0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 Ë1',&( ,1752'8&&,Ï1 326,%/(6'$f26<3e5','$6 '$f26<3e5','$6'(&$5È&7(5$17,62&,$/ 3e5','$'(6&212&,'$ 52%2 )5$8'(<(67$)$ )$/6,),&$&,Ï1'(021('$ $*5(6,Ï13(5621$/ $&&,Ï19$1'È/,&$ 5,(6*26'(,17(51(7 '$f26<3e5','$6'(&$5È&7(57e&1,&2</$%25$/ ,1&(1',22&20%867,Ï1 $9(5Ë$6 $&&,'(17(6 0$1,38/$&,Ï1'(352'8&726 ,1$'(&8$'$3527(&&,Ï1'('$726 6,67(0$6'(6(*85,'$'',6321,%/(6 6,67(0$6'(6(*85,'$'3$6,9$ &21752/'($&&(626 3527(&&,Ï1&2175$+857252%2<$75$&2 3527(&&,Ï1$17(/$$*5(6,Ï1 3527(&&,Ï1'(,1)250$&,Ï1<9$/25(6 3527(&&,Ï1&2175$,1&(1',26 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (;7,1&,Ï1'(,1&(1',26 (0(5*(1&,$<(9$&8$&,Ï1 6,67(0$6'(6(*85,'$'$&7,9$ &21752/'($&&(626(,'(17,),&$&,Ï1 3527(&&,Ï1&2175$+857252%2<$75$&2 3527(&&,Ï1$17(/$$*5(6,Ï1 3527(&&,Ï1'(,1)250$&,Ï1<9$/25(6 3527(&&,Ï1&2175$,1&(1',26 (;7,1&,Ï1$8720È7,&$ &21752/<(0(5*(1&,$ 5(&20(1'$&,21(662%5(6(*85,'$' 5(&20(1'$&,21(6*(1(5$/(6 6(*85,'$'(1(/(;7(5,25'(//2&$/ 381726'($&&(62$//2&$/ $3(5785$<&,(55( $/$50$6(;7(5,25(6 9,'(29,*,/$1&,$(;7(5,25 ,1*5(626'(()(&7,92(1(17,'$'(6),1$1&,(5$6 5(/$&,21(6&2127526$*(17(6 6(*85,'$'(1(/,17(5,25'(//2&$/ &$-$65(*,675$'25$6 %,//(7(6'((852 &$-$6)8(57(6 9,'(29,*,/$1&,$,17(5,25 ,/80,1$&,Ï1,17(5,25 352'8&726&20(5&,$/,=$'26 &/,(17(6<(03/($'26 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 6(*85,'$'<18(9$67(&12/2*Ë$6 7$5-(7$6'(&5e',72<'e%,72 ,17(51(7 3527(&&,Ï1'('$726 '85$17(<'(638e6'(/+(&+2'(/,&7,92 '85$17((/+(&+2'(/,&7,92 '(638e6'(/+(&+2'(/,&7,92 $1(;21250$7,9$62%5(6(*85,'$'35,9$'$ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 ,1752'8&&,Ï1 /D&RQIHGHUDFLyQGH(PSUHVDULRVGH$QGDOXFtDYLHQHPDQWHQLHQGRXQDHVWUHFKD LQWHUORFXFLyQ FRQ OD &RQVHMHUtD GH 7XULVPR &RPHUFLR \ 'HSRUWH GH OD -XQWD GH $QGDOXFtD \ HQ FRQFUHWR FRQ OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR 'LFKD LQWHUORFXFLyQ HVWi VXVWHQWDGD HQ ORV VXFHVLYRV DFXHUGRV GH FRQFHUWDFLyQ VRFLDO HO ~OWLPR GHO ORV FXDOHV 9,, $FXHUGR GH &RQFHUWDFLyQ 6RFLDO GH $QGDOXFtD IXH ILUPDGR HO GH QRYLHPEUHGHSRUHO3UHVLGHQWHGHOD-XQWDGH$QGDOXFtDHO3UHVLGHQWHGH&($\ ORVVHFUHWDULRVJHQHUDOHVGHODVFHQWUDOHVVLQGLFDOHVPD\RULWDULDV &RQVWLWX\H XQ KHFKR FRQVWDWDEOH TXH OD QHJDWLYD FR\XQWXUD HFRQyPLFD DFWXDO KD SURYRFDGR XQ FRQVLGHUDEOH LQFUHPHQWR GH ORV URERV KXUWRV \ KHFKRV GHOLFWLYRV GXUDQWH HO SDVDGR DxR FRQ HVSHFLDO UHSHUFXVLyQ HQ ORV HVWDEOHFLPLHQWRV FRPHUFLDOHVDQGDOXFHV 7DOHVDVtTXHOD&RQIHGHUDFLyQGH(PSUHVDULRVGH$QGDOXFtDKDLQFOXLGRHQHO 9,,$FXHUGRGH&RQFHUWDFLyQ6RFLDOGH$QGDOXFtDDFWXDFLRQHVRULHQWDGDVDLQFUHPHQWDU ODFDOLGDG\VHJXULGDGHQORVHVWDEOHFLPLHQWRVFRPHUFLDOHVORTXHVHYDDWUDGXFLUHQHO QXHYR3ODQ,QWHJUDOGH)RPHQWRGHO&RPHUFLR,QWHULRUGH$QGDOXFtDFRPRXQDGHODV OtQHDVIXQGDPHQWDOHVGHDFWXDFLyQ $VLPLVPRGHIRUPDELSDUWLWDOD&($WDPELpQPDQWLHQHXQDHVWUHFKDUHODFLyQGH FRRSHUDFLyQ FRQ OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR TXH VH PDWHULDOL]D D WUDYpV GH VXFHVLYRVFRQYHQLRVGHFRODERUDFLyQTXHLQFOX\HQSURJUDPDVFRQFUHWRVGHDFWXDFLRQHV GHIRPHQWRHLPSXOVRGHOVHFWRUFRPHUFLDODQGDOX](QHVWHVHQWLGRHQHOSURJUDPD GHDFWLYLGDGHVGHOFRQYHQLRGHFRODERUDFLyQILUPDGRFRQIHFKDGHMXQLRGHVH KD LQFOXLGR XQD DFWLYLGDG FRQVLVWHQWH HQ OD HODERUDFLyQ GH XQ ³0DQXDO GH 5HFRPHQGDFLRQHV HQ 0DWHULD GH 6HJXULGDG HQ ORV &RPHUFLRV $QGDOXFHV´ D ILQ GH PLQLPL]DU ORV SHUMXGLFLDOHV HIHFWRV TXH VREUH HO FRPHUFLR HVWi WHQLHQGR HO DXPHQWRGHODDFWLYLGDGGHOLFWLYDFRPRFRQVHFXHQFLDGHODFULVLVHFRQyPLFDHQODTXH HVWDPRVLQPHUVRVHQWUHRWUDVFDXVDVGHVWDFDEOHV 3DUD OD HODERUDFLyQ WpFQLFD GHO PDQXDO OD &RQIHGHUDFLyQ GH (PSUHVDULRV GH $QGDOXFtD KD FRQWDGR FRQ OD FRODERUDFLyQ GLUHFWD GH OD &RQIHGHUDFLyQ (PSUHVDULDO GH &RPHUFLR GH $QGDOXFtD &(&$ RUJDQL]DFLyQ VHFWRULDO UHSUHVHQWDWLYD GHO FRPHUFLR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 WUDGLFLRQDO HQ $QGDOXFtD &RQ FDUiFWHU SUHYLR D OD HODERUDFLyQ GHO PDQXDO VH KDQ GHVDUUROODGR XQDV VHVLRQHV WpFQLFDV GH WUDEDMR HQ FDGD SURYLQFLD D ILQ GH WRPDU XQ FRQWDFWR UHDO FRQ OD DFWLYLGDG FRPHUFLDO D PRGR GH ³%UDLQVWRUPLQJV´ R WRUPHQWD GH LGHDV (Q FRQFOXVLyQ HO PDQXDO UHFRJH XQD VHULH GH PHGLGDV \ UHFRPHQGDFLRQHV HQ PDWHULDGHVHJXULGDGHQORVFRPHUFLRVDQGDOXFHVHODERUDGRHQEDVHDODVQHFHVLGDGHV HLQTXLHWXGHVUHDOHVTXHHQHVWDPDWHULDWLHQHQORVFRPHUFLDQWHVDQGDOXFHV'HLJXDO PRGR SDUD XQ PHMRU \ PiV SUiFWLFR XVR GHO FRQWHQLGR GHO FLWDGR PDQXDO VH KD HODERUDGR XQ WUtSWLFR LQIRUPDWLYR HQ HO TXH VH H[SOLFD GH IRUPD UHVXPLGD ODV SULQFLSDOHVUHFRPHQGDFLRQHVFRQWHQLGDVHQHOPDQXDO 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 326,%/(6'$f26<3e5','$6 '$f26<3e5','$6'(&$5È&7(5$17,62&,$/ 3e5','$'(6&212&,'$ (QWUHORVPXFKRVHOHPHQWRVTXHGHWHUPLQDQHOSUHFLRGHYHQWDGHORVDUWtFXORV H[SXHVWRV HQ ORV HVWDEOHFLPLHQWRV FRPHUFLDOHV OD SpUGLGD GHVFRQRFLGD HV XQR GH ORV FRPSRQHQWHVLQWUtQVHFRVPHQRVDQDOL]DGRSHVHDORVDOWRVFRVWHVTXHHOORUHSUHVHQWD /D SpUGLGD GHVFRQRFLGD HV XQ FRQFHSWR TXH LQWHJUD HO KXUWR LQWHUQR HO KXUWR H[WHUQR \ ORV HUURUHV HQ OD DGPLQLVWUDFLyQ GHO HVWDEOHFLPLHQWR FRPHUFLDO 6H LGHQWLILFD FRPR FRQVHFXHQFLD GH PHFDQLVPRV GH JHVWLyQ SRU FRPSDUDFLyQ FRPR VRQ ORV LQYHQWDULRVGHDOPDFpQRODDFFLyQGLDULDGHFXDGUHGHODVFDMDVGHORVSXQWRVGHYHQWD \ODFRPSUREDFLyQGHORVKLVWyULFRV(VWDSpUGLGDLQFLGHGLUHFWDPHQWHHQORVEHQHILFLRV HPSUHVDULDOHV 3HUR GHILQDPRV SULPHUR OR TXH VH FRQVLGHUD KXUWR (VWH DFWR FRQVLVWH HQ DSURSLDUVH WRPDQGR XQD FRVD PXHEOH DMHQD VLQ OD YROXQWDG GH VX GXHxR (VWi FDUDFWHUL]DGRSRUHOiQLPRGHOXFUR +XUWRLQWHUQR $QDOL]DQGR ODV HVWDGtVWLFDV HVSDxRODV VREUH HVWH WHPD VH GLVWLQJXHV YDULRV VXSXHVWRV HPSOHDGRV TXH UREDQ KDELWXDOPHQWH HPSOHDGRV TXH UREDUtDQ VL WXYLHVHQ RSRUWXQLGDG \ HPSOHDGRV TXH QR UREDUtDQ HQ DEVROXWR (V HQWHQGLEOH HO JUDYH SUREOHPDFRQHOTXHVHHQFXHQWUDQORVUHVSRQVDEOHVGHORVHVWDEOHFLPLHQWRV$OJXQRV GH ORV KXUWRV PiV IUHFXHQWHV VH SURGXFHQ HQ OD OtQHD GH FDMDV SRU HVFDQHR IDOVR GH SURGXFWRVRIDOWDGHUHJLVWURGHSUHFLRVDQXODFLRQHVIUDXGXOHQWDVIDOVDVGHYROXFLRQHV D ORV FOLHQWHV UHJLVWURV GH SUHFLRV LQIHULRUHV R GH RWURV GHSDUWDPHQWRV DO GH ORV DUWtFXORVHQWUHJDGHFDPELRGHPHQRVDORVFOLHQWHVHWF +XUWRH[WHUQR /RV IRFRV GH HVWH WLSR GH GHOLWR VH ORFDOL]DQ HQ HO iUHD FRPHUFLDO \ HQ ORV DOPDFHQHV \ VRQ SURGXFLGRV QRUPDOPHQWH SRU FOLHQWHV \ SURYHHGRUHV (MHPSORV GH SURGXFWRV TXH PiV VH ³GHVFXLGDQ´ VRQ EHELGDV QRUPDOPHQWH DOFRKyOLFDV \ WDEDFRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (QDOJXQDVGHODVVHFFLRQHVGHRVHVWDEOHFLPLHQWRVFRPHUFLDOHVVHKDUHGXFLGR HVWH SUREOHPD PHGLDQWH OD XWLOL]DFLyQ GH GLVSRVLWLYRV DQWLKXUWR \ GH DQWHQDV GHWHFWRUDV (UURUHVDGPLQLVWUDWLYRV ,JXDOPHQWHDOILQDOGHOGtDVHSURGXFHQGLIHUHQFLDVHQHODUTXHRGHODVFDMDV\ HQ ORV KLVWyULFRV GH YHQWD GLDULD SURGXFLGRV QRUPDOPHQWH SRU HUURUHV KXPDQRV ±QR LQWHQFLRQDGRV±HQODLQWURGXFFLyQGHXQLGDGHVGHSURGXFWR\FDQWLGDGHV (VWH ULHVJR DXQTXH QRHVWi GLUHFWDPHQWH UHODFLRQDGR FRQ OD VHJXULGDG HV XQ ULHVJRSURSLRGHODDFWLYLGDGFRPHUFLDODWHQHUHQFXHQWD\VXUHGXFFLyQGHEHVHUXQR GHORVREMHWLYRVDFRQVHJXLUFXDQGRVHLQWHQWHDGRSWDUXQDYHUGDGHUDSROtWLFDLQWHJUDO GHSUHYHQFLyQGHSpUGLGDVHQORVHVWDEOHFLPLHQWRVFRPHUFLDOHV 7,32'(+857260È6868$/(6 • &KLFOH HVWH WLSR GH KXUWR VH GD VREUH WRGR HQ MR\HUtDV (O GHOLQFXHQWH SHJD XQ FKLFOH EDMR HO PRVWUDGRU \ FXDQGR OH PXHVWUDQ ODV SLH]DV KXUWD XQD \ OD SHJD HQHOFKLFOH6LHOWUDEDMDGRUVHSHUFDWDHO GHOLQFXHQWH QLHJD KDEHUOR KHFKR \ QR VH SXHGH SURFHGHU HQ VX FRQWUD 6L HO WUDEDMDGRU QR VH SHUFDWD SRVWHULRUPHQWH XQ FyPSOLFH UHFRJH OD SLH]D SHJDGD DO FKLFOH • &DSRWHXQRGHORVGHOLQFXHQWHVKDFHVDOLU GH GHWUiV GHO PRVWUDGRU DO WUDEDMDGRU \ FRQ XQD EROVD GH JUDQGHV GLPHQVLRQHV R VLPLODU REVWUX\H OD YLVLyQ GHO PRVWUDGRU DO WUDEDMDGRU PRPHQWR TXH HO RWUR GHOLQFXHQWH DSURYHFKD SDUD DFFHGHU D OD SDUWH SRVWHULRU GHO PRVWUDGRU \ VXVWUDHUGLQHURXREMHWRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • 3DxXHORHOGHOLQFXHQWHVLPXODHVWDUUHVIULDGR\FRQXQDWRVPX\IXHUWH&RQ ODD\XGDGHXQSDxXHORKXUWDORVREMHWRV • %ROVD FRQ HO LQWHULRU UHFXELHUWR GH SDSHO GH DOXPLQLR HVWDV EROVDV GH IDEULFDFLyQFDVHUDHYLWDQHOIXQFLRQDPLHQWRGHORVFKLSVGHVHJXULGDGLQVWDODGRV HQORVDUWtFXORVDOSDVDUSRUHODUFRGHWHFWRUGHODSXHUWDGHOHVWDEOHFLPLHQWR • 'LVWUDFFLyQ GHO WUDEDMDGRU ORV GHOLQFXHQWHV DFW~DQ HQ JUXSR \ PLHQWUDV XQRVGLVWUDHQ\HQJDxDQDOYHQGHGRURWURVFRQVXPDQHOKXUWR • 0DQFKDHVWHWLSRGHKXUWRQRDIHFWDGLUHFWDPHQWHDOHVWDEOHFLPLHQWRSHURVtD ORV FOLHQWHV \ HQ PXFKDV RFDVLRQHV HO KHFKR LOtFLWR VH LQLFLD HQ HO HVWDEOHFLPLHQWR FRPHUFLDO (Q HVWH FDVR ORV GHOLQFXHQWHV WDPELpQ DFW~DQ HQ JUXSR \ FRQVLVWH HQ TXH XQR GH HOORV WLUD XQ OtTXLGR FDIp FKRFRODWH HWF VREUH OD URSD GH OD YtFWLPD \ HQVHJXLGD OH RIUHFH D\XGD SDUD OLPSLDUOH PRVWUiQGRVH PX\ SUHRFXSDGR \ GDQGR H[FXVDV GH IRUPD UHLWHUDGD (VWH GHVFXLGRHVDSURYHFKDGRSRUXQVHJXQGRGHOLQFXHQWHSDUDFRQVXPDUHOKXUWR 52%2 (OURERFRQVLVWHHQDSRGHUDUVHFRQiQLPRGHOXFURGHXQDFRVDPXHEOHDMHQD HPSOHDQGR IXHU]D HQ ODV FRVDV SDUD DFFHGHU DO OXJDU GRQGH pVWD VH HQFXHQWUD R FRQ YLROHQFLDRLQWLPLGDFLyQHQODVSHUVRQDV (O FRP~QPHQWH FRQRFLGR DWUDFR FRQVLVWH HQ DSRGHUDUVH GH OD FRVD PHGLDQWH YLROHQFLDItVLFDRSVLFROyJLFD(VXQDYDULHGDGGHURERFRQYLROHQFLDHLQWLPLGDFLyQ DODVSHUVRQDV6HFRPHWHHQPD\RUPHGLGDHQHVWDEOHFLPLHQWRV\RUHFLQWRVGRQGH VHPDQHMDGLQHURRHQORVWUD\HFWRVKDFLDpVWRV (Q ORV HVWDEOHFLPLHQWRV FRPHUFLDOHV HO DWUDFR VH FRPHWH HQ ODV SHTXHxDV WLHQGDVVLQYLJLODQFLDHQODVTXHHODWUDFDGRURFDVLRQDOHQFXHQWUDXQIiFLOERWtQ\XQD KXLGD UiSLGD HQ UHFLQWRV SURWHJLGRV GH FRQWHR GH HIHFWLYR R GXUDQWH HO WUDVODGR GH IRQGRVHQGRQGHXQDEDQGDRUJDQL]DGDDFHFKDSDUDOOHYDUVHXQJUDQERWtQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 7,32'(52%260È6868$/(6 (QFDVRGHIXHU]DVREUHODVFRVDV • (VFDODPLHQWR • 5RPSLPLHQWRGHSDUHGHVWHFKRRVXHORRIUDFWXUDGHSXHUWDRYHQWDQD • )UDFWXUD GH DUPDULRV PXHEOHV X REMHWRV FHUUDGRV IRU]DPLHQWR GH VXV FHUUDGXUDV • (PSOHRGHOODYHVIDOVDV • ,QXWLOL]DFLyQ GH VLVWHPDV HVSHFtILFRV GH DODUPD R JXDUGDSDUD DFFHGHU DO OXJDU GRQGHVHHQFXHQWUHHOREMHWR (QFDVRGHYLROHQFLDRLQWLPLGDFLyQVREUHODVSHUVRQDV • (O URER FRQ YLROHQFLD VH GD FXDQGR VH HMHUFH IXHU]D ItVLFD VREUH ODV SHUVRQDV FRQHOILQGHFRQVHJXLUDSRGHUDUVHGHXQDFRVDTXHHOODVSRVHHQ • (Q HO URER FRQ LQWLPLGDFLyQ HO DSRGHUDPLHQWR GH XQD FRVD VH GD FXDQGR VH SURGXFHHOKHFKRFRQDPHQD]DGHFDXVDUGRORUDODSHUVRQDTXHSRVHHODFRVD (VWDDPHQD]DVHSXHGHUHDOL]DUGHPDQHUDYHUEDORPHGLDQWHDUPDVXREMHWRV SHOLJURVRV )5$8'(<(67$)$ )UDXGH HV WRGR HQJDxR R DFFLyQGHPDODIHHMHFXWDGRVFRQHOILQ GH SURFXUDUVH XQ EHQHILFLR LOtFLWR HQ SHUMXLFLR \ D H[SHQVDV GH RWUR 7DPELpQHODFWRRHIHFWRGHOHVLyQTXH VH FDXVD HQ HO SDWULPRQLR DMHQR GH IRUPD QR YLROHQWD SRU PHGLR GH HQJDxR\FRQLQWHQFLyQGHOXFUR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (O IUDXGH TXH VH SXHGH GHWHFWDU HQ HVWRV HVWDEOHFLPLHQWRV FRPHUFLDOHV VH GD SULQFLSDOPHQWHHQORVPHGLRVGHSDJRKDELWXDOPHQWHFXDQGRVHUHDOL]DHODERQRGHOD FXHQWD FRQ WDUMHWD GH FUpGLWR VXVWUDtGD R HQFRQWUDGD (Q HVWRV FDVRV HO SUHVXQWR HVWDIDGRU LQWHQWDUi LPLWDU OD ILUPD GHO SURSLHWDULR \ DSRUWDUi XQ FDUQp IDOVLILFDGR FRQ HVWD PLVPD ILUPD 3RVWHULRUPHQWH HO YHUGDGHUR SURSLHWDULR QHJDUi KDEHU UHDOL]DGR OD FRPSUD \ SRU WDQWR VH QHJDUi D DERQDUOD FRQ OD FRQVLJXLHQWH SpUGLGD SDUD HO HVWDEOHFLPLHQWRFRPHUFLDO (VWDIDSRUHOFRQWUDULRFRQVLVWHHQSHGLURVDFDUGLQHURRFRVDVGHYDORUFRQ DUWLILFLRV R HQJDxRV 3RGHPRV GHVWDFDU ORV FKHTXHV DO SRUWDGRU HQ HIHFWLYR FKHTXHV PDQLSXODGRV\IDOVLILFDFLyQGHGRFXPHQWRVPHUFDQWLOHV7DPELpQVHHQWUDUtDGHQWURGH ODHVWDIDHOYDOHUVHGHDOJXQDPDQLSXODFLyQLQIRUPiWLFD\FRQVHJXLUODWUDQVIHUHQFLDQR FRQVHQWLGDGHFXDOTXLHUDFWLYRSDWULPRQLDOHQSHUMXLFLRGHWHUFHURHQWUHRWURV (VWHULHVJRHVGHHVSHFLDOFRQVLGHUDFLyQSDUDORVJHUHQWHVGHORVSHTXHxRVFRPHUFLRV 7,32'((67$)$60È6868$/(6 • (Q HO SDJR HO HVWDIDGRU FRPSUD XQ REMHWR SDJDQGR FRQ XQ ELOOHWH GH JUDQ YDORU \ HQJDxD DO FRPHUFLDQWH SDUD TXHGDUVH FRQ HO ELOOHWH \ HO FDPELR 6L OD SHUVRQD ~QLFDPHQWH GLVWUDH GH DOJXQD IRUPD DO FRPHUFLDQWH \ FRJH HO ELOOHWH FRQHOTXHKDEtDSDJDGRQRVHWUDWDUiGHHVWDIDVLQRGHKXUWR • +D\TXHYLJLODUODVPRQHGDVODVKD\GHSDtVHVDVLiWLFRVTXHVHSDUHFHQDORV HXURVSHURTXHQRVRQGHFXUVROHJDOQLWLHQHQHOPLVPRYDORU • &DPELR GH FyGLJRV GH EDUUDV FRQVLVWH HQ FDPELDU HO FyGLJR GH EDUUDV GH DUWtFXORVGHSUHFLRHOHYDGRSRUHOFyGLJRGHEDUUDVGHDUWtFXORVPiVEDUDWRV • %LOOHWH FOLFKp HO HVWDIDGRU SUHVHQWD XQRV SDSHOHV QHJURV QHJDWLYRV TXH FXDQGROHVDSOLFDXQOtTXLGRUHYHODGRUVHWUDQVIRUPDQHQELOOHWHV • (VWDID WHOHIyQLFD HO HVWDIDGRU OODPD DO FRPHUFLDQWH \ OH HQJDxD KDFLpQGROH FUHHUTXHKDJDQDGRDOJ~QSUHPLRRVLPLODU\TXHSDUDREWHQHUORGHEHOODPDU DXQQ~PHURGHWHOpIRQRGHWDULIDHOHYDGD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • &DMHUREORTXHDGRRPDQLSXODGRHOHVWDIDGRUPDQLSXODRLQVWDODXQDERFD GHFDMHURIDOVDHQFLPDGHODERFDRULJLQDOGHOFDMHUR • 7LPR FRQRFLGR YXOJDUPHQWH FRPR ³FDUWDQLJHULDQD´ FDUWD TXH QRUPDOPHQWH VH UHFLEH SRU FRUUHR HOHFWUyQLFR \ SURSRQH D TXLHQ OD UHFLEH SDUWLFLSDU HQ XQ OXFUDWLYR QHJRFLR RUGHQDQGR WUDQVIHUHQFLDV D XQD FXHQWD H[WUDQMHUD \ RIUHFLHQGRXQSRUFHQWDMHGHFDGDXQDGHHOODVHQFRQFHSWRGHEHQHILFLRV4XLHQ ODV HQYtD QRUPDOPHQWH GLFH VHU KHUHGHUR GH DOJ~Q ULFR HPSUHVDULR DJUDFLDGR SRUDOJ~QSUHPLRGHORWHUtDHWF\SLGHD\XGDSDUDVDFDUGLQHURGHOSDtV • 3KLVKLQJ HVWDID D WUDYpV GH ,QWHUQHW FRQ VLPXODFLyQ GH SiJLQDV GH EDQFRV FDMDV \ RWUDV HQWLGDGHV ILQDQFLHUDV 6H H[SOLFDUi PiV GHWHQLGDPHQWH HQ OD VHFFLyQVREUHULHVJRVGH,QWHUQHW )$/6,),&$&,Ï1'(021('$ /DIDOVLILFDFLyQGHPRQHGDHVXQRGHORVULHVJRVDWHQHUPX\HQFXHQWD\DTXH VX PDWHULDOL]DFLyQ LQFLGH GLUHFWDPHQWH HQ OD FXHQWD GH UHVXOWDGRV (VWH WLSR GH DFFLRQHV GHOLFWLYDV WLHQH VX HVFHQDULR SUHFLVDPHQWH HQ HVWDEOHFLPLHQWRV GRQGH H[LVWD XQ JUDQ PRYLPLHQWR GH HIHFWLYR \ GH SHUVRQDV TXH KDJDQ PX\ GLItFLO VX GHWHFFLyQ \ ORFDOL]DFLyQ (QORVELOOHWHVGHHXURH[LVWHQGLIHUHQWHVPHGLGDVGHVHJXULGDGTXHSUHYLHQHQ OD IDOVLILFDFLyQ \ TXH VRQ IiFLOPHQWH LGHQWLILFDEOHV D VLPSOH YLVWD R PHGLDQWH OD DSOLFDFLyQGHOX]XOWUDYLROHWD $*5(6,Ï13(5621$/ &RQVLVWH SULQFLSDOPHQWH D XQ QLYHO LQIHULRUHQODUHDOL]DFLyQGHLQWLPLGDFLRQHV DOWHUFDGRV \ DPHQD]DV HQWUH HO SHUVRQDO GHO HVWDEOHFLPLHQWR FRPHUFLDO \ FOLHQWHV R HQWUHFRPSDxHURVSRUPRWLYRVODERUDOHV\ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 D XQ QLYHO GH GXHxRV GH HVWDEOHFLPLHQWRV \ DOWRV GLUHFWLYRV GH JUDQGHV IRUPDWRV FRPHUFLDOHVHQH[WRUVLRQHV\VHFXHVWURVFRQODLQWHQFLyQGHFDXVDUOHVGDxRDHOORVRD VXIDPLOLDHQVXSHUVRQDLPDJHQRSURSLHGDG (Q ORV IRUPDWRV FRPHUFLDOHV GH FLHUWR WDPDxR HO ULHVJR GH DJUHVLyQ SHUVRQDO FRQYLHQHVHxDODUORFRPRIXHQWHGHPDOHVWDUGHQWURGHODSODQWLOOD $&&,Ï19$1'È/,&$ /DV DFFLRQHV YDQGiOLFDV VRQ GHVWUXFFLRQHV R GHWHULRURV LQWHQFLRQDGRV GH ORV ELHQHV QRUPDOPHQWH SURGXFLGRV HQ HO H[WHULRU GH ODV LQVWDODFLRQHV GH ORV HVWDEOHFLPLHQWRVFRPHUFLDOHVORVPiVIUHFXHQWHVVRQURWXUDGHFULVWDOHVGHVWUXFFLyQ\ DSHUWXUDGHHPEDODMHVGHVSHUIHFWRVHQIDFKDGDSLQWDGDV JUDIILWLV HQFDUWHODPLHQWRV GHVWUXFFLyQGHUyWXORV\DWUDQFDPLHQWRGHSXHUWDV\FHUUDGXUDV /DVSHUVRQDVHPSOHDGRV\FOLHQWHVQRVXHOHQYHUVHDIHFWDGRVSRUHVWRVGDxRV TXH QRUPDOPHQWH VRQ SURGXFLGRV IXHUD GHO KRUDULR ODERUDO OD PD\RUtD GH ODV YHFHV VH SURGXFHQ FRPR FRQVHFXHQFLD GH PDQLIHVWDFLRQHV WXPXOWRV \ UHLYLQGLFDFLRQHVVRFLDOHV\ODERUDOHVQRVDWLVIHFKDV /D DFFLyQ YDQGiOLFD WLHQH HVSHFLDO LQFLGHQFLD HQ ODV ]RQDV FRPXQHV DVHRV ]RQDV GH WUiQVLWR FDOOHV FRPHUFLDOHV SRU OR TXH GHEHUi VHU DQDOL]DGR SRU HO 'LUHFWRUGH6HJXULGDG 5,(6*26'(,17(51(7 9,586*86$126<$7$48(6'(,1*(1,(5Ë$62&,$/ 3RGHPRVHQFRQWUDUHQ,QWHUQHWXQFRQMXQWRGHSURJUDPDVGHQRPLQDGRVHQVX FRQMXQWRPDOZDUHRVRIWZDUHPDOLFLRVRTXHVRQFUHDGRVFRQODLQWHQFLyQSULQFLSDO 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 GH SURYRFDU GDxRV XWLOL]DU ORV UHFXUVRV GH ORV XVXDULRV R UHFDEDU LQIRUPDFLyQ GH XWLOLGDGSDUDORVFUHDGRUHVRXVXDULRVGHORVPLVPRV 3RU RWUR ODGR ,QWHUQHW HV WDPELpQ ]RQDGH SUiFWLFD SDUD DTXHOORV TXH DSOLFDQ WpFQLFDVGHLQJHQLHUtDVRFLDOFRQHOREMHWLYRGHUHFDEDULQIRUPDFLyQUHOHYDQWHGHORV XVXDULRV TXH SXHGD VHU XWLOL]DGD SDUD REWHQHU DOJ~Q WLSR GH EHQHILFLR JHQHUDOPHQWH HFRQyPLFR (QWUH HVWDV SUiFWLFDV HVWiQ GH SOHQD DFWXDOLGDG ODV FRQRFLGDV FRPR SKLVKLQJ \ SKDUPLQJ FX\RV DWDTXHV HVWiQ DOFDQ]DQGR JUDQ QLYHO GH YLUXOHQFLD SURYRFDQGRLPSRUWDQWHVGDxRVHQVHFWRUHVFRPRODEDQFDHQOtQHDHQ,QWHUQHW /RV YLUXV VRQ SURJUDPDV TXH LQFRUSRUDGRV HQ ILFKHURV HMHFXWDEOHV R FRQ IRUPDWRV GH XVR FRP~Q SRU ORV VLVWHPDV RSHUDWLYRV KDELWXDOHV ORJUDQ DFFHVR DO VLVWHPD FRQ OD ILQDOLGDG GH HMHFXWDUVH \ HQ OD PD\RUtD GH ORV FDVRV UHSURGXFLUVH PHGLDQWH FRSLD TXH VH DORMH HQ RWURV ILFKHURV R HQ RWURV VLVWHPDV (O QLYHO GH SHOLJURVLGDGGHORVYLUXVVHHVWDEOHFHHQIXQFLyQGHORVGDxRVTXHHVFDSD]GHSURGXFLU HQ HO VLVWHPD GHVGH OD DSDULFLyQ GH PHQVDMHV KDVWD OD WRWDO GHVWUXFFLyQ GH OD LQIRUPDFLyQ GH ORV HTXLSRV LQIHFWDGRV \ GH VXYHORFLGDG \ IDFLOLGDGGHSURSDJDFLyQ 6XGHVDUUROOR\FUHDFLyQWLHQHQPXFKRTXHYHUFRQODVYXOQHUDELOLGDGHVH[LVWHQWHVHQHO VRIWZDUH GH XVR FRP~Q SRU OR TXH XQD SULPHUD EDUUHUD GH SUHYHQFLyQ OD HQFRQWUDUHPRV HQ PDQWHQHU DFWXDOL]DGR \ DO GtD QXHVWUR VLVWHPD DGHPiV GH XWLOL]DU KHUUDPLHQWDV GH GHWHFFLyQ \ GHVLQIHFFLyQ $GHPiV KR\ HQ GtD H[LVWHQ QXPHURVRV VHUYLFLRV S~EOLFRV GRQGH SRGUHPRV HQFRQWUDU FXPSOLGD LQIRUPDFLyQ VREUH FXDOTXLHU YLUXVDGHPiVGHLQIRUPDFLyQVREUHFyPRSUHYHQLUVXVDWDTXHV (OWpUPLQRJXVDQRRJXVDQRGH,QWHUQHWGHQRPLQDDDTXHOORVSURJUDPDV GLVHxDGRVSDUDVHUFDSDFHVGHWUDVODGDUVHDWUDYpVGHUHGHVGHRUGHQDGRUHVFRQHOILQ GH UHDOL]DU XQD DFWLYLGDG FRQFUHWD LQFRUSRUDGD HQ VX FyGLJR $XQTXH VX ILQDOLGDG QR WLHQH HQ SULQFLSLR TXH HQWUDxDU SHOLJUR HVWRV SURJUDPDV SXHGHQ LQVWDODU XQ YLUXV LQVWDODU XQ SURJUDPD TXH DFW~H HQ VHJXQGR SODQR VLQ FRQRFLPLHQWR GHO XVXDULR R GHGLFDUVH D FRQVXPLU DQFKR GH EDQGD GHO VLVWHPD XWLOL]iQGROR SDUD UHDOL]DU DFFLRQHV FRPRHOHQYtRPDVLYRGHFRUUHRHOHFWUyQLFR (QFXDQWRDORVWUR\DQRVRFDEDOORVGH7UR\DVRQFRPRVXSURSLRQRPEUH LQGLFDSURJUDPDVTXHVLPXODQUHDOL]DUXQDIXQFLyQGLVWLQWDDDTXHOODSDUDODTXHKDQ VLGR GLVHxDGRV \ TXH HQWUDQ HQ HO VLVWHPD EDMR HO GLVIUD] GH VRIWZDUH ~WLO SDUD HO 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 XVXDULR 8QD YDULDQWH GH pVWH WLSR GH VRIWZDUH PDOLFLRVR VRQ ODV ERPEDV OyJLFDV SURJUDPDV TXH SHUPDQHFHQ LQDFWLYRV HQ HO VLVWHPD KDVWD TXH VRQ DFWLYDGRV SRU OD RFXUUHQFLDGHXQHYHQWRRSRUHOPHURSDVRGHOWLHPSR\TXHSHUPDQHFHQRFXOWRVHQ HOFyGLJRGHOSURJUDPD 3RGHPRV GHILQLU DO SKLVKLQJ FRPR XQD IRUPD GH LQJHQLHUtD VRFLDO HQOD TXH VH LQWHQWD REWHQHU GH IRUPD IUDXGXOHQWD LQIRUPDFLyQ VHQVLEOH GH XQD YtFWLPD VXSODQWDQGRODLGHQWLGDGGHXQWHUFHURGHFRQILDQ]D(OSULQFLSDOREMHWLYRKDVLGRKDVWD HO PRPHQWR OD LQIRUPDFLyQ GH DFFHVR GH XVXDULRV GH EDQFD HQ ,QWHUQHW R VLWLRV ZHE GHGLFDGRV D ODV VXEDVWDV HQ ORV TXH HV IDFWLEOH WHQHU DFFHVR D FXHQWDV EDQFDULDV \ WDUMHWDV GH FUpGLWR (O FDXFH PiV KDELWXDO GH GLIXVLyQ GH HVWRV DWDTXHV HV HO FRUUHR HOHFWUyQLFR (V KDELWXDO UHFLELU PHQVDMHV UHPLWLGRV VXSXHVWDPHQWH GHVGH ORV VHUYLFLRV GHDWHQFLyQDOFOLHQWHGHXQEDQFRTXHQRVUHTXLHUHQSRUHMHPSORODLQWURGXFFLyQGH XQ FyGLJR GH XVXDULR \ VX FODYH GH DFFHVR SDUD YDOLGDUORV HQ XQ IRUPXODULR TXH VLPXOD VHU SDUWHGHO VLWLR ZHEGH XQD HQWLGDG ILQDQFLHUD 2WUD PRGDOLGDG GH UHFLHQWH DSDULFLyQ HV OD TXH XWLOL]D HO FDQDO WHOHIyQLFR UHDOL]DQGR XQD OODPDGD DOGRPLFLOLR GHO XVXDULRVLPXODQGRKDFHUORGHVGHHO&HQWURGH$WHQFLyQDO&OLHQWHGHXQ3URYHHGRUGH 6HUYLFLRVGH,QWHUQHW\VROLFLWDQGRDOXVXDULRTXHLQWURGX]FDGDWRVGHFDUiFWHUSHUVRQDO HQXQIRUPXODULRFRORFDGRHQXQVLWLR:HEFRQWURODGRSRUORVDWDFDQWHV (Q FXDQWR DO SKDUPLQJ GH PD\RU FRPSOHMLGDG WpFQLFD HQ VX GHVDUUROOR SRGHPRVGHFLUTXHWUDWDGHFRQGXFLUDOXVXDULRDXQVLWLRZHEVLPXODGRDOWHUDQGRELHQ ORV VHUYLGRUHV GHO VLVWHPD GH QRPEUHV GH GRPLQLR GH ,QWHUQHW '16 R ELHQ PDQLSXODQGR ILFKHURV HQ ORV HTXLSRV GH ORV XVXDULRV FRQ OD ILQDOLGDG GH TXH UHGLULMDQ ODVSHWLFLRQHVGHDFFHVRDGHWHUPLQDGRVVLWLRVZHEDRWURVVLVWHPDVFRQWURODGRVSRUHO DWDFDQWH %$1&$<&20(5&,2(/(&75Ï1,&2 /RV SRUWDOHV GH FRPHUFLR HOHFWUyQLFR SHUPLWHQ OD DGTXLVLFLyQ \ YHQWD GH SURGXFWRV\VHUYLFLRVXWLOL]DQGR,QWHUQHWFRPRFDQDOGHFRPXQLFDFLyQ(OXVXDULRGHEH GHGLFDU XQ SHTXHxR HVIXHU]R HQ FRQRFHU ORV VHUYLFLRV \ HO WLSR GH LQIRUPDFLyQ D TXH SXHGH WHQHU DFFHVR /D H[LVWHQFLD GH SROtWLFDV GH SULYDFLGDG FRPSUHQVLEOHV OD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 LGHQWLILFDFLyQ GHO UHVSRQVDEOH GHO VHUYLFLR FRQ WRGRV ORV GDWRV QHFHVDULRV SDUD ORFDOL]DUOH\HOXVRGHFHUWLILFDGRVHOHFWUyQLFRVGHLGHQWLILFDFLyQSURSRUFLRQDGRVSRUXQ WHUFHUR GH FRQILDQ]D OD SUHVHQFLD GH LQIRUPDFLyQ VREUH HO PRGR GH FRQWUDWDU R OD XWLOL]DFLyQ GH FRQH[LRQHV VHJXUDV SDUD IDFLOLWDU ORV GDWRV R JHVWLRQDU ORV SDJRV VRQ GDWRVTXHGHEHQVHUWHQLGRVHQFXHQWDDQWHVGHXWLOL]DUHVWHWLSRGHVHUYLFLRV 3DUDDFFHGHUDORVVHUYLFLRVGHEHUiDFUHGLWDUVXLGHQWLGDG(QODDFWXDOLGDG HO PHGLR PiV H[WHQGLGR HV OD XWLOL]DFLyQ GH FyGLJRV GH XVXDULR \ SDODEUDV GH SDVR DXQTXH GHVGH KDFH WLHPSR HV SRVLEOH XWLOL]DU FHUWLILFDGRV GLJLWDOHV H[SHGLGRV SRU OD )iEULFD1DFLRQDOGH0RQHGD\7LPEUHXRWURVSURYHHGRUHVGHVHUYLFLRVGHFHUWLILFDFLyQ (O '1, HOHFWUyQLFR TXH \D KD HPSH]DGR D GLVWULEXLUVH \ TXH HQ EUHYH HVWDUi GLVSRQLEOH SDUD WRGRV ORV FLXGDGDQRV HVSDxROHV SRGUi VHU XWLOL]DGR SDUD DFUHGLWDU GH IRUPDIHKDFLHQWHODLGHQWLGDGGHXQFLXGDGDQRHQ,QWHUQHW '$f26<3e5','$6'(&$5È&7(57e&1,&2</$%25$/ ,1&(1',22&20%867,Ï1 8Q LQFHQGLR HV FDVL VLHPSUH LQHVSHUDGR\ QRUPDOPHQWH FRQOOHYD SHOLJUR SDUD OD LQWHJULGDG ItVLFD GH ODV SHUVRQDV \ VXHOH UHSUHVHQWDU JUDQGHV SpUGLGDV HFRQyPLFDV SRUVXVFRQVHFXHQFLDVGHYDVWDGRUDV /RV LQFHQGLRV IRUWXLWRV VH SURGXFHQ HQ ORV HVWDEOHFLPLHQWRV FRPHUFLDOHV SRU GLIHUHQWHV FDXVDV FRUWRFLUFXLWRV HOpFWULFRV GHVFXLGRV FLJDUULOORV \ FHULOODV PDO DSDJDGDVVXSHUILFLHVFDOLHQWHVVLVWHPDVGHYHQWLODFLyQFDOHIDFFLyQ\PRWRUHVHWF ,JXDOPHQWH ORV SURGXFWRV HQ PDO HVWDGR IHUPHQWDGRV R XQ DOPDFHQDMH LQDGHFXDGRGHSURGXFWRVLQIODPDEOHVSXHGHQSURGXFLUFRPEXVWLRQHVHVSRQWiQHDV $9(5Ë$6 6LJXLHQGR FRQ QXHVWUD FDWDORJDFLyQ GH ORV ULHVJRV TXH SXHGHQ DIHFWDU D XQ FHQWURFRPHUFLDOGHEHUHPRVGHWHQHUQRVHQODVDYHUtDVGHFXDOTXLHUWLSRTXHVXSRQHQ XQWUDVWRUQRHQODDFWLYLGDGGLDULDGHOFRPSOHMRFRPHUFLDO8QLQFRPSOHWRSURJUDPDGH FRQVHUYDFLyQ \ PDQWHQLPLHQWR VLQ DVLJQDFLyQ GH UHFXUVRV WpFQLFRV \ HFRQyPLFRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 GLVPLQX\HODYLGD~WLOSUHYLVWDSDUDPDWHULDOHVHTXLSRV\VLVWHPDVSURYRFDQGRDYHUtDV HQODVLQVWDODFLRQHVSULPDULDV\VHFXQGDULDV /D PDWHULDOL]DFLyQ GHO ULHVJR GH DYHUtD VXHOH FDXVDU XQ SHUMXLFLR HFRQyPLFR HOHYDGR SDUD FXDOTXLHU DFWLYLGDG WDQWR D QLYHO GH LPDJHQPDUFD FRPR HQ ORV EHQHILFLRV /DV DYHUtDV UHLWHUDGDV SURYRFDQ GHVLGLD HQ ORV HPSOHDGRV \ SpUGLGD GH FRQILDQ]D HQ ORV FOLHQWHV $Vt SRU HMHPSOR XQ PDO IXQFLRQDPLHQWR SURORQJDGR GH OD FiPDUD IULJRUtILFD HFKDUi D SHUGHU ORV DOLPHQWRV SHUHFHGHURV SURYRFDQGR VX IDOWD GH GLVSRQLELOLGDG SDUD ORV FOLHQWHV XQ HVFDSH GH JDV GH ORV FRQJHODGRUHV SXHGH FDXVDU LQWR[LFDFLRQHV D HPSOHDGRV R FOLHQWHV OD FRUURVLyQ GH ORV PDWHULDOHV SXHGH FDXVDU HQYHQHQDPLHQWR GH ORV DOLPHQWRV XQRV FDEOHV HOpFWULFRV SHODGRV SXHGHQ FDXVDU FRUWRFLUFXLWRV \ HOHFWURFXFLRQHV \ SURYRFDU LQFHQGLRV HWF 7RGR HOOR VH WUDGXFH HQ SpUGLGDVSDUDODHPSUHVD $&&,'(17(6 2WUR GH ORV ULHVJRV D FRQVLGHUDU HQ HVWH DSDUWDGR GH ULHVJRV WpFQLFRV HV HO ULHVJRGHDFFLGHQWH(OIXQFLRQDPLHQWRPHFiQLFRKLGUiXOLFRHOpFWULFRWHUPRGLQiPLFRR HOHFWURPDJQpWLFRGHODPD\RUtDGHODVLQVWDODFLRQHVTXHFRPSRQHQXQFHQWURFRPHUFLDO SURGXFH FRQ EDVWDQWH IUHFXHQFLD HOHFWURFXFLRQHV DSODVWDPLHQWRV SRU SXHUWDV KLGUiXOLFDV DWURSHOORV FRQ WRURV PHFiQLFRV HWF ,JXDOPHQWH ODV FDtGDV IRUWXLWDV SRU UHVEDODPLHQWRHQVXHORVGHVOL]DQWHVGHUUDPHVGHSURGXFWRVRODVLQWR[LFDFLRQHVSRUOD XWLOL]DFLyQGHSURGXFWRVWy[LFRVGHOLPSLH]DVRQDOJXQRVGHORVHMHPSORVGHDFFLGHQWHV GLDULRV TXH VH SXHGHQ SURGXFLU HQ OD DFWLYLGDG FRPHUFLDO 0$1,38/$&,Ï1'(352'8&726 &DGD DFWLYLGDG LQGXVWULDO OOHYD DVRFLDGD SRU GHILQLFLyQ VX SURSLR FDWiORJR GH ULHVJRV ODERUDOHV PiV R PHQRV UHGXFLGR (Q DOJXQRV HVWDEOHFLPLHQWRV FRPHUFLDOHV HO WUDWDPLHQWR GH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 DOLPHQWRVIUHVFRV\SHUHFHGHURV\ODPDQLSXODFLyQGHSURGXFWRVWy[LFRVGHYHQWDRGH PDQWHQLPLHQWRKDFHQTXHHVWHWLSRGHULHVJRVHFRQYLHUWDHQHVSHFLDOPHQWHUHOHYDQWH $Vt SRU HMHPSOR HQ HO iUHD GH DOPDFHQHV \ WLHQGD ORV ULHVJRV VREUH PDQLSXODFLyQGHSURGXFWRVDORVTXHVHHQFXHQWUDQH[SXHVWRVORVWUDEDMDGRUHVSXHGHQ VHU LQWR[LFDFLRQHV SRU PDQLSXODFLyQ LQGHELGD GH SURGXFWRV OHVLRQHV HQ OD HVSDOGD OHYDQWDPLHQWR\WUDQVSRUWHGHFDUJDVLQKDODFLyQGHJDVHV\SROYRVKLSRWHUPLDVHQODV FiPDUDVIULJRUtILFDVJROSHVGHFDORUHQODVSDQLILFDGRUDVYLUXVEDFWHULDV\KRQJRVGH IHUPHQWDFLRQHVHWF ,1$'(&8$'$3527(&&,Ï1'('$726 /D/H\2UJiQLFDGH3URWHFFLyQGH'DWRV/23'REOLJDDWRGDSHUVRQDItVLFDR MXUtGLFDTXHSRVHDEDVHVGHGDWRVRILFKHURVDLPSODQWDUXQDVHULHGHPHGLGDVWpFQLFDV \RUJDQL]DWLYDVTXHJDUDQWLFHQODFRQILGHQFLDOLGDGGHHVWDVLQIRUPDFLRQHV(VWRVXSRQH TXHWRGDHPSUHVDTXHWHQJDGDWRVGHVXVHPSOHDGRVFOLHQWHVSURYHHGRUHVHWFHQ IXQFLyQ GHO FRQWHQLGR GH ORV ILFKHURV GH GDWRV GHEHQ DSOLFDU GLIHUHQWHV QRUPDV GH VHJXULGDG (QWUH ODV PHGLGDV WpFQLFDV \ RUJDQL]DWLYDV D DGRSWDU HV QHFHVDULD OD FUHDFLyQ GH XQ GRFXPHQWR GH VHJXULGDG TXH GHVFULED ORV SURFHGLPLHQWRV GHO WUDWDPLHQWR LQIRUPiWLFR GH ORV ILFKHURV \ JDUDQWL]DU ORV GHUHFKRV GH LQIRUPDFLyQ \ DFFHVR D ORV GDWRVSRUSDUWHGHORVLQWHUHVDGRV(VLPSRUWDQWHODLQVFULSFLyQGHODH[LVWHQFLDGHORV ILFKHURV HQ HO 5HJLVWUR *HQHUDO GH OD $JHQFLD GH 3URWHFFLyQ GH 'DWRV $3' XQ UHTXLVLWR IRUPDO TXH HQ DEVROXWR SUHVXSRQH OD DGRSFLyQ HIHFWLYD GH ODV PHGLGDV GH VHJXULGDGGHWDOODGDVHQODOHJLVODFLyQ /D QR DGRSFLyQ GH FLHUWDV PHGLGDV GH VHJXULGDG SXHGH VXSRQHU JUDYHV VDQFLRQHVDODHPSUHVDKDVWDOOHJDUDORVHXURV /D/23'REOLJDDUHVSHWDUHOGHUHFKRDODLQWLPLGDGGHODVSHUVRQDVTXHWLHQH VXEDVHHQOD&RQVWLWXFLyQ(VSDxROD\UHVSHWDUODSULYDFLGDGGHORVGDWRVDOPDFHQDGRV HQORVILFKHURV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /DOH\HVWDEOHFHWUHVQLYHOHVGHPHGLGDVGHVHJXULGDGEiVLFRPHGLRDOWRODV FXDOHV GHEHUiQ VHU LPSODQWDGDV GHSHQGLHQGR GH ORV GLVWLQWRV GDWRV SHUVRQDOHV LQFOXLGRVHQHOILFKHURVDOXGLGHRORJtDUHOLJLyQFUHHQFLDVHWF • (OQLYHOEiVLFRHVFXDOTXLHUFRQMXQWRGHGDWRVTXHVHUHILHUHQDXQDSHUVRQD LGHQWLILFDGDRLGHQWLILFDEOHQRPEUHDSHOOLGRVWHOpIRQRHWF • (O QLYHO PHGLR LQFOX\H GDWRV UHODWLYRV D OD FRPLVLyQ GH LQIUDFFLRQHV DGPLQLVWUDWLYDVRSHQDOHV+DFLHQGD3~EOLFDVHUYLFLRVILQDQFLHURV\ORVVHUYLFLRV GHVROYHQFLD\FUpGLWR • (OQLYHODOWRLQFOX\HGDWRVGHLGHRORJtDUHOLJLyQFUHHQFLDVRULJHQUDFLDOVDOXG R YLGD VH[XDO DVt FRPR ORV UHFDEDGRV SDUD ILQHV SROLFLDOHV VLQ FRQVHQWLPLHQWR GHODVSHUVRQDVDIHFWDGDV /R KDELWXDO HQ HO FDVR GH S\PHV HV WHQHU XQD DGPLQLVWUDFLyQ GH HPSOHDGRV FX\DQyPLQDSXHGHLQFOXLUGDWRVGHFDUiFWHUSHUVRQDOGHQLYHODOWRHOWLSRGHFRQWUDWR XWLOL]DGR HQ WpUPLQRV GH OD 6HJXULGDG 6RFLDO GHVYHOD SRVLEOHV GLVFDSDFLGDGHV GHO SURSLRHPSOHDGRDGHPiVVHUHFDEDLQIRUPDFLyQSDUD+DFLHQGDGHODGLVFDSDFLGDGGH SHUVRQDV TXH HVWiQ D FDUJR GH ORV HPSOHDGRV 7DPELpQ ODV SRVLEOHV DILOLDFLRQHV VLQGLFDOHVVRQGDWRVSHUVRQDOHVGHQLYHODOWR 6LGLFKRILFKHURHVWiHQPDQRVGHXQDJHVWRUtDRQRQRFDPELDODREOLJDFLyQGH QRWLILFDUOR D OD $(3' 6L OD JHVWLyQ GHO ILFKHUR HV UHDOL]DGD SRU WHUFHURV WtSLFDPHQWH JHVWRUtDV VH GHEH KDFHU FRQVWDU TXp JHVWRUtD VH KDFH FDUJR GHO WUDWDPLHQWR GH ORV GDWRV (Q OD PD\RUtD GH S\PHV ORV RWURV ILFKHURV GH GDWRV SHUVRQDOHV VyOR WLHQHQ GDWRVGHQLYHOEiVLFR$XQTXHWDPELpQGHEHQVHUGHFODUDGRVDQWHODDJHQFLDHVSDxROD GHSURWHFFLyQGHGDWRVVXQLYHOGHSURWHFFLyQHVPiVIiFLOGHFXPSOLU /RVXVXDULRVTXHWHQJDQSHUPLVRGHDFFHVRDGDWRVGHFDUiFWHUSHUVRQDOVyOR GHEHQSRGHUDFFHGHUDORVGDWRVTXHVHDQUHOHYDQWHV\QHFHVDULRVSDUDHOORVSDUDHO GHVHPSHxR GH VXV IXQFLRQHV 3DUD SRGHU LPSRQHU HVWD H[LJHQFLD OD HPSUHVD GHEH LPSODQWDU XQ VLVWHPD GH SHUPLVRV GH DFFHVR KDELWXDOPHQWH VH XWLOL]DQ ODV IXQFLRQHV GHOVLVWHPDRSHUDWLYR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 3DUDILFKHURVGHQLYHOPHGLR\DOWRWDPELpQGHEHH[LVWLUXQFRQWUROGHDFFHVR ItVLFRDORVORFDOHVGRQGHVHHQFXHQWUDQORVVLVWHPDVGHLQIRUPDFLyQ (O UHVSRQVDEOH GHO ILFKHUR HV HO HQFDUJDGR GH TXH H[LVWD HQ OD HPSUHVD X RUJDQL]DFLyQXQDUHODFLyQDFWXDOL]DGDGHXVXDULRV\SHUILOHVGHXVXDULRV\ORVDFFHVRV DXWRUL]DGRVSDUDFDGDXQRGHHOORV /RV VRSRUWHV FDUWXFKRV FLQWDV GLVTXHWHV GLVFRV &'6 '9'V HWF GHEHQ LGHQWLILFDU HO WLSR GH LQIRUPDFLyQ TXH FRQWLHQHQ /RV VRSRUWHV WLHQHQ TXH VHU LQYHQWDULDGRV\DOPDFHQDGRVFRQHODFFHVRUHVWULQJLGR&XDOTXLHUVDOLGDGHODHPSUHVD GHGDWRVGHFDUiFWHUSHUVRQDOGHEHVHUDXWRUL]DGDSRUHOUHVSRQVDEOHGHOILFKHUR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 6,67(0$6'(6(*85,'$'',6321,%/(6 6,67(0$6'(6(*85,'$'3$6,9$ 'HILQLPRV JHQpULFDPHQWH FRPR VLVWHPDV GH VHJXULGDG SDVLYD D DTXHOORV PDWHULDOHV HTXLSRV \ VLVWHPDV GH VHJXULGDG GH FDUiFWHU ItVLFR R PHFiQLFR TXH VH SXHGHQHPSOHDURVHHPSOHDQHVSHFtILFDPHQWHSDUDODSUHYHQFLyQ\ODSURWHFFLyQDQWH ORV ULHVJRV \ DPHQD]DV GH ORV HVWDEOHFLPLHQWRV FRPHUFLDOHV (QWUH ORV SULQFLSDOHV VLVWHPDVGHVHJXULGDGSDVLYDGHDSOLFDFLyQDHVWHWLSRGHDFWLYLGDGVHHQFXHQWUDQ &RQWUROGHDFFHVRV 3URWHFFLyQFRQWUDKXUWRURER\DWUDFR 3URWHFFLyQDQWHODDJUHVLyQ 3URWHFFLyQGHLQIRUPDFLyQ\YDORUHV 3URWHFFLyQFRQWUDLQFHQGLRV ([WLQFLyQGHLQFHQGLRV (PHUJHQFLD\HYDFXDFLyQ &21752/'($&&(626 (O FRQWURO GH DFFHVRV HQ FXDQWR D PHGLRV WpFQLFRV SDVLYRV VH UHILHUH HV HO FRQMXQWR GH GLVSRVLWLYRV ItVLFRV \ PHFDQLVPRV TXH KDQ GH VHUYLU SDUD LGHQWLILFDU LQVSHFFLRQDU\DXWRUL]DUHOSDVRRFLUFXODFLyQGHSHUVRQDVYHKtFXORV\REMHWRVKDFLDXQ iUHDSDUDODSUHYHQFLyQ\SURWHFFLyQDQWHULHVJRVTXHSXHGDQDIHFWDUDODVSHUVRQDV ORVELHQHV\RODVLQVWDODFLRQHV (QIXQFLyQGHVXDSOLFDFLyQHOFRQWUROGHDFFHVRVSXHGHVHUGHSHUVRQDVGH YHKtFXORV\GHREMHWRV (QWUHORVSULQFLSDOHVHTXLSRV\VLVWHPDVGHVHJXULGDGSDVLYDSDUDHOFRQWUROGH DFFHVRVGHDSOLFDFLyQHQHVWDEOHFLPLHQWRVFRPHUFLDOHVVHHQFXHQWUDQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • /DVSXHUWDVEOLQGDGDVGHDFFHVRDUHFLQWRVSURWHJLGRV • /DVSXHUWDVDFRUD]DGDVGHDFFHVRDUHFLQWRVSURWHJLGRV • /DVFHUUDGXUDVGHVHJXULGDGSDUDSURWHJHUHODFFHVRDiUHDVUHVWULQJLGDV • /RV VLVWHPDV GH DPDHVWUDPLHQWR \ MHUDUTXL]DFLyQ GH OODYHV SDUD OD RSWLPL]DFLyQ\FRQWUROGHODVFHUUDGXUDV • /RVWRUQLTXHWHVSDUDiUHDVGHDFFHVRDVDOLGDGHS~EOLFR\SHUVRQDO • /DVEDUUHUDVGHFRQWUROGHYHKtFXORV 9 3XHUWDVEOLQGDGDV /DVSXHUWDVEOLQGDGDVVHGHILQHQFRPRHOHPHQWRVSUDFWLFDEOHVSDUDHOFLHUUHGH KXHFRV GH SDVR FRQ HVSHFLDO IXQFLyQ GH FRQWURO GHO DFFHVR \ SURWHFFLyQ DQWH OD LQWUXVLyQ VLQ IXQFLyQ HVWUXFWXUDO FRQVWUXLGDV PHGLDQWH FKDSD GH DFHUR R PDGHUDV WUDWDGDVXRWURVPDWHULDOHV $SOLFDFLyQ/DVSXHUWDVEOLQGDGDVHVWiQHVSHFLDOPHQWHGLVHxDGDVSDUDHOFLHUUH GH KXHFRV GH SDVR HQ FHUUDPLHQWRV LQWHULRUHV R H[WHULRUHV FRQ UHTXHULPLHQWRV GH VHJXULGDGGHJUDGRPHGLR /DWLSRORJtDGHODVSXHUWDVEOLQGDGDVSHUPLWHVXFODVLILFDFLyQJHQHUDOHQ 6HJ~Q HO PDWHULDO PDGHUDV GXUDV PDGHUDV HVWUDWLILFDGDV DFHUR QRUPDO R HVSHFLDOPDWHULDOHVVLQWpWLFRV\PDWHULDOHVFRPELQDGRV 6HJ~Q VX FRPSRVLFLyQ PDUFR GH SXHUWD KRMD GH SXHUWD VLVWHPD GH DQFODMH SHVWLOOHUtDDSHUWXUDHOpFWULFDPRWRUFHUUDGXUDVVLVWHPDGHEORTXHR\VLVWHPDGH DODUPD 6HJ~Q HO JUDGR GH VHJXULGDG JUDGR $ ±DWDTXH FRQ HOHPHQWRV PDQXDOHV± JUDGR % ±DWDTXH FRQ HTXLSRV PHFiQLFRV± \ JUDGR & ±DWDTXH FRQ HTXLSRV WpUPLFRV± 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 3DUD JDUDQWL]DU VXV FRQGLFLRQHV GH VHJXULGDG ODV SXHUWDV EOLQGDGDV SUHVHQWDQXQDVHULHGHFDUDFWHUtVWLFDVSDUWLFXODUHVSDUDVXPRQWDMH\UHFLELGRHQPXURV \SDUHGHV 7LSRGHVRSRUWHODSXHUWDSUHVHQWDUiHOPLVPRJUDGRGHVHJXULGDGTXHHOPXUR RSDUHGHQHOTXHYD\DUHFLELGD 6LVWHPDGHDQFODMH HO VLVWHPD GH DQFODMH R VXMHFLyQ GHO PDUFR R FHUFRHV XQ HOHPHQWRGHILQLWRULRSDUDODFRUUHFWDRLQFRUUHFWDIRUPDGHUHFLELGRGHSXHUWDVDO VRSRUWHRPXURGHFHUUDPLHQWRGRQGHKDQGHTXHGDUVROLGDULDPHQWHLQWHJUDGDV &DEH GHVWDFDU ORV VLVWHPDV GH UHFLELGR DVt FRPR OD XWLOL]DFLyQ GH WRUQLOORV GH H[SDQVLyQRSURFHGLPLHQWRVLPLODULQGHVPRQWDEOH 0DWHULDO GH UHFLELGR VH XWLOL]DQ JHQHUDOPHQWH PRUWHURV GH FHPHQWR FRQ LQGHSHQGHQFLD GH OD VROGDGXUD SUHYLD D ORV DQFODMHV R DUPDGXUDV R VXMHFLyQ R XQLyQVLPLODUDODQFODMHPDUFRHVWUXFWXUDVRSRUWH$JORPHUDGRVRFRQJORPHUDGRV VLQWpWLFRVRKLGUiXOLFRVHVSHFLDOHVGHDOWDUHVLVWHQFLD\IUDJXDGRUiSLGRWDPELpQ VRQXWLOL]DGRVSDUDHOUHFLELGRGHDQFODMHV\PDUFRV /DFRORFDFLyQ\PRQWDMHGHODVSXHUWDVEOLQGDGDVUHTXLHUHXQSODQWHDPLHQWR \ HMHFXFLyQ RUGHQDGD \ FRQWURODGD FRQ ULJRU FRPR JDUDQWtD GH VHJXULGDG GH OD LQVWDODFLyQ(QHOHVTXHPDJHQHUDOGHOSURFHVRKD\TXHSUHVWDUHVSHFLDODWHQFLyQD 6LWXDFLyQ\GLVSRVLFLyQGHODVSXHUWDVVHQWLGRGHDSHUWXUDPDQRGHDSHUWXUD\ EDUULGRGHOUDGLRGHJLUR 3UHFDXFLRQHV SUHYLDV FRORFDFLyQ GHO FRQMXQWR KRMDFHUFR R VRODPHQWH FHUFR SRVWHULRU D OD WHUPLQDFLyQ GH OD REUD GH IiEULFD R GH KRUPLJyQ &RPSUREDU PHGLGDVGHPDUFRV\FHUFRVKROJXUDVDQFODMHV\DSHUWXUDGHODKRMDHQWRGRVX UDGLRGHJLUR 9 3XHUWDVDFRUD]DGDV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /DVSXHUWDVDFRUD]DGDVVHGHILQHQFRPRHOHPHQWRVSUDFWLFDEOHVSDUDHODFFHVR DOUHFLQWRGHOLPLWDGRSRUORVPXURV\IRUMDGRVDFRUD]DGRV6XJUDGRGHVHJXULGDGGHEH VHUFRPRPtQLPRHOPLVPRTXHHOGHOPXUR $SOLFDFLyQ/DVSXHUWDVDFRUD]DGDVVRQGHDSOLFDFLyQSDUDVXLQVWDODFLyQHQHO DFFHVRDODFiPDUDDFRUD]DGD\UHFLQWRVSURWHJLGRV /DWLSRORJtDGHODVSXHUWDVDFRUD]DGDVSHUPLWHVXFODVLILFDFLyQJHQHUDOHQ 6HJ~QVXPDQLREUDDEDWLEOHJLUDWRULDFRQHMHODWHUDO\JLUDWRULDFRQHMHFHQWUDO 6HJ~Q HO PDWHULDO GH GHIHQVD DFHUR WUDGLFLRQDO DFHUR GH DOWD UHVLVWHQFLD EOLQGDMHDQWLVRSOHWHEOLQGDMHDQWLODQ]DWpUPLFDKRUPLJyQGHUHVLVWHQFLDQRUPDO KRUPLJyQ GH DOWD UHVLVWHQFLD KRUPLJyQ GH ILEUDV DUPDGXUDV WUDGLFLRQDOHV DUPDGXUDVHVSHFLDOHVFRPELQDFLRQHVGHGLYHUVRVPDWHULDOHV 6HJ~Q VX FRPSRVLFLyQ PDUFR GH SXHUWD KRMD GH SXHUWD UHMD LQWHULRU SHVWLOOHUtD DSHUWXUD PRWRUL]DGD FHUUDGXUDV UHWDUGDGRUHV VLVWHPD GH DODUPD \ VLVWHPDGHEORTXHR 6HJ~QHOJUDGRGHVHJXULGDG 9 &HUUDGXUDVGHVHJXULGDG /DV FHUUDGXUDV \ PHFDQLVPRV GH DSHUWXUD \ FLHUUH VRQ GLVSRVLWLYRV TXH VH FRPSRQHQGHHOHPHQWRVPDQLREUDEOHVPDQXDOPHQWHRPHGLDQWHGLVSRVLWLYRVHOpFWULFRV RHOHFWURPHFiQLFRV(VWDIXQFLyQDVHJXUDHOGHVSOD]DPLHQWRGHXQRRYDULRVSHVWLOORVR HOHPHQWRVGHFLHUUHTXHVHDORMDQRLQWURGXFHQHQXQRRYDULRVFHUUDGHURVGLVSXHVWRV SDUDWDOILQ $SOLFDFLyQ /DV FHUUDGXUDV \ PHFDQLVPRV GH DSHUWXUD \ FLHUUH GH VHJXULGDG VRQ SRU XQD SDUWH HOHPHQWRV IXQGDPHQWDOHV GHO FRQWURO GH DFFHVRV \ SRU RWUD HOHPHQWRVFRPSOHPHQWDULRVGHRWURVVLVWHPDVGHVHJXULGDG 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (VWHWLSRGHGLVSRVLWLYRVGHVHJXULGDGVRQORVHOHPHQWRVPiVFRPSOHMRVGHORV PHGLRVWpFQLFRVSDVLYRV\ORVTXHSUHVHQWDQPD\RUQ~PHURGHYDULDEOHVDODKRUDGH HVWXGLDUXQDFRUUHFWDDGHFXDFLyQSDUDFDGDDSOLFDFLyQ 3DUiPHWURVGHVHOHFFLyQ/DVFRQVLGHUDFLRQHVEiVLFDVDWHQHUHQFXHQWDHQ HOSODQWHDPLHQWR\VHOHFFLyQGHODFHUUDGXUDVRQ $GHFXDFLyQ\XWLOL]DFLyQ &DUDFWHUtVWLFDVGHOVRSRUWH *UDGRGHVHJXULGDGGHOGLVSRVLWLYR 2SHUDWLYLGDG\IXQFLyQ $PDHVWUDPLHQWR\MHUDUTXL]DFLyQ 0RGHOR\WLSRORJtD &RQVHUYDFLyQ\PDQWHQLPLHQWR 5HODFLyQFRVWHHILFDFLD &RQVHUYDFLyQ \ PDQWHQLPLHQWR 'HELGR D OD LPSRUWDQFLD TXH WLHQH VX IXQFLRQDPLHQWR ODV FHUUDGXUDV \ PHFDQLVPRV GH VHJXULGDG SUHFLVDQ XQ FRUUHVSRQGLHQWH SODQ GH FRQVHUYDFLyQ \ PDQWHQLPLHQWR TXH JDUDQWLFH ODV FRQGLFLRQHV LQLFLDOHVGHVHJXULGDGHVWRHVODILDELOLGDGGHWRGRVVXVHOHPHQWRVHTXLSR\PDWHULDO VXMHFLyQGHOHTXLSROLPSLH]D\IXQFLRQDPLHQWRGHDSHUWXUD\FLHUUH (VSHFLILFDFLRQHV GH ODV FHUUDGXUDV SDUD FRQWURO GH DFFHVRV /DV FHUUDGXUDV SDUD FRQWURO GH DFFHVRV GH DFXHUGR D VX IXQFLyQ \ DSOLFDFLRQHV GH VHJXULGDGGHEHUiQFXPSOLUWRGDVRSDUWHGHODVVLJXLHQWHVHVSHFLILFDFLRQHV /DDSHUWXUDGHODSXHUWDWHQGUiFRUUHFFLyQGHPDQLREUDSDUDTXHVLQQHFHVLGDG GHKDFHUDSHUWXUDPDQXDOGHHOODSRGDPRVLQYHUWLUODRUGHQ\FHUUDUODGHQXHYR D WUDYpV GH XQ VHQVRU FDSDFLWLYR WDUMHWD FRGLILFDGD PDQGR D GLVWDQFLD WHPSRUL]DGDPHQWHRSRPRVGHJLUR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (O FLHUUH GH OD SXHUWD XQD YH] WUDVSDVDGD pVWD GHEHUi UHDOL]DUVH GH IRUPD WRWDOPHQWHDXWRPiWLFDPHGLDQWHFLHUUDSXHUWDVH[HQWRGHWHPSRUL]DFLRQHV (O PyGXOR GH FRQMXQWR GHEHUi VHU DQWLYLEUDWRULR R VHD pVWH QR GHEHUi GH VHJXLU FDUJDGR SRU SDODQFDV R WULQTXHWHV UHWHQLGRV SRU PXHOOHV ORV FXDOHV VRQ IiFLOHV GH GHVFDUJDU SRU JROSHV FRQ OR TXH OD VHJXULGDG GHO VLVWHPD VH YHUtD PHUPDGD (QFDVRGHH[LVWLUODVHxDOL]DFLyQGHDSHUWXUDGHSXHUWDVXLQGLFDFLyQDOPyGXOR GHFRQWUROGHEHSDUWLUGHOSURSLRFLHUUH 9 6LVWHPDVGHDPDHVWUDPLHQWR\MHUDUTXL]DFLyQGHOODYHV (O DPDHVWUDPLHQWR HV XQ VLVWHPD LQWHJUDGR GH FLHUUH HQ HO TXH XQD VHULH GH OODYHV PDHVWUDV DEUHQ PiV GH XQ ERPELOOR LQGHSHQGLHQWHPHQWH GH TXH FDGD ERPELOORWHQJDVXSURSLDOODYH(ODPDHVWUDPLHQWRHVHOVLVWHPDTXHSHUPLWHHVWDEOHFHU 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 XQDGHFXDGRFRQWUROGHODVFHUUDGXUDV\DFFHVRVDVtFRPRXQDUHGXFFLyQGHOQ~PHUR GHOODYHVDPDQHMDU $SOLFDFLyQ (O SODQ GH FLHUUH GH DPDHVWUDPLHQWR \ MHUDUTXL]DFLyQ HV HO HVWDEOHFLGR SDUD TXH FDGD SXHUWD ERPELOOR VHD DELHUWD VyOR SRU ODV OODYHV GHWHUPLQDGDV\SRUODVSHUVRQDVTXHVHFRQVLGHUHQDGHFXDGDV 7LSRV/DWLSRORJtDGHODPDHVWUDPLHQWRSHUPLWHVXFODVLILFDFLyQJHQHUDOHQ $PDHVWUDPLHQWR VHQFLOOR FDGD SXQWR GHO SODQ GH FLHUUH HV DELHUWR SRU VX SURSLDOODYH\SRURWUDPDHVWUDTXHDEUHWRGRVORVSXQWRVGHOSODQGHFLHUUH $PDHVWUDPLHQWRHQJUXSRVIRUPDGRSRUJUXSRVLQGHSHQGLHQWHVFDGDXQR FRQOODYHPDHVWUD\XQDOODYHJUDQPDHVWUDTXHDEUHWRGRVORVSXQWRVGHOSODQ GHFLHUUH $PDHVWUDPLHQWR HQ DFFHVR SULQFLSDO FDGD OODYH DEUH VX FRUUHVSRQGLHQWH SXQWRGHOSODQGHFLHUUH\DGHPiVDEUHORVSXQWRVGHVHUYLFLRVFRPXQHV $PDHVWUDPLHQWR FUX]DGR XQD OODYH PDHVWUD GH XQ JUXSR SXHGH WDPELpQ DEULUXQRRYDULRVERPELOORVGHJUXSRVGLIHUHQWHV(VHOVLVWHPDMHUDUTXL]DGRPiV FRPSOHMRGLVSRQHGHOODYHVTXHVyORDEUHQXQSXQWROODYHVVXEPDHVWUDVOODYHV PDHVWUDV\OODYHJUDQPDHVWUD (O HOHPHQWR GH ODV FHUUDGXUDV TXH SHUPLWH OOHYDU D FDER HO VLVWHPD GH DPDHVWUDPLHQWRHVHOFLOLQGURTXHDFFLRQDODFHUUDGXUD 9HQWDMDVTXHDSRUWDHODPDHVWUDPLHQWR 6HUYLFLRHYLWDXQQ~PHURHOHYDGRGHOODYHVDORVGLUHFWLYRV\UHVSRQVDEOHVGH 6HJXULGDGPDQWHQLPLHQWROLPSLH]DHWF 6HJXULGDG WDQWR HQ ORV DFFHVRV FRPR HQ FDVR GH HYDFXDFLyQ \ FRQWURO GH WRGRVORVDFFHVRVSRUHOSHUVRQDOGH6HJXULGDGSRGUiQDEULUFXDOTXLHUSXHUWDHQ FXDOTXLHUPRPHQWR &RQWURO GH DFFHVRV RUGHQDFLyQ \ DGHFXDGR FRQWURO PHGLDQWH HO HVWDEOHFLPLHQWRGHOSODQGHFLHUUH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (FRQRPtDPD\RUHILFDFLDGHODVFHUUDGXUDVDOHVWDUFRQWURODGDODUHSURGXFFLyQ GH OODYHV 7RGR FLOLQGUR GH VHJXULGDG QR QHFHVLWD HVSHFLDO PDQWHQLPLHQWR GHELHQGRVRSRUWDUPiVGHFLFORVFRPRYLGDPHGLD 9 7RUQLTXHWHV\SRUWLOORV /RV WRUQLTXHWHV VH GHILQHQ FRPR XQ GLVSRVLWLYR HQ IRUPD GH FUX] FRQ EUD]RV LJXDOHV TXH JLUD VREUH XQ HMH \ TXH FRQWUROD HO DFFHVR PHGLDQWH HO SDVR GH ODV SHUVRQDVXQDDXQD $SOLFDFLyQ/RVWRUQLTXHWHVVRQGHDSOLFDFLyQSDUDiUHDVGHDFFHVRRVDOLGDGH S~EOLFR \ SHUVRQDO HPSOHDGR $GHPiV GH FXPSOLU IXQFLRQHV GH FRQWURO GH DFFHVRV SXHGHQ LQFRUSRUDU FRQWURO KRUDULR FRQWURO GH RFXSDFLyQ \ FRQWURO GH YLVLWDQWHV D XQD GHWHUPLQDGD LQVWDODFLyQ 7RGR HOOR GH IRUPDV DXWyQRPDV R LQWHJUDGDV HQ HO VLVWHPD FHQWUDOGHFRQWUROGHDFFHVRVGHODLQVWDODFLyQ /DWLSRORJtDGHHTXLSRVSDUDFRQWUROGHDFFHVRVGHSHUVRQDVH[LVWHQWHVHQHO PHUFDGR EDMR OD GHQRPLQDFLyQ JHQpULFD GH WRUQLTXHWHV DVt FRPR ODV HVSHFLILFDFLRQHV EiVLFDVGHDSOLFDFLyQVHSXHGHHVWDEOHFHU 7RUQLTXHWHV WUtSRGHKRUL]RQWDOHV 6RQ ORV TXH DIHFWDQ HO FRQWURO GH SDVR PHGLDQWHODURWDFLyQGHXQWUtSRGHTXHHVHPSXMDGRSRUHOXVXDULR\DFDGD YXHOWDSHUPLWHHOSDVRGHXQDSHUVRQDTXHGDQGRVLHPSUHXQRGHORVEUD]RV GHO WUtSRGH HQ SRVLFLyQ GH FLHUUH 3XHGHQ GHVDUUROODU GLIHUHQWHV IXQFLRQHV VHJ~QDSOLFDFLRQHVHVSHFtILFDV 0ROLQHWHV JLUDWRULRV YHUWLFDOHV 7LHQHQ XQ VLVWHPD GH IXQFLRQDPLHQWR LGpQWLFR DO GH ORV WRUQLTXHWHV KRUL]RQWDOHV EDVDQGR VX GLIHUHQFLD HQ VX FRQFHSFLyQFRPRPROLQHWHJLUDWRULRGHDOWDREDMDDOWXUDHQORVTXHODVSDODV XREVWiFXORVVRQGHVSOD]DGRVSRUHOSURSLRXVXDULR 3RUWLOORV (VWiQ EDVDGRV D GLIHUHQFLD GH ORV WRUQLTXHWHV HQ OD ILORVRItD GH SDVLOOROLEUHRVHDVLQREVWiFXORVGHIRUPDTXHDOOLEHUDUHOSDVRHOHVSDFLR GHO SDVLOOR TXHGH OLEUH VLQ QHFHVLGDG GH HPSXMDU QLQJ~Q HOHPHQWR OR TXH IDFLOLWDHOWUiILFRHQLQVWDODFLRQHVGHJUDQDIOXHQFLDGHS~EOLFR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (VWRV VLVWHPDV VRQ SDUD LQVWDODU HQ OXJDUHV FRQ YLJLODQFLD KXPDQD R HOHFWUyQLFD \D TXH VL VRQ XWLOL]DGRV LQFRUUHFWDPHQWH SXHGHQ GDU VHxDO GH DODUPD \ SXHGH SURGXFLUVHHOEORTXHRGHOVLVWHPD 9 %DUUHUDVGHFRQWUROGHYHKtFXORV /DV EDUUHUDV GH FRQWURO GH YHKtFXORV VRQ ORV GLVSRVLWLYRV GH SURWHFFLyQ SDVLYD TXH IRUPDQGR XQD EDUUHUD ItVLFD R PHGLDQWH EDUUDV R KLOHUDV GH HOHPHQWRV VH GLVSRQHQ SDUD HO FRQWURO GH DFFHVRV GH YHKtFXORV R DQWH LQWHQWRV GH LQWUXVLyQ QR DXWRUL]DGRV,JXDOPHQWHVHJ~QVHDVXGLVHxRHLPSODQWDFLyQODVEDUUHUDVSHUPLWHQVHU XWLOL]DGDV FRPR XQ VLVWHPD GH VHJXULGDG GLVXDVRULR H LQFOXVR FRPR HOHPHQWRV GH SURWHFFLyQDQWHODDJUHVLyQRSDVRIRU]DGR $SOLFDFLyQ /DV EDUUHUDV GH FRQWURO GH YHKtFXORV VRQ GH DSOLFDFLyQ SDUD JUDQGHVIRUPDWRVFRPHUFLDOHV /D WLSRORJtD GH ODV EDUUHUDV GH FRQWURO GH YHKtFXORV H[LVWHQWHV VHJ~Q VX IXQFLyQVHFODVLILFDQEiVLFDPHQWHHQ 6HJ~Q VX WLSRORJtD JHQHUDO ILMDVDQFODGDV EDVFXODQWHV DVFHQGHQWHV \ H[WHQVLEOHV 6HJ~Q VX RSHUDWLYLGDG PDQXDO VHPLDXWRPiWLFD DXWRPiWLFD DXWRPiWLFD PDQXDO %DUUHUDV DXWRPiWLFDV 3RU VX PD\RU DSOLFDFLyQ HQ iUHDV FRPHUFLDOHV VH WUDWDQ D FRQWLQXDFLyQ DOJXQRV GH ORV DVSHFWRV PiV VLJQLILFDWLYRV GH ODV EDUUHUDV DXWRPiWLFDVGLVHxDGDVSDUDFRQWUROGHDFFHVRVGHYHKtFXORVDODVTXHVHSXHGHGRWDU GHXQGHWHUPLQDGRJUDGRGHVHJXULGDGHQIXQFLyQGHVXDSOLFDFLyQRQHFHVLGDG /DV EDUUHUDV DXWRPiWLFDV KDQ GH VHU SUR\HFWDGDV SDUD RIUHFHU VHJXULGDG \ DFFHVR UHJXODGR D ]RQDV FRQWURODGDV \ KDQ GH VDWLVIDFHU FULWHULRV GH Pi[LPD IXQFLRQDOLGDG LQVRQRUL]DFLyQ DEVROXWD ILDELOLGDG HQ FXDOTXLHU FRQGLFLyQ GH XVR \ SUHFLVRVFULWHULRVGHVHJXULGDG 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /D GRWDFLyQ \ HTXLSDPLHQWR GH ODV EDUUHUDV DXWRPiWLFDV HVWDUiQ GLUHFWDPHQWH UHODFLRQDGRV FRQ HO SURJUDPD GH IXQFLRQHV \ QHFHVLGDGHV TXH VH GHVHHQ FXEULU /DV HVSHFLILFDFLRQHV \ FRPSRQHQWHV TXH EiVLFDPHQWH KDQ GH FRQILJXUDU HQ GLFKR HTXLSDPLHQWRVRQ 'LPHQVLRQHVGHDFFHVRDFRQWURODU 8ELFDFLyQGHOJUXSRFRQMXQWRGHPHFDQLVPRV (OHPHQWRVGHVHJXULGDGREVWiFXORHVFDPRWHDEOHHPSRWUDGRHQHOVXHORJUDGD DUWLFXODGDIDOGyQUtJLGRRIOH[LEOHHWF 6LVWHPDGHDSHUWXUDGHODEDUUHUDSRUGHWHFWRUGHSUHVHQFLDWDUMHWDRSHUDGRU HWF 0DWHULDO\GLPHQVLRQHV 7LHPSRGHPDQLREUD 6LVWHPDGHDOLPHQWDFLyQ $FDEDGR\FRQVHUYDFLyQ 3527(&&,Ï1 &2175$ +8572 52%2<$75$&2 /DSURWHFFLyQFRQWUDKXUWRURER\DWUDFR GHQWUR GH ORV WpUPLQRV JHQHUDOHV GH GLVSRVLFLyQ GH ORV HOHPHQWRV WpFQLFRV GH VHJXULGDG SDVLYD LPSOLFD OD LPSODQWDFLyQ GH ORV PHGLRV GH SUHYHQFLyQ \ SURWHFFLyQ QHFHVDULRV SDUD FRQWUDUUHVWDUORVULHVJRV\DPHQD]DVSRUVXVWUDFFLyQGHELHQHV (QWUH ORV SULQFLSDOHV PDWHULDOHV \ HTXLSRV GH VHJXULGDG SDVLYD SDUD SURWHFFLyQ FRQWUD HO KXUWR URER \DWUDFR GH DSOLFDFLyQD ORV HVWDEOHFLPLHQWRV FRPHUFLDOHV FDEH GHVWDFDU 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • /DVPDPSDUDV\WDELTXHVGHHVSHFLDOSURWHFFLyQSDUDODFRPSDUWLPHQWDFLyQ GHiUHDVLQWHULRUHVGHVHJXULGDG • /RVFHUUDPLHQWRV\YDOODGRVDODPEUDGRVRHQUHMDGRVSDUDSURWHFFLyQGH iUHDVH[WHUQDVRSHULPHWUDOHV • /RVFLHUUHV\SHUVLDQDVGHVHJXULGDGSDUDHVFDSDUDWHVDFFHVRV\iUHDVGH DOPDFHQHV • /DV FDUFDVDV DQWLKXUWR SDUD SURWHFFLyQ GH ORV DUWtFXORV \ PHUFDQFtDV HQ YHQWD 6RQGHDSOLFDFLyQFRPSOHPHQWDULDORVHOHPHQWRV\VLVWHPDVGHFRQWUROGHDFFHVRV\ SURWHFFLyQDQWHODLQWUXVLyQ 9 0DPSDUDV\WDELTXHV /DVPDPSDUDV\WDELTXHVVRQHOHPHQWRVDUTXLWHFWyQLFRVEiVLFRVGHVHSDUDFLyQ 6XHPSOHRFRPRSDQWDOODVGHVHJXULGDGGHLQWHULRUHVSDUDSURWHFFLyQDQWHODLQWUXVLyQ UHTXLHUHXQHVWXGLRSUHYLRSDUDODDGHFXDGDDGDSWDFLyQDFDGDFDVR\FLUFXQVWDQFLDHQ IXQFLyQGHODVHVSHFLDOHVLPSOLFDFLRQHVGHVHJXULGDG $SOLFDFLyQ (Q HO PHUFDGR HVSHFtILFR GH OD VHJXULGDG H[LVWHQ PRGHORV IDEULFDGRV HVSHFLDOPHQWH FRQ GLFKD IXQFLyQ \ FRQ GLVWLQWRV JUDGRV GH VHJXULGDG 7DPELpQ H[LVWH OD SRVLELOLGDG GH HPSOHDU PDWHULDOHV FRQ FRQGLFLRQHV HVSHFLDOHV GH VHJXULGDG HQ VLVWHPDV WUDGLFLRQDOHV GH PDPSDUDV \ WDELTXHV FRQVLJXLHQGR ODV FRQGLFLRQHVGHVHJXULGDGUHTXHULGDVHQFDGDFDVR /D WLSRORJtD GH ODV PDPSDUDV \ WDELTXHV GH VHJXULGDG TXH VH SXHGH HVWDEOHFHUGHDFXHUGRDVXIXQFLyQHVODVLJXLHQWH 6HJ~QODIRUPDGHPRQWDMHHOHPHQWRVILMRV\HOHPHQWRVSUDFWLFDEOHV 6HJ~Q HO PDWHULDO HQ WDELTXHV ODGULOORV \HVRHVFD\ROD \HVRFDUWyQ KRUPLJRQHVILEURFHPHQWRPDGHUDVPDWHULDOHVVLQWpWLFRVPDWHULDOHVPHWiOLFRV\ FRPELQDFLRQHVHVSHFLDOHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 6HJ~QODFODVHGHFRQVWUXFFLyQWUDGLFLRQDOLQGXVWULDOL]DGD\SUHIDEULFDGD 6HJ~Q HO JUDGR GH VHJXULGDG UHVLVWHQFLD DO DWDTXH FRQ HOHPHQWRV PDQXDOHV FRQHTXLSRVPHFiQLFRV\FRQSUR\HFWLOHVOLJHURV 'H DFXHUGR D ORV SDUiPHWURV \ REMHWLYRV GH VHJXULGDG HVSHFtILFRV GH FDGD LQVWDODFLyQ FRQ HO HVWXGLR GH OD DGHFXDGD FRPELQDFLyQ \ HTXLOLEULR GH OD GLIHUHQWH WLSRORJtDGHPDPSDUDV\WDELTXHVVHSODQWHDUiQODVGLIHUHQWHVVROXFLRQHV 9 &HUUDPLHQWRV\YDOODGRV 6RQ PHGLRV GH SURWHFFLyQ SHULPHWUDO TXH GHOLPLWDQ HO iUHD GH SURSLHGDG \R iUHD GH VHJXULGDG R UHFLQWRV GH ULHVJR HVSHFLDO SDUD LPSHGLU UHVWULQJLU R UHWUDVDU HO LQWHQWRGHLQWUXVLyQRODIXJDGHVGHHOLQWHULRU\GLILFXOWDUODDSUR[LPDFLyQDORFDOHVR SXQWRVYLWDOHVGHODLQVWDODFLyQ 3DUD FRQVHJXLU ORV REMHWLYRV DQWHULRUHV ORV PHGLRV SDVLYRV GH SURWHFFLyQ SHULPHWUDODDSOLFDUSXHGHQVHUHPSDOL]DGRVHQUHMDGRV\DODPEUDGDV $SOLFDFLyQ &DGD XQR GH ORV WLSRV GH FHUUDPLHQWRV \ YDOODGRV VHUi GH DSOLFDFLyQGHDFXHUGRD ODVQHFHVLGDGHVHVSHFtILFDVGHVHJXULGDG\DOHVWDEOHFLPLHQWR GHVXVREMHWLYRVGHSURWHFFLyQSHULPHWUDO 3DUD OD GHILQLFLyQ GH ORV PHGLRV SDVLYRV D LPSODQWDU VHUi GH HVSHFLDO LPSRUWDQFLD WHQHU HQ FXHQWD ORV SRVLEOHV PpWRGRV GH LQWUXVLyQ D ORV UHFLQWRV SURWHJLGRV 'HELGRDODYXOQHUDELOLGDGHQJHQHUDOGHORVPHGLRVGHSURWHFFLyQSHULPHWUDO DQWH OD YDULHGDG \ FRQWXQGHQFLD GH ORV SRVLEOHV PpWRGRV GH LQWUXVLyQ ORV PHGLRV SDVLYRV GHEHUiQ VHU FRPSOHPHQWDGRV VHJ~Q ORV FDVRV \ FLUFXQVWDQFLDV FRQ PHGLRV DFWLYRV \R KXPDQRV TXH QRV SXHGDQ SURSRUFLRQDU OD DGHFXDGD H LQPHGLDWD LQIRUPDFLyQDQWHFXDOTXLHULQWHQWRGHLQWUXVLyQ /RV FHUUDPLHQWRV \ YDOODGRV 6RQ HOHPHQWRV GH FHUUDPLHQWRV SHULPHWUDOHV H[WHULRUHV TXH VH XWLOL]DQ FRQ R VLQ HVSHFLDOHV FRQGLFLRQHV GH SURWHFFLyQ 6H FODVLILFDQHQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 6HJ~QVXWLSRORJtDDODPEUDGDVHPSDOL]DGDV\HQUHMDGRV 6HJ~QHOPDWHULDOHPSOHDGRDFHURVDOHDFLRQHVOLJHUDVKRUPLJRQHV\PDGHUDV 6HJ~QORVPHGLRVGHDWDTXHVLPSOHVFRPSXHVWRVFRPSOHMRV\VRILVWLFDGRV 6HJ~Q HO JUDGR GH VHJXULGDG SDVR SRU GHEDMR D WUDYpV SRU HQFLPD \ SRU GHVWUXFFLyQ /D GHWHUPLQDFLyQ GHO PRGHOR GH YDOOD D LQVWDODU VH GHILQLUi HQ IXQFLyQ GH ORV FULWHULRVVLJXLHQWHV 5LHVJRVDQDOL]DGRV *UDGRGHVHJXULGDGDREWHQHU &iOFXORV GH FDUiFWHU WpFQLFR QDWXUDOH]D GHO WHUUHQR YLHQWRV GRPLQDQWHV WHPSHUDWXUDVPtQLPDV\Pi[LPDVVLVPRORJtDVLVWHPDGHVHJXULGDGHQHOTXHVH LQWHJUDODYDOODHWF 9 &LHUUHV\SHUVLDQDV /RV FLHUUHV \ SHUVLDQDV VRQ HOHPHQWRV WUDGLFLRQDOHV GH OD DUTXLWHFWXUD \ OD FRQVWUXFFLyQ D ORV TXH VH SRGUi GRWDU GH IXQFLRQHV HVSHFtILFDV GH VHJXULGDG SDUD SURWHFFLyQ DQWH OD LQWUXVLyQ HQ IXQFLyQ GH ODV FDUDFWHUtVWLFDV HVSHFtILFDVGHVXFRQVWUXFFLyQ $SOLFDFLyQ 6X DSOLFDFLyQ VHUi WDQWR HQ LQWHULRUHV HVFDSDUDWHV GH WLHQGDV \ DFFHVRV FRPR SDUD OD SURWHFFLyQ H[WHULRUHQHOPLVPRSHUtPHWURGHXQJUDQIRUPDWRFRPHUFLDO6HFODVLILFDQHQ 6HJ~QVXWLSRORJtDSOHJDEOHVH[WHQVLEOHVHQUROODEOHVDEDWLEOHV\GHVOL]DQWHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 6HJ~Q HO PDWHULDO HPSOHDGR DFHURV QRUPDOHV DFHURV HVSHFLDOHV DOHDFLRQHV OLJHUDVPDWHULDOHVVLQWpWLFRVPDGHUDV\FRPELQDFLRQHVGHYDULRVGHHOORV 6HJ~QVXDFFLRQDPLHQWRPDQXDOPHFiQLFRHOHFWURPHFiQLFR\QHXPiWLFR 6HJ~Q HO JUDGR GH VHJXULGDG DWDTXH FRQ PHGLRV PDQXDOHV FRQ HTXLSRV PHFiQLFRV\FRQSUR\HFWLOHVOLJHURV (VGHGHVWDFDUODJUDQLPSRUWDQFLDTXHWLHQHTXHORVFLHUUHV\SHUVLDQDVHVWpQ GLVHxDGRV \ IDEULFDGRV UHDOPHQWH FRPR HOHPHQWRV GH SURWHFFLyQ DVt FRPR OR IXQGDPHQWDOTXHUHVXOWDSDUDVXIXQFLyQGHVHJXULGDGTXHHVWpQUHFLELGRVRDQFODGRV DGHFXDGDPHQWHHQORVKXHFRVGLVSRQLEOHV 9 &DUFDVDVSDUDSURWHFFLyQDQWLKXUWR /DV FDUFDVDV SDUD SURWHFFLyQ DQWLKXUWR VRQ FDMDV WUDQVSDUHQWHV TXH FRQWLHQHQ HQVXLQWHULRUHOSURGXFWRDODYHQWD\TXHHVWiQGRWDGDVFRQXQGLVSRVLWLYRHOHFWUyQLFR TXHDYLVDFXDQGRVHLQWHQWDWUDVSDVDUXQDDQWHQDGHGHWHFFLyQVLQTXHHVWHGLVSRVLWLYR HOHFWUyQLFR HVWp GHVDFWLYDGR $O UHDOL]DUVH OD YHQWD GHO DUWtFXOR VH SURFHGH D VX UHWLUDGD HO SURGXFWR TXHGD OLEHUDGR \ SXHGH DWUDYHVDU OD DQWHQD GH GHWHFFLyQ VLQ LQFLGHQWHV (VWH WLSR GH FDUFDVDV VRQ UHXWLOL]DEOHV HQ VX WRWDOLGDG /DV FDUFDVDV GH SURWHFFLyQDQWLKXUWRFRPELQDQODSURWHFFLyQSDVLYDFRQODDFWLYD /D SURWHFFLyQ SDVLYD FRQWUD HO KXUWR PHGLDQWH HVWH WLSR GH VLVWHPDV GH SURWHFFLyQ KD GH FRQVLGHUDU GRV JUDQGHV SDUiPHWURV SRU XQ ODGR OD LPDJHQ GH OD RUJDQL]DFLyQ \ GH OD PDUFD GHO SURGXFWR HQ H[SRVLFLyQ \ SRU RWUR OD UHQWDELOLGDG GH XWLOL]DFLyQGHHVWHWLSRGHSURWHFFLyQFRQUHVSHFWRDOYDORUGHOSURGXFWRSURWHJLGR\DO LQFUHPHQWRGHODFXHQWDSRUSpUGLGDGHVFRQRFLGD 3527(&&,Ï1$17(/$$*5(6,Ï1 /DSURWHFFLyQDQWHODDJUHVLyQSXHGHVHUGHILQLGDGHXQDPDQHUDJHQHUDOFRPR ORV REVWiFXORV LPSODQWDGRV \ RUJDQL]DGRV FRQ HO REMHWLYR GH HYLWDU R PLQLPL]DU ODV FRQVHFXHQFLDVGHODVDJUHVLRQHVDSHUVRQDVYHKtFXORV\REMHWRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (QWUH ORV SULQFLSDOHV HTXLSRV GH VHJXULGDG SDVLYD SDUD OD SURWHFFLyQ DQWH OD DJUHVLyQGHDSOLFDFLyQDORVHVWDEOHFLPLHQWRVFRPHUFLDOHVVHHQFXHQWUDQ /RVPRVWUDGRUHVEOLQGDGRVSDUD]RQDVHVSHFLDOHV /RV DFULVWDODPLHQWRV GH VHJXULGDG SDUD iUHDV GH FDMD FHQWUDO R ]RQDV GH HVSHFLDOSURWHFFLyQ /DVOiPLQDVGHSURWHFFLyQSDUDYLGULRVHQHVFDSDUDWHV /DSURWHFFLyQDQWHSLQWDGDV\JUDIILWLVSDUDSURWHFFLyQGHVXSHUILFLHV &DELQDV\PRVWUDGRUHVEOLQGDGRV /DVFDELQDV\PRVWUDGRUHVEOLQGDGRVVRQHOHPHQWRVGHSURWHFFLyQQRUPDOPHQWH FHUUDGRV TXH HQ IXQFLyQ GH VX VLWXDFLyQ \ DSOLFDFLyQ LQFRUSRUDQ PRVWUDGRUHV QRUPDOHV R HVSHFLDOHV ILMRV R PyYLOHV \ TXH HVWiQ FRQVWLWXLGRV SRU PDPSDUDV R SDQHOHVWUDQVSDUHQWHVXRSDFRVTXHFRQILJXUDQXQDDSOLFDFLyQFRQWUDDJUHVLRQHV $SOLFDFLyQ 'HELGR D VXV P~OWLSOHV \ GLIHUHQWHV DSOLFDFLRQHV DVt FRPR D OD YDULHGDG GH PDWHULDOHV GH EOLQGDMH SRVLEOHV GH XWLOL]DU ODV FDELQDV \ PRVWUDGRUHV GH VHJXULGDGUHTXLHUHQXQSODQWHDPLHQWRHVSHFtILFRGHVGHVXGHILQLFLyQ\GLVHxRKDVWDVX LPSODQWDFLyQ/RVSDUiPHWURVPtQLPRVDGHILQLUVHUiQ (OiUHDGHVHJXULGDG /RVULHVJRVDTXHHVWDUiQVRPHWLGRV (OJUDGRGHVHJXULGDGUHTXHULGR (OWLSR\FDUDFWHUtVWLFDVIXQFLRQDOHV /DVFDUDFWHUtVWLFDVWpFQLFDVGHFRQVWUXFFLyQ /DVFDELQDV\PRVWUDGRUHVGHVHJXULGDGVHFODVLILFDQHQ 6HJ~Q VX WLSRORJtD SURWHFFLyQ GH iUHDV FDELQDV GH SURWHFFLyQ \ JDULWDV GH YLJLODQFLD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 6HJ~QVXHPSOD]DPLHQWRiUHDVLQWHULRUHV\H[WHULRUHV 6HJ~Q VX FRPSRVLFLyQ HVWUXFWXUD HOHPHQWRV ILMRV \ SUDFWLFDEOHV WUDQVSDUHQWHV WUDQVO~FLGRV \ RSDFRV \ HOHPHQWRV FRPSOHPHQWDULRV SDVDGRFXPHQWRV SDVDSDTXHWHV FRPXQLFDFLRQHV VLVWHPD GH DODUPD YHQWLODFLyQFOLPDWL]DFLyQHWF 6HJ~QVXIDEULFDFLyQSUHIDEULFDGDPRGXODULQGXVWULDOL]DGD\HVSHFtILFD 6HJ~QVXDSOLFDFLyQSURWHFFLyQYLJLODQFLD\FRQWURO 6HJ~Q HO JUDGR GH VHJXULGDG DQWLLQWUXVLyQ DQWLYDQGDOLVPR DQWLPRWtQ \ DQWLEDOD /DV FDELQDV \ PRVWUDGRUHV UHTXLHUHQ QRUPDOPHQWH GH HTXLSDPLHQWR GH VHJXULGDG\pVWHVHGHILQHFRPRHOFRQMXQWRGHHTXLSRVHVSHFLDOHVRFRPSOHPHQWDULRV TXH GLVSXHVWRV HQ PRVWUDGRUHV R HPSDQHODGRV IDYRUHFHQ HO IXQFLRQDPLHQWR \ RSHUDWLYLGDG GH ORV ORFDOHV R UHFLQWRV SURWHJLGRV DQWH SRVLEOHV DJUHVLRQHV (VWH HTXLSDPLHQWRHVSHFLDOSRGUiVHU 6HJ~QVXXWLOL]DFLyQ SDVDGRFXPHQWRVEDQGHMDILMDRPyYLOSDVDSDTXHWHVHQ HVFOXVDFDMyQPyYLO\FDUURHQHVFOXVD\WURQHUDV 6HJ~Q VX IXQFLRQDPLHQWR GLVSRVLWLYR ILMR R PyYLO PHFDQLVPR PDQXDO R PRWRUL]DGR 6HJ~QVXVPDWHULDOHV DFHURVQRUPDOHVRHVSHFLDOHVDOHDFLRQHVOLJHUDVYLGULRV VLQWpWLFRV\FRPELQDFLyQGHYDULRVPDWHULDOHV 6HJ~QVXHPSOD]DPLHQWRHQHOLQWHULRURH[WHULRU 6HJ~QVXJUDGRGHVHJXULGDGDQWLDWUDFRDQWLDJUHVLyQ\DQWLEDOD 7RGRV ORV HOHPHQWRV TXH FRQIRUPHQ HO HTXLSDPLHQWR HVSHFLDO GH FDELQDV \ PRVWUDGRUHVHVWDUiQDGDSWDGRVDOJUDGRGHVHJXULGDGGHpVWRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 $FULVWDODPLHQWRVGHVHJXULGDG /RVEOLQGDMHVWUDQVSDUHQWHVRWUDQVO~FLGRVVRQSDQWDOODVODPLQDUHVGHVWLQDGDVD RIUHFHU XQD SURWHFFLyQ FRQWUD HO DWDTXH PHGLDQWH SUR\HFWLOHV OLJHURV X REMHWRV FRQWXQGHQWHV TXH HVWiQ IRUPDGRV SRU XQD R YDULDV OiPLQDV GH PDWHULDO GH LJXDO R GLIHUHQWHUHVLVWHQFLDPHFiQLFD $SOLFDFLyQ(QODViUHDVGHFDMDFHQWUDO\RWURVUHFLQWRVTXHUHTXLHUDQHVSHFLDO SURWHFFLyQ SURSLD GH ORV JUDQGHV IRUPDWRV FRPHUFLDOHV SXHGH VHU QHFHVDULD OD LQVWDODFLyQ GH PDWHULDOHV EOLQGDGRV TXH SRU OD SURSLD DFWLYLGDG X RSHUDWLYLGDG UHTXHULUiQVHUWUDQVSDUHQWHVRWUDVO~FLGRV (VWDV SDQWDOODV ODPLQDUHV TXH GDQ OXJDU D ORV DFULVWDODPLHQWRV GH VHJXULGDG SXHGHQVHU 3URGXFWRVYtWUHRVYLGULRVGHVHJXULGDGGHDSOLFDFLyQJHQHUDOL]DGDHQEOLQGDMHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &ULVWDOHVGHSROLFDUERQDWR DLJXDOGDGGHHVSHVRUTXHORVYLGULRVSURSRUFLRQDQ XQDPD\RUUHVLVWHQFLDDORVLPSDFWRV $FULVWDODPLHQWRV PL[WRV YLGULR \ SROLFDUERQDWR GH HPSOHR VREUH WRGR HQ DSOLFDFLRQHVFXUYDVSDUDYLGULRVEOLQGDGRV\H[LJHQFLDVGHHVSHVRUUHGXFLGR &ULVWDOHVDFUtOLFRV VXUHVLVWHQFLDDOLPSDFWRHVPHQRUTXHODTXHSURSRUFLRQDQ ORV FULVWDOHV GH SROLFDUERQDWR R ODV OiPLQDV GH YLGULR VH GHWHULRUDQ FRQ HO SDVR GHOWLHPSRSXHVOHVDIHFWDQORVUD\RVXOWUDYLROHWDV /iPLQDVGHSURWHFFLyQ $ HIHFWRV GH LQFUHPHQWDU OD VHJXULGDG GH ORV DFULVWDODPLHQWRV IXQGDPHQWDOPHQWHGHORVLQVWDODGRVHQHVFDSDUDWHVVHSXHGHQHPSOHDUODVOiPLQDVGH SURWHFFLyQ SDUD FULVWDOHV TXH VRQ PDWHULDOHV IOH[LEOHV JHQHUDOPHQWH DGKHVLYRV TXH LQFRUSRUDGRV D ORV YLGULRV VH XQHQ D HOORV SURSRUFLRQiQGROHV GLVWLQWRV JUDGRV GH UHVLVWHQFLDIUHQWHDGLYHUVRVDJHQWHVDJUHVLYRV $SOLFDFLyQ/DV OiPLQDV GH SURWHFFLyQ VRQ GH DSOLFDFLyQ SDUD ORV HVFDSDUDWHV GHODVWLHQGDVGHOLQWHULRUGHOFHQWURFRPHUFLDO /RV GLYHUVRV WLSRV H[LVWHQWHV WLHQHQ HQ JHQHUDO ODV VLJXLHQWHV FDUDFWHUtVWLFDV FRPXQHV 8QD R YDULDV OiPLQDV IDEULFDGDV VREUH VRSRUWH GH SROLpVWHU WUDQVSDUHQWH GH GLYHUVRVHVSHVRUHVTXHRIUHFHQXQDUHVLVWHQFLDSURSRUFLRQDODOPLVPR 8QDGKHVLYRGHEDVHDFUtOLFDVHQVLEOHDODSUHVLyQ\UHDFWLYDEOHFRQHODJXD\ TXHSRVHHSRFDDGKHUHQFLDLQLFLDOORTXHIDFLOLWDVXFRORFDFLyQ 8Q UHFXEULPLHQWR HVSHFLDO GH OD OiPLQD WUDQVSDUHQWH SDUD FRQVHJXLU SURSLHGDGHVHVSHFLDOHV /DVIXQFLRQHVGHODVOiPLQDVGHSURWHFFLyQFRQVLVWHQHQPDQWHQHUXQLGRVORV IUDJPHQWRVGHXQYLGULRHQFDVRGHURWXUDFRQORFXDOVHSXHGHQHYLWDUDFFLGHQWHVSRU SUR\HFFLyQ GH ORV IUDJPHQWRV R HVTXLUODV HQ FDVR GH H[SORVLyQ UHVLVWLU HO DWDTXH FRQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 SUR\HFWLOHVRFKRTXHDFFLGHQWDO\VXMHWDUHODFULVWDODPLHQWRLPSLGLHQGRGHXQDPDQHUD HILFD]HQIXQFLyQGHORVPHGLRV\GHOWLHPSRGHGXUDFLyQGHODWDTXHODDSHUWXUDGH XQKXHFRSDUDSHQHWUDFLyQGHLQWUXVRVHYLWDUODSURSDJDFLyQGHOIXHJRHYLWDUHOURER HWF $OJXQRV GH ORV DVSHFWRV D WHQHU HQ FXHQWD HQ OD LQVWDODFLyQGH ODV OiPLQDV GH SURWHFFLyQVRQ (OULHVJRSURYLHQHGHOH[WHULRUGHODFULVWDODPLHQWR ODOiPLQDGHEHVHUFRORFDGD HQHOLQWHULRUGHOHOHPHQWRDSURWHJHU (O ULHVJR SURYLHQH GHO LQWHULRU R H[WHULRU GHO DFULVWDODPLHQWR OD OiPLQD GHEH FRORFDUVHSRUDPEDVFDUDVGHOYLGULR 3URWHFFLyQDQWHSLQWDGDV\JUDIILWLV /DV SLQWXUDV DQWLJUDIILWLV VRQ UHFXEULPLHQWRV HVSHFLDOHV TXH SURWHJHQ VXSHUILFLHV ODV FRQWUD DJUHVLRQHV ODV JUiILFDV FRQYLUWLpQGRODV HQ ODYDEOHV \ IDFLOLWDQGR OD OLPSLH]DGHODVPLVPDV $SOLFDFLyQ /DV SLQWXUDV SURWHFWRUDV DQWH SLQWDGDV\ JUDIILWLV VRQGHDSOLFDFLyQHQORVIRUPDWRVFRPHUFLDOHVTXHWLHQHQiUHDVGH RFLR(VWDV]RQDVFRQIUHFXHQFLDVRQDJUHGLGDVSRUMyYHQHVTXHDUURSDGRVSRUORTXH SUHWHQGH VHU XQD H[SUHVLyQ FXOWXUDO GHWHULRUDQ \ HQVXFLDQ ODV LQVWDODFLRQHV /RV JUDIILWHURV VRQ HQ JHQHUDO MyYHQHV PHQRUHV GH TXLQFH DxRV TXH DUPDGRV FRQ JUXHVRV URWXODGRUHV GH FRORUHV R FRQ VSUD\V SLQWDQ ODV SDUHGHV GH ODV LQVWDODFLRQHV SDUDGLIXQGLUVXVPHQVDMHVRDILDQ]DUVXSUHVHQFLDPHGLDQWHVXRPQLSUHVHQWHILUPD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /RV JUDIILWHURV SURGXFHQ PROHVWDV SLQWDGDV TXH SHUMXGLFDQ OD LPDJHQ GHWHULRUDQ ODV LQVWDODFLRQHV FRPHUFLDOHV \ DXPHQWDQ OD VHQVDFLyQ GH LQVHJXULGDG FLXGDGDQD &RPRPHGLGDVFRQFUHWDVSDUDODSURWHFFLyQGHODVLQVWDODFLRQHVFRQWUDHVWHWLSR GHDJUHVLRQHVHQORV~OWLPRVDxRVVHKDQUHIRU]DGRODVPHGLGDVItVLFDVGHSURWHFFLyQ SDUD IOXRUHVFHQWHV FULVWDOHV GH HVFDSDUDWHV FHUUDGXUDV DVt FRPR SLQWXUDV HVSHFLDOHV SDUDHYLWDUODDGKHUHQFLDGH JUDIILWLV \SLQWDGDVHQDTXHOODVVXSHUILFLHVVXVFHSWLEOHVGH VHUVXVRSRUWH 3527(&&,Ï1'(,1)250$&,Ï1<9$/25(6 /D SURWHFFLyQ GH LQIRUPDFLyQ \ YDORUHV LPSOLFD OD LPSODQWDFLyQ GH DTXHOORV HOHPHQWRV R FRQVWUXFFLyQ GH KDELWiFXORV TXH KDQ GH RIUHFHU XQ JUDGR GH VHJXULGDG SDUD OD SURWHFFLyQ GH ELHQHV LQIRUPDFLyQ \ YDORUHV IUHQWH D OD PDQLIHVWDFLyQ GH GLIHUHQWHVULHVJRV (QWUHORVSULQFLSDOHVHTXLSRV\VLVWHPDVGHVHJXULGDGSDVLYDSDUDSURWHFFLyQGH OD LQIRUPDFLyQ \ YDORUHV GH DSOLFDFLyQ D ORV HVWDEOHFLPLHQWRV FRPHUFLDOHV FDEH GHVWDFDU /DVFDMDVIXHUWHVSDUDFXVWRGLDGHYDORUHV\HIHFWLYR /RVDUPDULRVGHVHJXULGDGSDUDSURWHFFLyQGHLQIRUPDFLyQ /DV FiPDUDV DFRUD]DGDV \ UHFLQWRV SURWHJLGRV SDUD FRQWHR \ SURWHFFLyQ GHOGLQHURHQHIHFWLYR /RVVXEPRVWUDGRUHVRFDMDVDQWLDWUDFRSDUDiUHDVGHFDMHURV /RVFDMHURVDXWRPiWLFRVSDUDDWHQFLyQDOS~EOLFR /DFDMDGHWUiQVLWRSDUDDXWRJHVWLyQGHOHIHFWLYR $UPHURVSDUDODFXVWRGLDGHDUPDV 9DOLMDVGHVHJXULGDGSDUDHOWUDQVSRUWHGHODLQIRUPDFLyQ\YDORUHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &DMDVIXHUWHV\DUPDULRVGHVHJXULGDG /DVFDMDVIXHUWHV\DUPDULRVGHVHJXULGDGFRQVWLWX\HQHOFRQMXQWRGHGHIHQVDV ItVLFDV TXH GHOLPLWDQ XQ UHFLQWR DXWyQRPR R HVSDFLR D SURWHJHU GH SHTXHxR R JUDQ YROXPHQ DFFHVLEOH D WUDYpV GH XQD R YDULDV SXHUWDV \ FX\R JUDGR GH VHJXULGDG HV KRPRJpQHR HQ WRGDV \ FDGD XQD GH VXV FDUDV \ HOHPHQWRV TXH FRQVWLWX\HQHOFRQMXQWR /D WLSRORJtD GH FDMDV IXHUWHV \ DUPDULRV H[LVWHQWHV DVt FRPR VXV SULQFLSDOHV DSOLFDFLRQHV HVSHFtILFDV HVWiQ UHFRJLGDV HQ OD VLJXLHQWH FODVLILFDFLyQJHQHUDO 6HJ~Q VX XWLOL]DFLyQ FXVWRGLD GH YDORUHV \ HIHFWLYR SURWHFFLyQ DQWLDWUDFR UHFDXGDFLyQ HVSHFtILFD SURWHFFLyQ GH FDMHURV DXWRPiWLFRV \ SURWHFFLyQ GH EX]RQHV 6HJ~QVXXELFDFLyQDXWyQRPDDQFODGDRHPSRWUDEOH 6HJ~Q VX YROXPHQ ~WLO PHQRU GH OLWURV GH D OLWURV GH D OLWURVGHDOLWURV\PD\RUGHOLWURV 6HJ~QHOJUDGRGHVHJXULGDG (O 5HJODPHQWR GH 6HJXULGDG 3ULYDGD \ RWUD QRUPDWLYD DO UHVSHFWR GHWHUPLQDQ ODVFDUDFWHUtVWLFDV\PHGLGDVGHSURWHFFLyQGHODVFDMDVIXHUWHV /D IDEULFDFLyQ GH FDMDV IXHUWHV GH DSOLFDFLyQ D OD SURWHFFLyQ GH LQIRUPDFLyQ \ YDORUHVQRHVWiVXMHWDDQRUPDVWpFQLFDV6XGLVHxR\FRQVWUXFFLyQHVGHFDUiFWHUOLEUH \ VRQ ORV HQVD\RV GH FDOLILFDFLyQ ORV TXH GHWHUPLQDQ VX JUDGR GH VHJXULGDG \ FRQGLFLRQHVHVSHFtILFDVGHFDOLGDG 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 $UPDULRVLJQtIXJRV8QDUPDULRLJQtIXJRHVXQDUPDULRGHVHJXULGDGGRWDGR GH ODV FDUDFWHUtVWLFDV QHFHVDULDV HQ FXDQWR D VX IDEULFDFLyQ SDUD JDUDQWL]DU OD LQDOWHUDELOLGDGGHVXFRQWHQLGRELHQHV\EDQFRVGHGDWRVFRQWUDORVHIHFWRVGHOIXHJR \HOHYDGDVWHPSHUDWXUDV 6XWLSRORJtD\DSOLFDFLRQHVHVSHFtILFDVEiVLFDPHQWHVRQODVPLVPDVTXHSDUDODV FDMDVIXHUWHV /RV VRSRUWHV GH LQIRUPDFLyQ UHSUHVHQWDQ XQ YDORU LQFDOFXODEOH SDUD ODV HQWLGDGHV SDUD JDUDQWL]DU VX SURWHFFLyQ DQWH OD PDQLIHVWDFLyQ GH ORV GLIHUHQWHV ULHVJRVORVDUPDULRVGHVHJXULGDGHLJQtIXJRVVRQHOPHGLRSDVLYRDGHFXDGRSDUDVX SUHVHUYDFLyQ SURSRUFLRQDQGR SURWHFFLyQ FRQWUD URER IXHJR JDVHV LQIODPDEOHV KXPHGDGHV\FDPSRVPDJQpWLFRV &iPDUDVDFRUD]DGDV /DV FiPDUDV DFRUD]DGDV VRQ UHFLQWRV GH VHJXULGDG FHUUDGRV IRUPDGRV SRU XQ FRQMXQWRGHGHIHQVDVItVLFDVLQWHJUDGDVSRUPXURV\RSDQHOHV\IRUMDGRVDFRUD]DGRV TXH GHOLPLWDQ HO HVSDFLR D SURWHJHU \ TXH SXHGHQ VHU DFFHVLEOHV SRU XQD R YDULDV DEHUWXUDV FRQWURODGDV SRU SXHUWDV \ WUDPSRQHV DFRUD]DGRV $ GLFKRV UHFLQWRV VH OHV GRWDUi GH SURWHFFLRQHV HOHFWUyQLFDV FRPSOHPHQWDULDV FRPR PHGLRV GH DODUPD YLJLODQFLD\FRQWURO,JXDOPHQWHHVDFRQVHMDEOHTXHODFiPDUDDFRUD]DGDHVWpGRWDGD GHXQDDQWHFiPDUDHQODTXHSXHGDSHQHWUDUXQYHKtFXOREOLQGDGRSDUDODSURWHFFLyQ GHODHQWUHJDUHWLUDGDGHHIHFWLYR /DWLSRORJtDGHODVFiPDUDVDFRUD]DGDVDVtFRPRVXVSULQFLSDOHVDSOLFDFLRQHV HVSHFtILFDV HVWiQ UHFRJLGDV HQ OD VLJXLHQWH FODVLILFDFLyQ JHQHUDO UHDOL]DGD HQ IXQFLyQ GH 6HJ~Q VX IXQFLyQ R XWLOL]DFLyQ FiPDUD GH YDORUHV GH HIHFWLYR \ SDUD XVRV HVSHFLDOHV 6HJ~QVXXELFDFLyQHGLILFLRRORFDOSURSLRR~QLFR\HGLILFLRRORFDOFRPSDUWLGR 6HJ~QVXORFDOL]DFLyQSODQWDEDMRUDVDQWHQLYHOGHFDOOHRDQLYHOGHSLVR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 6HJ~QVXFRQVWUXFFLyQWUDGLFLRQDOLQGXVWULDOL]DGDRSUHIDEULFDGD 6HJ~Q VX JUDGR GH VHJXULGDG UHODFLRQDGR FRQ HO WLSR GH HTXLSR GH DWDTXH SRVLEOHGHXWLOL]DU\HOWLHPSRTXHGHEHUHVLVWLUDOPLVPR (O 5HJODPHQWR GH 6HJXULGDG 3ULYDGD \ RWUD QRUPDWLYD DO UHVSHFWR GHWHUPLQDQ ODVFDUDFWHUtVWLFDV\PHGLGDVGHSURWHFFLyQGHODVFiPDUDVDFRUD]DGDV /RV FULWHULRV PiV LPSRUWDQWHV TXH VH GHEHQ REVHUYDU HQ OD GHILQLFLyQ GH OD FRPSRVLFLyQ\HTXLSDPLHQWRGHODFiPDUDDFRUD]DGDRHQODGHFLVLyQGHVLPSOHPHQWH LQVWDODU XQ UHFLQWR SURWHJLGR VRQ SDUiPHWURV GH GLVHxR FRPSRQHQWHV GHO UHFLQWR \ SURFHGLPLHQWRGHFRQVWUXFFLyQ 3DUiPHWURVGHGLVHxR 6LWXDFLyQ GH ORV ORFDOHV FRPSUREDQGR OD SRVLEOH H[LVWHQFLD GH SR]RV FDQDOL]DFLRQHVW~QHOHVHWF 3RVLFLyQGHORVFHUUDPLHQWRVUHVSHFWRDOWUiILFRHGLILFLRVDQHMRVSDWLRVVRODUHV RFDOOHVHWF 2UJDQL]DFLyQ\GLVWULEXFLyQHVTXHPiWLFDGHODViUHDVGHDFWLYLGDG 3RVLEOHXELFDFLyQSUHYLVWDSDUDODFiPDUDGHQWURGHOHGLILFLRSODQWDiUHDHWF &DUDFWHUtVWLFDVGHODHVWUXFWXUDIRUMDGRVPXURVFLPHQWDFLyQHWF 6LWXDFLyQGHOQLYHOIUHiWLFR\FDUDFWHUtVWLFDVGHOWHUUHQRQDWXUDO 8ELFDFLyQ GH ORV VLVWHPDV GH DLUH DFRQGLFLRQDGR FDOHIDFFLyQ \ YHQWLODFLyQ GH ORFDOHVDG\DFHQWHV &RPSUREDFLyQ GHO WLSR GH GLPHQVLRQHV GH ODV YtDV GH FLUFXODFLyQ \ DFFHVRV DO HGLILFLR\FiPDUD 6LWXDFLyQ\GLVWULEXFLyQGHODVLQVWDODFLRQHVGHIRQWDQHUtD\HOHFWULFLGDGGHOORFDO \HGLILFLR &RPSUREDFLyQ GH ORV FRQGLFLRQDPLHQWRV GH WLSR DUTXLWHFWyQLFR TXH SRVHH HO HGLILFLR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 5HFRSLODFLyQ GH ORV GDWRV HVWDGtVWLFRV VREUH ULHVJRV R GHVDVWUHV QDWXUDOHV RFXUULGRV &RPSUREDFLyQ GH LPSOLFDFLRQHV GHULYDGDV GH OD OHJLVODFLyQ PXQLFLSDO FRPXQLWDULD\JXEHUQDWLYD 'HWHUPLQDFLyQ \ GHILQLFLyQ GHO WLSR GH FiPDUD DFRUD]DGD FDUDFWHUtVWLFDV \ GLPHQVLRQHV (YDOXDFLyQ GH ORV VXEWHUUiQHRV GH OD ]RQD DIHFWDGD SRU HO HGLILFLR R FiPDUD DFRUD]DGD &RPSRQHQWHVGHOUHFLQWR3RVLEOHHTXLSDPLHQWR 3XHUWDSULQFLSDO 3XHUWDGHHPHUJHQFLD 0XURVGHFHUUDPLHQWR 0XURVGHURQGD 9HQWLODFLyQ 'HWHFFLyQ\DODUPDGHLQWUXVLyQ 9LJLODQFLDSRU&&79 'HWHFFLyQ\DODUPDGHLQFHQGLRV $PSOLD DQWHFiPDUD FRQ DFFHVR SDUDIXUJyQEOLQGDGR ([WLQFLyQGHLQFHQGLRV &OLPDWL]DFLyQHLOXPLQDFLyQ &RPXQLFDFLRQHV 0RWRUL]DFLyQGHSXHUWDV 5HWDUGRVRHQFODYDPLHQWRGHDFFHVRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &RQH[LyQGHEX]RQHV 6LVWHPDVGHHPHUJHQFLD 6LVWHPDVQHXPiWLFRV 3URFHGLPLHQWRGHFRQVWUXFFLyQ 6LVWHPD WUDGLFLRQDO +RUPLJyQ HVSHFLDOPHQWH DUPDGR \ HYHQWXDOPHQWH SODQFKDVGHDFHUR 6LVWHPDV SUHIDEULFDGRV $ EDVH GH SDQHOHV SUHIDEULFDGRV HVSHFLDOHV (VWRV VLVWHPDV KDQ DOFDQ]DGR XQ JUDGR GH VHJXULGDG LPSRUWDQWH FRQ HVSHVRUHV UHGXFLGRVFRQJUDQGHVYHQWDMDVHQWRGDVODVDSOLFDFLRQHV 6XEPRVWUDGRUHV /DV FDMDV IXHUWHV DQWLDWUDFR GHQRPLQDGDV VXEPRVWUDGRUHV SDUD iUHDV GH FDMHURV VRQ FRIUHV GH VHJXULGDG FRQ FDMRQHV SDUD RSHUDFLRQHV FRQ HIHFWLYR \ GHSDUWDPHQWRSDUDFXVWRGLDTXHHVWiWHPSRUL]DGR $SOLFDFLyQ/RVVXEPRVWUDGRUHVVRQGHDSOLFDFLyQHQ]RQDGHFDMHURV /D FRPSRVLFLyQ PtQLPD HQ FXDQWR D FRPSDUWLPHQWDFLyQ GH ORV VXEPRVWUDGRUHVKDELWXDOPHQWHVXHOHVHUFDMyQGHRSHUDFLRQHViUHDHVFDPRWHDEOH\ iUHDGHDSHUWXUDUHWDUGDGD /DVFDUDFWHUtVWLFDVEiVLFDVTXHGHEHQFXPSOLUORVVXEPRVWUDGRUHVHQFXDQWR DVXIDEULFDFLyQVRQ )DFLOLGDGGHDFWLYDFLyQGHODWHPSRUL]DFLyQ 3RVLELOLGDG GH YDULDFLyQ GH OD WHPSRUL]DFLyQ PHGLDQWH FHUUDGXUD PHFiQLFD GH WLHPSRRVLVWHPDHOHFWUyQLFRSURJUDPDEOH 7HPSRUL]DFLyQVLQFODYHQLFRPELQDFLyQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 3URWHFFLyQ EDMR OODYH GH FRQWURO GH WHPSRUL]DFLyQ LQFOXLGD HQ HO FDMyQ R iUHD HVFDPRWHDEOHRHQFRQWUROUHPRWR 3RVLELOLGDGGHWUDQVPLWLUDODUPD 6HxDOySWLFDLQWHUPLWHQWHDFRSODGDH[WHULRUDOVXEPRVWUDGRU &DMyQHVFDPRWHDEOHQRGHVPRQWDEOHIiFLOPHQWHPHGLDQWHWLUyQ %DMR HVWDV FDUDFWHUtVWLFDV EiVLFDV GH GLVHxR VH UHDOL]DUiQ ODV HVSHFLILFDFLRQHV GH DFXHUGR D ODV QHFHVLGDGHV FRQFUHWDV GH OD LQVWDODFLyQ 6H WHQGUi HQ FXHQWD LJXDOPHQWHHOJUDGRGHVHJXULGDGUHTXHULGR &DMHURVDXWRPiWLFRV /RVFDMHURVDXWRPiWLFRVTXHSXHGHQHVWDUGLVWULEXLGRVHQORVJUDQGHVIRUPDWRV FRPHUFLDOHVVRQVLVWHPDVDXWRPiWLFRVFRPSOHWRVGHVHUYLFLRVEDQFDULRVHQORVTXHORV XVXDULRVSXHGHQUHDOL]DUXQJUDQQ~PHURGHRSHUDFLRQHV\REWHQHUGLQHURHQHIHFWLYR /DLQWURGXFFLyQGHFDMHURVDXWRPiWLFRVFRQODILQDOLGDGGHPHMRUDU\DPSOLDUORV VHUYLFLRVDVXVFOLHQWHVVHKDSURGLJDGRFRQQRWRULHGDGHQORV~OWLPRVDxRV (VWD HYROXFLyQ R SURFHVR VH KD FDUDFWHUL]DGR SRU ODV UHVSXHVWDV GDGDV SRU OD 'LUHFFLyQ GH ORV SURSLRV HVWDEOHFLPLHQWRV FRPHUFLDOHV MXQWR FRQ ODV HQWLGDGHV EDQFDULDV HQ OD LQVWDODFLyQ GH FDMHURV GHELGR D OD GHPDQGD VRFLDO OD SURSLD FRPSHWLWLYLGDG GHO PHUFDGR ODV QHFHVLGDGHV GH SURWHFFLyQ GH ORV HTXLSRV \ ODV H[LJHQFLDVTXHHQPDWHULDGHVHJXULGDGKDYHQLGRHVWDEOHFLHQGROD$GPLQLVWUDFLyQGHO (VWDGR /RV FDMHURV DXWRPiWLFRV HVWiQ FRQVLGHUDGRV HQ SDUWH FRPR ODV DJHQFLDV EDQFDULDV GHO IXWXUR SRU ODV SUHVWDFLRQHV TXH SURSRUFLRQDQ DFWXDOPHQWH \ ODV TXH VH LUiQ LQFRUSRUDQGR VXFHVLYDPHQWH (QWUH HOODV FDEH GHVWDFDU GLVPLQXFLyQ GH ORV WLHPSRVGHHVSHUDHQODVVXFXUVDOHVEDQFDULDVSDUDUHDOL]DURSHUDFLRQHVVLPSOHVRELHQ SDUD UHDOL]DU FRQVXOWDV SHUPLWH LQJUHVDU \ GLVSHQVDU HIHFWLYR SHUPLWH FRQRFHU HQ WLHPSRUHDOORVVDOGRV\PRYLPLHQWRV\DFWXDOL]DUORVHWF 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /DV H[LJHQFLDV HQ PDWHULD GH VHJXULGDGTXH DIHFWDQ D ORV FDMHURV DXWRPiWLFRV ODVSRGHPRVGHVJORVDUHQ ,QWUtQVHFDVGHORVSURSLRVHTXLSRV ([LJLGDVSRUODQRUPDWLYDGHODVHJXULGDGSULYDGDYLJHQWH (QWUH ODV PHGLGDV GH VHJXULGDG LQWUtQVHFDV D ORV SURSLRV HTXLSRV SRGHPRV GHVWDFDU &DELQDVGHIURQWDOLQGHVPRQWDEOHGHDFHURFRQVLVWHPDVDQWLSDODQFD 6LVWHPDGHSURWHFFLyQLQWHJUDOOyJLFR\ItVLFRGHOHIHFWLYR 6LVWHPDGHFLHUUHLQGHSHQGLHQWHHQHOPyGXORLQJUHVDGRUGLVSHQVDGRU 6LVWHPDGHDSHUWXUDUHWDUGDGD /ODYHHOHFWUyQLFD 6LVWHPDGHDODUPDVLOHQFLRVD 3DUD FRPSOHWDU HVWDV PHGLGDV GH VHJXULGDG LQWUtQVHFDV HO 5HJODPHQWR GH 6HJXULGDG 3ULYDGD \ RWUD QRUPDWLYD DO UHVSHFWR FRQFUHWDQ GHWHUPLQDGRV DVSHFWRV HQ PDWHULDGHPHGLGDVGHVHJXULGDG &DMDVGHWUiQVLWR (O VLVWHPD GH FDMD GH WUiQVLWR FRQVLVWH HQ XQD FDMD IXHUWH FRQ GRV SXHUWDV VLWXDGDVXQDKDFLDHOH[WHULRU\RWUDKDFLDHOLQWHULRUGHODLQVWDODFLyQTXHFXHQWDFRQ GLVSRVLWLYRVLQWHUQRVGHDXWRJHVWLyQLQWHOLJHQWHGHOHIHFWLYR $SOLFDFLyQ /D SRVLEOH DGRSFLyQ GH HVWH VLVWHPD HVWi GLULJLGR D OD PHMRUD GH ORV GLVWLQWRV FRPSRQHQWHV TXH LQWHJUDQ OD JHVWLyQ GHO HIHFWLYR HQ ODV HPSUHVDV \ HQWLGDGHV TXH PDQHMHQ JUDQ FDQWLGDG GHO PLVPR DXPHQWDQGR ORV QLYHOHV GH VHJXULGDG \D TXH HOLPLQD HO ULHVJR HQ OD HQWUHJDUHFRJLGD GLYHUVLILFD HO HIHFWLYR \ DXPHQWDORVFRQWUROHVRSHUDWLYRVPHMRUDQGRORVQLYHOHVGHSURGXFWLYLGDG\GHJHVWLyQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (OORSHUPLWHTXHODVUHFRJLGDV\HQWUHJDVGHHIHFWLYRQRUHTXLHUDQGHFRQWDFWR GLUHFWRHQWUHORVHPSOHDGRV\ODHPSUHVDHQFDUJDGDGHOWUDQVSRUWHORTXHVXSRQHXQD GREOHYHQWDMDVHOLEHUDQORVKRUDULRV\QRVHDFFHGHDOLQWHULRUGHODVLQVWDODFLRQHV (O VLVWHPD GH FDMDGH WUiQVLWR FRQVLVWHEiVLFDPHQWHHQ HO WUD]DGR GH XQ EXFOH RSHUDWLYRFX\DVLVWHPiWLFDVHSRGUtDUHVXPLU (O KRVW GHOHVWDEOHFLPLHQWRFRPHUFLDOVROLFLWDDOGHODHPSUHVDGHVHJXULGDGOD UHWLUDGDRHQWUHJDGHOHIHFWLYRQHFHVDULR (VWD SHWLFLyQ VH LQWURGXFH HQ ODV WHUPLQDOHV SRUWiWLOHV TXH DFRPSDxDQ D ODV VDFDVGHOHIHFWLYRTXHKDQVLGRVHOODGDVPHGLDQWHSUHFLQWRVPLFURSURFHVDGRV (O YHKtFXOR GH WUDQVSRUWH UHFRJH R OOHYD OD UHPHVD VROLFLWDGD D VX GHVWLQR \ FRQHFWDVXWHUPLQDOFRQODFDMDGHWUiQVLWRHQVXSDUWHH[WHULRUSDUDLQWURGXFLUVH HQ VX EDVH GH GDWRV \ PRGLILFDUOD FRQ DUUHJOR DO FRQWHQLGR GH OD VDFD \ ODV RSHUDFLRQHVSURJUDPDGDV\DXWRUL]DGDV &XDQGRVHQHFHVLWHHIHFWLYRVHDEULUiODFDMDSRUVXSDUWHLQWHULRUVLJXLHQGRODV RSHUDFLRQHVSURJUDPDGDVDWDOHIHFWR /DV H[LJHQFLDV TXH HQ PDWHULD GH VHJXULGDG DIHFWD D ODV FDMDV GH WUiQVLWR VH SXHGHQGHVJORVDUHQ ,QWUtQVHFDVGHORVSURSLRVHTXLSRV ([LJLGDVSRUODQRUPDWLYDGHVHJXULGDGSULYDGDYLJHQWH (QWUH ODV PHGLGDV GH VHJXULGDG LQWUtQVHFDV D ORV SURSLRV HTXLSRV SRGHPRV GHVWDFDU $ODUPDVGHFRDFFLyQ $ODUPDV\EORTXHRVSRURSHUDFLRQHVQRDXWRUL]DGDV )XQFLRQHVGHLGHQWLILFDFLyQGHXVXDULRV 8VRFRPELQDGRGHOODYHVItVLFDV\HOHFWUyQLFDV &HUUDGXUDVERUUDEOHV\FDPELDEOHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &RQPXWDFLyQ\JHVWLyQGHDSHUWXUDGHSXHUWDV 6LVWHPDGHUHWDUGR $UPHURV /RVDUPHURVVRQDUPDULRVGHVHJXULGDGH[LJLGRVSDUDODFXVWRGLDGHODVDUPDV 'HDFXHUGRDODV2UGHQHV0LQLVWHULDOHVSRUODVTXHVHFRQFUHWDQGHWHUPLQDGRV DVSHFWRV HQ PDWHULD GH HPSUHVDV \ PHGLGDV GH VHJXULGDG GDQGR FXPSOLPLHQWR DO 5HJODPHQWRGH6HJXULGDG3ULYDGDORVOXJDUHVGRQGHVHSUHVWHVHUYLFLRGHYLJLODQWHVGH VHJXULGDGFRQDUPDVGHEHUiQGLVSRQHUGHDUPHURVTXHUH~QDQXQDVHULHGHPHGLGDV GHVHJXULGDGWDQWRSDVLYDVFRPRDFWLYDV /DVFDUDFWHUtVWLFDVWpFQLFDVGHGLFKDVPHGLGDVYHQGUiQUHFRJLGDVHQHO3ODQGH 3URWHFFLyQGHOD,QVWDODFLyQ (Q FXDQWR D ODV QRUPDV JHQHUDOHV VREUH ³$UPHURV´ KDEUi GH WHQHUVH HQ FXHQWDLJXDOPHQWHORHVWDEOHFLGRHQHO5HJODPHQWRGH6HJXULGDG3ULYDGD 9DOLMDVGHVHJXULGDG /D SURWHFFLyQ GH OD LQIRUPDFLyQ \ YDORUHV LPSOLFD SRU XQ ODGR HO GLVSRVLWLYR ItVLFRGHWUDQVSRUWHSDUDFRQWUROGHODLQIRUPDFLyQ\YDORUHVJHQHUDGRVHQODDFWLYLGDG FRPHUFLDO\SRURWURODLPSODQWDFLyQ\RUJDQL]DFLyQGHOVHUYLFLRGHWUDQVSRUWH /DV YDOLMDV VRQ VDFDV R SRUWDGRFXPHQWRV SURYLVWRV GH FDQGDGR X RWURV GLVSRVLWLYRV GH FLHUUH SUHFLQWRV GH VHJXULGDG TXH VH XWLOL]DQ SDUD WUDQVSRUWDU GRFXPHQWRVUHVHUYDGRVGHFDUiFWHUFRQILGHQFLDORIRQGRV\YDORUHV (VWDVYDOLMDVSXHGHQFRQWDUFRQRWURVHOHPHQWRVDGLFLRQDOHVTXHKDFHQTXHVHD LQ~WLO FXDOTXLHU LQWHQWR GH PDQLSXODFLyQ H[WHUQD \D TXH LQFRUSRUDQ GLVSRVLWLYRV LQWHUQRVTXHGHVWUX\HQHOFRQWHQLGRH[SORVLyQWLQWDFDPELRGHFRORUHWFSRUORTXH VHSURFHGHDODLQXWLOL]DFLyQGHOYDORUGHOFRQWHQLGR 3DUDODGHWHUPLQDFLyQGHODQHFHVLGDGGHXWLOL]DFLyQGHHVWHWLSRGHPHGLGDGH VHJXULGDGVHUiQHFHVDULRGHILQLU 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 2UJDQL]DFLyQ HVTXHPiWLFD GH ODV iUHDV GH DFWLYLGDG GRQGH VH PDQHMH LQIRUPDFLyQFRQILGHQFLDO 'HWHUPLQDFLyQGHORVQLYHOHVGHFRQILGHQFLDOLGDGGHORVGRFXPHQWRV 'HWHUPLQDFLyQ GH ODV SHUVRQDV LPSOLFDGDV HQ OD FODVLILFDFLyQ PDQLSXODFLyQ \ UHFHSFLyQ\GHVWLQRGHODGRFXPHQWDFLyQFRQILGHQFLDO 'HWHUPLQDFLyQGHIUHFXHQFLDVUXWDVGHVWLQRV\WLSRVGHYDOLMDVDHPSOHDU (O WUDQVSRUWH GH IRQGRV \ YDORUHV /D OHJLVODFLyQ HVWDEOHFH TXH ³/RV HVWDEOHFLPLHQWRV FRPHUFLDOHV HIHFWXDUiQ HO WUDQVSRUWH GH PRQHGDV ELOOHWHV WtWXORV YDORUHV\REMHWRVSUHFLRVRVDWUDYpVGHODVHPSUHVDVGHVHJXULGDGDXWRUL]DGDVSDUDWDO DFWLYLGDG´ $SOLFDFLyQ 3DUD HO GHVDUUROOR GH HVWD DFWLYLGDG HV DFRQVHMDEOH TXH HO HVWDEOHFLPLHQWRFRPHUFLDOFXHQWHFRQXQD]RQDGHFDUJD\GHVFDUJDFRPXQLFDGDFRQ HO H[WHULRU FRQ XQ VLVWHPD GH SXHUWDV HVFOXVDV FRQ GLVSRVLWLYR GH DSHUWXUD GHVGH VX LQWHULRU /RV PXURV \ SXHUWDV GH GLFKD ]RQD GHEHUiQ FXPSOLU ODV FDUDFWHUtVWLFDV GH EOLQGDMHHQFXDQWRDVXFRQILJXUDFLyQ\PDWHULDOHVLQGLFDGRVHQHVWHFDStWXORSDUDORV PXURVSXHUWDVGHVHJXULGDG\DFULVWDODPLHQWRVGHVHJXULGDG 3527(&&,Ï13$6,9$&2175$,1&(1',26 /D SURWHFFLyQ SDVLYD FRQWUD LQFHQGLRV FRQMXQWR GH HV HO PHGLRV HOHPHQWRV \ FDUDFWHUtVWLFDV ItVLFDV TXH KD GH UHXQLU HO HGLILFLR R UHFLQWR D SURWHJHU WHQGHQWHV D HYLWDU ODV SpUGLGDV \ GDxRV SURGXFLGRV SRUHOIXHJRLPSLGLHQGRTXH pVWHVHSURSDJXH\SRQJDHQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 SHOLJURODYLGDGHODVSHUVRQDV\ELHQHV /DDSOLFDFLyQGHPHGLRVWpFQLFRVSDVLYRV\HOHPHQWRVFRQVWUXFWLYRVDSURSLDGRV DODSURWHFFLyQSDVLYDGHEHSHUVHJXLUORVREMHWLYRVVLJXLHQWHV $VHJXUDUODHVWDELOLGDGGHOHGLILFLR &RPSDUWLPHQWDU \ VHFWRUL]DU DGHFXDGDPHQWH SDUD LPSHGLU OD SURSDJDFLyQ GHO IXHJR $VHJXUDUODHYDFXDFLyQGHODVSHUVRQDV 5HGXFLUORVHIHFWRVGHOIXHJR )DFLOLWDUORVWUDEDMRVGHH[WLQFLyQ 3DUDHOHVWXGLR\GHILQLFLyQGHORVGLIHUHQWHVPDWHULDOHVSURGXFWRV\HTXLSRVGH DSOLFDFLyQ D OD SURWHFFLyQ SDVLYD FRQWUD LQFHQGLRV HQ HVWDEOHFLPLHQWRV FRPHUFLDOHV SODQWHDPRVpVWHFRPRXQJUDQVLVWHPDGHOTXHIRUPHQRSXHGHQIRUPDUSDUWHWRGRVR DOJXQRVGHORVPDWHULDOHVSURGXFWRV\HTXLSRVFRUUHVSRQGLHQWHVD 3URWHFFLyQHVWUXFWXUDO &RPSDUWLPHQWDFLyQ (YDFXDFLyQGHKXPRV 3URWHFFLyQHVWUXFWXUDO /RFRQVWLWX\HHOFRQMXQWRGHPHGLRVGHSURWHFFLyQTXHDVHJXUDODHVWDELOLGDGGH ODV GLIHUHQWHV SDUWHV HVWUXFWXUDOHV FHUUDPLHQWRV \ GHFRUDFLyQ GHO HGLILFLR IUHQWH D XQ LQFHQGLR\ORVSRVLEOHVGDxRVFDXVDGRVSRUODDFFLyQGHOIXHJR /DVPHGLGDV\PHGLRVTXHFRQIRUPDQHOVXEVLVWHPDGHSURWHFFLyQHVWUXFWXUDO EiVLFDPHQWHVRQ 0HGLGDVFRQVWUXFWLYDV 0DWHULDOHVGHFRQVWUXFFLyQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (OHPHQWRVFRQVWUXFWLYRV 5HYHVWLPLHQWRVLJQtIXJRV,JQLIXJDFLyQGHPRELOLDULR\HOHPHQWRVGHFRUDWLYRV 9LGULRVFRUWDIXHJR 0HGLGDV FRQVWUXFWLYDV /DV PHGLGDV GH WLSR FRQVWUXFWLYR QHFHVDULDV D LPSODQWDUDOPHQRVGHEHQVHU 3URWHFFLyQGHODHVWUXFWXUD/DVH[LJHQFLDVGHOFRPSRUWDPLHQWRDQWHHOIXHJRGH XQHOHPHQWRFRQVWUXFWLYRVHGHILQHQSRUHOWLHPSRTXHGLFKRHOHPHQWRPDQWLHQH /DHVWDELOLGDGRFDSDFLGDGSRUWDQWH /DDXVHQFLDGHHPLVLyQGHJDVHVLQIODPDEOHVSRUODFDUDQRH[SXHVWD /DHVWDQTXLGDGDOSDVRGHOODPDVRJDVHVFDOLHQWHV /DUHVLVWHQFLDWpUPLFDVXILFLHQWHSDUDLPSHGLUTXHVHSURGX]FDQHQODFDUD QRH[SXHVWDWHPSHUDWXUDVVXSHULRUHVDODVFLWDGDVHQODQRUPDWHFQROyJLFD DOUHVSHFWR /LPLWDFLyQGHODFRPEXVWLELOLGDGGHORVPDWHULDOHVGHUHYHVWLPLHQWRDFDEDGR\ GHFRUDFLyQ %LHQ HOLJLHQGR ORV GH QDWXUDOH]D QR FRPEXVWLEOH QL Wy[LFD SRU FRPEXVWLyQRUHDOL]DQGRXQWUDWDPLHQWRVREUHORVPLVPRVGH³LJQLIXJDFLyQ´TXH SURGX]FDLJXDOHIHFWR &RPSDUWLPHQWDFLyQ GH ORV UHFLQWRV %DVDGD HQ XQ GLVHxR TXH SHUPLWD OD RSHUDWLYLGDG IXQFLRQDO SHUR D OD YH] LPSLGD OD SURSDJDFLyQ GHO IXHJR GH XQRV UHFLQWRV D RWURV FRQ HO DGHFXDGR WUDWDPLHQWR GH ORV KXHFRV H[LVWHQWHV WDQWR SDUDSDVRGHSHUVRQDVFRPRGHFDQDOL]DFLRQHV 'LVHxR \ WUDWDPLHQWR GH ODV YtDV GH HYDFXDFLyQ 'H WDO PRGR TXH pVWDV QR UHVXOWHQGDxDGDVSRUORVHIHFWRVGHOLQFHQGLRFDORUKXPR\OODPDV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &RQWUROGHKXPRV&RQHOILQGHTXHpVWRVQRFDXVHQSUREOHPDVGHWR[LFLGDGQL DIHFWHQ D OD YLVLELOLGDG QL OOHJXHQ D SURGXFLU VREUHSUHVLRQHV FDXVDQWHV GH OD FRQWDPLQDFLyQGHRWURVUHFLQWRV &RPR PHGLGD DQH[D D ODV FRQVWUXFWLYDV GHEHUi WHQHUVH HQ FXHQWD OD VHxDOL]DFLyQTXHSHUPLWDLGHQWLILFDUUiSLGD\IiFLOPHQWHODVYtDVGHHVFDSHODVLWXDFLyQ GH FDGD SHUVRQD HQ UHODFLyQ FRQ HO HGLILFLR HV GHFLU OD RULHQWDFLyQ GHQWUR GH OD GLVWULEXFLyQLQWHULRUGHOPLVPR\HOQLYHOGHULHVJRUHODWLYRGHFDGDUHFLQWR 0DWHULDOHVGHFRQVWUXFFLyQ'HFODUDGRXQLQFHQGLRHOSURFHVRFRQVWUXFWLYR\ GH GLVHxR GHO HGLILFLR DFW~D HQ HO FRQWURO GHO LQFHQGLR PHGLDQWH OD DGHFXDFLyQ GHO FRPSRUWDPLHQWR DQWH HOIXHJR GH ORV PDWHULDOHVFRQVWUXFWLYRV PX\ HVSHFLDOPHQWH GH DTXpOORVTXHFRQPD\RUSUREDELOLGDGSXHGDQHQWUDUHQFRPEXVWLyQ 7RGRVORVPDWHULDOHVGHUHYHVWLPLHQWRRDFDEDGRVXSHUILFLDOSRUFXDQWRHOIRFR GHLJQLFLyQRFDORUHVDOHDWRULRLQGLVFULPLQDGR\QRLGHQWLILFDEOHDSULRUL 7RGRVDTXHOORVPDWHULDOHVTXHVLQVHUYLVWRVRGHDFDEDGRVXSHUILFLDOWHQJDQ PD\RU SUREDELOLGDG GH HQWUDU HQ FRPEXVWLyQ SRU VX SUR[LPLGDG D XQ IRFR SRWHQFLDOSHURLGHQWLILFDGRGHFDORUROODPD (O FXPSOLPLHQWR GH ODV OLPLWDFLRQHV UHJODPHQWDULDV HVWDEOHFLGDV SDUD ORV PDWHULDOHV GHEH HVWDU IXQGDGR HQ XQ SDUWH GHO WpFQLFR TXH DFW~H HQ HO SURFHVR GH HGLILFDFLyQ HQ FHUWLILFDGRV GH HQVD\RV \ FODVLILFDFLyQ HPLWLGRV SRU ODERUDWRULR RILFLDOPHQWHDFUHGLWDGRSDUDHVWHILQ (OHPHQWRV FRQVWUXFWLYRV /D DFFLyQ GHO IXHJR LPSRQH OD QHFHVLGDG GH TXH ORV HOHPHQWRV HVWUXFWXUDOHV DSRUWHQ XQD GHWHUPLQDGD UHVLVWHQFLD DO PLVPR HYDOXDGD HQWpUPLQRVGHWLHPSRGXUDQWHHOFXDOPDQWLHQHQVXIXQFLyQHVWUXFWXUDOSURSLD\ODGH FRPSDUWLPHQWDFLyQ FDVR TXH OD VHFWRUL]DFLyQ GHO HGLILFLR OH DVLJQH WDO IXQFLyQ DVt FRPRODGHDXVHQFLDGHHPLVLyQGHJDVHVLQIODPDEOHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /RVHOHPHQWRVFRQVWUXFWLYRVIXQGDPHQWDOHVDWHQHUHQFXHQWDHQFXDQWRDVX JUDGR GH UHVLVWHQFLD DO IXHJR VRQ IDFKDGDV FXELHUWDV SXHUWDV IDOVRV WHFKRV \ FiPDUDVFRQGXFWRV\HVSDFLRVRFXOWRV 5HYHVWLPLHQWRV LJQtIXJRV ,JQLIXJDFLyQ GH PRELOLDULR \ HOHPHQWRV GHFRUDWLYRV /D LJQLIXJDFLyQ HV HO WUDWDPLHQWR TXH VH GD D ORV PDWHULDOHV SDUD PHMRUDUVX³FODVH´HVGHFLUVXFODVLILFDFLyQDHIHFWRVGHPHMRUDUVXUHDFFLyQDOIXHJR 3RU OR TXH OD DFFLyQ GH ORV SURGXFWRV LQFRUSRUDGRV DO PDWHULDO PHGLDQWH GLFKR WUDWDPLHQWRVHSXHGHWUDGXFLUHQXQDLQKLELFLyQGHODLQIODPDELOLGDGGHOPDWHULDOEDVH SHURQRDFW~DVREUHVXFRPEXVWLELOLGDG /RVUHYHVWLPLHQWRV\HOHPHQWRVLJQtIXJRVSXHGHQVHU ,QWXPHVFHQWHV SRU LQWXPHVFHQFLD VH HQWLHQGH HO HIHFWR GH DXPHQWR GH YROXPHQRH[SDQVLyQGHXQDVXVWDQFLDEDMRODDFFLyQGHOFDORUFUHDQGRXQDFDSD HVSXPRVD GH PDWHULDOHV FDUERQL]DGRV TXH VLUYH GH DLVODQWH HQ HO SURFHVR GH FRPEXVWLyQ 6X XWLOL]DFLyQ PiV GLIXQGLGD HV HQ IRUPD GH SLQWXUDV \ EDUQLFHV DSOLFDEOHV VREUH HVWUXFWXUDV \ UHFXEULPLHQWRV GH PDGHUD R PHWDO DXQTXH WDPELpQ VH HQFXHQWUD GLVSRQLEOH HQ IRUPD GH SDVWD PDVLOOD PRUWHUR WDEOHURV HWFSHUPLWLHQGRVXXWLOL]DFLyQHQDSOLFDFLRQHVPX\GLYHUVDV $LVODQWHV HODLVODPLHQWRVHFRQVLJXHPHGLDQWHODDSOLFDFLyQGHSURGXFWRVWDOHV FRPR PRUWHURV LJQtIXJRV GH FHPHQWR \HVR SHUOLWD YHUPLFXOLWD DPLDQWR ODQD GH URFD ILEUDV FHUiPLFDV HWF SURGXFWRV VHOODGRUHV SODFDV DLVODQWHV HWF 8Q DVSHFWRPX\LPSRUWDQWHGHORVWUDWDPLHQWRVGHLJQLIXJDFLyQHVODGXUDELOLGDGGHO WUDWDPLHQWRDQWHDFFLRQHVH[WHULRUHV6HUiPX\LPSRUWDQWHH[LJLUDOVXPLQLVWUDGRU FHUWLILFDGR D HVWH UHVSHFWR GDGR TXH OD UHVSRQVDELOLGDG TXH HO PDWHULDO PDQWHQJDDORODUJRGHOWLHPSR\ODFODVHGHUHDFFLyQDOIXHJRTXHOHVHDH[LJLEOH UHFDHHQHOSURSLHWDULRRWLWXODUGHOHGLILFLR 9LGULRVFRUWDIXHJR&RPRSDUWHGHODSURWHFFLyQGHOHGLILFLRORVYLGULRVWLHQHQ ODPLVPDLPSRUWDQFLDTXHHOUHVWRGHPDWHULDOHVTXHGHEHQDVHJXUDUODHVWDELOLGDGGHO HGLILFLR 6L ORV YLGULRV QR SUHVHQWDQ XQ WUDWDPLHQWR DGHFXDGR LQLFLDGR HO LQFHQGLR VH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 URPSHUiQSHUPLWLHQGRODHQWUDGDGHDLUHIUHVFR\SRUWDQWRGHR[tJHQRDFWLYDQGROD FRPEXVWLyQ\FUHFLHQGRHOIXHJRHQLQWHQVLGDG /RVYLGULRVFRUWDIXHJRJUDFLDVDVXIXQFLyQGLYLVRULDTXHPDQWLHQHQGXUDQWHXQ GHWHUPLQDGRSHULRGRGHWLHPSRLPSLGHQODSURSDJDFLyQGHOIXHJR\KXPRV 6HJ~QVXIXQFLyQVHFODVLILFDQHQ 3DUDOODPDV0DQWLHQHVXLQWHJULGDG &RUWDIXHJR0DQWLHQHVXLQWHJULGDG\DLVODPLHQWRWpUPLFR 5HVLVWHQWHV DO IXHJR 0DQWLHQH VX HVWDELOLGDG HVWDQTXLGDG QR HPLVLyQ GH JDVHVLQIODPDEOHV\DLVODPLHQWRWpUPLFR &RPSDUWLPHQWDFLyQ /R FRQVWLWX\HQ HO FRQMXQWR GH GLVSRVLWLYRV GLULJLGRV D VHSDUDU HVSDFLRV GHQRPLQDGRVVHFWRUHVGHLQFHQGLRSRUPHGLRGHHOHPHQWRVUHVLVWHQWHVDOIXHJRSDUD HYLWDUODSURSDJDFLyQGHXQLQFHQGLR /RV PHGLRV GH FRPSDUWLPHQWDFLyQ TXH FRQIRUPDQ HVWH VXEVLVWHPD SULQFLSDOPHQWHVRQ 3XHUWDVFRUWDIXHJR 0XURV\SDQHOHVSDUDFRPSDUWLPHQWDFLyQ &RPSXHUWDVFRUWDIXHJR 0HGLRVFRPSOHPHQWDULRV 3XHUWDV FRUWDIXHJR 6RQ ODV GLVHxDGDV SDUD UHVLVWLU GXUDQWH XQ GHWHUPLQDGR SHUtRGR GH WLHPSR VX H[SRVLFLyQ GLUHFWD DO IXHJR VLQ DOWHUDU QLQJXQD GH VXV SURSLHGDGHV /D H[SHULHQFLD VREUH LQFHQGLRV UHDOHV \ ODV FRUUHVSRQGLHQWHV HVWDGtVWLFDV GHPXHVWUDQ OD GHFLVLYD LQIOXHQFLD GH ODV SXHUWDV HQ OD SURSDJDFLyQ GH LQFHQGLRV 8Q 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 HOHYDGRSRUFHQWDMHHQFXHQWUDVXGLIXVLyQDWUDYpVGHOPiVHYLGHQWH³SXQWRGpELO´GH DTXHOORVSDUiPHWURVTXHWLHQHQODIXQFLyQGHFRQWHQHUHOIXHJRORVKXHFRVGHSDVR\ ODVSXHUWDV /D UHVSXHVWD GH XQD SXHUWD DQWH HO IXHJR VH HVWDEOHFH FRQIRUPH D GRV FULWHULRV 6XFDSDFLGDGSDUDFRQWHQHUHOLQFHQGLR 6XFDSDFLGDGFRPREDUUHUDDQWHHOSDVRGHKXPRV 'RQGHHOFXPSOLPLHQWRGHOSULPHUFULWHULRGXUDQWHHOWLHPSRH[LJLEOHQRLPSOLFD QHFHVDULDPHQWHHOFXPSOLPLHQWRGHOVHJXQGR8QDSXHUWDUHVLVWHQWHDOIXHJRQHFHVLWD GHWHUPLQDGDV FDUDFWHUtVWLFDV DGLFLRQDOHV SDUD SRGHU OLPLWDU HO SDVR GH KXPRV TXH JHQHUDOPHQWH FRQVLVWHQ HQ HOHPHQWRV TXH FLHUUHQ HO SDVR GHO PLVPR D WUDYpV GH VX SHUtPHWUR /DFDSDFLGDGSDUDFRQWHQHUHOLQFHQGLRDVXYH]VHJUDG~DHQGRVQLYHOHV 0DQWHQLPLHQWRGHVXHVWDELOLGDGPHFiQLFDGHHVWDQTXLGDGDOSDVRGHOODPD\ DXVHQFLD GH HPLVLyQ GH JDVHV LQIODPDEOHV HQ OD FDUD QR H[SXHVWD SXHUWD 3) ³SDUDOODPDV´GXUDQWHHOWLHPSRTXHPDQWHQJDWDOHVFRQGLFLRQHV 0DQWHQLPLHQWR GHO DLVODPLHQWR WpUPLFR DGHPiV GH ODV FRQGLFLRQHV DQWHULRUHV GH IRUPD TXH OD WHPSHUDWXUD PHGLD HQ OD FDUD QR H[SXHVWD QR VXSHUH ORV &QLQLQJXQRGHVXVSXQWRVVXSHUHORV& /RV GRV REMHWLYRV SULPDULRV GH ODV SXHUWDV FRUWDIXHJRV VRQ SURWHJHU ODV ]RQDV DQH[DV\FRQWURODUHOIXHJRGXUDQWHHOWLHPSRSDUDHOTXHHVWiQIDEULFDGDV $OJXQDVGHODVFDUDFWHUtVWLFDVDWHQHUHQFXHQWDHQFXDQWRDVXDSOLFDFLyQVRQ 6X SRVLFLyQ GHEH VHU QRUPDOPHQWH FHUUDGD R ELHQ VX FLHUUH FRPDQGDGR SRU PHGLRVHOHFWURPHFiQLFRV 'HEHQSRGHUDEULUVHFRQIDFLOLGDG (OVHQWLGRGHDSHUWXUDGHEHFRLQFLGLUFRQHOGHODHYDFXDFLyQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /DVSXHUWDV5)TXHKD\DQGHVHUXWLOL]DGDVFRPRYtDVGHHYDFXDFLyQGHEHQVHU HTXLSDGDVFRQGLVSRVLWLYRVGHDSHUWXUDDQWLSiQLFR /DV SXHUWDV D LQVWDODUHVWDUiQ GHELGDPHQWH FHUWLILFDGDV GH DFXHUGR DQRUPDV 81(SRUODERUDWRULRGHHQVD\RKRPRORJDGR 0XURV \ SDQHOHV SDUD FRPSDUWLPHQWDFLyQ 6RQ ORV PXURV \ SDQHOHV GLVHxDGRVSDUDFRUWDUHOSDVRDOIXHJRHQFDVRGHLQFHQGLR (QFDVRGHLQFHQGLRHOPXURFRUWDIXHJRRSDQHOGHEHUiPDQWHQHUVX $LVODPLHQWRWpUPLFR (VWDQTXLGDGDODVOODPDV (VWDELOLGDG 5HVLVWHQFLDFDUDFWHUtVWLFDSDUDORVPXURVGHFDUJD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (O WLHPSR Pi[LPR HQ TXH VH FXPSOHQ HVWRV UHTXLVLWRV VLPXOWiQHDPHQWH GD OD FODVLILFDFLyQDODUHVLVWHQFLDGHOPXURRSDQHO &RPSXHUWDV FRUWDIXHJR (VWiQ IRUPDGDV HQ JHQHUDO SRU XQD FDMD LQWHUFDODGDHQORVFRQGXFWRVGHYHQWLODFLyQDODDOWXUDGHORVIRUMDGRVGHOSLVRRPXURV FRUWDIXHJR GH VHFWRUHV GH LQFHQGLR GLIHUHQWHV (VWD FDMD FRQWLHQH XQ GLVSRVLWLYR GH FLHUUHFRPSXHUWDTXHDFW~DHQFDVRGHLQFHQGLRDXWRPiWLFDPHQWHPHGLDQWHIXVLEOH RPDQGRHOHFWURPDJQpWLFRRSHUDGRSRUXQGHWHFWRUGHKXPRVLQVWDODGRHQHOLQWHULRU GHOFRQGXFWR 6X DSOLFDFLyQ EiVLFD VHUi FRPR HOHPHQWR FRPSDUWLPHQWDGRU \ GH FLHUUHGH ORV FRQGXFWRVGHFOLPDWL]DFLyQ\YHQWLODFLyQ 0HGLRV FRPSOHPHQWDULRV 'HELGR D OD JUDQ LPSRUWDQFLD TXH DGTXLHUH HO FRPSRUWDPLHQWR GH GLIHUHQWHV HOHPHQWRV FRQVWUXFWLYRV PDWHULDOHV \ HTXLSRV GXUDQWH OD PDQLIHVWDFLyQ GH XQ IXHJR D FRQWLQXDFLyQ VH LQGLFDQ DTXHOORV GH FDUDFWHUtVWLFDV HVSHFLDOHVFX\DDGHFXDFLyQPHMRUDUiORVQLYHOHVGHFRPSDUWLPHQWDFLyQGHOHGLILFLR (QFXDQWRDHOHPHQWRVFRQVWUXFWLYRVFDEHGHVWDFDU &iPDUDV FRQGXFWRV \ HVSDFLRV RFXOWRV VX SDVR D WUDYpV GH HOHPHQWRV FRPSDUWLPHQWDGRUHVKDGHUHFLELUXQDGHFXDGRWUDWDPLHQWRFRQVWUXFWLYR &DMDVYHUWLFDOHVSDUDLQVWDODFLRQHV\VHUYLFLRV KDQGHHVWDUFRPSDUWLPHQWDGDV FRQ XQ YDORU GH UHVLVWHQFLD DO IXHJR GH DO PHQRV HO SRU FLHQWR GHO TXH RIUH]FDQ ORV IRUMDGRV TXH DWUDYLHVDQ \ HO FHUUDPLHQWR \ HO DFDEDGR LQWHULRU GHEHQVHUGHPDWHULDOHVLQFRPEXVWLEOHV &RQGXFWRV GH FOLPDWL]DFLyQ R YHQWLODFLyQ GHEHUiQ GLVSRQHU GH FRPSXHUWDV FRUWDIXHJRHQWRGRSXQWRGHSDVRSRUXQHOHPHQWRFRPSDUWLPHQWDGRU 3DVRV GH WXEHUtDV FRQGXFWRV \ FDEOHV VX SDVR D WUDYpV GH HOHPHQWRV FRPSDUWLPHQWDGRUHV GHEH UHDOL]DUVH PHGLDQWH OD PHQRU SHUIRUDFLyQ SRVLEOH \ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 VHOODQGR OD KROJXUD H[LVWHQWH PHGLDQWH PDWHULDOHV R HOHPHQWRV HVWDEOHV H LQFRPEXVWLEOHV 5HYHVWLPLHQWRVGHSDUDPHQWRVKRUL]RQWDOHVRYHUWLFDOHV (QFXDQWRDPDWHULDOHV\HTXLSRVSULQFLSDOPHQWHGHVWDFDQ &DEOHV DQWLIXHJR SDUD SURWHFFLyQ GH OD LQVWDODFLyQ HOpFWULFD TXH FXPSODQ ODV FDUDFWHUtVWLFDV GH QR SURSDJDFLyQ GH OD OODPD QR SURSDJDFLyQ GHO LQFHQGLR UHGXFLGD HPLVLyQ GH JDVHV Wy[LFRV QXOD HPLVLyQ GH JDVHV FRUURVLYRV EDMD HPLVLyQGHKXPRVRSDFRV\UHVLVWHQFLDDOIXHJR/RVFDEOHVLJXDOPHQWHSXHGHQ WUDWDUVHLJQtIXJDPHQWHPHGLDQWHUHFXEULPLHQWRVDEODWLYRV 6HOODGR GH FDQDOL]DFLRQHV FXDOTXLHU KXHFR TXH FRPXQLTXH GRV iUHDV SHUWHQHFLHQWHVDVHFWRUHVGHLQFHQGLRVFRQWLJXRVKDGHVHUVHOODGRSDUDUHWDUGDU HO SDVR GHO IXHJR \ SURSRUFLRQDU OD HVWDQTXLGDG GH KXPRV JDVHV SROYR SURGXFWRVTXtPLFRVHWF(VWRVHUHDOL]DPHGLDQWHPDWHULDOHVDLVODQWHVFRPRODQD GH URFD VRVWHQLGD SRU XQD PDOOD PHWiOLFD EROVDV REWXUDGRUDV HOHPHQWRV FRUWDIXHJRVPRGXODUHVPDVLOODVLQWXPHVFHQWHVHVSXPDGHVLOLFRQDHWF 0RWRUL]DFLyQ GH FRPSXHUWDV \ VLVWHPDV GH PDQGR \ FRQWURO OD FRPSXHUWD FRUWDIXHJRDFW~DFRPRXQDXQLGDGFRPSDFWD &RQGXFWRVGHYHQWLODFLyQUHVLVWHQWHVDOIXHJR PHGLDQWHHOUHYHVWLPLHQWRGHORV FRQGXFWRV GH FKDSD PHWiOLFD FRQ SODFDV LQFRPEXVWLEOHV OLEUHV GH DPLDQWR TXH SXHGHQSURSRUFLRQDUXQDUHVLVWHQFLDDOIXHJRGHKDVWDKRUDV (YDFXDFLyQGHKXPRV /D HYDFXDFLyQ GH KXPRV VH HVWDEOHFH PHGLDQWH OD DGRSFLyQ GH PHGLRV \ PHGLGDV GH VHJXULGDG SDUD FRQVHJXLU TXH HO KXPR SURGXFLGR SRU XQ LQFHQGLR QR LQYDGD WRGD OD ]RQD \ SURYRTXH OD DVIL[LD GH ODV SHUVRQDV TXH VH HQFXHQWUDQ HQ HO LQWHULRUGHOUHFLQWR /DHYDFXDFLyQGHKXPRV\FDORUGHOD]RQDHQODTXHVHSURGXFHXQLQFHQGLR SULQFLSDOPHQWHVHSXHGHUHDOL]DU 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (VWiWLFDPHQWH 0HGLDQWH FRPSXHUWDV R OXFHUQDULRV GH FXELHUWD TXH VH DEUHQ DXWRPiWLFD R PDQXDOPHQWH 6ROXFLyQ SDUD DSOLFDFLyQ HQ ORV HGLILFLRV GH XQD SODQWDSDWLRV\KXHFRVGHHVFDOHUDV 'LQiPLFDPHQWH 0HGLDQWH VLVWHPDV GH DFWLYDFLyQ GH DLUHDFLyQ 6ROXFLyQ SDUD DSOLFDFLyQHQHGLILFLRVGHYDULDVSODQWDV /RV SULQFLSDOHV REMHWLYRV D FRQVHJXLU FRQ OD LPSODQWDFLyQ GH VLVWHPDV GH HYDFXDFLyQGHKXPRVVRQ 3URWHJHUDODVSHUVRQDVGHOKXPR (YDFXDUHOKXPRFDORU\JDVHV (YLWDUODH[WHQVLyQODWHUDOGHOLQFHQGLR )DYRUHFHUODDFWXDFLyQGHORVPHGLRVGHH[WLQFLyQHLQWHUYHQFLyQ /RV GLVSRVLWLYRV HTXLSRV \ VLVWHPDV TXH FRQIRUPDQ HO VXEVLVWHPD GH HYDFXDFLyQGHKXPRVSULQFLSDOPHQWHVRQ %DUUHUDVFRQWUDHOKXPR ([XWRULRV 9HQWLODGRUHVSDUDORVFRQGXFWRV &DPSDQDVH[WUDFWRUDVGHKXPRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 %DUUHUDVFRQWUD HOKXPR (Q HO FDVR GH LQFHQGLR HQ XQ HGLILFLR FRPHUFLDO GH JUDQGHV GLPHQVLRQHV HV YLWDO FRQVHJXLU TXH HO KXPR QR LQYDGD OD WRWDOLGDG GHO YROXPHQ\TXHVHDFRQGXFLGRDOH[WHULRUSRUHOFDPLQRPiVFRUWRSRVLEOH /DVEDUUHUDVFRQWUDHOKXPRVHJ~QVXWLSRGHLQVWDODFLyQ\IXQFLyQSXHGHQVHU )LMDV FRPSXHVWDV SRU XQ SHUILO GH VXVWHQWDFLyQ \ XQD ILEUD WH[WLO HVSHFLDO LPSHUPHDEOHDOKXPR\UHVLVWHQWHDDOWDVWHPSHUDWXUDV $XWRPiWLFDV HQUROODEOHV SXHGHQ TXHGDU RFXOWDV HQ HO IDOVR WHFKR GHO UHFLQWR FRPHUFLDO \ FDHU FRQWURODGDPHQWH HQ FDVR GH LQFHQGLR \ DFWLYDGDV DXWRPiWLFDPHQWHSRUVLVWHPDVGHGHWHFFLyQGHKXPRV &UHDGRUDV GH VHFWRUHV GH KXPR HYLWDQ TXH HO KXPR VH HQIUtH DO DOHMDUVH GHO RULJHQGHOLQFHQGLR &DQDOL]DGRUDV UHGXFHQ HO IUHQWH GH OD FROXPQD GH KXPR DVFHQGHQWH \ HYLWDQ TXHODVSODQWDVVXSHULRUHVVHOOHQHQGHKXPR 'HOLPLWDGRUDV HYLWDQ TXH HO KXPR DVFLHQGD SRU YRO~PHQHV GH FRPXQLFDFLyQ HQWUHSODQWDVHLQYDGD]RQDVQRDIHFWDGDV ([XWRULRV 6RQ GLVSRVLWLYRV SDUD OD HYDFXDFLyQ GH KXPRV \ JDVHV GH IRUPD QDWXUDO TXH FXPSOHQ ODV IXQFLRQHV GH DLUHDFLyQ QDWXUDO YHQWLODFLyQ HYDFXDFLyQ GRPLQDGDGHORVKXPRV\JDVHVHLOXPLQDFLyQQDWXUDO 8QH[XWRULRGHKXPRVHVWiFRQVWLWXLGDSRUXQDSDUWHILMDXQLGDVROLGDULDPHQWH DODFXELHUWDGHOHGLILFLR\XQDSDUWHTXHVHDEUHDUWLFXODGDVREUHHOHOHPHQWRILMR (O RWUR FRPSRQHQWH GHO H[XWRULR HV HO VLVWHPD GH PDQGR D GLVWDQFLD SDUD VX DSHUWXUD \R FLHUUH TXH SXHGH VHU DFWLYDGR SRU VLVWHPD IXVLEOH DO DOFDQ]DU XQD GHWHUPLQDGDWHPSHUDWXUDSRUVLVWHPDGHGHWHFFLyQGHKXPRV\SRUGLVSDURPDQXDO 9HQWLODGRUHV SDUD ORV FRQGXFWRV /RV YHQWLODGRUHV SDUD ORV FRQGXFWRV GH H[WUDFFLyQ\SUHVXUL]DFLyQGHKXHFRVGHHVFDOHUDVRQORV GLVSRVLWLYRVGHVXPLQLVWURGH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 DLUH IUHVFR \ OLPSLR TXH LQVXIODQ OD FDQWLGDG QHFHVDULD D ILQ GH PDQWHQHU HO QLYHO GH SUHVLyQ\RODYHORFLGDGGHODLUHUHTXHULGDV /RV YHQWLODGRUHV VRQ ORV HTXLSRV EiVLFRV SDUD HO GLVHxR GH XQ VLVWHPD GH SUHVXUL]DFLyQPHGLDQWHHOTXHVHFRQVLJDFRQWURODUHOPRYLPLHQWRGHOKXPR &DPSDQDV H[WUDFWRUDV GH KXPRV 6RQ HTXLSRV GLVHxDGRV SDUD OD HYDFXDFLyQ PHFiQLFDGHKXPRV\JDVHVLQVWDODGRVHQODVFXELHUWDVGHORVHGLILFLRV *HQHUDOPHQWH VH FRPSRQHQ GH EDVH FDSHUX]D FRQVWUXLGD FRQ PDWHULDO WUDWDGR HVSHFtILFDPHQWH FRQWUDHOIXHJR\PRWRUYHQWLODGRU (;7,1&,Ï1'(,1&(1',26 (O VLVWHPD GH H[WLQFLyQGH LQFHQGLRV VH GHILQH FRPR HO FRQMXQWRGHHTXLSRVR VLVWHPDVWHQGHQWHVDRIUHFHUXQDLQVWDODFLyQDGHFXDGDSDUDODOXFKDFRQWUDHOIXHJR 'HQWUR GH ORV PHGLRV SDVLYRV GH H[WLQFLyQ GH LQFHQGLRV DSOLFDEOHV D ORV HVWDEOHFLPLHQWRVFRPHUFLDOHVWHQHPRV $JHQWHVH[WLQWRUHV 0HGLRVPDQXDOHVGHH[WLQFLyQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 $JHQWHVH[WLQWRUHV $JHQWHH[WLQWRUHVHOSURGXFWRRFRPSXHVWRTXHDOVHUSUR\HFWDGRVREUHXQ IXHJRSURYRFDODH[WLQFLyQGHOPLVPR $WHQGLHQGRDVXHVWDGRItVLFRORVDJHQWHVH[WLQWRUHVVHFODVLILFDQHQ /tTXLGRV $JXD $JXDFRQDGLWLYRV (VSXPDV 6yOLGRV 3ROYRTXtPLFRVHFR%& 3ROYRTXtPLFRVHFR$%& *DVHRVRV 'Ly[LGRGHFDUERQR 2WURVDJHQWHVH[WLQWRUHVJDVHRVRV ([LVWH XQD DGHFXDFLyQ GH ORV DJHQWHV H[WLQWRUHV D FDGD XQD GH ODV FODVHV GH IXHJR $JHQWHV H[WLQWRUHV OtTXLGRV 6H FRQVLGHUDQ DJHQWHV H[WLQWRUHV OtTXLGRV ORV VLJXLHQWHV $JXD(VHODJHQWHH[WLQWRUPiVXWLOL]DGR$ODOFDQ]DUVXSXQWRGHYDSRUL]DFLyQ HO YDSRU SURGXFLGR GHVSOD]D HO DLUH TXH URGHD HO IXHJR \ SRU WDQWR HO R[tJHQR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 TXHDFW~DGHFRPEXVWLEOH$OVHUPiVSHVDGDTXHODPD\RUtDGHORVFRPEXVWLEOHV OtTXLGRVHODJXDQRHVHIHFWLYDHQODH[WLQFLyQGHIXHJRVGHOtTXLGRV $JXDFRQDGLWLYRV /DPHMRUDGHOD HIHFWLYLGDGGHODJXD FRPRDJHQWH H[WLQWRU VHFRQVLJXHDxDGLpQGROHDGLWLYRVHVSHFtILFRV +XPHFWDQWHV)DFLOLWDQODSHQHWUDFLyQGHODJXD (VSHVDQWHV([WLQFLyQPiVHIHFWLYDGHOIXHJRSRUVRIRFDFLyQ $QWLFRQJHODQWHV5HGXFHQHOSXQWRGHFRQJHODFLyQGHODJXD (VSXPDV *HQpULFDPHQWH OD HVSXPD HV XQD PDVD GH EXUEXMDV REWHQLGD DO LQWURGXFLU DLUH HQ XQD VROXFLyQ HVSXPDQWH TXH DSOLFDGD VREUH OD VXSHUILFLH GHO FRPEXVWLEOH LQFHQGLDGR IRUPD XQD FDSD TXH OR DtVOD GHO FRPEXUHQWH H[WLQJXLHQGRHOIXHJRSRUVRIRFDFLyQ (QIXQFLyQGHVXFRHILFLHQWHGHH[SDQVLyQUHODFLyQHQWUHHOYROXPHQGHHVSXPD SURGXFLGD\HOYROXPHQGHHVSXPDQWHQHFHVDULRSDUDSURGXFLUODVHFODVLILFDQHQ 'H EDMD H[SDQVLyQ 0X\ VyOLGDV \ UHVLVWHQWHV FRQ HOODV VH FRQVLJXHQ JUDQGHV GLVWDQFLDVGHODQ]DPLHQWRSUy[LPDVDODVGHODJXD 'HPHGLDH[SDQVLyQ0iVOLJHUDVDOFDQFHVPHQRUHVRPHWURV 'HDOWDH[SDQVLyQ0X\OLJHUDVVXDOFDQFHHVPtQLPR (OHPSOHRIXQGDPHQWDOGHODVHVSXPDVHVFRQWUDIXHJRVGHOtTXLGRVLQIODPDEOHV SXGLpQGRVH XWLOL]DU WDPELpQ HQ IXHJRV GH FRPEXVWLEOHV VyOLGRV 1R VRQ HILFDFHV HQIXHJRVGHJDVHVQLIXJDVGHOtTXLGRVDSUHVLyQ $JHQWHV H[WLQWRUHV VyOLGRV 6H FRQVLGHUDQ DJHQWHV H[WLQWRUHV VyOLGRV ORV VLJXLHQWHV 3ROYR TXtPLFR VHFR (O SROYR TXtPLFR VHFR HVWi IRUPDGR SRU SDUWtFXODV ILQDV SROYR GH VXVWDQFLDV LQRUJiQLFDV TXtPLFR VLQ KXPHGDG TXH SXHGDQ SURGXFLU JUXPRVVHFRSDUDTXHWHQJDIOXLGH]HQVXSUR\HFFLyQDOIXHJR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /RVWLSRVGHSROYRTXtPLFRVHFRVRQ 3ROYR TXtPLFR VHFR %& &RPSXHVWR IXQGDPHQWDOPHQWH SRU ELFDUERQDWR VyGLFR \ WHWUDERUDWR VyGLFR DSURSLDGR SDUD OD H[WLQFLyQ GH IXHJRV GH ODV FODVHV%\& 3ROYR TXtPLFR VHFR SROLYDOHQWH &RPSXHVWR IXQGDPHQWDOPHQWH SRU IRVIDWR PRQRDPyQLFRDSURSLDGRSDUDODH[WLQFLyQGHIXHJRVGHODVFODVHV$%\& (O SROYR TXtPLFR VHFR QR HV EXHQ FRQGXFWRU GH OD HOHFWULFLGDG QR VLHQGR UHFRPHQGDEOHODXWLOL]DFLyQGH%&SDUDWHQVLRQHVVXSHULRUHVDYROWLRV\HO $%&SDUDWHQVLRQHVVXSHULRUHVDYROWLRV (OHPSOHRGHOSROYRTXtPLFRVHFRQRHVFRPSDWLEOHFRQODXWLOL]DFLyQGHHVSXPDV $JHQWHV H[WLQWRUHV JDVHRVRV 6H FRQVLGHUDQ DJHQWHV H[WLQWRUHV JDVHRVRV ORV VLJXLHQWHV 'Ly[LGR GH FDUERQR $SURYHFKD OD SURSLD SUHVLyQ GH DOPDFHQDPLHQWR SDUD VX LPSXOVLyQ DO IXHJR $O VHU XQ JDV WLHQH PD\RU FDSDFLGDG GH SHQHWUDFLyQ 1R HV EXHQFRQGXFWRUGHODHOHFWULFLGDGSRUORTXHVHFRQYLHUWHHQHO DJHQWH H[WLQWRU LGHDO SDUD IXHJRV HQ SUHVHQFLD GH WHQVLyQ HOpFWULFD 3DUD IXHJRV FODVH $ \ % VH DSOLFDHQVLVWHPDVILMRVSRULQXQGDFLyQWRWDORDSOLFDFLyQORFDO (Q ODV PLVPDV FRQGLFLRQHV TXH HO DLUH WLHQH XQD GHQVLGDG GHO SRU FLHQWR VXSHULRUSRUORTXHDOGHVSOD]DUHODLUH\SRUWDQWRHOR[tJHQRVHFRQYLHUWHHQ XQ SURGXFWR DVIL[LDQWH HQ FRQFHQWUDFLRQHV VXSHULRUHV DO SRU FLHQWR (V QHFHVDULRWRPDUODVGHELGDVSUHFDXFLRQHVFXDQGRVHXWLOL]DHQUHFLQWRVFHUUDGRV FRQSUHVHQFLDGHSHUVRQDV 2WURV DJHQWHV H[WLQWRUHV JDVHRVRV &RPR FRQVHFXHQFLD GH OD SURKLELFLyQ GH IDEULFDUJDVHVKDORQHVGHELGRDO3URWRFRORGH0RQWUHDO\VXSRVWHULRUDPSOLDFLyQ HQ&RSHQKDJXHORVIDEULFDQWHVGHDJHQWHVVXVWLWXWLYRVVHFHQWUDQHQHQFRQWUDU XQD DOWHUQDWLYD TXH FXPSOD ORV VLJXLHQWHV UHTXLVLWRV QR HVWDU DIHFWDGRV SRU HO 3URWRFROR GH 0RQWUHDO EDMR LPSDFWR DPELHQWDO HILFDFLD GH H[WLQFLyQ VLPLODU DO 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 KDOyQ WR[LFLGDG EDMD SDUD HO KRPEUH H[LJHQFLDV LQGLFDGDV SRU OD (3$ VHU HFRQyPLFRV\SRGHUVXVWLWXLUDOKDOyQHQODVLQVWDODFLRQHVH[LVWHQWHVFRQQLQJXQD RSRFDVPRGLILFDFLRQHV 0HGLRVPDQXDOHVGHH[WLQFLyQ ([WLQWRUHV PyYLOHV /RV H[WLQWRUHV VRQDSDUDWRVTXHFRQWLHQHQXQDJHQWH H[WLQWRU TXH SXHGH VHU SUR\HFWDGR \ GLULJLGR VREUH XQ IXHJR SRU OD DFFLyQ GHXQDSUHVLyQLQWHUQD 8Q H[WLQWRU SRUWiWLO HV XQ H[WLQWRU FRQFHELGR SDUD VHU OOHYDGR \ XWLOL]DGRDPDQR\TXHHQFRQGLFLRQHV GH IXQFLRQDPLHQWR WLHQH XQD PDVD LQIHULRURLJXDODNJ /D FDUJD GH XQ H[WLQWRU HV OD PDVDRHOYROXPHQGHODJHQWHH[WLQWRU FRQWHQLGR HQ VX LQWHULRU 'HVGH HO SXQWRGHYLVWDFXDQWLWDWLYRODFDUJDGH ORV DSDUDWRV D EDVH GH DJXD VH H[SUHVDHQYROXPHQOLWURV\ODGHORVUHVWDQWHVDSDUDWRVHQPDVDNLORJUDPRV 6HJ~QODFDUJDORVH[WLQWRUHVVHFODVLILFDQHQ ([WLQWRUHVSRUWiWLOHVPDQXDOHV /DPDVDWRWDOWUDQVSRUWDEOHHVLJXDORLQIHULRUD NJ \ H[WLQWRUHV SRUWiWLOHV GRUVDOHV FX\D PDVD WRWDO WUDQVSRUWDEOH HV LJXDO R LQIHULRU D NJ (VWiQ HTXLSDGRV FRQ XQ VLVWHPD GH VXMHFLyQ TXH SHUPLWH VX WUDQVSRUWHDODHVSDOGDGHXQDSHUVRQD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 ([WLQWRUHV VREUH UXHGDV 6RQ DTXpOORV TXH HVWiQ GRWDGRV GH UXHGDV SDUD VX GHVSOD]DPLHQWR (Q ODV QRUPDV WHFQROyJLFDV VH HVWDEOHFHQ ODV FDUDFWHUtVWLFDV TXH GHEHQ FXPSOLU ORVH[WLQWRUHVSRUWiWLOHV (OHFFLyQGHODJHQWHH[WLQWRU(ODJHQWHH[WLQWRUGHEHVHUDSURSLDGRDODFODVHGH IXHJR TXH YD\D D FRPEDWLU HV GHFLU D ORV FRPEXVWLEOHV H[LVWHQWHV \ ODV RSHUDFLRQHV LQGXVWULDOHV TXH H[LVWDQ HQ HO ULHVJR FRQ HO ILQ GH TXH VX DFFLyQ VH PDQLILHVWH FRPR PiVHILFD] $GHPiV HQ HO PRPHQWR GH OD HOHFFLyQ GHO DJHQWH H[WLQWRU KD\ TXH WHQHU HQ FXHQWDODSRVLEOHWR[LFLGDGGHORVJDVHVSURGXFLGRVHQODGHVFRPSRVLFLyQSRUHOFDORU GH DOJXQRV DJHQWHV H[WLQWRUHV FXDQGR VH HPSOHDQ HQ ORFDOHV SHTXHxRV R PDO YHQWLODGRV 'HEH FRQVLGHUDUVH WDPELpQ OD SRVLELOLGDG GH GDxDU D HTXLSRV VHQVLEOHV R GHOLFDGRV DSDUDWRV GH UHIULJHUDFLyQ HOHFWUyQLFRV HTXLSRV PHFiQLFRV ySWLFRV GH SUHFLVLyQHWF (PSOD]DPLHQWR GH ORV H[WLQWRUHV /RV H[WLQWRUHV PDQXDOHV VH GHEHQ FRORFDU VREUHVRSRUWHVILMDGRVDSDUiPHWURVYHUWLFDOHVRSLODUHVGHIRUPDTXHODSDUWHVXSHULRU GHOH[WLQWRUQRH[FHGDGHXQDDOWXUDGHP 6XGLVWULEXFLyQHQHOULHVJRDSURWHJHUVHUi (Q iUHDV FRQ SRVLELOLGDG GH IXHJRV FODVH $ GLVWDQFLD Pi[LPD D UHFRUUHU XQ H[WLQWRUP (Q iUHDV FRQ SRVLELOLGDG GH IXHJRV FODVH % GLVWDQFLD Pi[LPD D UHFRUUHU XQ H[WLQWRUP 3DUD SURWHFFLyQ GH WUDQVIRUPDGRUHV \ GLV\XQWRUHV TXH FRQWHQJDQ DFHLWH FRPEXVWLEOH DVt FRPR GH ODV FDOGHUDV TXH WHQJDQ TXHPDGRUHV DOLPHQWDGRV SRU HOHFWULFLGDG GHEHUi H[LVWLU FRPR PtQLPR XQ H[WLQWRU GH SROYR GH NJ R H[WLQWRUHV GH &2 GH NJ FDGD XQR D PiV GH P \ PHQRV GH P GH ORV ULHVJRVFLWDGRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 %RFDVGH,QFHQGLR(TXLSDGDV%,((VHOFRQMXQWRGHHOHPHQWRVQHFHVDULRVSDUD WUDQVSRUWDU \ SUR\HFWDU DJXD GHVGH XQ SXQWR ILMR GH XQD UHG GH DEDVWHFLPLHQWR GH DJXDKDVWDHOOXJDUGHOIXHJR /DV QRUPDV WHFQROyJLFDV HVWDEOHFHQ ODV FDUDFWHUtVWLFDV TXH GHEHQ FXPSOLU ODV LQVWDODFLRQHV ILMDV GH H[WLQFLyQ GH LQFHQGLRV 6LVWHPDV HTXLSDGRV FRQ PDQJXHUDV %RFDVGHLQFHQGLRHTXLSDGDVFRQPDQJXHUDVVHPLUUtJLGDV\SODQDV $EDVWHFLPLHQWR GH DJXD (O DEDVWHFLPLHQWR GH DJXD SDUD ODV LQVWDODFLRQHV GH %,(VHUiFRPRPtQLPRGHWLSRVHQFLOORFRQFDSDFLGDGSDUDDOLPHQWDUDODLQVWDODFLyQ DO PHQRV GXUDQWH PLQXWRV HQ ODV FRQGLFLRQHV GH FDXGDO \ SUHVLyQ SUHYLVWDV SDUD FDGDFDVR\ULHVJR 6H SRGUi DOLPHQWDU OD LQVWDODFLyQ GH %,( GHVGH XQD UHG JHQHUDO GH LQFHQGLRV FRP~Q D RWUDV LQVWDODFLRQHV GH SURWHFFLyQ VLHPSUH TXH HQ HO FiOFXOR GHO DEDVWHFLPLHQWRVHKD\DQWHQLGRHQFXHQWDORVPtQLPRVUHTXHULGRVSRUFDGDXQDGHODV LQVWDODFLRQHVTXHKDQGHIXQFLRQDUVLPXOWiQHDPHQWH (PSOD]DPLHQWR \ GLVWULEXFLyQ /DV %,( GHEHUiQ VLWXDUVH HQ ORV SDUDPHQWRV R SLODUHVGHORVORFDOHVGHIRUPDTXHHOFHQWURGHODPLVPDTXHGHDXQDDOWXUDLQIHULRUD PFRQUHODFLyQDOVXHOR\DOPHQRVXQDSRUSODQWDFHUFDGHODVSXHUWDVRVDOLGDV DXQTXHVLQFRQVWLWXLUREVWiFXORSDUDODXWLOL]DFLyQGHpVWDV (QODV%,(GHPPODDOWXUDVREUHHOVXHORSRGUiVHUFXDOTXLHUDVLHPSUHTXH ODERTXLOOD\ODYiOYXODVHHQFXHQWUHQDXQD DOWXUDPi[LPDGHPFRQUHODFLyQDO VXHOR /DGHWHUPLQDFLyQGHOQ~PHURGH%,(\VXGLVWULEXFLyQVHKDUiGHWDOPRGRTXH ODWRWDOLGDGGHODVXSHUILFLHDSURWHJHUORHVWpDOPHQRVSRUXQD%,(FRQVLGHUDQGRXQ DOFDQFH QRPLQDO GH \ XQD VHSDUDFLyQ Pi[LPD HQWUH FDGD %,( \ VX LQPHGLDWD PiV FHUFDQDGHP /DGLVWDQFLDGHVGHFXDOTXLHUSXQWRGHOORFDOSURWHJLGRKDVWDOD%,(PiVSUy[LPD QR GHEHUi H[FHGHU GH P SURFXUDQGR PDQWHQHU DOUHGHGRU GH FDGD XQD DPSOLDV ]RQDVOLEUHVGHREVWiFXORVTXHSHUPLWDQHODFFHVR\PDQLREUDVLQGLILFXOWDG 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 +LGUDQWHV H[WHULRUHV 6RQ DSDUDWRV KLGUiXOLFRV FRQHFWDGRV D XQD UHG GH DEDVWHFLPLHQWRGHDJXD\GHVWLQDGRVDVXPLQLVWUDUDJXDHQFDVRGHLQFHQGLRHQWRGDV ODVIDVHVGHOPLVPR &ODVLILFDFLyQHQIXQFLyQGHVXGLVHxR\DSOLFDFLyQ +LGUDQWHVGHFROXPQD&+( 'HFROXPQDVHFD 'HFROXPQDK~PHGD OD GLIHUHQFLD HVWULED SRU HO KHFKR GH TXH HO FXHUSR GH OD FROXPQD VH HQFXHQWUH RFXSDGR R QR SRU DJXD FXDQGR HO KLGUDQWH QR HVWi VLHQGR XWLOL]DGR +LGUDQWHVEDMRQLYHOGHWLHUUD +~PHGR 6HFR &ODVLILFDFLyQHQFXDQWRDVXVGLPHQVLRQHV +LGUDQWHVGHFROXPQD +LGUDQWHVGHPPSURYLVWRVGHERFDVGHPP\XQDERFDGHPP GHGLiPHWURQRPLQDO +LGUDQWHVGHPP\PPSURYLVWRVDOPHQRVGHERFDVGHPP \XQDERFDGHPPGHGLiPHWURQRPLQDO +LGUDQWHVEDMRQLYHOGHWLHUUD %RFDGHPP %RFDGHPP %RFDGHPP 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 %RFDGHPP /DV QRPDV WHFQROyJLFDV HVWDEOHFHQ ODV FDUDFWHUtVWLFDV TXH GHEHQ FXPSOLU ORV KLGUDQWHVGHFROXPQDVHFDKLGUDQWHVGHFROXPQDK~PHGDHKLGUDQWHVEDMRQLYHO GHWLHUUDUHVSHFWLYDPHQWH $EDVWHFLPLHQWRGHDJXD8QVLVWHPDGHDEDVWHFLPLHQWRGHDJXDHVHOIRUPDGRSRU ORV VLJXLHQWHV FRPSRQHQWHV XQD R YDULDV IXHQWHV GH DOLPHQWDFLyQ GH DJXD XQR R YDULRV VLVWHPDV GH LPSXOVLyQ \ XQD UHG JHQHUDO GH GLVWULEXFLyQ D ODV GLVWLQWDV LQVWDODFLRQHV TXH DOLPHQWH $GHPiV GHEH DVHJXUDU SDUD XQR R YDULRV VLVWHPDV HVSHFtILFRVGHH[WLQFLyQGHLQFHQGLRVHOFDXGDO\SUHVLyQGHDJXDQHFHVDULRVGXUDQWHHO WLHPSRGHDXWRQRPtDUHTXHULGR 8Q VLVWHPD GH DEDVWHFLPLHQWR GH DJXD SXHGH QR QHFHVLWDU PDQWHQHU ODV FRQGLFLRQHVGHFDXGDO\SUHVLyQUHTXHULGDVVLODIXHQWHGHDOLPHQWDFLyQGHDJXDGHSRU VtODVUH~QH 6LVWHPD GH LPSXOVLyQ &RUUHVSRQGH DO FRQMXQWR GH PHGLRV R FLUFXQVWDQFLDV QDWXUDOHVTXHSHUPLWHPDQWHQHUODVFRQGLFLRQHVGHSUHVLyQ\FDXGDOUHTXHULGDV 5HG JHQHUDO GH GLVWULEXFLyQ 6H UHILHUH DO FRQMXQWR GH WXEHUtDV YiOYXODV \ DFFHVRULRVTXHSHUPLWHODFRQGXFFLyQGHODJXDGHVGHODVDOLGDGHOVLVWHPDGHLPSXOVLyQ KDVWDORVSXQWRVGHDOLPHQWDFLyQGHFDGDVLVWHPDHVSHFtILFRGHH[WLQFLyQGHLQFHQGLRV 3XHGHQRH[LVWLUHQORVFDVRVHQTXHVyORVHDOLPHQWHXQVLVWHPDHVSHFtILFRGH H[WLQFLyQ 7LSRVGHIXHQWHVGHDOLPHQWDFLyQ 5HGGHXVRS~EOLFR ,QDJRWDEOHVQDWXUDOHVUtRODJRPDUHWF\DUWLILFLDOHVFDQDOHPEDOVHSR]R HWF 'HSyVLWRVEDMRVXSHUILFLHGHVXSHUILFLHHOHYDGRV\GHSUHVLyQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (0(5*(1&,$<(9$&8$&,Ï1 /DSURWHFFLyQ\HYDFXDFLyQGHHPHUJHQFLDODFRQVWLWX\HHO FRQMXQWRGHPHGLRV \GLVSRVLWLYRVGHVWLQDGRVDIDFLOLWDUODHYDFXDFLyQGHODVSHUVRQDVDGHPiVGHORJUDUOD HOLPLQDFLyQGHWUDEDVDUTXLWHFWyQLFDVGHORVSURSLRVHGLILFLRV (QWUHORVSULQFLSDOHVGLVSRVLWLYRV\PDWHULDOHVTXHFRQIRUPDQHOVXEVLVWHPDGH HYDFXDFLyQGHDSOLFDFLyQHQORVHVWDEOHFLPLHQWRVFRPHUFLDOHVFDEHGHVWDFDU /DVFHUUDGXUDV\GLVSRVLWLYRVDQWLSiQLFRDLQVWDODUHQKXHFRVGHSDVR /DLOXPLQDFLyQ\VHxDOL]DFLyQGHHPHUJHQFLDSDUDODVYtDVGHHYDFXDFLyQ /RVHTXLSRVGHSURWHFFLyQSHUVRQDOFRQWUDHOIXHJR /DVPDQWDVLJQtIXJDV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &HUUDGXUDV\GLVSRVLWLYRVDQWLSiQLFR &HUUDGXUDV(VWRVGLVSRVLWLYRVVHLQVWDODUiQIXQGDPHQWDOPHQWHHQORVKXHFRVGHSDVR GH HOHPHQWRV FRPSDUWLPHQWDGRUHV \ D OR ODUJR GH ODV YtDV GH HYDFXDFLyQ 6HJ~Q H[LJHQFLDV GLVSRQGUiQ GH OD FRUUHVSRQGLHQWH KRPRORJDFLyQ HQ FXDQWR D VX JUDGR GH UHVLVWHQFLD DO IXHJR GH PRGR TXH TXHGH JDUDQWL]DGD OD DSHUWXUD \ VHD LPSRVLEOH VX EORTXHRDQWHVXH[SRVLFLyQDOIXHJR 'LVSRVLWLYRV DQWLSiQLFR &RQVLVWHQ HQ GLVSRVLWLYRV FRORFDGRV HQ ODV SXHUWDV TXH SHUPLWHQPHGLDQWHSUHVLyQODDSHUWXUDGHODSXHUWDKDFLDHOH[WHULRUSURSRUFLRQDQGR XQD HYDFXDFLyQ VHJXUD UiSLGD H LPSLGLHQGR ODV DJORPHUDFLRQHV SHOLJURVDV TXH VH SXHGHQSURGXFLUHQORVSXQWRVGHHYDFXDFLyQ /DVIXQFLRQHVEiVLFDVTXHGHEHQVDWLVIDFHUORVVLVWHPDVDQWLSiQLFRVRQ /DSXHUWDGHEHDEULUVHKDFLDHOH[WHULRU (OVLVWHPDGHEHOLEHUDUVHFRQXQDVXDYHSUHVLyQFRPRODTXHSXHGDHMHUFHUXQ QLxR /D SUHVLyQ OLEHUDGRUD GHEH VHU HIHFWLYD VREUH FXDOTXLHU SXQWR GH OD EDUUD DQWLSiQLFR\DVHDHMHUFLGDGHIUHQWHRGHDUULEDKDFLDDEDMR 3RVLELOLGDG GH FRQGHQDU FRQ WRWDO JDUDQWtD HO VLVWHPD GH FLHUUH SRU OD SDUWH H[WHULRU ,OXPLQDFLyQ\VHxDOL]DFLyQGHHPHUJHQFLD /DLOXPLQDFLyQGHHPHUJHQFLDHVDTXHOODTXHSHUPLWHJXLDUVHIiFLOPHQWHSRUXQ HVWDEOHFLPLHQWR HQ DXVHQFLD GH OD LOXPLQDFLyQ QRUPDO GH OD TXH HV WRWDOPHQWH LQGHSHQGLHQWH /DVHxDOL]DFLyQSRUHOFRQWUDULRHVHOFRQMXQWRGHHVWtPXORVTXHLQIRUPDQDXQ LQGLYLGXRDFHUFDGHODPHMRUFRQGXFWDDVHJXLUDQWHXQDGHWHUPLQDGDFLUFXQVWDQFLD(Q HOFDVRGHODVHxDOL]DFLyQGHVHJXULGDGQRVDSRUWDUiODLQIRUPDFLyQJHQHUDOVREUHORV PHGLRVGHDODUPDODVUXWDVGHHYDFXDFLyQODVLWXDFLyQGHORVHTXLSRVFRQWUDLQFHQGLRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 \ODV]RQDVFRQULHVJRVHVSHFLDOHV1RHOLPLQDHOSHOLJURHQVtSHURDSRUWDLQIRUPDFLyQ VREUHORVSURFHGLPLHQWRV\QRUPDVDVHJXLUHQFDVRGHHPHUJHQFLD (Q FDVR GH SURGXFLUVH XQD HPHUJHQFLD VH GHEHUi FRQWDU FRQ XQD VHULH GH GLVSRVLWLYRV LOXPLQDGRUHV \ VHxDOL]DGRUHV TXH LQGLTXHQ ODV UXWDV D VHJXLU WDQWR SDUD SHUVRQDOFRQRFHGRUGHODVLQVWDODFLRQHVFRPRSDUDDTXpOORVTXHODVYLVLWDQSRUSULPHUD YH] 7RGD LQVWDODFLyQ FRPHUFLDO FX\D RFXSDFLyQ SXHGD VHU VXSHULRU D SHUVRQDV GHEH FRQWDU FRQ LOXPLQDFLyQ GH HPHUJHQFLD ,JXDOPHQWH GHEH LQVWDODU HVWH WLSR GH LOXPLQDFLyQHQHVFDOHUDVSDVLOORVSURWHJLGRVHQWRGDVODVHVFDOHUDVGHLQFHQGLRV\HQ ODVUXWDVGHHYDFXDFLyQ (Q ORV DSDUFDPLHQWRV GH ORV JUDQGHV IRUPDWRV FRPHUFLDOHV VH LOXPLQDUiQ ORV UHFRUULGRVKDVWDHOH[WHULRURKDVWDODV]RQDVJHQHUDOHVGHOHGLILFLR ,JXDOPHQWH ORV PHGLRV GH SURWHFFLyQ FRQWUD LQFHQGLRV GH XWLOL]DFLyQ PDQXDO TXH QR VHDQ IiFLOPHQWH ORFDOL]DEOHV GHEHQ VHxDOL]DUVH GH WDO PDQHUD TXH VHD YLVLEOH GHVGHFXDOTXLHUSXQWRGHOD]RQDSURWHJLGDSDUDTXHSXHGDVHULGHQWLILFDGRGHIRUPD LQPHGLDWD /DLOXPLQDFLyQGHHPHUJHQFLDSXHGHUHDOL]DUVHPHGLDQWHHTXLSRVDXWyQRPRVR PHGLDQWH VLVWHPDV GH DOLPHQWDFLyQ LQLQWHUUXPSLGD 6$, TXH DSRUWDQ HQHUJtD D ODV OXPLQDULDV 2WUR WLSR GH LOXPLQDFLyQ GH VHJXULGDG OR FRQVWLWX\HQ ORV HTXLSRV GH EDOL]DPLHQWRTXHLOXPLQDQ]yFDORVHVFDORQHV\KXHFRVORTXHSHUPLWHXQDHYDFXDFLyQ VHJXUD /DVVHxDOHVIRWROXPLQLVFHQWHVSHUPLWHQVHxDOL]DUODVYtDVGHHYDFXDFLyQHQFDVR GHIDOWDGHVXPLQLVWURHOpFWULFRHYLWDQGRODVLQGHFLVLRQHVHLQVHJXULGDGHVTXHSXHGHQ JHQHUDUUHWUDVRVHLQFOXVRSiQLFRHQFDVRGHHYDFXDFLyQSRUHPHUJHQFLD (TXLSRVGHSURWHFFLyQSHUVRQDOFRQWUDHOIXHJR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (TXLSR GH SURWHFFLyQ SHUVRQDO HV FXDOTXLHU HTXLSR GHVWLQDGR D VHU OOHYDGR R VXMHWDGR SRU HO WUDEDMDGRU SDUD TXH OH SURWHMD GH XQR R YDULRV ULHVJRV TXH SXHGHQ DPHQD]DU VX VHJXULGDG R VX VDOXG DVt FRPR FXDOTXLHU FRPSOHPHQWR R DFFHVRULR GHVWLQDGRDWDOILQ /D SURWHFFLyQ GH ODV SHUVRQDV HQ SUHVHQFLD GHO IXHJR VH SXHGH FRQVHJXLU PHGLDQWHHOXVRGHHTXLSRVGHSURWHFFLyQLQGLYLGXDOHVSHFLDOPHQWHLQGLFDGRVSDUDODV SHUVRQDV TXH KDQ GH LQWHUYHQLU DFWLYDPHQWH FRPR FRPSRQHQWHV GH ORV HTXLSRV GHILQLGRV HQ HO 3ODQ GH (PHUJHQFLD GHO IRUPDWR FRPHUFLDO HTXLSRV GH SULPHUD \ VHJXQGD LQWHUYHQFLyQ /RV HTXLSRV GH SURWHFFLyQ SHUVRQDO FRQWUD HO IXHJR EiVLFDPHQWH SXHGHQ VHU FDVFRV SDQWDOODV IDFLDOHV \ JDIDV SDUD SURWHFFLyQGHODFDEH]D\ODFDUDJXDQWHV\ ERWDV SDUD SURWHFFLyQ GH PDQRV \ SLHV \ WUDMHV \ HTXLSRV GH UHVSLUDFLyQ SDUD SURWHFFLyQGHOFXHUSR\ODVYtDVUHVSLUDWRULDV /DV FXDOLGDGHV TXH KDQ GH YDORUDUVH HQ ORV WHMLGRV \ HQ ORV HTXLSRV FRQ HOORV IDEULFDGRVSDUDREWHQHUXQDDGHFXDGDSURWHFFLyQVRQ &DUDFWHUtVWLFDVPHFiQLFDVUHVLVWHQFLDDOHQYHMHFLPLHQWRUHVLVWHQFLDDOGHVJDUUR UHVLVWHQFLD D OD WUDFFLyQ UHVLVWHQFLD D OD SHUIRUDFLyQ UHVLVWHQFLD DO LPSDFWR IOH[LELOLGDG\SHVROLJHUR &DUDFWHUtVWLFDV WpUPLFDV UHVLVWHQFLD D OD OODPD UHVLVWHQFLD DO FDORU UDGLDQWH DLVODPLHQWRWpUPLFRQRGHVSUHQGLPLHQWRGHJDVHVWy[LFRVSRUODDFFLyQGHOFDORU ROODPDVIXVLELOLGDG /DV FDUDFWHUtVWLFDV JHQHUDOHV TXH GHEHQ FXPSOLU ODV GLIHUHQWHV SUHQGDV R HTXLSRVGHSURWHFFLyQSHUVRQDOHQIXQFLyQGHODSDUWHGHOFXHUSRDSURWHJHUVRQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 3URWHFFLyQGHODFDEH]D\ODFDUD &DVFRV GHEHUiQ VHU UHVLVWHQWHV D ORV LPSDFWRV DO FDORU \DO FRQWDFWR FRQ OODPDV\SURSRUFLRQDUXQEXHQDLVODPLHQWRWpUPLFRGHODFDEH]D 3DQWDOODVIDFLDOHVQRUHGXFLUiQHOFDPSRYLVXDOVHUiQUHVLVWHQWHVDOFKRTXH WpUPLFR\SURSRUFLRQDUiQXQEXHQDLVODPLHQWRIUHQWHDODUDGLDFLyQWpUPLFD 3URWHFFLyQGHODVPDQRV *XDQWHV GHEHUiQSURSRUFLRQDUSURWHFFLyQIUHQWHDODWUDQVPLVLyQGHOFDORU SRU UDGLDFLyQ FRQYHFFLyQ \ FRQGXFFLyQ \ SRVHHU EXHQD UHVLVWHQFLD PHFiQLFD\IOH[LELOLGDG 3URWHFFLyQGHORVSLHV %RWDV GHEHUiQVHUUHVLVWHQWHVDODLQIODPDFLyQRFRPEXVWLyQSRUFRQWDFWR FRQ VXSHUILFLHV X REMHWRV FDOLHQWHV \ SURSRUFLRQDU XQ EXHQ DLVODPLHQWR WpUPLFR\PHFiQLFR\VHUiQUHVLVWHQWHVDOSXQ]DPLHQWRRSHUIRUDFLyQ 3URWHFFLyQGHOFXHUSR (O DLVODPLHQWR WpUPLFR GHEHUi HVWDU UHIRU]DGR HQ ORV SXQWRV HQ FRQWDFWR FRQ HO FXHUSR QR GHEHUi LQFUHPHQWDU DSUHFLDEOHPHQWH OD SURGXFFLyQ GH FDORUPHWDEyOLFR\GHEHUiSRVHHUXQVLVWHPDUiSLGRGHDSHUWXUD\FLHUUH\ QRWHQHUEROVLOORVH[WHULRUHV 3URWHFFLyQGHODVYtDVUHVSLUDWRULDV 'HEHUiQ XVDUVH H[FOXVLYDPHQWH HTXLSRVGHUHVSLUDFLyQDXWyQRPRVGHDLUH FRPSULPLGR 3URWHFFLyQLQWHJUDO (VWRV HTXLSRV VH OOHYDUiQ VREUH OD URSD GH WUDEDMR 'HEHUiQ SRVHHU XQD EXHQD UHVLVWHQFLD PHFiQLFD \ SURSRUFLRQDU XQ DOWR JUDGR GH SURWHFFLyQ IUHQWHDODUDGLDFLyQWpUPLFD\ODVOODPDV'HEHUiQVHULPSHUPHDEOHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 0DQWDVLJQtIXJDV /DV PDQWDV LJQtIXJDV VRQ HOHPHQWRV TXH SHUPLWHQ UHDFFLRQDU FRQ UDSLGH] \ HILFDFLD DQWH VLWXDFLRQHV GH IXHJR VRIRFDQGR ODV OODPDV R HYLWDQGR TXH SUHQGDQ HQ SHUVRQDVXREMHWRV 'H ORV GLIHUHQWHV WHMLGRV \ SURGXFWRV FRQ TXH HVWiQ IDEULFDGDV \ WUDWDGDV ODV PDQWDVLJQtIXJDVSRGHPRVGHVWDFDUGHILEUDGHYLGULRGHQRPH[GHODQD\WUDWDGDV FRQJHOSDUDDOLYLDUODVKHULGDVSURGXFLGDVSRUTXHPDGXUDV 6,67(0$6'(6(*85,'$'$&7,9$ 'HILQLPRVJHQpULFDPHQWHFRPRVLVWHPDGHVHJXULGDGDFWLYDDDTXHOORVHTXLSRV \ VLVWHPDV GH VHJXULGDG GH FDUiFWHU HOHFWUyQLFR TXH VH SXHGHQ HPSOHDU GHVGH XQ SXQWRGHYLVWDDFWLYRSDUDODSUHYHQFLyQ\ODSURWHFFLyQDQWHORVULHVJRV\DPHQD]DV GHORVHVWDEOHFLPLHQWRVFRPHUFLDOHV(QWUHORVSULQFLSDOHVVLVWHPDVGHVHJXULGDGDFWLYD VHHQFXHQWUDQ &RQWUROGHDFFHVRVHLGHQWLILFDFLyQ 3URWHFFLyQFRQWUDKXUWRURER\DWUDFR 3URWHFFLyQDQWHODDJUHVLyQ 3URWHFFLyQGHLQIRUPDFLyQ\YDORUHV 3URWHFFLyQFRQWUDLQFHQGLRV ([WLQFLyQDXWRPiWLFD &RQWURO\HPHUJHQFLD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &21752/'($&&(626(,'(17,),&$&,Ï1 (OFRQWUROGHDFFHVRVHQFXDQWRDORVPHGLRVWpFQLFRVDFWLYRVVHUHILHUHHVHO FRQMXQWRGHGLVSRVLWLYRVDLPSODQWDUSDUDODFRPSUREDFLyQLQVSHFFLyQLQWHUYHQFLyQR ILVFDOL]DFLyQ GHO SDVR R FLUFXODFLyQ GH SHUVRQDV YHKtFXORV X REMHWRV D XQD ]RQD R UHFLQWRSUHYLDPHQWHGHILQLGRFRPRiUHDGHFRQWURORGHVHJXULGDGSDUDODSUHYHQFLyQ\ SURWHFFLyQDQWHULHVJRVTXHSXHGDQDIHFWDUDSHUVRQDVELHQHV\RLQVWDODFLRQHV (QWUHORVSULQFLSDOHVHTXLSRV\VLVWHPDVGHVHJXULGDGDFWLYDSDUDHOFRQWUROGH DFFHVRVGHDSOLFDFLyQHQiUHDVFRPHUFLDOHVVHHQFXHQWUDQ /RV HTXLSRV GH FRQWURO H LGHQWLILFDFLyQ GH SHUVRQDV SDUD HPSOHDGRV YLVLWDV\SURYHHGRUHV /RVVLVWHPDVGHWUDWDPLHQWRHLGHQWLILFDFLyQGHPDWUtFXODV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (TXLSRVGHFRQWUROHLGHQWLILFDFLyQGHSHUVRQDV (V HO FRQMXQWR GH HTXLSRV R VLVWHPDV TXH GH IRUPD DXWRPiWLFD HV FDSD] GH LGHQWLILFDU D ODV SHUVRQDV TXH SUHWHQGHQ DFFHGHU D XQ UHFLQWR FRQWURODGR LPSHGLU HO DFFHVR D ODV SHUVRQDV QR LGHQWLILFDGDV \ DXWRUL]DGDV MHUDUTXL]DU ORV DFFHVRV D ]RQDV GHWHUPLQDGDV REWHQHU LQIRUPDFLyQ \ FRQRFHU LQVWDQWiQHDPHQWH ORV LQWHQWRV QR DXWRUL]DGRVGHDFFHVR (Q IXQFLyQ GH VX FDSDFLGDG FRPSOHMLGDG \ DSOLFDFLyQ HO FRQWURO GH DFFHVRV SXHGH VHU DXWyQRPRTXH QR WLHQH FRPXQLFDFLyQ GLUHFWD FRQ XQ SXHVWR GHFRQWURO DXQTXHSXHGHGLVSRQHUGHFDQDOGHFRPXQLFDFLRQHVSDUDYROFDUODLQIRUPDFLyQDXQD LPSUHVRUD R PDQGR SURJUDPDGRU \ FHQWUDOL]DGR TXH FRQVLVWH HQ HTXLSRV GLVWULEXLGRV D OR ODUJR GHO HGLILFLR R UHFLQWR \ XQLGRV HQWUH Vt GH IRUPD TXH WRGD OD LQIRUPDFLyQSDVDSRUXQSXHVWRFRQWURODGRU\GHVXSHUYLVLyQGHWRGRHOHGLILFLR (QORVVLVWHPDVFHQWUDOL]DGRVH[LVWHQGRVILORVRItDVGHDSOLFDFLyQ 4XH HO VLVWHPDSUHFLVH FRQILUPDFLyQ SDUD HO DFFHVR LQWHUURJDQGR D OD EDVH GH GDWRV GHO RUGHQDGRU &RQ HVWD H[LJHQFLD VL OD LQVWDODFLyQ FXHQWD FRQ QXPHURVRV OHFWRUHV \R XVXDULRV HO VLVWHPD SXHGH UDOHQWL]DUVH PXFKR LQFOXVR OOHJDQGR D EORTXHDUVH HQ ODV KRUDV SXQWD DO WHQHU TXH HVSHUDUVH FRQILUPDFLyQ XQD YH] SUHVHQWDGDODWDUMHWD 4XH ORV HTXLSRV WHQJDQ VX EDVH GH GDWRV \ ODV FRUUHVSRQGLHQWHV SDUDPHWUL]DFLRQHV OR TXH DJLOL]D FRQVLGHUDEOHPHQWH HO VLVWHPD HQ UHVSXHVWD \ HIHFWLYLGDG\DTXHHOSXHVWRGHFRQWUROSXHGHGHGLFDUVHDRWUDVDFWLYLGDGHV 8QFRQWUROGHDFFHVRVGHSHUVRQDVHVWiIRUPDGRSRUWUHVHOHPHQWRVEiVLFRV &388QLGDG&HQWUDOGH3URFHVRV(VODSDUWHLQWHOLJHQWHGHOVLVWHPD(QHOOD DOPDFHQDQ ORV GDWRV ORV SHULIpULFRV H[WHULRUHV DVRFLDGRV DO VLVWHPD SXHUWDV DODUPDV EDUUHUDV WRUQLTXHWHV HWF 6X XELFDFLyQ VHUi VLHPSUH GHQWUR GHO UHFLQWR FRQWURODGR SDUD HYLWDU VX YLRODFLyQ (V LPSRUWDQWH TXH OD &38 VHD LQGHSHQGLHQWH GH OD WHFQRORJtD GHO OHFWRU \ ODV WDUMHWDV DVRFLDGDV EDVDQGR VX SRWHQFLDHQODVSRVLELOLGDGHVGHFRQWUROTXHSRVHD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /HFWRU(VODSDUWHHQFDUJDGDGHGHVFLIUDUODLQIRUPDFLyQFRQWHQLGDHQODWDUMHWD R FUHGHQFLDO \ HQYLDUOD D OD &38 SDUD VX WUDWDPLHQWR (O OHFWRU \ ODV WDUMHWDV VHUiQGHODPLVPDWHFQRORJtDGHIDEULFDFLyQ /RV UHTXLVLWRV PiV LPSRUWDQWHV TXH GHEH FXPSOLU HOOHFWRU SDUD IDFLOLWDU OD ODERU GHO XVXDULR VRQ UREXVWH] VHxDOHV DF~VWLFDV \X ySWLFDV TXH LQGLTXHQ HO HVWDGR GHOVLVWHPDGLVSOD\SDUDLQIRUPDFLyQHVFULWD\YHUVDWLOLGDG\IDFLOLGDGGHXVR &UHGHQFLDO&RQHOODVHLGHQWLILFD\GLIHUHQFLDDFDGDXVXDULRGHQWURGHOVLVWHPD /RVGLIHUHQWHVWLSRVGHFUHGHQFLDOHVDXWLOL]DUVRQ &UHGHQFLDOPDWHULDOWDUMHWD\RHPLVRU &UHGHQFLDOGHFRQRFLPLHQWRWHFODGRFHUUDGXUD\RHVFULWXUD &UHGHQFLDO SHUVRQDO KXHOOD GLJLWDO JHRPHWUtD GH OD PDQR YR] UDVJRV IDFLDOHV\RLULVGHORMR (QIXQFLyQGHOQLYHOGHVHJXULGDGGHVHDGRVHHPSOHDUiXQWLSRGHFUHGHQFLDOR XQDFRPELQDFLyQGHYDULDV $SOLFDFLyQ (O FRQWURO GH DFFHVRV GH SHUVRQDV D iUHDV UHVWULQJLGDV GH ORV JUDQGHVIRUPDWRVFRPHUFLDOHVHQVXPiVDPSOLDFRQFHSFLyQWpFQLFDSXHGHVDWLVIDFHU ODVVLJXLHQWHVH[SHFWDWLYDV &DSWDFLyQGHLPDJHQGHOURVWURGHODSHUVRQDSDUDHOGLVHxR\IDEULFDFLyQ LQ VLWX GH FUHGHQFLDOHV HQ EODQFR \ QHJUR \ FRORU R FRPR VLPSOH LGHQWLILFDFLyQ D WUDYpVGHFiPDUDVGH&&79 &RQWURODU\JHVWLRQDUDGHFXDGDPHQWHXQDPSOLRQ~PHURGHFUHGHQFLDOHVFRQOD SRVLELOLGDGGHSHUPLWLURUHVWULQJLUHODFFHVRDGHWHUPLQDGDV]RQDVGHOUHFLQWR 3RVLELOLGDG GH DPSOLDFLyQ GH ORV HTXLSRV SDUD GDU UHVSXHVWD D QXHYDV QHFHVLGDGHVGHLPSODQWDFLyQ 6RIWZDUH ~QLFRFRQILJXUDEOHTXHSHUPLWDODUDFLRQDOL]DFLyQGHPHGLRVWpFQLFRV \KXPDQRVDVtFRPRODJHVWLyQ\FRQWUROGHDFFHVRVSUHVHQFLDYLVLWDVKRUDULR SURGXFFLyQURQGDV\DODUPDV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 3RVLELOLGDG GH LQWHJUDFLyQ FRQ RWURV VLVWHPDV GH VHJXULGDG \ GH JHVWLyQ GH OD RUJDQL]DFLyQHPSUHVDULDO 3DUiPHWURVGH6HOHFFLyQ'DGRTXHODLPSODQWDFLyQGHXQVLVWHPDGHFRQWURO GH DFFHVRV SXHGH VHU FRPSOLFDGD HV LPSUHVFLQGLEOH XQ H[KDXVWLYR DQiOLVLV GH FDGD DSOLFDFLyQFRQFUHWDGHDFXHUGRDORVSDUiPHWURVEiVLFRVVLJXLHQWHV 'HILQLUORVREMHWLYRVDDOFDQ]DU ,GHQWLILFDUODVGLIHUHQWHViUHDVGHDFFHVLELOLGDG ,GHQWLILFDUORVGLIHUHQWHVJUXSRVKXPDQRVGHDFFHVLELOLGDG 'HILQLUHOQ~PHUR\XELFDFLyQGHORVSXQWRVGHFRQWUROGHDFXHUGRDHOHPHQWRV GH LGHQWLILFDFLyQ HOHPHQWRV GH FRQWURO \ QHFHVLGDG GH DSR\R R QR GH RWURV PHGLRV KXPDQRV &&79 HWF &RQ HO REMHWLYR GH FRQVHJXLU HO PHQRU Q~PHUR SRVLEOH GH SXQWRV GH FRQWURO OD PHQRU GHPRUD HQ HO DFFHVR OD PHMRU UHODFLyQ FDOLGDGSUHFLR\TXHLQWHUILHUDORPHQRVSRVLEOHHQHOIXQFLRQDPLHQWRQRUPDOGHO HGLILFLRRUHFLQWRHQHOTXHVHLPSODQWH 'HILQLUODViUHDVGHDFFHVR]RQDVGHOLEUHFLUFXODFLyQ\]RQDVUHVWULQJLGDV 'HILQLU ORV JUXSRV KXPDQRV \ KRUDULRV HQ IXQFLyQ GH ODV PLVLRQHV UHVSRQVDELOLGDGHV HWF GH ODV SHUVRQDV 'LUHFWRU GH 6HJXULGDG SHUVRQDO GH VHJXULGDG GH PDQWHQLPLHQWR GLUHFWLYRV HPSOHDGRV YLVLWDQWHV SURYHHGRUHV HWF 'HILQLU OD WHFQRORJtD GH ORV HTXLSRV D LPSODQWDU HQ IXQFLyQ GHO Q~PHUR GH SHUVRQDV D FRQWURODU SLFRV Pi[LPRV QLYHO GHO ULHVJR REMHWLYRV D DOFDQ]DU \ DVSHFWRVHVWpWLFRV\IXQFLRQDOHV 'HILQLUODVPHGLGDVRUJDQL]DWLYDV 6LVWHPDVGHWUDWDPLHQWRHLGHQWLILFDFLyQGHPDWUtFXODV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (V HO FRQMXQWR GH HTXLSRV R VLVWHPDV TXH GH IRUPD DXWRPiWLFD HV FDSD] GH LGHQWLILFDU D ORV YHKtFXORV TXH SUHWHQGHQ DFFHGHU D XQ UHFLQWR FRQWURODGR REWHQHU LQIRUPDFLyQ\FRQRFHULQVWDQWiQHDPHQWHORVLQWHQWRVQRDXWRUL]DGRVGHDFFHVR $SOLFDFLyQ /D DGRSFLyQ GH HVWRV VLVWHPDV SHUPLWH LQFUHPHQWDU HO QLYHO GH VHJXULGDG GHO UHFLQWR JHVWLRQDU GH IRUPD DXWRPiWLFD HO UHFRQRFLPLHQWR GH ODV PDWUtFXODVJHQHUDQGRUHJLVWURVGHLQIRUPDFLyQTXHFRQWHQJDQORVGDWRVGHHQWUDGDV SHUPDQHQFLDV\VDOLGDVGHORVYHKtFXORVTXHDFFHGHQDOD]RQDGHPXHOOHVDOPDFHQHV JHQHUDOHV\SULYDGRVGHXQJUDQIRUPDWRFRPHUFLDO &RQWUROHVSRVLEOHV 3RVLELOLGDGGHDVRFLDUDODVPDWUtFXODVGHORVYHKtFXORVODLPDJHQGHOYHKtFXOR\ ODGHOFRQGXFWRU &RPSDUDFLyQGHOYHKtFXORFRQODEDVHGHGDWRVGHDXWRUL]DGRVFRQDVLJQDFLyQ GHFRQGXFWRU &RQWUDVWHFRQXQFyGLJRWDUMHWDPDJQpWLFDGHSUR[LPLGDGHWF &RPSUREDFLyQ GH IHFKD GtD GH OD VHPDQD KRUDULR HQ TXH HO YHKtFXOR \ FRQGXFWRUWLHQHQSHUPLVRGHDFFHVR 2SHUDWLYDGHFRQWURO /RV GDWRV TXH VH SXHGHQ PRVWUDU HQ HO PRQLWRU D OD OOHJDGD GH XQ YHKtFXOR \ FRQGXFWRUDXWRUL]DGRVSXHGHQVHUORVVLJXLHQWHV 0DWUtFXODGHOYHKtFXOR 0DUFDPRGHOR\FRORUGHOYHKtFXOR 1RPEUHDSHOOLGRV\'1,GHOFRQGXFWRUDVRFLDGR 'HSDUWDPHQWRGHODHPSUHVDDOTXHSHUWHQHFH )RWRJUDItDGHOFRQGXFWRU 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 3527(&&,Ï1&2175$+857252%2<$75$&2 /DSURWHFFLyQFRQWUDKXUWRURER\DWUDFRODFRQIRUPDQORV HTXLSRV\VLVWHPDV HOHFWUyQLFRVFDSDFHVGHDOHUWDUVREUHVLWXDFLRQHVGHOLFWLYDV (QWUH ORV SULQFLSDOHV PDWHULDOHV \ HTXLSRV GH VHJXULGDG DFWLYD SDUD SURWHFFLyQ FRQWUD HO KXUWR URER \DWUDFR GH DSOLFDFLyQD ORV HVWDEOHFLPLHQWRV FRPHUFLDOHV FDEH GHVWDFDU /RVVLVWHPDVGHGHWHFFLyQGHHVSHFLDOSURWHFFLyQFRQWUDODLQWUXVLyQ /DVFHQWUDOHVGHVHxDOL]DFLyQ\FRQWUROFRPRHOHPHQWRVGHFRQWURO (OFHQWURGHFRQWUROSDUDFHQWUDOL]DFLyQGHORVVLVWHPDVGHVHJXULGDG /DYLJLODQFLDSRU&&79SDUDODFDSWDFLyQ\YLVLRQDGRGHLPiJHQHV (O HWLTXHWDMH \ FRQWURO DQWLKXUWR SDUD SURWHFFLyQ GH ORV DUWtFXORV \ PHUFDQFtDVHQYHQWD 6LVWHPDVGHGHWHFFLyQ /D GHWHFFLyQ HV HO FRQMXQWR GH GLVSRVLWLYRV TXH DVHJXUDQ HO FRQRFLPLHQWR SUHFR] GH ORV KHFKRV \ DOHUWDQ GH VLWXDFLRQHV LUUHJXODUHV SRVLELOLWDQGR XQD DGHFXDGD LQWHUYHQFLyQ SDUD ORJUDU IUXVWUDU OD FRPLVLyQ GH XQ GHOLWR /D HVWUXFWXUD EiVLFD GH ORV HTXLSRV GH GHWHFFLyQ OD FRPSRQHQ WUHV EORTXHV GH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 GLVSRVLWLYRV FRQH[LRQDGRV HQWUH Vt PHGLDQWH HOHPHQWRV GH FRPXQLFDFLyQ (VWRV WUHV EORTXHVVHUtDQ ,QLFLDGRUHV &HQWUDOHV $YLVDGRUHV (O GHWHFWRU LQLFLDGRU YLJLOD XQD GHWHUPLQDGD iUHD GH FREHUWXUD \ HQ FDVR GH ORFDOL]DU XQD VLWXDFLyQ GH DODUPD WUDQVPLWH OD FRUUHVSRQGLHQWH VHxDO D OD FHQWUDO /D FHQWUDO HQ IXQFLyQ GH ODV VHxDOHV UHFLELGDV GH ORV GHWHFWRUHV \ GH VX SURSLD SURJUDPDFLyQ WUDQVPLWH ODV yUGHQHV D ORV DYLVDGRUHV SDUD TXH pVWRV LQGLTXHQ R UHWUDQVPLWDQODVLWXDFLyQGHDODUPD (QWUHORVSULQFLSDOHVHTXLSRVGHGHWHFFLyQGHDSOLFDFLyQHQGHWHUPLQDGDViUHDV GHORVHVWDEOHFLPLHQWRVFRPHUFLDOHVFDEHGHVWDFDU 'HWHFFLyQLQWHULRU 'HWHFFLyQH[WHULRU 'HWHFFLyQLQWHULRU/DGHWHFFLyQLQWHULRUODFRQVWLWX\HQORV GLVSRVLWLYRVGHDSOLFDFLyQ HQiUHDVLQWHULRUHV (Q IXQFLyQ GH VX ]RQD GH YLJLODQFLD ORV GHWHFWRUHV GH LQWHULRU VH FODVLILFDQHQ 3XQWXDOHV /LQHDOHV 6XSHUILFLDOHV 9ROXPpWULFRV 'HWHFWRUHV SXQWXDOHV 3DUD OD DSOLFDFLyQ HQ iUHDV FRPHUFLDOHV KHPRV GH FRQVLGHUDUORVFRQWDFWRVPDJQpWLFRV\ORVFRQWDFWRVPHFiQLFRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &RQWDFWRV PDJQpWLFRV 6H IXQGDPHQWDQ HQ TXH VH GHWHFWD VHSDUDFLyQ GH GRV SLH]DV LPiQ \ FRQWDFWRV PDQWHQLHQGR HO LPiQ HQ FLHUWD SRVLFLyQ ORV FRQWDFWRV FXDQGRHVWiSUy[LPRDHOORV 'H DSOLFDFLyQ HQ OD GHWHFFLyQ GH DSHUWXUD GH SXHUWDV YHQWDQDV FDMDV UHWLUDGD GHREMHWRVHWF 3UHVHQWDQ YHQWDMDV GH VHQFLOOH] GH LQVWDODFLyQ QR SUHFLVDQ DOLPHQWDFLyQ \ SUHVHQWDQEDMRtQGLFHGHIDOVDVDODUPDV\EDMRFRVWH 3UHVHQWDQ LQFRQYHQLHQWHV GH SRVLEOHV VDERWDMHV PHGLDQWH LPDQHV H[WHULRUHV \ SRVLEOHLQWUXVLyQSRUSXHUWDRYHQWDQDVLQDEULUOD &RQWDFWRV PHFiQLFRV 6H IXQGDPHQWDQ HQ VHU FRQWDFWRV HOpFWULFRV FRQ UHSRVLFLyQ 6X LPSODQWDFLyQ HV OD PLVPD TXH OD LQGLFDGD SDUD ORV FRQWDFWRV PDJQpWLFRV IXQGDPHQWDOPHQWH SDUD LQVWDODU HQ HVSDFLRV PX\ SHTXHxRV FRPR HQ HO LQWHULRU GHFHUUDGXUDV 3UHVHQWDQYHQWDMDVFRPRQRSUHFLVDUDOLPHQWDFLyQEDMRtQGLFHGHIDOVDVDODUPDV GLItFLOGHVHUGHWHFWDGR\EDMRFRVWH 3UHVHQWDQ LQFRQYHQLHQWHV HQ FXDQWR DO GHWHULRUR GH ORV HOHPHQWRV PHFiQLFRV \ SRVLEOHLQWUXVLyQSRUSXHUWDRYHQWDQDVLQDEULUOD 'HWHFWRUHV OLQHDOHV &RQVLGHUDPRV EiVLFDPHQWH ORV UD\RV LQIUDUURMRV 6H IXQGDPHQWDQ HQ HO HVWDEOHFLPLHQWR GH XQD OtQHD LPDJLQDULD HQWUH WUDQVPLVRU \ UHFHSWRU 6XDSOLFDFLyQHVSDUDODGHWHFFLyQGHHVSDFLRVODUJRV\HVWUHFKRVFRPRSDVLOORV JUDQGHVHVFDSDUDWHVYHQWDQDOHVHWFGHORVHVWDEOHFLPLHQWRVFRPHUFLDOHV 3UHVHQWDQYHQWDMDVGHEDMRtQGLFHGHIDOVDVDODUPDV\EDMRFRVWH 3UHVHQWDQ LQFRQYHQLHQWHV GH VHU SRVLEOH OD LQWUXVLyQ VLQ GHWHFFLyQ WHQLHQGR LQIRUPDFLyQH[DFWDGHVXVLWXDFLyQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 'HWHFWRUHV VXSHUILFLDOHV 3DUD OD DSOLFDFLyQ HQ iUHDV FRPHUFLDOHV KHPRV GH FRQVLGHUDUODVEDUUHUDVGHUD\RVLQIUDUURMRVORVGHWHFWRUHVVtVPLFRVORVGHWHFWRUHVGH URWXUDGHYLGULR %DUUHUDV GH UD\RV LQIUDUURMRV 6H IXQGDPHQWDQ HQ OD DVRFLDFLyQ GH UD\RV LQIUDUURMRV VLWXDGRV SDUDOHODPHQWH HQWUH Vt GH PRGR TXH OD LQWHUYHQFLyQ GH DOJXQRGHORVKDFHVJHQHUDODDODUPD 6X DSOLFDFLyQ HV SDUD OD SURWHFFLyQ LQWHULRU GH DPSOLRV HVSDFLRV VXSHUILFLDOHV FRPRODVFXELHUWDVGHORVHGLILFLRV 3UHVHQWDQYHQWDMDVGHEDMRtQGLFHGHIDOVDVDODUPDV\ODVGHULYDGDVGHVXSODQR GHFREHUWXUD 3UHVHQWDQ LQFRQYHQLHQWHV HQ OD GLILFXOWDG GH DOLPHQWDFLyQ GH ORV KDFHV \ FRVWH HOHYDGR 'HWHFWRUHV VtVPLFRV /D FDXVD GHVHQFDGHQDQWH SDUD VX DFWLYDFLyQ HV OD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 YLEUDFLyQ 6RQ WUDQVGXFWRUHV TXH KDQ WRPDGR VX QRPEUH GH ODV RQGDV VtVPLFDV TXH VH SURSDJDQ D GLVWLQWDV YHORFLGDGHV \ TXH VH RULJLQDQ FXDQGR VH SURGXFH XQDSHUWXUEDFLyQHQXQVyOLGRHOiVWLFR /DFDXVDGHVHQFDGHQDQWHHVODYLEUDFLyQSURGXFLGD\SURSDJDGDHQHOLQWHULRUGH PDVDV DFHURV KRUPLJRQHV HWF FXDQGR VXIUHQ DWDTXH SRU HOHPHQWRV GH SHUFXVLyQRWpUPLFRV&RQYLHUWHPHGLDQWHODXWLOL]DFLyQGHPLFUyIRQRVVHOHFWLYRV YLEUDFLRQHVPHFiQLFDVHQVHxDOHVHOpFWULFDV 6X DSOLFDFLyQ HV SDUD OD SURWHFFLyQ GH PXURV GH FiPDUDV DFRUD]DGDV FDMDV IXHUWHV\HQJHQHUDOHVSDFLRVGHDOWRULHVJR 3UHVHQWDQ YHQWDMDV GH JUDQ VHQVLELOLGDG LQPXQLGDG DQWH YLEUDFLRQHV DPELHQWDOHV EDMR tQGLFH GH IDOVDV DODUPDV \ SRVLELOLGDGGH FRPSUREDFLyQ GH VX HVWDGRGHVGHODFHQWUDO 'HWHFWRUHV GH URWXUD GH YLGULR 6RQ WUDQVGXFWRUHV DFWLYRV SUHSDUDGRV SDUD UHFLELU XQ HVWtPXOR GH HQWUDGD ±YLEUDFLyQ UXLGR URWXUD HWF± \ SURSRUFLRQDU FRPR UHVSXHVWD XQD VHxDO HOpFWULFD GH VDOLGD 6X HOHPHQWR VHQVLEOH HO VHQVRU QRUPDOPHQWHHVGHWLSRPLFURIyQLFRSLH]RFHUiPLFRRSLH]RHOpFWULFR 6XDSOLFDFLyQHVSDUDODSURWHFFLyQGHDFULVWDODPLHQWRVGHWHFWDQGRVXURWXUD(Q IXQFLyQGHOHVWtPXORGHHQWUDGDTXHGHWHFWHQVHJ~QODWHFQRORJtDGHIDEULFDFLyQ VH LQVWDODUiQ DGRVDGRV DO YLGULR R D XQD GHWHUPLQDGD GLVWDQFLD GHO DFULVWDODPLHQWR 'HWHFWRUHV YROXPpWULFRV 3DUD DSOLFDFLyQ HQ iUHDV FRPHUFLDOHV KHPRV GH FRQVLGHUDU ORV GHWHFWRUHV GH LQIUDUURMRV SDVLYRV GH PLFURRQGDV GH XOWUDVRQLGRV \ GHWHFWRUHVGHWHFQRORJtDGXDO 'HWHFWRUHV GH LQIUDUURMRV SDVLYRV 6H IXQGDPHQWDQ HQ OD GHWHFFLyQ GH PRYLPLHQWRDQDOL]DQGRODVYDULDFLRQHVGHODUDGLDFLyQLQIUDUURMDGHORVFXHUSRVHQ HODPELHQWH 6XDSOLFDFLyQHVSDUDODSURWHFFLyQGHXQYROXPHQLQWHULRU 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /D WHFQRORJtD GH IDEULFDFLyQ GH DOJXQDV PDUFDV GH HVWH WLSR GH GHWHFWRUHV KD PLQLPL]DGR ORV SUREOHPDV LQLFLDOHV GH HVFDVD VHQVLELOLGDG SRVLELOLGDG GH DSDQWDOODPLHQWR \ SRVLELOLGDG GH IDOVDV DODUPDV SRU SUHVHQFLD GH SHTXHxRV DQLPDOHV 'HWHFWRUHVGHPLFURRQGDV 6HIXQGDPHQWDQHQODGHWHFFLyQGHOPRYLPLHQWRGH SHUVRQDV X REMHWRV FDSDFHV GH UHIOHMDU ODV VHxDOHV OD HPLVLyQ UDGLRHOpFWULFD HPLWLGDSRUHOVHQVRUHQHOHVSHFWURGHODVPLFURRQGDVGHORUGHQGH*K] 6XDSOLFDFLyQHVSDUDODSURWHFFLyQGHXQYROXPHQLQWHULRU 6X HPSOHR SXHGH SURGXFLU GHWHFFLRQHV QR GHVHDGDV SRU WUDVSDVDU DFULVWDODPLHQWRV R SDUHGHV SRU HOOR FREUD HVSHFLDO LPSRUWDQFLD VX DMXVWH HQ HO PRPHQWRGHODLQVWDODFLyQ 'HWHFWRUHVGHXOWUDVRQLGRV 6HIXQGDPHQWDQHQODGHWHFFLyQGHOPRYLPLHQWRGH SHUVRQDV X REMHWRV FDSDFHV GH UHIOHMDU ODV VHxDOHV DF~VWLFDV GH DOWD IUHFXHQFLD XOWUDVRQLGRVHPLWLGDVSRUHOVHQVRU 6XDSOLFDFLyQHVSDUDODSURWHFFLyQGHXQYROXPHQLQWHULRU (V FRQYHQLHQWH HYLWDU VX LQVWDODFLyQ HQ OXJDUHV GRQGH H[LVWDQ R SXHGDQ SURGXFLUVHFRUULHQWHVGHDLUH 'HWHFWRUHVGHWHFQRORJtDGXDO /RV GHWHFWRUHVYROXPpWULFRV GH WHFQRORJtD GXDO HVWiQ SUHSDUDGRV SDUD UHFLELU GRV HVWtPXORV GH HQWUDGD \ SRU OR WDQWR VX DFWLYDFLyQ VH UHDOL]D SRU XQD FDXVD GHVHQFDGHQDQWH PRYLPLHQWR \ GRV SULQFLSLRV RSHUDWLYRV ÏSWLFR \ DF~VWLFR >LQIUDUURMRV SDVLYRV XOWUDVRQLGRV ,586@ ÏSWLFR \ HOHFWURPDJQpWLFR >LQIUDUURMRV SDVLYRV PLFURRQGDV ,50:@6HGHVDUUROODQHQWRUQRDGRVILORVRItDVFRPSOHWDPHQWHGLIHUHQWHVORV GHQRPLQDGRV GH FRPSRVLFLyQ \ ORV GH FRUUHODFLyQ (Q ORV GH FRPSRVLFLyQ OD HOHFWUyQLFD VH FDUDFWHUL]D SRU OD XWLOL]DFLyQ HQ HO PLVPR GHWHFWRU GH GRV VHQVRUHV GLIHUHQWHV FRQ GLVWLQWRV SULQFLSLRV RSHUDWLYRV LQIUDUURMRV SDVLYRV PLFURRQGDV,50:RLQIUDUURMRVSDVLYRVXOWUDVRQLGRV,586DFWLYiQGRVH OD DODUPD GHO GHWHFWRU FXDQGR XQR GH ORV VHQVRUHV HVWi HQ DODUPD 25 R FXDQGR ORV GRV VHQVRUHV DO PLVPR WLHPSR VREUHSDVDQ XQRV XPEUDOHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 SUHHVWDEOHFLGRV $1'(Q ORV GH FRUUHODFLyQ HO HVWDEOHFLPLHQWR GH XQ VRIWZDUH SDUD HO SURFHVDPLHQWR GH ODV VHxDOHV SHUPLWH GLVFHUQLU HQWUH FDXVDV GHVHQFDGHQDQWHV IDOVDV \ YHUGDGHUDV SURGXFLpQGRVH XQD DODUPD FXDQGR DO DFWLYDUVHXQRGHORVVHQVRUHVSDVDDVLWXDFLyQGHYLJLODQFLD\VHFRQFHQWUDHQOR TXH UHFLEH D WUDYpV GH XQD HVSHFLH GH EDUULGR 6L HQ HVWD VLWXDFLyQ FRPSUXHED FRQHORWURVHQVRUODSHUWXUEDFLyQUHDOVHGDODFRQGLFLyQGHDODUPD 3RUORWDQWRORVGHWHFWRUHVGHWHFQRORJtDGXDOVRQORVYROXPpWULFRVTXHPD\RUHV JDUDQWtDV RIUHFHQ HQ OD SURWHFFLyQ GH YRO~PHQHV LQWHULRUHV UHSUHVHQWDQGR XQ PD\RUFRVWHDOLQFRUSRUDUGRVVHQVRUHVGHGLIHUHQWHVWHFQRORJtDV 'HWHFFLyQH[WHULRU/DGHWHFFLyQH[WHULRUODFRQVWLWX\HQORVGLVSRVLWLYRVGHDSOLFDFLyQ HQiUHDVH[WHULRUHVTXHGHOLPLWDQXQD]RQDSHULPHWUDOGHSURWHFFLyQ /RVHTXLSRVPiVXVXDOHVSDUDODGHWHFFLyQH[WHULRUHQiUHDVFRPHUFLDOHVVRQ %DUUHUDVGHLQIUDUURMRV %DUUHUDVGHPLFURRQGDV 6LVWHPDVSDUDODSURWHFFLyQGHYDOODGRV 6LVWHPDVHQWHUUDGRV 9LGHRVHQVRUHV %DUUHUDGHLQIUDUURMRV 3XHGHXWLOL]DUVHSDUDFRQIRUPDUXQVLVWHPDGHGHWHFFLyQ GH LQWUXVLyQ GH HPSOD]DPLHQWR H[WHULRU \ ]RQD GH YLJLODQFLD GH WLSR OLQHDO /D FDXVD GHVHQFDGHQDQWHSDUDVXDFWLYDFLyQHVHOPRYLPLHQWRGHOLQWUXVR\HOSULQFLSLRRSHUDWLYR HPSOHDGR HV GH WLSR ySWLFR 3RGUtDPRV GHILQLUOD FRPR XQD OtQHD LPDJLQDULD QR YLVLEOH TXHXQHGRVSXQWRV±WUDQVPLVRU\UHFHSWRU±\TXHDOVHULQWHUUXPSLGDRDWUDYHVDGD SURGXFHXQDVHxDOGHDODUPDHQHOH[WUHPRUHFHSWRU 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 %DUUHUD GH PLFURRQGDV 'H HPSOD]DPLHQWR H[WHULRU \ ]RQD GH YLJLODQFLD WLSR YROXPpWULFD WLHQH FRPR FDXVD GHVHQFDGHQDQWH OD SHUWXUEDFLyQ GHULYDGD GHO PRYLPLHQWRGHOLQWUXVR\VXSULQFLSLRRSHUDWLYRHVGHWLSRHOHFWURPDJQpWLFR 'H IRUPD JHQpULFD SRGHPRV GHFLU TXH XQ RVFLODGRU HQ HO WUDQVPLVRU JHQHUD XQD SRUWDGRUD GH UDGLRIUHFXHQFLD ±5) HQ OD EDQGD ;± TXH VHUi PRGXODGD SRU XQD VHxDO GH DXGLRIUHFXHQFLD 8QD DQWHQD FRQFHQWUD OD HQHUJtD5)JHQHUDGDKDFLDHOUHFHSWRU(QpVWH VH HQFXHQWUD GLVSXHVWD XQD DQWHQD VLPLODU \ HQHO FDVRGHTXHXQLQWUXVRVHLQWURGX]FDHQ HO FDPSR HOHFWURPDJQpWLFR H[LVWHQWH HQWUH HO WUDQVPLVRU \ HO UHFHSWRU JHQHUD XQD PRGLILFDFLyQ GHO FDPSR TXH VHUi HYDOXDGD SRU ORV FLUFXLWRV HOHFWUyQLFRV GHO UHFHSWRU DFWLYiQGRVH OD DODUPD HQ FDVR GH GLVPLQXFLyQ GH OD LQWHQVLGDG GH FDPSR SRU GHEDMR GHOYDORUXPEUDORVHQVLELOLGDGSUHHVWDEOHFLGD 6LVWHPDV SDUD OD SURWHFFLyQ GH YDOODGRV (VWiQ GLVHxDGRV SDUD VX HPSOD]DPLHQWR HQ H[WHULRUHV \ VX ]RQD GH YLJLODQFLD HV GH WLSR VXSHUILFLDO /D FDXVD GHVHQFDGHQDQWH GH VX IXQFLRQDPLHQWR SXHGH VHU SUHVLyQ URWXUD R YLEUDFLyQ \ HO SULQFLSLRRSHUDWLYRHPSOHDGRHVGHWLSRGLIHUHQFLDOySWLFRHOpFWULFRRHOHFWURPHFiQLFR /RV VLVWHPDV GH GHWHFFLyQ SRU YLEUDFLyQ HQ YDOODGRV FRQ VHQVRUHV DLVODGRV GHWHFWDQ OD YLEUDFLyQ HQ ORV YDOODGRV SRU PHGLR GH GHWHFWRUHV LQHUFLDOHV GLVSXHVWRV VREUH HOORV \ DVRFLDGRV HQ JUXSRV GH D PHWURV FX\DV VHxDOHV VH DQDOL]DQ FRQMXQWDPHQWH6XDSOLFDFLyQHVVREUHYDOODGRVPHWiOLFRVGHVXILFLHQWHULJLGH] /RVVLVWHPDVGHGHWHFFLyQSRUYLEUDFLyQHQYDOODGRVFRQVHQVRUFDEOHFRQWLQXR GHWHFWDQ ODV YLEUDFLRQHV SRU HIHFWR SLH]RHOpFWULFR WULERHOpFWULFR FDSDFLWLYR 6X DSOLFDFLyQHVVREUHYDOODGRVPHWiOLFRVGHVXILFLHQWHULJLGH] (QORVVLVWHPDVGHGHWHFFLyQSRUFDEOHVGHWHQVLyQHOVHQVRUHQVtPLVPRHVXQ YDOODGRHVWiIRUPDGRSRUFDEOHVKRUL]RQWDOHVWHQVDGRVTXHWHUPLQDQHQVHQVRUHVTXH GHWHFWDQODYDULDFLyQGHWHQVLyQPHFiQLFD6XDSOLFDFLyQHVFRPRYDOODGRPHWiOLFRDQWH HOFRUWHVHSDUDFLyQ\HVFDODGD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 6LVWHPDVHQWHUUDGRV'HDSOLFDFLyQSDUDODSURWHFFLyQGHOSHUtPHWURDWUDYpVGHO VXHOR \ GH HPSOD]DPLHQWR HQ H[WHULRUHV SUHVHQWDQ XQD ]RQD GH YLJLODQFLD GHO WLSR VXSHUILFLDO/DFDXVDGHVHQFDGHQDQWHGHVXIXQFLRQDPLHQWRSXHGHVHUSUHVLyQURWXUD YLEUDFLyQRPRYLPLHQWR\HOSULQFLSLRRSHUDWLYRHPSOHDGRHVGHWLSRGLIHUHQFLDOySWLFR HOpFWULFRRHOHFWURPDJQpWLFR /RV VLVWHPDV GH GHWHFFLyQ SRU SUHVLyQ HQ HO VXHOR KLGUiXOLFRV GHWHFWDQ OD SUHVLyQJHQHUDGDHQHOVXHORSRUHOSDVRGHXQDSHUVRQDDQDOL]DQGRODGLIHUHQFLDGH SUHVLyQ JHQHUDGD HQ GRV WXERV TXH GLVFXUUHQ EDMR HO VXHOR \ SDUDOHORV HQWUH Vt 6X DSOLFDFLyQHVHQWRGRWLSRGHWHUUHQRVH[FHSWRORVURFRVRV\DUERODGRV /RVVLVWHPDVGHGHWHFFLyQSRUVHQVRUHVDLVODGRVGHWHFWDQODSUHVLyQJHQHUDGD HQ HO VXHOR PHGLDQWH VHQVRUHV VtVPLFRV DQDOyJLFRV WUDWDQGR FRQMXQWDPHQWH VXV VHxDOHV6XDSOLFDFLyQHVHQWRGRWLSRGHWHUUHQRVH[FHSWRORVURFRVRV\DUERODGRV 9LGHRVHQVRUHV 6RQ GLVSRVLWLYRV GHWHFWRUHV GH PRYLPLHQWR TXH XWLOL]DQ OD YDULDFLyQ GH OX] GH XQD HVFHQD REVHUYDGD SDUD DFWLYDU XQD DODUPD GH IRUPD DXWRPiWLFD/DFDXVDGHVHQFDGHQDQWHSDUDVXDFWLYDFLyQHVHOPRYLPLHQWRGHOLQWUXVR \HOSULQFLSLRRSHUDWLYRHVGHWLSRySWLFR &HQWUDOHVGHVHxDOL]DFLyQ\FRQWURO 6H HQWLHQGH SRU FHQWUDO GH VHxDOL]DFLyQ \ FRQWURO WRGR HTXLSR DXWRSURWHJLGR TXHLQWHJUDGRHQXQVLVWHPDHOHFWUyQLFRGHVHJXULGDGHVFDSD]GHUHFLELU\FRQWURODU LQIRUPDFLyQ\JHQHUDUVHxDOHVGHFRPXQLFDFLyQFRQRWURVGLVSRVLWLYRV /RVJUDQGHVEORTXHVIXQFLRQDOHVTXHFRQIRUPDQODFHQWUDOL]DFLyQGHDODUPDV HQXQDLQVWDODFLyQVRQ $OLPHQWDFLyQ (VWH EORTXH FRQHFWDGR D OD UHG HOpFWULFD ORFDO R DO VXPLQLVWUR HOpFWULFR SULPDULR WUDQVIRUPD \R UHFWLILFD OD FRUULHQWH DGDSWiQGROD D ODV QHFHVLGDGHVGHOVLVWHPDGHVHJXULGDG,QFOX\HODVEDWHUtDVSDUDDFXPXODUHQHUJtD GHHPHUJHQFLDGHFDSDFLGDGDGHFXDGDDOVLVWHPDFRQWURODGR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (VWH EORTXH R IXHQWH GH DOLPHQWDFLyQ SURSRUFLRQD FRUULHQWH HOpFWULFD D ORV FLUFXLWRVGHODFHQWUDODODVOtQHDVGHGHWHFWRUHV\DORVGLVSRVLWLYRVGHDODUPD (QWUDGDV (VWi FRQVWLWXLGR SRU HOHPHQWRV R FLUFXLWRV TXH SHUPLWHQ OD HQWUDGD KDFLD HO EORTXH GH ³$QiOLVLV \ WUDWDPLHQWR GH OD VHxDO´ GH ODV VHxDOHV H LQIRUPDFLRQHVSURFHGHQWHVGHODVOtQHDVREXFOHVDORVTXHHVWiQFRQHFWDGRVORV GLYHUVRV HOHPHQWRV GH VHxDOL]DFLyQ GH OD LQIRUPDFLyQ SURFHVDGD R SUHYLDPHQWH SURJUDPDGD $QiOLVLV \ WUDWDPLHQWR GH ODV VHxDOHV (YDO~D OD QDWXUDOH]D GH ODV VHxDOHV UHFLELGDV SURFHGHQWHV GHO EORTXH GH ³(QWUDGDV´ HQ IXQFLyQ GH ORV SDUiPHWURV SUHYLDPHQWH HVWDEOHFLGRV DFWLYDQGR OD DODUPD HQ FDVR GH FRQILUPDUVH ODV FRQGLFLRQHVSURJUDPDGDV (OHPHQWRV GH PDQGR \ FRQWURO 3RVLELOLWDQ HO JRELHUQR GHO VLVWHPD GH VHJXULGDG\FRQWURODQVXIXQFLRQDPLHQWRUHVSXHVWDVHWF3XHGHQVHUORFDOHVHQ HOSURSLRHTXLSRRUHPRWRV &RQWHQHGRU (V OD FDMD DUPDULR UDFN SXSLWUH HWF TXH HQFLHUUD OD FLUFXLWHUtD GHORVGLVWLQWRVEORTXHVDQWHULRUPHQWHPHQFLRQDGRV\DODYH]VLUYHGHVRSRUWHD ORVyUJDQRVGHPDQGR\FRQWURO &RPXQLFDFLRQHV/D FRPXQLFDFLyQ HQWUH ORV GLIHUHQWHV HTXLSRV EORTXHV VHUi YtDUDGLRHQHOFDVRGHORVVLVWHPDVLQDOiPEULFRVRYtDFDEOHHQHOFDVRGHORV DOiPEULFRV 6DOLGDV(VWHEORTXHHVHOTXHSHUPLWHODWUDQVPLVLyQGHVHxDOHVDORVDYLVDGRUHV RSHULIpULFRVGHUHFHSFLyQ\JHVWLyQGHDODUPDV 6HJ~QVXDSOLFDFLyQODVFHQWUDOHVSXHGHQVHUFRQWUD ,QWUXVLyQRURER 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 $WUDFR &RPELQDGDV LQWUXVLyQ URER DWUDFR 0L[WDV VLHQGR FRPELQDGDV DGPLWHQ GHWHFWRUHV GH RWUDV IXQFLRQHV WDOHV FRPR GHWHFFLyQ GHIXHJRXRWURV 6HJ~Q VX WHFQRORJtD ODV FHQWUDOHV SXHGHQVHU /RFDOHV 0LFURSURFHVDGDV 'HFRPXQLFDFLyQELGLUHFFLRQDO &HQWURGH&RQWURO (O &HQWUR GH &RQWURO HV GRQGH VH FRQHFWDQ \ JHVWLRQDQ ORV DSDUDWRV GLVSRVLWLYRVRVLVWHPDVGHVHJXULGDG 8Q&HQWURGH&RQWUROKDGHFXPSOLUDOPHQRVFXDWURFRQFHSWRVEiVLFRVFRQ JDUDQWtD\HILFDFLDpVWRVVRQ &RQWUROSHUPDQHQWH 9HULILFDFLyQHIHFWLYD &DSDFLGDGGHUHVSXHVWD 6HJXULGDGUHTXHULGD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (OFRQWUROSHUPDQHQWHGHODVLQVWDODFLRQHVUHPRWDVHVXQRGHORVSULQFLSLRV EiVLFRV TXH GHEH FXEULU XQ FHQWUR GH FRQWURO DVt FRPR HO GLiORJR UHFHSFLyQ \ WUDQVPLVLyQFRQORVHTXLSRVGHGHWHFFLyQWHOHFRQWUROWHOHPDQGRHWF ,JXDOPHQWHKDGHRIUHFHUFRQVXILFLHQWHJDUDQWtDODYHULILFDFLyQHIHFWLYDGH ODV LQFLGHQFLDV DFDHFLGDV WDQWR HQ IRUPD FRPR HQ WLHPSR UHDO JHVWLRQDQGR FRQ GLOLJHQFLDHOUHVWRGHOSURFHVRRSHUDWLYRTXHVHKDGHUHDOL]DU 'LVSRQGUi QHFHVDULDPHQWH GH XQD DGHFXDGD FDSDFLGDG GH UHVSXHVWD SDUD SRVLELOLWDU XQD LQPHGLDWD UHDFFLyQ JHVWLyQ \ UHVROXFLyQ ±VHJ~Q ORV VHUYLFLRV \ QLYHOHV GH VHJXULGDG± DQWH ODV LQFLGHQFLDV R DODUPDV SURGXFLGDV /D DWHQFLyQ VLPXOWiQHD GH P~OWLSOHV LQFLGHQFLDV VHUi XQR GH ORV IDFWRUHV GHWHUPLQDQWHV GH VX FDSDFLGDG GH UHVSXHVWD +D GH RIUHFHU FRQ JDUDQWtD ODVHJXULGDGUHTXHULGDOD H[LJLGD \ OD HVSHUDGD SDUDFDGDXQRGHORVVHUYLFLRVRIUHFLGRV\SODQHDGRV(OFXPSOLPLHQWRVDWLVIDFWRULRGH ORV FRQFHSWRV GH FRQWURO SHUPDQHQWH GH ODV LQVWDODFLRQHV UHPRWDV GH YHULILFDFLyQ HIHFWLYDGHODVLQFLGHQFLDVRDODUPDV\GHFDSDFLGDGGHUHVSXHVWDSDUDVXUHDFFLyQR UHVROXFLyQVHUiQORVSULQFLSDOHVIDFWRUHVGHFDOLGDG\VHJXULGDGGHO&HQWURGH&RQWURO (O&HQWURGH&RQWUROTXHVHSODQWHDSDUDHVWHWLSRGHLQVWDODFLRQHVHVSURSLRGH FDGD JUDQ HVWDEOHFLPLHQWR FRPHUFLDO ,JXDOPHQWH XQ FHQWUR FRPHUFLDO SRVHHUi XQR SURSLR QRUPDOPHQWH GHQRPLQDGR 3XHVWR 3HUPDQHQWH GH 6HJXULGDG HQ GRQGH VH FHQWUDOLFHQ \ JHVWLRQHQ WRGDV ODV VHxDOHV TXH SURYLHQHQ GH ORV GLVSRVLWLYRV GH VHJXULGDG\SURWHFFLyQLQVWDODGRVHQWRGRHOUHFLQWR (OSODQWHDPLHQWRGHODVHJXULGDGHQORVJUDQGHVIRUPDWRVFRPHUFLDOHVSDVDSRU ODJHVWLyQJHQHUDOGHWRGRVORVDVSHFWRVTXHFRQFLHUQHQDODPLVPD\SRUWDQWRXQR GHORVSXQWRVEiVLFRVSDUDHO'LUHFWRUGH6HJXULGDGHVODLQIRUPDFLyQ &RPR HMHPSOR VL VH FRQVLGHUD XQD JUDQ VXSHUILFLH TXH VH HQFXHQWUD HQ XQ FHQWUR FRPHUFLDO VH SURSRQH XQD HVWUHFKD FRODERUDFLyQ HQWUH ORV 'LUHFWRUHV GH 6HJXULGDG UHVSHFWLYRV \D TXH DOJXQRV GH ORV ULHVJRV UHODFLRQDGRV HQ HO FDWiORJR GH ULHVJRV GH DPERV HVWDEOHFLPLHQWRV VRQ ORV PLVPRV HQ DPERV FDVRV (Q PXFKRV DVSHFWRVVHHQIUHQWDQDODPLVPDSUREOHPiWLFD\SRUWDQWRSXHGHQUHDOL]DUXQIUHQWH GH DWDTXH FRP~Q $Vt SDUD OD JUDQ VXSHUILFLH VH SXHGH HVWDEOHFHU TXH XQD VHULH GH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 VHxDOHV GH DOJXQRV GLVSRVLWLYRV GH VHJXULGDG WHQJDQ VX FRUUHVSRQGLHQWH DYLVR HQ HO &HQWUR GH &RQWURO GHO FHQWUR FRPHUFLDO \ YLFHYHUVD (VWH HV HO FDVR GH ODV VHxDOHV GH LQFHQGLR FX\R RULJHQ SXHGH HVWDU HQ XQ HVWDEOHFLPLHQWR SHUR VX GHVDUUROOR DIHFWD R SXHGHDIHFWDUDODWRWDOLGDGGHODVXSHUILFLH 9LJLODQFLDSRUFLUFXLWRFHUUDGRGHWHOHYLVLyQ&&79 8Q VLVWHPD GH &&79 FRQVLVWH HQ OD YLVXDOL]DFLyQ UHPRWD GH OXJDUHV YLJLODGRV (VWi FRPSXHVWR SRU XQ Q~PHUR OLPLWDGR GH SDQWDOODV \ FiPDUDV GH WHOHYLVLyQ HQ HO FXDOODVHxDOVHGLVWULEX\HPHGLDQWHXQDUHGFHUUDGDGHLQWHUFRQH[LRQHV\TXHSHUPLWHQ FDSWDU\HQYLDULPiJHQHVGHVGHXQOXJDUDRWUR 6RQ PXFKRV \ PX\ YDULDGRV ORV HTXLSRV TXH SXHGHQ FRQIRUPDU HO VXEVLVWHPD GH YLJLODQFLD SRU &&79 $ FRQWLQXDFLyQ VH GHILQHQ EUHYHPHQWH ORV GH DSOLFDFLyQ D HVWDEOHFLPLHQWRVFRPHUFLDOHV (OHPHQWRV GH FDSWDFLyQ GH LPDJHQ &iPDUDVGHYtGHR ÏSWLFDV (OHPHQWRV GH FRQWURO \ FRPXQLFDFLyQ (TXLSRVGHFRQWURO (TXLSRVGHFRQPXWDFLyQ (OHPHQWRVGHFRPXQLFDFLyQ (OHPHQWRVGHDODUPD 9LGHRVHQVRUHV (OHPHQWRVGHYLVXDOL]DFLyQGHLPiJHQHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 0RQLWRUHVGHYtGHR (TXLSRVDX[LOLDUHVGHPRQLWRUL]DFLyQ (OHPHQWRVGHUHJLVWURGHLPiJHQHV 0DJQHWRVFRSLRV 9LGHRLPSUHVRUDV 6LVWHPDVGHDOPDFHQDPLHQWRGLJLWDOGHLPiJHQHV 9LGHRJUDEDFLyQWUDQVPLVLyQGLJLWDOGHLPiJHQHV &iPDUDV GH YtGHR /D FiPDUD HV HO HOHPHQWR GH SDUWLGD GH FXDOTXLHU &&79 (V HO DSDUDWR HOHFWUyQLFR HQFDUJDGR GH FRQYHUWLU ORV FDPELRV GH OX] \ FRORU GH OD HVFHQD HQIRFDGDHQLPSXOVRVHOpFWULFRVTXHSXHGDQVHUWUDQVPLWLGRVDGLVWDQFLD\TXHVLUYHQ SDUDUHFRQVWUXLUXQDLPDJHQHQHOOXJDUGHFRQWURO ÏSWLFDV(OHPHQWRLPSUHVFLQGLEOHHQODFDSWDFLyQGHLPiJHQHV6RQODVHQFDUJDGDVGH ODHOHFFLyQGHOFDPSRYLVXDOTXHODFiPDUDYHUi(OWLSRGHySWLFDVHHOHJLUiHQIXQFLyQ GHGLIHUHQWHVYDULDEOHVGLVWDQFLDIRFDOLOXPLQDFLyQHWF (TXLSRV GH FRQWURO 6RQ ORV TXH SURSRUFLRQDQ GLIHUHQWHV SRVLELOLGDGHV D ORV HOHPHQWRV GH FDSWDFLyQ GH LPiJHQHV SRVLFLRQDGRUHV KRUL]RQWDOHV \R YHUWLFDOHV LQWHUUXSWRUHV GH LOXPLQDFLyQ FRQWUROHV GH ]RRP FRQWUROHV GH LULV LQWHUUXSWRUHV GH FiPDUD (TXLSRV GH FRQPXWDFLyQ 6RQ ORV TXH WUDQVIRUPDQ ODV HQWUDGDV GH YtGHR DPSOLILFDGRUHVGLVWULEXLGRUHVFRQPXWDGRUHV PDQXDOHVVHFXHQFLDGRUHVGLYLVRUHVGHFXDGUDQWHPDWULFHVGHFRQPXWDFLyQ (OHPHQWRV GH FRPXQLFDFLyQ 6RQ ORV TXH WUDQVSRUWDQ OD VHxDO GH YtGHR D ORV HTXLSRV GH YLVXDOL]DFLyQ \ DO UHVWR GH HOHPHQWRV DX[LOLDUHV FDEOH FRD[LDO FDEOH GH SDUHVHFXDOL]DGRUHQODFHGHPLFURRQGDVOiVHULQIUDUURMRV\ILEUDySWLFD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 9LGHRVHQVRUHV (TXLSR GH GHWHFFLyQ GH PRYLPLHQWR EDVDGR HQ HO DQiOLVLV GH ORV FDPELRVGHFRQWUDVWHGHXQDHVFHQDILOPDGDSRUXQDFiPDUDFXDQGRDOJ~QHOHPHQWR GHODLPDJHQVHGHVSOD]DSRUVXFDPSRGHYLVLyQ 0RQLWRUHV GH YtGHR &RQVWLWX\HQ HO HOHPHQWR GH YLVXDOL]DFLyQ GH OD LPDJHQ REVHUYDGD (TXLSRV DX[LOLDUHV GH PRQLWRUL]DFLyQ 6RQ ORV HOHPHQWRV DX[LOLDUHV TXH LQWHUYLHQHQHQODYLVXDOL]DFLyQGHLPiJHQHVJHQHUDGRUHVGHIHFKD\KRUDHFOLSVDGRU PLFUyIRQRVGHDXGLRPXOWLSOH[RUHV /D IXQFLyQ SULQFLSDO GH HVWRV HTXLSRV HV GHVFDUJDU DO RSHUDGRU GHO FHQWUR GH FRQWURO GH OD WDUHD GH REVHUYDU FRQWLQXDPHQWH ODV SDQWDOODV GH ORV PRQLWRUHV TXH UHIOHMDQXQDHVFHQDILMD 0DJQHWRVFRSLRV 6RQ ORV HTXLSRV TXH SHUPLWHQ JUDEDU DOPDFHQDU \ UHSURGXFLU ODV LPiJHQHVREWHQLGDVGHO&&79PHGLDQWHFLQWDPDJQpWLFD 9LGHRLPSUHVRUDV 6RQ ORV HTXLSRV TXH SHUPLWHQ LPSULPLU IRWRJUDPDV D SDUWLU GH FLQWDPDJQpWLFD 6LVWHPDV GH DOPDFHQDPLHQWR GLJLWDO GH LPiJHQHV $UFKLYDQ ODV LPiJHQHV HQ IRUPDGLJLWDO 9LGHRJUDEDFLyQWUDQVPLVLyQ GLJLWDO GH LPiJHQHV 0HGLDQWH HVWRV VLVWHPDV VH SXHGHFRQWURODUUHPRWDPHQWHODVGLIHUHQWHVLQVWDODFLRQHVGHOHVWDEOHFLPLHQWRFRPHUFLDO GHVGH XQ &HQWUR GH 7HOHJHVWLyQ 0XOWLPHGLD &HQWUR GH &RQWURO 5HPRWR R &HQWUDO 5HFHSWRUDGH$ODUPDV /RV HOHPHQWRV GHO VLVWHPD GH FRQWURO LQVWDODGRV HQ FDGD SXQWR D YLJLODU JHVWLRQDUiQ FRQ OD Pi[LPD ILDELOLGDG GLYHUVRV WLSRV GH VHxDOHV WDQWR SURSLDV GH VXEVLVWHPDV GH VHJXULGDG FRPR GH LQVWDODFLRQHV WpFQLFDV UHJLVWUDQGR WRGD HVWD LQIRUPDFLyQDXWRPiWLFDPHQWH\GHIRUPDSHULyGLFD\WUDQVPLWLHQGRFXDQGRHOXVXDULR GHOVLVWHPDORUHTXLHUDRDXWRPiWLFDPHQWHFXDQGRVHSURGX]FDXQDDODUPD ,JXDOPHQWHXQVLVWHPDGHFRQWUROFHQWUDOL]DGRFRQVWLWX\HXQDXWpQWLFRUHJLVWUR \ DOPDFHQDPLHQWR GH GDWRV LQFOX\HQGR WRGDV ODV RSHUDFLRQHV \ DFFLRQHV ODV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 LQFLGHQFLDV H LPiJHQHV TXH SXHGHQ IDFLOLWDU OD LGHQWLILFDFLyQ GH SHUVRQDV \ OD UHSURGXFFLyQGHVLWXDFLRQHVFUtWLFDV 3UHVWDFLRQHV PtQLPDV GHO VXEVLVWHPD GH &&79 /D LQVWDODFLyQ GH XQ VLVWHPDGHYLJLODQFLDSRU&&79HQXQFHQWURFRPHUFLDOGHEHUiUHVSRQGHUDXQDVHULHGH FXHVWLRQHVEiVLFDVTXHSHUPLWLUiFRQVHJXLUHOSURSyVLWRGHVHDGREXVFDQGRHOHTXLOLEULR HQWUHFRVWH\HILFDFLD(OPHMRUGLVHxRQRUHTXLHUH~QLFDPHQWHXQDVHOHFFLyQLQGLYLGXDO GH HTXLSRV GH HOHYDGD FDOLGDG VLQR OD XQLIRUPLGDG \R HTXLOLEULR HQWUH WRGRV VXV HOHPHQWRV (WLTXHWDMH\FRQWURODQWLKXUWR (OHWLTXHWDMH\FRQWURODQWLKXUWRORFRPSRQHQDTXHOORVGLVSRVLWLYRVDGRVDGRVD ORVSURGXFWRVDODYHQWDTXHHYLWDQHOLQWHQWRGHVXVWUDFFLyQGHORVPLVPRV $SOLFDFLyQ /RV SULQFLSDOHV VLVWHPDV DQWLKXUWR VRQ GH DSOLFDFLyQ SDUD HVWDEOHFLPLHQWRV FRPHUFLDOHV GLVWULEXFLyQ \ DOPDFHQDMH 6H DSOLFDQ D SURGXFWRV HQ H[SRVLFLyQ\YHQWDGHHVSHFLDOYDORURIDFLOLGDGGHKXUWR 3RGHPRVGHVWDFDU /RVHWLTXHWDMHVPHGLDQWHFyGLJRVGHOHFWXUD /RV HWLTXHWDMHV PHGLDQWH VLVWHPDV SRU UDGLRIUHFXHQFLD HOHFWURPDJQpWLFRV R PDJQpWLFRV /RVGHWHFWRUHVDQWLKXUWR /RVVLVWHPDVGHSODTXHWDRSLQ]DDQWLKXUWRSRUUDGLRIUHFXHQFLD (O VLVWHPD DQWLKXUWR HVWi FRPSXHVWR SRU HWLTXHWDV HTXLSRV GH GHWHFFLyQ DQWHQDV\GHVDFWLYDGRUHVRGHVDFRSODGRUHVGHHWLTXHWDV (O IXQFLRQDPLHQWR FRQVLVWH HQ TXH ODV HWLTXHWDV FRORFDGDV HQ ORV DUWtFXORV D SURWHJHU HPLWHQ XQD VHxDO TXH DFWLYD HO HTXLSR GHWHFWRU &XDQGR XQ SURGXFWR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 SURWHJLGRFRQODHWLTXHWDVHDSUR[LPDDOGHWHFWRUpVWHSURGXFHXQDVHxDOGHDODUPD LQGLFDQGRDOYHQGHGRUTXHUHWLUHODHWLTXHWDGHODUWtFXORVLHVTXHpVWHVHKDYHQGLGR RLQIRUPDQGRVREUHODLQWHQFLyQGHOLFWLYD (O FRQWURO DQWLKXUWR GH DSOLFDFLyQ HQ ORV HVWDEOHFLPLHQWRV FRPHUFLDOHV XWLOL]D GLVSRVLWLYRV GH SURWHFFLyQ TXH VH EDVDQ HQ WUHV WHFQRORJtDV GLIHUHQWHV HO DFXVWRPDJQHWLVPRHOHOHFWURPDJQHWLVPR\ODUDGLRIUHFXHQFLD (WLTXHWDVFRQWHFQRORJtDDFXVWRPDJQpWLFD$0/DHWLTXHWDFRQWLHQHXQDVKRMDV PHWiOLFDV TXH YLEUDQ HQ SUHVHQFLD GH XQ FDPSR RVFLODQWH SURGXFLHQGR XQ VRQLGR ~QLFR (VWR SRVLELOLWD DPSOLDU HO SDVR GH ODV DQWHQDV SRU HQFLPD GH ORV GRV PHWURV \ DXVHQFLDGHIDOVDVDODUPDV\DTXHODVHxDOHV~QLFD(VWDWHFQRORJtDSHUPLWHDFWLYDFLyQ \GHVDFWLYDFLyQ 3DUDGHVDFWLYDUODHWLTXHWDVHGHVPDJQHWL]DXQDGHODVGRVKRMDVPHWiOLFDVGHPDQHUD TXH FDPELD HO VRQLGR /DV HWLTXHWDV VRQ YROXPLQRVDV SDUD TXH SXHGD GDUVH OD YLEUDFLyQ (WLTXHWDV FRQ WHFQRORJtD HOHFWURPDJQpWLFD (0 (O HOHFWURPDJQHWLVPR DSURYHFKDODDFWXDFLyQGHXQDVILQDVOtQHDVXKRMDVPHWiOLFDVTXHTXHGDQH[SXHVWDVD XQ FDPSR PDJQpWLFRRVFLODQWH /D HWLTXHWD JHQHUD XQ FRQMXQWRGH DUPyQLFRV FXDQGR DOFDQ]D VX HVWDGR GH VDWXUDFLyQ TXH HV HVSHFtILFR SDUD OD HWLTXHWD (VWD WHFQRORJtD SHUPLWHODDFWLYDFLyQ\GHVDFWLYDFLyQ 3DUDGHVDFWLYDUHOGLVSRVLWLYRVHGHEHPDJQHWL]DUXQDFDSDPDJQpWLFDGXUDGHPDQHUD TXHVHPRGLILTXHHOOHYHFRPSRUWDPLHQWRPDJQpWLFR (WLTXHWDV FRQ WHFQRORJtD SRU UDGLRIUHFXHQFLD 5) /D WHFQRORJtD GH UDGLRIUHFXHQFLD FRQVLVWH HQ XQD HVSLUDO \ XQD FDYLGDG TXH IRUPDQ XQ UHVRQDGRU /D HWLTXHWD FRQYHQLHQWHPHQWH VLQWRQL]DGD YLEUD VXDYHPHQWH \ HO FRQVXPR GH HQHUJtD DFWLYDODDODUPD 3DUD GHVDFWLYDU OD HWLTXHWD GHEH GHVWUXLUVH HO FLUFXLWR GH IRUPD TXH QR VHD SRVLEOH QLQJXQDYLEUDFLyQSRVWHULRU (WLTXHWDGRHQRULJHQ(QHOPHUFDGRH[LVWHQSURYHHGRUHVGHHWLTXHWDVDGKHVLYDVR UtJLGDV FRQ FLUFXLWRV GH UDGLRIUHFXHQFLD TXH SHUPLWHQ OD UHLPSUHVLyQ \ FRQWLHQHQ OD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 LQIRUPDFLyQGHLGHQWLILFDFLyQGHOSURGXFWR3RUXQODGRSHUPLWHFRQRFHUORVGDWRVGHO IDEULFDQWH VL VH KD LQFOXLGR OD HWLTXHWD HQ HO SXQWR GH IDEULFDFLyQ ORV GDWRV GH PDQLSXODFLyQ \ GLVWULEXFLyQ GHO SURGXFWR FRQWURO GH ORV VWRFNV SUHFLR SURPRFLRQHV IHFKD GH YHQWD LQLFLR GH OD JDUDQWtD HWF 3RU RWUR HQ FDVR GH URER FXiO KD VLGR OD KLVWRULDGHHVWHSURGXFWRGHVDSDUHFLGR (VWHWLSRGHHWLTXHWDMHSHUPLWHDGHPiVHYLWDUODYHQWDGHSURGXFWRVUREDGRV\ FRQWULEX\H D OD PHMRUD GH OD SURGXFWLYLGDG \D TXH QR KD\ TXH GHVWLQDU D SHUVRQDO LQWHUQRDODFRORFDFLyQGHODVHWLTXHWDVSRUTXHWRGDODLQIRUPDFLyQVHHQFXHQWUDHQHO FLUFXLWR3XHGHQTXHGDURFXOWRV (VWD SURWHFFLyQ HQ RULJHQ HV XQD GH ODV SLH]DV FODYH SDUD OD SUHYHQFLyQ GH OD SpUGLGD GHVFRQRFLGD SXHV DEUH OD SRVLELOLGDG GH UHGXFLU FRVWHV D PHGLGD TXH VH JHQHUDOLFHHOSURFHGLPLHQWRORTXHHQXQIXWXURSHUPLWLUiSURWHJHUPHUFDQFtDVGHEDMR YDORU 3527(&&,Ï1$17(/$$*5(6,Ï1 /D SURWHFFLyQ DFWLYD DQWH OD DJUHVLyQ VH GHILQH FRPR OD LQVWDODFLyQ GH GLVSRVLWLYRV HOpFWULFRV R HOHFWUyQLFRV FX\R REMHWLYR HV HYLWDU R PLQLPL]DU ODV FRQVHFXHQFLDVGHODVDJUHVLRQHVD SHUVRQDV\RELHQHV (QWUH ORV SULQFLSDOHV HTXLSRV \ VLVWHPDV GH VHJXULGDG FDEHGHVWDFDU /RVVLVWHPDVGHSXOVDFLyQGHHPHUJHQFLDRDQWLDWUDFR /RVHTXLSRVGHLQVSHFFLyQ\GHWHFFLyQGHDUPDVH[SORVLYRV\PHWDOHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 3XOVDGRUHVGHHPHUJHQFLDRDQWLDWUDFR /RVSXOVDGRUHVDQWLDWUDFRVRQGLVSRVLWLYRVGLVFUHWRVVLWXDGRVHQOXJDUHVRFXOWRV D OD YLVWD GH ORV SRVLEOHV DWUDFDGRUHV TXH HPLWHQ XQD VHxDO QR VRQRUD DO FHQWUR GH FRQWUROGHVHJXULGDGDYLVDQGRGHODFRPLVLyQGHHVWHGHOLWR (VWRVGLVSRVLWLYRVSXHGHQVHUGHDFFLRQDPLHQWRPDQXDOSXOVDGRURPHGLDQWH SUHVLyQ GHO SLH SHGDO 7DPELpQ H[LVWHQ HQ HO PHUFDGR RWURV WLSRV PDQXDOHV GH DFFLRQDPLHQWR PHGLDQWH XQ SXQ]yQ R EROtJUDIRTXH VRQ DSURSLDGRV SDUD SRVLELOLWDU HO DYLVRGHDWUDFRHQFLHUWRVOXJDUHVDVHRVHWF6HLQVWDODQQRUPDOPHQWHHQODSDUHG \DTXHVXDVSHFWRHVVLPLODUDXQPHFDQLVPRHOpFWULFRQRUPDO ,JXDOPHQWH H[LVWHQ GLVSRVLWLYRV VHQVLEOHV D OD SUHVLyQ FRPR SXHGHQ VHU DOIRPEUDVFDPXIODGDVSDUDGHWHFWDULQWHQWRVGHLQWUXVLyQ\RDWUDFR /D SLQ]D SDUD ELOOHWHV GH PRQWDMH HQ HO LQWHULRU GH FDMDV UHJLVWUDGRUDV R FDMRQHVDYLVDFXDQGRVHSUHWHQGHQH[WUDHUORVELOOHWHVGHODFDMDVLQKDEHUGHVDFWLYDGR HOPHFDQLVPR (TXLSRVGHLQVSHFFLyQ\GHWHFFLyQGHDUPDVH[SORVLYRV\PHWDOHV /RV HTXLSRV GH LQVSHFFLyQ \ GHWHFFLyQ GH DUPDV H[SORVLYRV \ PHWDOHV VRQ DTXHOORV TXH SHUPLWHQ GHWHFWDU \R LGHQWLILFDU HO PDWHULDO X REMHWR FX\R DFFHVR VH GHVHDFRQWURODURQRSHUPLWLU $SOLFDFLyQ /RV HTXLSRV GH LQVSHFFLyQ SDUD GHWHFFLyQ GH DUPDV H[SORVLYRV \ PHWDOHVVRQGHDSOLFDFLyQHQHVWDEOHFLPLHQWRVFRPHUFLDOHVHQFDVRGHDSDULFLyQGHXQD DPHQD]DGHULHVJRRDJUHVLyQFRQILUPDGR (QIXQFLyQGHOWLSRGHREMHWRDFRQWURODU\GHOHTXLSRFRQWURODGRUXWLOL]DGRVH SXHGHHVWDEOHFHUXQDFODVLILFDFLyQ\XQDFRUUHVSRQGHQFLD 'HWHFFLyQ GH H[SORVLYRV /D GHFLVLyQ GH LPSODQWDU HTXLSRV GHWHFWRUHV R LQVSHFWRUHV GH H[SORVLYRV HV FRPSOLFDGD \ HVWDUi HQ IXQFLyQ GH YDULDEOHV FRPR HO SUHFLR OD FRQYHQLHQFLD GH LPSODQWDU GHWHUPLQDGRV PpWRGRV HQ HO HVWDEOHFLPLHQWR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 FRPHUFLDO OD WHFQRORJtD OD GLYHUVLGDG GH FRPSXHVWRV H[SORVLYRV OD YDULHGDG HQ OD SUHVHQWDFLyQGHORVDUWHIDFWRV\EiVLFDPHQWHHQHODQiOLVLVGHORVULHJRVHIHFWXDGR 'HWHFFLyQGHDUPDV(OHTXLSRVHIXQGDPHQWDHQXQJHQHUDGRUUHFHSWRUGH FDPSR PDJQpWLFR TXH GHWHFWD YDULDFLRQHV HQ OD UHFHSFLyQ GHELGR D OD SUHVHQFLD GH REMHWRVPHWiOLFRVFRQGXFWRUHVHQVXSUR[LPLGDG (QIXQFLyQGHVXDSOLFDFLyQHVWRVHTXLSRVSXHGHQVHU 3RUWiWLOHV'HWHFFLyQGHDUPDVXREMHWRVPHWiOLFRVHQSHUVRQDVRHQHOLQWHULRU GHSDTXHWHV 3RUSDVR$UFRSDUDODGHWHFFLyQGHDUPDVXREMHWRVPHWiOLFRVHQSHUVRQDV (O SDUiPHWUR EiVLFR TXH VH KD GH WHQHU HQ FXHQWD HQ HO PRPHQWR GH VHOHFFLRQDU XQ GHWHFWRU GH PHWDOHV VHUi HO IDFWRU GLVFULPLQDFLyQ FDUDFWHUtVWLFD TXH GHSHQGHGHRWURVIDFWRUHVXQLIRUPLGDGGHOFDPSRPDJQpWLFRGHSURVSHFFLyQWLSRGH DQiOLVLVGHORVPHWDOHVGHLQWHUpVHLQPXQLGDGDODVLQWHUIHUHQFLDVH[WHUQDV (TXLSRV GH LQVSHFFLyQ SRU UD\RV ; (VWRV HTXLSRV VH IXQGDPHQWDQ HQ OD REWHQFLyQ GH LPiJHQHV LQWHULRUHV GH FXHUSRV RSDFRV SRU SUR\HFFLyQ GH UD\RV ; HPLWLGRVDVXWUDYpV 6RQ GH DSOLFDFLyQ D OD LQVSHFFLyQ GH SDTXHWHV SDUD OD E~VTXHGD GH DUPDV DUWHIDFWRVH[SORVLYRVXRWURVPDWHULDOHVXREMHWRV 3527(&&,Ï1'(,1)250$&,Ï1<9$/25(6 /D SURWHFFLyQ DFWLYD GH LQIRUPDFLyQ \ YDORUHV FRQVLVWH HQ OD LPSODQWDFLyQ GH VLVWHPDVGHWUDWDPLHQWRGHOHIHFWLYRJHQHUDGRHQORVHVWDEOHFLPLHQWRVFRPHUFLDOHV (QWUH ORV SULQFLSDOHV HTXLSRV \ VLVWHPDV SDUD OD SURWHFFLyQ GH LQIRUPDFLyQ \ YDORUHVFDEHGHVWDFDU /DVLQVWDODFLRQHVGHWUDQVSRUWHQHXPiWLFRSDUDHQYtRGHHIHFWLYR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /RVVLVWHPDVGHGHWHFFLyQGHGLQHURIDOVRSDUDVXLQVWDODFLyQHQiUHDVGH FDMDV\VDODVGHFRQWHR /RVHTXLSRVGHUHWDUGR\EORTXHR 7UDQVSRUWHQHXPiWLFR (O WUDQVSRUWH QHXPiWLFR FRQVLVWH HQ XQ VLVWHPD GH WXEHUtDV SRU ODV TXH VH GHVSOD]D HO HIHFWLYR R GRFXPHQWRV GH IRUPD TXH QR SHUPLWH OD LQWHUUXSFLyQ GH VX UHFRUULGRKDVWDVXGHVWLQR $SOLFDFLyQ 3DUD OD SURWHFFLyQ GHO HIHFWLYR TXH VH PDQHMD HQ ORV HVWDEOHFLPLHQWRV FRPHUFLDOHV VH XWLOL]DQ LQVWDODFLRQHV GH WUDQVSRUWH QHXPiWLFR TXH SHUPLWHQDXWRPDWL]DU\DJLOL]DUORVWUiPLWHV\GHVSOD]DPLHQWRVGHOHIHFWLYR\VXSRQHQ XQDKRUURHQWLHPSR\HQSHUVRQDO %iVLFDPHQWH HVWDV LQVWDODFLRQHV VH FRPSRQHQ GH XQ VRSRUWH FRQWHQHGRU FDUWXFKRWUDQVSRUWDGRUTXHHVLPSXOVDGRDJUDQYHORFLGDGSRUPHGLRGHDLUHSRUHO LQWHULRUGHXQWXERGH39&UtJLGRHVWDELOL]DGR\FDOLEUDGRFRPRVLVWHPDGHWXEHUtDV\ XQPRWRULPSXOVRU $SOLFDGRDORVHVWDEOHFLPLHQWRVFRPHUFLDOHVHOWUDQVSRUWHQHXPiWLFRSHUPLWHHO HQYtR GH GRFXPHQWDFLRQHV R UHFDXGDFLRQHV SDUFLDOHV GHVGH ODV FDMDV GH DWHQFLyQ DO S~EOLFRKDVWDODFDMDFHQWUDOVDODGHFRQWHRFDMDIXHUWHRFiPDUDDFRUD]DGD (VWH VLVWHPD VXSRQH XQ GHVSOD]DPLHQWR ItVLFR VHJXUR \ UiSLGR \ HYLWD HUURUHV KXPDQRVDOVHUGHDFFHVRGLUHFWR 3DUD GHWHUPLQDU OD LGRQHLGDG GH XQD LQVWDODFLyQ GH HVWH WLSR KDQ GH HVWDEOHFHUVHXQDVHULHGHFXHVWLRQHVEiVLFDV 'HWHUPLQDFLyQ GH SHVRV Pi[LPRV D VRSRUWDU SRU HO FDUWXFKR WUDQVSRUWDGRU GLQHURPHWiOLFRRSDSHOPRQHGD 'HWHUPLQDUORVIOXMRVXQLGLUHFFLRQDOHVRELGLUHFFLRQDOHV 'HWHUPLQDUHOWUD]DGRGHODLQVWDODFLyQLQWHULRURH[WHULRU 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 'HWHUPLQDUHVWDFLRQHV\IUHFXHQFLDGHHQYtRV 'HWHUPLQDUFDOLEUHVUHFRUULGRVORQJLWXGHVPi[LPDV\GLUHFFLRQDPLHQWRV 'HWHUPLQDU HO HVTXHPD EiVLFR GH OD LQVWDODFLyQ WRGRV FRQ WRGRV R WRGRV FRQ SXQWRFHQWUDO 'HWHFFLyQGHGLQHURIDOVR /D GHWHFFLyQ GH GLQHUR IDOVR FRQVLVWH HQ FRPSUREDU PHGLDQWH GLIHUHQWHV GLVSRVLWLYRV GH WLSR OX] XOWUDYLROHWD TXH HO HIHFWLYR UHFRJLGR HQ ODV RSHUDFLRQHV FRPHUFLDOHVHVDXWpQWLFR $SOLFDFLyQ /RV HTXLSRV GHWHFWRUHV GH GLQHUR IDOVR VRQ GH DSOLFDFLyQ HQ ORV HVWDEOHFLPLHQWRVFRPHUFLDOHVHQWRGRVORVSXQWRVGHDGPLVLyQGHGLQHUR /RV ELOOHWHV HVSDxROHV FXHQWDQ FRQ FLHUWDV PHGLGDV GH VHJXULGDG TXH KDFHQ GLItFLO VX IDOVLILFDFLyQ /D SULPHUD FRQVLVWH HQ HO VRSRUWH HO SDSHO TXH HVWi HODERUDGR HQ OD )iEULFD1DFLRQDOGH0RQHGD\7LPEUHGH%XUJRV\XWLOL]DFRPRPDWHULDSULPDODILEUD GH DOJRGyQ 6X XWLOL]DFLyQ HVWi PRWLYDGD SRU VX DOWD UHVLVWHQFLD \ VX FDSDFLGDG SDUD LQFRUSRUDUHQVXHVWUXFWXUDFLHUWRVHOHPHQWRV GHVHJXULGDGFRPRVRQ /DPDUFDGHDJXD (OKLORGHVHJXULGDG /DVILEULOODVOXPLQLVFHQWHV (OSDSHO (OPRWLYRFRLQFLGHQWH /DOH\HQGDPLFURLPSUHVD /DHVWDPSDFLyQFDOFRJUiILFD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /DPDUFDGHDJXD&RQVLVWHHQXQGLEXMRIRUPDGRSRUGLIHUHQWHVJURVRUHVGHOSDSHO GXUDQWHHOSURFHVRGHHODERUDFLyQ6HYHIiFLOPHQWHDOREVHUYDUHOSDSHODOWUDVOX] +LORGHVHJXULGDG6HWUDWDGHXQDWLUDGHPDWHULDOVLQWpWLFRHVSHFLDOGHFRORUYHUGH HPEHELGDHQODPDVDGHOSDSHOGXUDQWHHOSURFHVRGHIDEULFDFLyQTXHFUX]DHOELOOHWH HQVHQWLGRWUDQVYHUVDO3XHGHVHUDSUHFLDGRSRUTXHSUHVHQWDXQOLJHURUHOLHYH )LEUDV OXPLQLVFHQWHV 6RQ ILEUDV GH PDWHULDO VLQWpWLFR TXH HVWiQ LQFRUSRUDGDV D OD PDVD GHO SDSHO D VLPSOH YLVWD QR VH SHUFLEHQ SHUR Vt FXDQGR VRQ H[SXHVWDV D OX] XOWUDYLROHWD6XGLVWULEXFLyQHVDOHDWRULDHLUUHJXODUDORODUJRGHOSDSHO 3DSHOH[HQWRGHEODQTXHDQWHySWLFR$OFDUHFHUGHEODQTXHDQWHySWLFRHOSDSHOGH XQELOOHWHQRPRGLILFDVXWRQRVLVHOHH[SRQHDOX]XOWUDYLROHWDHVWRSHUPLWHTXHODV ILEULOODVOXPLQLVFHQWHVGHVWDTXHQVREUHHOIRQGRGHOSDSHO 0RWLYR FRLQFLGHQWH (V HO ~QLFR PRWLYR TXH HV LJXDO HQ HO DQYHUVR \ UHYHUVR GHO ELOOHWH\FRLQFLGHHQHOPLVPRSXQWRHQDPEDVFDUDV6HDSUHFLDREVHUYDQGRHOELOOHWH DOWUDVOX] /H\HQGD PLFURLPSUHVD (Q HO ERUGH GH ORV IRQGRV HVWDPSDGRV GH DPEDV FDUDV ILJXUDXQDOH\HQGDPX\SHTXHxD³%DQFRGH(VSDxD´TXHVHSXHGHOHHUFRQODD\XGD GHXQDOXSD (VWDPSDFLyQFDOFRJUiILFD&RQVLVWHHQXQDHVWDPSDFLyQHQUHOLHYHTXHVHDSUHFLDDO SDVDUOD\HPDGHOGHGRRODXxDSRUFXDOTXLHUPRWLYR (Q ORV FHQWURV GH PDQLSXODFLyQ GH HIHFWLYR H[LVWHQ GLIHUHQWHV PiTXLQDV GH FRQWHR TXH SXHGHQ GHWHUPLQDU OD DXWHQWLFLGDG GH ODV PRQHGDV SRU GLIHUHQFLDV GH SHVRQRUPDOPHQWHRGHORVELOOHWHVSRUH[SRVLFLyQDOX]XOWUDYLROHWD(QODVOtQHDVGH FDMD R HQ ORV SXQWRV GH DGPLVLyQ GH GLQHUR VH GHEH GLVSRQHU GH OiPSDUDV GH OX] XOWUDYLROHWDSRUVXFRPRGLGDG\UDSLGH]HQODLGHQWLILFDFLyQ (TXLSRVGHUHWDUGR\EORTXHR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /RV HTXLSRV GH UHWDUGR \ EORTXHR VRQ EiVLFDPHQWH UHORMHV TXH WHPSRUL]DQ OD DSHUWXUDGHORVGLVSRVLWLYRVDORVTXHYDQDGRVDGRV $SOLFDFLyQ 6H XWLOL]DQ HQ FDMDV IXHUWHV FDMHURV DXWRPiWLFRV FiPDUDV DFRUD]DGDVHWF 6XPHFDQLVPREiVLFRFRQVLVWHHQXQUHORMTXHGLVSRQHGHXQWHFODGRFRQRVLQ GLVSOD\PHGLDQWHHOTXHVHLQWURGXFHODSURJUDPDFLyQGHODDSHUWXUDDVtFRPRRWUDV IXQFLRQHV DGLFLRQDOHV EORTXHR SRU FRDFFLyQ WLHPSRV GH DSHUWXUD PHPRULD GH HYHQWRVFRQH[LyQSDUDODJHVWLyQGHVGHHTXLSRVLQIRUPiWLFRVHWF (VWRVGLVSRVLWLYRVFXHQWDQFRQEDWHUtDVLQWHUQDVTXHORVFRQYLHUWHQHQHTXLSRV DXWyQRPRV LQGHSHQGLHQWHV GH OD FRUULHQWH HOpFWULFD ,JXDOPHQWH WLHQHQ SRVLELOLGDG GH FRQH[LyQDOVLVWHPDGHDODUPD 3527(&&,Ï1$&7,9$&2175$,1&(1',26 /D SURWHFFLyQ DFWLYD FRQWUD LQFHQGLRV HV HO FRQMXQWR GH PHGLRV HTXLSRV \ VLVWHPDV LQVWDODGRV SDUD DOHUWDU VREUH XQ LQFHQGLR H LPSHGLU TXH pVWH VH SURSDJXH HYLWDQGRODVSpUGLGDV\GDxRVSURGXFLGRVSRUHOIXHJR (QWUHORVSULQFLSDOHVHTXLSRVVLVWHPDVHLQVWDODFLRQHVGHDSOLFDFLyQDHVWHWLSR GHDFWLYLGDGFRPHUFLDOFDEHGHVWDFDU /RVVLVWHPDVGHGHWHFFLyQEiVLFRVRORVVLVWHPDVGHGHWHFFLyQSUHFR]R PXOWLVHQVRULDOHVSDUDiUHDVGHH[SRVLFLyQ\DOPDFHQDMHGHSURGXFWRV /RVHTXLSRVGHSXOVDFLyQSXQWXDOSDUDFDVRVGHHPHUJHQFLD 6LVWHPDVGHGHWHFFLyQGHLQFHQGLRV 8Q VLVWHPD GH GHWHFFLyQ GH LQFHQGLRV OR FRQIRUPD HO FRQMXQWR GH HOHPHQWRV HTXLSRV\VLVWHPDVLQVWDODGRVSDUDDVHJXUDUHOFRQRFLPLHQWRSUHFR]GHXQLQFHQGLRHQ VXVLQLFLRVSRVLELOLWDQGRXQDLQWHUYHQFLyQUiSLGD\HILFD] 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 3RUWDQWRODIXQFLyQGHXQVLVWHPDGHGHWHFFLyQDXWRPiWLFDGHLQFHQGLRVHVOD GHGHVFXEULUHOIRFRHQHOWLHPSRPiVFRUWRSRVLEOH\GDUODDODUPDSDUDTXHSXHGDQ WRPDUVH WRGDV ODV PHGLGDV DSURSLDGDV FRPR HYDFXDFLyQ GHO UHFLQWR OODPDGD D VHUYLFLRVGHLQWHUYHQFLyQDFWLYDFLyQDXWRPiWLFDGHORVVLVWHPDVGHH[WLQFLyQHWF /RV FRPSRQHQWHV GH ORV VLVWHPDV GH GHWHFFLyQ DXWRPiWLFD GH LQFHQGLRV HVWiQ UHJXODGRVHQGLYHUVDVQRUPDVWHFQROyJLFDV 7LSRVGHVLVWHPDV6HJ~QVXFRQILJXUDFLyQ\WHFQRORJtDGHIDEULFDFLyQORVVLVWHPDV GHGHWHFFLyQGHLQFHQGLRVVHFODVLILFDQ 6LVWHPDV FRQYHQFLRQDOHV 'LVWULEXFLyQ GH ORV GHWHFWRUHV HQ ]RQDV GHILQLGDV PHGLDQWH HO WHQGLGR GH FDEOHDGR HQ ODV TXH QR HV SRVLEOH LGHQWLILFDU LQGLYLGXDOPHQWH D ORVGHWHFWRUHV DVRFLDGRV D HOODV (O UHFXUVR GH LQGLFDGRUHV GH DFFLyQDVRFLDGRVDFDGDGHWHFWRURJUXSRGHHOORVH[LJHODVXSHUYLVLyQSHUVRQDO FRPR~QLFRPHGLRGHORFDOL]DUH[DFWDPHQWHHOSXQWRGHDODUPDGHLQFHQGLR 6LVWHPDV GLUHFFLRQDOHV 'LVWULEXLGRV HQ OD]RV ]RQDV \ VXE]RQDV PHGLDQWH ORV FXDOHV HV SRVLEOH LGHQWLILFDU XQ Q~PHUR GHWHUPLQDGR GH SXQWRV GH DODUPD GH LQFHQGLR 6LVWHPDV LGHQWLILFDEOHV 'LVWULEXLGRV HQ OD]RV R EXFOHV LGHQWLILFDQ HO SXQWR GRQGH VH KD SURGXFLGR XQD DODUPD GH LQFHQGLR \ OR UHSRUWDQ D OD FHQWUDO GH LQFHQGLRVLQPiVSRVLELOLGDGHVGHDFWXDFLyQ 6LVWHPDVDQDOyJLFRV'LVWULEXLGRVHQOD]RVREXFOHVGLVSRQHQGHLGHQWLILFDFLyQ SXQWXDO GH OD DODUPD \ GH HYDOXDFLyQ DQDOyJLFD GH OD ]RQD SURWHJLGD $GHPiV SHUPLWHQ DFWXDFLRQHV FRPR HYDOXDU HO QLYHO DPELHQWDO SURJUDPDU GHVGH OD FHQWUDO ORV YDORUHV HQ FDGD GHWHFWRU FRPXQLFDFLyQELGLUHFFLRQDO PDQWHQLPLHQWR GHVGHODPLVPDFHQWUDOHWF &RPSRQHQWHV GHO VLVWHPD (O VLVWHPD GH GHWHFFLyQ GH LQFHQGLRV EiVLFDPHQWH FRQVLVWHHQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (TXLSRVTXHHQYtDQVHxDOHV8QDVHULHGHGHWHFWRUHVGHLQFHQGLR\SXOVDGRUHV PDQXDOHVGLVWULEXLGRVSRUWRGDODLQVWDODFLyQFDSDFHVGHVHxDODUODSUHVHQFLDGH XQLQFHQGLRHQVXHVWDGRLQLFLDO (TXLSRV TXH UHFLEHQ VHxDOHV (O VLVWHPD GH DYLVR GH DODUPD VHUi DF~VWLFR VLUHQDV \R DOWDYRFHV \ SHUPLWLUi OD WUDQVPLVLyQUHFHSFLyQ GH DODUPDV ORFDOHV \ GH DODUPD JHQHUDO $VRFLDGRV DO VLVWHPD GH GHWHFFLyQ WDPELpQ UHFLEHQ VHxDOHV RWURVHTXLSRVFRPRSXHUWDVFRUWDIXHJRH[XWRULRVGHKXPRVUHSHWLGRUHVHWF (TXLSRV GH FRQWURO &HQWUDO GH GHWHFFLyQ DXWRPiWLFD GRQGH VH FHQWUDOL]DQ ODV DODUPDV\GRQGHUHVLGHWRGDODOyJLFDGHIXQFLRQDPLHQWRSRUODFXDOVHOOHYDQD FDERXQDVHULHGHDFFLRQHVSUHYHQWLYDVSURJUDPDGDVHQFDVRGHHPHUJHQFLD /RV FRPSRQHQWHV PiV VLJQLILFDWLYRV GH XQ VLVWHPD GH GHWHFFLyQ GH LQFHQGLRV VRQ 'HWHFWRUHVGHLQFHQGLR &HQWUDOHVGHLQFHQGLR 'HWHFWRUHV GH LQFHQGLR (O GHWHFWRU GH LQFHQGLR HV HO HOHPHQWR TXH SRVHH FRPR PtQLPR XQ VHQVRU TXH FRQWUROD GH PDQHUD FRQWLQXD R D LQWHUYDORV UHJXODUHV XQ IHQyPHQRItVLFR\RTXtPLFRDVRFLDGRDXQLQFHQGLR\TXHSURSRUFLRQDFRPRPtQLPR XQD VHxDO DO HTXLSR GH FRQWURO \ VHxDOL]DFLyQ /D GHFLVLyQ GH GDU OD DODUPD GH LQFHQGLR R GH KDFHU IXQFLRQDU XQ HTXLSR GH SURWHFFLyQ DXWRPiWLFR FRQWUD LQFHQGLR SXHGH UHDOL]DUVH D QLYHO GHO GHWHFWRU R GH OD FHQWUDO (Q IXQFLyQ GHO IHQyPHQR GHWHFWDGRORVGHWHFWRUHVVHFODVLILFDQ HQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 'HWHFWRUHV GH KXPR 'HWHFWRU VHQVLEOH D ODV SDUWtFXODV GH ORV SURGXFWRV GH FRPEXVWLyQ\RGHSLUyOLVLVHQVXVSHQVLyQHQHODLUHDHURVROHV 'HWHFWRU GH KXPR SRU LRQL]DFLyQ 6HQVLEOH D ORV SURGXFWRV GH FRPEXVWLyQ FDSDFHV GH DIHFWDU ODV FRUULHQWHV GH LRQL]DFLyQ HQ HO LQWHULRU GHO GHWHFWRU 'HWHFWDWDQWRSDUWtFXODVYLVLEOHVFRPRLQYLVLEOHV\WDQWRKXPRQHJURFRPR EODQFR (V HO PiV DGHFXDGR SDUD OD GHWHFFLyQ GH LQFHQGLRV FRQ KXPR \ OODPDV 'HWHFWRUySWLFRGHKXPRV6HQVLEOHDORVSURGXFWRVGHFRPEXVWLyQFDSDFHV GH PRGLILFDU OD DEVRUFLyQ R OD GLIXVLyQ HQ OD ]RQD LQIUDUURMD YLVLEOH \R XOWUDYLROHWD GHO HVSHFWUR HOHFWURPDJQpWLFR 'HWHFWD SDUWtFXODV YLVLEOHV \ GH KXPR EODQFR (V HO PiV DGHFXDGR SDUD OD GHWHFFLyQ GH LQFHQGLRV FRQ PXFKRKXPR\SRFDOODPD 'HWHFWRUHVGHWHPSHUDWXUD'HWHFWRUVHQVLEOHDXQLQFUHPHQWRGHWHPSHUDWXUD 'HWHFWRUWpUPLFR6HDFWLYDFXDQGRODWHPSHUDWXUDDPELHQWHH[FHGHGHXQ GHWHUPLQDGRYDORUSUHYLDPHQWHHVWDEOHFLGR 'HWHFWRU WHUPRYHORFLPpWULFR 6H DFWLYD FXDQGR HO LQFUHPHQWR GH OD WHPSHUDWXUDH[FHGHGHXQFLHUWRYDORUHQXQWLHPSRGHWHUPLQDGRRVHOOHJD DXQYDORUGHWHPSHUDWXUDSUHILMDGR 'HWHFWRUHV GH OODPDV 'HWHFWRU VHQVLEOH D OD UDGLDFLyQ HPLWLGD SRU ODV OODPDV SURFHGHQWHVGHXQIXHJR(QIXQFLyQGHOHVSHFWURGHOX]SUHIHUHQWHHPLWLGRSRU ODVXVWDQFLDHQFRPEXVWLyQORVWLSRVEiVLFRVVRQ 'HWHFWRUGHLQIUDUURMRV,5 'HWHFWRUXOWUDYLROHWD89 'HWHFWRUFRPELQDGR,589 'HWHFWRUHVGHJDVHV'HWHFWRUVHQVLEOHDORVSURGXFWRVGHFRPEXVWLyQJDVHRVRV \RGHGHVFRPSRVLFLyQSURGXFLGRVSRUHOFDORU (QIXQFLyQGHOQ~PHURGHVHQVRUHVTXHLQFRUSRUDORVGHWHFWRUHVVHFODVLILFDQHQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 8QLVHQVRULDOHV (O GHWHFWRU GLVSRQH GH XQ ~QLFR VHQVRU GH DFXHUGR D XQ ~QLFRSULQFLSLRGHIXQFLRQDPLHQWRLyQLFRySWLFRRWpUPLFR 0XOWLVHQVRULDOHV(OGHWHFWRUGLVSRQHGHGRVRWUHVVHQVRUHVGHDFXHUGRD GRV R WUHV SULQFLSLRV GH IXQFLRQDPLHQWR LyQLFR ySWLFR LyQLFRySWLFRWpUPLFRHWF ([LVWH XQD DGHFXDFLyQ GH DSOLFDFLyQ GH FDGD WLSR GH GHWHFWRU HQ IXQFLyQ GH GHWHUPLQDGRVSDUiPHWURVDPELHQWDOHV &HQWUDOHV GH LQFHQGLR /D FHQWUDO GH LQFHQGLR FRQVWLWX\H OD SDUWH FHQWUDO GHO VLVWHPDGHGHWHFFLyQGHLQFHQGLRV\EiVLFDPHQWHUHDOL]DODVVLJXLHQWHVIXQFLRQHV 3URSRUFLRQDODDOLPHQWDFLyQHOpFWULFDDOUHVWRGHFRPSRQHQWHVGHODLQVWDODFLyQ GHWHFWRUHVSXOVDGRUHVDYLVDGRUHVHWF &RPXQLFD FRQ ORV FRPSRQHQWHV GH OD LQVWDODFLyQ LQGLFDQGR ODV VLWXDFLRQHV GH DODUPDIDOORVLGHQWLILFDFLyQGHSXQWRVHWF 7UDQVPLWH OD VHxDO GH DODUPD DFWLYDQGR ORV GLVSRVLWLYRV GH DODUPD DOHUWD \ PDQGRGHODVLQVWDODFLRQHV 9LJLOD OD LQVWDODFLyQ \ DYLVD VREUH FRUWRFLUFXLWRV FRUWHV HQ OD OtQHD IDOORV GH DOLPHQWDFLyQHWF &RQWURODODVVHxDOHVGHHQWUDGD\VDOLGD &RQWUROD HO IXQFLRQDPLHQWR SURJUDPDGR TXH GHEHUi HVWDU EDVDGR HQ ODV FDUDFWHUtVWLFDV HQ PXFKRV FDVRV SUHYLVLEOHV GHO GHVDUUROOR GH XQ SRVLEOH LQFHQGLR ,JXDOPHQWH OD FHQWUDO GH LQFHQGLR HV HO HTXLSR TXH DFWLYD RWURV GLVSRVLWLYRV DVRFLDGRV TXH IRUPDQ SDUWH GH VLVWHPDV GLIHUHQWHV DO GH GHWHFFLyQ $ WUDYpV GH ODV VDOLGDVTXHSRVHDSXHGHWHOHPDQGDU (OVLVWHPDGHHYDFXDFLyQGHKXPRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (OFLHUUHGHSXHUWDVFRUWDIXHJR /DDFWLYDFLyQGHVLVWHPDVGHH[WLQFLyQDXWRPiWLFD /DDFWLYDFLyQGHWUDQVPLVRUHVWHOHIyQLFRVGHDODUPDV (OEORTXHRGHDVFHQVRUHVHQSODQWDEDMD 3XOVDGRUHVPDQXDOHV /RV SXOVDGRUHV PDQXDOHV GH DODUPD VRQ ORV GLVSRVLWLYRV GH DFFLRQDPLHQWR PDQXDOTXHSHUPLWHQSURYRFDUYROXQWDULDPHQWHXQDDODUPD\WUDQVPLWLUHVWDVHxDODOD FHQWUDO GH LQFHQGLR 6RQ XQ HOHPHQWR HVHQFLDO HQ WRGD LQVWDODFLyQ GH GHWHFFLyQ GH LQFHQGLRV 6XXELFDFLyQVHUiWDOTXHODGLVWDQFLDPi[LPDDUHFRUUHUGHVGHFXDOTXLHUSXQWR GHODLQVWDODFLyQKDVWDXQSXOVDGRUQRVXSHUHORVP (;7,1&,Ï1$8720È7,&$ 8QDLQVWDODFLyQILMDGHH[WLQFLyQDXWRPiWLFDGHWHFWD\H[WLQJXHXQLQFHQGLRHQ VXVFRPLHQ]RVRORFRQWLHQHGHPDQHUDTXHVHSXHGDUHDOL]DUODH[WLQFLyQSRUPHGLRV PDQXDOHVRSRUORVVHUYLFLRVFRQWUDLQFHQGLRV (VWH WLSR GH LQVWDODFLRQHV LQFOX\H XQ VLVWHPD GH DODUPD GHVWLQDGR D KDFHU SDWHQWHHOIXQFLRQDPLHQWRGHODLQVWDODFLyQ\VXVLQFLGHQFLDV 6LVWHPDVDXWRPiWLFRV (O GLVHxR LQVWDODFLyQ \ SXHVWD HQ PDUFKD GHEHQ EDVDUVH HQ XQ GHWDOODGR FRQRFLPLHQWRGHOD]RQDSURWHJLGDVXXVR\ODRUJDQL]DFLyQGHODDODUPD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (QIXQFLyQGHODV FDUDFWHUtVWLFDVGHOULHVJRTXH VHKDGHSURWHJHU\ODV GHORV GLIHUHQWHV DJHQWHV H[WLQWRUHV VH GHILQLUi OD QHFHVLGDGR QR GH LQVWDODU VLVWHPDV ILMRV GHH[WLQFLyQ\HQFDVRDILUPDWLYRTXpVLVWHPDVLQVWDODU /DVFDUDFWHUtVWLFDVTXHKD\TXHWHQHUHQFXHQWDHQXQDLQVWDODFLyQGHVLVWHPDV ILMRVGHH[WLQFLyQVRQ &ODVLILFDFLRQHV &DPSRGHDSOLFDFLyQ &RQVLGHUDFLRQHVGHXVR (VSHFLILFDFLRQHVGHORVHTXLSRV 6XPLQLVWURGHODJHQWHH[WLQWRU &DUDFWHUtVWLFDV\FRQGLFLRQHVDFXPSOLUSRUORVHTXLSRVDLQVWDODU 3DUiPHWURVGHGLVHxRGHOVLVWHPD &HUWLILFDFLRQHVGHORVHTXLSRV (Q HO 5HJODPHQWR GH ,QVWDODFLRQHV GH 3URWHFFLyQ &RQWUD ,QFHQGLRV VH UHFRJHQ ODVFDUDFWHUtVWLFDVTXHGHEHQUHXQLUORVVLVWHPDVILMRVGHH[WLQFLyQSRVLEOHVGHLQVWDODU 6LVWHPDVILMRVGHURFLDGRUHVDXWRPiWLFRVGHDJXD 6LVWHPDVILMRVGHH[WLQFLyQSRUDJXDSXOYHUL]DGD 6LVWHPDVILMRVGHH[WLQFLyQSRUHVSXPDItVLFDGHEDMDH[SDQVLyQ 6LVWHPDVILMRVGHH[WLQFLyQSRUSROYRVXVFDUDFWHUtVWLFDV\HVSHFLILFDFLRQHV 6LVWHPDVILMRVGHH[WLQFLyQSRUDJHQWHVH[WLQWRUHVJDVHRVRV /RVPHFDQLVPRVGHGLVSDURVHUiQSRUPHGLRGHGHWHFWRUHVGHKXPRHOHPHQWRV IXVLEOHVWHUPyPHWURGHFRQWDFWRWHUPRVWDWRVRGLVSDURPDQXDOHQOXJDUDFFHVLEOH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 /D FDSDFLGDG GH ORV UHFLSLHQWHV GH JDV D SUHVLyQ GHEHUi VHU VXILFLHQWH SDUD DVHJXUDU OD H[WLQFLyQ GHO LQFHQGLR /DV FRQFHQWUDFLRQHV GH DSOLFDFLyQ VH GHILQLUiQ HQ IXQFLyQGHOULHVJRGHELHQGRTXHGDUMXVWLILFDGRVDPERVUHTXLVLWRV (VWRVVLVWHPDVVyORVHUiQXWLOL]DEOHVFXDQGRTXHGHJDUDQWL]DGDODVHJXULGDGROD HYDFXDFLyQGHOSHUVRQDO $GHPiVHOPHFDQLVPRGHGLVSDURLQFOXLUiXQUHWDUGRHQVXDFFLyQ\XQVLVWHPD GH SUHDODUPD GH IRUPD TXH SHUPLWD OD HYDFXDFLyQ GH GLFKRV RFXSDQWHV DQWHV GH OD GHVFDUJDGHODJHQWHH[WLQWRU &21752/<(0(5*(1&,$ /RVVLVWHPDVGHFRQWURO\HPHUJHQFLDVRQDTXpOORVGHVWLQDGRVSULQFLSDOPHQWH DGLULJLUHOIOXMRGHODVSHUVRQDV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 (QWUH ORV SULQFLSDOHV HTXLSRV VLVWHPDV H LQVWDODFLRQHV GH DSOLFDFLyQ D ORV HVWDEOHFLPLHQWRVFRPHUFLDOHVSRGHPRVFLWDU /RVVLVWHPDVGHFRQWUROGHURQGDVSDUDYLJLODQFLDQRFWXUQDRIHVWLYD /RVHTXLSRVGHUDGLRFRPXQLFDFLRQHVSDUDHOSHUVRQDOGHYLJLODQFLD /RVVLVWHPDVEXVFDSHUVRQDVSDUDSHUVRQDOGLUHFWLYR\GHVHJXULGDG /DVLQVWDODFLRQHVGHLQWHUIRQtD\GHPHJDIRQtDSDUDPHQVDMHV\FRQVLJQDV GHVHJXULGDG 6LVWHPDVGHFRQWUROGHURQGDV /RV VLVWHPDV GH FRQWURO GH URQGDV GH YLJLODQFLD \ SURWHFFLyQ TXH HIHFW~DQ ORV YLJLODQWHV GH VHJXULGDG YHULILFDQ TXH VH KD HIHFWXDGR HO SDVR REOLJDGR SRU XQ SXQWR GHWHUPLQDGR\VLJXLHQGRXQKRUDULRSUHILMDGR\SURJUDPDGR (OVLVWHPDGHFRQWUROGHURQGDVHQHVHQFLDFRQVLVWHHQ (TXLSRV SRUWiWLOHV &RQVLVWHQ EiVLFDPHQWH HQ XQRV OHFWRUHV WUDQVSRUWDEOHV HQ ORV TXH VH UHJLVWUD XQD VHxDO GHO WHUPLQDO ILMR (Q HVWRV HTXLSRV TXHGDQ UHJLVWUDGRV LJXDOPHQWH RWURV GDWRV FRPR SXHGDQ VHUOD IHFKD KRUD Q~PHUR GH URQGDVHLGHQWLGDGGHOYLJLODQWH (TXLSRVWHUPLQDOHV6RQHOHPHQWRVILMRVTXHVHVLW~DQHQOXJDUHVHVWUDWpJLFRVH LGHQWLILFDQHOSXQWRH[DFWRHQGRQGHHVWiQVLWXDGRV 8QLGDG FHQWUDO (VWD XQLGDG HV XQ HTXLSR HQ GRQGH VH YXHOFDQ ORV GDWRV REWHQLGRV GXUDQWH ODV URQGDV 1RUPDOPHQWH FXHQWDQ FRQ XQD FRQH[LyQ D LPSUHVRUD \X RUGHQDGRU SHUVRQDO SDUD JHVWLyQ \ FRQWURO FRQIHFFLyQ GH KLVWyULFRVOLVWDGRVHWF 3DUDHOHVWDEOHFLPLHQWRGHXQVLVWHPDGHFRQWUROGHURQGDVKDEUiTXH 'HWHUPLQDUODVUXWDVDVHJXLULQWHULRUHVH[WHULRUHV 'HWHUPLQDUHOQ~PHURGHOHFWRUHV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 'HWHUPLQDUKRUDULRV\WLSRVGHUXWDVGHFRQWUROFKHTXHRHWF (TXLSRVGHUDGLRFRPXQLFDFLRQHV /RVUDGLRFRPXQLFDGRUHVVRQWUDQVFHSWRUHVUHFHSWRUHVTXHRSHUDQHQ+)8+)R 9+)GLVHxDGRVSDUDODVFRPXQLFDFLRQHVRUDOHV 3RU OR JHQHUDO QR SHUPLWHQ OD H[SORWDFLyQ HQGXSOH[ FRPXQLFDFLyQ ELODWHUDO \ VLPXOWiQHDORTXHH[LJHTXHHOXVXDULRFRQR]FDORVSURFHGLPLHQWRVGHH[SORWDFLyQ/D FRPXQLFDFLyQQRUPDOPHQWHVHUHDOL]DHQVHPLGXSOH[TXHFRQVLVWHHQTXHVHHVWDEOHFH HQORVGRVVHQWLGRVHPLVRUUHFHSWRUSHURQRGHIRUPDVLPXOWiQHD /DV UHGHV GH FRPXQLFDFLyQ SDUD XVR SURIHVLRQDO VH EDVDQ HQ IUHFXHQFLDV DVLJQDGDV SRU OD 'LUHFFLyQ *HQHUDO GH 7HOHFRPXQLFDFLRQHV VLHQGR HQ PXFKRV FDVRV FRPSDUWLGD SRU RWURV XVXDULRV (VWR REOLJD D TXH ORV HTXLSRV HVWpQ GRWDGRV GH XQ FRGLILFDGRUGHFRGLILFDGRU GH VXEWRQRV TXH PH]FODQ FRQ OD VHxDO YR] XQ WRQR QR DXGLEOH HQ HO PRPHQWR GH OD WUDQVPLVLyQ TXH VyOR HV GHWHFWDGR SRU HO HTXLSR TXH FRQWHQJDHVWHVXEWRQR7DPELpQSDUDHYLWDULQWHUIHUHQFLDVVHHPSOHDXQVLVWHPDGH LQKLELFLyQGHWUDQVPLVLyQHQSUHVHQFLDGHSRUWDGRUDHVWRHVXQHTXLSRTXHQRHPLWH VL GHWHFWD XQD SRUWDGRUD HQ OD IUHFXHQFLD DVLJQDGD \D TXH HO RWUR HTXLSR HVWDUi HPLWLHQGRHQHVHPRPHQWR /RV~OWLPRVHTXLSRVH[LVWHQWHVHQHOPHUFDGRSRVHHQXQVLVWHPDGHFRQWUROGH WUDQVPLVLRQHVTXHSHUPLWHQDODVHVWDFLRQHVGLUHFWRUDVVDEHUTXpHTXLSRHPLWHODVHxDO DWUDYpVGHXQRVWRQRVTXHSHUVRQDOL]DQHOHTXLSR\DVtSRGHUXWLOL]DUHVWDFRGLILFDFLyQ GHIRUPDLQYHUVDSDUDTXHODHPLVRUDVHOHFFLRQHFRQTXpHTXLSRVGHVHDFRPXQLFDU 7DPELpQ VH KDQ GLIXQGLGR ODV UHGHV GH JUXSRV FHUUDGRV FRQ DVLJQDFLyQ GLQiPLFDGHFDQDOHVFRQRFLGDVFRPRUHGWUXQNLQJTXHIXQGDPHQWDOPHQWHFRQVLVWHHQ XQD LQIUDHVWUXFWXUD FRP~Q GH FHQWURV GH FRQWURO HVWDFLRQHV EDVH UHSHWLGRUHV HWF TXH SHUPLWHQ TXH YDULRV JUXSRV GH XVXDULRV XWLOLFHQ XQ VLVWHPD GH FRPXQLFDFLyQ FRPSXHVWRSRUYDULRVFDQDOHV&XDQGRXQHTXLSROODPD\PDUFDXQDVHULHGHGtJLWRVGH LGHQWLILFDFLyQ D VX EDVH HO VLVWHPD OH DVLJQD XQ FDQDO OLEUH HVWDEOHFLpQGRVH OD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 FRPXQLFDFLyQHQWUHHOHPLVRU\HOUHFHSWRUGHVHDGRVVLQHVFXFKDSRUSDUWHGHOUHVWR GHORVXVXDULRV 6LVWHPDVEXVFDSHUVRQDV /RV EXVFDSHUVRQDV VRQ UHFHSWRUHV SRUWiWLOHV GH PHQVDMHV YtD UDGLR TXH DSDUHFHQHQXQGLVSOD\DOIDQXPpULFR (VWHVLVWHPDGHFRPXQLFDFLyQSDUDHOFRQWURO\FDVRVGHHPHUJHQFLDVHEDVDHQ OD XWLOL]DFLyQ GH XQ VLVWHPD DOIDQXPpULFR GHQWUR GH ODV LQVWDODFLRQHV GHO HVWDEOHFLPLHQWRFRPHUFLDO&XDQGRHOFHQWURGHFRQWUROGHVHJXULGDGUHFLEHXQDYLVRGH XQD LQFLGHQFLD WUDQVPLWH OD LQFLGHQFLD H[DFWD HO OXJDU \ HO SURFHGLPLHQWR D VHJXLU VHJ~QORVSODQHVSUHYLDPHQWHHVWDEOHFLGRV(VWRSHUPLWHTXHODLQFLGHQFLDVHDUHFLELGD UiSLGDPHQWHSRUXQJUDQQ~PHURGHSHUVRQDVQRUPDOPHQWHHOVHUYLFLRGHYLJLODQFLD\ ORVHPSOHDGRVTXHLQWHUYLHQHQHQFDVRGHHPHUJHQFLDV &XDQGRODDODUPDFHVDRVHKDVROXFLRQDGRHOLQFLGHQWHVHHQYtDRWURPHQVDMH DORVUHFHSWRUHVGHOVLVWHPDLQGLFiQGROHVTXHODVLWXDFLyQKDYXHOWRDODQRUPDOLGDG ,JXDOPHQWHSDUDVLWXDFLRQHVGHHPHUJHQFLDHVGHDSOLFDFLyQODWHOHIRQtDPyYLO ,QVWDODFLRQHVGHLQWHUIRQtD\PHJDIRQtD ,QWHUIRQtDHVOD GLIXVLyQELGLUHFFLRQDORSOXULGLUHFFLRQDOGHVRQLGRGHQWURGHXQ GHWHUPLQDGRiPELWRHVSDFLDO (O GLVHxR GH ODV LQVWDODFLRQHV GH LQWHUIRQtD VH UHDOL]DUi DFRUGH FRQ ODV QHFHVLGDGHV HVSHFtILFDV GH FDGD RUJDQL]DFLyQ \ WLSR GH VHUYLFLR RSWLPL]DQGR OD HILFLHQFLDGHODLQIRUPDFLyQGHO'HSDUWDPHQWRGH6HJXULGDG\GHORVRWURVVHUYLFLRVGH HPHUJHQFLD (VWRV VLVWHPDV GHEHQ VHU FDSDFHV GH RSHUDU ODV KRUDV GHO GtD LQFOXVR HQ FDVRGHIDOORGHDOJXQRGHORVHTXLSRVGHODUHG /RVDVSHFWRVTXHFDUDFWHUL]DQHVWDVLQVWDODFLRQHVVRQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 9HUVDWLOLGDG 3ULYDFLGDG &DOLGDGGHHPLVLyQ /DPHJDIRQtDHVXQVLVWHPDGHFRPXQLFDFLyQXQLGLUHFFLRQDOGHOVRQLGRGLULJLGR GHVGHXQSXQWRFHQWUDODOHVSDFLR /DV LQVWDODFLRQHV GH LQWHUIRQtD \ PHJDIRQtD FRPR SDUWHV LQWHJUDQWHV GH ORV PHGLRVDFWLYRVGHVHJXULGDGFXPSOHQIXQFLRQHVGHHVSHFLDOUHOHYDQFLDFRPRVRQ ,QWHUFRPXQLFDUSXQWRDSXQWRDYLVRVyUGHQHVHLQVWUXFFLRQHVGHIRUPDSULYDGD \GLVFUHWD &RPXQLFDUPHGLDQWHPHQVDMHVKDEODGRVyUGHQHVHLQVWUXFFLRQHVDOSHUVRQDOGH XQiUHDSODQWDRWRGRHOHGLILFLRHQFDVRGHHPHUJHQFLD &RPXQLFDUFRQVLJQDVDOSHUVRQDOGHHPHUJHQFLD\VHJXULGDG 3RU HOOR ODV LQVWDODFLRQHV GH LQWHUIRQtD \ PHJDIRQtD GHEHQ HVWDU SURWHJLGDV FRQWUDODLQWUXVLyQGHSHUVRQDVQRDXWRUL]DGDVHVSHFLDOPHQWHGXUDQWHODJHVWLyQGHODV VLWXDFLRQHVGHHPHUJHQFLD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$' • 5(&20(1'$&,21(6*(1(5$/(6 (V UHFRPHQGDEOH QR HVSHUDU D VXIULU XQ URER SDUD DGRSWDU PHGLGDV GH VHJXULGDG6LQHPEDUJRKD\TXHDGHFXDUODSUHYHQFLyQDOWLSRGHFRPHUFLRR HVWDEOHFLPLHQWR\GHEHRSWDUVHSRUXQDVHOHFFLyQSRQGHUDGDGHORVPHGLRVR PHGLGDVGHVHJXULGDGOyJLFDV • (Q IXQFLyQ GH ORV GLIHUHQWHV WLSRV GH HVWDEOHFLPLHQWRV FRPHUFLDOHV H[LVWHQ GLYHUVRV VLVWHPDV GH VHJXULGDG TXH SXHGHQ DSOLFDUVH HQ HO LQWHULRU HQ HO SHUtPHWUR\HQORVDFFHVRV • 5HVXOWD QHFHVDULR OOHYDU D FDER XQ HVWXGLR SDUD LGHQWLILFDU ODV PHGLGDV GH VHJXULGDG DFRQVHMDEOHV \ SDUD GHOLPLWDU HO iUHD GH VHJXULGDG REMHWR GH SURWHFFLyQ LGHQWLILFDQGR ORV SXQWRV GpELOHV \ VXSULPLHQGR HQ OD PHGLGD GH OR SRVLEOHDFFHVRVVHFXQGDULRV • /DV PHGLGDV GH SUHYHQFLyQ FRQWULEX\HQ D PHMRUDU GH IRUPD QRWDEOH OD VHJXULGDG GHO HVWDEOHFLPLHQWR \ D IDFLOLWDU ODV WDUHDV SRVWHULRUHV GH LQYHVWLJDFLyQGHORVGHOLWRV • (O XVR HYLGHQWH \ KDELWXDO GH PHGLGDV GH VHJXULGDG GHVPRWLYDQ DO SRVLEOH GHOLQFXHQWH\KDFHQTXHpVWHVHORSODQWHHDQWHVGHFRPHWHUHOGHOLWR • /DLQVWDODFLyQGHOVLVWHPDGHVHJXULGDGQRHVHQVtPLVPDVXILFLHQWH$GHPiV HVSUHFLVRTXHWDQWRHOSURSLHWDULRGHOHVWDEOHFLPLHQWRFRPRORVWpFQLFRVGHOD HPSUHVD GH VHJXULGDG OOHYHQ D FDER FRPSUREDFLRQHV SHULyGLFDV DVt FRPR HO PDQWHQLPLHQWR \ UHYLVLyQ DGHFXDGRV GH VXV FRPSRQHQWHV SDUD JDUDQWL]DUVXEXHQIXQFLRQDPLHQWR • 7RGDPHGLGDTXHLPSOLTXHSpUGLGDGHWLHPSRSDUDHOGHOLQFXHQWHVLJQLILFD XQ DXPHQWR GH OD SRVLELOLGDG GH GHWHFFLyQ \ GH UHVSXHVWD DGHFXDGD DQWH HO GHOLWR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • 8QWpFQLFRHQVHJXULGDGSXHGHGLVHxDUXQSUR\HFWRGHLQVWDODFLyQRPHMRUD GHOVLVWHPDDGDSWDGRDODVQHFHVLGDGHV\FDUDFWHUtVWLFDVGHVXHVWDEOHFLPLHQWR • /D VHxDOL]DFLyQ DGHFXDGD PHGLDQWH UyWXORV WDQWR HQ DFFHVRV FRPR HQ HO LQWHULRU GHO HVWDEOHFLPLHQWR GH OD H[LVWHQFLD GH PHGLGDV GH VHJXULGDG LQVWDODGDV • &RPSUREDUHOJUDGRGHFREHUWXUDGHODSyOL]DGHVHJXURVHQFDVRGHKXUWR\ HQFDVRGHURER\DQDOL]DUODVGLIHUHQFLDV • 7RPDU SUHFDXFLRQHV H[WUDRUGLQDULDV VL HO HVWDEOHFLPLHQWR IXQFLRQD HQ KRUDULRVQRKDELWXDOHV • +D\ TXH PDQWHQHU XQD DFWLWXG YLJLODQWH UHVSHFWR D ODV HVWDIDV UHKX\HQGR HQJHQHUDOODVRIHUWDVGHQHJRFLRVIiFLOHVRJRORVRV • 7HQHU D PDQR XQ OLVWDGR FRQ ORV WHOpIRQRV GH HPHUJHQFLD \ GH ODV IXHU]DV \ FXHUSRVGHVHJXULGDGGHO(VWDGR • (VFRQYHQLHQWHFRPELQDUYDULRVWLSRVGHVLVWHPDVRPHGLGDVGHVHJXULGDG 6(*85,'$'(1(/(;7(5,25'(//2&$/ 381726'($&&(62$//2&$/ • 6H KD GH YDORUDU OD SRVLELOLGDG GH FRQWUDWDU XQ VHUYLFLR GH YLJLODQWHV GH VHJXULGDG(QFDVRFRQWUDULRGHVLJQHDOJ~QHPSOHDGRGHFRQILDQ]DSDUDTXH VHUHVSRQVDELOLFHGHHOOR • 6L HV SRVLEOH HV DFRQVHMDEOH LQVWDODU XQ WLPEUH \ XQ VLVWHPD GH FRQWURO GH DSHUWXUD GH OD SXHUWD GH DFFHVR DO HVWDEOHFLPLHQWR \D VHD XQ OODPDGRU R XQ VLVWHPDGHDSHUWXUDUHPRWD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • &RQ UHVSHFWR D ORV HVFDSDUDWHV DGRSWDU ODV PHGLGDV GH VHJXULGDG ItVLFDV \R HOHFWUyQLFDV TXH VH FUHDQ QHFHVDULDV SDUD VX HVWDEOHFLPLHQWR D ILQ GH SURWHJHUORV SLORQHV DQWLDOXQL]DMH FULVWDOHV UHIRU]DGRV R GH VHJXULGDG GHWHFWRUHVGHYLEUDFLRQHVHWF • (QHVWDOtQHDORVHVFDSDUDWHVGHEHQHVWDUGRWDGRVGHSHOtFXODVItOPLFDVDQWL URWXUDTXHHYLWHQWDQWRDFFHVRVQRGHVHDGRVFRPRDFFLGHQWHV • 7DPELpQORVHVFDSDUDWHVGHEHQPDQWHQHUVHGHVSHMDGRVSDUDTXHQRLPSLGDQ REVHUYDUHOH[WHULRUGHVGHHOLQWHULRU\YLFHYHUVD • ,JXDOPHQWH ODV YHQWDQDV GHEHQ HVWDU OLEUHV GH REVWiFXORV SDUD SHUPLWLU XQDEXHQDYLVLyQGHVGHHOH[WHULRU • 3XHGHVHUFRQYHQLHQWHLQVWDODUUHMDV\RSHUVLDQDVDQWLSDODQFD\DQWLFRUWHHQ SXHUWDVYHQWDQDV\RWURVDFFHVRVGHOHVWDEOHFLPLHQWRUHVSLUDGHURVFRQGXFWRV GH YHQWLODFLyQ WUDJDOXFHV DEHUWXUDV GH ORV VyWDQRV HWF /DV SHUVLDQDV QR GHEHQ VHU PDFL]DV SDUD SHUPLWLU OD YLVXDOL]DFLyQ GHO LQWHULRU FXDQGR HVWpQ HFKDGDV • (V QHFHVDULR LQVWDODUFHUUDGXUDVGHVHJXULGDG HQ SXHUWDVYHQWDQDV\ RWURV DFFHVRVDOHVWDEOHFLPLHQWR\UHIRU]DUORVPDUFRV\ODVELVDJUDV • (QFDVRGHSpUGLGDGHOODYHVFDPELDUODFHUUDGXUDLQPHGLDWDPHQWH+DFHUOR PLVPRFRQORVPDQGRVDGLVWDQFLDTXHDEUHQODSHUVLDQDGHVDFWLYDQODDODUPD HWF • +D\ TXH WHQHU HQ FXHQWD TXH ORV DQGDPLRVGHODVREUDV SXHGHQ IDFLOLWDU HO DFFHVRDORVHVWDEOHFLPLHQWRV • 8QDLOXPLQDFLyQDGHFXDGDGDVHJXULGDGHQORVDFFHVRVHQHOH[WHULRU\HQODV ]RQDVTXHGHEHQSURWHJHUVHPiV • &RPSUREDU HO HVWDGR GH GHWHULRUR \ GLODWDFLyQ GH ORV PDUFRV GH SXHUWDV \ YHQWDQDV • ,QVWDODU PHGLGDV GH SURWHFFLyQ DQWLLQWUXVLyQ HQ FRQGXFWRV GH YHQWLODFLyQ UHVSLUDGRUHVRDEHUWXUDVGHOVyWDQR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • 1RGHVFXLGDUORVDFFHVRVVHFXQGDULRVGHOQHJRFLR • /DV SXHUWDV GHEHQ LU GRWDGDV GH FHUUDGXUDV DQWLDWUDFRV EXORQHV GH VHJXULGDG \ VL HV SRVLEOH EDUUDV PHWiOLFDV LQWHULRUHV TXH HYLWHQ ORV DSDODQFDPLHQWRV • 6L ODV SXHUWDV VRQ GH YLGULR GHEHQ ILMDUVH D OD EDVH \ HV UHFRPHQGDEOH GRWDUODVGHSOiVWLFRVGHSURWHFFLyQDQWLYDQGDOLVPR • 3UHVWDU DWHQFLyQ D OD SDUWH H[WHULRU GHO ORFDO \ FXLGDU TXH QR KD\D PDUFDV H[WHULRUHV $OJXQRV GHOLQFXHQWHV PDUFDQ ORV ORFDOHV HQ HO H[WHULRU \ OXHJR UHDOL]DQEXWURQHVVREUHORVORFDOHVPDUFDGRV • 7HQHU HVSHFLDO FXLGDGR FRQ OD VHJXULGDG GHO DOPDFpQ VREUH WRGR HQ GHWHUPLQDGRVPRPHQWRVGHODxRFRQVREUHVWRFNYHUDQRRQDYLGDGHV $3(5785$<&,(55( • 6HJ~Q OD QDWXUDOH]D GHO QHJRFLR SXHGH VHU UHFRPHQGDEOH WRPDU PHGLGDV GH VHJXULGDG GHVGH OD VDOLGD GHO GRPLFLOLR &RPSUREDU TXH QR KD\D PRYLPLHQWRV VRVSHFKRVRV R GHVFRQRFLGRV FRQ FRQGXFWDV H[WUDxDV \ HQ FDVR GHGXGDSRQHUVHHQFRQWDFWRFRQOD3ROLFtD • +D\TXHSURFXUDUTXHODSHUVRQDTXHDEUDRFLHUUHHOHVWDEOHFLPLHQWRFRPHUFLDO HVWpDFRPSDxDGD • (QHOFLHUUHGHMDUODFDMDUHJLVWUDGRUDYDFtD\YLVLEOHPHQWHDELHUWDSDUDHYLWDU TXHODIXHUFHQHQFDVRGHURER • (YLWDU FUHDU HVFRQGLWHV SRVLEOHV SRU DOPDFHQDPLHQWR GH PDWHULDO \ FRPSUREDU VLHPSUH TXH WRGDV ODV LQVWDODFLRQHV KDQ TXHGDGR YDFtDV FXDUWRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 EDxRVDUPDULRVHWF • $VHJXUDU VLHPSUH GH TXH SXHUWDV \ YHQWDQDV TXHGHQ FHUUDGDV \ HO VLVWHPD GHDODUPDFRQHFWDGR $/$50$6(;7(5,25(6 8QD EXHQD IRUPD GH HYLWDU URERV HQ VX QHJRFLR HV FRQWDU FRQ XQ VLVWHPD GH DODUPDFRQHFWDGRDXQD&HQWUDO5HFHSWRUDGH$ODUPDV (OIXQFLRQDPLHQWRGHODVDODUPDVHVSRVLEOHGLYLGLUORHQFXDWURIDVHV 'LVXDVLyQODVLPSOHSUHVHQFLDGHODSODFDLQGLFDDFXDOTXLHULQWUXVRTXHVXQHJRFLR FXHQWDFRQXQVLVWHPDGHDODUPDORTXHSXHGHWUDGXFLUVHHQXQDYLVRLQPHGLDWRDODV )XHU]DV\&XHUSRVGH6HJXULGDGGHO(VWDGRHQFDVRGHLQWHQWRGHLQWUXVLyQ 'HWHFFLyQ ORV GHWHFWRUHV YROXPpWULFRV VH DFWLYDQ VL UHJLVWUDQ PRYLPLHQWR \R DXPHQWR GH WHPSHUDWXUD &XDOTXLHU LQWHQWR GH LQWUXVLyQ KDUi TXH OD VHxDO GH DODUPD OOHJXHDOD&HQWUDO5HFHSWRUD 5HFHSFLyQ ODV DODUPDV HVWiQ FRQHFWDGDV D XQD &HQWUDO 5HFHSWRUD &XDQGR RFXUUH DOJR ORV SURIHVLRQDOHV GH OD HPSUHVD GH VHJXULGDG FRQWUDWDGD FRQWDFWDQ DO LQVWDQWH SDUD FRPSUREDU VL VH WUDWD GH XQD IDOVD DODUPD 'HQR VHU DVt SURFHGHQ D OODPDU GH LQPHGLDWRDOD3ROLFtD ,QWHUYHQFLyQ HV SRVLEOH FRQWUDWDU FRQ ODV HPSUHVDV GH VHJXULGDG XQ VHUYLFLR GH LQWHUYHQFLyQLQPHGLDWDPHGLDQWHHOFXDODODFWLYDUVHODDODUPDGHVXORFDOOHHQYtDQXQ YLJLODQWHPRWRUL]DGR $VtVHSXHGHGHFLUTXH • /DLQVWDODFLyQGHXQVLVWHPDGHDODUPDVRQRUDDGHFXDGRDOHVWDEOHFLPLHQWR \ FRQHFWDGR D XQD FHQWUDO UHFHSWRUD GH DODUPDV FRQ XQD OtQHD WHOHIyQLFD SURWHJLGDQRYLVLEOH\VHSDUDGDGHOUHVWRGHOtQHDVHVXQDPHGLGDGHVHJXULGDG GHJUDQLPSRUWDQFLD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • &RQVXOWDUFRQHPSUHVDVDXWRUL]DGDVSRUOD'LUHFFLyQ*HQHUDOGH3ROLFtDTXH SXHGHQDVHVRUDUVREUHTXpVLVWHPDLQVWDODUHQHOORFDOGHQHJRFLR • (V UHFRPHQGDEOH LQVWDODU XQ VLVWHPD GH DODUPD PL[WR FRQWUD SHUVRQDV LQWUXVDVHLQFHQGLRV • &RPSUREDUGHYH]HQFXDQGRVXIXQFLRQDPLHQWR • (Q HVWD OtQHD HV FRQYHQLHQWH UHYLVDU SHULyGLFDPHQWH ORV GHWHFWRUHV YROXPpWULFRVGHOVLVWHPDGHDODUPD/RVGHOLQFXHQWHVHQKRUDULRFRPHUFLDO\ FRQHOHVWDEOHFLPLHQWRDELHUWRDOS~EOLFRFRORFDQGHIRUPDGLVFUHWDXQDOiPLQD GH SOiVWLFR WUDQVSDUHQWH HQFLPD GH ORV GHWHFWRUHV GLItFLO GH GHWHFWDU D VLPSOH YLVWD (VWR KDFH TXH ORV GHWHFWRUHV QR IXQFLRQHQ FRUUHFWDPHQWH \ TXH ORV GHOLQFXHQWHV SXHGDQ DSURYHFKDU HO KRUDULR GH FLHUUH GHO HVWDEOHFLPLHQWR SDUD DFFHGHUVLQVHUGHWHFWDGRVSRUHOVLVWHPDGHDODUPD(QHVWRVFDVRVQRKD\TXH WRFDU QDGD QL FRPHQWDUOR FRQ QDGLH \ VH GHEH DYLVDU D ORV DJHQWHV GH VHJXULGDG • $QXQFLDU GH IRUPD ELHQ YLVLEOH TXH VX HVWDEOHFLPLHQWR HVWi SURWHJLGR SRU XQ VLVWHPDGHDODUPD • $VHJXUDUVHGHTXHHOSHUVRQDOFRQRFHHOVLVWHPDSDUDHOLPLQDUORVULHVJRVGH IDOVDVDODUPDV • 1RWLILFDUXQWHOpIRQRGHFRQWDFWRRHOGHODHPSUHVDLQVWDODGRUDDOD3ROLFtD SDUDTXHSXHGDQDYLVDUHQFDVRGHTXHVXHQHODDODUPD 9,'(29,*,/$1&,$(;7(5,25 /D YLGHRYLJLODQFLD H[WHULRU FRQOOHYD HO XVR GH FiPDUDV FRQ DFFHVR D OD YtD S~EOLFD 6H GHEH GH UHFRUGDU TXH OD OHJLWLPDFLyQ SDUD HO XVR GH LQVWDODFLRQHV GH YLGHRYLJLODQFLDVHFLxHDODSURWHFFLyQGHHQWRUQRVSULYDGRV/DSUHYHQFLyQGHOGHOLWR\ ODJDUDQWtDGHODVHJXULGDGHQODVYtDVS~EOLFDVFRUUHVSRQGHQHQH[FOXVLYDDODV)XHU]DV \ &XHUSRV GH 6HJXULGDG GHO (VWDGR 3RU WDQWR OD UHJOD JHQHUDO HV OD SURKLELFLyQ GH FDSWDULPiJHQHVGHODFDOOHGHVGHLQVWDODFLRQHVSULYDGDV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 1R REVWDQWH HQ DOJXQDV RFDVLRQHV OD SURWHFFLyQ GH ORV HVSDFLRV SULYDGRV VyOR HV SRVLEOHVLODVFiPDUDVVHXELFDQ HQHVSDFLRVFRPRODVIDFKDGDV $ YHFHV WDPELpQ UHVXOWD QHFHVDULR FDSWDU ORV DFFHVRV SXHUWDV R HQWUDGDV GH PRGR TXH DXQTXH OD FiPDUD VH HQFXHQWUH HQ HO LQWHULRU GHO HGLILFLR UHVXOWD LPSRVLEOH QR UHJLVWUDU SDUWH GH OR TXH VXFHGH HQ OD SRUFLyQ GH YtD S~EOLFD TXH LQHYLWDEOHPHQWH VH FDSWD 3RU WRGR HOOR HO DUWtFXOR GH OD ,QVWUXFFLyQ GH GH QRYLHPEUH GH OD $JHQFLD (VSDxROD GH 3URWHFFLyQGH'DWRVVREUHHOWUDWDPLHQWRGHGDWRVSHUVRQDOHVFRQILQHVGHYLJLODQFLDD WUDYpVGHVLVWHPDVGHFiPDUDVRYLGHRFiPDUDVGLVSRQH /DV FiPDUDV \ YLGHRFiPDUDV LQVWDODGDV HQ HVSDFLRV SULYDGRV QR SRGUiQ REWHQHU LPiJHQHV GH HVSDFLRV S~EOLFRV VDOYR TXH UHVXOWH LPSUHVFLQGLEOH SDUD OD ILQDOLGDG GH YLJLODQFLD TXH VH SUHWHQGH R UHVXOWH LPSRVLEOH HYLWDUOR SRU UD]yQ GH OD XELFDFLyQ GH DTXpOODV(QWRGRFDVRGHEHUiHYLWDUVHFXDOTXLHUWUDWDPLHQWRGHGDWRVLQQHFHVDULRSDUD ODILQDOLGDGSHUVHJXLGD 3DUDTXHHVWDH[FHSFLyQUHVXOWHDSOLFDEOHQRGHEHUiH[LVWLUXQDSRVLELOLGDGGH LQVWDODFLyQDOWHUQDWLYD'HEHWHQHUVHHQFXHQWDTXH • /DXWLOL]DFLyQGHLQVWDODFLRQHVGHYLGHRYLJLODQFLDHQODYtDS~EOLFDVHUHVHUYDD ODV )XHU]DV \ &XHUSRV GH 6HJXULGDG SRU OD /H\ 2UJiQLFD GH GH DJRVWR SRU OD TXH VH UHJXOD OD XWLOL]DFLyQ GH YLGHRFiPDUDV SRU ODV )XHU]DV \ &XHUSRVGH6HJXULGDGGHO(VWDGRHQOXJDUHVS~EOLFRV • (O DUWtFXOR GH OD ,QVWUXFFLyQ QR FRQVWLWX\H XQD KDELOLWDFLyQ SDUD FDSWDULPiJHQHVHQHVSDFLRVS~EOLFRV • (O UHVSRQVDEOH GHO ILFKHUR DGHFXDUi HO XVR GH OD LQVWDODFLyQ GH PRGR TXH HO LPSDFWRHQORVGHUHFKRVGHORVYLDQGDQWHVVHDHOPtQLPRSRVLEOH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • (QQLQJ~QFDVRVHDGPLWLUiHOXVRGHSUiFWLFDVGHYLJLODQFLDPiVDOOiGHO HQWRUQRREMHWRGHODLQVWDODFLyQ \ HQ SDUWLFXODU HQ OR TXH VH UHILHUH D ORV HVSDFLRV S~EOLFRV FLUFXQGDQWHV HGLILFLRV FRQWLJXRV \ YHKtFXORV GLVWLQWRV GH ORV TXHDFFHGDQDOHVSDFLRYLJLODGR • /DVHxDOL]DFLyQJDUDQWL]DUiHQWRGRFDVRORVGHUHFKRVGHORVDIHFWDGRV • /DV LQGLFDFLRQHV GH XVR \ VHJXULGDG IDFLOLWDGRV DO SHUVRQDO FRQWHQGUiQ GH PRGR H[SUHVR LQVWUXFFLRQHV HVSHFtILFDV TXH JDUDQWLFHQ XQ XVR DGHFXDGR \ SURSRUFLRQDOGHORVUHFXUVRV ,1*5(626'(()(&7,92(1(17,'$'(6),1$1&,(5$6 • /D SHUVRQD TXH UHDOLFH ORV LQJUHVRV GHEH GH SURFHGHU VLHPSUH FRQ OD PD\RU UHVHUYDSRVLEOH(YLWDUFRPSDUWLULQIRUPDFLyQVREUHHVWRVPRYLPLHQWRV • (VFRJHUXQDRILFLQDEDQFDULDSUy[LPDDOHVWDEOHFLPLHQWR • 9DULDUODUXWDGHDFHUFDPLHQWRDODRILFLQDGHODHQWLGDGILQDQFLHUDSURFXUDQGR LUSRUYtDVFRQFXUULGDV • 7DPELpQHVFRQYHQLHQWHQRUHDOL]DUORVVLHPSUHHOPLVPRGtDDODPLVPDKRUD +D\ TXH HYLWDU UXWLQDV \ VH GHEH LU YDULDQGR SDUD TXH ORV GHOLQFXHQWHV QR GLVSRQJDQGHSDXWDVDVHJXLUSDUDFRPHWHUHOGHOLWR • (QFDVRGHKDFHUHOWUDVODGRHQFRFKHFXLGDUGHTXHHVWpVLHPSUHHQEXHQDV FRQGLFLRQHV\FRQHOGHSyVLWRVXILFLHQWHHYLWDUKDFHUSDUDGDVGHMDQGRHOGLQHUR HQ HO YHKtFXOR \ OOHYDU pVWH HQ XQ OXJDU TXH QR VHD DFFHVLEOH GHVGH OD YHQWDQLOOD • &XDQGRVHWUDVODGHQJUDQGHVVXPDVGHGLQHURHQFLPDHYLWDUHQODPHGLGDGH ORSRVLEOHHOWUDWRFRQGHVFRQRFLGRV • 'XUDQWHHOWUD\HFWRPDQWHQHUVHDOHUWDSDUDGHWHFWDUODSUHVHQFLDGHSRVLEOHV GHOLQFXHQWHVTXHREVHUYHQRWHQJDQXQDDFWLWXGVRVSHFKRVD • 6LVHVRVSHFKDGHTXHSXHGDQHVWDUVLJXLHQGRGLULJLUVHDXQDFRPLVDUtDRD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 XQ3ROLFtD • (YLWDUOOHYDUPXFKRGLQHURHQXQD~QLFDHQWUHJDDODVHQWLGDGHVEDQFDULDV (V SUHIHULEOH HIHFWXDU YDULRV LQJUHVRV SDUD HYLWDU OOHYDU OD WRWDOLGDG GH OD UHFDXGDFLyQ • 1R OOHYDU HO GLQHUR HQ EROVDV GH PDQR R EDQGROHUDV FROJDGDV GHO KRPEUR 6H GHEHQ OOHYDU HQ EROVLOORV LQWHULRUHV GH OD URSD 'H HVWD PDQHUD HYLWDUHPRV WLURQHV • &RQVLGHUDU OD SRVLELOLGDG GH FRQWUDWDU HO VHUYLFLR GH DOJXQD HPSUHVD GH VHJXULGDGSDUDUHDOL]DUODUHFRJLGDGHODUHFDXGDFLyQFRPHUFLDO 5(/$&,21(6&2127526$*(17(6 • (VWDEOHFHUUHODFLRQHVFRQORVDJHQWHVGHODV)XHU]DV\&XHUSRVGH6HJXULGDG GHO HQWRUQR DVt FRPR FRQ ORV YHFLQRV \ GHPiV FRPHUFLDQWHV /DV PHGLGDV GH VHJXULGDG WRPDGDV HQ FRQMXQWR DXPHQWDQ OD HIHFWLYLGDG GH ODV PHGLGDV LQGLYLGXDOHV • 3DUWLFLSDU HQ DVRFLDFLRQHV GH FRPHUFLDQWHV GHO VHFWRU R WHUULWRULR HV XQD PDQHUD GH HQIUHQWDUVH HQ JUXSR D ORV SRVLEOHV SUREOHPDV \ HVWDEOHFHU VROXFLRQHV\PHGLGDVGHVHJXULGDGFRRUGLQDGDV 6(*85,'$'(1(/,17(5,25'(//2&$/ &$-$65(*,675$'25$6 • 8ELFDUODFDMDUHJLVWUDGRUDVHSDUDGDRSURWHJLGDSRUHOPRVWUDGRUHQHOOXJDU TXHVHHOLMD\VHFRQVLGHUHYLVLEOHGHVGHFXDOTXLHUSRVLFLyQGHOORFDO 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • ,QWHQWDU QR DFXPXODU GHPDVLDGR HIHFWLYR HQ OD FDMD UHJLVWUDGRUD 8WLOL]DU VyOR HO HIHFWLYR QHFHVDULR SDUD ODV WUDQVDFFLRQHV FRPHUFLDOHV GLDULDV )LMDUXQDFDQWLGDGHLU UHWLUDQGR HO H[FHVR UHVHUYDQGR QHFHVDULR OR SDUD JDUDQWL]DUHOFDPELR • (VWHGLQHURUHWLUDGRGHODFDMDUHJLVWUDGRUDVHGHEHGHLQJUHVDUUHJXODUPHQWH HQXQDHQWLGDGILQDQFLHUDRFDMDGHVHJXULGDG • &XDQGRVHUHWLUHGLQHURGHODFDMDUHJLVWUDGRUDFHUUDUODSXHUWDGHDFFHVRDO HVWDEOHFLPLHQWR5HDOL]DUHVWDDFFLyQHQGLIHUHQWHVKRUDVGHPDQHUDDOHDWRULD • 1RHVSHUDUDFHUUDUODFDMDD~OWLPDKRUDDQWHVGHOFLHUUHGHOHVWDEOHFLPLHQWR /DSHUVRQDTXHORKDJDHVFRQYHQLHQWHTXHVHHQFXHQWUHDFRPSDxDGD\HQXQ OXJDUGRQGHHOS~EOLFRQRSXHGDYHUOR • /D FDMD UHJLVWUDGRUD GHEH HVWDU LOXPLQDGD \ VHU IiFLOPHQWH YLVLEOH GHVGH HO H[WHULRU$QWHVGHFHUUDUGHMDUODDELHUWD\YDFtDSDUDHYLWDUGHVWUR]RVLQ~WLOHV • $O GLVSRQHU GHFiPDUDV GH VHJXULGDG FRPSUXHED TXH DO PHQRV XQD VLHPSUH HVWpJUDEDQGRODSRVLFLyQGHODFDMDUHJLVWUDGRUD %,//(7(6'((852 /RVELOOHWHVGHHXURLQFRUSRUDQPXFKRVHOHPHQWRVGHVHJXULGDGGHXQDJUDQ FRPSOHMLGDG WpFQLFD TXH VLJXHQ QRUPDV LQWHUQDFLRQDOHV PX\ HVWULFWDV HQ FXHVWLyQ GH VHJXULGDG 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • &RPSUREDU GLIHUHQWHV VLHPSUH PHGLGDV ODV GH VHJXULGDG \ SDUWLFXODULGDGHV TXH SUHVHQWDQ ORV ELOOHWHV GH HXUR LPSUHVLyQ FDOFRJUiILFD PDUFD GH DJXD KLOR GH VHJXULGDG HWF (Q FDVR GH GXGD HV FRQYHQLHQWH WRFDU PLUDULQFOLQDURJLUDUHOELOOHWH SDUD YHULILFDU VX DXWHQWLFLGDG VHJ~QXQDUHFRPHQGDFLyQGHO%DQFR&HQWUDO(XURSHR • (V UHFRPHQGDEOH GLVSRQHU GH GHWHFWRUHV GH ELOOHWHV IDOVRV \R GH RWURV PHGLRVRGLVSRVLWLYRVVLPLODUHV(OPD\RUQ~PHURGHELOOHWHVIDOVRVFRUUHVSRQGH DORVGH¼ • 6LVHFUHHTXHXQELOOHWHHVIDOVRQRDFHSWDUUHWHQHU\DYLVDUDORVVHUYLFLRV GH VHJXULGDG VHJXULGDG SULYDGD R 3ROLFtD (YLWDU HQ FXDOTXLHU FDVR HO HQIUHQWDPLHQWR FRQ OD SHUVRQD HYLWDQGRULHVJRV \ GLVFXVLRQHV LQIRUPDQGR GH TXHHOELOOHWHDSDUHQWHPHQWHSRGUtDVHUIDOVR\TXHSXHGHKDEHUVLGRYtFWLPDGH XQDHVWDID • (Q FDVR GH TXH OD SHUVRQD TXLHUD LUVH GHO HVWDEOHFLPLHQWR VLQ HVSHUDU OD OOHJDGD GH ORV VHUYLFLRV GH VHJXULGDG QR RSRQHUVH +D\ TXH ILMDUVH HQ ORV UDVJRVFDUDFWHUtVWLFRVURSD\GHWDOOHVGHODSHUVRQDGHVFULSFLyQItVLFDWDWXDMHV FLFDWULFHV HWF \ GH ORV DFRPSDxDQWHV \R YHKtFXORV SDUD IDFLOLWDUORV SRVWHULRUPHQWHDODVIXHU]DV\FXHUSRVGHVHJXULGDG • 6LDSHVDUGHWRGDVODVSUHFDXFLRQHVDGRSWDGDVVHFRQILUPDTXHVHKDUHFLELGR XQ ELOOHWH IDOVR KD\ TXH SRQHUOR HQ FRQRFLPLHQWR GH OD 3ROLFtD SUHVHQWDQGR XQD GHQXQFLD R HQWUHJiQGROR HQ FRPLVDUtD 'H HVWD IRUPD OD XQLGDG GH IDOVLILFDFLyQ GH PRQHGD GH ODV IXHU]DV \ FXHUSRV GH VHJXULGDG GHO (VWDGRHQFDUJDGDGHSHUVHJXLUHVWRVGHOLWRVWHQGUiFRQRFLPLHQWRGHHOOR • (QQLQJ~QFDVRKD\TXHGHVSUHQGHUVHGHOELOOHWHLQWHQWDQGRSDJDUFRQpO 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 \DTXHHQIXQFLyQGHOYDORUGHOELOOHWHVHSRGUtDLQFXUULUHQXQGHOLWRVLH[FHGH GH¼RIDOWDSHQDOVLHVLJXDORQRH[FHGHGH¼ &$-$6)8(57(6 • 7HQHU HQ FXHQWD TXH SXHGH VHU PiV HIHFWLYRLULQJUHVDQGR HOGLQHURHQ XQ EDQFRRFDMDRGLVSRQHUGHXQVHUYLFLRGHUHFRJLGDGHHIHFWLYR1XQFDDFXPXODU JUDQGHVVXPDVGHGLQHURHQHOQHJRFLR • (Q FDVR GH SRVHHU XQD FDMD IXHUWH HVFRQGHUOD SXHGH VXSRQHU TXH ORV ODGURQHVFDXVHQGDxRVEXVFiQGROD • 6LODFDMDIXHUWHKDGHHVWDUILMDHPSRWUDUODFDMDIXHUWHHQHOVXHOR • 0RGLILFDUODFRPELQDFLyQGHODFDMDIXHUWHFXDQGRVHSURGX]FDQFDPELRVHQ VXSODQWLOODGHWUDEDMDGRUHV 9,'(29,*,/$1&,$,17(5,25 • (V UHFRPHQGDEOH OD LQVWDODFLyQ GH XQ VLVWHPD GH YLGHR YLJLODQFLD SURSRUFLRQDO DO HVWDEOHFLPLHQWR FRQ FiPDUDV YLVLEOHV GLVXDVRULDV R FDPXIODGDVFRQJUDEDFLyQGHLPiJHQHV • /DVFiPDUDVGHEHQHQIRFDUDODFFHVRGHOHVWDEOHFLPLHQWR\DOOXJDUGRQGHVH HQFXHQWUDODFDMDUHJLVWUDGRUD • /DJUDEDFLyQGHODVLPiJHQHVGHEHKDFHUVHHQXQGLVFRGXURQRORFDOL]DEOH QL GHVGH HO H[WHULRU QL YtD ,QWHUQHW (VWH GLVFR GXUR GHEHUtD HVWDU IXHUD GHO DOFDQFH GH ORV SRVLEOHV GHOLQFXHQWHV SDUD HYLWDU TXH VH SXHGDQ OOHYDU OD JUDEDFLyQGHODVLPiJHQHV • 6HGHEHFRQVHUYDUHVWDVLPiJHQHVGXUDQWHXQSHUtRGRUD]RQDEOHGHWLHPSR • (YDOXDUODSRVLELOLGDGGHFRORFDUFiPDUDVGHVHJXULGDGILFWLFLDV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &È0$5$6&21(&7$'$6$,17(51(7 &DGDYH]UHVXOWDPiVIUHFXHQWHHOXVRGHYLGHRFiPDUDV,3\:HEFDPVFDSDFHV GH WUDQVPLWLU GDWRV HQ IRUPDWR GLJLWDO D WUDYpV GH ,QWHUQHW /D WHFQRORJtD SHUPLWH HO DKRUUR GH FRVWHV DO IDFLOLWDU OD JUDEDFLyQ GLUHFWD HQ VRSRUWH GLJLWDO \ IDFLOLWD HO QDFLPLHQWRGHQXHYRVVHUYLFLRVGHYLGHRYLJLODQFLD $ GLIHUHQFLD GH ODV WUDGLFLRQDOHV OD FiPDUD ,3 VH FRQHFWD D ,QWHUQHW GLUHFWDPHQWH FRPR FXDOTXLHU RUGHQDGRU FRQHFWDGR D OD UHG 3RU HOOR OD YLVLyQ GH ODV LPiJHQHV FDSWDGDV SRU OD FiPDUD SXHGH UHDOL]DUVH GHVGH FXDOTXLHU RUGHQDGRU FRQHFWDGR D ,QWHUQHW D WUDYpV GHO QDYHJDGRU KDELWXDO VLQ PiV TXH LQWURGXFLU OD GLUHFFLyQ,3GHODFiPDUD 6HWUDWDGHSURGXFWRVPX\SXEOLFLWDGRVIiFLOPHQWHDGTXLULEOHV\TXHQRVXHOHQ UHTXHULU GH FRQRFLPLHQWRV WpFQLFRV HVSHFLDOHV SDUD VX LQVWDODFLyQ SHUR UHVSHFWR GH FX\RXVRGHEHQDQDOL]DUVHORVULHVJRV • (OXVRGHWDOHVFiPDUDVFRPSRUWDULHVJRVDGLFLRQDOHVFXDQGRQRVHFRQILJXUD DGHFXDGDPHQWHHOXVRGHOSURJUDPD\RHOHQWRUQRGHFRPXQLFDFLRQHV • /DFRQILJXUDFLyQSRUGHIHFWRGHOVRIWZDUHSXHGHQRUHXQLUODVJDUDQWtDVGH VHJXULGDGIDFLOLWDQGRHODFFHVRDELHUWRDODVLPiJHQHVSRUFXDOTXLHUD6HGHEHQ GH UHYLVDU VL ODV IXQFLRQHV GH LGHQWLILFDFLyQ \ DXWHQWLFDFLyQ VH HQFXHQWUDQ DFWLYDGDV FRQ HO ILQ GH HYLWDU DFFHVRV GH WHUFHURV D ODV LPiJHQHV \ GH JDUDQWL]DUTXHVyORDFFHGHQORVXVXDULRVDXWRUL]DGRV • $VLPLVPRODJUDEDFLyQGLJLWDOSHUPLWHXQXVRIiFLOGHODVLPiJHQHV 3RUHOORQRGHEHGHROYLGDUVHTXH • (VLUUHOHYDQWHHOPHGLRWpFQLFRHPSOHDGR/DLQVWDODFLyQGHFXDOTXLHUVLVWHPDGH YLGHRYLJLODQFLD FRQ ILQHV GH VHJXULGDG UHTXLHUH OD SDUWLFLSDFLyQ GH XQD HPSUHVDGHVHJXULGDGGHELGDPHQWHDXWRUL]DGDSRUHO0LQLVWHULRGHO,QWHULRU • (OVLVWHPDGHEHUiFXPSOLUFRQHOQLYHOGHVHJXULGDGTXHFRUUHVSRQGDFRQIRUPH DO 5HJODPHQWR GH 'HVDUUROOR GH OD /H\ 2UJiQLFD GH GH GLFLHPEUH GH 3URWHFFLyQ GH 'DWRV GH &DUiFWHU 3HUVRQDO 5'/23' DSUREDGR SRU HO 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 5HDO'HFUHWRGHGHGLFLHPEUH\HQSDUWLFXODU o 6HFRQWDUiFRQSURFHGLPLHQWRVGHLGHQWLILFDFLyQ\DXWHQWLFDFLyQGH ORV XVXDULRV GHO VLVWHPD \ QR VH SHUPLWLUi HO DFFHVR GH WHUFHURV QR DXWRUL]DGRV o 6H JDUDQWL]DUi OD VHJXULGDG HQ HO DFFHVR D WUDYpV GH UHGHV S~EOLFDV GHFRPXQLFDFLRQHV o 6H WHQGUi HQ FXHQWD OD QDWXUDOH]D GH OD LQVWDODFLyQ DO GHILQLU ODV REOLJDFLRQHVGHOSHUVRQDO ,/80,1$&,Ï1,17(5,25 • 8QD FRUUHFWD YLVLELOLGDG GH WRGRV ORV HVSDFLRV GHO QHJRFLR \ XQD EXHQD LOXPLQDFLyQ WDQWR HQ HO LQWHULRU FRPR HQ HO H[WHULRU HV OD PHMRU PDQHUD GH HYLWDUKXUWRV • 0DQWHQHULOXPLQDGRHOLQWHULRUGHOQHJRFLRHQODVKRUDVGHFLHUUH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • 3URFXUDU VXVWLWXLU ODV ERPELOODV \ QHRQHV WUDGLFLRQDOHV SRU OiPSDUDV GH EDMR FRQVXPR6HUHGXFLUi HOJDVWRGHHOHFWULFLGDG \VHHYLWDUiQLQFHQGLRV \DTXH HVWRVVLVWHPDVGHLOXPLQDFLyQQRVHFDOLHQWDQWDQWRFRPRORVFRQYHQFLRQDOHV • $Vt FRPR ODV OXFHV FRQVWLWX\HQ LPSRUWDQWHV IRFRV GH FDORU QR GHMDU HQ VXV SUR[LPLGDGHVURSDVSDSHOHVXRWURVHOHPHQWRVFRPEXVWLEOHV • ([WUHPDU ODV SUHFDXFLRQHV HQ ODV LQVWDODFLRQHV WHPSRUDOHV GH ORV HVFDSDUDWHV • 1RVREUHFDUJDUODVLQVWDODFLRQHVHOpFWULFDV • 0DQWHQHUHQEXHQDVFRQGLFLRQHVHOFDEOHDGR\ORVHPSDOPHVHOpFWULFRV • 1R GHVFXLGDU OD LOXPLQDFLyQ GH ORV DFFHVRV VHFXQGDULRV VDOLGDV GH HPHUJHQFLD\SDWLRVWUDVHURV 352'8&726&20(5&,$/,=$'26 • (V UHFRPHQGDEOH LQVWDODU VLVWHPDV GH SURWHFFLyQ PHFiQLFRV R HOHFWUyQLFRV HQORVDUWtFXORVTXHHVWiQHQYHQWD • /RV REMHWRV SHTXHxRV SHUR GH YDORU HFRQyPLFR HOHYDGR GHEHQ H[KLELUVH GHQWUR GH HVFDSDUDWHV R YLWULQDV FHUUDGDV FRQ OODYH \ pVWD GHEH HVWDU HQ WRGR PRPHQWRHQSRVHVLyQGHOSHUVRQDOGHOHVWDEOHFLPLHQWR • (Q FDVR GH WHQHU REMHWRV H[SXHVWRV HQ IXQFLRQDPLHQWR SRU HMHPSOR RUGHQDGRUHV SRUWiWLOHV R WHOpIRQRV PyYLOHV DWDUORV FRQ XQ FDEOH GH DFHUR R VLPLODUDODPHVDRH[SRVLWRU • (YLWDU FRQFHQWUDU REMHWRV GH JUDQ YDORU HQ XQD PLVPD ]RQD \ PDQWHQHUORV IXHUD GHO DOFDQFH GHO S~EOLFR 7DPSRFR VLWXDUORV FHUFD GH ORV DFFHVRV GHO HVWDEOHFLPLHQWR • 6LHVYLDEOHH[SRQHUFDUDDOS~EOLFRHOHPEDODMHGHOSURGXFWRYDFtR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • $YHFHVODGLVWULEXFLyQGHORVDUWtFXORVVHJ~QHVWUDWHJLDVGHPHUFKDQGLVLQJQR FRLQFLGH FRQ OD GLVWULEXFLyQ VHJ~Q HVWUDWHJLDV GH VHJXULGDG +DEUtD TXH HQFRQWUDUXQHTXLOLEULRHQWUHDPERVDVSHFWRV • /DV YLWULQDV \ H[SRVLWRUHV GHO HVWDEOHFLPLHQWR GHEHQ HVWDU FHUUDGRV FRQ OODYH/DOODYHQRGHEHGHMDUVHSXHVWDHQODFHUUDGXUD &/,(17(6<(03/($'26 • 1R VH GHEH LQIRUPDU D SHUVRQDV GHVFRQRFLGDV VREUH ORV VLVWHPDV GH VHJXULGDGDGRSWDGRVHQHOHVWDEOHFLPLHQWR • /ODPDU D ORV DJHQWHV GH VHJXULGDG HQ HO FDVR GH REVHUYDU OD SUHVHQFLD GH DOJXQDSHUVRQDVRVSHFKRVDHQODVLQPHGLDFLRQHVGHOHVWDEOHFLPLHQWR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 &/,(17(6 • (QHOHVWDEOHFLPLHQWRVHGHEHGHOLPLWDUFODUDPHQWHODV]RQDVGHYHQWDDODV TXHHOS~EOLFRWLHQHOLEUHDFFHVR\ODV]RQDVSULYDGDVGRQGHHVWiUHVWULQJLGRHO SDVRGHSHUVRQDVDMHQDVDOHVWDEOHFLPLHQWR • &XDQGRVHHQVHxHDXQFOLHQWHREMHWRVGHYDORUVHGHEHQGHJXDUGDUDQWHV GH HQVHxDU HO VLJXLHQWH 'HWHUPLQDGRV REMHWRV SXHGHQ SRQHUVH HQ H[SRVLFLyQ HQHPEDODMHVYDFtRV • 2EVHUYDU SRVLEOHV FRPSRUWDPLHQWRV VRVSHFKRVRV HQWUH ORV FOLHQWHV \ FXULRVRV QHUYLRVLVPR PRYLPLHQWRV H[WUDxRV HWF $Vt REVHUYDU VL KD\ SHUVRQDV TXH SHUPDQHFHQ HQ DFWLWXG YLJLODQWH R TXH WRPDQ QRWD GH PRYLPLHQWRVGHOSHUVRQDOGHYHQWDV+DFHUORPLVPRFRQSHUVRQDVTXHHQWUHQ HQ HO FRPHUFLR FXULRVHDQGR KDFLHQGR SUHJXQWDV \ VLQ PXFKDV LQWHQFLRQHV GH FRPSUDU • 'HVFRQILDUGHODVSHUVRQDVTXHHQWUHQHQHOHVWDEOHFLPLHQWRFRQXQFDVFRGH PRWRSXHVWR\DTXHVHWUDWDGHXQDSUiFWLFDKDELWXDOSDUDFRPHWHUURERVHQ HVWDEOHFLPLHQWRVFRPHUFLDOHVHQiUHDVPHWURSROLWDQDV • 7DPELpQVHGHEHGHHVWDUDOHUWDFXDQGRHQWUHQHQHOHVWDEOHFLPLHQWRJUXSRV QXPHURVRV eVWRV SXHGHQ DFWXDU GH IRUPD FRRUGLQDGDSDUDFRPHWHUGHOLWRV • ,JXDOPHQWHSUHVWDUHVSHFLDODWHQFLyQFXDQGRHO HVWDEOHFLPLHQWR VH HQFXHQWUH OOHQR GH FOLHQWHV \D TXH ORV GHOLQFXHQWHV DSURYHFKDQ HVWDVLWXDFLyQSDUDFRPHWHUKXUWRV • $VHJXUDUVH GH TXH QR KD TXHGDGR QDGLH DMHQR DO HVWDEOHFLPLHQWR HQ VX LQWHULRU DUPDULRV ODYDERV DOPDFpQ RILFLQD HWF DQWHV GH FHUUDUOR WDQWR DO PHGLRGtD FRPR SRU ODQRFKH • 1RGHMDUVXVREMHWRVSHUVRQDOHVEROVRPyYLOHWFDODOFDQFHGHOS~EOLFR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 FRPRSRUHMHPSORVREUHHOPRVWUDGRUHQXQDVLOODGHWUiVGHOPRVWUDGRUHQOD HVWDQWHUtDHWF • $GYHUWLUFRQUyWXORVHQODHQWUDGDGHOHVWDEOHFLPLHQWRTXHSXHGHSHGLUVHDO FOLHQWH TXH PXHVWUH VX EROVD GH PDQR DO SHUVRQDO GH VHJXULGDG R TXH OR GHMHHQODFRQVLJQD (03/($'26 • (V QHFHVDULR TXH ORV HPSOHDGRV GHO HVWDEOHFLPLHQWR FRQR]FDQ HO iPELWR GH VHJXULGDG TXH OHV FRUUHVSRQGH HQ IXQFLyQ GH VX JUDGR GH UHVSRQVDELOLGDG \ TXH VHDQ FRQVFLHQWHV GH OD QHFHVLGDG GH ODV PHGLGDV GH VHJXULGDGDGRSWDGDV • $Vt HV SRVLEOH LPSOLFDU D ORV HPSOHDGRV HQ OD VHJXULGDG GHO QHJRFLR FRQ LQIRUPDFLyQIDFLOLWiQGROHVHOFRQRFLPLHQWRSDUDHOFRUUHFWRXVRGHORVVLVWHPDV GHVHJXULGDG\HVWDEOHFLHQGRSURWRFRORVGHVHJXULGDGPRYLPLHQWRGHHIHFWLYR FLHUUHGHOHVWDEOHFLPLHQWRHWF • &RQFLHQFLDUDWRGRHOSHUVRQDOVREUHODQHFHVLGDGGHHVWDUDOHUWD • 5HFXHUGDDORVHPSOHDGRVTXHHVREOLJDWRULRFRPSUREDUHO'1,HQORVSDJRV FRQWDUMHWD • 7DPELpQ XQ FRUUHFWR FRQRFLPLHQWR SRU WRGR HO SHUVRQDO GH ORV VLVWHPDV GH VHJXULGDGUHGXFLUiHOULHVJRGHVXIULUIDOVDVDODUPDV • 0RGLILFDUODFRPELQDFLyQGHFDMDVGHVHJXULGDGRUGHQDGRUHV\VLVWHPDVGH DODUPDFXDQGRH[LVWDQEDMDVGHWUDEDMDGRUHV • (VWDEOH]FD XQ FyGLJR GH FRPXQLFDFLyQ GH SDODEUDV FODYH HQWUH ORV WUDEDMDGRUHV GHO HVWDEOHFLPLHQWR SDUD FRPXQLFDUVH FXDOTXLHU LQFLGHQWH SRU HMHPSORHQFDVRGHURER 6(*85,'$'<18(9$67(&12/2*Ë$6 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 7$5-(7$6'(&5e',72<'e%,72 • +D\TXHFRQWURODUULJXURVDPHQWHODVYHQWDVFRQWDUMHWDVSDUDHYLWDUHOXVRGH WDUMHWDVVXVWUDtGDVRGXSOLFDGDV • 6HGHEHGHUHFRUGDUTXHODVWDUMHWDVVRQGHXVRSHUVRQDOHLQWUDQVIHULEOH • +D\ TXH VRVSHFKDU GH SHUVRQDV FRQ XQ DVSHFWR ItVLFR TXH QRV SXHGD KDFHU SHQVDU HQ XQ LQWHQWR GH FDPXIODUVXLPDJHQ(VWDV SHUVRQDV FRQRFHQ OD H[LVWHQFLD GH VLVWHPDV GH VHJXULGDG FRQ FiPDUDV H LQWHQWDQ HYLWDU VX LGHQWLILFDFLyQ • 6HGHEHGHVFRQILDUGHODVFRPSUDVFRPSXOVLYDVRPX\DEXQGDQWHVGRQGHVyOR VH SULPD HO YDORU GH ORV REMHWRV \ QR VXV FDUDFWHUtVWLFDV DVt FRPR GH ODV FRPSUDVLPSRUWDQWHVHQGtDVVXFHVLYRV • $VHJXUDUVH GH TXH OD WDUMHWD QR KD\D FDGXFDGR \ TXH HVWpILUPDGD SRU VX WLWXODU'HVFRQILDUVLVHGHWHFWDPDQLSXODFLRQHVHQOD]RQDGHODILUPD • (OWLWXODUHVWiREOLJDGRDLGHQWLILFDUVH • 'HEH SHGLUVH DO FRPSUDGRU TXH H[WUDLJD HO GRFXPHQWR DFUHGLWDWLYR GH OD FDUWHUD WDUMHWHUR R PRQHGHUR SDUD SRGHU KDFHU OD FRPSUREDFLyQ FRQ HO GRFXPHQWRHQODPDQRGHPDQHUDFRUUHFWD\VLQGXGDV • 6HGHEHFRPSUREDUVLHPSUHODIRWRJUDItDODILUPD\ODLGHQWLGDGGHOWLWXODUFRQ HO'1,FDUQpGHFRQGXFLURSDVDSRUWH\FRPSDUDUORVFRQODSHUVRQDTXHIDFLOLWD ODGRFXPHQWDFLyQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • (QFDVRGHTXHXQDWDUMHWD\DFRPSUREDGDQRSHUPLWDUHDOL]DUODRSHUDFLyQGH FRPSUD HO FRPSUDGRU SXHGH IDFLOLWDU RWUD (QWRQFHV KDEUi TXH YROYHU D FRPSUREDUORVGDWRV • (QFDVRGHGXGDVREUHODOHJDOLGDGGHODWDUMHWDQRHIHFWXDUODRSHUDFLyQ\VL HV SRVLEOH DYLVDU GLVFUHWDPHQWH DO VHUYLFLR GH VHJXULGDG R D ORV DJHQWHV GH VHJXULGDG • 6HGHEHGHHYLWDUHQWRGRPRPHQWRODFRQIURQWDFLyQFRQODSHUVRQD ,17(51(7 • /DHVWDIDPiVFRP~QHQLQWHUQHWHVHO3KLVKLQJFRQVLVWHHQXQUHFODPRGHORV GDWRVEDQFDULRV\FODYHVYtDPDLORDWUDYpVGHXQDIDOVDZHE • (VLPSRUWDQWHUHFRUGDUTXHQLORVEDQFRVQLODVZHEVGHFRPSUDYHQWDYDQD VROLFLWDUHVWDLQIRUPDFLyQSRUHPDLO • &XDQGR VH YD\D D HQWUDU HQ OD ZHE GH XQ EDQFR R FDMD GHVFRQILDU VL VH HQFXHQWUDQ JUDQGHV FDPELRV HQ HO GLVHxR IDOWD GH LQIRUPDFLyQ R HUURUHV RUWRJUiILFRV • 1RHQWUDUHQHVWDVSiJLQDVGHVGHYtQFXORVUHFLELGRVSRUFRUUHRHOHFWUyQLFR GHVGHSiJLQDVQRVHJXUDVXRUGHQDGRUHVGHVFRQRFLGRV\FDPELDUUHJXODUPHQWH ORVFyGLJRVGHVHJXULGDG • 1RDFHSWDUFRQWUDWRVHQLQWHUQHWSDUDUHFLELUGLQHUR • (QFDVRGHXVDUVHUYLFLRVGHVXEDVWDVSRULQWHUQHWVHGHEHGHVDEHUTXHVRQ PiVILDEOHVODVSiJLQDVTXHPiVWLHPSROOHYDQSUHVWDQGRVXVVHUYLFLRV • (OSDJRPiVUHFRPHQGDEOHHQLQWHUQHWHVHOGHWLSR3D\3DO • 1XQFD DGHODQWDU GLQHUR SDUD FREUDU XQD KHUHQFLD GH DOJXLHQ TXH QR VH FRQR]FDRXQDORWHUtDDODTXHQRVHKD\DMXJDGR 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 9,586*86$126<$7$48(6'(,1*(1,(5Ë$62&,$/ • 1RLQVWDODUVRIWZDUHTXHQRSURFHGDGHXQDIXHQWHILDEOH8WLOL]DUORVVHUYLFLRV GHGHVFDUJDGHOIDEULFDQWHRORVVLWLRVDXWRUL]DGRVSRUpOSDUDODREWHQFLyQGH QXHYDVYHUVLRQHVRDFWXDOL]DFLRQHV • 8WLOL]DU SURJUDPDV DQWLYLUXV \ VL VH GLVSRQH GH HOORV LQVWDODU FRUWDIXHJRV \ SURJUDPDVHVSHFLDOL]DGRVHQHOFRQWUROGHVS\ZDUH\VXVYDULHGDGHV • &RQVXOWDUGHIRUPDSHULyGLFDORVVLWLRVZHEFRQLQIRUPDFLyQVREUHODDSDULFLyQ GHQXHYDVYDULDQWHV\IRUPDVGHSUHYHQFLyQ • 5HDOL]DU SHULyGLFDPHQWH FRSLDV GH VHJXULGDG GHO FRQWHQLGR GH ORV HTXLSRV LQIRUPiWLFRV • 7HQHU HQ FXHQWD TXH XQD HQWLGDG ILQDQFLHUD R SUHVWDGRU GH VHUYLFLRV QR YD D VROLFLWDUQXQFDLQIRUPDFLyQVREUHHOLGHQWLILFDGRUGHXVXDULR\SDODEUDVGHSDVR 5HFKD]DU ORV PHQVDMHV GH FRUUHR TXH DVt VH OR VROLFLWHQ ORV TXH QR HVWpQ UHGDFWDGRVHQVXLGLRPDKDELWXDOGHFRPXQLFDFLyQFRQODHQWLGDGRORVTXHQR VHDQUHPLWLGRVSRUODHQWLGDG • 6LODHQWLGDGSXHGHSURSRUFLRQDUORVDGRSWDUVLVWHPDVDGLFLRQDOHVGHFRQWUROGH DFFHVR D VLWLRV ZHE FRQ LQIRUPDFLyQ VHQVLEOH FRPR SXHGDQ VHU WDUMHWDV GH FRRUGHQDGDV R GLVSRVLWLYRV GH JHQHUDFLyQ GH FODYHV GH DFFHVR &XDQWRV PiV QLYHOHV GH VHJXULGDG VH GLVSRQJD SDUD HO DFFHVR PiV GLItFLO VHUi SDUD XQ DWDFDQWHSRQHUHQFRPSURPLVRVXVELHQHV • $FWXDU FRQ SUHYHQFLyQ IUHQWH D RIHUWDV HFRQyPLFDV TXH RIUH]FDQ JUDQGHV EHQHILFLRVHQSRFRWLHPSR\FRQSRFRHVIXHU]R3XHGHQOOHYDUGHDFHSWDUODVD ODSDUWLFLSDFLyQLQYROXQWDULDHQDFWLYLGDGHVGHOLFWLYDV • $QWHFXDOTXLHUGXGDFRQVXOWDUDOVHUYLFLRGHDWHQFLyQDOFOLHQWHGHODHQWLGDGR SURYHHGRU GH VHUYLFLRV 6L KD VH KD VLGR REMHWR GH XQ DWDTXH \ VH KD SURSRUFLRQDGR LQIRUPDFLyQ FRPXQLFDUOR LJXDOPHQWH D ORV VHUYLFLRV SHUWLQHQWHV GHODVIXHU]DV\FXHUSRVGHVHJXULGDG 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 %$1&$<&20(5&,2(/(&75Ï1,&2 • 1DYHJDUSRUSRUWDOHVFRQRFLGRV • 6LHPSUH TXH VHD SRVLEOH XWLOL]DU FHUWLILFDGRV GLJLWDOHV FRPR PHGLR SDUD DFUHGLWDUODLGHQWLGDG • $VHJXUDUVH GH TXH VH UHDOL]DQ ORV WUiPLWHV GHVGH XQ HTXLSR OLEUH GH VRIWZDUH PDOLFLRVR • &RPSUREDU TXH OD GLUHFFLyQ TXH ILJXUD HQ HO QDYHJDGRU FRUUHVSRQGH FRQ HO SRUWDOGHODHQWLGDGDODTXHVHTXLHUHDFFHGHU • 1XQFDDSRUWDUGDWRVSHUVRQDOHVLGHQWLILFDGRUHVGHXVXDULRQLFRQWUDVHxDVVLQR VHKDHVWDEOHFLGRXQDFRQH[LyQVHJXUDHQWUHHOQDYHJDGRU\HOVHUYLGRUDOTXH VHDFFHGH • 9HULILFDUTXHHOFHUWLILFDGRGHOVLWLRZHEFRQHOTXH VH KD HVWDEOHFLGR OD FRQH[LyQ VHJXUD KD VLGR HPLWLGRSDUDODHQWLGDGDODTXHQRVFRQHFWDPRV\ SRUXQD$XWRULGDGGH&HUWLILFDFLyQTXHQRVRIUH]FD FRQILDQ]D • 'HVFRQILDU GH FXDOTXLHU FRUUHR HOHFWUyQLFR TXH VROLFLWHLGHQWLILFDFLyQGHXVXDULRFRQWUDVHxDRILUPD HOHFWUyQLFD • 3RQHU HVWH KHFKR HQ FRQRFLPLHQWR GH ORV UHVSRQVDEOHVGHOSRUWDO • (Q ORV VLVWHPDV GH DXWHQWLFDFLyQ GH XVXDULR EDVDGRHQ FRQWUDVHxDV QR XWLOL]DU ODV PLVPDV FRQWUDVHxDV HQ ORV VLVWHPDV GH DOWD VHJXULGDG TXH HQ ORV GH EDMD VHJXULGDG • (QFDVRGHTXHVHXWLOLFHQFHUWLILFDGRVGLJLWDOHVWHQHUHQFXHQWDTXHHOWLWXODUGH pVWRV HV HO UHVSRQVDEOH GH VX FXVWRGLD \ FRQVHUYDFLyQ (Q QLQJ~Q FDVR VH GHEHUi FRPXQLFDU D XQ WHUFHUR OD FRQWUDVHxD TXH SHUPLWH DFWLYDU OD FODYH SULYDGD GH ILUPD 6ROLFLWDU LQPHGLDWDPHQWH D OD $XWRULGDG GH &HUWLILFDFLyQ OD 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 UHYRFDFLyQ GH XQ FHUWLILFDGR HQ FDVR GH WHQHU FRQRFLPLHQWR R VRVSHFKD GH FRPSURPLVRGHODFODYHSULYDGD(VPX\UHFRPHQGDEOHHVWDUELHQLQIRUPDGRGHO GRFXPHQWR GH OD 'HFODUDFLyQ GH 3UiFWLFDV GH &HUWLILFDFLyQ HPLWLGR SRU OD $XWRULGDGGH&HUWLILFDFLyQ • 1XQFD GHMDU GHVDWHQGLGR HO RUGHQDGRU PLHQWUDV VH HVWi FRQHFWDGR \ VH KD HVWDEOHFLGR XQD FRQH[LyQ VHJXUD 8WLOL]DU SURWHFWRUHV GH SDQWDOOD FRQ FRQWUDVHxDRDFWLYDUODVIXQFLRQHVGHEORTXHRGHOWHUPLQDO • (Q FDVR GH XWLOL]DU FHUWLILFDGRV GLJLWDOHV DOPDFHQDGRV HQ XQD WDUMHWD FULSWRJUiILFD QR GHMDU pVWD FRQHFWDGD DO OHFWRU GHO RUGHQDGRU &XDQGR QR VHD QHFHVDULR XWLOL]DU ORV FHUWLILFDGRV H[WUDHU OD WDUMHWD DXQTXH VH FRQWLQ~H XWLOL]DQGRORVVHUYLFLRVGHOSRUWDO • ,QWURGXFLU GDWRV ILQDQFLHURV VyOR HQ VLWLRV ZHE VHJXURV $GHPiV HO DFFHVR D GLFKDV SiJLQDV GHEH KDFHUVH WHFOHDQGR GLUHFWDPHQWH OD GLUHFFLyQ GH OD EDQFD HOHFWUyQLFDHQODEDUUDGHGLUHFFLyQGHOQDYHJDGRU • 8WLOL]DUSDUDODVFRPSUDVXQDWDUMHWDGHFUpGLWRHVSHFtILFDSDUDHVWRVILQHVFRQ OtPLWHGHJDVWRUHGXFLGR 3527(&&,Ï1'('$726 &255(2(/(&75Ï1,&2 • +D\ TXH VHU FRQVFLHQWH GH TXH FXDQGR HQYtD PHQVDMHV GH FRUUHR D XQD YDULHGDG GH GHVWLQDWDULRV VH HVWi UHYHODQGR ODV GLUHFFLRQHV GH FRUUHR HOHFWUyQLFR GH ORV PLVPRV TXH ILJXUDQ HQ ORV FDPSRV 'HVWLQDWDULR R &RQ &RSLD &&DWRGRVORVUHFHSWRUHVGHOPHQVDMH3DUDHYLWDUORVHSXHGHLQFOXLU ORV GHVWLQDWDULRV GHO PHQVDMH HQ HO FDPSR &RQ &RSLD 2FXOWD &&2 GH WDO IRUPD TXH QLQJXQR GH ORV UHFHSWRUHV SRGUi DFFHGHU D OD GLUHFFLyQ GH FRUUHR HOHFWUyQLFRGHOUHVWRGHORVGHVWLQDWDULRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 • &RQILJXUDUHOSURJUDPDGHFRUUHRHQHOQLYHOGHVHJXULGDGPi[LPR6LVHHV XVXDULRGHFRUUHRZHEGHFDQWDUVHGHVHUSRVLEOHSRUXQSURYHHGRUGHVHUYLFLRV TXH RIUH]FD DQiOLVLV GHO FRQWHQLGR GH ORV PHQVDMHV $GHPiV FRQILJXUDU HO QDYHJDGRUHQHOPi[LPRQLYHOGHVHJXULGDGSRVLEOH • 0DQWHQHU DFWXDOL]DGR HO SURJUDPD FOLHQWH GH FRUUHR HOHFWUyQLFR HO QDYHJDGRU\HOVLVWHPDRSHUDWLYR • 1RDEULUORVPHQVDMHVTXHOHRIUH]FDQGXGDVHQFXDQWRDVXRULJHQRSRVLEOH FRQWHQLGRVLQDVHJXUDUVHDOPHQRVTXHKDQVLGRDQDOL]DGRVSRUHOVRIWZDUH DQWLYLUXV • $FWLYDUORVILOWURVGHFRUUHRQRGHVHDGRGHOSURJUDPDGHFRUUHRHOHFWUyQLFR • 6L VH YD D HQYLDU SRU ,QWHUQHW GRFXPHQWRV SULYDGRV HV FRQYHQLHQWH XWLOL]DU VLVWHPDVTXHSHUPLWDQHOFLIUDGRGHVXFRQWHQLGR (03/($'26 6H WUDWD OD SURWHFFLyQ GH GDWRV FRQ UHVSHFWR D ORV WUDEDMDGRUHV GH ORV HVWDEOHFLPLHQWRVFRPHUFLDOHVHQGRVPRPHQWRVGLIHUHQFLDGRV 3URFHGLPLHQWRGHVHOHFFLyQGHSHUVRQDO 'HVDUUROORGHODSUHVWDFLyQODERUDO 3URFHGLPLHQWRGHVHOHFFLyQGHSHUVRQDO (O SULPHU WUDWDPLHQWR GH GDWRV SHUVRQDOHV SXHGH SURGXFLUVH FXDQGR HO IXWXUR WUDEDMDGRU VHD XQ VLPSOH FDQGLGDWR D XQ SXHVWR 3DUD HOOR GHEHQ WHQHUVH HQ FXHQWD DOJXQDVFDXWHODV • (V FRQYHQLHQWH FXDQGR ORV UHFXUVRV OR SHUPLWDQ GLVSRQHU GH LPSUHVRV GH PRGHORV GH LPSUHVRV WLSR SDUD OD IRUPDOL]DFLyQ GHO FXUUtFXOR \ GH XQ SURFHGLPLHQWRGHIRUPDOL]DFLyQ\HQWUHJDGHORVPLVPRVSRUORVFDQGLGDWRV\D 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 TXHHOORSHUPLWHQRVyORLQIRUPDUDGHFXDGDPHQWHVLQRGHILQLUFRQSUHFLVLyQHO WLSRGHGDWRVDWUDWDUHVWDEOHFHUODVPHGLGDVGHVHJXULGDGHWF • 6LHOFXUUtFXORVHSUHVHQWDGLUHFWDPHQWHSRUHOFDQGLGDWRVLQKDEpUVHOHVROLFLWDGR GHEHQ ILMDUVH SURFHGLPLHQWRV GH LQIRUPDFLyQ TXH VXSRQJDQ DOJ~Q DFXVH R FRQILUPDFLyQ GH FRQRFHU ODV FRQGLFLRQHV HQ ODV TXH VH GHVDUUROODUi HO WUDWDPLHQWR (M 6L HO FXUUtFXOXP VH UHPLWLy SRU FRUUHR SRVWDO R HOHFWUyQLFR \ VH FXHQWD FRQ XQD GLUHFFLyQ HOHFWUyQLFD IDFLOLWDGD SRU HO SURSLR LQWHUHVDGR SXHGH UHPLWtUVHOH LQIRUPDFLyQ SRU HVH PHGLR VROLFLWDQGR FRQILUPDFLyQ GH OD UHFHSFLyQ \ FRQGLFLRQDQGRHOWUDWDPLHQWRGHORVGDWRVDODFXVHGHUHFLER6LVHSUHVHQWyHQ XQ PRVWUDGRU X RILFLQD GH DWHQFLyQ GHEHUtD VHU LQIRUPDGR DOOt SRU FXDOTXLHU PHGLRTXHDFUHGLWHHOFXPSOLPLHQWRGHHVWHGHEHUFRPRSRUHMHPSORFDUWHOHV GRFXPHQWRV GH DFXVH GH UHFLER \ HQ JHQHUDO FXDOTXLHU PHGLR TXH JDUDQWLFH \ SHUPLWDSUREDUHOFXPSOLPLHQWRGHOGHEHUGHLQIRUPDFLyQ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 'HVDUUROORGHODSUHVWDFLyQODERUDO /DV UHODFLRQHV ODERUDOHV VRQ GLQiPLFDV \ SXHGHQ HVWDU VXMHWDV D FDPELRV VREUHYHQLGRVWDQWRGHVGH HO SXQWR GHYLVWDGHO WUDEDMDGRU FRPRGHVGH OD SHUVSHFWLYD GHODHPSUHVD3RUHMHPSORODHPSUHVDSXHGHLQVWDODUXQQXHYRVLVWHPDGHFRQWUROGH SUHVHQFLDEDVDGRHQHOXVRGHLQVWDODFLRQHVGHYLGHRYLJLODQFLD3RUHOORVHUiQHFHVDULR LQIRUPDU DO WUDEDMDGRU HQ WRGRV DTXHOORV FDVRVHQ ORV TXH VH SURGX]FDQ FDPELRV TXH DIHFWHQDOWUDWDPLHQWRGHORVGDWRV '85$17(<'(638e6'(/+(&+2'(/,&7,92 '85$17((/+(&+2'(/,&7,92 • $QWHXQGHOLWRODVHJXULGDGGHODVSHUVRQDVHVORSULPHUR1RDVXPLUULHVJRV \FRQVHUYDUODFDOPD • $YLVDU OR DQWHV SRVLEOH D ODV DXWRULGDGHV (Q FDVR GH GXGD HV SUHIHULEOH OODPDUDOD3ROLFtD\VHJXLUVXVLQVWUXFFLRQHVDQRKDFHUQDGDSRUTXHUHUHYLWDU GDUXQIDOVRDYLVR • +D\TXHWRPDUPHGLGDVGHDXWRSURWHFFLyQGHIRUPDUiSLGD\GLVFUHWDFRPR SRU HMHPSOR FHUUDU HO DFFHVR SULQFLSDO DQWH XQ SRVLEOH LQWHQWR GH DFFHVR DO LQWHULRUGHOHVWDEOHFLPLHQWRSRUSDUWHGHXQDSHUVRQDVRVSHFKRVDVLPXODUTXH VHHVWiHIHFWXDQGRXQDOODPDGDLQIRUPDQGRGHOKHFKRHWF • ,QWHQWDU PDQWHQHU XQD GLVWDQFLD SUXGHQFLDO FRQ HO DJUHVRU QR VHxDODUOR QL PDQWHQHU DFWLWXGHV DJUHVLYDV \ HYLWDU HQ JHQHUDO HO WUDWR GLUHFWR FRQ pO /D SULRULGDG VLHPSUH HV HYLWDU HO HQIUHQWDPLHQWR 1R HQIUHQWDUVH QXQFD DO GHOLQFXHQWHHVSHFLDOPHQWHFXDQGRpVWHVHHQFXHQWUHDUPDGR • (V LPSRUWDQWH UHFRSLODU \ UHFRUGDU HO Pi[LPR GH UDVJRV FDUDFWHUtVWLFRV DSDULHQFLD ItVLFD URSD \ GHWDOOHV GH OD SHUVRQD R SHUVRQDV HVWDWXUD \ FRPSOH[LyQ VHxDV SDUWLFXODUHV QDFLRQDOLGDG YHVWLPHQWD YHKtFXOR DUPDV X REMHWRV XWLOL]DGRV HWF TXH KDQ DFFHGLGR DO HVWDEOHFLPLHQWR SDUD SRGHUODV IDFLOLWDUSRVWHULRUPHQWHDOD3ROLFtD$QRWDUORVGDWRVSXHGHD\XGDUQRV 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 '(638e6'(/+(&+2'(/,&7,92 • $YLVDU LQPHGLDWDPHQWH D ORV DJHQWHV GH VHJXULGDG D WUDYpV GHO 1~PHUR (XURSHR GH (PHUJHQFLDV &XHUSR 1DFLRQDO GH 3ROLFtD y *XDUGLD &LYLO\HVSHUDUVXOOHJDGD • +D\ TXH WRPDU ODV PHGLGDV FRQYHQLHQWHV DQWHV GH DFFHGHU DO HVWDEOHFLPLHQWR\DTXHQRHVUHFRPHQGDEOHDFFHGHUDOLQWHULRUSDUDFRPSUREDU ORV KHFKRV GDGR TXH WRGDYtD SRGUtD HQFRQWUDUVH DOJXQD SHUVRQD DMHQD DO HVWDEOHFLPLHQWR • 6LHQHOPRPHQWRGHOKHFKRGHOLFWLYRKDEtDDOJ~QWHVWLJRKD\TXHSHGLUOHVXV GDWRV \ XQ WHOpIRQR GH FRQWDFWR SDUD TXH OD 3ROLFtD OR SXHGD ORFDOL]DU SDUD DPSOLDU ORV GDWRV VREUHORRFXUULGR • 6H GHEH SRQHU XQD GHQXQFLD LQPHGLDWDPHQWH VREUHORVXFHGLGR • (QOtQHDFRQORTXH VH KD GLFKR DQWHULRUPHQWHKD\ TXH IDFLOLWDU HO PD\RU Q~PHUR GH GDWRV GHO VXFHVR \ GHO SUHVXQWR DXWRU DVt FRPR OD GLUHFFLyQ \ HO PRGR GH KXtGD HPSOHDGR YHKtFXOR D SLH WUDQVSRUWH S~EOLFR HWF$OJXQRVHMHPSORVGHGDWRVDIDFLOLWDUVHUtDQODGHVFULSFLyQGHODSHUVRQD URSDTXHOOHYDEDFLFDWULFHVWDWXDMHVXRWUDVPDUFDVFDUDFWHUtVWLFDVDFHQWRGHO KDEODSRVLEOHSURFHGHQFLDDSDULHQFLDItVLFDRQDFLRQDOLGDGVLVHKDKHFKRXVR GH DUPDV HWF 2WUR GDWR PX\ LPSRUWDQWH D IDFLOLWDU HV VL ORV DXWRUHV KDQ SURQXQFLDGR DOJXQD SDODEUD PRWH R QRPEUH SURSLR HQ HO FXUVR GHO URER TXH SXHGDFRQGXFLUDVXLGHQWLILFDFLyQ • 7DPELpQKD\TXHLQWHQWDUSURSRUFLRQDUWRGDODLQIRUPDFLyQSRVLEOHVREUHORV REMHWRV UREDGRV D OD 3ROLFtD LQYHQWDULR IDFWXUDV Q~PHURV GH VHULH 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 LPiJHQHVHWF • (QFDVRGHVXVWUDFFLyQGHWHOpIRQRVPyYLOHVVHGHEHHQWUHJDUDOD3ROLFtD ORV OLVWDGRV GH OODPDGDV UHDOL]DGDV D SDUWLU GH OD VXVWUDFFLyQ GHO DSDUDWR (VR SHUPLWH UHODFLRQDU ORV WHOpIRQRV GHVWLQDWDULRV FRQ SHUVRQDV GHO HQWRUQR GHO SUHVXQWRDXWRUGHOGHOLWR • 6LHPSUHKD\TXHLQIRUPDUDOD3ROLFtDGHOLQFLGHQWHDXQTXHHOGHOLWRQRVHKD\D FRQVXPDGR'HHVWDPDQHUDVHSXHGHQHYLWDURWURVGHOLWRV )250$/,=$&,Ï1'(/$'(181&,$ /DV GHQXQFLDV GHEHQ IRUPDOL]DUVH HQ OD &RPLVDUtD GHO &XHUSR 1DFLRQDO GH 3ROLFtD R 3XHVWR GH OD *XDUGLD &LYLO VHJ~Q FRUUHVSRQGD D OD ORFDOLGDG GRQGH VH KD\D SURGXFLGRHOKHFKRGHOLFWLYR 6H SXHGHQ SUHVHQWDU GHQXQFLDV D OD 'LUHFFLyQ *HQHUDO GH OD 3ROLFtD \ GH OD *XDUGLD&LYLOGHGLYHUVDVIRUPDV • 3RU WHOpIRQR 0DUFDQGR HO 7HOpIRQR GH GHQXQFLDV GHO &XHUSR 1DFLRQDOGH3ROLFtD • 3RU,QWHUQHW(QOD2ILFLQD9LUWXDOGH'HQXQFLDVGHO&XHUSR1DFLRQDOGH3ROLFtD KWWSZZZSROLFLDHV 1R SXHGH GHQXQFLDUVH SRU HVWH VLVWHPD QLQJ~Q KHFKR HQ HO TXH KD\D WHQLGROXJDUYLROHQFLDItVLFDHQODVSHUVRQDV 7DPSRFRSXHGHGHQXQFLDUVHSRUHVWHVLVWHPD QLQJ~QKHFKR HQ HOTXH VXVDXWRUHVHVWpQLGHQWLILFDGRV • (QFRPLVDUtD$FXGLHQGRDDOJXQDFRPLVDUtD (QODFHVGHLQWHUpV • &XHUSR1DFLRQDOGH3ROLFtD ZZZSROLFLDHV • *XDUGLD&LYLO ZZZJXDUGLDFLYLORUJ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 $1(;21250$7,9$62%5( 6(*85,'$'35,9$'$ 0$18$/'(5(&20(1'$&,21(6(10$7(5,$'(6(*85,'$'(1/26&20(5&,26$1'$/8&(6 $1(;21250$7,9$62%5(6(*85,'$'35,9$'$ • /H\GHGHMXOLRGH6HJXULGDG3ULYDGD-HIDWXUDGHO(VWDGR %2(1GH • 5HDO GHFUHWR GH GH GLFLHPEUH SRU HO TXH VH DSUXHED HO 5HJODPHQWRGH6HJXULGDG3ULYDGD0LQLVWHULRGH-XVWLFLDH,QWHULRU %2(1GH 6H GLFWD GH FRQIRUPLGDG FRQ OD /H\ DSUREiQGRVH UHJODPHQWR GH GHVDUUROOR • 5($/ '(&5(72/(< GH GH HQHUR SRU HO TXH VH PRGLILFD OD /H\ GHGHMXOLRGH6HJXULGDG3ULYDGD %2(1GH 0RGLILFDORVDUWVED\DGHOD/H\ • /H\ GH GH GLFLHPEUH GH 0HGLGDV ILVFDOHV DGPLQLVWUDWLYDV \ GHO RUGHQVRFLDO-HIDWXUDGHO(VWDGR %2(1GH $xDGHXQDGLVSRVLFLyQDGLFLRQDOTXLQWDDOD/H\ • 5($/ '(&5(72/(< GH GH VHSWLHPEUH SRU HO TXH VH PRGLILFDQ GHWHUPLQDGRVDUWtFXORVGHOD/H\GHGHMXOLRGH6HJXULGDG3ULYDGD -HIDWXUDGHO(VWDGR %2(1GH 0RGLILFDORVDUWV\GHOD/H\