“Ley de derechos y deberes en los espectáculos de fútbol

Anuncio
Historia de la Ley
Nº 19.327
Fija normas para prevención y sanción de hechos de
violencia en recintos deportivos con ocasión de
espectáculos de futbol profesional
D. Oficial 31 de agosto, 1994
7pQJDVHSUHVHQWH
(VWD+LVWRULDGH/H\KDVLGRFRQVWUXLGDSRUOD%LEOLRWHFDGHO&RQJUHVR1DFLRQDO
D SDUWLU GH OD LQIRUPDFLyQ SURSRUFLRQDGD SRU HO 6LVWHPD GH 7UDPLWDFLyQ GH
3UR\HFWRVGHO&RQJUHVR1DFLRQDO6,/
6H KDQ LQFOXLGR ORV GLVWLQWRV GRFXPHQWRV GH OD WUDPLWDFLyQ OHJLVODWLYD
RUGHQDGRVFRQIRUPHVXRFXUUHQFLDHQFDGDXQRGHORVWUiPLWHVGHOSURFHVRGH
IRUPDFLyQGHODOH\HQDPEDV&iPDUDV
6H KDQ RPLWLGR GRFXPHQWRV GH PHUD R VLPSOH WUDPLWDFLyQ TXH QR
SURSRUFLRQDQ LQIRUPDFLyQ UHOHYDQWH SDUD HIHFWRV GH OD +LVWRULD GH /H\ FRPR
SRUHMHPSORODFXHQWDHQ6DODRODSUHVHQWDFLyQGHXUJHQFLDV
3DUD HIHFWRV GH IDFLOLWDU OD LPSUHVLyQ GH OD GRFXPHQWDFLyQ GH HVWH DUFKLYR DO
ODGR L]TXLHUGR GH VX SDQWDOOD VH LQFRUSRUD MXQWR DO tQGLFH ODV SiJLQDV
FRUUHVSRQGLHQWHVDFDGDGRFXPHQWRVHJ~QODQXPHUDFLyQGHODUFKLYR3')
/D%LEOLRWHFDGHO&RQJUHVR1DFLRQDOQRVHKDFHUHVSRQVDEOHGHODVDOWHUDFLRQHV
WUDQVIRUPDFLRQHV\RGHOXVRTXHVHKDJDGHHVWDLQIRUPDFLyQODVTXHVRQGH
H[FOXVLYDUHVSRQVDELOLGDGGHTXLHQHVODFRQVXOWDQ\XWLOL]DQ
,1',&(
3ULPHU7UiPLWH&RQVWLWXFLRQDO&iPDUDGH'LSXWDGRV
0HQVDMH3UHVLGHQFLDO
2ILFLRGHO(MHFXWLYRD&iPDUDGH2ULJHQ
3ULPHU,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ 2ILFLRGH&iPDUDGH2ULJHQD&RUWH6XSUHPD 'LVFXVLyQHQ6DOD 6HJXQGR,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ
'LVFXVLyQHQ6DOD 2ILFLRGH&iPDUDGH2ULJHQD&iPDUD5HYLVRUD
6HJXQGR7UiPLWH&RQVWLWXFLRQDO6HQDGR 2ILFLRGH&RUWH6XSUHPDD&iPDUDGH2ULJHQ 3ULPHU,QIRUPH&RPLVLyQ&RQVWLWXFLyQ 'LVFXVLyQHQ6DOD 6HJXQGR,QIRUPH&RPLVLyQGH&RQVWLWXFLyQ 'LVFXVLyQHQ6DOD 2ILFLRGH&iPDUD5HYLVRUDD&iPDUDGH2ULJHQ
7HUFHU7UiPLWH&RQVWLWXFLRQDO&iPDUDGH'LSXWDGRV ,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ 'LVFXVLyQHQ6DOD 7UDPLWH&RPLVLyQ0L[WD6HQDGR&iPDUDGH'LSXWDGRV
,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ 'LVFXVLyQHQ6DOD 2ILFLRGH&iPDUDGH2ULJHQD&iPDUD5HYLVRUD
'LVFXVLyQHQVDOD 2ILFLRGH&iPDUD5HYLVRUDD&iPDUDGHRULJHQ
7UDPLWH9HWR3UHVLGHQFLDO6HQDGR±&iPDUDGH'LSXWDGRV
2ILFLRGHO(MHFXWLYRD&iPDUDGH2ULJHQ
2ILFLRGHO(MHFXWLYRD&iPDUDGH2ULJHQ
,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ 'LVFXVLyQHQ6DOD 2ILFLRGH&iPDUDGH2ULJHQD&iPDUD5HYLVRUD
'LVFXVLyQHQ6DOD 2ILFLR&iPDUD5HYLVRUDD&iPDUDGH2ULJHQ 7UiPLWH7ULEXQDO&RQVWLWXFLRQDO
2ILFLRGH7ULEXQDO&RQVWLWXFLRQDOD&iPDUDGH2ULJHQ
7UiPLWHGH)LQDOL]DFLyQ&iPDUDGH'LSXWDGRV
2ILFLRGH&iPDUDGH2ULJHQDO(MHFXWLYR
3XEOLFDFLyQGH/H\HQ'LDULR2ILFLDO /H\1ƒ
+LVWRULDGHOD/H\1ž
3iJLQDGH
0(16$-(35(6,'(1&,$/
3ULPHU 7UiPLWH &RQVWLWXFLRQDO &iPDUD GH
'LSXWDGRV
0HQVDMHGHO(MHFXWLYR
0HQVDMH GH 6( (O 3UHVLGHQWH GH OD 5HS~EOLFD )HFKD GH HQHUR &XHQWDHQ6HVLyQ/HJLVODWXUD
0HQVDMHGH6(HO3UHVLGHQWHGHOD5HS~EOLFD
5(35,0( '(625'(1(6 < +(&+26 '( 9,2/(1&,$ &20(7,'26 (1
(67$',26 < 27526 &(17526 '(3257,926 &21 2&$6,21 '( (63(&7
$&8/2638%/,&26%RO
6DQWLDJRHQHURGH
+RQRUDEOH&iPDUDGH'LSXWDGRV
'HVGH KDFH DOJXQRV DxRV D HVWD IHFKD KD YHQLGR GiQGRVH HO IHQyPHQR
GH FLHUWDV FRQGXFWDV YLROHQWDV HQ (VWDGLRV \ RWURV &HQWURV 'HSRUWLYRV FRQ
RFDVLyQ GH HVSHFWiFXORV S~EOLFRV HQ HVSHFLDO HQ DTXHOORV GRQGH VH GHVDUUROOD
ODFRPSHWHQFLDRILFLDOGHOI~WEROSURIHVLRQDO
6L ELHQ HO LQGLFDGR IHQyPHQR DIRUWXQDGDPHQWH HQ QXHVWUD 3DWULD D~Q
HV LQGLFLDULR UHVXOWD GHO WRGR UHFRPHQGDEOH \ QHFHVDULR SRQHUOH DWDMR D OD
EUHYHGDG SRVLEOH HVSHFLDO PHQWH DQWHV TXH VXV FRQQRWDFLRQHV SXHGDQ
WUDQVIRUPDUVH HQ KHFKRV PDVLYRV GH GLILFXOWRVD SUHYHQFLyQ R SXQLFLyQ FRUQR
ORVTXHKDQRFXUULGRHQIRUPDFUHFLHQWHHQRWURVSDtVHV
3DUD WDOHV HIHFWRV VH UHTXLHUH GHO HVIXHU]R GH OD FRPXQLGDG WRGD \ HQ
SDUWLFXODU GH ORV DFWRUHV TXH FRQYHUJHQ HQ OD SUiFWLFD GHO GHSRUWH PDVLYR
DXWRULGDGHVGHSRUWLVWDVDILFLRQDGRV(O*RELHUQRTXHPHKRQURHQSUHVLGLUKD
YHQLGR SRU LQWHUPHGLR GH ODV DXWRULGDGHV FRPSHWHQWHV UHDOL]DQGR XQD ODERU
S~EOLFDGHVWLQDGDDDOHMDUWRGDDFFLyQRVLPERORJtDGHODYLROHQFLD
6LQ HPEDUJR ORV KHFKRV GHPXHVWUDQ OD QHFHVLGDG GH DUWLFXODU XQD
OHJLVODFLyQ TXH HQIUHQWH HO IHQyPHQR GHVFULWR FUHiQGRVH XQD QRUPDWLYD
MXUtGLFD TXH FRODERUH HQ OD LQKLELFLyQ GH HVWDV FRQGXFWDV \ TXH FRQILJXUH XQ
UHSURFKH VRFLDO FHUWHUR \ SUHFLVR D TXLpQHV VHDQ UHVSRQVDEOHV GH OD
SUHSDUDFLyQ\RFRQVXPDFLyQGHORVKHFKRVGHYLROHQFLDFRPHWLGRVHQ(VWDGLRV
\RWURVFHQWURVGHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
0(16$-(35(6,'(1&,$/
(QHIHFWRHOSUR\HFWRGHOH\TXHVRPHWRDYXHVWUDFRQVLGHUDFLyQFRQVWD
GH WtWXORV TXH VH RFXSDQ UHVSHFWLYDPHQWH GH OD WLSLILFDFLyQ GH ORV KHFKRV
TXH GHEHQ FRQVLGHUDUVH GHOLWRV FRQWUD OD VHJXULGDG S~EOLFD GH DTXHOORV TXH
VRQFDOLILFDGRVSRUHOUHVXOWDGRTXHVHSURGXFH\SRU~OWLPRHOWHUFHURTXHVH
RFXSDGHHVWDEOHFHUDOJXQDVPHGLGDVGHVHJXULGDG\UHVSRQVDELOLGDGFLYLOTXH
WLHQHSRUREMHWRHYLWDUODUHLWHUDFLyQGHORVKHFKRVTXHODVDPHULWDQ
+DJR SUHVHQWH D 9( SDUD ORV HIHFWRV GHO DUWtFXOR GH OD /H\ 1ƒ
2UJiQLFD &RQVWLWXFLRQDO GHO &RQJUHVR 1DFLRQDO TXH HO SUHVHQWH
SUR\HFWRGHOH\QRLUURJDJDVWRVDOHUDULRQDFLRQDO
(Q FRQVHFXHQFLD WHQJR HO KRQRU GH VRPHWHU D YXHVWUD FRQVLGHUDFLyQ
SDUD VHU WUDWDGR HQ OD DFWXDO /HJLVODWXUD ([WUDRUGLQDULD GH 6HVLRQHV GHO
&RQJUHVR1DFLRQDOHOVLJXLHQWH
352<(&72'(/(<
7,78/2,
'(/,726&2175$/$6(*85,'$'3Ò%/,&$
³$UWtFXOR ƒ (O TXH RUJDQL]DUH SURPRYLHUH R IDFLOLWDUH GH FXDOTXLHU
PRGR OD IRUPDFLyQ GH JUXSRV R EDUUDV TXH FRQ HO SUHWH[WR GH DSR\DU D VX
HTXLSR HVWpQ GLVSXHVWRV D HMHUFHU YLROHQFLD VHUi FDVWLJDGR FRQ OD SHQD GH
SUHVLGLRPHQRUHQVXJUDGRPHGLR
$UWtFXOR ƒ (O TXH LQWURGXMHUH D XQ FHQWUR GHSRUWLYR WXYLHUH HQ VX
SRGHURSRUWDUDDUPDVFXDOTXLHUDVHDVXQDWXUDOH]DRHOHPHQWRVGHVWLQDGRVD
HMHUFHU YLROHQFLD R SHUWXUEDU JUDYHPHQWH HO RUGHQ S~EOLFR VHUi FDVWLJDGR FRQ
ODSHQDGHSUHVLGLRPHQRUHQVXJUDGRPtQLPRDPHGLR
$UWtFXOR ƒ /RV HQFDUJDGRV GH FHQWURV GHSRUWLYRV VXV HPSOHDGRV \
GHSHQGLHQWHV \ ORV GLULJHQWHV R PLHPEURV GH ODV HQWLGDGHV GHSRUWLYDV TXH
SHUPLWDQ TXH VH JXDUGH R DOPDFHQH HQ XQ HVWDGLR DUPDV R HOHPHQWRV
GHVWLQDGRVDHMHUFHUYLROHQFLDVHUiQFDVWLJDGRVFRQODSHQDGHSUHVLGLRPHQRU
HQVXJUDGRPHGLR
$UWtFXORƒ(OTXHFRQRFDVLyQGHODFHOHEUDFLyQGHXQSDUWLGRRWRUQHR
FXDOTXLHUD D WUDYpV GH PHQVDMHV GDGRV D OD $XWRULGDG D ORV PHGLRV GH
FRPXQLFDFLyQ R SRU FXDOTXLHUD RWUD YtD GLYXOJDUH QRWLFLDV IDOVDV DFHUFD GH OD
H[LVWHQFLD GH VXEVWDQFLDV H[SORVLYDV SXHVWDV HQ XQ FHQWUR GHSRUWLYRV VHUi
FDVWLJDGRFRQODSHQDGHSUHVLGLRPHQRUHQVXJUDGRPtQLPR
$UWtFXORž(OTXHDWUDYpVGHODOWDYRFHVRFXDOTXLHURWURPHGLRTXHOH
SHUPLWD KDFHUVH RtU DQWH OD PXOWLWXG LQFLWH D ORV SDUWLGDULR GH XQ HTXLSR D
+LVWRULDGHOD/H\1ž
3iJLQDGH
0(16$-(35(6,'(1&,$/
HMHFXWDU DFWRV GH GDxR R GH YLROHQFLD HQ FRQWUD GH OD SURSLHGDG R GH ODV
SHUVRQDVVHUiFDVWLJDGRFRQODSHQDGHSUHVLGLRPHQRUHQVXJUDGRPtQLPR
$UWtFXOR ƒ (O TXH FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR GHSRUWLYR
DUURMDUH VXVWDQFLDV X REMHWLYRV TXH SXGLHUHQ FDXVDU DODUPD R GDxRV HQ
WHUFHURVVHUiFDVWLJDGRFRQODSHQDGHSULVLyQHQVXJUDGRPHGLR
7,78/2,,
'(/,726'(5(68/7$'26
$UWtFXORž(OTXHFRQPRWLYRXRFDVLyQGHXQHVSHFWiFXORGHSRUWLYRR
LQPHGLDWDPHQWH DQWHV R GHVSXpV GH pO SURGXMHUH WXPXOWR R WXUEDUH
JUDYHPHQWH HO RUGHQ VHUi FDVWLJDGR FRQ OD SHQD GH SUHVLGLR PHQRU HQ VX
JUDGR PtQLPR D PHGLR VLQ SHUMXLFLR GH ODV SHQDV TXH SXGLHUH FRUUHVSRQGHUOH
SRUHOGDxRFDXVDGR
$UWtFXOR ž (O TXH HQ ODV FLUFXQVWDQFLDV LQGLFDGDV HQ HO DUWtFXOR
SUHFHGHQWHFRPHWLHUHDOJXQRGHORVKHFKRVSUHYLVWRVHQORVDUWtFXORV
\SiUUDIRž7tWXOR9,O,\SiUUDIRV,;\;GHO7tWXOR,;GHO&yGLJR3HQDOVHUi
FDVWLJDGR FRQ ODV SHQDV SUHYLVWDV HQ GLFKRV SUHFHSWRV DXPHQWDGDV HQ XQ
JUDGR
$UWtFXOR ž (O TXH PHGLDQWH DPHQD]DV R DFWRV GH YLROHQFLD UHWDUGDUH
VXVSHQGLHUH R LPSLGLHUH OD FHOHEUDFLyQ GH XQ HYHQWR GHSRUWLYR DXQTXH VHD
PRPHQWiQHDPHQWHVHUiFDVWLJDGRFRQODSHQDGHSUHVLGLRPHQRUHQVXJUDGR
PtQLPR
$UWtFXOR(QODPLVPDSHQDSUHYLVWDHQHODUWtFXORDQWHULRULQFXUULUi
HO TXH D WUDYpV GH FXDOTXLHU PHGLR LPSLGLHUH R SHUWXUEDUH HO QRUPDO
IXQFLRQDPLHQWR GH ORV PHGLRV GH WUDQVSRUWH KDFLD \ GHVGH ORV FHQWURV
GHSRUWLYRV
7,78/2,,,
0(','$6'(6(*85,'$'<5(63216$%,/,'$'&,9,/
$UWtFXOR 6LQ SHUMXLFLR GH ODV SHQDV SUHYLVWDV HQ ORV DUWtFXORV
FRQWHQLGRVHQODSUHVHQWHOH\HO7ULEXQDOLPSRQGUiFRPRVDQFLyQDGLFLRQDOODV
VLJXLHQWHV
D ,QKDELOLWDFLyQ GH PHVHV D DxRV SDUD FRQFXUULU D OD FODVH GH
HVSHFWiFXORV GHSRUWLYRV TXH KD\DQ PRWLYDGR OD FRQGHQD 3DUD HVWH HIHFWR HO
FRQGHQDGRHVWDUiREOLJDGRDSUHVHQWDUVHHQODVHGHSROLFLDOGHVXGRPLFLOLRHQ
ODIHFKDGHFHOHEUDFLyQGHHYHQWRVGHSRUWLYRVIXWXURVGHELHQGRILMDUHO7ULEXQDO
HO GtD \ KRUDULR GH SUHVHQWDFLyQ (O -XH] SRU PRWLYRV PX\ FDOLILFDGRV SRGUi
GLVSHQVDUSDUFLDOPHQWHHQUHVROXFLyQIXQGDGDGLFKDSUHVHQWDFLyQ\
+LVWRULDGHOD/H\1ž
3iJLQDGH
0(16$-(35(6,'(1&,$/
E 3DUD ORV HIHFWRV GH OR SUHFHSWXDGR HQ HO DUWtFXOR ƒ GHO 7tWXOR SURKLELFLyQGHFRQFXUUHQFLDDORVHVWDGLRV\FHQWURVGHSRUWLYRVSDUDDVLVWLUDXQ
Q~PHURGHWHUPLQDGRGHIHFKDVGHOWRUQHRDOTXHFRUUHVSRQGDDOSDUWLGRHQHO
FXDOVHFRPHWLyODFRQWUDYHQFLyQ
$UWtFXOR (O 3UHVLGHQWH GH OD 5HS~EOLFD HVWDUi IDFXOWDG R SUHYLR
LQIRUPH IDYRUDEOH GH OD 'LUHFFLyQ *HQHUDO GH 'HSRUWHV \ 5HFUHDFLyQ SDUD
GHFUHWDUODFODXVXUDWHPSRUDORGHILQLWLYDGHORVHVWDGLRVRFHQWURVGHSRUWLYRV
FXDQGRpVWRVQRRIUH]FDQODVHJXULGDGQHFHVDULDSDUDODYLGDHLQWHJULGDGItVLFD
GHOS~EOLFRRSDUDHOGHVDUUROORQRUPDOGHOHVSHFWiFXORFXDOTXLHUDVHDODFDXVD
TXHSURYRTXHGLFKDVLWXDFLyQ
$UWtFXOR /DV HQWLGDGHV DVRFLDFLRQHV R FOXEHV GHSRUWLYRV
SDUWLFLSDQWHV HQ XQ WRUQHR GHSRUWLYR VHUiQ FLYLO \ VROLGDULDPHQWH UHVSRQVDEOH
GH ORV GDxRV VXIULGRV SRU ORV HVSHFWDGRUHV GH ORV PLVPRV FRQ RFDVLyQ GH VX
GHVDUUROOR
$UWtFXOR /RV FOXEHV GHSRUWLYRV HVWDUiQ REOLJDGRV D FDQFHODU OD
LQVFULSFLyQ GH VXV VRFLRV R DVRFLDGRV TXH VHDQ VDQFLRQDGRV HQ YLUWXG GH ORV
SUHFHSWRV GH HVWD OH\ /D SpUGLGD GH ORV GHUHFKRV GHO VRFLR R DVRFLDGRV VH
PDQWHQGUi SRU HO SHUtRGR TXH DEDUTXH OD FRQGHQD \ R PHGLGDV GH
VHJXULGDG
'LRVJXDUGHD9(
)GR 3DWULFLR $\OZLQ $]yFDU 3UHVLGHQWH GH OD 5HS~EOLFD (QULTXH .UDXVV
5XVTXH 0LQLVWUR GHO ,QWHULRU )UDQFLVFR &XPSOLGR &HUHFHGD 0LQLVWUR GH
-XVWLFLD
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1',&$&,21(6'(/(-(&87,92
2ILFLRGHO(MHFXWLYRD&iPDUDGH2ULJHQ
2ILFLR2EVHUYDFLRQHVGHO(MHFXWLYR)HFKDGHMXOLR&XHQWDHQ6HVLyQ
/HJLVODWXUD&iPDUDGH'LSXWDGRV
2ILFLRGH6(HO3UHVLGHQWHGHOD5HS~EOLFD
)2508/$ ,1',&$&,21(6 $/ 352<(&72 '( /(< 62%5( +(&+26 '(
9,2/(1&,$&20(7,'26(1/26(67$',26EROHWtQ1ž
+RQRUDEOH&iPDUDGH'LSXWDGRV
7HQJRDELHQIRUPXODUODVVLJXLHQWHVLQGLFDFLRQHVDOSUR\HFWRGHOH\GHO
UXEURTXHSHQGHHQOD&RPLVLyQGH(GXFDFLyQGHHVD+&iPDUD
3DUDUHHPSOD]DUHODUWtFXORžSRUHOVLJXLHQWH
$UWtFXOR ž (O TXH RUJDQL]DUH SURPRYLHUH R IDFLOLWDUH GH FXDOTXLHU
PRGR OD IRUPDFLyQ GH DJUXSDFLRQHV TXH FRPR FRQVHFXHQFLD GH DSR\DU D VX
HTXLSR H[WHULRULFHQ GH XQ PRGR LQHTXtYRFR VX LQWHQFLyQ GH HMHUFHU YLROHQFLD
HQ XQ UHFLQWR GHSRUWLYR R VXV DOUHGHGRUHV VHUi FDVWLJDGR FRQ OD SHQD GH
SUHVLGLRPHQRUHQVXJUDGRPHGLR
3DUDDJUHJDUHQHODUWtFXORžHOVLJXLHQWHLQFLVRVHJXQGRQXHYR
/RDQWHULRUVHHQWHQGHUiVLQSHUMXLFLRGHORHVWDEOHFLGRHQORVDUWtFXORV
ž \ ž GH OD /H\ 1ž VREUH FRQWURO GH DUPDV \ HQ OD OHWUD D GHO
DUWtFXORžGHOD/H\1žVREUH6HJXULGDGGHO(VWDGR
3DUD DJUHJDU HQ HO DUWtFXOR ž D FRQWLQXDFLyQ GHO SXQWR ILQDO TXH
SDVDDVHUSXQWRVHJXLGRODVLJXLHQWHIUDVHILQDO
7RGR HOOR VLQ SHUMXLFLR GH OR HVWDEOHFLGR HQ OD /H\ 1ž VREUH
FRQWUROGHDUPDV
3DUD DJUHJDU HQ HO DUWtFXOR ž D FRQWLQXDFLyQ GH OD SDODEUD
SDUWLGDULRVODH[SUHVLyQRKLQFKDV
3DUDDJUHJDUHQHODUWtFXORžDFRQWLQXDFLyQGHODSDODEUDHTXLSR
ODVLJXLHQWHH[SUHVLyQ
RDORVFRQFXUUHQWHVDXQHYHQWRGHSRUWLYR
3DUD UHHPSOD]DU HQ HO DUWtFXOR ž OD SDODEUD DODUPD SRU
FRQPRFLyQ
3DUD HOLPLQDU HQ HO DUWtFXOR ž D FRQWLQXDFLyQ GH OD SDODEUD
HVSHFWiFXOR OD H[SUHVLyQ GHSRUWLYR \ DJUHJDU D FRQWLQXDFLyQ GH OD
DQWHGLFKDSDODEUDHVSHFWiFXORODVLJXLHQWHRUDFLyQRHYHQWRUHDOL]DGRHQXQ
UHFLQWRGHSRUWLYR
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1',&$&,21(6'(/(-(&87,92
3DUD UHHPSOD]DU HQ HO DUWtFXOR OD H[SUHVLyQ SDUWLFLSDQWHV HQ XQ
WRUQHR GHSRUWLYR SRU OD VLJXLHQWH TXH SDUWLFLSHQ FRQ HO FDUiFWHU GH
RUJDQL]DGRUHVRUHVSRQVDEOHVHQXQFHUWDPHQGHSRUWLYR
3DUDDJUHJDUHOVLJXLHQWHDUWtFXORžWUDQVLWRULRQXHYR
$UWtFXORžWUDQVLWRULR/DIDFXOWDGHVWDEOHFLGDHQHODUWtFXORGHHVWD
OH\ FRPHQ]DUi D UHJLU GtDV GHVSXpV GH GLFWDGR HO UHJODPHQWR TXH
HVWDEOH]FD ODV JDUDQWtDV PtQLPDV TXH GHEHUiQ FXPSOLU ORV HVWDGLRV R FHQWURV
GHSRUWLYRV SDUD SUHVHUYDU OD YLGD H LQWHJULGDG ItVLFD GHO S~EOLFR R HO QRUPDO
GHVDUUROORGHXQHVSHFWiFXOR
'LRVJXDUGHD9(
)GR 3DWULFLR $\OZLQ $]yFDU 3UHVLGHQWH GH OD 5HS~EOLFD (QULTXH .UDXVV
5XVTXH 0LQLVWUR GHO ,QWHULRU )UDQFLVFR &XPSOLGR &HUHFHGD 0LQLVWUR GH
-XVWLFLD
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
3ULPHU,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ
&iPDUD GH 'LSXWDGRV )HFKD GH DEULO &XHQWD HQ 6HVLyQ /HJLVODWXUD
,QIRUPHGHOD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDVREUHHO
SUR\HFWR GH OH\ TXH UHSULPH GHVyUGHQHV \ KHFKRV GH YLROHQFLD HQ ORV
HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH (VSHFWiFXORV
3~EOLFRVEROHWtQ1ž
+RQRUDEOH&iPDUD
9XHVWUD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD SDVD D
LQIRUPDURVHOSUR\HFWRGHOH\GHODUHIHUHQFLDGHRULJHQHQPHQVDMHGH6(HO
3UHVLGHQWHGHOD5HS~EOLFD
'XUDQWH HO HVWXGLR GH HVWH SUR\HFWR YXHVWUD &RPLVLyQ FRQWy FRQ OD
FRODERUDFLyQ \ DVLVWHQFLD GH ORV VHxRUHV -RUJH %XUJRV 9DUHOD 6XEVHFUHWDULR
6XEURJDQWH GHO 0LQLVWHULR GHO ,QWHULRU /XLV 7RUR $ERJDGR $VHVRU GH HVH
0LQLVWHULR,YiQ1DYDUUR9HUJDUD'LUHFWRU*HQHUDOGH'HSRUWHV\5HFUHDFLyQ\
-XDQ)UDQFHVFKLQL-HIHGHO'HSDUWDPHQWR-XUtGLFRGHHVD'LUHFFLyQ
3DUD HO HVWXGLR GH HVWD LQLFLDWLYD OHJDO YXHVWUD &RPLVLyQ REWXYR GH OD
%LEOLRWHFD GHO &RQJUHVR 1DFLRQDO GLYHUVRV DQWHFHGHQWHV VREUH OD YLROHQFLD HQ
ORV HVSHFWiFXORV GHSRUWLYRV TXH IRUPDQ SDUWH GH VX 6HULH GH ,QIRUPDFLyQ
'RFXPHQWDGD 1ƒ (QWUH HOORV FDEH PHQFLRQDU OD OHJLVODFLyQ FRPSDUDGD GH
SDtVHV FRPR $UJHQWLQD 8UXJXD\ \ (VSDxD OD &RQYHQFLyQ (XURSHD VREUH OD
YLROHQFLD\ORVGHVyUGHQHVGHORVHVSHFWDGRUHVHQORVHVSHFWiFXORVGHSRUWLYRV\
HVSHFLDOPHQWH HQ HO I~WERO DUWtFXORV GH SXEOLFDFLRQHV SHULyGLFDV \ DOJXQRV
HQVD\RVVREUHHOWHPD
'H OD 2ILFLQD GH ,QIRUPDFLRQHV REWXYR DOJXQRV DQWHFHGHQWHV VREUH OD
YLROHQFLD HQ ORV HVWDGLRV GH I~WERO HQ ,QJODWHUUD \ VHQGDV HQWUHYLVWDV VREUH HO
WHPD D 5D\PRQG .HQGDQ 6HFUHWDULR *HQHUDO GH OD ,QWHUSRO \ D $QWRQLR
*DUULGR)HUQiQGH]&RPLVDULR0D\RUGHODSROLFtDHVSDxROD
/D 'LUHFFLyQ *HQHUDO GH 'HSRUWHV \ 5HFUHDFLyQ HQWUHJy D OD OHJLVODFLyQ
DUJHQWLQD\HVSDxRODODV5HJODVGH-XHJRGHO)~WERO\*XtD8QLYHUVDOSDUDORV
ÈUELWURVGHOD),)$ORV(VWDWXWRVGHOD)HGHUDFLyQGH)~WEROGH&KLOH\DOJXQDV
LQGLFDFLRQHV HQ FX\D UHGDFFLyQ SDUWLFLSy HO DERJDGR SHQDOLVWD GRQ /XLV 2UWL]
4XLURJD
/D $VRFLDFLyQ 1DFLRQDO GH )~WERO 3URIHVLRQDO KL]R OOHJDU GLYHUVDV
LQGLFDFLRQHVDOSUR\HFWRSURSRQLHQGRPRGLILFDFLRQHVFRQFUHWDVDO&yGLJR3HQDO
\DOD/H\GH0HQRUHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(O HVWXGLR UHVSHFWLYR IXH HQFRPHQGDGR SRU HVD $VRFLDFLyQ D ORV
DERJDGRV SHQDOLVWDV VHxRUHV -XDQ %XVWRV 9LYLDQ %XOOHPRUH 6HUJLR %XUJRV \
6HUJLR&RGGRX
7RGRV HVWRV DQWHFHGHQWHV IXHURQ ORV TXH WXYR D OD YLVWD YXHVWUD
&RPLVLyQSDUDHOHVWXGLRGHHVWDLQLFLDWLYDOHJDO
(QHOPHQVDMHVHVHxDODFRPRIXQGDPHQWRVGHHVWDLQLFLDWLYDOHJDOTXH
GHVGH KDFH \D DOJXQRV DxRV YLHQHQ SURGXFLpQGRVH HQ ORV HVWDGLRV \ RWURV
FHQWURVGHSRUWLYRVFRQGXFWDVYLROHQWDVHQHVSHFLDOHQDTXHOORVOXJDUHVHQTXH
VHGHVDUUROODODFRPSHWHQFLDRILFLDOGHOI~WEROSURIHVLRQDO
6L ELHQ WDOHV FRQGXFWDV YLROHQWDV VRQ WRGDYtD LQFLSLHQWHV HQ HO SDtV
UHVXOWD UHFRPHQGDEOH \ QHFHVDULR SRQHUOHV DWDMR GHVGH \D DQWHV TXH SXHGDQ
WUDQVIRUPDUVH HQ KHFKRV PDVLYRV GH GLILFXOWRVD SUHYHQFLyQ R SXQLFLyQ FRPR
KDVXFHGLGRHQRWURVSDtVHV
1R REVWDQWH ORV HVIXHU]RV RILFLDOHV UHDOL]DGRV SDUD DOHMDU WRGD DFFLyQ
YLROHQWD OH SDUHFH DO *RELHUQR TXH HV QHFHVDULR DUWLFXODU XQD OHJLVODFLyQ TXH
HQIUHQWH HVWH IHQyPHQR FUHiQGRVH XQ QRUPDWLYD MXUtGLFD HVSHFLDO TXH
FRODERUHHQODLQKLELFLyQGHHVWDVFRQGXFWDV\TXHFRQILJXUHXQUHSURFKHVRFLDO
FHUWHUR \ SUHFLVR DSOLFDEOH D TXLHQHV VHDQ UHVSRQVDEOHV GH OD SUHSDUDFLyQ R
FRQVXPDFLyQGHKHFKRVGHYLROHQFLDHQORVUHFLQWRVGHSRUWLYRV
3DUDWDOHVHIHFWRVVHUHTXLHUHODFRODERUDFLyQGHODFRPXQLGDGWRGD\HQ
SDUWLFXODU GH ORV DFWRUHV TXH FRQYHUJHQ HQ OD SUiFWLFD GHO GHSRUWH PDVLYR
DXWRULGDGHVGHSRUWLVWDVDILFLRQDGRV
/DV LGHDV PDWULFHV R IXQGDPHQWDOHV GHO SUR\HFWR VRQ HYLWDU UHSULPLU \
VDQFLRQDUORVDFWRVGHYLROHQFLDTXHVHSURGXFHQDFDXVDRFRQRFDVLyQGHXQ
HVSHFWiFXORGHSRUWLYRS~EOLFRYHODUSRUHOQRUPDOGHVDUUROORGHHVRVHYHQWRV
\JDUDQWL]DUODVHJXULGDGHLQWHJULGDGGHODVSHUVRQDV\GHORVELHQHV
3DUDPDWHULDOL]DUHVRVREMHWLYRVVHSURSRQHXQSUR\HFWRGHOH\GLYLGLGR
HQWUHVWtWXORVTXHWUDWDQGHODVVLJXLHQWHVPDWHULDV
(O 7tWXOR , FRPSXHVWR SRU DUWtFXORV GHVFULEH GHQWUR GH HVWD
QRUPDWLYDHVSHFLDODTXHOODVILJXUDVTXHFRQVWLWX\HQGHOLWRVFRQWUDODVHJXULGDG
S~EOLFDTXHFRPHWH
HO TXH RUJDQL]DUH SURPRYLHUH R IDFLOLWDUH GH FXDOTXLHU PRGR OD
IRUPDFLyQ GH DJUXSDFLRQHV TXH FRPR FRQVHFXHQFLD GH DSR\DU D VX HTXLSR
H[WHULRULFHQ GH XQ PRGR LQHTXtYRFR VX LQWHQFLyQ GH HMHUFHU YLROHQFLD HQ XQ
UHFLQWRGHSRUWLYRRVXVDOUHGHGRUHV
HO TXH LQWURGXMHUH DXQ FHQWUR GHSRUWLYR WXYLHUH HQVX SRGHUR SRUWDUH
DUPDV FXDOTXLHUD IXHUH VX QDWXUDOH]D R HOHPHQWRV GHVWLQDGRV D HMHUFHU
YLROHQFLD R SHUWXUEDU JUDYHPHQWH HO RUGHQ S~EOLFR VLQ SHUMXLFLR GH ODV
FRQWUDYHQFLRQHV D ODV OH\HV VREUH &RQWURO GH $UPDV \ VREUH 6HJXULGDG GHO
(VWDGRTXHSXGLHUDQLPSOLFDUWDOHVFRQGXFWDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
ORVHQFDUJDGRVGHFHQWURVGHSRUWLYRVVXVHPSOHDGRV\GHSHQGLHQWHV\
ORVGLULJHQWHVRPLHPEURVGHHQWLGDGHVGHSRUWLYDVTXHSHUPLWDQTXHVHJXDUGH
RDOPDFHQHHQVXHVWDGLRDUPDVRHOHPHQWRVGHVWLQDGRVDHMHUFHUYLROHQFLD
HOTXHFRQRFDVLyQGHODFHOHEUDFLyQGHXQSDUWLGRRWRUQHRFXDOTXLHUD
GLYXOJDUH SRU FXDOTXLHU YtD QRWLFLDV IDOVDV DFHUFD GH OD H[LVWHQFLD GH
H[SORVLYRVHQXQFHQWURGHSRUWLYR
HO TXH SRU PHGLR GH DOWDYRFHV \ RWURV PHGLRV TXH OH SHUPLWDQ KDFHUVH
RtU SRU OD PXOWLWXG LQFLWH D ORV SDUWLGDULRV R KLQFKDV GH XQ HTXLSR R D ORV
FRQFXUUHQWHVDHMHFXWDUDFWRVGHGDxRRYLROHQFLDHQFRQWUDGHODSURSLHGDGR
GHODVSHUVRQDV
HO TXH FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR GHSRUWLYR DUURMDUH
VXVWDQFLDVXREMHWRVTXHSXGLHUHQFDXVDUDODUPDRGDxRVDWHUFHURV
(O 7tWXOR ,, FRPSXHVWR SRU DUWtFXORV VH UHILHUH D ORV GHOLWRV GH
UHVXOWDGRVHVGHFLUDTXHOORVTXHSDUDFRQILJXUDUVHUHTXLHUHQODFRQFUHFLyQGH
ODILQDOLGDGEXVFDGDSRUHOKHFKRUHQTXHLQFXUUH
HOTXHFRQPRWLYRXRFDVLyQGHXQHVSHFWiFXORRHYHQWRUHDOL]DGRHQXQ
UHFLQWRGHSRUWLYRRLQPHGLDWDPHQWHDQWHVRGHVSXpVGHpOSURGXMHUHWXPXOWR
RSHUWXUEDUHJUDYHPHQWHHORUGHQ
HO TXH HQ ODV PLVPDV FLUFXQVWDQFLDV LQFXUUD HQ RIHQVDV DO SXGRU
SDUWLFLSH HQ XQ KRPLFLGLR FRPR FRQVHFXHQFLD GH XQD ULxD R SHOHD FDXVH
OHVLRQHVRSURYRTXHLQFHQGLRVRGDxRV
HO TXH PHGLDQWH DPHQD]DV R YLROHQFLDV UHWDUGH VXVSHQGD R LPSLGD
DXQTXHVHDPRPHQWiQHDPHQWHODFHOHEUDFLyQGHXQHYHQWRGHSRUWLYR
HO TXH SRU FXDOTXLHU PHGLR LPSLGLHUH R SHUWXUEDUH HO QRUPDO
IXQFLRQDPLHQWR GH ORV PHGLRV GH WUDQVSRUWH KDFLD R GHVGH ORV FHQWURV
GHSRUWLYRV
(O 7tWXOR ,,, HQ VXV FXDWUR DUWtFXORV VH UHILHUH D ODV PHGLGDV GH
VHJXULGDG\DODUHVSRQVDELOLGDGFLYLO
(ODUWtFXORUHJXODODVSHQDVDFFHVRULDVHVWDEOHFLHQGRXQDGHFDUiFWHU
JHQHUDO DSOLFDEOH D WRGDV ODV FRQWUDYHQFLRQHV GHVFULWDV HQ ORV DUWtFXORV
DQWHULRUHV VDOYR HO DUWtFXOR ž FRQVLVWHQWH HQ OD LQKDELOLWDFLyQ SDUD DVLVWLU DO
WLSR GH HVSHFWiFXOR TXH GLR OXJDU D OD FRQGHQD SRU XQ ODSVR GH PHVHV D DxRV
(Q OD OHWUD E HVWDEOHFH XQD SHQD DFFHVRULD HVSHFLDO DSOLFDEOH
~QLFDPHQWH D ORV TXH FRQWUDYHQJDQ OR GLVSXHVWR HQ HO DUWtFXOR ž HV GHFLU D
ORVTXHFRQPRWLYRXRFDVLyQGHXQHVSHFWiFXORGHSRUWLYRDUURMDUHQVXVWDQFLDV
RREMHWRVTXHSXGLHUHQFDXVDUFRQPRFLyQRGDxRVDWHUFHURVFRQVLVWHQWHHQOD
SURKLELFLyQ GH DVLVWLU D GHWHUPLQDGDV IHFKDV GHO WRUQHR TXH FRUUHVSRQGD DO
SDUWLGRHQTXHVHSURGXMRODFRQWUDYHQFLyQ
(O DUWtFXOR IDFXOWD DO 3UHVLGHQWH GH OD 5HS~EOLFD SDUD TXH SUHYLR
LQIRUPH IDYRUDEOH GH OD 'LJHGHU GHFUHWH OD FODXVXUD WHPSRUDO R GHILQLWLYD GH
ORV HVWDGLRV R UHFLQWRV TXH QR RIUH]FDQ OD VHJXULGDG QHFHVDULD SDUD OD YLGD H
LQWHJULGDGGHOS~EOLFRRSDUDHOGHVDUUROORQRUPDOGHOHVSHFWiFXOR
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(O DUWtFXOR HVWDEOHFH UHVSRQVDELOLGDG FLYLO VROLGDULD SDUD ODV
HQWLGDGHV DVRFLDFLRQHV R FOXEHV GHSRUWLYRV TXH SDUWLFLSHQ FRQ HO FDUiFWHU GH
RUJDQL]DGRUHV R UHVSRQVDEOHV GH XQ FHUWDPHQ GHSRUWLYR SRU ORV GDxRV TXH
VXIUDQORVHVSHFWDGRUHVFRQRFDVLyQGHOGHVDUUROORGHGLFKRWRUQHR
(O DUWtFXOR FRQVDJUD OD REOLJDFLyQ GH ORV FOXEHV GHSRUWLYRV GH
FDQFHODU OD LQVFULSFLyQ GH VXV VRFLRV R DVRFLDGRV TXH UHVXOWHQ VDQFLRQDGRV
FRQIRUPH D HVWD QRUPDWLYD /D FDQFHODFLyQ VXUWLUi HIHFWRV SRU WRGR HO WLHPSR
TXHGXUHODFRQGHQDRODVPHGLGDVGHVHJXULGDG
/D &RPLVLyQ GH (GXFDFLyQ &XOWXUD &LHQFLDV \ 7HFQRORJtD 'HSRUWHV \
5HFUHDFLyQ D OD FXDO VH HQYLDUD RULJLQDOPHQWH HVWH SUR\HFWR HQ LQIRUPH KD
UHFKD]DGRODLGHDGHOHJLVODUHQWUHRWUDVFRQVLGHUDFLRQHVSRUH[LVWLUHQHOSDtV
XQD OHJLVODFLyQ SHQDO YLJHQWH GHVGH KDFH PiV GH XQ VLJOR EDVWDQWH SUROLMD \
TXH OyJLFDPHQWH HV DSOLFDEOH D TXLHQHV GHOLQTXHQ HQ ORV HVWDGLRV \ UHFLQWRV
GHSRUWLYRV
(VWLPD HVD &RPLVLyQ TXH HO SUREOHPD GH OD YLROHQFLD HQ ORV UHFLQWRV
GHSRUWLYRV SRGUtD HQFRQWUDU VROXFLyQ HQ OD DGRSFLyQ GH SROtWLFDV JOREDOHV GH
GLIXVLyQ \ IRPHQWR GH OD FXOWXUD GHSRUWLYD HQ OD LQWURGXFFLyQ GH PHMRUDV D
WDOHV UHFLQWRV \ HQ OD LPSOHPHQWDFLyQ GH XQD DGHFXDGD IXQFLyQ GLVXDVLYD
SROLFLDO TXH SHUPLWD QR VROR FRQWURODU ORV DFFHVRV D ORV HVWDGLRV SDUD OD
GHWHFFLyQ GH REMHWRV SRWHQFLDOPHQWH SHOLJURVRV VLQR TXH ERUUDU OD VHQVDFLyQ
GH DQRQLPDWR FRQ TXH ORV HVSHFWDGRUHV FUHHQ VHQWLUVH SURWHJLGRV DO DFWXDU
FRQIXQGLGRVGHQWURGHODPDVD
3RU OR VHxDODGR OH SDUHFH TXH JHQHUDU QXHYDV ILJXUDV GHOLFWLYDV R
HVWDEOHFHU XQ FDPELR GH SHQDOLGDG SDUD ODV \D H[LVWHQWHV R GHVDUUROODU
QRYHGRVDV WHRUtDV SHQDOHV UHVSHFWR GH RWUDV ILJXUDV VHUtD SRFR SHUWLQHQWH R
LQQHFHVDULR
'XUDQWH OD GLVFXVLyQ HQ JHQHUDO GHO SUR\HFWR HQ OD &RPLVLyQ GH
&RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD ORV UHSUHVHQWDQWHV GHO *RELHUQR KLFLHURQ
SUHVHQWHTXHVLQSHUMXLFLRGHODVFDXVDVUHPRWDVTXHORVHVWXGLRVRVGHWHPDV
VRFLDOHV SXHGDQ HVJULPLU OD YLROHQFLD HQ ORV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV
VHGHEHDOVXUJLPLHQWRGHODVEDUUDVEUDYDVHQ&KLOHTXHQDFHQSRULPLWDFLyQ
GH ODV H[LVWHQWHV HQ RWURV SDtVHV LQYROXFUDGDV HQ VXFHVRV GHOLFWXDOHV GH
JUDYHGDG TXH KDQ VLGR FRQRFLGRV D WUDYpV GH OD WHOHYLVLyQ \ RWURV PHGLRV GH
FRPXQLFDFLyQ1RHVPHUDFRLQFLGHQFLDTXHHOVXUJLPLHQWRGHFLHUWDVIRUPDVGH
PDQLIHVWDUODYROXQWDGGHXQHTXLSRFRPLHQFHQFXDQGRODWHOHYLVLyQHPSLH]D
DWUDQVPLWLUORVSDUWLGRVGHRWUDVOLJDVGHI~WEROSURIHVLRQDO
'HVWDFDURQ GH XQ PRGR HQ HVSHFLDO OD FRQGXFWD GH FLHUWD SUHQVD TXH
DSODXGLy HVWD VLWXDFLyQ SRU HVWLPDU TXH HO S~EOLFR GHO I~WERO FKLOHQR KDEtD
GHMDGR GH VHU SDVLYR \ PHUR HVSHFWDGRU SDUD WUDQVIRUPDUVH HQ XQ
FRPSRQHQWH LPSRUWDQWH GHO SDUWLGR SHUR VLQ FRORFDU XQ OtPLWH HQWUH OR TXH
VLJQLILFDEDDOHQWDUDOHTXLSRYHUVXVODFRPLVLyQGHGHOLWRV
(Q VX RSLQLyQ ORV GLULJHQWHV GHO IXWERO \ GHO GHSRUWH HQ JHQHUDO QR
IXHURQ OR VXILFLHQWHPHQWH FDWHJyULFRV HQ FXDQWR DO UHSURFKH PRUDO pWLFR \
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
VRFLDO TXH GHEtDQ WHQHU VLWXDFLRQHV GH HVWD QDWXUDOH]D H LQFOXVR VH RWRUJDURQ
FLHUWRWLSRGHYHQWDMDVDTXLHQHVIRUPDUDQSDUWHGHHVWDVEDUUDV
)XHURQHQIiWLFRVHQVHxDODUTXHHO*RELHUQRKDSUHVHQWDGRHVWHSUR\HFWR
SDUDTXHVHOHJLVOHHQIRUPDHVSHFLDOHQUHODFLyQDORVKHFKRVGHYLROHQFLDTXH
RFXUUHQ HQ ORV FHQWUHV GHSRUWLYRV FRPR OR KDQ KHFKR RWURV SDtVHV 1R HV
SDUWLGDULR HQ FDPELR GH PRGLILFDU SDUFLDOPHQWH QRUPDV \D H[LVWHQWHV HQ HO
&yGLJR3HQDO
'LHURQ D FRQRFHU TXH HO *RELHUQR GHVGH TXH DVXPLy HQ KD
XWLOL]DGRORVPHMRUHVLQVWUXPHQWRVTXHKDQHVWDGRDVXDOFDQFHSDUDSUHYHQLU\
VDQFLRQDU HVWRV KHFKRV GH YLROHQFLD HQ DOJXQRV SDUWLGRV KD VLGR QHFHVDULR
SRQHUDGLVSRVLFLyQyHIHFWLYRVSROLFLDOHVORTXHLPSOLFDGHVDWHQGHUD
RWURJUXSRLPSRUWDQWHGHODSREODFLyQSDUDHOFXDOHVHSHUVRQDOHVWiGHVWLQDGR
HQIRUPDSHUPDQHQWH(VXQHVIXHU]RSUHVXSXHVWDULR\KXPDQRGHDOWRFRVWR
\GHEHWHQHUXQOtPLWH
&RQ OD PLVPD ILQDOLGDG VH KDQ HQYLDGR FDUWDV LQVWUXFWLYDV D WRGRV ORV
DOFDOGHVGHODVFRPXQDVTXHSRVHHQHVWDGLRVGRQGHVHUHDOL]DQSDUWLGRVGHOD
OLJD SURIHVLRQDO UHFRPHQGDQGR PHGLGDV GH FRRUGLQDFLyQ \ SUHYHQFLyQ FRPR
WHQHQFLDGHDOWRSDUODQWHVLQIUDHVWUXFWXUDDGHFXDGDHWF
$QWH HO UHFUXGHFLPLHQWR GH HVWDV FRQGXFWDV DO (MHFXWLYR OH SDUHFH
UD]RQDEOH HVWDEOHFHU PHGLGDV WHQGLHQWHV D TXH ORV GLULJHQWHV \ ORV FOXEHV
WHQJDQUHVSRQVDELOLGDGHQHVWRVKHFKRVSDUDORFXDOREYLDPHQWHVHUHTXLHUH
GHODGLFWDFLyQGHXQDOH\
(V LJXDOPHQWH LPSRUWDQWH D MXLFLR GHO *RELHUQR TXH VH IDFXOWH D OD
DXWRULGDGDGPLQLVWUDWLYDSDUDTXHHQFDVRVGHWHUPLQDGRVSXHGDGHFUHWDUTXH
XQ FHQWUR GHSRUWLYR QR FXPSOH FRQ ORV UHTXLVLWRV PtQLPRV GH VHJXULGDG (Q
WRGRFDVRHODFWRTXHVHGLFWHHQYLUWXGGHWDOSRGHUGHEHVHUUHFXUULEOHDQWH
ODDXWRULGDGMXGLFLDOXRWUDTXHVHGHWHUPLQHSRUODOH\
(O 'LUHFWRU *HQHUDO GH OD 'LUHFFLyQ *HQHUDO GH 'HSRUWHV \ 5HFUHDFLyQ
GRQ,YiQ1DYDUURVHxDOyTXHHO6HQDGRGH(VSDxDKDEtDUHDOL]DGRXQHVWXGLR
SDUDGHVFXEULUFXDOHVHUDQODVFDXVDVPHGLDWDVGHODYLROHQFLDHQHOGHSRUWH
/DV FRQFOXVLRQHV GHHVHHVWXGLR IXHURQ FDWHJyULFDV HQ FXDQWR D DWULEXLU
ODYLROHQFLDD
ž /D H[LVWHQFLD GH JUXSRV IDQiWLFRV (O KRROLJDQLVPR HV
XQDWHQGHQFLDPXQGLDOTXHVLELHQWLHQHVXRULJHQHQ,QJODWHUUDVHPDQLILHVWD
HQWRGRVORVSDtVHV(VXQIHQyPHQRGLItFLOGHFRQWURODU
(O KRROLJDQLVPR DO FXDO KDFLD UHIHUHQFLD HO VHxRU 1DYDUUR HQ VX
H[SRVLFLyQ VH KD WUDQVIRUPDGR HQ XQ PRGR GH YLGD DGRSWDGR SRU EDQGDV GH
MyYHQHVPDUJLQDOHVHQODV JUDQGHVFLXGDGHV(OI~WEROHUD\HVSRUD]DUXQD
YtFWLPD /D YLROHQFLD VH LQFRUSRUD DO I~WERO SXHV pVWH KD WRPDGR XQ OXJDU
LPSRUWDQWH HQ OD YLGD GH HVWRV MyYHQHV SHUR WDPELpQ SRUTXH ORV
HQIUHQWDPLHQWRVSXHGHQVHUELHQRUJDQL]DGRV\VRQSHUIHFWDPHQWHSUHYLVLEOHV
(VWRV MyYHQHV HQFXHQWUDQ OODPDWLYR WUDQVIRUPDUVH HQ HO FHQWUR GHO LQWHUpV \
DGHPiV SRU DxDGLGXUD DGRUQDUVH FRQ XQD VyOLGD WUDGLFLyQ GH FDPRUULVWDV
.ULV YDQ /LPEHUJHQ $VSHFWV VRFLRSV\FKRORJLTXHV GH O
KRROLJDQLVPH
3RXYRLUV3DULV1ž
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(VHYLGHQWHTXHODYLROHQFLDHQHOI~WEROFRQVWLWX\HXQDSHTXHxDSDUWHGH
ODYLGDGHOLFWXDOGHHVWRVMyYHQHV
(O KRROLJDQLVPR QR HV VyOR XQ SUREOHPD GHO I~WERO VLQR XQ SUREOHPD
GHYLROHQFLD\SUREOHPDGHODVRFLHGDG
5D\PRQG .HQGDOO 6HFUHWDULR *HQHUDO GH OD ,QWHUSRO FRQVLGHUD TXH XQD
GHODVGLILFXOWDGHVPiVJUDQGHVTXHWXYLHURQHQHO5HLQR8QLGRIXHHOHQWHQGHU
TXH HQ OD PD\RUtD GH ORV FDVRV DTXHOODV SHUVRQDV TXH FUHDEDQ SUREOHPDV \
HVWDEDQGLVSXHVWDVDFRPHWHUDFFLRQHVYLROHQWDVQRHUDQKLQFKDVGHXQHTXLSR
VLQR VLPSOHPHQWH YLROHQWLVWDV SRU OR TXH SULPHUR TXH WXYLHURQ TXH KDFHU IXH
GLVWLQJXLUHQWUHORVYHUGDGHURVKLQFKDV\HVHRWURWLSRGHDQWLVRFLDOHV
(Q VX FRQFHSWR FXDOTXLHU OH\ TXH VH GLFWH GHEHUtD HVWDU RULHQWDGD
HVSHFtILFDPHQWH HQ FRQWUD GH DTXHOORV TXH GHOLEHUDGDPHQWH VH KDQ DVRFLDGR
SDUD FRPHWHU GHVyUGHQHV R DFWRV GH YLROHQFLD \ TXH GLIHUHQFLH D DTXHOORV
KLQFKDV TXH KDQ EHELGR PiV GH OD FXHQWD R VH KDQ GHMDGR OOHYDU SRU ODV
SDVLRQHVGHOPRPHQWRFRQHOILQGHHYLWDULQMXVWLFLDV\SRQHUDWDMRDHVWHWLSR
GH VLWXDFLRQHV DO ORJUDU OD LQGLYLGXDOL]DFLyQ GH ORV YHUGDGHURV KRROLJDQV R
JDPEHUURV
ž /DV GHFLVLRQHV DUELWUDOHV /RV iUELWURV WLHQHQ SDXWDV REMHWLYDV GH
VDQFLyQ TXH DO VHU DSOLFDGDV VXEMHWLYDPHQWH SRU FDGD FXDO FRQGXFHQ DO
GHVERUGH HQ ORV HVSHFWDGRUHV HVSHFLDOPHQWH FXDQGRTXLHUH WUDQVIRUPDUVH HQ
ODHVWUHOODGHOHVSHFWiFXOR
ž /DV GHFODUDFLRQHV GH ORV HQWUHQDGRUHV \ GH ORV GLULJHQWHV GH ORV
FOXEHV DQWHV GH FDGD SDUWLGR H LQFOXVR GH ORV MXJDGRUHV WRGDV ODV FXDOHV
FRQGXFHQDUHDFFLRQHVPDVLYDV
(O GHQRPLQDGR GLUHFWRU WpFQLFR VH KD WUDQVIRUPDGR HQ HO I~WERO
PRGHUQR HQ HO YHUGDGHUR FRQGXFWRU GH OD EDWDOOD GHSRUWLYD /D WHUPLQRORJtD
TXH HPSOHD HV OD SURSLD GH XQ MHIH PLOLWDU HVWUDWHJLD WiFWLFD DYDQFH
UHWURFHVR RUGHQDGR YHORFLGDG HQ HO FRQWUDDWDTXH PDUFD VREUH HO DGYHUVDULR
GHVWUXFFLyQGHVXMXHJRHVStDVVREUHHODGYHUVDULRHWF
/DV QRWLFLDV GHSRUWLYDV GH ORV PHGLRV GH FRPXQLFDFLyQ VRFLDO TXH
SUHSDUDQ HO iQLPR GHO S~EOLFR SDUD XQ SDUWLGR TXH YD D UHDOL]DUVH &LWy DO
HIHFWRHOVLJXLHQWHWLWXODU/D8&VyORSLHQVDHQODYHQJDQ]D
6HJ~Q $OEHUWR $OWDPLUDQR %DVHV SDUD HO DQiOLVLV GH OD YLROHQFLD HQ HO
I~WERO 7HPDV 3HQDOHV 'HSDOPD HO SHULRGLVPR GHSRUWLYR HQ ORV
SUROHJyPHQRVGHODEDWDOODRGXUDQWHPHVHVVLVHWUDWDGHXQDFRQWHFLPLHQWR
LQWHUQDFLRQDO YD SUHSDUDQGR HO FOLPD /RV UHSRUWDMHV D ORV DFWRUHV LQIRUPHV
VREUHORVOXJDUHVGHFRQFHQWUDFLyQHLQFOXVRQRWDVDORVSURSLRVKLQFKDVWRGR
HOOR VD]RQDGR FRQ IRWRJUDItDV YLGHRV KLVWRULD GH ORV FRQWHQGLHQWHV DXJXULRV
HWFYDFUHDQGRXQFOLPDDSDVLRQDGR\WHQVRSXHVWRGRYDDWHUPLQDUFRQHO
WULXQIRRODGHUURWD
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
3RUHMHPSORHOHQFXHQWUR+RODQGD,QJODWHUUDHQHQ$OHPDQLDGHO
(VWH IXH GHVFULWR SRU OD SUHQVD FRPR OD FRQIURQWDFLyQ GHO VLJOR )XH HYLGHQWH
TXH ORV SULQFLSDOHV SHULyGLFRV HXURSHRV HQYLDURQ DO OXJDU FRUUHVSRQVDOHV GH
JXHUUD \ UHVHUYDURQ XQD SiJLQD FRQ HO WtWXOR /D EDWDOOD GH 'VVHOGRUI /RV
PHGLRV DXGLRYLVXDOHV QR KLFLHURQ PHQRV /RV KRROLJDQV HVWDEDQ REOLJDGRV D
HVWDUDODDOWXUDGHVXUHSXWDFLyQSXHVOODPDUODDWHQFLyQHVPX\LPSRUWDQWH
SDUD HOORV /D FROHFFLyQ GH IRWRV \ OD FREHUWXUD GH OD SUHQVD OHV GD XQ DXUD
H[WUDRUGLQDULD /D PDQHUD HQ TXH HOORV VRQ SUHVHQWDGRV HV PX\ LPSRUWDQWH
SDUDVXSUHVWLJLR
ž /D PDUJLQDFLyQ VRFLDO TXH FRQGXFH D OD YLROHQFLD VREUH WRGR HQ
HVSHFWiFXORV PDVLYRV GRQGH ODV SHUVRQDV SLHUGHQ VX LGHQWLGDG SURSLD VX
LQGLYLGXDOLGDG /D IUXVWUDFLyQ VRFLDO VH H[SUHVD HQ HO DQRQLPDWR \
IXQGDPHQWDOPHQWHHQHOGLQDPLVPRGHXQDEDUUD
/H%RQLQGLFDTXHFXDOTXLHUDTXHVHDQORVLQGLYLGXRVTXHFRPSRQHQXQD
PDVDKXPDQD\SRUGLYHUVRVRVHPHMDQWHVTXHSXHGHQVHUVXJpQHURGHYLGD
VXV RFXSDFLRQHV VX FDUiFWHU R VX LQWHOLJHQFLD HO VROR KHFKR GH KDOODUVH
WUDQVIRUPDGRVHQXQDPXOWLWXGOHVGRWDGHXQDHVSHFLHGHDOPDFROHFWLYDTXH
OHVKDFHVHQWLUSHQVDU\REUDUGHXQDPDQHUDSRUFRPSOHWRGLVWLQWDGHFRUQR
VHQWLUtDSHQVDUtD\REUDUtDFDGDXQRGHHOORVDLVODGDPHQWH
&LHUWDV LGHDV \ FLHUWRV VHQWLPLHQWRV QR VXUJHQ QL VH WUDQVIRUPDQ HQ
DFWRVVLQRHQORVLQGLYLGXRVFRQVWLWXLGRVHQPXOWLWXG(OLQGLYLGXRLQWHJUDGRD
HOOD DGTXLHUH SRU HO VROR KHFKR GHO Q~PHUR XQ VHQWLPLHQWR GH SRWHQFLD
LQYHQFLEOHPHUFHGDOFXDOSXHGHSHUPLWLUVHFHGHUDLQVWLQWRVTXHDQWHVFRPR
LQGLYLGXR DLVODGR KXELHUD UHIUHQDGR IRU]RVDPHQWH Pi[LPH FXDQGR SRU VHU OD
PXOWLWXG DQyQLPD \ HQ FRQVHFXHQFLD LUUHVSRQVDEOH GHVSDUHFHUi SDUD pO HO
VHQWLPLHQWR GH UHVSRQVDELOLGDG SRGHURVR \ FRQVWDQWH IUHQR GH ORV LPSXOVRV
LQGLYLGXDOHV
ž /D LQIUDHVWUXFWXUD LQDGHFXDGD GH ORV HVWDGLRV /D DSOLFDFLyQ IOH[LEOH
GHODOHJLVODFLyQSHUPLWHTXHDOJXQRVFHQWURVGHSRUWLYRVVHDQDXWRUL]DGRVSDUD
RSHUDUSHVHDQRFRQWDUFRQODVFRQGLFLRQHVQHFHVDULDV(VWRFRQGXFHLQFOXVR
D FRQIOLFWRV GH FDUiFWHU SROtWLFR VLQ TXH QDGLH VH DWUHYD D WRUQDU ODV PHGLGDV
GUiVWLFDVQHFHVDULDVSDUDQRDVXPLUODVFRQVHFXHQFLDVVRFLDOHV\SROtWLFDVTXH
HOORSURGXFLUtD
ž /D LQJHVWLyQ GH DOFRKRO TXH HV IXHQWH SHUPDQHQWH GH YLROHQFLD HQ
ORV HVWDGLRV /RV FRQWUROHV SROLFLDOHV KDQ DXPHQWDGR SHUR QR GDQ DEDVWR /R
PLVPRVXFHGHFRQODGURJDTXHLQJUHVDDORVFHQWURVGHSRUWLYRVGHP~OWLSOHV
PDQHUDVLPSRVLEOHVGHSHVTXLVDU
ž /D PDVLILFDFLyQ GH OD FDSDFLGDG GH ORV HVWDGLRV TXH SHUPLWH OD
DVLVWHQFLDGHVGHDSHUVRQDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
ž/DDXVHQFLDGHGHELGRVFRQWUROHVSROLFLDOHV3RUHMHPSORORVKHFKRV
DFDHFLGRV HQ HO (VWDGLR 0RQXPHQWDO HO GH IHEUHUR ~OWLPR SXGLHURQ
SURGXFLUVHSRUTXHKXERGRVKRUDVVLQFRQWUROSROLFLDO
ž/DQRDSOLFDFLyQGHODVQRUPDVSHQDOHV\DGPLQLVWUDWLYDV6LELHQHO
&yGLJR3HQDOFRQWHPSODVDQFLRQHVSDUDDFWRVGHYLROHQFLDGHHVWDQDWXUDOH]D
SRUUHJODJHQHUDOHOODVQRVRQDSOLFDGDVFRQHODJUDYDQWHTXHODGHWHQFLyQVH
GHMD VLQ HIHFWR FRQ OD VLPSOH FRPSUREDFLyQ GHO GRPLFLOLR GHO GHWHQLGR ,JXDO
VXFHGH FRQ HO GHOLQFXHQWH R HO WHUURULVWD LQILOWUDGR HQ WDOHV EDUUDV 'H HVWD
IRUPDODGHWHQFLyQSDVDDVHUXQDLQVLJQLDPiVTXHHOKHFKRUDJUHJDDVXV
DQWHULRUHV ORJURV FRQYLUWLpQGRVH HO EDUULVWD HQ XQ YHUGDGHUR KpURH HQ ORV
OXFWXRVRVVXFHVRV
ž/DHVFDVDHGXFDFLyQVRFLDOKDFLDHOMXHJROLPSLR(Q&KLOHQRH[LVWH
XQD pWLFD GHO GHSRUWH 6H FDUHFH GH XQ HVWXGLR FLHQWtILFR \ HPStULFR TXH
GHPXHVWUH ODV FDXVDV GH OD YLROHQFLD \ HV SRU HOOR TXH VH KD HQFDUJDGR D OD
8QLYHUVLGDGGH&KLOHTXHORUHDOLFH6HUHTXLHUHXQDVRFLRORJtDGHGHSRUWHTXH
SHUPLWDXQDUHVRFLDOL]DFLyQGHSRUWLYDGHODVEDUUDVGHORVGHSRUWLVWDV\GHORV
GLULJHQWHV
&HUUDGRHOGHEDWH\SXHVWRHQYRWDFLyQJHQHUDOHOSUR\HFWRVHOHSUHVWy
DSUREDFLyQ SRU OD XQDQLPLGDG GH ORV VHxRUHV 'LSXWDGRV SUHVHQWHV TXLHQHV
HVWXYLHURQGHDFXHUGRHQDERUGDUHOSUREOHPDGHODYLROHQFLDHQHOGHSRUWHQR
REVWDQWH GLVFUHSDU GH ORV PHGLRV R LQVWUXPHQWRV MXUtGLFRV TXH VH SURSRQHQ
SDUDORJUDUVXVROXFLyQ
'XUDQWH OD GLVFXVLyQ HQ SDUWLFXODU OD &RPLVLyQ WXYR D OD YLVWD ORV
GLYHUVRVDQWHFHGHQWHVTXHOHIXHURQSURSRUFLRQDGRVORVTXHVLUYLHURQGHEDVH
SDUDODUHGDFFLyQILQDOGHOWH[WRGHOSUR\HFWR
(QWUHORVDQWHFHGHQWHVGHGHUHFKRLQWHUQRFDEHPHQFLRQDU
/D OH\ 1ž GH TXH DSUXHED QRUPDV SDUD HO IRPHQWR GHO
GHSRUWH\ILMDHO
HVWDWXWR RUJiQLFR GHOD 'LUHFFLyQ *HQHUDO GH 'HSRUWHV \ 5HFUHDFLyQ VXFHVRUD
GHO'HSDUWDPHQWRGH'HSRUWHVGHO0LQLVWHULRGH'HIHQVD1DFLRQDOFUHDGRSRU
GHFUHWRGHGHOUHIHULGR0LQLVWHULROXHJR'LUHFFLyQGH'HSRUWHVGHO
(VWDGRHQYLUWXGGHOGHFUHWRFRQIXHU]DGHOH\Q~PHURGH
'H HVD OH\ PHUHFHQ GHVWDFDUVH ODV VLJXLHQWHV GLVSRVLFLRQHV SRU VX
LQFLGHQFLDHQODPDWHULDDTXHVHUHILHUHHOSUR\HFWR
6X DUWtFXOR ž TXH HQWUHJD D HVD 'LUHFFLyQ OD SROtWLFD GH GHSRUWHV \
UHFUHDFLyQHQHO
SDtV\ODFRRUGLQDFLyQGHODVRUJDQL]DFLRQHVGHSRUWLYDV\GHODVLQVWLWXFLRQHVGH
UHFUHDFLyQTXHVHUHODFLRQHQFRQHO*RELHUQR
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
6X DUWtFXOR ž TXH ILMD VXV DWULEXFLRQHV HQFRPHQGiQGROH HQWUH RWUDV
ODGHIRPHQWDU
ODVDFWLYLGDGHVGHSRUWLYDVQDFLRQDOHVGHDILFLRQDGRV\SURIHVLRQDOHV\HMHUFHUOD
VXSHULQWHQGHQFLD H LQVSHFFLyQ GH GLFKDV DFWLYLGDGHV HQ ORV WpUPLQRV
HVWDEOHFLGRVHQHVDOH\\ODGHRUGHQDUHQFRQIRUPLGDGFRQORTXHGHWHUPLQH
HO UHJODPHQWR TXH QR VH KD GLFWDGR OD VXVSHQVLyQ GH XQ HVSHFWiFXOR
GHSRUWLYRRODFODXVXUDGHXQORFDORHVWDEOHFLPLHQWRGHVWLQDGRDODSUiFWLFDGH
ORV GHSRUWHV \ UHTXHULU HO DX[LOLR GH OD IXHU]D S~EOLFD GH OD DXWRULGDG
DGPLQLVWUDWLYD TXH FRUUHVSRQGD SDUD HO FXPSOLPLHQWR GH ODV yUGHQHV TXH
LPSDUWDSXGLHQGRUHFODPDUVHDO0LQLVWHULRGH'HIHQVD1DFLRQDO
/D2UGHQDQ]D*HQHUDOGHOD/H\*HQHUDOGH8UEDQLVPR\&RQVWUXFFLRQHV
GHFUHWR1ž
GHDEULOGHGHO0LQLVWHULRGHOD9LYLHQGD\8UEDQLVPRSXEOLFDGDHQ
HO'LDULR2ILFLDOGHOGHMXQLRGH
(Q VX FDStWXOR UHODWLYR D ORV EDxRV SLVFLQDV S~EOLFDV \ ORFDOHV
GHVWLQDGRV D FXOWXUD ItVLFD VHxDOD ODV FRQGLFLRQHV TXH GHEHQ VDWLVIDFHU HVWRV
HVWDEOHFLPLHQWRV HQ PDWHULD GH VHJXULGDG KLJLHQH \ IiFLO HYDFXDFLyQ GH ORV
ORFDOHVHQFDVRGHLQFHQGLRRSiQLFR
(QWUH ODV QRUPDV WpFQLFDV TXH GHEHQ FXPSOLU VHJ~Q HO DUWtFXOR OHWUDDHVWiQODVQRUPDVHVWDEOHFLGDVSDUDHVWHWLSRGHFRQVWUXFFLRQHVSRUOD
'LUHFFLyQ *HQHUDO GH 'HSRUWHV \ 5HFUHDFLyQ R HQ VX GHIHFWR ODV QRUPDV
RILFLDOHV
/RV UHFLQWRV LQGLFDGRV GHEHQ FXPSOLU DGHPiV FRQ QRUPDV GH
HYDFXDFLyQ /DV ]RQDV UHVSHFWLYDV GHEHQ HVWDU VHxDOL]DGDV \ OLEUHV GH
HOHPHQWRV TXH LPSLGDQ HO SDVR WDOHV FRPR EDUDQGDV WRUQLTXHWHV FXHQWD
SHUVRQDV GHELHQGR FRQVLGHUDUVH SDUD GHSRUWHV \ HVSHFWiFXORV GHVFXELHUWRV
ODSRVLELOLGDGGHHYDFXDUHOS~EOLFRKDFLDHOFDPSRGHMXHJR
(QORTXHUHVSHFWDDODVHJXULGDGHQHVWDGLRVFRQFDSDFLGDGVXSHULRUD
SHUVRQDV VH GHEH SRVLELOLWDU HO DFFHVR GH YHKtFXORV GH SROLFtD
DPEXODQFLD\ERPEHURVDOFDPSRGHMXHJR´
(O&yGLJR3HQDO
/DPXOWLWXGTXHSUHVHQFLDORVMXHJRVItVLFRVHQORVHVWDGLRVLPSXOVDGD\
FHJDGD SRU HO IDQDWLVPR GHSRUWLYR LQFXUUH IUHFXHQWHPHQWH HQ DFWRV TXH
H[FHGHQ D OD LQFXOWXUD R DO VLPSOH GHVRUGHQ S~EOLFR SDUD FDHU HQ ODV
SUHVFULSFLRQHVGHO&yGLJR3HQDO
(QWUH HVDV FRQGXFWDV LOtFLWDV FDEH PHQFLRQDU OD WHQWDWLYD GH KRPLFLGLR ODV
OHVLRQHV ODV OHVLRQHV HQ ULxD GHOLWRV FRQWUD OD VHJXULGDG GH ORV PHGLRV GH
WUDQVSRUWH LQFHQGLRV DPHQD]DV GH DWHQWDGR FRQWUD ODV SHUVRQDV \
SURSLHGDGHV UHVLVWHQFLD FRQWUD OD DXWRULGDG GHVDFDWR HQFXEULPLHQWR DEXVR
GH DUPDV \ DJUHVLyQ GDxR LQWHQFLRQDO R HYHQWXDO LQMXULDV OHVLRQHV SRU
LPSUXGHQFLD DVRFLDFLRQHV LOtFLWDV GHVyUGHQHV S~EOLFRV FRQWUDYHQFLRQHV D ODV
UHJODVTXHODDXWRULGDGGLFWDUHSDUDFRQVHUYDUHORUGHQS~EOLFRHWF
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
3HVH D OD DPSOLD JDPD GH GHOLWRV TXH SXHGHQ FRPHWHUVH UHODFLRQDGRV
FRQ ORV MXHJRV ItVLFRV H[LVWH HQ OD SUiFWLFD XQD WRWDO LPSXQLGDG TXH QR VHUtD
MXVWR FDUJDU D OD FXHQWD H[FOXVLYD GH OD WROHUDQFLD SROLFLDO R MXGLFLDO VLQR
WDPELpQDODVGLILFXOWDGHVWpFQLFDVGHVXLQYHVWLJDFLyQ\PX\HVSHFLDOPHQWHD
OD JHQHUDOL]DGD DFHSWDGD \ FRQIRUPLVWD FRVWXPEUH GH QR FRQVLGHUDU HVRV
KHFKRVFRPRGHOLWRV3DUD&DUORV%URXGHUHVDFRVWXPEUHWLHQHVXRULJHQ\VX
IXQGDPHQWRPiVILUPHHQHODUUDLJDGRFRQFHSWRSRSXODUGHODLJXDOGDGDQWHOD
OH\ /D OH\ GHEH VHU SDUHMD \ DO SXHEOR QR OH SDUHFH SDUHMR QL MXVWR TXH VH
FRQGHQHDWUHVRFXDWURLQGLYLGXRVLQKiELOHVSDUDODIXJDSRUXQGHOLWRGHOTXH
KD SDUWLFLSDGR DFWLYDPHQWH \ FRQ LJXDOR PD\RU UHVSRQVDELOLGDG WRGD OD
PXOWLWXG &DUORV %URXGHU /D GHOLQFXHQFLD HQ HO 'HSRUWH (VWXGLRV SDUD XQD
OH\VREUHGHOLWRVGHSRUWLYRV5RTXH'HSDOPD(GLWRU
(QWUH ORV DQWHFHGHQWHV GH OHJLVODFLyQ LQWHUQDFLRQDO \ FRPSDUDGD FDEH
WHQHUHQFXHQWD
/D &RQYHQFLyQ (XURSHD VREUH OD YLROHQFLD \ ORV GHVyUGHQHV GH ORV
HVSHFWDGRUHV HQ ORV HVSHFWiFXORV GHSRUWLYRV \ SULQFLSDOPHQWH HQ ORV SDUWLGRV
GH I~WERO HQ YLUWXG GH OD FXDO ODV SDUWHV VH REOLJDQ D DGRSWDU PHGLGDV
GHVWLQDGDV D SUHYHQLU \ UHSULPLU OD YLROHQFLD \ ORV GHVERUGHV GH ORV
HVSHFWDGRUHVDVtFRPRDSUHVWDUVHODPiVDPSOLDFRRSHUDFLyQLQWHUQDFLRQDOHQ
HVWDPDWHULD
(QWUH ODV PHGLGDV TXH VH UHFRPLHQGDQ DGRSWDU SXHGHQ PHQFLRQDUVH OD
PRYLOL]DFLyQ GH ODV IXHU]DV GH RUGHQ QHFHVDULDV SDUD KDFHU IUHQWH D ODV
PDQLIHVWDFLRQHV GH YLROHQFLD \ GHVyUGHQHV LQWHUFDPELDU LQIRUPDFLRQHV HQWUH
ODV IXHU]DV SROLFLDOHV DGRSWDU XQD OHJLVODFLyQ SUHYHQWLYD TXH SHUPLWD DSOLFDU
SHQDV R PHGLGDV DGPLQLVWUDWLYDV DSURSLDGDV D ORV UHVSRQVDEOHV HVWLPXODU OD
RUJDQL]DFLyQ UHVSRQVDEOH \ HO EXHQ FRPSRUWDPLHQWR GH ORV FOXEHV \ VXV
SDUWLGDULRV \ OD QRPLQDFLyQ SRU pVWRV GH DJHQWHV HQFDUJDGRV GH IDFLOLWDU HO
FRQWURO\ODLQIRUPDFLyQGHORVHVSHFWDGRUHV\GHDFRPSDxDUDVXVSDUWLGDULRV
HQORVSDUWLGRVMXJDGRVHQHOH[WHULRUKDFHUTXHODHVWUXFWXUDGHORVHVWDGLRV
JDUDQWLFHODVHJXULGDGGHORVHVSHFWDGRUHVVHSDUDFLyQHILFD]GHORVJUXSRVGH
DILFLRQDGRV ULYDOHV UHVHUYDQGR WULEXQDV GLVWLQWDV SDUD ORV YLVLWDQWHV DVHJXUDU
HVWD VHSDUDFLyQ FRQWURODQGR ULJXURVDPHQWH OD YHQWD GH HQWUDGDV SURKLELU HO
DFFHVR GH SHUVRQDV EDMR OD LQIOXHQFLD GHO DOFRKRO R GH ODV GURJDV GRWDU D ORV
HVWDGLRVGHXQVLVWHPDHILFD]GHFRPXQLFDFLyQFRQHOS~EOLFRSDUDLQVWDUDORV
HVSHFWDGRUHV D FRQGXFLUVH FRUUHFWDPHQWH SURKLELU OD LQWURGXFFLyQ D ORV
HVWDGLRVGHEHELGDVDOFRKyOLFDVUHVWULQJLU\GHSUHIHUHQFLDSURKLELUVXYHQWD
HQORVPLVPRVDVHJXUiQGRVHTXHODVGLVSRQLEOHVVHFRQWHQJDQHQHQYDVHVQR
SHOLJURVRV DGRSWDU ODV PHGLGDV SHUWLQHQWHV SDUD LPSHGLU OD LQWURGXFFLyQ GH
REMHWRV VXVFHSWLEOHV GH VHUYLU D DFWRV GH YLROHQFLD R GH IXHJRV DUWLILFLDOHV X
RWURVREMHWRVVLPLODUHVHWF
/D/H\GH'HSRUWHGH(VSDxD1žGHRFWXEUHGHTXH
HQ VX 7tWXOR ,; VH UHILHUH D OD SUHYHQFLyQ GH OD YLROHQFLD HQ ORV HVSHFWiFXORV
GHSRUWLYRV FUHDQGR DO HIHFWR OD &RPLVLyQ 1DFLRQDO FRQWUD OD 9LROHQFLD HQ ORV
(VSHFWiFXORV 'HSRUWLYRV \ OD ILJXUD GHO &RRUGLQDGRU GH 6HJXULGDG HQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
DFRQWHFLPLHQWRV GHSRUWLYRV HQPDUFDGD HQ OD RUJDQL]DFLyQ SROLFLDO TXH DVXPH
WDUHDV GH GLUHFFLyQ FRRUGLQDFLyQ \ RUJDQL]DFLyQ GH ORV VHUYLFLRV GH VHJXULGDG
FRQRFDVLyQGHHVSHFWiFXORVGHSRUWLYRV
-XQWRFRQUHSURGXFLUHQHOiPELWRGHOGHUHFKRLQWHUQRODPD\RUtDGHODV
UHFRPHQGDFLRQHV LQGLFDGDV HQ OD &RQYHQFLyQ FRQVDJUD GHWHUPLQDGDV
REOLJDFLRQHV SDUD ORV RUJDQL]DGRUHV \ SURSLHWDULRV GH ODV LQVWDODFLRQHV FX\D
LQIUDFFLyQVHJ~QODPD\RURPHQRUJUDYHGDGGHODVPLVPDVOOHYDDSDUHMDGDV
PXOWDV LQKDELOLWDFLRQHV \ FODXVXUDV H[SXOVLyQ GHO UHFLQWR GHSRUWLYR FRQ
FDUiFWHU FDXWHODU R HQ VX FDVR OD SURKLELFLyQ GH DFFHVR D FXDOTXLHU UHFLQWR
GHSRUWLYRSRUXQSHUtRGRGHHQWUHWUHVPHVHV\FLQFRDxRV
/DV )HGHUDFLRQHV GHSRUWLYDV HVSDxRODV \ /LJDV 3URIHVLRQDOHV GHEHQ
FRPXQLFDUDODDXWRULGDGJXEHUQDWLYDFRPSHWHQWHSRUUD]yQGHODPDWHULDFRQ
DQWHODFLyQ VXILFLHQWH OD LGHQWLILFDFLyQ GH ORV HQFXHQWURV FRQVLGHUDGRV GH DOWR
ULHVJR GH DFXHUGR FRQ ORV EDUHPRV TXH HVWDEOH]FD HO 0LQLVWHULR GHO ,QWHULRU
RtGD OD &RPLVLyQ 1DFLRQDO FRQWUD OD 9LROHQFLD HQ ORV (VSHFWiFXORV 'HSRUWLYRV
DVtFRPRLQVWDUD ORV&OXEHVHOUHIRU]DPLHQWRGHODVPHGLGDVGHVHJXULGDGHQ
HVWRV FDVRV \ TXH FRPSUHQGHQ FRPR PtQLPR VLVWHPDGH YHQWD GH HQWUDGDV
VHSDUDFLRQHVGHODVDILFLRQHVULYDOHVHQ]RQDVGLVWLQWDVGHOUHFLQWR\FRQWUROGH
DFFHVRSDUDHOHVWULFWRFXPSOLPLHQWRGHODVSURKLELFLRQHVH[LVWHQWHV
/D /H\ GH 'HOLWRV HQ HO )~WERO GH ,QJODWHUUD GH TXH FRQVDJUD
GLVSRVLFLRQHV UHODWLYDV D OD FRQGXFWD GHVRUGHQDGD GH SHUVRQDV TXH DVLVWDQ D
ORVSDUWLGRVGHI~WERO\SDUDSURSyVLWRVVLPLODUHVFX\DVSUHVFULSFLRQHVWLHQHQ
YDOLGH] FRQ WRGR OR TXH VXFHGD GHVGH GRV KRUDV DQWHV GH LQLFLDUVH HO SDUWLGR
GXUDQWH VX UHDOL]DFLyQ \ XQD KRUD OXHJR GH WHUPLQDGR HO HQFXHQWUR 'H LJXDO
PDQHUDWRGRORTXHVXFHGDHQXQSDUWLGRTXHKDVLGRRILFLDOPHQWHDQXQFLDGR
\TXHKDGHELGRVHUFDQFHODGRWDPELpQHVWiUHJODPHQWDGRSRUHVWDOH\
/HJLVOD VREUH HO ODQ]DPLHQWR GH REMHWRV HO FRPSRUWDPLHQWR GH ODV
EDUUDVVREUHODSURKLELFLyQGHFiQWLFRVLQGHFHQWHVLQVXOWDQWHVRGHFRQWHQLGR
UDFLVWD VREUH HO LQJUHVR QR DXWRUL]DGR DO FDPSR GH MXHJR R VXV iUHDV
DG\DFHQWHVGHSHUVRQDVQRDXWRUL]DGDVORTXHGHEHUiSUREDUVH
(VWD OH\ GHEH FRPSOHPHQWDUVH FRQ OD GH TXH DXWRUL]D D ORV
WULEXQDOHV GH *DOHV H ,QJODWHUUD SDUD TXH SURKtEDQ D DTXHOORV TXH KDQ VLGR
SHQDGRVSDUDTXHDVLVWDQDGHWHUPLQDGRVSDUWLGRVRSXHGDQYLDMDUDOH[WHULRU
HQ FDVR GH FRPSHWHQFLDV LQWHUQDFLRQDOHV 3URKtEH WDPELpQ OD WHQHQFLD GH
IXHJRV DUWLILFLDOHV \ ERPEDV GH KXPRV HQ ORV HVWDGLRV ([LJH DGHPiV OD
LQVWDODFLyQ GH FLUFXLWRV FHUUDGRV GH WHOHYLVLyQ FRQ SRGHURVRV OHQWHV GH
DFHUFDPLHQWRHQWRGRVORVHVWDGLRVXWLOL]DGRVSRUHOI~WEROSURIHVLRQDO
/D OH\ GH FRPSOHPHQWDULD GH OD DQWHULRU MXQWR FRQ GLVSRQHU OD
SUHVHQFLD SROLFLDO DGHFXDGD HQ ORV HVWDGLRV FUHy XQ FXHUSR HVSHFLDOL]DGR OD
8QLGDG 1DFLRQDO GH ,QWHOLJHQFLD HQ HO )~WERO TXH FRQWUROD HO WUDEDMR SROLFLDO
FRQWUD HO JDPEHUULVPR \ YLQR D UHIRU]DU HO WUDEDMR FRQMXQWR FRQ ODV SROLFtDV
GHRWURVSDtVHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(O *RELHUQR LQJOpV DGHPiV KD OHJLVODGR HVWDEOHFLHQGR XQ ILUPH FRQWURO
VREUH OD YHQWD \ SRVHVLyQ GH EHELGDV DOFRKyOLFDV HQ ORV HVWDGLRV \ VREUH HO
WUDQVSRUWHGHHOODVKDFLD\GHVGHpVWRV
/D/H\1ƒGH$UJHQWLQDVREUHUpJLPHQSHQDO\FRQWUDYHQFLRQDO
SDUDODYLROHQFLDHQHVSHFWiFXORVGHSRUWLYRVTXHVHDSOLFDDORVKHFKRVTXHVH
FRPHWDQ FRQ PRWLYR R HQ RFDVLyQ GH XQ HVSHFWiFXOR GHSRUWLYR VHD HQ HO
iPELWR GH FRQFXUUHQFLD S~EOLFD HQ TXH VH UHDOL]DUH R HQ VXV LQPHGLDFLRQHV
DQWHVGXUDQWHRGHVSXpVGHpO
/RVGHOLWRVGHWHQWDWLYDGHKRPLFLGLROHVLRQHV\OHVLRQHVHQULxDDEXVRV
GH DUPDV \ DJUHVLyQ FRPHWLGRV HQ ODV FLUFXQVWDQFLDV DQWHV LQGLFDGDV \
VLHPSUH TXH QR UHVXOWDUHQ PiV VHYHUDPHQWH SHQDGRV VRQ VDQFLRQDGRV FRQ
XQD DJUDYDFLyQ GH ODV SHQDV PtQLPDV \ Pi[LPDV ODV TXH VH LQFUHPHQWDQ HQ
XQWHUFLR
&DVWLJD WDPELpQ DO TXH LQWURGXMHUH WXYLHUH HQ VX SRGHU JXDUGDUH R
SRUWDUHDUPDVGHIXHJRRDUWHIDFWRVH[SORVLYRV\DORVTXHFRQVLQWLHUHQTXHVH
JXDUGHQHQORVHVWDGLRVRVXVGHSHQGHQFLDV
6DQFLRQDDVLPLVPRDOTXHLQVWLJDUHSURPRYLHUHRIDFLOLWDUHGHFXDOTXLHU
PRGR OD IRUPDFLyQ GH JUXSRV GHVWLQDGRV D FRPHWHU DOJXQR GH ORV GHOLWRV
SUHYLVWRVHQHVWDOH\DORVTXHLPSLGLHUHQPHGLDQWHDFWRVPDWHULDOHVDXQTXH
VHDPRPHQWiQHDPHQWHODUHDOL]DFLyQGHXQHVSHFWiFXORS~EOLFRHQXQHVWDGLR
GH FRQFXUUHQFLD S~EOLFD D ORV TXH LPSLGLHUHQ HVWRUEDUHQ R HQWRUSHFLHUHQ HO
QRUPDO IXQFLRQDPLHQWR GH ORV WUDQVSRUWHV H LQVWDODFLRQHV DIHFWDGDV D ORV
PLVPRV \ D ORV TXH GDxDUHQ XQD FRVD PXHEOH R LQPXHEOH WRWDO R
SDUFLDOPHQWH
&RQVDJUD FRPR SHQDV DFFHVRULDV OD LQKDELOLWDFLyQ GH VHLV PHVHV D XQ
DxR SDUD FRQFXUULU DO WLSR GH HVSHFWiFXORV GHSRUWLYRV TXH KD\D PRWLYDGR OD
FRQGHQD FX\R FXPSOLPLHQWR VH DVHJXUDUi SUHVHQWiQGRVH HO FRQGHQDGR HQ OD
VHGH SROLFLDO GH VX GRPLFLOLR HQ RFDVLyQ GH HVSHFWiFXORV GHSRUWLYRV FRPR HO
TXHPRWLYyODFRQGHQDILMDQGRHOWULEXQDOGtD\KRUDULRGHSUHVHQWDFLyQ(OMXH]
SXHGH GLVSHQVDU WRWDO R SDUFLDOPHQWH HQ UHVROXFLyQ IXQGDGD GLFKD
SUHVHQWDFLyQ
2WUD SHQD DFFHVRULD HV OD LQKDELOLWDFLyQ GH XQR D TXLQFH DxRV SDUD
GHVHPSHxDUVH FRPR GHSRUWLVWD MXJDGRU SURIHVLRQDO WpFQLFR FRODERUDGRU
GLULJHQWHFRQFHVLRQDULRPLHPEURGHFRPLVLRQHVRVXEFRPLVLRQHVGHHQWLGDGHV
GHSRUWLYDVRFRQWUDWDGRSRUFXDOTXLHUWtWXORSRUHVWDV~OWLPDV
(OMXH]SXHGHGHFUHWDUWDPELpQODLQKDELOLWDFLyQSHUSHWXDSDUDFRQFXUULU
DOHVWDGLRROXJDUHQTXHVHSURGXMRHOKHFKR
&XDQGR DOJXQR GH HVWRV GHOLWRV VH KXELHUH FRPHWLGR SRU GLUHFWRU R
DGPLQLVWUDGRU GH XQ FOXE GHSRUWLYR GLULJHQWH PLHPEUR GH FRPLVLRQHV
GLUHFWLYDVRVXEFRPLVLRQHVHQHMHUFLFLRRFRQRFDVLyQGHVXVIXQFLRQHVVHOHV
VDQFLRQD FRQ PXOWDV GH OD FXDO HV VROLGDULDPHQWH UHVSRQVDEOH OD HQWLGDG
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
GHSRUWLYDDTXHSHUWHQH]FDVLQSHUMXLFLRGHSRGHUVHtGHFUHWDUODFODXVXUDGHO
HVWDGLRKDVWDSRUGtDV
(VWD PLVPD OH\ FRQWHPSOD XQ &DStWXOR ,, TXH UHJXOD HO UpJLPHQ
FRQWUDYHQFLRQDO WLSLILFDQGR IDOWDV WDOHV FRPR OD QR HQWUHJD GHO WDOyQ TXH
DFUHGLWHHOOHJtWLPRLQJUHVRDOHVWDGLRRHOSHUPLVRSDUDTXHXQDSHUVRQDHQWUH
VLQ VX HQWUDGD OD SHUWXUEDFLyQ GHO RUGHQ HQ ODV ILODV IRUPDGDV SDUD OD
DGTXLVLFLyQGHHQWUDGDVLQJUHVRRHJUHVRGHOOXJDUODUHYHQWDGHHQWUDGDVHO
LQJUHVRDOFDPSRGHMXHJRRDORVFDPDULQHVVLQDXWRUL]DFLyQODSHUWXUEDFLyQ
GHO QRUPDO GHVDUUROR GHO HVSHFWiFXOR HO DFFHVR D OXJDU GLIHUHQWH DO TXH
FRUUHVSRQGDDOHVSHFWDGRUHOQRDFDWDPLHQWRGHODVLQGLFDFLRQHVHPDQDGDVGH
ODDXWRULGDGS~EOLFDFRPSHWHQWHODSURYRFDFLyQDORVVLPSDWL]DQWHVGHOHTXLSR
FRQWUDULR HO XVR GH DUWLILFLRV SLURWpFQLFRV OD FUHDFLyQ GH XQ SHOLJUR GH
DJORPHUDFLyQRDYDODQFKDHWF
/DV FRQGXFWDV DQWHULRUHV VH VDQFLRQDQ FRQ SHQDV GH DUUHVWR PXOWDV R
SURKLELFLyQGHFRQFXUUHQFLD
(O DUUHVWR VH OOHYD D FDER HQ HVWDEOHFLPLHQWRV HVSHFLDOHV R HQ
GHSHQGHQFLDV \D DGHFXDGDV GH ODV TXH \D H[LVWHQ SHUR HQ QLQJ~Q FDVR HO
FRQWUDYHQWRUVHUiDORMDGRFRQSURFHVDGRVRDFXVDGRVSRUGHOLWRVFRPXQHV
/DSHQDGHSURKLELFLyQGHFRQFXUUHQFLDTXHVHFXPSOHOXHJRGHDJRWDGD
OD SHQD GH DUUHVWR FRQVLVWH HQ OD LQWHUGLFFLyQ LPSXHVWD DO FRQWUDYHQWRU SDUD
DVLVWLUDWDQWDVIHFKDVGHOWRUQHRDOTXHFRUUHVSRQGDHOSDUWLGRGXUDQWHHOFXDO
VHFRPHWLyODLQIUDFFLyQFRPRVHGLVSRQJDHQODVHQWHQFLD
(O SUR\HFWR GH OH\ UHFLHQWHPHQWH DSUREDGR HQ OD &iPDUD GH
5HSUHVHQWDQWHVGHO8UXJXD\FRQWUD ODYLROHQFLDHQORVHVWDGLRVTXHVDQFLRQD
DOTXHGLULJLHUHLQVWLJDUHSURSLFLDUHRFRPSHOLHUHDODUHDOL]DFLyQGHDFWRVGH
YLROHQFLDHQRFDVLyQRFRQPRWLYRGHXQDFRPSHWHQFLDGHSRUWLYD
(Q HVWRV FDVRV HO MXH] FRPSHWHQWH VLQ SHUMXLFLR GH ODV SHQDV TXH
FRUUHVSRQGDQ SXHGH GLVSRQHU TXH HQ GHWHUPLQDGRV GtDV KRUDV R
FLUFXQVWDQFLDVTXHHVSHFLILFDUiGHELGDPHQWHHOLPSXWDGRGHEDFRPSDUHFHUHQ
OD GHSHQGHQFLD SROLFLDO PiV SUy[LPD D VX GRPLFLOLR GRQGH SHUPDQHFHUi VLQ
UpJLPHQGHLQFRPXQLFDFLyQSRUHOWLHPSRTXHVHHVWDEOH]FDHOFXDOQRSRGUi
H[FHGHU HQ FDGD RSRUWXQLGDG ODV RFKR KRUDV \ HO WRWDO QR VXSHUDUi ORV GtDV
9XHVWUD&RPLVLyQGHEDWLyDPSOLDPHQWHODIRUPDGHDERUGDUHOSUREOHPD
GH OD YLROHQFLD HQ ORV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV VHD PHGLDQWH OD
PRGLILFDFLyQ GH DOJXQDV GLVSRVLFLRQHV GH ORV FXHUSRV OHJLVODWLYRV YLJHQWHV OD
DJUHJDFLyQ GH RWURV WLSRV SHQDOHV D OD QRUPDWLYD YLJHQWH R D WUDYpV GH OD
GLFWDFLyQGHXQDOHJLVODFLyQHVSHFLDO
$XQ FXDQGR HQ XQ SULQFLSLR KXER SDUHFHUHV GLVFUHSDQWHV HQ GHILQLWLYD
RSWySRUHVWDEOHFHUXQDOHJLVODFLyQHVSHFLDO
3DUD UHVROYHU GH WDO PDQHUD WXYR SUHVHQWH TXH OD OH\ HVSHFLDO SHUPLWH
TXHODFLXGDGDQtDWRPHLQWHUpV\FRQFLHQFLDHQHOSUREOHPD3URGXFHDODYH]
XQ HIHFWR SHGDJyJLFR DO PRVWUDU FODUDPHQWH ODV FRQGXFWDV TXH VH GHVHDQ
HYLWDU\VDQFLRQDU
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
3RU RWUD SDUWH FRQVLGHUy TXH ODV FRQGXFWDV D VDQFLRQDU WLHQHQ
SDUWLFXODUHV FDUDFWHUtVWLFDV \D TXH VH UHDOL]DQ HQ UHFLQWRV GHSRUWLYRV VRQ
H[SUHVLRQHV PDVLYDV HVSRQWiQHDV X RUJDQL]DGDV TXH VH GHVDUUROODQ HQ
FRQGLFLRQHV LUUHSURGXFLEOHV HQ RWURV iPELWRV GH OD YLGD FLXGDGDQD 3RU WDQWR
HVPiVVDQRXQDVDQFLyQGHWHUPLQDGDSDUDXQDFRQGXFWDGHWHUPLQDGD\DTXH
GH OR FRQWUDULR OD JHQHUDO SXHGH UHVXOWDU LQMXVWD SRU OD PHFiQLFD GH OD
DSOLFDFLyQGHODVSHQDV
7XYR HQ YLVWD WDPELpQ OD H[SHULHQFLD GH RWURV SDtVHV HQ TXH VH KD
GLVFXWLGR HO SUREOHPD TXH KDQ RSWDGR PD\RULWDULDPHQWH SRU OD OHJLVODFLyQ
HVSHFLDOFRUQRHVHOFDVRGH,QJODWHUUDGH(VSDxDGH$UJHQWLQDGH8UXJXD\
'HVSXpVGHKDEHUGHFLGLGRSURSRQHUODGLFWDFLyQGHXQDOH\HVSHFLDO\GH
DQDOL]DU ORV DQWHFHGHQWHV UHVHxDODGRV DQWHULRUPHQWH YXHVWUD &RPLVLyQ EXVFy
GHILQLU ORVFULWHULRVJHQHUDOHVTXHKDEUtDQGHVHUYLUGHEDVHDOWH[WROHJDOTXH
VHVRPHWHDYXHVWUDFRQVLGHUDFLyQ
&RPR FXHVWLyQ SUHYLD KXER FRQVHQVR HQ LQFRUSRUDU XQ WtWXOR TXH
FRQWXYLHUDPHGLGDVGHVHJXULGDGSUHYHQWLYDVDOPDUJHQGHODVHVWDEOHFLGDVHQ
OD2UGHQDQ]D*HQHUDOGHOD/H\*HQHUDOGH8UEDQLVPR\&RQVWUXFFLRQHVSDUD
REOLJDU D ORV HQFDUJDGRV GH ORV UHFLQWRV GHSRUWLYRV S~EOLFRV D SURSRQHU D ODV
DXWRULGDGHVGHJRELHUQRLQWHULRUPHGLGDVTXHJDUDQWLFHQHORUGHQS~EOLFR\ OD
VHJXULGDGFLXGDGDQD
,JXDO FRPXQLGDG GH SDUHFHUHV VH REWXYR UHVSHFWR GH ORV GHOLWRV
FRPHWLGRV FRQ PRWLYR X RFDVLyQ GH HVSHFWiFXORV GHSRUWLYRV S~EOLFRV
HVWLPiQGRVH FRQYHQLHQWH UHGDFWDU XQD GLVSRVLFLyQ EDVH \ HYLWDU ODV ODUJDV
HQXPHUDFLRQHVGHLOtFLWRVSHQDOHV
+XERDFXHUGRHQPRGLILFDUHO&yGLJR3HQDO OD/H\GH0HQRUHV\OD/H\
GH $OFRKROHV SDUD LQFRUSRUDU HQ HOORV DOJXQRV SUHFHSWRV TXH WLHQGHQ D
FRPSOHPHQWDUHVWHFXHUSROHJDO\DGDUHILFDFLDDVXVQRUPDV
3RU ~OWLPR KXER FRQVHQVR HQ FLUFXQVFULELU HO SUR\HFWR D ORV DFWRV GH
YLROHQFLD TXH VH FRPHWHQ D FDXVD R FRQ RFDVLyQ GH OD UHDOL]DFLyQ GH
HVSHFWiFXORV GHSRUWLYRV GH FDUiFWHU S~EOLFR FULWHULR TXH LQIRUPD WRGR HO
DUWLFXODGR
&RUQR FRQVHFXHQFLD GH ORV DFXHUGRV DQWHULRUHV YXHVWUD &RPLVLyQ KD
HODERUDGR XQ SUR\HFWR GH OH\ TXH FRQVWD GH DUWtFXORV SHUPDQHQWHV
GLYLGLGRVHQWUHVWtWXORV
(O 7tWXOR , GHQRPLQDGR 'H ODV PHGLGDV GH VHJXULGDG SUHYHQWLYDV
FRPSUHQGHORVDUWtFXORVžDOž
(O DUWtFXOR ž HVWDEOHFH TXH ORV UHFLQWRV GHSRUWLYRV GHVWLQDGRV D OD
UHDOL]DFLyQ GH HVSHFWiFXORV GHSRUWLYRV S~EOLFRV QHFHVLWDQ SDUD IXQFLRQDU GH
XQD DXWRUL]DFLyQ RWRUJDGD SRU HO ,QWHQGHQWH UHVSHFWLYR TXH DFUHGLWH TXH
UH~QHQ ODV FRQGLFLRQHV GH VHJXULGDG SDUD HIHFWXDU WDOHV HYHQWRV OD TXH VH
RWRUJDUiSUHYLRLQIRUPHGH&DUDELQHURVGH&KLOH
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(VWDDXWRUL]DFLyQHV VLQSHUMXLFLRGH ODVH[LJHQFLDVTXHVHFRQWLHQHQHQ
OD 2UGHQDQ]D *HQHUDO GH OD /H\ *HQHUDO GH 8UEDQLVPR \ &RQVWUXFFLRQHV D OD
FXDOVHKLFLHUDDOXVLyQHQORVDQWHFHGHQWHVGHGHUHFKRLQWHUQR
(O DUWtFXOR ž VH UHILHUH D ORV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV TXH HO
,QWHQGHQWHFDOLILTXHGHDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
(Q WDO FDVR ORV RUJDQL]DGRUHV GHEHQ FXPSOLU FRQ ODV H[LJHQFLDV
HVSHFLDOHV TXH LQGLTXH &DUDELQHURV HQWUH ODV FXDOHV HVWDUi HQ WRGR FDVR OD
XELFDFLyQ GH ODV EDUUDV HQ VHFWRUHV VHSDUDGRV FODUDPHQWH GHWHUPLQDGRV FRQ
LQJUHVRUHVWULQJLGRDVXVLQWHJUDQWHVVLQSHUMXLFLRGHRWUDVTXHSXHGDGLVSRQHU
ODDXWRULGDGSROLFLDOHQHMHUFLFLRGHODVDWULEXFLRQHVTXHVHOHFRQILHUHQ
3DUD JDUDQWL]DU HVDV PHGLGDV ORV LQWHUHVDGRV GHEHUiQ H[KLELU XQD
FUHGHQFLDO HVSHFLDO TXH OHV SURSRUFLRQDUi HO &OXE UHVSHFWLYR DO FXDO VH OH
LPSRQH OD REOLJDFLyQ DGLFLRQDO GH FRQWURODU HO LQJUHVR \ GH YLJLODU HO VHFWRU
GHVWLQDGRDVXEDUUD
(QFDVRGHLQFXPSOLPLHQWRGHODVPHGLGDVTXHVHGHFUHWHQVHIDFXOWDDO
,QWHQGHQWHSDUDVXVSHQGHUHOHVSHFWiFXORSUHYLRLQIRUPHGH&DUDELQHURV
(ODUWtFXORžVHUHILHUHDOFDVRSDUWLFXODUGHORVHVSHFWiFXORVGHOI~WERO
SURIHVLRQDOTXHVRQORVPiVSURSHQVRVDSURYRFDUVLWXDFLRQHVGHYLROHQFLD
/DV DXWRULGDGHV GHO I~WERO DO ILMDU OD SURJUDPDFLyQ R FDOHQGDULR GH ODV
FRPSHWHQFLDV QDFLRQDOHV R LQWHUQDFLRQDOHV R DO WRPDU FRQRFLPLHQWR GH HVWDV
~OWLPDV HVWiQ REOLJDGDV D FRPXQLFDU DO ,QWHQGHQWH SDUD VX HYDOXDFLyQ ORV
SDUWLGRVTXHSXHGHQVHUFRQVLGHUDGRVGHDOWRULHVJR
6H HVWLPD TXH HVWD PHGLGD FRQVWLWX\H XQD HILFD] FRODERUDFLyQ GH ODV
DXWRULGDGHVGHOI~WEROUHQWDGRHQODVROXFLyQGHOSUREOHPDGHODYLROHQFLDHQHO
GHSRUWHHQFX\DHUUDGLFDFLyQHVWiQLQWHUHVDGDV
(ODUWtFXORžREOLJDDORVFOXEHVGHOI~WEROSURIHVLRQDODWHQHUXQSDGUyQ
RILFLDO DFWXDOL]DGR GH ORV PLHPEURV GH VX EDUUD HQ HO FXDO GHEHQ ILJXUDU ODV
PHQFLRQHV TXH SHUPLWDQ XQD FXPSOLGD \ FDEDO LGHQWLILFDFLyQ GH pVWRV D ORV
FXDOHVVHOHVSURSRUFLRQDUiDODYH]XQDFUHGHQFLDOTXHOHVSHUPLWLUiHODFFHVR
DOUHFLQWRUHVHUYDGRSDUDHOORVHQ
ORVHVWDGLRV
&RSLD GHO SDGUyQ GHEH UHPLWLUVH HQ IRUPD VHPHVWUDO D OD XQLGDG GH
&DUDELQHURVFRUUHVSRQGLHQWHDOGRPLFLOLRGHO&OXE
(O DUWtFXOR ž ILMD HO SURFHGLPLHQWR SDUD HO RWRUJDPLHQWR GH OD
DXWRUL]DFLyQGHIXQFLRQDPLHQWRDTXHVHUHILHUHHODUWtFXORž
6H KDQ HVWDEOHFLGR HQ pO WRGRV ORV UHVJXDUGRV QHFHVDULRV SDUD TXH ORV
DIHFWDGRVSXHGDQLPSXJQDUORVDFWRVDGPLQLVWUDWLYRVTXHODDXWRULGDGGLFWHHQ
HMHUFLFLRGHVXVDWULEXFLRQHVWDQWRSRUODYtDDGPLQLVWUDWLYDFRPRPHGLDQWHHO
HMHUFLFLR GH ODV DFFLRQHV MXULVGLFFLRQDOHV TXH VH OHV FRQILHUHQ WRGR HOOR HQ
HVWULFWDFRQFRUGDQFLDFRQHOVHJXQGRGHODUWtFXORGHOD&DUWD)XQGDPHQWDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
HQ UHODFLyQ FRQ ORV DUWtFXORV ž \ ž GH OD OH\ 1ƒ 2UJiQLFD
&RQVWLWXFLRQDOGH%DVHV*HQHUDOHVGHOD$GPLQLVWUDFLyQGHO(VWDGR
(O DUWtFXOR ž ILMD HO SURFHGLPLHQWR D VHJXLU HQ HO FDVR GHO DUWtFXOR ž
SDUDHOFDVRGHTXHODHQWLGDGREOLJDGDQRVHFRQIRUPDUHFRQORUHVXHOWRSRUOD
DXWRULGDGDGPLQLVWUDWLYRRSROLFLDO
3RU WUDWDUVH GH XQD VLWXDFLyQ TXH DIHFWD D ORV HVSHFWiFXORV GH DOWR
ULHVJR TXH KDEUi GH SURGXFLUVH FDGD YH] TXH VH OOHYH D FDER XQR GH HVWRV
HYHQWRV HO SURFHGLPLHQWR HVWDEOHFLGR VLHQGR VLPLODU DO DQWHULRU VH KD
VLPSOLILFDGR DFRUWiQGRVH D OD YH] ORV SOD]RV SDUD UHVROYHU \ SDUD GHGXFLU ORV
UHFXUVRV SHUWLQHQWHV 'H HVWD IRUPD VH GHVHD HYLWDU OD RFXUUHQFLD GH
HQWRUSHFLPLHQWRVTXHREVWHQDODFHOHEUDFLyQGHHVWRVHVSHFWiFXORVGHSRUWLYRV
S~EOLFRV
(O 7tWXOR ,, VH UHILHUH D ORV GHOLWRV FRPHWLGRV FRQ PRWLYR X RFDVLyQ GH
HVSHFWiFXORVGHSRUWLYRVS~EOLFRVSHQDOLGDG\SURFHGLPLHQWR
&RPSUHQGHORVDUWtFXORVžDO
(O DUWtFXOR ž VDQFLRQD DO TXH HMHFXWDUH DFWRV TXH SURYRTXHQ YLROHQFLD
ItVLFD FRQWUD ODV SHUVRQDV R GDxRV VREUH ELHQHV FRQ PRWLYR X RFDVLyQ GH XQ
HVSHFWiFXORGHSRUWLYRS~EOLFR
(VWRV DFWRV SXHGHQ WHQHU OXJDU HQ HO UHFLQWR PLVPR R HQ VXV
LQPHGLDFLRQHV DQWHV GXUDQWH R GHVSXpV GH VX GHVDUUROOR /D SHQD HV GH
SUHVLGLRPHQRUHQVXJUDGRPtQLPRHVWRHVGHGtDVDDxRV
6HVDQFLRQDLJXDOPHQWHDOTXHIXHUDVRUSUHQGLGRHQWDOHVFLUFXQVWDQFLDV
FRQDUPDVHOHPHQWRVXREMHWRVTXHSDUH]FDQKDEHUVHUYLGRRHVWDUGHVWLQDGRV
SDUDFRPHWHUHOGHOLWR\DOTXHRUJDQL]DUHSURPRYLHUHRIDFLOLWDUHVXFRPLVLyQ
/DSHQDHQHVWRVGRVFDVRVHVODGHSUHVLGLRPHQRUHQVXJUDGRPHGLR
HVWRHVGHGtDVDDxRV
6L ORV DQWHFHGHQWHV SHUVRQDOHV GHO FRQGHQDGR VX FRQGXFWD R ODV
PRGDOLGDGHV R PyYLOHV GHWHUPLQDGRV GHO GHOLWR SHUPLWHQ VXSRQHU TXH QR
YROYHUi D GHOLQTXLU HO MXH] SXHGH DSOLFDUOH XQD SHQD DOWHUQDWLYD GH ODV GRV
QXHYDVTXHVHFRQVXOWDQHQHOSUR\HFWRVLQSHUMXLFLRGHODSHQDDFFHVRULDGH
SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR GH OD FRQGHQD D ORV IXWXURV
HVSHFWiFXORVGHSRUWLYRVS~EOLFRVGHODPLVPDQDWXUDOH]DGHDTXpOTXHPRWLYy
ODVDQFLyQ
/DV SHQDV DOWHUQDWLYDV SXHGHQ VHU HO DUUHVWR GH ILQ GH VHPDQD SRU HO
WpUPLQR GH GRV D VHLV PHVHV R WUDEDMRV FRPXQLWDULRV GH ILQ GH VHPDQD SRU
LJXDOODSVR
/DSHQDDFFHVRULD\ODVDOWHUQDWLYDVVHDJUHJDQDODVTXH\DFRQWHPSOD
HO&yGLJR3HQDOHOTXHVHPRGLILFDSRUHODUWtFXORGHOSUR\HFWR
3DUD HO FDVR GH TXH ODV FRQGXFWDV GHVFULWDV GLHUHQ RULJHQ D RWURV
FUtPHQHV R VLPSOHV GHOLWRV VH GLVSRQH H[SUHVDPHQWH TXH HQ WDOHV FDVRV VH
LPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWRPiVJUDYH
(O DUWtFXOR ž FRQWLHQH WUHV FLUFXQVWDQFLDV DJUDYDQWHV HVSHFLDOHV SDUD
HVWHWLSRGHGHOLWRVVHULQWHJUDQWHGHXQJUXSRRUJDQL]DGRSDUDODUHDOL]DFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
GH ORV KHFKRV GHVFULWRV SHUWHQHFHU D ODV HQWLGDGHV TXH LQWHUYHQJDQ HQ HO
HVSHFWiFXOR GHSRUWLYR S~EOLFR FRUQR RUJDQL]DGRUHV R SDUWLFLSDQWHV R HQ
FXDOTXLHU RWUD FDOLGDG \ DFWXDU EDMR ORV HIHFWRV GH EHELGDV DOFRKyOLFDV
HVWXSHIDFLHQWHVVLFRWUySLFRVHVWLPXODQWHVRVXVWDQFLDVDQiORJDV
(O DUWtFXOR ž HVWDEOHFH TXH ODV SHOtFXODV FLQHPDWRJUiILFDV IRWRJUDItDV
IRQRJUDItDV \ RWURV VLVWHPDV GH UHSURGXFFLyQ GH OD LPDJHQ \ GHO VRQLGR
SXHGHQ FRQVWLWXLU SOHQD SUXHED SDUD DFUHGLWDU OD H[LVWHQFLD GH ORV GHOLWRV
HVWDEOHFLGRVHQHVWDOH\\ODUHVSRQVDELOLGDGSHQDOGHORVSDUWtFLSHV
3DUD HOOR HV QHFHVDULR TXH D MXLFLR GHO WULEXQDO WHQJDQ FDUDFWHUHV GH
JUDYHGDG\SUHFLVLyQVXILFLHQWHSDUDIRUPDUVXFRQYHQFLPLHQWR
'HEHWHQHUVHSUHVHQWHTXHHVWRVPHGLRVSUREDWRULRVGHDFXHUGRFRQHO
DUWtFXOR ELV GHO &yGLJR GH 3URFHGLPLHQWR 3HQDO SXHGHQ VHUYLU GH EDVH D
SUHVXQFLRQHVRLQGLFLRV
(O DUWtFXOR VDQFLRQD DO SDGUH JXDUGDGRU R FXLGDGRU D FX\R FXLGDGR
VHHQFRQWUDUHHOPHQRUGHDxRVTXHSDUWLFLSHHQORVKHFKRVVDQFLRQDGRVHQ
HVWD OH\ VLQ SHUMXLFLR GH OD UHVSRQVDELOLGDG FLYLO TXH SXGLHUH DIHFWDUOH GH
DFXHUGR FRQ ODV UHJODV JHQHUDOHV FRQ PXOWD D EHQHILFLR PXQLFLSDO GH XQR D
WUHVLQJUHVRVPtQLPRVPHQVXDOHV
(O DUWtFXOR HVWDEOHFH TXH HQ ORV SURFHVRV TXH VH LQFRHQ SRU HVWRV
GHOLWRVVHREVHUYDUiHOSURFHGLPLHQWRVREUHIDOWDVGHO&yGLJRGH3URFHGLPLHQWR
3HQDO
(O 7tWXOR ,,, GHQRPLQDGR 'LVSRVLFLRQHV YDULDV PRGLILFD HO &yGLJR
3HQDOOD/H\GH0HQRUHV\OD/H\GH$OFRKROHV
(ODUWtFXORFRQWLHQHODVHQPLHQGDVDORVDUWtFXORV\GHO&yGLJR
3HQDO
(QHOSULPHURVHDJUHJDQFRPRSHQDVGHVLPSOHVGHOLWRVHODUUHVWRGHILQ
GHVHPDQD\HOWUDEDMRFRPXQLWDULR\FRUQRDFFHVRULDODSURKLELFLyQWHPSRUDO
GH DVLVWLU DO WLSR GH HVSHFWiFXOR GHSRUWLYR S~EOLFR TXH KD\D PRWLYDGR OD
FRQGHQD
(Q HO VHJXQGR VH LQGLFD HQ TXp FRQVLVWH FDGD XQD GH HVWDV SHQDV VX
GXUDFLyQ\ODIRUPDGHVXFXPSOLPLHQWR
(Q ORV WUHV FDVRV DQWHULRUHV OD HQWLGDG DGPLQLVWUDWLYD HQFDUJDGD GH
YLJLODU HO FXPSOLPLHQWR GH HVWDV SHQDV SXHGH SRU PRWLYRV FDOLILFDGRV \ HQ
UHVROXFLyQIXQGDGDGLVSHQVDUSDUFLDOPHQWHVXFXPSOLPLHQWR
(O DUWtFXOR PRGLILFD HO DUWtFXOR GH OD OH\ 1ƒ VREUH
PHQRUHV SDUD LQFOXLU HQWUH ODV PHGLGDV TXH SXHGH LPSRQHU HO MXH] OD GH
SURKLELUOHWHPSRUDOPHQWHDOPHQRUDVLVWLUDORVIXWXURVHYHQWRVGHOHVSHFWiFXOR
S~EOLFRTXHKD\DGHWHUPLQDGRODDSOLFDFLyQGHODPHGLGDGHSURWHFFLyQFRQOD
REOLJDFLyQ GH SUHVHQWDUVH HQ ORV GtDV \ KRUDV HQ TXH HOORV VH UHDOL]DQ HQ HO
OXJDUILMDGRSRUHOMXH]
(O DUWtFXOR PRGLILFD HO DUWtFXOR GH OD /H\ GH $OFRKROHV %HELGDV
$OFRKyOLFDV\G9LQDJUHVFRQHOILQGHTXHSXHGDGHFUHWDUVHODSURKLELFLyQGH
H[SHQGLRGHEHELGDVDOFRKyOLFDVHQORVFHQWURVRUHFLQWRVGHSRUWLYRVHQGRQGH
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
VHOOHYHQDHIHFWRHVSHFWiFXORVGHSRUWLYRVS~EOLFRVTXHHO,QWHQGHQWHFDOLILTXH
DVtFRPRHQXQSHUtPHWURPi[LPRGHFLQFRFXDGUDV
/D PHGLGD DQWHULRU ULJH GHVGH WUHV KRUDV DQWHV GHO LQLFLR GHO HYHQWR \
KDVWDWUHVKRUDVGHVSXpVGHVXILQDOL]DFLyQ
3DUD DVHJXUDU VX FXPSOLPLHQWR ORV HVWDEOHFLPLHQWRV DIHFWDGRV GHEHQ
VHU QRWLILFDGRV SRU LQVSHFWRUHV PXQLFLSDOHV R SRU &DUDELQHURV GH &KLOH FRQ
YHLQWLFXDWURKRUDVGHDQWLFLSDFLyQDODHQWUDGDHQYLJHQFLDGHODPLVPD
7RGDV ODV GLVSRVLFLRQHV DQWHULRUHV IXHURQ DSUREDGDV SRU OD XQDQLPLGDG
GHORVVHxRUHV'LSXWDGRVSUHVHQWHV
3DUD ORV HIHFWRV SUHYLVWRV HQ HO DUWtFXOR GHO UHJODPHQWR VH GHMD
FRQVWDQFLDTXHORVLQFLVRVWHUFHURVGHORVDUWtFXORVƒ\ƒWLHQHQHOFDUiFWHU
GHQRUPDVRUJiQLFDVFRQVWLWXFLRQDOHV
6H GHMD LJXDOPHQWH FRQVWDQFLD TXH QR KD\ HQ HO SUR\HFWR QRUPDV GH
TXyUXP FDOLILFDGR R TXH GHEDQ VHU GH FRQRFLPLHQWR GH OD &RPLVLyQ GH
+DFLHQGD
(Q PpULWR GH ODV FRQVLGHUDFLRQHV DQWHULRUHV \ SRU ODV TXH RV GDUiQ D
FRQRFHU HQ VX RSRUWXQLGDG ORV VHxRUHV 'LSXWDGRV LQIRUPDQWHV YXHVWUD
&RPLVLyQRVUHFRPLHQGDTXHSUHVWpLVDSUREDFLyQDOVLJXLHQWH
352<(&72'(/(<
7tWXOR,
'HODVPHGLGDVGHVHJXULGDGSUHYHQWLYDV
$UWtFXORƒ/RVFHQWURVRUHFLQWRVGHSRUWLYRVGHVWLQDGRVDODUHDOL]DFLyQ
GH HVSHFWiFXORV GHSRUWLYRV S~EOLFRV UHTXHULUiQ GH XQD DXWRUL]DFLyQ RWRUJDGD
SRUHO,QWHQGHQWHGHOD5HJLyQUHVSHFWLYDSUHYLRLQIRUPHGH&DUDELQHURVTXH
DFUHGLWHTXHUH~QHQODVFRQGLFLRQHVGHVHJXULGDGSDUDHIHFWXDUWDOHVHYHQWRV
VLQSHUMXLFLRGHODVH[LJHQFLDVHVWDEOHFLGDVHQOD2UGHQDQ]D*HQHUDOGHOD/H\
*HQHUDOGH8UEDQLVPR\&RQVWUXFFLyQ
$UWtFXOR ƒ (Q ORV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV TXH HO ,QWHQGHQWH
FDOLILTXH GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD VXV RUJDQL]DGRUHV GHEHUiQ
FXPSOLURSRUWXQDPHQWHFRQODVH[LJHQFLDVLQGLFDGDVSRU&DUDELQHURVGH&KLOH
(QWUHHVWDVH[LJHQFLDVGHEHUiFRQWHPSODUVHODXELFDFLyQGHODVEDUUDVHQ
VHFWRUHV VHSDUDGRV FODUDPHQWH GHWHUPLQDGRV D ORV FXDOHV VyOR SRGUiQ
LQJUHVDU ORV LQWHJUDQWHV GH HOODV SUHYLD H[KLELFLyQ GH OD FUHGHQFLDO D TXH VH
KDFHUHIHUHQFLDHQDODUWtFXORž
6HUi GH UHVSRQVDELOLGDG GHO UHVSHFWLYR &OXE HO FRQWURO GH LQJUHVR \ OD
YLJLODQFLDGHOVHFWRUGHVWLQDGRDVXEDUUD
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(Q FDVR GH LQFXPSOLPLHQWR HO ,QWHQGHQWH SUHYLR LQIRPH GH
&DUDELQHURV SRGUi GLVSRQHU OD VXVSHQVLyQ GHO HVSHFWiFXOR KDVWD HO
FXPSOLPLHQWRGHODVPHGLGDVH[LJLGDV
$UWtFXORž/DVDXWRULGDGHVGHOI~WEROSURIHVLRQDODOPRPHQWRGHILMDU
OD SURJUDPDFLyQ R FDOHQGDULR GH ODV FRPSHWHQFLDV QDFLRQDOHV H
LQWHUQDFLRQDOHVRDOWRPDUFRQRFLPLHQWRGHHVWDV~OWLPDVGHEHUiQFRPXQLFDU
DO ,QWHQGHQWH UHVSHFWLYR SDUD VX HYDOXDFLyQ ORV SDUWLGRV TXH SXHGDQ VHU
FRQVLGHUDGRVGHDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
$UWtFXOR ž /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ FRQWDU FRQ XQ
SDGUyQRILFLDODFWXDOL]DGRGHORVPLHPEURVGHVXEDUUDHOTXHVHOOHYDUiHQVXV
RILFLQDV FHQWUDOHV (Q GLFKR UHJLVWUR GHEHUi ILJXUDU D OR PHQRV HO QRPEUH
FRPSOHWR OD FpGXOD QDFLRQDO GH LGHQWLGDG HO GRPLFLOLR \ OD SURIHVLyQ X
RFXSDFLyQ GH FDGD LQWHJUDQWH $O PRPHQWR GH OD LQVFULSFLyQ HO &OXE GHEHUi
HQWUHJDUXQDFUHGHQFLDOLQGLYLGXDOHLQWUDQVIHULEOH
&RSLDGHHVWHSDGUyQGHEHUiUHPLWLUVHDFWXDOL]DGRVHPHVWUDOPHQWHDOD
XQLGDGGH&DUDELQHURVGH&KLOHFRUUHVSRQGLHQWHDOGRPLFLOLRGHO&OXE
$UWtFXORž(QHOFDVRGHODUWtFXORžVLODDXWRULGDGQRVHSURQXQFLDUH
GHQWURGHOSOD]RGHWUHLQWDGtDVFRQWDGRGHVGHODIHFKDGHSUHVHQWDFLyQGHOD
VROLFLWXGVHHQWHQGHUiRWRUJDGDODDXWRUL]DFLyQ
6L IXHUH GHQHJDGD R VL OD HQWLGDG REOLJDGD QR VH FRQIRUPDUH FRQ OR
UHVXHOWRHODIHFWDGRSRGUiVROLFLWDUUHSRVLFLyQDQWHODPLVPDDXWRULGDGGHQWUR
GHOSOD]RGHFLQFRGtDVODTXHGHEHUiVHUUHVXHOWDHQHOWpUPLQRGHGLH]GtDV
6L HVH UHFXUVR QR IXHUH LQWHUSXHVWR R QR IXHUH IDOODGR GHQWUR GHO SOD]R
GH TXLQFH GtDV DQWH HO MXH] GHO FULPHQ TXH FRUUHVSRQGD DO OXJDU HQ GRQGH
IXQFLRQDHOUHVSHFWLYRUHFLQWRGHSRUWLYR
,QWHUSXHVWRHOUHFODPRDOTXHVHDFRPSDxDUiQORVDQWHFHGHQWHVHQTXH
VH IXQGH HO WULEXQDO SHGLUi LQIRUPH D OD DXWRULGDG UHVSHFWLYD ILMiQGROH XQ
SOD]REUHYHSDUDHPLWLUOR
5HFLELGRGLFKRLQIRUPHHOWULEXQDOGLFWDUiVHQWHQFLDGHQWURGHORVTXLQFH
GtDVVLJXLHQWHV(QFDVRGHRUGHQHVPHGLGDVSDUDPHMRUUHVROYHUGLFKRSOD]R
VHHQWHQGHUiSURUURJDGRSRUGLH]GtDV
(Q FRQWUD GH OD VHQWHQFLD QR SURFHGHUi HO UHFXUVR GH FDVDFLyQ HQ OD
IRUPD
$UWtFXOR ž (Q HO FDVR GHO DUWtFXOR ž VL OD HQWLGDG REOLJDGD QR VH
FRQIRUPDUH FRQ OR UHVXHOWR SRGUi VROLFLWDU UHSRVLFLyQ DQWH HO ,QWHQGHQWH
UHVSHFWLYR GHQWUR GHO SOD]R GH WUHV GtDV FRQWDGRV GHVGH OD QRWLILFDFLyQ GH OD
UHVROXFLyQTXHVHLPSXJQD
/DUHSRVLFLyQGHEHUiUHVROYHUVHHQHOSOD]RGHFLQFRGtDV
6LHVHUHFXUVRQRIXHUHLQWHUSXHVWRRQRIXHUHIDOODGRGHQWURGHOSOD]R
R HO UHFXUUHQWH QR VH FRQIRUPDUH FRQ OR UHVXHOWR SRGUi UHFODPDU GHQWUR GHO
SOD]RGHGLH]GtDVDQWHDOMXH]GHOFULPHQTXHFRUUHVSRQGDDOOXJDUHQGRQGH
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
IXQFLRQD HO UHVSHFWLYR UHFLQWR GHSRUWLYR DFRPSDxDQGR ORV DQWHFHGHQWHV HQ
TXHVHIXQGH
,QWHUSXHVWR HO UHFODPR HO WULEXQDO SHGLUi LQIRUPH D OD DXWRULGDG
UHVSHFWLYDODTXHGHEHUiHYDFXDUORGHQWURGHOSOD]RGHWHUFHURGtDYHQFLGRHO
FXDOUHVROYHUiVLQPiVWUiPLWHHOUHFODPR
(QFRQWUDGHODVHQWHQFLDQRSURFHGHUiHOUHFXUVRGHFDVDFLyQHQODIRUPD
7tWXOR,,
'HORVGHOLWRVFRPHWLGRVFRQPRWLYRXRFDVLyQGHHVSHFWiFXORVGHSRUWLYRV
S~EOLFRVSHQDOLGDG\SURFHGLPLHQWR
$UWtFXORž(OTXHHMHFXWDUHDFWRVTXHSURYRTXHQYLROHQFLDItVLFDFRQWUD
ODV SHUVRQDV R GDxRV VREUH ELHQHV FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR
GHSRUWLYR S~EOLFR HQ HO UHFLQWR HQ TXH WLHQH OXJDU R HQ VXV LQPHGLDFLRQHV
DQWHVGXUDQWHRGHVSXpVGHVXGHVDUUROORVHUiFDVWLJDGRFRQSUHVLGLRPHQRU
HQVXJUDGRPtQLPRDPHGLR
(OTXHIXHUHVRUSUHQGLGRHQWDOHVFLUFXQVWDQFLDVFRQDUPDVHOHPHQWRVX
REMHWRVTXHSDUH]FDQKDEHUVHUYLGRRHVWDUGHVWLQDGRVSDUDFRPHWHUHOGHOLWR
\ HO TXH RUJDQL]DUH SURPRYLHUH R IDFLOLWDUH OD FRPLVLyQ GH ORV DFWRV GH
YLROHQFLDRGDxRGHVFULWRVSUHFHGHQWHPHQWHVXIULUiODSHQDGHSUHVLGLRPHQRU
HQVXJUDGRPHGLR
6L ORV DQWHFHGHQWHV SHUVRQDOHV GHO FRQGHQDGR VX FRQGXFWD DQWHULRU \
SRVWHULRU DO KHFKR SXQLEOH \ OD QDWXUDOH]D PRGDOLGDGHV \ PyYLOHV
GHWHUPLQDQWHV GHO GHOLWR SHUPLWHQ SUHVXPLU TXH QR YROYHUi D GHOLQTXLU VH OH
SRGUiQ DSOLFDU FRPR SHQDV DOWHUQDWLYDV HO DUUHVWR GH ILQ GH VHPDQD SRU HO
WpUPLQR GH GRV D VHLV PHVHV R WUDEDMRV FRPXQLWDULRV GH ILQ GH VHPDQD SRU
LJXDOODSVR
(Q WRGR FDVR VH DSOLFDUi VLHPSUH OD SHQD DFFHVRULD GH SURKLELFLyQ GH
DVLVWLUGXUDQWHHOWLHPSRGHODFRQGHQDDORVIXWXURVHVSHFWiFXORVGHSRUWLYRV
S~EOLFRV GH OD PLVPD QDWXUDOH]D GH DTXpO TXH PRWLYy OD VDQFLyQ 6L ODV
FRQGXFWDVGHVFULWDVSUHFHGHQWHPHQWHGLHUHQRULJHQDRWURVFUtPHQHVRVLPSOHV
GHOLWRVVHLPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWRPiVJUDYH
$UWtFXORž6HFRQVLGHUDUiQFLUFXQVWDQFLDVDJUDYDQWHVHVSHFLDOHV
ž 6HU LQWHJUDQWH GH XQ JUXSR RUJDQL]DGR SDUD OD UHDOL]DFLyQ GH ORV
KHFKRVGHVFULWRV
ž3HUWHQHFHUDODVHQWLGDGHVTXHLQWHUYHQJDQHQHOHVSHFWiFXORS~EOLFR
GHSRUWLYRFRPRRUJDQL]DGRUHVSDUWLFLSDQWHVRHQFXDOTXLHURWUDFDOLGDG
ž $FWXDU EDMR ORV HIHFWRV GH EHELGDV DOFRKyOLFDV HVWXSHIDFLHQWHV
VLFRWUySLFRVHVWLPXODQWHVRVXVWDQFLDVDQiORJDV
$UWtFXOR ž /DV SHOtFXODV FLQHPDWRJUiILFDV IRWRJUDItDV IRQRJUDItDV \
RWURV VLVWHPDV GH UHSURGXFFLyQ GH OD LPDJHQ \ GHO VRQLGR SRGUiQ FRQVWLWXLU
SOHQDSUXHEDSDUDDFUHGLWDUODH[LVWHQFLDGHORVGHOLWRVHVWDEOHFLGRVHQHVWDOH\
\ODUHVSRQVDELOLGDGSHQDOGHORVSDUWtFLSHVFXDQGRDMXLFLRGHOWULEXQDOWHQJDQ
FDUDFWHUHVGHJUDYHGDG\SUHFLVLyQVXILFLHQWHSDUDIRUPDUVXFRQYHQFLPLHQWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
$UWtFXOR (O SDGUH JXDUGDGRU R FXLGDGRU D FX\R FXLGDGR VH
HQFRQWUDUH HO PHQRU GH DxRV TXH SDUWLFLSH HQ ORV KHFKRV VDQFLRQDGRV HQ
HVWD OH\ VLQ SHUMXLFLR GH OD UHVSRQVDELOLGDG FLYLO TXH FRQIRUPH FRQ ODV UHJODV
JHQHUDOHV OH FRUUHVSRQGD SDJDUi XQD PXOWD D EHQHILFLR PXQLFLSDO GH XQR D
WUHVLQJUHVRVPtQLPRVPHQVXDOHV
$UWtFXOR(QORVSURFHVRVSRUORVGHOLWRVFRQWHPSODGRVHQHVWDOH\VH
REVHUYDUiQODVUHJODVHVWDEOHFLGDVHQHO7tWXOR,GHOOLEURWHUFHURGHO&yGLJRGH
3URFHGLPLHQWR3HQDO
7tWXOR,,,
'LVSRVLFLRQHVYDULDV
$UWtFXOR,QWURG~FHQVHODVVLJXLHQWHVPRGLILFDFLRQHVDO&yGLJR3HQDO
0RGLItFDVHHODUWtFXORGHODIRUPDVLJXLHQWH
D$JUpJDQVHFRPRSHQDVGHVLPSOHVGHOLWRVODVVLJXLHQWHV
³$UUHVWRGHILQGHVHPDQD
7UDEDMRFRPXQLWDULRGHILQGHVHPDQD
E$JUpJDVHFRPRSHQDDFFHVRULDODVLJXLHQWH
3URKLELFLyQWHPSRUDOSDUDDVLVWLUDOWLSRGHHVSHFWiFXORGHSRUWLYRS~EOLFRTXH
KD\DPRWLYDGRODFRQGHQD
,QWHUFiODVHHQHODUWtFXORFRPRLQFLVRTXLQWRHOVLJXLHQWH
(ODUUHVWRGHILQGHVHPDQDVHOOHYDUiDFDERHQHOUHFLQWRGHODXQLGDGSROLFLDO
GHO GRPLFLOLR GHO FRQGHQDGR \ VX GXUDFLyQ VHUi GH GRV PHVHV D XQ DxR (O
WUDEDMR FRPXQLWDULR VH OOHYDUi D HIHFWR HQ FXDOTXLHU HQWLGDG GH FDUiFWHU
FRPXQLWDULR GHO OXJDU GHO GRPLFLOLR GHO FRQGHQDGR \ VX GXUDFLyQ VHUi GH GRV
PHVHV D XQ DxR /D SURKLELFLyQ WHPSRUDO GH DVLVWLU D XQ GHWHUPLQDGR
HVSHFWiFXOR GHSRUWLYR S~EOLFR FX\D GXUDFLyQ VHUi GH GRV PHVHV D XQ DxR VH
FXPSOLUiHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQPHGLDQWHODSUHVHQWDFLyQ
\SHUPDQHQFLDGHOFRQGHQDGRVLQUpJLPHQGHGHWHQFLyQHLQFRPXQLFDFLyQHQ
HO OXJDU ILMDGR SRU HO MXH] SXGLHQGR VHxDODUVH SDUD WDOHV HIHFWRV D OD XQLGDG
SROLFLDO GH VX GRPLFLOLR /D HQWLGDG DGPLQLVWUDWLYD HQFDUJDGD GH YLJLODU HO
FXPSOLPLHQWR GH ODV VDQFLRQHV DQWHULRUHV SRGUi SRU PRWLYRV FDOLILFDGRV \ HQ
UHVROXFLyQIXQGDGDGLVSHQVDUSDUFLDOPHQWHVXFXPSOLPLHQWR
$UWtFXOR $JUpJDVH HQ HO DUWtFXOR GH OD OH\ 1ž VREUH
PHQRUHVHOVLJXLHQWHQ~PHUR
³ž 3URKLELUOH WHPSRUDOPHQWH DO PHQRU DVLVWLU D ORV IXWXURV HYHQWRV GHO
HVSHFWiFXORGHSRUWLYRS~EOLFRTXHKD\DGHWHUPLQDGRODDSOLFDFLyQGHODPHGLGD
GHSURWHFFLyQFRQODREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORV
VHUHDOL]DQHQHOOXJDUILMDGRSRUHOMXH]
$UWtFXOR $JUpJDVH HQ HO DUWtFXOR GH OD OH\ 1ž GH
$OFRKROHV%HELGDV$OFRKyOLFDV\9LQDJUHVHOVLJXLHQWHLQFLVRILQDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(Q ORV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV TXH HO ,QWHQGHQWH FDOLILTXH GH
DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD SRGUi GHFUHWDUVH OD SURKLELFLyQ GH
H[SHQGLR GH EHELGDV DOFRKyOLFDV HQ ORV FHQWURV R UHFLQWRV GRQGH VH OOHYHQ D
HIHFWR \ HQ XQ SHUtPHWUR Pi[LPR GH FLQFR FXDGUDV PHGLGD TXH UHJLUi GHVGH
WUHV KRUDV DQWHV GHO LQLFLR GHO HYHQWR KDVWD WUHV KRUDV GHVSXpV GH VX
ILQDOL]DFLyQ
/RV HVWDEOHFLPLHQWRV DIHFWDGRV VHUiQ QRWLILFDGRV GH HVWD UHVROXFLyQ SRU
LQVSHFWRUHV PXQLFLSDOHV R SRU &DUDELQHURV GH &KLOH FRQ YHLQWLFXDWUR KRUDV GH
DQWLFLSDFLyQDODHQWUDGDHQYLJHQFLDGHODPLVPD
3RU DFXHUGR GH OD &RPLVLyQ VH GHVLJQy FRPR 'LSXWDGRV LQIRUPDQWHV D
ORVVHxRUHV$OEHUWR(VSLQD2WHUR\*XWHQEHUJ0DUWtQH]2FDPLFD
6DODGHOD&RPLVLyQDGHDEULOGH
$FRUGDGRHQVHVLRQHVGHIHFKDV\GHPDU]R\GHDEULOGH
FRQ DVLVWHQFLD GH ORV VHxRUHV 5RMR 3UHVLGHQWH $\OZLQ %RVVHOLQ &RUQHMR
&KDGZLFN(VSLQD(OJXHWD/RQJWRQ0DUWtQH]2FDPLFD0ROLQD3pUH]9DUHOD
5LEHUD\6FKDXOVRKQ
)GR$GULiQ$OYDUH]$OYDUH]6HFUHWDULRGHOD&RPLVLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2$&257(6835(0$
2ILFLRGH&iPDUDGH2ULJHQD&RUWH6XSUHPD
2ILFLRFRQVXOWD)HFKDGHDEULO
2ILFLR1ž
9DOSDUDtVRGH$EULOGH
(Q FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO DUWtFXOR
GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRHQUHODFLyQDODUWtFXORGHODOH\1ž
2UJiQLFD&RQVWLWXFLRQDOGHO&RQJUHVR1DFLRQDOWHQJRDKRQUDUHPLWLUD
HVD ([FPD &RUWH FRSLD GHO LQIRUPH HPLWLGR SRU OD&RPLVLyQ GH &RQVWLWXFLyQ
/HJLVODFLyQ \ -XVWLFLD UHODWLYR DO SUR\HFWR GH OH\ TXH UHSULPH GHVyUGHQHV \
KHFKRV GH YLROHQFLD HQ ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH
HVSHFWiFXORV S~EOLFRV %ROHWtQ 1ž TXH KD VLGR REMHWR HQ SULPHU
WUiPLWHUHJODPHQWDULRGHPRGLILFDFLRQHVTXHLQFLGHQHQODVDWULEXFLRQHVGHORV
WULEXQDOHVGHMXVWLFLD
'LRVJXDUGHD9(
$/'2&251(-2*21=È/(=
3UHVLGHQWH
$'5,È1$/9$5(=$/9$5(=
6HFUHWDULR
$/6(f25
35(6,'(17('(/$(;&0$&257(6835(0$
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
'LVFXVLyQHQ6DOD
&iPDUD GH 'LSXWDGRV /HJLVODWXUD 6HVLyQ )HFKD GH DEULO 'LVFXVLyQJHQHUDO6HDSUXHED
5(35(6,21 '( '(625'(1(6 \ +(&+26 '( 9,2/(1&,$ (1 /26
(67$',26 \ 27526 &(17526 '(3257,926 3ULPHU WUiPLWH
FRQVWLWXFLRQDO
(OVHxRU9,(5$*$//23UHVLGHQWH&RUUHVSRQGHWUDWDUHOSUR\HFWRGHOH\HQ
SULPHUWUiPLWHFRQVWLWXFLRQDOTXHUHSULPHGHVyUGHQHV\KHFKRVGHYLROHQFLDHQ
ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH HVSHFWiFXORV S~EOLFRV
'LSXWDGRVLQIRUPDQWHVGHODV&RPLVLRQHVGH(GXFDFLyQ&XOWXUD&LHQFLDV
\ 7HFQRORJtD 'HSRUWHV \ 5HFUHDFLyQ \ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD
VRQORV'LSXWDGRVVHxRUHV6PRN(VSLQD\0DUWtQH]
(OWH[WRGHOSUR\HFWRGHOH\HVWiLPSUHVRHQHOEROHWtQ1ž\ILJXUDHQ
HOQ~PHURGHORVGRFXPHQWRVGHOD&XHQWDGHODVHVLyQFHOHEUDGDHO
GHDEULOGH
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
0DUWtQH]
(OVHxRU0$57,1(=GRQ*XWHQEHUJ6HxRU3UHVLGHQWHPHKDFRUUHVSRQGLGR
HQFRQMXQWRFRQHOFROHJD$OEHUWR(VSLQDLQIRUPDUDOD+RQRUDEOH&iPDUDHQ
UHSUHVHQWDFLyQ GH OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD HO
SUR\HFWRGHOH\TXHUHSULPHGHVyUGHQHV\KHFKRVGHYLROHQFLDHQORVHVWDGLRV\
ORVFHQWURVGHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
&DEH GHVWDFDU TXH HQ HO WUDEDMR \ GHEDWH GH OD &RPLVLyQ SDUWLFLSDURQ
DFWLYDPHQWH ORV IXQFLRQDULRV GHO 0LQLVWHULR GHO ,QWHULRU -RUJH %XUJRV 9DUHOD
6XEVHFUHWDULR \ /XtV 7RUR DERJDGR DVHVRU \ SRU OD 'LJHGHU VX 'LUHFWRU
*HQHUDO ,YiQ 1DYDUUR \ HO -HIH GHO 'HSDUWDPHQWR -XUtGLFR GRQ -XDQ
)UDQFHVFKLQL
0L H[SRVLFLyQ VH FHQWUDUi HQ HO IHQyPHQR TXH PRWLYD HO SUHVHQWH
SUR\HFWR\ODVGLVSRVLFLRQHVGHFDUiFWHUSUHYHQWLYRTXHVHKDQLQFRUSRUDGRHQ
OD SURSXHVWD RULJLQDO (O UHVWR GH ODV GLVSRVLFLRQHV ODV LQIRUPDUi HO FROHJD
$OEHUWR(VSLQD
1RFDEHGXGDTXHODYLROHQFLDHQORVHVWDGLRVKDFRQVWLWXLGRHQQXHVWUR
SDtV XQ WHPD GH RSLQLyQ S~EOLFD \ GH JUDQ SUHRFXSDFLyQ GH WRGD QXHVWUD
VRFLHGDG /R TXH RULJLQDOPHQWH IXH OD REVHUYDFLyQ OHMDQD GH KHFKRV
LPSDFWDQWHV TXH RFXUUtDQ HQ RWUDV ODWLWXGHV VH LQWURGXMR SRFR D SRFR HQ
QXHVWURV HVSHFWiFXORV GH ILQHV GH VHPDQD <D QR HUDQ ORV FDEOHV ORV TXH QRV
WUDtDQ QRWLFLDV GH YLROHQFLD PXHUWH \ GDxR VLQR TXH ODV VHFFLRQHV GHSRUWLYDV
ORFDOHV GH ORV GLVWLQWRV PHGLRV LQIRUPDWLYRV QRV GDEDQ FXHQWD GH VLWXDFLRQHV
GUDPiWLFDVHQQXHVWURSDtV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
6H KDQ GDGR GLYHUVDV RSLQLRQHV PX\ IXQGDGDV GH ODV UD]RQHV SRU ODV
FXDOHVODYLROHQFLDOOHJyDQXHVWURS~EOLFRGHSRUWLYR6HDSXQWDIXHUWHPHQWHD
OD FUHDFLyQ GH ODV GHQRPLQDGDV EDUUDV EUDYDV FRPR XQD WULVWH LPLWDFLyQ GH
YHUGDGHUDV RUJDQL]DFLRQHV GHOLFWXDOHV VHPHMDQWHV D ODV IRUPDGDV FRQ
DQWHULRULGDG HQ (XURSD \ SDtVHV ODWLQRDPHULFDQRV (Q pVWDV VH GHVDUUROOD XQ
IDQDWLVPR \ XQ PRGR GH YLGD TXH LGHQWLILFD D VXV FRPSRQHQWHV 6H WUDWD GH
SHUVRQDV YLROHQWDV TXH LQFRUSRUDQ HVWD DFWLWXG D OD QXHYD RUJDQL]DFLyQ GH OD
TXH SHUWHQHFHQ 6H PH]FODQ FRQ ORV YHUGDGHURV KLQFKDV GH ORV HTXLSRV GH
I~WERO \ SDVDQ HQ PXFKRV FDVRV D FRQWURODU ODV DFFLRQHV PDVLYDV GH HVWRV
JUXSRV -XQWR D HOOR HO WUDWDPLHQWR S~EOLFR TXH VH OHV GD D HVWDV
RUJDQL]DFLRQHV \ D VXV DFFLRQHV LQFHQWLYD GLUHFWD R LQGLUHFWDPHQWH D VXV
FRPSRQHQWHV D VHJXLU SRU HO FDPLQR YLROHQWR H LQFOXVR PRWLYD D RWURV D
LQFRUSRUDUVH D HOODV /RV PHGLRV GH FRPXQLFDFLyQ WLHQHQ HQ HOOR XQD FXRWD GH
UHVSRQVDELOLGDG%DVWDYHUTXHHQYH]GHWUDWDUHVWDVQRWLFLDVHQODVVHFFLRQHV
QRUPDOPHQWHGHVWLQDGDVDORVWHPDVSROLFLDOHVRGHOLFWXDOHVORVDQDOL]DQHQHO
iUHDGHSRUWLYD$OOLJDUHVWDVDFWXDFLRQHVFRQHOGHSRUWHHVSHFLDOPHQWHFRQHO
I~WEROVHHQWUHJDXQPHQVDMHHUUDGR
'HLJXDOPRGRTXLHQHVKDQDQDOL]DGRHOWHPDVHxDODQTXHLQFOXVRHQ
ODVGHFODUDFLRQHVGHORVGLUHFWRUHVWpFQLFRV\HQHODPELHQWHTXHVHFUHDHQOD
SUHQVDSUHYLRDORVHQFXHQWURVGHSRUWLYRVVHGHVWDFDQDFWLWXGHVEHOLFRVDVTXH
YDQ PiV DOOi GH OR SURSLR GH XQ HVSHFWiFXOR TXH GHEHUtD WHQHU FDUiFWHU
GHSRUWLYR $VLPLVPR OD HVWUXFWXUD GH ORV UHFLQWRV GRQGH VH UHDOL]DQ
FRQWULEX\H D FUHDU DWPyVIHUDV LQDGHFXDGDV HO KDFLQDPLHQWR OD PH]FOD GH
IDQiWLFRVGHORVHTXLSRVHQFRPSHWHQFLD\HOQRFRQWDUFRQDGHFXDGRVDFFHVRV
SDUDHYLWDUDJORPHUDFLRQHV
8Q IDFWRU TXH GHQRWD OR VHxDODGR VLQ GXGD HV OD LQJHVWD GH EHELGDV
DOFRKyOLFDVDQWHV\GXUDQWHORVHVSHFWiFXORVGHSRUWLYRV6LDHOORVHDJUHJDOD
LQVXILFLHQFLDGHOFRQWUROSROLFLDOHQGHWHUPLQDGDVRFDVLRQHVQRSRUQHJOLJHQFLD
QHFHVDULDPHQWH GH OD IXHU]D SROLFLDO VLQR SRU LPSRVLELOLGDG GH GLVWUDHU JUDQ
FDQWLGDG GH FRQWLQJHQWH GH VXV ODERUHV KDELWXDOHV WDQWR R PiV LPSRUWDQWHV
TXHHOUHVJXDUGRGHORUGHQHQORVHVWDGLRVWHQHPRVODIyUPXODDGHFXDGDSDUD
OD JHQHUDFLyQ GH KHFKRV GH YLROHQFLD GH GLItFLO FRQWURO \ GH UHSUHVLyQ FDVL
LPSRVLEOH
)UHQWH D HVWR HO (MHFXWLYR SUHVHQWy D OD FRQVLGHUDFLyQ GHO &RQJUHVR
1DFLRQDO XQ SUR\HFWR GH OH\ TXH SUHWHQGH SRQHU DWDMR D WLHPSR D HVWH
IHQyPHQR TXH WLHQGH D JHQHUDOL]DUVH 6RVWLHQH HO *RELHUQR TXH QR REVWDQWH
KDEHUVH HPSOHDGR ORV PHGLRV FRQ TXH VH FXHQWD SDUD SRQHU FRWR D HVWDV
DFFLRQHV ORV KHFKRV VLJXH SURGXFLpQGRVH \ HQ DOJXQRV FDVRV VH KD QRWDGR
XQD HVFDODGD 3RU HOOR HO SUR\HFWR SHUVLJXH OD FUHDFLyQ GH XQD QRUPDWLYD
HVSHFLDOSDUDDERUGDUHOSXQWR
(Q OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD VH DSUREy OD LGHD
GHOHJLVODUDGLIHUHQFLDGHORTXHRFXUULyHQOD&RPLVLyQGH(GXFDFLyQVHDEULy
GHEDWHVREUHORVLQVWUXPHQWRVMXUtGLFRVPiVDGHFXDGRVSDUDHQIUHQWDUHOWHPD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(Q HVWR KXER GLIHUHQFLDV HQ ODV RSLQLRQHV FRQVXOWDGDV \ DOJXQRV HQWHV
SUHRFXSDGRV GH OD FXHVWLyQ IXQGDPHQWDOPHQWH OLJDGRV D ODV DVRFLDFLRQHV GH
ORV FOXEHV GH I~WERO VH PDQLIHVWDURQ SDUWLGDULRV GH PRGLILFDU OD QRUPDWLYD
SHQDOYLJHQWH/D&RPLVLyQVLQHPEDUJRRSWySRUHPSOHDUFRPRKHUUDPLHQWD
MXUtGLFD OD OHJLVODFLyQ HVSHFLDO SURSXHVWD SRU HO (MHFXWLYR HQ FRQVLGHUDFLyQ D
YDULDVUD]RQHV
3ULPHUD XQD OH\ HVSHFLDO SHUPLWH TXH OD FLXGDGDQtD WRPH LQWHUpV \
FRQFLHQFLD GHO SUREOHPD VHJXQGD OD OH\ HVSHFLDO SURGXFH XQ HIHFWR
SHGDJyJLFR \ PXHVWUD FODUDPHQWH ODV FRQGXFWDV TXH VH GHVHDQ HYLWDU \
VDQFLRQDU GH VHU FRPHWLGDV WHUFHUD ODV FRQGXFWDV D VDQFLRQDU WLHQHQ ODV
FDUDFWHUtVWLFDVGLVWLQWLYDVGHUHDOL]DUVHHQUHFLQWRVGHSRUWLYRVVRQH[SUHVLRQHV
PDVLYDV HVSRQWiQHDV \ RUJDQL]DGDV TXH VH PDQLILHVWDQ HQ FRQGLFLRQHV
SHFXOLDUHV \ SRU HOOR GLItFLOPHQWH UHSURGXFLEOHV HQ RWURV iPELWRV GH OD YLGD
FLXGDGDQD/DRSFLyQGHODOHJLVODFLyQHVSHFLDOGHVGHHVWHSXQWRGHYLVWDHYLWD
DPSOLDUWLSLILFDFLRQHVJHQHUDOHVHQIRUPDLQDGHFXDGD
)LQDOPHQWHHQHVWH\RWURVDVSHFWRV6HFRQVLGHUDURQODVH[SHULHQFLDVGH
SDtVHV HQ TXH VH KD UHVXHOWR GHVDUUROODU XQD OHJLVODFLyQ HVSHFLDO OXHJR GH
GHEDWLU DPSOLDPHQWH HO SXQWR VREUH OD EDVH GH HVWXGLRV DFDEDGRV HQ OD
PDWHULD(VHOFDVRGH*UDQ%UHWDxD(VSDxD$UJHQWLQD\8UXJXD\
$FRUGDGD SRU OD &RPLVLyQ OD KHUUDPLHQWD VH HVWLPy LPSRUWDQWH GDU
PD\RUpQIDVLVDODSUHYHQFLyQGHODVVLWXDFLRQHVYLROHQWDVRGHGHVRUGHQDQWHV
GHODUHSUHVLyQ3RUHOORVHLQFRUSRUyHO7tWXOR,GHOSUR\HFWRTXHVHGHQRPLQD
'HODVPHGLGDVGHVHJXULGDGSUHYHQWLYDVTXHDEDUFDORVDUWtFXORVžDOž
/D FXHVWLyQ VH KD DERUGDGR FRQ YLVLyQ SURFXUDQGR DWDFDU SULPHUR ODV
FDXVDV GH OD YLROHQFLD \ GHVyUGHQHV HQ ORV HVWDGLRV TXH KHPRV UHVHxDGR DO
LQLFLR GH OD LQWHUYHQFLyQ HQ OD FRQILDQ]D GH TXH ORV DVSHFWRV UHSUHVLYRV GH OD
SUHVHQWHOHJLVODFLyQSURQWRVHYXHOYDQLQQHFHVDULRV
(Q HO DQiOLVLV GH ODV GLVSRVLFLRQHV HO DUWtFXOR ž HVWDEOHFH UHTXLVLWRV
HVSHFLDOHV SDUD ORV UHFLQWRV HQ TXH VH UHDOLFHQ HVSHFWiFXORV GHSRUWLYRV
S~EOLFRV HQ RUGHQ D GDU PD\RUHV JDUDQWtDV GH VHJXULGDG VLQ SHUMXLFLR GH ODV
H[LJHQFLDVOHJDOHVGHXUEDQLVPR\FRQVWUXFFLyQ
6LVHFXPSOHQWDOHVUHTXLVLWRVHOLQWHQGHQWHUHVSHFWLYRRWRUJDUiODDXWRUL]DFLyQ
GH IXQFLRQDPLHQWR SUHYLR LQIRUPH GH &DUDELQHURV GH &KLOH /D H[LJHQFLD HV
JHQHUDOSDUDWRGRVORVUHFLQWRVGHHVWHWLSR
(O DUWtFXOR ž LQFRUSRUD OD FDOLILFDFLyQ GH HVSHFWiFXORV GHSRUWLYRV
S~EOLFRV GH DOWR ULHVJR TXH HVWDEOHFHUi HO LQWHQGHQWH UHVSHFWLYR (Q WDO FDVR
&DUDELQHURV LQGLFDUi ODV PHGLGDV GH VHJXULGDG HVSHFLDOHV TXH GHEHQ FXPSOLU
ORVRUJDQL]DGRUHVHQWUHHOODVODXELFDFLyQVHSDUDGDGHODVEDUUDVHQVHFWRUHV
FODUDPHQWH GHWHUPLQDGRV D ORV TXp VROR VH SXHGH LQJUHVDU FRQ FUHGHQFLDO
SURSRUFLRQDGDSRUHOFOXEGHOFDVRDOFXDOFDEHHOFRQWURO\YLJLODQFLD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
,QFOXVR OD GLVSRVLFLyQ IDFXOWD DO LQWHQGHQWH SDUD VXVSHQGHU HO
HVSHFWiFXORVLQRVRQWRPDGRVORVUHVJXDUGRVPtQLPRV\RWURVH[LJLGRVSRUOD
DXWRULGDGSROLFLDO
(O DUWtFXOR ƒ FRPSOHPHQWDULR DO DQWHULRU 'LVSRQH TXH HQ HO FDVR
HVSHFtILFR GH ORV HVSHFWiFXORV GHO I~WERO SURIHVLRQDO GH FDUiFWHU QDFLRQDO R
LQWHUQDFLRQDO VXV DXWRULGDGHV GHEHUiQ FRPXQLFDU DO LQWHQGHQWH UHVSHFWLYR ORV
GH DOWR ULHVJR &RQ HVWR VH LPSOHPHQWD HO HVStULWX GH FRODERUDFLyQ TXH ODV
DXWRULGDGHV GH I~WERO SURIHVLRQDO KDQ PDQLIHVWDGR \ GHPRVWUDGR GXUDQWH HO
UHFLQWRVGHSRUWLYRVHQHYHQWRVS~EOLFRVGHVDUUROORGHOSUR\HFWR
&RPR VHxDOp DO LQLFLR GHO LQIRUPH JHQWH YLROHQWD \ IDQiWLFD KD LGR
FRQIRUPDQGR ODV EDUUDV EUDYDV \ VH KD HQTXLVWDGR \ PH]FODGR FRQ ORV
YHUGDGHURV KLQFKDV GHO I~WERO +DQ OOHJDGR D GLULJLU SRU OR PHQRV GH KHFKR
VXV DFFLRQHV \ VH KD SHUGLGR OD FODULGDG VREUH TXLpQHV FRPSRQHQ ODV EDUUDV
RILFLDOHVGHORVFOXEHV\SRUFRQVLJXLHQWHTXLpQUHVSRQGHFLYLOPHQWHSRUGDxRV
\OHVLRQHVHYHQWXDOHV
(VWR VH VROXFLRQD FRQ OR GLVSXHVWR HQ HO DUWtFXOR ƒ TXH LPSRQH D ORV
FOXEHVGHOI~WEROSURIHVLRQDOODREOLJDFLyQGHOOHYDUXQSDGUyQRILFLDODFWXDOL]DGR
GH ORV PLHPEURV GH VX EDUUD FRQ LGHQWLILFDFLyQ FRPSOHWD GH FDGD XQR \
FUHGHQFLDOSHUVRQDOHLQWUDQVIHULEOHTXHORVKDELOLWHSDUDLQJUHVDUDORVVHFWRUHV
UHVHUYDGRV SDUD HOORV HQ ORV HVWDGLRV $VLPLVPR ORV FOXEHV GHEHUiQ UHPLWLU
VHPHVWUDOPHQWHFRSLDGHOSDGUyQDODXQLGDGSROLFLDOGHOGRPLFLOLRLQVWLWXFLRQDO
(VWDPHGLGDGHFDUiFWHUSUHYHQWLYRTXHDSDUHFHFRPRREOLJDFLyQSDUD
ORVFOXEHV ORVEHQHILFLDDOSHUPLWLU ODVHOHFFLyQGHODVSHUVRQDVTXHDOHQWDUiQ
DO HTXLSR \ OD LQGLYLGXDOL]DFLyQ DGHFXDGD SDUD KDFHU HIHFWLYD OD
UHVSRQVDELOLGDG TXH GH OR FRQWUDULR SRGUtD FRUUHVSRQGHU JHQpULFDPHQWH DO
FOXE
&RQHOORORVFOXEHVVHVHQWLUiQ\KDUiQUHVSRQVDEOHVDORVPLHPEURVGH
VXEDUUDGHORUGHQHQORVHVWDGLRV\GHORVKLQFKDVGHOHTXLSR
/RV DUWtFXORV ƒ \ ƒ ILMDQ SURFHGLPLHQWRV TXH UHVJXDUGDQ ORV GHUHFKRV
,QYROXFUDGRV LQVWDQFLDV TXH JDUDQWL]DQ HO RWRUJDPLHQWR GH OD DXWRUL]DFLyQ D
TXHVHUHILHUHHODUWtFXORƒ\ODFDOLILFDFLyQGHHVSHFWiFXORGHDOWRULHVJRTXH
FRQWHPSODHODUWtFXORƒ(YLWDQTXHODVPHGLGDVHVSHFLDOHVHVWpQHQWUHJDGDVDO
DUELWULR \ SRU HO FRQWUDULR REHGH]FDQ DO HVStULWX GH FRPSOHPHQWDFLyQ GH OD
ODERUGHODDXWRULGDGUHJLRQDO\SROLFLDOFRQORVGLULJHQWHVGHOI~WEROSURIHVLRQDO
\UHVSRQVDEOHVGHORVUHFLQWRVGHSRUWLYRVHQHYHQWRVS~EOLFRVTXHRUJDQLFHQ
3RU ~OWLPR VL ELHQ FRUUHVSRQGH DO 7tWXOR Q, GHO SUR\HFWR GHQRPLQDGR
'LVSRVLFLRQHV YDULDV HO DUWtFXOR GHEH VHU DERUGDGR HQ OD SUHVHQWH
H[SRVLFLyQ SRU FRQVWLWXLU XQD PHGLGD TXH SHUVLJXH HVWDEOHFHU VHJXULGDG HQ
IRUPDSUHYHQWLYD/DGLVSRVLFLyQDJUHJDDODUWtFXORGHOD/H\GH$OFRKROHV
%HELGDV $OFRKyOLFDV \ 9LQDJUHV HO VLJXLHQWH LQFLVR ILQDO (Q ORV HVSHFWiFXORV
GHSRUWLYRVS~EOLFRVTXHHO,QWHQGHQWHFDOLILTXHGHDOWRULHVJRSDUDODVHJXULGDG
S~EOLFDSRGUiGHFUHWDUVHODSURKLELFLyQGHH[SHQGLRGHEHELGDVDOFRKyOLFDVHQ
ORV FHQWURV R UHFLQWRV GRQGH VH OOHYHQ D HIHFWR \ HQ XQ SHUtPHWUR Pi[LPR GH
FLQFRFXDGUDVPHGLGDTXHUHJLUiGHVGHWUHVKRUDVDQWHVGHOLQLFLRGHOHYHQWR\
KDVWDWUHVKRUDVGHVSXpVGHVXILQDOL]DFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
&RPRSRGUiQDSUHFLDUORV+RQRUDEOHVFROHJDVHOHVIXHU]RHVVHULRSDUD
DERUGDUFRQYLVLyQGHIXWXUR\FDUiFWHUSUHYHQWLYRXQDOHJLVODFLyQHVSHFLDOTXH
FRPEDWDODVFDXVDVGHOIHQyPHQRGHODYLROHQFLD\GHVyUGHQHVHQORVHVWDGLRV
\RWURVUHFLQWRVGHSRUWLYRV'HXQDXRWUDPDQHUDKD\UHVSXHVWDDJUXSRVGH
IDQiWLFRV PDUJLQDOHV \ YLROHQWRV TXH VH LQWURGXFHQ HQ OD KLQFKDGD FRQWURODQ
VXDFFLyQPDVLILFDGD\ODFRQGXFHQDODYLROHQFLDVLQDSDUHQWHFRVWR7DPELpQ
UHVSXHVWD D ORV SUREOHPDV GH LQIUDHVWUXFWXUD \ FRQGLFLRQHV GH VHJXULGDG TXH
GHEHQ RIUHFHU ORV UHFLQWRV GHSRUWLYRV DO H[SHQGLR GH EHELGDV DOFRKyOLFDV D
SURSyVLWRGHGLFKRVHVSHFWiFXORV
2EYLDPHQWHDGHPiVGHOSUR\HFWRSDUDUHVROYHUHOIHQyPHQRVRFLDOTXH
KD\ GHWUiV GH ORV JUXSRV R LQGLYLGXRV PDUJLQDOHV TXH LQWHJUDQ ODV EDUUDV
GHQRPLQDGDV EUDYDV KD\ GHVDItR LQWHJUDO TXH QR QRV H[FOX\H FRPR
OHJLVODGRUHVQLFRPRGLULJHQWHVSROtWLFRVRJHQHUDGRUHVGHSURSXHVWDVGHDFFLyQ
JXEHUQDPHQWDO GHVGH HO *RELHUQR \ OD 2SRVLFLyQ VLQR TXH QRV LQYROXFUD HQ
XQD SROtWLFD GH HGXFDFLyQ VRFLDO KDFLD HO MXHJR OLPSLR HO GHSRUWH FRPR
UHFUHDFLyQ\QRFRPRHQIUHQWDPLHQWR
(VFDSDGHQXHVWUDVPDQRVHOWUDWDPLHQWRTXHVHGDDOIHQyPHQRHQORV
PHGLRV GH FRPXQLFDFLyQ 1R HV QHXWUR /D IRUPD HO OXJDU HO DPELHQWH OD
FDOLILFDFLyQ GH TXLHQHV SDUWLFLSDQ GH DFFLRQHV YLROHQWDV WLHQHQ XQ HIHFWR GH
VXPDLPSRUWDQFLDHQORVUHVXOWDGRVTXHVHREWHQJDQDOHQIUHQWDUVRFLDOPHQWH
HOSUREOHPD(QHVWRORVGLUHFWRUHVWpFQLFRV\ORVGHSRUWLVWDVGHVWDFDGRVGHORV
GLVWLQWRVFOXEHVFXPSOHQXQDJUDQPLVLyQSRUTXHHQHOORVVHUHIOHMD ODPD\RU
SDUWHGHODKLQFKDGDHVSHFLDOPHQWHGHORVPiVMyYHQHV/XHJRVXVDFWLWXGHV
\ GHFODUDFLRQHV S~EOLFDV RULHQWDGDV D YDORUDU ODV DFFLRQHV SRVLWLYDV \ D
GHVDOHQWDU ODV DFFLRQHV YLROHQWDV H LPSHUVRQDOHV FRQWULEXLUiQ PiV D SUHYHQLU
TXHDUHSULPLU
(V FODUR HQWRQFHV TXH HO SUHVHQWH SUR\HFWR HV XQ DYDQFH GHVGH HO
SXQWRGHYLVWDOHJLVODWLYRXQDFLHUWR3RUHOOROD&RPLVLyQOODPDDORVVHxRUHV
'LSXWDGRVDDSUREDUORHQVXLQWHJULGDGHQHOHQWHQGLGRGHTXHGHEHPRVMXQWR
FRQ ORV GHPiV DFWRUHV VRFLDOHV UHOHYDQWHV \ FRPXQLFDGRUHV JHQHUDU HQ OD
RSLQLyQ S~EOLFD XQD DFWLWXG FRPSURPHWLGD SDUD GDU VROXFLyQ DO IHQyPHQR TXH
QRVRFXSD
+HGLFKR
(OVHxRU9,(5$*$//23UHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU(VSLQD
(O VHxRU (63,1$ 6HxRU 3UHVLGHQWHa WDO FRPR VHxDOy HO 'LSXWDGR GRQ
*XWHQEHUJ 0DUWtQH] HO SUR\HFWR DERUGD GRV iUHDV GLVWLQWDV ODV PHGLGDV GH
FDUiFWHU SUHYHQWLYR \ ODV VDQFLRQDWRULDV TXH SHUVLJXHQ OOHQDU YDFtRV GH
QXHVWUD OHJLVODFLyQ \ TXH OD &RPLVLyQ HVWLPD QHFHVDULDV SDUD HQIUHQWDU OD
YLROHQFLD HQ ORV HVWDGLRV SDUWLFXODUPHQWH HQ HVSHFWiFXORV GHO I~WERO
SURIHVLRQDO
6LQHPEDUJRTXLHURKDFHUXQDEUHYHSUHFLVLyQ3DUDTXHORVOHJLVODGRUHV
GHFLGDQPRGLILFDUODVOH\HVYLJHQWHVRFUHDURWUDVHVQHFHVDULRHVWDEOHFHUVLORV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
KHFKRV PRWLYDQ \ DPHULWDQ TXH VH OHJLVOH \ GHVGH HVWH SXQWR GH YLVWD ORV
PLHPEURV GH OD &RPLVLyQ MXQWR FRQ ODV DXWRULGDGHV GH *RELHUQR \ GHO I~WERO
SURIHVLRQDO KHPRV OOHJDGR D OD FRQYLFFLyQ GH TXH UH~QHQ FDUDFWHUHV GH
JHQHUDOLGDG TXH MXVWLILFDQ OD DGRSFLyQ GH PHGLGDV WDQWR HQ HO SODQR
DGPLQLVWUDWLYRFRPRHQHOOHJLVODWLYR
3RU OR GHPiV &KLOH QR HV HO ~QLFR SDtV GRQGH RFXUUHQ
/DPHQWDEOHPHQWH ORV KHFKRV GH YLROHQFLD VH KDQ H[WHQGLGR D WUDYpV GHO
PXQGR SRU OD YtD GH OD OLPLWDFLyQ GHO FRPSRUWDPLHQWR GH ODV GHQRPLQDGDV
EDUUDVEUDYDVRTXHGHVSLHUWDQPD\RUIHUYRUHQHOI~WEROSURIHVLRQDO
&RPR FDUDFWHUtVWLFDV JHQHUDOHV HVWRV KHFKRV VRQ UHLWHUDGRV HVFDSDQ D
UHDFFLRQHVHVSRQWiQHDVTXHSXGLHUHQSURGXFLUVHSRUXQEXHQRPDOUHVXOWDGR
GH XQ HYHQWR GHSRUWLYR VRQ FRQGXFWDV \D QR SURSLDV GH OD SDVLyQ TXH
QDWXUDOPHQWH GHVSLHUWD OD SUiFWLFD GHO I~WERO \ HQ SDUWLFXODU GHO SURIHVLRQDO
VLQR GH DTXHOODV TXH OD VRFLHGDG UHSURFKD \ UHFODPD VX UHJXODFLyQ SRU HO
OHJLVODGRU
(Q RWURV DFWRV \ FRPSRUWDPLHQWRV KXPDQRV FRQGHQDEOHV QR VH FRQVLGHUD
QHFHVDULR OHJLVODU SRUTXH VRQ HVSRUiGLFRV \ REHGHFHQ D FRQGXFWDV SDVLRQDOHV
GHRFXUUHQFLDEDMRGHWHUPLQDGDVFLUFXQVWDQFLDVPX\FDOLILFDGDV$TXtHVWDPRV
HQSUHVHQFLDGHKHFKRVTXHODPHQWDEOHPHQWHVRQUHLWHUDGRV\TXHFRQVWLWX\HQ
MXLFLRVGHUHSURFKHJUDYHVGHODVRFLHGDGSRUHOJUDGRGHYLROHQFLDFRQTXHVH
HMHFXWHQ
(QVHJXQGROXJDUKDVWDODIHFKDVHSURGXFHQHQ]RQDVXUEDQDVGHJUDQ
GHQVLGDGGHSREODFLyQORTXHVLJQLILFDTXHDIHFWDQDXQLPSRUWDQWHQ~PHURGH
KDELWDQWHV GH ODV SULQFLSDOHV FLXGDGHV SDUWLFXODUPHQWH GH OD 5HJLyQ
0HWURSROLWDQD 2FXUUHQ HQ VHFWRUHV PX\ SREODGRV \ SRU WDQWR ORV DFWRV GH
YLROHQFLDVHWUDQVPLWH\UHSHUFXWHQHQPXFKtVLPDVSHUVRQDVFDGDYH]TXHVH
UHDOL]DQORVHVSHFWiFXORVTXHHOSUR\HFWRFDOLILFDGHDOWRULHVJR
/XHJRODH[SHULHQFLDGHPXHVWUDTXHHVWHWLSRGHFRQGXFWDVHJHQHUDHQ
&KLOHSRUODYtDGHOHIHFWRGHLPLWDFLyQHOFXDOGHDFXHUGRFRQHODQiOLVLVGHOD
OHJLVODFLyQ FRPSDUDGD LQGLFD TXH XQD YH] TXH VH OOHYH D FDER HVWH WLSR GH
FRQGXFWDVHQXQSDtVGHWHUPLQDGRVHVRFLDELOL]D\WLHQGHDH[WHQGHUVHDRWUR
WLSR GH ]RQDV \D QR GH DOWD FRQFHQWUDFLyQ XUEDQD R GRQGH VH OOHYDQ D FDER
HVSHFWiFXORVGHDOWRULHVJRVLQRTXHODPHQWDEOHPHQWHDRWUDVFLXGDGHV\HQ
RWURWLSRGHHVSHFWiFXORV
(VWRVKHFKRVFRQGXFHQDTXHHOOHJLVODGRUHVWLPHQHFHVDULRDGRSWDUGRV
WLSRV GH PHGLGDV XQD GH FDUiFWHU DGPLQLVWUDWLYR TXH FRUUHVSRQGH D ODV
DXWRULGDGHV GHO 0LQLVWHULR GHO ,QWHULRU D &DUDELQHURV GH &KLOH \ D ODV
RUJDQL]DFLRQHVGHOGHSRUWH\RWUDGHFDUiFWHUOHJLVODWLYR
'H DFXHUGR FRQ HO LQIRUPH HQWUH ODV FDXVDV TXH KDQ PRWLYDGR DOJXQRV
KHFKRV GH YLROHQFLD HVWi OD GH QR GLVSRQHUVH FRQ OD SURQWLWXG QHFHVDULD OD
FREHUWXUDSROLFLDOHQHOOXJDURQRGLVWULEXLUVHGHELGDPHQWHHQHOUHFLQWRRHQ
ODV FHUFDQtDV GH DTXpO DO WpUPLQR GH XQ HVSHFWiFXOR GHSRUWLYR (Q GHILQLWLYD
KD\ XQD UHVSRQVDELOLGDG DGPLQLVWUDWLYD TXH HV QHFHVDULR FXPSOLU
DGHFXDGDPHQWHSDUDHYLWDUODUHSHWLFLyQGHHVWRVKHFKRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(Q HO iPELWR OHJLVODWLYR HVWiQ ODV PHGLGDV GH FDUiFWHU SUHYHQWLYR
PHQFLRQDGDV\ODVGHFDUiFWHUVDQFLRQDWRULR5HLWHURTXHOD&RPLVLyQDWULEX\y
PD\RULPSRUWDQFLDDODVPHGLGDVGHFDUiFWHUSUHYHQWLYRSRUHVWLPDUTXHVRQ
ODV ~QLFDV TXH ORJUDUiQ DPLQRUDU \ FRQWURODU ORV DFWRV GH YLROHQFLD HQ ORV
HVWDGLRV
/DV PHGLGDV VDQFLRQDGRUDV VRQ SUiFWLFDPHQWH HMHPSODUL]DGRUDV SHUR GH
DSOLFDFLyQ FXDQGR HO GDxR \ HO HIHFWR QRFLYR \D VH KDQ SURGXFLGR UHVXOWDGRV
TXHHVSUHFLVRHYLWDUHQXQHVSHFWiFXORGHSRUWLYR
¢&XiOHV VRQ ODV VDQFLRQHV HVWDEOHFLGDV HQ HO DUWtFXOR ž GHO WtWXOR
VHJXQGR GHO SUR\HFWR" 8QD ILJXUD GHOLFWXDO EDVH TXH FRQVLVWH HQ VDQFLRQDU D
TXLHQHV HMHFXWDQ DFWRV TXH SURYRFDQ YLROHQFLD ItVLFD FRQWUD ODV SHUVRQDV R
GDxRV VREUH ORV ELHQHV HQ ORV UHFLQWRV GRQGH VH OOHYDQ D HIHFWR HVSHFWiFXORV
GHSRUWLYRV S~EOLFRV \ HQ VXV LQPHGLDFLRQHV DQWHV GXUDQWH \ GHVSXpV GH VX
GHVDUUROOR SDUD OR FXDO VH ILMD XQD SHQDOLGDG GH GtDV D WUHV DxRV \ XQD
DJUDYDQWH GH OD UHVSRQVDELOLGDG GH TXLHQHV VRQ VRUSUHQGLGRV FRQ DUPDV
HOHPHQWRVXREMHWRVTXHSDUH]FDQKDEHUVHUYLGRRHVWDUGHVWLQDGRVDFRPHWHU
HVWH WLSR GH GHOLWRV \ WDPELpQ D ORV RUJDQL]DGRUHV R SURPRWRUHV GH HVRV
KHFKRVGHYLROHQFLD TXHHOHYDODSHQDDO JUDGRVXSHULRUHVGHFLUGtDVD
WUHVDxRV
&RPR HO SURSyVLWR GHO OHJLVODGRU QR HV OOHQDU ODV FiUFHOHV GH SHUVRQDV
TXHVHFRPSRUWDQLQGHELGDPHQWHHQORVHVWDGLRVPiVD~QFXDQGRHQPXFKRV
FDVRV VH WUDWD GH MyYHQHV GH HVFDVD HGDG OD QRUPD HVWDEOHFH SHQDV
DOWHUQDWLYDV DWHQGLHQGR D ODV FRQGXFWDV DQWHULRUHV GHO KHFKRUHV GHFLU VL KD
VLGRVRUSUHQGLGRFRQDQWHULRULGDGFRPHWLHQGRGHOLWRVGHLJXDOQDWXUDOH]D\ODV
PRGDOLGDGHV \ IRUPDV HQ TXH VH SURYRFDURQ ORV DFWRV GH YLROHQFLD 6L HO
DQiOLVLV GH HVRV KHFKRV KDFH SUHVXPLU DO MXH] TXH QR YROYHUi D FRPHWHUVH HO
GHOLWRSRGUiUHFXUULUDGRVSHQDVDOWHUQDWLYDV/DSULPHUDDUUHVWRSRUORVILQHV
GH VHPDQD SRU XQ ODSVR GH GRV D VHLV PHVHV \ OD VHJXQGD UHDOL]DU WUDEDMRV
FRPXQLWDULRVGHILQGHVHPDQDSRULJXDOSHUtRGR
(V GHFLU VL HO MRYHQ HV VRUSUHQGLGR SDUWLFLSDQGR SRU SULPHUD YH] HQ
DFWRV GH YLROHQFLD GH HVWD QDWXUDOH]D HQ FRQGLFLRQHV R VLWXDFLRQHV TXH
GHPXHVWUHQ TXH QR H[LVWH QLQJXQD UD]yQ SDUD TXH VHD GHWHQLGR SRUTXH HQ
OXJDU GH PHMRUDGR YDPRV D HPSHRUDU VX FRQGXFWD HQWRQFHV HO MXH] SXHGH
SRQHUOR D GLVSRVLFLyQ GH OD PXQLFLSDOLGDG R DXWRULGDG UHVSHFWLYD SDUD TXH
WUDEDMHHQODUHSDUDFLyQGHOGDxRFDXVDGRDORVUHFLQWRVGHSRUWLYRVOXJDUHVR
ORFDOHVS~EOLFRVTXHURGHDQOD]RQDDIHFWDGD(VWDPHGLGDHMHPSODUL]DGRUDYD
DUHVXOWDUPXFKRPiVHILFLHQWHTXHODGHWHQHUDXQMRYHQGHyDxRV
GHWHQLGRHQODFiUFHO
(Q HO LQIRUPH VH HVWDEOHFH FyPR VH UHJXOD HO DUWtFXOR GHO &yGLJR
3HQDO SDUD FRQWHQHU HO DUUHVWR GH ILQ GH VHPDQD 6H VHxDOD TXH pVWH VH YD D
OOHYDUDFDERHQHOUHFLQWRGHODXQLGDGSROLFLDOGHOGRPLFLOLRGHOFRQGHQDGR\VX
GXUDFLyQ SRGUi VHU FRPR Pi[LPR GH GRV PHVHV D XQ DxR 3RU RWUR ODGR VH
SODQWHD TXH ORV WUDEDMRV FRPXQLWDULRV VH OOHYDUiQ D HIHFWR HQ FXDOTXLHUD
HQWLGDG GH FDUiFWHU FRPXQLWDULR HQ HO OXJDU GHO GRPLFLOLR GHO FRQGHQDGR \ VX
GXUDFLyQVHUiGHGRVPHVHVDXQDxR/XHJRVHKDFHUHIHUHQFLDDODSURKLELFLyQ
WHPSRUDOGHDVLVWLUDHVSHFWiFXORVGHSRUWLYRVFRPRSHQDDFFHVRULD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
$KRUD ELHQ OD HQWLGDG DGPLQLVWUDWLYD HQFDUJDGD GH TXH VH FXPSODQ
HVWDV SHQDV GH HQFDUFHODPLHQWR GH ILQ GH VHPDQD SRGUi HQ VLWXDFLRQHV
FDOLILFDGDV \ H[FHSFLRQDOHV PHGLDQWH UHVROXFLyQ IXQGDGD GLVSHQVDU
SDUFLDOPHQWH VX FXPSOLPLHQWR FXDQGR HO UHFLQWR SROLFLDO FDUH]FD GH ODV
FRQGLFLRQHV DGHFXDGDV /DV PHGLGDV HVWiQ SHQVDGDV SDUD TXH VLHPSUH VLUYDQ
GH HMHPSOR HQ OXJDU GH VDQFLRQHV \ DVt ORJUDU TXH ORV MyYHQHV VHDQ PHQRV
GHOLQFXHQWHV FRPHWDQ PHQRV GHOLWRV TXH ORV TXH PRWLYD OD VDQFLyQ TXH
HVWDPRV PHQFLRQDQGR /XHJR GH SUHFLVDGD OD ILJXUD EDVH \ ODV GRV SHQDV
DOWHUQDWLYDV FRQ ODV TXH YD D FRQWDU XQ MXH] VH HVWDEOHFH FRPR PHGLGD
DFFHVRULDXQDTXHUHVXOWDHYLGHQWHODSURKLELFLyQGHDVLVWLUGXUDQWHHOWLHPSR
GHODFRQGHQDDORVHVSHFWiFXORVGHSRUWLYRVS~EOLFRVGHLJXDOQDWXUDOH]DSDUD
OR FXDO GHEH SUHVHQWDUVH D OD KRUD HQ TXH pVWRV VH GHVDUUROODQ GHELHQGR
SHUPDQHFHUHQHOOXJDUTXHHOMXH]GHWHUPLQH
$FRQWLQXDFLyQVHSODQWHDXQDQRUPDGHDMXVWHFRQODVGLVSRVLFLRQHVGHO
&yGLJR 3HQDO HQ HO VHQWLGR GH HVWDEOHFHU TXH VL HVWRV KHFKRV HQ Vt PLVPRV
FRQILJXUDQ GHOLWRV GH PD\RU JUDYHGDG OR TXH FRUUHVSRQGH HV DSOLFDU OD SHQD
FRUUHVSRQGLHQWH DO GHOLWR PD\RU (V GHFLU VL FRPR SURGXFWR GH ORV KHFKRV GH
YLROHQFLDVHFRPHWHHOGHOLWRGHKRPLFLGLRQDWXUDOPHQWHTXHODSHUVRQDQRYD
DVHUSURFHVDGDSRUHOGHOLWRGHYLROHQFLDHQHOHVWDGLR(QHVWHFDVROROyJLFR
HVTXHSURFHVHQDODSHUVRQDSRUHOGHOLWRGHKRPLFLGLRROHVLRQHVJUDYHV
(VVLPSOHPHQWHODUHSHWLFLyQGHODQRUPDGHODUWtFXORVLODPHPRULD
QR PH HQJDxD GHO &yGLJR 3HQDO HQ GRQGH VH HVWDEOHFH HO OODPDGR FRQFXUVR
GH GHOLWRV TXH FRQVLVWH HQ DSOLFDU OD SHQD PiV DOWD GHO GHOLWR PiV JUDYH
FXDQGRVHHVWiIUHQWHDXQKHFKRFRQVWLWXWLYRGHGRVGHOLWRV
(VGHFLUVLODFRQGXFWDGHOMXLFLRGHUHSURFKHHVPD\RUODSHUVRQDVHUi
SURFHVDGDSRUDTXHOODFRQGXFWDHQTXHDPHULWHODWLSLILFDFLyQPiVH[DFWDHQHO
GHOLWRUHVSHFWLYR
(QHODUWtFXORžVHFRQVLGHUDQWUHVFLUFXQVWDQFLDVGHFDUiFWHUDJUDYDQWH
HVSHFLDOHV\TXHVRQREYLDV\OyJLFDV
3ULPHUR HV PiV JUDYH TXH HVWH WLSR GH FRQGXFWD OD UHDOLFH TXLHQ VHD
SDUWH GH XQ JUXSR RUJDQL]DGR SDUD OD UHDOL]DFLyQ GH HVWRV KHFKRV TXH OD
SHUVRQDSHUWHQH]FDDODVHQWLGDGHVTXHLQWHUYHQJDQHQHOHVSHFWiFXORS~EOLFR
GHSRUWLYRFRPRRUJDQL]DGRUHVSDUWLFLSDQWHVRHQFXDOTXLHURWUDFDOLGDG\SRU
~OWLPR TXH VH DFW~H EDMR ORV HIHFWRV GH ODV EHELGDV DOFRKyOLFDV ORV
HVWXSHIDFLHQWHVHVWLPXODQWHVRGURJDVGHLJXDOHVFDUDFWHUtVWLFDV
¢ 4Xp VLJQLILFD OD FLUFXQVWDQFLD DJUDYDQWH" 4XH HO MXH] GHQWUR GH ORV
JUDGRVGHODSHQDGHGtDVDWUHVDxRVSUREDEOHPHQWHYDDDSOLFDUHOJUDGR
PiV DOWR GH HOOD 3HUR VRQ FLUFXQVWDQFLDV DJUDYDQWHV TXH H[LVWHQ HQ WRGD
OHJLVODFLyQHVSHFLDO\TXHVHUHILHUHQDODPD\RUH[LJHQFLDTXHKD\TXHKDFHUD
SHUVRQDV HQ HVDV FRQGLFLRQHV WUDWiQGRVH GH SDUWtFLSHV GH XQD EDUUD \ D
TXLHQHV UHDOLFHQ RWUDV FRQGXFWDV JUDYHV FRPR DVLVWLU D XQ HVSHFWiFXOR
GHSRUWLYRHQHVWDGRGHHEULHGDG
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O DUWtFXOR ž D SHWLFLyQ GH ODV DXWRULGDGHV GHO 0LQLVWHULR GHO ,QWHULRU \
GHO GHSRUWH PRGLILFD HO YDORU SUREDWRULR TXH ODV SHOtFXODV ILOPDFLRQHV
IRWRJUDItDV R VLVWHPDV GH UHSURGXFFLyQ GH LPiJHQHV WLHQHQ HQ QXHVWUD
OHJLVODFLyQFRP~Q
(O DUWtFXOR ELV GHO &yGLJR GH 3URFHGLPLHQWR 3HQDO DGPLWH FRPR
PHGLRV SUREDWRULRV ODV SHOtFXODV ODV ILOPDFLRQHV TXH KDJDQ ORV FDQDOHV GH
WHOHYLVLyQHWFpWHUDSHURVHxDODTXHHVWRVPHGLRVSUREDWRULRVVyORWHQGUiQHO
YDORU GH EDVH GH XQD SUHVXQFLyQ MXGLFLDO HV GHFLU VLUYHQ FRPR DQWHFHGHQWHV
EiVLFRSDUDSUREDUXQKHFKRGHOLFWXDO
/D &RPLVLyQ OHV KD GDGR PD\RU YDORU SUREDWRULR SHUR UD]RQDEOH
HVWDEOHFLpQGRVHVLPSOHPHQWHXQDSUHVXQFLyQODTXHVHHQFXHQWUDUHJXODGDHQ
HO&yGLJR3HQDO\HQHODUWtFXORGHO&yGLJRGH3URFHGLPLHQWR&LYLO
/D OH\ GLFH TXH HO MXH] SRGUi GDU YDORU GH SOHQD SUXHED FXDQGR HQ VX
RSLQLyQODSUHVXQFLyQWHQJDORVFDUDFWHUHVGHJUDYHGDG\SUHFLVLyQVXILFLHQWHV
SDUD IRUPDU VX FRQYHQFLPLHQWR 2 VHD HO MXH] UHFLEH XQD ILOPDFLyQ TXH
GHPXHVWUD FRPR KD DSDUHFLGR PXFKDV YHFHV HQ WHOHYLVLyQ TXH KD\ MyYHQHV
LGHQWLILFDGRV WLUDQGR SLHGUDV URPSLHQGR DVLHQWRV \ SURYRFDQGR GHVPDQHV (O
MXH] H[DPLQDUi HVWDV SUXHEDV FLWDUi D ODV SHUVRQDV D GHFODUDU YHUi HO
FRQWH[WRHQTXHVHKDQUHDOL]DGRORVKHFKRVFyPRVHFXPSOLHURQODVPHGLGDV
SUHYHQWLYDV (Q ILQ GHVSXpV GH DQDOL]DU WRGD OD VLWXDFLyQ SRGUi GHFLU TXH
UHDOPHQWH KD OOHJDGR D OD FRQYLFFLyQ GH TXH HVDV ILOPDFLRQHV WLHQHQ YDORU
SUREDWRULR SDUD GHPRVWUDU TXH VH HVWi HQ SUHVHQFLD GH XQD FRQGXFWD
UHSUREDEOH\YHUiVLDSOLFDODVDQFLyQEDVHRODVVDQFLRQHVDOWHUQDWLYDVDTXH
KHPRVKHFKRPHQFLyQ
(Q GHILQLWLYD DSOLFDU HVWD OHJLVODFLyQ VLJQLILFDUi XQ SURFHVR
H[WUDRUGLQDULDPHQWHH[SHGLWRSDUDTXHQRGXUHFXDWURDxRV\TXHFXDQGRVH
DSOLTXHODVDQFLyQHOMRYHQGHMyGHVHUOR\DHVDGXOWR\KDFDPELDGRVXYLGD
/D LGHD LQVLVWR HV TXH ODV PHGLGDV VHDQ HMHPSODUL]DGRUDV \ HQ OR SRVLEOH
DOWHUQDWLYDV SDUD SRVLELOLWDU OD UHKDELOLWDFLyQ GH TXLHQHV WLHQHQ FRQGXFWDV
UHFKD]DGDVSRUODVSHUVRQDVTXHDVLVWHQDORVHVWDGLRV
)LQDOPHQWH HO SUR\HFWR HVWDEOHFH GRV QRUPDV HVSHFLDOHV OD SULPHUD
FRQVLJQDGDHQHODUWtFXORTXHPRGLILFDODOH\GHPHQRUHVGRQGHHVWDEOHFH
TXHDORVPHQRUHVTXHQRWLHQHQUHVSRQVDELOLGDGSHQDOHVGHFLUDXQMRYHQGH
DxRVTXHHVVRUSUHQGLGRFRPHWLHQGRGHOLWRQRVHOHSXHGH DSOLFDUQLQJXQD
GHODVQRUPDVDQWHULRUHVHOMXH]GHPHQRUHVSRGUiSURKLELUOHVWHPSRUDOPHQWH
DVLVWLU D ORV IXWXURV HYHQWRV R HVSHFWiFXORV GHSRUWLYRV S~EOLFRV TXH KD\DQ
GHWHUPLQDGR OD DSOLFDFLyQ GH OD PHGLGD GH SURWHFFLyQ FRQ OD REOLJDFLyQ GH
SUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQHQHOOXJDUILMDGRSRUHO
MXH]
/D VHJXQGD HVWDEOHFLGD HQ HO DUWtFXOR GHO SUR\HFWR VHxDOD TXH VLQ
SHUMXLFLRGHODUHVSRQVDELOLGDGTXHDORVSDGUHVJXDUGDGRUHVRFXLGDGRUHVGH
PHQRUHV GH DxRV OHV FRUUHVSRQGH GH DFXHUGR FRQ OD OH\ FRP~Q HQ HO
VHQWLGR GH UHVSRQGHU SRU ORV GDxRV SRU HOORV FDXVDGRV VH SRGUi HVWDEOHFHU
FRPR VDQFLyQ HO SDJR GH XQD PXOWD D EHQHILFLR PXQLFLSDO GH XQR D WUHV
LQJUHVRVPtQLPRVPHQVXDOHV(QPXFKRVGHHVWRVFDVRVFUHRTXHVLORVSDGUHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
DVXPHQ PD\RU UHVSRQVDELOLGDG UHVSHFWR GH VXV KLMRV \ PiV FXLGDGR HQ OD
HQVHxDQ]D GH KiELWRV GH FRQYLYHQFLD VHUi OD PD\RU \ PHMRU PHGLGD
SUHYHQWLYD TXH SXHGD H[LVWLU 3RU WDQWR HQ HO SUR\HFWR VH HVWDEOHFH XQD
VDQFLyQFRQWUDORVSDGUHVFX\RVKLMRVDSDUHFHQSHUPDQHQWHPHQWHLQYROXFUDGRV
HQHVWRVKHFKRV
1DGDVHUtDPiVLQMXVWRTXHVRVWHQHUTXHODPD\RUtDGHORVMyYHQHVTXH
DVLVWHQDHVSHFWiFXORVGHSRUWLYRVGHI~WEROWLHQHQFRQGXFWDVLQGHELGDV(VRQR
HV YHUGDG ,QFOXVR OD PD\RUtD GH ORV MyYHQHV TXH SHUWHQHFHQ D ODV
GHQRPLQDGDVEDUUDVEUDYDVPDQWLHQHQFRQGXFWDVDFRUGHVFRQHOHVSHFWiFXOR
/RV KHFKRV KDQ GHPRVWUDGR TXH KDELWXDOPHQWH TXLHQHV JHQHUDQ DFWRV GH
YLROHQFLDVRQGHOLQFXHQWHVFRPXQHVTXHVHHQTXLVWDQ\VHLQWURGXFHQHQHVDV
EDUUDV$GHPiVODFRQGXFWDGHORVGLULJHQWHVGHSRUWLYRVFRQWULEX\HDFUHDUXQ
FOLPD GH PD\RU EHOLJHUDQFLD \ GHVDUPRQtD &XDQGR ORV SUHVLGHQWHV GH ORV
FOXEHV ULYDOHV HQ FDGD ORFDOLGDG GHO SDtV DSDUHFHQ SROHPL]DQGR S~EOLFDPHQWH
DQWHV GHO HYHQWR VH SURGXFH XQ PD\RU FOLPD GH DJLWDFLyQ 3RU HO FRQWUDULR
FXDQGRDSDUHFHQGDQGRFRQGLFLRQHVSDUDTXHVHDXQDFRPSHWHQFLDGHSRUWLYD
GRQGH GHEH LPSHUDU HO UHVSHWR SRU ORV FOXEHV \ GDU HMHPSORV SDUD HQVHxDU D
ORVMyYHQHVHQWRQFHVODYLROHQFLDGLVPLQX\H
(Q FRQVHFXHQFLD QR SXHGH HVWLPDUVH TXH HVWDV QRUPDV KDQ VLGR
FRQFHELGDV SHQVDQGR TXH ORV MyYHQHV TXH SDUWLFLSDQ HQ ODV EDUUDV SRU UHJOD
JHQHUDOVRQGHOLQFXHQWHV(VRQRHVDVt/DPD\RUtDGHHOORVDFW~DUHVSHWDQGR
ODVUHJODVGHOMXHJRHQXQHVSHFWiFXORGHHVWDQDWXUDOH]D3HURODUHDOLGDGHV
TXHPLQRUtDVTXHVH LQWURGXFHQSRUHIHFWRGHLPLWDFLyQGHQWURGHODV EDUUDV
JHQHUDQ FXDGURV GH GHVyUGHQHV \ GH YLROHQFLD TXH H[WUDOLPLWDQ WRGRV ORV
SXQWRVUD]RQDEOHVTXHH[LVWHQHQXQSDtVFLYLOL]DGR
3RU ~OWLPR TXLHUR VHxDODU TXH HVWRV FDPELRV WDPELpQ VRQ IUXWR GHO
LQRSHUDQWH UHVXOWDGR GH OD OHJLVODFLyQ DFWXDO (Q OD SUiFWLFD FXDQGR VH
VRUSUHQGHDDOJXLHQSURYRFDQGRFRPRKHPRVYLVWRHQPXFKRVSURJUDPDVGH
WHOHYLVLyQ DFWRV GH YLROHQFLD LQXVLWDGD DEVROXWDPHQWH LQMXVWLILFDGRV DO GtD
VLJXLHQWH DQGD OLEUH FRPR 3HGUR SRU VX FDVD QR UHFLEH QLQJXQD PHGLGD
DOWHUQDWLYD\HQWRQFHVVLHQWHTXHODVRFLHGDGOHSHUPLWHUHDOL]DUHVWRVKHFKRV
GHYLROHQFLD
/DV FRQVLGHUDFLRQHV DQWHULRUHV KDQ OOHYDGR D OD UHGDFFLyQ GH HVWH
SUR\HFWRTXHFRPRWRGRVHVWiVXMHWRDSHUIHFFLRQHVDWUDYpVGHODSRUWHTXH
ORVVHxRUHV'LSXWDGRV\SRVWHULRUPHQWHORV6HQDGRUHVGHVHHQIRUPXODUOH
(VWRGRFXDQWRSXHGRLQIRUPDUDOUHVSHFWR
(O VHxRU +$08< 9LFHSUHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU 6PRN
LQIRUPDQWHGHOD&RPLVLyQGH(GXFDFLyQ
(OVHxRU602.6HxRU3UHVLGHQWHHQHOIRQGRHOLQIRUPHVHUHILHUHDXQ
SUR\HFWRGHOH\GHOWRGRGLVWLQWRGHOTXHDFDEDGHVHULQIRUPDGR
(QDUDt]GHFLUFXQVWDQFLDVFR\XQWXUDOHVVREUHGHVyUGHQHVHQORV
HVWDGLRV HO (MHFXWLYR HQYLy D OD &iPDUD FRQ XUJHQFLD FDOLILFDGD GH VLPSOH
XQSUR\HFWRVREUHIRUPDVGHUHSUHVLyQ\GHVDQFLyQSRUDFWRVGHYLROHQFLDHQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
ORV HVSHFWiFXORV GHSRUWLYRV H LQFOXVR HQ HO iUHD FHUFDQD DO HVWDGLR (VH
SUR\HFWR IXH DQDOL]DGR SRU OD &RPLVLyQ GH (GXFDFLyQ 3RU HVR OR TXH LQIRUPR
DKRUDFRUUHVSRQGHDXQGHEDWHJHQHUDGRKDFHGRVDxRV
$FODURTXHHOLQIRUPHTXHVHKDGDGRDFRQRFHUDKRUDFRUUHVSRQGHDXQD
PRGLILFDFLyQVXVWDQFLDOSURIXQGD\FRPSOHWDGHOSUR\HFWR3RUORWDQWRHOTXH
PtLQIRUPHFRQFOX\DHQXQDLQYLWDFLyQDOD6DODDUHFKD]DUORREHGHFHDTXHOD
LQLFLDWLYDLQIRUPDGDSRUORV'LSXWDGRVVHxRUHV0DUWtQH]\(VSLQDHVGLVWLQWD
(Q FRQVHFXHQFLD FUHR LQFRQGXFHQWH H[SOD\DUPH HQ XQD VHULH GH
DUJXPHQWRVSRUORVFXDOHVOD&RPLVLyQHQHVRVPRPHQWRVUHFKD]yHOSUR\HFWR
WRGDYH]OD6DODHVWiFRQYRFDGDKR\GtDSDUDSURQXQFLDUVHVREUHXQRGLVWLQWR
3RGUtD KDFHUOR SHUR UHVXOWD GHO WRGR LQQHFHVDULR WRGD YH] TXH LED PDO
HQFDPLQDGR\TXHHOTXHSURSRQHKR\OD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ
\-XVWLFLDHVXQSUR\HFWRGLVWLQWRHQPLRSLQLyQQRYHGRVR\DGHFXDGR
+HGLFKR
(OVHxRU+$08<9LFHSUHVLGHQWH(QGLVFXVLyQJHQHUDOHOSUR\HFWR
7LHQHODSDODEUDHO'LSXWDGRVHxRU0XxR]%DUUD
(O VHxRU 08f2= %$55$ 6HxRU 3UHVLGHQWH FRLQFLGR FRQ OR SODQWHDGR SRU HO
'LSXWDGRVHxRU6PRNHQFXDQWRDTXHHVWHSUR\HFWRHVQRYHGRVRHLQWHUHVDQWH
\ TXH FRQ PX\ EXHQD LQWHQFLyQ SUHWHQGH HQIUHQWDU XQD VLWXDFLyQ TXH VH
DJUDYDGtDDGtD
(V FLHUWR TXH GHVGH KDFH DSUR[LPDGDPHQWH GRV DxRV HVWDPRV
GLVFXWLHQGR DOJXQDV PRFLRQHV VREUH HVWH SUREOHPD TXH SXHGH WHQHU
UHVXOWDGRVEDVWDQWHGUDPiWLFRVFRPR\DHVWiDFRQWHFLHQGR
6LQ HPEDUJR PiV TXH UHIHULUPH D ORV DUWtFXORV FRQ VXV UHVSHFWLYDV
SHQDOLGDGHV FUHR TXH QR GHEHPRV SHUGHU GH YLVWD TXH HO WHPD FRQOOHYD
DVSHFWRVPiVSURIXQGRVTXHDSDUHQWHPHQWHSXGLHUDQQRHVWDUOLJDGRVFRQOD
HVWUXFWXUD PLVPD GHO SUR\HFWR SHUR TXH LQFLGHQ HQ ODV FDXVDOHV GH HVWDV
VLWXDFLRQHVHQHVSHFLDOHQODVTXHRFXUUHQHQ6DQWLDJR
(QSULPHUOXJDUHVWDVH[SORVLRQHVGHODVEDUUDVEUDYDVVHSURGXFHQHQ
QXHVWUD JUDQ FDSLWDO OR TXH QR DFRQWHFHHQ ODV RWUDV UHJLRQHV GHO SDtV GRQGH
WDPELpQ VH SUDFWLFD HVWH GHSRUWH WDQ PDVLYR SHUR VLQ HVWRV DFRQWHFLPLHQWRV
WDQLQGHVHDEOHV\UHSXJQDQWHV
(OKDFLQDPLHQWRGHODFDSLWDOHVXQIDFWRUTXHFRQGXFHDH[DFHUEDFLRQHV
HQ YDULDGRV DVSHFWRV (Q HO GRV SRU FLHQWR GH WHUULWRULR TXH FRUUHVSRQGH D
6DQWLDJRYLYHHOSRUFLHQWRGHODSREODFLyQGH&KLOH\HOSRUFLHQWRGHOD
MXYHQWXG HQWUH \ DxRV GHEH HPLJUDU D OD FDSLWDO SRU IDOWD GH
RSRUWXQLGDGHV\GHGHVDUUROORHQODVUHJLRQHV
$OJXLHQ SRGUi GHFLUPH TXp WLHQH TXH YHU OR XQR FRQ OR RWUR (V TXH HO
PXQGR MXYHQLO TXH OOHJD KDVWD 6DQWLDJR YD EXVFDQGR DOJ~Q WLSR GH
SURWDJRQLVPR DQWH XQ VLVWHPD GH YLGD TXH D SHVDU GH OD JUDQ PDVD
GHWHUPLQD TXH HO LQGLYLGXR YLYD \ WUDWH GH VREUHYLYLU HQ OD PiV DEVROXWD
VROHGDG
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
$ HOOR FDEH DJUHJDU TXH ODPHQWDEOHPHQWH HQ ORV ~OWLPRV DxRV
KHPRV GHVFXLGDGR OD DSOLFDFLyQ GH XQD SROtWLFD GHSRUWLYD HQ HO VLVWHPD
HGXFDFLRQDOFKLOHQR+R\HQODHQVHxDQ]DEiVLFDRPHGLDQRVRODPHQWHQRKD\
GLIXVLyQ GHSRUWLYD VLQR TXH LQFOXVR VH KDQ GLVPLQXLGR ODV KRUDV TXH
WUDGLFLRQDOPHQWHVHGHVWLQDEDQDODSUiFWLFDGHODHGXFDFLyQItVLFDGHVDUUROODGD
SRUVXVPDHVWURV
7DPELpQ GHEH VXPDUVH HO KHFKR GH TXH GHVSXpV GH QR VH KD
OOHYDGRDFDERXQDSROtWLFDGHSRUWLYDQDFLRQDOFRKHUHQWH+DVWDHVWHPLQXWRQR
WHQHPRV XQD OH\ GHO GHSRUWH TXH HQIUHQWH QR VyOR HO GHVDUUROOR VLQR TXH OD
LQIRUPDFLyQ\ODIRUPDGHLQWHUSUHWDUWRGDVHVWDVDFWLYLGDGHV
(O SURWDJRQLVPR GH ORV GLULJHQWHV D TXH DOXGtD VXWLOPHQWH HO 'LSXWDGR
VHxRU(VSLQDHVXQRGHORVIDFWRUHVTXHVHWUDQVIRUPD\FRQVWLWX\HWDPELpQHQ
XQD PHFKD SHUPDQHQWH SDUD FLHUWDV H[SORVLRQHV GH ODV EDUUDV EUDYDV HQ ORV
HVWDGLRV5HVXOWDFXULRVRTXHHQ&KLOHVHDQPiVFRQRFLGRVORVQRPEUHVGHODV
SHUVRQDVTXHWUDGLFLRQDOPHQWHKDQGLULJLGRGXUDQWHPiVGHDxRVHOGHSRUWH
PiV PDVLYR HO I~WERO TXH HO GH ORV SURSLRV MXJDGRUHV 6RQ HOORV ORV TXH D
WUDYpVGHORVPHGLRVGHFRPXQLFDFLyQLQFLWDQDHVWRVMyYHQHVPXFKRVGHXQ
QLYHOFXOWXUDO\VRFLDOPX\PRGHVWRHVWLPXODGRVLQFOXVRSRURWURSUREOHPDTXH
WDPELpQ WLHQH UHODFLyQ \ TXH VH VHxDOy LQFLSLHQWHPHQWH FRPR HV OD
GURJDGLFFLyQ D TXH FRQ SRVWHULRULGDG HVWDOOHQ GHQWUR GHO DQRQLPDWR GH HVWDV
JUDQGHVPXOWLWXGHV
(Q HVWD PDWHULD HQWRQFHV ORV PHGLRV GH FRPXQLFDFLyQ D SHVDU GH OD
FRPHUFLDOL]DFLyQQDWXUDODTXHVHHQIUHQWDQGHEHQEDMDUHOSHUILOGHTXLHQHV
GLULJHQ \ VH WUDQVIRUPDQ HQ ORV HOHPHQWRV PiV SURWDJyQLFRV GHO GHSRUWH
QDFLRQDOFRQUHVXOWDGRVEDVWDQWHQHJDWLYRV
6H VRVWLHQH TXH XQR GH ORV IDFWRUHV TXH LQFLWD D OD YLROHQFLD HQ ORV
HVWDGLRVHVHOFRQVXPR\ODYHQWDGHDOFRKRO(VRHVUHODWLYRSRUTXHHQ&KLOH
KD\ OXJDUHV GRQGH VH SUDFWLFDQ GHSRUWHV \ WDPELpQ VH FRQVXPH DOFRKRO SHUR
QRH[LVWHQHVWDVEDUUDVEUDYDVTXHSURYRFDQGHVPDQHV
7DOHVHOFDVRGHORVKLSyGURPRV\ORVURGHRV$OOtQRKHPRVYLVWRDFWRV
GHYLROHQFLDORTXHGHPXHVWUDTXHHQHOPiVPDVLYRGHORVGHSRUWHVFRPRHV
HOI~WEROKD\XQDVSHFWRFR\XQWXUDOTXHKDEUiTXHHQIUHQWDU\VROXFLRQDU
&HOHEUR HO HVIXHU]R GHO (MHFXWLYR SRU HQYLDU HVWH SUR\HFWR TXH LQWHQWD
GHWHQHU OR TXH HO SDtV REVHUYD KRUURUL]DGR D WUDYpV GH ORV PHGLRV GH
FRPXQLFDFLyQ HQ HVSHFLDO GH OD WHOHYLVLyQ 7HQtD PXFKD UD]yQ HO 'LSXWDGR
VHxRU 0DUWtQH] FXDQGR VHxDOy TXH QR SXHGH VHU SRVLWLYR GH QLQJXQD PDQHUD
TXHHQORVSULQFLSDOHVLQIRUPDWLYRVQDFLRQDOHVVHGpPD\RUSUHSRQGHUDQFLDDOD
LPDJHQGHWRGRVORVDFWRVYLROHQWRVUHDOL]DGRVSRUHVWDVEDUUDV$TXtGHEHPRV
SRQHU HO DFHQWR \ VXEUD\DU 6L OD WHOHYLVLyQ VLJXHHQ HVD GLYXOJDFLyQ QHJDWLYD
GHO GHSRUWH SRU OD YtD GH OD LPLWDFLyQ HQ HO UHVWR GH ODV UHJLRQHV GHO SDtV
WDPELpQ VH FRQVWLWXLUiQ HVWDV VLQLHVWUDV EDUUDV EUDYDV 'H PDQHUD TXH
HGXFDFLyQ PHGLRV GH FRPXQLFDFLyQ IRUPDFLyQ \ PRUDOLGDG GH QXHVWURV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
GLULJHQWHV FRQWULEXLUiQ GH XQD X RWUD PDQHUD D EDMDU OD SDVLyQ TXH
ODPHQWDEOHPHQWH VH HVWi H[DFHUEDQGR (VSHUR TXH FRQ HVWH SUR\HFWR GH OH\
VHFRQWHQJDHQDOJXQDPHGLGD
+HGLFKR
(OVHxRU+$08<9LFHSUHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU2USLV
(O VHxRU 253,6 6HxRU 3UHVLGHQWH VHUp PX\ EUHYH HQ PL LQWHUYHQFLyQ SDUD
DERUGDUGRVSXQWRV
(QWUHORVOXJDUHVHQTXHKDQRFXUULGRORVGHVPDQHVVHFXHQWDHO(VWDGLR
GH&ROR&RORGRQGHYHFLQRVGHOVHFWRUKDQVXIULGRORVHIHFWRVGHHVWDVEDUUDV
EUDYDV3HURTXLHURKDFHUXQDOFDQFHIRUPDOHQHOVHQWLGRGHTXHQRVyORDOOt
KDQRFXUULGRHVWRVKHFKRVVLQRTXHHQPXFKRVOXJDUHVGHOSDtV
/DPHQWR TXH HO &RQJUHVR OOHYH GRV DxRV WUDPLWDQGR HO SUR\HFWR VLQ
GHVSDFKDUORDSHVDUGHOSUREOHPDXUJHQWHTXHYLYHQXHVWUDVRFLHGDGHQHVWD
PDWHULD1RVpVLSDUDDXPHQWDUOHVXXUJHQFLDYDPRVDWHQHUTXHODPHQWDUOD
PXHUWH GH DOJXQDV SHUVRQDV R YDPRV D VHJXLU GHSORUDQGR OD GHVWUXFFLyQ GH
ELHQHV HWFpWHUD (Q SULPHU OXJDU KDJR KLQFDSLp HQ TXH VH WUDWD GH XQ
SUR\HFWR TXH GHEHPRV GHVSDFKDU D OD EUHYHGDG SRUTXH DO SDVR TXH YD VH
GLODWDUiVXWUDPLWDFLyQ&RPROHJLVODGRU\SDUODPHQWDULRQRGHVHDUtDODPHQWDU
RWUDVVLWXDFLRQHVGHHVWDtQGROH
(Q VHJXQGR OXJDU FRPR XQ DVSHFWR PiV HVSHFtILFR HO SUR\HFWR
HVWDEOHFH FLHUWDV PHGLGDV SUHYHQWLYDV \ DOJXQDV VDQFLRQHV 4XLHUR UHIHULUPH
HVSHFtILFDPHQWHDODVSHQDVDOWHUQDWLYDVFRQVDJUDGDVHQORVDUWtFXORVž\
8QD GH HOODV HVWDEOHFH OD SRVLELOLGDG GH TXH TXLHQ KD\D FRPHWLGR GHOLWR GHEH
UHDOL]DUXQWUDEDMRFRPXQLWDULRTXHVHOOHYDUiDHIHFWRHQFXDOTXLHUHQWLGDGGH
FDUiFWHUFRPXQLWDULRGHOOXJDUGHOGRPLFLOLRGHOFRQGHQDGR
3LHQVR TXH VL TXHUHPRV XQD YHUGDGHUD UHKDELOLWDFLyQ UHVSHFWR GH HVWD
SHQD HV LPSRUWDQWH TXH OD SHUVRQD UHDOLFH HO WUDEDMR FRPXQLWDULR HQ HO OXJDU
HQ TXH SURGXMR HO GDxR SRUTXH DVt WRPDUi FRQFLHQFLD GH OR TXH KL]R \ GHO
HIHFWR TXH FDXVy HQ HVH OXJDU R HQ ORV OXJDUHV DOHGDxRV D ORV UHFLQWRV
GHSRUWLYRV (Q HVH VHQWLGR KH SUHVHQWDGR LQGLFDFLyQ SDUD TXH HVWD SHQD
DOWHUQDWLYD TXH DSOLTXH HO MXH] VH UHDOLFH HQ HO OXJDU HQ TXH HIHFWLYDPHQWH VH
SURGXMRHOGDxRSRUTXHDKtHOMRYHQRODSHUVRQDTXHFRPHWLyHOGHOLWRWRPDUi
UHDOFRQFLHQFLDGHODPDJQLWXGGHORVKHFKRVFRPHWLGRV
+HGLFKR
(OVHxRU+$08<9tFHSUHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU9LOORXWD
(O VHxRU 9,//287$ 6HxRU 3UHVLGHQWH HVWH SUR\HFWR IXH WUDWDGR KDFH
DSUR[LPDGDPHQWH GRV DxRV SRU OD &RPLVLyQ GH (GXFDFLyQ \ WHQJR OD
VDWLVIDFFLyQ GH GHFLU TXH IXL HO ~QLFR 'LSXWDGR TXH OR YRWy IDYRUDEOHPHQWH D
SHVDU GH TXH VH DGYLUWLy TXH VX UHGDFFLyQ QR HUD WRWDOPHQWH DSURSLDGD SDUD
UHVROYHU ORV KHFKRV GH OD YLROHQFLD HQ ORV HVWDGLRV \ GH TXH DOJXQRV FROHJDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
HVWLPDURQTXHHUDQPX\RFDVLRQDOHVGHPDQHUDTXHQRYDOtD ODSHQD OHJLVODU
VREUH VLWXDFLRQHV SXQWXDOHV TXH VH SURGXFtDQ HVSHFtILFDPHQWH HQ HO (VWDGLR
1DFLRQDO
3HUR QR KD\ GXGD GH TXH HVWH SUR\HFWR TXH KD VLGR WRWDOPHQWH UHFWLILFDGR \
PHMRUDGR SRU OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD HQ HVWH
PRPHQWR VH MXVWLILFD SOHQDPHQWH \ HV FRQYHQLHQWH LPSULPLUOH XQD GLQiPLFD
GLIHUHQWH GH OD TXH KD WHQLGR SRUTXH HVRV GHVPDQHV TXH WRGRV KHPRV
DSUHFLDGRDWUDYpVGHORVGLIHUHQWHVPHGLRVGHFRPXQLFDFLyQHVSHFLDOPHQWHOD
WHOHYLVLyQTXHHVHOPiVLPSRUWDQWHGHPXHVWUDQTXHHVLQGLVSHQVDEOHDSOLFDU
VDQFLRQHVJUDYHV\ILUPHVTXHORVHOLPLQHQRTXHSRUORPHQRVORVDPLQRUHQ
QRWDEOHPHQWH$XQRFRPRGLULJHQWHGHSRUWLYRLPSDFWD\GHVDJUDGDHOKHFKR
GHTXHKD\DJHQWHTXHQRWHQJDLGHDGHORTXHHVHOGHSRUWH
(Q HO LQIRUPH HFKR GH PHQRV OD FRQVXOWD UHVSHFWLYD D OD &RUWH 6XSUHPD HQ
UHODFLyQ FRQ DOJXQDV PRGLILFDFLRQHV DO &yGLJR GH 3URFHGLPLHQWR &LYLO \ D ORV
FyGLJRVUHVSHFWLYRV\HVWLPRTXHGHEHUtDFRPSOHWDUVHSDUDSURVHJXLUHOFXUVR
UHJXODU
1RREVWDQWHUHVSHFWRGHODVSHWLFLRQHV\UHVROXFLRQHVTXHGLFWDHOLQWHQGHQWH
UHJLRQDOSDUDDXWRUL]DUDOJXQRVHVSHFWiFXORVGHSRUWLYRVFRQHO'LSXWDGRVHxRU
(OJXHWD SUHVHQWDPRV XQD LQGLFDFLyQ D ILQ GH SHUPLWLU FRPR HQ ODV OH\HV
UHJLRQDOHVTXHHOJREHUQDGRUSURYLQFLDOUHVXHOYDVLWXDFLRQHVGHHVWHWLSR\GH
HVHPRGRSURSRUFLRQDUXQSRFRPiVGHGLQiPLFDDODREOLJDFLyQGHOLQWHQGHQWH
UHJLRQDO
$SDUHQWHPHQWHODSURSRVLFLyQGHOFROHJDVHxRU2USLVHVEXHQDSHURSUHVHQWD
HO LQFRQYHQLHQWH GH TXH DTXHOOD SHUVRQD TXH SURYRFy GHVWUR]RV GH
FRQVLGHUDFLyQHQXQUHFLQWRGHSRUWLYR\TXHGHEDWUDEDMDUDOOtHQFXPSOLPLHQWR
GHODVDQFLyQSDUDUHSDUDUHQDOJXQDPHGLGDORVGDxRVUHFLELUiODSXOODRHO
HQFRQRGHORVIXQFLRQDULRVRGLULJHQWHVGHOFOXEGHSRUWLYR6LELHQHVFLHUWRTXH
HVDSURSRVLFLyQHVPX\ELHQLQWHQFLRQDGDHQODSUiFWLFDQRHVEXHQDSRUTXHD
OR PHMRU SXHGH SURYRFDU KHFKRV SHRUHV VL HVD SHUVRQD HV LGHQWLILFDGD HQ HO
PLVPR PRPHQWR HQ TXH VH OD H[SRQJD HMHFXWDQGR ORV UHIHULGRV DFWRV GH
YLROHQFLD
3RU OR WDQWR FUHR TXH KDEUtD TXH UHFKD]DU OD SURSRVLFLyQ R EXVFDU XQD
UHGDFFLyQPiVSUiFWLFDSRUTXHSXHGHVHUSHRUHOUHPHGLRTXHODHQIHUPHGDG
6HxRU 3UHVLGHQWH VL OR DXWRUL]D TXLHUR FRQFHGHU XQD LQWHUUXSFLyQ DO FROHJD
VHxRU-RUJH3L]DUUD
(OVHxRU9,(5$*$//23UHVLGHQWH7LHQHODSDODEUD6X6HxRUtD
(O VHxRU 3,=$552 GRQ -RUJH 6HxRU 3UHVLGHQWH VyOR TXLHUR UHVDOWDU
EUHYHPHQWH OD LPSRUWDQFLD GH HVWH SUR\HFWR \ VX QHFHVDULD DSUREDFLyQ SRU
HVWD&RUSRUDFLyQ&RPRVHHVWDEOHFHHQORVLQIRUPHVKXERXQDGLVFXVLyQHQOD
&RPLVLyQ GH (GXFDFLyQ FRPR WDPELpQ GHVGH KDFH WLHPSR HQ WpUPLQRV
S~EOLFRVFRQUHVSHFWRDHVWDPDWHULDSHURQRKXERYROXQWDGGHOHJLVODU7RGDV
ODVUD]RQHVHVJULPLGDVIXHURQOHJtWLPDV\VREUHODEDVHGHOFRQYHQFLPLHQWRGH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
TXH ORV SUREOHPDV HUDQ SXQWXDOHV \ TXH QR VH SRGtD KDFHU XQD OHJLVODFLyQ
HVSHFLDOSDUDXQDVLWXDFLyQWDQSDUWLFXODU
/D YHUGDG HV TXH HVWD VLWXDFLyQ QR VH SURGXFH WRGDV ODV VHPDQDV SHUR Vt
UHSUHVHQWDXQSUREOHPDTXHQRSRGHPRVGHVFRQRFHUGHVGHHOSXQWRGHYLVWD
GHODUHVSRQVDELOLGDGGHQXHVWUR&RQJUHVRGHOHJLVODUVREUHPDWHULDVTXHGLFHQ
UHODFLyQFRQODYLGDGLDULDFRQORVSUREOHPDVSHUPDQHQWHVGHODVSHUVRQDV
< HQ HVH VHQWLGR HVWDPRV OHJLVODQGR DGHPiV UHVSHFWR GH XQD PDWHULD GH
PXFKDLPSRUWDQFLDSDUDJUDQGHVVHFWRUHVGHQXHVWURSDtVHVSHFLDOPHQWHSDUD
ORVMyYHQHVTXHODPD\RUtDGHODVYHFHVVHYHQHQYXHOWRVHQDFWRVGHYLROHQFLD
R HQ VLWXDFLRQHV UHVSHFWR GH ODV FXDOHV QR HV FRQYHQLHQWH TXH SDUWLFLSHQ R
VHDQOOHYDGRVDSDUWLFLSDUWDOHVFRPRDJUHVLyQHQIUHQWDPLHQWRVFRQODSROLFtD
SHUWXUEDFLyQ GH OD YLGD SULYDGD GH ODV SHUVRQDV QR UHVSHWR GHO GHUHFKR D
SURSLHGDGHWFpWHUD
3HURORPiVJUDYHHVTXHHQHOSDtVVHHVWiSURGXFLHQGRXQDVLWXDFLyQFDVLGH
VLQyQLPR HQWUH OR TXH SXHGH VHU OD DFWLYLGDG GHSRUWLYD \ HO FRQFHSWR GH OD
YLROHQFLD (VD HV XQD PDWHULD PX\ FRQYHQLHQWH GH DFODUDU SRUTXH OD DFWLYLGDG
GHSRUWLYD\UHFUHDFLRQDOSHUVLJXHMXVWDPHQWHORFRQWUDULRGHORTXHSRGUtDVHU
XQDFWRGHYLROHQFLDRGHDJUHVLyQGHGHVRUGHQS~EOLFR
3HUVRQDOPHQWH YDORUR OD YROXQWDG GH ORV GLVWLQWRV VHFWRUHV GH HVWD &iPDUD
SDUD OHJLVODU SRVLWLYDPHQWH VREUH OD PDWHULD OR FXDO FRQVWLWX\H XQ SDVR
LPSRUWDQWH \ XQD VHxDO TXH OH KHPRV GDGR DO SDtV UHVSHFWR GH QXHVWUD
SUHRFXSDFLyQ
5HFXHUGRWDPELpQDDOJXQRVFROHJDVTXH PiVGHSRUFLHQWRGHTXLHQHVVH
YHQ LQYROXFUDGRV HQ GHVyUGHQHV S~EOLFRV \ HQ WRGR OR TXH VH KD OODPDGR OD
YLROHQFLDHQORVHVWDGLRVVRQPHQRUHVGHHGDGPiVELHQQLxRVGHHQWUHO2
yDxRV
/DV FDXVDV \D IXHURQ H[SXHVWDV SRU YDULRV GH PLV FROHJDV <R VyOR TXLHUR
LQVLVWLU HQ OR TXH UHVSHFWD D OD SUHYHQFLyQ SDUD TXH HVWRV KHFKRV GHOLFWXDOHV
QRVHSURGX]FDQ0HSDUHFHTXHHVWHSUR\HFWRHQFDUDEDVWDQWHELHQHOWHPDGH
ODSUHYHQFLyQ(VEXHQRTXHVHHVWDEOH]FDXQDUHVSRQVDELOLGDGGHTXLHQHVVRQ
ORV DFWRUHV SULQFLSDOHV HQ HVWRV HVSHFWiFXORV GHSRUWLYRV TXH VH KDQ
FRQVLGHUDGRGHDOWRULHVJR(OODGHEHIRUPDUSDUWHGHXQDSROtWLFDSHUPDQHQWH
\ HVWDEOHFHUVH HQ XQ PDUFR OHJDO TXH REOLJXH D ORV DFWRUHV GH HVWRV
HVSHFWiFXORV D DVXPLU OD UHVSRQVDELOLGDG GH VX UHDOL]DFLyQ GH PDQHUD GH
HYLWDU OD UHSHWLFLyQ GH HVWDV DFFLRQHV 7RGR HO WHPD GH OD GHILQLFLyQ GH ORV
HYHQWRV GH DOWR ULHVJR WLHQH TXH YHU FRQ OD VHJXULGDG HQ ORV HVWDGLRV FRQ OD
UHVSRQVDELOLGDG GH TXLHQHV HVWiQ HQFDUJDGRV GH OD PDQWHQFLyQ GHO RUGHQ
S~EOLFR FRQ ODV SRVLELOLGDGHV GHO 0LQLVWHULR GHO ,QWHULRU SDUD GHILQLU
HIHFWLYDPHQWH FXiQGR XQ HVSHFWiFXOR HV GH DOWR ULHVJR \ SDUD WRPDU ODV
PHGLGDV SUHYHQWLYDV GHO FDVR TXH SHUPLWDQ TXH pVWH VH GHVDUUROOH VLQ
SUREOHPDV
(Q OD &RPLVLyQ VH HVWDEOHFLy TXH HO ,QWHQGHQWH GH OD UHJLyQ FRUUHVSRQGLHQWH
WHQJD OD SRVLELOLGDG GH VXVSHQGHU OD UHDOL]DFLyQ GH XQ HYHQWR VL HV TXH VH
DGYLHUWHQ FRQGLFLRQHV GH ULHVJR R TXH QR JDUDQWLFHQ OD VHJXULGDG GH ODV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
SHUVRQDV < GHVGH HVH SXQWR GH YLVWD TXHUHPRV HQWUHJDU XQ LQVWUXPHQWR
SUHFLVR HILFD] TXH DGHPiV SHUPLWD TXH OD DXWRULGDG VH UHVSRQVDELOLFH HQ
FRQMXQWRFRQTXLHQHVORVRUJDQL]DQGHODEXHQDUHDOL]DFLyQGHORVPLVPRV
(Q FXDQWR DO WHPD GH ORV PHGLRV GH FRPXQLFDFLyQ VREUH ORV PHQRUHV OD
H[DFHUEDFLyQ SUHYLD GH ORV iQLPRV DQWH XQ SDUWLGR GH I~WERO SRU HMHPSOR
LQFOX\H WDQWR HQ OD YLROHQFLD FRPR TXH HVRV PLVPRV PHGLRV GH FRPXQLFDFLyQ
MXHJXHQXQSDSHOPRULJHUDGRUyPRGHUDGRUGHODVDFWLWXGHVGHORVKLQFKDV<
DO UHVSHFWR KHPRV DVLVWLGR D XQ ~OWLPR HMHPSOR (O 'LSXWDGR VHxRU 2USLV KD
PHQFLRQDGR D &ROR &ROR TXH HV HO PiV FXHVWLRQDGR SRU UD]RQHV GH OD
LQIUDHVWUXFWXUDGHVXHVWDGLRGHODRUJDQL]DFLyQGHVXEDUUDGHODSR\RPDVLYR
TXHUHFLEHQRUPDOPHQWHSRUTXHHVHOFOXEPiVSRSXODUSHURQRFDEHGXGDGH
TXHXQDVLWXDFLyQPX\GLVWLQWDVHSURGXMRHQHOSDUWLGRGHHVWHHTXLSRFRQOD
8QLYHUVLGDG GH &KLOH KDFH XQD VHPDQD FXDQGR GHVGH ORV SUHVLGHQWHV GH ORV
FOXEHV GHSRUWLYRV KDVWD ORV MXJDGRUHV SDVDQGR SRU ORV iUELWURV ORV
HQWUHQDGRUHV\SRUTXLHQHVSDUWLFLSDQGHHVWHHYHQWRKLFLHURQXQDYHUGDGHUD
FDPSDxDGHHGXFDFLyQSUHYLDDOSDUWLGR,QGXGDEOHPHQWHHQHOHVWDGLRQRVH
SURGXMR QLQJ~Q GHVPiQ \ HO HVSHFWiFXOR VH UHDOL]y VLQ QLQJ~Q SUREOHPD 1R
REVWDQWH DOJXQRV SUREOHPDV PHQRUHV VH SURGXMHURQ IXHUD GH pO \ HVWH
SUR\HFWR WDPELpQ HQIUHQWD DTXHOORV TXH VH SURGXFHQ HQ ODV LQPHGLDFLRQHV GH
ORVUHFLQWRVGHSRUWLYRV
0H SDUHFH TXH ORV WHPDV GH OD HGXFDFLyQ GH OD UHVSRQVDELOLGDG GH ORV
SULQFLSDOHV DFWRUHV HVSHFLDOPHQWH GH ORV FOXEHV TXH RUJDQL]DQ EDUUDV GH VXV
GLULJHQWHV FXDQGR HPLWHQ MXLFLRV X RSLQLRQHV TXLHQHV QHFHVDULDPHQWH GHEHQ
UHVSRQGHU HVWiQ ELHQ FRQVLGHUDGRV FRPR WDPELpQ HO FDVR GH ORV PHGLRV GH
FRPXQLFDFLyQ
6HxRU3UHVLGHQWHHVWR\SOHQDPHQWHGHDFXHUGRFRQHOSUR\HFWR/DDSUREDFLyQ
GHXQSUR\HFWRGHOH\GHHVWDQDWXUDOH]DFRQVWLWX\HXQDPX\EXHQDVHxDOTXH
OH GDPRV DO SDtV DVXPLPRV OD UHVSRQVDELOLGDG TXH QRV FRUUHVSRQGH FRPR
&iPDUD\UHVSRQGHPRVDORVUHTXHULPLHQWRVGHODJHQWHTXHQRUPDOPHQWHVH
YH LQYROXFUDGD R SUHRFXSDGD GH HVWRV SUREOHPDV TXH QR HV SRFD /DV
HQFXHVWDV UHIOHMDQ TXH OD JUDQ PD\RUtD GH ORV SDGUHV WHPHQ SRU OD VHJXULGDG
GH VXV KLMRV FXDQGR HVWRV YDQ D ORV HVWDGLRV < HVR QR SXHGH VHU SRUTXH OD
DFWLYLGDG GHSRUWLYD HV FRPSOHPHQWDULD GH OD IRUPDFLyQ GH ORV MyYHQHV \
DGHPiV HQ HOOD VH YHQ HQYXHOWDV SHUVRQDV PD\RUUHV OD IDPLOLD PXMHUHV
HWFpWHUD
$JUDGH]FRODLQWHUUXSFLyQTXHPHFRQFHGLyHOFROHJDVHxRU9LOORXWD
+HGLFKR
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
9LOORXWD
(O VHxRU 9,//287$ 6HxRU 3UHVLGHQWH FUHR TXH WDPELpQ FRUUHVSRQGH XQD
IHOLFLWDFLyQ D OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD TXH HVWXGLy
HVWHSUR\HFWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(VWR\FLHUWRGHTXHHOFRQRFLPLHQWRTXHGHpOVHWHQJDDWUDYpVGHODSUHQVD
GH OD WHOHYLVLyQ GHEHUi SURYRFDU XQD GLVPLQXFLyQ GH ORV DFWRV GH YLROHQFLD
SRUTXHHOKLQFKDHOIDQiWLFRHOLQWHJUDQWHGHODVEDUUDVFXHVWLRQDGDVTXHQR
SUHVWLJLD DO GHSRUWH DO VDEHU TXH OHJLVODPRV HQ VX FRQWUD WHQGUiQ TXH
WHUPLQDUFRQWDOHVDFWRV
&XDQGRWUDWDPRVHVWHSUR\HFWRHQOD&RPLVLyQGH(GXFDFLyQUHFRUGDEDTXHHQ
WLHPSRV TXH HUD GLULJHQWH GHO &OXE GH 'HSRUWHV 0DOOHFR 8QLGR OOHJDEDQ
PXFKDV PXMHUHV D YHU ORV SDUWLGRV (VWDV DFWXDFLRQHV GHSRUWLYDV HUDQ XQD
YHUGDGHUD ILHVWD HQ OD FLXGDG GH $QJRO 3HUR ORV SHTXHxRV GHVPDQHV \ ORV
JDUDEDWRVHLQVROHQFLDVTXHDOJXQRVKLQFKDVGHVFRQWURODGRVSURILHUHQGXUDQWH
ORVSDUWLGRVIXHURQSURYRFDQGRXQDGLVPLQXFLyQGHODSUHVHQFLDGHODPXMHUHQ
ORVHVWDGLRV
&UHR TXH HVWDV EDUUDV EUDYDV WDPELpQ KDQ SURYRFDGR XQ WHPRU LJXDO HQ HVWH
VHFWRU GH QXHVWUD SREODFLyQ &RPR GHFtD HO 'LSXWDGR VHxRU 3L]DUUR OD JHQWH
WLHQHPLHGRGHLUDORVHVWDGLRV3RUHVRDWUDYpVGHHVWHSUR\HFWRVHORJUDUi
UHVROYHUHOSUREOHPD
6HxRU3UHVLGHQWHPHKDSHGLGRXQDLQWHUUXSFLyQHO'LSXWDGRVHxRU2UWL]
&RQVXYHQLDVHODFRQFHGR
(OVHxRU9,(5$*$//23UHVLGHQWH6HxRU'LSXWDGRKDWHUPLQDGRHOWLHPSR
GHO2UGHQGHO'tD
(OVHxRU$*8,/23LGRODSDODEUDSDUDXQDFXHVWLyQGH5HJODPHQWR
(OVHxRU9,(5$*$//23UHVLGHQWH7LHQHODSDODEUD6X6HxRUtD
(OVHxRU$*8,/26HxRU3UHVLGHQWHSRU5HJODPHQWRORVSDUODPHQWDULRVGHODV
EDQFDGDV TXH QR KDQ KHFKR XVR GH OD SDODEUD WLHQHQ ORV PLQXWRV
FRUUHVSRQGLHQWHVSRUORTXHSHGLUtDTXHOHGLHUDFXUVR
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 6HxRU 'LSXWDGR VL H[LVWH HO DFXHUGR
XQiQLPHGHOD6DODSRGUHPRVYRWDUORDKRUDGHORFRQWUDULRHOSUR\HFWRVLJXH
HQHO2UGHQGHO'tDSDUDFRQWLQXDUVXGLVFXVLyQHQXQDVHVLyQSRVWHULRU1RHV
QHFHVDULRTXHVHYRWHGHLQPHGLDWR
7LHQHODSDODEUDHO'LSXWDGRVHxRU2USLV
(OVHxRU253,66HxRU3UHVLGHQWHHVWHWHPDQRSXHGHFRQWLQXDUGLODWiQGRVH
SRU OD JUDYHGDG GH ORV KHFKRV TXH KDQ HVWDGR RFXUULHQGR HQ ORV GLVWLQWRV
HVWDGLRVGHOSDtV$GHPiVPDxDQDSRGUtDPRVWHQHUTXHWUDWDUXQSUR\HFWRGH
VXPD XUJHQFLD DO TXH KDEUtD TXH GDUOH SULRULGDG &RPR pVWH WLHQH VLPSOH
XUJHQFLDYDTXHGDQGRDWUiVHQODWDEOD\VHVLJXHSRVWHUJDQGRHVWDVLWXDFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
6R\ SDUWLGDULR GH TXH VH YRWH HQ HVWD RSRUWXQLGDG \ TXH LQWHUYHQJDQ ORV
&RPLWpVTXHQRORKDQKHFKRD~Q\TXHORVSDUODPHQWDULRVTXHGHVHHQKDFHU
XVR GH OD SDODEUD LQVHUWHQ VXV SODQWHDPLHQWRV SRUHVFULWR HQ OD YHUVLyQ GH OD
VHVLyQ
(OVHxRU9,(5$*$//23UHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU2UWL]
(OVHxRU257,=6HxRU3UHVLGHQWHHVWR\LQVFULWRHQHOOLVWDGRVLQHPEDUJROR
OyJLFR HV TXH YRWHPRV KR\ HO SUR\HFWR HQ JHQHUDO \ TXH VH LQVHUWHQ ORV
GLVFXUVRVGHORV'LSXWDGRVTXHHVWDPRVLQVFULWRV
(VRHVWRGR
(OVHxRU9,(5$*$//23UHVLGHQWH/D0HVDDGYLHUWHTXHH[LVWHHOiQLPRGH
SURFHGHU HQ HVH VHQWLGR (O VHxRU 6HFUHWDULR WRPDUi QRWD GH TXLHQHV WHQJDQ
LQWHUpVHQLQWHUYHQLU6HSURFHGHUiDODYRWDFLyQHQJHQHUDO
(OVHxRU/(7(/,(56HxRU3UHVLGHQWHXQSXQWRGH5HJODPHQWR
(OVHxRU9,(5$*$//23UHVLGHQWH7LHQHODSDODEUD6X6HxRUtD
(OVHxRU/(7(/,(56HxRU3UHVLGHQWHODEDQFDGDVRFLDOLVWDQRKDKHFKRXVRGH
OD SDODEUD \ SRU WDQWR OH FRUUHVSRQGH LQWHUYHQLU DQWHV GH HIHFWXDU OD
YRWDFLyQ
(OVHxRU9,(5$*$//23UHVLGHQWH6HxRU'LSXWDGRHQWLHQGRTXHHODFXHUGR
LPSOLFD TXH WRGRV ORV VHxRUHV SDUODPHQWDULRV TXH HVWiQ LQVFULWRV KDJDQ OOHJDU
VXV GLVFXUVRV SRUTXH GH OR FRQWUDULR ODV GHPiV EDQFDGDV SRGUtDQ DFWXDU GH
ODPLVPDIRUPD\HOVLVWHPDDVtQRVHUiRSHUDEOH
(OVHxRU6HFUHWDULRGDUiOHFWXUDDODVSHUVRQDVTXHHVWiQLQVFULWDV
(O VHxRU /2<2/$ 6HFUHWDULR +DVWD HVWH PRPHQWR VH KDQ LQVFULWR ORV
'LSXWDGRV VHxRUHV (OJXHWD $JXLOy 2UWL] 'HYDXG 9DOFDUFH %D\R 0DQWHUROD
(VWpYH] (OL]DOGH 9HODVFR $OHVVDQGUL $OYDUH]6DODPDQFD *DUFtD GRQ 5HQp
0DQXHO2MHGD&DPSRV7DODGUL]\3pUH]GRQ5DPyQ
/RVWH[WRVGHORVGLVFXUVRVFX\DLQVHUFLyQVHDFRUGyVRQORVVLJXLHQWHV
(O VHxRU 2-('$ 6HxRU 3UHVLGHQWH HO SUR\HFWR GH OH\HV LQWHUHVDQWH \ PX\
QRYHGRVRSRUTXHDERUGDPDWHULDVGRQGHODOHJLVODFLyQVREUHWRGRODSHQDOQR
WHQtD PD\RU LQMHUHQFLD /D QHFHVLGDG GH OHJLVODU KD VLGR PRWLYDGD SRU KHFKRV
WDPELpQ QXHYRV TXH KDQ H[LJLGR OD LQWHUYHQFLyQ GHO (VWDGR SDUD UHJXODUORV \
SUHYHQLUORV +HFKRV TXH VRQ H[WUDxRV DO GHSRUWH VLWXDFLRQHV DMHQDV D OR TXH
HVODUHFUHDFLyQ\HOHVSDUFLPLHQWR3RUTXHHOTXHYDDORVHVWDGLRV\SUDFWLFD
SHULyGLFDPHQWH XQD GLVFLSOLQD GHSRUWLYD QR OR KDFH FRQ DIDQHV GH OXFKD QL GH
JXHUUDVHPEUDQGRODKRVWLOLGDGRSUHSDUDQGRHOWHUUHQRSDUDFRQIURQWDUVHFRQ
RWURVJUXSRV4XLHQHVUHDOGHSRUWLVWDHQWLHQGHTXHH[LVWHXQDH[LJHQFLDItVLFD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
\ VtTXLFD GH VX FXHUSR \ VX PHQWH SRU KDFHU HVIXHU]RV ItVLFRV SDUD VX SURSLR
GHVDUUROOR \ VX SHUIHFFLRQDPLHQWR &XDOTXLHU FRVD H[WUDxD D HVWDV FRQGXFWDV
QRVHUiGHSRUWHVLQRTXHFXDOTXLHURWUDFRVDTXHHOGHSRUWLVWDQREXVFD/RV
UHFLHQWHVVXFHVRVRFXUULGRVHQORVHVWDGLRVGHOSDtVGHLQXVLWDGDYLROHQFLDFRQ
DWHQWDGRV KDFLD OD SURSLHGDG S~EOLFD \ SULYDGD FRQ OHVLRQHV D OD LQWHJULGDG
ItVLFDGHODVSHUVRQDVKDQVLJQLILFDGRXQJUDQPRWLYRGHSUHRFXSDFLyQGHODV
DXWRULGDGHVGHJRELHUQR\GHO3DUODPHQWRUHVSRQGLHQGRDQWHHVWRVKHFKRVFRQ
OD SUHVHQWDFLyQ \ HVWXGLRV GH HVWH SUR\HFWR GH OH\ TXH UHSULPH GHVyUGHQHV \
KHFKRV GH YLROHQFLD HQ ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH
HVSHFWiFXORV S~EOLFRV 8Q SUR\HFWR TXH SUHWHQGH WHUPLQDU FRQ HVWH IHQyPHQR
GH YLROHQFLD VRFLDO GHSRUWLYD DQWHV GHVFRQRFLGD HQ QXHVWUR SDtV (V HYLGHQWH
TXH HVWR HV WDPELpQ HO UHIOHMR GH OR TXH RFXUUH HQ RWURV SDtVHV \D TXH HV
LQGHVPHQWLEOHHOKHFKRGHTXHKD\FRQGXFWDVTXHWLHQGHQDLPLWDUVH<HVIiFLO
LPLWDU ORQHJDWLYRTXHHTXLYRFDGDPHQWH OOHYDQDOVXMHWRDVHUSURWDJRQLVWDR
FHQWUR GH OD DWHQFLyQ /RV TXH SURYRFDQ OD YLROHQFLD HQ HO GHSRUWH QR VRQ
GHSRUWLVWDV $ PL HQWHQGHU VRQ JUXSRV HQTXLVWDGRV TXH VH DSURYHFKDQ GHO
GHSRUWH R GH XQ VtPEROR SDUD UHDOL]DU VXV DFWRV GHYLROHQFLD (O GHSRUWLVWD QR
OOHJD DO (VWDGLR D LQVXOWDU D DJUHGLU R FUHDU FDRV (O GHSRUWLVWD OOHJD D
VROD]DUVH D UHFUHDUVH D GHJXVWDU VX GHSRUWH D JR]DU FRQ HO WULXQIR \ D
HQWUHWHQHUVH<HVXQDSHUVRQDWUDQTXLODTXHDYHFHVFRQFXUUHDORVHVWDGLRV
FRQVXIDPLOLD&RLQFLGLPRVHQTXHFRQODYLROHQFLDODYtFWLPDHVHOI~WEROHVHO
PLVPR GHSRUWH 8QD OHJLVODFLyQ TXH UHSULPD TXH FDVWLJXH HV QHFHVDULD 6HUi
DSOLFDGD D DTXHOORV TXH HMHFXWHQ DFFLRQHV YLROHQWDV DMHQDV DO GHSRUWH
DFFLRQHV GHOLFWLYDV TXH SRU GDxDU \ OHVLRQDU ELHQHV MXUtGLFRV SUHFLDGRV GHEHQ
VHUSHUIHFWDPHQWHWLSLILFDGDVFRPRGHOLWR /DYLROHQFLDWHUPLQD RFRPLHQ]DHQ
ORV HVWDGLRV WDPELpQ SXHGH LQLFLDUVH IXHUD GH ORVHVWDGLRV /DV LQVWUXFFLRQHV
ODV HVWUDWHJLDV IUtDPHQWH HODERUDGDV TXH DFRQVHMDQ JROSHDU R GHVWUXLU
WDPELpQ SXHGHQ LQLFLDUVH DQWHV /D SURSDJDQGD IXHUWH HO LQFHQWLYR GHO
SHULRGLVPRVHQVDFLRQDOLVWDFRQWULEX\HQDFUHDUHOFOLPDGHYLROHQFLD7RGRHVD
YHFHVXQDFRQFDWHQDFLyQGHKHFKRVRFLUFXQVWDQFLDVTXHRULJLQDQODYLROHQFLD
VRQFRPRYDULRVIyVIRURVHQFHQGLGRVTXHLQFHQGLDQHQWHUDPHQWHXQDPRQWDxD
8QD YLROHQFLD TXH D YHFHV QR HV WDQ VyOR DLVODGDPHQWH GHSRUWLYD VLQR TXH
WLHQHUDtFHVYLHQHGHOKRJDU YLHQHGHODFDOOH \FRPRVHGLFHHVWDYLROHQFLD
FRQVWLWX\HXQDSHTXHxDSDUWHGHODYLGDGHOLFWXDOGHORVMyYHQHVTXHLQFXUUHQ
HQHVWHWLSRGHYLROHQFLDGHSRUWLYD/DYLROHQFLDVRFLDOH[WLHQGHVXVWHQWiFXORV
KDFLD GLYHUVDV iUHDV /D IUXVWUDFLyQ OD LQVDWLVIDFFLyQ TXH FUHD UHEHOGtD \
UHVHQWLPLHQWR VRQ FDOGRV GH FXOWLYRV SDUD HVWD YLROHQFLD HQ ORV GHSRUWHV /RV
MyYHQHV LQFRPSUHQGLGRV DO PDUJHQ GH FXDOTXLHU RSFLyQ FRQ DQKHORV FRQ
VXHxRV FDQVDGRV GH XQ DQRQLPDWR TXH ORV VXPH HQ OD UXWLQD SURFXUDQ VX
WUDQVIRUPDFLyQHQHOFHQWURGHLQWHUpVVHHVIXHU]DQSRUVHUSURWDJRQLVWDVSRU
VHU DFWRUHV SULQFLSDOHV TXH ORV PLUHQ TXH VH SUHRFXSHQ GH HOORV TXH VHSDQ
TXHHVWiQTXHH[LVWHQ<VRQPXFKRVVHDJUXSDQVHLGHQWLILFDQVRQORVGH
DEDMRODJDUUDEODQFDTXHVHDSRGHUDQGHODDWHQFLyQGHOHVSHFWiFXORGH
XQ VtPEROR 8QD OHJLVODFLyQ FRQWUD OD YLROHQFLD HQ ORV HVWDGLRV QR GHEHUtD VHU
SXUDPHQWH SXQLWLYD VLQR TXH WDPELpQ UHKDELOLWDGRUD HGXFDWLYD TXH OOHYH XQ
PHQVDMHXQOLQHDPLHQWRXQDIRUPDGHVHUGHFRPSRUWDUVH4XLHQHVYDQDORV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
HVWDGLRV GHEHQ REVHUYDU \ JR]DU GHO HVSHFWiFXOR (O FDVWLJR GHEH VHU SDUD
DTXHOORVTXHYLROHQWDQTXHSHUWXUEDQTXHPROHVWDQ(OTXHYDDOHVWDGLRGHEH
WHQHU OD VHJXULGDG \ WUDQTXLOLGDG GH TXH QR FRUUHUi ULHVJRV TXH QR VHUi
KRVWLJDGRTXHXQHQFXHQWURGHSRUWLYRQRWUDQVFXUULUiHQFRPSOHWDWHQVLyQ(O
SUR\HFWR DEDUFD PXFKRV VXMHWRV GHVGH HO PiV PRGHVWR HVSHFWDGRU KDVWD ORV
MXJDGRUHVGLULJHQWHV\GHPiVDXWRULGDGHVGHSRUWLYDV TXH LQFLWHQSURPXHYDQ
RFUHHQFRQGLFLRQHVTXHGHULYHQHQODYLROHQFLD
6HxRU 3UHVLGHQWH YRWDUp HQ IDYRU GHO SUR\HFWR HQ HVWXGLR SHUR FRQ OD
VDOYHGDGGHLQGLFDUTXHODYLROHQFLDHQORVHVWDGLRVQRVHWHUPLQDQLVHDJRWD
FRQ XQD OHJLVODFLyQ SXUDPHQWH SXQLWLYD VLQR TXH HV LPSUHVFLQGLEOH OD
DGRSFLyQGHSROtWLFDVJOREDOHVHQPDWHULDVRFLDOGHODDGRSFLyQ\IRPHQWRGHOD
FXOWXUD GHSRUWLYD GH OD FUHDFLyQ GH XQD GLVFLSOLQD pWLFR GHSRUWLYD SDUD ORV
GHSRUWLVWDV (Q ILQ VH WUDWD GH FUHDU FRQFLHQFLD HQ TXLHQHV SDUWLFLSDQ HQ ODV
DFWLYLGDGHV\HQFXHQWURVGHSRUWLYRVTXHHOGHSRUWH\ODSUiFWLFDGHFXDOTXLHUD
GHHOORVHVXQDFWRUHFUHDWLYRGHSHUIHFFLRQDPLHQWRItVLFR\VtTXLFR
+HGLFKR
(OVHxRU(/*8(7$6HxRU3UHVLGHQWHODLGHDGHOHJLVODUVREUHHVWHSUR\HFWROD
FRPSDUWRSOHQDPHQWHSHURIXLSDUWLGDULRHQOD&RPLVLyQGHDERUGDUODPDWHULD
FRQ PiV H[WHQVLyQ /D YLROHQFLD RFDVLRQDGD SRU ODV PXFKHGXPEUHV KD VLGR
REMHWRGHP~OWLSOHVLQYHVWLJDFLRQHVGHVGHHOVLJORSDVDGRSDVDQGRSRU)UHXG\
*XVWDYR/H%RQIDPRVRDXWRUGHOD3VLFRORJtDGHODVPXOWLWXGHV(VWH~OWLPR
HVFULEH TXH ³ORV FUtPHQHV GH OD PXOWLWXG WLHQHQ JHQHUDOPHQWH SRU PyYLO XQD
VXJHVWLyQ SRGHURVD \ ORV LQGLYLGXRV TXH HQ HOORV WRPDQ SDUWH VH SHUVXDGHQ
ELHQ SURQWR GH TXH KDQ REHGHFLGR D XQ GHEHU \ GH TXH QR VRQ FULPLQDOHV
RUGLQDULRV \ VXV FDUDFWHUHV JHQHUDOHV VRQ VXJHVWLRQDELOLGDG FUHGXOLGDG
PRYLOLGDG H[DJHUDFLyQ GH ORV VHQWLPLHQWRV EXHQRV R PDORV PDQLIHVWDFLyQ GH
FLHUWDVIRUPDVGHPRUDOLGDG
/DFRQFOXVLyQHVTXHORVHIHFWRVGDxLQRVGHODYLROHQFLDPXOWLWXGLQDULDQRVyOR
VH GDQ HQ R FRQ PRWLYR GH ORV HVSHFWiFXORV GHSRUWLYRV FRPR OR GLFH HO
SUR\HFWR VLQR HQ UHXQLRQHV GH OD PiV GLYHUVD tQGROH DFWXDFLRQHV GH JUXSRV
PXVLFDOHVSROtWLFDVUHOLJLRVDVGHSRUWLYDVHWFpWHUD
'H DKt HQWRQFHV TXH HO SUR\HFWR VH OLPLWD D OD YLROHQFLD JHQHUDGD SRU ODV
PXFKHGXPEUHVGHSRUWLYDVFRQRFDVLyQGHXQHVSHFWiFXORGHHVWDtQGROH(QPL
RSLQLyQHOSUR\HFWRGHELyDERUGDUWRGDODWHPiWLFDGHODVFRQGXFWDVDJUHVLYDV
\ GHOLFWXDOHV GH ODV PDVDV UHXQLGDV FRQ GLYHUVRV PRWLYRV (O &yGLJR 3HQDO
FKLOHQRQRDERUGyHOSUREOHPDSRUTXHVXFODVLFLVPRVyOROHSHUPLWtDGHWHUPLQDU
UHVSRQVDELOLGDGHVSHUVRQDOHV\VDQFLRQyHOKRPLFLGLRROHVLRQHVHQODVULxDVR
SHOHDV GRQGH QR FRQVWDUH VX DXWRU DUWtFXORV \ < ORV GHVyUGHQHV
S~EOLFRV IDOWDV DUWtFXORV 1ž 7DPSRFR ODV FRQGXFWDV GHVFULWDV HQ HO
SUR\HFWR QL OD YLROHQFLD PXOWLWXGLQDULD TXH VH EXVFD SUHYHQLU \ FDVWLJDU
FRUUHVSRQGHQDORUGHQS~EOLFRDVHJXUDGRHQODOH\GH6HJXULGDGGHO(VWDGR\D
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
TXH QLQJXQD GH HOODV WLHQH SRU ILQDOLGDG DWHQWDU FRQWUD OD DXWRULGDG HO
*RELHUQRFRQVWLWXLGRRHORUGHQLQVWLWXFLRQDOGHOD5HS~EOLFD
2WUR DVSHFWR TXH PHUHFH DOJ~Q UHSURFKH HV HO VHVJR PDUFDGDPHQWH
PHWURSROLWDQRGHHVWHSUR\HFWR\DTXHODVDWULEXFLRQHVTXHVHFRQILHUHQHQQR
PHQRV GH VLHWH DUWtFXORV GH pO ž ž ž ž HWF VREUH DXWRUL]DFLRQHV
FDOLILFDFLyQ GH DOWR ULHVJR UHFXUVRV \ RWUDV PHGLGDV VH UHILHUHQ DO ,QWHQGHQWH
5HJLRQDO\DO3UHIHFWRGH&DUDELQHURV
(VWLPR TXH ORV PLVPRV GHVERUGHV SXHGHQ SURGXFLUVH HQ FXDOTXLHU OXJDU GHO
SDtV SRU OR TXH HV PHQHVWHU TXH HO ,QWHQGHQWH 5HJLRQDO SXHGD GHOHJDU WDOHV
DWULEXFLRQHV FRQIRUPH DO DUWtFXOR ž GH OD OH\ 2UJiQLFD &RQVWLWXFLRQDO
VREUH *RELHUQR \ $GPLQLVWUDFLyQ 5HJLRQDO HQ HO JREHUQDGRU GH OD SURYLQFLD
UHVSHFWLYDGHELHQGRDVtGHFLUVHH[SUHVDPHQWHHQHVWDOH\DILQGHIDFLOLWDUORV
SURFHGLPLHQWRVDOLQWHULRUGHFDGDUHJLyQ
(VWDQGR GH DFXHUGR FRQ HO SUR\HFWR FUHR TXH HV QHFHVDULR OHJLVODU FRQ PiV
GHWDOOH VREUH OD SHQD SULYDWLYD GH OLEHUWDG GHQRPLQDGD DUUHVWR GH ILQ GH
VHPDQDDUWtFXORTXHPRGLILFDHODUWtFXORGHO&yGLJR3HQDO\HODUWtFXOR
GHOPLVPRFXHUSROHJDO'LFHTXHHODUUHVWRGHILQGHVHPDQDVHOOHYDUiD
HIHFWR HQ HO UHFLQWR GH OD XQLGDG SROLFLDO GHO GRPLFLOLR GHO FRQGHQDGR \ VX
GXUDFLyQVHUiGHGRVPHVHVDXQDxR(VDEVROXWDPHQWHFRQYHQLHQWHSUHFLVDU
D TXH HO MXH] GLVSRQGUi HQ FXiO XQLGDG GHEHUi FXPSOLU HVWD SHQD E TXH VH
WUDWD GH ViEDGRV \ GRPLQJRV F TXH HO FRQGHQDGR VH SUHVHQWDUi D XQD KRUD
GHWHUPLQDGD \ VX VDOLGD VH RWRUJDUi D RWUD KRUD WDPELpQ SUHFLVDGD G VL HO
FRQGHQDGRGRUPLUiRQRHQHOFXDUWHODWHQGLGDVODVLQFRPRGLGDGHV\IDOWDGH
ORFDOHV DGHFXDGRV VLQ SHUMXLFLR GH FDUHQFLD GH PHGLRV DOLPHQWLFLRV /D
SULYDFLyQGHOLEHUWDG HVXQDSHQDPX\GHOLFDGD\QRSXHGHTXHGDUHQWUHJDGD
DO PHUR DUELWULR SROLFLDO WRGR OR FXDO SUHFLVDUHPRV HQ ODV LQGLFDFLRQHV
FRUUHVSRQGLHQWHV
&UHR TXH HVWD LQLFLDWLYD HV XQ DYDQFH HQ OD PDWHULD TXH \D H[LVWH HQ RWURV
SDtVHV\FX\RVUHVXOWDGRVKDQGHPRVWUDGRTXHVHDOFDQ]DQ ORV ORJURVGHSD]
VRFLDO\GHRUGHQS~EOLFR
+HGLFKR
(OVHxRU$/$0266HxRU3UHVLGHQWH+RQRUDEOHV'LSXWDGRVHOGHSRUWHKDVLGR
KLVWyULFDPHQWHXQRGHORVSULQFLSDOHV LQVWUXPHQWRVSDUDXQLUD ORVSXHEORVDO
PDUJHQGHFRQVLGHUDFLRQHVVRFLDOHVSROtWLFDV\UHOLJLRVDV3RUHOORVLHPSUHKH
WHQLGRODFRQYLFFLyQGHTXHHO(VWDGRWLHQHHOGHEHUGHFRODERUDUDOSURJUHVRGH
HVWD DFWLYLGDG TXH SHUPLWH UHXQLU D OD IDPLOLD \ DOHMDU D ORV MyYHQHV GHO
DOFRKROLVPR /DV GURJDV \ WDQWRV RWURV PDOHV TXH DIHFWDQ D OD VRFLHGDG
PRGHUQD
/DPHQWDEOHPHQWH HQ ORV ~OWLPRV DxRV KHPRV REVHUYDGR FRQ SUHRFXSDFLyQ
TXHHQORVUHFLQWRVGHSRUWLYRVGHQXHVWURSDtVKDGHMDGRGHSULPDUHVHHVStULWX
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
GH VROLGDULGDG GH DPLVWDG \ GH XQLyQ SDUD GDU SDVR D DOJXQDV DFFLRQHV GH
YLROHQFLDDFDUJRGHJUXSRVRUJDQL]DGRV
(VSHFLDOPHQWH HQ HO FDVR GHO I~WERO SURIHVLRQDO OD SUHVHQFLD GH ODV PDO
GHQRPLQDGDV EDUUDV EUDYDV FX\R VXUJLPLHQWR GHULYD GH OD LPLWDFLyQ GH ORV
KLQFKDV HXURSHRV \ HVSHFLDOPHQWH GH ODV EDUUDV DUJHQWLQDV KD FDXVDGR JUDQ
SUHRFXSDFLyQ HQ GLYHUVRV VHFWRUHV GH OD FLXGDGDQtD SRU VXV DFFLRQHV GH
YLROHQFLD ODV TXH VH UHLWHUDQ FDGD YH] TXH H[LVWH DOJ~Q FOiVLFR GHO I~WERO
FKLOHQR WDOHV FRPR VRQ &ROR &ROR 8QLYHUVLGDG GH &KLOH HO &OiVLFR
8QLYHUVLWDULRHWFpWHUD
/D UHVSRQVDELOLGDG GH HVWRV KHFKRV HV FRPSDUWLGD SRU GLYHUVRV VHFWRUHV (Q
HIHFWRPXFKRVGLULJHQWHVGHSRUWLYRVKDQIRPHQWDGR\DPSDUDGRHVWDVEDUUDV
UHJDOiQGROHVHQWUDGDVDORVHVWDGLRVIDFLOLWiQGROHVHOWUDVODGRDGLYHUVDV]RQDV
GHO SDtV GRQGH MXHJD VX HTXLSR HQ ILQ PLQLPL]DQGRJUDYHV DFWRV GH YLROHQFLD
SURYRFDGRV SRU HOORV $GLFLRQDOPHQWH DOJXQDV QRWLFLDV GHSRUWLYDV HQ ORV
PHGLRV GH FRPXQLFDFLyQ VRFLDO SUHSDUDQ XQ DPELHQWH \ HO iQLPR GHO S~EOLFR
TXH VH DSDUWD GH ORV PiUJHQHV HVWULFWDPHQWH GHSRUWLYRV HV FRP~Q REVHUYDU
WLWXODUHV TXH KDEODQ GH OD JUDQ YHQJDQ]D GH OD JXHUUD GHO SUy[LPR
GRPLQJR HWFpWHUD 7DPELpQ H[LVWH XQD LPSRUWDQWH GRVLV GH UHVSRQVDELOLGDG
GHODDXWRULGDGDGPLQLVWUDWLYDTXHHQRFDVLRQHVDXWRUL]DHOIXQFLRQDPLHQWRGH
UHFLQWRVGHSRUWLYRVTXHQRUH~QHQODVPtQLPDVFRQGLFLRQHVGHVHJXULGDGSDUD
ORVHVSHFWDGRUHV
(QILQH[LVWHXQDUHVSRQVDELOLGDGGHQRVRWURVORVOHJLVODGRUHVTXHQRKHPRV
VLGR FDSDFHV KDVWD KR\ GH GLFWDU XQD QRUPDWLYD TXH SHUPLWD IUHQDU HVWD
FUHFLHQWHYLROHQFLDHQORVHVSHFWiFXORVGHSRUWLYRVHVSHFLDOPHQWHHQHOI~WERO
(V DVt FRPR YHPRV TXH HVWDV EDUUDV EUDYDV SULQFLSDOHV FDXVDQWHV GH OD
YLROHQFLDVHH[SDQGHQDORODUJRGHOSDtV\DQRVyORH[LVWHODJDUUDEODQFD\
ORVGHDEDMRVLQRTXHWDPELpQYHPRVHQHOUHVWRGHOSDtVEDUUDVTXHODVYDQ
LPLWDQGR\DVtREVHUYDPRVODDSDULFLyQGHEDUUDVWDOHVFRPR/DIXULDFHOHVWH
HOKXHVRSLUDWDHWFpWHUD/RVPDORVHMHPSORVVHSURSDJDQFRQIDFLOLGDG
&UHR VHxRU 3UHVLGHQWH TXH HV QHFHVDULR SURFHGHU D XQD OHJLVODFLyQ HVSHFLDO
SDUD ORV KHFKRV GH YLROHQFLD TXH YHPRV HQ ORV UHFLQWRV GHSRUWLYRV TXH WRPH
HQ FRQVLGHUDFLyQ ODV HVSHFLDOHV FRQGLFLRQHV HQ TXH VH GHVDUUROODQ HVWDV
DFWLYLGDGHVTXHKDJDWRPDUFRQFLHQFLDHQWRGDODFLXGDGDQtD\HVSHFLDOPHQWH
D ORV DXWRUHV GH HVWRV KHFKRV DFHUFD GHO JUDYH SUREOHPD TXH VH YLYH
LQGLFiQGROHVFODUDPHQWHODVFRQGXFWDVTXHVHUiQVDQFLRQDGDV
1R H[LVWH HQ OD DFWXDOLGDG XQD VDQFLyQ HILFD] SDUD TXLHQHV LQFXUUDQ HQ HVWDV
FRQGXFWDV\REVHUYDPRVTXHQRUPDOPHQWHQRVHDSOLFDQODVGLVSRVLFLRQHVGHO
&yGLJR 3HQDO TXH VDQFLRQDQ DFWRV GH HVWD QDWXUDOH]D 3RU HO FRQWUDULR ODV
SHUVRQDVGHWHQLGDVHQHVWRVKHFKRVTXHGDQOLEUHVFRQODVRODYHULILFDFLyQGHVX
GRPLFLOLRRHQRWURVFDVRVFRQHOSDJRGHXQDPXOWDGHEDMRPRQWR\YXHOYHQ
DOILQGHVHPDQDVLJXLHQWHDFRQFXUULUDORVHVWDGLRVUHLQFLGLHQGRHQODVPLVPDV
FRQGXFWDV
3RU HOOR FUHR TXH HO SUR\HFWR GH OH\ LQIRUPDGR HQ HVWD RSRUWXQLGDG SRU OD
&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDDSXQWDHQXQVHQWLGRFRUUHFWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
VLQSHUMXLFLRGHTXHSXHGDVHUSHUIHFFLRQDGRSRUHVWDKRQRUDEOH&iPDUD3HUR
OR LPSRUWDQWHHVTXHGHEHPRVHVWDUFRQFLHQWHVGHODQHFHVLGDGGHOHJLVODUHQ
HVWDPDWHULD
+HGLFKR
(O VHxRU $/9$5(=6$/$0$1&$ 6HxRU 3UHVLGHQWH FRQVLGHUR TXH HVWD
LQLFLDWLYD OHJDO HV GH IXQGDPHQWDO LPSRUWDQFLD \D TXH GHVGH KDFH DOJXQRV
DxRVYLHQHQSURGXFLpQGRVHSULQFLSDOPHQWHHQORVHVWDGLRVGRQGHVHSUDFWLFDHO
I~WERO SURIHVLRQDO GHVyUGHQHV \ FRQGXFWDV YLROHQWDV D ODV TXH UHVXOWD
UHFRPHQGDEOH\QHFHVDULRSRQHUOHVDWDMRFRQVXILFLHQWHHQHUJtDDQWHVGHTXH
SXHGDQ WUDQVIRUPDUVH HQ KHFKRV PDVLYRV GH GLItFLO SUHYHQFLyQ FRPR KD
VXFHGLGR HQ SDtVHV HXURSHRV FRPR ,QJODWHUUD (VSDxD R ,WDOLD &RPSDUWR
SOHQDPHQWHODVLGHDVPDWULFHVGHOSUR\HFWRHQHOVHQWLGRGHHYLWDU\VDQFLRQDU
ORVDFWRVGHYLROHQFLDTXHVHSURGXFHQFRQRFDVLyQGHHVSHFWiFXORVGHSRUWLYRV
S~EOLFRV DGHPiV GH YHODU SRU HO GHVDUUROOR QRUPDO GH HVWRV HYHQWRV \
JDUDQWL]DU TXH ODV SHUVRQDV TXH D HOORV DVLVWHQ VH OHV UHVJXDUGDUi VX
LQWHJULGDGFRPRWDPELpQORVELHQHVGHDTXHOODVIDPLOLDVTXHYLYHQHQOXJDUHV
FHUFDQRV D ORV FHQWURV GHSRUWLYRV /D RUJDQL]DFLyQ GH EDUUDV R DJUXSDFLRQHV
SDUD DSR\DU D VX HTXLSR SUHIHULGR KD VLGR WUDGLFLRQDO HQ QXHVWUR SDtV SHUR
WRGRHOORHQIRUPDVDQD\FRUUHFWD'LVWLQWRHVTXHVHIRUPHQDJUXSDFLRQHVR
EDUUDV FX\D ILQDOLGDG HV HMHUFHU YLROHQFLD HQ ORV UHFLQWRV GHSRUWLYRV R HQ VXV
DOUHGHGRUHV(OORWDOFXDOORLQGLFDHOSUR\HFWRGHOH\GHEHVHUVDQFLRQDGRDO
LJXDO TXH TXLHQHV SRUWHQ DUPDV X REMHWRV FRQWXQGHQWHV GH FXDOTXLHU
QDWXUDOH]D GHVWLQDGRV D SHUWXUEDU HO RUGHQ S~EOLFR R ELHQ LQFLWHQ D ORV
SDUWLGDULRV R KLQFKDV GH XQ HTXLSR D HMHFXWDU DFWRV GH GDxR R YLROHQFLD HQ
FRQWUD GH OD SURSLHGDG SULYDGD R HQ FRQWUD GH ODV SHUVRQDV 1R PHQRV
LPSRUWDQWH HV TXH VH VDQFLRQH WDPELpQ D TXLHQHV DWDTXHQ \ GHVWUX\DQ ORV
PHGLRV GH WUDQVSRUWH S~EOLFR FRPR KD RFXUULGR HQ P~OWLSOHV RFDVLRQHV GDGR
TXHPHSDUHFHYHUJRQ]RVRSDUDQXHVWUDVRFLHGDGHOYHUHQODWHOHYLVLyQFyPR
GHVSXpVGHSDUWLGRVGHI~WEROVHLQFHQGLDQYHKtFXORVGHODORFRPRFLyQFROHFWLYD
\ VH GHMD VLQ WUDEDMR D ODV SHUVRQDV TXH ORV FRQGXFHQ DGHPiV GH SRQHU HQ
ULHVJRVXYLGD
3HURDSDUWHGHODYLROHQFLDPLVPDTXHVHSURGXFHHQORVUHFLQWRVGHSRUWLYRV
VH GHEH GHVWDFDU WDPELpQ OD SRWHQFLDO LQGHIHQVLyQ HQ TXH TXHGDQ QXPHURVDV
IDPLOLDVHQVXVOXJDUHVGHKDELWDFLyQGHELGRDTXHODVIXHU]DVSROLFLDOHVSDUD
LPSHGLU R FRQWUDUUHVWDU ORV GHVPDQHV HQ ORV UHFLQWRV GHSRUWLYRV HQ DOJXQRV
SDUWLGRVKDQGHELGRSRQHUDGLVSRVLFLyQPiVGHHIHFWLYRVSROLFLDOHVORTXH
SRU VXSXHVWR LPSOLFD GHVDWHQGHU D XQ JUXSR LPSRUWDQWH GH OD SREODFLyQ WDO
FRPR GHFtD SDUD HO FXDO HVH SHUVRQDO HVWi GHVWLQDGR HQ IRUPD SHUPDQHQWH
&ODURTXHWDPELpQHVXQHVIXHU]RSUHVXSXHVWDULR\KXPDQRGHDOWRFRVWRSRU
OR TXH PLUDGR GHVGH HVWH SXQWR GH YLVWD WDPELpQ MXVWLILFD VH SRQJD FRWR D
HVWRVH[FHVRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
1RGHEHPRVSHUPLWLUHQ&KLOHTXHVHFRQWLQ~HGHVDUUROODQGRORTXHHQ(XURSD
VH GHQRPLQD HO ³KRROLJDQLVPR TXH HV XQD WHQGHQFLD PXQGLDO TXH VL ELHQ
WLHQHVXRULJHQHQ,QJODWHUUDKR\VHPDQLILHVWDHQGLYHUVRVSDtVHV
(O KRROLJDQLVPR VH KD WUDQVIRUPDGR HQ XQ PRGR GH YLGD DGRSWDGR SRU
EDQGDV GH MyYHQHV PDUJLQDOHV HQ ODV JUDQGHV FLXGDGHV \ HO I~WERO HV SRU
FDVXDOLGDGVXYtFWLPD/DYLROHQFLDODLQFRUSRUDDOI~WEROSXHVHVWHKDWRUQDGR
XQ OXJDU LPSRUWDQWH HQ OD YLGD GH HVWRV MyYHQHV SHUR WDPELpQ SRUTXH ORV
HQIUHQWDPLHQWRVSXHGHQVHUELHQRUJDQL]DGRV\VRQSHUIHFWDPHQWHSUHYLVLEOHV
(VWRV MyYHQHV HQFXHQWUDQ OODPDWLYR WUDQVIRUPDUVH HQ HO FHQWUR GHO LQWHUpV \
DGHPiV SRU DxDGLGXUD DGRUQDUVH FRQ XQD VyOLGD WUDGLFLyQ GH FDPRUULVWDV R
URVTXHURV (V HYLGHQWH TXH OD YLROHQFLD HQ HO I~WERO FRQVWLWX\H WLQD SHTXHxD
SDUWH GH OD YLGD GHOLFWXDO GH HORV \D TXH VX FRPSRUWDPLHQWR OR FRQWLQ~DQ
GHVDUUROODQGR HQ RWURV OXJDUHV FRQVWLWX\pQGRVH VX YLROHQFLD HQ XQ SUREOHPD
SDUDODVRFLHGDGHQJHQHUDO
(Q PXFKRV FDVRV ODV SHUVRQDV TXH FUHDQ SUREOHPDV \ HVWiQ GLVSXHVWDV D
FRPHWHU DFFLRQHV YLROHQWDV QR VRQ KLQFKDV GH XQ HTXLSR VLQR VLPSOHPHQWH
YLROHQWLVWDV SRU OR TXH HV QHFHVDULR GLVWLQJXLU HQWUH ORV YHUGDGHURV KLQFKDV \
HVWRVDQWLVRFLDOHV
6HxRU 3UHVLGHQWH FRQVLGHUR TXH HVWH SUR\HFWR GH OH\ DSXQWD HQ VX
RULHQWDFLyQ HVSHFtILFDPHQWH HQ FRQWUD GH DTXHRV TXH GHOLEHUDGDPHQWH VH
KDQDVRFLDGRSDUDFRPHWHUGHVyUGHQHVRDFWRVGHYLROHQFLD\TXHGLILHUHQGH
ORV YHUGDGHURV KLQFKDV GH ORV FOXEHV GHSRUWLYRV 3RU HOOR HV TXH ORV
SDUODPHQWDULRV GH 5HQRYDFLyQ 1DFLRQDO DVt FRPR GLPRV OD ZDQLPLGDG SDUD
DSUREDUORHQOD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDORKDUHPRVHQ
HVWD6DOD
+HGLFKR
(O VHxRU 3(5(= GRQ 5DPyQ 6HxRU 3UHVLGHQWH HO SUR\HFWR TXH KR\ QRV
SUHRFXSD UHODWLYR D JDUDQWL]DU HO RUGHQ S~EOLFR HQ HVWDGLRV X RWURV FHQWURV
GHSRUWLYRV OHJD D HVWH 3DUODPHQWR HQ XQ PRPHQWR PX\ RSRUWXQR SDUD
SUHYHQLU \ UHSULPLU ORV DFWRV GH YLROHQFLD TXH HQ HVWH ~OWLPR WLHPSR VH KDQ
KHFKRSUHVHQWHHQQXHVWURDPELHQWHGHSRUWLYR
&RPR HV GH FRQRFLPLHQWR S~EOLFR HQ ORV ~OWLPRV DxRV KHPRV REVHUYDGR FRQ
SUHRFXSDFLyQFyPRHQORVUHFLQWRVGHSRUWLYRV\HVSHFLDOPHQWHHQORVHVWDGLRV
GH I~WERO VH SURGXFHQ QXPHURVRV DFWRV GH YLROHQFLD SRU SDUWH GH JUXSRV
RUJDQL]DGRV
/D LQLFLDWLYD FRQWHPSOD XQD VHULH GH QRUPDV WDQWR SUHYHQWLYDV FRPR
UHSUHVLYDV (QWUH ODV SULPHUDV VH GLVSRQH TXH ORV UHFLQWRV GHSRUWLYRV
UHTXHULUiQGHXQDDXWRUL]DFLyQRWRUJDGDSRUHO,QWHQGHQWHGHOD5HJLyQSUHYLR
LQIRUPH GH &DUDELQHURV TXH DFUHGLWH TXH HO UHFLQWR UH~QH ODV FRQGLFLRQHV GH
VHJXULGDGSDUDODUHDOL]DFLyQGHGLFKRVHYHQWRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
$ILQGHIDFLOLWDUODLQGLYLGXDOL]DFLyQGHORVUHVSRQVDEOHVHQKHFKRVGHYLROHQFLD
ORVFOXEHVGHOI~WEROSURIHVLRQDOGHEHUiQFRQWDUFRQXQDQyPLQDDFWXDOL]DGDGH
ORV PLHPEURV GH VX EDUUD \ DO PRPHQWR GH OD LQVFULSFLyQ HO FOXE OHV GHEHUi
HQWUHJDU XQD FUHGHQFLDO LQGLYLGXDO H LQWUDQVIHULEOH &RSLD GH HVWDV QyPLQDV VH
GHEHQ UHPLWLU VHPHVWUDOPHQWH D OD XQLGDG GH &DUDELQHURV GH &KLOH
FRUUHVSRQGLHQWHDOGRPLFLOLRGHOFOXE
(Q ORV HVSHFWiFXORV GHSRUWLYRV TXH HO ,QWHQGHQWH FDOLILTXH GH DOWR ULHVJR SDUD
ODVHJXULGDGS~EOLFDVHSRGUiQDSOLFDUXQDVHULHGHH[LJHQFLDVHQWUHODVFXDOHV
VH SXHGH FRQWHPSODU OD XELFDFLyQ GH ODV EDUUDV HQ OXJDUHV VHSDUDGRV D ORV
FXDOHVVyORSRGUiQLQJUHVDUVXVLQWHJUDQWHVSUHYLDH[KLELFLyQGHVXFUHGHQFLDO
(Q HO DVSHFWR UHSUHVLYR HO SUR\HFWR VDQFLRQD D TXLHQHV HMHFXWHQ DFWRV TXH
SURYRFDQ YLROHQFLD ItVLFD HQ ODV SHUVRQDV R GDxRV VREUH ELHQHVFRQ PRWLYR GH
HVSHFWiFXORV GHSRUWLYRV S~EOLFRV HQ ORV PLVPRV UHFLQWRV R HQ VXV
LQPHGLDFLRQHVSDUDORFXDOVHHVWDEOHFHXQDSHQDOLGDGTXHYDGHGtDVD
DxRVGHSUHVLGLR
6H DJUDYD OD UHVSRQVDELOLGDG D TXLHQHV VHDQ VRUSUHQGLGRV FRQ DUPDV
LQVWUXPHQWRV X REMHWRV TXH SDUH]FDQ KDEHU VHUYLGR R HVWDU GHVWLQDGRV D
FRPHWHU HVWRV GHOLWRV \ WDPELpQ D ORV RUJDQL]DGRUHV R SURPRWRUHV GH HVWRV
KHFKRVGHYLROHQFLD
/D QRUPD HVWDEOHFH XQD DOWHUQDWLYD SDUD HO MXH] HO TXH FRQVLGHUDUi ODV
FRQGXFWDVDQWHULRUHV\ODIRUPDHQTXHVHSURGXMRHODFWRGHYLROHQFLD\VLHOOR
OHKDFHSUHVXPLUTXHQRVHYROYHUiDGHOLQTXLUHQWRQFHVSXHGHUHFXUULUDGRV
SHQDV DOWHUQDWLYDV OD SULPHUD HO DUUHVWR GH ILQHV GH VHPDQDV SRU HO WpUPLQR
GH D PHVHV \ OD VHJXQGD OD GH UHDOL]DU WUDEDMRV FRPXQLWDULRV GH ILQ GH
VHPDQDSRULJXDOWLHPSR3RUHMHPSORTXHVHOHSXHGDGHVWLQDUDFRODERUDUHQ
ODUHSDUDFLyQGHOUHFLQWRGHSRUWLYRROXJDUHVS~EOLFRVDIHFWDGRV6LQGXGDTXH
HVWR~OWLPRSRGUtDUHVXOWDUPXFKRPiVHMHPSODUL]DGRUTXHWHQHUXQMRYHQHQOD
FiUFHO
$GLFLRQDOPHQWH FRPR HV HYLGHQWH VH DJUHJD FRPR SHQD DFFHVRULD OD
SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR GH OD FRQGHQD D ORV HVSHFWiFXORV
S~EOLFRVGHLJXDOQDWXUDOH]D
(O SUR\HFWR HVWDEOHFH ILQDOPHQWH GRV QRUPDV HVSHFLDOHV /D SULPHUD GLVSRQH
TXH DTXHOORV PHQRUHV TXH QR WLHQHQ UHVSRQVDELOLGDG SHQDO SRU HMHPSOR XQ
MRYHQGHDxRVHOMXH]GHPHQRUHVOHVSXHGHLPSHGLUDVLVWLUWHPSRUDOPHQWH
D ORV HVSHFWiFXORV GHSRUWLYRV FRQ OD REOLJDFLyQ GH SUHVHQWDUVH HQ ORV GtDV \
KRUDVTXHHVWRVHVSHFWiFXORVVHUHDOLFHQHQORVOXJDUHVILMDGRVSRUHOMXH]
6LQ SHUMXLFLR GH OD UHVSRQVDELOLGDG FLYLO TXH WLHQHQ ORV SDGUHV SDUD UHVSRQGHU
GH ORV GDxRV TXH FDXVHQ VXV KLMRV VH FRQWHPSOD XQD PXOWD D EHQHILFLR
PXQLFLSDO GH XQR D WUHV LQJUHVRV PtQLPRV PHQVXDOHV (VWD QRUPD SHUVLJXH
TXH ORV SDGUHV WHQJDQ XQD PD\RU UHVSRQVDELOLGDG \ FXLGDGR UHVSHFWR GH VXV
KLMRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
2MDOi TXH HVWH SUR\HFWR TXH HVSHUDPRV VH FRQYLHUWD SURQWR HQ OH\ GH OD
5HS~EOLFD VLUYD SDUD HYLWDU TXH HVWRV KHFKRV GH YLROHQFLD VH VLJDQ
SURGXFLHQGRVREUHWRGRVLWHQHPRVSUHVHQWHTXHVyORXQSHTXHxRJUXSR\QR
ODJUDQFDQWLGDG GHSHUVRQDVTXHFRQFXUUHQKDELWXDOPHQWHD ORVHVSHFWiFXORV
GHSRUWLYRVVRQORVFDXVDQWHVGHHVWDVVLWXDFLRQHVWDQODPHQWDEOHV
+HGLFKR
(O VHxRU 6$%$* 6HxRU 3UHVLGHQWH KRQRUDEOHV 'LSXWDGRV YLUWXGHV FRPR HO
FRPSDxHULVPR HO UHFRQRFLPLHQWR GH OD KDELOLGDG OD DOHJUtD GH XQ MXHJR
FRPSDUWLGR OD VDQD IHOLFLGDG GHO GHVFDQVR IDPLOLDU VHPDQDO H[SUHVDGD HQ OD
DVLVWHQFLD D XQ FHQWUR GH GHSRUWHV GHEHUtDQ FRQVWLWXLU WUDQTXLORV \
JUDWLILFDQWHV PRPHQWRV \ VHU XQD YHUGDGHUD HVFXHOD GH VROLGDULGDG HQ HO
TXHKDFHU GHSRUWLYR PiV TXH HQ QLQJXQD RWUD DFWLYLGDG 6LQ HPEDUJR QR WRGR
HV DVt \ D SHVDU TXH OD PD\RUtD GH QXHVWURV FRQFLXGDGDQRV TXH DVLVWH D
HVSHFWiFXORV GHSRUWLYRV PDVLYRV OR KDFH DQLPDGD GHO HVStULWX DQWHULRUPHQWH
GHVFULWRHVDLQPHQVDPD\RUtDTXHYHHQHOGHSRUWHHVSHFWiFXORXQPRPHQWR
GH GHVFDQVR \ UHFUHR IDPLOLDU VH KD YLVWR ~OWLPDPHQWH LQTXLHWDGD DQWH OD
SUHVHQFLD HQ HVWDGLRV \ FDPSRV GH -XHJR GH JUXSRV PLQRULWDULRV TXH QR
HQWLHQGHQHOGHSRUWHFRPRXQDVXQWRGHHVSDUFLPLHQWR\DOHJUtDFRPXQHV
'LFKRV JUXSRV QR HVWiQ VRODPHQWH HQ QXHVWUR SDtV KDQ LUUXPSLGR HQ ORV
HVWDGLRVGHWRGRHOPXQGR\VRQHMHPSORVSURIXVDPHQWHGLIXQGLGRVDWUDYpVGH
ODV PDUDYLOORVDV WpFQLFDV GH OD FRPXQLFDFLyQ DFWXDO GLIXVLyQ TXH DO PLVPR
WLHPSR DPDUJD D OD PD\RUtD SRU OR TXH PXHVWUD SRGUtD KDEHU D\XGDGR D
SURYRFDUXQH[WUDxRHLQTXLHWDQWHGHVHRGHHPXODFLyQHQQXHVWURSDtV
¢(VWDPRVHQSUHVHQFLDGHXQDVDOYDMHH[SUHVLyQLQWHULRUGHOKRPEUHFXDQGRHV
PDVDFLHJD\GHVHDGRPLQDUDWRGDFRVWDDXQDOSUHFLRGHODVFRQVHFXHQFLDV
GHXQDYLROHQFLDLUUDFLRQDOTXHLQFOXVRORSXHGHGDxDUDHOPLVPR"¢(VHVWHXQ
HUUDGRIHQyPHQRVtTXLFRGHOVHUKXPDQRFXDQGRVHVLHQWHXQPDFURKRPEUH
GHQWURGHODQRQLPDWRGHXQDPDVD"
&RPSUHQGRSOHQDPHQWHHOHQWXVLDVPRGHORVLQFRQGLFLRQDOHVVLPSDWL]DQWHVGH
XQ FXDGUR GHSRUWLYR GHWHUPLQDGR TXH HQ HVWH FDVR SXHGHQ VHU
LQFRQGLFLRQDOHVSHURDOPLVPRWLHPSRUHVSHWXRVRVGHHVHPLVPRHQWXVLDVPR
GHORVVLPSDWL]DQWHVGHORWURFXDGURGHSRUWLYRHQFRPSHWHQFLD¢3RUTXHGHEH
VHU QHFHVDULR HO GHVWUR]R OD DJUHVLyQ HO WHUURU SDUD H[SUHVDU SUHIHUHQFLD SRU
DOJRRDOJXLHQ"
/HJLVODU SDUD UHSULPLU HODERUDU OH\HV SDUD SUHYHQLU DFWRV YLROHQWRV \ KDVWD
YDQGiOLFRVWHQHUODQHFHVLGDGGHWRPDUPHGLGDVUHSUHVLYDVSDUDPRPHQWRVGH
WDQWD DOHJUtD \ VDQR HVSDUFLPLHQWR FRPR HV OD SUiFWLFD \ HO HVSHFWiFXOR
GHSRUWLYRQRHVJUDWRQRGHEHUtDVHUSRVLEOHQRGHEHUtDVHUQHFHVDULR
1R HV OD UHSUHVLyQ HO DUPD R HO PpWRGR TXH DJUDGH DO *RELHUQR GH OD
&RQFHUWDFLyQ \ D VXV SDUODPHQWDULRV &UHHPRV TXH GHEHUtD EDVWDU OD WRPD GH
FRQFLHQFLD HQ HO YDORU SURSLR GH OD SHUVRQD KXPDQD \ HQ VX FRQGLFLyQ GH WDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
¢7DOYH]QRHVWDPRVHGXFDQGRELHQDQXHVWUDVMXYHQWXGHVDOH[DOWDUHOp[LWRD
WRGDFRVWD\DFXDOTXLHUFRVWR"
3RU HVR PLVPR \ FRPR ELHQ OR LQGLFD HO LQIRUPH GH OD &RPLVLyQ GH
&RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD GH OD &iPDUD OD LGHD SULQFLSDO GHO
*RELHUQRDOSUHVHQWDUHOSUR\HFWRGHOH\TXHUHSULPHORVKHFKRVGHGHVRUGHQ\
YLROHQFLD HQ ORV HVWDGLRV \ RWURV UHFLQWRV GHSRUWLYRV HV YHODU SRU HO QRUPDO
GHVDUUROOR GH HVWRV HYHQWRV \ JDUDQWL]DU OD VHJXULGDG H LQWHJULGDG GH ODV
SHUVRQDVTXHDVLVWHQDHOORV\ORVELHQHV
0HSHUPLWRVHxDODUTXH(O&RQJUHVR1DFLRQDOHOHJLGRSDUDOHJLVODUGHEHUtD\D
KDEHUOR KHFKR HQ HVWH FDVR TXH QRV HVWi FRVWDQGR GDxRV PLOORQDULRV HQ ORV
ELHQHV \ TXH QRV SRGUtD FRVWDU GDxRV PXFKR PD\RUHV SRU TXH HOORV HVWiQ D
SXQWR GH WRFDU OD VHJXULGDG H LQWHJULGDG GH ODV SHUVRQDV PLVPDV GH QXHVWURV
FRQFLXGDGDQRVORVFXDOHVWLHQHQHOGHUHFKRDHVSHUDUGHQRVRWURVODSURWHFFLyQ
TXHGiODOH\\HQHVWHFDVRHVSHFtILFRVHUHTXLHUHOH\WDPELpQHVSHFtILFD
(QODVFRQGXFWDVDQWHULRUPHQWH LQGLFDGDVHVWiHQMXHJRQRVyORODDOHJUtDGH
XQD GLYHUVLyQ VLQR OD YLGD PLVPD GH TXLHQHV KDVWD KR\ FRQILDGDPHQWH
SDUWLFLSDQHQHOOD
3RU HVWDV UD]RQHV \ RWUDV TXH ORV KRQRUDEOHV SDUODPHQWDULRV KDQ VHxDODGR
GHEHPRVHQIUHQWDUQXHVWUDUHVSRQVDELOLGDGDQWHODXUJHQFLDGHODDPHQD]DDO
%LHQ &RP~Q TXH HVWDPRV HPSH]DQGR D SUHVHQFLDU 3RU HOORV HVWLPR
XUJHQWHPHQWHQHFHVDULRTXHODVRFLHGDGHVWpSURWHJLGDHQHVWHFDVRHVSHFtILFR
FRPRORHVWiHQRWURV
7UDGLFLRQDOPHQWH OD GLFWDFLyQ GH OD QRUPD MXUtGLFD VLHPSUH HV SRVWHULRU D OD
UHDOLGDG TXH OD KDFH QHFHVDULD 3DUHFLHUD TXH VLHPSUH HVSHUiUDPRV VH
SURGX]FDQ ORV GDxRV R VH FRQFUHWH HO PDO SURYRFDGR SRU FLHUWDV DFFLRQHV QR
VDQFLRQDGDV HVSHFtILFDPHQWH SRU XQD OH\ (Q UHVXPHQ FRPR OHJLVODGRU QR
GHVHRTXHHQPDWHULDGHSURWHFFLyQDQXHVWURVFRQFLXGDGDQRV\HQHVWHFDVR
SUHFLVRVHFXPSODHOYLHMRSURYHUELRGHTXHODOH\YDVLHPSUHDOD]DJDGHOD
UHDOLGDG
3RU RWUD SDUWH WRGRV VDEHPRV FXiQ IUiJLOHV VRQ ODV OH\HV JHQpULFDV HQ VX
ILQDOLGDGSURWHFWRUDGHOGHUHFKRGHODVSHUVRQDV0HSUHJXQWR¢FXiQWDVYHFHV
KH RtGR HQ HVWD PLVPD 6DOD TXH HV QHFHVDULD OD RSRUWXQLGDG OD FODULGDG \ OD
H[DFWLWXG HQ OD HODERUDFLyQ GH ODV OH\HV" 0XFKDV YHFHV HQ HVWH PLVPR
KHPLFLFOR VH VXFHGHQ LQWHUPLQDEOHV GHEDWHV SRU XQDVROD LGHD TXH VH GLVFXWH
SRU XQD VROD SDODEUD R LQFOXVR XQ SXQWR R XQD FRPD R SRU TXH VH HFKD GH
PHQRVXQDOHJLVODFLyQDSURSLDGDDGHWHUPLQDGRFDVR
3RU HOOR FUHR TXH HV XUJHQWH \ QHFHVDULR VHU DEVROXWDPHQWH HVSHFtILFRV DO
FRQVLGHUDU ODJUDYHGDGGHDOHQWDUFRQHQWXVLDVPR\DPRUSRU ODFDPLVHWD\
EDMR HVH SUHWH[WR FRPHWHU GHOLWRV TXH SDUD FROPR QR HVWiQ FODUD \
DEVROXWDPHQWH VDQFLRQDGRV HQ ODV OH\HV GHO SDtV DVt FRPR OR HVWiQ HQ FDVL
WRGRVORVSDtVHVFLYLOL]DGRVGHOPXQGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O SUR\HFWR GHO (MHFXWLYR DSHOD D OD UHVSRQVDELOLGDG GH PXFKDV SHUVRQDV TXH
VLHQWHQDPRUSRUODDFWLYLGDGVHDSHODHQIRUPDQHFHVDULDPHQWHFRPSXOVLYDD
ODV PXOWLWXGHV TXH DVLVWHQ D ORV HVSHFWiFXORV GHSRUWLYRV D OD UHVSRQVDELOLGDG
GH ORV GXHxRV GH HVWDEOHFLPLHQWRV GH HVSHFWiFXORV GHSRUWLYRV D OD
UHVSRQVDELOLGDG GH ODV RUJDQL]DFLRQHV GHSRUWLYDV PLVPDV WRGR SDUD TXH ORV
HVSHFWiFXORVVHDQORTXHRULJLQDULDPHQWHKDQVLGRHVWRHVRFDVLyQGHUHFUHR
\DOHJUtD(VWDUHVSRQVDELOLGDGWDQFRPSDUWLGDHVXQDLGHDRULJLQDOTXHYDOHOD
SHQDFRQVLGHUDUDGHFXDGDPHQWH
)LQDOPHQWHPHSHUPLWRVHxDODUTXHVLH[LVWHXQDOH\HVSHFLDOHOODQRVyORVH
FRQVLGHUDUi FRPR SRVLELOLGDG GH VHU FDVWLJDGR SRU VX WUDQVJUHVLyQ VLQR
DGHPiV
HVXQDHQVHxDQ]DVHYHUDPLHQWUDVH[SRQHDODFRQVLGHUDFLyQGHODFLXGDGDQtD
ORTXHGHEHHYLWDUVH
1XHVWUR SDtV HV XQ HQWXVLDVWD FXOWRU \ HVSHFWDGRU GHO GHSRUWH QXHVWURV
MyYHQHV HQFXHQWUDQ HQ pO XQD IXHQWH GH VDOXG \ GH DOHJUtD HQ PXFKDV
RFDVLRQHV ORV HTXLSRV GHSRUWLYRV FKLOHQRV KDQ VLGR FDXVD GH RUJXOOR SDUD OD
QDFLyQ WRGD QR KD\ HQWUH QRVRWURV QLQJXQR R FDVL QLQJ~Q SDUODPHQWDULR TXH
QRSDUWLFLSHRVHDEXHQKLQFKDGHXQRGHQXHVWURVFOXEHVSDUWLFXODUPHQWHGH
I~WERO£$VtGHEHVHJXLUVLHQGR$VtOHFRQYLHQHDODQDFLyQ\VXVKLMRV£)XHUD
HQWRQFHV FRQ OR TXH HPSDxD \ GHVWUX\H OD DOHJUtD GHO GHSRUWH +DFHU TXH OD
FLXGDGDQtDVHVLHQWDVHJXUDWUDQTXLOD\FRQILDGDGXUDQWHVXUHFUHRGHSRUWLYR
YDOH OD SHQD $Vt FRPR YDOH OD SHQD YLYLU VLQ WHPRU 3RU HVWDV UD]RQHV
KRQRUDEOHVFROHJDV\VHxRU3UHVLGHQWHYRWDUpIDYRUDEOHPHQWHHVWHSUR\HFWR
(OVHxRU9,(5$*$//23UHVLGHQWH(QYRWDFLyQ
(IHFWXDGDODYRWDFLyQHQIRUPDHFRQyPLFDSRUHOVLVWHPDHOHFWUyQLFRGLRHO
VLJXLHQWHUHVXOWDGRSRUODDILUPDWLYDYRWRV1RKXERYRWRVSRUODQHJDWLYD
QLDEVWHQFLyQ
(O VHxRU 9,(5$*$//2 3UHVLGHQWH $SUREDGR /DV RWUDV GLVSRVLFLRQHV TXH
KD\TXHYRWDUUHTXLHUHQGHYRWRVSDUDVXDSUREDFLyQ(QHOODVVHHVWDEOHFH
TXH GH ODV UHVROXFLRQHV GHO ,QWHQGHQWH \ GH &DUDELQHURV VH SXHGH UHFXUULU DO
MXH]GHOFULPHQUHVSHFWLYRHQFDVRGHTXHHO,QWHQGHQWHGHFODUHTXHHOHVWDGLR
QR HVWi DGHFXDGR SDUD HVSHFWiFXORV GHSRUWLYRV R TXH &DUDELQHURV GLFWH
QRUPDV TXH HO DIHFWDGR HVWLPH LQDGHFXDGDV SDUD OD UHJODPHQWDFLyQ GHO
HVSHFWiFXORGHSRUWLYRTXHVHYDDUHDOL]DUHQHOHVWDGLR
(QYRWDFLyQ
(IHFWXDGD OD YRWDFLyQ HQ IRUPD HFRQyPLFD HO VLVWHPD HOHFWUyQLFR GLR HO
VLJXLHQWHUHVXOWDGRSRUODDILUPDWLYDYRWRV1RKXERYRWRVSRUODQHJDWLYD
QLDEVWHQFLRQHV
(OVHxRU9,(5$*$//23UHVLGHQWH$SUREDGDODLGHDGHOHJLVODU
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(OSUR\HFWRSDVDDVHJXQGRLQIRUPH
(OSUR\HFWRIXHREMHWRGHODVLJXLHQWHLQGLFDFLyQ
$UWtFXOR~QLFR
'HORVVHxRUHV&KDGZLFN\/HD\SDUDLQWHUFDODUHOVLJXLHQWHQ~PHUR
6XVWLWX\HVHHOLQFLVRSULPHURGHODUWtFXORSRUHOVLJXLHQWH
$UWtFXOR 6L KXELHUH GH SUDFWLFDUVH 0iV GH XQ HVFUXWLQLR SULPHUR VH
UHDOL]DUiHOGH'LSXWDGRVOXHJRHOGH6HQDGRUHVOXHJRHOGH3UHVLGHQWHGHOD
5HS~EOLFD\SRU~OWLPRHOGHSOHELVFLWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
6HJXQGR,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ
&iPDUD GH 'LSXWDGRV )HFKD GH PD\R &XHQWD HQ 6HVLyQ /HJLVODWXUD
6HJXQGRLQIRUPHGHOD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLD
VREUHHOSUR\HFWRGHOH\TXHUHSULPHGHVyUGHQHV\KHFKRVGHYLROHQFLD
HQORVHVWDGLRV\RWURVFHQWURVGHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORV
S~EOLFRVEROHWtQ1ž
+RQRUDEOH&iPDUD
9XHVWUD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDSDVDDLQIRUPDURVHQ
VHJXQGR WUiPLWH UHJODPHQWDULR HO SUR\HFWR GH OH\ GH OD UHIHUHQFLD GH RULJHQ
HQPHQVDMHGH6(HO3UHVLGHQWHGHOD5HS~EOLFD (Q YLUWXG GH OR GLVSXHVWR HQ HO DUWtFXOR GHO 5HJODPHQWR GH OD
&RUSRUDFLyQFRUUHVSRQGHHQHVWHVHJXQGRLQIRUPHKDFHUPHQFLyQH[SUHVD
ž 'H ORV DUWtFXORV TXH QR KD\DQ VLGR REMHWR GH LQGLFDFLRQHV QL GH
PRGLILFDFLRQHV
(Q HVWH VHJXQGR WUiPLWH UHJODPHQWDULR QR KDQ VLGR REMHWR GH
LQGLFDFLRQHV QL GH PRGLILFDFLRQHV ORV DUWtFXORV ž ž ž ž ž ž ž ž
<
ž'HORVDUWtFXORVTXHGHEHQDSUREDUVHUHJODPHQWDULDPHQWH
(Q FRQIRUPLGDG FRQ OR SUHYHQLGR HQ HO DUWtFXOR GHO 5HJODPHQWR GHEHQ
GDUVH SRU DSUREDGRV UHJODPHQWDULDPHQWH ORV DUWtFXORV LQGLFDGRV HQ HO SiUUDIR
DQWHULRUFRQODH[FHSFLyQGHORVLQFLVRVWHUFHURVGHORVDUWtFXORVž\žTXH
WLHQHQ HO FDUiFWHU GH QRUPDV RUJiQLFDV FRQVWLWXFLRQDOHV ORV FXDOHV GHEHUiQ
YRWDUVHHQSDUWLFXODUVHSDUDGDPHQWHFRQODPD\RUtDHVSHFLDOUHTXHULGDSRUOD
&RQVWLWXFLyQ SDUD GDU FXPSOLPLHQWR D OR GLVSXHVWR HQ HO DUWtFXOR GH OD OH\
1žRUJiQLFDFRQVWLWXFLRQDOGHO&RQJUHVR
ž 0HQFLyQ GH ORV DUWtFXORV FDOLILFDGRV FRPR QRUPDV GH FDUiFWHU RUJiQLFR
FRQVWLWXFLRQDORGHTXyUXPFDOLILFDGR
(Q RSLQLyQ GH YXHVWUD &RPLVLyQ WLHQHQ HO FDUiFWHU GH RUJiQLFDV
FRQVWLWXFLRQDOHV ODV QRUPDV FRQWHQLGDV HQ ORV LQFLVRV WHUFHURV GH ORV DUWtFXORV
ž\ž
1RKD\HQHOSUR\HFWRQRUPDVGHTXyUXPFDOLILFDGR
ž'HORVDUWtFXORVVXSULPLGRV
1LQJXQR
ž'HORVDUWtFXORVQXHYRVLQWURGXFLGRV
1LQJXQR
ž'HORVDUWtFXORVPRGLILFDGRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
(Q HVWH VHJXQGR WUiPLWH UHJODPHQWDULR VH KDQ PRGLILFDGR ORV VLJXLHQWHV
DUWtFXORV
(O DUWtFXOR ž FRQ OD ILQDOLGDG TXH HO ,QWHQGHQWH SXHGD GHOHJDU HQ HO
*REHUQDGRU UHVSHFWLYR ODV IDFXOWDGHV TXH OH FRQILHUHQ HO DUWtFXOR ž \ ž
UHODWLYDVDODDXWRUL]DFLyQGHIXQFLRQDPLHQWRTXHGHEHRWRUJDUVHDORVUHFLQWRV
GHSRUWLYRVGHVWLQDGRVDODUHDOL]DFLyQGHHVSHFWiFXORVGHSRUWLYRVS~EOLFRV\D
OD FDOLILFDFLyQ GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD TXH SXHGH KDFHUVH
UHVSHFWR GH GHWHUPLQDGRV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV TXH FRQOOHYD OD
REOLJDFLyQ GH FXPSOLU FRQ FLHUWDV H[LJHQFLDV HVSHFLDOHV \ HYHQWXDOPHQWH OD
VXVSHQVLyQGHOPLVPRHQFDVRGHLQFXPSOLPLHQWRGHODVTXHVHHVWDEOH]FDQ
(OQ~PHURGHODUWtFXORTXHPRGLILFDHODUWtFXORGHO&yGLJR3HQDOFRQHO
ILQ GH LQGLFDU HQ TXp FRQVLVWHQ ODV SHQDV GH DUUHVWR GH ILQ GH VHPDQD HO
WUDEDMR FRPXQLWDULR \ OD SURKLELFLyQ WHPSRUDO GH DVLVWLU DO WLSR GH HVSHFWiFXOR
GHSRUWLYRS~EOLFRTXHKD\DPRWLYDGRODFRQGHQD
/D SULPHUD HQPLHQGD GLFH UHODFLyQ FRQ OD SHQD GH DUUHVWR GH ILQ GH VHPDQD
TXH VH OOHYD D FDER HQ HO UHFLQWR GH OD XQLGDG SROLFLDO GHO GRPLFLOLR GHO
FRQGHQDGR\TXHGXUDGHGRVPHVHVDXQDxR
6HSURSXVR\VHDSUREyTXHHOODVHFXPSODHQHOUHFLQWRSROLFLDOPiVSUy[LPR
DO GRPLFLOLR GHO FRQGHQDGR ORV GtDV ViEDGRV \ GRPLQJRV VLQ TXH SXHGD
H[FHGHUGHKRUDVHQFDGDXQRGHHOORV
/D VHJXQGD HQPLHQGD VH UHILHUH DO WUDEDMR FRPXQLWDULR TXH VH OOHYD D
HIHFWRHQFXDOTXLHUHQWLGDGFRPXQLWDULDGHOOXJDUGHOGRPLFLOLRGHOFRQGHQDGR
6HPRGLILFyODGLVSRVLFLyQFRQHOILQGHVHxDODUTXHVXFXPSOLPLHQWRVHKDUiHQ
DOJXQD GH HVWDV HQWLGDGHV H[LVWHQWHV HQ HO OXJDU GRQGH VH SURGXMR HO GDxR R
HQODTXHHOMXH]GHWHUPLQH
'HODPDQHUDLQGLFDGDVHVDOYDJXDUGDHOFDUiFWHUHMHPSODUL]DGRUGHODPHGLGD
\VHSHUPLWHDODYH]TXHHOMXH]SXHGDUHVROYHUVLWXDFLRQHVSDUWLFXODUHVTXH
KDJDQDFRQVHMDEOHDOWHUDUHO8PSOLPLHQWRGHHVWDSHQD
/DWHUFHUDHQPLHQGDWLHQHSRUREMHWRIDFXOWDUDOMXH]TXHGHFUHWyFXDOTXLHUDGH
HVWDVWUHVPHGLGDVSDUDGLVSHQVDUSDUFLDOPHQWHVXFXPSOLPLHQWRSRUPRWLYRV
FDOLILFDGRV\HQUHVROXFLyQIXQGDGDFRPHWLGRTXHHQHOSUR\HFWRVHHQWUHJDED
D OD DXWRULGDG DGPLQLVWUDWLYD D OD FXDO QR FRUUHVSRQGH HQ UHDOLGDG GHMDU VLQ
HIHFWRXQDUHVROXFLyQMXGLFLDOQLPHQRVFDOLILFDUVXIXQGDPHQWRXRSRUWXQLGDGR
VXMXVWLFLDROHJDOLGDG6yOROHFDEHHMHFXWDUOD
ž'HORVDUWtFXORVTXHGHEHQVHUFRQRFLGRVSRUOD&RPLVLyQGH+DFLHQGD1R
KD\DUWtFXORVTXHGHEDQVHUGHFRQRFLPLHQWRGHHVD&RPLVLyQ
ž'HODVLQGLFDFLRQHVUHFKD]DGDVSRUOD&RPLVLyQ
1RKD\LQGLFDFLRQHVUHFKD]DGDV
(Q PpULWR GH ODV FRQVLGHUDFLRQHV DQWHULRUHV \ SRU ODV TXH RV GDUiQ D FRQRFHU
ORV VHxRUHV 'LSXWDGRV LQIRUPDQWHV YXHVWUD &RPLVLyQ RV UHFRPLHQGD TXH
SUHVWpLVDSUREDFLyQDOVLJXLHQWH
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
352<(&72'(/(<
7tWXOR,
'HODVPHGLGDVGHVHJXULGDGSUHYHQWLYDV
$UWtFXOR ž /RV FHQWURV R UHFLQWRV GHSRUWLYRV GHVWLQDGRV D OD UHDOL]DFLyQ GH
HVSHFWiFXORVGHSRUWLYRVS~EOLFRVUHTXHULUiQGHXQDDXWRUL]DFLyQRWRUJDGDSRU
HO ,QWHQGHQWH GH OD 5HJLyQ UHVSHFWLYD SUHYLR LQIRUPH GH &DUDELQHURV TXH
DFUHGLWHTXHUH~QHQODVFRQGLFLRQHVGHVHJXULGDGSDUDHIHFWXDUWDOHVHYHQWRV
VLQ SHUMXLFLR GH ODV H[LJHQFLDV HVWDEOHFLGDV HQ OD RUGHQDQ]D JHQHUDO GH OD OH\
JHQHUDOGHXUEDQLVPR\FRQVWUXFFLRQHV
$UWtFXORž(QORVHVSHFWiFXORVGHSRUWLYRVTXHHO,QWHQGHQWHFDOLILTXHGHDOWR
ULHVJR SDUD OD VHJXULGDG S~EOLFD V8V RUJDQL]DGRUHV GHEHUiQ FXPSOLU
RSRUWXQDPHQWHFRQODVH[LJHQFLDVLQGLFDGDVSRU&DUDELQHURVGH&KLOH
(QWUH HVWDV H[LJHQFLDV GHEHUi FRQWHPSODUVH OD XELFDFLyQ GH ODV EDUUDV HQ
VHFWRUHV VHSDUDGRV FODUDPHQWH GHWHUPLQDGRV D ORV FXDOHV VyOR SRGUiQ
LQJUHVDU ORV LQWHJUDQWHV GH HOODV SUHYLD H[KLELFLyQ GH OD FUHGHQFLDO D TXH VH
KDFHUHIHUHQFLDHQHODUWtFXORž
6HUi GH UHVSRQVDELOLGDG GHO UHVSHFWLYR FOXE HO FRQWURO GH LQJUHVR \ OD
YLJLODQFLDGHOVHFWRUGHVWLQDGRDVXEDUUD
(Q FDVR GH LQFXPSOLPLHQWR HO ,QWHQGHQWH SUHYLR LQIRUPH GH
&DUDELQHURV SRGUi GLVSRQHU OD VXVSHQVLyQ GHO HVSHFWiFXOR KDVWD HO
FXPSOLPLHQWRGHODVPHGLGDVH[LJLGDV
(O ,QWHQGHQWH 5HJLRQDO SRGUi GHOHJDU HQ ORV JREHUQDGRUHV UHVSHFWLYRV
ODVDWULEXFLRQHVTXHOHFRQILHUHQHVWHDUWtFXOR\HODQWHULRU
$UWtFXOR ž /DV DXWRULGDGHV GHO I~WERO SURIHVLRQDO DO PRPHQWR GH ILMDU OD
SURJUDPDFLyQRFDOHQGDULRGHODVFRPSHWHQFLDVQDFLRQDOHVHLQWHUQDFLRQDOHVR
DO WRUQDU FRQRFLPLHQWR GH HVWDV ~OWLPDV GHEHUi FRPXQLFDU DO ,QWHQGHQWH
UHVSHFWLYR SDUD VX HYDOXDFLyQ ORV SDUWLGRV TXH SXHGDQ VHU FRQVLGHUDGRV GH
DOWRULHVJRSDUDODVHJXULGDGS~EOLFD
$UWtFXOR ž /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ FRQWDU FRQ XQ SDGUyQ
RILFLDO DFWXDOL]DGR GH ORV PLHPEURV GH VX EDUUD HO TXH VH OOHYDUi HQ VXV
RILFLQDV FHQWUDOHV (Q GLFKR UHJLVWUR GHEHUi ILJXUDU D OR PHQRV HO QRPEUH
FRPSOHWR OD FpGXOD QDFLRQDO GH LGHQWLGDG HO GRPLFLOLR \ OD SURIHVLyQ X
RFXSDFLyQ GH FDGD LQWHJUDQWH $O PRPHQWR GH OD LQVFULSFLyQ HO FOXE GHEHUi
HQWUHJDUXQDFUHGHQFLDOLQGLYLGXDOHLQWUDQVIHULEOH
&RSLDGHHVWHSDGUyQGHEHUiUHPLWLUVHDFWXDOL]DGRVHPHVWUDOPHQWHDOD
XQLGDGGH&DUDELQHURVGH&KLOHFRUUHVSRQGLHQWHDOGRPLFLOLRGHOFOXE
$UWtFXORž(QHOFDVRGHODUWtFXORžVLODDXWRULGDGQRVHSURQXQFLDUHGHQWUR
GHO SOD]R GH WUHLQWD GtDV FRQWDGR GHVGH OD IHFKD GH SUHVHQWDFLyQ GH OD
VROLFLWXGVHHQWHQGHUiRWRUJDGDODDXWRUL]DFLyQ
6LIXHUHGHQHJDGDRVLODHQWLGDGREOLJDGDQRVHFRQIRUPDUHFRQORUHVXHOWRHO
DIHFWDGRSRGUiVROLFLWDUUHSRVLFLyQDQWHODPLVPDDXWRULGDGGHQWURGHOSOD]RGH
FLQFRGtDVODTXHGHEHUiVHUUHVXHOWDHQHOWpUPLQRGHGLH]GtDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
6L HVH UHFXUVR QR IXHUH LQWHUSXHVWR R QR IXHUH IDOODGR GHQWUR GH SOD]R R HO
UHFXUUHQWH QR VH FRQIRUPDUH FRQ OR UHVXHOWR SRGUiUHFODPDU GHQWUR GHO SOD]R
GH TXLQFH GtDV DQWH HO MXH] GHO FULPHQ TXH FRUUHVSRQGD DO OXJDU HQ GRQGH
IXQFLRQDHOUHVSHFWLYRUHFLQWRGHSRUWLYR
,QWHUSXHVWR HO UHFODPR DO TXH VH DFRPSDxDUiQ ORV DQWHFHGHQWHV HQ TXH VH
IXQGH HO WULEXQDO SHGLUi LQIRUPH D OD DXWRULGDG UHVSHFWLYD ILMiQGROH XQ SOD]R
EUHYHSDUDHPLWLUOR
5HFLELGRGLFKR LQIRUPHHOWULEXQDOGLFWDUi VHQWHQFLDGHQWURGHORVTXLQFHGtDV
VLJXLHQWHV(QFDVRGHRUGHQDUVHPHGLGDVSDUDPHMRUUHVROYHUGLFKRSOD]RVH
HQWHQGHUi SURUURJDGRSRUGLH]GtDV
(Q FRQWUD GH OD VHQWHQFLD QR SURFHGHUi HO UHFXUVR GH FDVDFLyQ HQ OD IRUPD
$UWtFXORž(QHOFDVRGHODUWtFXORžVLODHQWLGDGREOLJDGDQRVHFRQIRUPDUH
FRQORUHVXHOWRSRGUiVROLFLWDUUHSRVLFLyQDQWHHO,QWHQGHQWHUHVSHFWLYRGHQWUR
GHO SOD]R GH WUHV GtDV FRQWDGRV GHVGH OD QRWLILFDFLyQ GH OD UHVROXFLyQ TXH VH
LPSXJQD
/DUHSRVLFLyQGHEHUiUHVROYHUVHHQHOSOD]RGHFLQFRGtDV
6L HVH UHFXUVR QR IXHUH LQWHUSXHVWR R QR IXHUH IDOODGR GHQWUR GH SOD]R R HO
UHFXUUHQWH QR VH FRQIRUPDUH FRQ OR UHVXHOWR SRGUiUHFODPDU GHQWUR GHO SOD]R
GH GLH] GtDV DQWH HO MXH] GHO FULPHQ TXH FRUUHVSRQGD DO OXJDU HQ GRQGH
IXQFLRQD HO UHVSHFWLYR UHFLQWR GHSRUWLYR DFRPSDxDQGR ORV DQWHFHGHQWHV HQ
TXHVHIXQGH
,QWHUSXHVWRHOUHFODPRHOWULEXQDOSHGLUiLQIRUPHDODDXWRULGDGUHVSHFWLYDOD
TXHGHEHUiHYDFXDGRGHQWURGHOSOD]RGHWHUFHURGtDYHQFLGRHOFXDOUHVROYHUi
VLQPiVWUiPLWHHOUHFODPR
(QFRQWUDGHODVHQWHQFLDQRSURFHGHUiHOUHFXUVRGHFDVDFLyQHQODIRUPD
7tWXOR,,
'HORVGHOLWRVFRPHWLGRVFRQRFDVLyQGHHVSHFWiFXORVGHSRUWLYRVS~EOLFRV
$UWtFXOR ž (O TXH HMHFXWDUH DFWRV TXH SURYRTXHQ YLROHQFLD ItVLFD FRQWUD ODV
SHUVRQDV R GDxRV VREUH ELHQHV FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR
GHSRUWLYR S~EOLFR HQ HO UHFLQWR HQ TXH WLHQH OXJDU R HQ VXV LQPHGLDFLRQHV
DQWHVGXUDQWHRGHVSXpVGHVXGHVDUUROORVHUiFDVWLJDGRFRQSUHVLGLRPHQRU
HQVXJUDGRPtQLPRDPHGLR
(O TXH IXHUH VRUSUHQGLGR HQ WDOHV FLUFXQVWDQFLDV FRQ DUPDV HOHPHQWRV X
REMHWRVTXHSDUH]FDQKDEHUVHUYLGRRHVWDUGHVWLQDGRVSDUDFRPHWHUHOGHOLWR
\ HO TXH RUJDQL]DUH SURPRYLHUH R IDFLOLWDUH OD FRPLVLyQ GH ORV DFWRV GH
YLROHQFLDRGDxRGHVFULWRVSUHFHGHQWHPHQWHVXIULUiODSHQDGHSUHVLGLRPHQRU
HQVXJUDGRPHGLR
6LORVDQWHFHGHQWHVSHUVRQDOHVGHOFRQGHQDGRVXFRQGXFWDDQWHULRU\SRVWHULRU
DO KHFKR SXQLEOH \ OD QDWXUDOH]D PRGDOLGDGHV \ PyYLOHV GHWHUPLQDQWHV GHO
GHOLWRSHUPLWHQSUHVXPLUTXHQRYROYHUiDGHOLQTXLUVHOHSRGUiQDSOLFDUFRUQR
SHQDV DOWHUQDWLYDV HO DUUHVWR GH ILQ GH VHPDQD SRU HO WpUPLQR GH GRV D VHLV
PHVHVRWUDEDMRVFRPXQLWDULRVGHILQGHVHPDQDSRULJXDOODSVR
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
(Q WRGR FDVR VH DSOLFDUi VLHPSUH OD SHQD DFFHVRULD GH SURKLELFLyQ GH DVLVWLU
GXUDQWH HO WLHPSR GH OD FRQGHQD D ORV IXWXURV HVSHFWiFXORV S~EOLFRV GH OD
PLVPDQDWXUDOH]DGHDTXpOTXHPRWLYyODVDQFLyQ
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH GLHUHQ RULJHQ D RWURV FUtPHQHV R
VLPSOHVGHOLWRVVHLPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWRPiVJUDYH
$UWtFXORž6HFRQVLGHUDUiQFLUFXQVWDQFLDVDJUDYDQWHVHVSHFLDOHV
 6HU LQWHJUDQWH GH XQ JUXSR RUJDQL]DGR SDUD OD UHDOL]DFLyQ GH ORV KHFKRV
GHVFULWRV
 3HUWHQHFHU HQ FXDOTXLHU FDOLGDG D ODV HQWLGDGHV TXH LQWHUYHQJDQ HQ HO
HVSHFWiFXORS~EOLFRGHSRUWLYRFRUQRRUJDQL]DGRUHVRSDUWLFLSDQWHV
 $FWXDU EDMR ORV HIHFWRV GH EHELGDV DOFRKyOLFDV HVWXSHIDFLHQWHV
SVLFRWUySLFRVHVWLPXODQWHVRVXVWDQFLDVDQiORJDV
$UWtFXOR ž /DV SHOtFXODV FLQHPDWRJUiILFDV IRWRJUDItDV IRQRJUDItDV \ RWURV
VLVWHPDV GH UHSURGXFFLyQ GH OD LPDJHQ \ GHO VRQLGR SRGUiQ FRQVWLWXLU SOHQD
SUXHEDSDUDDFUHGLWDUODH[LVWHQFLDGHORVGHOLWRVHVWDEOHFLGRVHQHVWDOH\\OD
UHVSRQVDELOLGDG SHQDO GH ORV SDUWtFLSHV FXDQGR D MXLFLR GHO WULEXQDO WHQJDQ
FDUDFWHUHVGHJUDYHGDG\SUHFLVLyQVXILFLHQWHSDUDIRUPDUVXFRQYHQFLPLHQWR
$UWtFXOR (O SDGUH JXDUGDGRU R FXLGDGRU D FX\R FXLGDGR VH HQFRQWUDUH HO
PHQRU GH DxRV TXH SDUWLFLSH HQ ORV KHFKRV VDQFLRQDGRV HQ HVWD OH\ VLQ
SHUMXLFLR GH OD UHVSRQVDELOLGDG FLYLO TXH FRQIRUPH FRQ ODV UHJODV JHQHUDOHV OH
FRUUHVSRQGDSDJDUi XQDPXOWDD EHQHILFLRPXQLFLSDOGHXQR DWUHV LQJUHVRV
PtQLPRVPHQVXDOHV
$UWtFXOR (Q ORV SURFHVRV SRU ORV GHOLWRV FRQWHPSODGRV HQ HVWD OH\ VH
REVHUYDUiQODVUHJODVHVWDEOHFLGDVHQHO7tWXOR,GHO/LEURWHUFHURGHO&yGLJRGH
3URFHGLPLHQWR3HQDO
7tWXOR,,,'LVSRVLFLRQHVYDULDV
$UWtFXOR,QWURG~FHQVHODVVLJXLHQWHVPRGLILFDFLRQHVDO&yGLJR3HQDO
0RGLItFDVHHODUWtFXORGHODIRUPDVLJXLHQWH
D$JUpJDQVHFRUQRSHQDVGHVLPSOHVGHOLWRVODVVLJXLHQWHV
$UUHVWRGHILQGHVHPDQD
7UDEDMRFRPXQLWDULRGHILQGHVHPDQD
E$JUpJDVHFRUQRSHQDDFFHVRULDODVLJXLHQWH
3URKLELFLyQ WHPSRUDO SDUD DVLVWLU DO WLSR GH HVSHFWiFXORV GHSRUWLYRV S~EOLFRV
TXHKD\DPRWLYDGRODFRQGHQD
,QWHUFiODVHHQHODUWtFXORFRPRLQFLVRTXLQWRHOVLJXLHQWH
(ODUUHVWRGHILQGHVHPDQDVHOOHYDUiDFDERORVGtDVViEDGRV\GRPLQJRVHQ
HO UHFLQWR GH OD XQLGDG SROLFLDO PiV SUy[LPD DO GRPLFLOLR GHO FRQGHQDGR QR
SRGUiH[FHGHUGHGRFHKRUDVHQFDGDXQRGHHVRVGtDV\GXUDUiGHGRVPHVHV
D XQ DxR (O WUDEDMR FRPXQLWDULR VH OOHYDUi D HIHFWR HQ FXDOTXLHU HQWLGDG GH
FDUiFWHUFRPXQLWDULRGHOOXJDUGHOGRPLFLOLRGHOFRQGHQDGRRHQODTXHHOMXH]
GHWHUPLQH\VXGXUDFLyQVHUiGHGRVPHVHVDXQDxR/DSURKLELFLyQWHPSRUDO
GH DVLVWLU D XQ GHWHUPLQDGR WLSR GH HVSHFWiFXOR GHSRUWLYR S~EOLFR FX\D
GXUDFLyQVHUiGHGRVPHVHVDXQDxRVHFXPSOLUiHQORVGtDV\KRUDVHQTXH
HOORV VH UHDOLFHQ PHGLDQWH OD SUHVHQWDFLyQ \ SHUPDQHQFLD GHO FRQGHQDGR VLQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
UpJLPHQGHGHWHQFLyQHLQFRPXQLFDFLyQHQHOOXJDUILMDGRSRUHOMXH]SXGLHQGR
VHxDODUVH SDUD WDOHV HIHFWRV D OD XQLGDG SROLFLDO GH VX GRPLFLOLR (O MXH] SRU
PRWLYRV FDOLILFDGRV \ HQ UHVROXFLyQ IXQGDGD SRGUi GLVSHQVDU SDUFLDOPHQWH HO
FXPSOLPLHQWRGHODVVDQFLRQHVDQWHULRUHV
$UWtFXOR $JUpJDVH HQ HO DUWtFXOR GH OD OH\ 1ž VREUH
PHQRUHVHOVLJXLHQWHQ~PHUR
ž 3URKLELUOH WHPSRUDOPHQWH DO PHQRU DVLVWLU D ORV IXWXURV HYHQWRV GHO
HVSHFWiFXOR S~EOLFR TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ GH OD PHGLGD GH
SURWHFFLyQFRQODREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVH
UHDOL]DQHQHOOXJDUILMDGRSRUHOMXH]
$UWtFXOR $JUpJDVH HQ HO DUWtFXOR GH OD OH\ 1ž GH $OFRKROHV
%HELGDV$OFRKyOLFDV\9LQDJUHVHOVLJXLHQWHLQFLVRILQDO
(Q ORV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV TXH HO ,QWHQGHQWH FDOLILTXH GH DOWR
ULHVJRSDUDODVHJXULGDGS~EOLFDSRGUiGHFUHWDUVHODSURKLELFLyQGHH[SHQGLRGH
EHELGDVDOFRKyOLFDVHQORVFHQWURVRUHFLQWRVGRQGHVHOOHYHQDHIHFWR\HQXQ
SHUtPHWURPi[LPRGHFLQFRFXDGUDVPHGLGDTXHUHJLUiGHVGHWUHVKRUDVDQWHV
GHOLQLFLRGHOHYHQWRKDVWDWUHVKRUDVGHVSXpVGHVXILQDOL]DFLyQ
/RV HVWDEOHFLPLHQWRV DIHFWDGRV VHUiQ QRWLILFDGRV GH HVWD UHVROXFLyQ SRU
LQVSHFWRUHV PXQLFLSDOHV R SRU &DUDELQHURV GH &KLOH FRQ YHLQWLFXDWUR KRUDV GH
DQWLFLSDFLyQDODHQWUDGDHQYLJHQFLDGHODPLVPD
3RUDFXHUGRGHOD&RPLVLyQVHGHVLJQyFRPR'LSXWDGRLQIRUPDQWHDORV
VHxRUHV$OEHUWR(VSLQD2WHUR\*XWHQEHUJ0DUWtQH]2FDPLFD
6DODGHOD&RPLVLyQDGHPD\RGH
$FRUGDGR HQ VHVLyQ GH LJXDO IHFKD FRQ DVLVWHQFLD GH ORV VHxRUHV (OJXHWD
3UHVLGHQWHDFFLGHQWDO&RUQHMR0DUWtQH]2FDPLFD0ROLQD5HEROOHGR5LEHUD\
6FKDXOVRKQ
)GR$GULiQ$OYDUH]$OYDUH]6HFUHWDULRGHOD&RPLVLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
'LVFXVLyQHQ6DOD
&iPDUD GH 'LSXWDGRV /HJLVODWXUD 6HVLyQ )HFKD GH MXQLR 'LVFXVLyQSDUWLFXODU6HDSUXHED
5(35(6,21'('(625'(1(6<+(&+26'(9,2/(1&,$(1(67$',26\
275265(&,1726'(3257,9263ULPHUWUiPLWHFRQVWLWXFLRQDO
(O VHxRU 9,(5$*$//2 3UHVLGHQWH &RUUHVSRQGH WUDWDU HQ SULPHU WUiPLWH
FRQVWLWXFLRQDO \ VHJXQGR UHJODPHQWDULR HO SUR\HFWR GH OH\ TXH UHSULPH
GHVyUGHQHV \ KHFKRV GH YLROHQFLD FRPHWLGRV HQ HVWDGLRV \ RWURV FHQWURV
GHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
'LSXWDGRV LQIRUPDQWHV GH OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD
VRQORVVHxRUHV$OEHUWR(VSLQD\*XWHQEHUJ0DUWtQH]
(VWHSUR\HFWRFRQWLHQHGLVSRVLFLRQHVGHOH\RUJiQLFDFRQVWLWXFLRQDO
(OWH[WRGHOSUR\HFWRVHHQFXHQWUDLPSUHVRHQHOEROHWtQ1ž\ILJXUD
HQHOQ~PHURGHORVGRFXPHQWRVGHOD&XHQWDGHODVHVLyQžFHOHEUDGDHO
GHPD\RGH
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
(VSLQD
(OVHxRU(63,1$6HxRU3UHVLGHQWHOD&RPLVLyQVXJLHUHDOD6DODDSUREDUORV
DUWtFXORV TXH PRWLYDQ HVWH VHJXQGR LQIRUPH \D TXH QR UHSUHVHQWDQ QLQJ~Q
FDPELR PHGXODU R VXVWDQWLYR GHO SUR\HFWR RULJLQDO VLQR TXH VyOR DSXQWDQ D
SHUIHFFLRQDGR \ D GDU PD\RU FODULGDG D DOJXQDV GH VXV LGHDV PDWULFHV 3RU
HMHPSOR HQ HO DUWtFXOR ž VH HVWDEOHFH TXH HO LQWHQGHQWH UHJLRQDO SRGUi
GHOHJDU HQ ORV JREHUQDGRUHV UHVSHFWLYRV ODV IDFXOWDGHV TXH OH FRQILHUHQ ORV
DUWtFXORV ž < ž UHODWLYDV D OD DXWRUL]DFLyQ GH IXQFLRQDPLHQWR TXH GHEH
RWRUJDUVHDORVUHFLQWRVGHSRUWLYRVORTXHQRILJXUDEDHQHOSUR\HFWRRULJLQDO
'HWDO PDQHUDTXHWRGDVHVWDVLQGLFDFLRQHVQRVRQPiVTXHDMXVWHVGH
FDUiFWHUPHQRU\DTXHQLQJXQDGHHOODVLQIOX\HHQORVXVWDQWLYRUHVSHFWRGHOR
DSUREDGRSRUOD6DODSRUORTXHVROLFLWRTXHDKRUDODVDSUXHEHHQODYRWDFLyQ
HQSDUWLFXODU
(OVHxRU+$08<9LFHSUHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU*XWHQEHUJ
0DUWtQH]
(OVHxRU(63,1$6HxRU3UHVLGHQWHHO'LSXWDGRVHxRU0DUWtQH]PHLQGLFyTXH
EDVWDEDFRQPLH[SOLFDFLyQFRQODFXDOVHVHQWtDSOHQDPHQWHLGHQWLILFDGR
(OVHxRU+$08<9LFHSUHVLGHQWH(QGLVFXVLyQSDUWLFXODUHOSUR\HFWR
7LHQHODSDODEUDHO'LSXWDGRVHxRU(OJXHWD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU (/*8(7$ 6HxRU 3UHVLGHQWH HQ HVWD VHJXQGD GLVFXVLyQ VH
SUHVHQWDURQODVVLJXLHQWHVLQGLFDFLRQHVHQOD&RPLVLyQ
/DSULPHUDFRPROR VHxDOyHOVHxRU'LSXWDGRLQIRUPDQWHSUHYLHQHTXH
HOLQWHQGHQWHSXHGHGHOHJDUHQHOJREHUQDGRUUHVSHFWLYRODVIDFXOWDGHVTXHOH
FRQILHUHQORVDUWtFXORVOž\žUHODWLYDVDODDXWRUL]DFLyQGHIXQFLRQDPLHQWRTXH
GHEH RWRUJDUVH D ORV UHFLQWRV GHSRUWLYRV SRUTXH H[LVWHQ QXPHURVDV UHJLRQHV
TXHSRUVXH[WHQVLyQKDFHQQHFHVDULDHVWDGHOHJDFLyQ(VWDIDFXOWDGWDPELpQ
HVWDED FRQWHPSODGD HQ OD OH\ RUJiQLFD VREUH UHJLRQDOL]DFLyQ SHUR DTXt VH
TXLVRUHPDUFDU\SUHFLVDUHVWDVLWXDFLyQ
2WUD LQGLFDFLyQ GHILQH HQ PHMRU IRUPD ODV SHQDV GH DUUHVWR GH ILQ GH
VHPDQD (Q WDO VHQWLGR VH DSUREy XQD QRUPD TXH HVWDEOHFH TXH HVWH DUUHVWR
VH OOHYDUi D FDER ORV GtDV ViEDGRV \ GRPLQJRV HQ HO UHFLQWR GH OD XQLGDG
SROLFLDO PiV SUy[LPD DO GRPLFLOLR GHO FRQGHQDGR QR SRGUi H[FHGHU GH GRFH
KRUDVHQFDGDXQRGHHVRVGtDV\GXUDUiGHGRVPHVHVDXQDxR
7DPELpQ VH DSUREy XQD LQGLFDFLyQ UHODWLYD D OD IRUPD HQ TXH GHEH
YHULILFDUVH HO WUDEDMR FRPXQLWDULR D TXH VHUiQ FRQGHQDGDV ODV SHUVRQDV TXH
FRPHWDQGHVPDQHVFRQRFDVLyQGHXQHVSHFWiFXORGHSRUWLYR
(O WUDEDMR FRPXQLWDULR VH OOHYDUi D HIHFWR HQ FXDOTXLHU HQWLGDG GH
FDUiFWHUFRPXQLWDULRGHOOXJDUGHOGRPLFLOLRGHOFRQGHQDGRRHQODTXHHOMXH]
GHWHUPLQH\VXGXUDFLyQVHUiGHGRVPHVHVDXQDxR
3RU ~OWLPR VH DSUREy OD LQGLFDFLyQ TXH VHxDOD (O MXH] SRU PRWLYRV
FDOLILFDGRV \ HQ UHVROXFLyQ IXQGDGD SRGUi GLVSHQVDU SDUFLDOPHQWH HO
FXPSOLPLHQWRGHODVVDQFLRQHVDQWHULRUHV\DTXHHOSUR\HFWRGLVSRQtDTXHD
ODSROLFtDOHFRUUHVSRQGtDVXVSHQGHURPRGLILFDUODVVDQFLRQHVGHDUUHVWRGHILQ
GH VHPDQD WUDEDMR FRPXQLWDULR R OD SURKLELFLyQ WHPSRUDO GH DVLVWLU D XQ
GHWHUPLQDGRWLSRGHHVSHFWiFXOR
&RPR FRQVLGHUDPRV TXH HO SUR\HFWR FRQWLHQH QRUPDV MXUtGLFDV
DGHFXDGDVOHGDUHPRVQXHVWUDDSUREDFLyQ
+HGLFKR
(OVHxRU+$08<9LFHSUHVLGHQWH
6H GHFODUDQ DSUREDGRV SRU QR KDEHU VLGR REMHWR GH LQGLFDFLRQHV QL GH
PRGLILFDFLRQHVORVDUWtFXORVžžžžžž<
7DPSRFRIXHURQREMHWRGHLQGLFDFLRQHVQLGHPRGLILFDFLRQHVORVDUWtFXORV
ž \ ž SHUR SRU FRQWHQHU PDWHULDV SURSLDV GH OH\ RUJiQLFD FRQVWLWXFLRQDO
GHEHQVHUYRWDGRVHQSDUWLFXODU
4XHGDSHQGLHQWHODYRWDFLyQGHORVDUWtFXORVž\žSRUTXHQRWHQHPRV
HOTXyUXPVXILFLHQWHHQOD6DOD6HUHTXLHUHQYRWRV
2IUH]FRODSDODEUD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(OVHxRU253,63LGRODSDODEUD
(OVHxRU+$08<9LFHSUHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU2USLV
(O VHxRU 253,6 6HxRU 3UHVLGHQWH TXLHUR UHIHULUPH DO WUDEDMR FRPXQLWDULR
SUHYLVWRHQHODUWtFXORGHOVHJXQGRLQIRUPH
(Q HO SULPHU LQIRUPH VH HVWDEOHFtD HO WUDEDMR FRPXQLWDULR FRUQR SHQD
DOWHUQDWLYD OR FXDO GHEtD OOHYDUVH D HIHFWR HQ HO GRPLFLOLR GHO FRQGHQDGR (Q
HVH WUiPLWH SUHVHQWp XQD LQGLFDFLyQ GH OD Pi[LPD UHOHYDQFLD SDUD OD
UHKDELOLWDFLyQ HQ pO VHQWLGR GH TXH HVH WUDEDMR FRPXQLWDULR VH KD GH UHDOL]DU
HQ HO VHFWRU GRQGH OD SHUVRQD FDXVy HO GDxR 6LQ HPEDUJR HO DUWtFXOR IXH
PRGLILFDGR SUHVFULELHQGR TXH HO WUDEDMR FRPXQLWDULR VH HIHFWXDUi HQ HO
GRPLFLOLRGHOFRQGHQDGRRHQHOOXJDUTXHGHWHUPLQHHOMXH]
0HKDEUtDJXVWDGRTXHODQRUPDKXELHVHHQIDWL]DGRHQTXHHVHWUDEDMR
FRPXQLWDULR KD GH HIHFWXDUVH HQ HO OXJDU HQ TXH VHSURGXMRHO GDxR $O UHYpV
GHORTXHYLHQHSURSXHVWRORTXHGHEHUtDSXQWXDOL]DUHVTXHHQORVFDVRVHQ
TXH HVR QR VHD SRVLEOH HO MXH] GHWHUPLQH HO OXJDU SHUR QR VH KD KHFKR DVt
SXHVVHHVWDEOHFHXQDIDFXOWDGDPSOLDSDUDHOMXH]
+HGLFKR
(OVHxRU9,(5$*$//23UHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU$JXLOy
(O VHxRU $*8,/2 6HxRU 3UHVLGHQWH TXLHUR SODQWHDU GRV PDWHULDV HVSHFtILFDV
HQODGLVFXVLyQSDUWLFXODUGHOSUR\HFWRYLQFXODGDVDORVDUWtFXORVž\
4XLHURSURSRQHUIRUPDOPHQWHUHVSHFWRGHODUWtFXORž
(O VHxRU 9,(5$*$//2 3UHVLGHQWH /RV DUWtFXORV ž \ IXHURQ DSUREDGRV
UHJODPHQWDULDPHQWH
(O VHxRU $*8,/2 &RPR HO VHxRU 9LFHSUHVLGHQWH KDEtD FRORFDGR HQ YRWDFLyQ
WRGRV ORV DUWtFXORV TXH QR IXHURQ REMHWR GH LQGLFDFLRQHV \ HQWLHQGR TXH HO
DUWtFXORžHVWiHQHVDVLWXDFLyQVXJLHUR
(O
VHxRU
9,(5$*$//2
3UHVLGHQWH
+D
TXHGDGR
DSUREDGD
UHJODPHQWDULDPHQWH OD VHULH GH DUWtFXORV TXH OH\y HO VHxRU 9LFHSUHVLGHQWH
HQWUH ORV TXH ILJXUDQ HO ž \ )DOWDQ SRU YRWDU HO ž \ HO ž SHUR VLQ
GLVFXVLyQ(VWDPRVHVSHUDQGRHOPRPHQWRRSRUWXQRSDUDKDFHUOD
$KRUDHVWDPRVHQODGLVFXVLyQGHODUWtFXORž
(OVHxRU$*8,/21RHVDVtVHxRU3UHVLGHQWH/RVDUWtFXORVWLHQHQTXHYRWDUVH
XQRSRUXQR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(OVHxRU9,(5$*$//23UHVLGHQWH1RVHxRU'LSXWDGR&XDQGRORVDUWtFXORV
QR KDQ VLGR REMHWR GH LQGLFDFLRQHV QL GH PRGLILFDFLRQHV VH HQWLHQGHQ
UHJODPHQWDULDPHQWH DSUREDGRV (Q HVD VLWXDFLyQ VH HQFXHQWUDQ ORV DUWtFXORV
žžžžžž<
(O VHxRU $*8,/2 6HxRU 3UHVLGHQWH HQWRQFHV VROLFLWR SRU VX LQWHUPHGLR HO
DVHQWLPLHQWRXQiQLPHGHOD6DOD SDUDSODQWHDUXQVRORSUREOHPDUHVSHFWRGHO
DUWtFXORž
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 6L OH SDUHFH D OD 6DOD VH DFFHGHUi D OR
VROLFLWDGR
$FRUGDGR
7LHQHODSDODEUD6X6HxRUtD
(O VHxRU $*8,/2 6HxRU 3UHVLGHQWH HO DUWtFXOR ž GLVSRQH TXH ORV FOXEHV GH
I~WEROSURIHVLRQDOGHEHUiQFRQWDUFRQXQSDGUyQRILFLDOGHORVPLHPEURVGHVX
EDUUDFRSLDGHOFXDOGHEHUiUHPLWLUVHDFWXDOL]DGRVHPHVWUDOPHQWHDODXQLGDG
GH &DUDELQHURV GH &KLOH FRUUHVSRQGLHQWH D VX GRPLFLOLR (VWD VHUtD OD SULPHUD
YH] HQ OD KLVWRULD GH &KLOH TXH D XQ HQWH GH OD VRFLHGDG FLYLO VH OH H[LJH VLQ
RWUDV FRQVLGHUDFLRQHV OD UHPLVLyQ GHO SDGUyQ GH VXV LQWHJUDQWHV D XQ
RUJDQLVPRSROLFLDO/DPHGLGDTXHJHQHUDFLHUWDLPDJHQ\TXHSRGUtDOOHYDUD
VLWXDFLRQHV GHOLFDGDV HQ HO IXWXUR HV LQQHFHVDULD WRGD YH] TXH ORV FOXEHV
GHSRUWLYRVWLHQHQLQGLYLGXDOL]DGRVDWRGRVVXVPLHPEURVGHPDQHUDTXHVLOD
SROLFtD QHFHVLWD UHDOL]DU DOJXQD LQYHVWLJDFLyQ SXHGH VROLFLWDU ORV SDGURQHV GH
VXV DILOLDGRV (QYLDU SRU GHILQLFLyQ GLFKRV SDGURQHV D XQ RUJDQLVPR SROLFLDO
VHQWDUtDXQSUHFHGHQWH\HYHQWXDOPHQWHHQRWURSUR\HFWRVHSRGUtDREOLJDUD
FXDOTXLHURUJDQL]DFLyQFLYLOSRUHMHPSORSRGUtDVHUXQDGHFDUiFWHUSROtWLFRD
DGRSWDUVLPLODUSURFHGLPLHQWRFRQVXVDILOLDGRV
3RU WUDWDUVH GH XQD PDWHULD GHOLFDGD HVWLPR LQQHFHVDULR FRQVLGHUDUOD HQ HO
SUR\HFWR%DVWDFRQTXHORVSDGURQHVH[LVWDQSDUDTXHHVWpQDGLVSRVLFLyQGH
ODV DXWRULGDGHV FRUUHVSRQGLHQWHV (QYLDU DQWLFLSDGDPHQWH ORV DQWHFHGHQWHV D
XQ RUJDQLVPR SROLFLDO HV XQ H[FHVR VREUH WRGR WHQLHQGR HQ YLVWD ODV
UHDOLGDGHV GH SURYLQFLDV GH UHJLRQHV GRQGH MDPiV XQ FOXE GHSRUWLYR KD
JHQHUDGRODVVLWXDFLRQHVTXHKHPRVYLVWRHQODFDSLWDO
&RPRVHWUDWDGHXQSUHMXLFLRLQQHFHVDULRVROLFLWRVRPHWHUDFRQVLGHUDFLyQGH
OD6DODODHOLPLQDFLyQGHOLQFLVRVHJXQGRGHODUWtFXORž
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 6L OH SDUHFH D OD 6DOD VH SRGUtD
FRQVLGHUDUODSHWLFLyQ
1RKD\DFXHUGR
2IUH]FRODSDODEUDVREUHHODUWtFXORž
7LHQHODSDODEUDHO'LSXWDGRVHxRU(VSLQD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU (63,1$ 6HxRU 3UHVLGHQWH QR WHQJR LQFRQYHQLHQWH HQ GDU
XQDQLPLGDG SDUD GHEDWLU HO WHPD SODQWHDGR SRU HO VHxRU$JXLOy \ SDUD TXH VH
GHQODVUD]RQHVTXHPRWLYDURQXQDQRUPDFRPRODVHxDODGD/RLPSRUWDQWHHV
QR GHMDU GH DQDOL]DU SRU UD]RQHV GH RUGHQ UHJODPHQWDULR EXHQDV LGHDV R
GXGDVHLPSHGLUTXHVHDQWUDWDGDVHQOD6DOD
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 6HxRU 'LSXWDGR \D KXER XQ
SURQXQFLDPLHQWR VREUH HVD PDWHULD GH PDQHUD TXH DKRUD GHEH UHPLWLUVH DO
DUWtFXORž
(O VHxRU (63,1$ 6HxRU 3UHVLGHQWH HO ~QLFR FDPELR GHO DUWtFXOR ž UHVSHFWR
GHO WH[WR FRQWHQLGR HQ HO SULPHU LQIRUPH GLFH UHODFLyQ FRQ OD IDFXOWDG GHO
LQWHQGHQWH UHJLRQDO SDUD GHOHJDU HQ ORV JREHUQDGRUHV VXV DWULEXFLRQHV SDUD
FDOLILFDU ORV UHFLQWRV GHSRUWLYRV GH DFXHUGR FRQ ODV UHVSHFWLYDV H[LJHQFLDV \
UHTXLVLWRV GRQGH VH YDQ D UHDOL]DU HYHQWRV GHSRUWLYRV /RV SDUODPHQWDULRV GH
SURYLQFLDVDGXMHURQTXHGDGDVODVGLVWDQFLDVH[LVWHQWHVHQDOJXQDVFLXGDGHVHQ
UHODFLyQFRQODFDSLWDOGHODUHJLyQWRGRDFRQVHMDEDTXHODPHGLGDSXGLHUDVHU
DGRSWDGD SRU HO JREHUQDGRU PHGLDQWH OD GHOHJDFLyQ GH IDFXOWDGHV &RPR HO
DUWtFXOR QR FRQWLHQH QDGD H[FHSFLRQDO VDOYR XQD GHOHJDFLyQ GH IDFXOWDGHV
VROLFLWRVXDSUREDFLyQ
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR GRQ -RUJH
3L]DUUR
(O VHxRU 3,=$552 GRQ -RUJH 6HxRU 3UHVLGHQWH DSURSyVLWR GH OD GLVFXVLyQ
GHODUWtFXORžPHUHIHULUpDODFRQVXOWDGHO'LSXWDGRVHxRU$JXLOy
(ODUWtFXORžHVWDEOHFHTXHXQDFRSLDGHOSDGUyQGHORVPLHPEURVGHODEDUUD
RILFLDOGHFDGDFOXEGHEHUHPLWLUVHD&DUDELQHURVGH&KLOH¢3RUTXp"3RUTXHHQ
HO DUWtFXOR ž VH HVWDEOHFHQ H[LJHQFLDV SDUD SRVLELOLWDU DOJXQRV HYHQWRV R
SDUWLGRV GHQRPLQDGRV GH DOWR ULHVJR UHODFLRQDGRV FRQ OD IDFXOWDG GHO
LQWHQGHQWHSDUDVXVSHQGHUORVHQXQPRPHQWRGHWHUPLQDGR
¢<VREUHTXpEDVHVSXHGHVXVSHQGHU"
4XH HIHFWLYDPHQWH WHQJD LQIRUPDFLyQ R DQWHFHGHQWHV GH TXH SXHGHQ
SURGXFLUVHSUREOHPDVHQODUHDOL]DFLyQGHDOJ~QWLSRGHHYHQWR
$KRUDHVDVXVSHQVLyQSXHGHTXHGDUVLQHIHFWRVLHPSUH\FXDQGRVHFXPSODQ
DOJXQDVH[LJHQFLDV3RUHMHPSOR\FODUDPHQWHORHVWDEOHFHHODUWtFXORžHQVX
VHJXQGRLQFLVRODVEDUUDVGHEHUiQXELFDUVHHQVHFWRUHVVHSDUDGRVFODUDPHQWH
GHWHUPLQDGRVDORVFXDOHVVyORSRGUiQLQJUHVDUORVLQWHJUDQWHVGHHOODVSUHYLD
H[KLELFLyQGHODFUHGHQFLDODTXHVHKDFHUHIHUHQFLDHQHODUWtFXORž
¢4XLpQLQIRUPDHOFXPSOLPLHQWRGHHVWDVH[LJHQFLDV"&DUDELQHURVTXH
UHTXLHUHFRSLDGHOSDGUyQGHOUHVSHFWLYRFOXESDUDHVWRVHIHFWRV
$GHPiV ORV FOXEHV WLHQHQ GLVWLQWRV WLSRV GH VRFLRV GH PLHPEURV GH
VLPSDWL]DQWHV R GH DGKHUHQWHV 1RUPDOPHQWH ORV TXH FRQIRUPDQ ODV EDUUDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
RILFLDOHV QR QHFHVDULDPHQWH VRQ VRFLRV 'H PDQHUD TXH OD DSUHQVLyQ GHO
'LSXWDGR VHxRU $JXLOy FXDQGR SODQWHDED TXH EDVWDED FRQ OD H[LVWHQFLD GH OD
OLVWD GH ORV FOXEHV SDUD VDWLVIDFHU HO UHTXHULPLHQWR GHO LQFLVR SULPHUR GHO
DUWtFXOR ž QR VH MXVWLILFD HQ UD]yQ GH HVWH SODQWHDPLHQWR /RV FOXEHV WLHQHQ
GLVWLQWDVFDWHJRUtDVGHVRFLRV\DTXtQRV HVWDPRVUHILULHQGRD ORV LQWHJUDQWHV
GHODVEDUUDVRILFLDOHVTXHHQVXPD\RUtDQRWLHQHQWDOFDOLGDG3RUHMHPSOR
HO &OXE 'HSRUWLYR GH OD 8QLYHUVLGDG &DWyOLFD FXHQWD FRQ WUHV FDWHJRUtDV GH
VRFLRV \ QR QHFHVDULDPHQWH HVWiQ HQ HOODV ORV TXH IRUPDQ SDUWH GH VX EDUUD
RILFLDO
'H PDQHUD TXH WDO FRPR HVWiQ HQXQFLDGRV ORV DUWtFXORV ž \ ž LQFLVR
VHJXQGRVRQFRPSOHPHQWDULRV\SRVLELOLWDQTXHHQXQPRPHQWRGHWHUPLQDGR
HO LQWHQGHQWH R HO JREHUQDGRU HQ VX FDVR DGRSWHQ ODV PHGLGDV
FRUUHVSRQGLHQWHV
$SURYHFKR WDPELpQ OD RSRUWXQLGDG SDUD UHIHULUPH LQPHGLDWDPHQWH D OD
SURSRVLFLyQ GHO FROHJD 2USLV UHVSHFWR GHO OXJDU GRQGH VH GHEH FXPSOLU OD
FRQGHQD GH ORV WUDEDMRV FRPXQLWDULRV (QWLHQGR HO HVStULWX FRQ TXH VH KD
SODQWHDGR SHUR LQGXGDEOHPHQWH KD\ VLWXDFLRQHV SUiFWLFDV PiV DOOi GH OD
YROXQWDG TXH WHQJDPRV FRPR OHJLVODGRUHV SDUD ORJUDU TXH TXLHQHV SURYRFDQ
GDxRVORVUHSDUHQHQHOPLVPROXJDUHQTXHORVFDXVDURQ
7DO FRPR HVWi HVWDEOHFLGR LQGXGDEOHPHQWH HV PHMRU HO DUWtFXOR GHO
VHJXQGR LQIRUPH TXH UDGLFD HQ HO MXH] OD IDFXOWDG GH GHILQLU HQ TXp OXJDU VH
FXPSOHODVDQFLyQSDUDORVHIHFWRVGHTXHODGLVSRVLFLyQUHDOPHQWHVHFXPSOD
\WHQJDHOHIHFWRUHKDELOLWDGRURGHUHHGXFDFLyQSHUVHJXLGR
(OVHxRU9,(5$*$//23UHVLGHQWH¢6X6HxRUtDVHHVWiUHILULHQGRDODUWtFXOR
"
(OVHxRU3,=$552GRQ-RUJH6tVHxRU3UHVLGHQWH
(OVHxRU9,(5$*$//23UHVLGHQWH/RYDPRVDGLVFXWLUGHVSXpV
(O VHxRU 3,=$552 GRQ -RUJH (VWR\ KDEODQGR GHO DUWtFXOR SRUTXH HO
3ULPHU9LFHSUHVLGHQWHSHUPLWLyTXHVHGLVFXWLHUD
1R TXLHUR LQWHUYHQLU GRV YHFHV VyOR GHVHR GHMDU HVWDEOHFLGD PL
REVHUYDFLyQUHVSHFWRGHHVWHSXQWRVLQROHPROHVWDVHxRU3UHVLGHQWH
(OVHxRU9,(5$*$//23UHVLGHQWH0X\ELHQ
(OVHxRU3,=$552GRQ-RUJH0XFKDVJUDFLDV
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 0L REOLJDFLyQ HV GDU FXPSOLPLHQWR DO
5HJODPHQWR
(O VHxRU 3,=$552 GRQ -RUJH /R LGHDO VHUtD HVWDEOHFHU OR SODQWHDGR SRU HO
'LSXWDGR VHxRU 2USLV SHUR HQ JHQHUDO ODV PiV GH ODV YHFHV VH SURGXFHQ
LQFRQYHQLHQWHV SRU UD]RQHV HFRQyPLFDV GH GHVSOD]DPLHQWR R GH WLHPSR GH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
PDQHUD TXH OR OyJLFR HV TXH HO MXH] TXHGH IDFXOWDGR GH DFXHUGR FRQ OD
UHDOLGDG GH FDGD SHUVRQD SDUD GHFUHWDU HO OXJDU GRQGH VH KD GH FXPSOLU OD
SHQD
+HGLFKR
(OVHxRU9,(5$*$//23UHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU0XxR]
%DUUD
(O VHxRU 08f2= %$55$ &RQFXHUGR FRQ OR H[SUHVDGR SRU HO 'LSXWDGR VHxRU
3L]DUURUHVSHFWRGHODUHGDFFLyQGHODUWtFXORžTXHWLHQHtQWLPDFRQFRUGDQFLD
FRQHOLQFLVRVHJXQGRGHODUWtFXORž
1RYHRGyQGHHVWiHOSUREOHPDGHTXHORVSDGURQHVGHODVEDUUDVGHEDQ
UHPLWLUVH DFWXDOL]DGRV VHPHVWUDOPHQWH D &DUDELQHURV GH &KLOH 1R KD\ TXH
ROYLGDU TXH ORV VRFLRV GH ODV LQVWLWXFLRQHV GHSRUWLYDV SHUPDQHQWHPHQWH VH
HVWiQ DFUHGLWDQGR SXHVWR TXH SDUD KDFHU XVR GH VXV EHQHILFLRV WDOHV FRPR
SUHFLR UHEDMDGR HQ ODV HQWUDGDV DWHQFLyQ SUHIHUHQWH HQ EROHWHUtDV \ RWUDV
DWHQFLRQHVGLUHFWDV\SHUVRQDOL]DGDVGHEHQSUHVHQWDUVXFUHGHQFLDO
)UHQWH D ORV ODPHQWDEOHV VXFHVRV TXH KHPRV YLVWR IXQGDPHQWDOPHQWH
HQ 6DQWLDJR GRQGH VHFWRUHV GHO OXPSHQ VH LQWURGXFHQ HQ HVWRV Q~FOHRV
GHSRUWLYRV FRQ UHVXOWDGRV WDQ GUDPiWLFDPHQWH UHSXJQDQWHV OR TXH DEXQGD
VLHVEXHQRQRGDxD
1R HVWR\ GH DFXHUGR FRQ OD UHGDFFLyQ GHO LQFLVR WHUFHUR GHO DUWtFXOR ž
TXHHQWUHJDDOFOXEGHSRUWLYRODUHVSRQVDELOLGDGGHYLJLODUHOVHFWRUGHVWLQDGRD
ODEDUUD(QPLRSLQLyQHVWDVDWULEXFLRQHVQRFRUUHVSRQGHQDORVGLULJHQWHVORV
FXDOHV FDUHFHQ GH OD FDSDFLGDG \ GH ORV HOHPHQWRV SDUD HMHUFHUODV (VD ODERU
FRUUHVSRQGH \ FRPSHWH HQ WRGR PRPHQWR D &DUDELQHURV 'H RWUD PDQHUD VH
GHMDXQYDFtRHQODOH\TXHSRGUiDFDUUHDUJUDYHVFRQVHFXHQFLDVHQHOIXWXUR
+HGLFKR
(OVHxRU9,(5$*$//23UHVLGHQWH(QYRWDFLyQHODUWtFXORž
(IHFWXDGD OD YRWDFLyQ HQ IRUPD HFRQyPLFD SRU HO VLVWHPD HOHFWUyQLFR GLR HO
VLJXLHQWHUHVXOWDGRSRUODDILUPDWLYDYRWRV1RKXERYRWRVSRUODQHJDWLYD
QLDEVWHQFLRQHV
(OVHxRU9,(5$*$//23UHVLGHQWH$SUREDGRHODUWtFXORž
(QGLVFXVLyQHODUWtFXOR1ž
7LHQHODSDODEUDHO'LSXWDGRVHxRU2USLV
(O VHxRU 253,6 6HxRU 3UHVLGHQWH HQ UHODFLyQ FRQ OR SODQWHDGR SRU HO
'LSXWDGR VHxRU 3L]DUUR LQVLVWR HQ HO FULWHULR H[SXHVWR HQ PL SULPHUD
LQWHUYHQFLyQ EDVDGR HQ TXH HO 3RGHU /HJLVODWLYR GLFWD OD OH\ \ HO -XGLFLDO OD
DSOLFD
3RU OR WDQWR OD OH\ GHEH WHQHU ODV RULHQWDFLRQHV SUHFLVDV SDUD ORJUDU HO
REMHWLYR TXH VH EXVFD (Q HVWH SUR\HFWR GD OR PLVPR TXH OD SHQD DOWHUQDWLYD
GHOWUDEDMRFRPXQLWDULRVHUHDOLFHHQHOGRPLFLOLRGHOFRQGHQDGRRHQFXDOTXLHU
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
OXJDUGHWHUPLQDGRSRUHOMXH]2ULJLQDOPHQWHLQVLVWtHQODLQGLFDFLyQFRQWHQLGD
HQ HO SULPHU LQIRUPH SRUTXH HVWLPR TXH OR PiV HMHPSODUL]DGRU HV TXH OD
SHUVRQD UHSDUH HO GDxR HQ HO OXJDU GRQGH OR SURGXMR 3RU ~OWLPR HO SUR\HFWR
GHELyHVWDEOHFHUXQFULWHULRGHSUHIHUHQFLDGHPDQHUDTXHHOMXH]SURFXUHTXH
HO FRQGHQDGR HMHFXWH HO WUDEDMR FRPXQLWDULR HQ HO OXJDU GRQGH VH SURGXMR HO
GDxR3RUPRWLYRGHGLVWDQFLDRGHRWUDtQGROHSRGUiGHWHUPLQDURWURSHURDO
HVWDEOHFHUODSUHIHUHQFLDDXWRPiWLFDPHQWHVHRULHQWDDOMXH]ORTXHQRRFXUUH
HQHOSUHVHQWHSUR\HFWR
+HGLFKR
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
(VSLQD
(O VHxRU (63,1$ 6HxRU 3UHVLGHQWH OD &RPLVLyQ GH &RQVWLWXFLyQ WXYR XQ
FULWHULRPX\GLVWLQWRDOH[SUHVDGRSRUHO'LSXWDGRVHxRU2USLV
(O WUDEDMR FRPXQLWDULR FRUQR VDQFLyQ HVWDEOHFLGD HQ HO SUR\HFWR QR
DSXQWD D VHU XQD PHGLGD HMHPSODUL]DGRUD VLQR UHKDELOLWDGRUD \ WLHQH SRU
REMHWR HYLWDU TXH HO MRYHQ YLQFXODGR D KHFKRV GH YLROHQFLD HQ XQ HVSHFWiFXOR
GHSRUWLYR TXHGH SUHVR $ OD &RPLVLyQ QR OH SDUHFH TXH OD VROXFLyQ VHD TXH
HVWRV MyYHQHV WHUPLQHQ HQ OD FiUFHO SRUTXH OD H[SHULHQFLD GHPXHVWUD TXH
OHMRVGHUHKDELOLWDUVHDSUHQGHQRWUDVSUiFWLFDVGHOLFWXDOHVKDELWXDOPHQWHPiV
JUDYHV TXH DTXHOODV SRU ODV FXDOHV KDQ VLGR GHWHQLGRV \ SXHGHQ OOHJDU D
WUDQVIRUPDUVHHQGHOLQFXHQWHV
/D &RPLVLyQ FRQ OD H[SHULHQFLD \ DVHVRUtD GH TXLHQHV FRQFXUULHURQ D
HOODHVWLPyTXHKDEtDTXHGDUXQDVDOLGDDOMXH]SDUDODUHKDELOLWDFLyQGHHVWRV
MyYHQHV TXH FRQVLVWH HQ REOLJDUORV D UHDOL]DU WUDEDMRV FRPXQLWDULRV HQ ORV
OXJDUHV GRQGH H[LVWDQ PHMRUHV FRQGLFLRQHV GH UHKDELOLWDFLyQ ¢'yQGH UHVXOWD
PiVIiFLOHMHFXWDUORV"$ORPHMRUHQDTXHOORVOXJDUHVRLQVWLWXFLRQHVFHUFDQRV
DOGRPLFLOLRGHOMRYHQREMHWRGHODVDQFLyQSHURQRVHWUDWDGHTXHUHSDUHORV
PLVPRVGDxRVFDXVDGRVSRUTXHpVDQRHVODILQDOLGDGGHODQRUPDQLDSXQWDD
TXHORVMyYHQHVHQWLHQGDQTXHFXPSOHQFRQVXGHEHUVLDUUHJODQORVGHVWUR]RV
TXH FDXVDURQ HQ HO HVWDGLR R VL UHDOL]DQ WUDEDMRV HQ XQD HQWLGDG FRPXQLWDULD
FHUFDQD D pVWH OR LPSRUWDQWH HV TXH HO WUDEDMR FRPXQLWDULR OHV VLUYD SDUD
DSUHQGHUKiELWRVGHFRQGXFWDVRFLDODGHFXDGD
/D &RPLVLyQ SURSRQH TXH OR KDJDQ FHUFD GH VX FDVD R VL HO MXH] OR
HVWLPDFRQYHQLHQWHHQRWUROXJDU
3RU OR WDQWR HO FULWHULR GHO GRPLFLOLR HV LUUHOHYDQWH /R TXH LPSRUWD HV
TXH H[LVWD XQ FHQWUR FRPXQLWDULR TXH VLUYD D OD UHKDELOLWDFLyQ GHO MRYHQ TXH
VHD ~WLO \ TXH OH RFDVLRQH ODV PHQRUHV GLILFXOWDGHV GH DFFHVR D pO SRU OD
GLVWDQFLD
6HxRU 3UHVLGHQWH FRQ VX YHQLD OH FRQFHGR XQD LQWHUUXSFLyQ D ORV
'LSXWDGRV VHxRUHV 3DOHVWUR GHO 0LGD \ (OJXHWD GHO 3DUWLGR 'HPyFUDWD
&ULVWLDQR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
3DOHVWUR
(OVHxRU3$/(67526HxRU3UHVLGHQWHTXH'LRVPHSHUGRQHFXDQGRGLJRTXH
HVWR\ WRWDOPHQWH GH DFXHUGR FRQ HO SODQWHDPLHQWR H[WUDxDPHQWH KXPDQR GHO
'LSXWDGRVHxRU(VSLQD
+XER pSRFDV \ ODV FRQRFLPRV HQ TXH D XQ GHWHQLGR SRU XQ GHOLWR
PHQRUHQGtDYLHUQHVRViEDGRORVDFDEDQDWUDEDMDUHOOXQHVVLJXLHQWHLQFOXVR
FRQHVRVWUDMHVDUD\DVGHORVSUHVLGLDULRV\FRQXQDJUDQERODHQORVWRELOORV
(V GHFLU HQ OXJDU GH UHFXSHUDU DO KRPEUH SDUD HQIUHQWDU GH RWUD PDQHUD ORV
DYDWDUHV TXH SUHVHQWD OD YLGD HUD REMHWR GH EXUOD \ GH GHVSUHFLR GH ORV
YHFLQRV SRUTXH OR SDVHDEDQ HQ S~EOLFR FRQ VXV PDWHULDOHV GH WUDEDMR FRPR
SDODV\FKX]RVFXVWRGLDGRSRUJHQGDUPHV(VRORKDFtDYLVLEOHHQS~EOLFR
&RPRGHFtDHO'LSXWDGRVHxRU(VSLQDVHWUDWDGHGDUOHODRSRUWXQLGDGGH
HQWHQGHUTXHKDFRPHWLGRXQGHOLWRPHQRUDVtFRQVLGHUR ORVTXHVHFRPHWHQ
HQ ORV HVWDGLRV TXH SXHGH UHFXSHUDUVH \ HQIUHQWDU OD YLGD HQ PHMRUHV
FRQGLFLRQHV \ FRQ SRVLELOLGDGHV GH LQVHUWDUVH HQ ODV FRVDV ~WLOHV TXH
SURSRUFLRQDODVRFLHGDG
9RWDUp HQ FRQWUD GH HVWH DUWtFXOR SRUTXH QR HVWR\ GH DFXHUGR FRQ HVH
HVSHFWURTXHVHGHMDDGLVFUHFLyQGHOMXH]\DTXHSXHGHQSURGXFLUVHH[FHVRV
TXH QR VRQ FRQYHQLHQWHV FXDQGR VH WUDWD GH UHFXSHUDU D XQ MRYHQ SDUD ODV
EXHQDV\QREOHVDFWLYLGDGHVTXHGHEHUHDOL]DU
0XFKDVJUDGDV'LSXWDGRVHxRU(VSLQD
+HGLFKR
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
(OJXHWD
(OVHxRU(/*8(7$6HxRU3UHVLGHQWHFRPSDUWRODRSLQLyQGHO'LSXWDGRVHxRU
(VSLQD \ FRQFXHUGR FRQ HO WH[WR GHO SUR\HFWR SHUR TXLHUR VHxDODU ODV UD]RQHV
SDUD GHMDUOR FRPR HVWDED \ GHVHFKDU SDUFLDOPHQWH OD LGHD GHO 'LSXWDGR VHxRU
2USLV
(QSULPHUOXJDUVHWXYRHQFXHQWDTXHORVGDxRVSXHGHQSURGXFLUVHHQ
OXJDUHVPX\GLVWDQWHVGHOGRPLFLOLRGHOFRQGHQDGR6LXQDEDUUDVHWUDVODGDD
&RQFHSFLyQ \ DOOt FDXVD ORV GDxRV HO TXH XQD SHUVRQD FRQ GRPLFLOLR HQ
6DQWLDJR FXPSOD HVWH WUDEDMR FRPXQLWDULR HQ DTXHOOD FLXGDG LPSOLFDUtD XQD
GREOHSHQDPX\FRVWRVD\FRQWUDSURGXFHQWH
(Q VHJXQGR OXJDU PXFKRV GH ORV GDxRV VH RFDVLRQDQ HQ SURSLHGDGHV
S~EOLFDVLQFOXVRHQODVTXHVRQPRYLEOHVFRPRHQHOPHWURWUpQHQWUH6DQWLDJR
\5DQFDJXD(QFRQVHFXHQFLDUHVXOWDGLItFLOSUHFLVDUHOOXJDUJHRJUiILFRGRQGH
VHFRPHWHODDFFLyQ
3RUHVRVHDGRSWyHOFULWHULRGHILMDUFRPRQRUPDJHQHUDOTXHHOWUDEDMR
FRPXQLWDULRVHUHDOLFHHQHOOXJDUGHOGRPLFLOLRGHOFRQGHQDGR6LHOMXH]HVWLPD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
IDFWLEOH FXPSOLU OD VDQFLyQ HQ HO OXJDU GRQGH VH FRPHWLy HO GDxR SXHGH XVDU
HVDIDFXOWDG\GLVSRQHUTXHODFXPSODHQHVHOXJDU
1XHVWUR SDtV WLHQH JHRJUDItD GLILFXOWRVD \HVR QRV OOHYy D DFRJHU OD LGHD
GHO'LSXWDGRVHxRU2USLVSDUDTXHHOMXH]WHQJDWDOIDFXOWDG
$JUDGH]FRODLQWHUUXSFLyQDO'LSXWDGRVHxRU(VSLQD
+HGLFKR
(OVHxRU9,(5$*$//23UHVLGHQWH5HFXSHUDHOXVRGHODSDODEUDHO'LSXWDGR
VHxRU(VSLQD
(OVHxRU(63,1$6HxRU3UHVLGHQWHFRQVXYHQLDOHFRQFHGRXQDLQWHUUXSFLyQ
SURPHWRTXHVHUiOD~OWLPDDO'LSXWDGRVHxRU*DUFtD
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
*DUFtD
(O VHxRU *$5&,$ GRQ 5HQp 0DQXHO 6HxRU 3UHVLGHQWH TXLHUR KDFHUOH XQD
FRQVXOWDDO'LSXWDGRLQIRUPDQWH
¢4XpSDVDFXDQGRHOELHQXQPLFURE~VXQIHUURFDUULOXQFDPLyQWLHQH
XQ VHJXUR FRPSURPHWLGR" 6LQ GXGD GHEH UHVSRQGHU SRU HO GDxR SRUTXH HO
FRQGHQDGR QR YD D OLMDU HO YDJyQ GHO WUHQ QL D GHVDEROODU OD PiTXLQD R HO
FDPLyQGDxDGR¢$TXLpQVHYDDFRQGHQDUVLODODERUGHOVHJXURHVFXEULUORV
GDxRVGHOELHQDVHJXUDGR"
(O VHxRU (63,1$ 6HxRU 3UHVLGHQWH HO WUDEDMR FRPXQLWDULR QR WLHQH SRU
ILQDOLGDGUHSDUDUHOGDxRFDXVDGRSRUHODFWRGHYLROHQFLDTXHPRWLYDODVDQFLyQ
RODFRQGHQD6LKD\XQVHJXURFRPSURPHWLGRREYLDPHQWHTXHODFRPSDxtDGH
VHJXURV VH DUUHJODUi FRQ HO GXHxR GHO UHFLQWR GHSRUWLYR R GH ORV ELHQHV
FRUSRUDOHVPXHEOHVRLQPXHEOHVREMHWRVGHOGDxR
/DSHQDQRWLHQHYLQFXODFLyQDOJXQDFRQORVELHQHVORFXDOH[SOLFDHOTXH
HOWUDEDMRSXHGDUHDOL]DUVHHQFXDOTXLHUOXJDU
4XLHUR DFDUDUOH DO 'LSXWDGR VHxRU 3DOHVWUR TXH 'LRV OR YD D LOXPLQDU
GHVSXpVGHFRLQFLGLUFRQODDSUHFLDFLyQGHHVWDEDQFDGD
+HGLFKR
(OVHxRU9,(5$*$//23UHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU0XxR]
%DUUD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 08f2= %$55$ 6HxRU 3UHVLGHQWH HO WH[WR GHO DUWtFXOR LQGLFD
FODUDPHQWH TXH DKRUD OD LQWHQFLyQ HV DWDFDU HO SUREOHPD GHVGH HO SXQWR GH
YLVWD UHSUHVLYR SHUR OH IDOWD WRGR HO DVSHFWR SUHYHQWLYR TXH QR VH DERUGy
SDUDLPSHGLUODYLROHQFLD
/DV PHGLGDV SURSXHVWDV WLHQHQ SRU REMHWR HQIUHQWDU XQ SUREOHPD
LQPHGLDWRTXHREVHUYDPRVHQIRUPDSHUPDQHQWH
'DUpPLDSUREDFLyQDODUWtFXORHQODIRUPDSURSXHVWDSXHVVLVHUHFKD]D
QRKD\SUR\HFWRSHURPHKDJRXQGHEHUVHxDODUTXHSURQWRGHEHFRPHQ]DUVH
DGLVFXWLUXQDOH\GHOGHSRUWHSRUTXHVLQRVHPRGLILFDODOH\1žQRVH
HQIUHQWDUi HO SUREOHPD GH IRQGR HQ VX HVWUXFWXUD JHQHUDFLRQDO 8QD OH\ GHO
GHSRUWHODDFWXDOHVWiSUiFWLFDPHQWHREVROHWDGHEHUHJXODUOD IRUPDGHYLGD
GHODVLQVWLWXFLRQHVGHSRUWLYDVSRUTXHPXFKDVDFWLYLGDGHVGHSRUWLYDVHQWRUQR
D ODV FXDOHV JLUD OD YLROHQFLD WLHQHQ XQD HVWUXFWXUD DEVROXWDPHQWH SHUPLVLYD
FRQJUDQFDQWLGDGGHYDFtRV\PXFKDVFRQWUDGLFFLRQHVVLWXDFLyQGHODFXDOQR
HVFDSDQ ODV Pi[LPDV DXWRULGDGHV GH HVDV LQVWLWXFLRQHV ODV TXH GXUDQWH ORV
GtDVDQWHULRUHVDOHYHQWRYDQDFWLYDGRGHXQDXRWUDPDQHUDDWUDYpVGHORV
PHGLRV GH GLIXVLyQ OD HVSROHWD TXH SURYRFDUi OD H[SORVLyQ HO GtD HQ TXH VH
HIHFW~H HO HYHQWR GHSRUWLYR (Q HVWH SUR\HFWR QR KD\ XQD VDQFLyQ QL VH
UHVSRQVDELOL]DDORVGLULJHQWHVTXHWRPDQSDSHOHVSURWDJyQLFRV
'DUpPLDSR\RDODUWtFXORSXHVGHUHFKD]DUVHHOSUR\HFWRQRWHQGUtD
UD]yQGHVHU
+HGLFKR
(O VHxRU 9,(5$*$//2 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
9LOORXWD
(OVHxRU9,//287$6HxRU3UHVLGHQWHFRQFXHUGRFRQHODUWtFXORSRUTXHOR
FRQVLGHURPX\QHFHVDULR
(QUHODFLyQFRQODGXGDGHO'LSXWDGRVHxRU5HQp*DUFtDFDEHUHIHULUVHDO
SXQWR E GHO PLVPR DUWtFXOR TXH DJUHJD FRPR SHQD DFFHVRULD OD SURKLELFLyQ
WHPSRUDO SDUDDVLVWLU DOHVSHFWiFXORGHSRUWLYR TXHKD\DPRWLYDGRODFRQGHQD
VDQFLyQ TXH MXQWR FRQ HO DUUHVWR GH ILQ GH VHPDQD SDUD HIHFWXDU WUDEDMR
FRPXQLWDULRVRQSHQDVQXHYDV
(Q UHODFLyQ FRQ HO VHJXUR OD FRPSDxtD YD D RSHUDU VLHPSUH TXH
IHUURFDUULOHVHOHPSUHVDULRGHEXVHVHOGXHxRGHOHVWDGLRRGHFXDOTXLHURWUD
SURSLHGDG GDxDGD SRU XQ IDQiWLFR WHQJD HO VHJXUR \ HO DGLFLRQDO
FRUUHVSRQGLHQWH (Q HVH FDVR OD FRPSDxtD SDJD SHUR D VX YH] OH VLJXH HO
MXLFLR GH FREUR DO TXH SURYRFy ORV GDxRV 6L OD SHUVRQD DIHFWDGD QR WLHQH HO
VHJXUR DGLFLRQDO VLPSOHPHQWH SLHUGH 3RU HVR VH VXSRQH TXH VL OR HVWLPD
QHFHVDULR VHJXLUi XQ MXLFLR D TXLHQ R TXLHQHV SURYRFDURQ ORV GDxRV VLWXDFLyQ
TXHHVWDPRVDERUGDQGRHQHVWHSUR\HFWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
+HGLFKR
(OVHxRU9,(5$*$//23UHVLGHQWH(QYRWDFLyQHODUWtFXOR
(IHFWXDGD OD YRWDFLyQ HQ IRUPD HFRQyPLFD SRU HO VLVWHPD HOHFWUyQLFR GLR HO
VLJXLHQWHUHVXOWDGRSRUODDILUPDWLYDYRWRVSRUODQHJDWLYDYRWR+XER
DEVWHQFLRQHV
(OVHxRU9,(5$*$//23UHVLGHQWH$SUREDGR
(Q YRWDFLyQ ORV DUWtFXORV ž \ ž FX\RV LQFLVRV WHUFHURV UHTXLHUHQ YRWRV
SDUDVHUDSUREDGRV
(O VHxRU (63,1$ 6HxRU 3UHVLGHQWH VROLFLWR TXH VXVSHQGD OD VHVLyQ SRU WUHV
PLQXWRV SDUD UHXQLU HO TXyUXP QHFHVDULR FRUQR OR KD KHFKR HQ RWUDV
RSRUWXQLGDGHV
(OVHxRU9,(5$*$//23UHVLGHQWH6HVXVSHQGHODVHVLyQSRUFLQFRPLQXWRV
7UDQVFXUULGRHOWLHPSRGHVXVSHQVLyQ
(OVHxRU9,(5$*$//23UHVLGHQWH6HUHDQXGDODVHVLyQ
(Q YRWDFLyQ HO DUWtFXOR ž FX\R LQFLVR WHUFHUR UHTXLHUH GH YRWRV SDUD VHU
DSUREDGR
(IHFWXDGD OD YRWDFLyQ HQ IRUPD HFRQyPLFD SRU HO VLVWHPD HOHFWUyQLFR GLR HO
VLJXLHQWHUHVXOWDGRSRUODDILUPDWLYDYRWRV1RKXERYRWRVSRUODQHJDWLYD
QLDEVWHQFLRQHV
(OVHxRU9,(5$*$//23UHVLGHQWH$SUREDGR
(Q YRWDFLyQ HO DUWtFXOR ž FX\R LQFLVR WHUFHUR WDPELpQ UHTXLHUH GH YRWRV
SDUDVHUDSUREDGR
6LOHSDUHFHDOD6DODVHDSUREDUiFRQODPLVPDYRWDFLyQ
$SUREDGR
'HVSDFKDGRHOSUR\HFWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<
2ILFLRGH&iPDUDGH2ULJHQD&iPDUD5HYLVRUD
2ILFLR GH OH\ DO 6HQDGR &RPXQLFD WH[WR DSUREDGR )HFKD GH MXQLR &XHQWDHQ6HVLyQ/HJLVODWXUD6HQDGR
352<(&72 '( /(< '( /$ +2125$%/( &$0$5$ '( ',387$'26
62%5(5(35(6,21'('(625'(1(6<+(&+26'(9,2/(1&,$(1/26
(67$',26 < 27526 &(17526 '(3257,926 &21 2&$6,21 '(
(63(&7$&8/2638%/,&26
&RQ PRWLYR GHO 0HQVDMH ,QIRUPHV \ GHPiV DQWHFHGHQWHV TXH WHQJR D
KRQUDSDVDUDPDQRVGH9(OD&iPDUDGH'LSXWDGRVKDWHQLGRDELHQSUHVWDU
VXDSUREDFLyQDOVLJXLHQWH
352<(&72'(/(<
7,78/2,
'HODVPHGLGDVGHVHJXULGDGSUHYHQWLYDV
$UWtFXORƒ/RVFHQWURVRUHFLQWRVGHSRUWLYRVGHVWLQDGRVDODUHDOL]DFLyQ
GH HVSHFWiFXORV GHSRUWLYRV S~EOLFRV UHTXHULUiQ GH XQD DXWRUL]DFLyQ RWRUJDGD
SRUHO,QWHQGHQWHGHOD5HJLyQUHVSHFWLYDSUHYLRLQIRUPHGH&DUDELQHURVTXH
DFUHGLWHTXHUH~QHQODVFRQGLFLRQHVGHVHJXULGDGSDUDHIHFWXDUWDOHVHYHQWRV
VLQSHUMXLFLRGHODVH[LJHQFLDVHVWDEOHFLGDVHQOD2UGHQDQ]D*HQHUDOGHOD/H\
*HQHUDOGH8UEDQLVPR\&RQVWUXFFLRQHV
$UWtFXOR ƒ (Q ORV HVSHFWiFXORV GHSRUWLYRV TXH HO ,QWHQGHQWH FDOLILTXH
GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD VXV RUJDQL]DGRUHV GHEHUiQ FXPSOLU
RSRUWXQDPHQWHFRQODVH[LJHQFLDVLQGLFDGDVSRU&DUDELQHURVGH&KLOH
(QWUHHVWDVH[LJHQFLDVGHEHUiFRQWHPSODUVHODXELFDFLyQGHODVEDUUDVHQ
VHFWRUHV VHSDUDGRV FODUDPHQWH GHWHUPLQDGRV D ORV FXDOHV VyOR SRGUiQ
LQJUHVDU ORV LQWHJUDQWHV GH HOODV SUHYLD H[KLELFLyQ GH OD FUHGHQFLDO D TXH VH
KDFHUHIHUHQFLDHQHODUWtFXORƒ
6HUi GH UHVSRQVDELOLGDG GHO UHVSHFWLYR &OXE HO FRQWURO GH LQJUHVR \ OD
YLJLODQFLDGHOVHFWRUGHVWLQDGRDVXEDUUD
(Q FDVR GH LQFXPSOLPLHQWR HO ,QWHQGHQWH SUHYLR LQIRUPH GH
&DUDELQHURV SRGUi GLVSRQHU OD VXVSHQVLyQ GHO HVSHFWiFXOR KDVWD HO
FXPSOLPLHQWRGHODVPHGLGDVH[LJLGDV
(O ,QWHQGHQWH 5HJLRQDO SRGUi GHOHJDU HQ ORV JREHUQDGRUHV UHVSHFWLYRV
ODVDWULEXFLRQHVTXHOHFRQILHUHQHVWHDUWtFXOR\HODQWHULRU
$UWtFXORƒ/DVDXWRULGDGHVGHOI~WEROSURIHVLRQDODOPRPHQWRGHILMDU
ODSURJUDPDFLyQRFDOHQGDULRGHODVFRPSHWHQFLDVQDFLRQDOHVHLQWHUQDFLRQDOHV
R DO WRPDU FRQRFLPLHQWR GH HVWDV ~OWLPDV GHEHUi FRPXQLFDU DO ,QWHQGHQWH
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<
UHVSHFWLYR SDUD VX HYDOXDFLyQ ORV SDUWLGRV TXH SXHGDQ VHU FRQVLGHUDGRV GH
DOWRULHVJRSDUDODVHJXULGDGS~EOLFD
$UWtFXOR ƒ /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ FRQWDU FRQ XQ
SDGUyQRILFLDODFWXDOL]DGRGHORVPLHPEURVGHVXEDUUDHOTXHVHOOHYDUiHQVXV
RILFLQDV FHQWUDOHV (Q GLFKR UHJLVWUR GHEHUi ILJXUDU D OR PHQRV HO QRPEUH
FRPSOHWR OD FpGXOD QDFLRQDO GH LGHQWLGDG HO GRPLFLOLR \ OD SURIHVLyQ X
RFXSDFLyQ GH FDGD LQWHJUDQWH $O PRPHQWR GH OD LQVFULSFLyQ HO FOXE GHEHUi
HQWUHJDUXQDFUHGHQFLDOLQGLYLGXDOHLQWUDQVIHULEOH
&RSLDGHHVWHSDGUyQGHEHUiUHPLWLUVHDFWXDOL]DGRVHPHVWUDOPHQWHDOD
XQLGDGGH&DUDELQHURVGH&KLOHFRUUHVSRQGLHQWHDOGRPLFLOLRGHO&OXE
$UWtFXORƒ(QHOFDVRGHODUWtFXORƒVLODDXWRULGDGQRVHSURQXQFLDUH
GHQWURGHOSOD]RGHWUHLQWDGtDVFRQWDGRGHVGHODIHFKDGHSUHVHQWDFLyQGHOD
VROLFLWXGVHHQWHQGHUiRWRUJDGDODDXWRUL]DFLyQ
6L IXHUH GHQHJDGD R VL OD HQWLGDG REOLJDGD QR VH FRQIRUPDUH FRQ OR
UHVXHOWRHODIHFWDGRSRGUiVROLFLWDUUHSRVLFLyQDQWHODPLVPDDXWRULGDGGHQWUR
GHOSOD]RGHFLQFRGtDVODTXHGHEHUiVHUUHVXHOWDHQHOWpUPLQRGHGLH]GtDV
6LHVHUHFXUVRQRIXHUHLQWHUSXHVWRRQRIXHUHIDOODGRGHQWURGHSOD]RR
HO UHFXUUHQWH QR VH FRQIRUPDUH FRQ OR UHVXHOWR SRGUi UHFODPDU GHQWUR GHO
SOD]R GH TXLQFH GtDV DQWH HO MXH] GHO FULPHQ TXH FRUUHVSRQGD DO OXJDU HQ
GRQGHIXQFLRQDHOUHVSHFWLYRUHFLQWRGHSRUWLYR
,QWHUSXHVWRHOUHFODPRDOTXHVHDFRPSDxDUiQORVDQWHFHGHQWHVHQTXH
VH IXQGH HO WULEXQDO SHGLUi LQIRUPH D OD DXWRULGDG UHVSHFWLYD ILMiQGROH XQ
SOD]REUHYHSDUDHPLWLUOR
5HFLELGRGLFKRLQIRUPHHOWULEXQDOGLFWDUiVHQWHQFLDGHQWURGHORVTXLQFH
GtDVVLJXLHQWHV(QFDVRGHRUGHQDUVHPHGLGDVSDUDPHMRUUHVROYHUGLFKRSOD]R
VHHQWHQGHUiSURUURJDGRSRUGLH]GtDV
(Q FRQWUD GH OD VHQWHQFLD QR SURFHGHUi HO UHFXUVR GH FDVDFLyQ HQ OD
IRUPD
$UWtFXOR ƒ (Q HO FDVR GHO DUWtFXOR ƒ VL OD HQWLGDG REOLJDGD QR VH
FRQIRUPDUH FRQ OR UHVXHOWR SRGUi VROLFLWDU UHSRVLFLyQ DQWH HO ,QWHQGHQWH
UHVSHFWLYR GHQWUR GHO SOD]R GH WUHV GtDV FRQWDGRV GHVGH OD QRWLILFDFLyQ GH OD
UHVROXFLyQTXHVHLPSXJQD
/DUHSRVLFLyQGHEHUiUHVROYHUVHHQHOSOD]RGHFLQFRGtDV
6LHVHUHFXUVRQRIXHUHLQWHUSXHVWRRQRIXHUHIDOODGRGHQWURGHSOD]RR
HO UHFXUUHQWH QR VH FRQIRUPDUH FRQ OR UHVXHOWR SRGUi UHFODPDU GHQWUR GHO
SOD]RGHGLH]GtDVDQWHHOMXH]GHOFULPHQTXHFRUUHVSRQGDDOOXJDUHQGRQGH
IXQFLRQD HO UHVSHFWLYR UHFLQWR GHSRUWLYR DFRPSDxDQGR ORV DQWHFHGHQWHV HQ
TXHVHIXQGH
,QWHUSXHVWR HO UHFODPR HO WULEXQDO SHGLUi LQIRUPH D OD DXWRULGDG
UHVSHFWLYDODTXHGHEHUiHYDFXDUORGHQWURGHOSOD]RGHWHUFHURGtDYHQFLGRHO
FXDOUHVROYHUiVLQPiVWUiPLWHHOUHFODPR
(Q FRQWUD GH OD VHQWHQFLD QR SURFHGHUi HO UHFXUVR GH FDVDFLyQ HQ OD
IRUPD
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<
7,78/2,,
'HORVGHOLWRVFRPHWLGRVFRQRFDVLyQGHHVSHFWiFXORVGHSRUWLYRVS~EOLFRV
$UWtFXORƒ(OTXHHMHFXWDUHDFWRVTXHSURYRTXHQYLROHQFLDItVLFDFRQWUD
ODV SHUVRQDV R GDxRV VREUH ELHQHV FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR
GHSRUWLYR S~EOLFR HQ HO UHFLQWR HQ TXH WLHQH OXJDU R HQ VXV LQPHGLDFLRQHV
DQWHVGXUDQWHRGHVSXpVGHVXGHVDUUROORVHUiFDVWLJDGRFRQSUHVLGLRPHQRU
HQVXJUDGRPtQLPRDPHGLR
(OTXHIXHUHVRUSUHQGLGRHQWDOHVFLUFXQVWDQFLDVFRQDUPDVHOHPHQWRVX
REMHWRVTXHSDUH]FDQKDEHUVHUYLGRRHVWDUGHVWLQDGRVSDUDFRPHWHUHOGHOLWR
\ HO TXH RUJDQL]DUH SURPRYLHUH R IDFLOLWDUH OD FRPLVLyQ GH ORV DFWRV GH
YLROHQFLDRGDxRGHVFULWRVSUHFHGHQWHPHQWHVXIULUiODSHQDGHSUHVLGLRPHQRU
HQVXJUDGRPHGLR
6L ORV DQWHFHGHQWHV SHUVRQDOHV GHO FRQGHQDGR VX FRQGXFWD DQWHULRU \
SRVWHULRU DO KHFKR SXQLEOH \ OD QDWXUDOH]D PRGDOLGDGHV \ PyYLOHV
GHWHUPLQDQWHV GHO GHOLWR SHUPLWHQ SUHVXPLU TXH QR YROYHUi D GHOLQTXLU VH OH
SRGUiQ DSOLFDU FRPR SHQDV DOWHUQDWLYDV HO DUUHVWR GH ILQ GH VHPDQD SRU HO
WpUPLQR GH GRV D VHLV PHVHV R WUDEDMRV FRPXQLWDULRV GH ILQ GH VHPDQD SRU
LJXDOODSVR
(Q WRGR FDVR VH DSOLFDUi VLHPSUH OD SHQD DFFHVRULD GH SURKLELFLyQ GH
DVLVWLUGXUDQWHHOWLHPSRGHODFRQGHQDDORVIXWXURVHVSHFWiFXORVS~EOLFRVGH
ODPLVPDQDWXUDOH]DGHDTXHOTXHPRWLYyODVDQFLyQ
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH GLHUHQ RULJHQ D RWURV
FUtPHQHVRVLPSOHVGHOLWRVVHLPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWRPiV
JUDYH
$UWtFXORƒ6HFRQVLGHUDUiQFLUFXQVWDQFLDVDJUDYDQWHVHVSHFLDOHV
 6HU LQWHJUDQWH GH XQ JUXSR RUJDQL]DGR SDUD OD UHDOL]DFLyQ GH ORV
KHFKRVGHVFULWRV
3HUWHQHFHUHQFXDOTXLHUFDOLGDGDODVHQWLGDGHVTXHLQWHUYHQJDQHQ
HOHVSHFWiFXORS~EOLFRGHSRUWLYRFRPRRUJDQL]DGRUHVRSDUWLFLSDQWHV
 $FWXDU EDMR ORV HIHFWRV GH EHELGDV DOFRKyOLFDV HVWXSHIDFLHQWHV
SVLFRWUySLFRVHVWLPXODQWHVRVXVWDQFLDVDQiORJDV
$UWtFXOR ƒ /DV SHOtFXODV FLQHPDWRJUiILFDV IRWRJUDItDV IRQRJUDItDV \
RWURV VLVWHPDV GH UHSURGXFFLyQ GH OD LPDJHQ \ GHO VRQLGR SRGUiQ FRQVWLWXLU
SOHQDSUXHEDSDUDDFUHGLWDUODH[LVWHQFLDGHORVGHOLWRVHVWDEOHFLGRVHQHVWDOH\
\ODUHVSRQVDELOLGDGSHQDOGHORVSDUWtFLSHVFXDQGRDMXLFLRGHOWULEXQDOWHQJDQ
FDUDFWHUHVGHJUDYHGDG\SUHFLVLyQVXILFLHQWHSDUDIRUPDUVXFRQYHQFLPLHQWR
$UWtFXOR (O SDGUH JXDUGDGRU R FXLGDGRU D FX\R FXLGDGR VH
HQFRQWUDUH HO PHQRU GH DxRV TXH SDUWLFLSH HQ ORV KHFKRV VDQFLRQDGRV HQ
HVWD OH\ VLQ SHUMXLFLR GH OD UHVSRQVDELOLGDG FLYLO TXH FRQIRUPH FRQ ODV UHJODV
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<
JHQHUDOHV OH FRUUHVSRQGD SDJDUi XQD PXOWD D EHQHILFLR PXQLFLSDO GH XQR D
WUHVLQJUHVRVPtQLPRVPHQVXDOHV
$UWtFXOR(QORVSURFHVRVSRUORVGHOLWRVFRQWHPSODGRVHQHVWDOH\VH
REVHUYDUiQ ODV UHJODV HVWDEOHFLGDV HQ HO 7tWXOR GHO /LEUR 7HUFHUR GHO &yGLJR
GH3URFHGLPLHQWR3HQDO
7,78/2,,,
'LVSRVLFLRQHVYDULDV
$UWtFXOR,QWURG~FHQVHODVVLJXLHQWHVPRGLILFDFLRQHVDO&yGLJR3HQDO
0RGLILFDVHHODUWtFXORGHODIRUPDVLJXLHQWH
D$JUpJDQVHFRPRSHQDVGHVLPSOHVGHOLWRVODVVLJXLHQWHV
$UUHVWRGHILQGHVHPDQD
7UDEDMRFRPXQLWDULRGHILQGHVHPDQD
E$JUHJDVHFRPRSHQDDFFHVRULDODVLJXLHQWH
3URKLELFLyQ WHPSRUDO SDUD DVLVWLU DO WLSR GH HVSHFWiFXORV GHSRUWLYRV
S~EOLFRVTXHKD\DPRWLYDGRODFRQGHQD
,QWHUFiODVHHQHODUWtFXORFRPRLQFLVRTXLQWRHOVLJXLHQWH
(O DUUHVWR GH ILQ GH VHPDQD VH OOHYDUi D FDER ORV GtDV ViEDGRV \
GRPLQJRV HQ HO UHFLQWR GH OD XQLGDG SROLFLDO PiV SUy[LPD DO GRPLFLOLR GHO
FRQGHQDGR QR SRGUi H[FHGHU GH GRFH KRUDV HQ FDGD XQR GH HVRV GtDV \
GXUDUi GH GRV PHVHV D XQ DxR (O WUDEDMR FRPXQLWDULR VH OOHYDUi D HIHFWR HQ
FXDOTXLHU HQWLGDG GH FDUiFWHU FRPXQLWDULR GHO OXJDU GHO GRPLFLOLR GHO
FRQGHQDGRRHQODTXHHOMXH]GHWHUPLQH\VXGXUDFLyQVHUiGHGRVPHVHVD
XQ DxR /D SURKLELFLyQ WHPSRUDO GH DVLVWLU D XQ GHWHUPLQDGR WLSR GH
HVSHFWiFXOR GHSRUWLYR S~EOLFR FX\D GXUDFLyQ VHUi GH GRV PHVHV D XQ DxR VH
FXPSOLUiHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQPHGLDQWHODSUHVHQWDFLyQ
\SHUPDQHQFLDGHOFRQGHQDGRVLQUpJLPHQGHGHWHQFLyQHLQFRPXQLFDFLyQHQ
HO OXJDU ILMDGR SRU HO MXH] SXGLHQGR VHxDODUVH SDUD WDOHV HIHFWRV D OD XQLGDG
SROLFLDO GH VX GRPLFLOLR (O MXH] SRU PRWLYRV FDOLILFDGRV \ HQ UHVROXFLyQ
IXQGDGD SRGUi GLVSHQVDU SDUFLDOPHQWH HO FXPSOLPLHQWR GH ODV VDQFLRQHV
DQWHULRUHV
$UWtFXOR $JUpJDVH HQ HO DUWtFXOR GH OD OH\ 1ƒ VREUH
PHQRUHVHOVLJXLHQWHQ~PHUR
ƒ 3URKLELUOH WHPSRUDOPHQWH DO PHQRU DVLVWLU D ORV IXWXURV HYHQWRV GHO
HVSHFWiFXOR S~EOLFR TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ GH OD PHGLGD GH
SURWHFFLyQFRQODREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVH
UHDOL]DQHQHOOXJDUILMDGRSRUHOMXH]
$UWtFXOR $JUpJDQVH HQ HO DUWtFXOR GH OD OH\ 1ƒ GH
$OFRKROHV%HELGDV$OFRKyOLFDV\9LQDJUHVORVVLJXLHQWHVLQFLVRVILQDOHV
(Q ORV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV TXH HO ,QWHQGHQWH FDOLILTXH GH
DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD SRGUi GHFUHWDUVH OD SURKLELFLyQ GH
H[SHQGLR GH EHELGDV DOFRKyOLFDV HQ ORV FHQWURV R UHFLQWRV GRQGH VH OOHYHQ D
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<
HIHFWR \ HQ XQ SHUtPHWUR Pi[LPR GH FLQFR FXDGUDV PHGLGD TXH UHJLUi GHVGH
WUHV KRUDV DQWHV GHO LQLFLR GHO HYHQWR KDVWD WUHV KRUDV GHVSXpV GH VX
ILQDOL]DFLyQ
/RV HVWDEOHFLPLHQWRV DIHFWDGRV VHUiQ QRWLILFDGRV GH HVWD UHVROXFLyQ SRU
LQVSHFWRUHV PXQLFLSDOHV R SRU &DUDELQHURV GH &KLOH FRQ YHLQWLFXDWUR KRUDV GH
DQWLFLSDFLyQDODHQWUDGDHQYLJHQFLDGHODPLVPD
0HSHUPLWRKDFHUSUHVHQWHD9(TXHODVGLVSRVLFLRQHVFRQWHQLGDVHQORV
LQFLVRV WHUFHURV GH ORV DUWtFXORV ƒ \ ƒ GHO SUR\HFWR IXHURQ DSUREDGDV HQ
JHQHUDO SRU OD XQDQLPLGDG GH YRWRV GH VHxRUHV 'LSXWDGRV HQ
HMHUFLFLR HQ WDQWR TXH HQ SDUWLFXODU FRQ HO YRWR FRQIRUPH GH VHxRUHV
'LSXWDGRVGHHQHMHUFLFLR
'LRVJXDUGHD9(
)GR-RVp$QWRQLR9LHUD*DOOR4XHVQH\&DUORV/R\ROD2SD]R
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2'(&257(6835(0$
6HJXQGR7UiPLWH&RQVWLWXFLRQDO6HQDGR
2ILFLRGH&RUWH6XSUHPDD&iPDUDGH2ULJHQ
2ILFLR GH &RUWH 6XSUHPD 5HPLWH RSLQLyQ VROLFLWDGD )HFKD GH RFWXEUH
&257(6835(0$
&+,/(
2ILFLR1ž
$QW0/
6DQWLDJRGHRFWXEUHGH
/D+&iPDUDGH'LSXWDGRVSRU2ILFLR1ž
GHGHDEULO~OWLPR\GHFRQIRUPLGDGDORHVWDEOHFLGRHQHODUWtFXORGH
OD &RQVWLWXFLyQ 3ROtWLFD GH OD 5HS~EOLFD \ GH OD /H\ 1ƒ 2UJiQLFD
&RQVWLWXFLRQDOGHO&RQJUHVR1DFLRQDOKDUHPLWLGRDHVWD&RUWH6XSUHPDSDUD
VX LQIRUPH FRSLD GHO SUR\HFWR GH OH\ TXH UHSULPH GHVyUGHQHV \ KHFKRV GH
YLROHQFLD HQ ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH
HVSHFWiFXORVS~EOLFRVTXHKDVLGRREMHWRHQSULPHUWUiPLWHUHJODPHQWDULRGH
PRGLILFDFLRQHVTXHLQFLGHQHQODVDWULEXFLRQHVGHORV7ULEXQDOHVGH-XVWLFLD
,PSXHVWR HO 7ULEXQDO 3OHQR GH HVWD &RUWH
6XSUHPD GH OD PDWHULD FRQVXOWDGD HQ VHVLyQ GHO GtD GHO SUHVHQWH PHV GH
RFWXEUH \ FRQ OD DVLVWHQFLD GHO 3UHVLGHQWH 6XEURJDQWH VHxRU =XULWD \ GH ORV
0LQLVWURV VHxRUHV )D~QGH] 7RUR $UD\D 9DOHQ]XHOD %DxDGRV *DUULGR
+HUQiQGH]1DYDV/LEHGLQVN\\*iOYH]DFRUGyLQIRUPDUORVLJXLHQWH
D (Q UHODFLyQ D OD FRPSHWHQFLD TXH ORV
DUWtFXORV ž \ ž GHO SUR\HFWR HQWUHJDQ D ORV -XHFHV GHO &ULPHQ VH DFRUGy
LQIRUPDUGHVIDYRUDEOHPHQWHGLFKRUXEURSRUTXHDWHQGLGDODQDWXUDOH]DGHORV
DVXQWRVTXHHQHVDVGLVSRVLFLRQHVOHJDOHVVHFRQWHPSODQVHKDHVWLPDGRTXH
pVWRV QR FRUUHVSRQGHUtDQ D PDWHULDV SURSLDV GH OD -XULVGLFFLyQ \ TXH VHUtD
FRQYHQLHQWH TXH VH EXVTXH XQD LQVWDQFLD DGPLQLVWUDWLYD VXSHULRU SDUD TXH OD
UHVXHOYD TXH SRGUtD VHU HO VHxRU 0LQLVWUR GHO ,QWHULRU X RWUD DXWRULGDG R
FRPLVLyQTXHVHHVWLPHGHOFDVR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2'(&257(6835(0$
$FRUGDGD HQ HVWH SXQWR FRQWUD HO YRWR GHO
0LQLVWUR VHxRU *DUULGR TXLHQ HVWXYR SRU LQIRUPDU IDYRUDEOHPHQWH HO SUR\HFWR
HQODVHxDODGDPDWHULD
E(QFXDQWRDOSURFHGLPLHQWRHVWDEOHFLGRHQHO
DUWtFXORGHOSUR\HFWRHQFRQVXOWDHVWRHVHOFRUUHVSRQGLHQWHDODVIDOWDVVH
DFRUGyLQIRUPDUORIDYRUDEOHPHQWHSHURFRQHOYRWRHQFRQWUDGHORV0LQLVWURV
VHxRUHV 7RUR \ 1DYDV TXLHQHV HVWXYLHURQ SRU SURSRQHU TXH GLFKR
SURFHGLPLHQWR VH VXVWLWX\D SRU HO SURFHGLPLHQWR FRUUHVSRQGLHQWH DO -XLFLR
RUGLQDULR VREUH FULPHQ R VLPSOH GHOLWR TXH FRQWHPSOD HO &yGLJR GH
3URFHGLPLHQWR3HQDO
6H SUHYLHQH DGHPiV TXH HO 3UHVLGHQWH
6XEURJDQWH VHxRU =XULWD \ ORV 0LQLVWURV VHxRUHV 9DOHQ]XHOD /LEHGLQVN\ \
*iOYH]IXHURQGHRSLQLyQGHPRGLILFDUHQHVDSDUWHHOSUR\HFWRHQWpUPLQRVGH
IDFXOWDU DO -XH] GH OD FDXVD SDUD TXH FXDQGR OR HVWLPH SURFHGHQWH SXHGD
GHFUHWDU OD VXVWLWXFLyQ GHO SURFHGLPLHQWR VREUH IDOWDV SRU HO RUGLQDULR VREUH
FULPHQRVLPSOHGHOLWRDQWHVUHIHULGR
F(QORGHPiV\HQFXDQWRFRUUHVSRQGHDHVWD
&RUWH RSLQDU VH DFRUGy PDQLIHVWDU VX DSUREDFLyQ SDUWLFXODUPHQWH HQ OR
UHODWLYRDORVPHGLRVGHSUXHEDVXSRQGHUDFLyQ\YDORUDFLyQDTXHVHUHILHUHHO
DUWtFXORƒGHOSUR\HFWR
6DOXGDDWHQWDPHQWHD9(
(15,48(=85,7$&$036
35(6,'(17(68%52*$17(
&$5/260(1(6(63,=$552
6(&5(7$5,2
$/6(f2535(6,'(17(
/$+&È0$5$'(',387$'26
9$/3$5$Ë62
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
3ULPHU,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ
6HQDGR)HFKDGHHQHUR&XHQWDHQ6HVLyQ/HJLVODWXUD
,1)250( '( /$ &20,6,21 '( &2167,78&,21 /(*,6/$&,21
-867,&,$ < 5(*/$0(172 UHFDtGR HQ HO SUR\HFWR GH OH\ TXH UHSULPH
GHVyUGHQHV \ KHFKRV GH YLROHQFLD HQ ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV
FRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%2/(7,11ƒ
+2125$%/(6(1$'2
9XHVWUD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ -XVWLFLD \ 5HJODPHQWR
WLHQH HO KRQRU GH LQIRUPDURV DFHUFD GHO SUR\HFWR GH OH\ GH OD UHIHUHQFLD HQ
VHJXQGR WUiPLWH FRQVWLWXFLRQDO TXH WXYR VX RULJHQ HQ XQ 0HQVDMH GH 6( HO
3UHVLGHQWHGHOD5HS~EOLFD\KDVLGRFDOLILFDGRGHVLPSOHXUJHQFLDSDUDWRGRV
VXVWUiPLWHVFRQVWLWXFLRQDOHV
$ ODV VHVLRQHV HQ TXH OD &RPLVLyQ GLVFXWLy HVWD LQLFLDWLYD GH OH\
FRQFXUULHURQORV++6HQDGRUHVGRQ9LFHQWH(QULTXH+XHUWD&HOLVGRQ5LFDUGR
1DYDUUHWH %HWDQ]R \ GRQ 0LJXHO 2WHUR /DWKURS $VLVWLHURQ DGHPiV
HVSHFLDOPHQWHLQYLWDGRVHOVHxRU0LQLVWURGH-XVWLFLDGRQ)UDQFLVFR&XPSOLGR
\HOVHxRU-HIHGHOD'LYLVLyQ-XUtGLFDGHO0LQLVWHULRGHO,QWHULRUGRQ/XLV7RUR
ORV VHxRUHV 3UHVLGHQWH \ 9LFHSUHVLGHQWH GH OD $VRFLDFLyQ 1DFLRQDO GH )~WERO
3URIHVLRQDOGRQ5LFDUGR$EXPRKRU\GRQ'DUtR&DOGHUyQUHVSHFWLYDPHQWHHO
VHxRU 3UHIHFWR GH OD 3UHIHFWXUD 6DQWLDJR 2ULHQWH &RURQHO GH &DUDELQHURV GRQ
5XEpQ2OLYDUHV\HOVHxRU&RPLVDULRGHOD D&RPLVDUtDGH6DQWLDJR0D\RU
GRQ7RPiV=DPRUD
$17(&('(17(6'(+(&+2
/D %LEOLRWHFD GHO &RQJUHVR 1DFLRQDO PHGLDQWH VX 6HULH GH
,QIRUPDFLyQ 'RFXPHQWDGD SURSRUFLRQy D OD &RPLVLyQ LPSRUWDQWHV
DQWHFHGHQWHVGHKHFKRTXHFRQVWLWX\HQXQDSRUWHVLJQLILFDWLYRSDUDHOHVWXGLR
GH OD YLROHQFLD HQ HO I~WERO HQWUH ORV TXH VH FXHQWDQ LQYHVWLJDFLRQHV GH
HVSHFLDOLVWDVH[WUDQMHURV\OHJLVODFLyQFRPSDUDGDTXHWXYRWDPELpQHQYLVWDOD
&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDGHOD+&iPDUDGH'LSXWDGRV
GXUDQWHHOSULPHUWUiPLWHFRQVWLWXFLRQDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(QQXHVWURSDtVHOGLDULR(O0HUFXULRGH6DQWLDJRHOGHPDU]RGH
LQFOX\yHQXQDUWtFXORVREUHHOWHPDXQHVER]RGHFURQRORJtDGHDOJXQRV
GHORVKHFKRVGHYLROHQFLDUHJLVWUDGRVFRQRFDVLyQGHSDUWLGRVGHI~WERO
'LMRVREUHHOSDUWLFXODUORVLJXLHQWH
(Q XQD ODUJD VXFHVLyQ GH KHFKRV HVWRV VRQ DOJXQRV TXL]iV ORV PiV
UHFLHQWHVSRUTXHODOLVWDVHSRGUtDKDFHUODUJDHLQWHUPLQDEOHHQORVTXHKDQ
HVWDGRYLQFXODGDVODVEDUUDVEUDYDV
6HSWLHPEUH GH (Q OD LQDXJXUDFLyQ GHO (VWDGLR 0RQXPHQWDO VH
GHVWUR]DQDVLHQWRVVHSURGXFHQVDTXHRVGHORVEDxRV\VHUD\DQSDUHGHV
1RYLHPEUH GH /D *DUUD %ODQFD DWDFD D XQ PHQRU GHO HTXLSR
ULYDOFDXViQGROHODPXHUWHOXHJRGHVHLVGtDVGHDJRQtD
0DU]R GH 'HVDOPDGRV DWDFDQ D &DUDELQHURV DSHGUHiQGRORV D OD
VDOLGDGHO(VWDGLR0RQXPHQWDO
0DU]R GH 7UDV HO HQFXHQWUR HQWUH 8QLYHUVLGDG GH &KLOH \ &ROR
&RORFRPRVDOGRTXHGDXQDGHFHQDGHOHVLRQDGRVLJXDOFDQWLGDGGHGHWHQLGRV
\GDxRVSRUFDVLXQPLOOyQGHSHVRVHQHO(VWDGLRQDFLRQDO
0D\R GH 0LHQWUDV &ROR &ROR MXHJD HQ HO (VWDGLR 0RQXPHQWDO
8QLYHUVLGDGGH&KLOHORKDFHHQHO(VWDGLR1DFLRQDO$OILQDOGHORVSDUWLGRVORV
KLQFKDVDOERVOOHJDQKDVWDHOUHFLQWRGHODFRPXQDGHfXxRDSDUDHQIUHQWDUVH
6DOGR ILQDO FDVL GHWHQLGRV /XHJR GH HVWRV VXFHVRV HO ,QWHQGHQWH GH
6DQWLDJR/XLV3DUHWRSURSRQHHOLPLQDUODVEDUUDVEUDYDV
-XOLRGH1XHYDPHQWHHQHOFOiVLFRHQWUHD]XOHV\DOERVTXHGDQ
FDVL WUHLQWD GHWHQLGRV SRU LQFLGHQWHV HQ ORV VHFWRUHV FHUFDQRV DO (VWDGLR
QDFLRQDO
-XOLR GH 'HVWUR]RV SRU PLOORQHV GH SHVRV HQ GRV YDJRQHV GHO
0HWURWUpQ SURYRFDQ KLQFKDV GH &ROR &ROR D VX UHJUHVR GH 5DQFDJXD (Q HVD
FLXGDGXQDYHLQWHQDGHDGHSWRVHUDGHWHQLGDSRUODVIXHU]DVSROLFLDOHV
6HSWLHPEUH GH 7UDV FRQVDJUDUVH FRPR FDPSHyQ GH OD &RSD
,QWHUDPHULFDQDVXSXHVWRVKLQFKDVGH&ROR&RORVRQGHWHQLGRVSRUVDTXHRV
\URERVFRQSRVWHULRULGDGDOSDUWLGR/DVHGDGHVIOXFW~DQHQWUHORV\ORV
DxRV
2FWXEUH GH (Q &RQFHSFLyQ TXHGDQ GHWHQLGRV PLHPEURV GH
/RVGH$EDMRSRUGDxRVDIHUURFDUULOHV\GHVyUGHQHVHLQWHQWRVGHDJUHVLyQD
ODEDUUDULYDO\SRUHQFRQWUDUVHHQHVWDGRGHLQWHPSHUDQFLDHQDOJXQRVFDVRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
2FWXEUH GH 6HYHUDV PHGLGDV GH VHJXULGDG FRQ PiV GH
TXLQLHQWRVHIHFWLYRVSROLFLDOHVVHGHEHQDSOLFDUSDUDHOSDUWLGRHQWUH&ROR&ROR
\ 8QLYHUVLGDG GH &KLOH HQ HO (VWDGLR 0RQXPHQWDO $~Q DVt WHUPLQDGR HO
FRWHMRHOYDQGDOLVPRVHDSUHFLDHQHOVHFWRUVXUHQTXHORVEDUULVWDVGHOD8
GHVWUR]DQORVDVLHQWRV(QODVFHUFDQtDVGHOHVWDGLR&DUDELQHURVGHEHXVDUOD
IXHU]DSDUDWHUPLQDUFRQORVFRQDWRVHQWUHKLQFKDVGHDPERVFOXEHVSiJLQD
$
(QODPLVPDIHFKDVHLQIRUPDEDTXHHQHOSDUWLGRFHOHEUDGRHOGRPLQJR
GH IHEUHUR GHO DxR SDVDGR HQWUH &ROR &ROR \ 8QLYHUVLGDG GH &KLOH VH
SURGXMHURQ GDxRV DYDOXDGRV HQ PiV GH VLHWH PLOORQHV GH SHVRV HQ HO (VWDGLR
0RQXPHQWDO GHULYDGRV GH OD GHVWUXFFLyQ GH DVLHQWRV FRQ XQ YDORU GH
SHVRV FDGD XQR \ GH EDxRV TXH TXHGDURQ FRPSOHWDPHQWH
LQVHUYLEOHVDOLJXDOTXHPDOODVGHFRQWHQFLyQ\OHWUHURV
3RUVXSDUWH&RPXQLFDFLRQHV6RFLDOHVGH&DUDELQHURVLQIRUPyTXHKXER
GHWHQLGRV LQFXOSDGRV GH GHVRUGHQ HEULHGDG HVWDID URER
PDOWUDWR GH REUD D &DUDELQHUR HQ VHUYLFLR FRQVXPR GH GURJDV \
HVWXSHIDFLHQWHV UHYHQWD GH HQWUDGDV GHVREHGHFHU RUGHQ GH
&DUDELQHURVIDOVLILFDFLyQGHHQWUDGDV\RIHQVDVDODPRUDO
)XHQWHV GH OD SROLFtD XQLIRUPDGD LQGLFDURQ TXH VHLV GH VXV IXQFLRQDULRV
IXHURQOHVLRQDGRVDGHPiVGHFXDWURFLYLOHV
6HUHJLVWUDURQGDxRVQRVyORHQHO(VWDGLR'DYLG$UHOODQRVLQRTXHKXER
YDULDV UHVLGHQFLDV SDUWLFXODUHV TXH UHVXOWDURQ DIHFWDGDV DO LJXDO TXH ORFDOHV
FRPHUFLDOHVFHUFDQRVDOUHFLQWRGHSRUWLYR
3RUVXSDUWHHOGLDULR/D1DFLyQHOGHHQHURGHKL]RXQ
UHFXHQWR GH ODV MRUQDGDV GH YLROHQFLD UHODFLRQDGDV FRQ SDUWLGRV GH I~WERO
GXUDQWH HO DxR SUHVHQWDQGR FXDWUR JUiILFRV HQ TXH VH FRQVLJQDURQ OD
FDQWLGDGGHKHULGRVHOYDORUGHORVGDxRVHOQ~PHURGHGHWHQLGRV\ODFLIUDGH
S~EOLFRDVLVWHQWHHQFDGDRFDVLyQ
'HHVRVDQWHFHGHQWHVUHVXOWDTXHHOGHDEULOHQHOSDUWLGRHQWUH&ROR
&ROR \ 8QLYHUVLGDG GH &KLOH FRQ XQD DVLVWHQFLD GH SHUVRQDV KXER GHWHQLGRVKHULGR\GDxRVSRUYDORUGHPLOORQHV
(OGHMXQLRHQHOSDUWLGRHIHFWXDGRHQWUH/D6HUHQD\8QLYHUVLGDGGH
&KLOH DO TXH DVLVWLHURQ SHUVRQDV VH GHWXYR D SHUVRQDV \ VH
SURYRFDURQGDxRVDVFHQGHQWHVDPLOOyQ
(O GH MXOLR FRQ RFDVLyQ GHO SDUWLGR HQWUH 7HPXFR \ 8QLYHUVLGDG GH
&KLOH TXHSUHVHQFLDURQSHUVRQDVKXERKHULGRV GHWHQLGRV\VH
RFDVLRQDURQGDxRVSRUYDORUGHPLOORQHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(OGHMXOLRHOSDUWLGRUHDOL]DGRHQWUH&ROR&ROR\8QLYHUVLGDGGH&KLOH
WXYR XQD DVLVWHQFLD GH SHUVRQDV HQ pO VH GHWXYR D SHUVRQDV \ VH
SURGXMHURQGDxRVTXHDOFDQ]DURQDPLOORQHV
(O GH RFWXEUH DO HQIUHQWDUVH QXHYDPHQWH DPERV HTXLSRV
FRQFXUULHURQSHUVRQDVKXERKHULGRVGHWHQLGRV\PLOORQHV
HQGDxRV
(OGHQRYLHPEUHHQHOSDUWLGRHQWUH&ROR&ROR\(YHUWRQSUHVHQFLDGR
SRU SHUVRQDV UHVXOWDURQ KHULGRV GHWHQLGRV \ GDxRV HVWLPDGRV
HQPLOORQHV
(OGHQRYLHPEUHSRU~OWLPRHQHOSDUWLGRFHOHEUDGRHQWUH&ROR&ROR\
/D6HUHQDDOTXHDVLVWLHURQSHUVRQDVVHSURGXMHURQGDxRVSRUXQYDORU
GHPLOOyQ
',6&86,21*(1(5$/
(O 0HQVDMH TXH GD LQLFLR D HVWH SUR\HFWR GH OH\ VHxDOD TXH GHVGH KDFH
DOJXQRVDxRVVHYLHQHREVHUYDQGRHOIHQyPHQRGHFLHUWDVFRQGXFWDVYLROHQWDV
HQORVHVWDGLRV\HQRWURVFHQWURVGHSRUWLYRVGRQGHVHGHVDUUROODQHVSHFWiFXORV
S~EOLFRVHVSHFLDOPHQWHHQDTXpOORVGRQGHVHFHOHEUDODFRPSHWHQFLDRILFLDOGHO
I~WEROSURIHVLRQDO
&RQVLGHUD TXH VL ELHQ GLFKR IHQyPHQR HQ &KLOH VH HQFXHQWUD HQ VX
HWDSD LQLFLDO UHVXOWD QHFHVDULR \ UHFRPHQGDEOH SRQHUOH DWDMR D OD EUHYHGDG
SRVLEOH HVSHFLDOPHQWH DQWHV TXH VXV FRQQRWDFLRQHVSXHGDQ WUDQVIRUPDUVH HQ
KHFKRV PDVLYRV GH GLILFXOWRVD SUHYHQFLyQ R SXQLFLyQ FRPR ORV TXH KDQ
RFXUULGRHQIRUPDFUHFLHQWHHQRWURVSDtVHV
(V DVt TXH HQ FRQFHSWR GHO 0HQVDMH VH UHTXLHUH GHO HVIXHU]R GH OD
FRPXQLGDGWRGD\HQSDUWLFXODUGHORVDFWRUHVTXHFRQYHUJHQHQODSUiFWLFDGHO
GHSRUWH PDVLYR D VDEHU DXWRULGDGHV GHSRUWLVWDV \ DILFLRQDGRV D ILQ GH
HQIUHQWDU VDWLVIDFWRULDPHQWH HVWD VLWXDFLyQ $JUHJD TXH HO *RELHUQR KD
UHDOL]DGR XQD ODERU S~EOLFD GHVWLQDGD D DOHMDU WRGD DFFLyQ R VLPERORJtD GH OD
YLROHQFLD
1RREVWDQWHSXQWXDOL]DORVKHFKRVGHPXHVWUDQODQHFHVLGDGGHDUWLFXODU
XQD OHJLVODFLyQ SDUD HQIUHQWDU HO IHQyPHQR GHVFULWR TXH FRODERUH HQ OD
LQKLELFLyQ GH HVWDV FRQGXFWDV \ TXH FRQILJXUH XQ UHSURFKH VRFLDO FHUWHUR \
SUHFLVR D TXLHQHV VHDQ UHVSRQVDEOHV GH OD SUHSDUDFLyQ R FRQVXPDFLyQ GH ORV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
KHFKRV GH YLROHQFLD FRPHWLGRV HQ ORV HVWDGLRV \ HQ RWURV FHQWURV GHSRUWLYRV
FRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
(O VHxRU -HIH GH OD 'LYLVLyQ -XUtGLFD GHO 0LQLVWHULR GHO ,QWHULRU
DERJDGR GRQ /XLV 7RUR HQ UHODFLyQ DO iPELWR GH DSOLFDFLyQ GH OD LQLFLDWLYD
OHJDO H[SOLFy TXH LQLFLDOPHQWH HO (MHFXWLYR SDUWLFLSy GH OD LGHD GH TXH HO
SUR\HFWR VH UHILULHUD D WRGRV ORV HVSHFWiFXORV PDVLYRV 6LQ HPEDUJR \ FRQ
SRVWHULRULGDG OXHJR GH VRVWHQHU GLYHUVDV UHXQLRQHV FRQ UHSUHVHQWDQWHV GH
&DUDELQHURV GH &KLOH VH FRQFOX\y TXH UHVXOWDED DGHFXDGR HQ XQD SULPHUD
HWDSDFRQFHQWUDUORHQORVHVSHFWiFXORVGHSRUWLYRVPDVLYRV\DTXHHUDHQHVH
iPELWR GRQGH VH HVWDEDQ SURGXFLHQGR ODV PD\RUHV GLILFXOWDGHV HQ FXDQWR D
KHFKRV GH YLROHQFLD WDOHV FRPR OHVLRQHV D ODV SHUVRQDV \ GDxRV D ORV ELHQHV
WDQWRSULYDGRVFRPRS~EOLFRV
$JUHJy TXH HO (MHFXWLYR KD UHDOL]DGR XQD HVWDGtVWLFD GH OD FXDO FDEH
FRQFOXLU TXH VL ELHQ HV FLHUWR TXH ODV FRQGXFWDV TXH VH REVHUYDQ HQ QXHVWUR
SDtVVRQJUDYHVHOODVQRDOFDQ]DQORVOtPLWHVTXHVHREVHUYDQHQRWURVSDtVHV
FRPR ,QJODWHUUD \ $UJHQWLQD 5HVSHFWR D GLFKDV UHDOLGDGHV ORV HVSHFLDOLVWDV
KDQ GLDJQRVWLFDGR SXQWXDOL]y TXH XQD DGHFXDGD OHJLVODFLyQ HQ HO PRPHQWR
RSRUWXQRKDEUtDHYLWDGRODVLWXDFLyQTXHH[LVWHKR\GtD$JUHJyHQHVWHPLVPR
RUGHQGHLGHDVTXHGLFKRVSDtVHVFRPHQ]DURQDDFWXDUFXDQGRVHSURGXMHURQ
YHUGDGHURV GHVDVWUHV FRQ XQD JUDQ FDQWLGDG GH PXHUWRV \ OHVLRQDGRV HQ
HYHQWRVGHSRUWLYRVGHOI~WERO
(Q FXDQWR D RWURV HVSHFWiFXORV PDVLYRV GLIHUHQWHV D ORV GHSRUWLYRV HQ
JHQHUDO\DOI~WEROHQSDUWLFXODUFRPRSRUHMHPSORORVUHFLWDOHVGHFDQWDQWHV
GH P~VLFD SRSXODU VH FRQFOX\y TXH VRQ GH XQD RFXUUHQFLD PHQRU \ QR
SUHVHQWDQJHQHUDOPHQWHHOULHVJRGHXQSDUWLGRGHI~WEROSURIHVLRQDO$xDGLy
TXH GXUDQWH QR VH UHJLVWUy QLQJ~Q KHFKR GH YLROHQFLD HQ ORV
HVSHFWiFXORV PXVLFDOHV TXH VH UHDOL]DURQ (OOR SRU FXDQWR VH FRQMXJDQ GRV
IDFWRUHV HQ SULPHU OXJDU ODV GLIHUHQWHV FDUDFWHUtVWLFDV GHO S~EOLFR TXH
FRQFXUUH \ HQ VHJXQGR OXJDU OD DXVHQFLD GH ODV OODPDGDV EDUUDV HV GHFLU
JUXSRV PDVLYRV GH SHUVRQDV RUJDQL]DGDV TXH D WUDYpV GH OD SUHVLyQ TXH
HMHUFHQLQWHQWDQLQIOXLUHQORVUHVXOWDGRV
6XEUD\y TXH HO SUR\HFWR HQ GLVFXVLyQ DSUREDGR SRU OD + &iPDUD GH
'LSXWDGRVUHFRJHHQJHQHUDOORVSODQWHDPLHQWRVGHO(MHFXWLYR
(Q pO SXHGH GHVWDFDUVH VX FDUiFWHU SUHYHQWLYR /D VDQFLyQ DO DFWR GH
YLROHQFLDSURGXFLGRHVXQDUHDFFLyQDXQ KHFKRTXHGHELyHYLWDUVHRUHVSHFWR
GHO FXDO DO PHQRV GHELHURQ UHDOL]DUVH HVIXHU]RV SDUD LPSHGLUOR /D
SUHYHQFLyQHVWiGLUHFWDPHQWHUHODFLRQDGDFRQODVPHGLGDVGHVHJXULGDGHQORV
UHFLQWRVGHSRUWLYRVFRQODDFWXDFLyQGHODSROLFtD\VREUHWRGRFRQODDFWLWXG
GHORVRUJDQL]DGRUHVGHORVHVSHFWiFXORV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(Q HVWH ~OWLPR VHQWLGR HO SUR\HFWR H[LJH D ORV RUJDQL]DGRUHV GH
HVSHFWiFXORV S~EOLFRV TXH FXHQWHQ FRQ ORV UHFLQWRV DSWRV SDUD HOOR
GHWHUPLQDFLyQTXHOHFRUUHVSRQGHD&DUDELQHURV(VWHHVXQSXQWRFHQWUDO\D
TXH VL ORV UHFLQWRV WXYLHUDQ WDO FDUDFWHUtVWLFD FDVL HO GH ORV KHFKRV GH
YLROHQFLDTXHVHFRQVWDWDQQRVHSURGXFLUtDQ3XQWXDOL]yTXHODPD\RUtDGHORV
HVWDGLRV TXH H[LVWHQ HQ QXHVWUR SDtV \ WDPELpQ HQ HO PXQGR QR IXHURQ
KHFKRVSDUDFRQWHQHUDYiQGDORV
'H HVWD IRUPD WDQWR OD SHUVRQD TXH FRQFXUUH DO UHFLQWR FRPR ORV
RUJDQL]DGRUHVWHQGUiQFRQRFLPLHQWRGHTXHH[LVWHQODVPHGLGDVGHVHJXULGDG
\TXHHQFDVRFRQWUDULRQRVHFRQFHGHUiHOSHUPLVRQHFHVDULRSDUDUHDOL]DUOD
DFWLYLGDGGHTXHVHWUDWH
(QHOPLVPRRUGHQGHPDWHULDVMX]JyLQGLVSHQVDEOHODH[LVWHQFLDGHXQD
LQVWDQFLD TXH WHQJD OD ~OWLPD SDODEUD UHVSHFWR GH OD FHOHEUDFLyQ GH XQD
DFWLYLGDG FDOLILFDGD GH DOWR ULHVJR \ SXHGD VXVSHQGHUOD FRQ OD GHELGD
DQWLFLSDFLyQ FXDQGR REMHWLYDPHQWH QR HVWpQ GDGDV ODV FRQGLFLRQHV GH
VHJXULGDG SHUWLQHQWHV (VD IXQFLyQ GH DFXHUGR DO SUR\HFWR UHFDH HQ HO
,QWHQGHQWH R HQ HO *REHUQDGRU UHVSHFWLYR TXLHQ VH EDVDUi HQ ORV FULWHULRV
WpFQLFRVTXHDSRUWH&DUDELQHURVGH&KLOHTXHHVODSROLFtDHQFDUJDGDGHYHODU
SRUHOQRUPDOGHVHQYROYLPLHQWRGHHVWRVHVSHFWiFXORV
5HFRUGy TXH GHQWUR GH OD UHJODPHQWDFLyQ GHO I~WERO SURIHVLRQDO HO
iUELWURVHHQFXHQWUDIDFXOWDGRSDUDVXVSHQGHUHOSDUWLGRFXDQGRVHSURGX]FDQ
KHFKRVGHQWURGHODFDQFKDTXHDWHQWHQHQFRQWUDGHODVHJXULGDG
2WUR DVSHFWR GH LPSRUWDQFLD GHQWUR GH HVWH FDUiFWHU SUHYHQWLYR HV
LPSHGLUHOFRQWDFWRGHODVSHUVRQDVFRQHOHPHQWRVTXHD\XGDQDDXPHQWDUOD
HXIRULD SRSXODU FRPR HO DOFRKRO WDQWR HQ HO UHFLQWR GRQGH VH GHVDUUROOD HO
HQFXHQWURIXWEROtVWLFRFRPRHQORVOXJDUHVSUy[LPRVDpOKDVWDGHVSXpVGHVX
UHDOL]DFLyQ
7HUPLQy VHxDODQGR TXH ODV VDQFLRQHV TXH FRQWHPSOD OD LQLFLDWLYD
FXPSOHQORVUHTXLVLWRVGHVHUFUHtEOHV\UHDOL]DEOHVHVGHFLUHIHFWLYDPHQWHVH
SXHGHQ OOHYDU D OD SUiFWLFD REWHQLpQGRVH HO HIHFWR VRFLDO SUHYHQWLYR TXH VH
GHVHD
3RU VX SDUWH ORV VHxRUHV 3UHVLGHQWH \ 9LFH 3UHVLGHQWH GH OD
$VRFLDFLyQ 1DFLRQDO GH )~WERO 3URIHVLRQDO GRQ 5LFDUGR $EXPRKRU \
GRQ 'DUtR &DOGHUyQ RWRUJDURQ HO UHVSDOGR GH OD HQWLGDG TXH UHSUHVHQWDQ D
HVWD LQLFLDWLYD GH OH\ VHxDODQGR TXH OH KDEtD FRUUHVSRQGLGR SDUWLFLSDU HQ HOOD
GHVGHVXJHVWDFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
+LFLHURQSUHVHQWHQRREVWDQWHTXHWHQtDQFLHUWDVVXJHUHQFLDVSXQWXDOHV
HQFDPLQDGDVDVXSHUIHFFLRQDPLHQWRDOJXQDVGHtQGROHGHSRUWLYRSUHSDUDGDV
SRUHO6HFUHWDULR(MHFXWLYRGHODHQWLGDGGRQ6HUJLR1~xH]\RWUDVGHFDUiFWHU
SHQDO HODERUDGDV SRU ORV HVSHFLDOLVWDV \ SURIHVRUHV GHO UDPR VHxRUHV -XDQ
%XVWRV 9LYLDQ %XOOHPRUH \ 6HUJLR &RGGRX WRGDV ODV FXDOHV FRQVWDQ HQ ORV
PHPRUiQGXPTXHDFRPSDxDURQ
6XV SULQFLSDOHV REVHUYDFLRQHV HQ HO SULPHU RUGHQ GH PDWHULDV IXHURQ
TXHHODUWtFXORƒQRSUHFLVDVLODVIDFXOWDGHVTXHRWRUJDDO,QWHQGHQWH5HJLRQDO
UHVSHFWLYRVHHMHUFHQSRUXQDYH]\HQIRUPDGHILQLWLYDRFRQSHULRGLFLGDGSRU
ORTXHVXJLULHURQHVWDEOHFHUODFRPRDQXDO
5HSDUDURQTXHQRVHFRQVXOWDSOD]RSDUDTXHORVFOXEHVFXPSODQFRQOD
H[LJHQFLD GH HPSDGURQDU ODV EDUUDV \ RWRUJDUOHV XQD FUHGHQFLDO D FDGD
LQWHJUDQWH TXH OHV LPSRQHQ ORV DUWtFXORV ƒ \ ƒ GHO SUR\HFWR SRU OR TXH
VROLFLWDURQTXHVHFRQFHGLHUDHQXQDQRUPDWUDQVLWRULDXQSOD]RGHGtDV<
VLPLODUFRVDSDUDTXHORVSURSLHWDULRVGHUHFLQWRVGHSRUWLYRVFXPSODQFRQODV
H[LJHQFLDVTXHLQGLTXHODDXWRULGDGHQYLUWXGGHORVDUWtFXORVƒ\ƒ
$GHPiV UHFRPHQGDURQ TXH HO FRQWURO GHO LQJUHVR \ XELFDFLyQ GH ODV
EDUUDV TXH VH LPSRQH DO FOXE UHVSHFWLYR UHFDLJD VREUH HO RUJDQL]DGRU GHO
HVSHFWiFXOR HVWR HV HO FOXE ORFDO SRUTXH HO YLVLWDQWH JHQHUDOPHQWH YLDMD FRQ
ODJHQWHLQGLVSHQVDEOH
(QFXDQWRDODUWtFXORƒVXJLULHURQHPSOHDUHOFRQFHSWRGHFDOHQGDULR
\ QR GH SURJUDPDFLyQ SRUTXH DTXpO VH ILMD DQWHV GHO FRPLHQ]R GH FDGD
FDPSHRQDWR\pVWDVHPDQDOPHQWH
5HVSHFWRGHORVSOD]RVTXHVHILMDQHQORVDUWtFXORVƒ\ƒWDQWRSDUDOD
LQWHUSRVLFLyQ FRPR SDUD HO IDOOR GHO UHFXUVR GH UHSRVLFLyQ TXH VH FRQFHGH DO
DIHFWDGR MX]JDURQ TXH SRGUtDQ LPSRUWDU XQ ODSVR FRQVLGHUDEOH GHVGH OD
FRUUHVSRQGLHQWHUHVROXFLyQQHJDWLYDGHO,QWHQGHQWHKDVWDODGHFLVLyQGHILQLWLYD
ORTXHSRGUtDH[FHGHUODIHFKDSUHYLVWDSDUDODUHDOL]DFLyQGHOHVSHFWiFXORSRU
ORFXDOUHFRPHQGDURQDEUHYLDUORV
(Q HO VHJXQGR FRQMXQWR GH REVHUYDFLRQHV VH SURSRQH H[FOXLU WRGD
HYHQWXDO UHVSRQVDELOLGDG GH ORV ,QWHQGHQWHV \ GH &DUDELQHURV D FRQVHFXHQFLD
GHORVPHFDQLVPRVSUHYLVWRVHQHOSUR\HFWR
3DUD WDO HIHFWR DFRQVHMDURQ VHxDODU HQ HO DUWtFXOR ƒ TXH HO ,QWHQGHQWH
GHEHUi HVWDEOHFHU D SULQFLSLR GH FDGD WHPSRUDGD \ FRQIRUPH D OD
SUHVHQWDFLyQ KHFKD SRU ODV DXWRULGDGHV GHO I~WERO OD FDOLGDG GH HVSHFWiFXOR
GHSRUWLYR GH DOWR ULHVJR VLQ SHUMXLFLR GH VXV IDFXOWDGHV SDUD FDOLILFDU RWURV
HVSHFWiFXORVGHODPLVPDIRUPDGHDFXHUGRDOLQIRUPHGH&DUDELQHURV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(OORVHYLQFXODFRQODSURSRVLFLyQGHFRQVLJQDUHQHODUWtFXORƒTXHHQ
HO FDVR GH TXH HO ,QWHQGHQWH QR HIHFW~H WDO FDOLILFDFLyQ D SULQFLSLR GH FDGD
WHPSRUDGD VH HVWDUi D OR TXH VHxDOHQ ODV DXWRULGDGHV GHO I~WERO GHELHQGR
FXPSOLU OD HQWLGDG GHSRUWLYD TXH FRUUHVSRQGD FRQ WRGDV ODV H[LJHQFLDV GH XQ
HVSHFWiFXORGHSRUWLYRGHDOWRULHVJR
$VLPLVPR VXJLULHURQ SXQWXDOL]DU HQ HO DUWtFXOR ƒ TXH OD IDOWD GH
SURQXQFLDPLHQWR GHO ,QWHQGHQWH KDELOLWD DO VROLFLWDQWH SDUD SRQHU HQ XVR HO
UHFLQWR GHSRUWLYR SHUR VLQ TXH HOOR LPSOLTXH TXH UH~QH ODV FRQGLFLRQHV GH
VHJXULGDGUHTXHULGDV
(Q UHODFLyQ FRQ HO DUWtFXOR ƒ SODQWHDURQ FDVWLJDU ORV DFWRV TXH
VLJQLILTXHQYLROHQFLDItVLFDFRQWUDODVSHUVRQDVFRQODSHQDHVWDEOHFLGDSDUDHO
GHOLWRGHOHVLRQHVPHQRVJUDYHVHQHODUWtFXORGHO&yGLJR3HQDOVDOYRTXH
FRQVWLWX\DQ XQ GHOLWR PiV JUDYH (V GHFLU TXH VH FRQVLGHUHQ VLHPSUH ODV
OHVLRQHVGHSRFDHQWLGDGTXHVHFRPHWDQHQXQUHFLQWRGHSRUWLYRFRPRPHQRV
JUDYHV\QRFRPROHYHVRVHDFRPRXQGHOLWR\QRFRPRXQDIDOWD
3RU RWUR ODGR VH SURSXVR HVWDEOHFHU OD PLVPD SHQD WDQWR SDUD HO TXH
FDXVDODVOHVLRQHVRUHDOL]DHOGDxRFRPRSDUDDTXHOTXHVHDVRUSUHQGLGRFRQ
DUPDVHOHPHQWRVXREMHWRV\SDUDHOTXHRUJDQL]DUHSURPRYLHUHRIDFLOLWDUHOD
FRPLVLyQ GH ORV DFWRV GH YLROHQFLD R GH GDxR OR FXDO UHVXOWD OyJLFR
FRQVLGHUDQGRODEDVHGHSHOLJURVLGDGREMHWLYDGHVXFRPSRUWDPLHQWRHLPSOLFD
XQ LQFUHPHQWR SXQLWLYR \D TXH QR UHVXOWD QHFHVDULD OD OHVLyQ DO ELHQ MXUtGLFR
VLQRTXHEDVWDODSHOLJURVLGDG
/RV PHQFLRQDGRV VHxRUHV UHSUHVHQWDQWHV GHO I~WERO SURIHVLRQDO KLFLHURQ
QRWDU TXH HO WUDWDPLHQWR GH OD YLROHQFLD HQ ORV HVSHFWiFXORV S~EOLFRV QR GHEH
VHU GLVFULPLQDWRULR HQ HO VHQWLGR GH HVWLPDUOD UDGLFDGD VyOR HQ HO I~WERO (Q
HVWH GHSRUWH VH KD FHQWUDGR VX RFXUUHQFLD WRGD YH] TXH HV HO ~QLFR
HVSHFWiFXOR S~EOLFR TXH SURGXFH DJORPHUDFLRQHV WRGRV ORV ILQHV GH VHPDQD
SHUR TXH VL VH UHDOL]DUDQ RWUDV DFWLYLGDGHV GH VLPLODUHV FDUDFWHUtVWLFDV HQ
FXDQWRDODFRQFHQWUDFLyQPDVLYDGHSHUVRQDVHVPX\SRVLEOHTXHWDPELpQVH
SURGXMHUHQKHFKRVGHYLROHQFLD
$JUHJDURQ TXH HVWD LQLFLDWLYD REOLJDUi D ORV FOXEHV D LQFXUULU HQ JDVWRV
FRPR SRU HMHPSOR HO HPSDGURQDPLHQWR \ RWRUJDPLHQWR GH FUHGHQFLDOHV D ORV
PLHPEURV GH ODV EDUUDV \ HO DFRQGLFLRQDPLHQWR GH ORV HVWDGLRV ORV FXDOHV
HVWiQGLVSXHVWRVDDVXPLU
)LQDOPHQWH GHVWDFDURQ TXH ORV SODQWHDPLHQWRV HIHFWXDGRV UHSUHVHQWDQ
HOSHQVDPLHQWRGHODWRWDOLGDGGHORVFOXEHVTXHLQWHJUDQHOI~WEROSURIHVLRQDO
GHOSDtV
&DUDELQHURV GH &KLOH D SHWLFLyQ GH OD &RPLVLyQ HYDFXy XQ LQIRUPH
TXH FRQWLHQH ORV SXQWRV GH YLVWD TXH OH PHUHFH HVWH SUR\HFWR GH OH\ HO TXH
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
HVWiFRQWHQLGRHQHORILFLR1ƒGHGHDJRVWRGHGHOVHxRU-HIHGH
*DELQHWH VXEURJDQWH GHO VHxRU *HQHUDO 'LUHFWRU GH &DUDELQHURV \ FX\RV
SULQFLSDOHVDVSHFWRVVRQORVVLJXLHQWHV
L 2EVHUYy OD JHQHUDOLGDG GHO DUWtFXOR ƒ WRGD YH] TXH QR GHILQH HO
FRQFHSWR GH FHQWURV R UHFLQWRV GHSRUWLYRV GHVWLQDGRV D OD UHDOL]DFLyQ GH
HVSHFWiFXORV GHSRUWLYRV S~EOLFRV VLHQGR TXH ORV KD\ SHUPDQHQWHV \
RFDVLRQDOHV (VWLPy QHFHVDULR SUHFLVDU HO iPELWR GH HVWD OH\ DGHPiV HQ
FXDQWRDODYDULDGDJDPDGHDFWLYLGDGHVGHSRUWLYDVTXHTXHGDUtDQLQFOXLGDV
$ VX MXLFLR OD REOLJDFLyQ TXH VH HQWUHJD D &DUDELQHURV GH VHxDODU VL HO
UHFLQWR UH~QH R QR ODV FRQGLFLRQHV GH VHJXULGDG QHFHVDULDV UHVXOWD
LQFRQYHQLHQWH SRUTXH VLJQLILFDUtD LQFXUVLRQDU HQ PDWHULDV SURSLDV GH OD /H\
*HQHUDOGH8UEDQLVPR\&RQVWUXFFLRQHVORTXHHVGHFRPSHWHQFLDH[FOXVLYDGH
ODDXWRULGDGDGPLQLVWUDWLYD
LL (VWLPD TXH HO DUWtFXOR ƒ VH FRQWUDSRQGUtD FRQ HO HVStULWX GHO
OHJLVODGRU\DTXHVLHOHVSHFWiFXORHVGHDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
QRGHEHUtDDXWRUL]DUVHVXUHDOL]DFLyQ
$VLPLVPRMX]JySRFRFODUDODUHVSRQVDELOLGDGGHORVFOXEHVHQHOFRQWURO
GHODVSHUVRQDVFRPSRQHQWHVGHODVEDUUDV\ODSRVLELOLGDGGHVXVSHQVLyQGHO
FHUWDPHQSRUSUREOHPDVTXHVHRULJLQHQGXUDQWHHOHVSHFWiFXORWRGDYH]TXH
OD LQLFLDWLYD OR SHUPLWH VyOR FXDQGR VH GHWHFWDQ ULHVJRV FRQ DQWHULRULGDG D VX
LQLFLR
LLL3URSXVRTXHODFRPXQLFDFLyQGHORVSDUWLGRVGHI~WEROTXHSXHGDQ
VHU FRQVLGHUDGRV GH DOWR ULHVJR D TXH VH UHILHUH HO DUWtFXOR ƒ VH KDJD
H[WHQVLYD D &DUDELQHURV SRU OD LQWHUYHQFLyQ TXH OH FRUUHVSRQGH HQ OD
DSUHFLDFLyQGHTXHXQHVSHFWiFXORVHDGHDOWRULHVJR
LY (Q UHODFLyQ DO DUWtFXOR ƒ TXH VH UHILHUH D OD QyPLQD GH ORV
LQWHJUDQWHVGHODVEDUUDVFUH\yQHFHVDULRSRUHOGHVSOD]DPLHQWRGHpVWDVTXH
ODVXQLGDGHVGH&DUDELQHURVPDQWHQJDQORVUHJLVWURVGHORVVRFLRVWDQWRDQLYHO
ORFDO FRPR QDFLRQDO SDUD OR FXDO UHVXOWDUtD DGHFXDGR TXH HVD LQVWLWXFLyQ VH
UHODFLRQDUDFRQOD'LUHFFLyQ*HQHUDOGH'HSRUWHV\5HFUHDFLyQ
Y +L]R YHU TXH OD SRVLELOLGDG TXH FRQWHPSOD HO DUWtFXOR ƒ GH TXH VH
HQWLHQGD RWRUJDGD OD DXWRUL]DFLyQ SDUD UHDOL]DU HVSHFWiFXORV SXHGH VLJQLILFDU
TXH &DUDELQHURV GHED DVXPLU OD IXQFLyQ JHQHUDO GH SROLFtD VLQ TXH VH KD\DQ
HIHFWXDGR ORV SURFHGLPLHQWRV TXH VHxDOD ORV DUWtFXORV ƒ \ ƒ (OOR SRQH HQ
ULHVJR OD VHJXULGDG GHO HVSHFWiFXOR \ FRQOOHYD XQ VHQWLPLHQWR GH LQVHJXULGDG
WDQWRSDUDHOSHUVRQDOSROLFLDOFRPRSDUDWRGRVORVDFWRUHVGHDTXpOSRUORTXH
FRQVLGHUy TXH QR GHEHUtD UHDOL]DUVH HO HVSHFWiFXOR VLQ XQD UHVROXFLyQ GH OD
DXWRULGDG
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
YL5HVSHFWRGHODSHQDGHDUUHVWRGHILQGHVHPDQDTXHFRQWHPSODHO
DUWtFXOR PDQLIHVWy TXH FRPR FULWHULR JHQHUDO QR SDUWLFLSD GH OD LGHD GH
PDQWHQHU ORV FXDUWHOHV FRQ SHUVRQDV EDMR VX WXWHOD \D TXH HOOR VLJQLILFD XQD
VHULHGHUHVSRQVDELOLGDGHV\GHFDUJDVSDUDODLQVWLWXFLyQ
6LQ SHUMXLFLR GH ODV REVHUYDFLRQHV DQWHV H[SXHVWDV &DUDELQHURV
FRQFOX\y TXH OD LQLFLDWLYD GH OH\ UHVXOWD DGHFXDGD H LQWHUUHODFLRQD D HVD
LQVWLWXFLyQ FRQ ODV DXWRULGDGHV HQ XQ URO GH DVHVRUtD GLUHFWD \ HVSHFLDO 1R
REVWDQWHDJUHJyVHUtDFRQYHQLHQWHH[WHQGHUHOiPELWRGHDSOLFDFLyQGHODOH\
D WRGR HVSHFWiFXOR S~EOLFR D ILQ GH TXH TXHGH UHVJXDUGDGR FXDOTXLHU KHFKR
TXHVLJQLILTXHXQDFRQFHQWUDFLyQPDVLYDGHS~EOLFR
'HVLJQDGRSRUODLQVWLWXFLyQSDUDH[SRQHUHVWHWHPDDQWHOD&RPLVLyQHO
VHxRU 3UHIHFWR GH OD 3UHIHFWXUD 2ULHQWH GH &DUDELQHURV &RURQHO GRQ 5XEpQ
2OLYDUHVGLRUHVSXHVWDDGLYHUVDVFRQVXOWDVIRUPXODGDVSRUVXVLQWHJUDQWHV
0DQLIHVWy TXH SDUD GHWHUPLQDU ODV H[LJHQFLDV GH VHJXULGDG GH XQ
SDUWLGRGHI~WEROSRUHMHPSORHQHO(VWDGLR1DFLRQDOQRVHSXHGHHVWDEOHFHU
XQFULWHULRXQLIRUPHWRGDYH]TXHORVSDUWLGRVVRQGLIHUHQWHVHQWUHVt([LVWHQ
PXFKRV IDFWRUHV TXH LQFLGHQ SDUD FDOLILFDU XQ SDUWLGR GH SUHRFXSDFLyQ GH
ULHVJRRGHDOWRULHVJR8QSDUWLGRGHILQGHDxRSXHGHQRREVWDQWHQRVHUHQ
VtPLVPRFDXVDQWHGHULHVJROOHJDUDFRQVWLWXLUOR
(QHVHVHQWLGRHVWLPyTXHQRHVXQHOHPHQWRGHFLVLYRTXHHOSDUWLGRVH
GHVDUUROOHHQHO(VWDGLR1DFLRQDOVLQRTXHLQIOX\HQHQPD\RUPHGLGDODVRWUDV
YDULDEOHV TXH VH SXHGDQ SUHVHQWDU D VDEHU OD XELFDFLyQ GH ORV HTXLSRV HQ OD
WDEOD GH SRVLFLRQHV \ HO FOLPD FUHDGR HQ OD VHPDQD SUHYLD $ YtD HMHPSODU
GHVWDFy TXH QRUPDOPHQWH HO SDUWLGR HQWUH &ROR&ROR \ 8QLyQ (VSDxROD QR
RIUHFHHYHQWRGHULHVJRQRREVWDQWHORFXDOHOTXHVHUHDOL]yKDFHSRFRVGtDV
SRUFRQVWLWXLUXQDILQDOGHFDPSHRQDWROOHJyDVHUOR
2SHUDWLYDPHQWHOD-HIDWXUDGH=RQD0HWURSROLWDQDGH&DUDELQHURVDFW~D
HQORVHVSHFWiFXORVDWUDYpVGHYDULRVSODQHVGHVHJXULGDGTXHUHTXLHUHQXQD
FDQWLGDG GH HIHFWLYRV TXH YD GHVGH ORV D ORV KRPEUHV 8Q SDUWLGR
HQWUH8QLYHUVLGDGGH&KLOH\&ROR&RORTXHVLHPSUHHVGHULHVJRUHTXHULUiGH
ODDSOLFDFLyQGHOSODQGHPD\RUH[LJHQFLD
3UHFLVy TXH HO SHUVRQDO TXH FXEUH HVWRV VHUYLFLRV SURYLHQH
IXQGDPHQWDOPHQWH GH OD 3UHIHFWXUD GH )XHU]DV (VSHFLDOHV TXH HV XQD
UHSDUWLFLyQ GHVWLQDGD D KDFHU IUHQWH D FXDOTXLHU FRQWLQJHQFLD TXH SXHGD
RULJLQDUVH 1R HVWi DGVFULWD D QLQJ~Q OXJDU HQ IRUPD HVSHFtILFD QL WDPSRFR
VXMHWD DO FXPSOLPLHQWR GH WXUQRV VLQR TXH FXPSOH SHUPDQHQWHPHQWH ODERUHV
GH SUHYHQFLyQ HQ OD FDOOH $GHPiV VH XWLOL]D FRQWLQJHQWH GHGLFDGR D ODERUHV
DGPLQLVWUDWLYDV\GHORVSODQWHOHVGHLQVWUXFFLyQLQVWLWXFLRQDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(QUHODFLyQDGXGDVVXUJLGDVHQOD&RPLVLyQHQHOVHQWLGRGHVLGHVWLQDU
HVWH FRQWLQJHQWH D ODV WDUHDV GH TXH VH WUDWD DIHFWD OD VHJXULGDG GH RWUDV
iUHDVPDQLIHVWyTXHVyORHQXQDFDQWLGDGPX\UHGXFLGDVHXWLOL]DSHUVRQDOGH
ODVXQLGDGHVRSHUDWLYDVTXHVRQODVTXHKDELWXDOPHQWHGHVDUUROODQHOVLVWHPD
GHWXUQRGHSDWUXOODMHSXQWRILMR\YLJLODQFLDVHVSHFLDOHV/DPD\RUSDUWHGHO
SHUVRQDO UHFDOFy SURYLHQH GH ODV VHFFLRQHV TXH VH KDQ LQGLFDGR OR TXH HQ
PXFKDV RFDVLRQHV SRU FLHUWR VLJQLILFD XQD UHGXFFLyQ GH ORV GtDV OLEUHV GH
GHVFDQVR\XQUHFDUJRGHWUDEDMRSDUDORVIXQFLRQDULRV
(Q FXDQWR D OD FRQVXOWD VL HVWRV HVSHFWiFXORV LPSRUWDQ XQ JDVWR
H[WUDRUGLQDULR SDUD &DUDELQHURV GLMR TXH FXDOTXLHU HYHQWR HVWD QDWXUDOH]D OR
VLJQLILFD FRPR SRU HMHPSOR HO GHVJDVWH GH PDTXLQDULDV FRPEXVWLEOH
GHVWUXFFLyQ GH PDWHULDO \ RWURV GHVHPEROVRV TXH VRQ DEVRUELGRV SRU HO
SUHVXSXHVWRLQVWLWXFLRQDO
)LQDOPHQWH VHxDOy TXH ORV KHFKRV GH YLROHQFLD TXH VH RULJLQDQ HQ ORV
SDUWLGRV GH I~WERO R HQ ORV HVSHFWiFXORV S~EOLFRV R FRQ RFDVLyQ GH HOORV VRQ
FRQVLGHUDGRV QRUPDOPHQWH FRPR XQD IDOWD \ HQ FRQVHFXHQFLD GH
FRPSHWHQFLD GH ORV -X]JDGRV GH 3ROLFtD /RFDO GRQGH HO GHWHQLGR SUHYLD
FRPSUREDFLyQGHGRPLFLOLRUHFXSHUDVXOLEHUWDG5HLWHUyTXHFRPRVHH[SUHVy
HQ HO LQIRUPH HVFULWR HQ HVWD PDWHULD &DUDELQHURV FRQFXHUGD FRQ OD LGHD GH
SHQDOL]DU HVWH LOtFLWR FRQ XQD VDQFLyQ PD\RU TXH QR SHUPLWD OD OLEHUWDG
LQPHGLDWDGHODSHUVRQD
(O VHxRU 0LQLVWUR GH -XVWLFLD GRQ )UDQFLVFR &XPSOLGR VH GHFODUy
SDUWLGDULR GH H[FOXLU GH HVWD LQLFLDWLYD HO DUWtFXOR TXH PRGLILFD OD /H\ GH
0HQRUHV 'HVWDFy TXH OD LQFRUSRUDFLyQ D OD /H\ GH 0HQRUHV GH XQD VDQFLyQ
FRPR HV OD SURKLELFLyQ DO PHQRU GH DVLVWLU D HVSHFWiFXORV S~EOLFRV QR UHVXOWD
DGHFXDGR SRUTXH GLFKR FXHUSR QRUPDWLYR HV GH FDUiFWHU SURWHFWRU \ QR
SXQLWLYR6LVHLQFRUSRUDVHDOD/H\GH0HQRUHVFX\DVPHGLGDVVHLPSRQHQVLQ
IRUPD GH MXLFLR VH YXOQHUDUtD DGHPiV OD JDUDQWtD FRQVWLWXFLRQDO GHO GHELGR
SURFHVR 3RU HOOR GH HVWDEOHFHUVH HVWD VDQFLyQ GHEHUtD FRQWHPSODUVH XQ
SURFHGLPLHQWRTXHRIUH]FDDOPHQRUHOGHUHFKRDXQDGHELGDGHIHQVD
2EMHWy WDPELpQ HO VHxRU 0LQLVWUR OD VDQFLyQ GH WUDEDMR FRPXQLWDULR TXH
VHHVWDEOHFHHQHOSUR\HFWRSRUTXHHQORVWpUPLQRVHQTXHHVWiFRQFHELGDQR
VH DGHFXD D ORV FRPSURPLVRV LQWHUQDFLRQDOHV FRQWUDtGRV SRU QXHVWUR SDtV HQ
SDUWLFXODU D OD &RQYHQFLyQ $PHULFDQD VREUH 'HUHFKRV +XPDQRV GHQRPLQDGD
3DFWR GH 6DQ -RVp GH &RVWD 5LFD $O UHVSHFWR PDQLIHVWy VHU SDUWLGDULR GH
VXSULPLUOD FRPR VH KD KHFKR HQ HO SUR\HFWR GH OH\ TXH VDQFLRQD HO WUiILFR
LOtFLWRGHHVWXSHIDFLHQWHV\VXVWDQFLDVVLFRWUySLFDV\VXVWLWX\HODOH\1ƒ
%ROHWtQ 1ƒ R FRPR VH SURSRQH HQ HO SUR\HFWR GH OH\ TXH FUHD
MX]JDGRV YHFLQDOHV %ROHWtQ 1ƒ \ HQ HO UHODWLYR D OD YLROHQFLD
LQWUDIDPLOLDU %ROHWtQ 1ƒ FRQVXOWDUOD FRPR DOWHUQDWLYD D XQD SHQD
SULYDWLYD GH OLEHUWDG OD TXH SXHGH FRQPXWDUVH ~QLFDPHQWH D VROLFLWXG GHO
FRQGHQDGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
/D&RPLVLyQSUHVWyVXDSUREDFLyQHQJHQHUDODODLQLFLDWLYDOHJDOSRUOD
XQDQLPLGDG GH VXV LQWHJUDQWHV ++ 6HQDGRUHV VHxRUHV 'tH] )HUQiQGH]
/HWHOLHU\3DFKHFR
',6&86,213$57,&8/$5
$UWtFXORƒ
(VWDEOHFH TXH ORV FHQWURV R UHFLQWRV GHSRUWLYRV GHVWLQDGRV D OD
UHDOL]DFLyQGHHVSHFWiFXORVGHSRUWLYRVS~EOLFRVUHTXHULUiQGHXQDDXWRUL]DFLyQ
RWRUJDGD SRU HO ,QWHQGHQWH 5HJLRQDO SUHYLR LQIRUPH GH &DUDELQHURV TXH
DFUHGLWH TXH UH~QHQ ODV FRQGLFLRQHV GH VHJXULGDG SDUD HIHFWXDU WDOHV
DFWLYLGDGHV(OORVLQSHUMXLFLRGHODVH[LJHQFLDVHVWDEOHFLGDVHQOD2UGHQDQ]D
*HQHUDOGHOD/H\*HQHUDOGH8UEDQLVPR\&RQVWUXFFLRQHV
/D&RPLVLyQGHEDWLyDSURSyVLWRGHHVWHDUWtFXORHOiPELWRGHDSOLFDFLyQ
TXHGHEHUtDGDUVHDHVWDLQLFLDWLYDGHOH\HQHOVHQWLGRGHUHIHULUODDWRGRVORV
HVSHFWiFXORV S~EOLFRV D ORV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV R VyOR D ORV
SDUWLGRVGHI~WEROSURIHVLRQDO
(O VHxRU -HIH GH OD 'LYLVLyQ -XUtGLFD GHO 0LQLVWHULR GHO ,QWHULRU UHFRQRFLy
TXHODDPSOLWXGGHODGLVSRVLFLyQSHUPLWHHQWHQGHULQFRUSRUDGDODWRWDOLGDGGH
ODVSUiFWLFDVGHSRUWLYDVSRUTXHQRHIHFW~DQLQJXQD GLVWLQFLyQHQFXDQWRDOD
QDWXUDOH]DGHOHVSHFWiFXORGHSRUWLYRTXHQHFHVLWDUtDGHDXWRUL]DFLyQGHORFXDO
SRGUtD LQWHUSUHWDUVH TXH FXDOTXLHU UHFLQWR HQ TXH VH FHOHEUH XQD DFWLYLGDG
GHSRUWLYDGHEHUtDFXPSOLUFRQGLFKRUHTXLVLWR
3RUORPLVPRVRVWXYRTXHSXHGHUHVXOWDUFRQYHQLHQWHOLPLWDUODOH\DORV
HVSHFWiFXORVGHSRUWLYRVS~EOLFRVGHI~WEROSURIHVLRQDO3DUWHLPSRUWDQWHGHVX
ILQDOLGDG SUHYHQWLYD SDVD SRU ODV FRQGLFLRQHV GH VHJXULGDG TXH GHEHQ RIUHFHU
ORV UHFLQWRV HQ TXH VH SUDFWLFD I~WERO SURIHVLRQDO \ HV HQ HVWD DFWLYLGDG
GHSRUWLYDGRQGHVHKDQJHQHUDGRORVSUREOHPDVTXHPRWLYDURQSUHFLVDPHQWH
HOHQYtRGHHVWHSUR\HFWRSDUDVXGLVFXVLyQHQHO+&RQJUHVR1DFLRQDO3RU
HOOR MX]Jy FRQYHQLHQWH LQFRUSRUDU HQ HO DUWtFXOR OD H[SUHVLyQ I~WERO
SURIHVLRQDO\UHVWULQJLUGHHVWDIRUPDHOiPELWRGHDSOLFDFLyQGHODOH\VyORD
OD UHDOL]DFLyQ GH SDUWLGRV GH GLFKR GHSRUWH HQ ORV UHFLQWRV TXH UH~QDQ ODV
FRQGLFLRQHV QHFHVDULDV GH VHJXULGDG /D DXWRUL]DFLyQ FRUUHVSRQGLHQWH SRGUtD
RWRUJDUVHSRUXQSOD]RGHWUHVDxRV\UHQRYDUVHXQDYH]FRQFOXLGRHOPLVPR
'H HVD PDQHUD VH HYLWDUtD TXH H[LVWD OD SHUFHSFLyQ GH DOJXQDV
DFWLYLGDGHV GHSRUWLYDV TXH QR SUHVHQWDQ QLQJ~Q JUDGR GH YLROHQFLD R ULHVJR
GHTXHHVWDUiQVXMHWDVDHVWDQRUPDWLYD 6LELHQGHVGHHOSXQWRGHYLVWDGHO
HMHUFLFLR GH ODV DWULEXFLRQHV GH RUGHQ S~EOLFR SURVLJXLy HV LQGLVSHQVDEOH TXH
QRVHOLPLWHDODDXWRULGDGSDUDGLVSRQHUODVPHGLGDVTXHVHDQQHFHVDULRVSDUD
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
DVHJXUDUODVSHUVRQDV\ORVELHQHVHVRQRSXHGHVLJQLILFDUTXHQRVHFRQVLGHUH
HVSHFLDOPHQWHDOI~WEROSURIHVLRQDOFRPRDJHQWHTXHHYHQWXDOPHQWHRFDVLRQD
KHFKRV GH YLROHQFLD \ HO SUREOHPD UHDO TXH H[LVWH HQ &KLOH HVWi HQ HO I~WERO
SURIHVLRQDOFRQVXVEDUUDVRUJDQL]DGDV
(O+6HQDGRUVHxRU)HUQiQGH]VHPDQLIHVWySDUWLGDULRGHQRH[LJLU
DXWRUL]DFLyQ GHO ,QWHQGHQWH SDUD ORV UHFLQWRV HQ TXH VH UHDOLFHQ
DFWLYLGDGHV GHSRUWLYDV SRUTXH SXHGH KDFHU LPSUDFWLFDEOH OD FHOHEUDFLyQ GH
pVWDV FRPR RFXUULUtD FRQ H[KLELFLRQHV R FDPSHRQDWRV GH WHQLV KHFKRV HQ
KRWHOHVREDOQHDULRV
$ VX MXLFLR HO SUREOHPD GH VHJXULGDG S~EOLFD HVWi FHQWUDGR QR HQ ODV
FRQGLFLRQHVGHOUHFLQWRVLQRHQHOHVSHFWiFXORTXHVHTXLHUHRIUHFHU\SRUHOOR
OH SDUHFHQ DWHQGLEOHV ODV H[LJHQFLDV TXH HVWDEOHFH HO DUWtFXOR ƒ TXH SRGUtD
DSOLFDUVH WDPELpQ D RWURV HVSHFWiFXORV S~EOLFRV GLVWLQWRV GH ORV GHSRUWLYRV
/DV FRQGLFLRQHV GH VHJXULGDG GH ORV UHFLQWRV WLHQHQ TXH VHU VXSHUYLVDGDV SRU
ODV DXWRULGDGHV PXQLFLSDOHV ORV TXH HQ FDVR LQFXPSOLPLHQWR GHEHUtDQ
QHJDUVHDODUHQRYDFLyQGHODUHVSHFWLYDSDWHQWHGHIXQFLRQDPLHQWRRDGRSWDU
ODVRWUDVPHGLGDVTXHHOFDVRDFRQVHMH
(O + 6HQDGRU VHxRU 2WHUR FRQVLGHUy TXH HVWD GLVSRVLFLyQ SUHVHQWD GRV
DVSHFWRVUHSURFKDEOHV(QSULPHUOXJDUODDWULEXFLyQTXHRWRUJDD&DUDELQHURV
GH &KLOH HQ FLUFXQVWDQFLDV TXH GLFKD LQVWLWXFLyQ VH HQFXHQWUD LPSRVLELOLWDGD
WpFQLFDPHQWH GH UHDOL]DU OD HYDOXDFLyQ GH VL XQ UHFLQWR FXPSOH FRQ ODV
FRQGLFLRQHV GH VHJXULGDG (OOR SUHFLVy HV FRPSHWHQFLD GH LQVWDQFLDV WpFQLFDV
GH RWUD tQGROH FRPR VRQ ODV 'LUHFFLRQHV GH 2EUDV 0XQLFLSDOHV UHVSHFWLYDV
VHJ~Q OR GHWHUPLQD OD /H\ *HQHUDO GH 8UEDQLVPR \ &RQVWUXFFLRQHV TXLHQHV
GHEHQ HPLWLU ORV FHUWLILFDGRV \ DXWRUL]DFLRQHV FRUUHVSRQGLHQWHV UHODWLYRV D ODV
FRQGLFLRQHVGHVHJXULGDGGHODVHGLILFDFLRQHV
(Q VHJXQGR OXJDU FRPSDUWLy OD LGHD GH TXH HV LQFRQYHQLHQWH OLPLWDU HO
iPELWR GH DSOLFDFLyQ GH OD OH\ VyOR D ORV HVSHFWiFXORV GHSRUWLYRV S~EOLFRV \D
TXHODH[SHULHQFLDKDGHPRVWUDGRTXHHQDFRQWHFLPLHQWRVGHRWUDQDWXUDOH]D
FRPR DTXHOORV GH FDUiFWHU PXVLFDO GRQGH VH UH~QH JUDQ FDQWLGDG GH
DVLVWHQWHV VH FRPHWHQ LJXDOPHQWH DFWRV GH YLROHQFLD 'HELGR D HVD UD]yQ
SURSXVR GHMDU VRPHWLGRV D ODV GLVSRVLFLRQHV GH HVWD LQLFLDWLYD D WRGRV ORV
HVSHFWiFXORV S~EOLFRV VLQ SHUMXLFLR GH FRQVLJQDU QRUPDV HVSHFLDOHV SDUD HO
I~WEROSURIHVLRQDO
/D&RPLVLyQOXHJRGHGHEDWLUHOWHPDRSWySRUHOLPLQDUHODUWtFXORƒD
ILQGHUHTXHULUODLQWHUYHQFLyQGHO,QWHQGHQWHQRSDUDHOIXQFLRQDPLHQWRGHORV
UHFLQWRVGHSRUWLYRVVLQRSDUDODUHDOL]DFLyQGHORVHVSHFWiFXORVGHDOWRULHVJR
FRPRVHSODQWHDHQHODUWtFXORƒ
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
3RU OR WDQWR OD &RPLVLyQ VXSULPLy HVWH DUWtFXOR SRU OD XQDQLPLGDG GH
VXV++LQWHJUDQWHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFR
$UWtFXORƒ
'HWHUPLQD TXH HQ DTXHOORV HVSHFWiFXORV GHSRUWLYRV TXH HO ,QWHQGHQWH
FDOLILTXH GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD VXV RUJDQL]DGRUHV GHEHUiQ
FXPSOLU RSRUWXQDPHQWH FRQ ODV H[LJHQFLDV LQGLFDGDV SRU &DUDELQHURV (QWUH
HOODV GHEHUi VHxDODUVH OD XELFDFLyQ GH ODV EDUUDV HQ VHFWRUHV VHSDUDGRV
FODUDPHQWH GHWHUPLQDGRV D ORV FXDOHV VyOR SXHGHQ LQJUHVDU VXV LQWHJUDQWHV
FRQ OD FUHGHQFLDO TXH HVWDEOHFH HO DUWtFXOR ƒ \ VHUi UHVSRQVDELOLGDG GHO
UHVSHFWLYR FOXE HO FRQWURO GH LQJUHVR \ YLJLODQFLD GHO VHFWRU GHVWLQDGR D VX
EDUUD
3HUPLWH DO ,QWHQGHQWH SUHYLR LQIRUPH GH &DUDELQHURV TXH HQ FDVR GH
LQFXPSOLPLHQWRGLVSRQJDODVXVSHQVLyQGHOHVSHFWiFXORKDVWDHOFXPSOLPLHQWR
GH ODV PHGLGDV H[LJLGDV 3RU ~OWLPR OR IDFXOWD SDUD GHOHJDU ODV DWULEXFLRQHV
TXHOHFRQILHUHHVWHDUWtFXORHQORVUHVSHFWLYRV*REHUQDGRUHV
/D&RPLVLyQD OD OX]GHODV LGHDVLQWHUFDPELDGDVGXUDQWHHOGHEDWHGHO
DUWtFXOR ƒ GHFLGLy KDFHU DSOLFDEOH HVWH DUWtFXOR D WRGR WLSR GH HVSHFWiFXOR
S~EOLFR TXH SXHGD UHXQLU XQD FDQWLGDG VLJQLILFDWLYD GH S~EOLFR \ SUHVHQWH
FDUDFWHUtVWLFDVGHDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
3DUD HOOR SUHILULy HPSOHDU HQ HO LQFLVR SULPHUR HO FRQFHSWR GH
HVSHFWiFXOR S~EOLFR PDVLYR \ GHMy H[SUHVD FRQVWDQFLD TXH HO VHQWLGR GH OD
SDODEUD HVSHFWiFXOR HV HO TXH XWLOL]D HQ VX SULPHUD DFHSFLyQ HO 'LFFLRQDULR
GH OD /HQJXD (VSDxROD TXH HQWLHQGH SRU WDO XQD IXQFLyQ R GLYHUVLyQ S~EOLFD
FHOHEUDGDHQXQWHDWURHQXQFLUFRRHQFXDOTXLHURWURHGLILFLRROXJDUHQTXH
VHFRQJUHJDODJHQWHSDUDSUHVHQFLDUOD3RUFRQVLJXLHQWHQRHVVLQyQLPRGH
UHXQLyQ S~EOLFD FRPR OR VRQ ORV DFWRV UHOLJLRVRV R ODV FRQFHQWUDFLRQHV
SROtWLFDV
(Q UHODFLyQ FRQ HO PLVPR LQFLVR SULPHUR VH SUHILULy GHFLU TXH ODV
H[LJHQFLDV GH VHJXULGDG TXH GHEHQ FXPSOLU ORV RUJDQL]DGRUHV VRQ ODV TXH
VHxDOH&DUDELQHURVGH&KLOHHQOXJDUGHKDEHUUHIHUHQFLDDODVLQGLFDGDVSRU
GLFKDLQVWLWXFLyQ(OFDPELRGHWLHPSRGHHVWDIRUPDYHUEDOHQIDWL]DHOKHFKR
GHTXHORVUHTXLVLWRVVHILMDQGHWHUPLQDGDPHQWHSDUDFDGDHVSHFWiFXORTXHVH
TXLHUH UHDOL]DU \ QR FRQ FDUiFWHU JHQHUDO VLQ SHUMXLFLR GHVGH OXHJR GH OD
H[LVWHQFLDGHSODQHVJHQHUDOHVGHVHJXULGDG
6H SUHFLVy HQ HO LQFLVR VHJXQGR TXH ODV REOLJDFLRQHV UHODWLYDV D ODV
EDUUDV TXH DOOt VH DOXGHQ VRQ DSOLFDEOHV VRODPHQWH DO FDVR GHO I~WERO
SURIHVLRQDO\VHUHIXQGLyFRQHOLQFLVRWHUFHURTXHYHUVDVREUHHOFRQWURO\OD
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
XELFDFLyQ GH ODV EDUUDV 5HVSHFWR GH HVWH ~OWLPR VH FRQVLGHUy SHUWLQHQWH OD
REVHUYDFLyQ SODQWHDGD SRU OD $VRFLDFLyQ 1DFLRQDO GH )~WERO 3URIHVLRQDO HQ HO
VHQWLGR GH TXH VRQ ORV RUJDQL]DGRUHV GHO HVSHFWiFXOR ORV UHVSRQVDEOHV GH
FXPSOLUFRQHVWDWDUHD
-X]JyFRQYHQLHQWHODPD\RUtDGHOD&RPLVLyQTXHQRVyORHVWpYHGDGRHO
LQJUHVRDOVHFWRUGHODEDUUDDODVSHUVRQDVTXHQRODLQWHJUDQVLQRTXHTXHGH
UHJLVWUDGDODLGHQWLGDGGHORVDVLVWHQWHVWDOFRPRVHKDFHHQDOJXQRVSDtVHVDO
FRWHMDU OD FUHGHQFLDO TXH VH H[KLEH FRQ OD FRSLD GHO SDGUyQ RILFLDO TXH WLHQHQ
ORVSXHVWRVGHFRQWURO
'HHVDPDQHUDHQORVFRQWUROHVH[LVWHQWHVHQHOHVWDGLRVHYHULILFDUiOD
LGHQWLGDGGHODVSHUVRQDVTXHLQJUHVDQDODEDUUDHQVXFDOLGDGGHLQWHJUDQWHV
GH OD PLVPD \ TXHGDUi FRQVWDQFLD GH VX DVLVWHQFLD OR TXH VHUi GH XWLOLGDG
SDUD OD HYHQWXDO LQYHVWLJDFLyQ HQFDPLQDGD D GHWHUPLQDU ODV UHVSRQVDELOLGDGHV
TXHVHSURGX]FDQ
(O + 6HQDGRU VHxRU )HUQiQGH] VH GHFODUy FRQWUDULR D HVWD H[LJHQFLD
WRGD YH] TXH HQ VX RSLQLyQ HV LPSUDFWLFDEOH \ VyOR UHGXQGDUi HQ HO
HQWRUSHFLPLHQWRGHODFFHVRDORVVHFWRUHVGHODVEDUUDVORTXHSRGUtDDFDUUHDU
FRQVHFXHQFLDV VHULDV WUDWiQGRVH FRPR RFXUUH GH HVSHFWiFXORV S~EOLFRV
PDVLYRV
/D&RPLVLyQUHVROYLyFRQVLJQDUODLGHDGHVFULWDFRQORVSURQXQFLDPLHQWRV
IDYRUDEOHV GH ORV ++ 6HQDGRUHV VHxRUHV /HWHOLHU 2WHUR \ 3DFKHFR \ HO
QHJDWLYRGHO+6HQDGRUVHxRU)HUQiQGH]
(Q FXDQWR D OD VXVSHQVLyQ GHO HVSHFWiFXOR SRU ORV SUREOHPDV TXH VH
RULJLQHQGXUDQWHVXGHVDUUROOR OD&RPLVLyQIXHGHSDUHFHUTXHHOODHVUHVRUWH
GHODUHJODPHQWDFLyQGHOI~WEROSURIHVLRQDO\TXHPHGLGDVGHHVDQDWXUDOH]D
SXHGHQVLJQLILFDUODH[FOXVLyQGHQXHVWURSDtVGHSDUWLGRVGHI~WEROSURIHVLRQDO
HQ TXH ORV RUJDQL]DGRUHV WLHQHQ TXH FXPSOLU FRQ XQD VHULH GH FRQWUDWRV GH
tQGROH GHSRUWLYD 8QD VLWXDFLyQ GLVWLQWD QR REVWDQWH OD FRQVWLWX\H OD
UHVSRQVDELOLGDG TXH GHEHQ DVXPLU SRU HMHPSOR DO SHUPLWLU TXH HO S~EOLFR VH
XELTXHHQOXJDUQRDSWRVWRGDYH]TXHHOORVVRQORVTXHGHEHQYHODUSRUTXHVH
FXPSODQ ODV PHGLGDV GH VHJXULGDG HQ ORV UHFLQWRV 3RU WDO PRWLYR UHVXOWD
DWLQHQWH UHJXODU OD VXVSHQVLyQ SUHYLD GHO HVSHFWiFXOR SDUD HO FDVR TXH QR VH
REVHUYHQODVPHGLGDVGHVHJXULGDG
(VWD PDWHULD SRU UHFDHU VREUH QRUPDV JHQHUDOHV DSOLFDEOHV D ORV
HVSHFWiFXORVS~EOLFRVPDVLYRVVHXELFyDFRQWLQXDFLyQGHOLQFLVRSULPHURFRQ
DQWHODFLyQDOSUHFHSWRHVSHFtILFRUHODWLYRDOI~WEROSURIHVLRQDO
(QHVDYLUWXGOD&RPLVLyQDSUREyHVWHDUWtFXORXQiQLPHPHQWHFRQORV
YRWRVGHVXVLQWHJUDQWHVSUHVHQWHV++6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU
2WHUR\3DFKHFRVDOYRODSDUWHILQDOGHOLQFLVRWHUFHURTXHRVSURSRQHPRVTXH
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
IXHYRWDGDHQFRQWUDSRUHO+6HQDGRUVHxRU)HUQiQGH]FRPRVHVHxDOyHQVX
RSRUWXQLGDG
$UWtFXORƒ
2EOLJD D ODV DXWRULGDGHV GHO I~WERO SURIHVLRQDO XQD YH] ILMDGD OD
SURJUDPDFLyQRFDOHQGDULRGHODVFRPSHWHQFLDVQDFLRQDOHVHLQWHUQDFLRQDOHVR
DO WRPDU FRQRFLPLHQWR GH HVWRV ~OWLPRV D FRPXQLFDUOH DO ,QWHQGHQWH
UHVSHFWLYR SDUD VX HYDOXDFLyQ ORV SDUWLGRV TXH SXHGDQ VHU FRQVLGHUDGRV GH
DOWRULHVJRSDUDODVHJXULGDGS~EOLFD
$GYLUWLy OD &RPLVLyQ TXH HO DUWtFXOR QR GLIHUHQFLD FRQ OD FODULGDG
QHFHVDULD HO FDOHQGDULR DQXDO GH OD FRPSHWHQFLD GH I~WERO SURIHVLRQDO GH OD
SURJUDPDFLyQ TXH VH HIHFW~D FRQ HVFDVD DQWHODFLyQ D OD UHDOL]DFLyQ GH ORV
SDUWLGRV
&UH\y SHUIHFWDPHQWH SRVLEOH TXH SDUWLGRV GH I~WERO TXH QR IXHVHQ
FRQVLGHUDGRVGHDOWRULHVJRDOPRPHQWRGHUHDOL]DUHOFDOHQGDULRDQXDOSXHGDQ
VREUHYHQLU HQ XQ HVSHFWiFXOR GH GLFKD QDWXUDOH]D R TXH SUHVHQWHQ LJXDO
FDUiFWHURWURVTXHVHILMHQFRQSRVWHULRULGDG
'HELGRDHVDFLUFXQVWDQFLDIXHGHLGHDGHTXHHO,QWHQGHQWHGHEHHVWDU
IDFXOWDGR SDUD DGRSWDU WRGDV ODV PHGLGDV GH VHJXULGDG S~EOLFD TXH VHDQ
QHFHVDULDVHQXQRXRWURFDVRHQVXFDOLGDGGHPi[LPDDXWRULGDGHQFDUJDGD
GHO RUGHQ S~EOLFR HQ OD UHVSHFWLYD 5HJLyQ 3RU HVWR PLVPR HQ FXDQWR D TXH
UHFDH VREUH pO OD DSUHFLDFLyQ GHO DOWR ULHVJR TXH SXHGD WHQHU HO HQFXHQWUR
GHSRUWLYR OD &RPLVLyQ RSLQy TXH HV VXILFLHQWH FRQ TXH ODV DXWRULGDGHV GHO
I~WEROOHFRPXQLTXHQWRGRHOFDOHQGDULRDQXDO\QRVyORORVSDUWLGRVTXHFUHDQ
GHDOWRULHVJR
(Q FDPELR FXDQGR VH WUDWH GH HVSHFWiFXORV QR FRQWHPSODGRV HQ HO
FDOHQGDULR R GH FDPELRV TXH VH HIHFW~HQ GHEHQ VHU LQIRUPDGRV WDQWR DO
,QWHQGHQWH FRPR D &DUDELQHURV FRQ XQD DQWLFLSDFLyQ PtQLPD TXH VH ILMy HQ
YHLQWLFXDWURKRUDV\DGYHUWLUOHVVLHQVXRSLQLyQSXHGHQUHYHVWLUDOWRULHVJR
&RQ HVDV PRGLILFDFLRQHV OD &RPLVLyQ OR DSUREy SRU OD XQDQLPLGDG GH
VXVLQWHJUDQWHV++6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFR
$UWtFXORƒ
3UHYp OD H[LVWHQFLD HQ FDGD FOXE GH I~WERO SURIHVLRQDO GH XQ SDGUyQ R
UHJLVWUR DFWXDOL]DGR GH ORV PLHPEURV GH VX EDUUD TXH GHEHUi PDQWHQHUVH HQ
VXV RILFLQDV FHQWUDOHV \ FRQWHQGUi OD LQGLYLGXDOL]DFLyQ FRPSOHWD GH FDGD
LQWHJUDQWHDTXLHQVHHQWUHJDUiDOPRPHQWRGHODLQVFULSFLyQXQDFUHGHQFLDO
SHUVRQDO H LQWUDQVIHULEOH 'LVSRQH WDPELpQ TXH FRSLD DFWXDOL]DGD GH HVWH
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
UHJLVWUR VH HQYtH VHPHVWUDOPHQWH D OD XQLGDG GH &DUDELQHURV FRUUHVSRQGLHQWH
DOGRPLFLOLRGHOFOXE
/D &RPLVLyQ IXH GH SDUHFHU TXH FRQ HO REMHWR GH WHQHU XQ FRQWURO
HIHFWLYR \ XQ VLVWHPD GH FRQVWDQFLD H[SHGLWD DFHUFD GH ODV SHUVRQDV TXH
LQJUHVDQDOVHFWRUGHFDGDEDUUDHQHOHVWDGLRHVFRQYHQLHQWH HVWDEOHFHUTXH
OD FUHGHQFLDO VHD QXPHUDGD DGHPiV GH VX FDUDFWHUtVWLFD GH LQGLYLGXDO H
LQWUDQVIHULEOH TXH OOHYH OD IRWRJUDItD GH VX WLWXODU \ TXH UH~QD FDUDFWHUtVWLFDV
TXH GLILFXOWHQ VX DGXOWHUDFLyQ 'H HVD PDQHUD VH IDFLOLWDUtD HO ORJUR GH ORV
HIHFWRVGHSUHYHQFLyQTXHSUHWHQGHDOFDQ]DUODLQLFLDWLYD
(Q OR TXH UHVSHFWD DO LQFLVR VHJXQGR TXH VH UHILHUH D OD UHPLVLyQ D
&DUDELQHURVGH&KLOHGHOSDGUyQRILFLDOGHORVLQWHJUDQWHVGHODEDUUDFRQFOX\y
TXH QR VH MXVWLILFD \D TXH FRQ OD PRGDOLGDG GH FRQWURO GH DFFHVR \ UHJLVWUR
SUHYLVWD GHEHUi HVWDU DFWXDOL]DGR SHUPDQHQWHPHQWH\ TXHGDUi FRQVWDQFLD GH
ORVDVLVWHQWHVORTXHKDUtDPiVHILFD]ODODERUSROLFLDO
&RQ ORV FDPELRV GHVFULWRV DO LQFLVR SULPHUR \ OD VXSUHVLyQ GHO LQFLVR
VHJXQGR OD &RPLVLyQ DSUREy HO DUWtFXOR SRU OD XQDQLPLGDG GH VXV PLHPEURV
SUHVHQWHV++6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFR
$UWtFXORƒ
5HJXOD GHWDOODGDPHQWH ORV HIHFWRV GH OD IDOWD GH SURQXQFLDPLHQWR GHO
,QWHQGHQWH GHQWUR GHO SOD]R R GH QHJDWLYD D FRQFHGHU OD DXWRUL]DFLyQ D TXH
UHILHUHHODUWtFXORƒ\HOUHFODPRMXGLFLDOFRQVLJXLHQWH
(Q YLUWXG GH OD VXSUHVLyQ GHO DUWtFXOR ƒ OD &RPLVLyQ LJXDOPHQWH
DFRUGy HOLPLQDU HVWH SUHFHSWR SRU OD XQDQLPLGDG GH VXV LQWHJUDQWHV ++
6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFR
$UWtFXORƒ
&RQVXOWDHOSURFHGLPLHQWRGHUHFODPRHQFDVRGHTXHORVRUJDQL]DGRUHV
GHHVSHFWiFXORQRVHFRQIRUPDUHQFRQODUHVROXFLyQDGRSWDGDSRUHO,QWHQGHQWH
HQYLUWXGGHODUWtFXORƒ
/D &RPLVLyQ VH GHFODUy SDUWLGDULD GH VXSULPLU HVWD GLVSRVLFLyQ SRU
HVWLPDUOD LQDGHFXDGD WRGD YH] TXH HV SRVLEOH UHFODPDU SRU OD YtD
DGPLQLVWUDWLYD GH ODV DFWXDFLRQHV GH OD DXWRULGDG VH YHQ LQYROXFUDGRV
HOHPHQWRV WpFQLFRV GH VHJXULGDG S~EOLFD \ QDGD REVWD VL SURFHGLHVH D OD
LQWHUSRVLFLyQGHOUHFXUVRGHSURWHFFLyQ
(Q FRQVHFXHQFLD HOLPLQy HVWH DUWtFXOR SRU OD XQDQLPLGDG GH VXV
LQWHJUDQWHV++6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFR
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
$UWtFXORƒ
6DQFLRQD OD HMHFXFLyQ GH DFWRV TXH SURYRTXHQ YLROHQFLD ItVLFD FRQWUD
SHUVRQDV R GDxRV VREUH ELHQHV FRQ PRWLYR X RFDVLyQ GH HVSHFWiFXORV
GHSRUWLYRV S~EOLFRV HQ HO UHFLQWR HQ TXH WLHQH OXJDU R HQ VXV LQPHGLDFLRQHV
DQWHV GXUDQWH R GHVSXpV GH VX GHVDUUROOR FRQ OD SHQD GH SUHVLGLR PHQRU HQ
VXJUDGRPtQLPRDPHGLR
&DVWLJDWDPELpQDOTXHHQODVPLVPDVFLUFXQVWDQFLDVIXHUHVRUSUHQGLGR
FRQDUPDVHOHPHQWRVXREMHWRVTXHSDUH]FDQKDEHUVHUYLGRRHVWDUGHVWLQDGRV
SDUDFRPHWHUHOGHOLWR\DOTXHRUJDQL]DUHSURPRYLHUHRIDFLOLWDUHODFRPLVLyQ
GHORVUHIHULGRVDFWRVGHYLROHQFLDRGDxRVFRQODSHQDGHSUHVLGLRPHQRUHQ
VXJUDGRPHGLR
3HUPLWH DSOLFDU FRPR SHQDV DOWHUQDWLYDV D TXLHQHV SXHGD SUHVXPLUVH
TXH QR YROYHUiQ D GHOLQTXLU HO DUUHVWR GH ILQ GH VHPDQD R WUDEDMRV
FRPXQLWDULRVGHILQGHVHPDQD(QWRGRFDVRFRQVXOWDFRPRSHQDDFFHVRULDOD
SURKLELFLyQ GH DVLVWLU D HVSHFWiFXORV S~EOLFRV GH OD PLVPD QDWXUDOH]D TXH HO
TXHPRWLYyODVDQFLyQ\GLVSRQHTXHVLODVFRQGXFWDVGHVFULWDVGLHUHQRULJHQ
D RWURV FUtPHQHV R VLPSOHV GHOLWRV VH LPSRQGUi OD SHQD PD\RU DVLJQDGD DO
GHOLWRPiVJUDYH
/D &RPLVLyQ GH FRQIRUPLGDG D VXV DFXHUGRV DQWHULRUHV TXH KDFHQ
H[WHQVLYDODUHJXODFLyQGHODOH\DORVHVSHFWiFXORVS~EOLFRVPDVLYRVPRGLILFy
OD GHQRPLQDFLyQ GHO 7tWXOR ,, HQ TXH VH LQVHUWD HO DUWtFXOR \ HVWD PLVPD
GLVSRVLFLyQHQWDOVHQWLGR
/D UHGDFFLyQ GHO WLSR SULQFLSDO VH DGHFXy SDUD VHxDODU FRPR HOHPHQWR
FHQWUDO GH OD FRQGXFWD HO UHVXOWDGR GH OD DFFLyQ HV GHFLU ODV OHVLRQHV D ODV
SHUVRQDVRORVGDxRVDELHQHV/DSHQDVHUiODSURSXHVWDHQHOWH[WRGHOD+
&iPDUD GH 'LSXWDGRV GH SUHVLGLR PHQRU HQ VX JUDGR PHGLR VDOYR TXH ODV
OHVLRQHV R ORV GDxRV DWHQGLGD VX HQWLGDG PHUH]FDQ XQD SHQD VXSHULRU HQ
YLUWXGGHODVQRUPDVJHQHUDOHVGHO&yGLJR3HQDO
/DGHVFULSFLyQGHODVILJXUDVFRPSUHQGLGDVHQHOLQFLVRVHJXQGRSRUVX
SDUWHVHFDPELySDUDXQDPD\RUSUHFLVLyQ6HFDVWLJDHQHOODVDOTXHHQODV
FLUFXQVWDQFLDV PHQFLRQDGDV \ VLQ FRPHWHU OHVLRQHV QL GDxRV SRUWDUH DUPDV
HOHPHQWRVXREMHWRVLGyQHRVSDUDSHUSHWUDUODVH[SUHVLyQTXHVHSUHILULySRU
VXREMHWLYLGDG\SRU RWURODGRDOTXHLQFLWDUHRSURPRYLHUH ODHMHFXFLyQGH
DOJXQDGHGLFKDVFRQGXFWDV
4XLHQ HMHFXWHQ DOJXQD GH HVWDV DFFLRQHV WHQGUiQ DVLJQDGD OD PLVPD
SHQD TXH ORV DXWRUHV GH ORV GHOLWRV FRQWHPSODGRV HQ HO LQFLVR SULPHUR GH
SUHVLGLRPHQRUHQVXJUDGRPHGLRHVWRHVVHHTXLSDUyODVDQFLyQWDQWRSDUD
TXLHQFDXVDOHVLRQHVDODVSHUVRQDVRGDxRVDORVELHQHVFRPRSDUDTXLHQVHD
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
VRUSUHQGLGR FRQ HOHPHQWRV DSWRV SDUD SURYRFDU XQRV X RWURV R ORV LQFLWDUH R
SURPRYLHUH
/D&RPLVLyQDFRJLyHOSDUHFHUGHO+6HQDGRUVHxRU2WHURHQHOVHQWLGR
GHTXHODVSHQDVDOWHUQDWLYDVTXHVHSODQWHDQGHDUUHVWRGHILQGHVHPDQDR
WUDEDMRFRPXQLWDULRVGHILQGHVHPDQDVRQFRQWUDGLFWRULDVFRQODSULYDWLYDGH
OLEHUWDG TXH VH PHQFLRQy DQWHULRUPHQWH \ TXH KDFHQ SHUGHU VHQWLGR D HVWD
~OWLPDVLQSHUMXLFLRGHTXHHODUUHVWRSURSLDPHQWHHVXQDPHGLGDGHDSUHPLR
\QRXQDVDQFLyQSHQDO
(QORTXHVHUHILHUHDODSHQDDFFHVRULDGHSURKLELFLyQGHDVLVWLUGXUDQWH
HO WLHPSR GH OD FRQGHQD D HVSHFWiFXORV GH OD PLVPD QDWXUDOH]D FRLQFLGLy OD
&RPLVLyQTXHHOODUHVXOWDLPSUDFWLFDEOH\TXHQRHVDGHFXDGRFRQVLGHUDUHQOD
OH\XQDVDQFLyQFX\RFXPSOLPLHQWRQRSRGUiILVFDOL]DUVH(QFDPELROHSDUHFLy
FRQYHQLHQWH LQVWDXUDU FRPR VDQFLyQ DFFHVRULD OD SpUGLGD GH OD FDOLGDG GH
VRFLR\GHLQWHJUDQWHGHODEDUUD\ODSURKLELFLyQGHLQWHJUDUVHHQWDOFDOLGDGD
RWURFOXEGHI~WEROSURIHVLRQDO
,QFRUSRUyDOHIHFWRFRPRSHQDDFFHVRULDODLQKDELOLWDFLyQDEVROXWDSRU
HOWLHPSRGHODFRQGHQDSDUDDVRFLDUVHDXQFOXEGHI~WEROSURIHVLRQDORSDUD
LQWHJUDUVXEDUUD\GLVSXVRTXHODVHQWHQFLDUHVSHFWLYDXQDYH]HMHFXWRULDGD
VHFRPXQLFDUiDODVHQWLGDGHVGHGLFKRGHSRUWHSDUDVXFXPSOLPLHQWR
(Q HVRV WpUPLQRV OD &RPLVLyQ OR DSUREy SRU OD XQDQLPLGDG GH VXV
LQWHJUDQWHV SUHVHQWHV ++ 6HQDGRUHV VHxRUHV )HUQiQGH] /HWHOLHU 2WHUR \
3DFKHFR
$UWtFXORƒ
&RQVLGHUD FLUFXQVWDQFLDV DJUDYDQWHV HVSHFLDOHV ODV GH VHU LQWHJUDQWH GH
XQJUXSRRUJDQL]DGR SDUD ODUHDOL]DFLyQGHORVKHFKRVGHVFULWRVSHUWHQHFHUD
FXDOTXLHU WtWXOR D ODV HQWLGDGHV TXH LQWHUYHQJDQ FRPR RUJDQL]DGRUHV R
SDUWLFLSDQWHV GHO HVSHFWiFXOR S~EOLFR GHSRUWLYR \ DFWXDU EDMR ORV HIHFWRV GH
EHELGDV DOFRKyOLFDV HVWXSHIDFLHQWHV SVLFRWUySLFRV HVWLPXODQWHV R VXVWDQFLDV
DQiORJDV
5HSDUy OD &RPLVLyQ HQ UHODFLyQ FRQ OD SULPHUD GH HVWDV FLUFXQVWDQFLDV
DJUDYDQWHV TXH QR HV SHUWLQHQWH KDEODU GH JUXSRV RUJDQL]DGRV SDUD OD
UHDOL]DFLyQ GH HVWH WLSR GH FRQGXFWDV \D TXH FRQVWLWXLUtDQ XQD DVRFLDFLyQ
LOtFLWD /D DJUDYDQWH D VX MXLFLR DIHFWD D TXLHQHV WLHQHQ FRQ ORV FOXEHV GH
I~WERO SURIHVLRQDO TXH SDUWLFLSDQ HQ HO HVSHFWiFXOR XQD YLQFXODFLyQ WDO TXH
SHUPLWH IRUPXODUOHV XQ UHSURFKH PD\RU SRU VX FRQGXFWD GHOLFWLYD FXDOHV VRQ
ORVPLHPEURVGHODEDUUD\ORVVRFLRV
(Q FXDQWR D OD VHJXQGD FLUFXQVWDQFLD TXH FRQVLVWH HQ SHUWHQHFHU HQ
FXDOTXLHUFDOLGDGDODHQWLGDGRUJDQL]DGRUDRSDUWLFLSDQWHHQHOHVSHFWiFXORVH
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
FRQVLGHUy LPSUHFLVD SRUTXH SXHGH TXHGDU LQFOXLGD XQD JUDQ FDQWLGDG GH
SHUVRQDV TXH HVWp UHODFLRQDGD FRQ HO FOXE HQ FXHVWLyQ 3RU HOOR VH SUHILULy
DJUDYDU GLUHFWDPHQWH OD UHVSRQVDELOLGDG GH ORV RUJDQL]DGRUHV R SDUWLFLSDQWHV
HQ WRGR HVSHFWiFXOR S~EOLFR PDVLYR TXH QR VHD HO GH I~WERO SURIHVLRQDO
SRUTXHDpVWHVHUHILHUHODSULPHUDDJUDYDQWH
/D ~OWLPD GH ODV FLUFXQVWDQFLDV DJUDYDQWHV GH ODV FRQGXFWDV TXH VH
VDQFLRQDQHQODLQLFLDWLYDGHOH\FRQVLGHUDGDHQHOQ~PHURGHHVWHDUWtFXOR
QRPHUHFLyREVHUYDFLRQHVDOD&RPLVLyQ
(Q OD IRUPD H[SUHVDGD OD &RPLVLyQ DSUREy HVWD GLVSRVLFLyQ SRU OD
XQDQLPLGDG GH VXV PLHPEURV SUHVHQWHV ++ 6HQDGRUHV VHxRUHV )HUQiQGH]
/HWHOLHU2WHUR\3DFKHFR
$UWtFXORƒ
3HUPLWHRWRUJDUOHYDORUGHSOHQDSUXHEDDODVSHOtFXODVFLQHPDWRJUiILFDV
IRWRJUDItDVIRQRJUDItDV\RWURVVLVWHPDVGHUHSURGXFFLyQGHLPDJHQ\VRQLGR
SDUD DFUHGLWDU OD H[LVWHQFLD GH ORV GHOLWRV HVWDEOHFLGRV HQ HVWD OH\ \ OD
SDUWLFLSDFLyQ SXQLEOH FXDQGR D MXLFLR GHO WULEXQDO WHQJDQ OD SUHFLVLyQ \
JUDYHGDGVXILFLHQWHVSDUDIRUPDUVXFRQYHQFLPLHQWR
/D&RPLVLyQWHQLHQGRHQYLVWDODFRQYHQLHQFLDGHIDFLOLWDUODSUXHED\D
VXJHUHQFLD GHO + 6HQDGRU VHxRU 2WHUR UHVROYLy HQXQFLDU JHQpULFDPHQWH TXH
WRGRVLVWHPDGHUHSURGXFFLyQGHODLPDJHQ\GHOVRQLGRHQVXFDVRFRQVWLWXLUi
SOHQD SUXHED SDUD DFUHGLWDU OD H[LVWHQFLD GH ORV GHOLWRV TXH VH HVWDEOHFHQ HQ
HVWDOH\\ODUHVSRQVDELOLGDGSHQDOGHORVSDUWtFLSHV
&RQHOPLVPRREMHWRFRQILJXUyFRPRSUHVXQFLyQOHJDOGHOKHFKRSXQLEOH
\ GH OD SDUWLFLSDFLyQ HQ pO GHO RIHQVRU ODV DVHYHUDFLRQHV TXH OD SROLFtD KDJD
VREUH HVDV FLUFXQVWDQFLDV TXH VH FRQWHQJDQ HQ ODV FRPXQLFDFLRQHV R SDUWHV
HQYLDGRVDORVWULEXQDOHV
(QORVWpUPLQRVOD&RPLVLyQDSUREyHVWHDUWtFXORSRUODXQDQLPLGDGGH
VXVLQWHJUDQWHVSUHVHQWHV++6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\
3DFKHFR
$UWtFXOR
6DQFLRQD DO SDGUH JXDUGDGRU R FXLGDGRU D FX\R FDUJR VH HQFRQWUDUH HO
PHQRUGHGLHFLRFKRDxRVTXHFRPHWLHUHDOJXQRGHORVKHFKRVVDQFLRQDGRVSRU
HVWDOH\FRQXQDPXOWDGHXQRDWUHVLQJUHVRVPtQLPRVPHQVXDOHVDEHQHILFLR
PXQLFLSDO VLQ SHUMXLFLR GH OD UHVSRQVDELOLGDG FLYLO TXH OH FRUUHVSRQGD GH
DFXHUGRDODVUHJODVJHQHUDOHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(O+6HQDGRUVHxRU2WHUROODPyODDWHQFLyQGHOD&RPLVLyQHQFXDQWRD
TXH ORV DFWRV GH PD\RU JUDYHGDG \ YDQGDOLVPR ORV FRPHWHQ QRUPDOPHQWH
MyYHQHV PHQRUHV GH DxRV GH HGDG H LQFOXVR PHQRUHV GH DxRV TXH QR
VRQUHVSRQVDEOHVFULPLQDOPHQWH\TXHHQFRQVHFXHQFLDTXHGDQHQOLEHUWDG
$JUHJyTXHUHVXOWDQHFHVDULRGHMDUHVWDEOHFLGRSDUDORVHIHFWRVGHHVWD
OH\ODSOHQDUHVSRQVDELOLGDGSHQDOSDUDORVPD\RUHVGHDxRV\TXHSRUVX
SDUWHORVPD\RUHVGHDxRV\PHQRUHVGHVHDQSXHVWRVDGLVSRVLFLyQGHO
-XH] GH 0HQRUHV SDUD ORV HIHFWRV GH DSOLFDUOHV ODV VDQFLRQHV TXH VH
FRQWHPSODQHQHVWDLQLFLDWLYDRODVPHGLGDVGHUHKDELOLWDFLyQTXHSURFHGDQSRU
DSOLFDFLyQGHOD/H\GH0HQRUHV
&RQFOX\yVHxDODQGR TXHDXQTXHVHDUHGXQGDQWHD OD OX] GH ODVUHJODV
JHQHUDOHV HV LOXVWUDWLYR UHLWHUDU TXH OD SHUVRQD TXH WXYLHVH D VX FDUJR HO
FXLGDGR GHO PHQRU WHQGUi UHVSRQVDELOLGDG FLYLO SRU ORV SHUMXLFLRV TXH pVWH
FDXVH
$O UHVSHFWR WDQWR HO + 6HQDGRU VHxRU 3DFKHFR FRPR HO VHxRU0LQLVWUR
GH -XVWLFLD VH PDQLIHVWDURQ FRQWUDULRV D HVWDEOHFHU OD SOHQD UHVSRQVDELOLGDG
SHQDODXQFXDQGRVyORVHDSDUD ORVHIHFWRVGHHVWDOH\ SDUD ORVPD\RUHVGH
DxRV\PHQRUHVGHPLHQWUDVQRVHOHJLVOHVREUHHVWDPDWHULDHQIRUPD
LQWHJUDOHVWDEOHFLHQGRXQVLVWHPDGLVWLQWRDOTXHKR\GtDH[LVWH
/D&RPLVLyQDFRJLyODVSURSRVLFLRQHVGHO+6HQDGRUVHxRU2WHURSDUD
HVWH DUWtFXOR SRU PD\RUtD GH YRWRV /R KLFLHURQ SRU OD DILUPDWLYD ORV ++
6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU\2WHUR\SRUODQHJDWLYDORKL]RHO+
6HQDGRUVHxRU3DFKHFR
$UWtFXOR
(VWDEOHFH TXH HQ ORV SURFHVRV TXH VH LQFRHQ SRU ORV GHOLWRV
FRQWHPSODGRVHQHVWDOH\VHDSOLFDUiQODVQRUPDVGHOSURFHGLPLHQWRGHIDOWDV
TXHFRQWHPSODHO7tWXOR,GHO/LEUR7HUFHURGHO&yGLJRGH3URFHGLPLHQWR3HQDO
/D&RPLVLyQORDSUREySRUODXQDQLPLGDGGHVXVPLHPEURVSUHVHQWHV
++6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFRVLQFDPELRV
$UWtFXOR
,QWURGXFHGRVPRGLILFDFLRQHVDO&yGLJR3HQDO
(Q SULPHU OXJDU HQPLHQGD HO DUWtFXOR DJUHJDQGR FRPR SHQDV GH
VLPSOHV GHOLWRV HO DUUHVWR GH ILQ GH VHPDQD \ HO WUDEDMR FRPXQLWDULR GH ILQ GH
VHPDQD \ FRPR SHQD DFFHVRULD OD SURKLELFLyQ WHPSRUDO SDUD DVLVWLU D
HVSHFWiFXORV GHSRUWLYRV S~EOLFRV GHO PLVPR WLSR GH DTXHO TXH PRWLYy OD
FRQGHQD
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
$ FRQWLQXDFLyQ LQWHUFDOD HQ HO DUWtFXOR XQ QXHYR LQFLVR TXLQWR TXH
GLVSRQH TXH HO DUUHVWR GH ILQ GH VHPDQD VH OOHYDUi D FDER ORV GtDV ViEDGR \
GRPLQJR HQ OD XQLGDG SROLFLDO PiV SUy[LPD DO GRPLFLOLR GHO FRQGHQDGR QR
SXGLHQGRH[FHGHUGHGRFHKRUDVGLDULDV\VXGXUDFLyQVHUiGHGRVPHVHVDXQ
DxR (VWDEOHFH DGHPiV TXH HO WUDEDMR FRPXQLWDULR VH OOHYDUi D HIHFWR HQ
FXDOTXLHU HQWLGDG GH FDUiFWHU FRPXQLWDULR GHO OXJDU GHO GRPLFLOLR GHO
FRQGHQDGRRHQODTXHGHWHUPLQHHOMXH]\VXGXUDFLyQVHUiGHGRVPHVHVD
XQDxR(QFXDQWRDODSURKLELFLyQDDVLVWLUDGHWHUPLQDGRWLSRGHHVSHFWiFXORV
GHSRUWLYRV S~EOLFRV FX\D GXUDFLyQ WDPELpQ VHUi GH GRV PHVHV D XQ DxR VH
FXPSOLUiPHGLDQWHODSUHVHQWDFLyQ\SHUPDQHQFLDGHOFRQGHQDGRVLQUpJLPHQ
GHGHWHQFLyQHLQFRPXQLFDFLyQHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQHQ
HOOXJDUVHxDODGRSRUHOMXH]TXHSRGUiVHUODXQLGDGSROLFLDOGHVXGRPLFLOLR
(VWDEOHFHDGHPiVTXHHOMXH]SRUPRWLYRVFDOLILFDGRV\HQUHVROXFLyQIXQGDGD
SRGUiGLVSHQVDUSDUFLDOPHQWHHOFXPSOLPLHQWRGHHVWDVVDQFLRQHV
/D &RPLVLyQ HQ FRQVLGHUDFLyQ D ORV DFXHUGRV DGRSWDGRV UHVSHFWR GHO
DUWtFXOR ƒ VXSULPLy HVWH DUWtFXOR SRU OD XQDQLPLGDG GH VXV LQWHJUDQWHV
SUHVHQWHV++6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFR
$UWtFXOR
$JUHJD XQ QXHYR Q~PHUR DO DUWtFXOR GH OD OH\ VREUH
PHQRUHVTXHSURKtEHWHPSRUDOPHQWHDOPHQRUDVLVWLUDHVSHFWiFXORVS~EOLFRV
GHO PLVPR WLSR TXH KD\D GHWHUPLQDGR OD PHGLGD GH SURWHFFLyQ GHELHQGR
SUHVHQWDUVHHOGtD\KRUDHQTXHHOORVVHUHDOL]DQHQHOOXJDUILMDGRSRUHOMXH]
/D&RPLVLyQWHQLHQGRSUHVHQWHODVREVHUYDFLRQHVPDQLIHVWDGDVSRUHO
VHxRU 0LQLVWUR GH -XVWLFLD HQ FXDQWR D TXH UHVXOWD LQFRQYHQLHQWH PRGLILFDU OD
/H\ GH 0HQRUHV HOLPLQy HVWH DUWtFXOR SRU OD XQDQLPLGDG GH VXV PLHPEURV
SUHVHQWHV++6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFR
$UWtFXOR
$JUHJD GRV LQFLVRV ILQDOHV DO DUWtFXOR GH OD OH\ 1ƒ VREUH
DOFRKROHV EHELGDV DOFRKyOLFDV \ YLQDJUHV TXH GLVSRQHQ TXH HQ ORV
HVSHFWiFXORV GHSRUWLYRV TXH VHDQ FDOLILFDGRV GH DOWR ULHVJR SDUD OD VHJXULGDG
S~EOLFD SRU HO ,QWHQGHQWH UHVSHFWLYR SRGUi GHFUHWDUVH OD SURKLELFLyQ GH
H[SHQGLR GH EHELGDV DOFRKyOLFDV WDQWR HQ ORV UHFLQWRV HQ TXH VH OOHYHQ D
HIHFWR FRPR HQ XQ SHUtPHWUR Pi[LPR GH FLQFR FXDGUDV PHGLGD TXH UHJLUi
GHVGHWUHVKRUDVDQWHVGHOLQLFLRGHOHYHQWR\KDVWDWUHVKRUDVGHVSXpVGHpO
(VWDSURKLELFLyQVHQRWLILFDUiDORVDIHFWDGRVSRULQVSHFWRUHVPXQLFLSDOHV
R SRU &DUDELQHURV FRQ YHLQWLFXDWUR KRUDV GH DQWLFLSDFLyQ D OD YLJHQFLD GH OD
PLVPD
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
/D &RPLVLyQ DSUREy HVWH DUWtFXOR SRU OD XQDQLPLGDG GH VXV PLHPEURV
SUHVHQWHV++6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFRFRQOD
VRODPRGLILFDFLyQGHUHIHULUORDORVHVSHFWiFXORVS~EOLFRVPDVLYRV
)LQDOPHQWHOD&RPLVLyQUHFRJLHQGRHOSODQWHDPLHQWRIRUPXODGRSRUORV
GLULJHQWHVGHOD$VRFLDFLyQ1DFLRQDOGH)~WERO3URIHVLRQDOLQFRUSRUyXQDUWtFXOR
WUDQVLWRULR TXH RWRUJD XQ SOD]R D FRQWDUVH GHVGH OD SXEOLFDFLyQ GH HVWD OH\
SDUDTXHORVFOXEHVGHI~WEROSURIHVLRQDO UHDOLFHQHOHPSDGURQDPLHQWRGHORV
LQWHJUDQWHV GH VXV UHVSHFWLYDV EDUUDV \ OHV SURSRUFLRQHQ OD FUHGHQFLDO
UHVSHFWLYDSDUDORFXDOVHHVWLPySUXGHQFLDOGtDV
)XH DSUREDGR SRU OD XQDQLPLGDG GH ORV PLHPEURV SUHVHQWHV ++
6HQDGRUHVVHxRUHV)HUQiQGH]/HWHOLHU2WHUR\3DFKHFR
(Q PpULWR D ODV FRQVLGHUDFLRQHV DQWHULRUHV YXHVWUD &RPLVLyQ GH
&RQVWLWXFLyQ /HJLVODFLyQ -XVWLFLD \ 5HJODPHQWR RV SURSRQH TXH DSUREpLV HO
SUR\HFWR GH OH\ GH OD + &iPDUD GH 'LSXWDGRV FRQ ODV VLJXLHQWHV
PRGLILFDFLRQHV
$UWtFXORƒ
6XSULPLUOR
$UWtFXORƒ
3DVDDVHUDUWtFXORƒ
5HHPSOD]DUHOLQFLVRSULPHURSRUHOVLJXLHQWH
/RV RUJDQL]DGRUHV GH ORV HVSHFWiFXORV S~EOLFRV PDVLYRV TXH HO
,QWHQGHQWH FDOLILTXH GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD GHEHUiQ FXPSOLU
RSRUWXQDPHQWHFRQODVH[LJHQFLDVTXHVHxDOH&DUDELQHURVGH&KLOH
6XVWLWXLU ORV LQFLVRV VHJXQGR \ WHUFHUR SRU HO TXH VH VHxDOD D
FRQWLQXDFLyQ\TXHVHFRQVXOWDFRPRLQFLVRWHUFHUR
7UDWiQGRVH GHO I~WERO SURIHVLRQDO HQWUH HVWDV H[LJHQFLDV GHEHUi
FRQWHPSODUVH OD XELFDFLyQ GH ODV EDUUDV HQ VHFWRUHV VHSDUDGRV FODUDPHQWH
GHWHUPLQDGRV D ORV FXDOHV VyOR SRGUiQ LQJUHVDU ORV LQWHJUDQWHV GH HOODV
SUHYLDH[KLELFLyQGHODFUHGHQFLDODTXHVHKDFHUHIHUHQFLDHQHODUWtFXORƒ(O
FRQWURO GHO DFFHVR \ XELFDFLyQ GH ODV EDUUDV VHUi GH UHVSRQVDELOLGDG GH ORV
RUJDQL]DGRUHV GHO HVSHFWiFXOR TXLHQHV GHEHUiQ YHULILFDU OD LGHQWLGDG GH ODV
SHUVRQDV TXH LQJUHVHQ DO VHFWRU GHVWLQDGR D OD EDUUD UHVSHFWLYD \ GHMDU
FRQVWDQFLDGHVXDVLVWHQFLD
8ELFDUHOLQFLVRFXDUWRFRPRLQFLVRVHJXQGRVLQHQPLHQGDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
(QHOLQFLVRILQDOFRQWHPSODUHQVLQJXODUODIRUPDYHUEDOFRQILHUHQ\
VXSULPLUOD~OWLPDIUDVH\HODQWHULRU
$UWtFXORƒ
3DVDDVHUDUWtFXORƒ
(OLPLQDU OD H[SUHVLyQ OD SURJUDPDFLyQ R DJUHJDQGR HO DUWtFXOR HO
DQWHV GH OD SDODEUD FDOHQGDULR \ VXSULPLU OD RUDFLyQ ILQDO ORV SDUWLGRV TXH
SXHGDQ VHU FRQVLGHUDGRV GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD
WUDQVIRUPDQGRODFRPDTXHODSUHFHGHHQSXQWRDSDUWH
&RQVLGHUDUHOVLJXLHQWHLQFLVRVHJXQGRQXHYR
/RV HVSHFWiFXORV QR FRQWHPSODGRV HQ HO FDOHQGDULR \ ORV FDPELRV TXH
VH UHJLVWUHQ GHEHUiQ VHU LQIRUPDGRV DO ,QWHQGHQWH \ D &DUDELQHURV FRQ QR
PHQRVGHYHLQWLFXDWURKRUDVGHDQWLFLSDFLyQDVXUHDOL]DFLyQ/DVDXWRULGDGHV
GHOI~WEROSURIHVLRQDOVLHPSUHGHEHUiQDGYHUWLUOHVVREUHDTXHOORVSDUWLGRVTXH
HQVXRSLQLyQSXHGDQUHYHVWLUDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
$UWtFXORƒ
3DVDDVHUDUWtFXORƒ
(Q HO LQFLVR SULPHUR VXVWLWXLU OD ~OWLPD IUDVH SRU OD VLJXLHQWH $O
PRPHQWR GH OD LQVFULSFLyQ HO FOXE GHEHUi HQWUHJDUXQD FUHGHQFLDO QXPHUDGD
LQGLYLGXDO H LQWUDQVIHULEOH TXH FRQWHQJD HVRV GDWRV \ XQD IRWRJUDItD GHO
PLHPEURGHODEDUUD\UH~QDFDUDFWHUtVWLFDVTXHGLILFXOWHQVXDGXOWHUDFLyQ
(OLPLQDUHOLQFLVRVHJXQGR
$UWtFXORVƒ\ƒ
6XSULPLUORV
7tWXOR,,
6XVWLWXLUVXGHQRPLQDFLyQSRUODVLJXLHQWH
'HORVGHOLWRVFRPHWLGRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRVPDVLYRV
$UWtFXORƒ
3DVDDVHUDUWtFXORƒ
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
6XVWLWXLUORSRUHOTXHVHVHxDODDFRQWLQXDFLyQ
$UWtFXOR ž (O TXH FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR S~EOLFR
PDVLYRFDXVDUHOHVLRQHVDODVSHUVRQDVRGDxRVDELHQHVHQHOUHFLQWRHQTXH
WLHQHOXJDURHQVXVLQPHGLDFLRQHVDQWHVGXUDQWHRGHVSXpVGHVXGHVDUUROOR
VHUi FDVWLJDGR FRQ SUHVLGLR PHQRU HQ VX JUDGR PHGLR VDOYR TXH HO KHFKR
GHOLFWXDOPHUH]FDXQDSHQDVXSHULRU
&RQ OD PLVPD SHQD VHUi VDQFLRQDGR HO TXH HQ ODV FLUFXQVWDQFLDV
PHQFLRQDGDV \ VLQ FRPHWHUHVRV GHOLWRV SRUWDUH DUPDV HOHPHQWRV XREMHWRV
LGyQHRV SDUD SHUSHWUDUORV R LQFLWDUH R SURPRYLHUH OD HMHFXFLyQ GH DOJXQD GH
GLFKDVFRQGXFWDV
(Q FDVR GH TXH HO GHOLWR VH KD\D FRPHWLGR FRQ PRWLYR X RFDVLyQ GH XQ
SDUWLGR GH I~WERO SURIHVLRQDO VH DSOLFDUi DGHPiV FRPR SHQD DFFHVRULD OD
LQKDELOLWDFLyQDEVROXWDSRUHOWLHPSRGHODFRQGHQDSDUDDVRFLDUVHDXQFOXEGH
I~WERO SURIHVLRQDO R SDUD LQWHJUDU VX EDUUD (MHFXWRULDGD OD VHQWHQFLD VH
FRPXQLFDUiDODVDXWRULGDGHVGHGLFKRGHSRUWHSDUDVXFXPSOLPLHQWR
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH IXHVHQ FRQVWLWXWLYDV GH
RWURVFUtPHQHVRVLPSOHVGHOLWRVVHLPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWR
PiVJUDYH
$UWtFXORƒ
3DVDDVHUDUWtFXORƒ
6XVWLWXLUVXVFDXVDOHVD\DSRUODVVLJXLHQWHV
 6HU PLHPEUR GH OD EDUUD R VRFLR GH DOJXQR GH ORV FOXEHV GH I~WERO
SURIHVLRQDOTXHSDUWLFLSHQHQHOHVSHFWiFXOR
 (Q WRGR RWUR HVSHFWiFXOR S~EOLFR PDVLYR VHU RUJDQL]DGRU R
SDUWLFLSDQWHHQpVWH
$UWtFXORƒ
3DVDDVHUDUWtFXORƒ
5HHPSOD]DUORSRUHOTXHVLJXH
$UWtFXORž7RGRVLVWHPDGHUHSURGXFFLyQGHODLPDJHQ\GHOVRQLGR
HQVXFDVRFRQVWLWXLUiSOHQDSUXHEDSDUDDFUHGLWDUODH[LVWHQFLDGHORVGHOLWRV
HVWDEOHFLGRVHQHVWDOH\\ODUHVSRQVDELOLGDGSHQDOGHORVSDUWtFLSHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
&RQVWLWXLUiQ SUHVXQFLyQ OHJDO GH RFXUUHQFLD GHO KHFKR SXQLEOH \ GH
UHVSRQVDELOLGDG GH ORV SDUWtFLSHV ODV DVHYHUDFLRQHV TXH OD SROLFtD KDJD VREUH
HVDVFLUFXQVWDQFLDVTXHVHFRQWHQJDQHQODVFRPXQLFDFLRQHVRSDUWHVHQYLDGRV
DORVWULEXQDOHV
$UWtFXOR
3DVDDVHUDUWtFXORƒ
6XVWLWXLUORSRUHOVLJXLHQWH
$UWtFXORƒ3DUDORVHIHFWRVGHHVWDOH\WHQGUiQSOHQDUHVSRQVDELOLGDG
SHQDOORVPD\RUHVGHDxRV
/RV PD\RUHV GH DxRV \ PHQRUHV GH VHUiQ SXHVWRV D GLVSRVLFLyQ
GHO -XH] GH 0HQRUHV TXLHQ SRGUi DSOLFDUOHV ODV VDQFLRQHV TXH HVWDEOHFH HVWD
OH\RODVPHGLGDVGHUHKDELOLWDFLyQ\GHPiVTXHFRQWHPSODODOH\1ƒ
/DSHUVRQDTXHWXYLHVHDVXFDUJRHOFXLGDGRGHOPHQRUVHUiFLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
$UWtFXORV\
(OLPLQDUORV
$UWtFXOR
3DVDDVHUDUWtFXORƒ
5HHPSOD]DU HQ HO SULPHU LQFLVR TXH VH DJUHJD DO DUWtFXOR GH OD OH\
1ƒ ODH[SUHVLyQHVSHFWiFXORVGHSRUWLYRVS~EOLFRVSRUHVSHFWiFXORV
S~EOLFRVPDVLYRV
&RQVLGHUDUHOVLJXLHQWHDUWtFXORWUDQVLWRULR
$UWtFXOR WUDQVLWRULR /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ GDU
FXPSOLPLHQWRDODVREOLJDFLRQHVTXHOHVLPSRQHHODUWtFXORƒGHQWURGHOSOD]R
GHQRYHQWDGtDVFRQWDGRVGHVGHODSXEOLFDFLyQGHHVWDOH\
(QFRQVHFXHQFLDHOSUR\HFWRGHOH\TXHGDUtDFRPRVLJXH
352<(&72'(/(<
7tWXOR,
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
'HODVPHGLGDVGHVHJXULGDGSUHYHQWLYDV
$UWtFXOR ž /RV RUJDQL]DGRUHV GH ORV HVSHFWiFXORV S~EOLFRV PDVLYRV
TXH HO ,QWHQGHQWH FDOLILTXH GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD GHEHUiQ
FXPSOLURSRUWXQDPHQWHFRQODVH[LJHQFLDVTXHVHxDOH&DUDELQHURVGH&KLOH
(Q FDVR GH LQFXPSOLPLHQWR HO ,QWHQGHQWH SUHYLR LQIRUPH GH
&DUDELQHURV SRGUi GLVSRQHU OD VXVSHQVLyQ GHO HVSHFWiFXOR KDVWD HO
FXPSOLPLHQWRGHODVPHGLGDVH[LJLGDV
7UDWiQGRVH GHO I~WERO SURIHVLRQDO HQWUH HVWDV H[LJHQFLDV GHEHUi
FRQWHPSODUVH OD XELFDFLyQ GH ODV EDUUDV HQ VHFWRUHV VHSDUDGRV FODUDPHQWH
GHWHUPLQDGRV D ORV FXDOHV VyOR SRGUiQ LQJUHVDU ORV LQWHJUDQWHV GH HOODV
SUHYLDH[KLELFLyQGHODFUHGHQFLDODTXHVHKDFHUHIHUHQFLDHQHODUWtFXORƒ(O
FRQWURO GHO DFFHVR \ XELFDFLyQ GH ODV EDUUDV VHUi GH UHVSRQVDELOLGDG GH ORV
RUJDQL]DGRUHV GHO HVSHFWiFXOR TXLHQHV GHEHUiQ YHULILFDU OD LGHQWLGDG GH ODV
SHUVRQDV TXH LQJUHVHQ DO VHFWRU GHVWLQDGR D OD EDUUD UHVSHFWLYD \ GHMDU
FRQVWDQFLDGHVXDVLVWHQFLD
(O ,QWHQGHQWH 5HJLRQDO SRGUi GHOHJDU HQ ORV JREHUQDGRUHV UHVSHFWLYRV
ODVDWULEXFLRQHVTXHOHFRQILHUHHVWHDUWtFXOR
$UWtFXOR ž /DV DXWRULGDGHV GHO I~WERO SURIHVLRQDO DO PRPHQWR GH
ILMDUHOFDOHQGDULRGHODVFRPSHWHQFLDVQDFLRQDOHVHLQWHUQDFLRQDOHVRDOWRPDU
FRQRFLPLHQWRGHHVWDV~OWLPDVGHEHUiQFRPXQLFDUORDO,QWHQGHQWHUHVSHFWLYR
SDUDVXHYDOXDFLyQ
/RVHVSHFWiFXORVQRFRQWHPSODGRVHQHOFDOHQGDULR\ORVFDPELRVTXHVH
UHJLVWUHQGHEHUiQVHULQIRUPDGRVDO,QWHQGHQWH\D&DUDELQHURVFRQQRPHQRV
GH YHLQWLFXDWUR KRUDV GH DQWLFLSDFLyQ D VX UHDOL]DFLyQ /DV DXWRULGDGHV GHO
I~WEROSURIHVLRQDOVLHPSUHGHEHUiQDGYHUWLUOHVVREUHDTXHOORVSDUWLGRVTXHHQ
VXRSLQLyQSXHGDQUHYHVWLUDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
$UWtFXOR ž /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ FRQWDU FRQ XQ
SDGUyQRILFLDODFWXDOL]DGRGHORVPLHPEURVGHVXEDUUDHOTXHVHOOHYDUiHQVXV
RILFLQDV FHQWUDOHV (Q GLFKR UHJLVWUR GHEHUi ILJXUDU D OR PHQRV HO QRPEUH
FRPSOHWR OD FpGXOD QDFLRQDO GH LGHQWLGDG HO GRPLFLOLR \ OD SURIHVLyQ X
RFXSDFLyQ GH FDGD LQWHJUDQWH $O PRPHQWR GH OD LQVFULSFLyQ HO FOXE GHEHUi
HQWUHJDU XQD FUHGHQFLDO QXPHUDGD LQGLYLGXDO H LQWUDQVIHULEOH TXH FRQWHQJD
HVRV GDWRV \ XQD IRWRJUDItD GHO PLHPEUR GH OD EDUUD \ UH~QD FDUDFWHUtVWLFDV
TXHGLILFXOWHQVXDGXOWHUDFLyQ
7tWXOR,,
'HORVGHOLWRVFRPHWLGRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRVPDVLYRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
$UWtFXOR ž (O TXH FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR S~EOLFR
PDVLYRFDXVDUHOHVLRQHVDODVSHUVRQDVRGDxRVDELHQHVHQHOUHFLQWRHQTXH
WLHQHOXJDURHQVXVLQPHGLDFLRQHVDQWHVGXUDQWHRGHVSXpVGHVXGHVDUUROOR
VHUi FDVWLJDGR FRQ SUHVLGLR PHQRU HQ VX JUDGR PHGLR VDOYR TXH HO KHFKR
GHOLFWXDOPHUH]FDXQDSHQDVXSHULRU
&RQ OD PLVPD SHQD VHUi VDQFLRQDGR HO TXH HQ ODV FLUFXQVWDQFLDV
PHQFLRQDGDV \ VLQ FRPHWHUHVRV GHOLWRV SRUWDUH DUPDV HOHPHQWRV XREMHWRV
LGyQHRV SDUD SHUSHWUDUORV R LQFLWDUH R SURPRYLHUH OD HMHFXFLyQ GH DOJXQD GH
GLFKDVFRQGXFWDV
(Q FDVR GH TXH HO GHOLWR VH KD\D FRPHWLGR FRQ PRWLYR X RFDVLyQ GH XQ
SDUWLGR GH I~WERO SURIHVLRQDO VH DSOLFDUi DGHPiV FRPR SHQD DFFHVRULD OD
LQKDELOLWDFLyQDEVROXWDSRUHOWLHPSRGHODFRQGHQDSDUDDVRFLDUVHDXQFOXEGH
I~WERO SURIHVLRQDO R SDUD LQWHJUDU VX EDUUD (MHFXWRULDGD OD VHQWHQFLD VH
FRPXQLFDUiDODVDXWRULGDGHVGHGLFKRGHSRUWHSDUDVXFXPSOLPLHQWR
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH IXHVHQ FRQVWLWXWLYDV GH
RWURVFUtPHQHVRVLPSOHVGHOLWRVVHLPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWR
PiVJUDYH
$UWtFXORž6HFRQVLGHUDUiQFLUFXQVWDQFLDVDJUDYDQWHVHVSHFLDOHV
 6HU PLHPEUR GH OD EDUUD R VRFLR GH DOJXQR GH ORV FOXEHV GH I~WERO
SURIHVLRQDOTXHSDUWLFLSHQHQHOHVSHFWiFXOR
 (Q WRGR RWUR HVSHFWiFXOR S~EOLFR PDVLYR VHU RUJDQL]DGRU R
SDUWLFLSDQWHHQpVWH
 $FWXDU EDMR ORV HIHFWRV GH EHELGDV DOFRKyOLFDV HVWXSHIDFLHQWHV
SVLFRWUySLFRVHVWLPXODQWHVRVXVWDQFLDVDQiORJDV
$UWtFXORž7RGRVLVWHPDGHUHSURGXFFLyQGHODLPDJHQ\GHOVRQLGR
HQVXFDVRFRQVWLWXLUiSOHQDSUXHEDSDUDDFUHGLWDUODH[LVWHQFLDGHORVGHOLWRV
HVWDEOHFLGRVHQHVWDOH\\ODUHVSRQVDELOLGDGSHQDOGHORVSDUWtFLSHV
&RQVWLWXLUiQ SUHVXQFLyQ OHJDO GH RFXUUHQFLD GHO KHFKR SXQLEOH \ GH
UHVSRQVDELOLGDG GH ORV SDUWtFLSHV ODV DVHYHUDFLRQHV TXH OD SROLFtD KDJD VREUH
HVDVFLUFXQVWDQFLDVTXHVHFRQWHQJDQHQODVFRPXQLFDFLRQHVRSDUWHVHQYLDGRV
DORVWULEXQDOHV
$UWtFXORƒ3DUDORVHIHFWRVGHHVWDOH\WHQGUiQSOHQDUHVSRQVDELOLGDG
SHQDOORVPD\RUHVGHDxRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
35,0(5,1)250(&20,6,Ð1&2167,78&,Ð1
/RV PD\RUHV GH DxRV \ PHQRUHV GH VHUiQ SXHVWRV D GLVSRVLFLyQ
GHO -XH] GH 0HQRUHV TXLHQ SRGUi DSOLFDUOHV ODV VDQFLRQHV TXH HVWDEOHFH HVWD
OH\RODVPHGLGDVGHUHKDELOLWDFLyQ\GHPiVTXHFRQWHPSODODOH\1ƒ
/DSHUVRQDTXHWXYLHVHDVXFDUJRHOFXLGDGRGHOPHQRUVHUiFLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
$UWtFXORƒ(QORVSURFHVRVSRUORVGHOLWRVFRQWHPSODGRVHQHVWDOH\
VHREVHUYDUiQODVUHJODVHVWDEOHFLGDVHQHO7tWXOR,GHO/LEUR7HUFHURGHO&yGLJR
GH3URFHGLPLHQWR3HQDO
7tWXOR,,,
'LVSRVLFLRQHVYDULDV
$UWtFXOR ƒ $JUpJDQVH HQ HO DUWtFXOR GH OD OH\ 1ž GH
$OFRKROHV%HELGDV$OFRKyOLFDV\9LQDJUHVORVVLJXLHQWHVLQFLVRVILQDOHV
(QORVHVSHFWiFXORVS~EOLFRVPDVLYRVTXHHO,QWHQGHQWHFDOLILTXHGH
DOWRULHVJRSDUDODVHJXULGDGS~EOLFDSRGUiGHFUHWDUVHODSURKLELFLyQGH
H[SHQGLRGHEHELGDVDOFRKyOLFDVHQORVFHQWURVRUHFLQWRVGRQGHVHOOHYHQD
HIHFWR \ HQ XQ SHUtPHWUR Pi[LPR GH FLQFR FXDGUDV PHGLGD TXH UHJLUi
GHVGH WUHV KRUDV DQWHV GHO LQLFLR GHO HYHQWR KDVWD WUHV KRUDV GHVSXpV GH VX
ILQDOL]DFLyQ
/RVHVWDEOHFLPLHQWRVDIHFWDGRVVHUiQQRWLILFDGRVGHHVWDUHVROXFLyQSRU
LQVSHFWRUHV PXQLFLSDOHV R SRU &DUDELQHURV GH &KLOH FRQ YHLQWLFXDWUR KRUDV GH
DQWLFLSDFLyQDODHQWUDGDHQYLJHQFLDGHODPLVPD
$UWtFXOR WUDQVLWRULR /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ GDU
FXPSOLPLHQWRDODVREOLJDFLRQHVTXHOHVLPSRQHHODUWtFXORƒGHQWURGHOSOD]R
GHQRYHQWDGtDVFRQWDGRVGHVGHODSXEOLFDFLyQGHHVWDOH\
$FRUGDGRHQVHVLRQHVFHOHEUDGDVORVGtDVGHMXOLRGH\
GH HQHUR GH FRQ OD DVLVWHQFLD GH ORV ++ 6HQDGRUHV VHxRUHV 0i[LPR
3DFKHFR *yPH] 3UHVLGHQWH $FFLGHQWDO 6HUJLR 3iH] 9HUGXJR 6HUJLR
)HUQiQGH])HUQiQGH]&DUORV/HWHOLHU%REDGLOOD\0LJXHO2WHUR/DWKURS6HUJLR
'tH]8U]~D
6DODGHOD&RPLVLyQDGHHQHURGH
-26(/8,6$//,(1'(/(,9$
6HFUHWDULR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
'LVFXVLyQHQ6DOD
6HQDGR /HJLVODWXUD 6HVLyQ )HFKD GH DEULO 'LVFXVLyQ
JHQHUDO6HDSUXHED
5(35(6,Ï1'(9,2/(1&,$(1&(17526'(3257,926
(O VHxRU 1Òf(= 9LFHSUHVLGHQWH² $ FRQWLQXDFLyQ FRUUHVSRQGH WUDWDU HO
SUR\HFWRTXHUHSULPHGHVyUGHQHV\KHFKRVGHYLROHQFLDHQORVHVWDGLRV\RWURV
FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH HVSHFWiFXORV S~EOLFRV LQIRUPDGR SRU OD
&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ-XVWLFLD\5HJODPHQWR
²/RVDQWHFHGHQWHVVREUHHOSUR\HFWRILJXUDQHQ
ORV'LDULRVGH6HVLRQHVTXHVHLQGLFDQ
3UR\HFWRGHOH\
(QVHJXQGRWUiPLWHVHVLyQDHQGHMXQLRGH
,QIRUPHGH&RPLVLyQ
&RQVWLWXFLyQ VHVLyQ D HQ GH HQHUR GH
(O VHxRU /$*26 3URVHFUHWDULR² (O SUR\HFWR IXH LQLFLDGR HQ OD &iPDUD GH
'LSXWDGRVSRUPHQVDMH\VXXUJHQFLDIXHFDOLILFDGDGH6LPSOH
(O LQIRUPH KDFH XQD UHVHxD GH ORV DQWHFHGHQWHV TXH VLUYLHURQ GH
EDVHSDUDODVGHFLVLRQHVGHOD&RPLVLyQWDOHVFRPRGDWRVSURSRUFLRQDGRVSRU
OD %LEOLRWHFD GHO &RQJUHVR 1DFLRQDO SXEOLFDFLRQHV GH SUHQVD \ GRFXPHQWRV
HQWUHJDGRVSRUODVHFFLyQ&RPXQLFDFLRQHV6RFLDOHVGH&DUDELQHURV
/D &RPLVLyQ DSUREy HQ JHQHUDO OD LQLFLDWLYD SRU OD XQDQLPLGDG GH
VXV PLHPEURV SUHVHQWHV +RQRUDEOHV VHxRUHV 'LH] )HUQiQGH] /HWHOLHU \
3DFKHFR\UHFRPLHQGDDOD6DODSURFHGHUGHODPLVPDPDQHUDDFRJLHQGRODV
PRGLILFDFLRQHVTXHILJXUDQHQODVSiJLQDVDGHOLQIRUPH
(OSUR\HFWRFRQVWDGHDUWtFXORVSHUPDQHQWHV\XQRWUDQVLWRULR
(OVHxRU1Òf(=9LFHSUHVLGHQWH²(QODGLVFXVLyQJHQHUDOWLHQHODSDODEUDHO
+RQRUDEOHVHxRU'LH]
(OVHxRU',(=²6HxRU3UHVLGHQWHVLQGXGDWRGRVHVWDPRVGHDFXHUGRHQTXH
HVWD PDWHULD QHFHVLWD XQD OHJLVODFLyQ HVSHFLDO 3RU HVR SLHQVR TXH OD LGHD GH
OHJLVODUVHUiDSUREDGDXQiQLPHPHQWH
(QFRQVHFXHQFLDVXJLHURGDUXQDVHPDQDGHSOD]RSDUDSUHVHQWDU
LQGLFDFLRQHV GHVSXpV GH OR FXDO OD &RPLVLyQ SRGUtD HODERUDU VX VHJXQGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
LQIRUPH 'H HVWD PDQHUD QRV DKRUUDUtDPRV HO GHEDWH GH XQ DVXQWR VREUH HO
FXDOH[LVWHSOHQRFRQVHQVR
(O VHxRU 1Òf(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
+DPLOWRQ
(O VHxRU +$0,/721² 6HxRU 3UHVLGHQWH SULPHUR DSUREHPRV HO SUR\HFWR \
OXHJR GLVFXWDPRV OD SURSXHVWD GHO 6HQDGRU VHxRU 'LH] GH HVWDEOHFHU XQ SOD]R
SDUDODVLQGLFDFLRQHV
(O VHxRU 1Òf(= 9LFHSUHVLGHQWH² ¢+DEUtD DFXHUGR SDUD DSUREDU HQ JHQHUDO
ODLQLFLDWLYD"
(OVHxRU27(52²6HxRU3UHVLGHQWHORSODQWHDGRSRUHO+RQRUDEOHVHxRU'LH]
EXVFDHYLWDUHOSUREOHPDUHJODPHQWDULRTXHVHSURGXMRHQRWUDRSRUWXQLGDGHQ
HO 6HQDGR (Q HIHFWR HVWDPRV SLGLHQGR OD ILMDFLyQ LQPHGLDWD GH SOD]R SDUD
SUHVHQWDULQGLFDFLRQHVSRUTXHVLQRSURFHGHPRVDVtODLQLFLDWLYDVHHQWHQGHUi
DSUREDGDHQJHQHUDO\WDPELpQHQSDUWLFXODU'HPDQHUDTXHHVSHUIHFWDPHQWH
OyJLFD OD SHWLFLyQ GHO +RQRUDEOH VHxRU 'LH] HQ FXDQWR D ILMDU SOD]R SDUD
IRUPXODULQGLFDFLRQHV
(O VHxRU 1Òf(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD OD VHxRUD 0LQLVWUD GH
-XVWLFLD
/D VHxRUD $/9($5 0LQLVWUD GH -XVWLFLD² 6HxRU 3UHVLGHQWH TXLHUR OODPDU OD
DWHQFLyQGHO+RQRUDEOH6HQDGRUHVSHFWRGHODUWtFXORƒGHHVWDLQLFLDWLYDOHJDO
HOTXHDQXHVWURMXLFLRHVPX\FRPSOHMR\DTXHSRUXQDSDUWHHQVXLQFLVR
SULPHUR HVWDEOHFH TXH ORV PD\RUHV GH DxRV VHUiQ UHVSRQVDEOHV
SHQDOPHQWHORTXHPRGLILFD\YXOQHUDODVUHJODVJHQHUDOHVVREUHHOSDUWLFXODU
\ SRU RWUD HQ VX LQFLVR VHJXQGR FRQVDJUD TXH HO MXH] GH PHQRUHV SRGUi
DSOLFDU D TXLHQHV WHQJDQ HQWUH \ DxRV ODV VDQFLRQHV FRQVLJQDGDV HQ
HVWHSUR\HFWRGHOH\RODVPHGLGDVFRQWHPSODGDVHQHODUWtFXORGHOD/H\GH
0HQRUHV 'HEHPRV WHQHU SUHVHQWH DQWHV GH DSUREDU OD LQLFLDWLYD TXH HOOD
DOWHUD GHVGH HVH SXQWR GH YLVWD ODV GLVSRVLFLRQHV JHQHUDOHV LQVWLWXLGDV HQ
QXHVWUDOHJLVODFLyQ
(Q HO &RQJUHVR 1DFLRQDO VH KD JHQHUDGR XQ DPSOLR GHEDWH
UHVSHFWRGHOWHPDGHOGLVFHUQLPLHQWRHOFXDOHVDERUGDGRSRUHO0LQLVWHULRGH
-XVWLFLDHQXQDQRUPDWLYDOHJDOTXHVHUiSUHVHQWDGDHQODVSUy[LPDVVHPDQDV
/R ~QLFR TXH GHVHR HV KDFHU SUHVHQWH TXH HVWH SUR\HFWR GH OH\
PRGLILFDVXVWDQFLDOPHQWHORVSUHFHSWRVFRQWHPSODGRVHQOD/H\GH0HQRUHV
(OVHxRU1Òf(=9LFHSUHVLGHQWH²7LHQHODSDODEUDOD+RQRUDEOHVHxRUD)HOL~
/D VHxRUD )(/,Ò² 6HxRU 3UHVLGHQWH TXLHUR UHLWHUDU OR SODQWHDGR ²TXH
VHxDODPRVSUHYLDPHQWH²HQFXDQWRDOSOD]RSDUDIRUPXODULQGLFDFLRQHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
&UHRTXHHOSUR\HFWRHQHVWXGLRFRQWLHQHQRUPDVPX\LPSRUWDQWHV
²OXHJR PH UHIHULUp D OR H[SUHVDGR UHFLpQ SRU OD VHxRUD 0LQLVWUD² SRUTXH
PRGLILFD ODV GLVSRVLFLRQHV VREUH UHVSRQVDELOLGDG SHQDO GH ORV PHQRUHV
3RVLEOHPHQWH HVR VH GHELy D TXH IXH HVWXGLDGR SRU OD &RPLVLyQ GH
&RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD HQ XQD pSRFD HQ TXH HUD FRHWiQHR FRQ OD
UHIRUPDGHOHJLVODFLyQSHQDOFRP~QHQHVWDPDWHULDSHURFRPRHQGHILQLWLYD
pVWD QR IXH DSUREDGD OD LQLFLDWLYD FRQWLHQH QRUPDV HVSHFLDOHV VREUH HO
SDUWLFXODU
$GHPiV GHVHR UHFDOFDU TXH OD LPSRUWDQFLD GH HVWH SUR\HFWR
UDGLFD HQ OD WUDVFHQGHQFLD GH VXV GLVSRVLFLRQHV (OOR HQ SULPHU OXJDU SRUTXH
SULPLWLYDPHQWHGHFtD UHODFLyQDORVSDUWLGRVGHI~WEROSHURDKRUDOD&RPLVLyQ
GH&RQVWLWXFLyQSUHVHQWDXQDLQLFLDWLYD²HVODTXHVHHQFXHQWUDVRPHWLGDDOD
FRQVLGHUDFLyQ GHO 6HQDGR² WRFDQWH D WRGRV ORV HVSHFWiFXORV S~EOLFRV GH
FDUiFWHU PDVLYR < HQ VHJXQGR WpUPLQR SRUTXH FRQWLHQH PHGLGDV GH
VHJXULGDG SUHYHQWLYDVWHQGLHQWHVD LPSHGLUTXHHQORVHVSHFWiFXORVPDVLYRV
HQ HVSHFLDO HQ ORV SDUWLGRV GH I~WERO VH SURGX]FDQ KHFKRV GH YLROHQFLD 3RU
HMHPSOR VL HO SURQXQFLDPLHQWR GHO ,QWHQGHQWH FDOLILFD GH DOWR ULHVJR HO TXH
SDUD OD VHJXULGDG S~EOLFD LPSOLFD HO HVSHFWiFXOR ORV RUJDQL]DGRUHV GHEHUiQ
FXPSOLU FRQ ODV H[LJHQFLDV TXH VHxDOH &DUDELQHURV GH &KLOH (O ,QWHQGHQWH
SUHYLRLQIRUPHGH&DUDELQHURVSRGUiVXVSHQGHUODUHDOL]DFLyQGHOHVSHFWiFXOR
KDVWD TXH HVDV PHGLGDV VH FXPSODQ 7UDWiQGRVH GHO I~WERO SURIHVLRQDO VH
HVWDEOHFHQ H[LJHQFLDV HVSHFLDOHV FRPR XELFDFLyQ GH ODV EDUUDV H LQFOXVR VH
FRQVDJUD OD SURKLELFLyQ GH H[SHQGLR GH EHELGDV DOFRKyOLFDV GHQWUR GH FLHUWR
SHUtPHWURUHVSHFWRGHOOXJDUGRQGHVHOOHYDUiDHIHFWRHOHVSHFWiFXOR$GHPiV
VHHVWDEOHFHQSHQDVSULYDWLYDVGHOLEHUWDGSDUDTXLHQHVFRQPRWLYRXRFDVLyQ
GHXQHVSHFWiFXORS~EOLFRPDVLYRFDXVHQGHWHUPLQDGRVGDxRV\VHLQWURGXFHQ
FDPELRVHQFXDQWRDODUHVSRQVDELOLGDGSHQDOGHORVPHQRUHV
3RU WRGDV HVWDV FRQVLGHUDFLRQHV HVWLPR LQGLVSHQVDEOH HVWDEOHFHU
PD\RU SOD]R SDUD OD SUHVHQWDFLyQ GH LQGLFDFLRQHV SRUTXH XQD VHPDQD HV XQ
SHUtRGREUHYHWUDWiQGRVHGHXQDPDWHULDGHWDQWDLPSRUWDQFLD
+HGLFKR
(O VHxRU 1Òf(= 9LFHSUHVLGHQWH² 6HQDGRU VHxRU 'LH] ¢6X 6HxRUtD KD
SURSXHVWRXQDVHPDQDFRPRSOD]RSDUDIRUPXODULQGLFDFLRQHV"
(OVHxRU',(=²([DFWDPHQWHKDVWDHOSUy[LPRPDUWHVDODV
(O VHxRU 1Òf(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
+DPLOWRQ
(O VHxRU +$0,/721² 6HxRU 3UHVLGHQWH HVWR\ GH DFXHUGR HQ DSUREDU HO
SUR\HFWR HQ JHQHUDO \ HQ HVWDEOHFHU VLPXOWiQHDPHQWH VL HOOR FRUUHVSRQGH
FRQIRUPHDO5HJODPHQWRXQSOD]RSDUDSUHVHQWDULQGLFDFLRQHVSRUTXHVHKDQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
IRUPXODGR REVHUYDFLRQHV HQWUH RWUDV ODV LQGLFDGDV SRU OD VHxRUD 0LQLVWUD
WRFDQWH DO DUWtFXOR ƒ TXH GH DOJXQD PDQHUD FRQWUDGLFH OD UHJOD JHQHUDO
FRQWHPSODGDHQODOHJLVODFLyQSHUWLQHQWHHQFXDQWRDTXHVRQPHQRUHVORVTXH
QRKDQFXPSOLGRDxRV
(OVHxRU1Òf(=9LFHSUHVLGHQWH²¢([LVWLUtDDFXHUGRSDUDDSUREDUODLQLFLDWLYD
HQJHQHUDO\ILMDUSOD]RSDUDIRUPXODULQGLFDFLRQHVKDVWDHOSUy[LPRPDUWHVD
ODV"
/D VHxRUD )(/,Ò² 6HxRU 3UHVLGHQWH FUHR TXH HO SOD]R GHEHUtD VHU PiV
DPSOLR
(OVHxRU',(=²1RWHQHPRVLQFRQYHQLHQWH
(OVHxRU'Ë$=²6HxRU3UHVLGHQWHGHDFXHUGRDODLPSRUWDQFLDGHOWHPDVHUtD
QHFHVDULRILMDUXQSOD]RPD\RUSDUDSUHVHQWDULQGLFDFLRQHVSRUORPHQRVKDVWD
XQDVGRVVHPDQDVPiV
(OVHxRU27(52²6HxRU3UHVLGHQWH¢SRUTXpQRVHILMDSOD]RKDVWDHOOXQHV
DODV"'HHVWHPRGROD&RPLVLyQSRGUtDHVWXGLDUODVDOGtDVLJXLHQWH
(O VHxRU 1Òf(= 9LFHSUHVLGHQWH² (QWRQFHV ¢KDEUtD DFXHUGR VREUH OD IHFKD
SURSXHVWD"
²6H DSUXHED HQ JHQHUDO HO SUR\HFWR \ VH ILMD SOD]R SDUD
IRUPXODULQGLFDFLRQHVKDVWDHOGHDEULODODV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
6HJXQGR,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ
6HQDGR)HFKDGHDEULO&XHQWDHQ6HVLyQ/HJLVODWXUD
6(*81'2 ,1)250( '( /$ &20,6,21 '( &2167,78&,21
/(*,6/$&,21-867,&,$<5(*/$0(172UHFDtGRHQHOSUR\HFWRGHOH\
TXH UHSULPH GHVyUGHQHV \KHFKRV GH YLROHQFLD HQ ORV HVWDGLRV \ RWURV
FHQWURVGHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%2/(7,11ƒ
+2125$%/(6(1$'2
9XHVWUD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ -XVWLFLD \ 5HJODPHQWR
WLHQH HO KRQRU GH SUHVHQWDURV VX VHJXQGR LQIRUPH DFHUFD GHO SUR\HFWR GH OH\
GH OD UHIHUHQFLD HQ VHJXQGR WUiPLWH FRQVWLWXFLRQDO TXH WXYR VX RULJHQ HQ XQ
0HQVDMH GH 6( HO 3UHVLGHQWH GH OD 5HS~EOLFD \ KD VLGR FDOLILFDGR GH VXPD
XUJHQFLDSDUDWRGRVVXVWUiPLWHVFRQVWLWXFLRQDOHV
$ OD VHVLyQ HQ TXH OD &RPLVLyQ GLVFXWLy ODV LQGLFDFLRQHV IRUPXODGDV D
HVWDLQLFLDWLYDGHOH\FRQFXUULyHO+6HQDGRUGRQ9LFHQWH(QULTXH+XHUWD&HOLV
\VHFRQWyDVLPLVPRFRQODFRODERUDFLyQGHOVHxRU-HIHGHOD'LYLVLyQ-XUtGLFD
GHO0LQLVWHULRGHO,QWHULRUGRQ/XLV7RUR7RUR
'HMDPRV FRQVWDQFLD GH ODV VLJXLHQWHV PDWHULDV SDUD ORV HIHFWRV GH OR
GLVSXHVWRHQHODUWtFXORGHO5HJODPHQWRGHO6HQDGR
, $UWtFXORV TXH QR IXHURQ REMHWR GH LQGLFDFLRQHV QL GH PRGLILFDFLRQHV
1ƒV\WUDQVLWRULR
,,$UWtFXORTXHVyORKDVLGRREMHWRGHLQGLFDFLRQHVUHFKD]DGDV1ƒ
,,,,QGLFDFLRQHVDSUREDGDV1ƒV\
,9,QGLFDFLRQHVDSUREDGDVFRQPRGLILFDFLRQHV1ƒV
\
9,QGLFDFLRQHVUHFKD]DGDV1ƒV\
9,,QGLFDFLRQHVUHWLUDGDV1ƒVDELV\
9,,,QGLFDFLRQHVGHFODUDGDVLQDGPLVLEOHV1ƒV\
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
',6&86,213$57,&8/$5
/D LQGLFDFLyQ 1ƒ GH OD + 6HQDGRUD VHxRUD )HOL~ VXVWLWX\H OD
GHQRPLQDFLyQ GH OD LQLFLDWLYD GH OH\ SRU 3UR\HFWR GH OH\ TXH UHSULPH
GHVyUGHQHV\KHFKRVGHYLROHQFLDHQHVSHFWiFXORVS~EOLFRVPDVLYRV
)XH UHFKD]DGD SRU FXDQWR OD VXPD GH ORV SUR\HFWRV GH OH\ HV XQD
GHQRPLQDFLyQTXHORVLGHQWLILFDGXUDQWHVXWUDPLWDFLyQTXHODDVLJQDOD2ILFLQD
GH 3DUWHV GH OD &iPDUD GH RULJHQ \ QR IRUPD SDUWH GH VX WH[WR HVWR HV
FXPSOHVLPSOHPHQWHILQDOLGDGHVLQWHUQDVGHO&RQJUHVR1DFLRQDO
(OOR HV VLQ SHUMXLFLR GH TXH 6( HO 3UHVLGHQWH GH OD 5HS~EOLFD DO
SURPXOJDU OD OH\ MXQWR FRQ DWULEXLUOH XQ Q~PHUR FRQVLJQH HQ HO GHFUHWR
SURPXOJDWRULR OD GHQRPLQDFLyQ TXH HVWLPH PiV GHVFULSWLYD GH VXV
GLVSRVLFLRQHV
9RWDURQORV++6HQDGRUHVVHxRUHV'tH])HUQiQGH]6XOH\=DOGtYDU
$UWtFXORƒ
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU +XHUWD UHHPSOD]D HVWH
DUWtFXOR HVWDEOHFLHQGR SDUD ORV RUJDQL]DGRUHV GH HVSHFWiFXORV S~EOLFRV
FDOLILFDGRV GH DOWR ULHVJR SRU HO ,QWHQGHQWH OD REOLJDFLyQ GH VROYHQWDU ORV
PD\RUHV JDVWRV TXH VLJQLILTXH SDUD &DUDELQHURV DGRSWDU ODV PHGLGDV GH
VHJXULGDG SHUWLQHQWHV GH FRQIRUPLGDG DO LQIRUPH WpFQLFR HODERUDGR SRU GLFKD
LQVWLWXFLyQ
)XQGDPHQWy VX LQGLFDFLyQ VHxDODQGR TXH OD LQLFLDWLYD GH OH\ HQ HVWXGLR
UHVXOWDDGHFXDGDSDUDLQFRUSRUDUSUHFHSWRVTXHFRQVXOWHQHOILQDQFLDPLHQWRGH
ORV VHUYLFLRV GH VHJXULGDG GH FDUiFWHU H[WUDRUGLQDULR TXH GHEH GHVDUUROODU OD
,QVWLWXFLyQ HQ ORV GLYHUVRV HVSHFWiFXORV S~EOLFRV GH QDWXUDOH]D GHSRUWLYD
DUWtVWLFD X RWURV TXH KDELWXDOPHQWH VH SURJUDPDQ SRU GLYHUVRV HQWHV
RUJDQL]DGRUHV (OOR FRPR XQD IRUPD GH FRPSHQVDU HO PD\RU FRVWR GH
UHFXUVRV KXPDQRV \PDWHULDOHV TXH GHEHQ SRQHUVH D GLVSRVLFLyQ GH HVD FODVH
GHUHVJXDUGRVSROLFLDOHVHQGHVPHGURGHRWURVVHUYLFLRVGHVLPLODULPSRUWDQFLD
TXH UHTXLHUH OD FRPXQLGDG \ TXH VH YHQ DIHFWDGRV SRU OD GLVWUDFFLyQ GH
UHFXUVRV
(QHVWHPLVPRRUGHQGHLGHDVPDQLIHVWyTXHHVWHWLSRGHHVSHFWiFXORV
UHTXLHUH GH XQD SODQLILFDFLyQ GLYHUVD GDGD VX QDWXUDOH]D HVSHFLDO FRPR
DVLPLVPR OD GHVWLQDFLyQ GH XQ PD\RU Q~PHUR GH SHUVRQDV OR TXH JHQHUD
LQHYLWDEOHPHQWHXQPD\RUFRVWRHQKRUDVKRPEUHMRUQDGDVH[WUDRUGLQDULDVGH
WUDEDMR \ GHVJDVWH GH UHFXUVRV PDWHULDOHV TXH H[FHGHQ FRQ FUHFHV DTXHOORV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
TXH KDELWXDOPHQWH VH FRQVLGHUDQ SDUD ORV VHUYLFLRV RUGLQDULRV \ TXH QR
UHVXOWDQFRPSHQVDGRV
(QIDWL]y HO + 6HQDGRU VHxRU +XHUWD TXH OD GHVWLQDFLyQ GH SHUVRQDO GH
&DUDELQHURVVHJ~QHOHVSHFWiFXORYDUtDHQWUHORVDKRPEUHVORTXH
VLJQLILFDXQGHWHULRURGHOUHVJXDUGRTXHGHEHWHQHUODFLXGDGDQtDIUHQWHDRWUR
WLSR GH VLWXDFLRQHV (VWLPy UD]RQDEOH HQ UD]yQ GH ORV LPSRUWDQWHV LQJUHVRV
TXH SHUFLEHQ ORV RUJDQL]DGRUHV GH HVWRV HVSHFWiFXORV S~EOLFRV TXH HOORV
HIHFW~HQ XQ DSRUWH SDUD FRPSHQVDU HQ SDUWH HO FRVWR TXH VLJQLILFD OD
FREHUWXUDGHHVWRVHYHQWRV
(O VHxRU 3UHVLGHQWH GH OD &RPLVLyQ GHFODUy LQDGPLVLEOH OD LQGLFDFLyQ
SRU FXDQWR LQFLGH HQ PDWHULDV GH LQLFLDWLYD H[FOXVLYD GHO 3UHVLGHQWH GH OD
5HS~EOLFDGHFRQIRUPLGDGDODUWtFXORLQFLVRFXDUWR1ƒGHOD&RQVWLWXFLyQ
3ROtWLFD GH OD 5HS~EOLFD \ DGLFLRQDOPHQWH QR VH DMXVWD DO SULQFLSLR GH
OHJDOLGDGGHORVWULEXWRVHVWDEOHFLGRVHQHODUWtFXOR1ƒGHODPLVPD&DUWD
)XQGDPHQWDO
6LQSHUMXLFLRGHORDQWHULRU\WHQLHQGRHQFXHQWDTXHHOUHVJXDUGRGH
ODVHJXULGDGHQORVHVSHFWiFXORVS~EOLFRVPDVLYRVTXHHIHFW~D&DUDELQHURVGH
&KLOH OH LUURJD JDVWRV HVSHFLDOHV OD &RPLVLyQ SRU OD XQDQLPLGDG GH ORV ++
6HQDGRUHV VHxRUHV 'tH] )HUQiQGH] 6XOH \ =DOGtYDU DFRUGy VXJHULU DO
+RQRUDEOH6HQDGRHQHVWHLQIRUPHTXHVHRILFLHDORV0LQLVWHULRVGHO,QWHULRU\
GH+DFLHQGDDILQGHTXHHVHPD\RUGHVHPEROVRVHDFRQVLGHUDGRGHELGDPHQWH
DOHVWXGLDUHOSUHVXSXHVWRDQXDOGHGLFKD,QVWLWXFLyQ
/D LQGLFDFLRQHV 1ƒV \ D GHO + 6HQDGRU VHxRU /DUUDtQ IXHURQ
GHEDWLGDVFRQMXQWDPHQWH
/D SULPHUD GH HOODV VXSULPH HQ HO LQFLVR SULPHUR OD FDOLILFDFLyQ TXH
GHEH HIHFWXDU HO ,QWHQGHQWH GH VHU HO HVSHFWiFXOR GH DOWR ULHVJR SDUD OD
VHJXULGDGS~EOLFD
/D VHJXQGD HVSHFLILFD TXH ODV H[LJHQFLDV TXH SURSRQJD &DUDELQHURV
UHODWLYDV D ORV HVSHFWiFXORV S~EOLFRV PDVLYRV VH UHILHUDQ VyOR D PDWHULDV GH
VHJXULGDGS~EOLFD
)XQGDPHQWy OD SULPHUD GH HOODV VHxDODQGR TXH VH EDVD HQ HO KHFKR GH
TXHWRGRVORVHVSHFWiFXORVGHEHUtDQFXPSOLUFRQODVH[LJHQFLDVTXHHVWDEOH]FD
&DUDELQHURVVLQGLVWLQJXLUHOKHFKRTXHVHDQRQRFRQVWLWXWLYRVGHDOWRULHVJR
\DTXHUHVXOWDLPSUDFWLFDEOHODDQWLFLSDFLyQGHGLFKRFDUiFWHUSRUXQDSDUWH\
SRU RWUD SXHGH RFXUULU TXH HQ XQ HVSHFWiFXOR TXH QR KD\D UHFLELGR WDO
FDOLILFDFLyQVHSURGX]FDQLJXDOPHQWHKHFKRVJUDYHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
/D RWUD LQGLFDFLyQ GLR D FRQRFHU HO PHQFLRQDGR + 6HQDGRU SUHWHQGH
GHOLPLWDU OD UHVSRQVDELOLGDG GH &DUDELQHURV \D TXH H[LVWHQ GLYHUVDV RWUDV
PDWHULDV GH VHJXULGDG FRPR ODV TXH VH H[LJHQ SDUD OD HGLILFDFLyQ GH XQ
UHFLQWRGHSRUWLYRTXHQROHFRUUHVSRQGHGHILQLUDHVD,QVWLWXFLyQ
/D &RPLVLyQ FRPSDUWLy HO FULWHULR VXVWHQWDGR SRU HO DXWRU GH ODV
LQGLFDFLRQHVSHURDGYLUWLyODH[FHVLYDDPSOLWXGGHODSULPHUDGHHOORV\DTXH
VLJQLILFDUtD TXH WRGRV ORV HVSHFWiFXORV S~EOLFRV TXH VH UHDOLFHQ HQ HO SDtV
UHTXLULHVHQ HO FXPSOLPLHQWR GH ODV H[LJHQFLDV GH VHJXULGDG GLVSXHVWDV SRU
&DUDELQHURVHQFDGDRSRUWXQLGDG
(Q HVH VHQWLGR \ SDUWLHQGR GHO VXSXHVWR GH TXH H[LVWHQ QRUPDV
JHQHUDOHV HQ PDWHULD GH VHJXULGDG S~EOLFD DFRUGy HVSHFLILFDU TXH ODV
H[LJHQFLDV FX\R FXPSOLPLHQWR LPSRQH HVWD OH\ D ORV RUJDQL]DGRUHV GH ORV
HVSHFWiFXORV S~EOLFRV PDVLYRV GH DOWR ULHVJR VRQ DTXHOODV HVSHFLDOHV TXH VH
LPSDUWDQSDUDHVWRVFDVRV
/DLQGLFDFLyQ1ƒVHDSUREySRUODXQDQLPLGDGGHORVLQWHJUDQWHV++
6HQDGRUHV VHxRUHV 'tH] )HUQiQGH] /DUUDtQ 6XOH \ =DOGtYDU FRQ
PRGLILFDFLRQHV
/D LQGLFDFLyQ 1ƒ D IXH UHWLUDGD SRU VX DXWRU SRU HVWLPDU VDWLVIHFKD
VXLQTXLHWXGFRQHODFXHUGRDQWHULRU
/DLQGLFDFLRQHV1ƒV\GHORV++6HQDGRUHVVHxRUHV+RUYDWK\6XOH
UHVSHFWLYDPHQWHSURSRQHQLQWHUFDODUXQLQFLVRWHUFHURQXHYR
/DSULPHUDGHHOODVH[LJHTXHODVPHGLGDVGHVHJXULGDGSURSXHVWDVSRU
&DUDELQHURV GH &KLOH SDUD ORV HVSHFWiFXORV PDVLYRV GH FDUiFWHU GHSRUWLYR
DGVFULWRVDO&RPLWp2OtPSLFRGH&KLOHVHDQDFRUGDGRVFRQGLFKDHQWLGDG
/D VHJXQGD SRU VX SDUWH GLVSRQH TXH HQ ORV HVSHFWiFXORV SXEOLFRV
PDVLYRV GH FDUiFWHU GHSRUWLYR ODV PHGLGDV GH VHJXULGDG TXH SURSRQJD
&DUDELQHURVGHEHUiQDMXVWDUVHDODVHVSHFLILFDFLRQHVWpFQLFDV\UHJODPHQWDULDV
TXHGHWHUPLQHHO&RPLWp2OtPSLFRGH&KLOHDWUDYpVGHOD)HGHUDFLyQGHSRUWLYD
UHVSHFWLYD
(O+6HQDGRUVHxRU6XOHDUJXPHQWyTXHODQXHYDH[SUHVLyQFRQVDJUDGD
HQHVWHSUR\HFWRGHHVSHFWiFXORVS~EOLFRVPDVLYRVFRPSUHQGHDDTXHOORVGH
FDUiFWHUGHSRUWLYRGLVWLQWRVGHOI~WEROSURIHVLRQDO(VDVDFWLYLGDGHVGHSRUWLYDV
VHHQFXHQWUDQHQVXFDVLWRWDOLGDGDJUXSDGDV\RUJDQL]DGDVEDMRODWXLFLyQGHO
&RPLWp2OtPSLFRGH&KLOH&2&+\SRUVXLQWHUPHGLRVXSHGLWDGDVDO&RPLWp
2OtPSLFR,QWHUQDFLRQDO&2,\DWRGDODQRUPDWLYDTXHDQLYHOPXQGLDOULJHOD
SUiFWLFDGHORVGHSRUWHVROtPSLFRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
/D HYHQWXDOLGDG GH TXH ODV PHGLGDV GH VHJXULGDG TXH VHxDOH OD
DXWRULGDG SROLFLDO QR FRQVLGHUHQ R HQWUHQ HQ FRQIOLFWR FRQ ODV HVSHFLILFDFLRQHV
WpFQLFDV R UHJODPHQWDULDV GH FDGD HVSHFLDOLGDG GHSRUWLYD LQWHUILULHQGR HO
QRUPDOGHVHQYROYLPLHQWRGHODVPLVPDVFRQWLQXyUHYLVWHHVSHFLDOJUDYHGDG
WRGD YH] TXH SRGUtD OOHJDU D FRQILJXUDUVH XQD VLWXDFLyQ TXH FRQ DUUHJOR D OD
QRUPDWLYDTXHDQLYHOPXQGLDOGLVFLSOLQDODSUiFWLFDGHORVGHSRUWHVROtPSLFRV
FRQVWLWX\HUD XQD LQWHUYHQFLyQ LQGHELGD \ GHMDUD D QXHVWUR SDtV \ D VXV
GHSRUWLVWDV H[SXHVWRV D VDQFLRQHV FRPR OD GHVDILOLDFLyQ R OD SURKLELFLyQ GH
SDUWLFLSDUHQHQFXHQWURVGHSRUWLYRVLQWHUQDFLRQDOHV
$Vt SUHFLVy VL ELHQ HV DFRQVHMDEOH QR H[FOXLU OD SUiFWLFD GH ODV
DFWLYLGDGHVGHSRUWLYDVGHVDUUROODGDVSRU ODVIHGHUDFLRQHVDILOLDGDVDO&2&+GH
HVWH SUR\HFWR UHVXOWD FRQYHQLHQWH SURFXUDU TXH HOVRPHWLPLHQWR GH HOODV D OD
QRUPDWLYDVHKDJDHQDUPRQtDFRQODVGLVSRVLFLRQHVTXHPXQGLDOPHQWHULJHQDO
UHVSHFWR
/XHJRGHOGHEDWHOD &RPLVLyQDFRUGyGHMDUH[SUHVDFRQVWDQFLDGHTXH
&DUDELQHURVGH&KLOHGHEHHMHUFHUODVIXQFLRQHVGHGHWHUPLQDUODVPHGLGDVGH
VHJXULGDG TXH OH FRQILHUH HVWD QRUPD FRQVLGHUDQGR OD UHJODPHQWDFLyQ GH OD
GLVFLSOLQD GHSRUWLYD GH TXH VH WUDWH SDUD OR FXDO KDEUi GH FRQVXOWDU D ODV
LQVWLWXFLRQHVSHUWLQHQWHV
(O + 6HQDGRU VHxRU6XOH PDQLIHVWy TXH HQ HVHHQWHQGLGR FRQFRUGDED
FRQHOFULWHULRVXVWHQWDGRHQOD&RPLVLyQ\SDUWLFLSDUtDSRUORWDQWRGHOYRWR
GHPD\RUtD
(QFRQVHFXHQFLDVHUHFKD]DURQDPEDVLQGLFDFLRQHVSRUODXQDQLPLGDG
GH ORV LQWHJUDQWHV GH OD &RPLVLyQ ++ 6HQDGRUHV VHxRUHV 'tH] )HUQiQGH]
/DUUDtQ6XOH\=DOGtYDU
/D LQGLFDFLyQ 1ƒ GH ORV ++ 6HQDGRUHV VHxRUD )HOL~ \ VHxRU /DUUDtQ
HOLPLQD OD H[LJHQFLD GH GHMDU FRQVWDQFLD GH OD DVLVWHQFLD D ORV HVWDGLRV GH ORV
LQWHJUDQWHVGHODVEDUUDVGHORVFOXEHVGHI~WEROSURIHVLRQDO
(O+6HQDGRUVHxRU/DUUDtQVHxDOyDOHIHFWRTXHODH[LJHQFLDUHTXHULGD
GDGRHOFDUiFWHUGHPDVLYRGHORVHVSHFWiFXORVVHUiLPSRVLEOHGHFXPSOLU
(O VHxRU -HIH GH OD 'LYLVLyQ -XUtGLFD GHO 0LQLVWHULR GH ,QWHULRU H[SUHVy
TXH HQ OD DFWXDOLGDG VH HIHFW~D HQ HO (VWDGLR 1DFLRQDO XQ FRQWURO GH ODV
SHUVRQDV TXH DVLVWHQ FRQ HQWUDGD OLEHUDGD (Q HVH VHQWLGR H[SOLFy HO
PHFDQLVPR TXH VH XWLOL]D SXHGH UHVXOWDU LJXDOPHQWH DGHFXDGR SDUD FXPSOLU
FRQ OD H[LJHQFLD SUHYLVWD HQ HVWD GLVSRVLFLyQ SRU OR TXH HVWLPy TXH HOOR QR
UHVXOWDLPSUDFWLFDEOH$JUHJyTXHHVWDQRUPDFXPSOHXQLPSRUWDQWHSDSHOGH
SUHYHQFLyQ SRUTXH DSXQWD D UHYLVDU OD FDSDFLGDG GH ORV FOXEHV RUJDQL]DGRUHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
GH ORV HVSHFWiFXORV GH I~WERO SURIHVLRQDO HQ FXDQWR D FRQWURODU D ODV EDUUDV
(VHHVDMXLFLRHOJUDQDSRUWHGHORVRUJDQL]DGRUHVGHOHVSHFWiFXOR
/D PD\RUtD GH OD &RPLVLyQ VH PDQLIHVWy SDUWLGDULD GH PDQWHQHU OD
H[LJHQFLD TXH HVWi GHVWLQDGD D SURGXFLU XQ LPSRUWDQWH HIHFWR HQ ORV
LQWHJUDQWHV GH ODV EDUUDV GH ORV FOXEHV GH IXWERO SURIHVLRQDO \D TXH OD
DXWRULGDG YD D HVWDU HQ FRQRFLPLHQWR GH ORV QRPEUHV GH ODV SHUVRQDV
DVLVWHQWHV
6H UHFKD]y SRU FXDWUR YRWRV HQ FRQWUD \ XQD DEVWHQFLyQ /R KLFLHURQ
SRUODQHJDWLYDORV++6HQDGRUHVVHxRUHV'tH])HUQiQGH]\6XOH6HDEVWXYR
HO+6HQDGRUVHxRU/DUUDtQ
/DLQGLFDFLyQ1ƒGHO+6HQDGRUVHxRU/DUUDtQVXSULPHHOLQFLVRILQDO
GH HVWH DUWtFXOR TXH IDFXOWD DO ,QWHQGHQWH SDUD GHOHJDU HQ ORV JREHUQDGRUHV
UHVSHFWLYRVODVDWULEXFLRQHVTXHVHOHFRQILHUHQHQHVWHDUWtFXOR
6HUHWLUySRUVXDXWRU
/DLQGLFDFLyQ1ƒGHO+6HQDGRUVHxRU+XHUWDLQWURGXFHXQDUWtFXORƒ
QXHYRTXHGLVSRQHTXHORVGLQHURVUHFDXGDGRVSRUHO)LVFRHQDSOLFDFLyQGHOR
GLVSXHVWRHQHODUWtFXORƒSURSXHVWRHQODLQGLFDFLyQ1ƒVHDQLQJUHVDGRVHQ
ODFXHQWDFRUULHQWHGHOD'LUHFFLyQGH,QWHQGHQFLDGH&DUDELQHURVGH&KLOH
/DLQGLFDFLyQ1ƒELVGHOPLVPR+6HQDGRUSODQWHDGDFRPRRSFLRQDO
GH OD DQWHULRU DJUHJD WDPELpQ XQ DUWtFXOR ƒ QXHYR HO FXDO HVWDEOHFH TXH HO
GH ORV LQJUHVRV TXH SHUFLED HO )LVFR SRU FRQFHSWRV GH GHUHFKRV R
LPSXHVWRVTXHJUDYHQORVHVSHFWiFXORVS~EOLFRVVHDQGHVWLQDGRVDVROYHQWDUHO
PD\RUFRVWRTXHVLJQLILTXHSDUD&DUDELQHURVODFREHUWXUDGHHOORV
(QFRQVLGHUDFLyQDORUHVXHOWRUHVSHFWRGHODLQGLFDFLyQ1ƒHODXWRU
GHDPEDVLQGLFDFLRQHVODVUHWLUy
$UWtFXORƒ
/D LQGLFDFLyQ 1ƒ GH ORV ++ 6HQDGRUHV VHxRUHV 'tD] \ )UHL REOLJD D
ORV RUJDQL]DGRUHV GH ORV HVSHFWiFXORV GHSRUWLYRV GH DOWR ULHVJR SDUD OD
VHJXULGDGS~EOLFDDHIHFWXDUXQGHSyVLWRSUHYLRHQDUFDVGHOD,QWHQGHQFLDSRU
HOPRQWRTXHGHWHUPLQHSRUHO,QWHQGHQWHDOHIHFWXDUGLFKDFDOLILFDFLyQ
(O VHxRU 3UHVLGHQWH GH OD &RPLVLyQ HQ DWHQFLyQ D ORV IXQGDPHQWRV
WHQLGRV HQ YLVWD UHVSHFWR GH OD LQGLFDFLyQ VLJQDGD FRQ HO 1ƒ D TXH VH KD
KHFKRUHIHUHQFLDDQWHULRUPHQWHODGHFODUyLQDGPLVLEOH
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU /DUUDtQ UHHPSOD]D HO LQFLVR
SULPHUR KDFLHQGR UHFDHU HQ HO ,QWHQGHQWH \ HQ &DUDELQHURV OD REOLJDFLyQ GH
YHODUSRUHOFXPSOLPLHQWRGHODVH[LJHQFLDVGHVHJXULGDGHVWDEOHFLGDVSDUDORV
HVSHFWiFXORV S~EOLFRV PDVLYRV $JUHJD TXH SDUD HO FXPSOLPLHQWR GH HVWD
ILQDOLGDGORVRUJDQL]DGRUHVGHEHUiQFRPXQLFDUFRQXQDDQWLFLSDFLyQGHGtDV
OD UHDOL]DFLyQ GH XQ HYHQWR TXH SRVHD WDO FDUiFWHU \ H[LJH DVLPLVPR D ODV
DXWRULGDGHV GHO I~WERO SURIHVLRQDO FRPXQLFDU HO FDOHQGDULR GH FRPSHWHQFLDV
QDFLRQDOHVHLQWHUQDFLRQDOHVDOPRPHQWRHQTXHpVWHVHILMH
([SOLFyVXDXWRUTXHODLQGLFDFLyQEXVFDGDUXQDPD\RUDPSOLWXGDHVWD
GLVSRVLFLyQODTXHVyORSDUHFHHVWDUUHVWULJLGDDOI~WEROSURIHVLRQDO
/D &RPLVLyQ FRPSDUWLy HO FULWHULR GH FRQWHPSODU XQD GLVSRVLFLyQ TXH VH
UHILHUD D OD LQIRUPDFLyQ SUHYLD GH OD UHDOL]DFLyQ GH ORV RWURV HVSHFWiFXORV
S~EOLFRVGHFDUiFWHUPDVLYRGLVWLQWRVGHOI~WEROSURIHVLRQDOSRUORTXHUHVROYLy
LQFOXLUXQLQFLVRHQWDOVHQWLGRHQHOFXDOVHILMDHOSOD]RPtQLPRHQTXHGHEH
HIHFWXDUVHHVDFRPXQLFDFLyQHQKRUDV
(Q HVD YLUWXG VH DSUREy SRU OD XQDQLPLGDG GH ORV LQWHJUDQWHV GH OD
&RPLVLyQ ++ 6HQDGRUHV VHxRUHV 'tH] )HUQiQGH] /DUUDtQ 6XOH \ =DOGtYDU
FRQPRGLILFDFLRQHV
/D LQGLFDFLyQ 1ƒ GH ORV ++ 6HQDGRUHV VHxRUHV 'tD] \ )UHL GRQ
$UWXUR TXH VXVWLWX\H HO LQFLVR VHJXQGR REOLJD D ORV RUJDQL]DGRUHV GH ORV
HVSHFWiFXORV FDOLILFDGRV GH DOWR ULHVJR D FXPSOLU FRQ ORV UHTXHULPLHQWRV
DGLFLRQDOHV LQGLFDGRV SRU &DUDELQHURV GH &KLOH GHQWUR GH ODV FXDOHV GHEHUi
FRQWHPSODUVHODXELFDFLyQVHSDUDGDGHODVEDUUDV
6H UHFKD]y XQiQLPHPHQWH SRU ORV ++ 6HQDGRUHV VHxRUHV 'tH]
)HUQiQGH]/DUUDtQ6XOH\=DOGtYDUSRUFXDQWRODQRUPDTXHVHSURSRQHHQOD
LQGLFDFLyQ \D VH HQFXHQWUD FRQVLGHUDGD SDUD HO I~WERO SURIHVLRQDO HQ HO
DUWtFXORƒGHODLQLFLDWLYDGHOH\HQHVWXGLR
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU 'tH] DJUHJD XQ LQFLVR ILQDO
TXHREOLJDDODVDXWRULGDGHVGHOI~WEROSURIHVLRQDODLQIRUPDUD*HQGDPHUtDGH
&KLOH HO FDOHQGDULR GH ODV FRPSHWHQFLDV QDFLRQDOHV H LQWHUQDFLRQDOHV ORV
HVSHFWiFXORVQRFRQWHPSODGRVHQpO\ORVFDPELRVSHUWLQHQWHVSDUDORVHIHFWRV
GHO FRQWURO GH OD DVLVWHQFLD GHO FRQGHQDGR D ODV XQLGDGHV FRUUHVSRQGLHQWHV
UHTXLVLWRSDUDTXHpVWHJRFHGHPHGLGDVDOWHUQDWLYDVDODVSHQDVSULYDWLYDVGH
OLEHUWDGTXHHVWDEOHFHPHGLDQWHODLQGLFDFLyQ1ƒ
)XHUHWLUDGDSRUVXDXWRU
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
$UWtFXORƒ
/D LQGLFDFLyQ 1ƒ GH ORV ++ 6HQDGRUHV VHxRUHV 'tD] )UHL GRQ
$UWXUR \ 5XL](VTXLGH DJUHJD DO LQFLVR SULPHUR XQ SiUUDIR TXH HVWDEOHFH XQ
SOD]R IDWDO GH GtDV SDUD TXH HO ,QWHQGHQWH UHVXHOYD DFHUFD GH DTXHOORV
SDUWLGRVFDOLILFDGRVGHDOWRULHVJR\HOPRQWRGHOGHSyVLWRTXHGHEHQHIHFWXDU
ORV RUJDQL]DGRUHV 7UDQVFXUULGR GLFKR SOD]R VLQ TXH HO ,QWHQGHQWH KD\D
HIHFWXDGRODFRUUHVSRQGLHQWHFDOLILFDFLyQVHHQWHQGHUiTXHODSURJUDPDFLyQR
HOFDOHQGDULRQRFRQWLHQHSDUWLGRVGHWDOFDUiFWHU
6H UHFKD]y SRU LQFLGLU HQ ODV PLVPDV PDWHULDV GH RWUDV LQGLFDFLRQHV
LJXDOPHQWH GHVHFKDGDV R GHFODUDGDV LQDGPLVLEOHV SRU OD XQDQLPLGDG GH ORV
LQWHJUDQWHV GH OD &RPLVLyQ ++ 6HQDGRUHV VHxRUHV 'tH] )HUQiQGH] /DUUDtQ
6XOH\=DOGtYDU
$UWtFXORƒ
/DLQGLFDFLyQ1ƒGHORV++6HQDGRUHVVHxRUHV'tD]\5XL](VTXLGH
DJUHJDFRPRSHQDDFFHVRULDODSURKLELFLyQGHLQJUHVDUDORVHVWDGLRVGXUDQWHHO
FXPSOLPLHQWRGHODFRQGHQD
)XH UHFKD]DGD SRU OD XQDQLPLGDG GH ORV LQWHJUDQWHV GH OD &RPLVLyQ
++6HQDGRUHVVHxRUHV'tH])HUQiQGH]/DUUDtQ6XOH\=DOGtYDU\DTXHHQORV
WpUPLQRVHQTXHHVWiUHGDFWDGDODQRUPDKDFHPX\GLItFLOVXILVFDOL]DFLyQ
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU 6XOH TXH LQWHUFDOD VHQGRV
LQFLVRV WHUFHUR \ FXDUWR IDFXOWD SDUD DSOLFDU DO FRQGHQDGR FRPR SHQD
DOWHUQDWLYDHODUUHVWRGHILQGHVHPDQDSRUHOWpUPLQRGHGRVDVHLVPHVHVHQ
FDVR TXH ORV DQWHFHGHQWHV GHO FDVR SHUPLWDQ SUHVXPLU TXH QR YROYHUi D
GHOLQTXLUHLQFRUSRUDFRPRSHQDDFFHVRULDODSURKLELFLyQGHDVLVWLUGXUDQWHHO
WLHPSR TXH GXUH OD FRQGHQD D ORV IXWXURV HVSHFWiFXORV S~EOLFRV GH OD PLVPD
QDWXUDOH]DGHDTXHOTXHPRWLYyODVDQFLyQ
/D LQGLFDFLyQ 1ƒ GH ORV ++ 6HQDGRUHV VHxRUD &DUUHUD \ VHxRUHV
&DOGHUyQ*D]PXUL1~xH]2PLQDPLDJUHJDGRVQXHYRVLQFLVRVFRPRWHUFHUR
\ FXDUWR (O SULPHUR FRQVLGHUD FRPR SHQDV DOWHUQDWLYDV HO DUUHVWR GH ILQ GH
VHPDQD \ ORV WUDEDMRV FRPXQLWDULRV FXDQGR GH ORV DQWHFHGHQWHV SHUVRQDOHV
GHO FRQGHQDGR \ VXFRQGXFWD DQWHULRU \ SRVWHULRU DVt FRPR ODV FLUFXQVWDQFLDV
HVSHFLDOHV GHO GHOLWR KDJDQ SUHVXPLU TXH QR YROYHUi D GHOLQTXLU (O VHJXQGR
LQFLVRHVWDEOHFHODDSOLFDFLyQGHODSHQDDFFHVRULDGHVFULWDSUHFHGHQWHPHQWH
$PEDVLQGLFDFLRQHVVHGHEDWLHURQHQFRQMXQWR
/D&RPLVLyQVHGHFODUySDUWLGDULDGHDFRJHUODSHQDDFFHVRULDSURSXHVWD
HQHOODVHQWDQWRTXHUHFKD]yODLQFOXVLyQGHODSHQDDOWHUQDWLYDFRQVLVWHQWHHQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
HO DUUHVWR GH ILQ GH VHPDQD SRU ODV GLILFXOWDGHV TXH LPSRUWDUtD SDUD ODV
LQVWLWXFLRQHV HQFDUJDGDV GH GDUOH FXPSOLPLHQWR (Q FXDQWR D OD SHQD GH
WUDEDMRVHQEHQHILFLRGHODFRPXQLGDGSUHILULyVHJXLUODSURSRVLFLyQFRQWHQLGD
HQODLQGLFDFLyQ1ƒ
(Q HVWH PLVPR RUGHQ GH LGHDV DFRUGy FDVWLJDU OD LQIUDFFLyQ GH HVD
SURKLELFLyQGHDVLVWHQFLDFRQODUHYRFDFLyQSRUHOVRORPLQLVWHULRGHODOH\GH
ODV PHGLGDV DOWHUQDWLYDV GH TXH HVWp JR]DQGR HO LQIUDFWRU VLQ SHUMXLFLR GH OD
SHQD TXH OH UHVXOWH DSOLFDEOH GH FRQIRUPLGDG DO DUWtFXOR GHO &yGLJR 3HQDO
TXHVHUHILHUHDTXLHQHVTXHEUDQWHQXQDFRQGHQD
3DUDXQDGHFXDGRFXPSOLPLHQWRGHHVWDQRUPDWLYDDFRUGyDVLPLVPR\
VyOR HQ HO FDVR GHO I~WERO SURIHVLRQDO HVWDEOHFHU SDUD ORV GLUHFWRUHV R
GLULJHQWHV GH OD EDUUD GH ORV FOXEHV SDUWLFLSDQWHV HQ HO HVSHFWiFXOR OD
REOLJDFLyQGHGHQXQFLDUGLFKDLQIUDFFLyQ
(QHVDYLUWXGODVGRVLQGLFDFLRQHVVHDSUREDURQSRUODXQDQLPLGDGGH
ORV LQWHJUDQWHV GH OD &RPLVLyQ ++ 6HQDGRUHV VHxRUHV 'tH] )HUQiQGH]
/DUUDtQ6XOH\=DOGtYDUFRQPRGLILFDFLRQHV
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU 5RPHUR DJUHJD XQ QXHYR
LQFLVRTXHVDQFLRQD FRQODLQKDELOLGDGDSHUSHWXLGDGSDUDVHUGLULJHQWHGHXQ
FOXEGHSRUWLYRSURIHVLRQDORDPDWHXUDO GLULJHQWHGHSRUWLYRRFDQGLGDWRDWDO
TXHLQFLWHRSURPXHYD ODHMHFXFLyQGH ORV GHOLWRVSUHYLVWRVHQHVWHDUWtFXORR
IDFLOLWHHOLQJUHVRDORVHVSHFWiFXORVS~EOLFRVPDVLYRVDTXLHQHVORVFRPHWDQ
/D&RPLVLyQGHVSXpVGHLQWHUFDPELDURSLQLRQHVVREUHODLQFOXVLyQGHORV
FDQGLGDWRV D GLULJHQWHV \ OD FRQGXFWD FRQVLVWHQWH HQ IDFLOLWDU HO LQJUHVR D ORV
SRWHQFLDOHV SDUWtFLSHV HQ ORV GHOLWRV RSWy SRU DSOLFDU OD VDQFLyQ GH
LQKDELOLWDFLyQ SHUSHWXD TXH VH SURSRQH D WRGR HO TXH LQFLWDUH SURPRYLHUH R
HMHFXWDUH ODV FRQGXFWDV TXH VH GHVFULEHQ HQ HVWH DUWtFXOR WUDWiQGRVH GH
HVSHFWiFXORVGHSRUWLYRV
6H DSUREy SRU OD XQDQLPLGDG GH ORV LQWHJUDQWHV GH OD &RPLVLyQ ++
6HQDGRUHV VHxRUHV 'tH] )HUQiQGH] /DUUDtQ 6XOH \ =DOGtYDU FRQ
PRGLILFDFLRQHV
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU 'tH] LQWHUFDOD XQ QXHYR
LQFLVR TXH HVWDEOHFH OD VXMHFLyQ DO FRQWURO DGPLQLVWUDWLYR \ GH DVLVWHQFLD D OD
8QLGDGGH*HQGDUPHUtDGH&KLOHHQODPLVPDKRUD\GXUDQWHHOWLHPSRTXHVH
UHDOLFHQ HVSHFWiFXORV GH I~WERO SURIHVLRQDO HQ FDVR TXH HO FRQGHQDGR IXHUH
EHQHILFLDGR FRQ DOJXQD GH ODV PHGLGDV DOWHUQDWLYDV D ODV SHQDV SULYDWLYDV GH
OLEHUWDG
([SOLFy VX DXWRU TXH GH DFXHUGR D ODV UHJODV JHQHUDOHV GH OD OH\ 1ƒ
VL OD SHUVRQD QR KD VLGR FRQGHQDGD DQWHV HV SRVLEOH TXH HO WULEXQDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
VXVSHQGD OD HMHFXFLyQ GH OD SHQD \ OH FRQFHGD DOJ~Q EHQHILFLR DOWHUQDWLYR
FRPR OD UHPLVLyQ FRQGLFLRQDO GH OD SHQD OD UHFOXVLyQ QRFWXUQD R OD OLEHUWDG
YLJLODGD
(QWRGRVHVWRVFDVRVHOFRQGHQDGRJR]DGHOLEHUWDG\SRUORWDQWRQR
VXIUH QLQJ~Q LPSHGLPHQWR SDUD FRQWLQXDU DVLVWLHQGR D ORV SDUWLGRV GH I~WERO
SURIHVLRQDO $ ILQ GH HYLWDU HVWH FRQWUDVHQWLGR HQIDWL]y UHVXOWD SHUWLQHQWH
HVWDEOHFHUTXHHQFDVRTXHHOMXH]OHRWRUJXHDOJXQRGHHVRVEHQHILFLRVOHILMH
FRPR FRQGLFLyQ SDUD VHJXLU DFRJLGR D HOORV TXH SHUPDQH]FD HQ OD XQLGDG
FRUUHVSRQGLHQWH GH *HQGDUPHUtD GH &KLOH HO GtD \ KRUD HQ TXH VH UHDOLFHQ
SDUWLGRV GH I~WERO 3DUD FRQWURODU OD DVLVWHQFLD ODV DXWRULGDGHV GHO I~WERO
GHEHUiQ HQYLDU D *HQGDUPHUtD HO FDOHQGDULR GH ORV SDUWLGRV \ ODV
PRGLILFDFLRQHV TXH H[SHULPHQWHQ 6L HO FRQGHQDGR QR VH SUHVHQWD HO MXH] OH
UHYRFDUiHOEHQHILFLR\GHEHUiFXPSOLUODSHQDSULYDGRGHVXOLEHUWDG
(Q OD &RPLVLyQ DXQTXH VH DFHSWy HVH SODQWHDPLHQWR VXUJLHURQ GXGDV
VREUH OD IRUPD HQ TXH HO DIHFWDGR WRPDUtD FRQRFLPLHQWR GH ODV RSRUWXQLGDGHV
HQTXHKDEUtDGHSUHVHQWDUVHDQWH*HQGDUPHUtD
)XHUHWLUDGDSRUVXDXWRU
/DLQGLFDFLyQ1ƒGHOPLVPR+VHxRU6HQDGRUDJUHJDXQLQFLVRILQDO
QXHYR TXH IDFXOWD DO MXH] SDUD FRQPXWDU OD SHQD SULYDWLYD GH OLEHUWDG SRU OD
UHDOL]DFLyQ GH WUDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD FRPXQLGDG HQ FDVR
TXH HO LQIUDFWRU QR KD\D VLGR FRQGHQDGR D XQD SHQD VXSHULRU D OD GHO LQFLVR
SULPHUR\TXHGHORVGHPiVDQWHFHGHQWHVGHOFDVRSXHGDSUHVXPLUVHTXHQR
YROYHUi D GHOLQTXLU (VWRV WUDEDMRV VH UHDOL]DUiQ SRU XQ WLHPSR QR LQIHULRU DO
ILMDGR SDUD OD VDQFLyQ TXH VH FRQPXWH QL VXSHULRU DO GREOH GH HOOD GH
SUHIHUHQFLD VLQ DIHFWDU OD MRUQDGD ODERUDO TXH WHQJD HO LQIUDFWRU \ HQ ORV ILQHV
GHVHPDQDFRQXQPi[LPRGHRFKRKRUDVVHPDQDOHV
([SOLFy VX DXWRU TXH HVWD SURSRVLFLyQ HQ OD IRUPD TXH VH VHxDOD HVWR
HVTXHRSHUHDSHWLFLyQGHOLQIUDFWRUQRDIHFWDHO3DFWRGH6DQ-RVpGH&RVWD
5LFDTXHSURKtEHLPSRQHUODSHQDGHWUDEDMRIRU]RVR
/D &RPLVLyQ DFRUGy GHMDU H[SUHVD FRQVWDQFLD TXH OD UHDOL]DFLyQ GH
WUDEDMRVHQEHQHILFLRGHODFRPXQLGDGFRPRSHQDDOWHUQDWLYDDODSULYDWLYDGH
OLEHUWDGTXHVHFRQVLGHUDQSDUDORVLQIUDFWRUHVGHHVWDOH\QRSXHGHVLJQLILFDU
HQ PRGR DOJXQR OD LPSRVLFLyQ GH WUDEDMRV REOLJDWRULRV (Q HVD YLUWXG HVWLPy
TXH VLQ TXH SLHUGD VX QDWXUDOH]D SXQLWLYD HO LQIUDFWRU GHEH FRQVHQWLU HQ ORV
WUDEDMRVTXHVHOHILMHQTXHKDGHFRQRFHUSUHYLDPHQWHDODFRQPXWDFLyQVHD
SRUTXH pO PLVPR ORV SURSRQJD R HO WULEXQDO OH LQIRUPH \ VREUH HVD EDVH HO
WULEXQDO GLFWDUi OD UHVROXFLyQ FRUUHVSRQGLHQWH (O FRQFHSWR GH WUDEDMRV
GHWHUPLQDGRVHQHVWHVHQWLGRLPSRUWDWDPELpQHOFRQRFLPLHQWR\DFHSWDFLyQ
SRUSDUWHGHOLQIUDFWRUGHODVFDUDFWHUtVWLFDVTXHHOORVWHQGUiQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
&RQWy FRQ OD DSUREDFLyQ XQiQLPH GH ORV LQWHJUDQWHV GH OD &RPLVLyQ
++ 6HQDGRUHV VHxRUHV 'tH] )HUQiQGH] /DUUDtQ 6XOH \ =DOGtYDU TXLHQHV OD
DFRJLHURQFRQPRGLILFDFLRQHV
/DLQGLFDFLyQ1ƒGHO+6HQDGRUVHxRU5RPHURDJUHJDXQLQFLVRILQDO
TXHSURKtEHDORVPLHPEURVGHODVEDUUDVGHORVFOXEHVGHSRUWLYRVSHUWHQHFHU
DORVUHVSHFWLYRVGLUHFWRULRV
(O + 6HQDGRU VHxRU 5RPHUR IXQGDPHQWy OD LQGLFDFLyQ DUJXPHQWDQGR
TXH H[LVWH HYLGHQFLD TXH VH HVWi XVDQGR D ODV EDUUDV SDUD LQFRUSRUDUVH D ORV
GLUHFWRULRVGHORVFOXEHVFRPRKDRFXUULGRHQ$UJHQWLQD
)XHUHFKD]DGDXQiQLPHPHQWHSRUORVLQWHJUDQWHVGHOD&RPLVLyQ++
6HQDGRUHV VHxRUHV 'tH] )HUQiQGH] /DUUDtQ 6XOH \ =DOGtYDU TXLHQHV
HVWLPDURQTXHQRVHFRQVLJXHFRQHVWDQRUPDHOSURSyVLWRH[SUHVDGRWRGDYH]
TXHEDVWDUtDODUHQXQFLDDODEDUUDSDUDREYLDUODLQFRPSDWLELOLGDG
/DLQGLFDFLyQ1ƒGHO+6HQDGRUVHxRU+XHUWDDJUHJDXQLQFLVRILQDO
TXH VDQFLRQD D ORV RUJDQL]DGRUHV GHO HVSHFWiFXOR \ UHSUHVHQWDQWHV OHJDOHV GH
ORV FOXEHV VL HVWRV SRU QHJOLJHQFLD FRQWULEX\HQ R IDFLOLWDQ OD FRPLVLyQ GH ORV
GHOLWRVHVWDEOHFLGRVHQHVWDOH\HVWDEOHFLHQGRSDUDHOORXQDPXOWDDEHQHILFLR
ILVFDOGHDXQLGDGHVWULEXWDULDVPHQVXDOHV
-XVWLILFyHVWDLQGLFDFLyQVXDXWRUPDQLIHVWDQGRTXHHODUWtFXORƒVHxDOD
ODVFRQGXFWDVLOtFLWDVTXHVHVDQFLRQDQSHURQRFRQWHPSODFRQVHFXHQFLDVSDUD
HO FDVR GH TXH ORV RUJDQL]DGRUHV GHO HVSHFWiFXOR QR FXPSODQ FRQ ODV
REOLJDFLRQHV TXH VH OHV LPSRQHQ HQ OD OH\ 6RVWXYR TXH HQ RFDVLRQHV ORV
GLULJHQWHV GHSRUWLYRV DSDUHFHQ UHVSDOGDQGR R HQFXEULHQGR HO DFFLRQDU GH ODV
EDUUDVIDFLOLWDQGRGHHVWHPRGRODFRPLVLyQGHORVGHOLWRVTXHHOODFRQWHPSOD
6H DSUREy SRU OD XQDQLPLGDG GH ORV LQWHJUDQWHV GH OD &RPLVLyQ ++
6HQDGRUHV VHxRUHV 'tH] )HUQiQGH] /DUUDtQ 6XOH \ =DOGtYDU FRQ
PRGLILFDFLRQHVIRUPDOHV
$UWtFXORƒ
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU /DUUDtQ HOLPLQD FRPR
FLUFXQVWDQFLD DJUDYDQWH HQ OD VHJXQGD FDXVDO OD GH WHQHU FDOLGDG GH
SDUWLFLSDQWH GH XQ HVSHFWiFXOR S~EOLFR PDVLYR GLVWLQWR DO I~WERO PDQWHQLHQGR
VyORODFDOLGDGGHRUJDQL]DGRUGHOPLVPR
(VWD LQGLFDFLyQ VH IXQGDPHQWD H[SOLFy VX DXWRU HQ HO KHFKR TXH HO
WpUPLQR SDUWLFLSDQWH HV GHPDVLDGR LPSUHFLVR \ QR FRQVWLWX\H XQ FULWHULR GH
GLVWLQFLyQFRPRVtORHVHOVHUPLHPEURGHXQEDUUDFRQUHVSHFWRDOUHVWRGH
ORVDVLVWHQWHVDXQSDUWLGRGHI~WEROSURIHVLRQDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
/D &RPLVLyQ DFHSWy OD FRQYHQLHQFLD GH SUHFLVDU HO VHQWLGR GH OD YR]
SDUWLFLSDQWH $O HIHFWR DFRUGy VXVWLWXLUOD SRU HO VXVWDQWLYR SURWDJRQLVWD
FX\D VHJXQGD DFHSFLyQ HQ HO 'LFFLRQDULR GH OD 5HDO $FDGHPLD GH OD /HQJXD
(VSDxROD OR GHILQH FRPR OD SHUVRQD TXH HQ XQ VXFHVR FXDOTXLHUD WLHQH OD
SDUWHSULQFLSDO
)XH DSUREDGD FRQ PRGLILFDFLRQHV SRU OD XQDQLPLGDG GH ORV
LQWHJUDQWHV GH OD &RPLVLyQ ++ 6HQDGRUHV VHxRUHV 'tH] )HUQiQGH] /DUUDtQ
6XOH\=DOGtYDU
/D LQGLFDFLyQ 1ƒ GHO PLVPR + VHxRU 6HQDGRU DJUHJD XQD QXHYD
FLUFXQVWDQFLD DJUDYDQWH FRQVLVWHQWH HQ KDEHU FDXVDGR ODV OHVLRQHV
VDQFLRQDGDV SRU HVWD OH\ D ORV MXJDGRUHV WpFQLFRV GLULJHQWHV R SURWDJRQLVWDV
GHORVHVSHFWiFXORVS~EOLFRVPDVLYRV
(VWD LQGLFDFLyQ H[SUHVy HO + 6HQDGRU VHxRU /DUUDtQ EXVFD HVWDEOHFHU
XQD SURWHFFLyQ HVSHFLDO SDUD TXLHQHV VRQ ODV ILJXUDV FHQWUDOHV GH HVWRV
HVSHFWiFXORV HQ TXLHQHV VXHOH UHFDHU OD YLROHQFLD TXH VH LQWHQWD FDVWLJDU HQ
HVWDLQLFLDWLYD
&RQWy FRQ OD DSUREDFLyQ XQiQLPH GH ORV LQWHJUDQWHV GH OD &RPLVLyQ
++6HQDGRUHVVHxRUHV'tH])HUQiQGH]/DUUDtQ6XOH\=DOGtYDU
$UWtFXORƒ
/D LQGLFDFLyQ 1ƒ GH ORV ++ 6HQDGRUHV VHxRUD &DUUHUD \ VHxRUHV
&DOGHUyQ *D]PXUL 1~xH] \ 2PLQDPL UHHPSOD]D HQ HO LQFLVR SULPHUR ODV
H[SUHVLRQHV TXH FRQILHUHQ YDORU GH SOHQD SUXHED D ORV VLVWHPDV GH
UHSURGXFFLyQGHLPDJHQ\VRQLGRSDUDDFUHGLWDUODH[LVWHQFLDGHOKHFKRSXQLEOH
\ OD SDUWLFLSDFLyQ HQ HO PLVPR SRU RWUD TXH ORV FRQVLGHUD EDVH SDUD OD
IRUPDFLyQGHXQDSUHVXQFLyQMXGLFLDO
)XHDSUREDGDSRUODXQDQLPLGDGGHORVLQWHJUDQWHVGHOD&RPLVLyQ++
6HQDGRUHVVHxRUHV'tH])HUQiQGH]/DUUDtQ6XOH\=DOGtYDU
/D LQGLFDFLyQ 1ƒ GH ORV PLVPRV ++ VHxRUHV 6HQDGRUHV VXSULPH HO
LQFLVR VHJXQGR GH HVWH DUWtFXOR TXH RWRUJD HO YDORU GH SUHVXQFLyQ OHJDO GH OD
RFXUUHQFLD GHO KHFKR SXQLEOH \ GH OD UHVSRQVDELOLGDG GH ORV SDUWtFLSHV D ODV
DILUPDFLRQHVFRQWHQLGDVHQORVSDUWHVSROLFLDOHV
/D &RPLVLyQ OD UHFKD]y SRU OD XQDQLPLGDG GH VXV LQWHJUDQWHV ++
6HQDGRUHVVHxRUHV'tH])HUQiQGH]/DUUDtQ6XOH\=DOGtYDUHQFRQVLGHUDFLyQ
D TXH OD GLVSRVLFLyQ HVWDEOHFH XQD SUHVXQFLyQ VLPSOHPHQWH OHJDO TXH VyOR
DOWHUDHOSHVRGHODSUXHED
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
6LQ SHUMXLFLR GH OR DQWHULRU \ SRU UD]RQHV PHUDPHQWH GH UHGDFFLyQ
FRQ OD PLVPD XQDQLPLGDG VH LQWURGXMR XQD PRGLILFDFLyQ IRUPDO HQ HO LQFLVR
VHJXQGR
$UWtFXORƒ
/D &RPLVLyQ GHEDWLy HQ FRQMXQWR ODV LQGLFDFLRQHV URWXODGDV FRQ ORV
Q~PHURVDSRUFXDQWRWRGDVHOODVVHUHILHUHQDODUHVSRQVDELOLGDGSHQDO
TXHWLHQHQORVPHQRUHVGHHGDGHQUHODFLyQFRQODVFRQGXFWDVVDQFLRQDGDVHQ
HODUWtFXORƒGHOSUR\HFWR
/D LQGLFDFLyQ 1ƒ GH ORV ++ 6HQDGRUHV VHxRUD &DUUHUD \ VHxRUHV
&DOGHUyQ *D]PXUL 1~xH] 2PLQDPL \ 6XOH VXSULPH HVWH DUWtFXOR HO FXDO
HVWDEOHFH OD SOHQD UHVSRQVDELOLGDG SHQDO GH ORV PD\RUHV GH DxRV SDUD ORV
HIHFWRV GH HVWD OH\ OD VXMHFLyQ DO -XH] GH 0HQRUHV GH ORV PD\RUHV GH \
PHQRUHV GH DxRV D ILQ GH TXH VH DSOLTXHQ ODV VDQFLRQHV OHJDOHV R ODV
PHGLGDV GH UHKDELOLWDFLyQ \ GHPiV TXH HVWDEOHFH OD OH\ 1ƒ \ OD
UHVSRQVDELOLGDGFLYLOGHODSHUVRQDTXHWXYLHVHDVXFDUJRHOPHQRU
/D LQGLFDFLyQ 1ƒ GH OD + 6HQDGRUD VHxRUD )HOL~ HOLPLQD HO LQFLVR
SULPHURTXHYHUVDVREUHODSOHQDUHVSRQVDELOLGDGSHQDOGHORVPD\RUHVGH
DxRVSDUDORVHIHFWRVGHHVWDOH\
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU /DUUDtQ HOLPLQD HO LQFLVR
VHJXQGR TXH VH UHILHUH D OD RSFLyQ GHO -XH] GH 0HQRUHV HQ FXDQWR D ODV
VDQFLRQHVRPHGLGDVDSOLFDEOHVSDUDORVPHQRUHVGH\PD\RUHVGHDxRV
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU 'tH] VXVWLWX\H HO LQFLVR
VHJXQGR HVWDEOHFLHQGR QRUPDV HVSHFLDOHV D ODV FXDOHV VH VXMHWDUi OD
UHVSRQVDELOLGDG SHQDO GHO LQIUDFWRU ODV TXH FRQVLVWLUiQ HQ TXH HO MXH] GHEHUi
RLU DQWHV GH GLFWDU VHQWHQFLD DO 6HUYLFLR 1DFLRQDO GH 0HQRUHV HO TXH
SURSRQGUi HO OXJDU GRQGH GHEHUi FXPSOLU OD SHQD SULYDWLYD GH OLEHUWDG HO
PD\RU GH GLHFLVpLV \ PHQRU GH GLHFLRFKR DxRV HQ VX FDVR SUHIHULUi OD
DSOLFDFLyQ GH PHGLGDV DOWHUQDWLYDV D OD SHQD SULYDWLYD GH OLEHUWDG VDOYR TXH
GH ORV DQWHFHGHQWHV SHUVRQDOHV GHO FRQGHQDGR VX FRQGXFWD DQWHULRU \
SRVWHULRU DO KHFKR SXQLEOH \ OD QDWXUDOH]D PRGDOLGDGHV \ PyYLOHV
GHWHUPLQDQWHV GHO GHOLWR SXHGD SUHVXPLUVH TXH YROYHUi D GHOLQTXLU \ TXH OD
SHQDSULYDWLYDGH OLEHUWDGGHEHUiFXPSOLUVHHQHO OXJDUTXHGHWHUPLQHHOMXH]
GHO FULPHQ TXH QR SRGUi VHU GH DTXHOORV TXH HVWpQGHVWLQDGRV D FRQGHQDGRV
PD\RUHVGHGLHFLRFKRDxRV
/D LQGLFDFLyQ 1ƒ GH OD + 6HQDGRUD VHxRUD )HOL~ HVWDEOHFH HQ HO
LQFLVR VHJXQGR FRQVHFXHQFLDOPHQWH FRQ OD LQGLFDFLyQ 1ƒ TXH ORV PD\RUHV
GHDxRV\PHQRUHVGHDxRVGHEHUiQVHUSXHVWRVDGLVSRVLFLyQGHO-XH]
GH 0HQRUHV SDUD DSOLFDUOHV ODV VDQFLRQHV GH HVWD OH\ R ODV PHGLGDV GH
UHKDELOLWDFLyQ\GHPiVTXHHVWDEOHFHODOH\1ƒ
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
/DLQGLFDFLyQ1ƒGHO+6HQDGRUVHxRU6XOHLQWHUFDODXQQXHYR7tWXOR
,,, TXH FRQVLGHUD GRV DUWtFXORV HQ ORV TXH VH FRQWLHQHQ GLVSRVLFLRQHV
HVSHFLDOHVSDUDODVSHUVRQDVPHQRUHVGHHGDG
(O SULPHUR GH HOORV FRQWHPSOD FRPR VDQFLRQHV TXH SXHGHQ DSOLFDUVH D
ORV PHQRUHV GH HGDG TXH SDUWLFLSHQ HQ ODV FRQGXFWDV FRQWHPSODGDV SRU HVWD
OH\ OD SURKLELFLyQ KDVWD SRU HO WpUPLQR GH XQ DxR GH DVLVWLU D HYHQWRV
S~EOLFRVGHODPLVPDQDWXUDOH]DTXHORVTXHGHWHUPLQDURQODPHGLGDGHELHQGR
SUHVHQWDUVHDHVDVKRUDVHQORVOXJDUHVTXHGHWHUPLQHHOMXH]\HODUUHVWRGH
ILQGHVHPDQDSRUHOWpUPLQRGHXQRDWUHVPHVHV$xDGHTXHQRSURFHGHUiHO
WUiPLWHSUHYLRGHGLVFHUQLPLHQWRUHVSHFWRGHORVPD\RUHVGH\PHQRUHVGH
TXHVHFRQVLGHUDUiQFRPRH[HQWRVGHUHVSRQVDELOLGDGSHQDO
(O VHJXQGR DUWtFXOR TXH VH LQFRUSRUD GHWHUPLQD TXH HVWDV VDQFLRQHV VH
DSOLFDUiQ SRU HO MXH] GH PHQRUHV GH DFXHUGR D ODV GLVSRVLFLRQHV GH OD OH\
1ƒ\VLQSHUMXLFLRGHODVIDFXOWDGHVTXHHVHFXHUSROHJDOOHFRQILHUH
&RPR FRQFOXVLyQ GHO GHEDWH OD &RPLVLyQ DFRUGy DFRJHU FRQ
PRGLILFDFLRQHV ODV LQGLFDFLRQHV VLJQDGDV FRQ ORV Q~PHURV D SRU OD
XQDQLPLGDG GH VXV LQWHJUDQWHV ++ 6HQDGRUHV VHxRUHV 'tH] )HUQiQGH]
/DUUDtQ6XOH\=DOGLYDU
(O WH[WR DSUREDGR SDUD HO DUWtFXOR ƒ GHO SUR\HFWR MXQWR FRQ UHLWHUDU HO
SULQFLSLRJHQHUDOGHODUHVSRQVDELOLGDGFLYLOGHTXLHQWLHQHDVXFDUJRHOPHQRU
FRQVXOWDVDQFLRQHVHVSHFLDOHVSDUDODVSHUVRQDVPHQRUHVGH\PD\RUHVGH
DxRVGHHGDGTXHLQFXUUDQHQODVFRQGXFWDVVDQFLRQDGDVHQHODUWtFXORƒ
FRQVLVWHQWHVHQ
3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV S~EOLFRV GH OD PLVPD
QDWXUDOH]D TXH ORV TXH GHWHUPLQDURQ OD PHGLGD GHELHQGR SUHVHQWDUVH D HVDV
KRUDVHQORVOXJDUHVTXHGHWHUPLQHHOMXH]\
7UDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD FRPXQLGDG HQ ORV WpUPLQRV
TXHFRQWHPSODHODUWtFXORƒ
(QWHQGLy OD &RPLVLyQ TXH HQ OD IRUPD GHVFULWD HO MXH] GHO FULPHQ QR
UHTXLHUHHIHFWXDUSUHYLDPHQWHHOWUiPLWHGHGLVFHUQLPLHQWRGHORVPHQRUHVGH
DxRV\PD\RUHVGHTXHTXHGDUtDVXSULPLGRSDUDORVHIHFWRVGHHVWDOH\
/D LQGLFDFLyQ 1ƒ GHO + 6HQDGRU VHxRU 6XOH DJUHJD XQ QXHYR
DUWtFXORTXHH[FOX\HH[SUHVDPHQWHGHODDSOLFDFLyQGHHVWDOH\ORVKHFKRVTXH
VH SURGX]FDQ FRQ RFDVLyQ GH HVSHFWiFXORV YLQFXODGRV FRQ HO &RPLWp 2OtPSLFR
GH&KLOH\DMHQRVDOI~WEROSURIHVLRQDO
)XHUHWLUDGDSRUVXDXWRU
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
/D LQGLFDFLyQ 1ƒ GH ORV ++ 6HQDGRUHV VHxRUD &DUUHUD \ VHxRUHV
&DOGHUyQ *D]PXUL 1~xH] \ 2PLQDPL DJUHJD XQ DUWtFXOR QXHYR PHGLDQWH HO
FXDO VH LQWURGXFHQ PRGLILFDFLRQHV DO &yGLJR 3HQDO FRQ HO REMHWR GH FRQVLGHUDU
HQ HO DUWtFXOR FRPR SHQDV GH VLPSOHV GHOLWRV HO DUUHVWR \ HO WUDEDMR
FRPXQLWDULRGHILQGHVHPDQD\FRPRSHQDDFFHVRULDODSURKLELFLyQWHPSRUDO
SDUD DVLVWLU DO WLSR GH HVSHFWiFXORV GHSRUWLYRV TXH PRWLYDURQ OD FRQGHQD
DGHPiVGHHVWDEOHFHUHQHODUWtFXORGHOPLVPR&yGLJRODIRUPDHQTXHVH
FXPSOLUiQHVWDVSHQDV
)XH UHFKD]DGD SRU OD XQDQLPLGDG GH ORV LQWHJUDQWHV GH OD &RPLVLyQ
++6HQDGRUHVVHxRUHV'tH])HUQiQGH]/DUUDtQ6XOH\=DOGtYDUHQUD]yQGH
TXH HO DUUHVWR GH ILQ GH VHPDQD QR IXH FRQVLGHUDGR HQ GHILQLWLYD HQ HVWD
LQLFLDWLYD GH OH\ \ GH TXH OD SHQD DFFHVRULD GH SURKLELFLyQ GH DVLVWLU D
HVSHFWiFXORVGHOWLSRTXHPRWLYyODFRQGHQDKDVLGRUHJXODGDHQHODUWtFXORƒ
GHRWUDPDQHUD
/D LQGLFDFLyQ 1ƒ HO + 6HQDGRU VHxRU6XOH LQFRUSRUD HQ XQ DUWtFXOR
QXHYRPRGLILFDFLRQHVVLPLODUHVDODVVXJHULGDVSRUODLQGLFDFLyQDQWHULRUFRQOD
H[FOXVLyQGHODSHQDGHWUDEDMRVFRPXQLWDULRVGHILQGHVHPDQD
)XHUHWLUDGDSRUVXDXWRUDWHQGLGRORH[SXHVWRSUHFHGHQWHPHQWH
(Q PpULWR D ODV FRQVLGHUDFLRQHV DQWHULRUHV YXHVWUD &RPLVLyQ GH
&RQVWLWXFLyQ /HJLVODFLyQ -XVWLFLD \ 5HJODPHQWR RV SURSRQH TXH DSUREpLV ODV
VLJXLHQWHVPRGLILFDFLRQHVDOSUR\HFWRGHOH\FRQWHPSODGRHQHOSULPHULQIRUPH
$UWtFXORƒ
(QHOLQFLVRSULPHURUHHPSOD]DUODIUDVHILQDOODVH[LJHQFLDVTXHVHxDOH
&DUDELQHURVGH&KLOHSRUODRUDFLyQODVH[LJHQFLDVHVSHFLDOHVTXHSDUDHVWRV
FDVRVVHxDOH&DUDELQHURVGH&KLOH
$UWtFXORƒ
$JUHJDUHOVLJXLHQWHLQFLVRILQDO
/RV RUJDQL]DGRUHV GH RWURV HVSHFWiFXORV S~EOLFRV PDVLYRV GHEHUiQ
LQIRUPDUDO,QWHQGHQWH\D&DUDELQHURVGHVXUHDOL]DFLyQDORPHQRVFRQLJXDO
DQWLFLSDFLyQDODHVWDEOHFLGDHQHOLQFLVRDQWHULRU
$UWtFXORƒ
6XVWLWXLUORVLQFLVRVWHUFHUR\FXDUWRSRUORVTXHVLJXHQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH IXHVHQ FRQVWLWXWLYDV GH
RWURVFUtPHQHVRVLPSOHVGHOLWRVVHLPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWR
PiVJUDYH
(O TXH UHDOL]DUH DOJXQDV GH ODV FRQGXFWDV GHVFULWDV HQ ORV LQFLVRV
DQWHULRUHVUHFLELUiHQWRGRFDVRODVVLJXLHQWHVSHQDVDFFHVRULDV
D /D LQKDELOLWDFLyQ DEVROXWD SHUSHWXD SDUD VHU GLULJHQWH GH XQ FOXE
GHSRUWLYRSURIHVLRQDORDPDWHXUVLHOGHOLWRVHFRPHWLyFRQPRWLYRXRFDVLyQ
GHXQHVSHFWiFXORGHSRUWLYR
E /D SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR GH OD FRQGHQD D ORV
IXWXURV HVSHFWiFXORV S~EOLFRV GH OD PLVPD QDWXUDOH]D GH DTXpO TXH PRWLYy OD
VDQFLyQ
6LQSHUMXLFLRGHODVSHQDVDSOLFDEOHVDORVTXHTXHEUDQWDVHQODFRQGHQD
HQ HO HYHQWR GH TXH TXLHQ LQIULQMD HVWD SURKLELFLyQ KD\D VLGR EHQHILFLDGR FRQ
DOJXQDPHGLGDDOWHUQDWLYDDODVSHQDVSULYDWLYDVGHOLEHUWDGHOODVHHQWHQGHUi
UHYRFDGDSRUHOVRORPLQLVWHULRGHODOH\
(Q HO FDVR GHO I~WERO SURIHVLRQDO HVWiQ REOLJDGRV D GHQXQFLDU HO
TXHEUDQWDPLHQWR GH HVWD SURKLELFLyQ ORV GLUHFWRUHV R GLULJHQWHV GH ODV EDUUDV
GH ORV FOXEHV SDUWLFLSDQWHV HQ HO HVSHFWiFXOR HQ TXH VH SURGX]FD GLFKD
LQIUDFFLyQ
F/DLQKDELOLWDFLyQDEVROXWDSRUHOWLHPSRGHODFRQGHQDSDUDDVRFLDUVH
DXQFOXEGHI~WEROSURIHVLRQDORSDUDLQWHJUDUVXEDUUDVLHPSUHTXHHOGHOLWR
VHKD\DFRPHWLGRFRQPRWLYRXRFDVLyQGHXQSDUWLGRGHI~WEROSURIHVLRQDO
(MHFXWRULDGD TXH VHD OD VHQWHQFLD VH FRPXQLFDUi D ODV DXWRULGDGHV GHO
UHVSHFWLYRGHSRUWHSDUDVXFXPSOLPLHQWRHQORTXHFRUUHVSRQGD
6LHOLQIUDFWRUQRKDVLGRFRQGHQDGRDXQDSHQDVXSHULRUDODGHOLQFLVR
SULPHUR\GHVXVDQWHFHGHQWHVSHUVRQDOHVVXFRQGXFWDDQWHULRU\SRVWHULRUDO
KHFKRSXQLEOH\ODQDWXUDOH]DPRGDOLGDGHV\PyYLOHVGHWHUPLQDQWHVGHOGHOLWR
SXHGHSUHVXPLUVHTXHQRYROYHUiDGHOLQTXLUHOMXH]XQDYH] HMHFXWRULDGD OD
VHQWHQFLD SRGUi FRQPXWDU D SHWLFLyQ GHO LQIUDFWRU OD SHQD SULYDWLYD GH
OLEHUWDG SRU OD UHDOL]DFLyQ GH WUDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD
FRPXQLGDG /D UHVROXFLyQ TXH RWRUJXH OD FRQPXWDFLyQ GHEHUi VHxDODU
H[SUHVDPHQWHHOWLSRGHWUDEDMRHOOXJDUGRQGHGHEDUHDOL]DUVHVXGXUDFLyQ\
ODSHUVRQDRLQVWLWXFLyQHQFDUJDGDGHFRQWURODUVXFXPSOLPLHQWR/RVWUDEDMRV
VH UHDOL]DUiQ SRU XQ WLHPSR QR LQIHULRU DO ILMDGR SDUD OD VDQFLyQ TXH VH
FRQPXWH QL VXSHULRU DO GREOH GH HOOD GH SUHIHUHQFLD VLQ DIHFWDU OD MRUQDGD
ODERUDO TXH WHQJD HO LQIUDFWRU \ HQ ORV ILQHV GH VHPDQD FRQ XQ Pi[LPR GH
RFKR KRUDV VHPDQDOHV /D QR UHDOL]DFLyQ FDEDO \ RSRUWXQD GH ORV WUDEDMRV
GHWHUPLQDGRV SRU HO WULEXQDO GHMDUi VLQ HIHFWR OD FRQPXWDFLyQ SRU HO VROR
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
PLQLVWHULR GH OD OH\ \ GHEHUi FXPSOLUVH tQWHJUDPHQWH OD VDQFLyQ
SULPLWLYDPHQWH DSOLFDGD D PHQRV TXH HO MXH] SRU UHVROXFLyQ IXQGDGD
GHWHUPLQHRWUDFRVD
/RV UHSUHVHQWDQWHV OHJDOHV GH ORV FOXEHV RUJDQL]DGRUHV GHO HVSHFWiFXOR
TXHSRUQHJOLJHQFLDRGHVFXLGRFXOSDEOHHQHOFXPSOLPLHQWRGHODVREOLJDFLRQHV
TXH OHV LPSRQH OD SUHVHQWH OH\ FRQWULEX\HUDQ R IDFLOLWDUHQ OD FRPLVLyQ GH ODV
FRQGXFWDVWLSLILFDGDVHQORVLQFLVRVSULPHUR\VHJXQGRVHUiQVDQFLRQDGRVFRQ
PXOWDGHXQDDGLH]XQLGDGHVWULEXWDULDVPHQVXDOHVDEHQHILFLRILVFDO
$UWtFXORƒ
(Q OD FDXVDO VHJXQGD VXVWLWXLU OD SDODEUD SDUWLFLSDQWH SRU
SURWDJRQLVWD
$xDGLUODVLJXLHQWHFDXVDO
D +DEHU FDXVDGR ODV OHVLRQHV D ODV TXH VH UHILHUH HO DUWtFXOR ƒ D
MXJDGRUHV WpFQLFRV GLULJHQWHV R SURWDJRQLVWDV GH ORV HVSHFWiFXORV S~EOLFRV
PDVLYRV
$UWtFXORƒ
(Q HO LQFLVR SULPHUR UHHPSOD]DU OD IUDVH FRQVWLWXLUi SOHQD SUXHED SRU
OD VLJXLHQWH VHUi DSUHFLDGR SRU HO MXH] FRPR XQDSUHVXQFLyQ D OD TXH SRGUi
GDUYDORUVXILFLHQWH
(QHOLQFLVRVHJXQGRVXSULPLUODIUDVHTXHVHFRQWHQJDQ\ODFRPDTXH
ODSUHFHGH
$UWtFXORƒ
6XVWLWXLU VXV LQFLVRV SULPHUR \ VHJXQGR SRU HO TXH VH LQGLFD D
FRQWLQXDFLyQ
/DV SHUVRQDV PHQRUHV GH \ PD\RUHV GH DxRV GH HGDG TXH
LQFXUULHUHQ HQ ODV FRQGXFWDV FRQWHPSODGDV HQ HO DUWtFXOR ƒ HVWD OH\ SRGUiQ
VHUVDQFLRQDGDVFRQODVVLJXLHQWHVPHGLGDV
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV S~EOLFRV GH OD
PLVPD QDWXUDOH]D GH DTXHO TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ GH OD PHGLGD
FRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQHQHO
OXJDUILMDGRSRUHOMXH]KDVWDSRUHOWpUPLQRGHXQDxR
ƒ 7UDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD FRPXQLGDG HQ ORV
WpUPLQRVGHOLQFLVRSHQ~OWLPRGHODUWtFXORƒ
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
(QFRQVHFXHQFLDHOSUR\HFWRGHOH\TXHGDUtDFRPRVLJXH
352<(&72'(/(<
7tWXOR,
'HODVPHGLGDVGHVHJXULGDGSUHYHQWLYDV
$UWtFXOR ž /RV RUJDQL]DGRUHV GH ORV HVSHFWiFXORV S~EOLFRV PDVLYRV
TXH HO ,QWHQGHQWH FDOLILTXH GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD GHEHUiQ
FXPSOLU RSRUWXQDPHQWH FRQ ODV H[LJHQFLDV HVSHFLDOHV TXH SDUD HVWRV FDVRV
VHxDOH&DUDELQHURVGH&KLOH
(Q FDVR GH LQFXPSOLPLHQWR HO ,QWHQGHQWH SUHYLR LQIRUPH GH
&DUDELQHURV SRGUi GLVSRQHU OD VXVSHQVLyQ GHO HVSHFWiFXOR KDVWD HO
FXPSOLPLHQWRGHODVPHGLGDVH[LJLGDV
7UDWiQGRVH GHO I~WERO SURIHVLRQDO HQWUH HVWDV H[LJHQFLDV GHEHUi
FRQWHPSODUVH OD XELFDFLyQ GH ODV EDUUDV HQ VHFWRUHV VHSDUDGRV FODUDPHQWH
GHWHUPLQDGRV D ORV FXDOHV VyOR SRGUiQ LQJUHVDU ORV LQWHJUDQWHV GH HOODV
SUHYLDH[KLELFLyQGHODFUHGHQFLDODTXHVHKDFHUHIHUHQFLDHQHODUWtFXORƒ(O
FRQWURO GHO DFFHVR \ XELFDFLyQ GH ODV EDUUDV VHUi GH UHVSRQVDELOLGDG GH ORV
RUJDQL]DGRUHV GHO HVSHFWiFXOR TXLHQHV GHEHUiQ YHULILFDU OD LGHQWLGDG GH ODV
SHUVRQDV TXH LQJUHVHQ DO VHFWRU GHVWLQDGR D OD EDUUD UHVSHFWLYD \ GHMDU
FRQVWDQFLDGHVXDVLVWHQFLD
(O ,QWHQGHQWH 5HJLRQDO SRGUi GHOHJDU HQ ORV JREHUQDGRUHV UHVSHFWLYRV
ODVDWULEXFLRQHVTXHOHFRQILHUHHVWHDUWtFXOR
$UWtFXORž/DVDXWRULGDGHVGHOI~WEROSURIHVLRQDODOPRPHQWRGHILMDU
HO FDOHQGDULR GH ODV FRPSHWHQFLDV QDFLRQDOHV H LQWHUQDFLRQDOHV R DO WRPDU
FRQRFLPLHQWRGHHVWDV~OWLPDVGHEHUiQFRPXQLFDUORDO,QWHQGHQWHUHVSHFWLYR
SDUDVXHYDOXDFLyQ
/RVHVSHFWiFXORVQRFRQWHPSODGRVHQHOFDOHQGDULR\ORVFDPELRVTXHVH
UHJLVWUHQGHEHUiQVHULQIRUPDGRVDO,QWHQGHQWH\D&DUDELQHURVFRQQRPHQRV
GH YHLQWLFXDWUR KRUDV GH DQWLFLSDFLyQ D VX UHDOL]DFLyQ /DV DXWRULGDGHV GHO
I~WEROSURIHVLRQDOVLHPSUHGHEHUiQDGYHUWLUOHVVREUHDTXHOORVSDUWLGRVTXHHQ
VXRSLQLyQSXHGDQUHYHVWLUDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
/RV RUJDQL]DGRUHV GH RWURV HVSHFWiFXORV S~EOLFRV PDVLYRV GHEHUiQ
LQIRUPDUDO,QWHQGHQWH\D&DUDELQHURVGHVXUHDOL]DFLyQDORPHQRVFRQLJXDO
DQWLFLSDFLyQDODHVWDEOHFLGDHQHOLQFLVRDQWHULRU
$UWtFXOR ž /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ FRQWDU FRQ XQ
SDGUyQRILFLDODFWXDOL]DGRGHORVPLHPEURVGHVXEDUUDHOTXHVHOOHYDUiHQVXV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
RILFLQDV FHQWUDOHV (Q GLFKR UHJLVWUR GHEHUi ILJXUDU D OR PHQRV HO QRPEUH
FRPSOHWR OD FpGXOD QDFLRQDO GH LGHQWLGDG HO GRPLFLOLR \ OD SURIHVLyQ X
RFXSDFLyQ GH FDGD LQWHJUDQWH $O PRPHQWR GH OD LQVFULSFLyQ HO FOXE GHEHUi
HQWUHJDU XQD FUHGHQFLDO QXPHUDGD LQGLYLGXDO H LQWUDQVIHULEOH TXH FRQWHQJD
HVRV GDWRV \ XQD IRWRJUDItD GHO PLHPEUR GH OD EDUUD \ UH~QD FDUDFWHUtVWLFDV
TXHGLILFXOWHQVXDGXOWHUDFLyQ
7tWXOR,,
'HORVGHOLWRVFRPHWLGRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRVPDVLYRV
$UWtFXOR ž (O TXH FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR S~EOLFR
PDVLYRFDXVDUHOHVLRQHVDODVSHUVRQDVRGDxRVDELHQHVHQHOUHFLQWRHQTXH
WLHQHOXJDURHQVXVLQPHGLDFLRQHVDQWHVGXUDQWHRGHVSXpVGHVXGHVDUUROOR
VHUi FDVWLJDGR FRQ SUHVLGLR PHQRU HQ VX JUDGR PHGLR VDOYR TXH HO KHFKR
GHOLFWXDOPHUH]FDXQDSHQDVXSHULRU
&RQ OD PLVPD SHQD VHUi VDQFLRQDGR HO TXH HQ ODV FLUFXQVWDQFLDV
PHQFLRQDGDV \ VLQ FRPHWHUHVRV GHOLWRV SRUWDUH DUPDV HOHPHQWRV XREMHWRV
LGyQHRV SDUD SHUSHWUDUORV R LQFLWDUH R SURPRYLHUH OD HMHFXFLyQ GH DOJXQD GH
GLFKDVFRQGXFWDV
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH IXHVHQ FRQVWLWXWLYDV GH
RWURVFUtPHQHVRVLPSOHVGHOLWRVVHLPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWR
PiVJUDYH
(O TXH UHDOL]DUH DOJXQDV GH ODV FRQGXFWDV GHVFULWDV HQ ORV LQFLVRV
DQWHULRUHVUHFLELUiHQWRGRFDVRODVVLJXLHQWHVSHQDVDFFHVRULDV
D /D LQKDELOLWDFLyQ DEVROXWD SHUSHWXD SDUD VHU GLULJHQWH GH XQ FOXE
GHSRUWLYRSURIHVLRQDORDPDWHXUVLHOGHOLWRVHFRPHWLyFRQPRWLYRXRFDVLyQ
GHXQHVSHFWiFXORGHSRUWLYR
E /D SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR GH OD FRQGHQD D ORV
IXWXURV HVSHFWiFXORV S~EOLFRV GH OD PLVPD QDWXUDOH]D GH DTXpO TXH PRWLYy OD
VDQFLyQ
6LQSHUMXLFLRGHODVSHQDVDSOLFDEOHVDORVTXHTXHEUDQWDVHQODFRQGHQD
HQ HO HYHQWR GH TXH TXLHQ LQIULQMD HVWD SURKLELFLyQ KD\D VLGR EHQHILFLDGR FRQ
DOJXQDPHGLGDDOWHUQDWLYDDODVSHQDVSULYDWLYDVGHOLEHUWDGHOODVHHQWHQGHUi
UHYRFDGDSRUHOVRORPLQLVWHULRGHODOH\
(Q HO FDVR GHO I~WERO SURIHVLRQDO HVWiQ REOLJDGRV D GHQXQFLDU HO
TXHEUDQWDPLHQWR GH HVWD SURKLELFLyQ ORV GLUHFWRUHV R GLULJHQWHV GH ODV EDUUDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
GH ORV FOXEHV SDUWLFLSDQWHV HQ HO HVSHFWiFXOR HQ TXH VH SURGX]FD GLFKD
LQIUDFFLyQ
F/DLQKDELOLWDFLyQDEVROXWDSRUHOWLHPSRGHODFRQGHQDSDUDDVRFLDUVH
DXQFOXEGHI~WEROSURIHVLRQDORSDUDLQWHJUDUVXEDUUDVLHPSUHTXHHOGHOLWR
VHKD\DFRPHWLGRFRQPRWLYRXRFDVLyQGHXQSDUWLGRGHI~WEROSURIHVLRQDO
(MHFXWRULDGD TXH VHD OD VHQWHQFLD VH FRPXQLFDUi D ODV DXWRULGDGHV GHO
UHVSHFWLYRGHSRUWHSDUDVXFXPSOLPLHQWRHQORTXHFRUUHVSRQGD
6LHOLQIUDFWRUQRKDVLGRFRQGHQDGRDXQDSHQDVXSHULRUDODGHOLQFLVR
SULPHUR\GHVXVDQWHFHGHQWHVSHUVRQDOHVVXFRQGXFWDDQWHULRU\SRVWHULRUDO
KHFKRSXQLEOH\ODQDWXUDOH]DPRGDOLGDGHV\PyYLOHVGHWHUPLQDQWHVGHOGHOLWR
SXHGHSUHVXPLUVHTXHQRYROYHUiDGHOLQTXLUHOMXH]XQDYH] HMHFXWRULDGD OD
VHQWHQFLD SRGUi FRQPXWDU D SHWLFLyQ GHO LQIUDFWRU OD SHQD SULYDWLYD GH
OLEHUWDG SRU OD UHDOL]DFLyQ GH WUDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD
FRPXQLGDG /D UHVROXFLyQ TXH RWRUJXH OD FRQPXWDFLyQ GHEHUi VHxDODU
H[SUHVDPHQWHHOWLSRGHWUDEDMRHOOXJDUGRQGHGHEDUHDOL]DUVHVXGXUDFLyQ\
ODSHUVRQDRLQVWLWXFLyQHQFDUJDGDGHFRQWURODUVXFXPSOLPLHQWR/RVWUDEDMRV
VH UHDOL]DUiQ SRU XQ WLHPSR QR LQIHULRU DO ILMDGR SDUD OD VDQFLyQ TXH VH
FRQPXWH QL VXSHULRU DO GREOH GH HOOD GH SUHIHUHQFLD VLQ DIHFWDU OD MRUQDGD
ODERUDO TXH WHQJD HO LQIUDFWRU \ HQ ORV ILQHV GH VHPDQD FRQ XQ Pi[LPR GH
RFKR KRUDV VHPDQDOHV /D QR UHDOL]DFLyQ FDEDO \ RSRUWXQD GH ORV WUDEDMRV
GHWHUPLQDGRV SRU HO WULEXQDO GHMDUi VLQ HIHFWR OD FRQPXWDFLyQ SRU HO VROR
PLQLVWHULR GH OD OH\ \ GHEHUi FXPSOLUVH tQWHJUDPHQWH OD VDQFLyQ
SULPLWLYDPHQWH DSOLFDGD D PHQRV TXH HO MXH] SRU UHVROXFLyQ IXQGDGD
GHWHUPLQHRWUDFRVD
/RV UHSUHVHQWDQWHV OHJDOHV GH ORV FOXEHV RUJDQL]DGRUHV GHO HVSHFWiFXOR
TXHSRUQHJOLJHQFLDRGHVFXLGRFXOSDEOHHQHOFXPSOLPLHQWRGHODVREOLJDFLRQHV
TXH OHV LPSRQH OD SUHVHQWH OH\ FRQWULEX\HUDQ R IDFLOLWDUHQ OD FRPLVLyQ GH ODV
FRQGXFWDVWLSLILFDGDVHQORVLQFLVRVSULPHUR\VHJXQGRVHUiQVDQFLRQDGRVFRQ
PXOWDGHXQDDGLH]XQLGDGHVWULEXWDULDVPHQVXDOHVDEHQHILFLRILVFDO
$UWtFXORž6HFRQVLGHUDUiQFLUFXQVWDQFLDVDJUDYDQWHVHVSHFLDOHV
D 6HU PLHPEUR GH OD EDUUD R VRFLR GHDOJXQR GHORV FOXEHV GH I~WERO
SURIHVLRQDOTXHSDUWLFLSHQHQHOHVSHFWiFXOR
D (Q WRGR RWUR HVSHFWiFXOR S~EOLFR PDVLYR VHU RUJDQL]DGRU R
SURWDJRQLVWDHQpVWH
D $FWXDU EDMR ORV HIHFWRV GH EHELGDV DOFRKyOLFDV HVWXSHIDFLHQWHV
SVLFRWUySLFRVHVWLPXODQWHVRVXVWDQFLDVDQiORJDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
D +DEHU FDXVDGR ODV OHVLRQHV D ODV TXH VH UHILHUH HO DUWtFXOR ƒ D
MXJDGRUHV WpFQLFRV GLULJHQWHV R SURWDJRQLVWDV GH ORV HVSHFWiFXORV S~EOLFRV
PDVLYRV
$UWtFXOR ž 7RGR VLVWHPD GH UHSURGXFFLyQ GH OD LPDJHQ \ GHO VRQLGR
HQVXFDVRVHUiDSUHFLDGRSRUHOMXH]FRPRXQDSUHVXQFLyQDODTXHSRGUiGDU
YDORUVXILFLHQWHSDUDDFUHGLWDU ODH[LVWHQFLDGHORVGHOLWRVHVWDEOHFLGRVHQHVWD
OH\\ODUHVSRQVDELOLGDGSHQDOGHORVSDUWtFLSHV
&RQVWLWXLUiQ SUHVXQFLyQ OHJDO GH RFXUUHQFLD GHO KHFKR SXQLEOH \ GH
UHVSRQVDELOLGDG GH ORV SDUWtFLSHV ODV DVHYHUDFLRQHV TXH OD SROLFtD KDJD VREUH
HVDVFLUFXQVWDQFLDVHQODVFRPXQLFDFLRQHVRSDUWHVHQYLDGRVDORVWULEXQDOHV
$UWtFXOR ƒ /DV SHUVRQDV PHQRUHV GH \ PD\RUHV GH DxRV GH
HGDGTXHLQFXUULHUHQHQODVFRQGXFWDVFRQWHPSODGDVHQHODUWtFXORƒHVWDOH\
SRGUiQVHUVDQFLRQDGDVFRQODVVLJXLHQWHVPHGLGDV
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV S~EOLFRV GH OD
PLVPD QDWXUDOH]D GH DTXHO TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ GH OD PHGLGD
FRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQHQHO
OXJDUILMDGRSRUHOMXH]KDVWDSRUHOWpUPLQRGHXQDxR
ƒ 7UDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD FRPXQLGDG HQ ORV
WpUPLQRVGHOLQFLVRSHQ~OWLPRGHODUWtFXORƒ
/DSHUVRQDTXHWXYLHVHDVXFDUJRHOFXLGDGRGHOPHQRUVHUiFLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
$UWtFXOR ƒ (Q ORV SURFHVRV SRU ORV GHOLWRV FRQWHPSODGRV HQHVWD OH\
VHREVHUYDUiQODVUHJODVHVWDEOHFLGDVHQHO7tWXOR,GHO/LEUR7HUFHURGHO&yGLJR
GH3URFHGLPLHQWR3HQDO
7tWXOR,,,
'LVSRVLFLRQHVYDULDV
$UWtFXOR ƒ $JUpJDQVH HQ HO DUWtFXOR GH OD OH\ 1ž GH
$OFRKROHV%HELGDV$OFRKyOLFDV\9LQDJUHVORVVLJXLHQWHVLQFLVRVILQDOHV
(QORVHVSHFWiFXORVS~EOLFRVPDVLYRVTXHHO,QWHQGHQWHFDOLILTXHGH
DOWRULHVJRSDUDODVHJXULGDGS~EOLFDSRGUiGHFUHWDUVHODSURKLELFLyQGH
H[SHQGLRGHEHELGDVDOFRKyOLFDVHQORVFHQWURVRUHFLQWRVGRQGHVHOOHYHQD
HIHFWR \ HQ XQ SHUtPHWUR Pi[LPR GH FLQFR FXDGUDV PHGLGD TXH UHJLUi
GHVGH WUHV KRUDV DQWHV GHO LQLFLR GHO HYHQWR KDVWD WUHV KRUDV GHVSXpV GH VX
ILQDOL]DFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
6(*81'2,1)250(&20,6,Ð1&2167,78&,Ð1
/RVHVWDEOHFLPLHQWRVDIHFWDGRVVHUiQQRWLILFDGRVGHHVWDUHVROXFLyQSRU
LQVSHFWRUHV PXQLFLSDOHV R SRU &DUDELQHURV GH &KLOH FRQ YHLQWLFXDWUR KRUDV GH
DQWLFLSDFLyQDODHQWUDGDHQYLJHQFLDGHODPLVPD
$UWtFXOR WUDQVLWRULR /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ GDU
FXPSOLPLHQWRDODVREOLJDFLRQHVTXHOHVLPSRQHHODUWtFXORƒGHQWURGHOSOD]R
GHQRYHQWDGtDVFRQWDGRVGHVGHODSXEOLFDFLyQGHHVWDOH\
$FRUGDGRHQVHVLyQFHOHEUDGDHOGtDGHKR\FRQODDVLVWHQFLDGHORV++
6HQDGRUHV VHxRUHV 6HUJLR 'tH] 8U]~D 3UHVLGHQWH 6HUJLR )HUQiQGH]
)HUQiQGH] +HUQiQ /DUUDtQ )HUQiQGH] $QVHOPR 6XOH &DQGLD \ $GROIR =DOGtYDU
/DUUDtQ
6DODGHOD&RPLVLyQDGHDEULOGH
-26(/8,6$//,(1'(/(,9$
6HFUHWDULR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
'LVFXVLyQHQVDOD
6HQDGR /HJLVODWXUD 6HVLyQ )HFKD GH DEULO 'LVFXVLyQ
SDUWLFXODU6HDSUXHEDFRQPRGLILFDFLRQHV
5(35(6,21'(9,2/(1&,$(1&(17526'(3257,926
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 3UR\HFWR GH OH\ HQ VHJXQGR WUiPLWH
FRQVWLWXFLRQDO RULJLQDGR HQ PHQVDMH GH 6X ([FHOHQFLD HO 3UHVLGHQWH GH OD
5HS~EOLFD TXH UHSULPH GHVyUGHQHV \ KHFKRV GH YLROHQFLD HQ ORV HVWDGLRV \
RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH HVSHFWiFXORV S~EOLFRV FRQ VHJXQGR
LQIRUPHGHOD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ-XVWLFLD\5HJODPHQWRFRQ
XUJHQFLDFDOLILFDGDGH6XPD
²/RV DQWHFHGHQWHV VREUH HO SUR\HFWR ILJXUDQ HQ ORV 'LDULRV GH
6HVLRQHVTXHVHLQGLFDQ
3UR\HFWRGHOH\
(QVHJXQGRWUiPLWHVHVLyQHQGHMXQLRGH
,QIRUPHGH&RPLVLyQ
&RQVWLWXFLyQVHVLyQDHQGHHQHURGH
&RQVWLWXFLyQVHJXQGRVHVLyQDHQGHDEULOGH
'LVFXVLyQ
6HVLyQDHQGHDEULOGHVHDSUXHEDHQJHQHUDO
(O VHxRU (<=$*8,55( 6HFUHWDULR² /D &RPLVLyQ GHMD FRQVWDQFLD GH TXH QR
IXHURQ REMHWR GH LQGLFDFLRQHV QL GH PRGLILFDFLRQHV ORV DUWtFXORV R R \
WUDQVLWRULR ORV FXDOHV HQ FRQIRUPLGDG DO DUWtFXOR GHO 5HJODPHQWR GHO
6HQDGRFRUUHVSRQGHGDUSRUDSUREDGRVVLQPD\RUGLVFXVLyQ
²6HDSUXHEDQ
(OVHxRU(<=$*8,55(6HFUHWDULR²$VLPLVPROD&RPLVLyQKDFHFRQVWDUTXH
HO DUWtFXOR R VyOR IXH REMHWR GH LQGLFDFLRQHV UHFKD]DGDV ODV TXH SRGUtDQ VHU
UHQRYDGDV FRQ OD ILUPD GH GLH] VHxRUHV 6HQDGRUHV R SRU HO (MHFXWLYR HQ VX
FDVRTXHDSUREyODVLQGLFDFLRQHV1ƒV\TXHDFRJLyFRQPRGLILFDFLRQHV
ODVVLJQDGDVFRQORV1ƒV\
TXHUHFKD]yODV1ƒV\ODVTXHWDPELpQSXHGHQ
VHU UHQRYDGDV FRQ ODV ILUPDV UHJODPHQWDULDV R SRU HO (MHFXWLYR HQ VX FDVR
TXH IXHURQ UHWLUDGDV ODV LQGLFDFLRQHV D ELV \ \ TXH
GHFODUyLQDGPLVLEOHVODVVLJQDGDVFRQORV1ƒV\
/D&RPLVLyQHQVXVHJXQGRLQIRUPHSURSRQHGLYHUVDVHQPLHQGDV
DO SUR\HFWR GHO SULPHU LQIRUPH TXH VRQ ODV TXH HO 6HQDGR GHEH GLVFXWLU \
SURQXQFLDUVH D VX UHVSHFWR /D SULPHUD GH HOODV GLFH UHODFLyQ DO DUWtFXOR R
SDUDUHHPSOD]DUHQVXLQFLVRSULPHURODIUDVHILQDOODVH[LJHQFLDVTXHVHxDOH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
&DUDELQHURV GH &KLOH SRU ODV H[LJHQFLDV HVSHFLDOHV TXH SDUD HVWRV FDVRV
VHxDOH&DUDELQHURVGH&KLOH
(OVHxRU18f(=9LFHSUHVLGHQWH²(QGLVFXVLyQSDUWLFXODUHOSUR\HFWR
2IUH]FRODSDODEUD
(OVHxRU',(=²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUD6X6HxRUtD
(OVHxRU',(=²6HxRU3UHVLGHQWHFRPRXQDH[SOLFDFLyQJHQHUDODO+RQRUDEOH
6HQDGR SXHGR GHFLU TXH ODV SURSRVLFLRQHV IRUPXODGDV SRU OD &RPLVLyQ VH
DGRSWDURQ SRU OD XQDQLPLGDG GH VXV PLHPEURV \ FRUUHVSRQGHQ D OD PDQHUD
GH XQ FRPSHQGLR D OD DFHSWDFLyQ SDUFLDO GH QXPHURVDV LQGLFDFLRQHV DOJXQDV
GH ODV FXDOHV VH DFRJLHURQ FRQ PRGLILFDFLRQHV RWUDV IXHURQ UHWLUDGDV R
GHFODUDGDVLQDGPLVLEOHV
(QORUHIHUHQWHDODUWtFXORRVHGHMyFRQVWDQFLDHQHOLQIRUPHGH
TXHVHDJUHJyHODGMHWLYRHVSHFLDOHVDODVH[LJHQFLDVTXHVHxDOH&DUDELQHURV
GH&KLOHSDUDHVWRVHVSHFWiFXORVPDVLYRV(OORVHKL]R²UHLWHUR²HQYLUWXGGH
LQGLFDFLRQHVSUHVHQWDGDVHQOD&RPLVLyQ
(VH HV HO ~QLFR VHQWLGR GH OD PRGLILFDFLyQ LQWURGXFLGD DO DUWtFXOR
R SRU OR TXH ²FUHR² HO 6HQDGR QR GHELHUD WHQHU LQFRQYHQLHQWH DOJXQR HQ
DFRJHUOD
²6HDSUXHEDXQiQLPHPHQWH
(O VHxRU (<=$*8,55( 6HFUHWDULR² (Q HO DUWtFXOR R OD &RPLVLyQ VXJLHUH
DJUHJDUHOVLJXLHQWHLQFLVRILQDO
/RV RUJDQL]DGRUHV GH RWURV HVSHFWiFXORV S~EOLFRV PDVLYRV
GHEHUiQLQIRUPDUDO,QWHQGHQWH\D&DUDELQHURVGHVXUHDOL]DFLyQDORPHQRV
FRQLJXDODQWLFLSDFLyQDODHVWDEOHFLGDHQHOLQFLVRDQWHULRU
(OVHxRU18f(=9LFHSUHVLGHQWH²(QGLVFXVLyQ
2IUH]FRODSDODEUD
(O VHxRU 68/(² (VWR UHVXOWD REYLR SXHV HO SOD]R VH HVWDEOHFLy LQLFLDOPHQWH
FXDQGR OD QRUPD VyOR VH UHIHUtD D HYHQWRV PDVLYRV GHO I~WERO SURIHVLRQDO <
FRPR VH DPSOLy D RWURV HYLGHQWHPHQWH WDPELpQ HV QHFHVDULR DYLVDU FRQ OD
GHELGDDQWHODFLyQHQHVWRVFDVRV
(O VHxRU 18f(= 9LFHSUHVLGHQWH² ¢+DEUtD DFXHUGR HQ DJUHJDU HVWH LQFLVR
ILQDODODUWtFXORR"
(OVHxRU+8(57$²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUD6X6HxRUtD
(O VHxRU +8(57$² (Q FXDQWR DO DUWtFXOR R OD &RPLVLyQ DFRUGy VXJHULU DO
+RQRUDEOH6HQDGRTXHVHRILFLHDORV0LQLVWHULRVGHO,QWHULRU\GH+DFLHQGDHQ
FXDQWRDFXEULUJDVWRVH[WUDRUGLQDULRVTXHGHPDQGHQHVWRVHVSHFWiFXORV
(OVHxRU68/(²3HUGyQVHxRU3UHVLGHQWH
/RTXHHORUJDQLVPRWpFQLFRGHFLGLyIXHSODQWHDUDOD6DODTXHVH
RILFLHDO(MHFXWLYRSDUDTXHFXDQGRORHVWLPHRSRUWXQR²HYHQWXDOPHQWHHQOD
SUy[LPD/H\GH3UHVXSXHVWRV²VHFRQVLGHUHQIRQGRVHVSHFLDOHVSDUDILQDQFLDU
HVWRVJDVWRVH[WUDRUGLQDULRV'HHVRVHWUDWD1RHVWiLQFOXLGRHQHOSUR\HFWR
VLQRTXHHVXQDVROLFLWXGDGLFLRQDO\FRPSOHPHQWDUtD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 18f(= 9LFHSUHVLGHQWH² ¢4XHGD DFODUDGD VX LQTXLHWXG +RQRUDEOH
VHxRU+XHUWD"
(OVHxRU+8(57$²3HUIHFWDPHQWHVHxRU3UHVLGHQWH
(OVHxRU',(=²(QWRGRFDVRVHUtDFRQYHQLHQWHTXHHO6HQDGRDGRSWDUDGLFKR
DFXHUGR\GHVSDFKDUDORVRILFLRVSHUWLQHQWHV
(OVHxRU68/(²(VRHVORTXHSODQWHp+RQRUDEOHFROHJD
(O VHxRU 18f(= 9LFHSUHVLGHQWH² (Q FRQVHFXHQFLD VH HQYLDUiQ ORV RILFLRV
FRUUHVSRQGLHQWHVHQQRPEUHGHOD&RUSRUDFLyQ
$FRUGDGR
(Q UHODFLyQ DO LQFLVR ILQDO TXH VH DJUHJD DO DUWtFXOR ž RIUH]FR OD
SDODEUD
(OVHxRU',$=²3LGRODSDODEUD
(OVHxRU18f(=9LFHSUHVLGHQWH²3XHGHKDFHUXVRGHHOOD6X6HxRUtD
(OVHxRU',$=²6HxRU3UHVLGHQWHSDUHFHOHJtWLPRTXHORVFOXEHVGHSRUWLYRV²
SRU OR GHPiV VRQ HPSUHVDV TXH PDQHMDQ HQRUPHV UHFXUVRV HV FRVD GH OHHU
ODVQRWLFLDVYHUORVILFKDMHV\ODVUHFDXGDFLRQHVTXHREWLHQHQ²GHEDQKDFHU
XQ GHSyVLWR SUHYLR D ORV HVSHFWiFXORV SDUD UHVSRQGHU SRU ORV GDxRV TXH VXV
EDUULVWDVSURYRFDQ
3XHV ELHQ OD LQGLFDFLyQ TXH IRUPXODPRV IXH GHFODUDGD
LQDGPLVLEOHHQORTXHDPLMXLFLRVHHTXLYRFyWRWDOPHQWHOD&RPLVLyQ/RGLJR
FODUDPHQWH \ DVt OR H[SUHVR HQ OD 6DOD $GHPiV KD\ UHVSRQVDELOLGDG GH ODV
GLUHFWLYDV GH ORVFOXEHVGHSRUWLYRV\DTXHpVWDVQRVyORGHEHQUHVSRQGHUGHO
p[LWRRIUDFDVRHFRQyPLFRVLQRWDPELpQGHOILQDQFLDPLHQWRGHORVPLVPRV\GH
ODFRQGXFWDGHVXVVRFLRV'HRWURPRGREDVWDUtDFRQVLGHUDUDOHQWUHQDGRUQR
PiV(VHYLGHQWHTXHHQHVWRVHVSHFWiFXORVPDVLYRVHVSHFLDOPHQWHGHI~WERO
ODVEDUUDVYDQSUHSDUDGDV\FXHQWDQFRQODDQXHQFLDFRQHOYLVWREXHQRGHODV
GLUHFWLYDV < FXDQGR SURYRFDQ ORV GDxRV TXH VDEHPRV HQ 6DQWLDJR \ HQ
SURYLQFLDVDOJXLHQWLHQHTXHUHVSRQGHU
(QORTXHDWDxHDHVWDSURSRVLFLyQHO LQIRUPHGLFHTXH(OVHxRU
3UHVLGHQWH GH OD &RPLVLyQ HQ DWHQFLyQ D ORV IXQGDPHQWRV WHQLGRV HQ YLVWD
UHVSHFWR GH OD LQGLFDFLyQ VLJQDGD FRQ HO 1ƒ D TXH VH KD KHFKR UHIHUHQFLD
DQWHULRUPHQWH OD GHFODUy LQDGPLVLEOH (VR VH UHILHUH D XQD LQGLFDFLyQ GHO
+RQRUDEOH VHxRU +XHUWD UHODWLYD D &DUDELQHURV 3HUR HO DVXQWR HV
DEVROXWDPHQWH GLVWLQWR < OH HQFXHQWUR UD]yQ DO VHxRU 6HQDGRU HQ FXDQWR D
TXHFXDQGRVHGHVWLQDQySROLFtDVHVRLUURJDXQPD\RUJDVWRHOTXH
GHDOJXQDPDQHUDGHEHUtDFXEULUVH
/RTXHQRVRWURVSODQWHDPRVHVXQGHSyVLWRSUHYLRDODUHDOL]DFLyQ
GH HVSHFWiFXORV HQ ORV TXH VH VDEH GH DQWHPDQR TXH VH SURYRFDUiQ
GHVyUGHQHV < WDQ GH DQWHPDQR TXH TXLHQHV YLYLPRV HQ SURYLQFLDV VDEHPRV
TXH FXDQGR XQD GH HVDV EDUUDV VH GHVSOD]D KDVWD HOODV GHVGH ODV SULPHUDV
KRUDVGHODPDxDQDVHQRWDGHLQPHGLDWRODJDUUDRORVEDMRVLQVWLQWRV
(OVHxRU68/(²(OORTXLHUHGHFLUTXHODVHJXQGDLQGLFDFLyQVHDSUREySRUTXH
pVWHHVRWURDUWtFXOR
(OVHxRU',$=²0HUHILHURDODUWtFXORž
(OVHxRU',(=²¢0HSHUPLWHXQDLQWHUUXSFLyQ+RQRUDEOHFROHJD"
(OVHxRU',$=²&RQWRGRJXVWRSHURD~QQRKHWHUPLQDGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(OVHxRU68/(²3HURHOGHSyVLWRVHSODQWHDHQHODUWtFXORž
(O VHxRU ',$=² ([DFWDPHQWH SHUR HVWDPRV HQ HO DUWtFXOR ž TXH WDPELpQ
WLHQHTXHYHUFRQHVWR
(OVHxRU18f(=9LFHSUHVLGHQWH²(VWiHQGHEDWHHODUWtFXORž
(OVHxRU',$=²7LHQHUHODFLyQFRQpO0HHVWR\DGHODQWDQGR
(Q WRGR FDVR GHVHR DFODUDU SULPHUR TXH QR VH WUDWD GH XQ
WULEXWR VLQR GH XQ GHSyVLWR \ TXH HO YDORU GHSRVLWDGR QR YD DO HUDULR
VHJXQGR QRFRQWULEX\H DO JDVWR ILVFDO SXHV VyOR HVWi GHVWLQDGR D UHSDUDU ORV
GDxRVTXHVHSURGX]FDQDFDXVDGHORVGHVyUGHQHVRKHFKRVYLROHQWRVTXHVH
UHJLVWUHQ FRQ RFDVLyQ GH XQ HVSHFWiFXOR FDOLILFDGR GH DOWR ULHVJR SDUD OD
VHJXULGDG S~EOLFD WHUFHUR WDPSRFR FRQVWLWX\H H[SURSLDFLyQ TXH UHFDH HQ
ELHQHVUDtFHV\DTXtQRVHWUDWDGHpVWRVVLQRGHXQDGHWHUPLQDGDFDQWLGDGGH
GLQHUR$VLPLVPRVHGHVFDUWDTXHHVWHPRVHQSUHVHQFLDGHXQDFRQILVFDFLyQ
SRUTXH HO GHSyVLWR QR VXSRQH SULYDFLyQ GH GRPLQLR 7DQWR HV DVt TXH HQ OD
SURSRVLFLyQVHKDFHH[SUHVDVDOYDJXDUGDGHORVGHUHFKRVGHORVRUJDQL]DGRUHV
TXLHQHVSXHGHQREWHQHUODUHVWLWXFLyQGHVXGHSyVLWR
3RU RWUR ODGR HVWDV VLWXDFLRQHV QR VH GDQ VyOR HQ ORV HVWDGLRV
LPSRUWDQWHV7HQJRDPDQRXQUHFRUWHGH(OGLDULRDXVWUDOGH7HPXFRTXH
GDFXHQWDGHKHFKRVVLPLODUHVTXHVHSURGXFHQDOOi
(OVHxRU',(=²£(VXQDFLXGDGPX\LPSRUWDQWH
(OVHxRU',$=²&ODURTXHVt
(O VHxRU =$/',9$5 GRQ $GROIR² £'HEH GHFLU TXH OR HV VL QR HO 6HQDGRU
VHxRU/DYDQGHURORYDDUHWDU
(OVHxRU',$=²3HURDTXtVHWUDWDGHXQSXHEORPX\FKLFR
(QXQDFDUWDGLULJLGDDO'LUHFWRUGHOUHIHULGRSHULyGLFRVHGLFHTXH
SRUHQpVLPDYH]GXUDQWHHVWDWHPSRUDGDVHUHDOL]yHQHOVHFWRUUXUDOGHHVWD
FRPXQD²HQ2xRLFR²XQWRUQHRGHI~WERO
(O VHxRU 08f2=² £'HEH KDEHU VLGR XQ HTXLSR GH 6DQWLDJR TXH IXH D MXJDU
DOOi
(OVHxRU',$=²,QGXGDEOHPHQWH
6XV 6HxRUtDV SXHGHQ WRPDUOR FRQ WRGR HO MROJRULR TXH TXLHUDQ \
UHtUVHWRGRORTXHGHVHHQSHURHVHGLDULRFRQFOX\HGLFLHQGRTXHLQFOXVRVHKD
GHELGRODPHQWDUYDULDVPXHUWHV3RUTXHHVWRVHVSHFWiFXORVGHSRUWLYRVGHULYDQ
HQ HVDV FRVDV /RV VHxRUHV 6HQDGRUHV SRGUiQ DUJXPHQWDU TXH QR WLHQH QDGD
TXH YHU <R FUHR TXH WLHQH XQD SURIXQGD UHODFLyQ ( LQVLVWR HQ PL
SODQWHDPLHQWR DXQ FXDQGR QR VHD HO PRPHQWR RSRUWXQR SRUTXH FUHR TXH OD
&RPLVLyQGH&RQVWLWXFLyQVHHTXLYRFyWRWDOPHQWHDOFRQIXQGLUXQWULEXWRFRQXQ
GHSyVLWR 0H SDUHFH DEVROXWDPHQWH MXVWR TXH HVWRV FOXEHV HPSUHVDV QR VyOR
UHSDUHQ ORV GDxRV VLQR TXH DVHJXUHQ TXH ORV UHSDUDUiQ (VWR ~OWLPR HV PX\
LPSRUWDQWH SRUTXH ODV EDUUDV TXH VH GHVSOD]DQ KDFLD ODV 5HJLRQHV R TXH
OOHQDQ HO HVFHQDULR GHO (VWDGLR 1DFLRQDO FDXVDQ SHUMXLFLRV PDWHULDOHV QR VyOR
HQ ORV UHFLQWRV GHSRUWLYRV VLQR WDPELpQ D ODV FDVDV GH YHFLQRV D ORV
SURSLHWDULRVGHDXWRPyYLOHVORVPRGHVWRVGXHxRVGHTXLRVFRV
'HMRH[SUHVDFRQVWDQFLDQRGHPLSURWHVWDVLQRGHPLPDQLILHVWR
GHVDJUDGRSRUHOUHFKD]RGHXQDLQGLFDFLyQTXHQDGDWLHQHTXHYHUFRQODTXH
SUHVHQWyHO+RQRUDEOHVHxRU+XHUWD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(OVHxRU',(=²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²6HxRUHV6HQDGRUHVHVWDPRVDQDOL]DQGR OD
HQPLHQGD TXH DJUHJD XQ LQFLVR ILQDO DO DUWtFXOR ž 3RU ODV RSLQLRQHV TXH VH
KDQH[SXHVWRQRKDEUtDLQFRQYHQLHQWHHQDFRJHUOD
²6HDSUXHED
(O VHxRU 18f(= 9LFHSUHVLGHQWH² (O 6HQDGRU VHxRU 'tD] QRV KD KHFKR
SUHVHQWHTXHODLQGLFDFLyQ1ƒDTXHVHUHILULyVHGHFODUyLQDGPLVLEOH
7LHQHODSDODEUDHO+RQRUDEOHVHxRU'LH]
(O VHxRU ',(=² /D 3UHVLGHQFLD GH OD &RPLVLyQ GH &RQVWLWXFLyQ VHxRU
3UHVLGHQWHFRQDFXHUGRGHpVWDGHFODUyLQDGPLVLEOHODLQGLFDFLyQSRUPXFKDV
UD]RQHVGHODVFXDOHVKDUpVyORXQVRPHURUHODWR
1RVSDUHFHLQFRQVWLWXFLRQDOIDFXOWDUDXQDDXWRULGDGDGPLQLVWUDWLYD
SDUD ILMDU HO PRQWR GH XQ GHSyVLWR FRPR FRQGLFLyQ SDUD FHOHEUDU FXDOTXLHU
HVSHFWiFXOR SRUTXH LQGLVFXWLEOHPHQWH VH YLROHQWD HO UpJLPHQ GH OLEHUWDG H
LQLFLDWLYD FRQVDJUDGR HQ OD &DUWD )XQGDPHQWDO WDQWR PiV FXDQWR TXH HQ OD
LQGLFDFLyQQRVHVHxDODHOGHVWLQRGHHVHPRQWRQLVXDSOLFDFLyQGHILQLWLYDHVWi
VRPHWLGDDUHVROXFLyQMXGLFLDODOJXQD
&RQFRUGDPRV FRQ HO +RQRUDEOH VHxRU 'tD] HQ TXH VH GHEH
UHVSRQGHUGHORVSHUMXLFLRVFDXVDGRVSHURVLHPSUHTXHVHDHQFRQIRUPLGDGD
OD OHJLVODFLyQ JHQHUDO \ FRQ DOJXQD GLVSRVLFLyQ HVSHFLDO TXH YDPRV D YHU HQ
HVWH SUR\HFWR 3HUR DGPLWLU TXH SDUD HMHUFHU XQ GHUHFKR GHEH KDFHUVH XQ
GHSyVLWR \ VX PRQWR OR ILMH OD DXWRULGDG DGPLQLVWUDWLYD HV DELHUWDPHQWH
FRQWUDULR DO VLVWHPD MXUtGLFR \ HYLGHQWHPHQWH LQFRQVWLWXFLRQDO HVWD IXH OD
UD]yQTXHWXYROD&RPLVLyQSDUDGHFODUDULQDGPLVLEOHODLQGLFDFLyQ
+HGLFKR
(O VHxRU (<=$*8,55( 6HFUHWDULR² (Q VHJXLGD OD &RPLVLyQ SURSRQH
VXVWLWXLUHQHODUWtFXORRORVLQFLVRVWHUFHUR\FXDUWRSRUORVVLJXLHQWHV
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH IXHVHQ FRQVWLWXWLYDV
GH RWURV FUtPHQHV R VLPSOHV GHOLWRV VH LPSRQGUi OD SHQD PD\RU DVLJQDGD DO
GHOLWRPiVJUDYH
(OTXHUHDOL]DUHDOJXQDVGHODVFRQGXFWDVGHVFULWDVHQORVLQFLVRV
DQWHULRUHVUHFLELUiHQWRGRFDVRODVVLJXLHQWHVSHQDVDFFHVRULDV
D /D LQKDELOLWDFLyQ DEVROXWD SHUSHWXD SDUD VHU GLULJHQWH GH XQ
FOXE GHSRUWLYR SURIHVLRQDO R DPDWHXU VL HO GHOLWR VH FRPHWLy FRQ PRWLYR X
RFDVLyQGHXQHVSHFWiFXORGHSRUWLYR
E /D SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR GH OD FRQGHQD D
ORVIXWXURVHVSHFWiFXORVS~EOLFRVGHODPLVPDQDWXUDOH]DGHDTXpOTXHPRWLYy
ODVDQFLyQ
6LQ SHUMXLFLR GH ODV SHQDV DSOLFDEOHV D ORV TXH TXHEUDQWDVHQ OD
FRQGHQD HQ HO HYHQWR GH TXH TXLHQ LQIULQMD HVWD SURKLELFLyQ KD\D VLGR
EHQHILFLDGR FRQ DOJXQD PHGLGD DOWHUQDWLYD D ODV SHQDV SULYDWLYDV GH OLEHUWDG
HOODVHHQWHQGHUiUHYRFDGDSRUHOVRORPLQLVWHULRGHODOH\
(Q HO FDVR GHO I~WERO SURIHVLRQDO HVWiQ REOLJDGRV D GHQXQFLDU HO
TXHEUDQWDPLHQWR GH HVWD SURKLELFLyQ ORV GLUHFWRUHV R GLULJHQWHV GH ODV EDUUDV
GH ORV FOXEHV SDUWLFLSDQWHV HQ HO HVSHFWiFXOR HQ TXH VH SURGX]FD GLFKD
LQIUDFFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
F /D LQKDELOLWDFLyQ DEVROXWD SRU HO WLHPSR GH OD FRQGHQD SDUD
DVRFLDUVHDXQFOXEGHI~WEROSURIHVLRQDORSDUDLQWHJUDUVXEDUUDVLHPSUHTXH
HO GHOLWR VH KD\D FRPHWLGR FRQ PRWLYR X RFDVLyQ GH XQ SDUWLGR GH I~WERO
SURIHVLRQDO
(MHFXWRULDGD TXH VHD OD VHQWHQFLD VH FRPXQLFDUi D ODV
DXWRULGDGHV GHO UHVSHFWLYR GHSRUWH SDUD VX FXPSOLPLHQWR HQ OR TXH
FRUUHVSRQGD
6LHOLQIUDFWRUQRKDVLGRFRQGHQDGRDXQDSHQDVXSHULRUDODGHO
LQFLVR SULPHUR \ GH VXV DQWHFHGHQWHV SHUVRQDOHV VX FRQGXFWD DQWHULRU \
SRVWHULRU DO KHFKR SXQLEOH \ OD QDWXUDOH]D PRGDOLGDGHV \ PyYLOHV
GHWHUPLQDQWHVGHOGHOLWRSXHGHSUHVXPLUVHTXHQRYROYHUiDGHOLQTXLUHOMXH]
XQDYH]HMHFXWRULDGDODVHQWHQFLDSRGUiFRQPXWDUDSHWLFLyQGHOLQIUDFWRUOD
SHQD SULYDWLYD GH OLEHUWDG SRU OD UHDOL]DFLyQ GH WUDEDMRV GHWHUPLQDGRV HQ
EHQHILFLR GH OD FRPXQLGDG /D UHVROXFLyQ TXH RWRUJXH OD FRQPXWDFLyQ GHEHUi
VHxDODU H[SUHVDPHQWH HO WLSR GH WUDEDMR HO OXJDU GRQGH GHED UHDOL]DUVH VX
GXUDFLyQ \ OD SHUVRQD R LQVWLWXFLyQ HQFDUJDGD GH FRQWURODU VX FXPSOLPLHQWR
/RV WUDEDMRV VH UHDOL]DUiQ SRU XQ WLHPSR QR LQIHULRU DO ILMDGR SDUD OD VDQFLyQ
TXH VH FRQPXWH QL VXSHULRU DO GREOH GH HOOD GH SUHIHUHQFLD VLQ DIHFWDU OD
MRUQDGDODERUDOTXHWHQJDHOLQIUDFWRU\HQORVILQHVGHVHPDQDFRQXQPi[LPR
GH RFKR KRUDV VHPDQDOHV /D QR UHDOL]DFLyQ FDEDO \ RSRUWXQD GH ORV WUDEDMRV
GHWHUPLQDGRV SRU HO WULEXQDO GHMDUi VLQ HIHFWR OD FRQPXWDFLyQ SRU HO VROR
PLQLVWHULR GH OD OH\ \ GHEHUi FXPSOLUVH tQWHJUDPHQWH OD VDQFLyQ
SULPLWLYDPHQWH DSOLFDGD D PHQRV TXH HO MXH] SRU UHVROXFLyQ IXQGDGD
GHWHUPLQHRWUDFRVD
/RV UHSUHVHQWDQWHV OHJDOHV GH ORV FOXEHV RUJDQL]DGRUHV GHO
HVSHFWiFXOR TXH SRU QHJOLJHQFLD R GHVFXLGR FXOSDEOH HQ HO FXPSOLPLHQWR GH
ODV REOLJDFLRQHV TXH OHV LPSRQH OD SUHVHQWH OH\ FRQWULEX\HUDQ R IDFLOLWDUHQ OD
FRPLVLyQ GH ODV FRQGXFWDV WLSLILFDGDV HQ ORV LQFLVRV SULPHUR \ VHJXQGR VHUiQ
VDQFLRQDGRV FRQ PXOWD GH XQD D GLH] XQLGDGHV WULEXWDULDV PHQVXDOHV D
EHQHILFLRILVFDO
(OVHxRU18f(=9LFHSUHVLGHQWH²(QGLVFXVLyQ
7LHQHODSDODEUDHO+RQRUDEOHVHxRU0XxR]
(O VHxRU 08f2=² 6HxRU 3UHVLGHQWH PH SDUHFHQ ELHQ HQ JHQHUDO HVWDV
PRGLILFDFLRQHV
/D OHWUD D TXH VHxDOD /D LQKDELOLWDFLyQ DEVROXWD SHUSHWXD SDUD
VHU GLULJHQWH GH XQ FOXE GHSRUWLYR SURIHVLRQDO R DPDWHXU VL HO GHOLWR VH
FRPHWLy FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR GHSRUWLYR HV LQWHUHVDQWH
SRUTXH HQ OD JHQHUDFLyQ GH OD YLROHQFLD SDUWLFLSDQ GLIHUHQWHV HOHPHQWRV \
IDFWRUHV HQWUH HOORV SRU VXSXHVWR ORV GLULJHQWHV GHSRUWLYRV (V FRP~Q YHU
FyPR SURWDJRQL]DQ SROpPLFDV SUHYLDV D XQ DFRQWHFLPLHQWR GHSRUWLYR ODV TXH
YDQ H[DFHUEDQGR ORV iQLPRV GH ORV IDQiWLFRV GHO GHSRUWH < QR VRODPHQWH
DFW~DQ DVt HVRV GLULJHQWHV VLQR WDPELpQ ORV HQWUHQDGRUHV \ ORV MXJDGRUHV
(YLGHQWHPHQWHHVWRV~OWLPRVSRUGHVDUUROODUXQDDFFLyQGHWUDEDMRQRSXHGH
DSOLFiUVHOHV XQD SHQD WDQ GHILQLWLYD SHUR Vt D ORV HQWUHQDGRUHV TXLHQHV DXQ
FXDQGR GHVHPSHxDQ XQD IXQFLyQ GH WUDEDMR D YHFHV VRQ HQ JUDQ PHGLGD
UHVSRQVDEOHVGHTXHVHGHVDWHQDFWRVGHYLROHQFLDSXHVFRQVXVGHFODUDFLRQHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
DORVPHGLRVGHFRPXQLFDFLyQFUHDQXQDSUHVLyQTXHPiVWDUGHH[SORWDHQOD
IRUPDTXH\DFRQRFHPRV
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU6XOH
(OVHxRU68/(²6HxRU3UHVLGHQWH\DHO6HQDGRUVHxRU'tH]HQVXH[SRVLFLyQ
JHQHUDOVHUHILULyDHVWHDUWtFXORTXHHVHQPLRSLQLyQHOTXHPHMRUH[SUHVD
OD SDUWLFLSDFLyQ GH FDVL WRGRV ORV LQWHJUDQWHV GH OD &RPLVLyQ D OR FXDO GHEHQ
VXPDUVHORVDSRUWHVKHFKRVHQHOSULPHULQIRUPH
3HURDYHFHVVHLQFXUUHHQDOJXQDVLPSHUIHFFLRQHVTXHHVOyJLFR\
QDWXUDOTXHVHGHVOLFHQ
(QODOHWUDELQFLVRVHJXQGRDWLQHQWHDORTXHVXFHGHHQHOFDVR
GHTXHVHTXHEUDQWHODFRQGHQDVHGLFHTXHODPHGLGDDOWHUQDWLYDDODVSHQDV
SULYDWLYDVGHOLEHUWDGVHHQWHQGHUiUHYRFDGDSRUHOVRORPLQLVWHULRGHODOH\
6LQ HPEDUJR HQ HO LQFLVR WHUFHUR GH OD OHWUD F VH HVWDEOHFH TXH /D QR
UHDOL]DFLyQ FDEDO \ RSRUWXQD GH ORV WUDEDMRV GHWHUPLQDGRV SRU HO WULEXQDO
GHMDUi VLQ HIHFWR OD FRQPXWDFLyQ SRU HO VROR PLQLVWHULR GH OD OH\ \ GHEHUi
FXPSOLUVH tQWHJUDPHQWH OD VDQFLyQ SULPLWLYDPHQWH DSOLFDGD D PHQRV TXH HO
MXH]SRUUHVROXFLyQIXQGDGDGHWHUPLQHRWUDFRVD3DUDVXEVDQDUXQHUURUGH
WLSRWpFQLFRVXJLHURDJUHJDUHQHOLQFLVRVHJXQGRGHODOHWUDEODIUDVHILQDO
D PHQRV TXH HO MXH] SRU UHVROXFLyQ IXQGDGD GHWHUPLQH RWUD FRVD (V XQD
DJUHJDFLyQREYLDSRUTXHSRGUtDSURGXFLUVHHOKHFKRGHQRSUHVHQWDFLyQGHOD
SHUVRQD SRU HMHPSOR SRU HQIHUPHGDG (QWRQFHV UHVXOWDUtD DEVXUGR QR
IDFXOWDUDOMXH]HQHOVHQWLGRLQGLFDGR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
5RPHUR
(O VHxRU 520(52² 6HxRU 3UHVLGHQWH PH SDUHFH PX\ GHVWDFDEOH TXH OD
&RPLVLyQ KD\D ORJUDGR UHIXQGLU LQGLFDFLRQHV TXH VH SUHVHQWDURQ
FRQVLJXLHQGRGDUOHVXQRUGHQDPLHQWREDVWDQWHDGHFXDGR
0H FRUUHVSRQGLy SUHVHQWDU OD LQGLFDFLyQ UHODWLYD D LQKDELOLWDU D
SHUSHWXLGDGSDUDVHUGLULJHQWHGHXQFOXEGHSRUWLYRSURIHVLRQDORDPDWHXUDO
GLULJHQWH GHSRUWLYR TXH LQFLWDUH R SURPRYLHUH OD HMHFXFLyQ GH ODV FRQGXFWDV
GHVFULWDVHQHODUWtFXORRVLHOGHOLWRVHFRPHWLyFRQPRWLYRXRFDVLyQGHXQ
HVSHFWiFXORGHSRUWLYR&RQHVWHWH[WRHVWDPRVPDUFDQGRXQSXQWRUHDOPHQWH
PX\IXQGDPHQWDO+D\FLHUWDV SHUVRQDVTXHSRUHOHMHUFLFLRGH VXVFDUJRV²
HQ HVWH FDVR GH GLULJHQWHV² WLHQHQ XQD PD\RU REOLJDFLyQ \ UHVSRQVDELOLGDG
< D WUDYpV GH GLVWLQWDV IXHQWHV KHPRV WHQLGR FRQRFLPLHQWR DFHUFD GH OR TXH
RFXUUH HQ OD SUiFWLFD < HVWR KD\ TXH GHFLUOR HQ HO 6HQDGR GH OD 5HS~EOLFD
SRUTXH HV PX\ LPSRUWDQWH HQWHQGHU TXH QR HV XQD VLPSOH DUELWUDULHGDG HO
VHxDODU D ODV SHUVRQDV TXH HVWiQ FRPHWLHQGR HVWRV GHOLWRV $IRUWXQDGDPHQWH
VRQ H[FHSFLRQDOHV ORV FDVRV GH GLULJHQWHV GHSRUWLYRV SHUR ORV KD\ TXH VH
DSURYHFKDQ GH VX FRQGLFLyQ GH WDOHV SDUD FUHDU RUJDQL]DU \ PDQLSXODU ODV
IDPRVDV EDUUDV EUDYDV GH ORV FOXEHV GHSRUWLYRV /DV XWLOL]DQ SDUD SUHVLRQDU D
ILQ GH REWHQHU GHWHUPLQDGDV FRQGXFWDV EHQHILFLRVDV SDUD HOORV LQFOXVR FRQ HO
SURSyVLWRGHDFFHGHUDORVPi[LPRVFDUJRVGHSRUWLYRV
(VWLPR VHxRU 3UHVLGHQWH TXH OD &RPLVLyQ GH &RQVWLWXFLyQ KD
DFWXDGR FRQ PXFKD GLOLJHQFLD \ KD HQWUHJDGR DSRUWHV PX\ LPSRUWDQWHV (O
WUDEDMR GHO 6HQDGR HQ HVWD RFDVLyQ HV XQ PHQWtV D TXLHQHV VHxDODURQ XQD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
FLHUWDOHQLGDGTXHQRKDH[LVWLGRVREUHWRGRVLVHFRQVLGHUDTXHHOWH[WRTXH
DKRUD VH SURSRQH HV SURGXFWR GH XQD RUGHQDFLyQ PXFKR PiV FODUD \ FRPR
GLMH GH DSRUWHV VLJQLILFDWLYRV HQ PXFKDV PDWHULDV QR FRQVLGHUDGDV HQ
LQVWDQFLDVDQWHULRUHV
+HGLFKR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
/DUUDtQ
(O VHxRU /$55$,1² 6HxRU 3UHVLGHQWH TXLHUR UHIHULUPH PX\ EUHYHPHQWH DO
SHQ~OWLPRLQFLVRGHODPRGLILFDFLyQDODUWtFXORR
(OVHxRU27(52²¢0HSHUPLWHXQDLQWHUUXSFLyQVHxRU6HQDGRU"
(OVHxRU/$55$,1²3RUFLHUWRFRQODYHQLDGHOD0HVD
(O VHxRU 27(52² 6HxRU 3UHVLGHQWH TXLHUR IRUPXODU XQD PRFLyQ GH RUGHQ
¢3RU TXp QR YDPRV GHVSDFKDQGR OD HQPLHQGD DO DUWtFXOR ƒ LQFLVR SRU LQFLVR
SDUDTXHHQVXRSRUWXQLGDGFDGDVHxRU6HQDGRUSXHGDUHIHULUVHDORVSXQWRV
HVSHFtILFRV HQ ORV TXH WHQJD REVHUYDFLRQHV" 'H HVWD PDQHUD RUGHQDUtDPRV
PHMRU HO GHEDWH $KRUD XQ VHxRU 6HQDGRU LQWHUYHQGUi VREUH HO LQFLVR
SHQ~OWLPR OXHJR \R RSLQDUp DFHUFD GHO DQWHSHQ~OWLPR 'H FRQWLQXDU HQ HVD
IRUPDQRVYDPRVDFRQIXQGLU¢6HUtDSRVLEOHTXHSURFHGLpUDPRVGHODPDQHUD
VXJHULGD"
(O VHxRU 18f(= 9LFHSUHVLGHQWH² ¢(VWDUtD GH DFXHUGR FRQ HVWD SURSRVLFLyQ
VHxRU6HQDGRU"
(O VHxRU /$55$,1² $EVROXWDPHQWH VHxRU 3UHVLGHQWH (VSHUDUp KDVWD TXH OD
GLVFXVLyQOOHJXHDOLQFLVRSHQ~OWLPR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 6L OH SDUHFH D OD 6DOD VH SURFHGHUiHQHO
RUGHQSURSXHVWR
$FRUGDGR
(O VHxRU (<=$*8,55( 6HFUHWDULR² (QWRQFHV FRUUHVSRQGH GLVFXWLU HO
HQFDEH]DPLHQWRGHODHQPLHQGD\ODOHWUDDGHODUWtFXORRTXHGLFH
D /D LQKDELOLWDFLyQ DEVROXWD SHUSHWXD SDUD VHU GLULJHQWH GH XQ
FOXE GHSRUWLYR SURIHVLRQDO R DPDWHXU VL HO GHOLWR VH FRPHWLy FRQ PRWLYR X
RFDVLyQGHXQHVSHFWiFXORGHSRUWLYR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
7KD\HU
(O VHxRU 7+$<(5² 6HxRU 3UHVLGHQWH TXLHUR FRQVXOWDU D ORV PLHPEURV GH OD
&RPLVLyQVREUHODVLJXLHQWHVLWXDFLyQTXHPHSDUHFHDQyPDOD
(O DUWtFXOR ž GH OD &RQVWLWXFLyQ HVWDEOHFH SDUD HO FDVR GH ORV
GHOLWRVWHUURULVWDVXQDSHQDOLGDGGHLQKDELOLWDFLyQTXHWLHQHXQOtPLWHGHTXLQFH
DxRVSDUDHMHUFHUIXQFLRQHVRFDUJRVS~EOLFRVVHDQRQRGHHOHFFLyQSRSXODU\
HVWLPRDOJRLQDUPyQLFRTXHHQHOSUHVHQWHFDVRODLQKDELOLWDFLyQVHDSHUSHWXD
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU'tH]
(O VHxRU ',(=² 6HxRU 3UHVLGHQWH QRV HVWDPRV UHILULHQGR D OD SHUVRQD TXH
FRPHWDORVGHOLWRVVHxDODGRVHQHOLQFLVRSULPHURGHODUWtFXORžTXHHPSLH]D
GLFLHQGR (O TXH FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR S~EOLFR PDVLYR
FDXVDUHOHVLRQHVDODVSHUVRQDVRGDxRVDELHQHVHWFpWHUD
¢3RU TXp OD &RPLVLyQ HVWLPy DSOLFDEOH OD LQKDELOLWDFLyQ DEVROXWD
SHUSHWXD SDUD VHU GLULJHQWH GH XQ FOXE GHSRUWLYR SURIHVLRQDO R DPDWHXU"
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
3ULPHUR SRUTXH HO VHU GLULJHQWH GH XQ FOXE GHSRUWLYR SURIHVLRQDO R DPDWHXU
QR HV XQD SURIHVLyQ 7DPSRFR HV XQD YRFDFLyQ QL HO HMHUFLFLR GH XQ HPSOHR
1R HV UHPXQHUDGR \ FRUUHVSRQGH D SHUVRQDV TXH GHEHQ UHVSRQGHU D OD
FRQILDQ]DQRVyORGHORVVRFLRVGHOFOXEVLQRGHODFRPXQLGDGHQPDWHULDVTXH
HVWiQ WHQLHQGR IHOL]PHQWH FDGD YH] PiV LPSRUWDQFLD \ WUDVFHQGHQFLD 3RU
HVRHVWDGLVSRVLFLyQ QRLQFOX\HQLD ORVMXJDGRUHVQLDOHQWUHQDGRUSRUTXHOD
ODERU GH pVWH HV HO HMHUFLFLR GH XQD SURIHVLyQ X RILFLR \ OD PHGLGD DIHFWD
H[FOXVLYDPHQWH D ORV TXH DVSLUDQ D GLULJLU XQ FOXE ¢< TXp GLFH HO SUR\HFWR"
4XH ODV SHUVRQDV TXH VH KDQ YLVWR HQYXHOWDV HQ XQ DFWR VHPHMDQWH TXHGDUiQ
HQ HVH VHQWLGR LQKDELOLWDGDV D SHUSHWXLGDG 1DGD PiV /D QRUPDWLYD QR VH
UHILHUH QL D OD SURIHVLyQ QL DO WUDEDMR VLQR TXH HVWDEOHFH TXH HOODV QR SRGUiQ
GHVHPSHxDUXQFDUJRGHFRQILDQ]DHVWRHVVHUGLUHFWRUGHXQFOXEGHSRUWLYR
3UHWHQGH DGHPiV XQ HIHFWR HMHPSODUL]DGRU \ TXH OD VROD OHFWXUD GHO DUWtFXOR
LQKLEDDORVGLULJHQWHVGHHVDVLQVWLWXFLRQHVGHFRPHWHUDOJXQRVGHORVGHOLWRV
TXHKHPRVVHxDODGR
(VH IXH HO FULWHULR GH OD &RPLVLyQ QR REVWDQWH SDUHFH UD]RQDEOH
ODSUHJXQWDTXHSODQWHyHO6HQDGRUVHxRU7KD\HU3HUR²FRPRGLMH²ODQRUPD
QR VH UHODFLRQD FRQ SURIHVLyQ HPSOHR QL DO HMHUFLFLR GH YRFDFLRQHV
GHWHUPLQDGDV VLQR FRQ HO GHVHPSHxR GHO FDUJR GH GLULJHQWH GH XQ FOXE
GHSRUWLYR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
7KD\HU
(O VHxRU 7+$<(5² 6HxRU 3UHVLGHQWH PH VDWLVIDFH OD H[SOLFDFLyQ GH 6X
6HxRUtD 6LQ HPEDUJR HO WH[WR TXH DFDERGH OHHU DXQTXH LQFOX\H DFWLYLGDGHV
QRSURIHVLRQDOHV²ODERUHVGHFDUiFWHUGLUHFWLYRVLQGLFDOHVWXGLDQWLORJUHPLDO
HQ JHQHUDO² GLFH HQ VX SDUWH ILQDO /R DQWHULRU VH HQWLHQGH VLQ SHUMXLFLR GH
RWUDV LQKDELOLGDGHV R GH ODV TXH SRU PD\RU WLHPSR HVWDEOH]FD OD OH\ 'H
PDQHUD TXH DTXt QRV HQFRQWUDPRV DQWH XQ FDVR HVSHFtILFR HQ HO TXH SDUD
HYLWDU FLHUWR WLSR GH GHVPDQHV TXH WLHQHQ SDUWLFXODU JUDYHGDG VH HVWDUtD
\HQGRLQFOXVRPiVDOOiGHpVWH²TXHHVWLPDPRVPtQLPR²FRQVLJQDGRHQOD
&RQVWLWXFLyQ
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU%LWDU
(OVHxRU%,7$5²6HxRU3UHVLGHQWHFUHRTXHODLQKDELOLWDFLyQSHUSHWXDHVXQD
SHQDGHVSURSRUFLRQDGD3RUTXH¢SRGUtDPRVLPDJLQDUQRV²PHHVWR\UHILULHQGR
DODOHWUDDGHODUWtFXORž²TXHXQMRYHQGHyDxRVTXHGHPDUJLQDGR
SRU HO UHVWR GH VX YLGD GH OD SRVLELOLGDG GH RFXSDU DOJ~Q FDUJR HQ XQ FOXE
GHSRUWLYR" (OOR KDUtD LPSRVLEOH TXH OD SHUVRQD UHFDSDFLWH FDPELH \ YHD HO
PXQGR GH RWUD PDQHUD GHVSXpV GH FLHUWR ODSVR 0iV WRGDYtD HVWD PLVPD
VLWXDFLyQ OD DQDOL]DPRV LQFOXVR HQ HO SUR\HFWR UHODWLYR D OD GURJDGLFFLyQ \
WDPELpQ HQ RWUDV LQLFLDWLYDV TXH KD GLVFXWLGR HO 6HQDGR HQ ODV FXDOHV TXHGy
DELHUWD OD SRVLELOLGDG GH UHKDELOLWDFLyQ 3RUTXH KHPRV YLVWR TXH HV IDFWLEOH
UHKDELOLWDUDORVGURJDGLFWRVPiVD~QKDVWDSXHGHQVHUPRQLWRUHV\D\XGDUD
RWUDVSHUVRQDVHQSUREOHPDV
6XJLHURUHEDMDUDDxRVODLQKDELOLWDFLyQSDUDRFXSDUHOFDUJRGH
GLULJHQWH GH XQ FOXE GHSRUWLYR SRU FRQVLGHUDU H[FHVLYR HVWDEOHFHUOD GH SRU
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
YLGD HVSHFLDOPHQWH SRU OD SRFD HGDG GH PXFKRV GH ORV MyYHQHV TXH LQFXUUHQ
HQHVDVFRQGXFWDV
²6H DSUXHED OD OHWUD D FRQ OD HQPLHQGD SURSXHVWD SRU HO
6HQDGRUVHxRU%LWDU
(O VHxRU /$55$,1² ¢0H SHUPLWH VHxRU 3UHVLGHQWH" 6ROLFLWR TXH 6X 6HxRUtD
PH GHYXHOYD HO XVR GH OD SDODEUD QR REVWDQWH TXH KDEtD GHFLGLGR VXVSHQGHU
PLLQWHUYHQFLyQSRUTXHWHQGUpTXHDXVHQWDUPHGHOD6DODSRUXQRVPLQXWRV\
TXLVLHUDGHMDUIRUPXODGRXQFRPHQWDULRPX\EUHYHVREUHHVWHPLVPRDUWtFXOR
(OVHxRU18f(=9LFHSUHVLGHQWH²3XHGHKDFHUXVRGHHOOD6X6HxRUtD
(O VHxRU /$55$,1² 0L LQTXLHWXG DSXQWD DO SHQ~OWLPR LQFLVR GHO DUWtFXOR HQ
DQiOLVLV GRQGH VH FRQWHPSOD OD SRVLELOLGDG GH FRQPXWDU OD SHQD SRU OD
UHDOL]DFLyQGHWUDEDMRVGHWHUPLQDGRVHQEHQHILFLRGHODFRPXQLGDGDSHWLFLyQ
GHOLQIUDFWRU<ODYHUGDGHVTXHHQOD&RPLVLyQFRQYLQLPRVHQTXHHVWRIXHVH
FRQ DFXHUGR \ QR SRU LQLFLDWLYD H[FOXVLYD GH DTXpO 'H HVWD PDQHUD HO MXH]
SRGUi WDPELpQ GHFUHWDU \ SURPRYHU OD FRQPXWDFLyQ GH OD SHQD 3RU HVR
DFRUGDPRV UHGDFWDU XQD GLVSRVLFLyQ HQ WpUPLQRV WDOHV GH TXH HOOR VHD D
SHWLFLyQ R FRQ DFXHUGR GHO LQIUDFWRU R VLPSOHPHQWH FRQ DFXHUGR GHO
LQIUDFWRU 0H DYHQJR D FXDOTXLHU IyUPXOD (O SURSyVLWR HV GHMDUOR HVWDEOHFLGR
H[SUHVDPHQWHHQHODUWtFXOR$GHPiVIXHORTXHUHVROYLPRVHQOD&RPLVLyQ
(OVHxRU18f(=9LFHSUHVLGHQWH²6HxRU6HQDGRUOD0HVDWHQGUiSUHVHQWHVX
REVHUYDFLyQFXDQGRFRUUHVSRQGDWUDWDUGLFKRLQFLVR
(OVHxRU/$55$,1²*UDFLDVVHxRU3UHVLGHQWH
(OVHxRU18f(=9LFHSUHVLGHQWH²$FRQWLQXDFLyQVHVRPHWHDGHEDWHODOHWUD
E
(O VHxRU (<=$*8,55( 6HFUHWDULR² 6X WHQRU HV HO VLJXLHQWH E /D
SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR GH OD FRQGHQD D ORV IXWXURV
HVSHFWiFXORVS~EOLFRVGHODPLVPDQDWXUDOH]DGHDTXpOTXHPRWLYyODVDQFLyQ
6LQ SHUMXLFLR GH ODV SHQDV DSOLFDEOHV D ORV TXH TXHEUDQWDVHQ OD
FRQGHQD HQ HO HYHQWR GH TXH TXLHQ LQIULQMD HVWD SURKLELFLyQ KD\D VLGR
EHQHILFLDGR FRQ DOJXQD PHGLGD DOWHUQDWLYD D ODV SHQDV SULYDWLYDV GH OLEHUWDG
HOODVHHQWHQGHUiUHYRFDGDSRUHOVRORPLQLVWHULRGHODOH\
(Q HO FDVR GHO I~WERO SURIHVLRQDO HVWiQ REOLJDGRV D GHQXQFLDU HO
TXHEUDQWDPLHQWR GH HVWD SURKLELFLyQ ORV GLUHFWRUHV R GLULJHQWHV GH ODV EDUUDV
GH ORV FOXEHV SDUWLFLSDQWHV HQ HO HVSHFWiFXOR HQ TXH VH SURGX]FD GLFKD
LQIUDFFLyQ
²6LQGHEDWHVHDSUXHEDHOLQFLVRSULPHUR
(OVHxRU18f(=9LFHSUHVLGHQWH²(QGLVFXVLyQHOLQFLVRVHJXQGR
7LHQHODSDODEUDHO+RQRUDEOHVHxRU6XOH
(OVHxRU68/(²6HxRU3UHVLGHQWH\RIRUPXOpXQDREVHUYDFLyQSDUDDJUHJDUDO
ILQDO GHO LQFLVR VHJXQGR GH HVWD OHWUD OD IUDVH D PHQRV TXH HO MXH] SRU
UHVROXFLyQIXQGDGDGHWHUPLQHRWUDFRVD
²6HDSUXHEDFRQODHQPLHQGDSURSXHVWDSRUHOVHxRU6XOH
(OVHxRU18f(=9LFHSUHVLGHQWH²&RUUHVSRQGHWUDWDUHOLQFLVRWHUFHUR
(OVHxRU27(52²3LGRODSDODEUDVHxRU3UHVLGHQWH
(OVHxRU18f(=9LFHSUHVLGHQWH²3XHGHKDFHUXVRGHHOODVHxRU6HQDGRU
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 27(52² 'LFKR LQFLVR GLFH (Q HO FDVR GHO I~WERO SURIHVLRQDO HVWiQ
REOLJDGRV D GHQXQFLDU HO TXHEUDQWDPLHQWR GH HVWD SURKLELFLyQ ORV GLUHFWRUHVR
GLULJHQWHVGHODVEDUUDVGHORVFOXEHVSDUWLFLSDQWHVHQHOHVSHFWiFXORHQTXHVH
SURGX]FD OD LQIUDFFLyQ (VWD QRUPD QR HVWDEOHFH VDQFLyQ DOJXQD QL WDPSRFR
FRQWHPSODODREOLJDWRULHGDGHQWDOVHQWLGR<SLHQVRTXHQRVHMXVWLILFDLPSRQHU
HQOD OH\XQDREOLJDFLyQQRVXMHWDDQLQJ~QWLSRGHSHQD3RU ORWDQWRORTXH
FRUUHVSRQGHHVPDQWHQLHQGRODUHGDFFLyQGHOLQFLVRFDPELDUHOSXQWRVHJXLGR
SRUXQDFRPD\DJUHJDUODRUDFLyQDTXLHQHVVHDSOLFDUiORHVWDEOHFLGRHQORV
DUWtFXORV \ GHO &yGLJR GH 3URFHGLPLHQWR 3HQDO (Q HOORV VH FRQVLJQD OD
IRUPD\ODREOLJDWRULHGDG\DOPLVPRWLHPSRVHGHWHUPLQDXQDVDQFLyQSDUDHO
LQIUDFWRU 3RUTXH HVWDEOHFHU VyOR OD REOLJDWRULHGDG HV VLPSOHPHQWH OHWUD
PXHUWD(VWRHVDOJRTXHQRFDEHGHQWURGHODGLVSRVLFLyQGHOLQFLVRILQDOGHOD
OHWUDFTXHH[SUHVD/RVUHSUHVHQWDQWHVOHJDOHVGHORVFOXEHVRUJDQL]DGRUHV
GHO HVSHFWiFXOR TXH SRU QHJOLJHQFLD R GHVFXLGR FXOSDEOH HQ HO FXPSOLPLHQWR
GHODVREOLJDFLRQHVTXHOHVLPSRQHODSUHVHQWHOH\FRQWULEX\HUHQRIDFLOLWDUHQ
ODFRPLVLyQGHODVFRQGXFWDVWLSLILFDGDVHWFpWHUD
6REUHHOSDUWLFXODUFDEHVHxDODUTXHHODUWtFXORGHO&yGLJR GH
3URFHGLPLHQWR 3HQDO ILMD XQ SOD]R GH KRUDV SDUD IRUPXODU OD GHQXQFLD 3RU
HVRHQHOSUR\HFWRVHHVWDEOHFLyTXHORVFOXEHVGHEHQWHQHUHQVXSRGHUODOLVWD
GHODVSHUVRQDVTXHDVLVWLUiQDOHVSHFWiFXORORFXDOOHVSHUPLWLUiFRQWDUFRQHO
WLHPSR VXILFLHQWH SDUD HQWHUDUVH GH TXLpQ KD LQIULQJLGR OD SURKLELFLyQ 3RU VX
SDUWH HO DUWtFXOR GH HVH PLVPR WH[WR GLVSRQH TXH VHUi IDOWD JUDYH HO QR
KDFHU OD GHQXQFLD GHQWUR GH ODV KRUDV < VL SUHWHQGHPRV TXH pVWD VHD
REOLJDWRULDOROyJLFRHVTXHVLJDPRVODUHJODJHQHUDOTXHFRQWHPSODHOUHIHULGR
&yGLJR3HURFRPRVHWUDWDGHXQDQRUPDSHQDOGHGHUHFKRS~EOLFRQRSXHGH
H[WHQGHUVHSRUDQDORJtDVLQRTXHGHEHHVWDEOHFHUVHH[SUHVDPHQWHHQODOH\$
HVRREHGHFHPLSURSRVLFLyQSDUDDJUHJDUODIUDVHTXHPHQFLRQp
+HGLFKR
(OVHxRU',(=²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUD6X6HxRUtD
(O VHxRU ',(=² 6HxRU 3UHVLGHQWH pVWD QR HV XQD RPLVLyQ GH OD &RPLVLyQ
SRUTXH HOOD DQDOL]y ORV DUWtFXORV SHUWLQHQWHV \ GLVFXWLy VL VH GHEtD R QR
FRQWHPSODU XQD VDQFLyQ HQ WDO VHQWLGR < GHFLGLy FRQVLJQDU VyOR OD REOLJDFLyQ
VLQ VDQFLyQ ¢3RU TXp" 3RUTXH FUHHPRV TXH WDPELpQ HV SRVLEOH LPSRQHU
REOLJDFLRQHV PRUDOHV GH GHFHQFLD VREUH OD EDVH GH OD KRQRUDELOLGDG GH ODV
SHUVRQDV 3HQVDPRV TXH ORV GLULJHQWHV GH ORV FOXEHV WUDWDUiQ GH FXPSOLU
OHDOPHQWH FRQ OD QRUPDWLYD 3RU HVR VH FRQVLGHUy TXH QR HUD QHFHVDULR ILMDU
XQD SHQD UHVSHFWR GH XQD FLUFXQVWDQFLD HQ OD TXH SXHGH VHU PX\ GLItFLO
GHPRVWUDUODH[HQFLyQGHUHVSRQVDELOLGDGHQHOFRQWUROGHODDVLVWHQFLDQRGH
OD SHUVRQD TXH KD\D FRPHWLGR XQ DFWR LOtFLWR HQ HO HVWDGLR VLQR GH TXLHQ
KDELpQGRVH SRUWDGR ELHQ KXELHUH LQIULQJLGR XQD SURKLELFLyQ MXGLFLDO 'H PRGR
WDOTXHVHHVWLPyTXHQRUHVXOWDEDFRQYHQLHQWHGHULYDUXQDUHVSRQVDELOLGDGHQ
ORVGLULJHQWHVILMiQGROHVLQFOXVRXQDSHQDSDUDTXHGHHVDIRUPDGHQXQFLDUHQ
HOQRFXPSOLPLHQWRGHXQDFRQGHQD\QRGHXQKHFKRSRUTXHWDOSURFHGHU²R
VHDODIDFLOLWDFLyQ²WLHQHVDQFLyQHQRWUDSDUWH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(Q UD]yQ GH OR DQWHULRU HO yUJDQR WpFQLFR DFRUGy TXH VH
FRQWHPSODUD H[SUHVDPHQWH XQD REOLJDFLyQ VREUH HO SDUWLFXODU \ QR XQD SHQD
SRUODVGLILFXOWDGHVTXHLPSOLFDVXFXPSOLPLHQWR\SRUTXHORVGLULJHQWHVGHODV
EDUUDVSRGUtDQYHUVHHQYXHOWRVHQSUREOHPDVRHQKHFKRVQRUHODFLRQDGRVFRQ
ORV GHOLWRV FRPHWLGRV HQ HVH WLSR GH HVSHFWiFXORV (VWR IXH OR TXH UHVROYLy OD
&RPLVLyQ
(OVHxRU27(52²3LGRODSDODEUDVHxRU3UHVLGHQWH
(OVHxRU18f(=9LFHSUHVLGHQWH²3XHGHKDFHUXVRGHHOODVHxRU6HQDGRU
(O VHxRU 27(52² 3UHFLVDPHQWH SRU ODV UD]RQHV TXH GLR HO +RQRUDEOH VHxRU
'tH] YRWDUp HQ FRQWUD GHO LQFLVR SRUTXH ODV OH\HV QR VRQ SURJUDPiWLFDV \ VL
VH HVWDEOHFH XQD REOLJDFLyQ VX LQFXPSOLPLHQWR GHEH FRQOOHYDU XQD SHQD (VD
HV OD FRHUFLELOLGDG GH OD OH\ \ HV OR TXH GLIHUHQFLD D OD QRUPDWLYD OHJDO GH OD
QRUPDWLYDpWLFDRPRUDO3RUORWDQWRFXDQGRVHFRQWHPSODXQDREOLJDFLyQVLQ
VDQFLyQ HOOD GHMD GH VHU XQD REOLJDFLyQ OHJDO \ SDVD D VHU VLPSOHPHQWH XQD
REOLJDFLyQPRUDO<HVRQRHVPDWHULDGHOH\*UDFLDVVHxRU3UHVLGHQWH
²6HDSUXHEDHOLQFLVRWHUFHURGHODOHWUDEGHODUWtFXORRFRQHO
YRWRHQFRQWUDGHO+RQRUDEOHVHxRU2WHUR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² (Q VHJXLGD FRUUHVSRQGH GLVFXWLU OD OHWUD
F
(O VHxRU (<=$*8,55( 6HFUHWDULR² (Q OR UHIHUHQWH D HVWD OHWUD KD\ XQD
VXJHUHQFLDGHO6HQDGRUVHxRU/DUUDtQSDUDUHHPSOD]DUHQVXLQFLVRWHUFHURODV
H[SUHVLRQHVDSHWLFLyQGHOLQIUDFWRUSRUFRQDFXHUGRGHOLQIUDFWRU
(OVHxRU68/(²$OJRVLPLODUVHDSUREyHVWDPDxDQDFRQUHODFLyQDRWUDOH\
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU 5XL]
(VTXLGH
(OVHxRU58,=(648,'(²6HxRU3UHVLGHQWHHQSULPHUOXJDUTXLHURVXPDUPH
DO SODQWHDPLHQWR TXH KL]R HO 6HQDGRU VHxRU /DUUDtQ SRUTXH PH SDUHFH
UD]RQDEOH3RUORGHPiVFRUUHVSRQGHDODIRUPDFRPRVHKDOHJLVODGRVREUHOD
PDWHULD HQ RWUDV OH\HV FRPR OR PDQLIHVWy HO +RQRUDEOH VHxRU 6XOH 6LQ
HPEDUJRWHQJRGXGDVUHVSHFWRGHOLQFLVRWHUFHURGHODOHWUDETXHGLFH/RV
WUDEDMRVVHUHDOL]DUDQSRUXQWLHPSRQRLQIHULRUDOILMDGRSDUDODVDQFLyQTXHVH
FRQPXWHQLVXSHULRUDOGREOHGHHOOD²DJUHJD\HVWRHVORTXHLQWHUHVD²GH
SUHIHUHQFLDVLQDIHFWDUODMRUQDGDODERUDO(QFXHQWURDFHSWDEOHODQRUPDSHUR
PH SDUHFH TXH VX UHGDFFLyQ GHMD DELHUWD OD SRVLELOLGDG SDUD TXH FRQWUDULR
VHQVXORVWUDEDMRVSXHGDQUHDOL]DUVHGHQWURGHODMRUQDGDODERUDO<HVRHQPL
RSLQLyQHVPX\SHOLJURVR
(Q VHJXQGR OXJDU GHER H[SUHVDU TXH HQ RWUDV LQLFLDWLYDV TXH
KHPRV DSUREDGR VH KD DJUHJDGR DOJR TXH WDPELpQ HVWLPR UD]RQDEOH FXDO HV
TXHHOWUDEDMRTXHODSHUVRQDHMHFXWHHQYLUWXGGHODVHQWHQFLDFRUUHVSRQGDD
VX RILFLR R HVSHFLDOLGDG &UHR FRQYHQLHQWH TXH HO SUR\HFWR FRQWHPSOH HVH
DVSHFWR SRUTXH GH OR FRQWUDULR D ORV LQIUDFWRUHV VH OHV SXHGH REOLJDU D
FXPSOLU WDUHDV TXH QR VRQ SURSLDV QL GLJQLILFDQWHV SDUD HOORV DXQ FXDQGR
HVWDPRVWUDWDQGRGHVDQFLRQDUVXFRQGXFWD
0H JXVWDUtD TXH ORV PLHPEURV GH OD &RPLVLyQ PH DFODUDUDQ HVH
SXQWR
(OVHxRU',(=²¢0HSHUPLWHVHxRU3UHVLGHQWH"
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
eOVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUD6X6HxRUtD
(OVHxRU',(=²/D&RPLVLyQFRQVLGHUyDPEDVREVHUYDFLRQHV
$O HVWDEOHFHUVH TXH OD FRQPXWDFLyQ GH OD SHQD SULYDWLYD GH
OLEHUWDG SRU OD GH UHDOL]DFLyQ GH WUDEDMRV GHWHUPLQDGRV GHEH VHU D SHWLFLyQ
GHO LQIUDFWRU ²R FRQ DFXHUGR GH pO VHUtD PHMRU² VH HQWLHQGH TXH OD
UHVROXFLyQ MXGLFLDO TXH OD DSUXHEH GHEHUi HVSHFLILFDU WDPELpQ OD ODERU TXH
GHEHUiGHVDUUROODU\TXHHODIHFWDGR\DFRQRFH
(O VHxRU 58,=(648,'(² 'H PDQHUD TXH HO VHQWLGR GH OD QRUPD HV TXH HO
LQWHUHVDGR Gp WDPELpQ VX DVHQWLPLHQWR UHVSHFWR GHO WLSR GH WUDEDMR TXH
UHDOL]DUi
(OVHxRU',(=²1RKD\GXGD
(OVHxRU58,=(648,'(²1RORKDEtDHQWHQGLGRDVt
(OVHxRU',(=²3RUHVRVHKDEODGHWUDEDMRVGHWHUPLQDGRV
$KRUD FRPR H[LVWH DFHSWDFLyQ GHO LQIUDFWRU VH FRQVLJQD TXH OD
ODERUGHEHUiOOHYDUVHDFDERGHSUHIHUHQFLDVLQDIHFWDUODVMRUQDGDVODERUDOHV
SRUTXHHVSRVLEOHTXHDTXpOGHVHHDOJ~QGtDGLVPLQXLUVXMRUQDGDODERUDOSDUD
WHQHUOLEUHHOViEDGR\HOGRPLQJRFRQVXIDPLOLD<VLpOORTXLHUHDVt¢SRUTXp
VH OR YDPRV D LPSHGLU" 'H DKt TXH VH XWLOLFH OD H[SUHVLyQ GH SUHIHUHQFLD
7RGRHOORUHVSHWDQGRODOLEHUWDGGHODVSHUVRQDV\SHUPLWLHQGRUHDOPHQWHTXH
HOWUDEDMRHQIDYRUGHODFRPXQLGDGFRQVWLWX\DXQDSHQDSHURTXHDODYH]QR
DIHFWHODYLGDGHORVLQGLYLGXRV
(OVHxRU58,=(648,'(²0HSDUHFHUD]RQDEOHODH[SOLFDFLyQ
6LQHPEDUJRGHOWH[WRQRVHGHGXFHFODUDPHQWHTXHODODERUGHED
FRUUHVSRQGHUDODPDWHULDXRILFLRHQHOFXDOHOLQIUDFWRUVHDHVSHFLDOLVWD
(OVHxRU',(=²3HURDOGDUVXDFXHUGRVDEUiGHTXpWLSRGHWUDEDMRVHWUDWD
(OVHxRU=$/',9$5GRQ$GROIR²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²6tVHxRU6HQDGRU
(OVHxRU=$/',9$5GRQ$GROIR²3DUDUHFRJHUODREVHUYDFLyQGHO+RQRUDEOH
VHxRU 5XL](VTXLGH OD SUHSRVLFLyQ SRU SRGUtD VXVWLWXLUVH SRU FRQ $Kt
TXHGDUtD FODUR TXH KXER XQ SULQFLSLR GH DFXHUGR 'H HVD PDQHUD OD ODERU OD
LPSRQGUtDHOMXH]SHURFRQHOFRQVHQWLPLHQWRGHODIHFWDGR
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU2WHUR
(O VHxRU 27(52² 6HxRU 3UHVLGHQWH D\HU GHEDWLPRV HVWH PLVPR SXQWR \ OD
6DODUHVROYLySRUXQDQLPLGDGXVDUODIUDVHGHDFXHUGRFRQHOLQIUDFWRUSXHV
UHVXOWDHYLGHQWHTXHHODFXHUGRVHGDSRUTXH\DVHFRQRFHHOWLSR\H[WHQVLyQ
GHOWUDEDMRTXHVHUHDOL]DUi'HORFRQWUDULRQRVHRWRUJDUtDHOFRQVHQWLPLHQWR
3RU HVR OR TXH GHEH VXVWLWXLUVH HV OD ORFXFLyQ D SHWLFLyQ GHO
LQIUDFWRUSRUGHDFXHUGRFRQHOLQIUDFWRU
(O VHxRU 18f(= 9LFHSUHVLGHQWH² /D RWUD REVHUYDFLyQ TXH IRUPXOy HO
+RQRUDEOHVHxRU5XL](VTXLGHUHVSHFWRGHOLQFLVRWHUFHURGHODOHWUDFDSXQWD
DODIUDVHGHSUHIHUHQFLDVLQDIHFWDUODMRUQDGDODERUDOSHURHQWLHQGRTXH6X
6HxRUtDODUHWLUDUtDHQYLVWDGHODH[SOLFDFLyQGDGDSRUHOVHxRU3UHVLGHQWHGHOD
&RPLVLyQ
(O VHxRU 58,=(648,'(² 0H SDUHFLy UD]RQDEOH OD H[SOLFDFLyQ VHxRU
3UHVLGHQWHDVtTXHUHWLURPLREVHUYDFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 18f(= 9LFHSUHVLGHQWH² (Q FRQVHFXHQFLD VH DSUREDUtD HO LQFLVR
WHUFHURGHODOHWUDFFRQODHQPLHQGDLQGLFDGDSRUHO+RQRUDEOHVHxRU2WHUR
(O VHxRU 68/(² 'HMDQGR FRQVWDQFLD SDUD ORV HIHFWRV GHO $FWD GH TXH HO
SODQWHDPLHQWR IRUPXODGR SRU GLFKR VHxRU 6HQDGRU HV HO TXH FRUUHVSRQGH D OD
UHDOLGDG
(OVHxRU18f(=9LFHSUHVLGHQWH²0X\ELHQ
²6H DSUXHED HO LQFLVR WHUFHUR GH OD OHWUD F SURSXHVWR SRU OD
&RPLVLyQ UHHPSOD]iQGRVH OD IUDVH D SHWLFLyQ GHO LQIUDFWRU SRU GH DFXHUGR
FRQ HO LQIUDFWRU \ SRU QR KDEHU VLGR REMHWR GH REVHUYDFLRQHV TXHGDQ
DSUREDGRVWDPELpQORVLQFLVRVSULPHURVHJXQGR\ILQDOGHODPLVPDOHWUD
(OVHxRU0&,17<5(²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUD6X6HxRUtD
(O VHxRU 0&,17<5(² 6HxRU 3UHVLGHQWH WHQJR XQD GXGD UHVSHFWR GHO LQFLVR
ILQDOGHODOHWUDF
(O VHxRU 18f(= 9LFHSUHVLGHQWH² <D HVWi DSUREDGR VHxRU 6HQDGRU 3HUR VL
GHVHDKDFHUXQDFRQVXOWD
(OVHxRU0&,17<5(²6tVHxRU3UHVLGHQWHHQUHODFLyQFRQODUHVSRQVDELOLGDG
GHORVFOXEHVRUJDQL]DGRUHV
'RVFRVDV
(VWiQ FODUDPHQWH HVSHFLILFDGDV ODV UHVSRQVDELOLGDGHV (Q HVWR
SRVHH PXFKD H[SHULHQFLD OD ),)$ &RQRFHPRV OD UHDOLGDG GH ,QJODWHUUD \ HQ
JHQHUDO GH WRGD (XURSD GRQGH QR VH SHUPLWH HQWUDU D ORV HVWDGLRV D HVD
JHQWH DGHPiV VH H[FOX\H D ORV FOXEHV GH DOJXQDV FRPSHWHQFLDV $OJR
VHPHMDQWH SRGUtD KDFHUVH UHVSHFWR GH OD RUJDQL]DFLyQ QDFLRQDO 4XHUtD
SUHJXQWDUVLIXHFRQVLGHUDGDSRUHMHPSORODFODXVXUDGHHVWDGLRV
3RU RWUR ODGR GHVHR VDEHU VL ODV PHGLGDV H[LJLGDV D ORV
UHSUHVHQWDQWHVOHJDOHVGHORVFOXEHVRUJDQL]DGRUHVFRUUHVSRQGHD&DUDELQHURV
3RU HMHPSOR ~OWLPDPHQWH HQ OD SUHQVD VH KDQ IRUPXODGR PXFKDV TXHMDV
DFHUFD GH OD EROHWHUtDV TXH VRQ LQVXILFLHQWHV TXH HVWiQ PDO XELFDGDV ¢'H
TXLpQ HV HVD UHVSRQVDELOLGDG" 3RUTXH ORV UHSUHVHQWDQWHV OHJDOHV D OR PHMRU
SXHGHQDGXFLUTXHQRHVGHHOORV
3UHJXQWRHQWRQFHVDDOJ~QLQWHJUDQWHGHOD&RPLVLyQFXiOIXHHO
SXQWRGHYLVWDUHVSHFWRGHHVWDVGRVREVHUYDFLRQHV
(O VHxRU 68/(² 6HxRU 3UHVLGHQWH OD IDFXOWDG SDUD FODXVXUDU HVWDGLRV
FRUUHVSRQGHDRWUDVDXWRULGDGHVSHURQRHVWiH[FOXLGDODVDQFLyQ
(OVHxRU',(=²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²6tVHxRU6HQDGRU
(O VHxRU ',(=²6HxRU 3UHVLGHQWH OD OH\ HQSUR\HFWRVHUHILHUHD OD YLROHQFLD
HQORVUHFLQWRVGHSRUWLYRVQRDOIXQFLRQDPLHQWRGHODVEROHWHUtDVQLDODIRUPD
FRPR GHEHQ HVWDU FRQVWUXLGRV ORV HVWDGLRV 3DUD OD UHDOL]DFLyQ GH XQ
HVSHFWiFXORPDVLYR²GHI~WEROSURIHVLRQDOSRUHMHPSOR²HVHOLQWHQGHQWHD
SHWLFLyQGH&DUDELQHURV\FRQLQIRUPHGHHVWDLQVWLWXFLyQHOTXHGHEHH[LJLUOD
LQVWDODFLyQ GH EROHWHUtDV DGLFLRQDOHV GH UHMDV HWFpWHUD SHUR SDUD HVH
HVSHFWiFXORHQSDUWLFXODUQRHQUHODFLyQFRQODFRQVWUXFFLyQPLVPDGHOUHFLQWR
RGHVXV LQVWDODFLRQHV3RUTXHGHEHPRVWHQHUHQFXHQWDTXHHQ&KLOHH[LVWHQ
GLIHUHQWHV QLYHOHV VRFLRHFRQyPLFRV \ FRPXQDV TXH QR FXHQWDQ FRQ JUDQGHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
UHFXUVRV<QRTXHUHPRVHQWUDEDUFRQODOH\ODSUiFWLFDGHOGHSRUWHHQQLQJ~Q
OXJDU (O VLVWHPD HQWRQFHV HV HO VLJXLHQWH &XDQGR VH DQXQFLH OD UHDOL]DFLyQ
GH XQ HVSHFWiFXOR TXH SXHGD FDXVDU SUREOHPDV HO LQWHQGHQWH FRQ OD GHELGD
DQWLFLSDFLyQ\SUHYLRLQIRUPHGH&DUDELQHURVGHEHHVWDEOHFHUODVFRQGLFLRQHV
GHQWURGHODVFXDOHVHYLGHQWHPHQWHSXHGHLQFOXLUOD LQVWDODFLyQGHEROHWHUtDV
HVSHFLDOHV 3HUR UHSLWR QR SXHGH RUGHQDU TXH HO HVWDGLR VH FRQVWUX\D GH
QXHYR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU 0F
,QW\UH
(O VHxRU 0&,17<5(² 6HxRU 3UHVLGHQWH PL SUHJXQWD HUD FRQ UHVSHFWR D OD
UHVSRQVDELOLGDGGH&DUDELQHURV
$QWH OD SUR[LPLGDG GH XQ HYHQWR TXH DWUDHUi JUDQ FDQWLGDG GH
S~EOLFR &DUDELQHURV GH DFXHUGR FRQ VX H[SHULHQFLD LQGLFD FXiOHV VRQ ODV
UXWDV GH OOHJDGD KDFH VHSDUDFLRQHV GH ORV YHKtFXORV LQFOXVR LPSDUWH
LQVWUXFFLRQHV SDUD HYDFXDU HO UHFLQWR 3HUR WDPELpQ WUDWD GH TXH QR KD\D
DJORPHUDFLRQHV (QWRQFHV PL SUHJXQWD HV VL pVWD HV UHVSRQVDELOLGDG GH
&DUDELQHURV R GH ORV UHSUHVHQWDQWHV OHJDOHV GH ORV FOXEHV RUJDQL]DGRUHV
3RUTXH VL FRUUHVSRQGH D &DUDELQHURV HOORV GDQ LQVWUXFFLRQHV SRU HVFULWR \
REOLJDQ D FXPSOLUODV 3HUR VL DWDxH D ORV UHSUHVHQWDQWHV OHJDOHV GH ORV FOXEHV
RUJDQL]DGRUHVpVWRVGHEHQDVXPLUODUHVSRQVDELOLGDG
(OVHxRU27(52²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUD6X6HxRUtD
(O VHxRU 27(52² 6HxRU 3UHVLGHQWH HVWH WHPD IXH GHEDWLGR HQ OD &RPLVLyQ
FRQPRWLYRGHOSULPHULQIRUPH\TXHGyFODUDPHQWHHVWDEOHFLGDODGLIHUHQFLD¢$
TXp RUJDQLVPR FRUUHVSRQGH YHODU SRU OD VHJXULGDG GH ODV LQVWDODFLRQHV" $ OD
PXQLFLSDOLGDG UHVSHFWLYD OD TXH D WUDYpV GH OD 'LUHFFLyQ GH 2EUDV GHEH
DXWRUL]DURQRHOIXQFLRQDPLHQWRGHFDGDUHFLQWRGHSRUWLYR1RHVPDWHULDQLGH
&DUDELQHURV QL GHO LQWHQGHQWH SRUTXH HOOR HVFDSD GH OD yUELWD GH VXV
DWULEXFLRQHV 6RQ ODV 'LUHFFLRQHV GH 2EUDV PXQLFLSDOHV ODV TXH HVWDEOHFHQ ODV
FRQGLFLRQHV TXH GHEHQ UHXQLU ORV GLVWLQWRV OXJDUHV SDUD TXH SXHGDQ
WUDQVIRUPDUVH HQ ORFDOHV S~EOLFRV 3RU OR WDQWR UHVSHFWR GH XQ HVSHFWiFXOR
GHWHUPLQDGR HO UHVSRQVDEOH GH TXH HO ORFDO FXPSOD FRQ ORV UHTXLVLWRV HV OD
PXQLFLSDOLGDG/RTXHVtSXHGHKDFHUHOLQWHQGHQWHHVDGRSWDURWUDVPHGLGDV\
KDVWD GHQHJDU HO SHUPLVR SDUD OD UHDOL]DFLyQ GH XQ GHWHUPLQDGR HYHQWR 3HUR
QR SXHGH H[LJLU DO GXHxR GHO ORFDO TXH KDJD FRQVWUXFFLRQHV GH QLQJXQD
QDWXUDOH]DSXHVHOORHVWiIXHUDGHODHVIHUDGHVXVDWULEXFLRQHV
(O VHxRU 68/(² 3DUD TXH TXHGH PHULGLDQDPHQWH FODUR VHxRU 3UHVLGHQWH
&DUDELQHURV SXHGH SHGLU OD VXVSHQVLyQ GH XQ HVSHFWiFXOR SRU UD]RQHV GH
VHJXULGDGSHURHOUHVSRQVDEOHOHJDOHVODHQWLGDGTXHKDLQGLFDGRHO+RQRUDEOH
VHxRU2WHUR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² ¢/H VDWLVIDFH OD H[SOLFDFLyQ +RQRUDEOH
VHxRU0F,QW\UH"
(O VHxRU 0&,17<5(² 6t VHxRU 3UHVLGHQWH 'H WRGDV PDQHUDV KH YLVWR HQ
DOJXQRV HYHQWRV TXH GHQWUR GHO FRQMXQWR GH PHGLGDV HVSHFLDOHV DSDUWH ODV
UHODFLRQDGDV FRQ ODV EROHWHUtDV VH HVWDEOHFHQ FRQWUROHV H[WHUQRV HQ iUHDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
EDVWDQWH H[WHQVDV (Q FRQVHFXHQFLD UHSLWR PL SUHJXQWD ¢TXLpQ ILMD HVRV
FRQWUROHV&DUDELQHURVRORVRUJDQL]DGRUHV"
(OVHxRU',(=²(VRORDFODUDHODUWtFXORžGHODLQLFLDWLYDTXHGLVSRQH/RV
RUJDQL]DGRUHVGHORVHVSHFWiFXORVS~EOLFRVPDVLYRVTXHHO,QWHQGHQWHFDOLILTXH
GHDOWRULHVJRSDUDODVHJXULGDGS~EOLFDGHEHUiQFXPSOLURSRUWXQDPHQWHFRQ
ODV H[LJHQFLDV HVSHFLDOHV TXH SDUD HVWRV FDVRV VHxDOH &DUDELQHURV GH &KLOH
$TXtVHHVWDEOHFHOD REOLJDFLyQDTXHVHUHILHUHHO+RQRUDEOHVHxRU0F,QW\UH
SRUTXHHOLQFLVRILQDOGHODOHWUDFHQUHDOLGDGVHUHILHUHDODUHVSRQVDELOLGDG
GH ORV GLULJHQWHV SRU LQIUDFFLyQ GH ODV QRUPDV GH OD OH\ HQ SUR\HFWR 3HUR HV
HYLGHQWHTXHODWLHQHQ\TXHVHUiQVDQFLRQDGRVVLQRODFXPSOHQ
(OVHxRU18f(=9LFHSUHVLGHQWH²0X\ELHQ
&RQWLQ~DODGLVFXVLyQGHOSUR\HFWR
(O VHxRU (<=$*8,55( 6HFUHWDULR² (Q HO DUWtFXOR ƒ OD &RPLVLyQ SURSRQH
VXVWLWXLU HQ OD FDXVDO VHJXQGD OD SDODEUD SDUWLFLSDQWH SRU SURWDJRQLVWD \
DxDGLUODVLJXLHQWHFDXVDO+DEHUFDXVDGRODVOHVLRQHVDODVTXHVHUHILHUH
HO DUWtFXOR ž D MXJDGRUHV WpFQLFRV GLULJHQWHV R SURWDJRQLVWDV GH ORV
HVSHFWiFXORVS~EOLFRVPDVLYRV
²6HDSUXHEDQDPEDVHQPLHQGDV
(OVHxRU(<=$*8,55(6HFUHWDULR²(QHODUWtFXORžOD&RPLVLyQVXJLHUHGRV
PRGLILFDFLRQHV HQ HO LQFLVR SULPHUR UHHPSOD]DU OD IUDVH FRQVWLWXLUi SOHQD
SUXHEDSRUODVLJXLHQWHVHUiDSUHFLDGRSRUHOMXH]FRPRXQDSUHVXQFLyQDOD
TXHSRGUiGDUYDORUVXILFLHQWH\HQHOLQFLVRVHJXQGRVXSULPLUODIUDVHTXH
VHFRQWHQJDQ\ODFRPDTXHODSUHFHGH
(OVHxRU18f(=9LFHSUHVLGHQWH²(QGLVFXVLyQ
7LHQHODSDODEUDHO+RQRUDEOHVHxRU'tH]
(O VHxRU ',(=² 6HxRU 3UHVLGHQWH HO +RQRUDEOH VHxRU 2WHUR EDVDGR HQ ORV
DFXHUGRV GH OD &RPLVLyQ SURSRQH XQD QXHYD UHGDFFLyQ SDUD HO DUWtFXOR TXH
SHGLUtDD6HFUHWDUtDTXHOH\HUDSRUTXHHVEDVWDQWHPiVSUHFLVD
(OVHxRU68/(²6HWUDWDGHXQDSUHVXQFLyQOHJDO¢$VtYLHQHHVWDEOHFLGDHQOD
QXHYDSURSRVLFLyQ"
(OVHxRU27(52²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUD6X6HxRUtD
(OVHxRU27(52²6HxRU3UHVLGHQWHPHJXVWDUtDH[SOLFDUPLSODQWHDPLHQWR
(O WH[WR TXH SODQWHD OD &RPLVLyQ GLFH 7RGR VLVWHPD GH
UHSURGXFFLyQ GH OD LPDJHQ \ GHO VRQLGR HQ VX FDVR VHUi DSUHFLDGR D SRU HO
MXH]FRPRXQDSUHVXQFLyQ(OVLVWHPDSXHGHVHUXQDFiPDUDXQDJUDEDGRUD
HWFpWHUD3RUORWDQWRQRHVHOVLVWHPDHQVtHOTXHFRQVWLWX\HXQDSUHVXQFLyQ
VLQR ORV KHFKRV TXH VHDQ FDSWDGRV D WUDYpV GH WDOHV VLVWHPDV SRUTXH VRQ
pVWRV ORV TXHHO MXH]SXHGH XVDUFRPR EDVH SDUD XQD SUHVXQFLyQ MXGLFLDO 3RU
HVR VXJLHUR VXVWLWXLU HO LQFLVR SULPHUR SRU HO VLJXLHQWH (O FRQWHQLGR GH WRGR
VLVWHPD GH UHSURGXFFLyQ GH OD LPDJHQ \ GHO VRQLGR UHODWLYRV D ORV KHFKRV
PDWHULD GHO SURFHVR VHUi FRQVLGHUDGR SRU HO MXH] FRPR EDVH GH SUHVXQFLyQ
MXGLFLDOSDUDHVWDEOHFHUODH[LVWHQFLDGHOGHOLWR\ODSDUWLFLSDFLyQSXQLEOHGHORV
LQFXOSDGRV
(OVHxRU18f(=9LFHSUHVLGHQWH²¢+DEUtDDFXHUGRHQODUHGDFFLyQSURSXHVWD
SRUHO+RQRUDEOHVHxRU2WHUR"
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 68/(² 6HxRU 3UHVLGHQWH VyOR TXLHUR KDFHU SUHVHQWH TXH HQ HOOD VH
UHHPSOD]DXQDSUHVXQFLyQGHGHUHFKRSRUXQDSUHVXQFLyQPHUDPHQWHOHJDO
(OVHxRU*$=085,²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU18f(=9LFHSUHVLGHQWH²6tVHxRU6HQDGRU
(OVHxRU*$=085,²6HxRU3UHVLGHQWHGR\PLFRQIRUPLGDGDOWH[WRSURSXHVWR
SRUHO+RQRUDEOHVHxRU2WHURFRPRLQFLVRSULPHURSHURSLGRYRWDFLyQVHSDUDGD
UHVSHFWRGHOLQFLVRVHJXQGR
/R H[SOLFR PX\ EUHYHPHQWH -XQWR FRQ XQD LQGLFDFLyQ DO LQFLVR
SULPHUR GHO DUWtFXOR R TXH HQ OR IXQGDPHQWDO IXH UHFRJLGD SRU OD &RPLVLyQ
SUHVHQWDPRVRWUDFRQODILUPDGHYDULRVVHxRUHV6HQDGRUHVGHHVWDEDQFDGD
SDUD VXSULPLU HO LQFLVR VHJXQGR SXHV VHJ~Q pVWH OD UHODFLyQ GH &DUDELQHURV
FRQVWLWXLUtD SUHVXQFLyQ OHJDO /D SUHVXQFLyQ OHJDO HQ PDWHULD SHQDO HV XQD
ILJXUD H[WUDRUGLQDULDPHQWH H[FHSFLRQDO SRU OR TXHQR PH SDUHFH FRQYHQLHQWH
H[WHQGHUOD D HVWH FDVR SRUTXH HOOR VLJQLILFDUtD D PL MXLFLR PLQDU GH PDQHUD
JUDYH ODV SURSLDV DWULEXFLRQHV GH OD LQVWDQFLD MXGLFLDO 3RUTXH GH KHFKR
HQWUHJDVDOYRSUXHEDHQFRQWUDULRODGHWHUPLQDFLyQGHOGHOLWRDODSROLFtD
(OVHxRU',(=²'HORVKHFKRVVHxRU6HQDGRU
(OVHxRU*$=085/²(QWLHQGRTXHHVFRPRORHVWR\GLFLHQGR6X6HxRUtD
(O VHxRU 68/(² +D\ XQ HUURU VHxRU 3UHVLGHQWH HQ OD UHIHUHQFLD GHO VHxRU
6HQDGRU
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 'HMHPRV TXH HO +RQRUDEOHVHxRU *D]PXUL
WHUPLQHGHKDFHUXVRGHODSDODEUD
(OVHxRU*$=085/²6HxRU3UHVLGHQWH\RHQWLHQGR²QRVRWURVQRSDUWLFLSDPRV
HQ HO GHEDWH HQ OD &RPLVLyQ²TXH VH HVWDEOHFH XQD SUHVXQFLyQ OHJDO TXH
DXQTXH DGPLWH SUXHED HQ FRQWUDULR ILMD HO SULPHU FULWHULR SDUD GHWHUPLQDU HO
GHOLWR1RHVWR\GLFLHQGRTXHQRDGPLWDSUXHEDVHQFRQWUDULRSXHVHVHYLGHQWH
TXHVtODVDFHSWD
(O SDUWH SROLFLDO HQ VDQD GRFWULQD D PL MXLFLR GHEHUtD VHU
VRODPHQWH XQ HOHPHQWR ²LPSRUWDQWH² VLQ HO FDUiFWHU GH SUHVXQFLyQ OHJDO (O
MXH]GHWHUPLQDUiHOYDORUGHODVDVHYHUDFLRQHVTXHODSROLFtDKDJD(QPDWHULD
SHQDO OD ILJXUD GH OD SUHVXQFLyQ OHJDO HV H[WUDRUGLQDULDPHQWH H[FHSFLRQDO \
DTXtHVWDPRVKDEODQGRGHGHOLWRVTXHLPSOLFDQSULYDFLyQGHOLEHUWDG
1RUPDOPHQWH HQ OD RFXUUHQFLD GH HVWRV KHFKRV VH WUDWD GH
VLWXDFLRQHV FRQIXVDV HQ ODV FXDOHV KD\ JUXSRV GH SHUVRQDV \ PXOWLWXGHV HQ
PRYLPLHQWRGRQGHQRHVIiFLOGHWHUPLQDUDORVFXOSDEOHV\DORVLQRFHQWHV6H
HVWi DILUPDQGR DGHPiV TXH HQ ODV EDUUDV EUDYDV KD\ GLIHUHQWHV WLSRV GH
SHUVRQDMHVRGHJUXSRVTXHJHQHUDQORVGHVyUGHQHVORVFXDOHVQRFRQVWLWX\HQ
VyOR XQ DFWR GHOLFWXDO VLQR WDPELpQ XQ IHQyPHQR VRFLDO &LHUWDPHQWH VH
FRPHWHQ GHOLWRV SHUR GHEH KDFHUVH SUHVHQWH TXH HQ ODV DFFLRQHV KD\
LQILOWUDFLyQGHGHOLQFXHQWHV
3RU ORWDQWRFRQVLGHURLQQHFHVDULRHVWDEOHFHUHO LQFLVRVHJXQGR\
GDU DO WHVWLPRQLR GH &DUDELQHURV HO FDUiFWHU GH SUHVXQFLyQ OHJDO SRUTXH ²
UHSLWR² HQ PDWHULDO SHQDO HOOD HV H[FHSFLRQDO (V EXHQR TXH VHD DVt SXHV VH
WUDWDGHTXHHQ ODGHWHUPLQDFLyQGHOGHOLWRHOMXH]WHQJD ODPD\RUDPSOLWXG\
OLEHUWDGGHELHQGRVHUODRSLQLyQGHODSROLFtDXQHOHPHQWRFRQFXUUHQWHSHURQR
SUREDWRULRGHOWRGRVXSHULRUDOTXHWLHQHQORVFLXGDGDQRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(VWD PDWHULD HQ PL HQWHQGHU QR HV VHFXQGDULD \ QR WLHQH VyOR
TXH YHU FRQ OD YLROHQFLD HQ ORV HVWDGLRV < \R YHR FRQ SUHRFXSDFLyQ ²TXLHUR
DGYHUWLUORHQHO6HQDGR²TXHIUHQWHDKHFKRVTXHSURYRFDQFRQMXVWLFLDDODUPD
JHQHUDO \ TXH WLHQHQ TXH YHU FRQ HO RUGHQ S~EOLFR VH WLHQGD D SURGXFLU XQ
UHWURFHVR HQ PDWHULD GH ODV JDUDQWtDV LQGLYLGXDOHV FRQVDJUDGDV HQ OD
&RQVWLWXFLyQ R GH ODV JDUDQWtDV SURFHVDOHV TXH YDQ HQ OD OtQHD GH UHVJXDUGDU
GHUHFKRV EiVLFRV GH ODV SHUVRQDV $GYLHUWR HQ HOOR XQ FOLPD XQ FULWHULR
$GHPiV HVWD ILJXUD QR YHQtD HQ HO SUR\HFWR LQLFLDO )XH LQWURGXFLGD SRU XQ
VHxRU6HQDGRU²PX\UHVSHWDEOH²HQOD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ
-XVWLFLD\5HJODPHQWR
3RU RWUD SDUWH HVWR\ GH DFXHUGR HQ HQIUHQWDU KHFKRV TXH
SURYRFDQ FRQPRFLyQ S~EOLFD TXH VRQ QXHYRV \ GRQGH KD\ HOHPHQWRV
GHOLFWXDOHV FRPSURPHWLGRV SHUR HOOR QR GHEH OOHYDUQRV D XQ UHWURFHVR HQ
PDWHULDGHJDUDQWtDVLQGLYLGXDOHVHQDOJXQRVFDVRV\SURFHVDOHVHQRWURV\
TXH D OD +XPDQLGDG OH KD FRVWDGR EDVWDQWH WLHPSR GHWHUPLQDU SXHV VRQ
HOHPHQWRVHVHQFLDOHVHQODGHIHQVD\OLEHUWDGGHODVSHUVRQDV
3RU FRQVLJXLHQWH HQ QRPEUH GH YDORUHV TXH FRQVLGHUR
IXQGDPHQWDOHV VROLFLWR D OD 6DOD UHFRQVLGHUDU HO DFXHUGR GH OD &RPLVLyQ \
VXSULPLUHOLQFLVRVHJXQGRGHODUWtFXORR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² /D 0HVD HQWLHQGH TXH VH HQFXHQWUD
DSUREDGR HO LQFLVR SULPHUR FRQ OD HQPLHQGD VHxDODGD SRU HO +RQRUDEOH VHxRU
2WHUR
(VWDPRVHQODGLVFXVLyQGHOLQFLVRVHJXQGR
7LHQHODSDODEUDHO+RQRUDEOHVHxRU2WHUR
(O VHxRU 27(52² 6HxRU 3UHVLGHQWH HO REMHWR GHO LQFLVR VHJXQGR HV
SUHFLVDPHQWH IDFLOLWDU HO SURFHVR SHQDO 2FXUUH TXH ORV IXQFLRQDULRV
DSUHKHQVRUHV PHQFLRQDGRV HQ HO SDUWH YDQ D VHU FLWDGRV FRPR WHVWLJRV (Q
LQQXPHUDEOHVRSRUWXQLGDGHVHOKHFKRGHHVWDUFXPSOLHQGRRWURVVHUYLFLRVRGH
KDEHU VLGR WUDQVIHULGRV D RWUDV XQLGDGHV GHWHUPLQD R OD LPSXQLGDG GHO
GHOLQFXHQWH R FUHD VHULRV SUREOHPDV HQ PDWHULD GH OD GHFODUDFLyQ WHVWLPRQLDO
HQHOVXPDULR'HPDQHUDTXHORTXHVHSUHWHQGHDTXtHVTXHODGHFODUDFLyQGH
&DUDELQHURV HQ VX LQIRUPH VHD FRQVLGHUDGD FRPR XQD SUXHED WHVWLPRQLDO
YiOLGD 2EYLDPHQWH WRGD SUXHED TXH VH ULQGH HQ XQ SURFHVR SXHGH VHU
FRQWUDGLFKD FRQ RWUR HOHPHQWR SUREDWRULR 'H DKt HQWRQFHV OD QHFHVLGDG GH
HVWDEOHFHUODSUHVXQFLyQOHJDOSHURHQXQVHQWLGRGHDILUPDFLyQSRVLWLYD²HVWR
KD\ TXH WHQHUOR SUHVHQWH² SDUD TXH VH SXHGD GHFLU $ )XODQR GH 7DO VH OH
GHWXYR SRU WDO SDUWLFLSDFLyQ 3RUTXH VL VH DILUPD TXH IXH GHWHQLGR SRU VX
SRVLEOH UHVSRQVDELOLGDG QR H[LVWH SUHVXQFLyQ GH QLQJXQD HVSHFLH (VWDPRV
KDEODQGR GH DTXHOORV KHFKRV HQ TXH ORV FDUDELQHURV DILUPDQ FDWHJyULFDPHQWH
KDEHUVLGRWHVWLJRVSXHVHOLQIRUPHHVWDEOHFHTXHWDOHVKHFKRVFRQVWDQDHVRV
IXQFLRQDULRV(VDHVXQDGHFODUDFLyQDODFXDOVHOHGDHOPpULWRGHSUHVXQFLyQ
OHJDO FX\R REMHWLYR HV HQ MXLFLRV GH HVWD QDWXUDOH]D DJLOL]DU HO SURFHVR OR
FXDO QR REVWD D TXHHO LQFXOSDGR SUHVHQWH WRGDV ODV SUXHEDV GH GHVFDUJR TXH
HVWLPHFRQYHQLHQWHV
3RU HVH PRWLYR HVWLPR QHFHVDULR PDQWHQHU HO LQFLVR VHJXQGR
SURSXHVWR SRU OD &RPLVLyQ 6L QR IXHUD DVt SRGUtDPRV WUDQVIRUPDUOD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
PDQWHQLpQGROD FRPR EDVH OD SUHVXQFLyQ MXGLFLDO ²GH OR FXDO VR\ SDUWLGDULR²
SHURQRHOLPLQDUOD
(Q FRQVHFXHQFLD SURSRQJR TXH OD QRUPD GLMHVH &RQVWLWXLUiQ
EDVH GH SUHVXQFLyQ MXGLFLDO GH RFXUUHQFLD GHO KHFKR SXQLEOH \ GH
UHVSRQVDELOLGDG GH ORV SDUWtFLSHV ODV DVHYHUDFLRQHV TXH OD SROLFtD KDJD
HWFpWHUD VXJHUHQFLD TXH KDJR SDUD HO HYHQWR TXH VH DFRMD OD SURSRVLFLyQ GHO
6HQDGRUVHxRU*D]PXUL
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD OD +RQRUDEOH VHxRUD
&DUUHUD
/D VHxRUD &$55(5$² 6HxRU 3UHVLGHQWH HO LQFLVR PH SURGXFH SUHRFXSDFLyQ
(Q ODV SREODFLRQHV \ HQ ORV OXJDUHV GRQGH YLYH OD JHQWH GH PHQRV UHFXUVRV \
PXFKDV GH ODV SHUVRQDV TXH DVLVWHQ D ORV HVWDGLRV XQR GHWHFWD TXH H[LVWH
PXFKR WHPRU SRU DOJXQDV DFFLRQHV GH &DUDELQHURV FRPR ODV GHWHQFLRQHV SRU
VRVSHFKD R SRU RWUD FDXVD $O PLVPR WLHPSR DGYLHUWH JUDQ DSR\R D
&DUDELQHURVHQRWURVHQWLGR
/DSUHVXQFLyQOHJDOEDVDGDHQHOWHVWLPRQLRGH&DUDELQHURVSXHGH
DXPHQWDUODEUHFKDHQWUHpVWRV\ODSREODFLyQMXYHQLO ORFXDO PHSDUHFHPX\
QHJDWLYR
/DSROLFtDGHXQSDtVWLHQHTXHFRQWDUFRQHOUHVSDOGRLUUHVWULFWRGH
VXSREODFLyQGHELHQGRVRODPHQWHORVGHOLQFXHQWHVWHPHUOH1RPHSDUHFHSDUD
QDGDVDQRTXHJHQWHLQRFHQWHTXHQRKDFHGHVyUGHQHVQLSURYRFDSUREOHPDV
WHPDDODSROLFtD3RUTXHHQPHGLRGHVLWXDFLRQHVFRQIXVDV²FRPRVRQODVTXH
VH SURGXFHQ HQ ORV HVWDGLRV² PXFKDV YHFHV VRQ GHWHQLGDV SHUVRQDV
DEVROXWDPHQWH LQRFHQWHV /RV &DUDELQHURV QR WLHQHQ FDSDFLGDG YLVXDO QL
VHQVRULDO ²SRUTXH QR VRQ URERWV VLQR KXPDQRV² SDUD GHWHUPLQDU
H[DFWDPHQWHDORVFXOSDEOHV(QGLYHUVDVRSRUWXQLGDGHVODPHUDGHWHQFLyQSRU
VRVSHFKD TXH GHVSXpV WHUPLQD HQ QDGD GHMD XQD PDUFD HQ GHWHUPLQDGRV
MyYHQHV
6L TXHUHPRV LPSHGLU OD YLROHQFLD R VL HVWDPRV HQ FRQWUD GH HOOD
QRVRODPHQWHGHEHQWRPDUVHPHGLGDVSDUDUHSULPLUODVLQRWDPELpQSHQVDUHQ
ODV FDXVDV TXH OD RULJLQDQ \ D\XGDU ²HQ HVWH FDVR D ORV &DUDELQHURV
SURIHVLRQDOHV² D XQD PHMRU UHODFLyQ FRQ ORV MyYHQHV < QR FUHR TXH HVWH
SUHFHSWRD\XGHDHVHREMHWLYR
3RUHVRVHxRU3UHVLGHQWHFRQHOPD\RUUHVSHWRSRU&DUDELQHURV\
HQ OD FUHHQFLD GH TXH VX SURIHVLRQDOLVPR GHEH VHU DSR\DGR \ UREXVWHFLGR ²
VHJXUDPHQWHGDSDUDEDVWDQWHIRUWLILFDUORSRUFLHUWDVFDXVDVKLVWyULFDVTXHQR
HVGHOFDVRPHQFLRQDUDTXt²SLHQVRTXHORGLVSXHVWRHQHOLQFLVRVHJXQGRGHO
DUWtFXOR ž QR HV DGHFXDGR HQ HVWH PRPHQWR SDUD FHUUDU XQ SRFR OD EUHFKD
H[LVWHQWHHQWUHODSREODFLyQMXYHQLO\ODSROLFtDXQLIRUPDGD
3RU HVR HVWR\ GH DFXHUGR FRQ OD SURSRVLFLyQ GHO 6HQDGRU VHxRU
*D]PXULGHVXSULPLUHOLQFLVR
(O VHxRU 18f(= 9LFHSUHVLGHQWH²7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
+XHUWD
(O VHxRU +8(57$² 6HxRU 3UHVLGHQWH FRPR HVWi UHGDFWDGR HO DUWtFXOR
UHSUHVHQWD XQD JDUDQWtD SDUD TXLHQHV LQIULQJHQ OD OH\ \ DO GtD VLJXLHQWH GH VX
GHWHQFLyQVDOHQHQOLEHUWDGSRUIDOWDGHPHGLRVRGHSUXHEDV3DUDTXHDVtQR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
RFXUUDKD\TXHSDUWLUGHXQVXSXHVWRGHEXHQDLQWHQFLyQGH&DUDELQHURV\GH
FRQILDQ]D \ FRQWULEXFLyQ D OD ODERU SROLFLDO VREUH WRGR FXDQGR pVWD HV
VXPDPHQWH GHOLFDGD 3DUD Pt HVWR HV IXQGDPHQWDO < FRPR QR H[LVWH OD
IDFXOWDG GH XWLOL]DU OD UHSURGXFFLyQ GH LPiJHQHV \ GH VRQLGR FRPR PHGLR GH
SUXHEDWHQJRFRQILDQ]DHQHOHVStULWX\HQHOSURIHVLRQDOLVPRGHOD,QVWLWXFLyQ
DODFXDOSHUWHQHFt
/DPHQWR TXH QR WRGRV FRPSDUWDQ OD VDQD LQWHQFLyQ GH
&DUDELQHURVGHVHUYLUDVXVFRQFLXGDGDQRV
(OVHxRU68/(²3LGRODSDODEUDVHxRU3UHVLGHQWH
(OVHxRU18f(=9LFHSUHVLGHQWH²3XHGHKDFHUXVRGHHOOD6X6HxRUtD
(O VHxRU 68/(² 6HxRU 3UHVLGHQWH QR KD\ GLVFUHSDQFLDV FRQ ORV
SODQWHDPLHQWRV IRUPXODGRV HQ VX HVHQFLD SRU ORV 6HQDGRUHV VHxRUD &DUUHUD \
VHxRU *D]PXUL 3UHFLVDPHQWH VRVWXYLPRV OD PLVPD GLVFXVLyQ SDUD PRGLILFDU
XQDSUHVXQFLyQGH'HUHFKRTXHH[LVWtDVREUHHOSDUWLFXODUHQFXDQWRDTXHSRU
OD VROD SUHVHQWDFLyQ GH IRWRJUDItDV GH YLGHRV R GHO SDUWH GH &DUDELQHURV VH
FRQVLGHUDEDFXOSDEOHDODSHUVRQDTXHDSDUHFtDHQVXWHVWLPRQLR
4XLHUR LQYLWDU D ORV +RQRUDEOHV FROHJDV D TXH DFHSWHPRV OD
SURSRVLFLyQ GHO 6HQDGRU VHxRU 2WHUR HQ HO VHQWLGR GH FRQVLGHUDU HVRV
HOHPHQWRV FRPR EDVH GH SUHVXQFLyQ MXGLFLDO &RQ HOOR KDELOLWDPRV XQ EXHQ
WHVWLPRQLR \ UHVROYHPRV HO SUREOHPD SODQWHDGR SRUTXH GH OR FRQWUDULR
WHQGUtDPRVTXHSURQXQFLDUQRVUHVSHFWRGHODSULPHUDSURSRVLFLyQ
(OVHxRU',(=²¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU=$/',9$5GRQ$GROIR²3LGRODSDODEUDVHxRU3UHVLGHQWH
(OVHxRU18f(=9LFHSUHVLGHQWH²/DWLHQHHO+RQRUDEOHVHxRU'tH]
(O VHxRU ',(=² 6HxRU 3UHVLGHQWH HQ HO DUWtFXOR HQFRQWUDPRV GRV
FLUFXQVWDQFLDVGLVWLQWDVTXHHVWiQXQLGDVSHURTXHSXHGHQVHSDUDUVH
(OTXHFRQVWLWX\DSUHVXQFLyQOHJDOODRFXUUHQFLDGHOKHFKRSXQLEOH
HVLQGLVFXWLEOH3RUTXHHOVyORSDUWHGH&DUDELQHURVKDELOLWDDOMXH]SDUDDEULUHO
SURFHVR GHELGR D TXH KD\ XQ DFWR SXQLEOH (VD GLVSRVLFLyQ GHO DUWtFXOR QR
PHUHFH GXGDV (V LQGLVSHQVDEOH TXH H[LVWD HO FLWDGR SDUWH SDUD TXH VH SXHGD
LQLFLDUHOSURFHVRSHQDOFRUUHVSRQGLHQWH
(Q FXDQWR D OD VHJXQGD SDUWH GHO DUWtFXOR PH LQFOLQR SRU OD
VROXFLyQLQWHUPHGLDSURSXHVWDSRUHO+RQRUDEOHVHxRU2WHUR\UDWLILFDGDSRUHO
6HQDGRU VHxRU 6XOH VHJ~Q OD FXDO HO SUHFHSWR TXHGDUtD DVt &RQVWLWXLUiQ
SUHVXQFLyQOHJDOGHRFXUUHQFLDGHOKHFKRSXQLEOH\EDVHGHSUHVXQFLyQMXGLFLDO
GH UHVSRQVDELOLGDG GH ORV SDUWtFLSHV ODV DVHYHUDFLRQHV TXH OD SROLFtD KDJD
VREUHHVDVFLUFXQVWDQFLDVHWFpWHUD
(Q OD DSOLFDFLyQ GH HVWD QRUPD HO MXH] WLHQH OLEHUWDG SHUR ODV
DVHYHUDFLRQHVGHEHQVHUJUDYHVSUHFLVDV\FRQFRUGDQWHVHWFpWHUD
6HxRU 3UHVLGHQWH VXJLHUR TXH VH DSUXHEH HVD UHGDFFLyQ SDUD HO
LQFLVRVHJXQGR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² ¢+DEUtD DFXHUGR HQ OD UHGDFFLyQ VHxDODGD
SRUHO6HQDGRUVHxRU'tH]"
7LHQHODSDODEUDHO+RQRUDEOHVHxRU$GROIR=DOGtYDU
(O VHxRU =$/',9$5 GRQ $GROIR² 6HxRU 3UHVLGHQWH \R HVWDUtD GH DFXHUGR
FRQODIRUPDFRPRHO6HQDGRUVHxRU'tH]KDSODQWHDGRODVFRVDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
$VLPLVPR GHVHR GHFLU DO +RQRUDEOH VHxRU +XHUWD TXH QDGLH KD
WHQLGR OD LQWHQFLyQ QL KD SHQVDGR TXH HO GtD GH PDxDQD &DUDELQHURV YD\D D
KDFHU PDO XVR GH OD IDFXOWDG TXH VH OH HQWUHJD 7RGR OR FRQWUDULR HO
SODQWHDPLHQWR GH ORV 6HQDGRUHV VHxRU *D]PXUL \ VHxRUD &DUUHUD EXVFD TXH
&DUDELQHURV QR VH YHD HQIUHQWDGR HQ HO IXWXUR D XQD VLWXDFLyQ GLItFLO DQWH XQ
VHFWRUPX\H[SORVLYR\FRQIOLFWLYR(QHVHHQWHQGLGRYHtDHOSODQWHDPLHQWRGH
6XV6HxRUtDV
&RQ WRGR OD IyUPXOD GHO +RQRUDEOH VHxRU 'tH] PH SDUHFH OD PiV
DFRQVHMDEOH 6LQ HPEDUJR TXLHUR LQVLVWLU HQ TXH HQ GHILQLWLYD HO MXH] WHQGUi
TXH SRQGHUDU \ SDUD HOOR FRQWDUi HQWUH ORV HOHPHQWRV GH MXLFLR REYLDPHQWH
FRQHOWHVWLPRQLRGH&DUDELQHURV\FRQRWUDVSUXHEDV
3HUR OR TXH QR HV GLVFXWLEOH HV HO KHFKR HQ Vt TXH HO DFWR KD\D
RFXUULGR<PHSDUHFHTXHDOOtQRSXHGHHOLPLQDUVHODSUHVXQFLyQOHJDOUHVSHFWR
GHORTXHUHDOPHQWHRFXUULy
(O VHxRU 18f(= 9LFHSUHVLGHQWH² (QWRQFHV OD SURSRVLFLyQ GHO +RQRUDEOH
VHxRU'tH]VHDSUREDUtDSRUXQDQLPLGDG
$FRUGDGR
7LHQHODSDODEUDHO+RQRUDEOHVHxRU+XHUWD
(O VHxRU +8(57$² 6HxRU 3UHVLGHQWH TXLHUR DJUDGHFHU OR VHxDODGR SRU HO
+RQRUDEOH VHxRU $GROIR =DOGtYDU $GHPiV HVWR\ GH DFXHUGR FRQ OD QRUPD
SURSXHVWD D SHVDU GH TXH HQ HO IRQGR TXHGD XQD SHTXHxD SDUWH GH
GHVFRQILDQ]D
(OVHxRU68/(²£1RVHSUHRFXSHVHxRU6HQDGRUHVORPLVPR
(OVHxRU*$=085,²1RHVXQSUREOHPDGHGHVFRQILDQ]D+RQRUDEOHFROHJDVH
WUDWD GH XQ DVXQWR GHO 'HUHFKR 1DGD WLHQH TXH YHU OD FRQILDQ]D FRQ HO
'HUHFKR
(O VHxRU 18f(= 9LFHSUHVLGHQWH² &RUUHVSRQGH WUDWDU D FRQWLQXDFLyQ HO
DUWtFXORž
(O VHxRU (<=$*8,55( 6HFUHWDULR² 6H VXVWLWX\HQ ORV LQFLVRV SULPHUR \
VHJXQGRSRUORVLJXLHQWH
$UWtFXORž²/DVSHUVRQDVPHQRUHVGH\PD\RUHVGHDxRV
GH HGDG TXH LQFXUULHUHQ HQ ODV FRQGXFWDV FRQWHPSODGDV HQ HO DUWtFXOR R GH
HVWDOH\SRGUiQVHUVDQFLRQDGDVFRQODVVLJXLHQWHVPHGLGDV
R²3URKLELFLyQGHDVLVWLUDORVIXWXURVHVSHFWiFXORVS~EOLFRVGH
OD PLVPD QDWXUDOH]D GH DTXHO TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ GH OD
PHGLGD FRQ OD REOLJDFLyQ GH SUHVHQWDUVH HQ ORV GtDV \ KRUDV HQ TXH HOORV VH
UHDOLFHQHQHOOXJDUILMDGRSRUHOMXH]KDVWDSRUHOWpUPLQRGHXQDxR
R²7UDEDMRVGHWHUPLQDGRVHQEHQHILFLRGHODFRPXQLGDGHQORV
WpUPLQRVGHOLQFLVRSHQ~OWLPRGHODUWtFXORƒ
(OVHxRU18f(=9LFHSUHVLGHQWH²(QGLVFXVLyQ
7LHQHODSDODEUDHO6HQDGRUVHxRU+DPLOWRQ
(O VHxRU +$0,/721² 6HxRU 3UHVLGHQWH ODPHQWDEOHPHQWH QR WXYH OD
RSRUWXQLGDGGHSDUWLFLSDUHQODGLVFXVLyQJHQHUDOGHOSUR\HFWR
(VWLPR TXH HVWD LQLFLDWLYD FRQVWLWX\H XQ SDVR SRVLWLYR SDUD WUDWDU
GH DPLQRUDU DPRUWLJXDU R HOLPLQDU ²VL IXHUD SRVLEOH² OD YLROHQFLD FUHFLHQWH
TXH VH KD YHQLGR SURGXFLHQGR HQ ORV HVSHFWiFXORV GHSRUWLYRV GH FDUiFWHU
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
PDVLYR HQ HVSHFLDO GH SDUWH GH ODV OODPDGDV EDUUDV EUDYDV GH ORV FOXEHV
PiV SRSXODUHV ODV FXDOHV DO UHYpV GH OR TXH VH KD DILUPDGR QRUPDOPHQWH
DFW~DQHQFRQWUDGHODYROXQWDGGHORVSURSLRVGLULJHQWHVGHHOORV
6LQHPEDUJRWHQJRODLPSUHVLyQGHTXHHVWDPRVFRQVWUX\HQGRXQ
FXHUSR OHJDO PX\ SXQLWLYR TXH DSXQWD PiV D ORV HIHFWRV GH ORV KHFKRV TXH
FRQGHQDPRV TXH D VXV FDXVDV (V PX\ SRVLEOH TXH OD &RPLVLyQ QR KD\D
FRQRFLGRWRGRVORVDQWHFHGHQWHVSRUORTXHWDOYH]VHDQHFHVDULRPiVDGHODQWH
TXHHQODSURSLD&RPLVLyQRHQOD6DODVHSURGX]FDXQDGLVFXVLyQHQWRUQRGHO
RULJHQGHHVDYLROHQFLD(VXQSUREOHPDXQLYHUVDOSHURHQQXHVWURSDtVKDLGR
FUHFLHQGR HQ HO ~OWLPR WLHPSR HQ WpUPLQRV TXH QR WLHQH H[SOLFDFLyQ UDFLRQDO
)XL GLULJHQWH GHSRUWLYR \ KH HVWDGR PXFKR WLHPSR YLQFXODGR DO I~WERO
SURIHVLRQDO VLQ HPEDUJR QR VHUtD FDSD] GH GHFLU DO 6HQDGR FXiOHV VRQ ODV
UD]RQHV TXH KDQ OOHYDGR D OD VLWXDFLyQ DFWXDO (Q ILQ HVR TXHGDUi SDUD RWUD
RSRUWXQLGDG
'HVHR UHIHULUPH DO DUWtFXOR TXH HVWDEOHFH XQD GLVFULPLQDFLyQ
UHVSHFWRGHORVPHQRUHVGHHGDG/DQRUPDJHQHUDOHQQXHVWUD OHJLVODFLyQHV
TXHVRQWDOHVORVTXHQRKDQFXPSOLGRORVDxRV5HEDMDUHVHOtPLWHFRPRVH
SURSRQH HQ HO DUWtFXOR R SUHVHQWD D PL MXLFLR YDULRV LQFRQYHQLHQWHV
3ULPHURSURGXFHXQDREYLDDVLPHWUtDHQWUHODOHJLVODFLyQJHQHUDO\ODTXHSDVD
DVHUSDUWLFXODUSDUDHVWRVHIHFWRV\VHJXQGRYLRODFODUDPHQWHOD&RQYHQFLyQ
VREUHORV'HUHFKRVGHO1LxR²SDUDHOODVRQQLxRVORVPHQRUHVGHDxRV²
(OVHxRU68/(²£-yYHQHVQRQLxRVVHxRU6HQDGRU
(OVHxRU+$0,/721²TXHSRUKDEHUVLGRVXVFULWDSRU&KLOHQRVREOLJD6L
ELHQ VH SXHGHQ HVWDEOHFHU H[FHSFLRQHV DO UHVSHFWR GH DFXHUGR FRQ HVH
WUDWDGRHOODVGHEHQVHUHQIDYRUGHOPHQRU\QRHQVXFRQWUD
(Q VHJXLGD OD QRUPD HQ GHEDWH FRQWUDGLFH HO LQFLVR VHJXQGR GHO
DUWtFXOR R GH OD &RQVWLWXFLyQ TXH VHxDOD (O HMHUFLFLR GH OD VREHUDQtD
UHFRQRFHFRPROLPLWDFLyQHOUHVSHWRDORVGHUHFKRVHVHQFLDOHVTXHHPDQDQGH
ODQDWXUDOH]DKXPDQD(VGHEHUGHORVyUJDQRVGHO(VWDGRUHVSHWDU\SURPRYHU
WDOHV GHUHFKRV JDUDQWL]DGRV SRU HVWD &RQVWLWXFLyQ DVt FRPR SRU ORV WUDWDGRV
LQWHUQDFLRQDOHVUDWLILFDGRVSRU&KLOH\TXHVHHQFXHQWUHQYLJHQWHV
3RU ~OWLPR GDGD OD VLWXDFLyQ FDUFHODULD DFWXDO TXH WRGRV
FRQRFHPRV ²VH HVWi WUDWDQGR GH PHMRUDU SHUR IDOWD PXFKR WLHPSR SDUD TXH
VHORJUHPHSDUHFHPX\JUDYHPH]FODUDORVPHQRUHVGHDxRVGHWHQLGRV
FRQGHOLQFXHQWHVFRPXQHV
(OVHxRU',(=²¢0HFRQFHGHXQDEUHYHLQWHUUXSFLyQVHxRU6HQDGRU"
(OVHxRU+$0,/721²&RQODYHQLDGHOD0HVDFRQPXFKRJXVWR
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU'tH]
(O VHxRU ',(=² 'HVHR DFODUDU XQ HUURU GH KHFKR HQ TXH KD LQFXUULGR HO
+RQRUDEOH VHxRU +DPLOWRQ /D SURSRVLFLyQ GH OD &RPLVLyQ HQ HO DUWtFXOR ž QR
LPSRUWDHQQLQJ~QFDVRQLSXHGHVLJQLILFDUHQPDQHUDDOJXQDSHQDGHSULVLyQ
SDUD ORV PHQRUHV /DV VDQFLRQHV TXH SHUVLJXH SDUD ORV PD\RUHV GH \
PHQRUHVGHDxRVVRQGRV3URKLELFLyQGHDVLVWLUDORVIXWXURVHVSHFWiFXORV
S~EOLFRV GH OD PLVPD QDWXUDOH]D GH DTXHO TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ
GHODPHGLGDFRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVH
UHDOLFHQ HQ HO OXJDU ILMDGR SRU HO MXH] KDVWD SRU HO WpUPLQR GH XQ DxR \
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
7UDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD FRPXQLGDG HQ ORV WpUPLQRV GHO
LQFLVRSHQ~OWLPRGHODUWtFXORƒ
(QFRQVHFXHQFLDQRKD\SHQDGHFiUFHO
(OVHxRU18f(=9LFHSUHVLGHQWH²5HFXSHUDHOXVRGHODSDODEUDHO+RQRUDEOH
VHxRU+DPLOWRQ
(OVHxRU68/(²¢0HFRQFHGHUtDXQDEUHYHLQWHUUXSFLyQVHxRU6HQDGRU"
(OVHxRU+$0,/721²(QFDQWDQGRFRQODYHQLDGHOD0HVD
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU6XOH
(OVHxRU68/(²3UHFLVDPHQWH ORTXH SUHRFXSDDO6HQDGRUVHxRU+DPLOWRQHV
OR TXH WXYLPRV HQ FXHQWD DO DSUREDU HVWD GLVSRVLFLyQ TXH FRQVLGHUR PX\
LQWHUHVDQWH6LDFRJLpUDPRVHOFULWHULRGH6X6HxRUtDWHQGUtDPRVTXHVHJXLUOD
QRUPD JHQHUDO TXH REOLJD DO MXH] D GHFODUDU VL HO PHQRU DFWXy FRQ
GLVFHUQLPLHQWRRVLQpO(QFDVRDILUPDWLYRWHQGUtDTXHDSOLFDUOHODSHQDSURSLD
GHORVPD\RUHVGHDxRV(QFDPELRFRQHODUWtFXORSURSXHVWRDXQTXHKD\D
DFWXDGR FRQ GLVFHUQLPLHQWR MDPiV SRGUtD UHFLELU XQD SHQD SULYDWLYD GH
OLEHUWDG
(OVHxRU18f(=9LFHSUHVLGHQWH²5HFXSHUDHOXVRGHODSDODEUDHO+RQRUDEOH
VHxRU+DPLOWRQ
(OVHxRU+$0,/721²6HxRU3UHVLGHQWHFHOHEURPXFKRTXHVHKD\DKHFKRHVD
FRUUHFFLyQ HQ HO SUR\HFWR \ DFHSWR ODV H[SOLFDFLRQHV GDGDV SRU HO +RQRUDEOH
VHxRU'tH]1RREVWDQWHTXHGDQHQSLHORVRWURVDUJXPHQWRVHQYLUWXGGHORV
FXDOHVVR\FRQWUDULRDODUWtFXOR&UHRTXHGHELHUDUHFKD]DUVH\HOLPLQDUVHWRGR
GLVWLQJRUHVSHFWRGHORVPHQRUHVGHDxRV
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU'tH]
(O VHxRU ',(=² 6HxRU 3UHVLGHQWH QRVRWURV FUHHPRV TXH OR VXFHGLGR HQ ORV
HVWDGLRV FRQ UHVSHFWR D ORV PHQRUHV QR GHEH HTXLSDUDUVH D ORV GHOLWRV TXH
pVWRVSXHGDQFRPHWHUQLSRUODQDWXUDOH]DGHOKHFKRQLSRUVXVPRWLYDFLRQHV
¢4Xp RFXUULUtD VL VH HOLPLQDUD OD GLVSRVLFLyQ" /R TXH VHxDOD HO
6HQDGRU VHxRU 6XOH TXH HO MXH] GH PHQRUHV VH YHUi HQ OD QHFHVLGDG GH
GHWHUPLQDU HQ HO FDVR GH ORV PD\RUHV GH DxRV VL REUDURQ FRQ
GLVFHUQLPLHQWR (Q FRQVHFXHQFLD GHEHUiQ FRQFXUULU GHWHQLGRV DO MX]JDGR \
DJXDUGDU D TXH VH GHFODUH HO GLVFHUQLPLHQWR \ WRGR HOOR SRU KHFKRV TXH
UHDOPHQWHQRFRQVWLWX\HQGHOLWR
4XHUHPRV HQ FDPELR TXH HO MXH] DO YHU OD JUDYHGDG GH ODV
SUXHEDV SXHGD GHFLU 3URKLELFLyQ GH LU DO HVWDGLR SRU XQ DxR R GHWHUPLQDGR
WUDEDMR HQ OD FRPXQLGDG VL XVWHG OR SUHILHUH (VH IXH HO HVStULWX GH OD
&RPLVLyQ&UHHPRVTXHODIDOWDGHHVWDQRUPDHVSHRUSDUDORVPHQRUHV
(O VHxRU 18f(= 9LFHSUHVLGHQWH² /D 0HVD HVWLPD TXH GDGRV ORV
DUJXPHQWRV FRUUHVSRQGHUtD YRWDU HO DUWtFXOR $GHPiV OD VXJHUHQFLD GHO
6HQDGRUVHxRU+DPLOWRQLQYROXFUDUtDGLYLGLUODYRWDFLyQ
7LHQHODSDODEUDHO+RQRUDEOHVHxRU5XL](VTXLGH
(O VHxRU 58,=(648,'(² 6HxRU 3UHVLGHQWH HQ HO GHEDWH GHEH TXHGDU FODUR
TXHHODUWtFXORžDSUREDGRSRUOD&RPLVLyQHVGLVWLQWRGHODQRUPDTXHYHQtD
HQHOSULPHULQIRUPH
(OVHxRU68/(²£(YLGHQWH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 58,=(648,'(² (Q HVH HQWHQGLGR PH SDUHFHQ SHUWLQHQWHV ODV
REVHUYDFLRQHV GHO 6HQDGRU VHxRU +DPLOWRQ SXHV GHVWDFDQ TXH HO HVStULWX FRQ
TXH HO 6HQDGR DSUXHED WRGD PRGLILFDFLyQ HV QR YLRODU HQ PDQHUD DOJXQD ODV
QRUPDVGHOD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxRREOLJDWRULDVSDUD&KLOH
\ WHQHU VLHPSUH FRPR ILQ HO IDYRUHFHU DO QLxR 7DO HV HO VHQWLGR GH VX
LQWHUYHQFLyQ
'HVGH HVH SXQWR GH YLVWD HO DUWtFXOR SURSXHVWR FRQVWLWX\H
HYLGHQWHPHQWHXQDYDQFH(OWHPDORKHPRVGLVFXWLGRUHLWHUDGDPHQWH<RPH
SUHJXQWDUtD FXiO VHUtD OD VLWXDFLyQ VL QR OR DSUREiUDPRV 6HJ~Q HQWLHQGR HOOR
HTXLYDOGUtD D GHMDU YLJHQWH OD QRUPD FRQIRUPH D ODFXDO HQWUH ORV \ ORV DxRV HO MXH] SRGUtD GHFODUDU TXH KXER GLVFHUQLPLHQWR \ TXH SRU OR WDQWR HO
PHQRUSRGUtDLUDODFiUFHO
(OVHxRU',(=²6yORVLQRVHDSUREDUDHODUWtFXORR
(OVHxRU58,=(648'(²$VtHQWLHQGRVHxRU6HQDGRU
/R TXH WUDWR GH GHFLU VLPSOHPHQWH HV TXH GHQWUR GHO HVStULWX
FRQ TXH VLHPSUH KHPRV DERUGDGR HO WHPD GH ORV QLxRV HO SURFHGLPLHQWR TXH
HVWDPRVDSUREDQGRDKRUDHVPHMRUTXHHOGHOSULPHULQIRUPH\TXHSUHVHQWD
YHQWDMDVUHVSHFWRGHODGLVSRVLFLyQOHJDODFWXDO
(OVHxRU',(=²([DFWDPHQWHVHxRU6HQDGRU
(OVHxRU58,=(648,'(²3RUHVDUD]yQORYR\DDSUREDUFRQODVDOYHGDGGHO
Q~PHUR R SRUTXH FRQ WRGD IUDQTXH]D D SHVDU GH OR GLFKR QR FUHR TXH
SURFHGDLPSRQHUXQWUDEDMRDOPHQRU
3RU RWUR ODGR VHxRU 3UHVLGHQWH ²\ VyOR D WtWXORGH FRPHQWDULR²
DOWpUPLQRGHODDSUREDFLyQGHHVWDLQLFLDWLYDTXHVDQFLRQDORVHIHFWRVILQDOHV
GH XQ SURFHVR TXH WLHQH OXJDU HQ ORV HVWDGLRV GHVHR VHxDODU TXH TXHGD
SHQGLHQWH OR VHxDODGR SRU HO 6HQDGRU VHxRU +DPLOWRQ VHUtD EXHQR TXH PiV
DGHODQWH OD6DODRDOJXQDGHODV&RPLVLRQHVDERUGDUDHOWHPDGHODYLROHQFLD
HQ HO FRQWH[WR GH ORV GHEDWHV GH PD\RU HQYHUJDGXUD TXH KHPRV DFRUGDGR
WHQHUHQHVWD&RUSRUDFLyQ
3RGUi GLVFXWLUVH TXH VH SURGXFH VyOR HQ GRV HVWDGLRV ²FRPR
VHxDODED XQ VHxRU 6HQDGRU² R IXQGDPHQWDOPHQWH FXDQGR VH HQIUHQWDQ GRV
FOXEHV SHUR HQ YHUGDG GHWUiV GH HOOR KD\ XQ IHQyPHQR VRFLRFXOWXUDO TXH
HVWiH[SORWDQGRQRVyORHQ&KLOHVLQRHQHOPXQGRHQWHUR'HELpUDPRVGLVFXWLU
SRU TXp VH SURGXFH 1DGLH SXHGH GDU OD UD]yQ ~OWLPD GH TXH ODV SHUVRQDV
SXHGDQOOHJDUDWDOHVJUDGRVGHYLROHQFLDSHURGLItFLOPHQWHSXHGHQHJDUVHTXH
pVWDHVXQFRQFHSWRPDWUL]HQQXHVWUDVRFLHGDG<HOORVHUHIOHMDHQTXLHQHVVH
VLHQWHQ OLEHUDGRVHQXQHVWDGLRSDUDDFWXDUDQyQLPDPHQWH/DFRPSHWLWLYLGDG
H[DJHUDGDHQHOGHSRUWHHQHOTXHPXFKDVYHFHVSDUHFHLUODYLGDHQODOXFKD
SRU XQD GLYLVD UHVXOWD DEVROXWDPHQWH DEVXUGD HQ XQD VRFLHGDG GHPRFUiWLFD
DELHUWD\FRQYDORUHVSURIXQGRV
7DPELpQ HV FLHUWR TXH KD\ GH SRU PHGLR OD GURJD \ OD SUHVHQFLD
H[DJHUDGDGHOYDORUHFRQyPLFRGHORVWULXQIRV1RHVORPLVPRJDQDURSHUGHU
XQSDUWLGRRLURQRLUDGHWHUPLQDGDFRPSHWHQFLDLQWHUQDFLRQDO
(Q VXPD FUHR TXH GHEHPRV DERUGDU HVWH WHPD SRUTXH LPSOLFD
DOJRPX\VHULR<FRPRHVWDPRVWUDWDQGRXQSXQWRUHIHUHQWHHVSHFtILFDPHQWH
D ORV QLxRV HVWR WLHQH PXFKtVLPR PD\RU YDORU SRUTXH FXDOTXLHUD TXH VHD HO
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
SRUFHQWDMHGHORVQLxRVTXHSDUWLFLSDQHQHVWRVKHFKRVGHEHPRVUHFRUGDUTXH
HOORVVRQSUHFLVDPHQWHORVPiVSHUPHDEOHVDODLPLWDFLyQ
6HxRU 3UHVLGHQWH SRU ODV UD]RQHV GDGDV DSUREDUp HO DUWtFXOR
SHURVROLFLWRGLYLGLUODYRWDFLyQUHVSHFWRGHVXQ~PHURRTXHGHVHRUHFKD]DU
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
+DPLOWRQ
(OVHxRU+$0,/721²6HxRU3UHVLGHQWHUHWLURPLRSRVLFLyQDOQ~PHURR\OD
PDQWHQJR ²DGKLULHQGR D OR SODQWHDGR SRU HO +RQRUDEOH VHxRU 5XL](VTXLGH²
UHVSHFWRGHOQ~PHURžTXHYRWDUpQHJDWLYDPHQWH
(OVHxRU',(=²¢0HSHUPLWHVHxRU3UHVLGHQWH"+D\RWURHUURUGHKHFKRTXH
GHVHRDFODUDU
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDOD+RQRUDEOHVHxRUD)UHL
TXLHQODKDVROLFLWDGRFRQDQWHULRULGDG
/D VHxRUD )5(, GRxD &DUPHQ²6HxRU 3UHVLGHQWH HVWR\ GH DFXHUGR FRQ ORV
VHxRUHV 6HQDGRUHV TXH PH SUHFHGLHURQ HQ HO XVR GH OD SDODEUD SXHV QR PH
JXVWD OD H[SUHVLyQ WUDEDMRV GHWHUPLQDGRV 6L KXELHUD XQDQLPLGDG SDUD HOOR
SRGUtDUHHPSOD]DUVHSRUDFWLYLGDGHVGHWHUPLQDGDVSXHVFUHREXHQRTXHORV
MyYHQHV GHVDUUROOHQ DOJXQD ODERU HQ EHQHILFLR GH OD FRPXQLGDG VLHPSUH \
FXDQGR QR VH WUDWH GH WUDEDMRV REOLJDGRV (Q PL RSLQLyQ HVR PHMRUDUtD OD
GLVSRVLFLyQ
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
6LHEHUW
(OVHxRU',(=²¢0HSHUPLWHXQDEUHYHLQWHUUXSFLyQVHxRU6HQDGRU"
(OVHxRU6,(%(57²&RQODYHQLDGHOD0HVDFRQWRGRJXVWR
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU'tH]
(OVHxRU',(=²6HxRU3UHVLGHQWHQXHYDPHQWHVHKDLQFXUULGRHQXQHUURUGH
KHFKR (O Q~PHUR ž GLFH 7UDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD
FRPXQLGDGHQORVWpUPLQRVGHOLQFLVRSHQ~OWLPRGHODUWtFXORHVGHFLUFRQ
HO DFXHUGR GHO DFXVDGR 6L HVWi FRQGHQDGR D QR LU DO HVWDGLR GXUDQWH XQ DxR
SXHGH FRQYHQLU FRQ HO MXH] TXH OH VXVWLWX\D HVD SHQD SRU GHWHUPLQDGRV
VHUYLFLRVDODFRPXQLGDG(VHHVHOVHQWLGRGHODUWtFXOR
/D +RQRUDEOH VHxRUD )UHL KD KHFKR XQD VXJHUHQFLD TXH D PL
MXLFLR HV DWHQGLEOH UHHPSOD]DU HQ HVWH FDVR OD SDODEUD WUDEDMR SRU
DFWLYLGDGHVHQORFXDOQRWHQJRLQFRQYHQLHQWH
(OVHxRU18f(=9LFHSUHVLGHQWH²3XHGHFRQWLQXDUHO6HQDGRUVHxRU6LHEHUW
(O VHxRU 6,(%(57² 6HxRU 3UHVLGHQWH HO +RQRUDEOH VHxRU $GROIR =DOGtYDU PH
KDVROLFLWDGRXQDLQWHUUXSFLyQ\VHODFHGRFRQDJUDGR
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUD6X6HxRUtD
(O VHxRU =$/'Ë9$5 GRQ $GROIR² 6HxRU 3UHVLGHQWH FRQ ODV H[SUHVLRQHV
ILQDOHV GHO 6HQDGRU VHxRU 'tH] PH SDUHFH TXH VH SURGXFLUtD XQ DFXHUGR
FRPSOHWR%DVWDFRQFDPELDUWUDEDMRVSRUDFWLYLGDGHV
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
6LHEHUW
(O VHxRU 6,(%(57² 6HxRU 3UHVLGHQWH GHVHDUtD TXH VH GHEDWLHVH OD VHJXQGD
IUDVHGHOQ~PHURžTXHVHxDODFRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\
KRUDV HQ TXH HOORV VH UHDOLFHQ HQ HO OXJDU ILMDGR SRU HO MXH] ,JQRUR VL HVWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
VHUi SRVLEOH R VL VH KD SHQVDGR HQ ODV UHSHUFXVLRQHV TXH WHQGUtD WDO QRUPD
3RUTXH VL OD IUDVH VH UHILULHUD VyOR DO OXJDU HQ TXH VH GHOLQTXLy WDO YH] VHUtD
IDFWLEOH VX FXPSOLPLHQWR SHUR QR HQ HO FDVR GH DOXGLU D FXDOTXLHU HVWDGLR \D
TXH SDUWLGRV GH I~WERO VH UHDOL]DQ SUiFWLFDPHQWH WRGRV ORV GtDV GHO DxR HQ HO
(VWDGLR1DFLRQDOHQHO6DQWD/DXUDHQHO6DQWD5RVDGH/DV&RQGHVHWFpWHUD
3RU OR WDQWR VXJLHUR HOLPLQDU GLFKD IUDVH \ TXH HO Q~PHUR ž GHO DUWtFXOR ž
VyOR VHxDOH 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV S~EOLFRV GH OD
PLVPD QDWXUDOH]D GH DTXHO TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ GH OD PHGLGD
KDVWDSRUHOWpUPLQRGHXQDxR
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU'tH]\
OXHJRHO6HQDGRUVHxRU6XOH
(O VHxRU ',(=² 6HxRU 3UHVLGHQWH OD IUDVH HVWDEOHFH OD REOLJDFLyQ GH
SUHVHQWDUVH D ILQ GH DVHJXUDU TXH OD SHUVRQD QR FRQFXUUD DO HVSHFWiFXOR
S~EOLFR \ FXPSOD FRQ OD UHVROXFLyQ 6H GLFH DGHPiV HO OXJDU ILMDGR SRU HO
MXH]SRUTXHpVWHGHEHDQDOL]DUHOGRPLFLOLRGHOLQIUDFWRU\HOGtDHQTXHVHYD
DUHDOL]DUXQSDUWLGRGHI~WEROFRQVLGHUDGRGHDOWRULHVJR²ODQRUPDVHUHILHUH
DHVSHFWiFXORVS~EOLFRVGHODPLVPDQDWXUDOH]DQRDOXGHDFXDOTXLHUSDUWLGR
GHI~WERO²SDUDGHWHUPLQDUSRUHMHPSORTXHDTXpOVHSUHVHQWHDOD&RPLVDUtD
GH&DUDELQHURVGHVXEDUULR(OMXH]WLHQHDPSOLDOLEHUWDGSDUDILMDUHOOXJDU
(OVHxRU6,(%(57²¢0HSHUPLWHXQDLQWHUUXSFLyQ+RQRUDEOHFROHJD"
(OVHxRU',(=²&RQWRGRJXVWRFRQODYHQLDGHOD0HVDVHxRU6HQDGRU
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU
6LHEHUW
(O VHxRU 6,(%(57² 2 VHD OD IUDVH GH OD PLVPD QDWXUDOH]D ¢HVWi UHIHULGD
WDPELpQDXQHVSHFWiFXORGHDOWRULHVJR"
(OVHxRU',(=²(YLGHQWH6X6HxRUtD(OSUR\HFWRULJHSDUDORVHYHQWRVGHHVD
QDWXUDOH]D QR GLFH UHODFLyQ D WRGRV ORV HVSHFWiFXORV GHSRUWLYRV \ S~EOLFRV
VLQRVyORDORVGHDOWRULHVJR
(OVHxRU6,(%(57²&RQIRUPH0XFKDVJUDFLDV
(OVHxRU58,=(648,'(²6HxRU3UHVLGHQWH¢PHSHUPLWHKDFHUXQDFRQVXOWD"
(O VHxRU 18f(= 9LFHSUHVLGHQWH² 7LHQH OD SDODEUD HO +RQRUDEOH VHxRU 5XL]
(VTXLGH\OXHJRHO6HQDGRUVHxRU6XOH
(O VHxRU 58,=(648,'(² 4XLHUR SUHJXQWDU DO 3UHVLGHQWH GH OD &RPLVLyQ GH
&RQVWLWXFLyQ VL FRQ ODV PRGLILFDFLRQHV TXH DKRUD VH KDQ LQWURGXFLGR DO
SUR\HFWRODREOLJDFLyQGHSUHVHQWDUVHDORVPHQRUHVGHDxRVULJHSDUDORV
PD\RUHVGH
(OVHxRU',(=²$ORVPD\RUHVGHDxRVVHOHVDSOLFDRWUDSHQD
(O VHxRU 58,=(648,'(² 6t SHUR ¢DGHPiV GH OD VHxDODGD HQ HVWH Q~PHUR
R"
(O VHxRU 68/(² 6H OHV LPSRQH XQD VDQFLyQ DOWHUQDWLYD TXH ILJXUD HQ RWUD
GLVSRVLFLyQGHOSUR\HFWR
(OVHxRU18f(=9LFHSUHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU6XOH
(O VHxRU 68/(² (Q UHODFLyQ FRQ OD FRQVXOWD IRUPXODGD SRU HO 6HQDGRU VHxRU
5XL](VTXLGH HYLGHQWHPHQWH VH VHxDODQ SHQDV DFFHVRULDV R FRPSOHPHQWDULDV
SDUDORVPD\RUHVGHDxRV/DQRUPDGHOQ~PHURRVHUHILHUHDORVPD\RUHV
GHDxRV\PHQRUHVGH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
3RU RWUD SDUWH TXLHUR VHxDODU TXH DFWLYLGDG HV VLQyQLPR GH
WUDEDMR SHUR HQ UHDOLGDG DTXpOOD HV XQD H[SUHVLyQ PXFKR PiV VXDYH PiV
ERQGDGRVD\REYLDPHQWHQRKDEUiLQFRQYHQLHQWHHQDFHSWDUOD
(Q FXDQWR D OR SODQWHDGR SRU HO 6HQDGRU VHxRU 6LHEHUW OD
SUHVHQWDFLyQGHODSHUVRQDGHEHHIHFWXDUVHVLHPSUHHQHOPLVPROXJDUDXQTXH
HO SDUWLGR GH I~WERO VH UHDOLFH HQ /ODQTXLKXH SRUHMHPSOR 3RU OR GHPiV VyOR
VH WUDWD GH TXH HOOD FRQFXUUD D XQ GHWHUPLQDGR OXJDU QDGD PiV 1DGLH YD D
TXHGDU GHWHQLGR +D\ TXH SUHVHQWDUVH D OD PLVPD KRUD HQ TXH VH HIHFW~H HO
HVSHFWiFXORGHDOWRULHVJRWDOFRPRRFXUUHFRQTXLHQHVGHEHQLUDILUPDUFDGD
FLHUWR WLHPSR D ILQ GH FXPSOLU FRQ RWUDV SHQDV H[LVWHQWHV HQ QXHVWUD
OHJLVODFLyQ
(O VHxRU 18f(= 9LFHSUHVLGHQWH² &RQIRUPH DO WHQRU GH OD GLVFXVLyQ
GDUtDPRV SRU DSUREDGR HO Q~PHUR R GHO DUWtFXOR R FRQ ORV YRWRV HQ FRQWUD
GHDOJXQRVVHxRUHV6HQDGRUHV\HOQ~PHURRGHODPLVPDGLVSRVLFLyQFRQOD
HQPLHQGD VXJHULGD SRU OD 6HQDGRUD VHxRUD )UHL HQ FXDQWR D FDPELDU OD
H[SUHVLyQWUDEDMRVSRUDFWLYLGDGHV
6L OH SDUHFH D OD 6DOD VH DSUREDUtD HO DUWtFXOR R FRQ HVDV
PRGLILFDFLRQHV
(OVHxRU58,=(648,'(²1RVHxRU3UHVLGHQWH
(O VHxRU 18f(= 9LFHSUHVLGHQWH² &RQ HO YRWR HQ FRQWUD GHO 6HQDGRU VHxRU
5XL](VTXLGH
(O VHxRU 58,=(648,'(² 5HVSHFWR GHO Q~PHUR R DXQ FRQ OD HQPLHQGD
SUHVHQWDGDSRUOD6HQDGRUDVHxRUD)UHL\RYRWRHQFRQWUD
²6H DSUXHED HO DUWtFXOR R FRQ OD HQPLHQGD GH OD VHxRUD )UHL \
FRQORVYRWRVHQFRQWUDGHORVVHxRUHV5XL](VTXLGH+DPLOWRQ1~xH]&DUUHUD
\5XL]GRQ-RVp
(O VHxRU 18f(= 9LFHSUHVLGHQWH² (Q VHJXLGD FRUUHVSRQGH SURQXQFLDUVH
VREUHODLQGLFDFLyQIRUPXODGDSRUHO6HQDGRUVHxRU/DUUHDODUWtFXORRDILQGH
FDPELDU OD IUDVH SRGUi GHFUHWDUVH SRU OD H[SUHVLyQ GHFUHWDUi OD FXDO
UHTXLHUHSDUDVXDSUREDFLyQODXQDQLPLGDGGHOD6DOD
(O VHxRU (<=$*8,55( 6HFUHWDULR² /D QRUPD GLFH (Q ORV HVSHFWiFXORV
S~EOLFRV PDVLYRV TXH HO ,QWHQGHQWH FDOLILTXH GH DOWR ULHVJR SDUD OD VHJXULGDG
S~EOLFD SRGUi GHFUHWDUVH < HQ OXJDU GH HVWD ~OWLPD IUDVH SRGUi
GHFUHWDUVHVHSURSRQHFDPELDUODSRUHOYRFDEORGHFUHWDUi
²3RU XQDQLPLGDG VH DSUXHED HO DUWtFXOR ž FRQ OD
SURSRVLFLyQIRUPXODGDSRUHO6HQDGRUVHxRU/DUUH\TXHGDGHVSDFKDGR
HOSUR\HFWRHQHVWHWUiPLWH
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,202',),&$&,21(6
2ILFLRGH&iPDUD5HYLVRUDD&iPDUDGH2ULJHQ
2ILFLRGHDSUREDFLyQGH3UR\HFWRFRQPRGLILFDFLRQHV)HFKDGHDEULO
&XHQWDHQ6HVLyQ/HJLVODWXUD&iPDUDGH'LSXWDGRV
1ƒ
9DOSDUDtVRGHDEULOGH
$6(HO3UHVLGHQWH
GHOD+&iPDUD
GH'LSXWDGRV
7HQJRDKRQUDFRPXQLFDUD9(TXHHO6HQDGRKDGDGRVXDSUREDFLyQDO
SUR\HFWR GH OH\ GH HVD + &iPDUD TXH UHSULPH GHVyUGHQHV \ KHFKRV GH
YLROHQFLD HQ ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH
HVSHFWiFXORVS~EOLFRVFRQODVVLJXLHQWHVPRGLILFDFLRQHV
$UWtFXORƒ
/RKDVXSULPLGR
$UWtFXORƒ
+DSDVDGRDVHUDUWLFXORƒ
+DUHHPSOD]DGRHOLQFLVRSULPHURSRUHOVLJXLHQWH
/RVRUJDQL]DGRUHVGHORVHVSHFWiFXORVS~EOLFRV
PDVLYRV TXH HO ,QWHQGHQWH FDOLILTXH GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD
GHEHUiQFXPSOLURSRUWXQDPHQWHFRQODVH[LJHQFLDVHVSHFLDOHVTXHSDUDHVWRV
FDVRVVHxDOH&DUDELQHURVGH&KLOH
+D VXVWLWXLGR ORV LQFLVRV VHJXQGR \ WHUFHUR SRU HO VLJXLHQWH TXH VH FRQVXOWD
FRPRLQFLVRWHUFHUR
7UDWiQGRVHGHOI~WEROSURIHVLRQDOHQWUHHVWDVH[LJHQFLDVGHEHUiFRQWHPSODUVH
ODXELFDFLyQGHODVEDUUDVHQVHFWRUHVVHSDUDGRVHGHWHUPLQDGRVDORVFXDOHV
VyOR SRGUiQ LQJUHVDU ORV LQWHJUDQWHV GH HOODV SUHYLD H[KLELFLyQ GH OD
FUHGHQFLDODTXHVHKDFHUHIHUHQFLDHQHODUWtFXORƒ
(O FRQWURO GHO DFFHVR \ XELFDFLyQ GH ODV EDUUDV VHUi GH UHVSRQVDELOLGDG GH ORV
RUJDQL]DGRUHV GHO HVSHFWiFXOR TXLHQHV GHEHUiQ YHULILFDU OD LGHQWLGDG GH ODV
SHUVRQDV TXH LQJUHVHQ DO VHFWRU GHVWLQDGR D OD EDUUD UHVSHFWLYD \ GHMDU
FRQVWDQFLDGHVXDVLVWHQFLD
+DFRORFDGRHOLQFLVRFXDUWRFRPRLQFLVRVHJXQGRVLQHQPLHQGDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,202',),&$&,21(6
+DFRQWHPSODGRHQHOLQFLVRTXLQWRHQVLQJXODUODIRUPDYHUEDOFRQILHUHQ\
KDVXSULPLGROD~OWLPDIUDVH\HODQWHULRU
$UWtFXORƒ
+DSDVDGRDVHUDUWLFXORƒ
+D HOLPLQDGR OD H[SUHVLyQ OD SURJUDPDFLyQ RP KD DJUHJDGR HO DUWtFXOR HO
DQWHV GH OD SDODEUD FDOHQGDULR \ KD VXSULPLGR OD RUDFLyQ ILQDO ORV SDUWLGRV
TXH SXHGDQ VHU FRQVLGHUDGRV GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD
WUDQVIRUPDQGRODFRPDTXHODSUHFHGHHQSXQWRDSDUWH
+DFRQVXOWDGRORVVLJXLHQWHVLQFLVRVVHJXQGR\WHUFHURQXHYRV
/RVHVSHFWiFXORVQRFRQWHPSODGRVHQHOFDOHQGDULR\ORVFDPELRVTXH
VH UHJLVWUHQ GHEHUiQ VHU LQIRUPDGRV DO ,QWHQGHQWH \ D &DUDELQHURV FRQ QR
PHQRV GH YHLQWLFXDWUR KRUDV GH DQWLFLSDFLyQ D VX UHDOL]DFLyQ /DV DXWRULGDGHV
GHOI~WEROSURIHVLRQDOVLHPSUHGHEHUiQDGYHUWLUOHVVREUHDTXHOORVSDUWLGRVTXH
HQVXRSLQLyQSXHGDQUHYHVWLUDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
/RVRUJDQL]DGRUHVGHRWURVHVSHFWiFXORVS~EOLFRVPDVLYRVGHEHUiQLQIRUPDUDO
,QWHQGHQWH \ D &DUDELQHURV GH VX UHDOL]DFLyQ D OR PHQRV FRQ Ë5XDO
DQWLFLSDFLyQDODHVWDEOHFLGDHQHOLQFLVRDQWHULRU
$UWtFXORƒ
+DSDVDGRDVHUDUWtFXORƒ
+DVXVWLWXLGRHQHOLQFLVRSULPHUROD~OWLPD
RUDFLyQSRUODVLJXLHQWH$OPRPHQWRGHODLQVFULSFLyQHOFOXEGHEHUiHQWUHJDU
XQDFUHGHQFLDOQXPHUDGDLQGLYLGXDOHLQWUDQVIHULEOHTXHFRQWHQJDHVRVGDWRV\
XQD IRWRJUDItD GHO PLHPEUR GH OD EDUUD \ UH~QD FDUDFWHUtVWLFDV TXH GLILFXOWHQ
VXDGXOWHUDFLyQ
+DHOLPLQDGRHOLQFLVRVHJXQGR
$UWtFXORVƒ\ƒ/RVKDVXSULPLGR
7tWXOR+
+DVXVWLWXLGRVXGHQRPLQDFLyQSRUODVLJXLHQWH
'H ORV GHOLWRV FRPHWLGRV FRQ RFDVLyQ GH HVSHFWiFXORV S~EOLFRV
PDVLYRV
$UWtFXORƒ
+DSDVDGRDVHUDUWtFXORƒVXVWLWXLGRSRUHOVLJXLHQWH
$UWtFXOR ƒ (O TXH FRQ PRWLYR X RFDVLyQ GH XQ HVSHFWiFXOR S~EOLFR PDVLYR
FDQVDUHOHVLRQHVDODVSHUVRQDVRGDxRVDELHQHVHQHO5HFLQWRHQTXHWLHQH
OXJDU R HQ VXV LQPHGLDFLRQHV DQWHV GXUDQWH R GHVSXpV GH VX GHVDUUROOR
VHUi FDVWLJDGR FRQ SUHVLGLR PHQRU HQ VX JUDGR PHGLR VDOYR TXH HO KHFKR
GHOLFWXDOPHUH]FDXQDSHQDVXSHULRU
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,202',),&$&,21(6
&RQODPLVPDSHQDVHUiVDQFLRQDGRHOTXHHQODVFLUFXQVWDQFLDVPHQFLRQDGDV
\ VLQ FRPHWHU HVRV GHOLWRV SRUWDUH DUPDV HOHPHQWRV X REMHWRV LGyQHRV SDUD
SHUSHWUDUORV R LQFLWDUH R SURPRYLHUH OD HMHFXFLyQ GH DOJXQD GH GLFKDV
FRQGXFWDV
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH IXHVHQ FRQVWLWXWLYDV GH RWURV
FUtPHQHVRVLPSOHVGHOLWRVVHLPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWRPiV
JUDYH
(O TXH UHDOL]DUH DOJXQDV GH ODV FRQGXFWDV GHVFULWDV HQ ORV LQFLVRV DQWHULRUHV
UHFLELUiHQWRGRFDVRODVVLJXLHQWHVSHQDVDFFHVRULDV
D /D LQKDELOLWDFLyQ SRU TXLQFH DxRV SDUD VHU GLULJHQWH GH XQ FOXE GHSRUWLYR
SURIHVLRQDO R DPDWHXU VL HO GHOLWR VH FRPHWLy FRQ PRWLYR X RFDVLyQ GH XQ
HVSHFWiFXORGHSRUWLYR
E /D SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR GH OD FRQGHQD D ORV IXWXURV
HVSHFWiFXORVS~EOLFRVGHODPLVPDQDWXUDOH]DGHDTXpOTXHPRWLYyODVDQFLyQ
6LQSHUMXLFLRGHODVSHQDVDSOLFDEOHVDORVTXHTXHEUDQWDVHQODFRQGHQDHQHO
HYHQWRGHTXHTXLHQLQIULQMDHVWDSURKLELFLyQKD\DVLGREHQHILFLDGRFRQDOJXQD
PHGLGD DOWHUQDWLYD D ODV SHQDV SULYDWLYDV GH OLEHUWDG HOOD VH HQWHQGHUi
UHYRFDGDSRUHOVROR PLQLVWHULRGH OD OH\ DPHQRVTXHHOMXH]SRUUHVROXFLyQ
IXQGDGDGHWHUPLQHRWUDFRVD
(Q HO FDVR GHO I~WERO SURIHVLRQDO HVWiQ REOLJDGRV D GHQXQFLDU HO
TXHEUDQWDPLHQWR GH HVWD SURKLELFLyQ ORV GLUHFWRUHV R GLULJHQWHV GH ODV EDUUDV
GH ORV FOXEHV SDUWLFLSDQWHV HQ HO HVSHFWiFXOR HQ TXH VH SURGX]FD GLFKD
LQIUDFFLyQ
F/DLQKDELOLWDFLyQDEVROXWDSRUHOWLHPSRGHODFRQGHQDSDUDDVRFLDUVHDXQ
FOXE GH I~WERO SURIHVLRQDO R SDUD LQWHJUDU VX EDUUD VLHPSUH TXH HO GHOLWR VH
KD\DFRPHWLGRFRQPRWLYRXRFDVLyQGHXQSDUWLGRGHI~WEROSURIHVLRQDO
(MHFXWRULDGD TXH VHD OD VHQWHQFLD VH FRPXQLFDUi D ODV DXWRULGDGHV GHO
UHVSHFWLYRGHSRUWHSDUDVXFXPSOLPLHQWRHQORTXHFRUUHVSRQGD
6L HO LQIUDFWRU QR KD VLGR FRQGHQDGR D XQD SHQD VXSHULRU D OD GHO LQFLVR
SULPHUR\GHVXVDQWHFHGHQWHVSHUVRQDOHVVXFRQGXFWDDQWHULRU\SRVWHULRUDO
KHFKRSXQLEOH\ODQDWXUDOH]DPRGDOLGDGHV\PyYLOHVGHWHUPLQDQWHVGHOGHOLWR
SXHGHSUHVXPLUVHTXHQRYROYHUiDGHOLQTXLUHOMXH]XQDYH] HMHFXWRULDGD OD
VHQWHQFLD SRGUi FRQPXWDU FRQ DFXHUGR GHO LQIUDFWRU OD SHQD SULYDWLYD GH
OLEHUWDG SRU OD UHDOL]DFLyQ GH WUDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD
FRPXQLGDG /D UHVROXFLyQ TXH RWRUJXH OD FRQPXWDFLyQ GHEHUi VHxDODU
H[SUHVDPHQWHHOWLSRGHWUDEDMRHOOXJDUGRQGHGHEDUHDOL]DUVHVXGXUDFLyQ\
ODSHUVRQDRLQVWLWXFLyQHQFDUJDGDGHFRQWURODUVXFXPSOLPLHQWR/RVWUDEDMRV
VH UHDOL]DUiQ SRU XQ WLHPSR QR LQIHULRU DO ILMDGR SDUD OD VDQFLyQ TXH VH
FRQPXWH QL VXSHULRU DO GREOH GH HOOD GH SUHIHUHQFLD VLQ DIHFWDU OD MRPDGD
ODERUDO TXH WHQJD HO LQIUDFWRU \ HQ ORV ILQHV GH VHPDQD FRQ XQ Pi[LPR GH
RFKR KRUDV VHPDQDOHV /D QR UHDOL]DFLyQ FDEDO \ RSRUWXQD GH ORV WUDEDMRV
GHWHUPLQDGRV SRU HO WULEXQDO GHMDUi VLQ HIHFWR OD FRQPXWDFLyQ SRU HO VROR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,202',),&$&,21(6
PLQLVWHULR GH OD OH\ \ GHEHUi FXPSOLUVH tQWHJUDPHQWH OD VDQFLyQ
SULPLWLYDPHQWH DSOLFDGD D PHQRV TXH HO MXH] SRU UHVROXFLyQ IXQGDGD
GHWHUPLQHRWUDFRVD
/RV UHSUHVHQWDQWHV OHJDOHV GH ORV FOXEHV RUJDQL]DGRUHV GHO HVSHFWiFXOR TXH
SRUQHJOLJHQFLDRGHVFXLGRFXOSDEOHHQHOFXPSOLPLHQWRGHODVREOLJDFLRQHVTXH
OHV LPSRQH OD SUHVHQWH OH\ FRQWULEX\HUDQ R IDFLOLWDUHQ OD FRPLVLyQ GH ODV
FRQGXFWDVWLSLILFDGDVHQORVLQFLVRVSULPHUR\VHJXQGRVHUiQVDQFLRQDGRVFRQ
PXOWDGHXQDDGLH]XQLGDGHVWULEXWDULDVPHQVXDOHVDEHQHILFLRILVFDO
$UWtFXORƒ
+DSDVDGRDVHUDUWtFXORƒ
+DVXVWLWXLGRODVFDXVDOHVOD\DSRUODVVLJXLHQWHV
6HU PLHPEUR GH OD EDUUD R VRFLR GH DOJXQR GH ORV FOXEHV GH I~WERO
SURIHVLRQDOTXHSDUWLFLSHQHQHOHVSHFWiFXOR
(QWRGRRWURHVSHFWiFXORS~EOLFRPDVLYRVHURUJDQL]DGRURSURWDJRQLVWDHQ
pVWH
+DDJUHJDGRODVLJXLHQWHFDXVDO
ž +DEHU FDXVDGR ODV OHVLRQHV D ODV TXH VH UHILHUH HO DUWtFXOR ƒ D
MXJDGRUHV WpFQLFRV GLULJHQWHV R SURWDJRQLVWDV GH ORV HVSHFWiFXORV
S~EOLFRVPDVLYRV
$UWtFXORƒ
+DSDVDGRDVHUDUWtFXORƒUHHPSOD]DGRSRUHOTXHVLJXH
$UWtFXOR ƒ (O FRQWHQLGR GH WRGR VLVWHPD GH UHSURGXFFLyQ GH OD LPDJHQ \
GHOVRQLGRUHODWLYRVDORVKHFKRVPDWHULDGHOSURFHVRVHUiFRQVLGHUDGRSRUHO
MXH]FRPREDVHGHSUHVXQFLyQMXGLFLDOSDUDHVWDEOHFHUODH[LVWHQFLDGHOGHOLWR\
ODSDUWLFLSDFLyQSXQLEOHGHORVLQFXOSDGRV
&RQVWLWXLUiQ SUHVXQFLyQ OHJDO GH OD RFXUUHQFLD GHO KHFKR SXQLEOH \ EDVH GH
SUHVXQFLyQ MXGLFLDO GH OD UHVSRQVDELOLGDG GH ORV SDUWLFLSHV ODV DVHYHUDFLRQHV
TXH OD SROLFtD KDJD VREUH HVDV FLUFXQVWDQFLDV TXH VH FRQWHQJDQ HQ ODV
FRPXQLFDFLRQHVRSDUWHVHQYLDGRVDORVWULEXQDOHV
$UWtFXOR
+D SDVDGR D VHU DUWtFXOR ƒ VXVWLWXLGR SRU HO $UWtFXOR ƒ /DV SHUVRQDV
PHQRUHV GH \ PD\RUHV GH DxRV GH HGDG TXH LQFXUULHUHQ HQ ODV
FRQGXFWDVFRQWHPSODGDVHQHODUWtFXORƒHVWDOH\SRGUiQVHUVDQFLRQDGDVFRQ
ODVVLJXLHQWHVPHGLGDV
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV S~EOLFRV GH OD PLVPD
QDWXUDOH]D GH DTXHO TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ GH OD PHGLGD FRQ
REOLJDFLyQ GH SUHVHQWDUVH HQ ORV GtDV \ KRUDV HQ TXH HOORV VH UHDOLFHQ HQ HO
OXJDUILMDGRSRUHOMXH]KDVWDSRUHOWpUPLQRGHXQDxR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,202',),&$&,21(6
ƒ $FWLYLGDGHV GHWHUPLQDGDV HQ EHQHILFLR GH OD FRPXQLGDG HQ ORV WpUPLQRV
GHOLQFLVRSHQ~OWLPRGHODUWtFXORƒ
/D SHUVRQD TXH WXYLHVH D VX FDUJR HO FXLGDGR GHO PHQRU VHUi FLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
$UWtFXORV
+DSDVDGRDVHUDUWtFXORƒVLQHQPLHQGDV
$UWtFXORV\
/RVKDHOLPLQDGR
$UWtFXOR
+DSDVDGRDVHUDUWtFXORƒ
+DUHHPSOD]DGRHQHOSULPHULQFLVRTXHVHDJUHJDDODUWtFXORGHODOH\1ƒ
OD H[SUHVLyQ HVSHFWiFXORV GHSRUWLYRV S~EOLFRV SRU HVSHFWiFXORV
S~EOLFRVPDVLYRV\ODVSDODEUDVSRGUiGHFUHWDUVHSRUGHFUHWDUi
+DFRQVXOWDGRHOVLJXLHQWH
$UWtFXORWUDQVLWRULRQXHYR
$UWtFXORWUDQVLWRULR
/RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ GDU FXPSOLPLHQWR D ODV REOLJDFLRQHV
TXHOHVLPSRQHHODUWtFXORƒGHQWURGHOSOD]RGHQRYHQWDGtDVFRQWDGRVGHVGH
ODSXEOLFDFLyQGHHVWDOH\
/R TXH FRPXQLFR D 9( HQ UHVSXHVWD D VX RILFLR 1ƒ GH ƒ GH MXQLR GH
$FRPSDxRORVDQWHFHGHQWHVUHVSHFWLYRV
'LRVJXDUGHD9(
5,&$5'2181(=08f2
3UHVLGHQWHGHO6HQDGR
6XEURJDQWH
5$)$(/(<=$*8,55((&+(9(55,$
6HFUHWDULRGHO6HQDGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
7HUFHU 7UiPLWH &RQVWLWXFLRQDO &iPDUD GH
'LSXWDGRV
,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ
&iPDUD GH 'LSXWDGRV )HFKD GH PD\R &XHQWD HQ 6HVLyQ /HJLVODWXUD
,QIRUPH GH OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD VREUH
HO SUR\HFWR GH OH\ TXH UHSULPH GHVyUGHQHV \ KHFKRV GH YLROHQFLD HQ
ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH HVSHFWiFXORV
S~EOLFRVEROHWtQ1ƒ
+RQRUDEOH&iPDUD
9XHVWUD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDSDVDDLQIRUPDURVHQ
WHUFHUWUiPLWHFRQVWLWXFLRQDOHOSUR\HFWRGHOH\LQGLYLGXDOL]DGRHQHOHStJUDIH
SDUDFX\RGHVSDFKRVHKDKHFKRSUHVHQWHODXUJHQFLDHQFDUiFWHUGHVXPD
/D GHFLVLyQ GH HQYLDU HVWH SUR\HFWR HQ LQIRUPH D HVWD &RPLVLyQ IXH DGRSWDGD
SRUOD&RUSRUDFLyQHQVXVHVLyQGHOGHDEULOGH
'XUDQWH HO HVWXGLR GHO SUR\HFWR YXHVWUD &RPLVLyQ FRQWy FRQ OD DVLVWHQFLD \
FRODERUDFLyQ GH ORV VHxRUHV /XLV 7RUR HQ UHSUHVHQWDFLyQ GHO 0LQLVWHULR GHO
,QWHULRU\.HQQHWK0DF)DUODQHSRUHO,QVWLWXWRGHOD-XYHQWXG
'H DFXHUGR FRQ OR SUHFHSWXDGR HQ HO DUWtFXOR GHO 5HJODPHQWR HQ VX
LQIRUPH OD &RPLVLyQ GHEH SURQXQFLDUVH VREUH HO DOFDQFH GH ODV PRGLILFDFLRQHV
LQWURGXFLGDV SRU HO 6HQDGR TXH IOX\H GH VX DQiOLVLV FRPSDUDWLYR FRQ HO
SUR\HFWR DSUREDGR SRU OD &iPDUD \ GH ORV GLYHUVRV DQWHFHGHQWHV TXH
FRQIRUPDQODKLVWRULDILGHGLJQDGHVXHVWDEOHFLPLHQWR
$GHPiVVLOD&RPLVLyQORHVWLPDUHFRQYHQLHQWHVXLQIRUPHGHEHFRQWHQHUXQD
UHFRPHQGDFLyQVREUHODDSUREDFLyQRHOUHFKD]RGHODVHQPLHQGDVSURSXHVWDV
9XHVWUD&RPLVLyQSRUODXQDQLPLGDGGH ORVVHxRUHV'LSXWDGRVSUHVHQWHVKD
DFRUGDGRUHFRPHQGDURVTXHWHQJiLVDELHQUHSUREDUWRGDVODVPRGLILFDFLRQHV
LQWURGXFLGDV
SRU HO 6HQDGR \ SURYRFDU GH HVWD IRUPD HO WUiPLWH GH OD FRPLVLyQ PL[WD
SUHYLVWRHQHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGHOD5HS~EOLFDFRQHOILQ
GHLQVWDUDOUHVWDEOHFLPLHQWRGHODQRUPDWLYDVXSULPLGDRPRGLILFDGDFRQOR
FXDOVHKDDOWHUDGRVXVWDQFLDOPHQWHHOSUR\HFWRGHOD&iPDUDGH'LSXWDGRV
&RQVLGHUDFLRQHVWHQLGDVHQYLVWD
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
3DUDUHVROYHUHQWDOVHQWLGRYXHVWUD&RPLVLyQKDWHQLGRSUHVHQWHHQWUHRWUDV
FRQVLGHUDFLRQHVODVVLJXLHQWHV
/DVLGHDVPDWULFHVRIXQGDPHQWDOHVGHOSUR\HFWRTXHVRQHYLWDUUHSULPLU\
VDQFLRQDUORVDFWRVGHYLROHQFLDTXHVHSURGXFHQDFDXVDRFRQRFDVLyQGHXQ
HVSHFWiFXORGHSRUWLYRS~EOLFRYHODUSRUHOQRUPDOGHVDUUROORGHHVRVHYHQWRV
\JDUDQWL]DUODVHJXULGDGHLQWHJULGDGGHODVSHUVRQDV\GHORVELHQHV
(O SUREOHPD VLWXDFLyQ R PDWHULD D FX\D VROXFLyQ WLHQGH HVWD LQLFLDWLYD
FODUDPHQWHH[SUHVDGRVHQORVIXQGDPHQWRVGHOSUR\HFWRTXHQRVRQRWURVTXH
UHVROYHURSRQHUDWDMRDODVFRQGXFWDVYLROHQWDVTXHYLHQHQSURGXFLpQGRVHHQ
ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV HQ HVSHFLDO HQ DTXHOORV HQ GRQGH VH
GHVDUUROODODFRPSHWHQFLDRILFLDOGHOI~WEROSURIHVLRQDOORTXHSXHGHOOHJDUD
WUDQVIRUPDUVHHQKHFKRVPDVLYRVGHGLILFXOWRVDSUHVHVLyQRSXQLFLRQFRPRKD
VXFHGLGRHQRWURVSDtVHV
,QWHUQDFLRQDOGHO7UDEDMR/DGHQXQFLDQRVXUWLUiHIHFWRKDVWDXQDxRGHVSXpV
GHODIHFKDHQTXHVHKD\DUHJLVWUDGR
7RGR0LHPEURTXHKD\DUDWLILFDGRHVWH&RQYHQLR\TXHHQHOSOD]RGHXQ
DxR GHVSXpV GH OD H[SLUDFLyQ GHO SHUtRGR GH GLH] DxRV PHQFLRQDGR HQ HO
SiUUDIR SUHFHGHQWH QR KDJD XVR GHO GHUHFKR GH GHQXQFLD SUHYLVWR HQ HVWH
DUWtFXOR TXHGDUi REOLJDGR GXUDQWH XQ QXHYR SHUtRGR GH GLH] DxRV \HQ OR
VXFHVLYR SRGUi GHQXQFLDU HVWH &RQYHQLR D OD H[SLUDFLyQ GH FDGD SHUtRGR GH
GLH]DxRVHQODVFRQGLFLRQHVSUHYLVWDVHQHVWHDUWtFXOR
$UWtFXOR
(O 'LUHFWRU *HQHUDO GH OD 2ILFLQD ,QWHUQDFLRQDO GHO 7UDEDMR QRWLILFDUi D
WRGRVORV0LHPEURVGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMRHOUHJLVWURGH
FXDQWDV UDWLILFDFLRQHV GHFODUDFLRQHV \ GHQXQFLDV OH FRPXQLTXHQ ORV 0LHPEURV
GHOD2UJDQL]DFLyQ
$OQRWLILFDUD ORV 0LHPEURVGHOD2UJDQL]DFLyQHOUHJLVWUR GHODVHJXQGD
UDWLILFDFLyQ TXH OH KD\D VLGR FRPXQLFDGD HO 'LUHFWRU *HQHUDO OODPDUi OD
DWHQFLyQGHORV0LHPEURVGHOD2UJDQL]DFLyQVREUHODIHFKDHQTXHHQWUDUiHQ
YLJRUHOSUHVHQWH&RQYHQLR
$UWtFXOR
(O 'LUHFWRU *HQHUDO GH OD 2ILFLQD ,QWHUQDFLRQDO GHO 7UDEDMR FRPXQLFDUi DO
6HFUHWDULR *HQHUDO GH ODV 1DFLRQHV 8QLGDV D ORV HIHFWRV GHO UHJLVWUR \ GH
FRQIRUPLGDG FRQ HO DUWtFXOR GH OD &DUWD GH ODV 1DFLRQHV 8QLGDV XQD
LQIRUPDFLyQ FRPSOHWD VREUH WRGDV ODV UDWLILFDFLRQHV GHFODUDFLRQHV \ DFWDV GH
GHQXQFLDTXHKD\DUHJLVWUDGRGHDFXHUGRFRQORVDUWtFXORVSUHFHGHQWHV
$UWtFXOR
&DGD YH] TXH OR HVWLPH QHFHVDULR HO &RQVHMR GH $GPLQLVWUDFLyQ GH OD 2ILFLQD
,QWHUQDFLRQDO GHO 7UDEDMR SUHVHQWDUi D OD &RQIHUHQFLD XQD PHPRULD VREUH OD
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
DSOLFDFLyQGHO&RQYHQLR\FRQVLGHUDUiODFRQYHQLHQFLDGHLQFOXLUHQHORUGHQGHO
GtDGHOD&RQIHUHQFLDODFXHVWLyQGHVXUHYLVLyQWRWDORSDUFLDO
$UWtFXOR
(QFDVRGHTXHOD&RQIHUHQFLDDGRSWHXQQXHYRFRQYHQLRTXHLPSOLTXHXQD
UHYLVLyQ WRWDO R SDUFLDO GHO SUHVHQWH \ D PHQRV TXH HO QXHYR FRQYHQLR
FRQWHQJDGLVSRVLFLRQHVHQFRQWUDULR
DODUDWLILFDFLyQ SRUXQ0LHPEURGHOQXHYRFRQYHQLRUHYLVRULPSOLFDUi LSVR
MXUH OD GHQXQFLD LQPHGLDWD GH HVWH &RQYHQLR QR REVWDQWH ODV GLVSRVLFLRQHV
FRQWHQLGDV HQ HO DUWtFXOR VLHPSUH TXH HO QXHYR FRQYHQLR UHYLVRU KD\D
HQWUDGRHQYLJRU
EDSDUWLUGHODIHFKDHQTXHHQWUHHQYLJRUHOQXHYRFRQYHQLRUHYLVRUHO
SUHVHQWH
&RQYHQLRFHVDUiGHHVWDUDELHUWRDODUDWLILFDFLyQSRUORV0LHPEURV
(VWH &RQYHQLR FRQWLQXDUi HQ YLJRU HQ WRGR FDVR HQ VX IRUPD \ FRQWHQLGR
DFWXDOHVSDUDORV0LHPEURVTXHORKD\DQUDWLILFDGR\QRUDWLILTXHQHOFRQYHQLR
UHYLVRU
(VWH &RQYHQLR FRQWLQXDUi HQ YLJRU HQ WRGR FDVR HQ VX IRUPD \ FRQWHQLGR
DFWXDOHVSDUDORV0LHPEURVTXHORKD\DQUDWLILFDGR\QRUDWLILTXHQHOFRQYHQLR
UHYLVRU
$UWtFXOR
/DV YHUVLRQHV LQJOHVD \ IUDQFHVD GHO WH[WR GH HVWH &RQYHQLR VRQ LJXDOPHQWH
DXWpQWLFDV
&RQIRUPHFRQVXRULJLQDO
)GR5RGULJR'tD]$OEyQLFR6XEVHFUHWDULRGH5HODFLRQHV([WHULRUHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
'LVFXVLyQHQ6DOD
&iPDUD GH 'LSXWDGRV /HJLVODWXUD 6HVLyQ )HFKD GH PD\R 'LVFXVLyQ~QLFD6HUHFKD]DQPRGLILFDFLRQHV
5(35(6,Ï1'('(6Ï5'(1(6<+(&+26'(9,2/(1&,$(1(67$',26<
27526 5(&,1726 '(3257,926 7HUFHU WUiPLWH FRQVWLWXFLRQDO
,QWHJUDFLyQGH&RPLVLyQ0L[WD
(OVHxRU6&+$8/62+13UHVLGHQWH
(QHO2UGHQGHO'tDFRUUHVSRQGHRFXSDUVHHQWHUFHUWUiPLWHFRQVWLWXFLRQDOGHO
SUR\HFWR GH OH\ GHVWLQDGR D UHSULPLU GHVyUGHQHV \ KHFKRV GH YLROHQFLD
FRPHWLGRVHQHVWDGLRV\RWURVFHQWURVGHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORV
S~EOLFRV 'LSXWDGR LQIRUPDQWH GH OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \
-XVWLFLDHVHOVHxRU*XWHQEHUJ0DUWtQH]
$QWHFHGHQWHV
0RGLILFDFLRQHV GHO 6HQDGR EROHWtQ 1ƒ VHVLyQ D GHO GH
DEULOGH'RFXPHQWRVGHOD&XHQWD1ƒ
(O VHxRU 6&+$8/62+1 3UHVLGHQWH7LHQH OD SDODEUD HO VHxRU 'LSXWDGR
LQIRUPDQWH
(O VHxRU 0DUWtQH] GRQ *XWHQEHUJ 6HxRU 3UHVLGHQWH PH FRUUHVSRQGH
LQIRUPDUHQWHUFHUWUiPLWHFRQVWLWXFLRQDOHOSUR\HFWRTXHUHSULPHGHVyUGHQHV
\ KHFKRV GH YLROHQFLD HQ ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ
GHHVSHFWiFXORVS~EOLFRV
/D &iPDUD GH 'LSXWDGRV OR GHVSDFKy HQ HO WUiPLWH DQWHULRU VREUH OD EDVH GH
GRV FRQFHSWRV EiVLFRV HO SULPHUR ODV GHQRPLQDGDV PHGLGDV GH VHJXULGDG
SUHYHQWLYDV TXH GHEHQ FXPSOLU ORV FHQWURV R UHFLQWRV GHVWLQDGRV D OD
UHDOL]DFLyQGHHVSHFWiFXORVGHSRUWLYRVS~EOLFRVHOVHJXQGRGLFHUHODFLyQFRQHO
FDUiFWHUGHORVGHOLWRVFRPHWLGRVFRQRFDVLyQGHGLFKRVHVSHFWiFXORVHQWUHORV
FXDOHV VH LQFOX\HURQ ILJXUDV GHOLFWLYDV QXHYDV TXH SHUPLWLUiQ FDXWHODU HO
FXPSOLPLHQWRGHORUGHQS~EOLFR\HOEXHQGHVDUUROORGHHOORV
/D &RPLVLyQ SURSRQH D OD 6DOD UHFKD]DU HQ VX JOREDOLGDG ODV PRGLILFDFLRQHV
LQWURGXFLGDVSRUHO6HQDGRFRQHOILQGHTXHHQOD&RPLVLyQ 0L[WDVHSXHGDQ
VXEVDQDU ODV GLIHUHQFLDV GH FULWHULR HQWUH DPEDV &iPDUDV %iVLFDPHQWH HO
6HQDGR KD HOLPLQDGR ODV H[LJHQFLDV SUHYLDV UHVSHFWR GH ODV PHGLGDV GH
VHJXULGDG SDUD ORV FHQWURV R LQVWDODFLRQHV TXH IDFLOLWHQ OD UHDOL]DFLyQ GH ORV
HVSHFWiFXORV GHSRUWLYRV S~EOLFRV $ MXLFLR GH OD &RPLVLyQ HV PX\ LPSRUWDQWH
TXH FRQ DQWHODFLyQ KD\D XQD FDOLILFDFLyQ GH ORV PLVPRV FRPR OR DSUREy OD
&iPDUD (Q HVWD SHUVSHFWLYD GDGR OD VXSUHVLyQ GH GLFKD GLVSRVLFLyQ HV
FRQYHQLHQWHUHFKD]DUODPRGLILFDFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(Q VHJXQGR OXJDU HO SUR\HFWR GHVSDFKDGR SRU OD &iPDUD VH UHILHUH VyOR D
PHGLGDV HQ UHODFLyQ FRQ HVSHFWiFXORV GHSRUWLYRV S~EOLFRV \ HO 6HQDGR KD
DPSOLDGRHOFRQFHSWRDHVSHFWiFXORVS~EOLFRVPDVLYRV
$OJXQRVPLHPEURVGHOD&RPLVLyQKLFLHURQYHUODLPSRUWDQFLDGHHVWXGLDUHVWD
DPSOLDFLyQSHURQRVSDUHFLyGLVFXWLEOHKDFHUORVLQPD\RUPHGLWDFLyQGDGRTXH
HVWRSRGUtDFRQWUDGHFLUVHFRQODVOLEHUWDGHVS~EOLFDVGHUHXQLyQ
1R TXHGD HVWDEOHFLGR TXp VH HQWLHQGH SRU HVSHFWiFXORV S~EOLFRV PDVLYRV \
SRU OR WDQWR D SHVDU GH TXH HQ HO VHQR GH OD &RPLVLyQ KXER RSLQLRQHV
GLVSXHVWDV D DEULU GLVFXVLyQ VREUH OD PDWHULD H[LVWH GLVFRUGDQFLD FRQ OR
VHxDODGRHQVXRSRUWXQLGDGSRUOD&iPDUD
(QDWHQFLyQDTXHHQHVWHWUiPLWHQRHVSRVLEOHPHMRUDUODUHGDFFLyQRDFODUDU
DVSHFWRVGHODPLVPD\DOD&iPDUD OHFRUUHVSRQGHVyORDSUREDURUHFKD]DU
SDUD DFHSWDU OD DSOLFDFLyQ GH ODV PHGLGDV GH VHJXULGDG SUHYHQWLYDV D ORV
HVSHFWiFXORV S~EOLFRV PDVLYRV VHUtD QHFHVDULR SUHFLVDU HO FRQFHSWR GH
HVSHFWiFXOR D ILQ GH QR FRPSUHQGHU ODV PDQLIHVWDFLRQHV SROtWLFDV VLQGLFDOHV
HVWXGLDQWLOHVVRFLDOHVRGHRWUDHVSHFLH
(Q WHUFHU OXJDU VLJXLHQGR VX FULWHULR HQ UHODFLyQ FRQ ORV PD\RUHV GH \
PHQRUHVGHDxRVOD&iPDUDSODQWHyTXHODVSRVLELOLGDGHVGHVDQFLyQGHORV
PLVPRVVHDMXVWHQDODVGLVSRVLFLRQHVOHJDOHVYLJHQWHV
6HxRU3UHVLGHQWHHO'LSXWDGRVHxRU%RPEDOPHVROLFLWDXQDLQWHUUXSFLyQ\FRQ
VXYHQLDVHODFRQFHGR
(O VHxRU 6&+$8/62+1 3UHVLGHQWH&RQ OD YHQLD GH 6X 6HxRUtD WLHQH OD
SDODEUDHO'LSXWDGRVHxRU%RPEDO
+DEODQYDULRVVHxRUHV'LSXWDGRVDODYH]
(O VHxRU %20%$/ 6HxRU 3UHVLGHQWH DO PDUJHQ GHO SUREOHPD TXH DTXHMD DO
'LSXWDGR VHxRU 3L]DUUR VH HVWi LQIRUPDQGR XQ SUR\HFWR VREUH KHFKRV TXH
~OWLPDPHQWH KDQ FDXVDGR FRQPRFLyQ HQ HO SDtV TXH LQFOXVR DPHULWy TXH HO
(MHFXWLYR OR FDOLILFDUD FRQ GHWHUPLQDGD XUJHQFLD 6LQ HPEDUJR KD VLGR
LPSRVLEOHSRQHUDWHQFLyQHQHOLQIRUPHTXHHVGHJUDQLPSRUWDQFLDSRUTXHOD
&RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD SURSRQH UHFKD]DU WRGDV ODV
PRGLILFDFLRQHV GHO 6HQDGR (V GLItFLO TXH DOJXLHQ SXHGD UHSURGXFLU OR TXH KD
VHxDODGR HO VHxRU *XWHQEHUJ 0DUWtQH] SRUTXH QR VH KD HVFXFKDGR 6X
H[SOLFDFLyQKDVLGREXHQDSHURQDGLHKDSUHVWDGRDWHQFLyQ
(O SUR\HFWR HV GHPDVLDGR LPSRUWDQWH \ QR SXHGH VHJXLU WUDWiQGRVH HQ HVWD
IRUPD
3RUHOOROHUXHJRTXHVXVSHQGDODVHVLyQ\VLIXHUDSRVLEOHTXHHOLQIRUPHVH
ULQGDGHQXHYR
(O VHxRU 6&+$8/62+1 3UHVLGHQWH 6X 6HxRUtD WLHQH UD]yQ HQ HO VHQWLGR GH
TXHQRKDKDELGRHORUGHQVXILFLHQWHSHURQRVXVSHQGHUpODVHVLyQ\HOVHxRU
*XWHQEHUJ 0DUWtQH] SRGUi FRQWLQXDU FRQ VX LQIRUPH SDUD OR FXDO UXHJR D ORV
VHxRUHV'LSXWDGRVSUHVWDUODGHELGDDWHQFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
&LWDUp D UHXQLyQ GH &RPLWpV HQ HO FXUVR GH OD VHVLyQ GH DFXHUGR FRQ OD
IDFXOWDGUHJODPHQWDULD
+DEODQYDULRVVHxRUHV'LSXWDGRVDODYH]
(O VHxRU %20%$/ 6HxRU 3UHVLGHQWH QR KD\ LQFRQYHQLHQWH HQ OD PHGLGD HQ
TXHVHJDUDQWLFHHORUGHQ
(O VHxRU 6&+$8/62+1 3UHVLGHQWH6HxRU 'LSXWDGR KDUHPRV WRGRV ORV
HVIXHU]RVSDUDHOOR
3XHGHFRQWLQXDU6X6HxRUtD
(O VHxRU 0$57Ë1(= GRQ *XWHQEHUJ 6HxRU 3UHVLGHQWH HO WHUFHU DVSHFWR HQ
TXH H[LVWHQ GLIHUHQFLDV GH FULWHULR VH UHILHUH D ODV VDQFLRQHV SDUD ORV
HYHQWXDOHV SDUWtFLSHV PHQRUHV GH \ PD\RUHV GH DxRV TXH VHxDOD HO
SUR\HFWR
/D &iPDUD QR YDULy VX SRVLFLyQ VREUH OD PDWHULD \D TXH HVWH SXQWR KD VLGR
GLVFXWLGR HQ RWUDV LQLFLDWLYDV GH OH\ 0DQWXYR ODV QRUPDWLYDV OHJDOHV YLJHQWHV
UHODWLYDVDOGLVFHUQLPLHQWR\HO6HQDGRLQWURGXMRXQDGLVSRVLFLyQSRUODFXDOVH
SXHGHVDQFLRQDUDPD\RUHVGH\PHQRUHVGHDxRVVLQGLFKRWUiPLWH/D
&RPLVLyQHVWLPyTXHHVWDGLIHUHQFLDWDPELpQDPHULWDPD\RUGLVFXVLyQ
6LQ SHUMXLFLR GH OR VHxDODGR DOJXQDV LGHDV FRQFHSWRV \ DSRUWHV GHO 6HQDGR
VRQ VLJQLILFDWLYRV \ PHMRUDQ FODUDPHQWH HO SUR\HFWR GHVSDFKDGR SRU OD
&iPDUD SHUR GDGR TXH VyOR FRUUHVSRQGH DSUREDU R UHFKD]DU \ TXH H[LVWHQ
HVDVWUHVGLIHUHQFLDVEiVLFDVOD&RPLVLyQSURSRQHUHFKD]DUODVPRGLILFDFLRQHV
SDUDTXHGHILQDOD&RPLVLyQ
+DEODQYDULRVVHxRUHV'LSXWDGRVDODYH]
(OVHxRU9,(5$*$//23LGRODSDODEUDSDUDSODQWHDUXQDVXQWRUHJODPHQWDULR
(OVHxRU6&+$8/62+13UHVLGHQWHa7LHQHODSDODEUD6X6HxRUtD
(O VHxRU 9,(5$*$//2 6HxRU 3UHVLGHQWH PL EDQFDGD VROLFLWD TXH VH FLWH D
UHXQLyQGH&RPLWpVSRUTXHQRVHR\HQDGDGHORTXHVHKDEOD&UHRTXHDVtVH
UHVXHOYH OD GLILFXOWDG 6p TXH HV GHFLVLyQ GH 6X 6HxRUtD SHUR IRUPXOR OD
SHWLFLyQ
(OVHxRU6&+$8/62+13UHVLGHQWH
6HxRU'LSXWDGRQRVHR\HQDGDHQODPHGLGDHQTXHORVKRQRUDEOHVFROHJDVQR
JXDUGDQ HO GHELGR VLOHQFLR 1R HV QHFHVDULR VXVSHQGHU HO WUDWDPLHQWR GH HVWH
LPSRUWDQWHSUR\HFWRSDUDUHDOL]DUODUHXQLyQGH&RPLWpVTXHWLHQHTXHYHUFRQ
XQDVXQWRFRPSOHWDPHQWHGLVWLQWR/DFLWDUpHQHOPRPHQWRRSRUWXQRGXUDQWH
ODVHVLyQFRPRORHVWDEOHFHHO5HJODPHQWR
(O VHxRU %20%$/ 6HxRU 3UHVLGHQWH KiJDOR DKRUD D ILQ GH TXH TXLHQHV QR
HVWDPRVLQWHUHVDGRVHQRWURDVXQWRSRGDPRVVHJXLUWUDEDMDQGRHQHOSUR\HFWR
(O VHxRU 6&+$8/62+1 3UHVLGHQWH/R KDUHPRV D FRQWLQXDFLyQ VHxRU
'LSXWDGR
7LHQHODSDODEUDHOVHxRU(VSLQD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU (63,1$6HxRU 3UHVLGHQWH HVWH SUR\HFWR FRPR ELHQ VHxDOy HO
'LSXWDGR TXH PH DQWHFHGLy HQ HO XVR GH OD SDODEUD KD GHVSHUWDGR JUDQ
SUHRFXSDFLyQ HQ OD 2SLQLyQ S~EOLFD &RPR H[SUHVy HO VHxRU *XWHQEHUJ
0DUWtQH] OD &RPLVLyQ SURSRQH UHFKD]DU ODV PRGLILFDFLRQHV GHO +RQRUDEOH
6HQDGR SRU TXH VL ELHQ DOJXQDV VRQ UD]RQDEOHV \ WLHQHQ LPSRUWDQWHV
FRLQFLGHQFLDVHVLPSRVLEOHDUPRQL]DGDVFRQHOWH[WRGHOD&iPDUD
(O VHxRU 1$5$1-2 +D\ XQD FRVD TXH QR HQWLHQGR ¢3RU TXp VH YXHOYH D
LQIRUPDU"
(OVHxRU6&+$8/62+13UHVLGHQWH$VtORUHVROYLyOD&RPLVLyQ
3XHGHFRQWLQXDUHO'LSXWDGRVHxRU(VSLQD
(O VHxRU (63,1$ /D QHFHVLGDG GH FRQFRUGDU DPERV WH[WRV PRWLYD TXH OD
&RPLVLyQVROLFLWHD OD&RUSRUDFLyQTXHUHFKDFHODVPRGLILFDFLRQHVGHO6HQDGR
SDUD UHGDFWDU ODV QRUPDV GH WDO PDQHUD TXH QR VH SURGX]FDQ FRQWUDGLFFLRQHV
HQWUHXQDUWtFXOR\RWUR
(O SUR\HFWR GHO 6HQDGR WLHQH DVSHFWRV FRLQFLGHQWHV FRQ HO GH OD &iPDUD
PHMRUDODUHGDFFLyQGHDOJXQRVDUWtFXORVHQRWURVSURGXFHGLVFUHSDQFLDV3HUR
QR SRGHPRV DSUREDU VyOR DOJXQDV PRGLILFDFLRQHV SRUTXH D OD KRUD GH
DUPRQL]DU HO WH[WR FRPSOHWR SRGUtDPRV HQFRQWUDPRV FRQ DOJXQD GLILFXOWDG D
FDXVD GH OD IDOWD GH DGHFXDFLyQ GH ODV QRUPDV DSUREDGDV D XQD UHGDFFLyQ
FRP~Q
0iVTXHVXSHUDUGLVFUHSDQFLDVGHIRQGRHQWUHGRVWH[WRVTXHWUDWDQGHDERUGDU
OD YLROHQFLD HQ ORV HVWDGLRV GH PRGR GLVWLQWR KD\ QHFHVLGDG GH DUPRQL]DU ORV
DUWtFXORV LQFRUSRUDGRV SRU HO 6HQDGR FRQ ORV DSUREDGRV SRU OD &iPDUD \ OD
PHMRUPDQHUDGHKDFHUORHVHQOD&RPLVLyQ0L[WD
6L DOJ~Q +RQRUDEOH FROHJD TXLHUH IRUPXODU XQD FRQVXOWD HVSHFtILFD SRUTXH
HQWLHQGR TXH WRGRV WLHQHQ HO EROHWtQ FRPSDUDGR GHO SUR\HFWR ORV 'LSXWDGRV
LQIRUPDQWHVQRWHQGUHPRVQLQJ~QLQFRQYHQLHQWHHQH[SOLFDUORVFULWHULRVTXHOD
&RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD WXYR HQ FRQVLGHUDFLyQ SDUD
FRQFRUGDURGLVFHUQLUFRQODVPRGLILFDFLRQHVGHO6HQDGR
5HLWHUR OD &RPLVLyQ UHFRPLHQGD UHFKD]DU ODV PRGLILFDFLRQHV SDUD TXH HO
SUR\HFWR YD\D D OD &RPLVLyQ 0L[WD GRQGH VH UHVROYHUi SRU ODV UD]RQHV
DQWHGLFKDVHOWH[WRGHILQLWLYR
(OVHxRU1$5$1-23LGRODSDODEUD
(OVHxRU6&+$8/62+13UHVLGHQWH7LHQHODSDODEUD6X6HxRUtD
(OVHxRU1$5$1-26HxRU3UHVLGHQWHVROLFLWRTXHHOVHxRUVHFUHWDULRH[SOLTXH
HO PRWLYR SRU HO FXDO KD\ GRV 'LSXWDGRV LQIRUPDQWHV GH OD PLVPD &RPLVLyQ HQWLHQGRTXHHVDSRVLELOLGDGQRHVWiFRQVLGHUDGDHQHO5HJODPHQWRVLWXDFLyQ
TXH QR VH KDEtD GDGR HQ ORV FDVL FLQFR DxRV TXH OOHYD IXQFLRQDGR OD &iPDUD
6HHVWDEOHFHXQSUHFHGHQWHEDVWDQWHQHIDVWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(OVHxRU6&+$8/62+13UHVLGHQWH(O'LSXWDGRVHxRU(VSLQDTXHFRQWLQXDUi
SUHVLGLHQGRODVHVLyQORYDDH[SOLFDU&LWRDUHXQLyQGH&RPLWpVHQOD6DODGH
/HFWXUD
+DEODQYDULRVVHxRUHV'LSXWDGRVDODYH]
(OVHxRU(63,1$9LFHSUHVLGHQWH6HORH[SOLFDUpFRQPXFKRJXVWR'LSXWDGR
VHxRU1DUDQMR(QHOSULPHULQIRUPHGHOSUR\HFWROD&RPLVLyQGH&RQVWLWXFLyQ
/HJLVODFLyQ \ -XVWLFLD HQ IRUPD H[FHSFLRQDO GHVLJQy GRV 'LSXWDGRV
LQIRUPDQWHV SRUTXH FRQWHQtD GRV PDWHULDV GLVWLQWDV HQ ODV TXH VH WUDEDMy HQ
IRUPDVHSDUDGD
8QDHUDQODVPHGLGDVGHFDUiFWHUSUHYHQWLYR\RWUDODVVDQFLRQHVHVSHFtILFDV
(QHVDRFDVLyQ\SRU~QLFDYH]VHSLGLyGHVLJQDUGRV'LSXWDGRVLQIRUPDQWHV
'HDOOtHQDGHODQWHHOSUR\HFWRWXYRODPLVPDWUDPLWDFLyQSHURQRKDKDELGR
QLQJ~Q SURSyVLWR GH GLODWDUOD QL GH VHQWDU DOJ~Q SUHFHGHQWH 6LPSOHPHQWH GH
FRQFOXLUODGHODPDQHUDFRPRFRPHQ]y/D&RPLVLyQGH&RQVWLWXFLyQFRQVLGHUy
HQVXRSRUWXQLGDGHVWDVUD]RQHV
/D VHxRUD 0$77+(, 3LGR OD SDODEUD SRU XQ SXQWR GH 5HJODPHQWR VHxRU
3UHVLGHQWH
(O VHxRU (63,1$ 9LFHSUHVLGHQWH 7LHQH OD SDODEUD OD VHxRUD 0DWWKHL SDUD
SODQWHDUXQDVXQWRUHJODPHQWDULR
/DVHxRUD0$77+(,6HxRU3UHVLGHQWHQRTXLHURVHJXLUFRQHOWHPDSHURHV
PLGHEHUVHxDODUTXHPXFKDVYHFHVKHPRVWUDWDGRSUR\HFWRVTXHVHUHILHUHQD
PDWHULDV GLVWLQWDV \ QR KD KDELGR QHFHVLGDG GH VHQWDU HVH SUHFHGHQWH (Q HO
SUR\HFWR GH PHUFDGR GH FDSLWDOHV SRU HMHPSOR VH UHIRUPDURQ FLQFR OH\HV
GLVWLQWDV QR WHQtDQ QDGD TXH YHU XQDV FRQ RWUDV \ KXER XQ VROR 'LSXWDGR
LQIRUPDQWH
+HGLFKR
(OVHxRU(63,1$9LFHSUHVLGHQWH6HxRUD'LSXWDGDVXRSLQLyQVHWHQGUiPX\
HQFXHQWDHQOD&RPLVLyQGH&RQVWLWXFLyQSDUDORVIXWXURVSUR\HFWRV
7LHQHODSDODEUDHO'LSXWDGRVHxRU(OJXHWDTXLHQHVWDEDLQVFULWR
(OVHxRU1$5$1-23LGRODSDODEUDSDUDSODQWHDUXQDVXQWRUHJODPHQWDULR
(OVHxRU(63,1$9LFHSUHVLGHQWH([F~VHPH'LSXWDGRVHxRU(OJXHWD
7LHQHODSDODEUDHO'LSXWDGRVHxRU1DUDQMR
(O VHxRU 1$5$1-2 6HxRU 3UHVLGHQWHa TXLHUR VDEHU VL HVH DFXHUGR D OR
PHMRU\RQRHVWXYHHQODVHVLyQVHDGRSWyFRQHODVHQWLPLHQWRXQiQLPHGHOD
6DODSRUFXDQWRVLJQLILFDSDVDUDOOHYDUHO5HJODPHQWR(QWRQFHVHVXQDVXQWR
PX\GHOLFDGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU (63,1$ 9LFHSUHVLGHQWH (O DFXHUGR VH DGRSWy HQ OD &RPLVLyQ GH
&RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD HQ HO SULPHU WUiPLWH FRQVWLWXFLRQDO GHO
SUR\HFWR
(O VHxRU 1$5$1-2 (V GHFLU FRQ HO DFXHUGR GH OD &RPLVLyQ GH &RQVWLWXFLyQ
HQFDUJDGD GH HVWXGLDU ODV PDWHULDV OHJDOHV VH KD SDVDGR D OOHYDU HO
5HJODPHQWRGHOD&iPDUD,QVLVWRHQHOSXQWRSRUTXHHVPX\JUDYH
(O VHxRU (63,1$ 9LFHSUHVLGHQWH 6HxRU 'LSXWDGR HQ QLQJXQD SDUWH GHO
5HJODPHQWR VH SURKtEH TXH KD\D PiV GH XQ 'LSXWDGR LQIRUPDQWH VyOR VH
HVWDEOHFHTXHGHEHKDEHUDORPHQRVXQR
(OVHxRU1$5$1-2(O5HJODPHQWRKDEODGHXQR
(O VHxRU (63,1$ 9LFHSUHVLGHQWH (Q WRGR FDVR SRGHPRV VROLFLWDU D OD
&RPLVLyQ GH &RQVWLWXFLyQ VL 6X 6HxRUtD OR HVWLPD SURFHGHQWH TXH LQIRUPH
SDUDGHWHUPLQDUVLHQORVIXWXURVSUR\HFWRVVHSXHGHSURFHGHUGHHVDIRUPD
+DEODQYDULRVVHxRUHV'LSXWDGRVDODYH]
(OVHxRU(63,1$9LFHSUHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU(OJXHWD
(OVHxRU(/*8(7$6HxRU3UHVLGHQWHRMDOiWHQJDPRVXQSRFRGHWUDQTXLLGDG
GHVSXpVGHHVWRVHQWUHYHURVTXHDOSDUHFHUVRQHOSUyORJRGHOSUR\HFWRVREUH
YLROHQFLD/DVSURSRVLFLRQHVGHO6HQDGRGLILHUHQHQIRUPDVXVWDQFLDOGH ODVGH
OD &iPDUD HQ XQD VHULH GH PDWHULDV DOJXQDV GH ODV FXDOHV \D H[SOLFDURQ ORV
VHxRUHV'LSXWDGRVLQIRUPDQWHV
(Q SULPHU OXJDU VL VH UHYLVD HO PHQVDMH TXH RULJLQy HO SUR\HFWR VH REVHUYD
TXHVHUHILHUHHVSHFLDOPHQWHDODYLROHQFLDGHORVUHFLQWRVGHSRUWLYRVHLQFOXVR
HQ ORV TXH FRPSLWH HO I~WERO SURIHVLRQDO (Q FDPELR ODV PRGLILFDFLRQHV GHO
6HQDGRKDEODQGHHVSHFWiFXORVS~EOLFRVPDVLYRV
(Q VHJXQGR OXJDU HO SUR\HFWR DSUREDGR SRU OD &iPDUD DO LJXDO TXH HO GHO
(MHFXWLYRVHUHILHUHDOULHVJR\DODVHJXULGDGGHORVUHFLQWRVGHSRUWLYRV´HQ
FDPELR HO GHO 6HQDGR DO ULHVJR \ D OD VHJXULGDG GH ORV HVSHFWiFXORV
S~EOLFRV6RQGRVFRQFHSWRVDEVROXWDPHQWHGLIHUHQWHV
(QWHUFHUOXJDUWDQWRHOWH[WRDSUREDGRSRUOD&iPDUDFRPRHOGHO(MHFXWLYR
HVWDEOHFHQ XQ SURFHGLPLHQWR SDUD TXH ORV LQWHQGHQWHV R JREHUQDGRUHV HQ VX
FDVR PHGLDQWH XQD GHOHJDFLyQ GH IDFXOWDGHV H[DPLQHQ \ DXWRULFHQ HQ
GHILQLWLYD ORV UHFLQWRV TXH FXHQWHQ FRQ SOHQD VHJXULGDG SDUD HO GHVDUUROOR GH
HVSHFWiFXORVS~EOLFRV(VHSURFHGLPLHQWRGLVSXHVWRHQHO7tWXORGHOSUR\HFWR
IXHVXSULPLGRSRUHO6HQDGR
$GHPiV HO 6HQDGR VHxDOy TXH D ORV LQWHJUDQWHV GH ODV EDUUDV GH ORV FOXEHV
GHSRUWLYRVGHOI~WEROSURIHVLRQDOVHOHVH[LJLUiXQDFUHGHQFLDO\VHYHULILFDUiVX
LGHQWLGDG \ DVLVWHQFLD DO HVWDGLR OR FXDO QR FDEH GXGD SURYRFDUi WRGD FODVH
GH GLILFXOWDGHV SXHV HVWDV PHGLGDV VHUiQ LPSUDFWLFDEOHV HQ ORV JUDQGHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
HYHQWRV FXDQGR DVLVWDQ X PLO SHUVRQDV D XQ HVSHFWiFXOR
GHSRUWLYR(OFULWHULRGHOD&iPDUDHQFDPELRHVPDQWHQHUXQSDGUyQFRQORV
GDWRV VREUH OD LGHQWLGDG GH ODV SHUVRQDV TXH SHUWHQHFHQ D ODV EDUUDV HQ
FRQVHFXHQFLDORVUHVSRQVDEOHVGHODVPLVPDVGHEHQVHUVXVGLULJHQWHV
5HVSHFWRGHORVGHOLWRVHO6HQDGRGLILHUHGHOD&iPDUDSRUTXHKDFHDWLQJHQWH
DODYLROHQFLDVyORORVGHOLWRVGHOHVLRQHV\GHGDxRV\DXPHQWDVXVSHQDV/D
&iPDUDVHxDOyTXHHQORVDFWRVGHYLROHQFLDODSHQDVHUtDGHSUHVLGLRPHQRUHQ
VXJUDGRPtQLPRDPHGLRRVHDGHGtDVDWUHVDxRV
(O6HQDGRSRUHOFRQWUDULRSURSRQHDXPHQWDUHOOtPLWHLQIHULRUGHODSHQDHQ
FXDQWRDTXHGHEHVHUGHSUHVLGLRPHQRUHQVXJUDGRPHGLRHVGHFLUVHUtDGH
GtDVDWUHVDxRV
/R PiV JUDYH GHO FDPELR GHO 6HQDGR GLFH UHODFLyQ FRQ OD SHQDOLGDG TXH VH
DSOLFD D ORV PHQRUHV GH DxRV \ PD\RUHV GH 'H DFXHUGR FRQ QXHVWUR
&yGLJR3HQDOORVPHQRUHVGHDxRVHVWiQH[HQWRVGHUHVSRQVDELOLGDG\HQ
FXDQWRDORVPD\RUHVGHDxRV\PHQRUHVGHVHH[LJHTXHKD\DQREUDGR
FRQGLVFHUQLPLHQWRSDUDWHQHUUHVSRQVDELOLGDG(QFDVRFRQWUDULRHOWULEXQDOGH
PHQRUHVVHHQFDUJDGHVHxDODUODVPHGLGDVGHUHKDELOLWDFLyQGHUHHGXFDFLyQR
FRUUHFWLYDV TXH HVWLPH GHO FDVR HVWDEOHFLGDV HQ OD OH\ FRUUHVSRQGLHQWH (O
6HQDGRDOGLVSRQHUTXHORVPHQRUHVGHDxRV\PD\RUHVGHSXHGHQVHU
VDQFLRQDGRV FRQ DOJXQDV GH ODV SHQDV TXH LQGLFD HQ VX SURSXHVWD FDPELD
LQGXGDEOHPHQWHHOUpJLPHQQRUPDOFRQTXHVHWUDWDDGLFKRVPHQRUHV
(Q SULPHU OXJDU HOLPLQD HO WUiPLWH GHO GLVFHUQLPLHQWR \ HQ VHJXQGR OXJDU
FUHD XQD FRPSOHWD YDJXHGDG VREUH TXp WULEXQDO GHFLGLUi HO SUREOHPD SRUTXH
VXSXHVWDPHQWH GH DFXHUGR FRQ ODV OH\HV FRPXQHV X RUGLQDULDV HO MXH] GHO
FULPHQ GHEHUtD HVWLPDU TXH SDUD ORV HIHFWRV GH OD UHVSRQVDELOLGDG SHQDO GH
HVH PHQRU QR LQWHUHVD H[DPLQDGR R HQYLDUOR DO MX]JDGR GH PHQRUHV SDUD
VDEHUVLDFWXyFRQRVLQGLVFHUQLPLHQWR
(VRV FDPELRV VRQ JUDYHV SRUTXH QRVRWURV PLVPRV HQ HO SHUtRGR OHJLVODWLYR
SDVDGRUDWLILFDPRVXQFRQYHQLRVREUHORVGHUHFKRVGHOQLxRTXHFRPSUHQGHD
WRGRVORVPHQRUHVGHDxRV(QWRQFHVGHDOJXQDPDQHUDVHWUDQVJUHGHUtDQ
ODVFRQYHQFLRQHVLQWHUQDFLRQDOHVVREUHWRGRHODUWtFXORGHOD&RQYHQFLyQGH
ORV 'HUHFKRV GHO 1LxR TXH HVWDEOHFH DOJXQRV SULQFLSLRV JHQHUDOHV VREUH OD
FRUUHFFLyQGHODFRQGXFWDGHORVPHQRUHV3RUHMHPSORVHxDODTXHORV(VWDGRV
SDUWHWRPDUiQWRGDVODVPHGLGDVDSURSLDGDVSDUDSURPRYHUHOHVWDEOHFLPLHQWR
GH OH\HV SURFHGLPLHQWRV DXWRULGDGHV H LQVWLWXFLRQHV DSOLFDEOHV
HVSHFtILFDPHQWH D ORV QLxRV TXH VHDQ DFXVDGRV R GHFODUDGRV FXOSDEOHV GH
LQIULQJLU ODV OH\HV SHQDOHV \ HQ SDUWLFXODU H[DPLQDUiQ VLHPSUH TXH VHD
DSURSLDGRODFRQYHQLHQFLDGHWUDWDUDHVRVQLxRVVLQUHFXUULUDSURFHGLPLHQWRV
MXGLFLDOHV UHVSHWDQGR SOHQDPHQWH ORV GHUHFKRV KXPDQRV \ ODV VDOYDJXDUGLDV
MXUtGLFDV
6HGLVSRQGUiGHGLYHUVDVGLVSRVLFLRQHVWDOHVFRPRHOFXLGDGRODVyUGHQHVGH
RULHQWDFLyQ \ VXSHUYLVLyQ HO DVHVRUDPLHQWR OD OLEHUWDG YLJLODGD OD FRORFDFLyQ
IDPLOLDU ORV SURJUDPDV GH HQVHxDQ]D \ GH IRUPDFLyQ SURIHVLRQDO DVt FRPR
RWUDVSRVLELOLGDGHVDOWHUQDWLYDVDODLQWHUQDFLyQHQLQVWLWXFLRQHVDVHJXUiQGRVH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
GH TXH ORV QLxRV VHDQ WUDWDGRV GH XQD PDQHUD DSURSLDGD SDUD VX ELHQHVWDU
TXHJXDUGHSURSRUFLyQWDQWRHQODVFLUFXQVWDQFLDVFRPRHQHOGHOLWR
6LQ HPEDUJR OD SURSXHVWD GHO 6HQDGR SDUD HO DUWtFXOR ž GLFH TXH /DV
SHUVRQDVPHQRUHVGH\PD\RUHVGHDxRVGHHGDGTXHLQFXUULHUHQHQODV
FRQGXFWDVFRQWHPSODGDVHQHODUWtFXORƒGHHVWDOH\TXHVHUHILHUHQDGHOLWRV
GHOHVLRQHV\GDxRVSRGUiQVHUVDQFLRQDGDVFRQODVVLJXLHQWHVPHGLGDV
³ž 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV S~EOLFRV GH OD PLVPD
QDWXUDOH]D GH DTXHO TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ GH OD PHGLGD FRQ
REOLJDFLyQ GH SUHVHQWDUVH HQ ORV GtDV \ KRUDV HQ TXH HOORV VH UHDOLFHQ HQ HO
OXJDU ILMDGR SRU HO MXH] KDVWD SRU HO WpUPLQR GH XQ DxR (Q FLHUWD PDQHUD
HVWDPHGLGDLPSOLFDXQDUHVWULFFLyQDOSULQFLSLRGHUHFKRRJDUDQWtDDODOLEHUWDG
GHORVQLxRV
ƒ$FWLYLGDGHVGHWHUPLQDGDVHQEHQHILFLRGHODFRPXQLGDG HQORVWpUPLQRV
GHOLQFLVRSHQ~OWLPRGHODUWtFXORƒ
6LQGXGDHOGHVDUUROORGHWUDEDMRVFRPXQLWDULRVFRPRPHGLGDFRQVWLWX\HXQD
HVSHFLH GH WUDEDMR YLJLODGR R IRU]DGR DEVROXWDPHQWH SURKLELGR HQ ODV
FRQYHQFLRQHVLQWHUQDFLRQDOHV
1R REVWDQWH HVWDV REVHUYDFLRQHV FRPR OR KD GLFKR HO 'LSXWDGR LQIRUPDQWH
VHxRU(VSLQDQXPHURVDVGLVSRVLFLRQHVGHO6HQDGRVRQUHVFDWDEOHVSRUORFXDO
OD&RPLVLyQHVWLPyFRQYHQLHQWHTXHDPERVWH[WRVVHGLVFXWDQ\DUPRQLFHQHQ
XQD&RPLVLyQ0L[WD
3RUWDOHVUD]RQHVHQPLRSLQLyQ\HQODGHOD&RPLVLyQGHEHQUHFKD]DUVHODV
PRGLILFDFLRQHVGHO6HQDGRSDUDGLVFXWLUODVHQOD&RPLVLyQ0L[WD
+HGLFKR
(OVHxRU(63,1$9LFHSUHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU%RPEDO
(O VHxRU %20%$/ 6HxRU 3UHVLGHQWH VRUSUHQGH TXH VREUH HVWH FRQWURYHUWLGR
SUR\HFWRH[LVWDQGHVDFXHUGRVHQWUHOD&iPDUDGH'LSXWDGRV\HO6HQDGR\TXH
ODGLIHUHQFLDVHDWDQRVWHQVLEOH
(Q OD &RPLVLyQ GH &RQVWLWXFLyQ HVWXYLPRV SRU UHFKD]DU ODV PRGLILFDFLRQHV GHO
6HQDGR3HURPiVDOOiGHODGHFLVLyQTXHDGRSWHOD6DODOODPDSURIXQGDPHQWH
ODDWHQFLyQODGLYHUJHQFLDHQHO3RGHU/HJLVODWLYRSXHVUHIOHMDFRQFODULGDGTXH
QR KD\ DFXHUGRV EiVLFRV SDUD SURFHGHU DO HVWXGLR GH OD PDWHULD (V OD
VHQVDFLyQ TXH VH SHUFLEH 1R KD\ GXGDGH TXHHVH[WUHPD OD GH£FLVLyQ GH
GLFWDUXQDOH\SHQDOHVSHFLDOSDUD
HQIUHQWDUODYLROHQFLDHQORVHVSHFWiFXORVH
GHSRUWLYRV 7HQJR OD LPSUHVLyQ GH TXH HO (VWDGR UHVSHFWR GHO WHPD QR KD
DJRWDGR
WRGRV ORV PHGLRV GH SUHYHQFLyQ GH TXH GLVSRQH \ TXH DQWH DOJXQRV
GHVyUGHQHV TXH KDQ FDXVDGR FRQPRFLyQ KD SURSXHVWR GH LQPHGLDWR HVWH
SUR\HFWRHQFLUFXQVWDQFLDVGHTXHQXHVWUDWUDGLFLyQMXUtGLFDGHPXHVWUDTXHODV
OH\HV SHQDOHV HVSHFLDOHV VH GLFWDQ GHVSXpV GH EDVWDQWH DQiOLVLV \ WDO YH]
WUDQVFXUULGR PXFKR WLHPSR GHVGH TXH VH GHWHFWD DOJ~Q SUREOHPD R DQRPDOtD
HQHOFXHUSRVRFLDO1RHVFRUULHQWHTXHVHGLFWHQVREUHWRGRHQHVWHFDVRHQ
TXHODVILJXUDVSHQDOHVHVWiQFRQWHPSODGDVHQODDFWXDOOHJLVODFLyQSHQDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
$~QPiVWDOFRPRVHxDOyHO'LSXWDGRLQIRUPDQWH\3UHVLGHQWHGHOD&RPLVLyQ
GH &RQVWLWXFLyQ VH FDPELDQ ODV QRUPDV VREUH GLVFHUQLPLHQWR PDWHULD TXH
GLVFXWLPRV DPSOLDPHQWH HO DxR SDVDGR FRQ PRWLYR GH XQ SUR\HFWR GHO
(MHFXWLYR\VREUHODFXDOWRGRVHVWXYLPRVFRQWHVWHVHQTXHDPHULWDEDPXFKR
PiVDQiOLVLV6LQHPEDUJRKR\DSUHWH[WRGHODOHJLVODFLyQSHQDOHVSHFLDOTXH
VH QRV SURSRQH ROYLGDPRV SULQFLSLRV GHO GHUHFKR SHQDO DO LQFRUSRUDU HQ HO
SUR\HFWR PRGLILFDFLRQHV D ODV QRUPDV JHQHUDOHV VREUH HO GLVFHUQLPLHQWR GH
PHQRUHV SRU VHxDODU XQR GH ORV DVSHFWRV TXH D PL MXLFLR HV
H[WUDRUGLQDULDPHQWHFRQWURYHUWLGR3LHQVRTXHODYLROHQFLDHQORVHVSHFWiFXORV
S~EOLFRV KDVWD GRQGH FRQRFHPRV VH GD H[FOXVLYDPHQWH HQ HO I~WERO FX\D
SUiFWLFD KD GDGR RFDVLyQ GH TXH VH JHQHUHQ KHFKRV GH YLROHQFLD 5HFRUULHQGR
XQSRFRODKLVWRULDGHHVWDPDQLIHVWDFLyQGHSRUWLYDHVSRVLEOHDSUHFLDUTXHVH
ULJHSRUQRUPDVHVSHFLDOHVGLIHUHQWHVGHODVFRPXQHVH[LVWHQWHVHQHOSDtVODV
TXHGXUDQWHHVWRVDxRVVHKDQDFDWDGRVLQPD\RUGLILFXOWDG3RUHMHPSORHQ
PDWHULD GH FRQWUDWRV WRGRV HVWDPRV FRQWHVWHV HQ TXH GLILHUHQ PXFKR GH ODV
QRUPDVFRQWUDFWXDOHVJHQHUDOHVVLVHWUDWDGHVDQFLRQHVWLHQHQXQFyGLJRGH
KRQRU FRQ WULEXQDOHV HVSHFLDOHV TXH VDQFLRQDQ D TXLHQHV LQFXUUHQ HQ
FRQGXFWDVGHWHUPLQDGDVQRUPDVTXHORVMXJDGRUHVDFDWDQVLQPD\RUGLILFXOWDG
GHVSXpV GH GHWHUPLQDGRV KHFKRV VH OHV SURKLEH SDUWLFLSDU HQ DOJ~Q SDUWLGR
VRQVXVSHQGLGRVHQILQ3RUORWDQWRODRUJDQL]DFLyQIXWEROtVWLFDWLHQHHQRUPH
FDSDFLGDGSDUDFRQWURODU\FRQWHQHUHVWRVGHVERUGHVVLVXVDFWRUHVDFDWDQODV
QRUPDVTXHODULJHQ\VLTXLHQHVRUJDQL]DQORVHVSHFWiFXORVHVWiQFRQWHVWHVHQ
TXHHQHOSDtVH[LVWHXQDQRUPDWLYDOHJDOTXHJDUDQWL]DHORUGHQHQHOORV
$ PL MXLFLR QR VH QHFHVLWD OH\ SHQDO HVSHFLDO SDUD FRQWURODU ORV GHVERUGHV
EDVWDFRQODH[LVWHQWH\FRQODYROXQWDGSROtWLFDGHODDXWRULGDGGHWXUQRSDUD
DGRSWDU HQ FRRUGLQDFLyQ FRQ ODV RUJDQL]DFLRQHV GHSRUWLYDV TXH FRUUHVSRQGD
ODV PHGLGDV SUHYHQWLYDV QHFHVDULDV GH DFXHUGR FRQ OD QDWXUDOH]D GHO
HVSHFWiFXOR (Q GHILQLWLYD IUHQWH D XQ SUREOHPD GHO I~WERO SUHWHQGHPRV
OHJLVODU LQFOXVR VREUH RWUR WLSR GH HVSHFWiFXORV GHSRUWLYRV HQ ORV FXDOHV VL
ELHQODYLROHQFLDSXHGHHVWDUSRWHQFLDOPHQWHSUHVHQWHQRHVSHUWLQHQWHKDFHUOR
SRUTXHEiVLFDPHQWHHOODVHGDVyORHQDOJXQRV
/D )LID RUJDQL]DFLyQ LQWHUQDFLRQDO GHO I~WERO D UDt] GH ORV GHVERUGHV \
GHVPDQHVTXHVHSURGXMHURQVLPDOQRUHFXHUGRHQ,QJODWHUUDVDQFLRQyDXQ
HTXLSRHQWLHQGRTXHSRUGLH]DxRVSULYiQGRORGHMXJDUHQODVFDQFKDVGHVX
SDtV (VWRV KHFKRV YLROHQWRV ORV FXDOHV WRGRV FRQRFLPRV VH UHVROYLHURQ FRQ
VDQFLRQHV TXH OD SURSLD RUJDQL]DFLyQ GHSRUWLYD LPSXVR D ORV HTXLSRV
LQYROXFUDGRV
(QPLRSLQLyQORTXHVHGHEHKDFHUHVFUHDUXQWULEXQDOGHKRQRUGHKRPEUHV
EXHQRV FRPR TXLHUD OODPDUVH TXH DSOLTXH VDQFLRQHV PX\ GUiVWLFDV D ORV
HTXLSRV TXH LQFXUUDQ HQ KHFKRV GH YLROHQFLD FODXVXUD WHPSRUDO GHO HVWDGLR
HOLPLQDFLyQRVXVSHQVLyQGHODDFWXDFLyQGXUDQWHXQFDPSHRQDWRFDVWLJRFRQ
PHQRU SXQWDMH SURKLELFLyQ GH SDUWLFLSDU HQ HYHQWRV LQWHUQDFLRQDOHV (Q OD
PHGLGDHQTXHHVDVVDQFLRQHVVHDSOLTXHQVHJHQHUDUiXQRUGHQTXHUHVROYHUi
JUDGXDOPHQWH HO SUREOHPD GH OD YLROHQFLD SRUTXH QDWXUDOPHQWH D QLQJ~Q
KLQFKDOHJXVWDUiHQFRQWUDUVHHQXQHVSHFWiFXORGRQGHHOLQGLYLGXRTXHHVWiD
VXODGRFRQODFRPLVLyQGHXQKHFKRDJUHVLYRSHUMXGLTXHDVXHTXLSR,QFOXVR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
HVWRSXHGHOOHYDUDSDUHMDGDVKDVWDVDQFLRQHVSHFXQLDULDV3UHFLVDPHQWHHQOD
&RPLVLyQ GH &RQVWLWXFLyQ VH FRPHQWy TXH XQD GH ODV VDQFLRQHV TXH HQ VX
PRPHQWR VH DSOLFy HQ (XURSD IXH FHUUDU ORV HVWDGLRV GH PDQHUD TXH ODV
PLOORQDULDV SpUGLGDV TXH HVR LPSOLFy SDUD XQ HTXLSR KL]R UHIOH[LRQDU D VXV
KLQFKDV R VLPSDWL]DQWHV (Q FRQVHFXHQFLD WRGDYtD KD\ PXFKR TXH H[SORUDU
DQWHV GH GLFWDU XQD OH\ SHQDO HVSHFLDO FRQ HVWDV FDUDFWHUtVWLFDV TXH DGHPiV
JHQHUD ODV FRQWURYHUVLDV TXH HVWDPRV YLHQGR HVWD PDxDQD (O SUR\HFWR GHO
6HQDGRHVGLDPHWUDOPHQWHGLVWLQWRGHOTXHSURSXVRHO(MHFXWLYR\SHUIHFFLRQy
OD&iPDUDSRUHVRYDPRVFDPLQRDXQDFRPLVLyQPL[WD5HLWHURTXHHQ&KLOH
QR VH UHTXLHUH OH\ SHQDO HVSHFLDO SDUD VROXFLRQDU HVWH SUREOHPD +D\ XQD OH\
SHQDO TXH VDQFLRQD WRGDV ODV FRQGXFWDV GH YLROHQFLD TXH SXHGDQ GDUVH HQ
HVSHFWiFXORV S~EOLFRV \ GHSRUWLYRV \ QDGD REVWD SDUD TXH H[LVWD OD GHELGD
FRRUGLQDFLyQHQWUHODDXWRULGDG\ODVRUJDQL]DFLRQHVGHSRUWLYDVHQODDGRSFLyQ
GH WRGDV ODV PHGLGDV SUHYHQWLYDV TXH VH UHTXLHUDQ /D OHJLVODFLyQ HVSDxROD
FRQWHPSODFODUDPHQWHWRGDXQDLQVWDQFLDGHFRRUGLQDFLyQSUHYLDGHHGXFDFLyQ
LQFOXVRGHGLIXVLyQSDUDHYLWDUVLWXDFLRQHVGHYLROHQFLDHQORVHVWDGLRV<D~Q
DVtQRVHDGYLHUWHXQUpJLPHQWDQSXQLWLYRFRPRHOTXHDTXtVHSURSRQH
7HQJRODLPSUHVLyQGHTXHHQQXHVWUDVRFLHGDGWRGDYtDHVSRVLEOHH[WUHPDUODV
PHGLGDV GH VHJXULGDG VREUH OD EDVH GH OD FRRUGLQDFLyQ HQWUH ORV HQWHV
LQYROXFUDGRV HQ HVWH WLSR GH HYHQWRV \ OD DXWRULGDG VLQ WHQHU TXH OOHJDU D OD
GLFWDFLyQ GH XQD OH\ SXQLWLYD HVSHFLDO TXH LQFOXVR FRPR OR GLMH DOWHUDUtD ODV
QRUPDVGHOGLVFHUQLPLHQWRHQHOSURFHGLPLHQWRSHQDOFKLOHQR
(Q FRQVHFXHQFLD HVSHUR TXH HQ OD &RPLVLyQ 0L[WD SRGDPRV LQFRUSRUDU XQ
FRQMXQWR GH HOHPHQWRV TXH SURPXHYDQ LQFHQWLYRV PHGLDQWH OD OH\ DQWHV GH
DSOLFDU OD VDQFLyQ \ DVt VLQ QHFHVLGDG GH GLFWDU HVWD OHJLVODFLyQ PHMRUDU OD
VLWXDFLyQ H LPSHGLU ORV ULHVJRV TXH KR\ 6H YLYHQ HQ ORV HVSHFWiFXORV
GHSRUWLYRV HOOR SULQFLSDOPHQWH DSHODQGR D OD RUJDQL]DFLyQ GHO I~WERO
SURIHVLRQDO FKLOHQR HQ OD FXDO HV SHUIHFWDPHQWH IDFWLEOH DOFDQ]DU PHGLGDV GH
FRRUGLQDFLyQPHGLDQWHODDSOLFDFLyQGHVDQFLRQHVTXHHVWDPLVPDRUJDQL]DFLyQ
HVWiHQFRQGLFLRQHVGHLPSOHPHQWDU
+HGLFKR
(O VHxRU (63,1$ 9LFHSUHVLGHQWH 6ROLFLWR D ORV VHxRUHV 'LSXWDGRV TXH
UHDOLFHPRV XQ HVIXHU]R SRU QR DJRWDU WRGD OD VHVLyQ FRQ HO GHEDWH GH HVWH
SUR\HFWR\DTXHKD\RWURVHQODWDEOD6LH[LVWLHUDFRQVHQVRHQOD6DODSRGUtD
YRWDUVH OD SURSXHVWDGHO OD &RPLVLyQ GH &RQVWLWXFLyQ (Q QLQJ~Q FDVR LQWHQWR
REVWDFXOL]DUHOXVRGHODSDODEUD
7LHQHODSDODEUDHO'LSXWDGRVHxRU$QGUpV3DOPD
(O VHxRU 3$/0$ GRQ $QGUpV 6HxRU 3UHVLGHQWH LQWHQWDUp DFRJHU VX
UHFRPHQGDFLyQ SRUTXH WDPELpQ DSR\DUp OD SURSRVLFLyQ GH OD &RPLVLyQ GH
&RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD SDUD HQYLDU OD WRWDOLGDG GH ODV
PRGLILFDFLRQHVGHO6HQDGRDFRPLVLyQPL[WD
5HVSHFWR GHO SUR\HFWR HQ GLVFXVLyQ FUHR TXH HV UHDOPHQWH XUJHQWH UHQRYDU
QXHVWUDOHJLVODFLyQVREUHHVWDPDWHULD(QHVHVHQWLGRWHQJRPiVTXHXQPDWL]
GH GLVFUHSDQFLD FRQ OR VHxDODGR SRU HO 'LSXWDGR VHxRU %RPEDO SRU FXDQWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
FRQVLGHUR TXH HQ PDWHULD GH YLROHQFLD HQ ORV HVSHFWiFXORV S~EOLFRV HVWDPRV
DWUDVDGRV GH WDO PDQHUD TXH VX PD\RU RFXUUHQFLD HQ ORV HYHQWRV GHSRUWLYRV
HVWiDIHFWDQGRGHPDQHUDEDVWDQWHGHOLFDGDDPXFKRVFLXGDGDQRVGHOSDtV
4XLHQHV UHSUHVHQWDPRV GLVWULWRV HQ ORV TXH VH XELFDQ UHFLQWRV GHSRUWLYRV
VDEHPRVTXHODDVLVWHQFLDPDVLYDGHEDUUDVEUDYDVDHVSHFWiFXORVHQUHFLQWRV
TXHQRUH~QHQWRGDVODVJDUDQWtDVGHVHJXULGDGFRQVWLWX\HXQVHULRSUREOHPD
SDUDORVYHFLQRVGHORVDOUHGHGRUHVQRVyORSRUODYLROHQFLDTXHVHGHVDWDHQHO
LQWHULRU GH HOORV VLQR SRU ODV DFFLRQHV YDQGiOLFDV TXH VH JHQHUDQ HQ VX
HQWRUQRVLWXDFLyQTXHVHYHDJUDYDGDSDUWLFXODUPHQWHFXDQGRQRVHFXPSOHQ
ODVQRUPDVTXHULJHQFXDOTXLHUHVSHFWiFXORPDVLYR
3RU HVWD UD]yQ PH SUHRFXSD HQRUPHPHQWH \ OR VHxDOR HQ IRUPD FDWHJyULFD
TXHHO6HQDGRKD\DUHFKD]DGRHODUWtFXORƒDSUREDGRHQOD&iPDUD\XELFDGR
HQ HO WtWXOR 'H ODV PHGLGDV GH VHJXULGDG SUHYHQWLYDV HO FXDO H[LJtD XQD
DXWRUL]DFLyQRWRUJDGDSRUHOLQWHQGHQWHGHODUHJLyQUHVSHFWLYDSUHYLRLQIRUPH
GH&DUDELQHURVTXHDFUHGLWDUDHOUHFLQWRSDUDHVSHFWiFXORVPDVLYRV
(QODFRPXQDGH0DFXOVHHQFXHQWUDHO(VWDGLR0RQXPHQWDO'DYLG$UHOODQR
VREUH HO FXDO XQ LQIRUPH GH &DUDELQHURV GH &KLOH VHxDOD TXH DOOt QR GHEHQ
HIHFWXDUVH HVSHFWiFXORV QL DFWLYLGDGHV PDVLYDV 1R REVWDQWH VH UHDOL]DQ
KDELWXDOPHQWH \ KHPRV YLVWR ODV IXQHVWDV FRQVHFXHQFLDV TXH KDQ DFDUUHDGR
ORV H[FHVRV LQFOXVR OD PXHUWH GH YDULDV SHUVRQDV (OOR KD GHVDWDGR WRGD XQD
SROpPLFDQDFLRQDOVREUHODQHFHVLGDGGHHVWXGLDUHVWHSUR\HFWR
&RQ ODV DXWRULGDGHV GH OD FRPXQD GH 0DFXO FRQ HO DQWHULRU \ FRQ HO DFWXDO
0LQLVWUR GH 9LYLHQGD \ 8UEDQLVPR \ FRQ HO DQWHULRU 0LQLVWUR GHO ,QWHULRU
WUDWDPRV GH UHVROYHU HO SUREOHPD GHO (VWDGLR 0RQXPHQWDO GHO &OXE 6RFLDO \
'HSRUWLYR &ROR&ROR (O YLHUQHV SDVDGR OR YLVLWDPRV FRQ HVH REMHWR FRQ HO
,QWHQGHQWH GH OD 5HJLyQ 0HWURSROLWDQD SHUR FRPSUREDPRV TXH HQ HVWRV
PRPHQWRV QR VH SXHGH FDWHJyULFDPHQWH KDFHU YDOHU OD LQVHJXULGDG GH HVWH
UHFLQWR GHVGH HO SXQWR GH YLVWD GH OD FRQFXUUHQFLD PDVLYD GH SHUVRQDV /DV
~QLFDVFDXVDOHVSDUDKDELOLWDURQRXQUHFLQWRILJXUDQHQOD2UGHQDQ]D*HQHUDO
GH9LYLHQGD\8UEDQLVPRTXHHVLQVXILFLHQWHSDUDDEDUFDUHVWHDVSHFWR(QHVH
VHQWLGRPHSDUHFHJUDYHODVXSUHVLyQGHODUWtFXORžSRUHO6HQDGR
$VLPLVPR TXLHUR UHIHULUPH D RWURV GRV DVSHFWRV TXH KD FRQVLGHUDGR HO
6HQDGR 8QR GH ORV FXDOHV KD VLGR PHQFLRQDGR WDQWR SRU ORV 'LSXWDGRV
LQIRUPDQWHVFRPRSRUORVGLSXWDGRVVHxRUHV(OJXHWD\%RPEDO
0H SDUHFH JUDYH TXH HQ XQD OHJLVODFLyQ DSDUHQWHPHQWH LUUHOHYDQWH GHVGH HO
SXQWRGHYLVWDGHODVQRUPDVSURFHVDOHVVHPRGLILTXHODVLWXDFLyQSURFHVDOGH
ORVPHQRUHVGHHGDG\HVRHVORTXHHVWiKDFLHQGRHO6HQDGRDOQRUHJXODUHQ
HVWDLQLFLDWLYDHOSURFHVDPLHQWRGHORVPD\RUHVGH\PHQRUHVGHDxRV
(VWRHVGHOLFDGR\GHEHVHUFRUUHJLGR
/D PHGLGD PiV LQQRYDGRUD FRQWHQLGD HQ HO SUR\HFWR GH OD &iPDUD HUD TXH OD
SHUVRQD FRQGHQDGD SRU KDEHU FRPHWLGR DFWRV GH YLROHQFLD GXUDQWH HO
WUDQVFXUVR GH XQ HVSHFWiFXOR GHSRUWLYR GHEtD VHU REMHWR GH SHQDV TXH
IDFLOLWDUDQ VX FRUUHFWR FRPSRUWDPLHQWR HQ OD VRFLHGDG \ QR VX GHVLQVHUFLyQ
WDOHV FRPR DUUHVWRV \ WUDEDMRV FRPXQLWDULRV HQ ILQ GH VHPDQD SUHVHQWDUVH D
ORV UHFLQWRV SROLFLDOHV X RWURV GXUDQWH OD UHDOL]DFLyQ GH ORV HVSHFWiFXORV
GHSRUWLYRV TXH OH HVWXYLHUDQ SURKLELGRV (VWD IXH VXSULPLGD SRU HO 6HQDGR 6L
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
ELHQH[LVWHXQDQRUPDJHQpULFDDSDUWLUGHODFXDOSRGUtDLQWHUSUHWDUVHTXHHO
6HQDGR OD DFRJH HQ OD SUiFWLFD HV WDQ JHQpULFD TXH VX DSOLFDFLyQ VH KDFH
LQYLDEOH 'H HVWD PDQHUD QR UHVROYHUHPRV ORV SUREOHPDV GH IRQGR TXH
TXHUHPRVHQIUHQWDUFRQHVWHSUR\HFWR
5HVSDOGR OD SRVLFLyQ GH OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD \
VyOR SLGR TXH HQ IXQFLyQ GH OD XUJHQWH QHFHVLGDG GH HVWD OHJLVODFLyQ OD
FRPLVLyQ PL[WD SXHGD DERFDUVH D VX WUDEDMR D OD EUHYHGDG GH PDQHUD TXH
SURQWRVHUHVXHOYDHVWHSUR\HFWRLQVLVWLHQGRHQODVQRUPDVGHOD&iPDUD
6HxRU 3UHVLGHQWH FRQ VX YHQLD FRQFHGR XQD LQWHUUXSFLyQ DO 'LSXWDGR VHxRU
2UWL]
(OVHxRU(63,1$9LFHSUHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU2UWL]
(OVHxRU257,=6HxRU3UHVLGHQWHTXLHURUHFRUGDUTXHHOSUR\HFWRLQJUHVyDOD
&iPDUDHOGHHQHURGH/DFRQWURYHUVLDTXHVHVXVFLWyDOUHVSHFWRHQ
@DFXDOHO'LSXWDGRVHxRU(VSLQDWXYRGHVWDFDGDSDUWLFLSDFLyQGHIHQGLHQGRDOD
&RUSRUDFLyQHVHOPHMRUDFLFDWHSDUDTXHWDOFRUQRORSURSXVROD0HVDKR\OR
YRWHPRVUiSLGDPHQWHSDUDTXHSDVHDFRPLVLyQPL[WD\VHFRQYLHUWDHQ/H\GH
OD5HS~EOLFD
+HGLFKR
(O VHxRU (63,1$ 9LFHSUHVLGHQWH 5HFXSHUD OD SDODEUD HO 'LSXWDGR VHxRU
3DOPD
(O VHxRU 3$/0$ GRQ $QGUpV +H WHUPLQDGR PL LQWHUYHQFLyQ VHxRU
3UHVLGHQWH
(OVHxRU(63,1$9LFHSUHVLGHQWH4XLHURLQVLVWLUHQORH[SXHVWRSRUHO'LSXWDGR
VHxRU2UWL]GHVSDFKDUHOSUR\HFWRFRQHOFXDOHVWDPRVGHDFXHUGRODPD\RUtD
GHORVSDUODPHQWDULRV
7LHQHODSDODEUDOD'LSXWDGDVHxRUD:RUQHU
/D VHxRUD :251(5 6HxRU 3UHVLGHQWH OD EDQFDGD GHO 3DUWLGR SRU OD
'HPRFUDFLD DFRJH HQ VX LQWHJULGDG OD SURSXHVWD GH OD &RPLVLyQ GH
&RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD GH TXH HVWH SUR\HFWR SDVH D FRPLVLyQ
PL[WD GH WDO VXHUWH TXH VH SURGX]FDQ DOOt ODV GLVFXVLRQHV SHUWLQHQWHV \ VH
UHVWDEOH]FDQVXVLGHDVPDWULFHVUHVWULFWLYDVTXHWLHQHQSRUREMHWRSRQHUDWDMR
DORVDFWRVGHYLROHQFLDTXHVHSHUSHWUDQHQUHFLQWRVGHSRUWLYRVFRQRFDVLyQGH
HVSHFWiFXORV S~EOLFRV /DV PRGLILFDFLRQHV TXH OH KD LQWURGXFLGR HO +RQRUDEOH
6HQDGRVRQGHWDODPSOLWXGTXHGHVERUGDQHVDVLGHDVPDWULFHV
&DEH DGYHUWLU XQ HUURU GH DSUHFLDFLyQ HQ TXH KDQ LQFXUULGR YDULRV VHxRUHV
'LSXWDGRV TXH PH KDQ SUHFHGLGR HQ HO XVR GH OD SDODEUD (Q HIHFWR KDQ
VRVWHQLGR TXH HO DUWtFXOR ž SURSXHVWR SRU HO 6HQDGR HVWDUtD DOWHUDQGR ODV
QRUPDVGHOGLVFHUQLPLHQWR
(VRQRHVDVtSXHVWRTXHGLFKRDUWtFXORFRQVLJQDTXH/DV SHUVRQDVPHQRUHV
GH \ PD\RUHV GH DxRV GH HGDG TXH LQFXUULHUHQ HQ ODV FRQGXFWDV
FRQWHPSODGDV HQ HO DUWtFXOR ƒ GH HVWD OH\ SRGUiQ VHU VDQFLRQDGDV FRQ ODV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
VLJXLHQWHV PHGLGDV (VR VLJQLILFD TXH WDOHV PHGLGDV VHUiQ DSOLFDGDV SRU HO
WULEXQDOFRUUHVSRQGLHQWHHOMX]JDGRGHPHQRUHVHQHVWHFDVRXQDYH]TXHVH
GHWHUPLQHSRUHOMXH]FRPSHWHQWHVLHOPHQRUDFWXyRQRFRQGLVFHUQLPLHQWR
(O SUREOHPD GH IRQGR UDGLFD FRPR WRGRV VDEHPRV HQ TXH OD LQVWLWXFLyQ GHO
GLVFHUQLPLHQWR HV HQJRUURVD FRPSOLFDGD \ DUELWUDULD PXFKDV YHFHV 3RU OR
WDQWR VRPHWHU DO PHQRU D OD GHWHUPLQDFLyQ GHO GLVFHUQLPLHQWR HV
JHQHUDOPHQWH YHMDWRULR \ YLRODWRULR GH VXV GHUHFKRV IXQGDPHQWDOHV SHUR QR
VLJQLILFDTXHHOSUR\HFWRHVWpDOWHUDQGRWDOHVQRUPDV
5HLWHUR HQ FRQVHFXHQFLD TXH OD EDQFDGD GHO 3DUWLGR SRU OD 'HPRFUDFLD
DFRJHUi OD UHFRPHQGDFLyQ GH OD &RPLVLyQ &RQ VX YHQLD FRQFHGR XQD
LQWHUUXSFLyQDO+RQRUDEOH'LSXWDGRVHxRU9LHUD*DOOR
(O VHxRU (63,1$ 9LFHSUHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU 9LHUD
*DOOR
(O VHxRU 9,(5$*$//2 6HxRU 3UHVLGHQWH OD EDQFDGD GHO 3DUWLGR 6RFLDOLVWD
DGKLHUH D OR UHFRPHQGDGR SRU OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \
-XVWLFLDSRUODVUD]RQHVVHxDODGDVSRUGLYHUVRVVHxRUHV'LSXWDGRV
+HGLFKR
(O VHxRU (63,1$ 9LFHSUHVLGHQWH 5HFXSHUD OD SDODEUD OD 'LSXWDGD VHxRUD
:RUQHU
/DVHxRUD:251(5+HGLFKR
(OVHxRU(63,1$9LFHSUHVLGHQWH6HxRUD'LSXWDGDVXDFODUDFLyQKDVLGRPX\
~WLO UHVSHFWR GH XQ DUWtFXOR FRQWURYHUWLGR GHO SUR\HFWR 7LHQH OD SDODEUD HO
'LSXWDGRVHxRU6LOYD
(O VHxRU 6,/9$ 6HxRU 3UHVLGHQWH DSR\R OD GHFLVLyQ GH OD &RPLVLyQ GH
&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDSDUDTXHHOSUR\HFWRSDVHDFRPLVLyQPL[WD
IXQGDPHQWDOPHQWH SRU FRQVLGHUDU TXH GHEHQ DPSOLDUVH ODV PHGLGDV
SUHYHQWLYDV6LELHQODLQLFLDWLYDWLHQGHDUHVWULQJLUODYLROHQFLDTXHVHSURYRFD
HQ ORV HVWDGLRV HV WUHPHQGDPHQWH LPSRUWDQWH QR ROYLGDU TXH HQ QXHVWUD
VRFLHGDG HOOD FRQVWLWX\H SUiFWLFDPHQWH XQ KHFKR &RWLGLDQR (VWH WLSR GH
DFWLWXGHV VH YD UHSLWLHQGR +R\ GtD VRQ ORV HVWDGLRV $\HU TXLHQHV
FRQYRFiEDPRV SRU HMHPSOR D MRUQDGDV GH SURWHVWD WDPELpQ YHtDPRV TXH
DOJXQRVJUXSRVVHVDOtDQGHORVPDUFRVGHHVRVOODPDGRV\FRPHWtDQDFWRVGH
YDQGDOLVPR TXH QRVRWURV PLVPRV FRQGHQiEDPRV D WUDYpV GH OD SUHQVD +R\
WUDWDPRVGHVXSULPLUODYLROHQFLDHQORVHVWDGLRVSHURVHJXUDPHQWHODYDPRVD
HQFRQWUDU HQ RWUR WLSR GH HVSHFWiFXORV PDVLYRV HVWD YH] YLQFXODGD
IXQGDPHQWDOPHQWHDJUXSRVMXYHQLOHVHQORVFXDOHVODYLROHQFLDHVWiDIORUGH
SLHO,QFOXVRHORWURGtDWXYHRSRUWXQLGDGGHYHUHQXQSDUWLGRWUDQVPLWLGRSRU
WHOHYLVLyQTXHXQMXJDGRULQYLWDEDDOUHVWRGHVXVFRPSDxHURVDUHWLUDUVHGHOD
FDQFKD\H[DFHUEDEDDOS~EOLFRDFRPHWHUKHFKRVGHYLROHQFLD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(VWDV VLWXDFLRQHV GHEHPRV DVXPLUODV GHVGH OD SHUVSHFWLYD GH TXH OD YLROHQFLD
HVXQKHFKRFRWLGLDQRHQQXHVWUDVRFLHGDG
'HVGH HVH SXQWR GH YLVWD HQ SULPHU OXJDU GHEHPRV WRPDU PHGLGDV
SUHYHQWLYDV HQ UHODFLyQ FRQ ORV MyYHQHV \ SHGLU DO *RELHUQR TXH LPSOHPHQWH
SURJUDPDV \ SODQHV FDSDFHV GH UHLQVHUWDUORV HQ QXHVWUD VRFLHGDG &RQ ORV
FDWDVWURV TXH ORV FOXEHV KDUiQ DKRUD VREUH VXV EDUUDV \ OD DVLVWHQFLD GH ORV
MyYHQHV TXH YDQ D VHU SHQDOL]DGRV D ORV MX]JDGRV VHUi SRVLEOH UHFDEDU
LQIRUPDFLyQWUHPHQGDPHQWHLPSRUWDQWHSDUDGHWHUPLQDUFXiOHVVXVLWXDFLyQ
ODERUDO \ ORV WUDVWRUQRV SVtTXLFRV TXH SXHGDQ SDGHFHU SURGXFLGRV SRU
LQQXPHUDEOHV IDFWRUHV LQFOXVR SRU YLROHQFLD LQWUDIDPLOLDU (VWD LQIRUPDFLyQ
GHELHUD VHU XWLOL]DGD SRU HO *RELHUQR SDUD WRPDU PHGLGDV SUHYHQWLYDV (Q
VHJXQGR OXJDU TXLHUR UHDILUPDU OR GLFKR SRU HO 'LSXWDGR VHxRU 3DOPD GRQ
$QGUpV HQ FXDQWR D TXH OR PiV QRYHGRVR GH HVWH SUR\HFWR VRQ ODV PHGLGDV
DOWHUQDWLYDV D ODV SHQDV GH FiUFHO TXH SURSRQtD OD &iPDUD (Q HVH VHQWLGR
FRQVLGHUR PX\ LPSRUWDQWH TXH OD FRPLVLyQ PL[WD VHD FDSD] GH UHVFDWDU OD
PHQFLRQDGDIRUPDDOWHUQDWLYDGHSHQDOLGDGHV
+HGLFKR
(O VHxRU (63,1$ 9LFHSUHVLGHQWH 8Q &RPLWp SDUODPHQWDULR KD SHGLGR OD
FODXVXUDGHOGHEDWH
6LOHSDUHFHDOD6DODVHDFRUGDUiSRUXQDQLPLGDG
$FRUGDGR
3LGRWDPELpQHODVHQWLPLHQWRGHOD6DODSDUDDFRJHUODUHFRPHQGDFLyQ
GH OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD GH UHFKD]DU ODV
PRGLILFDFLRQHV GHO 6HQDGR HQ IRUPD XQiQLPH \ HQYLDU HO SUR\HFWR D
FRPLVLyQPL[WD
¢+DEUtDDFXHUGR"
$FRUGDGR
(OVHxRU5,%(5$3XQWRGH5HJODPHQWRVHxRU3UHVLGHQWH
(OVHxRU(63,1$9LFHSUHVLGHQWH7LHQHODSDODEUD6X6HxRUtD
(O VHxRU 5,%(5$ 6HxRU 3UHVLGHQWH SURSRQJR TXH QRPEUHPRV
LQPHGLDWDPHQWHDORVLQWHJUDQWHVGHODFRPLVLyQPL[WD
'H VHU DVt ORV 'LSXWDGRV GH 5HQRYDFLyQ 1DFLRQDO SURSRQHPRV DO 'LSXWDGR
VHxRU(VSLQD
(O VHxRU (63,1$ 9LFHSUHVLGHQWH /D 0HVD \D UHFLELy OD SURSRVLFLyQ GH ORV
&RPLWpVSDUDLQWHJUDUODFRPLVLyQPL[WDFRQORV'LSXWDGRVVHxRUHV*XWHQEHUJ
0DUWtQH],JQDFLR%DOERQWtQ&DUORV0RQWHV&DUORV%RPEDO\$OEHUWR(VSLQD
6LOHSDUHFHDOD6DODDVtVHDFRUGDUi
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
7UiPLWH &RPLVLyQ 0L[WD 6HQDGR &iPDUD GH
'LSXWDGRV
,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ
6HQDGR&iPDUDGH'LSXWDGRV)HFKDGHPD\R&XHQWDHQ6HVLyQ
/HJLVODWXUD
,1)250( '( /$ &20,6,21 0,;7$ UHFDtGR HQ HO SUR\HFWR GH OH\ TXH
UHSULPH GHVyUGHQHV \ KHFKRV GH YLROHQFLD HQ ORV HVWDGLRV \ RWURV FHQWURV
GHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%2/(7,11ƒ
+2125$%/(&$0$5$'(',387$'26
+2125$%/(6(1$'2
/D &RPLVLyQ 0L[WD FRQVWLWXtGD HQ FRQIRUPLGDG D OR GLVSXHVWR SRU HO
DUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDWLHQHHOKRQRUGHSURSRQHURVODIRUPD\
PRGR GH UHVROYHU ODV GLYHUJHQFLDV VXVFLWDGDV HQWUH DPEDV &iPDUDV GHO
&RQJUHVR1DFLRQDOGXUDQWHODWUDPLWDFLyQGHOSUR\HFWRGHOH\GHODUHIHUHQFLD
'HMDPRV FRQVWDQFLD TXH HO DUWtFXOR ƒ GHO SUR\HFWR TXH RV SURSRQHPRV
GHEH VHU DSUREDGR FRQ TXyUXP GH OH\ RUJiQLFD FRQVWLWXFLRQDO WRGD YH] TXH
PRGLILFDODVDWULEXFLRQHVGHORVWULEXQDOHVGHMXVWLFLD
/D + &iPDUD GH 'LSXWDGRV HQ VHVLyQ FHOHEUDGD HO GtD GH PD\R GH
GHVLJQy FRPR LQWHJUDQWHV GH OD &RPLVLyQ 0L[WD D ORV ++ 'LSXWDGRV
,JQDFLR %DOERQWtQ $UWHDJD &DUORV %RPEDO 2WDHJXL $OEHUWR (VSLQD 2WHUR
*XWHPEHUJ0DUWtQH]2FDPLFD\&DUORV0RQWHV&LVWHUQDV&RQSRVWHULRULGDGHO
+ 'LSXWDGR VHxRU %RPEDO IXH UHHPSOD]DGR SRU HO + 'LSXWDGR VHxRU $QGUpV
&KDGZLFN3LxHUD
$VXYH]HO+6HQDGRHQVHVLyQHIHFWXDGDHOGtDGHPD\RGH
QRPEUy SDUD HVWH REMHWR D ORV ++ 6HQDGRUHV PLHPEURV GH VX &RPLVLyQ GH
&RQVWLWXFLyQ/HJLVODFLyQ-XVWLFLD\5HJODPHQWR
/D &RPLVLyQ 0L[WD VH FRQVWLWX\y HO GtD GH PD\R GH FRQ OD
DVLVWHQFLDGHVXVPLHPEURV++6HQDGRUHVVHxRUHV6HUJLR'tH]8U]~D+HUQiQ
/DUUDtQ )HUQiQGH] &DUORV /HWHOLHU %REDGLOOD \ $QVHOPR 6XOH &DQGLD \ GH ORV
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
++ 'LSXWDGRV VHxRUHV ,JQDFLR %DOERQWtQ $UWHDJD $QGUpV &KDGZLFN 3LxHUD \
$OEHUWR(VSLQD2WHUR
$GHPiVGHVXVLQWHJUDQWHVDVLVWLyWDPELpQHO+'LSXWDGRVHxRU$QGUpV
$OODPDQG=DYDOD
$VLPLVPR VH FRQWy FRQ OD FRODERUDFLyQ GHO VHxRU -HIH GH OD 'LYLVLyQ
-XUtGLFD GHO 0LQLVWHULR GHO ,QWHULRU GRQ /XLV 7RUR 7RUR \ GHO VHxRU DVHVRU
MXUtGLFRGHO,QVWLWXWR1DFLRQDOGHOD-XYHQWXGGRQ.HQQHWK0DF)DUODQH/HXSLQ
/D &RPLVLyQ 0L[WD HOLJLy SRU XQDQLPLGDG FRPR 3UHVLGHQWH DO +
6HQDGRUVHxRU6HUJLR'tH]8U]~D\VHDERFyDOFXPSOLPLHQWRGHVXFRPHWLGR
OXHJRGHHVFXFKDUDOVHxRUUHSUHVHQWDQWHGHO,QVWLWXWR1DFLRQDOGHOD-XYHQWXG
TXLHQ GLy D FRQRFHU D OD &RPLVLyQ HO ,QIRUPH )LQDO UHODWLYR DO HVWXGLR
SDWURFLQDGR SRU HVH 6HUYLFLR VREUH ODV EDUUDV EUDYDV H[LVWHQWHV HQ QXHVWUR
SDtV TXH DEDUFD XQ SHUtRGR TXH VH H[WLHQGH GHVGH D 'HVWDFy DO
UHVSHFWRTXHVXVLQWHJUDQWHVPD\RULWDULDPHQWHFXHQWDQFRQXQSURPHGLRGH
HGDG TXH IOXFW~D HQWUH ORV \ ORV DxRV \ VH DJUXSDQ EiVLFDPHQWH
DOUHGHGRUGHORVOODPDGRVHTXLSRVJUDQGHVHQSDUWLFXODUORVFOXEHV&ROR&ROR
\8QLYHUVLGDGGH&KLOH
(QWUH RWUDV FRQFOXVLRQHV VHxDOy TXH OD FRPSRVLFLyQ GH HVWDV EDUUDV
FRUUHVSRQGHHQXQDOWRSRUFHQWDMHDOUHGHGRUGHODSHUVRQDVTXHUHVLGHQ
HQ ORV VHFWRUHV SHULIpULFRV GH 6DQWLDJR \ SXQWXDOL]y TXH HVWDV DJUXSDFLRQHV
VyOR UHFRQRFHQ FRPR DXWRULGDG OHJtWLPD VREUH HOODV D ORV GLULJHQWHV GH VX
UHVSHFWLYRFOXE
/DV GLILFXOWDGHV VXVFLWDGDV HQWUH DPEDV &iPDUDV GHULYDQ GHO UHFKD]R
TXH OD + &iPDUD GH 'LSXWDGRV KD GDGR HQ WHUFHU WUiPLWH FRQVWLWXFLRQDO D
WRGDVODVPRGLILFDFLRQHVLQWURGXFLGDVSRUHO+6HQDGRHQHOVHJXQGR
$UWtFXORƒ
/D + &iPDUD GH 'LSXWDGRV HQ HO SULPHU WUiPLWH FRQVWLWXFLRQDO
HVWDEOHFLyTXH ORVFHQWURVRUHFLQWRVGHSRUWLYRVGHVWLQDGRVD ODUHDOL]DFLyQGH
HVSHFWiFXORVGHSRUWLYRVS~EOLFRVUHTXHULUiQGHXQDDXWRUL]DFLyQRWRUJDGDSRU
HO,QWHQGHQWH5HJLRQDOSUHYLRLQIRUPHGH&DUDELQHURVTXHDFUHGLWHTXHUH~QHQ
ODVFRQGLFLRQHVGHVHJXULGDGSDUDHIHFWXDUWDOHVDFWLYLGDGHV(OORVLQSHUMXLFLR
GH ODV H[LJHQFLDV HVWDEOHFLGDV HQ OD 2UGHQDQ]D *HQHUDO GH OD /H\ *HQHUDO GH
8UEDQLVPR\&RQVWUXFFLRQHV
(O + 6HQDGR HQ HO VHJXQGR WUiPLWH FRQVWLWXFLRQDO VXSULPLy HVWH
DUWtFXOR
/D&RPLVLyQ0L[WDFRQRFDVLyQGHOHVWXGLRGHHVWHSUR\HFWRDGPLWLyOD
QHFHVLGDGGHSUHFLVDUHOiPELWRGHDSOLFDFLyQGHOD OH\HQFXDQWRDVLHOODVH
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
DSOLFDUtDVRODPHQWHDOI~WEROSURIHVLRQDORFRPRSURSXVRHO+6HQDGRDWRGRV
ORV HVSHFWiFXORV S~EOLFRV PDVLYRV TXH HO ,QWHQGHQWH FDOLILTXH GH DOWR ULHVJR
FXDOTXLHUDVHDVXQDWXUDOH]D
&RPR FRQFOXVLyQ GHO GHEDWH OD &RPLVLyQ VH PDQLIHVWy SDUWLGDULD HQ
DWHQFLyQ D OD XUJHQFLD GH SUHYHQLU \ VDQFLRQDU DGHFXDGDPHQWH ORV KHFKRV GH
YLROHQFLDUHJLVWUDGRVHQHOI~WEROSURIHVLRQDOGHOLPLWDUHOiPELWRGHDSOLFDFLyQ
GHHVWDLQLFLDWLYDVyORDHVHWLSRGHHVSHFWiFXORVGHSRUWLYRV
(QUHODFLyQFRQODQRUPDHQGHEDWHFRQYLQRHQDFRJHUFRQHVHDOFDQFH
ODGLVSRVLFLyQDSUREDGDSRUOD+&iPDUDGH'LSXWDGRVDILQGHTXHH[LVWDXQ
SURQXQFLDPLHQWR GH OD DXWRULGDG UHJLRQDO VREUH OD EDVH GH OD RSLQLyQ WpFQLFD
GH &DUDELQHURV WDQWR UHVSHFWR GH OD VHJXULGDG GHO UHFLQWR FRPR VHJ~Q VH
SUHYpHQHODUWtFXORVLJXLHQWHODVHJXULGDGGHOHVSHFWiFXOR
$VLPLVPR \ DFRJLHQGR HO SODQWHDPLHQWR PDQLIHVWDGR FRQ DQWHULRULGDG
SRUORVGLULJHQWHVGHSRUWLYRVVHDFRUGyHVWDEOHFHUHQHODUWtFXORWUDQVLWRULRXQ
SOD]RSUXGHQFLDOTXHVHHVWLPyHQGtDVFRQWDGRGHVGHODYLJHQFLDGHHVWD
OH\ SDUD TXH ORV HVWDGLRV HQ TXH VH SUDFWLTXH HO I~WERO SURIHVLRQDO FXPSODQ
FRQ ODV H[LJHQFLDV GH VHJXULGDG \ VROLFLWHQ OD DXWRUL]DFLyQ UHVSHFWLYD DO
,QWHQGHQWH
/RVSUHFHSWRVTXHVHSURSRQHQVHDSUREDURQSRUODXQDQLPLGDGGHORV
LQWHJUDQWHV ++ 6HQDGRUHV VHxRUHV 'tH] /HWHOLHU \ 6XOH \ ++ 'LSXWDGRV
VHxRUHV&KDGZLFN(VSLQD\%DOERQWtQ
$UWtFXORƒ
/D + &iPDUD GH 'LSXWDGRV HQ HO SULPHU WUiPLWH FRQVWLWXFLRQDO
GHWHUPLQyTXHHQDTXHOORVHVSHFWiFXORVGHSRUWLYRVTXHHO,QWHQGHQWHFDOLILTXH
GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD VXV RUJDQL]DGRUHV GHEHUiQ FXPSOLU
RSRUWXQDPHQWH FRQ ODV H[LJHQFLDV LQGLFDGDV SRU &DUDELQHURV (QWUH HOODV
GHEHUiVHxDODUVHODXELFDFLyQGHODVEDUUDVHQVHFWRUHVVHSDUDGRVFODUDPHQWH
GHWHUPLQDGRV D ORV FXDOHV VyOR SXHGHQ LQJUHVDU VXV LQWHJUDQWHV FRQ OD
FUHGHQFLDO FRUUHVSRQGLHQWH \ VHUi UHVSRQVDELOLGDG GHO UHVSHFWLYR FOXE HO
FRQWUROGHLQJUHVR\YLJLODQFLDGHOVHFWRUGHVWLQDGRDVXEDUUD
)DFXOWy DVLPLVPR DO ,QWHQGHQWH SUHYLR LQIRUPH GH &DUDELQHURV SDUD
TXHHQFDVRGHLQFXPSOLPLHQWRGLVSXVLHUDODVXVSHQVLyQGHOHVSHFWiFXORKDVWD
HO FXPSOLPLHQWR GH ODV PHGLGDV H[LJLGDV 3RU ~OWLPR OR KDELOLWy SDUD GHOHJDU
ODVDWULEXFLRQHVTXHOHFRQILHUHHVWHDUWtFXORHQORVUHVSHFWLYRV*REHUQDGRUHV
(O + 6HQDGR HQ HO VHJXQGR WUiPLWH GLy XQD QXHYD UHGDFFLyQ D HVWH
DUWtFXORLQFRUSRUDQGRGLYHUVDVPRGLILFDFLRQHVGHIRUPD
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
(QORVXVWDQFLDOVXVWLWX\yORVLQFLVRVVHJXQGR\WHUFHURSRUXQRQXHYR
GH DSOLFDFLyQ HVSHFtILFD SDUD ORV HVSHFWiFXORV GH I~WERO SURIHVLRQDO
FRQVHUYDQGRODVLGHDVDSUREDGDVHQHOSULPHUWUiPLWHHQFXDQWRDODXELFDFLyQ
GH ODV EDUUDV HQ VHFWRUHV FODUDPHQWH GHWHUPLQDGRV GH ORV HVWDGLRV SHUR
DJUHJDQGRODREOLJDFLyQSDUDORVRUJDQL]DGRUHVGHOHVSHFWiFXORGHFRQWURODUHO
DFFHVR\XELFDFLyQGHHOODVGHELHQGRYHULILFDUODLGHQWLGDGGHODVSHUVRQDVTXH
LQJUHVHQDGLFKRVHFWRU\GHMDUFRQVWDQFLDGHVXDVLVWHQFLD
(QOD&RPLVLyQVHH[DPLQDURQORVPHFDQLVPRVSUiFWLFRVTXHSHUPLWLUtDQ
OD HIHFWLYD DSOLFDFLyQ GH ODV QRUPDV VREUH HO FRQWURO OD YHULILFDFLyQ GH OD
LGHQWLGDGGHODVSHUVRQDV\ODFRQVWDQFLDGHVXDVLVWHQFLDDODVEDUUDVGHORV
FOXEHVHQORVHVSHFWiFXORVGHI~WEROSURIHVLRQDO
$O UHVSHFWR VH FRQFRUGy HQ TXH HO FRQWURO GH OD DVLVWHQFLD HV XQD
RSHUDFLyQ TXH QR UHYHVWLUi PD\RU GLILFXOWDG WRGD YH] TXH HQ OD DFWXDOLGDG VH
SUDFWLFD HQ ORV HVWDGLRV FRQ ODV SHUVRQDV TXH DFFHGHQ D GHWHUPLQDGRV
VHFWRUHV(QFXDQWRDYHULILFDUODLGHQWLGDGGHODSHUVRQDTXHLQJUHVDDOVHFWRU
GH ODV EDUUDV FRPR DVLPLVPR D OD REOLJDFLyQ GH GHMDU FRQVWDQFLD GH TXLHQHV
KD\DQ LQJUHVDGR DOOt VH WXYR HQ FXHQWD TXH HO REMHWLYR TXH VH SHUVLJXH HV
LPSHGLU TXH ODV SHUVRQDV TXH RFDVLRQDQ KHFKRV GH YLROHQFLD R SDUWLFLSDQ HQ
HOORVFRQRFDVLyQGHXQHVSHFWiFXORGHI~WEROSURIHVLRQDOSHUPDQH]FDQHQHO
DQRQLPDWR 3RU HO FRQWUDULR VH TXLHUH FUHDU HQ TXLHQHV HQWUHQ FRQ WDO
SURSyVLWRODFODUDSHUFHSFLyQGHTXHVHUiQLGHQWLILFDGRV
'HVGH RWUR SXQWR GH YLVWD VH RSWy SRU KDFHU UHFDHU OD UHVSRQVDELOLGDG
GHOFRQWURO\YLJLODQFLDGHOVHFWRUGHVWLQDGRDODEDUUDVREUHHOFOXEUHVSHFWLYR
FRPR OR SODQWHD OD + &iPDUD GH 'LSXWDGRV \ QR VREUH HO FOXE RUJDQL]DGRU
WHQLHQGRHQFXHQWDODVGLILFXOWDGHVTXHVHHQFRQWUDUtDXQFOXEGHSURYLQFLDGH
HIHFWXDU WDOHV DFWXDFLRQHV UHVSHFWR GH XQD EDUUD QXPHURVD SHUWHQHFLHQWH D
XQRGHORVOODPDGRVFOXEHVJUDQGHV
(Q FRQVHFXHQFLD OD &RPLVLyQ 0L[WD DSUREy XQ DUWtFXOR TXH UHFRJH
SDUFLDOPHQWH ORV WH[WRV GH DPEDV &iPDUDV SRU OD XQDQLPLGDG GH VXV
LQWHJUDQWHV SUHVHQWHV ++ 6HQDGRUHV VHxRUHV 'tH] /HWHOLHU \ 6XOH \ ++
'LSXWDGRVVHxRUHV%DOERQWtQ&KDGZLFN\(VSLQD
$UWtFXORƒ
/D + &iPDUD GH 'LSXWDGRV HQ HO SULPHU WUiPLWH FRQVWLWXFLRQDO
HVWDEOHFLyODREOLJDFLyQGHODVDXWRULGDGHVGHOI~WEROSURIHVLRQDOXQDYH]ILMDGD
ODSURJUDPDFLyQRFDOHQGDULRGHODVFRPSHWHQFLDVQDFLRQDOHVHLQWHUQDFLRQDOHV
R DO WRPDU FRQRFLPLHQWR GH HVWDV ~OWLPDV GH FRPXQLFDUOH DO ,QWHQGHQWH
UHVSHFWLYR SDUD VX HYDOXDFLyQ ORV SDUWLGRV TXH SXHGDQ VHU FRQVLGHUDGRV GH
DOWRULHVJRSDUDODVHJXULGDGS~EOLFD
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
(O + 6HQDGR OR FRQWHPSOy FRPR DUWtFXOR ƒ FRQVLJQDQGR
VHSDUDGDPHQWHODREOLJDFLyQGHHQYLDUHOFDOHQGDULRRHVWUXFWXUDFLyQDQXDOGH
ORVSDUWLGRVGHI~WERO\ODGHUHPLWLUODLQIRUPDFLyQVREUHORVHVSHFWiFXORVQR
FRQWHPSODGRV HQ pO \ ORV FDPELRV TXH VH YHULILTXHQ SRU RWUD SDUWH ,QFOX\y
XQD GLVSRVLFLyQ DSOLFDEOH D ORV RUJDQL]DGRUHV GH RWURV HVSHFWiFXORV S~EOLFRV
PDVLYRVGLVWLQWRVGHOI~WERO
/D &RPLVLyQ DFRJLy ODV HQPLHQGDV LQWURGXFLGDV SRU HO + 6HQDGR
DGHFXDQGRVXUHGDFFLyQHQHOVHQWLGRDQWHVDFRUGDGRGHOLPLWDUODDSOLFDFLyQGH
HVWH SUR\HFWR VRODPHQWH SDUD ORV HVSHFWiFXORV GH I~WERO SURIHVLRQDO 6H
DFRUGy HQ IRUPD XQiQLPH SRU VXV LQWHJUDQWHV SUHVHQWHV ++ 6HQDGRUHV
VHxRUHV'tH]/HWHOLHU\6XOH\++'LSXWDGRVVHxRUHV%DOERQWtQ&KDGZLFN\
(VSLQD
$UWtFXORƒ
/D+&iPDUDGH'LSXWDGRVHQHOSULPHUWUiPLWHFRQVWLWXFLRQDOGLVSXVR
OD H[LVWHQFLD HQ FDGD FOXE GH I~WERO SURIHVLRQDO GH XQ SDGUyQ R UHJLVWUR
DFWXDOL]DGR GH ORV PLHPEURV GH VX EDUUD TXH GHEHUi PDQWHQHUVH HQ VXV
RILFLQDV FHQWUDOHV \ FRQWHQGUi OD LQGLYLGXDOL]DFLyQ FRPSOHWD GH FDGD
LQWHJUDQWH $ pVWRV VH OHV HQWUHJDUi DO PRPHQWR GH OD LQVFULSFLyQ XQD
FUHGHQFLDO SHUVRQDO H LQWUDQVIHULEOH (VWDEOHFLy WDPELpQ TXH XQD FRSLD
DFWXDOL]DGD GH HVWH UHJLVWUR VH HQYLDUi VHPHVWUDOPHQWH D OD XQLGDG GH
&DUDELQHURVFRUUHVSRQGLHQWHDOGRPLFLOLRGHOFOXE
(O + 6HQDGR HQ HO VHJXQGR WUiPLWH FRQVWLWXFLRQDO DGHPiV GH
FRQVLGHUDUOR FRPR DUWtFXOR ƒ DGLFLRQy VX LQFLVR SULPHUR HQ RUGHQ D TXH OD
FUHGHQFLDOTXHGHEHUiHQWUHJDUHOFOXEDORVLQWHJUDQWHVGHODEDUUDGHEHUiVHU
QXPHUDGD LQGLYLGXDO H LQWUDQVIHULEOH GHELHQGR FRQWHQHU DGHPiV XQD
IRWRJUDItD GH OD SHUVRQD \ UHXQLU FDUDFWHUtVWLFDV TXH GLILFXOWHQ VX DOWHUDFLyQ
$VLPLVPR HOLPLQy HO LQFLVR VHJXQGR UHODWLYR D OD REOLJDFLyQ GH HQYLDU XQD
FRSLDGHHVWHSDGUyQD&DUDELQHURVGH&KLOH
/D &RPLVLyQ SRU OD XQDQLPLGDG GH VXV PLHPEURV SUHVHQWHV ++
6HQDGRUHV VHxRUHV 'tH] /HWHOLHU \ 6XOH \ ++ 'LSXWDGRV VHxRUHV %DOERQWtQ
&KDGZLFN\(VSLQDDSUREyHODUWtFXORHQORVWpUPLQRVDFRUGDGRVHQHOVHJXQGR
WUiPLWHFRQVWLWXFLRQDOSRUHO+6HQDGR
$UWtFXORƒ
/D &iPDUD GH 'LSXWDGRV HQ HO SULPHU WUiPLWH FRQVWLWXFLRQDO UHJXOy
GHWDOODGDPHQWH ORV HIHFWRV GH OD IDOWD GH SURQXQFLDPLHQWR GHO ,QWHQGHQWH
GHQWUR GH SOD]R R GH QHJDWLYD D FRQFHGHU OD DXWRUL]DFLyQ D TXH UHILHUH HO
DUWtFXORƒ\HOUHFODPRMXGLFLDOFRQVLJXLHQWH
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
(O+6HQDGRSRUVXSDUWHHQ YLUWXG GH ODQXHYDHVWUXFWXUDTXHGLyDO
SUR\HFWRHOLPLQDQGRHOUHIHULGRDUWtFXORƒVXSULPLyHVWHDUWtFXOR
/D&RPLVLyQ0L[WDHQFRQVLGHUDFLyQDODFRQYHQLHQFLDGHUHJODPHQWDU
HO SURFHGLPLHQWR GH UHFODPR DWHQGLGR HO DFXHUGR DQWHULRU GH FRQVLJQDU HO
DOXGLGR DUWtFXOR ƒ DSUREy SRU OD XQDQLPLGDG GH VXV LQWHJUDQWHV SUHVHQWHV
++ 6HQDGRUHV VHxRUHV 'tH] /HWHOLHU \ 6XOH \ ++ 'LSXWDGRV VHxRUHV
%DOERQWtQ&KDGZLFN\(VSLQDODGLVSRVLFLyQGHOD+&iPDUDGH'LSXWDGRV
$UWtFXORƒ
/D+&iPDUDGH'LSXWDGRVFRQVXOWyHOSURFHGLPLHQWRGHUHFODPRSDUDHO
FDVR GH TXH ORV RUJDQL]DGRUHV GH HVSHFWiFXOR QR VH FRQIRUPDUHQ FRQ OD
UHVROXFLyQDGRSWDGDSRUHO,QWHQGHQWHHQYLUWXGGHODUWtFXORƒ
(O+6HQDGRGHVHFKyHVWHDUWtFXOR
/D&RPLVLyQ0L[WD WHQLHQGRSUHVHQWHODVGLILFXOWDGHVGHDSOLFDFLyQGH
HVWH DUWtFXOR SRU OD H[LVWHQFLD GH IHFKDV FLHUWDV SDUD OD UHDOL]DFLyQ GHO
HVSHFWiFXOR GH I~WERO SURIHVLRQDO FRPSDUWLy HO FULWHULR GHO + 6HQDGR HQ HO
VHQWLGRGHVXSULPLUHVWDGLVSRVLFLyQSRUODXQDQLPLGDGGHVXVLQWHJUDQWHV++
6HQDGRUHV VHxRUHV 'tH] /HWHOLHU \ 6XOH \ ++ 'LSXWDGRV VHxRUHV %DOERQWtQ
&KDGZLFN\(VSLQD
$UWtFXORƒ
/D + &iPDUD GH 'LSXWDGRV HQ SULPHU WUiPLWH FRQVWLWXFLRQDO VDQFLRQy
OD HMHFXFLyQ GH DFWRV TXH SURYRTXHQ YLROHQFLD ItVLFD FRQWUD SHUVRQDV R GDxRV
VREUHELHQHVFRQPRWLYRXRFDVLyQGHHVSHFWiFXORVGHSRUWLYRVS~EOLFRVHQHO
UHFLQWRHQTXHWLHQHOXJDURHQVXVLQPHGLDFLRQHVDQWHVGXUDQWHRGHVSXpVGH
VXGHVDUUROORFRQODSHQDGHSUHVLGLRPHQRUHQVXJUDGRPtQLPRDPHGLR
&DVWLJyWDPELpQDOTXHHQODVPLVPDVFLUFXQVWDQFLDVIXHUHVRUSUHQGLGR
FRQDUPDVHOHPHQWRVXREMHWRVTXHSDUH]FDQKDEHUVHUYLGRRHVWDUGHVWLQDGRV
SDUDFRPHWHUHOGHOLWR\DOTXHRUJDQL]DUHSURPRYLHUHRIDFLOLWDUHODFRPLVLyQ
GHORVUHIHULGRVDFWRVGHYLROHQFLDRGDxRVFRQODSHQDGHSUHVLGLRPHQRUHQ
VXJUDGRPHGLR
3HUPLWLy DSOLFDU FRPR SHQDV DOWHUQDWLYDV SDUD TXLHQHV SXHGD
SUHVXPLUVH TXH QR YROYHUiQ D GHOLQTXLU HO DUUHVWR GH ILQ GH VHPDQD R ORV
WUDEDMRV FRPXQLWDULRV GH ILQ GH VHPDQD (Q WRGR FDVR FRQVXOWD FRPR SHQD
DFFHVRULD OD SURKLELFLyQ GH DVLVWLU D HVSHFWiFXORV S~EOLFRV GH OD PLVPD
QDWXUDOH]D TXH HO TXH PRWLYy OD VDQFLyQ \ GLVSRQH TXH VL ODV FRQGXFWDV
GHVFULWDVGLHUHQRULJHQDRWURVFUtPHQHVRVLPSOHVGHOLWRVVHLPSRQGUiODSHQD
PD\RUDVLJQDGDDOGHOLWRPiVJUDYH
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
(O + 6HQDGR HQ HO VHJXQGR WUiPLWH FRQVWLWXFLRQDO OR FRQVLGHUy FRPR
DUWtFXORƒ
(QSULPHUOXJDUPRGLILFyODGHQRPLQDFLyQGHO7tWXOR,,HQTXHVHLQVHUWD
HO DUWtFXOR \ HVWD PLVPD GLVSRVLFLyQ UHILULpQGRORV D ORV HVSHFWiFXORV S~EOLFRV
PDVLYRV
(Q VHJXQGR OXJDU PRGLILFy OD SHQD DSOLFDEOH D HVWDV FRQGXFWDV
HVWDEOHFLHQGRVyORHOSUHVLGLRPHQRUHQVXJUDGRPHGLRDPHQRVTXHHOKHFKR
GHOLFWXDO PHUHFLHUD XQD SHQD GH PD\RU HQWLGDG VDQFLyQ TXH WDPELpQ KL]R
DSOLFDEOH D TXLHQHV SRUWDUHQ DUPDV X REMHWRV LGyQHRV SDUD SHUSHWUDU GLFKDV
FRQGXFWDVRLQFLWDUHQDVXSHUSHWUDFLyQ
(Q WHUFHU OXJDU FRQWHPSOy FRPR SHQDV DFFHVRULDV OD LQKDELOLWDFLyQ SRU
TXLQFHDxRVSDUDVHUGLULJHQWHGHXQFOXEGHSRUWLYRSURIHVLRQDORDPDWHXUOD
SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR TXH GXUH OD FRQGHQD D HVSHFWiFXORV
S~EOLFRVGHODPLVPDQDWXUDOH]D\ODLQKDELOLWDFLyQDEVROXWDSRUHOWLHPSRGH
OD FRQGHQD SDUD DVRFLDUVH D XQ FOXE GH I~WERO SURIHVLRQDO R SDUD LQWHJUDU VX
EDUUD(QUHODFLyQFRQODVHJXQGDGHHOODVSUHYLySDUDHOFDVRGHLQIUDFFLyQ
ODUHYRFDFLyQSRUHOVRORPLQLVWHULRGHODOH\GHODPHGLGDDOWHUQDWLYDDODSHQD
GHSUHVLGLRTXHVHOHKD\DFRQFHGLGR\ODREOLJDFLyQGHGHQXQFLDUSRUSDUWH
GHORVGLUHFWRUHVRGLULJHQWHVGHODVEDUUDV
(Q FXDQWR OXJDU IDFXOWy DO MXH] FRPSHWHQWH SDUD FRQPXWDU OD SHQD
SULYDWLYD GH OLEHUWDG SRU OD UHDOL]DFLyQ GH WUDEDMRV GHWHUPLQDGRV HQ EHQHILFLR
GHODFRPXQLGDG
)LQDOPHQWHHVWDEOHFLyXQDPXOWDSDUDORVUHSUHVHQWDQWHVOHJDOHVGHORV
FOXEHV RUJDQL]DGRUHV GH ORV HVSHFWiFXORV TXH FRQ VX QHJOLJHQFLD R GHVFXLGR
FXOSDEOH FRQWULEX\DQ R IDFLOLWHQ OD HMHFXFLyQ GH ODV FRQGXFWDV WLSLILFDGDV
DQWHULRUPHQWHGHXQPRQWRTXHIOXFW~DHQWUHXQD\GLH]XQLGDGHVWULEXWDULDV
PHQVXDOHV
/D&RPLVLyQFRQFRUGyFRQHOFULWHULRVXVWHQWDGRSRUHO+6HQDGRHQHVWD
PDWHULD H KL]R PRGLILFDFLRQHV GH VLPSOH DGHFXDFLyQ D VX WH[WR FRQ OD
VDOYHGDG GH TXH UHSDUDQGR HQ OD FXDQWtD GH OD PXOWD TXH VH GLVSRQH HQ VX
LQFLVR ILQDO SDUD ORV UHSUHVHQWDQWHV OHJDOHV GH ORV FOXEHV SDUWLFLSDQWHV HQ HO
HVSHFWiFXOR GH I~WERO SURIHVLRQDO VH PDQLIHVWy SDUWLGDULD GH DXPHQWDUOD
ILMiQGRODGHFLQFXHQWDDFLHQXQLGDGHVWULEXWDULDVTXHVHGXSOLFDUiQHQFDVRGH
UHLQFLGHQFLD
&RQODVHQPLHQGDVDOXGLGDVVHDSUREyODQRUPDGHO+6HQDGRSRUOD
XQDQLPLGDG GH ORV LQWHJUDQWHV GH OD &RPLVLyQ ++ 6HQDGRUHV VHxRUHV 'tH]
/HWHOLHU\6XOH\++'LSXWDGRVVHxRUHV%DOERQWtQ&KDGZLFN\(VSLQD
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
$UWtFXORƒ
/D+&iPDUDGH'LSXWDGRVHVWDEOHFLyFRPRFLUFXQVWDQFLDVDJUDYDQWHV
HVSHFLDOHV GH ODV FRQGXFWDV WLSLILFDGDV HQ HO DUWtFXOR DQWHULRU ODV GH VHU
LQWHJUDQWHGHXQJUXSRRUJDQL]DGRSDUDODUHDOL]DFLyQGHORVKHFKRVGHVFULWRV
SHUWHQHFHU D FXDOTXLHU WtWXOR D ODV HQWLGDGHV TXH LQWHUYHQJDQ FRPR
RUJDQL]DGRUHVRSDUWLFLSDQWHVGHOHVSHFWiFXORS~EOLFRGHSRUWLYR\DFWXDUEDMR
ORVHIHFWRVGHEHELGDVDOFRKyOLFDVHVWXSHIDFLHQWHVSVLFRWUySLFRVHVWLPXODQWHV
RVXVWDQFLDVDQiORJDV
(O + 6HQDGR HQ HO VHJXQGR WUiPLWH FRQVLGHUy HVWH DUWtFXOR FRPR ƒ
(VWDEOHFLy FRPR FLUFXQVWDQFLDV DJUDYDQWHV ODV GH VHU PLHPEUR GH OD EDUUD R
VRFLR GH DOJXQRV GH ORV FOXEHV GH I~WERO SURIHVLRQDO TXH SDUWLFLSHQ HQ HO
HVSHFWiFXOR VHU RUJDQL]DGRU R SURWDJRQLVWD GH HVSHFWiFXORV GLIHUHQWHV GHO
I~WEROSURIHVLRQDO\KDEHUFDXVDGROHVLRQHVDMXJDGRUHVWpFQLFRVGLULJHQWHVR
SURWDJRQLVWDVGHOHVSHFWiFXORS~EOLFRPDVLYR0DQWXYRDGHPiVODDJUDYDQWH
GH HVWDU EDMR ORV HIHFWRV GHO DOFRKRO VXVWDQFLDV HVWXSHIDFLHQWHV VLFRWUySLFDV
HVWLPXODQWHVRDQiORJDV
/D &RPLVLyQ 0L[WD DFRJLy HO SODQWHDPLHQWR SURSXHVWR HQ VXVHQR HQHO
VHQWLGR GH FRQWHPSODU WDQWR OD FLUFXQVWDQFLD GH VHU PLHPEUR GH OD EDUUD R
VRFLR GHO FOXE FRPR OD GH VHU LQWHJUDQWH GH XQ JUXSR RUJDQL]DGR SDUD OD
UHDOL]DFLyQ GH HVWRV KHFKRV WRGD YH] TXH HQ PXFKDV RFDVLRQHV VRQ ORV
LQWHJUDQWHVGHODVGHQRPLQDGDVEDUUDVLQIRUPDOHVORVTXHFDXVDQODVOHVLRQHV
RORVGDxRVTXHVDQFLRQDODLQLFLDWLYDHQHVWXGLR
$VLPLVPR VH PDQLIHVWy SDUWLGDULD GH LQFRUSRUDU GHQWUR GH OD
FLUFXQVWDQFLD DJUDYDQWH TXH DIHFWD D ORV RUJDQL]DGRUHV \ SURWDJRQLVWDV GHO
HVSHFWiFXOR GH I~WERO SURIHVLRQDO D ORV GLULJHQWHV GH ORV FOXEHV SDUWLFLSDQWHV
7XYRHQFXHQWDTXHODHVSHFLDOUHVSRQVDELOLGDGTXHFDEHDHVWRVSHUVRQHURV\
DGHPiV UHVSHFWR GH WRGDV HVWDV SHUVRQDV TXH VL ELHQ VH DJUDYD VX
UHVSRQVDELOLGDGFXDQGRUHDOLFHQODVFRQGXFWDVSXQLEOHVHVDVPLVPDVFDOLGDGHV
DJUDYDQHOFRPSRUWDPLHQWRGHWHUFHURVFXDQGRORVDIHFWHQDHOORVHQYLUWXGGH
ODFDXVDOD
(Q HVRV WpUPLQRV OD &RPLVLyQ 0L[WD DSUREy HVWH DUWtFXOR HQ IRUPD
XQiQLPH SRU VXV LQWHJUDQWHV SUHVHQWHV ++ 6HQDGRUHV VHxRUHV 'tH] /DUUDtQ
/HWHOLHU\6XOH\++'LSXWDGRVVHxRUHV%DOERQWtQ&KDGZLFN\(VSLQD
$UWtFXORƒ
/D+&iPDUDGH'LSXWDGRVHQHOSULPHUWUiPLWHFRQVWLWXFLRQDOIDFXOWy
DO MXH] SDUD RWRUJDU YDORU GH SOHQD SUXHED D ODV SHOtFXODV FLQHPDWRJUiILFDV
IRWRJUDItDV IRQRJUDItDV\RWURVVLVWHPDVGHUHSURGXFFLyQGHLPDJHQ\VRQLGR
SDUD DFUHGLWDU OD H[LVWHQFLD GH ORV GHOLWRV HVWDEOHFLGRV HQ HVWD OH\ \ OD
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
SDUWLFLSDFLyQ SXQLEOH FXDQGR D VX MXLFLR WHQJDQ OD SUHFLVLyQ \ JUDYHGDG
VXILFLHQWHVSDUDIRUPDUVXFRQYHQFLPLHQWR
(O + 6HQDGR HQ HO VHJXQGR WUiPLWH OR FRQVXOWy FRPR DUWtFXOR ƒ
RWRUJiQGROH D WRGRV ORV VLVWHPDV GH UHSURGXFFLyQ GH LPDJHQ \ VRQLGR HO
FDUiFWHU GH EDVH GH XQD SUHVXQFLyQ MXGLFLDO &RQFHGLy DGHPiV HO YDORU
SUREDWRULRGHSUHVXQFLyQOHJDOGHODRFXUUHQFLDGHOKHFKRSXQLEOH\GHEDVHGH
SUHVXQFLyQMXGLFLDOGHODUHVSRQVDELOLGDGGHORVSDUWtFLSHVDODVDVHYHUDFLRQHV
HIHFWXDGDV SRU OD SROLFtD VREUH GLFKDV FLUFXQVWDQFLDV FRQWHQLGDV HQ ODV
FRPXQLFDFLRQHVRSDUWHVHQYLDGRVDORVWULEXQDOHV
/D&RPLVLyQ0L[WDVHPDQLIHVWySDUWLGDULDGHDFRJHUODSURSXHVWDGHOD
+&iPDUDGH'LSXWDGRVFRPRLQFLVRSULPHURGHHVWDGLVSRVLFLyQSRUHVWLPDU
TXHDFHQW~DHOPpULWRSUREDWRULRGHHVWHWLSRGHVLVWHPDVGHUHSURGXFFLyQGH
VRQLGRV\GHLPiJHQHV$VLPLVPRFRPSDUWLyHOFULWHULRGHO+ 6HQDGRSDUDHO
LQFLVRVHJXQGRSRUODIXHU]DGHFRQYLFFLyQTXHDVLJQDD ODVLQIRUPDFLRQHVGH
ORV SDUWHV SROLFLDOHV (VWRV DFXHUGRV IXHURQ DGRSWDGRV SRU OD XQDQLPLGDG GH
VXVPLHPEURVSUHVHQWHV++6HQDGRUHVVHxRUHV'tH]/DUUDtQ/HWHOLHU\6XOH
\++'LSXWDGRVVHxRUHV%DOERQWtQ&KDGZLFN\(VSLQD
$UWtFXOR
/D+&iPDUDGH'LSXWDGRVHQHOSULPHUWUiPLWHFRQVWLWXFLRQDOGLVSXVR
FRPRVDQFLyQSDUDHOSDGUHJXDUGDGRURFXLGDGRUDFX\RFDUJRVHHQFRQWUDUH
HO PHQRU GH GLHFLRFKR DxRV TXH FRPHWLHUH DOJXQR GH ORV KHFKRV VDQFLRQDGRV
SRUHVWDOH\XQDPXOWDGHXQRDWUHVLQJUHVRVPtQLPRVPHQVXDOHVDEHQHILFLR
PXQLFLSDO VLQ SHUMXLFLR GH OD UHVSRQVDELOLGDG FLYLO TXH OH FRUUHVSRQGD GH
DFXHUGRDODVUHJODVJHQHUDOHV
(O+6HQDGRHQHOVHJXQGRWUiPLWHVXVWLWX\yHVWDGLVSRVLFLyQSRURWUD
TXH FRQVLGHUy FRPR DUWtFXOR ƒ HVWDEOHFLHQGR VDQFLRQHV HVSHFLDOHV SDUD ORV
PHQRUHVGH\PD\RUHVGHDxRVGHHGDGTXHLQFXUULHUDQHQODVFRQGXFWDV
GHVFULWDVHQODLQLFLDWLYDGHOH\$VDEHUODSURKLELFLyQGHDVLVWLUDORVIXWXURV
HVSHFWiFXORVS~EOLFRVGHODPLVPDQDWXUDOH]D\FRQDFXHUGRGHO LQIUDFWRU OD
UHDOL]DFLyQGHDFWLYLGDGHVGHWHUPLQDGDVHQEHQHILFLRGHODFRPXQLGDG
(QHOVHQRGHOD&RPLVLyQ0L[WDVHGLVLQWLyGHOWH[WRGHOD+&iPDUDGH
'LSXWDGRV SRU FRQVLGHUDU GH GXGRVD FRQVWLWXFLRQDOLGDG DWULEXLU DO SDGUH
UHVSRQVDELOLGDGSHQDOSRUORVDFWRVGHVXKLMRPHQRUGHHGDG
/D &RPLVLyQ SRU RWUR ODGR IXH SDUWLGDULD GH GHMDU FODUDPHQWH
HVWDEOHFLGRHQODOH\TXHHOREMHWLYRGHODQRUPDLQWURGXFLGDSRUHO+6HQDGR
QR HV RWUR TXH HO GH HYLWDU TXH HO PHQRU GH HGDG TXH VHD VRUSUHQGLGR HQ OD
HMHFXFLyQGHODVFRQGXFWDVTXHVHKDQGHVFULWRFRQDQWHULRULGDGVHDREMHWRGH
XQD GHFODUDFLyQ GH GLVFHUQLPLHQWR SRU HO MXH] GH PHQRUHV VLQR TXH SRU HO
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
FRQWUDULRVHDHOMXH]GHOFULPHQTXLHQWHQGUiDODYLVWDWRGRVORVDQWHFHGHQWHV
GHOSURFHVRHOTXHOHDSOLTXHDOJXQDGHODVGRVPHGLGDV\DVHxDODGDV
(QFRQVHFXHQFLDVHDSUREyODQRUPDGHO+6HQDGRSRUODXQDQLPLGDG
GH ORV LQWHJUDQWHV GH OD &RPLVLyQ ++ 6HQDGRUHV VHxRUHV 'tH] /DUUDtQ
/HWHOLHU \ 6XOH \ ++ 'LSXWDGRV VHxRUHV %DOERQWtQ &KDGZLFN \ (VSLQD FRQ
FDPELRV GH IRUPD \ H[SUHVD PHQFLyQ GH TXH DO PHQRU VH OH DSOLFDUiQ HVWDV
PHGLGDVVLQGHFODUDFLyQSUHYLDGHGLVFHUQLPLHQWR
$UWtFXOR
/D + &iPDUD GH 'LSXWDGRV HVWDEOHFLy TXH HQ ORV SURFHVRV TXH VH
LQFRHQ SRU ORV GHOLWRV FRQWHPSODGRV HQ HVWD OH\ VH DSOLFDUiQ ODV QRUPDV GHO
SURFHGLPLHQWRGHIDOWDVTXHFRQWHPSODHO7tWXOR,GHO/LEUR7HUFHURGHO&yGLJR
GH3URFHGLPLHQWR3HQDO
(O + 6HQDGR HQ HO VHJXQGR WUiPLWH FRQVWLWXFLRQDO OR DSUREy FRPR
DUWtFXORƒHQORVPLVPRVWpUPLQRV
(Q FRQVLGHUDFLyQ D OD DSUREDFLyQ GH HVWD QRUPD SRU DPEDV &iPDUDV
HOODQRIXHREMHWRGHGHEDWHHQOD&RPLVLyQ0L[WD
$UWtFXOR
/D + &iPDUD GH 'LSXWDGRV HQ HO SULPHU WUiPLWH FRQVWLWXFLRQDO
LQWURGXMRGRVPRGLILFDFLRQHVDO&yGLJR3HQDO
(Q SULPHU OXJDU HQPHQGy HO DUWtFXOR DJUHJDQGR FRPR SHQDV GH
VLPSOHV GHOLWRV HO DUUHVWR GH ILQ GH VHPDQD \ HO WUDEDMR FRPXQLWDULR GH ILQ GH
VHPDQD \ FRPR SHQD DFFHVRULD OD SURKLELFLyQ WHPSRUDO SDUD DVLVWLU D
HVSHFWiFXORV GHSRUWLYRV S~EOLFRV GHO PLVPR WLSR GH DTXHO TXH PRWLYy OD
FRQGHQD
$ FRQWLQXDFLyQ LQWHUFDOy HQ HO DUWtFXOR XQ QXHYR LQFLVR TXLQWR TXH
GLVSRQH TXH HO DUUHVWR GH ILQ GH VHPDQD VH OOHYDUi D FDER ORV GtDV ViEDGR \
GRPLQJR HQ OD XQLGDG SROLFLDO PiV SUy[LPD DO GRPLFLOLR GHO FRQGHQDGR QR
SXGLHQGRH[FHGHUGHGRFHKRUDVGLDULDV\VXGXUDFLyQVHUiGHGRVPHVHVDXQ
DxR (VWDEOHFLy DGHPiV TXH HO WUDEDMR FRPXQLWDULR VH OOHYDUi D HIHFWR HQ
FXDOTXLHU HQWLGDG GH FDUiFWHU FRPXQLWDULR GHO OXJDU GHO GRPLFLOLR GHO
FRQGHQDGRRHQODTXHGHWHUPLQHHOMXH]\VXGXUDFLyQVHUiGHGRVPHVHVD
XQ DxR (Q FXDQWR D OD SURKLELFLyQ GH DVLVWLU D GHWHUPLQDGR WLSR GH
HVSHFWiFXORVGHSRUWLYRVS~EOLFRVFX\DGXUDFLyQWDPELpQVHUiGHGRVPHVHVD
XQ DxR VH FXPSOLUi PHGLDQWH OD SUHVHQWDFLyQ \ SHUPDQHQFLD GHO FRQGHQDGR
VLQUpJLPHQGHGHWHQFLyQHLQFRPXQLFDFLyQHQORVGtDV\KRUDVHQTXHHOORVVH
UHDOLFHQHQHOOXJDUVHxDODGRSRUHOMXH]TXHSRGUiVHUODXQLGDGSROLFLDOGHVX
GRPLFLOLR (VWDEOHFLy DGHPiV TXH HO MXH] SRU PRWLYRV FDOLILFDGRV \ HQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
UHVROXFLyQ IXQGDGD SRGUi GLVSHQVDU SDUFLDOPHQWH HO FXPSOLPLHQWR GH HVWDV
VDQFLRQHV
(O+6HQDGRHQHOVHJXQGRWUiPLWHFRQVWLWXFLRQDOORVXSULPLyWRGDYH]
TXHQRVHFRQVLGHUyDSURSLDGRPRGLILFDUHO&yGLJR3HQDOSDUDHVWRVHIHFWRV\
GLVFUHSyGHFRQVLGHUDUFRPRSHQDHODUUHVWRGHILQGHVHPDQDVLQSHUMXLFLRGH
TXH HQ OR PHGXODU HVDV LGHDV VH GHVDUUROODQ HQ HO DUWtFXOR TXH HVWDEOHFH ODV
ILJXUDVGHOLFWLYDV
/D &RPLVLyQ 0L[WD SRU OD XQDQLPLGDG GH VXV LQWHJUDQWHV SUHVHQWHV
++6HQDGRUHVVHxRUHV'tH]/DUUDtQ/HWHOLHU\6XOH\++'LSXWDGRVVHxRUHV
%DOERQWtQ &KDGZLFN \ (VSLQD DFHSWy HO FULWHULR GHO + 6HQDGR SRU OR TXH QR
VHFRQWHPSODHVWDGLVSRVLFLyQHQHOWH[WRTXHSURSRQHPRVPiVDGHODQWH
$UWtFXOR
/D+&iPDUDGH'LSXWDGRVDJUHJyXQQXHYRQ~PHURDODUWtFXORGH
OD OH\ VREUH PHQRUHV TXH SURKtEH WHPSRUDOPHQWH DO PHQRU DVLVWLU D
HVSHFWiFXORV S~EOLFRV GHO PLVPR WLSR TXH KD\D GHWHUPLQDGR OD PHGLGD GH
SURWHFFLyQ GHELHQGR SUHVHQWDUVH HO GtD \ KRUD HQ TXH HOORV VH UHDOL]DQ HQ HO
OXJDUILMDGRSRUHOMXH]
(O + 6HQDGR HQ HO VHJXQGR WUiPLWH HQ FRQVLGHUDFLyQ D ODV
REVHUYDFLRQHVPDQLIHVWDGDVSRUHOVHxRU0LQLVWURGH-XVWLFLDHQFXDQWRDTXH
UHVXOWDLQFRQYHQLHQWHPRGLILFDUOD/H\GH0HQRUHVHOLPLQyHVWHDUWtFXOR
/D&RPLVLyQ0L[WDHQDWHQFLyQDORUHVXHOWRVREUHPHGLGDVDSOLFDEOHV
DORVPHQRUHVVHPDQLIHVWySDUWLGDULDGHDFRJHUODSURSXHVWDGHO+6HQDGR
SRUORTXHGHVHFKyHVWHDUWtFXORSRUODXQDQLPLGDGGHVXVPLHPEURVSUHVHQWHV
++6HQDGRUHVVHxRUHV'tH]/DUUDtQ/HWHOLHU\6XOH\++'LSXWDGRVVHxRUHV
%DOERQWtQ&KDGZLFN\(VSLQD
$UWtFXOR
/D+&iPDUDGH'LSXWDGRVDJUHJyGRVLQFLVRVILQDOHVDODUWtFXORGH
ODOH\1ƒVREUHDOFRKROHVEHELGDVDOFRKyOLFDV\YLQDJUHVTXHGLVSRQHQ
TXHHQORVHVSHFWiFXORVGHSRUWLYRVTXHVHDQFDOLILFDGRVGHDOWRULHVJRSDUD OD
VHJXULGDGS~EOLFDSRUHO,QWHQGHQWHUHVSHFWLYRSRGUiGHFUHWDUVHODSURKLELFLyQ
GH H[SHQGLR GH EHELGDV DOFRKyOLFDV WDQWR HQ ORV UHFLQWRV HQ TXH VH OOHYHQ D
HIHFWR FRPR HQ XQ SHUtPHWUR Pi[LPR GH FLQFR FXDGUDV PHGLGD TXH UHJLUi
GHVGHWUHVKRUDVDQWHVGHOLQLFLRGHOHYHQWR\KDVWDWUHVKRUDVGHVSXpVGHpO
$xDGHQTXHORVHVWDEOHFLPLHQWRVDIHFWDGRVVHUiQQRWLILFDGRVGHODPHGLGDFRQ
YHLQWLFXDWURKRUDVGHDQWLFLSDFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
(O+6HQDGRHQHOVHJXQGRWUiPLWHDSUREyODQRUPDGHOD+&iPDUD
GH 'LSXWDGRV SHUR HVWDEOHFLHQGR HQ WpUPLQRV LPSHUDWLYRV OD PHGLGD GH
SURKLELFLyQGHH[SHQGLRSDUDWRGRWLSRGHHVSHFWiFXORVS~EOLFRVPDVLYRV
/D &RPLVLyQ 0L[WD FRPSDUWLy HO FULWHULR GHO 6HQDGR HQ FXDQWR D
FRQVLJQDU OD SURKLELFLyQ GH H[SHQGLR HQ WpUPLQRV REOLJDWRULRV KDFLpQGROD
DSOLFDEOH VHJ~Q OR DFRUGDGR DO LQLFLR GHO GHEDWH VyOR D ORV HVSHFWiFXORV GH
I~WERO SURIHVLRQDO )XH DFRUGDGR SRU OD XQDQLPLGDG GH VXV LQWHJUDQWHV
SUHVHQWHV ++ 6HQDGRUHV VHxRUHV 'tH] /DUUDtQ /HWHOLHU \ 6XOH \ ++
'LSXWDGRVVHxRUHV%DOERQWtQ&KDGZLFN\(VSLQD
$UWtFXORWUDQVLWRULR
(O + 6HQDGR HQ HO VHJXQGR WUiPLWH FRQVWLWXFLRQDO DJUHJy XQ DUWtFXOR
WUDQVLWRULR RWRUJDQGR XQ SOD]R D FRQWDUVH GHVGH OD SXEOLFDFLyQ GH HVWD OH\
SDUDTXHORVFOXEHVGHI~WEROSURIHVLRQDO UHDOLFHQHOHPSDGURQDPLHQWRGHORV
LQWHJUDQWHV GH VXV EDUUDV \ OHV SURSRUFLRQHQ OD FUHGHQFLDO UHVSHFWLYD SDUD OR
FXDOVHHVWLPySUXGHQFLDOGtDV
/D &RPLVLyQ FRPSDUWLy HO FULWHULR GHO + 6HQDGR VLQ SHUMXLFLR GH MX]JDU
FRQYHQLHQWH UHGXFLU HO SOD]R D GtDV $GLFLRQDOPHQWH FRPR VH H[SUHVy D
SURSyVLWR GHO DUWtFXOR ƒ GHFLGLy GLIHULU OD HQWUDGD HQ YLJHQFLD GH OD OH\ HQ OR
UHODWLYRDOFXPSOLPLHQWRGHODREOLJDFLyQGHUHXQLUODVH[LJHQFLDVGHVHJXULGDG
HQORVHVWDGLRVGRQGHVHGHVDUUROOHQSDUWLGRVGHI~WEROSURIHVLRQDORWRUJDQGR
DO HIHFWR XQ SOD]R GH GtDV DO FDER GH ORV FXDOHV GHEHUi VROLFLWDUVH OD
DXWRUL]DFLyQDTXHVHUHILHUHHODUWtFXORƒ
(Q HVH VHQWLGR HO WH[WR TXH RV SURSRQHPRV IXH DFRUGDGR HQ IRUPD
XQiQLPH SRU VXV LQWHJUDQWHV SUHVHQWHV ++ 6HQDGRUHV VHxRUHV 'tH] /DUUDtQ
/HWHOLHU\6XOH\++'LSXWDGRVVHxRUHV%DOERQWtQ&KDGZLFN\(VSLQD
(QFRQVHFXHQFLDFRPRIRUPD\PRGRGHUHVROYHUODVGLVFUHSDQFLDVHQWUH
HO + 6HQDGR \ OD + &iPDUD GH 'LSXWDGRV YXHVWUD &RPLVLyQ 0L[WD WLHQH D
KRQUDSURSRQHURVTXHSUHVWpLVYXHVWUDDFHSWDFLyQDOVLJXLHQWHSUR\HFWRGHOH\
HQHOFXDOSDUDVXPHMRUFRPSUHQVLyQVHKDLQFOXLGRFRPRHODUWtFXOR\D
DSUREDGRSRUDPEDV&RUSRUDFLRQHV
352<(&72'(/(<
7tWXOR,
'HODVPHGLGDVGHVHJXULGDGSUHYHQWLYDV
$UWtFXOR ž /RV FHQWURV R UHFLQWRV GHSRUWLYRV GHVWLQDGRV D OD
UHDOL]DFLyQ GH HVSHFWiFXORV GH I~WERO SURIHVLRQDO UHTXHULUiQ GH XQD
DXWRUL]DFLyQRWRUJDGDSRUHO,QWHQGHQWHGHOD5HJLyQUHVSHFWLYDSUHYLRLQIRUPH
GH &DUDELQHURV TXH DFUHGLWH TXH UH~QHQ ODV FRQGLFLRQHV GH VHJXULGDG SDUD
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
HIHFWXDU WDOHV HYHQWRV VLQ SHUMXLFLR GH ODV H[LJHQFLDV HVWDEOHFLGDV HQ OD
2UGHQDQ]D*HQHUDOGHOD/H\*HQHUDOGH8UEDQLVPR\&RQVWUXFFLRQHV
$UWtFXOR ƒ /RV RUJDQL]DGRUHV GH ORV HVSHFWiFXORV GH I~WERO
SURIHVLRQDOTXHHO,QWHQGHQWHFDOLILTXHGHDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
GHEHUiQFXPSOLURSRUWXQDPHQWHFRQODVH[LJHQFLDVHVSHFLDOHVTXHSDUDHVWRV
FDVRVVHxDOH&DUDELQHURVGH&KLOH
(Q FDVR GH LQFXPSOLPLHQWR HO ,QWHQGHQWH SUHYLR LQIRUPH GH
&DUDELQHURV SRGUi GLVSRQHU OD VXVSHQVLyQ GHO HVSHFWiFXOR KDVWD HO
FXPSOLPLHQWRGHODVPHGLGDVH[LJLGDV
(QWUH HVWDV H[LJHQFLDV GHEHUi FRQWHPSODUVH OD XELFDFLyQ GH ODV EDUUDV
HQ VHFWRUHV VHSDUDGRV FODUDPHQWH GHWHUPLQDGRV D ORV FXDOHV VyOR SRGUiQ
LQJUHVDU ORV LQWHJUDQWHV GH HOODV SUHYLD H[KLELFLyQ GH OD FUHGHQFLDO D TXH VH
KDFHUHIHUHQFLDHQHODUWtFXORƒ6HUiGHUHVSRQVDELOLGDG GHOUHVSHFWLYRFOXE
HOFRQWUROGHLQJUHVR\ODYLJLODQFLDGHOVHFWRUGHVWLQDGRDVXEDUUD
(O ,QWHQGHQWH 5HJLRQDO SRGUi GHOHJDU HQ ORV JREHUQDGRUHV UHVSHFWLYRV
ODVDWULEXFLRQHVTXHOHFRQILHUHQHVWHDUWtFXOR\HODQWHULRU
$UWtFXOR ž /DV DXWRULGDGHV GHO I~WERO SURIHVLRQDO DO PRPHQWR GH
ILMDUHOFDOHQGDULRGHODVFRPSHWHQFLDVQDFLRQDOHVHLQWHUQDFLRQDOHVRDOWRPDU
FRQRFLPLHQWRGHHVWDV~OWLPDVGHEHUiQFRPXQLFDUORDO,QWHQGHQWHUHVSHFWLYR
SDUDVXHYDOXDFLyQ
/RVHVSHFWiFXORVQRFRQWHPSODGRVHQHOFDOHQGDULR\ORVFDPELRVTXHVH
UHJLVWUHQGHEHUiQVHULQIRUPDGRVDO,QWHQGHQWH\D&DUDELQHURVFRQQRPHQRV
GH YHLQWLFXDWUR KRUDV GH DQWLFLSDFLyQ D VX UHDOL]DFLyQ /DV DXWRULGDGHV GHO
I~WEROSURIHVLRQDOVLHPSUHGHEHUiQDGYHUWLUOHVVREUHDTXHOORVSDUWLGRVTXHHQ
VXRSLQLyQSXHGDQUHYHVWLUDOWRULHVJRSDUDODVHJXULGDGS~EOLFD
$UWtFXOR ž /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ FRQWDU FRQ XQ
SDGUyQRILFLDODFWXDOL]DGRGHORVPLHPEURVGHVXEDUUDHOTXHVHOOHYDUiHQVXV
RILFLQDV FHQWUDOHV (Q GLFKR UHJLVWUR GHEHUi ILJXUDU D OR PHQRV HO QRPEUH
FRPSOHWR OD FpGXOD QDFLRQDO GH LGHQWLGDG HO GRPLFLOLR \ OD SURIHVLyQ X
RFXSDFLyQ GH FDGD LQWHJUDQWH $O PRPHQWR GH OD LQVFULSFLyQ HO FOXE GHEHUi
HQWUHJDU XQD FUHGHQFLDO QXPHUDGD LQGLYLGXDO H LQWUDQVIHULEOH TXH FRQWHQJD
HVRV GDWRV \ XQD IRWRJUDItD GHO PLHPEUR GH OD EDUUD \ UH~QD FDUDFWHUtVWLFDV
TXHGLILFXOWHQVXDGXOWHUDFLyQ
$UWtFXOR ƒ (Q HO FDVR GHO DUWtFXOR ƒ VL OD DXWRULGDG QR VH
SURQXQFLDUH GHQWUR GHO SOD]R GH WUHLQWD GtDV FRQWDGR GHVGH OD IHFKD GH
SUHVHQWDFLyQGHODVROLFLWXGVHHQWHQGHUiRWRUJDGDODDXWRUL]DFLyQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
6L IXHUH GHQHJDGD R VL OD HQWLGDG REOLJDGD QR VH FRQIRUPDUH FRQ OR
UHVXHOWRHODIHFWDGRSRGUiVROLFLWDUUHSRVLFLyQDQWHODPLVPDDXWRULGDGGHQWUR
GHOSOD]RGHFLQFRGtDVODTXHGHEHUiVHUUHVXHOWDHQHOWpUPLQRGHGLH]GtDV
6LHVHUHFXUVRQRIXHUHLQWHUSXHVWRRQRIXHUHIDOODGRGHQWURGHSOD]RR
HO UHFXUUHQWH QR VH FRQIRUPDUH FRQ OR UHVXHOWR SRGUi UHFODPDU GHQWUR GHO
SOD]R GH TXLQFH GtDV DQWH HO MXH] GHO FULPHQ TXH FRUUHVSRQGD DO OXJDU HQ
GRQGHIXQFLRQDHOUHVSHFWLYRUHFLQWRGHSRUWLYR
,QWHUSXHVWRHOUHFODPRDOTXHVHDFRPSDxDUiQORVDQWHFHGHQWHVHQTXH
VH IXQGH HO WULEXQDO SHGLUi LQIRUPH D OD DXWRULGDG UHVSHFWLYD ILMiQGROH XQ
SOD]REUHYHSDUDHPLWLUOR
5HFLELGRGLFKRLQIRUPHHOWULEXQDOGLFWDUiVHQWHQFLDGHQWURGHORVTXLQFH
GtDV VLJXLHQWHV (Q FDVR GH RUGHQDUVH PHGLGDV SDUD PHMRU UHVROYHU GLFKR
SOD]RVHHQWHQGHUiSURUURJDGRSRUGLH]GtDV
(Q FRQWUD GH OD VHQWHQFLD QR SURFHGHUi HO UHFXUVR GH FDVDFLyQ HQ OD
IRUPD
7tWXOR,,
'HORVGHOLWRVFRPHWLGRVFRQRFDVLyQGHHVSHFWiFXORVGHI~WEROSURIHVLRQDO
$UWtFXORž(OTXHFRQPRWLYRXRFDVLyQGHXQHVSHFWiFXORGHI~WERO
SURIHVLRQDOFDXVDUHOHVLRQHVDODVSHUVRQDVRGDxRVDELHQHVHQHOUHFLQWRHQ
TXH WLHQH OXJDU R HQ VXV LQPHGLDFLRQHV DQWHV GXUDQWH R GHVSXpV GH VX
GHVDUUROORVHUiFDVWLJDGRFRQSUHVLGLRPHQRUHQVXJUDGRPHGLRVDOYRTXHHO
KHFKRGHOLFWXDOPHUH]FDXQDSHQDVXSHULRU
&RQ OD PLVPD SHQD VHUi VDQFLRQDGR HO TXH HQ ODV FLUFXQVWDQFLDV
PHQFLRQDGDV \ VLQ FRPHWHUHVRV GHOLWRV SRUWDUH DUPDV HOHPHQWRV XREMHWRV
LGyQHRV SDUD SHUSHWUDUORV R LQFLWDUH R SURPRYLHUH OD HMHFXFLyQ GH DOJXQD GH
GLFKDVFRQGXFWDV
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH IXHVHQ FRQVWLWXWLYDV GH
RWURVFUtPHQHVRVLPSOHVGHOLWRVVHLPSRQGUiODSHQDPD\RUDVLJQDGDDOGHOLWR
PiVJUDYH
(O TXH UHDOL]DUH DOJXQD GH ODV FRQGXFWDV GHVFULWDV HQ ORV LQFLVRV
DQWHULRUHVUHFLELUiHQWRGRFDVRODVVLJXLHQWHVSHQDVDFFHVRULDV
D /D LQKDELOLWDFLyQ SRU TXLQFH DxRV SDUD VHU GLULJHQWH GH XQ FOXE
GHSRUWLYRGHI~WEROSURIHVLRQDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
E /D SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR GH OD FRQGHQD D ORV
IXWXURVHVSHFWiFXORVGHI~WEROSURIHVLRQDOFRQREOLJDFLyQGHSUHVHQWDUVHHQORV
GtDV\KRUDVHQTXHHOORVVHUHDOLFHQHQHOOXJDUILMDGRSRUHOMXH]
6LQSHUMXLFLRGHODVSHQDVDSOLFDEOHVDORVTXHTXHEUDQWDVHQODFRQGHQD
HQ HO HYHQWR GH TXH TXLHQ LQIULQMD HVWD SURKLELFLyQ KD\D VLGR EHQHILFLDGR FRQ
DOJXQDPHGLGDDOWHUQDWLYDDODVSHQDVSULYDWLYDVGHOLEHUWDGHOODVHHQWHQGHUi
UHYRFDGDSRUHOVRORPLQLVWHULRGHODOH\
(VWiQ REOLJDGRV D GHQXQFLDU HO TXHEUDQWDPLHQWR GH HVWD SURKLELFLyQ ORV
GLUHFWRUHV R GLULJHQWHV GH ODV EDUUDV GH ORV FOXEHV SDUWLFLSDQWHV HQ HO
HVSHFWiFXORGHI~WEROSURIHVLRQDOHQTXHVHSURGX]FDGLFKDLQIUDFFLyQ\
F/DLQKDELOLWDFLyQDEVROXWDSRUHOWLHPSRGHODFRQGHQDSDUDDVRFLDUVH
DXQFOXEGHI~WEROSURIHVLRQDORSDUDLQWHJUDUVXEDUUD
(MHFXWRULDGD TXH VHD OD VHQWHQFLD VH FRPXQLFDUi D ODV DXWRULGDGHV GHO
UHVSHFWLYRGHSRUWHSDUDVXFXPSOLPLHQWRHQORTXHFRUUHVSRQGD
6LHOLQIUDFWRUQRKDVLGRFRQGHQDGRDXQDSHQDVXSHULRUDODGHOLQFLVR
SULPHUR\GHVXVDQWHFHGHQWHVSHUVRQDOHVVXFRQGXFWDDQWHULRU\SRVWHULRUDO
KHFKRSXQLEOH\ODQDWXUDOH]DPRGDOLGDGHV\PyYLOHVGHWHUPLQDQWHVGHOGHOLWR
SXHGHSUHVXPLUVHTXHQRYROYHUiDGHOLQTXLUHOMXH]XQDYH] HMHFXWRULDGD OD
VHQWHQFLD SRGUi FRQPXWDU GH DFXHUGR FRQ HO LQIUDFWRU OD SHQD SULYDWLYD GH
OLEHUWDG SRU OD UHDOL]DFLyQ GH WUDEDMRV GHWHUPLQDGRV HQ EHQHILFLR GH OD
FRPXQLGDG /D UHVROXFLyQ TXH RWRUJXH OD FRQPXWDFLyQ GHEHUi VHxDODU
H[SUHVDPHQWHHOWLSRGHWUDEDMRHOOXJDUGRQGHGHEDUHDOL]DUVHVXGXUDFLyQ\
ODSHUVRQDRLQVWLWXFLyQHQFDUJDGDGHFRQWURODUVXFXPSOLPLHQWR/RVWUDEDMRV
VH UHDOL]DUiQ SRU XQ WLHPSR QR LQIHULRU DO ILMDGR SDUD OD VDQFLyQ TXH VH
FRQPXWH QL VXSHULRU DO GREOH GH HOOD GH SUHIHUHQFLD VLQ DIHFWDU OD MRUQDGD
ODERUDO TXH WHQJD HO LQIUDFWRU \ HQ ORV ILQHV GH VHPDQD FRQ XQ Pi[LPR GH
RFKR KRUDV VHPDQDOHV /D QR UHDOL]DFLyQ FDEDO \ RSRUWXQD GH ORV WUDEDMRV
GHWHUPLQDGRV SRU HO WULEXQDO GHMDUi VLQ HIHFWR OD FRQPXWDFLyQ SRU HO VROR
PLQLVWHULR GH OD OH\ \ GHEHUi FXPSOLUVH tQWHJUDPHQWH OD VDQFLyQ
SULPLWLYDPHQWH DSOLFDGD D PHQRV TXH HO MXH] SRU UHVROXFLyQ IXQGDGD
GHWHUPLQHRWUDFRVD
/RVUHSUHVHQWDQWHVOHJDOHVGHORVFOXEHVSDUWLFLSDQWHVHQHOHVSHFWiFXOR
TXHSRUQHJOLJHQFLDRGHVFXLGRFXOSDEOHHQHOFXPSOLPLHQWRGHODVREOLJDFLRQHV
TXH OHV LPSRQH OD SUHVHQWH OH\ FRQWULEX\HUDQ R IDFLOLWDUHQ OD FRPLVLyQ GH ODV
FRQGXFWDVWLSLILFDGDVHQORVLQFLVRVSULPHUR\VHJXQGRVHUiQVDQFLRQDGRVFRQ
PXOWD GH FLQFXHQWD D FLHQ XQLGDGHV WULEXWDULDV PHQVXDOHV D EHQHILFLR ILVFDO
TXHVHGXSOLFDUiHQFDVRGHUHLQFLGHQFLD
$UWtFXORž6HFRQVLGHUDUiQFLUFXQVWDQFLDVDJUDYDQWHVHVSHFLDOHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
D 6HU LQWHJUDQWH GH XQ JUXSR RUJDQL]DGR SDUD OD UHDOL]DFLyQ GH ORV
KHFKRV GHVFULWRV PLHPEUR GH OD EDUUD R VRFLR GH DOJXQR GH ORV FOXEHV GH
I~WEROSURIHVLRQDOTXHSDUWLFLSHQHQHOHVSHFWiFXOR
D 6HU RUJDQL]DGRU R SURWDJRQLVWD HQ HO HVSHFWiFXOR GH I~WERO
SURIHVLRQDORGLULJHQWHGHDOJXQRGHORVFOXEHVSDUWLFLSDQWHVHQpO
D $FWXDU EDMR ORV HIHFWRV GH EHELGDV DOFRKyOLFDV HVWXSHIDFLHQWHV
SVLFRWUySLFRVHVWLPXODQWHVRVXVWDQFLDVDQiORJDV
D +DEHU FDXVDGR ODV OHVLRQHV D ODV TXH VH UHILHUH HO DUWtFXOR ƒ D
MXJDGRUHV WpFQLFRV GLULJHQWHV R SURWDJRQLVWDV GHO HVSHFWiFXOR GH I~WERO
SURIHVLRQDO
$UWtFXOR ž /DV SHOtFXODV FLQHPDWRJUiILFDV IRWRJUDItDV IRQRJUDItDV \
RWURV VLVWHPDV GH UHSURGXFFLyQ GH OD LPDJHQ \ GHO VRQLGR SRGUiQ FRQVWLWXLU
SOHQDSUXHEDSDUDDFUHGLWDUODH[LVWHQFLDGHORVGHOLWRVHVWDEOHFLGRVHQHVWDOH\
\ODUHVSRQVDELOLGDGSHQDOGHORVSDUWtFLSHVFXDQGRDMXLFLRGHOWULEXQDOWHQJDQ
FDUDFWHUHVGHJUDYHGDG\SUHFLVLyQVXILFLHQWHSDUDIRUPDUVXFRQYHQFLPLHQWR
&RQVWLWXLUiQSUHVXQFLyQOHJDOGHRFXUUHQFLDGHOKHFKRSXQLEOH\EDVHGH
SUHVXQFLyQ MXGLFLDO GH OD UHVSRQVDELOLGDG GH ORV SDUWtFLSHV ODV DVHYHUDFLRQHV
TXH OD SROLFtD KDJD VREUH HVDV FLUFXQVWDQFLDV TXH VH FRQWHQJDQ HQ ODV
FRPXQLFDFLRQHVRSDUWHVHQYLDGRVDORVWULEXQDOHV
$UWtFXOR ƒ /DV SHUVRQDV PHQRUHV GH \ PD\RUHV GH DxRV GH
HGDGTXHLQFXUULHUHQHQODVFRQGXFWDVFRQWHPSODGDVHQHODUWtFXORƒGHHVWD
OH\ VHUiQ SXHVWDV D GLVSRVLFLyQ GHO MXH] GHO FULPHQ FRUUHVSRQGLHQWH HO TXH
SUHVFLQGLHQGR GH OD GHFODUDFLyQ GH KDEHU REUDGR R QR FRQ GLVFHUQLPLHQWR
SRGUiLPSRQHUOHVDOJXQDGHODVVLJXLHQWHVPHGLGDV
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV GH I~WERO
SURIHVLRQDOFRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVH
UHDOLFHQHQHOOXJDUILMDGRSRUHOMXH]KDVWDSRUHOWpUPLQRGHXQDxR
ƒ $FWLYLGDGHV GHWHUPLQDGDV HQ EHQHILFLR GH OD FRPXQLGDG HQ ORV
WpUPLQRVGHOLQFLVRSHQ~OWLPRGHODUWtFXORƒ
/DSHUVRQDTXHWXYLHVHDVXFDUJRHOFXLGDGRGHOPHQRUVHUiFLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
$UWtFXOR(QORVSURFHVRVSRUORVGHOLWRVFRQWHPSODGRVHQHVWDOH\
VHREVHUYDUiQODVUHJODVHVWDEOHFLGDVHQHO7tWXOR,GHO/LEUR7HUFHURGHO&yGLJR
GH3URFHGLPLHQWR3HQDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
7tWXOR,,,
'LVSRVLFLRQHVYDULDV
$UWtFXOR $JUpJDQVH HQ HO DUWtFXOR GH OD OH\ 1ž GH
$OFRKROHV%HELGDV$OFRKyOLFDV\9LQDJUHVORVVLJXLHQWHVLQFLVRVILQDOHV
(QORVHVSHFWiFXORVGHI~WEROSURIHVLRQDOTXHHO,QWHQGHQWHFDOLILTXH
GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD GHFUHWDUi OD SURKLELFLyQ GH
H[SHQGLRGHEHELGDVDOFRKyOLFDVHQORVFHQWURVRUHFLQWRVGRQGHVHOOHYHQD
HIHFWR \ HQ XQ SHUtPHWUR Pi[LPR GH FLQFR FXDGUDV PHGLGD TXH UHJLUi
GHVGH WUHV KRUDV DQWHV GHO LQLFLR GHO HYHQWR KDVWD WUHV KRUDV GHVSXpV GH VX
ILQDOL]DFLyQ
/RVHVWDEOHFLPLHQWRVDIHFWDGRVVHUiQQRWLILFDGRVGHHVWDUHVROXFLyQSRU
LQVSHFWRUHV PXQLFLSDOHV R SRU &DUDELQHURV GH &KLOH FRQ YHLQWLFXDWUR KRUDV GH
DQWLFLSDFLyQDODHQWUDGDHQYLJHQFLDGHODPLVPD
$UWtFXOR WUDQVLWRULR /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ GDU
FXPSOLPLHQWRDODVREOLJDFLRQHVTXHOHVLPSRQHHODUWtFXORƒGHQWURGHOSOD]R
GHVHVHQWDGtDVFRQWDGRVGHVGHODSXEOLFDFLyQGHHVWDOH\
(VWDEOpFHVHDVLPLVPRXQSOD]RGHFLHQWRYHLQWHGtDVFRQWDGRGHVGHOD
PLVPDIHFKDSDUDTXHVHVROLFLWHODDXWRUL]DFLyQPHQFLRQDGDHQHODUWtFXORƒ
UHVSHFWR GH ORV DFWXDOHV FHQWURV R UHFLQWRV GHSRUWLYRV GHVWLQDGRV D OD
UHDOL]DFLyQGHHVSHFWiFXORVGHI~WEROSURIHVLRQDO
$FRUGDGRHQVHVLyQFHOHEUDGDHOGtDGHKR\FRQODDVLVWHQFLDGHORV++
6HQDGRUHVVHxRUHV6HUJLR'tH]8U]~D3UHVLGHQWH+HUQiQ/DUUDtQ)HUQiQGH]
&DUORV/HWHOLHU%REDGLOOD\$QVHOPR6XOH&DQGLD\GHORV++'LSXWDGRVVHxRUHV
,JQDFLR%DOERQWtQ$UWHDJD$QGUpV&KDGZLFN3LxHUD\$OEHUWR(VSLQD2WHUR
6DODGHOD&RPLVLyQDGHPD\RGH
-26(/8,6$//,(1'(/(,9$
6HFUHWDULR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
'LVFXVLyQHQ6DOD
&iPDUD GH 'LSXWDGRV /HJLVODWXUD 6HVLyQ )HFKD GH PD\R 'LVFXVLyQLQIRUPHGHOD&RPLVLyQ0L[WD6HDSUXHED
5(35(6,Ï1 '( '(6Ï5'(1(6 < +(&+26 '( 9,2/(1&,$ (1 /26
(67$',26 < 27526 &(17526 '(3257,926 3URSRVLFLyQ GH OD
&RPLVLyQ0L[WD
(OVHxRU6&+$8/62+13UHVLGHQWH6HUHDQXGDODVHVLyQ
(Q )iFLO 'HVSDFKR FRUUHVSRQGH RFXSDUVH GHO LQIRUPH GH OD &RPLVLyQ 0L[WD
VREUHHOSUR\HFWRGHOH\GHVWLQDGRDUHSULPLUGHVyUGHQHV\KHFKRVGHYLROHQFLD
FRPHWLGRVHQHVWDGLRV\RWURVFHQWURVGHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORV
S~EOLFRV
$QWHFHGHQWHV
,QIRUPH GH OD &RPLVLyQ 0L[WD EROHWtQ 1ƒ 'RFXPHQWRV GH OD
&XHQWD1ƒGHHVWDVHVLyQ
(OVHxRU6&+$8/62+13UHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU(VSLQD
(O VHxRU (63,1$ 6HxRU 3UHVLGHQWH OD &RPLVLyQ 0L[WD LQWHJUDGD SRU
'LSXWDGRV\6HQDGRUHVDSUREyHQIRUPDXQiQLPHHOWH[WRTXHVHVRPHWHDOD
FRQVLGHUDFLyQGHOD+RQRUDEOH&iPDUD
'LFKD &RPLVLyQ FRQWy FRQ OD DVLVWHQFLD GH ORV 'LSXWDGRV VHxRUHV ,JQDFLR
%DOERQWtQ $QGUpV &KDGZLFN $QGUpV $OODPDQG \ HO TXH KDEOD \ GH ORV
6HQDGRUHVVHxRUHV'LH]/DUUDtQ/HWHOLHU\6XOH
(O SUR\HFWR HQ VtQWHVLV HVWDEOHFH PHGLGDV GH VHJXULGDG SUHYHQWLYDV SDUD
KHFKRV GH YLROHQFLD \ WLSLILFD XQD VHULH GH GHOLWRV HVSHFtILFRV TXH SXGLHUDQ
FRPHWHUVHFRQRFDVLyQGHORVHVSHFWiFXORVGHOI~WEROSURIHVLRQDO
&DEH SUHFLVDU TXH HVWD LQLFLDWLYD DFRJLHQGR OR VHxDODGR SRU OD &iPDUD VH
OLPLWDpOUHJXODUORVKHFKRVGH9LROHQFLDHQORVHVWDGLRVFRQRFDVLyQGHSDUWLGRV
GH I~WERO SURIHVLRQDO \ HOLPLQD OD PRGLILFDFLyQ GHO 6HQDGR TXH KDEtD
H[WHQGLGRVXiPELWRDWRGRDFWRPDVLYRTXHVHUHDOL]DUDHQXQUHFLQWRRFHQWUR
GHSRUWLYR
¢&XiOHVVRQ ORVHOHPHQWRVHVHQFLDOHVGHHVWHSUR\HFWRTXHGHEHUHPRVWUDWDU
HQWUHLQWDPLQXWRV"
(Q SULPHU OXJDU HVWDEOHFH GRV PHGLGDV JHQHUDOHV GH FDUiFWHU SUHYHQWLYR
DSOLFDEOHV D ORV HVWDGLRV 3ULPHUR VH UHTXLHUH GH XQD DXWRUL]DFLyQ GH OD
LQWHQGHQFLD UHVSHFWLYD SUHYLR LQIRUPH GH &DUDELQHURV SDUD DFUHGLWDU TXH ORV
HVWDGLRV UH~QHQ FRQGLFLRQHV GH VHJXULGDG VHJXQGR HQ DTXHOORV SDUWLGRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
FDOLILFDGRV GH DOWR ULHVJR GHEHUiQ FXPSOLUVH H[LJHQFLDV HVSHFLDOHV TXHGDQGR
IDFXOWDGRHOLQWHQGHQWHUHVSHFWLYRSDUDVXVSHQGHUODUHDOL]DFLyQGHOSDUWLGRGH
I~WEROSURIHVLRQDOTXHFRUUHVSRQGDHQFDVRGHTXHHOODVQRVHFXPSODQ
¢&XiOHV VRQ ODV H[LJHQFLDV" (Q SULPHU OXJDU OD XELFDFLyQ GH ODV EDUUDV HQ
VHFWRUHV VHSDUDGRV \ GHWHUPLQDGRV D ORV TXH VyOR SRGUiQ LQJUHVDU ODV
SHUVRQDVTXHODVLQWHJUDQ\HQVHJXQGROXJDUDSDUHFHHQHODUWLFXORƒGHOD
OH\FDGDFOXEGHI~WEROGHEHUiWHQHUXQSDGUyQRILFLDODFWXDOL]DGRGHWRGRVORV
PLHPEURVGHVXEDUUDGHQRPLQDGRVEDUULVWDVDTXLHQHVVHOHVHQWUHJDUiXQ
FDUQpTXHGHEHUiUHXQLUODVFRQGLFLRQHVQHFHVDULDVSDUDHYLWDUVXDGXOWHUDFLyQ
HLQFOXLUXQDIRWRGHTXLHQORSRUWH
(QORIXQGDPHQWDOHQHODUWtFXORƒVHHVWDEOHFHXQDSHQDOLGDGTXHYDGH
GtDV D DxRV GH FiUFHO SDUD ODV SHUVRQDV TXH FDXVHQ OHVLRQHV R GDxRV D
ELHQHV HQ ORV UHFLQWRV GH ORV HVWDGLRV R HQ VXV LQPHGLDFLRQHV VDOYR TXH
FRPHWDQXQGHOLWRDOFXDOODOH\OHKD\DDVLJQDGRXQDSHQDVXSHULRU/XHJRVH
DSOLFDODPLVPDVDQFLyQDTXLHQHVQRVLHQGRVRUSUHQGLGRVHQHODFWRPLVPRGH
FRPHWHU HO GHOLWR SRUWHQ DUPDV R HOHPHQWRV SURSLRV SDUD VX FRPLVLyQ R D
TXLHQHVLQFLWHQRSURPXHYDQODFRPLVLyQGHHVWHWLSRGHGHOLWRV
$FRQWLQXDFLyQKD\SHQDVDFFHVRULDVTXHFRQVLVWHQHQODLQKDELOLWDFLyQSRU
DxRV SDUD VHU GLULJHQWHV GH XQ FOXE GHSRUWLYR OD SURKLELFLyQ GH DVLVWLU D ORV
HVWDGLRV GXUDQWH HO WLHPSR GH OD FRQGHQD REOLJDFLyQ TXH VH FXPSOH HQ XQ
OXJDU GHWHUPLQDGR \ ILQDOPHQWH OD LQKDELOLWDFLyQ DEVROXWD GXUDQWH HO WLHPSR
GHODFRQGHQDSDUDDVRFLDUVHDXQFOXEGHI~WEROSURIHVLRQDORSDUDLQWHJUDUVX
EDUUD 6L ORV DQWHFHGHQWHV SHUVRQDOHV GHO KHFKRU VX FRQGXFWD X RWUDV
FLUFXQVWDQFLDV SHUPLWHQ SUHVXPLU TXH QR YROYHUi D GHOLQTXLU HO MXH] SRGUi
FRQPXWDU OD SHQD SULYDWLYD GH OLEHUWDG SRU XQD GH WUDEDMRV FRPXQLWDULRV ORV
TXHDSDUHFHQH[WHQVDPHQWHUHJXODGRVHQHOSHQ~OWLPRLQFLVRGHODUWtFXORƒ
(QFXDQWRDORVFOXEHVSDUWLFLSDQWHVGHHVSHFWiFXORVGHSRUWLYRVTXHDFW~HQFRQ
QHJOLJHQFLDFXOSDEOHHQHOFXPSOLPLHQWRGHODVQRUPDVSUHYHQWLYDVGHHVWDOH\
RIDFLOLWHQODFRPLVLyQGHHVWRVKHFKRVHQHO~OWLPRLQFLVRGHODUWtFXORƒVHOHV
VDQFLRQDFRQXQDPXOWDTXHYDGHVGHKDVWDXQLGDGHVWULEXWDULDVODTXH
SXHGHVHUGREODGDHQFDVRGHUHLQFLGHQFLD
(Q HO DUWtFXOR ƒ VH FRQVLGHUDQ ODV FLUFXQVWDQFLDV DJUDYDQWHV ODV FXDOHV QR
WLHQHQ QLQJXQD PRGLILFDFLyQ HQ UHODFLyQ FRQ OR TXH OD &iPDUD KDEtD
HVWDEOHFLGR
(O DUWtFXOR ƒ RWRUJD YDORU SUREDWRULR D WRGR VLVWHPD GH UHSURGXFFLyQ GH
LPDJHQ \ GH VRQLGR GH ORV PHGLRV DXGLRYLVXDOHV TXH SRGUiQ FRQVWLWXLU SOHQD
SUXHED SDUD DFUHGLWDU OD H[LVWHQFLD GHO GHOLWR \ OD UHVSRQVDELOLGDG GH ORV
SDUWtFLSHV
)LQDOPHQWH H@ DUWtFXOR ƒ FRQVDJUD XQD QRYHGDG HQ OD OHJLVODFLyQ FKLOHQD
&XDQGRORVDXWRUHVGHHVWHWLSRGHGHOLWRVVHDQPD\RUHVGHDxRV\PHQRUHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
GH QR VHUi QHFHVDULD OD GHFODUDFLyQ GH GLVFHUQLPLHQWR SHUR OD ~QLFD
VDQFLyQTXHSXHGHQUHFLELU\HVWRHVPX\LPSRUWDQWHSRUTXHVHKDFRQIXQGLGR
D OD RSLQLyQ S~EOLFD HV OD SURKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV
GHSRUWLYRVSDUDORFXDOGHEHUiQSUHVHQWDUVHHQHOOXJDUTXHOHVVHxDOHHOMXH]
\WHQGUiQTXHUHDOL]DUDFWLYLGDGHVHQEHQHILFLRGHODFRPXQLGDG'HWDOPDQHUD
TXH ORV PD\RUHV GH \ PHQRUHV GH DxRV TXH SDUWLFLSHQ HQ HVWH WLSR GH
DFWRVQRWLHQHQSRUFLUFXQVWDQFLDDOJXQDSHQDGHFiUFHO
6H HOLPLQD HO GLVFHUQLPLHQWR SRUTXH VL DVt QR IXHUD SRGUtD DSOLFiUVHOH
SHUIHFWDPHQWHODSHQDGHSUHVLGLRVHxDODGDHQHODUWtFXORƒTXHYDKDVWDWUHV
DxRV$TXtKD\XQDLQQRYDFLyQ\WDQWRHO6HQDGRFRPROD&iPDUDHVWLPDURQ
SRU XQDQLPLGDG TXH SRU FLUFXQVWDQFLD DOJXQD WUDWiQGRVH GH HVWH WLSR GH
GHOLWRVREYLDPHQWHVLKD\XQGHOLWRPD\RUFRPRKRPLFLGLRROHVLRQHVJUDYHV
VH DSOLFD OD OHJLVODFLyQ FRP~Q QR KDEUi SHQD GH FiUFHO SDUD HVWRV MyYHQHV
VLQR TXH WHQGUiQ TXH UHDOL]DU WUDEDMRV SDUD OD FRPXQLGDG \ DGHPiV VH OHV
SURKLELUiDVLVWLUDHVSHFWiFXORVGHI~WERO
3RU~OWLPRHQORVSDUWLGRVGHI~WEROTXHHOLQWHQGHQWHFRQVLGHUHGHDOWRULHVJR
HQ FRQIRUPLGDG FRQ XQD OLVWD TXH OH SURSRUFLRQDUiQ ODV DXWRULGDGHV GHO I~WERO
XQD YH] DO DxR R FXDQGR VH WUDWH GH FRPSHWHQFLDV LQWHUQDFLRQDOHV VH
GHFUHWDUi OD SURKLELFLyQ GH YHQWD GH DOFRKRO PHGLGD TXH UHJLUi GHVGH WUHV
KRUDV DQWHV GHO SDUWLGR KDVWD WUHV KRUDV GHVSXpV GH ILQDOL]DGR QR VyOR HQ HO
HVWDGLRVLQRWDPELpQHQVXVLQPHGLDFLRQHV
(VWDVVRQHQVtQWHVLVODVSULQFLSDOHVQRUPDVTXHFRQWLHQHHOSUR\HFWRGHOH\
3DUDWHUPLQDUHQIRUPDPX\EUHYHGHVHRKDFHUGRVDFODUDFLRQHV
(Q HVWH SUR\HFWR TXH KD VLGR HODERUDGR FRQ HO DSRUWH \ WUDEDMR GH ORV
'LSXWDGRV \ SHUIHFFLRQDGR SRU HO 6HQDGR VH KDQ LQFRUSRUDGR ODV PiV
PRGHUQDV LGHDV TXH H[LVWHQ HQ HO PXQGR DFWXDO SDUD HQIUHQWDU HVWH WLSR GH
KHFKRV $TXt FRPR QXQFD VH KD UHDOL]DGR XQ WUDEDMR GH OHJLVODFLyQ
FRPSDUDGDHQHOTXHVHDQDOL]DURQPLQXFLRVDPHQWHODVQRUPDVTXHUHVXOWDURQ
FRQYHQLHQWHV HQ RWURV SDtVHV FXiOHV QR \ DTXpOODV TXH VH DGHFXDQ D OD
UHDOLGDGFKLOHQD
/D ODERU KD VLGR JUDQGH \ HQ HOOD SDUWLFLSDURQ SDUODPHQWDULRV GH WRGRV ORV
SDUWLGRV
'HVWDFR HQ SDUWLFXODU D TXLHQHV WRPDURQ HO OiSL] OR UHGDFWDURQ \ WXYLHURQ OD
SDFLHQFLDGHHVWXGLDUFDGDXQDGHVXVGLVSRVLFLRQHV
(V PX\ MXVWR UHFRQRFHU OD SDUWLFLSDFLyQ TXH WXYR HO DERJDGR VHxRU /XLV 7RUR
GHO 0LQLVWHULR GHO ,QWHULRU TXLHQ GXUDQWH WRGD VX WUDPLWDFLyQ DSRUWy VX
H[SHULHQFLD \FRQRFLPLHQWRHQODPDWHULDORTXHSHUPLWLyGLVSRQHUKR\GHXQ
SUR\HFWRTXHHQWUDUiHQYLJHQFLDFRPROH\HQORVSUy[LPRVGtDV
+HGLFKR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(OVHxRU6&+$8/62+13UHVLGHQWH5HVWDQPLQXWRVGHGHEDWH\KD\FXDWUR
VHxRUHV'LSXWDGRVLQVFULWRV
7LHQHODSDODEUDHO'LSXWDGRVHxRU3L]DUUR
(O VHxRU 3,=$552 6HxRU 3UHVLGHQWH VHUp EUHYH D ILQ GH TXH WRGRV ORV
FROHJDVSXHGDQGDUDFRQRFHUVXRSLQLyQ
(QSULPHU OXJDUPH DOHJURGHTXHVHKD\D OOHJDGRDDFXHUGR HQHOSUR\HFWR
(VRHVSRVLWLYR\KDEODELHQGHOWUDEDMRGHO&RQJUHVRSRUTXHQRFDEHGXGDGH
TXH FRPR GDUi RULJHQ D XQD OH\ HVSHFLDO HV H[WUDRUGLQDULDPHQWH FRPSOHMR
WRGDYH]TXHGHEHFRQFLOLDUPDWHULDVGLVWLQWDV
(Q HO DFXHUGR DGRSWDGR SRU OD &RPLVLyQ 0L[WD VH UHFRJH OD PD\RUtD GH ODV
SURSRVLFLRQHV GH OD &iPDUD TXH DSXQWDQ IXQGDPHQWDOPHQWH D PHGLGDV GH
SUHYHQFLyQ
7DO YH] HO 6HQDGR QR KDEtD HQWHQGLGR OR UHIHUHQWH D OD QHFHVLGDG GH
LPSOHPHQWDU SUHYLD D OD DXWRUL]DFLyQ GH IXQFLRQDPLHQWR GH GHWHUPLQDGRV
UHFLQWRVGHSRUWLYRVXQSURJUDPDGHQRUPDVGHVHJXULGDGFODUDV\HVSHFtILFDV
FRPRSUHYHQFLyQDORVKHFKRV
1RHVORPLVPRHOWtSLFRHVWDGLRDELHUWRVLQSRVLELOLGDGGHVHSDUDUODVEDUUDVR
ORV VRFLRV SDUD LPSHGLU OD H[LVWHQFLD GH FRQDWRV R FDPELRV GH SDODEUDV PiV
GLUHFWRV HQWUH ORV KLQFKDV TXH HO UHFLQWR GHSRUWLYR DFWXDO DO TXH VH OH H[LJH
OXJDUHVHVSHFtILFRVSDUDFDGDEDUUDRUJDQL]DGD(VWRSURWHJH\D\XGDDOEXHQ
GHVHQYROYLPLHQWRGHOHVSHFWiFXOR
6H HQWHQGLy SHUIHFWDPHQWH TXH OD PDWHULD HVWi UHIHULGD D OD YLROHQFLD HQ ORV
HVWDGLRV FRQ RFDVLyQ GH HVSHFWiFXORV GHSRUWLYRV SHUR HQ HVSHFLDO GHO I~WERO
SURIHVLRQDOTXHHVHO~QLFRTXHGHVDUUROODXQDDFWLYLGDGGHHVWDHQYHUJDGXUD
SRU FXDQWR WLHQH RUJDQL]DFLyQ SURJUDPDFLyQ \ FDOHQGDULR LQVWLWXFLRQHV
FODUDPHQWH HVWDEOHFLGDV HWFpWHUD $Kt WDPELpQ KD\ XQ DYDQFH LPSRUWDQWH \
VHUHFRQRFHQORVSODQWHDPLHQWRVGHOD&iPDUDLJXDOPHQWHHOUROGHORVFOXEHV
UHVSHFWRGHODIRUPDGHRUJDQL]DUHLGHQWLILFDUSOHQDPHQWHDTXLHQHVSDUWLFLSDQ
HQODVEDUUDV
5HVSHFWRGHODVVDQFLRQHVHOWH[WRHVFRQYHQLHQWH(VPiVMXVWRTXHORTXHOD
&iPDUD KDEtD DSUREDGR (O 'LSXWDGR VHxRU (VSLQD KD H[SOLFDGR ELHQ OD
LQFOXVLyQ FODUD \ SUHFLVD GH VDQFLRQHV SURSLDPHQWH WDOHV SDUD TXLHQHV
SDUWLFLSDQ WLHQHQ LQIOXHQFLD \ FRQYLYHQ HQ HO iPELWR GHSRUWLYR 7DO YH] HO
S~EOLFR HQ JHQHUDO QR OR HQWLHQGD SHUR SDUD ORV VRFLRV GH FOXEHV GLULJHQWHV
MXJDGRUHV \ HQWUHQDGRUHV HV LQGXGDEOH TXH OD PDWHULD HV LPSRUWDQWH SRUTXH
PXFKDV YHFHV HOORV VH WUDQVIRUPDQ HQ DFWRUHV SDVLYRV \ HQ RWUDV SURYRFDQ
DOJXQDVUHDFFLRQHVGHORVKLQFKDVTXHOOHYDQDODYLROHQFLD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
,QVLVWR HQ TXH PH SDUHFH ELHQ OD IRUPD GH DERUGDU ODV PDWHULDV UHODWLYDV DO
FRQVXPR GH DOFRKRO ORV PHGLRV GH SUXHED DXGLRYLVXDOHV HWFpWHUD (V XQ
SUR\HFWR TXH FXPSOH FODUDPHQWH FRQ HO REMHWLYR GH SUHYHQLU \ PHGLDQWH ODV
VDQFLRQHV FRQWHPSODGDV SDUD SHQDOL]DU D ODV SHUVRQDV TXH LQFXUUHQ HQ HVWRV
DFWRVWDPELpQSHUPLWHHGXFDUVREUHWRGRDORVPHQRUHVGHHGDG
6LQ GXGD HVWD LQLFLDWLYD D\XGDUi D SUHYHQLU \ D UHSULPLU DFWRV GH YLROHQFLD FRPR OR GLFH VX WtWXOR SRUTXH KD FUHDGR GXUDQWH VX WUDPLWDFLyQ XQ JUDGR
LPSRUWDQWH GH FRQFLHQFLD HQ TXLHQHV SDUWLFLSDQ HQ HVWRV HYHQWRV /D UHDFFLyQ
GHODVEDUUDVKDVLGRSRVLWLYDIUHQWHDVXGLVFXVLyQVXVLQWHJUDQWHVHQWLHQGHQ
TXH WLHQHQ PD\RU UHVSRQVDELOLGDG HQ VX SRSHO GH KLQFKDV DFWLYLGDG TXH
SRGUiQGHVDUUROODUVLQULHVJRItVLFRSRUDFWRVTXHWRGRVUHSXGLDPRV
3HUR PiV DOOi GH FRQVWLWXLU XQ LQVWUXPHQWR TXH SRVLELOLWD OR DFFLyQ GH
&DUDELQHURV GHO JRELHUQR LQWHULRU \ GH OD DXWRULGDGHV LQYROXFUDGDV HQ HO
SUREOHPD VX HILFDFLD GHSHQGH PXFKR GH OD DFWLWXG GH TXLHQHV DVLVWHQ D ORV
HVWDGLRV(VWDDFWLWXGHVODTXHGHEHPRVWUDWDUGHUHIRU]DU
4XLHUR PDQLIHVWDU PL VDWLVIDFFLyQ SRUTXH HO SUR\HFWR HVWp SUy[LPR D
WUDQVIRUPDUVH HQ OH\ \ DOHJUtD SRUTXH ORV 'LSXWDGRV UHWRPDPRV OD LQLFLDWLYD
GHVSXpV GH KDEHUVH UHFKD]DGR XQD DQWHULRU TXH QR WXYR pO DSR\R HQ OD
&RUSRUDFLyQ VREUH OD EDVH GH XQ DFXHUGR FRQ HO PXQGR GHSRUWLYR FRQ ODV
DXWRULGDGHVGHJRELHUQRLQWHULRU\FRQGLVWLQJXLGRVPLHPEURVGHODVIDFXOWDGHV
GHGHUHFKRGHODVXQLYHUVLGDGHV&DWyOLFRGH&KLOH\GH6DQWLDJR(QFRQMXQWR
SUHVHQWDPRV XQD SURSXHVWD SDUD DERUGDU HO SUREOHPD HQ VX JOREDOLGDG (V
LPSRUWDQWH TXH ORV KRQRUDEOHV FROHJDV WHQJDQ FODUDHVD FLUFXQVWDQFLD SRUTXH
HVWHSUR\HFWRUHFRJHXQVHQWLGRGHPRGHUQLGDG\GHDFWXDOLGDGTXHD\XGDUiD
HQIUHQWDUODYLROHQFLDTXHDIHFWDD&KLOH\DOUHVWRGHOPXQGR
6HxRU 3UHVLGHQWH HO 'LSXWDGR VHxRU (OJXHWD PH HVWi VROLFLWDQGR XQD
LQWHUUXSFLyQSDUDIRUPXODUXQDFRQVXOWDDOVHxRU'LSXWDGRLQIRUPDQWH
(OVHxRU6&+$8/62+17LHQHODSDODEUDHOVHxRU(OJXHWD
(OVHxRU(/*8(7$$JUDGH]FRODLQWHUUXSFLyQDO'LSXWDGRVHxRU3L]DUUR
6HxRU 3UHVLGHQWH GHVHR VHxDODU SDUD TXH HO VHxRU 'LSXWDGR LQIRUPDQWH OR
UDWLILTXH R DO PHQRV SDUD TXH TXHGH FRQVWDGD HQ OD YHUVLyQ TXH GHEH
H[LVWLU SHUIHFWD FRQFRUGDQFLD HQWUH ORV DUWtFXORV ƒ \ ƒ /R DQWHULRU SRUTXH
VHJ~QHODUWtFXORƒDODVSHUVRQpLVPD\RUHVGHDxRV\PHQRUHVGHTXH
LQFXUULHUHQHQODVFRQGXFWDVFRQWHPSODGDVHQHODUWtFXORƒVyORVHOHVSRGUi
DSOLFDU GLFKDV PHGLGDV SUHVFLQGLpQGRVH GH OD GHWHUPLQDFLyQ GHO
GLVFHUQLPLHQWR (Q HO DUWtFXOR ƒ VH FRQWHPSOD XQDVHULH GH FRQGXFWDV LOtFLWDV
6L OOHJDPRV DO H[WUHPR TXLHUR TXH HVWR TXHGH FODUR \ HO PHQRU FRPHWH
KRPLFLGLRRXQDWHQWDGRJUDYHFRQWUDODVSHUVRQDV¢VRODPHQWHVHOHDSOLFDUiQ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
HVWDV PHGLGDV R WDPELpQ SHQD SULYDWLYD GH OLEHUWDG VLQ FRQVLGHUDU HO
GLVFHUQLPLHQWR"
(O VHxRU 3,=$552 6HxRU 3UHVLGHQWH UHFXSHUR HO XVR GH OD SDODEUD DQWHV GH
TXHUHVSRQGDHOVHxRU'LSXWDGRLQIRUPDQWH
4XLHUR DJUDGHFHU D OD &iPDUD SRU HO UHVSDOGR XQiQLPH TXH GLR D HVWD
LQLFLDWLYD TXH HQ HO SHUtRGR DQWHULRU IXH DVXPLGD FRQ HQWXVLDVPR SRU HO H[
'LSXWDGR VHxRU -RUJH 0ROLQD \ ORV 'LSXWDGRV VHxRUHV (VSLQD &KDGZLFN
*XWHQEHUJ0DUWtQH](VWpYH]\SRUTXLHQOHVKDEOD
$GHPiV PH DOHJUR GH TXH HO 6HQDGR KD\D HQWHQGLGR TXH HO SULPHU WH[WR
HODERUDGRSRUOD&iPDUDHUDEDVWDQWHPiVFRKHUHQWHHQORTXHSHUVHJXtDPRV
TXHORTXHHOORVKDEtDQSODQWHDGR
+HGLFKR
(OVHxRU6&+$8/62+13UHVLGHQWH7LHQHODSDODEUDHO'LSXWDGRVHxRU3D\D
(OVHxRU3$<$6HxRU3UHVLGHQWHDGHPiVGHKDFHUSUHVHQWHTXHWDPELpQPH
SUHRFXSD H@ SXQWR TXH SODQWHy HO 'LSXWDGR VHxRU (OJXHWD TXLHUR PDQLIHVWDU
TXHODIXWXUDOH\VHUiIiFLOGHYXOQHUDUDXQTXHFUHRGHWRGDOyJLFDFRQFXUULUD
VXDSUREDFLyQ
(Q OR TXH VH UHILHUH D ODV FUHGHQFLDOHV HQ SRFR WLHPSR ORV EDUULVWDV VH GDUiQ
FXHQWDTXHHVPHMRUQRWHQHUODVHLQVWDODUVHHQFXDOTXLHUOXJDUGHOHVWDGLR/R
PLVPR RFXUULUi FRQ OD SURKLELFLyQ GH OD YHQWD GH DOFRKRO 0H KDFH PXFKD
IXHU]DHOKHFKRGHTXHHQHO(VWDGLR1DFLRQDOVyORVHH[SHQGDHQODVWULEXQDV
QXPHUDGDV \ TXH HQ y DxRV MDPiV KD\D KDELGR XQ LQFLGHQWH HQ HOODV
(Q RWUDV ORFDOLGDGHV QR VH YHQGH DOFRKRO SHUR VH SURGXFHQ LQFLGHQWHV 3RU OR
WDQWRQRSRGHPRVVXSRQHUTXHODVRODGLFWDFLyQGHODOH\SHUPLWLUiVXSHUDUHO
SUREOHPD
(QWRQFHV TXLHQHV FRQFXUUDPRV D OD DSUREDFLyQ GHO SUR\HFWR GHEHPRV GDU
DSR\R SUiFWLFR \ SROtWLFR HQ IRUPD SHUPDQHQWH D ODV DXWRULGDGHV SROLFLDOHV
TXH WHQGUiQ TXH FXPSOLU FRQ OD VLHPSUH GHVDJUDGDEOH WDUHD GH UHSULPLU ORV
LQFLGHQWHV 6HUtD XQD IUDQFD LQFRKHUHQFLD QR KDFHUOR HQ H@ PRPHQWR SUHFLVR
(QFRQVHFXHQFLDKDJRSUHVHQWHHVWHFRPSURPLVRSHUVRQDO\SLGRTXHDGKLHUDQ
DpOFDGDXQRGHORV+RQRUDEOHV'LSXWDGRV
+HGLFKR
(OVHxRU6&+$8/62+13UHVLGHQWH7LHQHODSDODEUDOD'LSXWDGDVHxRUD0DUWLWD
:UQHU
/D VHxRUD :251(5 6HxRU 3UHVLGHQWH @D EDQFDGD GHO 3DUWLGR SRU OD
'HPRFUDFLD VH FRPSODFH DO LJXDO TXH HO VHxRU 3L]DUUR GH TXH KR\ HVWHPRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
GHVSDFKDQGR HVWH SUR\HFWR GH OH\ \ KDFH SUHVHQWH TXH FXDQGR OD &RPLVLyQ
0L[WDSRUXQDQLPLGDGDSUREyVXWH[WRGHILQLWLYRQRKL]RPiVTXHYROYHUDOD
LGHDPDWUL]TXHHUDOLPLWDUORDORVDFWRVGHYLROHQFLDFRPHWLGRVHQORVHVWDGLRV
FRQ RFDVLyQ GH HYHQWRV GH I~WERO SURIHVLRQDO SXHVWR TXH FRQ ODV
PRGLILFDFLRQHVLQWURGXFLGDVHO+RQRUDEOH6HQDGRVHKDEtDDSDUWDGRGHHOOD
(O FXHUSR OHJDO TXH VH FRQYHUWLUi SURQWR HQ OH\ WLHQGH PiV ELHQ D SUHYHQLU
HVWHWLSRGHVLWXDFLRQHVORTXHQRVSDUHFHLPSRUWDQWH0iVTXHFRQWHQHUXQD
VHULH GH QRUPDV GH FDUiFWHU SXQLWLYR HVWDEOHFH XQD UHJODPHQWDFLyQ SDUD TXH
OD DXWRULGDG HQ HVWH FDVR &DUDELQHURV D SHWLFLyQ GH OD ,QWHQGHQFLD DFW~H \
SUHYHQJDDFWRVGHYLROHQFLDHQGHWHUPLQDGRVHVSHFWiFXORV
(QHVWHVHQWLGRQRVSDUHFHUHOHYDQWHTXHODVPHGLGDVSUHYHQWLYDVSHUPLWDQD
IXWXUR FUHDU XQD FXOWXUD TXH LPSLGD TXH SHUVRQDV DQyQLPDV HQ VX JUDQ
PD\RUtDMyYHQHVTXHFRUUHVSRQGHQDVHFWRUHVSHULIpULFRV\TXHQRUHVSRQGHQD
XQD RUJDQLFLGDG GHWHUPLQDGD FRQFXUUDQ D HVWRV HYHQWRV S~EOLFRV FRQ OD VROD
LQWHQFLyQGHSURYRFDUFRQPRFLyQ\GHVyUGHQHV
3RUORWDQWRHQPpULWRGHODXQDQLPLGDGKDELGDHQOD&RPLVLyQ0L[WD\DTXHHO
3DUWLGRSRUOD'HPRFUDFLDHVWLPDTXHHOWH[WRFRUUHVSRQGHDORVPRWLYRVTXHOR
LQVSLUDURQDQXQFLDPRVQXHVWURVYRWRVIDYRUDEOHVDOSUR\HFWR
+HGLFKR
(OVHxRU6&+$8/62+13UHVLGHQWH
7LHQHODSDODEUDHO'LSXWDGRVHxRU%DOERQWtQ/XHJRSURFHGHUHPRVDOFLHUUHGHO
GHEDWH\DODYRWDFLyQGHOSUR\HFWR
(O VHxRU %$/%217t1 6HxRU 3UHVLGHQWH TXLHUR GDU D FRQRFHU DOJR TXH VH
PDQLIHVWyHQOD&RPLVLyQ0L[WDFRQPXFKDIXHU]D\TXHPHSDUHFHLPSRUWDQWH
GHMDU HVWDEOHFLGR HQ OD 6DOD 8QD FRVD VRQ ODV QRUPDV \ RWUD HO
FRPSRUWDPLHQWRVRFLDO
+HPRVWUDWDGRGHOOHJDUDODPD\RUHILFLHQFLDSRVLEOHHQORVLQVWUXPHQWRVTXH
FRQILJXUDQ HVWH FXHUSR OHJDO (Q WRGR FDVR ODV FRVWXPEUHV \ ODV IRUPDV GH
DFWXDFLyQ GH ODV SHUVRQDV PXFKDV YHFHV SXHGHQ FRQGXFLU D TXH VH FRPHWDQ
HUURUHV GHPDVLDGR JUDQGHV $KRUD VH KD WUDWDGR FRQ EDVWDQWH p[LWR GH
UHFXUULUDXQPHFDQLVPRSDUDHYLWDUTXHTXLHQHVVHHVFXGDQHQHODQRQLPDWR
GHODPDVDFRPHWDQDFWRVRFRQGXFWDVTXHGDxHQORVLQWHUHVHVFROHFWLYRV
'HVGH HVH SXQWR GH YLVWD HVWD QRUPD WLHQH WRGRV ORV HOHPHQWRV GH
PRGHUQLGDGVXILFLHQWHVSDUDSUHYHQLUHVWHWLSRGHDFWRV
6LQ SHUMXLFLR GH HOOR HV LQGLVSHQVDEOH TXH TXLHQHV JHQHUDQ ODV &RVWXPEUHV TXH QR VyOR VRQ ORV TXH GLFWDPRV ODV QRUPDV FRQWULEX\HQ D FUHDU PHMRUHV
FRQGLFLRQHV SDUD VDOLU DGHODQWH FRQ HVWDV GLVSRVLFLRQHV FRQVWUHxLGDV DO I~WERO
SURIHVLRQDO (V QHFHVDULR TXH EXVTXHPRV LQVWUXPHQWRV SDUD FRQILJXUDU HQ
LJXDOGDG GH FRQGLFLRQHV XQD OHJLVODFLyQ TXH UHJXOH ORV FRPSRUWDPLHQWRV GH
FDUiFWHUPDVLYR\ODYLROHQFLDTXHWDQIiFLOPHQWHVHH[SUHVDHQORVHVWDGLRVD
ILQGHTXHSXHGDPDQLIHVWDUVHDWUDYpVGHRWURWLSRGHFRQGXFWDV
3RU OR H[SXHVWR HQ HO IXWXUR HVSHUR SUHVHQWDU DOJXQDV SURSRVLFLRQHV VREUH OD
PDWHULD
0HKDQSHGLGRXQDLQWHUUXSFLyQVHxRU3UHVLGHQWH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 6&+$8/62+1 3UHVLGHQWH 6H DFDEy HO WLHPSR GH GLVFXVLyQ VHxRU
'LSXWDGR
6p TXH HO 'LSXWDGR VHxRU (OJXHWD KDEtD IRUPXODGR XQD FRQVXOWD SHUR IXH
UHVSRQGLGD SRU HO 'LSXWDGR VHxRU (VSLQD FXDQGR VHxDOy ORV GHOLWRV GH TXH VH
WUDWDFXDQGRVHDSOLFD@DSHQDHVWDEOHFLGD
(QYRWDFLyQODSURSRVLFLyQGHOD&RPLVLyQ0L[WDVREUHHOSUR\HFWRTXHUHSULPH
ODYLROHQFLDHQORVHVWDGLRV
6LOHSDUHFHDOD6DODVHDSUREDUiSRUXQDQLPLGDG
$SUREDGR
6H GHMD FRQVWDQFLD GH TXH IXH DSUREDGD FRQ PiV GH YRWRV GH ORV 'LSXWDGRVHQHMHUFLFLR
'HVSDFKDGRHOSUR\HFWR
(OVHxRU*$5&t$GRQ5HQp0DQXHO¢0HSHUPLWHVHxRU3UHVLGHQWH"
(OVHxRU6&+$8/62+13UHVLGHQWH&RQODYHQLDGHOD6DODWLHQHODSDODEUD6X
6HxRUtD
(O VHxRU *$5&t$ GRQ 5HQp 0DQXpO 6HxRU 3UHVLGHQWH Vp TXH HQ OD YRWDFLyQ
HVWXYLPRVWRGRVGHDFXHUGRSHURORTXH GLMRHO'LSXWDGRVHxRU%DOERQWtQPH
SDUHFHUHDOPHQWHLQWHUHVDQWH
6REUHHOSDUWLFXODU TXLHURUHFRUGDUXQHSLVRGLRTXHRFXUULyKDFHSRFRWLHPSR
HQODFRPXQDGH6DQ-RVpGHOD0DULTXLQDHQ9DOGLYLD(QXQDVFDUUHUDVDOD
FKLOHQD KXER VHLV PXHUWRV SRU YLROHQFLD LQFOXVR D YDULRV VH OHV DWDFy FRQ
KDFKD
(QWRQFHV OD YLROHQFLD QR VyOR VH SURGXFH HQ ORV HVWDGLRV \ FXDQGR VH
PDQLILHVWHHQRWURVHYHQWRVQRKDEUi OHJLVODFLyQSDUDUHJXODUOD(OGHSRUWHHV
SDVLRQDO \ HQ FLHUWR JUDGR SURYRFD YLROHQFLD &RQVLGHUR TXH GHEHUtD KDEHUVH
OHJLVODGRDPSOLDPHQWHVREUHHVWDPDWHULD\QRVyORUHVSHFWRGHOI~WERO
+HGLFKR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2$352%$&,Ð1,1)250(&206,Ð10,;7$
2ILFLRGH&iPDUDGH2ULJHQD&iPDUD5HYLVRUD
2ILFLRGHDSUREDFLyQGH,QIRUPHGH&RPLVLyQ0L[WD)HFKDGHPD\R
&XHQWDHQ6HVLyQOHJLVODWXUD6HQDGR
352<(&72 '( /(< (1 75$0,7( '( &20,6,21 0,;7$ 48( 5(35,0(
+(&+26'(9,2/(1&,$(1&(17526'(3257,926
/D&iPDUDGH'LSXWDGRVHQVHVLyQFHOHEUDGDHQHOGtDGHKR\KDGDGR
VX DSUREDFLyQ D OD SURSRVLFLyQ IRUPXODGD SRU OD &RPLVLyQ 0L[WD FRQVWLWXLGD
SDUD UHVROYHU ODV GLYHUJHQFLDV VXVFLWDGDV GXUDQWH OD WUDPLWDFLyQ GHO SUR\HFWR
GHOH\TXHUHSULPHGHVyUGHQHV\KHFKRVGHYLROHQFLDFRPHWLGRVHQHVWDGLRV\
RWURVFHQWURVGHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
+DJR SUHVHQWH D 9( TXH HO UHIHULGR LQIRUPH KD VLGR DSUREDGR SRU OD
XQDQLPLGDGGHPiVGHVHxRUHV'LSXWDGRVGHXQWRWDOGHHQHMHUFLFLR
$FRPSDxRODWRWDOLGDGGHORVDQWHFHGHQWHVGHOSUR\HFWR
'LRVJXDUGHD9(
)GR-RUJH6FKDXOVRKQ%URGVN\&DUORV/R\ROD2SD]R
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
'LVFXVLyQHQ6DOD
6HQDGR /HJLVODWXUD 6HVLyQ )HFKD GH PD\R 'LVFXVLyQ
,QIRUPH&RPLVLyQ0L[WD6HDSUXHED
5(35(6,Ï1'(9,2/(1&,$(1&(17526'(3257,926
,1)250('(&20,6,Ï10,;7$
(O VHxRU 9$/'(6 3UHVLGHQWH² &RUUHVSRQGH RFXSDUVH HQ HO LQIRUPH GH OD
&RPLVLyQ 0L[WD IRUPDGD HQ YLUWXG GH OR GLVSXHVWR HQ HO DUWtFXOR GH OD
&RQVWLWXFLyQ 3ROtWLFD UHFDtGR HQ HO SUR\HFWR GH OH\ TXH UHSULPH GHVyUGHQHV \
KHFKRVGHYLROHQFLDHQHVWDGLRV\RWURVFHQWURVGHSRUWLYRVDSUREDGR\DSRUOD
&iPDUDGH'LSXWDGRV9pDVHHQORV$QH[RVGRFXPHQWR
²/RVDQWHFHGHQWHVVREUHHOSUR\HFWRILJXUDQHQORV'LDULRV
GH6HVLRQHVTXHVHLQGLFDQ
3UR\HFWRGHOH\
(QVHJXQGRWUiPLWHVHVLyQDHQGHMXQLRGH
(Q WUiPLWH GH &RPLVLyQ 0L[WD VHVLyQ D HQ GH PD\R
GH
,QIRUPHVGH&RPLVLyQ
&RQVWLWXFLyQVHVLyQDHQGHHQHURGH
&RQVWLWXFLyQVHJXQGRVHVLyQDHQGHDEULOGH
0L[WDVHVLyQDHQGHPD\RGH
'LVFXVLyQ
6HVLRQHVDHQGHDEULOGHVHDSUXHEDHQJHQHUDO
DHQGHDEULOGHVHGHVSDFKDHQSDUWLFXODU
(O VHxRU (<=$*8,55( 6HFUHWDULR² /D &iPDUD GH 'LSXWDGRV SRU RILFLR 1ƒ
GHGHPD\RHQFXUVRFRPXQLFyDO6HQDGRTXHHQVHVLyQFHOHEUDGDHVH
PLVPR GtD SURFHGLy D DSUREDU OD SURSRVLFLyQ IRUPXODGD SRU OD &RPLVLyQ 0L[WD
FRQVWLWXLGDSDUDUHVROYHUODVGLYHUJHQFLDVVXVFLWDGDVHQWUHDPEDV&iPDUDVFRQ
PRWLYRGHODWUDPLWDFLyQGHODLQLFLDWLYD
+DJR SUHVHQWH TXH HO DUWtFXOR ž HV GH UDQJR RUJiQLFR
FRQVWLWXFLRQDO SRU FX\D UD]yQ FRQIRUPH DO DUWtFXOR LQFLVR VHJXQGR GH OD
&DUWD )XQGDPHQWDO GHEH DSUREDUVH SRU ORV FXDWUR VpSWLPRV GH ORV VHxRUHV
6HQDGRUHVHQHMHUFLFLR
(OVHxRU9$/'(63UHVLGHQWH²(QGLVFXVLyQHOLQIRUPH
(OVHxRU68/(²3LGRODSDODEUD
(OVHxRU9$/'(63UHVLGHQWH²3XHGHKDFHUXVRGHHOOD6X6HxRUtD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 68/(² 6HxRU 3UHVLGHQWH H[LVWH DFXHUGR GH WRGRV ORV &RPLWpV SDUD
YRWDUORVLQGHEDWH
(O VHxRU 9$/'(6 3UHVLGHQWH² 6H DGYLHUWH XQDQLPLGDG DO UHVSHFWR 6LQ
HPEDUJR HO +RQRUDEOH VHxRU +XHUWD PH KD H[SUHVDGR TXH TXLHUH KDFHU
DOJXQDVREVHUYDFLRQHVDFHUFDGHODUWLFXODGRSDUDODKLVWRULDGHODOH\
7LHQHODSDODEUDHOVHxRU6HQDGRU
(O VHxRU +8(57$² 6HxRU 3UHVLGHQWH VHxRUHV 6HQDGRUHV KH TXHULGR
LQWHUYHQLU FRQ HO ILQ GH KDFHU DOJXQDV SUHFLVLRQHV SDUD HO VROR HIHFWR GH OD
KLVWRULD GH OD OH\ UHVSHFWR GH FLHUWDV QRUPDV GHO SUR\HFWR TXH HQWUHJDQ
REOLJDFLRQHVD&DUDELQHURVGH&KLOH
'HDFXHUGRDODUWtFXORž&DUDELQHURVGHEHUiHODERUDUXQLQIRUPH
TXH DFUHGLWH TXH ORV FHQWURV R UHFLQWRV GHSRUWLYRV GHVWLQDGRV D OD UHDOL]DFLyQ
GHHVSHFWiFXORVGHI~WEROSURIHVLRQDOUH~QHQODVFRQGLFLRQHVGHVHJXULGDGSDUD
HIHFWXDU WDOHV HYHQWRV VLQ SHUMXLFLR GH ODV H[LJHQFLDV HVWDEOHFLGDV HQ OD
2UGHQDQ]D*HQHUDOGHOD/H\*HQHUDOGH8UEDQLVPR\&RQVWUXFFLRQHV
&DEH SUHFLVDU TXH &DUDELQHURV QR HVWi HQ FRQGLFLRQHV GH HPLWLU
RSLQLRQHV HVSHFtILFDV GH FDUiFWHU WpFQLFR FRPR ²HQWUH RWUDV² ODV UHODWLYDV D
OD VHJXULGDG TXH SUHVHQWHQ ODV FRQVWUXFFLRQHV GH ODV WULEXQDV GH ORV UHFLQWRV
GHSRUWLYRV 7DOHV DVSHFWRV WpFQLFRV VRQ GH FRPSHWHQFLD GH ODV 'LUHFFLRQHV GH
2EUDV0XQLFLSDOHVUHVSHFWLYDVHQFRQIRUPLGDGDODOH\PHQFLRQDGD
3RU HOOR HO LQIRUPH GH OD ,QVWLWXFLyQ VREUH OD PDWHULD GHEHUi
UHIHULUVH D FRQGLFLRQHV JHQHUDOHV GH VHJXULGDG GHVWLQDGDV D JDUDQWL]DU \
PDQWHQHU HO RUGHQ S~EOLFR HQ ORV HVSHFWiFXORV GH I~WERO SURIHVLRQDO $Vt SRU
HMHPSORGLUiUHODFLyQDODFDOLGDGFDQWLGDG\XELFDFLyQGHODVEROHWHUtDVGHORV
UHFLQWRVROXJDUHVGRQGHKDELWXDOPHQWHVHSURGX]FDQJUDQGHVDJORPHUDFLRQHV
DODVHJXULGDG\UHVLVWHQFLDGHODVPDOODVGLYLVRULDVGHODVWULEXQDV\JDOHUtDVD
ODVFRQGLFLRQHVGHORVDFFHVRVDDTXpOORVHWFpWHUD
&RQ HVWDV SUHFLVLRQHV VH GHVOLQGDUiQ UHVSRQVDELOLGDGHV DQWH
SRVLEOHV FDVRV GH GHUUXPEHV SURYRFDGRV SRU IDWLJD GH ODV FRQVWUXFFLRQHV HQ
ODVWULEXQDV²WySLFRVREUHHOFXDOQROHFRUUHVSRQGHLQIRUPDUD&DUDELQHURVGH
&KLOH²XRWUDVHYHQWXDOLGDGHV
(O DUWtFXOR R HVWDEOHFH TXH &DUDELQHURV GHEHUi VHxDODU ODV
H[LJHQFLDV HVSHFLDOHV GH VHJXULGDG S~EOLFD SRU FXPSOLUVH HQ ORV HVSHFWiFXORV
GHI~WEROSURIHVLRQDOTXHHO,QWHQGHQWHFDOLILTXHGHDOWRULHVJRHQWDOVHQWLGR
7RFDQWHDOFRQFHSWRH[LJHQFLDVHVSHFLDOHVGHVHJXULGDGS~EOLFD
pVWH GHEH TXHGDU UHIHULGR D ODV FRQGLFLRQHV JHQHUDOHV QHFHVDULDV SDUD HO
UHVJXDUGR GH OD VHJXULGDG GH ODV SHUVRQDV VLQ FRQVLGHUDU GH PRGR DOJXQR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
DVSHFWRV GH RUGHQ WpFQLFR FRQGLFLRQHV pVWDV TXH GHEHQ DMXVWDUVH D ORV
UHTXHULPLHQWRV D TXH DOXGH OD 2UGHQDQ]D *HQHUDO GH OD /H\ *HQHUDO GH
8UEDQLVPR\&RQVWUXFFLRQHVHVSHFtILFDPHQWHDVX7tWXOR&DStWXOR'HODV
FRQGLFLRQHV JHQHUDOHV GH VHJXULGDG &DStWXOR &RQGLFLRQHV GH VHJXULGDG
FRQWUDLQFHQGLR\&DStWXOR7HDWURV\RWURVORFDOHVGHUHXQLRQHVPDWHULDV
TXHVRQGHH[FOXVLYDUHVSRQVDELOLGDGGHO0,198
&RQVLGHURTXHHOSUR\HFWRHVSRVLWLYR<VLELHQ²FRPRVHxDOyHO
6HQDGRU VHxRU 'tH]² QR WHUPLQDUi FRQ ORV GHVyUGHQHV QL FRQ OD YLROHQFLD HQ
ORV HVWDGLRV FRPR WDPSRFR VH DFDEy OD GHOLQFXHQFLD DO GLFWDUVH HO &yGLJR
3HQDO FRQVWLWX\H XQ SDVR TXH VH GHEH GDU /D LQLFLDWLYD UH~QH ORV UHTXLVLWRV
SDUDHOOR\SRUORWDQWRODYRWDUpIDYRUDEOHPHQWH
(O VHxRU 9$/'(6 3UHVLGHQWH² 6L HO VHxRU 6HQDGRU OR SHUPLWH OD 0HVD
FRQVLGHUDUiVXVH[SUHVLRQHVFRPRHOIXQGDPHQWRGHVXYRWR
(OVHxRU+8(57$²0X\ELHQ
(OVHxRU',(=²3LGRODSDODEUD
(OVHxRU9$/'(63UHVLGHQWH²3XHGHXVDUGHHOOD6X6HxRUtD
(O VHxRU ',(=² (Q PL FDOLGDG GH 3UHVLGHQWH GH OD &RPLVLyQ 0L[WD GHER
PDQLIHVWDU TXH HO WH[WR SURSXHVWR HQ HO LQIRUPH IXH DSUREDGR SRU OD
XQDQLPLGDGGHVXVLQWHJUDQWHVSUHVHQWHV\DGHPiVTXHVHWUDWy\DSUREySRU
FRQVHQVRHQODVHVLyQGHD\HUGHOD&iPDUDGH'LSXWDGRV
$ SURSyVLWR GH ODV SDODEUDV GHO +RQRUDEOH VHxRU +XHUWD TXLHUR
GHMDUFRQVWDQFLDGHTXHVXLQWHUSUHWDFLyQHVFRUUHFWDSRUTXHHODUWtFXORžGH
ODLQLFLDWLYDUHIHUHQWHDODVPHGLGDVGHVHJXULGDGSUHYHQWLYDVHQODSDUWHILQDO
VHxDOD VLQ SHUMXLFLR GH ODV H[LJHQFLDV HVWDEOHFLGDV HQ OD 2UGHQDQ]D *HQHUDO
GH OD /H\ *HQHUDO GH 8UEDQLVPR \ &RQVWUXFFLRQHV 'H PDQHUD TXH
HYLGHQWHPHQWH QR VHUi SHUWLQHQWH VROLFLWDU D &DUDELQHURV HO LQIRUPH D TXH
DOXGH HVH SUHFHSWR QL OHV FDEUi UHVSRQVDELOLGDG VREUH HVWDV PDWHULDV D HVD
,QVWLWXFLyQRDO,QWHQGHQWHVLQRTXHGHEHUiDSOLFDUVHOD2UGHQDQ]D*HQHUDOGH
ODOH\LQGLFDGD
'H OR TXH Vt VH SHGLUi LQIRUPH GH &DUDELQHURV HV DFHUFD GH OD
H[LVWHQFLD GH ODV PHGLGDV HVSHFLDOHV VHxDODGDV SRU HVH PLVPR RUJDQLVPR
SROLFLDOGHVWLQDGDVDIDFLOLWDUDVXVIXQFLRQDULRVHOFXPSOLPLHQWRGHODODERUGH
JDUDQWL]DUODVHJXULGDGGHOS~EOLFRDVLVWHQWH\TXHDOPLVPRWLHPSRSHUPLWD
OR TXH VH SUHWHQGH FRQ HVWD OHJLVODFLyQ UHVSRQVDELOL]DU D SHUVRQDV
GHWHUPLQDGDVSRUORVGHOLWRVTXHVHFRPHWDQHQXQHVWDGLR
)LQDOPHQWHHVSUHFLVRHVWDEOHFHUTXHHOHVStULWXGHOD&RPLVLyQHV
HO GH TXH OD OH\ HQ SUR\HFWR WHQJD FDUiFWHU GLVXDVLYR QR SXQLWLYR \ TXH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
UHVSHFWR GH ORV PHQRUHV GH DxRV \ PD\RUHV GH HO MXH] VyOR LPSRQJD
FRPRSHQDODSURKLELFLyQGHDVLVWLUDHVSHFWiFXORVGHSRUWLYRVGHHVDQDWXUDOH]D
GXUDQWH XQ SOD]R GHWHUPLQDGR SXGLHQGR VXVWLWXLU OD VHQWHQFLD D SHWLFLyQ GHO
LQWHUHVDGR SRU WUDEDMRV YROXQWDULRV HQ EHQHILFLR GH OD FRPXQLGDG SRU HO
WpUPLQRTXHVHILMHORVFXDOHVWHQGUiQTXHHMHFXWDUVHHQGtDVIHVWLYRVSRUQR
PiVGHKRUDVDODVHPDQD\FRQWDUFRQODDFHSWDFLyQGHOLQFXOSDGRDILQGH
FXPSOLUFRQORVWUDWDGRVLQWHUQDFLRQDOHV
3RU ODV UD]RQHV H[SXHVWDV SLGR DO 6HQDGR TXH DO LJXDO FRPR
SURFHGLyOD&iPDUDGH'LSXWDGRVDSUREHPRVHOLQIRUPHSRUXQDQLPLGDG
(OVHxRU9$/'(63UHVLGHQWH²7LHQHODSDODEUDHO+RQRUDEOHVHxRU5RPHUR
(OVHxRU68/(²¢0HFRQFHGHXQDLQWHUUXSFLyQVHxRU6HQDGRU"
(OVHxRU520(52²&RQODYHQLDGHOD0HVDFRQPXFKRJXVWR
(O VHxRU 9$/'(6 3UHVLGHQWH² 3XHGH XVDU GH OD LQWHUUXSFLyQ HO +RQRUDEOH
VHxRU6XOH
(OVHxRU68/(²6HxRU3UHVLGHQWHVLQSHUMXLFLRGHOGHUHFKRGHFXDOTXLHUVHxRU
6HQDGRU D RSLQDU VREUH HO WHPD GHER UHFRUGDU TXH WRGRV ORV &RPLWpV
DFRUGDPRV YRWDU HO LQIRUPH VLQ GLVFXVLyQ SRU KDEHUVH DSUREDGR HQ IRUPD
XQiQLPH HQ OD &RPLVLyQ 0L[WD \ GHEDWLGR ODWDPHQWH HO SUR\HFWR HQ YDULDV
VHVLRQHVDQWHULRUHV
+DJR HVWD REVHUYDFLyQ H[FOXVLYDPHQWH SDUD QR YXOQHUDU HO
DFXHUGRPHQFLRQDGR
(O VHxRU 9$/'(6 3UHVLGHQWH² 5HFXSHUD OD SDODEUD HO +RQRUDEOH VHxRU
5RPHUR
(O VHxRU 520(52² 1R SUHWHQGR UHIHULUPH DO IRQGR GHO SUREOHPD UHFRQR]FR
TXHVHDGRSWyHVHDFXHUGR\WHQHPRVTXHUHVSHWDUOR6yORTXLHURGHVWDFDUHQ
SRFDVSDODEUDVTXHHVWDLQLFLDWLYD\ ODSURSXHVWDGHOD&RPLVLyQ0L[WDVRQHO
UHVXOWDGRGHODFRQMXQFLyQGHHVIXHU]RVWDQWRGHOD&iPDUDGH'LSXWDGRVFRPR
GHO6HQDGR
'XUDQWH OD WUDPLWDFLyQ GHO SUR\HFWR XQ VHFWRU GH OD RSLQLyQ
S~EOLFD FRQVLGHUy TXH H[LVWtD LQHUFLD SRU SDUWH GH OD &RUSRUDFLyQ HQ FXDQWR D
HVWDPDWHULD0HSDUHFHLPSRUWDQWHGHMDUFRQVWDQFLDQRVRODPHQWHGHOLQWHUpV
TXH DTXpOOD VXVFLWy HQ OD &iPDUD $OWD VLQR WDPELpQ GH TXH GH ODV
FRQFOXVLRQHVGHOD&RPLVLyQ0L[WDVHFROLJHTXHJUDQSDUWHGHODVGLVSRVLFLRQHV
DFRJLGDVSRUHOODVXUJLHURQGHOVHQRGHHVWDUDPDGHO3RGHU/HJLVODWLYR
(O VHxRU 9$/'(6 3UHVLGHQWH² 6L OH SDUHFH D OD 6DOD VH DSUREDUi HO
LQIRUPHGHOD&RPLVLyQ0L[WD
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
²6HDSUXHEDYRWRVGHMiQGRVHFRQVWDQFLDGHTXHVHFXPSOH
FRQHOTXyUXPFRQVWLWXFLRQDOUHTXHULGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2$352%$&,Ð1,1)250(&20,6,Ð10,;7$
2ILFLRGH&iPDUD5HYLVRUDD&iPDUDGH2ULJHQ
2ILFLRGHDSUREDFLyQGH,QIRUPHGH&RPLVLyQ0L[WD)HFKDGHPD\R
&XHQWDHQ6HVLyQ/HJLVODWXUD&iPDUDGH'LSXWDGRV
1ƒ
9DOSDUDtVRGHPD\RGH
$6(HO
3UHVLGHQWHGH
OD+&iPDUD
GH'LSXWDGRV
7HQJR D KRQUD FRPXQLFDU D 9( TXH HO 6HQDGR KD GDGR VX DSUREDFLyQ D OD
SURSRVLFLyQIRUPXODGDSRUOD&RPLVLyQ0L[WDFRQVWLWXLGDSDUDUHVROYHUODVGLYHUJHQFLDV
VXVFLWDGDV GXUDQWH OD WUDPLWDFLyQ GHO SUR\HFWR GH OH\ TXH UHSULPH GHVyUGHQHV \
KHFKRVGHYLROHQFLDFRPHWLGRVHQHVWDGLRV\RtURVFHQWURVGHSRUWLYRVFRQRFDVLyQGH
HVSHFWiFXORVS~EOLFRV
+DJRSUHVHQWHD9(TXHHODUWtFXORƒGHOSUR\HFWRKDVLGRDSUREDGRHQHOFDUiFWHU
GHRUJiQLFRFRQVWLWXFLRQDOFRQHOYRWRDILUPDWLYRGHVHxRUHV6HQDGRUHVGHXQWRWDO
GHHQHMHUFLFLRGiQGRVHFXPSOLPLHQWRGHHVWDIRUPDDORSUHFHSWXDGRHQHOLQFLVR
VHJXQGRGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGHOD5HS~EOLFD
/RTXHFRPXQLFRD9(HQUHVSXHVWDDVXRILFLR1ƒGHGHPD\RGH
'HYXHOYRORVDQWHFHGHQWHVUHVSHFWLYRV
'LRVJXDUGHD9(
*$%5,(/9$/'(66
3UHVLGHQWHGHO6HQDGR
5$)$(/(<=$*8,55((&+(9(55,$
6HFUHWDULRGHO6HQDGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,22%6(59$&,Ð1(-(&87,92
7UiPLWH9HWR3UHVLGHQFLDO
2ILFLRGHO(MHFXWLYRD&iPDUDGH2ULJHQ
2ILFLRREVHUYDFLRQHVGHO(MHFXWLYR)HFKDGHMXQLR&XHQWDHQ6HVLyQ
/HJLVODWXUD&iPDUDGH'LSXWDGRV
0HQVDMHGH6(HO3UHVLGHQWHGHOD5HS~EOLFD
)2508/$ 2%6(59$&,21(6 $/ 352<(&72 '( /(< '(63$&+$'2 325
(/ + &21*5(62 1$&,21$/ 62%5( '(6Ï5'(1(6 < +(&+26 '(
9,2/(1&,$ &20(7,'26 (1 (67$',26 < 27526 &(17526
'(3257,926&212&$6,Ï1'((63(&7È&8/263Ò%/,&26%ROHWtQ1ƒ
6DQWLDJRMXQLRGH
+RQRUDEOH&iPDUDGH'LSXWDGRV
0HGLDQWHRILFLR1ƒGHGHPD\RGH9(PHFRPXQLFyTXHHO
+&RQJUHVR1DFLRQDOWXYRDELHQDSUREDUHOSUR\HFWRGHOH\VREUHGHVRUGHQHV
\ KHFKRV GH YLROHQFLD FRPHWLGRV HQ HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ
RFDVLyQGHHVSHFWiFXORVS~EOLFRV
7DOFRPRORVHxDODUDHO*RELHUQRGHOD1DFLRQDOIXQGDPHQWDUHO0HQVDMH
TXHLQLFLyODWUDPLWDFLyQGHOSUR\HFWRGHOH\GHVWLQDGRDUHSULPLUGHVyUGHQHV\
KHFKRV GH YLROHQFLD FRPHWLGRV HQ HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ
RFDVLyQGHHVSHFWiFXORVS~EOLFRV\TXHPRWLYDHOSUHVHQWHYHWRVXVWLWXWLYRORV
KHFKRV GHPXHVWUDQ OD QHFHVLGDG GH DUWLFXODU XQD OHJLVODFLyQ TXH HQIUHQWH HO
IHQyPHQR GHVFULWR FUHiQGRVH XQD QRUPDWLYD MXUtGLFD TXH FRODERUH HQ OD
LQKLELFLyQ GH HVWDV FRQGXFWDV \ TXH FRQILJXUH XQ UHSURFKH VRFLDO FHUWHUR \
SUHFLVRDTXLHQHVVHDQUHVSRQVDEOHVGHODSUHSDUDFLyQ\RFRQVXPDFLyQGHORV
KHFKRV GH YLROHQFLD FRPHWLGRV HQ HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ
RFDVLyQGHHVSHFWiFXORVS~EOLFRV
(O*RELHUQRTXHSUHVLGLRHVWLPDHQFRQVHFXHQFLDTXHHOSUR\HFWRGHOH\
DQWHV UHIHULGR KD GH WUDQVIRUPDUVH HQ XQ LQVWUXPHQWR UHOHYDQWH \ SULQFLSDO
SDUDYHODUSRUHOQRUPDOGHVDUUROORGHORVHVSHFWiFXORVGHI~WEROSURIHVLRQDO
&RQYLHQH WHQHU SUHVHQWH TXH HO 0HQVDMH RULJLQDO QR LQFOXtD QRUPDV
HVSHFLDOHV SDUD ODV SHUVRQDV PHQRUHV GH HGDG 6LQ HPEDUJR GXUDQWH OD
GLVFXVLyQ VXVFLWDGD HQ HO &RQJUHVR 1DFLRQDO VH HVWLPy FRQYHQLHQWH UHJXODU
HVSHFLDOPHQWH ODV FRQGXFWDV GHVFULWDV HQ HO SUR\HFWR TXH FRPHWLHUHQ ORV
MyYHQHVGHHQWUH\DxRV(O*RELHUQRFRQFXHUGDFRQODFRQYHQLHQFLDGH
UHJXODUHVSHFLDOPHQWHGLFKDVFRQGXFWDVSHURHVWLPD LPSUHVFLQGLEOH LQWURGXFLU
FRUUHFFLRQHV D ODV QRUPDV GHO 3UR\HFWR TXH YHUVDQ VREUH OD PDWHULD
FRQWHQLGDVHQVX$UWtFXORƒ
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,22%6(59$&,Ð1(-(&87,92
/DV FRUUHFFLRQHV TXH VH SURSRQHQ D OD QRUPD FLWDGD FRQVLVWHQ HQ OR
VLJXLHQWH
D5HHPSOD]DUDO-XH]GHO&ULPHQSRUHO-XH]GH0HQRUHVHQWUHJDQGRD
HVWH~OWLPRODFRPSHWHQFLDSDUDFRQRFHUGHHVWDVLQIUDFFLRQHV
E (VWDEOHFHU TXH OD PHGLGD GH $FWLYLGDGHV 'HWHUPLQDGDV HQ
%HQHILFLRGH OD&RPXQLGDGWLHQHFDUiFWHUVXEVLGLDULR\QRSULQFLSDODVtFRPR
DFRWDUODIRUPDHQTXHpVWDVHDSOLFDUi\
F $FRWDU HO iPELWR GH DSOLFDFLyQ GH OD LQIUDFFLyQ WLSLILFDGD H[FOX\HQGR
H[SUHVDPHQWHGHHVWDGLVSRVLFLyQDODVLQIUDFFLRQHVGHPD\RUJUDYHGDG
,QWHUHVDDO*RELHUQRUDWLILFDUHOSULQFLSLRDPSOLDPHQWHFRQVDJUDGRHQHO
'HUHFKR ,QWHUQDFLRQDO GH ORV 'HUHFKRV +XPDQRV \ UHFRJLGR WDPELpQ SRU
QXHVWUD OHJLVODFLyQ QDFLRQDO GH TXH ODV SHUVRQDV PHQRUHV GH HGDG GHEHQ VHU
MX]JDGDV SRU XQ WULEXQDO HVSHFLDOL]DGR DEVROXWDPHQWH GLIHUHQWH GHO GH ORV
DGXOWRV
'HOPLVPRPRGRLQWHUHVDDO*RELHUQRGHMDUHQFODURTXHODVQRUPDVGHO
SUR\HFWRQRDOWHUDQODUHJODJHQHUDOGHQXHVWUDOHJLVODFLyQHQHOVHQWLGRTXHORV
PHQRUHV GH HGDG HVWpQ H[HQWRV GH UHVSRQVDELOLGDG FULPLQDO VLWXDFLyQ TXH QR
HVWiVXILFLHQWHPHQWHFODULILFDGDHQHOWH[WRDSUREDGR
3RU RWUD SDUWH HVWLPR UHOHYDQWH UHLWHUDU HO SULQFLSLR TXH OD PHGLGD
HVWDEOHFLGD HQ RUGHQ D UHDOL]DU GHWHUPLQDGDV DFWLYLGDGHV HQ SUR GH OD
FRPXQLGDGGHEHWHQHUHOFDUiFWHUGHVXEVLGLDULD\QRGHSULQFLSDODGHPiVGHO
KHFKRTXHSRUWUDWDUVHGHPHQRUHVGHHGDGHQPRGRDOJXQRGHEHHQWHQGHUVH
FRPR WUDEDMRV IRU]DGRV (VWRV SULQFLSLRV VH IXQGDQ HQ ORV GLYHUVRV SDFWRV
VREUH 'HUHFKRV +XPDQRV VXVFULWRV \ UDWLILFDGRV SRU &KLOH TXH FRQWLHQHQ
GLVSRVLFLRQHVVREUHODPDWHULD
)LQDOPHQWH KHPRV EXVFDGR DFODUDU TXH ODV PHGLGDV GHO LQFLVR SULPHUR
GHO $UWtFXOR ƒ VH DSOLFDQ ~QLFDPHQWH FXDQGR OD LQIUDFFLyQ GH OH\ QR PHUHFH
XQD SHQD VXSHULRU D SUHVLGLR PHQRU HQ VX JUDGR PHGLR \ TXH WUDWiQGRVH GH
LQIUDFFLRQHV TXH SXGLHUHQ PHUHFHU XQD PHGLGD R VDQFLyQ PiV JUDYH GHEH
DSOLFDUVHHOSURFHGLPLHQWRJHQHUDOSDUDORVPHQRUHVGHHQWUH\DxRVHV
GHFLU ODGHFODUDFLyQ SUHYLDGHVLKDQREUDGRRQRFRQGLVFHUQLPLHQWRD ILQGH
GHWHUPLQDUGHHVDIRUPDHOUpJLPHQMXUtGLFRDSOLFDEOH
(Q FRQVHFXHQFLD \ HQ XVR GH OD IDFXOWDG TXH PH FRQILHUH HO LQFLVR
SULPHUR GHO DUWLFXOR GH OD &RQVWLWXFLyQ 3ROtWLFD GH OD 5HS~EOLFD \ GH
FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO 7tWXOR ,,, GH OD /H\ 1ƒ 2UJiQLFD
&RQVWLWXFLRQDO GHO &RQJUHVR 1DFLRQDO YHQJR HQ IRUPXODU OD VLJXLHQWH
REVHUYDFLyQ DO SUR\HFWR GH /H\ GHO UXEUR FRQ XUJHQFLD HQ WRGRV VXV WUiPLWHV
FRQVWLWXFLRQDOHVLQFOXVRHO+6HQDGRTXHSDUDORVHIHFWRVGHORHVWDEOHFLGR
HQ ORV DUWtFXORV \ VLJXLHQWHV GH OD /H\ 1ƒ FDOLILFR GH GLVFXVLyQ
LQPHGLDWD
3DUDVXVWLWXLUHODUWtFXORƒSRUHOVLJXLHQWH
$UWtFXORƒ/DVSHUVRQDVPHQRUHVGH\PD\RUHVGHDxRVGHHGDGTXH
LQFXUULHUHQ HQ ODV FRQGXFWDV FRQWHPSODGDV HQ HO $UWtFXOR ƒ VHUiQ SXHVWDV D
GLVSRVLFLyQ GHO MXH] GH 0HQRUHV FRUUHVSRQGLHQWH HO TXH SUHVFLQGLHQGR GH OD
GHFODUDFLyQ GH KDEHU REUDGR R QR FRQ GLVFHUQLPLHQWR VyOR SRGUi LPSRQHUOHV
XQDGHODVVLJXLHQWHVPHGLGDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,22%6(59$&,Ð1(-(&87,92
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV GH I~WERO
SURIHVLRQDOFRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVH
UHDOLFHQHQHOOXJDUILMDGRSRUHO-XH]KDVWDSRUHOWpUPLQRGHXQDxR\
ƒ 0XOWD GH KDVWD 0HGLD 8QLGDG 7ULEXWDULD 0HQVXDO FRQPXWDEOH D
SHWLFLyQGHOPHQRUSRUDFWLYLGDGHVGHWHUPLQDGDVHQEHQHILFLRGHODFRPXQLGDG
ODV TXH HQ PRGR DOJXQR LPSOLFDUiQ WUDEDMRV IRU]DGRV /DV DFWLYLGDGHV HQ
EHQHILFLRGHODFRPXQLGDGVHUHJLUiQHQFXDQWRDVXIRUPDGHHMHFXFLyQSRU
OR GLVSXHVWR HQ HO LQFLVR SHQ~OWLPR GHO $UWtFXOR ƒ \ QR SRGUiQ WHQHU XQD
GXUDFLyQVXSHULRUDGRVPHVHV
6LODVFRQGXFWDVVDQFLRQDGDVHQHOSUHVHQWHDUWtFXORIXHUHQFRQVWLWXWLYDV
GHGHOLWRDOTXHODOH\DVLJQHXQDSHQDVXSHULRUDODGHSUHVLGLRPHQRUHQXQ
JUDGR PHGLR VH SURFHGHUi D OD GHFODUDFLyQ SUHYLD DFHUFD GH VL HO PHQRU KD
REUDGR R QR FRQ GLVFHUQLPLHQWR GH DFXHUGR FRQ ODV UHJODV JHQHUDOHV \ VH OH
DSOLFDUiQ ODV PHGLGDV GH SURWHFFLyQ R VDQFLRQHV TXH FRUUHVSRQGDQ VHJ~Q HO
FDVR
/DSHUVRQDTXHWXYLHVHDVXFDUJRHOFXLGDGRGHOPHQRUVHUiFLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHHVWpFDXVH
'LRVJXDUGHD9(
)GR (GXDUGR )UHL 5XL]7DJOH 3UHVLGHQWH GH OD 5HS~EOLFD *HUPiQ
&RUUHD 'tD] 0LQLVWUR GHO ,QWHULRU 0DUtD 6ROHGDG $OYHDU 9DOHQ]XHOD
0LQLVWUD
GH-XVWLFLD
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,22%6(59$&,Ð1(-(&87,92
2ILFLRGHO(MHFXWLYRD&iPDUDGH2ULJHQ
2ILFLR 2EVHUYDFLRQHV GHO (MHFXWLYR 2EVHUYDFLRQHV HQ VXEVLGLR )HFKD GH
MXQLR&XHQWDHQ6HVLyQ/HJLVODWXUD&iPDUDGH'LSXWDGRV
)2508/$ 2%6(59$&,21(6 $/ 352<(&72 '( /(< '(63$&+$'2 325
(/ + &21*5(62 1$&,21$/ 62%5( '(6Ï5'(1(6 < +(&+26 '(
9,2/(1&,$ &20(7,'26 (1 (67$',26 < 27526 &(17526
'(3257,926&212&$6,Ï1'((63(&7È&8/263Ò%/,&26%ROHWtQ1ƒ
6DQWLDJRMXQLRGH
2ILFLRGH6(
HO3UHVLGHQWH
GHOD5HS~EOLFD
+RQRUDEOH&iPDUDGH'LSXWDGRV
3DUD HO HYHQWR TXH HVD + &RUSRUDFLyQ DFFHGD D OD GHYROXFLyQ GHO
PHQVDMHHQTXHIRUPXOpREVHUYDFLRQHVDOSUR\HFWRGHOH\VREUHGHVyUGHQHV\
KHFKRV GH YLROHQFLD FRPHWLGRV HQ HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ
RFDVLyQ GH HVSHFWiFXORV S~EOLFRV EROHWtQ 1ƒ TXH KH VROLFLWDGR
PHGLDQWH RILFLR 1ƒ GH IHFKD GH MXQLR GHO SUHVHQWH KDOOiQGRPH
GHQWURGHOSOD]RFRQVWLWXFLRQDO\HQXVRGHODIDFXOWDGTXHPHFRQILHUHHOLQFLVR
SULPHUR GHO DUWtFXOR GH OD &RQVWLWXFLyQ 3ROtWLFD GH OD 5HS~EOLFD \ GH
FRQIRUPLGDG DGHPiV FRQ OR HVWDEOHFLGR HQ HO 7tWXOR ,Q GH OD /H\ 1ƒ 2UJiQLFD&RQVWLWXFLRQDOGHO&RQJUHVR1DFLRQDOYHQJRHQIRUPXODUODVLJXLHQWH
REVHUYDFLyQ DO SUR\HFWR GH OH\ GHO UXEUR KDFLHQGR GHYROXFLyQ HQ HVWH DFWR
GHO RILFLR 1ƒ GH GH PD\R GH SRU HO FXDO OD + &iPDUD GH
'LSXWDGRVPHFRPXQLFyODDSUREDFLyQGHOUHIHULGRSUR\HFWRGHOH\
3DUDVXVWLWXLUHODUWtFXORƒSRUHOVLJXLHQWH
$UWtFXOR ƒ /DV SHUVRQDV PHQRUHV GH \ PD\RUHV GH DxRV GH
HGDG TXH LQFXUULHUHQ HQ ODV FRQGXFWDV FRQWHPSODGDV HQ HO DUWtFXOR ƒ VHUiQ
SXHVWDV D GLVSRVLFLyQ GHO MXH] GH 0HQRUHV FRUUHVSRQGLHQWH HO TXH
SUHVFLQGLHQGRGHODGHFODUDFLyQGHKDEHUREUDGRRQRFRQGLVFHUQLPLHQWRVyOR
SRGUiLPSRQHUOHVODVVLJXLHQWHVPHGLGDV
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV GH I~WERO
SURIHVLRQDOFRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVH
UHDOLFHQHQHOOXJDUILMDGRSRUHO-XH]KDVWDSRUHOWpUPLQRGHXQDxR\
ƒ $FWLYLGDGHV GHWHUPLQDGDV HQ EHQHILFLR GH OD FRPXQLGDG ODV TXH
GHEHUiQ ILMDUVH GH FRP~Q DFXHUGR FRQ HO LQIUDFWRU /DV DFWLYLGDGHV HQ
EHQHILFLR GH OD FRPXQLGDG VH UHJLUiQ HQ FXDQWR D VX IRUPD SRU OR GLVSXHVWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,22%6(59$&,Ð1(-(&87,92
HQHOLQFLVRSHQ~OWLPRGHODUWtFXORƒ\QRSRGUiQWHQHUXQDGXUDFLyQVXSHULRU
DGRVPHVHV
6LODVFRQGXFWDVVDQFLRQDGDVHQHOSUHVHQWHDUWtFXORIXHUHQFRQVWLWXWLYDV
GHGHOLWRDOTXHODOH\DVLJQHXQDSHQDLJXDORVXSHULRUDODGHSUHVLGLRPHQRU
HQVXJUDGRPtQLPRVHSURFHGHUiDODGHFODUDFLyQSUHYLDDFHUFDGHVLHOPHQRU
KDREUDGRGQRFRQGLVFHUQLPLHQWRGHDFXHUGRFRQODVUHJODVJHQHUDOHV\VH
OHDSOLFDUiQODVPHGLGDVGHSURWHFFLyQRVDQFLRQHVTXHFRUUHVSRQGDQVHJ~QHO
FDVR
/DSHUVRQDTXHWXYLHVHDVXFDUJRHOFXLGDGRGHOPHQRUVHUiFLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
'LRVJXDUGHD9(
)GR (GXDUGR )UHL 5XL]7DJOH 3UHVLGHQWH GH OD 5HS~EOLFD 0DUtD 6ROHGDG
$OYHDU 9DOHQ]XHOD 0LQLVWUD GH -XVWLFLD \ *HUPiQ &RUUHD 'tD] 0LQLVWUR GHO
,QWHULRU
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
,QIRUPHGH&RPLVLyQGH&RQVWLWXFLyQ
&iPDUD GH 'LSXWDGRV )HFKD GH MXOLR &XHQWD HQ 6HVLyQ /HJLVODWXUD
,QIRUPHGHOD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDVREUH
ODV REVHUYDFLRQHV IRUPXODGDV SRU HO 3UHVLGHQWH GH OD 5HS~EOLFD DO
SUR\HFWR GH OH\ TXH UHSULPH GHVyUGHQHV \ KHFKRV GH YLROHQFLD HQ ORV
HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH HVSHFWiFXORV
S~EOLFRVEROHWtQ
³+RQRUDEOH&iPDUD
9XHVWUD FRPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD SDVD D
LQIRUPDURVHQFRQIRUPLGDGFRQORHVWDEOHFLGRHQORVDUWtFXORVGHODOH\1ž
2UJiQLFD &RQVWLWXFLRQDO GHO &RQJUHVR 1DFLRQDO \ \ \
VLJXLHQWHV GHO 5HJODPHQWR GH OD &RUSRUDFLyQ VREUH ODV REVHUYDFLRQHV
IRUPXODGDV SRU 6( HO 3UHVLGHQWH GH OD 5HS~EOLFD DO SUR\HFWR GH OH\
LQGLYLGXDOL]DGR HQ HO HStJUDIH TXH VXVWLWX\HQ D RWUDV IRUPXODGDV FRQ
DQWHULRULGDGTXHIXHURQUHWLUDGDVGHQWURGHOSOD]R
'XUDQWHHOHVWXGLRGHODVREVHUYDFLRQHVOD&RPLVLyQFRQWyFRQODDVLVWHQFLD
GHODVHxRUD0LQLVWUDGH-XVWLFLDGRxD6ROHGDG$OYHDU\GHO$VHVRU-XUtGLFRGHO
,QVWLWXWR1DFLRQDOGHOD-XYHQWXGGRQ.HQQHWK0DF)DUODQH
&217(1,'2'(/,1)250(
(Q FRQIRUPLGDG FRQ OR SUHYHQLGR HQ HO LQFLVR ILQDO GHO DUWtFXOR ODV
REVHUYDFLRQHVIRUPXODGDVSRUHO3UHVLGHQWHGHOD5HS~EOLFDDXQGHWHUPLQDGR
SUR\HFWR GH OH\ GHEHUiQ VHU LQIRUPDGDV SRU OD &RPLVLyQ FRPSHWHQWH OD TXH
KDEUi GH LQGLFDU D OD 6DOD HO DOFDQFH GH FDGD XQD GH HOODV \ SURSRQHU VX
DFHSWDFLyQ\UHFKD]R
3DUDXQDPiVDFDEDGDFRPSUHQVLyQGHOPLVPRGHEHFRPSOHPHQWiUVHOHFRQ
HOEROHWtQFRPSDUDGRHODERUDGRSRUOD6HFUHWDUtDGHOD&RUSRUDFLyQ
$17(&('(17(6
'H DFXHUGR FRQ OR H[SUHVDGR HQ LQIRUPHV DQWHULRUHV ODV LGHDV PDWULFHV R
IXQGDPHQWDOHV GHO SUR\HFWR VRQ HYLWDU UHSULPLU \ VDQFLRQDU ORV DFWRV GH
YLROHQFLD TXH VH SURGXFHQ D FDXVD R FRQ RFDVLyQ GH XQ HVSHFWiFXOR S~EOLFR
GHSRUWLYR YHODU SRU HO QRUPDO GHVDUUROOR GH HVRV HYHQWRV \ JDUDQWL]DU OD
VHJXULGDGHLQWHJULGDGGHODVSHUVRQDV\GHORVELHQHV
/D &iPDUD GH 'LSXWDGRV HQ HO SULPHU WUiPLWH FRQVWLWXFLRQDO GLVSXVR
UHVSHFWR GH ORV PHQRUHV GH DxRV TXH VH YHQ HQYXHOWRV HQ KHFKRV GH
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
YLROHQFLD HQ ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH
HVSHFWiFXORV S~EOLFRV VDQFLRQHV SDUD HO SDGUH JXDUGDGRU R FXLGDGRU D FX\R
FDUJR VH HQFRQWUDUH FRQVLVWHQWH HQ PXOWD GH XQR D WUHV LQJUHVRV PtQLPRV
PHQVXDOHVDEHQHILFLRPXQLFLSDOVLQSHUMXLFLRGHODUHVSRQVDELOLGDGFLYLOTXHOH
FRUUHVSRQGLHUHFRQIRUPHFRQODVUHJODVJHQHUDOHV
(QIRUPDFRPSOHPHQWDULDPRGLILFyOD/H\GH0HQRUHVFRQHOILQGHLQFOXLU
HQWUH ODV PHGLGDV TXH HO -XH] GH 0HQRUHV SXHGH GHFUHWDU OD GH SURKLELUOH
WHPSRUDOPHQWH DO PHQRU DVLVWLU D ORV IXWXURV HYHQWRV GHO HVSHFWiFXOR S~EOLFR
TXH KD\D GHWHUPLQDGR OD DSOLFDFLyQ GH OD PHGLGD GH SURWHFFLyQ FRQ OD
REOLJDFLyQ GH SUHVHQWDUVH HQ ORV GtDV \ KRUDV HQ TXH HOORV VH UHDOL]DQ HQ HO
OXJDU ILMDGR SRU HO MXH] /D GXUDFLyQ GH HVWD PHGLGD TXHGDED VXMHWD D OD
GHFLVLyQGHOWULEXQDO
/DVQRUPDVDQWHULRUHVHVWDEDQFRQWHQLGDVHQORVWtWXORV\
(O 6HQDGR HQ HO VHJXQGR WUiPLWH FRQVWLWXFLRQDO VXVWLWX\y OD SULPHUD
GLVSRVLFLyQ SRU RWUD TXH FRQVXOWy FRPR DUWtFXOR ƒ HVWDEOHFLHQGR VDQFLRQHV
HVSHFLDOHV SDUD ORV PHQRUHV GH \ PD\RUHV GH DxRV GH HGDG TXH
LQFXUULHUDQ HQ ODV FRQGXFWDV GHOLFWLYDV GHVFULWDV HQ HVWD OH\ /D SULPHUD
LGpQWLFD D OD DSUREDGD SRU OD &iPDUD FRPR DUWtFXOR SHUR SRU XQ SOD]R GH
KDVWD XQ DxR /D VHJXQGD SDUD REOLJDUOH D GHVDUUROODU DFWLYLGDGHV
GHWHUPLQDGDVHQEHQHILFLRGHODFRPXQLGDGFRQDFXHUGRGHOLQIUDFWRU
0DQWXYRHQORGHPiV ODUHVSRQVDELOLGDG FLYLOGH ODSHUVRQDTXHWXYLHUHD
VXFXLGDGRHOPHQRUSRUORVSHUMXLFLRVTXHpVWHFDXVH
/D VHJXQGD QRUPD OD GHO DUWtFXOR OD VXSULPLy DFRJLHQGR XQD
SURSRVLFLyQ GHO 0LQLVWHULR GH -XVWLFLD HQ WDO VHQWLGR TXH FRQVLGHUy
LQFRQYHQLHQWHODPRGLILFDFLyQGHOD/H\GH0HQRUHV
(Q HO WUiPLWH GH OD &RPLVLyQ 0L[WD VH DSUREy FRPR DUWtFXOR ƒ XQD
GLVSRVLFLyQ TXH GLILHUH GH ODV GRV DQWHULRUHV SHUR TXH HQ HO IRQGR UHFRJH OD
LGHDSURSXHVWDSRUHO6HQDGRFRQDOJXQDVHQPLHQGDV
(QSULPHUOXJDUGLVSRQHTXHHOPHQRUGH\PD\RUGHTXHLQFXUULHUH
HQ ORV KHFKRV TXH HVWD OH\ VDQFLRQD VHUi SXHVWR D GLVSRVLFLyQ GHO MXH] GHO
FULPHQUHVSHFWLYR
(QVHJXQGROXJDUHVWDEOHFHTXHHVWHMXH]SUHVFLQGLHQGRGHODGHFODUDFLyQ
GHKDEHUREUDGRRQRFRQGLVFHUQLPLHQWRHOPHQRUSXHGHDSOLFDUOHDOJXQDGH
ODVPHGLGDV\DLQGLFDGDVDODQDOL]DUHODUWtFXORƒGHOSUR\HFWRDSUREDGRSRUHO
6HQDGR
/DVUD]RQHVHVJULPLGDVSDUDDSUREDUHVWDGLVSRVLFLyQIXHURQEiVLFDPHQWH
GRV(YLWDUTXHHOPHQRUVHDREMHWRGHXQDGHFODUDFLyQGHGLVFHUQLPLHQWRSRU
HOMXH]GHPHQRUHV\TXHFRPSHWDHQFDPELRDOMXH]GHOFULPHQWHQLHQGRD
ODYLVWDWRGRVORVDQWHFHGHQWHVGHOSURFHVRODDSOLFDFLyQGHDOJXQDGHODVGRV
PHGLGDVVHxDODGDV
6HVXSULPHDVtWRGDLQWHUYHQFLyQGHOMXH]GHPHQRUHVTXHHVHQHOFDVR
TXHVHFRPHQWDHOTXHGHEHUtDHIHFWXDUODFRUUHVSRQGLHQWHGHFODUDFLyQUHODWLYD
DO GLVFHUQLPLHQWR GHO PHQRU \ MX]JDUOR SDUD DSOLFDUOH DOJXQD GH ODV PHGLGDV
TXHFRQVXOWDOD/H\GH0HQRUHV
$O UHVSHFWR HO DUWtFXOR GHO &yGLJR 3HQDO HVWDEOHFH H[SUHVDPHQWH TXH
HVWiQH[HQWRVGHUHVSRQVDELOLGDGFULPLQDOHOPD\RUGHGLHFLVpLVDxRV\PHQRU
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
GH GLHFLRFKR D QR VHU TXH FRQVWH TXH KD REUDGR FRQ GLVFHUQLPLHQWR (O
7ULEXQDOGH0HQRUHVUHVSHFWLYRKDUiGHFODUDFLyQSUHYLDVREUHHVWHSXQWRSDUD
TXHSXHGDSURFHViUVHOH
(O DUWtFXOR GH OD /H\ GH 0HQRUHV VHxDOD HQ OR SHUWLQHQWH TXH WDQWR HO
PHQRU GH GLHFLVpLV DxRV FRPR HO PD\RU GH HVD HGDG \ PHQRU GH GLHFLRFKR
DxRVTXHKD\DREUDGRVLQGLVFHUQLPLHQWRTXHDSDUH]FDQFRPRLQFXOSDGRVGH
XQ FULPHQ VLPSOH GHOLWR R IDOWD VHUiQ MX]JDGRV SRU HO MXH] GH OHWUDV GH
PHQRUHV UHVSHFWLYR TXLHQ QR SRGUi DGRSWDU UHVSHFWR GH HOORV RWUDV PHGLGDV
TXHODVHVWDEOHFLGDVHQHVDOH\
7(;72'(/$57Ë&8/2ƒ$352%$'2325(/&21*5(621$&,21$/
(ODUWtFXORƒDSUREDGRSRUHO&RQJUHVR1DFLRQDOGLVSRQHORVLJXLHQWH
$UWtFXOR ƒ /DV SHUVRQDV PHQRUHV GH DxRV \ PD\RUHV GH DxRV GH
HGDGTXHLQFXUULHUHQHQODVFRQGXFWDVFRQWHPSODGDVHQHODUWtFXORƒGHHVWD
OH\ VHUiQ SXHVWDV D GLVSRVLFLyQ GHO MXH] GHO FULPHQ FRUUHVSRQGLHQWH HO TXH
SUHVFLQGLHQGR GH OD GHFODUDFLyQ GH KDEHU REUDGR R QR FRQ GLVFHUQLPLHQWR
SRGUiLPSRQHUOHVDOJXQDGHODVVLJXLHQWHVPHGLGDV
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV GH I~WERO SURIHVLRQDO
FRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQHQHO
OXJDUILMDGRSRUHOMXH]KDVWDSRUHOWpUPLQRGHXQDxR
ƒ$FWLYLGDGHVGHWHUPLQDGDVHQEHQHILFLRGHODFRPXQLGDGHQORVWpUPLQRV
GHOLQFLVRSHQ~OWLPRGHODUWtFXORƒ
/D SHUVRQD TXH WXYLHVH D VX FDUJR HO FXLGDGR GHO PHQRU VHUi FLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH´
2%6(59$&,Ï129(72
(O*RELHUQRKDSURSXHVWRXQWH[WRVXVWLWXWLYRSDUDHODUWtFXORƒFRQHOILQ
GHLQWURGXFLUOHDOJXQDVFRUUHFFLRQHV
(OYHWRVXVWLWXWLYRGHO(MHFXWLYRHVGHOWHQRUVLJXLHQWH
$UWtFXORƒ/DVSHUVRQDVPHQRUHVGH\PD\RUHVGHDxRVGHHGDG
TXHLQFXUULHUHQHQODVFRQGXFWDVFRQWHPSODGDVHQHODUWtFXORƒVHUiQSXHVWDV
DGLVSRVLFLyQGHO-XH]GH0HQRUHVFRUUHVSRQGLHQWHHOTXHSUHVFLQGLHQGRGHOD
GHFODUDFLyQ GH KDEHU REUDGR R QR FRQ GLVFHUQLPLHQWR VyOR SRGUi LPSRQHUOHV
ODVVLJXLHQWHVPHGLGDV
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV GH I~WERO SURIHVLRQDO
FRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQHQHO
OXJDUILMDGRSRUHO-XH]KDVWDSRUHOWpUPLQRGHXQDxR\
ƒ $FWLYLGDGHV GHWHUPLQDGDV HQ EHQHILFLR GH OD FRPXQLGDG ODV TXH
GHEHUiQILMDUVHGHFRP~QDFXHUGRFRQHOLQIUDFWRU/DVDFWLYLGDGHVHQEHQHILFLR
GHODFRPXQLGDGVHUHJLUiQHQFXDQWRDVXIRUPDSRUORGLVSXHVWRHQHOLQFLVR
SHQ~OWLPR GHO DUWtFXOR ƒ \ QR SRGUiQ WHQHU XQD GXUDFLyQ VXSHULRU D GRV
PHVHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
6LODVFRQGXFWDVVDQFLRQDGDVHQHOSUHVHQWHDUWtFXORIXHUHQFRQVWLWXWLYDVGH
GHOLWRDOTXHODOH\DVLJQHXQDSHQDLJXDORVXSHULRUDODGHSUHVLGLRPHQRUHQ
VXJUDGRPtQLPRVHSURFHGHUiDODGHFODUDFLyQSUHYLDDFHUFDGHVLHOPHQRUKD
REUDGR R QR FRQ GLVFHUQLPLHQWR GH DFXHUGR FRQ ODV UHJODV JHQHUDOHV \ VH OH
DSOLFDUiQ ODV PHGLGDV GH SURWHFFLyQ R VDQFLRQHV TXH FRUUHVSRQGDQ VHJ~Q HO
FDVR
/D SHUVRQD TXH WXYLHVH D VX FDUJR HO FXLGDGR GHO PHQRU VHUi FLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
$/&$1&('(/$2%6(59$&,Ï129(72
(O WH[WR VXVWLWXWLYR SURSXHVWR SRU HO (MHFXWLYR SUHVHQWD UHVSHFWR GHO
DSUREDGRSRUHO&RQJUHVR1DFLRQDOODVVLJXLHQWHVGLIHUHQFLDV
(Q SULPHU OXJDU UHHPSOD]D DO MXH] GHO FULPHQ SRU HO MXH] GH PHQRUHV
HQWUHJDQGR D HVWH ~OWLPR OD FRPSHWHQFLD SDUD FRQRFHU GH ODV LQIUDFFLRQHV D
HVWD OH\ FRPHWLGDV SRU PHQRUHV GH DxRV \ PD\RUHV GH DxRV VLQ
QHFHVLGDG GH HPLWLU SURQXQFLDPLHQWR DOJXQR VREUH HO GLVFHUQLPLHQWR GHO
PHQRU
(QVHJXQGROXJDUSUHFLVDTXHHOGHVDUUROORGHDFWLYLGDGHVGHWHUPLQDGDVHQ
EHQHILFLR GH OD FRPXQLGDG TXH SXHGHQ LPSRQHUVH DO PHQRU GHEHQ ILMDUVH GH
FRP~QDFXHUGRFRQHOLQIUDFWRUQRSXGLHQGRH[FHGHUGHGRVPHVHV
/D&RPLVLyQDFRUGyGHMDUH[SUHVDFRQVWDQFLDTXHHVWDVPHGLGDVSXHGHQVHU
DSOLFDGDV SRU HO MXH] VHD HQ IRUPD FRQMXQWD R VHSDUDGD DWHQGLGD ODV
FLUFXQVWDQFLDVGHOFDVRTXHOHFRUUHVSRQGDUHVROYHU
(QFXDQWRDODIRUPDGHHMHFXFLyQGHHVWDVDFWLYLGDGHVVHHVWiDOVLVWHPD
JHQHUDOLQGLFDGRHQHODUWtFXORƒVLQLQQRYDFLRQHV
(Q WHUFHU OXJDU VH H[FOX\HQ GH HVWD GLVSRVLFLyQ ODV LQIUDFFLRQHV GH PD\RU
JUDYHGDGFRQVLGHUDQGRFRPRWDOHVORVGHOLWRVDORVTXHODOH\DVLJQHXQDSHQD
LJXDORVXSHULRUDSUHVLGLRPHQRUHQVXJUDGRPtQLPRGHVGHGtDV
(QHVWHFDVRSURFHGHODGHFODUDFLyQSUHYLDGHVLHOPHQRUKDREUDGRRQR
FRQ GLVFHUQLPLHQWR GH DFXHUGR FRQ ODV UHJODV JHQHUDOHV DSOLFiQGRVH VHJ~Q
FRUUHVSRQGDPHGLGDVGHSURWHFFLyQRVDQFLRQHV
6HPDQWLHQHHQORGHPiVODUHVSRQVDELOLGDGFLYLOGHODSHUVRQDTXHWXYLHUH
HOPHQRUDVXFXLGDGR
)81'$0(1726'(/9(72
(O QXHYR YHWR TXH UHHPSOD]D XQR DQWHULRU YLHQH VLQ IXQGDPHQWRV (Q HO
TXH IXHUD UHWLUDGR TXH VH KD WHQLGR D OD YLVWD HO *RELHUQR UHLWHUDED OD
QHFHVLGDGGHDUWLFXODUXQDOHJLVODFLyQTXHHQIUHQWHHOIHQyPHQRGHODYLROHQFLD
HQORVFHQWURVGHSRUWLYRVPHGLDQWHXQDQRUPDWLYDMXUtGLFDTXHFRODERUHHQOD
LQKLELFLyQ GH HVWDV FRQGXFWDV \ TXH FRQILJXUH XQ UHSURFKH VRFLDO FHUWHUR \
SUHFLVRHQFRQWUDGHORVUHVSRQVDEOHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
6LQSHUMXLFLRGHORDQWHULRUH[SUHVDEDVXLQWHUpVHQUDWLILFDUHOSULQFLSLRGH
TXH ORV PHQRUHV GHHGDG GHEHQVHUMX]JDGRV SRU XQ WULEXQDO HVSHFLDOL]DGR \
GHMDUHQFODURTXHODVQRUPDVGHOSUR\HFWRQRDOWHUDQODUHJODJHQHUDOGHTXH
pVWRVHVWiQH[HQWRVGHUHVSRQVDELOLGDGFULPLQDOVLWXDFLyQTXHDVXMXLFLRQR
HVWDED VXILFLHQWHPHQWH FODULILFDGD HQ HO WH[WR DSUREDGR SRU HO &RQJUHVR
1DFLRQDO
$&8(5'2$'237$'2325/$&20,6,21
(Q YLUWXG GH ORV DQWHFHGHQWHV H[SUHVDGRV \ WHQLHQGR HQ FRQVLGHUDFLyQ ORV
DOFDQFHVGHODREVHUYDFLyQIRUPXODGDYXHVWUD&RPLVLyQSRUODXQDQLPLGDGGH
ORV VHxRUHV 'LSXWDGRV SUHVHQWHV RV UHFRPLHQGD TXH WHQJiLV D ELHQ SUHVWDUOH
DSUREDFLyQHQXQDVRODYRWDFLyQTXHODFRPSUHQGDWRWDOPHQWHDOWHQRUGHOR
SUHFHSWXDGRHQHODUWtFXORGHODOH\1ƒ2UJiQLFD&RQVWLWXFLRQDOGHO
&RQJUHVR1DFLRQDO
6HGHVLJQyFRPR'LSXWDGR,QIRUPDQWHDOVHxRU$OEHUWR(VSLQD2WHUR
6DODGHOD&RPLVLyQDGHMXOLRGH
$SUREDGR HQ VHVLyQ GH LJXDO IHFKD FRQ DVLVWHQFLD GH ORV VHxRUHV (OJXHWD
3UHVLGHQWH$\OZLQ%RPEDO&KDGZLFN(VSLQD/XNVLF5LEHUD:DONHU\GHOD
VHxRUD:|UQHU
)GR$GULiQÈOYDUH]ÈOYDUH]6HFUHWDULRGHOD&RPLVLyQ
7(;72$352%$'2325(/&21*5(621$&,21$/
³$UWtFXORƒ/DVSHUVRQDVPHQRUHVGHDxRV\PD\RUHVGHDxRVGH
HGDGTXHLQFXUULHUHQHQODVFRQGXFWDVFRQWHPSODGDVHQHODUWtFXORƒGHHVWD
OH\ VHUiQ SXHVWDV D GLVSRVLFLyQ GHO MXH] GHO FULPHQ FRUUHVSRQGLHQWH HO TXH
SUHVFLQGLHQGR GH OD GHFODUDFLyQ GH KDEHU REUDGR R QR FRQ GLVFHUQLPLHQWR
SRGUiLPSRQHUOHVDOJXQDGHODVVLJXLHQWHVPHGLGDV
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV GH I~WERO SURIHVLRQDO
FRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQHQHO
OXJDUILMDGRSRUHOMXH]KDVWDSRUHOWpUPLQRGHXQDxR
ƒ$FWLYLGDGHVGHWHUPLQDGDVHQEHQHILFLRGHODFRPXQLGDGHQORVWpUPLQRV
GHOLQFLVRSHQ~OWLPRGHODUWtFXORƒ
2%6(59$&,Ï129(72%2/2
$UWtFXORƒ/DVSHUVRQDVPHQRUHVGH\PD\RUHVGHDxRVGHHGDGTXH
LQFXUULHUHQ HQ ODV FRQGXFWDV FRQWHPSODGDV HQ HO DUWtFXOR ƒ VHUiQ SXHVWDV D
GLVSRVLFLyQ GHO -XH] GH 0HQRUHV FRUUHVSRQGLHQWH HO TXH SUHVFLQGLHQGR GH OD
+LVWRULDGHOD/H\1ž
3iJLQDGH
,1)250(&20,6,Ð1&2167,78&,Ð1
GHFODUDFLyQ GH KDEHU REUDGR R QR FRQ GLVFHUQLPLHQWR VyOR SRGUi LPSRQHUOHV
ODVVLJXLHQWHVPHGLGDV
ƒ3URKLELFLyQGHDVLVWLUDORVIXWXURVHVSHFWiFXORVGHI~WEROSURIHVLRQDOFRQ
REOLJDFLyQ GH SUHVHQWDUVH HQ ORV GtDV \ KRUDV HQ TXH HOORV VH UHDOLFHQ HQ HO
OXJDUILMDGRSRUHO-XH]KDVWDSRUHOWpUPLQRGHXQDxR\
ƒ $FWLYLGDGHV GHWHUPLQDGDV HQ EHQHILFLR GH OD FRPXQLGDG ODV TXH GHEHUiQ
ILMDUVHGHFRP~QDFXHUGRFRQHOLQIUDFWRU
/DVDFWLYLGDGHVHQEHQHILFLRGHODFRPXQLGDGVHUHJLUiQHQFXDQWRDVXIRUPD
SRUORGLVSXHVWRHQHO LQFLVRSHQ~OWLPRGHODUWtFXORƒ\QRSRGUiQWHQHUXQD
GXUDFLyQVXSHULRUDGRVPHVHV
/D SHUVRQD TXH WXYLHVH D VX FDUJR HO FXLGDGR GHO PHQRU VHUi FLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
6L ODV FRQGXFWDV VDQFLRQDGDV HQ HO SUHVHQWH DUWtFXOR IXHURQ FRQVWLWXWLYDV GH
GHOLWRDOTXHODOH\DVLJQHXQDSHQDLJXDORVXSHULRUDODGHSUHVLGLRPHQRUHQ
VXJUDGRPtQLPRVHSURFHGHUiDODGHFODUDFLyQSUHYLDDFHUFDGHVLHOPHQRUKD
REUDGR R QR FRQ GLVFHUQLPLHQWR GH DFXHUGR FRQ ODV UHJODV JHQHUDOHV \ VH OH
DSOLFDUiQ ODV PHGLGDV GH SURWHFFLyQ R VDQFLRQHV TXH FRUUHVSRQGDQ VHJ~Q HO
FDVR
/D SHUVRQD TXH WXYLHVH D VX FDUJR HO FXLGDGR GHO PHQRU VHUi FLYLOPHQWH
UHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
'LVFXVLyQHQ6DOD
&iPDUD GH 'LSXWDGRV /HJLVODWXUD 6HVLyQ )HFKD GH MXOLR 'LVFXVLyQYHWRSUHVLGHQFLDO6HDSUXHED
5(35(6,Ï1'('(6Ï5'(1(6<+(&+26'(9,2/(1&,$(1(67$',26<
5(&,1726'(3257,9269HWR
(O VHxRU 6&+$8/621+1 3UHVLGHQWH (Q HO 2UGHQ GHO 'tD FRUUHVSRQGH
FRQRFHU ODV REVHUYDFLRQHV GH 6X ([FHOHQFLD HO 3UHVLGHQWH GH OD 5HS~EOLFD DO
SUR\HFWR GH OH\ GHVWLQDGR D UHSULPLU GHVyUGHQHV \ KHFKRV GH YLROHQFLD
FRPHWLGRV HQ ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH
HVSHFWiFXORVS~EOLFRV
'LSXWDGR LQIRUPDQWHGHOD&RPLVLyQGH&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDHV
HOVHxRU(VSLQD
$QWHFHGHQWHV
2EVHUYDFLRQHV GH 6( HO 3UHVLGHQWH GH OD 5HS~EOLFD EROHWtQ VHVLyQHQGHMXOLRGH'RFXPHQWRVGHOD&XHQWD1ž
(O VHxRU 6&+$8/621+1 3UHVLGHQWH 7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
(VSLQD
(O VHxRU (63,1$ 6HxRU 3UHVLGHQWH HQ UHSUHVHQWDFLyQ GH OD &RPLVLyQ GH
&RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD PH FRUUHVSRQGH UHIHULUPH D ODV
REVHUYDFLRQHV IRUPXODGDV SRU 6X ([FHOHQFLD HO 3UHVLGHQWH GH OD 5HS~EOLFD DO
SUR\HFWRGHOH\TXHUHSULPHGHVyUGHQHV\KHFKRVGHYLROHQFLDHQORVHVWDGLRV\
RWURVFHQWURVGHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRVODVTXHKDQVLGR
DFRJLGDV HQ IRUPD XQiQLPH SRU OD &RPLVLyQ GH OD &RQVWLWXFLyQ GH OD &iPDUD
(OYHWRVXVWLWXWLYRILQDOPHQWHUHVXHOYHODVGLVFUHSDQFLDVTXHHOSUR\HFWRRULJLQy
HQWUH HO 6HQDGR \ OD &iPDUD HQ WpUPLQRV TXH ORJUDURQ OD XQDQLPLGDG GH OD
&RPLVLyQ
3DUDODDGHFXDGDFRPSUHQVLyQGHOFRQWHQLGRGHOYHWRFDEHUHFRUGDUTXHHQHO
DUWtFXORžGHOSUR\HFWRVHVDQFLRQDDTXLHQHVFRQRFDVLyQGHXQHVSHFWiFXOR
GH I~WERO SURIHVLRQDO FDXVHQ OHVLRQHV D ODV SHUVRQDV R GDxRV D ELHQHV HQ HO
UHFLQWR HQ TXH WLHQH OXJDU R HQ VXV LQPHGLDFLRQHV DQWHV GXUDQWH R GHVSXpV
GH VX GHVDUUROOR FRQ XQD SHQD GH SUHVLGLR PHQRU HQ VX JUDGR PHGLR VDOYR
TXH HO KHFKR GHOLFWXDO PHUH]FD XQD SHQD VXSHULRU (V GHFLU OD UHJOD JHQHUDO
SDUD ORV GHOLWRV WLSLILFDGRV HQ HVWD LQLFLDWLYD DSOLFDEOHV D ODV SHUVRQDV
SOHQDPHQWHLPSXWDEOHVHVWRHVPD\RUHVGHDxRVGHHGDGHVGHGtDV
DDxRVGHFiUFHO
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O DUWtFXOR ž GHO SUR\HFWR GHVSDFKDGR SRU HO &RQJUHVR 1DFLRQDO UHJXOD OD
VLWXDFLyQHQTXHVHHQFXHQWUDQODVSHUVRQDVPHQRUHVGHDxRV\PD\RUHVGH
TXH LQFXUUDQ HQ HVWDV FRQGXFWDV (V GHFLU OD QRUPD TXH KH OHtGR ±HO
DUWtFXORžHVODGHDSOLFDFLyQJHQHUDOOXHJRKD\RWURSUHFHSWRTXHUHJXODHQ
IRUPD GLVWLQWD HVWRV KHFKRV GH YLROHQFLD FXDQGR VRQ FRPHWLGRV SRU PHQRUHV
GHDxRV\PD\RUHVGH
(Q HVWD KLSyWHVLV HQ HO SUR\HFWR DSUREDGR SRU HO &RQJUHVR 1DFLRQDO VH
HVWDEOHFtDTXHFRQRFHUtDGHHVWRVKHFKRVXQMXH]GHOFULPHQTXLHQSUHVFLQGLUtD
GH OD GHFODUDFLyQ GH KDEHU REUDGR R QR FRQ GLVFHUQLPLHQWR \ DSOLFDUtD D ORV
MyYHQHVLQYROXFUDGRVHQHVWRVKHFKRVXQDGHODVVLJXLHQWHVPHGLGDV
/D SURKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV GH I~WERO SURIHVLRQDO FRQ
REOLJDFLyQ GH SUHVHQWDUVH HQ ORV GtDV \ KRUDV HQ TXH HOORV VH UHDOLFHQ HQ HO
OXJDUTXHILMHHOMXH]R
5HDOL]DU DFWLYLGDGHV GHWHUPLQDGDV HQ EHQHILFLR GH OD FRPXQLGDG TXH VH
UHJXODQHQGHWDOOHHQHODUWtFXORžDTXHKHKHFKRUHIHUHQFLD
(QUHDOLGDGHVWHFXHUSROHJDOFRQWHQtDDOJXQRVYDFtRVTXHKDQVLGRFRUUHJLGRV
FRQODVREVHUYDFLRQHVGH6X([FHOHQFLDHO3UHVLGHQWHGHOD5HS~EOLFD\TXHOD
&RPLVLyQGH&RQVWLWXFLyQUHFRPLHQGDDOD6DODDSUREDU%iVLFDPHQWHDSXQWDQ
D OR VLJXLHQWH (Q SULPHU OXJDU FXDQGR HO KHFKR GHOLFWXDO WHQtD XQD SHQD
LQIHULRU D GtDV FRPR RFXUUH HQ OR TXH OD OHJLVODFLyQ GHQRPLQD OHVLRQHV
PHQRV JUDYH HQ OD SUiFWLFD OD QRUPDWLYD DSUREDGD SRU HVWD &iPDUD GHMDED
VLQVDQFLyQDTXLQHVSDUWLFLSDUDQHQHVWHWLSRGHGHVPDQHV
)UHQWH D HVWR WDQWR HO *RELHUQR FRPR ORV PLHPEURV GH OD &RPLVLyQ GH
&RQVWLWXFLyQ HIHFWXDURQ XQD PRGLILFDFLyQ DO WH[WR DSUREDGR SRU HO &RQJUHVR
TXHVHH[SUHVDHQHOYHWRGH6X([FHOHQFLDHO3UHVLGHQWHGHOD5HS~EOLFD\TXH
DSDUHFH HQ HO LQFLVR SHQ~OWLPR GHO DUWtFXOR ž GRQGH VH VHxDOD TXH VL ODV
FRQGXFWDV FRQVWLWXFLRQDOHV GH HVWH GHOLWR GH YLROHQFLD HQ ORV HVWDGLRV WLHQHQ
XQDSHQDLJXDORVXSHULRUDODGHSUHVLGLRPHQRUHQVXJUDGRPtQLPR±HVWRHV
GHGtDVDVHSURFHGHUiDDSOLFDUODOHJLVODFLyQFRP~QTXHFRUUHVSRQGH
DWRGRWLSRGHGHOLWR
'HHVWDIRUPDHOYHWRYLHQHDOOHQDUXQYDFtRTXHVHKDEtDSURGXFLGRHQODOH\
FXDQGRHVWiEDPRVHQSUHVHQFLDGHODVOHVLRQHVFRQVLGHUDGDVPHQRVJUDYH
(QVHJXQGROXJDUHOYHWRPRGLILFDODFRPSHWHQFLDGHORVWULEXQDOHVOODPDGRVD
FRQRFHU GH HVWRV SURFHVRV GH ORV PHQRUHV \ DO UHVSHFWR KXER DFXHUGR
XQiQLPH HQ OD &RPLVLyQ HQ FXDQWR D TXH QR IXHUDQ MX]JDGRV SRU WULEXQDOHV
GHOFULPHQVLQRSRUMXHFHVGHPHQRUHV
(Q WHUFHU OXJDU \ FRPR PHGLGD GH UHKDELOLWDFLyQ VH LQFRUSRUD OD UHDOL]DFLyQ
GH GHWHUPLQDGDV DFWLYLGDGHV HQ EHQHILFLR GH OD FRPXQLGDG ILMDGDV GH FRP~Q
DFXHUGRFRQHOLQIUDFWRU\VHJ~QHOSURFHGLPLHQWRTXHHVWDEOHFHHODUWtFXORƒ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
+DJRSUHVHQWHDOD6DODTXHHQHVWHDUWtFXORVHLQQRYDUHVSHFWRGHOFULWHULRTXH
ODOHJLVODFLyQSHQDOFKLOHQDDSOLFDSRUUHJODJHQHUDOFXDQGRQRVHQFRQWUDPRV
IUHQWH D XQ KHFKR GHOLFWXDO HQ TXH SDUWLFLSD XQ PHQRU GH DxRV /D UHJOD
JHQHUDOHVTXHVLXQPHQRUGHDxRVDFW~DFRQGLVFHUQLPLHQWRSXHGHUHFLELU
XQD SHQD GH FiUFHO \ VL DFW~D VLQ GLVFHUQLPLHQWR HV VRPHWLGR D XQ
SURFHGLPLHQWRHVSHFLDOUHJXODGRSRUOD/H\GH0HQRUHV
&RQHVWHDUWtFXORVHSURGXFHXQDJUDQLQQRYDFLyQHQFXDQWRDOWUDWDPLHQWRGH
UHKDELOLWDFLyQ GH ORV MyYHQHV TXH DSDUH]FDQ YLQFXODGRV D KHFKRV GHOLFWXDOHV
TXHQRFRQVWLWX\DQOHVLRQHVJUDYHV\TXHHQGHILQLWLYDWHQJDQXQDSHQDOLGDG
EDMD HQ OD OHJLVODFLyQ FKLOHQD ¢< HQ TXp FRQVLVWHQ ODV PHGLGDV GH
UHKDELOLWDFLyQ" (Q TXH HO MXH] GH FRP~Q DFXHUGR FRQ HO MRYHQ ILMDUi OD
UHDOL]DFLyQGHWUDEDMRVHQEHQHILFLRGHODFRPXQLGDG\WDPELpQOHDSOLFDUiXQD
SHQDTXHFRQVLVWLUtDHQLPSHGLUOHDVLVWLUDORVIXWXURVHVSHFWiFXORVGHSRUWLYRV
7UDWiQGRVH GH ORV PHQRUHV OD OHJLVODFLyQ PRGHUQD KD LGR UHHPSOD]DQGR
SDXODWLQDPHQWHODVSHQDVGHFiUFHOTXHOHMRVGHUHKDELOLWDUFRQGXFHQDTXHORV
MyYHQHVVHDQPiVGHOLQFXHQWHVSRUPHGLGDVGHUHKDELOLWDFLyQFRQVLVWHQWHVHQ
ODUHDOL]DFLyQGHWUDEDMRVHQEHQHILFLRGHODFRPXQLGDG
'HVGH HVD SHUVSHFWLYD VLQ OXJDU D GXGDV HO DUWtFXOR ƒ FRQVWLWX\H XQD
LQQRYDFLyQ TXH DEUH XQ QXHYR FDPSR HQ HO VLVWHPD GH SHQDV TXH DSOLFD
QXHVWUDOHJLVODFLyQSHQDO
3RU HVWDV FRQVLGHUDFLRQHV OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ -XVWLFLD
HQ IRUPD XQiQLPH VXJLHUH D OD +RQRUDEOH &iPDUD OD DSUREDFLyQ GHO YHWR
IRUPXODGR SRU HO 3UHVLGHQWH GH OD 5HS~EOLFD \D TXH HQ VtQWHVLV HQ SULPHU
OXJDU SHUPLWH TXH ORV PHQRUHV GH DxRV VHDQ MX]JDGRV SRU XQ MXH] GH
PHQRUHV\QRSRUXQMXH]GHOFULPHQHQVHJXQGROXJDUSRUTXHFRQFUHWDPHQWH
HVWDEOHFH PHGLGDV GH UHKDELOLWDFLyQ SDUD HVWRV MyYHQHV \ HQ WHUFHU OXJDU
SRUTXHILMDSDUDTXHVHDSOLTXHQHVWDVPHGLGDVGHUHKDELOLWDFLyQTXHHOGHOLWR
VHDGHFDUiFWHUPHQRUHVGHFLUTXHWHQJDXQDSHQDOLGDGLQIHULRUDGtDVGH
FiUFHOFRQORFXDOVHHVWLPDTXHODQRUPDFXPSOLUiVXILQDOLGDGGHUHKDELOLWDUD
ORVPHQRUHVGHDxRVFXDQGRDSDUHFHQLQYROXFUDGRVHQDFWRVGHYLROHQFLD
6LQ HPEDUJR FDEH WHQHU SUHVHQWH TXH FXDQGR QRV HQFRQWUDPRV IUHQWH D ORV
PLVPRV PHQRUHV TXH FRPHWHQ GHOLWRV GH PD\RU HQYHUJDGXUD R IUHQWH D
PD\RUHV GH HGDG OD OHJLVODFLyQ HVWDEOHFH XQD SHQD H[WUDRUGLQDULDPHQWH
GUiVWLFD FRQVLVWHQWH HQ WUHV DxRV GH SULVLyQ VDOYR TXH HO GHOLWR PHUH]FD XQD
SHQDVXSHULRUSRUTXHFRQVWLWX\HXQKHFKRFULPLQDOGHPD\RUJUDYHGDG
)LQDOPHQWHTXLHURYDORUDU\KDFHUXQUHFRQRFLPLHQWRDODODERUTXHHIHFWXyHQ
HVWD PDWHULD OD VHxRUD 0LQLVWUD GH -XVWLFLD \ VXV DERJDGDV DVHVRUDV TXLHQHV
SHUPLWLHURQ FRUUHJLU ORV YDFtRV TXH WHQtD OD OHJLVODFLyQ \ VLPXOWiQHDPHQWH
REWHQHU XQ WH[WR OHJDO TXH FXHQWD FRQ OD XQDQLPLGDG GH ORV SDUODPHQWDULRV
PLHPEURVGHOD&RPLVLyQ\TXHSRGUiVHUOH\GHOD5HS~EOLFDDODEUHYHGDG
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
3RU HVWDV FRQVLGHUDFLRQHV OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \ MXVWLFLD
SLGH D OD +RQRUDEOH &iPDUD DSUREDU HO YHWR IRUPXODGR SRU 6X ([FHOHQFLD HO
3UHVLGHQWHGHOD5HS~EOLFD
+HGLFKR
(OVHxRU6&+$8/62+13UHVLGHQWH2IUH]FRODSDODEUD
7LHQHODSDODEUDOD0LQLVWUDGH-XVWLFLDVHxRUD6ROHGDG$OYHDU
/D VHxRUD $/9($50LQLVWUD GH -XVWLFLD 6HxRU 3UHVLGHQWH HQ SULPHU OXJDU
TXLHURH[SUHVDUTXHHOYHWRTXHVHVRPHWHDODFRQVLGHUDFLyQGHOD&iPDUDIXH
DFRUGDGR SRU HO (MHFXWLYR UHFRJLHQGR SUHFLVDPHQWH DOJXQDV REVHUYDFLRQHV
IRUPXODGDV SRU KRQRUDEOHV 'LSXWDGRV TXLHQHV DO WHUPLQDU OD WUDPLWDFLyQ GH
HVWD LQLFLDWLYD KLFLHURQ SUHVHQWH DOJXQRV YDFtRV TXH HO VHxRU 'LSXWDGR
LQIRUPDQWHKDVHxDODGRHQIRUPDPX\SUHFLVD
&RPR (MHFXWLYR QRV SDUHFH IXQGDPHQWDO TXH WUDWiQGRVH GH PHQRUHV GH DxRVHOWULEXQDOFRPSHWHQWHTXHVHKD\DGHILQLGRVHDSUHFLVDPHQWHHOMXH]GH
PHQRUHV'HVGHHVHSXQWRGHYLVWDHVWDPRVUHVSHWDQGRODOHJLVODFLyQTXHHQ
QXHVWUR SDtV VH HVWDEOHFH VREUH HO SDUWLFXODU FRQWHPSODGD \ FRQVDJUDGD SRU
RWUDSDUWHHQODVQRUPDVGHOGHUHFKRLQWHUQDFLRQDOGHORVGHUHFKRVKXPDQRV
\GHORVGHUHFKRVGHORVPHQRUHV
(QVHJXQGRWpUPLQRYDORUDPRVHQHVWDLQLFLDWLYDWDOFRPRVHFRQVDJUDHQHO
YHWR TXH KD VLGR DSUREDGR SRU OD &RPLVLyQ GH &RQVWLWXFLyQ /HJLVODFLyQ \
-XVWLFLD ODV PHGLGDV DOWHUQDWLYDV TXH VH GLVSRQHQ SDUD ORV PHQRUHV
SURFXUDQGR HVSHFLDOPHQWH VX UHKDELOLWDFLyQ \ HO HVWDEOHFLPLHQWR GH VDQFLRQHV
DGHFXDGDVDVXHGDG
6LQ SHUMXLFLR GH HOOR PH SDUHFH LPSRUWDQWH GHMDU FRQVWDQFLD SDUD OD KLVWRULD
ILGHGLJQD GH OD OH\ DOJR TXH VH REVHUYy HQ HO WUDEDMR GH OD &RPLVLyQ GH
&RQVWLWXFLyQ/HJLVODFLyQ\-XVWLFLDGHOD&iPDUDGHHVWDWDUGHHQHOVHQWLGRGH
HVWDEOHFHUTXHHQHOLQFLVRSULPHURGHODUWtFXORƒGHEHHQWHQGHUVHTXHHOMXH]
SXHGHDSOLFDURLPSRQHUXQDRDPEDVPHGLGDVRODSURKLELFLyQGHODVLVWLUDORV
IXWXURV HVSHFWiFXORV GH I~WERO SURIHVLRQDO KDVWD SRU HO WpUPLQR GH XQ FRQ
REOLJDFLyQGHSUHVHQWDUVHHQORVGtDVKRUDVHQTXHHOORVVHUHDOLFHQHQHOOXJDU
ILMDGR SRU HO MXH] \ DGHPiV OD UHDOL]DFLyQ GH DFWLYLGDGHV GHWHUPLQDGDV HQ
EHQHILFLR GH OD FRPXQLGDG ODV TXH GHEHUiQ ILMDUVH GH FRP~Q DFXHUGR FRQ HO
LQIUDFWRU
6HxRU 3UHVLGHQWH HV LPSRUWDQWH GHMDU FODUR HQ OD KLVWRULD GH OD OH\ SDUD ORV
HIHFWRV GH VX IXWXUD LQWHUSUHWDFLyQ GH TXH HO MXH] GH PHQRUHV IUHQWH DFDGD
VLWXDFLyQSRGUiHYDOXDUVLDSOLFDXQDRDPEDVPHGLGDV
*UDFLDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(O VHxRU 6&+$8/62+1 3UHVLGHQWH7LHQH OD SDODEUD HO 'LSXWDGR VHxRU
(OJXHWD
(O VHxRU (/*8(7$ 6HxRU 3UHVLGHQWH VyOR SDUD DQXQFLDU QXHVWURV YRWRV
IDYRUDEOHVDOYHWR\UHFRUGDUTXHFXDQGRVHGHEDWLyHOLQIRUPHGHOD&RPLVLyQ
0L[WDFRQHO'LSXWDGRVHxRU/XNVLFHQYLDPRVREVHUYDFLRQHVDO3UHVLGHQWHGHOD
5HS~EOLFD\D OD0LQLVWUDGH-XVWLFLDHQUHODFLyQFRQ ORVWUHVYDFtRVTXHDKRUD
VH KDQ VROXFLRQDGR PHGLDQWH HVWH YHWR 1RV SUHRFXSDED TXH XQD PDWHULD GH
HVWDQDWXUDOH]DQRIXHUDHQWUHJDGDDOMXH]GHPHQRUHVHQFRQIRUPLGDGFRQORV
SDFWRV LQWHUQDFLRQDOHV VXVFULWRV SRU &KLOH \ TXH DGHPiV OD UHDOL]DFLyQ GH
DFWLYLGDGHV GHWHUPLQDGDV HQ EHQHILFLR GH OD FRPXQLGDG VH DSOLFDUD FRPR
VDQFLyQ SULQFLSDO \ XQLODWHUDO R TXH GHVGH HO LPSHULR GHO MXH] HVWR QR VH
KLFLHUDGHFRP~QDFXHUGRFRQHOLQIUDFWRUFRPRVHHVWDEOHFHHQHOYHWR
3RU~OWLPRVHVDOYyXQYDFtROHJDOUHVSHFWRGHODVLWXDFLyQTXHVHSURGXFtDHQ
FDVRV GH GHOLWRV FRPHWLGRV SRU PHQRUHV GH \ PD\RUHV GH DxRV HQ
UHFLQWRV GHSRUWLYRV HQ OD IRUPD TXH HVWDEOHFH HO LQFLVR SHQ~OWLPR GH OD
SURSXHVWDGHODUWtFXORƒ
(Q FRQVHFXHQFLD UHLWHUR QXHVWUD EDQFDGD YRWDUi IDYRUDEOHPHQWH HO YHWR GHO
3UHVLGHQWHGHOD5HS~EOLFD
+HGLFKR
(OVHxRU6&+$8/62+13UHVLGHQWHWLHQHODSDODEUDHO'LSXWDGRVHxRU2USLV
(O VHxRU 253,6 6HxRU 3UHVLGHQWH PH YR\ D RSRQHU DO YHWR GHO (MHFXWLYR
SRUTXHGHVGHPLSXQWRGHYLVWDODVVDQFLRQHVVRQPX\GpELOHV$ORPHQRVD
TXLHQ KD\D FRPHWLGR HVWH WLSR GH DFWRV HQ ORV HVWDGLRV GHEHUtD SURKLEtUVHOH
DVLVWLU D HOORV GXUDQWH XQ WLHPSR \ TXH OD SHQD GH ORV WUDEDMRV FRPXQLWDULRV
IXHUD DOWHUQDWLYD 3XHGH RFXUULU TXH XQ PHQRU FRPHWD XQ DFWR GH YLROHQFLD FRPRORVFRQRFLGRV\HOMXH]QRHVWDEOH]FDHOLPSHGLPHQWRGHODFRQFXUUHQFLD
DOFDPSRGHSRUWLYR &UHRTXHODVDQFLyQ PtQLPDGHEHUtDVHU ODSURKLELFLyQGH
DVLVWLUDORVHVWDGLRV\TXHVHFRQWHPSODUDFRPRSRVLELOLGDGODDSOLFDFLyQRQR
GHOWUDEDMRFRPXQLWDULR
+HGLFKR
(O VHxRU 6&+$8/62+1 3UHVLGHQWH 7LHQH OD SDODEUD OD KRQRUDEOH 'LSXWDGD
VHxRUD:|UQHU
/D VHxRUD :g51(5 6HxRU 3UHVLGHQWH DQXQFLy ORV YRWRV IDYRUDEOHV GH OD
EDQFDGD GHO 33' KDFLHQGR SUHVHQWH TXH QRV SDUHFH H[WUDRUGLQDULDPHQWH
LPSRUWDQWH OR TXH KD SXQWXDOL]DGR HO 'LSXWDGR LQIRUPDQWH VHxRU (VSLQD HQ
FXDQWRDTXHDOYROYHUHOSUR\HFWRDWUDYpVGHOYHWRDODVLGHDVPDWULFHVGH
OD LQLFLDWLYD RULJLQDO GHO (MHFXWLYR HV IXQGDPHQWDO TXH FRPHQFHPRV D GDU
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
SDVRV VLJQLILFDWLYRV SDUD HVWDEOHFHU HO KHFKR GH TXH HQ QXHVWUD OHJLVODFLyQ
GHEH UHVSHWDUVH OD FRPSHWHQFLD GH ORV WULEXQDOHV GH PHQRUHV SDUD HO
WUDWDPLHQWRGHWRGDVLWXDFLyQODTXHSXGLHQGRRQRVHUFRQVWLWXWLYDGHGHOLWR
GHEHUDGLFDUVHVLHPSUHHQORVWULEXQDOHVGHPHQRUHV
$O GDU QXHVWUD DSUREDFLyQ DO YHWR QRV DOLHQWD OD HVSHUDQ]D GH TXH FXDQGR
WUDWHPRV HO WHPD GH OD HUUDGLFDFLyQ GH PHQRUHV GH ORV UHFLQWRV FDUFHODULRV
SUR\HFWR GHO FXDO OD 0LQLVWUD GH -XVWLFLD KD YHQLGR SUHRFXSiQGRVH HQ OD
&RPLVLyQFRUUHVSRQGLHQWH\TXH\DKHPRVDSUREDGRHQJHQHUDOQRVDVLVWDHO
PLVPR HQWXVLDVPR SDUD EXVFDU OD IRUPD GH HYLWDU OD DSOLFDFLyQ GH VDQFLRQHV
TXH QR VLHPSUH VRQ VXILFLHQWHPHQWH FRUUHFWLYDV \ TXH HQ HO FDVR GH
SURFHGLPLHQWR \ VDQFLyQ D PHQRUHV GH HQWUH \ DxRV VLHPSUH
SULYLOHJLHPRVPHGLGDVVXVWLWXWLYDVGHSULYDFLyQGHOLEHUWDG
+HGLFKR
(O VHxRU 6&+$8/62+1 3UHVLGHQWH 7LHQH OD SDODEUD HO KRQRUDEOH 'LSXWDGR
VHxRU(VWpYH]
(O VHxRU (67e9(= 6HxRU 3UHVLGHQWH OD EDQFDGD GHO 3DUWLGR 6RFLDOLVWD
WDPELpQYRWDUiDIDYRUGHOYHWRSRUFXDQWRFRPR\DVHGLMRSUHFLVDRFRUULJH
DOJXQRVDVSHFWRVGHODOH\TXHDSUREDPRVVREUHYLROHQFLDHQORVHVWDGLRV
(VWDEOHFH TXH VHUi HO MXH] GH PHQRUHV TXLHQ WHQGUi D VX GLVSRVLFLyQ D ORV
PHQRUHV TXH LQFXUULHUHQ HQ ODV FRQGXFWDV FRQWHPSODGDV HQ HO SUR\HFWR
$GHPiV SUHFLVD VH KDEtD RPLWLGR TXH HQ FDVR GH TXH ODV FRQGXFWDV
VDQFLRQDGDV IXHUHQ FRQVWLWXWLYDV GH GHOLWR DO TXH OD OH\ OH DVLJQH XQD SHQD
VXSHULRU D OD GH SUHVLGLR PHQRU HQ VX JUDGR PHGLR VH VHJXLUiQ ORV WUiPLWHV
QRUPDOHVHQODMXVWLFLDGHOFULPHQ
'H HVWH PRGR VH FRPSOHWD HO ODUJR WUiPLWH GH XQD LQLFLDWLYD TXH VHUi
LPSRUWDQWHSDUDFRQWULEXLUDTXHQXHVWUDVIDPLOLDVSXHGDQDVLVWLUFRQODGHELGD
WUDQTXLOLGDG D ORV HVSHFWiFXORV PDVLYRV GHO I~WERO 3RU FLHUWR OD YLROHQFLD QR
SURYLHQH GHO I~WERO VLQR GH FDXVDV VRFLDOHV PiV SURIXQGDV \ FRPSOHMDV TXH
WDPELpQGHEHUHPRVDIURQWDU3HURHVWHSUR\HFWRFRQWULEXLUiHQIRUPDSRVLWLYD
DOPHMRUHVSDUFLPLHQWRGHODIDPLOLD
+HGLFKR
(OVHxRU6&+$8/62+13UHVLGHQWH2IUH]FRODSDODEUD
2IUH]FRODSDODEUD
&HUUDGRHOGHEDWH
¢+DEUtDDFXHUGRXQiQLPHSDUDDSUREDU ODVREVHUYDFLRQHVGHO3UHVLGHQWHGHOD
5HS~EOLFD"
(OVHxRU6$%$*1R
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(OVHxRU6&+$8/62+13UHVLGHQWH(QYRWDFLyQ
(IHFWXDGDODYRWDFLyQHQIRUPDHFRQyPLFDSRUHOVLVWHPDHOHFWUyQLFRGLRHO
VLJXLHQWHUHVXOWDGRSRUODDILUPDWLYDYRWRVSRUODQHJDWLYDYRWR+XER
DEVWHQFLyQ
9RWDURQ SRU OD DILUPDWLYD ORV VLJXLHQWHV VHxRUHV 'LSXWDGRV $FXxD $JXLOy
$OYDUH]6DODPDQFD $OOHQGH GRxD ,VDEHO $VFHQFLR $\OZLQ GRQ $QGUpV
$\OZLQ GRxD 0DULDQD &DQWHUR &KDGZLFN 'XSUp (OJXHWD (OL]DOGH (VWpYH]
(VSLQD3HUUDGD*DOLOHD*DUGDGRQ5HQp0DQXHO*DUFtDGRQ-RVp*DUFtD
+XLGREUR*LUDUGL*RQ]iOH]*XWLpUUH]+DPX\+XHQFKXPLOOD+XUWDGR-DUD
-UJHQVHQ.DUHORYLF/HyQ/RQJWRQ0DUWtQH]GRQ*XWHQEHUJ0DUWtQH]GRQ
5RVDXUR 0RUDOHV 0RUHLUD 0XQL]DJD 1DYDUUR 2MHGD 2UWL] 3DOPD GRQ
$QGUpV 3DOPD GRQ -RDTXtQ 3URFKHOOH GRxD 0DULQD 5HEROOHGR GRxD
5RP\5H\HV
5LEHUD 5RGUtJXH] 6DD GRxD 0DUtD $QWRQLHWD 6DEDJ 6DODV 6HJXHO 6LOYD
6DOtV 6RWD 7DODGUL] 7RKi 7XUQD 8UUXWLD GRQ 6DOYDGRU 9HJD 9HQHJDV
:DONHU:|UQHUGRxD0DUWLWD\=DPEUDQR
9RWySRUODQHJDWLYDHO'LSXWDGRVHxRU2USLV
6HREVWXYRHO'LSXWDGRVHxRU3pUH]GRQ9tFWRU
(OVHxRU6&+$8/62+13UHVLGHQWH$SUREDGRHOYHWR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2$352%$&,Ð12%6(59$&,21(6(-(&87,92
2ILFLRGH&iPDUDGH2ULJHQD&iPDUD5HYLVRUD
2ILFLRDSUREDFLyQREVHUYDFLRQHVGHO(MHFXWLYR)HFKDGHMXOLR&XHQWD
HQ6HVLyQ/HJLVODWXUD6HQDGR
2ILFLR1ž
9$/3$5$Ë62GHMXOLRGH
$6((/
35(6,'(17('(/
+6(1$'2
/D&iPDUDGH'LSXWDGRVHQVHVLyQFHOHEUDGDHQHOGtD
GHKR\KDWHQLGRDELHQSUHVWDUVXDSUREDFLyQDODREVHUYDFLyQIRUPXODGDSRU
6(HO3UHVLGHQWHGHOD5HS~EOLFDDOSUR\HFWRGHOH\TXHUHSULPHGHVyUGHQHV\
KHFKRV GH YLROHQFLD HQ ORV HVWDGLRV \ RWURV FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH
HVSHFWiFXORVS~EOLFRV
$FRPSDxRORVDQWHFHGHQWHVUHVSHFWLYRV
'LRVJXDUGHD9(
-25*(6&+$8/62+1%52'6.<
3UHVLGHQWHGHOD&iPDUDGH'LSXWDGRV
&$5/26/2<2/$23$=2
6HFUHWDULRGHOD&iPDUDGH'LSXWDGRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
'LVFXVLyQHQ6DOD
6HQDGR /HJLVODWXUD 6HVLyQ )HFKD GH MXOLR 'LVFXVLyQ YHWR
SUHVLGHQFLDO6HDSUXHED
5(35(6,Ï1'(9,2/(1&,$(1&(17526'(3257,9269(72
(O VHxRU 1Òf(= 9LFHSUHVLGHQWH² &RUUHVSRQGH RFXSDUVH HQ ODV
REVHUYDFLRQHV GHO -HIH GHO (VWDGR DO SUR\HFWR TXH UHSULPH GHVyUGHQHV \
KHFKRVGHYLROHQFLDHQORVHVWDGLRV\RWURVFHQWURVGHSRUWLYRVFRQRFDVLyQGH
HVSHFWiFXORVS~EOLFRV
²/RV DQWHFHGHQWHV VREUH HO SUR\HFWR ILJXUDQ HQ ORV
'LDULRVGH6HVLRQHVTXHVHLQGLFDQ
3UR\HFWRGHOH\
(QVHJXQGRWUiPLWHVHVLyQDHQGHMXQLRGH
(QWUiPLWHGH&RPLVLyQ0L[WDVHVLyQDHQ
GHPD\RGH
2EVHUYDFLRQHV HQ VHJXQGR WUiPLWH VHVLyQ D
HQGHMXOLRGH
,QIRUPHVGH&RPLVLyQ
&RQVWLWXFLyQ VHVLyQ D HQ GH HQHUR GH
&RQVWLWXFLyQ VHJXQGR VHVLyQ D HQ GH
DEULOGH
0L[WDVHVLyQDHQGHPD\RGH
'LVFXVLyQ
6HVLRQHV D HQ GH DEULO GH VH DSUXHED
HQ JHQHUDO D HQ GH DEULO GH VH GHVSDFKD HQ SDUWLFXODU
DHQGHPD\RGHVHDSUXHEDLQIRUPHGH&RPLVLyQ0L[WD
(OVHxRU(<=$*8,55(6HFUHWDULR²&RPRUHFRUGDUiQORVVHxRUHV6HQDGRUHV
D\HU OD 6DOD DFRUGy H[LPLU HVWD LQLFLDWLYD GHO WUiPLWH HQ OD &RPLVLyQ GH
&RQVWLWXFLyQ/HJLVODFLyQ-XVWLFLD\5HJODPHQWR
/D REVHUYDFLyQ GHO VHxRU 3UHVLGHQWH GH OD 5HS~EOLFD
DSUREDGD SRU OD &iPDUD GH 'LSXWDGRV WLHQH SRU REMHWR VXVWLWXLU HO WH[WR GHO
DUWtFXORƒSRUHOTXHVLJXH
/DVSHUVRQDVPHQRUHVGH\PD\RUHVGHDxRV
GH HGDG TXH LQFXUULHUHQ HQ ODV FRQGXFWDV FRQWHPSODGDV HQ HO DUWtFXOR ƒ
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
VHUiQ SXHVWDV D GLVSRVLFLyQ GHO -XH] GH 0HQRUHV FRUUHVSRQGLHQWH HO TXH
SUHVFLQGLHQGRGHODGHFODUDFLyQGHKDEHUREUDGRRQRFRQGLVFHUQLPLHQWRVyOR
SRGUiLPSRQHUOHVODVVLJXLHQWHVPHGLGDV
ƒ²3URKLELFLyQGHDVLVWLUDORVIXWXURVHVSHFWiFXORV
GHI~WEROSURIHVLRQDOFRQREOLJDFLyQGHSUHVHQWDUVHHQORVGtDV\KRUDVHQTXH
HOORVVHUHDOLFHQHQHOOXJDUILMDGRSRUHO-XH]KDVWDSRUHOWpUPLQRGHXQDxR
\
ƒ² $FWLYLGDGHV GHWHUPLQDGDV HQ EHQHILFLR GH OD
FRPXQLGDG ODV TXH GHEHUiQ ILMDUVH GH FRP~Q DFXHUGR FRQ HO LQIUDFWRU /DV
DFWLYLGDGHVHQEHQHILFLRGHODFRPXQLGDGVHUHJLUiQHQFXDQWRDVXIRUPDSRU
OR GLVSXHVWR HQ HO LQFLVR SHQ~OWLPR GHO DUWtFXOR ƒ \ QR SRGUiQ WHQHU XQD
GXUDFLyQVXSHULRUDGRVPHVHV
6L ODVFRQGXFWDVVDQFLRQDGDVHQHOSUHVHQWHDUWtFXOR
IXHUHQFRQVWLWXWLYDVGHGHOLWRDOTXHODOH\DVLJQHXQDSHQDLJXDORVXSHULRUDOD
GH SUHVLGLR PHQRU HQ VX JUDGR PtQLPR VH SURFHGHUi D OD GHFODUDFLyQ SUHYLD
DFHUFD GHVL HO PHQRU KD REUDGR R QR FRQ GLVFHUQLPLHQWR GH DFXHUGR FRQ ODV
UHJODVJHQHUDOHV\VHOHDSOLFDUiQ ODVPHGLGDVGHSURWHFFLyQRVDQFLRQHVTXH
FRUUHVSRQGDQVHJ~QHOFDVR
/D SHUVRQD TXH WXYLHVH D VX FDUJR HO FXLGDGR GHO
PHQRUVHUiFLYLOPHQWHUHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
(OVHxRU1Òf(=9LFHSUHVLGHQWH²(QGLVFXVLyQHOYHWR
2IUH]FRODSDODEUD
7LHQHODSDODEUDHO+RQRUDEOHVHxRU2WHUR
(O VHxRU 27(52² 6HxRU 3UHVLGHQWH HVWH YHWR YLHQH D OOHQDU XQ YDFtR
H[LVWHQWH HQ HO WH[WR DSUREDGR DQWHULRUPHQWH SRU HO &RQJUHVR DO UHJODU XQD
VLWXDFLyQUHODWLYDDORVPHQRUHVTXLHQHVHQDOJXQRVFDVRVHUDQVDQFLRQDGRV\
HQ RWURV TXHGDEDQ DEVROXWDPHQWH OLEUHV GH WRGD VDQFLyQ $O PLVPR WLHPSR
FRRUGLQD VX FRQWHQLGR FRQ OD OHJLVODFLyQ DFWXDO HQ HO VHQWLGR GH GLVSRQHU TXH
ORVPHQRUHVVHUiQVDQFLRQDGRVSRUHOMXH]GHPHQRUHV\QRSRUHOGHOFULPHQ
(QVHJXQGROXJDUHVWDEOHFHTXHVLpVWRVFRPHWLHUHQ
GHOLWRV FX\D SHQDOLGDG H[FHGLHUD GH SUHVLGLR PHQRU HQ VX JUDGR PtQLPR VH
DSOLFDUiQ UHJODV JHQHUDOHV \ KDEUi TXH GHWHUPLQDU VL WLHQHQ R QR
GLVFHUQLPLHQWR 7DO VHUi HO SURFHGLPLHQWR FRP~Q SDUD FXDOTXLHU PHQRU TXH
FRPHWHGHOLWR
(Q FRQVHFXHQFLD PL RSLQLyQ HV TXH HO YHWR GHEHUtD
VHUDSUREDGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
',6&86,Ð16$/$
(OVHxRU58,=(648,'(²3LGRODSDODEUDVHxRU3UHVLGHQWH
(OVHxRU1Òf(=9LFHSUHVLGHQWH²7LHQHODSDODEUDVHxRU6HQDGRU
(O VHxRU 58,= (648,'(² 6HxRU 3UHVLGHQWH VyOR GHVHR PDQLIHVWDU PL
VDWLVIDFFLyQ SRU HO KHFKR GH TXH PHGLDQWH HVWD REVHUYDFLyQ GHO 3ULPHU
0DQGDWDULR DSUREDGD \ FRQFRUGDGD FRQ RWURV VHxRUHV 6HQDGRUHV VH KD\D
HQPHQGDGR XQD LPSHUIHFFLyQ TXH \D KDEtDPRV KHFKR SUHVHQWH \ DVt HVWR
TXHGDUiHQWUHJDGRDODWXLFLyQGHORVMXHFHVGHPHQRUHV
(OVHxRU1Òf(=9LFHSUHVLGHQWH²6LOHSDUHFHDOD6DODVHDSUREDUi
HOYHWRHQORVWpUPLQRVTXHVHKDQGDGRDFRQRFHU
6HDSUXHED
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2$352%$&,Ð12%6(59$&,21(6(-(&87,92
2ILFLR&iPDUD5HYLVRUDD&iPDUDGH2ULJHQ
2ILFLRDSUREDFLyQREVHUYDFLRQHVGHO(MHFXWLYR)HFKDGHMXOLR&XHQWD
HQ6HVLyQ/HJLVODWXUD&iPDUDGH'LSXWDGRV
1ƒ
9DOSDUDtVRGHMXOLRGH
$6(HO
3UHVLGHQWHGH
OD+&iPDUD
GH'LSXWDGRV
i 7HQJR D KRQUD FRPXQLFDU D 9( TXH HO 6HQDGR KD GDGR VX DSUREDFLyQ D OD
REVHUYDFLyQIRUPXODGDSRU6(HO3UHVLGHQWHGHOD5HS~EOLFDDOSUR\HFWRGHOH\
TXHUHSULPHGHVyUGHQHV\KHFKRVGHYLROHQFLDHQORVHVWDGLRV\RWURVFHQWURV
GHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
/RTXHFRPXQLFRD9(HQUHVSXHVWDDVXRILFLR1ƒGHGHMXOLRGH
'HYXHOYRORVDQWHFHGHQWHVUHVSHFWLYRV
'LRVJXDUGHD9(
5,&$5'2181(=08f2=
3UHVLGHQWHGHO6HQDGR6XEURJDQWH
5$)$(/(<=$*8,55((&+(9(55Ë$
6HFUHWDULRGHO6HQDGR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2'(/75,%81$/&2167,78&,21$/
7UiPLWH7ULEXQDO&RQVWLWXFLRQDO
2ILFLR GH 7ULEXQDO &RQVWLWXFLRQDO D &iPDUD GH
2ULJHQ
5HPLWH VHQWHQFLD VROLFLWDGD )HFKD GH MXOLR &XHQWD HQ 6HVLyQ /HJLVODWXUD
2ILFLRGHO7ULEXQDO&RQVWLWXFLRQDO
6DQWLDJR-XOLRGH
6HxRU3UHVLGHQWHGHOD+RQRUDEOH&iPDUDGH'LSXWDGRV
7HQJRHOKRQRUGHUHPLWLUD9(FRSLDDXWRUL]DGDGHODVHQWHQFLDGLFWDGDSRU
HVWH 7ULEXQDO HQ ORV DXWRV URO 1ƒ HQ HO SUR\HFWR GH OH\ TXH UHSULPH
GHVyUGHQHV \ KHFKRV GH YLROHQFLD FRPHWLGRV HQ HVWDGLRV \ RWURV FHQWURV
GHSRUWLYRV FRQ RFDVLyQ GH HVSHFWiFXORV S~EOLFRV HQYLDGR SRU OD +RQRUDEOH
&iPDUD GH 'LSXWDGRV SDUD TXH HVWH 7ULEXQDO HMHUFLHUD HO FRQWURO GH VX
FRQVWLWXFLRQDOLGDG VHJ~Q OR GLVSRQH HO DUWtFXOR 1ƒ ƒ GH OD &RQVWLWXFLyQ
3ROtWLFDGHOD5HS~EOLFD
'LRVJXDUGHD9(
3GR0DUFRV$EXUWR2FKRD3UHVLGHQWH5DIDHO/DUUDtQ&UX]6HFUHWDULR
6DQWLDJRGLHFLQXHYHGHMXOLRGHPLOQRYHFLHQWRVQRYHQWD\FXDWUR
9,6726\&216,'(5$1'2
ƒ 4XH SRU RILFLR 1ƒ GH GH MXOLR GH OD +RQRUDEOH &iPDUD GH
'LSXWDGRV KD HQYLDGR HO SUR\HFWR GH OH\ DSUREDGR SRU HO &RQJUHVR 1DFLRQDO
TXH UHSULPH GHVyUGHQHV \KHFKRV GH YLROHQFLD FRPHWLGRV HQ HVWDGLRV \ RWURV
FHQWURV GHSRUWLYRV FRQ RFDVLyQ GH HVSHFWiFXORV S~EOLFRV D ILQ GH TXH HVWH
7ULEXQDO HQ FRQIRUPLGDG D OR GLVSXHVWR HQ HO DUWtFXOR 1ƒ ƒ GH OD
&RQVWLWXFLyQ 3ROtWLFD GH OD 5HS~EOLFD HMHU]D HO FRQWURO GH OD FRQVWLWXFLRQDOLGDG
UHVSHFWRGHODUWtFXORƒ
ƒ4XH HO DUWtFXOR 1ƒ ƒ GH OD &RQVWLWXFLyQ 3ROtWLFD HVWDEOHFH TXH HV
DWULEXFLyQ GH HVWH 7ULEXQDO (MHUFHU HO FRQWURO GH OD FRQVWLWXFLRQDOLGDG GH ODV
OH\HV RUJiQLFDV FRQVWLWXFLRQDOHV DQWHV GH VX SURPXOJDFLyQ \ GH ODV OH\HV TXH
LQWHUSUHWHQDOJ~QSUHFHSWRGHOD&RQVWLWXFLyQ
ƒ 4XH HO DUWtFXOR GH OD &DUWD )XQGDPHQWDO HVWDEOHFH TXH 8QD OH\
RUJiQLFD FRQVWLWXFLRQDO GHWHUPLQDUi OD RUJDQL]DFLyQ \ DWULEXFLRQHV GH ORV
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2'(/75,%81$/&2167,78&,21$/
WULEXQDOHV TXH IXHUHQ QHFHVDULRV SDUD OD SURQWD \ FXPSOLGD DGPLQLVWUDFLyQ GH
MXVWLFLD HQ WRGR HO WHUULWRULR GH OD 5HS~EOLFD /D PLVPD OH\ VHxDODUi ODV
FDOLGDGHV TXH UHVSHFWLYDPHQWH GHEDQ WHQHU ORV MXHFHV \ HO Q~PHUR GH DxRV
TXH GHEDQ KDEHU HMHUFLGR OD SURIHVLyQ GH DERJDGR ODV SHUVRQDV TXH IXHUHQ
QRPEUDGDVPLQLVWURVGH&RUWHRMXHFHVOHWUDGRV
/D OH\ RUJiQLFD FRQVWLWXFLRQDO UHODWLYD D OD RUJDQL]DFLyQ \ DWULEXFLRQHV GH ORV
WULEXQDOHV VyOR SRGUi VHU PRGLILFDGD R\HQGR SUHYLDPHQWH D OD &RUWH
6XSUHPD
ƒ4XHODVQRUPDVVRPHWLGDVDFRQWUROFRQVWLWXFLRQDOHVWDEOHFHQ
$UWtFXOR ƒ (Q HO FDVR GHO DUWtFXOR ƒ VL OD DXWRULGDG QR VH SURQXQFLDUH
GHQWURGHOSOD]RGHWUHLQWDGtDVFRQWDGRGHVGHODIHFKDGHSUHVHQWDFLyQGHOD
VROLFLWXG VH HQWHQGHUi RWRUJDGD OD DXWRUL]DFLyQ 6L IXHUH GHQHJDGD R VL OD
HQWLGDG REOLJDGD QR VH FRQIRUPDUH FRQ OR UHVXHOWR HO DIHFWDGR SRGUi VROLFLWDU
UHSRVLFLyQ DQWH OD PLVPD DXWRULGDG GHQWUR GHO SOD]R GH FLQFR GtDV OD TXH
GHEHUiVHUUHVXHOWDHQHOWpUPLQRGHGLH]GtDV
6L HVH UHFXUVR QR IXHUH LQWHUSXHVWR R QR IXHUH IDOODGR GHQWUR GH SOD]R R HO
UHFXUUHQWH QR VH FRQIRUPDUH FRQ OR UHVXHOWR SRGUiUHFODPDU GHQWUR GHO SOD]R
GH TXLQFH GtDV DQWH HO MXH] GHO FULPHQ TXH FRUUHVSRQGD DO OXJDU HQ GRQGH
IXQFLRQDHOUHVSHFWLYRUHFLQWRGHSRUWLYR
,QWHUSXHVWR HO UHFODPR DO TXH VH DFRPSDxDUiQ ORV DQWHFHGHQWHV HQ TXH VH
IXQGH HO WULEXQDO SHGLUi LQIRUPH D OD DXWRULGDG UHVSHFWLYD ILMiQGROH XQ SOD]R
EUHYHSDUDHPLWLGR
5HFLELGRGLFKRLQIRUPHHOWULEXQDOGLFWDUiVHQWHQFLDGHQWURGHORVTXLQFHGtDV
VLJXLHQWHV(QFDVRGHRUGHQDUVHPHGLGDVSDUDPHMRUUHVROYHUGLFKRSOD]RVH
HQWHQGHUiSURUURJDGRSRUGLH]GtDV
(QFRQWUDGHODVHQWHQFLDQRSURFHGHUiHOUHFXUVRGHFDVDFLyQHQODIRUPD
ƒ4XHGHDFXHUGRDOFRQVLGHUDQGRƒGHHVWDVHQWHQFLDFRUUHVSRQGHDHVWH
7ULEXQDO SURQXQFLDUVH VREUH ODV QRUPDV GHO SUR\HFWR UHPLWLGR TXH HVWpQ
FRPSUHQGLGDVGHQWURGHODVPDWHULDVTXHHOFRQVWLWX\HQWHKDUHVHUYDGRDXQD
OH\RUJiQLFDFRQVWLWXFLRQDO
ƒ 4XH ODV QRUPDV FRQWHPSODGDV HQ HO DUWtFXOR ƒ GHO SUR\HFWR VRPHWLGR D
FRQWUROVRQSURSLDVGHODOH\RUJiQLFDFRQVWLWXFLRQDOLQGLFDGDHQHODUWtFXOR
GHOD&RQVWLWXFLyQ3ROtWLFDGHOD5HS~EOLFD
ƒ 4XH ODV GLVSRVLFLRQHV UHIHULGDV HQ HO FRQVLGHUDQGR DQWHULRU QR VRQ
FRQWUDULDVDOD&RQVWLWXFLyQ3ROtWLFDGHOD5HS~EOLFD
ƒ 4XH FRQVWD GH DXWRV TXH VH KD RtGR SUHYLDPHQWH D OD &RUWH 6XSUHPD GH
DFXHUGR D OR GLVSXHVWR HQ HO LQFLVR VHJXQGR GHO DUWtFXOR GH OD &RQVWLWXFLyQ
3ROtWLFD
ƒ 4XH FRQVWD DVLPLVPR GH DXWRV TXH ODV GLVSRVLFLRQHV VRPHWLGDV D FRQWURO
GH FRQVWLWXFLRQDOLGDG KDQ VLGR DSUREDGDV HQ DPEDV &iPDUDV GHO &RQJUHVR
1DFLRQDOFRQODVPD\RUtDVUHTXHULGDVSRUHOLQFLVRVHJXQGRGHODUWtFXORGHOD
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2'(/75,%81$/&2167,78&,21$/
&RQVWLWXFLyQ 3ROtWLFD \ TXH VREUH HOODV QR VH KD VXVFLWDGR FXHVWLyQ GH
FRQVWLWXFLRQDOLGDG
< 9,672 OR GLVSXHVWR HQ ORV DUWtFXORV < 1ƒ ƒ GH OD &RQVWLWXFLyQ
3ROtWLFD GH OD 5HS~EOLFD \ OR SUHVFULWR HQ ORV DUWtFXORV DO GH OD /H\ 1ƒ
GH2UJiQLFD&RQVWLWXFLRQDOGHHVWH7ULEXQDO
6('(&/$5$
4XHODVGLVSRVLFLRQHVFRQWHPSODGDVHQHODUWtFXORƒGHOSUR\HFWRUHPLWLGRVRQ
&RQVWLWXFLRQDOHV
$FRUGDGD FRQ HO YRWR HQ FRQWUD GH ORV 0LQLVWURV VHxRUHV -LPpQH] \ )D~QGH]
TXLHQHV HVWXYLHURQ SRU QR HPLWLU SURQXQFLDPLHQWR UHVSHFWR GH ORV LQFLVRV
FXDUWRTXLQWR\VH[WRGHODUWtFXORƒGHOSUR\HFWRVRPHWLGRDFRQRFLPLHQWRGH
HVWH7ULEXQDOSRUFXDQWRVHUHILHUHQDQRUPDVGHSURFHGLPLHQWRDTXHKDGH
FHxLUVHHOUHFODPRDQWHHOMXH]GHOFULPHQFRUUHVSRQGLHQWHPDWHULDTXHQRHV
SURSLD GH OD /H\ 2UJiQLFD &RQVWLWXFLRQDO TXH HVWDEOHFH HO DUWtFXOR GH OD
&RQVWLWXFLyQVLQRGH OH\RUGLQDULDRFRP~QFRQIRUPHVHVHxDODHQHO1ƒGHO
DUWtFXOR GH OD PLVPD &DUWD )XQGDPHQWDO FRPR UHLWHUDGDPHQWH OR KD
VHxDODGRHVWH7ULEXQDO
7LHQHQ WDPELpQ HQ FRQVLGHUDFLyQ ORV GLVLGHQWHV TXH GHWHUPLQDU TXH SDUWH GH
XQDUWtFXORVRPHWLGRDFRQWUROGHFRQVWLWXFLRQDOLGDGYHUVDVREUHPDWHULDSURSLD
GHOH\RUGLQDULDRFRP~QRGHRWUDQDWXUDOH]DORKDHIHFWXDGRLQYDULDEOHPHQWH
HVWH7ULEXQDOSXHVGHHVWDPDQHUDKDSUHWHQGLGRHYLWDUULJLGL]DUODOHJLVODFLyQ
DO QR VRPHWHU D TXyUXPV SURSLRV GH OH\HV RUJiQLFDVFRQVWLWXFLRQDOHV TXH VRQ
PiV HOHYDGRV TXH ORV UHTXHULGRV SDUD GLVSRVLFLRQHV OHJDOHV TXH QR UH~QHQ
GLFKRFDUiFWHU
5HGDFWyODGLVLGHQFLDHO0LQLVWURVHxRU-LPpQH]
'HYXpOYDVH HO SUR\HFWR D OD +RQRUDEOH &iPDUD GH 'LSXWDGRV UXEULFDGR HQ
FDGD XQD GH VXV KRMDV SRU HO 6HFUHWDULR GHO 7ULEXQDO RILFLiQGRVH 5HJtVWUHVH
GpMHVHIRWRFRSLDGHOSUR\HFWR\DUFKtYHVH5RO1ƒ
&HUWLILFDTXHOD0LQLVWURVHxRUD/X]%XOQHV$OGXQDWHFRQFXUULyDODYLVWDGHOD
FDXVD \ DO DFXHUGR GHO IDOOR SHUR QR ILUPD SRU HQFRQWUDUVH DXVHQWH FRQ
SHUPLVR
3URQXQFLDGDSRUHO([FPR7ULEXQDO&RQVWLWXFLRQDOLQWHJUDGRSRUVX3UHVLGHQWH
GRQ 0DUFRV $EXUWR 2FKRD \ ORV 0LQLVWURV VHxRUHV 0DQXHO -LPpQH] %XOQHV
VHxRUD /X] %XOQHV $OGXQDWH VHxRUHV 5LFDUGR *DUFtD 5RGUtJXH] 2VYDOGR
)D~QGH]9DOOHMRV\-XDQ&RORPER&DPSEHOO$XWRUL]DHOHFUHWDULRGHO7ULEXQDO
&RQVWLWXFLRQDOGRQ5DIDHO/DUUDtQ&UX]
&RQIRUPHFRQVXRULJLQDO
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<$/(-(&87,92
7UiPLWH)LQDOL]DFLyQ&iPDUDGH'LSXWDGRV
2ILFLRGH&iPDUDGH2ULJHQDO(MHFXWLYR
2ILFLR GH /H\ D 6( (O 3UHVLGHQWH GH OD 5HS~EOLFD &RPXQLFD WH[WR DSUREDGR
SRUHO&RQJUHVR1DFLRQDO)HFKDGHDJRVWR
2ILFLR1ƒ
9$/3$5$Ë62GHDJRVWRGH
7HQJR D KRQUD SRQHU HQ FRQRFLPLHQWR GH 9( TXH HO
&RQJUHVR1DFLRQDOKDGDGRVXDSUREDFLyQDODVREVHUYDFLRQHVTXHIRUPXODUDDO
SUR\HFWR GH OH\ TXH UHSULPH GHVyUGHQHV \ KHFKRV GH YLROHQFLD FRPHWLGRV HQ
HVWDGLRV\RWURVFHQWURVGHSRUWLYRVFRQRFDVLyQGHHVSHFWiFXORVS~EOLFRV
(VWD &RUSRUDFLyQ SRU RILFLR 1ƒ GH GH MXOLR GH
UHPLWLyDO([FPR7ULEXQDO&RQVWLWXFLRQDOHOWH[WRGHOSUR\HFWRGHOH\HQ
DWHQFLyQ D TXH HO DUWtFXOR ƒ FRQWLHQH QRUPDV GH FDUiFWHU RUJiQLFR
FRQVWLWXFLRQDO
(O 7ULEXQDO &RQVWLWXFLRQDO SRU RILFLR 1ƒ GH GH
MXOLRGHGHOTXHVHGLRFXHQWDHQHOGtDGHD\HUKDUHPLWLGRODVHQWHQFLD
UHFDtGD HQ OD PDWHULD HQ OD FXDO GHFODUD TXH HO SUR\HFWR HQ FXHVWLyQ HV
FRQVWLWXFLRQDO
&RUUHVSRQGH HQ FRQVHFXHQFLD D 9( SURPXOJDU DO
VLJXLHQWH
352<(&72'(/(<
7tWXOR,
'HODVPHGLGDVGHVHJXULGDGSUHYHQWLYDV
$UWtFXOR ƒ /RV FHQWURV R UHFLQWRV GHSRUWLYRV
GHVWLQDGRVDODUHDOL]DFLyQGHHVSHFWiFXORVGHI~WEROSURIHVLRQDOUHTXHULUiQGH
XQD DXWRUL]DFLyQ RWRUJDGD SRU HO ,QWHQGHQWH GH OD 5HJLyQ UHVSHFWLYD SUHYLR
LQIRUPHGH&DUDELQHURVTXHDFUHGLWHTXHUH~QHQODVFRQGLFLRQHVGHVHJXULGDG
SDUD HIHFWXDU WDOHV HYHQWRV VLQ SHUMXLFLR GH ODV H[LJHQFLDV HVWDEOHFLGDV HQ OD
2UGHQDQ]D*HQHUDOGHOD/H\*HQHUDOGH8UEDQLVPR\&RQVWUXFFLRQHV
$UWtFXOR ƒ /RV RUJDQL]DGRUHV GH ORV HVSHFWiFXORV GH
I~WERO SURIHVLRQDO TXH HO ,QWHQGHQWH FDOLILTXH GH DOWR ULHVJR SDUD OD VHJXULGDG
S~EOLFD GHEHUiQ FXPSOLU RSRUWXQDPHQWH FRQ ODV H[LJHQFLDV HVSHFLDOHV TXH
SDUDHVWRVFDVRVVHxDOH&DUDELQHURVGH&KLOH
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<$/(-(&87,92
(Q FDVR GH LQFXPSOLPLHQWR HO ,QWHQGHQWH SUHYLR
LQIRUPHGH&DUDELQHURVSRGUiGLVSRQHUODVXVSHQVLyQGHOHVSHFWiFXORKDVWDHO
FXPSOLPLHQWRGHODVPHGLGDVH[LJLGDV
(QWUHHVWDVH[LJHQFLDVGHEHUiFRQWHPSODUVHODXELFDFLyQ
GH ODV EDUUDV HQ VHFWRUHV VHSDUDGRV FODUDPHQWH GHWHUPLQDGRV D ORV FXDOHV
VyORSRGUiQLQJUHVDUORVLQWHJUDQWHVGHHOODVSUHYLDH[KLELFLyQGHODFUHGHQFLDO
D TXH VH KDFH UHIHUHQFLD HQ HO DUWtFXOR ƒ 6HUi GH UHVSRQVDELOLGDG GHO
UHVSHFWLYR FOXE HO FRQWURO GH LQJUHVR \ OD YLJLODQFLD GHO VHFWRU GHVWLQDGR D VX
EDUUD
(O ,QWHQGHQWH 5HJLRQDO SRGUi GHOHJDU HQ ORV
JREHUQDGRUHV UHVSHFWLYRV ODV DWULEXFLRQHV TXH OH FRQILHUHQ HVWH DUWtFXOR \ HO
DQWHULRU
$UWtFXOR ƒ /DV DXWRULGDGHV GHO I~WERO SURIHVLRQDO DO
PRPHQWR GH ILMDU HO FDOHQGDULR GH ODV FRPSHWHQFLDV QDFLRQDOHV H
LQWHUQDFLRQDOHV R DO WRPDU FRQRFLPLHQWR GH HVWDV ~OWLPDV GHEHUiQ
FRPXQLFDUORDO,QWHQGHQWHUHVSHFWLYRSDUDVXHYDOXDFLyQ
/RVHVSHFWiFXORVQRFRQWHPSODGRVHQHOFDOHQGDULR\ORV
FDPELRV TXH VH UHJLVWUHQ GHEHUiQ VHU LQIRUPDGRV DO ,QWHQGHQWH \ D
&DUDELQHURV FRQ QR PHQRV GH YHLQWLFXDWUR KRUDV GH DQWLFLSDFLyQ D VX
UHDOL]DFLyQ/DVDXWRULGDGHVGHOI~WEROSURIHVLRQDOVLHPSUHGHEHUiQDGYHUWLUOHV
VREUHDTXHOORVSDUWLGRVTXHHQVXRSLQLyQSXHGDQUHYHVWLUDOWRULHVJRSDUDOD
VHJXULGDGS~EOLFD
$UWtFXOR ƒ /RV FOXEHV GH I~WERO SURIHVLRQDO GHEHUiQ
FRQWDUFRQXQSDGUyQRILFLDODFWXDOL]DGRGHORVPLHPEURVGHVXEDUUDHOTXHVH
OOHYDUiHQVXVRILFLQDVFHQWUDOHV(QGLFKRUHJLVWURGHEHUiILJXUDUDORPHQRV
HOQRPEUHFRPSOHWRODFpGXODQDFLRQDOGHLGHQWLGDGHOGRPLFLOLR\ODSURIHVLyQ
X RFXSDFLyQ GH FDGD LQWHJUDQWH $O PRPHQWR GH OD LQVFULSFLyQ HO FOXE GHEHUi
HQWUHJDU XQD FUHGHQFLDO QXPHUDGD LQGLYLGXDO H LQWUDQVIHULEOH TXH FRQWHQJD
HVRV GDWRV \ XQD IRWRJUDItD GHO PLHPEUR GH OD EDUUD \ UH~QD FDUDFWHUtVWLFDV
TXHGLILFXOWHQVXDGXOWHUDFLyQ
$UWtFXORƒ(QHOFDVRGHODUWtFXORƒVLODDXWRULGDGQR
VH SURQXQFLDUH GHQWUR GHO SOD]R GH WUHLQWD GtDV FRQWDGR GHVGH OD IHFKD GH
SUHVHQWDFLyQGHODVROLFLWXGVHHQWHQGHUiRWRUJDGDODDXWRUL]DFLyQ
6L IXHUH GHQHJDGD R VL OD HQWLGDG REOLJDGD QR VH
FRQIRUPDUHFRQORUHVXHOWRHODIHFWDGRSRGUiVROLFLWDUUHSRVLFLyQDQWHODPLVPD
DXWRULGDG GHQWUR GHO SOD]R GH FLQFR GtDV OD TXH GHEHUi VHU UHVXHOWD HQ HO
WpUPLQRGHGLH]GtDV
6L HVH UHFXUVR QR IXHUH LQWHUSXHVWR R QR IXHUH IDOODGR
GHQWUR GH SOD]R R HO UHFXUUHQWH QR VH FRQIRUPDUH FRQ OR UHVXHOWR SRGUi
UHFODPDU GHQWUR GHO SOD]R GH TXLQFH GtDV DQWH HO MXH] GHO FULPHQ TXH
FRUUHVSRQGDDOOXJDUHQGRQGHIXQFLRQDHOUHVSHFWLYRUHFLQWRGHSRUWLYR
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<$/(-(&87,92
,QWHUSXHVWR HO UHFODPR DO TXH VH DFRPSDxDUiQ ORV
DQWHFHGHQWHV HQ TXH VH IXQGH HO WULEXQDO SHGLUi LQIRUPH D OD DXWRULGDG
UHVSHFWLYDILMiQGROHXQSOD]REUHYHSDUDHPLWLUOR
5HFLELGR GLFKR LQIRUPH HO WULEXQDO GLFWDUi VHQWHQFLD
GHQWURGHORVTXLQFHGtDVVLJXLHQWHV(QFDVRGHRUGHQDUVHPHGLGDVSDUDPHMRU
UHVROYHUGLFKRSOD]RVHHQWHQGHUiSURUURJDGRSRUGLH]GtDV
(Q FRQWUD GH OD VHQWHQFLD QR SURFHGHUi HO UHFXUVR GH
FDVDFLyQHQODIRUPD
7tWXOR,,
'HORVGHOLWRVFRPHWLGRVFRQRFDVLyQGHHVSHFWiFXORVGHI~WEROSURIHVLRQDO
$UWtFXOR ƒ (O TXH FRQ PRWLYR X RFDVLyQ GH XQ
HVSHFWiFXOR GH I~WERO SURIHVLRQDO FDXVDUH OHVLRQHV D ODV SHUVRQDV R GDxRV D
ELHQHVHQHOUHFLQWRHQTXHWLHQHOXJDURHQVXVLQPHGLDFLRQHVDQWHVGXUDQWH
R GHVSXpV GH VX GHVDUUROOR VHUi FDVWLJDGR FRQ SUHVLGLR PHQRU HQ VX JUDGR
PHGLRVDOYRTXHHOKHFKRGHOLFWXDOPHUH]FDXQDSHQDVXSHULRU
&RQ OD PLVPD SHQD VHUi VDQFLRQDGR HO TXH HQ ODV
FLUFXQVWDQFLDV PHQFLRQDGDV \ VLQ FRPHWHU HVRV GHOLWRV SRUWDUH DUPDV
HOHPHQWRV X REMHWRV LGyQHRV SDUD SHUSHWUDUORV R LQFLWDUH R SURPRYLHUH OD
HMHFXFLyQGHDOJXQDGHGLFKDVFRQGXFWDV
6L ODV FRQGXFWDV GHVFULWDV SUHFHGHQWHPHQWH IXHVHQ
FRQVWLWXWLYDV GH RWURV FUtPHQHV R VLPSOHV GHOLWRV VH LPSRQGUi OD SHQD PD\RU
DVLJQDGDDOGHOLWRPiVJUDYH
(OTXHUHDOL]DUHDOJXQDGHODVFRQGXFWDVGHVFULWDVHQORV
LQFLVRVDQWHULRUHVUHFLELUiHQWRGRFDVRODVVLJXLHQWHVSHQDVDFFHVRULDV
D /D LQKDELOLWDFLyQ SRU TXLQFH DxRV SDUD VHU GLULJHQWH
GHXQFOXEGHSRUWLYRGHI~WEROSURIHVLRQDO
E /D SURKLELFLyQ GH DVLVWLU GXUDQWH HO WLHPSR GH OD
FRQGHQD D ORV IXWXURV HVSHFWiFXORV GH I~WERO SURIHVLRQDO FRQ REOLJDFLyQ GH
SUHVHQWDUVHHQORVGtDV\KRUDVHQTXHHOORVVHUHDOLFHQHQHOOXJDUILMDGRSRUHO
MXH]
6LQ SHUMXLFLR GH ODV SHQDV DSOLFDEOHV D ORV TXH
TXHEUDQWDVHQ OD FRQGHQD HQ HO HYHQWR GH TXH TXLHQ LQIULQMD HVWD SURKLELFLyQ
KD\DVLGREHQHILFLDGRFRQDOJXQDPHGLGDDOWHUQDWLYDDODVSHQDVSULYDWLYDVGH
OLEHUWDGHOODVHHQWHQGHUiUHYRFDGDSRUHOVRORPLQLVWHULRGHODOH\
(VWiQREOLJDGRVDGHQXQFLDUHOTXHEUDQWDPLHQWRGHHVWD
SURKLELFLyQORVGLUHFWRUHVRGLULJHQWHVGHODVEDUUDVGHORVFOXEHVSDUWLFLSDQWHV
HQHOHVSHFWiFXORGHI~WEROSURIHVLRQDOHQTXHVHSURGX]FDGLFKDLQIUDFFLyQ\
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<$/(-(&87,92
F /D LQKDELOLWDFLyQ DEVROXWD SRU HO WLHPSR GH OD
FRQGHQD SDUD DVRFLDUVH D XQ FOXE GH I~WERO SURIHVLRQDO R SDUD LQWHJUDU VX
EDUUD
(MHFXWRULDGD TXH VHD OD VHQWHQFLD VH FRPXQLFDUi D ODV
DXWRULGDGHV GHO UHVSHFWLYR GHSRUWH SDUD VX FXPSOLPLHQWR HQ OR TXH
FRUUHVSRQGD
6LHOLQIUDFWRUQRKDVLGRFRQGHQDGRDXQDSHQDVXSHULRU
DODGHOLQFLVRSULPHUR\GHVXVDQWHFHGHQWHVSHUVRQDOHVVXFRQGXFWDDQWHULRU
\ SRVWHULRU DO KHFKR SXQLEOH \ OD QDWXUDOH]D PRGDOLGDGHV \ PyYLOHV
GHWHUPLQDQWHVGHOGHOLWRSXHGHSUHVXPLUVHTXHQRYROYHUiDGHOLQTXLUHOMXH]
XQDYH]HMHFXWRULDGDODVHQWHQFLDSRGUiFRQPXWDUGHDFXHUGRFRQHOLQIUDFWRU
OD SHQD SULYDWLYD GH OLEHUWDG SRU OD UHDOL]DFLyQ GH WUDEDMRV GHWHUPLQDGRV HQ
EHQHILFLR GH OD FRPXQLGDG /D UHVROXFLyQ TXH RWRUJXH OD FRQPXWDFLyQ GHEHUi
VHxDODU H[SUHVDPHQWH HO WLSR GH WUDEDMR HO OXJDU GRQGH GHED UHDOL]DUVH VX
GXUDFLyQ \ OD SHUVRQD R LQVWLWXFLyQ HQFDUJDGD GH FRQWURODU VX FXPSOLPLHQWR
/RV WUDEDMRV VH UHDOL]DUiQ SRU XQ WLHPSR QR LQIHULRU DO ILMDGR SDUD OD VDQFLyQ
TXH VH FRQPXWH QL VXSHULRU DO GREOH GH HOOD GH SUHIHUHQFLD VLQ DIHFWDU OD
MRUQDGDODERUDOTXHWHQJDHOLQIUDFWRU\HQORVILQHVGHVHPDQDFRQXQPi[LPR
GH RFKR KRUDV VHPDQDOHV /D QR UHDOL]DFLyQ FDEDO \ RSRUWXQD GH ORV WUDEDMRV
GHWHUPLQDGRV SRU HO WULEXQDO GHMDUi VLQ HIHFWR OD FRQPXWDFLyQ SRU HO VROR
PLQLVWHULR GH OD OH\ \ GHEHUi FXPSOLUVH tQWHJUDPHQWH OD VDQFLyQ
SULPLWLYDPHQWH DSOLFDGD D PHQRV TXH HO MXH] SRU UHVROXFLyQ IXQGDGD
GHWHUPLQHRWUDFRVD
/RV UHSUHVHQWDQWHV OHJDOHV GH ORV FOXEHV SDUWLFLSDQWHV
HQHOHVSHFWiFXORTXHSRUQHJOLJHQFLDRGHVFXLGRFXOSDEOHHQHOFXPSOLPLHQWR
GHODVREOLJDFLRQHVTXHOHVLPSRQHODSUHVHQWHOH\FRQWULEX\HUDQRIDFLOLWDUHQ
ODFRPLVLyQGHODVFRQGXFWDVWLSLILFDGDVHQORVLQFLVRVSULPHUR\VHJXQGRVHUiQ
VDQFLRQDGRV FRQ PXOWD GH FLQFXHQWD D FLHQ XQLGDGHV WULEXWDULDV PHQVXDOHV D
EHQHILFLRILVFDOTXHVHGXSOLFDUiHQFDVRGHUHLQFLGHQFLD
$UWtFXOR ƒ 6H FRQVLGHUDUiQ FLUFXQVWDQFLDV DJUDYDQWHV
HVSHFLDOHV
ƒ 6HU LQWHJUDQWH GH XQ JUXSR RUJDQL]DGR SDUD OD
UHDOL]DFLyQGHORVKHFKRVGHVFULWRVPLHPEURGHODEDUUDRVRFLRGHDOJXQRGH
ORVFOXEHVGHI~WEROSURIHVLRQDOTXHSDUWLFLSHQHQHOHVSHFWiFXOR
ƒ6HURUJDQL]DGRURSURWDJRQLVWDHQHOHVSHFWiFXORGH
I~WEROSURIHVLRQDORGLULJHQWHGHDOJXQRGHORVFOXEHVSDUWLFLSDQWHVHQpO
ƒ $FWXDU EDMR ORV HIHFWRV GH EHELGDV DOFRKyOLFDV
HVWXSHIDFLHQWHVSVLFRWUySLFRVHVWLPXODQWHVRVXVWDQFLDVDQiORJDV
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<$/(-(&87,92
ƒ +DEHU FDXVDGR ODV OHVLRQHV D ODV TXH VH UHILHUH HO
DUWtFXORƒDMXJDGRUHVWpFQLFRVGLULJHQWHVRSURWDJRQLVWDVGHOHVSHFWiFXORGH
I~WEROSURIHVLRQDO
$UWtFXORƒ/DVSHOtFXODVFLQHPDWRJUiILFDVIRWRJUDItDV
IRQRJUDItDV\RWURVVLVWHPDVGHUHSURGXFFLyQGHODLPDJHQ\GHOVRQLGRSRGUiQ
FRQVWLWXLU SOHQD SUXHED SDUD DFUHGLWDU OD H[LVWHQFLD GH ORV GHOLWRV HVWDEOHFLGRV
HQ HVWD OH\ \ OD UHVSRQVDELOLGDG SHQDO GH ORV SDUWtFLSHV FXDQGR D MXLFLR GHO
WULEXQDO WHQJDQ FDUDFWHUHV GH JUDYHGDG \ SUHFLVLyQ VXILFLHQWH SDUD IRUPDU VX
FRQYHQFLPLHQWR
&RQVWLWXLUiQ SUHVXQFLyQ OHJDO GH RFXUUHQFLD GHO KHFKR
SXQLEOH \ EDVH GH SUHVXQFLyQ MXGLFLDO GH OD UHVSRQVDELOLGDG GH ORV SDUWtFLSHV
ODV DVHYHUDFLRQHV TXH OD SROLFtD KDJD VREUH HVDV FLUFXQVWDQFLDV TXH VH
FRQWHQJDQHQODVFRPXQLFDFLRQHVRSDUWHVHQYLDGRVDORVWULEXQDOHV
$UWtFXORƒ/DVSHUVRQDVPHQRUHVGH\PD\RUHVGH
DxRVGHHGDGTXHLQFXUULHUHQHQODVFRQGXFWDVFRQWHPSODGDVHQHODUWtFXOR
VHUiQ SXHVWDV D GLVSRVLFLyQ GHO -XH] GH 0HQRUHV FRUUHVSRQGLHQWH HO TXH
SUHVFLQGLHQGRGHODGHFODUDFLyQGHKDEHUREUDGRRQRFRQGLVFHUQLPLHQWRVyOR
SRGUiLPSRQHUOHVODVVLJXLHQWHVPHGLGDV
ƒ 3URKLELFLyQ GH DVLVWLU D ORV IXWXURV HVSHFWiFXORV GH
I~WERO SURIHVLRQDO FRQ REOLJDFLyQ GH SUHVHQWDUVH HQ ORV GtDV \ KRUDV HQ TXH
HOORVVHUHDOLFHQHQHOOXJDUILMDGRSRUHO-XH]KDVWDSRUHOWpUPLQRGHXQDxR
\
ƒ $FWLYLGDGHV GHWHUPLQDGDV HQ EHQHILFLR GH OD
FRPXQLGDG ODV TXH GHEHUiQ ILMDUVH GH FRP~Q DFXHUGR FRQ HO LQIUDFWRU /DV
DFWLYLGDGHVHQEHQHILFLRGHODFRPXQLGDGVHUHJLUiQHQFXDQWRDVXIRUPDSRU
OR GLVSXHVWR HQ HO LQFLVR SHQ~OWLPR GHO DUWtFXOR \ QR SRGUiQ WHQHU XQD
GXUDFLyQVXSHULRUDGRVPHVHV
6L ODV FRQGXFWDV VDQFLRQDGDV HQ HO SUHVHQWH DUWtFXOR
IXHUHQFRQVWLWXWLYDVGHGHOLWRDOTXHODOH\DVLJQHXQDSHQDLJXDORVXSHULRUDOD
GH SUHVLGLR PHQRU HQ VX JUDGR PtQLPR VH SURFHGHUi D OD GHFODUDFLyQ SUHYLD
DFHUFD GHVL HO PHQRU KD REUDGR R QR FRQ GLVFHUQLPLHQWR GH DFXHUGR FRQ ODV
UHJODVJHQHUDOHV\VHOHDSOLFDUiQ ODVPHGLGDVGHSURWHFFLyQRVDQFLRQHVTXH
FRUUHVSRQGDQVHJ~QHOFDVR
/DSHUVRQDTXHWXYLHVHDVXFDUJRHOFXLGDGRGHOPHQRU
VHUiFLYLOPHQWHUHVSRQVDEOHGHORVSHUMXLFLRVTXHpVWHFDXVH
$UWtFXOR (Q ORV SURFHVRV SRU ORV GHOLWRV
FRQWHPSODGRV HQ HVWD OH\ VH REVHUYDUiQ ODV UHJODV HVWDEOHFLGDV HQ HO 7tWXOR ,
GHO/LEUR7HUFHURGHO&yGLJRGH3URFHGLPLHQWR3HQDO
7tWXOR,,,
'LVSRVLFLRQHVYDULDV
$UWtFXOR$JUpJDQVHHQHODUWtFXORGHODOH\1ƒ
GH $OFRKROHV %HELGDV $OFRKyOLFDV \ 9LQDJUHV ORV VLJXLHQWHV LQFLVRV
ILQDOHV
+LVWRULDGHOD/H\1ž
3iJLQDGH
2),&,2/(<$/(-(&87,92
(Q ORV HVSHFWiFXORV GH I~WERO SURIHVLRQDO TXH HO
,QWHQGHQWH FDOLILTXH GH DOWR ULHVJR SDUD OD VHJXULGDG S~EOLFD GHFUHWDUi OD
SURKLELFLyQGHH[SHQGLRGHEHELGDVDOFRKyOLFDVHQORVFHQWURVRUHFLQWRVGRQGH
VH OOHYHQ D HIHFWR \ HQ XQ SHUtPHWUR Pi[LPR GH FLQFR FXDGUDV PHGLGD TXH
UHJLUiGHVGHWUHVKRUDVDQWHVGHOLQLFLRGHOHYHQWRKDVWDWUHVKRUDVGHVSXpVGH
VXILQDOL]DFLyQ
/RVHVWDEOHFLPLHQWRVDIHFWDGRVVHUiQQRWLILFDGRVGHHVWD
UHVROXFLyQ SRU LQVSHFWRUHV PXQLFLSDOHV R SRU &DUDELQHURV GH &KLOH FRQ
YHLQWLFXDWURKRUDVGHDQWLFLSDFLyQDODHQWUDGDHQYLJHQFLDGHODPLVPD
$UWtFXOR WUDQVLWRULR /RV FOXEHV GH I~WERO SURIHVLRQDO
GHEHUiQ GDU FXPSOLPLHQWR D ODV REOLJDFLRQHV TXH OHV LPSRQH HO DUWtFXOR ƒ
GHQWURGHOSOD]RGHVHVHQWDGtDVFRQWDGRVGHVGHODSXEOLFDFLyQGHHVWDOH\
(VWDEOpFHVH DVLPLVPR XQ SOD]R GH FLHQWR YHLQWH GtDV
FRQWDGRGHVGHODPLVPDIHFKDSDUDTXHVHVROLFLWHODDXWRUL]DFLyQPHQFLRQDGD
HQ HO DUWtFXOR ƒ UHVSHFWR GH ORV DFWXDOHV FHQWURV R UHFLQWRV GHSRUWLYRV
GHVWLQDGRVDODUHDOL]DFLyQGHHVSHFWiFXORVGHI~WEROSURIHVLRQDO
$FRPSDxRD9(FRSLDGHODVHQWHQFLD
'LRVJXDUGHD9(
-25*(6&+$8/62+1%52'6.<
3UHVLGHQWHGHOD&iPDUDGH'LSXWDGRV
&$5/26/2<2/$23$=2
6HFUHWDULRGHOD&iPDUDGH'LSXWDGRV
+LVWRULDGHOD/H\1ž
3iJLQDGH
/(<
3XEOLFDFLyQGHOH\HQ'LDULR2ILFLDO
/H\1ƒ
Tipo Norma
Fecha Publicación
Fecha Promulgación
Organismo
Título
Ley 19327
31-08-1994
24-08-1994
MINISTERIO DE JUSTICIA
FIJA NORMAS PARA PREVENCION
Y SANCION DE HECHOS DE VIOLENCIA
EN RECINTOS DEPORTIVOS CON
OCASIÓN DE ESPECTACULOS DE FUTBOL
PROFESIONAL
Tipo Versión
: Texto Original
De: 31-08-1994
Inicio Vigencia
: 31-08-1994
Fin Vigencia
: 30-05-2002
URL
:
http://www.leychile.cl/Navegar/?idNorma=30694&idVersion=199408-31&idParte
:
:
:
:
:
FIJA NORMAS PARA PREVENCION Y SANCION DE HECHOS DE
VIOLENCIA EN RECINTOS DEPORTIVOS CON OCASION DE ESPECTACULOS
DE FUTBOL PROFESIONAL
Teniendo presente que el H. Congreso Nacional ha dado su
aprobación al siguiente
Proyecto de Ley:
"TITULO I
De las medidas de seguridad preventivas
Artículo
1°.Los
centros
o
recintos
deportivos
destinados a la realización de espectáculos de fútbol
profesional, requerirán de una autorización otorgada por el
Intendente de la Región respectiva, previo informe de
Carabineros, que acredite que reúnen las condiciones de
seguridad para efectuar tales eventos, sin perjuicio de las
exigencias establecidas en la Ordenanza General de la Ley
General de Urbanismo y Construcciones.
+LVWRULDGHOD/H\1ž
3iJLQDGH
/(<
Artículo 2°.- Los organizadores de los espectáculos de
fútbol profesional que el Intendente califique de alto riesgo
para la seguridad pública deberán cumplir, oportunamente, con
las exigencias especiales que para estos casos señale
Carabineros de Chile.
En caso de incumplimiento, el Intendente, previo informe
de Carabineros, podrá disponer la suspensión del espectáculo
hasta el cumplimiento de las medidas exigidas.
Entre estas exigencias deberá contemplarse la ubicación
de las barras en sectores separados, claramente determinados,
a los cuales sólo podrán ingresar los integrantes de ellas,
previa exhibición de la credencial a que se hace referencia
en el artículo 4°. Será de responsabilidad del respectivo
club el control de ingreso y la vigilancia del sector
destinado a su barra.
El Intendente Regional podrá delegar, en los gobernadores
respectivos, las atribuciones que le confieren este artículo
y el anterior.
Artículo 3°.- Las autoridades del fútbol profesional, al
momento de fijar el calendario de las competencias nacionales
e internacionales, o al tomar conocimiento de estas últimas,
deberán comunicarlo al Intendente respectivo, para su
evaluación.
Los espectáculos no contemplados en el calendario y los
cambios que se registren deberán ser informados al Intendente
y a Carabineros con no menos de veinticuatro horas de
anticipación a su realización. Las autoridades del fútbol
profesional siempre deberán advertirles sobre aquellos
partidos que, en su opinión, puedan revestir alto riesgo para
la seguridad pública.
Artículo 4°.- Los clubes de fútbol profesional deberán
contar con un padrón oficial actualizado de los miembros de
su barra, el que se llevará en sus oficinas centrales. En
dicho registro deberá figurar, a lo menos, el nombre
completo, la cédula nacional de identidad, el domicilio y la
profesión u ocupación de cada integrante. Al momento de la
inscripción, el club deberá entregar una credencial numerada,
individual e intransferible que contenga esos datos y una
fotografía del miembro de la barra, y reúna características
que dificulten su adulteración.
+LVWRULDGHOD/H\1ž
3iJLQDGH
/(<
Artículo 5°.- En el caso del artículo 1°, si la autoridad
no se pronunciare dentro del plazo de treinta días, contado
desde la fecha de presentación de la solicitud, se entenderá
otorgada la autorización.
Si fuere denegada o si la entidad obligada no se
conformare con lo resuelto, el afectado podrá solicitar
reposición ante la misma autoridad dentro del plazo de cinco
días, la que deberá ser resuelta en el término de diez días.
Si ese recurso no fuere interpuesto, o no fuere fallado
dentro de plazo, o el recurrente no se conformare con lo
resuelto, podrá reclamar dentro del plazo de quince días,
ante el juez del crimen que corresponda al lugar en donde
funciona el respectivo recinto deportivo.
Interpuesto el reclamo, al que se acompañarán los
antecedentes en que se funde, el tribunal pedirá informe a la
autoridad respectiva, fijándole un plazo breve para emitirlo.
Recibido dicho informe, el tribunal dictará sentencia
dentro de los quince días siguientes. En caso de ordenarse
medidas para mejor resolver, dicho plazo se entenderá
prorrogado por diez días.
En contra de la sentencia no procederá el recurso de
casación en la forma.
TITULO II
De los delitos cometidos con ocasión de espectáculos
de fútbol profesional
Artículo 6°.- El que, con motivo u ocasión de un
espectáculo de fútbol profesional, causare lesiones a las
personas o daños a bienes en el recinto en que tiene lugar o
en sus inmediaciones, antes, durante o después de su
desarrollo, será castigado con presidio menor en su grado
medio, salvo que el hecho delictual merezca una pena
superior.
Con la misma pena será sancionado el que, en las
circunstancias mencionadas, y sin cometer esos delitos,
portare armas, elementos u objetos idóneos para perpetrarlos,
o incitare o promoviere la ejecución de alguna de dichas
conductas.
Si
las
conductas
descritas
precedentemente
fuesen
constitutivas de otros crímenes o simples delitos, se
impondrá la pena mayor asignada al delito más grave.
El que realizare alguna de las conductas descritas en los
incisos anteriores recibirá, en todo caso, las siguientes
penas accesorias:
+LVWRULDGHOD/H\1ž
3iJLQDGH
/(<
a) La inhabilitación por quince años para ser dirigente
de un club deportivo de fútbol profesional;
b) La prohibición de asistir, durante el tiempo de la
condena, a los futuros espectáculos de fútbol profesional,
con obligación de presentarse en los días y horas en que
ellos se realicen en el lugar fijado por el juez.
Sin perjuicio de las penas aplicables a los que
quebrantasen la condena, en el evento de que quien infrinja
esta prohibición haya sido beneficiado con alguna medida
alternativa a las penas privativas de libertad, ella se
entenderá revocada por el solo ministerio de la ley.
Están obligados a denunciar el quebrantamiento de esta
prohibición los directores o dirigentes de las barras de los
clubes participantes en el espectáculo de fútbol profesional
en que se produzca dicha infracción; y
c) La inhabilitación absoluta, por el tiempo de la
condena, para asociarse a un club de fútbol profesional o
para integrar su barra.
Ejecutoriada que sea la sentencia, se comunicará a las
autoridades del respectivo deporte para su cumplimiento, en
lo que corresponda.
Si el infractor no ha sido condenado a una pena superior
a la del inciso primero, y de sus antecedentes personales, su
conducta anterior y posterior al hecho punible y la
naturaleza, modalidades y móviles determinantes del delito,
puede presumirse que no volverá a delinquir, el juez, una vez
ejecutoriada la sentencia, podrá conmutar, de acuerdo con el
infractor, la pena privativa de libertad por la realización
de trabajos determinados en beneficio de la comunidad. La
resolución
que
otorgue
la
conmutación
deberá
señalar
expresamente el tipo de trabajo, el lugar donde deba
realizarse, su duración y la persona o institución encargada
de controlar su cumplimiento. Los trabajos se realizarán por
un tiempo no inferior al fijado para la sanción que se
conmute, ni superior al doble de ella, de preferencia sin
afectar la jornada laboral que tenga el infractor y en los
fines de semana, con un máximo de ocho horas semanales. La no
realización cabal y oportuna de los trabajos determinados por
el tribunal dejará sin efecto la conmutación por el solo
ministerio de la ley, y deberá cumplirse íntegramente la
sanción primitivamente aplicada, a menos que el juez, por
resolución fundada, determine otra cosa.
Los representantes legales de los clubes participantes en
el espectáculo, que, por negligencia o descuido culpable en
el cumplimiento de las obligaciones que les impone la
+LVWRULDGHOD/H\1ž
3iJLQDGH
/(<
presente ley, contribuyeran o facilitaren la comisión de las
conductas tipificadas en los incisos primero y segundo, serán
sancionados
con
multa
de
cincuenta
a
cien
unidades
tributarias mensuales, a beneficio fiscal, que se duplicará
en caso de reincidencia.
Artículo 7°.- Se considerarán circunstancias agravantes
especiales:
1a. Ser integrante de un grupo organizado para la
realización de los hechos descritos; miembro de la barra, o
socio de alguno de los clubes de fútbol profesional que
participen en el espectáculo.
2a. Ser organizador o protagonista en el espectáculo de
fútbol profesional, o dirigente de alguno de los clubes
participantes en él.
3a. Actuar bajo los efectos de bebidas alcohólicas,
estupefacientes, psicotrópicos, estimulantes o sustancias
análogas.
4a. Haber causado las lesiones a las que se refiere el
artículo 6a a jugadores, técnicos, dirigentes o protagonistas
del espectáculo de fútbol profesional.
Artículo
8°.Las
películas
cinematográficas,
fotografías, fonografías y otros sistemas de reproducción de
la imagen y del sonido, podrán constituir plena prueba para
acreditar la existencia de los delitos establecidos en esta
ley y la responsabilidad penal de los partícipes, cuando a
juicio del tribunal tengan caracteres de gravedad y precisión
suficiente para formar su convencimiento.
Constituirán presunción legal de ocurrencia del hecho
punible y base de presunción judicial de la responsabilidad
de los partícipes, las aseveraciones que la policía haga
sobre
esas
circunstancias,
que
se
contengan
en
las
comunicaciones o partes enviados a los tribunales.
Artículo 9°.- Las personas menores de 18 y mayores de 16
años de edad, que incurrieren en las conductas contempladas
en el artículo 6°, serán puestas a disposición del Juez de
Menores
correspondiente,
el
que,
prescindiendo
de
la
declaración de haber obrado o no con discernimiento, sólo
podrá imponerles las siguientes medidas:
1°.- Prohibición de asistir a los futuros espectáculos de
fútbol profesional, con obligación de presentarse en los días
y horas en que ellos se realicen, en el lugar fijado por el
Juez, hasta por el término de un año, y
+LVWRULDGHOD/H\1ž
3iJLQDGH
/(<
2°.Actividades
determinadas
en
beneficio
de
la
comunidad, las que deberán fijarse de común acuerdo con el
infractor. Las actividades en beneficio de la comunidad se
regirán, en cuanto a su forma, por lo dispuesto en el inciso
penúltimo del artículo 6°, y no podrán tener una duración
superior a dos meses.
Si las conductas sancionadas en el presente artículo,
fueren constitutivas de delito al que la ley asigne una pena
igual o superior a la de presidio menor en su grado mínimo,
se procederá a la declaración previa acerca de si el menor ha
obrado o no con discernimiento, de acuerdo con las reglas
generales, y se le aplicarán las medidas de protección o
sanciones que correspondan, según el caso.
La persona que tuviese a su cargo el cuidado del menor
será civilmente responsable de los perjuicios que éste cause.
Artículo
10.En
los
procesos
por
los
delitos
contemplados
en
esta
ley
se
observarán
las
reglas
establecidas en el Título I del Libro Tercero del Código de
Procedimiento Penal.
TITULO III
Disposiciones varias
Artículo 11.- Agréganse en el artículo 159 de la ley N°
17.105, de Alcoholes, Bebidas Alcohólicas y Vinagres, los
siguientes incisos finales:
"En los espectáculos de fútbol profesional que el
Intendente califique de alto riesgo para la seguridad
pública, decretará la prohibición de expendio de bebidas
alcohólicas en los centros o recintos donde se lleven a
efecto y en un perímetro máximo de cinco cuadras, medida que
regirá desde tres horas antes del inicio del evento hasta
tres horas después de su finalización.
Los establecimientos afectados serán notificados de esta
resolución por inspectores municipales o por Carabineros de
Chile con veinticuatro horas de anticipación a la entrada en
vigencia de la misma.".
Artículo transitorio.- Los clubes de fútbol profesional
deberán dar cumplimiento a las obligaciones que les impone el
artículo 4° dentro del plazo de sesenta días, contados desde
la publicación de esta ley.
+LVWRULDGHOD/H\1ž
3iJLQDGH
/(<
Establécese, asimismo, un plazo de ciento veinte días,
contado desde la misma fecha, para que se solicite la
autorización mencionada en el artículo 1° respecto de los
actuales centros o recintos deportivos destinados a la
realización de espectáculos de fútbol profesional.".
Habiéndose cumplido con lo establecido en el N° 1 del
Artículo 82 de la Constitución Política de la República, y
por cuanto el H. Congreso Nacional ha aprobado las
observaciones
formuladas
por
el
Ejecutivo;
por
tanto
promúlguese y llévese a efecto como Ley de la República.
Santiago, 24 de agosto de 1994.- EDUARDO FREI RUIZ-TAGLE,
Presidente de la República.- Germán Correa Díaz, Ministro del
Interior.- María Soledad Alvear Valenzuela, Ministro de
Justicia.
Lo que transcribo a Ud., para su conocimiento.- Saluda
atentamente a Ud., Eduardo Jara Miranda, Subsecretario de
Justicia.
TRIBUNAL CONSTITUCIONAL Proyecto de ley que reprime
desórdenes y hechos de violencia cometidos en estadios y
otros centros deportivos con ocasión de espectáculos públicos
El Secretario del Tribunal Constitucional, quien suscribe,
certifica que la Honorable Cámara de Diputados envió el
proyecto de ley enunciado en el rubro, aprobado por el
Congreso Nacional, a fin de que este Tribunal ejerciera el
control de su constitucionalidad, y que por sentencia de 19
de julio de 1994, declaró que las disposiciones contempladas
en
el
artículo
5°
del
proyecto
remitido,
son
constitucionales.
Santiago,
Secretario.
julio
20
de
1994.-
Rafael
Larraín
Cruz
Descargar