5HORMHV\9DULOODVHQ0RYLPLHQWR &DStWXOR,9 ³3RUVRUSUHQGHQWHTXHSXHGDSDUHFHUHVWDKLSyWHVLV DSULPHUDYLVWDWHQGUtDPRVTXHDGPLWLUTXHSRU QLQJ~QFRQFHSWRHVUHEXVFDGDWDQSURQWRFRPR DVXPLPRVTXHODVIXHU]DVPROHFXODUHVWDPELpQVRQ WUDQVPLWLGDVDWUDYpVGHOpWHUWDOFRPRORKDFHQODV IXHU]DVHOpFWULFDV\PDJQpWLFDVGHODVFXDOHVVt SRGHPRVKDFHUDFWXDOPHQWHHVWDD¿UPDFLyQ6LHOODV VRQWUDQVPLWLGDVGHHVWDPDQHUDODWUDVODFLyQDIHFWDUi PX\SUREDEOHPHQWHODDFFLyQHQWUHGRVPROpFXODV RiWRPRVGHXQDPDQHUDVHPHMDQWHDODDWUDFFLyQ RUHSXOVLyQHQWUHSDUWtFXODVFDUJDGDV$KRUDELHQ \DTXHODIRUPD\GLPHQVLRQHVGHXQFXHUSRVyOLGRHVWiQ ¿QDOPHQWHFRQGLFLRQDGDVSRUODLQWHQVLGDGGHODVDFFLR QHVPROHFXODUHVQRSXHGHGHMDUGHRFXUULUWDPELpQ XQFDPELRGHGLPHQVLRQHV´ +$/RUHQW]FRPHQWDQGRHOH[SHULPHQWRGH0LFKHOVRQ HQVXSXEOLFDFLyQGH³9HUVXFKHLQHU7KHRULHGHU HOHNWULVKHQXQGRSWLVKHQ(UVFKHLQXQJHQLQEHZHJWHQ.|USHQ´ 5(/2-(6<9$5,//$6(1029,0,(172 (QHVWHFDStWXORDQDOL]DUHPRVODGLODWDFLyQGHWLHPSRV\ODFRQWUDFFLyQGHORQJL WXGHVTXHUHVXOWDQLQVHSDUDEOHVGHOD5HODWLYLGDG(VSHFLDO /DSULPHUDSDUWHHVWiGHVWLQDGDDLQWURGXFLUVyORORVFRQFHSWRV/DLQWHQFLyQGH GLFKDVHFFLyQHVODGHORJUDUTXHHOOHFWRUDFHSWHFXDOLWDWLYDPHQWHORVIHQyPHQRV UHODWLYLVWDV&RQHVWH¿QVHHPSOHDXQPRGHORTXHMXVWL¿FDORVFDPELRVGHOHFWXUDV HQWLHPSRV\ORQJLWXGHVHQWUHVLVWHPDVHQPRYLPLHQWRUHODWLYR /DVHJXQGDSDUWHSUHWHQGHIDPLOLDUL]DUDOOHFWRUFRQORVHVTXHPDV\HFXDFLRQHV TXHVHSUHVHQWDQHQORVWH[WRVFOiVLFRVGH5HODWLYLGDG(VSHFLDO\HQORVSUy[LPRV FDStWXORVGHHVWHOLEUR3DUDHOORVHHPSOHDQODV7UDQVIRUPDGDVGH/RUHQW]TXH VRQHOFRUD]yQ³DQDOtWLFR´GHGLFKDWHRUtD ¢32548e$75$6$1/265(/2-(6(1029,0,(172" /DH[SHULHQFLDPHKDGHPRVWUDGRTXHVLXQDSHUVRQDUHFKD]DODSRVLELOLGDGGH TXHORVUHORMHVVHDOWHUHQFRPRUHVXOWDGRGHVXHVWDGRGHPRYLPLHQWRHVYLUWXDO PHQWHLPSRVLEOHTXHVHVLHQWDDJXVWRFRQORVGHVDUUROORVGH(LQVWHLQ +HHVFXFKDGRQXPHURVDVYDULDQWHVGHH[SUHVLRQHVFRPRODVVLJXLHQWHV ³1RSXHGHVHUTXHXQUHORMDWUDVHVyORSRUPRYHUORDGHWHUPLQDGDYHORFLGDG´ y y ³1RHVSRVLEOHTXHORVUHORMHVPHFiQLFRVHOHFWUyQLFRV\ELROyJLFRVVHDOWH UHQGHODPLVPDIRUPDSRUFXOSDGHOPRYLPLHQWR´ 'HPRGRTXHHQHVWHDSDUWDGRPLVSULQFLSDOHVREMHWLYRVVRQORVGHGDUXQDH[SOLFD 3iJLQD 5HORMHV\9DULOODVHQ0RYLPLHQWR FLyQFRQVLVWHQWHSDUDMXVWL¿FDUHODWUDVRGHDOJ~QWLSRGHUHORMHQPRYLPLHQWR\OXHJR JHQHUDOL]DUODVLWXDFLyQSDUDFXDOTXLHUULWPRTXHSXHGDHTXLSDUDUVHDXQUHORM 5HORMHV\0HFDQLVPRV 7RGRUHORMWLHQHDOJ~QWLSRGHPHFDQLVPRTXHORKDFHIXQFLRQDU(QDOJXQRVFDVRV HOPHFDQLVPRHVVLPSOH\HYLGHQWH(QRWURVFRPRRFXUUHHQORVUHORMHVELROyJLFRV HOPHFDQLVPRHVPX\FRPSOHMR 1RWD(QHVWHFDStWXORFRPRHQWRGRHOFRQMXQWRGHHVWDREUDFRQVLGHUR FRPR³UHORM´DFXDOTXLHUVLVWHPDFRQPRYLPLHQWRVSHULyGLFRVUHDOL]DGRVD ULWPRFRQVWDQWH&RPR\DKHPHQFLRQDGROD5HODWLYLGDG(VSHFLDOQRVH DSOLFDVyORDUHORMHVTXHPDUTXHQKRUDVPLQXWRV\VHJXQGRVVLQRDWRGRV ORVHYHQWRVTXHGHULYHQGHLQWHUDFFLRQHVItVLFDV (PSHFHPRVHQWRQFHVFRQXQ³UHORM´GHPHFDQLVPRPX\VLPSOH (VWLPRTXHDFDVLWRGDVODVSHUVRQDVOHVGHEHKDEHUSDVDGRDOJRSDUHFLGRDORTXHPHRFX UULyFXDQGRPHHQIUHQWpSRUSULPHUDYH]DXQDHVFDOHUDPHFiQLFD/XHJRGHVXELU\EDMDU YDULDVYHFHVH[SHULPHQWpHOGHVHRGHUHFRUUHUODHQVHQWLGRFRQWUDULRDVXPRYLPLHQWR 4XLHQHVORKHPRVKHFKRVDEHPRVTXHHVWDDFFLyQSURGXFHXQDVHQVDFLyQHVSHFLDO (QSDUWLFXODUUHVXOWDHQWUHWHQLGRLJXDODUQXHVWUDYHORFLGDGFRQODSURSLDGHODFLQWDGH WUDQVSRUWH'HHVWDIRUPDVHWLHQHODH[WUDxDVHQVDFLyQGHFDPLQDUVLQDYDQ]DU 3RURWURODGRVLFDPLQDPRVHQHOVHQWLGRGHDYDQFHGHODFLQWDODVHQVDFLyQHVGH SOHQLWXGSXHVFRQSRFRHVIXHU]RSDUHFHTXHVRPRVFDSDFHVGHGHVDUUROODUYHORFLGD GHVTXHHQFLUFXQVWDQFLDVQRUPDOHVUHTXLHUHQPXFKRPiVHVIXHU]RItVLFR ,PDJLQHPRVHQWRQFHVTXHKDFHPRVODH[SHULHQFLDGHFDPLQDUSRUXQDDFHUD PyYLOGHPHWURVGHORQJLWXGFRPSOHWDQGRXQUHFRUULGRGHLGD\YXHOWDWDQWR FRQODDFHUDGHWHQLGDFRPRFXDQGRHVWiHQPRYLPLHQWR &RQODDFHUDGHWHQLGD (QHVWHFDVRWHQHPRVTXHUHFRUUHUXQDGLVWDQFLDGHPDODLGD\RWURVWDQWRVDOD YXHOWD6LFDPLQDPRVDUD]yQGHGHPVHOUHFRUULGRQRVLQVXPHVHJXQGRV 3DUDPHGLUHOWLHPSRHPSOHDPRVHOUHORMGHSXOVHUDTXHXVDPRVFRWLGLDQDPHQWH &RQODDFHUDHQPRYLPLHQWR 6LKDFHPRVODH[SHULHQFLDFRQODDFHUDWUDVODGiQGRVHDPVODVLWXDFLyQUH VXOWDDOJRGLIHUHQWH y (QHOWUD\HFWR³DIDYRU´GHOPRYLPLHQWRODYHORFLGDGGHDYDQFHHVGHPV'H HVWHPRGRHOUHFRUULGRGHORVPHWURVGH³LGD´FRQVXPHVyORVHJXQGRV y (QHOWUD\HFWR³HQFRQWUD´GHOPRYLPLHQWRODYHORFLGDGGHDYDQFHHVGH PV3RUHVWDUD]yQHOWLHPSRLQVXPLGRSDUDUHFRUUHUORVPHWURVGH ³YXHOWD´HVGHVHJXQGRV &RPRSXHGHDSUHFLDUVHFRQD\XGDGHOFiOFXORQXPpULFRHOWLHPSRHPSOHDGRHQ KDFHUHOWUD\HFWRGHLGD\YXHOWDFRQODDFHUDHQPRYLPLHQWRVV V 3iJLQD 5HORMHV\9DULOODVHQ0RYLPLHQWR HVPD\RUTXHFRQODDFHUDHQUHSRVRVV V /DH[SOLFDFLyQGHHVWHIHQyPHQRUDGLFDHQTXHHOWLHPSRTXHVH³JDQD´HQODLGD QRFRPSHQVDHOWLHPSRTXHVH³SLHUGH´HQODYXHOWD(QXQFDVRH[WUHPRVLQXHVWUD YHORFLGDGDODQGDUIXHUDODPLVPDTXHPDQWLHQHODDFHUDPyYLOQXQFDSRGUtDPRV FRPSOHWDUHOWUD\HFWRGHYXHOWD 8QUHORMTXHDWUDVD 6LHOFRQMXQWRIRUPDGRSRUHOKRPEUH\ODDFHUDPyYLOIXHUDHOPHFDQLVPRLQWHUQR GHXQUHORMHQHOTXHFDGD³7LF´VHSURGXFHDOFRPSOHWDUHOYLDMHGHLGD\YXHOWDSRU ODDFHUDGLVSRQGUtDPRVGHXQUHORMTXHDWUDVDFXDQGRVHSRQHHQPRYLPLHQWR 8QUHORMTXHQRDWUDVD 3RURWURODGRGLPRVSRUVHQWDGRTXHHOUHORMGHSXOVHUDQRVHDOWHUDSRUODSXHVWD HQPDUFKDGHODDFHUD(VWHUHORMQRDIHFWDGRSRUHOPHFDQLVPRPyYLOQRWLHQH PRWLYRVSDUDDOWHUDUVXPDUFKDGXUDQWHODH[SHULHQFLD &RQFOXVLRQHV &RQHOHMHPSORDQDOL]DGRHQPHQWHHVSRVLEOHVDFDUODVVLJXLHQWHVFRQFOXVLRQHV JHQHUDOHV y (VDFHSWDEOHTXHXQUHORMDOWHUHVXPDUFKDSRUFXOSDGHOPRYLPLHQWRVLHPSUH\ FXDQGRODVSLH]DVHQPRYLPLHQWRHVWpQOLJDGDVtQWLPDPHQWHDOPHFDQLVPRGHOUHORM y 3DUDTXHXQUHORMQRVHYHDDIHFWDGRSRUHOPRYLPLHQWRHVSUHFLVRTXHVXIXQ FLRQDPLHQWRVHDLQGHSHQGLHQWHGHOPHFDQLVPRTXHGDOXJDUDOPRYLPLHQWR <HVWDVJHQHUDOL]DFLRQHVDXQTXHWULYLDOHVQRVSHUPLWHQREWHQHUXQDSULPHUDFRQ FOXVLyQUHVSHFWRDOD5HODWLYLGDG(VSHFLDO 'DGRTXHFRQIRUPHDOD5HODWLYLGDG(VSHFLDOWRGRVORVUHORMHVHQPRYLPLHQWRUHODWL YRDOWHUDQVXPDUFKDHQODPLVPDSURSRUFLyQHVQHFHVDULRTXHH[LVWDXQPHFDQLVPR VXE\DFHQWHFRP~QDWRGRVORVUHORMHVRSURFHVRVUtWPLFRVGHO8QLYHUVR 2H[SUHVDGRHQRWURVWpUPLQRVSDUDTXHODVGHGXFFLRQHVGH(LQVWHLQUHDOL]DGDV VREUHODEDVHGHUHORMHV\UHJODVGHPHGLFLyQDIHFWHQWRGRHOFRPSRUWDPLHQWRGHO PXQGRItVLFRHVQHFHVDULRTXHH[LVWDXQPHFDQLVPRFRP~QTXHDIHFWHWDQWRD ORVUHORMHVFRPRDFXDOTXLHURWUDLQWHUDFFLyQItVLFD ¢32548e6($/7(5$1/$6/21*,78'(6" &RPRDFDEDPRVGHYHUODDOWHUDFLyQGHUHORMHVSRUFXOSDGHXQPHFDQLVPRVXE \DFHQWHHVXQSURFHVRPiVRPHQRVVHQFLOORGHUDFLRQDOL]DU 6LQHPEDUJRODDOWHUDFLyQGHORQJLWXGHVSDUDORVVLVWHPDVPyYLOHVDXQTXHtQWLPD PHQWHOLJDGDDOIXQFLRQDPLHQWRGHORVUHORMHVHVDOJRPiVGLItFLOGHDFHSWDU 3DUDUHVXPLUHVWHIHQyPHQRHQSRFDVSDODEUDVHVVX¿FLHQWHDQDOL]DUXQDVLWXD FLyQTXHSRUVHUGHPDVLDGRREYLDQRVXHOHPHQFLRQDUVH 3DUDPHGLUODORQJLWXGGHXQDYDULOODHQPRYLPLHQWRHVQHFHVDULRVXSRQHUTXH 3iJLQD 5HORMHV\9DULOODVHQ0RYLPLHQWR VRPRVFDSDFHVGHPHGLUODXELFDFLyQGHVXVGRVH[WUHPRVVLPXOWiQHDPHQWH 6LPLGLpUDPRVODXELFDFLyQGHXQH[WUHPRGHODYDULOODPyYLOHQXQGDGRLQVWDQWH \ODXELFDFLyQGHORWURH[WUHPRHQXQPRPHQWRGLIHUHQWHFRPRODYDULOODHVWi GHVSOD]iQGRVHREWHQGUtDPRVXQDOHFWXUDIDOVDGHVXORQJLWXG 3HUR«ODGH¿QLFLyQGHXQPLVPRLQVWDQWHHQSRVLFLRQHVDSDUWDGDVQHFHVLWDGH UHORMHVVLQFURQL]DGRV'HRWUDIRUPDQRHVSRVLEOHJDUDQWL]DUTXHHVWDPRVPLGLHQ GRODXELFDFLyQGHDPERVH[WUHPRV³HQHOPLVPRPRPHQWR´ 'HPRGRTXHVLORVVLVWHPDVPyYLOHVPDQWLHQHQXQVLQFURQLVPRGLIHUHQWHDOTXH HPSOHDQORVUHORMHVHVWDFLRQDULRVUHVXOWDLPSRVLEOHTXHORVREVHUYDGRUHVGHDP ERVVLVWHPDVVHSRQJDQGHDFXHUGRFRQUHVSHFWRDODORQJLWXGGHYDULOODVTXH SHUWHQHFHQDXQRXRWURGHORVVLVWHPDV (QFRQVHFXHQFLDVHSXHGHDSUHFLDUTXHGHELGRDODIDOWDGHVLQFURQLVPRDEVROXWRGH ULYDGDGHODIDOWDGHVLPXOWDQHLGDGDEVROXWDORVREVHUYDGRUHVGHFDGDVLVWHPDFUHHQ TXHORVREVHUYDGRUHVGHORWURVLVWHPDUHDOL]DQVXVPHGLFLRQHVHQIRUPDHUUyQHD (QORVSUy[LPRVFDStWXORVFRPSUREDUHPRVTXHHOSUREOHPDORRULJLQDHOVLVWHPDPyYLOSRU VXDSDUHQWHPHQWH³FDSULFKRVD´PDQHUDGHVLQFURQL]DUORVUHORMHV3HURWDPELpQYHUHPRV TXHHOSUREOHPDVHFRPSOLFDD~QPiVDOWUDWDUGHLGHQWL¿FDUHOVLVWHPDPyYLO (//Ë2'(/265(/2-(6 /OHJyHOPRPHQWRGHSRQHUOD5HODWLYLGDG(VSHFLDOHQHFXDFLRQHV\JUi¿FRV$ SDUWLUGHHVWHSXQWRHVQHFHVDULRTXHHOOHFWRUVHVLHQWDFyPRGRFRQORVHVTXHPDV TXHPXHVWUDQGLVWDQFLDV\UHORMHVHQVLVWHPDVVRPHWLGRVDFRQGLFLRQHVLQHUFLDOHV FRQPRYLPLHQWRUHODWLYR 3HURWDOFRPRLQGLTXHHQODLQWURGXFFLyQGHHVWDREUDpVWHQRHVXQOLEURGHWH[WR FRQYHQFLRQDO3RUORWDQWRDVtFRPRWRGDYtDQRKLFHQLQJXQDPHQFLyQDOH[SHUL PHQWRGH0LFKHOVRQWDPSRFRKDUpHQHVWHFDStWXORXQDGHGXFFLyQIRUPDOGHODV WUDQVIRUPDGDVGH/RUHQW] $PERVGHVDUUROORVVHSUHVHQWDQUHJXODUPHQWHHQORVOLEURVGH)tVLFDTXHDERUGDQ ODUHODWLYLGDG 3DUDORVGHVDUUROORVSUHVHQWDGRVHQHVWHOLEURGR\SRUVHQWDGRTXH y /DVH[SHULHQFLDVRUGLQDULDVQRSXHGHQSRQHUGHPDQL¿HVWRHOPRYLPLHQWRDEVROXWR y /DVWUDQVIRUPDGDVGH/RUHQW]GHVFULEHQFRUUHFWDPHQWHHOFRPSRUWDPLHQWR GHOPXQGRItVLFR (OREMHWLYRGHHVWHOLEURQRHVHOGHFRPSUREDUHVWDVD¿UPDFLRQHVSDUDFX\RUHV SDOGRUHFXUURDORVPiVGHDxRVHQTXHVHYLHQHQUHDOL]DQGRLQFRQWDEOHVH[SH ULHQFLDVTXHODVFRQ¿UPDQ0LREMHWLYRHVHOGHWUDWDUGHGHPRVWUDUSRUTXpHVWDV D¿UPDFLRQHVVRQYiOLGDV 'HDFXHUGRFRQVXVXEWtWXORHVWDREUDHVWiGLULJLGDDTXLHQHV\DSDVDURQSRUHOSURFHVR GHOHFWXUDGHWH[WRVFOiVLFRVGHUHODWLYLGDG\SRUORWDQWRFRQRFHQODVH[SHULHQFLDVTXHOH GDQVXVWHQWR\HVWiQIDPLOLDUL]DGRVFRQODVFRQVHFXHQFLDVGHORVSODQWHRVGH(LQVWHLQ 3iJLQD 5HORMHV\9DULOODVHQ0RYLPLHQWR 1RWD3DUDTXLHQHVRSLQHQTXHDFHSWDUODVGRVH[SUHVLRQHVLQGLFDGDV FRQVWLWX\HXQDIDOWDGHDQiOLVLVFUtWLFRSXHGRFRPHQWDUTXHDOJXQDYH] GLVHxp\OOHYHDODSUiFWLFDFRQODQHFHVDULDD\XGDGHH[SHUWRVHQySWLFD TXHPHWUDWDURQPX\LQGXOJHQWHPHQWHXQDYDULDQWHGHOH[SHULPHQWRGH 0LFKHOVRQHPSOHDQGRXQUD\RGHOX]YLDMDQGRSRUGRVPHGLRVGLIHUHQWHV (OUHVXOWDGRIXHFDWHJyULFR- /DVWUDQVIRUPDGDVGH/RUHQW]DGRSWDQODVLJXLHQWHIRUPXODFLyQ y W¶ WY[F. y [¶ [YW. y \¶ \ y ]¶ ] y 'RQGH. YF (QHVWDVHFXDFLRQHVVHGHVFULEHODUHODFLyQHQWUHODVOHFWXUDVGHORQJLWXGHV\ WLHPSRVTXHUHDOL]DQORVREVHUYDGRUHVHQVXSURSLRVLVWHPDLQHUFLDO[\]W\ ORVYDORUHV[¶\¶]¶W¶TXHVHPLGHQHQRWURVLVWHPDLQHUFLDOTXHVHPXHYHFRQ UHVSHFWRDHOORVDYHORFLGDGY /D)LJ,9PXHVWUDODXELFDFLyQ\UHODFLyQHQWUHHVWDVYDULDEOHVHQWUHHOVLVWHPD ³HVWDFLRQDULR´$\HOVLVWHPD³PyYLO´% $PERVVLVWHPDVHVWiQUHSUHVHQWDGRVSRUHMHVGHFRRUGHQDGDVFDUWHVLDQDV /DVWUDQVIRUPDGDVGH/RUHQW]GHVFULEHQODUHODFLyQHQWUHODVOHFWXUDVGHUHORMHV\ FRRUGHQDGDVGHDPERVVLVWHPDVDVXPLHQGRTXHDPERVRUtJHQHVR\R¶HVWDEDQ HQIUHQWDGRVFXDQGRVXVUHVSHFWLYRVUHORMHVPDUFDEDQHORULJHQGHODVOHFWXUDVGH WLHPSRW W¶ FXDQGR[ [ )LJ,95HODFLRQHVGHFRRUGHQDGDVHVSDFLDOHV\WHPSRUDOHVHQWUHHMHVHQPRYLPLHQWRUHODWLYR 3iJLQD 5HORMHV\9DULOODVHQ0RYLPLHQWR (MHPSOR1XPpULFR (QHVWHDSDUWDGRKDUHPRVDOJXQRVFiOFXORVHPSOHDQGRODV7UDQVIRUPDGDVGH /RUHQW]\DXQTXHSDUDHVWHHMHPSORVHHPSOHDQYDORUHVDUELWUDULRVGHYHORFLGDG\ GLVWDQFLDVSDUDIDFLOLWDUODVFXHQWDV\HOVHJXLPLHQWRGHODQiOLVLVODVFRQFOXVLRQHV DOFDQ]DGDVVRQGHYDOLGH]JHQHUDO $VXPLPRVTXHORVVLVWHPDV$\%GHOD)LJ,9VHGHVSOD]DQFRQYHORFLGDG UHODWLYDY F &RPRSXHGHYHUL¿FDUVHPHGLDQWHODVFXHQWDVFRUUHVSRQGLHQWHVFRQHVWDYHORFL GDGUHODWLYDHOFRH¿FLHQWHGH/RUHQW].DGRSWDHOYDORU. +DFLHQGRODVFXHQWDVHQIXQFLyQGHP~OWLSORVGHXQDGLVWDQFLD/ NP\ VXSRQLHQGRTXHODVOHFWXUDVHQHOHMH$FRUUHVSRQGHQDW VLVXSRQHPRV TXHDOJ~QUHORMGHOHMH%FRLQFLGHFRQHVWDOHFWXUDREWHQHPRVODVLJXLHQWHWDEOD GHYDORUHVSDUDRWUDVSRVLFLRQHVUHODWLYDV 7$%/$,9 /HFWXUDVGH7LHPSRHQORV(MHV(VWDFLRQDULR\0yYLO 'LVWDQFLDGHVGHHOSXQWRGH FRLQFLGHQFLDGHWLHPSRV 'LIHUHQFLDGHWLHPSRVREVHUYDGDGHVGHHO HMHHVWDFLRQDULRHQORVUHORMHVGHOHMHPyYLO / V / V / V V / V / V / V (VWRVYDORUHVVHFRUUHVSRQGHQFRQODVOHFWXUDVGHORVUHORMHVPRVWUDGDVHQOD)LJ,9 'HDFXHUGRFRQHVWD¿JXUDORVREVHUYDGRUHVGHOHMH$HVWiQFRQYHQFLGRVGHO SHUIHFWRVLQFURQLVPRGHVXVUHORMHVSHURREVHUYDQXQGHVVLQFURQLVPRQRWDEOH HQODPDUFKDGHORVUHORMHVGHOHMH% 6LQHPEDUJRFRQIRUPHDORVSRVWXODGRVGHOD5HODWLYLGDG(VSHFLDO\GDGRTXH ODVWUDQVIRUPDGDVGH/RUHQW]VRQLJXDOPHQWHYiOLGDVSDUDORVGRVHMHVORVRE VHUYDGRUHVGHOHMH%WLHQHRWUDLPDJHQSDUDGHVFULELUODVOHFWXUDVGHORVUHORMHV GHDPERVHMHV 3DUDORVREVHUYDGRUHVGHOHMH%ODVLWXDFLyQHVODUHSUHVHQWDGDHQOD)LJ,9 (VWDVLWXDFLyQHVODTXHKDGDGRHQOODPDUVHHO³/tRGHORV5HORMHV´HQOD5HODWL YLGDG(VSHFLDO 3iJLQD 5HORMHV\9DULOODVHQ0RYLPLHQWR )LJ,9(VWDGRGHORVUHORMHVHQORVVLVWHPDV$\%FRQIRUPHDODVREVHUYDFLRQHVUHDOL]DGDV SRUREVHUYDGRUHVGHOHMH$ )LJ,9(VWDGRGHORVUHORMHVHQORVVLVWHPDV$\%FRQIRUPHDODVDSUHFLDFLRQHVUHDOL]DGDV SRUREVHUYDGRUHVGHOHMH% /D5HODWLYLGDG(VSHFLDORWRUJDHOPLVPRJUDGRGHYDOLGH]DODVOHFWXUDVKHFKDV GHVGHHOVLVWHPD$RGHVGHHOVLVWHPD%HTXLYDOHQFLDGHORVVLVWHPDVLQHUFLDOHV SDUDGHVFULELUHOPXQGRItVLFR(QFRQVHFXHQFLDHO/tRGHORV5HORMHVVHDFHSWD FRPRXQKHFKRGHULYDGRGHODDSOLFDFLyQGHODVWUDQVIRUPDGDVGH/RUHQW]<HVWDV ~OWLPDVVRQODFRQVHFXHQFLDGLUHFWDGHORVGRVSRVWXODGRVUHODWLYLVWDVHTXLYDOHQFLD GHORVVLVWHPDVLQHUFLDOHV\FRQVWDQFLDGHF 6LQHPEDUJRHVLQWHUHVDQWHDPSOLDUODGLVFXVLyQWUDWDQGRGHHQWHQGHUTXpVLJQL¿FD ODLQFRPSDWLELOLGDGHQODVOHFWXUDVGHORVUHORMHVHQWUHVLVWHPDVHQPRYLPLHQWR 6LVyORQRVTXHGDPRVFRQHVWHPRGHORGHUHORMHV\OHFWXUDVDSDUHQWHPHQWHFD SULFKRVDVHVSUREDEOHTXHFRQVLGHUHPRVTXHWRGDOD5HODWLYLGDG(VSHFLDOQRHV PiVTXHXQFRQMXQWRGHFRVDVLQFRPSUHQVLEOHV <QRHVDVt 3iJLQD 5HORMHV\9DULOODVHQ0RYLPLHQWR ¢32548e5(/2-(6" 3HVHDTXH\DIXHPHQFLRQDGRHVFRQYHQLHQWHYROYHUVREUHHVWHSXQWR (LQVWHLQ\ORVOLEURVVREUH5HODWLYLGDG(VSHFLDOXVDQUHJXODUPHQWHUHORMHVSDUD HMHPSOL¿FDUODUHODWLYLGDGGHOWLHPSRSHURORVFRQFHSWRVLQYROXFUDGRVVRQPXFKR PiVSURIXQGRV7DOFRPRVHSUHVHQWDQUHJXODUPHQWHHVWRVGHVDUUROORVHOOHFWRU GHVSUHYHQLGRWLHQGHDFUHHUTXHHVQHFHVDULDXQDHVSHFLHGH³FRQIDEXODFLyQ´GH ORVREVHUYDGRUHVSDUDREWHQHUORVUHVXOWDGRVTXHVHPXHVWUDQ 3DUDHQWHQGHUTXHHVWRQRHVDVtSRGHPRVSURIXQGL]DUORVDQiOLVLVUHDOL]DGRV $XQTXHDOFDStWXOR,;HVWiGHGLFDGRSRUHQWHURDHVWHWHPDDHVWDDOWXUDGHO GHVDUUROORTXLHURPRVWUDUTXHORVREVHUYDGRUHV\VXVUHORMHVQRVRQPiVTXHXQD PDQHUDYLVXDOGHGHVFULELUODVLQWHUDFFLRQHVGHOPXQGRItVLFR\TXHHOVLQFURQLV PRGHVDUUROODGRSRU(LQVWHLQQRHVRWUDFRVDTXHHOUHVXOWDGRQDWXUDOGHHVWDV LQWHUDFFLRQHV /DVLQWHUDFFLRQHVHQWUHFXHUSRVUtJLGRVVHSURGXFHQPHGLDQWHODDSOLFDFLyQGH IXHU]DV<ODVIXHU]DVGRPLQDQWHVDQXHVWUDHVFDODVRQGRV y /DIXHU]DGH*UDYHGDG y /DVIXHU]DV(OHFWURPDJQpWLFDV (QWDQWRTXHODJUDYHGDGHVRPQLSUHVHQWHODVIXHU]DVHOHFWURPDJQpWLFDVGHVFUL EHQWRGDVODVGHPiVLQWHUDFFLRQHV /DVIXHU]DVHOHFWURPDJQpWLFDVVRQODVFDXVDQWHVGH y /DVUHDFFLRQHVTXtPLFDV y /RVHPSXMHVPHFiQLFRV y /RVFRORUHV,QWHUDFFLyQGHODOX]FRQODPDWHULD y (OHQYHMHFLPLHQWRUHVXOWDGRGHUHDFFLRQHVTXtPLFDV y (WF ,PDJLQHPRVHQWRQFHVTXHHPSXMDPRVXQDYDULOODHQHOVHQWLGRORQJLWXGLQDO GHVGHXQRGHVXVH[WUHPRV /DYDULOODDGTXLHUHXQDFLHUWDYHORFLGDG¿QDOFRPRUHVXOWDGRGHQXHVWURHPSXMH 3HURHVWDYHORFLGDG¿QDOGHSHQGHGHODPDVDGHODYDULOOD8QDYDULOODGHP UHVXOWDPiVGLItFLOGHSRQHUHQPRYLPLHQWRTXHXQDYDULOODGHP<VLHVGHKLHUUR DGTXLHUHPHQRVYHORFLGDGTXHVLHVGHPDGHUDSDUDODPLVPDIXHU]DDSOLFDGD 3UHJXQWD¢3RUTXpWLHQHLPSRUWDQFLDODPDVDGHWRGDODYDULOODVLVyORHVWDPRV HMHUFLHQGRODIXHU]DHQXQRGHVXVH[WUHPRV"3UHJXQWDWRQWD 5HVSXHVWD3RUTXHHVWDPRVHPSXMDQGRWRGDODYDULOOD1RVyORVXH[WUHPR 3UHJXQWD<¢&yPRVHHQWHUDWRGDODYDULOODGHTXHODHVWDPRVHPSXMDQGR" 3UHJXQWDPHQRVWRQWD 5HVSXHVWD3RUTXHODIXHU]DVHWUDQVPLWHDORODUJRGHODYDULOOD 3iJLQD 5HORMHV\9DULOODVHQ0RYLPLHQWR 3UHJXQWD<¢FyPRVHWUDQVPLWHHVDIXHU]D" 5HVSXHVWD/DFRVDYLHQHPROHVWD«$WUDYpVGHODVLQWHUDFFLRQHVHQWUHORV iWRPRVTXHFRPSRQHQODYDULOOD<PHDGHODQWRDODSUy[LPDSUHJXQWDVLHQGRPiV HVSHFt¿FR$WUDYpVGHODVLQWHUDFFLRQHVHOHFWURPDJQpWLFDVHQWUHORVHOHFWURQHV H[WHUQRVGHORViWRPRVTXHFRPSRQHQODYDULOOD 3UHJXQWD¢3RUTXpODPDQRTXHHPSXMDSHUFLEHWRGDODPDVDGHODYDULOOD"(O MXHJRYDWRPDQGRIRUPD 5HVSXHVWD3RUTXHSDUDPDQWHQHUODLQWHJULGDGODLQIRUPDFLyQGHEHUHDOL]DXQ FDPLQRGHLGD\YXHOWDSRUODYDULOOD'HRWUDIRUPDSRGUtDHPSXMDUVHXQH[WUHPR GHODYDULOODVLQTXHHORWURH[WUHPRVHHQWHUDUD(VDVLWXDFLyQQDWXUDOHQVLVWHPDV WDOHVFRPRJUDQRVGHDUHQDGLVSHUVRVFRQGXFHDODURWXUDRSpUGLGDGHLQWHJULGDG GHOVLVWHPDTXHHVWiVLHQGRHPSXMDGR %LHQ$O¿QDOGHWRGRHVWHSHTXHxRMXHJRGHSUHJXQWDV\UHVSXHVWDVWHQHPRVOR TXHQHFHVLWiEDPRV y /DVLQWHUDFFLRQHVItVLFDVLPSOLFDQLGDV\YXHOWDVGHLQIRUPDFLyQHOHFWURPDJ QpWLFD (QWRQFHVVLODVVHxDOHVVHUHWDUGDQHQHOFDPLQRHVUD]RQDEOHVXSRQHUTXHODV LQWHUDFFLRQHVVHYDQDSURGXFLUDXQULWPRPiVOHQWR<HVWRHVH[DFWDPHQWHORTXH SDVDHQORVVLVWHPDVHQPRYLPLHQWR&RPR\DYLPRVFRQODFLQWDPyYLOVLODVVHxDOHV WLHQHQXQPHGLRVRSRUWHHVWDFLRQDULRHQORVVLVWHPDVPyYLOHVODVLQWHUDFFLRQHVVH SURGXFHQHQIRUPDPiVOHQWD/RVUHORMHVDWUDVDQQRFRPRUHVXOWDGRGHFDSULFKR VRVREVHUYDGRUHVVLQRFRPRFRQVHFXHQFLDQDWXUDOGHODH[LVWHQFLDGHXQ0DUFRGH 5HIHUHQFLD(VWDFLRQDULR05( 3UHJXQWD3HUROD5HODWLYLGDG(VSHFLDOQRDFHSWDODH[LVWHQFLDGHXQ0DUFRGH 5HIHUHQFLD(VWDFLRQDULR¢3RUTXpVHSURGXFHHQWRQFHVHODWUDVRGHORVUHORMHV HQOD5HODWLYLGDG(VSHFLDO" 5HVSXHVWD$OQRDFHSWDUVHODSUHVHQFLDGHXQ05(HQOD5HODWLYLGDG(VSHFLDO ORVUHORMHVDWUDVDQVyORHQIRUPDDSDUHQWH<DOQRSODQWHDUVHXQPRGHORItVLFR TXHH[SOLTXHHODWUDVRGHORVUHORMHVHOVLQFURQLVPRGH(LQVWHLQSDUDPXFKDV SHUVRQDVUHVXOWDFDSULFKRVR &RPHQWDULR(VDFHSWDEOHODPDUFKDPiVOHQWDGHORVUHORMHVPyYLOHVFXDQGR H[LVWHXQVLVWHPDGHUHIHUHQFLDHVWDFLRQDULRSHURHVWDSRVWXUDQRHVVRVWHQLEOH SXHVWDOFRPRGHPXHVWUDOD5HODWLYLGDG(VSHFLDOORVREVHUYDGRUHVGHOVLVWHPD PyYLO\ORVGHOVLVWHPDHVWDFLRQDULRREVHUYDQTXHVRQORVUHORMHVGHORWURVLVWHPD ORVTXHDWUDVDQ6LH[LVWLHUDXQ05(VHUtDIiFLOGHWHFWDUORSXHVWRGRVORVUHORMHVGH ORVVLVWHPDVTXHVHPXHYHQFRQUHVSHFWRDpODWUDVDUtDQHQIRUPDVLVWHPiWLFD 5HVSXHVWD3RUH[WUDxRTXHSDUH]FDODH[LVWHQFLDGHXQ05(QRUHVXOWDHQDE VROXWRLQFRPSDWLEOHFRQODVREVHUYDFLRQHVPXWXDVHQWUHDPERVHMHV/RVHMHPSORV GHORVFDStWXORVVLJXLHQWHVSRQHQGHPDQL¿HVWRHVWHSXQWR 3RUDOJXQDUD]yQSHVHDODVXJHUHQFLDRULJLQDOGH/RUHQW]\3RLQFDUpGHVGHTXH VHDFHSWyODWHRUtDGHOD5HODWLYLGDG(VSHFLDOIRUPXODGDSRU(LQVWHLQSDUHFHKD 3iJLQD 5HORMHV\9DULOODVHQ0RYLPLHQWR EHUVHFRQVLGHUDGRVXSHUÀXRHOKHFKRGHTXHODUHFLSURFLGDGGHODVWUDQVIRUPDGDV GH/RUHQW]SXHGHLQWHUSUHWDUVHGHGRVIRUPDVDOWHUQDWLYDV y $FHSWDQGRTXHWRGRVORVVLVWHPDVLQHUFLDOHVVRQUHDOPHQWHHTXLYDOHQWHV y 9HUL¿FDQGRTXHDXQTXHH[LVWDXQVLVWHPDSULYLOHJLDGR05(UHVXOWDLQGH WHFWDEOHPHGLDQWHH[SHULHQFLDVFRWLGLDQDV /DSULPHUDLQWHUSUHWDFLyQFRQGXFHDOHVWDGRDFWXDOGHLQWHUSUHWDFLyQRQRLQWHU SUHWDFLyQGHODVHFXDFLRQHVGHOD5HODWLYLGDG(VSHFLDO /DVHJXQGDLQWHUSUHWDFLyQHVODEDVHGHORVDQiOLVLVGHHVWDREUDGRQGHVHPXHV WUDTXHOD5HODWLYLGDG(VSHFLDOHVSHUIHFWDPHQWHFRPSDWLEOHFRQORTXHGHQRPL QDPRV³VHQWLGRFRP~Q´ 3UHJXQWD6LODVHFXDFLRQHVUHVXOWDQLGpQWLFDV¢(VSRVLEOHGDUXQHMHPSORHQTXHVH YHDODFRQYHQLHQFLDGHHPSOHDUODVHJXQGDLQWHUSUHWDFLyQHQYH]GHODSULPHUD" 5HVSXHVWD1DWXUDOPHQWH&RPRVHDQDOL]DHQORVSUy[LPRVFDStWXORVODVHJXQGD LQWHUSUHWDFLyQSHUPLWHWUDEDMDUFRQVLVWHPDVDFHOHUDGRV\FRQVLVWHPDVHQURWDFLyQ XQLIRUPH(VWRVGRVWHPDVVRQHYLWDGRVVLVWHPiWLFDPHQWHSRUORVOLEURVGH5HOD WLYLGDG(VSHFLDOSXHVHQFDVRGHDQDOL]DUVHPRVWUDUtDQSDUDGRMDVLQVROXEOHVHQ SUREOHPDVWtSLFRVFRPRODFRQRFLGD3DUDGRMDGHORV*HPHORV 5(680(1'(/&$3Ë78/2 $ORODUJRGHHVWHGHVDUUROORVHPRVWUyTXHHVFRQFHSWXDOPHQWHDFHSWDEOHTXHORV UHORMHVHQPRYLPLHQWRDOWHUHQVXPDUFKD3DUDHOORHVQHFHVDULRTXHODHVWUXFWXUD GHOUHORMFRQWHQJDSLH]DVTXHVHDQDIHFWDGDVSRUHOPRYLPLHQWR %DVDGRVHQHVWDREVHUYDFLyQWULYLDOHVFRQYHQLHQWHFDPELDUODSUHJXQWD y ¢&yPRHVSRVLEOHTXHXQUHORMDWUDVHSRUHOVyORKHFKRGHSRQHUVHHQ PRYLPLHQWR" 3RUHVWDVRWUDV y 'DGRTXHWRGRVORVUHORMHVPyYLOHVDWUDVDQ¢&XiOHVHOPHFDQLVPRSURIXQ GRTXHDIHFWDODPDUFKDGHWRGRVORVUHORMHV" y ¢3RUTXpODYHORFLGDGGHODOX]LQWHUYLHQHHQODHFXDFLyQTXHDIHFWDOD PDUFKDGHWRGRVORVUHORMHVHQPRYLPLHQWRUHODWLYR" $GLFLRQDOPHQWHVHLQWURGXMHURQODVWUDQVIRUPDGDVGH/RUHQW]TXHSHUPLWHQFXDQ WL¿FDUODVUHODFLRQHVGHORQJLWXGHV\WLHPSRVHQWUHVLVWHPDVPyYLOHV 8QHMHPSORQXPpULFRFDOFXODGRPHGLDQWHODV7UDQVIRUPDGDVGH/RUHQW]PRVWUyODVLWXD FLyQTXHVHGHVFULEHUHJXODUPHQWHFRPR³/tRGHORV5HORMHV´HQ5HODWLYLGDG(VSHFLDO 7DPELpQVHSXVRHQHYLGHQFLDTXHDPHQRVTXHVHORJUHXQDLQWHUSUHWDFLyQ FRPSDWLEOHFRQHOVHQWLGRFRP~QODVFRQVHFXHQFLDVGHODV7UDQVIRUPDGDVGH /RUHQW]EULQGDQUHVXOWDGRVTXHVHSUHVHQWDQFRPRFDSULFKRVRVRIXHUDGHOD OyJLFDFRQYHQFLRQDO 3iJLQD