¢&RQ5HVSHFWRD4XpQRV0RYHPRV" ,QWHUPHGLR)LORVy¿FR9 ³(SSXUVLPXRYH´ &HOHEUHIUDVHDWULEXLGDD*DOLOHR*DOLOHL³6LQHPEDUJR VHPXHYH´DO¿QDOGHOSURFHVR,QTXLVLWRULROXHJRGH UHWUDFWDUVHS~EOLFDPHQWHGHVXVFUHHQFLDV ¢&215(63(&72$48e126029(026" 029,0,(172$%62/872<029,0,(1725(/$7,92 (QHOFDStWXOR,9KLFHXQDSULPHUDPHQFLyQD0DUFRVGH5HIHUHQFLD(VWDFLRQDULRV 05(\HVWDUHIHUHQFLDSXHGHVXJHULUTXHPHKHVDOWHDGRPiVGHDxRVGH ItVLFDHQTXHVH³GHPRVWUy´5HODWLYLGDG0HGLDQWHTXHWDOFRVDFRPRXQVLVWHPD DEVROXWRGHUHIHUHQFLDFDUHFHGHVHQWLGRItVLFR\¿ORVy¿FR 1RREVWDQWHHVWR\WRWDOPHQWHGHDFXHUGRFRQTXHXQPDUFRGHUHIHUHQFLDDEVROXWR HVVyORXQDLGHDOL]DFLyQPDWHPiWLFDVLQVRSRUWHItVLFR 7UDWDUpSRUORWDQWRGHH[SOLFLWDUHOFRQFHSWRGH05(TXHTXLHURLQWURGXFLU &XDQGRFDPLQDPRVSRUXQDFDOOHQRVPRYHPRVFRQUHVSHFWRDORVHGL¿FLRVODV DFHUDVRWURVWUDQVH~QWHVHWF 3DUDPXFKRV¿QHVSUiFWLFRVSRGHPRVWRPDUODVUHIHUHQFLDV³LQPyYLOHV´HOUHOLHYH QDWXUDORGHGLVHxRKXPDQRFRPRXQPDUFRGHUHIHUHQFLDSULYLOHJLDGR y &XDQGRSRQHPRVXQDGLUHFFLyQSRVWDOHQXQVREUHGDPRVSRUVHQWDGR TXHODGLUHFFLyQLQGLFDGDHVXQSXQWR¿MRHQQXHVWURVLVWHPDKXPDQRGH UHIHUHQFLDV y &XDQGRD¿UPDPRVTXHXQYHKtFXORVHGHVSOD]DDNPKDVXPLPRVTXH ODUHIHUHQFLDHVFRQUHVSHFWRDOVXHOR³LQPyYLO´\QRSRUHMHPSORUHVSHFWR DOD/XQDRDODFRUULHQWHGHXQUtRFHUFDQR 3HUR/D7LHUUDQRHVPDUFRGHUHIHUHQFLDPX\¿DEOHHQHOODUJRSOD]R/RVSXQWRV GHUHIHUHQFLDDFWXDOHVFDUHFHQGHVHQWLGRVLWUDWDPRVGHHPSOHDUORVSDUDGHVFULELU ODJHRJUDItDGHKDFHPLOORQHVGHDxRV(QHVDpSRFDKDEtDPDUHVGRQGHDKRUD KD\PRQWDxDVODXELFDFLyQ\ODGLVWULEXFLyQGHWLHUUDVVHSDUHFtDQEDVWDQWHSRFRDODV DFWXDOHVORVWHUUHQRVVXSHU¿FLDOHVGHDTXHOORVWLHPSRVKR\SXHGHQHVWDUPEDMR ODVXSHU¿FLHRSXHGHQKDEHUVLGRHURVLRQDGRV\GLVWULEXLGRVSRUWRGRHOSODQHWD 7DPSRFRHOVLVWHPDVRODUHVXQDUHIHUHQFLDHVWDEOH3RGHPRVFDOFXODUODSRVLFLyQ GHORVSODQHWDVFRQEDVWDQWHSUHFLVLyQKDFLDHOSDVDGR\KDFLDHOIXWXUR3HUR ¢GyQGHHVWDEDHOVLVWHPDVRODURVXVFRQVWLWX\HQWHVDQWHVGHIRUPDUVHHOVLVWHPD VRODUWDOFXDOORFRQRFHPRV" /DVHVWUHOODVOHMDQDVFX\DSRVLFLyQUHODWLYDFDVLQRYDUtDHQHOODSVRGHXQDYLGD KXPDQDDOJXQDYH]VHWRPDURQFRPRXQPDUFRGHUHIHUHQFLDPiV¿DEOH+DVWD VHODVOODPySRpWLFDPHQWH³HVWUHOODV¿MDV´ +R\VDEHPRVTXHHO6RO\DKDGDGRXQDVYXHOWDVDOUHGHGRUGHOFHQWURJDOiFWLFR 3iJLQD ¢&RQ5HVSHFWRD4XpQRV0RYHPRV" <ODV³HVWUHOODV¿MDV´KDQKHFKRRWURWDQWRYXHOWDPiVYXHOWDPHQRV 'HKHFKRODVHVWUHOODVQDFHQ\PXHUHQ¢&yPRSXHGHQVHUXQSXQWRGHUHIHUHQFLD DEVROXWR" <¢/DVJDOD[LDVOHMDQDV" 7DPELpQHOODVVHPXHYHQDOUHGHGRUGHFHQWURVGHPDVDVFRPXQHVRVRQDWUDtGDV SRURWURVFHQWURVPiVPDVLYRV 3RUVLORDQWHULRUQRIXHUDVX¿FLHQWHODWHRUtDFRVPROyJLFDGRPLQDQWHHO³%LJ %DQJ´DVHJXUDTXHKD\XQDGLiVSRUDXQLYHUVDOGHJDOD[LDV (QWRQFHV¢'yQGHHVWiQORVSXQWRVGHUHIHUHQFLDUHDOPHQWHHVWDFLRQDULRV" 3RGHPRVD¿UPDUFRQEDVWDQWHIXQGDPHQWRTXHFDUHFHGHVHQWLGRVXE~VTXHGD 1RWD4XL]iVDOJ~QGtDHQFRQWUHPRVHO³JDQFKR´GHOFXDO³SHQGH´HO8QLYHU VR3HUR¢FyPRVDEUHPRVTXHHVH³JDQFKR´HVWiLQPyYLO"/OHJySRUORWDQWRHOPRPHQWRGHHVWDEOHFHUORTXHHQWLHQGRSRU0DUFRGH5H IHUHQFLD(VWDFLRQDULR 813/$1(7$'($*8$ (Q/D7LHUUDORVEDUFRVVHHPSOHDQSDUDXQLUSXQWRVGHUHIHUHQFLDEiVLFDPHQWH HVWDFLRQDULRVVREUHODSURSLD7LHUUD/RVSXHUWRV3DUDHOORORVEDUFRVVHWUDVODGDQ SRUODJUDQPDVDGHDJXD (QHVWHFDVRVHSXHGHDSUHFLDUTXHH[LVWHXQDJUDQGLIHUHQFLDHQWUHORVSXQWRV GHUHIHUHQFLD\HOPHGLRVRSRUWH 3HUR«LPDJLQHPRVXQSODQHWDKLSRWpWLFRFRQVWLWXLGRVyORSRUDJXD 6yORDJXD 1LVLTXLHUDXQQ~FOHRGHRWURPDWHULDO$JXDKDVWDHOFHQWURGHOSODQHWD 1RWD(O6ROHVDOJRSDUHFLGRDHVWHKLSRWpWLFRSODQHWDVyORTXHHQYH]GH DJXDHVWiIRUPDGRPD\RULWDULDPHQWHSRUKLGUyJHQR\KHOLRÀXLGRVHQWRGR HOYROXPHQGHODHVWUHOOD /RVEDUFRVD~QSRGUtDQGHVSOD]DUVHSRUHVWHSODQHWDDFXRVR &ODURTXHQRKDEUtDSXHUWRV³¿MRV´SDUDYLVLWDU 3HRUD~QVLIDOWDUDQRWURVFXHUSRVDVWURQyPLFRVSDUD¿MDUUHIHUHQFLDVVHUtDPX\ GLItFLO¿MDUODVFRRUGHQDGDVJHRJUi¿FDVGHOEDUFR y &RQXQSODQHWDHQURWDFLyQSRGUtDPRV¿MDUODODWLWXGSHURVHUtDPX\FRP SOHMRHVWDEOHFHUODORQJLWXG y &RQXQSODQHWDVLQURWDFLyQDPEDVFRRUGHQDGDVVHUtDQSUREOHPiWLFDV'H KHFKRDOQRKDEHUHMHGHURWDFLyQVHUtDPX\GLItFLOHVWDEOHFHUFXiOHVOD ORQJLWXG\FXiOODODWLWXG (QSRFDVSDODEUDVHQXQSODQHWDFRPRHOPHQFLRQDGRQRWHQGUtDVHQWLGRKDEODUGH 3iJLQD ¢&RQ5HVSHFWRD4XpQRV0RYHPRV" VLVWHPDGHUHIHUHQFLD¿MRRDEVROXWR3HURSRGUtDPRVVHJXLUKDEODQGRGHPHGLR VRSRUWH<VLHPSUHSRGUtDPRVKDEODUGHGLVWDQFLDVUHODWLYDVHQWUHGLIHUHQWHVEDUFRV /RVEDUFRVSXHGHQQDYHJDUVLQVLVWHPDGHUHIHUHQFLDVDEVROXWR 3HURQRSXHGHQQDYHJDUVLQDJXD (63$&,2$%62/872<e7(5 3RUDOJXQDUD]yQQRIiFLOGHHVWDEOHFHUDOKDEODUGHOeWHUVHVXSRQHTXHVHKDFH UHIHUHQFLDDOHVSDFLRDEVROXWR <D(UQVW0DFKHQVXOLEUR³'HVDUUROOR+LVWyULFR&UtWLFRGHOD0HFiQLFD´HVWDEOHFH ³3HURVLQRVPDQWHQHPRVHQHOWHUUHQRGHORVKHFKRVHQWRQFHVQRFR QRFHPRVVLQRHVSDFLRV\PRYLPLHQWRVUHODWLYRV6LVHSUHVFLQGHGHDTXHO PHGLRGHVFRQRFLGRGHOXQLYHUVRTXHDTXtQRHQWUDPRVDFRQVLGHUDUORV PRYLPLHQWRVHQHOXQLYHUVRVRQUHODWLYRVORPLVPRVHWUDWHGHODFRQFHSFLyQ GH3WRORPHRTXHGHODGH&RSpUQLFR$PEDVFRQFHSFLRQHVVRQLJXDOPHQWH H[DFWDVVyORTXHOD~OWLPDHVPiVVLPSOH\PiVSUiFWLFD´ (QVXVHVFULWRV0DFKD¿UPDUHSHWLGDVYHFHVTXHHOHVSDFLRDEVROXWRHVVyORXQD FRQFHSFLyQPDWHPiWLFD<DERJDVLVWHPiWLFDPHQWHSRUGDUXQIXQGDPHQWRItVLFR DWRGRVVXVGHVDUUROORV6LQHPEDUJRUHFXUUHDODDQDORJtDGHIRUPXODFLRQHVPD WHPiWLFDVDOGHFLUTXHVRQ³LJXDOPHQWHH[DFWDV´SDUDSRQHUHQXQSLHGHLJXDOGDG ODVFRQFHSFLRQHVGH&RSpUQLFR\GH3WRORPHR 3HURVLQRVHGHVSUHFLD³DTXHOPHGLRGHVFRQRFLGRGHOXQLYHUVR´ODVFRQFHSFLRQHVQR VRQHTXLYDOHQWHV'HVSUHFLDU³DTXHOPHGLRGHVFRQRFLGR´HVFRPRGHVSUHFLDUHODJXDHQ HOSODQHWDGHOHMHPSORSUHYLR£6LKDFHPRVHVRKDVWDGHVDSDUHFHHOSURSLRSODQHWD (QHVWHDQiOLVLVFDEHUHFRUGDUGRVWHPDVQRPHQRUHV y (QODpSRFDGH0DFKODVRQGDV\ODVSDUWtFXODVHUDQFRQVLGHUDGDVFRVDV PX\GLIHUHQWHV'HHVHPRGRFRQFHELUXQPHGLRVRSRUWHSDUDODVRQGDV\ WUDQVSDUHQWHSDUDODVSDUWtFXODVSODQWHDEDXQDSDUDGRMDLQVROXEOH y 0DFKWHQtDWHQGHQFLDDUHFKD]DUWRGDKLSyWHVLVQRSDVLEOHGHH[SHULPHQWD FLyQ3UXHEDGHHOORHVVXUHFKD]RDODFRQFHSFLyQDWyPLFDGHODPDWHULD /RViWRPRV\HOeWHUHUDQSDUD0DFKVyORKLSyWHVLVGHWUDEDMRGHODVTXH SRGtDSUHVFLQGLUVH 1RWD/DItVLFDDFWXDOFRQVHUYDODLGHDGH0DFK\WUDWDGHUHFKD]DUFDVLWRGRWLSRGH ³YDULDEOHVRFXOWDV´<GLJR³WUDWDGHUHFKD]DU´SXHVSHUPDQHQWHPHQWHVHSRVWXODQ HVWHWLSRGHYDULDEOHVDQWHVGHKDEHUGHPRVWUDGRVXH[LVWHQFLD3UXHEDGHHOORV VRQORV4XDUNVODVVXSHUFXHUGDVORVDJXMHURVQHJURVHOSURSLR³%LJ%DQJ´HWF 6LQHPEDUJRFRPRVHDQDOL]yHQHOGHVDUUROORSUHYLRXQDFRVDHVHOPDUFRGH UHIHUHQFLD\RWUDPX\GLVWLQWDHVHOPHGLRVRSRUWH y (OHVSDFLRDEVROXWRHVXQDHQWLGDGPDWHPiWLFD y (OeWHUHVHOPHGLRVRSRUWHSRVWXODGRSDUDSHUPLWLUTXHODVRQGDVHOHFWUR PDJQpWLFDVVHSURSDJXHQHQHOYDFtR(OeWHUHVXQSRVWXODGRItVLFR1RHV 3iJLQD ¢&RQ5HVSHFWRD4XpQRV0RYHPRV" XQSRVWXODGRPDWHPiWLFR (VSHUIHFWDPHQWHDFHSWDEOHTXHQRH[LVWDQFRRUGHQDGDVDEVROXWDV3HURHVRQR LPSLGHTXHH[LVWDXQPHGLRVRSRUWH <HQDXVHQFLDGHFRRUGHQDGDVDEVROXWDVHOSURSLRPHGLRVRSRUWHQRQHFHVDULD PHQWHHVWDFLRQDULRSDVDDVHUHOVLVWHPDGHUHIHUHQFLD $03/,$&,Ï1'(/&21&(372'(05( %DMRQLQJ~QFRQFHSWRDVRFLRXQ05(DXQHVSDFLRDEVROXWRRPDWHPiWLFR(O05( WLHQHTXHHVWDUFRQVWLWXLGRGHIRUPDWDOTXHVLUYDGHVRSRUWHDODVRQGDVOXPLQRVDV \QRLQWHU¿HUDFRQODVSDUWtFXODVPDWHULDOHV (OPRGHORFRQFHSWXDO\DVHSUHVHQWyHQHO,QWHUPHGLR)LORVy¿FR,9HOYDFtRHQOD ItVLFD3HURHVHPLVPRPRGHORVXJLHUHTXHHO05(QRWLHQHTXHVHUUHDOPHQWH HVWDFLRQDULRGHOPLVPRPRGRTXHODJUDQPDVDGHDJXDGHORVRFpDQRVRHODLUH GHODDWPyVIHUDQRSXHGHQFRQVLGHUDUVHHVWDFLRQDULRVHQXQVHQWLGRDEVROXWR (VSUHIHULEOHYLVXDOL]DUORVPDUFRVGHUHIHUHQFLDVyORFRPRORFDOPHQWHHVWDFLRQDULRV 'HHVWDIRUPDORV05/(0DUFRVGH5HIHUHQFLD/RFDOPHQWH(VWDFLRQDULRVVH FRPSRUWDUtDQVyORFRPRSXQWRVGHUHIHUHQFLDORFDOGHOPLVPRPRGRTXHODPDVD GHDJXDTXHURGHDDXQEDUFRHVVXUHIHUHQFLDORFDOSDUDODQDYHJDFLyQ$XQTXH HODJXDTXHURGHDDOEDUFRHVWpVXIULHQGRIHQyPHQRVGHPDUHDRGHFRUULHQWHV PDULQDVHOEDUFRQRSXHGHGHWHFWDUHVWRVIHQyPHQRVH[FHSWRTXHORVUH¿HUDD RWURVSXQWRVGHUHIHUHQFLDOHFKRPDULQRFRVWDVHWF 8QEDUFRTXHGHVDUUROODXQDYHORFLGDGPi[LPDGHQXGRVORJUDVXYHORFLGDG UHVSHFWRDODJXDTXHORURGHDQRFRQUHVSHFWRDODFRVWD'HOPLVPRPRGRF DGRSWDUtDUHDOPHQWHHOYDORUGHNPVUHVSHFWRDO05/(<FRPRDQDOL]D UHPRVFRQPD\RUGHWDOOHHQSUy[LPRVFDStWXORVFRQUHVSHFWRDRWURVVLVWHPDVOD OX]VyORSDUHFHUtDDGRSWDUHOYDORUGHNPV 1RWD3DUDFRPSOHWDUXQDSULPHUDLGHDGHORTXHVHUtDXQPHGLRVRSRUWH RPQLSUHVHQWHSXHGHH[WHQGHUVHOD³LPDJHQ´GHOSODQHWDDFXRVRHOLPLQDQGR ORVEDUFRVFRQVWUXLGRVGHRWURPDWHULDO\FRQVLGHUDQGRFRPR³REMHWRVItVL FRV´VyORRODVUHPROLQRVFRUULHQWHVVRQLGRVHWF(QHVWHFDVRWHQGUtDPRV XQPHGLRVRSRUWHHQDXVHQFLDGHUHIHUHQFLDDEVROXWDV\HQWLGDGHVItVLFDV tQWLPDPHQWHOLJDGDVDOPHGLRVRSRUWH 5(680(1<$1È/,6,6&5Ë7,&2 /RH[SXHVWRHQHVWHLQWHUPHGLRSXHGHUHVXPLUVHHQXQDVRODIUDVH y 1RHVORPLVPRQHJDUODH[LVWHQFLDGHXQ0DUFRGH5HIHUHQFLD$EVROXWR TXHXQ0DUFRTXHVLUYDGHVRVWpQSDUDWRGRVORVIHQyPHQRVItVLFRV <HVWDGLIHUHQFLDSODQWHDXQDDOWHUQDWLYDSDUDODFRQFHSFLyQItVLFDGHO8QLYHUVR y 1HZWRQSODQWHyODH[LVWHQFLDGHXQHVSDFLRDEVROXWR y 0DFK(LQVWHLQ\ODFRQFHSFLyQUHODWLYLVWDJOREDOQHJDURQODH[LVWHQFLDGH 3iJLQD ¢&RQ5HVSHFWRD4XpQRV0RYHPRV" GLFKRPDUFRGHUHIHUHQFLD3HURMXQWRFRQHOPDUFRPDWHPiWLFRQHJDURQ WDPELpQHOVRSRUWHItVLFR y (OFRQWHQLGRGHHVWHOLEURVXJLHUHTXHHVSRVLEOHGHVFDUWDUHOPDUFRPDWH PiWLFRPDQWHQLHQGRHOVRSRUWHItVLFR 6LVHSRVWXODTXHHOHVSDFLRH[LVWHSRUVLPLVPRHVSDFLRPDWHPiWLFRVXUJHHO SUREOHPDGHODDFFLyQDGLVWDQFLD¢&yPRLQWHUDFW~DXQFXHUSRFRQRWURDWUDYpV GHXQHVSDFLRPDWHPiWLFR" 6LVHSRVWXODTXHQRH[LVWHXQPHGLRVRSRUWHGHEHQUHDOL]DUVHPDODEDULVPRV PHQWDOHVSDUDDVXPLUTXHODOX]QRVHSURSDJDHQXQPHGLRSHURSHVHDHOORVX YHORFLGDGQRGHSHQGHGHODYHORFLGDGGHODIXHQWH<D~QDVtORVPDODEDULVPRV QRHYLWDQODVSDUDGRMDVWDOFRPRYHUHPRVHQORVSUy[LPRVGHVDUUROORV /RVSUREOHPDVGHDPERVPRGHORVH[WUHPRVGHVDSDUHFHQQHJDQGRODH[LVWHQFLD GHPDUFRVGHUHIHUHQFLDDEVROXWRVSHURDFHSWDQGRODH[LVWHQFLDGHXQPHGLRVR SRUWH$HVWHWLSRGHPRGHORKDJRUHIHUHQFLDDOSURSRQHUODH[LVWHQFLDGH05/( 1RWD$ORODUJRGHHVWHOLEURKDJRUHIHUHQFLDDYDORUHVUHDOHVRYHUGDGHURV HQFRQWUDSRVLFLyQDYDORUHVUHODWLYRVRDSDUHQWHV(QHOFRQWH[WRGHHVWD REUDODVH[SUHVLRQHVYDORUYHUGDGHURRYDORUUHDOKDFHQUHIHUHQFLDDXQ YDORUPHGLGRHQXQ05/((QQLQJ~QFDVRODVH[SUHVLRQHVYHUGDGHURUHDO RDEVROXWRKDFHQUHIHUHQFLDDXQVLVWHPDGHFRRUGHQDGDVPDWHPiWLFR GHVYLQFXODGRGHXQFRQWH[WRItVLFR 3iJLQD