GH GLHV QDWXUDOV
FRPSWDGRUV GHV GH O¶HQGHPj GH OD SXEOLFDFLy GHO SUHVHQW H[WUDFWH HQ
HO%ROHWtQ2ILFLDOGHO(VWDGRLHVIDVDEHUTXHHOVDQXQFLVVXFFHVVLXV
UHIHUHQWVDODSUHVHQWFRQYRFDWzULDHVSXEOLFDUDQHQHO%XWOOHWt2ILFLDO
GHOD3URYtQFLDGH&DVWHOOyLDOWDXOHUG¶HGLFWHVGHO¶$MXQWDPHQW
(QHO%ROHWtQ2ILFLDOGHOD3URYLQFLDGH&DVWHOOyQQ~PHURFRU
UHVSRQGLHQWHDOGtDGHPDU]RGHVHSXEOLFDQtQWHJUDPHQWHODV
EDVHVSDUDODSURYLVLyQHQSURSLHGDGGHODVVLJXLHQWHVSOD]DVYDFDQWHV
HQODSODQWLOODGHIXQFLRQDULRVGHHVWHD\XQWDPLHQWR
*UXSRVHJ~QDUWtFXORGHOD/H\\DUWtFXORGHOD/H\
GHOD*HQHUDOLWDWYDOHQFLDQD&&ODVLILFDFLyQHVFDODGHDGPL
QLVWUDFLyQ HVSHFLDO VXEHVFDOD GH VHUYLFLRV HVSHFLDOHV FODVH SROLFtD
ORFDO1~PHURGHSOD]DV'HQRPLQDFLyQRILFLDO6LVWHPDGHVHOHF
FLyQWXUQRSURPRFLyQLQWHUQDPHGLDQWHHOVLVWHPDGHFRQFXUVRRSR
VLFLyQ
(O SOD]R GH SUHVHQWDFLyQ GH LQVWDQFLDV VHUi GH GtDV QDWXUD
OHV FRQWDGRV D SDUWLU GHO GtD VLJXLHQWH GH OD SXEOLFDFLyQ GHO SUHVHQWH
H[WUDFWRHQHO%ROHWtQ2ILFLDOGHO(VWDGRVLJQLILFDQGRTXHORVVXFHVL
YRVDQXQFLRVUHIHUHQWHVDODSUHVHQWHFRQYRFDWRULDVHSXEOLFDUiQHQHO
%ROHWtQ2ILFLDOGHOD3URYLQFLDGH&DVWHOOyQ\HQHOWDEOyQGHHGLFWRV
GHO$\XQWDPLHQWR
9LODUHDO GH PDUo GH ± /¶DOFDOGH 0DQXHO 9LOODQXHYD
*RWHUULV
9LODUHDO GH PDU]R GH ± (O DOFDOGH 0DQXHO 9LOODQXHYD
*RWHUULV
*UXSVHJRQVO¶DUWLFOHGHOD/OHLLO¶DUWLFOHGHOD/OHL
GHOD*HQHUDOLWDWYDOHQFLDQD&&ODVVLILFDFLyHVFDODG¶DGPL
QLVWUDFLyHVSHFLDOVXEHVFDODGHVHUYHLVHVSHFLDOVFODVVHSROLFLDORFDO
1RPEUHGHSODFHV'HQRPLQDFLyRILFLDO6LVWHPDGHVHOHFFLyWRUQ
GHSURPRFLyLQWHUQDPLWMDQoDQWHOVLVWHPDGHFRQFXUVRSRVLFLy
Núm
5509 / 10.05.2007
18771
8QLYHUVLWDW-DXPH,
8QLYHUVLWDW-DXPH,
5(62/8&,Ï GH GH PDLJ GH GHO UHFWRUDW GH OD
8QLYHUVLWDW-DXPH,GH&DVWHOOySHUODTXDOHVSXEOLTXHQ
OD OOLVWD GHILQLWLYD G¶DGPHVRV OD GDWD GH UHDOLW]DFLy GH
O¶H[HUFLFL L OD FRPSRVLFLy GHO WULEXQDO GH VHOHFFLy GH OHV
SURYHV VHOHFWLYHV SHU D O¶DFFpV D O¶HVFDOD WqFQLFD EjVLFD
GH ODERUDWRULV JUXS & VHFWRU DGPLQLVWUDFLy HVSHFLDO HQ
DSOLFDFLy GH OD GLVSRVLFLy DGGLFLRQDO TXDUWD GHO 'HFUHW
GHGHPDUo>@
5(62/8&,Ï1GHGHPD\RGHGHOUHFWRUDGRGHOD
8QLYHUVLWDW-DXPH,GH&DVWHOOyQSRUODFXDOVHSXEOLFDQ
ODOLVWDGHILQLWLYDGHDGPLWLGRVODIHFKDGHUHDOL]DFLyQGHO
HMHUFLFLRLODFRPSRVLFLyQGHOWULEXQDOGHVHOHFFLyQGHODV
SUXHEDVVHOHFWLYDVSDUDHODFFHVRDODHVFDODWpFQLFDEiVL
FD GH ODERUDWRULRV JUXSR & VHFWRU DGPLQLVWUDFLyQ HVSH
FLDO HQ DSOLFDFLyQ GH OD GLVSRVLFLyQ DGLFLRQDO FXDUWD GHO
'HFUHWRGHGHPDU]R>@
6HJRQVHOTXHGLVSRVDHO'HFUHWGHGHPDUoGHO*RYHUQ
9DOHQFLjSHOTXDOV¶DSURYDHO5HJODPHQWGHVHOHFFLySURYLVLyGHOORFV
GHWUHEDOOLFDUUHUDDGPLQLVWUDWLYDGHOSHUVRQDOLQFOzVHQO¶jPELWG¶DSOL
FDFLyGHOD/OHLGHIXQFLyS~EOLFDYDOHQFLDQDLODEDVHGHOD5HVR
OXFLy GH GH IHEUHU GH '2&9 Q~P GH GH PDUo GH
SHUODTXDOHVFRQYRFDSURFpVHVSHFtILFGHSURPRFLyLQWHUQDSHU
DDFFHGLUDO¶HVFDODWqFQLFDEjVLFDGHODERUDWRULVJUXS&VHFWRUDGPL
QLVWUDFLyHVSHFLDOUHVROF
6HJ~QORTXHGLVSRQHHO'HFUHWRGHGHPDU]RGHO*REL
HUQR 9DOHQFLDQR SRU HO FXDO VH DSUXHED HO 5HJODPHQWR GH VHOHFFLyQ
SURYLVLyQ GH SXHVWRV GH WUDEDMR \ FDUUHUD DGPLQLVWUDWLYD GHO SHUVRQDO
LQFOXLGRHQHOiPELWRGHDSOLFDFLyQGHOD/H\GHIXQFLyQS~EOLFDYDOHQ
FLDQD\ODEDVHGHOD5HVROXFLyQGHGHIHEUHURGH'2&9
Q~P GH GH PDU]R GH SRU OD FXDO VH FRQYRFD SURFHVR
HVSHFtILFRGHSURPRFLyQLQWHUQDSDUDDFFHGHUDODHVFDODWpFQLFDEiVLFD
GHODERUDWRULRVJUXSR&VHFWRUDGPLQLVWUDFLyQHVSHFLDOUHVXHOYR
3ULPHU
3XEOLFDU OD OOLVWD GHILQLWLYD G¶DGPHVRV TXH ILJXUD HQ O¶DQQH[ ,
G¶DTXHVWD UHVROXFLy FRQYRFDU O¶DVSLUDQW DGPqV D OD UHDOLW]DFLy GH
O¶H[HUFLFLLIHUS~EOLFDODFRPSRVLFLyGHOWULEXQDOGHVHOHFFLyVHJRQV
V¶LQGLFDHQHOVDQQH[RV,,L,,,UHVSHFWLYDPHQW
3ULPHUR
3XEOLFDU OD OLVWD GHILQLWLYD GH DGPLWLGRV TXH ILJXUD HQ HO DQH[R
, GH HVWD UHVROXFLyQ FRQYRFDU DO DVSLUDQWH DGPLWLGR D OD UHDOL]DFLyQ
GHOHMHUFLFLR\KDFHUS~EOLFDODFRPSRVLFLyQGHOWULEXQDOGHVHOHFFLyQ
VHJ~QVHLQGLFDHQHODQH[R,,\,,,UHVSHFWLYDPHQWH
6HJRQ
&RQWUDDTXHVWDUHVROXFLyOHVSHUVRQHVLQWHUHVVDGHVSRGUDQLQWHUSR
VDUUHFXUVFRQWHQFLyVDGPLQLVWUDWLXGDYDQWOD6DOD&RQWHQFLRVD$GPL
QLVWUDWLYDGHO7ULEXQDO6XSHULRUGH-XVWtFLDGHOD&RPXQLWDW9DOHQFLD
QDHQHOWHUPLQLGHGRVPHVRVFRPSWDGRUVDSDUWLUGHO¶HQGHPjGHOD
SXEOLFDFLyDO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
6HJXQGR
&RQWUDHVWDUHVROXFLyQODVSHUVRQDVLQWHUHVDGDVSRGUiQLQWHUSRQHU
UHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRDQWHOD6DOD&RQWHQFLRVR$GPLQLV
WUDWLYDGHO7ULEXQDO6XSHULRUGH-XVWLFLDGHOD&RPXQLGDG9DOHQFLDQD
HQ HO SOD]R GH GRV PHVHV FRQWDGRV D SDUWLU GHO GtD VLJXLHQWH DO GH OD
SXEOLFDFLyQHQHO'LDUL2ILFLDOGHOD&RPXQLGDG9DOHQFLDQD
&DVWHOOy GH OD 3ODQD GH PDLJ GH ± (O UHFWRU )UDQFLVFR
7ROHGR/RER
&DVWHOOy GH OD 3ODQD GH PD\R GH ± (O UHFWRU )UDQFLVFR
7ROHGR/RER
$11(;,
$1(;2,
/OLVWDGHILQLWLYDG¶DGPHVRV
/LVWDGHILQLWLYDGHDGPLWLGRV
'1, *
&RJQRPVLQRP
*21=$/(=,%$f(=9,&725
'1, *
$11(;,,
$SHOOLGRV\QRPEUH
*21=$/(=,%$f(=9,&725
$1(;2,,
'DWDGHUHDOLW]DFLyGHO¶H[HUFLFLGLDGHMXQ\GHDOHVK
)HFKDGHUHDOL]DFLyQGHOHMHUFLFLRGtDGHMXQLRGHDODV
K
/ORF 6DOD GH UHXQLRQV 5565 GH O¶HGLILFL GH 5HFWRUDW L 6HU
YHLV&HQWUDOVGHOD8QLYHUVLWDW-DXPH,
/XJDU 6DOD GH UHXQLRQHV 5565 GHO HGLILFLR GH 5HFWRUDGR \
6HUYLFLRV&HQWUDOHVGHOD8QLYHUVLWDW-DXPH,
$11(;,,,
$1(;2,,,
7ULEXQDOGHVHOHFFLy
7ULEXQDOGHVHOHFFLyQ
7LWXODU
3UHVLGHQW &(59(5$ 0$7(8 9,&(17( 9LFHUHFWRU G¶,QIUDHV
WUXFWXUDL3$6GHOD8QLYHUVLWDW-DXPH,
9RFDOV58,=$1721-8$1&$5/263URIHVVRU7LWXODUG¶8QL
YHUVLWDW'SWGH7UDGXFFLyL&RPXQLFDFLyGHOD8QLYHUVLWDW-DXPH,
7LWXODU
3UHVLGHQWH9,&(17(&(59(5$0$7(89LFHUUHFWRUGH,QIUDHV
WUXFWXUD\3$6GHOD8QLYHUVLWDW-DXPH,
9RFDOHV -8$1 &$5/26 58,= $17Ï1 3URIHVRU 7LWXODU GH
8QLYHUVLGDG 'SWR GH 7UDGXFFLyQ \ &RPXQLFDFLyQ GH OD 8QLYHUVLWDW
-DXPH,
0$5,$ $03$52 $/&,1$ &$8'(7 3URIHVRUD 7LWXODU GH
8QLYHUVLGDG 'SWR GH 7UDGXFFLyQ \ &RPXQLFDFLyQ GH OD 8QLYHUVLWDW
-DXPH,
$/&,1$&$8'(70$5,$$03$523URIHVVRUD7LWXODUG¶8QL
YHUVLWDW'SWGH7UDGXFFLyL&RPXQLFDFLyGHOD8QLYHUVLWDW-DXPH,
Núm
5509 / 10.05.2007
18772
-,0(1(= ,9$56 0$5,$$03$52 3URIHVVRUD 7LWXODU G¶8QL
YHUVLWDW'SWGH7UDGXFFLyL&RPXQLFDFLyGHOD8QLYHUVLWDW-DXPH,
-26e 9,&(17( ,*/(6,$6 257(*$ (Q UHSUHVHQWDFLy GH OD
-XQWDGHSHUVRQDO
6HFUHWDUL0$57,1(=025(12-26(&$5/26&DSGH6HFFLy
GH5HFXUVRV+XPDQVGHOD8QLYHUVLWDW-DXPH,
0$5,$$03$52-,0(1(=,9$563URIHVRUD7LWXODUGH8QLYHU
VLGDG'SWRGH7UDGXFFLyQ\&RPXQLFDFLyQGHOD8QLYHUVLWDW-DXPH,
-26e 9,&(17( ,*/(6,$6 257(*$ (Q UHSUHVHQWDFLyQ GH OD
-XQWDGHSHUVRQDO
6HFUHWDULR-26e&$5/260$57,1(=025(12-HIHGH6HF
FLyQGH5HFXUVRV+XPDQRVGHOD8QLYHUVLWDW-DXPH,
6XSOHQW
3UHVLGHQW 02'(672 )$%5$ 9$//6 9LFHUHFWRU G¶$VVXPSWHV
(FRQzPLFVL6HUYHLVHQ;DU[DGHOD8QLYHUVLWDW-DXPH,
9RFDOV 0$5&2 %25,//2 -26(3 0$18(/ 3URIHVVRU 7LWX
ODU G¶8QLYHUVLWDW 'SW GH 7UDGXFFLy L &RPXQLFDFLy GH OD 8QLYHUVLWDW
-DXPH,
%25-$$/%,$1$%(/3URIHVVRUD7LWXODUG¶8QLYHUVLWDW'SWGH
7UDGXFFLyL&RPXQLFDFLyGHOD8QLYHUVLWDW-DXPH,
&$/=$'$ 3(5(= 0$5,$ 3URIHVVRUD 7LWXODU G¶8QLYHUVLWDW
'SWGH7UDGXFFLyL&RPXQLFDFLyGHOD8QLYHUVLWDW-DXPH,
%(*21<$ +(55(52 6$/(6 (Q UHSUHVHQWDFLy GH OD -XQWD GH
SHUVRQDO
6HFUHWDUL 6$/(6 3$6&8$/ 9,&(17( 0,*8(/ &DS GHO 6HU
YHLGH5HFXUVRV+XPDQV
6XSOHQWH
3UHVLGHQWH 02'(672 )$%5$ 9$//6 9LFHUUHFWRU GH$VXQWRV
(FRQyPLFRV\6HUYLFLRVHQ5HGGHOD8QLYHUVLWDW-DXPH,
9RFDOHV0$5&2%25,//2-26(30$18(/3URIHVRU7LWXODU
GH8QLYHUVLGDG'SWRGH7UDGXFFLyQ\&RPXQLFDFLyQGHOD8QLYHUVL
WDW-DXPH,
$1$%(/%25-$$/%,3URIHVRUD 7LWXODU 8QLYHUVLGDG 'SWR GH
7UDGXFFLyQ\&RPXQLFDFLyQGHOD8QLYHUVLWDW-DXPH,
0$5,$&$/=$'$3(5(=3URIHVRUD7LWXODU8QLYHUVLGDG'SWR
GH7UDGXFFLyQ\&RPXQLFDFLyQGHOD8QLYHUVLWDW-DXPH,
%(*21<$+(55(526$/(6(QUHSUHVHQWDFLyQGHOD-XQWDGH
SHUVRQDO
6HFUHWDULR9,&(17(0,*8(/6$/(63$6&8$/-HIHGHO6HU
YLFLRGH5HFXUVRV+XPDQRV
Núm
5509 / 10.05.2007
&RQVHOO-XUtGLF&RQVXOWLXGHOD&RPXQLWDW9DOHQFLDQD
18773
&RQVHOO-XUtGLF&RQVXOWLXGHOD&RPXQLWDW9DOHQFLDQD
5(62/8&,ÏGHG¶DEULOGHGHO3UHVLGHQWGHO&RQ
VHOO -XUtGLF &RQVXOWLX GH OD &RPXQLWDW 9DOHQFLDQD SHU OD
TXDO HV FRQYRTXHQ SHU D OD VHXD SURYLVLy SHO VLVWHPD GH
/OLXUH'HVLJQDFLyGRVOORFVGHWUHEDOOGHQDWXUDOHVDIXQFL
RQDULDO>@
5(62/8&,Ï1GHGHDEULOGHGHO3UHVLGHQWHGHO
&RQVHOO-XUtGLF&RQVXOWLXGHOD&RPXQLWDW9DOHQFLDQDSRU
OD TXH VH FRQYRFDQ SDUD VX SURYLVLyQ SRU HO VLVWHPD GH
/LEUH 'HVLJQDFLyQ GRV SXHVWRV GH WUDEDMR GH QDWXUDOH]D
IXQFLRQDULDO>@
'HFRQIRUPLWDWDPEHOTXHGLVSRVHQHOVDUWLFOHVLGHOD/OHLGH
OD*HQHUDOLWDW9DOHQFLDQDGHGHGHVHPEUHGHFUHDFLyGHO
&RQVHOO-XUtGLF&RQVXOWLXGHOD&RPXQLWDW9DOHQFLDQDLDLGHO
VHX5HJODPHQWRUJjQLFYLVWO¶H[LVWqQFLDGHGRVOORFGHWUHEDOOYDFDQWV
GHO JUXS$ VHFWRU DGPLQLVWUDFLy JHQHUDO OD SURYLVLy GHOV TXDOV V¶KD
G¶HIHFWXDUSHOVLVWHPDGH/OLXUH'HVLJQDFLyG¶DFRUGDPEHOTXHGLVSR
VDOD/OHLGHOD)XQFLy3~EOLFD9DOHQFLDQDLHO'HFUHWGHGH
PDUo SHO TXDO V¶DSURYD HO 5HJODPHQW GH 6HOHFFLy 3URYLVLy GH /ORFV
GH 7UHEDOO L &DUUHUD$GPLQLVWUDWLYD GHO 3HUVRQDO FRPSUpV HQ O¶jPELW
G¶DSOLFDFLyGHOD/OHLGHOD)XQFLy3~EOLFD9DOHQFLDQDUHVROF
'HFRQIRUPLGDGFRQORGLVSXHVWRHQORVDUWtFXORV\GHOD/H\
GHOD*HQHUDOLWDW9DOHQFLDQDGHGHGLFLHPEUHGHFUHDFLyQ
GHO &RQVHOO -XUtGLF &RQVXOWLX GH OD &RPXQLWDW9DOHQFLDQD \ D \
GH VX 5HJODPHQWR RUJiQLFR YLVWR OD H[LVWHQFLD GH GRV SXHVWR GH
WUDEDMRYDFDQWHVGHOJUXSR$VHFWRUDGPLQLVWUDFLyQJHQHUDOFX\DSUR
YLVLyQVHKDGHHIHFWXDUSRUHOVLVWHPDGH/LEUH'HVLJQDFLyQGHDFX
HUGRFRQORTXHGLVSRQHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD\HO
'HFUHWRGHGHPDU]RSRUHOTXHVHDSUXHEDHO5HJODPHQWR
GH6HOHFFLyQ3URYLVLyQGH3XHVWRVGH7UDEDMR\&DUUHUD$GPLQLVWUDWL
YDGHO3HUVRQDOFRPSUHQGLGRHQHOiPELWRGHDSOLFDFLyQGHOD/H\GH
OD)XQFLyQ3~EOLFD9DOHQFLDQDUHVXHOYR
3ULPHU
&RQYRFDUSHUDODVHXDSURYLVLyHOVOORFVGHWUHEDOOTXHV¶LQGLTXHQ
HQODEDVHWHUFHUDG¶HVWDUHVROXFLyG¶DFRUGDPEOHVEDVHVVHJHQWV
3ULPHUR
&RQYRFDUSDUDVXSURYLVLyQORVSXHVWRVGHWUDEDMRTXHVHUHODFL
RQDQHQODEDVHWHUFHUDGHHVWDUHVROXFLyQGHDFXHUGRFRQODVVLJXLHQ
WHVEDVHV
3ULPHUD3DUWLFLSDQWV
3RGUDQ SDUWLFLSDU HQ HVWD FRQYRFDWzULD HOV IXQFLRQDULV GH FDUUHUD
GH O¶DGPLQLVWUDFLy GH OD *HQHUDOLWDW 9DOHQFLDQD R GH OHV FRUSRUDFL
RQVORFDOVGHOD&RPXQLWDWVHOHFFLRQDWVSHOVLVWHPDSUHYLVWSHUO¶DUWL
FOH GHO7H[W 5HIyV GH OD /OHL GH )XQFLy 3~EOLFD9DOHQFLDQD GHO
PDWHL[JUXSLVHFWRUGHOOORFTXHHVFRQYRFDTXHUHXQLVTXHQHOVUHTXL
VLWVLFRQGLFLRQVGHOVLVWHPDPHQFLRQDWG¶DFRUGDPEODVHXDUHVSHFWLYD
FODVVLILFDFLy
3ULPHUD3DUWLFLSDQWHV
3RGUiQSDUWLFLSDUHQHVWDFRQYRFDWRULDORVIXQFLRQDULRVGHFDUUHUD
GHODDGPLQLVWUDFLyQGHOD*HQHUDOLWDW9DOHQFLDQDRGHODV&RUSRUDFL
RQHV /RFDOHV GH OD &RPXQLGDW VHOHFFLRQDGRV SRU HO VLVWHPD SUHYLVWR
SRUHODUWtFXORGHO7H[WR5HIXQGLGRGHOD/H\GH)XQFLyQ3~EOLFD
9DOHQFLDQDGHOPLVPRJUXSR\VHFWRUGHOSXHVWRTXHVHFRQYRFDTXH
UH~QDQ ORV UHTXLVLWRV \ FRQGLFLRQHV GH GLFKR VLVWHPD GH DFXHUGR FRQ
VXUHVSHFWLYDFODVLILFDFLyQ
6HJRQD3UHVHQWDFLyGHVROÂOLFLWXGV
/HV VROÂOLFLWXGV DGDSWDGHV DO PRGHO TXH HV SXEOLFD HQ O¶DQQH[ ,
KDXUDQGHSUHVHQWDUVHHQHOWHUPLQLPj[LPGHGLHVKjELOVFRPSWD
GRUVGHVGHO¶HQGHPjGHODSXEOLFDFLyG¶HVWDFRQYRFDWzULDHQHO'2&9
/DSUHVHQWDFLySRGUjIHUVHHQHO5HJLVWUH*HQHUDOGHO&RQVHOO-XUtGLF
&RQVXOWLXRHQOHVRILFLQHVS~EOLTXHVDTXqIDUHIHUqQFLDO¶DUWLFOH
GHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPL
QLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
6HJXQGD3UHVHQWDFLyQGHVROLFLWXGHV
/DVVROLFLWXGHVDGDSWDGDVDOPRGHORTXHVHSXEOLFDHQHODQH[R,
GHEHUiQSUHVHQWDUVHHQHOSOD]RPi[LPRGHGtDVKiELOHVFRQWDGRV
GHVGHHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQGHHVWDFRQYRFDWRULDHQHO
'2&9/DSUHVHQWDFLyQSRGUiKDFHUVHHQHO5HJLVWUR*HQHUDOGHO&RQ
VHOO-XULGLF&RQVXOWLXRHQODVRILFLQDVS~EOLFDVDTXHKDFHUHIHUHQFLD
HODUWtFXORGHOD/H\GHGHQRYLHPEUHGH5pJLPHQ
-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPL
QLVWUDWLYR&RP~Q
$ODVROLFLWXGVHDGMXQWDUiIRWRFRSLDGHO'1,GHOVROLFLWDQWHFXUUL
FXOXPYLWDH\GRFXPHQWDFLyQMXVWLILFDWLYDGHORVPpULWRVDOHJDGRV
$ OD VROÂOLFLWXG V¶DGMXQWDUj XQD IRWRFzSLD GHO '1, GH OD SHUVR
QD VROÂOLFLWDQW FXUUtFXOXP L GRFXPHQWDFLy MXVWLILFDWLYD GHOV PqULWV
DOÂOHJDWV
7HUFHUD/ORFVTXHV¶KDQGHSURYHLU
/ORF GH WUHEDOO Q~PHUR &DS GH 6HUYLFL GH &RRUGLQDFLy L
'RFXPHQWDFLy
1DWXUDOHVD)XQFLRQDULDO
)XQFLRQV3URJUDPDUGLULJLUVXSHUYLVDULUHWUHFRPSWHVGHOVUHVXO
WDWV UHVSHFWH GH OD FRRUGLQDFLy DGPLQLVWUDWLYD UHJLVWUH FRQWUDFWDFLy
HODERUDFLyGRFWULQDOHJDOWUjPLWG¶H[SHGLHQWVGRFXPHQWDFLyELEOLRWH
FDLQIRUPjWLFD
6HFWRU*HQHUDO
5HTXLVLWV*UXS$/OLFHQFLDWHQ'UHW
&RPSOHPHQWGHGHVWLQDFLyQLYHOO
&RPSOHPHQWHVSHFtILF(
)RUPDGHSURYLVLy/OLXUHGHVLJQDFLy
/ORFGH7UHEDOOQ~PHUR&DSGH6HUYLFLG¶$VVXPSWHV*HQH
UDOV*HVWLy(FRQzPLFDL3HUVRQDO
1DWXUDOHVDIXQFLRQDULDO
)XQFLRQVSURJUDPDUGLULJLUVXSHUYLVDULUHWUHFRPSWHVGHOVUHVXO
WDWV UHVSHFWH GH OD JHVWLy HFRQzPLFD SUHVVXSRVWjULD ILQDQFHUD L SDWUL
PRQLDOJHVWLyGHSHUVRQDODVVXPSWHVJHQHUDOV
6HFWRUJHQHUDO
5HTXLVLWVJUXS$/OLFHQFLDWHQ'UHW
7HUFHUD3XHVWRVTXHVHKDQGHSURYHHU
3XHVWRGHWUDEDMRQ~PHUR-HIHGH6HUYLFLRGH&RRUGLQDFLyQ\
'RFXPHQWDFLyQ
1DWXUDOH]D)XQFLRQDULDO
)XQFLRQHV 3URJUDPDU GLULJLU VXSHUYLVDU \ UHQGLU FXHQWDV GH ORV
UHVXOWDGRVUHVSHFWRGHODFRRUGLQDFLyQDGPLQLVWUDWLYDUHJLVWURFRQWUD
WDFLyQHODERUDFLyQGRFWULQDOHJDOWUiPLWHGHH[SHGLHQWHVGRFXPHQWD
FLyQELEOLRWHFDLQIRUPiWLFD
6HFWRU*HQHUDO
5HTXLVLWRV*UXSR$/LFHQFLDGRHQ'HUHFKR
&RPSOHPHQWRGHGHVWLQRQLYHO
&RPSOHPHQWRHVSHFtILFR(
)RUPDGHSURYLVLyQ/LEUHGHVLJQDFLyQ
3XHVWR GH 7UDEDMR Q~PHUR -HIH GH 6HUYLFLR GH $VXQWRV
*HQHUDOHV*HVWLyQ(FRQyPLFD\3HUVRQDO
1DWXUDOH]DIXQFLRQDULDO
)XQFLRQHV SURJUDPDU GLULJLU VXSHUYLVDU \ UHQGLU FXHQWD GH ORV
UHVXOWDGRVUHVSHFWRGHODJHVWLyQHFRQyPLFDSUHVXSXHVWDULDILQDQFLHUD
\SDWULPRQLDOJHVWLyQGHSHUVRQDODVXQWRVJHQHUDOHV
6HFWRUJHQHUDO
5HTXLVLWRVJUXSR$/LFHQFLDGRHQ'HUHFKR
Núm
5509 / 10.05.2007
&RPSOHPHQWGHGHVWLQDFLyQLYHOO
&RPSOHPHQWHVSHFtILF(
)RUPDGHSURYLVLyOOLXUHGHVLJQDFLy
18774
&RPSOHPHQWRGHGHVWLQRQLYHO
&RPSOHPHQWRHVSHFtILFR(
)RUPDGHSURYLVLyQOLEUHGHVLJQDFLyQ
4XDUWD&RPLVVLyGH9DORUDFLy
/D &RPLVVLy GH9DORUDFLy GH OD SUHVHQW FRQYRFDWzULD HVWDUj LQWH
JUDGDSHU
±7LWXODUV
± 3UHVLGHQW HO 6U )HGHULFR )HUQiQGH] 5ROGiQ 6HFUHWDUL JHQHUDO
GHO&RQVHOO-XUtGLFGHOD&RPXQLWDW9DOHQFLDQD
±9RFDOV
±OD6UD'RORUHV*LQHU'XUiQ/OHWUDGDGHO&RQVHOO-XUtGLF&RQ
VXOWLXGHOD&RPXQLWDW9DOHQFLDQD
±HO6U)HUQDQGR&DUUHUDV%DODJXHU&DSGH6HUYLFLG¶$XWRULW]DFLy
L6HJXLPHQWGH&HQWUHVFRQVHOOHULDGH%HQHVWDU6RFLDO
±HO6U5DIDHO*DUFtDGHOD5LYD6LQGLFDW)638*739
±9RFDOVHFUHWDULDPEYHXLYRW
±OD6UD3DWULFLD%RL[0Dxy/OHWUDGDGHO&RQVHOO-XUtGLF&RQVXO
WLXGHOD&RPXQLWDW9DOHQFLDQD
&XDUWD&RPLVLyQGH9DORUDFLyQ
/D&RPLVLyQGH9DORUDFLyQGHODSUHVHQWHFRQYRFDWRULDHVWDUiLQWH
JUDGDSRU
7LWXODUHV
3UHVLGHQWH')HGHULFR)HUQiQGH]5ROGiQVHFUHWDULRJHQHUDO&RQ
VHOO-XUtGLFGHOD&RPXQLWDW9DOHQFLDQD
±9RFDOHV
'xD 'RORUHV *LQHU 'XUiQ /HWUDGR GHO &RQVHOO -XUtGLF &RQVXOWLX
GHOD&RPXQLWDW9DOHQFLDQD
'RQ)HUQDQGR&DUUHUDV%DODJXHU-HIHGH6HUYLFLRGH$XWRUL]DFLyQ
\6HJXLPLHQWRGH&HQWURVFRQVHOOHULDGH%LHQHVWDU6RFLDO
'RQ5DIDHO*DUFtDGHOD5LYD6LQGLFDWR)638*739
±9RFDOVHFUHWDULRFRQYR]\YRWR
'xD3DWULFLD%RL[0Dxy/HWUDGRGHO&RQVHOO-XUtGLF&RQVXOWLXGH
OD&RPXQLWDW9DOHQFLDQD
6XSOHQWV
±3UHVLGHQWHOVHQ\RU-RUJH0XxR]*LOGLUHFWRUJHQHUDOGHO¶$G
YRFDFLD*HQHUDOGHOD*HQHUDOLWDW
±9RFDOV
±HO6U$UWXU )RQWDQD3XLJ/OHWUDWGHO&RQVHOO-XUtGLF&RQVXOWLX
GHOD&RPXQLWDW9DOHQFLDQD
±HO6U)HUUDQ%DUJXHV(VWHOOpV$GYRFDWGHO¶$GYRFDFLD*HQHUDO
GHOD*HQHUDOLWDW
±HO6U*RQ]DOR)HUQiQGH]0DUWtQH]6LQGLFDW)638*739
±9RFDOVHFUHWDULDPEYHXLYRW
± OD 6UD 3DX 0RQ]y %iJXHQD /OHWUDGD GHO &RQVHOO -XUtGLF &RQ
VXOWLXGHOD&RPXQLWDW9DOHQFLDQD
(O IXQFLRQDPHQW GH OD &RPLVVLy GH 9DORUDFLy V¶DGDSWDUj DO TXH
HVWDEOL[OD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV
$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~SHU
DOVzUJDQVFROÂOHJLDWV
6XSOHQWHV
3UHVLGHQWH'RQ-RUJH0XxR]*LOGLUHFWRUJHQHUDOGHOD$ERJDFtD
*HQHUDOGHOD*HQHUDOLWDW
9RFDOHV
±'RQ$UWXU )RQWDQD 3XLJ /HWUDGR GHO &RQVHOO -XUtGLF &RQVXOWLX
GHOD&RPXQLWDW9DOHQFLDQD
±'RQ)HUUDQ%DUJXHV(VWHOOpV$ERJDGRGHOD$ERJDFtD*HQHUDO
GHOD*HQHUDOLWDW
±'RQ*RQ]iOR)HUQiQGH]0DUWLQH]6LQGLFDWR)638*739
9RFDOVHFUHWDULRFRQYR]\YRWR
±'xD3DX0RQ]y%iJXHQD/HWUDGRGHO&RQVHOO-XUtGLF&RQVXOWLX
GHOD&RPXQLWDW9DOHQFLDQD
(OIXQFLRQDPLHQWRGHOD&RPLVLyQGH9DORUDFLyQVHDGDSWDUiDOR
HVWDEOHFLGRHQOD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGL
FRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWL
YR&RP~QSDUDORVyUJDQRVFROHJLDGRV
4XLQWD$GMXGLFDFLyGHGHVWLQDFLRQV
/D &RPLVVLy GH 9DORUDFLy LPPHGLDWDPHQW DEDQV GH UHGDFWDU OD
SURSRVWDGHUHVROXFLyODSRVDUjGHPDQLIHVWDOHVSHUVRQHVLQWHUHVVD
GHVHQHOWDXOHUG¶DQXQFLVGHO&RQVHOO-XUtGLF&RQVXOWLX
(OV LQWHUHVVDWV SRGUDQ HQ XQ WHUPLQL GH GLHV KjELOV DOÂOHJDU L
MXVWLILFDUHOTXHHVWLPHQSHUWLQHQWGDYDQWGHOD&RPLVVLyGH9DORUDFLy
GHODFRQYRFDWzULD8QDYHJDGDUHGDFWDGDSHUOD&RPLVVLyODSURSRVWD
GHUHVROXFLyDPEOHVDOÂOHJDFLRQVLMXVWLILFDFLRQVSUHVHQWDGHVWDQWOHV
HVWLPDGHV FRP OHV GHVHVWLPDGHV HPHWUj XQ LQIRUPH SUHYL DO FRUUHV
SRQHQW QRPHQDPHQW HQ UHODFLy DOV FDQGLGDWV TXH FRQVLGHUH PpV LGR
QLVWHQLQWHQFRPSWHHOVFULWHULVGHPqULWLFDSDFLWDWGLVFUHFLRQDOPHQW
DGRSWDWVTXqVHUjHOHYDWDOD3UHVLGqQFLDGHO&RQVHOO-XUtGLF(OSUH
VLGHQWDODYLVWDG¶DOOzTXHV¶KDH[SRVDWGLFWDUjODUHVROXFLyTXHSUR
FHGLVFDLQ¶RUGHQDUjODSXEOLFDFLyHQHO'LDUL2ILFLDOGHOD&RPXQLWDW
9DOHQFLDQD
4XLQWD$GMXGLFDFLyQGHGHVWLQRV
/D &RPLVLyQ GH 9DORUDFLyQ LQPHGLDWDPHQWH DQWHV GH UHGDFWDU OD
SURSXHVWDGHUHVROXFLyQODSRQGUiGHPDQLILHVWRDORVLQWHUHVDGRVHQ
HOWDEOyQGHDQXQFLRVGHO&RQVHOO-XULGLF&RQVXOWLX
/RV LQWHUHVDGRV SRGUiQ HQ XQ SOD]R GH GtDV KiELOHV DOHJDU \
MXVWLILFDUORTXHHVWLPHQSHUWLQHQWHDQWHOD&RPLVLyQGH9DORUDFLyQGH
OD FRQYRFDWRULD 8QD YH] UHGDFWDGD SRU OD &RPLVLyQ OD SURSXHVWD GH
UHVROXFLyQFRQODVDOHJDFLRQHV\MXVWLILFDFLRQHVSUHVHQWDGDVWDQWRODV
HVWLPDGDV FRPR GHVHVWLPDGDV HPLWLUi LQIRUPH SUHYLR DO FRUUHVSRQ
GLHQWHQRPEUDPLHQWRHQUHODFLyQDORVFDQGLGDWRVTXHFRQVLGHUHPiV
LGyQHRVWHQLHQGRHQFXHQWDORVFULWHULRVGHPpULWR\FDSDFLGDGGLVFUH
FLRQDOPHQWHDGRSWDGRVTXpVHUiHOHYDGRDOD3UHVLGHQFLDGHO&RQVHOO
-XULGLF(O3UHVLGHQWHDODYLVWDGHORH[SXHVWRGLFWDUiODUHVROXFLyQTXH
SURFHGD\RUGHQDUiVXSXEOLFDFLyQHQHO'LDULR2ILFLDOGHOD&RPXQL
GDG9DOHQFLDQD
6H[WD5HVROXFLyGHODFRQYRFDWzULD
(VWDFRQYRFDWzULDHVUHVROGUjHQXQWHUPLQLQRVXSHULRUDPHVRV
FRPSWDGRUV GHV GH O¶HQGHPj GH OD GDWD GH ILQDOLW]DFLyGHO WHUPLQLGH
SUHVHQWDFLyG¶LQVWjQFLHV
(QODUHVROXFLyG¶HVWDFRQYRFDWzULDV¶LQGLFDUjH[SUHVVDPHQWODGDWD
GHFRPHQoDPHQWGHOVWHUPLQLVSHUDODSUHVDGHSRVVHVVLy
6H[WD5HVROXFLyQGHODFRQYRFDWRULD
(VWDFRQYRFDWRULDVHUHVROYHUiHQXQSOD]RQRVXSHULRUDPHVHV
FRQWDGRVGHVGHHOGtDVLJXLHQWHDODIHFKDGHILQDOL]DFLyQGHOSOD]RGH
SUHVHQWDFLyQGHLQVWDQFLDV
(QODUHVROXFLyQGHHVWDFRQYRFDWRULDVHLQGLFDUiH[SUHVDPHQWHOD
IHFKDGHFRPLHQ]RGHORVSOD]RVSDUDODWRPDGHSRVHVLyQ
6qSWLPD5HFXUVRV
/DSUHVHQWUHVROXFLySRVDILDODYLDDGPLQLVWUDWLYD'¶DFRUGDPE
HOVDUWLFOHVLGHOD/OHLGHGHQRYHPEUHGH5qJLP
-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLV
WUDWLX&RP~DL[tFRPHOVDUWLFOHVLGHOD/OHLGH
GHMXOLROUHJXODGRUDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYDHOV
LQWHUHVVDWVSRGHQLQWHUSRVDUUHFXUVGHUHSRVLFLyDPEFDUjFWHUSRWHVWD
WLXGDYDQWGHO¶zUJDQTXHKDGLFWDWHVWDUHVROXFLyHQHOWHUPLQLG¶XQ
PHV FRPSWDGRU GHV GH O¶HQGHPj GH OD VHXD SXEOLFDFLy$OWHUQDWLYD
6pSWLPD5HFXUVRV
/DSUHVHQWHUHVROXFLyQSRQHILQDODYtDDGPLQLVWUDWLYD&RQDUUH
JORDORVDUWtFXORV\GHOD/H\GHGHQRYLHPEUH
GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGL
PLHQWR$GPLQLVWUDWLYR &RP~Q DVt FRPR D ORV DUWtFXORV \ GHOD/H\GHGHMXOLRUHJXODGRUDGHOD-XULVGLFFLyQ&RQ
WHQFLRVR±$GPLQLVWUDWLYDORVLQWHUHVDGRVSXHGHQLQWHUSRQHUUHFXUVRGH
UHSRVLFLyQFRQFDUiFWHUSRWHVWDWLYRDQWHHOyUJDQRTXHKDGLFWDGRHVWD
UHVROXFLyQ HQ HO SOD]R GH XQ PHV D FRQWDU GHO GtD VLJXLHQWH DO GH VX
Núm
5509 / 10.05.2007
18775
PHQWVLQRHVUHFRUUHHQUHSRVLFLySRWLQWHUSRVDUVHUHFXUVFRQWHQFLyV
DGPLQLVWUDWLXGDYDQWGHO-XWMDWGHO&RQWHQFLyV$GPLQLVWUDWLXGHODFLX
WDWGH9DOqQFLDHQHOWHUPLQLGHGRVPHVRVFRPSWDGRUGHVGHO¶HQGHPj
GHODSXEOLFDFLyGHODSUHVHQWUHVROXFLy
SXEOLFDFLyQ$OWHUQDWLYDPHQWH VL QR VH UHFXUUH HQ UHSRVLFLyQ SXHGH
LQWHUSRQHUVHUHFXUVR&RQWHQFLRVR±$GPLQLVWUDWLYRDQWHHO-X]JDGRGH
OR&RQWHQFLRVR±$GPLQLVWUDWLYRGHODFLXGDGGH9DOHQFLDHQHOSOD]R
GHGRVPHVHVDFRQWDUGHOVLJXLHQWHDOGHODSXEOLFDFLyQGHODSUHVHQWH
UHVROXFLyQ
9DOHQFLDG¶DEULOGH(O6HFUHWDULGHO&RQVHOO-XUtGLF&RQ
VXOWLXGHOD&RPXQLWDW9DOHQFLDQD)HGHULFR)HUQiQGH]5ROGiQ
9DOHQFLD GH DEULO GH (O 6HFUHWDULR GHO &RQVHOO -XUtGLF
&RQVXOWLXGHOD&RPXQLWDW9DOHQFLDQD)HGHULFR)HUQiQGH]5ROGiQ
$11(;,
$1(;2,
0RGHOG¶LQVWjQFLD
0RGHORGHLQVWDQFLD
1~PHURFRQYRFDWzULD1~PHUROORF
2UGHGHSUHIHUqQFLD
1~PFRQYRFDWRULD1~PSXHVWR
2UGHQGHSUHIHUHQFLD
&RJQRPV
1RP'1,153
'RPLFLOLRILFLDO
7HOqIRQRILFLDO)D[PpVSUz[LP
'RPLFLOLSDUWLFXODU
5HODFLySURIHVVLRQDODPEOD*HQHUDOLWDW
1~PHUROORFDFWXDO
5HODFLySURIHVVLRQDODPEDOWUHVDGPLQLVWUDFLRQVS~EOLTXHV
'HVWLQDFLyDFWXDO
&RVHVFDODDTXqSHUWDQ\
$SHOOLGRV
1RPEUH'1,153
'RPLFLOLRRILFLDO
7HOpIRQRRILFLDO)D[PiVSUy[LPR
'RPLFLOLRSDUWLFXODU
5HODFLyQSURIHVLRQDOFRQOD*HQHUDOLWDW
1~PSXHVWRDFWXDO
5HODFLyQSURIHVLRQDOFRQRWUDVDGPLQLVWUDFLRQHVS~EOLFDV
'HVWLQRDFWXDO
&XHUSRHVFDODSHUWHQHFH
/LVWDGHGRFXPHQWRVTXHSUHVHQWDVHxDODUFRQXQD[
)RWRFRSLDGHO'1,
&XUUtFXOXP9LWDH
'RFXPHQWDFLyQDFUHGLWDWLYDGHORVGDWRVREUDQWHVHQHO&XUULFX
/OLVWDGHGRFXPHQWVTXHSUHVHQWDDVVHQ\DODUDPEXQD[
)RWRFzSLDGHO'1,
&XUUtFXOXP
'RFXPHQWDFLyDFUHGLWDWLYDGHOHVGDGHVTXHHVWUREHQHQSRGHU
GHOFXUUtFXOXP
OR
9DOHQFLDG¶DEULOGH(O6HFUHWDULGHO&RQVHOO-XUtGLF&RQ
VXOWLXGHOD&RPXQLWDW9DOHQFLDQD)HGHULFR)HUQiQGH]5ROGiQ
9DOHQFLD GH DEULO GH (O 6HFUHWDULR GHO &RQVHOO -XUtGLF
&RQVXOWLXGHOD&RPXQLWDW9DOHQFLDQD)HGHULFR)HUQiQGH]5ROGiQ
Núm
5509 / 10.05.2007
&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHV
18776
&RQVHOOHULDGH-XVWtFLD,QWHULRU
\$GPLQLVWUDFLRQHV3~EOLFDV
5(62/8&,ÏGHG¶DEULOGHGHOD'LUHFFLy*HQH
UDO G¶$GPLQLVWUDFLy $XWRQzPLFD SHU OD TXDO HV PRGLILFD
ODFRPSRVLFLyGHOD&RPLVVLyG¶$YDOXDFLyGHO&RQFXUVGH
0qULWVQ~P>@
5(62/8&,Ï1 GH GH DEULO GH GH OD 'LUHFFLyQ
*HQHUDO GH $GPLQLVWUDFLyQ $XWRQyPLFD SRU OD TXH VH
PRGLILFDODFRPSRVLFLyQGHODFRPLVLyQGHYDORUDFLyQGHO
FRQFXUVRVGHPpULWRVQ~P>@
9LVWD OD 5HVROXFLy GH GH PDUo GH GH OD 'LUHFFLy *HQH
UDO G¶$GPLQLVWUDFLy $XWRQzPLFD SHU OD TXDO HV FRQYRFD &RQFXUV
GH 0qULWV Q~P SHU D OD SURYLVLy GHO OORF GH WUHEDOO Q~P
GHQDWXUDOHVDIXQFLRQDULDOVHFWRUDGPLQLVWUDFLyHVSHFLDOJUXS
$%FDSGHOD6HFFLyG¶(VWXGLVL,QYHVWLJDFLy'URJRGHSHQGqQFLHVGH
O¶$JqQFLD9DOHQFLDQDGH6DOXWSXEOLFDGDHQHO'2&9Q~PGH
GHPDUoGH
9LVWD OD 5HVROXFLy GH G¶DEULO GH GH OD 'LUHFFLy *HQHUDO
G¶$GPLQLVWUDFLy$XWRQzPLFDSHUODTXDOHVGHVLJQHQPHPEUHVGHOHV
FRPLVVLRQV GH YDORUDFLy GHOV FRQFXUVRV GH PqULWV Q~PV L
SXEOLFDGDHQHO'2&9Q~PGHG¶DEULOGH
9RFDO VHFUHWDUL WLWXODU HO VHQ\RU (GXDUGR %RX GH 0LJXHO FDS GH
3URJUDPHV G¶,QVSHFFLy HQ VXEVWLWXFLy GH %HUQDUGR &XHQFD 5LFKDUW
FDSGHO6HUYHLGH*HVWLyGH3HUVRQDO
9RFDOVHFUHWDULVXSOHQW(OVHQ\RU-XDQ)UDQFLVFR7RVFD)ORUHVFDS
GHOD6HFFLyG¶,QVSHFFLyGH6HUYHLV6DQLWDULVHQVXEVWLWXFLyGHOVHQ\RU
-RVp -DYLHU /i]DUR /RUHQWH FDS GHO 6HUYHL GH 5HODFLRQV 6LQGLFDOV L
&RQGLFLRQVGH7UHEDOO
9LVWDODUHVROXFLyQGHGHPDU]RGHGHOD'LUHFFLyQ*HQH
UDOGH$GPLQLVWUDFLyQ$XWRQyPLFDSRUODTXHVHFRQYRFDFRQFXUVRGH
PpULWRVQ~PSDUDODSURYLVLyQGHOSXHVWRGHWUDEDMRQ~P
GH QDWXUDOH]D IXQFLRQDULDO VHFWRU DGPLQLVWUDFLyQ HVSHFLDO
JUXSR$% MHIH 6HFFLyQ (VWXGLRV H ,QYHVWLJDFLyQ 'URJRGHSHQGHQFL
DV GH OD$JHQFLD 9DOHQFLDQD GH 6DOXG SXEOLFDGD HQ HO '2&9 Q~P
GHGHPDU]RGH
9LVWDODUHVROXFLyQGHGHDEULOGHGHOD'LUHFFLyQ*HQHUDO
GH$GPLQLVWUDFLyQ$XWRQyPLFDSRUODTXHGHVLJQDQPLHPEURVGHODV
FRPLVLRQHVGHYDORUDFLyQGHORVFRQFXUVRVGHPpULWRVQ~PV
\ SXEOLFDGD HQ HO '2&9 Q~P GH GH DEULO GH
'H FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO DUWtFXOR GHO 'HFUHWR
GH GH PDU]R GHO *RELHUQR 9DOHQFLDQR \ HQ XVR GH FRP
SHWHQFLDVDWULEXLGDVSRUHODUWtFXORGHO'HFUHWRGHGH
RFWXEUHGHO&RQVHOOGHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO5HJOD
PHQWR 2UJiQLFR \ )XQFLRQDO GH OD FRQVHOOHULD GH -XVWLFLD ,QWHULRU \
$GPLQLVWUDFLRQHV 3~EOLFDV UHVXHOYR QRPEUDU FRPR VXVWLWXWRV GH ORV
DFWXDOHVYRFDOHVVHFUHWDULRVGHOD&RPLVLyQGH9DORUDFLyQGHOFRQFXU
VRGHPpULWRVQ~PD
9RFDOVHFUHWDULR WLWXODU 'RQ (GXDUGR %RX GH 0LJXHO MHIH 3UR
JUDPDVGH,QVSHFFLyQHQVXVWLWXFLyQGH%HUQDUGR&XHQFD5LFKDUWMHIH
6HUYLFLR*HVWLyQGH3HUVRQDO
9RFDOVHFUHWDULR VXSOHQWH 'RQ -XDQ )UDQFLVFR 7RVFD )ORUHV MHIH
6HFFLyQ,QVSHFFLyQGH6HUYLFLRV6DQLWDULRVHQVXVWLWXFLyQGH'RQ-RVp
-DYLHU/i]DUR/RUHQWHMHIH6HUYLFLR5HODFLRQHV6LQGLFDOHV\&RQGLFL
RQHVGH7UDEDMR
9DOqQFLDG¶DEULOGH±(OGLUHFWRUJHQHUDOG¶$GPLQLVWUDFLy
$XWRQzPLFD0LJXHO$QWRQLR&UHVSR0DU]DO
9DOHQFLDGHDEULOGH±(OGLUHFWRUJHQHUDOGH$GPLQLVWUD
FLyQ$XWRQyPLFD0LJXHO$QWRQLR&UHVSR0DU]DO
'HFRQIRUPLWDWDPEHOTXHGLVSRVDO¶DUWLFOHGHO'HFUHW
GHGHPDUoGHO*RYHUQ9DOHQFLjLIHQW~VGHFRPSHWqQFLHVDWULEXwGHV
SHUO¶DUWLFOHGHO'HFUHWGHG¶RFWXEUHGHO&RQVHOOGH
OD*HQHUDOLWDWSHOTXDOV¶DSURYDHO5HJODPHQW2UJjQLFL)XQFLRQDOGH
ODFRQVHOOHULDGH-XVWtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVUHVROF
QRPHQDUFRPDVXEVWLWXWVGHOVDFWXDOVYRFDOVVHFUHWDULVGHOD&RPLVVLy
G¶$YDOXDFLyGHO&RQFXUVGH0qULWVQ~P
Núm
5509 / 10.05.2007
&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHV
18777
&RQVHOOHULDGH-XVWtFLD,QWHULRU
\$GPLQLVWUDFLRQHV3~EOLFDV
5(62/8&,ÏGHGHPDLJGHGHOD&RQVHOOHULDGH
-XVWtFLD ,QWHULRU L$GPLQLVWUDFLRQV 3~EOLTXHV SHU OD TXH
HVPRGLILFDODFRPSRVLFLyGHOWULEXQDOGHOHVSURYHVVHOHF
WLYHVG¶DFFpVDOJUXS$&RVG¶$GYRFDWVGHOD*HQHUDOLWDW
SHOVLVWHPDG¶RSRVLFLyFRQYRFDWzULD>@
5(62/8&,Ï1 GH GH PD\R GH GH OD &RQVHOOHULD
GH -XVWLFLD ,QWHULRU \ $GPLQLVWUDFLRQHV 3~EOLFDV SRU OD
TXHVHPRGLILFDODFRPSRVLFLyQGHOWULEXQDOGHODVSUXHEDV
VHOHFWLYDV GH DFFHVR DO JUXSR$ &XHUSR GH$ERJDGRV GH
OD *HQHUDOLWDW SRU HO VLVWHPD GH RSRVLFLyQ FRQYRFDWRULD
>@
9LVWD OD 5HVROXFLy GH GH IHEUHU GH GH OD FRQVHOOHULD GH
-XVWtFLD ,QWHULRU L$GPLQLVWUDFLRQV 3~EOLTXHV SHU OD TXH V¶DQRPHQD
WULEXQDOGHOHVSURYHVVHOHFWLYHVG¶DFFpVDOJUXS$&RVG¶$GYRFDWVGH
OD*HQHUDOLWDWSHOVLVWHPDG¶RSRVLFLyFRQYRFDWzULD
9LVWHO'HFUHWGHG¶DEULOGHO&RQVHOOSHOTXHVHFHVVD
D'-RVp0DUt2ODQRFRPDVHFUHWDUL$XWRQzPLFGH3ROtWLFD,QVWLWXFL
RQDOL$GYRFDW*HQHUDOGHOD*HQHUDOLWDW
'H FRQIRUPLWDW DPE HO TXH HVWDEOL[ O¶DUWLFOH D GH OD /OHL
GHGHGHVHPEUHGHOD*HQHUDOLWDWG¶$VVLVWqQFLD-XUtGLFDD
OD*HQHUDOLWDWLODEDVHGHODFRQYRFDWzULD
(Q YLUWXW GH OHV FRPSHWqQFLHV TXH WLQF DWULEXwGHV SHU O¶DUWLFOH GHO 7H[W 5HIyV GH OD /OHL GH OD )XQFLy 3~EOLFD DSURYDW SHU 'HFUHW
/HJLVODWLXGHG¶RFWXEUHGHRUGHQH
9LVWDOD5HVROXFLyQGHGHIHEUHURGHGHODFRQVHOOHULDGH
-XVWLFLD ,QWHULRU \$GPLQLVWUDFLRQHV 3~EOLFDV SRU OD TXH VH QRPEUD
WULEXQDO GH ODV SUXHEDV VHOHFWLYDV GH DFFHVR DO JUXSR$ &XHUSR GH
$ERJDGRVGHOD*HQHUDOLWDWSRUHOVLVWHPDGHRSRVLFLyQFRQYRFDWRULD
9LVWR HO 'HFUHWR GH GH DEULO GHO &RQVHOO SRU HO TXH
VHFHVDD'-RVp0DUt2ODQRFRPR6HFUHWDULR$XWRQyPLFRGH3ROtWLFD
,QVWLWXFLRQDO\$ERJDGR*HQHUDOGHOD*HQHUDOLWDW
'HFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORDGHOD/H\
GHGHGLFLHPEUHGHOD*HQHUDOLWDWGH$VLVWHQFLD-XUtGLFDD
OD*HQHUDOLWDW\ODEDVHGHODFRQYRFDWRULD
(QYLUWXGGHODVFRPSHWHQFLDVTXHWHQJRDWULEXLGDVSRUHODUWtFXOR
GHO7H[WR5HIXQGLGRGHOD/H\GHOD)XQFLyQ3~EOLFDDSUREDGRSRU
'HFUHWR/HJLVODWLYRGHGHRFWXEUHGHRUGHQR
3ULPHU
'HL[DUVHQVHHIHFWHHOQRPHQDPHQWGH'-RVp0DUt2ODQRFRPD
PHPEUHGHO7ULEXQDOGHODFRQYRFDWzULD
3ULPHUR
'HMDU VLQ HIHFWR HO QRPEUDPLHQWR GH ' -RVp 0DUt 2ODQR FRPR
PLHPEURGHO7ULEXQDOGHODFRQYRFDWRULD
6HJRQ
1RPHQDU D 6UD ,VDEHO 9LOODORQJD &DPSRV HQ VXEVWLWXFLy GH '
-RVp0DUt2ODQRFRPDSUHVLGHQWDWLWXODUGHO7ULEXQDOGH6HOHFFLyGH
O¶HVPHQWDGDFRQYRFDWzULD
6HJXQGR
1RPEUDU D GRxD ,VDEHO 9LOODORQJD &DPSRV HQ VXVWLWXFLyQ GH '
-RVp0DUt2ODQRFRPR3UHVLGHQWD7LWXODUGHO7ULEXQDOGH6HOHFFLyQGH
ODFLWDGDFRQYRFDWRULD
9DOqQFLD GH PDLJ GH ± (O FRQVHOOHU GH -XVWtFLD ,QWHULRU L
$GPLQLVWUDFLRQV3~EOLTXHV0LJXHO3HUDOWD9LxHV
9DOHQFLDGHPD\RGH±(OFRQVHOOHUGH-XVWLFLD,QWHULRU\
$GPLQLVWUDFLRQHV3~EOLFDV0LJXHO3HUDOWD9LxHV
Núm
5509 / 10.05.2007
&RQVHOOHULDGH6DQLWDW
18778
&RQVHOOHULDGH6DQLGDG
5(62/8&,Ï GH G¶DEULO GH GHO GLUHFWRU JHQHUDO
GH 5HFXUVRV +XPDQV SHU OD TXDO DQXQFLD XQD FRQYRFD
WzULDS~EOLFDSHUDODSURYLVLyGHODSODoDQ~PHUR
GLUHFWRU GHO &HQWUH GH 6DOXW 3~EOLFD G¶(O[ GHSHQGHQW GH
OD&RQVHOOHULDGH6DQLWDWSHOSURFHGLPHQWGHOOLXUHGHVLJ
QDFLy>@
5(62/8&,Ï1GHGHDEULOGHGHOGLUHFWRUJHQHUDO
GH5HFXUVRV+XPDQRVSRUODTXHVHDQXQFLDFRQYRFDWRULD
S~EOLFDSDUDODSURYLVLyQGHODSOD]DGHGLUHFWRUGHO&HQ
WURGH6DOXG3~EOLFDGH(OFKHQžSWRGHSHQGLHQWH
GHOD&RQVHOOHULDGH6DQLGDGSRUHOSURFHGLPLHQWRGHOLEUH
GHVLJQDFLyQ>@
'¶DFRUGDPEHOTXHGLVSRVHQOD/OHLGHOD)XQFLy3~EOLFD9DOHQ
FLDQDLHO'HFUHWGHGHPDUoTXHDSURYDHO5HJODPHQWGH
VHOHFFLySURYLVLyGHOORFVGHWUHEDOOLFDUUHUDDGPLQLVWUDWLYDLDPEHO
TXHHVWDEOL[O¶2UGHGHGHPDLJGHGHODFRQVHOOHULDGH6DQLWDW
SHUODTXDOHVGHOHJXHQGHWHUPLQDWVzUJDQVGHODFRQVHOOHULDSHUDDWUL
EXFLRQVHQPDWqULDGHSHUVRQDOUHVROF
'H FRQIRUPLGDG FRQ OR GLVSXHVWR HQ OD /H\ GH )XQFLyQ 3~EOL
FD9DOHQFLDQD \ HQ HO 'HFUHWR GH GH PDU]R GHO *RELHUQR
9DOHQFLDQRSRUHOTXHVHDSUXHEDHO5HJODPHQWRGH6HOHFFLyQ3URYL
VLyQ GH SXHVWRV GH WUDEDMR \ FDUUHUD$GPLQLVWUDWLYD 'H FRQIRUPLGDG
FRQORHVWDEOHFLGRHQOD2UGHQGHGHPD\RGHGHODFRQVHOOHULD
GH6DQLGDGSRUODTXHVHGHOHJDQDWULEXFLRQHVHQPDWHULDGHSHUVRQDO
HQGHWHUPLQDGRVyUJDQRVGHODFRQVHOOHULDUHVXHOYR
&RQYRFDU SRU HO SURFHGLPLHQWR GH OLEUH GHVLJQDFLyQ OD SOD]D GH
GLUHFWRUGHO&HQWURGH6DOXG3~EOLFDGH(OFKHGHSHQGLHQWHGHODFRQ
VHOOHULDGH6DQLGDGFRQVXMHFLyQDODVVLJXLHQWHV
&RQYRFDUSHOSURFHGLPHQWGHOOLXUHGHVLJQDFLyODSODoDGHGLUHF
WRUGHO&HQWUHGH6DOXW3~EOLFDG¶(O[GHSHQGHQWGHODFRQVHOOHULDGH
6DQLWDWG¶DFRUGDPEOHVEDVHVVHJHQWV
%DVHVGHODFRQYRFDWzULD
&DUDFWHUtVWLTXHVJHQHUDOV
/DSURYLVLyGHODSODoDV¶KDGHIHUSHOVLVWHPDGHOOLXUHGHVLJ
QDFLyG¶DFRUGDPEHOTXHGLVSRVHQOD/OHLGHOD)XQFLy3~EOLFD9DOHQ
FLDQDLHO'HFUHWGHGHPDUoTXHDSURYDHO5HJODPHQWGH
VHOHFFLy SURYLVLy GH OORFV GH WUHEDOO L FDUUHUD DGPLQLVWUDWLYD GHO SHU
VRQDOFRPSUpV HQ O¶jPELW G¶DSOLFDFLyGH OD /OHL GH OD )XQFLy3~EOLFD
9DOHQFLDQD 6XSOHWzULDPHQW V¶DSOLTXHQ OHV QRUPHV VREUH SURYLVLy GH
SODFHV HVWDWXWjULHV GH FDUjFWHU GLUHFWLX TXH FRQWp HO FDStWRO 9,,, GHO
'HFUHWGHGHJHQHUGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDO
DSURYDHO5HJODPHQWGHVHOHFFLyLSURYLVLyGHSODFHVGHSHUVRQDOHVWD
WXWDUL
/HVIXQFLRQVGHOHVSODFHVGHGLUHFWRUGH&HQWUHGH6DOXW3~EOL
FDVyQOHVTXHHVWDEOL[HQHOVDUWLFOHVLGHO'HFUHWGH
GHPDUoTXHHVWUXFWXUDO¶$WHQFLy3ULPjULDWHQLQWHQFRPSWHOD/OHL
GHGHMXQ\GH6DOXW3~EOLFDGHOD&RPXQLWDW9DOHQFLDQD
(O UqJLP UHWULEXWLX pV HO IL[DW HQ OD /OHL GH GH
GHVHPEUHGH0HVXUHV)LVFDOVGH*HVWLy$GPLQLVWUDWLYDL)LQDQFHUDL
G¶2UJDQLW]DFLyGHOD*HQHUDOLWDW9DOHQFLDQDDPEHOVLQFUHPHQWVVDOD
ULDOVTXHSUHYHXHQOHVOOHLVGHSUHVVXSRVWRVVXFFHVVLYHV6yQ
HXURVDQXDOV
/¶H[HUFLFL GHO OORF pV LQFRPSDWLEOH DPE O¶H[HUFLFL GH TXDOVH
YRODOWUDDFWLYLWDWS~EOLFDRSULYDGDVHJRQVHOTXHSUHYHXODOHJLVODFLy
VREUH LQFRPSDWLELOLWDWV GHO SHUVRQDO DO VHUYLFL GH OHV DGPLQLVWUDFLRQV
S~EOLTXHV$UDEpSRWIHUDFWLYLWDWDVVLVWHQFLDOQRUHWULEXwGDHQHOFHQ
WUHG¶DFRUGDPEODWLWXODFLyTXHWLQJD
5HTXLVLWVGHOVDVSLUDQWV
7LQGUH OD QDFLRQDOLWDW HVSDQ\ROD R OD GH TXDOVHYRO DOWUH HVWDW
PHPEUH GH OD 8QLy (XURSHD R WDPEp GHOV HVWDWV D TXq SHU WUDFWDWV
LQWHUQDFLRQDOV FHOHEUDWV SHU OD 8QLy (XURSHD L UDWLILFDWV SHU (VSDQ\D
V¶DSOLTXHODOOLXUHFLUFXODFLyGHWUHEDOODGRUVHQHOVWHUPHVHQTXqHVWj
GHILQLGDHQHO7UDFWDW&RQVWLWXWLXGHOD8QLy(XURSHDRWLQGUHHVWHGUHW
G¶DFRUGDPEHOTXHSUHYHXHO'HFUHWGHGHPDLJ
7LQGUHODFRQGLFLyGHSHUVRQDOIXQFLRQDULGHFDUUHUDG¶$GPL
QLVWUDFLy(VSHFLDORSHUVRQDOHVWDWXWDULIL[GHOJUXS$
1RHVWDULQKDELOLWDWSHUDO¶H[HUFLFLGHIXQFLRQVS~EOLTXHVSUR
IHVVLRQDOVRGHOD6HJXUHWDW6RFLDO
3UHVHQWDFLyGHVROÂOLFLWXGV
/HV SHUVRQHV LQWHUHVVDGHV D SDUWLFLSDU HQ OD FRQYRFDWzULD KDQ
G¶RPSOLUXQDVROÂOLFLWXGDGDSWDGDQHFHVVjULDPHQWDOPRGHOTXHFRQVWD
FRPDDQQH[,LO¶KDQG¶DGUHoDUDODFRQVHOOHULDGH6DQLWDW6HUYLFLGH
6HOHFFLy L 3URYLVLy GH /ORFV GH7UHEDOO F 0LVVHU 0DVFy 9DOqQFLD
%DVHVGHODFRQYRFDWRULD
&DUDFWHUtVWLFDVJHQHUDOHV
/D SURYLVLyQ GHO SXHVWR VH KD GH HIHFWXDU SRU HO VLVWHPD GH OLEUH
GHVLJQDFLyQ GH DFXHUGR FRQ OR TXH GLVSRQH OD /H\ GH OD )XQFLyQ
3~EOLFD9DOHQFLDQD\HO'HFUHWRGHGHPDU]RSRUHOTXHVH
DSUXHEDHOUHJODPHQWRGH6HOHFFLyQSURYLVLyQGHSXHVWRVGHWUDEDMR\
FDUUHUD$GPLQLVWUDWLYDGHO3HUVRQDOFRPSUHQGLGRHQHOiPELWRGHDSOL
FDFLyQGHOD/H\GHOD)XQFLyQ3~EOLFD9DOHQFLDQD6XSOHWRULDPHQWH
VHUiQ DSOLFDEOHV ODV QRUPDV VREUH SURYLVLyQ GH SOD]DV HVWDWXWDULDV GH
FDUiFWHU GLUHFWLYR FRQWHQLGDV HQ HO FDStWXOR 9,,, GHO 'HFUHWR GHGHHQHURGHO&RQVHOOGHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO
5HJODPHQWRGH6HOHFFLyQ\3URYLVLyQGHSOD]DVGH3HUVRQDO(VWDWXWD
ULR
/DV IXQFLRQHV D GHVDUUROODU SDUD ODV SOD]DV GH GLUHFWRU GH &HQWUR
GH6DOXG3~EOLFDVHUiQODVHVWDEOHFLGDVHQORVDUWtFXORV\GHO
'HFUHWRGHGHPDU]RSRUHOTXHVHHVWUXFWXUDOD$WHQFLyQ
SULPDULD WHQLHQGR HQ FXHQWD OD OH\ GH GH MXQLR GH 6DOXG
3~EOLFDGHOD&RPXQLGDG9DOHQFLDQD
(OUpJLPHQUHWULEXWLYRVHUiHOILMDGRHQOD/H\GHGH
GLFLHPEUH GH PHGLGDV ILVFDOHV JHVWLyQ DGPLQLVWUDWLYD \ ILQDQFLHUD \
GHODRUJDQL]DFLyQGHOD*HQHUDOLWDW9DOHQFLDQDFRQVXVFRUUHVSRQGLHQ
WHV LQFUHPHQWRV VDODULDOHV VHJ~Q SUHYpQ ODV VXFHVLYDV OH\HV GH SUHVX
SXHVWRVVLHQGRHQVXFDVRGHHXURVDQXDOHV
(O GHVHPSHxR GHO SXHVWR HV LQFRPSDWLEOH FRQ HO HMHUFLFLR GH
FXDOTXLHU RWUD DFWLYLGDG S~EOLFD R SULYDGD VHJ~Q OR SUHYLVWR HQ OD
OHJLVODFLyQ YLJHQWH VREUH LQFRPSDWLELOLGDGHV GHO SHUVRQDO DO VHUYLFLR
GHODVDGPLQLVWUDFLRQHVS~EOLFDV1RREVWDQWHSRGUiUHDOL]DUDFWLYLGDG
DVLVWHQFLDO QR UHWULEXLGD HQ VX SURSLR FHQWUR GH FRQIRUPLGDG FRQ OD
WLWXODFLyQTXHSRVHD
5HTXLVLWRVGHORVDVSLUDQWHV
3RVHHU OD QDFLRQDOLGDG HVSDxROD R GH FXDOTXLHU RWUR HVWDGR
PLHPEURGHOD8QLyQ(XURSHDDVtFRPRGHDTXHOORVHVWDGRVDORVTXH
HQYLUWXGGHWUDWDGRVLQWHUQDFLRQDOHVFHOHEUDGRVSRUOD8QLyQ(XURSHD
\UDWLILFDGRVSRU(VSDxDVHDGHDSOLFDFLyQODOLEUHFLUFXODFLyQGHWUD
EDMDGRUHVHQORVWpUPLQRVHQTXHpVWDVHKDOODGHILQLGDHQHO7UDWDGR
&RQVWLWXWLYR GH OD 8QLyQ (XURSHD X RVWHQWDU HVWH GHUHFKR FRQIRUPH
FRQORSUHYLVWRHQHO'HFUHWRGHGHPD\R
2VWHQWDUODFRQGLFLyQGHSHUVRQDOIXQFLRQDULRGHFDUUHUDGHDGPL
QLVWUDFLyQHVSHFLDORSHUVRQDOHVWDWXWDULRILMRGHOJUXSR$
1R HQFRQWUDUVH LQKDELOLWDGR SDUD HO GHVHPSHxR GH IXQFLRQHV
S~EOLFDVSURIHVLRQDOHVRGHOD6HJXULGDG6RFLDO
3UHVHQWDFLyQGHVROLFLWXGHV
/RVLQWHUHVDGRVHQSDUWLFLSDUHQODFRQYRFDWRULDGHEHUiQUHOOH
QDU XQD VROLFLWXG DMXVWiQGRVH QHFHVDULDPHQWH DO PRGHOR TXH FRQVWD
FRPR$QH[R,\ODGLULJLUiQDODFRQVHOOHULDGH6DQLGDG6HUYLFLRGH
6HOHFFLyQ \ SURYLVLyQ GH SXHVWRV & 0LFHU 0DVFy Q~P ±
9DOHQFLD
Núm
5509 / 10.05.2007
(O WHUPLQL GH SUHVHQWDFLy GH VROÂOLFLWXGV pV GH GLHV KjELOV
FRPSWDGRUVDSDUWLUGHO¶HQGHPjGHODSXEOLFDFLyG¶HVWDUHVROXFLyHQHO
'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
(QODVROÂOLFLWXGV¶KDQGHFRQVLJQDUOHVGDGHVVHJHQWV
±/HVGDGHVSHUVRQDOV
±(OFXUUtFXOXPSURIHVVLRQDOTXHLQFORJDSUHIHUHQWPHQWHOVPqULWV
DFDGqPLFV L O¶H[SHULqQFLD SURIHVVLRQDO HQ O¶H[HUFLFL GH FjUUHFV GLUHF
WLXVHQLQVWLWXFLRQVVDQLWjULHVRGHOORFVGHWUHEDOODPEIXQFLRQVVHP
EODQWVDOHVGHOOORFDTXqHVFRQFXUVD
±8QDPHPzULDTXHH[SOLTXHOHVOtQLHVIRQDPHQWDOVLHOVREMHFWLXV
HQODSODoDTXHVHVROÂOLFLWD
3URFHGLPHQWGHVHOHFFLy
8QD YHJDGD UHFRSLODGHV WRWHV OHV VROÂOLFLWXGV HQ OD 'LUHFFLy
*HQHUDO GH 5HFXUVRV +XPDQV HV IDUj OD YDORUDFLy GHOV GRFXPHQWV
DSRUWDWVSHOVFRQFXUVDQWV/DYDORUDFLyHVPHQWDGDODGXUjDWHUPHXQD
FRPLVVLyGHYDORUDFLyFRQVWLWXwGDSHUDDL[zLLQWHJUDGDSHU
7LWXODUV
±SUHVLGHQW
±YRFDO
±YRFDO
±LGRVYRFDOVSURSRVDWVSHUOHVRUJDQLW]DFLRQVVLQGLFDOVHQHOVWHU
PHVTXHHVIL[HQHQHOVSDFWHVDTXqHVUHIHUL[OD/OHLGHGH
MXQ\
±VHFUHWDUL
6XSOHQWV
±HOVPDWHL[RV
'HVSUpVGHODYDORUDFLyGHOVFDQGLGDWVIHWDSHUODFRPLVVLyGH
YDORUDFLyDWUDYpVGHOVFXUUtFXOXPVDSRUWDWVSRWIHUVHXQDHQWUHYLVWD
SHUVRQDO$FDEDGDODVHOHFFLyHOGLUHFWRUJHQHUDOGH5HFXUVRV+XPDQV
HOHYDUjXQDSURSRVWDGHQRPHQDPHQWDOFRQVHOOHUGH6DQLWDW
%DUHPGHPqULWV
± 9DORUDFLy GHO WUHEDOO IHW /¶H[HUFLFL GH OORFV GH WUHEDOO TXH WLQ
JXHQVLPLOLWXGDPEHOFRQWLQJXWWqFQLFLO¶HVSHFLDOLW]DFLyGHOOORFVRO
OLFLWDW
± 5HDOLW]DFLy L YDORUDFLy G¶XQD PHPzULD GHO OORF GH WUHEDOO VRO
OLFLWDW /D PHPzULD FRQVLVWLUj HQ XQD DQjOLVL GHO OORF GH WUHEDOO VRO
OLFLWDW OHV FDUDFWHUtVWLTXHV FRQGLFLRQV PLWMDQV QHFHVVDULV SURSRVWHV
GH PLOORUD HQ HO GHVSOHJDPHQW GH OHV IXQFLRQV L WRWHV OHV DOWUHV THV
WLRQVTXHO¶DVSLUDQWFRQVLGHUHLQWHUHVVDQWVRLPSRUWDQWV/¶H[WHQVLyQR
SRWH[FHGLUIROLV
± (QWUHYLVWD GH FDUjFWHU SRWHVWDWLX D OD TXDO HV ID UHIHUqQFLD HQ
HOSXQW G¶HVWD FRQYRFDWzULD (V IDUj GDYDQW GH OD FRPLVVLyDYDOX
DGRUD XQD HQWUHYLVWD /¶HQWUHYLVWD VHUj S~EOLFD L HV IDUj HQ DFWH ~QLF
R HQ HO PHQRU QRPEUH GH VHVVLRQV QHFHVVjULHV DPE OD PHQRU GLODFLy
SRVVLEOH(QO¶HQWUHYLVWDHVFRPSURYDUDQLYDORUDUDQHOVFRQHL[HPHQWV
GHO OORF GH WUHEDOO VROÂOLFLWDW L WDPEp O¶DSWLWXG HILFjFLD L H[SHULqQFLD
SURIHVVLRQDOGHO¶DVSLUDQWLWRWHVOHVFLUFXPVWjQFLHVTXHHVQHFHVVLWHQ
SHUDO¶H[HUFLFLPLOORUGHOHVIXQFLRQV(VYDORUDUjDPpVODFDSDFLWDW
G¶LQLFLDWLYDODSURGXFWLYLWDWLHOQLYHOOGHUHVSRQVDELOLWDWGHO¶DVSLUDQW
5HVROXFLyLDGMXGLFDFLyGHODSODoD
/D FRQYRFDWzULD SRW VHU GHFODUDGD GHVHUWD SHU XQ DFRUG TXH
Q¶H[SOLTXHHOVPRWLXVTXDQQRFRQFyUUHJXHQVROÂOLFLWDQWVLGRQLVSHUDO
OORF
(QHOFDVTXHHOVFRQFXUVDQWVWULDWVUHQXQFLHQDOFjUUHFDEDQV
GH OD SUHVD GH SRVVHVVLy HO GLUHFWRU JHQHUDO GH 5HFXUVRV +XPDQV GH
ODFRQVHOOHULDGH6DQLWDWKDGHIRUPXODUXQDDOWUDSURSRVWDGHQRPHQD
PHQW
/D SHUVRQD TXH KDMD VLJXW VHOHFFLRQDGD SHU D RFXSDU HO OORF
REMHFWHG¶HVWD FRQYRFDWzULDTXHGDUj HQ OD VLWXDFLy DGPLQLVWUDWLYDTXH
OL FRUUHVSRQJD VHJRQV OD VHXD YLQFXODFLy L HO UqJLP MXUtGLF GH SURFH
GqQFLD
(O SHUVRQDO QRPHQDW SHU D O¶H[HUFLFL G¶XQ OORF GH WUHEDOO SHU
OOLXUHGHVLJQDFLyHOSRWIHUFHVVDUGLVFUHFLRQDOPHQWO¶DXWRULWDWTXHQ¶KD
DFRUGDWHOQRPHQDPHQW
5HFXUVRV
(VWD FRQYRFDWzULD OHV EDVHV L WRWV HOV DFWHV DGPLQLVWUDWLXV TXH HV
GLFWHQHQHOGHVSOHJDPHQWGHODFRQYRFDWzULDHOVSRGHQLPSXJQDUOHV
18779
(OSOD]RGHSUHVHQWDFLyQGHVROLFLWXGHVVHUiGHGtDVKiELOHV
FRQWDGRVDSDUWLUGHOVLJXLHQWHDOGHODSXEOLFDFLyQGHODSUHVHQWHUHVR
OXFLyQHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
(QODVROLFLWXGVHFRQVLJQDUiQORVVLJXLHQWHVGDWRV
'DWRVSHUVRQDOHV
&XUULFXOXP SURIHVLRQDO LQFOX\HQGR SUHIHUHQWHPHQWH ORV PpULWRV
DFDGpPLFRV \R H[SHULHQFLD SURIHVLRQDO HQ HO GHVHPSHxR GH FDUJRV
GLUHFWLYRVHQLQVWLWXFLRQHVVDQLWDULDVRSXHVWRGHWUDEDMRFRQIXQFLRQHV
VLPLODUHVDOTXHVHFRQFXUVD
0HPRULD H[SOLFDWLYD GH ODV OtQHDV IXQGDPHQWDOHV \ REMHWLYRV D
VHJXLUHQODSOD]DTXHVHVROLFLWH
3URFHGLPLHQWRGHVHOHFFLyQ
8QDYH]UHFRSLODGDVWRGDVODVVROLFLWXGHVHQOD'LUHFFLyQ*HQH
UDO GH 5HFXUVRV +XPDQRV VH UHDOL]DUi OD YDORUDFLyQ GH GRFXPHQWRV
DSRUWDGRVSRUORVFRQFXUVDQWHV'LFKDYDORUDFLyQVHOOHYDUiDFDERSRU
XQD&RPLVLyQGH9DORUDFLyQFRQVWLWXLGDDWDOHIHFWRHLQWHJUDGDSRU
7LWXODUHV
±3UHVLGHQWH
±9RFDO
±9RFDO
±\GRVYRFDOHVSURSXHVWRVSRUODVRUJDQL]DFLRQHVVLQGLFDOHVHQORV
WpUPLQRVTXHVHILMHQHQORVSDFWRVDTXHVHUHILHUHOD/H\GH
GHMXQLR
±6HFUHWDULR
6XSOHQWHV
±ORVPLVPRV
7UDVODYDORUDFLyQGHORVFDQGLGDWRVUHDOL]DGDSRUOD&RPLVLyQ
GH9DORUDFLyQDWUDYpVGHORVFXUULFXOXPVDSRUWDGRVSRGUiSURFHGHUVH
HQVXFDVRDODHQWUHYLVWDSHUVRQDO)LQDOL]DGDODVHOHFFLyQHOGLUHFWRU
JHQHUDOGH5HFXUVRV+XPDQRVHOHYDUiSURSXHVWDGHQRPEUDPLHQWRDO
FRQVHOOHUGH6DQLGDGSDUDVXUHVROXFLyQ
%DUHPRGHPpULWRV
9DORUDFLyQ GHO WUDEDMR GHVDUUROODGR (O GHVHPSHxR GH SXHVWRV GH
WUDEDMRTXHJXDUGHQVLPLOLWXGFRQHOFRQWHQLGRWpFQLFR\HVSHFLDOL]D
FLyQGHOSXHVWRVROLFLWDGR
5HDOL]DFLyQ \ YDORUDFLyQ GH XQD PHPRULD GHO SXHVWR GH WUDEDMR
VROLFLWDGR /D PHPRULD FRQVLVWLUi HQ XQ DQiOLVLV GHO SXHVWR GH WUDED
MRVROLFLWDGRVXVFDUDFWHUtVWLFDVFRQGLFLRQHVPHGLRVQHFHVDULRVSUR
SXHVWDV GH PHMRUD HQ HO GHVDUUROOR GH ODV IXQFLRQHV \ WRGDV DTXHOODV
RWUDV FXHVWLRQHV TXH HO DVSLUDQWH FRQVLGHUH GH LQWHUpV R LPSRUWDQFLD
6XH[WHQVLyQQRSRGUiH[FHGHUGHIROLRV
(QWUHYLVWDGH FDUiFWHUSRWHVWDWLYRD ODTXH VH KDFHUHIHUHQFLDHQ
HOSXQWRGHODSUHVHQWHFRQYRFDWRULD6HUHDOL]DUiDQWHODFRPLVLyQ
HYDOXDGRUDXQDHQWUHYLVWD/DHQWUHYLVWDVHUiS~EOLFD\VHUHDOL]DUiHQ
DFWR~QLFRRHQHOPHQRUQ~PHURGHVHVLRQHVQHFHVDULDVFRQODPHQRU
GLODFLyQSRVLEOHHQHOWLHPSR(QODHQWUHYLVWDVHFRPSUREDUiQ\YDOR
UDUiQ ORV FRQRFLPLHQWRV GHO SXHVWR GH WUDEDMR VROLFLWDGR DVt FRPR OD
DSWLWXGHILFDFLD\H[SHULHQFLDSURIHVLRQDOGHODVSLUDQWH\FXDQWDVFLU
FXQVWDQFLDV VH SUHFLVHQ SDUD HO PHMRU GHVDUUROOR GH ODV IXQFLRQHV 6H
YDORUDUiDGHPiVODFDSDFLGDGGHLQLFLDWLYDSURGXFWLYLGDG\QLYHOGH
UHVSRQVDELOLGDGGHODVSLUDQWH
5HVROXFLyQ\$GMXGLFDFLyQGHODSOD]D
/D FRQYRFDWRULD SRGUi VHU GHFODUDGD GHVLHUWD SRU DFXHUGR
PRWLYDGRFXDQGRQRFRQFXUUDQVROLFLWDQWHVLGyQHRVSDUDVXGHVHPSH
xR
(Q HO VXSXHVWR GH TXH ORV FRQFXUVDQWHV HOHJLGRV UHQXQFLDUDQ
DOFDUJRDQWHVGHODWRPDGHSRVHVLyQHOGLUHFWRUJHQHUDOGH5HFXUVRV
+XPDQRVGHODFRQVHOOHULDGH6DQLGDGIRUPXODUiQXHYDSURSXHVWDGH
QRPEUDPLHQWR
/DSHUVRQDTXHKXELHUDVLGRVHOHFFLRQDGDVSDUDRFXSDUHOSXHV
WRREMHWRGHODSUHVHQWHFRQYRFDWRULDTXHGDUiHQODVLWXDFLyQDGPLQLV
WUDWLYDTXHOHFRUUHVSRQGDVHJ~QVXYLQFXODFLyQ\UpJLPHQMXUtGLFRGH
SURFHGHQFLD
(OSHUVRQDOQRPEUDGRSDUDHOGHVHPSHxRGHXQSXHVWRGHWUD
EDMRSRUOLEUHGHVLJQDFLyQSRGUiVHUFHVDGRGLVFUHFLRQDOPHQWHSRUOD
DXWRULGDGTXHDFRUGyVXQRPEUDPLHQWR
5HFXUVRV
/D SUHVHQWHFRQYRFDWRULDVXV EDVHV \ FXDQWRV DFWRV DGPLQLVWUDWL
YRVVHDQGLFWDGRVHQVXHMHFXFLyQSRGUiQVHULPSXJQDGRVSRUORVLQWH
Núm
5509 / 10.05.2007
18780
SHUVRQHVLQWHUHVVDGHVSHUPLWMjGHODLQWHUSRVLFLyGHOUHFXUVFRQWHQFL
yVDGPLQLVWUDWLXGDYDQWGHOMXWMDWFRQWHQFLyVDGPLQLVWUDWLXTXHFRUUHV
SRQJDDOVHXGRPLFLOLRGDYDQWGHODVHXGHO-XWMDW&RQWHQFLyV$GPL
QLVWUDWLX GH OD FLXWDW GH 9DOqQFLD D OD VHXD HOHFFLy HQ HO WHUPLQL GH
GRV PHVRV FRPSWDGRUV D SDUWLU GH OD SXEOLFDFLy GH O¶DFWH UHFRUUHJXW
G¶DFRUGDPEHOTXHGLVSRVHQHOVDUWLFOHVLGHOD/OHL
GH GH QRYHPEUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOL
TXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~LWDPEpHOVDUWLFOHVL
GHODOOHLGHGHMXOLROUHJXODGRUDGHOD-XULVGLFFLy&RQ
WHQFLRVD$GPLQLVWUDWLYD
UHVDGRVPHGLDQWHODLQWHUSRVLFLyQGHOUHFXUVRFRQWHQFLRVRDGPLQLVWUD
WLYRDQWHHO-X]JDGRGHORFRQWHQFLRVRDGPLQLVWUDWLYRTXHFRUUHVSRQGD
D VX GRPLFLOLR R DQWH OD VHGH GHO -X]JDGR GH OR &RQWHQFLRVR$GPL
QLVWUDWLYRGHODFLXGDGGH9DOHQFLDDVXHOHFFLyQHQHOSOD]RGHGRV
PHVHVFRQWDGRVDSDUWLUGHODSXEOLFDFLyQGHODFWRUHFXUULGRGHFRQ
IRUPLGDGFRQORGLVSXHVWRHQORVDUW\GHOD/H\GH
GHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOL
FDV \ GHO 3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q DVt FRPR HQ ORV DUW
\GHODOH\GHGHMXOLRUHJXODGRUDGHOD-XULVGLFFLyQ
&RQWHQFLRVRDGPLQLVWUDWLYD
9DOqQFLD G¶DEULO GH (O GLUHFWRU JHQHUDO GH 5HFXUVRV
+XPDQV-RVp&DQR3DVFXDO
9DOHQFLD GH DEULO GH (O GLUHFWRU JHQHUDO GH 5HFXUVRV
+XPDQRV-RVp&DQR3DVFXDO
5509 / 10.05.2007
Núm
18781
$11(;,$1(;2,
62/Â/,&,78''¶$'0,66,Ï$/&21&8563(5$/$
3529,6,Ï '( 3/$&(6 '( ',5(&7256 '(
&(175(6 '( 6$/87 38%/,&$ '(3(1'(176 '(
/$&216(//(5,$'(6$1,7$7
62/,&,78''($'0,6,Ï1$/&21&85623$5$/$
3529,6,Ï1 '( 3/$=$6 '( ',5(&725(6 '(
&(17526'(6$/8'3Ò%/,&$'(3(1',(17(6'(
/$&216(//(5,$'(6$1,'$'
&2192&$7Ñ5,$
&2192&$725,$
'$7$'2*9
)(&+$'2*9
'$'(63(5621$/6'$7263(5621$/(6
'1,
'1,
35,0(5&2*120
35,0(5$3(//,'2
6(*21&2*120
6(*81'2$3(//,'2
'$7$'(1$,;(0(17
)(&+$'(1$&,0,(172
1$&,21$/,7$7
1$&,21$/,'$'
'20,&,/,081,&,3,
'20,&,/,2081,&,3,2
'20,&,/,3529Ë1&,$
'20,&,/,23529,1&,$
120
120%5(
'20,&,/,&$55(523/$d$,1Ò0(52
'20,&,/,2&$//(23/$d$<1Ò0(52
&2',3267$/
&2',*23267$/
&(175(2135(67$6(59(,6
&(1752'21'(35(67$6(59,&,26
7(/Ê)21$0%35(),;(
7(/e)21&2135(),-2
3529Ë1&,$&(175(
3529,1&,$&(1752
7(/Ê)21'(/&(175(2135(67$6(59(,6
7(/e)212'(/&(1752'21'(35(67$6(59,&,26
)$;0e635Ñ;,0
)$;0È635Ï;,02
(;326((;321*2
4XHWLQFWRWVHOUHTXLVLWVH[LJLWVSHUDFRQFXUVDUHQDTXHVWDFRQYRFDWzULD
4XHUH~QRWRGRVORVUHTXLVLWRVTXHVHH[LJHQSDUDFRQFXUVDUHQHVWDFRQYRFDWRULD
62/Â/,&,7(62/,&,72
4XH VLJD DGPHVD OD SUHVHQW VROÂOLFLWXG SHU D FRQFXUVDU D OHV SODFHV GH GLUHFWRUV GH FHQWUHV GH VDOXW
SXEOLFDGHSHQGHQWVGHOD&RQVHOOHULDGH6DQLWDWSHUDODTXDOFRVDDGMXQWHHOVGRFXPHQWVH[LJLWVHQOHVEDVHV
GHODFRQYRFDWzULDTXHDOGRUVHVUHODFLRQHQ
4XH VH DGPLWD OD SUHVHQWH VROLFLWXG SDUD FRQFXUVDU D ODV SOD]DV GH GLUHFWRUHV GH FHQWURV GH VDOXG
S~EOLFDGHSHQGLHQWHVGHOD&RQVHOOHULDGH6DQLGDGSDUDORTXHVHDFRPSDxDORVGRFXPHQWRVH[LJLGRVHQODV
EDVHVGHODFRQYRFDWRULDTXHDOGRUVRVHUHODFLRQDQ
/ORFLGDWD/XJDU\IHFKDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6LJQDWXUD)LUPD
&216(//(5,$'(6$1,7$7
',5(&&,Ï*(1(5$/'(5(&85626+80$16
Núm
5509 / 10.05.2007
18782
',5(&&,Ï*(1(5$/'(5(&85626+80$16
',5(&&,Ï1*(1(5$/'(5(&85626+80$126
5(/$&,Ï'('2&80(17648($'-817(
5(/$&,21'('2&80(172648($&203$f2
'1,
'1,
)272&Ñ3,$'(/$7,78/$&,Ï
)272&23,$'(/$7,78/$&,Ï1
$&5(',7$&,2'(/65(48,6,76
$&5(',7$&,Ï1'(/265(48,6,726
'2&80(17$&,Ï-867,),&$7,9$'(/60Ê5,76
'2&80(17$&,Ï1-867,),&$7,9$'(/260e5,726
Núm
5509 / 10.05.2007
18783
6ROÂOLFLWXGGHSODFHV6ROLFLWXGGHSOD]DV
1~P
G¶RUGUH1~P
GHRUGHQ
3ODoDVROÂOLFLWDGD3OD]DVROLFLWDGD
/RFDOLWDW/RFDOLGDG
Núm
5509 / 10.05.2007
8QLYHUVLWDWG¶$ODFDQW
18784
8QLYHUVLGDGGH$OLFDQWH
5(62/8&,Ï GH G¶DEULO GH GH OD 8QLYHUVLWDW
G¶$ODFDQW SHU OD TXDO V¶DGMXGLFD OD SODoD GH SURIHVVRU
FROÂODERUDGRUQ~PHUR'&HQO¶jUHDGHFRQHL[HPHQW
GH 7HRULD GH OD 6HQ\DO L &RPXQLFDFLRQV D -RVHS 'DYLG
%DOOHVWHU%HUPDQ>@
5(62/8&,Ï1GHGHDEULOGHGHOD8QLYHUVLGDG
GH$OLFDQWH SRU OD FXDO VH DGMXGLFD OD SOD]D GH SURIHVRU
FRODERUDGRUQ~PHUR'&HQHOiUHDGHFRQRFLPLHQ
WRGH7HRUtDGHOD6HxDO\&RPXQLFDFLRQHVD-RVHS'DYLG
%DOOHVWHU%HUPDQ>@
'HFRQIRUPLWDWDPEODEDVHGHVHQDGHOFRQFXUVGHSODFHVGHSHU
VRQDO GRFHQW L LQYHVWLJDGRU HQ UqJLP GH FRQWUDFWDFLy ODERUDO FRQYR
FDWSHUUHVROXFLyGHG¶RFWXEUHGH'2*9GHG¶RFWXEUHGH
LDSURSRVWDGHOD&RPLVVLyGH6HOHFFLy-XWMDGRUDGHODSODoDGH
SURIHVVRU FROÂODERUDGRU Q~P '& GH O¶jUHD GH FRQHL[HPHQW GH
7HRULDGHOD6HQ\DOL&RPXQLFDFLRQV'HSDUWDPHQWGH)tVLFD(QJLQ\H
ULDGH6LVWHPHVL7HRULDGHOD6HQ\DOV¶DGMXGLFDODSODoDGHSURIHVVRU
FROÂODERUDGRUQ~P'&D-RVHS'DYLG%DOOHVWHU%HUPDQ
'H FRQIRUPLGDG FRQ OD EDVH GpFLPD GHO FRQFXUVR GH SOD]DV GH
SHUVRQDO GRFHQWH H LQYHVWLJDGRU HQ UpJLPHQ GH FRQWUDWDFLyQ ODERUDO
FRQYRFDGRSRUUHVROXFLyQGHGHRFWXEUHGH'2*9GHGH
RFWXEUH GH \ D SURSXHVWD GH OD &RPLVLyQ GH 6HOHFFLyQ -X]JD
GRUD GH OD SOD]D GH SURIHVRU FRODERUDGRU Q~P '& GHO iUHD GH
FRQRFLPLHQWRGH7HRUtDGHOD6HxDO\&RPXQLFDFLRQHV'HSDUWDPHQWR
GH)tVLFD,QJHQLHUtDGH6LVWHPDV\7HRUtDGHOD6HxDOVHDGMXGLFDOD
SOD]DGHSURIHVRUFRODERUDGRUQ~P'&D-RVHS'DYLG%DOOHVWHU
%HUPDQ
&RQWUD OD SUHVHQWH UHVROXFLyQ TXH DJRWD OD YtD DGPLQLVWUDWLYD VH
SRGUi LQWHUSRQHU UHFXUVR FRQWHQFLRVRDGPLQLVWUDWLYR HQ HO SOD]R GH
GRVPHVHVDQWHOD6DODGHOR&RQWHQFLRVR$GPLQLVWUDWLYRGHO7ULEXQDO
6XSHULRUGH-XVWLFLDGHOD&RPXQLGDG9DOHQFLDQD
&RQWUD OD SUHVHQW 5HVROXFLy TXH HVJRWD OD YLD DGPLQLVWUDWLYD HV
SRGUjLQWHUSRVDUUHFXUVFRQWHQFLyVDGPLQLVWUDWLXHQHOWHUPLQLGHGRV
PHVRVGDYDQWGHOD6DOD&RQWHQFLyV$GPLQLVWUDWLXGHO7ULEXQDO6XSH
ULRUGH-XVWtFLDGHOD&RPXQLWDW9DOHQFLDQD
$ODFDQWG¶DEULOGH±(OUHFWRU,JQDFLR-LPpQH]5DQHGD
$OLFDQWHGHDEULOGH±(OUHFWRU,JQDFLR-LPpQH]5DQHGD
Núm
5509 / 10.05.2007
18785
8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD
8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD
5(62/8&,Ï GH G¶DEULO GH GH OD 8QLYHUVLWDW
3ROLWqFQLFD GH 9DOqQFLD SHU OD TXDO HV QRPHQD SHUVRQDO
IXQFLRQDUL GH FDUUHUD GHO JUXS % VHFWRU G¶DGPLQLVWUDFLy
HVSHFLDO FDWHJRULD WqFQLF PLWMj GH ODERUDWRUL HOV DVSL
UDQWVTXHKDQVXSHUDWOHVSURYHVVHOHFWLYHVFRQYRFDGHVSHU
5HVROXFLyGHGHPDLJGH'2&9GHOGLDGHMXQ\
GH SHO VLVWHPD GH FRQFXUV RSRVLFLy FRGL 3
)&&>@
5(62/8&,Ï1GHGHDEULOGHGHOD8QLYHUVLGDG
3ROLWpFQLFDGH9DOHQFLDSRUODTXHVHQRPEUDQIXQFLRQDUL
RVGHFDUUHUDGHOJUXSR%VHFWRUDGPLQLVWUDFLyQHVSHFLDO
FDWHJRUtD7pFQLFR0HGLRGH/DERUDWRULRDORVDVSLUDQWHV
TXH KDQ VXSHUDGR ODV SUXHEDV VHOHFWLYDV FRQYRFDGDV SRU
5HVROXFLyQGHGHPD\RGH'2&9GHGHMXQLRGH
SRUHOVLVWHPDGHFRQFXUVRRSRVLFLyQFyGLJR
3)&&>@
&RQFORVHV OHV SURYHV VHOHFWLYHV G¶DFFpV DO JUXS % VHFWRU G¶DG
PLQLVWUDFLy HVSHFLDO FDWHJRULD WqFQLF PLWMj GH ODERUDWRUL G¶DTXHVWD
8QLYHUVLWDW 3ROLWqFQLFD GH9DOqQFLD SHO VLVWHPD GH FRQFXUV RSRVLFLy
FRQYRFDGHVSHU5HVROXFLyGHGHPDLJGH'2&9GHOGLDGH
MXQ\GHLSUHVHQWDGDSHOVDVSLUDQWVODGRFXPHQWDFLyH[LJLGDHQ
OD 5HVROXFLy GH GH PDUo GH '2&9 GHO GLD GH PDUo GH
SHUODTXDOHVSXEOLTXHQGHILQLWLYDPHQWHOVQRPVGHOVDVSLUDQWV
TXHKDQVXSHUDWDTXHVWHVSURYHVVHOHFWLYHVDTXHVW5HFWRUDWGHFRQIRU
PLWDWDPEHOTXHGLVSRVDHO7H[W5HIyVGHOD/OHLGHOD)XQFLy3~EOLFD
9DOHQFLDQDHQO¶DUWLFOHUHVRO
&RQFOXLGDV ODV SUXHEDV VHOHFWLYDV GH DFFHVR DO JUXSR % VHFWRU
DGPLQLVWUDFLyQ HVSHFLDO FDWHJRUtD 7pFQLFR 0HGLR GH /DERUDWRULR GH
HVWD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDSRUHOVLVWHPDGHFRQFXUVR
RSRVLFLyQFRQYRFDGDVSRU5HVROXFLyQGHGHPD\RGH'2&9
GHGHMXQLRGH\KDELHQGRSUHVHQWDGRORVDVSLUDQWHVODGRFX
PHQWDFLyQH[LJLGDHQOD5HVROXFLyQGHGHPDU]RGH'2&9
GH GH PDU]R GH SRU OD TXH VH SXEOLFDQ GHILQLWLYDPHQWHORV
QRPEUHVGHORVDVSLUDQWHVTXHKDQVXSHUDGRHVWDVSUXHEDVVHOHFWLYDV
HVWH 5HFWRUDGR GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO 7H[WR 5HIXQ
GLGR GH OD /H\ GH OD )XQFLyQ 3~EOLFD 9DOHQFLDQD HQ VX DUWtFXOR UHVXHOYH
3ULPHU
1RPHQDUSHUVRQDOIXQFLRQDULGHFDUUHUDGHOJUXS%VHFWRUG¶DGPL
QLVWUDFLyHVSHFLDOFDWHJRULDWqFQLFPLWMjGHODERUDWRULG¶DTXHVWD8QL
YHUVLWDW3ROLWqFQLFDOHVSHUVRQHVTXHILJXUHQHQO¶DQQH[,LDVVLJQDU
ORVODGHVWLQDFLyGHILQLWLYDTXHKLILJXUD
3ULPHUR
1RPEUDU IXQFLRQDULRV GH FDUUHUD GHO JUXSR % VHFWRU DGPLQLVWUD
FLyQ HVSHFLDO FDWHJRUtD 7pFQLFR 0HGLR GH /DERUDWRULR GH HVWD 8QL
YHUVLGDG3ROLWpFQLFDDODVSHUVRQDVTXHILJXUDQHQHODQH[R,DVLJQiQ
GROHVHOGHVWLQRGHILQLWLYRTXHILJXUDHQHOPLVPR
6HJRQ
/HVSHUVRQHVTXHFRQVWHQHQO¶DQQH[,KDXUDQGHSUHQGUHSRVVHVVLy
GHODGHVWLQDFLyDGMXGLFDGDDPEHIHFWHGHVGHOGLDGHPDLJGH
&RQWUD DTXHVW DFWH TXH pV GHILQLWLX HQ OD YLD DGPLQLVWUDWLYD OHV
SHUVRQHVLQWHUHVVDGHVSRGUDQLQWHUSRVDUXQUHFXUVFRQWHQFLyVDGPLQLV
WUDWLXGDYDQWHOVzUJDQVGHODMXULVGLFFLyFRQWHQFLRVDDGPLQLVWUDWLYDGH
OD&RPXQLWDW9DOHQFLDQDHQHOWHUPLQLGHGRVPHVRVFRPSWDGRUVGHV
GH O¶HQGHPj GH OD SXEOLFDFLy G¶DFRUG DPE HO TXH V¶HVWDEOHL[ HQ HOV
DUWLFOHV L GH OD /OHL GH GH QRYHPEUH GH 5qJLP
-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLV
WUDWLX &RP~ VHJRQV OD UHGDFFLy PRGLILFDGD SHU OD /OHL DL[t
FRPHOVDUWLFOHVLGHOD/OHLGHGHMXOLRO5HJXODGR
UDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYDLSRWHVWDWLYDPHQWHV
SRGUjLQWHUSRVDUXQUHFXUVGHUHSRVLFLyHQHOWHUPLQLG¶XQPHVGDYDQW
G¶DTXHVWUHFWRUDWGHFRQIRUPLWDWDPEHOTXHHVGLVSRVDHQHOVDUWLFOHV
LGHO¶HVPHQWDGD/OHLVHJRQVODUHGDFFLyPRGLILFDGD
SHUOD/OHL
6HJXQGR
/DVSHUVRQDVTXHFRQVWDQHQHODQH[R,GHEHUiQWRPDUSRVHVLyQGHO
GHVWLQRDGMXGLFDGRFRQHIHFWRVGHOGtDGHPD\RGH
&RQWUDHOSUHVHQWHDFWRTXHHVGHILQLWLYRHQODYtDDGPLQLVWUDWLYD
SRGUiQ ORV LQWHUHVDGRV LQWHUSRQHU UHFXUVR FRQWHQFLRVRDGPLQLVWUDWLYR
HQ HO SOD]R GH GRV PHVHV FRQWDGRV D SDUWLU GHO GtD VLJXLHQWH DO GH VX
SXEOLFDFLyQDQWHORVyUJDQRVGHOD-XULVGLFFLyQ&RQWHQFLRVR$GPLQLV
WUDWLYDGHOD&RPXQLGDG9DOHQFLDQDGHFRQIRUPLGDGFRQORHVWDEOHFL
GRHQORVDUWtFXORV\GHOD/H\GHGHQRYLHPEUH
GH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFH
GLPLHQWR$GPLQLVWUDWLYR &RP~Q VHJ~Q UHGDFFLyQ PRGLILFDGD SRU OD
/H\DVtFRPRORVDUWtFXORV\GHOD/H\GH
GH MXOLR 5HJXODGRUD GH OD -XULVGLFFLyQ &RQWHQFLRVR$GPLQLVWUDWLYD
\ SRWHVWDWLYDPHQWH SRGUiQ LQWHUSRQHU HO UHFXUVR GH UHSRVLFLyQ HQ HO
SOD]RGHXQPHVDQWHHVWHUHFWRUDGRGHFRQIRUPLGDGFRQORVDUWtFXORV
\GHODUHIHULGD/H\VHJ~QVXUHGDFFLyQPRGLILFDGD
SRUOD/H\
9DOqQFLDG¶DEULOGH±(OUHFWRUGHOD8QLYHUVLWDW3ROLWqFQL
FDGH9DOqQFLD-XDQ-XOLi,JXDO
9DOHQFLDGHDEULOGH±(OUHFWRUGHOD8QLYHUVLGDG3ROLWpF
QLFDGH9DOHQFLD-XDQ-XOLi,JXDO
$11(;,
1RPHQDPHQWFRPDSHUVRQDOIXQFLRQDULGHFDUUHUDGHOJUXS%VHFWRUG¶DGPLQLVWUDFLyHVSHFLDO
FDWHJRULDWqFQLFPLWMjGHODERUDWRULLDGMXGLFDFLyGHGHVWLQDFLy
7RUQ/OLXUH
&RJQRPVLQRP
3RQV$OLDJD'DYLG
5RYLUD%OD\-RDTXtQ0
'1,
<
$
&RGL
GHOOORF
3)
3)
'HQRPLQDFLyGHOOORF
7qFQLF0LWMjGH/DERUDWRUL
7pFQLFR0LWMjGH/DERUDWRUL
8QLWDW
'0HFjQLFDGHOV0HGLV
&RQWLQXVL7HRULDG¶(VWUXFWXUHV
'0HFjQLFDGHOV0HGLV
&RQWLQXVL7HRULDG¶(VWUXFWXUHV
&HQWUHGHGHVWLQDFLy
(76(G¶,QGXVWULDOV
(76(G¶,QGXVWULDOV
Núm
5509 / 10.05.2007
18786
$1(;2,
1RPEUDPLHQWRFRPRIXQFLRQDULRVGHFDUUHUDGHOJUXSR%GHOVHFWRUGHDGPLQLVWUDFLyQHVSHFLDO
FDWHJRUtD7pFQLFR0HGLRGH/DERUDWRULR\DGMXGLFDFLyQGHGHVWLQR
7XUQR/LEUH
$SHOOLGRV\QRPEUH
3RQV$OLDJD'DYLG
5RYLUD%OD\-RDTXtQ0
'1,
<
$
&yGLJR
GHOSXHVWR
3)
3)
'HQRPLQDFLyQGHOSXHVWR
7pFQLFR0HGLRGH/DERUDWRULR
7pFQLFR0HGLRGH/DERUDWRULR
8QLGDG
&HQWURGHGHVWLQR
'0HFiQLFDGHORV0HGLRV
&RQWLQXRV\7HRUtDGH(VWUXFWXUDV (76,,QGXVWULDOHV
'0HFiQLFDGHORV0HGLRV
&RQWLQXRV\7HRUtDGH(VWUXFWXUDV (76,,QGXVWULDOHV
Núm
5509 / 10.05.2007
8QLYHUVLWDWGH9DOqQFLD
18787
8QLYHUVLWDWGH9DOqQFLD
5(62/8&,ÏGHGHPDUoGHGHOD8QLYHUVLWDWGH
9DOqQFLD SHU OD TXDO HV QRPHQD &pVDU $QWRQLR &DVFDQ
WH )HUQiQGH] SURIHVVRU WLWXODU G¶XQLYHUVLWDW GH O¶jUHD
GH FRQHL[HPHQW ©'LGjFWLFD L 2UJDQLW]DFLy (VFRODUª
5(62/8&,Ï1 GH GH PDU]R GH GH OD 8QLYHUVLWDW
GH9DOqQFLDSRUODTXHVHQRPEUD D&pVDU$QWRQLR&DV
FDQWH)HUQiQGH]SURIHVRUWLWXODUGHXQLYHUVLGDGGHOiUHD
GH FRQRFLPLHQWR ©'LGiFWLFD \ 2UJDQL]DFLyQ (VFRODUª
>@
>@
'¶DFRUG DPE OD SURSRVWD IRUPXODGD SHU OD FRPLVVLy HQFDUUHJDGD
GHMXWMDUHOFRQFXUVG¶DFFpVFRQYRFDWSHU5HVROXFLyGHOD8QLYHUVLWDW
GH9DOqQFLDGHGDWDGHGHVHPEUHGH%2(GHGHVHPEUHGH
SHUDODSURYLVLyGHODSODoDQžGH3URIHVVRU7LWXODUG¶8QL
YHUVLWDWFRQFXUVQ~PLXQDYHJDGDTXHHOFRQFXUVDQWSUR
SRVDWKDDFUHGLWDWTXHSRVVHHL[WRWVHOUHTXLVLWVHVWDEOHUWVDODEDVH
GHODFRQYRFDWzULD
$TXHVW5HFWRUDWIHQW~VGHOHVDWULEXFLRQVTXHOLFRQIHUHL[O¶DUWL
FOHGHOD/OHL2UJjQLFDGHGHGHVHPEUHG¶8QLYHUVLWDWV
%2( GH GHVHPEUH L DOWUHV GLVSRVLFLRQV TXH OD GHVSOHJXHQ UHVRO
QRPHQDU&pVDU$QWRQLR&DVFDQWH)HUQiQGH]3URIHVVRU7LWXODUG¶8QL
YHUVLWDWGHO¶jUHDGHFRQHL[HPHQW©'LGjFWLFDL2UJDQLW]DFLy(VFRODUª
DGVFULWDDOGHSDUWDPHQW'LGjFWLFDL2UJDQLW]DFLy(VFRODU
&RQWUD OD SUHVHQW UHVROXFLy TXH HVJRWD OD YLD DGPLQLVWUDWLYD HV
SRGUjLQWHUSRVDUUHFXUVSRWHVWDWLXGHUHSRVLFLyDQWHHOUHFWRUGHOD8QL
YHUVLWDWGH9DOqQFLDHQHOWHUPLQLGHXQPHVGHVGHODVHXDSXEOLFDFLy
HQHO%ROHWtQ2ILFLDOGHO(VWDGRRLQWHUSRVDUUHFXUVFRQWHQFLyVDGPL
QLVWUDWLX DQWH HO -XWMDW GH OR FRQWHQFLyV DGPLQLVWUDWLX GH 9DOqQFLD HQ
HOWHUPLQLGHGRVPHVRVGHVGHODVHXDSXEOLFDFLyHQHO%ROHWtQ2ILFLDO
GHO(VWDGR
9DOqQFLDGHPDUoGH±(OUHFWRU)UDQFLVFR7RPiV9HUW
'H FRQIRUPLGDG FRQ OD SURSXHVWD IRUPXODGD SRU OD &RPLVLyQ
HQFDUJDGDGHMX]JDUHOFRQFXUVRGHDFFHVRFRQYRFDGRSRU5HVROXFLyQ
GHOD8QLYHUVLWDWGH9DOqQFLDGHGHGLFLHPEUHGH%2(GH
GHGLFLHPEUHGHSDUDODSURYLVLyQGHODSOD]DQžGH3URIHVRU
7LWXODU GH 8QLYHUVLGDG FRQFXUVR Qž \ XQD YH] DFUHGLWDGR
SRU HO FRQFXUVDQWH SURSXHVWR TXH UH~QH ORV UHTXLVLWRV D TXH DOXGH OD
EDVHGHODFRQYRFDWRULD
(VWH5HFWRUDGRHQXVRGHODVDWULEXFLRQHVFRQIHULGDVSRUHODUWtFX
ORGHOD/H\2UJiQLFDGHGHGLFLHPEUHGH8QLYHUVLGD
GHV%2(GHGLFLHPEUH\GHPiVGLVSRVLFLRQHVTXHODGHVDUUROODQ
KD UHVXHOWR QRPEUDU D &pVDU$QWRQLR &DVFDQWH )HUQiQGH] 3URIHVRU
7LWXODUGH 8QLYHUVLGDG GHO iUHD GH FRQRFLPLHQWR©'LGiFWLFD\ 2UJD
QL]DFLyQ (VFRODUªª DGVFULWD DO 'HSDUWDPHQWR GH 'LGiFWLFD \ 2UJDQL
]DFLyQ(VFRODU
&RQWUD OD SUHVHQWH UHVROXFLyQ TXH DJRWD OD YtD DGPLQLVWUDWLYD
SRGUiLQWHUSRQHUVHUHFXUVRSRWHVWDWLYRGHUHSRVLFLyQDQWHHOUHFWRUGH
OD8QLYHUVLWDWGH9DOqQFLDHQHOSOD]RGHXQPHVGHVGHVXSXEOLFDFLyQ
R LQWHUSRQHU UHFXUVR FRQWHQFLRVR DGPLQLVWUDWLYR DQWH HO -X]JDGR GH
OR&RQWHQFLRVR$GPLQLVWUDWLYRGH9DOHQFLDHQHOSOD]RGHGRVPHVHV
GHVGHVXSXEOLFDFLyQHQHO%ROHWtQ2ILFLDOGHO(VWDGR
9DOHQFLDGHPDU]RGH±(OUHFWRU)UDQFLVFR7RPiV9HUW
Núm
5509 / 10.05.2007
&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHV
5(62/8&,ÏGHG¶DEULOGHGHOD'LUHFFLy*HQH
UDOG¶$GPLQLVWUDFLy$XWRQzPLFDGHOD&RQVHOOHULDGH-XV
WtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOVH
FLWHQOHVSHUVRQHVLQWHUHVVDGHVHQHOSURFHGLPHQWDGPLQLV
WUDWLXGHUHIHUqQFLDDFRPSDUpL[HUHQODYLDMXULVGLFFLRQDO
>@
18788
&RQVHOOHULDGH-XVWtFLD,QWHULRU
\$GPLQLVWUDFLRQHV3~EOLFDV
5(62/8&,Ï1 GH GH DEULO GH GH OD 'LUHFFLyQ
*HQHUDO GH $GPLQLVWUDFLyQ $XWRQyPLFD GH OD &RQVHOOH
ULD GH -XVWLFLD ,QWHULRU \$GPLQLVWUDFLRQHV 3~EOLFDV SRU
OD TXH VH HPSOD]D D ORV LQWHUHVDGRV HQ HO SURFHGLPLHQWR
DGPLQLVWUDWLYRGHUHIHUHQFLDDFRPSDUHFHUHQODYtDMXULV
GLFFLRQDO>@
(O -XWMDW &RQWHQFLyV $GPLQLVWUDWLX Q~PHUR GH 9DOqQFLD KD
UHFODPDW G¶DTXHVW &HQWUH 'LUHFWLX O¶H[SHGLHQW UHIHULW DO SURFHGLPHQW
VHJHQW
5HFXUV&RQWHQFLyV$GPLQLVWUDWLX3$Q~P
5HFXUUHQW&RQIHGHUDFLy6LQGLFDOGH&RPLVVLRQV2EUHUHVGHO3DtV
9DOHQFLj
,QWHUHVVDWV 3OXUDOLWDW LQGHWHUPLQDGD GH SHUVRQHV HOV GUHWV R LQWH
UHVVRV OHJtWLPV GH OHV TXDOV SRJXHUHQ TXHGDU DIHFWDWV SHU O¶HVWLPDFLy
GHOHVSUHWHQVLRQVGHOGHPDQGDQW
'HVFULSFLy 5HFXUV &RQWHQFLyV $GPLQLVWUDWLX LQWHUSRVDW FRQWUD
O¶2UGHGHG¶RFWXEUHGHGHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL
$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHVFRQYRTXHQSURYHVVHOHFWLYHV
G¶DFFpVDOJUXS(VHFWRUODERUDODMXGDQWGHFXLQDSHOWRUQGHGLVFD
SDFLWDWV &RQYRFDWzULD FRUUHVSRQHQWV D O¶2IHUWD G¶2FXSDFLy
3~EOLFDGHOD*HQHUDOLWDWGH
'¶DFRUG DPE HO TXH SUHYHX O¶DUWLFOH GH OD /OHL 5HJXODGRUD GH
OD -XULVGLFFLy &RQWHQFLRVD$GPLQLVWUDWLYD V¶DFRUGD UHPHWUH DO -XWMDW
O¶H[SHGLHQW DGPLQLVWUDWLX GH UHIHUqQFLD L FLWDU OHV SHUVRQHV LQWHUHVVD
GHV HQ HO SURFHGLPHQW GHVFULW SHU WDO TXH ±GHJXGDPHQW UHSUHVHQWDWV
HQ OD IRUPD HVWDEOLGD HQ O¶DUW GH OD /OHL -XULVGLFFLRQDO± SXJXHQ
FRPSDUpL[HU HQ DTXHVWD YLD HQ HO WHUPLQL GH QRX GLHV VL KR HVWLPHQ
FRQYHQLHQWSHUPLWMjG¶XQHVFULWHQODIRUPDGHJXGDGLULJLWDO¶zUJDQ
MXULVGLFFLRQDOFLWDW(VIDFRQVWDUQRREVWDQWDL[zTXHOD*HQHUDOLWDW
UHSUHVHQWDGDSHOVOOHWUDWVGHO¶$GYRFDFLD*HQHUDOFRPSDUHL[HQDTXHVW
5HFXUVHQGHIHQVDGHOPDQWHQLPHQWGHO¶DFWHLPSXJQDW
(O-X]JDGRGHOR&RQWHQFLRVRDGPLQLVWUDWLYRQ~PHURGH9DOHQ
FLD KD UHFODPDGR GH HVWH &HQWUR 'LUHFWLYR HO H[SHGLHQWH UHIHULGR DO
SURFHGLPLHQWRVLJXLHQWH
5HFXUVRFRQWHQFLRVRDGPLQLVWUDWLYR3$Q~P
5HFXUUHQWH &RQIHGHUDFLyQ 6LQGLFDO GH &RPLVLRQHV 2EUHUDV GHO
3DtV9DOHQFLDQR
,QWHUHVDGRV3OXUDOLGDGLQGHWHUPLQDGDGHSHUVRQDVFX\RVGHUHFKRV
y LQWHUHVHV OHJtWLPRV SXGLHUDQ TXHGDU DIHFWDGRV SRU OD HVWLPDFLyQ GH
ODVSUHWHQVLRQHVGHOGHPDQGDQWH
'HVFULSFLRQ 5HFXUVR FRQWHQFLRVRDGPLQLVWUDWLYR LQWHUSXHVWR
FRQWUD2UGHQGHGHRFWXEUHGHGHODFRQVHOOHULDGH-XVWLFLD
,QWHULRU \$GPLQLVWUDFLRQHV 3~EOLFDV SRU OD TXH VH FRQYRFDQ SUXHEDV
VHOHFWLYDV GH DFFHVR DO *UXSR ( VHFWRU ODERUDO$\XGDQWH GH &RFLQD
SRUHOWXUQRGHGLVFDSDFLWDGRV&RQYRFDWRULDFRUUHVSRQGLHQWHV
DODRIHUWDGHHPSOHRS~EOLFRGHOD*HQHUDOLWDWGH
'HDFXHUGRFRQORSUHYLVWRHQHODUWtFXORGHOD/H\5HJXODGRUD
GH OD -XULVGLFFLyQ &RQWHQFLRVR$GPLQLVWUDWLYD VH DFXHUGD UHPLWLU DO
-X]JDGR HO H[SHGLHQWH DGPLQLVWUDWLYR GH UHIHUHQFLD \ HPSOD]DU D ORV
LQWHUHVDGRV HQ HO SURFHGLPLHQWR GHVFULWR D ILQ GH TXH ±GHELGDPHQWH
UHSUHVHQWDGRVHQODIRUPDHVWDEOHFLGDHQHODUWGHOD/H\-XULVGLF
FLRQDO± SXHGDQ FRPSDUHFHU HQ HVWD YtD HQ HO SOD]R GH QXHYH GtDV VL
OR HVWLPDQ FRQYHQLHQWH SRU PHGLR GH XQ HVFULWR HQ OD IRUPD GHELGD
GLULJLGRDOyUJDQRMXULVGLFFLRQDOFLWDGR6HKDFHFRQVWDUQRREVWDQWH
TXHOD*HQHUDOLWDWUHSUHVHQWDGDSRUORV/HWUDGRVGHOD$ERJDFtD*HQH
UDOFRPSDUHFHHQHVWHUHFXUVRHQGHIHQVDGHOPDQWHQLPLHQWRGHODFWR
LPSXJQDGR
9DOqQFLDG¶DEULOGH±(OGLUHFWRUJHQHUDOG¶$GPLQLVWUDFLy
$XWRQzPLFD0LJXHO$QWRQLR&UHVSR0DU]DO
9DOHQFLDGHDEULOGH±(OGLUHFWRUJHQHUDOGH$GPLQLVWUD
FLyQ$XWRQyPLFD0LJXHO$QWRQLR&UHVSR0DU]DO
Núm
5509 / 10.05.2007
&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHV
5(62/8&,ÏGHG¶DEULOGHGHOD'LUHFFLy*HQH
UDOG¶$GPLQLVWUDFLy$XWRQzPLFDGHOD&RQVHOOHULDGH-XV
WtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOVH
FLWHQOHVSHUVRQHVLQWHUHVVDGHVHQHOSURFHGLPHQWDGPLQLV
WUDWLXGHUHIHUqQFLDDFRPSDUpL[HUHQODYLDMXULVGLFFLRQDO
>@
(O -XWMDW &RQWHQFLyV $GPLQLVWUDWLX Q~PHUR GH 9DOqQFLD KD
UHFODPDW G¶DTXHVW &HQWUH 'LUHFWLX O¶H[SHGLHQW UHIHULW DO SURFHGLPHQW
VHJHQW
5HFXUV&RQWHQFLyV$GPLQLVWUDWLX3$Q~P
5HFXUUHQW&RQIHGHUDFLy6LQGLFDOGH&RPLVVLRQV2EUHUHVGHO3DtV
9DOHQFLj
,QWHUHVVDWV 3OXUDOLWDW LQGHWHUPLQDGD GH SHUVRQHV HOV GUHWV R LQWH
UHVVRV OHJtWLPV GH OHV TXDOV SRJXHUHQ TXHGDU DIHFWDWV SHU O¶HVWLPDFLy
GHOHVSUHWHQVLRQVGHOGHPDQGDQW
'HVFULSFLy 5HFXUV &RQWHQFLyV $GPLQLVWUDWLX LQWHUSRVDW FRQWUD
2UGHGHG¶RFWXEUHGHGHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL
$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHVFRQYRTXHQSURYHVVHOHFWLYHV
G¶DFFpV DO JUXS ( VHFWRU ODERUDO DMXGDQW GH UHVLGqQFLDVHUYHLV WRUQ
G¶DFFpV OOLXUH &RQYRFDWzULD FRUUHVSRQHQWV D O¶2IHUWD G¶2FX
SDFLy3~EOLFDGHOD*HQHUDOLWDWGH
'¶DFRUG DPE HO TXH SUHYHX O¶DUW GH OD /OHL 5HJXODGRUD GH OD
-XULVGLFFLy &RQWHQFLRVD $GPLQLVWUDWLYD V¶DFRUGD UHPHWUH DO -XWMDW
O¶H[SHGLHQW DGPLQLVWUDWLX GH UHIHUqQFLD L FLWDU OHV SHUVRQHV LQWHUHVVD
GHV HQ HO SURFHGLPHQW GHVFULW SHU WDO TXH ±GHJXGDPHQW UHSUHVHQWDWV
HQ OD IRUPD HVWDEOLGD HQ O¶DUW GH OD /OHL -XULVGLFFLRQDO± SXJXHQ
FRPSDUpL[HU HQ DTXHVWD YLD HQ HO WHUPLQL GH QRX GLHV VL KR HVWLPHQ
FRQYHQLHQWSHUPLWMjG¶XQHVFULWHQODIRUPDGHJXGDGLULJLWDO¶zUJDQ
MXULVGLFFLRQDOFLWDW(VIDFRQVWDUQRREVWDQWDL[zTXHOD*HQHUDOLWDW
UHSUHVHQWDGDSHOVOOHWUDWVGHO¶$GYRFDFLD*HQHUDOFRPSDUHL[HQDTXHVW
UHFXUVHQGHIHQVDGHOPDQWHQLPHQWGHO¶DFWHLPSXJQDW
9DOqQFLDG¶DEULOGH(OGLUHFWRUJHQHUDOG¶$GPLQLVWUDFLy
$XWRQzPLFD0LJXHO$QWRQLR&UHVSR0DU]DO
18789
&RQVHOOHULDGH-XVWtFLD,QWHULRU
\$GPLQLVWUDFLRQHV3~EOLFDV
5(62/8&,Ï1 GH GH DEULO GH GH OD 'LUHFFLyQ
*HQHUDO GH $GPLQLVWUDFLyQ $XWRQyPLFD GH OD &RQVHOOH
ULD GH -XVWLFLD ,QWHULRU \$GPLQLVWUDFLRQHV 3~EOLFDV SRU
OD TXH VH HPSOD]D D ORV LQWHUHVDGRV HQ HO SURFHGLPLHQWR
DGPLQLVWUDWLYRGHUHIHUHQFLDDFRPSDUHFHUHQODYtDMXULV
GLFFLRQDO>@
(O-X]JDGRGHOR&RQWHQFLRVRDGPLQLVWUDWLYRQ~PHURGH9DOHQ
FLD KD UHFODPDGR GH HVWH &HQWUR 'LUHFWLYR HO H[SHGLHQWH UHIHULGR DO
SURFHGLPLHQWRVLJXLHQWH
5HFXUVRFRQWHQFLRVRDGPLQLVWUDWLYR3$Qž
5HFXUUHQWH &RQIHGHUDFLyQ 6LQGLFDO GH &RPLVLRQHV 2EUHUDV GHO
3DtV9DOHQFLDQR
,QWHUHVDGRV3OXUDOLGDGLQGHWHUPLQDGDGHSHUVRQDVFX\RVGHUHFKRV
y LQWHUHVHV OHJtWLPRV SXGLHUDQ TXHGDU DIHFWDGRV SRU OD HVWLPDFLyQ GH
ODVSUHWHQVLRQHVGHOGHPDQGDQWH
'HVFULSFLRQ5HFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRLQWHUSXHVWRFRQ
WUD2UGHQGHGHRFWXEUHGHGHODFRQVHOOHULDGH-XVWLFLD,QWH
ULRU\$GPLQLVWUDFLRQHV3~EOLFDVSRUODTXH
VHFRQYRFDQSUXHEDVVHOHFWLYDVGHDFFHVRDO*UXSR(VHFWRUODER
UDO$\XGDQWH GH 5HVLGHQFLD6HUYLFLRV WXUQR GH DFFHVR OLEUH &RQYR
FDWRULD FRUUHVSRQGLHQWHV D OD RIHUWD GH HPSOHR S~EOLFR GH OD
*HQHUDOLWDWGH
'H DFXHUGR FRQ OR SUHYLVWR HQ HO DUW GH OD /H\ 5HJXODGRUD
GH OD -XULVGLFFLyQ &RQWHQFLRVR$GPLQLVWUDWLYD VH DFXHUGD UHPLWLU DO
-X]JDGR HO H[SHGLHQWH DGPLQLVWUDWLYR GH UHIHUHQFLD \ HPSOD]DU D ORV
LQWHUHVDGRV HQ HO SURFHGLPLHQWR GHVFULWR D ILQ GH TXH ±GHELGDPHQWH
UHSUHVHQWDGRVHQODIRUPDHVWDEOHFLGDHQHODUWGHOD/H\-XULVGLF
FLRQDO± SXHGDQ FRPSDUHFHU HQ HVWD YtD HQ HO SOD]R GH QXHYH GtDV VL
OR HVWLPDQ FRQYHQLHQWH SRU PHGLR GH XQ HVFULWR HQ OD IRUPD GHELGD
GLULJLGRDOyUJDQRMXULVGLFFLRQDOFLWDGR6HKDFHFRQVWDUQRREVWDQWH
TXHOD*HQHUDOLWDWUHSUHVHQWDGDSRUORV/HWUDGRVGHOD$ERJDFtD*HQH
UDOFRPSDUHFHHQHVWHUHFXUVRHQGHIHQVDGHOPDQWHQLPLHQWRGHODFWR
LPSXJQDGR
9DOHQFLDGHDEULOGH(OGLUHFWRUJHQHUDOGH$GPLQLVWUD
FLyQ$XWRQyPLFD0LJXHO$QWRQLR&UHVSR0DU]DO
Núm
5509 / 10.05.2007
&RQVHOOHULDGH7HUULWRULL+DELWDWJH
18790
&RQVHOOHULDGH7HUULWRULR\9LYLHQGD
5(62/8&,ÏGHGHPDUoGHGHOD'LUHFFLy*HQH
UDOGH4XDOLWDW$PELHQWDOSHUODTXDOHVFDQYLDODWLWXOD
ULWDW GH O¶DXWRULW]DFLy DPELHQWDO LQWHJUDGD FRQFHGLGD D
:HQGHO (PDLO ,EpULFD 6$ SHU D OD IDEULFDFLy G¶HVPDOWV
FHUjPLFV L IULWHV HQ HO WHUPH PXQLFLSDO GH 1XOHV D IDYRU
GH.HUDIULW6$>@
5(62/8&,Ï1 GH GH PDU]R GH GH OD 'LUHFFLyQ
*HQHUDO GH &DOLGDG $PELHQWDO SRU OD TXH VH SURFHGH DO
FDPELR GH WLWXODULGDG GH OD DXWRUL]DFLyQ DPELHQWDO LQWH
JUDGD FRQFHGLGD D :HQGHO (PDLO ,EpULFD 6$ SDUD OD
IDEULFDFLyQ GH HVPDOWHV FHUiPLFRV \ IULWDV HQ HO WpUPLQR
PXQLFLSDOGH1XOHVDIDYRUGH.HUDIULW6$>@
9LVWDODVROÂOLFLWXGGHFDQYLGHWLWXODULWDWGHO¶DXWRULW]DFLyDPELHQ
WDOLQWHJUDGDDPEQ~PHUR$$,&9FRQFHGLGDD:HQGHO(PDLO
,EpULFD6$SHUDODLQVWDOÂODFLyGHIDEULFDFLyG¶HVPDOWVFHUjPLFVLIUL
WHVXELFDGDHQODFDUUHWHUD1NPGH1XOHV&DVWHOOySUHVHQ
WDGDSHU0DQXHO2OLYHU0DUWtQH]HQQRPLUHSUHVHQWDFLyGHO¶HPSUH
VD.HUDIULW6$DPE&,)$V¶HPHWODVHJHQWSURSRVWDGH
UHVROXFLy
9LVWDODVROLFLWXGGHFDPELRGHWLWXODULGDGGHODDXWRUL]DFLyQDPEL
HQWDO LQWHJUDGD FRQ Q~PHUR $$,&9 FRQFHGLGD D :HQGHO
(PDLO ,EpULFD 6$ SDUD OD LQVWDODFLyQ GH IDEULFDFLyQ GH HVPDOWHV
FHUiPLFRV \ IULWDV XELFDGD HQ OD &DUUHWHUD 1 NP GH 1XOHV
&DVWHOOyQ SUHVHQWDGD SRU 0DQXHO 2OLYHU 0DUWtQH] HQ QRPEUH \
UHSUHVHQWDFLyQ GH OD HPSUHVD .HUDIULW 6$ FRQ &,)$ VH
HPLWHODVLJXLHQWHSURSXHVWDGHUHVROXFLyQ
$QWHFHGHQWVGHIHW
3ULPHU3HUUHVROXFLyGHGDWDGHIHEUHUGHOGHOD'LUHFFLy
*HQHUDOGH4XDOLWDW$PELHQWDOOLYDVHUFRQFHGLGDO¶DXWRULW]DFLyDPEL
HQWDOLQWHJUDGDDPEQ~PHURGHUHIHUqQFLD$$,&9DO¶HPSUH
VD:HQGHO(PDLO,EpULFD6$SHUDODIDEULFDFLyG¶HVPDOWVFHUjPLFVL
IULWHVHQHOWHUPHPXQLFLSDOGH1XOHV&DVWHOOy
6HJRQ$PE GDWD GH PDUo GHO 0DQXHO 2OLYHU 0DUWtQH]
HQ UHSUHVHQWDFLy GH O¶HPSUHVD :HQGHO (PDLO ,EpULFD 6$ DPE &,)
$SUHVHQWDDODFRQVHOOHULDGH7HUULWRULL+DELWDWJHODVRO
OLFLWXGGHFDQYLGHWLWXODULWDW
$OVDQWHULRUVIHWVV¶DSOLTXHQHOVVHJHQWV
IRQDPHQWVGHGUHW
$QWHFHGHQWHVGHKHFKR
3ULPHUR 3RU UHVROXFLyQ GH IHFKD GH IHEUHUR GH GH OD
'LUHFFLyQ*HQHUDOGH&DOLGDG$PELHQWDOOHIXHFRQFHGLGDODDXWRUL]D
FLyQDPELHQWDOLQWHJUDGDFRQQ~PHURGHUHIHUHQFLD$$,&9D
ODHPSUHVD:HQGHO(PDLO,EpULFD6$SDUDODIDEULFDFLyQGHHVPDOWHV
FHUiPLFRV\IULWDVHQHOWpUPLQRPXQLFLSDOGH1XOHV&DVWHOOyQ
6HJXQGR&RQIHFKDGHPDU]RGH0DQXHO2OLYHU0DUWtQH]
HQUHSUHVHQWDFLyQGHODHPSUHVD:HQGHO(PDLO,EpULFD6$FRQ&,)
$SUHVHQWDHQODFRQVHOOHULDGH7HUULWRULR\9LYLHQGDVROL
FLWXGGHFDPELRGHWLWXODULGDG
$ORVDQWHULRUHVKHFKRVVRQGHDSOLFDFLyQORVVLJXLHQWHV
)XQGDPHQWRVGHGHUHFKR
3ULPHU '¶DFRUG DPE O¶DUWLFOH GH OD /OHL G¶ GH MXOL
ROGHSUHYHQFLyLFRQWUROLQWHJUDWVGHODFRQWDPLQDFLyHOVWLWXODUVGH
OHV LQVWDOÂODFLRQV RQ HV GHVHQYROXSH DOJXQD GH OHV DFWLYLWDWV LQGXVWUL
DOV LQFORVHV HQ O¶jPELW G¶DSOLFDFLy G¶DTXHVWD OOHL KDQ GH FRPXQLFDU D
O¶zUJDQ FRPSHWHQW SHU D DWRUJDU O¶DXWRULW]DFLy DPELHQWDO LQWHJUDGD OD
WUDQVPLVVLyGHODVHXDWLWXODULWDW
6HJRQ(QOD&RPXQLWDW9DOHQFLDQDO¶zUJDQFRPSHWHQWSHUDDWRU
JDU O¶DXWRULW]DFLy DPELHQWDO LQWHJUDGD pV OD FRQVHOOHULD GH 7HUULWRUL
L +DELWDWJH G¶DFRUG DPE O¶DUWLFOH K GH OD /OHL L HO 'HFUHW
GHGHVHWHPEUHGHOSUHVLGHQWGHOD*HQHUDOLWDWSHOTXDOV¶DV
VLJQHQFRPSHWqQFLHVDOD3UHVLGqQFLDGHOD*HQHUDOLWDWLDOHVFRQVHOOH
ULHVDPEFRPSHWqQFLHVH[HFXWLYHV
'¶DOWUD EDQGD GH FRQIRUPLWDW DPE O¶DUWLFOH GHO 'HFUHW
GHGHVHWHPEUHGHO&RQVHOOSHOTXDOV¶DSURYDHO5HJOD
PHQWRUJjQLFLIXQFLRQDOGHODFRQVHOOHULDGH7HUULWRULL+DELWDWJHLOD
VHXDRUGUHGHGHVSOHJDPHQWGHGHIHEUHUGHOFRUUHVSRQDOD
'LUHFFLy *HQHUDO GH 4XDOLWDW$PELHQWDO H[HUFLU OHV FRPSHWqQFLHV HQ
PDWqULDGHFRQWUROLQWHJUDWGHODFRQWDPLQDFLy
9LVWWRWHOTXHDQWHFHGL[DSURSRVWDGHO6HUYHLGH&RQWURO,QWHJUDW
GHOD&RQWDPLQDFLyDPEHOYLVWLSODXGHOFDSG¶¬UHDGH4XDOLWDW$PEL
HQWDOIHQW~VGHOHVDWULEXFLRQVTXHHPFRQIHUL[HO5HJODPHQWRUJjQLF
LIXQFLRQDOGHODFRQVHOOHULD7HUULWRULL+DELWDWJHUHVROF
3ULPHU$GPHWUHHOFDQYLGHWLWXODULWDWGHO¶DXWRULW]DFLyDPELHQWDO
LQWHJUDGDVHJHQW
1~P$$,&9
$IDYRUGHO¶HQWLWDW.HUDIULW6$DPE&,)$TXHTXHGD
VXEURJDGDHQWRWVHOVGUHWVREOLJDFLRQVLFRQGLFLRQVSUHYLVWHVHQO¶DX
WRULW]DFLyUHIHUHQFLDGD
6HJRQ 1RWLILFDU D O¶HPSUHVD .HUDIULW 6$ VLWXDGD HQ OD FDUUHWHUD
1NPGH1XOHV&DVWHOOyDTXHVWDUHVROXFLy
3ULPHUR 'H DFXHUGR FRQ HO DUWtFXOR GH OD /H\ GH GHMXOLRGHSUHYHQFLyQ\FRQWUROLQWHJUDGRVGHODFRQWDPLQDFLyQORV
WLWXODUHVGHODVLQVWDODFLRQHVHQGRQGHVHGHVDUUROOHDOJXQDGHODVDFWL
YLGDGHV LQGXVWULDOHV LQFOXLGDV HQ HO iPELWR GH DSOLFDFLyQ GH HVWD /H\
GHEHUiQFRPXQLFDUDOyUJDQRFRPSHWHQWHSDUDRWRUJDUODDXWRUL]DFLyQ
DPELHQWDOLQWHJUDGDODWUDQVPLVLyQGHVXWLWXODULGDG
6HJXQGR(QOD&RPXQLGDG9DOHQFLDQDHOyUJDQRFRPSHWHQWHSDUD
RWRUJDUODDXWRUL]DFLyQDPELHQWDOLQWHJUDGDHVODFRQVHOOHULDGH7HUUL
WRULR\9LYLHQGDGHDFXHUGRFRQHODUWtFXORKGHOD/H\\HO
'HFUHWRGHGHVHSWLHPEUHGHOSUHVLGHQWHGHOD*HQHUDOLWDW
SRUHOTXHVHDVLJQDQFRPSHWHQFLDVDOD3UHVLGHQFLDGHOD*HQHUDOLWDW\
DODVFRQVHOOHULDVFRQFRPSHWHQFLDVHMHFXWLYDV
3RU RWUR ODGR GH FRQIRUPLGDG FRQ HO DUWtFXOR GHO 'HFUHWR
GHGHVHSWLHPEUHGHO&RQVHOOSRUHOTXHVHDSUXHEDHO
5HJODPHQWR 2UJiQLFR \ )XQFLRQDO GH OD FRQVHOOHULD GH 7HUULWRULR \
9LYLHQGD\VX2UGHQGHGHVDUUROORGHGHIHEUHURGHFRUUHV
SRQGHDOD'LUHFFLyQ*HQHUDOGH&DOLGDG$PELHQWDOHMHUFHUODVFRP
SHWHQFLDVHQPDWHULDGHFRQWUROLQWHJUDGRGHODFRQWDPLQDFLyQ
9LVWRFXDQWRDQWHFHGHDSURSXHVWDGHO6HUYLFLRGH&RQWURO,QWHJUD
GRGHOD&RQWDPLQDFLyQFRQHOYLVWREXHQRGHOMHIHGHÈUHDGH&DOLGDG
$PELHQWDOHQXVRGHODVDWULEXFLRQHVTXHPHFRQILHUHHO5HJODPHQWR
2UJiQLFR\)XQFLRQDOGHODFRQVHOOHULD7HUULWRULR\9LYLHQGDUHVXHOYR
3ULPHUR$GPLWLUHOFDPELRGHWLWXODULGDGGHODDXWRUL]DFLyQDPEL
HQWDOLQWHJUDGDVLJXLHQWH
1ž$$,&9
$IDYRUGHODHQWLGDG.HUDIULW6$FRQ&,)$TXHGDQ
GRVXEURJDGDHQWRGRVORVGHUHFKRVREOLJDFLRQHV\FRQGLFLRQHVFRQ
WHPSODGDVHQODDXWRUL]DFLyQUHIHUHQFLDGD
6HJXQGR1RWLILFDUDODHPSUHVD.HUDIULW6$VLWDHQODFDUUHWHUD
1NPGH1XOHV&DVWHOOyQODSUHVHQWHUHVROXFLyQ
9DOqQFLD GH PDUo GH ± (O GLUHFWRU JHQHUDO GH 4XDOLWDW
$PELHQWDO-RUJH/DPSDUHUR/i]DUR
9DOHQFLD GH PDU]R GH ± (O GLUHFWRU JHQHUDO GH &DOLGDG
$PELHQWDO-RUJH/DPSDUHUR/i]DUR
Núm
5509 / 10.05.2007
3UHVLGqQFLDGHOD*HQHUDOLWDW
18791
3UHVLGHQFLDGHOD*HQHUDOLWDW
5(62/8&,Ï GH G¶DEULO GH GH OD FRQVHOOHUD GH
&RRSHUDFLy L 3DUWLFLSDFLy SHU OD TXDO V¶HVWDEOL[HQ OHV
EDVHVLHVFRQYRTXHQSHUDO¶H[HUFLFLOHVVXEYHQFL
RQVDHQWLWDWVFLXWDGDQHVGHOD&RPXQLWDW9DOHQFLDQDSHU
TXqGLVVHQ\HQLSRVHQHQSUjFWLFDIyUPXOHVGHSDUWLFLSDFLy
FLXWDGDQDDGUHoDGHVDVHJPHQWVGHSREODFLyDPEPpVGLIL
FXOWDWVSHUDSDUWLFLSDU>@
5(62/8&,Ï1GHGHDEULOGHGHODFRQVHOOHUDGH
&RRSHUDFLyQ\3DUWLFLSDFLyQSRUODTXHVHHVWDEOHFHQODV
EDVHV\VHFRQYRFDQSDUDHOHMHUFLFLRODVVXEYHQFL
RQHV D HQWLGDGHV FLXGDGDQDV GH OD &RPXQLWDW 9DOHQFLDQD
SDUD TXH GLVHxHQ \ SRQJDQ HQ SUiFWLFD IyUPXODV GH SDU
WLFLSDFLyQ FLXGDGDQD GLULJLGDV D VHJPHQWRV GH SREODFLyQ
FRQPiVGLILFXOWDGHVSDUDSDUWLFLSDU>@
/¶DGPLQLVWUDFLy KD GH GXU D WHUPH XQD DFWXDFLy HILFDo L HILFLHQW
TXH OD OHJLWLPH GDYDQW GHOV FLXWDGDQV KD GH SURFXUDU VHU UHFHSWLYD
LQIRUPDULFRPXQLFDUHOVVHXVSURFHVVRVGHFLVRULVLGHJHVWLyDL[tFRP
DFRQVHJXLUXQDTXDOLWDWFUHL[HQWHQODVHXDJHVWLyLSUHVWDFLyGHVHUYL
FLV
eV SULRULWDUL SHU D OD *HQHUDOLWDW IRPHQWDU OD SDUWLFLSDFLy VRFL
DO GH OD FLXWDGDQLD D WUDYpV GH O¶HVWtPXO GH OD GLQjPLFD SDUWLFLSDWLYD
GH OD SREODFLy SURPRYHQW TXH VLJXHQ HOV SURSLV LQWHJUDQWV G¶XQ FRO
OHFWLX VRFLDO HOV TXH DVVXPLVTXHQ OD VHXD SUREOHPjWLFD L KL EXVTXHQ
VROXFLRQV L LQVWUXPHQWV GH SDUWLFLSDFLy DFWLYD ([LVWL[HQ QR REVWDQW
DL[zGHWHUPLQDWVVHJPHQWVGHPRJUjILFVTXHWUREHQPpVGLILFXOWDWVSHU
DLQWHJUDUVHHQGHWHUPLQDWVSURFHVVRVSDUWLFLSDWLXVMDVLJXHQSURFHV
VRVGHFDUjFWHUJHQHUDORDGUHoDWVHVSHFtILFDPHQWDODVROXFLyG¶DTXHOOV
DVVXPSWHV G¶LQWHUpV FRQFUHW UHODFLRQDWV DPE OHV VHXHV FLUFXPVWjQFLHV
HVSHFtILTXHV
$ PpV OHV HQWLWDWV FLXWDGDQHV OD SREODFLy GH GHVWLQDFLy GH OHV
TXDOV VyQ HL[RV JUXSV VRFLDOV WHQHQ REVWDFOHV FRQFUHWV SHU D JHQHUDU
XQD GLQjPLFD GH SDUWLFLSDFLy FLXWDGDQD VHPEODQW D OD TXH H[LVWL[ SHU
DO FRQMXQW GH OD FLXWDGDQLD (VWD UHDOLWDW FUHD R LQFUHPHQWD OD EUHW[D
HQWUH GHWHUPLQDWV VHJPHQWV GH SREODFLy EUHW[D TXH O¶DGPLQLVWUDFLy
KD GH UHGXLU ILQV D IHU GHVDSDUpL[HU HQWUH DOWUHV PRWLXV SHUTXq O¶(V
WDWXWG¶$XWRQRPLDGHOD&RPXQLWDW9DOHQFLDQDHVWDEOL[HQO¶DUWLFOH
DSDUWDW ³/D &RPXQLWDW 9DOHQFLDQD Wp FRP D REMHFWLX OD FRQVHFXFLy
GH O¶DXWRJRYHUQ HQ HOV WHUPHV G¶HVWH HVWDWXW UHIRUoDU OD GHPRFUjFLD L
JDUDQWLUODSDUWLFLSDFLyGHWRWVHOVFLXWDGDQVHQODUHDOLW]DFLyGHOVVHXV
ILQV´,HQO¶DUWLFOHDSDUWDW³7RWVHOVYDOHQFLDQVWHQHQGUHWDSDUWL
FLSDUGHIRUPDLQGLYLGXDORFROÂOHFWLYDHQODYLGDSROtWLFDHFRQzPLFD
FXOWXUDOLVRFLDOGHOD&RPXQLWDW9DOHQFLDQD/D*HQHUDOLWDWSURPRXUj
ODSDUWLFLSDFLyGHOVDJHQWVVRFLDOVLGHOFRQMXQWGHODVRFLHWDWFLYLOHQ
HOVDVVXPSWHVS~EOLFV´
/¶DVVRFLDFLRQLVPH FLXWDGj Wp LQQXPHUDEOHV IRUPHV G¶H[SUHVVLy
GHV GH OHV HQWLWDWV YHwQDOV D OHV DVVRFLDFLRQV G¶DXWRDMXGD GHV GH OHV
HQWLWDWV OD SREODFLy GHVWLQDWjULD GH OHV TXDOV pV XQ JUXS VRFLDO HVSH
FtILF SHU UDRQV JHRJUjILTXHV WHUULWRULDOV R SHU DOWUHV FLUFXPVWjQFLHV
ILQVDTXHOOHVTXHV¶DGUHFHQVHQVHGLVWLQFLyDOFRQMXQWGHODSREODFLyGH
OD &RPXQLWDW 9DOHQFLDQD SHUz WRWHV HOOHV FRQVWLWXw[HQ O¶HOHPHQW FODX
SHUDDUWLFXODUODSDUWLFLSDFLyGHODFLXWDGDQLDHQODYLGDSROtWLFDHFR
QzPLFDFXOWXUDOLVRFLDOSURPRYHQWDL[tXQDLQWHJUDFLyPpVHILFDoGH
OHVSHUVRQHVHQHOVHXHQWRUQVRFLDOPpVLPPHGLDWUHIRUoDQWHOVPHFD
QLVPHVGHSDUWLFLSDFLyLJHQHUDQWGLQjPLTXHVGHFRRSHUDFLyHQWUHHOV
FLXWDGDQVLHVWRVDPEO¶DGPLQLVWUDFLy
/¶REMHFWLXG¶HVWDFRQYRFDWzULDpVUHFRO]DUHFRQzPLFDPHQWOHVLQL
FLDWLYHVGHOHVHQWLWDWVFLXWDGDQHVTXHGLVVHQ\HQLXWLOLW]HQIyUPXOHVGH
SDUWLFLSDFLy FLXWDGDQD HVSHFLDOPHQW D DTXHOOHV HQWLWDWV TXH SRVHQ HQ
SUjFWLFDLQLFLDWLYHVGLULJLGHVDOVVHFWRUVGHSREODFLyTXHWHQHQHVSHFL
DOVGLILFXOWDWVSHUDLQWHJUDUVHHQSURFHVVRVSDUWLFLSDWLXVEpSHUUDRQV
G¶HGDW MRYHQWXW L WHUFHUD HGDW SHU UDRQV GH GLVFULPLQDFLy VRFLDO GH
TXDOVHYROWLSXVSHUWLQGUHDOJXQWLSXVGHGLVFDSDFLWDWSHUVHUPDODOWV
SHUSHUWjQ\HUDDOJXQJUXSqWQLFSUHVHQWHQODQRVWUDSREODFLySHUVHU
FLXWDGDQVSURFHGHQWVG¶DOWUHVSDwVRVRSHUDOWUHVPRWLXV
3HU DL[z IHQW ~V GH OHV DWULEXFLRQV GHOHJDGHV SHO SUHVLGHQW GH OD
*HQHUDOLWDWHQOD5HVROXFLyGHGHQRYHPEUHGHGHOHVIDFXO
WDWVTXHHPFRQIHUL[O¶DUWLFOHGHO'HFUHWGHGHVHWHPEUH
GHOSUHVLGHQWGHOD*HQHUDOLWDWSHOTXDOV¶HQFRPDQHQRGHOHJXHQIXQ
FLRQV HQ HO YLFHSUHVLGHQW GHO &RQVHOO GH OD *HQHUDOLWDW HQ HO FRQVH
OOHU GH 5HODFLRQV ,QVWLWXFLRQDOV L &RPXQLFDFLy L HQ OD FRQVHOOHUD GH
&RRSHUDFLy L 3DUWLFLSDFLy VHJRQV DOOz TXH V¶KD HVWLSXODW HQ O¶DUWLFOH
GHO'HFUHWG¶G¶RFWXEUHGHO&RQVHOOGHOD*HQHUDOLWDW
/D$GPLQLVWUDFLyQGHEHOOHYDUDFDERXQDDFWXDFLyQHILFD]\HILFL
HQWHTXHODOHJLWLPHDQWHORVFLXGDGDQRVGHEHSURFXUDUVHUUHFHSWLYD
LQIRUPDU\FRPXQLFDUVXVSURFHVRVGHFLVRULRV\GHJHVWLyQDVtFRPR
ORJUDUXQDFDOLGDGFUHFLHQWHHQVXJHVWLyQ\SUHVWDFLyQGHVHUYLFLRV
(V SULRULWDULR SDUD OD *HQHUDOLWDW IRPHQWDU OD SDUWLFLSDFLyQ VRFL
DOGHODFLXGDGDQtDDWUDYpVGHOHVWtPXORGHODGLQiPLFDSDUWLFLSDWLYD
GH OD SREODFLyQ SURPRYLHQGR TXH VHDQ ORV SURSLRV LQWHJUDQWHV GH XQ
FROHFWLYR VRFLDO TXLHQHV DVXPDQ VX SUREOHPiWLFD \ EXVTXHQ VROXFLR
QHV H LQVWUXPHQWRV GH SDUWLFLSDFLyQ DFWLYD HQ OD PLVPD ([LVWHQ VLQ
HPEDUJRGHWHUPLQDGRVVHJPHQWRVGHPRJUiILFRVTXHHQFXHQWUDQPD\
RUHVGLILFXOWDGHVSDUDLQWHJUDUVHHQGHWHUPLQDGRVSURFHVRVSDUWLFLSDWL
YRV\DVHDQSURFHVRVGHFDUiFWHUJHQHUDORGLULJLGRVHVSHFtILFDPHQWH
DODVROXFLyQGHDTXHOORVDVXQWRVGHLQWHUpVFRQFUHWRUHODFLRQDGRVFRQ
VXVFLUFXQVWDQFLDVHVSHFtILFDV
$GHPiV ODV HQWLGDGHV FLXGDGDQDV FX\D SREODFLyQ GH GHVWLQR VRQ
HVRV JUXSRV VRFLDOHV WLHQHQ REVWiFXORV FRQFUHWRV SDUD JHQHUDU XQD
GLQiPLFD GH SDUWLFLSDFLyQ FLXGDGDQD VLPLODU D OD TXH H[LVWH SDUD HO
FRQMXQWR GH OD FLXGDGDQtD (VWD UHDOLGDG FUHD R LQFUHPHQWD OD EUHFKD
HQWUHGHWHUPLQDGRVVHJPHQWRVGHSREODFLyQEUHFKDTXHODDGPLQLVWUD
FLyQKDGHUHGXFLUKDVWDKDFHUGHVDSDUHFHUHQWUHRWURVPRWLYRVSRUTXH
HO(VWDWXWRGH$XWRQRPtDGHOD&RPXQLWDW9DOHQFLDQDHVWDEOHFHHQVX
DUWtFXORDSDUWDGR³/D&RPXQLWDW9DOHQFLDQDWLHQHFRPRREMHWLYROD
FRQVHFXFLyQGHODXWRJRELHUQRHQORVWpUPLQRVGHHVWH(VWDWXWRUHIRU
]DUODGHPRFUDFLD\JDUDQWL]DUODSDUWLFLSDFLyQGHWRGRVORVFLXGDGDQRV
HQODUHDOL]DFLyQGHVXVILQHV´<HQVXDUWtFXORDSDUWDGR³7RGRVORV
YDOHQFLDQRVWLHQHQGHUHFKRDSDUWLFLSDUGHIRUPDLQGLYLGXDORFROHFWL
YD HQ OD YLGD SROtWLFD HFRQyPLFD FXOWXUDO \ VRFLDO GH OD &RPXQLWDW
9DOHQFLDQD /D *HQHUDOLWDW SURPRYHUi OD SDUWLFLSDFLyQ GH ORV DJHQWHV
VRFLDOHV\GHOFRQMXQWRGHODVRFLHGDGFLYLOHQORVDVXQWRVS~EOLFRV´
(O DVRFLDFLRQLVPR FLXGDGDQR WLHQH LQQXPHUDEOHV IRUPDV GH
H[SUHVLyQ GHVGH ODV HQWLGDGHV YHFLQDOHV D ODV DVRFLDFLRQHV GH DXWR
D\XGD GHVGH ODV HQWLGDGHV FX\D SREODFLyQ GHVWLQDWDULD HV XQ JUXSR
VRFLDOHVSHFtILFRSRUUD]RQHVJHRJUiILFDVWHUULWRULDOHVRSRURWUDVFLU
FXQVWDQFLDVKDVWDDTXHOODVTXHVHGLULJHQVLQGLVWLQFLyQDOFRQMXQWRGH
OD SREODFLyQ GH OD &RPXQLWDW 9DOHQFLDQD SHUR WRGDV HOODV FRQVWLWX\H
HOHOHPHQWRFODYHSDUDDUWLFXODUODSDUWLFLSDFLyQGHODFLXGDGDQtDHQOD
YLGDSROtWLFDHFRQyPLFDFXOWXUDO\VRFLDOSURPRYLHQGRDVtXQDLQWH
JUDFLyQPiVHILFD]GHODVSHUVRQDVHQVXHQWRUQRVRFLDOPiVLQPHGLDWR
UHIRU]DQGRORVPHFDQLVPRVGHSDUWLFLSDFLyQ\JHQHUDQGRGLQiPLFDVGH
FRRSHUDFLyQHQWUHORVFLXGDGDQRV\GHHVWRVFRQODDGPLQLVWUDFLyQ
(O REMHWLYR GH HVWD FRQYRFDWRULD HV DSR\DU HFRQyPLFDPHQWH ODV
LQLFLDWLYDV GH ODV HQWLGDGHV FLXGDGDQDV TXH GLVHxHQ \ XWLOLFHQ IyUPX
ODVGHSDUWLFLSDFLyQFLXGDGDQDHVSHFLDOPHQWHDDTXHOODVHQWLGDGHVTXH
SRQJDQHQSUiFWLFDLQLFLDWLYDVGLULJLGDVDORVVHFWRUHVGHSREODFLyQTXH
WLHQHQ HVSHFLDOHV GLILFXOWDGHV SDUD LQWHJUDUVH HQ SURFHVRV SDUWLFLSDWL
YRV ELHQSRU UD]RQHVGH HGDGMXYHQWXG\ WHUFHUDHGDGSRU UD]RQHV
GHGLVFULPLQDFLyQVRFLDOGHFXDOTXLHUWLSRSRUWHQHUDOJ~QWLSRGHGLV
FDSDFLGDGSRUVHUHQIHUPRVSRUSHUWHQHFHUDDOJ~QJUXSRpWQLFRSUH
VHQWH HQ QXHVWUD SREODFLyQ SRU VHU FLXGDGDQRV SURFHGHQWHV GH RWURV
SDtVHVRSRURWURVPRWLYRV
3RUHOORKDFLHQGRXVRGHODVDWULEXFLRQHVGHOHJDGDVSRUHO3UHVL
GHQWHGHOD*HQHUDOLWDWHQVX5HVROXFLyQGHGHQRYLHPEUHGH
GHODVIDFXOWDGHVTXHPHFRQILHUHHODUWtFXORGHO'HFUHWRGH
GHVHSWLHPEUHGHO3UHVLGHQWHGHOD*HQHUDOLWDWSRUHOTXHVHHQFR
PLHQGDQ R GHOHJDQ IXQFLRQHV HQ HO 9LFHSUHVLGHQWH GHO &RQVHOO GH OD
*HQHUDOLWDWHQHOFRQVHOOHUGH5HODFLRQHV,QVWLWXFLRQDOHV\&RPXQLFD
FLyQ\HQODFRQVHOOHUDGH&RRSHUDFLyQ\3DUWLFLSDFLyQVHJ~QORHVWL
SXODGR HQ HO DUWtFXOR GHO 'HFUHWR GH GH RFWXEUH GHO
Núm
5509 / 10.05.2007
18792
SHOTXDOV¶DSURYDHO5HJODPHQW2UJjQLFL)XQFLRQDOGHOD3UHVLGqQFLD
GHOD*HQHUDOLWDWLG¶DFRUGDPEHOTXHHVWDEOL[ODQRUPDWLYDSHUWLQHQW
GHOD/OHLG¶+LVHQGD3~EOLFDGHOD*HQHUDOLWDW7H[W5HIyVDSURYDWSHU
'HFUHW/HJLVODWLXGHGHMXQ\GHGHO&RQVHOOGHOD*HQHUDOLWDW
UHVROF
&RQVHOOGHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO5HJODPHQWR2UJiQL
FR\)XQFLRQDOGHOD3UHVLGHQFLDGHOD*HQHUDOLWDW\GHDFXHUGRFRQOR
HVWDEOHFLGRHQODQRUPDWLYDSHUWLQHQWHGHOD/H\GH+DFLHQGD3~EOLFD
GHOD*HQHUDOLWDW7H[WR5HIXQGLGRDSUREDGRSRU 'HFUHWR/HJLVODWLYR
GHGHMXQLRGHGHO&RQVHOOGHOD*HQHUDOLWDWUHVXHOYR
3ULPHU&RQYRFDWzULD
&RQYRFDU OHV VXEYHQFLRQV GHVWLQDGHV D OHV HQWLWDWV FLXWDGDQHV GH
OD&RPXQLWDW9DOHQFLDQDSHUTXqGLVVHQ\HQLSRVHQHQSUjFWLFDIyUPX
OHV GH SDUWLFLSDFLy FLXWDGDQD DGUHoDGHV D VHJPHQWV GH SREODFLy DPE
PpVGLILFXOWDWVSHUDSDUWLFLSDUHVWDEOLQWO¶LPSRUWJOREDOPj[LPGHVWL
QDWDOSUHVHQWSURJUDPDHQHXURVVHL[DQWDPLOWUHVFHQWVGHX
SHUDGHVSHVHVHQEpQVFRUUHQWVLVHUYLFLVILQDQoDWDFjUUHFGHODOtQLD
GHVXEYHQFLy7LQFORVDHQHO3URJUDPD³3DUWLFLSDFLy
&LXWDGDQD´GHO3UHVVXSRVWGHOD*HQHUDOLWDWSHUDO¶H[HUFLFL
3ULPHUR&RQYRFDWRULD
&RQYRFDUODVVXEYHQFLRQHVGHVWLQDGDVDODVHQWLGDGHVFLXGDGDQDV
GH OD &RPXQLWDW 9DOHQFLDQD SDUD TXH GLVHxHQ \ SRQJDQ HQ SUiFWLFD
IyUPXODV GH SDUWLFLSDFLyQ FLXGDGDQD GLULJLGDV D VHJPHQWRV GH SREOD
FLyQ FRQ PiV GLILFXOWDGHV SDUD SDUWLFLSDU HVWDEOHFLHQGR HO LPSRUWH
JOREDOPi[LPRGHVWLQDGRDOSUHVHQWHSURJUDPDHQHXURVVHV
HQWDPLOWUHVFLHQWRVGLH]SDUDJDVWRVHQELHQHVFRUULHQWHV\VHUYLFLRV
ILQDQFLDGRFRQFDUJRDODOtQHDGHVXEYHQFLyQ7LQFOXLGDHQ
HOSURJUDPD³3DUWLFLSDFLyQ&LXGDGDQD´GHO3UHVXSXHVWRGHOD
*HQHUDOLWDWSDUDHOHMHUFLFLR
6HJRQ%DVHV
$SURYDUOHVEDVHVSHUOHVTXDOVHVUHJXODODFRQYRFDWzULDGHVXE
YHQFLRQVDOHVHQWLWDWVFLXWDGDQHVGHOD&RPXQLWDW9DOHQFLDQDSHUTXq
GLVVHQ\HQLSRVHQHQSUjFWLFDIyUPXOHVGHSDUWLFLSDFLyFLXWDGDQDDGUH
oDGHVDVHJPHQWVGHSREODFLyDPEPpVGLILFXOWDWVSHUDSDUWLFLSDUHQ
O¶H[HUFLFLDL[tFRPHOVPRGHOVGHVROÂOLFLWXGLGRFXPHQWVFRPSOH
PHQWDULVTXHV¶LQFORXHQHQDQQH[RVDHVWDUHVROXFLy
&RQWUDHVWDUHVROXFLyTXHSRVDILDODYLDDGPLQLVWUDWLYDHVSRGUj
LQWHUSRVDUSRWHVWDWLYDPHQWUHFXUVGHUHSRVLFLyGDYDQWGHOPDWHL[zUJDQ
TXHKDGLFWDWO¶DFWHHQHOWHUPLQLG¶XQPHVFRPSWDWGHVGHO¶HQGHPj
GHODVHXDSXEOLFDFLyREpXQUHFXUVFRQWHQFLyVDGPLQLVWUDWLXGDYDQW
GH OD 6DOD &RQWHQFLRVD$GPLQLVWUDWLX GHO 7ULEXQDO 6XSHULRU GH -XVWt
FLDGHOD&RPXQLWDW9DOHQFLDQDHQHOWHUPLQLGHGRVPHVRVFRPSWDWV
GHV GH O¶HQGHPj GH OD VHXD SXEOLFDFLy 7RW DL[z GH FRQIRUPLWDW DPE
HO TXH HVWDEOL[HQ HOV DUWLFOHV L GH OD /OHL GH GH
QRYHPEUH GHO 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO
3URFHGLPHQW$GPLQLVWUDWLX &RP~ PRGLILFDGD SHU OD /OHL GH
GHJHQHULHQHOVDUWLFOHVLGHOD/OHLGHGHMXOLRO
5HJXODGRUDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYDVHQVHSHUMXt
TXHV¶XWLOLW]HTXDOVHYRODOWUDYLDTXHHVFRQVLGHUHRSRUWXQD
6HJXQGR%DVHV
$SUREDU ODV EDVHV SRU ODV TXH VH UHJXOD OD FRQYRFDWRULD GH VXE
YHQFLRQHVDODVHQWLGDGHVFLXGDGDQDVGHOD&RPXQLWDW9DOHQFLDQDSDUD
TXHGLVHxHQ\SRQJDQHQSUiFWLFDIyUPXODVGHSDUWLFLSDFLyQFLXGDGDQD
GLULJLGDVDVHJPHQWRVGHSREODFLyQFRQPiVGLILFXOWDGHVSDUDSDUWLFL
SDUHQHOHMHUFLFLRDVtFRPRORVPRGHORVGHVROLFLWXG\GRFXPHQ
WRVFRPSOHPHQWDULRVTXHVHLQFOX\HQHQDQH[RVDHVWDUHVROXFLyQ
&RQWUD HVWD UHVROXFLyQ TXH SRQH ILQ D OD YtD DGPLQLVWUDWLYD VH
SRGUiLQWHUSRQHUSRWHVWDWLYDPHQWHUHFXUVRGHUHSRVLFLyQDQWHHOPLVPR
yUJDQRTXHKDGLFWDGRHODFWRHQHOSOD]RGHXQPHVFRQWDGRGHVGHHO
GtDVLJXLHQWHDOGHVXSXEOLFDFLyQRELHQUHFXUVR&RQWHQFLRVR$GPL
QLVWUDWLYRDQWHOD6DODGHOR&RQWHQFLRVR$GPLQLVWUDWLYRGHO7ULEXQDO
6XSHULRU GH -XVWLFLD GH OD &RPXQLWDW 9DOHQFLDQD HQ HO SOD]R GH GRV
PHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQ7RGRHOOR
GHFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV\GHOD/H\
GHGHQRYLHPEUHGHO5pJLPHQ-XUtGLFRGHODV$GPLQLVWUD
FLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q PRGLIL
FDGDSRUOD/H\GHGHHQHUR\HQORVDUWtFXORV\GHOD
/H\GHGHMXOLR5HJXODGRUDGHOD-XULVGLFFLyQ&RQWHQFLR
VD$GPLQLVWUDWLYDVLQSHUMXLFLRGHTXHVHXWLOLFHFXDOTXLHURWUDYtDTXH
VHFRQVLGHUHRSRUWXQD
9DOqQFLD G¶DEULO GH /D FRQVHOOHUD GH &RRSHUDFLy L 3DU
WLFLSDFLy SG GHO SUHVLGHQW GH OD *HQHUDOLWDW GH *HPD
$PRU3pUH]
9DOHQFLD GH DEULO GH ± /D FRQVHOOHUD GH &RRSHUDFLyQ \
3DUWLFLSDFLyQSRUGHOHJDFLyQGHO3UHVLGHQWHGHOD*HQHUDOLWDWGHGH
QRYLHPEUHGH*HPD$PRU3pUH]
$11(;,
$1(;2,
%DVHVGHODFRQYRFDWzULD
%DVHVGHODFRQYRFDWRULD
3ULPHUD2EMHFWLX
/DSUHVHQWFRQYRFDWzULDWpFRPDREMHFWLXUHFRO]DUOHVHQWLWDWVFLX
WDGDQHVSHUTXqGLVVHQ\HQLSRVHQHQSUjFWLFDIyUPXOHVGHSDUWLFLSDFLy
FLXWDGDQDDGUHoDGHVDVHJPHQWVGHSREODFLyDPEPpVGLILFXOWDWVSHUD
SDUWLFLSDU
3ULPHUD2EMHWLYR
/D SUHVHQWH FRQYRFDWRULD WLHQH FRPR REMHWLYR DSR\DU D ODV HQWL
GDGHVFLXGDGDQDVSDUDTXHGLVHxHQ\SRQJDQHQSUiFWLFDIyUPXODVGH
SDUWLFLSDFLyQ FLXGDGDQD GLULJLGDV D VHJPHQWRV GH SREODFLyQ FRQ PiV
GLILFXOWDGHVSDUDSDUWLFLSDU
6HJRQD%HQHILFLDULV
3RGUDQEHQHILFLDUVHGHOSUHVHQWSURJUDPDGHVXEYHQFLRQVWRWHVOHV
HQWLWDWV FLXWDGDQHV GH OD &RPXQLWDW 9DOHQFLDQD TXH FRPSOLVTXHQ HOV
UHTXLVLWVHVWDEOLWVHQODEDVHTXLQWD
6HJXQGD%HQHILFLDULRV
3RGUiQEHQHILFLDUVHGHOSUHVHQWHSURJUDPDGHVXEYHQFLRQHVWRGDV
ODVHQWLGDGHVFLXGDGDQDVGHOD&RPXQLWDW9DOHQFLDQDTXHFXPSODQORV
UHTXLVLWRVHVWDEOHFLGRVHQODEDVHTXLQWD
7HUFHUD$FWXDFLRQVVXEYHQFLRQDEOHV
6HUDQVXEYHQFLRQDEOHVDWUDYpVGHOSURJUDPDGHVXEYHQFLRQVTXH
ODSUHVHQWUHVROXFLyUHJXODOHVGHVSHVHVFRUUHQWVGHULYDGHVGHOGLVVHQ\
LUHDOLW]DFLyGHOHVDFFLRQVLDFWLYLWDWVLQFORVHVDPEO¶REMHFWLXGHSUR
PRXUHODSDUWLFLSDFLyFLXWDGDQDH[FHSWXDGHVH[SUHVVDPHQWOHVGHVSH
VHVGHSHUVRQDO
(OVSURJUDPHVTXHVHVXEYHQFLRQHQQHFHVVjULDPHQWKDXUDQGHUHD
OLW]DUVHO¶DQ\TXHVHVROÂOLFLWDODVXEYHQFLy
7HUFHUD$FWXDFLRQHVVXEYHQFLRQDEOHV
6HUiQ VXEYHQFLRQDEOHV D WUDYpV GHO SURJUDPD GH VXEYHQFLRQHV
TXH OD SUHVHQWH UHVROXFLyQ UHJXOD ORV JDVWRV FRUULHQWHV GHULYDGRV GHO
GLVHxR \ UHDOL]DFLyQ GH ODV DFFLRQHV \ DFWLYLGDGHV LQFOXLGDV FRQ HO
REMHWLYR GH SURPRYHU OD SDUWLFLSDFLyQ FLXGDGDQD H[FHSWXDGRV H[SUH
VDPHQWHORVJDVWRVGHSHUVRQDO
/RV SURJUDPDV TXH VH VXEYHQFLRQHQ QHFHVDULDPHQWH GHEHUiQ
UHDOL]DUVHHQHODxRTXHVHVROLFLWDODVXEYHQFLyQ
Núm
5509 / 10.05.2007
18793
(Q OD VROÂOLFLWXG FRQVWDUj QHFHVVjULDPHQW HO FRPSURPtV G¶DSRUWDU
DTXHOOD SDUW GH O¶LPSRUW WRWDO GH O¶DFWXDFLy TXH QR FREULVFD OD VXE
YHQFLy FRQFHGLGD L QR KDMD VLJXW ILQDQoDGD G¶XQD DOWUD PDQHUD$L[t
PDWHL[ FRQVWDUj HO FRPSURPtV GH GRQDU O¶DGHTXDGD SXEOLFLWDW GHO
ILQDQoDPHQWGHO¶DFWXDFLyDWUDYpVG¶HVWDVXEYHQFLyDL[tFRPHOFRP
SURPtVGHUHLQWHJUDUOHVTXDQWLWDWVTXHV¶KDJXHUHQSHUFHEXWHQFDVGH
UHYRFDFLyGHODVXEYHQFLyDL[tFRPGHFRPXQLFDUDOD3UHVLGqQFLDGH
OD *HQHUDOLWDW OHV DMXGHV R VXEYHQFLRQV VROÂOLFLWDGHV LR REWLQJXGHV
SHUDODPDWHL[DILQDOLWDWGHTXDOVHYRODOWUDDGPLQLVWUDFLyS~EOLFDLGH
FRPSOLUHQJHQHUDOWRWHVOHVFRQGLFLRQVLREOLJDFLRQVLPSRVDGHVSHUOHV
SUHVHQWV EDVHV UHJXODGRUHV /OHL G¶+LVHQGD 3~EOLFD GH OD *HQHUDOLWDW
/OHL *HQHUDO GH 6XEYHQFLRQV L OD UHVWD GH QRUPDWLYD YLJHQW TXH VH OL
DSOLTXH
6LODVROÂOLFLWXGQRUHXQL[HOVUHTXLVLWVLGRFXPHQWVTXHV¶DVVHQ\D
OHQHQHVWDEDVHHVUHTXHULUjO¶LQWHUHVVDWSHUTXqHQXQWHUPLQLGHGHX
GLHVHVPHQHODIDOWDRDFRPSDQ\HHOVGRFXPHQWVSUHFHSWLXVDPELQGL
FDFLyTXHVLDL[tQRKRIHUDVHOLWLQGUjSHUGHVVLVWLWGHODVHXDSHWLFLy
SUqYLDUHVROXFLyG¶DFRUGDPEO¶DUWLFOHDSDUWDWGHOD/OHL
GHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHV
LGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
&XDUWD)RUPDOL]DFLyQGHVROLFLWXGHV\SOD]RGHSUHVHQWDFLyQ
/D VROLFLWXG GHEHUi SUHVHQWDUVH HQ HO SOD]R GH GtDV KiELOHV D
FRQWDU GHVGH HO GtD VLJXLHQWH D OD SXEOLFDFLyQ GH OD FRQYRFDWRULD HQ
HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD GLULJLGD D OD 'LUHFFLyQ
*HQHUDOGH3DUWLFLSDFLyQ&LXGDGDQDGHOD3UHVLGHQFLDGHOD*HQHUDOL
WDW3OD]D6DQ1LFROiV9DOHQFLDHQORVOXJDUHVSUHYLVWRVHQ
HODUWtFXORGHOD/H\GHGHQRYLHPEUHGH5pJLPHQ
-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPL
QLVWUDWLYR&RP~QPRGLILFDGDSRUOD/H\GHGHHQHUR
/D VROLFLWXG IRUPDOL]DGD HQ HO GRFXPHQWR GHO$QH[R ,, GH OD
SUHVHQWH UHVROXFLyQ LUi DFRPSDxDGD GH ORV RULJLQDOHV R IRWRFRSLDV
FRPSXOVDGDVGHORVVLJXLHQWHVGRFXPHQWRV
D (VWDWXWRV GH OD HQWLGDG FLXGDGDQD DVt FRPR OD GRFXPHQWDFLyQ
TXHDFUHGLWHODUHSUHVHQWDFLyQTXHRVWHQWDODSHUVRQDTXHILUPDODVROL
FLWXG\IRWRFRSLDFRPSXOVDGDGHVXGRFXPHQWRQDFLRQDOGHLGHQWLGDG
E1~PHURGHUHJLVWURJHQHUDOGHODHQWLGDGFLXGDGDQD
F 'HFODUDFLyQ GH TXLpQ HV HO UHSUHVHQWDQWH OHJDO GH OD HQWLGDG
FLXGDGDQD\IRWRFRSLDFRPSXOVDGDGHVXGRFXPHQWRQDFLRQDOGHLGHQ
WLGDG
G5HVXPHQGHOSUHVXSXHVWRGHOHMHUFLFLRFRUULHQWH
H 0HPRULD GHVFULSWLYD GH ODV DFWLYLGDGHV OOHYDGDV D FDER SRU OD
HQWLGDGFLXGDGDQDGXUDQWHHOHMHUFLFLR\GHODVUHDOL]DGDVRSUH
YLVWDVUHDOL]DUGXUDQWHHOHMHUFLFLRDVtFRPRXQUHVXPHQGHORV
LQJUHVRV\GHORVJDVWRVGHFDGDXQDGHHOODV
I&HUWLILFDGRGHOD7HVRUHUtD*HQHUDOGHOD6HJXULGDG6RFLDODFUH
GLWDWLYRGHHVWDUDOFRUULHQWHGHVXVREOLJDFLRQHVIUHQWHDODVHJXULGDG
VRFLDO
J&HUWLILFDGRGHOD$JHQFLD(VWDWDOGHODDGPLQLVWUDFLyQ7ULEXWDULD
DFUHGLWDWLYRGHHQFRQWUDUVHDOFRUULHQWHGHVXVREOLJDFLRQHVWULEXWDULDV
IUHQWHDOD+DFLHQGD(VWDWDO
K &HUWLILFDGR GH ORV VHUYLFLRV WHUULWRULDOHV GH OD FRQVHOOHULD GH
(FRQRPtD+DFLHQGD\(PSOHRGHHQFRQWUDUVHDOFRUULHQWHGHVXVREOL
JDFLRQHVWULEXWDULDVFRQOD*HQHUDOLWDW
L 6H GHEHUiQ DSRUWDU ORV GDWRV EDQFDULRV LGHQWLILFDWLYRV &&&
&yGLJR &XHQWD &OLHQWH GtJLWRV GH OD HQWLGDG ILQDQFLHUD HQ OD TXH
VH GHVHHQ UHFLELU ORV SDJRV SRU WUDQVIHUHQFLD TXH SURFHGDQ PHGLDQWH
ODIRUPDOL]DFLyQGHODFRUUHVSRQGLHQWHILFKDGHPDQWHQLPLHQWRGHWHU
FHURVDOWDGHHQWLGDGGHFUpGLWRTXHILJXUDFRPRGRFXPHQWRHQHO
DQH[R,,GHODSUHVHQWHFRQYRFDWRULDGHVXEYHQFLRQHV
M'HFODUDFLyQUHVSRQVDEOHRFXDOTXLHUDGHORVPHGLRVHVWDEOHFLGRV
HQHODUWtFXORGHOD/H\GHGHQRYLHPEUH*HQHUDOGH
6XEYHQFLRQHVILUPDGDSRUHOUHVSRQVDEOHGHODHQWLGDGVROLFLWDQWHGH
QRLQFXUULUHQQLQJXQDGHODVFLUFXQVWDQFLDVSUHYLVWDVHQORVDUWtFXORV
\
(QODVROLFLWXGFRQVWDUiQHFHVDULDPHQWHHOFRPSURPLVRGHDSRUWDU
DTXHOODSDUWHGHOLPSRUWHWRWDOGHODDFWXDFLyQTXHQRFXEUDODVXEYHQ
FLyQ FRQFHGLGD \ QR KD\D VLGR ILQDQFLDGD GH RWUR PRGR$VLPLVPR
FRQVWDUiHOFRPSURPLVRGHGDUODDGHFXDGDSXEOLFLGDGGHODILQDQFLD
FLyQGHODDFWXDFLyQDWUDYpVGHHVWDVXEYHQFLyQDVtFRPRHOFRPSUR
PLVRGHUHLQWHJUDUODVFDQWLGDGHVTXHVHKXELHUDQSHUFLELGRHQFDVRGH
UHYRFDFLyQGHODVXEYHQFLyQDVtFRPRGHFRPXQLFDUDOD3UHVLGHQFLD
GHOD*HQHUDOLWDWODVD\XGDVRVXEYHQFLRQHVVROLFLWDGDV\XREWHQLGDV
SDUD OD PLVPD ILQDOLGDG GH FXDOTXLHU RWUD$GPLQLVWUDFLyQ 3~EOLFD \
GHFXPSOLUHQJHQHUDOWRGDVODVFRQGLFLRQHV\REOLJDFLRQHVLPSXHVWDV
SRU ODV SUHVHQWHV %DVHV 5HJXODGRUDV /H\ GH +DFLHQGD 3~EOLFD GH OD
*HQHUDOLWDW/H\*HQHUDOGH6XEYHQFLRQHV\GHPiVQRUPDWLYDYLJHQWH
TXHOHVHDGHDSOLFDFLyQ
6LODVROLFLWXGQRUH~QHORVUHTXLVLWRV\GRFXPHQWRVTXHVHVHxDODQ
HQ HVWD EDVH VH UHTXHULUi DO LQWHUHVDGR SDUD TXH HQ XQ SOD]R GH GLH]
GtDV VXEVDQH OD IDOWD R DFRPSDxH ORV GRFXPHQWRV SUHFHSWLYRV FRQ
LQGLFDFLyQGHTXHVLDVtQRORKLFLHUDVHOHWHQGUiSRUGHVLVWLGRGHVX
SHWLFLyQSUHYLDUHVROXFLyQGHDFXHUGRFRQHODUWtFXORDSDUWDGRGH
OD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPL
QLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q
4XLQWD5HTXLVLWSHUDFRQFHVVLyGHVXEYHQFLRQV
3HUDVHULQFOzVHQHOSUHVHQWSURJUDPDGHVXEYHQFLRQVDPpVGHO
TXHSUHYHXODEDVHDQWHULRUOHVHQWLWDWVVROÂOLFLWDQWVKDXUDQGHWUREDU
VHGHJXGDPHQWLQVFULWHVHQ HO5HJLVWUH$XWRQzPLFG¶$VVRFLDFLRQVGH
4XLQWD5HTXLVLWRSDUDFRQFHVLyQGHVXEYHQFLRQHV
3DUDVHULQFOXLGRHQHOSUHVHQWHSURJUDPDGHVXEYHQFLRQHVDGHPiV
GH OR SUHYLVWR HQ OD EDVH DQWHULRU ODV HQWLGDGHV VROLFLWDQWHV GHEHUiQ
HQFRQWUDUVHGHELGDPHQWHLQVFULWDVHQHO5HJLVWUR$XWRQyPLFDGH$VR
4XDUWD)RUPDOLW]DFLyGHVROÂOLFLWXGVLWHUPLQLGHSUHVHQWDFLy
/DVROÂOLFLWXGKDXUjGHSUHVHQWDUVHHQHOWHUPLQLGHGLHVKjELOV
DFRPSWDUGHO¶HQGHPjDODSXEOLFDFLyGHODFRQYRFDWzULDHQHO'LDUL
2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDDGUHoDGDDOD'LUHFFLy*HQHUDOGH
3DUWLFLSDFLy&LXWDGDQDGHOD3UHVLGqQFLDGHOD*HQHUDOLWDW3ODoD6DQW
1LFRODX9DOqQFLDHQHOVOORFVSUHYLVWRVHQO¶DUWLFOHGH
OD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLV
WUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~PRGLILFDGD
SHUOD/OHLGHGHJHQHU
/D VROÂOLFLWXG IRUPDOLW]DGD HQ HO GRFXPHQW GH O¶DQQH[ ,, GH OD
SUHVHQWUHVROXFLyDQLUjDFRPSDQ\DGDGHOVRULJLQDOVRIRWRFzSLHVFRP
SXOVDGHVGHOVGRFXPHQWVVHJHQWV
D (VWDWXWV GH O¶HQWLWDW FLXWDGDQD DL[t FRP OD GRFXPHQWDFLy TXH
DFUHGLWHODUHSUHVHQWDFLyTXHRVWHQWDODSHUVRQDTXHILUPDODVROÂOLFLWXG
LIRWRFzSLDFRPSXOVDGDGHOVHXGRFXPHQWQDFLRQDOG¶LGHQWLWDW
E1~PHURGHUHJLVWUHJHQHUDOGHO¶HQWLWDWFLXWDGDQD
F'HFODUDFLyGHTXLpVHOUHSUHVHQWDQWOHJDOGHO¶HQWLWDWFLXWDGDQDL
IRWRFzSLDFRPSXOVDGDGHOVHX'1,
G5HVXPGHOSUHVVXSRVWGHO¶H[HUFLFLFRUUHQW
H0HPzULDGHVFULSWLYDGHOHVDFWLYLWDWVGXWHVDWHUPHSHUO¶HQWLWDW
FLXWDGDQDGXUDQWO¶H[HUFLFLLGHOHVUHDOLW]DGHVRSUHYLVWHVUHDOLW
]DU GXUDQW O¶H[HUFLFL DL[t FRP XQ UHVXP GHOV LQJUHVVRV L GH OHV
GHVSHVHVGHFDGDXQDG¶HOOHV
I&HUWLILFDWGHOD7UHVRUHULD*HQHUDOGHOD6HJXUHWDW6RFLDODFUHGL
WDWLXG¶HVWDUDOFRUUHQWGHOHVVHXHVREOLJDFLRQVHQIURQWGHODVHJXUHWDW
VRFLDO
J &HUWLILFDW GH O¶$JqQFLD (VWDWDO GH O¶DGPLQLVWUDFLy 7ULEXWjULD
DFUHGLWDWLX GH WUREDUVH DO FRUUHQW GH OHV VHXHV REOLJDFLRQV WULEXWjULHV
HQIURQWGHODKLVHQGDHVWDWDO
K &HUWLILFDW GHOV 6HUYLFLV 7HUULWRULDOV GH OD FRQVHOOHULD G¶(FRQR
PLD+LVHQGDL2FXSDFLyGHWUREDUVHDOFRUUHQWGHOHVVHXHVREOLJDFL
RQVWULEXWjULHVDPEOD*HQHUDOLWDW
L6¶KDXUDQG¶DSRUWDUOHVGDGHVEDQFjULHVLGHQWLILFDWLXV&&&&RGL
&RPSWH &OLHQW GtJLWV GH O¶HQWLWDW ILQDQFHUD HQ TXq HV YROHQ UHEUH
HOVSDJDPHQWVSHUWUDQVIHUqQFLDTXHSURFHGLVTXHQSHUPLWMjGHODIRU
PDOLW]DFLy GH OD FRUUHVSRQHQW ILW[D GH PDQWHQLPHQW GH WHUFHUV DOWD
G¶HQWLWDW GH FUqGLW TXH ILJXUD FRP D GRFXPHQW HQ O¶DQQH[ ,, GH OD
SUHVHQWFRQYRFDWzULDGHVXEYHQFLRQV
M'HFODUDFLyUHVSRQVDEOHRTXDOVHYROGHOVPLWMDQVHVWDEOLWVHQO¶DU
WLFOHGHOD/OHLGHGHQRYHPEUH*HQHUDOGH6XEYHQ
FLRQVILUPDGDSHOUHVSRQVDEOHGHO¶HQWLWDWVROÂOLFLWDQWGHQRLQFyUUHUHQ
FDSGHOHVFLUFXPVWjQFLHVSUHYLVWHVHQHOVDUWLFOHVL
Núm
5509 / 10.05.2007
18794
OD*HQHUDOLWDWDPEDQWHULRULWDWDO¶GHJHQHUGHO¶DQ\LFRPSOLU
DPEHOVUHTXLVLWVHVWDEOLWVHQO¶DUWLFOHGHOD/OHLGHGH
QRYHPEUH*HQHUDOGH6XEYHQFLRQV
FLDFLRQHVGHOD*HQHUDOLWDWFRQDQWHULRULGDGDOGHHQHURGHODxR
\ FXPSOLU FRQ ORV UHTXLVLWRV HVWDEOHFLGRV HQ HO DUWtFXOR GH OD /H\
GHGHQRYLHPEUH*HQHUDOGH6XEYHQFLRQHV
6H[WD&ULWHULVSHUDODFRQFHVVLy
3HUDODGLVWULEXFLyGHODGRWDFLySUHVVXSRVWjULDHVWLQGUDQHQFRQ
VLGHUDFLyHOVFULWHULVVHJHQWV
D /¶RULJLQDOLWDWGHO¶DFWXDFLyTXHHVSUHWpQUHDOLW]DUSHUODTXDO
V¶DWRUJDUjILQVDSXQWV
E 6¶DWRUJDUj XQ FDUjFWHU SULRULWDUL D OHV VXEYHQFLRQV VRO
OLFLWDGHV SHU OHV IHGHUDFLRQV G¶HQWLWDWV R DOWUHV HQWLWDWV TXH DJUXSHQ
DVVRFLDFLRQVSHUODTXDOV¶DWRUJDUjILQVDSXQWV
F /DFRRSHUDFLyLQWHUDVVRFLDWLYDTXHHOSURMHFWHDUULEDDDOWUHV
HQWLWDWV FLXWDGDQHV FRP D FROÂODERUDGRUHV R FRSURPRWRUHV SHU OD TXDO
V¶DWRUJDUjILQVDSXQWV
G 3UHVVXSRVWGHO¶HQWLWDWLGHO¶DFWXDFLyDUHDOLW]DUSHUODTXDO
V¶DWRUJDUjILQVDSXQWV
6H[WD&ULWHULRVSDUDODFRQFHVLyQ
3DUD OD GLVWULEXFLyQ GH OD GRWDFLyQ SUHVXSXHVWDULD VH WHQGUiQ HQ
FRQVLGHUDFLyQORVVLJXLHQWHVFULWHULRV
D/DRULJLQDOLGDGGHODDFWXDFLyQTXHVHSUHWHQGHUHDOL]DUSRUOD
TXHVHRWRUJDUiKDVWDSXQWRV
E6HRWRUJDUiXQFDUiFWHUSULRULWDULRDODVVXEYHQFLRQHVVROLFLWDGDV
SRUODVIHGHUDFLRQHVGHHQWLGDGHVXRWUDVHQWLGDGHVTXHDJUXSHQDVRFL
DFLRQHVSRUODTXHVHRWRUJDUiKDVWDSXQWRV
F /D FRRSHUDFLyQ LQWHUDVRFLDWLYD TXH HO SUR\HFWR FRQVLJXH GH
RWUDV HQWLGDGHV FLXGDGDQDV FRPR FRODERUDGRUDV R FRSURPRWRUHV SRU
ODTXHVHRWRUJDUiKDVWDSXQWRV
G3UHVXSXHVWRGHODHQWLGDG\GHODDFWXDFLyQDUHDOL]DUSRUODTXH
VHRWRUJDUiKDVWDSXQWRV
6qSWLPD5HVROXFLyGHOHVVROÂOLFLWXGV
3HUDO¶HVWXGLLYDORUDFLyGHOHVVROÂOLFLWXGVSUHVHQWDGHVSHUOHV
HQWLWDWV FLXWDGDQHV HV FRQVWLWXLUj XQD FRPLVVLy DYDOXDGRUD SUHVLGL
GD SHU OD GLUHFWRUD JHQHUDO GH 3DUWLFLSDFLy &LXWDGDQD PpV GRV YRFDOV
GHVLJQDWVSHUHVWD/DFRPLVVLyHODERUDUjXQDSURSRVWDHQUHODFLyDPE
O¶DSURYDFLyRGHQHJDFLyGHOHVGLVWLQWHVVROÂOLFLWXGVSUHVHQWDGHVLO¶DV
VLJQDFLyGHTXDQWLWDWVDFDGDXQDG¶HOOHV
/¶zUJDQ FRPSHWHQW SHU D OD UHVROXFLy GHOV H[SHGLHQWV pV SHU
GHOHJDFLyGHOSUHVLGHQWGHOD*HQHUDOLWDWODFRQVHOOHUDGH&RRSHUDFLyL
3DUWLFLSDFLyTXHDL[tPDWHL[SRGUjGLFWDUOHVUHVROXFLRQVLDGRSWDUOHV
PHVXUHVTXHVLJXHQQHFHVVjULHVSHUDOFRPSOLPHQWLGHVHQYROXSDPHQW
G¶DOOz TXH V¶KD HVWLSXODW HQ OD SUHVHQW GLVSRVLFLy DL[t FRP UHVROGUH
WRWHV OHV LQFLGqQFLHV TXH HV SODQWHJHQ HQ OD VHXD LQWHUSUHWDFLy L H[H
FXFLyWRWDL[zGHFRQIRUPLWDWDPEO¶DUWLFOHGHO7H[W5HIyVGHODOD
/OHLG¶+LVHQGD3~EOLFDGHOD*HQHUDOLWDW9DOHQFLDQDDSURYDWSHU'HFUHW
/HJLVODWLXGHGHMXQ\GHGHO&RQVHOOGHOD*HQHUDOLWDW
/¶HILFjFLD GH OD FRQFHVVLy GH OD VXEYHQFLy TXHGDUj VXSHGLWDGD DO
FRPSOLPHQWGHOVWHUPHVLFRQGLFLRQVGHODFRQFHVVLy
/D QR SUHVHQWDFLy GH OD MXVWLILFDFLy GH OD GHVSHVD HQ HO WHUPLQL
IL[DWGRQDUjOORFDODSqUGXDGHODVXEYHQFLyLDL[tPDWHL[SRGUDQVHU
H[FORVRV HQ OHV FRQYRFDWzULHV G¶DQ\V VXFFHVVLXV VHQVH SHUMXt TXH VH
FHOHEUHDPEFDUjFWHUSUHYLDTXDOVHYROGHFLVLyHOWUjPLWG¶DXGLqQFLD
OHJDOPHQWHVWDEOLW
6pSWLPD5HVROXFLyQGHODVVROLFLWXGHV
3DUD HO HVWXGLR \ YDORUDFLyQ GH ODV VROLFLWXGHV SUHVHQWDGDV SRU
ODVHQWLGDGHVFLXGDGDQDVVHFRQVWLWXLUiXQD&RPLVLyQHYDOXDGRUDSUH
VLGLGD SRU OD GLUHFWRUD JHQHUDO GH 3DUWLFLSDFLyQ &LXGDGDQD PiV GRV
YRFDOHVGHVLJQDGRVSRUpVWD/D&RPLVLyQHODERUDUiXQDSURSXHVWDHQ
UHODFLyQ FRQ OD DSUREDFLyQ R GHQHJDFLyQ GH ODV GLVWLQWDV VROLFLWXGHV
SUHVHQWDGDV\ODDVLJQDFLyQGHFDQWLGDGHVDFDGDXQDGHHOODV
(OyUJDQRFRPSHWHQWHSDUDODUHVROXFLyQGHORVH[SHGLHQWHVHV
SRUGHOHJDFLyQGHO3UHVLGHQWHGHOD*HQHUDOLWDWODFRQVHOOHUDGH&RR
SHUDFLyQ\3DUWLFLSDFLyQTXHDVLPLVPRSRGUiGLFWDUODVUHVROXFLRQHV\
DGRSWDUODVPHGLGDVTXHVHDQQHFHVDULDVSDUDHOFXPSOLPLHQWR\GHV
DUUROORGHORHVWLSXODGRHQODSUHVHQWHGLVSRVLFLyQDVtFRPRUHVROYHU
WRGDVODVLQFLGHQFLDVTXHVHSODQWHHQHQVXLQWHUSUHWDFLyQ\HMHFXFLyQ
WRGR HOOR GH FRQIRUPLGDG FRQ HO DUWtFXOR GHO7H[WR 5HIXQGLGR GH
OD/H\GH+DFLHQGD3~EOLFDGHOD*HQHUDOLWDW9DOHQFLDQDDSUREDGRSRU
'HFUHWR/HJLVODWLYRGHGHMXQLRGHGHO&RQVHOOGHOD*HQHUD
OLWDW
(O SOD]R Pi[LPR SDUD UHVROYHU \ QRWLILFDU ODV VROLFLWXGHV VHUi HO
GHWUHVPHVHVFRQWDGRVGHVGHODSXEOLFDFLyQGHODSUHVHQWHUHVROXFLyQ
HQ HO 'LDULR 2ILFLDO GH OD &RPXQLWDW9DOHQFLDQD WUDQVFXUULGR HO FXDO
VLQ TXH KD\D UHFDtGR UHVROXFLyQ H[SUHVD SRGUiQ HQWHQGHUVH DTXpOODV
GHVHVWLPDGDV
/DV UHVROXFLRQHV H[SUHVDV R SUHVXQWDV SRQGUiQ ILQ D OD YtD
DGPLQLVWUDWLYD VLHQGR GH DSOLFDFLyQ HO UpJLPHQ GH UHFXUVRV HVWDEOH
FLGRV HQ OD /H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR
GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR
&RP~Q
7RGDDOWHUDFLyQGHODVFRQGLFLRQHVWHQLGDVHQFXHQWDSDUDODFRQ
FHVLyQ GH OD VXEYHQFLyQ \ HQ WRGR FDVR OD REWHQFLyQ FRQFXUUHQWH GH
VXEYHQFLRQHV R D\XGDV RWRUJDGDV SRU RWUDV$GPLQLVWUDFLRQHV R (QWHV
S~EOLFRVRSULYDGRVSRGUiGDUOXJDUDODPRGLILFDFLyQGHODUHVROXFLyQ
GHFRQFHVLyQ
/DHILFDFLDGHODFRQFHVLyQGHODVXEYHQFLyQTXHGDUiVXSHGLWDGDDO
FXPSOLPLHQWRGHORVWpUPLQRV\FRQGLFLRQHVGHODFRQFHVLyQ
/DQRSUHVHQWDFLyQGHODMXVWLILFDFLyQGHOJDVWRHQHOSOD]RILMDGR
GDUiOXJDUDODSpUGLGDGHODVXEYHQFLyQ\DVLPLVPRSRGUiQVHUH[FOXL
GRV HQ ODV FRQYRFDWRULDV GH DxRV VXFHVLYRV VLQ SHUMXLFLR GH TXH VH
FHOHEUHFRQFDUiFWHUSUHYLRDFXDOTXLHUGHFLVLyQHOWUiPLWHGHDXGLHQ
FLDOHJDOPHQWHHVWDEOHFLGR
2FWDYD4XDQWLDGHOHVVXEYHQFLRQV
/D TXDQWLD GH OHV VXEYHQFLRQV VHUj GHWHUPLQDGD HQ HO SURFpV GH
VHOHFFLyWHQLQWHQFRPSWHOHVGLVSRQLELOLWDWVSUHVVXSRVWjULHVLHOVFULWH
ULVGHVHOHFFLy
/¶LPSRUWGHOHVVXEYHQFLRQVUHJXODGHVHQHVWDFRQYRFDWzULDHQFDS
FDV SRGUj VHU GH WDO TXDQWLD TXH DwOODGDPHQW R HQ FRQFXUUqQFLD DPE
VXEYHQFLRQVRDMXGHVG¶DOWUHVDGPLQLVWUDFLRQVS~EOLTXHVRG¶DOWUHVHQV
S~EOLFVRSULYDWVVXSHUHHOFRVWGHO¶DFWLYLWDWDGHVHQYROXSDUSHOEHQH
ILFLDUL
2FWDYD&XDQWtDGHODVVXEYHQFLRQHV
/DFXDQWtDGHODVVXEYHQFLRQHVVHUiGHWHUPLQDGDHQHOSURFHVRGH
VHOHFFLyQWHQLHQGRHQFXHQWDODVGLVSRQLELOLGDGHVSUHVXSXHVWDULDV\ORV
FULWHULRVGHVHOHFFLyQ
(OLPSRUWHGHODVVXEYHQFLRQHVUHJXODGDVHQHVWDFRQYRFDWRULDHQ
QLQJ~Q FDVR SRGUi VHU GH WDO FXDQWtD TXH DLVODGDPHQWH R HQ FRQFXU
UHQFLDFRQVXEYHQFLRQHVRD\XGDVGHRWUDV$GPLQLVWUDFLRQHVS~EOLFDV
RGHRWURV(QWHVS~EOLFRVRSULYDGRVVXSHUHHOFRVWHGHODDFWLYLGDGD
GHVDUUROODUSRUHOEHQHILFLDULR
(OWHUPLQLPj[LPSHUDUHVROGUHLQRWLILFDUOHVVROÂOLFLWXGVVHUjHO
GHWUHVPHVRVFRPSWDWVGHVGHODSXEOLFDFLyGHODSUHVHQW5HVROXFLyHQ
HO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDWUDQVFRUUHJXWHOTXDOVHQVH
TXH KDMD UHFDLJXW XQD UHVROXFLy H[SUHVVD SRGUDQ HQWHQGUH¶V DTXHOOHV
GHVHVWLPDGHV
/HVUHVROXFLRQVH[SUHVVHVRSUHVXPSWHVSRVDUDQILDODYLDDGPL
QLVWUDWLYDLV¶DSOLFDUjHOUqJLPGHUHFXUVRVHVWDEOLWVHQOD/OHL
GH GH QRYHPEUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOL
TXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
7RWD DOWHUDFLy GH OHV FRQGLFLRQV WLQJXGHV HQ FRPSWH SHU D OD
FRQFHVVLy GH OD VXEYHQFLy L HQ WRW FDV O¶REWHQFLy FRQFXUUHQW GH VXE
YHQFLRQVRDMXGHVDWRUJDGHVSHUDOWUHVDGPLQLVWUDFLRQVRHQVS~EOLFVR
SULYDWVSRGUjGRQDUOORFDODPRGLILFDFLyGHODUHVROXFLyGHFRQFHVVLy
Núm
5509 / 10.05.2007
18795
1RYHQD)RUPDGHSDJDPHQW
(OSDJDPHQWV¶HIHFWXDUjFRQWUDODMXVWLILFDFLyGHODVXEYHQFLySHU
SDUWGHOEHQHILFLDULGHFRQIRUPLWDWDPEHOTXHGLVSRVDO¶DUWLFOHELV
GHO7H[W5HIyVGHOD/OHLG¶+LVHQGD3~EOLFD9DOHQFLDQD
1RYHQD)RUPDGHSDJR
(O SDJR VH HIHFWXDUi FRQWUD OD MXVWLILFDFLyQ GH OD VXEYHQFLyQ SRU
SDUWHGHOEHQHILFLDULRGHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWtFXOR
ELVGHO7H[WR5HIXQGLGRGHOD/H\GH+DFLHQGD3~EOLFD9DOHQFL
DQD
'HVHQD-XVWLILFDFLyGHODVXEYHQFLy
(OV MXVWLILFDQWV DFRPSDQ\DWV GH OD FHUWLILFDFLy TXH ILJXUD FRP
DGRFXPHQWHQO¶DQQH[,,GHODSUHVHQWFRQYRFDWzULDDQLUDQDGUHoDWV
DODGLUHFWRUDJHQHUDOGH3DUWLFLSDFLy&LXWDGDQDLSRGUDQSUHVHQWDUVH
ILQVDOGHQRYHPEUHGHLQFOXVLYDPHQWHQOD3UHVLGqQFLDGHOD
*HQHUDOLWDWDO¶HIHFWHGHSRGHUOOLXUDUVHOHVTXDQWLWDWVFRUUHVSRQHQWV
(OVMXVWLILFDQWVKDXUDQGHFRUUHVSRQGUH¶VDPEHOSUHVVXSRVWGHWDOODWGH
OHVDFWLYLWDWVHQODVROÂOLFLWXGGHVXEYHQFLy
3HUDHIHFWXDUHOSDJDPHQWHOVEHQHILFLDULVGHODVXEYHQFLyKDX
UDQG¶DMXVWDUVHDOVUHTXLVLWVLIRUPHVG¶DFUHGLWDFLyHVWDEOLWVHQO¶DUWLFOH
GHOD/OHLGHGHQRYHPEUH*HQHUDOGH6XEYHQFLRQVL
HQWRWFDVKDXUDQGHSUHVHQWDUODGRFXPHQWDFLyVHJHQW
Â
0HPzULDH[SOLFDWLYDLGHWDOODGDGHOHVDFWLYLWDWVUHDOLW]DGHVL
TXHKDQVLJXWVXEYHQFLRQDGHV
Â
$L[t PDWHL[ KDXUj G¶DSRUWDUVH XQD GHFODUDFLy UHVSRQVDEOH
ILUPDGD SHO SUHVLGHQW GH O¶HQWLWDW VROÂOLFLWDQW RQ FRQVWH TXH QR V¶KD
UHEXWFDSVXEYHQFLyRFDSDMXGDSURFHGHQWG¶XQDDOWUDDGPLQLVWUDFLy
RHQVS~EOLFTXHFREULVFDODSDUWGHOHVGHVSHVHVTXHVXEYHQFLRQDOD
3UHVLGqQFLDGHOD*HQHUDOLWDWSHUPLWMjGHODSUHVHQWUHVROXFLyLTXHKD
FRPSOLWHQJHQHUDOWRWHVOHVFRQGLFLRQVLREOLJDFLRQVLPSRVDGHVSHUOHV
SUHVHQWV EDVHV UHJXODGRUHV /OHL G¶+LVHQGD 3~EOLFD GH OD *HQHUDOLWDW
/OHL *HQHUDO GH 6XEYHQFLRQV L OD UHVWD GH QRUPDWLYD YLJHQW TXH VH OL
DSOLTXH
'pFLPD-XVWLILFDFLyQGHODVXEYHQFLyQ
/RV MXVWLILFDQWHV DFRPSDxDGRV GH OD FHUWLILFDFLyQ TXH ILJXUD
FRPR GRFXPHQWR HQ HO$QH[R ,, GH OD SUHVHQWH FRQYRFDWRULD LUiQ
GLULJLGRVDODGLUHFWRUDJHQHUDOGH3DUWLFLSDFLyQ&LXGDGDQD\SRGUiQ
SUHVHQWDUVHKDVWDHOGHQRYLHPEUHGHLQFOXVLYHHQOD3UHVL
GHQFLDGHOD*HQHUDOLWDWDORVHIHFWRVGHSRGHUOLEUDUVHODVFDQWLGDGHV
FRUUHVSRQGLHQWHV/RVMXVWLILFDQWHVGHEHUiQFRUUHVSRQGHUVHFRQHOSUH
VXSXHVWRGHWDOODGRGHODVDFWLYLGDGHVHQODVROLFLWXGGHVXEYHQFLyQ
3DUD HIHFWXDU HO SDJR ORV EHQHILFLDULRV GH OD VXEYHQFLyQ
GHEHUiQ DMXVWDUVH D ORV UHTXLVLWRV \ IRUPDV GH DFUHGLWDFLyQ HVWDEOHFL
GRVHQHODUWtFXORGHOD/H\GHGHQRYLHPEUH*HQHUDO
GH6XEYHQFLRQHV\HQWRGRFDVRGHEHUiQSUHVHQWDUODVLJXLHQWHGRFX
PHQWDFLyQ
)DFWXUDV RULJLQDOHV GH ORV JDVWRV UHDOL]DGRV GHELGDPHQWH IRU
PDOL]DGDVGHDFXHUGRFRQORHVWDEOHFLGRHQHO5HDO'HFUHWR
GHGHQRYLHPEUHSRUHOTXHDSUXHEDHO5HJODPHQWRSRUHOTXHVH
UHJXODQODVREOLJDFLRQHVGHIDFWXUDFLyQ\VHPRGLILFDHO5HJODPHQWR
GHO,PSXHVWRVREUHHO9DORU$xDGLGR%2(QžGHGHQRYLHP
EUHGH
0HPRULD H[SOLFDWLYD \ GHWDOODGD GH ODV DFWLYLGDGHV UHDOL]DGDV \
TXHKDQVLGRVXEYHQFLRQDGDV
$VLPLVPRGHEHUiDSRUWDUVHXQDGHFODUDFLyQUHVSRQVDEOHILUPDGD
SRUHO3UHVLGHQWHGHODHQWLGDGVROLFLWDQWHHQODTXHFRQVWHTXHQRVH
KD UHFLELGRVXEYHQFLyQ R D\XGD DOJXQD SURFHGHQWHGH RWUD$GPLQLV
WUDFLyQ R HQWH S~EOLFR TXH FXEUD OD SDUWH GH ORV JDVWRV TXH VH VXE
YHQFLRQDQ SRU OD 3UHVLGHQFLD GH OD *HQHUDOLWDW PHGLDQWH OD SUHVHQWH
UHVROXFLyQ \ GH TXH KD FXPSOLGR HQ JHQHUDO WRGDV ODV FRQGLFLRQHV \
REOLJDFLRQHV LPSXHVWDV SRU ODV SUHVHQWHV %DVHV 5HJXODGRUDV /H\ GH
+DFLHQGD 3~EOLFD GH OD *HQHUDOLWDW /H\ *HQHUDO GH 6XEYHQFLRQHV \
GHPiVQRUPDWLYDYLJHQWHTXHOHVHDGHDSOLFDFLyQ
2Q]HQD2EOLJDFLRQVGHOVEHQHILFLDULV
(OVEHQHILFLDULVG¶HVWHVVXEYHQFLRQVHVWDUDQVXEMHFWHVDOHVREOLJD
FLRQVGHULYDGHVGHOFRQWLQJXWGHOHVSUHVHQWVEDVHVGHODUHVROXFLyGH
FRQFHVVLyGHODVXEYHQFLyLHQJHQHUDOGHODQRUPDWLYDYLJHQWTXHVHOL
DSOLTXH(QWRWFDVVyQREOLJDFLRQVGHOHVHQWLWDWVEHQHILFLDGHVOHVHVWD
EOLGHVHQO¶DUWLFOHGHOD/OHLGHGHQRYHPEUH*HQHUDO
GH6XEYHQFLRQV
8QGpFLPD2EOLJDFLRQHVGHORVEHQHILFLDULRV
/RVEHQHILFLDULRVGHHVWDVVXEYHQFLRQHVHVWDUiQVXMHWRVDODVREOL
JDFLRQHV GHULYDGDV GHO FRQWHQLGR GH ODV SUHVHQWHV EDVHV GH OD UHVR
OXFLyQ GH FRQFHVLyQ GH OD VXEYHQFLyQ \ HQ JHQHUDO GH OD QRUPDWLYD
YLJHQWH TXH OH VHD GH DSOLFDFLyQ (Q WRGR FDVR VRQ REOLJDFLRQHV GH
ODVHQWLGDGHVEHQHILFLDGDVODVHVWDEOHFLGDVHQHODUWtFXORGHOD/H\
GHGHQRYLHPEUH*HQHUDOGH6XEYHQFLRQHV
'RW]HQD5HYLVLyG¶H[SHGLHQWV
(QHOVFDVRVSUHYLVWRVHQO¶DUWLFOHGHOD/OHL*HQHUDOGH6XE
YHQFLRQVHOVEHQHILFLDULVKDXUDQGHUHLQWHJUDUODWRWDOLWDWRSDUWGHOD
TXDQWLWDW SHUFHEXGD PpV HOV FRUUHVSRQHQWV LQWHUHVVRV GH GHPRUD (Q
HOVGLWVFDVRVHVSURFHGLUjDODLQFRDFLyGHO¶RSRUW~H[SHGLHQWTXHDPE
DXGLqQFLDSUqYLDGHO¶LQWHUHVVDWVHUjUHVROWSHUODFRQVHOOHUDGH&RRSH
UDFLyL3DUWLFLSDFLy
(OIDOVHMDPHQWRRFXOWDFLyGHGDGHVLGRFXPHQWVHQTXDQWTXH
DIHFWHQ VXEVWDQFLDOPHQW OD FRQFHVVLy L OOLXUDPHQW GH IRQV S~EOLFV
GRQDUjOORFDO¶H[LJqQFLDGHUHVSRQVDELOLWDWVWDQWHQO¶RUGHDGPLQLVWUD
WLXFRPHQHOMXULVGLFFLRQDOFRPSHWHQW
/D 3UHVLGqQFLD GH OD *HQHUDOLWDW HV UHVHUYD HO GUHW D UHDOLW]DU
TXDQWHV LQVSHFFLRQV WqFQLTXHV L DGPLQLVWUDWLYHV HV FRQVLGHUHQ QHFHV
VjULHVDILGHFRQIRUPDUODFRUUHFWDH[HFXFLyGHO¶DFWXDFLyVXEYHQFLR
QDGD
'XRGpFLPD5HYLVLyQGHH[SHGLHQWHV
(Q ORV FDVRV FRQWHPSODGRV HQ HO DUWtFXOR GH OD /H\ *HQH
UDO GH 6XEYHQFLRQHV ORV EHQHILFLDULRV GHEHUiQ UHLQWHJUDU OD WRWDOLGDG
R SDUWH GH OD FDQWLGDG SHUFLELGD PiV ORV FRUUHVSRQGLHQWHV LQWHUHVHV
GHGHPRUD(QGLFKRVFDVRVVHSURFHGHUiDODLQFRDFLyQGHORSRUWXQR
H[SHGLHQWH TXH SUHYLD DXGLHQFLD GHO LQWHUHVDGR VHUi UHVXHOWR SRU OD
FRQVHOOHUDGH&RRSHUDFLyQ\3DUWLFLSDFLyQ
(OIDOVHDPLHQWRXRFXOWDFLyQGHGDWRV\GRFXPHQWRVHQFXDQWR
TXH DIHFWHQ VXEVWDQFLDOPHQWH D OD FRQFHVLyQ \ OLEUDPLHQWR GH IRQGRV
S~EOLFRV GDUi OXJDU D OD H[LJHQFLD GH UHVSRQVDELOLGDGHV WDQWR HQ HO
RUGHQDGPLQLVWUDWLYRFRPRHQHOMXULVGLFFLRQDOFRPSHWHQWH
/D3UHVLGHQFLDGHOD*HQHUDOLWDWVHUHVHUYDHOGHUHFKRDUHDOL]DU
FXDQWDVLQVSHFFLRQHVWpFQLFDV\DGPLQLVWUDWLYDVVHFRQVLGHUHQQHFHVD
ULDVDILQGHFRQIRUPDUODFRUUHFWDHMHFXFLyQGHODDFWXDFLyQVXEYHQFL
RQDGD
7UHW]HQD
(QWRWDOOzQRSUHYLVWHQOHVSUHVHQWVEDVHVOHVHQWLWDWVFLXWDGDQHV
EHQHILFLjULHVVHVRWPHWUDQDOTXHHVWDEOL[OD/OHLG¶+LVHQGD3~EOLFDGH
OD*HQHUDOLWDWLOD/OHLGH3UHVVXSRVWRVGHOD*HQHUDOLWDWSHUDO¶H[HUFL
FLDL[tFRPOD/OHL*HQHUDOGH6XEYHQFLRQVLODUHVWDGHQRUPDWL
YDYLJHQWTXHVHOLDSOLTXH
'pFLPRWHUFHUD
(QWRGRORQRSUHYLVWRHQODVSUHVHQWHVEDVHVODV(QWLGDGHVFLXGD
GDQDVEHQHILFLDULDVVHVRPHWHUiQDORHVWDEOHFLGRHQOD/H\GH+DFLHQ
GD3~EOLFDGHOD*HQHUDOLWDW\OD/H\GH3UHVXSXHVWRVGHOD*HQHUDOL
WDWSDUDHOHMHUFLFLRDVtFRPROD/H\*HQHUDOGH6XEYHQFLRQHV\
GHPiVQRUPDWLYDYLJHQWHTXHOHVHDGHDSOLFDFLyQ
 )DFWXUHV RULJLQDOV GH OHV GHVSHVHV UHDOLW]DGHV GHJXGDPHQW IRU
PDOLW]DGHVG¶DFRUGDPEHOTXHHVWDEOL[HO5HLDO'HFUHWGH
GHQRYHPEUHSHOTXDOV¶DSURYDHOUHJODPHQWTXHUHJXODOHVREOLJD
FLRQV GH IDFWXUDFLy L HV PRGLILFD HO 5HJODPHQW GH O¶,PSRVW VREUH HO
9DORU$IHJLW%2(Q~PGHGHQRYHPEUHGH
Núm
5509 / 10.05.2007
18796
$11(;,,
'RFXPHQWVUHODFLRQDWV
6ROÂOLFLWXGGHVXEYHQFLRQV
0DQWHQLPHQWGHWHUFHUVDOWDG¶HQWLWDWGHFUqGLW
&HUWLILFDWMXVWLILFDFLyGHGHVSHVHV
$1(;2,,
'RFXPHQWRVUHODFLRQDGRV
6ROLFLWXGGHVXEYHQFLRQHV
0DQWHQLPLHQWRGH7HUFHURV$OWDGH(QWLGDGGH&UpGLWR
&HUWLILFDGRMXVWLILFDFLyQ*DVWRV
5509 / 10.05.2007
Núm
18797
62/Â/,&,78''
$-8'(63(5$352-(&7(6'(67,1$76$
&2/Â/(&7,86$0%0e6',),&8/7$763(5$3$57,&,3$5
SOLICITUD DE AYUDAS PARA PROYECTOS DESTINADOS A
COLECTIVOS CON MÁS DIFICULTADES PARA PARTICIPAR
$
'2&
'$'(6'(/
(17,7$7'$726'(/$(17,'$'
120120%5(
&,)
'20,&,/,&$55(53/$d$1Ò0(52,3257$'20,&,/,2&$//(3/$=$1Ò0(52<38(57$
&3
3529Ë1&,$3529,1&,$
/2&$/,7$7/2&$/,'$'
7(/Ê)217(/e)212
120120%5(
'1,
'20,&,/,&$55(53/$d$,1Ò0(52'20,&,/,2&$//(3/$=$<1Ò0(52
3529Ë1&,$3529,1&,$
/2&$/,7$7/2&$/,'$'
%
&3
7(/Ê)217(/e)212
'(&/$5$&,Ï'(&/$5$&,Ï1
$ODYLVWDGHOHVEDVHVTXHUHJL[HQODFRQYRFDWzULDSHUDODFRQFHVVLyG
DMXGHVDSURMHFWHVGHVWLQDWVDFROÂOHFWLXVDPEGLILFXOWDWVSHUDSDUWLFLSDU
DFFHSWDtQWHJUDPHQWGLWHVEDVHVVROÂOLFLWDVXEYHQFLyLDFRPSDQ\DOHVVHJHQWVGDGHV
$ODYLVWDGHODVEDVHVTXHULJHQODFRQYRFDWRULDSDUDODFRQFHVLyQGHD\XGDVDSUR\HFWRVGHVWLQDGRVDFROHFWLYRVFRQPiVGLILFXOWDGHVSDUD
SDUWLFLSDUDFHSWDtQWHJUDPHQWHGLFKDVEDVHV\VROLFLWDVXEYHQFLyQSDUDORFXDODFRPSDxDORVVLJXLHQWHVGDWRV
$&7,9,7$763(5$/(648$/66(62/Â/,&,7$68%9(1&,Ï$&7,9,'$'(63$5$/$648(6(62/,&,7$68%9(1&,Ï1
35(6683267'(*$6726'(/&21-817'
$&7,9,7$76
35(6838(672'(*$6726'(/&21-8172'($&7,9,'$'(6
&203520Ë6'(/
(17,7$7&203520,62'(/$(17,'$'
$SRUWDUDTXHOODSDUWGHO
LPSRUWWRWDOGHO
DFWXDFLyTXHQRFREULVFDODVXEYHQFLyFRQFHGLGDLTXHQRKDMDVLJXWILQDQoDGDG
XQDDOWUDPDQHUD
$SRUWDUDTXHOODSDUWHGHOLPSRUWHWRWDOGHODDFWXDFLyQTXHQRFXEUDODVXEYHQFLyQFRQFHGLGD\TXHQRKD\DVLGRILQDQFLDGDGHRWURPRGR
'RQDUO
DGHTXDGDSXEOLFLWDWGHOILQDQoDPHQWG
HVWDDMXGD
'DUODDGHFXDGDSXEOLFLGDGGHODILQDQFLDFLyQGHHVWDD\XGD
5HLQWHJUDUOHVTXDQWLWDWVTXHV
KDJXHUHQSHUFHEXWHQFDVGHUHYRFDFLyGHO
DMXGDDL[tFRPGHFRPXQLFDUDOD3UHVLGqQFLDGHOD*HQHUDOLWDW
9DOHQFLDQDOHVDMXGHVVROÂOLFLWDGHVLRREWLQJXGHVSHUDODPDWHL[DILQDOLWDWGHTXDOVHYRODOWUDDGPLQLVWUDFLyS~EOLFD
5HLQWHJUDU ODV FDQWLGDGHV TXH VH KXELHUDQ SHUFLELGR HQ FDVR GH UHYRFDFLyQ GH OD D\XGD DVL FRPR GH FRPXQLFDU D OD 3UHVLGHQFLD GH OD
*HQHUDOLWDW9DOHQFLDQDODVD\XGDVVROLFLWDGDV\XREWHQLGDVSDUDODPLVPDILQDOLGDGGHFXDOTXLHURWUDDGPLQLVWUDFLyQS~EOLFD
&RPSOLUWRWHVOHVFRQGLFLRQVLREOLJDFLRQVLPSRVDGHVSHUOHVSUHVHQWVEDVHVUHJXODGRUHV/OHLG
+LVHQGD3~EOLFDGHOD*HQHUDOLWDW9DOHQFLDQD
/OHL*HQHUDOGH6XEYHQFLRQVLODUHVWDGHQRUPDWLYDYLJHQWTXHOLVLJDG
DSOLFDFLy
&XPSOLU WRGDV ODV FRQGLFLRQHV \ REOLJDFLRQHV LPSXHVWDV SRU ODV SUHVHQWHV EDVHV UHJXODGRUDV /H\ GH +DFLHQGD 3~EOLFD GH OD *HQHUDOLWDW
9DOHQFLDQD/H\*HQHUDOGH6XEYHQFLRQHV\GHPiVQRUPDWLYDYLJHQWHTXHOHVHDGHDSOLFDFLyQ
G
GH
6HJHOO6HOOR
6HJHOO6HOOR
',1$
(OUHSUHVHQWDQW(OUHSUHVHQWDQWH
&,7,$&
&
)LUPD
/HVGDGHVGHFDUjFWHUSHUVRQDOTXHFRQWpO
LPSUpVSRGUDQVHULQFORVHVHQXQILW[HUSHUDOVHXWUDFWDPHQWSHUHVWHzUJDQDGPLQLVWUDWLXFRPD
WLWXODUUHVSRQVDEOHGHOILW[HUHQO
~VGHOHVIXQFLRQVSUzSLHVTXHWpDWULEXwGHVLHQO
jPELWGHOHVVHXHVFRPSHWqQFLHV$L[tPDWHL[VHO
LQIRUPD
GH OD SRVVLELOLWDW G
H[HUFLUHOV GUHWV G
DFFpV UHFWLILFDFLy FDQFHOÂODFLy LRSRVLFLy WRW DL[zGH FRQIRUPLWDW DPE HOTXHGLVSRVD O
DUWGH OD/OHL
2UJjQLFDGH3URWHFFLyGH'DGHVGH&DUjFWHU3HUVRQDO%2(Q~PGH
/RV GDWRV GH FDUiFWHU SHUVRQDO FRQWHQLGRV HQ HO LPSUHVR SRGUiQ VHU LQFOXLGRV HQ XQ ILFKHUR SDUD VX WUDWDPLHQWR SRU HVWH yUJDQR
DGPLQLVWUDWLYR FRPR WLWXODU UHVSRQVDEOH GHO ILFKHUR HQ HO XVR GH ODV IXQFLRQHV SURSLDV TXH WLHQH DWULEXLGDV \ HQ HO iPELWR GH VXV
FRPSHWHQFLDV$VtPLVPRVHOHLQIRUPDGHODSRVLELOLGDGGHHMHUFHUORVGHUHFKRVGHDFFHVRUHFWLILFDFLyQFDQFHODFLyQ\RSRVLFLyQWRGRHOORGH
FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO DUW GH OD /H\ 2UJiQLFD GH 3URWHFFLyQ GH 'DWRV GH &DUiFWHU 3HUVRQDO %2( Qž GH
',5(&&,Ï*(1(5$/'(3$57,&,3$&,Ï&,87$'$1$
',5(&&,Ï1*(1(5$/'(3$57,&,3$&,Ï1&,8'$'$1$
'$7$'
(175$'$(1/
Ñ5*$1&203(7(17
)(&+$(175$'$(1Ï5*$12&203(7(17(
,$(
(;(03/$53(5$/$',5(&&,Ï1*(1(5$/'(3$57,&,3$&,Ï1&,8'$'$1$(-(03/$53$5$/$',5(&&,Ï1*(1(5$/'(3$57,&,3$&,Ï1&,8'$'$1$
'$'(6'(/5(35(6(17$17'$726'(/5(35(6(17$17(
&2*1206$3(//,'26
5509 / 10.05.2007
Núm
18798
62/Â/,&,78''
$-8'(63(5$352-(&7(6'(67,1$76$
&2/Â/(&7,86$0%0e6',),&8/7$763(5$3$57,&,3$5
SOLICITUD DE AYUDAS PARA PROYECTOS DESTINADOS A
COLECTIVOS CON MÁS DIFICULTADES PARA PARTICIPAR
'2&80(17$&,Ï'2&80(17$&,Ï1
(VWDWXWVLGRFXPHQWDFLyTXHDFUHGLWDODUHSUHVHQWDFLyTXHRVWHQWDODSHUVRQDTXHILUPDODVROÂOLFLWXGLIRWRFzSLDFRPSXOVDGDGHOVHX'1,
(VWDWXWRV\GRFXPHQWDFLyQTXHDFUHGLWDODUHSUHVHQWDFLyQTXHRVWHQWDODSHUVRQDTXHILUPDODVROLFLWXG\IRWRFRSLDFRPSXOVDGDGHVX'1,
1~PHURGHUHJLVWUHJHQHUDOGHO
HQWLWDW
1~PHURGHUHJLVWURJHQHUDOGHODHQWLGDG
'HFODUDFLyGHOUHSUHVHQWDQWOHJDOGHO
HQWLWDWLIRWRFzSLDFRPSXOVDGDGHOVHX'1,
'HFODUDFLyQGHOUHSUHVHQWDQWHOHJDOGHODHQWLGDG\IRWRFRSLDFRPSXOVDGDGHVX'1,
5HVXPGHOSUHVVXSRVWGHO
H[HUFLFLFRUUHQW
5HVXPHQGHOSUHVXSXHVWRGHOHMHUFLFLRFRUULHQWH
0HPzULD GHVFULSWLYD GH OHV DFWLYLWDWV SRUWDGHV D WHUPH SHU O
HQWLWDW GXUDQW O
H[HUFLFL L GH OHV UHDOLW]DGHV R SUHYLVWHV UHDOLW]DU GXUDQW
O
H[HUFLFLDL[tFRPXQUHVXPGHOVLQJUHVVRVLGHOVJDVWRVGHFDGDVFXQDG
HOOHV
0HPRULDGHVFULSWLYDGHODVDFWLYLGDGHVOOHYDGDVDFDERSRUODHQWLGDGGXUDQWHHOHMHUFLFLR\GHODVUHDOL]DGDVRSUHYLVWDVUHDOL]DUGXUDQWH
HOHMHUFLFLRDVtFRPRXQUHVXPHQGHORVLQJUHVRV\GHORVJDVWRVGHFDGDXQDGHHOODV
(QWLWDWILQDQFHUDDODTXDOSURFHGLVFDHIHFWXDUHOVSDJDPHQWVSHUWUDQVIHUqQFLD
(QWLGDGILQDQFLHUDDODTXHSURFHGDHIHFWXDUORVSDJRVSRUWUDQVIHUHQFLD
$OWDG
HQWLWDWGHFUqGLWSHUDOFDVGHPRGLILFDFLyGHGDGHVRQRYHVDOWHV
$OWDGHHQWLGDGGHFUpGLWRSDUDHOFDVRGHPRGLILFDFLyQGHGDWRVRQXHYDVDOWDV
&HUWLILFDWGHOD7HVRUHULD*HQHUDOGHOD6HJXUHWDW6RFLDODFUHGLWDWLXG
HVWDUDOFRUUHQWGHOHVVHXHVREOLJDFLRQVGDYDQWGHOD6HJXUHWDW6RFLDO
&HUWLILFDGRGHOD7HVRUHUtD*HQHUDOGHOD6HJXULGDG6RFLDODFUHGLWDWLYRGHHVWDUDOFRUULHQWHGHVXVREOLJDFLRQHVDQWHOD6HJXULGDG6RFLDO
&HUWLILFDW GH O
$JqQFLD (VWDWDO GH O
$GPLQLVWUDFLy 7ULEXWjULDDFUHGLWDWLX GHWUREDUVHDOFRUUHQWGHOHV VHXHV REOLJDFLRQV WULEXWjULHV GDYDQW OD
KLVHQGDGHO
HVWDW
&HUWLILFDGRGHOD$JHQFLD(VWDWDOGHOD$GPLQLVWUDFLyQ7ULEXWDULDDFUHGLWDWLYRGHHVWDUDOFRUULHQWHGHVXVREOLJDFLRQHVWULEXWDULDVIUHQWHDOD
KDFLHQGDHVWDWDO
&HUWLILFDWGHOVVHUYLFLVWHUULWRULDOVGHOD&RQVHOOHULDG
(FRQRPLD+LVHQGDL2FXSDFLyGHWUREDUVHDOFRUUHQWGHOHVVHXHVREOLJDFLyQVWULEXWjULHV
DPEOD*HQHUDOLWDW9DOHQFLDQD
&HUWLILFDGR GHORVVHUYLFLRV WHUULWRULDOHVGHOD&RQVHOOHULDGH(FRQRPtD+DFLHQGD\2FXSDFLyQGHKDOODUVHDOFRUULHQWHGHVXVREOLJDFLRQHV
WULEXWDULDVFRQOD*HQHUDOLWDW9DOHQFLDQD
',1$
&,7,$&
&HUWLILFDW DFUHGLWDWLX GH WUREDUVH DO FRUUHQW GH OHV VHXHV REOLJDFLRQV WULEXWjULHV DPE OD +LVHQGD /RFDO OD TXDO FRVD HV MXVWLILFDUj PLWMDoDQW
FHUWLILFDWH[SHGLWSHOWUHVRUHUGHO
DMXQWDPHQWUHVSHFWLX
&HUWLILFDGRDFUHGLWDWLYRGHKDOODUVHDOFRUULHQWHGHVXVREOLJDFLRQHVWULEXWDULDVUHVSHFWRGHOD+DFLHQGD/RFDOORFXDOVHMXVWLILFDUiPHGLDQWH
FHUWLILFDGRH[SHGLGRSRUHOWHVRUHURGHOD\XQWDPLHQWRFRUUHVSRQGLHQWH
,$(
(;(03/$53(5$/$',5(&&,Ï1*(1(5$/'(3$57,&,3$&,Ï1&,8'$'$1$(-(03/$53$5$/$',5(&&,Ï1*(1(5$/'(3$57,&,3$&,Ï1&,8'$'$1$
'
'2&
',5(&&,Ï*(1(5$/'(3$57,&,3$&,Ï&,87$'$1$
',5(&&,Ï1*(1(5$/'(3$57,&,3$&,Ï1&,8'$'$1$
Núm
5509 / 10.05.2007
18799
&RQVHOOHULDGH&XOWXUD(GXFDFLyL(VSRUW
&RQVHOOHULDG¶(FRQRPLD+LVHQGDL2FXSDFLy
&RQVHOOHULDGH&XOWXUD(GXFDFLyQ\'HSRUWH
&RQVHOOHULDGH(FRQRPtD+DFLHQGD\(PSOHR
25'5(FRQMXQWDGHG¶DEULOGHGHOHVFRQVHOOHUL
HVGH&XOWXUD(GXFDFLyL(VSRUWLG¶(FRQRPLD+LVHQGDL
2FXSDFLySHUODTXDOHVFRQYRTXHQOHVDMXGHVSHUDOGHV
HQWUROODPHQWGH3URJUDPHVGH*DUDQWLD6RFLDOSHUDOFXUV
>@
25'(1 FRQMXQWD GH GH DEULO GH GH ODV FRQVHOOH
ULDV GH &XOWXUD (GXFDFLyQ \ 'HSRUWH \ GH (FRQRPtD
+DFLHQGD \ (PSOHR SRU OD TXH VH FRQYRFDQ ODV D\XGDV
SDUDHOGHVDUUROORGH3URJUDPDVGH*DUDQWtD6RFLDOSDUD
HOFXUVR>@
3XEOLFDGDO¶2UGUHFRQMXQWDGHOHVFRQVHOOHULHVGH&XOWXUD(GXFD
FLy L (VSRUW L G¶(FRQRPLD +LVHQGD L 2FXSDFLy GH GDWD GH PDLJ
GH'2*9Q~PGHSHUODTXDOV¶DSURYHQOHV
EDVHVUHJXODGRUHVLHOSURFHGLPHQWJHQHUDOSHUDODFRQFHVVLyG¶DMXGHV
SHUDOVSURJUDPHVGHJDUDQWLDVRFLDOSURPRJXWVDO¶HPSDUDGHO¶2UGUH
GHGHIHEUHUGH'2*9Q~PGHPRGLIL
FDGDSHUO¶2UGUHGHGDWDGHPDUoGH'2*9Q~PGH
$WpV HO TXH GLVSRVD HO 7H[W 5HIyV GH OD /OHL G¶+LVHQGD 3~EOL
FD GH OD *HQHUDOLWDW9DOHQFLDQD DL[t FRP OD /OHL GH 3UHVVX
SRVWRVGHOD*HQHUDOLWDWSHUDO¶H[HUFLFL'2*9Q~PGH
L HQ YLUWXW GH OHV IDFXOWDWVDWULEXwGHV SHU OD /OHL
GHGHGHVHPEUHGHO&RQVHOO
3XEOLFDGD OD 2UGHQ FRQMXQWD GH ODV FRQVHOOHULDV GH &XOWXUD (GX
FDFLyQ\'HSRUWH\GH(FRQRPtD+DFLHQGD\(PSOHRGHIHFKDGH
PD\R GH '2*9 GH SRU OD TXH VH DSUXHEDQ
ODVEDVHVUHJXODGRUDV\HOSURFHGLPLHQWRJHQHUDOSDUDODFRQFHVLyQGH
D\XGDV SDUD ORV SURJUDPDV GH JDUDQWtD VRFLDO SURPRYLGRV DO DPSDUR
GH OD 2UGHQ GH GH IHEUHUR GH '2*9 GH PRGLILFDGDSRU2UGHQGHIHFKDGHPDU]RGH'2*9GH
&RQVLGHUDQGR OR GLVSXHVWR HQ HO 7H[WR 5HIXQGLGR GH OD /H\ GH
+DFLHQGD 3~EOLFD GH OD *HQHUDOLWDW 9DOHQFLDQD DVt FRPR HQ OD /H\
GH 3UHVXSXHVWRV GH OD *HQHUDOLWDW SDUD HO HMHUFLFLR '2*9Q~PHURGHGHGLFLHPEUHGH\HQYLUWXGGHODV
IDFXOWDGHVDWULEXLGDVSRUOD/H\GHGHGLFLHPEUHGH*REL
HUQR9DOHQFLDQR
25'(1(0
',6321(026
3ULPHU
&RQYRFDU OHV VXEYHQFLRQV SHU DO GHVHQYROXSDPHQW GH SURJUDPHV
GHJDUDQWLDVRFLDOHQHOFXUVTXHV¶DMXVWHQDOHVPRGDOLWDWV
LFRQGLFLRQVSUHYLVWHVHQO¶2UGUHFRQMXQWDGHOHVFRQVHOOHULHVGH&XOWX
UD(GXFDFLyL(VSRUWLG¶(FRQRPLD+LVHQGDL2FXSDFLyGHGDWDGH
PDLJGHSHUODTXDOV¶DSURYHQOHVEDVHVUHJXODGRUHVLHOSURFHGL
PHQWJHQHUDOSHUDODFRQFHVVLyGHVXEYHQFLRQVSHUDOVSURJUDPHVGH
JDUDQWLDVRFLDO
'HFRQIRUPLWDWDPEHOTXHGLVSRVDO¶DSDUWDWVLVpGHODPHQFL
RQDGDRUGUHHOWHUPLQLSHUDSUHVHQWDUOHVVROÂOLFLWXGVGHVXEYHQFLypV
G¶XQPHVDFRPSWDUGHVGHO¶HQGHPjGHODSXEOLFDFLyG¶DTXHVWDFRQYR
FDWzULDHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
3ULPHUR
&RQYRFDU ODV VXEYHQFLRQHV SDUD HO GHVDUUROOR GH SURJUDPDV GH
JDUDQWtDVRFLDOHQHOFXUVRTXHVHDMXVWHQDODVPRGDOLGD
GHV \ FRQGLFLRQHV FRQWHPSODGDV HQ OD 2UGHQ FRQMXQWD GH ODV FRQVH
OOHULDVGH&XOWXUD(GXFDFLyQ\'HSRUWH\GH(FRQRPtD+DFLHQGD\
(PSOHRGHIHFKDGHPD\RGHSRUODTXHVHDSUXHEDQODVEDVHV
UHJXODGRUDV\HOSURFHGLPLHQWRJHQHUDOSDUDODFRQFHVLyQGHVXEYHQFL
RQHVSDUDORVSURJUDPDVGHJDUDQWtDVRFLDO
'H FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO DSDUWDGR VH[WR GH OD
PHQFLRQDGD2UGHQHOSOD]RSDUDSUHVHQWDUODVVROLFLWXGHVGHVXEYHQ
FLyQHVGHXQPHVDFRQWDUGHVGHHOGtDVLJXLHQWHDODSXEOLFDFLyQGH
HVWDFRQYRFDWRULDHQHO'LDULRILFLDOGHOD&RPXQLWDW9DOHQFLDQD
6HJRQ
0RGDOLWDWGH)RUPDFLy2FXSDFLy
$ IL G¶DWHQGUH HO ILQDQoDPHQW GH OD SULPHUD IDVH GHOV SURJUDPHV
GH JDUDQWLD VRFLDO HQ DTXHVWD PRGDOLWDW OD FRQVHOOHULD G¶(FRQRPLD
+LVHQGD L 2FXSDFLy GHVWLQDUj XQ LPSRUW Pj[LP GH HXURV
KXLWFHQWVPLOHXURVDFjUUHFGHODOtQLD7FRILQDQoDGDSHO
)RQV 6RFLDO (XURSHX GHO FDStWRO ,9 GHO VXESURJUDPD SUHVVXSRVWDUL
GHO3UHVVXSRVWGHOD*HQHUDOLWDWSHUDO¶H[HUFLFLGHLXQ
LPSRUW Pj[LP GH HXURV WUHVFHQWV KXLWDQWD PLO HXURV TXH
VHUjILQDQoDWDFjUUHFGHODOtQLD7GHOFDStWRO9,,GHOVXESUR
JUDPDSUHVVXSRVWDULGHO¶HVPHQWDW3UHVVXSRVW
6HJXQGR
0RGDOLGDGGH)RUPDFLyQ(PSOHR
$ ILQ GH DWHQGHU D OD ILQDQFLDFLyQ GH OD SULPHUD IDVH GH ORV SUR
JUDPDV GH JDUDQWtD VRFLDO HQ HVWD PRGDOLGDG OD FRQVHOOHULD GH (FR
QRPtD+DFLHQGD\(PSOHRGHVWLQDUiXQLPSRUWHPi[LPRGH
HXURV RFKRFLHQWRV PLO HXURV FRQ FDUJR D OD OtQHD 7 FRIL
QDQFLDGDSRUHO)RQGR6RFLDO(XURSHRGHOFDStWXOR,9GHOVXESURJUD
PD SUHVXSXHVWDULR GHO 3UHVXSXHVWR GH OD *HQHUDOLWDW SDUD HO
HMHUFLFLRGH\XQLPSRUWHPi[LPRGHHXURVWUHVFLHQWRV
RFKHQWDPLOHXURVTXHVHUiILQDQFLDGRFRQFDUJRDODOtQHD7
GHO FDStWXOR 9,, GHO VXESURJUDPD SUHVXSXHVWDULR GHO FLWDGR
3UHVXSXHVWR
(QHOFDVRHQTXHTXHGDUDQVROLFLWXGHVSUHVHQWDGDVDODPSDURGH
OD SUHVHQWH RUGHQ YDORUDGDV SRVLWLYDPHQWH GH DFXHUGR FRQ HO SURFH
GLPLHQWR HVWDEOHFLGR HQ OD 2UGHQ FRQMXQWD GH ODV FRQVHOOHUtDV GH GH PD\R GH \ TXH QR KD\DQ SRGLGR VHU DWHQGLGDV SRU IDOWD GH
GLVSRQLELOLGDGSUHVXSXHVWDULDHVWDVVHFRQVWLWXLUiQHQOLVWDGHUHVHUYD
GHELGDPHQWHRUGHQDGDTXHSRGUiQVHUUHVXHOWDVIDYRUDEOHPHQWHHQOD
PHGLGD HQ TXH H[LVWD FUpGLWR HQ ODV OtQHDV HQXPHUDGDV DQWHULRUPHQWH
TXHSHUPLWDLQFUHPHQWDUODGRWDFLyQSUHVXSXHVWDULDTXHVHFRQWHPSOD
HQODSUHVHQWHRUGHQ
0RGDOLGDGHV GH ,QLFLDFLyQ 3URIHVLRQDO \ SDUD$OXPQDGR FRQ
1HFHVLGDGHV(GXFDWLYDV(VSHFLDOHV
$ ILQ GH DWHQGHU D OD ILQDQFLDFLyQ GH OD SULPHUD IDVH GH ORV SUR
JUDPDVGHJDUDQWtDVRFLDOGHHVWDVPRGDOLGDGHVODFRQVHOOHULDGH&XO
WXUD(GXFDFLyQ\'HSRUWHGHVWLQDUiXQLPSRUWHPi[LPRGH
HXURV XQ PLOOyQ TXLQLHQWRV QRYHQWD \ QXHYH PLO TXLQLHQWRV HXURV
FRQFDUJRDODOtQHD7FRILQDQFLDGDSRUHO)RQGR6RFLDO(XUR
SHRGHOFDStWXOR,9GHOSURJUDPDSUHVXSXHVWDULRGHO3UHVXSX
(Q HO FDV TXH TXHGDUHQ VROÂOLFLWXGV SUHVHQWDGHV D O¶HPSDUD GH OD
SUHVHQW RUGUH YDORUDGHV SRVLWLYDPHQW G¶DFRUG DPE HO SURFHGLPHQW
HVWDEOLWHQO¶2UGUHFRQMXQWDGHOHVFRQVHOOHULHVG¶GHPDLJGH
LTXHQRKDJHQSRJXWVHUDWHVHVSHUIDOWDGHGLVSRQLELOLWDWSUHVVXSRVWj
ULDDTXHVWHVHVFRQVWLWXLUDQHQOOLVWDGHUHVHUYDRUGHQDGDFRPFDOTXH
SRGUDQVHUUHVROWHVIDYRUDEOHPHQWHQODPHVXUDTXHH[LVWLVFDFUqGLWHQ
OHVOtQLHVHQXPHUDGHVDQWHULRUPHQWTXHSHUPHWDLQFUHPHQWDUODGRWDFLy
SUHVVXSRVWjULDTXHHVSUHYHXHQODSUHVHQWRUGUH
0RGDOLWDWVG¶,QLFLDFLy3URIHVVLRQDOLSHUD$OXPQDWDPE1HFHV
VLWDWV(GXFDWLYHV(VSHFLDOV
$ IL G¶DWHQGUH HO ILQDQoDPHQW GH OD SULPHUD IDVH GHOV SURJUDPHV
GH JDUDQWLD VRFLDO G¶DTXHVWHV PRGDOLWDWV OD FRQVHOOHULD GH &XOWX
UD (GXFDFLy L (VSRUW GHVWLQDUj XQ LPSRUW Pj[LP G¶ HXURV
XQ PLOLy FLQFFHQWV QRUDQWDQRX PLO FLQFFHQWV HXURV D FjUUHF GH
OD OtQLD 7 FRILQDQoDGD SHO )RQV 6RFLDO (XURSHX GHO FDStWRO
,9 GHO SURJUDPD SUHVVXSRVWDUL GHO 3UHVVXSRVW GH OD *HQHUD
Núm
5509 / 10.05.2007
18800
OLWDW9DOHQFLDQDSHUDO¶H[HUFLFLLXQLPSRUWPj[LPGH
HXURV KXLWFHQWV GqQRX PLO HXURV TXH VHUj ILQDQoDW D FjUUHF GH OD
OtQLD7GHOFDStWRO9,,GHOSURJUDPDSUHVVXSRVWDULGHO
SUHVVXSRVWHVPHQWDW
4XHGDFRQGLFLRQDGDO¶DSURYDFLyGHODVHJRQDIDVHGHOVSURJUD
PHVGHJDUDQWLDVRFLDODO¶H[LVWqQFLDGHFUqGLWSHUDDTXHVWVHQHOSUHV
VXSRVW GH OD *HQHUDOLWDW 9DOHQFLDQD SHU D O¶DQ\ L DTXHVWD IDVH
VHUj ILQDQoDGD SHU OHV FRQVHOOHULHV GH &XOWXUD (GXFDFLy L (VSRUW L
G¶(FRQRPLD+LVHQGDL2FXSDFLyHQOHVVHXHVPRGDOLWDWVUHVSHFWLYHV
3HU RUGUHV GH OHV FRQVHOOHULHV GH &XOWXUD (GXFDFLy L (VSRUW L
G¶(FRQRPLD+LVHQGDL2FXSDFLyHVGRQDUjSXEOLFLWDWGHOHVOtQLHVGH
VXEYHQFLy L GHOV LPSRUWV JOREDOV Pj[LPV GHVWLQDWV D OD FRQFHVVLy GH
OHVDMXGHVFRUUHVSRQHQWVDO¶DQ\
/DFRQVLJQDFLySUHVVXSRVWjULDHVSHFtILFDGHVWLQDGDDDTXHVWDIDVH
O¶DWRUJDPHQWHIHFWLXODPDQHUDHQTXqHVSURGXwVTXHQHOVOOLXUDPHQWV
LODMXVWLILFDFLyTXHGDUDQFRQGLFLRQDWVHQWRWFDVDODQRUPDWLYDSUHV
VXSRVWjULDYLJHQWSHUDO¶H[HUFLFLLVLpVHOFDVDOHVLQVWUXFFLRQV
TXH GLFWHQ OHV FRQVHOOHULHV GH &XOWXUD (GXFDFLy L (VSRUW L G¶(FRQR
PLD+LVHQGDL2FXSDFLy
/HVVROÂOLFLWXGVHVSUHVHQWDUDQRPSOLQWHQWULSOHYHUVLyXQPRGHO
QRUPDOLW]DWGHVROÂOLFLWXGJHQHUDOGHVXEYHQFLRQVLXQPRGHOQRUPDOLW
]DWHVSHFtILFUHIHULWDOHVPRGDOLWDWVGH)RUPDFLy±2FXSDFLyRG¶,QLFL
DFLy 3URIHVVLRQDO L SHU D$OXPQDW DPE 1HFHVVLWDWV (GXFDWLYHV (VSH
FLDOV L V¶KL DGMXQWDUj OD GRFXPHQWDFLy TXH V¶LQGLFD HQ O¶DSDUWDW GH
O¶2UGUHGH%DVHVG¶GHPDLJGHLTXHILJXUDHQ,QWHUQHWHQOHV
DGUHFHV FRUUHVSRQHQWV D DTXHVWHV FRQVHOOHULHV /HV VROÂOLFLWXGV KDXUDQ
GH GLULJLUVH SUHIHUHQWPHQW L VHJRQV OD PRGDOLWDW WULDGD DOV FRUUHV
SRQHQWVUHJLVWUHVGHO6HUYLFL9DOHQFLjG¶2FXSDFLyL)RUPDFLyRGHOD
FRQVHOOHULD GH &XOWXUD (GXFDFLy L (VSRUW R GH OHV GLUHFFLRQV WHUULWR
ULDOVGH&XOWXUD(GXFDFLyL(VSRUWRHQTXDOVHYRODOWUDGHOHVIRUPHV
HVWDEOLGHV HQ O¶DUWLFOH GH OD /OHL GH GH QRYHPEUH GH
5qJLP -XUtGLF GH OHV $GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW
$GPLQLVWUDWLX&RP~
7HUFHU
$TXHVWD RUGUH SURGXLUj HIHFWHV GHV GHO GLD TXH HV SXEOLTXH HQ HO
'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
'H FRQIRUPLWDW DPE HO TXH HVWDEOHL[HQ HOV DUWLFOHV L GH
OD /OHL GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L
GHO3URFHGLPHQW$GPLQLVWUDWLX&RP~LLGHOD/OHL
5HJXODGRUD GH OD -XULVGLFFLy &RQWHQFLRVD$GPLQLVWUDWLYD HO SUHVHQW
DFWHTXHSRVDILDODYLDDGPLQLVWUDWLYDHVSRGUjUHFyUUHUSRWHVWDWLYD
PHQWHQUHSRVLFLyH[FHSWHHQHOFDVG¶DGPLQLVWUDFLRQVS~EOLTXHVLQWH
UHVVDGHV VHJRQV O¶DUWLFOH GH OD /OHL HVPHQWDGD R Ep HV
SRGUjSODQWHMDUGLUHFWDPHQWXQUHFXUVFRQWHQFLyVDGPLQLVWUDWLXHQHOV
WHUPLQLVLGDYDQWGHOVzUJDQVTXHV¶LQGLTXHQDFRQWLQXDFLy
(OUHFXUVGHUHSRVLFLyKDXUjG¶LQWHUSRVDUVHGDYDQWGHOVFRQVHOOHUV
GH&XOWXUD(GXFDFLyL(VSRUWLG¶(FRQRPLD+LVHQGDL2FXSDFLyHQ
HOWHUPLQLG¶XQPHVDFRPSWDUGHVGHO¶HQGHPjGHODSXEOLFDFLy
(OUHFXUVFRQWHQFLyVDGPLQLVWUDWLXKDXUjGHSODQWHMDUVHGDYDQWGH
OD 6DOD &RQWHQFLRVD$GPLQLVWUDWLYD GHO 7ULEXQDO 6XSHULRU GH -XVWtFLD
GHOD&RPXQLWDW9DOHQFLDQDHQHOWHUPLQLGHGRVPHVRVDFRPSWDUGHV
GHO¶HQGHPjGHODSXEOLFDFLy
9DOqQFLDGHDEULOGH
7HUFHUR
(VWDRUGHQSURGXFLUiHIHFWRVGHVGHHOGtDGHVXSXEOLFDFLyQHQHO
'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
'HFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV\GH
OD/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV
\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q\\GHOD/H\
5HJXODGRUDGHOD-XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYDHO
SUHVHQWHDFWRTXHSRQHILQDODYtDDGPLQLVWUDWLYDSRGUiVHUUHFXUULGR
SRWHVWDWLYDPHQWHHQUHSRVLFLyQVDOYRHQHOFDVRGH$GPLQLVWUDFLRQHV
3~EOLFDVLQWHUHVDGDVVHJ~QHODUWtFXORGHOD/H\FLWDGD
RELHQFDEUiSODQWHDUGLUHFWDPHQWHUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYR
HQORVSOD]RV\DQWHORVyUJDQRVTXHVHLQGLFDQDFRQWLQXDFLyQ
(OUHFXUVRGHUHSRVLFLyQGHEHUiLQWHUSRQHUVHDQWHORVFRQVHOOHUVGH
&XOWXUD(GXFDFLyQ\'HSRUWH\GH(FRQRPtD+DFLHQGD\(PSOHRHQ
HOSOD]RGHXQPHVDFRQWDUGHVGHHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQ
(O UHFXUVR FRQWHQFLRVR DGPLQLVWUDWLYR GHEHUi SODQWHDUVH DQWH OD
6DOD GH OR &RQWHQFLRVR$GPLQLVWUDWLYR GHO7ULEXQDO 6XSHULRU GH -XV
WLFLD GH OD &RPXQLGDG9DOHQFLDQD HQ HO SOD]R GH GRV PHVHV D FRQWDU
GHVGHHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQ
9DOHQFLDDGHDEULOGH
(OFRQVHOOHUGH&XOWXUD(GXFDFLyL(VSRUW
$/(-$1'52)217'(025$785Ï1
(OFRQVHOOHUG¶(FRQRPLD+LVHQGDL2FXSDFLy
*(5$5'2&$036'(9(6$
HVWR GH OD *HQHUDOLWDW9DOHQFLDQD SDUD HO HMHUFLFLR \ XQ LPSRU
WHPi[LPRGHHXURVRFKRFLHQWRVGLHFLQXHYHPLOHXURVTXH
VHUi ILQDQFLDGR FRQ FDUJR D OD OtQHD 7 GHO FDStWXOR 9,, GHO
SURJUDPDSUHVXSXHVWDULRGHO3UHVXSXHVWRFLWDGR
4XHGD FRQGLFLRQDGD OD DSUREDFLyQ GH OD VHJXQGD IDVH GH ORV
SURJUDPDV GH JDUDQWtD VRFLDO D OD H[LVWHQFLD GH FUpGLWR SDUD ORV PLV
PRVHQHOSUHVXSXHVWRGHOD*HQHUDOLWDW9DOHQFLDQDSDUDHODxR
VLHQGRILQDQFLDGDGLFKDIDVHSRUODVFRQVHOOHUtDVGH&XOWXUD(GXFDFLyQ
\ 'HSRUWH \ GH (FRQRPtD +DFLHQGD \ (PSOHR HQ VXV PRGDOLGDGHV
UHVSHFWLYDV
3RUyUGHQHVGHODVFRQVHOOHUtDVGH&XOWXUD(GXFDFLyQ\'HSRUWH\
GH(FRQRPtD+DFLHQGD\(PSOHRVHGDUiSXEOLFLGDGGHODVOtQHDVGH
VXEYHQFLyQ \ GH ORV LPSRUWHV JOREDOHV Pi[LPRV GHVWLQDGRV D OD FRQ
FHVLyQGHODVD\XGDVFRUUHVSRQGLHQWHVDODxR
/DHVSHFtILFDFRQVLJQDFLyQSUHVXSXHVWDULDGHVWLQDGDDGLFKDIDVH
VX HIHFWLYR RWRUJDPLHQWR HO PRGR HQ TXH VH SURGX]FDQ ORV OLEUDPL
HQWRV \ VX MXVWLILFDFLyQ TXHGDUiQ FRQGLFLRQDGRV HQ WRGR FDVR D OD
QRUPDWLYDSUHVXSXHVWDULDYLJHQWHSDUDHOHMHUFLFLR\HQVXFDVR
DODVLQVWUXFFLRQHVTXHGLFWHQODVFRQVHOOHUtDVGH&XOWXUD(GXFDFLyQ\
'HSRUWH\GH(FRQRPtD+DFLHQGD\(PSOHR
/DVVROLFLWXGHVVHSUHVHQWDUiQFXPSOLPHQWDQGRSRUWULSOLFDGRXQ
PRGHORQRUPDOL]DGRGHVROLFLWXGJHQHUDOGHVXEYHQFLRQHV\XQPRGH
OR QRUPDOL]DGR HVSHFtILFR UHIHULGR D ODV PRGDOLGDGHV GH )RUPDFLyQ
±(PSOHRRGH,QLFLDFLyQ3URIHVLRQDO\SDUD$OXPQDGRFRQ1HFHVLGD
GHV(GXFDWLYDV(VSHFLDOHVDGMXQWDQGRDODVPLVPDVODGRFXPHQWDFLyQ
TXH VH LQGLFD HQ HO DSDUWDGR GH OD 2UGHQ GH EDVHV GH GH PD\R
GH\TXHILJXUDHQ,QWHUQHWHQODVGLUHFFLRQHVFRUUHVSRQGLHQWHV
D HVWDV FRQVHOOHUtDV 'LFKDV VROLFLWXGHV GHEHUiQ GLULJLUVH SUHIHUHQWH
PHQWH\VHJ~QODPRGDOLGDGHOHJLGDDORVFRUUHVSRQGLHQWHVUHJLVWURV
GHO 6HUYLFLR 9DOHQFLDQR GH (PSOHR \ )RUPDFLyQ R GH OD FRQVHOOHULD
GH &XOWXUD (GXFDFLyQ \ 'HSRUWH R GH ODV 'LUHFFLRQHV 7HUULWRULDOHV
GH &XOWXUD (GXFDFLyQ \ 'HSRUWH R HQ FXDOTXLHU RWUD GH ODV IRUPDV
HVWDEOHFLGDVHQHODUWtFXORGHODOH\GHGHQRYLHPEUHGH
5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPL
HQWR$GPLQLVWUDWLYR&RP~Q´
(OFRQVHOOHUGH&XOWXUD(GXFDFLyQ\'HSRUWH
$/(-$1'52)217'(025$785Ï1
(OFRQVHOOHUGH(FRQRPtD+DFLHQGD\(PSOHR
*(5$5'2&$036'(9(6$
Núm
5509 / 10.05.2007
&RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
25'( GH G¶DEULO GH GH OD &RQVHOOHULD G¶,QIUD
HVWUXFWXUHV L 7UDQVSRUW GH FRQYRFDWzULD G¶DMXGHV D OHV
HPSUHVHVFRQFHVVLRQjULHVGHVHUYLFLVUHJXODUVGHWUDQVSRUW
S~EOLFGHYLDWJHUVSHUFDUUHWHUDGHOD&RPXQLWDW9DOHQFLD
QDSHUDODPLOORUDGHODIORWDGHPDWHULDOPzELOYLQFXODGD
DODUHHVWUXFWXUDFLyGHOVVHUYLFLVSUHVWDWV>@
18801
&RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
25'(1 GH GH DEULO GH GH OD &RQVHOOHULD GH
,QIUDHVWUXFWXUDV\7UDQVSRUWHGHFRQYRFDWRULDGHD\XGDV
D ODV HPSUHVDV FRQFHVLRQDULDV GH VHUYLFLRV UHJXODUHV GH
WUDQVSRUWHS~EOLFRGHYLDMHURVSRUFDUUHWHUDGHOD&RPXQL
WDW9DOHQFLDQDSDUDODPHMRUDGHODIORWDGHPDWHULDOPyYLO
YLQFXODGDDODUHHVWUXFWXUDFLyQGHORVVHUYLFLRVSUHVWDGRV
>@
/D SRWHQFLDFLy GHO WUDQVSRUW S~EOLF FROÂOHFWLX FRP D DOWHUQDWLYD
VRVWHQLEOH DO YHKLFOH SULYDW H[LJL[ XQD PLOORUD FRQVWDQW GHOV VHUYLFLV
SUHVWDWV
(VWDPLOORURIHUWDGHWUDQVSRUWS~EOLFUHTXHUL[XQDUHHVWUXFWXUDFLy
GHOV VHUYLFLV SUHVWDWV D IL GH OD VHXD DGDSWDFLy D OHV FDUDFWHUtVWLTXHV
HVSHFtILTXHV G¶DTXHOOHV jUHHV HQ TXq HV SUHVWHQ L OD PLOORUD GH OD
FRRUGLQDFLy DPE OD UHVWD GHO VLVWHPD$ HVWH IHW V¶XQL[ OD LQHOXGLEOH
QHFHVVLWDW G¶XQD EDQGD GH PLOORUDU HO FRPSRUWDPHQW PHGLDPELHQWDO
L HQHUJqWLF GHO WUDQVSRUW L G¶XQD DOWUD G¶DFRQVHJXLU DGHTXDWV QLYHOOV
GHTXDOLWDWSHUDODTXDOFRVDpVQHFHVVDULXWLOLW]DUXQPDWHULDOPzELO
VHJXUFzPRGHLDFFHVVLEOHDSHUVRQHVDPEPRELOLWDWUHGXwGD
7DQPDWHL[ HVWD QHFHVVjULD SRWHQFLDFLy GHO WUDQVSRUW S~EOLF
UHTXHUL[ EHQ VRYLQW FRVWRVHV LQYHUVLRQV QR VHPSUH FRPSHQVDGHV VL
V¶DWpQ~QLFDPHQWDOFULWHULG¶LQFUHPHQWVHQHOVLQJUHVVRVGHOVVHUYLFLV
SUHVWDWV (Q HVWH VHQWLW OD FRQVHOOHULD G¶,QIUDHVWUXFWXUHV L 7UDQVSRUW
LQFORXHQWUHOHVVHXHVOtQLHVG¶DFWXDFLyHOVXSRUWDODPLOORUDGHOVVHUYL
FLVGHWUDQVSRUWS~EOLFGHVG¶XQDSHUVSHFWLYDJOREDOGHPDMRUHILFLqQ
FLD HQ OD TXDO V¶LQWURGXw[HQ FULWHULV DOWHUQDWLXV D O¶HFRQzPLF (QWUH
HVWHVGLUHFWULXVGHVXSRUWHVWUREDHOSURJUDPDG¶DMXGHVLQLFLDWHQH[HU
FLFLVDQWHULRUVHQHOTXDOV¶HPPDUFDODSUHVHQWFRQYRFDWzULDLTXHHV
GLULJL[DO¶DGTXLVLFLyGHOPDWHULDOPzELOUHTXHULWSHUDODPLOORUDGHOV
VHUYLFLVGHWUDQVSRUWS~EOLFUHJXODUSHUPDQHQWGHYLDWJHUVYLQFXODWVD
OHVHVPHQWDGHVUHHVWUXFWXUDFLRQV
'RQDWVHOVWHUPLQLVGHOOLXUDPHQWKDELWXDOVHQHOPHUFDWGHOVDXWR
EXVRVV¶KDFRQVLGHUDWQHFHVVDULGRQDUDO¶RUGHFDUjFWHUELDQXDOLIDFLOL
WDUDL[tODUHDOLW]DFLyGHOHVLQYHUVLRQVTXHKDQGHVHQYROXSDUHOVEHQ
HILFLDULVGHOHVDMXGHV
'¶DOWUD EDQGD OD /OHL GH GH MXOLRO G¶2UGHQDFLy GHOV
7UDQVSRUWV 7HUUHVWUHV %2( GH GH MXOLRO GH HVWDEOL[ HQ
O¶DUWLFOH TXH OHV DGPLQLVWUDFLRQV LQWHUHVVDGHV SXJXHQ HVWDEOLU
H[FHSFLRQDOPHQW XQ UqJLP HVSHFLDO GH FRPSHQVDFLy HFRQzPLFD D OHV
HPSUHVHVSUHVWDWjULHVGHOVVHUYLFLVGHWUDQVSRUWS~EOLFSHUODLQWURGXF
FLyGHPLOORUHVHQHOVLVWHPDGHWUDQVSRUW
3HUWRWDL[zWHQLQWHQFRPSWHHOTXHGLVSRVHQO¶DUWLFOHGHO7H[W
5HIyVGHOD/OHLG¶+LVHQGD3~EOLFDGHOD*HQHUDOLWDW9DOHQFLDQDLHQ
YLUWXWGHOHVIDFXOWDWVTXHHPFRQIHUL[O¶DUWLFOHGHOD/OHLGH
GHGHVHPEUHGHO*RYHUQ9DOHQFLjLO¶DUWLFOHGHO'HFUHW
G¶ G¶RFWXEUH GHO *RYHUQ 9DOHQFLj SHO TXDO V¶DSURYD HO 5HJODPHQW
2UJjQLFL)XQFLRQDOGHODFRQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
/DSRWHQFLDFLyQGHOWUDQVSRUWHS~EOLFRFROHFWLYRFRPRDOWHUQDWLYD
VRVWHQLEOHDOYHKtFXORSULYDGRH[LJHXQDPHMRUDFRQVWDQWHGHORVVHUYL
FLRVSUHVWDGRV
(VWD PHMRU RIHUWD GH WUDQVSRUWH S~EOLFR UHTXLHUH GH XQD UHHVWUXF
WXUDFLyQGHORVVHUYLFLRVSUHVWDGRVFRQREMHWRGHVXDGDSWDFLyQDODV
FDUDFWHUtVWLFDV HVSHFtILFDV GH DTXHOODV iUHDV HQ ODV TXH VH SUHVWDQ \
ODPHMRUDGHODFRRUGLQDFLyQFRQHOUHVWRGHOVLVWHPD$HVWHKHFKRVH
XQH OD LQHOXGLEOH QHFHVLGDG SRU XQ ODGR GH PHMRUDU HO FRPSRUWDPL
HQWRPHGLRDPELHQWDO\HQHUJpWLFRGHOWUDQVSRUWH\SRURWURGHDOFDQ
]DUDGHFXDGRVQLYHOHVGHFDOLGDGSDUDORTXHHVQHFHVDULRXWLOL]DUXQ
PDWHULDOPyYLOVHJXURFyPRGR\DFFHVLEOHDSHUVRQDVFRQPRYLOLGDG
UHGXFLGD
6LQ HPEDUJR HVWD QHFHVDULD SRWHQFLDFLyQ GHO WUDQVSRUWH S~EOLFR
UHTXLHUHFRQIUHFXHQFLDFRVWRVDVLQYHUVLRQHVQRVLHPSUHFRPSHQVDGDV
VLVHDWLHQGH~QLFDPHQWHDOFULWHULRGHLQFUHPHQWRVHQORVLQJUHVRVGH
ORVVHUYLFLRVSUHVWDGRV(QHVWHVHQWLGRODFRQVHOOHULDGH,QIUDHVWUXF
WXUDV\7UDQVSRUWHLQFOX\HHQWUHVXVOtQHDVGHDFWXDFLyQHODSR\RDOD
PHMRUD GH ORV VHUYLFLRV GH WUDQVSRUWH S~EOLFR GHVGH XQD SHUVSHFWLYD
JOREDO GH PD\RU HILFLHQFLD HQ OD TXH VH LQWURGXFHQ FULWHULRV DOWHUQD
WLYRV DO HFRQyPLFR (QWUH HVWDV GLUHFWULFHV GH DSR\R VH HQFXHQWUD HO
SURJUDPD GH D\XGDV LQLFLDGR HQ HMHUFLFLRV DQWHULRUHV HQ HO TXH VH
HQPDUFDODSUHVHQWHFRQYRFDWRULD\TXHVHGLULJHDODDGTXLVLFLyQGHO
PDWHULDOPyYLOUHTXHULGRSDUDODPHMRUDGHORVVHUYLFLRVGHWUDQVSRUWH
SXEOLFRUHJXODUSHUPDQHQWHGHYLDMHURVYLQFXODGRVDODVFLWDGDVUHHV
WUXFWXUDFLRQHV
'DGRVORVSOD]RVGHHQWUHJDKDELWXDOHVHQHOPHUFDGRGHORVDXWR
EXVHVVHKDFRQVLGHUDGRQHFHVDULRGDUDODRUGHQFDUiFWHUELDQXDOIDFL
OLWDQGRDVtODUHDOL]DFLyQGHODVLQYHUVLRQHVDGHVDUUROODUSRUORVEHQH
ILFLDULRVGHODVD\XGDV
3RU RWUD SDUWH OD /H\ GH GH MXOLR GH 2UGHQDFLyQ GH
ORV7UDQVSRUWHV7HUUHVWUHV%2(GHGHMXOLRGHSUHYpHQHO
DUWtFXOR TXH ODV DGPLQLVWUDFLRQHV LQWHUHVDGDV SXHGDQ HVWDEOHFHU
H[FHSFLRQDOPHQWHXQUpJLPHQHVSHFLDOGHFRPSHQVDFLyQHFRQyPLFDD
ODVHPSUHVDVSUHVWDWDULDVGHORVVHUYLFLRVGHWUDQVSRUWHS~EOLFRSRUOD
LQWURGXFFLyQGHPHMRUDVHQHOVLVWHPDGHWUDQVSRUWH
3RUWRGRORFXDOWHQLHQGRHQFXHQWDORGLVSXHVWRHQHODUWtFXOR
GHO7H[WR5HIXQGLGRGHOD/H\GH+DFLHQGD3~EOLFDGHOD*HQHUDOLWDW
9DOHQFLDQD\HQYLUWXGGHODVIDFXOWDGHVTXHPHFRQILHUHHODUWtFXOR
GH OD /H\ GH GH GLFLHPEUH GHO *RELHUQR9DOHQFLDQR \ HO
DUWtFXORGHO'HFUHWRGHGHRFWXEUHGHO*RELHUQR9DOHQ
FLDQRSRUHOTXHVHDSUXHEDHO5HJODPHQWR2UJiQLFR\)XQFLRQDOGHOD
FRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
25'(1(
25'(12
$UWLFOH2EMHFWHUqJLPLILQDQoDPHQW
/¶REMHFWH G¶HVWD RUGH pV DWRUJDU DMXGHV HFRQzPLTXHV SHU
D O¶DGTXLVLFLy GH YHKLFOHV TXH TXHGDUDQ YLQFXODWV D SURSRVWHV GH
UHHVWUXFWXUDFLy GHOV VHUYLFLV UHJXODUV GH WUDQVSRUW S~EOLF GH YLDWJHUV
HQ OHV FRQFHVVLRQV GH OD &RPXQLWDW 9DOHQFLDQD L TXH HV GLULJLUDQ
IRQDPHQWDOPHQWD
,PSOHPHQWDFLy GH VHUYLFLV GH WUDQVSRUW XUEj R SHULXUEj HQ
PXQLFLSLV R HQWRUQV VHUYLWV GH PpV GH KDELWDQWV FRRUGLQDWV
DPEDOWUHVVHUYLFLVGHWUDQVSRUWG¶jPELWVXSUDPXQLFLSDO
$UWtFXOR2EMHWRUpJLPHQ\ILQDQFLDFLyQ
(O REMHWR GH HVWD RUGHQ HV RWRUJDU D\XGDV HFRQyPLFDV SDUD OD
DGTXLVLFLyQ GH YHKtFXORV TXH TXHGDUiQ YLQFXODGRV D SURSXHVWDV GH
UHHVWUXFWXUDFLyQ GH ORV VHUYLFLRV UHJXODUHV GH WUDQVSRUWH S~EOLFR GH
YLDMHURVHQODVFRQFHVLRQHVGHOD&RPXQLWDW9DOHQFLDQD\TXHVHGLUL
JLUiQIXQGDPHQWDOPHQWHD
,PSOHPHQWDFLyQ GH VHUYLFLRV GH WUDQVSRUWH XUEDQR R SHULXU
EDQRHQPXQLFLSLRVRHQWRUQRVVHUYLGRVGHPiVGHKDELWDQWHV
FRRUGLQDGRVFRQRWURVVHUYLFLRVGHWUDQVSRUWHGHiPELWRVXSUDPXQLFL
SDO
5HRUGHQDFLyQGHORVVHUYLFLRVSUHVWDGRVGHiPELWRLQWHUXUED
QR
5HRUGHQDFLyGHOVVHUYLFLVSUHVWDWVG¶jPELWLQWHUXUEj
Núm
5509 / 10.05.2007
18802
)LQDOLW]DW HO WHUPLQL GH SUHVHQWDFLy GH VROÂOLFLWXGV VL KDJXHUD
VLJXWDPSOLDWHOPHQFLRQDWFUqGLWHVSXEOLFDUjHQHO'LDUL2ILFLDOGHOD
&RPXQLWDW9DOHQFLDQDO¶LPSRUWWRWDOGHODGRWDFLyGHVWLQDGDDHVWDOtQLD
GHVXEYHQFLy
/D FRQFHVVLy GH OHV DMXGHV SUHYLVWHV HQ OD SUHVHQW RUGH TXHGD
FRQGLFLRQDGDDO¶H[LVWqQFLDGHFUqGLWDGHTXDWLVXILFLHQWHQHOVSUHVVX
SRVWRVGHOD*HQHUDOLWDWGHO¶H[HUFLFLFRUUHVSRQHQW
(O UpJLPHQ GH ODV D\XGDV VHUi HO GHWHUPLQDGR HQ ORV DUWtFXORV
VLJXLHQWHV
(OLPSRUWHJOREDOPi[LPRGHODVVXEYHQFLRQHVTXHVHFRQFHGDQ
VH ILMD HQ FXDWURFLHQWRV PLO HXURV ¼ GLVWULEXLGRV HQWUH ORV
HMHUFLFLRV¼\¼'LFKRLPSRUWHSRGUi
LQFUHPHQWDUVHHQODFXDQWtDTXHSHUPLWDQODVGLVSRQLELOLGDGHVSUHVXSX
HVWDULDVHQFDVRGHUHVXOWDULQVXILFLHQWHSDUDDWHQGHUODVSHWLFLRQHVTXH
SUHVHQWDGDVGHQWURGHOSOD]RDFUHGLWHQUHXQLUORVUHTXLVLWRVHVWDEOHFL
GRVHQHVWDFRQYRFDWRULD
/DV DFWXDFLRQHV FLWDGDV VH VXEYHQFLRQDUiQ SRU OD FRQVHOOHULD
GH ,QIUDHVWUXFWXUDV \ 7UDQVSRUWH FRQ FDUJR DO FDStWXOR SURJUDPD
³2UGHQDFLyQ\&RRUGLQDFLyQGHO7UDQVSRUWH7HUUHVWUH´/tQHD
7
)LQDOL]DGRHOSOD]RGHSUHVHQWDFLyQGHVROLFLWXGHVVLKXELHVHVLGR
DPSOLDGRHOPHQFLRQDGRFUpGLWRVHSXEOLFDUiHQHO'LDUL2ILFLDOGHOD
&RPXQLWDW9DOHQFLDQDHOLPSRUWHWRWDOGHODGRWDFLyQGHVWLQDGDDHVWD
OtQHDGHVXEYHQFLyQ
/DFRQFHVLyQGHODVD\XGDVSUHYLVWDVHQODSUHVHQWHRUGHQTXHGD
FRQGLFLRQDGD D OD H[LVWHQFLD GH FUpGLWR DGHFXDGR \ VXILFLHQWH HQ ORV
SUHVXSXHVWRVGHOD*HQHUDOLWDWGHOHMHUFLFLRFRUUHVSRQGLHQWH
$UWLFOH%HQHILFLDULV
$ O¶HIHFWH GH OD SUHVHQW FRQYRFDWzULD SRGUDQ VHU EHQHILFLDULV GH
VXEYHQFLy OHV HPSUHVHV TXH FRPSOLVTXHQ HOV UHTXLVLWV HQXQFLDWV HQ
O¶DUWLFOHGHOD/OHL*HQHUDOGH6XEYHQFLRQVLHQFRQFUHW
OHVFRQGLFLRQVVHJHQWV
4XHVLJXHQWLWXODUVGHFRQFHVVLRQVGHVHUYLFLVGHWUDQVSRUWS~EOLF
UHJXODU G¶~V JHQHUDO GH YLDWJHUV SHU FDUUHWHUD GH FRPSHWqQFLD GH OD
*HQHUDOLWDW
4XH UHQRYHQ R DPSOLHQ OD IORWD GH PDWHULDO PzELO DGVFULWD D OHV
GLWHV FRQFHVVLRQV (OV YHKLFOHV QR SRGUDQ KDYHU VLJXW DGTXLULWVDEDQV
GHO¶GHJHQHUGH
4XH HVFRPHWHQ XQD UHHVWUXFWXUDFLy GHOV VHUYLFLV TXH UHSUHVHQWH
PLOORUHVVXEVWDQFLDOVUHVSHFWHGHOVGHULYDWVGHOVHXUqJLPFRQFHVVLRQDO
YLJHQWGLULJLWVDOVREMHFWLXVDVVHQ\DODWVHQO¶DSDUWDWGHO¶DUWLFOHSULP
HUG¶HVWDRUGH
$UWtFXOR%HQHILFLDULRV
$ORVHIHFWRVGHODSUHVHQWHFRQYRFDWRULDSRGUiQVHUEHQHILFLDULRV
GHVXEYHQFLyQODVHPSUHVDVTXHFXPSODQORVUHTXLVLWRVHQXQFLDGRVHQ
HODUWtFXORGHOD/H\*HQHUDOGH6XEYHQFLRQHV\HQFRQ
FUHWRODVVLJXLHQWHVFRQGLFLRQHV
4XHVHDQWLWXODUHVGHFRQFHVLRQHVGHVHUYLFLRVGHWUDQVSRUWHS~EOL
FRUHJXODUGHXVRJHQHUDOGHYLDMHURVSRUFDUUHWHUDGHFRPSHWHQFLDGH
OD*HQHUDOLWDW
4XH UHQXHYHQ R DPSOtHQ OD IORWD GH PDWHULDO PyYLO DGVFULWD D
GLFKDV FRQFHVLRQHV /RV YHKtFXORV QR SRGUiQ KDEHU VLGR DGTXLULGRV
FRQDQWHULRULGDGDOGHHQHURGH
4XHDFRPHWDQXQDUHHVWUXFWXUDFLyQGHORVVHUYLFLRVTXHUHSUHVHQWH
PHMRUDVVXVWDQFLDOHVUHVSHFWRGHORVGHULYDGRVGHVXUpJLPHQFRQFHVL
RQDO YLJHQWH GLULJLGRV D ORV REMHWLYRV VHxDODGRV HQ HO DSDUWDGR GHO
DUWtFXORSULPHURGHHVWDRUGHQ
$UWLFOH5HTXLVLWV
(OVTXHVROÂOLFLWHQVHUEHQHILFLDULVGHOHVDMXGHV
+DXUDQ G¶DFUHGLWDU QR WLQGUH SHQGHQW HO SDJDPHQW GH FDS VDQFLy
SHULQFRPSOLPHQWGHODOHJLVODFLyVREUHHOWUDQVSRUW
(VWDUDQ REOLJDWV HQ WRW PRPHQW D IDFLOLWDU WRWD OD LQIRUPDFLy
TXH HOV VLJD UHTXHULGD SHU OD 'LUHFFLy *HQHUDO GH 7UDQVSRUWV 3RUWV L
&RVWHVLDVRWPHWUH¶VDTXDOVHYRODFWXDFLyGHFRQWUROLYHULILFDFLyGH
ODXWLOLW]DFLyLO¶~VGHOHVDMXGHVDWRUJDGHV
$UWtFXOR5HTXLVLWRV
4XLHQHVVROLFLWHQVHUEHQHILFLDULRVGHODVD\XGDV
'HEHUiQDFUHGLWDUQRWHQHUSHQGLHQWHHOSDJRGHQLQJXQDVDQFLyQ
SRULQFXPSOLPLHQWRGHODOHJLVODFLyQVREUHHOWUDQVSRUWH
(VWDUiQ REOLJDGRV HQ WRGR PRPHQWR D IDFLOLWDU FXDQWD LQIRUPD
FLyQOHVVHDUHTXHULGDSRUOD'LUHFFLyQ*HQHUDOGH7UDQVSRUWHV3XHUWRV
\&RVWDV\DVRPHWHUVHDFXDOTXLHUDFWXDFLyQGHFRQWURO\YHULILFDFLyQ
GHOHPSOHR\XVRGHODVD\XGDVRWRUJDGDV
$UWLFOH4XDQWLDGHOHVDMXGHV
/¶DGTXLVLFLy GH YHKLFOHV VH VXEYHQFLRQDUj ILQV DO GHO FRVW
WRWDO GH OD LQYHUVLy UHDOLW]DGD H[FOzV ,9$ DPE OHV DMXGHV Pj[LPHV
VHJHQWV
3HUDO¶DGTXLVLFLyGHYHKLFOHVQRXV
HXURVSHUDXWRE~VORQJLWXGGHEDVWLGRU!P
HXURVSHUPLQLE~VORQJLWXGGHEDVWLGRU P
$UWtFXOR&XDQWtDGHODVD\XGDV
/D DGTXLVLFLyQ GH YHKtFXORV VH VXEYHQFLRQDUi KDVWD HO GHO
FRVWHWRWDOGHODLQYHUVLyQUHDOL]DGDH[FOXLGR,9$FRQODVVLJXLHQWHV
D\XGDVPi[LPDV
3DUDODDGTXLVLFLyQGHYHKtFXORVQXHYRV
HXURVSRUDXWRE~VORQJLWXGGHEDVWLGRU!P
HXURVSRUPLQLE~VORQJLWXGGHEDVWLGRU”P
(O UqJLP GH OHV DMXGHV VHUj HO TXH HV GHWHUPLQD HQ HOV DUWLFOHV
VHJHQWV
/¶LPSRUWJOREDOPj[LPGHOHVVXEYHQFLRQVTXHHVFRQFHGLVTXHQ
HVIL[DHQTXDWUHFHQWVPLOHXURV¼GLVWULEXwWVHQWUHHOVH[HU
FLFLV ¼ L ¼ /¶LPSRUW HVPHQWDW SRGUj
LQFUHPHQWDUVH HQ OD TXDQWLD TXH SHUPHWHQ OHV GLVSRQLELOLWDWV SUHVVX
SRVWjULHVHQFDVGHUHVXOWDULQVXILFLHQWSHUDDWHQGUHOHVSHWLFLRQVTXH
SUHVHQWDGHVGLQVGHOWHUPLQLDFUHGLWHQWLQGUHHOVUHTXLVLWVHVWDEOLWVHQ
HVWDFRQYRFDWzULD
/HV DFWXDFLRQV HVPHQWDGHV OHV VXEYHQFLRQDUj OD FRQVHOOHULD
G¶,QIUDHVWUXFWXUHVL7UDQVSRUWDFjUUHFGHOFDStWROSURJUDPD
2UGHQDFLyLFRRUGLQDFLyGHOWUDQVSRUWWHUUHVWUHOtQLD7
3HUDO¶DGTXLVLFLyGHYHKLFOHVXVDWV
HXURVSHUDXWRE~VORQJLWXGGHEDVWLGRU!P
HXURVSHUPLQLE~VORQJLWXGGHEDVWLGRU P
'HFRQIRUPLWDWDPEHOTXHHVWDEOL[O¶DUWLFOHGHOD/OHL
GH GH QRYHPEUH *HQHUDO GH 6XEYHQFLRQV TXDQ O¶LPSRUW GH OD
GHVSHVD VXEYHQFLRQDEOH VXSHUH OD TXDQWLD GH ¼ HO EHQHILFLDUL
KDXUjGHVROÂOLFLWDUFRPDPtQLPWUHVRIHUWHVGHGLIHUHQWVSURYHwGRUV
DPE FDUjFWHU SUHYL D OD FRQWUDFFLy GHO FRPSURPtV SHU DO OOLXUDPHQW
GHO Ep OOHYDW TXH SHU OHV HVSHFLDOV FDUDFWHUtVWLTXHV GH OHV GHVSHVHV
VXEYHQFLRQDEOHV QR KL KDMD HQ HO PHUFDW VXILFLHQW QRPEUH G¶HQWLWDWV
TXH HOV VXEPLQLVWUHQ OHV TXDOV KDXUDQ G¶DSRUWDUVH MXQWDPHQW DPE OD
VROÂOLFLWXGGHODVXEYHQFLy
3DUDODDGTXLVLFLyQGHYHKtFXORVXVDGRV
HXURVSRUDXWRE~VORQJLWXGGHEDVWLGRU!P
HXURVSRUPLQLE~VORQJLWXGGHEDVWLGRU”P
'H FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO DUWtFXOR GH OD /H\
GH GH QRYLHPEUH *HQHUDO GH 6XEYHQFLRQHV FXDQGR HO
LPSRUWH GHO JDVWR VXEYHQFLRQDEOH VXSHUH OD FXDQWtD GH ¼ HO
EHQHILFLDULR GHEHUi VROLFLWDU FRPR PtQLPR WUHV RIHUWDV GH GLIHUHQWHV
SURYHHGRUHVFRQFDUiFWHUSUHYLRDODFRQWUDFFLyQGHOFRPSURPLVRSDUD
ODHQWUHJDGHOELHQVDOYRTXHSRUODVHVSHFLDOHVFDUDFWHUtVWLFDVGHORV
JDVWRVVXEYHQFLRQDEOHVQRH[LVWDHQHOPHUFDGRVXILFLHQWHQ~PHURGH
HQWLGDGHV TXH OR VXPLQLVWUHQ ODV FXDOHV GHEHUiQ DSRUWDUVH MXQWR D OD
VROLFLWXGGHODVXEYHQFLyQ
Núm
5509 / 10.05.2007
18803
/¶HOHFFLy HQWUH OHV RIHUWHV SUHVHQWDGHV TXH KDXUDQ GH SUHVHQWDU
VH MXQWDPHQW DPE OD VROÂOLFLWXG HV UHDOLW]DUj G¶DFRUG DPE HOV FULWHULV
G¶HILFLqQFLD L HFRQRPLD L V¶KDXUj GH MXVWLILFDU H[SUHVVDPHQW HQ XQD
PHPzULD O¶HOHFFLy TXDQ QR UHFDLJD HQ OD SURSRVWD HFRQzPLFD PpV
DYDQWDWMRVD
/DHOHFFLyQHQWUHODVRIHUWDVSUHVHQWDGDVTXHGHEHUiQSUHVHQWDUVH
MXQWRDODVROLFLWXGVHUHDOL]DUiFRQIRUPHDORVFULWHULRVGHHILFLHQFLD\
HFRQRPtDGHELHQGRMXVWLILFDUVHH[SUHVDPHQWHHQXQDPHPRULDODHOHF
FLyQFXDQGRQRUHFDLJDHQODSURSXHVWDHFRQyPLFDPiVYHQWDMRVD
$UWLFOHFLQTXp6ROÂOLFLWXGVWHUPLQLVLOORFGHSUHVHQWDFLy
/HVVROÂOLFLWXGVG¶DMXGDV¶KDXUDQGHSUHVHQWDUSHUPLWMjG¶LQVWjQFLD
IRUPDOLW]DGD G¶DFRUG DPE HO PRGHO TXH V¶DGMXQWD FRP D DQQH[ ,
GLULJLGDDO GLUHFWRUJHQHUDOGH7UDQVSRUWV 3RUWV L &RVWHV L TXHKDXUj
GHVHUILUPDGDSHOUHSUHVHQWDQWGHO¶HPSUHVDGHJXGDPHQWDSRGHUDWSHU
DDL[z
/DVHXDSUHVHQWDFLySUHVVXSRVDO¶DFFHSWDFLyLQFRQGLFLRQDGDGHOHV
EDVHVFRQGLFLRQVUHTXLVLWVLREOLJDFLRQVTXHFRQWpODSUHVHQWRUGH
$UWtFXOR6ROLFLWXGHVSOD]RV\OXJDUGHSUHVHQWDFLyQ
/DV VROLFLWXGHV GH D\XGD VH GHEHUiQ SUHVHQWDU PHGLDQWH LQVWDQFLD
IRUPDOL]DGDGHDFXHUGRFRQHOPRGHORTXHVHDGMXQWDFRPR$QH[R,
GLULJLGD DO GLUHFWRU JHQHUDO GH 7UDQVSRUWHV 3XHUWRV \ &RVWDV \ TXH
GHEHUi VHU ILUPDGD SRU HO UHSUHVHQWDQWH GH OD HPSUHVD GHELGDPHQWH
DSRGHUDGRSDUDHOOR
6X SUHVHQWDFLyQ SUHVXSRQH OD DFHSWDFLyQ LQFRQGLFLRQDGD GH ODV
EDVHV FRQGLFLRQHV UHTXLVLWRV \ REOLJDFLRQHV TXH VH FRQWLHQHQ HQ OD
SUHVHQWHRUGHQ
(OSOD]RGHSUHVHQWDFLyQGHVROLFLWXGHVVHUiGHGRVPHVHVFRQWDGRV
DSDUWLUGHOGtDVLJXLHQWHDOGHODSXEOLFDFLyQGHODSUHVHQWHRUGHQHQHO
'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDGHELHQGRUHXQLUVHODWRWDOL
GDGGHORVUHTXLVLWRVH[LJLGRVHQHOPRPHQWRGHILQDOL]DFLyQGHGLFKR
SOD]R
(OLQFXPSOLPLHQWRGHOSOD]RGHSUHVHQWDFLyQGHODVROLFLWXGDFRP
SDxDGDGHORVGRFXPHQWRVTXHVHVHxDODQHQHODUWtFXORVH[WRGHWHUPL
QDUiODDXWRPiWLFDH[FOXVLyQHQHODFFHVRDODD\XGD
/DVVROLFLWXGHVMXQWRFRQODGRFXPHQWDFLyQVHxDODGDHQHODUWtFXOR
VLJXLHQWHGHEHUiQSUHVHQWDUVHHQODVHGHGHODFRQVHOOHULDGH,QIUDHV
WUXFWXUDV\7UDQVSRUWH$Y%ODVFR,EDxH]±9DOHQFLD$Vt
PLVPR SRGUiQ SUHVHQWDUVH HQ FXDOTXLHUD GH ORV VHUYLFLRV WHUULWRULDOHV
GHODVWUHVSURYLQFLDVGLUHFWDPHQWHRSRUFXDOTXLHUDGHODVIRUPDVTXH
SUHYpHODUWGHOD/H\GHGHQRYLHPEUHGH5pJLPHQ
-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPL
QLVWUDWLYR&RP~Q
&XDQGR OD VROLFLWXG QR VH SUHVHQWH GLUHFWDPHQWH HQ ODV RILFLQDV
GH OD FLWDGD VHGH GH OD FRQVHOOHULD GH ,QIUDHVWUXFWXUDV \ 7UDQVSRUWH
VH UHFRPLHQGD DQXQFLDU VX SUHVHQWDFLyQ D OD 'LUHFFLyQ *HQHUDO GH
7UDQVSRUWHV3XHUWRV\&RVWDVUHPLWLHQGRFRSLDGHODFRUUHVSRQGLHQWH
LQVWDQFLDGHVROLFLWXGPHGLDQWHID[RWHOHJUDPDHQ
HOPLVPRGtD
(OWHUPLQLGHSUHVHQWDFLyGHVROÂOLFLWXGVVHUjGHGRVPHVRVFRPS
WDGRUV D SDUWLU GH O¶HQGHPj GH OD SXEOLFDFLy GH OD SUHVHQW RUGH HQ HO
'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD6¶KDXUjGHWLQGUHODWRWDOLWDW
GHOVUHTXLVLWVH[LJLWVHQHOPRPHQWG¶DFDEDPHQWGHOWHUPLQLHVPHQWDW
/¶LQFRPSOLPHQWGHOWHUPLQLGHSUHVHQWDFLyGHODVROÂOLFLWXGDFRP
SDQ\DGDGHOVGRFXPHQWVTXHV¶DVVHQ\DOHQHQO¶DUWLFOHVLVpGHWHUPLQDUj
O¶H[FOXVLyDXWRPjWLFDHQO¶DFFpVDO¶DMXGD
/HV VROÂOLFLWXGV MXQWDPHQW DPE OD GRFXPHQWDFLy DVVHQ\DODGD
HQ O¶DUWLFOH VHJHQW KDXUDQ GH SUHVHQWDUVH HQ OD VHX GH OD FRQVHOOH
ULD G¶,QIUDHVWUXFWXUHV L 7UDQVSRUW DY GH %ODVFR ,EixH] ± 9DOqQFLD$L[tPDWHL[SRGUDQSUHVHQWDUVHHQTXDOVHYROGHOVVHUYLFLV
WHUULWRULDOV GH OHV WUHV SURYtQFLHV GLUHFWDPHQW R SHU TXDOVHYRO GH OHV
IRUPHVTXHHVWDEOL[O¶DUWLFOHGHOD/OHLGHGHQRYHP
EUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGL
PHQW$GPLQLVWUDWLX&RP~
4XDQ OD VROÂOLFLWXG QR HV SUHVHQWH GLUHFWDPHQW HQ OHV RILFLQHV GH
O¶HVPHQWDGD VHX GH OD FRQVHOOHULD G¶,QIUDHVWUXFWXUHV L 7UDQVSRUW HV
UHFRPDQDDQXQFLDUODVHXDSUHVHQWDFLyDOD'LUHFFLy*HQHUDOGH7UDQV
SRUWV3RUWVL&RVWHVLUHPHWUHXQDFzSLDGHODFRUUHVSRQHQWLQVWjQFLD
GH VROÂOLFLWXG SHU PLWMj GH ID[ R WHOHJUDPD HQ HO
PDWHL[GLD
$UWLFOH'RFXPHQWDFLy
/DLQVWjQFLDGHVROÂOLFLWXGDQLUjDFRPSDQ\DGDGH
3ODLQLFLDOGHVFULSWLXGHOVVHUYLFLVTXHHVSURSRVHQDPEPHPzULD
H[SOLFDWLYD VREUH HOV PRWLXV GH OD VHXD SUHVWDFLy HQ OD TXDO HV SRVH
GH PDQLIHVW OD PLOORUD TXH VXSRVD OD SURSRVWD SUHVHQWDGD UHVSHFWH GH
ODVLWXDFLyFRQFHVVLRQDOYLJHQWLTXDOVHYRODOWUDLQIRUPDFLyTXHDMXGH
D XQD PLOORU DYDOXDFLy GH OD UHHVWUXFWXUDFLy SODQWHMDGD (Q SDUWLFX
ODUV¶H[SOLFLWDUDQHOVPRWLXVTXHMXVWLILTXHQODGLWDUHHVWUXFWXUDFLyOD
FRRUGLQDFLySUHYLVWDDPEDOWUHVVHUYLFLVGHWUDQVSRUWG¶jPELWVXSUDPX
QLFLSDOODSREODFLyDWHVDODGHPDQGDTXHVHULDVDWLVIHWDDPEHOVQRXV
YHKLFOHV L OHV SUHYLVLRQV G¶~V GHO VHUYLFL DPE FRQFUHFLy GH OtQLHV
UHFRUUHJXWV SDUDGHV H[SHGLFLRQV KRUDULV L FDOHQGDUL PLWMDQV PDWHUL
DOV L KXPDQV FRVW GHOV VHUYLFLV L DOWUHV FRQGLFLRQV GH SUHVWDFLy DL[t
FRP OD QHFHVVLWDW OD VXEYHQFLy VROÂOLFLWDGD (V FRQFUHWDUDQ OHV FRQGL
FLRQVG¶DGTXLVLFLyWLWXODULWDWLILQDQoDPHQWGHOVYHKLFOHVSHUDOVTXDOV
HVUHDOLW]DODVROÂOLFLWXGGHVXEYHQFLy
$FFHSWDFLyH[SUHVVDGHOFRQFHVVLRQDULVROÂOLFLWDQWGHWRWHOFRQWLQJ
XWGHO3ODLQLFLDOLGHQWLILFDQWHOQ~PHURGHFRQFHVVLyDGPLQLVWUDWLYDD
TXqV¶DGVFULXODUHHVWUXFWXUDFLySODQWHMDGDHQHO3ODLQLFLDOHVPHQWDWL
SHUWDQWHOVYHKLFOHVTXHV¶DGTXLULVTXHQ
3HU D UHHVWUXFWXUDFLRQV UHODWLYHV D OD LPSOHPHQWDFLy GH VHUYLFLV
XUEDQVRSHULXUEDQVHQPXQLFLSLVRHQWRUQVGHPpVGHKDELWDQWV
V¶DSRUWDUjDPpV
&HUWLILFDWGHODSREODFLyGHGUHW
&HUWLILFDWG¶DFRUGGHOSOHPXQLFLSDORSOHQVPXQLFLSDOVVLpV
HOFDVHQHOTXDOV¶LQFORJD
$SURYDFLy GHO 3OD LQLFLDO GHOV VHUYLFLV GH WUDQVSRUW UHJXODU G¶~V
JHQHUDOTXHV¶KDGHGHVHQYROXSDUHQO¶LQWHULRUGHOPXQLFLSL
$UWtFXOR'RFXPHQWDFLyQ
/DLQVWDQFLDGHVROLFLWXGLUiDFRPSDxDGDGH
3ODQ ,QLFLDO GHVFULSWLYR GH ORV VHUYLFLRV TXH VH SURSRQHQ FRQ
PHPRULDH[SOLFDWLYDVREUHORVPRWLYRVGHVXSUHVWDFLyQHQODTXHVH
SRQJDGHPDQLILHVWRODPHMRUDTXHVXSRQHODSURSXHVWDSUHVHQWDGDUHV
SHFWRGHODVLWXDFLyQFRQFHVLRQDOYLJHQWH\FXDOTXLHURWUDLQIRUPDFLyQ
TXHD\XGHDXQDPHMRUHYDOXDFLyQGHODUHHVWUXFWXUDFLyQSODQWHDGD(Q
SDUWLFXODU VH H[SOLFLWDUiQ ORV PRWLYRV TXH MXVWLILFDQ GLFKD UHHVWUXFWX
UDFLyQ OD FRRUGLQDFLyQ SUHYLVWD FRQ RWURV VHUYLFLRV GH WUDQVSRUWH GH
iPELWR VXSUDPXQLFLSDO OD SREODFLyQ DWHQGLGD OD GHPDQGD TXH VHUtD
VDWLVIHFKDFRQORVQXHYRVYHKtFXORV\ODVSUHYLVLRQHVGHXVRGHOVHUYL
FLRFRQFRQFUHFLyQGHOtQHDVUHFRUULGRVSDUDGDVH[SHGLFLRQHVKRUD
ULRV\FDOHQGDULRPHGLRVPDWHULDOHV\KXPDQRVFRVWHGHORVVHUYLFLRV
\RWUDVFRQGLFLRQHVGHSUHVWDFLyQDVtFRPRODQHFHVLGDGGHODVXEYHQ
FLyQVROLFLWDGD6HFRQFUHWDUiQODVFRQGLFLRQHVGHDGTXLVLFLyQWLWXODUL
GDG\ILQDQFLDFLyQGHORVYHKtFXORVSDUDORVTXHVHUHDOL]DODVROLFLWXG
GHVXEYHQFLyQ
$FHSWDFLyQH[SUHVD GHO FRQFHVLRQDULRVROLFLWDQWHGH WRGR HO FRQ
WHQLGRGHO3ODQ,QLFLDOLGHQWLILFDQGRHOQ~PHURGHFRQFHVLyQDGPLQLV
WUDWLYDDODTXHVHDGVFULEHODUHHVWUXFWXUDFLyQSODQWHDGDHQGLFKR3ODQ
,QLFLDO\SRUWDQWRORVYHKtFXORVTXHVHDGTXLHUDQ
3DUD UHHVWUXFWXUDFLRQHV UHODWLYDV D OD LPSOHPHQWDFLyQ GH VHUYLFL
RVXUEDQRVRSHULXUEDQRVHQPXQLFLSLRVRHQWRUQRVGHPiVGH
KDELWDQWHVVHDSRUWDUiDGHPiV
&HUWLILFDGRGHODSREODFLyQGHGHUHFKR
&HUWLILFDFLyQGHDFXHUGRGHO3OHQR0XQLFLSDORSOHQRVPXQL
FLSDOHVHQVXFDVRHQHOTXHVHLQFOX\D
$SUREDFLyQGHO3ODQ,QLFLDOGHORVVHUYLFLRVGHWUDQVSRUWHUHJXODU
GHXVRJHQHUDODGHVDUUROODUHQHOLQWHULRUGHOPXQLFLSLR
Núm
5509 / 10.05.2007
&RPSURPtV GH OD FRUSRUDFLy PXQLFLSDO G¶DGRSWDU OHV PHVXUHV
HFRQzPLTXHV L GH JHVWLy QHFHVVjULHV SHU D OD SUHVWDFLy GHOV VHUYLFLV
HVWDEOLWVHQHO3ODLQLFLDO
0DQLIHVWDFLy H[SUHVVD GHO UHSUHVHQWDQW GH O¶HPSUHVD FRQFHVVLRQ
jULDLVLpVHOFDVGHOSUHVLGHQWRSUHVLGHQWVGHODFRUSRUDFLyRFRUSR
UDFLRQVORFDOVGHOVSXQWVVHJHQWV
4XHHVFRQHL[LDFFHSWDODTXDQWLWDWPj[LPDDPETXqODFRQVHOOH
ULDSRJXHUDVXEYHQFLRQDUO¶DGTXLVLFLyGHOYHKLFOHODTXDOQRHVYHXUj
LQFUHPHQWDGDSHUFDSPRWLX
4XH HV FRQHL[HQ L DFFHSWHQ WRWV HOV UHTXLVLWV TXH V¶HVWDEOL[HQ
HQ OD SUHVHQW RUGH L TXH HO VHX LQFRPSOLPHQW IDFXOWDUj OD FRQVHOOHULD
G¶,QIUDHVWUXFWXUHVL7UDQVSRUWDUHYRFDUODVXEYHQFLyFRQFHGLGDODTXDO
FRVDLPSOLFDUjO¶REOLJDFLyGHWRUQDUOHVTXDQWLWDWVSHUFHEXGHV
'HVFULSFLyGHOPDWHULDOPzELOTXHHVSURSRVDLQFRUSRUDUDODFRQ
FHVVLyLMXVWLILFDFLyGHODVHXDDGHTXDFLyDOVVHUYLFLVSODQWHMDWV
(OVYHKLFOHVTXHV¶DGTXLULVTXHQSRGUDQVHUQRXVRXVDWVDPE
PHQ\V GH DQ\V G¶DQWLJXLWDW HQ HO PRPHQW GH OD FRPSUD L HQ ERQ
HVWDW GH IXQFLRQDPHQW (Q WRW FDV WDQW QRXV FRP XVDWV HOV YHKLFOHV
GLVSRVDUDQG¶DLUHFRQGLFLRQDWLKDXUDQGHVHUGHSODWDIRUPDSODQDpV
DGLUVHQVHHVFDORQVLQWHUPHGLVLSUHIHUHQWPHQWGHSLVEDL[RGHWLSXV
ORZ HQWU\ L HVWDUDQ DGDSWDWV SHU D SHUVRQHV DPE PRELOLWDW UHGXwGD L
KDXUDQ GH FRPSOLU HOV UHTXLVLWV WqFQLFV TXH DPE HVWH IL V¶DUUHSOHJXHQ
HQO¶DQQH[,,GHODSUHVHQWRUGH(OVYHKLFOHVDGVFULWVDVHUYLFLVH[FOX
VLYDPHQWXUEDQVKDXUDQGHVHUGHSODWDIRUPDEDL[D
/¶LQFRPSOLPHQW G¶DOJXQ G¶HVWRV UHTXLVLWV KDXUj GH TXHGDU VXIL
FLHQWPHQWMXVWLILFDW
$PpVGHOHVFRQGLFLRQVDVVHQ\DODGHVHQO¶DSDUWDWDQWHULRUHOV
YHKLFOHVTXHV¶DGTXLULVTXHQSHUDODVHXDXWLOLW]DFLyHQODSUHVWDFLyGH
VHUYLFLVGHWUDQVSRUWS~EOLFH[FOXVLYDPHQWXUEDQVKDXUDQGHVHUPHQ\V
FRQWDPLQDQWVTXHHOVYHKLFOHVFRQYHQFLRQDOVHOqFWULFVJDVELRGLqVHO
HXUR,,,HXUR,9
&RQWUDFWHGHFRPSUDGHOYHKLFOHRGHOVYHKLFOHVIXOOGHFRPDQGDR
VHPEODQW6¶DGMXQWDUjPHPzULDH[SOLFDWLYDGHOHVFDUDFWHUtVWLTXHVWqF
QLTXHVGHWDOODGHVGHOYHKLFOHRGHOVYHKLFOHVTXHFDODGTXLULUHOVSUHXV
GHPHUFDWLOHVUDRQVSHUDO¶HOHFFLyGHOPRGHOHQFDGDFDVLHVGHWDO
ODUjHOSODGHILQDQoDPHQWG¶HVWRV
(Q HO FDV TXH O¶LPSRUW GH OD GHVSHVD VXEYHQFLRQDEOH VXSHUH HOV
¼ V¶DSRUWDUDQ DL[t PDWHL[ OHV GLVWLQWHV RIHUWHV GH GLIHUHQWV
SURYHwGRUVLODPHPzULDGHMXVWLILFDFLyGHO¶HOHFFLyUHDOLW]DGDG¶DFRUG
DPEHOTXHLQGLFDO¶DUWLFOHTXDUWGHODSUHVHQWRUGH
'RFXPHQWG¶,GHQWLILFDFLy)LVFDOGHOVROÂOLFLWDQW&,)GHO¶HPSUHVD
R VL pV HO FDV 1,) R SDVVDSRUW YLJHQW VL HV WUDFWD G¶HPSUHVDUL LQGL
YLGXDO6LHOVROÂOLFLWDQWpVXQDSHUVRQDMXUtGLFDHVSUHVHQWDUDQDPpV
HO'1,LHOVSRGHUVGHUHSUHVHQWDFLyGHODSHUVRQDItVLFDTXHODUHSUH
VHQWH
,PSUpV GH PDQWHQLPHQW GH WHUFHUV DPE OHV GDGHV GH GRPLFLOLDFLy
EDQFjULDVHJRQVHOPRGHOLQFOzVFRPDDQQH[,,,HQHVWDRUGH
$OWD UHIHULGD D O¶H[HUFLFL FRUUHQW R ~OWLP UHEXW GH O¶,PSRVW VREUH
$FWLYLWDWV (FRQzPLTXHV DPE GHFODUDFLy UHVSRQVDEOH GH QR KDYHUVH
GRQDWGHEDL[DHQODPDWUtFXODGHO¶HVPHQWDWLPSRVW
4XDQ O¶HPSUHVD QR HVWLJD REOLJDGD DO SDJDPHQW GHO ,$( DFUHGL
WDUj HVWD FLUFXPVWjQFLD SHU PLWMj GH FHUWLILFDW G¶H[HPSFLy HPpV SHU
O¶DGPLQLVWUDFLy WULEXWjULD FRUUHVSRQHQW R SHU PLWMj GH FzSLD FRPSXO
VDGDGHO¶~OWLP,PSRVWGH6RFLHWDWV
'RFXPHQWV DFUHGLWDWLXV GH WUREDUVH DO FRUUHQW HQ HO FRPSOLPHQW
GHOHVREOLJDFLRQVWULEXWjULHVLGH6HJXUHWDW6RFLDO
3HUDOVHXRPSOLPHQWHOEHQHILFLDULSRGUj
$XWRULW]DU H[SUHVVDPHQW OD FRQVHOOHULD G¶,QIUDHVWUXFWXUHV L
7UDQVSRUW SHU D GHPDQDU GDYDQW GHOV zUJDQV FRPSHWHQWV OHV GDGHV
DFUHGLWDWLYHV G¶HVWDU DO FRUUHQW HQ HO FRPSOLPHQW GH OHV REOLJDFLRQV
WULEXWjULHV HVWDWDOV L FRPXQLWDW DXWzQRPD L GDYDQW GH OD 6HJXUHWDW
6RFLDOSHUPLWMjGHO¶RPSOLPHQWGHO¶DSDUWDW'GHODVROÂOLFLWXG
(QHOVXSzVLWGHODQRDXWRULW]DFLyHOEHQHILFLDULKDXUjGHSUH
VHQWDUFHUWLILFDWGHOVHXFRPSOLPHQWUHIHULWDOPRPHQWG¶DFDEDPHQWGHO
WHUPLQLGHSUHVHQWDFLyGHVROÂOLFLWXGVLKDXUjG¶DSRUWDU
&HUWLILFDWH[SHGLWSHUO¶zUJDQHVWDWDOFRPSHWHQWGHO¶DGPLQLVWUDFLy
WULEXWjULD
18804
&RPSURPLVRGHOD&RUSRUDFLyQ0XQLFLSDOGHDGRSWDUODVPHGLGDV
HFRQyPLFDV\GHJHVWLyQQHFHVDULDVSDUDODSUHVWDFLyQGHORVVHUYLFLRV
HVWDEOHFLGRVHQHO3ODQ,QLFLDO
0DQLIHVWDFLyQ H[SUHVD GHO UHSUHVHQWDQWH GH OD HPSUHVD FRQFHVLR
QDULD \ HQ VX FDVR GHO SUHVLGHQWH R SUHVLGHQWHV GH OD &RUSRUDFLyQ R
&RUSRUDFLRQHV/RFDOHVGHORVVLJXLHQWHVH[WUHPRV
4XHVHFRQRFH\DFHSWDODFDQWLGDGPi[LPDFRQODTXHODFRQVHOOH
ULDSXGLHUDVXEYHQFLRQDUODDGTXLVLFLyQGHOYHKtFXORODFXDOQRVHYHUi
LQFUHPHQWDGDSRUQLQJ~QPRWLYR
4XHVHFRQRFHQ\DFHSWDQWRGRVORVUHTXLVLWRVTXHVHHVWDEOHFHQHQ
ODSUHVHQWHRUGHQ\GHTXHHOLQFXPSOLPLHQWRGHORVPLVPRVIDFXOWDUi
D OD FRQVHOOHULD GH ,QIUDHVWUXFWXUDV \7UDQVSRUWH D UHYRFDU OD VXEYHQ
FLyQFRQFHGLGDORTXHLPSOLFDUiODREOLJDFLyQGHGHYROYHUODVFDQWLGD
GHVSHUFLELGDV
'HVFULSFLyQGHOPDWHULDOPyYLOTXHVHSURSRQHLQFRUSRUDUDODFRQ
FHVLyQ\MXVWLILFDFLyQGHVXDGHFXDFLyQDORVVHUYLFLRVSODQWHDGRV
/RVYHKtFXORVTXHVHDGTXLHUDQSRGUiQVHUQXHYRVRXVDGRV
FRQPHQRVGHDxRVGHDQWLJHGDGHQHOPRPHQWRGHODFRPSUD\HQ
EXHQHVWDGRGHIXQFLRQDPLHQWR(QFXDOTXLHUFDVRWDQWRQXHYRVFRPR
XVDGRV ORV YHKtFXORV GLVSRQGUiQ GH DLUH DFRQGLFLRQDGR \ KDEUiQ GH
VHUGHSODWDIRUPDOODQDHVGHFLUVLQHVFDORQHVLQWHUPHGLRV\SUHIHUHQ
WHPHQWHGHSLVREDMRRGHWLSR³/RZHQWU\´\HVWDUiQDGDSWDGRVSDUD
SHUVRQDVFRQPRYLOLGDGUHGXFLGDGHELHQGRFXPSOLUORVUHTXLVLWRVWpF
QLFRVTXHDWDOILQVHUHFRJHQHQHO$QH[R,,GHODSUHVHQWHRUGHQ/RV
YHKtFXORVDGVFULWRVDVHUYLFLRVH[FOXVLYDPHQWHXUEDQRVGHEHUiQVHUGH
SODWDIRUPDEDMD
(O LQFXPSOLPLHQWR GH DOJXQR GH HVWRV UHTXLVLWRV GHEHUi TXHGDU
VXILFLHQWHPHQWHMXVWLILFDGR
$GHPiVGHORVFRQGLFLRQDQWHVVHxDODGRVHQHODSDUWDGRDQWH
ULRUORVYHKtFXORVTXHVHDGTXLHUDQSDUDVXXWLOL]DFLyQHQODSUHVWDFLyQ
GHVHUYLFLRVGHWUDQVSRUWHS~EOLFRH[FOXVLYDPHQWHXUEDQRVGHEHUiQVHU
PHQRV FRQWDPLQDQWHV TXH ORV YHKtFXORV FRQYHQFLRQDOHV HOpFWULFRV
JDVELRGLHVHO(XUR,,,(XUR,9
&RQWUDWRGHFRPSUDGHORGHORVYHKtFXORVKRMDGHSHGLGRRVLPL
ODU6HDFRPSDxDUiPHPRULDH[SOLFDWLYDGHODVFDUDFWHUtVWLFDVWpFQLFDV
GHWDOODGDVGHOYHKtFXORVDDGTXLULUSUHFLRVGHPHUFDGR\UD]RQHVSDUD
ODHOHFFLyQGHOPRGHORHQFDGDFDVRGHWDOODQGRHOSODQGHILQDQFLDFLyQ
GHORVPLVPRV
(QHOFDVRGHTXHHOLPSRUWHGHOJDVWRVXEYHQFLRQDEOHVXSHUHORV
¼VHDSRUWDUiQDVtPLVPRODVGLVWLQWDVRIHUWDVGHGLIHUHQWHVSUR
YHHGRUHV \ OD PHPRULD GH MXVWLILFDFLyQ GH OD HOHFFLyQ UHDOL]DGD GH
DFXHUGRDORVHxDODGRHQHODUWtFXORFXDUWRGHODSUHVHQWHRUGHQ
'RFXPHQWR GH ,GHQWLILFDFLyQ )LVFDO GHO VROLFLWDQWH &,) GH OD
HPSUHVDRHQVXFDVR1,)ySDVDSRUWHYLJHQWHVLVHWUDWDGHHPSUHVD
ULRLQGLYLGXDO6LHOVROLFLWDQWHHVXQDSHUVRQDMXUtGLFDVHSUHVHQWDUiQ
DGHPiV'1,\SRGHUHVGHUHSUHVHQWDFLyQGHODSHUVRQDItVLFDTXHOD
UHSUHVHQWH
,PSUHVRGHPDQWHQLPLHQWRGHWHUFHURVFRQORVGDWRVGHGRPLFLOLD
FLyQEDQFDULDVHJ~QPRGHORLQFOXLGRFRPRDQH[R,,,HQHVWDRUGHQ
$OWD UHIHULGD DO HMHUFLFLR FRUULHQWH R ~OWLPR UHFLER GHO ,PSXHVWR
VREUH $FWLYLGDGHV (FRQyPLFDV FRQ GHFODUDFLyQ UHVSRQVDEOH GH QR
KDEHUVHGDGRGHEDMDHQODPDWUtFXODGHOFLWDGRLPSXHVWR
&XDQGR OD HPSUHVD QR HVWp REOLJDGD DO SDJR GHO ,$( DFUHGLWDUi
HVWD FLUFXQVWDQFLD PHGLDQWH FHUWLILFDFLyQ GH H[HQFLyQ HPLWLGD SRU OD
DGPLQLVWUDFLyQWULEXWDULDFRUUHVSRQGLHQWHRPHGLDQWHFRSLDFRPSXOVD
GDGHO~OWLPR,PSXHVWRGH6RFLHGDGHV
'RFXPHQWRVDFUHGLWDWLYRVGHKDOODUVHDOFRUULHQWHHQHOFXPSOLPL
HQWRGHODVREOLJDFLRQHVWULEXWDULDV\GH6HJXULGDG6RFLDO
3DUDVXFXPSOLPHQWDFLyQHOEHQHILFLDULRSRGUi
$XWRUL]DUH[SUHVDPHQWHDODFRQVHOOHULDGH,QIUDHVWUXFWXUDV\
7UDQVSRUWHSDUDUHFDEDUDQWHORVyUJDQRVFRPSHWHQWHVORVGDWRVDFUH
GLWDWLYRVGHHVWDUDOFRUULHQWHHQHOFXPSOLPLHQWRGHODVREOLJDFLRQHV
WULEXWDULDV HVWDWDOHV \ FRPXQLGDG DXWyQRPD \ IUHQWH D OD 6HJXULGDG
6RFLDOPHGLDQWHODFXPSOLPHQWDFLyQGHODSDUWDGR'GHODVROLFLWXG
(Q HO VXSXHVWR GH QRDXWRUL]DFLyQ HO EHQHILFLDULR GHEHUi
SUHVHQWDU FHUWLILFDFLyQ GH VX FXPSOLPLHQWR UHIHULGD DO PRPHQWR GH
ILQDOL]DFLyQGHOSOD]RGHSUHVHQWDFLyQGHVROLFLWXGHVDSRUWDQGR
&HUWLILFDFLyQ H[SHGLGD SRU HO yUJDQR HVWDWDO FRPSHWHQWH GH OD
DGPLQLVWUDFLyQWULEXWDULD
Núm
5509 / 10.05.2007
&HUWLILFDWH[SHGLWSHUO¶zUJDQFRPSHWHQWGHOD6HJXUHWDW6RFLDO
18805
&HUWLILFDW H[SHGLW SHU O¶zUJDQ FRPSHWHQW GH OD FRQVHOOHULD
G¶(FRQRPLDL+LVHQGDGHOD*HQHUDOLWDWRGHO¶zUJDQFRPSHWHQWGHOD
FRUUHVSRQHQWFRPXQLWDWDXWzQRPD
(OVUHIHULWVFHUWLILFDWVKDXUDQGHVHUSRVLWLXVRVLpVHOFDVLQGLFDU
TXHHOVGHXWHVHVWDQDMRUQDWVIUDFFLRQDWVRDFRUGDGDODVHXDVXVSHQVLy
HQ RFDVLy GH OD LPSXJQDFLy GH OHV FRUUHVSRQHQWV OLTXLGDFLRQV L KDX
UDQGHWLQGUHYDOLGHVDGXUDQWHOWHUPLQLGHVLVPHVRVGHVGHODGDWDGH
O¶H[SHGLFLy1RREVWDQWDL[zVLKDJXHUHQFDGXFDWDEDQVGHODSURSRVWD
GHFRQFHVVLyGHODVXEYHQFLyHOEHQHILFLDULSURSRVDWKDXUjGHSUHVHQ
WDUXQFHUWLILFDWDFWXDOLW]DW
4XDQ O¶HPSUHVD QR HVWLJD REOLJDGD D SUHVHQWDU OHV GHFODUDFLRQV
R GRFXPHQWV UHODWLXV D REOLJDFLRQV WULEXWjULHV L GH 6HJXUHWDW 6RFLDO
DFUHGLWDUjHVWDFLUFXPVWjQFLDSHUPLWMjGHGHFODUDFLyUHVSRQVDEOH
&HUWLILFDFLyQH[SHGLGDSRUHOyUJDQRFRPSHWHQWHGHOD6HJXULGDG
6RFLDO
&HUWLILFDFLyQH[SHGLGDSRUHOyUJDQRFRPSHWHQWHGHODFRQVHOOHULD
GH (FRQRPtD \ +DFLHQGD GH OD *HQHUDOLWDW R GHO yUJDQR FRPSHWHQWH
GHODFRUUHVSRQGLHQWHFRPXQLGDGDXWyQRPD
/DV UHIHULGDV FHUWLILFDFLRQHV GHEHUiQ VHU SRVLWLYDV R HQ VX FDVR
LQGLFDUTXHODVGHXGDVHVWiQDSOD]DGDVIUDFFLRQDGDVRDFRUGDGDODVXV
SHQVLyQFRQRFDVLyQGHODLPSXJQDFLyQGHODVFRUUHVSRQGLHQWHVOLTXL
GDFLRQHVGHELHQGRWHQHUYDOLGH]GXUDQWHHOSOD]RGHVHLVPHVHVGHVGH
ODIHFKDGHVXH[SHGLFLyQ1RREVWDQWHVLKXELHVHQFDGXFDGRDQWHVGH
ODSURSXHVWDGHFRQFHVLyQGHODVXEYHQFLyQHOEHQHILFLDULRSURSXHVWR
GHEHUiSUHVHQWDUXQDFHUWLILFDFLyQDFWXDOL]DGD
&XDQGRODHPSUHVDQRHVWpREOLJDGDDSUHVHQWDUODVGHFODUDFLRQHVR
GRFXPHQWRVUHODWLYRVDREOLJDFLRQHVWULEXWDULDV\GH6HJXULGDG6RFLDO
DFUHGLWDUiHVWDFLUFXQVWDQFLDPHGLDQWHGHFODUDFLyQUHVSRQVDEOH
$UWLFOH6ROÂOLFLWXGG¶DPSOLDFLyGHGDGHV
4XDQ OD VROÂOLFLWXG QR WLQJD HOV UHTXLVLWV R IDOWH DOJXQ GRFXPHQW
FRPSOHPHQWDULGHOVH[LJLWVHVUHTXHULUjHOVLQWHUHVVDWVSHUTXqKRHVP
HQHQ HQ HO WHUPLQL GH GHX GLHV KjELOV D SDUWLU GH OD VHXD QRWLILFDFLy
G¶DFRUG DPE HO TXH DVVHQ\DOD O¶DUWLFOH GH OD /OHL GH GHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO
3URFHGLPHQW$GPLQLVWUDWLX&RP~
7UDQVFRUUHJXWHOGLWWHUPLQLVHQVHTXHV¶KDMDFRPSOLWHOTXHDQWHUL
RUPHQWV¶KDGLVSRVDWHVFRQVLGHUjTXHKDQGHVLVWLWGHODVHXDSHWLFLyL
HVSURFHGLUjDO¶DU[LYDPHQWGHO¶H[SHGLHQW
$UWtFXOR6ROLFLWXGGHDPSOLDFLyQGHGDWRV
&XDQGRODVROLFLWXGQRUH~QDORVUHTXLVLWRVRIDOWHDOJ~QGRFXPHQ
WRFRPSOHPHQWDULRGHORVH[LJLGRVVHUHTXHULUiDORVLQWHUHVDGRVSDUD
TXHORVXEVDQHQHQHOSOD]RGHGLH]GtDVKiELOHVDSDUWLUGHVXQRWLIL
FDFLyQGHDFXHUGRDORVHxDODGRHQHODUWtFXORGHOD/H\
GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV $GPLQLVWUDFLRQHV
3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q
7UDQVFXUULGRGLFKRSOD]RVLQKDEHUFXPSOLPHQWDGRORDQWHULRUPHQ
WHGLVSXHVWRVHOHWHQGUiSRUGHVLVWLGRGHVXSHWLFLyQ\VHSURFHGHUiDO
DUFKLYRGHOH[SHGLHQWH
$UWLFOH&ULWHULVSHUDDWRUJDUOHVVXEYHQFLRQV
/HV DMXGHV HFRQzPLTXHV VHUDQ FRQFHGLGHV ILQV DO OtPLW GH OD
FRQVLJQDFLy SUHVVXSRVWjULD L VHPSUH TXH HV FRPSOLVTXHQ HOV UHTXL
VLWV HVWDEOLWV HQ OD SUHVHQW RUGH 6H VXEYHQFLRQDUDQ HQ SULPHU OORF
O¶DGTXLVLFLy GH YHKLFOHV SHU D OD LPSOHPHQWDFLy GH VHUYLFLV XUEDQV R
SHULXUEDQVHQPXQLFLSLVLHQWRUQVGHPpVGHKDELWDQWVDPEXQD
FRRUGLQDFLy UHOOHYDQW DPE VHUYLFLV GH WUDQVSRUW G¶jPELW VXSUDPXQLFL
SDOLTXHPLOORUHQO¶DFFHVVLELOLWDWDHTXLSDPHQWVGHFDUjFWHUVRFLRDV
VLVWHQFLDOFHQWUHVG¶HQVHQ\DQoDKRVSLWDOVFHQWUHVGHVDOXWGDYDQW
GHO¶DGTXLVLFLyGHYHKLFOHVSHUDODPLOORUDGHOWUDQVSRUWLQWHUXUEj
$UWtFXOR&ULWHULRVSDUDRWRUJDUODVVXEYHQFLRQHV
/DVD\XGDVHFRQyPLFDVVHUiQFRQFHGLGDVKDVWDHOOtPLWHGHODFRQ
VLJQDFLyQSUHVXSXHVWDULD\VLHPSUHTXHVHFXPSODQORVUHTXLVLWRVHVWD
EOHFLGRV HQ OD SUHVHQWH RUGHQ VXEYHQFLRQiQGRVH HQ SULPHU OXJDU OD
DGTXLVLFLyQGHYHKtFXORVSDUDODLPSOHPHQWDFLyQGHVHUYLFLRVXUEDQRV
RSHULXUEDQRVHQPXQLFLSLRV\HQWRUQRVGHPiVGHKDELWDQWHV
FRQ XQD FRRUGLQDFLyQ UHOHYDQWH FRQ VHUYLFLRV GH WUDQVSRUWH GH iPEL
WRVXSUDPXQLFLSDO\TXHPHMRUHQODDFFHVLELOLGDGDHTXLSDPLHQWRVGH
FDUiFWHUVRFLRDVLVWHQFLDOFHQWURVGHHQVHxDQ]DKRVSLWDOHVFHQWURVGH
VDOXGIUHQWHDODDGTXLVLFLyQGHYHKtFXORVSDUDODPHMRUDGHOWUDQV
SRUWHLQWHUXUEDQR
$GHPiVVHWRPDUiQHQFRQVLGHUDFLyQFRPRFULWHULRVSDUDRWRUJDU
ODVXEYHQFLyQORVVLJXLHQWHV
5HVSHFWRDORVVHUYLFLRVDORVTXHVHSUHWHQGDDGVFULELUHOYHKtFX
ORGHDSXQWRV
&RRUGLQDFLyQ FRQ RWURV VHUYLFLRV GH WUDQVSRUWH GH iPELWR VXSUD
PXQLFLSDO SUHIHUHQWHPHQWH GH FDUiFWHU VXEXUEDQR R PHWURSROLWDQR
YDORUiQGRVHODHILFLHQFLDGHODSURSXHVWDGHVHUYLFLRVSODQWHDGDHVWD
EOHFLPLHQWRGHOtQHDVWURQFDOHVDOLPHQWDGRUHVVHUYLFLRVODQ]DGHUD
GHDSXQWRV
0HMRUDGHODVSUHVWDFLRQHVUHVSHFWRGHODVHVWDEOHFLGDVHQHOUpJL
PHQFRQFHVLRQDOYLJHQWHLQFUHPHQWRGHVHUYLFLRVPHMRUDGHKRUDULRV
GHVYtRVRUHORFDOL]DFLyQGHSDUDGDVGHDSXQWRV
(QWLGDGGHODGHPDQGDGHWUDQVSRUWHTXHVHSUHWHQGHDWHQGHUWHQL
HQGR HQ FXHQWD WDQWR IDFWRUHV FXDQWLWDWLYRV FRPR FXDOLWDWLYRV WDOHV
FRPR JUDGR GH LQWHUUHODFLyQ IXQFLRQDO JUDGR GH FRQVROLGDFLyQ XUED
QtVWLFD QLYHO GH PRWRUL]DFLyQ R DFFHVLELOLGDG GH ODV ]RQDV VHUYLGDV
PHMRUDGHODDFFHVLELOLGDGDVHUYLFLRVVRFLRDVLVWHQFLDOHV\FDSDFLGDG
GHOYLDULRH[LVWHQWHGHDSXQWRV
/DYLQFXODFLyQGHORVVHUYLFLRVSURSXHVWRVDSROtWLFDVPiVJHQHUD
OHVUHODFLRQDGDVFRQODSURWHFFLyQGHiPELWRVXUEDQRVGHLQWHUpVKLV
WyULFR OD PLQRUDFLyQ GHO WUiILFR SULYDGR HQ ]RQDV HQ GRQGH FRQYHQ
JD LQFUHPHQWDU ODV IDFLOLGDGHV SDUD ORV SHDWRQHV OD SRWHQFLDFLyQ GHO
FRPHUFLRORFDOHWFGHDSXQWRV
5HVSHFWRDOPRGHORGHYHKtFXORHOHJLGRGHDSXQWRV
*UDGR GH XWLOL]DFLyQ GH WHFQRORJtDV PiV OLPSLDV GH D SXQ
WRV
*UDGRGHDGHFXDFLyQSDUDODSUHVWDFLyQGHORVVHUYLFLRVDORVTXH
VH DGVFULED HQ HVSHFLDO HQ OR UHIHUHQWH D OD DGDSWDFLyQ GHO YHKtFXOR
DOYLDULR\DVXDGDSWDFLyQDORVWUiILFRVVHUYLGRV(QHVWHFDVRVLODV
SUHVWDFLRQHVGHOYHKtFXORVROLFLWDGRVRQVXSHULRUHVHQFDSDFLGDGIXQ
$PpVHVSUHQGUDQHQFRQVLGHUDFLyFRPDFULWHULVSHUDDWRUJDUOD
VXEYHQFLyHOVVHJHQWV
5HVSHFWHDOVVHUYLFLVDTXqHVSUHWHQJDDGVFULXUHHOYHKLFOHG¶D
SXQWV
&RRUGLQDFLy DPE DOWUHV VHUYLFLV GH WUDQVSRUW G¶jPELW VXSUDPX
QLFLSDOSUHIHUHQWPHQWGHFDUjFWHUVXEXUEjRPHWURSROLWjLHVYDORUDUj
O¶HILFLqQFLDGHODSURSRVWDGHVHUYLFLVSODQWHMDGDHVWDEOLPHQWGHOtQLHV
WURQFDOVDOLPHQWDGRUVVHUYLFLVOODQoDGRUDG¶DSXQWV
0LOORUD GH OHV SUHVWDFLRQV UHVSHFWH GH OHV HVWDEOLGHV HQ HO UqJLP
FRQFHVVLRQDO YLJHQW LQFUHPHQW GH VHUYLFLV PLOORUD G¶KRUDULV GHVYLD
FLRQVRUHORFDOLW]DFLyGHSDUDGHVG¶DSXQWV
(QWLWDW GH OD GHPDQGD GH WUDQVSRUW TXH HV SUHWpQ DWHQGUH WHQLQW
HQ FRPSWH WDQW IDFWRUV TXDQWLWDWLXV FRP TXDOLWDWLXV FRP DUD JUDX
G¶LQWHUUHODFLy IXQFLRQDO JUDX GH FRQVROLGDFLy XUEDQtVWLFD QLY
HOO GH PRWRULW]DFLy R DFFHVVLELOLWDW GH OHV ]RQHV VHUYLGHV PLOORUD GH
O¶DFFHVVLELOLWDW D VHUYLFLV VRFLRDVVLVWHQFLDOV L FDSDFLWDW GHO YLDUL H[LV
WHQWG¶DSXQWV
/D YLQFXODFLy GHOV VHUYLFLV SURSRVDWV D SROtWLTXHV PpV JHQHU
DOV UHODFLRQDGHV DPE OD SURWHFFLy G¶jPELWV XUEDQV G¶LQWHUpV KLVWzULF
OD PLQRUDFLy GHO WUjQVLW SULYDW HQ ]RQHV RQ FRQYLQJD LQFUHPHQWDU OHV
IDFLOLWDWVSHUDOVYLDQDQWVODSRWHQFLDFLyGHOFRPHUoORFDOHWFG¶D
SXQWV
5HVSHFWHDOPRGHOGHYHKLFOHHOHJLWG¶DSXQWV
*UDXG¶XWLOLW]DFLyGHWHFQRORJLHVPpVQHWHVG¶DSXQWV
*UDXG¶DGHTXDFLySHUDODSUHVWDFLyGHOVVHUYLFLVDTXqV¶DGVFULJD
HQHVSHFLDOSHOTXHIDDO¶DGDSWDFLyGHOYHKLFOHDOYLDULLDO¶DGDSWDFLy
DOVWUjQVLWVVHUYLWV(QHVWHFDVVLOHVSUHVWDFLRQVGHOYHKLFOHVROÂOLFLWDW
VyQ VXSHULRUV HQ FDSDFLWDW IRQDPHQWDOPHQW D OHV UHTXHULGHV SHU OHV
Núm
5509 / 10.05.2007
GHPDQGHVGHPRELOLWDWO¶LPSRUWGHODVXEYHQFLyVHUjHOFRUUHVSRQHQW
DOYHKLFOHFRQVLGHUDWzSWLPSHUDFDGDFDVG¶DSXQWV
*UDXG¶DFFHVVLELOLWDWSHUDOHVSHUVRQHVDPESUREOHPHVGHPRELOL
WDWUHGXwGDG¶DSXQWV
(QHOFDVHQTXqHVSURGXwUDXQDLJXDOWDWHQOHVSXQWXDFLRQVREWLQ
JXGHVV¶DWHQGUDQHQSULPHUOORFDTXHOOHVVROÂOLFLWXGVGHFRQFHVVLRQDULV
TXH KDYHQW VROÂOLFLWDW DMXGHV HQ DQWHULRUV FRQYRFDWzULHV GHO SURJUDPD
SHUDODPLOORUDGHIORWDQRKDJXHUHQUHVXOWDWEHQHILFLDULVG¶HVWHV
18806
GDPHQWDOPHQWH D ODV UHTXHULGDV SRU ODV GHPDQGDV GH PRYLOLGDG HO
LPSRUWHGHODVXEYHQFLyQVHUiHOFRUUHVSRQGLHQWHDOYHKtFXORFRQVLGH
UDGRySWLPRSDUDFDGDFDVRGHDSXQWRV
*UDGRGHDFFHVLELOLGDGSDUDODVSHUVRQDVFRQSUREOHPDVGHPRYLOL
GDGUHGXFLGDGHDSXQWRV
(QHOFDVRHQTXHVHSURGXMHVHXQDLJXDOGDGHQODVSXQWXDFLRQHV
REWHQLGDV VH DWHQGHUiQ HQ SULPHU OXJDU DTXHOODV VROLFLWXGHV GH FRQ
FHVLRQDULRV TXH KDELHQGR VROLFLWDGR D\XGDV HQ DQWHULRUHV FRQYRFDWR
ULDVGHOSURJUDPDSDUDODPHMRUDGHIORWDQRKXELHUDQUHVXOWDGREHQH
ILFLDULRVGHODVPLVPDV
$UWLFOHQRYp5HVROXFLyLDWRUJDPHQW
/¶H[DPHQ L YDORUDFLy GHOV H[SHGLHQWV GH VROÂOLFLWXG GH OHV DMXGHV
FRUUHVSRQGUjDXQzUJDQFROÂOHJLDWLQWHJUDWSHOFDSGHO6HUYLFLGH3ODQ
LILFDFLyGH7UDQVSRUWVHOFDSGH6HFFLyGH7UDQVSRUWGH9LDWJHUVLHO
FDSGHOD'LYLVLyGH7UDQVSRUWVSHU&DUUHWHUDTXHXQDYHJDGDIL[DGHV
OHVDGPLVVLELOLWDWVLTXDQWLHVVHJRQVHOVFULWHULVHVWDEOLWVHQO¶RUGHHOH
YDUjODFRUUHVSRQHQWSURSRVWDDOGLUHFWRUJHQHUDOGH7UDQVSRUWV3RUWVL
&RVWHVHOTXDOSHUGHOHJDFLyGHOFRQVHOOHUG¶,QIUDHVWUXFWXUHVL7UDQV
SRUWTXHSHUPLWMjGHODSUHVHQWRUGHVHOLFRQIHUL[GLFWDUjO¶RSRUWXQD
UHVROXFLy HQ TXq V¶DWRUJD R HV GHQHJD O¶DMXGD TXH HVJRWDUj OD YLD
DGPLQLVWUDWLYD(QFDVG¶DWRUJDPHQWODUHVROXFLyH[SUHVVDUjDPEH[DF
WLWXGODTXDQWLD
(OWHUPLQLPj[LPSHUDUHVROGUHH[SUHVVDPHQWLQRWLILFDUOHVDMXGHV
FRQFHGLGHV VHUj GH TXDWUH PHVRV FRPSWDGRUV D SDUWLU GH O¶~OWLP GLD
GHO WHUPLQL GH SUHVHQWDFLy GH VROÂOLFLWXGV 6XSHUDW HL[H WHUPLQL VHQVH
TXHKDMDGLFWDWXQDUHVROXFLyH[SUHVVDKDXUjG¶HQWHQGUH¶VTXHHVWDpV
GHVHVWLPDWzULD
(O FDS GHO VHUYLFL GH 3ODQLILFDFLy GH 7UDQVSRUWV LQVWUXLUj HO SUR
FHGLPHQWGHFRQFHVVLy
(O EHQHILFLDUL SRGUj LQVWDU OD UHIRUPXODFLy GH OD VHXD VROÂOLFLWXG
SHU D DMXVWDU HOV FRPSURPLVRV L FRQGLFLRQV D OD VXEYHQFLy DWRUJDEOH
VL O¶LPSRUW GH OD VXEYHQFLy GH OD SURSRVWD GH UHVROXFLy SURYLVLRQDO
pV LQIHULRU D OD TXH FRQVWD HQ OD VROÂOLFLWXG SUHVHQWDGD G¶DFRUG DPE
O¶DUWLFOHGHOD/OHL*HQHUDOGH6XEYHQFLRQV
$UWtFXOR5HVROXFLyQ\RWRUJDPLHQWR
(O H[DPHQ \ YDORUDFLyQ GH ORV H[SHGLHQWHV GH VROLFLWXG GH ODV
D\XGDVFRUUHVSRQGHUiDXQyUJDQRFROHJLDGRLQWHJUDGRSRUHOMHIHGHO
VHUYLFLRGH3ODQLILFDFLyQGH7UDQVSRUWHVHOMHIHGHVHFFLyQGH7UDQV
SRUWHGH9LDMHURV\HOMHIHGHODGLYLVLyQGH7UDQVSRUWHVSRU&DUUHWHUD
TXHXQDYH]ILMDGDVODVDGPLVLELOLGDGHV\FXDQWtDVVHJ~QORVFULWHULRV
HVWDEOHFLGRVHQODRUGHQHOHYDUiODFRUUHVSRQGLHQWHSURSXHVWDDOGLUHF
WRUJHQHUDOGH7UDQVSRUWHV3XHUWRV\&RVWDVTXLHQSRUGHOHJDFLyQGHO
FRQVHOOHU GH ,QIUDHVWUXFWXUDV \ 7UDQVSRUWH TXH PHGLDQWH OD SUHVHQWH
RUGHQVHOHFRQILHUHGLFWDUiODRSRUWXQDUHVROXFLyQRWRUJDQGRRGHQH
JDQGRODD\XGDTXHDJRWDUiODYtDDGPLQLVWUDWLYD(QFDVRGHRWRUJD
PLHQWRODUHVROXFLyQH[SUHVDUiFRQH[DFWLWXGODFXDQWtD
(OSOD]RPi[LPRSDUDUHVROYHUH[SUHVDPHQWH\QRWLILFDUODVD\XGDV
FRQFHGLGDV VHUi GH FXDWUR PHVHV FRQWDGRV D SDUWLU GHO ~OWLPR GtD GHO
SOD]RGHSUHVHQWDFLyQGHVROLFLWXGHV6XSHUDGRHVHSOD]RVLQTXHKD\D
UHFDtGRUHVROXFLyQH[SUHVDGHEHUiHQWHQGHUVHTXHpVWDHVGHVHVWLPDWR
ULD
(OMHIHGHOVHUYLFLRGH3ODQLILFDFLyQGH7UDQVSRUWHVLQVWUXLUiHOSUR
FHGLPLHQWRGHFRQFHVLyQ
(OEHQHILFLDULRSRGUiLQVWDUODUHIRUPXODFLyQGHVXVROLFLWXGSDUD
DMXVWDU ORV FRPSURPLVRV \ FRQGLFLRQHV D OD VXEYHQFLyQ RWRUJDEOH VL
HOLPSRUWHGHODVXEYHQFLyQGHODSURSXHVWDGHUHVROXFLyQSURYLVLRQDO
HVLQIHULRUDODTXHILJXUDHQODVROLFLWXGSUHVHQWDGDGHDFXHUGRFRQHO
DUWtFXORGHOD/H\*HQHUDOGH6XEYHQFLRQHV
$UWLFOHGHX-XVWLILFDFLyGHODGHVSHVDLSDJDPHQWGHOHVVXEYHQFLRQV
8QD YHJDGD QRWLILFDGHV OHV UHVROXFLRQV G¶DWRUJDPHQW L DEDQV GHO
FREUDPHQW G¶HVWHV SHOV EHQHILFLDULV HVWRV KDXUDQ GH MXVWLILFDU OD YLD
ELOLWDWGHODUHHVWUXFWXUDFLySODQWHMDGDLODGHVSHVDHIHFWLYDPHQWUHDOLW
]DGDHQHOWHUPLQLGHWUHVPHVRVGHVGHO¶HVPHQWDGDQRWLILFDFLyLKDX
UDQG¶DSRUWDUSHUDDL[zODGRFXPHQWDFLyVHJHQW
)DFWXUDSHUO¶LPSRUWWRWDOGHO¶DGTXLVLFLyGHOYHKLFOH
3HUPtVGHFLUFXODFLyLILW[DWqFQLFDGHOQRXYHKLFOH
&RPSURPtVG¶DGVFULXUHLGHGLFDUHOYHKLFOHDODUHDOLW]DFLyGHOVHU
YLFLTXHHVGHWDOODHQODUHVROXFLyG¶DWRUJDPHQWGHO¶DMXGD
'HFODUDFLy UHVSRQVDEOH HQ TXq V¶HVSHFLILTXHQ OHV DMXGHV R ILQDQ
oDPHQWV S~EOLFV R SULYDWV REWLQJXWV R VROÂOLFLWDWV SHU DOV PDWHL[RV
ILQV DL[t FRP HO VRWPHWLPHQW D FRQWURO L FRPSURYDFLy SHU SDUW GH
O¶DGPLQLVWUDFLy
6¶DSRUWDUjODGRFXPHQWDFLyMXVWLILFDWLYDGHOHVDMXGHVUHEXGHV
/¶LPSRUW GH OHV VXEYHQFLRQV R DMXGHV QR SRGUj VHU G¶XQD TXDQWLD
TXHDwOODGDPHQWRFRQMXQWDPHQWDPEOHVVXEYHQFLRQVG¶DOWUHVDGPLQ
LVWUDFLRQV S~EOLTXHV R DPE DOWUHV LQJUHVVRV SURYLQHQWV G¶HQV S~EOLFV
R SULYDWV VXSHUH HO FRVW GH OD LQYHUVLy TXH HO EHQHILFLDUL UHDOLW]H HQ
O¶DGTXLVLFLyGHOFRUUHVSRQHQWYHKLFOH
(Q HO WHUPLQL DVVHQ\DODW V¶KDXUDQ GH WUDPLWDU OHV DXWRULW]DFLRQV
VHJHQWV
$XWRULW]DFLyGHOGLUHFWRUJHQHUDOGH7UDQVSRUWV3RUWVL&RVWHVGH
ODUHHVWUXFWXUDFLyGHVHUYLFLVSODQWHMDGD
$XWRULW]DFLy GHO 6HUYLFL 7HUULWRULDO GH 7UDQVSRUWV GH O¶DGVFULSFLy
D OD FRQFHVVLy GHO QRX YHKLFOH L OD EDL[D GHO YHKLFOH VXEVWLWXwW VL pV
HOFDV6¶DGMXQWDUjODUHODFLyDFWXDOLW]DGDSHUDO¶H[HUFLFLFRUUHQWGHOV
YHKLFOHV DGVFULWV ILQDOPHQW D OD FRQFHVVLy L VH¶OV LGHQWLILFDUj SHU OD
PDWUtFXODPDUFDLPRGHO
$L[tPDWHL[HVSUHVHQWDUjVROÂOLFLWXGGHPRGLILFDFLyFRQFHVVLRQDO
HQTXqV¶DUUHSOHJXHQHOVQRXVVHUYLFLVSODQWHMDWVHQHOSODGHUHHVWUXF
WXUDFLyGHVHUYLFLV
$UWtFXOR-XVWLILFDFLyQGHOJDVWR\SDJRGHODVVXEYHQFLRQHV
8QD YH] QRWLILFDGDV ODV UHVROXFLRQHV GH RWRUJDPLHQWR \ SUHYLR DO
FREUR GH ODV PLVPDV SRU ORV EHQHILFLDULRV pVWRV GHEHUiQ MXVWLILFDU OD
YLDELOLGDG GH OD UHHVWUXFWXUDFLyQ SODQWHDGD \ HO JDVWR HIHFWLYDPHQWH
UHDOL]DGRHQHOSOD]RGHWUHVPHVHVGHVGHODFLWDGDQRWLILFDFLyQDSRU
WDQGRSDUDHOORODVLJXLHQWHGRFXPHQWDFLyQ
)DFWXUDSRUHOLPSRUWHWRWDOGHODDGTXLVLFLyQGHOYHKtFXOR
3HUPLVRGHFLUFXODFLyQ\ILFKDWpFQLFDGHOQXHYRYHKtFXOR
&RPSURPLVRGHDGVFULELU\GHGLFDUHOYHKtFXORDODUHDOL]DFLyQGHO
VHUYLFLRTXHVHGHWDOODHQODUHVROXFLyQGHRWRUJDPLHQWRGHODD\XGD
'HFODUDFLyQ UHVSRQVDEOH HQ OD TXH VH HVSHFLILTXHQ ODV D\XGDV
R ILQDQFLDFLRQHV S~EOLFDV R SULYDGDV REWHQLGDV R VROLFLWDGDV SDUD ORV
PLVPRVILQHVDVtFRPRHOVRPHWLPLHQWRDFRQWURO\FRPSUREDFLyQSRU
SDUWHGHODDGPLQLVWUDFLyQ
6HDSRUWDUiODGRFXPHQWDFLyQMXVWLILFDWLYDGHODVD\XGDVUHFLELGDV
(O LPSRUWH GH ODV VXEYHQFLRQHV R D\XGDV QR SRGUi VHU GH XQD
FXDQWtD TXH DLVODGD R FRQMXQWDPHQWH FRQ ODV VXEYHQFLRQHV GH RWUDV
DGPLQLVWUDFLRQHV S~EOLFDV R FRQ RWURV LQJUHVRV SURYHQLHQWHV GH HQWHV
S~EOLFRVRSULYDGRVVXSHUHHOFRVWHGHODLQYHUVLyQTXHHOEHQHILFLDULR
UHDOLFHHQODDGTXLVLFLyQGHOFRUUHVSRQGLHQWHYHKtFXOR
(QHOSOD]RVHxDODGRVHGHEHUiQWUDPLWDUODVVLJXLHQWHVDXWRUL]DFL
RQHV
$XWRUL]DFLyQGHOGLUHFWRUJHQHUDOGH7UDQVSRUWHV3XHUWRV\&RVWDV
GHODUHHVWUXFWXUDFLyQGHVHUYLFLRVSODQWHDGD
$XWRUL]DFLyQGHO6HUYLFLR7HUULWRULDOGH7UDQVSRUWHVGHODDGVFULS
FLyQDODFRQFHVLyQGHOQXHYRYHKtFXOR\ODEDMDGHOYHKtFXORVXVWLWXL
GRHQVXFDVR6HDGMXQWDUiUHODFLyQDFWXDOL]DGDSDUDHOHMHUFLFLRFRUUL
HQWHGHYHKtFXORVDGVFULWRVILQDOPHQWHDODFRQFHVLyQLGHQWLILFiQGRORV
SRUODPDWUtFXODPDUFD\PRGHOR
$Vt PLVPR VH SUHVHQWDUi VROLFLWXG GH PRGLILFDFLyQ FRQFHVLRQDO
UHFRJLHQGRORVQXHYRVVHUYLFLRVSODQWHDGRVHQHOSODQGHUHHVWUXFWXUD
FLyQGHVHUYLFLRV
Núm
5509 / 10.05.2007
18807
8QD YHJDGD UHEXGD SHU O¶DGPLQLVWUDFLy GLQV GHO WHUPLQL L HQ OD
IRUPD HVFDLHQW OD GRFXPHQWDFLy UHIHULGD L GHVSUpV GH OHV RSRUWXQHV
FRPSURYDFLRQVHVSURFHGLUjDOSDJDPHQWGHO¶DMXGD
/¶LQFRPSOLPHQWGHOWHUPLQLGHMXVWLILFDFLyGHODVXEYHQFLySHUSDUW
GHO EHQHILFLDUL FRPSRUWDUj OD SqUGXD GHO GUHW D SHUFHEUH OD VXEYHQ
FLy FRUUHVSRQHQW DL[t FRP OD VHXD SRVVLEOH H[FOXVLy R PLQRUDFLy GH
O¶DMXGDGHFDUDDODVHXDSDUWLFLSDFLyHQSRVWHULRUVFRQYRFDWzULHV
8QDYH]UHFLELGDSRUODDGPLQLVWUDFLyQHQWLHPSR\IRUPDODGRFX
PHQWDFLyQUHIHULGD\WUDVODVRSRUWXQDVFRPSUREDFLRQHVVHSURFHGHUi
DOSDJRGHODD\XGD
(OLQFXPSOLPLHQWRGHOSOD]RGHMXVWLILFDFLyQGHODVXEYHQFLyQSRU
SDUWH GHO EHQHILFLDULR FRQOOHYDUi OD SpUGLGD GHO GHUHFKR D SHUFLELU OD
VXEYHQFLyQFRUUHVSRQGLHQWHDVtFRPRVXSRVLEOHH[FOXVLyQRPLQRUD
FLyQGHODD\XGDGHFDUDDVXSDUWLFLSDFLyQHQSRVWHULRUHVFRQYRFDWR
ULDV
$UWLFOH6ROÂOLFLWXGG¶DPSOLDFLyGHOWHUPLQLGHMXVWLILFDFLy
ÒQLFDPHQWHQHOFDVTXHHOSHUtRGHGHOOLXUDPHQWGHOVYHKLFOHVTXH
FDODGTXLULUQRSHUPHWDHOFRPSOLPHQWGHOWHUPLQLGHWUHVPHVRVIL[DW
HQO¶DUWLFOHDQWHULRUSHUDODSUHVHQWDFLyGHOVMXVWLILFDQWVGHODGHVSHVD
HOEHQHILFLDULGHOHVDMXGHVSRGUjVROÂOLFLWDUGDYDQWGHOD'LUHFFLy*HQ
HUDO GH 7UDQVSRUWV 3RUWV L &RVWHV XQD DPSOLDFLy GHO WHUPLQL LQLFLDO
PHQWFRQFHGLWSHUDHIHFWXDUODGLWDMXVWLILFDFLyVHQVHTXHHQFDSFDV
HVWHSXJDSURUURJDUVHPpVHQOOjGHOGLDGHVHWHPEUHGH
$UWtFXOR6ROLFLWXGGHDPSOLDFLyQGHOSOD]RGHMXVWLILFDFLyQ
ÒQLFDPHQWHHQHOFDVRGHTXHHOSHULRGRGHHQWUHJDGHORVYHKtFX
ORVDDGTXLULUQRSHUPLWDHOFXPSOLPLHQWRGHOSOD]RGHWUHVPHVHVILMD
GR HQ HODUWtFXORDQWHULRUSDUDODSUHVHQWDFLyQGH ORV MXVWLILFDQWHVGHO
JDVWR HO EHQHILFLDULR GH ODV D\XGDV SRGUi VROLFLWDU DQWH OD 'LUHFFLyQ
*HQHUDO GH 7UDQVSRUWHV 3XHUWRV \ &RVWDV XQD DPSOLDFLyQ GHO SOD]R
LQLFLDOPHQWH FRQFHGLGR SDUD HIHFWXDU GLFKD MXVWLILFDFLyQ VLQ TXH HQ
QLQJ~QFDVRpVWHSXHGDSURUURJDUVHPiVDOOiGHOGtDGHVHSWLHPEUH
GH
(VWDSHWLFLyQGHDPSOLDFLyQGHSOD]RGHELGDPHQWHMXVWLILFDGDVH
SUHVHQWDUi HQ OD IRUPD \ FRQGLFLRQHV SUHYLVWDV HQ HO DSDUWDGR F GHO
DUWtFXORTXLQWRGHODSUHVHQWHFRQYRFDWRULD\GHQWURGHOSOD]RGHGRV
PHVHVGHVGHODQRWLILFDFLyQGHODUHVROXFLyQGHRWRUJDPLHQWR
/D 'LUHFFLyQ *HQHUDO GH7UDQVSRUWHV 3XHUWRV \ &RVWDV UHVROYHUi
HQHOSOD]RGHXQPHVDFRQWDUGHVGHODUHFHSFLyQGHODFLWDGDSHWLFLyQ
VREUHHORWRUJDPLHQWRRGHQHJDFLyQGHODDPSOLDFLyQGHSOD]RVROLFL
WDGD
(VWD SHWLFLy G¶DPSOLDFLy GH WHUPLQL GHJXGDPHQW MXVWLILFDGD HV
SUHVHQWDUjHQODIRUPDLFRQGLFLRQVSUHYLVWHVHQO¶DSDUWDWFGHO¶DUWLFOH
FLQTXpGHODSUHVHQWFRQYRFDWzULDLGLQVGHOWHUPLQLGHGRVPHVRVGHV
GHODQRWLILFDFLyGHODUHVROXFLyG¶DWRUJDPHQW
/D 'LUHFFLy *HQHUDO GH 7UDQVSRUWV 3RUWV L &RVWHV UHVROGUj HQ
HO WHUPLQL G¶XQ PHV FRPSWDGRU GHV GH OD UHFHSFLy GH O¶HVPHQWDGD
SHWLFLy VREUH O¶DWRUJDPHQW R OD GHQHJDFLy GH O¶DPSOLDFLy GH WHUPLQL
VROÂOLFLWDGD
$UWLFOH2EOLJDFLRQVGHOVEHQHILFLDULV
(OV EHQHILFLDULV GH OHV DMXGHV HVWDUDQ REOLJDWV D FRPSOLU WRWHV OHV
GLVSRVLFLRQV UHIHULGHV HQ O¶DUWLFOH GH OD /OHL *HQHUDO GH
6XEYHQFLRQVLHQFRQFUHWD
0DQWLQGUH O¶DGVFULSFLy GHOV YHKLFOHV DO VHUYLFL GH OD UHHVWUXF
WXUDFLy DSURYDGD GXUDQW XQ SHUtRGH PtQLP L FRQWLQXDW GH KXLW DQ\V
/¶LQFRPSOLPHQW WRWDO R SDUFLDO GH OD SUHVHQW REOLJDFLy SHO EHQHILFLDUL
FRPSRUWDUj O¶REOLJDFLy GH UHLQWHJUDU O¶LPSRUW SHUFHEXW SURSRUFLRQDO
PHQWVHJRQVHOSHUtRGHGHFRPSOLPHQWDPEHOVLQWHUHVVRVOHJDOVFRU
UHVSRQHQWV GHV GHO PRPHQW GHO SDJDPHQW HIHFWLX ILQV D OD GHYROXFLy
GHOSULQFLSDO
)DFLOLWDU TXDOVHYXOOD GDGD R GRFXPHQW TXH OD 'LUHFFLy *HQHUDO
GH 7UDQVSRUWV 3RUWV L &RVWHV FRQVLGHUH QHFHVVDUL GHPDQDU SHU D XQ
FRQHL[HPHQWH[DFWHLYHUDoGHOFRPSOLPHQWGHOVREMHFWLXVLILQVGHOD
SUHVHQWRUGHG¶DFRUGDPEHOFRQWLQJXWGHO¶DSDUWDWEGHO¶DUWLFOHWHUFHU
,QIRUPDU D OD 'LUHFFLy *HQHUDO GH 7UDQVSRUWV 3RUWV L &RVWHV
GH TXDOVHYRO DMXGD R VXEYHQFLy TXH UHEHQ SHU D OD PDWHL[D ILQDOLWDW
G¶DOWUHVDGPLQLVWUDFLRQVRHQWLWDWVS~EOLTXHVRSULYDGHV(VWDFRPXQL
FDFLyKDXUjG¶HIHFWXDUVHWDQSURPSWHFRPHVFRQHJDLHQWRWFDVDPE
DQWHULRULWDWDODMXVWLILFDFLyGHO¶DSOLFDFLyGRQDGDDOVIRQVSHUFHEXWV
'LVSRVDUGHOVOOLEUHVFRPSWDEOHVUHJLVWUHVGLOLJHQFLDWVLODUHVWDGH
GRFXPHQWVGHJXGDPHQWDXGLWDWVHQHOVWHUPHVH[LJLWVSHUODOHJLVODFLy
PHUFDQWLOLVHFWRULDOYLJHQWDPEODILQDOLWDWGHJDUDQWLUO¶DGHTXDWH[HU
FLFLGHOHVIDFXOWDWVGHFRPSURYDFLyLFRQWURO
6RWPHWUH¶VDTXDOVHYRODFWXDFLyGHFRQWUROILQDQFHUTXHFRUUHVSRQ
JDDOD,QWHUYHQFLy*HQHUDOGHOD*HQHUDOLWDWHQUHODFLyDPEOHVDMXGHV
FRQFHGLGHV
&RQVHUYDU HOV GRFXPHQWV MXVWLILFDWLXV GH O¶DSOLFDFLy GHOV IRQV
UHEXWVLQFORVRVHOVGRFXPHQWVHOHFWUzQLFVPHQWUHSXJXHQVHUREMHFWH
GHOHVDFWXDFLRQVGHFRPSURYDFLyLFRQWURO
$FUHGLWDU TXH HV WURED DO FRUUHQW HQ HO FRPSOLPHQW GH OHV VHXHV
REOLJDFLRQVWULEXWjULHVLGDYDQWGHOD6HJXUHWDW6RFLDOVHJRQVV¶LQGLFD
HQO¶DSDUWDWGHO¶DUWLFOHVLVpGHODSUHVHQWRUGH
5HDOLW]DU XQD DGHTXDGD SXEOLFLWDW GHO FDUjFWHU S~EOLF GHO ILQDQ
oDPHQWSHUPLWMjGHFDUWHOOYLVLEOHHQHOYHKLFOHG¶DFRUGDPEHOTXH
UHVSHFWH G¶DL[z DVVHQ\DOH OD 'LUHFFLy *HQHUDO GH 7UDQVSRUWV 3RUWV L
&RVWHV
$UWtFXOR2EOLJDFLRQHVGHORVEHQHILFLDULRV
/RVEHQHILFLDULRVGHODVD\XGDVHVWDUiQREOLJDGRVDFXPSOLUWRGDV
ODVGLVSRVLFLRQHVUHIHULGDVHQHODUWtFXORGHOD/H\*HQHUDO
GH6XEYHQFLRQHV\HQFRQFUHWRD
0DQWHQHUODDGVFULSFLyQGHORVYHKtFXORVDOVHUYLFLRGHODUHHVWUXF
WXUDFLyQDSUREDGD GXUDQWH XQ SHULRGR PtQLPR\ FRQWLQXDGRGH RFKR
DxRV(OLQFXPSOLPLHQWRWRWDORSDUFLDOGHODSUHVHQWHREOLJDFLyQSRU
HOEHQHILFLDULROOHYDUiDSDUHMDGDODREOLJDFLyQGHUHLQWHJUDUHOLPSRUWH
SHUFLELGR SURSRUFLRQDOPHQWH VHJ~Q HO SHULRGR GH FXPSOLPLHQWR FRQ
ORVLQWHUHVHVOHJDOHVFRUUHVSRQGLHQWHVGHVGHHOPRPHQWRGHOSDJRHIHF
WLYRKDVWDODGHYROXFLyQGHOSULQFLSDO
)DFLOLWDU FXDOTXLHU GDWR R GRFXPHQWR TXH OD 'LUHFFLyQ *HQHUDO
GH7UDQVSRUWHV3XHUWRV\&RVWDVFRQVLGHUHQHFHVDULRUHFDEDUSDUDXQ
FRQRFLPLHQWRH[DFWR\YHUD]GHOFXPSOLPLHQWRGHORVREMHWLYRV\ILQHV
GH OD SUHVHQWH RUGHQ GH DFXHUGR FRQ HO FRQWHQLGR GHO DSDUWDGR E GHO
DUWtFXORWHUFHUR
3RQHU HQ FRQRFLPLHQWR GH OD 'LUHFFLyQ *HQHUDO GH 7UDQVSRUWHV
3XHUWRV \ &RVWDV FXDOTXLHU D\XGD R VXEYHQFLyQ TXH UHFLEDQ SDUD OD
PLVPDILQDOLGDGGHRWUDVDGPLQLVWUDFLRQHVRHQWLGDGHVS~EOLFDVRSUL
YDGDV(VWDFRPXQLFDFLyQGHEHUiHIHFWXDUVHWDQSURQWRFRPRVHFRQR
]FD\HQWRGRFDVRFRQDQWHULRULGDGDODMXVWLILFDFLyQGHODDSOLFDFLyQ
GDGDDORVIRQGRVSHUFLELGRV
'LVSRQHU GH ORV OLEURV FRQWDEOHV UHJLVWURV GLOLJHQFLDGRV \ GHPiV
GRFXPHQWRV GHELGDPHQWH DXGLWDGRV HQ ORV WpUPLQRV H[LJLGRV SRU OD
OHJLVODFLyQPHUFDQWLO\VHFWRULDOYLJHQWHFRQODILQDOLGDGGHJDUDQWL]DU
HODGHFXDGRHMHUFLFLRGHODVIDFXOWDGHVGHFRPSUREDFLyQ\FRQWURO
6RPHWHUVHDFXDOTXLHUDFWXDFLyQGHFRQWUROILQDQFLHURTXHFRUUHV
SRQGDDOD,QWHUYHQFLyQ*HQHUDOGHOD*HQHUDOLWDWHQUHODFLyQFRQODV
D\XGDVFRQFHGLGDV
&RQVHUYDU ORV GRFXPHQWRV MXVWLILFDWLYRV GH OD DSOLFDFLyQ GH ORV
IRQGRVUHFLELGRVLQFOXLGRVORVGRFXPHQWRVHOHFWUyQLFRVHQWDQWRSXH
GDQVHUREMHWRGHODVDFWXDFLRQHVGHFRPSUREDFLyQ\FRQWURO
$FUHGLWDUTXHVHKDOODDOFRUULHQWHHQHOFXPSOLPLHQWRGHVXVREOL
JDFLRQHVWULEXWDULDV\IUHQWHDOD6HJXULGDG6RFLDOVHJ~QVHLQGLFDHQ
HODSDUWDGRGHODUWtFXORVH[WRGHODSUHVHQWHRUGHQ
5HDOL]DUXQDDGHFXDGDSXEOLFLGDGGHOFDUiFWHUS~EOLFRGHODILQDQ
FLDFLyQPHGLDQWHFDUWHOYLVLEOHHQHOYHKtFXORGHDFXHUGRFRQORTXH
DO UHVSHFWR VHxDOH OD 'LUHFFLyQ *HQHUDO GH 7UDQVSRUWHV 3XHUWRV \
&RVWDV
Núm
5509 / 10.05.2007
18808
$UWLFOH&RQWUROLUHYRFDFLyGHOHVVXEYHQFLRQV
/D'LUHFFLy*HQHUDOGH7UDQVSRUWV3RUWVL&RVWHVSRGUjFRPSUR
YDUSHOVPLWMDQVTXHHVWLPHPpVDGHTXDWVHOFRPSOLPHQWGHOHVREOLJD
FLRQV LQKHUHQWV D O¶DWRUJDPHQW GH OHV DMXGHV /¶LQFRPSOLPHQW G¶HVWHV
REOLJDFLRQV R OD FRPSURYDFLy GH OD IDOVHGDW GH OHV GDGHV DSRUWDGHV
D O¶H[SHGLHQW GRQDUDQ OORF D OD UHYRFDFLy GH OHV VXEYHQFLRQV L D OD
GHYROXFLy GH OHV TXDQWLHV DWRUJDGHV TXH PHULWDUDQ HOV FRUUHVSRQHQWV
LQWHUHVVRVGHGHPRUD
$PpVHVWHLQFRPSOLPHQWSRGUjGHWHUPLQDUODQRFRQVLGHUDFLyGH
IXWXUHVVROÂOLFLWXGV
,JXDOPHQW TXDOVHYRO DOWHUDFLy GH OHV FLUFXPVWjQFLHV L GHOV UHTXL
VLWV VXEMHFWLXV L REMHFWLXV FRQVLGHUDWV SHU D OD FRQFHVVLy GH O¶DMXGD R
VXEYHQFLy SRGUj GRQDU OORF D OD UHYRFDFLy GH OHV VXEYHQFLRQV L D OD
GHYROXFLyDPEHOVFRUUHVSRQHQWVLQWHUHVVRVGHGHPRUDGHOHVTXDQWLHV
DWRUJDGHV
(QTXDOVHYROFDVV¶DSOLFDUjHOTXHGLVSRVHQHOVWtWROV,,'HOUHLQWH
JUDPHQWGHVXEYHQFLRQV,,,'HOFRQWUROILQDQFHUGHVXEYHQFLRQVL,9
,QIUDFFLRQVLVDQFLRQVDGPLQLVWUDWLYHVHQPDWqULDGHVXEYHQFLRQVGHOD
/OHLGHGHQRYHPEUH*HQHUDOGH6XEYHQFLRQV
$UWtFXOR&RQWURO\5HYRFDFLyQGHODVVXEYHQFLRQHV
/D'LUHFFLyQ*HQHUDOGH7UDQVSRUWHV3XHUWRV\&RVWDVSRGUiFRP
SUREDUSRUORVPHGLRVTXHHVWLPHPiVDGHFXDGRVHOFXPSOLPLHQWRGH
ODV REOLJDFLRQHV LQKHUHQWHV DO RWRUJDPLHQWR GH ODV D\XGDV (O LQFXP
SOLPLHQWR GH HVWDV REOLJDFLRQHV R OD FRPSUREDFLyQ GH OD IDOVHGDG GH
ORV GDWRV DSRUWDGRV DO H[SHGLHQWH GDUiQ OXJDU D OD UHYRFDFLyQ GH ODV
VXEYHQFLRQHV\DODGHYROXFLyQGHODVFXDQWtDVRWRUJDGDVTXHGHYHQ
JDUiQORVFRUUHVSRQGLHQWHVLQWHUHVHVGHGHPRUD
$GHPiVGLFKRLQFXPSOLPLHQWRSRGUiGHWHUPLQDUODQRFRQVLGHUD
FLyQGHIXWXUDVVROLFLWXGHV
,JXDOPHQWHWRGDDOWHUDFLyQGHODVFLUFXQVWDQFLDV\GHORVUHTXLVL
WRVVXEMHWLYRV\REMHWLYRVFRQVLGHUDGRVSDUDODFRQFHVLyQGHODD\XGD
R VXEYHQFLyQ SRGUi GDU OXJDU D OD UHYRFDFLyQ GH ODV VXEYHQFLRQHV \
D OD GHYROXFLyQ FRQ ORV FRUUHVSRQGLHQWHV LQWHUHVHV GH GHPRUD GH ODV
FXDQWtDVRWRUJDGDV
(QFXDOTXLHUFDVRVHUiGHDSOLFDFLyQORGLVSXHVWRHQORVWtWXORV,,
'HOUHLQWHJURGHVXEYHQFLRQHV,,,'HOFRQWUROILQDQFLHURGHVXEYHQ
FLRQHV \ ,9 ,QIUDFFLRQHV \ 6DQFLRQHV DGPLQLVWUDWLYDV HQ PDWHULD GH
VXEYHQFLRQHVGHOD/H\GHGHQRYLHPEUH*HQHUDOGH6XE
YHQFLRQHV
$UWLFOHFDWRU]H'HOHJDFLyGHIDFXOWDWV
(OGLUHFWRUJHQHUDOGH7UDQVSRUWV3RUWVL&RVWHVTXHGDIDFXOWDWSHU
DGLFWDUOHVLQVWUXFFLRQVSHUWLQHQWVDPEYLVWDDO¶DSOLFDFLyGHVHQYROX
SDPHQWLLQVSHFFLyGHOTXHGLVSRVDODSUHVHQWRUGH
(QWRWHOTXHQRSUHYHXHVWDRUGHHOVEHQHILFLDULVVHVRWPHWUDQDO
TXHHVWDEOL[HO7H[W5HIyVGHOD/OHLG¶+LVHQGD3~EOLFDGHOD*HQHUDOL
WDWOD/OHLGH3UHVVXSRVWRVGHOD*HQHUDOLWDWSHUDO¶H[HUFLFLGHTXqHV
WUDFWHLDOOzTXHUHJXODODGLVSRVLFLyILQDOSULPHUDGHOD/OHL
*HQHUDOGH6XEYHQFLRQV
$UWtFXOR'HOHJDFLyQGHIDFXOWDGHV
(OGLUHFWRUJHQHUDOGH7UDQVSRUWHV3XHUWRV\&RVWDVTXHGDIDFXO
WDGRSDUDGLFWDUODVLQVWUXFFLRQHVSHUWLQHQWHVHQRUGHQDODDSOLFDFLyQ
GHVDUUROORHLQVSHFFLyQGHORGLVSXHVWRHQODSUHVHQWHRUGHQ
(Q WRGR OR QR SUHYLVWR HQ HVWD RUGHQ ORV EHQHILFLDULRV VH VRPH
WHUiQ D OR HVWDEOHFLGR HQ HO 7H[WR 5HIXQGLGR GH OD /H\ GH +DFLHQGD
3~EOLFDGHOD*HQHUDOLWDWOD/H\GH3UHVXSXHVWRVGHOD*HQHUDOLWDWSDUD
HOHMHUFLFLRGHTXHVHWUDWH\ORUHJXODGRHQODGLVSRVLFLyQILQDOSULPHUD
GHOD/H\*HQHUDOGH6XEYHQFLRQHV
9DOqQFLDGHG¶DEULOGH
9DOHQFLDGHDEULOGH
(OFRQVHOOHUG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
-26e5$0Ï1*$5&Ë$$17Ï1
(OFRQVHOOHUGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
-26e5$0Ï1*$5&Ë$$17Ï1
Núm
5509 / 10.05.2007
18809
$1(;2,
62/Â/,&,78''(68%9(1&,Ï3(5$/$0,//25$'(/$)/27$'(0$7(5,$/0Ñ%,/9,1&8/$'$$/$5((6758&785$&,Ï'(/6
6(59,&,635(67$76
62/,&,78''(68%9(1&,Ï13$5$/$0(-25$'(/$)/27$'(0$7(5,$/0Ï9,/9,1&8/$'$$/$5((6758&785$&,21'(/26
6(59,&,26 35(67$'26
$
'$'(6'(/
(035(6$'$726'(/$(035(6$
(17,7$7-85Ë',&$(17,'$'-85Ë',&$
&,)
$'5(d$62&,$/&$55(53/$d$,1Ò0(52'20,&,/,262&,$/&$//(3/$=$<1 Ò0(52
/2&$/, 7$7/2&$/,'$'
&3
7(/Ê) 217(/()21 2
3529Ë1 &,$ 3529,1&,$
)$;
$'5(d$(/(&75Ñ1,& $'(&217$&7( ',5(&&,Ï1(/(&75Ï1,&$'(&217$&72
1Ò0'(/$& 21&(66,Ï 1ž'(/$& 21&(6,Ï1
120'(/$&21&(66,Ï120%5('(/$&21&(6,Ï1
'$'(6'(/$3(5621$48(7e/$5(35(6(17$&,Ï,48(),50$/$35(6(1762/Â/,&,78'
'$726'(/$3(5621$48(267(17$/$5(35(6(17$&,Ï1<48(),50$/$35(6(17(62/,&,78'
%
&2*1206$3(//,'26
&
120 120%5(
'1,
62/Â/,&,78'62/,&,78'
/
DWRUJDPHQWGHODFRUUHVSRQHQWVXEYHQFLySHUDO
DGTXLVLFLyGHFDOLQGLFDUODTXDQWLWDWHQHOTXDGUHFRUUHVSRQHQW
(ORWRUJDPLHQWRGHODFRUUHVSRQGLHQWHVXEYHQFLyQSDUDODDGTXLVLFLyQGHLQGLFDUHOQ~PHURHQHOUHFXDGURFRUUHVSRQGLHQWH
YHKLFOHVQRXV
YHKtFXORVQXHYRV
'
YHKLFOHVXVDWVDPEPHQ\VGHDQ\VG
DQWLJXLWDW
YHKtFXORVXVDGRVFRQPHQRVGHDxRVGHDQWLJHGDG
DXWRE~VDXWREXVRV
DXWRE~VDXWREXVHV
DXWRE~VDXWREXVRV
DXWRE~VDXWREXVHV
PLQLE~VPLQLEXVRV
PLQLE~VPLQLEXVHV
PLQLE~VPLQLEXVRV
PLQLE~VPLQLEXVHV
$8725,7=$&,Ï$8725,=$&,Ï1
$XWRULW]HOD&RQV HOOHULDG
,QIUDHVWUXFWXU HVL 7UDQVSRUWDGHPDQDU OHV GDGHVU HODWLYHV DO FRPSOLPHQWGHOHVREOLJDFLRQVWU LEXWjULHVHVWDWDOVLGHODFRPXQLWDWDXWyQRPDLGDYDQWGHOD6HJXU HWDW
6RFLDO(VSRGUjHQTXDOV HYROPRPHQWDQXOÂO DUODGLWDDXWRULW]DF Ly
$XWRUL]R DOD&RQVHOO HULDGH ,QIUDHVWUXFWXUDV \7UDQV SRUWH D UHFDEDU ORVGDWRV UHODWL YRVDOF XPSOLPLHQWR GHO DVREOLJDFLRQHV WULEXWDU LDV HVWDWDOHV\ GH OD F RPXQLGDGDXWyQRP D\IUHQWH DOD
6HJXULGDG6RFL DOSXGL HQGRHQFXDO TXLHUPRPHQWRDQXODU GLF KDDXWRU L]DF LyQ
6Ë
(
12
'(&/$5$&,Ï5(3216$%/('(&/$5$&,Ï15(63216$%/(
/DSHUVRQDTXHVRWDVLJQDGHFODUDTXH QRHV WjL QFXU VDHQ OHVSU RKLELFLRQVSHU D REW LQGU HODFRQGLFL yGHEHQHILF LDUL DVV HQ\DODGHVHQO
DUWLF OHGHOD/OHL GHGHQRYHPEUH
*HQHUDOGH6XEY HQF LRQV %2(Q~PGH
$L[tPDWHL[GHFODUDTXHFRQHL[OHVEDVHVOHVF RQGLFL RQV HOU HTXLVL WV LO HV REO LJDFLRQVFRQWLQJXGHVHQ O
RUGHGHODFRQYRFDW zUL DL OHVDFFHSWDGHIRUPDLQFRQGLF LRQDGDLHVFRPSURPHW DO
VHXFRPSO LPHQW
/DSHUVRQDDEDMR ILUP DQWHGHFODUDQRHVWDU LQFXUV R HQO DV SURKLELFLRQHVSDUDREWHQHUODFRQGLFLyQGHEHQHILFLDU LRVHxDODGDVHQ HO DU WtFXOR GH OD/H\ GH GHQRY LHPEUH
*HQHUDOGH6XEYHQFL RQHV %2(Qž GH
$VtPLVPRGHFODUDTXH FRQRFHO DVEDVHV FRQGLF LRQHVU HTXL VLWRV\REOL JDFL RQHV FRQWHQL GDVHQO DRU GHQGHF RQYRFDWRULD\O DVDFHSW DGHIRU PDL QFRQGLFL RQDGDF RPSU RPHW LpQGRVHDVX
FXPSOLPLHQWR
G
GH
5(*,675('
(175$'$
5(*,6752'((175$'$
/DSHUVRQDVROÂOLFLWDQW/DSHUVRQDVROLFLWDQWH
/HVGDGHVGHFDUjFWHU SHUV RQDOTXHFRQWpO
L PSUpV SRGUDQ VHUL QFORVHV HQ XQILW[ HUSHU DOVHX WUDF WDPHQW SHUHVWHzU JDQDGPLQLVWUDWLXFRPD
WLWXODUU HVSRQV DEOHGHO ILW[HUIHQW~V GHOHVIXQF LRQVSUzSLHV TXHWpDWUL EXwGHV LHQ O
jPEL WGHO HVVHXHVFRPSHWqQF LHV$L[tPDWHL[VHO
L QIRUPD
GHODSRVVLELOLWDWG
H[HUFLUHOV GUHWV G
DFFpV UHFWLILF DFLy FDQFHOÂODF Ly LRSRVLFLy WRWDL[z GHFRQIRUPLWDW DPE HOTXHGLVSRV DO
DUWL FOH GHOD/OHL
2UJjQLFD GH3U RWHFFL yGH' DGHVGH& DUjFWHU3HUV RQDO %2(Q~PGH
/RVGDWRVGHF DUiF WHUSHUV RQDO FRQWHQL GRVHQHOLP SUHV RSRGUiQVHU LQF OXLGRVHQXQILF KHURSDU DVXWUDWDPL HQWRSRU HVWHyU JDQRDGP LQLV WUDWLYR
FRPRWLWXODU UHVSRQVDEOHGHO PLV PRHQHOXV RGHODV IXQFLRQHVSURSL DVTXHWLHQHDWU LEXL GDV\HQHOiPEL WRGHVXVFRPSHWHQFL DV$VtP LVPRVH
OHLQIRUPDGHODSRVL ELOL GDGGHHMHUF HUO RVGHUHF KRVGHDFFHV RU HFWL ILFDFLyQFDQFHO DFLyQ\ RSRV LFLyQWRGR HOORGHFRQIRUPL GDG FRQORGLVSXHVWR
HQHODUWGHOD/H\2UJiQLF DGH3URW HFF LyQGH'DWRV GH&DUiF WHU 3HUVRQDO %2(QžGH
'$7$'
(175$'$(1/
Ñ5*$1&203(7(17
)(&+$(175$'$(1 Ï5*$12&203(7(17(
&216(//(5,$'
,1)5$(6758&785(6,75$163257'*'(75$163257632576,&267(6
&216(//(5,$'(,1)5$(6758&785$6<75$163257('*'(75$163257(638(5726<&267$6
Núm
5509 / 10.05.2007
18810
$11(;,,
$1(;2,,
5HTXLVLWVWqFQLFVG¶DFFHVVLELOLWDWGHOVDXWREXVRV
LQWHUXUEDQVVXEXUEDQV&ODVVH,,
5HTXLVLWRVWHFQLFRVGHDFFHVLELOLGDGGHORVDXWREXVHV
LQWHUXUEDQRVVXEXUEDQRVFODVH,,
$872%8626,17(585%$16±68%85%$16
¬0%,7'¶$3/,&$&,Ï
/HV SUHVHQWV FRQGLFLRQV EjVLTXHV G¶DFFHVVLELOLWDW V¶DSOLFDUDQ
DOV YHKLFOHV GH FDUUHWHUD YHKLFOHV SHU DO WUDQVSRUW LQWHUXUEjVXEXUEj
FROÂOHFWLXLGHFDSDFLWDWVXSHULRUDQRXSODFHVLQFOzVHOFRQGXFWRU
$872%86(6,17(585%$126±68%85%$126
3HUDHVWRVYHKLFOHVDXWREXVRVLQWHUXUEDQVGHFODVVH,,VHUjREOL
JDWHOFRPSOLPHQWGHOD'LUHFWLYD&(GHO3DUODPHQW(XURSHX
LGHO&RQVHOOGHGHQRYHPEUHGHLSHUWDQWO¶DQQH[9,,5HT
XLVLWVSHUDOVGLVSRVLWLXVWqFQLFVTXHIDFLOLWHQO¶DFFpVDOVYLDWJHUVDPE
PRELOLWDWUHGXwGD
$0%,72'($3/,&$&,Ï1
/DV SUHVHQWHV FRQGLFLRQHV EiVLFDV GH DFFHVLELOLGDG VHUiQ GH DSOL
FDFLyQDORVYHKtFXORVGHFDUUHWHUDYHKtFXORVSDUDHOWUDQVSRUWHLQWH
UXUEDQRVXEXUEDQRFROHFWLYR\GHFDSDFLGDGVXSHULRUDQXHYHSOD]DV
LQFOXLGRHOFRQGXFWRU
3DUD HVWRV YHKtFXORV DXWREXVHV LQWHUXUEDQRV GH FODVH ,, VHUi
REOLJDGRHOFXPSOLPLHQWRGHOD'LUHFWLYD&(GHO3DUODPHQWR
(XURSHR \ GHO &RQVHMR GH GH QRYLHPEUH GH \ SRU WDQWR VX
$QH[R9,, ³5HTXLVLWRV SDUD ORV GLVSRVLWLYRV WpFQLFRV TXH IDFLOLWDQ HO
DFFHVRDORVYLDMHURVFRQPRYLOLGDGUHGXFLGD´
$872%8626,17(585%$16'(3,6%$,;
'HILQLFLy
6¶HQWpQ SHU DXWRE~V GH SLV EDL[ FODVVH ,, DTXHOO DO TXDO HOV SDV
VDWJHUVSRGHQDFFHGLUVHQVHTXHKLKDMDFDSHVFDOyDOPHQ\VSHUGRVGH
OHVVHXHVSRUWHVGHVHUYLFL$OPHQ\VHOGHODVXSHUItFLHGLVSRQLEOH
SHUDYLDWJHUVGUHWVRGHODVHXDVHFFLyGDYDQWHUDHQHOFDVGHOVYHKL
FOHVDUWLFXODWVFRQVWLWXw[XQDVXSHUItFLHSODQDVHQVHHVFDORQV
&ODVVH,,YHKLFOHVGHVWLQDWVSULQFLSDOPHQWDOWUDQVSRUWGHYLDWJHUV
DVVHJXWVLGLVVHQ\DWVSHUDSHUPHWUHHOWUDQVSRUWGHYLDWJHUVGUHWVSHUz
QRPpVHQHOFRUUHGRURHQXQD]RQDTXHQRVREUHSDVVHO¶HVSDLSUHYLVW
SHUDGRVVHLHQWVGREOHV
$OWXUD
/¶DOWXUD GHV GH OD FDOoDGD DO SLV GH O¶DXWRE~V DOPHQ\V SHU OHV
SRUWHV PHQFLRQDGHV QR KD GH VHU PDMRU GH PP (VWD DOojULD HV
PHVXUDUjDPEHOYHKLFOHHQODSRVLFLyQRUPDOGHPDU[DVHQVHHVWDUHO
VLVWHPDG¶LQFOLQDFLy.QHHOLQJDFWLYDW
'LPHQVLRQV
+LKDG¶KDYHUXQDVXSHUItFLHOOLXUHGHVHLHQWVDPEFDSDFLWDWSHUD
DOORWMDUDOPHQ\VDXQSDVVDWJHUDPEFDGLUDGHURGHVHOUHFWDQJOHTXH
IRUPD HVWD VXSHUItFLH HV SRVLFLRQDUj DPE HO FRVWDW PDMRU SDUDOÂOHO D
O¶HL[ORQJLWXGLQDOGHOYHKLFOH(QHVWDVXSHUItFLHQRSRGUjKDYHUKLFDS
HVFDOyQLFDSDOWUHREVWDFOH
/DVXSHUItFLHG¶DOORWMDPHQWSHUDXQDFDGLUDGHURGHVKDGHWLQGUH
XQHVGLPHQVLRQVPtQLPHVGH
±/RQJLWXGPP
±$PSOjULDPP
8ELFDFLy
(O SDVVDWJHU DPE FDGLUD GH URGHV KDXUj GH SRVLFLRQDUVH HQ OD
VXSHUItFLH PHQFLRQDGD PLUDQW FDS D OD SDUW SRVWHULRU GH O¶DXWRE~V L
SDUDOÂOHODPHQWDOODWHUDOGHOYHKLFOHPDLHQSRVLFLyWUDQVYHUVDOUHVSHFWH
DO¶HL[ORQJLWXGLQDOG¶HVWH
&RQGLFLRQVGHOYLDWJH
/DSHUVRQDTXHYLDWMDHQODFDGLUDGHURGHVYLDWMDUjDPEHOVIUHQV
DSOLFDWV R OHV EDWHULHV GHVFRQQHFWDGHV HQ HO FDV TXH VLJD HOqFWULFD L
KDXUjGHSRGHUUHFRO]DUO¶HVTXHQDLHOFDSHQXQUHVSDWOHURPDPSDUD
HQFRL[LQDGD
8QD DOojULD PtQLPD GH PP SHU D VXSRUW G¶HVTXHQD L FDS
L XQD DPSOjULD GH PP SHUTXq OD FDGLUD SXJD DSUR[LPDUVH SHU
HQWUH OHV VHXHV URGHV SRVWHULRUV SRGHQ VHUYLU FRP D RULHQWDFLy SHU D
GLPHQVLRQDUODPDPSDUD
(VWHV PHVXUHV HVWDQ SHQVDGHV SHUTXq QR HV UHTXHULVFD FDS
PHFDQLVPHGHIL[DFLyRUHWHQFLyGHODFDGLUDGHURGHVVLEpVHUjQHFHV
VDULSRGHUGLVSRVDUG¶XQFLQWXUyGHUHWHQFLyGHO¶RFXSDQW
(QO¶HVSDLUHVHUYDWDOSDVVDWJHUDPEFDGLUDGHURGHVLHQHOODWHUDO
GHOYHKLFOHV¶LQGLFDUjDPEXQSLFWRJUDPDRFDUWHOOLQGLFDGRUTXHHVWD
SHUVRQDKDGHYLDWMDUDPEHOVIUHQVDSOLFDWVROHVEDWHULHVGHVFRQQHFWD
GHVLODSRVLFLyFRUUHFWDGHOSDVVDWJHU
6XEMHFFLy
(Q O¶HVSDL UHVHUYDW SHU D SDVVDWJHUV DPE FDGLUD GH URGHV
V¶LQVWDOÂODUjHQHOODWHUDOGHOYHKLFOHXQDEDUUDKRULW]RQWDODXQDDOWXUD
$872%86(6,17(585%$126'(3,62%$-2
'HILQLFLyQ
6H HQWLHQGH SRU DXWRE~V GH SLVR EDMR FODVH ,, DTXHO DO TXH ORV
SDVDMHURVSXHGHQDFFHGHUVLQTXHH[LVWDQLQJ~QHVFDOyQDOPHQRVSRU
GRVGHVXVSXHUWDVGHVHUYLFLR$OPHQRVHOGHODVXSHUILFLHGLVSR
QLEOHSDUDYLDMHURVGHSLHRGHVXVHFFLyQGHODQWHUDHQHOFDVRGHORV
YHKtFXORVDUWLFXODGRVFRQVWLWX\HXQDVXSHUILFLHOODQDVLQHVFDORQHV
&ODVH,,YHKtFXORVGHVWLQDGRVSULQFLSDOPHQWHDOWUDQVSRUWHGHYLD
MHURV VHQWDGRV \ GLVHxDGRV SDUD SHUPLWLU HO WUDQVSRUWH GH YLDMHURV GH
SLH SHUR VRODPHQWH HQ HO SDVLOOR R HQ XQD ]RQD TXH QR VREUHSDVH HO
HVSDFLRSUHYLVWRSDUDGRVDVLHQWRVGREOHV
$OWXUD
/D DOWXUD GHVGH OD FDO]DGD DO SLVR GHO DXWRE~V SRU DO PHQRV ODV
SXHUWDV PHQFLRQDGDV QR KD GH VHU PD\RU GH PP (VWD DOWXUD VH
PHGLUiFRQHOYHKtFXORHQVXSRVLFLyQQRUPDOGHPDUFKDVLQHVWDUHO
VLVWHPDGHLQFOLQDFLyQ.QHHOLQJDFWLYDGR
'LPHQVLRQHV
'HEH GH H[LVWLU XQD VXSHUILFLH OLEUH GH DVLHQWRV FRQ FDSDFLGDG
SDUDDORMDUDOPHQRVDXQSDVDMHURHQVLOODGHUXHGDVHOUHFWiQJXORTXH
IRUPDHVWDVXSHUILFLHVHSRVLFLRQDUiFRQHOODGRPD\RUSDUDOHORDOHMH
ORQJLWXGLQDO GHO YHKtFXOR (Q HVWD VXSHUILFLH QR SRGUi H[LVWLU QLQJ~Q
HVFDOyQQLQLQJ~QRWURREVWiFXOR
/DVXSHUILFLHGHDORMDPLHQWRSDUDXQDVLOODGHUXHGDVKDGHWHQHU
XQDVGLPHQVLRQHVPtQLPDVGH
±/RQJLWXGPP
±$QFKXUDPP
8ELFDFLyQ
(OSDVDMHURHQVLOODGHUXHGDVGHEHUiSRVLFLRQDUVHHQODVXSHUILFLH
PHQFLRQDGD PLUDQGR KDFLD OD SDUWH WUDVHUD GHO DXWRE~V \ SDUDOHOR DO
ODWHUDOGHOYHKtFXORQXQFDHQSRVLFLyQWUDQVYHUVDOUHVSHFWRDOHMHORQ
JLWXGLQDOGHpVWH
&RQGLFLRQHVGHOYLDMH
/D SHUVRQD YLDMDQGR HQ VX VLOOD GH UXHGDV YLDMDUi FRQ ORV IUHQRV
DSOLFDGRVRODVEDWHUtDVGHVFRQHFWDGDVHQHOFDVRGHTXHVHDHOpFWULFD
\ GHEHUi SRGHU DSR\DU HVSDOGD \ FDEH]D HQ XQ UHVSDOGR R PDPSDUD
DOPRKDGLOODGD
8QDDOWXUDPtQLPDGHPPSDUDDSR\RGHHVSDOGD\FDEH
]D \ XQD DQFKXUD GH PP SDUD TXH OD VLOOD SXHGD DSUR[LPDUVH
SRU HQWUH VXV UXHGDV WUDVHUDV SXHGHQ VHUYLU FRPR RULHQWDFLyQ SDUD
GLPHQVLRQDUODPDPSDUD
(VWDVPHGLGDVHVWiQSHQVDGDVSDUDTXHQRVHUHTXLHUDPHFDQLVPR
DOJXQRGHILMDFLyQRUHWHQFLyQGHODVLOODGHUXHGDVVLELHQVHUiQHFHVD
ULRSRGHUGLVSRQHUGHXQFLQWXUyQGHUHWHQFLyQGHORFXSDQWH
(QHOHVSDFLRUHVHUYDGRDOSDVDMHURHQVLOODGHUXHGDV\HQHOODWH
UDOGHOYHKtFXORVHLQGLFDUiFRQXQSLFWRJUDPDRFDUWHOLQGLFDGRUTXH
HVWDSHUVRQDKDGHYLDMDUFRQORVIUHQRVDSOLFDGRVRODVEDWHUtDVGHVFR
QHFWDGDV\ODSRVLFLyQFRUUHFWDGHOSDVDMHUR
6XMHFLyQ
(QHOHVSDFLRUHVHUYDGRSDUDSDVDMHURVHQVLOODGHUXHGDVVHLQVWD
ODUiHQHOODWHUDOGHOYHKtFXORXQDEDUUDKRUL]RQWDODXQDDOWXUDVREUHHO
Núm
5509 / 10.05.2007
VREUHHOSLVFRPSUHVDHQWUHLPPVHSDUDGDGHOODWHUDODOPH
Q\VPPLGLjPHWUHFRPSUpVHQWUHPP
0RELOLWDWLQWHULRU
/¶LWLQHUDUL GHV GH OD SRUWD G¶DFFpV GHOV SDVVDWJHUV DPE FDGLUD GH
URGHVILQVDO¶HVSDLUHVHUYDWVHUjSUDFWLFDEOHSHUDHVWRVSDVVDWJHUV(Q
HVWHLWLQHUDULQRSRGUjSHUWDQWKDYHUKLFDSHVFDOyRTXDOVHYROREVWD
FOHLWLQGUjXQDDPSOjULDPtQLPDGHSDVGHPP
6ROÂOLFLWXGGHSDUDGD
/DVROÂOLFLWXGGHSDUDGDHVFRQILUPDUjGHIRUPDVRQRUDLYLVXDO
6¶LQVWDOÂODUjHQO¶LQWHULRUHQO¶HVSDLUHVHUYDWSHUDSDVVDWJHUVDPE
FDGLUDGHURGHVXQSROVDGRUGHVROÂOLFLWXGGHSDUDGDDXQDDOWXUDVREUH
HOSLVHQWUHPPTXHLQGLFDUjDOFRQGXFWRUTXHXQSDVVDWJHU
G¶HVWHVFDUDFWHUtVWLTXHVYROHL[LUGHO¶DXWRE~V
(Q O¶H[WHULRU GHO YHKLFOH D OD GUHWD R D O¶HVTXHUUD GH OD SRUWD
G¶DFFpVSHUDSDVVDWJHUVDPEFDGLUDGHURGHVV¶LQVWDOÂODUjXQSROVDGRU
DXQDDOWXUDGHVGHODFDOoDGDFRPSUHVDHQWUHPP
(VWRV SROVDGRUV HVWDUDQ VHQ\DOLW]DWV DPE HO VtPERO LQWHUQDFLRQDO
G¶DFFHVVLELOLWDW ,62 L 81( (O SLFWRJUDPD LQWHULRU SRW
VHUYLUWDPEpFRPDLQGLFDGRUGHUHVHUYDGHO¶HVSDL
(OFRQGXFWRUKDGHUHEUHXQVHQ\DOFODULLQHTXtYRFTXHHVWRVSRO
VDGRUVKDQVLJXWXWLOLW]DWV
$PE FDUjFWHU JHQHUDO WRWV HOV SROVDGRUV GH VROÂOLFLWXG GH SDUDGD
VHUDQG¶XQFRORUTXHFRQWUDVWHDPEODVXSHUItFLHDTXqHVWLJXHQIL[DWVL
KDXUDQGHSRGHUVHUDFFLRQDWVDPEODSDOPDGHODPj
$FFHVVRV
/¶DPSOjULDOOLXUHGHODSRUWDG¶DFFpVGHOVSDVVDWJHUVDPEFDGLUDGH
URGHVKDGHVHUPDMRURLJXDODPP6LHQHVWDKLKDXQDEDUUD
FHQWUDO DOPHQ\V SHU XQ GHOV FRVWDWV KDXUj G¶KDYHU XQ HVSDL OOLXUH GH
PP
6HUjLPSUHVFLQGLEOHGRWDUHOYHKLFOHGHUDPSDPRWRULW]DGDRHOHYD
GRU L VLVWHPD G¶LQFOLQDFLy .QHHOLQJ SHU D IDFLOLWDU O¶DFFpV D OHV SHU
VRQHVDPEPRELOLWDWUHGXwGD
5DPSD
/DUDPSDQRPpVSRGUjIXQFLRQDUTXDQHOYHKLFOHHVWLJDSDUDWLKL
KDXUj XQ GLVSRVLWLX TXH LPSHGLVFD OD PDU[D GHO YHKLFOH ILQV TXH HVWD
HVWLJDUHSOHJDGD
6HPSUH TXH OD UDPSD HVWLJD HQ PRYLPHQW OD FRUUHVSRQHQW SRUWD
HVWDUj WDQFDGD ILQV TXH DFDEH O¶RSHUDFLy GH GHVSOHJDPHQW R UHSOHJD
PHQW
(OV PRYLPHQWV GH GHVSOHJDPHQW L UHSOHJDPHQW KDXUDQ G¶DQDU
DFRPSDQ\DWVGHVHQ\DOVOOXPLQRVRVLVRQRUVG¶DYtV
(OSDVGHVGHODUDPSDDO¶LQWHULRUGHOYHKLFOHQRWLQGUjFDQYLVVHY
HUVGHSHQGHQWLV¶HYLWDUDQUHVVDOWVHQHOSXQWRQV¶XQL[HQODUDPSDLHO
SLVHQHOOOLQGDUGHODSRUWD
/¶H[WHQVLy GH OD UDPSD HQ VHQWLW KRULW]RQWDO HVWDUj SURWHJLGD SHU
PLWMj G¶XQ GLVSRVLWLX GH VHJXUHWDW GHWHFWRU GH FRV HVWUDQ\ (Q FDV
G¶DFWLYDUVHHOGLVSRVLWLXODUDPSDHVGHWLQGUjLPPHGLDWDPHQW
(QFDVG¶DYDULDODUDPSDHVSRGUjHVWHQGUHLDUUHSOHJDUGHIRUPD
PDQXDO
/HVGLPHQVLRQVPtQLPHVGHODUDPSDVHUDQGHPPG¶DPSOHL
PPGHOODUJ
/DFjUUHJDHVWjWLFDPtQLPDFDSDoGHVXSRUWDUUHFRO]DGDHVWDHQHO
VzOVHUjGH.J
/HVYRUHVH[WHUQHVGHODUDPSDSRUWDUDQXQHVEDQGHVUHIOHFWRUHVGH
FRORUURLJLEODQF
/HV YRUHV H[WHUQHV HVWDUDQ DUUHGRQLGHV DPE XQ UDGL QR LQIHULRU D
PP(OVFDQWHOOVV¶DUUHGRQLUDQDPEXQUDGLQRLQIHULRUDPP
6LVWHPDG¶LQFOLQDFLy
6¶LQVWDOÂODUjXQGLVSRVLWLXGHVHJXUHWDWTXHHYLWHTXHHOYHKLFOHHQ
GHVFHQGLUGDQ\HDOJXQDSDUWGHOFRVGHTXDOVHYROSHUVRQD
%DUUHVLDJDIDGRUV
(VGLVSRVDUjXQDWUDPDFRPSOHWDGHEDUUHVLDJDIDGRUVVHQVH]RQHV
HQTXqKLKDMDGLILFXOWDWVSHUDDJDIDUVH
(O VHX VLVWHPD G¶DQFRUDWJH L WLSXV GH PDWHULDO KDXUDQ G¶HYLWDU
RVFLOÂODFLRQV
/DVXSHUItFLHGHEDUUHVDJDIDGRUVLPXQWDQWVGHVXEMHFFLyLDMXGD
HQODSURJUHVVLyLQWHULRUKDXUjGHVHUG¶XQPDWHULDODQWLOOLVFDQWLG¶XQ
FRORUTXHFRQWUDVWHDPEHOVHXHQWRUQ
18811
SLVRFRPSUHQGLGDHQWUH\PPVHSDUDGDGHOODWHUDODOPHQRV
PP\GLiPHWURFRPSUHQGLGRHQWUHPP
0RYLOLGDGLQWHULRU
(OLWLQHUDULRGHVGHODSXHUWDGHDFFHVRGHORVSDVDMHURVHQVLOODGH
UXHGDVKDVWDHOHVSDFLRUHVHUYDGRVHUiSUDFWLFDEOHSDUDHVWRVSDVDMH
URV(QHVWHLWLQHUDULRQRSRGUiSRUWDQWRH[LVWLUQLQJ~QHVFDOyQRFXDO
TXLHUREVWiFXOR\WHQHUXQDQFKRPtQLPRGHSDVRGHPP
6ROLFLWXGGHSDUDGD
/DVROLFLWXGGHSDUDGDVHFRQILUPDUiGHIRUPDVRQRUD\YLVXDO
6HLQVWDODUiHQHOLQWHULRUHQHOHVSDFLRUHVHUYDGRSDUDSDVDMHURVHQ
VLOODGHUXHGDVXQSXOVDGRUGHVROLFLWXGGHSDUDGDDXQDDOWXUDVREUHHO
SLVRHQWUHPPTXHLQGLFDUiDOFRQGXFWRUTXHXQSDVDMHURGH
pVWDVFDUDFWHUtVWLFDVTXLHUHVDOLUGHODXWRE~V
(QHOH[WHULRUGHOYHKtFXORDODGHUHFKDRL]TXLHUGDGHODSXHUWDGH
DFFHVRSDUDSDVDMHURVHQVLOODGHUXHGDVVHLQVWDODUiXQSXOVDGRUDXQD
DOWXUDGHVGHODFDO]DGDFRPSUHQGLGDHQWUHPP
(VWRV SXOVDGRUHV HVWDUiQ VHxDOL]DGRV FRQ HO VtPEROR LQWHUQDFLR
QDOGHDFFHVLELOLGDG,62\81(HOSLFWRJUDPDLQWHULRU
SXHGHDVXYH]VHUYLUFRPRLQGLFDGRUGHUHVHUYDGHOHVSDFLR
(OFRQGXFWRUGHEHGHUHFLELUXQDVHxDOFODUDHLQHTXtYRFDGHTXH
HVWRVSXOVDGRUHVKDQVLGRXWLOL]DGRV
&RQFDUiFWHUJHQHUDOWRGRVORVSXOVDGRUHVGHVROLFLWXGGHSDUDGD
VHUiQGHXQFRORUTXHFRQWUDVWHFRQODVXSHUILFLHDODTXHHVWpQILMDGRV
\GHEHUiQSRGHUVHUDFFLRQDGRVFRQODSDOPDGHODPDQR
$FFHVRV
(ODQFKROLEUHGHODSXHUWDGHDFFHVRGHORVSDVDMHURVHQVLOODGH
UXHGDV KD GH VHU PD\RU R LJXDO D PP 'H H[LVWLU HQ pVWD XQD
EDUUDFHQWUDODOPHQRVSRUXQRGHORVODGRVGHEHUiH[LVWLUXQHVSDFLR
OLEUHGHPP
6HUiLPSUHVFLQGLEOHGRWDUDOYHKtFXORGHUDPSDPRWRUL]DGDRHOH
YDGRU\VLVWHPDGHLQFOLQDFLyQ.QHHOLQJSDUDIDFLOLWDUHODFFHVRDODV
SHUVRQDVFRQPRYLOLGDGUHGXFLGD
5DPSD
/D UDPSD VyOR SRGUi IXQFLRQDU FXDQGR HO YHKtFXOR HVWp SDUDGR \
KDEUiXQGLVSRVLWLYRTXHLPSLGDODPDUFKDGHOYHKtFXORKDVWDTXHpVWD
HVWpUHSOHJDGD
6LHPSUH TXH OD UDPSD HVWp HQ PRYLPLHQWR OD FRUUHVSRQGLHQWH
SXHUWDHVWDUiFHUUDGDKDVWDTXHVHILQDOLFHODRSHUDFLyQGHGHVSOLHJXH
RUHSOLHJXH
/RVPRYLPLHQWRVGHGHVSOLHJXH\UHSOLHJXHGHEHUiQLUDFRPSDxD
GRVGHVHxDOHVOXPLQRVDV\VRQRUDVGHDYLVR
(OSDVRGHVGHODUDPSDDOLQWHULRUGHOYHKtFXORQRWHQGUiFDPELRV
VHYHURVGHSHQGLHQWH\VHHYLWDUiQUHVDOWHVHQHOSXQWRGRQGHVHXQHQ
ODUDPSD\HOSLVRHQHOXPEUDOGHODSXHUWD
/D H[WHQVLyQ GH OD UDPSD HQ VHQWLGR KRUL]RQWDO HVWDUi SURWHJLGD
PHGLDQWHXQGLVSRVLWLYRGHVHJXULGDGGHWHFWRUGHFXHUSRH[WUDxR(Q
FDVRGHDFWLYDUVHHOGLVSRVLWLYRODUDPSDVHGHWHQGUiLQPHGLDWDPHQWH
(QFDVRGHDYHUtDODUDPSDVHSRGUiH[WHQGHU\UHFRJHUGHIRUPD
PDQXDO
/DVGLPHQVLRQHVPtQLPDVGHODUDPSDVHUiQGHPPGHDQFKR
\PPGHODUJR
/D FDUJD HVWiWLFD PtQLPD FDSD] GH VRSRUWDU DSR\DGD pVWD HQ HO
VXHORVHUiGH.J
/RVERUGHVH[WHUQRVGHODUDPSDOOHYDUiQXQDVEDQGDVUHIOHFWDQWHV
GHFRORUURMR\EODQFR
/RVERUGHVH[WHUQRVHVWDUiQUHGRQGHDGRVFRQXQUDGLRQRLQIHULRU
D PP /DV HVTXLQDV VH UHGRQGHDUiQ FRQ XQ UDGLR QR LQIHULRU D PP
6LVWHPDGHLQFOLQDFLyQ
6HLQVWDODUiXQGLVSRVLWLYRGHVHJXULGDGTXHHYLWHTXHHOYHKtFXOR
DOGHVFHQGHUGDxHDOJXQDSDUWHGHOFXHUSRGHFXDOTXLHUSHUVRQD
%DUUDV\DVLGHURV
6H GLVSRQGUi XQD WUDPD FRPSOHWD GH EDUUDV \ DVLGHURV VLQ ]RQDV
HQODVTXHH[LVWDQGLILFXOWDGHVSDUDDVLUVH
6XVLVWHPDGHDQFODMH\WLSRGHPDWHULDOGHEHUiQHYLWDURVFLODFLR
QHV
/DVXSHUILFLHGHEDUUDVDVLGHURV\PRQWDQWHVGHVXMHFLyQ\D\XGD
HQ OD SURJUHVLyQ LQWHULRU GHEHUi VHU GH XQ PDWHULDO DQWLGHVOL]DQWH \
FRORUTXHFRQWUDVWHFRQVXHQWRUQR
Núm
5509 / 10.05.2007
(O GLjPHWUH GH OHV EDUUHV L DJDIDGRUV HVWDUj FRPSUpV HQWUH PPHQFDVTXHQRVLJDFLUFXODUVODVHFFLyVHUjLJXDORIXQFLRQDOPHQW
HTXLYDOHQW
6¶KDXUDQGHIL[DUHQDPEGyVFRVWDWVGHOHVSRUWHVGHVHUYLFLEDUUHV
LRDJDIDGRUV
6HLHQWVUHVHUYDWV
$OPHQ\V GRV VHLHQWV SUz[LPV D OD SRUWD G¶DFFpV HVWDUDQ UHVHUYDWV
D305QRXVXDULVGHFDGLUHVGHURGHVLVHVHQ\DOLW]DUDQDPEHOSLFWR
JUDPDGHILQLWSHUOD1RUPD81(
(VWRVVHLHQWVQRSRGUDQHVWDUHQHOVSDVVRVGHURGHVSHUO¶H[FHVVLYD
DOWXUD
6¶LQVWDOÂODUDQDJDIDGRUVHQOHVVHXHVSUR[LPLWDWVSHUDDMXGDHQOHV
RSHUDFLRQV G¶DVVHXUH¶V DOoDUVH L VXEMHFFLy DL[t FRP XQ SROVDGRU GH
VROÂOLFLWXGGHSDUDGD
(OSROVDGRUVHVLWXDUjDXQDDOWXUDUHVSHFWHDOSLVGHOYHKLFOHFRP
SUHVDHQWUHPPG¶XQFRORUTXHFRQWUDVWHDPEHOGHODVXSHUIt
FLHDTXqHVWLJDIL[DWLSRGUjVHUDFFLRQDWDPEODSDOPDGHODPjVHQVH
QHFHVVLWDWG¶DOoDUVHGHOVHLHQW
(OVUHSRVDEUDoRVVLQ¶KLKDVHUDQDEDWLEOHV
eV UHFRPDQDEOH TXH HVWRV VHLHQWV VLJXHQ GH FRORU GLIHUHQW GH OD
UHVWDSHUDDL[tDFFHQWXDUHOVHQWLWGHUHVHUYD
*RVJXLD
(V IDUj UHIHUqQFLD SHU PLWMj GH SLFWRJUDPD HQ OORF YLVLEOH SHU D
WRWVHOVSDVVDWJHUVO¶DFFHSWDFLyTXHOHVSHUVRQHVFHJXHVSRGHQYLDWMDU
DFRPSDQ\DGHVGHOVHXJRVJXLD
3DYLPHQW
(OSLVGHOYHKLFOHVHUjGHPDWHULDOVTXHQRSURGXwVTXHQUHIOH[RVL
VHUjQROOLVFDQWWDQWHQVHFFRPHQPXOODW
6L O¶DXWRE~V pV GH WLSXV DUWLFXODW HO SDYLPHQW FRUUHVSRQHQW D
O¶DUWLFXODFLyWLQGUjXQDOWFRQWUDVWHQWH[WXUDLFRORUDPEUHODFLyDOHV
jUHHVGHSDYLPHQWDGMDFHQWV
,QIRUPDFLySHUDSDVVDWJHUVGLVFDSDFLWDWVVHQVRULDOV
D,QIRUPDFLyH[WHULRU
(VGLVSRVDUjG¶XQDYLVDGRUDF~VWLFLOOXPLQyVHQHOVYROWDQWVGHOD
SRUWDGHVHUYLFLG¶HQWUDGDDILGHIDFLOLWDUODORFDOLW]DFLyG¶HVWD
eV PROW UHFRPDQDEOH TXH HVWH DYLVDGRU DF~VWLF SXJD LQGLFDU SHU
PLWMjGHYHXHQUHJLVWUDGDRDPETXDOVHYRODOWUDWqFQLFDHOQ~PHURROD
OtQLDGHO¶DXWRE~V
E,QIRUPDFLyLQWHULRU
(VGLVSRVDUjG¶XQGLVSRVLWLXTXHGHIRUPDYLVXDOLVRQRUDLQIRUPH
VREUH
3DUDGDVROÂOLFLWDGD
'HQRPLQDFLyGHODSUz[LPDSDUDGD
&RQGLFLRQDPHQWH[WHULRU
(O VtPERO LQWHUQDFLRQDO G¶DFFHVVLELOLWDW MD PHQFLRQDW HV IL[DUj
HQODSDUWIURQWDOGUHWDGHO¶DXWRE~VGHPDQHUDTXHOHVSHUVRQHVDPE
PRELOLWDW UHGXwGD VLJXHQ FDSDFHV GH UHFRQpL[HU HO YHKLFOH DFFHVVLEOH
/DJUDQGjULDPtQLPDGHOVtPEROVHUjGH[FP
/DSRUWDTXHWLQJDHOVGLVSRVLWLXVG¶DFFpVSHUDOHVSHUVRQHVDPE
FDGLUD GH URGHV VH VHQ\DOLW]DUj HQ OD SDUW H[WHULRU L LQWHULRU DPE HO
PHQFLRQDWORJRWLSG¶DFFHVVLELOLWDW
/¶DXWRE~V GLVSRVDUj HQ HO VHX H[WHULRU GH WUHV UqWROV HQ TXq HV
FROÂORTXHHOQ~PHURTXHO¶LGHQWLILFDLODOtQLDDTXqFRUUHVSRQ8QHQOD
SDUWIURQWDOXQDOWUHHQODSRVWHULRULHOWHUFHUHQHOODWHUDOGUHWVHJRQV
HOVHQWLWGHODPDU[D
/DJUDQGjULDPtQLPDGHOQ~PHURROOHWUDG¶LGHQWLILFDFLyGHODOtQLD
VHUj DOPHQ\V HQ HOV UqWROV GH OD SDUW IURQWDO L SRVWHULRU GH PP
FRUUHVSRQHQWDODGLVWjQFLDSHUFHSWLYDGHPHQHOUqWROGHOODWHUDO
GUHWODJUDQGjULDPtQLPDVHUjGHPPFRUUHVSRQHQWDODGLVWjQFLD
SHUFHSWLYDGHP
(OFRQWUDVWV¶REWLQGUjDPEODVXSHUItFLHHQFRORUVFODUVLHOVFDUjFW
HUV HQ FRORUV IRVFRV (V FXLGDUj TXH HOV FRQWUDVWRV FDXVHQ HQOOXHUQD
PHQWVFRPVXFFHw[HQWUHHOEODQFLHOQHJUH
&RQGLFLRQDPHQWLQWHULRU
(Q O¶LQWHULRU OD OtQLD GH YRUD GHO SDYLPHQW G¶DFFpV L OD YRUD GHOV
HVFDORQVVLpVHOFDVVHVHQ\DOLW]DUDQHQWRWDODVHXDORQJLWXGDPEXQD
IUDQMDGHDFPG¶DPSOHLFRORUIRUWDPHQWFRQWUDVWDWHQUHODFLyDPE
ODUHVWDGHOSDYLPHQW
18812
(O GLiPHWUR GH ODV EDUUDV \ DVLGHURV HVWDUi FRPSUHQGLGR HQWUH
PPHQFDVRGHQRVHUFLUFXODUHVODVHFFLyQVHUiLJXDORIXQFLR
QDOPHQWHHTXLYDOHQWH
6HGHEHUiQILMDUHQDPERVODGRVGHODVSXHUWDVGHVHUYLFLREDUUDV
\RDVLGHURV
$VLHQWRVUHVHUYDGRV
$O PHQRV GRV DVLHQWRV SUy[LPRV D OD SXHUWD GH DFFHVR HVWDUiQ
UHVHUYDGRV D 305 QR XVXDULRV GH VLOODV GH UXHGDV VHxDOL]iQGRORV
FRQHOSLFWRJUDPDGHILQLGRSRUOD1RUPD81(
(VWRVDVLHQWRVQRSRGUiQHVWDUHQORVSDVRVGHUXHGDVSRUODH[FHVL
YDDOWXUD
6HLQVWDODUiQDVLGHURVHQVXVSUR[LPLGDGHVSDUDD\XGDHQODVRSH
UDFLRQHVGHVHQWDUVHOHYDQWDUVH\VXMHFLyQDVtFRPRXQSXOVDGRUGH
VROLFLWXGGHSDUDGD
(O SXOVDGRU VH VLWXDUi D XQD DOWXUD UHVSHFWR DO SLVR GHO YHKtFXOR
FRPSUHQGLGD HQWUH PP GH FRORU TXH FRQWUDVWH FRQ HO GH OD
VXSHUILFLHDODTXHHVWpILMDGR\SRGUiVHUDFFLRQDGRFRQODSDOPDGHOD
PDQRVLQQHFHVLGDGGHOHYDQWDUVHGHODVLHQWR
/RVUHSRVDEUD]RVGHH[LVWLUVHUiQDEDWLEOHV
(V UHFRPHQGDEOH TXH HVWRV DVLHQWRV VHDQ GH FRORU GLIHUHQWH DO
UHVWRSDUDDVtDFHQWXDUHOVHQWLGRGHUHVHUYD
3HUURJXtD
6H KDUi UHIHUHQFLD PHGLDQWH SLFWRJUDPD HQ OXJDU YLVLEOH SDUD
WRGRV ORV SDVDMHURV OD DFHSWDFLyQ GH TXH ODV SHUVRQDV FLHJDV SXHGHQ
YLDMDUDFRPSDxDGDVGHVXSHUURJXtD
3DYLPHQWR
(OSLVRGHOYHKtFXORVHUiGHPDWHULDOHVTXHQRSURGX]FDQUHIOHMRV\
VHUiQRGHVOL]DQWHWDQWRHQVHFRFRPRHQPRMDGR
6LHODXWRE~VHVGHWLSRDUWLFXODGRHOSDYLPHQWRFRUUHVSRQGLHQWHD
ODDUWLFXODFLyQWHQGUiXQDOWRFRQWUDVWHHQWH[WXUD\FRORUFRQUHODFLyQ
DODViUHDVGHSDYLPHQWRDG\DFHQWHV
,QIRUPDFLyQSDUDSDVDMHURVGLVFDSDFLWDGRVVHQVRULDOHV
D,QIRUPDFLyQH[WHULRU
6H GLVSRQGUi GH XQ DYLVDGRU DF~VWLFR \ OXPLQRVR HQ ODV LQPHGL
DFLRQHV GH OD SXHUWD GH VHUYLFLR GH HQWUDGD FRQ HO ILQ GH IDFLOLWDU OD
ORFDOL]DFLyQGHpVWD
(V PX\ UHFRPHQGDEOH TXH HVWH DYLVDGRU DF~VWLFR SXHGD LQGLFDU
PHGLDQWHYR]JUDEDGDRFRQFXDOTXLHUDRWUDWpFQLFDHOQ~PHURROtQHD
GHODXWRE~V
E,QIRUPDFLyQLQWHULRU
6HGLVSRQGUiGHXQGLVSRVLWLYRTXHGHIRUPDYLVXDO\VRQRUDLQIRU
PHVREUH
3DUDGDVROLFLWDGD
'HQRPLQDFLyQGHODSUy[LPDSDUDGD
$FRQGLFLRQDPLHQWRH[WHULRU
(OVtPERORLQWHUQDFLRQDOGHDFFHVLELOLGDG\DPHQFLRQDGRVHILMDUi
HQODSDUWHIURQWDOGHUHFKDGHODXWRE~VGHIRUPDWDOTXHODVSHUVRQDV
FRQPRYLOLGDGUHGXFLGDVHDQFDSDFHVGHUHFRQRFHUDOYHKtFXORDFFHVL
EOH(OWDPDxRPtQLPRGHOVtPERORVHUiGH[FP
/DSXHUWDTXHFXHQWHFRQORVGLVSRVLWLYRVGHDFFHVRSDUDODVSHUVR
QDVHQVLOODGHUXHGDVVHVHxDOL]DUiQHQVXSDUWHH[WHULRUHLQWHULRUFRQ
HOPHQFLRQDGRORJRWLSRGHDFFHVLELOLGDG
(O DXWRE~V GLVSRQGUi HQ VX H[WHULRU GH WUHV OHWUHURV HQ ORV TXH
VH FRORTXH HO Q~PHUR TXH OH LGHQWLILFD \ OD OtQHD D OD TXH FRUUHVSRQ
GH8QRHQODSDUWHIURQWDORWURHQODWUDVHUD\HOWHUFHURHQHOODWHUDO
GHUHFKRVHJ~QHOVHQWLGRGHODPDUFKD
(OWDPDxRPtQLPRGHOQ~PHURROHWUDGHLGHQWLILFDFLyQGHODOtQHD
VHUiDOPHQRVHQORVOHWUHURVGHODSDUWHIURQWDO\WUDVHUDGHPP
FRUUHVSRQGLHQWH D OD GLVWDQFLD SHUFHSWLYD GH P HQ HO OHWUHUR GHO
ODWHUDOGHUHFKRHOWDPDxRPtQLPRVHUiGHPPFRUUHVSRQGLHQWHD
ODGLVWDQFLDSHUFHSWLYDGHP
(O FRQWUDVWH VH REWHQGUi FRQ OD VXSHUILFLH HQ FRORUHV FODURV \ ORV
FDUDFWHUHV HQ FRORUHV RVFXURV 6H FXLGDUi TXH ORV FRQWUDVWHV FDXVHQ
GHVOXPEUDPLHQWRVFRPRVXFHGHHQWUHHOEODQFR\HOQHJUR
$FRQGLFLRQDPLHQWRLQWHULRU
(QHOLQWHULRUODOtQHDGHERUGHGHOSDYLPHQWRGHDFFHVR\HOERUGH
GHORVSHOGDxRVHQVXFDVRVHVHxDOL]DUiQHQWRGDVXORQJLWXGFRQXQD
IUDQMDGHDFPGHDQFKR\FRORUIXHUWHPHQWHFRQWUDVWDGRHQUHOD
FLyQFRQHOUHVWRGHOSDYLPHQWR
Núm
5509 / 10.05.2007
18813
/DLQIRUPDFLyHQHOVSDQHOOVOOXPLQRVRVLQWHULRUVKDXUjGHSRVVHLU
FDUjFWHUVJUjILFVODJUDQGjULDGHOVTXDOVVLJDDOPHQ\VGHPPFRU
UHVSRQHQWDODGLVWjQFLDSHUFHSWLYDGHP
/DLQIRUPDFLyQHQORVSDQHOHVOXPLQRVRVLQWHULRUHVGHEHUiSRVHHU
FDUDFWHUHVJUiILFRVFX\RWDPDxRVHDDOPHQRVGHPPFRUUHVSRQ
GLHQWHDODGLVWDQFLDSHUFHSWLYDGHP
$872%8626,17(585%$16$0%(6&$/216
(OVDXWREXVRVTXHSHUGLVWLQWVPRWLXVLWLQHUDULVRORQJLWXGLQIHULRU
D P QR SRGHQ VHU GH SLV EDL[ HVWDUDQ QR REVWDQW DL[z GRWDWV GH
SODWDIRUPD HOHYDGRUD L VLVWHPD G¶LQFOLQDFLy .QHHOLQJ SHU D IDFLOLWDU
O¶DFFpVDSHUVRQHVDPEPRELOLWDWUHGXwGD
$PpVFRPSOLUDQHOVUHTXLVLWVWqFQLFVG¶DFFHVVLELOLWDWDVVHQ\DODWV
SHU DOV DXWREXVRV GH SLV EDL[ WDO FRP V¶DUUHSOHJXHQ HQ HOV DSDUWDWV
L
DQWHULRUV
$L[tPDWHL[KDQGHFRPSOLU
3ODWDIRUPDHOHYDGRUD
/D SODWDIRUPD HOHYDGRUD QRPpV SRGUj IXQFLRQDU TXDQ HO YHKLFOH
HVWLJDSDUDW1RVHUjSRVVLEOHSRVDUHQPDU[DHOYHKLFOHOOHYDWTXHOD
SODWDIRUPDHVWUREHHQODVHXDSRVLFLyGHUHSzVUHSOHJDGDHQO¶LQWHULRU
GHOYHKLFOH
4XDQODSODWDIRUPDHVSRVHHQIXQFLRQDPHQWHVSRVDUjHQPDU[D
DXWRPjWLFDPHQW XQ GLVSRVLWLX TXH HYLWH TXH OD FDGLUD GH URGHV VH
Q¶LVFD
(OV PRYLPHQWV GH GHVSOHJDPHQW L UHSOHJDPHQW KDXUDQ G¶DQDU
DFRPSDQ\DWVGHVHQ\DOVOOXPLQRVRVLVRQRUVG¶DYtV
(O VLVWHPD G¶DFFLRQDPHQW HV FRQFHEUj GH PDQHUD TXH VL GHL[D
G¶DFFLRQDUVH HO PRYLPHQW GH OD SODWDIRUPD HV GHWLQGUj LPPHGLDWD
PHQW L VHUj SRVVLEOH LQLFLDU VHQVH GHPRUD HO PRYLPHQW HQ TXDOVHYRO
VHQWLW
/HV ]RQHV QR YLVLEOHV D O¶RSHUDGRU TXH DPE HO PRYLPHQW GH OD
SODWDIRUPDSRGHQDJDIDUR[DIDUKDQGHSURWHJLUVHDPEDOJXQGLVSRVL
WLX GH VHJXUHWDW 4XDQ XQ G¶HVWRV GLVSRVLWLXV DFWXH OD SODWDIRUPD HV
GHWLQGUjLPPHGLDWDPHQWLVHUjSRVVLEOHLQLFLDUVHQVHGHPRUDHOPRYL
PHQWHQTXDOVHYROVHQWLW
(QFDVG¶DYDULDHVSRGUjDFFLRQDUGHIRUPDPDQXDO
/HVGLPHQVLRQVPtQLPHVVHUDQGHPPG¶DPSOHLPPGH
OODUJ
/DFDSDFLWDWPtQLPDGHFjUUHJDVHUjGH.J
(VFDORQV
/¶DOojULDGHOSULPHUHVFDOyO¶HVWUHSGHVGHOSDYLPHQWDXQDGHOHV
SRUWHVGHVHUYLFLQRH[FHGLUjGHPPHVWDQWHOYHKLFOHHQRUGHGH
PDU[D (VWD DOojULD HV SRGUj DFRQVHJXLU DPE HO VLVWHPD G¶LQFOLQDFLy
DFWLYDWRDPEDOJXQHVFDOyUHWUjFWLO
/DUHVWDG¶HVFDORQVVLQ¶KLKDWLQGUDQXQDDOojULDFRPSUHVDHQWUH
PPLPPOHVVHXHVDOojULHVGLIHULUDQFRPDPj[LPPP
HQWUHVL
/HV FRQWUDSHWJHV GHO SULPHU L GH O¶~OWLP HVFDOy HVWDUDQ VHQ\DOLW
]DGHVSHUPLWMjGHEDQGHVIRWROXPLQHVFHQWVLG¶XQFRORUTXHFRQWUDVWH
DPEODVXSHUItFLHG¶HVWHV
/HVHVWHVHVVHUDQGHPDWHULDOQROOLVFDQWWDQWHQVHFFRPHQPXO
ODWGHSURIXQGLWDWPtQLPDPPLQRYRODUDQVREUHODFRQWUDSHWMD
/¶H[WUHPH[WHULRUGHFDGDHVWHVDVHVHQ\DOLW]DUjDPEEDQGHVIRWROXPL
QHVFHQWVG¶XQFRORUTXHFRQWUDVWHDPEODVXSHUItFLHG¶HVWHVLGHGLVWLQWD
WH[WXUD
$872%86(6,17(585%$126&21(6&$/21(6
/RV DXWREXVHV TXH SRU GLVWLQWRV PRWLYRV LWLQHUDULRV R ORQJLWXG
LQIHULRUDPQRSXHGHQVHUGHSLVREDMRHVWDUiQQRREVWDQWHGRWDGRV
GHSODWDIRUPDHOHYDGRUD\VLVWHPDGHLQFOLQDFLyQ.QHHOLQJSDUDIDFL
OLWDUHODFFHVRDSHUVRQDVFRQPRYLOLGDGUHGXFLGD
$GHPiVFXPSOLUiQORVUHTXLVLWRVWpFQLFRVGHDFFHVLELOLGDGVHxDOD
GRVSDUDORVDXWREXVHVGHSLVREDMRWDO\FRPRVHUHFRJHQHQORVDSDU
WDGRV
\DQWHULRUHV
$VtPLVPRWLHQHQTXHFXPSOLU
3ODWDIRUPDHOHYDGRUD
/D3ODWDIRUPDHOHYDGRUDVyORSRGUiIXQFLRQDUFXDQGRHOYHKtFXOR
VH HQFXHQWUH SDUDGR 1R VHUi SRVLEOH SRQHU HQ PDUFKD HO YHKtFXOR D
PHQRVTXHODSODWDIRUPDVHHQFXHQWUHHQVXSRVLFLyQGHUHSRVRUHSOH
JDGDHQHOLQWHULRUGHOYHKtFXOR
&XDQGR OD SODWDIRUPD VH SRQJD HQ IXQFLRQDPLHQWR VH SRQGUi HQ
PDUFKDDXWRPiWLFDPHQWHXQGLVSRVLWLYRTXHHYLWHTXHODVLOODGHUXHGDV
VHVDOJDGHODPLVPD
/RVPRYLPLHQWRVGHGHVSOLHJXH\UHSOLHJXHGHEHUiQLUDFRPSDxD
GRVGHVHxDOHVOXPLQRVDV\VRQRUDVGHDYLVR
(OVLVWHPDGHDFFLRQDPLHQWRVHFRQFHELUiGHIRUPDWDOTXHVLGHMD
GH DFFLRQDUVH HO PRYLPLHQWR GH OD SODWDIRUPD VH GHWHQGUi LQPHGLD
WDPHQWH\VHUiSRVLEOHLQLFLDUVLQGHPRUDHOPRYLPLHQWRHQFXDOTXLHU
VHQWLGR
/DV ]RQDV QR YLVLEOHV DO RSHUDGRU TXH FRQ HO PRYLPLHQWR GH OD
SODWDIRUPD SXHGHQ DSULVLRQDU R DSODVWDU GHEHQ SURWHJHUVH FRQ DOJ~Q
GLVSRVLWLYR GH VHJXULGDG &XDQGR XQR GH HVWRV GLVSRVLWLYRV DFW~H OD
SODWDIRUPDGHWHQGUiLQPHGLDWDPHQWH\VHUiSRVLEOHLQLFLDUVLQGHPRUD
HOPRYLPLHQWRHQFXDOTXLHUVHQWLGR
(QFDVRGHDYHUtDVHSRGUiDFFLRQDUGHIRUPDPDQXDO
/DVGLPHQVLRQHVPtQLPDVVHUiQGHPPGHDQFKR\PP
GHODUJR
/DFDSDFLGDGPtQLPDGHFDUJDVHUiGH.J
(VFDORQHV
/DDOWXUDGHOSULPHUHVFDOyQHOHVWULERGHVGHHOSDYLPHQWRDXQD
GHODVSXHUWDVGHVHUYLFLRQRH[FHGHUiGHPPHVWDQGRHOYHKtFXOR
HQRUGHQGHPDUFKD(VWDDOWXUDVHSRGUiFRQVHJXLUFRQHOVLVWHPDGH
LQFOLQDFLyQDFWLYDGRRFRQDOJ~QHVFDOyQHVFDPRWHDEOH
/RVUHVWDQWHVHVFDORQHVHQFDVRGHH[LVWLUWHQGUiQXQDDOWXUDFRP
SUHQGLGDHQWUHPP\PPVXVDOWXUDVGLIHULUiQFRPRPi[LPR
PPHQWUHVt
/DVWDELFDVGHOSULPHU\~OWLPRHVFDOyQHVWDUiQVHxDOL]DGDVPHGL
DQWH EDQGDV IRWROXPLQLVFHQWHV \ GH XQ FRORU TXH FRQWUDVWH FRQ OD
VXSHUILFLHGHpVWDV
/DVKXHOODVVHUiQGHPDWHULDOQRGHVOL]DQWHWDQWRHQVHFRFRPRHQ
PRMDGRGHSURIXQGLGDGPtQLPDPP\QRYRODUiQVREUHODWDELFD
(OH[WUHPRH[WHULRUGHFDGDKXHOODVHVHxDOL]DUiFRQEDQGDVIRWROXPL
QLVFHQWHVGHXQFRORUTXHFRQWUDVWHFRQODVXSHUILFLHGHpVWDV\GHGLV
WLQWDWH[WXUD
)250$&,Ï
/HV HPSUHVHV RSHUDGRUHV HVWDQ REOLJDGHV D LQIRUPDU L HGXFDU HOV
FRQGXFWRUV HQ OHV OLPLWDFLRQV L QHFHVVLWDWV HVSHFLDOV GH OHV SHUVRQHV
DPEPRELOLWDWUHGXwGD
)250$&,Ï1
/DV HPSUHVDV RSHUDGRUDV HVWiQ REOLJDGDV D LQIRUPDU \ HGXFDU D
ORV FRQGXFWRUHV HQ ODV OLPLWDFLRQHV \ QHFHVLGDGHV HVSHFLDOHV GH ODV
SHUVRQDVFRQPRYLOLGDGUHGXFLGD
Núm
5509 / 10.05.2007
18814
$11(;,,,
0$17(1,0(17'(7(5&(56
0$17(1,0,(172'(7(5&(526
6(16((7,48(7$,' (17,),&$'25$ 0$548(83(5621$9(*(8,16758&&,216
6,1(7,48(7$,'(17,),&$7,9$ 0$5&$53(5621$9(5,16758&&,21(6
(VSDLUHVHUYDWSHUDO
HWLTXHWDLGHQWLILFDWLYD
6LQRGLVSRVHXG
HWLTXHWHVIHXFRQVWDUDFRQWLQXDFLyOHVYRVWUHV
GDGHVLGHQWLILFDWLYHVDL[tFRPOHVGHOYRVWUHGRPLFLOLILVFDO
(VSDFLRUHVHUYDGRSDUDODHWLTXHWDLGHQWLILFDWLYD
6LQRGLVSRQHGHHWLTXHWDVKDJDFRQVWDUDFRQWLQXDFLyQVXV
GDWRVLGHQWLILFDWLYRVDVtFRPRORVGHVXGRPLFLOLRILVFDO
$
)Ë6,&$5(6,'(17
)Ë6,&$5 (6,'(17(
)Ë6,&$125(6,'(17
)Ë6,&$125(6,'(17(
-85Ë',&$5(6,'(17
-85Ë',&$5(6,'(17(
-85Ë',&$125(6,'(17
-85Ë',&$125(6,'(17(
$/7$1 29$9(56,Ï
$/7$1 8(9$9(56,Ï1
$/7$128 3(5&(3725
$/7$18(923(5&(3725
02',),&$&,Ï
02',),&$&,Ï1
%$,;$
%$-$
'$'(6'(/7(5&(5'$726'(/7(5&(52
7,386'('2&80(17'
,'(17,),&$&,Ï7,32'('2&80(172'(,'(17,),&$&,Ï1
1,)
&,)
1,(
3$66$32573$6$3257(
7$5*(7$5(6,'(177$5-(7$5(6,'(17(
1Ò0'2&'
,'(17,),&$&,Ï
1ž'2&'(,'(17,),&$&,Ï1
1Ò0&2',3$Ë6
1ž&Ï',*23$Ë6
35,0(5&2*1202 5$Ï62& ,$/ 35,0(5 $3(//,'225$=Ï1 62&,$/
6(*21&2*120 6(*81' 2$3(//,'2
9$7
120 120%5(
'20,&,/,&$55(53/$d$,1Ò0(52 '20,&,/,2&$//(3/$=$<1Ò0(52
/2&$/, 7$7/2&$/,'$'
%
$/75(6,'(17,),&$&,216'(12
5(6,'(176 275$6,'(17 ,)&$&,21(6
'(125(6,'(17(6
&3
3529Ë1 &,$3529,1&,$
7(/Ê) 217(/e)212
)$;
'$'(6%$1&¬5,(6'$726%$1&$5,26
12025$Ï62&,$/ '(/7,7 8/$5 120%5(2 5$=Ï162&,$/'(/7,78/$5
(17,7$7),1$1&(5$ (17,'$'),1$1&,(5$
&(17,7$7&(17,'$'
'20,&,/,&$55(53/$d$,1Ò0(52 '20,&,/,2&$//(3/$=$<1Ò0(52
68&856$/
&3
&68&856$/
/2&$/, 7$7 /2&$/,'$'
'&
1Ò0&&//,%5(7$ 1Ò0&&/,%5(7$
,%$1
,%$1
&
'(&/$5$&,Ï'(&/$5$&,Ï1
'HFODUHTXHVyQFHUWHVOHVGDGHVDQWHULRUPHQWHVPHQWDGHVTXHLGHQWLILTXHQHOFRPSWHLO
HQWLWDWILQDQFHUDDWUDYpVGHOVTXDOVGHVLWJHUHEUHHOV
SDJDPHQWVTXHHQTXDOLWDWGHFUHGLWRUGHOD*HQHUDOLWDW9DOHQFLDQDSXJXHQFRUUHVSRQGUHLWLQFHOSRGHUVXILFLHQWSHUDIHUKR
'HFODURTXHVRQFLHUWRVORVGDWRVDUULEDUHIOHMDGRVTXHLGHQWLILFDQODFXHQWD\ODHQWLGDGILQDQFLHUDDWUDYpVGHODVFXDOHVVHGHVHDUHFLELUORV
SDJRVTXHHQFDOLGDGGHDFUHHGRUGHOD*HQHUDOLWDW9DOHQFLDQDSXHGDQFRUUHVSRQGHURVWHQWDQGRHOSRGHUVXILFLHQWHSDUDHOOR
G
GH
)LUPDGHO
LQWHUHVVDWRILUPHVPDQFRPXQDGHV)LUPDGHOLQWHUHVDGRRILUPDVPDQFRPXQDGDV
)LUPD
&RPD(QFDOLGDGGH
'
1,)
)LUPD
1,)
&RPD(QFDOLGDGGH
&(57,),&$7FDOTXHKRRPSOLJDHOIXQFLRQDULUHVSRQVDEOHGHO
jUHDVHUYLFLRGHSDUWDPHQWJHVWRUGHOJDVWR
&(57,),&$&,Ï1DFXPSOLPHQWDUSRUSDUWHGHOIXQFLRQDULRUHVSRQVDEOHGHOjUHDVHUYLFLRRGHSDUWDPHQWRJHVWRUGHOJDVWR
&RPSURYDGDODSHUVRQDOLWDWFDSDFLWDWLVLpVSURFHGHQW UHSUHVHQWDFLyDPETXqDFWXDHOFRPSDUHL[HQWRFRPSDUHL[HQWVDL[tFRPTXHHVWDKD
VLJXWGHFODUDGDVXILFLHQWSHUDDWRUJDUHOSUHVHQWGRFXPHQWGHGRPLFLOLDFLyGHSDJDPHQWV
&RPSUREDGDODSHUVRQDOLGDGFDSDFLGDG\HQVXFDVRUHSUHVHQWDFLyQFRQODTXHDFW~DHOFRPSDUHFLHQWHRFRPSDUHFLHQWHVDVtFRPRTXHOD
PLVPDKDVLGRGHFODUDGDVXILFLHQWHSDUDRWRUJDUHOSUHVHQWHGRFXPHQWRGHGRPLFLOLDFLyQGHSDJRV
)LUPD
&DSGH-HIHGH
/HV GDGHVGHF DUjFWHU SHUVRQDO TXH FRQWpO LPSUpV SRGUDQ VHU LQFORVHV HQ XQ ILW[HUSHU DOV HXWUDF WDPHQW SHU HVW H zUJDQDGPLQL VWUDWLX FRPDWLWXODUUHVSRQVDEOH GHO ILW [HU HQ O
~VGH OHV IXQFLRQV
HOTXHGLVSRVDO DUWGHO D/O HL2UJjQLFD GH 3URWHFFL yGH'DGHVGH&DUjFW HU3HUVRQDO%2(Q~P GH
/RVGDWRVGHFDUiFWHUSHUVRQDO FRQWHQLGRVHQHO LPSUHVRSRGUiQVHU LQFO XLGRVHQXQ ILFKHURSDUDVXWUDW DPLHQWRSRUHVWHyUJDQR DGPL QLVW UDWL YR FRPRWLW XODU UHV SRQV DEOHGHO PLV PRHQHOXV RGHODV
IXQFLRQHV SURSLDV TXH WLHQHDWU LEXLGDV \ HQHO iPEL WR GHVXVFRPSHWHQFL DV$VtPLV PRV HOHLQIRU PDGHODSRVLEL OLGDGGHHMHUFHUORV GHUHFKRV GHDF FHVRUHFWLILFDFLyQ FDQF HODFL yQ\ RSRVL FLyQWRGR
HOORGHFRQIRUPLGDGFRQORGLVSXHVWRHQHO DUWGHOD/H\2UJiQLF DGH3URWHFF LyQGH'DWRV GH&DUiF WHU 3HUVRQDO %2( Qž GH
Núm
5509 / 10.05.2007
18815
0$17(1,0(17'(7(5&(56
0$17(1,0,(172'(7(5&(526
,16758&&,216'
203/,0(17,16758&&,21(6'(&803/,0(17$&,Ï1
+DXUj G
RPSOLU VH HVWH LPSUpV VHPSUH TXH O
LQWHUHVVDW LQLFLH OD VHXD UHODFLy DPE O
$GPLQLVWUDFLy GH OD *HQHUDOLWDW 9DOHQFLDQD DOWD QRX
SHUFHSWRU R TXDQ HV WUDFWH G
XQD QRYD GRPLFLOLDFLy EDQFjULD L FRP D FRQVHTqQFLD G
DOJXQD RSHUDFLy DPE WUDQVFHQGqQFLD ILVFDO DOWD QRYD
YHUVLy
4XDOVHYROPRGLILFDFLyRYDULDFLySRVWHULRUTXHDIHFWHOHVGDGHVFRQVLJQDGHVHQO
DSDUWDW%FDQYLGHWLWXODULWDWSRGHUFRPSWHFRUUHQWHQWLWDW
ILQDQFHUD HWF KDXUj GH FRPXQLFDUVH QHFHVVjULDPHQW DO FHQWUH HPLVVRU GH OD GHVSHVD L HPSOHQDU QRX LPSUpV GH PDQWHQLPHQW GH WHUFHUV
PRGLILFDFLy
6LODPRGLILFDFLyFRQVLVWLUDHQXQFDQYLG
HQWLWDWILQDQFHUDDOWDQRYDYHUVLyDL[zQRVXSRVDULDO
DQXOÂODFLyGHODTXHILJXUDUDHQHVWHLPSUpV
H[FHSWHPDQLIHVWDFLyH[SUHVVDEDL[D
2PSOLXDPjTXLQDRDPEOOHWUHVPDM~VFXOHVHOVHVSDLVUHTXHULWV
'HEHUiFXPSOLPHQWDU VHHVWHLPSUHVRVLHPSUHTXHHOLQWHU HVDGRLQLFLHVXUHODFLyQFRQOD$GPLQLVWUDFLyQGHOD*HQHUDOLWDW9DOHQFLDQDDOWD
QXHYRSHUFHSWRURFXDQGR VHWUDWHGHXQDQXHYD GRPLFLOLDFLyQEDQFDULD\FRPRFRQVHFXHQFLDGHDOJXQDRSHUDFLyQFRQWUDQVFHQGHQFLDILVFDO
DOWDQXHYDYHUVLyQ
&XDOTXLHU PRGLILFDFLyQ R YDULDFLyQ SRVWHULRU TXH DIHFWH D ORV GDWRV FRQVLJQDGRV HQ HO DSDU WDGR % FDPELR GH WLWXODULGDG SRGHU FXHQWD
FRUULHQWH HQWLGDG ILQDQFLHUD HWF GHEHUi FRPXQLFDUVH QHFHVDULDPHQWH DO FHQWUR HPLVRU GHO JDVWR \ FXPSOLPHQWDU QXHYR LPSUHVR GH
PDQWHQLPLHQWRGHWHUFHURVPRGLILFDFLyQ
6LODPRGLILFDFLyQFRQVLVWLHUDHQFDPELRGH HQWLGDGILQDQFLHUDDOWDQXHYDYHUVLyQHOORQRVXSRQGUtDODDQXODFLyQ GHODTXHILJXUDVHHQHO
SUHVHQWHLPSUHVRVDOYRPDQLIHVWDFLyQH[SUHVDEDMD
5HOOHQDUDPiTXLQDRFRQOHWUDVPD\~VFXODVORVHVSDFLRVUHTXHULGRV
'$'(6,'(17,),&$7,9(6'(/7(5&(5'$726,'(17,),&$7,926'(/7(5&(52
6LQRHVGLVSRVDG
HWLTXHWHVzPSOLJDOHVGDGHVGHO
DSDUWDW$(QHVWHFDVO
LPSUpVKDXUjGHVHUSUHVHQWDWFRQMXQWDPHQWDPEODIRWRFzSLDGHO
GRFXPHQWDFUHGLWDWLXGHODLGHQWLWDW
6LTXLILUPDODGRFXPHQWDFLypVXQDSHUVRQDGLIHUHQWGHO
LQWHUHVVDWWLWXODUV
DGMXQWDUjIRWRFzSLDGHOGRFXPHQWDFUHGLWDWLXGHODVHXDLGHQWLWDWL
GHODUHSUHVHQWDFLyRDSRGHUDPHQWTXHWLQJDFRQIHULGD
(OSDtVFRGLGHSDtVL9$7GHOVSDwVRVGHOD8QLy(XURSHDHVGHWDOOHQDFRQWLQXDFLy
6LQRVHGLVSRQHGHHWLTXHWDVFXPSOLPHQWHORVGDWRVGHODSDUWDGR$(QHVWHFDVRHOLPSUHVRGHEHUiVHUSUHVHQWDGRFRQMXQWDPHQWHFRQOD
IRWRFRSLDGHOGRFXPHQWRDFU HGLWDWLYRGHODLGHQWLGDG
6L TXLHQ ILUPD OD GRFXPHQWDFLyQ HV XQD SHUVRQD GLIHUHQWH GHO LQWHUHVDGR WLWXODU VH DGMXQWDUi IRWRFRSLD GHO GRFXPHQWR DFUHGLWDWLYR GH VX
LGHQWLGDG\GHODUHSUHVHQWDFLyQRDSRGHUDPLHQWRTXHWHQJDFRQIHULGD
(OSDtVFyGLJRGHSDtV\9$7GHORVSDLVHVGHOD8QLyQ(XURSHDVHGHWDOODQDFRQWLQXDFLyQ
&2',3$Ë6
&Ï',*23$Ë6
3$Ë6
&2',9$7'(3$Ë6
&Ï',*29$7'(3$Ë6
&2',3$Ë6
&Ï',*23$Ë6
3$Ë6
&2',9$7'(3$Ë6
&Ï',*29$7'(3$Ë6
$OHPDQ\D$OHPDQLD
'(
+RODQGD3DwVRV%DL[RV
+RODQGD3DLVHV%DMRV
1/
¬XVWULD$XVWULD
$7
%(
+RQJULD+XQJUtD
+8
,WjOLD,WDOLD
,UODQGD
,(
/HWzQLD/HWRQLD
/9
/LWXjQLD/LWXDQLD
/X[HPEXUJ/X[HPEXUJR
/7
/8
0DOWD
07
3ROzQLD3RORQLD
3/
3RUWXJDO
37
5HS~EOLFD7[HFD5HS~EOLFD&KHFD
&=
6XqFLD6XHFLD
6(
%qOJLFD%pOJLFD
;LSUH&KLSUH
'LQDPDUFD
&<
'.
(VSDQ\D(VSDxD
(6
(VORYjTXLD(VORYDTXLD
6.
(VORYqQLD(VORYHQLD
6,
(VWzQLD(VWRQLD
((
)LQOjQGLD)LQODQGLD
)UDQoD)UDQFLD
*UDQ%UHWDQ\D5HJQH8QLW
*UDQ%UHWDxD5HLQR8QLGR
*UqFLD*UHFLD
),
)5
*%
(/
,7
(O 9$7 GHO WHUFHU GHOV SDwVRV GH OD 8QLy (XURSHD HV FRQVWUXw[ UHJLVWU DQWHOFRGL9$7GHOSDtVVHJXLWGHOQ~PHURG
LGHQWLILFDFLyGHOWHUFHU
LQWHUHVVDW(;1/%
(O9$7GHOWHUFHURGHORVSDLVHVGHOD8QLyQ(XURSHDVHFRQVWUX\HUHJLVWUDQGRHOFyGLJR9$7GHOSDtVVHJXLGRGHOQ~PHURGHLGHQWLILFDFLyQGHO
WHUFHURLQWHUHVDGR(-1/%
'$'(6%$1&¬5,(6'$726%$1&$5,26
(O&RGL,%$1pVHOQ~PHURG
LGHQWLILFDFLyLQWHUQDFLRQDOGHFRPSWHVEDQFDULVLKDXUjGHVHUIDFLOLWDWSHU O
HQWLWDWILQDQFHUD
(O&yGLJR,%$1HVHOQ~PHURGHLGHQWLILFDFLyQLQWHUQDFLRQDOGHFXHQWDVEDQFDULDV\GHEHUiVHUIDFLOLWDGRSRUODHQWLGDGILQDQFLHUD
'(&/$5$&,Ï'(&/$5$&,Ï1
/
LPSUpVGHPDQWHQLPHQWGHWHUFHUVKDXUjGHVHUVXEVFULWSHOWHUFHULQWHUHVVDWRHOVHXUHSUHVHQWDQWOHJDORDSRGHUDW
(OLPSUHVRGHPDQWHQLPLHQWRGHWHUFHURVGHEHUiVHUVXVFULWRSRUHOWHUFHURLQWHUHVDGRRVXUHSUHVHQWDQWHOHJDORDSRGHUDGR
Núm
5509 / 10.05.2007
18816
-XQWD(OHFWRUDO3URYLQFLDOG¶$ODFDQW
-XQWD(OHFWRUDO3URYLQFLDOGH$OLFDQWH
&255(&&,ÏG¶HUUDGHVGHODSXEOLFDFLyGHFDQGLGDWXUHV
SUHVHQWDGHV SHU OHV FLUFXPVFULSFLRQV G¶$ODFDQW &DVWHOOy
L9DOqQFLDTXHFRQFRUUHUDQDOHVHOHFFLRQVDOHV&RUWVGHO
GLDGHPDLJGH>@
&255(&&,Ï1 GH HUURUHV GH OD -XQWD (OHFWRUDO 3URYLQ
FLDOGH$OLFDQWHGHODSURFODPDFLyQGHFDQGLGDWXUDVSDUD
ODV HOHFFLRQHV D /HV &RUWV GHO GtD GH PD\R GH &DUPHQ *DOLSLHQVR &DODWDLXG 6HFUHWjULD GH OD -XQWD (OHFWRUDO
G¶$ODFDQWFHUWLILTXHTXHHQODSURFODPDFLyGHFDQGLGDWXUHVSHUDOHV
(OHFFLRQVD&RUWV9DOHQFLDQHVSHUDTXHVWD-XQWD(OHFWRUDO3URYLQFLDO
FRQVWHQ HOV VHJHQWV HUURUV HQ OD SXEOLFDFLy GHO %XWOOHWt 2ILFLDO GH OD
3URYtQFLDG¶$ODFDQW
&DUPHQ*DOLSLHQVR&DODWD\XG6HFUHWDULDGHOD-XQWD(OHFWRUDOGH
$OLFDQWH FHUWLILFR TXH HQ OD SURFODPDFLyQ GH FDQGLGDWXUDV SDUD ODV
(OHFFLRQHV D &RUWHV 9DOHQFLDQDV SRU HVWD -XQWD (OHFWRUDO 3URYLQFLDO
FRQVWDQORVVLJXLHQWHVHUURUHVHQODSXEOLFDFLyQGHO%ROHWtQ2ILFLDOGH
OD3URYLQFLDGH$OLFDQWH
&$1','$785$
&$1','$7
&$1','$72
>@
38%/,&$7
&DQGLGDW'RPLFLOL3DUWLW
38%/,&$'2
&DQGLGDWR'RPLFLOLR3DUWLGR
+$'(',5
'(%('(&,5
(648(55$ 81,'$%/2& 385,),&$&,21&257(6%(5(1*8(5
9(5'6,=48,(5'$ 5(38%/, 6(9$257,=,*$/9(=
&$1$&203520Ë63(/3$Ë6
9$/(1&,¬
385,),&$&,21&257(6%(5(1*8(5
(9$257,=,*$/9(=
385,),&$&,Ï1&257e6%(5(1*8(5
(9$257,=,*È/9(=
3$57,'23238/$5
/8,6%(51$'2',$=$/3(5,
526$09(5'Ò5$026
/8,6%(51$5'2',$=$/3(5,
526$0$5,$9(5'Ò5$026
/8,6%(51$'2',$=$/3(5,
526$09(5'Ò5$026
3$57,'2+80$1,67$
(51(67252'5,*8(=)(51$1'(=
(51(67252'5,*8(=)(51$1'(=
(51(67252'5,*8(=+(51$1'(=
&2$/,&,29$/(1&,$1$
0$5,$185,$&255('256$1=
0$5,$185,$&255('256$1=
185,$&255('256$1=
81,2(/6 9(5'6(&23$&, 81,2(/6 9(5'6(&23$&,),67(681,2 81,2(/6 9(5'6(&23$&,),67(681,2 81,2/26 9(5'(6(&23$&,),67$6
),67(681,2 &(175( /,%( &(175(/,%(5$/
&(175(/,%(5$/
81,21&(1752/,%(5$/
5$/
3$57,'2 &2081,67$ '( 0$;,026$17$-8/,$1$$*8//2
/2638(%/26'((63$f$
0'(//(<5(0(/(52/23(=
0$;,026$17$-8/,$1$$*8//2
0'(//(<5(0(/(52/23(=
0$;,026$17$-8/,$1$$*8//2
0$5,$'(//(<5(0(/(52/23(=
029,0,(172 325 /$ 81, (67(%$13(5(=$'08=
'$' '(/ 38(%/25(38%/,
&$126
(67(%$13(5(=$'08=
(67(%$13(5(=$'(08=
/269(5'(6'((8523$
)(51$1'2'((*($3$6725
)(51$1'2'((*($3$6725
)(51$1'2'(*($3$6725
(63$f$
-8$1&257(628,7
)5$1&,6&$1(&26(*85$
60&5,6,71$(67(9(/25(6
-8$1&257(628,7
)5$1&,6&$1(&26(*85$
0&5,6,71$(67(9(/25(6
-8$1&257(62/,7
)5$1&,6&$0,&26(*85$
0&5,67,1$(67(9(/25(6
&(1752 '(02&5$7,&2 < 5$)$(/-6(55$122/026
/,%(5$/
66Ï1,$08f2=-,0(1(=
5$)$(/-6(55$122/026
6Ï1,$08f2=-,0(1(=
5$)$(/-6(55$122/02
6Ï1,$08f2=*,0(1(=
&(1752/,%(5$/
-(686%27(//$0$57,
(67()$'(0$1'5(6)(/,&(6
-(686%27(//$0$57,1
(67()$1,$'(0$1'5(6)(/,&(6
,10$&8/$'$*$5&,$0(*8$/
0$1*(/(658,=,=$55$
,10$&8/$'$*$5&,$0(1*8$/
0$5,$$1*(/(658,=,=$55$
-(686%27(//$0$57,
(67()$'(0$1'5(6)(/,&(6
3$57,'2 62&,$/'(02&5$ ,10$&8/$'$*$5&,$0(*8$/
7$
0$1*(/(658,=,=$55$
$ODFDQW GH PDLJ GH ± /D VHFUHWjULD GH OD -XQWD (OHFWRUDO
G¶$ODFDQW&DUPHQ*DOLSLHQVR&DODWD\XG
$OLFDQWHGHPD\RGH±/DVHFUHWDULDGHOD-XQWD(OHFWRUDO
GH$OLFDQWH&DUPHQ*DOLSLHQVR&DODWD\XG
Núm
5509 / 10.05.2007
18817
3UHVLGqQFLDGHOD*HQHUDOLWDW
3UHVLGHQFLDGHOD*HQHUDOLWDW
5(62/8&,Ï GH G¶DEULO GH GHO GLUHFWRU JHQHUDO
GH5HODFLRQVDPEOHV&RUWVL6HFUHWDULDWGH*RYHUQGHOD
3UHVLGqQFLD GH OD *HQHUDOLWDW SHU OD TXDO HV GLVSRVD OD
SXEOLFDFLyGHO¶DQQH[DO&RQYHQLVXEVFULWHOGHMXQ\GH
HQWUHHO0LQLVWHULG¶(GXFDFLyL&LqQFLDLOD&RQVHOOH
ULDGH&XOWXUD(GXFDFLyL(VSRUWGHOD&RPXQLWDW9DOHQFL
DQDSHUDOGHVHQURWOODPHQWGHO3URJUDPDG¶(VFROHV9LDW
JHUHVDO¶DQ\>@
5(62/8&,21GHGHDEULOGHGHOGLUHFWRUJHQH
UDOGH5HODFLRQHVFRQODV&RUWHV\6HFUHWDULDGRGHO*REL
HUQRGHOD3UHVLGHQFLDGHOD*HQHUDOLWDWSRUODTXHVHGLV
SRQHODSXEOLFDFLyQGHO$QH[RDO&RQYHQLRVXVFULWRHO
GHMXQLRGHHQWUHHO0LQLVWHULRGH(GXFDFLyQ\&LHQ
FLD\OD&RQVHOOHULDGH&XOWXUD(GXFDFLyQ\'HSRUWHGHOD
&RPXQLGDG 9DOHQFLDQD SDUD HO GHVDUUROOR GHO 3URJUDPD
GH(VFXHODV9LDMHUDVHQHODxR>@
6XEVFULW GHVSUpV GH OD WUDPLWDFLy SUqYLD UHJODPHQWjULD HQWUH HO
0LQLVWHULG¶(GXFDFLyL&LqQFLDLODFRQVHOOHULDGH&XOWXUD(GXFDFLyL
(VSRUWGHOD*HQHUDOLWDWO¶GHVHWHPEUHGHXQ$QQH[DOFRQ
YHQL VXEVFULW HO GH MXQ\ GH HQWUH HO 0LQLVWHUL G¶(GXFDFLy L
&LqQFLDLODFRQVHOOHULDGH&XOWXUD(GXFDFLyL(VSRUWGHOD&RPXQLWDW
9DOHQFLDQD SHU DO GHVHQURWOODPHQW GHO 3URJUDPD G¶(VFROHV9LDWJHUHV
O¶DQ\ L HQ FRPSOLPHQW GHO TXH HVWDEOL[ O¶DUWLFOH GH OD /OHL
GH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW
$GPLQLVWUDWLX&RP~FDOSXEOLFDUHQHO'LDUL2ILFLDOGHOD&RPXQLWDW
9DOHQFLDQDO¶HVPHQWDW$QQH[TXHKDTXHGDWLQVFULWHQHO5HJLVWUHGH
&RQYHQLVDPEHOQ~PHURLTXHILJXUDFRPDDQQH[G¶HVWD
UHVROXFLy
6XVFULWR SUHYLD WUDPLWDFLyQ UHJODPHQWDULD HQWUH HO 0LQLVWHULR GH
(GXFDFLyQ\&LHQFLD\ODFRQVHOOHULDGH&XOWXUD(GXFDFLyL(VSRUWGH
OD *HQHUDOLWDW HO GtD GH VHSWLHPEUH GH XQ$QH[R DO &RQYH
QLRVXVFULWRHOGHMXQLRGHHQWUHHO0LQLVWHULRGH(GXFDFLyQ\
&LHQFLD\ODFRQVHOOHULDGH&XOWXUD(GXFDFLyQ\'HSRUWHGHOD&RPX
QLGDG9DOHQFLDQDSDUDHOGHVDUUROORGHO3URJUDPDGH(VFXHODV9LDMHUDV
HQHODxR\HQFXPSOLPLHQWRGHORHVWDEOHFLGRHQHODUWtFXOR
GHOD/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO
3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q SURFHGH OD SXEOLFDFLyQ HQ HO
'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDGHGLFKR$QH[RTXHKDTXH
GDGRLQVFULWRHQHO5HJLVWURGH&RQYHQLRVFRQHOQ~PHUR\
TXHILJXUDFRPRDQH[RGHHVWDUHVROXFLyQ
9DOqQFLDG¶DEULOGH(OGLUHFWRUJHQHUDOGH5HODFLRQVDPE
OHV&RUWVL6HFUHWDULDWGHO*RYHUQ$QWRQLRY3HUDO9LOODU
9DOHQFLD GH DEULO GH (O GLUHFWRU JHQHUDO GH 5HODFLRQHV
FRQODV&RUWHV\6HFUHWDULDGRGHO*RELHUQR$QWRQLR93HUDO9LOODU
$11(;$/ &219(1, 68%6&5,7 (/ '( -81< '( (175(
(/0,1,67(5,'¶('8&$&,Ï,&,Ê1&,$,/$&216(//(5,$'(&8/
785$ ('8&$&,Ï , (63257 '( /$ &2081,7$79$/(1&,$1$ 3(5
$/ '(6(1527//$0(17 '(/ 352*5$0$ '¶(6&2/(6 9,$7*(5(6
/¶$1<
$1(;2$/&219(1,2686&5,72(/'(-81,2'((175(
(/0,1,67(5,2'(('8&$&,Ï1<&,(1&,$</$&216(//(5,$'(
&8/785$ ('8&$&,Ï1< '(3257( '( /$ &2081,'$' 9$/(1&,
$1$3$5$(/'(6$552//2'(/352*5$0$'((6&8(/$69,$-(
5$6(1(/$f2
,QWHUYHQHQ
'¶XQD SDUW OD 6UD 0HUFHGHV &DEUHUD &DOYR6RWHOR 0LQLV
WUD G¶(GXFDFLy L &LqQFLD HQ YLUWXW GHO 5HLDO 'HFUHW GH G¶DEULOLIHQW~VGHODFRPSHWqQFLDHVWDEOLGDHQODGLVSRVLFLyDGGLFLRQDO
WUHW]HQDGHOD/OHLGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV
3~EOLTXHV L GHO 3URFHGLPHQW$GPLQLVWUDWLX &RP~ PRGLILFDGD SHU OD
/OHLGHGHJHQHU
'¶XQD DOWUD SDUW O¶+RQRUDEOH 6U$OHMDQGUR )RQW GH 0RUD7XUyQ
FRQVHOOHU GH &XOWXUD (GXFDFLy L (VSRUW GH OD *HQHUDOLWDW9DOHQFLDQD
G¶DFRUGDPEHO'HFUHWGHOG¶DJRVWGHOSUHVLGHQWGHOD*HQHUD
OLWDW9DOHQFLDQDHQQRPLUHSUHVHQWDFLyG¶HVWDLH[SUHVVDPHQWIDFXOWDW
SHU D HVWH DFWH SHU DFRUG GHO &RQVHOO GH OD *HQHUDOLWDW GH GDWD GH
IHEUHUGH
,QWHUYLHQHQ
'H XQD SDUWH ' 0HUFHGHV &DEUHUD &DOYR6RWHOR 0LQLVWUD GH
(GXFDFLyQ\&LHQFLDHQYLUWXGGHO5HDO'HFUHWRGHGH
DEULO\HQXVRGHODFRPSHWHQFLDHVWDEOHFLGDHQODGLVSRVLFLyQDGLFLRQDO
GHFLPRWHUFHUD GH OD /H\ GH 5pJLPHQ -XUtGLFR GH ODV$GPL
QLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q
PRGLILFDGDSRUOD/H\GHGHHQHUR
'HRWUDSDUWHHO+RQRUDEOH6U'$OHMDQGUR)RQWGH0RUD7XUyQ
FRQVHOOHU GH &XOWXUD (GXFDFLyQ \ 'HSRUWH GH OD *HQHUDOLWDW9DOHQFL
DQDGHDFXHUGRFRQHO'HFUHWRGHOGHDJRVWRGHO3UHVLGHQWH
GH OD *HQHUDOLWDW 9DOHQFLDQD HQ QRPEUH \ UHSUHVHQWDFLyQ GH pVWD \
H[SUHVDPHQWH IDFXOWDGR SDUD HVWH DFWR SRU DFXHUGR GHO &RQVHOO GH OD
*HQHUDOLWDWGHIHFKDGHIHEUHURGH
([SRVHQ
(Q GDWD GH MXQ\ GH HO 0LQLVWHUL G¶(GXFDFLy L &LqQFLD L
OD&RPXQLWDW9DOHQFLDQDYDQVXEVFULXUHXQFRQYHQLSHUDOGHVHQURWOOD
PHQWGHO3URJUDPDG¶(VFROHV9LDWJHUHVHQODEDVHVqSWLPDGHOTXDOHV
GHWHUPLQDYDHOVHXFDUjFWHULQGHILQLWH[FHSWHGHQ~QFLDH[SUHVVDG¶XQD
GHOHVSDUWVLHQODEDVHVH[WDGHOTXDODSDUWDWWHUFHUHVGLVSRVDYDTXH
DQXDOPHQW V¶DFRUGDUj SHU PLWMj GH OD LQFRUSRUDFLy G¶XQ DQQH[ D WDO
FRQYHQL HO ILQDQoDPHQW GHOV JDVWRV FRUUHVSRQHQWV D OHV UXWHV TXH HV
GHVHQURWOOHQGLQVGHOD&RPXQLWDW9DOHQFLDQDHOQRPEUHG¶DOXPQHVL
JUXSVTXHUHFyUUHJXHQODUXWDGHOD&RPXQLWDW9DOHQFLDQDLHOQRPEUH
GHOV TXH SURFHGHQWV GH OD &RPXQLWDW 9DOHQFLDQD UHFyUUHJXHQ UXWHV
G¶DOWUHV&RPXQLWDWV
'H FRQIRUPLWDW DPE DL[z OHV GRV SDUWV DFRUGHQ TXH HO 3URJUDPD
G¶(VFROHV9LDWJHUHVHVGHVHQURWOODUjGXUDQWO¶DQ\G¶DFRUGDPEOHV
GDGHVLDSRUWDFLRQVTXHDFRQWLQXDFLyV¶LQGLTXHQ
([SRQHQ
(QIHFKDGHMXQLRGHHO0LQLVWHULRGH(GXFDFLyQ\&LHQ
FLD\OD&RPXQLGDG9DOHQFLDQDVXVFULELHURQXQFRQYHQLRSDUDHOGHV
DUUROOR GHO 3URJUDPD GH (VFXHODV 9LDMHUDV HQ FX\D EDVH VpSWLPD VH
GHWHUPLQDEDHOFDUiFWHULQGHILQLGRGHOPLVPRVDOYRGHQXQFLDH[SUHVD
GHXQDGHODVSDUWHV\HQFX\DEDVHVH[WDDSDUWDGRWHUFHURVHGLVSRQtD
TXHDQXDOPHQWHVHDFRUGDUiPHGLDQWHODLQFRUSRUDFLyQGHXQDQH[RD
GLFKR FRQYHQLR OD ILQDQFLDFLyQ GH ORV JDVWRV FRUUHVSRQGLHQWHV D ODV
UXWDVTXHVHGHVDUUROOHQGHQWURGHOD&RPXQLGDG9DOHQFLDQDHOQ~PH
URGHDOXPQRV\JUXSRVTXHUHFRUUDQODUXWDGHOD&RPXQLGDG9DOHQFL
DQD\HOQ~PHURGHORVTXHSURFHGHQWHVGHOD&RPXQLGDG9DOHQFLDQD
UHFRUUDQUXWDVGHRWUDV&RPXQLGDGHV
'HFRQIRUPLGDGFRQHOORDPEDVSDUWHVDFXHUGDQTXHHO3URJUDPD
GH(VFXHODV9LDMHUDVVHGHVDUUROODUiGXUDQWHHODxRFRQDUUHJORD
ORVGDWRV\DSRUWDFLRQHVTXHDFRQWLQXDFLyQVHLQGLFDQ
Núm
5509 / 10.05.2007
18818
,$/801(6,352)(662563$57,&,3$176
1RPEUHPj[LPG¶DOXPQHVSURFHGHQWVGHOD&RPXQLWDW9DOHQFLDQD
TXHSDUWLFLSHQHQXQDDOWUDUXWD
1RPEUHGHJUXSVGHDDOXPQHVLXQSURIHVVRUSURFHGHQWGH
ODGLWD&RPXQLWDWTXHSDUWLFLSDUDQHQXQDDOWUDUXWD
1RPEUH Pj[LPGH JUXSV GH D DOXPQHV SURFHGHQWV G¶DOWUHV
FRPXQLWDWVDXWzQRPHVTXHUHFRUUHUDQOHVUXWHVGHOD&RPXQLWDW9DOHQ
FLDQD
,$/80126<352)(625(63$57,&,3$17(6
1~PHURPi[LPRGHDOXPQRVSURFHGHQWHVGHOD&RPXQLGDG9DOHQ
FLDQDTXHSDUWLFLSDQHQRWUDUXWD
1~PHURGHJUXSRVGHDDOXPQRV\XQSURIHVRUSURFHGHQWH
GHGLFKD&RPXQLGDGTXHSDUWLFLSDUiQHQRWUDUXWD
1~PHUR Pi[LPR GH JUXSRV GH D DOXPQRV SURFHGHQWHV GH
RWUDV&RPXQLGDGHV$XWyQRPDVTXHUHFRUUHUiQODVUXWDVGHOD&RPXQL
GDG9DOHQFLDQD
,,$3257$&,2163(5$/'(6(1527//$0(17'(/352
*5$0$/¶$1<
3HUSDUWGHO0LQLVWHULG¶(GXFDFLyL&LqQFLD
±3HUDOGHVHQURWOODPHQWGHOD5XWDGHOD&9DOHQFLDQD
±3HU D VXIUDJDU HOV JDVWRV G¶DOORWMDPHQWL PDQXWHQFLyGHOVJUXSV
G¶DOXPQHVLSURIHVVRUVSDUWLFLSDQWVHQODUXWDGHODGLWD&RPXQLWDWHQ
HXURV
±3HU D VXIUDJDU JDVWRV GLYHUVRV TXH V¶RULJLQHQ HQ HO GHVHQURWOOD
PHQWGHODUXWDHXURVSHUVHWPDQD7RWDOHXURV
7RWDODSRUWDFLy0(&UXWDGH9DOqQFLDHQHXURV
±3HUDODSDUWLFLSDFLyGHOVJUXSVSURFHGHQWVGHOD&9DOHQFLDQDHQ
ODUHVWDGHOHVUXWHVGHOSURJUDPDHXURV
(O0LQLVWHULG¶(GXFDFLyL&LqQFLDOOLXUDUjDOD&RPXQLWDW$XWzQR
PDO¶LPSRUWGHOHVDMXGHVFRUUHVSRQHQWVDOVFHQWUHVG¶HOODGHSHQGHQWV
TXHG¶DFRUGDPEHOTXHHVWDEOL[ODFRQYRFDWzULDG¶DMXGHVHVFRQFHGLV
TXHQSHUDVXIUDJDUHOVJDVWRVGHSUHSDUDFLyGHO¶DFWLYLWDWLGHVSODoD
PHQW GHV GH OD ORFDOLWDW G¶RULJHQ ILQV DTXHOOD HQ TXq V¶LQLFLH OD UXWD
G¶(VFROHV9LDWJHUHVDVVLJQDGD
/HV DSRUWDFLRQV LQGLFDGHV HVWDQ FRQGLFLRQDGHV D OHV GLVSRQLELOL
WDWV SUHVVXSRVWjULHV HQ O¶DSOLFDFLy 1 GHOV 3UHVVXSRVWRV
*HQHUDOVSHUDO
(O OOLXUDPHQW V¶HIHFWXDUj D OD FRQVHOOHULD GH &XOWXUD (GXFDFLy L
(VSRUWGHOD&RPXQLWDW9DOHQFLDQDTXHDHIHFWHVGHODMXVWLILFDFLyGHO
JDVWR DUUHSOHJDUj OD GRFXPHQWDFLy FRUUHVSRQHQW L UHPHWUj DO 0LQLV
WHUL G¶(GXFDFLy L &LqQFLD 6XEGLUHFFLy *HQHUDO GH %HTXHV L 3URPR
FLy(GXFDWLYDDTXHOODHVSHFLILFDGDHQODFRQYRFDWzULDTXHLQFORXXQD
FHUWLILFDFLy TXH H[SUHVVH TXH HO OOLXUDPHQW HIHFWXDW V¶KD LQJUHVVDW HQ
HO VHX SUHVVXSRVW L V¶KD GHVWLQDW DOV ILQV SUHYLVWRV FRPSOLQW WRWHV OHV
REOLJDFLRQV HVWDEOLGHV SHU D OHV FRPXQLWDWV DXWzQRPHV L HQWLWDWV FRO
ODERUDGRUHVHQODQRUPDWLYDYLJHQW
$PpVDILGHFROÂODERUDUHQOHVWDVTXHVGHFRRUGLQDFLyGHOHVUXWHV
D TXq HV UHIHUL[ OD FOjXVXOD WHUFHUD DSDUWDW VH[W GHO FRQYHQL GH FRO
ODERUDFLyVXEVFULWHOGHMXQ\GHOD&RPXQLWDW9DOHQFLDQDFRQ
WUDFWDUjHOSHUVRQDOGHVXSRUWQHFHVVDULDHVWHHIHFWHHO5HLDO'HFUHW
GH GH PDUo SHO TXDO V¶DPSOLHQ OHV IXQFLRQV L VHUYLFLV
WUDVSDVVDWVDOD&RPXQLWDW9DOHQFLDQDSHO5HLDO'HFUHWGH
GHMXOLROHQPDWqULDG¶HGXFDFLyLQFORXHOWUDVSjVGHOFRVWFRUUHVSR
QHQWDO¶DMXGDQWGHFRRUGLQDFLyGHOHVUXWHVG¶DFRUGDPEHOGHVJORVVD
PHQWVHJHQW
,,$3257$&,21(63$5$(/'(6$552//2'(/352*5$
0$(1(/$f2
3RUSDUWHGHO0LQLVWHULRGH(GXFDFLyQ\&LHQFLD
±3DUDHOGHVDUUROORGHOD5XWDGHOD&9DOHQFLDQD
± 3DUD VXIUDJDU ORV JDVWRV GH DORMDPLHQWR \ PDQXWHQFLyQ GH ORV
JUXSRV GH DOXPQRV \ SURIHVRUHV SDUWLFLSDQWHV HQ OD UXWD GH GLFKD
&RPXQLGDGHQHXURV
±3DUDVXIUDJDUJDVWRVGLYHUVRVTXHVHRULJLQHQHQHOGHVDUUROORGH
ODUXWDHXURVSRUVHPDQD7RWDOHXURV
7RWDODSRUWDFLyQ0(&UXWDGH9DOHQFLDHQHXURV
±3DUDODSDUWLFLSDFLyQGHORVJUXSRVSURFHGHQWHVGHOD&9DOHQFL
DQDHQHOUHVWRGHODVUXWDVGHOSURJUDPDHXURV
(O 0LQLVWHULR GH (GXFDFLyQ \ &LHQFLD OLEUDUi D OD &RPXQLGDG
$XWyQRPDHOPRQWDQWHGHODVD\XGDVFRUUHVSRQGLHQWHVDORVFHQWURVGH
HOODGHSHQGLHQWHVTXHGHDFXHUGRFRQORHVWDEOHFLGRHQODFRQYRFDWR
ULDGHD\XGDVVHFRQFHGDQSDUDVXIUDJDUORVJDVWRVGHSUHSDUDFLyQGHOD
DFWLYLGDG\GHVSOD]DPLHQWRGHVGHODORFDOLGDGGHRULJHQKDVWDDTXpOOD
HQODTXHVHLQLFLHODUXWDGH(VFXHODV9LDMHUDVDVLJQDGD
/DV DSRUWDFLRQHV LQGLFDGDV HVWiQ FRQGLFLRQDGDV D ODV GLVSRQLELOL
GDGHVSUHVXSXHVWDULDVHQODDSOLFDFLyQ1GHORV3UHVXSX
HVWRV*HQHUDOHVSDUDHO
(OOLEUDPLHQWRVHHIHFWXDUiDODFRQVHOOHULDGH&XOWXUD(GXFDFLyQ
\'HSRUWHGHOD&RPXQLGDG9DOHQFLDQDTXHDHIHFWRVGHODMXVWLILFD
FLyQGHOJDVWRDFRSLDUiODGRFXPHQWDFLyQFRUUHVSRQGLHQWH\UHPLWLUi
DO0LQLVWHULRGH(GXFDFLyQ\&LHQFLD6XEGLUHFFLyQ*HQHUDOGH%HFDV
\ 3URPRFLyQ (GXFDWLYD DTXpOOD HVSHFLILFDGD HQ OD FRQYRFDWRULD TXH
LQFOX\HXQDFHUWLILFDFLyQTXHH[SUHVHTXHHOOLEUDPLHQWRHIHFWXDGRVH
KDLQJUHVDGRHQVXSUHVXSXHVWR\VHKDGHVWLQDGRDORVILQHVSUHYLVWRV
GHELHQGRFXPSOLUWRGDVODVREOLJDFLRQHVHVWDEOHFLGDVSDUDODV&RPXQL
GDGHV$XWyQRPDV\(QWLGDGHVFRODERUDGRUDVHQODQRUPDWLYDYLJHQWH
$GHPiVFRQHOILQGHFRODERUDUHQODVWDUHDVGHFRRUGLQDFLyQGH
ODV UXWDV D TXH VH UHILHUH OD FOiXVXOD WHUFHUD DSDUWDGR VH[WR GHO FRQ
YHQLRGHFRODERUDFLyQVXVFULWRHOGHMXQLRGHOD&RPXQLGDG
9DOHQFLDQD FRQWUDWDUi HO SHUVRQDO GH DSR\R SUHFLVR D FX\R HIHFWR HO
5HDO'HFUHWRGHGHPDU]RSRUHOTXHVHDPSOtDQODVIXQ
FLRQHV\VHUYLFLRVWUDVSDVDGRVDOD&RPXQLGDG9DOHQFLDQDSRUHO5HDO
'HFUHWRGHGHMXOLRHQPDWHULDGHHGXFDFLyQLQFOX\HHO
WUDVSDVRGHOFRVWHFRUUHVSRQGLHQWHDOD\XGDQWHGHFRRUGLQDFLyQGHODV
UXWDVGHDFXHUGRFRQHOVLJXLHQWHGHVJORVH
$SOLFDFLy3UHVVXSRVWjULD
1
1
,PSRUWHXURV
(QO¶H[HFXFLyGHO3URJUDPDV¶DSOLFDUDQOHVEDVHVDFRUGDGHVHQHO
FRQYHQLVXEVFULWHQGDWDGHMXQ\GH
$SOLFDFLyQ3UHVXSXHVWDULD
1
1
,PSRUWHHXURV
(Q OD HMHFXFLyQ GHO 3URJUDPD VHUiQ GH DSOLFDFLyQ ODV EDVHV DFRU
GDGDVHQHOFRQYHQLRVXVFULWRHQIHFKDGHMXQLRGH
0DGULGGHVHWHPEUHGH
0DGULGGHVHSWLHPEUHGH
3(/0,1,67(5,'¶('8&$&,Ï,&,Ê1&,$
0HUFHGHV&DEUHUD&DOYR6RWHOR
325(/0,1,67(5,2'(('8&$&,Ï1<&,(1&,$
0HUFHGHV&DEUHUD&DOYR6RWHOR
3(5/$&216(//(5,$'(&8/785$
('8&$&,Ï,(63257
$OHMDQGUR)RQWGH0RUD7XUyQ
325/$&216(//(5,$'(
&8/785$('8&$&,Ï1<'(3257(
$OHMDQGUR)RQWGH0RUD7XUyQ
Núm
5509 / 10.05.2007
18819
&RQVHOOHULDGH&XOWXUD(GXFDFLyL(VSRUW
&RQVHOOHULDGH&XOWXUD(GXFDFLyQ\'HSRUWH
25'(GHG¶DEULOGHGHOD&RQVHOOHULDGH&XOWXUD
(GXFDFLy L (VSRUW SHU OD TXDO HV PRGLILFD O¶DXWRULW]DFLy
GHGLYHUVRVFHQWUHVGRFHQWVSULYDWVGHOD&RPXQLWDW9DOHQ
FLDQDSHUFDQYLGHWLWXODULWDW>@
25'(1GHGHDEULOGHGHOD&RQVHOOHULDGH&XOWX
UD(GXFDFLyQ\'HSRUWHSRUODTXHVHPRGLILFDODDXWRUL
]DFLyQGHYDULRVFHQWURVGRFHQWHVSULYDGRVGHOD&RPXQL
WDW9DOHQFLDQDSRUFDPELRGHWLWXODULGDG>@
(OVH[SHGLHQWVKDQVLJXWLQLFLDWVDLQVWjQFLDGHOVUHSUHVHQWDQWVGH
ODWLWXODULWDWGHOVFHQWUHVGRFHQWVSULYDWV/D)RQWDLQHGH%XUMDVVRWL6DQ
$QWRQLRGH6XHFDDL[tFRPGHOVUHSUHVHQWDQWVGHOHVWLWXODULWDWVDGTXL
UHQWVHQVROÂOLFLWXGGHPRGLILFDFLyGHO¶DXWRULW]DFLyGHOVGLIHUHQWVFHQ
WUHVSHUFDQYLGHWLWXODULWDW
(OVQRXVWLWXODUVGHFODUHQQRWUREDUVHLQFXUVRVHQFDSGHOVVXSzVLWV
UHODFLRQDWVHQO¶DUWLFOHGHOD/OHL2UJjQLFD5HJXODGRUDGHO'UHWD
O¶(GXFDFLyTXHHOVLPSHGLULDVHUWLWXODUVGHFHQWUHVGRFHQWVSULYDWV
)HQW ~V GH OHV DWULEXFLRQV FRQIHULGHV SHU O¶DUWLFOH GH OD /OHL
GHGHGHVHPEUHGHO&RQVHOO
/RVH[SHGLHQWHVKDQVLGRLQLFLDGRVDLQVWDQFLDGHORVUHSUHVHQWDQ
WHV GH OD WLWXODULGDG GH ORV FHQWURV GRFHQWHV SULYDGRV /D )RQWDLQH GH
%XUMDVVRW\6DQ$QWRQLRGH6XHFDDVtFRPRGHORVUHSUHVHQWDQWHVGH
ODVWLWXODULGDGHVDGTXLULHQWHVHQVROLFLWXGGHPRGLILFDFLyQGHODDXWR
UL]DFLyQGHORVGLIHUHQWHVFHQWURVSRUFDPELRGHWLWXODULGDG
/RVQXHYRVWLWXODUHVGHFODUDQQRHQFRQWUDUVHLQFXUVRVHQQLQJXQR
GHORVVXSXHVWRVUHODFLRQDGRVHQHODUWtFXORGHOD/H\2UJiQLFD
5HJXODGRUDGHO'HUHFKRDOD(GXFDFLyQTXHOHVLPSHGLUtDVHUWLWXODUHV
GHFHQWURVGRFHQWHVSULYDGRV
9LVWRV HO 5HDO 'HFUHWR GH GH DEULO %2( GH
VREUH DXWRUL]DFLRQHV GH FHQWURV GRFHQWHV SULYDGRV SDUD
LPSDUWLUHQVHxDQ]DVGHUpJLPHQJHQHUDOQRXQLYHUVLWDULDV\HO'HFUH
WR GH GH MXOLR '2*9 GH GHO &RQVHOO GH OD
*HQHUDOLWDWSRUHOTXHVHFUHDHO5HJLVWURGH&HQWURV'RFHQWHVGHOD
&RPXQLWDW9DOHQFLDQD
(QHMHUFLFLRGHODVDWULEXFLRQHVFRQIHULGDVSRUHODUWtFXORGHOD
/H\GHGHGLFLHPEUHGHO&RQVHOO
25'(1(
25'(12
3ULPHU
0RGLILFDU O¶DXWRULW]DFLy SHU FDQYL GH WLWXODULWDW GHOV FHQWUHV TXH
PpVDYDOOV¶LQGLTXHQHQHOVWHUPHVTXHV¶HVSHFLILTXHQ
'HQRPLQDFLyHVSHFtILFDGHOFHQWUH/D)RQWDLQH
$QWHULRUWLWXODULWDW-XOLiQ$OJXDFLO&DUR
1RYDWLWXODULWDWTXHV¶DXWRULW]D$FWLYLGDGHV(GXFDWLYDV/D)RQWDL
QH6/
'RPLFLOLF0HQGL]iEDOQ~P
/RFDOLWDW%XUMDVVRW
3URYtQFLD9DOqQFLD
&RGL
'HQRPLQDFLyHVSHFtILFDGHOFHQWUH6DQ$QWRQLR
$QWHULRUWLWXODULWDW3DUUzTXLDGH6DQ3HGUR$SyVWRO
1RYD WLWXODULWDW TXH V¶DXWRULW]D )XQGDFLyQ GH 6DQ -RVp \ 6DQ
$QWRQLRGH3DGXD
'RPLFLOLF6HEDVWLiQ'LDJRQ~P
/RFDOLWDW6XHFD
3URYtQFLD9DOqQFLD
&RGL
3ULPHUR
0RGLILFDUODDXWRUL]DFLyQSRUFDPELRGHWLWXODULGDGGHORVFHQWURV
TXHPiVDEDMRVHLQGLFDQHQORVWpUPLQRVTXHVHHVSHFLILFDQ
'HQRPLQDFLyQHVSHFtILFDGHOFHQWUR/D)RQWDLQH
$QWHULRUWLWXODULGDG-XOLiQ$OJXDFLO&DUR
1XHYDWLWXODULGDGTXHVHDXWRUL]D$FWLYLGDGHV(GXFDWLYDV/D)RQ
WDLQH6/
'RPLFLOLRF0HQGL]iEDOQ~P
/RFDOLGDG%XUMDVVRW
3URYLQFLD9DOHQFLD
&yGLJR
'HQRPLQDFLyQHVSHFtILFDGHOFHQWUR6DQ$QWRQLR
$QWHULRUWLWXODULGDG3DUURTXLDGH6DQ3HGUR$SyVWRO
1XHYD WLWXODULGDG TXH VH DXWRUL]D )XQGDFLyQ GH 6DQ -RVp \ 6DQ
$QWRQLRGH3DGXD
'RPLFLOLRF6HEDVWLiQ'LDJRQ~P
/RFDOLGDG6XHFD
3URYLQFLD9DOHQFLD
&yGLJR
',6326,&,Ï$'',&,21$/Ò1,&$
',6326,&,Ï1$',&,21$/Ò1,&$
/D SUHVHQW RUGH GRQDUj OORF D OD FRUUHVSRQHQW LQVFULSFLy HQ HO
5HJLVWUHGH&HQWUHV'RFHQWVGHOD&RPXQLWDW9DOHQFLDQD
/DSUHVHQWHRUGHQGDUiOXJDUDODFRUUHVSRQGLHQWHLQVFULSFLyQHQHO
5HJLVWURGH&HQWURV'RFHQWHVGHOD&RPXQLWDW9DOHQFLDQD
',6326,&,Ï),1$/
',6326,&,Ï1),1$/
/DSUHVHQWGLVSRVLFLyWLQGUjHIHFWHVHOPDWHL[GLDTXHHVSXEOLTXH
DO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
'HFRQIRUPLWDWDPEHOTXHHVWDEOL[HQHOVDUWLFOHVLGH
OD/OHLGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFH
GLPHQW$GPLQLVWUDWLX&RP~LLGHOD/OHL5HJXODGRUDGHOD
-XULVGLFFLyFRQWHQFLRVDDGPLQLVWUDWLYDHOSUHVHQWDFWHTXHSRVDILDOD
YLDDGPLQLVWUDWLYDSRGUjVHUUHFRUUHJXWSRWHVWDWLYDPHQWHQUHSRVLFLyR
EpFDEUjSODQWHMDUGLUHFWDPHQWUHFXUVFRQWHQFLyVDGPLQLVWUDWLXHQHOV
WHUPLQLVLGDYDQWGHOVzUJDQVTXHV¶LQGLTXHQDFRQWLQXDFLy
/DSUHVHQWGLVSRVLFLyQWHQGUiHIHFWRVHOPLVPRGtDGHVXSXEOLFD
FLyQDO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
'HFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV\
GHOD/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO
3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q\\GHOD/H\5HJX
ODGRUDGHOD-XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYDHOSUHVHQWHDFWR
TXH SRQH ILQ D OD YtD DGPLQLVWUDWLYD SRGUi VHU UHFXUULGR SRWHVWDWLYD
PHQWH HQ UHSRVLFLyQ R ELHQ FDEUi SODQWHDU GLUHFWDPHQWH UHFXUVR FRQ
WHQFLRVRDGPLQLVWUDWLYRHQORVSOD]RV\DQWHORVyUJDQRVTXHVHLQGL
FDQDFRQWLQXDFLyQ
9LVWRVHO5HLDO'HFUHWGHG¶DEULO%2(GH
VREUH DXWRULW]DFLRQV GH FHQWUHV GRFHQWV SULYDWV SHU D LPSDUWLU HQVH
Q\DQFHVGHUqJLPJHQHUDOQRXQLYHUVLWjULHVLHO'HFUHWGH
GHMXOLRO'2*9GHGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDO
HVFUHDHO5HJLVWUHGH&HQWUHV'RFHQWVGHOD&RPXQLWDW9DOHQFLDQD
Núm
5509 / 10.05.2007
18820
D (O UHFXUV GH UHSRVLFLy KDXUj G¶LQWHUSRVDUVH GDYDQW GHO FRQVH
OOHUGH&XOWXUD(GXFDFLyL(VSRUWHQHOWHUPLQLG¶XQPHVDFRPSWDUGH
O¶HQGHPjGHODVHXDQRWLILFDFLyRSXEOLFDFLyVHJRQVFRUUHVSRQJD
E(OUHFXUVFRQWHQFLyVDGPLQLVWUDWLXKDXUjGHSODQWHMDUVHGDYDQW
GHO 7ULEXQDO 6XSHULRU GH -XVWtFLD GH OD &RPXQLWDW 9DOHQFLDQD HQ HO
WHUPLQLGHGRVPHVRVDFRPSWDUGHO¶HQGHPjGHODVHXDQRWLILFDFLyR
SXEOLFDFLyVHJRQVFRUUHVSRQJD
9DOqQFLDG¶DEULOGH
D(OUHFXUVRGHUHSRVLFLyQGHEHUiLQWHUSRQHUVHDQWHHOFRQVHOOHUGH
&XOWXUD(GXFDFLyQ\'HSRUWHHQHOSOD]RGHXQPHVDFRQWDUGHVGHHO
GtDVLJXLHQWHDOGHVXQRWLILFDFLyQRSXEOLFDFLyQVHJ~QFRUUHVSRQGD
E(OUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRGHEHUiSODQWHDUVHDQWHHO
7ULEXQDO6XSHULRUGH-XVWLFLDGHOD&RPXQLWDW9DOHQFLDQDHQHOSOD]R
GH GRV PHVHV D FRQWDU GHVGH HO GtD VLJXLHQWH DO GH VX QRWLILFDFLyQ R
SXEOLFDFLyQVHJ~QFRUUHVSRQGD
9DOHQFLDGHDEULOGH
(OFRQVHOOHUGH&XOWXUD(GXFDFLyL(VSRUW
$/(-$1'52)217'(025$785Ï1
(OFRQVHOOHUGH&XOWXUD(GXFDFLyQ\'HSRUWH
$/(-$1'52)217'(025$785Ï1
Núm
5509 / 10.05.2007
&RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
5(62/8&,ÏGHGHPDUoGHGHOD'LUHFFLy*HQH
UDOG¶$UTXLWHFWXUDG¶DFUHGLWDFLyGHOODERUDWRULGHFRQWURO
GHTXDOLWDWGHO¶HGLILFDFLy7&2*HRVFDQ*HRWpFQLD0HGL
RDPELHQWDO \ &RQWURO GH &DOLGDG 6/ DPE OHV UHIHUqQFL
HV (+$% *7& L *7/%
>@
18821
&RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
5(62/8&,Ï1 GH GH PDU]R GH GH OD 'LUHFFLyQ
*HQHUDO GH $UTXLWHFWXUD GH DFUHGLWDFLyQ GHO ODERUDWR
ULRGHFRQWUROGHFDOLGDGGHODHGLILFDFLyQ7&2*HRVFDQ
*HRWpFQLD 0HGLRDPELHQWDO \ &RQWURO GH &DOLGDG 6/
FRQ ODV UHIHUHQFLDV (+$% *7& \
*7/%>@
(O VHQ\RU (PLOLR 6DQFKLV /ORSLV HQ UHSUHVHQWDFLy GHO ODERUDWRUL
7&2 *HRVFDQ *HRWpFQLD 0HGLRDPELHQWDO \ &RQWURO GH &DOLGDG 6/
VROÂOLFLWDO¶DFUHGLWDFLyHQOHVjUHHVWqFQLTXHVTXHV¶LQGLTXHQHQODSUH
VHQWUHVROXFLy
/¶H[SHGLHQW G¶DFUHGLWDFLy V¶KD WUDPLWDW GH FRQIRUPL
WDWDPEOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV
$GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW $GPLQLVWUDWLX &RP~
PRGLILFDGD SHU OD /OHL GH GH JHQHU HO 'HFUHW /HJLVODWLX
GH GH IHEUHU GHO *RYHUQ 9DOHQFLj DFWXDOLW]DW SHU OD /OHL
GH GH GHVHPEUH GH 3UHVVXSRVWRV GH OD *HQHUDOLWDW SHU D
O¶H[HUFLFL L SHU PLWMj G¶HVWH V¶KD FRPSURYDW HO FRPSOLPHQW GHOV
UHTXLVLWV H[LJLWV SHO 'HFUHW GH GH MXQ\ GH &RQVHOO GH OD
*HQHUDOLWDW HO 5HLDO 'HFUHW GH G¶RFWXEUH O¶2UGH GH
GH IHEUHU GH GHO FRQVHOOHU G¶2EUHV 3~EOLTXHV 8UEDQLVPH L
7UDQVSRUWV OD 5HVROXFLy GH GH QRYHPEUH GH GHO GLUHFWRU
JHQHUDOG¶$UTXLWHFWXUDLOD5HVROXFLyGHG¶DEULOGHGHOGLUHF
WRUJHQHUDOG¶$UTXLWHFWXUD
(QYLUWXWG¶DL[zDSURSRVWDGHOD'LYLVLyGH4XDOLWDWHQO¶(GLILFD
FLyHVWD'LUHFFLy*HQHUDOUHVRO
'(PLOLR6DQFKLV/ORSLVHQUHSUHVHQWDFLyQGHO/DERUDWRULR7&2
*HRVFDQ*HRWpFQLD0HGLRDPELHQWDO\&RQWUROGH&DOLGDG6/VROLFLWD
ODDFUHGLWDFLyQHQODViUHDVWpFQLFDVTXHVHLQGLFDQHQODSUHVHQWHUHVR
OXFLyQ
(OH[SHGLHQWHGHDFUHGLWDFLyQVHKDWUDPLWDGRGHFRQIRU
PLGDG FRQ OD /H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR
GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR
&RP~QPRGLILFDGDSRUOD/H\GHGHGHHQHURHO'HFUHWR
/HJLVODWLYR GH GH IHEUHUR GHO *RELHUQR 9DOHQFLDQR DFWX
DOL]DGR SRU OD /H\ GH GH GLFLHPEUH GH 3UHVXSXHVWRV GH
OD*HQHUDOLWDWSDUDHOHMHUFLFLR\PHGLDQWHHOPLVPRVHKDFRP
SUREDGR HO FXPSOLPLHQWR GH ORV UHTXLVLWRV H[LJLGRV SRU HO 'HFUHWR
GH GH MXQLR GH &RQVHOO GH OD *HQHUDOLWDW 5HDO 'HFUHWR
GHGHRFWXEUH2UGHQGHIHEUHURGHGHOFRQVHOOHU
GH 2EUDV 3~EOLFDV 8UEDQLVPR \ 7UDQVSRUWHV 5HVROXFLyQ GH GH
QRYLHPEUHGHGHOGLUHFWRUJHQHUDOGH$UTXLWHFWXUD\5HVROXFLyQ
GHGHDEULOGHGHOGLUHFWRUJHQHUDOGH$UTXLWHFWXUD
(Q VX YLUWXG D SURSXHVWD GH OD 'LYLVLyQ GH &DOLGDG HQ OD (GLIL
FDFLyQHVWD'LUHFFLyQ*HQHUDOUHVXHOYH
3ULPHU
$FUHGLWDU HO ODERUDWRUL 7&2 *HRVFDQ *HRWpFQLD 0HGLRDPELHQWDO
\&RQWUROGH&DOLGDG6/DPEGRPLFLOLVRFLDOHQHOFDUUHUGHO3ODGHO
&RPWHG¶$OEDLGD9DOqQFLDHQOHVjUHHVWqFQLTXHVLDPEOHVUHIH
UqQFLHV
¬UHDGHFRQWUROGHOIRUPLJyHOVVHXVFRPSRQHQWVLGHOHVDUPDGX
UHVG¶DFHU$VVDMRVEjVLFV±(+$%
¬UHDGHVRQGHMRVSUHVDGHPRVWUHVLDVVDMRVLQVLWXSHUDUHFRQHL
[HPHQWVJHRWqFQLFV±*7&
± ¬UHD G¶DVVDMRV GH ODERUDWRUL GH JHRWqFQLD $VVDMRV EjVLFV
*7/%
3ULPHUR
$FUHGLWDUDO/DERUDWRULR7&2*HRVFDQ*HRWpFQLD0HGLRDPELHQWDO
\ &RQWURO GH &DOLGDG 6/ FRQ GRPLFLOLR VRFLDO HQ &DUUHU GHO 3Oi GHO
&RQGHGH$OEDLGD9DOHQFLDHQODViUHDVWpFQLFDV\FRQODVUHIHU
HQFLDV
$UHDGHFRQWUROGHOKRUPLJyQVXVFRPSRQHQWHV\GHODVDUPDGX
UDVGHDFHUR(QVD\RVEiVLFRV±(+$%
$UHDGHVRQGHRVWRPDGHPXHVWUDV\HQVD\RV³LQVLWX´SDUDUHFRQ
RFLPLHQWRVJHRWpFQLFRV±*7&
±$UHD GH HQVD\RV GH ODERUDWRULR GH JHRWpFQLD (QVD\RV EiVLFRV
*7/%
6HJRQ
/DSUHVHQWDFUHGLWDFLyWLQGUjYDOLGHVDSHUXQSHUtRGHGHFLQFDQ\V
FRPSWDGRUVDSDUWLUGHODGDWDGHODSUHVHQWUHVROXFLyLTXHGDVXSHGLWD
GDDOFRPSOLPHQWGHOHVFRQGLFLRQVHVWDEOLGHVHQHO'HFUHW
GHGHMXQ\GHO&RQVHOOGHOD*HQHUDOLWDWHO5HLDO'HFUHW
GHG¶RFWXEUHLO¶2UGHGHGHIHEUHUGHGHOFRQVHOOHUG¶2EUHV
3~EOLTXHV8UEDQLVPHL7UDQVSRUWVLHQSDUWLFXODUOHVLQGLFDGHVH[SUHV
VDPHQWHQO¶DUWLFOHGHOHVGLVSRVLFLRQVUHJXODGRUHVJHQHUDOVGHOPHQ
FLRQDW5HLDO'HFUHWLHQHOVDUWLFOHVLGHO'HFUHWGHGH
MXQ\
6HJXQGR
/D SUHVHQWH DFUHGLWDFLyQ WHQGUi YDOLGH] SRU XQ SHULRGR GH FLQFR
DxRV FRQWDGRV D SDUWLU GH OD IHFKD GH OD SUHVHQWH UHVROXFLyQ TXHGDQ
GR VXSHGLWDGD DO FXPSOLPLHQWR GH ODV FRQGLFLRQHV HVWDEOHFLGDV HQ HO
'HFUHWR GH GH MXQLR GHO &RQVHOO GH OD *HQHUDOLWDW 5HDO
'HFUHWRGHGHRFWXEUH\2UGHQGHIHEUHURGHGHO
FRQVHOOHUGH2EUDV3~EOLFDV8UEDQLVPR\7UDQVSRUWHV\HQSDUWLFXODU
ODVLQGLFDGDVH[SUHVDPHQWHHQHODUWtFXORžGHODV'LVSRVLFLRQHV5HJ
XODGRUDV*HQHUDOHVGHOPHQFLRQDGR5HDO'HFUHWR\HQORVDUWtFXORV\
GHO'HFUHWRGHGHMXQLR
7HUFHU
/HV LQVSHFFLRQV SHULzGLTXHV SHU D OD YHULILFDFLy GHO FRPSOLPHQW
GHOV UHTXLVLWV GH O¶DFUHGLWDFLy GXUDQW HO SHUtRGH GH YDOLGHVD GHOV FLQF
DQ\VOHVUHDOLW]DUDQHOVODERUDWRULVGHOHVVHFFLRQVGH&RQWUROGH4XD
OLWDW GH OD 'LUHFFLy *HQHUDO G¶$UTXLWHFWXUD DPE OD LQWHUYHQFLy G¶HQ
WLWDWV FROÂODERUDGRUHV SHU D OD UHDOLW]DFLy G¶DXGLWRULHV WqFQLTXHV L GH
TXDOLWDW GH FRQIRUPLWDW DPE HOV DUWLFOHV L GHO PHQFLRQDW 'HFUHW
GHGHMXQ\
/HVWD[HVGHO¶DFUHGLWDFLyLHOVFRVWRVGHO¶HQWLWDWFROÂODERUDGRUDVL
pVHOFDVKDXUDQGHVHUVDWLVIHWVSHOODERUDWRULGHFRQIRUPLWDWDPEHO
'HFUHW/HJLVODWLXGHIHEUHUGH*RYHUQ9DOHQFLjLOHVDFWX
DOLW]DFLRQVVXFFHVVLYHVLO¶DUWLFOHGHO'HFUHWGHGHMXQ\
GHO&RQVHOOGHOD*HQHUDOLWDW
7HUFHUR
/DVLQVSHFFLRQHVSHULyGLFDVSDUDODYHULILFDFLyQGHOFXPSOLPLHQWR
GHORVUHTXLVLWRVGHODDFUHGLWDFLyQGXUDQWHHOSHUtRGRGHYDOLGH]GHORV
FLQFRDxRVVHUHDOL]DUiQSRUORVODERUDWRULRVGHODV6HFFLRQHVGH&RQ
WURO GH &DOLGDG GH OD 'LUHFFLyQ *HQHUDO GH$UTXLWHFWXUD FRQ OD LQWHU
YHQFLyQ GH HQWLGDGHV FRODERUDGRUDV SDUD OD UHDOL]DFLyQ GH DXGLWRULDV
WpFQLFDV\GHFDOLGDGGHFRQIRUPLGDGFRQORVDUWtFXORV\GHOPHQ
FLRQDGR'HFUHWRGHGHMXQLR
/DVWDVDVGHODDFUHGLWDFLyQ\ORVFRVWHVGHODHQWLGDGFRODERUDGRUD
HQVXFDVRGHEHUiQVHUVDWLVIHFKRVSRUHOODERUDWRULRGHFRQIRUPLGDG
FRQHO'HFUHWR/HJLVODWLYRGHIHEUHURGHO*RELHUQR9DOHQFLDQR
\DFWXDOL]DFLRQHVVXFHVLYDV\HODUWLFXORGHO'HFUHWRGH
GHMXQLRGHO&RQVHOOGHOD*HQHUDOLWDW
Núm
5509 / 10.05.2007
18822
4XDUW
4XDOVHYRO YDULDFLy HQ OHV FRQGLFLRQV TXH VHUYLUHQ GH EDVH SHU D
O¶DFUHGLWDFLy GHO ODERUDWRUL KDXUj GH VHU FRPXQLFDGD D HVWD 'LUHFFLy
*HQHUDOHQHOPRPHQWHQTXqHVSURGXwVFD
&XDUWR
&XDOTXLHUYDULDFLyQHQODVFRQGLFLRQHVTXHVLUYLHUDQGHEDVHSDUD
ODDFUHGLWDFLyQGHO/DERUDWRULRGHEHUiVHUFRPXQLFDGDDHVWD'LUHFFLyQ
*HQHUDOHQHOPRPHQWRHQTXHVHSURGX]FD
&LQTXp
/DSUHVHQWUHVROXFLyHVFRPXQLFDUjDOD'LUHFFLy*HQHUDOG¶$UTXL
WHFWXUD L 3ROtWLFD G¶+DELWDWJH GHO 0LQLVWHUL G¶+DELWDWJH SHU D OD LQV
FULSFLyGHO¶DFUHGLWDFLyFRQFHGLGDDOODERUDWRULHQHO5HJLVWUH*HQHUDO
GH /DERUDWRULV G¶$VVDLJ$FUHGLWDWV DPE OHV UHIHUqQFLHV LQGLFDGHV HQ
O¶DSDUWDWSULPHU
&RQWUDHVWDUHVROXFLyTXHQRSRVDILDODYLDDGPLQLVWUDWLYDHVSRW
LQWHUSRVDU UHFXUV G¶DOoDGD GDYDQW GHO VHFUHWDUL DXWRQzPLF G¶,QIUDHV
WUXFWXUHV HQ HO WHUPLQL G¶XQ PHV FRPSWDGRU GHV GH OD VHXD QRWLILFD
FLyG¶DFRUGDPEHOTXHHVWDEOL[O¶DUWLFOHGHOD/OHLGH
GHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO
3URFHGLPHQW$GPLQLVWUDWLX &RP~ PRGLILFDGD SHU OD /OHL GH
GHJHQHU
/DSUHVHQWUHVROXFLyHVSXEOLFDUjHQHO'LDUL2ILFLDOGHOD&RPXQL
WDW9DOHQFLDQDSHUDFRQHL[HPHQWJHQHUDO
4XLQWR
/D SUHVHQWH UHVROXFLyQ VH FRPXQLFDUi D OD 'LUHFFLyQ *HQHUDO GH
$UTXLWHFWXUD\3ROtWLFDGH9LYLHQGDGHO0LQLVWHULRGH9LYLHQGDSDUDOD
LQVFULSFLyQGHODDFUHGLWDFLyQFRQFHGLGDDOODERUDWRULRHQHO5HJLVWUR
*HQHUDO GH /DERUDWRULRV GH (QVD\R$FUHGLWDGRV FRQ ODV UHIHUHQFLDV
LQGLFDGDVHQHODSDUWDGR3ULPHUR
&RQWUDHVWDUHVROXFLyQTXHQRSRQHILQDODYtDDGPLQLVWUDWLYDVH
SXHGHLQWHUSRQHUUHFXUVRGHDO]DGDDQWHHO6HFUHWDULR$XWRQyPLFRGH
,QIUDHVWUXFWXUDVHQHOSOD]RGHXQPHVFRQWDGRGHVGHVXQRWLILFDFLyQ
FRQIRUPHDORSUHYLVWRHQHODUWtFXORGHOD/H\GHGH
QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \
GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QPRGLILFDGDSRUOD/H\
GHGHHQHUR
/DSUHVHQWHUHVROXFLyQVHSXEOLFDUiHQHO'LDUL2ILFLDOGHOD&RPX
QLWDW9DOHQFLDQDSDUDFRQRFLPLHQWRJHQHUDO
9DOqQFLDGHPDUoGH±/DGLUHFWRUDJHQHUDOG¶$UTXLWHFWX
UD0ÈQJHOHV8UHxD*XLOOHP
9DOHQFLDGHPDU]RGH±/DGLUHFWRUDJHQHUDOGH$UTXLWHF
WXUD0$QJHOHV8UHxD*XLOOHP
Núm
5509 / 10.05.2007
&RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
5(62/8&,ÏGHGHPDUoGHGHOD'LUHFFLy*HQH
UDOG¶$UTXLWHFWXUDG¶DFUHGLWDFLyGHOODERUDWRULGHFRQWURO
GHTXDOLWDWGHO¶HGLILFDFLy6DPDUDH]&KHPLFDO&RQVXOWLQJ
6/DPEODUHIHUqQFLD*7/%>@
18823
&RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
5(62/8&,Ï1 GH GH PDU]R GH GH OD 'LUHFFLyQ
*HQHUDO GH $UTXLWHFWXUD GH DFUHGLWDFLyQ GHO ODERUDWRULR
GH FRQWURO GH FDOLGDG GH OD HGLILFDFLyQ 6DPDUDH] &KHPL
FDO &RQVXOWLQJ 6/ FRQ OD UHIHUHQFLD *7/%
>@
(O 6U (QULTXH $UiH] %ULHJDV HQ UHSUHVHQWDFLy GHO ODERUDWRUL
6DPDUDH] &KHPLFDO &RQVXOWLQJ 6/ VROÂOLFLWD O¶DFUHGLWDFLy HQ O¶jUHD
WqFQLFDTXHV¶LQGLFDHQHVWDUHVROXFLy
/¶H[SHGLHQW G¶DFUHGLWDFLy V¶KD WUDPLWDW GH FRQIRUPL
WDWDPEOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV
$GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW $GPLQLVWUDWLX &RP~
PRGLILFDGD SHU OD /OHL GH GH JHQHU SHO 'HFUHW /HJLVODWLX
GH GH IHEUHU GHO *RYHUQ 9DOHQFLj DFWXDOLW]DW SHU OD /OHL
GH GH GHVHPEUH GH 3UHVVXSRVWRV GH OD *HQHUDOLWDW SHU D
O¶H[HUFLFLLSHUPLWMjG¶HVWHV¶KDFRPSURYDWHOFRPSOLPHQWGHOV
UHTXLVLWV H[LJLWV SHO 'HFUHW GH GH MXQ\ GH &RQVHOO GH OD
*HQHUDOLWDW HO 5HLDO 'HFUHW GH G¶RFWXEUH O¶2UGH GH
IHEUHU GH GHO FRQVHOOHU G¶2EUHV 3~EOLTXHV 8UEDQLVPH L7UDQV
SRUWV OD 5HVROXFLy GH GH QRYHPEUH GH GHO GLUHFWRU JHQHUDO
G¶$UTXLWHFWXUDLOD5HVROXFLyGHG¶DEULOGHGHOGLUHFWRUJHQH
UDOG¶$UTXLWHFWXUD
(QYLUWXWG¶DL[zDSURSRVWDGHOD'LYLVLyGH4XDOLWDWHQO¶(GLILFD
FLyHVWD'LUHFFLy*HQHUDOUHVRO
' (QULTXH $UiH] %ULHJDV HQ UHSUHVHQWDFLyQ GHO /DERUDWRULR
6DPDUDH]&KHPLFDO&RQVXOWLQJ6/VROLFLWDODDFUHGLWDFLyQHQHOiUHD
WpFQLFDTXHVHLQGLFDHQODSUHVHQWHUHVROXFLyQ
(OH[SHGLHQWHGHDFUHGLWDFLyQVHKDWUDPLWDGRGHFRQIRU
PLGDG FRQ OD /H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR
GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR
&RP~QPRGLILFDGDSRUOD/H\GHGHHQHURHO'HFUHWR/HJ
LVODWLYRGHGHIHEUHURGHO*RELHUQR9DOHQFLDQRDFWXDOL]DGR
SRUOD/H\GHGHGLFLHPEUHGH3UHVXSXHVWRVGHOD*HQHU
DOLWDW SDUD HO HMHUFLFLR \ PHGLDQWH HO PLVPR VH KD FRPSUREDGR
HO FXPSOLPLHQWR GH ORV UHTXLVLWRV H[LJLGRV SRU HO 'HFUHWR GH GH MXQLR GH &RQVHOO GH OD *HQHUDOLWDW 5HDO 'HFUHWR GHGHRFWXEUH2UGHQGHIHEUHURGHGHOFRQVHOOHUGH2EUDV
3~EOLFDV8UEDQLVPR\7UDQVSRUWHV5HVROXFLyQGHGHQRYLHPEUHGH
GHOGLUHFWRUJHQHUDOGH$UTXLWHFWXUD\5HVROXFLyQGHGHDEULO
GHGHOGLUHFWRUJHQHUDOGH$UTXLWHFWXUD
(Q VX YLUWXG D SURSXHVWD GH OD 'LYLVLyQ GH &DOLGDG HQ OD (GLIL
FDFLyQHVWD'LUHFFLyQ*HQHUDOUHVXHOYH
3ULPHU
$FUHGLWDU HO ODERUDWRUL 6DPDUDH] &KHPLFDO &RQVXOWLQJ 6/ DPE
GRPLFLOLVRFLDODOFDUUHU$OEHUWR6ROVQ~P±3DUF,QGXVWULDOG¶(O[D
(O[$ODFDQWHQO¶jUHDWqFQLFDLDPEODUHIHUqQFLD
¬UHD G¶DVVDMRV GH ODERUDWRUL GH JHRWqFQLD $VVDMRV EjVLFV
*7/%
3ULPHUR
$FUHGLWDUDO/DERUDWRULR6DPDUDH]&KHPLFDO&RQVXOWLQJ6/FRQ
GRPLFLOLR VRFLDO HQ OD FDOOH$OEHUWR 6ROV Qž ± 3DUTXH ,QGXVWULDO GH
(OFKHHQ(OFKH$OLFDQWHHQHOiUHDWpFQLFD\FRQODUHIHUHQFLD
±$UHD GH HQVD\RV GH ODERUDWRULR GH JHRWpFQLD (QVD\RV EiVLFRV
*7/%
6HJRQ
(VWDDFUHGLWDFLyWLQGUjYDOLGHVDSHUXQSHUtRGHGHFLQFDQ\VFRPS
WDGRUVDSDUWLUGHODGDWDG¶HVWDUHVROXFLyLTXHGDVXSHGLWDGDDOFRP
SOLPHQWGHOHVFRQGLFLRQVHVWDEOLGHVHQHO'HFUHWGHWUHVGH
MXQ\GHO&RQVHOOGHOD*HQHUDOLWDWHQHO5HLDO'HFUHWGH
G¶RFWXEUHLHQO¶2UGHVLVGHIHEUHUGHGHOFRQVHOOHUG¶2EUHV
3~EOLTXHV 8UEDQLVPH L 7UDQVSRUWV L HQ SDUWLFXODU OHV LQGLFDGHV
H[SUHVVDPHQW HQ O¶DUWLFOH W GH OHV GLVSRVLFLRQV UHJXODGRUHV JHQHUDOV
GHOPHQFLRQDWUHLDOGHFUHWLHQHOVDUWLFOHVLGHO'HFUHWGH
GHMXQ\
6HJXQGR
/D SUHVHQWH DFUHGLWDFLyQ WHQGUi YDOLGH] SRU XQ SHULRGR GH FLQFR
DxRV FRQWDGRV D SDUWLU GH OD IHFKD GH OD SUHVHQWH UHVROXFLyQ TXHGDQ
GR VXSHGLWDGD DO FXPSOLPLHQWR GH ODV FRQGLFLRQHV HVWDEOHFLGDV HQ HO
'HFUHWRGHWUHVGHMXQLRGHO&RQVHOOGHOD*HQHUDOLWDW5HDO
'HFUHWRGHGHRFWXEUH\2UGHQVHLVGHIHEUHURGH
GHOFRQVHOOHUGH2EUDV3~EOLFDV8UEDQLVPR\7UDQVSRUWHV\HQSDUWLF
XODUODVLQGLFDGDVH[SUHVDPHQWHHQHODUWtFXORžGHODV'LVSRVLFLRQHV
5HJXODGRUDV*HQHUDOHVGHOPHQFLRQDGR5HDO'HFUHWR\HQORVDUWtFXORV
\GHO'HFUHWRGHGHMXQLR
7HUFHU
/HV LQVSHFFLRQV SHULzGLTXHV SHU D OD YHULILFDFLy GHO FRPSOLPHQW
GHOV UHTXLVLWV GH O¶DFUHGLWDFLy GXUDQW HO SHUtRGH GH YDOLGHVD GHOV FLQF
DQ\VHVUHDOLW]DUDQSHOVODERUDWRULVGHOHVVHFFLRQVGHFRQWUROGHTXDOL
WDWGHOD'LUHFFLy*HQHUDOG¶$UTXLWHFWXUDDPEODLQWHUYHQFLyG¶HQWLWDWV
FROÂODERUDGRUHVSHUDODUHDOLW]DFLyG¶DXGLWRULHVWqFQLTXHVLGHTXDOLWDW
GH FRQIRUPLWDW DPE HOV DUWLFOHV L GHO PHQFLRQDW 'HFUHW GHGHMXQ\
/HV WD[HV GH O¶DFUHGLWDFLy L HOV FRVWRV GH O¶HQWLWDW FROÂODERUDGRUD
VLpVHOFDVKDXUDQGHVHUVDWLVIHWVSHOODERUDWRULGHFRQIRUPLWDWDPE
HO'HFUHW/HJLVODWLXGHGHIHEUHUGHO*RYHUQ9DOHQFLjLOHV
DFWXDOLW]DFLRQVVXFFHVVLYHVLO¶DUWLFOHGHO'HFUHWGHGH
MXQ\GHO&RQVHOOGHOD*HQHUDOLWDW
7HUFHUR
/DVLQVSHFFLRQHVSHULyGLFDVSDUDODYHULILFDFLyQGHOFXPSOLPLHQWR
GHORVUHTXLVLWRVGHODDFUHGLWDFLyQGXUDQWHHOSHUtRGRGHYDOLGH]GHORV
FLQFRDxRVVHUHDOL]DUiQSRUORVODERUDWRULRVGHODV6HFFLRQHVGH&RQ
WURO GH &DOLGDG GH OD 'LUHFFLyQ *HQHUDO GH$UTXLWHFWXUD FRQ OD LQWHU
YHQFLyQ GH HQWLGDGHV FRODERUDGRUDV SDUD OD UHDOL]DFLyQ GH DXGLWRULDV
WpFQLFDV\GHFDOLGDGGHFRQIRUPLGDGFRQORVDUWtFXORV\GHOPHQ
FLRQDGR'HFUHWRGHGHMXQLR
/DV WDVDV GH OD DFUHGLWDFLyQ \ ORV FRVWHV GH OD HQWLGDG FRODERUD
GRUDHQVXFDVRGHEHUiQVHUVDWLVIHFKRVSRUHOODERUDWRULRGHFRQIRU
PLGDGFRQHO'HFUHWR/HJLVODWLYRGHGHIHEUHURGHO*RELHU
QR9DOHQFLDQR\DFWXDOL]DFLRQHVVXFHVLYDV\HODUWLFXORGHO'HFUHWR
GHGHMXQLRGHO&RQVHOOGHOD*HQHUDOLWDW
4XDUW
4XDOVHYRO YDULDFLy HQ OHV FRQGLFLRQV TXH VHUYLUHQ GH EDVH SHU D
O¶DFUHGLWDFLy GHO ODERUDWRUL KDXUj GH VHU FRPXQLFDGD D HVWD 'LUHFFLy
*HQHUDOHQHOPRPHQWHQTXqHVSURGXwVFD
&XDUWR
&XDOTXLHUYDULDFLyQHQODVFRQGLFLRQHVTXHVLUYLHUDQGHEDVHSDUD
ODDFUHGLWDFLyQGHO/DERUDWRULRGHEHUiVHUFRPXQLFDGDDHVWD'LUHFFLyQ
*HQHUDOHQHOPRPHQWRHQTXHVHSURGX]FD
&LQTXp
(VWDUHVROXFLyHVFRPXQLFDUjDOD'LUHFFLy*HQHUDOG¶$UTXLWHFWX
UDL3ROtWLFDGHO¶+DELWDWJHGHO0LQLVWHULGHO¶+DELWDWJHSHUDODLQV
4XLQWR
/D SUHVHQWH UHVROXFLyQ VH FRPXQLFDUi D OD 'LUHFFLyQ *HQHUDO GH
$UTXLWHFWXUD\3ROtWLFDGH9LYLHQGDGHO0LQLVWHULRGH9LYLHQGDSDUDOD
Núm
5509 / 10.05.2007
18824
FULSFLyGHO¶DFUHGLWDFLyFRQFHGLGDDOODERUDWRULHQHO5HJLVWUH*HQHUDO
GH /DERUDWRULV G¶$VVDLJ$FUHGLWDWV DPE OHV UHIHUqQFLHV LQGLFDGHV HQ
O¶DSDUWDWSULPHU
&RQWUD HVWD UHVROXFLy TXH QR SRVD IL D OD YLD DGPLQLVWUDWLYD HV
SRWLQWHUSRVDUUHFXUVG¶DOoDGDGDYDQWGHOVHFUHWDULDXWRQzPLFG¶,QIUD
HVWUXFWXUHV HQ HO WHUPLQL G¶XQ PHV FRPSWDGRU GHV GH OD QRWLILFDFLy
G¶DFRUGDPEHOTXHSUHYHXO¶DUWLFOHGHOD/OHLGHGH
QRYHPEUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO
3URFHGLPHQW$GPLQLVWUDWLX&RP~PRGLILFDGDSHUOD/OHLGH
GHJHQHU
(VWD UHVROXFLy HV SXEOLFDUj HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW
9DOHQFLDQDSHUTXqVH¶QSUHQJDFRQHL[HPHQW
LQVFULSFLyQGHODDFUHGLWDFLyQFRQFHGLGDDOODERUDWRULRHQHO5HJLVWUR
*HQHUDO GH /DERUDWRULRV GH (QVD\R$FUHGLWDGRV FRQ ODV UHIHUHQFLDV
LQGLFDGDVHQHODSDUWDGRSULPHUR
&RQWUDHVWDUHVROXFLyQTXHQRSRQHILQDODYtDDGPLQLVWUDWLYDVH
SXHGHLQWHUSRQHUUHFXUVRGHDO]DGDDQWHHO6HFUHWDULR$XWRQyPLFRGH
,QIUDHVWUXFWXUDVHQHOSOD]RGHXQPHVFRQWDGRGHVGHVXQRWLILFDFLyQ
FRQIRUPHDORSUHYLVWRHQHODUWtFXORGHOD/H\GHGH
QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \
GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QPRGLILFDGDSRUOD/H\
GHGHHQHUR
/DSUHVHQWHUHVROXFLyQVHSXEOLFDUiHQHO'LDUL2ILFLDOGHOD&RPX
QLWDW9DOHQFLDQDSDUDFRQRFLPLHQWRJHQHUDO
9DOqQFLDGHPDUoGH±/DGLUHFWRUDJHQHUDOG¶$UTXLWHFWX
UD0$QJHOHV8UHxD*XLOOHP
9DOHQFLDGHPDU]RGH±/DGLUHFWRUDJHQHUDOGH$UTXLWHF
WXUD0$QJHOHV8UHxD*XLOOHP
Núm
5509 / 10.05.2007
&RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
18825
&RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
5(62/8&,ÏGHPDUoGHGHOD'LUHFFLy*HQHUDO
G¶(QHUJLD SHU OD TXDO V¶DWRUJD D *DV 1DWXUDO 'LVWULEX
FLyQ6'*6$O¶DXWRULW]DFLyDGPLQLVWUDWLYDSHUDODFRQV
WUXFFLy GH OHV LQVWDOÂODFLRQV FRUUHVSRQHQWV DO JDVRGXFWH
GH JDV QDWXUDO GHQRPLQDW 5DPDO D &DVLQRV L OHV VHXHV
LQVWDO‡ODFLRQV DX[LOLDUV DO WHUPH PXQLFLSDO GH &DVLQRV
SURYtQFLD GH 9DOqQFLD V¶DSURYD HO SURMHFWH G¶H[HFXFLy L
HV GHFODUD HQ FRQFUHW OD VHXD XWLOLWDW S~EOLFD &%5('(
>@
5(62/8&,Ï1 GH GH PDU]R GH GH OD 'LUHFFLyQ
*HQHUDOGHSRUODTXHVHRWRUJDD*DV1DWXUDO'LVWULEX
FLyQ 6'* 6$ DXWRUL]DFLyQ DGPLQLVWUDWLYD SDUD OD FRQV
WUXFFLyQGHODVLQVWDODFLRQHVFRUUHVSRQGLHQWHVDOJDVRGXF
WR GH JDV QDWXUDO GHQRPLQDGR ³5DPDO D &DVLQRV´ \ VXV
LQVWDODFLRQHVDX[LOLDUHVTXHGLVFXUUHtQWHJUDPHQWHSRUHO
WpUPLQR PXQLFLSDO GH &DVLQRV SURYLQFLD GH 9DOHQFLD OD
DSUREDFLyQGHOSUR\HFWRGHHMHFXFLyQ\ODGHFODUDFLyQHQ
FRQFUHWRGHXWLOLGDGS~EOLFD>@
9LVW O¶H[SHGLHQW DPE UHIHUqQFLD &%5('( LQFRDW SHO
6HUYLFL 7HUULWRULDO G¶(QHUJLD GH 9DOqQFLD GH OD FRQVHOOHULD G¶,QIUDHV
WUXFWXUHVL7UDQVSRUWDLQVWjQFLHVGHO¶HPSUHVD*DV1DWXUDO'LVWULEX
FLyQ 6'* 6$ DPE GRPLFLOL D O¶HIHFWH GH QRWLILFDFLRQV D 9DOqQFLD
*UDYDGRU (VWHYH &3 UHODWLX D OD VROÂOLFLWXG GH GDWD GH
IHEUHUGHVREUHO¶DXWRULW]DFLyDGPLQLVWUDWLYDSHUDODFRQVWUXFFLy
GHOHVLQVWDOÂODFLRQVFRUUHVSRQHQWVDOJDVRGXFWHGHJDVQDWXUDOGHQRPL
QDW 5DPDO D &DVLQRV L OHV VHXHV LQVWDOÂODFLRQV DX[LOLDUV TXH GLVFRUUH
tQWHJUDPHQW SHO WHUPH PXQLFLSDO GH &DVLQRV SURYtQFLD GH 9DOqQFLD
O¶DSURYDFLyGHOSURMHFWHG¶H[HFXFLyLODGHFODUDFLyHQFRQFUHWG¶XWLOLWDW
S~EOLFD
6¶DGMXQWDO¶H[HPSODUGHOSURMHFWHILUPDWSHUO¶HQJLQ\HUGHO¶,&$,
6U0DQXHO6DQWRV3pUH]LYLVDWSHO&ROÂOHJL1DFLRQDOG¶(QJLQ\HUVGH
O¶,&$,DPEGDWDGHQRYHPEUHGH
9LVWTXHV¶KDUHDOLW]DWODLQIRUPDFLyS~EOLFDDTXqHVIDUHIHUqQFLD
HQOD/OHLGHG¶RFWXEUHGHO6HFWRUG¶+LGURFDUEXUVLHQHO
5HLDO 'HFUHW GH GH GHVHPEUH SHO TXDO HV UHJXOHQ OHV
DFWLYLWDWV GH WUDQVSRUW GLVWULEXFLy FRPHUFLDOLW]DFLy VXEPLQLVWUDPHQW
LSURFHGLPHQWVG¶DXWRULW]DFLyG¶LQVWDOÂODFLRQVGHJDVQDWXUDOSHUPLWMj
G¶DQXQFLV HQ HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD GH9DOqQFLD HOGLD
G¶DJRVWGHHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDGH
GHVHWHPEUHGHHQHOVGLDULVGHSUHPVD/D5D]yQL$%&GHOGLD
GH VHWHPEUH GH L HQ HO WDXOHU G¶DQXQFLV GH O¶$MXQWDPHQW GH
&DVLQRV~QLFDIHFWDWSHOSURMHFWHGHODLQVWDOÂODFLy
9LVWR HO H[SHGLHQWH FRQ UHIHUHQFLD &%5('( LQFRDGR
SRUHO6HUYLFLR7HUULWRULDOGH(QHUJtDGH9DOHQFLDGHODFRQVHOOHULDGH
,QIUDHVWUXFWXUDV \ 7UDQVSRUWH D LQVWDQFLD GH OD HPSUHVD *DV 1DWXUDO
'LVWULEXFLyQ6'*6$FRQGRPLFLOLRDHIHFWRVGHQRWLILFDFLRQHVHQ
9DOHQFLD *UDEDGRU (VWHYH &3 UHODWLYR D OD VROLFLWXG GH
IHFKD GH IHEUHUR GH VREUH DXWRUL]DFLyQ DGPLQLVWUDWLYD SDUD OD
FRQVWUXFFLyQGHODVLQVWDODFLRQHVFRUUHVSRQGLHQWHVDOJDVRGXFWRGHJDV
QDWXUDOGHQRPLQDGR³5DPDOD&DVLQRV´\VXVLQVWDODFLRQHVDX[LOLDUHV
TXH GLVFXUUH tQWHJUDPHQWH SRU HO WpUPLQR PXQLFLSDO GH &DVLQRV SUR
YLQFLDGH9DOHQFLDODDSUREDFLyQGHOSUR\HFWRGHHMHFXFLyQ\ODGHFOD
UDFLyQHQFRQFUHWRGHXWLOLGDGS~EOLFD
6H DGMXQWD HMHPSODU GHO SUR\HFWR ILUPDGR SRU HO ,QJHQLHUR GHO
,&$, ' 0DQXHO 6DQWRV 3pUH] \ YLVDGR SRU HO &ROHJLR 1DFLRQDO GH
,QJHQLHURVGHO,&$,HQIHFKDGHQRYLHPEUHGH
5HVXOWDQGR TXH VH KD UHDOL]DGR OD LQIRUPDFLyQ S~EOLFD D TXH
VH KDFH UHIHUHQFLD HQ OD /H\ GH GH RFWXEUH GHO VHFWRU GH
KLGURFDUEXURV\HQHO5HDO'HFUHWRGHGHGLFLHPEUHSRU
HOTXHVHUHJXODQODVDFWLYLGDGHVGHWUDQVSRUWHGLVWULEXFLyQFRPHUFL
DOL]DFLyQ VXPLQLVWUR \ SURFHGLPLHQWRV GH DXWRUL]DFLyQ GH LQVWDODFLR
QHVGHJDVQDWXUDOPHGLDQWHDQXQFLRVHQHO%ROHWtQ2ILFLDOGHOD3UR
YLQFLDGH9DOHQFLDHOGtDGHDJRVWRGHHQHO'LDUL2ILFLDOGH
OD&RPXQLWDW9DOHQFLDQDGHOGHVHSWLHPEUHGHHQORVGLDULRV
GHSUHQVD³/D5D]yQ´\³$%&´GHOGtDGHVHSWLHPEUHGH\HQ
HOWDEOyQGHDQXQFLRVGHO$\XQWDPLHQWRGH&DVLQRV~QLFRDIHFWDGRSRU
HOSUR\HFWRGHODLQVWDODFLyQ
6HJ~QFRQVWDHQHOH[SHGLHQWHUHPLWLGRQRVHKDQSUHVHQWDGRDOH
JDFLRQHVDODSHWLFLyQHIHFWXDGD
5HVXOWDQGRTXHGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV
\ GHO 5HDO 'HFUHWR VH UHPLWLy VHSDUDWD GHO SUR\HF
WRWpFQLFRFRQWHQLHQGRODVFDUDFWHUtVWLFDVJHQHUDOHVGHODLQVWDODFLyQ
DO$\XQWDPLHQWR GH &DVLQRV D ORV HIHFWRV GH HVWDEOHFHU HO RSRUWXQR
FRQGLFLRQDGRWpFQLFRHLJXDOPHQWH\GHDFXHUGRFRQORGLVSXHVWRHQ
OD /H\ GH GH GLFLHPEUH GH 0HGLGDV )LVFDOHV GH *HV
WLyQ$GPLQLVWUDWLYD \ )LQDQFLHUD \ GH 2UJDQL]DFLyQ GH OD *HQHUDOL
WDW9DOHQFLDQD VROLFLWXG GH LQIRUPH VREUH OD DGDSWDFLyQ GHO SUR\HFWR
UHPLWLGRDOSODQHDPLHQWRXUEDQtVWLFRGHDSOLFDFLyQ
'H DFXHUGR FRQ OD GRFXPHQWDFLyQ TXH REUD HQ HO H[SHGLHQWH QR
ILJXUDFRQWHVWDFLyQDODUHIHULGDSHWLFLyQSHVHDODUHLWHUDFLyQHIHFWXD
GDSRUHO6HUYLFLR7HUULWRULDOGH(QHUJtDGH9DOHQFLD
5HVXOWDQGR TXH SRU 5HVROXFLyQ GH HVWD FRQVHOOHULD GH ,QIUDHV
WUXFWXUDV\7UDQVSRUWHGHIHFKDGHVHSWLHPEUHGHH[SHGLHQWH
&%5('(VHRWRUJyD*DV1DWXUDO'LVWULEXFLyQ6'*6$
DXWRUL]DFLyQDGPLQLVWUDWLYDSDUDODFRQVWUXFFLyQGHOJDVRGXFWR³/OLULD
9LOODU GHO$U]RELVSR´ \ VXV LQVWDODFLRQHV DX[LOLDUHV HQ ORV WpUPLQRV
PXQLFLSDOHVGH/OLULD'RPHxR&DVLQRV\9LOODUGHO$U]RELVSRHQOD
SURYLQFLDGH9DOHQFLDVHDSUREyHOSUR\HFWRGHHMHFXFLyQ\VHGHFODUy
HQFRQFUHWRVXXWLOLGDGS~EOLFD
5HVXOWDQGRTXH*DV1DWXUDO'LVWULEXFLyQ6'*6$VHHQFXHQWUD
LQVFULWDGHILQLWLYDPHQWHHQOD6HFFLyQ3ULPHUDGHO5HJLVWUR$GPLQLV
WUDWLYRGH'LVWULEXLGRUHV&RPHUFLDOL]DGRUHV\&RQVXPLGRUHV&XDOLIL
FDGRVFRQiPELWRGHDFWXDFLyQQDFLRQDO
5HVXOWDQGRTXHGHDFXHUGRFRQODVROLFLWXGGH*DV1DWXUDO'LVWUL
EXFLyQ6'*6$\HOSUR\HFWRSUHVHQWDGRODILQDOLGDGTXHVHSHU
VLJXHFRQODFRQVWUXFFLyQGHHVWDLQVWDODFLyQHVGRWDUGHLQIUDHVWUXFWXUD
JDVLVWD FRPR HQHUJtD DOWHUQDWLYD IDFLOLWDU HO GHVDUUROOR LQGXVWULDO OD
6HJRQV FRQVWD HQ O¶H[SHGLHQW UHPpV QR V¶KDQ SUHVHQWDW
DOÂOHJDFLRQVDODSHWLFLyHIHFWXDGD
9LVWTXHGHFRQIRUPLWDWDPEHOTXHHVWDEOL[HQHOVDUWLFOHVL
GHO5HLDO'HFUHWVHYDUHPHWUHVHSDUDWDGHOSURMHFWHWqFQLF
TXHFRQWHQLDOHVFDUDFWHUtVWLTXHVJHQHUDOVGHODLQVWDOÂODFLyDO¶$MXQWD
PHQWGH&DVLQRVDO¶HIHFWHG¶HVWDEOLUOHVRSRUWXQHVFRQGLFLRQVWqFQL
TXHVLLJXDOPHQWLG¶DFRUGDPEHOTXHGLVSRVDOD/OHLGH
GHGHVHPEUHGH0HVXUHV)LVFDOVGH*HVWLy$GPLQLVWUDWLYDL)LQDQFH
UDLG¶2UJDQLW]DFLyGHOD*HQHUDOLWDW9DOHQFLDQDVROÂOLFLWXGG¶LQIRUPH
VREUHO¶DGDSWDFLyGHOSURMHFWHUHPpVDOSODQHMDPHQWXUEDQtVWLFG¶DSOL
FDFLy
'¶DFRUG DPE OD GRFXPHQWDFLy TXH REUD HQ O¶H[SHGLHQW QR ILJXUD
FRQWHVWDFLyDODUHIHULGDSHWLFLyDSHVDUGHODUHLWHUDFLyHIHFWXDGDSHO
6HUYLFL7HUULWRULDOG¶(QHUJLDGH9DOqQFLD
9LVWTXHSHU5HVROXFLyG¶HVWDFRQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQV
SRUWGHGDWDGHVHWHPEUHGHH[SHGLHQW&%5('(
HV YD DWRUJDU D *DV 1DWXUDO 'LVWULEXFLyQ 6'* 6$ O¶DXWRULW]DFLy
DGPLQLVWUDWLYD SHU D OD FRQVWUXFFLy GHO JDVRGXFWH /OtULD9LOODU GHO
$U]RELVSR L OHV VHXHV LQVWDOÂODFLRQV DX[LOLDUV DOV WHUPHV PXQLFLSDOV
GH /OtULD 'RPHxR &DVLQRV L 9LOODU GHO$U]RELVSR D OD SURYtQFLD GH
9DOqQFLDHVYDDSURYDUHOSURMHFWHG¶H[HFXFLyLHVYDGHFODUDUHQFRQ
FUHWODVHXDXWLOLWDWS~EOLFD
9LVWTXH*DV1DWXUDO'LVWULEXFLyQ6'*6$HVWUREDLQVFULWDGHIL
QLWLYDPHQW HQ OD VHFFLy SULPHUD GHO 5HJLVWUH$GPLQLVWUDWLX GH 'LVWUL
EXwGRUV &RPHUFLDOLW]DGRUV L &RQVXPLGRUV 4XDOLILFDWV DPE jPELW
G¶DFWXDFLyQDFLRQDO
9LVW TXH G¶DFRUG DPE OD VROÂOLFLWXG GH *DV 1DWXUDO 'LVWULEXFLyQ
6'*6$LHOSURMHFWHSUHVHQWDWODILQDOLWDWTXHHVSHUVHJXL[DPEOD
FRQVWUXFFLy G¶HVWD LQVWDOÂODFLy pV GRWDU G¶LQIUDHVWUXFWXUD JDVLVWD FRP
DHQHUJLDDOWHUQDWLYDIDFLOLWDUHOGHVHQYROXSDPHQWLQGXVWULDOODGLYHU
Núm
5509 / 10.05.2007
VLILFDFLyHQHUJqWLFDLODPLOORUDHQHOVXEPLQLVWUDPHQWSHUDHL[D]RQD
JHRJUjILFD
9LVW TXH HO SURMHFWH SUHVHQWD XQ WUDoDW SOHQDPHQW FRQFUHWDW Wp
HQWUH OD VHXD GRFXPHQWDFLy HOV SODQV SHUWLQHQWV D HVFDOD DGHTXDGD
HVWj SURX GHWDOODW L FRQWp XQD UHODFLy FRQFUHWD L LQGLYLGXDOLW]DGD GHOV
EpQVLGUHWVDIHFWDWV
9LVWTXHHO6HUYLFL7HUULWRULDOG¶(QHUJLDGH9DOqQFLDHQFDUUHJDWGH
OD LQVWUXFFLy GH O¶H[SHGLHQW GH VROÂOLFLWXG KD LQIRUPDW IDYRUDEOHPHQW
HVWD
$WpV TXH HO SURMHFWH GLVSRVD G¶XQD GHILQLFLy L FRQFUHFLy GH OHV
FDUDFWHUtVWLTXHVWqFQLTXHVLGHWUDoDWTXHJDUDQWL[HQODPpVVHJXUHWDWL
PLOORUIXQFLRQDOLWDWGHOJDVRGXFWHLVyQHVWRVHOVSDUjPHWUHVTXHFRQ
GLFLRQHQ L REOLJXHQ SULQFLSDOPHQW D DGRSWDU XQ WUDoDW DPE LQGHSHQ
GqQFLDGHOHVDIHFFLRQVTXHDWHUFHUVSXJXHQUHSUHVHQWDULDL[zVHQVH
SHUMXtG¶LQGHPQLW]DUDGHTXDGDPHQWHVWHV
$WpVTXHODSUHVHQWDXWRULW]DFLyHQFDSFDVHVFRQFHGL[DPEGUHWV
H[FOXVLXV G¶~V WDO FRP LQGLFD O¶DUWLFOH GH OD /OHL GH G¶RFWXEUHGHO6HFWRUG¶+LGURFDUEXUVPRGLILFDWSHUO¶DUWLFOHYLQWLKXLW
GHO5HLDO'HFUHW/OHLG¶GHPDUoGHUHIRUPHVXUJHQWVSHUD
O¶LPSXOVGHODSURGXFWLYLWDWLSHUDODPLOORUDGHODFRQWUDFWDFLyS~EOL
FD
$WpV TXH O¶DUWLFOH GHO 5HLDO 'HFUHW GH GH
GHVHPEUH HVWDEOL[ TXH OHV DXWRULW]DFLRQV D TXq HV UHIHUL[ HO SUHVHQW
WtWRO VHUDQ DWRUJDGHV VHQVH SHUMXt GH OHV FRQFHVVLRQV L DXWRULW]DFLRQV
TXH VLJXHQ QHFHVVjULHV G¶DFRUG DPE DOWUHV GLVSRVLFLRQV TXH UHVXOWHQ
DSOLFDEOHV L HQ HVSHFLDO OHV UHODWLYHV D O¶RUGHQDFLy GHO WHUULWRUL L DO
PHGLDPELHQW
$WpVTXHV¶KDQFRPSOLWHOVWUjPLWVHVWDEOLWVHQHOWtWRO,9GHO5HLDO
'HFUHWGHGHGHVHPEUHSHOTXDOHVUHJXOHQOHVDFWLYLWDWV
GHWUDQVSRUWGLVWULEXFLyFRPHUFLDOLW]DFLyVXEPLQLVWUDPHQWLSURFHGL
PHQWVG¶DXWRULW]DFLyG¶LQVWDOÂODFLRQVGHJDVQDWXUDO
$WpVTXHOD'LUHFFLy*HQHUDOG¶(QHUJLDpVFRPSHWHQWSHUDODUHVR
OXFLyGHOSUHVHQWH[SHGLHQWG¶DFRUGDPEHOTXHGLVSRVDO¶DUWLFOHGHO
'HFUHWG¶G¶RFWXEUHGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDO
V¶DSURYDHO5HJODPHQW2UJjQLFL)XQFLRQDOGHODFRQVHOOHULDG¶,QIUDHV
WUXFWXUHVL7UDQVSRUW
(VWD'LUHFFLy*HQHUDOG¶(QHUJLDUHVRO
, $WRUJDU DXWRULW]DFLy DGPLQLVWUDWLYD D O¶HPSUHVD *DV 1DWXUDO
'LVWULEXFLyQ6'*6$SHUDODFRQVWUXFFLyGHOHVLQVWDOÂODFLRQVFRU
UHVSRQHQWV DO JDVRGXFWH GH JDV QDWXUDO GHQRPLQDW 5DPDO D &DVLQRV L
OHV VHXHV LQVWDOÂODFLRQV DX[LOLDUV DO WHUPH PXQLFLSDO GH &DVLQRV D OD
SURYtQFLDGH9DOqQFLD
/DSUHVHQWDXWRULW]DFLyTXHGDUjVRWPHVDDOHVFRQGLFLRQVTXHILJX
UHQDFRQWLQXDFLy
3ULPHUD(OWLWXODUGHODLQVWDOÂODFLyFRQVWLWXLUjHQHOWHUPLQLG¶XQ
PHVXQDJDUDQWLDSHUYDORUGHHXURVLPSRUWGHOGRVSHUFHQW
GHOSUHVVXSRVWGHOHVLQVWDOÂODFLRQVDIHFWDGHVTXHILJXUDHQO¶H[SHGLHQW
GH VROÂOLFLWXG SHU D JDUDQWLU HO FRPSOLPHQW GH OHV VHXHV REOLJDFLRQV
VHJRQV DVVHQ\DOD O¶DUWLFOH GHO 5HLDO 'HFUHW GH GH
GHVHPEUHUHJXODGRUGHOHVDFWLYLWDWVGHWUDQVSRUWGLVWULEXFLyFRPHU
FLDOLW]DFLy VXEPLQLVWUDPHQW L SURFHGLPHQWV G¶DXWRULW]DFLy G¶LQVWDO
ODFLRQVGHJDVQDWXUDO/DGLWDILDQoDHVFRQVWLWXLUjHQOD7UHVRUHULDGHO
6HUYLFL7HUULWRULDOGH9DOqQFLDGHODFRQVHOOHULDG¶(FRQRPLD+LVHQGDL
2FXSDFLyGHFRQIRUPLWDWDPEO¶2UGHGHGHIHEUHUGHLO¶2UGH
GH GH GHVHPEUH GH GH OD FRQVHOOHULD G¶(FRQRPLD L +LVHQGD
SHUODTXDOHVUHJXODHOSURFHGLPHQWGHFRQVWLWXFLyLGHYROXFLyGHILDQ
FHV /D ILDQoD VHUj WRUQDGD DO WLWXODU GH OD SUHVHQW DXWRULW]DFLy GHV
SUpVGHODVHXDVROÂOLFLWXGSUqYLDXQDYHJDGDTXHHO6HUYLFL7HUULWRUL
DOG¶(QHUJLDGH9DOqQFLDIRUPDOLW]HO¶DFWDGHSRVDGDHQPDU[DGHOHV
LQVWDOÂODFLRQVDTXqHVUHIHUL[ODSUHVHQWUHVROXFLyLO¶LQWHUHVVDWMXVWLIL
TXHHOFRPSOLPHQWGHOHVREOLJDFLRQVGHULYDGHVGHODSUHVHQWDXWRULW
]DFLy
6HJRQD/D&RPSDQ\LD*DV1DWXUDO'LVWULEXFLyQ6'*6$FRP
SOLUj OHV REOLJDFLRQV TXH HVWULFWDPHQW V¶DVVHQ\DOHQ HQ O¶DUWLFOH 2EOLJDFLRQVGHOVGLVWULEXwGRUVGHJDVQDWXUDOLHQHOSXQWGHO¶DUWLFOH
2EOLJDFLRQV L GUHWV GHOV GLVWULEXwGRUV L FRPHUFLDOLW]DGRUV HQ UHOD
FLy DPE HO VXEPLQLVWUDPHQW GH OD /OHL GH G¶RFWXEUH GHO
6HFWRUG¶+LGURFDUEXUVDL[tFRPHQHOSXQWGHO¶DUWLFOHGHO5HLDO
18826
GLYHUVLILFDFLyQ HQHUJpWLFD \ OD PHMRUD HQ HO VXPLQLVWUR SDUD HVD ]RQD
JHRJUiILFD
5HVXOWDQGR TXH HO SUR\HFWR SUHVHQWD XQ WUD]DGR SOHQDPHQWH FRQ
FUHWDGR FXHQWD HQWUH VX GRFXPHQWDFLyQ FRQ ORV SODQRV SHUWLQHQWHV D
HVFDOD DGHFXDGD HVWi VXILFLHQWHPHQWH GHWDOODGR \ FRQWLHQH XQD UHOD
FLyQFRQFUHWDHLQGLYLGXDOL]DGDGHORVELHQHV\GHUHFKRVDIHFWDGRV
5HVXOWDQGR TXH HO 6HUYLFLR 7HUULWRULDO GH (QHUJtD GH 9DOHQFLD
HQFDUJDGRGHODLQVWUXFFLyQGHOH[SHGLHQWHGHVROLFLWXGKDLQIRUPDGR
IDYRUDEOHPHQWHODPLVPD
&RQVLGHUDQGR TXH HO SUR\HFWR UH~QH XQD GHILQLFLyQ \ FRQFUHFLyQ
GH ODV FDUDFWHUtVWLFDV WpFQLFDV \ GH WUD]DGR TXH JDUDQWL]DQ OD PD\RU
VHJXULGDG\PHMRUIXQFLRQDOLGDGGHOJDVRGXFWRVLHQGRpVWRVORVSDUi
PHWURVTXHFRQGLFLRQDQ\REOLJDQSULQFLSDOPHQWHDDGRSWDUXQWUD]DGR
FRQLQGHSHQGHQFLDGHODVDIHFFLRQHVTXHDWHUFHURVSXHGDQUHSUHVHQWDU
\HOORVLQSHUMXLFLRGHLQGHPQL]DUDGHFXDGDPHQWHODVPLVPDV
&RQVLGHUDQGR TXH OD SUHVHQWH DXWRUL]DFLyQ HQ QLQJ~Q FDVR VH
FRQFHGHFRQGHUHFKRVH[FOXVLYRVGHXVRWDO\FRPRLQGLFDHODUWtFX
OR GH OD /H\ GH GH RFWXEUH GHO 6HFWRU GH +LGURFDUEX
URVPRGLILFDGRSRUHO$UWtFXORYLJpVLPRRFWDYRGHO5HDO'HFUHWR/H\
GHGHPDU]RGHUHIRUPDVXUJHQWHVSDUDHOLPSXOVRGHODSUR
GXFWLYLGDG\SDUDODPHMRUDGHODFRQWUDWDFLyQS~EOLFD
&RQVLGHUDQGRTXHHODUWtFXORGHO5HDO'HFUHWRGH
GHGLFLHPEUHHVWDEOHFHTXHODVDXWRUL]DFLRQHVDODVTXHVHUHILHUH
HO SUHVHQWH7tWXOR VHUiQ RWRUJDGDV VLQ SHUMXLFLR GH ODV FRQFHVLRQHV \
DXWRUL]DFLRQHVTXHVHDQQHFHVDULDVGHDFXHUGRFRQRWUDVGLVSRVLFLRQHV
TXHUHVXOWHQDSOLFDEOHV\HQHVSHFLDOODVUHODWLYDVDODRUGHQDFLyQGHO
WHUULWRULR\DOPHGLRDPELHQWH
&RQVLGHUDQGRTXHVHKDQFXPSOLGRORVWUiPLWHVHVWDEOHFLGRVHQHO
7tWXOR,9GHO5HDO'HFUHWRGHGHGLFLHPEUHSRUHOTXH
VH UHJXODQ ODV DFWLYLGDGHV GH WUDQVSRUWH GLVWULEXFLyQ FRPHUFLDOL]D
FLyQVXPLQLVWUR\SURFHGLPLHQWRVGHDXWRUL]DFLyQGHLQVWDODFLRQHVGH
JDVQDWXUDO
&RQVLGHUDQGRTXHOD'LUHFFLyQ*HQHUDOGH(QHUJtDHVFRPSHWHQWH
SDUDOD5HVROXFLyQGHOSUHVHQWHH[SHGLHQWHGHDFXHUGRFRQORGLVSX
HVWRHQHODUWtFXORGHO'HFUHWRGHGHRFWXEUHGHO&RQ
VHOOGHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO5HJODPHQWR2UJiQLFR\
)XQFLRQDOGHODFRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
(VWD'LUHFFLyQ*HQHUDOGH(QHUJtDUHVXHOYH
, 2WRUJDU DXWRUL]DFLyQ DGPLQLVWUDWLYD D OD HPSUHVD *DV 1DWXUDO
'LVWULEXFLyQ 6'* 6$ SDUD OD FRQVWUXFFLyQ GH ODV LQVWDODFLRQHV
FRUUHVSRQGLHQWHV DO JDVRGXFWR GH JDV QDWXUDO GHQRPLQDGR ³5DPDO D
&DVLQRV´ \ VXV LQVWDODFLRQHV DX[LOLDUHV HQ HO WpUPLQR PXQLFLSDO GH
&DVLQRVHQODSURYLQFLDGH9DOHQFLD
/D SUHVHQWH DXWRUL]DFLyQ TXHGDUi VRPHWLGD D ODV FRQGLFLRQHV TXH
ILJXUDQDFRQWLQXDFLyQ
3ULPHUD (O WLWXODU GH OD LQVWDODFLyQ FRQVWLWXLUi HQ HO SOD]R GH XQ
PHV XQD JDUDQWtD SRU YDORU GH HXURV LPSRUWH GHO GRV SRU
FLHQWRGHOSUHVXSXHVWRGHODVLQVWDODFLRQHVDIHFWDGDVTXHILJXUDHQHO
H[SHGLHQWHGHVROLFLWXGSDUDJDUDQWL]DUHOFXPSOLPLHQWRGHVXVREOLJD
FLRQHVFRQIRUPHVHxDODHODUWtFXORGHO5HDO'HFUHWR
GHGHGLFLHPEUHUHJXODGRUGHODVDFWLYLGDGHVGHWUDQVSRUWHGLVWUL
EXFLyQ FRPHUFLDOL]DFLyQ VXPLQLVWUR \ SURFHGLPLHQWRV GH DXWRUL
]DFLyQGHLQVWDODFLRQHVGHJDVQDWXUDO'LFKDILDQ]DVHFRQVWLWXLUiHQ
OD 7HVRUHUtD GHO 6HUYLFLR 7HUULWRULDO GH 9DOHQFLD GH OD FRQVHOOHULD GH
(FRQRPtD+DFLHQGD\(PSOHRGHFRQIRUPLGDGFRQOD2UGHQGHGH
IHEUHURGH\2UGHQGHGHGLFLHPEUHGHGHODFRQVHOOH
ULDGH(FRQRPtD\+DFLHQGDSRUODTXHVHUHJXODHOSURFHGLPLHQWRGH
FRQVWLWXFLyQ\GHYROXFLyQGHILDQ]DV/DILDQ]DVHUiGHYXHOWDDOWLWXODU
GHODSUHVHQWHDXWRUL]DFLyQSUHYLDVXVROLFLWXGXQDYH]TXHHO6HUYL
FLR 7HUULWRULDO GH (QHUJtD GH 9DOHQFLD IRUPDOLFH HO DFWD GH SXHVWD HQ
PDUFKDGHODVLQVWDODFLRQHVDTXHVHUHILHUHODSUHVHQWHUHVROXFLyQ\HO
LQWHUHVDGRMXVWLILTXHHOFXPSOLPLHQWRGHODVREOLJDFLRQHVGHULYDGDVGH
ODSUHVHQWHDXWRUL]DFLyQ
6HJXQGD /D &RPSDxtD *DV 1DWXUDO 'LVWULEXFLyQ 6'* 6$
FXPSOLUiFRQODVREOLJDFLRQHVTXHHVWULFWDPHQWHVHVHxDODQHQHODUWt
FXOR ³2EOLJDFLRQHV GH ORV GLVWULEXLGRUHV GH JDV QDWXUDO´ \ HQ HO
SXQWR GHO DUWtFXOR ³2EOLJDFLRQHV \ GHUHFKRV GH ORV 'LVWULEXLGR
UHV\&RPHUFLDOL]DGRUHVHQUHODFLyQDOVXPLQLVWUR´GHOD/H\
GHGHRFWXEUHGHO6HFWRUGH+LGURFDUEXURVDVtFRPRHQHOSXQWR
Núm
5509 / 10.05.2007
'HFUHWGHGHGHVHPEUHSHOTXDOHVUHJXOHQOHVDFWLYL
WDWVGHWUDQVSRUWGLVWULEXFLyFRPHUFLDOLW]DFLyVXEPLQLVWUDPHQWLSUR
FHGLPHQWV G¶DXWRULW]DFLy G¶LQVWDOÂODFLRQV GH JDV QDWXUDO (Q HVSHFLDO
HVWDUjREOLJDGDDSURFHGLUDO¶DPSOLDFLyGHOHVLQVWDOÂODFLRQVGHGLVWUL
EXFLyHQO¶jPELWJHRJUjILFGHODVHXDDXWRULW]DFLyTXDQVLJDQHFHVVDUL
DWHQGUH QRYHV GHPDQGHV GH VXEPLQLVWUDPHQW GH JDV VHQVH SHUMXt GHO
TXH UHVXOWH GH O¶DSOLFDFLy GHO UqJLP UHJODPHQWjULDPHQW HVWDEOLW SHU D
OHVFRQQH[LRQV
7HUFHUD(OWLWXODUGHODSUHVHQWDXWRULW]DFLyGLVIUXWDUjFRPDGLVWUL
EXwGRUGHOVGUHWVTXHDVVHQ\DOHQHOVDUWLFOHVLGHOD/OHL
GH RFWXEUH GHO 6HFWRU G¶+LGURFDUEXUV DL[t FRP HOV TXH V¶DVVHQ\D
OHQHQO¶DUWLFOHGHO5HLDO'HFUHWGHGHGHVHPEUHSHO
TXDOHVUHJXOHQOHVDFWLYLWDWVGHWUDQVSRUWGLVWULEXFLyFRPHUFLDOLW]DFLy
VXEPLQLVWUDPHQW L SURFHGLPHQWV G¶DXWRULW]DFLyG¶LQVWDOÂODFLRQVGHJDV
QDWXUDO
4XDUWD /D SUHVHQW DXWRULW]DFLy V¶HQWpQ VHQVH SHUMXtV L LQGHSHQ
GHQWPHQW GH OHV FRQFHVVLRQV OHV OOLFqQFLHV HOV SHUPLVRV R OHV DXWR
ULW]DFLRQV GH FRPSHWqQFLD PXQLFLSDO SURYLQFLDO DXWRQzPLFD HVWDWDO
RG¶HVWHRDOWUHVRUJDQLVPHVLHQWLWDWVTXHVLJXHQQHFHVVjULHVSHUDOD
UHDOLW]DFLyGHOHVLQVWDOÂODFLRQVG¶DFRUGDPEODFRUUHVSRQHQWOHJLVODFLy
VHFWRULDORDPEDOWUHVGLVSRVLFLRQVTXHUHVXOWHQDSOLFDEOHVLHQHVSHFL
DOOHVUHODWLYHVDO¶RUGHQDFLyGHOWHUULWRULLGHOPHGLDPELHQWWRWDL[z
VHJRQVHOTXHGLVSRVDO¶DUWLFOHGHOD/OHLGHG¶RFWXEUH
LGHFRQIRUPLWDWDPEO¶DUWLFOHYLQWLKXLWGHO5HLDO'HFUHW/OHL
G¶GHPDUoGHUHIRUPHVXUJHQWVSHUDO¶LPSXOVGHODSURGXFWLYLWDWL
SHUDODPLOORUDGHODFRQWUDFWDFLyS~EOLFD
&LQTXHQD/DGHWHUPLQDFLyGHOHVWDULIHVLGHOUqJLPHFRQzPLFTXH
V¶DSOLTXHQSHUDOVXEPLQLVWUDPHQWGHJDVQDWXUDOHVUHJLUjSHUOHVGLV
SRVLFLRQVYLJHQWVHQFDGDPRPHQW
6LVHQD/DSUHVHQWDXWRULW]DFLyV¶DWRUJDVHQVHSHUMXtGHWHUFHUVLHV
GHL[DUDQIRUDGHSHULOOHOVGUHWVSDUWLFXODUV
6HWHQD6HUjFDXVDGHUHYRFDFLyGHODSUHVHQWDXWRULW]DFLy
/¶LQFRPSOLPHQW GH OD FRQVWLWXFLy GHO GHSzVLW GH JDUDQWLD HQ OD
IRUPDLHOWHUPLQLDVVHQ\DODWHQOHVSUHVHQWVFRQGLFLRQV
/¶LQFRPSOLPHQW GH OHV FRQGLFLRQV H[SUHVVDGHV OD YDULDFLy VXEV
WDQFLDOGHOHVFDUDFWHUtVWLTXHVGHVFULWHVHQODGRFXPHQWDFLySUHVHQWDGD
L TXH KD GHWHUPLQDW HO VHX DWRUJDPHQW R XQD DOWUD FDXVD H[FHSFLRQDO
TXHKRMXVWLILTXH
,,$SURYDUHOSURMHFWHG¶H[HFXFLyILUPDWSHUO¶HQJLQ\HUGHO¶,&$,
6U0DQXHO6DQWRV3pUH]LYLVDWSHO&ROÂOHJL1DFLRQDOG¶(QJLQ\HUVGH
O¶,&$,DPEGDWDGHQRYHPEUHGHOHVFDUDFWHUtVWLTXHVSULQFL
SDOVGHOTXDOV¶LQGLTXHQDFRQWLQXDFLyLVHVRWPHWDOHVFRQGLFLRQVTXH
LJXDOPHQWV¶LQGLTXHQ
/HV FDUDFWHUtVWLTXHV SULQFLSDOV GHO SURMHFWH TXH V¶DSURYD VyQ OHV
VHJHQWV
7LSXVGHJDVJDVQDWXUDO
3XQWGHFRQQH[LyRULJHQ
(QWUHHOVYqUWH[V99L99GHOJDVRGXFWH/OtULD9LOODUGHO
$U]RELVSRHQODSUR[LPLWDWGHODUDPEODGHOV)UDUHVLGHOFDPtUXUDO
&DQRQDGHV
$FHU DO FDUERQL GH ¶¶GH GLjPHWUH HVSHFLILFDFLy$3, / TXDOLWDW
JUDX%JURVVjULDPPLSUHVVLyGHEDUVTXHGLVFRUUHQVRWHUUDGHVD
PHWUHGHSURIXQGLWDWFRPDPtQLPVREUHODVHXDJHQHUDWULXVXSHULRU
/RQJLWXGWRWDOP
$UPDULGHUHJXODFLy
6LWXDWDO¶HQWUDGDGHOPXQLFLSLGHFDEDOQRPLQDOGHPñQ
K DPE SUHVVLy$3$03$ G¶HQWUDGD Pj[LPD GH EDU L G¶HL[LGD
UHJXODEOHHQWUHEDULEDU
$3$EDU3EDU
03$EDU3EDU
7UDoDW
'HV GHO SXQW GH FRQQH[Ly DEDQV UHIHULW GLVFRUUH SHU FDPt UXUDO
FRQWLQXDSHUFDPtDVIDOWDWRQILQDOLW]DHQXQD]RQDHQMDUGLQDGDVLWXDGD
DO¶HQWUDGDGHOQXFOLXUEjRQV¶XELFDO¶DUPDULGHUHJXODFLy
,QVWDOÂODFLRQVDX[LOLDUV
18827
GHODUWtFXORGHO5HDO'HFUHWRGHGHGLFLHPEUHSRU
HOTXHVHUHJXODQODVDFWLYLGDGHVGHWUDQVSRUWHGLVWULEXFLyQFRPHUFL
DOL]DFLyQ VXPLQLVWUR \ SURFHGLPLHQWRV GH DXWRUL]DFLyQ GH LQVWDODFLR
QHVGHJDVQDWXUDO(QHVSHFLDOYHQGUiREOLJDGDDSURFHGHUDODDPSOL
DFLyQGHODVLQVWDODFLRQHVGHGLVWULEXFLyQHQHOiPELWRJHRJUiILFRGH
VX DXWRUL]DFLyQ FXDQGR VHD QHFHVDULR DWHQGHU QXHYDV GHPDQGDV GH
VXPLQLVWURGHJDVVLQSHUMXLFLRGHORTXHUHVXOWHGHODDSOLFDFLyQGHO
UpJLPHQUHJODPHQWDULDPHQWHHVWDEOHFLGRSDUDODVDFRPHWLGDV
7HUFHUD (O WLWXODU GH OD SUHVHQWH DXWRUL]DFLyQ GLVIUXWDUi FRPR
GLVWULEXLGRU GH ORV GHUHFKRV TXH VHxDODQ ORV DUWtFXORV \ GH OD
/H\GHRFWXEUHGHO6HFWRUGH+LGURFDUEXURVDVtFRPRORV
TXHVHVHxDODQHQHODUWLFXORGHO5HDO'HFUHWRGHGH
GLFLHPEUHSRUHOTXHVHUHJXODQODVDFWLYLGDGHVGHWUDQVSRUWHGLVWULEX
FLyQ FRPHUFLDOL]DFLyQ VXPLQLVWUR \ SURFHGLPLHQWRV GH DXWRUL]DFLyQ
GHLQVWDODFLRQHVGHJDVQDWXUDO
&XDUWD/DSUHVHQWHDXWRUL]DFLyQVHHQWLHQGHVLQSHUMXLFLRVHLQGH
SHQGLHQWHPHQWH GH ODV FRQFHVLRQHV OLFHQFLDV SHUPLVRV R DXWRUL]DFL
RQHV GH FRPSHWHQFLD PXQLFLSDO SURYLQFLDO DXWRQyPLFD HVWDWDO R GH
pVWHXRWURVRUJDQLVPRV\HQWLGDGHVTXHVHDQQHFHVDULDVSDUDODUHDOL]D
FLyQGHODVLQVWDODFLRQHVGHDFXHUGRFRQODFRUUHVSRQGLHQWHOHJLVODFLyQ
VHFWRULDORFRQRWUDVGLVSRVLFLRQHVTXHUHVXOWHQDSOLFDEOHV\HQHVSHFL
DO ODV UHODWLYDV D OD RUGHQDFLyQ GHO WHUULWRULR \ GHO PHGLR DPELHQWH
WRGRHOORVHJ~QORGLVSXHVWRHQHODUWtFXORGHOD/H\GH
GH RFWXEUH \ GH FRQIRUPLGDG FRQ HO$UWtFXOR YLJpVLPR RFWDYR GHO
5HDO'HFUHWR/H\GHGHPDU]RGHUHIRUPDVXUJHQWHVSDUDHO
LPSXOVRGHODSURGXFWLYLGDG\SDUDODPHMRUDGHODFRQWUDWDFLyQS~EOL
FD
4XLQWD/DGHWHUPLQDFLyQGHODVWDULIDV\GHOUpJLPHQHFRQyPLFR
TXHVHDQGHDSOLFDFLyQSDUDHOVXPLQLVWURGHJDVQDWXUDOVHUHJLUiSRU
ODVGLVSRVLFLRQHVYLJHQWHVHQFDGDPRPHQWR
6H[WD/DSUHVHQWHDXWRUL]DFLyQVHRWRUJDVLQSHUMXLFLRGHWHUFHURV
\GHMDQGRDVDOYRORVGHUHFKRVSDUWLFXODUHV
6pSWLPD6HUiFDXVDGHUHYRFDFLyQGHODSUHVHQWHDXWRUL]DFLyQ
(OLQFXPSOLPLHQWRGHODFRQVWLWXFLyQGHOGHSyVLWRGHJDUDQWtDHQOD
IRUPD\SOD]RVHxDODGRHQHOSUHVHQWHFRQGLFLRQDGR
(OLQFXPSOLPLHQWRGHODVFRQGLFLRQHVH[SUHVDGDVODYDULDFLyQVXV
WDQFLDOGHODVFDUDFWHUtVWLFDVGHVFULWDVHQODGRFXPHQWDFLyQSUHVHQWDGD
\TXHKDGHWHUPLQDGRVXRWRUJDPLHQWRXRWUDFDXVDH[FHSFLRQDOTXHOR
MXVWLILTXH
,,$SUREDUHOSUR\HFWRGHHMHFXFLyQILUPDGRSRUHO,QJHQLHURGHO
,&$, ' 0DQXHO 6DQWRV 3pUH] \ YLVDGR SRU HO &ROHJLR 1DFLRQDO GH
,QJHQLHURVGHO,&$,HQIHFKDGHQRYLHPEUHGHFX\DVFDUDFWH
UtVWLFDVSULQFLSDOHVVHUHODFLRQDQDFRQWLQXDFLyQ\VRPHWLpQGRORDODV
FRQGLFLRQHVTXHLJXDOPHQWHVHUHODFLRQDQ
/DVFDUDFWHUtVWLFDVSULQFLSDOHVGHOSUR\HFWRTXHVHDSUXHEDVRQODV
VLJXLHQWHV
7LSRGHJDVJDVQDWXUDO
3XQWRGHFRQH[LyQRULJHQ
(QWUHORVYpUWLFHV99\99GHOJDVRGXFWR³/OLULD9LOODU
GHO$U]RELVSR´HQODSUR[LPLGDGGHOD5DPEODGHORV)UDLOHV\&DPL
QRUXUDO
7XEHUtDV
$FHUR DO FDUERQR GH ¶¶GH GLiPHWUR HVSHFLILFDFLyQ$3, / FDOL
GDG JUDGR % HVSHVRU PP \ SUHVLyQ GH EDUHV TXH GLVFXUUHQ
HQWHUUDGDVDPHWURGHSURIXQGLGDGFRPRPtQLPRVREUHVXJHQHUD
WUL]VXSHULRU
/RQJLWXGWRWDOPO
$UPDULRGHUHJXODFLyQ
6LWXDGR D OD HQWUDGD GHO PXQLFLSLR GH FDXGDO QRPLQDO GH PñQKFRQSUHVLyQ$3$03$GHHQWUDGDPi[LPDGHEDU\GH
VDOLGDUHJXODEOHHQWUH¶EDU\¶EDU
$3$EDU3EDU
03$EDU3EDU
7UD]DGR
'HVGH HO SXQWR GH FRQH[LyQ DQWHV UHIHULGR GLVFXUUH SRU FDPLQR
UXUDOFRQWLQXDSRUFDPLQRDVIDOWDGRGRQGHILQDOL]DHQXQD]RQDDMDUGL
QDGDVLWXDGDDODHQWUDGDGHOFDVFRXUEDQRHQGRQGHVHXELFDHODUPD
ULRGHUHJXODFLyQ
,QVWDODFLRQHV$X[LOLDUHV
Núm
5509 / 10.05.2007
18828
9jOYXOHVGHVHFFLRQDPHQW
3URWHFFLyFDWzGLFDSHUPLWMjG¶LQVWDOÂODFLyG¶jQRGHVGHVDFULILFLGH
PDJQHVLLGHFDQRQDGDDPELQVWDOÂODFLyGHFDL[HVGHSUHVDGHSRWHQFL
DO
3UHVVXSRVWHXURV
/HV FRQGLFLRQV D TXq HVWj VRWPHVD OD PHQFLRQDGD DSURYDFLy VyQ
OHVVHJHQWV
/HVREUHVKDXUDQGHUHDOLW]DUVHG¶DFRUGDPEHOSURMHFWHSUHVHQ
WDWDPEOHVYDULDFLRQVTXHVLpVHOFDVVHVROÂOLFLWHQLV¶DXWRULW]HQLHV
UHIHULUDQDOVHOHPHQWVFRPSUHVRVHQO¶jPELWG¶DSOLFDFLyGHO5HJODPHQW
GH ;DU[HV L &RQQH[LRQV GH &RPEXVWLEOHV *DVRVRV DSURYDW SHU 5HLDO
'HFUHW GH GH MXOLRO %2( GH VHWHPEUH (VWHV
LQVWDOÂODFLRQVHVWDUDQSUHYLVWHVSHUDUHVSRQGUHDOVDYDQoRVWHFQROzJLFV
HQHOFDPSGHOJDVLDFRQVHJXLUSURYHwPHQWVIOH[LEOHVLVHJXUV
(OWLWXODUGHO¶HVPHQWDGDLQVWDOÂODFLyGRQDUjFRPSWHGHO¶DFDED
PHQWGHOHVREUHVDO6HUYLFL7HUULWRULDOG¶(QHUJLDGH9DOqQFLDDO¶HIHF
WH GH UHFRQHL[HPHQW DPE SUHVHQWDFLy O¶RSRUW~ FHUWLILFDW GH GLUHFFLy
VXEVFULWSHUWqFQLFFRPSHWHQWLYLVDWSHOFROÂOHJLRILFLDOFRUUHVSRQHQW
(OWLWXODUGHODLQVWDOÂODFLyQRWLILFDUjSHUHVFULWDO6HUYLFL7HUUL
WRULDOG¶(QHUJLDGH9DOqQFLDHOFRPHQoDPHQWGHOVWUHEDOOVSHUDHIHFWX
DULQVSHFFLRQVG¶HVWRVVLHVFRQVLGHUDFRQYHQLHQW
 /¶DGPLQLVWUDFLy GHL[DUj VHQVH HIHFWH OD SUHVHQW UHVROXFLy HQ
TXDOVHYROPRPHQWHQHOFDVTXHV¶REVHUYHO¶LQFRPSOLPHQWGHOHVFRQ
GLFLRQVLPSRVDGHVSHUHVWD(QHVWRVVXSzVLWVO¶DGPLQLVWUDFLyGHVSUpV
GHO¶RSRUW~H[SHGLHQWSUHYLDFRUGDUjO¶DQXOÂODFLyGHO¶DXWRULW]DFLyDPE
WRWHV OHV FRQVHTqQFLHV G¶RUGH DGPLQLVWUDWLX L FLYLO TXH HV GHULYHQ
VHJRQVOHVGLVSRVLFLRQVOHJDOVYLJHQWV
(OWHUPLQLG¶H[HFXFLyGHOHVREUHVVHUjGHVLVPHVRVDSDUWLUGH
O¶RFXSDFLyUHDOGHOHVILQTXHVDIHFWDGHV1RREVWDQWDL[zDPEDQWHULR
ULWDWDO¶DFDEDPHQWGHOGLWWHUPLQL*DV1DWXUDO'LVWULEXFLyQ6'*6$
SRGUjVROÂOLFLWDUXQDDPSOLDFLyG¶HVWHSHUPLWMjGHVROÂOLFLWXGPRWLYDGD
GDYDQWG¶HVWD'LUHFFLy*HQHUDOG¶(QHUJLD
,,,'HFODUDUHQFRQFUHWODXWLOLWDWS~EOLFDGHOJDVRGXFWHDXWRULW]DW
HQ HO SXQW SULPHU GH OD SUHVHQW UHVROXFLy OD TXDO FRVD SRUWD LPSOtFL
WDODQHFHVVLWDWRFXSDFLyGHOVEpQVLGUHWVDIHFWDWVLLPSOLFDODXUJHQW
RFXSDFLy G¶HVWRV DOV HIHFWHV GH O¶DUWLFOH GH OD /OHL G¶([SURSLDFLy
)RUoRVDLHVFRQFUHWDHQXQDDIHFWDFLyDOHVILQTXHVSDUWLFXODUVLQFOR
VHVHQODUHODFLyDQQH[DDPEO¶DEDVWLHOVHIHFWHVSUHYLVWRVHQO¶DUWLFOH
GH OD /OHL GH G¶RFWXEUH GHO 6HFWRU G¶+LGURFDUEXUV L
HOVDUWLFOHVLGHO5HLDO'HFUHWGH
GH GHVHPEUH SHO TXDO HV UHJXOHQ OHV DFWLYLWDWV GH WUDQVSRUW GLVWULEX
FLy FRPHUFLDOLW]DFLy VXEPLQLVWUDPHQW L SURFHGLPHQWV G¶DXWRULW]DFLy
G¶LQVWDOÂODFLRQVGHJDVQDWXUDO
,9 3XEOLFDU L QRWLILFDU OD SUHVHQW UHVROXFLy G¶DFRUG DPE HO TXH
HVWDEOL[ HO 5HLDO 'HFUHW GH GH GHVHPEUH SHO TXDO HV
UHJXOHQ OHV DFWLYLWDWV GH WUDQVSRUW GLVWULEXFLy FRPHUFLDOLW]DFLy VXE
PLQLVWUDPHQW L SURFHGLPHQWV G¶DXWRULW]DFLy G¶LQVWDOÂODFLRQV GH JDV
QDWXUDOLHVFRPXQLFDTXHODSXEOLFDFLyG¶HVWDHVUHDOLW]DUjLJXDOPHQW
DOV HIHFWHV TXH GHWHUPLQD O¶DUWLFOH GH OD /OHL GH GH
QRYHPEUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO
3URFHGLPHQW$GPLQLVWUDWLX &RP~ HQ OD UHGDFFLy GRQDGD SHU OD /OHL
GHGHJHQHUGHPRGLILFDFLyGHO¶DQWHULRUGHQRWLILFDFLyGH
ODSUHVHQWUHVROXFLyDOVWLWXODUVGHVFRQHJXWVRDPEGRPLFLOLLJQRUDWRD
DTXHOOVHQTXqLQWHQWDGDODQRWLILFDFLyQRV¶KDJXHUDSRJXWUHDOLW]DU
9iOYXODVGHVHFFLRQDPLHQWR
3URWHFFLyQ FDWyGLFD PHGLDQWH LQVWDODFLyQ GH iQRGRV GH VDFULILFLR
GHPDJQHVLR\GHWXEHUtDFRQLQVWDODFLyQGHFDMDVGHWRPDGHSRWHQ
FLDO
3UHVXSXHVWR¶(XURV
/DV FRQGLFLRQHV D TXH YLHQH VRPHWLGD OD PHQFLRQDGD DSUREDFLyQ
VRQODVVLJXLHQWHV
 /DV REUDV GHEHUiQ UHDOL]DUVH GH DFXHUGR FRQ HO SUR\HFWR SUH
VHQWDGRFRQODVYDULDFLRQHVTXHHQVXFDVRVHVROLFLWHQ\DXWRULFHQ\
VHUHIHULUiQDORVHOHPHQWRVFRPSUHQGLGRVHQHOiPELWRGHDSOLFDFLyQ
GHO 5HJODPHQWR GH 5HGHV \$FRPHWLGDV GH &RPEXVWLEOHV *DVHRVRV
DSUREDGR SRU 5HDO 'HFUHWR GH GH MXOLR %2( GH VHS
WLHPEUH (VWDV LQVWDODFLRQHV HVWDUiQ SUHYLVWDV SDUD UHVSRQGHU D
ORVDYDQFHVWHFQROyJLFRVHQHOFDPSRGHOJDV\ORJUDUDEDVWHFLPLHQWRV
IOH[LEOHV\VHJXURV
(OWLWXODUGHODFLWDGDLQVWDODFLyQGDUiFXHQWDGHODWHUPLQDFLyQ
GH ODV REUDV DO 6HUYLFLR 7HUULWRULDO GH (QHUJtD GH 9DOHQFLD D HIHFWRV
GH UHFRQRFLPLHQWR SUHVHQWDQGR HO RSRUWXQR FHUWLILFDGR GH GLUHFFLyQ
VXVFULWRSRUWpFQLFRFRPSHWHQWH\YLVDGRSRUHO&ROHJLR2ILFLDOFRUUHV
SRQGLHQWH
(OWLWXODUGHODLQVWDODFLyQQRWLILFDUiSRUHVFULWRDO6HUYLFLR7HU
ULWRULDOGH(QHUJtDGH9DOHQFLDHOFRPLHQ]RGHORVWUDEDMRVSDUDHIHFWX
DULQVSHFFLRQHVGHORVPLVPRVHQFDVRGHFRQVLGHUDUORFRQYHQLHQWH
 /D$GPLQLVWUDFLyQ GHMDUi VLQ HIHFWR OD SUHVHQWH UHVROXFLyQ HQ
FXDOTXLHU PRPHQWR HQ FDVR GH TXH VH REVHUYH HO LQFXPSOLPLHQWR GH
ODVFRQGLFLRQHVLPSXHVWDVSRUHOOD(QWDOHVVXSXHVWRVODDGPLQLVWUD
FLyQSUHYLRHORSRUWXQRH[SHGLHQWHDFRUGDUiODDQXODFLyQGHODDXWRUL
]DFLyQFRQWRGDVODVFRQVHFXHQFLDVGHRUGHQDGPLQLVWUDWLYR\FLYLOTXH
VHGHULYHQVHJ~QODVGLVSRVLFLRQHVOHJDOHVYLJHQWHV
(OSOD]RGHHMHFXFLyQGHODVREUDVVHUiGHVHLVPHVHVDSDUWLUGH
RFXSDFLyQUHDOGHODVILQFDVDIHFWDGDV1RREVWDQWHFRQDQWHULRULGDGD
ODILQDOL]DFLyQGHGLFKRSOD]R*DV1DWXUDO'LVWULEXFLyQ6'*6$
SRGUiVROLFLWDUXQDDPSOLDFLyQGHOPLVPRPHGLDQWHVROLFLWXGPRWLYDGD
DQWHHVWD'LUHFFLyQ*HQHUDOGH(QHUJtD
,,,'HFODUDUHQFRQFUHWRODXWLOLGDGS~EOLFDGHOJDVRGXFWRDXWRUL
]DGRHQHOSXQWRSULPHURGHODSUHVHQWHUHVROXFLyQORTXHOOHYDLPSOt
FLWD OD QHFHVLGDG GH RFXSDFLyQ GH ORV ELHQHV \ GHUHFKRV DIHFWDGRV H
LPSOLFDODXUJHQWHRFXSDFLyQGHORVPLVPRVDORVHIHFWRVGHODUWtFXOR
GHOD/H\GH([SURSLDFLyQ)RU]RVDFRQFUHWiQGRVHHQXQDDIHFFLyQ
DODVILQFDVSDUWLFXODUHVLQFOXLGDVHQODUHODFLyQDQH[DFRQHODOFDQFH
\ ORV HIHFWRV SUHYLVWRV HQ HO DUWtFXOR GH OD /H\ GH GH
RFWXEUHGHO6HFWRUGH+LGURFDUEXURV\ORVDUWtFXORV\
GHO5HDO'HFUHWRGHGHGLFLHPEUHSRUHOTXHVH
UHJXODQ ODV DFWLYLGDGHV GH WUDQVSRUWH GLVWULEXFLyQ FRPHUFLDOL]DFLyQ
VXPLQLVWUR \ SURFHGLPLHQWRV GH DXWRUL]DFLyQ GH LQVWDODFLRQHV GH JDV
QDWXUDO
,9 3XEOLFDU \ QRWLILFDU OD SUHVHQWH UHVROXFLyQ GH DFXHUGR FRQ OR
HVWDEOHFLGRHQHO5HDO'HFUHWRGHGHGLFLHPEUHSRUHO
TXH VH UHJXODQ ODV DFWLYLGDGHV GH WUDQVSRUWH GLVWULEXFLyQ FRPHUFL
DOL]DFLyQ VXPLQLVWUR \ SURFHGLPLHQWRV GH DXWRUL]DFLyQ GH LQVWDODFLR
QHV GH JDV QDWXUDO VLJQLILFiQGRVH TXH OD SXEOLFDFLyQ GH OD PLVPD VH
UHDOL]DUiLJXDOPHQWHDORVHIHFWRVTXHGHWHUPLQDHODUWtFXORGHOD
/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPL
QLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR$GPLQLVWUDWLYR &RP~Q HQ
VXUHGDFFLyQGDGDSRUOD/H\GHGHHQHURGHPRGLILFDFLyQ
GHODDQWHULRUGHQRWLILFDFLyQGHODSUHVHQWHUHVROXFLyQDORVWLWXODUHV
GHVFRQRFLGRVRFRQGRPLFLOLRLJQRUDGRRDDTXHOORVHQTXHLQWHQWDGD
ODQRWLILFDFLyQQRVHKXELHVHSRGLGRSUDFWLFDU
5HODFLyQGHELHQHV\GHUHFKRVDIHFWDGRV
*DVRGXFWR³5DPDOD&DVLQRV´
5HODFLyGHEpQVLGUHWVDIHFWDWV
*DVRGXFWH5DPDOD&DVLQRV
)LQFDQ~P 7LWXODULGRPLFLOL
/RQJLWXG
P
63
$IHFWDFLy
27Pð 23Pð
&DGDVWUH
3ROtJRQ 3DUFHOÂOD 1DWXUDOHVD
7HUPHPXQLFLSDO&DVLQRV
9&$
$MXQWDPHQWGH
&DVLQRV
)LQFDQž 7LWXODU\'RPLFLOLR
/RQJLWXG
$IHFFLyQ
PO 63 27Pð 23Pð
&DWDVWUR
3ROtJ 3DUFHOD
1DWXUDOH]D
7pUPLQR0XQLFLSDO&DVLQRV
&DPt
9&$ $\XQWDPLHQWRGH&DVLQRV
&DPLQR
Núm
5509 / 10.05.2007
18829
/DSUHVHQWUHVROXFLyQRHVGHILQLWLYDHQYLDDGPLQLVWUDWLYDLFRQWUD
ODTXDOHVSRGUjLQWHUSRVDUUHFXUVG¶DOoDGDGDYDQWGHOVHFUHWDULDXWRQz
PLFG¶,QIUDHVWUXFWXUHVHQHOWHUPLQLG¶XQPHVFRPSWDGRUGHVGHO¶HQ
GHPjGHODVHXDQRWLILFDFLyG¶DFRUGDPEHOTXHHVWDEOL[O¶DUWLFOH
GHOD/OHLGHGHQRYHPEUHGHO5qJLP-XUtGLFGHOHV$GPL
QLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
/D SUHVHQWH UHVROXFLyQ QR HV GHILQLWLYD HQ YtD DGPLQLVWUDWLYD \
FRQWUD HOOD SRGUi LQWHUSRQHUVH UHFXUVR GH DO]DGD DQWH HO 6HFUHWDULR
$XWRQyPLFRGH,QIUDHVWUXFWXUDVHQHOSOD]RGHXQPHVFRQWDGRGHVGH
HO GtD VLJXLHQWH DO GH VX QRWLILFDFLyQ GH DFXHUGR FRQ OR HVWDEOHFLGR
HQHODUWtFXORGHOD/H\GHGHQRYLHPEUHGHO5pJLPHQ
-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPL
QLVWUDWLYR&RP~Q
9DOqQFLD GH PDUo GH ± (O GLUHFWRU JHQHUDO G¶(QHUJLD
$QWRQLR&HMDOYR/DSHxD
9DOHQFLD GH PDU]R GH ± (O GLUHFWRU JHQHUDO GH (QHUJtD
$QWRQLR&HMDOYR/DSHxD
Núm
5509 / 10.05.2007
18830
&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHV
5(62/8&,Ï GH GH PDUo GH GH OD GLUHFWRUD
JHQHUDOGH-XVWtFLDGHOD&RQVHOOHULDGH-XVWtFLD,QWHULRU
L$GPLQLVWUDFLRQV3~EOLTXHVSHUODTXDOHVUHVROLQVFULXUH
ODPRGLILFDFLyGHOV(VWDWXWVGHO¶,OÂOXVWUH&ROÂOHJL3URYLQ
FLDOG¶$GYRFDWVG¶$ODFDQWLHVGLVSRVDODVHXDSXEOLFDFLy
HQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD>@
&RQVHOOHULDGH-XVWtFLD,QWHULRU
\$GPLQLVWUDFLRQHV3~EOLFDV
5(62/8&,Ï1 GH GH PDU]R GH GH OD GLUHFWRUD
JHQHUDOGH-XVWLFLDGHOD&RQVHOOHULDGH-XVWLFLD,QWHULRU
\ $GPLQLVWUDFLRQHV 3~EOLFDV SRU OD TXH VH UHVXHOYH LQV
FULELUODPRGLILFDFLyQGHORV(VWDWXWRVGHO,OXVWUH&ROHJLR
3URYLQFLDOGH$ERJDGRVGH$OLFDQWH\VHGLVSRQHVXSXEOL
FDFLyQ HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD
>@
9LVW O¶H[SHGLHQW G¶LQVFULSFLy GH PRGLILFDFLy G¶(VWDWXWV LQVWUXwW D
LQVWjQFLD GH O¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW LQV
FULWDPEHOQ~PHURGHOD6HFFLy3ULPHUDGHO5HJLVWUHGH&ROÂOHJLV
3URIHVVLRQDOV L GH &RQVHOOV9DOHQFLDQV 3URIHVVLRQDOV GH OD &RPXQLWDW
9DOHQFLDQD HQ TXH VH VROÂOLFLWD OD LQVFULSFLy GH OD PRGLILFDFLy GHOV
VHXV(VWDWXWVHQHOGLW5HJLVWUHDWHQHQWDOVVHJHQWV
)(76
9LVWR HO H[SHGLHQWH GH LQVFULSFLyQ GH PRGLILFDFLyQ GH (VWDWXWRV
LQVWUXLGR D LQVWDQFLD GHO ,OXVWUH &ROHJLR 3URYLQFLDO GH$ERJDGRV GH
$OLFDQWHLQVFULWRFRQHOQ~PHURGHOD6HFFLyQ3ULPHUDGHO5HJLV
WUR GH &ROHJLRV 3URIHVLRQDOHV \ GH &RQVHMRV9DOHQFLDQRV 3URIHVLRQD
OHVGHOD&RPXQLGDG9DOHQFLDQDHQHOTXHVHVROLFLWDODLQVFULSFLyQGH
OD PRGLILFDFLyQ GH VXV (VWDWXWRV HQ GLFKR 5HJLVWUR DWHQGLHQGR D ORV
VLJXLHQWHV
+(&+26
3ULPHU
/D6UD,VDEHO0ROWy0LUyVHFUHWjULDGHO¶,OÂOXVWUH&ROÂOHJL3URYLQ
FLDO G¶$GYRFDWV G¶$ODFDQW YD SUHVHQWDU HQ GDWD GH MXQ\ GH VROÂOLFLWXG G¶LQVFULSFLy GH OD PRGLILFDFLy GHOV (VWDWXWV G¶DTXHVW DO
5HJLVWUH GH &ROÂOHJLV 3URIHVVLRQDOV L GH &RQVHOOV 9DOHQFLDQV GH &RO
OHJLV 3URIHVVLRQDOV GH OD &RPXQLWDW 9DOHQFLDQD DSURYDGD HQ GDWD GHPDLJGHSHUOD-XQWD*HQHUDO([WUDRUGLQjULDHQFRPSOLPHQW
GHO TXH SUHYHX O¶DUWLFOH GH OD /OHL GH GH GHVHPEUH GH
&RQVHOOVL&ROÂOHJLV3URIHVVLRQDOVGHOD&RPXQLWDW9DOHQFLDQD
3ULPHUR
'RxD ,VDEHO 0ROWy 0LUy VHFUHWDULD GHO ,OXVWUH &ROHJLR 3URYLQ
FLDOGH$ERJDGRVGH$OLFDQWHSUHVHQWyHQIHFKDGHMXQLRGH
VROLFLWXGGHLQVFULSFLyQGHODPRGLILFDFLyQGHORV(VWDWXWRVGHOPLVPR
HQ HO 5HJLVWUR GH &ROHJLRV 3URIHVLRQDOHV \ GH &RQVHMRV 9DOHQFLDQRV
GH &ROHJLRV 3URIHVLRQDOHV GH OD &RPXQLGDG9DOHQFLDQD DSUREDGD HQ
IHFKD GH PD\R GH SRU OD -XQWD *HQHUDO ([WUDRUGLQDULD HQ
FXPSOLPLHQWRGHORSUHYLVWRHQHODUWtFXORGHOD/H\GH
GHGLFLHPEUHGH&RQVHMRV\&ROHJLRV3URIHVLRQDOHVGHOD&RPXQLGDG
9DOHQFLDQD
6HJRQ
'HVSUpVGHOHVPRGLILFDFLRQVSURGXwGHVHQHOWH[WGHOVQRXVHVWD
WXWVHQODWUDPLWDFLyGHOSURFHGLPHQWLVHJRQVFHUWLILFDWOOLXUDWHOGH
IHEUHUGHSHUOD6UD,VDEHO0ROWy0LUyVHFUHWjULDGHO¶,OÂOXVWUH
&ROÂOHJL3URYLQFLDOG¶$GYRFDWVG¶$ODFDQWOD-XQWD*HQHUDO([WUDRUGL
QjULD G¶DTXHVW HQ UHXQLy FHOHEUDGD HO GH IHEUHU GH DFRUGj OD
UHGDFFLy GHILQLWLYD GHOV VHXV (VWDWXWV 5HGDFFLy TXH YD VHU DSURYDGD
SHO&RQVHOO*HQHUDOGHO¶$GYRFDFLDHQODVHXDVHVVLyGHGHIHEUHU
GH
6HJXQGR
7UDVODVPRGLILFDFLRQHVSURGXFLGDVHQHOWH[WRGHORVQXHYRVHVWD
WXWRVHQODWUDPLWDFLyQGHOSURFHGLPLHQWR\VHJ~QFHUWLILFDFLyQOLEUD
GDHOGHIHEUHURGHSRUGRxD,VDEHO0ROWy0LUyVHFUHWDULDGHO
,OXVWUH &ROHJLR 3URYLQFLDO GH$ERJDGRV GH$OLFDQWH OD -XQWD *HQH
UDO([WUDRUGLQDULDGHOPLVPRHQUHXQLyQFHOHEUDGDHOGHIHEUHURGH
DFRUGyODUHGDFFLyQGHILQLWLYDGHVXV(VWDWXWRV5HGDFFLyQTXH
IXHDSUREDGDSRUHO&RQVHMR*HQHUDOGHOD$ERJDFtDHQVXVHVLyQGH
GHIHEUHURGH
7HUFHU
(OQRXWH[WGHOV(VWDWXWVILJXUDFRPDDQQH[HQODSUHVHQW5HVROX
FLyLHVGyQDDFtSHUUHSURGXwW
7HUFHUR
(O QXHYR WH[WR GH ORV (VWDWXWRV ILJXUD FRPR$QH[R D OD SUHVHQWH
UHVROXFLyQGiQGRVHDTXtSRUUHSURGXFLGR
)21$0(176'('5(7
3ULPHU
5HYLVDWV HOV (VWDWXWV GH O¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV
G¶$ODFDQWDTXHVWVFRQWHQHQWRWHVOHVGHWHUPLQDFLRQVH[LJLGHVSHUO¶DU
WLFOH GH OD /OHL GH GH GHVHPEUH GH &RQVHOOV L &ROÂOHJLV
3URIHVVLRQDOVGHOD&RPXQLWDW9DOHQFLDQD
1RREVWDQWDL[zHQH[HUFLFLGHOFRQWUROGHOHJDOLWDWSUHYLVWHQO¶DU
WLFOHGHO¶HVPHQWDGD/OHLGHGHGHVHPEUHLHQHOVDUWLFOHV
LGHO'HFUHWGHGHJHQHUGH&RQVHOOGHOD*HQHUDOLWDW
9DOHQFLDQDTXHODGHVHQYROXSDUHVXOWDQHFHVVDULDFWXDOLW]DUHOWH[WD
OHVGHQRPLQDFLRQVRILFLDOVGH©*HQHUDOLWDWªL©&RPXQLWDW9DOHQFLDQDª
DGRSWDGHVDPEODQRYDUHGDFFLyGRQDGDHQO¶(VWDWXWG¶$XWRQRPLDGH
OD &RPXQLWDW9DOHQFLDQD SHU OD /OHL 2UJjQLFD GH G¶DEULO
GH5HIRUPDGHOD/OHL2UJjQLFDGHO¶GHMXOLRO$L[tPDWHL[
HQFRPSOLPHQWGHOTXHGLVSRVDHO'HFUHWGHGHGHVHP
EUH GHO &RQVHOO SHO TXDO HV UHJXOD HO 'LDUL 2ILFLDO GH OD &RPXQLWDW
9DOHQFLDQD SURFHGL[ HO FDQYL GH OD GHQRPLQDFLy 'LDUL 2ILFLDO GH OD
&RPXQLWDW9DOHQFLDQDSHUODGH©'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQ
FLDQDª
)81'$0(1726'('(5(&+2
3ULPHUR
5HYLVDGRV ORV (VWDWXWRV GHO ,OXVWUH &ROHJLR 3URYLQFLDO GH$ERJD
GRV GH$OLFDQWH pVWRV FRQWLHQHQ WRGDV ODV GHWHUPLQDFLRQHV H[LJLGDV
SRUHODUWtFXORGHOD/H\GHGHGLFLHPEUHGH&RQVHMRV\
&ROHJLRV3URIHVLRQDOHVGHOD&RPXQLGDG9DOHQFLDQD
1R REVWDQWH HQ HMHUFLFLR GHO FRQWURO GH OHJDOLGDG SUHYLVWR HQ HO
DUWtFXORGHODFLWDGD/H\GHGHGLFLHPEUH\HQORVDUWt
FXORV \ GHO 'HFUHWR GH GH HQHUR GH &RQVHOO GH OD
*HQHUDOLWDW 9DOHQFLDQD TXH OD GHVDUUROOD UHVXOWD QHFHVDULR DFWXDOL]DU
HO WH[WR D ODV GHQRPLQDFLRQHV RILFLDOHV GH ©*HQHUDOLWDWª \ ©&RPXQL
WDW9DOHQFLDQDªDGRSWDGDVFRQODQXHYDUHGDFFLyQGDGDDO(VWDWXWRGH
$XWRQRPtD GH OD &RPXQLWDW9DOHQFLDQD SRU OD /H\ 2UJiQLFD GHGHDEULOGH5HIRUPDGHOD/H\2UJiQLFDGHGHMXOLR
$VLPLVPRHQFXPSOLPLHQWRGHORGLVSXHVWRSRUHO'HFUHWR
GHGHGLFLHPEUHGHO&RQVHOOSRUHOTXHVHUHJXODHO'LDUL2ILFLDO
GH OD &RPXQLWDW 9DOHQFLDQD SURFHGH HO FDPELR GH OD GHQRPLQDFLyQ
'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDSRUODGH'LDUL2ILFLDOGHOD
&RPXQLWDW9DOHQFLDQD
Núm
5509 / 10.05.2007
18831
6HJRQ
/D PRGLILFDFLy HVWDWXWjULD KD VLJXW DSURYDGD DPE HOV UHTXLVLWV L
IRUPDOLWDWVSUHYLVWRVHQHOGLWDUWLFOHLHQHOVSURSLV(VWDWXWVGHO&RO
OHJL
6HJXQGR
/DPRGLILFDFLyQHVWDWXWDULDKDVLGRDSUREDGDFRQORVUHTXLVLWRV\
IRUPDOLGDGHVSUHYLVWRVHQGLFKRDUWtFXOR\HQORVSURSLRV(VWDWXWRVGHO
&ROHJLR
7HUFHU
$OV HIHFWHV SUHYLVWRV HQ O¶DUWLFOH GHO 'HFUHW GH GH
JHQHUGHO*RYHUQ9DOHQFLjSHOTXDOV¶DSURYDHO5HJODPHQWGHGHVSOH
JDPHQWGHOD/OHLGHGHGHVHPEUHGHOD*HQHUDOLWDW9DOHQFL
DQDGH&RQVHOOVL&ROÂOHJLV3URIHVVLRQDOVO¶H[SHGLHQWKDVLJXWWUDPL
WDW SHO 6HUYLFL G¶(QWLWDWV -XUtGLTXHV DGVFULW D OD 'LUHFFLy *HQHUDO GH
-XVWtFLDGHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL$GPLQLVWUDFLRQV3~EOL
TXHVFRPSHWHQWSHUDL[tGLVSRVDUKRO¶DUWLFOHGHO¶HVPHQWDGD/OHL
HQ UHODFLy DPE HO TXH GLVSRVD OD GLVSRVLFLy ILQDO GHO 'HFUHW
GHGHJHQHUHQYLUWXWGHOHVDWULEXFLRQVTXHWpFRQIHULGHVSHO
'HFUHW GH GH VHWHPEUH GHO SUHVLGHQW GH OD *HQHUDOLWDW SHO
TXDOV¶DVVLJQHQFRPSHWqQFLHVDOD3UHVLGqQFLDGHOD*HQHUDOLWDWLDOHV
FRQVHOOHULHV DPE FRPSHWqQFLHV H[HFXWLYHV L SHO 'HFUHW GH
G¶RFWXEUHGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDOV¶DSURYDHO5HJOD
PHQW2UJjQLFL)XQFLRQDOGHODFRQVHOOHULDGH-XVWtFLD,QWHULRUL$GPL
QLVWUDFLRQV3~EOLTXHV
9LVWVO¶DUWLFOHGHOD&RQVWLWXFLy(VSDQ\RODLO¶DUWLFOHD
GHO¶(VWDWXWG¶$XWRQRPLDGHOD&RPXQLWDW9DOHQFLDQDOD/OHL
GH GH IHEUHU GH &ROÂOHJLV 3URIHVVLRQDOV DPE OHV VHXHV PRGLILFD
FLRQVSRVWHULRUVHQHOVVHXVSUHFHSWHVEjVLFVOD/OHLGHGH
GHVHPEUHGHOD*HQHUDOLWDW9DOHQFLDQDGH&RQVHOOVL&ROÂOHJLV3URIHV
VLRQDOVGHOD&RPXQLWDW9DOHQFLDQDHO'HFUHWGHGHJHQHU
GHO*RYHUQ9DOHQFLjSHOTXDOV¶DSURYDHO5HJODPHQWGHGHVSOHJDPHQW
G¶DTXHVWD~OWLPDLODUHVWDGHGLVSRVLFLRQVFRPSOHPHQWjULHVGHSHUWL
QHQWDSOLFDFLyHVGLFWDODVHJHQWUHVROXFLy
7HUFHUR
$ORVHIHFWRVSUHYLVWRVHQHODUWtFXORGHO'HFUHWRGH
GH HQHUR GHO *RELHUQR 9DOHQFLDQR SRU HO TXH VH DSUXHED HO 5HJOD
PHQWRGHGHVDUUROORGHOD/H\GHGHGLFLHPEUHGHOD*HQH
UDOLWDW9DOHQFLDQDGH&RQVHMRV\&ROHJLRV3URIHVLRQDOHVHOH[SHGLHQWH
KDVLGRWUDPLWDGRSRUHO6HUYLFLRGH(QWLGDGHV-XUtGLFDVDGVFULWRDOD
'LUHFFLyQ *HQHUDO GH -XVWLFLD GH OD FRQVHOOHULD GH -XVWLFLD ,QWHULRU \
$GPLQLVWUDFLRQHV 3~EOLFDV FRPSHWHQWH SRU DVt GLVSRQHUOR HO DUWtFXOR
GHODFLWDGD/H\HQUHODFLyQFRQORGLVSXHVWRHQOD'LVSR
VLFLyQ)LQDOGHO'HFUHWRGHGHHQHURHQYLUWXGGHODVDWULEX
FLRQHVTXHWLHQHFRQIHULGDVSRUHO'HFUHWRGHGHVHSWLHPEUH
GHO 3UHVLGHQWH GH OD *HQHUDOLWDW SRU HO TXH VH DVLJQDQ FRPSHWHQFLDV
D OD 3UHVLGHQFLD GH OD *HQHUDOLWDW \ D ODV FRQVHOOHULDV FRQ FRPSHWHQ
FLDVHMHFXWLYDV\SRUHO'HFUHWRGHGHRFWXEUHGHO&RQ
VHOOGHOD*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO5HJODPHQWR2UJiQLFR
\ )XQFLRQDO GH OD FRQVHOOHULDGH -XVWLFLD ,QWHULRU \$GPLQLVWUDFLRQHV
3~EOLFDV
9LVWRV HO DUWtFXOR GH OD &RQVWLWXFLyQ (VSDxROD \ HO DUWtFXOR
GHO(VWDWXWRGH$XWRQRPtDGHOD&RPXQLWDW9DOHQFLDQDOD/H\
GH GH IHEUHUR GH &ROHJLRV 3URIHVLRQDOHV FRQ VXV PRGL
ILFDFLRQHV SRVWHULRUHV HQ VXV SUHFHSWRV EiVLFRV OD /H\ GH GH GLFLHPEUH GH OD *HQHUDOLWDW 9DOHQFLDQD GH &RQVHMRV \ &ROHJLRV
3URIHVLRQDOHVGHOD&RPXQLGDG9DOHQFLDQDHO'HFUHWRGHGH
HQHURGHO*RELHUQR9DOHQFLDQRSRUHOTXHVHDSUXHEDHO5HJODPHQWR
GHGHVDUUROORGHpVWD~OWLPD\GHPiVGLVSRVLFLRQHVFRPSOHPHQWDULDV
GHSHUWLQHQWHDSOLFDFLyQVHGLFWDODVLJXLHQWHUHVROXFLyQ
3ULPHU
,QVFULXUHODPRGLILFDFLyGHOV(VWDWXWVGHO¶,OÂOXVWUH&ROÂOHJL3URYLQ
FLDO G¶$GYRFDWV G¶$ODFDQW DO 5HJLVWUH GH &ROÂOHJLV 3URIHVVLRQDOV L GH
&RQVHOOV9DOHQFLDQV3URIHVVLRQDOVGHOD&RPXQLWDW9DOHQFLDQD
6HJRQ
3XEOLFDUODSUHVHQW5HVROXFLyHQHO'LDUL2ILFLDOGHOD&RPXQLWDW
9DOHQFLDQD
&RQWUD DTXHVWD UHVROXFLy TXH SRVD IL D OD YLD DGPLQLVWUDWLYD HV
SRGUj LQWHUSRVDU SRWHVWDWLYDPHQW UHFXUV GH UHSRVLFLy GDYDQW GHO
PDWHL[zUJDQTXHKDGLFWDWO¶DFWHHQHOWHUPLQLG¶XQPHVFRPSWDGRU
GHVGHO¶HQGHPjGHODVHXDQRWLILFDFLyREpUHFXUVFRQWHQFLyVDGPL
QLVWUDWLX GDYDQW GH OD 6DOD FRQWHQFLRVD DGPLQLVWUDWLYD GHO 7ULEXQDO
6XSHULRUGH-XVWtFLDGHOD&RPXQLWDW9DOHQFLDQDHQHOWHUPLQLGHGRV
PHVRV FRPSWDGRUV GHV GH O¶HQGHPj GH OD VHXD QRWLILFDFLy 7RW DL[z
GHFRQIRUPLWDWDPEHOTXHHVWDEOHL[HQHOVDUWLFOHVLGHOD/OHL
GHGHQRYHPEUHGHO5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV
3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~LDPEHOVDUWLFOHV
LGHOD/OHLGHGHMXOLRO5HJXODGRUDGHOD-XULVGLFFLy
&RQWHQFLyV$GPLQLVWUDWLYDVHQVHSHUMXGLFLGHV¶XWLOLW]HTXDOVHYRODOWUD
YLDTXHHVFRQVLGHUHRSRUWXQD
9DOqQFLD GH PDUo GH /D GLUHFWRUD JHQHUDO GH MXVWtFLD
3DWULFLD0RQWDJXG$ODULR
3ULPHUR
,QVFULELUODPRGLILFDFLyQGHORV(VWDWXWRVGHO,OXVWUH&ROHJLR3UR
YLQFLDO GH$ERJDGRV GH$OLFDQWH HQ HO 5HJLVWUR GH &ROHJLRV 3URIH
VLRQDOHV \ GH &RQVHMRV 9DOHQFLDQRV 3URIHVLRQDOHV GH OD &RPXQLGDG
9DOHQFLDQD
6HJXQGR
3XEOLFDUODSUHVHQWHUHVROXFLyQHQHO'LDUL2ILFLDOGHOD&RPXQLWDW
9DOHQFLDQD
&RQWUD HVWD UHVROXFLyQ TXH SRQH ILQ D OD YtD DGPLQLVWUDWLYD VH
SRGUi LQWHUSRQHU SRWHVWDWLYDPHQWH UHFXUVR GH UHSRVLFLyQ DQWH HO
PLVPR yUJDQR TXH KD GLFWDGR HO DFWR HQ HO SOD]R GH XQ PHV FRQWD
GR GHVGH HO GtD VLJXLHQWH DO GH VX QRWLILFDFLyQ R ELHQ UHFXUVR FRQ
WHQFLRVRDGPLQLVWUDWLYR DQWH OD 6DOD GH OR &RQWHQFLRVR$GPLQLVWUDWL
YRGHO7ULEXQDO6XSHULRUGH-XVWLFLDGHOD&RPXQLWDW9DOHQFLDQDHQHO
SOD]RGHGRVPHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHVXQRWLILFD
FLyQ7RGRHOORGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV
\GHOD/H\GHGHQRYLHPEUHGHO5pJLPHQ-XUtGLFR
GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR
&RP~Q \ HQ ORV DUWtFXORV GH OD /H\ GH GH MXOLR
5HJXODGRUDGHOD-XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYDVLQSHUMXL
FLRGHVHXWLOLFHFXDOTXLHURWUDYtDTXHVHFRQVLGHUHRSRUWXQD
9DOHQFLD GH PDU]R GH /D GLUHFWRUD JHQHUDO GH -XVWLFLD
3DWULFLD0RQWDJXG$ODULR
Núm
5509 / 10.05.2007
18832
(67$7876'(/¶,/Â/8675(&2/Â/(*,3529,1&,$/
'¶$'92&$76'¶$/$&$17
(67$78726'(/,/8675(&2/(*,23529,1&,$/
'($%2*$'26'($/,&$17(
7Ë72/,
7Ë78/2,
&DStWROÒQLF
&RQVLGHUDFLRQVJHQHUDOV
&DStWXORÒQLFR
&RQVLGHUDFLRQHV*HQHUDOHV
$UWLFOH
/¶DGYRFDFLDpVXQDSURIHVVLyOOLXUHLLQGHSHQGHQWTXHSUHVWDXQ
VHUYHLDODVRFLHWDWHQLQWHUpVS~EOLFLTXHV¶H[HUFHL[HQUqJLPGHOOLXUH
L OOHLDO FRPSHWqQFLD DPE HO FRQVHOO L OD GHIHQVD GH GUHWV L LQWHUHVVRV
S~EOLFVRSULYDWVSHUPLWMjGHO¶DSOLFDFLyGHODFLqQFLDLODWqFQLFDMXUt
GLTXHV DPE YLVWD D OD FRQFzUGLD D O¶HIHFWLYLWDW GHOV GUHWV L OOLEHUWDWV
IRQDPHQWDOVLDODMXVWtFLD
(QO¶H[HUFLFLSURIHVVLRQDOO¶DGYRFDWTXHGDVRWPpVDODQRUPDWL
YDOHJDOLHVWDWXWjULD DO ILGHO FRPSOLPHQW GH OHV QRUPHV L XVRV GH OD
GHRQWRORJLDSURIHVVLRQDOGHO¶DGYRFDFLDLDOFRQVHJHQWUqJLPGLVFLSOL
QDULFROÂOHJLDO
&RUUHVSRQDO¶DGYRFDFLDGHIRUPDH[FOXVLYDLH[FORHQWFRQIRU
PH D O¶DUWLFOH GH OD /OHL 2UJjQLFD GHO 3RGHU -XGLFLDO OD GHIHQVD
MXUtGLFDGHOVGUHWVDOLHQVLSHUWDQWO¶H[HUFLFLSURIHVVLRQDOGHODGLUHF
FLyLGHIHQVDGHOHVSDUWVHQTXDOVHYROFODVVHGHSURFHVVRVFRPWDPEp
O¶DVVHVVRUDPHQWLSDWURFLQLGHWRWVHOVGUHWVLLQWHUHVVRVTXHVLJXHQVXV
FHSWLEOHVGHGHIHQVDMXUtGLFD
$UWtFXOR
/D$ERJDFtDHVXQDSURIHVLyQOLEUHHLQGHSHQGLHQWHTXHSUHVWDXQ
VHUYLFLRDODVRFLHGDGHQLQWHUpVS~EOLFR\TXHVHHMHUFHHQUpJLPHQGH
OLEUH\OHDOFRPSHWHQFLDSRUPHGLRGHOFRQVHMR\ODGHIHQVDGHGHUH
FKRVHLQWHUHVHVS~EOLFRVRSULYDGRVPHGLDQWHODDSOLFDFLyQGHODFLHQ
FLD\ODWpFQLFDMXUtGLFDVHQRUGHQDODFRQFRUGLDDODHIHFWLYLGDGGH
ORVGHUHFKRV\OLEHUWDGHVIXQGDPHQWDOHV\DOD-XVWLFLD
(QHOHMHUFLFLRSURIHVLRQDOHO$ERJDGRTXHGDVRPHWLGRDODQRU
PDWLYDOHJDO\HVWDWXWDULDDOILHOFXPSOLPLHQWRGHODVQRUPDV\XVRVGH
OD GHRQWRORJtD SURIHVLRQDO GH OD$ERJDFtD \ DO FRQVLJXLHQWH UpJLPHQ
GLVFLSOLQDULRFROHJLDO
&RUUHVSRQGH D OD $ERJDFtD GH IRUPD H[FOXVLYD \ H[FOX\HQWH
FRQIRUPH DO DUWtFXOR GH OD /H\ 2UJiQLFD GHO 3RGHU -XGLFLDO OD
GHIHQVDMXUtGLFDGHORVGHUHFKRVDMHQRV\SRUWDQWRHOHMHUFLFLRSURIH
VLRQDOGHODGLUHFFLyQ\GHIHQVDGHODVSDUWHVHQWRGDFODVHGHSURFHVRV
DVtFRPRHODVHVRUDPLHQWR\SDWURFLQLRGHWRGRVORVGHUHFKRVHLQWHUH
VHVTXHVHDQVXVFHSWLEOHVGHGHIHQVDMXUtGLFD
7Ë72/,,
7,78/2,,
&DStWRO,
'HO&ROÂOHJL
&DSLWXOR,
'HO&ROHJLR
$UWLFOH
/¶,OÂOXVWUH&ROÂOHJL3URYLQFLDOG¶$GYRFDWVG¶$ODFDQWpVXQDFRUSR
UDFLyGHGUHWS~EOLFGHFDUjFWHUSURIHVVLRQDOUHFRQHJXGDLHPSDUDGD
SHUOD&RQVWLWXFLy(VSDQ\RODDPESHUVRQDOLWDWMXUtGLFDSUzSLDLSOHQD
FDSDFLWDW SHU DO FRPSOLPHQW GHOV VHXV ILQV TXH pV UHJLGD SHU OD /OHL
GH &ROÂOHJLV 3URIHVVLRQDOV GH OD &RPXQLWDW 9DOHQFLDQD SHU O¶(VWDWXW
*HQHUDO GH O¶$GYRFDFLD SHOV (VWDWXWV GHO &RQVHOO 9DOHQFLj GH &RO
OHJLV G¶$GYRFDWV SHOV SUHVHQWV (VWDWXWV SHOV UHJODPHQWV GH 5qJLP
,QWHULRUTXHHVSXJXHQGHVHQYROXSDULSHOVDFRUGVDSURYDWVSHOVGLIH
UHQWVzUJDQVFRUSRUDWLXVHQO¶jPELWGHOHVVHXHVUHVSHFWLYHVFRPSHWqQ
FLHVFRPWDPEpSHUOHVDOWUHVQRUPHVGHFRPSOLPHQWREOLJDWRULTXHOL
VLJXHQDSOLFDEOHV
$UWtFXOR
(O,OXVWUH&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWHHVXQDFRU
SRUDFLyQ GH 'HUHFKR 3~EOLFR GH FDUiFWHU SURIHVLRQDO UHFRQRFLGD \
DPSDUDGDSRUOD&RQVWLWXFLyQ(VSDxRODFRQSHUVRQDOLGDGMXUtGLFDSUR
SLD \ SOHQD FDSDFLGDGSDUD HO FXPSOLPLHQWRGH VXV ILQHV TXH VH ULJH
SRU OD /H\ GH &ROHJLRV 3URIHVLRQDOHV GH OD &RPXQLGDG 9DOHQFLDQD
SRUHO(VWDWXWR*HQHUDOGHOD$ERJDFtDSRUORV(VWDWXWRVGHO&RQVHMR
9DOHQFLDQRGH&ROHJLRVGH$ERJDGRVSRUORVSUHVHQWHV(VWDWXWRVSRU
ORV5HJODPHQWRVGH5pJLPHQ,QWHULRUTXHVHSXHGDQGHVDUUROODU\SRU
ORV DFXHUGRV DSUREDGRV SRU ORV GLIHUHQWHV yUJDQRV FRUSRUDWLYRV HQ HO
iPELWRGHVXVUHVSHFWLYDVFRPSHWHQFLDVDVtFRPRSRUODVGHPiVQRU
PDVGHREOLJDGRFXPSOLPLHQWRTXHOHVHDQDSOLFDEOHV
$UWLFOH
&RUUHVSRQHOVHXjPELWWHUULWRULDODODSURYtQFLDG¶$ODFDQWOOHYDW
GHO¶jPELWWHUULWRULDOSHUWDQ\HQWDOVFROÂOHJLVG¶DGYRFDWVG¶$OFRL(O[L
2ULKXHODLODVHXUDGLFDDODFLXWDWG¶$ODFDQWFDUUHU*UDYLQDQ~P
Q RQ HVWDUDQ VLWXDGHV OD UHSUHVHQWDFLy FRUSRUDWLYD L LQVWDOÂODGHV OHV
VHXHVGLIHUHQWVGHSHQGqQFLHVLRILFLQHVVHQVHSHUMXGLFLGHOHVGHOHJD
FLRQVMDH[LVWHQWVRGHODFUHDFLyGHQRYHVHQDTXHOOHVGHPDUFDFLRQV
MXGLFLDOVHQTXqUHVXOWHFRQYHQLHQWSHUDOPLOORUFRPSOLPHQWGHOVILQV
LPDMRUHILFjFLDGHOHVIXQFLRQVFROÂOHJLDOV/HVGHOHJDFLRQVWLQGUDQOD
UHSUHVHQWDFLy FROÂOHJLDO GHOHJDGD HQ O¶jPELW GH OD VHXD GHPDUFDFLy
DPEOHVFRPSHWqQFLHVTXHUHVXOWHQGHOV(VWDWXWVLOHVTXHVLIDDOFDV
GHWHUPLQHOD-XQWDGH*RYHUQ
$UWtFXOR
&RUUHVSRQGH VX iPELWR WHUULWRULDO D OD SURYLQFLD GH$OLFDQWH FRQ
H[FHSFLyQGHOiPELWRWHUULWRULDOSHUWHQHFLHQWHDORV&ROHJLRVGH$ER
JDGRV GH$OFR\ (OFKH \ 2ULKXHOD \ VX VHGH UDGLFD HQ OD FLXGDG GH
$OLFDQWH&*UDYLQDQžžGRQGHHVWDUiQVLWXDGDVODUHSUHVHQWDFLyQ
FRUSRUDWLYD H LQVWDODGDV VXV GLIHUHQWHV GHSHQGHQFLDV \ RILFLQDV VLQ
SHUMXLFLR GH ODV 'HOHJDFLRQHV \D H[LVWHQWHV R GH OD FUHDFLyQ GH QXH
YDV HQ DTXHOODV GHPDUFDFLRQHV MXGLFLDOHV HQ TXH UHVXOWH FRQYHQLHQWH
SDUDHOPHMRUFXPSOLPLHQWRGHORVILQHV\PD\RUHILFDFLDGHODVIXQ
FLRQHVFROHJLDOHV/DV'HOHJDFLRQHVRVWHQWDUiQODUHSUHVHQWDFLyQFROH
JLDO GHOHJDGD HQ HO iPELWR GH VX GHPDUFDFLyQ FRQ ODV FRPSHWHQFLDV
TXHUHVXOWHQGHORV(VWDWXWRV\ODVTXHHQVXFDVRVHGHWHUPLQHQSRUOD
-XQWDGH*RELHUQR
$UWLFOH
(O &ROÂOHJL YD VHU IXQGDW HO L OD VHXD GHQRPLQDFLy RILFLDO
pV OD G¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW eV VHQ\DO
G¶LGHQWLWDWGHO&ROÂOHJLHOVHXWUDGLFLRQDOHVFXW0DQWHQLQWODWUDGLFLy
O¶,OÂOXVWUH&ROÂOHJL3URYLQFLDOG¶$GYRFDWVG¶$ODFDQWFHOHEUDUjOHVVHXHV
IHVWHVHOVGLHVGHGHVHPEUHIHVWLYLWDWGHOD,PPDFXODGD&RQFHSFLyL
HOGHJHQHUIHVWLYLWDWGH6DQW5DLPRQGH3HQ\DIRUWDPEGyVSDWURQV
GHO&ROÂOHJL
$UWtFXOR
(O&ROHJLRIXHIXQGDGRHQ\VXGHQRPLQDFLyQRILFLDOHVOD
GH³,OXVWUH&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWH´(VVHxDGH
LGHQWLGDGGHO&ROHJLRVXWUDGLFLRQDOHVFXGR0DQWHQLHQGRODWUDGLFLyQ
HO ,OXVWUH &ROHJLR 3URYLQFLDO GH$ERJDGRV GH$OLFDQWH FHOHEUDUi VXV
ILHVWDV ORV GtDV GH GLFLHPEUH IHVWLYLGDG GH OD ,QPDFXODGD &RQFHS
FLyQ\HOGHHQHURIHVWLYLGDGGH6DQ5DLPXQGRGH3HxDIRUWDPERV
SDWURQRVGHO&ROHJLR
Núm
5509 / 10.05.2007
18833
$UWLFOH
(OYDOHQFLjLHOFDVWHOOjVyQOHVOOHQJHVRILFLDOVGHO&ROÂOHJL3UR
YLQFLDOG¶$GYRFDWVG¶$ODFDQW(OVFROÂOHJLDWVWHQHQGUHWDXWLOLW]DUDPE
GXHVOOHQJHVHQWRWVHOVDFWHVLFRPXQLFDFLRQVGHFDUjFWHUFROÂOHJLDO
JHQHUDOVLSDUWLFXODUV
$UWLFXOR
(OYDOHQFLDQR\HOFDVWHOODQRVRQODVOHQJXDVRILFLDOHVGHO&ROHJLR
3URYLQFLDOGH$ERJDGRVGH$OLFDQWH/RVFROHJLDGRVWLHQHQGHUHFKRD
XWLOL]DUDPEDVOHQJXDVHQWRGRVORVDFWRV\FRPXQLFDFLRQHVGHFDUiFWHU
FROHJLDOJHQHUDOHV\SDUWLFXODUHV
$UWLFOH
6yQ ILQV HVVHQFLDOV GH O¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV
G¶$ODFDQW HQ HO VHX jPELW O¶RUGHQDFLy GH O¶H[HUFLFL GH OD SURIHVVLy
LYHWODUSHUTXqV¶DGHTHDOHVQRUPHVqWLTXHVLMXUtGLTXHVTXHODUHJX
OHQ OD UHSUHVHQWDFLy H[FOXVLYD G¶DTXHVWD OD WXWHOD GHO GUHW GH GHIHQ
VDODIRUPDFLySURIHVVLRQDOSHUPDQHQWGHOVDGYRFDWVODGHIHQVDGHOV
GUHWVLLQWHUHVVRVSURIHVVLRQDOVGHOVFROÂOHJLDWVHOFRQWUROGHRQWROzJLFL
O¶DSOLFDFLyGHOUqJLPGLVFLSOLQDULHQJDUDQWLDGHODVRFLHWDWODGHIHQVD
GH O¶HVWDW VRFLDO L GHPRFUjWLF GH GUHW SURFODPDW HQ OD &RQVWLWXFLy OD
SURPRFLy L GHIHQVD GHOV GUHWV KXPDQV DL[t FRP OD SDUWLFLSDFLy HQ HO
IXQFLRQDPHQW SURPRFLy L PLOORUD GH O¶DGPLQLVWUDFLy GH -XVWtFLD L OD
UHVWD G¶DGPLQLVWUDFLRQV S~EOLTXHV SHU D OD VDWLVIDFFLy GHOV LQWHUHVVRV
JHQHUDOV
$UWtFXOR
6RQ ILQHV HVHQFLDOHV GHO ,OXVWUH &ROHJLR 3URYLQFLDO GH$ERJDGRV
GH$OLFDQWHHQVXiPELWRODRUGHQDFLyQGHOHMHUFLFLRGHODSURIHVLyQ
YHODQGRSRUTXHVHDGHFXHDODVQRUPDVpWLFDV\MXUtGLFDVTXHODUHJX
ODQODUHSUHVHQWDFLyQH[FOXVLYDGHODPLVPDODWXWHODGHOGHUHFKRGH
GHIHQVD OD IRUPDFLyQ SURIHVLRQDO SHUPDQHQWH GH ORV $ERJDGRV OD
GHIHQVD GH ORV GHUHFKRV H LQWHUHVHV SURIHVLRQDOHV GH ORV FROHJLDGRV
HO FRQWURO GHRQWROyJLFR \ OD DSOLFDFLyQ GHO UpJLPHQ GLVFLSOLQDULR HQ
JDUDQWtDGHOD6RFLHGDGODGHIHQVDGHOHVWDGRVRFLDO\GHPRFUiWLFRGH
'HUHFKRSURFODPDGRHQOD&RQVWLWXFLyQODSURPRFLyQ\GHIHQVDGHORV
'HUHFKRV +XPDQRV DVt FRPR OD SDUWLFLSDFLyQ HQ HO IXQFLRQDPLHQWR
SURPRFLyQ\PHMRUDGHODDGPLQLVWUDFLyQGH-XVWLFLD\UHVWDQWHV$GPL
QLVWUDFLRQHV3~EOLFDVSDUDODVDWLVIDFFLyQGHORVLQWHUHVHVJHQHUDOHV
$UWLFOH
6yQ IXQFLRQV GH O¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV
G¶$ODFDQWHQHOVHXjPELWWHUULWRULDO
2VWHQWDUODUHSUHVHQWDFLyTXHHVWDEOLVTXHQOHVOOHLVSHUDOFRPSOL
PHQW GHOV VHXV ILQV L HVSHFLDOPHQW OD UHSUHVHQWDFLy L GHIHQVD GH OD
SURIHVVLy GDYDQW GH O¶DGPLQLVWUDFLy LQVWLWXFLRQV WULEXQDOV HQWLWDWV
L SDUWLFXODUV DPE OHJLWLPDFLy SHU D VHU SDUW HQ TXDQWV OLWLJLV L FDX
VHV DIHFWHQ HOV GUHWV L LQWHUHVVRV SURIHVVLRQDOV L HOV ILQV GH O¶DGYRFD
FLD H[HUFLWDU OHV DFFLRQV SHQDOV FLYLOV DGPLQLVWUDWLYHV R VRFLDOV TXH
VLJXHQSURFHGHQWV DL[t FRP SHU D XWLOLW]DUHO GUHW GH SHWLFLy G¶DFRUG
DPEOD/OHL
,QIRUPDU HQ HOV UHVSHFWLXV jPELWV GH FRPSHWqQFLD GH SDUDXOD R
SHUHVFULWHQTXDQWVSURMHFWHVRLQLFLDWLYHVGHOHV&RUWV*HQHUDOVGHO
*RYHUQ G¶zUJDQV OHJLVODWLXV R H[HFXWLXV GH FDUjFWHU DXWRQzPLF L GH
TXDQWVDOWUHVRUJDQLVPHVTXHDL[tKRUHTXHULVTXHQ
&ROÂODERUDUDPE HO SRGHU MXGLFLDOL HOV DOWUHV SRGHUV S~EOLFVPLW
MDQoDQW OD UHDOLW]DFLy G¶HVWXGLV HPLVVLy G¶LQIRUPHV HODERUDFLy G¶HV
WDGtVWLTXHV L DOWUHV DFWLYLWDWV UHODFLRQDGHV DPE HOV VHXV ILQV TXH HOV
VLJXHQVROÂOLFLWDWVRDFRUGHQSHULQLFLDWLYDSUzSLD
2UJDQLW]DU L JHVWLRQDU HOV VHUYHLV G¶DVVLVWqQFLD MXUtGLFD JUDWXwWD L
TXDQWVDOWUHVG¶DVVLVWqQFLDLRULHQWDFLyMXUtGLFDSXJXHQHVWDWXWjULDPHQW
FUHDUVH
3DUWLFLSDUHQPDWqULHVSUzSLHVGHODSURIHVVLyHQHOVzUJDQVFRQVXO
WLXVG¶DGPLQLVWUDFLyDL[tFRPHQHOVRUJDQLVPHVLQWHUSURIHVVLRQDOV
$UWtFXOR
6RQIXQFLRQHVGHO,OXVWUH&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OL
FDQWHHQVXiPELWRWHUULWRULDO
2VWHQWDUODUHSUHVHQWDFLyQTXHHVWDEOH]FDQODV/H\HVSDUDHOFXP
SOLPLHQWR GH VXV ILQHV \ HVSHFLDOPHQWH OD UHSUHVHQWDFLyQ \ GHIHQVD
GHODSURIHVLyQDQWHODDGPLQLVWUDFLyQ,QVWLWXFLRQHV7ULEXQDOHV(QWL
GDGHV\3DUWLFXODUHVFRQOHJLWLPDFLyQSDUDVHUSDUWHHQFXDQWRVOLWLJLRV
\FDXVDVDIHFWHQDORVGHUHFKRVHLQWHUHVHVSURIHVLRQDOHV\DORVILQHV
GHOD$ERJDFtDHMHUFLWDUODVDFFLRQHVSHQDOHVFLYLOHVDGPLQLVWUDWLYDV
RVRFLDOHVTXHVHDQSURFHGHQWHVDVtFRPRSDUDXWLOL]DUHOGHUHFKRGH
SHWLFLyQFRQIRUPHDOD/H\
,QIRUPDUHQORVUHVSHFWLYRViPELWRVGHFRPSHWHQFLDGHSDODEUDR
SRUHVFULWRHQFXDQWRVSUR\HFWRVRLQLFLDWLYDVGHODV&RUWHV*HQHUDOHV
GHO*RELHUQRGHyUJDQRVOHJLVODWLYRVRHMHFXWLYRVGHFDUiFWHUDXWRQy
PLFR\GHFXDQWRVRWURV2UJDQLVPRVTXHDVtORUHTXLHUDQ
&RODERUDU FRQ HO 3RGHU -XGLFLDO \ ORV GHPiV 3RGHUHV 3~EOLFRV
PHGLDQWHODUHDOL]DFLyQGHHVWXGLRVHPLVLyQGHLQIRUPHVHODERUDFLyQ
GHHVWDGtVWLFDV\RWUDVDFWLYLGDGHVUHODFLRQDGDVFRQVXVILQHVTXHOHV
VHDQVROLFLWDGDVRDFXHUGHQSRUSURSLDLQLFLDWLYD
2UJDQL]DU \ JHVWLRQDU ORV VHUYLFLRV GH DVLVWHQFLD MXUtGLFD JUDWXLWD
\FXDQWRVRWURVGHDVLVWHQFLD\RULHQWDFLyQMXUtGLFDSXHGDQHVWDWXWDULD
PHQWHFUHDUVH
3DUWLFLSDUHQPDWHULDVSURSLDVGHODSURIHVLyQHQORVyUJDQRVFRQ
VXOWLYRVGH$GPLQLVWUDFLyQDVtFRPRHQORVRUJDQLVPRVLQWHUSURIHVLR
QDOHV
$VHJXUDUODUHSUHVHQWDFLyQGHOD$ERJDFtDHQORV&RQVHMRV6RFLD
OHV \ 3DWURQDWRV 8QLYHUVLWDULRV HQ ORV WpUPLQRV HVWDEOHFLGRV HQ ODV
QRUPDVTXHORVUHJXOHQ
3DUWLFLSDUHQODHODERUDFLyQGHORVSODQHVGHHVWXGLRVLQIRUPDUGH
ODV QRUPDV GH RUJDQL]DFLyQ GH ORV &HQWURV GRFHQWHV FRUUHVSRQGLHQ
WHV D OD SURIHVLyQ PDQWHQHU SHUPDQHQWH FRQWDFWR FRQ ORV PLVPRV
FUHDUPDQWHQHU\SURSRQHUDOÏUJDQRFRPSHWHQWHODKRPRORJDFLyQGH
(VFXHODVGH3UiFWLFD-XUtGLFD\RWURVPHGLRVSDUDIDFLOLWDUHODFFHVRD
ODYLGDSURIHVLRQDOGHORVQXHYRVWLWXODGRV\RUJDQL]DUFXUVRVSDUDOD
IRUPDFLyQ\SHUIHFFLRQDPLHQWRSURIHVLRQDO
2UGHQDUODDFWLYLGDGSURIHVLRQDOGHORVFROHJLDGRVYHODQGRSRUOD
IRUPDFLyQODpWLFD\ODGLJQLGDGSURIHVLRQDOHV\SRUHOUHVSHWRGHELGR
D ORV GHUHFKRV GH ORV SDUWLFXODUHV HMHUFHU OD IDFXOWDG GLVFLSOLQDULD HQ
HO RUGHQ SURIHVLRQDO \ FROHJLDO HODERUDU VXV (VWDWXWRV SDUWLFXODUHV \
ODVPRGLILFDFLRQHVGHORVPLVPRVVRPHWLpQGRORVDODDSUREDFLyQGHO
&RQVHMR*HQHUDOGHOD$ERJDFtD(VSDxROD\GHOD&RPXQLWDW9DOHQFLD
QDDWUDYpVGHODFRQVHOOHULDFRUUHVSRQGLHQWH
2UJDQL]DU\SURPRYHUDFWLYLGDGHV\VHUYLFLRVFRPXQHVGHLQWHUpV
SDUDORVFROHJLDGRVGHFDUiFWHUSURIHVLRQDOIRUPDWLYRFXOWXUDODVLV
WHQFLDOGHSUHYLVLyQ\RWURVDQiORJRVLQFOXLGRHODVHJXUDPLHQWRREOL
JDWRULRGHODUHVSRQVDELOLGDGFLYLOSURIHVLRQDO
3URFXUDUODDUPRQtD\FRODERUDFLyQHQWUHORVFROHJLDGRVLPSLGLHQ
GR OD FRPSHWHQFLD GHVOHDO HQWUH ORV PLVPRV DVt FRPR OD SXEOLFLGDG
LOtFLWD
$VVHJXUDU OD UHSUHVHQWDFLy GH O¶DGYRFDFLD HQ HOV FRQVHOOV VRFLDOV
LSDWURQDWVXQLYHUVLWDULVHQHOVWHUPHVHVWDEOLWVHQOHVQRUPHVTXHHOV
UHJXOHQ
3DUWLFLSDUHQO¶HODERUDFLyGHOVSODQVG¶HVWXGLVLQIRUPDUGHOHVQRU
PHV G¶RUJDQLW]DFLy GHOV FHQWUHV GRFHQWV FRUUHVSRQHQWV D OD SURIHVVLy
PDQWLQGUHSHUPDQHQWFRQWDFWHDPEDTXHVWVFUHDUPDQWLQGUHLSURSR
VDUDO¶zUJDQFRPSHWHQWO¶KRPRORJDFLyG¶HVFROHVGH3UjFWLFD-XUtGLFD
LDOWUHVPLWMDQVSHUDIDFLOLWDUO¶DFFpVDODYLGDSURIHVVLRQDOGHOVQRXV
WLWXODWVLRUJDQLW]DUFXUVRVSHUDODIRUPDFLyLSHUIHFFLRQDPHQWSURIHV
VLRQDO
2UGHQDU O¶DFWLYLWDW SURIHVVLRQDO GHOV FROÂOHJLDWV YHWODU SHU OD IRU
PDFLyO¶qWLFDLODGLJQLWDWSURIHVVLRQDOVLSHOUHVSHFWHGHJXWDOVGUHWV
GHOVSDUWLFXODUVH[HUFLUODIDFXOWDWGLVFLSOLQjULDHQO¶RUGHSURIHVVLRQDO
L FROÂOHJLDO HODERUDU HOV VHXV (VWDWXWV SDUWLFXODUV L OHV PRGLILFDFLRQV
G¶DTXHVWVVRWPHWUH¶OVDO¶DSURYDFLyGHO&RQVHOO*HQHUDOGHO¶$GYRFD
FLD(VSDQ\RODLGHOD&RPXQLWDW9DOHQFLDQDDWUDYpVGHODFRQVHOOHULD
FRUUHVSRQHQW
2UJDQLW]DULSURPRXUHDFWLYLWDWVLVHUYHLVFRPXQVG¶LQWHUpVSHUDOV
FROÂOHJLDWVGHFDUjFWHUSURIHVVLRQDOIRUPDWLXFXOWXUDODVVLVWHQFLDOGH
SUHYLVLyLDOWUHVG¶DQjOHJVLQFOzVO¶DVVHJXUDPHQWREOLJDWRULGHODUHV
SRQVDELOLWDWFLYLOSURIHVVLRQDO
3URFXUDU O¶KDUPRQLD L FROÂODERUDFLy HQWUH HOV FROÂOHJLDWV L LPSHGLU
ODFRPSHWqQFLDGHVOOHLDOHQWUHDTXHVWVDL[tFRPODSXEOLFLWDWLOÂOtFLWD
Núm
5509 / 10.05.2007
$GRSWDU OHV PHVXUHV FRQGXHQWV D HYLWDU L SHUVHJXLU O¶LQWUXVLVPH
SURIHVVLRQDO
,QWHUYLQGUHDPEODVROÂOLFWXGSUqYLDHQYLDGHFRQFLOLDFLyRDUEL
WUDWJHHQOHVTHVWLRQVTXHSHUPRWLXVSURIHVVLRQDOVVHVXVFLWHQHQWUH
HOVFROÂOHJLDWVRHQWUHDTXHVWVLHOVVHXVFOLHQWV
([HUFLUIXQFLRQVG¶DUELWUDWJHHQHOVDVVXPSWHVTXHHOVVLJXHQVRW
PHVRVDL[tFRPSURPRXUHRSDUWLFLSDUHQLQVWLWXFLRQVG¶DUELWUDWJH
5HVROGUHOHVGLVFUHSjQFLHVTXHSXJXHQVRUJLUHQUHODFLyDPEO¶DF
WXDFLy SURIHVVLRQDO GHOV FROÂOHJLDWV L OD SHUFHSFLy GHOV VHXV KRQRUDULV
PLWMDQoDQW ODXGH D TXq SUqYLDPHQW VH VRWPHWHQ GH PRGH H[SUpV OHV
SDUWVLQWHUHVVDGHV
x (VWDEOLU FULWHULV RULHQWDGRUV VREUH KRQRUDULV SURIHVVLRQDOV DPE
FDUjFWHUPHUDPHQWRULHQWDWLXLVLIDDOFDVHOUqJLPGHOHVQRWHVG¶HQ
FjUUHFRSUHVVXSRVWRVSHUDOVFOLHQWV
,QIRUPDULGLFWDPLQDUVREUHKRQRUDULVSURIHVVLRQDOVDL[tFRPHVWD
EOLUVLIDFDVVHUYHLVYROXQWDULVSHUDOVHXFREUDPHQW
&RPSOLULIHUFRPSOLUDOVFROÂOHJLDWVHQTXDQWDIHFWHODSURIHVVLy
OHV GLVSRVLFLRQV OHJDOV L HVWDWXWjULHV DL[t FRP OHV QRUPHV L GHFLVLRQV
DGRSWDGHVSHOVzUJDQVFROÂOHJLDOVHQPDWqULDGHODVHXDFRPSHWqQFLD
4XDQWHVDOWUHVIXQFLRQVUHGXQGHQHQEHQHILFLGHOVLQWHUHVVRVGHOD
SURIHVVLyGHOVFROÂOHJLDWVLODUHVWDGHILQVGHO¶DGYRFDFLD
,G¶DOWUHV TXH YLQJXHQ GLVSRVDGHV SHU OD OHJLVODFLyHVWDWDORDXWR
QzPLFD
18834
$GRSWDUODVPHGLGDVFRQGXFHQWHVDHYLWDU\SHUVHJXLUHOLQWUXVLVPR
SURIHVLRQDO
,QWHUYHQLU SUHYLD VROLFLWXG HQ YtDV GH FRQFLOLDFLyQ R DUELWUDMH HQ
ODV FXHVWLRQHV TXH SRU PRWLYRV SURIHVLRQDOHV VH VXVFLWHQ HQWUH ORV
FROHJLDGRVRHQWUHpVWRV\VXVFOLHQWHV
(MHUFHUIXQFLRQHVGHDUELWUDMHHQORVDVXQWRVTXHOHVVHDQVRPHWL
GRVDVtFRPRSURPRYHURSDUWLFLSDUHQLQVWLWXFLRQHVGHDUELWUDMH
5HVROYHU ODV GLVFUHSDQFLDV TXH SXHGDQ VXUJLU HQ UHODFLyQ FRQ OD
DFWXDFLyQSURIHVLRQDOGHORVFROHJLDGRV\ODSHUFHSFLyQGHVXVKRQRUD
ULRVPHGLDQWHODXGRDOTXHSUHYLDPHQWHVHVRPHWDQGHPRGRH[SUHVR
ODVSDUWHVLQWHUHVDGDV
x(VWDEOHFHUFULWHULRVRULHQWDGRUHVVREUHKRQRUDULRVSURIHVLRQDOHV
FRQ FDUiFWHU PHUDPHQWH RULHQWDWLYR \ HQ VX FDVR HO UpJLPHQ GH ODV
QRWDVGHHQFDUJRRSUHVXSXHVWRVSDUDORVFOLHQWHV
,QIRUPDU \ GLFWDPLQDU VREUH KRQRUDULRV SURIHVLRQDOHV DVt FRPR
HVWDEOHFHUHQVXFDVRVHUYLFLRVYROXQWDULRVSDUDVXFREUR
&XPSOLU \ KDFHU FXPSOLU D ORV FROHJLDGRV HQ FXDQWR DIHFWH D OD
SURIHVLyQ ODV GLVSRVLFLRQHV OHJDOHV \ HVWDWXWDULDV DVt FRPR ODV QRU
PDV \ GHFLVLRQHV DGRSWDGDV SRU ORV yUJDQRV FROHJLDOHV HQ PDWHULD GH
VXFRPSHWHQFLD
&XDQWDVRWUDVIXQFLRQHVUHGXQGHQHQEHQHILFLRGHORVLQWHUHVHVGH
ODSURIHVLyQGHORVFROHJLDGRV\GHPiVILQHVGHOD$ERJDFtD
/DVGHPiVTXHYHQJDQGLVSXHVWDVSRUODOHJLVODFLyQHVWDWDORDXWR
QyPLFD
&DStWRO,,
'HOVFROÂOHJLDWV
&DSLWXOR,,
'HORV&ROHJLDGRV
6HFFLy3ULPHUD
'LVSRVLFLRQVJHQHUDOV
6HFFLRQ3ULPHUD
'LVSRVLFLRQHV*HQHUDOHV
$UWLFOH
/¶,OÂOXVWUH&ROÂOHJL3URYLQFLDOG¶$GYRFDWVG¶$ODFDQWO¶LQWHJUHQWRWV
DTXHOOV TXH UHXQLQW HOV UHTXLVLWV OHJDOV KDQ VLJXW R VLJXHQ DGPHVRV
G¶DUD HQ DYDQW SHU D IRUPDU SDUW GH OD FRUSRUDFLy /D LQFRUSRUDFLy
DO &ROÂOHJL VRWPHW O¶DGYRFDW D OD VHXD GLVFLSOLQD L O¶REOLJD D O¶HVWULFWH
FRPSOLPHQWG¶DTXHVWV(VWDWXWVGHOHVVHXHVQRUPHVGHGHVSOHJDPHQW
DL[tFRPGHOVDFRUGVGHOHVMXQWHV*HQHUDOVLGH*RYHUQ
/¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW HVWDUj FRP
SRVWSHUWUHVFODVVHVGHFROÂOHJLDWV
&ROÂOHJLDWVG¶KRQRU
&ROÂOHJLDWVH[HUFHQWV
&ROÂOHJLDWVQRH[HUFHQWV
$UWtFXOR
(O,OXVWUH&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWHORLQWHJUDQ
WRGRV FXDQWRV UHXQLHQGR ORV UHTXLVLWRV OHJDOHV KDQ VLGR R VHDQ DGPL
WLGRV HQ OR VXFHVLYR D IRUPDU SDUWH GH OD &RUSRUDFLyQ OD LQFRUSRUD
FLyQDO&ROHJLRVRPHWHDODERJDGRDVXGLVFLSOLQD\OHREOLJDDOHVWULF
WR FXPSOLPLHQWR GH HVWRV (VWDWXWRV GH VXV QRUPDV GH GHVDUUROOR DVt
FRPRGHORVDFXHUGRVGHVXV-XQWDV*HQHUDOHV\GH*RELHUQR
(O,OXVWUH&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWHHVWDUiFRP
SXHVWRSRUWUHVFODVHVGHFROHJLDGRV
&ROHJLDGRVGH+RQRU
&ROHJLDGRV(MHUFLHQWHV
&ROHJLDGRVQRHMHUFLHQWHV
$UWLFOH
6yQ DGYRFDWV GH O¶,OÂOXVWUH &ROÂOHJL G¶$ODFDQW HOV TXL HQ TXDOLWDW
G¶H[HUFHQWVLFRPSOLWVHOVUHTXLVLWVQHFHVVDULVSHUDDL[zV¶KLFROÂOHJLHQ
SHUDGHGLFDUVHGHIRUPDSURIHVVLRQDODO¶DVVHVVRUDPHQWFRQFzUGLDL
GHIHQVDGHOVLQWHUHVVRVMXUtGLFVDOLHQVS~EOLFVRSULYDWV
$UWtFXOR
6RQ$ERJDGRVGHO,OXVWUH&ROHJLRGH$OLFDQWHTXLHQHVHQFDOLGDG
GHHMHUFLHQWHV\FXPSOLGRVORVUHTXLVLWRVQHFHVDULRVSDUDHOORVHFROH
JLHQHQHOPLVPRSDUDGHGLFDUVHGHIRUPDSURIHVLRQDODODVHVRUDPLHQ
WR FRQFRUGLD \ GHIHQVD GH ORV LQWHUHVHV MXUtGLFRV DMHQRV S~EOLFRV R
SULYDGRV
,JXDOPHQWH OR VRQ ORV DERJDGRV LQVFULWRV FRQ HO WtWXOR GH VX SDtV
GH RULJHQ TXH UH~QDQ ORV UHTXLVLWRV HVWDEOHFLGRV HQ HO 5HDO 'HFUHWR
1R REVWDQWH SRGUiQ VHJXLU XWLOL]DQGR OD GHQRPLQDFLyQ GH$ER
JDGR DxDGLHQGR VLHPSUH OD H[SUHVLyQ ©VLQ HMHUFLFLRª TXLHQHV FHVHQ
HQHOHMHUFLFLRGHGLFKDSURIHVLyQGHVSXpVGHKDEHUHMHUFLGRDOPHQRV
YHLQWHDxRV
7DPELpQ SRGUiQ SHUWHQHFHU DO ,OXVWUH &ROHJLR 3URYLQFLDO GH$ER
JDGRVGH$OLFDQWHFRQODGHQRPLQDFLyQGHFROHJLDGRVQRHMHUFLHQWHV
TXLHQHVUH~QDQORVUHTXLVLWRVHVWDEOHFLGRVHQHVWH(VWDWXWR
3RGUiQVHU'HFDQRVR&ROHJLDGRVGH+RQRUDTXHOODVSHUVRQDVR
,QVWLWXFLRQHV TXH UHFLEDQ HVWH QRPEUDPLHQWR SRU DFXHUGR GH OD -XQWD
*HQHUDO GHO &ROHJLR D SURSXHVWD GH OD GH *RELHUQR \ HQ DWHQFLyQ D
PpULWRVRVHUYLFLRVUHOHYDQWHVSUHVWDGRVHQIDYRUGHOD$ERJDFtDRGHO
SURSLR&ROHJLR
,JXDOPHQW KR VyQ HOV DGYRFDWV LQVFULWV DPE HO WtWRO GHO VHX SDtV
G¶RULJHQ TXH UHXQLVTXHQ HOV UHTXLVLWV HVWDEOLWV HQ HO 5HLDO 'HFUHW
1RREVWDQWDL[zSRGUDQFRQWLQXDUXWLOLW]DQWODGHQRPLQDFLyG¶DG
YRFDW DIHJLQW VHPSUH O¶H[SUHVVLy ©VHQVH H[HUFLFLª HOV TXL FHVVHQ HQ
O¶H[HUFLFL GH O¶HVPHQWDGD SURIHVVLy GHVSUpV G¶KDYHU H[HUFLW DOPHQ\V
YLQWDQ\V
7DPEp SRGUDQ SHUWjQ\HU D O¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$GYR
FDWVG¶$ODFDQWDPEODGHQRPLQDFLyGHFROÂOHJLDWVQRH[HUFHQWVHOVTXL
UHXQLVTXHQHOVUHTXLVLWVHVWDEOLWVHQDTXHVW(VWDWXW
3RGUDQVHUGHJDQVRFROÂOHJLDWVG¶KRQRUDTXHOOHVSHUVRQHVRLQV
WLWXFLRQVTXHUHEHQDTXHVWQRPHQDPHQWSHUDFRUGGHOD-XQWD*HQHUDO
GHO&ROÂOHJLDSURSRVWDGHODGH*RYHUQHQDWHQFLyDPqULWVRVHUYHLV
UHOOHYDQWVSUHVWDWVHQIDYRUGHO¶DGYRFDFLDRGHOPDWHL[&ROÂOHJL
Núm
5509 / 10.05.2007
6HFFLyVHJRQD
'HODFROÂOHJLDFLy
18835
6HFFLRQ6HJXQGD
'HOD&ROHJLDFLRQ
1R WLQGUH DQWHFHGHQWV SHQDOV TXH O¶LQKDELOLWHQ SHU D O¶H[HUFLFL GH
O¶DGYRFDFLD
1R HVWDU LQFXUV HQ FDXVD G¶LQFRPSDWLELOLWDW R SURKLELFLy SHU D
O¶H[HUFLFLGHO¶DGYRFDFLD
7LQGUH GHVSDW[ REHUW GLQV GH O¶jPELW WHUULWRULDO GHO &ROÂOHJL L HQ
DTXHVWFDVWLQGUjODFRQGLFLyGHUHVLGHQWRGHVLJQDUXQGRPLFLOLSUR
IHVVLRQDOGLQVGHO¶jPELWG¶DTXHVWSHUDOVQRUHVLGHQWV
4XDOVHYRODOWUHTXHHVSXJDHVWDEOLUSHUOHVQRUPHVYLJHQWV
1R REVWDQW DL[z TXL WLQJD OD FRQGLFLy GH OOLFHQFLDW HQ 'UHW L QR
YDMDDH[HUFLUODSURIHVVLyVHUjFROÂOHJLDWQRH[HUFHQWLHVWDUjH[HPSW
GHFRPSOLUHOVUHTXLVLWVHIJLK
(OTXLSUHWHQJDLQFRUSRUDUVHDO&ROÂOHJLVLSHUWDQ\DPEDQWHULRUL
WDWDXQDOWUHSRGUjREWLQGUHODQRYDLQFRUSRUDFLyVHPSUHTXHXQLVFD
ODVHXDVROÂOLFLWXGHOFHUWLILFDWG¶DTXHVW~OWLPFRPSUHQVLXGHOVDVSHFWHV
VHJHQWVKLWUREDUVHLQVFULWVHURQRH[HUFHQWHVWDUDOFRUUHQWHQHO
SDJDPHQWGHOHVTXRWHVRUGLQjULHVLH[WUDRUGLQjULHVTXHKDJXHUHQVLJXW
HVWDEOLGHV HVWDU LJXDOPHQW DO FRUUHQW HQ O¶DOoDPHQW GH OHV FjUUHJXHV
LPSRVDGHVDOVFROÂOHJLDWVLILQDOPHQWVLHVWUREDSHQGHQWGHFRPSOL
PHQW G¶DOJXQD VDQFLy GLVFLSOLQjULD IHUPD TXH OL LPSHGLVFD O¶H[HUFLFL
SURIHVVLRQDO
6yQ FLUFXPVWjQFLHV GHWHUPLQDQWV G¶LQFDSDFLWDW SHU D O¶H[HUFLFL GH
O¶DGYRFDFLD OHV H[SUHVVDPHQW HVWDEOLGHV HQ O¶DUWLFOH GH O¶(VWDWXW
*HQHUDOGHO¶$GYRFDFLD(VSDQ\ROD
$UWtFXOR
3DUDLQFRUSRUDUVHDO&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWH
FRPRHMHUFLHQWHVHH[LJLUiQORVVLJXLHQWHVUHTXLVLWRV
7HQHU QDFLRQDOLGDG HVSDxROD R GH DOJ~Q (VWDGR PLHPEUR GH OD
8QLyQ(XURSHDVDOYRORGLVSXHVWRHQWUDWDGRVRFRQYHQLRVLQWHUQDFLR
QDOHVRGLVSHQVDOHJDO
6HUPD\RUGHHGDG\QRHVWDULQFXUVRHQFDXVDGHLQFDSDFLGDG
3RVHHU HO WtWXOR GH 'RFWRU R /LFHQFLDGR HQ 'HUHFKR R ORV WtWXORV
H[WUDQMHURVTXHFRQIRUPHDODVQRUPDVYLJHQWHVVHDQKRPRORJDGRVD
DTXHOORV
6DWLVIDFHU OD FXRWD GH LQJUHVR \ GHPiV TXH WHQJD HVWDEOHFLGDV HO
&ROHJLR
)RUPDOL]DU HO LQJUHVR HQ OD 0XWXDOLGDG *HQHUDO GH OD$ERJDFtD
0XWXDOLGDGGH3UHYLVLyQ6RFLDODSULPDILMDRHQHOUpJLPHQHVSHFLDO
GH 7UDEDMDGRUHV$XWyQRPRV GH OD 6HJXULGDG 6RFLDO (Q HO VXSXHVWR
GH TXH VH WUDWH GH$ERJDGRV TXH WUDEDMHQ H[FOXVLYDPHQWH SRU FXHQWD
DMHQDGHEHUiQDFUHGLWDUHVWDUDILOLDGRVDO5pJLPHQ*HQHUDOGHOD6HJX
ULGDG6RFLDO
&DUHFHU GH DQWHFHGHQWHV SHQDOHV TXH LQKDELOLWHQ SDUD HO HMHUFLFLR
GHOD$ERJDFtD
1RHVWDULQFXUVRHQFDXVDGHLQFRPSDWLELOLGDGRSURKLELFLyQSDUD
HOHMHUFLFLRGHOD$ERJDFtD
7HQHU GHVSDFKR DELHUWR GHQWUR GHO iPELWR WHUULWRULDO GHO &ROHJLR
HQFX\RFDVRWHQGUiODFRQGLFLyQGHUHVLGHQWHRGHVLJQDUXQGRPLFLOLR
SURIHVLRQDOGHQWURGHOiPELWRGHOPLVPRSDUDORVQRUHVLGHQWHV
&XDOTXLHURWURTXHVHSXHGDHVWDEOHFHUSRUODVQRUPDVYLJHQWHV
1RREVWDQWHTXLpQRVWHQWDQGRODFRQGLFLyQGH/LFHQFLDGRHQ'HUH
FKRQRYD\DDHMHUFHUODSURIHVLyQVLHQGRSRUWDQWRFROHJLDGRQRHMHU
FLHQWHHVWDUiH[HQWRGHFXPSOLUORVUHTXLVLWRVHIJ\K
(OTXHSUHWHQGLHUHLQFRUSRUDUVHDO&ROHJLRVLSHUWHQHFHFRQDQWH
ULRULGDGDRWURSRGUiREWHQHUODQXHYDLQFRUSRUDFLyQVLHPSUHTXHXQD
D VX VROLFLWXG FHUWLILFDFLyQ GH HVWH ~OWLPR FRPSUHQVLYD GH ORV H[WUH
PRVVLJXLHQWHVHQFRQWUDUVHLQVFULWRHQHOPLVPRVHURQRHMHUFLHQWH
HVWDUDOFRUULHQWHHQHOSDJRGHODVFXRWDVRUGLQDULDV\H[WUDRUGLQDULDV
TXH KXELHVHQ VLGR HVWDEOHFLGDV HVWDU LJXDOPHQWH DO FRUULHQWH HQ HO
OHYDQWDPLHQWRGHODVFDUJDVLPSXHVWDVDORVFROHJLDGRV\ILQDOPHQWH
VLVHKDOODSHQGLHQWHGHFXPSOLPLHQWRGHDOJXQDVDQFLyQGLVFLSOLQDULD
ILUPHTXHOHLPSLGDHOHMHUFLySURIHVLRQDO
6RQ FLUFXQVWDQFLDV GHWHUPLQDQWHV GH LQFDSDFLGDG SDUD HO HMHUFL
FLRGHOD$ERJDFtDODVH[SUHVDPHQWHHVWDEOHFLGDVHQHODUWtFXORGHO
(VWDWXWR*HQHUDOGHOD$ERJDFtD(VSDxROD
$UWLFOH
/D -XQWD GH *RYHUQ GH O¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV
G¶$ODFDQWGHVSUpVGHSUDFWLFDUOHVGLOLJqQFLHVLUHEUHHOVLQIRUPHVTXH
VL ID DO FDV FRQVLGHUH RSRUWXQV DSURYDUj VXVSHQGUj R GHQHJDUj OHV
VROÂOLFLWXGVG¶LQFRUSRUDFLyGLQVGHOWHUPLQLGHGRVPHVRVWUDQVFRUUHJXW
HOVTXDOVV¶HQWHQGUDQDGPHVHV6LOD-XQWDGH*RYHUQGHQHJDRVXVSpQ
ODLQFRUSRUDFLySUHWHVDKRFRPXQLFDUjDODSHUVRQDLQWHUHVVDGDLIDUj
FRQVWDU HOV IRQDPHQWV GHO VHX DFRUG &RQWUD DTXHVWD UHVROXFLy SRGUj
LQWHUSRVDU OD SHUVRQD LQWHUHVVDGD UHFXUV HQ HO WHUPLQL G¶XQ PHV /D
-XQWDGH*RYHUQUHVROGUjHQHOPDWHL[WHUPLQL&RQWUDO¶DFRUGGHILQLWLX
GHQHJDWRUL OD SHUVRQD LQWHUHVVDGD SRGUj UHFyUUHU GDYDQW GHO &RQVHOO
9DOHQFLjGH&ROÂOHJLVG¶$GYRFDWV/DUHVROXFLyGHO&RQVHOOHVJRWDUjOD
YLDDGPLQLVWUDWLYDLVHUjVXVFHSWLEOHG¶LPSXJQDFLyGDYDQWGHODMXULV
GLFFLyFRQWHQFLRVDDGPLQLVWUDWLYD
$UWtFXOR
/D-XQWDGH*RELHUQRGHO,OXVWUH&ROHJLR3URYLQFLDOGH$ERJDGRV
GH$OLFDQWHGHVSXpVGHSUDFWLFDUODVGLOLJHQFLDV\UHFLELUORVLQIRUPHV
TXH HQ VX FDVR FRQVLGHUH RSRUWXQRV DSUREDUi VXVSHQGHUi R GHQH
JDUi ODV VROLFLWXGHV GH LQFRUSRUDFLyQ GHQWUR GHO SOD]R GH GRV PHVHV
WUDQVFXUULGRHOFXDOVHHQWHQGHUiQDGPLWLGDV6LOD-XQWDGH*RELHUQR
GHQHJDVHRVXVSHQGLHVHODLQFRUSRUDFLyQSUHWHQGLGDORFRPXQLFDUiDO
LQWHUHVDGR KDFLHQGR FRQVWDU ORV IXQGDPHQWRV GH VX DFXHUGR &RQWUD
HVWDUHVROXFLyQSRGUiLQWHUSRQHUHOLQWHUHVDGRUHFXUVRHQHOSOD]RGHXQ
PHV/D-XQWDGH*RELHUQRUHVROYHUiHQLJXDOSOD]R&RQWUDHODFXHU
GRGHILQLWLYRGHQHJDWRULRHOLQWHUHVDGRSRGUiUHFXUULUDQWHHO&RQVHMR
9DOHQFLDQRGH&ROHJLRVGH$ERJDGRV/DUHVROXFLyQGHO&RQVHMRDJR
WDUi OD YtD DGPLQLVWUDWLYD \ VHUi VXVFHSWLEOH GH LPSXJQDFLyQ DQWH OD
-XULVGLFFLyQ&RQWHQFLRVR$GPLQLVWUDWLYD
$UWLFOH
(OVTXLV¶LQFRUSRUHQDO&ROÂOHJLG¶$ODFDQWDEDQVG¶LQLFLDUSHUSUL
PHUDYHJDGDHOVHXH[HUFLFLSURIHVVLRQDOSUHVWDUDQMXUDPHQWRSURPH
VD G¶DFDWDPHQW D OD &RQVWLWXFLy L D OD UHVWD GH O¶RUGHQDPHQW MXUtGLF
DL[tFRPGHOILGHOFRPSOLPHQWGHOHVREOLJDFLRQVLQRUPHVHVWDWXWjULHV
LGHRQWROzJLTXHVTXHUHJXOHQODSURIHVVLyG¶DGYRFDW
(OMXUDPHQWRSURPHVDVHUjSUHVWDWGDYDQWGHOD-XQWDGH*RYHUQ
GHO&ROÂOHJL(QWRWFDVHVGHL[DUjFRQVWjQFLDHQO¶H[SHGLHQWSHUVRQDO
GHOFROÂOHJLDWGHODSUHVWDFLyGHO¶HVPHQWDWMXUDPHQWRSURPHVD
$UWtFXOR
4XLHQHVVHLQFRUSRUHQDO&ROHJLRGH$OLFDQWHDQWHVGHLQLFLDUSRU
SULPHUDYH]VXHMHUFLFLRSURIHVLRQDOSUHVWDUiQMXUDPHQWRRSURPHVDGH
DFDWDPLHQWRDOD&RQVWLWXFLyQ\DOUHVWRGHORUGHQDPLHQWRMXUtGLFRDVt
FRPRGHOILHOFXPSOLPLHQWRGHODVREOLJDFLRQHV\QRUPDVHVWDWXWDULDV
\GHRQWROyJLFDVTXHUHJXODQODSURIHVLyQGHDERJDGR
(O MXUDPHQWR R SURPHVD VHUi SUHVWDGR DQWH OD -XQWD GH *RELHUQR
GHO&ROHJLR(QWRGRFDVRVHGHMDUiFRQVWDQFLDHQHOH[SHGLHQWHSHUVR
QDOGHOFROHJLDGRGHODSUHVWDFLyQGHGLFKRMXUDPHQWRRSURPHVD
$UWLFOH
3HU D LQFRUSRUDUVH DO &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW
FRPDH[HUFHQWV¶H[LJLUDQHOVUHTXLVLWVVHJHQWV
7LQGUH QDFLRQDOLWDWHVSDQ\RODR G¶DOJXQHVWDWPHPEUHGH OD8QLy
(XURSHD OOHYDW GHO TXH GLVSRVHQ WUDFWDWV R FRQYHQLV LQWHUQDFLRQDOV R
GLVSHQVDOHJDO
6HUPDMRUG¶HGDWLQRHVWDULQFXUVHQFDXVDG¶LQFDSDFLWDW
3RVVHLUHOWtWROGHGRFWRUROOLFHQFLDWHQ'UHWRHOVWtWROVHVWUDQJHUV
TXHG¶DFRUGDPEOHVQRUPHVYLJHQWVVLJXHQKRPRORJDWVDDTXHOOV
6DWLVIHUODTXRWDG¶LQJUpVLOHVTXHWLQJDHVWDEOLGHVHO&ROÂOHJL
)RUPDOLW]DU O¶LQJUpV HQ OD 0XWXDOLWDW *HQHUDO GH O¶$GYRFDFLD
0XWXDOLWDWGH3UHYLVLy6RFLDOD3ULPD)L[DRHQHOUqJLPHVSHFLDOGH
WUHEDOODGRUV DXWzQRPV GH OD 6HJXUHWDW 6RFLDO (Q HO FDV TXH HV WUDF
WH G¶DGYRFDWV TXH WUHEDOOHQ H[FOXVLYDPHQW SHU FRPSWH G¶DOWUL KDXUDQ
G¶DFUHGLWDUHVWDUDILOLDWVDO5qJLP*HQHUDOGHOD6HJXUHWDW6RFLDO
Núm
5509 / 10.05.2007
18836
(OMXUDPHQWRSURPHVDHVIRUPDOLW]DUjLQLFLDOPHQWSHUHVFULWDPE
FRPSURPtVGHODVHXDSRVWHULRUUDWLILFDFLyS~EOLFDHQTXDQWIRUHQFRQ
YRFDWVSHUDDL[zSHUDFRUGGH-XQWDGH*RYHUQ
/D-XQWDGH*RYHUQSRGUjDFRUGDUODVXVSHQVLyHQO¶H[HUFLFLGHOD
SURIHVVLy ILQV TXH HIHFWLYDPHQW FRPSOLVFD DTXHVW UHTXLVLW GH TXL QR
SUHVWHHOMXUDPHQWRSURPHVDHOGLDLKRUDHQTXqVH¶OFRQYRTXHOOHYD
GHFDXVDJUHXMXVWLILFDGD
(O MXUDPHQWR R SURPHVD VH IRUPDOL]DUi LQLFLDOPHQWH SRU HVFULWR
FRQFRPSURPLVRGHVXSRVWHULRUUDWLILFDFLyQS~EOLFDHQFXDQWRIXHUHQ
FRQYRFDGRVSDUDHOORSRUDFXHUGRGH-XQWDGH*RELHUQR
/D-XQWDGH*RELHUQRSRGUiDFRUGDUODVXVSHQVLyQHQHOHMHUFLFLR
GH OD SURIHVLyQ KDVWD TXH HIHFWLYDPHQWH FXPSOD HVWH UHTXLVLWR GH
TXLHQQRSUHVWHHOMXUDPHQWRRSURPHVDHOGtD\KRUDHQTXHVHOHFRQ
YRTXHVDOYRFDXVDJUDYHMXVWLILFDGD
$UWLFOH
7RWDGYRFDWLQFRUSRUDWDO¶,OÂOXVWUH&ROÂOHJL3URYLQFLDOG¶$GYRFDWV
G¶$ODFDQW SRGUj SUHVWDU HOV VHXV VHUYHLV SURIHVVLRQDOV OOLXUHPHQW HQ
WRW HO WHUULWRUL GH O¶(VWDW HQ OD UHVWD GHOV HVWDWV PHPEUHV GH OD 8QLy
(XURSHD L HQ HOV DOWUHV SDwVRV G¶DFRUG DPE OD QRUPDWLYD YLJHQW UHV
SHFWHG¶DL[z(OVDGYRFDWVG¶DOWUHVSDwVRVSRGUDQIHUKRHQO¶jPELWGH
O¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW G¶DFRUG DPE OD
QRUPDWLYDYLJHQWDDTXHVWHIHFWH
3HUTXq XQ DGYRFDW SURFHGHQW G¶XQ DOWUH FROÂOHJL SXJD DFWXDU
SURIHVVLRQDOPHQW HQ O¶jPELW WHUULWRULDO G¶DTXHVW KDXUj G¶KDYHU HIHF
WXDWSUqYLDFRPXQLFDFLyDPEHOVUHTXLVLWVLOHVIRUPHVTXHGHWHUPLQH
O¶(VWDWXW *HQHUDO GH O¶$GYRFDFLD YLJHQW HQ FDGD PRPHQW DL[t FRP
HO&RQVHOO*HQHUDOGHO¶$GYRFDFLD(VSDQ\RODWRWDL[zVHQVHSHUMXGLFL
GHOVFRQYHQLVLQWHUFROÂOHJLDOVTXHSXJXHQHVWDEOLUVH1RREVWDQWDL[z
VHUjH[LJLEOHHOSDJDPHQWG¶DTXHOOVVHUYHLVGHTXqSXJDEHQHILFLDUVHL
TXHQRHVWUREHQFREHUWVSHUODTXRWDFROÂOHJLDO
8QD YHJDGD FRPSOLWV HOV UHTXLVLWV SUHYLVWRV HQ O¶DSDUWDW DQWHULRU
O¶DGYRFDWHQOHVDFWXDFLRQVSURIHVVLRQDOVTXHGXJDDWHUPHHQO¶jPELW
WHUULWRULDOGHO&ROÂOHJLHVWDUjVXEMHFWHDOHVQRUPHVG¶DFWXDFLyLUqJLP
GLVFLSOLQDULG¶DTXHVWLWLQGUjGUHWDODXWLOLW]DFLyG¶DTXHOOVVHUYHLVFRO
OHJLDOVGLUHFWDPHQWUHODFLRQDWVDPEO¶H[HUFLFLGHODSURIHVVLy/DVHXD
OOLEHUWDWLLQGHSHQGqQFLDHQODGHIHQVDGHO¶DVVXPSWHGHTXqHVWUDFWH
TXHGDUDQVRWDODSURWHFFLyGHO&ROÂOHJL
1RFDOGUjLQFRUSRUDFLyDXQ&ROÂOHJLSHUDODGHIHQVDG¶DVVXPSWHV
SURSLVRGHSDUHQWVILQVDOWHUFHUJUDXGHFRQVDQJXLQLWDWRVHJRQG¶DIL
QLWDWVHPSUHTXHODSHUVRQDLQWHUHVVDGDUHXQLVFDHOVUHTXLVLWVHVWDEOLWV
HQ O¶(VWDWXW *HQHUDO GH O¶$GYRFDFLD HO SUHVHQW (VWDWXW L DTXHOOV TXH
SXJXHQ HVWDEOLU OHV QRUPHV YLJHQWV (OV TXL HV WUREHQ HQ DTXHVW FDV
VHUDQKDELOLWDWVSHOGHJjGHO&ROÂOHJLG¶$GYRFDWVSHUDODLQWHUYHQFLy
TXH VH VROÂOLFLWH$TXHVWD KDELOLWDFLy VXSRVD SHU D TXL OD UHS HQFDUD
TXHQRPpVHQUHODFLyDPEO¶DVVXPSWHRDVVXPSWHVDTXqDFRQVHJXHL[
HOJDXGLGHWRWVHOVGUHWVFRQFHGLWVHQJHQHUDODOVDGYRFDWVLO¶DVVXPS
FLyGHOHVFRUUHODWLYHVREOLJDFLRQV
'¶DFRUGDPEHOV(VWDWXWVGHO&RQVHOO9DOHQFLjGH&ROÂOHJLVG¶$G
YRFDWVHOVOOHWUDWVSHUWDQ\HQWVDTXDOVHYROGHOVFROÂOHJLVGHO¶jPELWGH
OD&RPXQLWDWLQWHJUDWVHQHO&RQVHOOQRQHFHVVLWDUDQIHUODFRPXQLFD
FLyUHIHULGDHQHOSXQWVHJRQ
$UWtFXOR
7RGR$ERJDGRLQFRUSRUDGRDO,OXVWUH&ROHJLR3URYLQFLDOGH$ER
JDGRVGH$OLFDQWHSRGUiSUHVWDUVXVVHUYLFLRVSURIHVLRQDOHVOLEUHPHQWH
HQ WRGR HO WHUULWRULR GHO (VWDGR HQ HO UHVWR GH ORV (VWDGRV PLHPEURV
GHOD8QLyQ(XURSHD\HQORVGHPiVSDtVHVFRQDUUHJORDODQRUPDWLYD
YLJHQWHDOUHVSHFWR/RV$ERJDGRVGHRWURVSDtVHVSRGUiQKDFHUORHQHO
iPELWRGHO,OXVWUH&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWHFRQIRU
PHDODQRUPDWLYDYLJHQWHDOHIHFWR
3DUDTXHXQDERJDGRSURFHGHQWHGHRWUR&ROHJLRSXHGDDFWXDUSUR
IHVLRQDOPHQWH HQ HO iPELWR WHUULWRULDO GH pVWH GHEHUi KDEHU HIHFWXD
GRSUHYLDFRPXQLFDFLyQFRQORVUHTXLVLWRV\IRUPDVTXHGHWHUPLQHHO
(VWDWXWR*HQHUDOGHOD$ERJDFtDYLJHQWHHQFDGDPRPHQWRDVtFRPR
HO &RQVHMR *HQHUDO GH OD$ERJDFtD (VSDxROD WRGR HOOR VLQ SHUMXLFLR
GHORVFRQYHQLRVLQWHUFROHJLDOHVTXHSXHGDQHVWDEOHFHUVH1RREVWDQWH
VHUiH[LJLEOHHOSDJRGHDTXHOORVVHUYLFLRVGHORVTXHSXHGDEHQHILFLDU
VH\TXHQRVHHQFXHQWUDQFXELHUWRVSRUODFXRWDFROHJLDO
8QDYH]FXPSOLGRVORVUHTXLVLWRVSUHYLVWRVHQHODSDUWDGRDQWHULRU
HO$ERJDGR HQ ODV DFWXDFLRQHV SURIHVLRQDOHV TXH OOHYH D FDER HQ HO
iPELWRWHUULWRULDOGHO&ROHJLRHVWDUiVXMHWRDODVQRUPDVGHDFWXDFLyQ
\UpJLPHQGLVFLSOLQDULRGHOPLVPR\WHQGUiGHUHFKRDODXWLOL]DFLyQGH
DTXHOORV VHUYLFLRV FROHJLDOHV GLUHFWDPHQWH UHODFLRQDGRV FRQ HO HMHUFL
FLRGHODSURIHVLyQ6XOLEHUWDGHLQGHSHQGHQFLDHQODGHIHQVDGHODVXQ
WRGHTXHVHWUDWHTXHGDUiQEDMRODSURWHFFLyQGHO&ROHJLR
1R VH QHFHVLWDUi LQFRUSRUDFLyQ D XQ &ROHJLR SDUD OD GHIHQVD GH
DVXQWRVSURSLRVRGHSDULHQWHVKDVWDHOWHUFHUJUDGRGHFRQVDQJXLQLGDG
RVHJXQGRGHDILQLGDGVLHPSUHTXHHOLQWHUHVDGRUH~QDORVUHTXLVLWRV
HVWDEOHFLGRV HQ HO (VWDWXWR *HQHUDO GH OD$ERJDFtD HO SUHVHQWH (VWD
WXWR \ DTXHOORV TXH SXHGDQ HVWDEOHFHU ODV QRUPDV YLJHQWHV /RV TXH
VHKDOOHQHQHVWHFDVRVHUiQKDELOLWDGRVSRUHO'HFDQRGHO&ROHJLRGH
$ERJDGRVSDUDODLQWHUYHQFLyQTXHVHVROLFLWH7DOKDELOLWDFLyQVXSRQH
SDUD TXLHQ OD UHFLEH DXQTXH VyOR FRQ UHODFLyQ DO DVXQWR R DVXQWRV D
TXHDOFDQ]DHOGLVIUXWHGHWRGRVORVGHUHFKRVFRQFHGLGRVHQJHQHUDOD
ORV$ERJDGRV\ODDVXQFLyQGHODVFRUUHODWLYDVREOLJDFLRQHV
&RQIRUPHDORV(VWDWXWRVGHO&RQVHMR9DOHQFLDQRGH&ROHJLRVGH
$ERJDGRVORVOHWUDGRVSHUWHQHFLHQWHVDFXDOTXLHUDGHORV&ROHJLRVGHO
iPELWRGHOD&RPXQLGDGLQWHJUDGRVHQHO&RQVHMRQRSUHFLVDUiQKDFHU
ODFRPXQLFDFLyQUHIHULGDHQHOSXQWRVHJXQGR
$UWLFOH
/D LQFRUSRUDFLy R FRPXQLFDFLy G¶DFWXDFLy SURIHVVLRQDO DFUHGLWD
O¶DGYRFDWFRPDWDOVHQVHTXHFDOJDFDSGHVLJQDFLyRQRPHQDPHQWGHO
SRGHUMXGLFLDORGHO¶DGPLQLVWUDFLyS~EOLFD
(OV DGYRFDWV SHUWDQ\HQWV D O¶,OÂOXVWUH &ROÂOHJL 3URYLQFLDO G¶$G
YRFDWV$ODFDQW LGHQWLILFDUDQ OD SHUVRQDOLWDW L OD VHXD FRQGLFLy GH FRO
OHJLDW H[HUFHQW R QR PLWMDQoDQW XQ FDUQHW R WDUJHWD G¶LGHQWLWDW TXH
V¶DMXVWDUjHQWRWFDVDOPRGHOTXHDFRUGHOD-XQWDGH*RYHUQ
(OVHFUHWDULGHO&ROÂOHJLG¶$GYRFDWVG¶$ODFDQWUHPHWUjDQXDOPHQW
ODOOLVWDGHOVDGYRFDWVH[HUFHQWVLQFRUSRUDWVDDTXHVWDWRWVHOVMXWMDWVL
WULEXQDOVGHOVHXWHUULWRULDL[tFRPDOVFHQWUHVSHQLWHQFLDULVLGH'HWHQ
FLyOOLVWDTXHV¶DFWXDOLW]DUjSHULzGLFDPHQWDPEOHVDOWHVLEDL[HV$OV
DGYRFDWV TXH ILJXUHQ HQ OHV HVPHQWDGHV OOLVWHV QR SRGUj H[LJLUVH¶OV
XQDOWUHFRPSURYDQWSHUDO¶H[HUFLFLGHODVHXDSURIHVVLy,JXDOPHQWL
DPEODPDWHL[DSHULRGLFLWDWODGLWDOOLVWDHVUHPHWUjDO&RQVHOO*HQHUDO
LDO9DOHQFLjGH&ROÂOHJLVG¶$GYRFDWVVHQVHSHUMXGLFLGHODVHXDDFWXD
OLW]DFLyDWHPSVUHDOLODGHJXGDLSXQWXDOFRPXQLFDFLyG¶DOWHVLEDL[HV
$UWtFXOR
/DLQFRUSRUDFLyQRFRPXQLFDFLyQGHDFWXDFLyQSURIHVLRQDODFUHGL
WDDO$ERJDGRFRPRWDOVLQTXHVHDQHFHVDULDQLQJXQDGHVLJQDFLyQR
QRPEUDPLHQWRGHO3RGHU-XGLFLDORGHODDGPLQLVWUDFLyQS~EOLFD
/RV DERJDGRV SHUWHQHFLHQWHV DO ,OXVWUH &ROHJLR 3 GH $ERJDGRV
$OLFDQWH LGHQWLILFDUiQ VX SHUVRQDOLGDG \ VX FRQGLFLyQ GH FROHJLDGR
HMHUFLHQWHRQRPHGLDQWHXQFDUQHWRWDUMHWDGHLGHQWLGDGTXHVHDMXV
WDUiHQWRGRFDVRDOPRGHORTXHDFXHUGHOD-XQWDGH*RELHUQR
(O6HFUHWDULRGHO&ROHJLRGH$ERJDGRVGH$OLFDQWHUHPLWLUiDQXDO
PHQWH OD OLVWD GH ORV$ERJDGRV HMHUFLHQWHV LQFRUSRUDGRV DO PLVPR D
WRGRVORV-X]JDGRV\7ULEXQDOHVGHVXWHUULWRULRDVtFRPRDORV&HQWURV
3HQLWHQFLDULRV\GH'HWHQFLyQOLVWDTXHVHDFWXDOL]DUiSHULyGLFDPHQWH
FRQODVDOWDV\EDMDV$ORV$ERJDGRVTXHILJXUHQHQGLFKDVOLVWDVQR
SRGUi H[LJtUVHOHV RWUR FRPSUREDQWH SDUD HO HMHUFLFLR GH VX SURIHVLyQ
,JXDOPHQWH\FRQODPLVPDSHULRGLFLGDGGLFKDOLVWDVHUHPLWLUiDO&RQ
VHMR *HQHUDO \ DO9DOHQFLDQRGH &ROHJLRV GH$ERJDGRV VLQ SHUMXLFLR
GHVXDFWXDOL]DFLyQDWLHPSRUHDO\ODGHELGD\SXQWXDOFRPXQLFDFLyQ
GHDOWDV\EDMDV
(O6HFUHWDULRGHO&ROHJLRRSHUVRQDHQTXLHQGHOHJXHSRGUiFRP
SUREDUTXHORVDERJDGRVTXHLQWHUYHQJDQHQODVRILFLQDV\DFWXDFLRQHV
MXGLFLDOHV ILJXUHQ LQFRUSRUDGRV FRPR HMHUFLHQWHV DO &ROHJLR HQ FX\R
iPELWR WHQJD VX VHGH HO yUJDQR MXGLFLDO R TXH SURFHGHQWHV GH RWUR
&ROHJLRKDQHIHFWXDGRODSUHFHSWLYDFRPXQLFDFLyQ
(OVHFUHWDULGHO&ROÂOHJLRSHUVRQDHQTXLGHOHJXHSRGUjFRPSUR
YDUTXHHOVDGYRFDWVTXHLQWHUYLQJXHQDOHVRILFLQHVLDFWXDFLRQVMXGL
FLDOVILJXUHQLQFRUSRUDWVFRPDH[HUFHQWVDO&ROÂOHJLHQO¶jPELWGHOHV
TXDOVWLQJDODVHXO¶zUJDQMXGLFLDORTXHSURFHGHQWVG¶XQDOWUH&ROÂOHJL
KDQHIHFWXDWODSUHFHSWLYDFRPXQLFDFLy
Núm
5509 / 10.05.2007
18837
(OVDGYRFDWVKDXUDQGHFRQVLJQDUHQWRWHVOHVVHXHVDFWXDFLRQVHO
Q~PHURGHFROÂOHJLDW(QHOVFDVRVGHFRPXQLFDFLyKDXUDQGHFRQVLJ
QDUVH D PpV HO &ROÂOHJL GH SURFHGqQFLD L OD GDWD GH OD FRPXQLFDFLy
SUHYLVWHVHQO¶DUWLFOHSUHFHGHQW
/RV $ERJDGRV GHEHUiQ FRQVLJQDU HQ WRGDV VXV DFWXDFLRQHV HO
Q~PHURGHFROHJLDGR(QORVFDVRVGHFRPXQLFDFLyQGHEHUiQFRQVLJ
QDUVHDGHPiVHO&ROHJLRGHSURFHGHQFLD\ODIHFKDGHODFRPXQLFD
FLyQSUHYLVWDVHQHODUWtFXORSUHFHGHQWH
$UWLFOH
/DFRQGLFLyGHFROÂOHJLDWHVSHUGUj
3HUGHIXQFLy
3HUEDL[DYROXQWjULD
3HUIDOWDGHSDJDPHQWGHOHVTXRWHVRUGLQjULHVRH[WUDRUGLQjULHVL
GHOHVDOWUHVFjUUHJXHVFROÂOHJLDOVDTXqHVWLJXHUHQREOLJDWV
3HUFRQGHPQDIHUPDTXHFRPSRUWHO¶DFFHVVzULDG¶LQKDELOLWDFLySHU
DO¶H[HUFLFLGHODSURIHVVLy
3HU VDQFLy IHUPD G¶H[SXOVLy GHO &ROÂOHJL DFRUGDGD HQ H[SHGLHQW
GLVFLSOLQDUL
/DSqUGXDGHFRQGLFLyGHFROÂOHJLDWVHUjDFRUGDGDSHUOD-XQWDGH
*RYHUQ GHO &ROÂOHJL HQ UHVROXFLy PRWLYDGD L XQD YHJDGD IHUPD VHUj
FRPXQLFDGD DO &RQVHOO *HQHUDO L DO &RQVHOO 9DOHQFLj GH &ROÂOHJLV
G¶$GYRFDWV
(Q HO FDV GH OD OOHWUD F GH O¶DSDUWDW DQWHULRU HOV FROÂOHJLDWV
SRGUDQ UHKDELOLWDU HOV VHXV GUHWV SDJDQW DOOz TXH V¶KD GHJXW HOV VHXV
LQWHUHVVRVDOWLSXVOHJDOLODTXDQWLWDWTXHFRUUHVSRQJXHUDFRPDQRYD
LQFRUSRUDFLy
$UWtFXOR
/DFRQGLFLyQGHFROHJLDGRVHSHUGHUi
3RUIDOOHFLPLHQWR
3RUEDMDYROXQWDULD
3RUIDOWDGHSDJRGHODVFXRWDVRUGLQDULDVRH[WUDRUGLQDULDV\GHODV
GHPiVFDUJDVFROHJLDOHVDTXHYLQLHUHQREOLJDGRV
3RUFRQGHQDILUPHTXHOOHYHFRQVLJRODDFFHVRULDGHLQKDELOLWDFLyQ
SDUDHOHMHUFLFLRGHODSURIHVLyQ
3RUVDQFLyQILUPHGHH[SXOVLyQGHO&ROHJLRDFRUGDGDHQH[SHGLHQ
WHGLVFLSOLQDULR
/D SpUGLGD GH FRQGLFLyQ GH FROHJLDGR VHUi DFRUGDGD SRU OD -XQWD
GH*RELHUQRGHO&ROHJLRHQUHVROXFLyQPRWLYDGD\XQDYH]ILUPHVHUi
FRPXQLFDGDDO&RQVHMR*HQHUDO\DO&RQVHMR9DOHQFLDQRGH&ROHJLRV
GH$ERJDGRV
(Q HO FDVR GH OD OHWUD F GHO DSDUWDGR DQWHULRU ORV FROHJLDGRV
SRGUiQUHKDELOLWDUVXVGHUHFKRVSDJDQGRORDGHXGDGRVXVLQWHUHVHVDO
WLSROHJDO\ODFDQWLGDGTXHFRUUHVSRQGLHUHFRPRQXHYDLQFRUSRUDFLyQ
$UWLFOH
/D-XQWDGH*RYHUQDFRUGDUjHOSDVVHDODVLWXDFLyGHQRH[HUFHQWV
G¶DTXHOOV DGYRFDWV HQ HOV TXL FRQFyUUHJD DOJXQD GH OHV FLUFXPVWjQFL
HV GHWHUPLQDQWV G¶LQFDSDFLWDW R LQFRPSDWLELOLWDW SHU D O¶H[HUFLFL SUR
IHVVLRQDOPHQWUHDTXHOODVXEVLVWLVFDVHQVHSHUMXGLFLTXHVLIDDOFDV
UHVROJDHOTXHSURFHGLVFDHQYLDGLVFLSOLQjULDLDPELQGHSHQGqQFLDGH
ODVLWXDFLyFROÂOHJLDOILQDOTXHKDMDGHTXHGDUTXLUHVXOWHLQFDSDoSHUD
H[HUFLUO¶DGYRFDFLD
$UWtFXOR
/D -XQWD GH *RELHUQR DFRUGDUi HO SDVH D OD VLWXDFLyQ GH QR HMHU
FLHQWHV GH DTXHOORV$ERJDGRV HQ TXLHQHV FRQFXUUD DOJXQD GH ODV FLU
FXQVWDQFLDV GHWHUPLQDQWHV GH LQFDSDFLGDG R LQFRPSDWLELOLGDG SDUD HO
HMHUFLFLR SURIHVLRQDO PLHQWUDV DTXpOOD VXEVLVWD VLQ SHUMXLFLR GH TXH
VL KXELHUD OXJDU UHVXHOYD OR TXH SURFHGD HQ YtD GLVFLSOLQDULD \ FRQ
LQGHSHQGHQFLDGHODVLWXDFLyQFROHJLDOILQDOHQTXHGHEDTXHGDUTXLHQ
UHVXOWHLQFDSD]SDUDHMHUFHUOD$ERJDFtD
6HFFLyWHUFHUD
GHOHVSURKLELFLRQVLQFRPSDWLELOLWDWVLUHVWULFFLRQVHVSHFLDOV
6HFFLRQ7HUFHUD
'HODVSURKLELFLRQHVLQFRPSDWLELOLGDGHV\UHVWULFFLRQHVHVSHFLDOHV
$UWLFOH
(OV DGYRFDWV SHUWDQ\HQWV DO &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV
G¶$ODFDQWHVWDUDQVRWPHVRVDOUqJLPGHSURKLELFLRQVLQFRPSDWLELOLWDWV
LUHVWULFFLRQVHVSHFLDOVHQO¶H[HUFLFLGHO¶DGYRFDFLDFRQWLQJXGHVHQHOV
DUWLFOHVDGHO¶(VWDWXW*HQHUDOGHO¶$GYRFDFLD
$UWtFXOR
/RVDERJDGRVSHUWHQHFLHQWHVDO,&ROHJLR3URYLQFLDOGH$ERJDGRV
GH$OLFDQWHHVWDUiQVRPHWLGRVDOUpJLPHQGHSURKLELFLRQHVLQFRPSDWL
ELOLGDGHV\UHVWULFFLRQHVHVSHFLDOHVHQHOHMHUFLFLRGHODDERJDFtDFRQ
WHQLGDVHQORVDUWtFXORVDGHO(VWDWXWR*HQHUDOGHOD$ERJDFtD
$UWLFOH
'HODSXEOLFLWDW
/¶DGYRFDWSRGUjUHDOLW]DUSXEOLFLWDWGHOVVHXVVHUYHLVVHPSUHTXH
V¶LGHQWLILTXH QRPLQDWLYDPHQW HQ DTXHVWD L VLJD GLJQD OOHLDO L YHUDo
DPEDEVROXWUHVSHFWHDODGLJQLWDWGHOHVSHUVRQHVDODOHJLVODFLyH[LV
WHQWVREUHOHVHVPHQWDGHVPDWqULHVVREUHGHIHQVDGHODFRPSHWqQFLDL
FRPSHWqQFLDGHVOOHLDOLV¶KDXUjG¶DMXVWDUHQTXDOVHYROFDVDOHVQRU
PHVGHRQWROzJLTXHV
(QSDUWLFXODUV¶HQWpQTXHYXOQHUDOHVQRUPHVGHRQWROzJLTXHVDTXH
OODSXEOLFLWDWTXHVXSRVH
5HYHWODU GLUHFWDPHQW R LQGLUHFWDPHQW IHWV GDGHV R VLWXDFLRQV
HPSDUDWVSHOVHFUHWSURIHVVLRQDO
$IHFWDUODLQGHSHQGqQFLDGHO¶DGYRFDW
3URPHWUHO¶REWHQFLyGHUHVXOWDWVTXHQRGHSHQGUDQH[FOXVLYDPHQW
GHO¶DFWLYLWDWGHO¶DGYRFDWTXHHVSXEOLFLWD
)HU UHIHUqQFLD GLUHFWDPHQW R LQGLUHFWDPHQW D FOLHQWV GHO PDWHL[
DGYRFDWTXHXWLOLW]DODSXEOLFLWDWRDDVVXPSWHVSRUWDWVSHUDTXHVWRDOV
VHXVq[LWVRUHVXOWDWV
'LULJLUVH SHU VL R SHU PLWMj GH WHUFHUV D YtFWLPHV G¶DFFLGHQWV R
FDWjVWURIHVTXHQRWHQHQSOHQDLVHUHQDOOLEHUWDWSHUDO¶HOHFFLyGHO¶DG
YRFDWSHUWUREDUVHHQDTXHL[PRPHQWSDWLQWXQDUHFHQWGHVJUjFLDSHU
VRQDORFROÂOHFWLYDRDOVVHXVKHUHXVRGUHWKDYHQWV
(VWDEOLUFRPSDUDFLRQVDPEDOWUHVDGYRFDWVRDPEOHVVHXHVDFWXD
FLRQVFRQFUHWHVRDILUPDFLRQVG¶DXWRDODEDQoD
8WLOLW]DU HOV HPEOHPHV R VtPEROV FROÂOHJLDOV L DTXHOOV DOWUHV TXH
SHU OD VHXD VLPLOLWXG SRJXHUHQ JHQHUDU FRQIXVLy MD TXH HO VHX ~V HV
WURED UHVHUYDW ~QLFDPHQW D OD SXEOLFLWDW LQVWLWXFLRQDO TXH HQ EHQHILFL
$UWtFXOR
'HODSXEOLFLGDG
(O $ERJDGR SRGUi UHDOL]DU SXEOLFLGDG GH VXV VHUYLFLRV VLHPSUH
TXHVHLGHQWLILTXHQRPLQDWLYDPHQWHHQODPLVPD\HVWDVHDGLJQDOHDO
\YHUD]FRQDEVROXWRUHVSHWRDODGLJQLGDGGHODVSHUVRQDVDODOHJLV
ODFLyQH[LVWHQWHVREUHGLFKDVPDWHULDVVREUHGHIHQVDGHODFRPSHWHQ
FLD\FRPSHWHQFLDGHVOHDOGHELHQGRDMXVWDUVHHQFXDOTXLHUFDVRDODV
QRUPDVGHRQWROyJLFDV
(Q SDUWLFXODU VH HQWLHQGH TXH YXOQHUD ODV QRUPDV GHRQWROyJLFDV
DTXHOODSXEOLFLGDGTXHVXSRQJD
5HYHODUGLUHFWDRLQGLUHFWDPHQWHKHFKRVGDWRVRVLWXDFLRQHVDPSD
UDGRVSRUHOVHFUHWRSURIHVLRQDO
$IHFWDUDODLQGHSHQGHQFLDGHODERJDGR
3URPHWHUODREWHQFLyQGHUHVXOWDGRVTXHQRGHSHQGHUiQH[FOXVLYD
PHQWHGHODDFWLYLGDGGHODERJDGRTXHVHSXEOLFLWD
+DFHU UHIHUHQFLD GLUHFWD R LQGLUHFWDPHQWH D FOLHQWHV GHO SURSLR
$ERJDGR TXH XWLOL]D OD SXEOLFLGDG R D DVXQWRV OOHYDGRV SRU pVWH R D
VXVp[LWRVRUHVXOWDGRV
'LULJLUVH SRU Vt R PHGLDQWH WHUFHURV D YtFWLPDV GH DFFLGHQWHV R
FDWiVWURIHVTXHFDUHFHQGHSOHQD\VHUHQDOLEHUWDGSDUDODHOHFFLyQGHO
DERJDGRSRUHQFRQWUDUVHHQHVHPRPHQWRVXIULHQGRXQDUHFLHQWHGHV
JUDFLDSHUVRQDORFROHFWLYDRDVXVKHUHGHURVRFDXVDKDELHQWHV
(VWDEOHFHUFRPSDUDFLRQHVFRQRWURVDERJDGRVRFRQVXVDFWXDFLR
QHVFRQFUHWDVRDILUPDFLRQHVGHDXWRDODEDQ]D
8WLOL]DUORVHPEOHPDVRVtPERORVFROHJLDOHV\DTXHOORVRWURVTXH
SRUVXVLPLOLWXGSXGLHUDQJHQHUDUFRQIXVLyQ\DTXHVXXVRVHHQFXHQ
WUDUHVHUYDGR~QLFDPHQWHDODSXEOLFLGDGLQVWLWXFLRQDOTXHHQEHQHIL
Núm
5509 / 10.05.2007
18838
GHODSURIHVVLyHQJHQHUDOQRPpVSRGHQUHDOLW]DUHOVFROÂOHJLVFRQVHOOV
DXWRQzPLFVLHO&RQVHOO*HQHUDOGHO¶$GYRFDFLD(VSDQ\ROD
,QFLWDUJHQqULFDPHQWRFRQFUHWDPHQWDOSOHWRFRQIOLFWH
8WLOLW]DU PLWMDQV R FRQWLQJXWV FRQWUDULV D OD GLJQLWDW GH OHV SHUVR
QHVGHO¶DGYRFDFLDRGHODMXVWtFLD
(OV DGYRFDWV TXH SUHVWHQ HOV VHXV VHUYHLV HQ IRUPD SHUPDQHQW R
RFDVLRQDO D HPSUHVHV LQGLYLGXDOV R FROÂOHFWLYHV KDXUDQ G¶H[LJLU TXH
DTXHVWHVV¶DEVWLQJXHQG¶HIHFWXDUTXDOVHYROFODVVHGHSXEOLFLWDWTXHQR
V¶DMXVWHDOTXHHVWDEOHL[HQOHVQRUPHVHQYLJRU
/D-XQWDGH*RYHUQTXDQWLQJDFRQHL[HPHQWG¶XQDFWHGHSXEOLFL
WDWLOÂOtFLWDSRGUjUHTXHULUHOFHVVDPHQWDO¶DGYRFDWTXHODUHDOLW]HLR
LQLFLDULLQVWUXLUHOFRUUHVSRQHQWH[SHGLHQWGLVFLSOLQDULGHFRQIRUPLWDW
DPEHOTXHSUHYHXODQRUPDWLYDDSOLFDEOH
&RPSHWqQFLDGHVOOHLDO
/¶DGYRFDWQRSRWSURFHGLUDODFDSWDFLyGHVOOHLDOGHFOLHQWV
6yQDFWHVGHFRPSHWqQFLDGHVOOHLDOHQHVSHFLDOHOVVHJHQWV
7RWVDTXHOOVTXHFRQWUDYLQJXHQOHVQRUPHVWDQWHVWDWDOVFRPDXWR
QzPLTXHVTXHWXWHOHQODOOHLDOFRPSHWqQFLD
/D XWLOLW]DFLy GH SURFHGLPHQWV SXEOLFLWDULV GLUHFWHV L LQGLUHFWHV
FRQWUDULVDOHVGLVSRVLFLRQVGHOD/OHL*HQHUDOGH3XEOLFLWDWLDOHVQRU
PHVHVSHFtILTXHVVREUHSXEOLFLWDWFRQWLQJXGHVHQHO&RGL'HRQWROzJLF
HQDTXHVWV(VWDWXWVLODUHVWDGHQRUPHVFRPSOHPHQWjULHV
7RWDSUjFWLFDGHFDSWDFLyGLUHFWDRLQGLUHFWDGHFOLHQWVTXHDWHPS
WHQFRQWUDODGLJQLWDWGHOHVSHUVRQHVLODIXQFLyVRFLDOGHO¶DGYRFDFLD
/D SHUFHSFLy R HO SDJDPHQW GH FRQWUDSUHVWDFLRQV TXH LQIULQJL[HQ
OHVQRUPHVOHJDOVVREUHFRPSHWqQFLDLOHVHVWDEOLGHVHQHO&RGL'HRQ
WROzJLF
FLRGHODSURIHVLyQHQJHQHUDOVyORSXHGHQUHDOL]DUORV&ROHJLRV&RQ
VHMRV$XWRQyPLFRV\HO&RQVHMR*HQHUDOGHOD$ERJDFtD(VSDxROD
,QFLWDUJHQpULFDRFRQFUHWDPHQWHDOSOHLWRRFRQIOLFWR
8WLOL]DUPHGLRVRFRQWHQLGRVFRQWUDULRVDODGLJQLGDGGHODVSHUVR
QDVGHOD$ERJDFtDRGHOD-XVWLFLD
/RV$ERJDGRV TXH SUHVWHQ VXV VHUYLFLRV HQ IRUPD SHUPDQHQWH X
RFDVLRQDODHPSUHVDVLQGLYLGXDOHVRFROHFWLYDVGHEHUiQH[LJLUTXHODV
PLVPDVVHDEVWHQJDQGHHIHFWXDUFXDOTXLHUFODVHGHSXEOLFLGDGTXHQR
VHDMXVWHDORHVWDEOHFLGRHQODVQRUPDVHQYLJRU
/D -XQWD GH *RELHUQR FXDQGR WHQJD FRQRFLPLHQWR GH XQ DFWR GH
SXEOLFLGDG LOtFLWD SRGUi UHTXHULU VX FHVDFLyQ DO DERJDGR TXH OR UHDOL
FH\RLQLFLDUHLQVWUXLUHOFRUUHVSRQGLHQWHH[SHGLHQWHGLVFLSOLQDULRGH
FRQIRUPLGDGFRQORSUHYLVWRHQODQRUPDWLYDDSOLFDEOH
&RPSHWHQFLDGHVOHDO
(O$ERJDGRQRSXHGHSURFHGHUDODFDSWDFLyQGHVOHDOGHFOLHQWHV
6RQDFWRVGHFRPSHWHQFLDGHVOHDOHQHVSHFLDOORVVLJXLHQWHV
7RGRVDTXHOORVTXHFRQWUDYHQJDQODVQRUPDVWDQWRHVWDWDOHVFRPR
DXWRQyPLFDVTXHWXWHOHQODOHDOFRPSHWHQFLD
/DXWLOL]DFLyQGHSURFHGLPLHQWRVSXEOLFLWDULRVGLUHFWRVHLQGLUHFWRV
FRQWUDULRVDODVGLVSRVLFLRQHVGHOD/H\*HQHUDOGH3XEOLFLGDG\DODV
QRUPDVHVSHFtILFDVVREUHSXEOLFLGDGFRQWHQLGDVHQHO&yGLJR'HRQWR
OyJLFRHQHVWRV(VWDWXWRV\UHVWDQWHVQRUPDVFRPSOHPHQWDULDV
7RGDSUiFWLFDGHFDSWDFLyQGLUHFWDRLQGLUHFWDGHFOLHQWHVTXHDWHQ
WHQDODGLJQLGDGGHODVSHUVRQDVRDODIXQFLyQVRFLDOGHOD$ERJDFtD
/D SHUFHSFLyQ R HO SDJR GH FRQWUDSUHVWDFLRQHV LQIULQJLHQGR ODV
QRUPDV OHJDOHV VREUH FRPSHWHQFLD \ ODV HVWDEOHFLGDV HQ HO &yGLJR
'HRQWROyJLFR
$UWLFOH
/¶DGYRFDW TXH VXEVWLWXwVFD XQ DOWUH HQ OD GHIHQVD R DVVHVVRUD
PHQWG¶XQFOLHQWKDXUjGHFRPSOLUOHVQRUPHVVHJHQWV
/¶DGYRFDW QR SRGUj DVVXPLU OD GLUHFFLy G¶XQ DVVXPSWH SURIHVVLR
QDOHQFRPDQDWDXQDOWUHFRPSDQ\VHQVHDGYHUWLUSUqYLDPHQWDDTXHVW
SHUHVFULWRVROÂOLFLWDUQHODYqQLDOOHYDWTXHKLKDMDUHQ~QFLDHVFULWDL
LQFRQGLFLRQDGDDSURVVHJXLUODVHXDLQWHUYHQFLySHUSDUWGHO¶DQWHULRU
FRPSDQ\LHQWRWFDVKDGHGHPDQDUGHOOOHWUDWVXEVWLWXwWODLQIRUPD
FLy QHFHVVjULD SHU D FRQWLQXDU O¶DVVXPSWH D IL GH OD VHJXUHWDW MXUtGL
FDGHODERQDSUjFWLFDSURIHVVLRQDOG¶XQDFRQWLQXwWDWKDUPzQLFDHQOD
GHIHQVDGHOFOLHQWLGHODGHOLPLWDFLyGHOHVUHVSRQVDELOLWDWVGHOVXEVWL
WXWLGHOVXEVWLWXwW
/D YqQLD H[FHSWH HQ FDV G¶XUJqQFLD D MXVWLILFDU KD GH VHU VRO
OLFLWDGD VHPSUH SHU HVFULW L DPE FDUjFWHU SUHYL VHQVH TXH HO OOHWUDW
UHTXHULWSXJDGHQHJDUODLDTXHVWKDXUjGHWRUQDUODGRFXPHQWDFLyTXH
WLQJDHQHOVHXSRGHU
$L[t PDWHL[ O¶DGYRFDW TXH VXFFHwVFD XQ DOWUH HQ OD GHIHQVD GHOV
LQWHUHVVRV G¶XQ FOLHQW SURFXUDUj TXH HV SDJXHQ HOV KRQRUDULV GHJXWV
DOVXFFHwWHQUHVFLQGLUVHODUHODFLyFRQWUDFWXDOGHSUHVWDFLyGHVHUYHLV
TXHHOVXQLDLKDXUjGHUHDOLW]DUSHUDDL[zLDPEODPDMRUGLOLJqQFLD
WRWHVOHVJHVWLRQVDOVHXDEDVW7DOREOLJDFLyQRLPSOLFDXQDUHVSRQVD
ELOLWDWFLYLOGHO¶DGYRFDWVXEVWLWXWUHVSHFWHDOSDJDPHQWGHOVKRQRUDULVL
GHVSHVHVGHJXGHVDOVHXSUHGHFHVVRUSHUzVtHOFRPSURPtVGHSRVSRVDU
HO FREUDPHQW GHOV VHXV KRQRUDULV D OD OLTXLGDFLy R DVVHJXUDPHQW GHOV
GHJXWV DO FRPSDQ\ VXEVWLWXwW OOHYDW TXH FRQFyUUHJD FDXVD MXVWLILFDGD
HQWUHHOFOLHQWLHOOOHWUDWVXEVWLWXwWTXHUHOOHYHGHWDOFRPSURPtV
/HV PDWHL[HV UHJOHV DQWHULRUV UHJLUDQ SHU D OD VXEVWLWXFLy VHP
SUHTXHO¶HVPHQWDWDVVHVVRUDPHQWQRFRQVWLWXwVFDUHODFLyODERUDOLHQ
DTXHVWFDVODVXEVWLWXFLyGHO¶DGYRFDWQRQHFHVVLWDO¶DGYHUWqQFLDSUqYLD
QLREOLJDDUHDOLW]DUOHVJHVWLRQVSUHYLVWHVHQHOVDSDUWDWVDQWHULRUV
6L FDOJXHUD O¶DGRSFLy GH PHVXUHV XUJHQWV HQ LQWHUpV GHO FOLHQW
DEDQVTXHSXJDFRPSOLUDOHVFRQGLFLRQVIL[DGHVDQWHULRUPHQWO¶DGYR
FDWSRGUjDGRSWDUOHVLLQIRUPDUjSUqYLDPHQWHOVHXSUHGHFHVVRULOHV
SRVDUj HQ FRQHL[HPHQW DQWLFLSDW GHO GHJj GHO &ROÂOHJL HQ O¶jPELW GHO
TXDODFWXH
6HQVHSHUMXGLFLGHODFRUUHFFLyGLVFLSOLQjULDGHOOOHWUDWTXHLQFRP
SOLVFDOHVUHJOHVDQWHULRUVODVXEVWLWXFLyG¶XQDGYRFDWSHUXQDOWUHHQ
XQDFWHSURFHVVDOVHQVHSUqYLDFRPXQLFDFLyDOUHOOHYDWHVFRQVLGHUDUj
IDOWDPROWJUHXSHUDIHFWDUO¶HILFjFLDGHODGHIHQVDLDODGLJQLWDWGHOD
SURIHVVLy
$UWtFXOR
(O$ERJDGRTXHVXVWLWX\DDRWURHQODGHIHQVDRDVHVRUDPLHQWR
GHXQFOLHQWHKDEUiGHFXPSOLUODVVLJXLHQWHVQRUPDV
(O$ERJDGRQRSRGUiDVXPLUODGLUHFFLyQGHXQDVXQWRSURIHVLRQDO
HQFRPHQGDGRDRWURFRPSDxHURVLQDGYHUWLUSUHYLDPHQWHDOPLVPRSRU
HVFULWRRVROLFLWDUVXYHQLDVDOYRTXHH[LVWDUHQXQFLDHVFULWDHLQFRQ
GLFLRQDGDDSURVHJXLUVXLQWHUYHQFLyQSRUSDUWHGHODQWHULRUFRPSDxH
UR\HQWRGRFDVRGHEHUHFDEDUGHO/HWUDGRVXVWLWXLGRODLQIRUPDFLyQ
QHFHVDULD SDUD FRQWLQXDU HO DVXQWR HQ DUDV GH OD VHJXULGDG MXUtGLFD
GH OD EXHQD SUiFWLFD SURIHVLRQDO GH XQD FRQWLQXLGDG DUPyQLFD HQ OD
GHIHQVD GHO FOLHQWH \ GH OD GHOLPLWDFLyQ GH ODV UHVSRQVDELOLGDGHV GHO
VXVWLWXWR\GHOVXVWLWXLGR
/DYHQLDH[FHSWRHQFDVRGHXUJHQFLDDMXVWLILFDUGHEHVHUVROLFL
WDGDVLHPSUHSRUHVFULWR\FRQFDUiFWHUSUHYLRVLQTXHHOOHWUDGRUHTXH
ULGRSXHGDGHQHJDUODGHELHQGRGHYROYHUODGRFXPHQWDFLyQTXHWHQJD
HQVXSRGHU
$VLPLVPRHO$ERJDGRTXHVXFHGDDRWURHQODGHIHQVDGHORVLQWH
UHVHVGHXQFOLHQWHSURFXUDUiTXHVHSDJXHQORVKRQRUDULRVGHELGRVDO
VXFHGLGRDOUHVFLQGLUVHODUHODFLyQFRQWUDFWXDOGHSUHVWDFLyQGHVHUYL
FLRVTXHORVXQtDUHDOL]DQGRSDUDHOOR\FRQODPD\RUGLOLJHQFLDWRGDV
ODVJHVWLRQHVDVXDOFDQFH7DOREOLJDFLyQQRLPSOLFDXQDUHVSRQVDEL
OLGDGFLYLOGHO$ERJDGRVXVWLWXWRUHVSHFWRDOSDJRGHORVKRQRUDULRV\
JDVWRVGHELGRVDVXSUHGHFHVRUSHURVtHOFRPSURPLVRGHSRVSRQHUHO
FREURGHVXVKRQRUDULRVDODOLTXLGDFLyQRDVHJXUDPLHQWRGHORVGHEL
GRVDOFRPSDxHURVXVWLWXLGRVDOYRTXHFRQFXUUDFDXVDMXVWLILFDGDHQWUH
HOFOLHQWH\HOOHWUDGRVXVWLWXLGRTXHUHOHYHGHWDOFRPSURPLVR
/DV PLVPDV UHJODV DQWHULRUHV UHJLUiQ SDUD OD VXVWLWXFLyQ VLHPSUH
TXHGLFKRDVHVRUDPLHQWRQRFRQVWLWX\DUHODFLyQODERUDOHQFX\RFDVR
ODVXVWLWXFLyQGHODERJDGRQRSUHFLVDODDGYHUWHQFLDSUHYLDQLREOLJDD
UHDOL]DUODVJHVWLRQHVSUHYLVWDVHQORVDSDUWDGRVDQWHULRUHV
6L IXHUD SUHFLVD OD DGRSFLyQ GH PHGLGDV XUJHQWHV HQ LQWHUpV GHO
FOLHQWHDQWHVGHTXHSXHGDGDUVHFXPSOLPLHQWRDODVFRQGLFLRQHVILMD
GDV DQWHULRUPHQWH HO$ERJDGR SRGUi DGRSWDUODV LQIRUPDQGR SUHYLD
PHQWH D VX SUHGHFHVRU \ SRQLpQGROR HQ FRQRFLPLHQWR DQWLFLSDGR GHO
'HFDQRGHO&ROHJLRHQFX\RiPELWRDFW~H
6LQSHUMXLFLRGHODFRUUHFFLyQGLVFLSOLQDULDGHO/HWUDGRTXHLQFXP
SODODVUHJODVDQWHULRUHVODVXVWLWXFLyQGHXQ$ERJDGRSRURWURHQXQ
DFWRSURFHVDOVLQSUHYLDFRPXQLFDFLyQDOUHOHYDGRVHFRQVLGHUDUiIDOWD
PX\JUDYHSRUDIHFWDUDODHILFDFLDGHODGHIHQVD\DODGLJQLGDGGHOD
SURIHVLyQ
Núm
5509 / 10.05.2007
18839
6HFFLyTXDUWD
'HO¶H[HUFLFLLQGLYLGXDOFROÂOHFWLXLPXOWLSURIHVVLRQDO
$UWLFOH
/¶H[HUFLFL SURIHVVLRQDO LQGLYLGXDO L FROÂOHFWLX GHOV DGYRFDWV DL[t
FRPOHVDVVRFLDFLRQVHQUqJLPGHFROÂODERUDFLyPXOWLSURIHVVLRQDOTXH
SXJXHQ HVWDEOLUVH DPE DOWUHV SURIHVVLRQV QR LQFRPSDWLEOHV V¶DMXVWD
UDQVHPSUHDOTXHSUHYHXHQHOVDUWLFOHVDGHO¶(VWDWXW*HQHUDOGH
O¶$GYRFDFLD
(Q WRW FDV HO &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW SRGUj
H[LJLU DOV VHXV FROÂOHJLDWV OD SUHVHQWDFLy GHOV FRQWUDFWHV GH FRO
ODERUDFLyLGHWUHEDOOSHUWDOGHYHULILFDUTXHV¶DMXVWHQDOTXHHVWDEOHL
[HQOHVQRUPHVHVWDWXWjULHV
(Q HOV VXSzVLWV G¶H[HUFLFL FROÂOHFWLX GH OD SURIHVVLy HQ O¶jPELW
G¶DTXHVW&ROÂOHJLO¶DJUXSDFLyKDXUjG¶LQVFULXUH¶VDO5HJLVWUH&ROÂOHJLDO
(VSHFLDO L IDUj FRQVWDU OD VHXD FRPSRVLFLy QRPLQDO L OHV VXFFHVVLYHV
DOWHVLEDL[HVTXHHVYDJHQSURGXLQW/HVQRUPHVUHJXODGRUHVGHOGHV
SDW[FROÂOHFWLXSRGUDQVRWPHWUHDDUELWUDWJHFROÂOHJLDOOHVGLVFUHSjQFLHV
TXHSRJXHUHQVRUJLUHQWUHHOVVHXVPHPEUHVDFDXVDGHOIXQFLRQDPHQW
VHSDUDFLyROLTXLGDFLyGHO¶HVPHQWDWGHVSDW[
eVREOLJDFLyLQGLYLGXDOGHOVDGYRFDWVTXHIRUPHQSDUWGHOGHVSDW[
FROÂOHFWLXODLQVFULSFLyG¶DTXHVWLO¶DWHQFLyGHVRWPHWLPHQWDO¶DUELWUDW
JHFROÂOHJLDOTXDQV¶KDMDDFRUGDW/DIDOWDGHFRPSOLPHQWGHOVGHXUHV
HVWDEOLWVVHUjFRQVWLWXWLYDGHIDOWDJUHX
(QHOVXSzVLWGHO¶H[HUFLFLSURIHVVLRQDOHQUqJLPGHFROÂODERUDFLy
PXOWLSURIHVVLRQDO HQ O¶jPELW G¶DTXHVW &ROÂOHJL WDOV FROÂODERUDFLRQV
KDXUDQG¶LQVFULXUH¶VDO5HJLVWUH&ROÂOHJLDO(VSHFLDOLHVIDUjFRQVWDUOD
VHXDFRPSRVLFLyQRPLQDOLOHVVXFFHVVLYHVDOWHVLEDL[HVTXHHVYDJHQ
SURGXLQWFRPWDPEpOHVSURIHVVLRQVOLEHUDOVGHOVVHXVLQWHJUDQWV6HUj
REOLJDFLyGHOVDGYRFDWVDVVRFLDWVDTXHVWDFRPXQLFDFLyLLQVFULSFLRQVL
FRQVWLWXLUjIDOWDJUHXHOVHXLQFRPSOLPHQW
6HFFLRQFXDUWD
'HOHMHUFLFLRLQGLYLGXDOFROHFWLYR\PXOWLSURIHVLRQDO
$UWtFXOR
(O HMHUFLFLR SURIHVLRQDO LQGLYLGXDO \ FROHFWLYR GH ORV DERJDGRV
DVtFRPRODVDVRFLDFLRQHVHQUpJLPHQGHFRODERUDFLyQPXOWLSURIHVLR
QDOTXHSXHGDQHVWDEOHFHUVHFRQRWUDVSURIHVLRQHVQRLQFRPSDWLEOHVVH
DMXVWDUDQ VLHPSUH D OR SUHYLVWR HQ ORV DUWtFXORV D GHO (VWDWXWR
*HQHUDOGHOD$ERJDFtD
(Q WRGR FDVR HO &ROHJLR 3URYLQFLDO GH$ERJDGRV GH$OLFDQWH
SRGUiH[LJLUDVXVFROHJLDGRVODSUHVHQWDFLyQGHORVFRQWUDWRVGHFROD
ERUDFLyQ\GHWUDEDMRDILQGHYHULILFDUTXHVHDMXVWDQDORHVWDEOHFLGR
HQODVQRUPDVHVWDWXWDULDV
(Q ORV VXSXHVWRV GH HMHUFLFLR FROHFWLYR GH OD SURIHVLyQ HQ HO
iPELWRGHHVWH&ROHJLRODDJUXSDFLyQGHEHUiLQVFULELUVHHQHO5HJLV
WUR&ROHJLDO(VSHFLDOKDFLHQGRFRQVWDUVXFRPSRVLFLyQQRPLQDO\ODV
VXFHVLYDVDOWDV\EDMDVTXHVHYD\DQSURGXFLHQGR/DVQRUPDVUHJXOD
GRUDV GHO GHVSDFKR FROHFWLYR SRGUiQ VRPHWHU D DUELWUDMH FROHJLDO ODV
GLVFUHSDQFLDVTXHSXGLHUDQVXUJLUHQWUHVXVPLHPEURVDFDXVDGHOIXQ
FLRQDPLHQWRVHSDUDFLyQROLTXLGDFLyQGHGLFKRGHVSDFKR
(V REOLJDFLyQ LQGLYLGXDO GH ORV DERJDGRV TXH IRUPHQ SDUWH GHO
GHVSDFKRFROHFWLYRODLQVFULSFLyQGHHVWH\HOFXLGDGRGHVRPHWLPLHQWR
DODUELWUDMHFROHJLDOFXDQGRVHKD\DDFRUGDGR/DIDOWDGHFXPSOLPLHQ
WRGHORVGHEHUHVHVWDEOHFLGRVVHUiFRQVWLWXWLYDGHIDOWDJUDYH
(QHOVXSXHVWRGHOHMHUFLFLRSURIHVLRQDOHQUpJLPHQGHFRODER
UDFLyQ PXOWLSURIHVLRQDO HQ HO iPELWR GH HVWH &ROHJLR WDOHV FRODERUD
FLRQHVGHEHUiQLQVFULELUVHHQHO5HJLVWUR&ROHJLDO(VSHFLDOKDFLHQGR
FRQVWDU VX FRPSRVLFLyQ QRPLQDO \ ODV VXFHVLYDV DOWDV \ EDMDV TXH VH
YD\DQSURGXFLHQGRDVtFRPRODVSURIHVLRQHVOLEHUDOHVGHVXVLQWHJUDQ
WHV 6LHQGR REOLJDFLyQGH ORV DERJDGRV DVRFLDGRV WDOFRPXQLFDFLyQH
LQVFULSFLRQHVFRQVWLWX\HQGRIDOWDJUDYHVXLQFXPSOLPLHQWR
7Ë72/,,,
'(/6'5(76,2%/,*$&,216
'(/6&2/Â/(*,$76
7Ë78/2,,,
'(/26'(5(&+26<2%/,*$&,21(6
'(/26&2/(*,$'26
&DStWRO,
(QJHQHUDO
&DSLWXOR,
(QJHQHUDO
$UWLFOH
(O GHXUH IRQDPHQWDO GH O¶DGYRFDW FRP D SDUWtFLS LPSUHVFLQGLEOH
QHFHVVDUL L LQVXEVWLWXwEOH HQ OD IXQFLy S~EOLFD GH O¶DGPLQLVWUDFLy GH
MXVWtFLDpVFRRSHUDUDPEDTXHVWDDVVHVVRUDQWFRQFLOLDQWLGHIHQVDQWHQ
GUHWHOVLQWHUHVVRVTXHOLVLJXHQFRQILDWV(QFDSFDVODWXWHODG¶DTXHVWV
LQWHUHVVRVSRWMXVWLILFDUODGHVYLDFLyGHOILVXSUHPGHODMXVWtFLDDTXq
O¶DGYRFDFLDHVWUREDYLQFXODGD
/DGHIHQVDMXUtGLFDpVXQDREOLJDFLySURIHVVLRQDOWDQWSHUDO¶DG
YRFDFLD FRP SHU DOV DGYRFDWV TXH HV FRPSOLUj DMXVWDQWVH D QRUPHV
GHRQWROzJLTXHV
$UWtFXOR
(OGHEHUIXQGDPHQWDOGHO$ERJDGRFRPRSDUWtFLSHLPSUHVFLQGLEOH
QHFHVDULRHLQVXVWLWXLEOHHQODIXQFLyQS~EOLFDGHODDGPLQLVWUDFLyQGH
-XVWLFLDHVFRRSHUDUDHOODDVHVRUDQGRFRQFLOLDQGR\GHIHQGLHQGRHQ
'HUHFKRORVLQWHUHVHVTXHOHVHDQFRQILDGRV(QQLQJ~QFDVRODWXWHOD
GHWDOHVLQWHUHVHVSXHGHMXVWLILFDUODGHVYLDFLyQGHOILQVXSUHPRGH-XV
WLFLDDTXHOD$ERJDFtDVHKDOODYLQFXODGD
/D GHIHQVD MXUtGLFD HV XQD REOLJDFLyQ SURIHVLRQDO WDQWR SDUD OD
$ERJDFtDFRPRSDUDORV$ERJDGRVTXHVHFXPSOLUiDMXVWiQGRVHDQRU
PDVGHRQWROyJLFDV
$UWLFOH
6yQWDPEpGHXUHVJHQHUDOVGHO¶DGYRFDW
&RPSOLUOHVQRUPHVOHJDOVLHVWDWXWjULHVLHOVDFRUGVGHOVGLIHUHQWV
zUJDQVFRUSRUDWLXVWDQWGHO&RQVHOO*HQHUDOGHO¶$GYRFDFLDFRPGHO
&RQVHOO9DOHQFLjGH&ROÂOHJLVG¶$GYRFDWVLGHOPDWHL[&ROÂOHJL
0DQWLQGUH GHVSDW[ SURIHVVLRQDO REHUW SURSL DOLp R G¶HPSUHVD DO
WHUULWRUL GHO FROÂOHJL HQ O¶jPELW GHO TXDO HVWLJD LQFRUSRUDW L H[HUFLVFD
KDELWXDOPHQWODVHXDSURIHVVLy
&RPXQLFDUHOVHXGRPLFLOLLHOVHYHQWXDOVFDQYLVGHOPDWHL[DO&RO
OHJL
$UWtFXOR
6RQWDPELpQGHEHUHVJHQHUDOHVGHO$ERJDGR
&XPSOLU ODV QRUPDV OHJDOHV \ HVWDWXWDULDV \ ORV DFXHUGRV GH ORV
GLIHUHQWHVyUJDQRVFRUSRUDWLYRVWDQWRGHO&RQVHMR*HQHUDOGHOD$ER
JDFtDGHO&RQVHMR9DOHQFLDQRGH&ROHJLRVGH$ERJDGRV\GHOSURSLR
&ROHJLR
0DQWHQHUGHVSDFKRSURIHVLRQDODELHUWRSURSLRDMHQRRGHHPSUH
VDHQHOWHUULWRULRGHO&ROHJLRHQFX\RiPELWRHVWpLQFRUSRUDGR\HMHU
]DKDELWXDOPHQWHVXSURIHVLyQ
&RPXQLFDU VX GRPLFLOLR \ ORV HYHQWXDOHV FDPELRV GHO PLVPR DO
&ROHJLR
$UWLFOH
'HFRQIRUPLWDWDPEDOOzHVWDEOLWHQO¶DUWLFOHGHOD/OHL2UJj
QLFDGHO3RGHU-XGLFLDOHOVDGYRFDWVKDXUDQGHJXDUGDUVHFUHWGHWRWV
HOVIHWVRQRWtFLHVTXHFRQHJXHQSHUUDyGHTXDOVHYROGHOHVPRGDOLWDWV
GH OD VHXD DFWXDFLy SURIHVVLRQDO L QR SRGUDQ VHU REOLJDWV D GHFODUDU
VREUHDTXHVWV
$UWtFXOR
'HFRQIRUPLGDGFRQORHVWDEOHFLGRSRUHODUWtFXORGHOD/H\
2UJiQLFDGHO3RGHU-XGLFLDOORV$ERJDGRVGHEHUiQJXDUGDUVHFUHWRGH
WRGRVORVKHFKRVRQRWLFLDVTXHFRQR]FDQSRUUD]yQGHFXDOTXLHUDGH
ODVPRGDOLGDGHVGHVXDFWXDFLyQSURIHVLRQDOQRSXGLHQGRVHUREOLJD
GRVDGHFODUDUVREUHORVPLVPRV
Núm
5509 / 10.05.2007
18840
(Q HO FDV TXH HO GHJj R TXL HVWDWXWjULDPHQW HO VXEVWLWXwVFD IyUD
DYLVDWSHUO¶DXWRULWDWFRPSHWHQWMXGLFLDORJRYHUQDWLYDRSHUTXDOVHYRO
DOWUHFRQGXFWHGHODSUjFWLFDG¶XQUHJLVWUHDOGHVSDW[SURIHVVLRQDOG¶XQ
DGYRFDWKDXUjGHSHUVRQDUVHHQO¶HVPHQWDWGHVSDW[LDVVLVWLUDOHVGLOL
JqQFLHVTXHV¶KLSUDFWLTXHQLYHWODUjSHUODVDOYDJXDUGDGHOVHFUHWSUR
IHVVLRQDO
(QHOFDVRGHTXHHO'HFDQRRTXLpQHVWDWXWDULDPHQWHOHVXVWLWX
\DIXHUHDYLVDGRSRUODDXWRULGDGFRPSHWHQWHMXGLFLDORJXEHUQDWLYD
RSRUFXDOTXLHURWURFRQGXFWRGHODSUiFWLFDGHXQUHJLVWURHQHOGHVSD
FKRSURIHVLRQDOGHXQ$ERJDGRGHEHUiSHUVRQDUVHHQGLFKRGHVSDFKR
\DVLVWLUDODVGLOLJHQFLDVTXHHQHOPLVPRVHSUDFWLTXHQYHODQGRSRUOD
VDOYDJXDUGDGHOVHFUHWRSURIHVLRQDO
$UWLFOH
/¶DGYRFDWWpGUHWDWRWHVOHVFRQVLGHUDFLRQVKRQRUtILTXHVGHJXGHVD
ODVHXDSURIHVVLyLWUDGLFLRQDOPHQWUHFRQHJXGHVDDTXHVWD
/¶DGYRFDWHQFRPSOLPHQWGHODVHXDPLVVLyDFWXDUjDPEOOLEHUWDWL
LQGHSHQGqQFLDVHQVHDOWUHVOLPLWDFLRQVTXHOHVLPSRVDGHVSHUOD/OHLL
SHUOHVQRUPHVqWLTXHVLGHRQWROzJLTXHV
(OGHXUHGHGHIHQVDMXUtGLFDTXHDOVDGYRFDWVHVFRQILDpVWDPEpXQ
GUHWSHUDDTXHVWVSHUWDQWDPpVGHIHU~VGHTXDQWVUHPHLVRUHFXUVRV
HVWDEOHL[ OD QRUPDWLYD YLJHQW SRGUDQ UHFODPDU WDQW GH OHV DXWRULWDWV
FRP GHOV FROÂOHJLV L GHOV SDUWLFXODUV WRWHV OHV PHVXUHV G¶DMXGD HQ OD
VHXDIXQFLyTXHHOVVLJXHQOHJDOPHQWGHJXGHV
$UWtFXOR
(O$ERJDGRWLHQHGHUHFKRDWRGDVODVFRQVLGHUDFLRQHVKRQRUtILFDV
GHELGDVDVXSURIHVLyQ\WUDGLFLRQDOPHQWHUHFRQRFLGDVDODPLVPD
(O$ERJDGR HQ FXPSOLPLHQWR GH VX PLVLyQ DFWXDUi FRQ OLEHUWDG
HLQGHSHQGHQFLDVLQRWUDVOLPLWDFLRQHVTXHODVLPSXHVWDVSRUOD/H\\
SRUODVQRUPDVpWLFDV\GHRQWROyJLFDV
(OGHEHUGHGHIHQVDMXUtGLFDTXHDORV$ERJDGRVVHFRQItDHVWDP
ELpQXQGHUHFKRSDUDORVPLVPRVSRUORTXHDGHPiVGHKDFHUXVRGH
FXDQWRV UHPHGLRV R UHFXUVRV HVWDEOHFH OD QRUPDWLYD YLJHQWH SRGUiQ
UHFODPDUWDQWRGHODV$XWRULGDGHVFRPRGHORV&ROHJLRV\GHORVSDU
WLFXODUHVWRGDVODVPHGLGDVGHD\XGDHQVXIXQFLyQTXHOHVVHDQOHJDO
PHQWHGHELGDV
&DStWRO,,
(QUHODFLyDPEHO&ROÂOHJLLDPEHOVDOWUHVFROÂOHJLDWV
$UWLFOH
6yQGHXUHVGHOVFROÂOHJLDWV
(VWDU DO FRUUHQW HQ HO SDJDPHQW GH OHV VHXHV TXRWHV RUGLQjULHV R
H[WUDRUGLQjULHV L DOoDU OHV DOWUHV FjUUHJXHV FROÂOHJLDOV HQWUH OHV TXDOV
V¶LQFORXHQ HOV GLFWjPHQV GH OD -XQWD GH *RYHUQ TXDOVHYRO TXH VLJD
OD VHXD QDWXUDOHVD HQ OD IRUPD L WHUPLQLV D DTXHVW HIHFWH HVWDEOLWV$
DTXHVWVHIHFWHVHVFRQVLGHUHQFjUUHJXHVFRUSRUDWLYHVWRWHVOHVLPSRVD
GHVSHO&ROÂOHJLHO&RQVHOO9DOHQFLjGH&ROÂOHJLVG¶$GYRFDWVLHO&RQ
VHOO*HQHUDOGHO¶$GYRFDFLD
(VWDUDOFRUUHQWGHOHVTXRWHVFRUUHVSRQHQWVDOD0XWXDOLWDW*HQH
UDOGHO¶$GYRFDFLDR0XWXDOLWDWGH3UHYLVLy6RFLDODSULPDIL[DRVLID
DOFDVGHO5qJLP(VSHFLDOGH7UHEDOODGRUV$XWzQRPVGHOD6HJXUHWDW
6RFLDO
,JXDOPHQW HQ HO FDV G¶DGYRFDWV UHVLGHQWV KDXUDQ GH PDQWLQGUH
GHVSDW[SURIHVVLRQDOREHUWSURSLDOLpRG¶HPSUHVDDOWHUULWRULGHO&RO
OHJL L KDXUDQ GH QRWLILFDUKR D DTXHVW DO &ROÂOHJL DL[t FRP HOV VHXV
HYHQWXDOV FDQYLV (OV DGYRFDWV QR UHVLGHQWV KDXUDQ GH GHVLJQDU XQ
GRPLFLOLG¶DFRUGDPEHOTXHHVWDEOHL[O¶DUWLFOHKG¶DTXHVW(VWDWXW
/¶REOLJDFLyGHQRWLILFDFLyGHOGRPLFLOLLHOVVHXVFDQYLVDIHFWDWDPEp
HOVDGYRFDWVSURFHGHQWVG¶DOWUHVFROÂOHJLV
'HQXQFLDUDO&ROÂOHJLWRWDFWHG¶LQWUXVLVPHTXHDUULEHDOVHXFRQHL
[HPHQW DL[t FRP HOV FDVRV G¶H[HUFLFL LOÂOHJDO VLJD SHU IDOWD GH FRO
OHJLDFLyRGHFRPXQLFDFLyGHO¶DFWXDFLySURIHVVLRQDOVLJDSHUVXVSHQ
VLy R LQKDELOLWDFLy GHO GHQXQFLDW R SHU HVWDU LQFXUV HQ VXSzVLWV G¶LQ
FRPSDWLELOLWDWRSURKLELFLy
'HQXQFLDUDO&ROÂOHJLTXDOVHYRODWHPSWDWDODOOLEHUWDWLQGHSHQGqQ
FLDRGLJQLWDWG¶XQDGYRFDWHQO¶H[HUFLFLGHOHVVHXHVIXQFLRQV
1RLQWHQWDUODLPSOLFDFLyGHO¶DGYRFDWFRQWUDULHQHOOLWLJLRLQWHUHV
VRVGHEDWXWVQLGLUHFWDPHQWQLLQGLUHFWDPHQWLHYLWDULQFO~VTXDOVHYRO
DOÂOXVLySHUVRQDODOFRPSDQ\LWUDFWDUORVHPSUHDPEODPDMRUFRUUHF
FLy
0DQWLQGUHFRPDPDWqULDUHVHUYDGDOHVFRQYHUVDFLRQVLFRUUHVSRQ
GqQFLDKDJXGHVDPEO¶DGYRFDWRDGYRFDWVFRQWUDULVDPESURKLELFLyGH
UHYHODUORV R SUHVHQWDUORV HQ MXGLFL VHQVH HO VHX SUHYL FRQVHQWLPHQW
1RREVWDQWDL[zSHUFDXVDJUHXOD-XQWDGH*RYHUQGHO&ROÂOHJLSRGUj
GLVFUHFLRQDOPHQW DXWRULW]DU OD VHXD UHYHODFLy R SUHVHQWDFLy HQ MXGLFL
VHQVHO¶HVPHQWDWFRQVHQWLPHQWSUHYL
,QIRUPDU HO GHJj SHUTXq VL KR FRQVLGHUD RSRUW~ SXJD UHDOLW]DU
XQDODERUGHPHGLDFLyGHO¶HQFjUUHFUHEXWGHSURPRXUHDFWXDFLRQVGH
TXDOVHYROFODVVHFRQWUDXQDOWUHFROÂOHJLDWVREUHUHVSRQVDELOLWDWVUHODFL
RQDGHVDPEO¶H[HUFLFLSURIHVVLRQDO
&ROÂODERUDUDPEOD-XQWDGH*RYHUQHQHOPRGHHQTXqVLJDUHTXH
ULW SHU DTXHVWD L HQ SDUWLFXODU SDUWLFLSDU HQ OHV FRPLVVLRQV SHU D OHV
TXDOVVHOLGHVLJQHSHUWDOG¶DFRQVHJXLUXQPLOORUGHVHQYROXSDPHQWGH
OHVIXQFLRQVFROÂOHJLDOV
&DSLWXOR,,
(QUHODFLRQFRQHO&ROHJLR\FRQORVGHPDVFROHJLDGRV
$UWtFXOR
6RQGHEHUHVGHORVFROHJLDGRV
(VWDUDOFRUULHQWHHQHOSDJRGHVXVFXRWDVRUGLQDULDVRH[WUDRUGL
QDULDV\OHYDQWDUODVGHPiVFDUJDVFROHJLDOHVHQWUHODVTXHVHLQFOX\HQ
ORV GLFWiPHQHV GH OD -XQWD GH *RELHUQR FXDOTXLHUD TXH VHD VX QDWX
UDOH]DHQODIRUPD\SOD]RVDOHIHFWRHVWDEOHFLGRV$WDOHVHIHFWRVVH
FRQVLGHUDQFDUJDVFRUSRUDWLYDVWRGDVODVLPSXHVWDVSRUHO&ROHJLRHO
&RQVHMR9DOHQFLDQR GH &ROHJLRV GH$ERJDGRV \ HO &RQVHMR *HQHUDO
GHOD$ERJDFtD
(VWDU DO FRUULHQWH GH ODV FXRWDV FRUUHVSRQGLHQWHV D OD 0XWXDOLGDG
*HQHUDOGHOD$ERJDFtDR0XWXDOLGDGGH3UHYLVLyQ6RFLDODSULPDILMD
RHQVXFDVRGHO5pJLPHQ(VSHFLDOGH7UDEDMDGRUHV$XWyQRPRVGHOD
6HJXULGDG6RFLDO
,JXDOPHQWH HQ HO FDVR GH DERJDGRV UHVLGHQWHV GHEHUiQ PDQWHQHU
GHVSDFKRSURIHVLRQDODELHUWRSURSLRDMHQRRGHHPSUHVDHQHOWHUULWR
ULRGHO&ROHJLRGHELHQGRQRWLILFDUHOPLVPRDO&ROHJLRDVtFRPRVXV
HYHQWXDOHVFDPELRV/RVDERJDGRVQRUHVLGHQWHVGHEHUiQGHVLJQDUXQ
GRPLFLOLRFRQIRUPHDORHVWDEOHFLGRHQHODUWtFXORKGHHVWH(VWD
WXWR/DREOLJDFLyQGHQRWLILFDFLyQGHOGRPLFLOLR\VXVFDPELRVDIHFWD
WDPELpQDORVDERJDGRVSURFHGHQWHVGHRWURV&ROHJLRV
'HQXQFLDU DO &ROHJLR WRGR DFWR GH LQWUXVLVPR TXH OOHJXH D VX
FRQRFLPLHQWRDVtFRPRORVFDVRVGHHMHUFLFLRLOHJDOVHDSRUIDOWDGH
FROHJLDFLyQ R GH FRPXQLFDFLyQ GH OD DFWXDFLyQ SURIHVLRQDO VHD SRU
VXVSHQVLyQ R LQKDELOLWDFLyQ GHO GHQXQFLDGR R SRU HVWDU LQFXUVR HQ
VXSXHVWRVGHLQFRPSDWLELOLGDGRSURKLELFLyQ
'HQXQFLDUDO&ROHJLRFXDOTXLHUDWHQWDGRDODOLEHUWDGLQGHSHQGHQ
FLDRGLJQLGDGGHXQ$ERJDGRHQHOHMHUFLFLRGHVXVIXQFLRQHV
1R LQWHQWDU OD LPSOLFDFLyQ GHO$ERJDGR FRQWUDULR HQ HO OLWLJLR R
LQWHUHVHVGHEDWLGRVQLGLUHFWDQLLQGLUHFWDPHQWHHYLWDQGRLQFOXVRFXDO
TXLHUDOXVLyQSHUVRQDODOFRPSDxHUR\WUDWiQGROHVLHPSUHFRQODPD\RU
FRUUHFFLyQ
0DQWHQHUFRPRPDWHULDUHVHUYDGDODVFRQYHUVDFLRQHV\FRUUHVSRQ
GHQFLDKDELGDVFRQHO$ERJDGRR$ERJDGRVFRQWUDULRVFRQSURKLELFLyQ
GH UHYHODUORV R SUHVHQWDUORV HQ MXLFLR VLQ VX SUHYLR FRQVHQWLPLHQWR
1RREVWDQWHSRUFDXVDJUDYHOD-XQWDGH*RELHUQRGHO&ROHJLRSRGUi
GLVFUHFLRQDOPHQWHDXWRUL]DUVXUHYHODFLyQRSUHVHQWDFLyQHQMXLFLRVLQ
GLFKRFRQVHQWLPLHQWRSUHYLR
,QIRUPDUDO'HFDQRSDUDTXHVLORFRQVLGHUDRSRUWXQRSXHGDUHD
OL]DUXQDODERUGHPHGLDFLyQGHOHQFDUJRUHFLELGRGHSURPRYHUDFWXD
FLRQHV GH FXDOTXLHU FODVH FRQWUD RWUR FROHJLDGR VREUH UHVSRQVDELOLGD
GHVUHODFLRQDGDVFRQHOHMHUFLFLRSURIHVLRQDO
&RODERUDUFRQOD-XQWDGH*RELHUQRHQHOPRGRHQTXHVHDUHTXH
ULGRSRUODPLVPD\HQSDUWLFXODUSDUWLFLSDUHQODV&RPLVLRQHVSDUDODV
TXHVHOHGHVLJQHHQDUDVDFRQVHJXLUXQPHMRUGHVHQYROYLPLHQWRGH
ODVIXQFLRQHVFROHJLDOHV
Núm
5509 / 10.05.2007
18841
(OVDOWUHVGHULYDWVGHOFRPSOLPHQWGHOFRGLGHRQWROzJLFGHODSUR
IHVVLy
/RVGHPiVGHULYDGRVGHOFXPSOLPLHQWRGHO&yGLJR'HRQWROyJLFR
GHODSURIHVLyQ
$UWLFOH
6yQGUHWVGHOVFROÂOHJLDWV
3DUWLFLSDU HQ OD JHVWLy FRUSRUDWLYD L SHU WDQW H[HUFLU HOV GUHWV GH
SHWLFLyGHYRWLG¶DFFpVDOVFjUUHFVGLUHFWLXVHQODIRUPDTXHHVWDEOLV
TXHQOHVQRUPHVOHJDOVRHVWDWXWjULHV
'HPDQDULREWLQGUHGHWRWVHOVzUJDQVFRUSRUDWLXVODSURWHFFLyGHOD
VHXDLQGHSHQGqQFLDLOtFLWDOOLEHUWDWG¶DFWXDFLySURIHVVLRQDO
&RQVWLWXLU HQ HO VL FROÂOHJLDO OHV DJUXSDFLRQV L VHFFLRQV TXH HVWL
PHQ SURFHGHQWV SHU D OD GHIHQVD GHOV VHXV LQWHUHVVRV SURIHVVLRQDOV
IRUPDWLXV FXOWXUDOV L VRFLDOV HVSHFtILFV GLQV GHO PDUF GHOV ILQV GH OD
FRUSRUDFLy,VLIDDOFDVLQFRUSRUDUVHDOHVMDH[LVWHQWV/DFUHDFLyGH
OHVHVPHQWDGHVDJUXSDFLRQVLVHFFLRQVLOHVQRUPHVTXHUHJXOHQHOVHX
IXQFLRQDPHQWKDXUDQGHVHUDSURYDGHVSHUOD-XQWDGH*RYHUQ
5HEUHLSDUWLFLSDUGHWRWVDTXHOOVVHUYHLVTXHODLQVWLWXFLyFROÂOHJLDO
GLVSRVHHQSDUWLFXODUIHU~VGHOHVLQVWDOÂODFLRQVLPLWMDQVSDUWLFLSDUHQ
OHVDFWLYLWDWVGHIRUPDFLyFRQWLQXDGDVHPSUHDPEVXEMHFFLyDOHVQRU
PHVTXHSHUDOVHX~VUDFLRQDOLDGHTXDWIL[HOD-XQWDGH*RYHUQ,JXDO
PHQWSRWVROÂOLFLWDUO¶HVWDEOLPHQWGHVHUYHLVTXHHVWLPHQHFHVVDULV
$UWtFXOR
6RQGHUHFKRVGHORVFROHJLDGRV
3DUWLFLSDU HQ OD JHVWLyQ FRUSRUDWLYD \ SRU WDQWR HMHUFHU ORV GHUH
FKRV GH SHWLFLyQ GH YRWR \ GH DFFHVR D ORV FDUJRV GLUHFWLYRV HQ OD
IRUPDTXHHVWDEOH]FDQODVQRUPDVOHJDOHVRHVWDWXWDULDV
5HFDEDU\REWHQHUGHWRGRVORVyUJDQRVFRUSRUDWLYRVODSURWHFFLyQ
GHVXLQGHSHQGHQFLD\OtFLWDOLEHUWDGGHDFWXDFLyQSURIHVLRQDO
&RQVWLWXLU HQ HO VHQR FROHJLDO ODV DJUXSDFLRQHV \ VHFFLRQHV TXH
HVWLPHQSURFHGHQWHVSDUDODGHIHQVDGHVXVLQWHUHVHVSURIHVLRQDOHVIRU
PDWLYRVFXOWXUDOHV\VRFLDOHVHVSHFtILFRVGHQWURGHOPDUFRGHORVILQHV
GH OD FRUSRUDFLyQ \ HQ VX FDVR LQFRUSRUDUVH D ODV \D H[LVWHQWHV /D
FUHDFLyQGHGLFKDVDJUXSDFLRQHV\VHFFLRQHV\ODVQRUPDVTXHUHJXOHQ
VXIXQFLRQDPLHQWRGHEHUiQVHUDSUREDGDVSRUOD-XQWDGH*RELHUQR
5HFLELU \ SDUWLFLSDU GH WRGRV DTXHOORV VHUYLFLRV GH TXH OD LQVWLWX
FLyQ FROHJLDO GLVSRQJD HQ SDUWLFXODU KDFHU XVR GH ODV LQVWDODFLRQHV \
PHGLRVSDUWLFLSDUHQODVDFWLYLGDGHVGHIRUPDFLyQFRQWLQXDGDVLHPSUH
FRQVXMHFLyQDODVQRUPDVTXHSDUDVXXVRUDFLRQDO\DGHFXDGRVHILMH
SRUOD-XQWDGH*RELHUQR,JXDOPHQWHSXHGHVROLFLWDUHOHVWDEOHFLPLHQ
WRGHVHUYLFLRVTXHHVWLPHQHFHVDULRV
$TXHOORVRWURVTXHOHVFRQILHUDQODQRUPDWLYDYLJHQWH\HOSUHVHQWH
(VWDWXWR
$TXHOOVDOWUHVTXHHOVFRQIHULVTXHQODQRUPDWLYDYLJHQWLHOSUHVHQW
(VWDWXW
&DStWRO,,,
(QUHODFLyDPEHOVWULEXQDOV
&DStWXOR,,,
(QUHODFLRQFRQORVWULEXQDOHV
$UWLFOH
6yQ REOLJDFLRQV GH O¶DGYRFDW DPE HOV zUJDQV MXULVGLFFLRQDOV OD
SURELWDWOOHLDOWDWLYHUDFLWDWTXDQWDOIRQVGHOHVVHXHVGHFODUDFLRQVR
PDQLIHVWDFLRQVLHOUHVSHFWHTXDQWDODIRUPDGHODVHXDLQWHUYHQFLy
$UWtFXOR
6RQREOLJDFLRQHVGHO$ERJDGRSDUDFRQORVyUJDQRVMXULVGLFFLRQD
OHV OD SURELGDG OHDOWDG \ YHUDFLGDG HQ FXDQWR DO IRQGR GH VXV GHFOD
UDFLRQHV R PDQLIHVWDFLRQHV \ HO UHVSHWR HQ FXDQWR D OD IRUPD GH VX
LQWHUYHQFLyQ
$UWLFOH
(OV DGYRFDWV FRPSDUHL[HUDQ GDYDQW GHOV WULEXQDOV YHVWLQW WRJD
L SRWHVWDWLYDPHQW ELUUHW VHQVH GLVWLQWLX GH FDS FODVVH OOHYDW GHO FRO
OHJLDO L DGHTXDUDQ OD LQGXPHQWjULD D OD GLJQLWDW L SUHVWLJL GH OD WRJD
TXHYLVWHQLDOUHVSHFWHDOD-XVWtFLD
(OVDGYRFDWVQRHVWDUDQREOLJDWVDGHVFREULUVHPpVTXHDO¶HQWUDGD
LHL[LGDGHOHVVDOHVDTXqFRQFyUUHJXHQSHUDOHVYLVWHVLHQHOPRPHQW
GHVROÂOLFLWDUODYqQLDSHUDLQIRUPDU
(OVDGYRFDWVWLQGUDQGUHWDLQWHUYLQGUHGDYDQWGHOVWULEXQDOVGH
TXDOVHYRO MXULVGLFFLy DVVHJXWV HQ HVWUDGHV DO PDWHL[ QLYHOO HQ TXq HV
WUREH LQVWDOÂODW HO7ULEXQDO GDYDQW GH TXL DFWXHQ L WLQGUDQ GDYDQW VHX
XQDWDXODLVHVLWXDUDQDOVFRVWDWVGHO7ULEXQDOGHPDQHUDTXHQRGRQHQ
O¶HVTXHQDDOS~EOLFVHPSUHDPELJXDOWDWGHWUDFWHTXHHO0LQLVWHUL)LV
FDORO¶$GYRFDFLDGHO¶(VWDW
/OHYDW TXH OHJDOPHQW V¶HVWDEOLVFD G¶XQD DOWUD IRUPD HO OOHWUDW
DFWXDQWSRGUjVHUDX[LOLDWRVXEVWLWXwWHQO¶DFWHGHODYLVWDRMXGLFLRHQ
TXDOVHYRODOWUDGLOLJqQFLDMXGLFLDOSHUXQFRPSDQ\HQH[HUFLFLLQFRU
SRUDWRO¶DFWXDFLyGHOTXDOKDMDVLJXWGHJXGDPHQWFRPXQLFDGDDO&RO
OHJL
3HUDODVXEVWLWXFLyEDVWDUjODGHFODUDFLyGHO¶DGYRFDWVXEVWLWXW
VRWDODVHXDSUzSLDUHVSRQVDELOLWDW
(OVDGYRFDWVTXHHVWUREHQSURFHVVDWVRDFXVDWVLHVGHIHQVHQD
VLPDWHL[RVRFROÂODERUHQDPEHOVHXGHIHQVRUXVDUDQWRJDLRFXSDUDQ
HOOORFHVWDEOLWSHUDOVOOHWUDWV
(OVDGYRFDWVHVSHUDUDQXQWHPSVSUXGHQFLDOTXHV¶HVWLPDHQXQ
Pj[LPGHWUHQWDPLQXWVVREUHO¶KRUDDVVHQ\DODGDSHOVzUJDQVMXULVGLF
FLRQDOVSHUDOHVDFWXDFLRQVHQTXqKDJHQG¶LQWHUYLQGUHWUDQVFRUUHJXW
HOTXDOSRGUDQUHDOLW]DUO¶RSRUWXQDFRPSDUHL[HQoDGDYDQWGHODVHFUH
WDULDGHO¶zUJDQSHUDGHL[DUFRQVWjQFLDG¶DL[zVHQVHSHUMXGLFLG¶LQIRU
PDUGHOUHWDUGDOD-XQWDGH*RYHUQGHO&ROÂOHJLSHUTXqDTXHVWDDGRSWH
OHVLQLFLDWLYHVSURFHGHQWV
6L O¶DGYRFDW DFWXDQW FRQVLGHUD TXH O¶DXWRULWDW WULEXQDO R MXWMDW
FRDUWD OD LQGHSHQGqQFLD L OOLEHUWDW QHFHVVjULD SHU D FRPSOLU HOV VHXV
GHXUHV SURIHVVLRQDOV R TXH QR VH OL JXDUGD OD FRQVLGHUDFLy GHJXGD
DO SUHVWLJL GH OD VHXD SURIHVVLy SRGUj IHUKR FRQVWDU DL[t GDYDQW GHO
$UWtFXOR
/RV$ERJDGRVFRPSDUHFHUiQDQWHORV7ULEXQDOHVYLVWLHQGRWRJD\
SRWHVWDWLYDPHQWHELUUHWHVLQGLVWLQWLYRGHQLQJXQDFODVHVDOYRHOFROH
JLDO\DGHFXDUiQVXLQGXPHQWDULDDODGLJQLGDG\SUHVWLJLRGHODWRJD
TXHYLVWHQ\DOUHVSHWRDOD-XVWLFLD
/RV$ERJDGRV QR HVWDUiQ REOLJDGRV D GHVFXEULUVH PiV TXH D OD
HQWUDGD \ VDOLGD GH ODV 6DODV D TXH FRQFXUUDQ SDUD ODV YLVWDV \ HQ HO
PRPHQWRGHVROLFLWDUODYHQLDSDUDLQIRUPDU
/RV$ERJDGRV WHQGUiQ GHUHFKR D LQWHUYHQLU DQWH ORV 7ULEXQDOHV
GHFXDOTXLHUMXULVGLFFLyQVHQWDGRVHQHVWUDGRVDOPLVPRQLYHOHQTXH
VH KDOOH LQVWDODGR HO 7ULEXQDO DQWH TXLpQ DFW~HQ WHQLHQGR GHODQWH GH
VtXQDPHVD\VLWXiQGRVHDORVODGRVGHO7ULEXQDOGHPRGRTXHQRGHQ
ODHVSDOGDDOS~EOLFRVLHPSUHFRQLJXDOGDGGHWUDWRTXHHO0LQLVWHULR
)LVFDOROD$ERJDFtDGHO(VWDGR
6DOYR TXH OHJDOPHQWH VH HVWDEOH]FD GH RWUD IRUPD HO /HWUDGR
DFWXDQWHSRGUiVHUDX[LOLDGRRVXVWLWXLGRHQHODFWRGHODYLVWDRMXLFLR
RHQFXDOTXLHURWUDGLOLJHQFLDMXGLFLDOSRUXQFRPSDxHURHQHMHUFLFLR
LQFRUSRUDGR R FX\D DFWXDFLyQ KD\D VLGR GHELGDPHQWH FRPXQLFDGD DO
&ROHJLR
3DUDODVXVWLWXFLyQEDVWDUiODGHFODUDFLyQGHO$ERJDGRVXVWLWXWR
EDMRVXSURSLDUHVSRQVDELOLGDG
/RV$ERJDGRVTXHVHKDOOHQSURFHVDGRVRDFXVDGRV\VHGHILHQ
GDQDVtPLVPRVRFRODERUHQFRQVXGHIHQVRUXVDUiQWRJD\RFXSDUiQ
HOVLWLRHVWDEOHFLGRSDUDORVOHWUDGRV
/RVDERJDGRVHVSHUDUDQXQWLHPSRSUXGHQFLDOTXHVHHVWLPDHQ
XQ Pi[LPR GH WUHLQWD PLQXWRV VREUH OD KRUD VHxDODGD SRU ORV yUJD
QRV MXULVGLFFLRQDOHV SDUD ODV DFWXDFLRQHV HQ TXH KD\DQ GH LQWHUYHQLU
WUDQVFXUULGR HO FXDO SRGUiQ UHDOL]DU OD RSRUWXQD FRPSDUHFHQFLD DQWH
ODVHFUHWDUtDGHOyUJDQRSDUDGHMDUFRQVWDQFLDGHHOORVLQSHUMXLFLRGH
LQIRUPDU GHO UHWUDVR D OD -XQWD GH *RELHUQR GHO &ROHJLR SDUD TXH OD
PLVPDDGRSWHODVLQLFLDWLYDVSURFHGHQWHV
6LHO$ERJDGRDFWXDQWHFRQVLGHUDVHTXHOD$XWRULGDG7ULEXQDOR
-X]JDGRFRDUWDODLQGHSHQGHQFLD\OLEHUWDGQHFHVDULDSDUDFXPSOLUVXV
GHEHUHV SURIHVLRQDOHV R TXH QR VH OH JXDUGD OD FRQVLGHUDFLyQ GHELGD
DO SUHVWLJLR GH VX SURIHVLyQ SRGUi KDFHUOR FRQVWDU DVt DQWH HO SURSLR
Núm
5509 / 10.05.2007
PDWHL[MXWJHRWULEXQDOLGRQDUFRPSWHDOD-XQWDGH*RYHUQ/D-XQWD
VL HVWLPD IXQGDGD OD TXHL[D UHPHWUj HOV DQWHFHGHQWV G¶DOOz TXH V¶KD
DFWXDW DOV DOWUHV RUJDQLVPHV UHFWRUV GH O¶DGYRFDFLD SHUTXq DTXHVWV
DGRSWHQHOVDFRUGVQHFHVVDULVDODGHJXGDHPSDUDGHOSUHVWLJLLGLJQLWDW
GHODSURIHVVLy
&DStWRO,9
(QUHODFLyDPEOHVSDUWV
18842
MXH]RWULEXQDO\GDUFXHQWDDOD-XQWDGH*RELHUQR/D-XQWDVLHVWLPD
IXQGDGDODTXHMDUHPLWLUiORVDQWHFHGHQWHVGHORDFWXDGRDORVGHPiV
2UJDQLVPRVUHFWRUHVGHODDERJDFtDSDUDTXHSRUORVPLVPRVVHDGRS
WHQORVDFXHUGRVSUHFLVRVDOGHELGRDPSDURGHOSUHVWLJLR\GLJQLGDGGH
ODSURIHVLyQ
&DStWXOR,9
(QUHODFLRQFRQODVSDUWHV
/¶DGYRFDWUHDOLW]DUjGLOLJHQWPHQWOHVDFWLYLWDWVSURIHVVLRQDOVTXH
OLLPSRVHODGHIHQVDGHO¶DVVXPSWHHQFRPDQDWLV¶DWHQGUjDOHVH[LJqQ
FLHVWqFQLTXHVGHRQWROzJLTXHVLqWLTXHVDGHTXDGHVDODWXWHODMXUtGLFD
GH O¶HVPHQWDW DVVXPSWH L SRGUj DX[LOLDUVH GHOV VHXV FROÂODERUDGRUV L
DOWUHVFRPSDQ\VHOVTXDOVDFWXDUDQVRWDODVHXDUHVSRQVDELOLWDW
(QWRWFDVO¶DGYRFDWKDXUjG¶LGHQWLILFDUVHGDYDQWGHODSHUVRQD
DTXLDVVHVVRUHRGHIHQVHLQFO~VTXDQKRIHUDSHUFRPSWHG¶XQWHUFHU
SHU WDO G¶DVVXPLU OHV UHVSRQVDELOLWDWV FLYLOV SHQDOV L GHRQWROzJLTXHV
TXHVLIDDOFDVFRUUHVSRQJXHQ
$UWtFXOR
/RV DERJDGRV WLHQHQ SOHQD OLEHUWDG GH DFHSWDU R UHFKD]DU OD
GLUHFFLyQ GHO DVXQWR TXH VH OH HQFRPLHQGH DVt FRPR GH UHQXQFLDU DO
PLVPR HQ FXDOTXLHU IDVH VLHPSUH TXH QR VH SURGX]FD LQGHIHQVLyQ DO
FOLHQWHGHELHQGRSRUWDQWRFRPXQLFDUDOPLVPRODLQWHQFLyQGHDEDQ
GRQDUVXGHIHQVDFRQODDQWHODFLyQQHFHVDULD
6RQ REOLJDFLRQHV GHO$ERJDGR SDUD FRQ OD SDUWH SRU pO GHIHQ
GLGDDGHPiVGHODVTXHVHGHULYHQGHVXVUHODFLRQHVFRQWUDFWXDOHVHO
FXPSOLPLHQWR GH OD PLVLyQ GH GHIHQVD TXH OH VHD HQFRPHQGDGD FRQ
HO Pi[LPR FHOR \ GLOLJHQFLD \ JXDUGDQGR HO VHFUHWR SURIHVLRQDO$Vt
PLVPRHODERJDGRLQIRUPDUiDVXFOLHQWHGHOHVWDGRGHODVXQWRHQFR
PHQGDGR
(O$ERJDGRUHDOL]DUiGLOLJHQWHPHQWHODVDFWLYLGDGHVSURIHVLRQD
OHV TXH OH LPSRQJD OD GHIHQVD GHO DVXQWR HQFRPHQGDGR DWHQLpQGRVH
DODVH[LJHQFLDVWpFQLFDVGHRQWROyJLFDV\pWLFDVDGHFXDGDVDODWXWHOD
MXUtGLFDGHGLFKRDVXQWR\SXGLHQGRDX[LOLDUVHGHVXVFRODERUDGRUHV\
RWURVFRPSDxHURVTXLHQHVDFWXDUiQEDMRVXUHVSRQVDELOLGDG
(QWRGRFDVRHO$ERJDGRGHEHUiLGHQWLILFDUVHDQWHODSHUVRQDD
ODTXHDVHVRUHRGHILHQGDLQFOXVRFXDQGRORKLFLHUHSRUFXHQWDGHXQ
WHUFHURDILQGHDVXPLUODVUHVSRQVDELOLGDGHVFLYLOHVSHQDOHV\GHRQ
WROyJLFDVTXHHQVXFDVRFRUUHVSRQGDQ
$UW
6yQ REOLJDFLRQV GH O¶DGYRFDW DPE OD SDUW FRQWUjULD HO WUDFWH FRQ
VLGHUDWLFRUWpVDL[tFRPO¶DEVWHQFLyRRPLVVLyGHTXDOVHYRODFWHTXH
GHWHUPLQHXQDOHVLyLQMXVWDSHUDDTXHVWD
$UWtFXOR
6RQREOLJDFLRQHVGHO$ERJDGRSDUDFRQODSDUWHFRQWUDULDHOWUDWR
FRQVLGHUDGR \ FRUWpV DVt FRPR OD DEVWHQFLyQ X RPLVLyQ GH FXDOTXLHU
DFWRTXHGHWHUPLQHXQDOHVLyQLQMXVWDSDUDODPLVPD
$UWLFOH
(OVDGYRFDWVWHQHQSOHQDOOLEHUWDWG¶DFFHSWDURUHEXWMDUODGLUHF
FLyGHO¶DVVXPSWHTXHVH¶OVHQFRPDQHDL[tFRPGHUHQXQFLDUDDTXHVW
HQ TXDOVHYRO IDVH VHPSUH TXH QR HV SURGXwVFD LQGHIHQVLy DO FOLHQW L
KDXUDQSHUWDQWGHFRPXQLFDUDDTXHVWODLQWHQFLyG¶DEDQGRQDUODVHXD
GHIHQVDDPEO¶DQWHODFLyQHFHVVjULD
6yQREOLJDFLRQVGHO¶DGYRFDWDPEODSDUWSHUHOOGHIHVDDPpV
GH OHV TXH HV GHULYHQ GH OHV VHXHV UHODFLRQV FRQWUDFWXDOV HO FRPSOL
PHQW GH OD PLVVLy GH GHIHQVD TXH OL VLJD HQFRPDQDGD DPE HO Pj[LP
]HOLGLOLJqQFLDLJXDUGDQWHOVHFUHWSURIHVVLRQDO$L[tPDWHL[O¶DGYRFDW
LQIRUPDUjHOVHXFOLHQWGHO¶HVWDWGHO¶DVVXPSWHHQFRPDQDW
&DStWRO9
(QUHODFLyDPEHOVKRQRUDULVSURIHVVLRQDOV
$UWLFOH
/¶DGYRFDWWpGUHWDXQDFRPSHQVDFLyHFRQzPLFDDGHTXDGDSHOV
VHUYHLV SUHVWDWV TXH HV IL[DUj HQ FRQFHSWH G¶KRQRUDULV DL[t FRP DO
UHLQWHJUDPHQWGHOHVGHVSHVHVTXHVHOLKDJHQFDXVDWLHVWDUjSURKLELW
HQWRWFDVO¶DFRUGDPEHOFOLHQWHQYLUWXWGHOTXDODTXHVWHVFRPSUR
PHWDSDJDUOLH[FOXVLYDPHQWXQSHUFHQWDWJHGHOUHVXOWDWGHO¶DVVXPS
WH VHQVH WLQGUH HQ FRPSWH XQD UHWULEXFLy PtQLPD SHO WUHEDOO UHDOLW]DW
SHUO¶DGYRFDWDPELQGHSHQGqQFLDGHOVHXUHVXOWDW/DSHUFHSFLyG¶KR
QRUDULV SHOV WUHEDOOV UHDOLW]DWV HV SURGXHL[ FRP D FRQVHTqQFLD G¶XQ
FRQWUDFWH G¶DUUHQGDPHQW GH VHUYHLV HQWUH HO OOHWUDW L HO VHX FOLHQW HQ
TXqDPEGyVSRGUDQOOLXUHPHQWSDFWDUODTXDQWLDGHOVKRQRUDULVLVHUj
UHFRPDQDEOH SHU D OD VHXD FRQVWjQFLD L GHWHUPLQDFLy O¶DFRUG SUHYL
SHUPLWMjGHODXWLOLW]DFLyGHOIXOOG¶HQFjUUHFHQTXqHVUHVVHQ\DUjHO
SUHVVXSRVW GH FRVW DSUR[LPDW GH OD LQWHUYHQFLy SURIHVVLRQDO L IRUPD
GH SDJDPHQW /¶HVPHQWDGD FRPSHQVDFLy HFRQzPLFD SRGUj DVVXPLU OD
IRUPDGHUHWULEXFLyIL[DSHULzGLFDRSHUKRUHVSHUzHOVHXLPSRUWVHP
SUH KDXUj GH FRQVWLWXLU XQD DGHTXDGD MXVWD L GLJQD FRPSHQVDFLy DOV
VHUYHLVSUHVWDWV/OHYDWGHSDFWHHQFRQWUDODUHWULEXFLyQRSRWHQJOR
EDUHOVKRQRUDULVFRUUHVSRQHQWVDFRVWHVUHFREUDWVDWHUFHUVTXHKDXUDQ
GHVHUVDWLVIHWVHIHFWLYDPHQWDO¶DGYRFDW
(O &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW SRGUj SXEOLFDU XQ
EDUHP G¶KRQRUDULV DPE FDUjFWHU PHUDPHQW RULHQWDWLX TXH DMXGH HOV
FROÂOHJLDWV HQ OD UHGDFFLy GH OHV PLQXWHV G¶KRQRUDULV R DGKHULUVH
D DOWUHV G¶jPELW DXWRQzPLF R HVWDWDO TXH SRJXHUHQ H[LVWLU$ IDOWD GH
SDFWH H[SUpV HQ FRQWUD SHU D OD IL[DFLy GHOV KRQRUDULV HV WLQGUDQ HQ
FRPSWHHOVFULWHULVRULHQWDGRUVHQYLJRUDO¶jPELWGHO&ROÂOHJL3URYLQ
FLDOG¶$ODFDQWFULWHULVTXHV¶DSOLFDUDQHQWRWFDVDODSDUWFRQWUjULDHQ
HOVVXSzVLWVGHFRQGHPQDHQFRVWHV
&DStWXOR9
(QUHODFLRQFRQORVKRQRUDULRVSURIHVLRQDOHV
$UWtFXOR
(O$ERJDGRWLHQHGHUHFKRDXQDFRPSHQVDFLyQHFRQyPLFDDGH
FXDGDSRUORVVHUYLFLRVSUHVWDGRVTXHVHILMDUiHQFRQFHSWRGHKRQR
UDULRV DVt FRPR DO UHLQWHJUR GH ORV JDVWRV TXH VH OH KD\DQ FDXVDGR
HVWDQGRSURKLELGRHQWRGRFDVRHODFXHUGRFRQHOFOLHQWHHQYLUWXGGHO
FXDO HVWH VH FRPSURPHWH D SDJDUOH H[FOXVLYDPHQWH XQ SRUFHQWDMH GHO
UHVXOWDGR GHO DVXQWR VLQ WHQHU HQ FXHQWD XQD UHWULEXFLyQ PtQLPD SRU
HOWUDEDMRUHDOL]DGRSRUHODERJDGRFRQLQGHSHQGHQFLDGHVXUHVXOWD
GR/DSHUFHSFLyQGHKRQRUDULRVSRUORVWUDEDMRVUHDOL]DGRVVHSURGXFH
FRPRFRQVHFXHQFLDGHXQFRQWUDWRGHDUUHQGDPLHQWRGHVHUYLFLRVHQWUH
HO /HWUDGR \ VX FOLHQWH HQ HO TXH DPERV SRGUiQ OLEUHPHQWH SDFWDU OD
FXDQWtD GH ORV KRQRUDULRV VLHQGR UHFRPHQGDEOH SDUD VX FRQVWDQFLD \
GHWHUPLQDFLyQHODFXHUGRSUHYLRPHGLDQWHODXWLOL]DFLyQGHODKRMDGH
HQFDUJRHQODTXHVHUHVHxDUiHOSUHVXSXHVWRGHFRVWHDSUR[LPDGRGHOD
LQWHUYHQFLyQSURIHVLRQDO\IRUPDGHSDJR'LFKDFRPSHQVDFLyQHFRQy
PLFDSRGUiDVXPLUODIRUPDGHUHWULEXFLyQILMDSHULyGLFDRSRUKRUDV
SHURVXLPSRUWHVLHPSUHGHEHUiFRQVWLWXLUXQDDGHFXDGDMXVWD\GLJQD
FRPSHQVDFLyQDORVVHUYLFLRVSUHVWDGRV6DOYRSDFWRHQFRQWUDODUHWUL
EXFLyQ QR SXHGH HQJOREDU ORV KRQRUDULRV FRUUHVSRQGLHQWHV D FRVWDV
UHFREUDGDV D WHUFHURV TXH KDEUiQ GH VHU VDWLVIHFKDV HIHFWLYDPHQWH DO
DERJDGR
(O&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWHSRGUiSXEOLFDUXQ
EDUHPR GH KRQRUDULRV FRQ FDUiFWHU PHUDPHQWH RULHQWDWLYR TXH D\XGH
DORVFROHJLDGRVHQODUHGDFFLyQGHODVPLQXWDVGHKRQRUDULRVRDGKH
ULUVH D RWURV GH iPELWR DXWRQyPLFR R HVWDWDO TXH SXGLHUDQ H[LVWLU$
IDOWDGHSDFWRH[SUHVRHQFRQWUDULRSDUDODILMDFLyQGHORVKRQRUDULRV
VH WHQGUiQ HQ FXHQWD ORV FULWHULRV RULHQWDGRUHV HQ YLJRU HQ HO iPELWR
GHO&ROHJLR3URYLQFLDOGH$OLFDQWHFULWHULRVTXHVHDSOLFDUiQHQWRGR
FDVRDODSDUWHFRQWUDULDHQORVVXSXHVWRVGHFRQGHQDHQFRVWDV
Núm
5509 / 10.05.2007
(O&ROÂOHJLSHUDFRQHL[HPHQWGHWRWVHOVFROÂOHJLDWVLHOVVHXVFOL
HQWVSRGUjSXEOLFDUHOVFULWHULVRULHQWDGRUVTXHWLQJDHVWDEOLWVOD-XQWD
GH *RYHUQ SHU D OD VHXD DSOLFDFLy HQ O¶HPLVVLy GHOV VHXV SUHFHSWLXV
LQIRUPHVHQOHVWD[DFLRQVGHFRVWHVDFjUUHFGHODSDUWFRQWUjULDLHQ
DTXHOOV DVVXPSWHV TXH OL VLJXHQ VRWPHVRV D DUELWUDWJH R LQIRUPH SHU
OHV SDUWV R OOHWUDWV R OL VLJXHQ VROÂOLFLWDWV SHOV zUJDQV MXULVGLFFLRQDOV
$TXHVWVSRGUDQVHUXWLOLW]DWVFRPDUHIHUHQWHQHOVSDFWHVDPEHOVFOL
HQWVLDL[tVHUDQFRQVLGHUDWVHQHOVVXSzVLWVG¶DEVqQFLDG¶DFRUGH[SUpV
(OVKRQRUDULVGHOVOOHWUDWVSRGUDQVHULPSXJQDWVSHUH[FHVVLXVR
SHULQGHJXWVG¶DFRUGDPEOHVOOHLVLHQDTXHVWFDVOD-XQWDGH*RYHUQ
HPHWUjXQLQIRUPHDODYLVWDGHOVFULWHULVRULHQWDGRUVLG¶DFRUGDPEHO
TXHGLVSRVDHOVSUHFHSWHVOHJDOVYLJHQWV/D-XQWDGH*RYHUQUHVROGUj
DPpVSHUYLDG¶LQIRUPHRSHUODXGHDUELWUDOWRWDTHVWLyG¶KRQRUDULV
TXHOLFRQVXOWHQROLVRWPHWHQH[WUDMXGLFLDOPHQWSHUGLVFUHSjQFLHVHOV
FROÂOHJLDWVOHVSDUWVRDPEGyV(QHOVFDVRVDVVHQ\DODWVDQWHULRUPHQW
HO &ROÂOHJL SHUFHEUj SHU O¶HPLVVLy GH O¶LQIRUPH GLFWDPHQ R ODXGH HOV
GUHWVTXHOLFRUUHVSRQJXHQG¶DFRUGDPEOHVQRUPHVLEDUHPVTXHHVWD
EOLVFDOD-XQWDGH*RYHUQ
/D -XQWD GH *RYHUQ SRGUj DGRSWDU PHVXUHV GLVFLSOLQjULHV FRQ
WUDHOVOOHWUDWVTXHKDELWXDOPHQWLWHPHUjULDPHQWLPSXJQHQOHVPLQX
WHVGHOVVHXVFRPSDQ\VDL[tFRPFRQWUDHOVOOHWUDWVHOVKRQRUDULVGHOV
TXDOVVLJXHQGHFODUDWVUHLWHUDGDPHQWH[FHVVLXVRLQGHJXWV
4XDQKLKDMDFRQGHPQDHQFRVWHVHQXQSURFHGLPHQWGDYDQWGHOV
MXWMDWVLWULEXQDOVGHO¶jPELWWHUULWRULDOGHO&ROÂOHJL3URYLQFLDOG¶$GYR
FDWVG¶$ODFDQWOOHYDWGHOVMXGLFLVHQUHEHOÂOLDDPEFDUjFWHUSUHYLDOD
WD[DFLyMXGLFLDOO¶DGYRFDWDIDYRUGHODSDUWGHTXqV¶KDMDREWLQJXWHO
SURQXQFLDPHQW KDXUj GH WUDVOODGDU GLUHFWDPHQW D O¶DGYRFDW GH OD SDUW
REOLJDGD DO SDJDPHQW GH OHV FRVWHV OD PLQXWD GHWDOODGD G¶KRQRUDULV
TXHHVWLPHSURFHGHQW
8QDYHJDGDUHEXGDODPLQXWDHOOOHWUDWGHODSDUWREOLJDGDDOSDJD
PHQW KDXUj GH FRPXQLFDU DO PLQXWDQW HQ HO WHUPLQL GH GHX GLHV OD
VHXDFRQIRUPLWDWRRSRVDUHOVLQFRQYHQLHQWVTXHHVWLPHSURFHGHQWVHQ
HOVHJRQFDVHOOOHWUDWPLQXWDQWGLVSRVDUjGHFLQFGLHVSHUDPRGLILFDU
ODPLQXWDRUHLWHUDUVHHQHOFRQWLQJXWG¶DTXHVWD(QDPEGyVFDVRVHO
VLOHQFLHTXLYDOGUjDFRQIRUPLWDWEpDPEODPLQXWDHQHOSULPHUFDVEp
DPEOHVREMHFFLRQVHQHOVHJRQ
(QHOFDVTXHSHUVLVWLVFDODGLVFRQIRUPLWDWHOVOOHWUDWVLQWHUYLQHQWV
SRGUDQLQVWDUMDODWD[DFLyGHFRVWHVREpRSWDUSHUIDFLOLWDUDO&ROÂOHJL
OD PLQXWD REMHFWH GH GLVFUHSjQFLD HOV PRWLXV G¶LPSXJQDFLy DOÂOHJDWV
ODFRQWHVWDFLyDDTXHVWVLHOVDQWHFHGHQWVRSRUWXQVSHUWDOTXHOD-XQWD
GH*RYHUQHPHWDUHVROXFLyPRWLYDGDVREUHODTXDQWLDGHODPLQXWDTXH
VLJD H[LJLEOH OD TXDO VHUj LPSHUDWLYD SHU D OHV SDUWV TXH DO WHPSV GH
IDFLOLWDU OD GRFXPHQWDFLy V¶KDJHQ VRWPpV D ODXGH FROÂOHJLDO L TXH HQ
TXDOVHYRODOWUHFDVWLQGUjFDUjFWHUG¶LQIRUPHSUHYL
/¶LQFRPSOLPHQWSHUO¶DGYRFDWPLQXWDQWGHOGHXUHGHWUDVOODWGHOD
PLQXWDLHOVLOHQFLGHOFRQWUDULDPESRVWHULRULPSXJQDFLyMXGLFLDOGH
ODPLQXWDSHUDTXHVWFRQVWLWXLUDQIDOWDOOHXLODUHLQFLGqQFLDHQDTXHVWD
FRQGXFWDFRQVWLWXLUjIDOWDJUHXLVHUDQVDQFLRQDWVGLVFLSOLQjULDPHQW
&DStWRO9,
(QUHODFLyDPEO¶DVVLVWqQFLDMXUtGLFDJUDWXwWD
$UWLFOH
&RUUHVSRQDOVDGYRFDWVO¶DVVHVVRUDPHQWMXUtGLFLGHIHQVDG¶RILFLGH
OHVSHUVRQHVTXHWLQJXHQGUHWDO¶DVVLVWqQFLDMXUtGLFDJUDWXwWDG¶DFRUG
DPEODOHJLVODFLyYLJHQW
$L[t PDWHL[ FRUUHVSRQ DOV DGYRFDWV O¶DVVLVWqQFLD L GHIHQVD GHOV
TXLVROÂOLFLWHQDGYRFDWG¶RILFLRQRGHVLJQHQDGYRFDWHQODMXULVGLFFLy
SHQDO VHQVH SHUMXGLFL GH O¶DERQDPHQW GHOV KRQRUDULV SHO FOLHQW VL QR
OLIyUDUHFRQHJXWHOGUHWDO¶DVVLVWqQFLDMXUtGLFDJUDWXwWD/DLQYRFDFLy
GHOGUHWG¶DXWRGHIHQVDQRLPSHGLUjO¶DVVLVWqQFLDG¶DGYRFDWSHUDDWHQ
GUHHOVDVVHVVRUDPHQWVTXHUHVSHFWHG¶DL[zVHOLVROÂOLFLWHQLDVVXPLUOD
GHIHQVDVLVHOLGHPDQD
,JXDOPHQWFRUUHVSRQDOVDGYRFDWVO¶DVVLVWqQFLDDOVGHWLQJXWVLSUH
VRVHQHOVWHUPHVTXHH[SUHVVHODOHJLVODFLyYLJHQW
18843
(O&ROHJLRSDUDFRQRFLPLHQWRGHWRGRVORVFROHJLDGRV\VXVFOLHQ
WHVSRGUiSXEOLFDUORVFULWHULRVRULHQWDGRUHVTXHWHQJDHVWDEOHFLGRVOD
-XQWDGH*RELHUQRSDUDVXDSOLFDFLyQHQODHPLVLyQGHVXVSUHFHSWLYRV
LQIRUPHV HQ ODV WDVDFLRQHV GH FRVWDV D FDUJR GH OD SDUWH FRQWUDULD \
HQ DTXHOORV DVXQWRV TXH OH VHDQ VRPHWLGRV D DUELWUDMH R LQIRUPH SRU
ODVSDUWHVR/HWUDGRVROHVHDQVROLFLWDGRVSRUORVyUJDQRVMXULVGLFFLR
QDOHV/RVPLVPRVSRGUiQVHUXWLOL]DGRVFRPRUHIHUHQWHHQORVSDFWRV
FRQORVFOLHQWHV\DVtVHUiQFRQVLGHUDGRVHQORVVXSXHVWRVGHDXVHQFLD
GHDFXHUGRH[SUHVR
/RV KRQRUDULRV GH ORV /HWUDGRV SRGUiQ VHU LPSXJQDGRV SRU
H[FHVLYRV R SRU LQGHELGRV FRQ DUUHJOR D ODV OH\HV HQ FX\R FDVR OD
-XQWDGH*RELHUQRHPLWLUiLQIRUPHDODYLVWDGHORVFULWHULRVRULHQWD
GRUHV\GHDFXHUGRFRQORGLVSXHVWRHQORVSUHFHSWRVOHJDOHVYLJHQWHV
/D-XQWDGH*RELHUQRUHVROYHUiDGHPiVSRUYtDGHLQIRUPHRSRUODXGR
DUELWUDOWRGDFXHVWLyQGHKRQRUDULRVTXHOHFRQVXOWHQRVRPHWDQH[WUD
MXGLFLDOPHQWH SRU GLVFUHSDQFLDV ORV FROHJLDGRV ODV SDUWHV R DPERV
(QORVFDVRVVHxDODGRVDQWHULRUPHQWHHO&ROHJLRSHUFLELUiSRUODHPL
VLyQGHOLQIRUPHGLFWDPHQRODXGRORVGHUHFKRVTXHOHFRUUHVSRQGDQ
FRQIRUPHDODVQRUPDV\EDUHPRVTXHVHHVWDEOH]FDQSRUOD-XQWDGH
*RELHUQR
/D-XQWDGH*RELHUQRSRGUiDGRSWDUPHGLGDVGLVFLSOLQDULDVFRQ
WUDORV/HWUDGRVTXHKDELWXDO\WHPHUDULDPHQWHLPSXJQHQODVPLQXWDV
GH VXV FRPSDxHURV DVt FRPR FRQWUD ORV /HWUDGRV FX\RV KRQRUDULRV
VHDQGHFODUDGRVUHLWHUDGDPHQWHH[FHVLYRVRLQGHELGRV
&XDQGR KD\D FRQGHQD HQ FRVWDV HQ XQ SURFHGLPLHQWR DQWH ORV
-X]JDGRV\7ULEXQDOHVGHOiPELWRWHUULWRULDOGHO&ROHJLR3URYLQFLDOGH
$ERJDGRVGH$OLFDQWHH[FHSWRHQORVMXLFLRVHQUHEHOGtDFRQFDUiFWHU
SUHYLRDODWDVDFLyQMXGLFLDOHODERJDGRDIDYRUGHFX\DSDUWHVHKD\D
REWHQLGRHOSURQXQFLDPLHQWRGHEHUiWUDVODGDUGLUHFWDPHQWHDODERJDGR
GHODSDUWHREOLJDGDDOSDJRGHODVFRVWDVODPLQXWDGHWDOODGDGHKRQR
UDULRVTXHHVWLPHSURFHGHQWH
8QDYH]UHFLELGDODPLQXWDHOOHWUDGRGHODSDUWHREOLJDGDDOSDJR
GHEHUiHQHOSOD]RGHGLH]GtDVFRPXQLFDUDOPLQXWDQWHVXFRQIRUPL
GDGXRSRQHUORVUHSDURVTXHHVWLPHSURFHGHQWHVHQHOVHJXQGRFDVR
HOOHWUDGRPLQXWDQWHGLVSRQGUiGHFLQFRGtDVSDUDPRGLILFDUODPLQXWD
R UHLWHUDUVH HQ HO FRQWHQLGR GH OD PLVPD (Q DPERV FDVRV HO VLOHQFLR
HTXLYDOGUiDFRQIRUPLGDGELHQFRQODPLQXWDHQHOSULPHUFDVRELHQ
FRQODVREMHFLRQHVHQHOVHJXQGR
(QFDVRGHTXHSHUVLVWDODGLVFRQIRUPLGDGORVOHWUDGRVLQWHUYLQLHQ
WHVSRGUiQLQVWDU\DODWDVDFLyQGHFRVWDVRELHQRSWDUSRUIDFLOLWDUDO
&ROHJLRODPLQXWDREMHWRGHGLVFUHSDQFLDORVPRWLYRVGHLPSXJQDFLyQ
DOHJDGRVODFRQWHVWDFLyQDORVPLVPRV\ORVDQWHFHGHQWHVRSRUWXQRV
DILQGHTXHOD-XQWDGH*RELHUQRHPLWDUHVROXFLyQPRWLYDGDVREUHOD
FXDQWtDGHODPLQXWDTXHVHDH[LJLEOHODFXDOVHUiLPSHUDWLYDSDUDODV
SDUWHVTXHDOWLHPSRGHIDFLOLWDUODGRFXPHQWDFLyQVHKD\DQVRPHWLGRD
ODXGRFROHJLDO\TXHHQRWURFDVRWHQGUiFDUiFWHUGHLQIRUPHSUHYLR
(O LQFXPSOLPLHQWR SRU HO DERJDGR PLQXWDQWH GHO GHEHU GH WUDVOD
GRGHODPLQXWD\HOVLOHQFLRGHOFRQWUDULRFRQSRVWHULRULPSXJQDFLyQ
MXGLFLDOGHODPLQXWDSRUHOPLVPRFRQVWLWXLUiQIDOWDOHYH\ODUHLQFL
GHQFLDHQWDOFRQGXFWDFRQVWLWXLUiIDOWDJUDYH\VHUiQVDQFLRQDGRVGLV
FLSOLQDULDPHQWH
&DStWXOR9,
(QUHODFLRQFRQODDVLVWHQFLDMXULGLFDJUDWXLWD
$UWtFXOR
&RUUHVSRQGH D ORV$ERJDGRV HO DVHVRUDPLHQWR MXUtGLFR \ GHIHQVD
GH RILFLR GH ODV SHUVRQDV TXH WHQJDQ GHUHFKR D OD DVLVWHQFLD MXUtGLFD
JUDWXLWDFRQIRUPHDODOHJLVODFLyQYLJHQWH
$VLPLVPR FRUUHVSRQGH D ORV $ERJDGRV OD DVLVWHQFLD \ GHIHQVD
GHTXLHQHVVROLFLWHQ$ERJDGRGHRILFLRRQRGHVLJQHQ$ERJDGRHQOD
MXULVGLFFLyQ SHQDO VLQ SHUMXLFLR GHO DERQR GH ORV KRQRUDULRV SRU HO
FOLHQWHVLQROHIXHUHUHFRQRFLGRHOGHUHFKRDODDVLVWHQFLDMXUtGLFDJUD
WXLWD /D LQYRFDFLyQ GHO GHUHFKR GH DXWRGHIHQVD QR LPSHGLUi OD DVLV
WHQFLDGH$ERJDGRSDUDDWHQGHUORVDVHVRUDPLHQWRVTXHDOUHVSHFWRVH
OHVROLFLWHQ\DVXPLUODGHIHQVDVLVHOHSLGLHUH
,JXDOPHQWHFRUUHVSRQGHDORV$ERJDGRVODDVLVWHQFLDDORVGHWHQL
GRV\SUHVRVHQORVWpUPLQRVTXHH[SUHVHODOHJLVODFLyQYLJHQWH
Núm
5509 / 10.05.2007
18844
/¶DGVFULSFLy WDQW D O¶DVVLVWqQFLD DO GHWLQJXW FRP DO WRUQ G¶RILFL
VHUj YROXQWjULD SHU DOV FROÂOHJLDWV OOHYDW GHO FDV TXH SHU IDOWD G¶DGV
FULSFLy G¶XQ QRPEUH VXILFLHQW GH OOHWUDWV OD -XQWD GH *RYHUQ DFRUGH
GHFODUDUODREOLJDWzULD
(OVDGYRFDWVH[HUFLUDQOHVIXQFLRQVDTXqHVUHIHUHL[DTXHVWDUWL
FOHDPEODOOLEHUWDW LLQGHSHQGqQFLDSURIHVVLRQDOVTXHHOVVyQSUzSLHV
G¶DFRUG DPE OHV QRUPHV qWLTXHV L GHRQWROzJLTXHV L DPE VXEMHFFLy D
OHV QRUPHV TXH UHJHL[HQ OD SURIHVVLy G¶DGYRFDW HQ JHQHUDO D DTXHVW
(VWDWXWLDODUHVWDGHQRUPHVUHJODPHQWjULHVVREUHODPDWqULD
/DDGVFULSFLyQWDQWRDOD$VLVWHQFLDDO'HWHQLGRFRPRDO7XUQRGH
2ILFLRVHUiYROXQWDULDSDUDORVFROHJLDGRVVDOYRHQHOVXSXHVWRGHTXH
SRUIDOWDGHDGVFULSFLyQGHXQQ~PHURVXILFLHQWHGH/HWUDGRVOD-XQWD
GH*RELHUQRDFXHUGHGHFODUDUORREOLJDWRULR
/RV$ERJDGRVGHVHPSHxDUiQODVIXQFLRQHVDTXHVHUHILHUHHVWH
DUWtFXORFRQODOLEHUWDGHLQGHSHQGHQFLDSURIHVLRQDOHVTXHOHVVRQSUR
SLDVFRQIRUPHDODVQRUPDVpWLFDV\GHRQWROyJLFDV\FRQVXMHFLyQD
ODVQRUPDVTXHULJHQODSURIHVLyQGHDERJDGRHQJHQHUDODHVWH(VWD
WXWR\GHPiVQRUPDVUHJODPHQWDULDVVREUHODPDWHULD
$UWLFOH
(O GHVHQYROXSDPHQW GHOV GLWV VHUYHLV VHUj RUJDQLW]DW SHO &ROÂOHJL
3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW L OD -XQWD GH *RYHUQ SURFHGLUj D
OD FUHDFLy L GHVHQYROXSDPHQW GHO VLVWHPD GH JXjUGLD G¶DVVLVWqQFLD
DO GHWLQJXW L HOV WRUQV G¶RILFL JHQqULFV LR HVSHFLDOLW]DWV TXH FDOJXHQ
HQ FDGD PRPHQW L HV GHVLJQDUj O¶DGYRFDW TXH KDMD G¶DVVXPLU FDGD
DVVXPSWHDOFRQWUROGHOVHXH[HUFLFLDO¶H[LJqQFLDGHOHVUHVSRQVDEL
OLWDWVGLVFLSOLQjULHVDTXqKDJXHUDOORFLDO¶HVWDEOLPHQWGHOHVQRUPHVL
UHTXLVLWVDTXqKDMDG¶DWLQGUH¶VODSUHVWDFLyGHOVVHUYHLVFRUUHVSRQHQWV
WRWDL[zG¶DFRUGDPEODOHJLVODFLyYLJHQW
$UWtFXOR
(OGHVDUUROORGHGLFKRVVHUYLFLRVVHUiRUJDQL]DGRSRUHO&ROHJLR3
GH$ERJDGRVGH$OLFDQWHSURFHGLHQGROD-XQWDGH*RELHUQRDODFUHD
FLyQ\GHVDUUROORGHOVLVWHPDGHJXDUGLDGHDVLVWHQFLDDOGHWHQLGR\ORV
WXUQRV GH RILFLR JHQpULFRV \R HVSHFLDOL]DGRV TXH UHVXOWHQ QHFHVDULRV
HQFDGDPRPHQWRSURFHGLHQGRDODGHVLJQDFLyQGHO$ERJDGRTXHKD\D
GHDVXPLUFDGDDVXQWRDOFRQWUROGHVXGHVHPSHxRDODH[LJHQFLDGH
ODVUHVSRQVDELOLGDGHVGLVFLSOLQDULDVDTXHKXELHUHOXJDU\DOHVWDEOHFL
PLHQWRGHODVQRUPDV\UHTXLVLWRVDTXHKD\DGHDWHQHUVHODSUHVWDFLyQ
GHORVVHUYLFLRVFRUUHVSRQGLHQWHVWRGRHOORFRQIRUPHDODOHJLVODFLyQ
YLJHQWH
&RQ FDUiFWHU JHQHUDO ORV DERJDGRV DGVFULWRV D ORV WXUQRV GH RIL
FLR\GHDVLVWHQFLDDOGHWHQLGRHQHOiPELWRGHO&ROHJLR3URYLQFLDOGH
$ERJDGRVGH$OLFDQWHGHEHUiQUHXQLUHQWRGRPRPHQWRDGHPiVGHORV
UHTXLVLWRV H[LJLGRV SRU OD OHJLVODFLyQ \ HO 5HJODPHQWR FROHJLDO HVSH
FtILFR ORV UHTXLVLWRV GH HVWDU LQFRUSRUDGRV D HVWH &ROHJLR FRPR HMHU
FLHQWHVWHQHUGHVSDFKRSULQFLSDOR~QLFRGHQWURGHOiPELWRWHUULWRULDO
GHO&ROHJLRUHDOL]DUFRQFDUiFWHUSUHYLRDODLQFRUSRUDFLyQORVFXUVRV
GHIRUPDFLyQTXHOHVVHDQUHTXHULGRVDVtFRPRXQDYH]LQFRUSRUDGRV
ORVGHIRUPDFLyQFRQWLQXDGDTXHVHGHWHUPLQHQ/DLQFRUSRUDFLyQDORV
WXUQRV GH RILFLR \ GH DVLVWHQFLD DO GHWHQLGR GHEHUi VHU VROLFLWDGD SRU
HVFULWR\VHDFRUGDUiHQVXFDVRSUHYLRHVWXGLRGHODVVROLFLWXGHV
$PEFDUjFWHUJHQHUDOHOVDGYRFDWVDGVFULWVDOVWRUQVG¶RILFLLG¶DV
VLVWqQFLD DO GHWLQJXW HQ O¶jPELW GHO &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV
G¶$ODFDQW KDXUDQ GH UHXQLU HQ WRW PRPHQW D PpV GHOV UHTXLVLWV H[L
JLWVSHUODOHJLVODFLyLHO5HJODPHQW&ROÂOHJLDO(VSHFtILFHOVUHTXLVLWV
G¶HVWDU LQFRUSRUDWV D DTXHVW &ROÂOHJL FRP D H[HUFHQWV WLQGUH GHVSDW[
SULQFLSDO R ~QLF GLQV GH O¶jPELW WHUULWRULDO GHO &ROÂOHJL UHDOLW]DU DPE
FDUjFWHUSUHYLDODLQFRUSRUDFLyHOVFXUVRVGHIRUPDFLyTXHHOVVLJXHQ
UHTXHULWVDL[tFRPXQDYHJDGDLQFRUSRUDWVHOVGHIRUPDFLyFRQWLQXD
GDTXHHVGHWHUPLQHQ/DLQFRUSRUDFLyDOVWRUQVG¶RILFLLG¶DVVLVWqQFLD
DOGHWLQJXWKDXUjGHVHUVROÂOLFLWDGDSHUHVFULWLV¶DFRUGDUjVLIDDOFDVV
SUHYLHVWXGLGHOHVVROÂOLFLWXGV
7Ë72/,9
Ñ5*$16'(*29(51
$UWLFOH
(OJRYHUQGHO&ROÂOHJL3URYLQFLDOG¶$GYRFDWVG¶$ODFDQWHVWDUjSUH
VLGLWSHOVSULQFLSLVGHGHPRFUjFLDOHJDOLWDWLDXWRQRPLD
6RWDHOVHVPHQWDWVSULQFLSLVHO&ROÂOHJLG¶$GYRFDWVG¶$ODFDQWVHUj
UHJLWSHUOD-XQWD*HQHUDOOD-XQWDGH*RYHUQLHOGHJj
&DStWRO,
'HOD-XQWD*HQHUDO
$UWLFOH
/D -XQWD *HQHUDO pV HO Pj[LP zUJDQ GH *RYHUQ GHO &ROÂOHJL L VH
FHOHEUDUjDPEFDUjFWHURUGLQDULGXHVYHJDGHVDO¶DQ\XQDHQHOSULPHU
WULPHVWUHLXQDDOWUDHQO¶~OWLP
(QHOVH[HUFLFLVHQTXqKDMDGHWLQGUHOORFHOVROHPQHDFWHGHSUHVD
GHSRVVHVVLyGHOVPHPEUHVGH-XQWDHOHFWHVODSULPHUD-XQWD*HQHUDO
2UGLQjULDVHFHOHEUDUjGLQVGHOVSULPHUVTXDUDQWDGLHVGHO¶DQ\SHUWDO
TXHQRHVGHPRUHWDOSUHVDGHSRVVHVVLy
$PpVHVSRGUDQFHOHEUDUWRWHVOHVMXQWHVJHQHUDOVH[WUDRUGLQjULHV
TXHVLJXHQGHJXGDPHQWFRQYRFDGHVFRPDPtQLPDPEYXLWGLHVG¶DQ
WHODFLyDLQLFLDWLYDGHOGHJjGHOD-XQWDGH*RYHUQRG¶XQQRPEUHGH
FROÂOHJLDWVTXHUHSUHVHQWHDOPHQ\VHOFLQFSHUFHQWGHOVFROÂOHJLDWVL
HVFRPSXWDUjFDGDGRVQRH[HUFHQWVSHUXQH[HUFHQW
(Q O¶RUGH GHO GLD HV UHFROOLUDQ HOV DVVXPSWHV FRQFUHWV TXH KDJHQ
GHWUDFWDUVH1RPpVSHUUHVROXFLyPRWLYDGDLHQHOFDVTXHODSURSR
VLFLyVLJDDOLHQDDOVILQVDWULEXwWVDODFRUSRUDFLySRGUjGHQHJDUVHOD
FHOHEUDFLyGHOD-XQWD([WUDRUGLQjULDVHQVHSHUMXGLFLGHOVUHFXUVRVTXH
SRJXHUHQFRUUHVSRQGUHDOVSHWLFLRQDULV
(QOHVMXQWHVJHQHUDOVH[WUDRUGLQjULHVQRKLKDXUjWRUQSHUDSUHFV
LSUHJXQWHVLHVGHEDWUDQH[FOXVLYDPHQWHOVDVVXPSWHVTXHFRQVWHQHQ
OD&RQYRFDWzULD
/D PRFLy R YRW GH FHQVXUD D OD -XQWD GH *RYHUQ R D DOJXQ GHOV
VHXV PHPEUHV FRPSHWLUj VHPSUH D OD -XQWD *HQHUDO ([WUDRUGLQjULD
7Ë78/2,9
25*$126'(*2%,(512
$UWtFXOR
(OJRELHUQRGHO&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWHHVWDUi
SUHVLGLGRSRUORVSULQFLSLRVGHGHPRFUDFLDOHJDOLGDG\DXWRQRPtD
%DMR GLFKRV SULQFLSLRV HO &ROHJLR GH$ERJDGRV GH$OLFDQWH VHUi
UHJLGRSRUOD-XQWD*HQHUDOOD-XQWDGH*RELHUQR\HO'HFDQR
&DStWXOR,
'HOD-XQWD*HQHUDO
$UWtFXOR
/D-XQWD*HQHUDOHVHOPi[LPRÏUJDQRGH*RELHUQRGHO&ROHJLR
\VHFHOHEUDUiFRQFDUiFWHURUGLQDULRGRVYHFHVDODxRXQDHQHOSULPHU
WULPHVWUH\RWUDHQHO~OWLPR
(Q ORV HMHUFLFLRV HQ TXH KD\D GH WHQHU OXJDU HO VROHPQH DFWR GH
WRPDGHSRVHVLyQGHORVPLHPEURVGH-XQWDHOHFWRVODSULPHUD-XQWD
*HQHUDO 2UGLQDULD VH FHOHEUDUi GHQWUR GH ORV SULPHURV FXDUHQWD GtDV
GHODxRDILQGHTXHQRVHGHPRUHWDOWRPDGHSRVHVLyQ
$GHPiV VH SRGUiQ FHOHEUDU FXDQWDV -XQWDV *HQHUDOHV ([WUDRUGL
QDULDVVHDQGHELGDPHQWHFRQYRFDGDVFRPRPtQLPRFRQRFKRGtDVGH
DQWHODFLyQ D LQLFLDWLYD GHO 'HFDQR GH OD -XQWD GH *RELHUQR R GH XQ
Q~PHUR GH FROHJLDGRV TXH UHSUHVHQWH DO PHQRV HO FLQFR SRU FLHQWR
GHORVFROHJLDGRVFRPSXWiQGRVHFDGDGRVQRHMHUFLHQWHVSRUXQRHMHU
FLHQWH
(QHORUGHQGHOGtDVHUHFRJHUiQORVDVXQWRVFRQFUHWRVTXHKD\DQ
GHWUDWDUVH6yORSRUUHVROXFLyQPRWLYDGD\HQHOFDVRGHTXHODSURSR
VLFLyQVHDDMHQDDORVILQHVDWULEXLGRVDOD&RUSRUDFLyQSRGUiGHQHJDU
VHODFHOHEUDFLyQGHOD-XQWD([WUDRUGLQDULDVLQSHUMXLFLRGHORVUHFXU
VRVTXHSXGLHUDQFRUUHVSRQGHUDORVSHWLFLRQDULRV
(Q ODV -XQWDV *HQHUDOHV ([WUDRUGLQDULDV QR KDEUi WXUQR SDUD UXH
JRV\SUHJXQWDVGHEDWLpQGRVHH[FOXVLYDPHQWHORVDVXQWRVTXHFRQVWHQ
HQOD&RQYRFDWRULD
/D PRFLyQ R YRWR GH FHQVXUD D OD -XQWD GH *RELHUQR R D DOJXQR
GHVXVPLHPEURVFRPSHWHUiVLHPSUHDOD-XQWD*HQHUDO([WUDRUGLQDULD
Núm
5509 / 10.05.2007
18845
FRQYRFDGDQRPpVDHL[HHIHFWHLHVUHJXODUjG¶DFRUGDPEHOTXHHVWD
EOHL[O¶(VWDWXW*HQHUDOGHO¶$GYRFDFLDYLJHQW
FRQYRFDGDDHVHVRORHIHFWR\VHUHJXODUiFRQIRUPHDORHVWDEOHFLGRHQ
HO(VWDWXWR*HQHUDOGHOD$ERJDFtDYLJHQWH
$UWLFOH
/HV FRQYRFDWzULHV SHU D OHV MXQWHV JHQHUDOV RUGLQjULHV HV IDUDQ
OOHYDWTXHFRQWLQJXHQFRQYRFDWzULDHOHFWRUDODPEXQDDQWHODFLyPtQL
PD GH TXLQ]H GLHV PLWMDQoDQW OD SXEOLFDFLy DOV WDXOHUV G¶DQXQFLV GHO
&ROÂOHJLWDQWDODVHXFRPDOHVGHOHJDFLRQVLHOVHFUHWDULFLWDUjWDPEp
WRWVHOVFROÂOHJLDWVSHUFRPXQLFDFLyHVFULWDUHPHVDSHUTXDOVHYROPLWMj
TXH DVVHJXUH HO FRQHL[HPHQW GH OD FRQYRFDWzULD SHOV FROÂOHJLDWV L KL
KDXUjG¶LQFORXUHVHPSUHO¶RUGHGHOGLD6¶HVWDEOHL[H[SUHVVDPHQWFRP
DPLWMjKjELOLSUHIHUHQWGHFRPXQLFDFLyHOFRPSWHGHFRUUHXHOHFWUz
QLFTXHIDFLOLWDHO&ROÂOHJLDWRWVHOVVHXVFROÂOHJLDWV(QFDVG¶XUJqQFLD
ODFLWDFLySHUVRQDOSRGUjVXEVWLWXLUVHSHUODSXEOLFDFLyLGLIXVLyGHOD
FRQYRFDWzULD XUJHQW HQ HOV PLWMDQV ORFDOV GH FRPXQLFDFLy L OD SjJLQD
ZHEFROÂOHJLDO
'HVGHODFRQYRFDWzULDHOVFROÂOHJLDWVSRGUjH[DPLQDUHQODVHFUH
WjULDGHO&ROÂOHJLGXUDQWOHVKRUHVGHGHVSDW[ODGRFXPHQWDFLyUHODWLYD
DOVDVVXPSWHVLQFORVRVHQO¶RUGHGHOGLD
$UWtFXOR
/DV FRQYRFDWRULDV SDUD ODV -XQWDV *HQHUDOHV 2UGLQDULDV VH KDUiQ
VDOYR TXH FRQWHQJDQ FRQYRFDWRULD HOHFWRUDO FRQ DQWHODFLyQ PtQLPD
GHTXLQFHGtDVPHGLDQWHSXEOLFDFLyQHQORVWDEORQHVGHDQXQFLRVGHO
&ROHJLR WDQWR HQ OD VHGH FRPR HQ ODV GHOHJDFLRQHV FLWiQGRVH WDP
ELpQSRUHO6HFUHWDULRDWRGRVORVFROHJLDGRVSRUFRPXQLFDFLyQHVFULWD
UHPLWLGDSRUFXDOTXLHUPHGLRTXHDVHJXUHHOFRQRFLPLHQWRGHODFRQ
YRFDWRULDSRUORVFROHJLDGRVLQFOX\HQGRVLHPSUHHORUGHQGHOGtD6H
HVWDEOHFHH[SUHVDPHQWHFRPRPHGLRKiELO\SUHIHUHQWHGHFRPXQLFD
FLyQODFXHQWDGHFRUUHRHOHFWUyQLFRTXHIDFLOLWDHO&ROHJLRDWRGRVVXV
FROHJLDGRV(QFDVRGHXUJHQFLDODFLWDFLyQSHUVRQDOSRGUiVXVWLWXLUVH
SRUODSXEOLFDFLyQ\GLIXVLyQGHODFRQYRFDWRULDXUJHQWHHQORVPHGLRV
ORFDOHVGHFRPXQLFDFLyQ\ODSiJLQDZHEFROHJLDO
'HVGHODFRQYRFDWRULDORVFROHJLDGRVSRGUiH[DPLQDUHQOD6HFUH
WDULD GHO FROHJLR GXUDQWH ODV KRUDV GH GHVSDFKR OD GRFXPHQWDFLyQ
UHODWLYDDORVDVXQWRVLQFOXLGRVHQHORUGHQGHOGtD
$UWLFOH
7RWVHOVFROÂOHJLDWVLQFRUSRUDWVDPEDQWHULRULWDWDODGDWDGHODFRQ
YRFDWzULDGHOD-XQWD*HQHUDOSRGUDQDVVLVWLUDPEYHXLYRWDOHVMXQWHV
JHQHUDOVRUGLQjULHVLH[WUDRUGLQjULHVTXHVHFHOHEUHQ1RREVWDQWDL[z
HQOHVHOHFFLRQVHOYRWGHOVFROÂOHJLDWVH[HUFHQWVWLQGUjGREOHYDORUTXH
HOGHOVFROÂOHJLDWVQRH[HUFHQWV
/HV MXQWHV JHQHUDOV VHUDQ SUHVLGLGHV SHO GHJj R TXL HVWDWXWjUL
DPHQW OL VXEVWLWXwVFD DFWXDUj GH VHFUHWDUL HO TXH KR VLJD GH OD -XQWD
GH*RYHUQLVHFHOHEUDUDQHQHOGLDDVVHQ\DODWVLJDTXLQVLJDHOQRP
EUHGHOVFRQFXUUHQWVDDTXHVWHV,OOHYDWGHOVFDVRVHQTXqV¶H[LJLUDXQ
TXzUXP HVSHFLDO HOV DFRUGV HV SUHQGUDQ SHU PDMRULD GH YRWV HPHVRV
(OYRWQRpVGHOHJDEOH
(OV DFRUGV VHUDQ DGRSWDWV SHU YRWDFLy VHFUHWD TXDQ DL[t KR VRO
OLFLWHTXDOVHYROGHOVFROÂOHJLDWVDVVLVWHQWVDOD-XQWD*HQHUDO
$EDQV GH OD YRWDFLy V¶HVWDEOLUDQ WRUQV G¶LQWHUYHQFLy VREUH O¶DV
VXPSWHREMHFWHGHGHEDWDPEXQPj[LPGHWUHVDIDYRULWUHVHQFRQ
WUD (Q DTXHOOV FDVRV HQ TXq OD JUDYHWDW R LPSRUWjQFLD GH O¶DVVXPSWH
QHFHVVLWHPDMRUGHEDWLVHPSUHDMXGLFLGHOSUHVLGHQWGHOD-XQWD*HQH
UDOSRGUjDPSOLDUVHHOQRPEUHGHWRUQVDIDYRULHQFRQWUD
(OVDFRUGVTXHV¶DGRSWHQVHUDQREOLJDWRULVSHUDWRWVHOVFROÂOHJLDWV
VHQVH SHUMXGLFL GHO UqJLP GH UHFXUVRV TXH OHJDOPHQW SURFHGLVTXHQ
FRQIRUPHDOWtWRO,;GHO¶(VWDWXW*HQHUDOGHO¶$GYRFDFLD(VSDQ\ROD
$UWtFXOR
7RGRVORVFROHJLDGRVLQFRUSRUDGRVFRQDQWHULRULGDGDODIHFKDGH
OD FRQYRFDWRULD GH OD -XQWD *HQHUDO SRGUiQ DVLVWLU FRQ YR] \ YRWR D
ODV-XQWDV*HQHUDOHV2UGLQDULDV\([WUDRUGLQDULDVTXHVHFHOHEUHQ1R
REVWDQWHHQODVHOHFFLRQHVHOYRWRGHORVFROHJLDGRVHMHUFLHQWHVWHQGUi
GREOHYDORUTXHHOGHORVFROHJLDGRVQRHMHUFLHQWHV
/DV-XQWDV*HQHUDOHVVHUiQSUHVLGLGDVSRUHO'HFDQRRTXLHQHVWD
WXWDULDPHQWH OH VXVWLWX\D DFWXDQGR GH 6HFUHWDULR HO TXH OR VHD GH OD
-XQWDGH*RELHUQR\VHFHOHEUDUiQHQHOGtDVHxDODGR\FXDOTXLHUDTXH
VHDHOQ~PHURGHORVFRQFXUUHQWHVDHOODVVDOYRHQORVFDVRVHQTXHVH
H[LJLHUHXQTXyUXPHVSHFLDOORVDFXHUGRVVHWRPDUiQSRUPD\RUtDGH
YRWRVHPLWLGRV(OYRWRQRHVGHOHJDEOH
/RVDFXHUGRVVHUiQDGRSWDGRVSRUYRWDFLyQVHFUHWDFXDQGRDVtOR
VROLFLWHFXDOTXLHUDGHORVFROHJLDGRVDVLVWHQWHVDOD-XQWD*HQHUDO
$QWHVGHODYRWDFLyQVHHVWDEOHFHUiQWXUQRVGHLQWHUYHQFLyQVREUH
HO DVXQWR REMHWR GH GHEDWH FRQ XQ Pi[LPR GH WUHV D IDYRU \ WUHV HQ
FRQWUD(QDTXHOORVFDVRVHQTXHODJUDYHGDGRLPSRUWDQFLDGHODVXQ
WRSUHFLVHPD\RUGHEDWH\VLHPSUHDMXLFLRGHO3UHVLGHQWHGHOD-XQWD
*HQHUDOSRGUiDPSOLDUVHHOQ~PHURGHWXUQRVDIDYRU\HQFRQWUD
/RVDFXHUGRVTXHVHDGRSWHQVHUiQREOLJDWRULRVSDUDWRGRVORVFROH
JLDGRVVLQSHUMXLFLRGHOUpJLPHQGHUHFXUVRVTXHOHJDOPHQWHSURFHGDQ
FRQIRUPHDO7tWXOR,;GHO(VWDWXWR*HQHUDOGHOD$ERJDFtD(VSDxROD
$UWLFOH
/D -XQWD *HQHUDO 2UGLQjULD D FHOHEUDU HQ HO SULPHU WULPHVWUH GH
FDGDDQ\WLQGUjDOPHQ\VHOVHJHQWRUGHGHOGLD
U0HPzULDGHOVHVGHYHQLPHQWVPpVLPSRUWDQWVTXHKDJHQWLQJXW
OORFDPEUHODFLyDO&ROÂOHJLGXUDQWO¶DQ\DQWHULRULUHDOLW]DGDSHOGHJj
Q([DPHQLDSURYDFLyVLIDDOFDVGHOVFRPSWHVDQXDOVLOLTXLGD
FLyGHSUHVVXSRVWGHO¶H[HUFLFLDQWHULRU
U/HFWXUDGLVFXVVLyLYRWDFLyGHOVDVVXPSWHVTXHHVFRQVLJQHQHQ
ODFRQYRFDWzULD
W3URSRVLFLRQV
p(OHFFLyGHOVPHPEUHVGHOD-XQWD(OHFWRUDOTXDQSURFHGLVFD
p3UHFVLSUHJXQWHV
p$FWHVROHPQHGHSUHVDGHSRVVHVVLySUHYLMXUDPHQWRSURPHVD
GHOVVHXVFjUUHFVUHVSHFWLXVSHOVPHPEUHVGH-XQWDGH*RYHUQHOHFWHV
LKRPHQDWJHDOVFHVVDQWVTXDQSURFHGLVFD
(QHOVH[HUFLFLVHQTXqSURFHGLVFDO¶DFWHVROHPQHGHSUHVDGHSRV
VHVVLy GH PHPEUHV GH -XQWD L DWpV TXH OD PDWHL[D KD GH UHDOLW]DUVH
HQHOWHUPLQLPj[LPHVWDEOLWHQO¶DUWLFOHG¶DTXHVW(VWDWXWLVHPSUH
TXHQRVLJDSRVVLEOHHQWDOWHUPLQLHOWDQFDPHQWFRPSWDEOHGHO¶H[HU
FLFL DQWHULRU L OD FRQVHJHQW SRVDGD D GLVSRVLFLy GHOV FRPSDQ\V GHOV
FRPSWHV DQXDOV HO VHJRQ SXQW GH O¶RUGH GHO GLD HV SRGUj FHOHEUDU HQ
XQDGDWDPpVGLODWDGDODTXDOIL[DUjOD-XQWDGH*RYHUQHQODPDWHL[D
FRQYRFDWzULDGHOD3ULPHUD-XQWD2UGLQjULDLVHPSUHGLQVGHOSULPHU
WULPHVWUHGHO¶H[HUFLFL
$UWtFXOR
/D -XQWD *HQHUDO 2UGLQDULD D FHOHEUDU HQ HO SULPHU WULPHVWUH GH
FDGDDxRWHQGUiDOPHQRVHOVLJXLHQWHRUGHQGHOGtD
0HPRULDGHORVDFRQWHFLPLHQWRVPiVLPSRUWDQWHVTXHKD\DQWHQL
GROXJDUFRQUHODFLyQDO&ROHJLRGXUDQWHHODxRDQWHULRUUHDOL]DGDSRU
HO'HFDQR
([DPHQ\DSUREDFLyQHQVXFDVRGHODVFXHQWDVDQXDOHV\OLTXLGD
FLyQGHSUHVXSXHVWRGHOHMHUFLFLRDQWHULRU
/HFWXUDGLVFXVLyQ\YRWDFLyQGHORVDVXQWRVTXHVHFRQVLJQHQHQ
ODFRQYRFDWRULD
3URSRVLFLRQHV
(OHFFLyQGHORVPLHPEURVGHOD-XQWD(OHFWRUDOFXDQGRSURFHGD
5XHJRV\SUHJXQWDV
$FWRVROHPQHGHWRPDGHSRVHVLyQSUHYLRMXUDPHQWRRSURPHVDGH
VXV FDUJRV UHVSHFWLYRV SRU ORV PLHPEURV GH -XQWD GH *RELHUQR HOHF
WRV\KRPHQDMHDORVFHVDQWHVFXDQGRSURFHGD
(QORVHMHUFLFLRVHQTXHSURFHGDHO$FWRVROHPQHGHWRPDGHSRVH
VLyQGHPLHPEURVGH-XQWD\GDGRTXHODPLVPDGHEHUHDOL]DUVHHQHO
SOD]RPi[LPRHVWDEOHFLGRHQHODUWtFXORGHHVWH(VWDWXWR\VLHPSUH
TXHQRVHDSRVLEOHHQWDOSOD]RHOFLHUUHFRQWDEOHGHOHMHUFLFLRDQWHULRU
\ODFRQVLJXLHQWHSXHVWDDGLVSRVLFLyQGHORVFRPSDxHURVGHODVFXHQ
WDVDQXDOHVHOVHJXQGRSXQWRGHO2UGHQGHO'tDVHSRGUiFHOHEUDUHQ
IHFKDPDVGLODWDGDTXHILMDUiOD-XQWDGH*RELHUQRHQODPLVPDFRQ
YRFDWRULDGHOD3ULPHUD-XQWD2UGLQDULD\VLHPSUHGHQWURGHOSULPHU
WULPHVWUHGHOHMHUFLFLR
Núm
5509 / 10.05.2007
18846
'HVGHOFRPHQoDPHQWGHOWULPHVWUHHQTXqKDMDGHFHOHEUDUVHOD
-XQWD *HQHUDO L HQ WRW FDV ILQV D TXLQ]H GLHV DEDQV GH OD VHXD FHOH
EUDFLy HOV FROÂOHJLDWV SRGUDQ SUHVHQWDU OHV SURSRVLFLRQV TXH GHVLWJHQ
VRWPHWUH D OD GHOLEHUDFLy L DFRUG GH OD -XQWD *HQHUDO OHV TXDOV VHUDQ
WUDFWDGHVHQO¶RUGHGHOGLDGLQVGHODVHFFLyGHQRPLQDGD3URSRVLFLRQV
/HVGLWHVSURSRVLFLRQVKDXUDQG¶DSDUpL[HUVXEVFULWHVSHUXQPtQLPGH
GHXFROÂOHJLDWV/HVSURSRVLFLRQVKDXUDQGHSUHVHQWDUVHDO5HJLVWUHGH
OD 6HFUHWDULD &ROÂOHJLDO DPE LGHQWLILFDFLy GHOV DGYRFDWV TXH OHV SUH
VHQWHQHOVQ~PHURVGHFROÂOHJLDWVLGHJXGDPHQWVLJQDGHV(QGRQDUVH
OHFWXUDDDTXHVWHVSURSRVLFLRQVOD-XQWD*HQHUDODFRUGDUjVLSURFHGHL[
RQRREULUGLVFXVVLyVREUHDTXHVWHV
'HVGHHOFRPLHQ]RGHOWULPHVWUHHQTXHKD\DGHFHOHEUDUVHOD-XQWD
*HQHUDO\HQWRGRFDVRKDVWDTXLQFHGtDVDQWHVGHVXFHOHEUDFLyQORV
FROHJLDGRVSRGUiQSUHVHQWDUODVSURSRVLFLRQHVTXHGHVHHQVRPHWHUDOD
GHOLEHUDFLyQ\DFXHUGRGHOD-XQWD*HQHUDO\TXHVHUiQWUDWDGDVHQHO
RUGHQGHOGtDGHQWURGHODVHFFLyQGHQRPLQDGD3URSRVLFLRQHV'LFKDV
SURSRVLFLRQHVGHEHUiQDSDUHFHUVXVFULWDVSRUXQPtQLPRGHGLH]FROH
JLDGRV /DV SURSRVLFLRQHV GHEHUiQ SUHVHQWDUVH HQ HO 5HJLVWUR GH OD
6HFUHWDULDFROHJLDOFRQLGHQWLILFDFLyQGHORVDERJDGRVTXHODVSUHVHQ
WDQVXVQ~PHURVGHFROHJLDGRV\GHELGDPHQWHILUPDGDV$OGDUVHOHF
WXUDDHVWDVSURSRVLFLRQHVOD-XQWD*HQHUDODFRUGDUiVLSURFHGHRQR
DEULUGLVFXVLyQVREUHHOODV
$UWLFOH
/D-XQWD*HQHUDO2UGLQjULDDFHOHEUDUHQO¶~OWLPWULPHVWUHGHFDGD
DQ\WLQGUjHOVHJHQWRUGHGHOGLD
U([DPHQLDSURYDFLyVLIDDOFDVGHOSUHVVXSRVWHODERUDWSHUOD
-XQWDGH*RYHUQSHUDO¶H[HUFLFLVHJHQW
Q /HFWXUD GLVFXVVLy L YRWDFLy GHOV DVVXPSWHV TXH HV FRQVLJQHQ
HQODFRQYRFDWzULD
U3UHFVLSUHJXQWHV
W(OHFFLySHUDFjUUHFVYDFDQWVGHOD-XQWDGH*RYHUQTXDQSUR
FHGLVFD
1R REVWDQW DL[jR OD -XQWD GH *RYHUQ SRGUj DFRUGDU TXH O¶DFWH
HOHFWRUDO VH FHOHEUH VHSDUDGDPHQW GH OD -XQWD *HQHUDO L HV IL[DUj D
DTXHVWHIHFWHODGDWDGHO¶HOHFFLyGLQVGHO¶~OWLPWULPHVWUHGHO¶DQ\
'HVGHODFRQYRFDWzULDD-XQWDLILQVDFLQFGLHVDEDQVGHODVHXD
FHOHEUDFLy HOV FROÂOHJLDWV TXH SUHWHQJXHQ IRUPXODU SURSRVWHV TXH
SXJXHQ LPSOLFDU FDQYLV HQ HOV SUHVVXSRVWRV HODERUDWV KDXUDQ GH SUH
VHQWDU DTXHVWHV SHU HVFULW D OD 6HFUHWDULD &ROÂOHJLDO 1RPpV DTXHVWHV
SURSRVWHV R OHV TXH EDVDQWVH HQ DTXHVWHV HV FRQFUHWHQ SHO SURSRVDQW
HQHOGHVHQYROXSDPHQWGHOD-XQWDSRGUDQVHUREMHFWHGHYRWDFLy
$UWtFXOR
/D-XQWD*HQHUDO2UGLQDULDDFHOHEUDUHQHO~OWLPRWULPHVWUHGH
FDGDDxRWHQGUiHOVLJXLHQWHRUGHQGHOGtD
([DPHQ \ DSUREDFLyQ HQ VX FDVR GHO SUHVXSXHVWR HODERUDGR SRU
OD-XQWDGH*RELHUQRSDUDHOHMHUFLFLRVLJXLHQWH
/HFWXUDGLVFXVLyQ\YRWDFLyQGHORVDVXQWRVTXHVHFRQVLJQHQHQ
ODFRQYRFDWRULD
5XHJRV\SUHJXQWDV
(OHFFLyQ SDUD FDUJRV YDFDQWHV GH OD -XQWD GH *RELHUQR FXDQGR
SURFHGD
1RREVWDQWHOD-XQWDGH*RELHUQRSRGUiDFRUGDUTXHHODFWRHOHF
WRUDOVHFHOHEUHVHSDUDGDPHQWHGHOD-XQWD*HQHUDOILMDQGRDOHIHFWROD
IHFKDGHODHOHFFLyQGHQWURGHO~OWLPRWULPHVWUHGHODxR
'HVGH OD FRQYRFDWRULD D -XQWD \ KDVWD FLQFR GtDV DQWHV GH VX
FHOHEUDFLyQ ORV FROHJLDGRV TXH SUHWHQGDQ IRUPXODU SURSXHVWDV TXH
SXHGDQLPSOLFDUFDPELRVHQORVSUHVXSXHVWRVHODERUDGRVGHEHUiQSUH
VHQWDUODVPLVPDVSRUHVFULWRHQODVHFUHWDULDFROHJLDO6RORHVWDVSUR
SXHVWDVRODVTXHHQEDVHDHOODVVHFRQFUHWHQSRUHOSURSRQHQWHHQHO
GHVDUUROORGHOD-XQWDSRGUiQVHUREMHWRGHYRWDFLyQ
&DStWRO,,
'HOD-XQWDGH*RYHUQLGHO'HJj
&DStWXOR,,
'HOD-XQWDGH*RELHUQR\GHO'HFDQR
$UWLFOH
/D-XQWDGH*RYHUQGHO&ROÂOHJL3URYLQFLDOG¶$GYRFDWVG¶$ODFDQW
WLQGUj FRP D IXQFLy IRQDPHQWDO OD SURWHFFLy L HPSDUD GHOV DGYRFDWV
SHUWDQ\HQWV DO PDWHL[ HQ O¶H[HUFLFL GH OD SURIHVVLy DL[t FRP WRWHV L
FDGDXQDGHOHVIDFXOWDWVTXHOLFRQIHUHL[HQHOVDUWLFOHVLGHO¶(V
WDWXW*HQHUDOGHO¶$GYRFDFLD(VSDQ\RODHQYLJRUFRPWDPEpTXDOVH
YRODOWUDTXHHVGHULYHGHOSUHVHQW(VWDWXWLHQJHQHUDOWRWHVOHVDOWUHV
TXHQRHVWLJXHQH[SUHVVDPHQWDWULEXwGHVDOD-XQWD*HQHUDO
$UWtFXOR
/D-XQWDGH*RELHUQRGHO&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OL
FDQWHWHQGUiFRPRIXQFLyQIXQGDPHQWDOODSURWHFFLyQ\DPSDURGHORV
DERJDGRVSHUWHQHFLHQWHVDOPLVPRHQHOHMHUFLFLRGHODSURIHVLyQDVt
FRPRWRGDV\FDGDXQDGHODVIDFXOWDGHVTXHOHFRQILHUHQORVDUWtFXORV
\ GHO (VWDWXWR *HQHUDO GH OD$ERJDFtD (VSDxROD HQ YLJRU DVt
FRPRFXDOTXLHURWUDTXHVHGHULYHGHOSUHVHQWH(VWDWXWR\HQJHQHUDO
WRGDVODVGHPiVTXHQRHVWpQH[SUHVDPHQWHDWULEXLGDVDOD-XQWD*HQH
UDO
$UWLFOH
/D-XQWDGH*RYHUQGHO&ROÂOHJL3URYLQFLDOG¶$GYRFDWVG¶$ODFDQW
HVWDUj FRQVWLWXwGD SHO GHJj XQ WUHVRUHU XQ FRPSWDGRULQWHUYHQWRU XQ
ELEOLRWHFDUL XQ VHFUHWDUL L XQ QRPEUH GH GLSXWDWV TXH TXHGD IL[DW HQ
QRXQXPHUDWVDPEHOVRUGLQDOVGHO¶XDOQRXDPEGyVLQFOXVLYDPHQW
(OGLSXWDWSULPHURVWHQWDUjHOFjUUHFGHYLFHGHJjLVXEVWLWXLUjHOGHJj
HQHOVFDVRVG¶DEVqQFLDPDODOWLDLQFDSDFLWDWRYDFDQW(OVFjUUHFVGHOV
PHPEUHVGH-XQWDVyQSHUVRQDOVLLQGHOHJDEOHV
$UWtFXOR
/D -XQWD GH *RELHUQR GHO , &ROHJLR 3URYLQFLDO GH$ERJDGRV GH
$OLFDQWHHVWDUiFRQVWLWXLGDSRUHO'HFDQRXQ7HVRUHURXQ&RQWDGRU
LQWHUYHQWRU XQ %LEOLRWHFDULR XQ 6HFUHWDULR \ XQ Q~PHUR GH GLSXWD
GRVTXHTXHGDILMDGRHQQXHYHQXPHUDGRVFRQORVRUGLQDOHVGHOXQR
DOQXHYHDPERVLQFOXVLYH(O'LSXWDGR3ULPHURRVWHQWDUiHOFDUJRGH
9LFHGHFDQR\VXVWLWXLUiDO'HFDQRHQORVFDVRVGHDXVHQFLDHQIHUPH
GDGLQFDSDFLGDGRYDFDQWH/RVFDUJRVGHORVPLHPEURVGH-XQWDVRQ
SHUVRQDOHVHLQGHOHJDEOHV
$UWLFOH
/D-XQWDGH*RYHUQHVUHXQLUjFRPDPtQLPXQDYHJDGDDOPHV
H[FOzVHOG¶DJRVWVHQVHSHUMXGLFLGHSRGHUIHUKRDPEPpVIUHTqQFLD
TXDQ OD LPSRUWjQFLD R HO QRPEUH GHOV DVVXPSWHV KR UHTXHULVFD R KR
VROÂOLFLWHXQDTXDUWDSDUWGHOVVHXVPHPEUHV/DFRQYRFDWzULDSHUDOHV
UHXQLRQVVHUjIHWDSHOVHFUHWDULSUHYLPDQGDWGHOGHJjDPEWUHVGLHV
G¶DQWHODFLy DOPHQ\V (V IRUPXODUj SHU HVFULW L DQLUj DFRPSDQ\DGD GH
O¶RUGH GHO GLD FRUUHVSRQHQW )RUD G¶DTXHVW QR SRGUDQ WUDFWDUVH DOWUHV
DVVXPSWHV OOHYDW GHOV TXL HO GHJj FRQVLGHUH G¶XUJqQFLD (OV DFRUGV
VHUDQ DGRSWDWV SHU PDMRULD GH YRWV GHOV DVVLVWHQWV (O GHJj WLQGUj YRW
GHTXDOLWDW
3HU D OD YjOLGD FRQVWLWXFLy GH OD -XQWD FDOGUj O¶DVVLVWqQFLD GH OD
PHLWDW PpV XQ GHOV VHXV PHPEUHV L D DTXHVWV HIHFWHV SHU D OD GHWHU
PLQDFLyGHOTXzUXPHQFDUDTXHVH¶OVUHFRQHL[HOGUHWG¶DVVLVWqQFLDD
$UWtFXOR
/D-XQWDGH*RELHUQRVHUHXQLUiFRPRPtQLPRXQDYH]DOPHV
H[FOXLGR HO GH DJRVWR VLQ SHUMXLFLR GH SRGHU KDFHUOR FRQ PD\RU IUH
FXHQFLDFXDQGRODLPSRUWDQFLDRHOQ~PHURGHORVDVXQWRVORUHTXLHUD
R OR VROLFLWH XQD FXDUWD SDUWH GH VXV PLHPEURV /D FRQYRFDWRULD SDUD
ODV UHXQLRQHV VH KDUi SRU HO 6HFUHWDULR SUHYLR PDQGDWR GHO 'HFDQR
FRQ WUHV GtDV GH DQWHODFLyQ SRU OR PHQRV 6H IRUPXODUi SRU HVFULWR H
LUi DFRPSDxDGD GHO RUGHQ GHO GtD FRUUHVSRQGLHQWH )XHUD GH pVWH QR
SRGUiQ WUDWDUVH RWURV DVXQWRV VDOYR ORV TXH HO 'HFDQR FRQVLGHUH GH
XUJHQFLD/RVDFXHUGRVVHDGRSWDUiQSRUPD\RUtDGHYRWRVGHORVDVLV
WHQWHV(O'HFDQRWHQGUiYRWRGHFDOLGDG
3DUDODYiOLGDFRQVWLWXFLyQGHOD-XQWDVHUiQHFHVDULDODDVLVWHQFLD
GHODPLWDGPDVXQRGHVXVPLHPEURV\DHVWRVHIHFWRVSDUDODGHWHU
PLQDFLyQGHOTXyUXPD~QFXDQGRVHOHVUHFRQRFHHOGHUHFKRGHDVLV
Núm
5509 / 10.05.2007
18847
DTXHVWHVDPEYHXLYRWQRHVFRPSXWDUjQLDOVGHOHJDWVGH3DUWLWQLDO
SUHVLGHQWGHO¶$JUXSDFLyGH-RYHV$GYRFDWV
WHQFLDDODVPLVPDVFRQYR]\YRWRQRVHFRPSXWDUiQLDORV'HOHJD
GRVGH3DUWLGRQLDO3UHVLGHQWHGHOD$JUXSDFLyQGH-yYHQHV$ERJDGRV
$UWLFOH
/D-XQWDGH*RYHUQSHUDDFRQVHJXLUODPDMRURSHUDWLYLWDWLHIL
FjFLDSRGUjFUHDUOHVFRPLVVLRQVTXHHVWLPHFRQYHQLHQWVLQFO~VDPE
IDFXOWDWV GHOHJDGHV TXH HQ WRW FDV KDXUDQ GH VHU SUHVLGLGHV SHO GHJj
R PHPEUH GH OD -XQWD HQ TXL DTXHVW GHOHJXH L DTXHVWHV SRGUDQ HVWDU
LQWHJUDGHV WDQW SHU PHPEUHV GH -XQWD FRP SHU DOWUHV FROÂOHJLDWV /HV
HVPHQWDGHV FRPLVVLRQV SRGUDQ WLQGUH FDUjFWHU SHUPDQHQW R WHPSRUDO
HQIXQFLyGHO¶REMHFWHDTXqHVUHIHULVTXHQ
(VFRQVLGHUHQFRPLVVLRQVDPEFDUjFWHUSHUPDQHQW
&RPLVVLyGH7RUQG¶2ILFL
&RPLVVLyGH'HRQWRORJLDL,QWUXVLVPH
&RPLVVLyG¶+RQRUDULV
&RPLVVLyGH)RUPDFLy
&RPLVVLyGH5HODFLRQV,QVWLWXFLRQDOV
&RPLVVLyG¶,QIRUPjWLFDL1RYHV7HFQRORJLHV
&RPLVVLyGH'HIHQVDGHO&ROÂOHJLDW
$UWtFXOR
/D-XQWDGH*RELHUQRSDUDFRQVHJXLUODPD\RURSHUDWLYLGDG\
HILFDFLDSRGUiFUHDUODV&RPLVLRQHVTXHHVWLPHFRQYHQLHQWHVLQFOXVR
FRQIDFXOWDGHVGHOHJDGDVTXHGHEHUiQHQWRGRFDVRVHUSUHVLGLGDVSRU
HO'HFDQRRPLHPEURGHOD-XQWDHQTXLHQHOPLVPRGHOHJXHSXGLHQGR
HVWDULQWHJUDGDVWDQWRSRUPLHPEURVGH-XQWDFRPRSRURWURVFROHJLD
GRV'LFKDV&RPLVLRQHVSRGUiQWHQHUFDUiFWHUSHUPDQHQWHRWHPSRUDO
HQIXQFLyQGHOREMHWRDTXHVHUHILHUDQ
6HFRQVLGHUDQ&RPLVLRQHVFRQFDUiFWHUSHUPDQHQWH
&RPLVLyQGH7XUQRGH2ILFLR
&RPLVLyQGH'HRQWRORJtDH,QWUXVLVPR
&RPLVLyQGH+RQRUDULRV
&RPLVLyQGH)RUPDFLyQ
&RPLVLyQGHUHODFLRQHVLQVWLWXFLRQDOHV
&RPLVLyQGH,QIRUPiWLFD\QXHYDVWHFQRORJtDV
&RPLVLyQGH'HIHQVDGHO&ROHJLDGR
$UWLFOH
/D-XQWDGH*RYHUQSHUWDOG¶DFRQVHJXLUXQDPDMRURSHUDWLYLWDWL
SHUDOGHVSDW[GHOVDVVXPSWHVGHWUjPLWRHVWXGLSUHYLG¶DTXHOOVTXHHV
YDQDVRWPHWUHOD-XQWDGH*RYHUQSRGUjDFRUGDUODFRQVWLWXFLyG¶XQD
&RPLVVLy3HUPDQHQWTXHDOPHQ\VVHUjLQWHJUDGDSHOGHJjHOYLFHGH
JjHOWUHVRUHUHOVHFUHWDULLDTXHOOVSUHVLGHQWVGHFRPLVVLRQVGH-XQWD
TXHVLJXHQGHVLJQDWVSHUDFRUGGHOD-XQWDGH*RYHUQLVHQVHSHUMXGLFL
GH TXDOVHYRO DOWUH PHPEUH GH -XQWD R GHOHJDWV TXH SXJXHQ DVVLVWLU D
VHVVLRQVFRQFUHWHVSHULQGLFDFLyGHOGHJj
$UWtFXOR
/D-XQWDGH*RELHUQRHQDUDVDFRQVHJXLUXQDPD\RURSHUDWLYLGDG
\ SDUD HO GHVSDFKR GH ORV DVXQWRV GH WUiPLWH R HVWXGLR SUHYLR GH ORV
TXHVHYDQDVRPHWHUDOD-XQWDGH*RELHUQRSRGUiDFRUGDUODFRQVWLWX
FLyQGHXQD&RPLVLyQ3HUPDQHQWHTXHDOPHQRVVHUiLQWHJUDGDSRUHO
'HFDQRHO9LFHGHFDQRHO7HVRUHURHO6HFUHWDULR\DTXHOORV3UHVLGHQ
WHVGH&RPLVLRQHVGH-XQWDTXHVHGHVLJQHQSRUDFXHUGRGHOD-XQWDGH
*RELHUQR\VLQSHUMXLFLRGHFXDOTXLHURWURPLHPEURGH-XQWDRGHOHJD
GRVTXHSXHGDQDVLVWLUDVHVLRQHVFRQFUHWDVSRULQGLFDFLyQGHO'HFDQR
$UWLFOH
&RUUHVSRQGUjDOGHJjODUHSUHVHQWDFLyRILFLDOGHO&ROÂOHJLHQWRWHV
OHVUHODFLRQVG¶DTXHVWDPEHOVSRGHUVS~EOLFVHQWLWDWVFRUSRUDFLRQVL
SHUVRQDOLWDWVGHTXDOVHYRORUGHH[HUFLUjOHVIXQFLRQVGHFRQVHOOYLJL
OjQFLDLFRUUHFFLyTXHHOV(VWDWXWVUHVHUYHQDODVHXDDXWRULWDWSUHVLGLUj
OHVMXQWHVGH*RYHUQOHVJHQHUDOVLWRWHVOHVFRPLVVLRQVDTXqDVVLVWLV
FDLGLULJLUjOHVGLVFXVVLRQVDPEYRWGHTXDOLWDWHQFDVG¶HPSDW,JXDO
PHQWSUHVLGLUjTXDOVHYROUHXQLyGHOHVGHOHJDFLRQVJUXSVFRPLVVLRQV
LVHFFLRQVTXHSRJXHUHQH[LVWLUGLQVGHO&ROÂOHJL$PpVDPpVH[HUFL
Uj OHV DOWUHV IXQFLRQV TXH OL YpQHQ HQFRPDQDGHV HQ O¶(VWDWXW *HQHUDO
GHO¶$GYRFDFLDVHQVHSHUMXGLFLGHODVHXDSRWHVWDWSHUDGHOHJDU
$UWtFXOR
&RUUHVSRQGHUiDO'HFDQRODUHSUHVHQWDFLyQRILFLDOGHO&ROHJLRHQ
WRGDV ODV UHODFLRQHV GHO PLVPR FRQ ORV SRGHUHV S~EOLFRV (QWLGDGHV
&RUSRUDFLRQHV \ SHUVRQDOLGDGHV GH FXDOTXLHU RUGHQ HMHUFHUi ODV IXQ
FLRQHV GH FRQVHMR YLJLODQFLD \ FRUUHFFLyQ TXH ORV (VWDWXWRV UHVHUYDQ
DVX$XWRULGDGSUHVLGLUiODV-XQWDVGH*RELHUQRODV*HQHUDOHV\WRGDV
ODV&RPLVLRQHVDODVTXHDVLVWDGLULJLHQGRODVGLVFXVLRQHVFRQYRWRGH
FDOLGDGHQFDVRGHHPSDWH,JXDOPHQWHSUHVLGLUiFXDOTXLHUUHXQLyQGH
ODV'HOHJDFLRQHV*UXSRV&RPLVLRQHV\6HFFLRQHVTXHSXGLHUDQH[LV
WLU GHQWUR GHO &ROHJLR$GHPiV HMHUFHUi ODV GHPiV IXQFLRQHV TXH OH
YLHQHQHQFRPHQGDGDVHQHO(VWDWXWR*HQHUDOGHOD$ERJDFtDVLQSHU
MXLFLRGHVXSRWHVWDGSDUDGHOHJDU
$UWLFOH
(Q FDV G¶LPSRVVLELOLWDW R DEVqQFLD OHV IXQFLRQV TXH FRUUHVSRQHQ
DOGHJjVHUDQDVVXPLGHVHQDOOzTXHFDOJDSHOYLFHGHJjLHQDEVqQFLD
G¶DTXHVWSHOGLSXWDWTXHOLFRUUHVSRQJDLVHVHJXLUjO¶RUGHG¶DTXHVWV
$UWtFXOR
(QFDVRGHLPSRVLELOLGDGRDXVHQFLDODVIXQFLRQHVTXHFRUUHVSRQ
GHQDO'HFDQRVHUiQDVXPLGDVHQORQHFHVDULRSRUHO9LFHGHFDQR\
HQDXVHQFLDGHpVWHSRUHO'LSXWDGRTXHOHFRUUHVSRQGDVLJXLHQGRHO
RUGHQGHORVPLVPRV
$UWLFOH
(OWUHVRUHUUHFDSWDUjLFRQVHUYDUjHOVIRQVSHUWDQ\HQWVDO&ROÂOHJL
SRUWDUj HOV OOLEUHV SHUWLQHQWV UHDOLW]DUj HOV SDJDPHQWV FRQWURODUj OD
FRPSWDELOLWDW YHULILFDUj OD FDL[D L SUHVHQWDUj OD -XQWD GH *RYHUQ HOV
FRPSWHV L HO SURMHFWH GH SUHVVXSRVW LQJUHVVDUj L UHWLUDUj IRQV GHOV
FRPSWHV EDQFDULV GH TXq IyUD WLWXODU HO &ROÂOHJL PDQFRPXQDGDPHQW
DPEODVLJQDWXUDG¶XQGHOVFjUUHFVVHJHQWVGHJjYLFHGHJjFRPSWD
GRURVHFUHWDUL,JXDOPHQWSRUWDUjO¶LQYHQWDULGHOVEpQVFROÂOHJLDOVGHOV
TXDOVVHUjHOVHXDGPLQLVWUDGRU
$UWtFXOR
(O 7HVRUHUR UHFDXGDUi \ FRQVHUYDUi ORV IRQGRV SHUWHQHFLHQWHV DO
&ROHJLR OOHYDUi ORV OLEURV SHUWLQHQWHV UHDOL]DUi ORV SDJRV FRQWURODUi
ODFRQWDELOLGDGYHULILFDUiODFDMD\SUHVHQWDUiDOD-XQWDGH*RELHUQR
ODV FXHQWDV \ HO SUR\HFWR GH SUHVXSXHVWR LQJUHVDUi \ UHWLUDUi IRQGRV
GHODVFXHQWDVEDQFDULDVGHTXHIXHUHWLWXODUHO&ROHJLRPDQFRPXQD
GDPHQWHFRQODILUPDGHXQRGHORVVLJXLHQWHVFDUJRV'HFDQR9LFH
GHFDQR&RQWDGRUR6HFUHWDULR,JXDOPHQWHOOHYDUiHOLQYHQWDULRGHORV
ELHQHVFROHJLDOHVGHORVTXHVHUiVXDGPLQLVWUDGRU
$UWLFOH
&RUUHVSRQDOFRPSWDGRULQWHUYLQGUHOHVRSHUDFLRQVGHWUHVRUHULDL
ODUHVWDGHIXQFLRQVTXHOLHQFRPDQHOD-XQWDGH*RYHUQ
$UWtFXOR
&RUUHVSRQGHDOFRQWDGRULQWHUYHQLUODVRSHUDFLRQHVGHWHVRUHUtD\
ODVUHVWDQWHVIXQFLRQHVTXHVHOHHQFRPLHQGHQSRUOD-XQWDGH*RELHU
QR
$UWLFOH
(O VHFUHWDUL pV O¶HQFDUUHJDW GH UHEUH OD FRUUHVSRQGqQFLD L WUDPL
WDU OHV VROÂOLFLWXGV TXH HV GLULJLVTXHQ DO &ROÂOHJL L GH GRQDU FRPSWH
G¶DTXHVWHV D TXL SURFHGLVFD ([SHGLUj HOV FHUWLILFDWV TXH FRUUHVSRQ
JXHQ L SRUWDUj WRWV HOV UHJLVWUHV FROÂOHJLDOV L HQ SDUWLFXODU HO UHJLVWUH
$UWtFXOR
(O6HFUHWDULRHVHOHQFDUJDGRGHUHFLELUODFRUUHVSRQGHQFLD\WUD
PLWDU ODV VROLFLWXGHV TXH VH GLULMDQ DO &ROHJLR GDQGR FXHQWD GH HOODV
DTXLHQSURFHGD([SHGLUiODVFHUWLILFDFLRQHVTXHFRUUHVSRQGDQ\OOH
YDUi WRGRV ORV 5HJLVWURV FROHJLDOHV \ HQ SDUWLFXODU HO UHJLVWUR GH ORV
Núm
5509 / 10.05.2007
18848
GHOVFROÂOHJLDWVDPEHOVVHXVH[SHGLHQWVSHUVRQDOV&RQIHFFLRQDUjFDGD
DQ\OHVOOLVWHVGHFROÂOHJLDWVLH[SUHVVDUjODVHXDDQWLJXLWDWLGRPLFLOL
L WLQGUj D FjUUHF VHX O¶DU[LX L VHJHOO GHO &ROÂOHJL 5HGDFWDUj OHV DFWHV
GHOHVMXQWHV JHQHUDOV L GHOHV UHXQLRQV GH OD -XQWD GH *RYHUQLSRU
WDUjHOVOOLEUHVG¶DFWHVGHOHVMXQWHVJHQHUDOVLGH*RYHUQLDOWUHVTXH
VLJXHQ QHFHVVDULV SHU D XQ PLOORU L PpV RUGHQDW VHUYHL 2UJDQLW]DUj L
GLULJLUjOHVRILFLQHVFROÂOHJLDOVLHQSDUWLFXODURVWHQWDUjODGLUHFFLyGHO
SHUVRQDO L FXLGDUj GH O¶H[LVWqQFLD L VXILFLqQFLD GHOV PLWMDQV KXPDQV L
PDWHULDOVSHUDODPLOORUDGPLQLVWUDFLyGHO¶RILFLQDFROÂOHJLDO5HGDFWD
UjHOV(VWDWXWVFROÂOHJLDOVLOHVVHXHVUHIRUPHVLHOVVRWPHWUjDOD-XQWD
GH*RYHUQGHODPDWHL[DPDQHUDLQIRUPDUjOD-XQWDGH*RYHUQVREUH
ODLGRQHwWDWGHOVHVWDWXWVSUHVHQWDWVSHUOHVDJUXSDFLRQVLVHFFLRQVH[LV
WHQWVHQHO&ROÂOHJLLG¶DTXHOOHVODFRQVWLWXFLyGHOHVTXDOVHVSUHWHQJD
&ROHJLDGRV FRQ VXV H[SHGLHQWHV SHUVRQDOHV &RQIHFFLRQDUi FDGD DxR
ODVOLVWDVGHFROHJLDGRVH[SUHVDQGRVXDQWLJHGDG\GRPLFLOLR\WHQ
GUiDVXFDUJRHODUFKLYR\VHOORGHO&ROHJLR5HGDFWDUiODVDFWDVGHODV
-XQWDV*HQHUDOHV\GHODVUHXQLRQHVGHOD-XQWDGH*RELHUQR\OOHYDUi
ORVOLEURVGH$FWDVGHODV-XQWDV*HQHUDOHV\GH*RELHUQR\ORVGHPiV
QHFHVDULRVSDUDHOPHMRU\PiVRUGHQDGRVHUYLFLR2UJDQL]DUi\GLULJL
UiODVRILFLQDVFROHJLDOHV\HQSDUWLFXODURVWHQWDUiODMHIDWXUDGHOSHU
VRQDO\FXLGDUiGHODH[LVWHQFLD\VXILFLHQFLDGHORVPHGLRVKXPDQRV
\ PDWHULDOHV SDUD OD PHMRU OOHYDQ]D GH OD RILFLQD FROHJLDO 5HGDFWDUi
ORV (VWDWXWRV FROHJLDOHV \ VXV UHIRUPDV \ ORV VRPHWHUi D OD -XQWD GH
*RELHUQRGHOPLVPRPRGRLQIRUPDUiDOD-XQWDGH*RELHUQRVREUHOD
LGRQHLGDGGHORVHVWDWXWRVSUHVHQWDGRVSRUODV$JUXSDFLRQHV\6HFFLR
QHVH[LVWHQWHVHQHO&ROHJLR\GHDTXHOODVFX\DFRQVWLWXFLyQVHSUHWHQ
GD
$UWLFOH
(O ELEOLRWHFDUL IRUPDUj OD %LEOLRWHFD L RUGHQDUj DOOz FRQYHQLHQW
SHUDODVHXDXWLOLW]DFLyLO¶DGHTXDUjHQWRWPRPHQWDOVDYDQoRVWqF
QLFVDL[tFRPDOHVQHFHVVLWDWVGHOVFROÂOHJLDWV&RQIHFFLRQDUjHOFDWj
OHJG¶REUHVHQH[LVWqQFLD3URSRVDUjDOD-XQWDGH*RYHUQO¶DGTXLVLFLy
GHOHVREUHVWUDFWDWVPRQRJUDILHVEDVHVGHGDGHVHWFTXHFRQVLGH
UHQHFHVVjULHVRFRQYHQLHQWVDOVILQVFRUSRUDWLXV)HQW~VGHOHVVHXHV
IDFXOWDWV SURPRXUj OD GLIXVLy G¶LQIRUPDFLy UHIHUHQW D OHV REUHV L VHU
YHLV GH OD ELEOLRWHFD WDQW D WUDYpV GH FLUFXODUV EXWOOHWLQV R UHYLVWHV
FRP SHU PLWMj GH OD SjJLQD ZHE GHO &ROÂOHJL R TXDOVHYRO DOWUH PLWMj
KjELOTXHHQHOIXWXUH[LVWLVFDLIDFLOLWDUjO¶DFFpVGHOVFROÂOHJLDWVDO¶HV
PHQWDGDLQIRUPDFLyLVHUYHLV
$UWtFXOR
(O %LEOLRWHFDULR IRUPDUi OD %LEOLRWHFD \ RUGHQDUi OR FRQYHQLHQWH
SDUDVXXWLOL]DFLyQDGHFXiQGRODHQWRGRPRPHQWRDORVDYDQFHVWpF
QLFRVDVtFRPRDODVQHFHVLGDGHVGHORVFROHJLDGRV&RQIHFFLRQDUiHO
FDWiORJRGHREUDVHQH[LVWHQFLD3URSRQGUiDOD-XQWDGH*RELHUQROD
DGTXLVLFLyQ GH ODV REUDV WUDWDGRV PRQRJUDItDV EDVHV GH GDWRV HWF
TXH FRQVLGHUH QHFHVDULDV R FRQYHQLHQWHV D ORV ILQHV FRUSRUDWLYRV (Q
XVR GH VXV IDFXOWDGHV SURPRYHUi OD GLIXVLyQ GH LQIRUPDFLyQ DWLQHQWH
D ODV REUDV \ VHUYLFLRV GH OD ELEOLRWHFD WDQWR D WUDYpV GH FLUFXODUHV
EROHWLQHVRUHYLVWDVFRPRSRUPHGLRGHODSiJLQDZHEGHO&ROHJLRR
FXDOTXLHURWURPHGLRKiELOTXHHQHOIXWXURH[LVWDIDFLOLWDQGRHODFFHVR
GHORVFROHJLDGRVDGLFKDLQIRUPDFLyQ\VHUYLFLRV
$UWLFOH
(OVGLSXWDWVDFWXDUDQFRPDYRFDOVGHOD-XQWDGH*RYHUQLH[HU
FLUDQDPpVOHVIXQFLRQVTXHDTXHVWDHOV(VWDWXWVLOHVOOHLVHOVHQFR
PDQHQ(OVVHXVFjUUHFVHVWDUDQQXPHUDWVSHUWDOGHVXEVWLWXLUSHOVHX
RUGHFRPHQoDQWSHOGLSXWDWSULPHUHOGHJjHQFDVGHPDODOWLDDEVqQ
FLDRYDFDQW
4XDQSHUTXDOVHYROPRWLXHVWLJXHUDYDFDQWGHILQLWLYDPHQWRWHP
SRUDOPHQW HO FjUUHF GH VHFUHWDUL WUHVRUHU FRPSWDGRU R ELEOLRWHFDUL
VHUDQVXEVWLWXwWVSURYLVLRQDOPHQWSHOVGLSXWDWVFRPHQoDQWSHUO¶~OWLP
(QFDVGHFRQFXUUqQFLDGHYDFDQWVODVXEVWLWXFLyVHUjFRUUHODWLYDLQR
SRGUjFRQFyUUHUPHVG¶XQFjUUHFHQXQGLSXWDW
/HV IXQFLRQV HQFRPDQDGHV DO WUHVRUHU FRPSWDGRU ELEOLRWHFDUL L
VHFUHWDUL L HQXPHUDGHV HQ HOV DUWLFOHV DQWHULRUV VyQ OHV SUzSLHV GHOV
VHXVFjUUHFVVHQVHSHUMXGLFLG¶DOWUHVTXHHOVSXJDHQFRPDQDUOD-XQWD
GH*RYHUQ
$UWtFXOR
/RV 'LSXWDGRV DFWXDUiQ FRPR 9RFDOHV GH OD -XQWD GH *RELHUQR
\ GHVHPSHxDUiQ DGHPiV ODV IXQFLRQHV TXH pVWD ORV (VWDWXWRV \ ODV
/H\HVOHVHQFRPLHQGHQ6XVFDUJRVHVWDUiQQXPHUDGRVDILQGHVXVWL
WXLUSRUVXRUGHQHPSH]DQGRSRUHO'LSXWDGR3ULPHURDO'HFDQRHQ
FDVRGHHQIHUPHGDGDXVHQFLDRYDFDQWH
&XDQGRSRUFXDOTXLHUPRWLYRYDFDUDGHILQLWLYDRWHPSRUDOPHQWH
HOFDUJRGH6HFUHWDULR7HVRUHUR&RQWDGRUR%LEOLRWHFDULRVHUiQVXVWL
WXLGRVSURYLVLRQDOPHQWHSRUORV'LSXWDGRVHPSH]DQGRSRUHO~OWLPR
(QFDVRGHFRQFXUUHQFLDGHYDFDQWHVODVVXVWLWXFLyQVHUiFRUUHODWLYDQR
SXGLHQGRFRQFXUULUPDVGHXQFDUJRHQXQGLSXWDGR
/DVIXQFLRQHVHQFRPHQGDGDVDO7HVRUHUR&RQWDGRU%LEOLRWHFDULR
\ 6HFUHWDULR \ HQXPHUDGDV HQ ORV DUWtFXORV DQWHULRUHV VRQ ODV SURSLDV
GHVXVFDUJRVVLQSHUMXLFLRGHRWUDVTXHVHOHVSXHGDQHQFRPHQGDUSRU
OD-XQWDGH*RELHUQR
$UWLFOH
/D-XQWDGH*RYHUQSRGUjFUHDUQRYHVGHOHJDFLRQVRPRGLILFDU
OHV H[LVWHQWV HQ HOV GLYHUVRV SDUWLWV MXGLFLDOV GLQV GHO VHX jPELW WHUUL
WRULDOHOTXDOTXHGDIL[DWG¶DFRUGDPEHOMDHVWDEOLWHQO¶DUWLFOHGHOV
SUHVHQWV(VWDWXWV
/D-XQWDGH*RYHUQSURYHLUjOHVGHOHJDFLRQVGHOVPLWMDQVKXPDQVL
PDWHULDOVQHFHVVDULVSHUDOVHXGHVHQYROXSDPHQW
$O FDSGDYDQW GH FDGD GHOHJDFLy KL KDXUj XQ FROÂOHJLDW H[HUFHQW L
UHVLGHQWHQO¶HVPHQWDW3DUWLW-XGLFLDOHOTXDODFWXDUjFRPDGHOHJDWGH
OD-XQWDGH*RYHUQ(OGHOHJDWSUHVLGLUjH[FHSWHSUHVqQFLDGHOGHJjR
GHTXLHOVXEVWLWXwVFDOHVUHXQLRQVLDFWHVTXHVHFHOHEUHQHQO¶jPELW
GHODGHOHJDFLyLHQO¶RUGHGHOVDVVXPSWHVTXHDDTXHVWDFRQFHUQLVFD
SUHYLFRQHL[HPHQWLDXWRULW]DFLyGHOD-XQWDGH*RYHUQ
$UWtFXOR
/D-XQWDGH*RELHUQRSRGUiFUHDUQXHYDV'HOHJDFLRQHVRPRGL
ILFDU ODV H[LVWHQWHV HQ ORV GLYHUVRV 3DUWLGRV -XGLFLDOHV GHQWUR GH VX
iPELWRWHUULWRULDOHOFXDOTXHGDILMDGRFRQIRUPHDOR\DHVWDEOHFLGRHQ
HODUWtFXORGHORVSUHVHQWHV(VWDWXWRV
/D-XQWDGH*RELHUQRSURYHHUiDODV'HOHJDFLRQHVGHORVPHGLRV
KXPDQRV\PDWHULDOHVQHFHVDULRVSDUDVXGHVDUUROOR
$OIUHQWHGHFDGD'HOHJDFLyQKDEUiXQFROHJLDGRHMHUFLHQWH\UHVL
GHQWH HQ GLFKR 3DUWLGR -XGLFLDO TXLHQ DFWXDUi FRPR 'HOHJDGR GH OD
-XQWD GH *RELHUQR (O 'HOHJDGR SUHVLGLUi VDOYR SUHVHQFLD GHO 'HFD
QRRGHTXLHQOHVXVWLWX\DODVUHXQLRQHV\DFWRVTXHVHFHOHEUHQHQHO
iPELWRGHOD'HOHJDFLyQ\HQHORUGHQGHORVDVXQWRVTXHDODPLVPD
FRQFLHUQDSUHYLRFRQRFLPLHQWR\DXWRUL]DFLyQGHOD-XQWDGH*RELHU
QR
/RV 'HOHJDGRV SHVH D TXH QR RVWHQWDQ OD FRQGLFLyQ GH 'LSXWD
GRV PLHPEURV GH -XQWD VH HTXLSDUDQ D ORV PLVPRV D ORV HIHFWRV GH
WHQHUTXHVHUFRQYRFDGRVDODV-XQWDVWHQLHQGRGHUHFKRDDVLVWLUDODV
PLVPDVFRQYR]\YRWR3UHFHSWLYDPHQWHGHEHQVHURtGRVHQDTXHOORV
DVXQWRVTXHDIHFWHQDVXV'HOHJDFLRQHVGHSDUWLGR
$WHQGLGRHOQ~PHURGHFROHJLDGRVUHVLGHQWHHQFDGD'HOHJDFLyQ
\ SDUD HO PHMRU JRELHUQR GH OD PLVPD OD -XQWD SUHYLD SURSXHVWD GHO
'HOHJDGRSRGUiDFRUGDUTXHHQFDGD'HOHJDFLyQDGHPiVGHO'HOHJD
GRVHHOLMDQYRFDOHVTXHGHEHUiQVHUHQWRGRFDVRDERJDGRVHMHUFLHQ
WHVUHVLGHQWHVHQHOiPELWRWHUULWRULDOGHOD'HOHJDFLyQ'LFKRVYRFDOHV
IRUPDUiQSDUWHGHODFDQGLGDWXUDHOHFWRUDOGHO'HOHJDGRVLHQGRHOHJL
(OVGHOHJDWVDSHVDUTXHQRRVWHQWHQODFRQGLFLyGHGLSXWDWVPHP
EUHVGH-XQWDV¶HTXLSDUHQDDTXHVWVDO¶HIHFWHG¶KDYHUGHVHUFRQYRFDWV
DOHVMXQWHVLWLQGUDQGUHWDDVVLVWLUDDTXHVWHVDPEYHXLYRW3UHFHSWL
YDPHQWKDQGHVHURwWVHQDTXHOOVDVVXPSWHVTXHDIHFWHQOHVGHOHJDFL
RQVGHSDUWLW
$WpV HO QRPEUH GH FROÂOHJLDWV UHVLGHQW HQ FDGD GHOHJDFLy L SHU DO
PLOORUJRYHUQG¶DTXHVWDOD-XQWDDPEODSURSRVWDSUqYLDGHOGHOHJDW
SRGUjDFRUGDUTXHHQFDGDGHOHJDFLyDPpVGHOGHOHJDWV¶HOHJHVTXHQ
YRFDOVTXHKDXUDQGHVHUHQWRWFDVDGYRFDWVH[HUFHQWVLUHVLGHQWVHQ
O¶jPELWWHUULWRULDOGHOD'HOHJDFLy(OVHVPHQWDWVYRFDOVIRUPDUDQSDUW
GHODFDQGLGDWXUDHOHFWRUDOGHOGHOHJDWLVHUDQHOHJLWVHQOOLVWDWDQFDGD
Núm
5509 / 10.05.2007
18849
MXQWDPHQWDPEDTXHVWSHOVFRPSDQ\VUHVLGHQWVHQO¶jPELWGHOD'HOH
JDFLy /HV YRFDOLHV Pj[LPHV GH OHV GHOHJDFLRQV VHUDQ GH SHU D XQ
FHQVG¶H[HUFHQWVUHVLGHQWVGHPHVGHFROÂOHJLDWVGHSHUDFHQV
VXSHULRUDFROÂOHJLDWVLG¶SHUDOHVGHOHJDFLRQVDPEFHQVVXSH
ULRUDFROÂOHJLDWV(QWRWFDVDOPHQ\VXQGHOVYRFDOVHVWDUjDGVFULW
DOVVHUYHLVGH7RUQG¶2ILFLL$VVLVWqQFLDDO'HWLQJXWHQODVHXDGHPDU
FDFLyLDX[LOLDUjOD&RPLVVLyGH7RUQG¶2ILFLGHOD-XQWDGH*RYHUQ
4XDQ KL KDMD WUHV R PpV YRFDOV DOPHQ\V XQ G¶HOOV V¶LQWHJUDUj HQ OD
&RPLVVLyGH'HRQWRORJLDLXQDOWUHHQODG¶+RQRUDULV
GRVHQOLVWDFHUUDGDMXQWRFRQHVWHSRUORVFRPSDxHURVUHVLGHQWHVHQHO
iPELWR GH OD 'HOHJDFLyQ /DV YRFDOtDV Pi[LPDV GH ODV 'HOHJDFLRQHV
VHUiQGHSDUDXQFHQVRGHHMHUFLHQWHVUHVLGHQWHVGHPDVGHFROH
JLDGRVGHSDUDFHQVRVXSHULRUDFROHJLDGRV\GHSDUDODV'HOH
JDFLRQHV FRQ FHQVR VXSHULRU D FROHJLDGRV (Q WRGR FDVR DO PHQRV
XQRGHORVYRFDOHVHVWDUiDGVFULWRDORVVHUYLFLRVGH7XUQRGH2ILFLR\
$VLVWHQFLD DO 'HWHQLGR HQ VX GHPDUFDFLyQ \ DX[LOLDUi D OD &RPLVLyQ
GH7XUQRGH2ILFLRGHOD-XQWDGH*RELHUQR&XDQGRKD\DWUHVRPDV
YRFDOHVDOPHQRVXQRGHHOORVVHLQWHJUDUiHQOD&RPLVLyQGH'HRQWR
ORJtD\RWURHQODGH+RQRUDULRV
$UWLFOH
(OVPHPEUHVGH-XQWDGH*RYHUQGHOHJDWVLYRFDOVGH'HOHJDFLy
KDQ G¶H[HUFLU OHV VHXHV IXQFLRQV DPE SURELWDW GLOLJqQFLD L GHGLFDFLy
DPE VXEMHFFLy D OHV OOHLV HOV UHJODPHQWV L DOV SUHVHQWV (VWDWXWV L HQ
WRWFDVDPEODGLJQLWDWSUzSLDGHO¶H[HUFLFLGHODSURIHVVLyG¶DGYRFDW
*XDUGDUDQ VHFUHW GH OHV GHOLEHUDFLRQV GH -XQWD L FRPLVVLRQV L V¶DEV
WLQGUDQ GH IHU ~V GH OD LQIRUPDFLy UHVHUYDGD GHO &ROÂOHJL R GH OD TXH
FRQHJXHQ H[FOXVLYDPHQW SHU UDy GHO VHX FjUUHF OD PDWHL[D REOLJDFLy
GH VHFUHW LQFXPEHL[ DO SUHVLGHQW GH O¶$JUXSDFLy G¶$GYRFDWV -RYHV
4XDQXQPHPEUHGH-XQWDGH*RYHUQUHVXOWHLQWHUHVVDWHQXQGHWHUPL
QDW DVVXPSWH VRWPpV D GHFLVLy G¶DTXHVWD KDXUj G¶DEVHQWDUVH GH OHV
GHOLEHUDFLRQVLYRWDFLyLDTXHVWDDEVqQFLDFRQVWDUjHQDFWDODPDWHL[D
REOLJDFLyFRPSHWHL[DOVGHOHJDWVGH3DUWLWLDOSUHVLGHQWGHO¶$JUXSDFLy
G¶$GYRFDWV-RYHV
(OGHXUHGHJXDUGDUVHFUHWLODSURKLELFLyGHIHU~VGHODLQIRUPD
FLyUHVVHQ\DWVHQO¶DQWHFHGHQWFRPSUHQGUjWRWVDTXHOOVFROÂOHJLDWVTXH
HQ XQ PRPHQW GRQDW LQWHJUHQ OHV FRPLVVLRQV DVVLVWLVTXHQ D -XQWD GH
*RYHUQRVLJXHQFULGDWVDDTXHVWHV
$UWtFXOR
/RV PLHPEURV GH -XQWD GH *RELHUQR 'HOHJDGRV \ 9RFDOHV GH
'HOHJDFLyQ GHEHQ HMHUFHU VXV IXQFLRQHV FRQ SURELGDG GLOLJHQFLD \
GHGLFDFLyQFRQVXMHFLyQDODVOH\HVORVUHJODPHQWRV\DORVSUHVHQWHV
(VWDWXWRV\HQWRGRFDVRFRQODGLJQLGDGSURSLDGHOHMHUFLFLRGHODSUR
IHVLyQGHDERJDGR*XDUGDUiQVHFUHWRGHODVGHOLEHUDFLRQHVGH-XQWD\
&RPLVLRQHV\VHDEVWHQGUiQGHKDFHUXVRGHODLQIRUPDFLyQUHVHUYD
GDGHO&ROHJLRRGHODTXHFRQR]FDQH[FOXVLYDPHQWHSRUUD]yQGHVX
FDUJRLJXDOREOLJDFLyQGHVHFUHWRLQFXPEHDO3UHVLGHQWHGHOD$JUXSD
FLyQGH$ERJDGRV-yYHQHV&XDQGRXQPLHPEURGH-XQWDGH*RELHUQR
UHVXOWHLQWHUHVDGRHQXQGHWHUPLQDGRDVXQWRVRPHWLGRDGHFLVLyQGHOD
PLVPDGHEHUiDXVHQWDUVHGHODVGHOLEHUDFLRQHV\YRWDFLyQFRQVWDQGR
WDODXVHQFLDHQDFWDLJXDOREOLJDFLyQFRPSHWHDORV'HOHJDGRVGH3DU
WLGR\DO3UHVLGHQWHGHOD$JUXSDFLyQGH$ERJDGRV-yYHQHV
(O GHEHU GH JXDUGDU VHFUHWR \ OD SURKLELFLyQ GH KDFHU XVR GH OD
LQIRUPDFLyQ UHVHxDGR HQ HO DQWHFHGHQWH DEDUFDUi D WRGRV DTXHOORV
FROHJLDGRVTXHHQXQPRPHQWRGDGRLQWHJUHQODV&RPLVLRQHVDVLVWDQ
D-XQWDGH*RELHUQRRVHDQOODPDGRVDODVPLVPDV
7Ë72/9
'(/(6$*583$&,216,6(&&,216
7Ë78/29
'(/$6$*583$&,21(6<6(&&,21(6
&DStWROÒQLF
&DStWXORÒQLFR
$UWLFOH
(Q HO VL GHO &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW KL KD XQD
$JUXSDFLyG¶$GYRFDWV-RYHVTXHDFWXDUjHQFRRUGLQDFLyDPEOD-XQWD
GH*RYHUQDPEYLVWDDODFRQVHFXFLyGHOVILQVFROÂOHJLDOVHQJHQHUDOL
HQSDUWLFXODUGHOVDGYRFDWVMRYHV
$OFDSGDYDQWGHO¶$JUXSDFLyKLKDXUjXQSUHVLGHQWDX[LOLDWSHUXQD
&RPLVVLy5HFWRUD(OSUHVLGHQWWLQGUjGUHWG¶DVVLVWqQFLDDOHVUHXQLRQV
GHOD-XQWDGH*RYHUQDPEYHXLYRW
$UWLFXOR
(QHOVHQRGHO&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWHH[LVWH
XQD$JUXSDFLyQGH$ERJDGRV-yYHQHVTXHDFWXDUiHQFRRUGLQDFLyQFRQ
OD-XQWDGH*RELHUQRHQRUGHQDODFRQVHFXFLyQGHORVILQHVFROHJLDOHV
HQJHQHUDO\HQSDUWLFXODUGHORVDERJDGRVMyYHQHV
$OIUHQWHGHOD$JUXSDFLyQKDEUiXQ3UHVLGHQWHDX[LOLDGRSRUXQD
&RPLVLyQ 5HFWRUD (O 3UHVLGHQWH WHQGUi GHUHFKR GH DVLVWHQFLD D ODV
UHXQLRQHVGHOD-XQWDGH*RELHUQRFRQYR]\YRWR
$UWLFOH
(Q HO VL GHO &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV G¶$ODFDQW KL KD XQD
$JUXSDFLy GH 'RQHV$GYRFDGHV TXH DFWXDUj HQ FRRUGLQDFLy DPE OD
-XQWD GH *RYHUQ DPE YLVWD D OD FRQVHFXFLy GHOV ILQV FROÂOHJLDOV HQ
JHQHUDOLHQSDUWLFXODUGHOVGHOHVGRQHVHQODVRFLHWDWSHUDODGHIHQVD
G¶DTXHVWHVLSHUDODSURPRFLyGHODLJXDOWDWGHVH[HV
$UWtFXOR
(QHOVHQRGHO&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWHH[LVWH
XQD$JUXSDFLyQGH0XMHUHV$ERJDGDVTXHDFWXDUiHQFRRUGLQDFLyQFRQ
OD-XQWDGH*RELHUQRHQRUGHQDODFRQVHFXFLyQGHORVILQHVFROHJLDOHV
HQJHQHUDO\HQSDUWLFXODUGHORVGHODVPXMHUHVHQODVRFLHGDGHQDUDV
DODGHIHQVDGHODVPLVPDV\DODSURPRFLyQGHODLJXDOGDGGHVH[RV
$UWLFOH
/D-XQWDGH*RYHUQSHULQLFLDWLYDSUzSLDRDSHWLFLyG¶XQQRPEUH
PtQLPGHGHXFROÂOHJLDWVSRGUjFUHDUWRWHVOHVVHFFLRQVTXHWLQJDSHU
FRQYHQLHQWSHUWDOGHSRVVLELOLWDUHOFRQWDFWHHQWUHDGYRFDWVHVSHFLDOLW
]DWVHQFRQFUHWHVPDWqULHVLHOUHFtSURFLQWHUFDQYLG¶LQIRUPDFLRQVWHF
QLFRMXUtGLTXHVVREUHO¶HVSHFLDOLWDWGHTXqHVWUDFWHDL[tFRPODWUDQV
FHQGqQFLD DOV DOWUHV FROÂOHJLDWV GH WDOV FRQHL[HPHQWV PLWMDQoDQW O¶RU
JDQLW]DFLy GH FXUVRV FRQIHUqQFLHV R VHPLQDULV /HV VHFFLRQV SRGUDQ
SURSRVDUOHVLQLFLDWLYHVTXHHVWLPHQSURFHGHQWVDOD-XQWDGH*RYHUQ
ODTXDOVXEYHQFLRQDUjDTXHOOHVTXHDSURYH
(O OOHWUDW TXH SUHWHQJD IHU PHQFLy GH OD VHXD GHGLFDFLy SUHIHUHQW
DXQDFRQFUHWDPDWqULDMXUtGLFDHQO¶jPELWG¶DTXHVW&ROÂOHJLDPpVGH
FRPSOLU DTXHOOV DOWUHV UHTXLVLWV TXH SXJXHQ HVWDEOLUVH KDXUj G¶HVWDU
DGVFULWDOD6HFFLyG¶$GYRFDWV(VSHFLDOLVWHVHVSHFtILFDLSDUWLFLSDUGH
IRUPDUHJXODULDFWLYDHQOHVDFWLYLWDWVIRUPDWLYHVGHVHQYROXSDGHVSHU
DTXHVWD
$UWtFXOR
/D -XQWD GH *RELHUQR SRU SURSLD LQLFLDWLYD R D SHWLFLyQ GH XQ
Q~PHUR PtQLPR GH GLH] FROHJLDGRV SRGUi FUHDU FXDQWDV 6HFFLRQHV
WHQJDSRUFRQYHQLHQWHDOREMHWRGHSRVLELOLWDUHOFRQWDFWRHQWUHDERJD
GRVHVSHFLDOL]DGRVHQFRQFUHWDVPDWHULDV\HOUHFtSURFRLQWHUFDPELRGH
LQIRUPDFLRQHV WpFQLFRMXUtGLFDV VREUH OD HVSHFLDOLGDG GH TXH VH WUDWH
DVtFRPRODWUDVFHQGHQFLDDORVGHPiVFROHJLDGRVGHWDOHVFRQRFLPLHQ
WRVPHGLDQWHODRUJDQL]DFLyQGHFXUVRVFRQIHUHQFLDVRVHPLQDULRV/DV
VHFFLRQHVSRGUiQSURSRQHUODVLQLFLDWLYDVTXHHVWLPHQSURFHGHQWHVDOD
-XQWDGH*RELHUQRODFXDOVXEYHQFLRQDUiDTXHOODVTXHDSUXHEH
(OOHWUDGRTXHSUHWHQGDKDFHUPHQFLyQGHVXGHGLFDFLyQSUHIHUHQWH
DXQDFRQFUHWDPDWHULDMXUtGLFDHQHOiPELWRGHHVWH&ROHJLRDGHPiV
GH FXPSOLU DTXHOORV RWURV UHTXLVLWRV TXH SXHGDQ HVWDEOHFHUVH GHEHUi
HVWDUDGVFULWRDOD6HFFLyQGH$ERJDGRV(VSHFLDOLVWDVHVSHFtILFDSDUWL
FLSDQGRGHIRUPDUHJXODU\DFWLYDHQODVDFWLYLGDGHVIRUPDWLYDVGHVD
UUROODGDVSRUODPLVPD
Núm
5509 / 10.05.2007
$UWLFOH
/D -XQWD GH *RYHUQ SRGUj FUHDU R DXWRULW]DU DPE ILQV GLIHUHQWV
GHOVSUHYLVWRVHQHOVDUWLFOHVSUHFHGHQWVTXDQWHVDJUXSDFLRQVLVHFFLRQV
HVWLPHFRQYHQLHQWVDL[tPDWHL[OLFRUUHVSRQODVXVSHQVLyLOLTXLGDFLy
GHOHVDJUXSDFLRQVLVHFFLRQVH[LVWHQWVLDL[zVHPSUHSHUDOPLOORUGHV
HQYROXSDPHQWGHOVILQVFROÂOHJLDOV
/HVDJUXSDFLRQVLVHFFLRQVFRQVWLWXwGHVRTXHHVFRQVWLWXwVTXHQHQ
HOVLFROÂOHJLDODFWXDUDQHQFRRUGLQDFLyDPEOD-XQWDGH*RYHUQ
7RWHVOHVFRPXQLFDFLRQVRDFWXDFLRQVGHVWLQDGHVDWUDQVFHQGLUIRUD
GHO&ROÂOHJLSDVVDUDQDWUDYpVGHOD-XQWDGH*RYHUQODTXDOGHFLGLUj
VREUHODVHXDSHUWLQqQFLD
/¶RUJDQLW]DFLyUqJLPLIXQFLRQDPHQWGHOHVDJUXSDFLRQVLVHFFLRQV
HV UHJXODUj SHOV VHXV (VWDWXWV SDUWLFXODUV TXH HQ FDS FDV SRGUDQ VHU
FRQWUDULVDOVGHO&ROÂOHJLLQHFHVVLWDUDQVHUVRWPHVRVDO¶DSURYDFLyGH
OD-XQWDGH*RYHUQODTXDOSRGUjPRGLILFDUORV
/HV DJUXSDFLRQV L VHFFLRQV GHO &ROÂOHJL 3URYLQFLDO G¶$GYRFDWV
G¶$ODFDQW WLQGUj HOV VHXV SURSLV UHFXUVRV HFRQzPLFV TXH REWLQGUj GH
OHVTXRWHVGHOVVHXVDVVRFLDWVLGHOHVVXEYHQFLRQVSUHVVXSRVWjULHVTXH
DQXDOPHQWV¶HVWDEOLVTXHQLTXHSHUDGHWHUPLQDWVDFWHVSXJDFRQFHGLU
OD-XQWDGH*RYHUQGHOVIRQVFROÂOHJLDOV
18850
$UWtFXOR
/D-XQWDGH*RELHUQRSRGUiFUHDURDXWRUL]DUFRQILQHVGLVWLQWRVGH
ORVSUHYLVWRVHQORVDUWtFXORVSUHFHGHQWHVFXDQWDVDJUXSDFLRQHV\VHF
FLRQHVHVWLPHFRQYHQLHQWHVDVtPLVPROHFRUUHVSRQGHODVXVSHQVLyQ\
OLTXLGDFLyQGHODVDJUXSDFLRQHV\VHFFLRQHVH[LVWHQWHV\HOORVLHPSUH
SDUDHOPHMRUGHVDUUROORGHORVILQHVFROHJLDOHV
/DV$JUXSDFLRQHV\6HFFLRQHVFRQVWLWXLGDVRTXHVHFRQVWLWX\DQHQ
HOVHQRFROHJLDODFWXDUiQHQFRRUGLQDFLyQFRQOD-XQWDGH*RELHUQR
7RGDV ODV FRPXQLFDFLRQHV R DFWXDFLRQHV GHVWLQDGDV D WUDVFHQGHU
IXHUDGHO&ROHJLRSDVDUiQDWUDYpVGHOD-XQWDGH*RELHUQRTXHGHFLGL
UiVREUHVXSHUWLQHQFLD
/D RUJDQL]DFLyQ UpJLPHQ \ IXQFLRQDPLHQWR GH ODV$JUXSDFLRQHV
\ 6HFFLRQHV VH UHJXODUi SRU VXV (VWDWXWRV SDUWLFXODUHV TXH HQ QLQJ~Q
FDVRSRGUiQVHUFRQWUDULRVDORVGHO&ROHJLRSUHFLVDQGRVHUVRPHWLGRV
DODDSUREDFLyQGHOD-XQWDGH*RELHUQRODFXDOSRGUiPRGLILFDUORV
/DV$JUXSDFLRQHV \ 6HFFLRQHV GHO &ROHJLR 3URYLQFLDO GH$ERJD
GRVGH$OLFDQWHWHQGUiVXVSURSLRVUHFXUVRVHFRQyPLFRVTXHREWHQGUi
GH ODV FXRWDV GH VXV SURSLRV DVRFLDGRV \ GH ODV VXEYHQFLRQHV SUHVX
SXHVWDULDV TXH DQXDOPHQWH VH HVWDEOH]FDQ \ TXH SDUD GHWHUPLQDGRV
DFWRVSXHGDFRQFHGHUOD-XQWDGH*RELHUQRGHORVIRQGRVFROHJLDOHV
7Ë72/9,
'HO¶(VFRODGH3UjFWLFD-XUtGLFD
7Ë78/29,
'(/$(6&8(/$'(35È&7,&$-85Ë',&$
&DStWROÒQLF
&DStWXORÒQLFR
$UWLFOH
(O&ROÂOHJLG¶$GYRFDWVG¶$ODFDQWSHUHOOPDWHL[RPLWMDQoDQWFRQ
YHQLV GH FROÂODERUDFLy DPE DOWUHV LQVWLWXFLRQV GLVSRVDUj DPE FDUjF
WHUSHUPDQHQWG¶XQD(VFRODGH3UjFWLFD-XUtGLFDTXHIDFLOLWHDOVQRXV
OOLFHQFLDWVHQ'UHWFROÂOHJLDWVRQRDTXHOOVFRQHL[HPHQWVGHFDUjFWHU
SUjFWLFTXHHOVSHUPHWHQXQH[HUFLFLGLJQHGHODSURIHVVLyLSURFXUHOD
IRUPDFLyFRQWLQXDGDGXUDQWODYLGDSURIHVVLRQDOGHOVMDFROÂOHJLDWV
$UWtFXOR
(O&ROHJLRGH$ERJDGRVGH$OLFDQWHSRUVtRPHGLDQWHFRQYHQLRV
GH FRODERUDFLyQ FRQ RWUDV LQVWLWXFLRQHV GLVSRQGUi FRQ FDUiFWHU SHU
PDQHQWHGHXQD(VFXHODGH3UiFWLFD-XUtGLFDTXHIDFLOLWHDORVQXHYRV
OLFHQFLDGRV HQ 'HUHFKR FROHJLDGRV R QR DTXHOORV FRQRFLPLHQWRV GH
FDUiFWHUSUiFWLFRTXHOHVSHUPLWDQXQGHVHPSHxRGLJQRGHODSURIHVLyQ
\ SURFXUH OD IRUPDFLyQ FRQWLQXDGD GXUDQWH OD YLGD SURIHVLRQDO GH ORV
\DFROHJLDGRV
7Ë72/9,,
'HOUqJLPHOHFWRUDO
7Ë78/29,,
'(/5e*,0(1(/(&725$/
&DStWROÒQLF
&DStWXORÒQLFR
$UWLFOH
(OV PHPEUHV GH OD -XQWD GH *RYHUQ GHO &ROÂOHJL 3URYLQFLDO
G¶$ODFDQW HV SURYHLUDQ SHU HOHFFLy HQ YRWDFLy VHFUHWD L GLUHFWD HQ
TXqSRGUDQSDUWLFLSDUWRWVHOVFROÂOHJLDWVG¶DFRUGDPEHOSURFHGLPHQW
TXHHQDTXHVWV(VWDWXWVHVFRQVLJQD(OGHJjLHOVDOWUHVFjUUHFVGHOD
-XQWD GH *RYHUQ HV SURYHLUDQ HQWUH FROÂOHJLDWV H[HUFHQWV UHVLGHQWV HQ
ODGHPDUFDFLyGHO&ROÂOHJLLTXHSRVVHwVTXHQODFRQGLFLyG¶HOHFWRU3HU
DVHUGHJjGHO&ROÂOHJLQRFDOGUDQDOWUHVUHTXLVLWV3HUDOVDOWUHVFjUUHFV
V¶H[LJLUDQFRPDPtQLPHOVVHJHQWVDQ\VG¶H[HUFLFLSURIHVVLRQDOSHU
DGLSXWDWUQLUSRUWDUPpVGHGHXDQ\VHQO¶H[HUFLFLGHO¶$GYRFD
FLDSHUDVHFUHWDULFLQFDQ\VSHUDODUHVWDGHPHPEUHVGHOD-XQWD
GRV DQ\V L SHU D GHOHJDWV GH SDUWLW L YRFDOV V¶H[LJLUDQ LJXDOPHQW GRV
DQ\V
$UWtFXOR
/RVPLHPEURVGHOD-XQWDGH*RELHUQRGHO&ROHJLR3URYLQFLDOGH
$OLFDQWH VH SURYHHUiQ SRU HOHFFLyQ HQ YRWDFLyQ VHFUHWD \ GLUHFWD HQ
ODFXDOSRGUiQSDUWLFLSDUWRGRVORVFROHJLDGRVFRQDUUHJORDOSURFHGL
PLHQWRTXHHQHVWRV(VWDWXWRVVHFRQVLJQD(O'HFDQR\ORVGHPiVFDU
JRVGHOD-XQWDGH*RELHUQRVHSURYHHUiQHQWUH&ROHJLDGRVHMHUFLHQWHV
UHVLGHQWHVHQODGHPDUFDFLyQGHO&ROHJLR\TXHSRVHDQODFRQGLFLyQGH
HOHFWRU3DUDVHU'HFDQRGHO&ROHJLRQRVHUiQQHFHVDULRVRWURVUHTXL
VLWRV 3DUD ORV GHPiV FDUJRV VH H[LJLUiQ FRPR PtQLPR ORV VLJXLHQWHV
DxRVGHHMHUFLFLRSURIHVLRQDO3DUD'LSXWDGRžž\žOOHYDUPiV
GH GLH] DxRV HQ HO HMHUFLFLR GH OD $ERJDFtD 3DUD 6HFUHWDULR FLQFR
DxRV3DUDORVUHVWDQWHVPLHPEURVGHOD-XQWDGRVDxRV3DUD'HOHJD
GRVGH3DUWLGR\9RFDOHVVHH[LJLUiQLJXDOPHQWHGRVDxRV
$UWLFOH
1RSRGUDQIRUPDUSDUWGHOD-XQWDGH*RYHUQ
(OVFROÂOHJLDWVTXHKDJXHUHQVLJXWVDQFLRQDWVGLVFLSOLQjULDPHQWSHU
XQ&ROÂOHJLG¶$GYRFDWVLQRHVWUREHQUHKDELOLWDWV
(OVTXLKDJXHUHQVLJXWFRQGHPQDWVSHUVHQWqQFLDIHUPDTXHFRP
SRUWHODLQKDELOLWDFLyRODVXVSHQVLySHUDFjUUHFVS~EOLFV
(OVTXLVLJXHQPHPEUHVG¶zUJDQVUHFWRUVG¶XQDOWUHFROÂOHJLSURIHV
VLRQDO
(OVTXLQRHVWUREHQDOFRUUHQWGHOHVFjUUHJXHVFROÂOHJLDOV
(OGHJjVRWDODVHXDUHVSRQVDELOLWDWLPSHGLUjODSUHVDGHSRVVHV
VLyRGHFUHWDUjHOFHVVDPHQWVLMDV¶KDJXHUDSURGXwWDTXHOODGHOVFDQ
GLGDWVHOHJLWVGHOVTXLHVWLQJDFRQHL[HPHQWTXHHVWUREHQLQFXUVRVHQ
TXDOVHYROGHOHVFDXVHVTXHLPSHGL[HQDFFHGLUDOD-XQWDGH*RYHUQ
$UWtFXOR
1RSRGUiQIRUPDUSDUWHGHOD-XQWDGH*RELHUQR
/RV&ROHJLDGRVTXHKXELHUDQVLGRVDQFLRQDGRVGLVFLSOLQDULDPHQWH
SRUXQ&ROHJLRGH$ERJDGRV\QRVHHQFXHQWUHQUHKDELOLWDGRV
/RVTXHKXELHVHQVLGRFRQGHQDGRVSRUVHQWHQFLDILUPHTXHOOHYH
DSDUHMDGDODLQKDELOLWDFLyQRODVXVSHQVLyQSDUDFDUJRVS~EOLFRV
/RVTXHVHDQPLHPEURVGHyUJDQRVUHFWRUHVGHRWUR&ROHJLRSUR
IHVLRQDO
/RVTXHQRVHKDOOHQDOFRUULHQWHGHODVFDUJDVFROHJLDOHV
(O'HFDQREDMRVXUHVSRQVDELOLGDGLPSHGLUiODWRPDGHSRVHVLyQ
RGHFUHWDUiHOFHVHVL\DVHKXELHVHSURGXFLGRDTXHOODGHORVFDQGLGD
WRV HOHJLGRV GH ORV TXH WHQJD FRQRFLPLHQWR TXH VH KDOODEDQ LQFXUVRV
HQFXDOTXLHUGHODVFDXVDVTXHLPSLGHQDFFHGHUDOD-XQWDGH*RELHUQR
Núm
5509 / 10.05.2007
18851
(OV PHPEUHV GH OD -XQWD GH *RYHUQ FHVVDUDQ SHU GHIXQFLy
UHQ~QFLD IDOWD GH FRQFXUUqQFLD R SqUGXD GHOV UHTXLVLWV HVWDWXWDULV SHU
DH[HUFLUHOFjUUHFLH[SLUDFLyGHOWHUPLQLSHUDOTXDOYDQVHUHOHJLWV
,JXDOPHQWFHVVDUDQSHUIDOWDG¶DVVLVWqQFLDLQMXVWLILFDGDDWUHVVHVVLRQV
FRQVHFXWLYHVGHOD-XQWDGH*RYHUQRVLVDOWHUQHVHQHOWHUPLQLG¶XQ
DQ\DPEO¶DFRUGSUHYLGHODPDWHL[D-XQWD
/RVPLHPEURVGHOD-XQWDGH*RELHUQRFHVDUiQSRUIDOOHFLPLHQ
WRUHQXQFLDIDOWDGHFRQFXUUHQFLDRSpUGLGDGHORVUHTXLVLWRVHVWDWXWD
ULRVSDUDGHVHPSHxDUHOFDUJR\H[SLUDFLyQGHOSOD]RSDUDHOTXHIXH
URQHOHJLGRV,JXDOPHQWHFHVDUiQSRUIDOWDGHDVLVWHQFLDLQMXVWLILFDGDD
WUHVVHVLRQHVFRQVHFXWLYDVGHOD-XQWDGH*RELHUQRRVHLVDOWHUQDVHQ
HOWpUPLQRGHXQDxRSUHYLRDFXHUGRGHODSURSLD-XQWD
$UWLFOH
/DGXUDFLyGHOVFjUUHFVGHOD-XQWDGH*RYHUQLGHOHJDFLRQVVHUjGH
TXDWUHDQ\VLSRGUDQVHUUHHOHJLWV
(OVFjUUHFVGHOD-XQWDGH*RYHUQHVUHQRYDUDQFDGDGRVDQ\VHQ
GRVWRUQVXQLQWHJUDWSHOGHJjHOVGLSXWDWVSDUHOOVWUHVRUHUVHFUHWDUL
ELEOLRWHFDULLXQDOWUHIRUPDWSHOVGLSXWDWVVHQDUVLFRPSWDGRU
(OVGHOHJDWVGHSDUWLWLYRFDOVHVUHQRYDUDQHQXQD~QLFDFRQYRFD
WzULDFRQMXQWDPHQWDPEOHVHOHFFLRQVDOFjUUHFGHGHJjDPEVXEMHFFLy
DOPDWHL[UqJLPHOHFWRUDO
4XDQ SHU GHIXQFLy UHQ~QFLD R SHU TXDOVHYRO DOWUD FDXVD HV SUR
GXwVTXHQ YDFDQWV HQ OD -XQWD GH *RYHUQ HV SRGUDQ SURYHLU DTXHVWHV
SHUHOHFFLyDFHOHEUDUHQO¶~OWLPWULPHVWUHGHO¶H[HUFLFLSHUzV¶HQWHQ
GUjTXHHOVGHVLJQDWVQRPpVH[HUFLUDQHOVVHXVFjUUHFVGXUDQWHOWHPSV
TXHIDOWDUDDOVTXHYDQSURGXLUOHVYDFDQWVSHUDFRPSOHWDUHOSHUtRGH
GHOVHXPDQGDW4XDQSHUTXDOVHYROFDXVDTXHGHQYDFDQWVODWRWDOLWDW
GHOV FjUUHFV GH OD -XQWD GH *RYHUQ HO &RQVHOO 9DOHQFLj GH &ROÂOHJLV
G¶$GYRFDWV GHVLJQDUj XQD -XQWD 3URYLVLRQDO G¶HQWUH HOV FROÂOHJLDWV
H[HUFHQWV/D-XQWD3URYLVLRQDOFRQYRFDUjHQHOWHUPLQLGHWUHQWDGLHV
QDWXUDOV HOHFFLRQV SHU D OD SURYLVLy GHOV FjUUHFV YDFDQWV SHU OD UHVWD
GHOPDQGDWTXHTXHGDUDHOHFFLRQVTXHKDXUDQGHFHOHEUDUVHGLQVGHOV
WUHQWD GLHV QDWXUDOV VHJHQWV FRPSWDGRUV D SDUWLU GH OD FRQYRFDWzULD
'H OD PDWHL[D PDQHUD HV FRPSOHWDUj SURYLVLRQDOPHQW OD -XQWD GH
*RYHUQTXDQHVSURGXwVFDODYDFDQWGHODPHLWDWRPpVGHOVFjUUHFVL
HVSURFHGLUjGHODPDWHL[DPDQHUDDODFRQYRFDWzULDG¶HOHFFLRQVSHU
DODVHXDSURYLVLyGHILQLWLYDSHOVPHPEUHVGH-XQWDTXHUHVWHQHQHOV
VHXVFjUUHFV
$UWtFXOR
/DGXUDFLyQGHORVFDUJRVGHOD-XQWDGH*RELHUQR\'HOHJDFLRQHV
VHUiGHFXDWURDxRVSXGLHQGRVHUUHHOHJLGRV
/RVFDUJRVGHOD-XQWDGH*RELHUQRVHUHQRYDUiQFDGDGRVDxRV
HQ GRV WXUQRV 8QR LQWHJUDGR SRU HO 'HFDQR ORV 'LSXWDGRV SDUHV
7HVRUHUR6HFUHWDULR%LEOLRWHFDULR\RWURIRUPDGRSRUORV'LSXWDGRV
LPSDUHV\FRQWDGRU
/RV 'HOHJDGRV GH 3DUWLGR \ 9RFDOHV VH UHQRYDUDQ HQ XQD ~QLFD
FRQYRFDWRULD FRQMXQWDPHQWH FRQ ODV HOHFFLRQHV DO FDUJR GH 'HFDQR
FRQVXMHFLyQDOPLVPRUpJLPHQHOHFWRUDO
&XDQGRSRUIDOOHFLPLHQWRUHQXQFLDRSRUFXDOTXLHURWUDFDXVDVH
SURGX]FDQ YDFDQWHV HQ OD -XQWD GH *RELHUQR VH SRGUiQ SURYHHU ODV
PLVPDV SRU HOHFFLyQ D FHOHEUDU HQ HO ~OWLPR WULPHVWUH GHO HMHUFLFLR
SHUR HQWHQGLpQGRVH TXH ORV GHVLJQDGRV VyOR GHVHPSHxDUiQ VXV FDU
JRV GXUDQWH HO WLHPSR TXH IDOWDVH D ORV TXH SURGXMHURQ ODV YDFDQWHV
SDUDFRPSOHWDUHOSHUtRGRGHVXPDQGDWR&XDQGRSRUFXDOTXLHUFDXVD
TXHGHQ YDFDQWHV OD WRWDOLGDG GH ORV FDUJRV GH OD -XQWD GH *RELHUQR
HO&RQVHMR9DOHQFLDQRGH&ROHJLRVGH$ERJDGRVGHVLJQDUiXQD-XQWD
SURYLVLRQDO GH HQWUH ORV FROHJLDGRV HMHUFLHQWHV /D -XQWD SURYLVLRQDO
FRQYRFDUiHQHOSOD]RGHWUHLQWDGtDVQDWXUDOHVHOHFFLRQHVSDUDODSUR
YLVLyQ GH ORV FDUJRV YDFDQWHV SRU HO UHVWR GHO PDQGDWR TXH TXHGDVH
HOHFFLRQHVTXHGHEHUiQFHOHEUDUVHGHQWURGHORVWUHLQWDGtDVQDWXUDOHV
VLJXLHQWHV FRQWDGRV D SDUWLU GH OD FRQYRFDWRULD 'H LJXDO IRUPD VH
FRPSOHWDUiSURYLVLRQDOPHQWHOD-XQWDGH*RELHUQRFXDQGRVHSURGX]
FDODYDFDQWHGHODPLWDGRPiVGHORVFDUJRVSURFHGLpQGRVHGHLJXDO
PRGRDODFRQYRFDWRULDGHHOHFFLRQHVSDUDVXSURYLVLyQGHILQLWLYDSRU
ORVPLHPEURVGH-XQWDTXHUHVWHQHQVXVFDUJRV
$UWLFOH
7RWDOOzUHIHUHQWDO¶HOHFFLyGHFjUUHFVSHUDOD-XQWDGH*RYHUQL
DODIRUPDFLyGHOVFHQVRVG¶HOHFWRUVLHOHJLEOHVDL[tFRPODFHOHEUDFLy
GHOHVHOHFFLRQVHVYHULILFDUjG¶DFRUGDPEOHVQRUPHVLSURFHGLPHQWV
HVWDEOLWVHQOHVGLVSRVLFLRQVYLJHQWVLVHUjFRPSHWqQFLDGHOD-XQWDGH
*RYHUQFRQYRFDUO¶HOHFFLyLRUGHQDUHOTXHFDOJDSHUDOERQGHVHQYROX
SDPHQWG¶DTXHVWDLDXWRULW]DUDPEOHVJDUDQWLHVQHFHVVjULHVG¶DXWHQWL
FLWDWLVHFUHWHOYRWSHUFRUUHXLHOYRWHQOHVGHOHJDFLRQVLVLIDDOFDV
HOYRWSHUPLWMDQVWHOHPjWLFV
(OV SURFHVVRV HOHFWRUDOV HV GHVHQYROXSDUDQ VRWD OD VXSHUYLVLy
G¶XQD -XQWD (OHFWRUDO D TXq OD -XQWD GH *RYHUQ GRQDUj HQ HO WHUPL
QLPpVEUHXSRVVLEOHLVHPSUHGLQVGHOWHUPLQLGHYLQWLTXDWUHKRUHV
WUDVOODW GH O¶DFRUG GH FRQYRFDWzULD HOHFWRUDO L D TXq FRUUHVSRQGUj D
SDUWLU G¶DTXHL[ PRPHQW YHWODU SHU OD LGRQHwWDW GHOV WUjPLWV HOHFWRUDOV
GHVHQYROXSDWVGXUDQWHOSHUtRGHSHUDOTXHIRUHQHOHJLWVHOVVHXVFRP
SRQHQWV HQ HO GLW jPELW DFWXDUj DPE WRWDO LQGHSHQGqQFLD GH OD -XQWD
GH*RYHUQLHOVVHXVPHPEUHVKDXUDQGHFDXVDUEDL[DGDYDQWGHOPpV
PtQLP FRQIOLFWH G¶LQWHUHVVRV DPE HOV FDQGLGDWV FRQFXUUHQWV D TXDOVH
YRO GHOV SURFHVVRV HOHFWRUDOV L HQ WRW FDV VL SUHWHQHQ SUHVHQWDUVH DO
SURFpVHOHFWRUDO
/D-XQWD(OHFWRUDOHVWDUjFRPSRVWDSHUFLQFPHPEUHVWRWVHOOV
DGYRFDWV FROÂOHJLDWV L UHVLGHQWV DPE DOPHQ\V FLQF DQ\V G¶H[HUFLFL HQ
O¶jPELWG¶DTXHVW&ROÂOHJLHOVTXDOVVHUDQHOHJLWVSHUYRWDFLyGLUHFWDL
VHFUHWDHQODSULPHUD-XQWD*HQHUDO2UGLQjULDSRVWHULRUDODUHQRYDFLy
SDUFLDOGHOD-XQWDGH*RYHUQHQTXqV¶HOHJLVTXHQHOVGLSXWDWVVHQDUV
LHOVHXPDQGDWWLQGUjXQDGXUDGDGHTXDWUHDQ\V(OVFDQGLGDWVSRGUDQ
SUHVHQWDUODVHXDFDQGLGDWXUDILQVDTXLQ]HGLHVDEDQVGHODFHOHEUDFLy
GHOD-XQWD(QHOFDVTXHQRHVFREULUDODWRWDOLWDWGHOVPHPEUHVGHOD
-XQWD (OHFWRUDO HOV OORFV TXH TXHGDUHQ YDFDQWV VHUDQ DVVLJQDWV SHU OD
-XQWDGH*RYHUQHQODVHXDSULPHUDUHXQLySHUFROÂOHJLDWVGHOVHXOOLXUH
HOHFFLyTXHFRPSOLVTXHQHOVUHTXLVLWVSUHIHUHQWPHQWHQWUHDTXHOOVTXH
KDJXHUHQVLJXWPHPEUHVG¶DQWHULRUVMXQWHV,JXDOPHQWHVSURFHGLUjHQ
HOVVXSzVLWVGHYDFDQWWRWDORSDUFLDOVREUHYLQJXGD(QFDSFDVSRGUDQ
FRQFyUUHUDO¶HOHFFLyRVHUGHVLJQDWVFRPDPHPEUHVGHOD-XQWD(OHF
$UWtFXOR
7RGRORUHIHUHQWHDODHOHFFLyQGHFDUJRVSDUDOD-XQWDGH*RELHU
QR \ D OD IRUPDFLyQ GH ORV FHQVRV GH HOHFWRUHV \ HOHJLEOHV DVt FRPR
ODFHOHEUDFLyQGHODVHOHFFLRQHVVHYHULILFDUiFRQDUUHJORDODVQRUPDV
\ SURFHGLPLHQWRV HVWDEOHFLGRV HQ ODV GLVSRVLFLRQHV YLJHQWHV VLHQGR
FRPSHWHQFLD GH OD -XQWD GH *RELHUQR FRQYRFDU OD HOHFFLyQ \ RUGHQDU
ORQHFHVDULRSDUDHOEXHQGHVDUUROORGHODPLVPD\DXWRUL]DUFRQODV
JDUDQWtDVQHFHVDULDVGHDXWHQWLFLGDG\VHFUHWRHOYRWRSRUFRUUHR\HO
YRWRHQODVGHOHJDFLRQHV\HQVXFDVRHOYRWRSRUPHGLRVWHOHPiWLFRV
/RV SURFHVRV HOHFWRUDOHV VH GHVDUUROODUiQ EDMR OD VXSHUYLVLyQ
GH XQD -XQWD (OHFWRUDO D OD TXH SRU OD -XQWD GH *RELHUQR VH GDUi HQ
HO SOD]R PDV EUHYH SRVLEOH \ VLHPSUH GHQWUR GHO SOD]R GH YHLQWLFXD
WURKRUDVWUDVODGRGHODFXHUGRGHFRQYRFDWRULDHOHFWRUDO\DODTXHOH
FRUUHVSRQGHUi D SDUWLU GH HVH PRPHQWR YHODU SRU OD LGRQHLGDG GH ORV
WUiPLWHVHOHFWRUDOHVGHVDUUROODGRVGXUDQWHHOSHULRGRSDUDHOTXHIXHUHQ
HOHJLGRVVXVFRPSRQHQWHVHQGLFKRiPELWRDFWXDUiFRQWRWDOLQGHSHQ
GHQFLD GH OD -XQWD GH *RELHUQR GHELHQGR VXV PLHPEURV FDXVDU EDMD
DQWH HO PDV PtQLPR FRQIOLFWR GH LQWHUHVHV FRQ ORV FDQGLGDWRV FRQFX
UUHQWHVDFXDOTXLHUDGHORVSURFHVRVHOHFWRUDOHV\HQWRGRFDVRVLSUH
WHQGHQSUHVHQWDUVHDOSURFHVRHOHFWRUDO
/D -XQWD (OHFWRUDO HVWDUi FRPSXHVWD SRU FLQFR PLHPEURV WRGRV
HOORVDERJDGRVFROHJLDGRV\UHVLGHQWHVFRQDOPHQRVFLQFRDxRVGHHMHU
FLFLRHQHOiPELWRGHHVWH&ROHJLRORVFXDOHVVHUiQHOHJLGRVSRUYRWD
FLyQ GLUHFWD \ VHFUHWD HQ OD SULPHUD -XQWD *HQHUDO 2UGLQDULD SRVWHULRU
D OD UHQRYDFLyQ SDUFLDO GH OD -XQWD GH *RELHUQR HQ TXH VH HOLMD D ORV
'LSXWDGRV LPSDUHV \ VX PDQGDWR WHQGUi XQD GXUDFLyQ GH FXDWUR DxRV
/RVFDQGLGDWRVSRGUiQSUHVHQWDUVXFDQGLGDWXUDKDVWDTXLQFHGtDVDQWHV
GH OD FHOHEUDFLyQ GH OD -XQWD (Q HO VXSXHVWR GH TXH QR VH FXEULHUH OD
WRWDOLGDG GH ORV PLHPEURV GH OD -XQWD (OHFWRUDO ORV SXHVWRV TXH TXH
GDUHQYDFDQWHVVHUiQDVLJQDGRVSRUOD-XQWDGH*RELHUQRHQVXSULPHUD
UHXQLyQSRUFROHJLDGRVGHVXOLEUHHOHFFLyQTXHFXPSODQORVUHTXLVLWRV
SUHIHUHQWHPHQWHHQWUHDTXHOORVTXHKXELHUHQVLGRPLHPEURVGHDQWHULR
UHV-XQWDV,JXDOPHQWHVHSURFHGHUiHQORVVXSXHVWRVGHYDFDQFLDWRWDOR
SDUFLDOVREUHYHQLGD(QQLQJ~QFDVRSRGUiQFRQFXUULUDODHOHFFLyQRVHU
Núm
5509 / 10.05.2007
18852
WRUDODTXHOOVTXHVLJXHQHQDTXHL[HPRPHQWPHPEUHVGHOD-XQWDGH
*RYHUQGHOHJDWVGHSDUWLWRYRFDOV
GHVLJQDGRVFRPRPLHPEURVGHOD-XQWD(OHFWRUDODTXHOORVTXHVHDQHQ
HVHPRPHQWRPLHPEURVGHOD-XQWDGH*RELHUQR'HOHJDGRVGHSDUWLGR
R9RFDOHV
$UWLFOH
$ O¶HIHFWH G¶HOHJLU FjUUHFV GH OD -XQWD GH *RYHUQ WLQGUDQ GUHW GH
VXIUDJLDFWLXHOVFROÂOHJLDWVHQH[HUFLFLDSDUWLUGHODVHXDLQFRUSRUDFLy
VHPSUHTXHILJXUHHQHOFHQVHOHFWRUDOTXHDDTXHVWHIHFWHHVFRQIHFFL
RQHLHOVQRH[HUFHQWVVHPSUHTXHSRUWHQDOPHQ\VXQDQ\LQVFULWVHQHO
&ROÂOHJL(OYRWGHOVFROÂOHJLDWVH[HUFHQWVWLQGUjGREOHYDORUTXHHOGHOV
QR H[HUFHQWV (O YRW SRGUj HPHWUH¶V SHUVRQDOPHQW R SHU FRUUHXHQHO
PRGHTXHHVGHWHUPLQDHQHOVDUWLFOHVVHJHQWV
$UWtFXOR
$ ORV HIHFWRV GH HOHJLU FDUJRV GH OD -XQWD GH *RELHUQR WHQGUiQ
GHUHFKR GH VXIUDJLR DFWLYR ORV &ROHJLDGRV HQ HMHUFLFLR D SDUWLU GH VX
LQFRUSRUDFLyQ VLHPSUH \ FXDQGR ILJXUH HQ HO FHQVR HOHFWRUDO TXH DO
HIHFWR VH FRQIHFFLRQH \ ORV QR HMHUFLHQWHV VLHPSUH TXH OOHYHQ SRU OR
PHQRVXQDxRLQVFULWRVHQHO&ROHJLR(OYRWRGHORV&ROHJLDGRVHMHU
FLHQWHVWHQGUiGREOHYDORUTXHHOGHORVQRHMHUFLHQWHV(OYRWRSRGUi
HPLWLUVHSHUVRQDOPHQWHRSRUFRUUHRHQHOPRGRTXHVHGHWHUPLQDHQ
ORVDUWtFXORVVLJXLHQWHV
$UWLFOH
(OVWUjPLWVTXHV¶KDQGHVHJXLUILQVDODFHOHEUDFLyGHO¶DFWHHOHF
WRUDOVHUDQHOVVHJHQWV
/D &RQYRFDWzULD V¶DQXQFLDUj DPE WUHQWD GLHV G¶DQWHODFLy FRP D
PtQLPDODGDWDGHFHOHEUDFLyGHO¶HOHFFLy
'LQV GHOV FLQF GLHV VHJHQWV D OD GDWD GH OD FRQYRFDWzULD SHU OD
6HFUHWDULDFROÂOHJLDOV¶RPSOLUDQHOVVHJHQWVSDUWLFXODUV
/HVFDQGLGDWXUHVKDXUDQGHSUHVHQWDUVHDOD6HFUHWDULDGHO&ROÂOHJL
DPEDOPHQ\VTXLQ]HGLHVG¶DQWHODFLyDODGDWDDVVHQ\DODGDSHUDO¶DF
WHHOHFWRUDO/HVGLWHVFDQGLGDWXUHVSRGUDQVHUFRQMXQWHVSHUDGLYHUVRV
FjUUHFVRLQGLYLGXDOVSHUDFjUUHFVGHWHUPLQDWVLKDXUDQGHVHUVXEV
FULWHV H[FOXVLYDPHQW SHOV SURSLV FDQGLGDWV &DS FROÂOHJLDW SRGUj SUH
VHQWDUVHFDQGLGDWDPpVG¶XQFjUUHF
(OVFROÂOHJLDWVTXHYROJXHUHQIRUPXODUUHFODPDFLyFRQWUDOHVOOLVWHV
G¶HOHFWRUVKDXUDQGHYHULILFDUODGLQVGHOWHUPLQLGHFLQFGLHVVHJHQWV
DO¶H[SRVLFLyGHOHVPDWHL[HV
/D -XQWD (OHFWRUDO FDV G¶KDYHU UHFODPDFLRQV FRQWUD OHV OOLVWHV
UHVROGUjVREUHHOOHVGLQVGHOVWUHVGLHVVHJHQWVDO¶H[SLUDFLyGHOWHUPL
QLSHUDIRUPXODUOHVQRWLILFDQWVHODVHXDUHVROXFLyDFDGDUHFODPDQW
GLQVGHOVGRVGLHVVHJHQWV
/D-XQWDGH*RYHUQDSURSRVWDGHOD-XQWD(OHFWRUDOHQOD
SULPHUDVHVVLyTXHFHOHEUHSURFODPDUjFDQGLGDWVHOVTXLUHXQLVTXHQHOV
UHTXLVLWVOHJDOVH[LJLEOHVLFRQVLGHUDUjHOHFWHVDOVTXLQRWLQJXHQRSR
QHQWV7RWVHJXLWKRSXEOLFDUjDOWDXOHUG¶DQXQFLVLKRFRPXQLFDUjDOV
LQWHUHVVDWVVHQVHSHUMXGLFLTXHHO&ROÂOHJLSXJDUHPHWUHWDPEpFRPX
QLFDFLRQVLQGLYLGXDOVDOVVHXVPHPEUHV
7RWVHOVWHUPLQLVDVVHQ\DODWVHQDTXHVWDUWLFOHLHQHOSUHFHGHQWHV
FRPSXWDUDQSHUGLHVQDWXUDOV
$UWtFXOR
/RVWUiPLWHVDVHJXLUKDVWDODFHOHEUDFLyQGHODFWRHOHFWRUDOVHUiQ
ORVVLJXLHQWHV
/D&RQYRFDWRULDVHDQXQFLDUiFRQWUHLQWDGtDVGHDQWHODFLyQFRPR
PtQLPRDODIHFKDGHFHOHEUDFLyQGHODHOHFFLyQ
'HQWURGHORVFLQFRGtDVVLJXLHQWHVDODIHFKDGHODFRQYRFDWRULD
SRUOD6HFUHWDUtDFROHJLDOVHFXPSOLPHQWDUiQORVVLJXLHQWHVSDUWLFXOD
UHV
6HLQVHUWDUiHQHOWDEOyQGHDQXQFLRVGHOD6HGH&ROHJLDO\HQOD
SiJLQD ZHE OD FRQYRFDWRULD HOHFWRUDO HQ OD TXH GHEHUiQ FRQVWDU ORV
VLJXLHQWHVH[WUHPRV
&DUJRVTXHKDQGHVHUREMHWRGHHOHFFLyQ\UHTXLVLWRVWDQWRGHDQWL
JHGDGFRPRGHVLWXDFLyQFROHJLDOH[LJLGRVSDUDSRGHUDVSLUDUDFDGD
XQRGHHOORV
/XJDUHV GtD \ KRUD GH FHOHEUDFLyQ GH OD YRWDFLyQ \ WLHPSR GH
GXUDFLyQFRQKRUDGHFLHUUHGHODVXUQDVSDUDFRPLHQ]RGHOHVFUXWLQLR
VHJ~QORGLVSXHVWRHQHOSUHVHQWH(VWDWXWR
$VLPLVPRVHH[SRQGUiQHQHOWDEOyQGHDQXQFLRVGHO&ROHJLRODV
OLVWDVVHSDUDGDVGHFROHJLDGRVHMHUFLHQWHV\QRHMHUFLHQWHVFRQGHUHFKR
DYRWR
/DVFDQGLGDWXUDVGHEHUiQSUHVHQWDUVHHQOD6HFUHWDUtDGHO&ROHJLR
FRQ DO PHQRV TXLQFH GtDV GH DQWHODFLyQ D OD IHFKD VHxDODGD SDUD HO
DFWR HOHFWRUDO 'LFKDV FDQGLGDWXUDV SRGUiQ VHU FRQMXQWDV SDUD YDULRV
FDUJRV R LQGLYLGXDOHV SDUD FDUJRV GHWHUPLQDGRV GHELHQGR VHU VXV
FULWDV H[FOXVLYDPHQWH SRU ORV SURSLRV FDQGLGDWRV 1LQJ~Q FROHJLDGR
SRGUiSUHVHQWDUVHFDQGLGDWRDPiVGHXQFDUJR
/RVFROHJLDGRVTXHTXLVLHUHQIRUPXODUUHFODPDFLyQFRQWUDODVOLV
WDV GH HOHFWRUHV KDEUiQ GH YHULILFDUOD GHQWUR GHO SOD]R GH FLQFR GtDV
VLJXLHQWHVDODH[SRVLFLyQGHODVPLVPDV
/D -XQWD (OHFWRUDO FDVR GH KDEHU UHFODPDFLRQHV FRQWUD ODV OLVWDV
UHVROYHUiVREUHHOODVGHQWURGHORVWUHVGtDVVLJXLHQWHVDODH[SLUDFLyQ
GHOSOD]RSDUDIRUPXODUODVQRWLILFiQGRVHVXUHVROXFLyQFDGDUHFODPDQ
WHGHQWURGHORVGRVGtDVVLJXLHQWHV
ž/D-XQWDGH*RELHUQRDSURSXHVWDGHOD-XQWD(OHFWRUDOHQOD
SULPHUD VHVLyQ TXH FHOHEUH SURFODPDUi FDQGLGDWRV D TXLHQHV UH~QDQ
ORVUHTXLVLWRVOHJDOHVH[LJLEOHVFRQVLGHUDQGRHOHFWRVDORVTXHQRWHQ
JDQRSRQHQWHV6HJXLGDPHQWHORSXEOLFDUiHQHOWDEOyQGHDQXQFLRV\
ORFRPXQLFDUiDORVLQWHUHVDGRVVLQSHUMXLFLRGHTXHHO&ROHJLRSXHGD
UHPLWLUWDPELpQFRPXQLFDFLRQHVLQGLYLGXDOHVDVXVPLHPEURV
7RGRVORVSOD]RVVHxDODGRVHQHVWHDUWtFXOR\HQHOSUHFHGHQWHVH
FRPSXWDUiQSRUGtDVQDWXUDOHV
$UWLFOH
3HUDODFHOHEUDFLyGHO¶HOHFFLyHVFRQVWLWXLUjOD0HVDRPHVHVHOHF
WRUDOVHOQ~PHURLFRPSRVLFLyGHODTXDOHVGHWHUPLQDUjSHUOD-XQWD
GH*RYHUQLTXHFRPDPtQLPDODVHXFROÂOHJLDOHVWDUDQLQWHJUDGHV
SHUXQSUHVLGHQWXQVHFUHWDULLXQYRFDO$PpVGHDODVHXFROÂOHJLDO
V¶LQVWDOÂODUDQ PHVHV HOHFWRUDOV HQ WRWHV R HQ DOJXQHV GHOHJDFLRQV GH
3DUWLW L OD PHVD HOHFWRUDO HVWDUj LQWHJUDGD HQ DTXHVW FDV SHO GHOHJDW
FRPDSUHVLGHQWLSHUXQPHPEUHGH-XQWDTXHIDUjODIXQFLyGHVHFUH
WDUL(QHOFDVTXHHOGHOHJDWFRQFyUUHJDDO¶HOHFFLyOD-XQWD(OHFWRUDO
GHVLJQDUj SHU D SUHVLGLU OD PHVD HOHFWRUDO HO GHOHJDW G¶XQ DOWUH SDUWLW
MXGLFLDORXQDOWUHPHPEUHGH-XQWDGH*RYHUQHQTXLQRFRQFyUUHJD
FDSLPSHGLPHQW(OVFROÂOHJLDWVSRGUDQYRWDU~QLFDPHQWDOD'HOHJDFLy
HQTXqWLQJXHQHOVHXGRPLFLOLSURIHVVLRQDOSULQFLSDOIHQWKRODUHVWD
$UWtFXOR
3DUDODFHOHEUDFLyQGHODHOHFFLyQVHFRQVWLWXLUiOD0HVDR0HVDV
(OHFWRUDOHV FX\R Q~PHUR \ FRPSRVLFLyQ VH GHWHUPLQDUi SRU OD -XQWD
GH*RELHUQR\TXHFRPRPtQLPRHQODVHGHFROHJLDOHVWDUiQLQWHJUD
GDVSRUXQ3UHVLGHQWHXQ6HFUHWDULR\XQ9RFDO$GHPiVGHHQOD6HGH
FROHJLDO VH LQVWDODUiQ PHVDV HOHFWRUDOHV HQ WRGDV R HQ DOJXQDV 'HOH
JDFLRQHVGH3DUWLGRHVWDQGRLQWHJUDGDHQHVWHFDVRODPHVDHOHFWRUDO
SRUHO'HOHJDGRFRPR3UHVLGHQWH\SRUXQPLHPEURGH-XQWDTXHKDUi
ODIXQFLyQGH6HFUHWDULR(QHOFDVRGHTXHHO'HOHJDGRFRQFXUUDDOD
HOHFFLyQOD-XQWD(OHFWRUDOGHVLJQDUiSDUDSUHVLGLUODPHVDHOHFWRUDOHO
'HOHJDGRGHRWURSDUWLGRMXGLFLDOXRWURPLHPEURGH-XQWDGH*RELHU
QR HQ TXLHQ QR FRQFXUUD LPSHGLPHQWR /RV FROHJLDGRV SRGUiQ YRWDU
~QLFDPHQWH HQ OD 'HOHJDFLyQ HQ TXH WHQJDQ VX GRPLFLOLR SURIHVLRQDO
6¶LQVHULUjDOWDXOHUG¶DQXQFLVGHODVHX&ROÂOHJLDOLHQODVHXDSjJL
QDZHEODFRQYRFDWzULDHOHFWRUDOHQTXqKDXUDQGHFRQVWDUHOVSXQWV
VHJHQWV
&jUUHFVTXHKDQGHVHUREMHFWHG¶HOHFFLyLUHTXLVLWVWDQWG¶DQWLJXLWDW
FRPGHVLWXDFLyFROÂOHJLDOH[LJLWVSHUDSRGHUDVSLUDUDFDGDXQG¶HOOV
/ORFV GLD L KRUD GH FHOHEUDFLy GH OD YRWDFLy L WHPSV GH GXUDFLy
DPEKRUDGHWDQFDPHQWGHOHVXUQHVSHUDFRPHQoDPHQWGHO¶HVFUXWLQL
VHJRQVHOTXHGLVSRVDHOSUHVHQW(VWDWXW
$L[tPDWHL[V¶H[SRVDUDQDOWDXOHUG¶DQXQFLVGHO&ROÂOHJLOHVOOLVWHV
VHSDUDGHVGHFROÂOHJLDWVH[HUFHQWVLQRH[HUFHQWVDPEGUHWGHYRW
Núm
5509 / 10.05.2007
18853
&RQVWLWXwGD OD 0HVD (OHFWRUDO HO SUHVLGHQW LQGLFDUj HO FRPHQoD
PHQWGHODYRWDFLyLDO¶KRUDSUHYLVWDSHUDODVHXDILQDOLW]DFLyHVWDQ
FDUDQOHVSRUWHVLQRPpVSRGUDQYRWDUHOVFROÂOHJLDWVTXHMDHVWLJXHUHQ
DODVDOD/DPHPEUHVGHOD0HVDYRWDUjHQ~OWLPOORF
/¶HOHFFLy WLQGUj SHU DO VHX GHVHQYROXSDPHQW XQ WHPSV PtQLP GH
TXDWUHKRUHVOOHYDWTXHOD-XQWDDOFRQYRFDUO¶HOHFFLyQ¶DVVHQ\DOHXQ
DOWUHGLIHUHQW(OWHPSVGHYRWDFLyHQOHVGHOHJDFLRQVV¶LQLFLDUjLILQD
OLW]DUjGHIRUPDFRHWjQLDDPEODVHXSULQFLSDO)LQDOLW]DWHOWHPSVGH
YRWDFLyHQOHVPHVHVGHOHVGHOHJDFLRQVHOVPHPEUHVG¶DTXHVWHVIDUDQ
HOUHFRPSWHGHYRWVLDOoDUDQDFWDTXHVLJQDUDQLUHPHWUDQDOD0HVD
(OHFWRUDOGHOD6HXFROÂOHJLDOSHOPLWMjTXHV¶DFRUGHHOTXDOHVGLULJLUj
LPPHGLDWDPHQW D DTXHVWD SRUWDQW OHV SDSHUHWHV OD OOLVWD GH YRWDQWV L
O¶DFWDGHJXGDPHQWVXEVFULWDLWDQFDGD
/HVSDSHUHWHVGHYRWVHUDQEODQTXHVGHODPDWHL[DJUDQGjULDHGL
WDGHV SHO &ROÂOHJL L SRUWDUDQ LPSUHVRV SHU XQD VROD FDUD FRUUHODWLYD
PHQWHOVFjUUHFVDO¶HOHFFLyGHOVTXDOVHVSURFHGHL[
(OV FDQGLGDWV SRGUDQ SHU OD VHXD EDQGD FRQIHFFLRQDU SDSHUHWHV
TXHVHUDQH[DFWDPHQWLJXDOVDOHVHGLWDGHVSHO&ROÂOHJLLKDXUDQGHVHU
KRPRORJDGHVSUqYLDPHQWSHUOD-XQWD(OHFWRUDO/D-XQWDKDXUjGHGLV
SRVDUDODVHXHQTXqVHFHOHEUHO¶HOHFFLyXQQRPEUHVXILFLHQWQRPEUH
GHSDSHUHWHVDPEHOVQRPVGHOVFDQGLGDWVHQEODQF
(OYRWSRGUjVHUHPpVSHUVRQDOPHQWRSHUFRUUHXFHUWLILFDWXWLOLW
]DQWVHHQDPEGyVFDVRVDDTXHVWHIHFWHXQDSDSHUHWDTXHUHXQLVFDOHV
FDUDFWHUtVWLTXHVDTXqHVUHIHUHL[HQHOVSXQWVLGHOSUHVHQWDUWLFOH
(OVYRWDQWVKDXUDQG¶DFUHGLWDUDODPHVDHOHFWRUDOODVHXDSHUVRQD
OLWDW/DWDXODFRPSURYDUjODVHXDLQFOXVLyHQHOFHQVHODERUDWSHUDOHV
HOHFFLRQVHOVHXSUHVLGHQWSURQXQFLDUjHQYHXDOWDHOQRPLFRJQRPV
GHOYRWDQWLQGLFDQWTXHYRWDGDUUHUHGHODTXDOFRVDHOSURSLSUHVLGHQW
LQWURGXLUjODSDSHUHWDGREOHJDGDHQO¶XUQDFRUUHVSRQHQW
SULQFLSDO KDFLpQGROR HO UHVWR GH ORV FROHJLDGRV HQ OD VHGH SULQFLSDO
&DGD FDQGLGDWR SRGUi SRU VX SDUWH GHVLJQDU HQWUH ORV FROHJLDGRV XQ
LQWHUYHQWRUTXHORUHSUHVHQWHDQWHOD0HVD(OHFWRUDO
(QODPHVDHOHFWRUDOGHEHUiKDEHUXUQDVVHSDUDGDVSDUDODHOHFFLyQ
GH 0LHPEURV GH -XQWD \ GH 'HOHJDGRV GH 3DUWLGR DVt FRPR SDUD HO
GHSyVLWR GH ORV YRWRV GH ORV FROHJLDGRV HMHUFLHQWHV \ QR HMHUFLHQWHV
/DVXUQDVGHEHUiQHVWDUFHUUDGDVGHMDQGR~QLFDPHQWHXQDUDQXUDSDUD
GHSRVLWDUORVYRWRV
&RQVWLWXLGDOD0HVD(OHFWRUDOHO3UHVLGHQWHLQGLFDUiHOFRPLHQ]R
GHODYRWDFLyQ\DODKRUDSUHYLVWDSDUDVXILQDOL]DFLyQVHFHUUDUiQODV
SXHUWDV\VyORSRGUiQYRWDUORVFROHJLDGRVTXH\DHVWXYLHUHQHQODVDOD
/D0HVDYRWDUiHQ~OWLPROXJDU
/DHOHFFLyQWHQGUiSDUDVXGHVDUUROORXQWLHPSRPtQLPRGHFXDWUR
KRUDVVDOYRTXHOD-XQWDDOFRQYRFDUODHOHFFLyQVHxDOHRWURGLIHUHQWH
(OWLHPSRGHYRWDFLyQHQODV'HOHJDFLRQHVVHLQLFLDUi\ILQDOL]DUiGH
IRUPDFRHWiQHDFRQODVHGHSULQFLSDO)LQDOL]DGRHOWLHPSRGHYRWDFLyQ
HQODVPHVDVGHODV'HOHJDFLRQHVORVPLHPEURVGHODVPLVPDVKDUiQHO
UHFXHQWRGHYRWRVOHYDQWDUiQ$FWDTXHILUPDUiQ\UHPLWLUiQDOD0HVD
(OHFWRUDO GH OD 6HGH FROHJLDO SRU HO PHGLR TXH VH DFXHUGH GHELHQGR
GLULJLUVHGHLQPHGLDWRDHVWDSRUWDQGRODVSDSHOHWDVODOLVWDGHYRWDQWHV
\HO$FWDGHELGDPHQWHVXVFULWD\FHUUDGD
/DVSDSHOHWDVGHYRWRVHUiQEODQFDVGHOPLVPRWDPDxRHGLWDGDV
SRUHO&ROHJLR\OOHYDUiQLPSUHVRVSRUXQDVRODFDUDFRUUHODWLYDPHQWH
ORVFDUJRVDFX\DHOHFFLyQVHSURFHGH
/RV FDQGLGDWRV SRGUiQ SRU VX SDUWH FRQIHFFLRQDU SDSHOHWDV TXH
VHUiQH[DFWDPHQWHLJXDOHVDODVHGLWDGDVSRUHO&ROHJLR\KDEUiQGHVHU
KRPRORJDGDVSUHYLDPHQWHSRUOD-XQWD(OHFWRUDO(QODVHGHHQODTXH
VHFHOHEUHODHOHFFLyQGHEHUiGLVSRQHUOD-XQWDGHVXILFLHQWHQ~PHUR
GHSDSHOHWDVFRQORVQRPEUHVGHORVFDQGLGDWRVHQEODQFR
(OYRWRSRGUiVHUHPLWLGRSHUVRQDOPHQWHRSRUFRUUHRFHUWLILFDGR
XWLOL]iQGRVHHQDPERVFDVRVDOHIHFWRSDSHOHWDTXHUH~QDODVFDUDFWH
UtVWLFDVDODVTXHVHUHILHUHQORVSXQWRV\GHOSUHVHQWHDUWtFXOR
/RVYRWDQWHVGHEHUiQDFUHGLWDUDODPHVDHOHFWRUDOVXSHUVRQDOLGDG
/DPHVDFRPSUREDUiVXLQFOXVLyQHQHOFHQVRHODERUDGRSDUDODVHOHF
FLRQHVVX3UHVLGHQWHSURQXQFLDUiHQYR]DOWDHOQRPEUH\DSHOOLGRVGHO
YRWDQWHLQGLFDQGRTXHYRWDWUDVORFXDOHOSURSLR3UHVLGHQWHLQWURGXFL
UiODSDSHOHWDGREODGDHQODXUQDFRUUHVSRQGLHQWH
$UWLFOH
(OV FROÂOHJLDWV SRGUDQ HPHWUH HO VHX YRW SHU FRUUHX G¶DFRUG DPE
OHVQRUPHVVHJHQWV
U 'HV TXH HV FRQYRTXHQ OHV HOHFFLRQV SHU D FREULU HOV FjUUHFV
GHOD-XQWDGH*RYHUQLILQVDTXLQ]HGLHVDEDQVGHO¶HOHFFLyHOVFRO
OHJLDWVTXHGHVLWJHQHPHWUHHOVHXYRWSHUFRUUHXKDXUDQGHVROÂOLFLWDU
GDYDQWGHODVHFUHWjULDGHO&ROÂOHJLHOFHUWLILFDWDFUHGLWDWLXGHODVHXD
LQFOXVLyHQHO&HQVHOHFWRUDO/DGLWDVROÂOLFLWXGHVSRGUjIRUPXODUSHU
FRPSDUHL[HQoDSHUVRQDODOD6HFUHWDULDRPLWMDQoDQWFRPXQLFDFLyVLJ
QDGDGLJLWDOPHQW
Q (O VHFUHWDUL GHO &ROÂOHJL OOLXUDUj HO FHUWLILFDW L O¶HQWUHJDUj Ep
SHUVRQDOPHQW R Ep UHPHWHQWOR SHU FRUUHX FHUWLILFDW MXQWDPHQW DPE
OHV SDSHUHWHV GH YRWDFLy LPSUHVHV SHO &ROÂOHJL L DPE GRV VREUHV DPE
VHJHOOLFDSoDOHUDFROÂOHJLDOLHOOHPD³(OHFFLRQVD-XQWDGH*RYHUQ´
GLQV GHOV WUHV GLHV VHJHQWV D OD ILQDOLW]DFLy GHO WHUPLQL GH VROÂOLFLWXG
GHOSDUjJUDISUHFHGHQW
U(OFROÂOHJLDWYRWDQWKDXUjG¶LQWURGXLUODSDSHUHWDGHYRWDFLyHQ
XQGHOVVREUHVOOLXUDWVDPEDTXHVWILLXQDYHJDGDWDQFDWO¶LQVHULUjHQ
O¶DOWUHVREUHMXQWDPHQWDPEHOFHUWLILFDWG¶HVWDULQFOzVHQHOFHQVHOHF
WRUDOLFzSLDGHOVHXFDUQHWGHFROÂOHJLDW(OGLWVREUHKDGHUHPHWUH¶V
SHUFRUUHXFHUWLILFDWDO&ROÂOHJL
W (OV VREUHV UHEXWV VHUDQ FXVWRGLDWV SHO VHFUHWDUL GH OD -XQWD GH
*RYHUQGHO&ROÂOHJLILQVDOPRPHQWGHO¶HVFUXWLQLHQTXqHOVOOLXUDUj
DOSUHVLGHQWGHOD0HVD(OHFWRUDOLGRQDUjFRPSWHG¶HOOVHQ~OWLPOORF
LSUqYLDFRPSURYDFLyGHODLGHQWLWDWGHOUHPLWHQWDL[tFRPTXHDTXHVW
QRKDYRWDWSHUVRQDOPHQWGHVSUpVOHVSDSHUHWHVVHUDQLQWURGXwGHVHQ
O¶XUQDFRUUHVSRQHQW
p 1RPpV V¶DGPHWUDQ HOV YRWV HPHVRV SHU FRUUHX TXH FRPSOLV
TXHQHOVUHTXLVLWVHVWDEOLWVLTXHWLQJXHQHQWUDGDHQHO&ROÂOHJLILQVDO
PRPHQWGHWDQFDUVHODYRWDFLy
$UWtFXOR
/RV FROHJLDGRV SRGUiQ HPLWLU VX YRWR SRU FRUUHR GH DFXHUGR FRQ
ODVVLJXLHQWHVQRUPDV
ž'HVGHTXHVHFRQYRTXHQODVHOHFFLRQHVSDUDFXEULUORVFDUJRV
GHOD-XQWDGH*RELHUQR\KDVWDTXLQFHGtDVDQWHVGHODHOHFFLyQORV
FROHJLDGRVTXHGHVHHQHPLWLUVXYRWRSRUFRUUHRGHEHUiQVROLFLWDUDQWH
OD6HFUHWDULDGHO&ROHJLROD&HUWLILFDFLyQDFUHGLWDWLYDGHVXLQFOXVLyQ
HQ HO &HQVR HOHFWRUDO 'LFKD VROLFLWXG VH SRGUi IRUPXODU SRU FRPSD
UHFHQFLD SHUVRQDO HQ OD 6HFUHWDUtD R PHGLDQWH FRPXQLFDFLyQ ILUPDGD
GLJLWDOPHQWH
ž (O 6HFUHWDULR GHO &ROHJLR OLEUDUi OD FHUWLILFDFLyQ \ HQWUHJDUi
ODPLVPDELHQSHUVRQDOPHQWHELHQUHPLWLpQGRODSRUFRUUHRFHUWLILFD
GRMXQWRFRQODVSDSHOHWDVGHYRWDFLyQLPSUHVDVSRUHO&ROHJLR\GRV
VREUHVFRQVHOOR\PHPEUHWHFROHJLDO\HOOHPD³(OHFFLRQHVD-XQWDGH
*RELHUQR´GHQWURGHORVWUHVGtDVVLJXLHQWHVDODILQDOL]DFLyQGHOSOD]R
GHVROLFLWXGGHOSiUUDIRSUHFHGHQWH
ž(OFROHJLDGRYRWDQWHGHEHUiLQWURGXFLUODSDSHOHWDGHYRWDFLyQ
HQXQRGHORVVREUHVHQWUHJDGRVDWDOILQ\XQDYH]FHUUDGRORLQVHU
WDUiHQHORWURVREUHMXQWRFRQOD&HUWLILFDFLyQGHHVWDULQFOXLGRHQHO
FHQVR HOHFWRUDO \ FRSLD GH VX FDUQHW GH FROHJLDGR 'LFKR VREUH GHEH
UHPLWLUVHSRUFRUUHRFHUWLILFDGRDO&ROHJLR
ž/RVVREUHVUHFLELGRVVHUiQFXVWRGLDGRVSRUHO6HFUHWDULRGHOD
-XQWDGH*RELHUQRGHO&ROHJLRKDVWDHOPRPHQWRGHOHVFUXWLQLRHQTXH
ORV HQWUHJDUi DO 3UHVLGHQWH GH OD 0HVD (OHFWRUDO GiQGRVH FXHQWD GH
ORVPLVPRVHQ~OWLPROXJDU\SUHYLDFRPSUREDFLyQGHODLGHQWLGDGGHO
UHPLWHQWHDVtFRPRGHTXHHOPLVPRQRKDYRWDGRSHUVRQDOPHQWHODV
SDSHOHWDVVHUiQLQWURGXFLGDVHQODXUQDFRUUHVSRQGLHQWH
ž 6ROR VH DGPLWLUiQ ORV YRWRV HPLWLGRV SRU FRUUHR TXH FXPSODQ
ORVUHTXLVLWRVHVWDEOHFLGRV\TXHWHQJDQHQWUDGDHQHO&ROHJLRKDVWDHO
PRPHQWRGHFHUUDUVHODYRWDFLyQ
GHOV FROÂOHJLDWV D OD VHX SULQFLSDO &DGD FDQGLGDW SRGUj SHU OD VHXD
EDQGD GHVLJQDU HQWUH HOV FROÂOHJLDWV XQ LQWHUYHQWRU TXH HO UHSUHVHQWH
GDYDQWGHOD0HVD(OHFWRUDO
(QOD0HVD(OHFWRUDOKDXUjG¶KDYHUKLXUQHVVHSDUDGHVSHUDO¶HOHF
FLyGHPHPEUHVGH-XQWDLGHGHOHJDWVGH3DUWLWDL[tFRPSHUDOGHSzVLW
GHOV YRWV GHOV FROÂOHJLDWV H[HUFHQWV L QR H[HUFHQWV /HV XUQHV KDXUDQ
G¶HVWDUWDQFDGHVDPE~QLFDPHQWXQDUDQXUDSHUDGHSRVLWDUHOVYRWV
Núm
5509 / 10.05.2007
18854
p/HVFDUWHVUHEXGHVGHVSUpVGHO¶HVFUXWLQLKDXUDQGHVHUUHEXWMD
GHVLRUGHQDGDODVHXDGHYROXFLySHOPDWHL[FRQGXFWHSHUDSUHVHUYDU
O¶HOHFWRULODVHXDLQWHQFLyGHYRW
p(OYRWSHUVRQDODQXOÂODUjHQWRWFDVHOYRWHPpVSHUFRUUHX
ž/DVFDUWDVUHFLELGDVFRQSRVWHULRULGDGDOHVFUXWLQLRGHEHUiQVHU
UHKXVDGDV\RUGHQDGDVXGHYROXFLyQSRUHOPLVPRFRQGXFWRSDUDSUH
VHUYDUDOHOHFWRU\VXLQWHQFLyQGHYRWR
ž (O YRWR SHUVRQDO DQXODUi HQ WRGR FDVR HO YRWR HPLWLGR SRU
FRUUHR
$UWLFOH
)LQDOLW]DGDODYRWDFLyDODVHXFROÂOHJLDOLGHOHJDFLRQVHVSURFHGLUj
VLPXOWjQLDPHQWDOUHFRPSWHGHYRWVLIRUPDOLW]DFLyGHOHVUHVSHFWLYHV
DFWHVDPEHOUHVXOWDWGHFDGDXQDGHOHVPHVHVVLJQDGDSHOSUHVLGHQW
LHOVHFUHWDULGHFDGDXQDG¶HOOHVMXQWDPHQWDPEHOVYRFDOVLLQWHUYHQ
WRUVVLHOVKLKDJXHUD
$OoDGD O¶DFWD D OHV GHOHJDFLRQV VHQVH SHUMXGLFL GH FRPXQLFDU HO
UHVXOWDWDODVHXFROÂOHJLDOHOSUHVLGHQWLVHFUHWDULHVWUDVOODGDUDQLPPH
GLDWDPHQWDDTXHVWDSRUWDQWDPEVLO¶DFWDVXEVFULWDODOOLVWDGHYRWDQWV
LOHVSDSHUHWHVHPHVHV
&RQFOzVHOUHFRPSWHHQODPHVDHOHFWRUDOGHODVHXLIRUPDOLW]DGD
OD VHXD DFWD HV SURFHGLUj D O¶HVFUXWLQL GHOV YRWV HPHVRV SHU FRUUHX L
FXVWRGLDWVSHOVHFUHWDULGH-XQWDSUqYLDFRPSURYDFLyTXHFRPSOHL[HQ
WRWVHOVUHTXLVLWVHVWDEOLWVHQO¶DUWLFOHDQWHULRU
+DXUDQ GH VHU GHFODUDWV QXOV WRWDOPHQW DTXHOOV YRWV TXH FRQ
WLQJXHQ H[SUHVVLRQV DOLHQHV D O¶HVWULFWH FRQWLQJXW GH OD YRWDFLy R TXH
FRQWLQJXHQUDWOODGHVRUDVSDGXUHVLSDUFLDOPHQWTXDQWDOFjUUHFDTXq
DIHFWDUDOHVTXHLQGLTXHQPpVG¶XQFDQGLGDWSHUDXQPDWHL[FjUUHFR
QRPVGHSHUVRQHVTXHQRFRQFyUUHJXHQDO¶HOHFFLy$TXHOOHVSDSHUHWHV
TXHHVWUREHQQRPpVSDUFLDOPHQWRPSOLGHVTXDQWDOQRPEUHGHFDQGL
GDWV SHUz TXH UHXQLVTXHQ HOV UHTXLVLWV H[LJLWV SHU D OD VHXD YDOLGHVD
KRVHUDQSHUDOVFjUUHFVLSHUVRQHVFRUUHFWDPHQWH[SUHVVDWV,TXDQWDOV
HPHVRVSHUFRUUHXVHUDQDPpVQXOVDTXHOOVTXHQRYLQJXHQDFRPSD
Q\DWVGHOFHUWLILFDWLODIRWRFzSLDGHOFDUQHWFROÂOHJLDO
$UWtFXOR
)LQDOL]DGD OD YRWDFLyQ HQ OD 6HGH \ 'HOHJDFLRQHV VH SURFHGHUi
VLPXOWiQHDPHQWH DO UHFXHQWR GH YRWRV \ IRUPDOL]DFLyQ GH ODV UHVSHF
WLYDV$FWDVFRQHOUHVXOWDGRGHFDGDXQDGHODVPHVDVILUPDGDSRUHO
3UHVLGHQWH\HO6HFUHWDULRGHFDGDXQDGHHOODVMXQWRFRQORVYRFDOHVH
LQWHUYHQWRUHVVLORVKXELHUH
/HYDQWDGDHO$FWDHQODV'HOHJDFLRQHVVLQSHUMXLFLRGHFRPXQLFDU
HOUHVXOWDGRDOD6HGHFROHJLDOHO3UHVLGHQWH\6HFUHWDULRVHWUDVODGDUiQ
GHLQPHGLDWRDODPLVPDSRUWDQGRFRQVLJRHO$FWDVXVFULWDFRQODOLVWD
GHYRWDQWHV\ODVSDSHOHWDVHPLWLGDV
&RQFOXLGRHOUHFXHQWRHQODPHVDHOHFWRUDOGHODVHGH\IRUPDOL]D
GDVXDFWDVHSURFHGHUiDOHVFUXWLQLRGHORVYRWRVHPLWLGRVSRUFRUUHR
\FXVWRGLDGRVSRUHO6HFUHWDULRGH-XQWDSUHYLDFRPSUREDFLyQGHTXH
FXPSOHQWRGRVORVUHTXLVLWRVHVWDEOHFLGRVHQHODUWtFXORDQWHULRU
'HEHUiQ VHU GHFODUDGRV QXORV WRWDOPHQWH DTXHOORV YRWRV TXH
FRQWHQJDQ H[SUHVLRQHV DMHQDV DO HVWULFWR FRQWHQLGR GH OD YRWDFLyQ R
TXH FRQWHQJDQ WDFKDGXUDV R UDVSDGXUDV \ SDUFLDOPHQWH HQ FXDQWR DO
FDUJR D TXH DIHFWDUH ODV TXH LQGLTXHQ PiV GH XQ FDQGLGDWR SDUD XQ
PLVPRFDUJRRQRPEUHVGHSHUVRQDVTXHQRFRQFXUUDQDODHOHFFLyQ
$TXHOODVSDSHOHWDVTXHVHKDOOHQVyORSDUFLDOPHQWHUHOOHQDGDVHQFXDQ
WR DO Q~PHUR GH FDQGLGDWRV SHUR TXH UH~QDQ ORV UHTXLVLWRV H[LJLGRV
SDUD VX YDOLGH] OR VHUiQ SDUD ORV FDUJRV \ SHUVRQDV FRUUHFWDPHQWH
H[SUHVDGRV<HQFXDQWRDORVHPLWLGRVSRUFRUUHRVHUiQDGHPiVQXORV
DTXHOORVTXHQRYHQJDQDFRPSDxDGRVGHOFHUWLILFDGR\ODIRWRFRSLDGHO
FDUQHWFROHJLDO
)LQDOL]DGR HO HVFUXWLQLR OD 3UHVLGHQFLD DQXQFLDUi VX UHVXOWD
GRSURFODPiQGRVHVHJXLGDPHQWHHOHFWRVORVFDQGLGDWRVTXHKXELHUDQ
REWHQLGRSDUDFDGDFDUJRHOPD\RUQ~PHURGHYRWRV(QFDVRGHHPSD
WH VH HQWHQGHUi HOHJLGR HO GH PD\RU WLHPSR GH HMHUFLFLR HQ HO SURSLR
&ROHJLRGHWHUPLQiQGRVHHVWHSRUHOQ~PHURGHFROHJLDGRPDVDQWLJXR
(QHOSOD]RGHFLQFRGtDVGHVGHODFRQVWLWXFLyQGHORVyUJDQRVGH
JRELHUQRGHEHUiFRPXQLFDUVHpVWDDO&RQVHMR9DOHQFLDQRGH&ROHJLRV
GH$ERJDGRVDO&RQVHMR*HQHUDO\DWUDYpVGHpVWHDO0LQLVWHULRGH
-XVWLFLDSDUWLFLSDQGRVXFRPSRVLFLyQ\HOFXPSOLPLHQWRGHORVUHTXL
VLWRVOHJDOHV
/RVFDQGLGDWRVHOHFWRVWRPDUiQSRVHVLyQHQDFWRVROHPQHHQOD
SULPHUD -XQWD *HQHUDO 2UGLQDULD GHO HMHUFLFLR VLJXLHQWH D OD IHFKD GH
FHOHEUDFLyQGHODVHOHFFLRQHVSUHYLRMXUDPHQWRRSURPHVDGHFXPSOLU
ILHOPHQWH HO FDUJR UHVSHFWLYR \ JXDUGDU VHFUHWR GH ODV GHOLEHUDFLRQHV
GHOD-XQWDGH*RELHUQRLPSRQLpQGROHVHO'HFDQRORVGLVWLQWLYRVFROH
JLDOHVDFUHGLWDWLYRVGHVXVFDUJRV
)LQDOLW]DW O¶HVFUXWLQL OD 3UHVLGqQFLD DQXQFLDUj HO VHX UHVXOWDW
SURFODPDQWVH WRW VHJXLW HOHFWHV HOV FDQGLGDWV TXH KDJXHUHQ REWLQJXW
SHUDFDGDFjUUHFHOQRPEUHPpVJUDQGHYRWV(QFDVG¶HPSDWV¶HQWHQ
GUjHOHJLW HO GH PDMRU WHPSV G¶H[HUFLFL HQ HO SURSL &ROÂOHJL GHWHUPL
QDQWVHDTXHVWSHOQ~PHURGHFROÂOHJLDWPHVDQWLF
(QHOWHUPLQLGHFLQFGLHVGHVGHODFRQVWLWXFLyGHOVzUJDQVGH
JRYHUQ KDXUj GH FRPXQLFDUVH DTXHVWD DO &RQVHOO 9DOHQFLj GH &RO
OHJLVG¶$GYRFDWVDO&RQVHOO*HQHUDOLDWUDYpVG¶DTXHVWDO0LQLVWHUL
GH-XVWtFLDSDUWLFLSDQWODVHXDFRPSRVLFLyLHOFRPSOLPHQWGHOVUHTXL
VLWVOHJDOV
(OV FDQGLGDWV HOHFWHV SUHQGUDQ SRVVHVVLy HQ DFWH VROHPQH HQ
OD SULPHUD -XQWD *HQHUDO 2UGLQjULD GH O¶H[HUFLFL VHJHQW D OD GDWD
GH FHOHEUDFLy GH OHV HOHFFLRQV SUHYL MXUDPHQW R SURPHVD GH FRPSOLU
ILGHOPHQW HO FjUUHF UHVSHFWLX L JXDUGDU VHFUHW GH OHV GHOLEHUDFLRQV GH
OD-XQWDGH*RYHUQDOVTXDOVLPSRVDUjHOGHJjHOVGLVWLQWLXVFROÂOHJLDOV
DFUHGLWDWLXVGHOVVHXVFjUUHFV
7Ë72/9,,,
'(/65(&85626(&21Ñ0,&6
7Ë78/29,,,
'(/265(&85626(&2120,&26
&DStWROÒQLF
&DStWXORÒQLFR
$UWLFOH
/¶H[HUFLFLHFRQzPLFFRLQFLGLUjDPEO¶DQ\QDWXUDO
(OUqJLPHFRQzPLFV¶DMXVWDUjDOSUHVVXSRVWDQXDO/DFRPSWDELOLWDW
HVIRQDPHQWDUjHQSULQFLSLVJHQHUDOPHQWDFFHSWDWVLHQODUHVWDGHQRU
PHVG¶DSOLFDFLy
7RWV HOV FROÂOHJLDWV SRGUDQ H[DPLQDU HOV FRPSWHV GHO &ROÂOHJL
GXUDQW HOV TXLQ]H GLHV KjELOV DQWHULRUV D OD GDWD GH FHOHEUDFLy GH
OD -XQWD *HQHUDO ,JXDOPHQW WLQGUDQ GUHW HQ WRW PRPHQW D GHPDQDU
L REWLQGUH GH OD -XQWD GH *RYHUQ GDGHV VREUH OD PDU[D HFRQzPLFD
GHO &ROÂOHJL VHPSUH TXH VLJD FRQFUHWDPHQW SUHFLVDGD FDGD SHWLFLy
L SRGUDQ H[DPLQDU OD FRPSWDELOLWDW L HOV OOLEUHV HQ HO SHUtRGH TXH KL
KD HQWUH OD FRQYRFDWzULD GH -XQWD *HQHUDO 2UGLQjULD L OD FHOHEUDFLy
G¶DTXHVWD
$UWtFXOR
(OHMHUFLFLRHFRQyPLFRFRLQFLGLUiFRQHODxRQDWXUDO
(OUpJLPHQHFRQyPLFRVHDMXVWDUiDOSUHVXSXHVWRDQXDO/DFRQWD
ELOLGDGVHEDVDUiHQ3ULQFLSLRVJHQHUDOPHQWHDFHSWDGRV\GHPiV QRU
PDVGHDSOLFDFLyQ
7RGRV ORV FROHJLDGRV SRGUiQ H[DPLQDU ODV FXHQWDV GHO &ROHJLR
GXUDQWH ORV TXLQFH GtDV KiELOHV DQWHULRUHV D OD IHFKD GH FHOHEUDFLyQ
GH OD -XQWD *HQHUDO ,JXDOPHQWH WHQGUiQ GHUHFKR HQ WRGR PRPHQWR
DSHGLU\REWHQHUGHOD-XQWDGH*RELHUQRGDWRVVREUHODPDUFKDHFR
QyPLFD GHO &ROHJLR VLHPSUH TXH VHD FRQFUHWDPHQWH SUHFLVDGD FDGD
SHWLFLyQSXGLHQGRH[DPLQDUODFRQWDELOLGDG\ORVOLEURVHQHOSHULRGR
TXHPHGLDHQWUHODFRQYRFDWRULDGH-XQWD*HQHUDO2UGLQDULD\ODFHOH
EUDFLyQGHpVWD
Núm
5509 / 10.05.2007
$UWLFOH
&RQVWLWXHL[HQUHFXUVRVRUGLQDULVLH[WUDRUGLQDULVGHO¶,OÂOXVWUH&RO
OHJL G¶$GYRFDWV G¶$ODFDQW DTXHOOV TXH HV FRQWHPSOHQ HQ O¶DUWLFOH GH O¶(VWDWXW *HQHUDO GH O¶$GYRFDFLD VHQVH SHUMXGLFL GH TXq SXJXHQ
HVWDEOLUVH¶QSHUOD-XQWDGH*RYHUQGHO&ROÂOHJLSHUDODSUHVWDFLyGH
VHUYHLVDL[tFRPTXDOVVHYRODOWUHVTXHOHJDOPHQWSURFHGLVTXHQ
(O SDWULPRQL GHO &ROÂOHJL VHUj DGPLQLVWUDW SHU OD -XQWD GH
*RYHUQ IDFXOWDW TXH V¶H[HUFLUj D WUDYpV GHO WUHVRUHU L DPE OD FRO
ODERUDFLy WqFQLFD TXH SUHFLVH FRUUHVSRQHQW DO GHJj O¶RUGHQDFLy GH
SDJDPHQWVLDOWUHVRUHUODVHXDH[HFXFLy
18855
$UWtFXOR
&RQVWLWX\HQUHFXUVRVRUGLQDULRV\H[WUDRUGLQDULRVGHO,OXVWUH&ROH
JLRGH$ERJDGRVGH$OLFDQWHORVTXHVHFRQWHPSODQHQHODUWtFXOR
GHO(VWDWXWR*HQHUDOGHOD$ERJDFtDVLQSHUMXLFLRGHORVTXHSXHGDQ
HVWDEOHFHUVHSRUOD-XQWDGH*RELHUQRGHO&ROHJLRSRUODSUHVWDFLyQGH
VHUYLFLRVDVtFRPRFXDOHVTXLHUDRWURVTXHOHJDOPHQWHSURFHGDQ
(O SDWULPRQLR GHO &ROHJLR VHUi DGPLQLVWUDGR SRU OD -XQWD GH
*RELHUQRIDFXOWDGTXHVHHMHUFHUiDWUDYpVGHO7HVRUHUR\FRQODFROD
ERUDFLyQ WpFQLFD TXH SUHFLVH FRUUHVSRQGLHQGR DO 'HFDQR OD RUGHQD
FLyQGHSDJRV\DO7HVRUHURVXHMHFXFLyQ
7Ë72/,;
'(/5Ê*,0'(5(63216$%,/,7$7',6&,3/,1¬5,$
'(/6&2/Â/(*,$76
7,78/2,;
'(/5(*,0(1'(5(63216$%,/,'$'',6&,3/,1$5,$
'(/26&2/(*,$'26
&DStWROÒQLF
&DStWXORÒQLFR
$UWLFOH
(OV$GYRFDWV HVWDQ VXEMHFWHV D UHVSRQVDELOLWDW GLVFLSOLQjULD HQ HO
FDV G¶LQIUDFFLy GHOV VHXV GHXUHV SURIHVVLRQDOV L QRUPHV GHRQWROzJL
TXHV
/HVIDFXOWDWVGLVFLSOLQjULHVGHO¶DXWRULWDWMXGLFLDOVREUHHOVDGYRFDWV
V¶DMXVWDUDQ DO TXH GLVSRVHQ OHV OOHLV SURFHVVDOV /HV VDQFLRQV R FRU
UHFFLRQV GLVFLSOLQjULHV TXH LPSRVHQ HOV WULEXQDOV D O¶DGYRFDW HV IDUDQ
FRQVWDU HQ O¶H[SHGLHQW SHUVRQDO G¶DTXHVW VHPSUH TXH HV UHIHULVTXHQ
GLUHFWDPHQWDQRUPHVGHRQWROzJLTXHVRGHFRQGXFWDTXHKDJHQG¶RE
VHUYDUHQODVHXDDFWXDFLyGDYDQWGHO¶DGPLQLVWUDFLyGH-XVWtFLD
/HVVDQFLRQVGLVFLSOLQjULHVFRUSRUDWLYHVHVIDUDQFRQVWDUHQWRWFDV
HQO¶H[SHGLHQWSHUVRQDOGHOFROÂOHJLDW
(OSURFHGLPHQWSHUDO¶H[LJqQFLDGHOHVUHVSRQVDELOLWDWVGLVFLSOLQj
ULHVHQTXqSXJXHQLQFyUUHUHOVFROÂOHJLDWVHQFDVG¶LQIUDFFLyGHOVVHXV
GHXUHVSURIHVVLRQDOVRFROÂOHJLDOVVHQVHSHUMXGLFLGHOHVUHVSRQVDELOL
WDWV FLYLOV R SHQDOV H[LJLEOHV DOV PDWHL[RV VHUj O¶HVWDEOLW HQ HO UHJOD
PHQW DSURYDW D DTXHVW HIHFWH SHO &RQVHOO *HQHUDO GH O¶$GYRFDFLD L
VXEVLGLjULDPHQWHOTXHHVWDEOHL[OD/OHLGH5qJLP-XUtGLFGHOHV$GPL
QLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
(OGHJjLOD-XQWDGH*RYHUQVyQFRPSHWHQWVSHUDO¶H[HUFLFLGHOD
MXULVGLFFLyGLVFLSOLQjULDHQHOVWHUPHVTXHSUHYHXHQOHVQRUPHVOHJDOV
LHVWDWXWjULHVVREUHODPDWqULD
&RPSHWHL[HQDO&RQVHOO9DOHQFLjGHO¶$GYRFDFLDOHVIDFXOWDWVGLV
FLSOLQjULHVHQUHODFLyDPEHOVPHPEUHVGHOD-XQWDGH*RYHUQ
$UWLFOH
/HVLQIUDFFLRQVTXHHVFODVVLILTXHQHQPROWJUHXVJUHXVLOOHXV
VyQOHVTXHFRPDWDOVHVWLSLILTXHQHQO¶(VWDWXW*HQHUDOGHO¶$GYRFD
FLDOHVQRUPHVLQWHUQHVDSURYDGHVSHUOD-XQWDGH*RYHUQSHUDO¶RUGH
QDFLyLFRQWUROGHO¶DVVLVWqQFLDDGHWLQJXWVLSUHVRVWRUQG¶RILFLL6HUYHL
G¶2ULHQWDFLy -XUtGLFD 7DPEp HV FRQVLGHUHQ IDOWHV OHV GHWDOODGHV FRP
DWDOVDOOODUJGHOVSUHVHQWV(VWDWXWVHQSDUWLFXODUO¶KDELWXDOLWHPHUj
ULD LPSXJQDFLy GH OHV PLQXWHV GHOV FRPSDQ\V DL[t FRP OD UHLWHUDGD
IRUPXODFLy GH PLQXWHV G¶KRQRUDULV TXH VLJXHQ GHFODUDGHV H[FHVVLYHV
RLQGHJXGHVFRPWDPEpO¶RPLVVLyGHOGHXUHGHWUDVOODWGHODPLQXWDHQ
HOV VXSzVLWV GH FRQGHPQD HQ FRVWHV L HO VLOHQFL GHO OOHWUDW FRQGHPQDW
TXHIRUPXOHXOWHULRULPSXJQDFLyHVWDEOLWVHQO¶DUWLFOHG¶DTXHVW(VWD
WXW L FRPSRUWDUDQ OHV VDQFLRQV SUHYLVWHV HQ OHV GLWHV QRUPHV FRQIRU
PHDOUqJLPVDQFLRQDGRUSUHYLVWHQO¶(VWDWXW*HQHUDOGHO¶$GYRFDFLD
HVWDEOLQWVHH[SUHVVDPHQWTXHODIDOWDSUHYLVWDHQO¶DUWLFOHJGHOGLW
(VWDWXW*HQHUDOVHUjVDQFLRQDGDFRQIRUPHDO¶DUWLFOHE
4XDQW DO SURFHGLPHQW H[HFXFLy SUHVFULSFLy L H[WLQFLy GH OHV
LQIUDFFLRQVLVDQFLRQVV¶HVWDUjLJXDOPHQWDODQRUPDWLYDFLWDGD
$UWtFXOR
/RV$ERJDGRV HVWiQ VXMHWRV D UHVSRQVDELOLGDG GLVFLSOLQDULD HQ HO
FDVRGHLQIUDFFLyQGHVXVGHEHUHVSURIHVLRQDOHV\QRUPDVGHRQWROyJL
FDV
/DVIDFXOWDGHVGLVFLSOLQDULDVGHODDXWRULGDGMXGLFLDOVREUHORV$ER
JDGRVVHDMXVWDUiQDORGLVSXHVWRHQODV/H\HVSURFHVDOHV/DVVDQFLR
QHVRFRUUHFFLRQHVGLVFLSOLQDULDVTXHLPSRQJDQORV7ULEXQDOHVDO$ER
JDGRVHKDUiQFRQVWDUHQHOH[SHGLHQWHSHUVRQDOGHpVWHVLHPSUHTXHVH
UHILHUDQGLUHFWDPHQWHDQRUPDVGHRQWROyJLFDVRGHFRQGXFWDTXHGHEDQ
REVHUYDUHQVXDFWXDFLyQDQWHODDGPLQLVWUDFLyQGH-XVWLFLD
/DVVDQFLRQHVGLVFLSOLQDULDVFRUSRUDWLYDVVHKDUiQFRQVWDUHQWRGR
FDVRHQHOH[SHGLHQWHSHUVRQDOGHOFROHJLDGR
(OSURFHGLPLHQWRSDUDODH[LJHQFLDGHODVUHVSRQVDELOLGDGHVGLVFL
SOLQDULDVHQODVTXHSXHGDQLQFXUULUORV&ROHJLDGRVHQFDVRGHLQIUDF
FLyQGHVXVGHEHUHVSURIHVLRQDOHVRFROHJLDOHVVLQSHUMXLFLRGHODVUHV
SRQVDELOLGDGHVFLYLOHVRSHQDOHVH[LJLEOHVDORVPLVPRVVHUiHOHVWD
EOHFLGRHQHOUHJODPHQWRDSUREDGRDWDOHIHFWRSRUHO&RQVHMR*HQHUDO
GHOD$ERJDFtD\VXEVLGLDULDPHQWHORHVWDEOHFLGRHQOD/H\GH5pJL
PHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR
$GPLQLVWUDWLYR&RP~Q
(O 'HFDQR \ OD -XQWD GH *RELHUQR VRQ FRPSHWHQWHV SDUD HO HMHU
FLFLR GH OD MXULVGLFFLyQ GLVFLSOLQDULD HQ ORV WpUPLQRV TXH SUHYpQ ODV
QRUPDVOHJDOHV\HVWDWXWDULDVVREUHODPDWHULD
&RPSHWHQ DO &RQVHMR 9DOHQFLDQR GH OD $ERJDFtD ODV IDFXOWDGHV
GLVFLSOLQDULDVHQUHODFLyQFRQORVPLHPEURVGHOD-XQWDGH*RELHUQR
$UWtFXOR
/DV LQIUDFFLRQHV TXH VH FODVLILFDQ HQ PX\ JUDYHV JUDYHV \
OHYHVVRQODVTXHFRPRWDOHVVHWLSLILFDQHQHO(VWDWXWR*HQHUDOGHOD
$ERJDFtDODVQRUPDVLQWHUQDVDSUREDGDVSRUOD-XQWDGH*RELHUQRSDUD
ODRUGHQDFLyQ\FRQWUROGHODDVLVWHQFLDDGHWHQLGRV\SUHVRVWXUQRGH
RILFLR\6HUYLFLRGH2ULHQWDFLyQ-XUtGLFD7DPELpQVHFRQVLGHUDQIDOWDV
ODVGHWDOODGDVFRPRWDOHVDORODUJRGHORVSUHVHQWHV(VWDWXWRVHQSDU
WLFXODUODKDELWXDO\WHPHUDULDLPSXJQDFLyQGHODVPLQXWDVGHORVFRP
SDxHURV DVt FRPR OD UHLWHUDGD IRUPXODFLyQ GH PLQXWDV GH KRQRUDULRV
TXH VHDQ GHFODUDGRV H[FHVLYRV R LQGHELGRV DVt FRPR OD RPLVLyQ GHO
GHEHUGHWUDVODGRGHODPLQXWDHQORVVXSXHVWRVGHFRQGHQDHQFRVWDV
\HOVLOHQFLRGHOOHWUDGRFRQGHQDGRTXHIRUPXOHXOWHULRULPSXJQDFLyQ
HVWDEOHFLGRV HQ HO DUWtFXOR GH HVWH (VWDWXWR \ OOHYDUiQ DSDUHMDGDV
ODVVDQFLRQHVSUHYLVWDVHQGLFKDVQRUPDVFRQIRUPHDOUpJLPHQVDQFLR
QDGRUSUHYLVWRHQHO(VWDWXWR*HQHUDOGHOD$ERJDFtDHVWDEOHFLpQGRVH
H[SUHVDPHQWHTXHODIDOWDSUHYLVWDHQHODUWtFXORJGHGLFKR(VWDWX
WR*HQHUDOVHUiVDQFLRQDGDFRQIRUPHDODUWtFXORE
(QFXDQWRDOSURFHGLPLHQWRHMHFXFLyQSUHVFULSFLyQ\H[WLQFLyQ
GH ODV LQIUDFFLRQHV \ VDQFLRQHV VH HVWDUi LJXDOPHQWH D OD QRUPDWLYD
FLWDGD
Núm
5509 / 10.05.2007
18856
7Ë72/;
'(/5Ê*,0-85Ë',&'(/6$&25'6
,/$6(8$,038*1$&,Ï
7Ë78/2;
'(/5(*,0(1-85,',&2'(/26$&8(5'26
<68,038*1$&,Ï1
&DStWROÒQLF
&DStWXORÒQLFR
$UWLFOH
(OVDFRUGVGHOD-XQWD*HQHUDOLGHOD-XQWDGH*RYHUQGHO&ROÂOHJL
L OHV GHFLVLRQV GHO GHJj L OD UHVWD GH PHPEUHV GH OD -XQWD GH *RYHUQ
VHUDQ LPPHGLDWDPHQW H[HFXWLXV OOHYDW TXH HO SURSL DFRUG HVWDEOLVFD
XQDDOWUDFRVDRHVWUDFWHGHPDWqULDGLVFLSOLQjULD
(OVDFRUGVTXHKDJHQGHVHUQRWLILFDWVSHUVRQDOPHQWDOVFROÂOHJLDWV
UHIHULWVDTXDOVHYROPDWqULDLQFO~VODGLVFLSOLQjULDSRGUDQIHUVHHQHO
GRPLFLOLSURIHVVLRQDOTXHWLQJXHQFRPXQLFDWDO&ROÂOHJL6LQRSRJXHUD
VHU HIHFWXDGD OD QRWLILFDFLy HQ HOV WHUPHV TXH SUHYHX HOV DSDUWDWV L
GH O¶DUWLFOH GH OD /OHL GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV
3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~HOOOLXUDPHQWSRGUj
UHDOLW]DUORXQHPSOHDWGHO&ROÂOHJLG¶$GYRFDWVDPEVXEMHFFLyDDOOz
TXHV¶KDDVVHQ\DODWHQHOVDSDUWDWVLGHOGLWSUHFHSWHLVLWDPSRF
DL[t QR SRJXHUD HIHFWXDUVH OD QRWLILFDFLy V¶HQWHQGUj UHDOLW]DGD DOV
TXLQ]HGLHVGHODVHXDFROÂORFDFLyDOWDXOHUG¶DQXQFLVGHOSURSL&ROÂOHJL
G¶$GYRFDWV TXH SRGUj IHUVH HQ OD IRUPD SUHYLVWD HQ O¶DUWLFOH GH
O¶HVPHQWDGD/OHL
$UWtFXOR
/RV DFXHUGRV GH OD -XQWD *HQHUDO \ GH OD -XQWD GH *RELHUQR GHO
&ROHJLR\ODVGHFLVLRQHVGHO'HFDQR\GHPiVPLHPEURVGHOD-XQWDGH
*RELHUQRVHUiQLQPHGLDWDPHQWHHMHFXWLYRVVDOYRTXHHOSURSLRDFXHU
GRHVWDEOH]FDRWUDFRVDRVHWUDWHGHPDWHULDGLVFLSOLQDULD
/RVDFXHUGRVTXHGHEDQVHUQRWLILFDGRVSHUVRQDOPHQWHDORVFROH
JLDGRV UHIHULGRV D FXDOTXLHU PDWHULD LQFOXVR OD GLVFLSOLQDULD SRGUiQ
KDFHUVHHQHOGRPLFLOLRSURIHVLRQDOTXHWHQJDQFRPXQLFDGRDO&ROHJLR
6L QR SXGLHVH VHU HIHFWXDGD OD QRWLILFDFLyQ HQ ORV WpUPLQRV SUHYLVWRV
HQORVDSDUWDGRV\GHODUWtFXORGHOD/H\GH5pJLPHQ-XUtGLFR
GHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR
&RP~QODHQWUHJDSRGUiUHDOL]DUODXQHPSOHDGRGHO&ROHJLRGH$ER
JDGRVFRQVXMHFLyQDORVHxDODGRHQORVDSDUWDGRV\GHGLFKRSUH
FHSWR\VLWDPSRFRDVtSXGLHVHHIHFWXDUVHODQRWLILFDFLyQVHHQWHQGHUi
UHDOL]DGDDORVTXLQFHGtDVGHVXFRORFDFLyQHQHOWDEOyQGHDQXQFLRV
GHOSURSLR&ROHJLRGH$ERJDGRVTXHSRGUiKDFHUVHHQODIRUPDSUH
YLVWDHQHODUWtFXORGHODFLWDGD/H\
$UWLFOH
6yQ QXOV GH SOH GUHW HOV DFWHV GHOV zUJDQV FROÂOHJLDOV TXH LQFyU
UHJXHQ HQ DOJXQ GHOV VXSzVLWV TXH HVWDEOHL[ O¶DUWLFOH GH OD /OHL GH
5qJLP -XUtGLF GH OHV $GPLQLVWUDFLRQV 3~EOLTXHV L GHO 3URFHGLPHQW
$GPLQLVWUDWLX&RP~
6yQDQXOÂODEOHVHOVDFWHVGHOVzUJDQVFROÂOHJLDOVTXHLQFyUUHJXHQHQ
HOVVXSzVLWVHVWDEOLWVHQO¶DUWLFOHGHO¶HVPHQWDGD/OHL
$UWtFXOR
6RQQXORVGHSOHQRGHUHFKRORVDFWRVGHORVyUJDQRVFROHJLDOHVTXH
LQFXUUDQHQDOJXQRGHORVVXSXHVWRVTXHHVWDEOHFHHODUWtFXORGHOD
/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3UR
FHGLPLHQWR$GPLQLVWUDWLYR&RP~Q
6RQDQXODEOHVORVDFWRVGHORVyUJDQRVFROHJLDOHVTXHLQFXUUDQHQ
ORVVXSXHVWRVHVWDEOHFLGRVHQHODUWtFXORGHODFLWDGD/H\
$UWLFOH
/HV SHUVRQHV DPE LQWHUpV OHJtWLP SRGUDQ IRUPXODU UHFXUV GDYDQW
GHO&RQVHOO9DOHQFLjGH&ROÂOHJLVG¶$GYRFDWVFRQWUDHOVDFRUGVGHOD
-XQWD GH *RYHUQ L GH OD -XQWD *HQHUDO GHO &ROÂOHJL G¶$GYRFDWV GLQV
GHOWHUPLQLG¶XQPHVGHVGHODVHXDSXEOLFDFLyRVLIDDOFDVQRWLILFD
FLyDOVFROÂOHJLDWVRSHUVRQHVDTXqDIHFWHQ
(OUHFXUVSRGUjLQWHUSRVDUVHGDYDQWGHO¶zUJDQTXHYDGLFWDUO¶DFWH
TXHV¶LPSXJQDRGDYDQWGHOFRPSHWHQWSHUDUHVROGUHKR6LHVSUHVHQ
WDUDGDYDQWGHOD-XQWDGH*RYHUQV¶HOHYDUjDPEHOVVHXVDQWHFHGHQWV
L O¶LQIRUPH TXH SURFHGLVFD DO &RQVHOO9DOHQFLj GLQV GHOV TXLQ]H GLHV
VHJHQWVDODGDWDGHSUHVHQWDFLyOOHYDWTXHG¶RILFLUHSRVHHOVHXSURSL
DFRUG HQ HO GLW WHUPLQL (O UHFXUUHQW SRGUj VROÂOLFLWDU OD VXVSHQVLy GH
O¶DFRUGUHFRUUHJXWLOD&RPLVVLy3HUPDQHQWGHO&RQVHOOSRGUjDFRUGDU
ODRGHQHJDUODPRWLYDGDPHQW
/HVSHUVRQHVDPELQWHUpVOHJtWLPSRGUDQIRUPXODUUHFXUVG¶DOoDGD
HQHOWHUPLQLG¶XQPHVGHVGHODVHXDQRWLILFDFLyFRQWUDOHVUHVROXFL
RQVGHOGHJjLVLIDDOFDVGHOVDOWUHVPHPEUHVGHOD-XQWDGH*RYHUQ
$UWtFXOR
/DVSHUVRQDVFRQLQWHUpVOHJtWLPRSRGUiQIRUPXODUUHFXUVRDQWHHO
&RQVHMR9DOHQFLDQRGH&ROHJLRVGH$ERJDGRVFRQWUDORVDFXHUGRVGH
OD-XQWDGH*RELHUQR\GHOD-XQWD*HQHUDOGHO&ROHJLRGH$ERJDGRV
GHQWURGHOSOD]RGHXQPHVGHVGHVXSXEOLFDFLyQRHQVXFDVRQRWLIL
FDFLyQDORVFROHJLDGRVRSHUVRQDVDTXLHQHVDIHFWHQ
(OUHFXUVRSRGUiLQWHUSRQHUVHDQWHHOyUJDQRTXHGLFWyHODFWRTXH
VHLPSXJQDRDQWHHOFRPSHWHQWHSDUDUHVROYHUOR6LVHSUHVHQWDUDDQWH
OD-XQWDGH*RELHUQRVHHOHYDUiFRQVXVDQWHFHGHQWHV\HOLQIRUPHTXH
SURFHGDDO&RQVHMR9DOHQFLDQRGHQWURGHORVTXLQFHGtDVVLJXLHQWHVDOD
IHFKDGHSUHVHQWDFLyQVDOYRTXHGHRILFLRUHSRQJDVXSURSLRDFXHUGR
HQ GLFKR SOD]R (O UHFXUUHQWH SRGUi VROLFLWDU OD VXVSHQVLyQ GHO DFXHU
GRUHFXUULGR\OD&RPLVLyQ3HUPDQHQWHGHO&RQVHMRSRGUiDFRUGDUODR
GHQHJDUODPRWLYDGDPHQWH
/DVSHUVRQDVFRQLQWHUpVOHJtWLPRSRGUiQIRUPXODUUHFXUVRGHDO]D
GDHQHOSOD]RGHXQPHVGHVGHVXQRWLILFDFLyQFRQWUDODVUHVROXFLR
QHVGHO'HFDQR\HQVXFDVRGHORVGHPiVPLHPEURVGHOD-XQWDGH
*RELHUQR
$UWLFOH
/D -XQWD GH *RYHUQ WDPEp SRGUj UHFyUUHU HOV DFRUGV GH OD -XQWD
*HQHUDO GDYDQW GHO &RQVHOO 9DOHQFLj GH &ROÂOHJLV G¶$GYRFDWV HQ HO
WHUPLQLG¶XQPHVGHVGHODVHXDDGRSFLy
6LOD-XQWDGH*RYHUQHQWHQJXHUDTXHO¶DFRUGUHFRUUHJXWpVQXOGH
SOH GUHW R JUHXPHQW SHUMXGLFLDO SHU DOV LQWHUHVVRV GHO &ROÂOHJL SRGUj
VROÂOLFLWDUODVXVSHQVLyGHO¶DFRUGUHFRUUHJXWLOD&RPLVVLy3HUPDQHQW
GHO&RQVHOOSRGUjDFRUGDUODRGHQHJDUODPRWLYDGDPHQW
$UWtFXOR
/D -XQWD GH *RELHUQR WDPELpQ SRGUi UHFXUULU ORV DFXHUGRV GH OD
-XQWD*HQHUDODQWHHO&RQVHMR9DOHQFLDQRGH&ROHJLRVGH$ERJDGRVHQ
HOSOD]RGHXQPHVGHVGHVXDGRSFLyQ
6L OD -XQWD GH *RELHUQR HQWHQGLHVH TXH HO DFXHUGR UHFXUULGR HV
QXORGHSOHQRGHUHFKRRJUDYHPHQWHSHUMXGLFLDOSDUDORVLQWHUHVHVGHO
&ROHJLRSRGUiVROLFLWDUODVXVSHQVLyQGHODFXHUGRUHFXUULGR\OD&RPL
VLyQ 3HUPDQHQWH GHO &RQVHMR SRGUi DFRUGDUOD R GHQHJDUOD PRWLYDGD
PHQWH
$UWLFOH
(OVDFWHVHPDQDWVGHOHVMXQWHVJHQHUDOVGHOD-XQWDGH*RYHUQGHO
&ROÂOHJLGHOGHJjLODUHVWDGHPHPEUHVGHOD-XQWDGH*RYHUQLGHO
&RQVHOO 9DOHQFLj GH &ROÂOHJLV G¶$GYRFDWV HQ TXDQW HVWLJXHQ VXEMHF
WHV DO 'UHW$GPLQLVWUDWLX XQD YHJDGD HVJRWDWV HOV UHFXUVRV FRUSRUD
WLXVVHUDQGLUHFWDPHQWUHFXUULEOHVGDYDQWGHODMXULVGLFFLyFRQWHQFLRVD
DGPLQLVWUDWLYD
$UWtFXOR
/RV DFWRV HPDQDGRV GH ODV -XQWDV *HQHUDOHV GH OD -XQWD GH
*RELHUQR GHO &ROHJLR GHO 'HFDQR \ GHPiV PLHPEURV GH OD -XQWD GH
*RELHUQR \ GHO &RQVHMR 9DOHQFLDQR GH &ROHJLRV GH $ERJDGRV HQ
FXDQWRHVWpQVXMHWRVDO'HUHFKR$GPLQLVWUDWLYRXQDYH]DJRWDGRVORV
UHFXUVRV FRUSRUDWLYRV VHUiQ GLUHFWDPHQWH UHFXUULEOHV DQWH OD MXULVGLF
FLyQFRQWHQFLRVRDGPLQLVWUDWLYD
Núm
5509 / 10.05.2007
$UWLFOH
(OVWHUPLQLVG¶DTXHVW(VWDWXWH[SUHVVDWVHQGLHVV¶HQWHQGUDQUHIH
ULWVDGLHVKjELOVOOHYDWTXHH[SUHVVDPHQWHVGLJDXQDDOWUDFRVD
/D /OHL GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO
3URFHGLPHQW$GPLQLVWUDWLX&RP~V¶DSOLFDUjDTXDQWVDFWHVGHOVzUJDQV
FROÂOHJLDOVVXSRVHQH[HUFLFLGHSRWHVWDWVDGPLQLVWUDWLYHV(QWRWFDVOD
GLWD/OHLWLQGUjFDUjFWHUVXSOHWRULSHUDOOzQRSUHYLVWHQDTXHVW(VWDWXW
18857
$UWtFXOR
/RVSOD]RVGHHVWH(VWDWXWRH[SUHVDGRVHQGtDVVHHQWHQGHUiQUHIH
ULGRVDGtDVKiELOHVVDOYRTXHH[SUHVDPHQWHVHGLJDRWUDFRVD
/D /H\ GH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \
GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QVHDSOLFDUiDFXDQWRVDFWRV
GH ORV yUJDQRV FROHJLDOHV VXSRQJDQ HMHUFLFLR GH SRWHVWDGHV DGPLQLV
WUDWLYDV(QWRGRFDVRGLFKD/H\WHQGUiFDUiFWHUVXSOHWRULRSDUDORQR
SUHYLVWRHQHVWH(VWDWXWR
7Ë72/;,
'(/$)86,Ï$%625&,Ï6(*5(*$&,Ï
,',662/8&,Ï'(/&2/Â/(*,
7Ë78/2;,
'(/$)86,21$%625&,Ï16(*5(*$&,Ï1
<',62/8&,Ï1'(/&2/(*,2
&DStWROÒQLF
&DStWXORÒQLFR
$UWLFOH
/D IXVLy DEVRUFLy VHJUHJDFLy L GLVVROXFLy UHTXHULUDQ HO FRPSOL
PHQWSUHYLGHOTXHGLVSRVDO¶DUWLFOHGHO¶(VWDWXW*HQHUDOGHO¶$GYR
FDFLD (VSDQ\ROD L O¶DSURYDFLy GHO *RYHUQ 9DOHQFLj DPE XQ LQIRUPH
SUHYLGHO&RQVHOO9DOHQFLjGH&ROÂOHJLVG¶$GYRFDWV3HUDODGLVVROXFLy
FDOGUjO¶DFRUGGHOD-XQWD*HQHUDO([WUDRUGLQjULDDPEXQTXzUXPGH
OD PHLWDW PpV XQ GHOV FROÂOHJLDWV L DPE XQ YRW D IDYRU GH OD PDMRULD
GHOV SUHVHQWV L XQD OOHL GH OD *HQHUDOLWDW DPE XQ LQIRUPH SUHYL GHO
&RQVHOO9DOHQFLjGH&ROÂOHJLVG¶$GYRFDWV
',6326,&,216$'',&,21$/6
3ULPHUD
(QWRWDOOzQRSUHYLVWHQHOVSUHVHQWV(VWDWXWVV¶DSOLFDUjHOTXHV¶KD
SUHYLQJXWHQO¶(VWDWXW*HQHUDOGHO¶$GYRFDFLD(VSDQ\RODDSURYDWSHU
5HLDO 'HFUHW GH GH MXQ\ DL[t FRP HQ OD /OHL GH
GHQRYHPEUHUHJXODGRUDGHO5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV
3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
',6326,&,21675$16,7Ñ5,(6
$UWtFXOR
/DIXVLyQDEVRUFLyQVHJUHJDFLyQ\GLVROXFLyQUHTXHULUiQHOFXP
SOLPLHQWRSUHYLRGHORGLVSXHVWRHQHODUWtFXORGHO(VWDWXWR*HQHUDO
GHOD$ERJDFtD(VSDxROD\ODDSUREDFLyQGHO*RELHUQR9DOHQFLDQRSUH
YLRLQIRUPHGHO&RQVHMR9DOHQFLDQRGH&ROHJLRVGH$ERJDGRV3DUDOD
GLVROXFLyQHVQHFHVDULRHODFXHUGRGHOD-XQWD*HQHUDO([WUDRUGLQDULD
FRQXQTXRUXPGHODPLWDGPDVXQRGHORVFROHJLDGRV\FRQXQYRWRD
IDYRUGHODPD\RUtDGHORVSUHVHQWHV\XQDOH\GHOD*HQHUDOLWDWSUH
YLRLQIRUPHGHO&RQVHMR9DOHQFLDQRGH&ROHJLRVGH$ERJDGRV
',6326,&,21(6$',&,21$/(6
3ULPHUD
(QWRGRORQRSUHYLVWRHQORVSUHVHQWHV(VWDWXWRVVHUiGHDSOLFDFLyQ
ORSUHYHQLGRHQHO(VWDWXWR*HQHUDOGHOD$ERJDFtD(VSDxRODDSUREDGR
SRU5HDO'HFUHWRGHGHMXQLRDVtFRPRHQOD/H\
GHGHQRYLHPEUHUHJXODGRUDGHO5pJLPHQ-XUtGLFRGHODV$GPLQLV
WUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q
',6326,&,21(675$16,725,$6
3ULPHUD
3HUDDGDSWDUHOVWRUQVG¶HOHFFLyGHPHPEUHVGHOD-XQWDGH*RYHUQ
DOVSUHVHQWV(VWDWXWVHOVDFWXDOVPHPEUHVGH-XQWDH[HUFLUDQHOVVHXV
FjUUHFVSHUXQSHUtRGHGHFLQFDQ\V
3ULPHUD
3DUD DGDSWDU ORV WXUQRV GH HOHFFLyQ GH PLHPEURV GH OD -XQWD GH
*RELHUQR D ORV SUHVHQWHV (VWDWXWRV ORV DFWXDOHV PLHPEURV GH -XQWD
HMHUFHUiQVXVFDUJRVSRUXQSHUtRGRGHFLQFRDxRV
6HJRQD
3HU D DGDSWDU L XQLILFDU HOV WRUQV G¶HOHFFLy GHOV GHOHJDWV GH 3DUWLW
DO TXH SUHYHXHQ HOV SUHVHQWV (VWDWXWV HV FRQYRFDUDQ HOHFFLRQV SHU D
FREULUHOVGLWVFjUUHFVHQWRWHVOHVGHOHJDFLRQVHQODFRQYRFDWzULDHOHF
WRUDOGHUHQRYDFLySDUFLDOGH-XQWDGH*RYHUQSUHYLVWDSHUDO¶H[HUFLFL
LHOVHOHJLWVH[HUFLUDQHOVHXFjUUHFSHOWHPSVTXHUHVWHILQVDOD
FRQYRFDWzULDHOHFWRUDOSHUDODUHQRYDFLyGHOFjUUHFGHGHJjFRQIRUPH
DO¶DUWLFOHG¶DTXHVW(VWDWXW
6HJXQGD
3DUDDGDSWDU\XQLILFDUORVWXUQRVGHHOHFFLyQGHORV'HOHJDGRVGH
3DUWLGRDORSUHYLVWRHQORVSUHVHQWHV(VWDWXWRVVHFRQYRFDUiQHOHFFLR
QHVSDUDFXEULUGLFKRVFDUJRVHQWRGDVODV'HOHJDFLRQHVHQODFRQYR
FDWRULDHOHFWRUDOGHUHQRYDFLyQSDUFLDOGH-XQWDGH*RELHUQRSUHYLVWD
SDUDHOHMHUFLFLRHMHUFLHQGRORVHOHJLGRVVXFDUJRSRUHOWLHPSR
TXHUHVWHKDVWDODFRQYRFDWRULDHOHFWRUDOSDUDODUHQRYDFLyQGHOFDUJR
GH'HFDQRFRQIRUPHDODUWtFXORGHHVWH(VWDWXWR
7HUFHUD
(OIXQFLRQDPHQWGHOHVGHOHJDFLRQVDJUXSDFLRQVVHFFLRQVFRPLV
VLRQV L jUHHV GH UHVSRQVDELOLWDW DFWXDOPHQW H[LVWHQWV FRQWLQXDUDQ
UHJLQWVHSHUOHVQRUPHVSUzSLHVGHFDGDXQDG¶HOOHVHQTXDQWQRV¶RSR
VHQDOSUHVHQW(VWDWXWLKDXUDQG¶DGDSWDUVHDDTXHVWVLIDDOFDVHQHOV
WUHVPHVRVSRVWHULRUVDODVHXDDSURYDFLy
7HUFHUD
(OIXQFLRQDPLHQWRGHODV'HOHJDFLRQHV$JUXSDFLRQHV6HFFLRQHV
&RPLVLRQHV \ iUHDV GH UHVSRQVDELOLGDG DFWXDOPHQWH H[LVWHQWHV FRQWL
QXDUiQULJLpQGRVHSRUODVQRUPDVSURSLDVGHFDGDXQDGHHOODVHQFXDQ
WRQRVHRSRQJDQDOSUHVHQWH(VWDWXWRGHELHQGRHQVXFDVRDGDSWDUVH
DOPLVPRHQORVWUHVPHVHVSRVWHULRUHVDODDSUREDFLyQGHOPLVPR
',6326,&,Ï),1$/
(OSUHVHQW(VWDWXWHQWUDUjHQYLJRUXQDYHJDGDDSURYDWSHUOD-XQWD
*HQHUDO ([WUDRUGLQjULD GHO &ROÂOHJL FRQYRFDGD DPE DTXHVW IL L UHIH
UHQGDGDWDODSURYDFLySHO&RQVHOO*HQHUDOGHO¶$GYRFDFLD(VSDQ\ROD
DL[tFRPSUDFWLFDWHOFRQWUROGHOHJDOLWDWSHUODFRQVHOOHULDFRPSHWHQW
L GHVSUpV GH OD VHXD SXEOLFDFLy HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW
9DOHQFLDQD
',6326,&,Ï1),1$/
(OSUHVHQWH(VWDWXWRHQWUDUiHQYLJRUXQDYH]DSUREDGRSRUOD-XQWD
*HQHUDO ([WUDRUGLQDULDGHO &ROHJLR FRQYRFDGD D WDO ILQ \ UHIUHQGDGD
WDO DSUREDFLyQ SRU HO &RQVHMR *HQHUDO GH OD$ERJDFtD (VSDxROD DVt
FRPRSUDFWLFDGRHOFRQWUROGHOHJDOLGDGSRUODFRQVHOOHULDFRPSHWHQWH
\WUDVVXSXEOLFDFLyQHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
Núm
5509 / 10.05.2007
',6326,&,Ï'(52*$7Ñ5,$
4XHGDGHURJDWO¶(VWDWXWSHUDO5qJLPL*RYHUQGHO¶,OÂOXVWUH&RO
OHJL3URYLQFLDOG¶$GYRFDWVG¶$ODFDQWDSURYDWSHO&RQVHOO*HQHUDOGH
O¶$GYRFDFLD(VSDQ\RODHQVHVVLyFHOHEUDGDHOGLDG¶DEULOGH
18858
',6326,&,Ï1'(52*$725,$
4XHGDGHURJDGRHO(VWDWXWRSDUDHO5pJLPHQ\*RELHUQRGHO,OXV
WUH&ROHJLR3URYLQFLDOGH$ERJDGRVGH$OLFDQWHDSUREDGRSRUHO&RQ
VHMR*HQHUDOGHOD$ERJDFtD(VSDxRODHQVHVLyQFHOHEUDGDHOGtDGH
DEULOGH
Núm
5509 / 10.05.2007
'LSXWDFLy3URYLQFLDOG¶$ODFDQW
'HOHJDFLy HIHFWXDGD SHOV DMXQWDPHQWV GH %LDU *DLDQHV
L 6DJUD GH GLYHUVRV WULEXWV L WD[HV HQ SHULRGH H[HFXWLX
>@
18859
'LSXWDFLyQ3URYLQFLDOGH$OLFDQWH
'HOHJDFLyQ HIHFWXDGD SRU ORV D\XQWDPLHQWRV GH %LDU
*DLDQHV \ 6DJUD GH GLYHUVRV WULEXWRV \ WDVDV HQ SHULRGR
HMHFXWLYR>@
(Q FRPSOLPHQW GHO TXH GLVSRVD O¶DUWLFOH GHO 5HLDO 'HFUHW
/HJLVODWLXGHGHPDUoSHOTXDOV¶DSURYDHO7H[W5HIyVGHOD
/OHL5HJXODGRUDGHOHV+LVHQGHVORFDOVHVSXEOLFDO¶DFFHSWDFLyGHOHV
GHOHJDFLRQVHIHFWXDGHVSHOVDMXQWDPHQWVGH%LDU*DLDQHVL6DJUDOHV
FRQGLFLRQV JHQHUDOV O¶DEDVW L HO FRQWLQJXW GH OHV TXDOV ILJXUHQ SXEOL
FDGHV HQ HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD G¶$ODFDQW Q~PHUR GH
GDWDGHIHEUHUGHL'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
Q~PHURGHGDWDGHPDUoGHHQOHVPDWqULHVTXHDFRQWL
QXDFLyV¶DVVHQ\DOHQ
3ULPHU 5HFDSWDFLy HQ SHUtRGH H[HFXWLX GHOV GHXWHV SHU OLTXLGDFL
RQVG¶LQJUpVGLUHFWHDL[tFRPOHVDXWROLTXLGDFLRQV
%LDU
±3XEOLFDFLyG¶HGLFWHVSHUFRPSWHGHWHUFHUVHQSUHPVDSHULzGLFDL
SXEOLFDFLRQVRILFLDOV
± &RQFHVVLRQV DGPLQLVWUDWLYHV GH SDUFHOÂOHV QtQ[ROV L RVVDULV GHO
&HPHQWHUL0XQLFLSDO
*DLDQHV
±,QIUDFFLRQVXUEDQtVWLTXHV
6DJUD
±4XRWHVG¶XUEDQLW]DFLy
6HJRQ /HV GHOHJDFLRQV UHDOLW]DGHV HQ IDYRU GH OD 'LSXWDFLy 3UR
YLQFLDO SHOV PXQLFLSLV GH %LDU *DLDQHV L 6DJUD HQWUDUDQ HQ YLJRU
O¶HQGHPj GH OD VHXD SXEOLFDFLy HQ HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD
G¶$ODFDQW L HVWDUDQ YLJHQWV ILQV DO GH GHVHPEUH GH 4XHGHQ
WjFLWDPHQWSURUURJDGHVSHUSHUtRGHVGHFLQFDQ\VVLFDSGHOHVSDUWV
PDQLIHVWD H[SUHVVDPHQW OD VHXD YROXQWDW HQ FRQWUD FRPXQLFDQWKR D
O¶DOWUDDPEXQDDQWHODFLyQRLQIHULRUDVLVPHVRVDODVHXDILQDOLW]DFLy
RDODGHTXDOVHYROGHOVSHUtRGHVGHSUzUURJD
(QFXPSOLPLHQWRGHORGLVSXHVWRHQHODUWtFXORGHO5HDO'HFUH
WR/HJLVODWLYRGHGHPDU]RSRUHOTXHVHDSUXHEDHO7H[WR
5HIXQGLGRGHOD/H\5HJXODGRUDGHODV+DFLHQGDV/RFDOHVVHSXEOLFD
ODDFHSWDFLyQGHODVGHOHJDFLRQHVHIHFWXDGDVSRUORVD\XQWDPLHQWRVGH
%LDU*DLDQHV\6DJUDFX\DVFRQGLFLRQHVJHQHUDOHVDOFDQFH\FRQWH
QLGR ILJXUDQ SXEOLFDGDV HQ HO %ROHWtQ 2ILFLDO GH OD 3URYLQFLD GH$OL
FDQWHQ~PHURGHIHFKDGHIHEUHURGH\'LDUL2ILFLDOGHOD
&RPXQLWDW9DOHQFLDQDQ~PHURGHIHFKDGHPDU]RGHHQ
ODVPDWHULDVTXHDFRQWLQXDFLyQVHVHxDODQ
3ULPHUR5HFDXGDFLyQHQSHUtRGRHMHFXWLYRGHODVGHXGDVSRUOLTXL
GDFLRQHVGHLQJUHVRGLUHFWRDVtFRPRODVDXWROLTXLGDFLRQHV
%LDU
±3XEOLFDFLyQGHHGLFWRVSRUFXHQWDGHWHUFHURVHQSUHQVDSHULyGLFD
\SXEOLFDFLRQHVRILFLDOHV
± &RQFHVLRQHV DGPLQLVWUDWLYDV GH SDUFHODV QLFKRV \ RVDULRV GHO
&HPHQWHULR0XQLFLSDO
*DLDQHV
±,QIUDFFLRQHVXUEDQtVWLFDV
6DJUD
±&XRWDVGHXUEDQL]DFLyQ
6HJXQGR /DV GHOHJDFLRQHV UHDOL]DGDV HQ IDYRU GH OD 'LSXWDFLyQ
3URYLQFLDO SRU ORV PXQLFLSLRV GH %LDU *DLDQHV \ 6DJUD HQWUDUiQ HQ
YLJRUHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQHQHO%ROHWtQ2ILFLDOGHOD
3URYLQFLDGH$OLFDQWH \ HVWDUiQYLJHQWHVKDVWDHOGHGLFLHPEUHGH
TXHGDQGRWiFLWDPHQWHSURUURJDGDVSRUSHUtRGRVGHFLQFRDxRV
VLQLQJXQDGHODVSDUWHVPDQLILHVWDH[SUHVDPHQWHVXYROXQWDGHQFRQWUD
FRPXQLFiQGRORDODRWUDFRQXQDDQWHODFLyQQRLQIHULRUDVHLVPHVHVD
VXILQDOL]DFLyQRDODGHFXDOTXLHUDGHORVSHUtRGRVGHSUyUURJD
$ODFDQWGHIHEUHUGH±(OSUHVLGHQW-RVp-RDTXtQ5LSROO
6HUUDQR/DVHFUHWjULDJHQHUDO$PSDUR.RQLQFN[)UDVTXHW
$OLFDQWH GH IHEUHUR GH ± (O SUHVLGHQWH -RVp -RDTXtQ
5LSROO6HUUDQR/DVHFUHWDULDJHQHUDO$PSDUR.RQLQFN[)UDVTXHW
Núm
5509 / 10.05.2007
18860
-XQWD(OHFWRUDO3URYLQFLDOGH9DOqQFLD
-XQWD(OHFWRUDO3URYLQFLDOGH9DOHQFLD
&255(&&,ÏG¶HUUDGHVGHODSXEOLFDFLyGHFDQGLGDWXUHV
SUHVHQWDGHVSHUOHVFLUFXPVFULSFLRQVG¶$ODFDQW&DVWHOOyL
9DOqQFLDTXHFRQFRUUHUDQDOHVHOHFFLRQVD/HV&RUWVGHO
GLDGHPDLJGH>@
&255(&&,Ï1GHHUURUHVGHODSXEOLFDFLyQGHFDQGLGD
WXUDV SUHVHQWDGDV SRU ODV FLUFXQVFULSFLRQHV GH $OLFDQWH
&DVWHOOyQ\9DOHQFLDTXHYDQDFRQFXUULUDODVHOHFFLRQHV
D/HV&RUWVGHOGtDGHPD\RGH>@
7HRGRUR -HV~V *DUFtD *DUFtD VHFUHWDUL GH OD -XQWD (OHFWRUDO 3UR
YLQFLDOGH9DOqQFLDFHUWLILTXHTXHKDYHQWVHGHWHFWDWXQHUURUGHWUDQV
FULSFLyHQODFDQGLGDWXUDQ~PSUHVHQWDGDLSURFODPDGDTXHHVYD
SXEOLFDUHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDGH9DOqQFLDG¶GHPDLJ
GHOSHO3DUWLW+XPDQLVWDVLJOHV3+HQHOVHXFDQGLGDWQ~P
DSDUHL[FRP
7HRGRUR-HV~V*DUFtD*DUFtDVHFUHWDULRGHOD-XQWD(OHFWRUDO3UR
YLQFLDO GH 9DOHQFLD FHUWLILFR TXH KDELpQGRVH GHWHFWDGR XQ HUURU GH
WUDVFULSFLyQHQODFDQGLGDWXUDQžSUHVHQWDGD\SURFODPDGDTXHVH
SXEOLFyHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDGH9DOHQFLDGHGHPD\R
GHSRUHO3DUWLGR+XPDQLVWDVLJODV3+HQVXFDQGLGDWRQž
DSDUHFHFRPR
©65$0/XLVD*DUFtD5LYD9DOOHU
3+ª
3+ª
'HEHUiDSDUHFHUFRPR
+DXUjG¶DSDUpL[HUFRP
©65$0/XLVD*DUFtD5LYD9DOOLHU
©'f$0/XLVD*DUFtD5LYD9DOOHU
3+ª
©'f$0/XLVD*DUFtD5LYD9DOOLHU
3+ª
,SHUTXqYDOJDG¶HGLFWHG¶HVPHQDHQIRUPDOHJDOH[SHGLVFHOSUH
VHQWSHUDODVHXDSXEOLFDFLyHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDGH
9DOqQFLD
<SDUDTXHVLUYDGHHGLFWRGHVXEVDQDFLyQHQOHJDOIRUPDH[SLGRHO
SUHVHQWHSDUDVXSXEOLFDFLyQHQHO%XWOOHWt2ILFLDOGHOD3URYtQFLDGH
9DOHQFLD
9DOqQFLD GH PDLJ GH ± (O VHFUHWDUL GH OD -(3 7HRGRUR
-HV~V*DUFtD*DUFtD
9DOHQFLD GH PD\R GH ± (O VHFUHWDULR GH OD -(3 7HRGRUR
-HV~V*DUFtD*DUFtD
Núm
5509 / 10.05.2007
$XGLqQFLD3URYLQFLDOGH9DOqQFLD6HFFLy
18861
$XGLHQFLD3URYLQFLDOGH9DOqQFLD6HFFLyQ
1RWLILFDFLy D (OHFWUR *HVWLyQ (VWXEH\ 6/ GH OD VHQWqQ
FLD Q~PHUR GLFWDGD HQ HO URWOOH G¶DSHOÂODFLy Q~PHUR
>@
1RWLILFDFLyQ D (OHFWUR *HVWLyQ (VWXEH\ 6/ GH OD VHQWHQ
FLD Q~PHUR UHFDtGD HQ HO UROOR GH DSHODFLyQ Q~PHUR
>@
/D6HFFLy6LVHQDGHO¶$XGLqQFLD3URYLQFLDOGH9DOqQFLDKDGLFWDW
HQHOURWOOHG¶DSHOÂODFLyQ~PHURODVHQWqQFLDTXHWpO¶HQFDS
oDODPHQWLODSDUWGLVSRVLWLYDTXHGLXDL[t
/D6HFFLyQ6H[WDGHOD$XGLHQFLD3URYLQFLDOGH9DOHQFLDKDGLFWD
GRHQHOUROORGHDSHODFLyQQ~PHURODVHQWHQFLDFX\RHQFD
EH]DPLHQWR\SDUWHGLVSRVLWLYDVRQFRPRVLJXH
©6HQWqQFLDQ~PHUR
6HQ\RUV
±3UHVLGHQW
9LFHQWH2UWHJD/ORUFD
0DJLVWUDWV
±0DUtD0HVWUH5DPRV
±0DUtD(XJHQLD)HUUDJXW3pUH]
©6HQWHQFLDQ~PHUR
6HxRUHV
±3UHVLGHQWH
9LFHQWH2UWHJD/ORUFD
0DJLVWUDGRV
±0DUtD0HVWUH5DPRV
±0DUtD(XJHQLD)HUUDJXW3pUH]
1RHVSRWLQWHUSRVDUUHFXUVGHFDVVDFLy
,SHUTXqHVSXEOLTXHHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLD
QDDILGHQRWLILFDUDODSDUWLQFRPSDUHJXGD(OHFWUR*HVWLyQ(VWXEH\
6/(QGRQHIH
9DOHQFLDGHIHEUHURGH
/D6HFFLyQ6H[WDGHOD$XGLHQFLD3URYLQFLDOGH9DOHQFLDLQWHJUDGD
SRUORVPDJLVWUDGRVDQRWDGRVDOPDUJHQVLHQGRSRQHQWH0DUtD0HVWUH
5DPRVKDYLVWRHOSUHVHQWHUHFXUVRGHDSHODFLyQLQWHUSXHVWRFRQWUDOD
VHQWHQFLDGHIHFKDGHPD\RGHGLFWDGDHQDXWRVGHMXLFLRRUGL
QDULR WUDPLWDGRV SRU HO -X]JDGR GH 3ULPHUD ,QVWDQFLD GH
ORVGH;jWLYD
+DQVLGRSDUWHHQHOUHFXUVRFRPRDSHODQWHGHPDQGDQWHODHQWLGDG
PHUFDQWLO3XO\FDUS&9UHSUHVHQWDGDSRUODSURFXUDGRUDGHORVWULEXQD
OHV5RVD6HOPD*DUFtD)DULDDVLVWLGDGHOHWUDGRFRPRDSHODGDGHPDQ
GDGDODHQWLGDGPHUFDQWLO(OHFWUR*HVWLyQ(VWXEHQ\6/
(QDWHQFLyQDORH[SXHVWROD6HFFLyQ6H[WDGHOD$XGLHQFLD3UR
YLQFLDOGH9DOHQFLDHQQRPEUHGHVXPDMHVWDGHOUH\\SRUODDXWRULGDG
FRQIHULGDSRUOD&RQVWLWXFLyQDSUREDGDSRUHOSXHEORHVSDxROGHFLGH
(VWLPDUSDUFLDOPHQWHHOUHFXUVRGHDSHODFLyQLQWHUSXHVWRSRUOD
HQWLGDGPHUFDQWLO3XO\FDUS&9
5HYRFDU SDUFLDOPHQWH OD VHQWHQFLD GH IHFKD GH PD\R GH
\ HQ FRQVHFXHQFLD HVWLPiQGRVH SDUFLDOPHQWH HO VXSOLFR GH OD
GHPDQGD LQWHUSXHVWD SRU OD HQWLGDG PHUFDQWLO 3XO\FDUS &9 VH FRQ
GHQDDODHQWLGDGPHUFDQWLO(OHFWUR*HVWLyQ(VWXEHQ\6/DDERQDUDO
DFWRUODFDQWLGDGGHGRVPLOVHLVFLHQWRVFLQFXHQWDHXURVFRQXQFpQWL
PRGHHXURHXURVSRUHOSULQFLSDOPiVORVLQWHUHVHVOHJDOHV
GHVGHODLQWHUSHODFLyQMXGLFLDOKDVWDVXFRPSOHWRSDJR
(QHVWDDO]DGD\HQSULPHUDLQVWDQFLDQRVHKDFHH[SUHVDFRQGH
QDHQFRVWDV
$VtSRUpVWDQXHVWUDVHQWHQFLDORSURQXQFLDPRVPDQGDPRV\ILU
PDPRVª
1RFDEHUHFXUVRGHFDVDFLyQ
<SDUDVXSXEOLFDFLyQHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQ
FLDQDDOREMHWRGHQRWLILFDUDODSDUWHLQFRPSDUHFLGD(OHFWUR*HVWLyQ
(VWXEH\6/'R\IH
9DOqQFLDGHPDUoGH/DVHFUHWjULD(XJHQLD5RVD0DUWtQ
/DQGHWH
9DOHQFLD GH PDU]R GH /D VHFUHWDULD (XJHQLD 5RVD
0DUWtQ/DQGHWH
9DOqQFLDGHIHEUHUGH
/D6HFFLy6LVHQDGHO¶$XGLqQFLD3URYLQFLDOGH9DOqQFLDLQWHJUDGD
SHOVPDJLVWUDWVDQRWDWVDOPDUJHVHQWQHSRQHQW0DUtD0HVWUH5DPRV
KD YLVW HVWH UHFXUV G¶DSHOÂODFLy LQWHUSRVDW FRQWUD OD VHQWqQFLD GH GDWD
GHPDLJGHGLFWDGDHQOHVDFWXDFLRQVGHMXtRUGLQDUL
WUDPLWDGHVSHO-XWMDWGH3ULPHUD,QVWjQFLDGH;jWLYD
+DQ VLJXW SDUW HQ HO UHFXUV FRP D DSHOÂODQW GHPDQGDQW O¶HQWLWDW
PHUFDQWLO3XO\FDUS&9UHSUHVHQWDGDSHUODSURFXUDGRUDGHOVWULEXQDOV
5RVD6HOPD*DUFtD)DULDDVVLVWLGDGHOOHWUDWFRPDDSHOÂODGDGHPDQGD
GDO¶HQWLWDWPHUFDQWLO(OHFWUR*HVWLyQ(VWXEHQ\6/
(Q DWHQFLy DO TXH V¶KD H[SRVDW OD 6HFFLy 6LVHQD GH O¶$XGLqQFLD
3URYLQFLDO GH 9DOqQFLD HQ QRP GH VD PDMHVWDW HO UHL L SHU O¶DXWRULWDW
FRQIHULGDSHUOD&RQVWLWXFLyDSURYDGDSHOSREOHHVSDQ\ROGHFLGL[
(VWLPDUSDUFLDOPHQWHOUHFXUVG¶DSHOÂODFLyLQWHUSRVDWSHUO¶HQWLWDW
PHUFDQWLO3XO\FDUS&9
5HYRFDUSDUFLDOPHQWODVHQWqQFLDGHGDWDGHPDLJGH
LHQFRQVHTqQFLDHVWLPDUSDUFLDOPHQWODSqWLWDGHODGHPDQGDLQWHU
SRVDGD SHU O¶HQWLWDW PHUFDQWLO 3XO\FDUS &9 L FRQGHPQDU O¶HQWLWDW
PHUFDQWLO (OHFWUR *HVWLyQ (VWXEHQ\ 6/ D SDJDU D O¶DFWRU OD TXDQWLWDW
GH GRV PLO VLVFHQWV FLQTXDQWD HXURV DPE XQ FqQWLP G¶HXUR HXURV SHO SULQFLSDO PpV HOV LQWHUHVVRV OHJDOV GHV GH OD LQWHUSHOÂODFLy
MXGLFLDOILQVDOVHXFRPSOHWSDJDPHQW
(QHVWDDOoDGDLHQSULPHUDLQVWjQFLDQRHVIDH[SUHVVDFRQGHP
QDHQFRVWHV
(VWDpVODQRVWUDVHQWqQFLDTXHSURQXQFLHPPDQHPLILUPHPª
Núm
5509 / 10.05.2007
-XWMDW0HUFDQWLOQ~PHURGH9DOqQFLD
18862
-X]JDGRGHOR0HUFDQWLOQ~PHURGH9DOHQFLD
1RWLILFDFLy D 0DQXHO &DEDOOHUR +HUUDQ] L &RQVWUXFFLRQV
L3URMHFWHV&DVFR$QWLF6/GHODVHQWqQFLDGLFWDGDHQOHV
DFWXDFLRQVGHOMXtRUGLQDUL>@
1RWLILFDFLyQD0DQXHO&DEDOOHUR+HUUDQ]\&RQVWUXFFLRQV
L3URMHFWHV&DVFR$QWLF6/GHODVHQWHQFLDUHFDtGDHQORV
DXWRVGHOMXLFLRRUGLQDULR>@
3URFHGLPHQWMXtRUGLQDUL
'HPDQGDQW7ULWXUFD6/
3URFXUDGRUD(VWUHOOD9LODV/RUHGR
'HPDQGDWV0DQXHO&DEDOOHUR+HUUDQ]L&RQVWUXFFLRQVL3URMHFWHV
&DVFR$QWLF6/
4XHHQHVWH-XWMDWHQOHVDFWXDFLRQVG¶RUGLQDULHOPDJLV
WUDWMXWJHKDGLFWDWHQGDWDGHKXLODVHQWqQFLDTXHWpO¶HQFDSoDODPHQWL
ODGHFLVLyVHJHQWV
©9DOqQFLDGHIHEUHUGH
6DOYDGRU 9LODWD 0HQDGDV PDJLVWUDW MXWJH GHO -XWMDW 0HUFDQWLO
Q~PHUR GH9DOqQFLD KD YLVW HVWHV DFWXDFLRQV GH MXt RUGLQDUL UHJLV
WUDGHVDPEHOQ~PHURGHOVDVVXPSWHVFLYLOVG¶HVWH-XWMDWKDQ
VLJXWSDUWV7ULWXUFD6/UHSUHVHQWDWSHUODSURFXUDGRUD9LODV/RUHGRL
DVVLVWLWGHOOOHWUDW/ySH](VFULYiFRPDSDUWGHPDQGDQWLODPHUFDQWLO
&RQVWUXFFLRQV L 3URMHFWHV &DVFR$QWLF 6/ L 0DQXHO &DEDOOHUR +HU
UDQ]GHFODUDWVHQUHEHOÂOLDFRPDSDUWGHPDQGDGDHVSURFHGL[
1RWLILTXHXHVWDUHVROXFLyDOHVSDUWVHQOHJDOIRUPDLFRPXQLTXHX
ORVTXHGDYDQWHVWDHVSRWLQWHUSRVDUUHFXUVG¶DSHOÂODFLyGDYDQWO¶$XGL
qQFLD3URYLQFLDOGH9DOqQFLDTXHV¶KDXUjGHSUHSDUDUHQHOWHUPLQLGH
FLQFGLHV
(VWDpVODPHXDVHQWqQFLDTXHSURQXQFLHPDQHLILUPHª
, SHUTXq YDOJD GH QRWLILFDFLy GH VHQWqQFLD DO GHPDQGDW 0DQXHO
&DEDOOHUR +HUUDQ] L &RQVWUXFFLRQV L 3URMHFWHV &DVFR $QWLF 6/ HV
SXEOLFDHVWHHGLFWHHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDFRQ
IRUPHDO¶DUWLFOHGHOD/(&DWpVHOVHXSDUDGRUGHVFRQHJXW
3URFHGLPLHQWRMXLFLRRUGLQDULR
'HPDQGDQWH7ULWXUFD6/
3URFXUDGRUD(VWUHOOD9LODV/RUHGR
'HPDQGDGRV0DQXHO&DEDOOHUR+HUUDQ]\&RQVWUXFFLRQVL3URMHF
WHV&DVFR$QWLF6/
4XHHQHVWH-X]JDGRHQDXWRVGHRUGLQDULRVHKDGLFWDGR
HQIHFKDGHKR\SRUHOPDJLVWUDGRMXH]VHQWHQFLDFX\RHQFDEH]DPLHQ
WR\IDOORHVHOVLJXLHQWH
©9DOHQFLDGHIHEUHURGH
9LVWRVSRU6DOYDGRU9LODWD0HQDGDVPDJLVWUDGRMXH]GHO-X]JDGR
GH OR 0HUFDQWLO Q~PHUR GH 9DOHQFLD ORV SUHVHQWHV DXWRV GH MXLFLR
RUGLQDULR UHJLVWUDGRV FRQ HO Q~PHUR GH ORV DVXQWRV FLYLOHV
GHHVWH-X]JDGRVLHQGRSDUWHV7ULWXUFD6/UHSUHVHQWDGRSRUODSURFX
UDGRUD9LODV/RUHGR\DVLVWLGRGHOOHWUDGR/ySH](VFULYiFRPRSDUWH
GHPDQGDQWH \ OD PHUFDQWLO &RQVWUXFFLRQV L 3URMHFWHV &DVFR $QWLF
6/\0DQXHO&DEDOOHUR+HUUDQ]GHFODUDGRVHQUHEHOGtDFRPRSDUWH
GHPDQGDGDVHSURFHGH
)DOOR
4XHHVWLPDQGRFRPRHVWLPRODGHPDQGDSURPRYLGDSRUODSURFX
UDGRUD9LODV/RUHGRHQODUHSUHVHQWDFLyQTXHRVWHQWDGHVXPDQGDQWH
7ULWXUFD6/GHERFRQGHQDU\FRQGHQRDODPHUFDQWLOGHPDQGDGD&RQV
WUXFFLRQVL3UR\HFWHV&DVFR$QWLF6/DTXHDERQHDODSDUWHDFWRUDOD
FDQWLGDGGHQXHYHPLOFXDWURFLHQWRVFXDUHQWD\XQRHXURVFRQRFKHQWD
FpQWLPRV HXURV GH SULQFLSDOFRQ PiV ORV LQWHUHVHV OHJDOHV
GH OD PLVPD GHVGH HO GtD GH PDU]R GH \ KDVWD HO FRPSOHWR
SDJRGHODGHXGDGHFODUDQGRDWRGRVORVHIHFWRVSHUWLQHQWHVHQGHUHF
KR OD UHVSRQVDELOLGDG VROLGDULD GHO DGPLQLVWUDGRU VRFLHWDULR 0DQXHO
&DEDOOHUR +HUUDQ] D TXLHQ VH FRQGHQD D HVWDU \ SDVDU SRU HVWD UHVR
OXFLyQWRGRHOORFRQLPSRVLFLyQGHODVFRVWDVSURFHVDOHVFDXVDGDVDOD
SDUWHGHPDQGDGD
1RWLItTXHVH OD SUHVHQWH UHVROXFLyQ D ODV SDUWHV HQ OHJDO IRUPD
KDFLpQGROHV VDEHU TXH IUHQWH D OD PLVPD FDEH LQWHUSRQHU UHFXUVR GH
DSHODFLyQ SDUD DQWH OD$XGLHQFLD 3URYLQFLDO GH 9DOHQFLD TXH GHEHUi
SUHSDUDUVHHQHOSOD]RGHFLQFRGtDV
$VtSRUHVWDPLVHQWHQFLDORSURQXQFLRPDQGR\ILUPRª
< SDUD TXH VLUYD GH QRWLILFDFLyQ GH VHQWHQFLD DO GHPDQGDGR
0DQXHO &DEDOOHUR +HUUDQ] \ &RQVWUXFFLRQV L 3URMHFWHV &DVFR$QWLF
6/VHSXEOLFDHVWHHGLFWRHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLD
QDFRQIRUPHDODUWtFXORGHOD/(&GDGRVXSDUDGHURGHVFRQRFLGR
9DOqQFLDGHIHEUHUGH±/DVHFUHWjULD0DUtD'HVDPSDUD
GRV%UHWyQ0DUWtQH]
9DOHQFLDGHIHEUHURGH±/DVHFUHWDULD0DUtD'HVDPSD
UDGRV%UHWyQ0DUWtQH]
'HFLVLy
4XHDPEO¶HVWLPDFLyGHODGHPDQGDSURPRJXGDSHUODSURFXUDGR
UD9LODV/RUHGRHQODUHSUHVHQWDFLyTXHWpGHODVHXDPDQGDQW7ULWXU
FD 6/ FRQGHPQDU OD PHUFDQWLO GHPDQGDGD &RQVWUXFFLRQV L 3URMHFWHV
&DVFR$QWLF 6/ TXH SDJXH D OD SDUW DFWRUD OD TXDQWLWDW GH QRX PLO
TXDWUHFHQWVTXDUDQWDXQHXURVDPEKXLWDQWDFqQWLPVHXURV
GHSULQFLSDOPpVHOVLQWHUHVVRVOHJDOVG¶HVWDGHVGHOGLDGHPDUoGH
LILQVDOFRPSOHWSDJDPHQWGHOGHXWHLGHFODUDUDWRWVHOVHIHFWHV
SHUWLQHQWVHQGUHWODUHVSRQVDELOLWDWVROLGjULDGHO¶DGPLQLVWUDGRUVRFLH
WDUL0DQXHO&DEDOOHUR+HUUDQ]DTXLHVFRQGHPQDDVRWPHWUH¶VDHVWD
UHVROXFLyWRWDL[zDPELPSRVLFLyGHOHVFRVWHVSURFHVVDOVFDXVDGHVD
ODSDUWGHPDQGDGD
Núm
5509 / 10.05.2007
-XWMDW0HUFDQWLOQ~PHURGH9DOqQFLD
18863
-X]JDGRGHOR0HUFDQWLOQ~PHURGH9DOqQFLD
1RWLILFDFLy D 6HUYLFLRV \ +RVWHOHUtDV /D 6DIRU 6/ L -RVp
$UWHV 6LJQHV GH OD VHQWqQFLD Q~PHUR GLFWDGD HQ
OHVDFWXDFLRQVGHOMXtYHUEDOQ~PHUR>@
1RWLILFDFLyQD6HUYLFLRV\+RVWHOHUtDV/D6DIRU6/\-RVp
$UWHV 6LJQHV GH OD VHQWHQFLD Q~PHUR GLFWDGD HQ
ORVDXWRVGHOMXLFLRYHUEDOQ~PHUR>@
3URFHGLPHQWMXtYHUEDO
'HPDQGDQW:HE6/
3URFXUDGRUD0DUtD(OLVD3DVFXDO&DVDQRYD
'HPDQGDWV6HUYLFLRV\+RVWHOHUtDV/D6DIRU6/L-RVp$UWpV6LJ
QHV
-RUJH9tFWRU,JOHVLDVGH%D\DVHFUHWDULGHO-XWMDW0HUFDQWLOQ~PH
URGH9DOqQFLDIDVDEHU
4XHHQHVWH-XWMDWDFjUUHFPHXVHVHJXL[HQOHVDFWXDFLRQVGHMXt
YHUEDO D LQVWjQFLD GH :HE 6/ UHSUHVHQWDW SHU OD
SURFXUDGRUD 0DUtD (OLVD3DVFXDO &DVDQRYD FRQWUD 6HUYLFLRV \+RVWH
OHUtDV/D6DIRU6/L-RVp$UWpV6LJQHVHQHOTXDOSHUUHVROXFLyGHGDWD
GHKXLKHDFRUGDWFRPKRYHULILTXHQRWLILFDUODVHQWqQFLDGLFWDGDHQ
OHVDFWXDFLRQVLQGLFDGHVDOVGHPDQGDWVHQLJQRUDWSDUDGRU6HUYLFLRV\
+RVWHOHUtDV/D6DIRU6/L-RVp$UWpV6LJQHVTXHO¶HQFDSoDODPHQWLOD
SDUWGLVSRVLWLYDpVGHOWHQRUOLWHUDOVHJHQW
©6HQWqQFLDQ~PHUR
0DJLVWUDWMXWJHTXHODGLFWD)HUQDQGR3UHVHQFLD&UHVSR
/ORF9DOqQFLD
'DWDGHIHEUHUGH
3DUWGHPDQGDQW:HE6/
3URFXUDGRUD0DUtD(OLVD3DVFXDO&DVDQRYD
3DUWGHPDQGDGD6HUYLFLRV\+RVWHOHUtDV/D6DIRU6/L-RVp$UWpV
6LJQHV
2EMHFWHGHOMXtUHVSRQVDELOLWDWDGPLQLVWUDGRUVVRFLDOV
)HUQDQGR 3UHVHQFLD &UHVSR PDJLVWUDW MXWJH GHO -XWMDW 0HUFDQWLO
Q~PHUR G¶HVWD FLXWDW KD YLVW OHV DFWXDFLRQV GHO MXt YHUEDO Q~PHUR
SURPRJXGHVDLQVWjQFLDGH:HE6/UHSUHVHQWDWSHUOD
SURFXUDGRUD(OLVD3DVFXDO&DVDQRYDDPEODGHIHQVDGHOOOHWUDW)UDQFLV
FR$OLDJD1DYDUURFRQWUD6HUYLFLRV\+RVWHOHUtDV/D6DIRU6/L-RVp
$UWpV6LJQHVGHFODUDWVHQUHEHOÂOLDHQHOTXDOV¶H[HUFLWDDFXPXODGDU
QHQWDFFLyGHUHFODPDFLyGHTXDQWLWDWLODGHUHVSRQVDELOLWDWG¶DGPLQLV
WUDGRUVVRFLDOV
3URFHGLPLHQWRMXLFLRYHUEDO
'HPDQGDQWH:HE6/
3URFXUDGRUD0DUtD(OLVD3DVFXDO&DVDQRYD
'HPDQGDGRV 6HUYLFLRV \ +RVWHOHUtDV /D 6DIRU 6/ \ -RVp$UWpV
6LJQHV
-RUJH 9tFWRU ,JOHVLDV GH %D\D VHFUHWDULR GHO -X]JDGR GH OR 0HU
FDQWLOQ~PHURGH9DOHQFLDKDFHVDEHU
4XHHQHVWH-X]JDGRGHPLFDUJRVHVLJXHQDXWRVGHMXLFLRYHUEDO
DLQVWDQFLDGH:HE6/UHSUHVHQWDGRSRUODSURFX
UDGRUD 0DUtD (OLVD 3DVFXDO &DVDQRYD FRQWUD 6HUYLFLRV \ +RVWHOHUtDV
/D6DIRU6/\-RVp$UWHV6LJQHVHQHOTXHSRUUHVROXFLyQGHIHFKDGH
KR\KHDFRUGDGRFRPRORYHULILFRQRWLILFDUODVHQWHQFLDGLFWDGDHQORV
DXWRV LQGLFDGRV D ORV GHPDQGDGRV HQ LJQRUDGR SDUDGHUR 6HUYLFLRV \
+RVWHOHUtDV/D6DIRU6/\-RVp$UWpV6LJQHVFX\RHQFDEH]DPLHQWR\
SDUWHGLVSRVLWLYDGHODLQGLFDGDVHQWHQFLDHVGHOVLJXLHQWHWHQRUOLWHUDO
©6HQWHQFLDQ~PHUR
0DJLVWUDGRMXH]TXHODGLFWD)HUQDQGR3UHVHQFLD&UHVSR
/XJDU9DOHQFLD
)HFKDGHIHEUHURGH
3DUWHGHPDQGDQWH:HE6/
3URFXUDGRUD0DUtD(OLVD3DVFXDO&DVDQRYD
3DUWH GHPDQGDGD 6HUYLFLRV \ +RVWHOHUtDV /D 6DIRU 6/ \ -RVp
$UWpV6LJQHV
2EMHWRGHOMXLFLRUHVSRQVDELOLGDGDGPLQLVWUDGRUHVVRFLDOHV
9LVWRV SRU Pt )HUQDQGR 3UHVHQFLD &UHVSR PDJLVWUDGRMXH] GHO
-X]JDGR GH OR 0HUFDQWLO Q~PHUR GH ORV GH HVWD FLXGDG ORV SUHVHQ
WHVDXWRVGHMXLFLRYHUEDOQ~PHURSURPRYLGRVDLQVWDQFLDGH
:HE6/UHSUHVHQWDGRSRUODSURFXUDGRUD(OLVD3DVFXDO&DVDQRYD
EDMRODGHIHQVDGHOOHWUDGR)UDQFLVFR$OLDJD1DYDUURFRQWUD6HUYLFLRV
\+RVWHOHUtDV/D6DIRU6/\-RVp$UWpV6LJQHVGHFODUDGRVHQUHEHOGtD
HQHOTXHVHHMHUFLWDDFXPXODGDUQHQWHDFFLyQGHUHFODPDFLyQGHFDQWL
GDG\ODGHUHVSRQVDELOLGDGGHDGPLQLVWUDGRUHVVRFLDOHV
'HFLVLy
4XH DPE O¶HVWLPDFLy GH OD GHPDQGD LQWHUSRVDGD SHU :HE 6/UHSUHVHQWDWSHUODSURFXUDGRUD3DVFXDO&DVDQRYDFRQWUD6HUYLFLRV
\+RVWHOHUtDV/D6DIRU6/L-RVp$UWpV6LJQHVFRQGHPQHDOVGHPDQ
GDWVTXHFRQMXQWDPHQWLVROLGjULDPHQWSDJXHQDO¶DFWRUDODTXDQWLWDW
GHHXURVPpVHOVLQWHUHVVRVOHJDOVGHVGHODGDWDGHYHQFLPHQWGH
O¶REOLJDFLyLIHXORVH[SUHVVDLPSRVLFLyGHOHVFRVWHVFDXVDGHV
)DOOR
4XHHVWLPDQGRODGHPDQGDLQWHUSXHVWDSRU:HE6/UHSUH
VHQWDGRSRUODSURFXUDGRUD3DVFXDO&DVDQRYDFRQWUD6HUYLFLRV\+RV
WHOHUtDV/D6DIRU6/\-RVp$UWpV6LJQHVGHERFRQGHQDU\FRQGHQRD
ORVGHPDQGDGRVDTXHFRQMXQWD\VROLGDULDPHQWHDERQHQDODDFWRUD
OD FDQWLGDG GH HXURV PiV ORV LQWHUHVHV OHJDOHV GHVGH OD IHFKD GH
YHQFLPLHQWR GH OD REOLJDFLyQ KDFLpQGROHV H[SUHVD LPSRVLFLyQ GH ODV
FRVWDVFDXVDGDV
1RWLItTXHVH OD SUHVHQWH UHVROXFLyQ D ODV SDUWHV VLJQLILFiQGROHV
TXH FRQWUD OD PLVPD FDEH DQXQFLDU UHFXUVR GH DSHODFLyQ SDUD DQWH OD
6HFFLyQ1RYHQDGHOD$XGLHQFLD3URYLQFLDOGH9DOHQFLDGHQWURGHORV
FLQFRGtDVKiELOHVVLJXLHQWHVDOGHVXQRWLILFDFLyQ
/tEUHVH \ ~QDVH FHUWLILFDFLyQ GH HVWD VHQWHQFLD D ODV DFWXDFLRQHV
FRQ LQFOXVLyQ GH OD RULJLQDO HQ HO OLEUR GH VHQWHQFLDV FLYLOHV GH HVWH
-X]JDGR
$VtSRUHVWDPLVHQWHQFLDORSURQXQFLRPDQGR\ILUPRª
1RWLILTXHXHVWDUHVROXFLyDOHVSDUWVLFRPXQLTXHXORVTXHFRQWUD
HVWD HV SRW DQXQFLDU UHFXUV G¶DSHOÂODFLy GDYDQW OD 6HFFLy 1RYHQD GH
O¶$XGLqQFLD3URYLQFLDOGH9DOqQFLDGLQVGHOVFLQFGLHVKjELOVVHJHQWV
GHODQRWLILFDFLy
/OLXUHX L XQLX HO FHUWLILFDW G¶HVWD VHQWqQFLD D OHV DFWXDFLRQV DPE
LQFOXVLyGHO¶RULJLQDOHQHOOOLEUHGHVHQWqQFLHVFLYLOVG¶HVWH-XWMDW
(VWDpVODPHXDVHQWqQFLDTXHSURQXQFLHPDQHLILUPHª
3XEOLFDFLy (Q HVWD GDWD HV SURFHGL[ D IHU S~EOLFD HVWD UHVROXFLy
PLWMDQoDQWODQRWLILFDFLyDOHVSDUWVGHODTXDOHQGRQHIH
, SHUTXq YDOJD GH QRWLILFDFLy GH OD VHQWqQFLD DOV GHPDQGDWV HQ
LJQRUDWSDUDGRUV¶H[SHGL[HVWH
3XEOLFDFLyQ(QODPLVPDIHFKDVHSURFHGHDKDFHUS~EOLFDODSUH
VHQWH UHVROXFLyQ PHGLDQWH VX QRWLILFDFLyQ D ODV SDUWHV GH OR TXH GR\
IH
<SDUDTXHVLUYDGHQRWLILFDFLyQGHODVHQWHQFLDDORVGHPDQGDGRV
HQLJQRUDGRSDUDGHURVHH[SLGHHOSUHVHQWH
9DOqQFLDGHIHEUHUGH(OVHFUHWDUL-RUJH9tFWRU,JOHVLDV
GH%D\D
9DOHQFLDGHIHEUHURGH(OVHFUHWDULR-RUJH9tFWRU,JOH
VLDVGH%D\D
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH&DWDUURMD
1RWLILFDFLy D OHV SHUVRQHV LQWHUHVVDGHV GH OD GHFODUDFLy
G¶KHUHXV DELQWHVWDW GH /XLV 0RUHQR 9i]TXH]
>@
18864
-X]JDGRGH3ULPHUD,QVWDQFLD
Q~PHURGH&DWDUURMD
1RWLILFDFLyQDODVSHUVRQDVLQWHUHVDGDVGHODGHFODUDFLyQ
GH KHUHGHURV DELQWHVWDWR GH /XLV 0RUHQR 9i]
TXH]>@
-RVp 0RUHQR9i]TXH] FRP D SURPRWRU GH O¶H[SHGLHQW L JHUPDQV
)UDQFLVFRL0DUtD5RVD$QWRQLD0RUHQR9i]TXH]
,DWpVTXHSRJXHUHQH[LVWLUDOWUHVSDUHQWVG¶LJXDORPLOORUGUHWpV
SHUODTXDOFRVDTXHHVIDQS~EOLTXHVOHVDQWHULRUVFLUFXPVWjQFLHVDIL
TXHTXLHVFUHJDDPELJXDORPLOORUGUHWFRPSDUHJDGDYDQWHVWH-XWMDW
DUHFODPDUKRHQHOWHUPLQLGHGLHV
,SHUTXqHVSXEOLTXHHOHQWDXOHUG¶DQXQFLVG¶HVWH-XWMDWHQHOGHO
-XWMDWGH3DXGH0DVVDQDVVD9DOqQFLDHQHO-XWMDWGHJjGH9DOqQFLD
HQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDLHQHOGLDUL/DV3UR
YLQFLDVH[SHGLVFHVWHHGLFWH
3URFHGLPLHQWRDVXQWRFLYLO
&DUPHQ 0DFKt 3pUH] VHFUHWDULD MXGLFLDO GHO -X]JDGR GH 3ULPHUD
,QVWDQFLD H ,QVWUXFFLyQ Q~PHUR GH &DWDUURMD 9DOHQFLD SRU HO SUH
VHQWHKDFHVDEHU
4XHHQHVWH-X]JDGRVHWUDPLWDH[SHGLHQWHGHGHFODUDFLyQGHKHUH
GHURV DELQWHVWDWR FRQ HO Q~PHUR HQ UHODFLyQ D /XLV 0RUHQR
9i]TXH]TXLHQQDFLyHQ0DVVDQDVVD9DOHQFLDHOGtDGHPD\RGH
KLMRGH-RVp\GH5RVD\TXHIDOOHFLyHQ9DOHQFLDHOGtDGH
RFWXEUHGHGHHVWDGRFLYLOVROWHURVLHQGRVX~OWLPRGRPLFLOLRHO
VLWRHQODFDOOH&HUYDQWHV'GH0DVVDQDVVD
'LFKR H[SHGLHQWH GH GHFODUDFLyQ GH KHUHGHURV VH WUDPLWD D
LQVWDQFLDVGH-RVp0RUHQR9i]TXH]YHFLQRGH0DVVDQDVVD9DOHQFLD
LQWHUHVDQGRVHGHFODUHKHUHGHURVDELQWHVWDWRGHOFDXVDQWHDODVVLJXLHQ
WHVSHUVRQDV
-RVp 0RUHQR9i]TXH] FRPR SURPRWRU GHO H[SHGLHQWH \ VXV KHU
PDQRV)UDQFLVFR\0DUtD5RVD$QWRQLD0RUHQR9i]TXH]
<GDGRTXHSXGLHUDQH[LVWLURWURVSDULHQWHVGHLJXDORPHMRUGHUHF
KRHVSRUORTXHVHKDFHQS~EOLFDVODVDQWHULRUHVFLUFXQVWDQFLDVDILQ
GHTXHTXLHQVHFUHDFRQLJXDORPHMRUGHUHFKRFRPSDUH]FDDQWHHVWH
-X]JDGRDUHFODPDUORHQHOSOD]RGHGtDV
<SDUDVXSXEOLFDFLyQHQHOWDEOyQGHDQXQFLRVGHHVWH-X]JDGRHQ
HOGHO-X]JDGRGH3D]GH0DVVDQDVVD9DOHQFLDHQHO-X]JDGRGHFDQR
GH 9DOHQFLD HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD \ HQ HO
GLDULR/DV3URYLQFLDVH[SLGRHOSUHVHQWH
&DWDUURMD GH PDUo GH ± /D VHFUHWjULD MXGLFLDO &DUPHQ
0DFKt3pUH]
&DWDUURMD GH PDU]R GH ± /D VHFUHWDULD MXGLFLDO &DUPHQ
0DFKt3pUH]
3URFHGLPHQWDVVXPSWHFLYLO
&DUPHQ0DFKt3pUH]VHFUHWjULDMXGLFLDOGHO-XWMDWGH3ULPHUD,QV
WjQFLD L ,QVWUXFFLy Q~PHUR GH &DWDUURMD 9DOqQFLD PLWMDQoDQW HVWH
HGLFWHIDVDEHU
4XH HQ HVWH -XWMDW HV WUDPLWD O¶H[SHGLHQW GH GHFODUDFLy G¶KHUHXV
DELQWHVWDWDPEHOQ~PHURHQUHODFLyDPE/XLV0RUHQR9i]
TXH]TXLYDQjL[HUD0DVVDQDVVD9DOqQFLDHOGLDGHPDLJGH
ILOOGH-RVpLGH5RVDLTXHYDPRULUD9DOqQFLDHOGLDG¶RFWXEUHGH
G¶HVWDWFLYLOVROWHULO¶~OWLPGRPLFLOLODVLJXWHOVLWXDWDOFDUUHUGH
&HUYDQWHV'GH0DVVDQDVVD
(VWH H[SHGLHQW GH GHFODUDFLy G¶KHUHXV HV WUDPLWD D LQVWjQFLHV GH
-RVp0RUHQR9i]TXH]YHtGH0DVVDQDVVD9DOqQFLDLHVFRPXQLFDVH
GHFODUHKHUHXVDELQWHVWDWGHOFDXVDQWDOHVSHUVRQHVVHJHQWV
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH7RUUHYLHMD
18865
-X]JDGRGH3ULPHUD,QVWDQFLD
Q~PHURGH7RUUHYLHMD
1RWLILFDFLy D 6XVDQ -RQHV L *HRUJH (ULF :LOOLDPV -RQHV
GH OD VHQWqQFLD GLFWDGD HQ OHV DFWXDFLRQV GHO MXt YHUEDO
>@
1RWLILFDFLyQD6XVDQ-RQHV\*HRUJH(ULF:LOOLDPV-RQHV
GH OD VHQWHQFLD GLFWDGD HQ ORV DXWRV GHO MXLFLR YHUEDO
>@
3URFHGLPHQWDVVXPSWHFLYLO
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH7RUUHYLHMD$ODFDQW
-XtMXtYHUEDO±
3DUWGHPDQGDQW&RPXQLGDGGH3URSLHWDULRV5HVLGHQFLD%XHQDYLV
WD*ROI)DVH,9
3DUWGHPDQGDGD6XVDQ-RQHVL*HRUJH(ULF:LOOLDP-RQHV
6REUHDOWUHVYHUEDOV
(Q HO MXt UHIHUHQFLDW V¶KD GLFWDW OD UHVROXFLy TXH Wp HO WH[W OLWHUDO
VHJHQW
©4XHDPEO¶HVWLPDFLytQWHJUDGHODGHPDQGDIRUPXODGDSHUODSUR
FXUDGRUDVHQ\RUD0tQJXH]9DOGpVHQQRPLUHSUHVHQWDFLyGHOD&RPX
QLGDG GH 3URSLHWDULRV 5HVLGHQFLDO %XHQDYLVWD *ROI )DVH ,9 FRQWUD
6XVDQ-RQHVL*HRUJH(ULF:LOOLDP-RQHVFRQGHPQHDODSDUWGHPDQ
GDGD TXH VDWLVIDoD D O¶DFWRUD OD TXDQWLWDW GH HXURV PpV HOV
LQWHUHVVRVOHJDOVGHVGHODGDWDGHODLQWHUSHOÂODFLyMXGLFLDOLOHVFRVWHV
FDXVDGHVHQHVWDLQVWjQFLD
1RWLILTXHX HVWD UHVROXFLy D OHV SDUWV L IHXORV VDEHU TXH HVWD QR
pVIHUPDLTXHFRQWUDHVWDHVSRWLQWHUSRVDUUHFXUVG¶DSHOÂODFLyGDYDQW
O¶$XGLqQFLD3URYLQFLDOG¶$ODFDQWVHFFLy(O[TXHKDXUDQGHSUHSDUDU
GDYDQWHVWH-XWMDWHQHOWHUPLQLGHFLQFGLHVFRPSWDGRUGHVGHODQRWL
ILFDFLy
(VWD pV OD PHXD VHQWqQFLD TXH SURQXQFLH PDQH L ILUPH (YD
0DUWtQH] 3pUH] PDJLVWUDGD MXWJHVVD GHO -XWMDW GH 3ULPHUD ,QVWjQFLD
Q~PHURDQWLFPL[WQ~PHURGH7RUUHYLHMDLSDUWLW(QGRQHIHª
(Q DWHQFLy DO GHVFRQHL[HPHQW GH O¶DFWXDO GRPLFLOL R UHVLGqQFLD
GH OD SDUW GHPDQGDGD HO MXWJH GH FRQIRUPLWDW DPE HO TXH GLVSRVHQ
HOV DUWLFOHV L GH OD /OHL G¶(QMXGLFLDPHQW &LYLO KD
DFRUGDWODSXEOLFDFLyG¶HVWHHGLFWHHQHO'LDUL2ILFLDOGHOD&RPXQLWDW
9DOHQFLDQD '2&9 SHU D GXU D HIHFWH D OD GLOLJqQFLD GH QRWLILFDFLy
VHQWqQFLD
3URFHGLPLHQWRDVXQWRFLYLO
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH7RUUHYLHMD$OLFDQWH
-XLFLRMXLFLRYHUEDO±
3DUWHGHPDQGDQWH&RPXQLGDGGH3URSLHWDULRV5HVLGHQFLD%XHQD
YLVWD*ROI)DVH,9
3DUWHGHPDQGDGD6XVDQ-RQHV\*HRUJH(ULF:LOOLDP-RQHV
6REUHGHPiVYHUEDOHV
(Q HO MXLFLR UHIHUHQFLDGR VH KD GLFWDGR OD UHVROXFLyQ FX\R WH[WR
OLWHUDOHVHOVLJXLHQWH
©4XHGHELHQGRHVWLPDUFRPRHVWLPRtQWHJUDPHQWHODGHPDQGDIRU
PXODGDSRUODSURFXUDGRUDVHxRUD0tQJXH]9DOGpVHQQRPEUH\UHSUH
VHQWDFLyQ GH OD &RPXQLGDG GH 3URSLHWDULRV 5HVLGHQFLDO %XHQDYLVWD
*ROI)DVH,9IUHQWHD6XVDQ-RQHV\*HRUJH(ULF:LOOLDP-RQHVGHER
FRQGHQDUDODSDUWHGHPDQGDGDDTXHVDWLVIDJDDODDFWRUDODFDQWLGDG
GHHXURVFRQPiVLQWHUHVHVOHJDOHVGHVGHODIHFKDGHODLQWHU
SHODFLyQMXGLFLDO\ODVFRVWDVFDXVDGDVHQHVWDLQVWDQFLD
1RWLItTXHVH OD SUHVHQWH UHVROXFLyQ D ODV SDUWHV KDFLpQGROHV VDEHU
TXH OD PLVPD QR HV ILUPH \ TXH FRQWUD HOOD FDEH LQWHUSRQHU UHFXUVR
GH DSHODFLyQ SDUD DQWH OD$XGLHQFLD 3URYLQFLDO GH$OLFDQWH VHFFLyQ
(OFKH TXH GHEHUiQ SUHSDUDU DQWH HVWH -X]JDGR HQ HO SOD]R GH FLQFR
GtDVDFRQWDUGHVGHVXQRWLILFDFLyQ
$Vt SRU HVWD PL VHQWHQFLD OR SURQXQFLR PDQGR \ ILUPR (YD
0DUWtQH] 3pUH] PDJLVWUDGD MXH]D GHO -X]JDGR GH 3ULPHUD ,QVWDQFLD
Q~PHUR DQWLJXR PL[WR Q~PHUR GH7RUUHYLHMD \ VX SDUWLGR 'R\
IHª
(QDWHQFLyQDOGHVFRQRFLPLHQWRGHODFWXDOGRPLFLOLRRUHVLGHQFLD
GH OD SDUWH GHPDQGDGD HO MXH] GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ
ORV DUWtFXORV \ GH OD /H\ GH (QMXLFLDPLHQWR &LYLO
KDDFRUGDGRODSXEOLFDFLyQGHOSUHVHQWHHGLFWRHQHO'LDUL2ILFLDOGH
OD&RPXQLWDW9DOHQFLDQD'2&9SDUDOOHYDUDHIHFWRODGLOLJHQFLDGH
QRWLILFDFLyQVHQWHQFLD
7RUUHYLHMDGHIHEUHUGH±/DVHFUHWjULDMXGLFLDO$QD0
/DFDOOH(VSDOODUGR
7RUUHYLHMDGHIHEUHURGH±/DVHFUHWDULDMXGLFLDO$QD0
/DFDOOH(VSDOODUGR
Núm
5509 / 10.05.2007
18866
-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH7RUUHYLHMD
-X]JDGRGH3ULPHUD,QVWDQFLD
Q~PHURGH7RUUHYLHMD
1RWLILFDFLyQD2OJD/ySH]/ySH]\9LDOD5HQHGHODVHQ
WHQFLD GLFWDGD HQ ORV DXWRV GHO MXLFLR YHUEDO Q~PHUR
>@
1RWLILFDFLy D 2OJD /ySH] /ySH] L 9LDOD 5HQH GH OD VHQ
WqQFLD GLFWDGD HQ OHV DFWXDFLRQV GHO MXt YHUEDO Q~PHUR
>@
3URFHGLPLHQWRDVXQWRFLYLO
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH7RUUHYLHMD$OLFDQWH
-XLFLRMXLFLRYHUEDO±
3DUWHGHPDQGDQWH&RPXQLGDGGH3URSLHWDULRVGHO(GLILFLR9HQH
3URFHGLPHQWDVVXPSWHFLYLO
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH7RUUHYLHMD$ODFDQW
-XtMXtYHUEDO±
3DUWGHPDQGDQW&RPXQLGDGGH3URSLHWDULRVGHO(GLILFLR9HQHFLD
FLD
(Q DWHQFLy DO GHVFRQHL[HPHQW GH O¶DFWXDO GRPLFLOL R UHVLGqQFLD
GH OD SDUW GHPDQGDGD HO MXWJH GH FRQIRUPLWDW DPE HO TXH GLVSRVHQ
HOV DUWLFOHV L GH OD /OHL G¶(QMXGLFLDPHQW &LYLO KD
DFRUGDWODSXEOLFDFLyG¶HVWHHGLFWHHQHO'LDUL2ILFLDOGHOD&RPXQLWDW
9DOHQFLDQD'2&9SHUDGXUDHIHFWHODGLOLJqQFLDGHQRWLILFDFLyGH
VHQWqQFLD
3DUWHGHPDQGDGD2OJD/ySH]/ySH]\9LDOD5HQH
6REUHGHPiVYHUEDOHV
(Q HO MXLFLR UHIHUHQFLDGR VH KD GLFWDGR OD UHVROXFLyQ FX\R WH[WR
OLWHUDOHVHOVLJXLHQWH
©)DOOR
4XHGHELHQGRHVWLPDUFRPRHVWLPRtQWHJUDPHQWHODGHPDQGDIRU
PXODGDSRUODSURFXUDGRUDVHxRUD0tQJXH]9DOGpVHQQRPEUH\UHSUH
VHQWDFLyQGHOD&RPXQLGDGGH3URSLHWDULRV(GLILFLR9HQHFLDIUHQWHD
2OJD /ySH] /ySH] \ VHxRU 9LDOD 5HQH GHER FRQGHQDU \ FRQGHQR D
OD GHPDQGDGD D TXH VDWLVIDJD D OD DFWRUD OD FDQWLGDG GH ¼ DVt
FRPRORVLQWHUHVHVOHJDOHVGHVGHODIHFKDGHODLQWHUSHODFLyQMXGLFLDO\
ODVFRVWDVFDXVDGDVHQHVWDLQVWDQFLD
1RWLItTXHVH OD SUHVHQWH UHVROXFLyQ D ODV SDUWHV KDFLpQGROHV VDEHU
TXH OD PLVPD QR HV ILUPH \ TXH FRQWUD HOOD FDEH LQWHUSRQHU UHFXUVR
GH DSHODFLyQ SDUD DQWH OD$XGLHQFLD 3URYLQFLDO GH$OLFDQWH VHFFLyQ
(OFKH TXH GHEHUiQ SUHSDUDU DQWH HVWH -X]JDGR HQ HO SOD]R GH FLQFR
GtDVDFRQWDUGHVGHVXQRWLILFDFLyQ
$Vt SRU HVWD PL VHQWHQFLD OR SURQXQFLR PDQGR \ ILUPR (YD
0DUWtQH] 3pUH] PDJLVWUDGDMXH]D GHO -X]JDGR GH 3ULPHUD ,QVWDQFLD
Q~PHUR DQWLJXR PL[WR Q~PHUR GH7RUUHYLHMD \ VX SDUWLGR 'R\
IHª
(QDWHQFLyQDOGHVFRQRFLPLHQWRGHODFWXDOGRPLFLOLRRUHVLGHQFLD
GH OD SDUWH GHPDQGDGD HO MXH] GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ
ORV DUWtFXORV \ GH OD /H\ GH (QMXLFLDPLHQWR &LYLO
KD DFRUGDGR OD SXEOLFDFLyQ GHO SUHVHQWH HGLFWR HQ HO 'LDUL 2ILFLDO GH
OD&RPXQLWDW9DOHQFLDQD'2&9SDUDOOHYDUDHIHFWRODGLOLJHQFLDGH
QRWLILFDFLyQGHVHQWHQFLD
7RUUHYLHMDGHPDUoGH±/DVHFUHWjULDMXGLFLDO$QD0DUtD
/DFDOOH(VSDOODUGR
7RUUHYLHMDGHPDU]RGH±/DVHFUHWDULDMXGLFLDO$QD0DUtD
/DFDOOH(VSDOODUGR
3DUWGHPDQGDGD2OJD/ySH]/ySH]L9LDOD5HQH
6REUHDOWUHVYHUEDOV
(Q HO MXt UHIHUHQFLDW V¶KD GLFWDW OD UHVROXFLy TXH Wp HO WH[W OLWHUDO
VHJHQW
©'HFLVLy
4XH DPE O¶HVWLPDFLy GH OD GHPDQGD IRUPXODGD SHU OD SURFXUDGR
UD VHQ\RUD 0tQJXH] 9DOGpV HQ QRP L UHSUHVHQWDFLy GH OD &RPXQLWDW
GH3URSLHWDULV(GLILFLR9HQHFLDGDYDQWD2OJD/ySH]/ySH]LVHQ\RU
9LDOD5HQHFRQGHPQHODGHPDQGDGDTXHVDWLVIDoDDO¶DFWRUDODTXDQ
WLWDW GH ¼ DL[t FRP HOV LQWHUHVVRV OHJDOV GHV GH OD GDWD GH OD
LQWHUSHOÂODFLyMXGLFLDOLOHVFRVWHVFDXVDGHVHQHVWDLQVWjQFLD
1RWLILTXHX HVWD UHVROXFLy D OHV SDUWV L IHXORV VDEHU TXH HVWD QR
pVIHUPDLTXHFRQWUDHVWDHVSRWLQWHUSRVDUUHFXUVG¶DSHOÂODFLyGDYDQW
O¶$XGLqQFLD3URYLQFLDOG¶$ODFDQWVHFFLy(O[TXHKDXUDQGHSUHSDUDU
GDYDQWHVWH-XWMDWHQHOWHUPLQLGHFLQFGLHVFRPSWDGRUGHVGHODQRWL
ILFDFLy
(VWD pV OD PHXD VHQWqQFLD TXH SURQXQFLH PDQH L ILUPH (YD
0DUWtQH] 3pUH] PDJLVWUDGD MXWJHVVD GHO -XWMDW GH 3ULPHUD ,QVWjQFLD
Q~PHURDQWLFPL[WQ~PHURGH7RUUHYLHMDLSDUWLW(QGRQHIHª
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH7RUUHQW
18867
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH7RUUHQW
1RWLILFDFLyD&LD.OLQ7DQ7XQ6/GHODVHQWqQFLDGLFWD
GDHQOHVDFWXDFLRQVGHOMXtYHUEDO>@
1RWLILFDFLyQD&LD.OLQ7DQ7XQ6/GHODVHQWHQFLDGLF
WDGDHQORVDXWRVGHOMXLFLRYHUEDO>@
3URFHGLPHQWYHUEDO-
'HPDQGDQW0DQXHO=RPHxR5RGULJR
3URFXUDGRU5DIDHO)$ODULR0RQW
'HPDQGDW&tD.OL7DQ7XQ6/
/HJDOUHSUHVHQWDQW(QULTXH&DUUHUDV'RPpQHFK
(GXUQH=XELD=XELPHQGLVHFUHWjULDGHO-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH7RUUHQW9DOqQFLDIDVDEHU
4XHHQHVWH-XWMDWVHVHJXL[HQOHVDFWXDFLRQVGHYHUEDO
- D LQVWjQFLD GH 0DQXHO =RPHxR 5RGULJR UHSUHVHQWDW SHO SURFXUDGRU
5DIDHO)$ODULR0RQWFRQWUD&tD.OL7DQ7XQ6/OHJDOUHSUHVHQWDQW
(QULTXH&DUUHUDV'RPpQHFKHQHOTXDOV¶KDGLFWDWVHQWqQFLDGHGDWD
G¶RFWXEUHGHLTXHODGHFLVLyOLWHUDOGLXDL[t
©'HFLVLy
4XH DPE O¶HVWLPDFLy GH OD GHPDQGD LQWHUSRVDGD SHO SURFXUD
GRU 5DIDHO )UDQFLVFR$ODQR 0RQW HQ QRP L UHSUHVHQWDFLy GH 0DQXHO
=RPHxR 5RGULJR FRQWUD O¶HQWLWDW .OL7DQ7XQ 6/ FRQGHPQH OD SDUW
GHPDQGDGDTXHSDJXHDO¶DFWRUODTXDQWLWDWGHHXURVLQWHUHV
VRVOHJDOVGHVGHODLQWHUSRVLFLyGHODGHPDQGDLSDJDPHQWGHFRVWHV
SURFHVVDOV
1RWLILTXHXHVWDUHVROXFLyDOHVSDUWVLIHXORVVDEHUTXHFRQWUDHVWD
HVSRWLQWHUSRVDUUHFXUVG¶DSHOÂODFLyGDYDQWGHOPDWHL[zUJDQMXGLFLDO
GLQVGHOWHUPLQLGHFLQFGLHVKjELOVDSDUWLUGHODQRWLILFDFLySHUDOD
VHXDHOHYDFLyDO¶$XGLqQFLD3URYLQFLDO
/OLXUHXLXQLXFHUWLILFDFLyG¶HVWDUHVROXFLyDOHVDFWXDFLRQVLLQFOR
HXO¶RULJLQDOHQHOOOLEUHGHVHQWqQFLHV
,SHUTXqYDOJDGHQRWLILFDFLyD&tD.OL7DQ7XQ6/OHJDOUHSUH
VHQWDQW(QULTXH&DUUHUD'RPpQHFKGHFODUDGDHQUHEHOÂOLDLHOGRPLFLOL
GHODTXDOHVGHVFRQHL[V¶H[SHGL[HVWH
3URFHGLPLHQWRYHUEDO-
'HPDQGDQWH0DQXHO=RPHxR5RGULJR
3URFXUDGRU5DIDHO)$ODULR0RQW
'HPDQGDGR&tD.OL7DQ7XQ6/
/HJDOUHSUHVHQWDQWH(QULTXH&DUUHUDV'RPpQHFK
(GXUQH =XELD =XELPHQGL VHFUHWDULD GHO -X]JDGR GH 3ULPHUD
,QVWDQFLDQ~PHURGH7RUUHQW9DOHQFLDKDFHVDEHU
4XH HQ HVWH -X]JDGR VH VLJXHQ DXWRV GH YHUEDO - D
LQVWDQFLDGH0DQXHO=RPHxR5RGULJRUHSUHVHQWDGRSRUHOSURFXUDGRU
5DIDHO)$ODULR0RQWFRQWUD&tD.OL7DQ7XQ6/OHJDOUHSUHVHQWDQ
WH (QULTXH &DUUHUDV 'RPpQHFK HQ HO TXH VH KD GLFWDGR VHQWHQFLD GH
IHFKDGHRFWXEUHGHFX\RIDOOROLWHUDOPHQWHGLFH
©)DOOR
4XH HVWLPDQGR OD GHPDQGD LQWHUSXHVWD SRU HO SURFXUDGRU 5DIDHO
)UDQFLVFR$ODQR0RQWHQQRPEUH\UHSUHVHQWDFLyQGH0DQXHO=RPHxR
5RGULJR FRQWUD OD HQWLGDG .OL7DQ7XQ 6/ GHER FRQGHQDU \ FRQGH
QRDODSDUWHGHPDQGDGDDTXHDERQHDODFWRUODFDQWLGDGGH
HXURVLQWHUHVHVOHJDOHVGHVGHODLQWHUSRVLFLyQGHODGHPDQGD\SDJRGH
FRVWDVSURFHVDOHV
1RWLItTXHVH OD SUHVHQWH UHVROXFLyQ D ODV SDUWHV KDFLpQGROHV VDEHU
TXHFRQWUDODPLVPDFDEHUHFXUVRGHDSHODFLyQDQWHHVWHPLVPRyUJD
QRMXGLFLDOGHQWURGHOSOD]RGHFLQFRGtDVKiELOHVDSDUWLUGHVXQRWLIL
FDFLyQSDUDVXHOHYDFLyQDOD$XGLHQFLD3URYLQFLDO
/tEUHVH\~QDVHFHUWLILFDFLyQGHHVWDUHVROXFLyQDODVDFWXDFLRQHV
LQFOX\pQGRVHODRULJLQDOHQHOOLEURGHVHQWHQFLDV
< SDUD TXH VLUYD GH QRWLILFDFLyQ D &tD .OL7DQ7XQ 6/ OHJDO
UHSUHVHQWDQWH(QULTXH&DUUHUD'RPpQHFKGHFODUDGDHQUHEHOGtD\FX\R
GRPLFLOLRVHGHVFRQRFHVHH[SLGHHOSUHVHQWH
7RUUHQWGHIHEUHUGH±/DVHFUHWjULDMXGLFLDO(GXUQH=XELD
=XELPHQGL
7RUUHQW GH IHEUHUR GH ± /D VHFUHWDULD MXGLFLDO (GXUQH
=XELD=XELPHQGL
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH9DOqQFLD
18868
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOqQFLD
1RWLILFDFLyD'DOLOD0LOiQ$PRUyVGHODVHQWqQFLDQ~PHUR
GLFWDGDHQOHVDFWXDFLRQVGHOMXtYHUEDOQ~PHUR
>@
1RWLILFDFLyQD'DOLOD0LOiQ$PRUyVGHODVHQWHQFLDQ~PH
URUHFDtGDHQORVDXWRVGHOMXLFLRYHUEDOQ~PHUR
>@
3URFHGLPHQWDVVXPSWHFLYLO
0DUtD7HUHVD (VWHYH 5DPRV VHFUHWjULD GHO -XWMDW GH 3ULPHUD ,QV
WjQFLDQ~PHURGH9DOqQFLDIDVDEHU
4XHHQHVWH-XWMDWVHVHJXL[HOSURFHGLPHQWGHMXtYHUEDOGHVQR
QDPHQW SHU IDOWD GH SDJDPHQW ± D LQVWjQFLD GH &ODUD
,VDEHO6RVSHGUD,ERUUDFRQWUD'DOLOD0LODQ$PRURV
(Q HO MXt UHIHUHQFLDW V¶KD GLFWDW OD UHVROXFLy TXH Wp HO WH[W OLWHUDO
VHJHQW
©6HQWqQFLDQ~PHUR
9DOqQFLDG¶RFWXEUHGH
/D PDJLVWUDGD MXWJHVVD %HDWUL] GH OD 5XELD &RPRV GHO -XWMDW GH
3ULPHUD,QVWjQFLDQ~PHURG¶HVWDFDSLWDOKDYLVWHVWHVDFWXDFLRQVGH
MXt YHUEDO GH GHVQRQDPHQW Q~PHUR SURPRJXGHV SHU OD
SURFXUDGRUD0HUFHGHV6ROHU0RQIRUWHHQQRPLUHSUHVHQWDFLyGH&ODUD
,VDEHO 6RVSHGUD ,ERUUD L DVVLVWLGD GHO OOHWUDW 9LFHQWH 6ROHU 0RQIRUWH
FRQWUD'DOLOD0LOiQ$PRUyVHQUHEHOÂOLDHQHVWHSURFHGLPHQW
3URFHGLPLHQWRDVXQWRFLYLO
0DUtD 7HUHVD (VWHYH 5DPRV VHFUHWDULD GHO -X]JDGR GH 3ULPHUD
,QVWDQFLDQ~PHURGH9DOHQFLDKDFHVDEHU
4XHHQHVWH-X]JDGRVHVLJXHSURFHGLPLHQWRGHMXLFLRYHUEDOGHV
DKXFLRSRUIDOWDGHSDJR±DLQVWDQFLDGH&ODUD,VDEHO
6RVSHGUD,ERUUDFRQWUD'DOLOD0LODQ$PRURV
(Q HO MXLFLR UHIHUHQFLDGR VH KD GLFWDGR OD UHVROXFLyQ FX\R WH[WR
OLWHUDOHVHOVLJXLHQWH
©6HQWHQFLDQ~PHUR
9DOHQFLDGHRFWXEUHGH
9LVWRV SRU OD PDJLVWUDGDMXH]D %HDWUL] GH OD 5XELD &RPRV GHO
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGHORVGHHVWDFDSLWDOORVSUH
VHQWHVDXWRVGHMXLFLRYHUEDOGHGHVDKXFLRQ~PHURSUR
PRYLGRV SRU OD SURFXUDGRUD 0HUFHGHV 6ROHU 0RQIRUWH HQ QRPEUH \
UHSUHVHQWDFLyQ GH &ODUD ,VDEHO 6RVSHGUD ,ERUUD \ DVLVWLGD GHO OHWUDGR
9LFHQWH 6ROHU 0RQIRUWH FRQWUD 'DOLOD 0LOiQ$PRUyV HQ UHEHOGtD HQ
HVWHSURFHGLPLHQWR
)DOOR
4XHHVWLPDQGRFRPRHVWLPRtQWHJUDPHQWHODGHPDQGDLQWHUSXHVWD
SRU OD SURFXUDGRUD 0HUFHGHV 6ROHU 0RQIRUWH HQ QRPEUH \ UHSUHVHQ
WDFLyQ GH &ODUD ,VDEHO 6RVSHGUD ,ERUUD FRQWUD 'DOLOD 0LODQ$PRURV
GHERGHFODUDU\GHFODURUHVXHOWRHOFRQWUDWRGHDUUHQGDPLHQWRVXVFULWR
HQWUHDPEDVSDUWHVHQUHODFLyQFRQODYLYLHQGDVLWDHQ9DOHQFLDFDOOH
6DQ9LFHQWH 0iUWLU Q~P SWD SRU IDOWD GH SDJR GH ODV UHQWDV
\ FDQWLGDGHV DVLPLODGDV TXH HQ HOOD VH LQGLFDQ \ GHER FRQGHQDU \
FRQGHQRDODDUUHQGDWDULD'DOLOD0LOiQ$PRUyVDSDVDUSRUODDQWHUL
RU GHFODUDFLyQ \ D GHMDU GHQWUR GHO SOD]R OHJDO YDFXD OLEUH \ H[SH
GLWD \ GLVSRVLFLyQ GH OD SDUWH DFWRUD HO LQPXHEOH UHVHxDGR DVLPLVPR
HVWLPDQGRFRPRHVWLPRODDFFLyQGHUHFODPDFLyQGHUHQWDVIRUPXODGD
FRQMXQWDPHQWH FRQ DTXpOOD GHER FRQGHQDU \ FRQGHQR D 'DOLOD 0LOiQ
$PRUyVDTXHDERQHDODFWRUODFDQWLGDGGH¼PiVODVUHQWDV
TXHVHGHYHQJXHQKDVWDODHMHFXFLyQGHODVHQWHQFLDHLQWHUHVHVOHJDOHV
FRQIRUPHDODUWtFXORGHOD/(&FRQH[SUHVDLPSRVLFLyQDODSDUWH
GHPDQGDGDGHODVFRVWDVSURFHVDOHV
$Vt SRU HVWD PL VHQWHQFLD MX]JDQGR HQ SULPHUD LQVWDQFLD OD SUR
QXQFLRPDQGR\ILUPR
<SDUDTXHVLUYDGHQRWLILFDFLyQHQIRUPDFRQSUHYHQFLyQGHORV
UHFXUVRVH[SUHVDGRVHQODFLWDGDUHVROXFLyQDODSDUWHGHPDQGDGDTXH
VHHQFXHQWUDHQSDUDGHURGHVFRQRFLGR'DOLOD0LOiQ$PRUyVFRQIRUPH
DORGLVSXHVWRHQHODUWtFXORGHOD/H\GH(QMXLFLDPLHQWR&LYLOVH
H[SLGHHOSUHVHQWH
'HFLVLy
4XHDPEO¶HVWLPDFLyGHODGHPDQGDLQWHUSRVDGDSHUODSURFXUDGRUD
0HUFHGHV6ROHU0RQIRUWHHQQRPLUHSUHVHQWDFLyGH&ODUD,VDEHO6RV
SHGUD,ERUUDFRQWUD'DOLOD0LODQ$PRURVHVGHFODUDUHVROWHOFRQWUDFWH
G¶DUUHQGDPHQW VXEVFULW HQWUH DPEGXHV SDUWV HQ UHODFLy DPE O¶KDELWDW
JH VLWXDW D9DOqQFLD FDUUHU 6DQ9LFHQWH 0iUWLU Q~P SWD SHU
IDOWD GH SDJDPHQW GH OHV UHQGHV L TXDQWLWDWV DVVLPLODGHV TXH HQ HVWD
V¶LQGLTXHQLHVFRQGHPQDDO¶DUUHQGDWjULD'DOLOD0LOiQ$PRUyVDDWH
QLUVH D O¶DQWHULRU GHFODUDFLy L D GHL[DU GLQV GHO WHUPLQL OHJDO YDFX
OOLXUH L H[SHGLW L D GLVSRVLFLy GH OD SDUW DFWRUD O¶LPPREOH UHVVHQ\DW
DL[tPDWHL[DPEO¶HVWLPDFLyGHO¶DFFLyGHUHFODPDFLyGHUHQGHVIRUPX
ODGDFRQMXQWDPHQWDPEDTXHOODHVFRQGHPQD'DOLOD0LOiQ$PRUyVTXH
SDJXHDO¶DFWRUODTXDQWLWDWGH¼PpVOHVUHQGHVTXHHVSUR
GXwVTXHQILQVDO¶H[HFXFLyGHODVHQWqQFLDLLQWHUHVVRVOHJDOVFRQIRUPH
DO¶DUWLFOHGHOD/(&DPEH[SUHVVDLPSRVLFLyDODSDUWGHPDQGDGD
GHOHVFRVWHVSURFHVVDOV
(VWDHVODPHXDVHQWqQFLDTXHMXWJHHQSULPHUDLQVWjQFLDTXHSUR
QXQFLHPDQHLILUPH
,SHUTXqYDOJDGHQRWLILFDFLyHQIRUPDDPESUHYHQFLyGHOVUHFXU
VRV H[SUHVVDWV HQ O¶HVPHQWDGD UHVROXFLy D OD SDUW GHPDQGDGD TXH HV
WURED HQ SDUDGRU GHVFRQHJXW 'DOLOD 0LOiQ$PRUyV FRQIRUPH DO TXH
GLVSRVDO¶DUWLFOHGHOD/OHLG¶(QMXGLFLDPHQW&LYLOV¶H[SHGL[HVWH
9DOqQFLDGHJHQHUGH±/DVHFUHWjULDMXGLFLDO0DUtD7HUHVD
(VWHYH5DPRV
9DOHQFLDGHHQHURGH±/DVHFUHWDULDMXGLFLDO0DUtD7HUHVD
(VWHYH5DPRV
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH9DOqQFLD
18869
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOqQFLD
1RWLILFDFLy D 3HUSHWXD 0DQJXH 0DQGDPD L DOWUHV GH OD
VHQWqQFLDGLFWDGDHQOHVDFWXDFLRQVGHOMXtGHGHVQRQDPHQW
Q~PHUR>@
1RWLILFDFLyQ D 3HUSHWXD 0DQJXH 0DQGDPD \ RWURV GH
OD VHQWHQFLD GLFWDGD HQ ORV DXWRV GHO MXLFLR GH GHVDKXFLR
Q~PHUR>@
3URFHGLPHQWGHVQRQDPHQW$
'HPDQGDQW)UDQFLVFR&DSOOLXUHÈOYDUH]
3URFXUDGRUD6LOYLD*DVWDOGL2UTXLQ
'HPDQGDWV
9LFHQWH'HOJDGR+XHUWDV
9tD'LVHPLQDGRQ~PHURSODQWD/RVDGHO2ELVSR
3HUSHWXD0DQJXH0DQGDPD
&,OOD&DEUHUDQ~PHUR9DOqQFLD
/HRFDGLD1VXJD1GRQJ
&,OOD&DEUHUDQ~PHUR9DOqQFLD
'DQLHO(\LPL1]R
&,OOD&DEUHUDQ~PHUR9DOqQFLD
5LFDUGR$ORQVR\*XUUHDVHFUHWDULGHO-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH9DOqQFLDIDLJVDEHU
4XHHQHVWH-XWMDWDFjUUHFPHXVHVHJXL[HQDFWXDFLRQVGHGHVQR
QDPHQW$DLQVWjQFLDGH)UDQFLVFR&DSOOLXUHÈOYDUH]UHSUH
VHQWDWSHUODSURFXUDGRUD6LOYLD*DVWDOGt2UTXtQFRQWUD9LFHQWH'HO
JDGR+XHUWDVL3HUSHWXD0DQJXH0DQGDPDL/HRFDGLD1VXJD1GRQJ
L'DQLHO(\LPL1]RHQHOTXDOPLWMDQoDQWODUHVROXFLyGHGDWDGHKXL
KHDFRUGDWFRPKRHIHFWXHQRWLILFDUODVHQWqQFLDGLFWDGDHQOHVDFWX
DFLRQVLQGLFDGHVDOVGHPDQGDWVHQSDUDGRULJQRUDW3HUSHWXD0DQJXH
0DQGDPDL/HRFDGLD1VXJD1GRQJL'DQLHO(\LPL1]R
/DSDUWGLVSRVLWLYDGHODVHQWqQFLDLQGLFDGDpVOLWHUDOPHQWFRPHV
GLXWRWVHJXLW
3URFHGLPLHQWRGHVDKXFLR$
'HPDQGDQWH)UDQFLVFR&DSOOLXUHÈOYDUH]
3URFXUDGRUD6LOYLD*DVWDOGL2UTXLQ
'HPDQGDGRV
9LFHQWH'HOJDGR+XHUWDV
9tD'LVHPLQDGRQ~PHURSODQWD/RVDGHO2ELVSR
3HUSHWXD0DQJXH0DQGDPD
&,OOD&DEUHUDQ~PHUR9DOHQFLD
/HRFDGLD1VXJD1GRQJ
&,OOD&DEUHUDQ~PHUR9DOHQFLD
'DQLHO(\LPL1]R
&,OOD&DEUHUDQ~PHUR9DOHQFLD
5LFDUGR $ORQVR \ *XUUHD VHFUHWDULR GHO -X]JDGR GH 3ULPHUD
,QVWDQFLDQ~PHURGH9DOHQFLDKDJRVDEHU
4XH HQ HVWH -X]JDGR GH PL FDUJR VH VLJXHQ DXWRV GH GHVDKXFLR
$ D LQVWDQFLD GH )UDQFLVFR &DSOOLXUH ÈOYDUH] UHSUHVHQWD
GR SRU OD SURFXUDGRUD 6LOYLD *DVWDOGt 2UTXtQ FRQWUD 9LFHQWH 'HOJD
GR+XHUWDV\3HUSHWXD0DQJXH0DQGDPD\/HRFDGLD1VXJD1GRQJ\
'DQLHO(\LPL1]RHQHOTXHSRUUHVROXFLyQGHIHFKDGHKR\KHDFRU
GDGRFRPRORYHULILFRQRWLILFDUODVHQWHQFLDGLFWDGDHQORVDXWRVLQGL
FDGRVDORVGHPDQGDGRVHQLJQRUDGRSDUDGHUR3HUSHWXD0DQJXH0DQ
GDPD\/HRFDGLD1VXJD1GRQJ\'DQLHO(\LPL1]R
/DSDUWHGLVSRVLWLYDGHODLQGLFDGDVHQWHQFLDHVGHOVLJXLHQWHWHQRU
OLWHUDO
©'HFLVLy
4XHDPEO¶HVWLPDFLyGHODGHPDQGDIRUPXODGDSHU)UDQFLVFR&DS
OOLXUH ÈOYDUH] UHSUHVHQWDW SHO SURFXUDGRU HO VHQ\RU *DVWDOGt 2UTXtQ
GHFODUH UHVROW HO FRQWUDFWH G¶DUUHQGDPHQW TXH OD OOLJD DPE 3HUSHWXD
0DQJXH 0DQGDPD L /HRFDGLD 1VXJD 1GRQJ L 'DQLHO (\LPL 1]R HQ
VLWXDFLySURFHVVDOGHUHEHOÂOLDSHUIDOWDGHSDJDPHQWGHOHVUHQGHVLHQ
FRQVHTqQFLDFRQGHPQHHVWDGDUUHUDXQDYHJDGDIHUPDHVWDVHQWqQFLD
DGHL[DUOOLXUHYDFXLDGLVSRVLFLyGHO¶DFWRUDHOEpDUUHQGDWKDELWDW
JHVLWXDGDD9DOqQFLDFDUUHUGHO¶,OODGH&DEUHUDQ~PHURSRUWD
DPE O¶DGYHUWqQFLD TXH VL QR KR HIHFWXD HV SURFHGLUj DO OODQoDPHQW L
OOLXUDPHQWGHODSRVVHVVLyDOGHPDQGDQWHOGLDGHJHQHUGHD
OHVKRUHVDVVHQ\DODWHQODLQWHUORFXWzULDG¶LQFRDFLyG¶HVWHSUR
FHGLPHQWRHQHOPpVLPPHGLDWDPHQWSRVWHULRUG¶DFRUGDPEOHVSRVVL
ELOLWDWVG¶HVWHVHUYLFLFRP~(VFRQVLGHUHQEpQVDEDQGRQDWVHOVTXHKL
KDMDDO¶LQWHULRUGHO¶LPPREOHTXHQRUHFODPHHOGHPDQGDQW
, DPE O¶HVWLPDFLy GH O¶DFFLy DFXPXODGD HQ UHFODPDFLy GH UHQGHV
H[HUFLWDGDFRQGHPQHODGHPDQGDGD9LFHQWH'HOJDGR+XHUWDVL3HUSH
WXD0DQJXH0DQGDPDL/HRFDGLD1VXJD1GRQJL'DQLHO(\LPL1]RD
SDJDUVROLGjULDPHQWDO¶DFWRUDODTXDQWLWDWGHHXURVHQFRQ
FHSWHGHUHQGHVLTXDQWLWDWVDVVLPLODGHVQRSDJDGHVLGHULYDGHVG¶HVWH
DUUHQGDPHQW DO SDJDPHQW GH O¶LQWHUpV OHJDO GH O¶HVPHQWDGD TXDQWLWDW
GHVGHODLQWHUSHOÂODFLyMXGLFLDOLODLPSRVLFLyDODSDUWGHPDQGDGDGH
OHVFRVWHVSURFHVVDOVRULJLQDGHVHQHVWHMXt
©)DOOR
4XH HVWLPDQGR OD GHPDQGD IRUPXODGD SRU )UDQFLVFR &DSOOLXUH
ÈOYDUH] UHSUHVHQWDGR SRU HO SURFXUDGRU VHxRU *DVWDOGt 2UTXtQ GHER
GHFODUDU \ GHFODUR UHVXHOWR HO FRQWUDWR GH DUUHQGDPLHQWR TXH OD OLJD
FRQ 3HUSHWXD 0DQJXH 0DQGDPD \ /HRFDGLD 1VXJD 1GRQJ \ 'DQLHO
(\LPL1]RHQVLWXDFLyQSURFHVDOGHUHEHOGtDSRUIDOWDGHSDJRGHODV
UHQWDV \ HQ VX FRQVHFXHQFLD FRQGHQDU D HVWD ~OWLPD D TXH ILUPH TXH
VHDHVWDVHQWHQFLDGHMHOLEUHYDFXD\DGLVSRVLFLyQGHODDFWRUDHOELHQ
DUUHQGDGRYLYLHQGDVLWDHQ9DOHQFLDFDOOHGH,OODGH&DEUHUDQ~PHUR
SXHUWDDSHUFLELpQGROHTXHGHQRYHULILFDUORVHSURFHGHUiDOODQ
]DPLHQWR\HQWUHJDGHODSRVHVLyQDOGHPDQGDQWHHOGtDGHHQHURGH
DODVKRUDVVHxDODGRHQHODXWRGHLQFRDFLyQGHHVWHSUR
FHGLPLHQWRRHQHOPiVLQPHGLDWRSRVWHULRUFRQIRUPHDODVSRVLELOLGD
GHV GH WDO VHUYLFLR FRP~Q FRQVLGHUDQGR ELHQHV DEDQGRQDGRV ORV TXH
KXELHUHQHQHOLQWHULRUGHOLQPXHEOHTXHQRUHFODPDUHHOGHPDQGDQWH
<HVWLPDQGRFRPRHVWLPRODDFFLyQDFXPXODGDHQUHFODPDFLyQGH
UHQWDV HMHUFLWDGD GHER FRQGHQDU \ FRQGHQR D OD GHPDQGDGD 9LFHQWH
'HOJDGR +XHUWDV \ 3HUSHWXD 0DQJXH 0DQGDPD \ /HRFDGLD 1VXJD
1GRQJ \ 'DQLHO (\LPL 1]R D DERQDU VROLGDULDPHQWH D OD DFWRUD OD
FDQWLGDG GH HXURV HQ FRQFHSWR GH UHQWDV \ FDQWLGDGHV DVL
PLODGDVQRVDWLVIHFKDV\GHULYDGDVGHGLFKRDUUHQGDPLHQWRDOSDJRGHO
LQWHUpVOHJDOGHODPHQFLRQDGDFDQWLGDGGHVGHODLQWHUSHODFLyQMXGLFLDO
HLPSRQLHQGRDODSDUWHGHPDQGDGDODVFRVWDVSURFHVDOHVRULJLQDGDVHQ
HOSUHVHQWHMXLFLR
&RQWUD OD SUHVHQWH FDEH UHFXUVR GH DSHODFLyQ D SUHSDUDU HQ HO
WpUPLQR GH FLQFR GtDV GHVGH OD QRWLILFDFLyQ GH OD SUHVHQWH VLHQGR
UHTXLVLWRLQGLVSHQVDEOHSDUDDGPLWLUDWUiPLWHHOPLVPRDFUHGLWDUWHQHU
VDWLVIHFKDVODVUHQWDVYHQFLGDV\ODVTXHFRQDUUHJORDOFRQWUDWRGHED
SDJDUDGHODQWDGDV
$VtSRUHVWDPLVHQWHQFLDMX]JDQGRHQHVWDLQVWDQFLDORSURQXQFLR
PDQGR\ILUPRª
<SDUDTXHVLUYDGHQRWLILFDFLyQGHODVHQWHQFLDVHH[SLGHODSUH
VHQWH
&RQWUD OD SUHVHQW UHVROXFLy V¶KL SRW LQWHUSRVDU XQ UHFXUV G¶DSHO
ODFLyTXHFDOSUHSDUDUHQHOWHUPLQLGHFLQFGLHVGHVGHODQRWLILFDFLy
GH OD SUHVHQW FqGXOD 3HU D DGPHWUH D WUjPLW HO UHFXUV pV XQ UHTXLVLW
LQGLVSHQVDEOH DFUHGLWDU WLQGUH SDJDGHV OHV UHQGHV YHQoXGHV L OHV TXH
G¶DFRUGDPEHOFRQWUDFWHKDMDGHSDJDUGHEHVWUHWD
(VWDpVODPHXDVHQWqQFLDMXWMDQWHQHVWDLQVWjQFLDTXHSURQXQFLH
PDQHLILUPHª
,SHUTXqYDOJDGHQRWLILFDFLyGHODVHQWqQFLDV¶H[SHGL[ODSUHVHQW
FqGXOD
9DOqQFLDGHPDUoGH(OVHFUHWDUL5LFDUGR$ORQVR\*XU
UHD
9DOHQFLD GH PDU]R GH (O VHFUHWDULR 5LFDUGR$ORQVR \
*XUUHD
Núm
5509 / 10.05.2007
18870
-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH9DOqQFLD
-X]JDGRGH3ULPHUD,QVWDQFLD
Q~PHURGH9DOqQFLD
1RWLILFDFLy D 9LUJLQLD 9LHLUD 7HL[HLUD GH OD VHQWqQFLD
Q~PHUR GLFWDGD HQ OHV DFWXDFLRQV GHO MXt RUGLQDUL
>@
1RWLILFDFLyQ D 9LUJLQLD 9LHLUD 7HL[HLUD GH OD VHQWHQFLD
Q~PHUR UHFDtGD HQ ORV DXWRV GHO MXLFLR RUGLQDULR
>@
-XOLR *LUiOGH] %ODQFR VHFUHWDUL GHO -XWMDW GH 3ULPHUD ,QVWjQFLD
Q~PHURGH9DOqQFLDIDVDEHU
4XH HQ HVWH -XWMDW L DPE HO Q~PHUR G¶DFWXDFLRQV L HQWUH OHV SDUWV
TXHWRWVHJXLWV¶LQGLTXHQVHVHJXL[HQOHVDFWXDFLRQVGHMXtRUGLQDULHQ
OHVTXDOVV¶KDGLFWDWODVHQWqQFLDTXHWpO¶HQFDSoDODPHQWLODSDUWGLV
SRVLWLYDVHJHQWV
©-XtRUGLQDULQ~PHUR
6HQWqQFLDQ~PHUR
9DOqQFLDGHJHQHUGH
-XDQ &DUORV$UWHUR 0RUD PDJLVWUDW WLWXODU GHO -XWMDW GH 3ULPHUD
,QVWjQFLDQ~PHURGH9DOqQFLDKDYLVWHVWHVDFWXDFLRQVGHMXtRUGL
QDULVHJXLGHVHQHVWH-XWMDWDPEHOQ~PHURSURPRJXGHVSHU
)UDQFLVFD (GR ,]TXLHUGR UHSUHVHQWDGD SHU OD SURFXUDGRUD (VWUHOOD &
9LODV/RUHGRLGHIHVDSHOOOHWUDW5D~O/DVWUD6DQFKLVFRQWUD'XOFH9LU
JLQLD9LHLUD7HL[HLUDGHFODUDGDHQVLWXDFLySURFHVVDOGHUHEHOÂOLDVREUH
UHFODPDFLyGHTXDQWLWDW
'HFLVLy
(VWLPDU SDUFLDOPHQW OD GHPDQGD LQWHUSRVDGD SHU )UDQFLVFD
(GR ,]TXLHUGR FRQWUD 'XOFH 9LUJLQLD 9LHLUD 7HL[HLUD L FRQGHPQDU
OD GHPDQGDGD D SDJDU D O¶DFWRUD OD TXDQWLWDW GH GRV PLO TXDWUHFHQWV
KXLWDQWDXQHXURVDPETXLQ]HFqQWLPVHXURVPpVO¶LQWHUpV
OHJDOG¶HVWDGHVGHOGHJHQHUGH
&DGD SDUW SDJDUj OHV FRVWHV FDXVDGHV HQ OD VHXD LQVWjQFLD L OHV
FRPXQHVSHUPHLWDW
1RWLILTXHX HVWD UHVROXFLy D OHV SDUWV L FRPXQLTXHXORV TXH HVWD
QRpVIHUPDLTXHFRQWUDHVWDHVSRWLQWHUSRVDUUHFXUVG¶DSHOÂODFLyTXH
V¶KDXUjGH SUHSDUDU HQ HO WHUPLQLGH FLQF GLHV GHV GH OD QRWLILFDFLyL
SUHVHQWDUGDYDQWHVWH-XWMDWHVFULWHQHOTXDOV¶KDXUjGHFLWDUODUHVROX
FLy LPSXJQDGD L PDQLIHVWDU OD YROXQWDW GH UHFyUUHUOD DPE H[SUHVVLy
GHOVSURQXQFLDPHQWVTXHV¶LPSXJQHQ
(OVHFUHWDULH[SHGLUjWHVWLPRQLDWJHG¶HVWDUHVROXFLyHOTXDOV¶XQLUj
DOHVDFWXDFLRQVFRUUHVSRQHQWVLO¶RULJLQDOHVGXUjDOOOLEUHGHVHQWqQFL
HVG¶HVWH-XWMDW
$L[tHVWDpVODPHXDVHQWqQFLDTXHSURQXQFLHPDQHLILUPH
,SHUTXqYDOJDGHQRWLILFDFLyHQOHJDOIRUPDDODGHPDQGDGD9LU
JLQLD 9LHLUD 7HL[HLUD H[SHGLVF HVWH HGLFWH TXH HV IL[DUj HQ HO WDXOHU
G¶DQXQFLVG¶HVWH-XWMDWLHVSXEOLFDUjHQHO'LDUL2ILFLDOGHOD&RPXQL
WDW9DOHQFLDQD
-XOLR*LUiOGH]%ODQFRVHFUHWDULRGHO-X]JDGRGH3ULPHUD,QVWDQFLD
Q~PHURGH9DOHQFLDKDFHVDEHU
4XH HQHVWH-X]JDGR\ FRQHOQ~PHURGHDXWRV\ HQWUHODVSDUWHV
TXH DEDMR VH LQGLFDQ VH VLJXHQ DXWRV GH MXLFLR RUGLQDULR HQ ORV TXH
VH KD GLFWDGR VHQWHQFLD FX\R HQFDEH]DPLHQWR \ SDUWH GLVSRVLWLYD HV
FRPRVLJXH
©-XLFLRRUGLQDULRQ~PHUR
6HQWHQFLDQ~PHUR
9DOHQFLDGHHQHURGH
9LVWRVSRU-XDQ&DUORV$UWHUR0RUDPDJLVWUDGRWLWXODUGHO-X]JD
GRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOHQFLDORVSUHVHQWHVDXWRVGH
MXLFLR RUGLQDULR VHJXLGRV HQ HVWH -X]JDGR FRQ HO Q~PHUR SURPRYLGRV SRU )UDQFLVFD (GR ,]TXLHUGR UHSUHVHQWDGD SRU OD SURFX
UDGRUD(VWUHOOD&9LODV/RUHGR\GHIHQGLGDSRUHOOHWUDGR5D~O/DVWUD
6DQFKLVFRQWUD'XOFH9LUJLQLD9LHLUD7HL[HLUDGHFODUDGDHQVLWXDFLyQ
SURFHVDOGHUHEHOGtDVREUHUHFODPDFLyQGHFDQWLGDG
)DOOR
(VWLPDQGR SDUFLDOPHQWH OD GHPDQGD LQWHUSXHVWD SRU )UDQFLV
FD(GR,]TXLHUGRFRQWUD'XOFH9LUJLQLD9LHLUD7HL[HLUDFRQGHQRDOD
GHPDQGDGD D DERQDU D OD DFWRUD OD FDQWLGDG GH GRV PLO FXDWURFLHQWRV
RFKHQWD\XQHXURVFRQTXLQFHFpQWLPRVHXURVPiVHOLQWH
UpVOHJDOGHODPLVPDGHVGHHOGHHQHURGH
&DGD SDUWH DERQDUi ODV FRVWDV FDXVDGDV D VX LQVWDQFLD \ ODV
FRPXQHVSRUPLWDG
1RWLItTXHVH OD SUHVHQWH UHVROXFLyQ D ODV SDUWHV KDFLpQGROHV VDEHU
TXHODPLVPDQRHVILUPH\TXHFRQWUDHOODFDEHLQWHUSRQHUUHFXUVRGH
DSHODFLyQTXHKDEUiGHSUHSDUDUVHHQHOSOD]RGHFLQFRGtDVGHVGHVX
QRWLILFDFLyQSUHVHQWDQGRDQWHHVWH-X]JDGRHVFULWRHQHOTXHVHKDEUi
GHFLWDUODUHVROXFLyQLPSXJQDGD\PDQLIHVWDUODYROXQWDGGHUHFXUULUOD
FRQH[SUHVLyQGHORVSURQXQFLDPLHQWRVTXHVHLPSXJQDQ
([StGDVHWHVWLPRQLRGHODSUHVHQWHUHVROXFLyQSRUHOVHxRUVHFUHWD
ULRHOFXDOVHXQLUiORVDXWRVGHVXUD]yQOOHYDQGRVXRULJLQDODOOLEUR
GHVHQWHQFLDVGHHVWH-X]JDGR
$VtSRUHVWDPLVHQWHQFLDORSURQXQFLRPDQGR\ILUPR
< SDUD TXH VLUYD GH QRWLILFDFLyQ HQ OHJDO IRUPD D OD GHPDQGDGD
9LUJLQLD9LHLUD7HL[HLUDH[SLGRHOSUHVHQWHTXHVHILMDUiHQHOWDEOyQ
GH DQXQFLRV GH HVWH -X]JDGR \ VX SXEOLFDUi HQ HO 'LDUL 2ILFLDO GH OD
&RPXQLWDW9DOHQFLDQDH[SLGRHOSUHVHQWH
9DOqQFLDGHPDUoGH±(OVHFUHWDUL-XOLR*LUiOGH]%ODQFR
9DOHQFLDGHPDU]RGH±(OVHFUHWDULR-XOLR*LUiOGH]%ODQ
FR
Núm
5509 / 10.05.2007
18871
-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH9DOqQFLD
-X]JDGRGH3ULPHUD,QVWDQFLD
Q~PHURGH9DOqQFLD
1RWLILFDFLy D &ODXGLD 0DUWtQH] *DOHDQR L &ULVWyEDO 5HDO
+HUUHUD GH OD VHQWqQFLD Q~PHUR GLFWDGD HQ OHV
DFWXDFLRQVGHOMXtYHUEDO>@
1RWLILFDFLyQD&ODXGLD0DUWtQH]*DOHDQR\&ULVWyEDO5HDO
+HUUHUD GH OD VHQWHQFLD Q~PHUR GLFWDGD HQ ORV
DXWRVGHOMXLFLRYHUEDO>@
3URFHGLPHQWDVVXPSWHFLYLO
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH9DOqQFLD
-XtMXtYHUEDOGHVQRQDPHQWSHUIDOWDGHSDJDPHQW±
3DUWGHPDQGDQW0DUtD&DUPHQ3DVFXDO$OHL[DQGUH
3DUWGHPDQGDGD&ODXGLD0DUWtQH]*DOHDQRL&ULVWyEDO5HDO+HU
3URFHGLPLHQWRDVXQWRFLYLO
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOHQFLD
-XLFLRMXLFLRYHUEDOGHVDKXFLRSRUIDOWDGHSDJR±
3DUWHGHPDQGDQWH0DUtD&DUPHQ3DVFXDO$OHL[DQGUH
3DUWHGHPDQGDGD&ODXGLD0DUWtQH]*DOHDQR\&ULVWyEDO5HDO+HU
UHUD
UHUD
6REUH
(Q HO MXt UHIHUHQFLDW V¶KD GLFWDW OD UHVROXFLy TXH Wp HO WH[W OLWHUDO
VHJHQW
©6HQWqQFLDQ~PHUR
6REUH
(Q HO MXLFLR UHIHUHQFLDGR VH KD GLFWDGR OD UHVROXFLyQ FX\R WH[WR
OLWHUDOHVHOVLJXLHQWH
©6HQWHQFLDQ~PHUR
9DOqQFLDGHVHWHPEUHGH
-XDQ &DUORV $UWHUR 0RUD PDJLVWUDW MXWJH GHO -XWMDW GH 3ULPHUD
,QVWjQFLDQ~PHURGH9DOqQFLDKDYLVWLH[DPLQDWOHVDFWXDFLRQVGH
GHVQRQDPHQW SHU IDOWD GH SDJDPHQW L UHFODPDFLy GH UHQGHV GHJXGHV
Q~PHURSURPRJXGHVSHOSURFXUDGRU/XLV-RVp&HUYHOOR
3HUHPDUFKHQQRPLUHSUHVHQWDFLyGH0DUtD&DUPHQ3DVFXDO$OHL[DQ
GUHFRQWUD&ODXGLD0DUWtQH]*DOHDQRL&ULVWyEDO5HDO+HUUHUDHQVLWX
DFLyGHUHEHOÂOLD
9DOHQFLDGHVHSWLHPEUHGH
-XDQ &DUORV$UWHUR 0RUD PDJLVWUDGR MXH] GHO -X]JDGR GH 3ULPH
UD ,QVWDQFLD Q~PHUR GH9DOHQFLD KDELHQGR YLVWR \ H[DPLQDGR ORV
DXWRVGHGHVDKXFLRSRUIDOWDGHSDJR\UHFODPDFLyQGHUHQWDVGHELGDV
Q~PHURSURPRYLGRVSRUHOSURFXUDGRU/XLV-RVp&HUYH
OOR3HUHPDUFKHQQRPEUH\UHSUHVHQWDFLyQGH0DUtD&DUPHQ3DVFXDO
$OHL[DQGUHFRQWUD&ODXGLD0DUWtQH]*DOHDQR\&ULVWyEDO5HDO+HUUH
UDHQVLWXDFLyQGHUHEHOGtD
'HFLVLy
4XH DPE O¶HVWLPDFLy GH OD GHPDQGD LQWHUSRVDGD SHU 0DUtD &DU
PHQ 3DVFXDO$OHL[DQGUH UHSUHVHQWDGD SURFHVVDOPHQW SHO SURFXUDGRU
GHOVWULEXQDOV/XLV-RVp&HUYHOOR3HUHPDUFKFRQWUD&ODXGLD0DUWtQH]
*DOHDQRL&ULVWyEDO5HDO+HUUHUD
'HFODUHUHVROWHOFRQWUDFWHG¶DUUHQGDPHQWVXEVFULWHQWUHOHVSDUWV
LUHIHULWDOORFDOKDELWDWJHOLWLJLyVVLWXDWD9DOqQFLDFDYLQJXGD$XVLjV
0DUFKQ~PSRUWD
&RQGHPQHO¶HVPHQWDWGHPDQGDWTXHGHL[HOOLXUHYDFXH[SHGLW
LDGLVSRVLFLyGHODSDUWDFWRUDO¶HVPHQWDWLPPREOHDPEO¶DGYHUWLPHQW
TXH GH QR YHULILFDUKR YROXQWjULDPHQW HV SURFHGLUj DO OODQoDPHQW HO
GLD L KRUD LQGLFDWV HQ OD LQWHUORFXWzULD G¶DGPLVVLy GH OD GHPDQGD VL
DL[tKRGHPDQDODSDUWDFWRUD
&RQGHPQHHOVGHPDQGDWVTXHVROLGjULDPHQWSDJXHQDO¶DFWRUOD
TXDQWLWDWGHHXURV
&RQGHPQHODSDUWGHPDQGDGDDOSDJDPHQWGHOHVFRVWHVSURFHV
VDOVFDXVDGHV
)DOOR
4XHHVWLPDQGRODGHPDQGDLQWHUSXHVWDSRU0DUtD&DUPHQ3DVFXDO
$OHL[DQGUHUHSUHVHQWDGRSURFHVDOPHQWHSRUHOSURFXUDGRUGHORVWULEX
QDOHV/XLV-RVp&HUYHOOR3HUHPDUFKFRQWUD&ODXGLD0DUWtQH]*DOHDQR
\&ULVWyEDO5HDO+HUUHUD
'HFODURUHVXHOWRHOFRQWUDWRGHDUUHQGDPLHQWRVXVFULWRHQWUHODV
SDUWHV\UHIHULGRDOORFDOYLYLHQGDOLWLJLRVRDVLWRHQ9DOHQFLDFDYHQL
GD$XVLjV0DUFKQ~PSXHUWD
&RQGHQR DO PHQFLRQDGR GHPDQGDGR D TXH GHMH OLEUH YDFXR
H[SHGLWR \ D GLVSRVLFLyQ GH OD SDUWH DFWRUD HO PHQFLRQDGR LQPXHEOH
EDMRDSHUFLELPLHQWRGHTXHGHQRYHULILFDUORYROXQWDULDPHQWHVHSUR
FHGHUiDOODQ]DPLHQWRHOGtD\KRUDLQGLFDGRVHQHODXWRGHDGPLVLyQ
GHODGHPDQGDVLDVtORLQWHUHVDUHODSDUWHDFWRUD
&RQGHQRDORVGHPDQGDGRVDTXHVROLGDULDPHQWHSDJXHQDODFWRU
ODFDQWLGDGGHHXURV
&RQGHQRDODSDUWHGHPDQGDGDDOSDJRGHODVFRVWDVSURFHVDOHV
FDXVDGDV
1RWLILTXHXHVWDVHQWqQFLDDOHVSHUVRQHVLQWHUHVVDGHVG¶DFRUGDPE
HOTXHHVWDEOL[O¶DSDUWDWGHO¶DUWLFOHGHOD/23-LIHXORVVDEHU
TXHHVWDQRpVIHUPDVHQWQHVXVFHSWLEOHGHUHFXUVG¶DSHOÂODFLyDSUH
SDUDU GDYDQW G¶HVWH -XWMDW HQ HO WHUPLQL GH FLQF GLHV FRPSWDGRUV GHV
GH O¶HQGHPj GH OD QRWLILFDFLy G¶HVWH L O¶HVFULW V¶KDXUj GH OLPLWDU SUH
SDUDQWHOUHFXUVDFLWDUODUHVROXFLyDSHOÂODGDLDPDQLIHVWDUODYROXQWDW
GHUHFyUUHUDPEH[SUHVVLyGHOVSURQXQFLDPHQWVTXHLPSXJQDDL[tFRP
PDQLIHVWDU L DFUHGLWDU SHU HVFULW WLQGUH VDWLVIHWHV OHV UHQGHV YHQoXGHV
G¶DFRUGDPEHOTXHGLVSRVHQHOVDUWLFOHVLžGHODQRYD/OHL
G¶(QMXGLFLDPHQW&LYLO
1RWLItTXHVH HVWD VHQWHQFLD D ORV LQWHUHVDGRV GDQGR FXPSOLPLHQWR
DORHVWDEOHFLGRHQHODSDUWDGRGHODUWtFXORGHOD/23-KDFLpQ
GROHVVDEHUTXHODPLVPDQRHVILUPHVLHQGRVXVFHSWLEOHGHUHFXUVRGH
DSHODFLyQDSUHSDUDUDQWHHVWH-X]JDGRHQHOSOD]RGHFLQFRGtDVDFRQ
WDUGHVGHHOGtDVLJXLHQWHDOGHODQRWLILFDFLyQGHODSUHVHQWHGHELHQGR
OLPLWDUVHHOHVFULWRSUHSDUDQGRHOUHFXUVRDFLWDUODUHVROXFLyQDSHODGD
\ D PDQLIHVWDU VX YROXQWDG GH UHFXUULU FRQ H[SUHVLyQ GH ORV SURQXQ
FLDPLHQWRV TXH LPSXJQD DVt FRPR PDQLIHVWDU \ DFUHGLWDU SRU HVFULWR
WHQHUVDWLVIHFKDVODVUHQWDVYHQFLGDVDWHQRUGHORGLVSXHVWRHQHODUWt
FXOR\žGHOD1XHYD/H\(QMXLFLDPHQWR&LYLO
4XHHOVHFUHWDULH[SHGLVFDWHVWLPRQLDWJHGHODSUHVHQWUHVROXFLyHO
TXDOV¶XQLUjDOHVDFWXDFLRQVHQOHVTXDOVHVYDGLFWDULSRUWHXO¶RULJL
QDODOOOLEUHGHVHQWqQFLHVFRQIRUPHHOTXHHVWDEOL[O¶DUWLFOHGHOD
/23-
(VWDpVODPHXDVHQWqQFLDTXHMXWJHHQSULPHUDLQVWjQFLDTXHSUR
QXQFLHPDQHLILUPHª
(QDWHQFLyDOGHVFRQHL[HPHQWGHO¶DFWXDOGRPLFLOLRUHVLGqQFLDGH
ODSDUWGHPDQGDGDSHUUHVROXFLyGHGDWDGHKXLV¶KDDFRUGDWGHFRQ
IRUPLWDWDPEHOTXHGLVSRVHQHOVDUWLFOHVLGHOD/OHL
G¶(QMXGLFLDPHQW &LYLO KD DFRUGDW OD SXEOLFDFLy G¶HVWH HGLFWH HQ HL[H
([StGDVHWHVWLPRQLRGHODSUHVHQWHUHVROXFLyQSRUHOVHFUHWDULRHO
FXDO VH XQLUi D ORV DXWRV HQ ORV TXH VH GLFWy OOHYDQGR VX RULJLQDO DO
OLEUR GH VHQWHQFLDV FRQIRUPH OR HVWDEOHFLGR HQ HO DUWtFXOR GH OD
/23-
$VtSRUHVWDPLVHQWHQFLD-X]JDGRHQSULPHUDLQVWDQFLDTXHSUR
QXQFLRPDQGR\ILUPRª
(QDWHQFLyQDOGHVFRQRFLPLHQWRGHODFWXDOGRPLFLOLRRUHVLGHQFLD
GHODSDUWHGHPDQGDGDSRUUHVROXFLyQGHIHFKDGHKR\VHKDDFRUGD
GRGHFRQIRUPLGDGFRQORGLVSXHVWRHQORVDUWtFXORV\GHOD
/H\ GH (QMXLFLDPLHQWR &LYLO KD DFRUGDGR OD SXEOLFDFLyQ GHO
Núm
5509 / 10.05.2007
18872
GLDULRILFLDOSHUDGXUDHIHFWHODGLOLJqQFLDGHQRWLILFDFLyGHODVHQWqQ
FLDGLFWDGDDOGHPDQGDW&ULVWyEDO5HDO+HUUHUD
SUHVHQWH HGLFWR HQ HVH GLDULR RILFLDO SDUD OOHYDU D HIHFWR OD GLOLJHQFLD
GH QRWLILFDFLyQ GH OD VHQWHQFLD GLFWDGD DO GHPDQGDGR &ULVWyEDO 5HDO
+HUUHUD
9DOqQFLDGHPDUoGH±(OVHFUHWDULMXGLFLDO-XOLR*LUHOGHX
%ODQFR
9DOHQFLD GH PDU]R GH ± (O VHFUHWDULR MXGLFLDO -XOLR
*LUHOGHX%ODQFR
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH9DOqQFLD
18873
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOqQFLD
1RWLILFDFLy D 0 3LODU %RL[ 0RQWHUR GH OD VHQWqQFLD GLF
WDGD HQ OHV DFWXDFLRQV GHO MXt YHUEDO Q~PHUR 1RWLILFDFLyQ D 0 3LODU %RL[ 0RQWHUR GH OD VHQWHQFLD
GLFWDGD HQ ORV DXWRV GHO MXLFLR YHUEDO Q~PHUR >@
>@
3URFHGLPHQWMXtYHUEDO
'HPDQGDQW&DL[D5XUDOGHO0HGLWHUUDQL5XUDOFDL[D6&&
3URFXUDGRUD6LOYLD*DVWDOGL2UTXtQ
'HPDQGDGD0DUtD3LODU%RL[0RQWHUR
,QPDFXODGD5LSROOpV0DUWtQH]VHFUHWjULDGHO-XWMDWGH3ULPHUD,QV
WjQFLDQ~PHURGH9DOqQFLDIDVDEHU
4XH HQ HO SURFpV GH MXt YHUEDO VHJXLW HQ HVWH -XWMDW
DLQVWjQFLDGH&DL[D5XUDOGHO0HGLWHUUDQL6&RRSGH&UqGLWFRQWUD
0DUtD3LODU%RL[0RQWHURHQLJQRUDWSDUDGRUV¶KDGLFWDWODVHQWqQFLD
GHGDWDGHMXOLROGHTXHO¶HQFDSoDODPHQWLODGHFLVLyVyQGHO
WHQRUOLWHUDOVHJHQW
©6HQWqQFLDQ~PHUR
9DOqQFLDGHMXOLROGH
-XWJHVVD,VDEHO7HQD)UDQFR
3URFHGLPHQWMXtYHUEDO
'HPDQGDQW &DL[D 5XUDO GHO 0HGLWHUUDQL 5XUDOFDL[D 6RFLHWDW
&RRSHUDWLYDGH&UqGLW
3URFXUDGRUD6LOYLD*DVWDOGL2UTXtQ
/OHWUDW-RVp0DQXHO1LxHUROD
'HPDQGDGD0DUtD3LODU%RL[0RQWHUR
2EMHFWHGHOMXtUHFODPDFLyGHHXURV
'HFLVLy
(VWLPDU OD GHPDQGD IRUPXODGD SHU &DL[D 5XUDO GHO 0HGLWHUUDQL
5XUDOFDL[D 6RFLHWDW &RRSHUDWLYD GH &UqGLW FRQWUD 0DUtD 3LODU %RL[
0RQWHUR UHEHO L FRQGHPQDU 0DUtD 3LODU %RL[ 0RQWHUR D VDWLVIHU D
O¶DFWRUDODVXPDGHHXURVPpVHOVLQWHUHVVRVSDFWDWV5HVSHFWH
GHOHVFRVWHVSURFHGL[LPSRVDUOHVDODSDUWGHPDQGDGD
&RPXQLTXHX HVWD UHVROXFLy D OHV SDUWV L IHXORV VDEHU TXH QR pV
IHUPDLFRQWUDHVWDHVSRWLQWHUSRVDUUHFXUVG¶DSHOÂODFLyDSUHSDUDUHQ
HO WHUPH GH FLQF GLHV GDYDQW HVWH -XWMDW TXH O¶KDXUj GH VXEVWDQFLDU L
UHVROGUHO¶$XGLqQFLD3URYLQFLDOGH9DOqQFLDFRQIRUPHDOTXHGLVSRVHQ
HOVDUWLFOHVLVHJHQWVGHOD/(&
$L[tKRSURQXQFLHPDQHLILUPHª
9DOqQFLDGHIHEUHUGH±/DVHFUHWjULDMXGLFLDO,QPDFXODGD
5LSROOpV0DUWtQH]
3URFHGLPLHQWRMXLFLRYHUEDO
'HPDQGDQWH&DMD5XUDOGHO0HGLWHUUiQHR5XUDOFDMD6&&
3URFXUDGRUD6LOYLD*DVWDOGL2UTXtQ
'HPDQGDGD0DUtD3LODU%RL[0RQWHUR
,QPDFXODGD 5LSROOpV 0DUWtQH] VHFUHWDULD GHO -X]JDGR GH 3ULPHUD
,QVWDQFLDQ~PHURGH9DOHQFLDKDFHVDEHU
4XHHQHOSURFHVRGHMXLFLRYHUEDOVHJXLGRHQGLFKR
-X]JDGRDLQVWDQFLDGH&DMD5XUDOGHO0HGLWHUUiQHR6&RRSGH&UpGL
WRFRQWUD0DUtD3LODU%RL[0RQWHURHQLJQRUDGRSDUDGHURVHKDGLFWD
GRVHQWHQFLDGHIHFKDGHMXOLRGHFX\RHQFDEH]DPLHQWR\IDOOR
VRQGHOVLJXLHQWHWHQRUOLWHUDO
©6HQWHQFLDQ~PHUR
9DOHQFLDGHMXOLRGH
-XH]D,VDEHO7HQD)UDQFR
3URFHGLPLHQWRMXLFLRYHUEDO
'HPDQGDQWH&DMD5XUDOGHO0HGLWHUUiQHR5XUDOFDMD6GDG&RR
SHUDWLYDGH&UpGLWR
3URFXUDGRUD6LOYLD*DVWDOGL2UTXtQ
/HWUDGR-RVp0DQXHO1LxHUROD
'HPDQGDGD0DUtD3LODU%RL[0RQWHUR
2EMHWRGHOMXLFLRUHFODPDFLyQGHHXURV
)DOOR
(VWLPR OD GHPDQGD IRUPXODGD SRU &DMD 5XUDO GHO 0HGLWHUUiQHR
5XUDOFDMD6GDG&RRSHUDWLYDGH&UpGLWRFRQWUD0DUtD3LODU%RL[0RQ
WHURUHEHOGH\FRQGHQRD0DUtD3LODU%RL[0RQWHURDVDWLVIDFHUDOD
DFWRUD OD VXPD GH HXURV PiV ORV LQWHUHVHV SDFWDGRV 5HVSHFWR
GHODVFRVWDVSURFHGHLPSRQHUODVDODSDUWHGHPDQGDGD
&RPXQtTXHVHODSUHVHQWHUHVROXFLyQDODVSDUWHVKDFLpQGROHVVDEHU
TXH QR HV ILUPH \ FRQWUD OD PLVPD FDEH LQWHUSRQHU UHFXUVR GH DSHOD
FLyQ D SUHSDUDU HQ HO WpUPLQR GH FLQFR GtDV DQWH HVWH -X]JDGR TXH
GHEHUiVXVWDQFLDUVH\UHVROYHUVHSRUOD$XGLHQFLD3URYLQFLDOGH9DOHQ
FLD FRQIRUPH D OR GLVSXHVWR HQ ORV DUWtFXORV \ VLJXLHQWHV GH OD
/(&
$VtORSURQXQFLRPDQGR\ILUPRª
9DOHQFLDGHIHEUHURGH±/DVHFUHWDULDMXGLFLDO,QPDFXOD
GD5LSROOpV0DUWtQH]
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH9DOqQFLD
18874
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOqQFLD
1RWLILFDFLy GH OD VHQWqQFLD GLFWDGD HQ OHV DFWXDFLRQV GHO
MXt YHUEDO Q~PHUR D )UDQFLVFR 9tFWRU -XDQ L
DOWUHV>@
1RWLILFDFLyQGHODVHQWHQFLDGLFWDGDHQORVDXWRVGHOMXLFLR
YHUEDOQ~PHURD)UDQFLVFR9tFWRU-XDQ\RWURV
3URFHGLPHQWDVVXPSWHFLYLO
-XtMXtYHUEDO
3DUWGHPDQGDQW$[D*HVWLyQGH6HJXURV\5HDVHJXURV6$
3DUWGHPDQGDGD5DPyQ9HOHUW6iQFKH]$HJRQ)UDQFLVFR9tFWRU
-XDQ)UDQFLVFR9tFWRU$OFDLGHL&RQVRUFLGH&RPSHQVDFLyG¶$VVHJX
UDQFHV
(QHOMXtDTXqHVIDUHIHUqQFLDV¶KDGLFWDWODUHVROXFLyTXHWpO¶HQ
FDSoDODPHQWLODGHFLVLyTXHOLWHUDOPHQWGLXHQDL[t
©9DOqQFLDGHIHEUHUGH
6XVDQD&DWDOiQ0XHGUDPDJLVWUDGDMXWJHVVDGH3ULPHUD,QVWjQFLD
Q~PHUR GH 9DOqQFLD KD YLVW OHV SUHVHQWV DFWXDFLRQV GH MXt YHUEDO
GHWUjQVLWQ~PHURVHJXLWDLQVWjQFLDGHOD3DWHUQDO(VSDxRO
6LFD $[D *HVWLyQ GH 6HJXURV \ 5HDVHJXURV 6$ UHSUHVHQWDGD SHO
SURFXUDGRU (QULTXH 'RPLQJR 5RLJ L DVVLVWLW GHO OOHWUDW -XDQ$QWRQLR
0DUWt 0DU FRQWUD 5DPyQ 9HOHUW 6iQFKH] O¶HQWLWDW $HJRQ DPEGyV
UHSUHVHQWDWVSHOSURFXUDGRUHOVHQ\RU0XxR]ÈOYDUH]FRQWUD)UDQFLVFR
9tFWRU-XDQL)UDQFLVFR9tFWRU$OFDLGHDPEGyVGHFODUDWVHQUHEHOÂOLDL
FRQWUDHO&RQVRUFLGH&RPSHQVDFLyG¶$VVHJXUDQFHVVREUHUHFODPDFLy
GHTXDQWLWDWLDWHVRVHOVVHJHQWV
'HFLVLy
4XHDPEO¶HVWLPDFLyGHODGHPDQGDIRUPXODGDSHOSURFXUDGRUGHOV
WULEXQDOV(QULTXH'RPLQJR5RLJHQQRPLUHSUHVHQWDFLyG¶$[D*HV
WLyQ GH 6HJXURV \ 5HDVHJXURV 6$ HQ UHFODPDFLy GH TXDQWLWDW FRQ
GHPQH 5DPyQ 9HUOHW 6iQFKH] )UDQFLVFR 9tFWRU -XDQ OD PHUFDQWLO
$HJRQ8QLyQ$VHJXUDGRUD6$LHO&RQVRUFLGH&RPSHQVDFLyG¶$VVH
JXUDQFHVDSDJDUVROLGjULDPHQWDO¶DFWRUDTXDWUHFHQWHVQRXPLOWUHV
FHQWHV KXLWDQWDGXHV SHVVHWHV GH SULQFLSDO PpV O¶LQWHUpV OHJDO G¶HVWD
VXPDGHVGHODGDWDG¶LQWHUSRVLFLyGHODGHPDQGDILQVDODG¶HVWDUHVR
OXFLyLLPSRVHDOVGHPDQGDWVHOSDJDPHQWGHOHVFRVWHVSURFHVVDOV
1RWLILTXHXDOHVSDUWVODUHVROXFLyDQWHULRULIHXORVVDEHUTXHQR
pVIHUPDVLQyVXVFHSWLEOHGHVHUUHFRUUHJXGDHQDSHOÂODFLyGDYDQWHVWH
zUJDQSHUDGDYDQWO¶$XGLqQFLD3URYLQFLDOGLQVGHOFLQTXpGLD
(VWDpVODPHXDVHQWqQFLDTXHHVSRUWDUjDOOOLEUHGHOHVGHODVHXD
FODVVHLXQWHVWLPRQLDWJHDOHVDFWXDFLRQVTXHOHVKDQPRWLYDGHVTXH
SURQXQFLHPDQHLILUPHª
$WpVHOGHVFRQHL[HPHQWGHO¶DFWXDOGRPLFLOLRUHVLGqQFLDGH)UDQ
FLVFR9tFWRU-XDQPLWMDQoDQWODSURYLVLyGHOGLDGHIHEUHUGH
HOMXWJHYDDFRUGDUODSXEOLFDFLyGHOSUHVHQWHGLFWHTXHKXLHVUHSURGX
w[SHUDSRUWDUDHIHFWHODGLOLJqQFLDGHQRWLILFDFLyGHODVHQWqQFLD
3URFHGLPLHQWRDVXQWRFLYLO
-XLFLRMXLFLRYHUEDO
3DUWHGHPDQGDQWH$[D*HVWLyQGH6HJXURV\5HDVHJXURV6$
3DUWH GHPDQGDGD 5DPyQ9HOHUW 6iQFKH]$HJRQ )UDQFLVFR9tF
WRU -XDQ )UDQFLVFR9tFWRU$OFDLGH \ &RQVRUFLR GH &RPSHQVDFLyQ GH
6HJXURV
(QHOMXLFLRUHIHUHQFLDGRVHKDGLFWDGRODUHVROXFLyQFX\RHQFDEH
]DPLHQWR\IDOORVRQGHOWHQRUOLWHUDOVLJXLHQWH
©9DOHQFLDGHIHEUHURGH
6XVDQD &DWDOiQ 0XHGUD PDJLVWUDGD MXH]D GH 3ULPHUD ,QVWDQFLD
Q~PHURGH9DOHQFLDKDYLVWRORVSUHVHQWHVDXWRVGHMXLFLRYHUEDOGH
WUiILFRQ~PHURVHJXLGRDLQVWDQFLDGHOD3DWHUQDO(VSDxRO
6LFD $[D *HVWLyQ GH 6HJXURV \ 5HDVHJXURV 6$ UHSUHVHQWDGD SRU
HO SURFXUDGRU (QULTXH 'RPLQJR 5RLJ \ DVLVWLGR GHO OHWUDGR -XDQ
$QWRQLR0DUWt0DUFRQWUD5DPyQ9HOHUW6iQFKH]ODHQWLGDG$HJRQ
DPERV UHSUHVHQWDGRV SRU HO SURFXUDGRU VHxRU 0XxR] ÈOYDUH] FRQWUD
)UDQFLVFR 9tFWRU -XDQ \ )UDQFLVFR 9tFWRU$OFDLGH DPERV GHFODUDGRV
HQUHEHOGtD\FRQWUDHO&RQVRUFLRGH&RPSHQVDFLyQGH6HJXURVVREUH
UHFODPDFLyQGHFDQWLGDG\HQDWHQFLyQDORVVLJXLHQWHV
)DOOR
4XHHVWLPDQGRODGHPDQGDIRUPXODGDSRUHOSURFXUDGRUGHORVWUL
EXQDOHV (QULTXH 'RPLQJR 5RLJ HQ QRPEUH \ UHSUHVHQWDFLyQ GH$[D
*HVWLyQ GH 6HJXURV \ 5HDVHJXURV 6$ HQ UHFODPDFLyQ GH FDQWLGDG
GHERFRQGHQDU\FRQGHQRD5DPyQ9HUOHW6iQFKH]D)UDQFLVFR9tF
WRU-XDQDODPHUFDQWLO$HJRQ8QLyQ$VHJXUDGRUD6$\DO&RQVRUFLR
GH&RPSHQVDFLyQGH6HJXURVDTXHVROLGDULDPHQWHDERQHQDODDFWRUD
FXDWURFLHQWDVQXHYHPLOWUHVFLHQWDVRFKHQWD\GRVSHVHWDVGHSULQFLSDO
PiVHOLQWHUpVOHJDOGHGLFKDVXPDGHVGHODIHFKDGHLQWHUSRVLFLyQGH
ODGHPDQGDKDVWDODGHHVWDUHVROXFLyQLPSRQLHQGRDORVGHPDQGDGRV
HOSDJRGHODVFRVWDVSURFHVDOHV
1RWLItTXHVH D ODV SDUWHV OD DQWHULRU UHVROXFLyQ KDFLpQGROHV VDEHU
TXH QR HV ILUPH VLQR VXVFHSWLEOH GH VHU UHFXUULGD HQ DSHODFLyQ DQWH
HVWHyUJDQRSDUDDQWHOD$XGLHQFLD3URYLQFLDOGHQWURGHOTXLQWRGtD
$VtSRUHVWDPLVHQWHQFLDTXHVHOOHYDUiDOOLEURGHODVGHVXFODVH
\WHVWLPRQLRDORVDXWRVGHVXUD]yQORSURQXQFLRPDQGR\ILUPRª
(Q DWHQFLyQ DO GHVFRQRFLPLHQWR GHO DFWXDO GRPLFLOLR R UHVLGHQ
FLD GH )UDQFLVFR 9tFWRU -XDQ SRU SURYLGHQFLD GHO GtD GH IHEUHUR
GHHOMXH]DFRUGyODSXEOLFDFLyQGHOSUHVHQWHHGLFWRTXHKR\VH
UHSURGXFHSDUDOOHYDUDHIHFWRODGLOLJHQFLDGHQRWLILFDFLyQGHODVHQ
WHQFLD
9DOqQFLD GH IHEUHU GH ± /D VHFUHWjULD MXGLFLDO 0DUtD
'RORUHV9DOOH&RQWUHUDV
9DOHQFLD GH IHEUHUR GH ± /D VHFUHWDULD MXGLFLDO 0DUtD
'RORUHV9DOOH&RQWUHUDV
>@
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH9DOqQFLD
18875
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOqQFLD
1RWLILFDFLy D /XLV +HUQiQ 3pUH] -LPpQH] GH OD VHQWqQFLD
GLFWDGD HQ OHV DFWXDFLRQV GHO MXt GH GLYRUFL FRQWHQFLyV
Q~PHUR>@
1RWLILFDFLyQ D /XLV +HUQiQ 3pUH] -LPpQH] GH OD VHQWHQ
FLDUHFDtGDHQORVDXWRVGHOMXLFLRGHGLYRUFLRFRQWHQFLRVR
Q~PHUR>@
3URFHGLPHQWDVVXPSWHFLYLO
-XtGLYRUFLFRQWHQFLyV
3DUWGHPDQGDQW5XWK)DELROD&DUSLR*XWLpUUH]
3DUWGHPDQGDGD/XLV+HUQiQ3pUH]-LPpQH]
(Q HO MXt UHIHUHQFLDW V¶KD GLFWDW VHQWqQFLD HQ GDWD GH PDUo GH
TXHODSDUWGLVSRVLWLYDpVODVHJHQW
©'HFLVLy
4XHDPEO¶HVWLPDFLySDUFLDOPHQWGHODGHPDQGDGHGLYRUFLLQVWDGD
SHU5XWK)DELROD&DUSLR*XWLpUUH]FRQWUD/XLV+HUQiQ3pUH]-LPpQH]
GHFODUHGLVVROWSHUFDXVDGHGLYRUFLHOPDWULPRQLIRUPDWSHOVDQWHULRU
PHQWHVPHQWDWVDPEWRWVHOVHIHFWHVOHJDOVLHQWUHDOWUHV
6¶DWULEXw[D5XWK)DELROD&DUSLR*XWLpUUH]ODJXDUGDLFXVWzGLD
GHOILOOPHQRUGHOVOLWLJDQWVLHOVSURJHQLWRUVFRPSDUWLUDQVREUHHVWHOD
SjWULDSRWHVWDW
1RHVIL[DVLVWHPDGHYLVLWHVSDWHUQRILOLDO
/XLV +HUQiQ 3pUH] -LPpQH] SDJDUj HQ FRQFHSWH GH SHQVLy DOL
PHQWjULDHQIDYRUGHOVHXILOOPHQRUODTXDQWLWDWGHHXURVDOPHV
GH IRUPD DQWLFLSDGD HOV FLQF SULPHUV GLHV GH FDGD PHV HQ HO FRPSWH
FRUUHQW TXH GHVLJQH OD VHQ\RUD &DUSLR L V¶DFWXDOLW]DUj HVWD TXDQWLWDW
DQXDOPHQWFRQIRUPHDO¶,3&
&DGD SURJHQLWRU VXIUDJDUj OD PHLWDW GH OHV GHVSHVHV H[WUDRUGL
QjULHV TXH SURGXwVFD HO ILOO PHQRU WDOV FRP RSHUDFLRQV TXLU~UJLTXHV
SUzWHVLVOODUJXHVPDODOWLHVHWFVHPSUHTXHV¶DFUHGLWHQVXILFLHQWPHQW
VLJXHQ FRQVXOWDGHV SUqYLDPHQW R VLJXHQ DXWRULW]DGHV SHO -XWMDW HQ HO
FDVGHGLVFUHSjQFLDHQWUHHOVSDUHV
&DGD SDUW SDJDUj OHV FRVWHV SURFHVVDOV RFDVLRQDGHV D OD VHXD LQV
WjQFLDLOHVFRPXQHVSHUPHLWDW
0DQHUDG¶LPSXJQDFLy
0LWMDQoDQW UHFXUV G¶DSHOÂODFLy GDYDQW O¶$XGLqQFLD 3URYLQFLDO GH
9DOqQFLDDUWLFOH/(&Q
(OUHFXUVHVSUHSDUDUjPLWMDQoDQWHVFULWSUHVHQWDWHQHVWH-XWMDWHQ
HOWHUPLQLGHFLQFGLHVKjELOVFRPSWDGRUVGHVGHO¶HQGHPjGHODQRWL
ILFDFLy OLPLWDW D FLWDU OD UHVROXFLy DSHOÂODGD L PDQLIHVWDU OD YROXQWDW
GHUHFyUUHUDPEH[SUHVVLyGHOVSURQXQFLDPHQWVTXHLPSXJQDDUWLFOH
/(&Q
(VWDpVODPHXDVHQWqQFLDTXHSURQXQFLHPDQHLILUPHª
(QDWHQFLyDOGHVFRQHL[HPHQWGHO¶DFWXDOGRPLFLOLRUHVLGqQFLDGH
ODSDUWGHPDQGDGD/XLV+HUQiQ3pUH]-LPpQH]SHUSURYLVLyGHGH
PDUo GH HO MXWJH GH FRQIRUPLWDW DPE HO TXH GLVSRVHQ HOV DUWL
FOHVLGHOD/OHLG¶(QMXGLFLDPHQW&LYLOKDDFRUGDW
ODSXEOLFDFLyG¶HVWHHGLFWHHQHOWDXOHUG¶DQXQFLVGHO-XWMDWDL[tFRPHQ
HO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDSHUDGXUDHIHFWHODGLOL
JqQFLDGHQRWLILFDFLyGHVHQWqQFLD
3URFHGLPLHQWRDVXQWRFLYLO
-XLFLRGLYRUFLRFRQWHQFLRVR
3DUWHGHPDQGDQWH5XWK)DELROD&DUSLR*XWLpUUH]
3DUWHGHPDQGDGD/XLV+HUQiQ3pUH]-LPpQH]
(Q HO MXLFLR UHIHUHQFLDGR VH KD GLFWDGR VHQWHQFLD HQ IHFKD GH
PDU]RGHFX\DSDUWHGLVSRVLWLYDHVODVLJXLHQWH
©)DOOR
4XH HVWLPDQGR SDUFLDOPHQWH OD GHPDQGD GH GLYRUFLR LQVWDGD SRU
5XWK )DELROD &DUSLR *XWLpUUH] FRQWUD /XLV +HUQiQ 3pUH] -LPpQH]
GHFODUR GLVXHOWR SRU FDXVD GH GLYRUFLR HO PDWULPRQLR IRUPDGR SRU
ORVDQWHULRUPHQWHPHQFLRQDGRVFRQWRGRVORVHIHFWRVOHJDOHV\HQWUH
RWURV
6HDWULEX\HD5XWK)DELROD&DUSLR*XWLpUUH]ODJXDUGD\FXVWR
GLDGHOKLMRPHQRUGHORVOLWLJDQWHVFRPSDUWLHQGRORVSURJHQLWRUHVOD
SDWULDSRWHVWDGVREUHHOPLVPR
1RVHILMDVLVWHPDGHYLVLWDVSDWHUQRILOLDO
/XLV+HUQiQ3pUH]-LPpQH]DERQDUiHQFRQFHSWRGHSHQVLyQDOL
PHQWLFLDHQIDYRUGHVXKLMRPHQRUODFDQWLGDGGHHXURVDOPHV
GHIRUPDDQWLFLSDGDORVFLQFRSULPHURVGtDVGHFDGDPHVHQODFXHQWD
FRUULHQWHTXHGHVLJQHODVHxRUD&DUSLRDFWXDOL]iQGRVHGLFKDFDQWLGDG
DQXDOPHQWHFRQIRUPHDO,3&
&DGDSURJHQLWRUVXIUDJDUiODPLWDGGHORVJDVWRVH[WUDRUGLQDULRV
TXHGHYHQJXHVXKLMRPHQRUWDOHVFRPRRSHUDFLRQHVTXLU~UJLFDVSUy
WHVLV ODUJDV HQIHUPHGDGHV HWF VLHPSUH TXH VH DFUHGLWHQ VXILFLHQWH
PHQWHVHDQFRQVXOWDGRVSUHYLDPHQWHRVHDQDXWRUL]DGRVSRUHO-X]JD
GRHQHOFDVRGHGLVFUHSDQFLDHQWUHORVSDGUHV
&DGD SDUWH DERQDUi ODV FRVWDV SURFHVDOHV RFDVLRQDGDV D VX
LQVWDQFLD\ODVFRPXQHVSRUPLWDG
0RGRGHLPSXJQDFLyQ
0HGLDQWH UHFXUVR GH DSHODFLyQ DQWH OD $XGLHQFLD 3URYLQFLDO GH
9DOHQFLDDUWtFXOR/(&Q
(O UHFXUVR VH SUHSDUDUi SRU PHGLR GH HVFULWR SUHVHQWDGR HQ HVWH
-X]JDGRHQHOSOD]RGHFLQFRGtDVKiELOHVFRQWDGRVGHVGHHOGtDVLJXL
HQWHGHODQRWLILFDFLyQOLPLWDGRDFLWDUODUHVROXFLyQDSHODGDPDQLIHV
WDQGRODYROXQWDGGHUHFXUULUFRQH[SUHVLyQGHORVSURQXQFLDPLHQWRV
TXHLPSXJQDDUWtFXOR/(&Q
$VtSRUHVWDVHQWHQFLDORSURQXQFLRPDQGR\ILUPRª
(QDWHQFLyQDOGHVFRQRFLPLHQWRGHODFWXDOGRPLFLOLRRUHVLGHQFLD
GH OD SDUWH GHPDQGDGD /XLV +HUQiQ 3pUH] -LPpQH] SRU SURYLGHQFLD
GHGHPDU]RGHHOMXH]GHFRQIRUPLGDGFRQORGLVSXHVWRHQ
ORVDUWtFXORV\GHOD/H\GH(QMXLFLDPLHQWR&LYLOKD
DFRUGDGR OD SXEOLFDFLyQ GHO SUHVHQWH HGLFWR HQ HO WDEOyQ GH DQXQFLRV
GHO-X]JDGRDVtFRPRHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
SDUDOOHYDUDHIHFWRODGLOLJHQFLDGHQRWLILFDFLyQGHVHQWHQFLD
9DOqQFLDGHPDUoGH±(OVHFUHWDULMXGLFLDOÈQJHO2OPH
GD%XHQGtD
9DOHQFLD GH PDU]R GH ± (O VHFUHWDULR MXGLFLDO ÈQJHO
2OPHGD%XHQGtD
Núm
5509 / 10.05.2007
18876
-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH9DOqQFLD
-X]JDGRGH3ULPHUD,QVWDQFLD
Q~PHURGH9DOqQFLD
1RWLILFDFLyD&HQWHU+DUU\V6/GHODVHQWqQFLDGLFWDGDHQ
OHVDFWXDFLRQVGHOMXtRUGLQDUL>@
1RWLILFDFLyQ D &HQWHU +DUU\V 6/ GH OD VHQWHQFLD GLFWDGD
HQORVDXWRVGHOMXLFLRRUGLQDULR>@
3URFHGLPHQWDVVXPSWHFLYLOMXtRUGLQDUL
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH9DOqQFLD
-XtMXtRUGLQDUL±
3DUW GHPDQGDQW 3URPRFLRQHV 0DUHQVDO 6/ L ,QVWDODFLRQHV 1RH
3URFHGLPLHQWRDVXQWRFLYLOMXLFLRRUGLQDULR
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOHQFLD
-XLFLRMXLFLRRUGLQDULR±
3DUWHGHPDQGDQWH3URPRFLRQHV0DUHQVDO6/H,QVWDODFLRQHV1RH
6/
6/
3DUWGHPDQGDGD&HQWHU+DUU\V6/
6REUHDFFLyGHFODUDWLYD
(QHOMXtUHIHUHQFLDWV¶KDGLFWDWODUHVROXFLyTXHWpODGHFLVLyOLWH
UDOPHQWGLXDL[t
©'HFLVLy
4XHDPEO¶HVWLPDFLyGHODGHPDQGDLQWHUSRVDGDSHU3URPRFLRQHV
0DUHQVDO6/L,QVWDODFLRQHV1RH6/FRQWUD&HQWHU+DUU\V6/GHFODUH
OD UDWLILFDFLy GH OD LQWHUYHQFLy GH O¶HQWLWDW &HQWHU +DUU\V 6/ FRP D
YHQHGRUDHQO¶HVFULSWXUDGHFRPSUDYHQGDDIDYRUGHO¶HQWLWDWPHUFDQWLO
,QVWDODFLRQHV 1RH 6/ GH GDWD GH GHVHPEUH GH DXWRULW]DGD
SHOQRWDUL 0DQXHO &HUGi *DUFtD GHO 0RUDO DO Q~PHUR GHSURWR
FRO L FRP D FRPSUDGRUD GH O¶HVFULSWXUD GH FRPSUDYHQGD GH GDWD GH QRYHPEUH GH DWRUJDGD SHU -RDTXtQ L -DYLHU 0DUWtQH] 7RUPR
LDXWRULW]DGDSHOQRWDUL6DOYDGRU*DUFtD*XDUGLRODDOQ~PHURGH
SURWRFROUHVSHFWRGHODILQFDUHJLVWUDOGHO5HJLVWUHGHOD3URSL
HWDWGH%HQDJXDVLOLDOVHIHFWHVG¶LQVFULSFLyG¶DPEGXHVWUDQVPLVVLRQV
HQHVWH5HJLVWUHLILQVDO¶HIHFWLYDLQVFULSFLyDPELPSRVLFLyGHFRVWHV
DODGHPDQGDGD
0DQHUDG¶LPSXJQDFLyPLWMDQoDQWUHFXUVG¶DSHOÂODFLyGDYDQWO¶$X
GLqQFLD3URYLQFLDOGH9DOqQFLDDUWLFOH/(&Q
(OUHFXUVHVSUHSDUDUjPLWMDQoDQWHVFULWSUHVHQWDWHQHVWH-XWMDWHQ
HOWHUPLQLGHFLQFGLHVKjELOVFRPSWDGRUVGHVGHO¶HQGHPjGHODQRWL
ILFDFLy OLPLWDW D FLWDU OD UHVROXFLy DSHOÂODGD L PDQLIHVWDU OD YROXQWDW
GHUHFyUUHUDPEH[SUHVVLyGHOVSURQXQFLDPHQWVTXHLPSXJQDDUWLFOH
/(&Q
(VWDpVODPHXDVHQWqQFLDTXHSURQXQFLHPDQHLILUPHª
3XEOLFDFLy/¶DQWHULRUVHQWqQFLDO¶KDOOHJLGDLSXEOLFDGDHOPDJLV
WUDWMXWJHTXHODYDGLFWDUPHQWUHFHOHEUDYDDXGLqQFLDS~EOLFDHQHOGLD
GHODGDWDGHODTXDOMRHOVHFUHWDULMXGLFLDOHQGRQHIH
3DUWHGHPDQGDGD&HQWHU+DUU\V6/
6REUHDFFLyQGHFODUDWLYD
(Q HO MXLFLR UHIHUHQFLDGR VH KD GLFWDGR OD UHVROXFLyQ FX\R IDOOR
OLWHUDOPHQWHGLFHDVt
©)DOOR
4XH HVWLPDQGR OD GHPDQGD LQWHUSXHVWD SRU 3URPRFLRQHV 0DUHQ
VDO6/H,QVWDODFLRQHV1RH6/FRQWUD&HQWHU+DUU\V6/GHERGHFOD
UDU \ GHFODUR OD UDWLILFDFLyQ GH OD LQWHUYHQFLyQ GH OD HQWLGDG &HQWHU
+DUU\V6/FRPRYHQGHGRUDHQODHVFULWXUDGHFRPSUDYHQWDDIDYRUGH
OD HQWLGDG PHUFDQWLO ,QVWDODFLRQHV 1RH 6/ GH IHFKD GH GLFLHPEUH
GHDXWRUL]DGDSRUHOQRWDULR0DQXHO&HUGi*DUFtDGHO0RUDODO
Q~PHURGHVXSURWRFROR\FRPRFRPSUDGRUDGHODHVFULWXUDGH
FRPSUDYHQWDGHIHFKDGHQRYLHPEUHGHRWRUJDGDSRU-RDTXtQ
\-DYLHU0DUWtQH]7RUPR\DXWRUL]DGDSRUHOQRWDULR6DOYDGRU*DUFtD
*XDUGLRODDOQ~PHURGHVXSURWRFRORUHVSHFWRDODILQFDUHJLVWUDO
GHO5HJLVWURGHOD3URSLHGDGGH%HQDJXDVLO\DORVHIHFWRVGH
LQVFULSFLyQGHDPEDVWUDQVPLVLRQHVHQGLFKR5HJLVWUR\KDVWDVXHIHF
WLYDLQVFULSFLyQFRQLPSRVLFLyQGHFRVWDVDODGHPDQGDGD
0RGR GH LPSXJQDFLyQ PHGLDQWH UHFXUVR GH DSHODFLyQ DQWH OD
$XGLHQFLD3URYLQFLDOGH9DOHQFLDDUWtFXOR/(&Q
(O UHFXUVR VH SUHSDUDUi SRU PHGLR GH HVFULWR SUHVHQWDGR HQ HVWH
-X]JDGRHQHOSOD]RGHFLQFRGtDVKiELOHVFRQWDGRVGHVGHHOGtDVLJXL
HQWHGHODQRWLILFDFLyQOLPLWDGRDFLWDUODUHVROXFLyQDSHODGDPDQLIHV
WDQGRODYROXQWDGGHUHFXUULUFRQH[SUHVLyQGHORVSURQXQFLDPLHQWRV
TXHLPSXJQDDUWtFXOR/(&Q
$VtSRUHVWDVHQWHQFLDORSURQXQFLRPDQGR\ILUPRª
3XEOLFDFLyQ'DGDOHtGD\SXEOLFDGDIXHODDQWHULRUVHQWHQFLDSRU
HOPDJLVWUDGRMXH]TXHODGLFWyHVWDQGRHOPLVPRFHOHEUDQGRDXGLHQ
FLD S~EOLFD HQ HO PLVPR GtD GH OD IHFKD GH OR TXH \R HO VHFUHWDULR
MXGLFLDOGR\IH
9DOqQFLDGHPDUoGH
9DOHQFLDGHPDU]RGH
(QDWHQFLyDOGHVFRQHL[HPHQWGHO¶DFWXDOGRPLFLOLRUHVLGqQFLDGH
OD SDUW GHPDQGDGD SHU SURYLVLy GH KXL HO MXWJH GH FRQIRUPLWDW DPE
DOOzGLVSRVDWHQHOVDUWLFOHVLGHOD/OHLG¶(QMXGLFL
DPHQW&LYLOKDDFRUGDWODSXEOLFDFLyG¶HVWHHGLFWHHQHOWDXOHUG¶DQXQ
FLVGHO-XWMDWDL[tFRPHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQD
'2&9SHUDGXUDHIHFWHODGLOLJqQFLDGHQRWLILFDFLyGHODVHQWqQFLD
DO¶HQWLWDWGHPDQGDGDGHFODUDGDHQUHEHOÂOLDLTXHHVWUREDHQSDUDGRU
GHVFRQHJXW
(QDWHQFLyQDOGHVFRQRFLPLHQWRGHODFWXDOGRPLFLOLRRUHVLGHQFLD
GHODSDUWHGHPDQGDGDSRUSURYLGHQFLDGHKR\HO-XH]GHFRQIRUPL
GDG FRQ OR GLVSXHVWR HQ ORV DUWtFXORV \ GH D /H\ GH(QMXLFLDPLHQWR&LYLOKDDFRUGDGRODSXEOLFDFLyQGHOSUHVHQWHHGLF
WR HQ HO WDEOyQ GH DQXQFLRV GHO -X]JDGR DVt FRPR HQ HO 'LDUL 2ILFLDO
GHOD&RPXQLWDW9DOHQFLDQD'2&9SDUDOOHYDUDHIHFWRODGLOLJHQFLD
GH QRWLILFDFLyQ GH OD VHQWHQFLD D OD HQWLGDG GHPDQGDGD GHFODUDGD HQ
UHEHOGtD\TXHVHHQFXHQWUDHQSDUDGHURGHVFRQRFLGR
9DOqQFLDGHPDUoGH±/DVHFUHWjULDMXGLFLDO03LODU)HU
UDQGR0DQVDQHW
9DOHQFLD GH PDU]R GH ± /D VHFUHWDULD MXGLFLDO 0 3LODU
)HUUDQGR0DQVDQHW
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH9DOqQFLD
18877
-X]JDGRGH3ULPHUD,QVWDQFLD
Q~PHURGH9DOqQFLD
1RWLILFDFLyD0DUtDGHO0DU&RUWHV6DQFKRGHODVHQWqQ
FLDGLFWDGDHQOHVDFWXDFLRQVGHOMXtG¶DVVHQWLPHQWG¶DGRS
FLy>@
1RWLILFDFLyQ D 0DUtD GHO 0DU &RUWHV 6DQFKR GH OD VHQ
WHQFLD UHFDtGD HQ ORV DXWRV GHO MXLFLR GH DVHQWLPLHQWR GH
DGRSFLyQ>@
$OLFLD2UGHLJ5DEDGiQVHFUHWjULDWLWXODUGHO-XWMDWGH3ULPHUD,QV
WjQFLDQ~PHURGH9DOqQFLDPLWMDQoDQWHVWHHGLFWHIDVDEHU
4XH HQ OHV DFWXDFLRQV GH SURFHGLPHQW SHU D GHWHUPLQDU OD QHFHV
VLWDW G¶DVVHQWLPHQW HQ O¶DGRSFLy VHJXLGHV D LQVWjQFLD
GH0DUtDGHO0DU&RUWpV6DQFKRFRQWUD&%6HQOHVTXDOVHQGDWD
G¶RFWXEUH GH KD GLFWDW VHQWqQFLD TXH HQ OD SDUW GLVSRVLWLYD GLX
DL[t
©'HFLVLy
'HFODUDU D 0DUtD GHO 0DU &RUWpV 1DYDUUR LQFXUVD HQ FDXVD OHJDO
SHU D OD SULYDFLy GH OD SjWULD SRWHVWDW GH OD VHXD ILOOD %HDWUL]$JXLODU
&RUWpV L SHU WDQW TXH QR pV QHFHVVDUL O¶DVVHQWLPHQW D O¶DGRSFLy GH OD
PHQRUVHQVHLPSRVLFLyGHOHVFRVWHVFDXVDGHVHQHVWHSURFHGLPHQWLHV
PDQDFRQWLQXDUO¶H[SHGLHQWG¶DGRSFLyXQDYHJDGDIHUPDHVWDUHVROXFLy
FRQWUD OD TXDO HV SRW SUHSDUDU UHFXUV G¶DSHOÂODFLy D LQWHUSRVDU GDYDQW
HVWH-XWMDWHQHOWHUPLQLGHFLQFGLHVGHVGHODQRWLILFDFLy
(VWDpVODPHXDVHQWqQFLDTXHSURQXQFLHPDQHLILUPHª
,SHUTXqYDOJDGHQRWLILFDFLyHQIRUPDDODGHPDQGDQW0DUtDGHO
0DU &RUWpV 6DQFKR HQ VLWXDFLy G¶LJQRUDW SDUDGRU H[SHGLVF L ILUPH
HVWH
6¶KDGHSXEOLFDUG¶RILFL
$OLFLD 2UGHLJ 5DEDGiQ VHFUHWDULD WLWXODU GHO -X]JDGR GH 3ULPHUD
,QVWDQFLDQ~PHURGH9DOHQFLDSRUHOSUHVHQWHKDFHVDEHU
4XH HQ ORV DXWRV GH SURFHGLPLHQWR SDUD GHWHUPLQDU OD QHFHVLGDG
GHDVHQWLPLHQWRHQODDGRSFLyQVHJXLGRVDLQVWDQFLDGH
0DUtDGHO0DU&RUWpV6DQFKRFRQWUD&%6HQORVTXHHQIHFKDGH
RFWXEUHGHKDUHFDtGRVHQWHQFLDHQODTXHHQVXSDUWHGLVSRVLWLYD
GLFHDVt
©)DOOR
4XH GHER GHFODUDU \ GHFODUR D 0DUtD GHO 0DU &RUWpV 1DYDUUR
LQFXUVDHQFDXVDOHJDOSDUDODSULYDFLyQGHODSDWULDSRWHVWDGGHVXKLMD
%HDWUL]$JXLODU&RUWpV\SRUHQGHTXHQRHVQHFHVDULRVXDVHQWLPLHQWR
D OD DGRSFLyQ GH OD PHQRU VLQ LPSRVLFLyQ GH ODV FRVWDV FDXVDGDV HQ
HVWHSURFHGLPLHQWRPDQGDQGRFRQWLQXDUHOH[SHGLHQWHGHDGRSFLyQXQD
YH]ILUPHHVWDUHVROXFLyQFRQWUDODTXHFDEHSUHSDUDUUHFXUVRGHDSHOD
FLyQDLQWHUSRQHUDQWHHVWH-X]JDGRHQHOSOD]RGHFLQFRGtDVGHVGHVX
QRWLILFDFLyQ
$VtSRUHVWDPLVHQWHQFLDORSURQXQFLRPDQGR\ILUPRª
<SDUDTXHVLUYDGHQRWLILFDFLyQHQIRUPDDODGHPDQGDQWH0DUtD
GHO 0DU &RUWpV 6DQFKR HQ VLWXDFLyQ GH LJQRUDGR SDUDGHUR H[SLGR \
ILUPRHOSUHVHQWH
'HELHQGRSXEOLFDUVHGHRILFLR
9DOqQFLDGHPDUoGH±/DVHFUHWjULD$OLFLD2UGHLJ5DED
GiQ
9DOHQFLDGHPDU]RGH±/DVHFUHWDULD$OLFLD2UGHLJ5DED
GiQ
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLDQ~PHURGH9DOqQFLD
18878
-X]JDGRGH3ULPHUD,QVWDQFLDQ~PHURGH9DOqQFLD
1RWLILFDFLyD1HLO3DWULFN6PLWKGHODUHVROXFLyGLFWDGDHQ
OHV DFWXDFLRQV GHO MXt GH PHVXUHV ILOOV H[WUDPDWULPRQLDOV
FRQWHQFLyV>@
1RWLILFDFLyQD1HLO3DWULFN6PLWKGHODUHVROXFLyQGLFWDGD
HQORVDXWRVGHOMXLFLRGHPHGLGDVKLMRVH[WUDPDWULPRQLD
OHVFRQWHQFLRVR>@
3URFHGLPHQWDVVXPSWHFLYLO3
-XtPHVXUHVILOOVH[WUDPDWULPRQLDOVFRQWHQFLyV
3DUWGHPDQGDQW$UiQ]D]X/XJR'XUiQ
3DUWGHPDQGDGD1HLO3DWULFN6PLWK
(QHOMXtDTXqHVIDUHIHUqQFLDV¶KDGLFWDWODUHVROXFLyHOWH[WGHOD
TXDOOLWHUDOPHQWGLXDL[t
©'HFLVLy
$PE O¶HVWLPDFLy SDUFLDO GH OD GHPDQGD SUHVHQWDGD SHU$UiQ]D]X
/XJR'XUiQFRQWUD1HLO3DWULFN6PLWKSHOTXHIDDODUHODFLySDWHUQR
ILOLDODPEODILOODPHQRUFRP~/XFtD'LDQH6PLWK/XJRV¶DFRUGHQOHV
PHVXUHVVHJHQWV
$PE HO PDQWHQLPHQW GH OD SjWULD SRWHVWDW FRPSDUWLGD TXH QR
REVWDQWDL[zO¶H[HUFLUjH[FOXVLYDPHQWODPDUHV¶DWULEXw[DHVWDODJXDU
GDLFXVWzGLDGHODLQGLFDGDILOODFRP~TXHILQVKXLVXVWHQWDYD
(V IL[D HQ VLVFHQWV HXURV PHQVXDOV OD TXDQWLWDW TXH KDXUj GH
SDJDU HO GHPDQGDW D OD SURJHQLWRUD GHPDQGDGD DPE HIHFWHV GHV GHO
GLDG¶HVWDUHVROXFLyHQHOFRPSWHGHVLJQDWSHUHVWDHQODSqWLWDGHOD
GHPDQGDHQFRQFHSWHG¶DOLPHQWVHQIDYRUGHODILOODFRP~TXDQWLWDW
TXH V¶DFWXDOLW]DUj DXWRPjWLFDPHQW FDGD DQ\ G¶DFRUG DPE OHV YDULDFL
RQVGHOVtQGH[VGHSUHXVLDPpVDPpVKDXUjGHSDJDUODPHLWDWGHOHV
GHVSHVHVH[WUDRUGLQjULHVTXHHVSURGXwVTXHQHQUHODFLyDPEHVWD
3URFHGL[ DVVHJXUDUQH HO FREUDPHQW G¶HVWD SHQVLy DOLPHQWjULD
PLWMDQoDQWODUHWHQFLyPHQVXDODSDUWLUGHOVHJHQWPHVGHODUHFHSFLy
G¶HVWD VXPD L DQXDOPHQW OHV VHXHV DFWXDOLW]DFLRQV L RUGHQDQWQH O¶LQ
JUpVHQHOFRPSWHLQGLFDWSHUODGHPDQGDQWHQODSqWLWDGHODGHPDQ
GDVHQVHSHUMXtGHOFRQVWUHQ\LPHQWGHODUHVWDUHSRUWDWWUDQVFRUUHJXWV
GLHVGHVGHODQRWLILFDFLyVLQRHVSDJDYROXQWjULDPHQWDQRYDLQV
WjQFLD HQ H[HFXFLy GH VHQWqQFLD /¶HIHFWLYLWDW G¶HVWD PHVXUD FDXWHODU
V¶KDXUjGHIHUVDEHUGDYDQWHOVzUJDQVLPLWMDQoDQWHOSURFHGLPHQWLQGL
FDWHQHOVHJRQUDRQDPHQWG¶HVWDUHVROXFLy
1RWLILTXHXODSUHVHQWUHVROXFLyDOHVSDUWVLIHXOLVDEHUDOGHPDQ
GDW DPE WUDGXFFLy SUqYLD SHU FRQGXFWH GH OD SDUW FRPSDUHJXGD SHO
SURFHGLPHQWHVWDEOLWHQHO5HJODPHQW&(DPELQGLFDFLy
DOzUJDQUHFHSWRUTXHHVSODVPDUjHQODGRFXPHQWDFLyTXHH[SHGLUjHO
VHFUHWDULMXGLFLDODPEODVHXDWUDGXFFLyFRPFDOLUHDOoDPHQWGHSUR
FXUDUQH OD QRWLILFDFLy SHUVRQDO R SHU FRQGXFWH G¶HPSOHDW FRPSDQ\
IDPLOLDU R DPLF GHL[DQWQH FRQVWjQFLD GHO UHFHSWRU L VL QR pV SRVVL
EOHFHUWLILFDQWTXHODQRWLILFDFLyV¶DMXVWDLUHVXOWDYjOLGDHQHOVHXGUHW
LQWHUQ
&RQWUDHVWDVHQWqQFLDHVSRWSUHSDUDUXQUHFXUVG¶DSHOÂODFLyHQHVWH
-XWMDW HQ HO WHUPLQL GH FLQF GLHV SHU D GDYDQW O¶$XGLqQFLD 3URYLQFLDO
GH9DOqQFLD
1RSHUWRFDIHUXQSURQXQFLDPHQWH[SUpVVREUHODLPSRVLFLyGHFRV
WHV
(VWDpVODPHXDVHQWqQFLDTXHSURQXQFLHPDQHLILUPHª
$WpVHOGHVFRQHL[HPHQWGHO¶DFWXDOGRPLFLOLRUHVLGqQFLDGHODSDUW
GHPDQGDGD PLWMDQoDQW OD SURYLVLy GH GH PDUo GH HO MXWJH
GHFRQIRUPLWDWDPEHOTXHGLVSRVHQHOVDUWLFOHVLGHOD/OHL
G¶(QMXGLFLDPHQW &LYLO KD DFRUGDW OD SXEOLFDFLy GHO SUHVHQW
HGLFWHSHUDSRUWDUDHIHFWHODGLOLJqQFLDGHQRWLILFDFLyGHODVHQWqQFLD
DOGHPDQGDW
3URFHGLPLHQWRDVXQWRFLYLO3
-XLFLRPHGLGDVKLMRVH[WUDPDWULPRQLDOHVFRQWHQFLRVR
3DUWHGHPDQGDQWH$UiQ]D]X/XJR'XUiQ
3DUWHGHPDQGDGD1HLO3DWULFN6PLWK
(Q HO MXLFLR UHIHUHQFLDGR VH KD GLFWDGR OD UHVROXFLyQ FX\R WH[WR
OLWHUDOHVHOVLJXLHQWH
©)DOOR
&RQ HVWLPDFLyQ SDUFLDO GH OD GHPDQGD SUHVHQWDGD SRU$UiQ]D]X
/XJR'XUiQFRQWUD1HLO3DWULFN6PLWKHQUHODFLyQDODUHODFLyQSDWHU
QRILOLDOFRQODKLMDPHQRUFRP~Q/XFtD'LDQH6PLWK/XJRVHDFXHU
GDQODVVLJXLHQWHVPHGLGDV
&RQ PDQWHQLPLHQWR GH OD SDWULD SRWHVWDG FRPSDUWLGD TXH QR
REVWDQWHVHUiHMHUFLGDH[FOXVLYDPHQWHSRUODPDGUHVHDWULEX\HDpVWD
ODJXDUGD\FXVWRGLDGHODLQGLFDGDKLMDFRP~QTXHYHQtDVXVWHQWDQGR
6H ILMD HQ VHLVFLHQWRV HXURV PHQVXDOHV OD FDQWLGDG TXH GHEHUi
VDWLVIDFHUHOGHPDQGDGRDODSURJHQLWRUDGHPDQGDGDFRQHIHFWRVGHVGH
HOGtDGHHVWDUHVROXFLyQHQODFXHQWDGHVLJQDGDSRUpVWDHQHOVXSOLFR
GHVXGHPDQGDHQFRQFHSWRGHDOLPHQWRVHQIDYRUGHODKLMDFRP~Q
FDQWLGDG TXH VH DFWXDOL]DUi DXWRPiWLFDPHQWH FDGD DxR FRQ DUUHJOR D
ODV YDULDFLRQHV GH ORV tQGLFHV GH SUHFLRV GHELHQGR DERQDU DGHPiV OD
PLWDGGHORVJDVWRVH[WUDRUGLQDULRVTXHVHSURGX]FDQHQUHODFLyQDOD
PLVPD
3URFHGHDVHJXUDUHOSHUFLERGHGLFKDSHQVLyQDOLPHQWLFLDUHWH
QLHQGRPHQVXDOPHQWHDSDUWLUGHOVLJXLHQWHPHVGHVXUHFHSFLyQGLFKD
VXPD \ DQXDOPHQWH VXV DFWXDOL]DFLRQHV\ RUGHQDQGR VX LQJUHVR HQ OD
FXHQWD LQGLFDGD SRU OD GHPDQGDQWH HQ HO VXSOLFR GH OD GHPDQGD VLQ
SHUMXLFLRGHODSUHPLRGHOUHVWRGHYHQJDGRWUDQVFXUULGRVGtDVGHVGH
VX QRWLILFDFLyQ VL QR VH DERQDUH YROXQWDULDPHQWH D QXHYD LQVWDQFLD
HQ HMHFXFLyQ GH VHQWHQFLD /D HIHFWLYLGDG GH GLFKD PHGLGD FDXWHODU
GHEHUiLQWHUHVDUVHDQWHORVyUJDQRV\SRUHOSURFHGLPLHQWRLQGLFDGRHQ
HOVHJXQGRUD]RQDPLHQWRGHHVWDUHVROXFLyQ
1RWLItTXHVH OD SUHVHQWH UHVROXFLyQ D ODV SDUWHV KDFLpQGRVH DO
GHPDQGDGRSUHYLDVXWUDGXFFLyQSRUFRQGXFWRGHODSDUWHFRPSDUHFLGD
SRU HO SURFHGLPLHQWR HVWDEOHFLGR HQ HO 5HJODPHQWR &( FRQLQGLFDFLyQDOyUJDQRUHFHSWRUTXHVHSODVPDUiHQODGRFXPHQWD
FLyQ D H[SHGLU SRU HO VHFUHWDULR MXGLFLDO FRQ VX GHELGD WUDGXFFLyQ \
UHDOFHGHSURFXUDUVXQRWLILFDFLyQSHUVRQDORSRUFRQGXFWRGHHPSOH
DGR FRPSDxHUR IDPLOLDUR DPLJR GHMDQGR FRQVWDQFLD GHO UHFHSWRU \
GH QR VHU SRVLEOH FHUWLILFDQGR TXH OD QRWLILFDFLyQ VH DMXVWD \ UHVXOWD
YiOLGDHQVXGHUHFKRLQWHUQR
&RQWUD HVWD VHQWHQFLD SXHGH SUHSDUDUVH UHFXUVR GH DSHODFLyQ HQ
HVWH-X]JDGRHQWpUPLQRGHFLQFRGtDVSDUDDQWHOD$XGLHQFLD3URYLQ
FLDOGH9DOHQFLD
1RKDOXJDUDKDFHUH[SUHVRSURQXQFLDPLHQWRVREUHODLPSRVLFLyQ
GHFRVWDV
$VtSRUHVWDPLVHQWHQFLDORSURQXQFLRPDQGR\ILUPRª
(QDWHQFLyQDOGHVFRQRFLPLHQWRGHODFWXDOGRPLFLOLRRUHVLGHQFLD
GH OD SDUWH GHPDQGDGD SRU SURYLGHQFLD GH GH PDU]R GH HO
MXH]GHFRQIRUPLGDGFRQORGLVSXHVWRHQORVDUWtFXORV\GH
OD/H\GH(QMXLFLDPLHQWR&LYLOKDDFRUGDGRODSXEOLFDFLyQGHO
SUHVHQWHHGLFWRSDUDOOHYDUDHIHFWRODGLOLJHQFLDGHQRWLILFDFLyQGHOD
VHQWHQFLDDOGHPDQGDGR
9DOqQFLD GH PDUo GH ± /D VHFUHWjULD MXGLFLDO $OLFLD
2UGHLJ5DEDGiQ
9DOHQFLD GH PDU]R GH ± /D VHFUHWDULD MXGLFLDO $OLFLD
2UGHLJ5DEDGiQ
Núm
5509 / 10.05.2007
-XWMDWGH3ULPHUD,QVWjQFLD
Q~PHURGH9DOqQFLD
18879
-X]JDGRGH3ULPHUD,QVWDQFLD
Q~PHURGH9DOqQFLD
1RWLILFDFLyD0DUtDGHO5RVDULR3DEOR*XLxyQGHODVHQ
WqQFLD GLFWDGD HQ OHV DFWXDFLRQV GHO GLYRUFL FRQWHQFLyV
Q~PHUR>@
1RWLILFDFLyQD0DUtDGHO5RVDULR3DEOR*XLxyQGHODVHQ
WHQFLDUHFDtGDHQORVDXWRVGHOGLYRUFLRFRQWHQFLRVRQ~PH
UR>@
$OLFLD2UGHLJ5DEDGiQVHFUHWjULDWLWXODUGHO-XWMDWGH3ULPHUD,QV
WjQFLDQ~PHURGH9DOqQFLDPLWMDQoDQWHVWHHGLFWHIDVDEHU
4XH HQ OHV DFWXDFLRQV GH GLYRUFL FRQWHQFLyV VHJXL
GHV D LQVWjQFLD GH -XDQ &DUORV ([SyVLWR ÈOYDUH] FRQWUD 0DUtD GHO
5RVDULR3DEOR*XLxyQHQVLWXDFLyGHUHEHOÂOLDHQOHVTXDOVHQGDWD
G¶RFWXEUHGHOSDVVDWDQ\KDGLFWDWVHQWqQFLDTXHODSDUWGLVSRVL
WLYDGLXDL[t
©'HFLVLy
(VWLPDUODGHPDQGDLQWHUSRVDGDSHU-XDQ&DUORV([SyVLWRÈOYDUH]
FRQWUD0DUtDGHO5RVDULR3DEOR*XLxyQLGHFODUDUHOGLYRUFLLGLVVROX
FLyGHOPDWULPRQLIRUPDWHQWUHDPEGyVDPEWRWVHOVHIHFWHVLQKHUHQWV
DHVWDQRSHUWRFDOORFDO¶DGRSFLyGHPHVXUHV
)HUPD TXH VLJD HVWD UHVROXFLy FRPXQLTXHX DO 5HJLVWUH &LYLO RQ
FRQVWHLQVFULWHOPDWULPRQL
(VWD pV OD PHXD VHQWqQFLD TXH GHILQLWLYDPHQW MXWJH TXH SURQXQ
FLHPDQHLILUPHª
,SHUTXqYDOJDGHQRWLILFDFLyHQIRUPDDODGHPDQGDGD0DUtDGHO
5RVDULR3DEOR*XLxyQHQVLWXDFLyGHUHEHOÂOLDLLJQRUDWSDUDGRUH[SH
GLVFLILUPHHVWH
$OLFLD 2UGHLJ 5DEDGiQ VHFUHWDULD WLWXODU GHO -X]JDGR GH 3ULPHUD
,QVWDQFLDQ~PHURGH9DOHQFLDSRUHOSUHVHQWHKDFHVDEHU
4XHHQORVDXWRVGHGLYRUFLRFRQWHQFLRVRVHJXLGRV
DLQVWDQFLDGH-XDQ&DUORV([SyVLWRÈOYDUH]FRQWUD0DUtDGHO5RVDULR
3DEOR*XLxyQHQVLWXDFLyQGHUHEHOGtDHQORVTXHHQIHFKDGHRFWX
EUH GHO SDVDGR DxR KD UHFDtGR VHQWHQFLD HQ OD TXH HQ VX SDUWH
GLVSRVLWLYDGLFHDVt
©)DOOR
4XHGHERHVWLPDU\HVWLPRODGHPDQGDLQWHUSXHVWDSRU-XDQ&DUORV
([SyVLWR ÈOYDUH] FRQWUD 0DUtD GHO 5RVDULR 3DEOR *XLxyQ GHFODUDQ
GRHOGLYRUFLR\GLVROXFLyQGHOPDWULPRQLRIRUPDGRHQWUHDPERVFRQ
WRGRVORVHIHFWRVLQKHUHQWHVDODPLVPDQRKDELHQGROXJDUDODDGRS
FLyQGHPHGLGDV
1RWLItTXHVH OD SUHVHQWH UHVROXFLyQ D ODV SDUWHV KDFLpQGROHV VDEHU
TXH FRQWUD HVWD VHQWHQFLD SXHGH SUHSDUDUVH UHFXUVR GH DSHODFLyQ DQWH
HVWH-X]JDGRHQWpUPLQRGHFLQFRGtDVSDUDDQWHOD$XGLHQFLD3URYLQ
FLDO
1RKDOXJDUDKDFHUH[SUHVRSURQXQFLDPLHQWRVREUHODLPSRVLFLyQ
GHFRVWDV
)LUPH TXH VHD HVWD UHVROXFLyQ FRPXQtTXHVH DO 5HJLVWUR &LYLO
GRQGHFRQVWHLQVFULWRHOPDWULPRQLR
$VtSRUHVWDPLVHQWHQFLDGHILQLWLYDPHQWHMX]JDQGRORSURQXQFLR
PDQGR\ILUPRª
<SDUDTXHVLUYDGHQRWLILFDFLyQHQIRUPDDODGHPDQGDGD0DUtD
GHO5RVDULR3DEOR*XLxyQHQVLWXDFLyQGHUHEHOGtDHLJQRUDGRSDUDGH
URH[SLGR\ILUPRHOSUHVHQWH
9DOqQFLDGHPDUoGH±/DVHFUHWjULD$OLFLD2UGHLJ5DED
GiQ
9DOHQFLDGHPDU]RGH±/DVHFUHWDULD$OLFLD2UGHLJ5DED
GiQ
1RWLILTXHXHVWDUHVROXFLyDOHVSDUWVLIHXORVVDEHUTXHFRQWUDHVWD
VHQWqQFLD HV SRW SUHSDUDU UHFXUV G¶DSHOÂODFLy GDYDQW HVWH -XWMDW HQ HO
WHUPLQLGHFLQFGLHVSHUDGDYDQWO¶$XGLqQFLD3URYLQFLDO
1RFRUUHVSRQIHUH[SUpVSURQXQFLDPHQWVREUHODLPSRVLFLyGHFRV
WHV
Núm
5509 / 10.05.2007
,QVWLWXW9DOHQFLjG¶+DELWDWJH6$
18880
,QVWLWXW9DOHQFLDQRGHOD9LYLHQGD6$
1RWLILFDFLy D 3LODU )HUQiQGH] &DxDGLOODV ([SHGLHQW
Q~PHUR$'$0&>@
1RWLILFDFLyQ D 3LODU )HUQiQGH] &DxDGLOODV ([SHGLHQWH
Q~PHUR$'$0&>@
(Q FRPSOLPHQW G¶DOOz TXH V¶KD GLVSRVDW HQ HOV DUWLFOHV L GHOD/OHLGHGHQRYHPEUHPRGLILFDGDSHUOD/OHL
GH GH JHQHU GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L
GHO 3URFHGLPHQW $GPLQLVWUDWLX &RP~ SHU OD SUHVHQW HV QRWLILFD D
O¶LQWHUHVVDW TXH HV UHODFLRQD TXH V¶KD LQFRDW H[SHGLHQW DGPLQLVWUDWLX
GH GHVQRQDPHQW SHU UHDOLW]DU DFWLYLWDWV PROHVWHV LQVDOXEUHV QRFLYHV
SHULOORVHVRLOÂOtFLWHV
/¶LQWHUHVVDWSHUDFRQHL[HPHQWLFRQVWjQFLDGHOFRQWLQJXWtQWHJUH
GHO¶H[SHGLHQWSRGUjFRPSDUqL[HUDOHVRILFLQHVGHO¶,QVWLWXW9DOHQFLj
G¶+DELWDWJH6$ DOFDUUHU*LURQDQ~PEDL[G¶$ODFDQWHQKRUDUL
GHDKRUHVGHGLOOXQVDGLYHQGUHVH[FHSWHIHVWLXVLGLVSR
VDG¶XQWHUPLQLDWDOILGHGLHVKjELOV
'¶DFRUG DPE HO TXH SUHYHX O¶DUWLFOH GHO 5HLDO 'HFUHW
GH G¶DJRVW HQ FDV GH QR HIHFWXDU DOÂOHJDFLRQV VREUH HO
FRQWLQJXWGHOSUHVHQWSOHFGHFjUUHFVHVWHHVFRQVLGHUDUjSURSRVWDGH
UHVROXFLy DO GLUHFWRU JHQHUDO G¶+DELWDWJH L 3URMHFWHV 8UEDQV SHUTXq
GLFWHUHVROXFLy
([SHGLHQWQ~P$'$0&
'DGHVGHO¶DGMXGLFDWDUL
±&RJQRPV)HUQiQGH]&DxDGLOODV
±1RP3LODU
'DGHVGHO¶KDELWDWJH
±&RGLGHO¶KDELWDWJH
±$GUHoDFDUUHU0RULRQHVQ~PSLVSWD'
±/RFDOLWDW7RUUHYLHMD
±3URYtQFLD$ODFDQW
±5qJLPGHFHVVLyDUUHQGDPHQW
±'DWDGHOSOHFGHFjUUHFVG¶DEULOGH
(QFXPSOLPLHQWRGHORGLVSXHVWRHQORVDUWtFXORV\GHOD
/H\GHGHQRYLHPEUHPRGLILFDGDSRUOD/H\GH
GHHQHURGH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\
GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QSRUODSUHVHQWHVHQRWLILFD
DO LQWHUHVDGR TXH VH UHODFLRQD TXH VH KD LQFRDGR H[SHGLHQWH DGPL
QLVWUDWLYR GH GHVDKXFLR SRU UHDOL]DU DFWLYLGDGHV PROHVWDV LQVDOXEUHV
QRFLYDVSHOLJURVDVRLOtFLWDV
(OLQWHUHVDGRSDUDFRQRFLPLHQWR\FRQVWDQFLDGHOFRQWHQLGRtQWH
JUR GHO H[SHGLHQWH SRGUi FRPSDUHFHU HQ ODV RILFLQDV GHO ,QVWLWXWR
9DOHQFLDQRGH9LYLHQGD6$VLWDVHQODFDOOH*HURQDQ~PEDMRGH
$OLFDQWHHQKRUDULRGHDKRUDVGHOXQHVDYLHUQHVH[FHS
WRIHVWLYRVGLVSRQLHQGRGHXQSOD]RDWDOILQGHGtDVKiELOHV
'H DFXHUGR FRQ OR SUHYLVWR HQ HO DUWtFXOR GHO 5HDO 'HFUHWR
GHGHDJRVWRHQFDVRGHQRHIHFWXDUDOHJDFLRQHVVREUH
HOFRQWHQLGRGHOSUHVHQWHSOLHJRGHFDUJRVpVWHVHFRQVLGHUDUiSURSX
HVWDGHUHVROXFLyQDOGLUHFWRUJHQHUDOGH9LYLHQGD\3UR\HFWRV8UEDQRV
SDUDTXHGLFWHUHVROXFLyQ
([SHGLHQWHQ~P$'$0&
'DWRVGHODGMXGLFDWDULR
±$SHOOLGRV)HUQiQGH]&DxDGLOODV
±1RPEUH3LODU
'DWRVGHODYLYLHQGD
±&yGLJRGHODYLYLHQGD
±'LUHFFLyQFDOOH0RULRQHVQ~PSLVRžSWD'
±3REODFLyQ7RUUHYLHMD
±3URYLQFLD$OLFDQWH
±5pJLPHQGHFHVLyQDUUHQGDPLHQWR
±)HFKDGHOSOLHJRGHFDUJRVGHDEULOGH
$ODFDQWG¶DEULOGH(OVHFUHWDULG¶$FWXDFLRQV-HV~V$ORQ
VR6HPSHUH
$OLFDQWHGHDEULOGH(OVHFUHWDULRGH$FWXDFLRQHV-HV~V
$ORQVR6HPSHUH
Núm
5509 / 10.05.2007
$MXQWDPHQWG¶$OGDLD
18881
$\XQWDPLHQWRGH$OGDLD
,QIRUPDFLy S~EOLFD GH OD PRGLILFDFLy GHO 3OD *HQHUDO
G¶2UGHQDFLy8UEDQDSHUDO¶HOLPLQDFLyGHODXQLWDWG¶H[H
FXFLyQ~PHUR>@
,QIRUPDFLyQS~EOLFDGHODPRGLILFDFLyQGHO3ODQ*HQHUDO
GH 2UGHQDFLyQ 8UEDQD SDUD OD HOLPLQDFLyQ GH OD XQLGDG
GHHMHFXFLyQQ~PHUR>@
/¶$MXQWDPHQW HQ 3OH HQ OD VHVVLy RUGLQjULD GHO SDVVDW GLD GH
JHQHUGHYDDFRUGDUVRWPHWUHDLQIRUPDFLyS~EOLFDG¶DFRUGDPE
HOTXHV¶HVWDEOL[HQO¶DUWLFOHGHO5HJODPHQWG¶2UGHQDFLyL*HVWLy
7HUULWRULDOL8UEDQtVWLFDHQUHODFLyDPEO¶DUWLFOHLGHOD/OHL
GHOD*HQHUDOLWDW8UEDQtVWLFD9DOHQFLDQDODPRGLILFDFLyGHO
3OD*HQHUDOG¶2UGHQDFLy8UEDQDSHUDO¶HOLPLQDFLyGHODXQLWDWG¶H[H
FXFLyQ~PHUR
&RVDTXHVHVRWPHWDLQIRUPDFLyS~EOLFDSHOWHUPLQLG¶XQPHVD
FRPSWDUGHVGHODGDWDGHODSXEOLFDFLyG¶HVWHHGLFWHHQHO'LDUL2ILFLDO
GH OD &RPXQLWDW 9DOHQFLDQD SHUTXq HV SXJD H[DPLQDU O¶H[SHGLHQW L
SUHVHQWDUKLOHVDOÂOHJDFLRQVTXHV¶HVWLPHQSHUWLQHQWV
3RU HO $\XQWDPLHQWR HQ 3OHQR HQ OD VHVLyQ RUGLQDULD FHOHEUDGD
HO SDVDGR GtD GH HQHUR GH VH DFRUGy VRPHWHU D LQIRUPDFLyQ
S~EOLFDGHDFXHUGRFRQORHVWDEOHFLGRHQHODUWtFXORGHO5HJOD
PHQWRGH2UGHQDFLyQ\*HVWLyQ7HUULWRULDO\8UEDQtVWLFDHQUHODFLyQ
FRQHODUWtFXOR\GHOD/H\GHOD*HQHUDOLWDW8UED
QtVWLFD 9DOHQFLDQD OD PRGLILFDFLyQ GHO 3ODQ *HQHUDO GH 2UGHQDFLyQ
8UEDQDSDUDODHOLPLQDFLyQGHODXQLGDGGHHMHFXFLyQQ~PHUR
/RTXHVHVRPHWHDLQIRUPDFLyQS~EOLFDSRUHOSOD]RGHXQPHVD
FRQWDUGHVGHODIHFKDGHODSXEOLFDFLyQGHHVWHHGLFWRHQHO'LDUL2IL
FLDO GH OD &RPXQLWDW 9DOHQFLDQD D ILQ GH TXH VH SXHGD H[DPLQDU HO
H[SHGLHQWH\SUHVHQWDUODVDOHJDFLRQHVTXHVHHVWLPHQSHUWLQHQWHV
$OGDLD GH PDUo GH /¶DOFDOGHVVD 'HVHPSDUDWV 1DYDUUR L
3UyVSHU
$OGDLDGHPDU]RGH/DDOFDOGHVD'HVHPSDUDWV1DYDUURL
3UyVSHU
Núm
5509 / 10.05.2007
$MXQWDPHQWG¶$ODFDQW
18882
$\XQWDPLHQWRGH$OLFDQWH
,QIRUPDFLyS~EOLFDGHOSURJUDPDG¶DFWXDFLyLQWHJUDGDGH
JHVWLyGLUHFWDPXQLFLSDOSHUDO¶¬UHDGHOD0HGLQDGHO3OD
*HQHUDO0XQLFLSDOG¶2UGHQDFLy>@
,QIRUPDFLyQS~EOLFDGHOSURJUDPDGHDFWXDFLyQLQWHJUDGD
GHJHVWLyQGLUHFWDPXQLFLSDOSDUDHOÈUHDGHOD0HGLQDGHO
3ODQ*HQHUDO0XQLFLSDOGH2UGHQDFLyQ>@
(O3OHGHO¶$MXQWDPHQWHQODVHVVLyGHOGLDGHIHEUHUGH
YDDFRUGDU
6RWPHWUH D H[SRVLFLy S~EOLFD SHU XQ WHUPLQL GH GLHV FRPSWDWV
GHVGHO¶HQGHPjGHO¶~OWLPDSXEOLFDFLyG¶HVWHDQXQFLRGHVGHODUHFHS
FLyGHODQRWLILFDFLyVLIyUDSRVWHULRUHOSURJUDPDG¶DFWXDFLyLQWHJUDGD
GHJHVWLyGLUHFWDPXQLFLSDOSHUDO¶¬UHDGHOD0HGLQDGHO3OD*HQHUDO
0XQLFLSDOG¶2UGHQDFLyVHQVHTXHV¶DGPHWHQDOWUHVDOWHUQDWLYHVQLSUR
SRVLFLRQVMXULGLFRHFRQzPLTXHVHQFRPSHWqQFLD
&RVDTXHHVSXEOLFDSHUDJHQHUDOFRQHL[HPHQWLVHVLJQLILFDTXH
O¶H[SHGLHQW SRGUj VHU H[DPLQDW HQ O¶2ILFLQD 0XQLFLSDO G¶,QIRUPDFLy
8UEDQtVWLFDFDUUHU6DQW1LFRODXQ~PLTXHGXUDQWO¶LQGLFDWWHUPL
QLSRGUDQSUHVHQWDUVHDOÂOHJDFLRQVWRWDL[zGHFRQIRUPLWDWDPEHOTXH
GLVSRVDO¶DUWLFOHGHO5HJODPHQWG¶2UGHQDFLyL*HVWLy7HUULWRULDOL
8UEDQtVWLFDDSURYDWSHO'HFUHWGHGHPDLJ
(O3OHQRGHO$\XQWDPLHQWRHQVHVLyQFHOHEUDGDHOGtDGHIHEUH
URGHDFRUGy
6RPHWHUDH[SRVLFLyQS~EOLFDSRUSOD]RGHGtDVFRQWDGRVGHVGH
HO GtD VLJXLHQWH D OD ~OWLPD SXEOLFDFLyQ GH HVWH DQXQFLR R GHVGH OD
UHFHSFLyQ GH OD QRWLILFDFLyQ VL IXHUD SRVWHULRU HO SURJUDPD GH DFWXD
FLyQLQWHJUDGDGHJHVWLyQGLUHFWDPXQLFLSDOSDUDHOÈUHDGHOD0HGLQD
GHO 3ODQ *HQHUDO 0XQLFLSDO GH 2UGHQDFLyQ VLQ TXH VH DGPLWDQ RWUDV
DOWHUQDWLYDVQLSURSRVLFLRQHVMXUtGLFRHFRQyPLFDVHQFRPSHWHQFLD
/RTXHVHSXEOLFDSDUDJHQHUDOFRQRFLPLHQWRVLJQLILFDQGRTXHHO
H[SHGLHQWHSRGUiVHUH[DPLQDGRHQOD2ILFLQD0XQLFLSDOGH,QIRUPD
FLyQ 8UEDQtVWLFD FDOOH 6DQ 1LFROiV Qž \ TXH GXUDQWH HO LQGLFDGR
SOD]R SRGUiQ SUHVHQWDUVH DOHJDFLRQHV WRGR HOOR GH FRQIRUPLGDG FRQ
ORGLVSXHVWRHQHODUWtFXORGHO5HJODPHQWRGH2UGHQDFLyQ\*HV
WLyQ7HUULWRULDO\8UEDQtVWLFDDSUREDGRSRU'HFUHWRGHGH
PD\R
$ODFDQW GH IHEUHU GH /D UHJLGRUD G¶8UEDQLVPH 6RQLD
&DVWHGR5DPRV(OVHFUHWDULJHQHUDOGHO3OH&DUORV$UWHDJD&DVWDxR
$OLFDQWH GH IHEUHUR GH /D FRQFHMDOD GH 8UEDQLVPR
6RQLD&DVWHGR5DPRV(OVHFUHWDULRJHQHUDOGHO3OHQR&DUORV$UWHDJD
&DVWDxR
Núm
5509 / 10.05.2007
$MXQWDPHQWGH*DQGLD
18883
$\XQWDPLHQWRGH*DQGLD
,QIRUPDFLyS~EOLFDGHOSURJUDPDSHUDOGHVHQYROXSDPHQW
G¶XQDDFWXDFLyDwOODGDLSURMHFWHGHUHSDUFHO‡ODFLyIRUoRVD
SHUDO¶HGLILFDFLyHQVzOXUEjHQHOVFDUUHUVGHO'XF$OIRQV
HO9HOOLG¶$OH[DQGUH9,H[S33>@
,QIRUPDFLyQ S~EOLFD GHO SURJUDPD SDUD HO GHVDUUROOR GH
XQDDFWXDFLyQDLVODGD\SUR\HFWRGHUHSDUFHODFLyQIRU]RVD
SDUDODHGLILFDFLyQHQVXHORXUEDQRHQODVFDOOHVGHO'XF
$OIRQVHO9HOO\GH$OH[DQGUH9,H[S33>@
3HU 'HFUHW GH O¶$OFDOGLD GH GH PDUo GH V¶KD UHVROW VRW
PHWUHDLQIRUPDFLyS~EOLFDHOSURJUDPDSHUDOGHVHQYROXSDPHQWG¶XQD
DFWXDFLy DwOODGD L SURMHFWH GH UHSDUFHOÂODFLy IRUoRVD LQVWDGD SHU -RVp
&DVWHOOj7RUPRHQUHSUHVHQWDFLyGHODPHUFDQWLO+DELWDW/HYDQWH6/
SHU D O¶HGLILFDFLy HQ VzO XUEj HQ HOV FDUUHUV GHO 'XF$OIRQV HO 9HOO L
G¶$OH[DQGUH9,'XUDQWHOWHUPLQLGHGLHVSRGUjH[DPLQDUVHO¶H[
SHGLHQW HQ OHV GHSHQGqQFLHV G¶8UEDQLVPH GH O¶$MXQWDPHQW L VL pV HO
FDVIRUPXODUVHDOÂOHJDFLRQV
3RU'HFUHWRGHOD$OFDOGtDGHGHPDU]RGHVHKDUHVXHOWR
VRPHWHU D LQIRUPDFLyQ S~EOLFD HO SURJUDPD SDUD HO GHVDUUROOR GH XQD
DFWXDFLyQDLVODGD\SUR\HFWRGHUHSDUFHODFLyQIRU]RVDLQVWDGDSRU-RVp
&DVWHOOj7RUPRHQUHSUHVHQWDFLyQGHODPHUFDQWLO+DELWDW/HYDQWH6/
SDUDODHGLILFDFLyQHQVXHORXUEDQRHQODVFDOOHVGHO'XF$OIRQVHO9HOO
\ GH$OH[DQGUH9, 'XUDQWH HO SOD]R GH GtDV SRGUi H[DPLQDUVH HO
H[SHGLHQWHHQODVGHSHQGHQFLDVGH8UEDQLVPRGHO$\XQWDPLHQWR\HQ
VXFDVRIRUPXODUVHDOHJDFLRQHV
*DQGLD GH PDUo GH (O VHFUHWDUL JHQHUDO -RVp$QWRQLR
$OFyQ=DUDJR]i
*DQGLDGHPDU]RGH(OVHFUHWDULRJHQHUDO-RVp$QWRQLR
$OFyQ=DUDJR]i
Núm
5509 / 10.05.2007
18884
$MXQWDPHQWGHO¶$OFRUD
$\XQWDPLHQWRGHO¢$OFRUD
,QIRUPDFLy S~EOLFD GHO 3URMHFWH GH 0RGLILFDFLy 3XQWXDO
GHO3OD*HQHUDOG¶2UGHQDFLy8UEDQDGHO¶$OFRUD1~PHUR
>@
,QIRUPDFLyQS~EOLFDGHO3UR\HFWRGH0RGLILFDFLyQ3XQWX
DO GHO 3ODQ *HQHUDO GH 2UGHQDFLyQ 8UEDQD GH /¶$OFRUD
1~PHUR>@
$PEO¶DFRUGSUHYLGHO¶$MXQWDPHQWHQSOHDGRSWDWHQVHVVLyH[WUD
RUGLQjULDGHGHIHEUHUGHV¶H[SRVDDLQIRUPDFLyS~EOLFDSHU
XQSHUtRGHG¶XQPHVDFRPSWDUGHVGHODSXEOLFDFLyG¶HVWHHGLFWHHQ
HO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDHO3URMHFWHGH0RGLILFD
FLy 3XQWXDO GHO 3OD *HQHUDO G¶2UGHQDFLy 8UEDQD GH /¶$OFRUD 1~PH
URFRQVLVWHQWHQFUHDFLyG¶XQDUHVHUYDGRWDFLRQDOHQHOQXFOLUXUDO
G¶$UD\DSHUD~VUHFUHDWLYRHVSRUWLXDL[tFRPO¶HVWXGLG¶LPSDFWHDPEL
HQWDOLO¶HVWXGLG¶LQWHJUDFLySDLVDWJtVWLFDTXHV¶KLDGMXQWD
3UHYLR DFXHUGR GHO $\XQWDPLHQWR HQ SOHQR DGRSWDGR HQ VHVLyQ
H[WUDRUGLQDULD GH GH IHEUHUR GH VH H[SRQH D LQIRUPDFLyQ
S~EOLFD SRU XQ SHULRGR GH XQ PHV D FRQWDU GHVGH OD SXEOLFDFLyQ GH
HVWHHGLFWRHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDHO3UR\HFWR
GH 0RGLILFDFLyQ 3XQWXDO GHO 3ODQ *HQHUDO GH 2UGHQDFLyQ 8UEDQD GH
/¶$OFRUD1~PHURFRQVLVWHQWHHQFUHDFLyQGHXQDUHVHUYDGRWDFLR
QDOHQHOQ~FOHRUXUDOGH$UD\DSDUDXVRUHFUHDWLYRGHSRUWLYRDVtFRPR
HOHVWXGLRGHLPSDFWRDPELHQWDO\HOHVWXGLRGHLQWHJUDFLyQSDLVDMtVWLFD
TXHORDFRPSDxD
(O SUR\HFWR GH PRGLILFDFLyQ SXQWXDO \ GRFXPHQWDFLyQ TXH OH
DFRPSDxDVHKDOODHQODVGHSHQGHQFLDVGHO$\XQWDPLHQWRF6DQ)UDQ
FLVFR Qž /¶$OFRUD SDUD VX FRQVXOWD S~EOLFD \ SUHVHQWDFLyQ GH ODV
DOHJDFLRQHVTXHVHFRQVLGHUHQRSRUWXQDVHQKRUDVGHD\
GtDVKiELOHV
/R TXH VH KDFH S~EOLFR HQ FXPSOLPLHQWR GHO DUWtFXOR GH OD
/H\GHGHGLFLHPEUHGHOD*HQHUDOLWDW8UEDQtVWLFD9DOHQ
FLDQD
(OSURMHFWHGHPRGLILFDFLySXQWXDOLGRFXPHQWDFLyTXHV¶KLDGMXQWD
HVWUREHQDOHVGHSHQGqQFLHVGHO¶$MXQWDPHQWF6DQW)UDQFHVFQ~P
O¶$OFRUDSHUDODFRQVXOWDS~EOLFDLSUHVHQWDFLyGHOHVDOÂOHJDFLRQVTXH
HVFRQVLGHUHQRSRUWXQHVHQKRUHVGHDLHQGLHVKjELOV
&RVDTXHHVIDS~EOLFDHQFRPSOLPHQWGHO¶DUWLFOHGHOD/OHL
GHGHGHVHPEUHGHOD*HQHUDOLWDW8UEDQtVWLFD9DOHQFLDQD
/¶$OFRUDGHPDU]RGH±(ODOFDOGH0-DYLHU3HULV6DOYD
/¶$OFRUDGHPDUoGH±/¶DOFDOGH0-DYLHU3HULV6DOYDGRU
GRU
Núm
5509 / 10.05.2007
$MXQWDPHQWGH8WLHO
18885
$\XQWDPLHQWRGH8WLHO
,QIRUPDFLy S~EOLFD GH OD PRGLILFDFLy SXQWXDO GHO 3OD
*HQHUDOG¶2UGHQDFLy8UEDQDG¶8WLHO>@
,QIRUPDFLyQ S~EOLFD GH OD PRGLILFDFLyQ SXQWXDO GHO 3ODQ
*HQHUDOGH2UGHQDFLyQ8UEDQDGH8WLHO>@
/¶$MXQWDPHQW HQ SOH HQ VHVVLy FHOHEUDGD HO GLD GH IHEUHU GH
YD DFRUGDU VRWPHWUH D LQIRUPDFLy S~EOLFD OD GRFXPHQWDFLyTXH
LQWHJUD OD PRGLILFDFLy SXQWXDO GHO 3OD *HQHUDO G¶2UGHQDFLy 8UEDQD
G¶8WLHOVREUHFDQYLGHTXDOLILFDFLyGH]RQDYHUGDDOFDUUHUGHO'RVGH
0D\RSHUSHUtRGHG¶XQPHVDFRPSWDUGHVGHO¶HQGHPjGHODSXEOL
FDFLy G¶HVWH DQXQFL HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW 9DOHQFLDQD
SHUTXq HV SXJD FRQpL[HU L H[DPLQDU OD GRFXPHQWDFLy L SUHVHQWDU OHV
DOÂOHJDFLRQVTXHHVWLPHQSHUWLQHQWV
(O$\XQWDPLHQWRHQSOHQRHQVHVLyQFHOHEUDGDHOGtDGHIHEUHUR
GHDFRUGyVRPHWHUDLQIRUPDFLyQS~EOLFDODGRFXPHQWDFLyQTXH
LQWHJUDODPRGLILFDFLyQSXQWXDOGHO3ODQ*HQHUDOGH2UGHQDFLyQ8UED
QDGH8WLHOVREUHFDPELRGHFDOLILFDFLyQGH]RQDYHUGHHQODFDOOHGHO
'RVGH0D\RSRUSHULRGRGHXQPHVDFRQWDUGHVGHHOGtDVLJXLHQWHDO
GHODSXEOLFDFLyQGHHVWHDQXQFLRHQHO'LDUL2ILFLDOGHOD&RPXQLWDW
9DOHQFLDQDSDUDTXHVHSXHGDFRQRFHU\H[DPLQDUODGRFXPHQWDFLyQ\
SUHVHQWDUFXDQWDVDOHJDFLRQHVHVWLPHQSHUWLQHQWHV
8WLHOGHPDUoGH/¶DOFDOGH(QULTXH/XMiQ&DVWUR
8WLHOGHPDU]RGH(ODOFDOGH(QULTXH/XMiQ&DVWUR
Núm
5509 / 10.05.2007
3UHVLGqQFLDGHOD*HQHUDOLWDW
18886
3UHVLGHQFLDGHOD*HQHUDOLWDW
$GMXGLFDFLy Q~PHUR &10<'*3& 6HUYLFL GH GHV
SODoDPHQW DOORWMDPHQW L PDQXWHQFLy GH SDUWLFLSDQWV HQ
SURJUDPHVGHOD'LUHFFLy*HQHUDOGH3DUWLFLSDFLy&LXWD
GDQD>@
$GMXGLFDFLyQGHOH[SHGLHQWH&10<'*3&6HUYLFLR
GHGHVSOD]DPLHQWRDORMDPLHQWR\PDQXWHQFLyQGHSDUWLFL
SDQWHVHQSURJUDPDVGHOD'LUHFFLyQ*HQHUDOGH3DUWLFL
SDFLyQ&LXGDGDQD>@
(QWLWDWDGMXGLFDGRUD
2UJDQLVPH3UHVLGqQFLDGHOD*HQHUDOLWDW
'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HFUHWDULD*HQHUDO$GPLQLV
WUDWLYD
1~PHURG¶H[SHGLHQW&10<'*3&
2EMHFWHGHOFRQWUDFWH
7LSXVGHFRQWUDFWHVHUYLFL
'HVFULSFLy GH O¶REMHFWH VHUYLFL GH GHVSODoDPHQW DOORWMDPHQW L
PDQXWHQFLy GH SDUWLFLSDQWV HQ SURJUDPHV GH OD 'LUHFFLy *HQHUDO GH
3DUWLFLSDFLy&LXWDGDQD
/RWVQRV¶HVWDEOL[HQORWV
%XWOOHWtRGLDULRILFLDOLGDWDGHSXEOLFDFLyGHO¶DQXQFLGHOLFLWDFLy
'2&9Q~PGHGHQRYHPEUHGH
7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy
7UDPLWDFLyRUGLQjULD
3URFHGLPHQWREHUW
)RUPDFRQFXUV
3UHVVXSRVWEDVHGHOLFLWDFLy
,PSRUWWRWDOHXURV
$GMXGLFDFLy
'DWDGHJHQHUGH
&RQWUDFWLVWD9LDJHV7UDQVYLD7RXUV6/
1DFLRQDOLWDWHVSDQ\ROD
,PSRUWG¶DGMXGLFDFLyHXURV
(QWLGDGDGMXGLFDGRUD
2UJDQLVPR3UHVLGHQFLDGHOD*HQHUDOLWDW
'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH6HFUHWDUtD*HQHUDO$GPL
QLVWUDWLYD
1~PHURGH([SHGLHQWH&10<'*3&
2EMHWRGHOFRQWUDWR
7LSRGHFRQWUDWRVHUYLFLR
'HVFULSFLyQGHOREMHWRVHUYLFLRGHGHVSOD]DPLHQWRDORMDPLHQWR\
PDQXWHQFLyQGHSDUWLFLSDQWHVHQSURJUDPDVGHOD'LUHFFLyQ*HQHUDOGH
3DUWLFLSDFLyQ&LXGDGDQD
/RWHVQRVHHVWDEOHFHQORWHV
%ROHWtQR'LDULR2ILFLDO\IHFKDGHSXEOLFDFLyQGHODQXQFLRGHOLFL
WDFLyQ'2&9Q~PGHGHQRYLHPEUHGH
7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ
7UDPLWDFLyQRUGLQDULD
3URFHGLPLHQWRDELHUWR
)RUPDFRQFXUVR
3UHVXSXHVWREDVHGHOLFLWDFLyQ
,PSRUWHWRWDOHXURV
$GMXGLFDFLyQ
)HFKDGHHQHURGH
&RQWUDWLVWD9LDMHV7UDQVYLD7RXUV6/
1DFLRQDOLGDG(VSDxROD
,PSRUWHGHDGMXGLFDFLyQHXURV
9DOqQFLD G¶DEULO GH ± /D VRWVVHFUHWjULD GH OD 3UHVLGqQ
FLD 3HU GHOHJDFLy GHO SUHVLGHQW GH OD *HQHUDOLWDW ,VDEHO 9LOODORQJD
&DPSRV
9DOHQFLD D GH DEULO GH ± /D VXEVHFUHWDULD GH OD 3UHVLGHQ
FLD3RUGHOHJDFLyQGHO3UHVLGHQWHGHOD*HQHUDOLWDW,VDEHO9LOODORQJD
&DPSRV
Núm
5509 / 10.05.2007
18887
&RQVHOOHULDGH6DQLWDW
&RQVHOOHULDGH6DQLGDG
$GMXGLFDFLyQ~PHUR6XEPLQLVWUDPHQWGHPDWH
ULDOGHQHWHMDLWRDOHWDSHUDO¶+RVSLWDO8QLYHUVLWDULGRFWRU
3HVHW>@
$GMXGLFDFLyQ Q~PHUR 6XPLQLVWUR GH PDWHULDO
GHOLPSLH]D\DVHRSDUDHO+RVSLWDO8QLYHUVLWDULR'RFWRU
3HVHW>@
(QWLWDWDGMXGLFDGRUD
D 2UJDQLVPH *HQHUDOLWDW 9DOHQFLDQD $JqQFLD 9DOHQFLDQD GH
6DOXW
E 'HSHQGqQFLD TXH WUDPLWD O¶H[SHGLHQW 'HSDUWDPHQW GH 6DOXW
9DOqQFLD ± GRFWRU 3HVHW DYLQJXGD GH *DVSDU$JXLODU ±9DOqQFLD7HOqIRQID[
F1~PHURG¶H[SHGLHQW
2EMHFWHGHOFRQWUDFWH
D7LSXVGHFRQWUDFWHFRQWUDFWHGHVXEPLQLVWUDPHQWV
E'HVFULSFLyGHO¶REMHFWHVXEPLQLVWUDPHQWGHPDWHULDOGHQHWHMD
LWRDOHWD
F/RWVORWV
G %XWOOHWt R GLDUL RILFLDO L GDWD GH SXEOLFDFLy GH O¶DQXQFL GH OLFL
WDFLy 'LDUL 2ILFLDO GH OD &RPXQLWDW9DOHQFLDQD Q~P GH GH
PDUoGH
7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy
D7UDPLWDFLyXUJHQW
E3URFHGLPHQWREHUW
F)RUPDFRQFXUVS~EOLF
3UHVVXSRVWEDVHGHOLFLWDFLy
,PSRUWWRWDO
$GMXGLFDFLy
D'DWDG¶DEULOGH
E&RQWUDFWLVWHV
(QWLGDGDGMXGLFDGRUD
D 2UJDQLVPR *HQHUDOLWDW 9DOHQFLDQD $JHQFLD 9DOHQFLDQD GH
6DOXG
E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH'HSDUWDPHQWRGH6DOXG
9DOHQFLD ± 'RFWRU 3HVHW$YHQLGD GH *DVSDU$JXLODU ±9DOHQFLD7HOpIRQRID[
F1~PHURGHH[SHGLHQWH
2EMHWRGHOFRQWUDWR
D7LSRGHFRQWUDWRFRQWUDWRGHVXPLQLVWURV
E 'HVFULSFLyQ GHO REMHWR VXPLQLVWUR GH PDWHULDO GH OLPSLH]D \
DVHR
F/RWHVORWHV
G %ROHWtQ R GLDULR RILFLDO \ IHFKD GH SXEOLFDFLyQ GHO DQXQFLR GH
OLFLWDFLyQ'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDQ~PGH
GHPDU]RGH
7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ
D7UDPLWDFLyQXUJHQWH
E3URFHGLPLHQWRDELHUWR
F)RUPDFRQFXUVRS~EOLFR
3UHVXSXHVWREDVHGHOLFLWDFLyQ
,PSRUWHWRWDOGRVFLHQWRVFDWRUFHPLOHXURV¼
$GMXGLFDFLyQ
D)HFKDGHDEULOGH
E&RQWUDWLVWDV
ORW 6DQLNH\6/
7\FR+HDOWKFDUH6SDLQ6/ HXURV
ORWH 6DQLNH\6/
7\FR+HDOWKFDUH6SDLQ6/ HXURV
F1DFLRQDOLWDWHVSDQ\ROD
G,PSRUWG¶DGMXGLFDFLyFHQWQRUDQWDVHWPLOQRXFHQWVYLQWLQRX
HXURVLGLYXLWFqQWLPV¼
F1DFLRQDOLGDGHVSDxROD
G,PSRUWHGHDGMXGLFDFLyQFLHQWRQRYHQWD\VLHWHPLOQRYHFLHQWRV
YHLQWLQXHYHHXURVFRQGLHFLRFKRFpQWLPRV¼
9DOqQFLD G¶DEULO GH ± (O GLUHFWRU JHQHUDO GH 5HFXUVRV
(FRQzPLFV'HFUHWGHGHIHEUHU'2*9Q~P(OR\
-LPpQH]&DQWRV
9DOHQFLD GH DEULO GH ± (O GLUHFWRU JHQHUDO GH 5HFXUVRV
(FRQyPLFRV'HFUHWRGHGHIHEUHUR'2*9Q~P
(OR\-LPpQH]&DQWRV
Núm
5509 / 10.05.2007
&RQVHOOHULDGH7XULVPH
18888
&RQVHOOHULDGH7XULVPR
/LFLWDFLy GH O¶H[SHGLHQW 6HUYLFL GH JHVWLy PDQ
WHQLPHQW L FUHDFLy GH FRQWLQJXWV GHO SRUWDO WXUtVWLF GH OD
&RPXQLWDW9DOHQFLDQDHQ,QWHUQHWLHOVZHEV7UDYHOWXULVPH
L4XDOLWXU>@
/LFLWDFLyQ GHO H[SHGLHQWH 6HUYLFLR GH JHVWLyQ
PDQWHQLPLHQWR\FUHDFLyQGHFRQWHQLGRVGHOSRUWDOWXUtVWL
FRGHOD&RPXQLWDW9DOHQFLDQDHQ,QWHUQHW\ORVZHEV7UD
YHOWXULVPH\4XDOLWXU>@
(QWLWDWDGMXGLFDGRUD
2UJDQLVPHFRQVHOOHULDGH7XULVPH$JqQFLD9DOHQFLDQDGHO7XULV
PH&,)4*
'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HFFLyGH&RQWUDFWDFLy
1~PHURG¶H[SHGLHQW
2EMHFWHGHOFRQWUDFWH
D'HVFULSFLyGHO¶REMHFWHVHUYLFLGHJHVWLyPDQWHQLPHQWLFUHDFLy
GHFRQWLQJXWV GHO SRUWDO WXUtVWLF GH OD &RPXQLWDW9DOHQFLDQDHQ,QWHU
QHWLHOVZHEV7UDYHOWXULVPHL4XDOLWXUFRGL&3$,FRGL&39
'LYLVLySHUORWVLQRPEUHQRKLKDORWV
/ORFG¶H[HFXFLyHQOHVRILFLQHVLORFDOVSURSLVGHO¶HQWLWDWDGMXGL
FDWjULDVHJRQVO¶DSDUWDW³2´GHO¶DQQH[DOSOHFGHFOjXVXOHVDGPLQLV
WUDWLYHVSDUWLFXODUV
7HUPLQLG¶H[HFXFLyRGDWDOtPLWG¶HQWUHJDGHVGHO¶GHMXOLROGH
ILQVDOGHMXQ\GH
7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy
7UDPLWDFLyRUGLQjULD
3URFHGLPHQWREHUW
)RUPDFRQFXUV
3UHVVXSRVWEDVHGHOLFLWDFLy
,PSRUWWRWDOVLVFHQWVPLOHXURV¼,9$LQFOzV'LVWUL
EXwWGHODPDQHUDVHJHQW
$QXDOLWDWFHQWFLQTXDQWDPLOHXURV¼
$QXDOLWDWWUHVFHQWVPLOHXURV¼
$QXDOLWDWFHQWFLQTXDQWDPLOHXURV¼
*DUDQWLHV
3URYLVLRQDOGRW]HPLOHXURV¼
'HILQLWLYDGHOSUHVVXSRVWG¶DGMXGLFDFLyGHOFRQWUDFWH
2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy
(QWLWDW$JqQFLD9DOHQFLDQDGHO7XULVPH
'RPLFLOL$YG¶$UDJyQ~P
/RFDOLWDWLFRGLSRVWDO9DOqQFLD
7HOqIRQ
7HOHID[
'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLyGLHVVHJHQWV
DODUHPLVVLyG¶HVWHDQXQFLDO'LDUL2ILFLDOGHOD8QLy(XURSHD
(QWLGDGDGMXGLFDGRUD
2UJDQLVPRFRQVHOOHULDGH7XULVPR$JqQFLD9DOHQFLDQDGHO7XULV
PH&,)4*
'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH6HFFLyQGH&RQWUDWDFLyQ
1~PHURGHH[SHGLHQWH
2EMHWRGHOFRQWUDWR
D 'HVFULSFLyQ GHO REMHWR VHUYLFLR GH JHVWLyQ PDQWHQLPLHQWR \
FUHDFLyQGHFRQWHQLGRVGHOSRUWDOWXUtVWLFRGHOD&RPXQLWDW9DOHQFLDQD
HQ,QWHUQHW\ORVZHEV7UDYHOWXULVPH\4XDOLWXUFyGLJR&3$\
FyGLJR&39
'LYLVLyQSRUORWHV\Q~PHURQRKD\ORWHV
/XJDUGHHMHFXFLyQHQODVRILFLQDV\ORFDOHVSURSLRVGHODHQWLGDG
DGMXGLFDWDULDVHJ~QHODSDUWDGR³2´GHO$QH[RDOSOLHJRGHFOiXVX
ODVDGPLQLVWUDWLYDVSDUWLFXODUHV
3OD]RGHHMHFXFLyQRIHFKDOtPLWHGHHQWUHJDGHVGHHOGHMXOLRGH
KDVWDHOGHMXQLRGH
7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ
7UDPLWDFLyQRUGLQDULD
3URFHGLPLHQWRDELHUWR
)RUPDFRQFXUVR
3UHVXSXHVWREDVHGHOLFLWDFLyQ
,PSRUWHWRWDOVHLVFLHQWRVPLOHXURV¼,9$LQFOXLGR
'LVWULEXLGRGHODVLJXLHQWHIRUPD
$QXDOLGDGFLHQWRFLQFXHQWDPLOHXURV¼
$QXDOLGDGWUHVFLHQWRVPLOHXURV¼
$QXDOLGDGFLHQWRFLQFXHQWDPLOHXURV¼
*DUDQWtDV
3URYLVLRQDOGRFHPLOHXURV¼
'HILQLWLYDGHOSUHVXSXHVWRGHDGMXGLFDFLyQGHOFRQWUDWR
2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ
(QWLGDG$JqQFLD9DOHQFLDQDGHO7XULVPH
'RPLFLOLR$YGH$UDJyQQ~P
/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD
7HOpIRQR
7HOHID[
)HFKD OtPLWH GH REWHQFLyQ GH GRFXPHQWRV H LQIRUPDFLyQ GtDV
VLJXLHQWHVDODUHPLVLyQGHHVWHDQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ
(XURSHD
5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD
&ODVLILFDFLyQ*UXSR96XEJUXSR&DWHJRUtD$
*UXSR96XEJUXSR&DWHJRUtD$
E 6ROYHQFLD HFRQyPLFD \ ILQDQFLHUD \ WpFQLFR R SURIHVLRQDO YHU
DSDUWDGR³-´GHO$QH[RDOSOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWL
FXODUHV
3UHVHQWDFLyQGHRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ
D)HFKDOtPLWHGHSUHVHQWDFLyQGHRIHUWDVGtDVVLJXLHQWHVDOD
UHPLVLyQGHHVWHDQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ(XURSHD
'RFXPHQWDFLyQDSUHVHQWDUYHUSOLHJRV
/XJDUGHSUHVHQWDFLyQ
(QWLGDG5HJLVWUR*HQHUDOGHOD$JqQFLD9DOHQFLDQDGHO7XULV
PH
'LUHFFLyQ$YHQLGDGH$UDJyQQž
/RFDOLGDG\FyGLJRSRVWDO9DOHQFLDRHQFXDOTXLHURWUR
OXJDU GH SUHVHQWDFLyQ SUHYLVWR HQ HO DUWtFXOR GH OD /H\ GH GH QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV $GPLQLVWUDFLRQHV
3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QPRGLILFDGDSRU
/H\GHGHHQHUR
3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWDUi REOLJDGR D PDQWHQHU VX
RIHUWDWUHVPHVHV
$GPLVLyQGHYDULDQWHVQRVHDGPLWHQ
$SHUWXUDGHRIHUWDV
(QWLGDG$JqQFLD9DOHQFLDQDGHO7XULVPH
'RPLFLOLR$YHQLGDGH$UDJyQQž
/RFDOLGDG9DOHQFLD
5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD
&ODVVLILFDFLy*UXS96XEJUXS&DWHJRULD$
*UXS96XEJUXS&DWHJRULD$
E6ROYqQFLDHFRQzPLFDLILQDQFHUDLWqFQLFRSURIHVVLRQDOYHJHX
O¶DSDUWDW³-´GHO¶DQQH[DOSOHFGHFOjXVXOHVDGPLQLVWUDWLYHVSDUWLFX
ODUV
3UHVHQWDFLyG¶RIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy
D'DWDOtPLWGHSUHVHQWDFLyG¶RIHUWHVGLHVVHJHQWVDODUHPLV
VLyG¶HVWHDQXQFLDO'LDUL2ILFLDOGHOD8QLy(XURSHD
'RFXPHQWDFLyDSUHVHQWDUYHJHXHOVSOHFV
/ORFGHSUHVHQWDFLy
HQWLWDW5HJLVWUH*HQHUDOGHO¶$JqQFLD9DOHQFLDQDGHO7XULVPH
$GUHoDDYLQJXGDG¶$UDJyQ~P
 /RFDOLWDW L FRGL SRVWDO 9DOqQFLD R HQ TXDOVHYRO DOWUH
OORFGHSUHVHQWDFLySUHYLVWHQO¶DUWLFOHGHOD/OHLGHGH
QRYHPEUH GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L GHO
3URFHGLPHQW$GPLQLVWUDWLX&RP~PRGLILFDGDSHU/OHLGH
GHJHQHU
7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWDUj REOLJDW D PDQWLQGUH OD
VHXDRIHUWDWUHVPHVRV
$GPLVVLyGHYDULDQWVQRV¶DGPHWHQ
2EHUWXUDG¶RIHUWHV
(QWLWDW$JqQFLD9DOHQFLDQDGHO7XULVPH
'RPLFLOLDYLQJXGDG¶$UDJyQ~P
/RFDOLWDW9DOqQFLD
Núm
5509 / 10.05.2007
18889
'DWD GHX GLHV QDWXUDOV VHJHQWV D OD ILQDOLW]DFLyGHOWHUPLQL
G¶DGPLVVLyGHSURSRVLFLRQV(QHOFDVTXHHOGLDTXHFRUUHVSRQJDVLJD
GLVVDEWHV¶HIHFWXDUjHOSULPHUGLDKjELOVHJHQW
+RUDKRUHV
$OWUHVLQIRUPDFLRQV
&ULWHULVTXHVHVHJXLUDQSHUDDGMXGLFDUHOFRQWUDFWHYHJHXO¶DSDU
WDW³.´GHO¶DQQH[DOSOHFGHFOjXVXOHVDGPLQLVWUDWLYHVSDUWLFXODUV
0RGDOLWDWV HVVHQFLDOV GH ILQDQoDPHQW L SDJDPHQW D FjUUHF GHO
SUHVVXSRVWGHO¶$JqQFLD9DOHQFLDQDGHO7XULVPHSHUDO¶DQXDOLWDW
TXHGDQWFRQGLFLRQDWDO¶H[LVWqQFLDGHFRQVLJQDFLyDGHTXDGDLVXILFLHQW
HQHO3UHVVXSRVWGHO¶$JqQFLD9DOHQFLDQDGHO7XULVPHHOVLPSRUWVFRU
UHVSRQHQWVDOHVDQXDOLWDWVL(VWDFRQWUDFWDFLyHVWjLQFORVD
HQO¶HVERUUDQ\GHO3URJUDPD2SHUDWLX&RPXQLWDW9DOHQFLD
QD)('(5
'HVSHVHV GHOV DQXQFLV OHV GHVSHVHV GHOV DQXQFLV SURGXwGHV SHU
HVWHFRQWUDFWHVHUDQSHUFRPSWHGHO¶DGMXGLFDWDUL
'DWDG¶HQYLDPHQWGHO¶DQXQFLDO'LDUL2ILFLDOGHOD8QLy(XURSHD
3RUWDO LQIRUPjWLF R SjJLQD ZHE RQ ILJXUHQ OHV LQIRUPDFLRQV UHOD
WLYHVDODFRQYRFDWzULDRRQSRGHQREWLQGUH¶VLQIRUPDFLyKWWSZZZ
JYDHVFRQWUDWD
)HFKD GLH] GtDV QDWXUDOHV VLJXLHQWHV D OD ILQDOL]DFLyQ GHO
SOD]RGHDGPLVLyQGHSURSRVLFLRQHV(QFDVRGHTXHHOGtDTXHFRUUHV
SRQGDVHDViEDGRVHHIHFWXDUiHOSULPHUGtDKiELOVLJXLHQWH
+RUDKRUDV
2WUDVLQIRUPDFLRQHV
&ULWHULRV TXH VH VHJXLUiQ SDUD DGMXGLFDU HO FRQWUDWR YHU DSDUWDGR
³.´GHO$QH[RDOSOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV
0RGDOLGDGHVHVHQFLDOHVGHILQDQFLDFLyQ\SDJRDFDUJRGHOSUHVX
SXHVWRGHOD$JqQFLD9DOHQFLDQDGHO7XULVPHSDUDODDQXDOLGDG
TXHGDQGR FRQGLFLRQDGR D OD H[LVWHQFLD GH FRQVLJQDFLyQ DGHFXDGD \
VXILFLHQWHHQHO3UHVXSXHVWRGHOD$JqQFLD9DOHQFLDQDGHO7XULVPHORV
LPSRUWHVFRUUHVSRQGLHQWHVDODVDQXDOLGDGHV\(VWDFRQWUD
WDFLyQHVWiLQFOXLGDHQHOERUUDGRUGHO3URJUDPD2SHUDWLYR
&RPXQLWDW9DOHQFLDQD)('(5
*DVWRVGHDQXQFLRVORVJDVWRVGHORVDQXQFLRVSURGXFLGRVSRUHVWH
FRQWUDWRVHUiQSRUFXHQWDGHODGMXGLFDWDULR
)HFKDGHHQYtRGHODQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ(XURSHD
3RUWDOLQIRUPiWLFRRSiJLQDZHEGRQGHILJXUHQODVLQIRUPDFLRQHV
UHODWLYDV D OD FRQYRFDWRULD R GRQGH SXHGHQ REWHQHUVH LQIRUPDFLyQ
KWWSZZZJYDHVFRQWUDWD
9DOqQFLDG¶DEULOGH±(OVRWVVHFUHWDUGHODFRQVHOOHULDGH
7XULVPH&DUORV$OEHUWR3UHFLRVRV(VWLJXLQ
9DOHQFLDGHDEULOGH±(O6XEVHFUHWDULRGHODFRQVHOOHULD
GH7XULVPR&DUORV$OEHUWR3UHFLRVR(VWLJXLQ
Núm
5509 / 10.05.2007
&LXWDWGHOD/OXP6$
18890
&LXGDGGHOD/X]6$
/LFLWDFLyGHO¶H[SHGLHQW&'/0DQWHQLPHQWLFRQ
VHUYDFLy GH ]RQHV HQMDUGLQDGHV LQVWDO¢ODFLRQV GH UHJ L
QHWHMDFDSoDOLGHSzVLWG¶DLJXDGHUHJGHOD&LXGDGGHOD
/X]$ODFDQW>@
/LFLWDFLyQ GHO H[SHGLHQWH Q~PHUR &'/ 0DQWHQL
PLHQWR\FRQVHUYDFLyQGH]RQDVDMDUGLQDGDVLQVWDODFLRQHV
GHULHJR\EDOGHRFDEH]DO\GHSyVLWRGHDJXDGHULHJRGH
OD&LXGDGGHOD/X]$OLFDQWH>@
(QWLWDWDGMXGLFDGRUD
D2UJDQLVPH&LXGDGGHOD/X]6$8
E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW'HSDUWDPHQWGH&RQWUDF
WDFLy
F1~PHURG¶H[SHGLHQW&'/
2EMHFWHGHOFRQWUDFWH
D 'HVFULSFLy GH O¶REMHFWH 0DQWHQLPHQW L FRQVHUYDFLy GH ]RQHV
HQMDUGLQDGHVLQVWDO‡ODFLRQVGHUHJLQHWHMDFDSoDOLGHSzVLWG¶DLJXDGH
UHJGHOD&LXGDGGHOD/X]$ODFDQW
E/ORFG¶H[HFXFLy$ODFDQW
F7HUPLQLG¶H[HFXFLyGRVDQ\V
7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy
D7UDPLWDFLyRUGLQDUL
E3URFHGLPHQWREHUW
F)RUPDFRQFXUV
3UHVVXSRVWGHOLFLWDFLy
'RV PLOLRQV VLVFHQWV QRUDQWDKXLW PLO KXLWFHQWV GHX HXURV DPE
GHXFqQWLPVHXURV,9$LQFOzV
*DUDQWLHV
3URYLVLRQDO(OGRVSHUFHQWGHO¶LPSRUWGHOLFLWDFLy&LQTXDQ
WDWUHV PLO QRXFHQWV VHWDQWDVLV HXURV DPE YLQW FqQWLPV HXURV
'HILQLWLYD(OTXDWUHSHUFHQWGHO¶LPSRUWG¶DGMXGLFDFLy
2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy
D(QWLWDW&LXGDGGHOD/X]6RFLHWDW$QzQLPD8QLSHUVRQDO
E'RPLFLOL$Y-HDQ&ODXGH&RPEDOGLHXVQ&LXGDGGHOD/X]
(GLIVXSRUWSURGXFFLyQ~P
F/RFDOLWDWLFRGLSRVWDO$ODFDQW
G7HOqIRQ
H7HOHID[
I'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLyFLQTXDQWDGRV
GLHV QDWXUDOV D FRPSWDU GHO G¶DEULO GH GDWD GH O¶HQYLD
PHQWGHO¶DQXQFLGHOLFLWDFLyDO'LDUL2ILFLDOGHOD8QLy(XURSHD
&ODVVLILFDFLyGHOFRQWUDFWLVWD
*UXS26XEJUXS&DWHJRULD'
*UXS26XEJUXS&DWHJRULD'
3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVRO‡OLFLWXGVGHSDUWLFLSDFLy
'DWD OtPLW GH SUHVHQWDFLy FLQTXDQWDGRV GLHV QDWXUDOV D
FRPSWDU GHO G¶DEULO GH GDWD GH O¶HQYLDPHQW GH O¶DQXQFL GH
OLFLWDFLyDO'LDUL2ILFLDOGHOD8QLy(XURSHD
D'RFXPHQWDFLyDSUHVHQWDU/DTXHHVGHWDOODHQHOSOHFGH&OjX
VXOHV$GPLQLVWUDWLYHV
E/ORFGHSUHVHQWDFLy
(QWLWDW&LXWDWGHOD/OXP6RFLHWDW$QzQLPD8QLSHUVRQDO
'RPLFLOL$Y-HDQ&ODXGH&RPEDOGLHXVQ&LXGDGGHOD/X]
(GLIVXSRUWSURGXFFLyQ~P
/RFDOLWDWLFRGLSRVWDO$ODFDQW
F 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWj REOLJDW D PDQWLQGUH OD
VHXDRIHUWDPHVRV
2EHUWXUDGHOHVRIHUWHV
D(QWLWDW&LXGDGGHOD/X]6RFLHWDW$QzQLPD8QLSHUVRQDO
E'RPLFLOL$Y-HDQ&ODXGH&RPEDOGLHXVQ&LXGDGGHOD/X]
(GLIVXSRUWSURGXFFLyQ~P
F/RFDOLWDW$ODFDQW
G 'DWD$OV VHW GLHV KjELOV D SDUWLU GH O¶HQGHPj GH OD UHFHSFLy
G¶RIHUWHV
H+RUD¶KRUHV
*DVWRVG¶DQXQFLV
3HUFRPSWHGHO¶DGMXGLFDWDUL
(QWLGDGDGMXGLFDGRUD
2UJDQLVPR&LXGDGGHOD/X]6$8
'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH'HSDUWDPHQWRGH&RQWUD
WDFLyQ
1~PHURGHH[SHGLHQWH&'/
2EMHWRGHOFRQWUDWR
'HVFULSFLyQGHOREMHWR³0DQWHQLPLHQWR\FRQVHUYDFLyQGH]RQDV
DMDUGLQDGDV LQVWDODFLRQHV GH ULHJR \ EDOGHR FDEH]DO \ GHSyVLWR GH
DJXDGHULHJRGHOD&LXGDGGHOD/X]$OLFDQWH´
/XJDUGHHMHFXFLyQ$OLFDQWH
3OD]RGHHMHFXFLyQGRVDxRV
7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ
7UDPLWDFLyQ2UGLQDULR
3URFHGLPLHQWR$ELHUWR
)RUPDFRQFXUVR
3UHVXSXHVWRGHOLFLWDFLyQ
'RV PLOORQHV VHLVFLHQWRV QRYHQWD \ RFKR PLO RFKRFLHQWRV GLH]
HXURVFRQGLH]FpQWLPRV(XURV,9$,QFOXLGR
*DUDQWtDV
3URYLVLRQDO(OGRVSRUFLHQWRGHOLPSRUWHGHOLFLWDFLyQ&LQ
FXHQWD\WUHVPLOQRYHFLHQWRVVHWHQWD\VHLVHXURVFRQYHLQWHFpQWLPRV
HXURV
'HILQLWLYD(OFXDWURSRUFLHQWRGHOLPSRUWHGHDGMXGLFDFLyQ
2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ
(QWLGDG&LXGDGGHOD/X]6RFLHGDG$QyQLPD8QLSHUVRQDO
'RPLFLOLR DY -HDQ &ODXGH &RPEDOGLHX VQ &LXGDG GH OD /X]
(GLIDSR\RSURGXFFLyQQž
/RFDOLGDG\FyGLJRSRVWDO$OLFDQWH
7HOpIRQR
7HOHID[
)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQFLQFXHQWD
\GRVGtDVQDWXUDOHVDFRQWDUGHVGHHOGHDEULOGHIHFKDGHO
HQYtRGHODQXQFLRGHOLFLWDFLyQDO'LDULR2ILFLDOGHOD8QLyQ(XURSHD
&ODVLILFDFLyQGHOFRQWUDWLVWD
*UXSR26XEJUXSR&DWHJRUtD'
*UXSR26XEJUXSR&DWHJRUtD'
3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ
)HFKD OtPLWH GH SUHVHQWDFLyQ FLQFXHQWD \ GRV GtDV QDWXUDOHV
DFRQWDUGHVGHHOGHDEULOGHIHFKDGHOHQYtRGHODQXQFLRGH
OLFLWDFLyQDO'LDULR2ILFLDOGHOD8QLyQ(XURSHD
'RFXPHQWDFLyQDSUHVHQWDU/DTXHVHGHWDOODHQHOSOLHJRGH&OiX
VXODV$GPLQLVWUDWLYDV
/XJDUGHSUHVHQWDFLyQ
(QWLGDG&LXGDGGHOD/X]6RFLHGDG$QyQLPD8QLSHUVRQDO
'RPLFLOLRDY-HDQ&ODXGH&RPEDOGLHXVQ&LXGDGGHOD/X]
(GLIDSR\RSURGXFFLyQQ~P
/RFDOLGDG\FyGLJRSRVWDO$OLFDQWH
3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWiREOLJDGRDPDQWHQHUVXRIHU
WDPHVHV
$SHUWXUDGHODVRIHUWDV
(QWLGDG&LXGDGGHOD/X]6RFLHGDG$QyQLPD8QLSHUVRQDO
'RPLFLOLR DY -HDQ &ODXGH &RPEDOGLHX VQ &LXGDG GH OD /X]
(GLIDSR\RSURGXFFLyQQ~P
/RFDOLGDG$OLFDQWH
)HFKD$ORVVLHWHGtDVKiELOHVDSDUWLUGHOGtDVLJXLHQWHGHODUHFHS
FLyQGHRIHUWDV
+RUD¶KRUDV
*DVWRVGHDQXQFLRV
3RUFXHQWDGHODGMXGLFDWDULR
$ODFDQW G¶DEULO GH (O GLUHFWRU JHQHUDO GH &LXGDG GH OD
/X]-RVp0DUtD5RGUtJXH]*DODQW
$OLFDQWHGHDEULOGH(OGLUHFWRUJHQHUDOGH&LXGDGGHOD
/X]-RVp0DUtD5RGUtJXH]*DODQW
Núm
5509 / 10.05.2007
&RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHV
GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$
18891
&RQVWUXFFLRQHVH,QIUDHVWUXFWXUDV(GXFDWLYDV
GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$
$GMXGLFDFLy GH O¶H[SHGLHQW $7&& $VVLVWqQFLD
WqFQLFD GH FRQWURO GH TXDOLWDW UHODWLYD D FHQWUH GRFHQW
$GMXGLFDFLyQ GHO H[SHGLHQWH $7&& $VLVWHQFLD
WpFQLFD GH FRQWURO GH FDOLGDG UHODWLYD D FHQWUR GRFHQWH
>@
>@
(QWLWDWDGMXGLFDGRUD
2UJDQLVPH &RQVWUXFFLRQV L ,QIUDHVWUXFWXUHV (GXFDWLYHV GH OD
*HQHUDOLWDW9DOHQFLDQD6$
'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW&,(*6$
1~PHUR G¶([SHGLHQW $7&& &,3 //8Ë6 9,9(6 D
%HQDJXDVLO
2EMHFWHGHOFRQWUDFWH
'HVFULSFLy GH O¶REMHFWH$VVLVWqQFLD 7qFQLFD &RQWURO GH 4XDOLWDW
SHUODERUDWRULKRPRORJDWG¶REUDUHODWLYDDFHQWUHGRFHQW
'LDULRILFLDOLGDWDGHSXEOLFDFLyGHO¶DQXQFLGHOLFLWDFLy3XEOLFDW
HQ'2&9GHGHJHQHUGHQ~P
7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy
7UDPLWDFLyRUGLQDUL
3URFHGLPHQWREHUW
)RUPDG¶DGMXGLFDFLyFRQFXUV
3UHVVXSRVWGHOLFLWDFLy
D,PSRUWWRWDO,9$LQFOzV
([SWH$7&&HXURV
$GMXGLFDFLy
'DWDG¶DEULOGH
$GMXGLFDWDULL3UHVVXSRVWG¶$GMXGLFDFLy,9$LQFOzV
$GMXGLFDWDUL'5(&&21752/6$
3UHVVXSRVWG¶$GMXGLFDFLy,9$LQFOzVHXURV
(QWLGDGDGMXGLFDGRUD
2UJDQLVPR &RQVWUXFFLRQHV H ,QIUDHVWUXFWXUDV (GXFDWLYDV GH OD
*HQHUDOLWDW9DOHQFLDQD6$
'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH&,(*6$
1~PHUR GH ([SHGLHQWH $7&& &,3 //8Ë6 9,9(6 HQ
%HQDJXDFLO
2EMHWRGHOFRQWUDWR
'HVFULSFLyQGHOREMHWR$VLVWHQFLD7pFQLFD&RQWUROGH&DOLGDGSRU
ODERUDWRULRKRPRORJDGRGHREUDUHODWLYDDFHQWURGRFHQWH
'LDULR RILFLDO \ IHFKD GH SXEOLFDFLyQ GHO DQXQFLR GH OLFLWDFLyQ
3XEOLFDGRHQ'2&9GHGHHQHURGHQž
7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ
7UDPLWDFLyQRUGLQDULR
3URFHGLPLHQWRDELHUWR
)RUPDGHDGMXGLFDFLyQFRQFXUVR
3UHVXSXHVWRGHOLFLWDFLyQ
D,PSRUWHWRWDO,9$LQFOXLGR
([SWH$7&&HXURV
$GMXGLFDFLyQ
)HFKDGHDEULOGH
$GMXGLFDWDULR\3UHVXSXHVWRGH$GMXGLFDFLyQ,9$LQFOXLGR
$GMXGLFDWDULR$7&21752/6$
3UHVXSXHVWRGH$GMXGLFDFLyQ,9$LQFOXLGRHXURV
9DOqQFLD G¶DEULO GH (O FRQVHOOHU GHOHJDW GH &,(*6$
0i[LPR&DWXUOD5XELR
9DOHQFLDGHDEULOGH(OFRQVHMHURGHOHJDGRGH&,(*6$
0i[LPR&DWXUOD5XELR
Núm
5509 / 10.05.2007
18892
&RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHV
GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$
&RQVWUXFFLRQHVH,QIUDHVWUXFWXUDV(GXFDWLYDV
GHOD*HQHUDOLWDW9DOHQFLDQD&,(*6$
/LFLWDFLyGHO¶H[SHGLHQW2%5HGDFFLyGHSURMHFWHV
LH[HFXFLyG¶REUDGHFRQVWUXFFLyG¶DFWXDFLRQVLQGXVWULDOLW
]DGHV>@
/LFLWDFLyQ GHO H[SHGLHQWH 2% 5HGDFFLyQ GH
SUR\HFWRV\HMHFXFLyQGHREUDGHFRQVWUXFFLyQGHDFWXDFL
RQHVLQGXVWULDOL]DGDV>@
(QWLWDWDGMXGLFDGRUD
D 2UJDQLVPH &RQVWUXFFLRQV L ,QIUDHVWUXFWXUHV (GXFDWLYHV GH OD
*HQHUDOLWDW9DOHQFLDQD6$
E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW&,(*6$
F1~PHURG¶([SHGLHQW2%
2EMHFWHGHOFRQWUDFWH
D'HVFULSFLyGHO¶REMHFWHUHGDFFLyGHSURMHFWHVLH[HFXFLyG¶REUD
GHFRQVWUXFFLyG¶DFWXDFLRQVLQGXVWULDOLW]DGHV
7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy
D7UDPLWDFLyRUGLQDUL
E3URFHGLPHQWREHUW
F)RUPDG¶DGMXGLFDFLyFRQFXUV
3UHVVXSRVWGHOLFLWDFLy
D,PSRUWWRWDO,9$LQFOzV
([SWH2%HXURV
,(66$17$1721,'(%(1$*e%(59DOqQFLD
*DUDQWLHV
*DUDQWLDSURYLVLRQDOGHOSUHVVXSRVWGHOLFLWDFLy
(QWLGDGDGMXGLFDGRUD
D2UJDQLVPR&RQVWUXFFLRQHVH,QIUDHVWUXFWXUDV(GXFDWLYDVGHOD
*HQHUDOLWDW9DOHQFLDQD6$
E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH&,(*6$
F1~PHURGH([SHGLHQWH2%
2EMHWRGHOFRQWUDWR
D 'HVFULSFLyQ GHO REMHWR UHGDFFLyQ GH SUR\HFWRV \ HMHFXFLyQ GH
REUDGHFRQVWUXFFLyQGHDFWXDFLRQHVLQGXVWULDOL]DGDV
7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ
D7UDPLWDFLyQRUGLQDULR
E3URFHGLPLHQWRDELHUWR
F)RUPDGHDGMXGLFDFLyQFRQFXUVR
3UHVXSXHVWRGHOLFLWDFLyQ
D,PSRUWHWRWDO,9$LQFOXLGR
([SWH2%HXURV
,(66$1$1721,2'(%(1$*e%(59DOHQFLD
*DUDQWtDV
*DUDQWtDSURYLVLRQDOGHOSUHVXSXHVWRGHOLFLWDFLyQ
2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy
2EWHQFLyGHGRFXPHQWDFLy
3HUDDGTXLULUIRWRFzSLHVHOVLQWHUHVVDWVKDXUDQGHGLULJLUVHD
&5,0HVWDOODFDUUHU&RQYHQW6DQ)UDQFLVFRQ~PGDYDOO
9DOqQFLD7HOL)D[
2EWHQFLyG¶LQIRUPDFLy
D(QWLWDW&RQVWUXFFLRQVL,QIUDHVWUXFWXUHV(GXFDWLYHVGHOD*HQH
UDOLWDW9DOHQFLDQD6$&,(*6$
E'RPLFLOLFDUUHU3LQWRU6RUROODQ~P3ODQWDD
F/RFDOLWDWLFRGLSRVWDO9DOqQFLD
G7HOqIRQ
H)D[
I'DWDOtPLWG¶REWHQFLyGHGRFXPHQWVLLQIRUPDFLyILQVDODGDWD
GHSUHVHQWDFLyGHSURSRVLFLRQVHFRQzPLTXHV
5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD&ODVVLILFDFLy
2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ
2EWHQFLyQGHGRFXPHQWDFLyQ
3DUDDGTXLULUIRWRFRSLDVORVLQWHUHVDGRVGHEHUiQGLULJLUVHD
&5, 0HVWDOOD FDOOH &RQYHQWR 6DQ )UDQFLVFR Q~P EDMR 9DOHQFLD7OI\)D[
2EWHQFLyQGHLQIRUPDFLyQ
D (QWLGDG &RQVWUXFFLRQHV H ,QIUDHVWUXFWXUDV (GXFDWLYDV GH OD
*HQHUDOLWDW9DOHQFLDQD6$&,(*6$
E'RPLFLOLRFDOOH3LQWRU6RUROODQ~P3ODQWD
F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD
G7HOpIRQR
H)D[
I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQKDVWD
ODIHFKDGHSUHVHQWDFLyQGHSURSRVLFLRQHVHFRQyPLFDV
5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD&ODVLILFDFLyQ
*583
&
&
&
&
&
&
&
&
&
68%*583
&$7(*25,$
)
)
)
)
)
)
)
)
)
3UHVHQWDFLyGHOHVRIHUWHV
D'DWDOtPLWGHSUHVHQWDFLyGHMXQ\GHOILQVDOHV
KRUHV
E 'RFXPHQWDFLy D SUHVHQWDU HQ HO VREUH ³$´ RIHUWD HFRQzPLFD
HQ HO VREUH ³%´ FDSDFLWDW SHU D FRQWUDFWDU HQ HO VREUH ³&´ UHTXLVLWV
WqFQLFV
F/ORFGHSUHVHQWDFLy
D(QWLWDW5HJLVWUH*HQHUDOGH&,(*6$
D'RPLFLOLFDUUHU3LQWRU6RUROODSODQWDD
D/RFDOLWDWLFRGLSRVWDO9DOqQFLD
G 7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWj REOLJDW D PDQWLQGUH OD
VHXDRIHUWDILQVDO¶DGMXGLFDFLyGHILQLWLYDGHOFRQWUDFWH
H$GPLVVLyGHYDULDQWVQRV¶DGPHWHQYDULDQWVRDOWHUQDWLYHV
2EHUWXUDG¶RIHUWHV
D(QWLWDW&,(*6$
*5832
&
&
&
&
&
&
&
&
&
68%*5832
&$7(*25Ë$
)
)
)
)
)
)
)
)
)
3UHVHQWDFLyQGHODVRIHUWDV
D )HFKD OtPLWH GH SUHVHQWDFLyQ GH MXQLR GH KDVWD ODV
KRUDV
E'RFXPHQWDFLyQDSUHVHQWDUHQHOVREUH³$´RIHUWDHFRQyPLFD
HQ HO VREUH ³%´ FDSDFLGDG SDUD FRQWUDWDU HQ HO VREUH ³&´ UHTXLVLWRV
WpFQLFRV
F/XJDUGHSUHVHQWDFLyQ
(QWLGDG5HJLVWUR*HQHUDOGH&,(*6$
'RPLFLOLRFDOOH3LQWRU6RUROODSODQWD
/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD
G 3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWi REOLJDGR D PDQWHQHU VX
RIHUWDKDVWDODDGMXGLFDFLyQGHILQLWLYDGHOFRQWUDWR
H$GPLVLyQGHYDULDQWHVQRVHDGPLWHQYDULDQWHVRDOWHUQDWLYDV
$SHUWXUDGHRIHUWDV
D(QWLGDG&,(*6$
Núm
5509 / 10.05.2007
18893
*DVWRVG¶DQXQFLV
(OVJDVWRVGHSXEOLFDFLyGHOSUHVHQWFRQFXUVVHUDQDFjUUHFGHO¶DG
MXGLFDWDUL
E/XJDUVHQRWLILFDUiDORVOLFLWDGRUHVHOOXJDUGHOD$SHUWXUDGH
2IHUWDV
F/RFDOLGDG9DOHQFLD
G)HFKDVHQRWLILFDUiDORVOLFLWDGRUHVODIHFKDGHOD$SHUWXUDGH
2IHUWDV
*DVWRVGHDQXQFLRV
/RVJDVWRVGHSXEOLFDFLyQGHOSUHVHQWHFRQFXUVRVHUiQDFDUJRGHO
DGMXGLFDWDULR
9DOqQFLD G¶DEULO GHO ± (O FRQVHOOHU GHOHJDW GH &,(*6$
0i[LPR&DWXUOD5XELR
9DOHQFLDGHDEULOGH±(OFRQVHMHURGHOHJDGRGH&,(*6$
0i[LPR&DWXUOD5XELR
E/ORFHVQRWLILFDUjDOVOLFLWDGRUVHOOORFGHO¶2EHUWXUDG¶2IHUWHV
F/RFDOLWDW9DOqQFLD
G'DWDHVQRWLILFDUjDOVOLFLWDGRUVODGDWDGHO¶2EHUWXUDG¶2IHUWHV
Núm
5509 / 10.05.2007
,QVWLWXW9DOHQFLjGH&LQHPDWRJUDILD
©5LFDUGR0XxR]6XD\ª,9$&
18894
,QVWLWXWR9DOHQFLDQRGH&LQHPDWRJUDILD
©5LFDUGR0XxR]6XD\ª,9$&
$GMXGLFDFLyGHO¶H[SHGLHQW6(56HUYLFLG¶DJqQFLD
GH YLDWJHV SHU D OD FHOHEUDFLy GHO )HVWLYDO ,QWHUQDFLRQDO
GH&LQH&LQHPD-RYH>@
$GMXGLFDFLyQ GHO H[SHGLHQWH 6(5 6HUYLFLR GH
DJHQFLDGHYLDMHVSDUDODFHOHEUDFLyQGHO)HVWLYDO,QWHUQD
FLRQDOGH&LQH&LQHPD-RYH>@
(QWLWDWDGMXGLFDWjULD
D2UJDQLVPH,QVWLWXW9DOHQFLjGH&LQHPDWRJUDILD5LFDUGR0XxR]
6XD\
E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYLFLV*HQHUDOV
F1~PHURG¶H[SHGLHQW6(5
2EMHFWHGHOFRQWUDFWH
D7LSXVGHFRQWUDFWH6HUYLFLV
E 'HVFULSFLy GH O¶REMHFWH 6HUYLFL G¶DJqQFLD GH YLDWJHV SHU D OD
FHOHEUDFLyGHO)HVWLYDO,QWHUQDFLRQDOGH&LQH&LQHPD-RYH
7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy
D7UDPLWDFLyRUGLQjULD
E3URFHGLPHQWREHUW
F)RUPDFRQFXUV
3UHVVXSRVWEDVHGHOLFLWDFLy
,PSRUWWRWDO¼
$GMXGLFDFLy
D'DWDGHPDUoGH
E&RQWUDFWLVWHV9LDMHV,EHULD6$
F1DFLRQDOLWDW(VSDQ\ROD
G,PSRUWGHO¶DGMXGLFDFLyPj[LP¼
(QWLGDGDGMXGLFDWDULD
D 2UJDQLVPR ,QVWLWXWR 9DOHQFLDQR GH &LQHPDWRJUDItD 5LFDUGR
0XxR]6XD\
E'HSHQGHQFLDTXHWUDPLWDHOH[SHGLHQWH6HUYLFLRV*HQHUDOHV
F1~PHURGHH[SHGLHQWH6(5
2EMHWRGHOFRQWUDWR
D7LSRGHFRQWUDWR6HUYLFLRV
E 'HVFULSFLyQ GHO REMHWR 6HUYLFLR GH DJHQFLD GH YLDMHV SDUD OD
FHOHEUDFLyQGHO)HVWLYDO,QWHUQDFLRQDOGH&LQH&LQHPD-RYH
7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ
D7UDPLWDFLyQRUGLQDULD
E3URFHGLPLHQWRDELHUWR
F)RUPDFRQFXUVR
3UHVXSXHVWREDVHGHOLFLWDFLyQ
,PSRUWHWRWDO¼
$GMXGLFDFLyQ
D)HFKDGHPDU]RGH
E&RQWUDWLVWDV9LDMHV,EHULD6$
F1DFLRQDOLGDG(VSDxROD
G,PSRUWHGHODDGMXGLFDFLyQPi[LPR¼
9DOqQFLD GH PDUo GH ± (O GLUHFWRU JHUHQW GH O¶,QVWLWXW
9DOHQFLjGH&LQHPDWRJUDILD-RVp/XLV5DGRVHORYLFV$UDQFH
9DOHQFLDGHPDU]RGH±(OGLUHFWRUJHUHQWHGHO,QVWLWXWR
9DOHQFLDQRGH&LQHPDWRJUDItD-RVp/XLV5DGRVHORYLFV$UDQFH
Núm
5509 / 10.05.2007
$MXQWDPHQWG¶$OIDUDG¶$OJLPLD
$SURYDFLy GH OHV EDVHV SDUWLFXODUV SHU D OD SURJUDPDFLy
GHO¶DFWXDFLyLQWHJUDGDGHOVVHFWRUV6DL6GHO3OD*HQH
UDOG¶2UGHQDFLy8UEDQDG¶$OIDUDGH$OJLPLD>@
18895
$\XQWDPLHQWRGH$OIDUDGH$OJLPLD
$SUREDFLyQ GH ODV EDVHV SDUWLFXODUHV SDUD OD SURJUDPD
FLyQGHODDFWXDFLyQLQWHJUDGDGHORVVHFWRUHV6D\6GHO
3ODQ*HQHUDOGH2UGHQDFLyQ8UEDQDGH$OIDUDGH$OJLPLD
>@
-RVp (PLOLDQR 7HUUiGH] 1DYDUUR DOFDOGH SUHVLGHQW GH
O¶$MXQWDPHQWG¶$OIDUDGH$OJLPLDSHOSUHVHQWHGRFWHIDVDEHU
4XHHO3OHGHO¶$MXQWDPHQWHQVHVVLyGHGDWDGHPDUoGH
YD DGRSWDU O¶DFRUG G¶DSURYDU OHV EDVHV SDUWLFXODUV SHU D OD SURJUD
PDFLy GH O¶DFWXDFLy LQWHJUDGD GHOV VHFWRUV 6D L 6 GHO 3OD *HQHUDO
G¶2UGHQDFLy8UEDQDG¶$OIDUDGH$OJLPLDTXHSRGUDQVHUFRQVXOWDGHV
tQWHJUDPHQW HQ OD SjJLQD ZHE G¶HVWH DMXQWDPHQW ZZZDOIDUDGHDOJL
PLDHV R HQ OD 6HFUHWDULD G¶HVWH HQ OHV KRUHV GH GHVSDW[ GH D
GHTXDOVHYROGLDODERUDEOH
$L[tPDWHL[HVIDVDEHUTXHHVWHVEDVHVSDUWLFXODUVFRQWHQHQOHVGH
VHOHFFLyPLWMDQoDQWFRQFXUVGHO¶DJHQWXUEDQLW]DGRU
$PEGDWDGHPDUoGHV¶KDQSXEOLFDWOHVEDVHVHVPHQWDGHV
HQHO'LDULR2ILFLDOGHOD8QLyQ(XURSHD
-RVp(PLOLDQR7HUUiGH]1DYDUURDOFDOGHSUHVLGHQWHGHO$\XQWDPL
HQWRGH$OIDUDGH$OJLPLDSRUHOSUHVHQWHKDFHVDEHU
4XHSRUHO3OHQRGHO$\XQWDPLHQWRHQVHVLyQGHIHFKDGHPDU]R
GHVHDGRSWyHODFXHUGRGHDSUREDUODVEDVHVSDUWLFXODUHVSDUDOD
SURJUDPDFLyQ GH OD DFWXDFLyQ LQWHJUDGD GH ORV VHFWRUHV 6D \ 6 GHO
3ODQ*HQHUDOGH2UGHQDFLyQ8UEDQDGH$OIDUDGH$OJLPLDTXHSRGUiQ
VHUFRQVXOWDGDVHQVXLQWHJULGDGHQODSiJLQDZHEGHHVWHD\XQWDPLHQ
WRZZZDOIDUDGHDOJLPLDHVRHQOD6HFUHWDUtDGHOPLVPRHQODVKRUDV
GHGHVSDFKRGHDGHFXDOTXLHUGtDODERUDEOH
$VLPLVPR VH KDFH VDEHU TXH GLFKDV EDVHV SDUWLFXODUHV FRQWLHQHQ
ODVGHVHOHFFLyQPHGLDQWHFRQFXUVRGHODJHQWHXUEDQL]DGRU
&RQ IHFKD GH PDU]R GH VH KDQ SXEOLFDGR ODV EDVHV DOX
GLGDVHQHO'LDULR2ILFLDOGHOD8QLyQ(XURSHD
$OIDUDGH$OJLPLDGHPDUoGH/¶DOFDOGH-RVp(PLOLDQR
7HUUiGH]1DYDUUR
$OIDUDGH$OJLPLDGHPDU]RGH(ODOFDOGH-RVp(PLOLDQR
7HUUiGH]1DYDUUR
Núm
5509 / 10.05.2007
$MXQWDPHQWGH*XDGDVHTXLHV
18896
$\XQWDPLHQWRGH*XDGDVHTXLHV
/LFLWDFLyGHOSURJUDPDG¶DFWXDFLyLQWHJUDGDGHOVHFWRUGH
VzOXUEDQLW]DEOHLQGXVWULDO3$3,,GHO3OD*HQHUDOG¶2UGH
QDFLy8UEDQDGH*XDGDVHTXLHV>@
/LFLWDFLyQGHOSURJUDPDGHDFWXDFLyQLQWHJUDGDGHOVHFWRU
GHVXHORXUEDQL]DEOHLQGXVWULDO3$3,,GHO3ODQ*HQHUDOGH
2UGHQDFLyQ8UEDQDGH*XDGDVHTXLHV>@
$SDUWDW,SRGHUDGMXGLFDGRU
,1RPDGUHFHVLSXQWVGHFRQWDFWH
,$MXQWDPHQWGH*XDGDVHTXLHV
,,$GUHoDSRVWDO$YGHOD&RQVWLWXFLy
,,,/RFDOLWDW*XDGDVHTXLHV
,9&RGLSRVWDO
93DtV(VSDQ\D
9,8UEDQLVPH
9,,7HOqIRQGHFRQWDFWH
9,,,)D[GHFRQWDFWH
,; $GUHoD GH FRUUHX HOHFWUzQLF GH FRQWDFWH JXDGDVHTXLHV±
VHF#JYDHV
3HUVRQDGHFRQWDFWHDOFDOGHVVDSUHVLGHQWD
3RW REWLQGUH¶V PpV LQIRUPDFLy HQ ©9HJHX HOV SXQWV GH FRQWDFWH
PHQFLRQDWVPpVDPXQWª
/HVEDVHVJHQHUDOVLOHVEDVHVSDUWLFXODUVUHJXODGRUHVGHOSURJUDPD
G¶DFWXDFLyLQWHJUDGDSRGHQREWLQGUH¶VHQ©9HJHXHOVSXQWVGHFRQWDFWH
PHQFLRQDWVPpVDPXQWª
(OVGLDULVRILFLDOVRQFRQVWHSXEOLFDWHOFRQWLQJXWGHOHVEDVHVJHQH
UDOV%23GHOGLDGHMXQ\GHOLEDVHVSDUWLFXODUVSXEOLFD
GHVHQHO%23Q~PHURGHGHIHEUHUGHO
/HVRIHUWHVRVROÂOLFLWXGVGHSDUWLFLSDFLyKDQG¶HQYLDUVHD©9HJHX
HOVSXQWVGHFRQWDFWHPHQFLRQDWVPpVDPXQWª
,7LSXVGHSRGHUDGMXGLFDGRULSULQFLSDOpVDFWLYLWDWpV©,QVWL
WXFLyORFDOª
$SDUWDW,,REMHFWHGHOFRQWUDFWH
,,'HVFULSFLy
,,'HQRPLQDFLyGHOFRQWUDFWHHVWDEOLGDSHOSRGHUDGMXGLFDGRU
©SURJUDPDG¶DFWXDFLyLQWHJUDGDVHFWRUVzOXUEDQLW]DEOHLQGXVWULDO3$3
,,GHO3OD*HQHUDOG¶2UGHQDFLy8UEDQDGH*XDGDVHTXLHVª
$SDUWDGR,SRGHUDGMXGLFDGRU
,1RPEUHGLUHFFLRQHV\SXQWRVGHFRQWDFWR
,$\XQWDPLHQWRGH*XDGDVHTXLHV
,,'LUHFFLyQSRVWDO$YGHOD&RQVWLWXFLy
,,,/RFDOLGDG*XDGDVHTXLHV
,9&yGLJRSRVWDO
93DtV(VSDxD
9,8UEDQLVPR
9,,7HOpIRQRGHFRQWDFWR
9,,,)D[GHFRQWDFWR
,; 'LUHFFLyQ GH FRUUHR HOHFWUyQLFR GH FRQWDFWR JXDGDVHTXLHV±
VHF#JYDHV
3HUVRQDGHFRQWDFWRDOFDOGHVDSUHVLGHQWD
3XHGHREWHQHUVHPiVLQIRUPDFLyQHQ©9pDQVHORVSXQWRVGHFRQ
WDFWRPHQFLRQDGRVDUULEDª
/DV EDVHV JHQHUDOHV \ ODV EDVHV SDUWLFXODUHV UHJXODGRUDV GHO SUR
JUDPDGHDFWXDFLyQLQWHJUDGDSXHGHQREWHQHUVHHQ©9pDQVHORVSXQ
WRVGHFRQWDFWRPHQFLRQDGRVDUULEDª
/RV GLDULRV RILFLDOHV GRQGH FRQVWH SXEOLFDGR HO FRQWHQLGR GH ODV
EDVHVJHQHUDOHV%23GHOGtDGHMXQLRGH\EDVHVSDUWLFX
ODUHVSXEOLFDGDVHQHO%23Q~PHURGHGHIHEUHURGH
/DVRIHUWDVRVROLFLWXGHVGHSDUWLFLSDFLyQGHEHQHQYLDUVHD©9pDQ
VHORVSXQWRVGHFRQWDFWRPHQFLRQDGRVDUULEDª
,7LSRGHSRGHUDGMXGLFDGRU\SULQFLSDOHVDFWLYLGDGHV©,QV
WLWXFLyQORFDOª
$SDUWDGR,,REMHWRGHOFRQWUDWR
,,'HVFULSFLyQ
,, 'HQRPLQDFLyQ GHO FRQWUDWR HVWDEOHFLGD SRU HO SRGHU DGMX
GLFDGRU ©SURJUDPD GH DFWXDFLyQ LQWHJUDGD VHFWRU VXHOR XUEDQL]DEOH
LQGXVWULDO 3$3 ,, GHO 3ODQ *HQHUDO GH 2UGHQDFLyQ 8UEDQD GH *XDGD
VHTXLHVª
,, 7LSR GH FRQWUDWR \ HPSOD]DPLHQWR GH ODV REUDV OXJDU GH
HQWUHJDRGHHMHFXFLyQ
±©2EUDVª
±©3UR\HFWR\HMHFXFLyQª
±©6HFWRU,QGXVWULDO3$3,,ª
&yGLJR1876(6
,,,(ODQXQFLRVHUHILHUHD©8QFRQWUDWRS~EOLFRª
,,%UHYHGHVFULSFLyQGHOFRQWUDWRRDGTXLVLFLyQFRQFXUVRSDUD
OD VHOHFFLyQ GH DJHQWH XUEDQL]DGRU SDUD SURJUDPD GH DFWXDFLyQ LQWH
JUDGD GHO VHFWRU 3$3 ,, VXHOR LQGXVWULDO FRQ GHVDUUROOR GH DFWXDFLyQ
SRUPHQRUL]DGD
,,&ODVLILFDFLyQ&39
,,&RQWUDWRFXELHUWRSRUHODFXHUGRVREUHFRQWUDWDFLyQS~EOLFD
$&3©QRª
'HEHUiFRQILUPDUVHFRQODH[SUHVLyQ©VtªR©QRªVHJ~QODFXDQ
WtDGHOFRQWUDWR
,,'LYLVLyQHQORWHV©QRª
,, ¢6H DFHSWDUiQ YDULDQWHV" 6t \D TXH VH SXHGHQ SUHVHQWDU
GLIHUHQWHVDOWHUQDWLYDVGHSODQHDPLHQWR
,,&DQWLGDGRH[WHQVLyQGHOFRQWUDWR
,,([WHQVLyQRFDQWLGDGWRWDOGHOFRQWUDWR¼
,,2SFLRQHV©QRª
,,'XUDFLyQGHOFRQWUDWRRSOD]RGHHMHFXFLyQ
6HJ~QHOSOD]RHVWLPDGRHQODVEDVHVSDUWLFXODUHVGHSURJUDPDFLyQ
SDUDHOGHVDUUROORGHOSURJUDPDGHDFWXDFLyQLQWHJUDGD
$SDUWDGR,,,,QIRUPDFLyQGHFDUiFWHUMXUtGLFRHFRQyPLFRILQDQ
FLHUR\WpFQLFR
,,,&RQGLFLRQHVUHODWLYDVDOFRQWUDWR
,,,'HSyVLWRV\JDUDQWtDVH[LJLGRV
*DUDQWtDSURYLVLRQDO¼
*DUDQWtDGHILQLWLYD¼
,,7LSXVGHFRQWUDFWHLHPSODoDPHQWGHOHVREUHVOORFG¶HQWUH
JDRG¶H[HFXFLy
±©2EUHVª
±©3URMHFWHLH[HFXFLyª
±©6HFWRU,QGXVWULDO3$3,,ª
&RGL1876(6
,,,/¶DQXQFLHVUHIHUL[D©8QFRQWUDFWHS~EOLFª
,,%UHXGHVFULSFLyGHOFRQWUDFWHRDGTXLVLFLyFRQFXUVSHUDOD
VHOHFFLyG¶DJHQWXUEDQLW]DGRUSHUDSURJUDPDG¶DFWXDFLyLQWHJUDGDGHO
VHFWRU3$3,,VzOLQGXVWULDODPEGHVHQYROXSDPHQWG¶DFWXDFLyGHWDOOD
GD
,,&ODVVLILFDFLy&39
,, &RQWUDFWH FREHUW SHU O¶DFRUG VREUH FRQWUDFWDFLy S~EOLFD
$&3©QRª
+DXUj GH FRQILUPDUVH DPE O¶H[SUHVVLy ©Vtª R ©QRª VHJRQV OD
TXDQWLDGHOFRQWUDFWH
,,'LYLVLyHQORWV©QRª
,, 6¶DFFHSWDUDQ YDULDQWV" 6t MD TXH HV SRGHQ SUHVHQWDU GLIH
UHQWVDOWHUQDWLYHVGHSODQHMDPHQW
,,4XDQWLWDWRH[WHQVLyGHOFRQWUDFWH
,,([WHQVLyRTXDQWLWDWWRWDOGHOFRQWUDFWH¼
,,2SFLRQV©QRª
,,'XUDFLyGHOFRQWUDFWHRWHUPLQLG¶H[HFXFLy
6HJRQVHOWHUPLQLHVWLPDWHQOHVEDVHVSDUWLFXODUVGHSURJUDPDFLy
SHUDOGHVHQYROXSDPHQWGHOSURJUDPDG¶DFWXDFLyLQWHJUDGD
$SDUWDW ,,, ,QIRUPDFLy GH FDUjFWHU MXUtGLF HFRQzPLF ILQDQFHU L
WqFQLF
,,,&RQGLFLRQVUHODWLYHVDOFRQWUDFWH
,,,'HSzVLWVLJDUDQWLHVH[LJLWV
*DUDQWLDSURYLVLRQDO¼
*DUDQWLDGHILQLWLYD¼
Núm
5509 / 10.05.2007
18897
+DXUjG¶RPSOLUVHDPEO¶H[SUHVVLyVHJHQW
©/HV SURSRVLFLRQV GHOV LQWHUHVVDWV KDXUDQ GH SUHVHQWDUVH DPE
DQWHULRULWDWDOGLDHQIXQFLyGHOWHUPLQLSUHYLVWHQOHVEDVHV
UHJXODGRUHVLVHJRQVVLJDODGDWDGHUHPLVVLyGHO¶DQXQFLDO'28(GHO
GLDGHIHEUHUGHO
9,
,9/OHQJXDHVHQTXqSRWUHGDFWDUVHO¶RIHUWDRVROÂOLFLWXGGH
SDUWLFLSDFLy©(6HVSDQ\ROLYDOHQFLjª
,97HUPLQLGXUDQWHOTXDOHOOLFLWDGRUHVWDUjREOLJDWDPDQWLQ
GUHODVHXDRIHUWDWUHVPHVRVGHVGHO¶REHUWXUDGHODSURSRVLFLy
©/¶DQXQFL GHO FRQFXUV GHO SURJUDPD G¶DFWXDFLy LQWHJUDGD YD VHU
HQYLDWDO'LDUL2ILFLDOGHOD8QLy(XURSHDHQGDWDª
,,,3ULQFLSDOHVFRQGLFLRQHVGHILQDQFLDFLyQ\GHSDJR\RUHIH
UHQFLDDODVGLVSRVLFLRQHVTXHODVUHJXODQ
(O DJHQWH XUEDQL]DGRU VHUi UHWULEXLGR VHJ~Q HO DUWtFXOR GH OD
/H\GHGHGLFLHPEUHGHOD*HQHUDOLWDW9DOHQFLDQD'2*9
GH
,,,)RUPDMXUtGLFDTXHGHEHUiDGRSWDUODDJUXSDFLyQGHRSHUD
GRUHVHFRQyPLFRVDGMXGLFDWDULDGHOFRQWUDWR1RVHOLPLWD
,,,2WUDVFRQGLFLRQHVSDUWLFXODUHVDODVTXHHVWiVXMHWDODHMH
FXFLyQGHOFRQWUDWR
©9pDQVH ODV EDVHV JHQHUDOHV \ SDUWLFXODUHV GH SURJUDPDFLyQ GHO
SURJUDPDGHDFWXDFLyQLQWHJUDGDª
,,,&RQGLFLRQHVGHSDUWLFLSDFLyQ
,,, 6LWXDFLyQ SHUVRQDO GH ORV RSHUDGRUHV HFRQyPLFRV LQFOXL
GRVORVUHTXLVLWRVUHODWLYRVDODLQVFULSFLyQHQXQUHJLVWURSURIHVLRQDOR
PHUFDQWLO,,,&DSDFLGDGHFRQyPLFD\ILQDQFLHUD
,,,&DSDFLGDGWpFQLFD
&RQIRUPHDODVEDVHVSDUWLFXODUHV
$SDUWDGR,9SURFHGLPLHQWR
,97LSRGHSURFHGLPLHQWR
,97LSRGHSURFHGLPLHQWRDELHUWR
,9&ULWHULRVGHDGMXGLFDFLyQ
,9&ULWHULRVGHDGMXGLFDFLyQ
9HUEDVHVSDUWLFXODUHV
,9¢6HUHDOL]DUiXQDVXEDVWDHOHFWUyQLFD"©1Rª
,9,QIRUPDFLyQDGPLQLVWUDWLYD
,9 1~PHUR GH UHIHUHQFLD TXH HO SRGHU DGMXGLFDGRU DVLJQD DO
H[SHGLHQWH)HE¶±,'
,93XEOLFDFLRQHVDQWHULRUHVUHIHUHQWHVDOPLVPRFRQWUDWR
)HFKDGHIHEUHURGH%23Q~PDQXQFLRVREUHDSUR
EDFLyQGHODVEDVHVSDUWLFXODUHVSDUDODJHVWLyQLQGLUHFWDGHOSURJUDPD
GHODDFWXDFLyQGHOVHFWRUGHVXHORLQGXVWULDO3$3,,/D6HUUDWHOOD
)HFKDGHIHEUHURGHHQHO'28(
,9&RQGLFLRQHVSDUDODREWHQFLyQGHODVEDVHVJHQHUDOHV\SDU
WLFXODUHVGHSURJUDPDFLyQ
(Q HO SURSLR D\XQWDPLHQWR HQ KRUDULR GH RILFLQD ORV GtDV OXQHV
PDUWHV\MXHYHV
,9 3OD]R GH UHFHSFLyQ GH RIHUWDV \ VROLFLWXGHV GH SDUWLFLSD
FLyQ
'HEHUiFXPSOLPHQWDUVHFRQODVLJXLHQWHH[SUHVLyQ
©/DV SURSRVLFLRQHV GH ORV LQWHUHVDGRV WHQGUiQ TXH SUHVHQWDUVH
FRQ DQWHULRULGDG DO GtD HQ IXQFLyQ GHO SOD]R SUHYLVWR HQ
ODVEDVHVUHJXODGRUDV\VHJ~QVHDODIHFKDGHUHPLVLyQGHODQXQFLRDO
'28(GHOGtDGHIHEUHURGH
9,
,9/HQJXDVHQTXHSXHGHUHGDFWDUVHODRIHUWDRVROLFLWXGGH
SDUWLFLSDFLyQ©(6HVSDxRO\YDOHQFLDQRª
,93OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWH
QHUVXRIHUWDWUHVPHVHVGHVGHODDSHUWXUDGHODSURSRVLFLyQ
©(ODQXQFLRGHOFRQFXUVRGHOSURJUDPDGHDFWXDFLyQLQWHJUDGDIXH
HQYLDGRDO'LDULR2ILFLDOGHOD8QLyQ(XURSHDHQIHFKDª
*XDGDVHTXLHV G¶DEULO GH ± /¶DOFDOGHVVD &DUPHQ 9LGDO
9DOOHV
*XDGDVHTXLHV GH DEULO GH /D DOFDOGHVVD &DUPHQ9LGDO
9DOOHV
,,, 3ULQFLSDOV FRQGLFLRQV GH ILQDQoDPHQW L GH SDJDPHQW LR
UHIHUqQFLDDOHVGLVSRVLFLRQVTXHOHVUHJXOHQ
/¶DJHQW XUEDQLW]DGRU VHUj UHWULEXwW VHJRQV O¶DUWLFOH GH OD /OHL
GH GH GHVHPEUH GH OD *HQHUDOLWDW 9DOHQFLDQD '2*9
GH
,,, )RUPD MXUtGLFD TXH KDXUj G¶DGRSWDU O¶DJUXSDFLy G¶RSHUD
GRUVHFRQzPLFVDGMXGLFDWjULDGHOFRQWUDFWH1RHVOLPLWD
,,,$OWUHVFRQGLFLRQVSDUWLFXODUVDTXqHVWjVXEMHFWDO¶H[HFXFLy
GHOFRQWUDFWH
©9HJHXOHVEDVHVJHQHUDOVLSDUWLFXODUVGHSURJUDPDFLyGHOSURJUD
PDG¶DFWXDFLyLQWHJUDGDª
,,,&RQGLFLRQVGHSDUWLFLSDFLy
,,, 6LWXDFLy SHUVRQDO GHOV RSHUDGRUV HFRQzPLFV LQFORVRV HOV
UHTXLVLWVUHODWLXVDODLQVFULSFLyHQXQUHJLVWUHSURIHVVLRQDORPHUFDQWLO
,,,&DSDFLWDWHFRQzPLFDLILQDQFHUD
,,,&DSDFLWDWWqFQLFD
'¶DFRUGDPEOHVEDVHVSDUWLFXODUV
$SDUWDW,9SURFHGLPHQW
,97LSXVGHSURFHGLPHQW
,97LSXVGHSURFHGLPHQWREHUW
,9&ULWHULVG¶DGMXGLFDFLy
,9&ULWHULVG¶DGMXGLFDFLy
9HJHXOHVEDVHVSDUWLFXODUV
,9(VUHDOLW]DUjXQDVXEKDVWDHOHFWUzQLFD"©1Rª
,9,QIRUPDFLyDGPLQLVWUDWLYD
,9 1~PHUR GH UHIHUqQFLD TXH HO SRGHU DGMXGLFDGRU DVVLJQD D
O¶H[SHGLHQW)HE¶±,'
,93XEOLFDFLRQVDQWHULRUVUHIHUHQWVDOPDWHL[FRQWUDFWH
'DWDGHIHEUHUGH%23Q~PDQXQFLVREUHDSURYD
FLy GH OHV EDVHV SDUWLFXODUV SHU D OD JHVWLy LQGLUHFWD GHO SURJUDPD GH
O¶DFWXDFLyGHOVHFWRUGHVzOLQGXVWULDO3$3,,/D6HUUDWHOOD
'DWDGHIHEUHUGHOHQHO'28(
,9&RQGLFLRQVSHUDO¶REWHQFLyGHOHVEDVHVJHQHUDOVLSDUWLFX
ODUVGHSURJUDPDFLy
(Q HO PDWHL[ DMXQWDPHQW HQ KRUDUL G¶RILFLQD HOV GLHV GLOOXQV
GLPDUWVLGLMRXV
,97HUPLQLGHUHFHSFLyG¶RIHUWHVLVROÂOLFLWXGVGHSDUWLFLSDFLy
Núm
5509 / 10.05.2007
18898
$MXQWDPHQWGH0LVODWD
$\XQWDPLHQWRGH0LVODWD
/LFLWDFLyQ~PHUR6(6HUYLFLGHPDQWHQLPHQWQHWHMD
LFRQVHUJHULDGHODSLVWDG¶DWOHWLVPH,QPDFXODGD)UDQFLV
FR>@
/LFLWDFLyQQ~PHUR6(6HUYLFLRGHPDQWHQLPLHQWR
OLPSLH]D\FRQVHUMHUtDGHODSLVWDGHDWOHWLVPR,QPDFXODGD
)UDQFLVFR>@
$SURYDWPLWMDQoDQWXQ'HFUHWGHO¶$OFDOGLDGHGDWDGHPDUoGH
ODFRQWUDFWDFLyGHOHVSUHVWDFLRQVGHULYDGHVGHOVHUYLFLGHPDQWH
QLPHQW QHWHMD L FRQVHUJHULD GH OD SLVWD G¶DWOHWLVPH ,QPDFXODGD )UDQ
FLVFRV¶H[SRVDDOS~EOLFGXUDQWKXLWGLHVFRPSWDGRUVGHVGHOVHJHQW
DODSUHVHQWSXEOLFDFLyDO¶HIHFWHG¶DWHQGUHUHFODPDFLRQV
$SUREDGRPHGLDQWH'HFUHWRGHOD$OFDOGtDGHIHFKDGHPDU]R
GH OD FRQWUDWDFLyQ GH ODV SUHVWDFLRQHV GHULYDGDV GHO VHUYLFLR GH
PDQWHQLPLHQWR OLPSLH]D \ FRQVHUMHUtD GH OD SLVWD GH DWOHWLVPR ,QPD
FXODGD )UDQFLVFR VH H[SRQH DO S~EOLFR GXUDQWH RFKR GtDV FRQWDGRV
GHVGH HO VLJXLHQWH D OD SUHVHQWH SXEOLFDFLyQ D ORV HIHFWRV GH DWHQGHU
UHFODPDFLRQHV
6LPXOWiQHDPHQWH\VLQSHUMXLFLRGHDSOD]DUFXDQGRUHVXOWHQHFHVD
ULRHOSURFHGLPLHQWRGHDGMXGLFDFLyQHQHOVXSXHVWRGHTXHVHIRUPX
ODUHQUHFODPDFLRQHVFRQWUDHOSOLHJRVHDQXQFLDDWUDYpVGHOSUHVHQWH
FRQFXUVR OD DSHUWXUD GHO SURFHGLPLHQWR GH DGMXGLFDFLyQ HQ OD IRUPD
TXHVHJXLGDPHQWHVHH[SUHVD
(QWLGDGDGMXGLFDGRUD
$\XQWDPLHQWRGH0LVODWD
3OD]DGHOD&RQVWLWXFLyQQž
0LVODWD
7HOpIRQRID[
6HUYLFLRGH&RQWUDWDFLyQ
1žH[SHGLHQWH6(
2EMHWRGHOFRQWUDWRVHUYLFLRGHPDQWHQLPLHQWROLPSLH]D\FRQ
VHUMHUtDGHODSLVWDGHDWOHWLVPR,QPDFXODGD)UDQFLVFR
3OD]RGHHMHFXFLyQGHOFRQWUDWRGRVDxRVSURUURJDEOHDQXDOPHQWH
KDVWDFXDWUR
7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ
7UDPLWDFLyQRUGLQDULD
3URFHGLPLHQWRDELHUWR
)RUPDGHDGMXGLFDFLyQFRQFXUVR
3UHVXSXHVWREDVHGHOLFLWDFLyQ
¼SDUDXQSOD]RGHHMHFXFLyQGHGRVDxRV
*DUDQWtDSURYLVLRQDO
¼
2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ
$\XQWDPLHQWR GH 0LVODWD 3OD]D GH OD &RQVWLWXFLyQ Qž &3
6HUYLFLRGH&RQWUDWDFLyQ7HOpIRQR)D[
5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD
&OiXVXODQRYHQDDUWtFXORF
3UHVHQWDFLyQGHRIHUWDV
(OSOD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHVVHLQLFLDUiFRQODSXEOL
FDFLyQ GHO DQXQFLR GH FRQFXUVR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW
9DOHQFLDQD \ FRQFOXLUi D ORV GtDV QDWXUDOHV VLJXLHQWHV D ORV GH
GLFKDSXEOLFDFLyQHQKRUDVGHD6LHO~OWLPRGtDHVViED
GRRIHVWLYRHOSOD]RDFDEDUiHOVLJXLHQWHKiELOSRVWHULRU
'RFXPHQWDFLyQTXHLQWHJUDUiODVRIHUWDVODTXHILJXUDHQHOSOLHJR
GHFRQGLFLRQHV
/XJDUGHSUHVHQWDFLyQ$\XQWDPLHQWRGH0LVODWD6HUYLFLRGH&RQ
WUDWDFLyQ
3OD]R GXUDQWH HO FXDO HO OLFLWDGRU HVWDUi REOLJDGR D PDQWHQHU VX
RIHUWDWUHVPHVHV
$SHUWXUDGHODVRIHUWDV
(O DFWR GH DSHUWXUD GH SOLFDV WHQGUi OXJDU D ODV KRUDV GHO
PLpUFROHV VLJXLHQWH DO GH WHUPLQDFLyQ GHO SOD]R GH SUHVHQWDFLyQ GH
RIHUWDV(QHOFDVRGHTXHGLFKRGtDIXHUDLQKiELOVHWUDVODGDUiDOGtD
VLJXLHQWHKiELODODPLVPDKRUD
*DVWRVGHDQXQFLRV
'HFXHQWDGHODGMXGLFDWDULR
6LPXOWjQLDPHQW L VHQVH SHUMXt G¶DMRUQDU VL FDO HO SURFHGLPHQW
G¶DGMXGLFDFLyHQHOFDVTXHHVIRUPXODUHQUHFODPDFLRQVFRQWUDHOSOHF
V¶DQXQFLDDWUDYpVGHOSUHVHQWFRQFXUVO¶REHUWXUDGHOSURFHGLPHQWG¶DG
MXGLFDFLyHQODIRUPDTXHDFRQWLQXDFLyV¶H[SUHVVD
(QWLWDWDGMXGLFDGRUD
$MXQWDPHQWGH0LVODWD
3ODoDGHOD&RQVWLWXFLyQ~P
0LVODWD
7HOqIRQID[
6HUYLFLGH&RQWUDFWDFLy
1~PH[SHGLHQW6(
2EMHFWHGHOFRQWUDFWHVHUYLFLGHPDQWHQLPHQWQHWHMDLFRQVHU
JHULDGHODSLVWDG¶DWOHWLVPH,QPDFXODGD)UDQFLVFR
7HUPLQLG¶H[HFXFLyGHOFRQWUDFWHGRVDQ\VSURUURJDEOHDQXDOPHQW
ILQVDTXDWUH
7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy
7UDPLWDFLyRUGLQjULD
3URFHGLPHQWREHUW
)RUPDG¶DGMXGLFDFLyFRQFXUV
3UHVVXSRVWGHODEDVHGHOLFLWDFLy
¼SHUDXQWHUPLQLG¶H[HFXFLyGHGRVDQ\V
*DUDQWLDSURYLVLRQDO
¼
2EWHQFLyGHGRFXPHQWDFLyLLQIRUPDFLy
$MXQWDPHQWGH0LVODWD3ODoDGHOD&RQVWLWXFLyQ~P&3
6HUYLFLGH&RQWUDFWDFLy7HOqIRQ)D[
5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD
&OjXVXODQRYHQDDUWLFOHF
3UHVHQWDFLyG¶RIHUWHV
(OWHUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQVV¶LQLFLDUjDPEODSXEOL
FDFLyGHO¶DQXQFLGHFRQFXUVHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQ
FLDQDLFRQFORXUjDOVGLHVQDWXUDOVVHJHQWVDOVGHODGLWDSXEOLFD
FLy HQ KRUHV GH D 6L O¶~OWLP GLD pV GLVVDEWH R IHVWLX HO
WHUPLQLDFDEDUjHOVHJHQWKjELOSRVWHULRU
'RFXPHQWDFLyTXHLQWHJUDUjOHVRIHUWHVODTXHILJXUDHQHOSOHFGH
FRQGLFLRQV
/ORF GH SUHVHQWDFLy$MXQWDPHQW GH 0LVODWD 6HUYLFL GH &RQWUDF
WDFLy
7HUPLQL GXUDQW HO TXDO HO OLFLWDGRU HVWDUj REOLJDW D PDQWLQGUH OD
VHXDRIHUWDWUHVPHVRV
2EHUWXUDGHOHVRIHUWHV
/¶DFWHG¶REHUWXUDGHSOLTXHVWLQGUjOORFDOHVKRUHVGHOGLPH
FUHVVHJHQWDOGHILQDOLW]DFLyGHOWHUPLQLGHSUHVHQWDFLyG¶RIHUWHV6L
HVWHGLDpVLQKjELOHVWUDVOODGDUjDO¶HQGHPjKjELODODPDWHL[DKRUD
'HVSHVHVG¶DQXQFLV
'HFRPSWHGHO¶DGMXGLFDWDUL
0LVODWDGHPDUoGH/¶DOFDOGH0DQXHO&RUUHGHUD6DQF
KLV
0LVODWDGHPDU]RGH(ODOFDOGH0DQXHO&RUUHGHUD6DQF
KLV
Núm
5509 / 10.05.2007
8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD
/LFLWDFLy GH O¶H[SHGLHQW Q~PHUR 0<,&20$96
$GTXLVLFLyG¶XQXOWUDPLFURWRPR>@
(QWLWDWDGMXGLFDGRUD
D2UJDQLVPH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD
E'HSHQGqQFLDTXHWUDPLWDO¶H[SHGLHQW6HUYHLGH&RQWUDFWDFLy
F1~PHURG¶H[SHGLHQW0<,&20$96
2EMHFWHGHOFRQWUDFWH
D'HVFULSFLyGHO¶REMHFWH$GTXLVLFLyG¶XQXOWUDPLFURWRPR
E'LYLVLySHUORWVLQRPEUHV
1RPEUH/RW
'HVFULSFLy$GTXLVLFLyG¶XQXOWUDPLFURWRPR
3UHVVXSRVW%DVH/LFLWDFLyHXURV
F/ORFG¶H[HFXFLy
/RW8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLD,QVWLWXW8QLYHUVLWDULSHU
DODFRQVHUYDFLyLPLOORUDGHO¶DJURGLYHUVLGDGYDOHQFLDQD&DPSXVGH
9HUD9DOqQFLD
G7HUPLQLG¶H[HFXFLyPHVRV
7UDPLWDFLySURFHGLPHQWLIRUPDG¶DGMXGLFDFLy
D7UDPLWDFLyRUGLQjULD
E3URFHGLPHQWREHUW
F)RUPDFRQFXUVS~EOLF
3UHVVXSRVWEDVHGHOLFLWDFLy
,PSRUWWRWDOHXURV
*DUDQWLHV
3URYLVLRQDO1RV¶H[LJHL[
2EWHQFLyGHGRFXPHQWVLG¶LQIRUPDFLy
D(QWLWDW'LD]RWHFKRUDULKDKLGHKDKGHGLOOXQVD
GLYHQGUHV
E$GUHoD&RPWHG¶DOWHD
F/RFDOLWDWL&RGL3RVWDO9DOqQFLD
G7HO
H)D[
I'DWDOtPLWSHUDREWHQLUGRFXPHQWVLLQIRUPDFLy)LQVDO¶~OWLP
GLDGHSUHVHQWDFLyG¶RIHUWHV
5HTXLVLWVHVSHFtILFVGHOFRQWUDFWLVWD
D$FUHGLWDFLy GH OD VROYqQFLD HFRQzPLFD L ILQDQFHUD L WqFQLFD R
SURIHVVLRQDOGHFRQIRUPLWDWDPEHOTXDGUHGHFDUDFWHUtVWLTXHVGHOSOHF
GH&OjXVXOHV$GPLQLVWUDWLYHV3DUWLFXODUV
3UHVHQWDFLyGHOHVRIHUWHVRGHOHVVROÂOLFLWXGVGHSDUWLFLSDFLy
D 'DWD OtPLW GH SUHVHQWDFLy (O SHUtRGH SHU D OD SUHVHQWDFLy GH
SURSRVLFLRQVVHUjGHGLHVQDWXUDOVFRPSWDGRUVGHVGHO¶HQGHPjGH
ODSXEOLFDFLyHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDG¶DTXHVW
DQXQFL
6LO¶~OWLPGLDGHWHUPLQLFRLQFLGLUDHQGLVVDEWHRGLDLQKjELOV¶HQ
WHQGUjTXHHVWHWHUPLQLH[SLUDO¶LPPHGLDWGLDKjELOSRVWHULRU
E 'RFXPHQWDFLy TXH FDO SUHVHQWDU HV SUHVHQWDUDQ HQ WUHV VREUHV
VHSDUDWV$%L&HOVGRFXPHQWVVHJHQWV
6REUHµ$¶2IHUWD
6REUHµ%¶&DSDFLWDWSHUDFRQWUDFWDU
6REUHµ&¶'RFXPHQWDFLyWqFQLFD
7RWDL[zHQODIRUPDGHWHUPLQDGDHQHOSOHFGHFOjXVXOHVDGPLQLV
WUDWLYHVSDUWLFXODUV
F /HV JHVWLRQV UHIHUHQWV D OD FDSDFLWDW SHU D FRQWUDFWDU GH OHV
HPSUHVHVLQWHUHVVDGHVHQSDUWLFLSDUKLDODFRQWUDFWDFLyHVIDUDQDOHV
XQLWDWVFRUUHVSRQHQWVGH8QLYHUVLWDW3ROLWqFQLFDGH9DOqQFLDILQVDOHV
KRUHVDQWHULRUVDODILGHOWHUPLQLGHSUHVHQWDFLyGHSURSRVLFLRQV
G/ORFGHSUHVHQWDFLy
U± (QWLWDW 5HJLVWUH *HQHUDO GH OD 8QLYHUVLWDW 3ROLWqFQLFD GH
9DOqQFLD
Q±$GUHoD&DPtGH9HUDVQ
U±/RFDOLWDWL&RGL3RVWDO9DOqQFLD
18899
8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD
/LFLWDFLyQ GHO H[SHGLHQWH Q~PHUR 0<,&20$96
$GTXLVLFLyQGHXQXOWUDPLFURWRPR>@
(QWLGDGDGMXGLFDGRUD
D2UJDQLVPR8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD
E 'HSHQGHQFLD TXH WUDPLWD HO H[SHGLHQWH 6HUYLFLR GH &RQWUDWD
FLyQ
F1~PHURGHH[SHGLHQWH0<,&20$96
2EMHWRGHOFRQWUDWR
D'HVFULSFLyQGHOREMHWR$GTXLVLFLyQGHXQXOWUDPLFURWRPR
E'LYLVLyQSRUORWHV\Q~PHUR
1~P/RWH
'HVFULSFLyQ$GTXLVLFLyQGHXQXOWUDPLFURWRPR
3UHVXSXHVWR%DVH/LFLWDFLyQHXURV
F/XJDUGHHMHFXFLyQ
/RWH 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD ,QVWLWXWR 8QLYHUVL
WDULR SDUD OD FRQVHUYDFLyQ \ PHMRUD GH OD DJURGLYHUVLGDG YDOHQFLDQD
&DPSXVGH9HUD9DOHQFLD
G3OD]RGHHMHFXFLyQPHVHV
7UDPLWDFLyQSURFHGLPLHQWR\IRUPDGHDGMXGLFDFLyQ
D7UDPLWDFLyQRUGLQDULD
E3URFHGLPLHQWRDELHUWR
F)RUPDFRQFXUVRS~EOLFR
3UHVXSXHVWREDVHGHOLFLWDFLyQ
,PSRUWHWRWDOHXURV
*DUDQWtDV
3URYLVLRQDO1RVHH[LJH
2EWHQFLyQGHGRFXPHQWDFLyQHLQIRUPDFLyQ
D(QWLGDG'LD]RWHFKRUDULRKDK\GHKDKGHOXQHV
DYLHUQHV
E'RPLFLOLR&RQGH$OWHD
F/RFDOLGDG\FyGLJRSRVWDO9DOHQFLD
G7HO
H)D[
I)HFKDOtPLWHGHREWHQFLyQGHGRFXPHQWRVHLQIRUPDFLyQ+DVWD
HO~OWLPRGtDGHSUHVHQWDFLyQGHRIHUWDV
5HTXLVLWRVHVSHFtILFRVGHOFRQWUDWLVWD
D$FUHGLWDFLyQGHODVROYHQFLDHFRQyPLFD\ILQDQFLHUD\WpFQLFDR
SURIHVLRQDOGHFRQIRUPLGDGFRQHO&XDGURGH&DUDFWHUtVWLFDVGHOSOLH
JRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHV
3UHVHQWDFLyQGHODVRIHUWDVRGHODVVROLFLWXGHVGHSDUWLFLSDFLyQ
D)HFKDOtPLWHGHSUHVHQWDFLyQ(OSHULRGRSDUDODSUHVHQWDFLyQGH
SURSRVLFLRQHVVHUiGHGtDVQDWXUDOHVDFRQWDUGHVGHHOGtDVLJXLHQWH
D OD SXEOLFDFLyQ GH HVWH DQXQFLR HQ HO 'LDUL 2ILFLDO GH OD &RPXQLWDW
9DOHQFLDQD
6L HO ~OWLPR GtD GH SOD]R FRLQFLGLHUD HQ ViEDGR R GtD LQKiELO VH
HQWHQGHUiTXHHVWHSOD]RH[SLUDHOLQPHGLDWRGtDKiELOSRVWHULRU
E'RFXPHQWDFLyQDSUHVHQWDUVHSUHVHQWDUiQHQWUHVVREUHVVHSD
UDGRV$%\&ORVGRFXPHQWRVVLJXLHQWHV
6REUHµ$¶2IHUWD
6REUHµ%¶&DSDFLGDGSDUDFRQWUDWDU
6REUHµ&¶'RFXPHQWDFLyQWpFQLFD
7RGRHOORHQODIRUPDGHWHUPLQDGDHQHOSOLHJRGHFOiXVXODVDGPL
QLVWUDWLYDVSDUWLFXODUHV
F /DV JHVWLRQHV UHODWLYDV D OD FDSDFLGDG SDUD FRQWUDWDU GH ODV
HPSUHVDV TXH HVWpQ LQWHUHVDGDV HQ SDUWLFLSDU HQ OD FRQWUDWDFLyQ VH
UHDOL]DUiQ HQ ODV XQLGDGHV FRUUHVSRQGLHQWHV GH OD 8QLYHUVLGDG 3ROL
WpFQLFDGH9DOHQFLDKDVWDODVKRUDVDQWHULRUHVDODILQDOL]DFLyQGHO
SOD]RGHSUHVHQWDFLyQGHSURSRVLFLRQHV
G/XJDUGHSUHVHQWDFLyQ
ž (QWLGDG 5HJLVWUR *HQHUDO GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH
9DOHQFLD
ž'RPLFLOLR&DPLQRGH9HUDVQ
/RFDOLGDG\&yGLJR3RVWDO9DOHQFLD
Núm
5509 / 10.05.2007
2 HQ TXDOVHYRO DOWUH OORF GH SUHVHQWDFLy G¶DFRUG DPE O¶DUWLFOH GHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPL
QLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
H 7HUPLQL GXUDQW HO TXDO OD SHUVRQD OLFLWDGRUD HVWDUj REOLJDGD D
PDQWHQLUODVHXDRIHUWD7UHVPHVRV
I$GPLVVLyGHYDULDQWV1R
$EHUWXUDG¶RIHUWHV
D (QWLWDW 8QLYHUVLWDW 3ROLWqFQLFD GH9DOqQFLD 6DOD GH 5HXQLRQHV
3ODQWD(GLILFL5HFWRUDW
E$GUHoD&DPtGH9HUDVQ
F/RFDOLWDW9DOqQFLD
G'DWD$FDEDGDODTXDOLILFDFLyGHOVGRFXPHQWVLQFORVRVDOVREUH
% OD PHVD GH FRQWUDFWDFLy DFRUGDUj OD GDWD G¶REHUWXUD GH SOLTXHV OD
TXDOV¶H[SRVDUjDOWDXOHUG¶DQXQFLVLHVFRPXQLFDUjSHUID[DOVOLFLWD
GRUV
H+RUD
$OWUHVLQIRUPDFLRQV
1RSURFHGHL[
'HVSHVHVG¶DQXQFLV
/¶LPSRUWG¶DTXHVWDQXQFLDQLUjDFjUUHFGHOVDGMXGLFDWDULV
'DWDG¶HQYLDPHQWGHO¶DQXQFLDO'LDUL2ILFLDOGHOD8QLy(XUR
SHD1RSURFHGHL[
9DOHQFLDG¶DEULOGH(OUHFWRU-XDQ-XOLi,JXDO
18900
2HQFXDOTXLHURWUROXJDUGHSUHVHQWDFLyQSUHYLVWRHQHODUWGH
OD/H\GHGHQRYLHPEUHGH5pJLPHQ-XUtGLFRGHODV$GPL
QLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q
H3OD]RGXUDQWHHOFXDOHOOLFLWDGRUHVWDUiREOLJDGRDPDQWHQHUVX
RIHUWD7UHVPHVHV
I$GPLVLyQGHYDULDQWHV1R
$SHUWXUDGHRIHUWDV
D(QWLGDG8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD6DODGH5HXQLRQHV
3ODQWD(GLILFLR5HFWRUDGR
E'RPLFLOLR&DPLQRGH9HUDVQ
F/RFDOLGDG9DOHQFLD
G )HFKD )LQDOL]DGD OD FDOLILFDFLyQ GH ORV GRFXPHQWRV LQFOXLGRV
HQHOVREUH%ODPHVDGHFRQWUDWDFLyQDFRUGDUiODIHFKDGHDSHUWXUDGH
SOLFDVTXHVHH[SRQGUiHQHOWDEOyQGHDQXQFLRV\VHFRPXQLFDUiSRU
ID[DORVOLFLWDQWHV
H+RUD
2WUDVLQIRUPDFLRQHV
1RSURFHGH
*DVWRVGHDQXQFLRV
/RV JDVWRV GH SXEOLFDFLyQ GHO SUHVHQWH DQXQFLR VHUiQ SRU FXHQWD
GHODGMXGLFDWDULR
)HFKDGHHQYtRGHODQXQFLRDO'LDULR2ILFLDOGHOD8QLyQ(XURSHD
QRSURFHGH
9DOHQFLDGHDEULOGH(OUHFWRU-XDQ-XOLi,JXDO
Núm
5509 / 10.05.2007
&RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
18901
&RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
5(62/8&,ÏGHG¶DEULOGHGHOD'LUHFFLy*HQH
UDOG¶(QHUJLDSHUODTXDOV¶DWRUJDD*DV1DWXUDO'LVWUL
EXFLyQ 6'* 6$ O¶DXWRULW]DFLy DGPLQLVWUDWLYD L V¶DSUR
YD HO SURMHFWH G¶H[HFXFLy SHU D OD FRQVWUXFFLy GH OHV
LQVWDO‡ODFLRQV FRUUHVSRQHQWV DO JDVRGXFWH GH JDV QDWXUDO
FRQVLVWHQWHQGHVSODoDPHQWHQDOWDSUHVVLy$$3$HQ
HO 3URJUDPD G¶$FWXDFLy ,QWHJUDGD (O 7DEDFK DO WHUPH
PXQLFLSDO GH &KHVWH SURYtQFLD GH 9DOqQFLD &%5('(
>@
5(62/8&,ÏGHG¶DEULOGHGHOD'LUHFFLy*HQH
UDOG¶(QHUJLDSHUODTXDOV¶DWRUJDD*DV1DWXUDO'LVWUL
EXFLyQ 6'* 6$ O¶DXWRULW]DFLy DGPLQLVWUDWLYD L V¶DSUR
YD HO SURMHFWH G¶H[HFXFLy SHU D OD FRQVWUXFFLy GH OHV
LQVWDO‡ODFLRQV FRUUHVSRQHQWV DO JDVRGXFWH GH JDV QDWXUDO
FRQVLVWHQWHQGHVSODoDPHQWHQDOWDSUHVVLy$$3$HQ
HO 3URJUDPD G¶$FWXDFLy ,QWHJUDGD (O 7DEDFK DO WHUPH
PXQLFLSDO GH &KHVWH SURYtQFLD GH 9DOqQFLD &%5('(
>@
9LVW O¶H[SHGLHQW DPE UHIHUqQFLD &%5('( LQFRDW SHO
6HUYLFL 7HUULWRULDO G¶(QHUJLD GH 9DOqQFLD D LQVWjQFLD GH *DV 1DWXUDO
'LVWULEXFLyQ 6'* 6$ DPE GRPLFLOL DOV HIHFWHV GH QRWLILFDFLRQV D
9DOqQFLD*UDYDGRU(VWHYHUHODWLXDODVROÂOLFLWXGG¶DXWR
ULW]DFLyDGPLQLVWUDWLYDGHGHQRYHPEUHGHLO¶DSURYDFLyGHO
SURMHFWHG¶H[HFXFLySHUDODFRQVWUXFFLyGHOHVLQVWDOÂODFLRQVFRUUHVSR
QHQWVDOJDVRGXFWHGHJDVQDWXUDOFRQVLVWHQWHQHOGHVSODoDPHQWHQDOWD
SUHVVLy$$3$HQHO3URJUDPDG¶$FWXDFLy,QWHJUDGD(O7DEDFKDO
WHUPHPXQLFLSDOGH&KHVWHSURYtQFLDGH9DOqQFLD
9LVWR HO H[SHGLHQWH FRQ UHIHUHQFLD &%5('( LQFRDGR
SRUHO6HUYLFLR7HUULWRULDOGH(QHUJtDGH9DOHQFLDDLQVWDQFLDGH*DV
1DWXUDO'LVWULEXFLyQ6'*6$FRQGRPLFLOLRDHIHFWRVGHQRWLILFD
FLRQHVHQ9DOHQFLD*UDEDGRU(VWHYHUHODWLYRDODVROLFL
WXGGHDXWRUL]DFLyQDGPLQLVWUDWLYDGHIHFKDGHQRYLHPEUHGH
\ODDSUREDFLyQGHOSUR\HFWRGHHMHFXFLyQSDUDODFRQVWUXFFLyQGHODV
LQVWDODFLRQHVFRUUHVSRQGLHQWHVDOJDVRGXFWRGHJDVQDWXUDOFRQVLVWHQWH
HQ HO GHVSOD]DPLHQWR HQ$OWD 3UHVLyQ$ $3$ HQ HO 3URJUDPD GH
$FWXDFLyQ,QWHJUDGD³(O7DEDFK´HQHOWpUPLQRPXQLFLSDOGH&KHVWH
SURYLQFLDGH9DOHQFLD
6H DGMXQWD SUR\HFWR ILUPDGR SRUHO ,QJHQLHUR ,QGXVWULDO 'RQ
-RDTXtQ&RVWD0RUHQR\YLVDGRSRUHO&ROHJLRGH,QJHQLHURV,QGXVWUL
DOHVGHOD&RPXQLGDG9DOHQFLDQD'HPDUFDFLyQGH9DOHQFLDHQIHFKD
GHVHSWLHPEUHGH
5HVXOWDQGRTXHIXHUHDOL]DGDODLQIRUPDFLyQS~EOLFDDTXHVHKDFH
UHIHUHQFLDHQOD/H\GHGHRFWXEUHGHO6HFWRUGH+LGURFDU
EXURV\HQHO5HDO'HFUHWRGHGHGLFLHPEUHSRUHOTXH
VH UHJXODQ ODV DFWLYLGDGHV GH7UDQVSRUWH 'LVWULEXFLyQ &RPHUFLDOL]D
FLyQ6XPLQLVWUR\3URFHGLPLHQWRVGH$XWRUL]DFLyQGHLQVWDODFLRQHVGH
JDVQDWXUDOPHGLDQWHDQXQFLRVHQHO%ROHWtQ2ILFLDOGHOD3URYLQFLDGH
9DOHQFLDHOGtDGHHQHURGHHQHO'LDUL2ILFLDOGHOD&RPX
QLGDG9DOHQFLDQD GH GH IHEUHUR GH \ HQ ORV GLDULRV GH SUHQVD
³$%&´\³(O0XQGR³GHOGtDGHHQHURGH
6HJ~Q FRQVWD HQ HO H[SHGLHQWH UHPLWLGR QR KDQ VLGR SUHVHQWDGDV
DOHJDFLRQHVDODSHWLFLyQHIHFWXDGD
$3$EDU3EDU
5HVXOWDQGRTXHGHFRQIRUPLGDGFRQODVROLFLWXGHIHFWXDGD\VHJ~Q
OR HVWDEOHFLGR HQ HO 5HDO 'HFUHWR VH UHPLWLy VHSDUDWD GH
OD LQVWDODFLyQ SUR\HFWDGD DO$\XQWDPLHQWR GH &KHVWH ~QLFR DIHFWDGR
FRQWHQLHQGRODVFDUDFWHUtVWLFDVJHQHUDOHVGHODLQVWDODFLyQDORVHIHF
WRVGHHVWDEOHFHUHORSRUWXQRFRQGLFLRQDGRWpFQLFR
(OFLWDGR$\XQWDPLHQWRUHPLWLyLQIRUPHIDYRUDEOHFRQORVFRQGL
FLRQDGRV TXH HQ HO PLVPR VH FRQWLHQHQ GHO TXH VH GLR WUDVODGR D OD
HPSUHVDSHWLFLRQDULDDFHSWDQGRpVWDHOFRQWHQLGRGHORVPLVPRV
5HVXOWDQGRTXH*DV1DWXUDO'LVWULEXFLyQ6'*6$VHHQFXHQ
WUDLQVFULWDGHILQLWLYDPHQWHHQOD6HFFLyQ3ULPHUDGHO5HJLVWUR$GPL
QLVWUDWLYRGH'LVWULEXLGRUHV&RPHUFLDOL]DGRUHV\&RQVXPLGRUHV&XD
OLILFDGRVFRQiPELWRGHDFWXDFLyQQDFLRQDO
5HVXOWDQGRTXHGHDFXHUGRFRQODVROLFLWXG\HOSUR\HFWRSUHVHQWD
GRODILQDOLGDGTXHVHSHUVLJXHFRQODFRQVWUXFFLyQGHHVWDLQVWDODFLyQ
HVHOGHVSOD]DPLHQWRGHODUHGH[LVWHQWHGHELGRDO3URJUDPDGH$FWXD
FLyQ,QWHJUDGD³(O7DEDFK´HQHOWpUPLQRPXQLFLSDOGH&KHVWH
5HVXOWDQGR TXH HO 6HUYLFLR 7HUULWRULDO GH (QHUJtD GH 9DOHQFLD
HQFDUJDGRGHODLQVWUXFFLyQGHOH[SHGLHQWHGHVROLFLWXGKDLQIRUPDGR
IDYRUDEOHPHQWHODPLVPD
&RQVLGHUDQGRHOFRQWHQLGRGHODUWtFXORGHO&DStWXOR9GHOD/H\
GHGHRFWXEUHGHOVHFWRUGHKLGURFDUEXURVPRGLILFDGRSRU
HO 5HDO 'HFUHWR GH GH PDU]R GH PHMRUDV XUJHQWHV SDUD HO
LPSXOVRDODSURGXFWLYLGDG\SDUDODPHMRUDGHODFRQWUDWDFLyQS~EOLFD
VREUH OD DXWRUL]DFLyQ GH LQVWDODFLRQHV GH GLVWULEXFLyQ GH JDV QDWXUDO
FRQWHQLGR\UHTXLVLWRVGHODPLVPDDVtFRPRTXHVHUiQRWRUJDGDVSRU
ODDGPLQLVWUDFLyQFRPSHWHQWHVLQSHUMXLFLRGHODVFRQFHVLRQHV\DXWR
UL]DFLRQHVTXHVHDQQHFHVDULDVGHDFXHUGRFRQRWUDVGLVSRVLFLRQHVTXH
UHVXOWHQDSOLFDEOHVODFRUUHVSRQGLHQWHOHJLVODFLyQVHFWRULDO\HQHVSH
FLDOODVUHODWLYDVDODRUGHQDFLyQGHOWHUULWRULR\DOPHGLRDPELHQWH
6¶DGMXQWD HO SURMHFWH ILUPDW SHU O¶HQJLQ\HU LQGXVWULDO 6U-RDTXtQ
&RVWD0RUHQRLYLVDWSHO&ROÂOHJLG¶(QJLQ\HUV,QGXVWULDOVGHOD&RPX
QLWDW 9DOHQFLDQD 'HPDUFDFLy GH 9DOqQFLD HQ GDWD GH VHWHPEUH GH
9LVWTXHYDVHUUHDOLW]DGDODLQIRUPDFLyS~EOLFDDTXqHVIDUHIHUqQ
FLDHQOD/OHLGHG¶RFWXEUHGHO6HFWRUG¶+LGURFDUEXUVLHQ
HO5HLDO'HFUHWGHGHGHVHPEUHSHOTXDOHVUHJXOHQOHV
DFWLYLWDWV GH WUDQVSRUW GLVWULEXFLy FRPHUFLDOLW]DFLy VXEPLQLVWUDPHQW
LSURFHGLPHQWVG¶DXWRULW]DFLyG¶LQVWDOÂODFLRQVGHJDVQDWXUDOSHUPLWMj
G¶DQXQFLV HQ HO %XWOOHWt 2ILFLDO GH OD 3URYtQFLD GH 9DOqQFLD HO GH
JHQHUGHHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDGHGH
IHEUHUGHLHQHOVGLDULVGHSUHPVD$%&L(O0XQGRGHOGH
JHQHUGH
6HJRQVFRQVWDHQO¶H[SHGLHQWUHPpVQRV¶KDQSUHVHQWDWDOÂOHJDFLRQV
DODSHWLFLyHIHFWXDGD
$3$EDU3EDU
9LVWTXHGHFRQIRUPLWDWDPEODVROÂOLFLWXGHIHFWXDGDLVHJRQVHOTXH
HVWDEOL[HO5HLDO'HFUHWHVYDUHPHWUHVHSDUDWDGHODLQVWDO
ODFLySURMHFWDGDDO¶$MXQWDPHQWGH&KHVWH~QLFDIHFWDWTXHFRQWHQLD
OHVFDUDFWHUtVWLTXHVJHQHUDOVGHODLQVWDOÂODFLyDOVHIHFWHVG¶HVWDEOLUOHV
FRQGLFLRQVWqFQLTXHVRSRUWXQHV
/¶HVPHQWDW$MXQWDPHQWYDUHPHWUHLQIRUPHIDYRUDEOHDPEOHVFRQ
GLFLRQVTXHHVWHFRQWpHOTXDOHVYDWUDVOODGDUDO¶HPSUHVDSHWLFLRQjULD
LHVWDYDDFFHSWDUHOFRQWLQJXWG¶HVWHV
9LVW TXH *DV 1DWXUDO 'LVWULEXFLyQ 6'* 6$ HV WURED LQVFULWD
GHILQLWLYDPHQWHQOD6HFFLy3ULPHUDGHO5HJLVWUH$GPLQLVWUDWLXGH'LV
WULEXwGRUV &RPHUFLDOLW]DGRUV L &RQVXPLGRUV 4XDOLILFDWV DPE jPELW
G¶DFWXDFLyQDFLRQDO
9LVWTXHG¶DFRUGDPEODVROÂOLFLWXGLHOSURMHFWHSUHVHQWDWODILQDOL
WDWTXHHVSHUVHJXL[DPEODFRQVWUXFFLyG¶HVWDLQVWDOÂODFLypVHOGHVSOD
oDPHQWGHOD[DU[DH[LVWHQWDFDXVDGHO3URJUDPDG¶$FWXDFLy,QWHJUDGD
(O7DEDFKDOWHUPHPXQLFLSDOGH&KHVWH
9LVWTXHHO6HUYLFL7HUULWRULDOG¶(QHUJLDGH9DOqQFLDHQFDUUHJDWGH
OD LQVWUXFFLy GH O¶H[SHGLHQW GH VROÂOLFLWXG KD LQIRUPDW IDYRUDEOHPHQW
HVWD
$WpVHOFRQWLQJXWGHO¶DUWLFOHGHOFDStWRO9GHOD/OHL
GHG¶RFWXEUHGHO6HFWRUG¶+LGURFDUEXUVPRGLILFDWSHO5HLDO'HFUHW
G¶GHPDUoGHPLOORUHVXUJHQWVSHUDO¶LPSXOVDODSURGXF
WLYLWDWLSHUDODPLOORUDGHODFRQWUDFWDFLyS~EOLFDVREUHO¶DXWRULW]DFLy
G¶LQVWDOÂODFLRQVGHGLVWULEXFLyGHJDVQDWXUDOFRQWLQJXWLUHTXLVLWVG¶HV
WDDL[tFRPTXHVHUDQDWRUJDGHVSHUO¶DGPLQLVWUDFLyFRPSHWHQWVHQVH
SHUMXt GH OHV FRQFHVVLRQV L OHV DXWRULW]DFLRQV TXH VLJXHQ QHFHVVjULHV
G¶DFRUG DPE DOWUHV GLVSRVLFLRQV TXH UHVXOWHQ DSOLFDEOHV OD FRUUHVSR
QHQW OHJLVODFLy VHFWRULDO L HQ HVSHFLDO OHV UHODWLYHV D O¶RUGHQDFLy GHO
WHUULWRULLDOPHGLDPELHQW
Núm
5509 / 10.05.2007
18902
$3$EDU3EDU
(VWD DXWRULW]DFLy TXHGDUj VRWPHVD D OHV FRQGLFLRQV TXH ILJXUHQ D
FRQWLQXDFLy
&RQVLGHUDQGRTXHVHKDQFXPSOLGRORVWUiPLWHVHVWDEOHFLGRVHQHO
7tWXOR,9GHO5HDO'HFUHWRGHGHGLFLHPEUHSRUHOTXH
VH UHJXODQ ODV DFWLYLGDGHV GH WUDQVSRUWH GLVWULEXFLyQ FRPHUFLDOL]D
FLyQVXPLQLVWUR\SURFHGLPLHQWRVGHDXWRUL]DFLyQGHLQVWDODFLRQHVGH
JDVQDWXUDO\HQSDUWLFXODUHQHO&DStWXOR,GHO7tWXOR,,,GHOPLVPR
UHVSHFWRDODVROLFLWXGGHDFRPHWLGD
&RQVLGHUDQGRDOD'LUHFFLyQ*HQHUDOGH(QHUJtDFRPSHWHQWHSDUD
OD5HVROXFLyQGHOSUHVHQWHH[SHGLHQWHGHDFXHUGRFRQORGLVSXHVWRHQ
HODUWtFXORGHO'HFUHWRGHGHRFWXEUHGHO&RQVHOOGHOD
*HQHUDOLWDWSRUHOTXHVHDSUXHEDHO5HJODPHQWR2UJiQLFR\)XQFLR
QDOGHODFRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
(VWD'LUHFFLyQ*HQHUDOGH(QHUJtDUHVXHOYH
, 2WRUJDU DXWRUL]DFLyQ DGPLQLVWUDWLYD D OD HPSUHVD *DV 1DWXUDO
'LVWULEXFLyQ 6'* 6$ SDUD SDUD OD FRQVWUXFFLyQ GH ODV LQVWDODFLR
QHVFRUUHVSRQGLHQWHVDOJDVRGXFWRGHJDVQDWXUDOFRQVLVWHQWHHQ³GHV
SOD]DPLHQWRHQ$OWD3UHVLyQ$$3$HQHO3URJUDPDGH$FWXDFLyQ
,QWHJUDGD ³(O7DEDFK´ HQ HO WpUPLQR PXQLFLSDO GH &KHVWH SURYLQFLD
GH9DOHQFLD
$3$EDU3EDU
/D SUHVHQWH DXWRUL]DFLyQ TXHGDUi VRPHWLGD D ODV FRQGLFLRQHV TXH
ILJXUDQDFRQWLQXDFLyQ
3ULPHUD
/D FRPSDQ\LD *DV 1DWXUDO 'LVWULEXFLyQ 6'* 6$ FRPSOLUj OHV
REOLJDFLRQV TXH HVWULFWDPHQW V¶DVVHQ\DOHQ HQ O¶DUWLFOH 2EOLJDFLRQV
GHOV GLVWULEXwGRUV GH JDV QDWXUDO L HQ HO SXQW GH O¶DUWLFOH 2EOL
JDFLRQV L GUHWV GHOV 'LVWULEXwGRUV L &RPHUFLDOLW]DGRUV HQ UHODFLy DPE
HO VXEPLQLVWUDPHQW GH OD /OHL GH G¶RFWXEUH GHO 6HFWRU
G¶+LGURFDUEXUVDL[tFRPHQHOSXQWGHO¶DUWLFOHGHO5HLDO'HFUHW
GH GH GHVHPEUH SHO TXDO HV UHJXOHQ OHV DFWLYLWDWV GH
WUDQVSRUW GLVWULEXFLy FRPHUFLDOLW]DFLy VXEPLQLVWUDPHQW L SURFHGL
PHQWVG¶DXWRULW]DFLyG¶LQVWDOÂODFLRQVGHJDVQDWXUDO(QHVSHFLDOHVWDUj
REOLJDGD D SURFHGLU D O¶DPSOLDFLy GH OHV LQVWDOÂODFLRQV GH GLVWULEXFLy
HQO¶jPELWJHRJUjILFGHODVHXDDXWRULW]DFLyTXDQVLJDQHFHVVDULDWHQ
GUHQRYHVGHPDQGHVGHVXEPLQLVWUDPHQWGHJDVVHQVHSHUMXtGHOTXH
UHVXOWH GH O¶DSOLFDFLy GHO UqJLP UHJODPHQWjULDPHQW HVWDEOLW SHU D OHV
FRQQH[LRQV
3ULPHUD
/D&RPSDxtD*DV1DWXUDO'LVWULEXFLyQ6'*6$FXPSOLUiFRQ
ODVREOLJDFLRQHVTXHHVWULFWDPHQWHVHVHxDODQHQHODUWtFXOR³2EOLJD
FLRQHVGHORVGLVWULEXLGRUHVGHJDVQDWXUDO´\HQHOSXQWRGHODUWtFXOR
³2EOLJDFLRQHV\GHUHFKRVGHORV'LVWULEXLGRUHV\&RPHUFLDOL]DGR
UHVHQUHODFLyQDOVXPLQLVWUR´GHOD/H\GHGHRFWXEUHGHO
6HFWRU GH +LGURFDUEXURV DVt FRPR HQ HO SXQWR GHO DUWtFXOR GHO
5HDO 'HFUHWR GH GH GLFLHPEUH SRU HO TXH VH UHJXODQ
ODVDFWLYLGDGHVGHWUDQVSRUWHGLVWULEXFLyQFRPHUFLDOL]DFLyQVXPLQLV
WUR \ SURFHGLPLHQWRV GH DXWRUL]DFLyQ GH LQVWDODFLRQHV GH JDV QDWXUDO
(QHVSHFLDOYHQGUiREOLJDGDDSURFHGHUDODDPSOLDFLyQGHODVLQVWD
ODFLRQHV GH GLVWULEXFLyQ HQ HO iPELWR JHRJUiILFR GH VX DXWRUL]DFLyQ
FXDQGRVHDQHFHVDULRDWHQGHUQXHYDVGHPDQGDVGHVXPLQLVWURGHJDV
VLQSHUMXLFLRGHORTXHUHVXOWHGHODDSOLFDFLyQGHOUpJLPHQUHJODPHQ
WDULDPHQWHHVWDEOHFLGRSDUDODVDFRPHWLGDV
6HJRQD
(O WLWXODU G¶HVWD DXWRULW]DFLy GLVIUXWDUj FRP D GLVWULEXwGRU GHOV
GUHWVTXHDVVHQ\DOHQHOVDUWLFOHVLGHOD/OHLGHRFWX
EUHGHO6HFWRUG¶+LGURFDUEXUVDL[tFRPHOVTXHV¶DVVHQ\DOHQHQO¶DU
WLFOH GHO 5HLDO 'HFUHW GH GH GHVHPEUH SHO TXDO HV
UHJXOHQ OHV DFWLYLWDWV GH WUDQVSRUW GLVWULEXFLy FRPHUFLDOLW]DFLy VXE
PLQLVWUDPHQW L SURFHGLPHQWV G¶DXWRULW]DFLy G¶LQVWDOÂODFLRQV GH JDV
QDWXUDO
6HJXQGD
(OWLWXODUGHODSUHVHQWHDXWRUL]DFLyQGLVIUXWDUiFRPRGLVWULEXLGRU
GHORVGHUHFKRVTXHVHxDODQORVDUWtFXORV\GHOD/H\
GHRFWXEUHGHO6HFWRUGH+LGURFDUEXURVDVtFRPRORVTXHVHVHxDODQ
HQHODUWLFXORGHO5HDO'HFUHWRGHGHGLFLHPEUHSRU
HOTXHVHUHJXODQODVDFWLYLGDGHVGHWUDQVSRUWHGLVWULEXFLyQFRPHUFL
DOL]DFLyQ VXPLQLVWUR \ SURFHGLPLHQWRV GH DXWRUL]DFLyQ GH LQVWDODFLR
QHVGHJDVQDWXUDO
7HUFHUD
(VWDDXWRULW]DFLyHQFDSFDVHVFRQFHGLUjDPEGUHWVH[FOXVLXVG¶~V
WDOFRPLQGLFDO¶DUWLFOHGHOD/OHLGHG¶RFWXEUHGHO6HF
WRUG¶+LGURFDUEXUVPRGLILFDWSHUO¶DUWLFOHYLQWLKXLWGHO5HLDO'HFUHW
/OHL G¶ GH PDUo GH UHIRUPHV XUJHQWV SHU D O¶LPSXOV GH OD
SURGXFWLYLWDWLSHUDODPLOORUDGHODFRQWUDFWDFLyS~EOLFD
7HUFHUD
/DSUHVHQWHDXWRUL]DFLyQHQQLQJ~QFDVRVHFRQFHGHUiFRQGHUHF
KRV H[FOXVLYRV GH XVR WDO \ FRPR LQGLFD HO DUWtFXOR GH OD /H\
GH GH RFWXEUH GHO 6HFWRU GH +LGURFDUEXURV PRGLILFDGR
SRUHO$UWtFXORYLJpVLPRRFWDYRGHO5HDO'HFUHWR/H\GHGH
PDU]RGHUHIRUPDVXUJHQWHVSDUDHOLPSXOVRGHODSURGXFWLYLGDG\SDUD
ODPHMRUDGHODFRQWUDWDFLyQS~EOLFD
4XDUWD
(VWDDXWRULW]DFLyV¶HQWpQVHQVHSHUMXtVLLQGHSHQGHQWPHQWGHOHVFRQ
FHVVLRQVOOLFqQFLHVSHUPLVRVRDXWRULW]DFLRQVGHFRPSHWqQFLDPXQLFL
SDOSURYLQFLDODXWRQzPLFDHVWDWDORG¶HVWHRDOWUHVRUJDQLVPHVLHQWL
WDWV TXH VLJXHQ QHFHVVjULHV SHU D OD UHDOLW]DFLy GH OHV LQVWDOÂODFLRQV
G¶DFRUGDPEODFRUUHVSRQHQWOHJLVODFLyVHFWRULDORDPEDOWUHVGLVSRVL
FLRQVTXHUHVXOWHQDSOLFDEOHVLHQHVSHFLDOOHVUHODWLYHVDO¶RUGHQDFLy
GHOWHUULWRULLGHOPHGLDPELHQWWRWDL[zVHJRQVHOTXHGLVSRVDO¶DUWLFOH
GH OD /OHL GH G¶RFWXEUH L GH FRQIRUPLWDW DPE O¶DUWL
FOHYLQWLKXLWGHO5HLDO'HFUHW/OHLG¶GHPDUoGHUHIRUPHV
XUJHQWVSHUDO¶LPSXOVGHODSURGXFWLYLWDWLSHUDODPLOORUDGHODFRQ
WUDFWDFLyS~EOLFD
&XDUWD
/D SUHVHQWH DXWRUL]DFLyQ VH HQWLHQGH VLQ SHUMXLFLRV H LQGHSHQGL
HQWHPHQWH GH ODV FRQFHVLRQHV OLFHQFLDV SHUPLVRV R DXWRUL]DFLRQHV
GHFRPSHWHQFLDPXQLFLSDOSURYLQFLDODXWRQyPLFDHVWDWDORGHpVWHX
RWURVRUJDQLVPRV\HQWLGDGHVTXHVHDQQHFHVDULDVSDUDODUHDOL]DFLyQGH
ODVLQVWDODFLRQHVGHDFXHUGRFRQODFRUUHVSRQGLHQWHOHJLVODFLyQVHFWR
ULDORFRQRWUDVGLVSRVLFLRQHVTXHUHVXOWHQDSOLFDEOHV\HQHVSHFLDOODV
UHODWLYDVDODRUGHQDFLyQGHOWHUULWRULR\GHOPHGLRDPELHQWHWRGRHOOR
VHJ~QORGLVSXHVWRHQHODUWtFXORGHOD/H\GHGHRFWX
EUH\GHFRQIRUPLGDGFRQHO$UWtFXORYLJpVLPRRFWDYRGHO5HDO'HFUH
WR/H\GHGHPDU]RGHUHIRUPDVXUJHQWHVSDUDHOLPSXOVRGH
ODSURGXFWLYLGDG\SDUDODPHMRUDGHODFRQWUDWDFLyQS~EOLFD
$WpVTXHV¶KDQFRPSOLWHOVWUjPLWVHVWDEOLWVHQHOWtWRO,9GHO5HLDO
'HFUHWGHGHGHVHPEUHSHOTXDOHVUHJXOHQOHVDFWLYLWDWV
GHWUDQVSRUWGLVWULEXFLyFRPHUFLDOLW]DFLyVXEPLQLVWUDPHQWLSURFHGL
PHQWVG¶DXWRULW]DFLyG¶LQVWDOÂODFLRQVGHJDVQDWXUDOLHQSDUWLFXODUHQ
HOFDStWRO,GHOWtWRO,,,G¶HVWHUHVSHFWHDODVROÂOLFLWXGGHFRQQH[Ly
$WpV OD 'LUHFFLy *HQHUDO G¶(QHUJLD FRPSHWHQW SHU D OD UHVROXFLy
G¶HVWH H[SHGLHQW G¶DFRUG DPE HO TXH GLVSRVD O¶DUWLFOH GHO 'HFUHW
G¶G¶RFWXEUHGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDOV¶DSUR
YDHO5HJODPHQW2UJjQLFL)XQFLRQDOGHODFRQVHOOHULDG¶,QIUDHVWUXFWX
UHVL7UDQVSRUW
(VWD'LUHFFLy*HQHUDOG¶(QHUJLDUHVRO
,$WRUJDU O¶DXWRULW]DFLy DGPLQLVWUDWLYD D O¶HPSUHVD *DV 1DWXUDO
'LVWULEXFLyQ6'*6$SHUDODFRQVWUXFFLyGHOHVLQVWDOÂODFLRQVFRUUHV
SRQHQWVDOJDVRGXFWHGHJDVQDWXUDOFRQVLVWHQWHQGHVSODoDPHQWHQDOWD
SUHVVLy$$3$HQHO3URJUDPDG¶$FWXDFLy,QWHJUDGD(O7DEDFKDO
WHUPHPXQLFLSDOGH&KHVWHSURYtQFLDGH9DOqQFLD
Núm
5509 / 10.05.2007
18903
&LQTXHQD
/DGHWHUPLQDFLyGHOHVWDULIHVLGHOUqJLPHFRQzPLFTXHV¶DSOLTXHQ
SHU DO VXEPLQLVWUDPHQW GH JDV QDWXUDO HV UHJLUj SHU OHV GLVSRVLFLRQV
YLJHQWVHQFDGDPRPHQW
4XLQWD
/DGHWHUPLQDFLyQGHODVWDULIDV\GHOUpJLPHQHFRQyPLFRTXHVHDQ
GHDSOLFDFLyQSDUDHOVXPLQLVWURGHJDVQDWXUDOVHUHJLUiSRUODVGLVSR
VLFLRQHVYLJHQWHVHQFDGDPRPHQWR
6LVHQD
(VWD DXWRULW]DFLy V¶DWRUJD VHQVH SHUMXt GH WHUFHUV L GHL[D IRUD GH
SHULOOHOVGUHWVSDUWLFXODUV
6H[WD
/D SUHVHQWH DXWRUL]DFLyQ VH RWRUJD VLQ SHUMXLFLR GH WHUFHURV \
GHMDQGRDVDOYRORVGHUHFKRVSDUWLFXODUHV
6HWHQD
6HUjFDXVDGHUHYRFDFLyG¶HVWDDXWRULW]DFLyO¶LQFRPSOLPHQWGHOHV
FRQGLFLRQVH[SUHVVDGHVODYDULDFLyVXEVWDQFLDOGHOHVFDUDFWHUtVWLTXHV
GHVFULWHVHQODGRFXPHQWDFLySUHVHQWDGDLTXHKDGHWHUPLQDWO¶DWRUJD
PHQWRXQDDOWUDFDXVDH[FHSFLRQDOTXHKRMXVWLILTXH
6pSWLPD
6HUi FDXVD GH UHYRFDFLyQ GH OD SUHVHQWH DXWRUL]DFLyQ HO LQFXP
SOLPLHQWR GH ODV FRQGLFLRQHV H[SUHVDGDV OD YDULDFLyQ VXVWDQFLDO GH
ODVFDUDFWHUtVWLFDVGHVFULWDVHQODGRFXPHQWDFLyQSUHVHQWDGD\TXHKD
GHWHUPLQDGR VX RWRUJDPLHQWR X RWUD FDXVD H[FHSFLRQDO TXH OR MXVWLIL
TXH
,,$SUREDU HO SUR\HFWR WpFQLFR GH HMHFXFLyQ ILUPDGR SRU HO LQJH
QLHURLQGXVWULDO'-RDTXtQ&RVWD0RUHQR\YLVDGRSRUHO&ROHJLRGH
,QJHQLHURV,QGXVWULDOHVGHOD&RPXQLGDG9DOHQFLDQD'HPDUFDFLyQGH
9DOHQFLDHQIHFKDGHVHSWLHPEUHGHFX\DVFDUDFWHUtVWLFDVSULQ
FLSDOHVVHUHODFLRQDQDFRQWLQXDFLyQ
7LSRGHJDVJDVQDWXUDO
7UD]DGR7LHQHVXRULJHQ\ILQDOHQODSURSLDUHGDFWXDOPHQWHH[LV
WHQWHSURSLHGDGGH*DV1DWXUDO'LVWULEXFLyQ6'*6$PHGLDQWHOD
LQVWDODFLyQUHVSHFWLYDPHQWHGHXQD7GHWUHVYtDVGHWRPDHQFDUJD
6HHIHFW~DHOUHFRUULGRSRUHOH[WHULRUGHODVSDUFHODVGHO3$,SUH
YLVWDVHMHFXWDU
/RQJLWXGP
7XEHUtDV/DDFRPHWLGDVHFRQVWUX\HFRQPDWHULDOGHDFHURHVSHFL
ILFDFLyQ$3,/JUDGR%
/DVWXEHUtDVGHFRQGXFFLyQVHUiQDVtPLVPRGHDFHURUHYHVWLGRGH
SROLHWLOHQR H[WUXVLRQDGR FRQ GLiPHWUR GH ¶¶HVSHFLILFDFLyQ$3, /
JUDGR%\HVSHVRUPtQLPRGH¶PP6HUiQHQWHUUDGDVDXQDSURIXQ
GLGDGPtQLPDGHPHQWHQGLGDpVWDFRPRGLVWDQFLDHQWUHODVXSHUIL
FLHGHOWHUUHQR\VXJHQHUDWUL]VXSHULRUGHDFXHUGRFRQORHVWDEOHFLGR
\WLSRGHWHUUHQRHQGRQGHVHXELFD
3UHVLyQ GH GLVHxR3UHVLyQ Pi[LPD GH WUDEDMR $OWD 3UHVLyQ $
$3$
3UHVXSXHVWR¶HXURV
/DV FRQGLFLRQHV D TXH YLHQH VRPHWLGD OD PHQFLRQDGD DSUREDFLyQ
VRQODVVLJXLHQWHV
/DV REUDV GHEHUiQ UHDOL]DUVH GH DFXHUGR FRQ HO SUR\HFWR SUH
VHQWDGRFRQODVYDULDFLRQHVTXHHQVXFDVRVHVROLFLWHQ\DXWRULFHQ\
VHUHIHULUiQDORVHOHPHQWRVFRPSUHQGLGRVHQHOiPELWRGHDSOLFDFLyQ
GHO5HJODPHQWR7pFQLFRGHGLVWULEXFLyQ\XWLOL]DFLyQGHFRPEXVWLEOHV
JDVHRVRV \ VXV LQVWUXFFLRQHV WpFQLFDV FRPSOHPHQWDULDV ,&* D DSUREDGR SRU 5HDO 'HFUHWR GH GH MXOLR %2( GH VHS
WLHPEUH (VWDV LQVWDODFLRQHV HVWDUiQ SUHYLVWDV SDUD UHVSRQGHU D
ORVDYDQFHVWHFQROyJLFRVHQHOFDPSRGHOJDV\ORJUDUDEDVWHFLPLHQWRV
IOH[LEOHV\VHJXURV
(OWLWXODUGHODFLWDGDLQVWDODFLyQGDUiFXHQWDGHODWHUPLQDFLyQ
GHODVREUDVDO6HUYLFLR7HUULWRULDOGH(QHUJtDGH9DOHQFLDDHIHFWRVGH
UHFRQRFLPLHQWRSUHVHQWDQGRHORSRUWXQRFHUWLILFDGRGHGLUHFFLyQVXV
FULWRSRUWpFQLFRFRPSHWHQWH\YLVDGRSRUHO&ROHJLR2ILFLDODVtFRPR
ORV UHTXLVLWRV WpFQLFRV HVHQFLDOHV \ PHGLGDV GH VHJXULGDG PtQLPDV
LQFOXLGDVHQODV,QVWUXFFLRQHV7pFQLFDV&RPSOHPHQWDULDVFRQIRUPHDO
5HDO'HFUHWRDQWHVFLWDGR
(OWLWXODUGHODLQVWDODFLyQQRWLILFDUiSRUHVFULWRDO6HUYLFLR7HU
ULWRULDOGH(QHUJtDGH9DOHQFLDHOFRPLHQ]RGHORVWUDEDMRVSDUDHIHFWX
DULQVSHFFLRQHVGHORVPLVPRVHQFDVRGHFRQVLGHUDUORFRQYHQLHQWH
/D$GPLQLVWUDFLyQ GHMDUi VLQ HIHFWR OD SUHVHQWH UHVROXFLyQ HQ
FXDOTXLHU PRPHQWR HQ FDVR GH TXH VH REVHUYH HO LQFXPSOLPLHQWR GH
ODVFRQGLFLRQHVLPSXHVWDVSRUHOOD(QWDOHVVXSXHVWRVODDGPLQLVWUD
FLyQSUHYLRHORSRUWXQRH[SHGLHQWHDFRUGDUiODDQXODFLyQGHODDXWRUL
]DFLyQFRQWRGDVODVFRQVHFXHQFLDVGHRUGHQDGPLQLVWUDWLYR\FLYLOTXH
VHGHULYHQVHJ~QODVGLVSRVLFLRQHVOHJDOHVYLJHQWHV
(OSOD]RGHHMHFXFLyQGHODVREUDVVHUiGHPHVDSDUWLUGHOD
QRWLILFDFLyQ GH OD SUHVHQWH UHVROXFLyQ 1R REVWDQWH FRQ DQWHULRULGDG
DODILQDOL]DFLyQGHGLFKRSOD]R*DV1DWXUDO'LVWULEXFLyQ6'*6$
,, $SURYDU HO SURMHFWH WqFQLF G¶H[HFXFLy ILUPDW SHU O¶HQJLQ\HU
LQGXVWULDO 6U -RDTXtQ &RVWD 0RUHQR L YLVDW SHO &ROÂOHJL G¶(QJLQ\HUV
,QGXVWULDOV GH OD &RPXQLWDW 9DOHQFLDQD 'HPDUFDFLy GH 9DOqQFLD HQ
GDWD GH VHWHPEUH GH OHV FDUDFWHUtVWLTXHV SULQFLSDOV GHO TXDO
V¶LQGLTXHQDFRQWLQXDFLy
7LSXVGHJDVJDVQDWXUDO
7UDoDWWpHOVHXRULJHQLILQDOHQODSUzSLD[DU[DDFWXDOPHQWH[LV
WHQW SURSLHWDW GH *DV 1DWXUDO 'LVWULEXFLyQ 6'* 6$ SHU PLWMj GH OD
LQVWDOÂODFLyUHVSHFWLYDPHQWG¶XQD7GHWUHVYLHVGHSUHVDHQFjUUHJD
6¶HIHFWXDHOUHFRUUHJXWSHUO¶H[WHULRUGHOHVSDUFHOÂOHVGHO3$,SUH
YLVWHVSHUDH[HFXWDU
/RQJLWXGP
&DQRQDGHVODFRQQH[LyHVFRQVWUXw[DPEPDWHULDOG¶DFHUHVSHFLIL
FDFLy$3,/JUDX%
/HV FDQRQDGHV GH FRQGXFFLy VHUDQ DL[t PDWHL[ G¶DFHU UHYHVWLW GH
SROLHWLOp H[WUXGLW DPE GLjPHWUH GH ¶¶HVSHFLILFDFLy$3, / JUDX % L
JURVVjULDPtQLPDGHPP6HUDQVRWHUUDGHVDXQDSURIXQGLWDWPtQL
PDG¶PHQWHVDHVWDFRPDGLVWjQFLDHQWUHODVXSHUItFLHGHOWHUUHQ\L
ODVHXDJHQHUDWULXVXSHULRUG¶DFRUGDPEHOTXHHVWDEOL[LWLSXVGHWHU
UHQ\RQV¶XELFD
3UHVVLy GH GLVVHQ\ SUHVVLy Pj[LPD GH WUHEDOO DOWD SUHVVLy $
$3$
3UHVVXSRVWHXURV
/HV FRQGLFLRQV D TXq HVWj VRWPHVD OD PHQFLRQDGD DSURYDFLy VyQ
OHVVHJHQWV
/HV REUHV KDXUDQ GH UHDOLW]DUVH G¶DFRUG DPE HO SURMHFWH SUH
VHQWDWDPEOHVYDULDFLRQVTXHVLpVHOFDVVHVROÂOLFLWHQLDXWRULW]HQLHV
UHIHULUDQDOVHOHPHQWVFRPSUHVRVHQO¶jPELWG¶DSOLFDFLyGHOUHJODPHQW
WqFQLF GH GLVWULEXFLy L XWLOLW]DFLy GH FRPEXVWLEOHV JDVRVRV L OHV VHXHV
LQVWUXFFLRQVWqFQLTXHVFRPSOHPHQWjULHV,&*DDSURYDWSHO5HLDO
'HFUHW GH GH MXOLRO %2( GH VHWHPEUH (VWHV
LQVWDOÂODFLRQVHVWDUDQSUHYLVWHVSHUDUHVSRQGUHDOVDYDQoRVWHFQROzJLFV
HQHOFDPSGHOJDVLDFRQVHJXLUSURYHwPHQWVIOH[LEOHVLVHJXUV
(O WLWXODU GH O¶HVPHQWDGD LQVWDOÂODFLy GRQDUj FRPSWH GH OD WHU
PLQDFLy GH OHV REUHV DO 6HUYLFL7HUULWRULDO G¶(QHUJLD GH9DOqQFLD DOV
HIHFWHVGHUHFRQHL[HPHQWLSUHVHQWDUjHOFHUWLILFDWGHGLUHFFLyRSRUW~
VXEVFULW SHU WqFQLF FRPSHWHQW L YLVDW SHO FROÂOHJL RILFLDO DL[t FRP HOV
UHTXLVLWV WqFQLFV HVVHQFLDOV L PHVXUHV GH VHJXUHWDW PtQLPHV LQFORVHV
HQOHVLQVWUXFFLRQVWqFQLTXHVFRPSOHPHQWjULHVGH FRQIRUPLWDWDPEHO
5HLDO'HFUHWDEDQVFLWDW
(OWLWXODUGHODLQVWDOÂODFLyQRWLILFDUjSHUHVFULWDO6HUYLFL7HUULWR
ULDOG¶(QHUJLDGH9DOqQFLDHOFRPHQoDPHQWGHOVWUHEDOOVSHUDHIHFWXDU
LQVSHFFLRQVG¶HVWRVHQFDVGHFRQVLGHUDUKRFRQYHQLHQW
/¶$GPLQLVWUDFLy GHL[DUj VHQVH HIHFWH HVWD UHVROXFLy HQ TXDOVH
YROPRPHQWHQHOFDVTXHV¶REVHUYHO¶LQFRPSOLPHQWGHOHVFRQGLFLRQV
LPSRVDGHVSHUHVWD(QHOVGLWVVXSzVLWVO¶DGPLQLVWUDFLySUHYLO¶RSRUW~
H[SHGLHQWDFRUGDUjO¶DQXOÂODFLyGHO¶DXWRULW]DFLyDPEWRWHVOHVFRQVH
TqQFLHVG¶RUGHDGPLQLVWUDWLXLFLYLOTXHHVGHULYHQVHJRQVOHVGLVSR
VLFLRQVOHJDOVYLJHQWV
(O WHUPLQL G¶H[HFXFLy GH OHV REUHV VHUj G¶ PHV D SDUWLU GH OD
QRWLILFDFLyG¶HVWDUHVROXFLy1RREVWDQWDL[zDPEDQWHULRULWDWDODILQD
OLW]DFLyGHOGLWWHUPLQL*DV1DWXUDO'LVWULEXFLyQ6'*6$SRGUjVRO
Núm
5509 / 10.05.2007
18904
OLFLWDU XQD DPSOLDFLy G¶HVWH SHU PLWMj GH VROÂOLFLWXG PRWLYDGD GDYDQW
G¶HVWD'LUHFFLy*HQHUDOG¶(QHUJLD
(VWD UHVROXFLy QR pV GHILQLWLYD HQ YLD DGPLQLVWUDWLYD L FRQWUD OD
TXDOSRGUjLQWHUSRVDUVHUHFXUVG¶DOoDGDGDYDQWGHO6HFUHWDUL$XWRQz
PLFG¶,QIUDHVWUXFWXUHVHQHOWHUPLQLG¶XQPHVFRPSWDGRUGHVGHO¶HQ
GHPjGHODQRWLILFDFLyG¶DFRUGDPEHOTXHHVWDEOL[O¶DUWLFOHGHOD
/OHLGHGHQRYHPEUHGHO5qJLP-XUtGLFGHOHV$GPLQLVWUDFL
RQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
SRGUiVROLFLWDUXQDDPSOLDFLyQGHOPLVPRPHGLDQWHVROLFLWXGPRWLYDGD
DQWHHVWD'LUHFFLyQ*HQHUDOGH(QHUJtD
/D SUHVHQWH UHVROXFLyQ QR HV GHILQLWLYD HQ YtD DGPLQLVWUDWLYD \
FRQWUD HOOD SRGUi LQWHUSRQHUVH UHFXUVR GH DO]DGD DQWH HO 6HFUHWDULR
$XWRQyPLFRGH,QIUDHVWUXFWXUDVHQHOSOD]RGHXQPHVFRQWDGRGHVGH
HO GtD VLJXLHQWH DO GH VX QRWLILFDFLyQ GH DFXHUGR FRQ OR HVWDEOHFLGR
HQHODUWtFXORGHOD/H\GHGHQRYLHPEUHGHO5pJLPHQ
-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO3URFHGLPLHQWR$GPL
QLVWUDWLYR&RP~Q
9DOqQFLDG¶DEULOGH±(OGLUHFWRUJHQHUDOG¶(QHUJLD$QWR
QLR&HMDOYR/DSHxD
9DOHQFLD GH DEULO GH ± (O GLUHFWRU JHQHUDO GH (QHUJtD
$QWRQLR&HMDOYR/DSHxD
Núm
5509 / 10.05.2007
&RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
5(62/8&,ÏGHGHPDUoGHOD&RQVHOOHULDG¶,QIUDHV
WUXFWXUHV L 7UDQVSRUW SHU OD TXDO V¶HQFRPDQD D O¶(QWLWDW
3~EOLFDGH6DQHMDPHQWG¶$LJHV5HVLGXDOVGHOD&RPXQL
WDW 9DOHQFLDQD O¶H[SORWDFLy GH O¶HVWDFLy GHSXUDGRUD G¶DL
JHVUHVLGXDOV('$5GH/D0DWDQ]D2ULKXHOD$ODFDQW
>@
$QWHFHGHQWVGHIHW
/¶H[SORWDFLy GH OHV HVWDFLRQV GHSXUDGRUHV G¶DLJHV UHVLGXDOV GH
QRYD FRQVWUXFFLy H[HFXWDGHV D O¶HPSDUD GHO FRQYHQL VXEVFULW DPE
GDWDGHMXOLROGHLOHVVHXHVDGGHQGHVGHGHMXQ\GH
G¶DEULOGHLGHMXQ\GHHQWUHODFRQVHOOHULDG¶2EUHV
3~EOLTXHV8UEDQLVPHL7UDQVSRUWVKXLFRQVHOOHULDG¶,QIUDHVWUXFWXUHVL
7UDQVSRUWGHOD*HQHUDOLWDWLOD'LSXWDFLy3URYLQFLDOG¶$ODFDQWFRU
UHVSRQGXUDQWHOSULPHUDQ\DSDUWLUGHODFRQVWUXFFLyDHVWD~OWLPD
7UDQVFRUUHJXWHOSULPHUDQ\LG¶DFRUGDPEOHVFOjXVXOHVGHOPHQ
FLRQDWFRQYHQLODJHVWLyG¶HVWHVHVWjDWULEXwGDDOD*HQHUDOLWDWLO¶KD
G¶H[HUFLUDWUDYpVGHO¶HQWLWDWGHVDQHMDPHQW
(OSUz[LPGLDGHPDUoGHFRQFORXO¶HVPHQWDWSHUtRGHHQ
UHODFLyDPEHOVLVWHPDGH/D0DWDQ]D2ULKXHODDL[tDPEO¶REMHFWHGH
JDUDQWLUHOIXQFLRQDPHQWQRUPDOGHOHVLQVWDOÂODFLRQVLHYLWDULQWHUUXS
FLRQV HQ HO VHUYLFL GH VDQHMDPHQW L GHSXUDFLy G¶DLJHV UHVLGXDOV GHOV
PXQLFLSLV VHUYLWV HV ID QHFHVVDUL HIHFWXDU FRPDQGD GH JHVWLy D IDYRU
G¶DTXHOODG¶DFRUGDPEHOTXHHVWDEOL[HQHOVDUWLFOHVLDGHOD
/OHLGHGHPDUoGH6DQHMDPHQWG¶$LJHV5HVLGXDOVGHOD
&RPXQLWDW9DOHQFLDQD
)RQDPHQWVGHGUHW
/D/OHLGHGHPDUoGH6DQHMDPHQWGHOHV$LJHV5HVL
GXDOVGHOD&RPXQLWDW9DOHQFLDQDGHWHUPLQDHQO¶DUWLFOHTXHFRUUHV
SRQDOD*HQHUDOLWDWHQWUHDOWUHVDWULEXFLRQVODSODQLILFDFLyO¶DSURYDFLy
GHILQLWLYDGHOVSODQVLGHOVSURMHFWHVDL[tFRPO¶HODERUDFLyGHSURMHF
WHVO¶H[HFXFLyG¶REUHVLO¶H[SORWDFLyGHOHVLQVWDOÂODFLRQVLVHUYLFLVTXH
SURPRJDGLUHFWDPHQW'HODPDWHL[DPDQHUDODOOHLGHWHUPLQDTXHOD
*HQHUDOLWDW SRGUj XWLOLW]DU TXDOVHYRO PHFDQLVPH GHO FRQYHQL FRQFHU
WDWRUJDQLW]DWLXRIXQFLRQDOHQHOFDVTXHDL[zFRQWULEXwVFDDPLOORUDU
O¶HILFjFLDGHODJHVWLyS~EOLFD
/¶DUWLFOHDVVHQ\DODTXHO¶DFWXDFLyGHOD*HQHUDOLWDWHQOHVPDWq
ULHVDTXqHVUHIHUL[ODOOHLHVGXUjDWHUPHDWUDYpVGHO*RYHUQ9DOHQ
FLj L GH OHV FRQVHOOHULHV G¶,QIUDHVWUXFWXUHV L 7UDQVSRUW L GH 7HUULWRUL L
+DELWDWJH L DL[t PDWHL[ D WUDYpV GH O¶(QWLWDW 3~EOLFD GH 6DQHMDPHQW
G¶$LJHV5HVLGXDOVGHOD&RPXQLWDW9DOHQFLDQDTXHODOOHLFUHDDPE
SHUVRQDOLWDWMXUtGLFDSUzSLDLSOHQDFDSDFLWDWS~EOLFDLSULYDGDLTXHWp
FRPDREMHFWHODJHVWLyO¶H[SORWDFLyG¶LQVWDOÂODFLRQVLVHUYLFLVLO¶H[H
FXFLyG¶REUHVGHWUDFWDPHQWGHSXUDFLyLVLpVHOFDVUHXWLOLW]DFLyG¶DL
JHV GHSXUDGHV HQ HOV WHUPHV SUHYLVWRV HQ HVWD /OHL DUWLFOH GH OD
/OHL GH GH PDUo GH 6DQHMDPHQW GH OHV$LJHV 5HVLGXDOV
GH OD &RPXQLWDW 9DOHQFLDQD HQ OD QRYD UHGDFFLy GRQDGD SHU OD /OHL
GHGHGHVHPEUHGH0HVXUHV)LVFDOVGH*HVWLy$GPLQLV
WUDWLYDL)LQDQFHUDLG¶2UJDQLW]DFLyGHOD*HQHUDOLWDW9DOHQFLDQD
,JXDOPHQW DWpV TXH O¶(QWLWDW HV FRQFHS FRP XQD SHUVRQD MXUtGLFD
GHFDUjFWHUHVVHQFLDOPHQWLQVWUXPHQWDOODOOHLHVWDEOL[HQWUHOHVVHXHV
IXQFLRQV OD GH JHVWLRQDU O¶H[SORWDFLy GH OHV LQVWDOÂODFLRQV L H[HFXWDU
OHVREUHVGHVDQHMDPHQWLGHSXUDFLyTXHOD*HQHUDOLWDWGHWHUPLQHDL[t
FRPDTXHOOHVTXHOLSXJXHQHQFRPDQDUOHVHQWLWDWVORFDOVRDOWUHVRUJD
QLVPHVDUWLFOHD
)LQDOPHQWGHFRQIRUPLWDWDPEO¶DUWLFOHGHO¶HVPHQWDGDOOHLOD
UHODFLyGHOD*HQHUDOLWDWDPEO¶(QWLWDW3~EOLFDGH6DQHMDPHQWHVUHDOLW
]DUjDWUDYpVGHODFRQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
9LVWDODSURSRVWDGHOD'LUHFFLy*HQHUDOG¶2EUHV3~EOLTXHV
(Q YLUWXW G¶DL[z L GH FRQIRUPLWDW DPE HO TXH HVWDEOL[HQ HOV DUWL
FOHV L D GH OD /OHL GH GH PDUo O¶DUWLFOH GH OD
18905
&RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
5(62/8&,Ï1GHGHPDU]RGHOD&RQVHOOHULDGH,QIUD
HVWUXFWXUDV \ 7UDQVSRUWH SRU OD TXH VH HQFRPLHQGD D OD
(QWLGDG 3~EOLFD GH 6DQHDPLHQWR GH$JXDV 5HVLGXDOHV GH
OD &RPXQLGDG 9DOHQFLDQD OD H[SORWDFLyQ GH OD HVWDFLyQ
GHSXUDGRUD GH DJXDV UHVLGXDOHV ('$5 GH OD 0DWDQ
]D2ULKXHOD$OLFDQWH>@
$QWHFHGHQWHVGHKHFKR
/D H[SORWDFLyQ GH ODV (VWDFLRQHV 'HSXUDGRUDV GH$JXDV 5HVLGX
DOHV GH QXHYD FRQVWUXFFLyQ HMHFXWDGDV DO DPSDUR GHO FRQYHQLR VXV
FULWRFRQIHFKDGHMXOLRGH\VXV$GHQGDVGHGHMXQLRGH
GHDEULOGH\GHMXQLRGHHQWUHODFRQVHOOHULD
GH2EUDV3~EOLFDV8UEDQLVPR\7UDQVSRUWHKR\FRQVHOOHULDGH,QIUD
HVWUXFWXUDV\7UDQVSRUWHGHOD*HQHUDOLWDW\OD'LSXWDFLyQ3URYLQFLDO
GH$OLFDQWHFRUUHVSRQGHGXUDQWHHOSULPHUDxRDSDUWLUGHVXFRQVWUXF
FLyQDHVWD~OWLPD
7UDQVFXUULGR HO SULPHU DxR \ GH DFXHUGR FRQ HO FODXVXODGR GHO
PHQFLRQDGR &RQYHQLR OD JHVWLyQ GH ODV PLVPDV YLHQH DWULEXLGD D OD
*HQHUDOLWDWGHELHQGRHMHUFHUODDWUDYpVGHOD(QWLGDGGH6DQHDPLHQWR
(O SUy[LPR GtD GH PDU]R GH FRQFOX\H HO FLWDGR SHULRGR
HQ UHODFLyQ FRQ HO VLVWHPD GH /D 0DWDQ]D2ULKXHOD DVt SXHV FRQ HO
REMHWR GH JDUDQWL]DU HO QRUPDO IXQFLRQDPLHQWR GH ODV LQVWDODFLRQHV \
HYLWDU LQWHUUXSFLRQHV HQ HO VHUYLFLR GH VDQHDPLHQWR \ GHSXUDFLyQ GH
DJXDVUHVLGXDOHVGHORVPXQLFLSLRVVHUYLGRVVHKDFHQHFHVDULRHIHFWXDU
HQFRPLHQGDGHJHVWLyQDIDYRUGHDTXHOODGHDFXHUGRFRQORHVWDEOH
FLGRHQORVDUWtFXORV\DGHOD/H\GHGHPDU]RGH
6DQHDPLHQWRGHDJXDVUHVLGXDOHVGHOD&RPXQLGDG9DOHQFLDQD
)XQGDPHQWRVGHGHUHFKR
/D /H\ GH GH PDU]R GH 6DQHDPLHQWR GH ODV $JXDV
5HVLGXDOHV GH OD &RPXQLGDG 9DOHQFLDQD GHWHUPLQD HQ VX DUWtFXOR TXHFRUUHVSRQGHDOD*HQHUDOLWDWHQWUHRWUDVDWULEXFLRQHVODSODQLILFD
FLyQODDSUREDFLyQGHILQLWLYDGHSODQHV\SUR\HFWRVDVtFRPRODHOD
ERUDFLyQGHSUR\HFWRVHMHFXFLyQGHREUDV\H[SORWDFLyQGHODVLQVWD
ODFLRQHV\VHUYLFLRVTXHSURPXHYDGLUHFWDPHQWH'HOPLVPRPRGROD
OH\ GHWHUPLQD TXH OD *HQHUDOLWDW SRGUi XWLOL]DU FXDOTXLHU PHFDQLVPR
FRQYHQLDGR FRQFHUWDGR RUJDQL]DWLYR R IXQFLRQDO HQ HO FDVR GH TXH
HOORFRQWULEX\DDPHMRUDUODHILFDFLDGHODJHVWLyQS~EOLFD
(O DUWtFXOR VHxDOD TXH OD DFWXDFLyQ GH OD *HQHUDOLWDW HQ ODV
PDWHULDVDTXHVHUHILHUHODOH\VHOOHYDUiDFDERDWUDYpVGHO*RELHUQR
9DOHQFLDQR\GHODVFRQVHOOHULDVGH,QIUDHVWUXFWXUDV\7UDQVSRUWH\GH
7HUULWRULR \9LYLHQGD \ DVLPLVPR D WUDYpV GH OD (QWLGDG 3~EOLFD GH
6DQHDPLHQWR GH$JXDV 5HVLGXDOHV GH OD &RPXQLGDG 9DOHQFLDQD TXH
ODSURSLDOH\FUHDFRQSHUVRQDOLGDGMXUtGLFDSURSLD\SOHQDFDSDFLGDG
S~EOLFD\SULYDGD\TXHWLHQHSRUREMHWRODJHVWLyQODH[SORWDFLyQGH
LQVWDODFLRQHV\VHUYLFLRV\ODHMHFXFLyQGHREUDVGHWUDWDPLHQWRGHSX
UDFLyQ\HQVXFDVRUHXWLOL]DFLyQGHDJXDVGHSXUDGDVHQORVWpUPLQRV
SUHYLVWRV HQ HVWD /H\ DUW GH OD /H\ GH GH PDU]R GH
6DQHDPLHQWRGHODV$JXDV5HVLGXDOHVGHOD&RPXQLGDG9DOHQFLDQDHQ
OD QXHYD UHGDFFLyQ GDGD SRU OD /H\ GH GH GLFLHPEUH GH
0HGLGDV)LVFDOHVGH*HVWLyQ$GPLQLVWUDWLYD\)LQDQFLHUD\GH2UJD
QL]DFLyQGHOD*HQHUDOLWDW9DOHQFLDQD
,JXDOPHQWHGDGRTXHOD(QWLGDGVHFRQFLEHFRPRXQDSHUVRQDMXUt
GLFDGHFDUiFWHUHVHQFLDOPHQWHLQVWUXPHQWDOODOH\HVWDEOHFHHQWUHVXV
IXQFLRQHVODGHJHVWLRQDUODH[SORWDFLyQGHODVLQVWDODFLRQHV\HMHFXWDU
ODV REUDV GH VDQHDPLHQWR \ GHSXUDFLyQ TXH OD *HQHUDOLWDW GHWHUPLQH
DVt FRPR DTXHOODV TXH OH SXHGDQ HQFRPHQGDU ODV HQWLGDGHV ORFDOHV X
RWURVRUJDQLVPRVDUWD
3RU~OWLPRFRQIRUPHDODUWtFXORGHODFLWDGDOH\ODUHODFLyQ
GHOD*HQHUDOLWDWFRQOD(QWLGDG3~EOLFDGH6DQHDPLHQWRVHUHDOL]DUiD
WUDYpVGHODFRQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
9LVWDODSURSXHVWDGHOD'LUHFFLyQ*HQHUDOGH2EUDV3~EOLFDV
(QVXYLUWXG\GHFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORV
\DGHOD/H\GHGHPDU]RDUWtFXORGHOD/H\
Núm
5509 / 10.05.2007
18906
7RWDL[zVHQVHSHUMXtTXHHVSXJDH[HUFLWDUVLpVHOFDVTXDOVHYRO
DOWUHUHFXUVTXHV¶HVWLPHSURFHGHQW
GHGHGLFLHPEUHGH*RELHUQR9DOHQFLDQR\GHO'HFUHWR
GH GH RFWXEUH GHO &RQVHOO GH OD *HQHUDOLWDW SRU HO TXH
VH DSUXHED HO 5HJODPHQWR 2UJiQLFR \ )XQFLRQDO GH OD FRQVHOOHULD GH
,QIUDHVWUXFWXUDV\7UDQVSRUWHUHVXHOYR
(QFRPHQGDU D OD (QWLGDG 3~EOLFD GH 6DQHDPLHQWR \ 'HSXUDFLyQ
GH$JXDV 5HVLGXDOHV GH OD &RPXQLGDG 9DOHQFLDQD OD H[SORWDFLyQ GH
ODHVWDFLyQGHSXUDGRUDGHDJXDVUHVLGXDOHV('$5GHOD0DWDQ]D
2ULKXHOD$OLFDQWHFRQHIHFWRVDSDUWLUGHOGtDGHPDU]RGH
&RQWUDODSUHVHQWHUHVROXFLyQTXHDJRWDODYtDDGPLQLVWUDWLYDSXHGH
LQWHUSRQHUVH FRQ FDUiFWHU SRWHVWDWLYR UHFXUVR GH UHSRVLFLyQ DQWH HO
PLVPRyUJDQRTXHGLFWyODUHVROXFLyQHQHOSOD]RGHXQPHVFRQWDGR
GHVGHHOGtDVLJXLHQWHDOGHVXQRWLILFDFLyQHQYLUWXGGHORGLVSXHVWR
HQORVDUWtFXORV\GHOD/H\GHGHQRYLHPEUHGH
5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPL
HQWR$GPLQLVWUDWLYR&RP~QHQODUHGDFFLyQGDGDDORVPLVPRVSRUOD
/H\GHGHHQHUR%2(QžGHGHHQHUR
1R REVWDQWH OR GLVSXHVWR HQ HO SiUUDIR DQWHULRU OD SUHVHQWH UHVR
OXFLyQSRGUiVHULPSXJQDGDGLUHFWDPHQWHDQWHHO-X]JDGRGHOR&RQ
WHQFLRVR±$GPLQLVWUDWLYRGHODFLXGDGGH9DOHQFLDPHGLDQWHODLQWHU
SRVLFLyQGHOFRUUHVSRQGLHQWHUHFXUVRFRQWHQFLRVRDGPLQLVWUDWLYRHQHO
SOD]RGHGRVPHVHVFRQWDGRVGHVGHHOGtDVLJXLHQWHDOGHQRWLILFDFLyQ
GHODPLVPDRHQVXFDVRGHODUHVROXFLyQH[SUHVDGHOUHFXUVRSRWHV
WDWLYR GH UHSRVLFLyQ GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO DUWtFX
ORGHOD/H\GHGHMXOLRUHJXODGRUDGHOD-XULVGLFFLyQ
&RQWHQFLRVR±$GPLQLVWUDWLYD
7RGRHOORVLQSHUMXLFLRGHTXHSXHGDHMHUFLWDUHQVXFDVRFXDOTXL
HURWURUHFXUVRTXHVHHVWLPHSURFHGHQWH
9DOqQFLD GH PDUo GH ± (O FRQVHOOHU G¶,QIUDHVWUXFWXUHV L
7UDQVSRUW-RVp5DPyQ*DUFtD$QWyQ
9DOHQFLDGHPDU]RGH±(OFRQVHOOHUGH,QIUDHVWUXFWXUDV\
7UDQVSRUWH-RVp5DPyQ*DUFtD$QWyQ
/OHLGHGHGHVHPEUHGH*RYHUQ9DOHQFLjLO¶DUWLFOHGHO
'HFUHWG¶G¶RFWXEUHGHO&RQVHOOGHOD*HQHUDOLWDWSHOTXDO
V¶DSURYDHO5HJODPHQW2UJjQLFL)XQFLRQDOGHODFRQVHOOHULDG¶,QIUDHV
WUXFWXUHVL7UDQVSRUWUHVROF
(QFRPDQDU D O¶(QWLWDW 3~EOLFD GH 6DQHMDPHQW L 'HSXUDFLy G¶$L
JHV 5HVLGXDOV GH OD &RPXQLWDW 9DOHQFLDQD O¶H[SORWDFLy GH O¶HVWD
FLy GHSXUDGRUD G¶DLJHV UHVLGXDOV ('$5 GH /D 0DWDQ]D2ULKXHOD
$ODFDQWDPEHIHFWHVDSDUWLUGHOGLDGHPDUoGH
&RQWUDHVWDUHVROXFLyTXHSRVDILDODYLDDGPLQLVWUDWLYDSRWLQWHU
SRVDUVHDPEFDUjFWHUSRWHVWDWLXUHFXUVGHUHSRVLFLyGDYDQWGHOPDWHL[
zUJDQTXHYDGLFWDUODUHVROXFLyHQHOWHUPLQLG¶XQPHVFRPSWDGRUGHV
GH O¶HQGHPj GH OD QRWLILFDFLy HQ YLUWXW GHO TXH GLVSRVHQ HOV DUWLFOHV
LGHOD/OHLGHGHQRYHPEUHGH5qJLP-XUtGLFGH
OHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
HQODUHGDFFLyGRQDGDDHVWRVSHUOD/OHLGHGHJHQHU%2(
Q~PGHGHJHQHU
1RREVWDQWHOTXHGLVSRVDHOSDUjJUDIDQWHULRUHVWDUHVROXFLySRGUj
VHULPSXJQDGDGLUHFWDPHQWGDYDQWGHO-XWMDWGHO&RQWHQFLyV$GPLQLV
WUDWLXGHODFLXWDWGH9DOqQFLDSHUPLWMjGHODLQWHUSRVLFLyGHOFRUUHV
SRQHQW UHFXUV FRQWHQFLyV DGPLQLVWUDWLX HQ HO WHUPLQL GH GRV PHVRV
FRPSWDGRUVGHVGHO¶HQGHPjGHODQRWLILFDFLyG¶HVWDRVLpVHOFDVGH
ODUHVROXFLyH[SUHVVDGHOUHFXUVSRWHVWDWLXGHUHSRVLFLyGHFRQIRUPLWDW
DPE HO TXH HVWDEOL[ O¶DUWLFOH GH OD /OHL GH GH MXOLRO
5HJXODGRUDGHOD-XULVGLFFLy&RQWHQFLRVD$GPLQLVWUDWLYD
Núm
5509 / 10.05.2007
&RQVHOOHULDG¶,QIUDHVWUXFWXUHVL7UDQVSRUW
18907
&RQVHOOHULDGH,QIUDHVWUXFWXUDV\7UDQVSRUWH
,QIRUPDFLy S~EOLFD SHU D O¶DXWRULW]DFLy DGPLQLVWUDWL
YD G¶LQVWDOÂODFLy HOqFWULFD ([S $7$6&7
,QIRUPDFLyQ S~EOLFD SDUD DXWRUL]DFLyQ DGPLQLVWUDWL
YD GH LQVWDODFLyQ HOpFWULFD ([S $7$6&7
>@
>@
$OV HIHFWHV TXH HVWDEOL[HQ HO 5HLDO 'HFUHW G¶ GH
GHVHPEUH %2( GH VREUH QRUPHV SHU D O¶DWRUJDPHQW
G¶DXWRULW]DFLy DGPLQLVWUDWLYD HQ PDWqULD G¶LQVWDOÂODFLRQV HOqFWULTXHV L
O¶DUWLFOHWGHOD/OHLGHGHPDUo'2&9GHVREUH
,PSDFWH$PELHQWDOVHVRWPHWDLQIRUPDFLyS~EOLFDODLQVWDOÂODFLyHOqF
WULFD OHV FDUDFWHUtVWLTXHV SULQFLSDOV GH OD TXDO V¶HVPHQWHQ D FRQWLQXD
FLy
3HWLFLRQDUL,EHUGUROD'LVWULEXFLyQ(OpFWULFD6$8
,QVWDOÂODFLy SDUDWJH OD 3DUWLGHWD SRO SDUF HO %URVTXLOO ±
&XOOHUD
&DUDFWHUtVWLTXHVSULQFLSDOV67HO%URVTXLOO
6LVWHPDGH.9DPEFRQILJXUDFLyGHGREOHEDUUDWLSXVLQWHULRU
DPEDwOODPHQWHQ6)LSRVLFLRQV
6LVWHPDGH.9DPEFRQILJXUDFLyGHGREOHEDUUDWLSXVLQWHULRU
DPEDwOODPHQWHQ6)DPEXQWRWDOGHSRVLFLRQV
7UHVWUDQVIRUPDGRUVGH09$N9FX
/DTXDOFRVDHVIDS~EOLFDSHUDFRQHL[HPHQWJHQHUDOLSHUTXqWRWHV
DTXHOOHVSHUVRQHVItVLTXHVRMXUtGLTXHVTXHHVFRQVLGHUHQDIHFWDGHVHQ
HOVVHXVGUHWVSXJXHQH[DPLQDUO¶DYDQWSURMHFWHHQHO6HUYLFL7HUULWRULDO
G¶(QHUJLDGH9DOqQFLDVLWXDWHQHOFDUUHU*UHJRULR*HDGH9DOqQ
FLDDL[tFRPSUHVHQWDUHQO¶HVPHQWDW6HUYLFL7HUULWRULDOOHVDOÂOHJDFLRQV
HQ GRV H[HPSODUV TXH HV FRQVLGHUHQ RSRUWXQHV HQ HO WHUPLQL GH GLHVFRPSWDGRUVDSDUWLUGHO¶HQGHPjGHODSXEOLFDFLyG¶HVWHDQXQFL
$ ORV HIHFWRV SUHYHQLGRV HQ HO 5HDO 'HFUHWR GH GH
GLFLHPEUH%2(GHVREUHQRUPDVSDUDRWRUJDPLHQWRGH
DXWRUL]DFLyQDGPLQLVWUDWLYDHQPDWHULDGHLQVWDODFLRQHVHOpFWULFDV\HQ
HODUWtFXORžGHOD/H\GHGHPDU]R'2&9GH
VREUH,PSDFWR$PELHQWDOVHVRPHWHDLQIRUPDFLyQS~EOLFDODLQVWDOD
FLyQ HOpFWULFD FX\DV FDUDFWHUtVWLFDV SULQFLSDOHV VH VHxDODQ D FRQWLQXD
FLyQ
3HWLFLRQDULR,EHUGUROD'LVWULEXFLyQ(OpFWULFD6$8
,QVWDODFLyQ 3DUDMH OD 3DUWLGHWD 3RO SDUF HO %URVTXLOO
±&XOOHUD
&DUDFWHUtVWLFDVSULQFLSDOHV³67(O%URVTXLOO´
6LVWHPDGH.9FRQFRQILJXUDFLyQGHGREOHEDUUDWLSRLQWHULRU
FRQDLVODPLHQWRHQ6)\SRVLFLRQHV
6LVWHPD GH .9 FRQ FRQILJXUDFLyQ GH GREOH EDUUD WLSR LQWHULRU
FRQDLVODPLHQWRHQ6)FRQXQWRWDOGHSRVLFLRQHV
7UHVWUDQVIRUPDGRUHVGH09$.9FX
/RTXHVHKDFHS~EOLFRSDUDFRQRFLPLHQWRJHQHUDO\SDUDTXHWRGDV
DTXHOODVSHUVRQDVItVLFDVRMXUtGLFDVTXHVHFRQVLGHUHQDIHFWDGDVHQVXV
GHUHFKRV SXHGDQ H[DPLQDU HO DQWHSUR\HFWR HQ HO 6HUYLFLR 7HUULWRULDO
GH (QHUJtD GH 9DOHQFLD VLWR HQ OD & *UHJRULR *HD GH 9DOHQFLD
DVt FRPR SUHVHQWDU HQ GLFKR 6HUYLFLR 7HUULWRULDO ODV DOHJDFLRQHV SRU
GXSOLFDGRTXHVHFRQVLGHUHQRSRUWXQDVHQHOSOD]RGHGtDVFRQWD
GRVDSDUWLUGHOVLJXLHQWHDOGHODSXEOLFDFLyQGHHVWHDQXQFLR
9DOqQFLD GH QRYHPEUH GH ± (O FDS GHO 6HUYLFL7HUULWRULDO
G¶(QHUJLD(QULTXH&OLPHQW6LUYHQW
9DOHQFLDGHQRYLHPEUHGH±(OMHIHGHO6HUYLFLR7HUULWRULDO
GH(QHUJtD(QULTXH&OLPHQW6LUYHQW
Núm
5509 / 10.05.2007
&RQVHOOHULDGH6DQLWDW
&LWDFLyGHFRPSDUHL[HQoDDILGHQRWLILFDUOLTXLGDFLRQVSHU
WD[HVVDQLWjULHV>@
18908
&RQVHOOHULDGH6DQLGDG
&LWDFLyQGHFRPSDUHFHQFLDDILQGHSURFHGHUDODQRWLILFD
FLyQ GH GHWHUPLQDGDV OLTXLGDFLRQHV SRU WDVDV VDQLWDULDV
>@
6HJRQV TXH GLVSRVD O¶DUWLFOH GH OD /OHL GH GH
GHVHPEUH*HQHUDO7ULEXWjULDLFRPTXHV¶KDLQWHQWDWODQRWLILFDFLyD
OD SHUVRQD LQWHUHVVDGD R DO VHX UHSUHVHQWDQW SHU GXHV YHJDGHV VHQVH
TXH KDMD VLJXW SRVVLEOH SHU FDXVHV QR LPSXWDEOHV DO FHQWUH JHVWRU HV
SRVDGHPDQLIHVWPLWMDQoDQWHOSUHVHQWDQXQFLTXHHVWDQSHQGHQWVGH
QRWLILFDUOHVOLTXLGDFLRQVSHUWD[HVVDQLWjULHVTXHV¶HVSHFLILTXHQDFRQ
WLQXDFLy
3HU WRW DL[z GLVSRVH TXH HOV VXEMHFWHV SDVVLXV REOLJDWV WULEXWDULV
LQGLFDWV DQWHULRUPHQW R HOV VHXV UHSUHVHQWDQWV EHQ DFUHGLWDWV KDXUDQ
GH FRPSDUpL[HU HQ HO WHUPLQL GH GLHV QDWXUDOV FRPSWDGRUV GHV GH
O¶HQGHPjGHODSXEOLFDFLyGHODSUHVHQWUHVROXFLyHQHO'LDUL2ILFLDOGH
OD&RPXQLWDW9DOHQFLDQDGHGLOOXQVDGLYHQGUHVHQO¶KRUDULGHD
KRUHVHQHOFHQWUHJHVWRU+RVSLWDOGH;jWLYDFWUD;jWLYD6LOOD
NP;jWLYD9DOqQFLDDOILGHSUDFWLFDUODQRWLILFDFLyGHO¶DFWH
HVPHQWDW
7DPEpV¶DGYHUWL[OHVSHUVRQHVLQWHUHVVDGHVTXHVLQRFRPSDUHL[HQ
HQ HO WHUPLQL HVPHQWDW OD QRWLILFDFLy V¶HQWpQ FRP D IHWD DPE FDUjF
WHUJHQHUDOGHVGHO¶HQGHPjGHOYHQFLPHQWGHOWHUPLQLDVVHQ\DODWSHUD
FRPSDUpL[HU
'H FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO DUWtFXOR GH OD /H\
GHGHGLFLHPEUH*HQHUDO7ULEXWDULD\KDELpQGRVHLQWHQ
WDGRODQRWLILFDFLyQDOLQWHUHVDGRRVXUHSUHVHQWDQWHSRUGRVYHFHVVLQ
TXHKD\DVLGRSRVLEOHSUDFWLFDUODVSRUFDXVDVQRLPSXWDEOHVDOFHQWUR
JHVWRU VH SRQH GH PDQLILHVWR PHGLDQWH HO SUHVHQWH DQXQFLR TXH VH
HQFXHQWUDQ SHQGLHQWHV GH QRWLILFDU ODV OLTXLGDFLRQHV SRU WDVDV VDQLWD
ULDVFX\RLQWHUHVDGRVHHVSHFLILFDDFRQWLQXDFLyQ
(QYLUWXGGHORDQWHULRUGLVSRQJRTXHORVVXMHWRVSDVLYRVREOLJD
GRV WULEXWDULRV LQGLFDGRV DQWHULRUPHQWH R VXV UHSUHVHQWDQWHV GHELGD
PHQWH DFUHGLWDGRV GHEHUiQ FRPSDUHFHU HQ HO SOD]R GH GtDV QDWX
UDOHV FRQWDGRV GHVGH HO VLJXLHQWH DO GH OD SXEOLFDFLyQ GH OD SUHVHQWH
UHVROXFLyQHQHO'LDUL2ILFLDOGHOD&RPXQLWDW9DOHQFLDQDGHOXQHVD
YLHUQHVHQKRUDULRGHDKRUDVHQHOFHQWURJHVWRU+RVSLWDO
GH;jWLYDFWUD;jWLYD±6LOODNP;jWLYD9DOHQFLDDOHIHF
WRGHSUDFWLFDUODQRWLILFDFLyQGHOFLWDGRDFWR
$VLPLVPRVHDGYLHUWHDORVLQWHUHVDGRVTXHGHQRFRPSDUHFHUHQ
HOFLWDGRSOD]RODQRWLILFDFLyQVHHQWHQGHUiSURGXFLGDDWRGRVORVHIHF
WRVOHJDOHVGHVGHHOGtDVLJXLHQWHDOGHOYHQFLPLHQWRGHOSOD]RVHxDODGR
SDUDFRPSDUHFHU
9DOqQFLDG¶DEULOGH(OGLUHFWRUJHQHUDOGH5HFXUVRV(FR
QzPLFV(OR\-LPpQH]&DQWRV
9DOHQFLDGHDEULOGH(OGLUHFWRUJHQHUDOGH5HFXUVRV(FR
QyPLFRV(OR\-LPpQH]&DQWRV
Núm
5509 / 10.05.2007
)HUURFDUULOVGHOD*HQHUDOLWDW9DOHQFLDQD
18909
)HUURFDUULOVGHOD*HQHUDOLWDW9DOHQFLDQD
5(62/8&,Ï GH G¶DEULO GHO GH O¶(QWLWDW 3~EOL
FD )HUURFDUULOV GH OD *HQHUDOLWDW 9DOHQFLDQD )*9
5HFWLILFDFLy GHO 3OHF GH &OjXVXOHV $GPLQLVWUDWLYHV 3DUWL
FXODUV TXH UHJL[ OD OLFLWDFLy GHO FRQWUDFWH GH ³3UHVWDFLy
GHOVVHUYLFLVGHYLJLOjQFLDLSURWHFFLyGHYLDWJHUVDJHQWV
LQVWDO¢ODFLRQV L GHSHQGqQFLHV GH )*9 HQ OD SURYtQFLD GH
9DOqQFLD´H[SHGLHQW´>@
5(62/8&,Ï1 GH GH DEULO GH GH OD (QWLGDG
3~EOLFD)HUURFDUULOVGHOD*HQHUDOLWDW9DOHQFLDQD)*9
5HFWLILFDFLyQGHOSOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDU
WLFXODUHVTXHULJHODOLFLWDFLyQGHOFRQWUDWRGH³3UHVWDFLyQ
GH ORV VHUYLFLRV GH YLJLODQFLD \ SURWHFFLyQ GH YLDMHURV
DJHQWHV LQVWDODFLRQHV \ GHSHQGHQFLDV GH )*9 HQ OD SUR
YLQFLDGH9DOHQFLD´H[SHGLHQWH´>@
(QUHODFLyDODOLFLWDFLyGHOFRQWUDFWHGH³3UHVWDFLyGHOVVHUYLFLVGH
YLJLOjQFLDLSURWHFFLyGHYLDWJHUVDJHQWVLQVWDOÂODFLRQVLGHSHQGqQFLHV
GH)*9HQODSURYtQFLDGH9DOqQFLD´SXEOLFDGDHQHO'2&9GHOGH
PDLJGHTXHGDVXSULPLGDODVHJHQWIUDVHGHOSOHFGHFOjXVXOHV
DGPLQLVWUDWLYHV SDUWLFXODUV TXH UHJL[ OD OLFLWDFLy ³(OV VHUYLFLV L GH)*9D9DOqQFLD/RWVVHUDQDGMXGLFDWVDHPSUHVHVGLVWLQWHV´
TXLQWSDUjJUDIDSDUWDWGHOSXQW
(Q UHODFLyQ D OD OLFLWDFLyQ GHO FRQWUDWR GH ³3UHVWDFLyQ GH ORV VHU
YLFLRVGHYLJLODQFLD\SURWHFFLyQGHYLDMHURVDJHQWHVLQVWDODFLRQHV\
GHSHQGHQFLDV GH )*9 HQ OD SURYLQFLD GH 9DOHQFLD´ SXEOLFDGD HQ HO
'2&9GHOGHPD\RGHTXHGDVXSULPLGDODVLJXLHQWHIUDVHGHO
SOLHJRGHFOiXVXODVDGPLQLVWUDWLYDVSDUWLFXODUHVTXHULJHODOLFLWDFLyQ
³/RVVHUYLFLRV\GH)*9HQ9DOHQFLD/RWHVVHUiQDGMX
GLFDGRV D HPSUHVDV GLVWLQWDV´ TXLQWR SiUUDIR DSDUWDGR GHO SXQWR
9DOqQFLD G¶DEULO GH ± /D GLUHFWRUD JHUHQW 0DUtD /XLVD
*UjFLD*LPpQH]
9DOHQFLDGHDEULOGH±/DGLUHFWRUDJHUHQWH0DUtD/XLVD
*UDFLD*LPpQH]
Núm
5509 / 10.05.2007
,QVWLWXW9DOHQFLjG¶+DELWDWJH6$
18910
,QVWLWXWR9DOHQFLDQRGH9LYLHQGD6$
1RWLILFDFLy D O¶LQWHUHVVDW GH OD SURYLGqQFLD L SOHF GH FjU
UHFV SHU LQFRDFLy G¶H[SHGLHQW DGPLQLVWUDWLX GH UHVROXFLy
GH FRQWUDFWH GH FRPSUDYHQGD SHU QR RFXSDU O¶KDELWDWJH
SHOVHXWLWXODUFRPDGRPLFLOLKDELWXDOLSHUPDQHQWH[SH
GLHQWQ~P$5$&18>@
1RWLILFDFLyQ DO LQWHUHVDGR GH OD SURYLGHQFLD \ SOLHJR GH
FDUJRV SRU LQFRDFLyQ GH H[SHGLHQWH DGPLQLVWUDWLYR GH
UHVROXFLyQ GH FRQWUDWR GH FRPSUDYHQWD SRU QR RFXSDU OD
YLYLHQGD SRU VX WLWXODU FRPR GRPLFLOLR KDELWXDO \ SHUPD
QHQWHH[SHGLHQWHQ~P$5$&18>@
(Q FRPSOLPHQW G¶DOOz TXH V¶KD GLVSRVDW HQ HOV DUWLFOHV L GHOD/OHLGHGHQRYHPEUHPRGLILFDGDSHUOD/OHL
GH GH JHQHU GH 5qJLP -XUtGLF GH OHV$GPLQLVWUDFLRQV 3~EOLTXHV L
GHO 3URFHGLPHQW $GPLQLVWUDWLX &RP~ SHU OD SUHVHQW HV QRWLILFD D
O¶LQWHUHVVDW TXH HV UHODFLRQD TXH V¶KD LQFRDW H[SHGLHQW DGPLQLVWUDWLX
GHUHVROXFLyGHFRQWUDFWHGHFRPSUDYHQGDSHUQRXWLOLW]DUO¶KDELWDWJH
FRPDGRPLFLOLKDELWXDOLSHUPDQHQW
/¶LQWHUHVVDWSHUDFRQHL[HPHQWLFRQVWjQFLDGHOFRQWLQJXWtQWHJUH
GHO¶H[SHGLHQWSRGUjFRPSDUqL[HUDOHVRILFLQHVGHO¶,QVWLWXW9DOHQFLj
G¶+DELWDWJH6$ DOFDUUHU*LURQDQ~PEDL[G¶$ODFDQWHQKRUDUL
GHDKRUHVGHGLOOXQVDGLYHQGUHVH[FHSWHIHVWLXVGLVSR
VDQWG¶XQWHUPLQLDWDOILGHGLHVKjELOV
'¶DFRUGDPEHOTXHSUHYHXO¶DUWGHO5HLDO'HFUHW
GHG¶DJRVWHQFDVGHQRHIHFWXDUDOÂOHJDFLRQVVREUHHOFRQWLQJXWGHO
SUHVHQW SOHF GH FjUUHFV HVWH HV FRQVLGHUDUj SURSRVWD GH 5HVROXFLy DO
GLUHFWRU JHQHUDO G¶+DELWDWJH L 3URMHFWHV 8UEDQV SHUTXq GLFWH 5HVROX
FLy
(QFXPSOLPLHQWRGHORGLVSXHVWRHQORVDUWtFXORV\GHOD
/H\GHGHQRYLHPEUHPRGLILFDGDSRUOD/H\GH
GHHQHURGH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\
GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QSRUODSUHVHQWHVHQRWLILFD
DO LQWHUHVDGR TXH VH UHODFLRQD TXH VH KD LQFRDGR H[SHGLHQWH DGPL
QLVWUDWLYRGHUHVROXFLyQGHFRQWUDWRGHFRPSUDYHQWDSRUQRXWLOL]DUOD
YLYLHQGDFRPRGRPLFLOLRKDELWXDO\SHUPDQHQWH
(OLQWHUHVDGRSDUDFRQRFLPLHQWR\FRQVWDQFLDGHOFRQWHQLGRtQWH
JUR GHO H[SHGLHQWH SRGUi FRPSDUHFHU HQ ODV RILFLQDV GHO ,QVWLWXWR
9DOHQFLDQRGH9LYLHQGD6$VLWDVHQODFDOOH*HURQDQ~PEDMRGH
$OLFDQWHHQKRUDULRGHDKRUDVGHOXQHVDYLHUQHVH[FHS
WRIHVWLYRVGLVSRQLHQGRGHXQSOD]RDWDOILQGHGtDVKiELOHV
'H DFXHUGR FRQ OR SUHYLVWR HQ HO DUW GHO 5HDO 'HFUHWR
GHGHDJRVWRHQFDVRGHQRHIHFWXDUDOHJDFLRQHVVREUHHO
FRQWHQLGRGHOSUHVHQWHSOLHJRGHFDUJRVpVWHVHFRQVLGHUDUiSURSXHVWD
GH 5HVROXFLyQ DO GLUHFWRU JHQHUDO GH 9LYLHQGD \ 3UR\HFWRV 8UEDQRV
SDUDTXHGLFWH5HVROXFLyQ
([SHGLHQWQ~P$5$&18
'DGHVGHO¶DGMXGLFDWDUL
±&RJQRPV)HUQiQGH])UXFWXRVR
±1RP-RDTXtQ
'DGHVGHO¶KDELWDWJH
±&RGLGHO¶KDELWDWJH
±$GUHoDFDUUHU*XDUGDPDUQ~PEO,S,HVFHVTSLVSWD
([SHGLHQWHQ~P$5$&18
'DWRVGHODGMXGLFDWDULR
±$SHOOLGRV)HUQiQGH])UXFWXRVR
±1RPEUH-RDTXtQ
'DWRVGHODYLYLHQGD
±&yGLJRGHODYLYLHQGD
±'LUHFFLyQFDOOH*XDUGDPDUQ~PEO,S,HVFL]TSLVRž
SWD&
±3REODFLyQ7RUUHYLHMD
±3URYLQFLD$OLFDQWH
±5pJLPHQGHFHVLyQFRPSUDYHQWD
±)HFKDGHOSOLHJRGHFDUJRVGHDEQULOGH
&
±/RFDOLWDW7RUUHYLHMD
±3URYtQFLD$ODFDQW
±5qJLPGHFHVVLyFRPSUDYHQGD
±'DWDGHOSOHFGHFjUUHFVG¶DEULOGH
$ODFDQWGHPDLJGH±(OVHFUHWDULG¶$FWXDFLRQV-HV~V$OR
QVR6HPSHUH
$OLFDQWHGHPD\RGH±(OVHFUHWDULRGH$FWXDFLRQHV-HV~V
$ORQVR6HPSHUH
Núm
5509 / 10.05.2007
,QVWLWXW9DOHQFLjG¶+DELWDWJH6$
1RWLILFDFLyDOVKHUHXVGHODVHQ\RUD0DUtD/ySH]%URWRQV
GH OD LQFRDFLy G¶H[SHGLHQW GH UHTXHULPHQW GH FRPXQLFD
FLy GH VXEURJDFLy H[SHGLHQW Q~PHUR $56
>@
(QFRPSOLPHQWG¶DOOzTXHV¶KDGLVSRVDWHQHOVDUWLFOHVLGH
OD/OHLGHGHQRYHPEUHPRGLILFDGDSHUOD/OHLGH
GHJHQHUGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO
3URFHGLPHQW$GPLQLVWUDWLX&RP~SHUODSUHVHQWHVQRWLILFDDOVKHUHXV
GHO¶DGMXGLFDWDULTXHHVUHODFLRQDTXHV¶KDLQFRDWH[SHGLHQWGHUHTXH
ULPHQWGHFRPXQLFDFLyGHVXEURJDFLyDPEDGYHUWqQFLDGHUHVROXFLyGH
FRQWUDFWHHQFDVFRQWUDUL
(OVLQWHUHVVDWVSHUDFRQHL[HPHQWLFRQVWjQFLDGHOFRQWLQJXWtQWH
JUH GH O¶H[SHGLHQW SRGUDQ FRPSDUqL[HU D OHV RILFLQHV GH O¶,QVWLWXW
9DOHQFLj G¶+DELWDWJH 6$ DO FDUUHU *LURQD Q~P EDL[ G¶$ODFDQW
HQKRUDULGHDKRUHVGHGLOOXQVDGLYHQGUHVH[FHSWHIHV
WLXVLGLVSRVDG¶XQWHUPLQLSHUDTXHVWILG¶XQPHV
([SHGLHQWQ~P$56
'DGHVGHO¶DGMXGLFDWDUL
±&RJQRPV/ySH]%URWRQV
±1RP0DUtD
±'DWDGHODPRUWGHGHVHPEUHGH
'DGHVGHO¶KDELWDWJH
±&RGLGHO¶KDELWDWJH
±$GUHoDFDUUHU&XDUWHOQ~PHVFSLVžSWD$
±/RFDOLWDW0RQzYHU
±3URYtQFLD$ODFDQW
±5qJLPGHFHVVLyDUUHQGDPHQW
±'DWDGHFRQWUDFWHGHVHWHPEUHGH
±'DWDGHOUHTXHULPHQWG¶DEULOGH
$ODFDQW G¶DEULO GH ± (O JHUHQW GH O¶,QVWLWXW 9DOHQFLj
G¶+DELWDWJH6$)HOLSH(VSLQRVD%RODxRV
18911
,QVWLWXWR9DOHQFLDQRGH9LYLHQGD6$
1RWLILFDFLyQ D ORV KHUHGHURV GH GRxD 0DUtD /ySH] %UR
WRQV GH OD LQFRDFLyQ GH H[SHGLHQWH GH UHTXHULPLHQWR GH
FRPXQLFDFLyQ GH VXEURJDFLyQ H[SHGLHQWH Q~PHUR$56
>@
(QFXPSOLPLHQWRGHORGLVSXHVWRHQORVDUWtFXORV\GHOD
/H\GHGHQRYLHPEUHPRGLILFDGDSRUOD/H\GH
GHHQHURGH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\
GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QSRUODSUHVHQWHVHQRWLILFD
DORVKHUHGHURVGHODGMXGLFDWDULRTXHVHUHODFLRQDTXHVHKDLQFRDGR
H[SHGLHQWH GH UHTXHULPLHQWR GH FRPXQLFDFLyQ GH VXEURJDFLyQ FRQ
DGYHUWHQFLDGHUHVROXFLyQGHFRQWUDWRHQFDVRFRQWUDULR
/RV LQWHUHVDGRV SDUD FRQRFLPLHQWR \ FRQVWDQFLD GHO FRQWHQLGR
tQWHJURGHOH[SHGLHQWHSRGUiQFRPSDUHFHUHQODVRILFLQDVGHO,QVWLWXWR
9DOHQFLDQRGH9LYLHQGD6$VLWDVHQODFDOOH*HURQDQ~PEDMRGH
$OLFDQWHHQKRUDULRGHDKRUDVGHOXQHVDYLHUQHVH[FHS
WRIHVWLYRVGLVSRQLHQGRGHXQSOD]RDWDOILQGHXQPHV
([SHGLHQWHQ~P$56
'DWRVGHODGMXGLFDWDULR
±$SHOOLGRV/ySH]%URWRQV
±1RPEUH0DUtD
±)HFKDGHOIDOOHFLPLHQWRGHGLFLHPEUHGH
'DWRVGHODYLYLHQGD
±&yGLJRGHODYLYLHQGD
±'LUHFFLyQFDOOH&XDUWHOQ~PHVFSLVRžSWD$
±/RFDOLGDG0RQyYDU
±3URYLQFLD$OLFDQWH
±5pJLPHQGHFHVLyQDUUHQGDPLHQWR
±)HFKDGHOFRQWUDWRGHVHSWLHPEUHGH
±)HFKDGHOUHTXHULPLHQWRGHDEULOGH
$OLFDQWHGHDEULOGH±(OJHUHQWHGHO,QVWLWXWR9DOHQFLDQR
GH9LYLHQGD6$)HOLSH(VSLQRVD%RODxRV
Núm
5509 / 10.05.2007
,QVWLWXW9DOHQFLjGHOD-RYHQWXW
18912
,QVWLWXWR9DOHQFLDQRGHOD-XYHQWXG
1RWLILFDFLy D *XVWDYR$GROIR *DUULGR 2UWXxR L DOWUHV GH
ODIDOWDLRLQFRUUHFFLyGHGHWHUPLQDGDGRFXPHQWDFLyTXH
SUHFHSWLYDPHQWKDXULDG¶DFRPSDQ\DUODVROÂOLFLWXGG¶DMX
GDSHUDOOORJXHUG¶KDELWDWJHVSHUMyYHQVLSHUSDUHOOHVGH
MyYHQVVHJRQVHOTXHGLVSRVDO¶2UGUHGHGHGHVHPEUHGH
GH OD &RQVHOOHULD GH %HQHVWDU 6RFLDO '2&9 Q~P
G¶GHJHQHUGH>@
1RWLILFDFLyQ D *XVWDYR $GROIR *DUULGR 2UWXxR \ RWURV
GH OD IDOWD \R LQFRUUHFFLyQ GH GHWHUPLQDGD GRFXPHQWD
FLyQTXHSUHFHSWLYDPHQWHGHEtDDFRPSDxDUDODVROLFLWXG
GH D\XGD SDUD HO DOTXLOHU GH YLYLHQGDV SRU MyYHQHV \ SRU
SDUHMDV GH MyYHQHV VHJ~Q OR GLVSXHVWR HQ OD 2UGHQ GH GHGLFLHPEUHGHGHOD&RQVHOOHULDGH%LHQHVWDU6RFL
DO'2&9Q~PGHGHHQHURGH>@
'DYDQW GH OD LPSRVVLELOLWDW G¶HIHFWXDU GLUHFWDPHQW OD QRWLILFDFLy
GH IDOWD LR LQFRUUHFFLy GH GHWHUPLQDGD GRFXPHQWDFLy TXH SUHFHS
WLYDPHQW KDXULD G¶DFRPSDQ\DU OD VROÂOLFLWXG SUHVHQWDGD D O¶HPSDUD
GH O¶2UGUH GH GH GHVHPEUH GH GH OD FRQVHOOHULD GH %HQHVWDU
6RFLDO SHU OD TXDO HV FRQYRTXHQ DMXGHV HFRQzPLTXHV SHU DO OORJXHU
G¶KDELWDWJHSHUMyYHQVLSHUSDUHOOHVGHMyYHQVFRVDTXHV¶KDLQWHQWDW
VHQVHFDSUHVXOWDWLHQFRPSOLPHQWGHOTXHGLVSRVDO¶DUWLFOHGHOD
/OHLGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV3~EOLTXHVLGHO
3URFHGLPHQW$GPLQLVWUDWLX &RP~ HV SURFHGHL[ D SXEOLFDU OD VHJHQW
QRWLILFDFLyDOHVSHUVRQHVTXHWRWVHJXLWV¶LQGLFD
$QWH OD LPSRVLELOLGDG GH HIHFWXDU GLUHFWDPHQWH OD QRWLILFDFLyQ
GH IDOWD \R LQFRUUHFFLyQ GH GHWHUPLQDGD GRFXPHQWDFLyQ TXH SUHFHS
WLYDPHQWH GHEtD DFRPSDxDU D OD VROLFLWXG SUHVHQWDGD DO DPSDUR GH OD
2UGHQGHGHGLFLHPEUHGHGHODFRQVHOOHULDGH%LHQHVWDU6RFL
DOSRUODTXHVHFRQYRFDQD\XGDVHFRQyPLFDVSDUDHODOTXLOHUGHYLYL
HQGDVSRUMyYHQHV\SRUSDUHMDVGHMyYHQHVKDELpQGRVHLQWHQWDGRVLQ
HIHFWR\HQFXPSOLPLHQWRGHORGLVSXHVWRHQHODUWtFXORGHOD/H\
GH5pJLPHQ-XUtGLFRGHODV$GPLQLVWUDFLRQHV3~EOLFDV\GHO
3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~QVHSURFHGHDSXEOLFDUODVLJXL
HQWHQRWLILFDFLyQDODVSHUVRQDVTXHDFRQWLQXDFLyQVHGHWDOODQ
± *$55,'2 2578f2 *867$92 $'2/)2 025(12 %272
(67()$1,$
&3,1725672/=±9$/(1&,$
(;3(',(176*333
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
± *$55,'2 2578f2 *867$92 $'2/)2 025(12 %272
(67()$1,$
&3,1725672/=±9$/(1&,$
(;3(',(17(6*333
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±6(55$12'85$-8$1-$9$/2<(6'20(1(&+5$48(/
&&8(1&$±9$/(1,$
(;3(',(176*333
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±6(55$12'85$-8$1-$9$/2<(6'20(1(&+5$48(/
&&8(1&$±9$/(1,$
(;3(',(17(6*333
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
± &$%(=$6 6$1&+(= -$9,(5 025$ 0$548(= -(11,)(5
0,5%(7
$9&$5'(1$/%(1//2&+±9$/(1&,$
(;3(',(176*333
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
± &$%(=$6 6$1&+(= -$9,(5 025$ 0$548(= -(11,)(5
0,5%(7
$9&$5'(1$/%(1//2&+±9$/(1&,$
(;3(',(17(6*333
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±&8$'526&8&$/$621,$
&(6&$/$17(±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±&8$'526&8&$/$621,$
&(6&$/$17(±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±//23//8&+-(66,&$
&38(%/$'()$51$/6±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±//23//8&+-(66,&$
&38(%/$'()$51$/6±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±/28$+$%,$',/
$9%/$6&2,%$f(=±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±/28$+$%,$',/
$9%/$6&2,%$f(=±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±28$5',1$28)$/
3/+21'85$6±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±28$5',1$28)$/
3/+21'85$6±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±72502)(55$1',=('8$5'-26(3
&0$548(6'(=(1(7(±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±72502)(55$1',=('8$5'-26(3
&0$548(6'(=(1(7(±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±)(55,$16(/(1$
&0$18(/0$57,±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±)(55,$16(/(1$
&0$18(/0$57,±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
Núm
5509 / 10.05.2007
18913
±/$+/28+,&+$0
&0$18(/0$57,±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±/$+/28+,&+$0
&0$18(/0$57,±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±'(/)5(6122/$<$$1*(/
&5(&725=$5$*2=$±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±'(/)5(6122/$<$$1*(/
&5(&725=$5$*2=$±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±)(55(5%$7$//(50$5,$
&3$'5(-2)5(±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±)(55(5%$7$//(50$5,$
&3$'5(-2)5(±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±3(5(=02172<$$/%(572
&6726-8672<3$6725$±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±3(5(=02172<$$/%(572
&6726-8672<3$6725$±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±16,$65('$
&&$032$025±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±16,$65('$
&&$032$025±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±$/$0$59,925$48(/
&&+85$7,6$85,±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±$/$0$59,925$48(/
&&+85$7,6$85,±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±-8/,26,)5((/,6$%(7
&*8,//(0'(&$6752±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±-8/,26,)5((/,6$%(7
&*8,//(0'(&$6752±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±0(6$'2(63,1-26(/8,6
&*8,//(0'(&$6752±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±0(6$'2(63,1-26(/8,6
&*8,//(0'(&$6752±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±52<2%581&$52/,1$
&5(725±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±52<2%581&$52/,1$
&5(725±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±)86(7,725726$3(5(6,;7(
&32%/$'()$51$/6±9$/(1&,$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±)86(7,725726$3(5(6,;7(
&32%/$'()$51$/6±9$/(1&,$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±.$/&+(9.$/&+(9,9$</2
&6$1,6,'52,=4±6$179,&(17'(/5$63(,*
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±.$/&+(9.$/&+(9,9$</2
&6$1,6,'52,=4±6$179,&(17'(/5$63(,*
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±129(//$58,=-26($1721,2
& *5(*$/ (' 0,5$'25 '( 129$ &$/$ ±
9,//$-2<26$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±129(//$58,=-26($1721,2
& *5(*$/ (' 0,5$'25 '( 129$ &$/$ ±
9,//$-2<26$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±*21=$/(=3$5'29,&(17(
361(37812,±3/$7-$*$1',$
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±*21=$/(=3$5'29,&(17(
361(37812,±3/$<$*$1',$
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±%28.+(128)$28,'$'
&3,1725//8&+±%215(326,0,5$0%(//
±%28.+(128)$28,'$'
&3,1725//8&+±%215(326,0,5$0%(//
Núm
5509 / 10.05.2007
18914
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±%(1(<72&$%$//(526$5$
3/(/&(17(5,±$/&2,
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±%(1(<72&$%$//(526$5$
3/(/&(17(5,±$/&2,
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
±*,6%(57*21=$/(=0$5,2
3/(/&(17(1$5,±$/&2,
(;3(',(176*33,
027,8)$/7$,2,1&255(&&,Ï'('2&80(17$&,Ï
±*,6%(57*21=$/(=0$5,2
3/(/&(17(1$5,±$/&2,
(;3(',(17(6*33,
027,92)$/7$<2,1&255(&&,Ï1'('2&80(17$&,Ï1
&RQWLQJXWGHODQRWLILFDFLy3UHVHQWDFLyGDYDQWGHO¶,QVWLWXW9DOHQ
FLj GH OD -RYHQWXW GH OD GRFXPHQWDFLy TXH SUHFHSWLYDPHQW KDXULD
G¶DFRPSDQ\DU OD VROÂOLFLWXG G¶DMXGD SHU DO OORJXHU G¶KDELWDWJH SHU
MyYHQVLSHUSDUHOOHVGHMyYHQV
3HU WDO GH FRQqL[HU HO FRQWLQJXW tQWHJUH GH OD QRWLILFDFLy KDXUDQ
GHFRPSDUpL[HUDO¶,QVWLWXW9DOHQFLjGHOD-RYHQWXW6HUYHLGH*HVWLyL
3ODQLILFDFLyGH3URJUDPHVDOFDUUHU+RVSLWDOGH9DOqQFLDHQHO
WHUPLQLGHGHXGLHVKjELOVFRPSWDGRUVDSDUWLUGHO¶HQGHPjGHODSXEOL
FDFLyGHOSUHVHQWHGLFWH
&DVGH QR SUHVHQWDU HQ HOWHUPLQLGHGHX GLHVKjELOVFRPSWDGRUV
D SDUWLU GH O¶HQGHPj GH OD GDWD GH OD SXEOLFDFLy GH OD SUHVHQW QRWLIL
FDFLy HQ HO '2&9 OD GRFXPHQWDFLy TXH HV VROÂOLFLWD HV FRQVLGHUDUj
TXHKDQGHVLVWLWGHODVHXDSHWLFLyGHVSUpVGHODUHVROXFLyTXHSUqYLD
PHQWV¶KDXUjGHGLFWDUHQHOVWHUPHVTXHSUHYHXO¶DUWLFOHGHOD/OHL
GHGHQRYHPEUHGH5qJLP-XUtGLFGHOHV$GPLQLVWUDFLRQV
3~EOLTXHVLGHO3URFHGLPHQW$GPLQLVWUDWLX&RP~
&RQWHQLGRGHODQRWLILFDFLyQ3UHVHQWDFLyQDQWHHO,QVWLWXW9DOHQFLj
GHOD-RYHQWXWGHODGRFXPHQWDFLyQTXHSUHFHSWLYDPHQWHGHEtDDFRP
SDxDUVHDODVROLFLWXGGHD\XGDSDUDDOTXLOHUSRUMyYHQHV\SDUHMDVGH
MyYHQHV
3DUDFRQRFHUHOFRQWHQLGRtQWHJURGHODQRWLILFDFLyQGHEHUiQFRP
SDUHFHU HQ HO ,QVWLWXW 9DOHQFLj GH OD -RYHQWXW 6HUYLFLR GH *HVWLyQ \
3ODQLILFDFLyQGH3URJUDPDVVLWRHQ&+RVSLWDOQ~P±9DOHQFLD
HQHOSOD]RGHGLH]GtDVKiELOHVGHVGHHOVLJXLHQWHDODSXEOLFDFLyQGH
HVWHHGLFWR
(QFDVRGHQRSUHVHQWDUHQHOSOD]RGHGLH]GtDVKiELOHVGHVGHHO
VLJXLHQWH D OD IHFKD GH OD SXEOLFDFLyQ GH OD SUHVHQWH QRWLILFDFLyQ HQ
HO '2&9 OD GRFXPHQWDFLyQ TXH VH VROLFLWD VH OHV WHQGUi SRU GHVLVWL
GRV GH VXV SHWLFLRQHV SUHYLD UHVROXFLyQ TXH GHEHUi VHU GLFWDGD HQ
ORV WpUPLQRV SUHYLVWRV HQ HO DUWtFXOR GH OD /H\ GH GH
QRYLHPEUH GH 5pJLPHQ -XUtGLFR GH ODV$GPLQLVWUDFLRQHV 3~EOLFDV \
GHO3URFHGLPLHQWR$GPLQLVWUDWLYR&RP~Q
9DOqQFLD G¶DEULO GH ± (O FDS G¶¬UHD GH O¶,9$- -RVp
0DQXHO&KLULYHOOD0DUWt
9DOHQFLD GH DEULO GH ± (O MHIH GH ÈUHD GHO ,9$- -RVp
0DQXHO&KLULYHOOD0DUWt
Núm
5509 / 10.05.2007
&DL[D5XUDOGHO¶$OF~GLD
6RFLHWDW&RRSHUDWLYD9DOHQFLDQDGH&UqGLW
18915
&DL[D5XUDOGHO¶$OF~GLD
6RFLHWDW&RRSHUDWLYD9DOHQFLDQDGH&UqGLW
&RQYRFDWzULD GH O¶$VVHPEOHD *HQHUDO RUGLQjULD &RQYRFDWRULD GH OD $VDPEOHD *HQHUDO RUGLQDULD
>@
>@
(O&RQVHOO5HFWRUG¶HVWDFDL[DUXUDOHQODVHVVLyGHGHPDUoGH
KD DFRUGDW SHU XQDQLPLWDW FRQYRFDU WRWV HOV VRFLV D O¶$VVHP
EOHD *HQHUDO RUGLQjULD TXH WLQGUj OORF DO 6DOy$UWtVWLF G¶HVWD ORFDOLWDW
GHO¶$OF~GLD9DOqQFLDFDUUHUGH0LODJUR0DUWtQ~PHURHOGLD
GH PDLJ GH D OHV KRUHV HQ SULPHUD FRQYRFDWzULD L D OHV
KRUHVHQVHJRQDSHUDWUDFWDUHOVSXQWVGHOVHJHQW
2UGUHGHOGLD
(O &RQVHMR 5HFWRU GH HVWD FDMD UXUDO HQ VHVLyQ FHOHEUDGD HO GHPDU]RGHDFRUGySRUXQDQLPLGDGFRQYRFDUDWRGRV\FDGD
XQRGHORVVRFLRVDOD$VDPEOHD*HQHUDORUGLQDULDTXHVHFHOHEUDUiHQ
HO 6DOyQ$UWtVWLFR GH HVWD ORFDOLGDG GH /¶$OF~GLD 9DOHQFLD FDOOH GH
0LODJUR0DUWtQ~PHURHOGtDGHPD\RGHDODVKRUDV
SRUSULPHUD\DODVKRUDVSRUVHJXQGDFRQYRFDWRULDSDUDWUDWDU
ORVVLJXLHQWHVSXQWRVGHO
2UGHQGHOGtD
/HFWXUD L DSURYDFLy VL SHUWRFD GH O¶LQIRUPH GH JHVWLy L GHOV
FRPSWHVDQXDOVGHO¶H[HUFLFL
/HFWXUDGHO¶LQIRUPHG¶DXGLWRULD
3URSRVWD L DSURYDFLy VL SHUWRFD G¶DSOLFDFLy GH UHVXOWDWV GH
O¶H[HUFLFL
$SURYDFLyVLSHUWRFDGHODOLTXLGDFLyGHOSUHVVXSRVWG¶LQJUHV
VRVLGHVSHVHVGHOD5HVHUYDGH)RUPDFLyL3URPRFLy&RRSHUDWLYDGH
LGHODSURSRVWDGHO3ODG¶,QYHUVLRQVL'HVSHVHVGHOD5HVHUYDGH
)RUPDFLyL3URPRFLy&RRSHUDWLYDSHUD
'LYHUVHVDXWRULW]DFLRQVLDSURYDFLyRUDWLILFDFLyGHGHWHUPLQDWV
DFRUGVTXHKDG¶DGRSWDURKDDGRSWDWHO&RQVHOO5HFWRU
6XJJHULPHQWVLSUHJXQWHV
5HQRYDFLy UHJODPHQWjULD GHO &RQVHOO 5HFWRU /HV HOHFFLRQV
FRPHQoDUDQDOHVKRUHVLDFDEDUDQDOHVKRUHVGHOGLD
GHPDLJGHLDL[zVHQVHSHUMXGLFLTXHSHULQVXILFLqQFLDG¶KRUDUL
O¶$VVHPEOHD*HQHUDOQ¶DFRUGHODSUzUURJD
$SURYDFLyGHO¶DFWDGHODVHVVLyRVLSHUWRFDGHVLJQDFLyGHGRV
VRFLVSHUO¶$VVHPEOHDSHUDO¶DSURYDFLyHVPHQWDGD
/HFWXUD \ DSUREDFLyQ VL SURFHGH GHO LQIRUPH GH JHVWLyQ \ GH
ODVFXHQWDVDQXDOHVGHOHMHUFLFLR
/HFWXUDGHOLQIRUPHGHDXGLWRUtD
3URSXHVWD\DSUREDFLyQVLSURFHGHGHDSOLFDFLyQGHUHVXOWDGRV
GHOHMHUFLFLR
$SUREDFLyQ VL SURFHGH GH OD OLTXLGDFLyQ GHO SUHVXSXHVWR GH
LQJUHVRV\JDVWRVGHOD5HVHUYDGH)RUPDFLyQ\3URPRFLyQ&RRSHUD
WLYDGH\GHODSURSXHVWDGHO3ODQGH,QYHUVLRQHV\*DVWRVGHOD
5HVHUYDGH)RUPDFLyQ\3URPRFLyQ&RRSHUDWLYDSDUD
$XWRUL]DFLRQHVYDULDV\DSUREDFLyQRUDWLILFDFLyQGHGHWHUPLQD
GRVDFXHUGRVDDGRSWDURDGRSWDGRVSRUHO&RQVHMR5HFWRU
6XJHUHQFLDV\SUHJXQWDV
5HQRYDFLyQ UHJODPHQWDULD GHO &RQVHMR 5HFWRU /DV HOHFFLRQHV
FRPHQ]DUiQDODVKRUDV\ILQDOL]DUiQDODVKRUDVGHOGtD
GHPD\RGH\HOORVLQSHUMXLFLRGHTXHSRULQVXILFLHQFLDGHKRUD
ULRVHDFXHUGHSRUOD$VDPEOHD*HQHUDOVXSUyUURJD
$SUREDFLyQGHODFWDGHODVHVLyQRHQVXFDVRGHVLJQDFLyQGH
GRVVRFLRVSRUOD$VDPEOHDSDUDGLFKDDSUREDFLyQ
/¶$OF~GLD G¶DEULO GH ± (O SUHVLGHQW GHO &RQVHOO 5HFWRU
&LULOR$UQDQGLV1~xH]
/¶$OF~GLDGHDEULOGH±(OSUHVLGHQWHGHO&RQVHMR5HFWRU
&LULOR$UQDQGLV1~xH]
1RWD GH FRQIRUPLWDW DPE HO TXH HVWDEOHL[HQ HOV (VWDWXWV 6RFLDOV
G¶HVWD FDL[D UXUDO L OD OHJLVODFLy YLJHQW HOV HVWDWV ILQDQFHUV O¶LQIRU
PHGHYHULILFDFLyGHFRPSWHVDQXDOVO¶LQIRUPHGHJHVWLyODPHPzULD
HVFULWD GH OHV DFWLYLWDWV GH O¶HQWLWDW O¶LQIRUPH G¶DXGLWRULD L WRWV DOWUHV
GRFXPHQWVTXHVHVRWPHWUDQDODFRQVLGHUDFLyGHO¶$VVHPEOHDHVWDUDQ
D OD GLVSRVLFLy GHOV VRFLV GH O¶HQWLWDW DO GRPLFLOL VRFLDO G¶HVWD VLWL D
O¶$OF~GLD9DOqQFLDDYLQJXGDGHOD9HUJHGHO¶2UHWRQ~PHURHVWD
EOLQWVHHOVHJHQWUqJLPGHFRQVXOWHVGHGLOOXQVDGLYHQGUHVGH
DKRUHVGHVGHODSXEOLFDFLyGHODFRQYRFDWzULDGHO¶$VVHPEOHDL
ILQVDODVHXDUHXQLy(OVVRFLVTXHKRVROÂOLFLWHQSHUHVFULWWLQGUDQGUHW
D UHEUH GH IRUPD LPPHGLDWD L JUDWXwWD XQD FzSLD GH OD GRFXPHQWDFLy
TXH VH VRWPHWUj D OD FRQVLGHUDFLy GH O¶$VVHPEOHD DEDQV TXH HVWD HV
UHXQLVFD
1RWDFRQIRUPHDORHVWDEOHFLGRHQORV(VWDWXWRV6RFLDOHVGHHVWD
FDMDUXUDO\HQODOHJLVODFLyQYLJHQWHORVHVWDGRVILQDQFLHURVLQIRUPH
GHYHULILFDFLyQGHFXHQWDVDQXDOHVLQIRUPHGHJHVWLyQPHPRULDHVFUL
WD GH ODV DFWLYLGDGHV GH OD HQWLGDG LQIRUPH GH DXGLWRUtD \ ORV GHPiV
GRFXPHQWRV TXH YDQ D VHU VRPHWLGRV D OD FRQVLGHUDFLyQ GH OD$VDP
EOHDHVWDUiQDODGLVSRVLFLyQGHORVVRFLRVGHODHQWLGDGHQHOGRPLFLOLR
VRFLDO GH OD PLVPD VLWR HQ /¶$OF~GLD 9DOHQFLD DYHQLGD GH9HUJH GH
O¶2UHWRQ~PHURHVWDEOHFLpQGRVHHOVLJXLHQWHUpJLPHQGHFRQVXOWDV
GHOXQHVDYLHUQHVGHDKRUDVGHVGHODSXEOLFDFLyQGHOD
FRQYRFDWRULD GH OD$VDPEOHD \ KDVWD VX FHOHEUDFLyQ /RV VRFLRV TXH
ORVVROLFLWHQSRUHVFULWRWHQGUiQGHUHFKRDUHFLELUGHIRUPDLQPHGLDWD
\JUDWXLWDFRSLDGHODGRFXPHQWDFLyQTXHYDDVHUVRPHWLGDDODFRQVL
GHUDFLyQGHOD$VDPEOHD\DQWHVGHODFHOHEUDFLyQGHODPLVPD
Descargar