Luciana B. SCOTTI - Corte Interamericana de Derechos Humanos

Anuncio
&2175$726,17(51$&,21$/(6&(/(%5$'26$
75$9e6'(0(',26(/(&75Ð1,&26
¢&8É/(6/$/(<$3/,&$%/("
,17(51$7,21$/&2175$&76&(/(%5$7('%<(/(&7521,&
0($16:+,&+,67+($33/,&$%/(/$:"
/XFLDQD%6&277,
5(680(1
(OSUHVHQWHWUDEDMRSURFXUDDQDOL]DUXQRGHORVSUREOHPDVFOiVLFRV
GHO'HUHFKR,QWHUQDFLRQDO3ULYDGRODGHWHUPLQDFLyQGHODOH\DSOLFDEOHHQ
XQWHPDSDUWLFXODUFRPRHVODFRQWUDWDFLyQLQWHUQDFLRQDOFHOHEUDGDDWUDYpV
GHPHGLRVHOHFWUyQLFRVHQHVSHFLDO,QWHUQHW(ODQiOLVLVVHGLYLGHHQGRV
SDUWHVXQDSULPHUDPLUDGDJHQHUDOHQGRQGHVHH[SRQHQODVVROXFLRQHV
TXHODGRFWULQDODMXULVSUXGHQFLD\HOGHUHFKRFRPSDUDGRKDQHQFRQWUDGR
\XQDVHJXQGDSDUWHHQODFXDOHVWXGLDPRVHOWHPDGHVGHODSHUVSHFWLYD
GHO GHUHFKR DUJHQWLQR GH IXHQWH LQWHUQD \ FRQYHQFLRQDO )LQDOPHQWH
FRPSDUWLPRV DOJXQDV UHIOH[LRQHV \ UHDOL]DPRV DOJXQDV SURSXHVWDV
FRQFUHWDV
(VWHWUDEDMRVHEDVDHQXQRGHORVFDStWXORVGHODWHVLVGRFWRUDOGHODDXWRUDTXH
IXHUDGHIHQGLGDHOGHMXOLRGHHQOD)DFXOWDGGH'HUHFKRGHOD8QLYHUVLGDG
GH %XHQRV $LUHV FRQ FDOLILFDFLyQ ©6REUHVDOLHQWHª FRQ UHFRPHQGDFLyQ 3UHPLR
)DFXOWDGDFWXDOPHQWHHQSUHQVD(G(8'(%$
$ERJDGDHJUHVDGDFRQ0HGDOODGH2UR8%$'RFWRUDGHOD8QLYHUVLGDGGH%XHQRV
$LUHVÉUHD'HUHFKR,QWHUQDFLRQDO0DJLVWHUHQ5HODFLRQHV,QWHUQDFLRQDOHV8%$
3URIHVRUD$GMXQWDUHJXODUGH'HUHFKR,QWHUQDFLRQDO3ULYDGR\GH'HUHFKRGHOD
,QWHJUDFLyQ HQ OD )DFXOWDG GH 'HUHFKR 8%$ &RRUGLQDGRUD \ 3URIHVRUD GH OD
0DHVWUtDHQ'HUHFKRLQWHUQDFLRQDO3ULYDGR)DFXOWDGGH'HUHFKR8%$0LHPEUR
3HUPDQHQWHGHO,QVWLWXWRGH,QYHVWLJDFLRQHV-XUtGLFDV\6RFLDOHV©'U$PEURVLR
/ *LRMDª (V DXWRUD \ FRDXWRUD GH FDStWXORV GH OLEURV DUWtFXORV SRQHQFLDV \
FRPXQLFDFLRQHVHQ&RQJUHVRVVREUHWHPDVGHVXHVSHFLDOLGDG
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
3$/$%5$6&/$9(
&RQWUDWRV LQWHUQDFLRQDOHV ² 0HGLRV HOHFWUyQLFRV ² ,QWHUQHW ² /H\
DSOLFDEOH
$%675$&7
7KLVZRUNWULHVWRDQDO\]HRQHRIWKHFODVVLFSUREOHPVRIWKH3ULYDWH
,QWHUQDWLRQDO/DZWKHGHWHUPLQDWLRQRIWKHDSSOLFDEOHODZLQDSDUWLFXODU
WRSLFWKHLQWHUQDWLRQDOFRQWUDFWVFHOHEUDWHGE\HOHFWURQLFPHDQVHVSHFLDOO\
,QWHUQHW7KHDQDO\VLVLVGLYLGHGLQWZRSDUWVWKHILUVWSDUWLQZKLFKZH
H[SRVHWKHVROXWLRQVWKDWWKHGRFWULQHWKHMXULVSUXGHQFHDQGWKHFRPSDUHG
ODZKDYHIRXQGDQGWKHVHFRQGSDUWLQZKLFKZHVWXG\WKLVWRSLFIURP
WKHSHUVSHFWLYHRIWKH$UJHQWLQHODZOHJLVODWLYHDQGFRQYHQWLRQDOVRXUFH
)LQDOO\ZHVKDUHVRPHUHIOHFWLRQVDQGVSHFLILFSURSRVDOV
.(<:25'6
,QWHUQDWLRQDOFRQWUDFWV²(OHFWURQLFPHDQV,QWHUQHW²$SSOLFDEOHODZ
,,QWURGXFFLyQ
(QWUHODVQRWDVFDUDFWHUtVWLFDVGHODDOGHDJOREDOHQODTXHFRQYLYLPRV
HQHOFRQWH[WRGHXQDLQFHVDQWHJOREDOL]DFLyQFRQVXVEHQHILFLRV\VXV
SHOLJURVHQHOPDUFRGHXQPXQGRFDGDGtDPiVLQWHUQDFLRQDOL]DGRHQ
HVWDHUDGHOD3RVPRGHUQLGDGFRPRDOJXQRVJXVWDQOODPDUDSUHFLDPRV
XQDQRWDEOHH[SDQVLyQGHODVUHODFLRQHVDGLVWDQFLDYLUWXDOHVSURGXFWR
GHODVQXHYDVYtDVGHFRPXQLFDFLyQ\GHODIDFLOLGDGHQHOLQWHUFDPELRGH
ODLQIRUPDFLyQTXHIDYRUHFHQODFHOHEUDFLyQGHQHJRFLRV\ODUHDOL]DFLyQGH
WRGRWLSRGHDFWLYLGDGHVPiVDOOiGHODVIURQWHUDVWHUULWRULDOHVHVWDWDOHV
(QHIHFWRHQVXPD\RUtDODVRSHUDFLRQHVTXHVHUHDOL]DQHQ,QWHUQHW
VRQLQWHUQDFLRQDOHVSXHVVHKDOODSUHVHQWHHQHOODVXQRRPiVHOHPHQWRV
H[WUDQMHURV (Q ORV KHFKRV ,QWHUQHW SUiFWLFDPHQWH KL]R GHVDSDUHFHU OD
GLVWLQFLyQHQWUHFRPHUFLRLQWHUQR\FRPHUFLRLQWHUQDFLRQDO(VWDLQWHUQDFLR
QDOLGDGVHYLQFXODFRQODLQFHUWLGXPEUHDFHUFDGHTXLpQHVVRQORVyUJDQRV
FRPSHWHQWHVHVWDWDOHVRQRHVWDWDOHVSDUDUHVROYHUODVFRQWURYHUVLDVTXH
VHRULJLQDQHQHVWHQXHYRHVSDFLRDVtFRPRHQFXDQWRDODGHWHUPLQDFLyQ
GH OD OH\ DSOLFDEOH \ VREUH OD HILFDFLD H[WUDWHUULWRULDO GH ODV GHFLVLRQHV
MXGLFLDOHV TXH VH GLFWHQ DO UHVSHFWR 3RU RWUR ODGR FDEH GHVWDFDU TXH
7KH*OREDO9LOODJHFRQFHELGRHQORVDxRVVHVHQWDSRU0DUVFKDOO0F/XKDQ
&IU'(0,*8(/$6(16,23HGUR$OEHUWR©(O'HUHFKR,QWHUQDFLRQDO3ULYDGRDQWH
ODJOREDOL]DFLyQªHQ$QXDULR(VSDxROGH'HUHFKR,QWHUQDFLRQDO3ULYDGRW
SV²SiUUDIR
&IU'(0,*8(/$6(16,23HGUR$OEHUWR'HUHFKR3ULYDGRGH,QWHUQHWVHJXQGD
HGLFLyQDFWXDOL]DGD(G&LYLWDV0DGULGS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
49
©EORTXHDU HO DFFHVR D ORV UHFXUVRV GH ,QWHUQHW SRU SDtVHV UHVXOWD FDVL
LPSRVLEOH6LELHQORVRUGHQDGRUHVFRQHFWDGRVDOD5HGSRVHHQXQDGLUHFFLyQ
pVWD QR VH FRUUHVSRQGH FRQ XQD XELFDFLyQ JHRJUiILFD VLQR XQ OXJDU
GHQWURGHOD5HG1RVHWUDWDGHGLUHFFLRQHVItVLFDVHQHOHVSDFLRUHDOVLQR
PiV ELHQ OyJLFDV GHQWUR GHO ©FLEHUHVSDFLRª 3RU HOOR ODV GLUHFFLRQHV GH
,QWHUQHWVRQHPLQHQWHPHQWHWUDQVSRUWDEOHV\VXPRYLPLHQWRSHUPDQHFH
HQWRGRVHQWLGRRFXOWRSDUDHOQDYHJDQWH/DIDOWDGHOLPLWDFLyQJHRJUiILFD
REVHUYDGDLPSOLFDTXHFDGDYH]TXHDOJXLHQFRORFDLQIRUPDFLyQHQHO5HG
ODHVWiHQYLDQGRDXWRPiWLFDPHQWHDWRGRHOPXQGR
7DPELpQVHGHVWDFDVXPDVLYLGDG\DFFHVLELOLGDGXQLYHUVDO\DTXH
,QWHUQHWHVXQDUHGDELHUWDSRGHPRVLQJUHVDU\VDOLUGHODUHGSDVDUGHO
PXQGR UHDO DO YLUWXDO VLQ HVIXHU]R \ VLQ VLTXLHUD SHUFLELUOR WRGD OD
LQIRUPDFLyQHVWiGLVSRQLEOHSDUDWRGDSHUVRQD\HQFXDOTXLHUSDtV'HVGH
FXDOTXLHUOXJDUGHOPXQGRFRQXQDFRPSXWDGRUDXQDOtQHDWHOHIyQLFD\
XQPyGHPVHSXHGHWHQHUDFFHVRDWRGDODZHE(VWDGLIXVLyQPDVLYDGHO
FRPHUFLRHOHFWUyQLFRHQHOTXHSDUWLFLSDQXQQ~PHURLQGHWHUPLQDGR\
KHWHURJpQHR GH DFWRUHV SODQWHD H[LJHQFLDV GH VHJXULGDG \ GH WXWHOD GH
ODVSHUVRQDVMXUtGLFDPHQWHPiVGpELOHVFRPRVRQORVFRQVXPLGRUHV
3RURWURODGR,QWHUQHWHOLPLQDHOWLHPSR\ODGLVWDQFLD\SRUHQGHHQ
HO PXQGR YLUWXDO DPERV H[WUHPRV FDVL SHUGLHURQ LPSRUWDQFLD (Q HO
FLEHUHVSDFLRODQXHYDFRRUGHQDGDHVODDWHPSRUDOLGDG
$VLPLVPRHOFDUiFWHUGHVFHQWUDOL]DGRGH,QWHUQHWVHPRWLYDHQTXHVX
IXQFLRQDPLHQWR HV FRQVHFXHQFLD GHO HPSOHR SRU XQD JUDQ FDQWLGDG GH
RSHUDGRUHVGHVLVWHPDVLQIRUPiWLFRV\GHUHGHVGHSURWRFRORVFRPXQHV
HVGHFLUXQPLVPRFRQMXQWRGHFRQYHQFLRQHVUHODWLYDVDODWUDQVPLVLyQ
GHGDWRVHQWUHFRPSXWDGRUDVTXHSHUPLWHHOLQWHUFDPELRGHLQIRUPDFLyQ
GLJLWDO,QWHUQHWGHVDUPDODLQIRUPDFLyQTXHPDQHMDHQSHTXHxRVSDTXHWHV
GHELWVTXHVHWUDQVPLWHQVHJ~QORSHUPLWHODFDSDFLGDGGLVSRQLEOHHQOD
UHG &DGD XQR GH HVWRV SDTXHWHV HV HWLTXHWDGR FRQ OD GLUHFFLyQ GH VX
GHVWLQRILQDO8QDYH]DOOtHORUGHQDGRUUHFHSWRUUH~QHFDGDSDTXHWHFRQ
ORVGHPiVUHDUPDQGRHOPHQVDMH6LQHPEDUJRQRH[LVWHXQDVRODUXWD
SDUD WUDQVPLWLU HVWD LQIRUPDFLyQ GH XQ RUGHQDGRU D RWUR VLQR TXH
GHSHQGHUiGHGLYHUVRVHOHPHQWRVFLUFXQVWDQFLDOHVFRPRODGHQVLGDGGH
WUiILFRRODH[LVWHQFLDGHDYHUtDVHQDOJXQDUHGXRUGHQDGRULQWHUPHGLDULRV
'HDOOtODLPSRVLELOLGDGWpFQLFDGHTXHXQRUJDQLVPRJHVWLRQHFRQWUROH
GLULMD ,QWHUQHW 6L ELHQ H[LVWHQ DJHQFLDV LQWHUQDFLRQDOHV GH JRELHUQR GH
,QWHUQHWTXHHVWDEOHFHQHVWiQGDUHV\KDELOLWDQHOVLVWHPDSDUDTXHIXQFLRQH
&IU ,(==, 0 $5Ì$ 9(5Ð1,&$ (O FRQIOLFWR MXULVGLFFLRQDO HQ ,QWHUQHW -XULVGLFFLyQ
LXVSULYDWLVWDLQWHUQDFLRQDODSOLFDEOHDOFRPHUFLRHQODUHG (G ÉEDFR GH 5RGROIR
'HSDOPD%XHQRV$LUHVSV
&IU,(==,0$5Ì$ 9(5Ð1,&$REFLWS
&IU'(0,*8(/$6(16,23('52$/%(572'HUHFKR3ULYDGRGH,QWHUQHWVHJXQGD
HGLFLyQDFWXDOL]DGD(G&LYLWDV0DGULGS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
,QWHUQHW 6RFLHW\ ,&$11 :,32 HQWUH RWURV HO DFDWDPLHQWR D VXV
GLVSRVLFLRQHV HV YROXQWDULR \ GHSHQGH HQ GHILQLWLYD GH OD SRVLFLyQ
DGRSWDGDIUHQWHDORVSULQFLSLRVGHDXWRJRELHUQRGH,QWHUQHW
2WUDV FDUDFWHUtVWLFDV WUDVFHQGHQWHV GH ,QWHUQHW HVWUHFKDPHQWH
YLQFXODGDVFRQODVDQWHULRUPHQWHPHQFLRQDGDVVRQODGHVORFDOL]DFLyQ\
ODLQFRUSRUDOLGDGTXHSDUDDOJXQRVDXWRUHVODFRQYLHUWHQHQXQPHGLRGH
FRPXQLFDFLyQ WRWDOPHQWH GLVWLQWR D ORV \D H[LVWHQWHV SUHQVD UDGLR
WHOHYLVLyQWHOHFRPXQLFDFLRQHV
/DGHVORFDOL]DFLyQUHVXOWDGHORVFDUDFWHUHVWpFQLFRVGH,QWHUQHWDHV
LPSRVLEOH FRQRFHU \ SUHGHWHUPLQDU ORV UHFRUULGRV TXH VLJXHQ ODV LQIRU
PDFLRQHV GLJLWDOHV TXH FLUFXODQ HQ OD UHG E OD ORFDOL]DFLyQ GH TXLHQHV
RSHUDQ HQ ,QWHUQHW HV WRWDOPHQWH GHVFRQRFLGD GDGR TXH GH KHFKR
FXDOTXLHUDSXHGHFRQHFWDUVHGHVGHFXDOTXLHUOXJDUGHOPXQGRFQLVLTXLHUD
ODORFDOL]DFLyQGHOVLWLRGHVGHHOFXDOHORSHUDGRUVHFRQHFWDHVFRQRFLGD
\D TXH SXHGH KDEHU PLUURUV R VLWLRV FRQ XQ QRPEUH HQFULSWDGR G OD
QDYHJDFLyQ SRU OD UHG VH KDFH GH PDQHUD LQWUtQVHFDPHQWH DQyQLPD HV
VXILFLHQWHFRQWDUFRQXQDGLUHFFLyQHOHFWUyQLFDHQDOJ~QSRUWDOGHDFFHVR
PDVLYR <DKRR +RWPDLO *RRJOH HQWUH RWURV SDUD FRPHQ]DU D RSHUDU
DQyQLPDPHQWH HQ OD UHG H HO Q~PHUR GH GHVWLQDWDULRV GH PHQVDMHV
WUDQVPLWLGRVYtD,QWHUQHWHVSUiFWLFDPHQWHLQILQLWRGDGRORVEDMRVFRVWRV
SDUDHODFFHVRD,QWHUQHW
(IHFWLYDPHQWHXQDPLVPDSHUVRQDTXHVHFRQHFWDD,QWHUQHWSXHGH
VHUHQFRQWUDGDSRUORPHQRVHQWUHVOXJDUHVDOPLVPRWLHPSRHQHOOXJDU
GRQGHHVWiFRQHFWDGDODFRPSXWDGRUDXWLOL]DGDSDUDQDYHJDUHQ,QWHUQHW
HQHOOXJDUGRQGHODFRPSXWDGRUDKDDFFHGLGRD,QWHUQHW\HQHOWHUULWRULR
YLUWXDO OODPDGR ©FLEHUHVSDFLRª $Vt TXH HV PX\ SRVLEOH HQFRQWUDU D XQ
LQWHUQDXWDHQGLIHUHQWHV(VWDGRVDOPLVPRWLHPSR7RGDXQDSDUDGRMD
SDUDXQ'HUHFKR\XQRUGHQDPLHQWRMXUtGLFRFUHDGRVSDUDHOPXQGRUHDO
3RU VX SDUWH OD LQWDQJLELOLGDG R LQFRUSRUDOLGDG VH YLQFXOD HYLGHQ
WHPHQWHFRQODHOLPLQDFLyQGHOVRSRUWHSDSHOHQHOFRPHUFLRHOHFWUyQLFR
TXHKDJHQHUDGRODHODERUDFLyQGHXQQXHYRSULQFLSLRDSOLFDEOHDOFRPHUFLR
HOHFWUyQLFRHOSULQFLSLRGHHTXLYDOHQFLDIXQFLRQDO
%5(11$5$0Ð1*©,QWHUQHWHVSDFLRYLUWXDOVLQXELFDFLyQQLOH\ªHQ$OWPDUN
'DQLHOGLU\%LHOVD5DIDHOFRRUGDFDGpPLFR,QIRUPiWLFD\'HUHFKR$SRUWHV
GH GRFWULQD LQWHUQDFLRQDO 1ƒ (G 'HSDOPD %XHQRV $LUHV S \
GLVSRQLEOHHQKWWSHFRPGHUFRPDU
&IU'5$(77$8*2©,QWHUQHWHWFRPPHUFHpOHFWURQLTXHHQGURLWLQWHUQDWLRQDOGHV
DIIDLUHVªHQ5HFXHLOGHV&RXUV$FDGpPLHGH'URLW,QWHUQDWLRQDOGH/D+D\H7RPH
S
8Q PLUURU R HVSHMR GH FLHUWR VLWLR ZHE R DUFKLYRV GLJLWDOHV VRQ HVWRV PLVPRV
DUFKLYRVSHURDORMDGRVHQXQVHUYLGRUGLIHUHQWH
&IU'5$(77$8*2SXEFLWS
&IU 9,%(6 )('(5,&2 3 ©¢4Xp OH\ JRELHUQD HQ ,QWHUQHW"ª HQ -XULVSUXGHQFLD
$UJHQWLQD,,S
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
51
(QVXPD\HQOtQHDVJHQHUDOHVORVSUREOHPDVMXUtGLFRVVXUJLGRVFRQ
PRWLYRGHODDSDULFLyQGH,QWHUQHWWLHQHQUHODFLyQFRQHOFRQIOLFWRHQWUHOD
QDWXUDOH]DGHVORFDOL]DGDGH,QWHUQHW\ODQDWXUDOH]DWHUULWRULDOGHFLHUWDV
QRUPDVTXHVHEDVDQHQODQRFLyQGH©OXJDUªOXJDUGHFHOHEUDFLyQGHXQ
FRQWUDWR OXJDU GH HMHFXFLyQ R FXPSOLPLHQWR GH XQ FRQWUDWR OXJDU GHO
HVWDEOHFLPLHQWRGHXQDGHODVSDUWHVOXJDUGHVXGRPLFLOLRRUHVLGHQFLD
KDELWXDO OXJDU GH FRPLVLyQ GHO GHOLWR OXJDU GH SURGXFFLyQ GHO GDxR
HWFpWHUD2ELHQVHYLQFXODQDOFRQIOLFWRHQWUHODQDWXUDOH]DLQPDWHULDO
GH,QWHUQHW\ODVQRUPDVTXHH[LJHQRSUHVXSRQHQVRSRUWHSDSHO
&DOYR &DUDYDFD \ &DUUDVFRVD *RQ]iOH] FRPLHQ]DQ VX REUD HQ OD
PDWHULDTXHQRVRFXSDFRQXQSiUUDIRDQXHVWURFULWHULRVLJQLILFDWLYR\
HVFODUHFHGRU©/DLUUXSFLyQGH,QWHUQHWHQHOPXQGRGHO'HUHFKRUHSHUFXWH
HQ WRGDV ODV UDPDV MXUtGLFDV SHUR HVSHFLDO \ IXQGDPHQWDOPHQWH HQ HO
'HUHFKRLQWHUQDFLRQDOSULYDGR,QWHUQHWUHSUHVHQWDHOPRGRPiVGHSXUDGR
KDVWD DKRUD GH PXQGLDOL]DU \ JOREDOL]DU ODV VLWXDFLRQHV SULYDGDV
LQFUHPHQWDHOQ~PHUR\YDULHGDGGHVLWXDFLRQHVSULYDGDVLQWHUQDFLRQDOHV
(OORKDFHGHO'HUHFKRLQWHUQDFLRQDOSULYDGRHOSURWDJRQLVWDSULQFLSDOGHO
LPSDFWRGH,QWHUQHWHQHOPXQGRMXUtGLFRª
$ILUPDQORVDXWRUHV©/DDOWHUQDWLYDWUDGLFLRQDOHVGHFLUODDSOLFDFLyQ
GHO',3UGHFDGD(VWDGRFRQVWLWX\HDVtODYtDUHDOTXHOOHYDDVROXFLRQDU
ODVFXHVWLRQHVOHJDOHVTXHHOXVRGH,QWHUQHWKDKHFKRVXUJLU(OORHVDVt
SRUTXH ²VDOYR DVSHFWRV PX\ SDUWLFXODUHV FRPR OD SURSLHGDG GH ORV
©GRPLQLRVª HQ OD UHG² HQ UHDOLGDG ORV SUREOHPDV MXUtGLFRV TXH SODQWHD
,QWHUQHW QR VRQ QXHYRV 6H WUDWD GH SUREOHPDV FOiVLFRV ²FRQWUDWDFLyQ
LQWHUQDFLRQDO UHVSRQVDELOLGDG FLYLO QR FRQWUDFWXDO SURWHFFLyQ GH OD
LQWLPLGDG HWF² SUHVHQWDGRV DKRUD HVR Vt FRQ XQ URSDMH WHFQROyJLFR
QRYHGRVR/DSUHWHQVLyQGHFRQVWUXLUXQ©PXQGRDSDUWHªSDUD,QWHUQHW
QHFHVLWDGRGHUHJODVQXHYDV\SURSLDVHVXQDIDODFLDSXHVORVSUREOHPDV
MXUtGLFRVVRQORVPLVPRVHQHOPXQGRUHDO\HQHOYLUWXDO,QWHUQHWHVVyOR
XQPHGLRPiVYHOR]GHFRPXQLFDFLyQFRPRDQWHVORIXHHOWHOpJUDIRHO
WHOpIRQR HO FRUUHR R HO ID[ ,QWHUQHW QR HV VLQR RWUR PRGR GH FRQFOXLU
FRQWUDWRVLQWHUDEVHQWHVFXHVWLyQFRQRFLGD\WUDWDGDSRUODGRFWULQDGHVGH
ORVWLHPSRVGH).96DYLJQ\ª
([LVWHQ GLYHUVDV FXHVWLRQHV GH tQGROH MXUtGLFD TXH KDQ VLGR DIHFWDGDV VHQVL
EOHPHQWHFRQHOGHVDUUROORGH,QWHUQHW\GHOFRPHUFLRHOHFWUyQLFR/D&RPLVLyQ
(XURSHD KD GHVWDFDGR FXDWUR WHPDV SULQFLSDOHV OD UHFDXGDFLyQ GHO ,9$ OD
SURSLHGDG LQWHOHFWXDO OD SURWHFFLyQ GH GDWRV SHUVRQDOHV \ ORV FRQWUDWRV HQ
HVSHFLDO ORV GH FRQVXPR 9HU &20,6,Ð1 '( /$ &2081,'$' (8523($
©*OREDOL]DWLRQDQGWKH,QIRUPDWLRQ6RFLHW\7KHQHHGIRU6WUHQJWKHQHG,QWHUQD
WLRQDO&RRUGLQDWLRQª&20SV²
&IU'5$(77$8*2SXEFLWS\VV
&IU&$/92&$5$9$&$$/)2162/<&$55$6&26$*21=É/(=-$9,(5 &RQIOLFWRV
GHOH\HV\FRQIOLFWRVGHMXULVGLFFLRQHVHQ,QWHUQHW(G&ROH[0DGULGS
&IU&$/92&$5$9$&$$/)2162/\&$55$6&26$*21=É/(=-$9,(5 REFLW
S²
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
(Q HIHFWR WDO FRPR GHVWDFD %XUQVWHLQ ODV FXHVWLRQHV OHJDOHV PiV
HVSLQRVDV TXH SODQWHD HO &LEHUHVSDFLR FRUUHVSRQGHQ DO 'HUHFKR
LQWHUQDFLRQDO SULYDGR ¢TXp WULEXQDOHV VHUiQ FRPSHWHQWHV \ TXp OH\
DSOLFDUiQDORVGLYHUVRVOLWLJLRVTXHSXHGHQVXUJLUHQ,QWHUQHW"
3RUHOORHOLQWHUURJDQWHTXHSRGHPRVSODQWHDUQRVHVHOVLJXLHQWH¢HV
UHDOPHQWH QHFHVDULR JHQHUDU XQ ©GHUHFKR GH ,QWHUQHWª R XQ ©GHUHFKR GHO
FRPHUFLRHOHFWUyQLFRªGLVWLQWRDXWyQRPRGHO'HUHFKRLQWHUQDFLRQDOSULYDGR"
(QUHDOLGDGOHMRVGHDPHQD]DUODH[LVWHQFLDGHO'HUHFKRLQWHUQDFLRQDO
SULYDGR,QWHUQHWIRUWDOHFHVXQHFHVLGDG\VXIXQFLyQSULQFLSDOJDUDQWL]DU
OD SURWHFFLyQ GH ORV LQGLYLGXRV HQ WRGDV DTXHOODV UHODFLRQHV MXUtGLFDV
SULYDGDVTXHSUHVHQWHQHOHPHQWRVH[WUDQMHURV(QWDQWRH[LVWDQGLYHUJHQ
FLDVHQWUHORVVLVWHPDVMXUtGLFRVHVWDWDOHVQRSRGUiQGHVDSDUHFHUODVUHJODV
GH'HUHFKRLQWHUQDFLRQDOSULYDGR6HUtDQHFHVDULRXQLIRUPDUWRGRHOGHUHFKR
\GRWDUDORVMXHFHVGHXQDFRPSHWHQFLDXQLYHUVDOORFXDOHVSRFRSUREDEOH
GDGDVODVGLYHUVDVWUDGLFLRQHVMXUtGLFDV
6LQ HPEDUJR QR HV SRVLEOH GHVFRQRFHU TXH ,QWHUQHW SRQH HQ WHOD GH
MXLFLR ODV WpFQLFDV ORFDOL]DGRUDV WUDGLFLRQDOHV GHO 'HUHFKR LQWHUQDFLRQDO
SULYDGR GHELGR D ODV SURSLDV FDUDFWHUtVWLFDV GH HVWH PHGLR TXH \D KHPRV
VHxDODGR\SULQFLSDOPHQWHSRUHOKHFKRGHTXHFXDOTXLHUUHODFLyQMXUtGLFDHQ
,QWHUQHWDIHFWDDP~OWLSOHVMXULVGLFFLRQHV\SRUWDQWRDLQILQLGDGGH(VWDGRV
3LpQVHVHHQODGLILFXOWDGSDUDGHWHUPLQDUHOOXJDUGHFHOHEUDFLyQRHO
OXJDUGHHMHFXFLyQGHXQFRQWUDWRFHOHEUDGR\FRQFOXLGRRQOLQH2ELHQ
ODVDEVXUGDVFRQVHFXHQFLDVTXHGHULYDQGHOFULWHULRGHO©OXJDUGHSURGXFFLyQ
GHOGDxRªTXHSRGUtDJHQHUDUGHPDQGDVHQWRGRVORVSDtVHVGHOPXQGR
GHELGRDODOFDQFHSODQHWDULRGH,QWHUQHW
$QWH HVWH SDQRUDPD VH KD SHQVDGR HQ OD QHFHVLGDG GH UHSHQVDU \
DGDSWDU ODV UHJODV WUDGLFLRQDOHV GHO 'HUHFKR LQWHUQDFLRQDO SULYDGR ©HV
SUHFLVRDGRSWDUQXHYDVVROXFLRQHVGH',3UTXHQRVHDQFULWHULRVUtJLGRVGH
',3UVLQRFULWHULRVIOH[LEOHVTXHQRDSDUH]FDQIXQGDGRVH[FOXVLYDPHQWH
HQODYLQFXODFLyQGHOSUREOHPDMXUtGLFRFRQHOWHUULWRULRGH©XQ(VWDGRª(Q
HO FDPSR GHO 'HUHFKR DSOLFDEOH HV GHVHDEOH DGRSWDU SXQWRV GH FRQH[LyQ
DELHUWRV FRPR OD YLQFXODFLyQ PiV HVWUHFKD GHO FDVR FRQ XQ SDtV 3URSHU
/DZ 'RFWULQD ² &HQWUH RI *UDYLW\ 'RFWULQH R ORV HIHFWRV VXVWDQFLDOHV GHO
DFWRHQXQSDtV(IIHFW'RFWULQH6RQFULWHULRVDGHFXDGRVSRUTXHSHUPLWHQ
DODVSDUWHVSUHYHUODDSOLFDFLyQGHXQDOH\HVWDWDOFRQFUHWD\SRUTXHSXHGHQ
IXQFLRQDUHQXQFRQWH[WRDJHRJUiILFRª\PXQGLDOL]DGRFRPRHV,QWHUQHW
(QHOiPELWRGHODFRPSHWHQFLDMXGLFLDOVHLPSRQHDFHSWDUXQUpJLPHQTXH
GHVDUUROOHODWHRUtDGHORV©0LQLPXP&RQWDFWVª'HHVDIRUPDSDUDHYLWDU
&IU%85167(,10$77+(:©&RQIOLFWVRQWKHQHWFKRLFHRIODZLQWUDQVQDWLRQDO
F\EHUVSDFHªHQ9DQGHUELOW-RXUQDORI7UDQVQDWLRQDO/DZ1ƒS
&IU)$89$548(²&26621%e1e',&7(©/HGURLWLQWHUQDWLRQDOSULYpFODVVLTXHj
OpSUHXYHGHVUpVHDX[ª&RORTXH©'URLWGHO,QWHUQHWDSSURFKHVHXURSpHQQHVHW
LQWHUQDWLRQDOHVª \ GH QRYLHPEUH GH GLVSRQLEOH HQ KWWSGURLW
LQWHUQHWXQLYSDULVIUYILQGH[KWPOSV\
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
53
TXHWRGDVODVMXULVGLFFLRQHVGHOPXQGRVHFRQVLGHUHQFRPSHWHQWHVVyOR
SRGUiQFRQRFHUORVWULEXQDOHVGHOSDtVFRQTXHHODFWRSUHVHQWD©HVWUHFKRV
FRQWDFWRVª
3RUODDGDSWDFLyQGHODVUHJODVWUDGLFLRQDOHVGH'HUHFKRLQWHUQDFLRQDO
SULYDGR HQ ,QWHUQHW WDPELpQ VH SURQXQFLD 'H 0LJXHO $VHQVLR HQ HVWRV
WpUPLQRV ©,QWHUQHW H[LJH OD DGDSWDFLyQ GH FLHUWRV SODQWHDPLHQWRV WUDGL
FLRQDOHVUHODWLYRVDODLGHQWLILFDFLyQGHODMXULVGLFFLyQHVWDWDOFRPSHWHQWH
\ GHO RUGHQDPLHQWR MXUtGLFR DSOLFDEOH $O PLVPR WLHPSR VH UHIXHU]D OD
QHFHVLGDGGHFRRUGLQDFLyQLQWHUQDFLRQDOHQHVWHVHFWRUTXHFRQWULEX\DD
VXSHUDUODLQVHJXULGDGMXUtGLFDH[LVWHQWHª3URVLJXH©ODDSOLFDFLyQGHODV
UHJODVGHFRPSHWHQFLDMXGLFLDOLQWHUQDFLRQDOWUDGLFLRQDOHVDODVDFWLYLGDGHV
HQ,QWHUQHWSUHVHQWDSHFXOLDULGDGHVDVRFLDGDVDXQDQHFHVDULDDGDSWDFLyQ
TXHJDUDQWLFHODVH[LJHQFLDVGHOGHUHFKRIXQGDPHQWDODXQSURFHVRMXVWR
R HO GHUHFKR FRQVWLWXFLRQDO D OD WXWHOD MXGLFLDO HIHFWLYD /RV FULWHULRV
DWULEXWLYRV GH FRPSHWHQFLD VRQ WtSLFDPHQWH GH EDVH WHUULWRULDO \ YDQ
UHIHULGRVDDFWRVRDORVSDUWLFLSDQWHVGHPRGRTXHHOQXHYRFRQWH[WR
WHFQROyJLFRSODQWHDGLILFXOWDGHVSDUDODFRQFUHFLyQGHWDOHVFULWHULRVUHVSHFWR
GHODVDFWLYLGDGHVHQOD5HGTXHWLHQHQXQDOFDQFHPXQGLDOª(QFXDQWR
DODOH\DSOLFDEOHDQWHHOSDQRUDPDTXHSUHVHQWD,QWHUQHWHODXWRUH[SUHVD
TXH©HVWDFLUFXQVWDQFLDIDYRUHFHVROXFLRQHVIOH[LEOHVTXHSHUPLWDQWRPDU
HQ FRQVLGHUDFLyQ DO IRUPXODU ODV UHVSXHVWDV MXUtGLFDV YDORUHV GH ORV
RUGHQDPLHQWRV GH GLYHUVRV SDtVHV VREUH ORV TXH VH SUR\HFWD XQD
GHWHUPLQDGDFRQGXFWDDWUDYpVGHODUHGVLELHQpVWDSRQHHQFRQWDFWRR
HQFRQIOLFWRXQQ~PHURH[WUDRUGLQDULRGHVLVWHPDV\FXOWXUDVMXUtGLFDV
(OQXHYRFRQWH[WRH[LJHWDPELpQHQPDWHULDGHOH\DSOLFDEOHUHFRQVLGHUDU
ODXWLOL]DFLyQGHFLHUWRVSXQWRVGHFRQH[LyQWHUULWRULDOHVYDORUDQGRVX
VXVWLWXFLyQ SRU RWURV PiV IOH[LEOHV \ PHMRU DGDSWDGRV D ODV QXHYDV
H[LJHQFLDVHQXQDQiOLVLVGLIHUHQFLDGRVHJ~QODVPDWHULDVª
(QHVWDRSRUWXQLGDGQRVGHGLFDUHPRVDDQDOL]DUORVSUREOHPDVTXH
VXUJHQDODKRUDGHGHWHUPLQDUODOH\DSOLFDEOHDORVFRQWUDWRVHOHFWUyQLFRV
LQWHUQDFLRQDOHVHVGHFLUDTXHOORVTXHVRQFHOHEUDGRVDWUDYpVGHPHGLRV
HOHFWUyQLFRV HQ SDUWLFXODU ,QWHUQHW 9HUHPRV DVLPLVPR ODV VROXFLRQHV
TXHODGRFWULQDODMXULVSUXGHQFLD\HOGHUHFKRFRPSDUDGRKDQHQFRQWUDGR
DVt FRPR ODV SRVLEOHV UHVSXHVWDV TXH SRGHPRV KDOODU HQ HO 'HUHFKR
LQWHUQDFLRQDOSULYDGRDUJHQWLQRGHIXHQWHLQWHUQD\FRQYHQFLRQDO
,,&RQVLGHUDFLRQHVJHQHUDOHVHQPDWHULDGHOH\DSOLFDEOH
HQORVFRQWUDWRVFHOHEUDGRVSRUPHGLRVHOHFWUyQLFRV
/DGHWHUPLQDFLyQGHODOH\DSOLFDEOHDXQFRQWUDWRLQWHUQDFLRQDO\HQ
SDUWLFXODU D DTXHOORV FHOHEUDGRV D WUDYpV GH PHGLRV HOHFWUyQLFRV HV GH
&IU&$/92&$5$9$&$$/)2162/\&$55$6&26$*21=É/(=-DYLHUREFLW
SiUU
&IU'(0,*8(/$6(16,23('52$/%(572SVD
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
VXPDLPSRUWDQFLDHQWDQWRSXHGHDFDUUHDUPX\GLYHUVDVFRQVHFXHQFLDV
$VtVDOYRTXHH[LVWDQUHJODVXQLIRUPHVHVIDFWLEOHTXHVHJ~QFXiOVHDOD
OH\DSOLFDEOHODVROXFLyQYDUtHSRUHMHPSORPLHQWUDVTXHSDUDXQDOH\OD
PHQFLyQGHXQSUHFLRHQXQVLWLRZHEFRQODRSFLyQGHFRPSUDGHOSURGXFWR
SXHGHLPSOLFDUXQDRIHUWDEDMRRWUDOH\WDOH[SUHVLyQVyORHTXLYDOGUtDD
XQDPHUDLQYLWDFLyQDRIHUWDU
&DEHDFODUDUTXHFXDQGRKDEODPRVGHOH\DSOLFDEOHQRVSRGHPRVUHIHULU
WDQWRDOGHUHFKRDSOLFDEOHDODIRUPDGHOFRQWUDWRHVGHFLUDOHOHPHQWR
H[WUtQVHFR DO FRQWLQHQWH TXH SHUPLWH KDFHUOR YLVLEOH \ FRQVWDWDU VX
H[LVWHQFLDFRPRDODOH\DSOLFDEOHDOIRQGRHVGHFLUDODYDOLGH]VXVWDQFLDO
LQWUtQVHFDGHOFRQWUDWRDVXFRQWHQLGR
3RU RWUD SDUWH WDPELpQ HV QHFHVDULR GLVWLQJXLU HQ HVWD PDWHULD
HVSHFtILFDODOH\DSOLFDEOHDODFFHVR\DOHMHUFLFLRGHODDFWLYLGDGRVHUYLFLR
GH OD LQIRUPDFLyQ \ OD OH\ DSOLFDEOH D ORV FRQWUDWRV HOHFWUyQLFRV 3UHFL
VDPHQWHHVWDOtQHDVLJXHOD'LUHFWLYDGHOD8(TXHGHVLJQDFRPR
OH\DSOLFDEOHDODDFWLYLGDGGHOSUHVWDWDULRGHOVHUYLFLRGHODLQIRUPDFLyQOD
OH\GHOSDtVGHRULJHQHVGHFLUGRQGHDTXpOWLHQHVXHVWDEOHFLPLHQWR(Q
FDPELRODPLVPDQRUPDFRPXQLWDULDGLVSRQHTXHODVSDUWHVWLHQHQSOHQD
OLEHUWDGSDUDHOHJLUHOGHUHFKRDSOLFDEOHDORVFRQWUDWRVODFXDOHYLGHQ
WHPHQWHQRVHUiGHWHUPLQDGDSRUHOSULQFLSLRGHODOH\GHRULJHQ
(QHIHFWR©ODGHWHUPLQDFLyQGHODOH\GHOFRQWUDWRVHOOHYDDFDERSRU
ORVWULEXQDOHVHVWDWDOHVFRQIRUPHDODVQRUPDVGH',3UGHOIRURORTXH
SURYRFDTXHODVUHVSXHVWDVFRQFUHWDVSXHGDQYDULDUHQIXQFLyQGHO(VWDGR
DQWH FX\RV WULEXQDOHV VH OLWLJD (VWD GLVSDULGDG GH VROXFLRQHV SUR\HFWD
XQDHVSHFLDOLQFHUWLGXPEUHUHVSHFWRGHTXLHQHVQHJRFLDQKDELWXDOPHQWH
DWUDYpVGH,QWHUQHWª
'HKHFKR©ORVSHFXOLDUHVFDUDFWHUHVGHODFRQWUDWDFLyQSRU,QWHUQHW
KDFHQTXHODORFDOL]DFLyQGHODUHODFLyQMXUtGLFDHQXQRUGHQDPLHQWRHVWDWDO
FRQEDVHHQORVFULWHULRVGHFRQH[LyQWtSLFDPHQWHHPSOHDGRVSRUODVUHJODV
GHFRQIOLFWRHQODPDWHULDFRPRHOOXJDUGHFHOHEUDFLyQGHOFRQWUDWRHO
OXJDUGHHMHFXFLyQGHODVREOLJDFLRQHVHOGRPLFLOLRGHDOJXQDVGHODVSDUWHV
SXHGDUHVXOWDUHVSHFLDOPHQWHLQDSURSLDGD/DIDOWDGHDGHFXDFLyQGHHVRV
FULWHULRVDXQHQWRUQRTXHGLILFXOWDVXFRQFUHFLyQ\HQHOTXHODVIURQWHUDV
JHRSROtWLFDV VH GLIXPLQDQ IDYRUHFH HO HPSOHR GH FULWHULRV GH FRQH[LyQ
IOH[LEOHVEDVDGRVHQHOSULQFLSLRGHSUR[LPLGDGJHRJUiILFDHQWUHHOFRQWUDWR
\XQGHWHUPLQDGRRUGHQDPLHQWRSHURTXHDWULEX\HQXQPDUJHQGHDSUH
FLDFLyQ DO DSOLFDGRU SDUDWRPDU HQ FRQVLGHUDFLyQ ODV FLUFXQVWDQFLDV GHO
FDVRORTXHSRURWUDSDUWHYDXQLGRDXQULHVJRGHLQVHJXULGDGMXUtGLFD
HQODPHGLGDHQTXHQRH[LVWDQSDXWDVFRQVROLGDGDVSDUDVXLQWHUSUHWDFLyQ
HQHOPDUFRGHODFRQWUDWDFLyQHOHFWUyQLFDª
&IU'(0,*8(/$6(16,23('52$/%(572REFLWS²
&IU'(0,*8(/$6(16,23('52 $/%(572REFLWS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
55
(QHVWHVHQWLGRH[LVWHQGRVSRVWXUDVSUHGRPLQDQWHVDFHUFDGHOPRGR
GHUHJXODUODVGHVDYHQHQFLDVVXUJLGDVSRUHOXVRGH,QWHUQHWXQDTXHVH
GHFLGH SRU OD FUHDFLyQ GH XQD QRUPDWLYD PDWHULDO HVSHFtILFD DG KRF TXH
VHJ~QVXVGHIHQVRUHVVHMXVWLILFDDQWHODREVROHVFHQFLDGHOGHUHFKRWUDGLFLRQDO
RODRWUDSRUDFXGLUDODVUHJODVGH'HUHFKRLQWHUQDFLRQDOSULYDGRGDGDVX
SUREDGDHILFLHQFLD\FRQGLFLRQHVSDUDDVXPLUORVDYDQFHVWHFQROyJLFRV\DVt
SRGHU VROXFLRQDU SUREOHPDV TXH VRQ ORV PLVPRV GH VLHPSUH TXH QR VRQ
QXHYRVVLQRTXHVRODPHQWHVHSUHVHQWDQFRQXQURSDMHWHFQROyJLFRQRYHGRVR
(QHOHVSDFLRYLUWXDOSXHGHYiOLGDPHQWHVRVWHQHUVHFRPRORKDFH0
%XUVWHLQTXH©QRKD\OXJDUDOOtHQ,QWHUQHWªRELHQFRPRORGLFH+HUEHUW
.URQNH©WRGRVORVOXJDUHVHVWiQHQ,QWHUQHWª(OSULPHUMXULVWDKDUHVXHOWR
LQGLFDUHQPDWHULDGHOH\DSOLFDEOHWUHVRULHQWDFLRQHVXQDDUPRQL]DFLyQ
HQPDWHULDGHUHJODVHOHFWLYDVGHFRQIOLFWRGHOH\HVRGHXQDXQLILFDFLyQ
GH OD OH\ VXVWDQWLYD GH ,QWHUQHW R ELHQ D SDUWLU GHO UHFRQRFLPLHQWR GH
,QWHUQHW FRPR MXULVGLFFLyQ SURSLD DVLJQDU ODV GLVSXWDV D XQ WULEXQDO
LQWHUQDFLRQDOGHDUELWUDMHGH,QWHUQHWRXQDFRUWHHVSHFLDOFRQFRPSHWHQFLD
H[FOXVLYDSDUDHOODV
6LJXLHQGRHOHVTXHPDPHQFLRQDGRSHQVDPRVTXHHQODSULPHUDOtQHD
SRGUtDDFRUGDUVHXQLQVWUXPHQWRMXUtGLFRLQWHUQDFLRQDODUWLFXODGRVREUH
ODEDVHGHQRUPDVLQGLUHFWDVGHUHJODVGHFRQIOLFWRTXHHVWDEOH]FDQSXQWRV
GHFRQH[LyQUtJLGRVFRPRHOGRPLFLOLRHOOXJDUGHHMHFXFLyQHOOXJDUGH
FHOHEUDFLyQHQWUHRWUDVRELHQSXQWRVGHFRQH[LyQIOH[LEOHVFRPRHOOXJDU
GHO FXPSOLPLHQWR GH OD SUHVWDFLyQ PiV FDUDFWHUtVWLFD GHO FRQWUDWR R HO
GRPLFLOLR GHO GHXGRU GH OD SUHVWDFLyQ FDUDFWHUtVWLFD GHO FRQWUDWR R GHO
OXJDUTXHWHQJDYtQFXORVPiVHVWUHFKRVRUHOHYDQWHVRVLJQLILFDWLYRVFRQHO
FRQWUDWR HQWUH RWURV /D VHJXQGD SRVLELOLGDG OD FUHDFLyQ GH XQD OH\
VXVWDQWLYDSDUD,QWHUQHWSHUPLWLUtDVHJ~QVXVGHIHQVRUHVODDGHFXDFLyQ
DODYDQFHHQPDWHULDGHFXOWXUDWHFQROyJLFDJDQDQGRHQFHUWLGXPEUHHQHO
JRELHUQRGHODVUHODFLRQHVMXUtGLFDVTXHVHGHVSOLHJDQRQOLQH
3RUFLHUWRTXHODSULQFLSDOGLILFXOWDGFRPRVHxDOD9LQWRQ*&HUIHV
TXHHOSUREOHPDTXHDIORUDDODKRUDGHOHJLVODUHVTXH,QWHUQHWDYDQ]DGH
PDQHUD PX\ UiSLGD \ FXDQGR VH DSUXHED XQD OH\ OD WHFQRORJtD \D KD
FDPELDGR3RUHOORVXVFXOWRUHVKDQOOHJDGRDDILUPDUTXHHOFRQFHSWRGH
VREHUDQtDGHORV(VWDGRVGHEHVHUDFWXDOL]DGR'HODPLVPDPDQHUDTXH
ORV (VWDGRV QDFLRQDOHV HVWDEOHFLHURQ XQ SULQFLSLR TXH SUHGRPLQy VREUH
WRGDV ODV FRVWXPEUHV ORFDOHV KR\ OD LQWHUUHODFLyQ GH ORV SURFHVRV
LQWHUQDFLRQDOHVH[LJHTXHFLHUWRVYDORUHVVHFRQVWUX\DQWDPELpQHQHOiPELWR
LQWHUQDFLRQDO(VWRQRVLJQLILFDTXHODVREHUDQtDQDFLRQDOWHQJDTXHGHV
DSDUHFHU SHUR Vt TXH YD D VHU GHILQLWLYDPHQWH OLPLWDGD HQ XQD VHULH GH
GLUHFFLRQHV\FRPRDILUPD$QWRQLR0DUWLQRTXHKDOOHJDGRHOPRPHQWRGH
SHQVDUVHULDPHQWHHQXQDHVWDQGDUL]DFLyQMXUtGLFDDOJRDVtFRPRXQQXHYR
(Q HO &RORTXLR LQWHUQDFLRQDO HQ KRQRU GH 0LFKHO 3HOLFKHW RUJDQL]DGR SRU HO
,QVWLWXWR 0ROHQJUDII GH 'HUHFKR SULYDGR GH OD 8QLYHUVLGDG GH 8WUHFKW \ OD
&RQIHUHQFLDGHOD+D\DGH'HUHFKRLQWHUQDFLRQDOSULYDGR
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
GHUHFKRXQQXHYRLXVJHQWLXP'LFKRHQRWUDVSDODEUDVXQDVXHUWHGH
OH[ PHUFDWRULD GHVDUUROODGD SRU ORV SURSLRV FLEHUXVXDULRV XQ ©GHUHFKR
FRP~Qª JHQHUDGR D SDUWLU GH ORV XVRV GH OD SUiFWLFD JHQHUDOL]DGD GHO
FRQVHQVRDFXPXODGRTXHRVWHQWDUtDFRPRSULQFLSDOYHQWDMDXQDIOH[LELOLGDG
VXILFLHQWHFRPRSDUDDFRPSDxDUORVLQFHVDQWHVFDPELRVWHFQROyJLFRV
9DOHSUHFLVDUTXHHQUHODFLyQFRQODYDOLGH]VXVWDQFLDOGHORVFRQWUDWRV
HOHFWUyQLFRV GH tQGROH LQWHUQDFLRQDO DO LJXDO TXH OR TXH VXFHGH HQ ORV
FRQWUDWRVLQWHUQDFLRQDOHVHQJHQHUDOVHSXHGHQSUHVHQWDUGRVVLWXDFLRQHV
4XHODVSDUWHVHQHMHUFLFLRGHOSULQFLSLRGHDXWRQRPtDGHODYROXQWDG
KD\DQHOHJLGRODOH\DSOLFDEOHDOFRQWUDWRFHOHEUDGRR
4XHODVSDUWHVSRUGLYHUVRVPRWLYRVQRKD\DQKHFKRWDORSFLyQ\
TXHSRUHQGHGHEDDFXGLUVHDORVFULWHULRVVXEVLGLDULRVHQODPDWHULDD
WUDYpVGHSXQWRVGHFRQH[LyQUtJLGRVFRPRHOOXJDUGHFHOHEUDFLyQRHO
OXJDUGHHMHFXFLyQRGHFULWHULRVPiVIOH[LEOHVHQE~VTXHGDGHOGHUHFKR
GHO(VWDGRFRQHOTXHHOFRQWUDWRWLHQHYtQFXORVPiVHVWUHFKRVOHSULQFLSH
GHSUR[LPLWp SDUD ORV IUDQFHVHV R WKHSURSHUODZRIWKHFRQWUDFWSDUD HO
FRPPRQODZ(QHVWHSXQWRQRVDFHUFDPRVDODWHRUtDGHODSUHVWDFLyQ
PiVFDUDFWHUtVWLFDVREUHODTXHYROYHUHPRV
,,,$XWRQRPtDGHODYROXQWDG\FRQWUDWRVHOHFWUyQLFRV
'HEHPRV UHFRUGDU TXH OD DXWRQRPtD GH OD YROXQWDG HQ HO iPELWR
FRQWUDFWXDOKDVLGRREMHWRGHDOPHQRVGRVVLJQLILFDGRVGLYHUVRV3RUXQ
ODGRFRPRIXHQWHRULJLQDOGHOGHUHFKRLQGHSHQGLHQWHGHWRGRRUGHQMXUtGLFR
SUHHVWDEOHFLGR 3RU HQGH HVWDUtDPRV DQWH XQ GHUHFKR DEVROXWR 'HVGH
RWUDPLUDGDVHHQWLHQGHTXHODYROXQWDGGHOVXMHWRHVXQDIXHQWHGHULYDGD
GHO GHUHFKR FDSD] GH FUHDU QRUPDV MXUtGLFDV SRUTXH GHWHUPLQDGR
RUGHQDPLHQWRMXUtGLFRDVtORSHUPLWH(QWRQFHVVHUtDXQGHUHFKRVXEMHWLYR
GHULYDGRGHXQRUGHQMXUtGLFRTXHORDFXHUGD
(QGHILQLWLYD©ODIDFXOWDGGHHOHFFLyQGHODOH\GHOFRQWUDWRHQFXHQWUD
VXIXQGDPHQWRHQHOSULQFLSLRGHOLEUHGLVSRVLFLyQDOWLHPSRTXHDSRUWD
XQD VLJQLILFDWLYD GRVLV GH VHJXULGDG MXUtGLFD SHUPLWLHQGR HOLPLQDU ODV
GLILFXOWDGHVSURSLDVGHODGHWHUPLQDFLyQREMHWLYDGHODOH\DSOLFDEOHª
&IU )(/'67(,1 '( &É5'(1$6 6$5$ / ©/D OH[ LQIRUPiWLFD /D LQVRSRUWDEOH
OHYHGDGGHOQRVHUª(VWXGLRVHQ+RPHQDMHD%HUWD.DOOHUGH2UFKDQVN\)XQGDFLyQ
GH &yUGRED < HQ 6XSOHPHQWR GH 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR \ GH OD
,QWHJUDFLyQZZZHOGLDOFRP6HSWLHPEUHGH
&IU8=$/0$5Ì$(/6$©-XULVGLFFLyQ\GHUHFKRDSOLFDEOHHQODVUHODFLRQHVMXUtGLFDV
SRU ,QWHUQHWª HQ (O 'HUHFKR W SV $VLPLVPR )(/'67(,1 GH
&É5'(1$66DUD/&RQWUDWRVLQWHUQDFLRQDOHV6HJXQGD3DUWH$XWRQRPtDGHOD
YROXQWDG(G$EHOHGR3HUURW%XHQRV$LUHVSV²'HUHFKR,QWHUQDFLRQDO
3ULYDGR3DUWHHVSHFLDO(G8QLYHUVLGDG%XHQRV$LUHVS
&IU'( 0,*8(/ $6(16,2 3('52 $/%(572 ©$UPRQL]DFLyQ QRUPDWLYD \ UpJLPHQ
MXUtGLFRGHORVFRQWUDWRVPHUFDQWLOHVLQWHUQDFLRQDOHVªHQ'LULWWRGHO&RPPHUFLR
,QWHUQD]LRQDOHYROXPHQ1ƒ2FWXEUH²'LFLHPEUHS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
57
6HKDQGLVWLQJXLGRGRVHVSHFLHVRWLSRVGHODOODPDGDDXWRQRPtDGHOD
YROXQWDG 3RU XQ ODGR ODV SDUWHV SXHGHQ HOHJLU HO GHUHFKR DSOLFDEOH DO
FRQWUDWR DXWRQRPtD FRQIOLFWXDO GH ODV SDUWHV 3HUR ODV SDUWHV SXHGHQ
DVLPLVPRFRQYHQLUQRUPDVUHJODVSDUDTXHULMDQHOFRQWUDWRDXWRQRPtD
PDWHULDOGHODVSDUWHV(QHVWHSXQWRVHKDQGLIHUHQFLDGRGRVVLWXDFLRQHV
©VHDTXHODVSDUWHVGHVFRQHFWHQHOFRQWUDWRGHOLPSHULRGHFXDOTXLHUDGH
ORV GHUHFKRV SRVLWLYRV GHO PXQGR DXWRQRPtD XQLYHUVDO GH ODV SDUWHV R
DXWRQRPtDPDWHULDOGHSULPHUJUDGRVHDTXHODVSDUWHVFRPELQHQQRUPDV
FLYLOHV \ FRPHUFLDOHV HVWDEOHFLGDV R DGPLWLGDV SRU FXDOHVTXLHUD GH ORV
GHUHFKRVTXHHOODVSRGUtDQKDEHUHOHJLGRDXWRQRPtDPDWHULDOGHVHJXQGR
JUDGR/DDXWRQRPtDPDWHULDOGHVHJXQGRJUDGRVHEDVDHQODIDFXOWDGGH
ODVSDUWHVGHGHFODUDUDSOLFDEOHVDVXFRQWUDWRIUDJPHQWRVGHORVGLYHUVRV
GHUHFKRV HOHJLEOHV SRU HMHPSOR D OD YDOLGH] HO 'HUHFKR GHO OXJDU GH OD
FHOHEUDFLyQDODHMHFXFLyQHO'HUHFKRGHOOXJDUGHFXPSOLPLHQWRHWF(Q
HVWHVXSXHVWRODVSDUWHVQRHVWiQREOLJDGDVSRUHO'HUHFKRFRDFWLYRGH
FXDOTXLHUD GH ORV GHUHFKRV HOHJLEOHV SRUTXH SRGUtDQ KDEHU HOHJLGR RWUR
TXH QR FRQRFLHUD HVWDV QRUPDV FRDFWLYDV 3HUR WDPSRFR ODV SDUWHV VH
SXHGHQOLEHUDUGHWRGDVODVQRUPDVFRDFWLYDVHOODVHVWiQVXSHGLWDGDVDO
'HUHFKRFRDFWLYRFRP~QGHORVGHUHFKRVHOHJLEOHVSRUQRSRGHUHVFDSDUD
pVWHSRUQLQJ~QDFWRGHHOHFFLyQSHUPLWLGRª
3RURWURODGRVHJ~QODWHVLVGH$QWRQLR%RJJLDQRPLHQWUDVTXHHQOD
DXWRQRPtD GH OD YROXQWDG FRQIOLFWXDO ODV SDUWHV QR SXHGHQ GHVSOD]DU ODV
QRUPDVFRDFWLYDVGHOGHUHFKRSULYDGRHOHJLGRKDFLHQGRHQFDPELRXVRGH
ODDXWRQRPtDGHODYROXQWDGPDWHULDOODVSDUWHV©DGHPiVGHSRGHUHOHJLUHO
GHUHFKRDSOLFDEOHDOFRQWUDWRSXHGHQWDPELpQH[FOXLUGHOGHUHFKRSULYDGR
HOHJLGRODVQRUPDVFRDFWLYDVYLJHQWHVHQpO7DOH[FOXVLyQVyORSXHGHRSHUDUVH
PHGLDQWHODLQFRUSRUDFLyQDOFRQWUDWRGHQRUPDVPDWHULDOHVFRQWUDULDVD
ODV QRUPDV FRDFWLYDV GHO GHUHFKR SULYDGR UHFWRU GHO QHJRFLRª (V GHFLU
VLJXLHQGRODWHVLVGHODXWRU©ODVQRUPDVFRDFWLYDVGHORVVLVWHPDVGHGHUHFKR
SULYDGRVRQGLVSRVLWLYDVHQORVFRQWUDWRVLQWHUQDFLRQDOHV7RGDVODVQRUPDV
GHOGHUHFKRSULYDGRFRQWUDFWXDOVRQGLVSRVLWLYDVSDUDHO',3U(VWRVLJQLILFD
TXHODVSDUWHVHQORVFRQWUDWRVPXOWLQDFLRQDOHVQRHVWiQLPSHUDWLYDPHQWH
VXMHWDVDQLQJXQDQRUPDFRDFWLYDGHQLQJ~QGHUHFKRSULYDGRGHOPXQGR
(VpVWHXQSXQWRTXHGHEHDSDUHFHUFODUR/DVSURKLELFLRQHVRPDQGDWRV
LPSHUDWLYRVGLVSXHVWRVSRUORVGHUHFKRVSULYDGRVSDUDFDVRVQDFLRQDOHVQR
REOLJDQDODVSDUWHVHQVXVQHJRFLRVLQWHUQDFLRQDOHVª
6LQHPEDUJRGHVGHRWUDPLUDGDHOHMHUFLFLRGHODDXWRQRPtDFRQIOLF
WXDO HVSHFtILFD GH OD FRQWUDWDFLyQ LQWHUQDFLRQDO VXSRQH TXH ODV SDUWHV
VHOHFFLRQDQHORUGHQDPLHQWRHVWDWDODSOLFDEOHDOFRQWUDWRPLHQWUDVTXHOD
&IU*2/'6&+0,'7:(51(5 ©7UDQVSRUWHLQWHUQDFLRQDOªHQ/D/H\%
&IU%2**,$12$1721,2&XUVRGH'HUHFKR,QWHUQDFLRQDO3ULYDGR'HUHFKRGHODV
5HODFLRQHV3ULYDGDV,QWHUQDFLRQDOHV(G$EHOHGR3HUURW%XHQRV$LUHVS
&IU%2**,$12$1721,2REFLWSV
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
DXWRQRPtDPDWHULDODFW~DHQHOiPELWRUHFRQRFLGRDODVSDUWHVWDQWRHQ
FRQWUDWRV LQWHUQRV FRPR LQWHUQDFLRQDOHV SRU OD OH\ GHO FRQWUDWR VHOHF
FLRQDGD SRU ODV SDUWHV HQ HMHUFLFLR GH OD DXWRQRPtD GH OD YROXQWDG
FRQIOLFWXDORGHWHUPLQDGDREMHWLYDPHQWHSRUODOH\SDUDUHJXODUOLEUHPHQWH
VXV UHODFLRQHV VLHPSUH TXH VXV SDFWRV QR DIHFWHQ D ODV QRUPDV GH HVH
RUGHQDPLHQWR TXH QR SXHGHQ VHU GHURJDGDV SRU ORV FRQWUDWDQWHV (Q
FRQVHFXHQFLDODDXWRQRPtDFRQIOLFWXDOSDUDHVWDSRVLFLyQHVWiOLPLWDGD
SRU QRUPDV LQWHUQDFLRQDOPHQWH LPSHUDWLYDV GHO IRUR PLHQWUDV TXH OD
DXWRQRPtDPDWHULDORSHUDVyORGHQWURGHOPDUFRLPSHUDWLYRRUGLQDULRGH
ODOH\GHOFRQWUDWR
'HDTXtHQPiVQRVRFXSDUHPRVHQWRQFHVGHODDXWRQRPtDFRQIOLFWXDO
SURSLDGHO'HUHFKRLQWHUQDFLRQDOSULYDGR
&DEHUHVDOWDUTXHFXDQGRVHDERUGDHOWHPDGHODDXWRQRPtDGHOD
YROXQWDGYDOHGHFLUODSRVLELOLGDGGHODVSDUWHVGHSUHVHOHFFLRQDUODOH\
DSOLFDEOH D VXV FRQWUDWRV LQWHUQDFLRQDOHV VH FHOHEUHQ R QR HQ IRUPD
HOHFWUyQLFDODSULQFLSDOGLVWLQFLyQTXHFDEHWHQHUHQFXHQWDHVDFHUFDGH
ODQDWXUDOH]DGHODVSDUWHVHQGLVSXWD(YLGHQWHPHQWHQRUHVXOWDORPLVPR
XQDFRQWURYHUVLDHQHOFRPHUFLR%%TXHHQHO%&(QHOSULPHUFDVRVH
SXHGH WUDWDU GH SDUWHV VXILFLHQWHPHQWH VRILVWLFDGDV HQ FXDOTXLHU FDVR
HPSUHVDVTXHQRVRQ©FRQVXPLGRUHVªHVGHFLUXVXDULRVILQDOHVVLQXQD
ILQDOLGDGFRPHUFLDO(OORSHUPLWHSHQVDUTXHVHHQFXHQWUDQHQFRQGLFLRQHV
GH VRSHVDU GH FRQWURODU OD SOHQD YLJHQFLD GHO HMHUFLFLR GHO SULQFLSLR GH
DXWRQRPtDGHODVSDUWHVLQFOX\HQGRHOPRGRGHUHVROYHUVXVFRQIOLFWRV
(QHOVHJXQGRFDVRKD\TXHWHQHUHQFXHQWDTXHODVOHJLVODFLRQHVVXHOHQ
SRVHHU QRUPDV TXH DPSDUDQ DO FRQVXPLGRU OH\HV GH GHIHQVD GHO
FRQVXPLGRU \ HQ RFDVLRQHV FXDQGR VH WUDWD GH DUELWUDMH HQWUH HO
FRPHUFLDQWHHOHFWUyQLFR\HOFRQVXPLGRUORVXMHWDQDFLHUWDVFRQGLFLRQHV
GHDFHSWDFLyQPX\HVSHFLDOHV
(QHVWHVHQWLGRSRGHPRVUHFRUGDUTXHOD&RQIHUHQFLDGH/D+D\DGH
'HUHFKR LQWHUQDFLRQDO SULYDGR HQ OD 0HVD 5HGRQGD VREUH FRPHUFLR
HOHFWUyQLFR*LQHEUDUHFRPHQGyTXHHQUHODFLyQFRQODVRSHUDFLRQHV
%%ODDXWRQRPtDGHODYROXQWDGGHODVSDUWHVFRQWLQ~DVLHQGRHOSULQFLSLR
UHFWRUWDQWRUHVSHFWRGHODMXULVGLFFLyQFRPSHWHQWHFRPRGHODOH\DSOLFDEOH
'LVWLQWRHVHOFDVRGHODVUHODFLRQHV%&(QHVWHVHQWLGRVHKDSURSXHVWR
ODLPSOHPHQWDFLyQGHXQVLVWHPDGHFHUWLILFDFLyQGHORVVLWLRVZHETXH
LQFOXLUtDUHJODVPtQLPDVGHSURWHFFLyQGHORVFRQVXPLGRUHV\XQVLVWHPD
GHVROXFLyQGHFRQWURYHUVLDVHTXLWDWLYR\GHIiFLODFFHVRTXHSRGUtDRIUHFHUVH
DORVFRQVXPLGRUHVVLQQLQJ~QFRVWR6LXQVLWLRREWLHQHODFHUWLILFDFLyQ
SRGUtD SUHYHUVH OD DSOLFDFLyQ GHO GHUHFKR GHO SDtV GH RULJHQ (Q FDVR
FRQWUDULRUHVXOWDUtDDSOLFDEOHODOH\GHOOXJDUGHOGRPLFLOLRRUHVLGHQFLDGHO
FRQVXPLGRU
(QHIHFWRSRGHPRVVRVWHQHUTXH©/DHOHFFLyQGHODOH\DSOLFDEOHQR
&IU'(0,*8(/$6(16,23('52 $/%(572SXEFLWSQRWD
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
59
GHEHSULYDUDOFRQVXPLGRULQWHUQDXWDGHODSURWHFFLyQTXHOHDFXHUGDQODV
OH\HV LPSHUDWLYDV GHO SDtV GH VX UHVLGHQFLD KDELWXDO $Vt XQD HPSUHVD
HVWDEOHFLGDHQHOH[WUDQMHURTXHSXEOLFLWDVXVSURGXFWRVDWUDYpVGHXQ
VLWLRZHE\ORVYHQGHSRU,QWHUQHWDFRQVXPLGRUHVHQ$UJHQWLQDQRSRGUi
H[FOXLUODVQRUPDVGHSROLFtDGHOGRPLFLOLRDUJHQWLQRGHOFRQVXPLGRUTXH
OH JDUDQWL]DQ XQ QLYHO PtQLPR GH SURWHFFLyQ < YLFHYHUVD 6L ODV SDUWHV
KXELHVHQ TXHULGR HYDGLU IUDXGXOHQWDPHQWH HVH GHUHFKR PHGLDQWH OD
DXWRQRPtDGHODYROXQWDGHOFRQWUDWRQRWHQGUiHILFDFLDHQOD5HS~EOLFD
DUWV\&yG&LYLOª
/DHOHFFLyQGHODOH\DSOLFDEOHHOLPLQDHQJHQHUDOJUDQSDUWHGHODV
LQFHUWLGXPEUHVTXHVHSXHGHQSODQWHDUHQWRUQRDODVFRQWURYHUVLDVTXH
SXGLHUHQ VXUJLU GH XQ FRQWUDWR FHOHEUDGR SRU PHGLRV HOHFWUyQLFRV 6LQ
HPEDUJR VHUtD UHFRPHQGDEOH TXH WRGR SURYHHGRU GH VHUYLFLRV GH OD
LQIRUPDFLyQ DVXPLHUD OD UHVSRQVDELOLGDG TXH LPSOLFD GLULJLU XQD RIHUWD
FRPHUFLDO D SHUVRQDV HVSHFLDOPHQWH FRQVXPLGRUHV \ XVXDULRV GH
GLIHUHQWHVHVWDGRV
$ /tPLWHV D OD DXWRQRPtD GH OD YROXQWDG HQ HO FRQWH[WR GHO
FRPHUFLRHOHFWUyQLFR
$VtFRPRSRGHPRVUHFXUULUDOSULQFLSLRGHODDXWRQRPtDGHODYROXQWDG
HQ ORV FRQWUDWRV HOHFWUyQLFRV WDPELpQ GHEHPRV WHQHU HQ FXHQWD VXV
OLPLWDFLRQHVHQWUHODVTXHSRGHPRVPHQFLRQDUHORUGHQS~EOLFRLQWHUQD
FLRQDOHOIUDXGHDODOH\ODVQRUPDVGHSROLFtDGHOIRUR\HYHQWXDOPHQWH
QRUPDV GH SROLFtD H[WUDQMHUDV OD WXWHOD GH ODV SHUVRQDV FRQVLGHUDGDV
MXUtGLFDPHQWH PiV GpELOHV 1R QRV FDEH GXGD TXH HVWRV OtPLWHV TXH
UHVWULQJHQODDXWRQRPtDGHODVSDUWHVHQODFRQWUDWDFLyQLQWHUQDFLRQDOSRU
PHGLRVWUDGLFLRQDOHVWDPELpQLPSHUDQHQHOHVSDFLRYLUWXDO
6LELHQHQSULQFLSLRSRGHPRVVRVWHQHUTXHODVSDUWHVWDPELpQHQHVWH
PHGLR HOHFWUyQLFR SRGUtDQ HOHJLU FXDOTXLHU GHUHFKR FRPR DSOLFDEOH D VX
FRQWUDWRQRSRGHPRVGHVFRQRFHUTXHWDOFRPRVRVWLHQH8]DOODDXWRQRPtD
FRQIOLFWXDO©HQFXHQWUDFLHUWRVOtPLWHVTXHODFRQGLFLRQDQWDPELpQDSOLFDEOHV
DOSDFWRHQHOFLEHUHVSDFLR(QSULPHUOXJDUORVSULQFLSLRVGHRUGHQS~EOLFR
GHOGHUHFKRLQWHUQDFLRQDOSULYDGRGHODOH[IRULDUWLQFƒ&yG&LYLO
GHOWULEXQDODQWHHOTXHVHOOHYHHOHYHQWXDOSODQWHRSULQFLSLRVDORVTXHODV
SDUWHVGHEHQVXMHWDUVHLQH[FXVDEOHPHQWHDOUDGLFDUVHODFRQWURYHUVLDDQWH
XQDMXULVGLFFLyQHVWDWDOGHDKtODFRQYHQLHQFLDGHGHWHUPLQDUFODUDPHQWH\
GHDQWHPDQRHOWULEXQDOFRPSHWHQWHFRPELQDQGRODFOiXVXODGHHOHFFLyQ
GHOGHUHFKRDSOLFDEOHFRQODSUyUURJDGHMXULVGLFFLyQ\ODGHWHUPLQDFLyQGH
&IU2<$5=É%$/0$5,2-$©/DOH\DSOLFDEOHDORVFRQWUDWRVHQHOFLEHUHVSDFLR
WUDQVQDFLRQDOª HQ 'UH\]LQ GH .ORU $GULDQD )HUQiQGH] $UUR\R 'LHJR 3 \
3LPHQWHO /XL] 2WiYLR GLUV 5HYLVWD 'H&,7$ 'HUHFKR GHO FRPHUFLR
LQWHUQDFLRQDO7HPDV\DFWXDOLGDGHV,QWHUQHWFRPHUFLRHOHFWUyQLFR\VRFLHGDGGHOD
LQIRUPDFLyQ(G=DYDOtD²)XQGDoDR%RLWHX[%UDVLOS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
ORVWULEXQDOHVTXHKDEUiQGHHQWHQGHUHQXQHYHQWXDOFRQIOLFWR(OORWRUQDUi
SUHYLVLEOHVORVSULQFLSLRVGHRUGHQS~EOLFRTXHKDEUiQGHFHxLUODVROXFLyQ
GHWDOFDVR8QVHJXQGROtPLWHHVWiGDGRSRUODVQRUPDVGHSROLFtDGHODOH[
IRUL WRGD YH] TXH HOODV VRQ H[FOXVLYDV H[FOX\HQWHV GH WRGD RWUD QRUPD
DXQTXH GH DSOLFDFLyQ UHVWULFWLYD 7DPELpQ IXQFLRQDQ FRPR OtPLWH ODV
QRUPDVGHSROLFtDGHOGHUHFKRHOHJLGRHQODPHGLGDTXHKDVLGRLQWURGXFLGR
LQLQWHJUXPHQHOFRQWUDWR\ODVSDUWHVDOLQFRUSRUDUORVHKDQVRPHWLGRD
HOODVª7DPELpQSDUDODDXWRUDTXHVHJXLPRVHQHVWHSXQWRIXQFLRQDUtDQ
FRPROtPLWHODVQRUPDVGHSROLFtDGHXQWHUFHU(VWDGRVLHPSUHTXHpVWH
WHQJDXQDUHODFLyQHFRQyPLFDSUHSRQGHUDQWH²SRUHMHPSORSRUTXHHVHOGHO
OXJDUGHFXPSOLPLHQWRWRWDORSDUFLDO²ORTXHLPSRQGUiODREVHUYDQFLDGH
WDOHV UHJODV VREUH FLHUWRV DVSHFWRV GHO FRQWUDWR TXH VH FRQWDFWDQ FRQ HO
WHUULWRULRGHHVHSDtVH[FOX\HQGRODSRVLELOLGDGGHXQDUHJXODFLyQGLYHUVDD
ODTXHHVH(VWDGRLPSRQHLPSHUDWLYDPHQWH)LQDOPHQWH8]DODGYLHUWHTXH
ODVQRUPDVFRDFWLYDVGHO'HUHFKRSULYDGRDSOLFDEOHDOFRQWUDWRSRUHOHFFLyQ
GHODVSDUWHVWDPELpQRSHUDUtDQFRPROtPLWH
(QVLPLODULQWHOLJHQFLDVHKDDILUPDGRTXH©HQHOGHUHFKRFRPSDUDGR
\HQODVOtQHDVGLUHFWULFHVTXHHPDQDQGHORVJRELHUQRVGHORVSDtVHVFHQWUDOHV
HVSRVLEOHGLVWLQJXLUODSUHYDOHQFLDGHOSULQFLSLRGHDXWRUUHJXODFLyQHQHO
FRPHUFLRGHUHGHVHOHFWUyQLFDVHVGHFLUGHOSULQFLSLRGHDXWRQRPtDGHOD
YROXQWDGDODYH]TXHVHDFRQVHMDTXHODLQWHUYHQFLyQGHORVJRELHUQRVGHEH
VHU PtQLPD \ FXDQGR pVWD VH SURGX]FD GHEH OLPLWDUVH D DVHJXUDU ODV
FRQGLFLRQHVSDUDODYLJHQFLDGHFLHUWRVYDORUHVSRUFDVRODOLEUHFRPSHWHQFLD
RODSURWHFFLyQGHODSURSLHGDGLQWHOHFWXDO(VWDWHQGHQFLDSDUHFHFRQVDJUDU
HOROYLGRGHWRGDODPDWHULDGHRUGHQS~EOLFRª6LQHPEDUJR©VHDFHSWD
HQODDFWXDOLGDGTXHODYLVLyQGHOFRPHUFLROOHYDGRDFDERDWUDYpVGHUHGHV
LQIRUPiWLFDV GRQGH LPSHUD OD LQLFLDWLYD SDUWLFXODU \ HO SULQFLSLR GH OD
DXWRQRPtDGHODYROXQWDGQRSXHGHVHUDEVROXWDSXHVKD\XQDVHULHGH
FRQWHQLGRV PtQLPRV TXH FDGD (VWDGR WLHQH HO GHUHFKR GH WXWHODU FRPR
FRQVLJQDEiVLFDSDUDPDQWHQHUVXRUJDQL]DFLyQLQWHUQDHLGHQWLGDGQDFLRQDO
(VWRVFRQWHQLGRVVRQORVTXHLQWHJUDQHORUGHQS~EOLFRLQWHUQRVLFGHFDGD
QDFLyQ \ VX SHUPDQHQFLD \ WXWHOD VH SUHGLFDQ WDQWR VH WUDWH GHO PXQGR
ItVLFRFRPRGHOTXHDOJXQRVGDQHQOODPDU´PXQGRYLUWXDOµ©3URSLFLDPRV
TXHHVRVFRQWHQLGRVVHUHILHUDQDOREMHWRLOtFLWRRLQPRUDOGHODFWRMXUtGLFR
OD SURWHFFLyQ GH OD QLxH] OD SURWHFFLyQ GHO FRQVXPLGRU OD UHSUHVLyQ GHO
WUiILFRGHSHUVRQDVHORUGHQS~EOLFRILVFDOHWFPDWHULDVTXHHOFRPHUFLR
HOHFWUyQLFRSXHGHLQYROXFUDU\DIHFWDU/DOLEHUWDGTXHVHSUHGLFDFRPRYDORU
SULPRUGLDOGHODFRQWUDWDFLyQHQUHGHVLQIRUPiWLFDVQRHVDEVROXWDFRPR
QLQJ~QGHUHFKRORHV\VHLPSRQHQFLHUWRVOtPLWHVTXHSHUVLJXHQMXVWDPHQWH
TXHHVDOLEHUWDGQRVHYXHOYDLOXVRULDSDUDODPD\RUtDGHORVXVXDULRVª
&IU8=$/0DUtD(OVD©-XULVGLFFLyQ\GHUHFKRDSOLFDEOHHQODVUHODFLRQHVMXUtGLFDV
SRU,QWHUQHWªHQ(O'HUHFKRWS
&IU%,2&&$6WHOOD0DULVGLU&RQWUDWRVFHOHEUDGRVSRUPHGLRHOHFWUyQLFR(GLWRULDO
GHOD8QLYHUVLGDG1DFLRQDOGHO6XU%DKtD%ODQFDS²
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
61
(Q FXDQWR DO OtPLWH HVSHFtILFR GHO RUGHQ S~EOLFR LQWHUQDFLRQDO VLQ
GXGDV XQD OH\ H[WUDQMHUD HOHJLGD SRU ODV SDUWHV R OD TXH UHVXOWH QDWX
UDOPHQWHDSOLFDEOHHQYLUWXGGHQRUPDVGH'HUHFKRLQWHUQDFLRQDOSULYDGR
SXHGHYXOQHUDUORVSULQFLSLRVHVHQFLDOHVGHOGHUHFKRGHOIRUR\SRUORWDQWR
VHUiGHVSOD]DGD3LpQVHVHDPRGRGHHMHPSORHQXQDOH\TXHSHUPLWDOD
HXWDQDVLDRODYHQWDGHGURJDVRODSURVWLWXFLyQRODYHQWDGHQLxRV
$VLPLVPRGHEHPRVUHFRUGDUHOFpOHEUHFDVR<DKRRHQHOTXHVHSXGR
YLVOXPEUDUODDSOLFDFLyQGHODQRFLyQGHRUGHQS~EOLFRLQWHUQDFLRQDOSRU
SDUWHGHODMXVWLFLDIUDQFHVDSDUDLPSHGLUTXHHQVXWHUULWRULRVHGLIXQGLHUD
FLHUWRWLSRGHLQIRUPDFLyQDWUDYpVGH,QWHUQHWHQUHVJXDUGRGHSULQFLSLRV
IXQGDPHQWDOHV
)UHQWHDHVWHDUJXPHQWRVHVRVWLHQHTXHFRQLQGHSHQGHQFLDGHORV
SDtVHVGHVGHORVTXHVHSXHGHDFFHGHUDXQDSiJLQDZHEVRQDSOLFDEOHV
ODVOH\HVGHOOXJDUGHODVHGHGHODHPSUHVD(QHVWHVHQWLGRHQHOFDVR
<DKRRODVFRPSDxtDVQRUWHDPHULFDQDVVRVWXYLHURQTXHQLQJ~QWULEXQDO
QL DXWRULGDG H[WUDQMHUD SRGUtD OLPLWDU ODV DFWLYLGDGHV HQ HO FDVR YHQWD
SRU,QWHUQHWGHPDWHULDOSURQD]LGHILUPDVFRQVHGHHQORV(VWDGRV8QLGRV
6LQHPEDUJRGHVGHODSRVLFLyQRSXHVWD©FXDQGRORVJUDQGHVSRUWDOHVGH
,QWHUQHWVLWRVHQ86$RIUHFHQVXVSURGXFWRVSDUDVXDGTXLVLFLyQHQRWURV
SDtVHVHVWiQREOLJDGRVDUHVSHWDUODVOH\HVHVWDWDOHVTXHULJHQHOHQWUDPDGR
GH'HUHFKRS~EOLFRGHODHFRQRPtDGHORVPHUFDGRVQDFLRQDOHVHQORVTXH
RSHUDQ²OH\HVGHOSDtVGHVGHHOTXHVHSXHGHFRPSUDUHOSURGXFWRSDtVHQ
FX\RPHUFDGRVHRIHUWDHOSURGXFWR²GHPRGRTXHGHEHQVXMHWDUVHDWRGDV
ODVOH\HVGHWRGRVORVSDtVHVHQFX\RVPHUFDGRVVHRSHUH6LVHRSHUDD
HVFDODPXQGLDOVHGHEHQUHVSHWDUWRGDVODVQRUPDVGH'HUHFKR3~EOLFR
GHOD(FRQRPtDGHFDGDOH\HVWDWDO:RUOGZLGH(IIHFWª
2WUDH[FHSFLyQDODDSOLFDFLyQGHOGHUHFKRH[WUDQMHURHQJHQHUDOTXH
DVXYH]RSHUDFRPROLPLWDFLyQDODDXWRQRPtDGHODYROXQWDGHVHOIUDXGH
DODOH\(QHIHFWRORVDUWtFXORV\GHO&yGLJR&LYLOGHVFRQRFHQ
ODHILFDFLDGHORVFRQWUDWRVFHOHEUDGRVHQIUDXGHDODOHJLVODFLyQORFDO
3RURWUDSDUWHXQOtPLWHDODDXWRQRPtDGHODYROXQWDGGHODVSDUWHV
TXH FREUD HVSHFLDO VHQWLGR VHJ~Q \D FRPHQWDPRV HQ HO iPELWR GH OD
6REUHODQRFLyQGHRUGHQS~EOLFRFLEHUQpWLFRSXHGHFRQVXOWDUVH)(/'67(,1GH
&É5'(1$66DUD/©(O2UGHQ3~EOLFR,QWHUQDFLRQDOXQDQXHYDPLUDGDGHVGH
HO'HUHFKR,QWHUQDFLRQDO3ULYDGRFRQWHPSRUiQHRªHQ/LEUR+RPHQDMHDO'U$OEHUWR
%XHUHV(G+DPPXUDEL$UJHQWLQD
&IU &$/92 &$5$9$&$ $OIRQVR /XLV \ &$55$6&26$ *21=É/(= -DYLHU
©3UREOHPDV GH H[WUDWHUULWRULDOLGDG HQ OD FRQWUDWDFLyQ HOHFWUyQLFDª HQ (&+(
%$55Ì$6É(1=-RVp$FRRUG(OFRPHUFLRHOHFWUyQLFR(G(GLVRIHU0DGULG
S
$UWtFXOR/RVFRQWUDWRVKHFKRVHQSDtVH[WUDQMHURSDUDYLRODUODVOH\HVGHOD
5HS~EOLFD VRQ GH QLQJ~Q YDORU HQ HO WHUULWRULR GHO (VWDGR DXQTXH QR IXHVHQ
SURKLELGRVHQHOOXJDUHQTXHVHKXELHVHQFHOHEUDGR$UWtFXOR/RVFRQWUDWRV
KHFKRV HQ OD 5HS~EOLFD SDUD YLRODU ORV GHUHFKRV \ ODV OH\HV GH XQD QDFLyQ
H[WUDQMHUDQRWHQGUiQHIHFWRDOJXQR
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
FRQWUDWDFLyQHOHFWUyQLFDHVODDSOLFDFLyQGHODVQRUPDVGHSURWHFFLyQTXH
FRQWHPSODODOH\GHOGRPLFLOLRRGHODUHVLGHQFLDKDELWXDOGHORVFRQVX
PLGRUHV FXDQGR OD OH\ HOHJLGD SRU ODV SDUWHV YXOQHUD ORV HVWiQGDUHV
PtQLPRVGHWXWHODFRQVDJUDGRVSRUDTXpOOD
(Q HIHFWR ORV RUGHQDPLHQWRV MXUtGLFRV QDFLRQDOHV FRQWLHQHQ WDOHV
QRUPDV SDUD OD SURWHFFLyQ GH HVWRV VXMHWRV FRQVLGHUDGRV MXUtGLFDPHQWH
GpELOHVFX\RFRQRFLPLHQWRHVGHSDUWLFXODULPSRUWDQFLDVLFRQVLGHUDPRV
TXHODZHEHVXQLQFRPSDUDEOHPHGLRGHGLIXVLyQSXEOLFLGDGH[KLELFLyQ
RIHUWD\YHQWDGHELHQHV\VHUYLFLRVDORVFRQVXPLGRUHVGHODDOGHDJOREDO
(QFRQVHFXHQFLDODVQRUPDVGHOIRURSURWHFWRULDVGHOFRQVXPLGRUSRGUtDQ
GHVSOD]DU OD OHJLVODFLyQ H[WUDQMHUD HOHJLGD HQ XQ FRQWUDWR %& <D OD
&RQYHQFLyQGH5RPDVREUHOD/H\$SOLFDEOHDODV2EOLJDFLRQHV&RQWUDF
WXDOHVGHHQVXDUWtFXORSUHYHtDHVWHOtPLWHDODDXWRQRPtDGHODV
SDUWHV(QVLPLODUHVWpUPLQRVVHH[SUHVDHOUHFLHQWH5HJODPHQWR&(1ƒ
GHOGHMXQLRGHVREUHODPLVPDPDWHULDHQVXDUWtFXOR
/D LPSRUWDQFLD GH HVWD OLPLWDFLyQ UDGLFD SULQFLSDOPHQWH HQ HO
FRQVLGHUDEOHQ~PHURGHFRQWUDWRVGHFRQVXPRJHQHUDOPHQWHSRUDGKHVLyQ
TXHDFWXDOPHQWHVHFHOHEUDRQOLQH
(QHVWHVHQWLGRFDEHUHFRUGDUTXHODV'LUHFWULFHVGHOD2&'(SDUDOD
SURWHFFLyQ GHO FRQVXPLGRU HQ HO FRQWH[WR GHO FRPHUFLR HOHFWUyQLFR
UHFRPLHQGDQTXHORVDFWXDOHVPDUFRVGHOH\DSOLFDEOHGHEHQH[DPLQDUVH
SDUDFRQVLGHUDUVLGHEHQVHUPRGLILFDGRVRDSOLFDGRVHQIRUPDGLIHUHQWH
SDUD DVHJXUDU OD HIHFWLYD SURWHFFLyQ DO FRQVXPLGRU HQ HO FRQWH[WR GH
FRQWLQXRFUHFLPLHQWRGHOFRPHUFLRHOHFWUyQLFR
6LQHPEDUJRHVWDVUHFRPHQGDFLRQHVQREULQGDQVROXFLRQHVFRQFUHWDV
UHVSHFWRGHODOH\DSOLFDEOHVLQRTXHGHMDQOLEUDGRDFDGD(VWDGRDSOLFDU
RPRGLILFDUHOPDUFRQRUPDWLYRGHOTXHGLVSRQHQ
%(OHFFLyQGHODOH[HOHFWUyQLFD
/D MXVWLILFDFLyQ GHO GLVFXUVR TXH LPSXOVD OD DXWRUUHJODPHQWDFLyQ
(O DUWtFXOR GHO &RQYHQLR GH 5RPD VREUH OD OH\ DSOLFDEOH D ODV REOLJDFLRQHV
FRQWUDFWXDOHV HVWDEOHFH TXH ©6LQ SHUMXLFLR GH OR GLVSXHVWR HQ HO DUWtFXOR OD
HOHFFLyQ SRU ODV SDUWHV GH OD OH\ DSOLFDEOH QR SRGUi SURGXFLU HO UHVXOWDGR GH
SULYDU DO FRQVXPLGRU GH OD SURWHFFLyQ TXH OH DVHJXUHQ ODV GLVSRVLFLRQHV
LPSHUDWLYDVGHODOH\GHOSDtVHQTXHWHQJDVXUHVLGHQFLDKDELWXDOª
6LQHPEDUJRDOJXQRVDXWRUHVKDQDGYHUWLGRTXHQRGHEHUtDKDFHUVHXQDDSOLFDFLyQ
LQGLVFULPLQDGDGHODOH\GHOGRPLFLOLRIXQGDGDVLPSOHPHQWHHQODVSDUWLFXODULGDGHV
GHODVQXHYDVWHFQRORJtDV\IRUPDVGHFRPXQLFDFLyQ&IU2<$5=É%$/0DULR
©/DOH\DSOLFDEOHDORVFRQWUDWRVHQHOFLEHUHVSDFLRWUDQVQDFLRQDOªHQ'LDULRGH
'RFWULQD \ -XULVSUXGHQFLD (O 'HUHFKR 1ƒ $xR ;/, %XHQRV $LUHV GH
IHEUHURGHS
(QVLPLODULQWHOLJHQFLD6(55$&$0%$&(5(6$QWRQLQR©*HQHUDQGRFRQILDQ]D
HQORVFRQVXPLGRUHV&RPHQWDULRDODUHFRPHQGDFLyQGHO&RQVHMRGHOD2&'(
UHODWLYDDGLUHFWULFHVSDUDODSURWHFFLyQGHOFRQVXPLGRUHQHOFRQWH[WRGHOFRPHUFLR
HOHFWUyQLFRªHQ-XULVSUXGHQFLD$UJHQWLQD²,
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
63
SULYDGD FRQVWUXLGD SRU VXV SURSLRV GHVWLQDWDULRV ©VH HQFXHQWUD HQ OD
DQDORJtDTXHDVLVWHDOD©OH[LQIRUPiWLFDªFRQOD©OH[PHUFDWRULDª(QHIHFWR
HOVXVWHQWRHVODFRQYLFFLyQGHKDOODUVHPHMDQ]DVHQWUHODVQHFHVLGDGHV
PDQLIHVWDGDVHQVXPRPHQWRSRUORVFRPHUFLDQWHVTXHRULJLQDQHVWD~OWLPD
\ORVUHTXHULPLHQWRVGHTXLHQHVLQWHUDFW~DQHQODUHGJHQHUDQGRQXHYDV
VLWXDFLRQHVMXUtGLFDV
(VWD OH[ HOHFWUyQLFD R OH[ LQIRUPiWLFD XQD VXHUWH GH KHUHGHUD GH OD
FpOHEUHOH[PHUFDWRULDHODERUDGDSRUORVSURSLRVRSHUDGRUHVGHOFRPHUFLR
HOHFWUyQLFR SXHGH IiFLOPHQWH LGHQWLILFDUVH FRQ OD GHQRPLQDGD DXWRUH
JXODFLyQGHODUHGVHJ~QYLPRVDWUDYpVGHXQQ~PHURLQGHWHUPLQDGRGH
UHJODVXVRVSULQFLSLRVFyGLJRVGHEXHQDFRQGXFWDFRVWXPEUHVXQLIRUPHV
\WUDQVQDFLRQDOHV
(IHFWLYDPHQWH©HVWDIXHQWHMXUtGLFDWUDQVQDFLRQDOHVWDUtDLQWHJUDGD
SRUSULQFLSLRVJHQHUDOHV\FOiXVXODVEiVLFDVFRPRVRQDFWXDUGHEXHQDIH
ODOLEHUWDGGHH[SUHVLyQHOUHVSHWRDOHTXLOLEULRGHODVSDUWHVHQWUHRWURVª
([LVWHODFUHHQFLDSRUXQDSDUWHFRQVLGHUDEOHGHMXULVWDVDFHUFDGHOD
IDOWDGHDSWLWXGGHO'HUHFKRLQWHUQDFLRQDODVtFRPRGHO'HUHFKRQDFLRQDO
SDUDSURFHVDUSDUDVROXFLRQDUGHPDQHUDHILFLHQWHODVGLVSXWDVRFDVLR
QDGDVHQHOiUHDGHODVWUDQVDFFLRQHVLQWHUQDFLRQDOHV'HVGHHVWDPLUDQL
ORVGHUHFKRVHVWDGXDOHVQLHO'HUHFKRLQWHUQDFLRQDORIUHFHQXQVLVWHPDOR
VXILFLHQWHPHQWHDGHFXDGR\DSWRFRPRSDUDUHVSRQGHUDODVH[SHFWDWLYDV
GH ODV SDUWHV 'H DOOt UHVXOWD LPSUHVFLQGLEOH SDUD HVWD FRUULHQWH GH
SHQVDPLHQWRLPSXOVDUUHYLWDOL]DUUHGHVFXEULUUHLQYHQWDUODLGHDVREUH
OD H[LVWHQFLD DVt FRPR OD DXWRVXILFLHQFLD GH XQD VXHUWH GH WHUFHU RUGHQ
MXUtGLFRGHQRPLQDGR©OH[PHUFDWRULDª
'DGDV HVWDV VHPHMDQ]DV HQWUH ODOH[PHUFDWRULD \ ODOH[LQIRUPiWLFD
FDEHUHIHULUQRVEUHYHPHQWHDODSULPHUDGHHOODVSDUDFRPSUHQGHUDFDED
GDPHQWHHOVHQWLGR\DOFDQFHGHODVHJXQGD
$Vt )HOGVWHLQ GH &iUGHQDV HQWLHQGH TXH GHVGH OD PLUDGD GH VXV
GHIHQVRUHV OD OH[ PHUFDWRULD FRQVWLWX\H ©8Q RUGHQ MXUtGLFR GLVWLQWR \
GHVSUHQGLGRGHORVRUGHQDPLHQWRVQDFLRQDOHLQWHUQDFLRQDO\FX\RFRQWHQLGR
HVWiFRQIRUPDGRSRUSULQFLSLRVHVSHFtILFDPHQWHGLVHxDGRVSDUD\SRUORV
RSHUDGRUHVGHOFRPHUFLRLQWHUQDFLRQDOª
&IU'5(<=,1 '(./25$GULDQD©'HUHFKR$SOLFDEOHDO&RPHUFLR(OHFWUyQLFRª
HQ &$/92 &$5$9$&$ $OIRQVR \ 29,('2 $/%É1 -RUJH GLUV 1XHYD /H[
0HUFDWRULD \ FRQWUDWDFLyQ &ROHFFLyQ *OREDOL]DFLyQ \ 'HUHFKR 3ULYDGR 7RPR ,,
%RJRWi'&(GLWRULDO*XVWDYR,EixH]SV²
9HU HO WUDEDMR GH )(/'67(,1 '( &É5'(1$6 6DUD / ´/D OH[ LQIRUPiWLFD /D
LQVRSRUWDEOH OHYHGDG GHO QR VHUµ HQ (VWXGLRV HQ +RPHQDMH D %HUWD .DOOHU GH
2UFKDQVN\ )XQGDFLyQ GH &yUGRED < HQ 6XSOHPHQWR GH 'HUHFKR
,QWHUQDFLRQDO3ULYDGR\GHOD,QWHJUDFLyQZZZHOGLDOFRP6HSWLHPEUHGH
&IU)(/'67(,1'(&É5'(1$66DUD/&RQWUDWRVLQWHUQDFLRQDOHV7HUFHUD3DUWH
/H[PHUFDWRULD(G$EHOHGR3HUURW%XHQRV$LUHVS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
(Q FXDQWR DO FRQWHQLGR GH OD OH[ PHUFDWRULD SUHVWLJLRVD GRFWULQD
VRVWLHQHTXH©6LQRHVSRVLEOHSURYHHUXQDOLVWDH[KDXVWLYDGHWRGRVORV
HOHPHQWRVGHODOH[PHUFDWRULDHQVXIRUPXODFLyQVHHQFXHQWUDQHQHIHFWR
XQDVHULHGHSULQFLSLRVJHQHUDOHVTXHODVSUHVWDFLRQHVFRQWUDFWXDOHVGHEHQ
VHUHTXLOLEUDGDVLQWHUSUHWDFLyQGHEXHQDIHGHORVFRQWUDWRVSUHVXQFLyQ
GHFRPSHWHQFLDGHORVRSHUDGRUHVGHOFRPHUFLRLQWHUQDFLRQDOFRPSURPLVR
SDUDHODFUHHGRUGHXQDREOLJDFLyQLQHMHFXWDGDGHPLQLPL]DUHOSHUMXLFLR
VXSRVLFLyQDIDOWDGHDFFLyQGHUHQXQFLDDODVVDQFLRQHVFRQWUDFWXDOHV
GHEHUGHFRRSHUDFLyQGHODVSDUWHVH[LJHQFLDGHXQDGLOLJHQFLDQRUPDO
~WLO\UD]RQDEOHGHODVSDUWHVHQHOFXLGDGRGHVXVLQWHUHVHVYDOLGH]GHOD
DFHSWDFLyQWiFLWDGHOFRQWUDWRUHJODVGHLQWHUSUHWDFLyQGHORVFRQWUDWRV
WUDQVSDUHQFLDVXVWDQWLYDHQXQJUXSRGHVRFLHGDGHV\DPSOLDFLyQGHOHIHFWR
UHODWLYRGHORVFRQWUDWRVHWFª
3RUVXSDUWHODFUtWLFDSULQFLSDOTXHVHOHKDIRUPXODGRDODOH[PHUFDWRULD
HVTXHQRFRQVWLWX\HHQULJRUXQGHUHFKRDXWRVXILFLHQWH©QRSXHGHH[LVWLU
IXHUDGHXQFRQWH[WROHJDOTXHOHVLUYDGHVRSRUWH\SRUHQGHQRFRQVWLWX\H
XQVLVWHPDMXUtGLFRª/DDXWRUDTXHVHJXLPRVHQHVWHSXQWR)HOGVWHLQGH
&iUGHQDVVRVWLHQHTXH©ODOH[PHUFDWRULDQRHVXQVLVWHPDMXUtGLFRHVGHFLU
XQRUGHQDPLHQWRTXHFRQWLHQHODVROXFLyQGHORVFDVRVGHVXPDWHULDHQ
XQD WRWDOLGDG QRUPDWLYD FRQVWLWX\HQGR pVWD XQD HQWLGDG RUJiQLFD
DXWRVXILFLHQWH FRQ FDSDFLGDG GH H[SDQVLyQ SDUD UHJODU MXUtGLFDPHQWH
FXDOTXLHUKHFKRRVLWXDFLyQTXHSHUWHQH]FDDHVDUDPDGHPRGRFRKHUHQWH
3RUORWDQWRSURSRQHPRVTXHVHDFRQVLGHUDGDFRPRXQLQVWUXPHQWRDSWR
SDUDHVFODUHFHUSDUDLQWHUSUHWDUSDUDOOHQDUODVODJXQDVSDUDDWHQXDUHO
LPSDFWRGHODVSHFXOLDULGDGHVGHORVRUGHQDPLHQWRVMXUtGLFRVQDFLRQDOHVª
$ HVWD DOWXUD FDEH LQWHUURJDUVH ¢(V SRVLEOH TXH XQD QRUPDWLYD
XQLIRUPHGHDOFDQFHPXQGLDOXQDVXHUWHGHOH[HOHFWUyQLFDVHDDSOLFDGDDO
HVSDFLRYLUWXDOVRVOD\DQGRODH[LVWHQFLDGHODVIURQWHUDVHVWDWDOHVUHDOHV
HVTXLYDQGR ORV GLYHUVRV RUGHQDPLHQWRV MXUtGLFRV TXH UHVSRQGHQ D
WUDGLFLRQHV\DFXOWXUDVGHODPiVYDULDGDtQGROH"
/DOH[LQIRUPiWLFDKDVLGRGHILQLGDFRPR©DQH[SDQVLYHFRQFHSWWKDW
KDVDPL[HGVXEVWDQWLYHDQGPHWKRGRORJLFDOFRQWHQW,WFRYHUVDOOVHFWRU
²VSHFLILF YDULDWLRQV DQG HQFRPSDVVHV ERWK WKH ERG\ RI WUDVQDWLRQDO
VXEVWDQWLYHUXOHVRIH²EXVLQHVVODZDQGXVDJHVDVZHOODVWKHPHWKRGRI
WKHLUDSSOLFDWLRQIRUWKHUHVROXWLRQRIHGLVSXWHVE\DUELWUDWLRQª
&IU)(51É1'(=52=$6-26e&$5/26©/H[PHUFDWRULD\DXWRQRPtDFRQIOLFWXDO
HQODFRQWUDWDFLyQWUDQVQDFLRQDOªHQ$QXDULR(VSDxROGH'HUHFKR,QWHUQDFLRQDO
3ULYDGRWRPR,9,SUROH[SV²
&IU)(/'67(,1'(&É5'(1$66$5$ /&RQWUDWRVLQWHUQDFLRQDOHV7HUFHUD3DUWH
/H[PHUFDWRULD(G$EHOHGR3HUURW%XHQRV$LUHVS
3XHGH DPSOLDUVH WDPELpQ HQ )(/'67(,1 '( &É5'(1$6 6$5$ /´/D OH[
LQIRUPiWLFD/DLQVRSRUWDEOHOHYHGDGGHOQRVHUµHQ/LEURKRPHQDMHDOD'RFWRUD
%HUWD.DOOHUGH2UFKDQVN\)XQGDFLyQGH&yUGRED
©(V XQ FRQFHSWR H[SDQVLYR TXH WLHQH XQ FRQWHQLGR D OD YH] VXEVWDQWLYR \
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
65
$VLPLVPR©WKHOH[LQIRUPDWLFDLVWKHERG\RIWUDQVQDWLRQDOUXOHVRI
ODZ DQG WUDGH XVDJHV DSSOLFDEOH WR FURVVERUGHU HEXVLQHVV WUDQVDF
WLRQVª
3RUHQGH©VHUtDXQDHVSHFLHGHQRUPDVGLUHFWDVGHDPSOLDOLEHUWDG
VLQLQWHUYHQFLyQHVWDWDOTXHWHQGUtDVXSURSLDDXWRUUHJXODFLyQVXVQRUPDV
GH FRQGXFWD HWFpWHUD \ TXH SRGUtD OOHJDU D ©H[SXOVDUª DO FRQWUDGLFWRU
(VWHVLVWHPDYLHQHPRVWUDQGRDFLHUWRVSDUFLDOHVHQPDWHULDGHQRPEUHV
GHGRPLQLRIXQGDPHQWDOPHQWHSHURQRSXHGHDFHSWDUVHHQHOHVWDGRGH
GHVDUUROORGHKR\TXHH[LVWDYHUGDGHUDPHQWHFRPRXQVLVWHPDQRUPDWLYR
JHQHUDOXREOLJDWRULRª
6H OR KD FDOLILFDGR FRPR XQ FRQFHSWR DPSOLR H[SDQVLYR HQ WDQWR
LQFOX\HGLYHUVDVYDULDFLRQHVPDWLFHVGHSHQGLHQGRGHOVHFWRUGHQWURGHO
FRPHUFLRHOHFWUyQLFRGHTXHVHWUDWHEDQFDILQDQ]DVLQGXVWULDV
9DULDGDVMXVWLILFDFLRQHVSDUDODYLJHQFLDGHODOH[LQIRUPiWLFDKDQVLGR
HVJULPLGDVHOXGLUODVQRUPDVGHFRQIOLFWRTXHVXHOHQVHULQDGHFXDGDVHQ
HO FRQWH[WR HOHFWUyQLFR HVSHFLDOPHQWH FXDQGR QR EULQGDQ UHVXOWDGRV
VDWLVIDFWRULRVFRPRFXDQGRHOFRQWUDWRQRSXHGHVHUORFDOL]DGRRSXHGH
VHUORHQP~OWLSOHVMXULVGLFFLRQHVRFXDQGRODSRVLEOHORFDOL]DFLyQUHVXOWD
DUELWUDULD7DPELpQSHUPLWHHYLWDUODDSOLFDFLyQGHQRUPDVPDWHULDOHVGH
FDUiFWHUQDFLRQDOFUHDGDVSDUDUHVROYHUFXHVWLRQHVGRPpVWLFDV\QRDSWDV
SDUDFRQIOLFWRVWUDQVQDFLRQDOHV/DOH[LQIRUPiWLFDDGHPiVEULQGDUiXQ
JUDGR GH XQLIRUPLGDG \ SUHGLFWLELOLGDG DO FRPHUFLR HOHFWUyQLFR TXH ODV
QRUPDVLQGLUHFWDVQRSXHGHQDOFDQ]DU$VLPLVPRVHKDQMXVWLILFDGRVXV
ERQGDGHVHQUD]RQHVSVLFROyJLFDV\DTXHHVWDUtDUHYHVWLGDGHXQDVXHUWH
PHWRGROyJLFR&XEUHWRGRVHFWRUFRQVXVYDULDFLRQHVHVSHFtILFDV\DEDUFDWDQWR
HO FXHUSR GH UHJODV VXEVWDQWLYDV WUDQVQDFLRQDOHV GHO GHUHFKR GHO FRPHUFLR
HOHFWUyQLFR%%\ORVXVRVDVtFRPRHOPpWRGRSDUDVXDSOLFDFLyQHQODUHVROXFLyQ
GHHGLVSXWDVDWUDYpVGHODUELWUDMHªWUDGXFFLyQSURSLD&IU3$75,.,26$1721,6
©5HVROXWLRQ RI &URVV%RUGHU (%XVLQHVV 'LVSXWHV E\ $UELWUDWLRQ 7ULEXQDOV RQ
WKH %DVLV RI 7UDQVQDWLRQDO 6XEVWDQWLYH 5XOHV RI /DZ DQG (%XVLQHVV 8VDJHV
7KH (PHUJHQFH RI WKH /H[ ,QIRUPDWLFDª 6\PSRVLXP RQ (QKDQFLQJ :RUOGZLGH
8QGHUVWDQGLQJWKURXJK2QOLQH'LVSXWH5HVROXWLRQHQ8QLYHUVLW\RI7ROHGR/DZ
5HYLHZ872/5S
©/D OH[ LQIRUPiWLFD HV HO FXHUSR GH UHJODV MXUtGLFDV WUDQVQDFLRQDOHV \ GH XVRV
FRPHUFLDOHVDSOLFDEOHVDODVWUDQVDFFLRQHVWUDQVIURQWHUL]DVGHOFRPHUFLRH[WHULRUª
WUDGXFFLyQ SURSLD &IU *2/'0$1 %(572/' ©7KH $SSOLFDEOH /DZ *HQHUDO
3ULQFLSOHVRI/DZ²7KH/H[0HUFDWRULDLQ&RQWHPSRUDU\3UREOHPVLQ,QWHUQDWLRQDO
$UELWUDWLRQª -XOLHQ '0 /HZ HG FLWDGR SRU 3$75,.,26 $1721,6 ©5HVROXWLRQ RI &URVV%RUGHU (%XVLQHVV 'LVSXWHV E\ $UELWUDWLRQ 7ULEXQDOV RQ
WKH %DVLV RI 7UDQVQDWLRQDO 6XEVWDQWLYH 5XOHV RI /DZ DQG (%XVLQHVV 8VDJHV
7KH (PHUJHQFH RI WKH /H[ ,QIRUPDWLFDª 6\PSRVLXP RQ (QKDQFLQJ :RUOGZLGH
8QGHUVWDQGLQJWKURXJK2QOLQH'LVSXWH5HVROXWLRQHQ8QLYHUVLW\RI7ROHGR/DZ
5HYLHZ872/5S
&IU0$77(29,9,e1©,QWHUQDFLRQDOLGDGGHORVFRQWUDWRVFHOHEUDGRVSRUPHGLRV
HOHFWUyQLFRV \ GHWHUPLQDFLyQ GH OD OH\ DSOLFDEOHª HQ 5LSSH 6 &UHLPHU ,
'HOSLD]]R & \ RWURV &RPHUFLR HOHFWUyQLFR $QiOLVLV MXUtGLFR PXOWLGLVSOLQDULR (G
%GHI-XOLR&pVDU)DLUD(GLWRU%XHQRV$LUHVS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
GHQHXWUDOLGDGTXHORVGHUHFKRVQDFLRQDOHVQRWHQGUtDQDOPRPHQWRGH
UHVROYHUXQDFRQWURYHUVLDFRQWUDFWXDO
3RURWURODGRKDQVLGRLQYRFDGRVDUJXPHQWRVHVSHFtILFRVUHODFLRQDGRV
FRQODVFDUDFWHUtVWLFDVSURSLDVGH,QWHUQHW\GHOFRPHUFLRHOHFWUyQLFROD
GHVORFDOL]DFLyQ GHO QXHYR PHGLR GHEH FRUUHVSRQGHUVH FRQ VROXFLRQHV
GHVQDFLRQDOL]DGDV7DOFRPRDILUPD2\DU]iEDO©GDGRTXHHOFLEHUHVSDFLR
HVWiWDQGHVFRQHFWDGRGHODJHRJUDItDItVLFDVHKDGLFKRUHVXOWDQHFHVDULR
DEDQGRQDUFRPSOHWDPHQWHHOHQIRTXHGHOFRQIOLFWRGHOH\HVWUDGLFLRQDO\
WUDWDU DO FLEHUHVSDFLR FRPR XQ ´OXJDUµ GLVWLQWR FRQ VXV SURSLDV OH\HV \
FRVWXPEUHV\QRYLQFXODGDVDXQSDtVHQSDUWLFXODUª
(QVHPHMDQWHVHQWLGR)HUQiQGH]5R]DVH[SUHVDTXH©&LUFXQVWDQFLDV
DODVTXHVHXQHQVLWXDFLRQHVGHULYDGDVGHODVQXHYDVWHFQRORJtDVFRPRHO
FRPHUFLRHOHFWUyQLFRGRQGHODXELFDFLyQGHODUHODFLyQFRQWUDFWXDOHQXQ
GHWHUPLQDGRHVSDFLRWHUULWRULDOUHVXOWDWRWDOPHQWHLUUHOHYDQWH(QHIHFWR
ODVQRUPDVGHFRQIOLFWRWUDGLFLRQDOHVHQPDWHULDFRQWUDFWXDOHQRFDVLRQHV
QR VH DFRPRGDQ D ODV SHFXOLDULGDGHV GH OD FRQWUDWDFLyQ HOHFWUyQLFD
VHxDODGDPHQWHSRUODVGLILFXOWDGHVGHULYDGDVGHODGHWHUPLQDFLyQGHOOXJDU
GH HMHFXFLyQ GH OD SUHVWDFLyQ FDUDFWHUtVWLFD 'H DKt TXH VH SURSXJQH OD
DSOLFDFLyQ GH XQD VXSXHVWD OH[ HOHFWUyQLFD HQWHQGLGD FRPR XQ EORTXH
QRUPDWLYR LQWHJUDGR SRU XQ FRQMXQWR GH QRUPDV MXUtGLFDV GH FDUiFWHU
LQIRUPDO DSOLFDEOHV HQ HO VHFWRU GHO FRPHUFLR HQ OtQHD GHULYDGDV GH ORV
XVRVHODERUDGRVHQODSUiFWLFDGHOFRPHUFLRHOHFWUyQLFR(QWRGRFDVRHO
FDUiFWHUDELHUWR\GHVFHQWUDOL]DGRGH,QWHUQHWPHQRVFDEDODHILFDFLDSUiFWLFD
HQHVHPDUFRGHDOJXQDVGHODVUHJODVH[WUDHVWDWDOHVFX\RHPSOHRHVPiV
KDELWXDOHQWUHSDUWHVSHUWHQHFLHQWHVDXQPLVPRVHFWRUGHDFWLYLGDGª
3RUVXSDUWHGLYHUVDVIXHQWHVGHODOH[LQIRUPiWLFDKDQVLGRLGHQWLILFD
GDV SRU OD GRFWULQD HVSHFLDOL]DGD SULQFLSLRV JHQHUDOHV GH GHUHFKR
LQVWUXPHQWRV LQWHUQDFLRQDOHV QDFLRQDOHV \ VXSUDQDFLRQDOHV QRUPDV
LQWHUQDFLRQDOHVGHGHUHFKRXQLIRUPHODXGRVDUELWUDOHVXVRV\FRVWXPEUHV
GHO FRPHUFLR HOHFWUyQLFR FOiXVXODV FRQWUDFWXDOHV PRGHOR FyGLJRV GH
FRQGXFWDHQWUHODVSULQFLSDOHV
$OGHFLUGH2\DU]iEDO©ODUHJXODFLyQSRGUtDWHQHUXQDGREOHIXHQWH
QDFLRQDO H LQWHUQDFLRQDO \ DGRSWDU PRGHORV GLIHUHQWHV DXWRUUHJXODFLyQ
&IU3$75,.,26$QWRQLV©5HVROXWLRQRI&URVV%RUGHU(%XVLQHVV'LVSXWHVE\
$UELWUDWLRQ 7ULEXQDOV RQ WKH %DVLV RI 7UDQVQDWLRQDO 6XEVWDQWLYH 5XOHV RI /DZ
DQG(%XVLQHVV8VDJHV7KH(PHUJHQFHRIWKH/H[,QIRUPDWLFDª6\PSRVLXPRQ
(QKDQFLQJ :RUOGZLGH 8QGHUVWDQGLQJ WKURXJK 2QOLQH 'LVSXWH 5HVROXWLRQ HQ
8QLYHUVLW\RI7ROHGR/DZ5HYLHZ872/5SV\VV
&IU2<$5=É%$/0DULR-$©/DOH[HOHFWURQLFD¢XQFRPPRQODZGHOD,QWHUQHW"ª
HQ'UH\]LQGH.ORU$GULDQD\)HUQiQGH]$UUR\R'LHJR3GLUV5HYLVWD'H&,7$
'HUHFKR GHO FRPHUFLR LQWHUQDFLRQDO 7HPDV \ DFWXDOLGDGHV ,QYHUVLRQHV
([WUDQMHUDV(G=DYDOtD%XHQRV$LUHVS
&IU)(51É1'(=52=$6-RVp&DUORV©/H[PHUFDWRULD\DXWRQRPtDFRQIOLFWXDO
HQODFRQWUDWDFLyQWUDQVQDFLRQDOªHQ$QXDULR(VSDxROGH'HUHFKR,QWHUQDFLRQDO
3ULYDGRWRPR,9,SUROH[SV
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
67
GH ORV SURYHHGRUHV GH DFFHVR D ,QWHUQHW SRU PHGLR GH HVWLSXODFLRQHV
FRQWUDFWXDOHVHQWUHHODERQDGR\HOSURYHHGRUGHVHUYLFLRV\HQWUHHOHGLWRU
\ HO SURYHHGRU GH DORMDPLHQWR DGRSFLyQ GH FyGLJRV GH FRQGXFWD GH ORV
LQWHUQDXWDV TXH JDUDQWLFHQ XQD FRPXQLFDFLyQ FRPHUFLDO UHVSRQVDEOH \
SUiFWLFDVGHVDUUROODGDVSRUORVWULEXQDOHVQDFLRQDOHVFRQHODVHVRUDPLHQWR
GHORVXVXDULRVORVJRELHUQRV\ODLQGXVWULDGH,QWHUQHWGHILQLFLyQGHORV
SULQFLSLRVFRPXQHVGHDSOLFDFLyQDOFRPHUFLRHOHFWUyQLFRLGHQWLILFDGRVSRU
ORVSURIHVLRQDOHVXRUJDQLVPRVLQWHUQDFLRQDOHVHWFpWHUDª
/DFRQVDJUDFLyQGHODOH[LQIRUPiWLFDRHOHFWUyQLFDQRVHVWDUtDLQGLFDQGR
TXH FDGD WLSR GH VRFLHGDGGHEH VHU JREHUQDGD SRU VXV SURSLDV UHJODV
(VWDUtDPRV DQWH XQD VXHUWH GH VRFLHGDG LQWHUQiXWLFD FRQ DSWLWXG SDUD
JHQHUDUXVRVSUiFWLFDVFRVWXPEUHVTXHFRQIRUPDUtDQODVGHQRPLQDGDV
OH[LQIRUPiWLFDQHWZRUNLDOH[HOHFWUyQLFDFLEHUGHUHFKRRF\EHUODZ
'HEHPRVSUHJXQWDUQRVDKRUDVLORVMXHFHVSRGUtDQDSOLFDUORVSULQFL
SLRVGHODOH[HOHFWUyQLFDDXQFXDQGRODVSDUWHVQRKD\DQSDFWDGRH[SUH
VDPHQWHVXDSOLFDFLyQDOFRQWUDWRFHOHEUDGR2ELHQVLHQWRGRFDVRORV
WULEXQDOHVGHEHUtDQUHVWULQJLUOLPLWDUHOHPSOHRGHODOH[HOHFWUyQLFDVROD
PHQWH D DTXHOORV VXSXHVWRV HQ ORV TXH ODV SDUWHV OD KD\DQ HOHJLGR HQ
HMHUFLFLRGHODDXWRQRPtDGHODYROXQWDG
&RPSDUWLPRV OD RSLQLyQ GH 2\DU]iEDO HQ WDQWR DILUPD TXH ©OD OH[
HOHFWUyQLFD FRPR OD OH[ PHUFDWRULD HV DSOLFDEOH HQ SULQFLSLR VyOR VL ODV
SDUWHVFRQYLQLHURQH[SUHVDRLPSOtFLWDPHQWHDSOLFDUOD3RUORTXHORVMXHFHV
QDFLRQDOHV R ORV iUELWURV QR SXHGHQ UHIHULUVH D HOOD HTXLSDUiQGROD D XQ
'HUHFKR HVWDWDO VLQ IXQGDPHQWR HQ OD DXWRQRPtD GH OD YROXQWDGSRU OD
VRODUD]yQGHTXHHOFRQWUDWRIXHFRQFOXLGRSRU,QWHUQHW\HVGHHMHFXFLyQ
HQWHUDPHQWHYLUWXDOª©$GHPiVODVSDUWHVGHEHQLQGLFDUUHJODVSUHFLVDV\
FRQVWDQWHVGHODOH[HOHFWUyQLFDTXHGHVHDQLQFRUSRUDUDOFRQWUDWR\DTXH
ODUHIHUHQFLDDODOH[HOHFWUyQLFDVLQPiVQRDXWRUL]DDORVMXHFHVDDSOLFDU
SULQFLSLRVJHQHUDOHVGHJUDQYDJXHGDGSUHVFLQGLHQGRGHVXVQRUPDVGH
FRQIOLFWR TXH OHV LQGLFDQ XQ 'HUHFKR HVWDWDO GHO FXDO GHVSUHQGHU XQD
UHJXODFLyQFRQFUHWDª
$VtFRPRUHVSHFWRGHODOH[PHUFDWRULDVHKDDILUPDGRTXH©/RVMXHFHV
QDFLRQDOHV QR SXHGHQ FRPR SULQFLSLR UHIHULUVH D OD OH[ PHUFDWRULD
HTXLSDUiQGRODDFXDOTXLHU'HUHFKRHVWDWDOVLQIXQGDPHQWRHQODDXWRQRPtD
GHODVSDUWHVSRUODVRODFRQVWDWDFLyQGHTXHHOFRQWUDWRSRQHHQWHODGH
MXLFLR ORV LQWHUHVHV GHO FRPHUFLR LQWHUQDFLRQDOª«ª/D UHIHUHQFLD D OD OH[
PHUFDWRULD VLQ PiV SDUHFH QR DXWRUL]DU D ORV MXHFHV D OD DSOLFDFLyQ GH
&)52<$5=É%$/0DULR-$©/DOH[HOHFWUyQLFD¢XQFRPPRQODZGHOD,QWHUQHW"ª
REFLWS
&IU )(/'67(,1 '( &É5'(1$6 6DUD / ´/D OH[ LQIRUPiWLFD /D LQVRSRUWDEOH
OHYHGDGGHOQRVHUµ HQ/LEURKRPHQDMHDOD'RFWRUD%HUWD.DOOHUGH2UFKDQVN\
)XQGDFLyQGH&yUGRED
&IU2<$5=É%$/0DULR-$©/DOH[HOHFWUyQLFD¢XQFRPPRQODZGHOD,QWHUQHW"ª
REFLWS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
SULQFLSLRV JHQHUDOHV GH JUDQ ODWLWXG SUHVFLQGLHQGR GH ODV QRUPDV GH
FRQIOLFWR TXH OH LQGLFDQ XQ GHUHFKR HVWDWDO GHO FXDO GHVSUHQGHU XQD
UHJXODFLyQSUHFLVDª«ª1RFDEHODUHIHUHQFLDDODOH[PHUFDWRULDFRPRDXQ
RUGHQDPLHQWRMXUtGLFRDXWyQRPRPHGLDQWHXQDHOHFFLyQGHODVSDUWHVRHQ
YLUWXG GH XQD FRQH[LyQ REMHWLYDª 6LPLODUHV DUJXPHQWRV GHEHUtDQ
VHJXLUVHDQXHVWURFULWHULRUHVSHFWRGHODLQFLSLHQWHOH[LQIRUPiWLFD
$VXWXUQRQRSRGHPRVROYLGDUTXHORVSDUWLGDULRVGHODOH[HOHFWUyQLFD
SURPXHYHQODUHVROXFLyQGHFRQWURYHUVLDVDWUDYpVGHFLEHUDUELWUDMHVGH
FLEHUMXULVGLFFLRQHV
'HHVWHPRGRVHJDUDQWL]DUtDVHJ~QVXVDGHSWRVXQDLQWHUSUHWDFLyQ
\DSOLFDFLyQDGHFXDGDV\XQLIRUPHVGHODVUHJODVDSOLFDEOHVDOFLEHUHVSDFLR
TXHQRSRGUtDDOFDQ]DUVHVLODVFRQWURYHUVLDVIXHVHQVRPHWLGDVDWULEXQDOHV
QDFLRQDOHV
6LQ HPEDUJR ¢HO DUELWUDMH HQ OtQHD SRGUtD UHHPSOD]DU VLQ PiV D ODV
MXULVGLFFLRQHVHVWDWDOHV"¢+DVWDTXpSXQWRXQDGHODVSDUWHVSRGUtDREOLJDU
DVXFRQWUDSDUWHDUHFXUULUDXQFLEHUDUELWUDMH"¢8QFLEHUiUELWURSRGUtD
DFDVRHMHFXWDUXQDPHGLGDFDXWHODUSRGUtDSURFHGHUDODHMHFXFLyQIRU]DGD
GH OD VHQWHQFLD DUELWUDO R ODXGR" ¢7RGD FRQWURYHUVLD VXUJLGD HQ HO
FLEHUHVSDFLRSRGUtDVHUVRPHWLGDGHFRP~QDFXHUGRSRUODVSDUWHVDXQ
FLEHUWULEXQDO"'HHVWDVFXHVWLRQHV\GHORVREVWiFXORVTXHSUHVHQWDQHQ
ORV RUGHQDPLHQWRV MXUtGLFRV YLJHQWHV QRV KHPRV RFXSDGR HQ RWUDV
RSRUWXQLGDGHV
6LQHPEDUJRSRGUtDPRVDILUPDUTXHDOJXQRVSULQFLSLRVSURSLRVGHO
FRPHUFLR HOHFWUyQLFR HVWDUtDQ HPHUJLHQGR WDOHV FRPR HO SULQFLSLR GH
HTXLYDOHQFLD IXQFLRQDO \ HO GH QHXWUDOLGDG WHFQROyJLFD \D DQDOL]DGRV \
WDPELpQDOJXQDVSUiFWLFDVFRPRODGHORVSURIHVLRQDOHVHQHO%%HQFXDQWR
DXWLOL]DUWHFQRORJtDVVHJXUDVTXHSURWHMDQODLQWHJULGDG\FRQILGHQFLDOLGDG
GHODVWUDQVDFFLRQHV
(QFRQVHFXHQFLDHVWLPDPRVTXHHVWRVXVRV\FRVWXPEUHVGHOFLEHU
HVSDFLRGHOFRPHUFLRHOHFWUyQLFRGHODFRQWUDWDFLyQFHOHEUDGDSRUPHGLRV
HOHFWUyQLFRVSXHGDQFXPSOLUXQDIXQFLyQLQWHJUDGRUDGHO'HUHFKR
&DEHUHVDOWDUTXHHQWRGRFDVRODHPHUJHQFLDGHXQDVXHUWHGHOH[
LQIRUPiWLFDQRUHVXOWDUtDDSOLFDEOHDODVUHODFLRQHV%&DQWHODH[LVWHQFLD
\ SUHYDOHQFLD GH QRUPDV LPSHUDWLYDV SURWHFWRULDV GH ORV FRQVXPLGRUHV
HVSHFLDOPHQWHDQLYHOQDFLRQDO
&RQFOX\HQGRHVWHSXQWRFRLQFLGLPRVFRQ%UHQQDHQFXDQWRPDQL
&IU%2**,$12$QWRQLR&XUVRGH'HUHFKR,QWHUQDFLRQDO3ULYDGR'HUHFKRGHODV
5HODFLRQHV3ULYDGDV,QWHUQDFLRQDOHV(G$EHOHGR3HUURW%XHQRV$LUHVSV
²
9pDVH)(/'67(,1'(&É5'(1$66DUD/\6&277,/XFLDQD©2EVWiFXORVOHJDOHV
\FRQYHQFLRQDOHVDODUELWUDMHHOHFWUyQLFRHQOD5HS~EOLFD$UJHQWLQD©HQ5HYLVWD
&LHQWtILFDGHOD8QLYHUVLGDGGH&LHQFLDV(PSUHVDULDOHV\6RFLDOHV8&(6,6611ƒ
9ROXPHQ;,,1ƒ%XHQRV$LUHV2WRxRSVD
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
69
ILHVWDTXH©FXDQGRXQWULEXQDOIXHUHOODPDGRDLQWHUYHQLUSDUDUHVROYHU
XQD GLVSXWD GH ,QWHUQHW EXVFDUtD HQ HVWH GHUHFKR FRQVXHWXGLQDULR GHO
FLEHUHVSDFLRODFROHFFLyQGHFRVWXPEUHVXVRV\SUiFWLFDV\DDFHSWDGDV
GHVDUUROODGDVSRUODVPLVPDVFRUWHVFRPRODJXtDGHXVXDULRVJRELHUQRV
LQGXVWULD \ GHPiV VXMHWRV UHFRQRFLGRV HQ OD UHG +D\ XQ HOHPHQWR
DWUD\HQWHHQHVWDSRVWXUDGHVRVWHQHUODFUHDFLyQGHXQGHUHFKRFRP~Q
GHOFLEHUHVSDFLRFXDOHVTXHXQGHUHFKRDVtFRQIRUPDGRVHSUHVHQWDFRPR
ORVXILFLHQWHPHQWHIOH[LEOHSDUDDFRPSDxDUHOUiSLGRGHYHQLUGHOFDPELR
WHFQROyJLFR\SRUHQGHOHJDOTXHHVSURSLRGHOPHGLR6LQOXJDUDGXGDVHO
SURFHVR OHJDO FRQYHQFLRQDO HV PXFKR PiV OHQWR \ QHFHVLWD HGLILFDUVH D
SDUWLU GH FRQVHQVRV TXH VyOR VH DOFDQ]DQ GHVSXpV GH WUDQVLWDU ODUJRV
SURFHVRVGHQHJRFLDFLyQSROtWLFDHQWUHORV(VWDGRV/DSULPHUDGXGDR
LQWHUURJDQWHTXHVXUJHHQQXHVWUDPHQWHHVVLHVWiQWRGDVODVQDFLRQHV
SUHSDUDGDVRFDSDFLWDGDVSDUDSHUPLWLUTXHODVGLVSXWDVTXHLQYROXFUHQD
VXVFLXGDGDQRVVHDQGHFLGLGDVFRQIRUPHDXQFXHUSRGHOH\HVHQXQWRGR
GLIHUHQWHGHVXGHUHFKRQDFLRQDO/DSULPHUDUHVSXHVWDSDUHFHUVHUQR
3RUHOPRPHQWRQRKDVLGRIiFLOHQFRQWUDUSXQWRVGHFRQVHQVRHQWUHORV
SDtVHVPiVGHVDUUROODGRV\QXHVWURVSDtVHVDFHUFDGHUHJODVFRPXQHVSDUD
UHVROYHU SUREOHPDV FRPR OD SURWHFFLyQ GH SURSLHGDG LQWHOHFWXDO R OD
SURWHFFLyQGHOVRIWZDUHRWLSRORJtDVGHGHOLWRVWHFQROyJLFRVSRUPHQFLRQDU
VyOR DOJXQRV GH DTXHOORV VREUH ORV TXH VH KD DYDQ]DGR XQ SRFR /D
PLUDGD QR SXHGH VHU LQJHQXD ([LVWHQ LQWHUHVHV HFRQyPLFRV \ SROtWLFRV
VLJQLILFDWLYRVHQMXHJRWUDVFXDOTXLHULQWHQWRGHJHQHUDFLyQGHHVWHGHUHFKR
GH,QWHUQHW/D,QWHUQHWSXHGHLJQRUDUODVIURQWHUDVSHURORVHVWDGRVVXV
WULEXQDOHV\VXVOHJLVODWXUDVQRORKDFHQ
&/RV3ULQFLSLRV81,'52,7HQHOFRQWH[WRHOHFWUyQLFR
3iUUDIRDSDUWHPHUHFHQORV3ULQFLSLRV81,'52,7(QHIHFWRDXWRUHV
FRPR'H0LJXHO$VHQVLRDILUPDQTXHORV3ULQFLSLRVVREUHORV&RQWUDWRV
&RPHUFLDOHV,QWHUQDFLRQDOHVHODERUDGRVSRU81,'52,7SXHGHQVHU©GH
HVSHFLDOXWLOLGDGFXDQGR,QWHUQHWHVHOPHGLRXWLOL]DGRSDUDODIRUPDFLyQ\
HMHFXFLyQ GH FRQWUDWRV PHUFDQWLOHV GHELGR DO FDUiFWHU WUDQVIURQWHUL]R
FDUDFWHUtVWLFR GH ODV DFWLYLGDGHV HQ HVWH PHGLR TXH QR IDYRUHFH OD
ORFDOL]DFLyQGHOFRQWUDWRHQXQGHWHUPLQDGRRUGHQDPLHQWR\DOGDWRGH
TXHHQHVDVQRUPDVORVFRQIOLFWRVGHLQWHUHVHVHVSHFtILFRVGHODFRQWUDWDFLyQ
HOHFWUyQLFD R LQWHUQDFLRQDO VRQ REMHWR GH PD\RU DWHQFLyQ TXH HQ ODV
&IU%5(11$5$0Ð1*©,QWHUQHWHVSDFLRYLUWXDOVLQXELFDFLyQQLOH\ªHQ$OWPDUN
'DQLHOGLU\%LHOVD5DIDHOFRRUGDFDGpPLFR,QIRUPiWLFD\'HUHFKR$SRUWHV
GHGRFWULQDLQWHUQDFLRQDO1ƒ(G'HSDOPD%XHQRV$LUHVSV\
GLVSRQLEOHHQKWWSHFRPGHUFRPDU
/RV 3ULQFLSLRV 81,'52,7 UHFRSLODQ ODV QRUPDV JHQHUDOHV TXH GHEHQ UHJLU ORV
FRQWUDWRV FRPHUFLDOHV LQWHUQDFLRQDOHV PLHQWUDV TXH ORV 3ULQFLSLRV (XURSHRV
UHJXODQORVFRQWUDWRVLQWUDFRPXQLWDULRVRH[FOXVLYDPHQWHLQWHUQRVVLQOLPLWDUVH
DODFDWHJRUtDGHFRPHUFLDO
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
OHJLVODFLRQHV QDFLRQDOHV (Q HVWD OtQHD HO HPSOHR GH ORV PHQFLRQDGRV
3ULQFLSLRV GH 81,'52,7 HQ OD FRQILJXUDFLyQ GHO UpJLPHQ MXUtGLFR GH ORV
FRQWUDWRVLQWHUQDFLRQDOHVDSDUHFHWtSLFDPHQWHVXERUGLQDGRDTXHODVSDUWHV
HQXVRGHVXDXWRQRPtDKD\DQDFRUGDGRVRPHWHUHOFRQWUDWRDORV3ULQFLSLRV
R D OD OH[PHUFDWRULD \ HO LQWpUSUHWH FRQ IUHFXHQFLD XQ yUJDQR DUELWUDO
DFXGDDORV3ULQFLSLRVFRPRH[SUHVLyQGHODOH[PHUFDWRULDª
6LELHQHVLQQHJDEOHTXHORV3ULQFLSLRV81,'52,7QRKDQVLGRSUHYLVWRV
SDUDHOFRQWH[WRFLEHUQpWLFRXQLPSRUWDQWHVHFWRUGHODGRFWULQDHQWLHQGH
TXHVRQFRPSDWLEOHVFRQHVWDQXHYDUHDOLGDG3ULQFLSDOPHQWHSRUTXHQR
VLJQLILFDQXQLPSHGLPHQWRSDUDHOGHVDUUROORGHOFRPHUFLRHOHFWUyQLFRHQ
OD PHGLGD TXH QR H[LJHQ UHJODV SDUWLFXODUHV TXH QR SXHGDQ FRQFLOLDUVH
FRQODQDWXUDOH]DPLVPDGHOVRSRUWHHOHFWUyQLFR
$VtHODUWtFXORVREUHOLEHUWDGGHIRUPDH[SUHVDTXH©1DGDGHOR
H[SUHVDGRHQHVWRV3ULQFLSLRVUHTXLHUHTXHXQFRQWUDWRGHFODUDFLyQRDFWR
DOJXQRGHEDVHUFHOHEUDGRRSUREDGRFRQIRUPHDXQDIRUPDHQSDUWLFXODU
(OFRQWUDWRSXHGHVHUSUREDGRSRUFXDOTXLHUPHGLRLQFOXLGRVORVWHVWLJRVª
$VXWXUQRHODUWtFXOR'HILQLFLRQHVSUHFLVDTXH©DORVILQHVGH
HVWRV3ULQFLSLRV´HVFULWRµLQFOX\HFXDOTXLHUPRGRGHFRPXQLFDFLyQTXH
GHMHFRQVWDQFLDGHODLQIRUPDFLyQTXHFRQWLHQH\VHDVXVFHSWLEOHGHVHU
UHSURGXFLGDHQIRUPDWDQJLEOHª
(VGHFLUTXHORV3ULQFLSLRV81,'52,7VREUHORV&RQWUDWRV&RPHUFLDOHV
,QWHUQDFLRQDOHVUHFRQRFHQHOSULQFLSLRGHHTXLYDOHQFLDIXQFLRQDO
6LQ HPEDUJR QR SRGHPRV VRVOD\DU TXH DGHPiV GH ORV FUtWLFDV
JHQHUDOHVDODOH[PHUFDWRULD\DVXSDUODOH[LQIRUPiWLFDHOOtPLWHPiV
LPSRUWDQWHTXHWLHQHXQLQVWUXPHQWRFRPRORV3ULQFLSLRV81,'52,7HV©OD
FLUFXQVWDQFLD GH TXH DO VHU XQ FRPSHQGLR DLVODGR QR LQWHJUDGR HQ XQ
VLVWHPD MXUtGLFR SXHGH VHU LQVXILFLHQWH HQ VLWXDFLRQHV H[WUHPDV SDUD
FROPDUODVODJXQDVGHUHJXODFLyQGHOFRQWUDWRSHVHDTXHORHODERUDGRGH
VXVUHJODV\ODIOH[LELOLGDGGHpVWDVOLPLWDPXFKRHVHULHVJR(QWRGRFDVR
ODHILFDFLDGHXQLQVWUXPHQWRGHHVWHWLSR²TXHQRIRUPDSDUWHGHQLQJ~Q
RUGHQDPLHQWRMXUtGLFR²SDUDSURSRUFLRQDUHOUpJLPHQVXSOHWRULRGHOFRQWUDWR
VHVXERUGLQDQRUPDOPHQWHDOSUHYLRDFXHUGRGHODVSDUWHVHQHVHVHQWLGR
HQOtQHDFRQORGLVSXHVWRHQHOVLVWHPDGH'HUHFKRLQWHUQDFLRQDOSULYDGR
TXHUHVXOWHGHDSOLFDFLyQª
(QVLPLODULQWHOLJHQFLDVHKDPDQLIHVWDGRTXH©HVGLItFLOTXHSRUYtD
GHRUGHQDPLHQWRVWDQSDUFLDOHV81,'52,7DOFDQFHXQ©VLVWHPDªXQLILFDGR
&IU'(0,*8(/$6(16,23HGUR$OEHUWR'HUHFKR3ULYDGRGH,QWHUQHWVHJXQGD
HGLFLyQDFWXDOL]DGD(G&LYLWDV0DGULGS
&IU*$875$,69LQFHQW©/HV3ULQFLSHVG·8QLGURLWIDFHDX&RQWUDWeOHFWURQLTXHª
HQ5HYXH-XULGLTXH7KHPLV5-7
&IU'(0,*8(/$6(16,23HGUR$OEHUWR©$UPRQL]DFLyQQRUPDWLYD\UpJLPHQ
MXUtGLFRGHORVFRQWUDWRVPHUFDQWLOHVLQWHUQDFLRQDOHVªHQ'LULWWRGHO&RPPHUFLR
,QWHUQD]LRQDOHYROXPHQ1ƒ2FWXEUH²'LFLHPEUHS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
71
GH'HUHFKRLQWHUQDFLRQDOTXHUH~QDORVFDUDFWHUHVSURSLRVGHWDOHVGHFLU
JHQHUDOLGDGDXWRVXILFLHQFLD\FRPSOHWLWLYLGDGª
,9&ULWHULRVVXEVLGLDULRVDQWHDIDOWDGHHOHFFLyQGHOH\
DSOLFDEOH
(Q HO FDVR GH TXH ODV SDUWHV QR KD\DQ HOHJLGR OD OH\ DSOLFDEOH HO
IHQyPHQRGHORVFRQWUDWRVHOHFWUyQLFRVQRVGHVSLHUWDPD\RUHVLQTXLHWXGHV
HLQWHUURJDQWHV(QHIHFWR¢ORVFULWHULRVFOiVLFRVHQODPDWHULDQRVEULQGDQ
VROXFLRQHVDGHFXDGDV"¢RpVWRVGHEHQVHUUHIRUPXODGRV"<HQWDOFDVR
¢FXiOVHUtDHODOFDQFHGHWDOUHIRUPXODFLyQ"
1R SRGHPRV GHVFRQRFHU TXH ODV WUDGLFLRQDOHV UHJODV GHO 'HUHFKR
LQWHUQDFLRQDO SULYDGR ODV QRUPDV GH FRQIOLFWR GHWHUPLQDQ WDQWR OD
MXULVGLFFLyQFRPRODOH\DSOLFDEOHDXQFRQWUDWRLQWHUQDFLRQDODSDUWLUGH
XQSXQWRGHFRQH[LyQTXHWHQGUiHQFXHQWDODORFDOL]DFLyQGHOFRQWUDWR
$VtVLFRPRHQHOFDVRGHQXHVWURSDtVHOOHJLVODGRUKDRSWDGRSRUHOOXJDU
GHHMHFXFLyQQRH[LVWLUiQPD\RUHVSUREOHPDVHQHOFDVRGHTXHHOFRQWUDWR
QRVHHMHFXWHHQOtQHD(QFDPELRHOORQRHVWDQVHQFLOORFXDQGRQRVyOROD
FHOHEUDFLyQVLQRWDPELpQHOFXPSOLPLHQWRGHOFRQWUDWRVHOOHYDDFDERHQ
HOHVSDFLRYLUWXDO
6LQHPEDUJRVLELHQHVFLHUWRTXHODVUHJODVWUDGLFLRQDOHVQRVHDGDSWDQ
WRWDOPHQWHDORVQXHYRVSDUiPHWURVLPSXHVWRVSRUHOFRPHUFLRHOHFWUyQLFR
VXXWLOL]DFLyQQRGHEHVHUGHVHFKDGDVLQPiVEDMRHOSUHWH[WRGHEXVFDU
VROXFLRQHVQRYHGRVDVEULQGDGDVSRUXQQXHYRRUGHQQRUPDWLYR
(VFLHUWRTXHORVFOiVLFRVFULWHULRVSRVLEOHPHQWHGHEDQVXIULUFRUUHF
FLRQHV PRGLILFDFLRQHV SDUD DGDSWDUVH D ODV QXHYDV PRGDOLGDGHV GH
FRQWUDWDFLyQSHURVLHPSUHUHSRUWDUtDQXQJUDGRPXFKRPiVHOHYDGRGH
VHJXULGDGMXUtGLFDDORVRSHUDGRUHVGHOFRPHUFLRLQWHUQDFLRQDOFRQUHVSHFWR
DOD OH[LQIRUPiWLFDSRUORVPRWLYRVH[SXHVWRV\ODVGHILFLHQFLDVGHHVWH
GHQRPLQDGR&\EHU/DZ
(Q ORV FRQWUDWRV FHOHEUDGRV HOHFWUyQLFDPHQWH VL KD\ XQD FXHVWLyQ
FODUDPHQWH SUREOHPiWLFD HV OD ILMDFLyQ GHO OXJDU GH VX FHOHEUDFLyQ 3RU
HQGHQRUHVXOWDGHWRGDFRQYHQLHQFLDHOVXMHWDUHOFRQWUDWRGHFRQIRUPLGDG
FRQHVHFULWHULRDWULEXWLYRGHOH\DSOLFDEOH(ORWURFULWHULRSRVLEOHHOGHO
OXJDU GH HMHFXFLyQ GHO FRQWUDWR HV PHQRV SUREOHPiWLFR SHUR FDEH
SUHJXQWDUVHDFHUFDGHOOXJDUGHOFXPSOLPLHQWRGHTXpSUHVWDFLyQGHTXp
REOLJDFLyQFRQWUDFWXDO3RUHOORWDPELpQDTXtKDQDSDUHFLGRORVFULWHULRV
GHFRQH[LyQIOH[LEOHVWDOHVFRPRVXMHWDUDOFRQWUDWRDODOH\GHOGRPLFLOLR
GHO SUHVWDGRU PiV FDUDFWHUtVWLFR GHO FRQWUDWR R ELHQ D OD OH\ GHO
FXPSOLPLHQWR GH OD SUHVWDFLyQ PiV FDUDFWHUtVWLFD GHO FRQWUDWR HOHFWUy
&IU 1,&2/$8 1RHPt ©8QLILFDFLyQ LQWHUQDFLRQDO GHO GHUHFKR FRQWUDFWXDO OD
FLUFXODFLyQGHQXHYRVPRGHORVMXUtGLFRVªHQ5HYLVWDGH'HUHFKRGH'DxRV(G
5XELQ]DO&XO]RQLWRPR²S\VV
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
QLFDPHQWHFHOHEUDGR(VWD~OWLPDFRUULHQWHVHJ~QKHPRVREVHUYDGRHV
ODTXHFXHQWDFRQPD\RUHVDGHSWRV
1RREVWDQWHWDOHVLQFRQYHQLHQWHVSUiFWLFRVWDOFRPRDILUPD/RUHQ]HWWL
©HQ OD PD\RUtD GH ORV FDVRV TXH SUHVHQWDQ FRQIOLFWRV KD\ OXJDU GH
FHOHEUDFLyQ\FXPSOLPLHQWRILMDGRV(OORHVDVtSRUTXHODVSDUWHVWLHQHQ
XQDFRQGXFWDRULHQWDGDDO©DQFODMHHQHOPXQGRUHDOªILMDQGRGRPLFLOLRV
LQVFULWRV HQ UHJLVWURV RII OLQH DXQTXH WDPELpQ XWLOLFHQ VXV GRPLQLRV
YLUWXDOHV \ HVWDEOHFLHQGR OXJDUHV GH FXPSOLPLHQWR \ FOiXVXODV GH
MXULVGLFFLyQ(OOHJLVODGRUWDPELpQSRQHIUHQRVDOD©GHVWHUULWRULDOL]DFLyQª
HVWDEOHFLHQGRODREOLJDFLyQGHOSURYHHGRUGHVHUYLFLRVGHODLQIRUPDFLyQGH
UHJLVWUDUVH HQ XQ OXJDU GHWHUPLQDGR \ UHJODPHQWDQGR ORV VLVWHPDV GH
LQWHUFDPELRHOHFWUyQLFRSDUDTXHVHDQ©VHJXURVª\SRUORWDQWRFRQWURODEOHV
VHJ~QSDUiPHWURVGHOGHUHFKRFRP~Qª
6LJXLHQGRDOPLVPRDXWRUSRGHPRVDILUPDUTXHVLELHQHOSURFHVRHV
LQGHWHQLEOH\ODVUHODFLRQHVYLUWXDOHVWLHQGHQDVXSURSLDDXWRQRPtDSRU
VXPLVPDFRQILJXUDFLyQORFXDOKDFHTXHSRUORPHQRVHQDOJXQRVVHFWRUHV
HO©OXJDUªYDDVHUYLUWXDO©HVWHSURFHVRQRGHEHHVFDQGDOL]DUSXHVWRTXH
HVXQDHYROXFLyQKDFLDODDEVWUDFFLyQWRWDOPHQWHFRQWURODEOHHOGRPLFLOLR
GHODVSHUVRQDVItVLFDVMXUtGLFDVHOOXJDUGHORVFRQWUDWRVHQODVUHODFLRQHV
JOREDOHVHVXQDFXHVWLyQGHDWULEXFLyQGHHIHFWRVMXUtGLFRVORTXHLQWHUHVD
YHUGDGHUDPHQWH HV TXH KD\D XQD PDQHUD VHJXUD GH LPSXWDU HIHFWRV
MXUtGLFRV \ QR GHWHUPLQDU VL DOJXLHQ YLYH HQ HVH OXJDU R VL HVWXYR HQ pO
SDUD OD FHOHEUDFLyQ R HO FXPSOLPLHQWR (Q OD ZHE KD\ \ KDEUi PXFKDV
PDQHUDVGHFXPSOLUFRQHVWHUHTXLVLWR3RUHVWDUD]yQGHYLHQHUHOHYDQWH
ODQRFLyQGHOXJDUFRPRFRQFHSWRQRUPDWLYRLQGHSHQGL]DGRGHODRQWRORJtD
HPStULFDª
$/H\GHOOXJDUGHFHOHEUDFLyQGHOFRQWUDWR
&RPRSULPHUDFXHVWLyQHOOXJDUGHFHOHEUDFLyQGHOFRQWUDWRVHUiHO
TXH SDFWHQ ODV SDUWHV GH FRP~Q DFXHUGR (Q DXVHQFLD GH HOHFFLyQ HO
OHJLVODGRUSURFXUDILMDUORGHDFXHUGRFRQGLYHUVDVWHRUtDVTXH\DKHPRV
DQDOL]DGR 2EVHUYDPRV TXH OD WHQGHQFLD PD\RULWDULD HQ OD FRQWUDWDFLyQ
HPSUHVDULDHVILMDUHOOXJDUGHSHUIHFFLRQDPLHQWRHQIRUPDFRKHUHQWHFRQ
ODWHRUtDGHODUHFHSFLyQVHJ~QODFXDOVLHOFRQWUDWRVHSHUIHFFLRQDFXDQGR
6REUHODSUHVWDFLyQPiVFDUDFWHUtVWLFDSXHGHYHUVH)(/'67(,1'(&É5'(1$6
6DUD/'HUHFKR,QWHUQDFLRQDO3ULYDGR3DUWH(VSHFLDO(G8QLYHUVLGDG%XHQRV
$LUHV'HODPLVPDDXWRUD©/DSUHVWDFLyQPiVFDUDFWHUtVWLFDGHOFRQWUDWR
RODSROpPLFDFRQWLQ~DªSRQHQFLDSUHVHQWDGDHQODV;9,,-RUQDGDV1DFLRQDOHV
GH 'HUHFKR &LYLO DQWH OD &RPLVLyQ VREUH ©5pJLPHQ GH ORV FRQWUDWRV SDUD OD
LQWHJUDFLyQGHO0(5&2685ª6DQWD)H$UJHQWLQDVHSWLHPEUHGH
&IU/25(1=(77,5LFDUGR&RPHUFLRHOHFWUyQLFR(G$EHOHGR3HUURW%XHQRV$LUHV
S
&IU/25(1=(77,5LFDUGRREFLWS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
73
HORIHUHQWHUHFLEHODGHFODUDFLyQHOOXJDUGHFHOHEUDFLyQHVHOGRPLFLOLRGH
ODHPSUHVDGHORIHUHQWH(YLGHQWHPHQWHHVWHGRPLFLOLRWDQWRHQODFRQWUDWD
FLyQWUDGLFLRQDOFRPRHQODHOHFWUyQLFDGHEHVHUSUHFLVDGR
/DVQRUPDVVXHOHQGLVWLQJXLUHQWUHHOGRPLFLOLRSULQFLSDO\ODVVXFXU
VDOHV\DKRUDHQODFRQWUDWDFLyQHOHFWUyQLFDVHDJUHJDHOGRPLFLOLRGRQGH
HVWiRUJDQL]DGRHOVLVWHPDLQIRUPiWLFR
$OJXQDVSURSXHVWDVOHJLVODWLYDVHVWDEOHFHQODREOLJDFLyQGHLQVFULELUVH
HQ XQ UHJLVWUR \ ILMDQ HO GRPLFLOLR GHO RIHUHQWH HQ HO OXJDU GRQGH HVWp
UHJLVWUDGR\HOOXJDUGHFHOHEUDFLyQGHOFRQWUDWRVHYLQFXODFRQHVWHSXQWR
GHDQFODMHDOGHFLUGH/RUHQ]HWWL
2WURFULWHULRTXHHQFDPELRKDWHQLGRSRFDDFRJLGDHVILMDUHOOXJDUGH
FHOHEUDFLyQGRQGHHVWiXELFDGRHOVHUYLGRUFRQHOFXDOVHFHOHEUyHOFRQWUDWR
GHDFFHVR
&DEHVHxDODUTXHHQHOFDVRGHORVFRQWUDWRVGHFRQVXPRFHOHEUDGRV
SRUPHGLRVHOHFWUyQLFRVODWHQGHQFLDHQFDPELRHVDFHSWDUHOGRPLFLOLRR
UHVLGHQFLDKDELWXDOGHOFRQVXPLGRUFRPROXJDUGHFHOHEUDFLyQ
$VtHVWXGLDQGRXQDOHJLVODFLyQGHOGHUHFKRFRPSDUDGRYLJHQWHHQ
HVWD PDWHULD HO DUWtFXOR GH OD /H\ GH 6HUYLFLRV GH OD 6RFLHGDG GH
,QIRUPDFLyQ /66, HVSDxROD HVWDEOHFH XQD UHJOD HVSHFLDO SDUD
GHWHUPLQDU HO OXJDU HQ HO TXH VH HQWLHQGHQ FHOHEUDGRV ORV FRQWUDWRV
HOHFWUyQLFRV GLVWLQJXLHQGR VHJ~Q LQWHUYHQJD R QR XQ FRQVXPLGRU FRPR
XQD GH ODV SDUWHV FRQWUDWDQWHV HQ ORV FRQWUDWRV FHOHEUDGRV SRU YtD
HOHFWUyQLFDHQORVTXHLQWHUYHQJDXQFRQVXPLGRUVHSUHVXPLUiQFHOHEUDGRV
HQHOOXJDUHQTXHpVWHWHQJDVXUHVLGHQFLDKDELWXDO\HQHOFDVRGHORV
FRQWUDWRV HOHFWUyQLFRV FHOHEUDGRV HQWUH HPSUHVDULRV R SURIHVLRQDOHV HQ
GHIHFWRGHSDFWRHQWUHODVSDUWHVVHSUHVXPLUiQFHOHEUDGRVHQHOOXJDUHQ
TXHHVWpHVWDEOHFLGRHOSUHVWDGRUGHVHUYLFLRV
%/H\GHOOXJDUGHHMHFXFLyQGHOFRQWUDWR
¢&yPRGHWHUPLQDUHOOXJDUGHHMHFXFLyQGHXQFRQWUDWRHOHFWUyQLFR"
&IU/25(1=(77,5LFDUGR&RPHUFLRHOHFWUyQLFR(G$EHOHGR3HUURW%XHQRV$LUHV
S
6XQRPEUHFRPSOHWRHV/H\GHGH-XOLRGH6HUYLFLRVGHOD6RFLHGDG
GH,QIRUPDFLyQ\&RPHUFLR(OHFWUyQLFR
(VSHFLDO SRU WDQWR VH GLIHUHQFLD GH OD UHJOD JHQHUDO DSOLFDEOH D ORV FRQWUDWRV
FHOHEUDGRVDGLVWDQFLDUHJXODGRVSRUHODUWtFXORGHO&yGLJR&LYLOHVSDxRO
TXHGLVSRQH©/DDFHSWDFLyQKHFKDSRUFDUWDQRREOLJDDOTXHKL]RODRIHUWDVLQR
GHVGHTXHOOHJyDVXFRQRFLPLHQWR(OFRQWUDWRHQWDOFDVRVHSUHVXPHFHOHEUDGR
HQ HO OXJDU HQ TXH VH KL]R OD RIHUWDª $ VX WXUQR HO DUWtFXOR GHO &yGLJR GH
&RPHUFLRHVSDxROHVWDEOHFHHQVXSULPHUDSDUWDGRTXH©+DOOiQGRVHHQOXJDUHV
GLVWLQWRVHOTXHKL]RODRIHUWD\HOTXHODDFHSWyKD\FRQVHQWLPLHQWRGHVGHTXHHO
RIHUHQWHFRQRFHODDFHSWDFLyQRGHVGHTXHKDOOiQGRVHODUHPLWLGRHODFHSWDQWH
QRSXHGDLJQRUDUODVLQIDOWDUDODEXHQDIH(OFRQWUDWRHQWDOFDVRVHSUHVXPH
FHOHEUDGRHQHOOXJDUHQTXHVHKL]RODRIHUWDª
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
$VLPSOHYLVWDDGYHUWLPRVTXHHVWHWLSRGHFRQWUDWDFLyQQRFXHQWDFRQXQ
OXJDUHVSHFtILFRGHFXPSOLPLHQWRItVLFDPHQWHGHWHUPLQDEOHHQORVFDVRV
GH DTXHOORV FRQWUDWRV FX\R FXPSOLPLHQWR HV RQ OLQH DO LJXDO TXH VX
FHOHEUDFLyQ
6LQ HPEDUJR WDO LQFHUWLGXPEUH SXHGH VHU GLVLSDGD SRU ODV SURSLDV
SDUWHV TXH SDFWHQ GHWHUPLQHQ GHILQHQ SUHFLVHQ HQ HO FRQWUDWR TXH
FHOHEUDQSRUPHGLRVHOHFWUyQLFRVTXpHQWLHQGHQSRUOXJDUGHFXPSOLPLHQWR
RHMHFXFLyQGHDTXpO(VWDSRVLELOLGDGDQWHODDXVHQFLDGHXQPDUFROHJDO
RFRQYHQFLRQDOHVSHFtILFRUHVXOWDVHUORPiVUHFRPHQGDEOH
3RU RWUD SDUWH \D VHD SRU YtD OHJLVODWLYD R ELHQ D WUDYpV GH XQD
FRQYHQFLyQLQWHUQDFLRQDOODLQGHWHUPLQDFLyQGHOOXJDUGHFXPSOLPLHQWR
SRGUtDVHUVXSHUDGDPHGLDQWHXQDFDOLILFDFLyQDXWiUTXLFDTXHGHILQDWDO
H[SUHVLyQHQHOFRQWH[WRFRQFUHWRGHOFRPHUFLRHOHFWUyQLFR
&/H\GHOOXJDUGHOGRPLFLOLRGHODVSDUWHV
¢&XiO HV HO GRPLFLOLR OD UHVLGHQFLD HO HVWDEOHFLPLHQWR OD DGPLQLV
WUDFLyQ FHQWUDO GH XQD SHUVRQD R HPSUHVD TXH RSHUD HQWHUDPHQWHHQ HO
FLEHUHVSDFLR"
3DUDXQLPSRUWDQWHVHFWRUGHODGRFWULQDHOFRQFHSWRGHGRPLFLOLRR
GHVHGHRHVWDEOHFLPLHQWRGHODHPSUHVDQRUHVXOWDPHQRVFDEDGRSRUOD
XWLOL]DFLyQ GH FRPXQLFDFLRQHV HOHFWUyQLFDV DXQTXH GHEHPRV UHFRQRFHU
TXHHQWRGRFDVRGLILFXOWDQVXORFDOL]DFLyQ
8QD FRUULHQWH GH SHQVDPLHQWR SURSRQH DVLPLODU ODV H[WHQVLRQHV
JHRJUiILFDVDUIUGHXNEUHWFGHORVQRPEUHVGHGRPLQLRDORVWHUULWRULRV
HVWDWDOHV6LQHPEDUJRXQDSULPHUDGLILFXOWDGVRQORVVLWLRVFRQH[WHQVLRQHV
JHQpULFDVHVSHFLDOPHQWHORVFRP3RURWUDSDUWHHQPXFKRVSDtVHVD~Q
VHSXHGHREWHQHUXQDH[WHQVLyQJHRJUiILFDQDFLRQDOVLQWHQHUTXHMXVWLILFDU
QLQJ~QWLSRGHUHJLVWURItVLFRRPDWULFXODFLyQHQHVHSDtV)LQDOPHQWHXQD
GLUHFFLyQ HOHFWUyQLFD HV VXPDPHQWH HItPHUD SDUD HTXLSDUDUOD D XQ
HVWDEOHFLPLHQWRTXHVHVXSRQHFRQFDUiFWHUHVWDEOH\SHUPDQHQWHGDGR
TXHHOUHVSRQVDEOHGHXQVLWLRZHESXHGHFDPELDUGHSUHVWDWDULRHQWRGR
PRPHQWR\SRUHQGHFDPELDUGHORFDOL]DFLyQHQSRFRVLQVWDQWHV
(V SRU HOOR TXH H[LVWH FLHUWR FRQVHQVR D QLYHO LQWHUQDFLRQDO \
HVSHFLDOPHQWH D QLYHO FRPXQLWDULR HQ FXDQWR D TXH OD GLUHFFLyQZHE QR
SXHGHFRQVWLWXLUSRUVtVRODXQOXJDUGHHVWDEOHFLPLHQWRVLQRTXHVRODPHQWH
HOGRPLFLOLRUHDOItVLFRGHODVSDUWHVRGHXQDGHHOODVHVJUDYLWDWRULRSDUD
LQGLFDUDWUDYpVGHODQRUPDGHFRQIOLFWRODOH\DSOLFDEOH
(Q HIHFWR OD 'LUHFWLYD HQ VXV FRQVLGHUDQGRV GLVSRQH ©6H
GHEHGHWHUPLQDUHOOXJDUGHHVWDEOHFLPLHQWRGHOSUHVWDGRUGHVHUYLFLRVD
WHQRUGHORGLVSXHVWRHQODMXULVSUXGHQFLDGHO7ULEXQDOGH-XVWLFLDVHJ~Q
OD FXDO HO FRQFHSWR GH HVWDEOHFLPLHQWR LPSOLFD OD UHDOL]DFLyQ HIHFWLYD GH
XQDDFWLYLGDGHFRQyPLFDDWUDYpVGHXQHVWDEOHFLPLHQWRILMRGXUDQWHXQ
SHUtRGRLQGHILQLGR(VWHUHTXLVLWRVHFXPSOHWDPELpQFXDQGRVHFRQVWLWX\H
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
75
XQDVRFLHGDGGXUDQWHXQSHUtRGRGHWHUPLQDGRFXDQGRVHWUDWDGHXQD
VRFLHGDGTXHSURSRUFLRQDVHUYLFLRVPHGLDQWHXQVLWLR,QWHUQHWGLFKROXJDU
GH HVWDEOHFLPLHQWR QR VH HQFXHQWUD DOOt GRQGH HVWi OD WHFQRORJtD TXH
PDQWLHQHHOVLWLRQLDOOtGRQGHVHSXHGHDFFHGHUDOVLWLRVLQRHOOXJDUGRQGH
VHGHVDUUROODODDFWLYLGDGHFRQyPLFDª&RQVLGHUDQGR
3RU VX SDUWH HVWD PLVPD GRFWULQD KD VLGR UHFHSWDGD HQWUH RWUDV
UHDOL]DFLRQHVSRUOD&RQYHQFLyQGH1DFLRQHV8QLGDVVREUHOD8WLOL]DFLyQ
GHODV&RPXQLFDFLRQHV(OHFWUyQLFDVHQORV&RQWUDWRV,QWHUQDFLRQDOHV
'7HRUtDGHODSUHVWDFLyQPiVFDUDFWHUtVWLFD
/DSUHVWDFLyQPiVFDUDFWHUtVWLFDGHOFRQWUDWR©SHUPLWHLQGLYLGXDOL]DU
LGHQWLILFDU OD REOLJDFLyQ TXH GLIHUHQFLD FDGD FRQWUDWR GH ORV GHPiV (V
GHFLUVHDWULEX\HDSULRUtVWLFDPHQWHDOFRQWUDWRLQWHUQDFLRQDOXQDQDWX
UDOH]D VHJ~Q OD FXDO XQD SUHVWDFLyQ UHVXOWD PiV JUDYLWDQWH PiV
WUDVFHQGHQWHTXHODVUHVWDQWHV\FRQODVXILFLHQWHYLUWXDOLGDG\HQWLGDG
SDUDWLSLILFDUORSDUDGLVWLQJXLUORGHRWURV/DE~VTXHGDVHHQFDPLQDKDFLD
ODOH\PiVSUy[LPDDODGLQiPLFDGHOQHJRFLRDVXHVWUXFWXUDLQWHUQDª
(Q HIHFWR FRQ HO ILQ GH HYLWDU HO IUDFFLRQDPLHQWR TXH LPSOLFD OD
DSOLFDFLyQGHOH\HVGLIHUHQWHVSDUDODVSUHVWDFLRQHVUHFtSURFDVRULJLQDGDV
HQXQPLVPRFRQWUDWRODMXULVSUXGHQFLDLQJOHVDUHFHSFLRQyODWHRUtDGH
6FKQLW]HU6XL]DVREUHODSUHVWDFLyQFDUDFWHUtVWLFD$TXtVHPDUFD
XQD GLIHUHQFLD HQWUH HO GHUHFKR DQJORVDMyQ \ HO GHUHFKR FRQWLQHQWDO
PLHQWUDVORVWULEXQDOHVLQJOHVHVDSOLFDQODOH\GHOOXJDUGHFXPSOLPLHQWR
GHODSUHVWDFLyQFDUDFWHUtVWLFDHO7ULEXQDOIHGHUDOVXL]RDGRSWyGHVGH
ODIyUPXOD©GRPLFLOLRGHOGHXGRUREOLJDGRDFXPSOLUODSUHVWDFLyQFDUDF
WHUtVWLFDªFRPRSXQWRGHFRQH[LyQ
(VWDWDPELpQIXHODYHUVLyQTXHDFRJLyOD&RQYHQFLyQGH5RPDVREUH
OH\DSOLFDEOHDODVREOLJDFLRQHVFRQWUDFWXDOHVGH(QHIHFWRHODUWtFXOR
HVWDEOHFHTXH©HQODPHGLGDHQTXHODOH\DSOLFDEOHDOFRQWUDWRQRKXELHUD
VLGRHOHJLGDHOFRQWUDWRVHUHJLUiSRUODOH\GHOSDtVFRQHOTXHSUHVHQWHORV
YtQFXORV PiV HVWUHFKRV 1R REVWDQWH VL XQD SDUWH GHO FRQWUDWR IXHUD
VHSDUDEOHGHOUHVWRGHOFRQWUDWR\SUHVHQWHXQDYLQFXODFLyQPiVHVWUHFKD
FRQRWURSDtVSRGUiDSOLFDUVHDWtWXORH[FHSFLRQDODHVWDSDUWHGHOFRQWUDWR
ODOH\GHHVWHRWURSDtV6HSUHVXPLUiTXHHOFRQWUDWRSUHVHQWDORVYtQFXORV
PiVHVWUHFKRVFRQHOSDtVHQTXHODSDUWHTXHGHEDUHDOL]DUODSUHVWDFLyQ
FDUDFWHUtVWLFD WHQJD HQ HO PRPHQWR GH OD FHOHEUDFLyQ GHO FRQWUDWR VX
UHVLGHQFLDKDELWXDORVLVHWUDWDUHGHXQDVRFLHGDGDVRFLDFLyQRSHUVRQD
MXUtGLFDVXDGPLQLVWUDFLyQFHQWUDO1RREVWDQWHVLHOFRQWUDWRVHFHOHEUDUH
HQ HO HMHUFLFLR GH OD DFWLYLGDG SURIHVLRQDO GH HVWD SDUWH HVWH SDtV VHUi
&IU )(/'67(,1 '( &É5'(1$6 6DUD / 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 3DUWH
HVSHFLDO(G8QLYHUVLGDG%XHQRV$LUHVS
&IU1$-85,(7$0DUtD6XVDQD©$SRJHR\UHYLVLyQGHODDXWRQRPtDHQFRQWUDWRV
LQWHUQDFLRQDOHVªHQ/D/H\$
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
DTXpO HQ TXH HVWp VLWXDGR VX HVWDEOHFLPLHQWR SULQFLSDO R VL VHJ~Q HO
FRQWUDWRODSUHVWDFLyQWXYLHUDTXHVHUUHDOL]DGDSRUXQHVWDEOHFLPLHQWR
GLVWLQWRGHOHVWDEOHFLPLHQWRSULQFLSDODTXpOHQTXHHVWpVLWXDGRHVWHRWUR
HVWDEOHFLPLHQWRª
3RUHQGH©HOGRPLFLOLRGHOGHXGRUHVJUDYLWDWRULRQRHOPHUROXJDUGH
FXPSOLPLHQWR PDWHULDO $ HVWH UHVXOWDGR WDPELpQ VH SXHGH OOHJDU DUPR
QL]DQGRORVFULWHULRVGHODUWGHO&yGLJR&LYLODUJHQWLQRFX\D~OWLPD
SDUWHDOXGHDOOXJDUGHOGRPLFLOLRGHOGHXGRU&RQVLJXLHQWHPHQWHHOFULWHULR
JHQHUDOGHORFDOL]DFLyQHVHOGRPLFLOLRGHOGHXGRUGHODSUHVWDFLyQFDUDF
WHUtVWLFDGHOFRQWUDWRª
/DGHWHUPLQDFLyQGHODSUHVWDFLyQPiVFDUDFWHUtVWLFDGHOFRQWUDWRGH
FRPSDUWLU HVWD WHRUtD QR VHUtD PD\RUPHQWH DIHFWDGD SRU HO HPSOHR GH
,QWHUQHW FRPR PHGLR SDUD FHOHEUDU OD FRQWUDWDFLyQ R SDUD HMHFXWDU VXV
SUHVWDFLRQHV$VtWDPELpQFXDQGRORVFRQWUDWRVVHIRUPDQ\HMHFXWDQSRU
,QWHUQHWODSDUWHTXHUHDOL]DODSUHVWDFLyQFDUDFWHUtVWLFDHQODFRPSUDYHQWD
HV HO YHQGHGRU \ HQ ORV FRQWUDWRV GH SUHVWDFLyQ GH VHUYLFLRV TXLHQ ORV
IDFLOLWDFRQFDUiFWHUJHQHUDOODSUHVWDFLyQFDUDFWHUtVWLFDODUHDOL]DTXLHQ
VXPLQLVWUD LQIRUPDFLyQ D WHUFHURV D WUDYpV GH OD 5HG TXLHQ SHUPLWH OD
XWLOL]DFLyQGHODLQIRUPDFLyQFRQWHQLGDHQVXVEDVHVGHGDWRVTXLHQFHGH
GHUHFKRVGHH[SORWDFLyQGHREUDVSURWHJLGDVSRUODSURSLHGDGLQWHOHFWXDOR
TXLHQSUHVWDRWURVVHUYLFLRVUHODFLRQDGRVFRQODVRFLHGDGGHODLQIRUPDFLyQ
6LQ HPEDUJR OD GHWHUPLQDFLyQ GH OD SUHVWDFLyQ FDUDFWHUtVWLFD UHVXOWD
HVSHFLDOPHQWHGLItFLORLPSRVLEOHFXDQGRHQFXPSOLPLHQWRGHOFRQWUDWRODV
GLYHUVDV SDUWHV GHEHQ UHDOL]DU SUHVWDFLRQHV HTXLYDOHQWHV \ QLQJXQD HV
SURSLDPHQWHUHPXQHUDWRULD
(Q LJXDO LQWHOLJHQFLD DILUPD 2\DU]iEDO ©/D GHWHUPLQDFLyQ GH OD
SUHVWDFLyQUHOHYDQWHRFDUDFWHUtVWLFDSDUDODORFDOL]DFLyQGHOFRQWUDWRQRVH
YHDIHFWDGDSRUHOHPSOHRGHOD,QWHUQHWFRPRPHGLRSDUDODFHOHEUDFLyQGHO
QHJRFLRRSDUDODHMHFXFLyQGHODVREOLJDFLRQHVGHODVSDUWHV/DSUHVWDFLyQ
FDUDFWHUtVWLFD OD UHDOL]D FRQ FDUiFWHU JHQHUDO HO FRQWUDWDQWH TXH SUHVWD
VHUYLFLRVRWUDQVPLWHELHQHVGLJLWDOHVDWUDYpVGHOD5HGHVGHFLUHOSURYHHGRU
GH DFFHVR D ,QWHUQHW ,QWHUQHW 6HUYLFH 3URYLGHU ² ,63 HQ $UJHQWLQD $2/
82/6LQHFWLV ,QWHUPHGLD HWF HO SURYHHGRU GH DORMDPLHQWR GH VLWLR ZHE
,QWHUQHW3UHVHQWH3URYLGHUR+RVWLQJ6HUYLFH3URYLGHUHQ$UJHQWLQD&RPSDT
,%06WDU0HGLDHWFHOHGLWRURSURYHHGRUGHFRQWHQLGRGHSiJLQDZHE:HE
6LWH'HVLJQHUR:HE6LWH'HYHORSHU\HOSURYHHGRUGHVHUYLFLRVRQOLQHWDOHV
FRPRVHUYLFLRVFRPHUFLDOHVGHLQIRUPDFLyQGHFRQVXOWRUtD\GHUHVHUYDFLRQHV
HLQFOXVRGHPHQVDMHUtDHOHFWUyQLFDRH²PDLO\GHFKDUODLQWHUDFWLYDª
$SDUWLUGHOGHGLFLHPEUHGHHQWUyHQYLJRUHO5HJODPHQWR&(1ƒ
VREUHOH\DSOLFDEOHDODVREOLJDFLRQHVFRQWUDFWXDOHV5RPD,
&IU%2**,$12$QWRQLR&XUVRGH'HUHFKR,QWHUQDFLRQDO3ULYDGR'HUHFKRGHODV
5HODFLRQHV3ULYDGDV,QWHUQDFLRQDOHV(G$EHOHGR3HUURW%XHQRV$LUHVS
&IU2<$5=É%$/0DULR-$©/DOH\DSOLFDEOHDORVFRQWUDWRVHQHOFLEHUHVSDFLR
WUDQVQDFLRQDOªHQ'UH\]LQGH.ORU$GULDQD)HUQiQGH]$UUR\R'LHJR3\3LPHQWHO
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
77
6LQHPEDUJR©ODGHWHUPLQDFLyQGHOGHUHFKRDSOLFDEOHFRQIRUPHDORV
YtQFXORVPiVHVWUHFKRVSUHVHQWDODYHQWDMDGHDMXVWDUODUHVSXHVWDMXUtGLFD
GH'HUHFKRLQWHUQDFLRQDOSULYDGRDODVFLUFXQVWDQFLDVGHFDGDFDVRSHUR
WDPELpQ HO LQFRQYHQLHQWH GH TXH HO GHUHFKR DSOLFDEOH QR HV IiFLOPHQWH
LGHQWLILFDEOH SDUD ODV SDUWHV (V XQD UHJOD TXH WLHQGH D RSHUDU H[ SRVW
IDFWR 'LItFLOPHQWH SRGUiQ ODV SDUWHV DGDSWDU GH XQ PRGR VHJXUR VX
FRQGXFWDDXQGHUHFKRELHQGHWHUPLQDGRGHVGHODVSULPHUDVIDVHVGHOD
QHJRFLDFLyQ/DUHJODHVPiVH[SUHVLyQGHXQGHUHFKRGHEDVHMXGLFLDOTXH
GHXQGHUHFKRGHEDVHOHJDO/RLPSRUWDQWHHVEXVFDUXQPHMRUHTXLOLEULR
HQWUHXQUHVXOWDGRDMXVWDGRDODVFLUFXQVWDQFLDVGHOFDVR\ODLQHOXGLEOH
H[LJHQFLDGHVHJXULGDG\GHSUHYLVLELOLGDGGHUHVSXHVWDMXUtGLFDª
$GHPiVXQDGHODVFUtWLFDVPiVVHYHUDVTXHKDVXIULGRODWHRUtDGH
ODSUHVWDFLyQPiVFDUDFWHUtVWLFDGHVGHODPLUDGDGHVXVGHWUDFWRUHVHVWi
YLQFXODGD D OD FRQVROLGDFLyQ GH OD SRVLFLyQ GHO FRQWUDWDQWH PiV IXHUWH
HVSHFLDOPHQWHFXDQGRLQWHUYLHQHQSDUWHVFRQGLYHUVRSRGHUQHJRFLDGRU
9 6ROXFLRQHV GHO 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR
$UJHQWLQRGHIXHQWHLQWHUQD\FRQYHQFLRQDO
(Q HO 'HUHFKR LQWHUQDFLRQDO SULYDGR DUJHQWLQR QR H[LVWHQ QRUPDV
LQGLUHFWDVHVSHFtILFDVTXHLQGLTXHQDIDOWDGHSUHYLVLyQSRUODVSDUWHVHO
GHUHFKRDSOLFDEOHHVSHFLDOPHQWHDORVFRQWUDWRVLQWHUQDFLRQDOHVFHOHEUDGRV
DWUDYpVGHPHGLRVHOHFWUyQLFRV(QJHQHUDOWDPSRFRHOGHUHFKRDUJHQWLQR
FXHQWDFRQQRUPDVGLUHFWDVPDWHULDOHVVREUHFRPHUFLRHOHFWUyQLFRVDOYR
HQORTXHUHVSHFWDDOUpJLPHQGHODILUPDGLJLWDO
$)XHQWHLQWHUQD&yGLJR&LYLOGHOD1DFLyQ
(O&yGLJR&LYLOQRFRQWLHQHQLQJXQDQRUPDH[SUHVDPHQWHFRQVDJUDGD
/XL]2WiYLRGLUV5HYLVWD'H&,7$'HUHFKRGHOFRPHUFLRLQWHUQDFLRQDO
7HPDV\DFWXDOLGDGHV,QWHUQHWFRPHUFLRHOHFWUyQLFR\VRFLHGDGGHODLQIRUPDFLyQ
(G=DYDOtD²)XQGDoDR%RLWHX[%UDVLO
&IU'5(<=,1GH./25$GULDQD6$178&&,21(*DEULHOD\'(5$020DULD
5LWD ©&RQYHQFLyQ ,QWHUDPHULFDQD VREUH 'HUHFKR $SOLFDEOH D ORV &RQWUDWRV
,QWHUQDFLRQDOHVªHQ/D/H\'
3XHGHDPSOLDUVHHODQiOLVLVGHORVDVSHFWRVIDYRUDEOHV\FULWLFDEOHVGHOD7HRUtD
GHODSUHVWDFLyQPiVFDUDFWHUtVWLFDHQ)(/'67(,1GH&É5'(1$66DUD/©/D
SUHVWDFLyQ PiV FDUDFWHUtVWLFD GHO FRQWUDWR R OD SROpPLFD FRQWLQ~Dª SRQHQFLD
SUHVHQWDGDHQODV;9,,-RUQDGDV1DFLRQHVGH'HUHFKR&LYLO6DQWD)H$UJHQWLQD
\ 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 3DUWH HVSHFLDO (G 8QLYHUVLGDG %XHQRV
$LUHVSV²
1RVUHIHULPRVDOD/H\GHILUPDGLJLWDODSUREDGDHOGHQRYLHPEUHGH
\VXGHFUHWRUHJODPHQWDULRGHOGHGLFLHPEUHGHTXHFRQVD
JUDURQHOSULQFLSLRGHHTXLYDOHQFLDIXQFLRQDOHQHOGHUHFKRDUJHQWLQRHQPDWHULD
GHILUPDGLJLWDO
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
DODDXWRQRPtDGHODYROXQWDGHQHORUGHQLQWHUQDFLRQDO4XLHQHVGHIHQ
GLHURQ VX DSOLFDFLyQ HQ HO iPELWR LQWHUQDFLRQDO VH IXQGDURQ HQ HO DUW
GHHVHFXHUSROHJDO(QFDPELRTXLHQHVQHJDURQHVWDSRVLELOLGDGVH
EDVDURQHQORV7UDWDGRVGH0RQWHYLGHRHQHVSHFLDOHQODYHUVLyQGH
6LQHPEDUJRHQODDFWXDOLGDGWDQWRODGRFWULQDFRPRODMXULVSUXGHQFLD
QDFLRQDOHVUHFRQRFHQHVWHSULQFLSLRFRQFLHUWRVOtPLWHV
(QHVWHVHQWLGR*ROGVFKPLGWHQWLHQGHTXHKD\XQDSUiFWLFDFRQWUDF
WXDOHQ$UJHQWLQDIDYRUDEOHDODDXWRQRPtDGHODVSDUWHVFRPRSXQWRGH
FRQH[LyQ UHFHSFLRQDGD HQ FRQYHQLRV FHOHEUDGRV SRU OD 1DFLyQ \
UHFRQRFLGDSRUODMXULVSUXGHQFLD3RUVXSDUWH%RJJLDQRIXQGDPHQWDOD
DXWRQRPtDFRQIOLFWXDOHQQRUPDVSRVLWLYDVDGPLWLHQGRGRVDOFDQFHVD
FRQSRVLELOLGDGGHHOHFFLyQUHVWULQJLGDDORVOXJDUHVGHUHDOFXPSOLPLHQWR
GHOFRQWUDWRFRQIXQGDPHQWRHQORVDUWV\GHO&yGLJR
&LYLO\EFRQFULWHULRDPSOLRGHHOHFFLyQDXQFXDQGRHOGHUHFKRHOHJLGR
QRFRLQFLGDFRQHOOXJDUGHHMHFXFLyQGHOFRQWUDWREDViQGRVHHQODIDFXOWDG
GHSURUURJDUODMXULVGLFFLyQHQMXHFHVRiUELWURVTXHDFW~HQHQHOH[WUDQMHUR
TXHHVWDEOHFHHODUWžGHO&yGLJR3URFHVDO&LYLO\&RPHUFLDOGHOD1DFLyQ
'DGRTXHSDUDHVWHDXWRU©ODHOHFFLyQGHXQWULEXQDOLPSOLFDXQDHOHFFLyQ
WiFLWDSHURLQHTXtYRFDGHO',3UGHOWULEXQDOHOHJLGR\SXGLHQGRVHUHOHJLGR
HO ',3U ²TXH HV OR PiV² VH SXHGH HOHJLU HO GHUHFKR SULYDGR DSOLFDEOH
TXHHVORPHQRVª
3RURWUDSDUWHHQDXVHQFLDGHHOHFFLyQGHODOH\DSOLFDEOHDORVFRQWUDWRV
LQWHUQDFLRQDOHVGHEHPRVUHPLWLUQRVDORGLVSXHVWRSRUHO&yGLJR&LYLOHQ
ORVDUWtFXORV\TXHVRQQRUPDVJHQHUDOHVSDUDWRGRWLSR
GHFRQWUDWRLQWHUQDFLRQDOVLQDWHQGHUDODVSDUWLFXODULGDGHVGHDOJXQRV
FRQWUDWRVHVSHFtILFRVFRPRORVHOHFWUyQLFRVHQWUHWDQWRVRWURV
(ODUWtFXORHVWDEOHFH©/RVFRQWUDWRVKHFKRVIXHUDGHOWHUULWRULR
GH OD 5HS~EOLFD VHUiQ MX]JDGRV HQ FXDQWR D VX YDOLGH] R QXOLGDG VX
QDWXUDOH]D \ REOLJDFLRQHV TXH SURGX]FDQ SRU ODV OH\HV GHO OXJDU HQ TXH
KXELHVHQ VLGR FHOHEUDGRVª $ VX WXUQR HO DUWtFXOR GLVSRQH ©/RV
FRQWUDWRV FHOHEUDGRV HQ OD 5HS~EOLFD R IXHUD GH HOOD TXH GHEDQ VHU
HMHFXWDGRVHQHOWHUULWRULRGHO(VWDGRVHUiQMX]JDGRVHQFXDQWRDVXYDOLGH]
QDWXUDOH]D \ REOLJDFLRQHV SRU ODV OH\HV GH OD 5HS~EOLFD VHDQ ORV
FRQWUDWDQWHV QDFLRQDOHV R H[WUDQMHURVª )LQDOPHQWH HO DUWtFXOR H[SUHVD©/RVFRQWUDWRVFHOHEUDGRVHQOD5HS~EOLFDSDUDWHQHUVXFXPSOL
PLHQWRIXHUDGHHOODVHUiQMX]JDGRVHQFXDQWRDVXYDOLGH]QDWXUDOH]D\
REOLJDFLRQHVSRUODVOH\HV\XVRVGHOSDtVHQTXHGHELHURQVHUFXPSOLGRV
VHDQORVFRQWUDWDQWHVQDFLRQDOHVRH[WUDQMHURVª
&IU *2/'6&+0,'7 :HUQHU 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 'HUHFKR GH OD
7ROHUDQFLD %DVDGR HQ 7HRUtD 7ULDOLVWD GHO 0XQGR -XUtGLFR  HGLFLyQ (G
'HSDOPD%XHQRV$LUHVS
&IU%2**,$12$1721,2&XUVRGH'HUHFKR,QWHUQDFLRQDO3ULYDGR'HUHFKRGHODV
5HODFLRQHV3ULYDGDV,QWHUQDFLRQDOHV(G$EHOHGR3HUURW%XHQRV$LUHVSV
²
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
79
&RPRVHSXHGHREVHUYDUH[LVWHXQDDSDUHQWHFRQWUDGLFFLyQHQWUHHO
DUWtFXORTXHVRPHWHORVFRQWUDWRVDODOH\GHOOXJDUGHFHOHEUDFLyQ
\ORVDUWtFXORV\TXHORVVXMHWDQDODOH\GHOOXJDUGHHMHFXFLyQ
(VSRUHOORTXHODGRFWULQD\ODMXULVSUXGHQFLDVHKDQSURQXQFLDGRDILQGH
GLOXFLGDU WDO FRQWUDGLFFLyQ (Q HVWH VHQWLGR PD\RULWDULDPHQWH VH
LQWHUSUHWDORVLJXLHQWHVLHOFRQWUDWRWLHQHDELQLWLRDOJ~QFRQWDFWRFRQOD
5HS~EOLFD$UJHQWLQDULJHQORVDUWtFXORV\\VHDSOLFDODOH\GHO
OXJDUGHFXPSOLPLHQWR(QFDPELRVLHOFRQWUDWRQRWLHQHYLQFXODFLyQFRQ
QXHVWURSDtVODOH\DSOLFDEOHVHUiODGHOOXJDUGHFHOHEUDFLyQGHOFRQWUDWR
FRQIRUPHDODUWtFXORGHO&yGLJR&LYLO(VGHFLUGHEHPRVGLVWLQJXLU
HQWUHFRQWUDWRVFRQ\VLQFRQWDFWRFRQHOGHUHFKRDUJHQWLQR7HQGUiQWDO
FRQWDFWRVLIXHURQFHOHEUDGRVRWLHQHQOXJDUGHFXPSOLPLHQWRHQQXHVWUR
SDtV3RUHQGHVLHOFRQWUDWRWLHQHXQFRQWDFWRDUJHQWLQRULJHODWHVLVGH
6DYLJQ\ VH ULJH SRU OD OH\ GHO OXJDU GH FXPSOLPLHQWR (Q FDPELR VL QR
SUHVHQWDGLFKRFRQWDFWRVHUHJLUiSRUODOH\GHOOXJDUGHFHOHEUDFLyQWHVLV
FpOHEUHGH6WRU\
7DOFRPRDGYLHUWH*ROVGFKPLGWHVIDOVRFUHHUTXHWRGRVORVFRQWUDWRV
FRQFRQWDFWRDUJHQWLQRVHULJHQSRUHOGHUHFKRDUJHQWLQR\ORVTXHQROR
SRVHHQSRUHOGHUHFKRH[WUDQMHUR\DTXHORVSULPHURVVHUHJLUiQSRUODOH\
GHOOXJDUGHFXPSOLPLHQWRVHDpVWHORFDORH[WUDQMHUR
(Q VXPD ©FXDQGR OD FHOHEUDFLyQ GHO FRQWUDWR R VX HMHFXFLyQ VH
UHODFLRQHDXQTXHVHDSDUFLDOPHQWHFRQHOWHUULWRULRDUJHQWLQR\DQRFDEH
DSOLFDUODQRUPDGHOFRQIOLFWRGHODUWGHO&yGLJR&LYLO²FX\RSXQWR
GH FRQH[LyQ HV HO OXJDU GH FHOHEUDFLyQ VLQR OD TXH HVWDEOHFHQ ORV DUWV
\FX\RSXQWRGHFRQH[LyQHVHOOXJDUGHFXPSOLPLHQWRª
(Q ORV DUWtFXORV \ HO &yGLJR &LYLO DSRUWD FDOLILFDFLRQHV
DXWiUTXLFDVIOH[LEOHVGHOSXQWRGHFRQH[LyQ©OXJDUGHFXPSOLPLHQWRªDXQ
FXDQGR HQ HO FDVR GH ORV FRQWUDWRV VLQDODJPiWLFRV TXHGD DELHUWR HO
LQWHUURJDQWHGDGRTXHH[LVWHQSRUORPHQRVGRVOXJDUHVGHFXPSOLPLHQWR
3DUDHVWRVFDVRVXQLPSRUWDQWHVHFWRUGHODGRFWULQD\ODMXULVSUXGHQFLD
ORFDOHVUHFXUUHDODWHRUtDGHODSUHVWDFLyQPiVFDUDFWHUtVWLFD\DDQDOL]DGD
(Q HVWH SXQWR FDEH UHFRUGDU TXH HVWD WHVLV UHVXOWD HQ WRGR FDVR
DSOLFDEOHHQPDWHULDGHOH\DSOLFDEOHDILQGHHYLWDUTXHH[LVWDQP~OWLSOHV
GHUHFKRVDSOLFDEOHV(QFDPELRHQPDWHULDGHMXULVGLFFLyQFRPSHWHQWHHO
FULWHULRLPSHUDQWHQRVRULHQWDDFDOLILFDU©OXJDUGHFXPSOLPLHQWRªFRPR
FXDOTXLHUOXJDUGHFXPSOLPLHQWRGHOFRQWUDWRFRQODILQDOLGDGGHDEULUXQ
DEDQLFRGHIRURVGLVSRQLEOHV
&IU )(/'67(,1 GH &É5'(1$6 6DUD /&RQWUDWRVLQWHUQDFLRQDOHV(G $EHOHGR
3HUURW%XHQRV$LUHVS
&IU*2/'6&+0,'7:HUQHU'HUHFKR,QWHUQDFLRQDO3ULYDGR'HUHFKRGHOD7ROHUDQFLD
%DVDGRHQ7HRUtD7ULDOLVWDGHO0XQGR-XUtGLFRHGLFLyQ(G'HSDOPD%XHQRV
$LUHVS
&IU %2**,$12 $QWRQLR&XUVRGH'HUHFKR,QWHUQDFLRQDO3ULYDGR'HUHFKRGHODV
5HODFLRQHV3ULYDGDV,QWHUQDFLRQDOHV(G$EHOHGR3HUURW%XHQRV$LUHVS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
$VXYH]QXHVWUR&yGLJR&LYLOVHRFXSDGHORVFRQWUDWRVHQWUHDXVHQWHV
HQHODUWtFXOR©6LHOFRQWUDWRIXHUHKHFKRHQWUHDXVHQWHVSRULQVWUX
PHQWRSULYDGRILUPDGRHQYDULRVOXJDUHVRSRUPHGLRGHJHQWHVRSRU
FRUUHVSRQGHQFLDHSLVWRODUVXVHIHFWRVQRKDELHQGROXJDUGHVLJQDGRSDUD
VXFXPSOLPLHQWRVHUiQMX]JDGRVUHVSHFWRDFDGDXQDGHODVSDUWHVSRU
ODV OH\HV GH VX GRPLFLOLRª 3DUD HVWRV FDVRV HO FRGLILFDGRU RSWy SRU XQ
SXQWR GH FRQH[LyQ DFXPXODWLYR HQ FXDQWR D OD YDOLGH] GHO FRQWUDWR HQ
FDPELRORVHIHFWRVODVSUHVWDFLRQHVODVREOLJDFLRQHVGHODVSDUWHVVHULJHQ
SRUODOH\GHOUHVSHFWLYRGRPLFLOLR
(VWDV QRUPDV LQGLUHFWDV UHFDOLILFDQGR ORV UHVSHFWLYRV SXQWRV GH
FRQH[LyQ HOHJLGRV SRU QXHVWUR FRGLILFDGRU SRGUtDQ VHU DGDSWDGDV DO
FRPHUFLR HOHFWUyQLFR PLHQWUDV QR VH VDQFLRQHQ UHJODV HVSHFtILFDV
9ROYHUHPRVVREUHHVWiDILUPDFLyQHQQXHVWUDVFRQFOXVLRQHV
%)XHQWHFRQYHQFLRQDO7UDWDGRVGH0RQWHYLGHRGH\
0LHQWUDVTXHHO7UDWDGRGHQRVHSURQXQFLDH[SUHVDPHQWHVREUH
ODIDFXOWDGGHODVSDUWHVGHHOHJLUODOH\DSOLFDEOHHQVXYHUVLyQGH
UHFKD]DHOSULQFLSLR3URWRFROR$GLFLRQDOGHDUWtFXOR
6LQHPEDUJRSDUDXQVHFWRUGHODGRFWULQDVLXQFRQWUDWRSRUHMHPSOR
HVFHOHEUDGRHQ0RQWHYLGHR\ODSUHVWDFLyQWLHQHOXJDUGHFXPSOLPLHQWR
HQ%XHQRV$LUHVUHVXOWDQGRDSOLFDEOHHOGHUHFKRDUJHQWLQRSRUYtDGHOD
GRFWULQDGHOUHHQYtRVHUtDDGPLVLEOHHODFXHUGRGHSDUWHVHQWDQWRQXHVWUR
SDtVDFRJHHOSULQFLSLRGHDXWRQRPtDGHODYROXQWDG
(Q FRQVHFXHQFLD VRPHWHQ ORV FRQWUDWRV D OD OH\ GHO OXJDU GH
FXPSOLPLHQWRVLJXLHQGRODGRFWULQDFOiVLFDGH6DYLJQ\(QHIHFWRHODUWtFXOR
GHO7UDWDGRGHH[SUHVDTXH©/DOH\GHOOXJDUGRQGHORVFRQWUDWRV
GHEHQFXPSOLUVHGHFLGHVLHVQHFHVDULRTXHVHKDJDQSRUHVFULWR\ODFDOLGDG
GHOGRFXPHQWRFRUUHVSRQGLHQWHª<ODVLJXLHQWHGLVSRVLFLyQHVWDEOHFHTXH
ODPLVPDOH\ULJHVXH[LVWHQFLDVXQDWXUDOH]DVXYDOLGH]VXVHOHFWRVVXV
FRQVHFXHQFLDVVXHMHFXFLyQ\WRGRFXDQWRFRQFLHUQHDORVFRQWUDWRVEDMR
FXDOTXLHUDVSHFWR$VXWXUQRHODUWtFXORGHO7UDWDGRGHFRQWLHQH
XQDGLVSRVLFLyQFDVLLGpQWLFD3RUVXSDUWHHODUWtFXORHVWDEOHFHTXH
&IU *2/'6&+0,'7 :(51(5 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 'HUHFKR GH OD
7ROHUDQFLD%DVDGRHQ7HRUtD7ULDOLVWDGHO0XQGR-XUtGLFRHGLFLyQ(G'HSDOPD
%XHQRV$LUHVS
5HVXOWDPX\LOXVWUDWLYRHOGHEDWHVXVFLWDGRHQWRUQRDODDFHSWDFLyQRUHFKD]RGH
OD DXWRQRPtD GH OD YROXQWDG TXH FRQVWD HQ ODV $FWDV GH DPERV &RQJUHVRV
6XGDPHULFDQRVGH'HUHFKR,QWHUQDFLRQDO3ULYDGRGH0RQWHYLGHR8QDH[pJHVLV
GH pVWDV SXHGH YHUVH HQ )(/'67(,1 '(&É5'(1$66$5$ /&RQWUDWRVLQWHUQD
FLRQDOHV 6HJXQGD 3DUWH $XWRQRPtD GH OD YROXQWDG (G $EHOHGR 3HUURW %XHQRV
$LUHVS\VV
&IU *2/'6&+0,'7 :(51(5 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR 'HUHFKR GH OD
7ROHUDQFLD%DVDGRHQ7HRUtD7ULDOLVWDGHO0XQGR-XUtGLFRHGLFLyQ(G'HSDOPD
%XHQRV$LUHVS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
81
©6HULJHQSRUODOH\GHOOXJDUGHVXFHOHEUDFLyQORVDFWRV\FRQWUDWRVHQORV
FXDOHV QR SXHGD GHWHUPLQDUVH DO WLHPSR GH VHU FHOHEUDGRV \ VHJ~Q ODV
UHJODVFRQWHQLGDVHQORVDUWtFXORVDQWHULRUHVHOOXJDUGHFXPSOLPLHQWRª
(VGHFLUHO7UDWDGRGHSUHYpXQSXQWRGHFRQH[LyQVXEVLGLDULRHO
OXJDUGHFHOHEUDFLyQGHOFRQWUDWR
/RVFRQWUDWRVHQWUHDXVHQWHVVHULJHQSRUODOH\GHOOXJDUGHHMHFXFLyQ
$VtHODUWtFXORGHO7UDWDGRGHGLVSRQHTXH©/DSHUIHFFLyQGHORV
FRQWUDWRVFHOHEUDGRVSRUFRUUHVSRQGHQFLDRPDQGDWDULRVHULJHSRUODOH\
GHOOXJDUGHOFXDOSDUWLyODRIHUWDª<VHJ~QHODUWtFXORGHODYHUVLyQGH
©/D SHUIHFFLyQ GH ORV FRQWUDWRV FHOHEUDGRV SRU FRUUHVSRQGHQFLD R
SRUPDQGDWDULRVHULJHSRUODOH\GHOOXJDUGHOFXDOSDUWLyODRIHUWDDFHSWDGDª
1RSRGHPRVVRVOD\DUTXHVLELHQFXDQGR,QWHUQHWHVXWLOL]DGDFRPR
PHUR PHGLR GH FRPXQLFDFLyQ SDUD OD FHOHEUDFLyQ GH XQ FRQWUDWR VREUH
ELHQHVPDWHULDOHVODVQRUPDVGHFRQIOLFWRGHORV7UDWDGRVGH0RQWHYLGHR
VRQ SHUIHFWDPHQWH DSOLFDEOHV FXDQGR HQ FDPELR ORV ELHQHV REMHWR GHO
FRQWUDWRVRQLQPDWHULDOHV\ODHMHFXFLyQGHOFRQWUDWRVHUHDOL]DRQOLQHOD
DSOLFDFLyQDXWRPiWLFDGHORVFULWHULRVWUDGLFLRQDOHVTXHDGRSWDQODFpOHEUH
REUDFRGLILFDGRUDVHFRQYLHUWHHQXQDWDUHDPXFKRPiVDUGXD
& )XHQWH FRQYHQFLRQDO OD &RQYHQFLyQ GH 9LHQD VREUH
&RPSUDYHQWD,QWHUQDFLRQDOGH0HUFDGHUtDVGH&,6*
(OQ~PHURGH(VWDGRVUDWLILFDQWHVGHOD&RQYHQFLyQGH9LHQDGH
DVt FRPR OD DSOLFDFLyQ JHQHUDOL]DGD SRU SDUWH GH MXHFHV \ iUELWURV \ OD
SURSLDLQYRFDFLyQGHODVSDUWHVFRPRGHUHFKRDSOLFDEOHDODVFRPSUDYHQWDV
TXHFHOHEUDQQRVKDFHSHQVDUVLSRGUtDUHVXOWDUDSOLFDEOHDORVFRQWUDWRV
GHFRPSUDYHQWDLQWHUQDFLRQDORQOLQH
5HFRUGHPRVTXHOD&,6*UHJXODVyORDOJXQRVDVSHFWRVGHODFRPSUDYHQWD
ODIRUPDFLyQGHOFRQWUDWR\ODVREOLJDFLRQHVHQWUHYHQGHGRU\FRPSUDGRUDUW
H[FOX\HQGRH[SUHVDPHQWHDVSHFWRVWDOHVFRPRODDSUHFLDFLyQGHODYDOLGH]
GHO FRQWUDWR DUW D ORV HIHFWRV GHO FRQWUDWR VREUH OD SURSLHGDG GH ODV
PHUFDGHUtDVDUWE\ODUHVSRQVDELOLGDGFLYLOGHOYHQGHGRUSRUORVGDxRV
FDXVDGRV SRU ODV PHUFDQFtDV YHQGLGDV DUW $GHPiV VyOR FXEUH
FRPSUDYHQWDV LQWHUQDFLRQDOHV \ GHQWUR GH HOODV H[FOXVLYDPHQWH ODV GH
PHUFDGHUtDV\DXQDVtQRWRGDVODVPHUFDQFtDVTXHGDQFRPSUHQGLGDV
DÉPELWRGHDSOLFDFLyQ
/D &RQYHQFLyQ GH 9LHQD VREUH &RPSUDYHQWD ,QWHUQDFLRQDO GH
0HUFDGHUtDVGH&,6*VHJ~QVXDUWtFXORVHDSOLFDQRVyORFXDQGR
ODVQRUPDVGH'HUHFKRLQWHUQDFLRQDOSULYDGRSUHYHDQODDSOLFDFLyQGHOD
(QHOPLVPRVHQWLGRVHSURQXQFLD2<$5=É%$/0$5,2©/DOH\DSOLFDEOHDORV
FRQWUDWRVHQHOFLEHUHVSDFLRWUDQVQDFLRQDOªHQ'LDULRGH'RFWULQD\-XULVSUXGHQFLD
(O'HUHFKR1ƒ$xR;/,%XHQRV$LUHVGHIHEUHURGHS
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
OH\GHXQ(VWDGRFRQWUDWDQWHVLQRWDPELpQFXDQGRVHWUDWDGHFRQWUDWRV
GH FRPSUDYHQWD GH PHUFDGHUtDV HQWUH SDUWHV TXH WHQJDQ VXV HVWDEOH
FLPLHQWRVHQ(VWDGRVGLIHUHQWHVPLHPEURVGHOD&RQYHQFLyQ
&DEHDGYHUWLUTXHHVWDFRQGLFLyQGHDSOLFDFLyQQRHVDVLPSOHYLVWD
WDQ VHQFLOOD GH LQWHUSUHWDU HQ HO iPELWR YLUWXDO \D TXH ODV SDUWHV QR
QHFHVDULDPHQWHFRQRFHQHOOXJDUGHHVWDEOHFLPLHQWRGHODFRQWUDSDUWH
$VLPLVPROD&RQYHQFLyQGH9LHQDHVWDEOHFHXQFRQMXQWRGHQRUPDV
PDWHULDOHV UHJXODGRUDV GHO FRQWUDWR GH FRPSUDYHQWD LQWHUQDFLRQDO GH
PHUFDGHUtDV 3ULQFLSDOPHQWH VHJ~Q OR GLFKR UHJXOD OD IRUPDFLyQ GHO
FRQWUDWRSDUWH,,ORVGHUHFKRV\REOLJDFLRQHVGHFRPSUDGRUHV\YHQGHGRUHV
DVt FRPR ODV DFFLRQHV TXH SXHGHQ LQWHUSRQHUVH HQ ORV FDVRV GH
LQFXPSOLPLHQWRGHDOJXQDGHODVSDUWHVGHWRGDVRSDUWHGHVXVREOLJDFLRQHV
FRQWUDFWXDOHVROHJDOHVSDUWH,,,
([SOLFDQ*DUUR\=XSSLTXHHOiPELWRGHDSOLFDFLyQGHOD&RQYHQFLyQ
VHHQFXHQWUDOLPLWDGRHQFXDWURDVSHFWRV©(QSULPHUOXJDUOD&RQYHQFLyQ
VyOR VH DSOLFD D OD FRPSUDYHQWD LQWHUQDFLRQDO GH PHUFDGHUtDV /D &RQ
YHQFLyQVHHQFDUJDGHOLPLWDUHOFRQFHSWRGHFRPSUDYHQWDVDUWƒDF\
GHH[FOXLUFLHUWRWLSRGHPHUFDGHUtDVDUWƒGIGHVXiPELWRGHDSOLFDFLyQ
(Q VHJXQGR OXJDU HO FDUiFWHU ©LQWHUQDFLRQDOª GH OD FRPSUDYHQWD VH
HQFXHQWUDOLPLWDGRSRUHOGRPLFLOLRGHODVSDUWHVFRQWUDWDQWHV\ODVQRUPDV
GH'HUHFKRLQWHUQDFLRQDOSULYDGRDUWƒ(QWHUFHUOXJDUOD&RQYHQFLyQ
QR VH DSOLFD D FLHUWR WLSR GH FXHVWLRQHV UHODFLRQDGDV FRQ HO FRQWUDWR GH
FRPSUDYHQWD LQWHUQDFLRQDO GH PHUFDGHUtDV DUW ƒ )LQDOPHQWH OD
&RQYHQFLyQ UHFRQRFH HO SULQFLSLR GH OD DXWRQRPtD GH OD YROXQWDG
FRQILULHQGR D ODV SDUWHV OD IDFXOWDG GH H[FOXLU WRWDO R SDUFLDOPHQWH ODV
GLVSRVLFLRQHVGHOD&RQYHQFLyQDUWĻ
/D&RQYHQFLyQH[FOX\HGHVXiPELWRGHDSOLFDFLyQODVFRPSUDYHQWDV
GHSURGXFWRVSDUDXVRSHUVRQDORIDPLOLDU$OUHVSHFWRVHVRVWLHQHTXH
©OD UD]yQ SULQFLSDO GH H[FOXLU OD YHQWD D FRQVXPLGRUHV GHO iPELWR GH
DSOLFDFLyQKDVLGRODGHHYLWDUXQHYHQWXDOFRQIOLFWRHQWUHODVQRUPDVGHOD
&RQYHQFLyQ\ODVOH\HVGHRUGHQS~EOLFRGHSURWHFFLyQDOFRQVXPLGRU/D
OHJLVODFLyQHVSHFLDOGHSURWHFFLyQDOFRQVXPLGRUKDVLGRLQFRUSRUDGDHQ
HVWRV~OWLPRVDxRVDQXPHURVRVRUGHQDPLHQWRVMXUtGLFRVª
&IU*$552$OHMDQGUR\=833,$OEHUWR&RPSUDYHQWDLQWHUQDFLRQDOGHPHUFDGHUtDV
&RQYHQFLyQGH9LHQDGH(G/D5RFFD%XHQRV$LUHVSiJV²
&IU$UWtFXOR/DSUHVHQWH&RQYHQFLyQQRVHDSOLFDUiDODVFRPSUDYHQWDVDGH
PHUFDGHUtDV FRPSUDGDV SDUD XVR SHUVRQDO IDPLOLDU R GRPpVWLFR VDOYR TXH HO
YHQGHGRU HQ FXDOTXLHU PRPHQWR DQWHV GH OD FHOHEUDFLyQ GHO FRQWUDWR R HQ HO
PRPHQWR GH VX FHOHEUDFLyQ QR KXELHUD WHQLGR QL GHELHUD KDEHU WHQLGR
FRQRFLPLHQWRGHTXHODVPHUFDGHUtDVVHFRPSUDEDQSDUDHVHXVREHQVXEDVWDV
FMXGLFLDOHVGGHYDORUHVPRELOLDULRVWtWXORVRHIHFWRVGHFRPHUFLR\GLQHURH
GHEXTXHVHPEDUFDFLRQHVDHURGHVOL]DGRUHV\DHURQDYHVIGHHOHFWULFLGDG
&IU*$552$OHMDQGUR\=833,$OEHUWR&RPSUDYHQWDLQWHUQDFLRQDOGHPHUFD
GHUtDV&RQYHQFLyQGH9LHQDGH(G/D5RFFD%XHQRV$LUHVSiJV
²
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
83
7DPSRFRFXEUHWRGDVDTXHOODVFRPSUDYHQWDVGHVHUYLFLRV\DTXHVH
UHILHUHHVSHFtILFDPHQWHDSURGXFWRVELHQHVPHUFDGHUtDV(QHVWHVHQWLGR
GHEHPRV SHQVDU VL OD &RQYHQFLyQ UHVXOWDUtD DSOLFDEOH D ORV FRQWUDWRV
FHOHEUDGRV \ HMHFXWDGRV HQ OtQHD (OOR GHSHQGHUi GH OD FDOLILFDFLyQ GHO
DOFDQFH TXH OH GHPRV DO WpUPLQR ©ELHQª R ©PHUFDGHUtDª (V GHFLU VL OR
LGHQWLILFDPRV FRQ ELHQHV PXHEOHV R VL DGHPiV FRQVLGHUDPRV TXH GHEH
WUDWDUVHGHELHQHVPXHEOHVFRUSRUDOHV9HDPRV
E $SOLFDELOLGDG GH OD &,6* D ORV FRQWUDWRV LQWHUQDFLRQDOHV
FHOHEUDGRVSRUPHGLRVHOHFWUyQLFRV
6HJ~Q'H0LJXHO$VHQVLRHQODPHGLGDTXHOD&RQYHQFLyQGH9LHQD
©FRQWLHQHXQUpJLPHQHODERUDGRGHQRUPDVVREUHIRUPDFLyQGHOFRQWUDWR\
REOLJDFLRQHVGHODVSDUWHVHQODFRPSUDYHQWDLQWHUQDFLRQDOWLHQHXQJUDQ
LPSDFWRHQHOFRPHUFLRSRU,QWHUQHW6XVUHJODVVREUHIRUPD\IRUPDFLyQ
GHOFRQWUDWR\QRWLILFDFLRQHVHQWUHODVSDUWHVFRQVWLWX\HQXQFRQMXQWR
HODERUDGRGHSULQFLSLRV\QRUPDVIOH[LEOHVDGHFXDGRVSDUDGDUUHVSXHVWD
DOHPSOHRGHODVPRGHUQDVWpFQLFDVGHFRPXQLFDFLyQHQODFHOHEUDFLyQGH
ORVFRQWUDWRVGHFRPSUDYHQWDLQWHUQDFLRQDOª
6LQHPEDUJRODGRFWULQDKDPDQLIHVWDGRTXHOD&RQYHQFLyQGH9LHQD
QRVHUtDDSOLFDEOHDFLHUWDFDWHJRUtDGHFRQWUDWRVFRQFOXLGRVSRU,QWHUQHW
3RUXQDSDUWHVHJ~QHODUWtFXORDQRVHDSOLFDDODVFRPSUDYHQWDVGH
PHUFDGHUtDV FRPSUDGDV SDUD XVR SHUVRQDO IDPLOLDU R GRPpVWLFR VDOYR
TXHHOYHQGHGRUQRKXELHUDWHQLGRQLGHELHUDKDEHUWHQLGRFRQRFLPLHQWR
GH HVD FLUFXQVWDQFLD &RQ OR FXDO TXHGDUtD H[FOXLGR GHO iPELWR GH
DSOLFDFLyQGHOD&,6*HOFRPHUFLRHOHFWUyQLFR%&
(Q FLHUWD PHGLGD FDEH DGYHUWLU TXH HQ HO FRQWH[WR GHO FRPHUFLR
HOHFWUyQLFR QR VLHPSUH VHUi VHQFLOOR \ HYLGHQWH TXH HO YHQGHGRU SXHGD
WHQHUFRQRFLPLHQWRGHODFDOLGDGGHFRQVXPLGRUGHVXFRQWUDSDUWH
3RURWUDSDUWHUHVXOWDFXDQWRPHQRVFRQWURYHUWLGRFRPSUHQGHUGHQWUR
GHOFRQFHSWRGHPHUFDGHUtDVDFLHUWRVELHQHVLQPDWHULDOHVTXHFRQVWLWX\HQ
HO REMHWR PiV XVXDO GH ODV WUDQVDFFLRQHV SRU ,QWHUQHW WDOHV FRPR
SURJUDPDV JUDEDFLRQHV PXVLFDOHV OLEURV HOHFWUyQLFRV VXVFHSWLEOHV
WDPELpQGHVHUWUDQVPLWLGRVHQVRSRUWHPDWHULDO$OUHVSHFWRSUHVWLJLRVRV
HVSHFLDOLVWDV DILUPDQ TXH ©FDEH LQFOXLU HQ HO FRQFHSWR GH PHUFDGHUtD
WRGRVDTXHOORVELHQHVHQIRUPDWRHOHFWUyQLFRTXHVRQVXVFHSWLEOHVGHVHU
WUDQVPLWLGRVHQVRSRUWHPDWHULDOSRUHMHPSOR&'²520RGLVNHWWHIRUPDWR
HQHOTXHFRPHUFLDOL]DGRVWUDGLFLRQDOPHQWHH[LVWHHTXLYDOHQWHIXQFLRQDO
HQWUHODWUDQVPLVLyQGLJLWDOHQOtQHD\ODHQWUHJDGHXQHMHPSODUHQVRSRUWH
PDWHULDO VL ELHQ DTXpOORV HQ GHWHUPLQDGRV DVSHFWRV WLHQGHQ D VHU
HTXLSDUDGRVDODSUHVHQWDFLyQGHVHUYLFLRVª(QFDPELRGHEHUtDQTXHGDU
IXHUDGHOiPELWRGHDSOLFDFLyQGHOD&RQYHQFLyQGH9LHQD©ODVWUDQVDFFLRQHV
&IU'(0,*8(/$6(16,23('52 $/%(572'HUHFKR3ULYDGRGH,QWHUQHWVHJXQGD
HGLFLyQDFWXDOL]DGD(G&LYLWDV0DGULGSiJV²
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
FX\R REMHWR HV OD FHVLyQ GH GHUHFKRV GH H[SORWDFLyQ GH XQD FUHDFLyQ
LQWHOHFWXDO R OD FHVLyQ R OLFHQFLD GH GHUHFKRV GH SURSLHGDG LQGXVWULDO R
NQRZKRZ DVt FRPR ORV FRQWUDWRV GH GLVWULEXFLyQ GH SURJUDPDV GH
RUGHQDGRU\ORVGHFHVLyQGHXVRSRUWLHPSROLPLWDGRª
3RURWURODGROD&RQYHQFLyQHVVLQGXGDVDSOLFDEOHDORVFRQWUDWRVGH
FRPSUDYHQWDGHPHUFDGHUtDVFRQFOXLGRVHOHFWUyQLFDPHQWHSHURHMHFXWDGRV
RIIOLQH
3RUVXSDUWHFDEHPHQFLRQDUODSULPHUDRSLQLyQFRQVXOWLYDGHOGH
DJRVWRGHGHO&RQVHMR&RQVXOWLYRGHOD&RQYHQFLyQ&,6*²$&D
VROLFLWXGLQIRUPDOGHOD&iPDUDGH&RPHUFLR,QWHUQDFLRQDOTXHLQTXLULy
VREUH OD FRPSDWLELOLGDG GHO WH[WR GH OD &,6* FRQ ODV FRPXQLFDFLRQHV
HOHFWUyQLFDV(VWDRSLQLyQUHYLVDWRGRVORVDUWtFXORVGHOD&RQYHQFLyQHQ
ORVTXHGHDOJ~QPRGRXRWURODXWLOL]DFLyQGHFRPXQLFDFLRQHVHOHFWUyQLFDV
SRGUtDQWHQHULQFLGHQFLD(QWpUPLQRVJHQHUDOHVHYLGHQFLDTXHOD&,6*HV
FDSD]GHFRPSDWLELOL]DUVHFRQORVQXHYRVPHGLRVHOHFWUyQLFRV\SDUDHOOR
VXJLHUHODIRUPDHQTXHpVWRVVHSRGUtDQDFRPRGDUDVXWH[WR
$Vt SRU HMHPSOR HO &RQVHMR &RQVXOWLYR UHVSHFWR GHO DUWtFXOR LQWHUSUHWy TXH HO FRQWUDWR SRGUi FHOHEUDUVH R SUREDUVH SRU PHGLRV GH
FRPXQLFDFLyQHOHFWUyQLFD\DTXHHVWLPDTXHDOQRH[LJLUVHQLQJXQDIRUPD
HQHVWHDUWtFXOROD&,6*SHUPLWHDODVSDUWHVFHOHEUDUFRQWUDWRVHOHFWUy
QLFDPHQWH
(QUHODFLyQFRQHODUWtFXORLQWHUSUHWyTXHHOWpUPLQR©SRUHVFULWRª
WDPELpQLQFOX\HORVPHGLRVGHFRPXQLFDFLyQHOHFWUyQLFRVVXVFHSWLEOHVGH
VHUUHFXSHUDGRVHQIRUPDWDQJLEOH(VGHFLUHOSUHUUHTXLVLWRGH©SRUHVFULWRª
&IU'(0,*8(/$6(16,23HGUR$OEHUWR'HUHFKR3ULYDGRGH,QWHUQHWVHJXQGD
HGLFLyQDFWXDOL]DGD(G&LYLWDV0DGULGS
(OREMHWLYRGHO&,6*$&HVSURPRYHUODSURPRFLyQGHODLQWHUSUHWDFLyQXQLIRUPH
GHOD&RQYHQFLyQSRUORTXHHOSUHFHSWRGHODUWtFXOR&,6*VHFRQYLHUWHHQHO
IDURTXHJXtDDOJUXSR6HWUDWDGHXQDLQLFLDWLYDSULYDGDSXHVWRTXHVXVPLHPEURV
QRUHSUHVHQWDQDVXVSDtVHVQLDFXOWXUDVMXUtGLFDVHQSDUWLFXODURWUDGLFLRQHV
OHJDOHV FRQFUHWDV VLQR TXH VRQ HVWXGLRVRV GH OD &RQYHQFLyQ TXH LQWHQWDQ
UHVSRQGHU D ODV FXHVWLRQHV FDQGHQWHV \ FRQIOLFWLYDV GH OD &RQYHQFLyQ (Q
GHILQLWLYDHOSULQFLSDOSURSyVLWRGHO&,6*$&HVHPLWLURSLQLRQHVUHODWLYDVDOD
LQWHUSUHWDFLyQ\DSOLFDFLyQGHOD&RQYHQFLyQ\DVHDDSHGLGRGHSDUWHLQWHUHVDGD
RSRUSUHYLDSHWLFLyQRDVXSURSLDLQLFLDWLYD
9HU*$552$OHMDQGUR3(5$/(69,6&$6,//$63LODU\3e5(=3(5(,5$0DUtD
©&RPXQLFDFLRQHV HOHFWUyQLFDV HQ OD &RQYHQFLyQ GH 9LHQD GH VREUH FRP
SUDYHQWDLQWHUQDFLRQDOGHPHUFDGHUtDV&18&&,03ULPHUDRSLQLyQGHO&RQVHMR
&RQVXOWLYRGHOD&18&&,0&,6*$&ªHQ5&(Q~PGLFLHPEUHSS
\HQ'HUHFKR\7HFQRORJtD&HQWURGH,QYHVWLJDFLRQHV-XUtGLFDV\SROtWLFDV
1ƒ 8QLYHUVLGDG &DWyOLFD GH 7iFKLUD 6DQ &ULVWREDO 9HQH]XHOD MXOLR ²
GLFLHPEUH
$UWtFXOR&,6*(OFRQWUDWRGHFRPSUDYHQWDQRWHQGUiTXHFHOHEUDUVHQLSUREDUVH
SRUHVFULWRQLHVWDUiVXMHWRDQLQJ~QRWURUHTXLVLWRGHIRUPD3RGUiSUREDUVHSRU
FXDOTXLHUPHGLRLQFOXVRSRUWHVWLJRV
$UWtFXOR &,6* $ ORV HIHFWRV GH OD SUHVHQWH &RQYHQFLyQ OD H[SUHVLyQ ©SRU
HVFULWRªFRPSUHQGHHOWHOHJUDPD\HOWpOH[
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
85
VHVDWLVIDFHVLHPSUHTXHODFRPXQLFDFLyQHOHFWUyQLFDVHDFDSD]GHFXPSOLU
ODVPLVPDVIXQFLRQHVTXHXQPHQVDMHHQSDSHOODSRVLELOLGDGGHJXDUGDU
UHFXSHUDUHOPHQVDMH\HQWHQGHUORFRPSUHQGHUOR6LQHPEDUJRDGYLHUWH
TXHHVWDRSLQLyQQRFRQFLHUQHDODVUHVHUYDVKHFKDVSRUORV(VWDGRVGH
DFXHUGRFRQHODUW&,6*QLLPSRQHUHVWULFFLyQDOJXQDDORV(VWDGRV
TXHKD\DQKHFKRWDOUHVHUYDFRPRHVHOFDVRGHOD5HS~EOLFD$UJHQWLQD
/H\DUWƒ)RUPXODUHVWDUHVHUYDLPSOLFDTXHFXDQGRXQDGHODV
SDUWHV FRQWUDWDQWHV WHQJD VX HVWDEOHFLPLHQWR HQ QXHVWUR SDtV OD
FHOHEUDFLyQ PRGLILFDFLyQ \ H[WLQFLyQ GHO FRQWUDWR SRU PXWXR DFXHUGR
GHEHUiUHYHVWLUODIRUPDHVFULWD
$VLPLVPRHO&RQVHMR&RQVXOWLYRLQWHUSUHWyDGHFXDQGRDORVQXHYRV
PHGLRVGHFRPXQLFDFLyQORVVLJXLHQWHVWpUPLQRVHPSOHDGRVSRUOD&,6*
©OOHJDª ©OOHJDGDª ©HQYtRª ©YHUEDOª ©FRPXQLFDª ©FRPXQLFDFLyQª ©PHGLRV
GHFRPXQLFDFLyQLQVWDQWiQHDª©DYLVRª
/D GRFWULQD QDFLRQDO HQ JHQHUDO HVWi GH DFXHUGR DVLPLVPR FRQ
HVWDRSLQLyQ©1RKD\LQGLFDFLyQGHTXHOD&RQYHQFLyQEXVFDUDH[FOXLU
QLQJ~QWLSRHVSHFtILFRGHFRPXQLFDFLyQGHVXiPELWRGHDSOLFDFLyQ2FXUUH
VLPSOHPHQWHTXHHVWDVQXHYDVWHFQRORJtDVQRHVWDEDQGLVSRQLEOHVHQOD
pSRFD HQ TXH VH DGRSWy OD &RQYHQFLyQ HQ 3RU OR TXH HVWDPRV HQ
SUHVHQFLDGHXQDODJXQDTXHGHEHFRQVLGHUDUVHDODOX]GHORVSULQFLSLRV
JHQHUDOHVGHOLEHUWDGGHIRUPDV\GHDXWRQRPtDGHODVSDUWHVHQORVTXHVH
EDVD OD &RQYHQFLyQ DUWV \ 3ULQFLSLRV TXH VXJLHUHQ XQD
LQWHUSUHWDFLyQ DPSOLD LQFOXVLYD GH ©WRGDV ODV IRUPDV GH FRPXQLFDFLyQ
HOHFWUyQLFDª
)LQDOPHQWH FDEH UHVDOWDU TXH OD &RQYHQFLyQ GH 1DFLRQHV 8QLGDV
VREUH OD 8WLOL]DFLyQ GH &RPXQLFDFLRQHV (OHFWUyQLFDV HQ ORV &RQWUDWRV
,QWHUQDFLRQDOHVHQVXDUWtFXORHVWDEOHFHTXHVXVGLVSRVLFLRQHV©VHUiQ
DSOLFDEOHVDOHPSOHRGHFRPXQLFDFLRQHVHOHFWUyQLFDVHQORFRQFHUQLHQWH
D OD IRUPDFLyQ R HO FXPSOLPLHQWR GH XQ FRQWUDWR DO TXH VHD DSOLFDEOH
FXDOTXLHUDGHORVVLJXLHQWHVLQVWUXPHQWRVLQWHUQDFLRQDOHVHQORVTXHXQ
(VWDGR&RQWUDWDQWHGHODSUHVHQWH&RQYHQFLyQVHDRSXHGDOOHJDUDVHU
SDUWH &RQYHQFLyQ GH ODV 1DFLRQHV 8QLGDV VREUH ORV &RQWUDWRV GH
&RPSUDYHQWD ,QWHUQDFLRQDO GH 0HUFDGHUtDV 9LHQD GH DEULO GH
ª
&IU2<$5=É%$/0DULR-$©/DOH\DSOLFDEOHDORVFRQWUDWRVHQHOFLEHUHVSDFLR
WUDQVQDFLRQDOª HQ 'UH\]LQ GH .ORU $GULDQD )HUQiQGH] $UUR\R 'LHJR 3 \
3LPHQWHO /XL] 2WiYLR GLUV 5HYLVWD 'H&,7$ 'HUHFKR GHO FRPHUFLR
LQWHUQDFLRQDO7HPDV\DFWXDOLGDGHV,QWHUQHWFRPHUFLRHOHFWUyQLFR\VRFLHGDGGHOD
LQIRUPDFLyQ(G=DYDOtD²)XQGDoDR%RLWHX[%UDVLOS
6REUHODFRPSDWLELOLGDGGHDPEDVFRQYHQFLRQHVSXHGHDPSOLDUVHHQ0$==27$
)UDQFHVFR*©1RWHVRQWKH8QLWHG1DWLRQV&RQYHQWLRQRQWKH8VHRI(OHFWURQLF
&RPPXQLFDWLRQVLQ,QWHUQDWLRQDO&RQWUDFWV$QG,WV(IIHFWVRQWKH8QLWHG1DWLRQV
&RQYHQWLRQRQ&RQWUDFWVIRUWKH,QWHUQDWLRQDO6DOHRI*RRGVªHQ5XWJHUV&RPSXWHU
DQG7HFKQRORJ\/DZ-RXUQDO58&7/-
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
'3UR\HFWRVGHUHIRUPDHQOD5HS~EOLFD$UJHQWLQD
(OPiVUHFLHQWH3UR\HFWRGH&yGLJRGH'HUHFKR,QWHUQDFLRQDO3ULYDGR
HODERUDGRSRUOD&RPLVLyQGHVLJQDGDSRUODV5HVROXFLRQHVGHO0LQLVWHULR
GH-XVWLFLD\'HUHFKRV+XPDQRV1ƒ\\SUHVHQWDGRDO
0LQLVWURGH-XVWLFLD6HJXULGDG\'HUHFKRV+XPDQRVHOGHPD\RGH
SURSRQHXQFDStWXORFRPSOHWRGHGLFDGRDORV&RQWUDWRV
(QHIHFWRHOFDStWXOR9DUWVDGHO7tWXOR,,,VHGHGLFDDODOH\
DSOLFDEOHDORVFRQWUDWRV5HJXODWDQWRODHOHFFLyQGHOGHUHFKRSRUODVSDUWHV
DXWRQRPtD GH OD YROXQWDG \ VXV OtPLWHV DVt FRPR GLVSRQH HO GHUHFKR
DSOLFDEOHDIDOWDGHHOHFFLyQ$VLPLVPRHQHODUWtFXORHO3UR\HFWRGHILQH
ODOH\DSOLFDEOHDODIRUPDGHOFRQWUDWR<DSDUWLUGHODUWtFXORUHJXOD
FRQWUDWRVHVSHFtILFRVVREUHLQPXHEOHVGHLQWHUPHGLDFLyQ\UHSUHVHQWDFLyQ
GH WUDQVSRUWH WHUUHVWUH GH FRVDV GH WUDQVSRUWH WHUUHVWUH GH SHUVRQDV
FRQWUDWRVFHOHEUDGRVFRQFRQVXPLGRUHV\GHWUDEDMR
(O 3UR\HFWR GH &yGLJR GH 'HUHFKR ,QWHUQDFLRQDO 3ULYDGR SURSRQH HO
UHFRQRFLPLHQWROHJLVODWLYRH[SUHVR\DPSOLRGHOSULQFLSLRGHODDXWRQRPtD
GHODYROXQWDGHQODVREOLJDFLRQHVFRQWUDFWXDOHV(QHIHFWRHODUWtFXOR
GLVSRQH©(OHFFLyQGHOGHUHFKR/DIRUPDODYDOLGH]LQWUtQVHFD\ORVHIHFWRV
GHO FRQWUDWR VH ULJHQ SRU HO GHUHFKR HOHJLGR OLEUHPHQWH SRU ODV SDUWHV
HOHFFLyQTXHSXHGHQKDFHULQFOXVRGXUDQWHHOSURFHVR/DVSDUWHVSXHGHQ
HOHJLU HO GHUHFKR DSOLFDEOH D OD WRWDOLGDG R D XQD SDUWH GHO FRQWUDWR DVt
FRPRHVWDEOHFHUTXHGLYHUVRVDVSHFWRVVHULMDQSRUGHUHFKRVGLIHUHQWHV/D
HOHFFLyQSXHGHUHFDHUHQHOGHUHFKRGHXQWHUFHU(VWDGRVLQYLQFXODFLyQ
FRQ HO FDVR /D HOHFFLyQ GHEH VHU H[SUHVD R UHVXOWDU FODUDPHQWH GH ORV
WpUPLQRVGHOFRQWUDWRRGHODVFLUFXQVWDQFLDVGHOFDVR3RUGHUHFKRHOHJLGR
VH HQWLHQGH VDOYR SDFWR HQ FRQWUDULR HO GHUHFKR LQWHUQR GHO SDtV GH
UHIHUHQFLDª
$VLPLVPRVHLQWURGXFHH[SUHVDPHQWHODSRVLELOLGDGGHTXHODVSDUWHV
SXHGDQJHQHUDUQXHYRVWLSRVFRQWUDFWXDOHV\HODERUDUQRUPDVGHOFRQWUDWR
TXHGHVSODFHQODVQRUPDVFRDFWLYDVGHOGHUHFKRDSOLFDEOHGiQGROHDPSOLD
FDELGDDODDXWRQRPtDPDWHULDO1RVHDFODUDTXHODDXWRQRPtDPDWHULDO
GHEHVHUH[SUHVDORFXDOGDUtDOXJDUDOHMHUFLFLRGHODDXWRQRPtDPDWHULDO
WiFLWD
/D DXWRQRPtD GH OD YROXQWDG UHFRQRFLGD HQ HO 3UR\HFWR HQ WRGD VX
DPSOLWXG OH SHUPLWH D ODV SDUWHV HO HPSOHR GHO GHSHoDJH DVt FRPR OD
PRGLILFDFLyQGHOGHUHFKRDSOLFDEOHHQFXDOTXLHUPRPHQWRLQFOXVLYHGXUDQWH
HOSURFHVR
(Q FXDQWR D ODV OLPLWDFLRQHV HQ HO HMHUFLFLR GH OD DXWRQRPtD GH OD
YROXQWDGVHGHMDQDVDOYRODVTXHGHQRPLQDQRUPDVDUJHQWLQDVGLFWDGDV
SDUDSUHVHUYDUHOLQWHUpVS~EOLFR
/DGHWHUPLQDFLyQGHODOH\DSOLFDEOHDIDOWDGHHOHFFLyQSRUODVSDUWHV
HQHO3UR\HFWRGH&yGLJRUHVXOWDGHODUWtFXORVHJ~QHOFXDO©HOFRQWUDWR
VH ULJH SRU HO GHUHFKR GHO (VWDGR FRQ HO FXDO SUHVHQWD YtQFXORV PiV
HVWUHFKRVª6HJXLGDPHQWHVHLQWURGXFHQGRVSUHVXQFLRQHVXQDSULQFLSDO
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
87
\ RWUD VXEVLGLDULD HO OXJDU GH FXPSOLPLHQWR GH OD SUHVWDFLyQ PiV
FDUDFWHUtVWLFD \ OD UHVLGHQFLD KDELWXDO GHO GHXGRU GH OD SUHVWDFLyQ PiV
FDUDFWHUtVWLFD
6HUHJXODQORVFRQWUDWRVUHODWLYRVDLQPXHEOHVRDVXXWLOL]DFLyQ\ORV
FRQWUDWRV FHOHEUDGRV FRQ FRQVXPLGRUHV FRQWUDWRV HQ ORV TXH VH YHGD D
ODV SDUWHV OD SRVLELOLGDG GH HMHUFLWDU OD DXWRQRPtD GH OD YROXQWDG
VRPHWLpQGRORVDODOH\GHOOXJDUGHODUHVLGHQFLDGHOFRQVXPLGRU(QHIHFWR
HODUWtFXORGLVSRQHTXHORVFRQWUDWRVUHODWLYRVDODSUHVWDFLyQGHVHUYLFLRV
RSURYLVLyQGHFRVDVPXHEOHVGHVWLQDGRVDXQXVRSHUVRQDORIDPLOLDUGHO
FRQVXPLGRU TXH VHDQ DMHQRV D OD DFWLYLGDG FRPHUFLDO R SURIHVLRQDO GH
pVWHDVtFRPRWDPELpQORVFRQWUDWRVTXHWHQJDQSRUREMHWRODILQDQFLDFLyQ
GHWDOHVSUHVWDFLRQHVVHULJHQSRUHOGHUHFKRGHO(VWDGRGHODUHVLGHQFLD
KDELWXDOGHOFRQVXPLGRUHQORVVLJXLHQWHVFDVRVDVLODFRQFOXVLyQGHO
FRQWUDWRKDVLGRSUHFHGLGDGHXQDRIHUWDRGHXQDSXEOLFLGDGUHDOL]DGDR
GLULJLGD DO (VWDGR GH OD UHVLGHQFLD KDELWXDO GHO FRQVXPLGRU \ pVWH KD
FXPSOLGRHQpOORVDFWRVQHFHVDULRVSDUDODFRQFOXVLyQGHOFRQWUDWREVLHO
SURYHHGRUKDUHFLELGRHOSHGLGRHQHO(VWDGRGHODUHVLGHQFLDKDELWXDOGHO
FRQVXPLGRU F VL HO FRQVXPLGRU KD VLGR LQGXFLGR SRU VX SURYHHGRU D
GHVSOD]DUVHDXQ(VWDGRH[WUDQMHURDORVILQHVGHHIHFWXDUHQpOVXSHGLGR
6LQHPEDUJRODPHQWDEOHPHQWHOD&RPLVLyQGHVLJQDGDGHVDSURYHFKy
OD RSRUWXQLGDG SDUD LQFRUSRUDU DXQTXH VHD DOJXQDV QRUPDV EiVLFDV
GHVWLQDGDV D OD UHJXODFLyQ GH ORV FRQWUDWRV FHOHEUDGRV SRU PHGLRV
HOHFWUyQLFRV \ DGHPiV RPLWLy WHQHU HQ FXHQWD ODV QXHYDV WHFQRORJtDV DO
UHJXODU ORV FRQWUDWRV FHOHEUDGRV SRU FRQVXPLGRUHV H[LJLHQGR TXH SDUD
TXHUHVXOWHDSOLFDEOHODOH\GHVXUHVLGHQFLDKDELWXDODTXpOGHEHUiKDEHU
FXPSOLGRHQWDOOXJDUORVDFWRVQHFHVDULRVSDUDODFRQFOXVLyQGHOFRQWUDWR
ORFXDOUHVXOWDGHFDVLLPSRVLEOHFRPSUREDFLyQHQHOFRQWH[WRHOHFWUyQLFR
UD]yQSRUODFXDOHVWHUHTXLVLWRIXHRPLWLGRWDQWRHQHO5HJODPHQWR&(
1ƒ UHODWLYR D OD FRPSHWHQFLD MXGLFLDO HO UHFRQRFLPLHQWR \ OD
HMHFXFLyQ GH UHVROXFLRQHV HQ PDWHULD FLYLO \ PHUFDQWLO %UXVHODV FRPRHQHOUHFLHQWH5HJODPHQWR&(1ƒVREUHODOH\DSOLFDEOHD
ODVREOLJDFLRQHVFRQWUDFWXDOHV5RPD,
3XHGHDPSOLDUVHHQ)(/'67(,1'(&$5'(1$66DUD/52'5Ì*8(=0yQLFD
\6&277,/XFLDQD%©'LFWDPHQGHO,QVWLWXWRGH'HUHFKR,QWHUQDFLRQDO3ULYDGR
GHO&ROHJLRGH$ERJDGRVGH6DQ,VLGURªUHVXPHQSXEOLFDGRHQ5HYLVWD6tQWHVLV
)RUHQVH 1ƒ 6HSWLHPEUH 2FWXEUH 3iJLQDV 7H[WR FRPSOHWR
GLVSRQLEOHHQ©'LFWDPHQVREUHHO3UR\HFWRGH&yGLJRGH'HUHFKR,QWHUQDFLRQDO
3ULYDGR3ULPHUDSDUWHªHQ6XSOHPHQWRPHQVXDOGH'HUHFKR,QWHUQDFLRQDO3ULYDGR
\GHOD,QWHJUDFLyQZZZHOGLDOFRP(G$OEUHPiWLFDIHFKDGHSXEOLFDFLyQGH
RFWXEUHGHSiJLQDV<6HJXQGDSDUWHHQ6XSOHPHQWRPHQVXDOGH'HUHFKR
,QWHUQDFLRQDO3ULYDGR\GHOD,QWHJUDFLyQZZZHOGLDOFRP(G$OEUHPiWLFDIHFKD
GHSXEOLFDFLyQGHQRYLHPEUHGHSiJLQDV
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
9, 6ROXFLRQHV SURSXHVWDV SRU OD $62&,$&,Ð1 $5*(17,1$
'('(5(&+2,17(51$&,21$/$$',
/DVVROXFLRQHVFRQVLGHUDGDVIDFWLEOHVHQPDWHULDGHGHUHFKRDSOLFDEOH
HQODVUHODFLRQHVMXUtGLFDVSRU,QWHUQHWGHO;9,,&RQJUHVR2UGLQDULRGHOD
$VRFLDFLyQ$UJHQWLQDGH'HUHFKR,QWHUQDFLRQDO²;,,,&RQJUHVR$UJHQWLQR
GH'HUHFKR,QWHUQDFLRQDO©'U/XLV0DUtD'UDJRªFHOHEUDGRHQWUHHO\
HOGHRFWXEUHGHHQ6DQ)HUQDQGRGHO9DOOHGH&DWDPDUFD6HFFLyQ
'HUHFKR,QWHUQDFLRQDO3ULYDGRHQORTXHUHVXOWDSHUWLQHQWHIXHURQ
(OGHUHFKRHOHJLGR\ODVQRUPDVPDWHULDOPHQWHDFRUGDGDVPHGLDQWH
HOHMHUFLFLRGHODDXWRQRPtDGHODYROXQWDGGHODVSDUWHVHVWLPiQGRVHGH
DSOLFDFLyQ ORV OtPLWHV D HVDV IRUPDV GH DXWRQRPtD GHULYDGRV GHO RUGHQ
S~EOLFRQRUPDVGHSROLFtD\HYHQWXDOPHQWHQRUPDVFRDFWLYDVGHOGHUHFKR
HOHJLGR
6H UHPDUFD OD FRQYHQLHQFLD GH DUULEDU D QRUPDV FRQYHQFLRQDOHV
XQLIRUPHV GH IXHQWH LQWHUQDFLRQDO GHUHFKR VXVWDQWLYR GH ,QWHUQHW \R
GHUHFKRFRQIOLFWXDOGH,QWHUQHW
1RUPDVPDWHULDOHVGHEDVHOHJDOHQHO'HUHFKRLQWHUQDFLRQDOSULYDGR
GHIXHQWHLQWHUQDHVSHFLDOPHQWHDGDSWDGDVHQODQDWXUDOH]DGHHVWHWLSR
GHF\EHUFDVRVFRQVROXFLRQHVDUPRQL]DGDVFRQORVHVWiQGDUHVPtQLPRV
DOFDQ]DGRVDQLYHOLQWHUQDFLRQDO
&RPRUHJODVVXEVLGLDULDPHQWHDSOLFDEOHVHQGHIHFWRGHODVIXHQWHV
DQWHULRUHV SDUHFH SODXVLEOH SURSRQHU OD DSUR[LPDFLyQ IXQFLRQDO D ORV
FULWHULRV\DXWLOL]DGRVSRUHO'HUHFKRLQWHUQDFLRQDOSULYDGRDWHQGLHQGRD
ODDGHFXDFLyQPiVFRQYHQLHQWHVHJ~QODGLYHUVDQDWXUDOH]DTXHSXHGHQ
SUHVHQWDUORVFDVRVFRQFUHWRVYJUFRQWUDWRVFHOHEUDGRV\HMHFXWDGRVRQ
OLQH FRQWUDWRV FHOHEUDGRV RQ OLQH \ HMHFXWDGRV RII OLQH FRQWUDWRV %%
%*%&&&33HWF
D/DOH\GHOOXJDUGHFXPSOLPLHQWR
E/DOH\GHOOXJDUGHHPLVLyQGHODRIHUWDRGHOGRPLFLOLRGHRULJHQOD
OH\GHOOXJDUGHUHFHSFLyQTXHVHGDFXDQGRHQWUDHOPHQVDMHHQHOVLVWHPD
GHLQIRUPDFLyQGHOGHVWLQDWDULRDQiORJOXJDUGHFHOHEUDFLyQ
F /DOH\GHOOXJDUGHGRPLFLOLRRUHVLGHQFLDKDELWXDOGHDPEDVSDUWHV
GHSHoDJHDQiORJDUWGHOFyGFLYLO
G6HGHVWDFDODQHFHVLGDGGHSUHYHURXWLOL]DUFOiXVXODVHVFDSDWRULDV
TXHSHUPLWDQDOMX]JDGRUOLEHUDUVHGHVROXFLRQHVUtJLGDV\HOHJLUHOGHUHFKR
PiVDGHFXDGRDODQDWXUDOH]DGHOFDVRFRQXQFULWHULRGHPD\RUSUR[LPLGDG
H (QFRQWUDWRVGHFRQVXPRSDUHFHUHFRPHQGDEOHDGRSWDUODOH\GHO
GRPLFLOLRRUHVLGHQFLDKDELWXDOGHOFRQVXPLGRURODOH\GHOGRPLFLOLRGHO
SURYHHGRU YHQGHGRU R SUHVWDGRU GH VHUYLFLRV FXDQGR pVWD IXHUD PiV
IDYRUDEOH
I $SOLFDFLyQGHXQDF\EHUODZROH[PHUFDWRULDDGDSWDGDDODPRGDOLGDG
GHOFLEHUHVSDFLR
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
89
J $SOLFDFLyQGHSULQFLSLRVGHGHUHFKRXQLIRUPHJHQHUDOPHQWHDFHSWDGRV
7DO FRPR SRGHPRV REVHUYDU ODV FRQFOXVLRQHV GH OD $$', VREUH
HVWHSDUWLFXODUFRLQFLGHQHQJUDQPHGLGDFRQODVSURSXHVWDV\RSLQLRQHV
LPSHUDQWHVHQODGRFWULQDQDFLRQDOHLQWHUQDFLRQDO
9,,6ROXFLRQHVHQOD8QLyQ(XURSHD
'HVSXpVGHDUGXRVWUDEDMRVHOGHMXQLRGHIXHDSUREDGRHO
5HJODPHQWR&(1ƒVREUHODOH\DSOLFDEOHDODVREOLJDFLRQHVFRQWUDF
WXDOHV5RPD,TXHHQWUyHQYLJRUHOGHGLFLHPEUHGH\VHDSOLFD
DORVFRQWUDWRVFHOHEUDGRVDSDUWLUGHHVDIHFKD
6HJ~QHODUWtFXORHO5HJODPHQWRVXVWLWX\HDO&RQYHQLRGH5RPDGH
HQORV(VWDGRVPLHPEURVVDOYRHQORTXHUHVSHFWDDORVWHUULWRULRV
GHORV(VWDGRVFRPSUHQGLGRVHQHOiPELWRGHDSOLFDFLyQWHUULWRULDOGHGLFKR
&RQYHQLR\DORVTXHQRVHDSOLFDHO5HJODPHQWRHQYLUWXGGHODUWtFXOR
GHO7UDWDGR7DOHVVHUtDQHQSULQFLSLRORVFDVRVGH,UODQGD5HLQR8QLGR
\ 'LQDPDUFD (Q HIHFWR GH FRQIRUPLGDG FRQ ORV DUWtFXORV \ GHO
3URWRFROR VREUH OD SRVLFLyQ GH 'LQDPDUFD DQHMR DO 7UDWDGR GH OD 8QLyQ
(XURSHD\DO7UDWDGRFRQVWLWXWLYRGHOD&RPXQLGDG(XURSHD'LQDPDUFD
QRKDSDUWLFLSDGRHQODDGRSFLyQGHO5HJODPHQWR'LFKRSDtVSRUORWDQWR
QR HVWi YLQFXODGR SRU HO PLVPR QL VXMHWR D VX DSOLFDFLyQ (Q FDPELR
,UODQGD\5HLQR8QLGRHVWiQYLQFXODGRVSRUHO5HJODPHQWR\DTXH,UODQGD
QRWLILFy\DGXUDQWHORVWUDEDMRVSUHSDUDWRULRVGHO5HJODPHQWRVXGHVHR
GHSDUWLFLSDUHQODDGRSFLyQ\DSOLFDFLyQGHOQXHYRLQVWUXPHQWR\SRUVX
SDUWH HO 5HLQR 8QLGR GHVSXpV GH KDEHU QRWLILFDGR VX GHFLVLyQ GH QR
SDUWLFLSDUHQODDGRSFLyQGHO5HJODPHQWRILQDOPHQWHKDFRPXQLFDGRVX
VROLFLWXGGHDFHSWDUHO5HJODPHQWR
(QFRQVHFXHQFLDHQODPHGLGDHQTXHVXVWLWX\HDODVGLVSRVLFLRQHV
GHO&RQYHQLRGH5RPDSDUDORVUHVWDQWHVPLHPEURVGHOD8QLyQ(XURSHD
VHHQWHQGHUiTXHWRGDUHPLVLyQDpVWHVHUHILHUHDO5HJODPHQWR
(Q HIHFWR GLVSRQHQ ORV VLJXLHQWHV FRQVLGHUDQGRV GHO 5HJODPHQWR 'H
FRQIRUPLGDGFRQHODUWtFXORGHO3URWRFRORVREUHODSRVLFLyQGHO5HLQR8QLGR\
GH,UODQGDDQHMRDO7UDWDGRGHOD8QLyQ(XURSHD\DO7UDWDGRFRQVWLWXWLYRGHOD
&RPXQLGDG(XURSHD,UODQGDKDQRWLILFDGRVXGHVHRGHSDUWLFLSDUHQODDGRSFLyQ
\DSOLFDFLyQGHOSUHVHQWH5HJODPHQWR'HFRQIRUPLGDGFRQORVDUWtFXORV\
GHO3URWRFRORVREUHODSRVLFLyQGHO5HLQR8QLGR\GH,UODQGDDQHMRDO7UDWDGRGH
OD 8QLyQ (XURSHD \ DO 7UDWDGR FRQVWLWXWLYR GH OD &RPXQLGDG (XURSHD \ VLQ
SHUMXLFLRGHODUWtFXORGHOPLVPRHO5HLQR8QLGRQRSDUWLFLSDHQODDGRSFLyQGHO
SUHVHQWH5HJODPHQWR\SRUWDQWRQRHVWiYLQFXODGRSRUHOPLVPRQLVXMHWRDVX
DSOLFDFLyQ 'H FRQIRUPLGDG FRQ ORV DUWtFXORV \ GHO 3URWRFROR VREUH OD
SRVLFLyQ GH 'LQDPDUFD DQHMR DO 7UDWDGR GH OD 8QLyQ (XURSHD \ DO 7UDWDGR
FRQVWLWXWLYRGHOD&RPXQLGDG(XURSHD'LQDPDUFDQRSDUWLFLSDHQODDGRSFLyQ
GHOSUHVHQWH5HJODPHQWR\SRUWDQWRQRHVWiYLQFXODGDSRUHOPLVPRQLVXMHWDD
VXDSOLFDFLyQ
&IU'HFLVLyQGHOD&RPLVLyQ&(GHGHGLFLHPEUHGH'28(/
GHHQHUR
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
/DQXHYDQRUPDFRPXQLWDULDUHSURGXFHHQJUDQPHGLGDODVGLVSRVL
FLRQHVGHO&RQYHQLRGH5RPD
(QWpUPLQRVJHQHUDOHVXQDGHODVGLIHUHQFLDVPiVVLJQLILFDWLYDVHVWi
UHODFLRQDGDDODVUHJODVSDUDGHWHUPLQDUODOH\DSOLFDEOHHQDXVHQFLDGH
HOHFFLyQGHODVSDUWHV
'HDFXHUGRDODUWtFXORGHO5HJODPHQWRDGLIHUHQFLDGHO&RQYHQLR
HQGHIHFWRGHHOHFFLyQGHOH\ODOH\DSOLFDEOHGHEHGHWHUPLQDUVHFRQDUUHJOR
DODQRUPDHVSHFLILFDGDSDUDFDGDWLSRSDUWLFXODUGHFRQWUDWR6yORHQHO
FDVR GH TXH HO FRQWUDWR QR SXHGD FDWDORJDUVH FRPR XQR GH ORV WLSRV
HVSHFtILFRV R GH TXH VXV HOHPHQWRV FRUUHVSRQGDQ D PiV GH XQR GH ORV
WLSRVHVSHFLILFDGRVGHEHUHJLUVHSRUODOH\GHOSDtVGRQGHWHQJDVXUHVLGHQFLD
KDELWXDOODSDUWHTXHGHEDUHDOL]DUODSUHVWDFLyQFDUDFWHUtVWLFDGHOFRQWUDWR
(Q HO FDVR GH XQ FRQWUDWR FX\R REMHWR VHD XQ FRQMXQWR GH GHUHFKRV \
REOLJDFLRQHVTXHSXHGDFDWDORJDUVHFRPRFRUUHVSRQGLHQWHDPiVGHXQR
GH ORV WLSRV HVSHFLILFDGRV GH FRQWUDWR OD SUHVWDFLyQ FDUDFWHUtVWLFD GHO
FRQWUDWRGHEHGHWHUPLQDUVHHQIXQFLyQGHVXFHQWURGHJUDYHGDG
3HURVLHOFRQWUDWRSUHVHQWDYtQFXORVPDQLILHVWDPHQWHPiVHVWUHFKRV
FRQXQSDtVGLVWLQWRGHOLQGLFDGRHQFDGDFDVRXQDFOiXVXODGHHVFDSH
HVWDEOHFH TXH KD GH DSOLFDUVH OD OH\ GH HVH RWUR SDtV 3DUD GHWHUPLQDU
GLFKRSDtVGHEHWHQHUVHHQFXHQWDHQWUHRWURVDVSHFWRVVLHOFRQWUDWRHQ
FXHVWLyQWLHQHXQDUHODFLyQPX\HVWUHFKDFRQRWURFRQWUDWRRFRQWUDWRV
$VXWXUQRFXDQGRODOH\DSOLFDEOHQRSXHGDGHWHUPLQDUVHVREUHOD
EDVH GH TXH HO FRQWUDWR SXHGD FDWDORJDUVH FRPR XQR GH ORV WLSRV
HVSHFLILFDGRVQLSRUODOH\GHOSDtVGRQGHWHQJDVXUHVLGHQFLDKDELWXDOOD
SDUWHTXHGHEDUHDOL]DUODSUHVWDFLyQFDUDFWHUtVWLFDGHOFRQWUDWRHOFRQWUDWR
GHEH UHJLUVH SRU OD OH\ GHO SDtV FRQ HO FXDO SUHVHQWH XQRV YtQFXORV PiV
HVWUHFKRV3DUDGHWHUPLQDUHVHSDtVGHEHWHQHUVHHQFXHQWDWDPELpQHQWUH
RWURVDVSHFWRVVLHOFRQWUDWRHQFXHVWLyQWLHQHXQDUHODFLyQPX\HVWUHFKD
FRQRWURFRQWUDWRRFRQWUDWRV
6L ELHQ HO QXHYR 5HJODPHQWR QR FRQWLHQH QRUPDV HVSHFtILFDPHQWH
GHVWLQDGDVDORVFRQWUDWRVFHOHEUDGRVDWUDYpVGHPHGLRVHOHFWUyQLFRVHQ
PDWHULDGHFRQWUDWRVGHFRQVXPRDUWtFXORVHJ~QHO&RQVLGHUDQGR
GHMDFRQVWDQFLDTXHUHVXOWDQHFHVDULRWHQHUHQFXHQWDODHYROXFLyQGHODV
WpFQLFDVGHFRPHUFLDOL]DFLyQDGLVWDQFLD$VLPLVPRLQYRFDODH[LJHQFLDGH
FRKHUHQFLDFRQHO5HJODPHQWR&(1ƒ3RUHQGHVHUHILHUHDOD
©DFWLYLGDGGLULJLGDªFRPRFRQGLFLyQSDUDDSOLFDUODQRUPDSURWHFWRUDGHO
FRQVXPLGRU (VWH FRQFHSWR GHEH VHU REMHWR GH XQD LQWHUSUHWDFLyQ
DUPRQLRVDHQDPERV5HJODPHQWRV(QHVWHVHQWLGRUHFRUGHPRVTXHXQD
GHFODUDFLyQFRQMXQWDGHO&RQVHMR\OD&RPLVLyQUHODWLYDDODUWtFXORGHO
&RQWUDWRVGHFRPSUDYHQWDGHPHUFDGHUtDVFRQWUDWRVGHSUHVWDFLyQGHVHUYLFLRV
FRQWUDWRVTXHWLHQHQSRUREMHWRXQGHUHFKRUHDOLQPRELOLDULRRGHDUUHQGDPLHQWR
GHXQELHQLQPXHEOHFRQWUDWRVGHIUDQTXLFLDFRQWUDWRVGHGLVWULEXFLyQFRQWUDWRV
GH YHQWD GH ELHQHV PHGLDQWH VXEDVWD FRQWUDWRV FHOHEUDGRV HQ XQ VLVWHPD
PXOWLODWHUDODUWtFXORLQFDDK
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
91
5HJODPHQWR &( 1ƒ HVSHFLILFD TXH SDUD TXH HO DUWtFXOR DSDUWDGROHWUDFVHDDSOLFDEOH©QREDVWDTXHXQDHPSUHVDGLULMDVXV
DFWLYLGDGHVKDFLDHO(VWDGRPLHPEURGHOGRPLFLOLRGHOFRQVXPLGRURKDFLD
YDULRV(VWDGRVPLHPEURVHQWUHORVTXHVHHQFXHQWUHHVWH~OWLPRVLQRTXH
DGHPiV GHEH KDEHUVH FHOHEUDGR XQ FRQWUDWR HQ HO PDUFR GH WDOHV
DFWLYLGDGHVª(VWDGHFODUDFLyQDFODUDWDPELpQTXH©HOPHURKHFKRGHTXH
XQ VLWLR ,QWHUQHW VHD DFFHVLEOH QR EDVWD SDUD TXH HO DUWtFXOR UHVXOWH
DSOLFDEOHDXQTXHVHGpHOKHFKRGHTXHGLFKRVLWLRLQYLWHDODFHOHEUDFLyQ
GH FRQWUDWRV D GLVWDQFLD \ TXH VH KD\D FHOHEUDGR HIHFWLYDPHQWH XQR GH
HVWRV FRQWUDWRV D GLVWDQFLD SRU HO PHGLR TXH IXHUH $ HVWH UHVSHFWR OD
OHQJXDRODGLYLVDXWLOL]DGDSRUXQVLWLR,QWHUQHWQRFRQVWLWX\HXQHOHPHQWR
SHUWLQHQWHª
(QHVWDLQWHOLJHQFLDHODUWtFXORGLVSRQHTXH©HOFRQWUDWRFHOHEUDGR
SRU XQD SHUVRQD ItVLFD SDUD XQ XVR TXH SXHGD FRQVLGHUDUVH DMHQR D VX
DFWLYLGDGFRPHUFLDORSURIHVLRQDO©HOFRQVXPLGRUªFRQRWUDSHUVRQD©HO
SURIHVLRQDOªTXHDFW~HHQHMHUFLFLRGHVXDFWLYLGDGFRPHUFLDORSURIHVLRQDO
VH UHJLUi SRU OD OH\ GHO SDtV HQ TXH HO FRQVXPLGRU WHQJD VX UHVLGHQFLD
KDELWXDOVLHPSUHTXHHOSURIHVLRQDODHMHU]DVXVDFWLYLGDGHVFRPHUFLDOHV
RSURIHVLRQDOHVHQHOSDtVGRQGHHOFRQVXPLGRUWHQJDVXUHVLGHQFLDKDELWXDO
RESRUFXDOTXLHUPHGLRGLULMDHVWDVDFWLYLGDGHVDHVHSDtVRDGLVWLQWRV
SDtVHVLQFOXLGRHVHSDtV\HOFRQWUDWRHVWXYLHUDFRPSUHQGLGRHQHOiPELWR
GHGLFKDVDFWLYLGDGHVª
3RUHQGHHQHOUHFLHQWH5HJODPHQWRHOiPELWRPDWHULDOGHOSUHFHSWR
VH H[WLHQGH D FXDOTXLHU FRQWUDWR FHOHEUDGR HQWUH XQ FRQVXPLGRU \ XQ
SURIHVLRQDOSDUDORFXDOVHFDOLILFDDOFRQVXPLGRUSDVLYRHQFRQVRQDQFLD
FRQHODUWtFXORGHO5HJODPHQWRGH%UXVHODV<HOLPLQyODH[LJHQFLDGH
TXH HO FRQVXPLGRU KXELHUH UHDOL]DGR HQ HO (VWDGR GH VX GRPLFLOLR R
UHVLGHQFLDKDELWXDOORVDFWRVQHFHVDULRVSDUDODFHOHEUDFLyQGHOFRQWUDWR
GHGLItFLOLQGLYLGXDOL]DFLyQHQHOFRPHUFLRHOHFWUyQLFR
9,,,5HIOH[LRQHVILQDOHV
,QWHUQHWODZHEHOHVSDFLRYLUWXDOHOPXQGRFLEHUQpWLFRFRQVWLWX\H
XQ HVFHQDULR QRYHGRVR LQXVLWDGR DVRPEURVR TXH RULJLQD P~OWLSOHV
RSRUWXQLGDGHVDTXLHQHVGHVHDQRSHUDUHQpO6LQHPEDUJRDODYH]WUDH
FRQVLJR XQD JUDQ LQFHUWLGXPEUH MXUtGLFD TXH FRQVSLUD HQ JUDQ PHGLGD
FRQVXSOHQRGHVSOLHJXH\HYROXFLyQ
/RVRSHUDGRUHVGHO'HUHFKROHJLVODGRUHVMXHFHVDERJDGRVDVHVRUHV
OHJDOHV GRFHQWHV H LQYHVWLJDGRUHV WLHQHQ DQWH Vt XQ GHVDItR LPSRUWDQWH
FUHDUHYDOXDU\DSOLFDUUHJODVMXUtGLFDVLGyQHDVSDUDHVWHQXHYRiPELWR
TXHHQGHILQLWLYDIXHFUHDGRSRUHOSURSLRKRPEUH
(QPLUDVDOFXPSOLPLHQWRGHWDOFRPHWLGRHO'HUHFKRLQWHUQDFLRQDO
SULYDGRSXHGHMXJDUXQUROGHVWDFDGRHQWDQWR\HQFXDQWRHVWHPHGLRHV
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
HPLQHQWHPHQWHLQWHUQDFLRQDO\WLHQHODVXILFLHQWHYLUWXDOLGDGSDUDSHUPLWLU
XQ FUHFLPLHQWR H[SRQHQFLDO GH ODV UHODFLRQHV MXUtGLFDV WUDQVIURQWHUL]DV
HQWUHSDUWLFXODUHV
'HVGH XQD PLUDGD VXSHUILFLDO FLHUWR HV TXH ORV PpWRGRV FOiVLFRV
FDUDFWHUtVWLFRVGHQXHVWUDGLVFLSOLQDTXHFRQGXFHQDORFDOL]DUFDGDUHODFLyQ
MXUtGLFD WHUULWRULDOPHQWH HVSDFLDOPHQWH GHQWUR GH ODV IURQWHUDV GH XQ
(VWDGR SDUD LQGLFDU FRPR DSOLFDEOH VX RUGHQDPLHQWR MXUtGLFR QR VH
FRPSDGHFHQDVLPSOHYLVWDFRQODIRUPDHQTXHQDFHQVHGHVDUUROODQ\
H[WLQJXHQORVYtQFXORVHQ,QWHUQHW
1R REVWDQWH HQ OD WDUHD GH ORFDOL]DU ODV UHODFLRQHV MXUtGLFDV HQ HO
PXQGRUHDOJUDFLDVDORVFULWHULRVVDYLJQLDQRVFRQODVGLYHUVDVDGDSWD
FLRQHV\PDWLFHVTXHVXIULHURQDORODUJRGHOWLHPSRHQORVRUGHQHVMXUtGLFRV
HVWDWDOHV \ FRQYHQFLRQDOHV HO OHJLVODGRU DSHOD HQ RFDVLRQHV D SUHVXQ
FLRQHVILFFLRQHVWDQFRPXQHVHQHOXQLYHUVRGHO'HUHFKRTXHSHUPLWtDQ
\SHUPLWHQDOMXH]FRPSHWHQWHDSOLFDU\DVHDVXSURSLRGHUHFKR\DVHDHO
GHUHFKR H[WUDQMHUR VHJ~Q FXiO VHD HO PiV FRQIRUPH FRQ OD QDWXUDOH]D
MXUtGLFDGHODUHODFLyQ
$KRUDWDPELpQGHEHPRVUHFXUULUDOD©UHJODGHVROXFLyQªGH6DYLJQ\
DSOLFDUDFDGDUHODFLyQMXUtGLFDTXHVHGHVHQYXHOYDHQ,QWHUQHWRHQJHQHUDO
D WUDYpV GH ORV QXHYRV PHGLRV TXH QRV EULQGD OD WHFQRORJtD HO GHUHFKR
PiV FRQIRUPH D VX QDWXUDOH]D \D VHD ORFDO R H[WUDQMHUR JUDFLDV D OD
E~VTXHGDGHVXDVLHQWRMXUtGLFR
$FDVR¢TXpUD]yQHVHQFLDOMXVWLILFDKDELOLWDDGLVSRQHU\DSOLFDUGRV
UHJtPHQHV MXUtGLFRV GLYHUVRV FRQ PpWRGRV GLVtPLOHV VHJ~Q VH WUDWH GH
XQD PLVPD UHODFLyQ MXUtGLFD FRQWUDFWXDO PLVPR REMHWR PLVPD FDXVD
LGpQWLFRV VXMHWRV TXH VH GHVDUUROOH HQ HO OODPDGR PXQGR UHDO R TXH VH
GHVSOLHJXHHQHODSDUHQWHPHQWHLQDVLEOHPXQGRYLUWXDO"
3RUHOFRQWUDULRVHPHMDQWHGLVWLQFLyQFRQVSLUDUtDFRQHOSULQFLSLRGH
QR GLVFULPLQDFLyQ \ GH QHXWUDOLGDG WHFQROyJLFD SLODUHV GHO FRPHUFLR
HOHFWUyQLFR(QWDOVHQWLGRFRQVLGHUDPRVTXHXQDSUHPLVDEiVLFDDWHQHU
HQFXHQWDSDUDUHJXODUODFXHVWLyQTXHQRVRFXSDHVHYLWDUDVLPHWUtDVVLQ
IXQGDPHQWR MXUtGLFR UHDO HQWUH ORV FULWHULRV DSOLFDEOHV D OD FRQWUDWDFLyQ
LQWHUQDFLRQDOWUDGLFLRQDO\DODFRQWUDWDFLyQLQWHUQDFLRQDORQOLQH
(OPXQGRUHDO\HOPXQGRYLUWXDOQRVRQFRPSDUWLPHQWRVHVWDQFRV
QRSXHGHQVHUWUDWDGRVSRUHQGHFRPRHVSDFLRVMXUtGLFRVGHVFRQHFWDGRV
SRUTXH HQ GHILQLWLYD VRPRV ORV PLVPRV VHUHV KXPDQRV ORV TXH QRV
PRYHPRVFRPXQLFDPRVFRPHUFLDPRVFRQWUDWDPRVHQXQR\HQHORWUR
/RVSUREOHPDVVRQORVPLVPRV\HQFRQVHFXHQFLDODVVROXFLRQHVQRSXHGHQ
VHUGLYHUJHQWHV
3RUORH[SXHVWRHVWLPDPRVTXHHQJUDQPHGLGDORVSULQFLSLRVFULWHULRV
PpWRGRVUHJODVTXHULJHQORVFRQWUDWRVLQWHUQDFLRQDOHVGHEHQVHUWHQLGRV
HQ FRQVLGHUDFLyQ DO PRPHQWR GH OHJLVODU HQ PDWHULD GH FRQWUDWDFLyQ
HOHFWUyQLFD\HQQLQJ~QFDVRGHEHQDOHMDUVHGHVPHVXUDGDPHQWHGHpVWRV
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
93
SXHVHQGHILQLWLYDQRGHMDQGHVHUXQWLSRSHFXOLDUXQDHVSHFLHGHHOORV
< SRU RWUD SDUWH HO MXH] GHEHUi UHFXUULU D ODV QRUPDV YLJHQWHV VREUH
FRQWUDWRVLQWHUQDFLRQDOHVGHIXHQWHLQWHUQD\FRQYHQFLRQDOFXDQGRVHOH
SUHVHQWH XQ FDVR DQWH OD DXVHQFLD GH UHJODV HVSHFtILFDV FRQ OD GHELGD
IOH[LELOLGDG\DGDSWDFLyQTXHVHDHVWULFWDPHQWHQHFHVDULD
(Q HVWD LQWHOLJHQFLD HQWHQGHPRV TXH OD SULPHUD FXHVWLyQ VREUH OD
TXHGHEHPRVLQWHUURJDUQRVFXDQGRHVWDPRVDQWHXQFRQWUDWRFHOHEUDGR
SRUPHGLRVHOHFWUyQLFRVHVDFHUFDGHVXFDUiFWHUGRPpVWLFRRLQWHUQDFLRQDO
6yORHQHOVHJXQGRFDVRHVGHFLUFXDQGRHOFRQWUDWRSUHVHQWHHOHPHQWRV
H[WUDQMHURVREMHWLYDPHQWHUHOHYDQWHVWHQGUiQRSHUDWLYLGDGODVQRUPDV\
SULQFLSLRVGHO'HUHFKR,QWHUQDFLRQDO3ULYDGR\SRUHQGHSRGUiGHVSOHJDU
WRGRV VXV HIHFWRV OD DXWRQRPtD GH OD YROXQWDG SDUD SUHVHOHFFLRQDU
SULQFLSDOPHQWHODOH\DSOLFDEOHDOIRQGRGHOFRQWUDWRDWUDYpVGHODFXDOVH
UHVROYHUiQODVHYHQWXDOHVFRQWURYHUVLDVTXHSXGLHUHQVXUJLU
6HJXLGDPHQWHWHQGUHPRVTXHSUHJXQWDUQRVVLHVXQFRQWUDWRHQWUH
HPSUHVDULRVSURIHVLRQDOHVRLQWHUYLHQHXQXVXDULRRFRQVXPLGRUVLHQGR
SRUWDQWRXQFRQWUDWRGHFRQVXPR6DELDGLVWLQFLyQTXHWLHQHHQFXHQWD
ODSUHVHQFLDGHXQDSDUWHPiVGpELOHQVXSRGHUGHQHJRFLDFLyQ\TXHVH
WUDVODGDDOFRPHUFLRHOHFWUyQLFRFXDQGRGLIHUHQFLDPRVHQWUHHO%%\HO
%&
'HODPLVPDSURWHFFLyQHVSHFLDOTXHJR]DHOFRQVXPLGRUHQODVQRUPDV
GH'HUHFKRLQWHUQDFLRQDOSULYDGRTXHWLHQGHQDOLPLWDUODDXWRQRPtDGHOD
YROXQWDG HQ HO PXQGR UHDO GHEH GLVSRQHU HO FLEHUFRQVXPLGRU TXH HQ
FLHUWDPHGLGDVHHQFXHQWUDHQXQQLYHOPiVHOHYDGRGHGHELOLGDGHQWDQWR
DOGHVHTXLOLEULR\DWUDGLFLRQDOVHOHVXPDODDVLPHWUtDHQHOFRQRFLPLHQWR
GHODVWHFQRORJtDVTXHXWLOL]DFRPRPHGLRGHFHOHEUDFLyQ\RHMHFXFLyQGH
VXFRQWUDWR
2WUDGLVWLQFLyQTXHWDPELpQWLHQHWUDVFHQGHQFLDHQHOFLEHUHVSDFLRHQ
PDWHULDFRQWUDFWXDOHVWiYLQFXODGDDODPRGDOLGDGHQTXHVHSHUIHFFLRQD
HO FRQVHQWLPLHQWR FRQ LQFLGHQFLD GLUHFWD D ORV ILQHV GH GHWHUPLQDU HO
PRPHQWR\HOOXJDUGRQGHVHHQWLHQGHFHOHEUDGRHOFRQWUDWR1RVUHIHULPRV
DODFOiVLFDFODVLILFDFLyQHQWUHFRQWUDWRVFHOHEUDGRVHQWUHSUHVHQWHV\HQWUH
DXVHQWHVSXHVDVtFRPRORVHVSDFLRV\WpFQLFDVFRQRFLGDVSHUPLWHQDPEDV
PRGDOLGDGHV ODV QXHYDV WHFQRORJtDV WDPELpQ KDELOLWDQ D ODV SDUWHV D
FRQFOXLUFRQWUDWRVHQORVTXHDPEDVVHHQFXHQWUDQYLUWXDOPHQWHSUHVHQWHV
\ OD RIHUWD \ DFHSWDFLyQ VH LQWHUFDPELDQ VLPXOWiQHDPHQWH FRPR HO
GHQRPLQDGR FKDW OD WHOHFRQIHUHQFLD R VLVWHPDV DQiORJRV \ HQ RWUDV
RSRUWXQLGDGHVSRGUiQRSWDUSRUXQLQWHUFDPELRGHRIHUWD\DFHSWDFLyQHQ
HOTXHPHGLHXQGLVWDQFLDPLHQWRWHPSRUDOPiVRPHQRVFRQVLGHUDEOHFRPR
HVHOFDVRGHOH²PDLORFRUUHRHOHFWUyQLFRTXHKDFHODVYHFHVGHODVDQWLJXDV
FDUWDV\GHORVWHOHJUDPDV
7DPSRFR HV SRVLEOH VRVOD\DU OD GLIHUHQFLDFLyQ SURSLD GHO FRPHUFLR
HOHFWUyQLFRHQWUHFRQWUDWDFLyQGLUHFWDHLQGLUHFWDTXHWLHQHFRQVHFXHQFLDV
VLJQLILFDWLYDVGDGRTXHSULQFLSDOPHQWHHVHQHOSULPHURHQHOTXHWDQWROD
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
FHOHEUDFLyQFRPRHOFXPSOLPLHQWRGHODVSUHVWDFLRQHVVHOOHYDDFDERRQ
OLQHGRQGHVHDGYLHUWHQGLILFXOWDGHVDGLFLRQDOHVSDUDGHWHUPLQDUHODVLHQWR
GHODUHODFLyQFRQWUDFWXDO\FRQVLJXLHQWHPHQWHODOH\DSOLFDEOH
/DDXWRQRPtDGHODYROXQWDGWDQWRHQHOiPELWRMXULVGLFFLRQDOFRPR
UHVSHFWRGHODHOHFFLyQGHODOH\DSOLFDEOHGHODTXHQRVRFXSDPRVHQHVWH
WUDEDMRWLHQHXQDPSOLRFDPSRGHDSOLFDFLyQHQORVFRQWUDWRVHOHFWUyQLFRV
'HKHFKRFXDQGRGHFRQWUDWRVHQWUHHPSUHVDULRVRSURIHVLRQDOHVVHWUDWD
%% UHVXOWD VXPDPHQWH DFRQVHMDEOH VX HMHUFLFLR HQ WDQWR DQWH OD
LQH[LVWHQFLD DFWXDO GH UHJODV HVSHFtILFDV JHQHUD XQ DOWR PDUJHQ GH
FHUWLGXPEUH\VHJXULGDGMXUtGLFDV
6LQ SHUMXLFLR GH HOOR DVt FRPR OD DXWRQRPtD GH OD YROXQWDG HV XQ
SULQFLSLRGHUHFRQRFLGDWUD\HFWRULD\GHVHPSHxRHQHOiPELWRGHORVQHJRFLRV
LQWHUQDFLRQDOHVTXHDGPLWHOtPLWHVHQHOFRQWH[WRGHOFRPHUFLRHOHFWUyQLFR
WDPELpQUHFRQRFHUHVWULFFLRQHV(QWUHODVSULQFLSDOHVHOFRQVDELGRRUGHQ
S~EOLFRLQWHUQDFLRQDOHOIUDXGHDODOH\ODVQRUPDVGHSROLFtDGHOIRUR\
HYHQWXDOPHQWHGHXQWHUFHU(VWDGRODSURWHFFLyQGHOXVXDULR\FRQVXPLGRU
DQWHODSRVLEOHLPSRVLFLyQSRUSDUWHGHOFRQWUDWDQWHSURIHVLRQDOGHODOH\
DSOLFDEOHPX\IUHFXHQWHHQORVGHQRPLQDGRVFOLFNDQGZUDSDJUHHPHQWOD
YHUVLyQFLEHUQpWLFDGHORVFRQWUDWRVGHDGKHVLyQ
$KRUDELHQTXL]iVODPD\RUGLILFXOWDGODHQFRQWUDPRVSUHFLVDPHQWH
FXDQGRORVFRQWUDWDQWHVQRKDQKHFKRXVRGHODDXWRQRPtDGHODYROXQWDG
RELHQKDELHQGRHOHJLGROH\DSOLFDEOHHODFXHUGRUHVXOWDLQYiOLGRRLQHILFD]
(QWRQFHV ¢ORV SXQWRV GH FRQH[LyQ FOiVLFRV HQ PDWHULD GH FRQWUDWRV
LQWHUQDFLRQDOHV VRQ DSURSLDGRV FXDQGR GH FRQWUDWDFLyQ FHOHEUDGD SRU
PHGLRV HOHFWUyQLFRV VH WUDWD" 1RV UHIHULPRV DO OXJDU GH FHOHEUDFLyQ GHO
FRQWUDWR DO OXJDU GH HMHFXFLyQ R FXPSOLPLHQWR GH VXV SUHVWDFLRQHV DO
OXJDUGHGRPLFLOLRUHVLGHQFLDKDELWXDORHVWDEOHFLPLHQWRGHODVSDUWHV
&XDOTXLHUDGHHVWDVFRQH[LRQHVHVWLPDPRVTXHSXHGHQVHUDSOLFDEOHV
HQORVFRQWUDWRVHOHFWUyQLFRVFRQODVVLJXLHQWHVDFODUDFLRQHV
(YLGHQWHPHQWH UHVSHFWR GHO OXJDU GH HMHFXFLyQ SXQWR GH FRQH[LyQ
HOHJLGR SRU 9pOH] 6DUVILHOG HQ HO &yGLJR &LYLO $UJHQWLQR \ YLJHQWH HQ ORV
7UDWDGRVGH0RQWHYLGHRGH\GHPLHQWUDVTXHHQHOFRPHUFLR
HOHFWUyQLFR LQGLUHFWR QR FUHD GLILFXOWDGHV DGLFLRQDOHV \ SHFXOLDUHV HQ HO
FRPHUFLRHOHFWUyQLFRGLUHFWRORVSUREOHPDVSDUDVXORFDOL]DFLyQSXHGHQVHU
VXSHUDGRV VL ORV FRQWUDWDQWHV SDFWDURQ XQ OXJDU GH FXPSOLPLHQWR DXQ
FXDQGRUHVXOWHILFWLFLRSXHVHQGHILQLWLYDODWUDQVDFFLyQVHHMHFXWDHQOtQHD
'HQRVHUDVtVHSRGUtDUHFXUULUHQPDWHULDGHFRPHUFLR%%DODWHRUtDGH
OD SUHVWDFLyQ PiV FDUDFWHUtVWLFD HQWHQGLHQGR TXH HO SUHVWDGRU PiV
FDUDFWHUtVWLFRHVHOGHQRPLQDGRSURYHHGRUGHVHUYLFLRVGHODLQIRUPDFLyQ
3RUVXSDUWHVLRSWDPRVSRUHOOXJDUGHFHOHEUDFLyQFRPRHQVXEVLGLR
UHFXUUHHO7UDWDGRGH0RQWHYLGHRGHVXORFDOL]DFLyQGHSHQGHUiGHOD
WHRUtD DGRSWDGD SRU FDGD RUGHQDPLHQWR MXUtGLFR UHVSHFWR GHO
SHUIHFFLRQDPLHQWR GH ORV FRQWUDWRV (Q JHQHUDO HQ ORV FRQWUDWRV HQWUH
HPSUHVDVVHFRQVLGHUDTXHHOOXJDUGHFHOHEUDFLyQFRLQFLGHFRQHOGRPLFLOLR
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
95
R HVWDEOHFLPLHQWR GHO SURSRQHQWH HQ FRQVRQDQFLD FRQ OD WHRUtD GH OD
UHFHSFLyQGHDPSOLDDFRJLGDHQHOGHUHFKRFRPSDUDGR(QFDPELRHQORV
FRQWUDWRV GH FRQVXPR VH HQWLHQGH TXH VH HQFXHQWUD HQ HO OXJDU GH OD
UHVLGHQFLDKDELWXDOGHOFRQVXPLGRU
6LODRSFLyQHVDIDYRUGHOGRPLFLOLRGHORVFRQWUDWDQWHVFRPRLQGLFD
HODUWtFXORGHO&yGLJR&LYLOSDUDORVFRQWUDWRVHQWUHDXVHQWHVFXDQGR
QRVHKXELHUHILMDGROXJDUGHFXPSOLPLHQWRRGHOGRPLFLOLRGHOSUHVWDGRU
PiVFDUDFWHUtVWLFRHQHO%%RGHODUHVLGHQFLDKDELWXDOGHOFRQVXPLGRU
HQ ODV UHODFLRQHV %& VHUi VLHPSUH QHFHVDULR ORFDOL]DU HO GRPLFLOLR R
HVWDEOHFLPLHQWR UHDO ItVLFR GH ORV FRQWUDWDQWHV SDUD OR FXDO UHVXOWDUi
LPSHULRVR VX LQGLFDFLyQ H[SUHVD \ SUHFLVD SRU ODV SDUWHV HQ YLUWXG GHO
SULQFLSLRGHEXHQDIHQHJRFLDO2EOLJDFLyQMXUtGLFDTXHGHEHUtDUHFDHUHQ
WRGRVORVSUHVWDGRUHVGHVHUYLFLRVGHODLQIRUPDFLyQWDOFRPRGLVSRQHOD
'LUHFWLYD1ƒGHOD8QLyQ(XURSHD\OD5HVROXFLyQ*0&1ƒ
GHO 0HUFRVXU VREUH 'HUHFKR D OD LQIRUPDFLyQ GHO FRQVXPLGRU HQ ODV
WUDQVDFFLRQHVFRPHUFLDOHVHIHFWXDGDVDWUDYpVGH,QWHUQHW
(QFRQVRQDQFLDFRQORGLVSXHVWRSRUOD&RQYHQFLyQGH1DFLRQHV8QLGDV
VREUHOD8WLOL]DFLyQGHODV&RPXQLFDFLRQHV(OHFWUyQLFDVHQORV&RQWUDWRV
,QWHUQDFLRQDOHVGHGHEHGLVWLQJXLUVHHOHVWDEOHFLPLHQWRUHDOGHORV
GRPLFLOLRVYLUWXDOHVHQSiJLQDVZHERFRUUHRVHOHFWUyQLFRVTXHQRJHQHUDQ
SUHVXQFLyQILDEOHDOJXQDGDGRHOFDUiFWHUHItPHUR\GHVFRQHFWDGRFRQOD
UHDOLGDGTXHSRVHHQ7DPSRFRSXHGHFRQVLGHUDUVHHVWDEOHFLPLHQWRHOOXJDU
GRQGHVHHQFXHQWUDHOVHUYLGRURHOHTXLSRRODWHFQRORJtDXWLOL]DGRVSRU
FDGDXQDGHODVSDUWHV
2WUDDOWHUQDWLYDHVRSWDUVLQPiVSRUFRQH[LRQHVIOH[LEOHVWKHSURSHU
ODZRIWKHFRQWUDFWDOHVWLORGHOD&,',39VREUH'HUHFKR$SOLFDEOHDORV
&RQWUDWRV ,QWHUQDFLRQDOHV TXH D VLPSOH YLVWD SDUHFHUtD DGDSWDUVH PiV
IiFLOPHQWHDOFLEHUHVSDFLR6LQHPEDUJRSRGHPRVFDHUDQXHVWURHQWHQGHU
HQ XQ DOWR JUDGR GH GLVFUHFLRQDOLGDG SRU SDUWH GH ORV MXHFHV \ XQD
FRQVHFXHQWHFDUHQFLDGHFULWHULRVMXULVSUXGHQFLDOHVXQLIRUPHVTXHJHQHUD
LQVHJXULGDGMXUtGLFDQRGHVHDEOHFHQVXUDEOHHQHOPXQGRGHO'HUHFKR
3RUVXSDUWHODVFRQH[LRQHVLQWHUPHGLDVGHOWHQRUGHODVDGRSWDGDV
SRUOD&RQYHQFLyQGH5RPDGHVREUH/H\$SOLFDEOHDODV2EOLJDFLRQHV
&RQWUDFWXDOHVVXVWLWXLGDSRUHO5HJODPHQWR1ƒDSDUWLUGHO
GHGLFLHPEUHGHSRGUtDQUHVXOWDULGyQHDVHQHOFRQWH[WRGHOFRPHUFLR
HOHFWUyQLFRHQWDQWRODVSUHVXQFLRQHVTXHLQGLFDQFXiOHVHOGHUHFKRPiV
HVWUHFKDPHQWHYLQFXODGRDOFRQWUDWRQRVFRQGXFHQDOOXJDUGHHMHFXFLyQ
GHODSUHVWDFLyQPiVFDUDFWHUtVWLFDRDOOXJDUGHOGRPLFLOLRGHOSUHVWDGRU
PiVFDUDFWHUtVWLFRTXHSXHGHQDGDSWDUVHVHQFLOODPHQWHSXHVWDPELpQHQ
ORVFRQWUDWRVHOHFWUyQLFRVVXHOHH[LVWLUXQDSUHVWDFLyQTXHLGHQWLILFDTXH
GLIHUHQFLDDOFRQWUDWR&ODURTXHODVPLVPDVFUtWLFDVGHODVTXHHVSDVLEOH
OD7HRUtDGHODSUHVWDFLyQPiVFDUDFWHUtVWLFDIRUPXODGDSDUDORVFRQWUDWRV
LQWHUQDFLRQDOHV WUDGLFLRQDOHV VH WUDVODGDQ FXDQGR FREUDQ RSHUDWLYLGDG
HQHOFLEHUHVSDFLR
$QXDULR$$',;,;
$18$5,2$5*(17,12'('(5(&+2,17(51$&,21$/
$ QXHVWUR FULWHULR OD PHMRU RSFLyQ HVWi D IDYRU GH ORV FULWHULRV
WUDGLFLRQDOHV TXH FRQHFWDQ DO FRQWUDWR FRQ HO PXQGR UHDO FRQ VXV
FLUFXQVWDQFLDV6LQHPEDUJRGDGDODFRPSOHMLGDGTXHSXHGHQSUHVHQWDU
DOJXQRVFRQWUDWRVHOHFWUyQLFRVSRGUtDSUHYHUVHVXEVLGLDULDPHQWHXQD
VXHUWH GH FOiXVXOD GH HVFDSH TXH SHUPLWD DO MXH] RSWDU SRU XQ GHUHFKR
GLVWLQWR DO TXH LQGLTXHQ ODV FRQH[LRQHV FOiVLFDV VLHPSUH TXH IXQGH
UD]RQDEOHPHQWH OD H[LVWHQFLD GH XQ GHUHFKR PiV SUy[LPR TXH SRVHD
YtQFXORVPiVHVWUHFKRVFRQHOFRQWUDWR
3RURWUDSDUWHHQORVFRQWUDWRVHOHFWUyQLFRVGHFRQVXPRHQWHQGHPRV
TXH OD SURWHFFLyQ GH OD SDUWH PiV GpELO GHO GHQRPLQDGR ©FRQVXPLGRU
SDVLYRªDPHULWDODOLPLWDFLyQGHODDXWRQRPtDGHODYROXQWDG\ODSURWHFFLyQ
SRUODVOH\HVPiVIDYRUDEOHVGHOOXJDUGHVXUHVLGHQFLDKDELWXDO
(QFXDOTXLHUFDVRGHVHFKDPRVFRPROH\DSOLFDEOHDODFRQWUDWDFLyQ
LQWHUQDFLRQDOFHOHEUDGDSRUPHGLRVHOHFWUyQLFRVODOODPDGDOH[LQIRUPiWLFD
OH[HOHFWUyQLFDRF\EHUODZ\DTXHFDUHFHGHDXWRQRPtD\DXWRVXILFLHQFLD
SDUDHULJLUVHHQXQRUGHQDPLHQWRMXUtGLFRSUHFLVR\DFDEDGRTXHEULQGH
VROXFLRQHVDODVP~OWLSOHVFRQWURYHUVLDVFRQWUDFWXDOHVTXHSXHGHQWHQHU
OXJDU HQ ,QWHUQHW /DV FUtWLFDV GH TXH KD VLGR REMHWR VX DQWHFHVRUD \
PHQWRUD OD OH[ PHUFDWRULD VH DJLJDQWDQ HQ HO FLEHUHVSDFLR 6XV OtPLWHV
LPSUHFLVRVYDJRV\HOGpILFLWGHPRFUiWLFRGHVXJHVWDFLyQVRQPXFKRPiV
QRWRULRV\IXQGDGRVDOPHQRVKDVWDHOSUHVHQWHHQHVWDVXHUWHGHOH\GH
\SDUD,QWHUQHW
(VWDSUHWHQGLGDDXWRUUHJXODFLyQFX\RWUDVIRQGRLGHROyJLFRQRSXHGH
SHUGHUVH GH YLVWD QR FRQVWLWX\H XQ FRQMXQWR GH UHJODV OLEUHPHQWH
FRQYHQLGDV\FUHDGDVSRUODWRWDOLGDGGHORVFLEHUQDXWDVVLQRTXHUHIOHMD
ODLPSRVLFLyQGHORVJUDQGHVRSHUDGRUHVGHODUHGGHXQQXHYRGHUHFKR
FUHDGRDVXPHGLGDHLQWHUpVHQGHVPHGURGHORV©SHTXHxRV\PHGLDQRVª
LQWHUQDXWDV TXH JUDFLDV DO DFFHVR SUiFWLFDPHQWH LOLPLWDGR D ,QWHUQHW
LQWHUYLHQHQFRPSUDQYHQGHQVHFRPXQLFDQQHJRFLDQHQVXiPELWR
(Q GHILQLWLYD HQ QXHVWUR FULWHULR ODV UHODFLRQHV YLUWXDOHV DSDUHQ
WHPHQWHGHVORFDOL]DGDVTXHVHGHVHQYXHOYHQHQHOFLEHUHVSDFLRXQHVSDFLR
DWHPSRUDOWUDVQDFLRQDOFDOLILFDGRSRUDOJXQRVFRPRXQ©QROXJDUªQR
UHSUHVHQWDQXQDDPHQD]DSDUDHO'HUHFKRLQWHUQDFLRQDOSULYDGRVLQRXQD
RSRUWXQLGDG SDUD GHPRVWUDU VX GLQDPLVPR IXQFLRQDOLGDG \ YLJHQWH
DFWXDOLGDG
$QXDULR$$',;,;
Descargar