/(<GH&RQFXUVRV0HUFDQWLOHV\VHUHIRUPDHODUWtFXORGHOD/H\2UJiQLFDGHO3RGHU-XGLFLDOGHOD )HGHUDFLyQ $O PDUJHQ XQ VHOOR FRQ HO (VFXGR 1DFLRQDO TXH GLFH (VWDGRV 8QLGRV 0H[LFDQRV 3UHVLGHQFLD GH OD 5HS~EOLFD (51(672=(',//2321&('(/(Ï13UHVLGHQWHGHORV(VWDGRV8QLGRV0H[LFDQRVDVXVKDELWDQWHV VDEHG 4XHHO+RQRUDEOH&RQJUHVRGHOD8QLyQVHKDVHUYLGRGLULJLUPHHOVLJXLHQWH '(&5(72 (/&21*5(62'(/26(67$'2681,'260(;,&$126'(&5(7$ /(< '( &21&85626 0(5&$17,/(6 < '( 5()250$ $/ $57Ë&8/2 '( /$ /(< 25*È1,&$ '(/32'(5-8',&,$/'(/$)('(5$&,Ï1 $57Ë&8/235,0(526HDSUXHEDOD/H\GH&RQFXUVRV0HUFDQWLOHVSDUDTXHGDUFRPRVLJXH /(<'(&21&856260(5&$17,/(6 7Ë78/235,0(52 'LVSRVLFLRQHVJHQHUDOHV\GHFODUDFLyQGHFRQFXUVRPHUFDQWLO &DStWXOR, 'LVSRVLFLRQHVSUHOLPLQDUHV $UWtFXORR/DSUHVHQWH/H\HVGHLQWHUpVS~EOLFR\WLHQHSRUREMHWRUHJXODUHOFRQFXUVRPHUFDQWLO (V GH LQWHUpV S~EOLFR FRQVHUYDU ODV HPSUHVDV \ HYLWDU TXH HO LQFXPSOLPLHQWR JHQHUDOL]DGR GH ODV REOLJDFLRQHVGHSDJRSRQJDHQULHVJRODYLDELOLGDGGHODVPLVPDV\GHODVGHPiVFRQODVTXHPDQWHQJDXQD UHODFLyQGHQHJRFLRV $UWtFXORR (OFRQFXUVRPHUFDQWLOFRQVWDGHGRVHWDSDVVXFHVLYDVGHQRPLQDGDVFRQFLOLDFLyQ\TXLHEUD $UWtFXOR R /D ILQDOLGDG GH OD FRQFLOLDFLyQ HV ORJUDU OD FRQVHUYDFLyQ GH OD HPSUHVD GHO &RPHUFLDQWH PHGLDQWHHOFRQYHQLRTXHVXVFULEDFRQVXV$FUHHGRUHV5HFRQRFLGRV/DILQDOLGDGGHODTXLHEUDHVODYHQWDGH ODHPSUHVDGHO&RPHUFLDQWHGHVXVXQLGDGHVSURGXFWLYDVRGHORVELHQHVTXHODLQWHJUDQSDUDHOSDJRDORV $FUHHGRUHV5HFRQRFLGRV $UWtFXORR 3DUDORVHIHFWRVGHHVWD/H\VHHQWHQGHUiSRU , $FUHHGRUHV 5HFRQRFLGRV D DTXpOORV TXH DGTXLHUDQ WDO FDUiFWHU SRU YLUWXG GH OD VHQWHQFLD GH UHFRQRFLPLHQWRJUDGXDFLyQ\SUHODFLyQGHFUpGLWRV ,, &RPHUFLDQWHDODSHUVRQDItVLFDRPRUDOTXHWHQJDHVHFDUiFWHUFRQIRUPHDO &yGLJRGH &RPHUFLR (VWHFRQFHSWRFRPSUHQGHDOSDWULPRQLRILGHLFRPLWLGRFXDQGRVHDIHFWHDODUHDOL]DFLyQGHDFWLYLGDGHV HPSUHVDULDOHV ,JXDOPHQWHFRPSUHQGHD ODV VRFLHGDGHV PHUFDQWLOHV FRQWURODGRUDV R FRQWURODGDV D TXHVHUHILHUHHODUWtFXORGHHVWD/H\ ,,, 'RPLFLOLRHOGRPLFLOLRVRFLDO\HQFDVRGHLUUHDOLGDGGHpVWHHOOXJDUGRQGHWHQJDODDGPLQLVWUDFLyQ SULQFLSDO OD HPSUHVD (Q FDVR GH VXFXUVDOHV GH HPSUHVDV H[WUDQMHUDV VHUi HO OXJDU GRQGH VH HQFXHQWUH VX HVWDEOHFLPLHQWR SULQFLSDO HQ OD 5HS~EOLFD 0H[LFDQD 7UDWiQGRVH GH &RPHUFLDQWH SHUVRQD ItVLFD HO HVWDEOHFLPLHQWR SULQFLSDO GH VX HPSUHVD \ HQ VX GHIHFWR HQ GRQGH WHQJD VX GRPLFLOLR ,9 ,QVWLWXWRDO,QVWLWXWR)HGHUDOGH(VSHFLDOLVWDVGH&RQFXUVRV0HUFDQWLOHV 9 0DVDDODSRUFLyQGHOSDWULPRQLRGHO&RPHUFLDQWHGHFODUDGRHQFRQFXUVRPHUFDQWLOLQWHJUDGDSRUVXV ELHQHV\GHUHFKRVFRQH[FHSFLyQGHORVH[SUHVDPHQWHH[FOXLGRVHQWpUPLQRVGHHVWD/H\VREUHOD FXDO ORV $FUHHGRUHV 5HFRQRFLGRV \ ORV GHPiV TXH WHQJDQ GHUHFKR SXHGHQ KDFHU HIHFWLYRV VXV FUpGLWRV\ 9, 8',VDODV8QLGDGHVGH,QYHUVLyQDODVTXHVHUHILHUHHOGHFUHWRSXEOLFDGRHQHO'LDULR2ILFLDOGHOD )HGHUDFLyQ GHORGHDEULOGH $UWtFXOR R /RV SHTXHxRV FRPHUFLDQWHV VyOR SRGUiQ VHU GHFODUDGRV HQ FRQFXUVR PHUFDQWLO FXDQGR DFHSWHQVRPHWHUVHYROXQWDULDPHQWH\SRUHVFULWRDODDSOLFDFLyQGHODSUHVHQWH/H\3DUDHIHFWRVGHHVWD/H\ VH HQWHQGHUi FRPR SHTXHxR FRPHUFLDQWH DO &RPHUFLDQWH FX\DV REOLJDFLRQHV YLJHQWHV \ YHQFLGDV HQ FRQMXQWRQRH[FHGDQHOHTXLYDOHQWHGHPLO8',VDOPRPHQWRGHODVROLFLWXGRGHPDQGD /DVHPSUHVDVGHSDUWLFLSDFLyQHVWDWDOFRQVWLWXLGDVFRPRVRFLHGDGHVPHUFDQWLOHVSRGUiQVHUGHFODUDGDVHQ FRQFXUVRPHUFDQWLO $UWtFXORR &XDQGRHQHVWD/H\VHVHxDOHXQQ~PHURGHGtDVSDUDODFHOHEUDFLyQGHXQD DXGLHQFLDOD SUiFWLFD GH DOJXQD GLOLJHQFLD R DFWR R HO HMHUFLFLR GH DOJ~Q GHUHFKR VLQ KDFHU UHIHUHQFLD DOJXQD DO WLSR GH GtDVVHHQWHQGHUiTXHVHWUDWDGHGtDVKiELOHV(QORVFDVRVHQTXH VHKDJDUHIHUHQFLDH[SUHVDDXQSOD]RVL pVWHYHQFHHQXQGtDLQKiELOVHHQWHQGHUiFRQFOXLGRHOSULPHUGtDKiELOVLJXLHQWH $UWtFXOR R (O MXH] HV HO UHFWRU GHO SURFHGLPLHQWR GH FRQFXUVR PHUFDQWLO \ WHQGUi ODV IDFXOWDGHV QHFHVDULDVSDUDGDUFXPSOLPLHQWR D OR TXH HVWD /H\ HVWDEOHFH 6HUi FDXVD GH UHVSRQVDELOLGDG LPSXWDEOH DO MXH]RDO,QVWLWXWRODIDOWDGHFXPSOLPLHQWRGHVXVUHVSHFWLYDVREOLJDFLRQHVHQORVSOD]RVSUHYLVWRVHQHVWD/H\ VDOYRSRUFDXVDVGHIXHU]DPD\RURFDVRIRUWXLWR $UWtFXORR 6RQGHDSOLFDFLyQVXSOHWRULDDHVWHRUGHQDPLHQWRHQHORUGHQVLJXLHQWH , (O&yGLJRGH&RPHUFLR ,, /DOHJLVODFLyQPHUFDQWLO ,,, ,9 9 /RVXVRVPHUFDQWLOHVHVSHFLDOHV\JHQHUDOHV (O&yGLJR)HGHUDOGH3URFHGLPLHQWRV&LYLOHV\ (O&yGLJR&LYLOHQPDWHULDIHGHUDO &DStWXOR,, 'HORVVXSXHVWRVGHOFRQFXUVRPHUFDQWLO $UWtFXORR6HUiGHFODUDGRHQFRQFXUVRPHUFDQWLOHO&RPHUFLDQWHTXHLQFXPSODJHQHUDOL]DGDPHQWHHQ HOSDJRGHVXVREOLJDFLRQHV 6HHQWHQGHUiTXHXQ&RPHUFLDQWHLQFXPSOLyJHQHUDOL]DGDPHQWHHQHOSDJRGHVXVREOLJDFLRQHVFXDQGR , (O&RPHUFLDQWHVROLFLWHVXGHFODUDFLyQHQFRQFXUVRPHUFDQWLO\VHXELTXHHQDOJXQRGHORVVXSXHVWRV FRQVLJQDGRVHQODVIUDFFLRQHV,R,,GHODUWtFXORVLJXLHQWHR ,, &XDOTXLHUDFUHHGRURHO0LQLVWHULR3~EOLFRKXELHVHQGHPDQGDGRODGHFODUDFLyQGHFRQFXUVRPHUFDQWLO GHO &RPHUFLDQWH \ pVWH VH XELTXH HQ ORV GRV VXSXHVWRV FRQVLJQDGRV HQ ODV IUDFFLRQHV , \ ,, GHO DUWtFXORVLJXLHQWH $UWtFXOR3DUDORVHIHFWRVGHHVWD/H\HOLQFXPSOLPLHQWRJHQHUDOL]DGRHQHOSDJRGHODVREOLJDFLRQHV GHXQ&RPHUFLDQWHDTXHVHUHILHUHHODUWtFXORDQWHULRUFRQVLVWHHQHOLQFXPSOLPLHQWRHQVXVREOLJDFLRQHVGH SDJRD GRVRPiVDFUHHGRUHVGLVWLQWRV\VHSUHVHQWHQODVVLJXLHQWHVFRQGLFLRQHV , 4XHGHDTXHOODVREOLJDFLRQHVYHQFLGDVDODVTXHVHUHILHUHHOSiUUDIRDQWHULRUODVTXHWHQJDQSRUOR PHQRV WUHLQWD GtDV GH KDEHU YHQFLGR UHSUHVHQWHQ HO WUHLQWD \ FLQFR SRU FLHQWR R PiV GH WRGDV ODV REOLJDFLRQHVDFDUJRGHO&RPHUFLDQWHDODIHFKDHQTXHVHKD\DSUHVHQWDGRODGHPDQGDRVROLFLWXG GHFRQFXUVR\ ,, (O&RPHUFLDQWHQRWHQJDDFWLYRVHQXQFLDGRVHQHOSiUUDIR VLJXLHQWHSDUDKDFHUIUHQWHDSRUORPHQRV HORFKHQWDSRUFLHQWRGHVXVREOLJDFLRQHVYHQFLGDVDODIHFKDGHODGHPDQGD /RVDFWLYRVTXHVHGHEHUiQFRQVLGHUDUSDUDORVHIHFWRVGHORHVWDEOHFLGRHQODIUDFFLyQ,,GHHVWHDUWtFXOR VHUiQ D (OHIHFWLYRHQFDMD\ORVGHSyVLWRVDODYLVWD E /RVGHSyVLWRVHLQYHUVLRQHVDSOD]RFX\RYHQFLPLHQWRQRVHDVXSHULRUDQRYHQWDGtDVQDWXUDOHV SRVWHULRUHVDODIHFKDGHDGPLVLyQGHODGHPDQGD F &OLHQWHV \ FXHQWDV SRU FREUDU FX\R SOD]R GH YHQFLPLHQWR QR VHD VXSHULRU D QRYHQWD GtDV QDWXUDOHVSRVWHULRUHVDODIHFKDGHDGPLVLyQGHODGHPDQGD\ G /RVWtWXORVYDORUHVSDUDORVFXDOHVVHUHJLVWUHQUHJXODUPHQWHRSHUDFLRQHVGHFRPSUD\YHQWDHQ ORVPHUFDGRVUHOHYDQWHVTXHSXGLHUDQVHUYHQGLGRVHQXQ SOD]RPi[LPRGHWUHLQWDGtDVKiELOHV EDQFDULRVFX\DYDOXDFLyQDODIHFKDGHODSUHVHQWDFLyQGHODGHPDQGDVHDFRQRFLGD (OGLFWDPHQGHOYLVLWDGRU\ODVRSLQLRQHVGHH[SHUWRVTXHHQ VXFDVRRIUH]FDQODVSDUWHVGHEHUiQUHIHULUVH H[SUHVDPHQWHDORVVXSXHVWRVHVWDEOHFLGRVHQODVIUDFFLRQHVDQWHULRUHV $UWtFXOR 6H SUHVXPLUi TXH XQ &RPHUFLDQWH LQFXPSOLy JHQHUDOL]DGDPHQWH HQ HO SDJR GH VXV REOLJDFLRQHVFXDQGRVHSUHVHQWHDOJXQRGHORVVLJXLHQWHVFDVRV , ,QH[LVWHQFLD R LQVXILFLHQFLD GH ELHQHV HQ TXp WUDEDU HMHFXFLyQ DO SUDFWLFDUVH XQ HPEDUJR SRU HO LQFXPSOLPLHQWRGHXQDREOLJDFLyQRDOSUHWHQGHUHMHFXWDUXQDVHQWHQFLDHQVXFRQWUDFRQDXWRULGDGGH FRVDMX]JDGD ,, ,QFXPSOLPLHQWRHQHOSDJRGHREOLJDFLRQHVDGRVRPiVDFUHHGRUHVGLVWLQWRV ,,, 2FXOWDFLyQRDXVHQFLDVLQGHMDUDOIUHQWHGHODDGPLQLVWUDFLyQXRSHUDFLyQGHVXHPSUHVDDDOJXLHQ TXHSXHGDFXPSOLUFRQVXVREOLJDFLRQHV ,9 (QLJXDOHVFLUFXQVWDQFLDVTXHHQHOFDVRDQWHULRUHOFLHUUHGHORVORFDOHVGHVXHPSUHVD 9 $FXGLUDSUiFWLFDVUXLQRVDVIUDXGXOHQWDVRILFWLFLDVSDUDDWHQGHURGHMDUGHFXPSOLUVXVREOLJDFLRQHV 9, ,QFXPSOLPLHQWR GH REOLJDFLRQHV SHFXQLDULDV FRQWHQLGDV HQ XQ FRQYHQLR FHOHEUDGR HQ WpUPLQRV GHO 7tWXOR4XLQWRGHHVWD/H\\ 9,, (QFXDOHVTXLHUDRWURVFDVRVGHQDWXUDOH]DDQiORJD $UWtFXOR /DVXFHVLyQGHO&RPHUFLDQWHSRGUiVHUGHFODUDGDHQFRQFXUVRPHUFDQWLOFXDQGRODHPSUHVD GHODFXDOpVWHHUDWLWXODUVHHQFXHQWUHHQDOJXQRGHORVFDVRVVLJXLHQWHV , &RQWLQ~HHQRSHUDFLyQR ,, 6XVSHQGLGDVVXVRSHUDFLRQHVQRKD\DQSUHVFULWRODVDFFLRQHVGHORVDFUHHGRUHV (Q HVWRV FDVRV ODV REOLJDFLRQHV TXH VH DWULEX\DQ DO &RPHUFLDQWH VHUiQ D FDUJR GH VX VXFHVLyQ UHSUHVHQWDGD SRU VX DOEDFHD &XDQGR \D VH KXELHUH GLVSXHVWR GHO FDXGDO KHUHGLWDULR VHUi D FDUJR GH ORV KHUHGHURV\OHJDWDULRVHQWpUPLQRVGHORSUHYLVWRSRUODOHJLVODFLyQDSOLFDEOH7UDWiQGRVHGHREOLJDFLRQHVTXH VHDWULEX\DQDO&RPHUFLDQWHVHUiQUHVSRQVDELOLGDGGHORVKHUHGHURV\OHJDWDULRVDEHQHILFLRGHLQYHQWDULR\ KDVWDGRQGHDOFDQFHHOFDXGDOKHUHGLWDULR $UWtFXOR (O &RPHUFLDQWH TXH KD\D VXVSHQGLGR R WHUPLQDGR OD RSHUDFLyQ GH VX HPSUHVD SRGUi VHU GHFODUDGRHQFRQFXUVRPHUFDQWLOFXDQGRLQFXPSODJHQHUDOL]DGDPHQWHHQWpUPLQRVGHODUWtFXORGHHVWD/H\ HQHOSDJRGHODVREOLJDFLRQHVTXHKD\DFRQWUDtGRSRUYLUWXGGHODRSHUDFLyQGHVXHPSUHVD $UWtFXOR /D GHFODUDFLyQ GH FRQFXUVR PHUFDQWLO GH XQD VRFLHGDG GHWHUPLQD TXH ORV VRFLRV LOLPLWDGDPHQWH UHVSRQVDEOHV VHDQ FRQVLGHUDGRV SDUD WRGRV ORV HIHFWRV HQ FRQFXUVR PHUFDQWLO /D FLUFXQVWDQFLD GH TXH ORV VRFLRV GHPXHVWUHQ LQGLYLGXDOPHQWH TXH SXHGHQ KDFHU IUHQWH DO SDJR GH ODV REOLJDFLRQHV GH OD VRFLHGDG QR ORV H[LPLUi GH OD GHFODUDFLyQ GH FRQFXUVR D PHQRV TXH WDOHV VRFLRV FRQ PHGLRVSURSLRVSDJXHQODVREOLJDFLRQHVYHQFLGDVGHODVRFLHGDG (OSURFHGLPLHQWRVHSRGUiLQLFLDUFRQMXQWDPHQWHHQFRQWUDGHODVRFLHGDG\HQFRQWUDGHORVVRFLRV/RV SURFHGLPLHQWRVUHODWLYRVDORVVRFLRVVHDFXPXODUiQDOGHODVRFLHGDGSHURVHOOHYDUiQSRUFXHUGDVHSDUDGD /DGHFODUDFLyQGHFRQFXUVRPHUFDQWLOGHXQRR PiVVRFLRVLOLPLWDGDPHQWHUHVSRQVDEOHVHQORLQGLYLGXDO QRSURGXFLUiSRUVtVRODODGHODVRFLHGDG (OFRQFXUVRPHUFDQWLOGHXQDVRFLHGDGLUUHJXODUSURYRFDUiHOGHORVVRFLRVLOLPLWDGDPHQWHUHVSRQVDEOHV\ HO GH DTXpOORV FRQWUD ORV TXH VH SUXHEH TXH VLQ IXQGDPHQWR REMHWLYR VH WHQtDQ SRU OLPLWDGDPHQWH UHVSRQVDEOHV $UWtFXOR 1R VH DFXPXODUiQ ORV SURFHGLPLHQWRV GH FRQFXUVR PHUFDQWLO GH GRV R PiV &RPHUFLDQWHV VDOYRORSUHYLVWRHQHOSiUUDIRVLJXLHQWH 6HDFXPXODUiQSHURVHOOHYDUiQSRUFXHUGDVHSDUDGDORVSURFHGLPLHQWRVGHFRQFXUVRPHUFDQWLOGH , /DVVRFLHGDGHVFRQWURODGRUDV\VXVFRQWURODGDV\ ,, 'RVRPiVVRFLHGDGHVFRQWURODGDVSRUXQDPLVPDFRQWURODGRUD 3DUDORVHIHFWRVGHHVWD/H\VHHQWHQGHUiSRUVRFLHGDGHVPHUFDQWLOHVFRQWURODGRUDVODVTXHUH~QDQORV VLJXLHQWHVUHTXLVLWRV , 4XHVHWUDWHGHXQDVRFLHGDGUHVLGHQWHHQ0p[LFR ,, 4XHVHDQSURSLHWDULDVGHPiVGHOFLQFXHQWDSRUFLHQWRGHODVDFFLRQHVFRQGHUHFKRDYRWRGHRWUDX RWUDV VRFLHGDGHV FRQWURODGDV LQFOXVLYH FXDQGR GLFKD SURSLHGDG VH WHQJD SRU FRQGXFWR GH RWUDV VRFLHGDGHVTXHDVXYH]VHDQFRQWURODGDVSRUODPLVPDFRQWURODGRUD\ ,,, 4XH HQ QLQJ~Q FDVR PiV GH FLQFXHQWD SRU FLHQWR GH VXV DFFLRQHV FRQ GHUHFKR D YRWR VHDQ SURSLHGDGGHRWUDXRWUDVVRFLHGDGHV 6HFRQVLGHUDUiQDFFLRQHVFRQGHUHFKRDYRWRDTXpOODVTXHORWHQJDQOLPLWDGR\ODVTXHHQ ORVWpUPLQRVGH ODOHJLVODFLyQPHUFDQWLOVHGHQRPLQHQDFFLRQHVGHJRFHWUDWiQGRVHGHVRFLHGDGHVTXHQR VHDQSRUDFFLRQHV VHFRQVLGHUDUiHOYDORUGHODVSDUWHVVRFLDOHV 6H FRQVLGHUDUiQ VRFLHGDGHV FRQWURODGDV DTXpOODV HQ ODV FXDOHV PiV GHO FLQFXHQWD SRU FLHQWR GH VXV DFFLRQHVFRQGHUHFKRDYRWRVHDQSURSLHGDG\DVHDHQIRUPDGLUHFWDLQGLUHFWDRGHDPEDVIRUPDVGHXQD VRFLHGDGFRQWURODGRUD3DUDHOORODWHQHQFLDLQGLUHFWDDTXHVHUHILHUHHVWHSiUUDIRVHUiDTXpOODTXHWHQJDOD FRQWURODGRUD SRU FRQGXFWR GH RWUD X RWUDV VRFLHGDGHV TXH D VX YH] VHDQ FRQWURODGDV SRU OD PLVPD FRQWURODGRUD $UWtFXOR /DV VXFXUVDOHV GH HPSUHVDV H[WUDQMHUDV SRGUiQ VHU GHFODUDGDV HQ FRQFXUVR PHUFDQWLO /D GHFODUDFLyQ VyOR FRPSUHQGHUi D ORV ELHQHV \ GHUHFKRV ORFDOL]DGRV \ H[LJLEOHV VHJ~Q VHD HO FDVR HQ HO WHUULWRULRQDFLRQDO\DORVDFUHHGRUHVSRURSHUDFLRQHVUHDOL]DGDVFRQGLFKDVVXFXUVDOHV &DStWXOR,,, 'HOSURFHGLPLHQWRSDUDODGHFODUDFLyQGHFRQFXUVRPHUFDQWLO $UWtFXOR (VFRPSHWHQWHSDUDFRQRFHUGHOFRQFXUVRPHUFDQWLOGHXQ &RPHUFLDQWHHO-XH]GH'LVWULWR FRQMXULVGLFFLyQHQHOOXJDUHQGRQGHHO&RPHUFLDQWHWHQJDVX'RPLFLOLR $UWtFXOR /DVH[FHSFLRQHVGHQDWXUDOH]DSURFHVDOLQFOX\HQGRODVGHLQFRPSHWHQFLDGHOMXH]\GHIDOWD GHSHUVRQDOLGDGQRVXVSHQGHUiQHOSURFHGLPLHQWR7DPSRFRVHVXVSHQGHUiHOSURFHGLPLHQWRGHGHFODUDFLyQ GHFRQFXUVRPHUFDQWLOSRUODLQWHUSRVLFLyQ\WUiPLWH GH UHFXUVRV HQ FRQWUDGH ODV UHVROXFLRQHVTXHDO HIHFWR GLFWHHOMXH] (O MXH] GHEHUi GHVHFKDU GH SODQR ODV H[FHSFLRQHV QRWRULDPHQWH LPSURFHGHQWHV \ SRGUi UHVROYHU ODV H[FHSFLRQHVSURFHVDOHVHQXQDR YDULDVVHQWHQFLDVLQWHUORFXWRULDVRHQODGHILQLWLYD $UWtFXOR 6LVHGHFODUDSURFHGHQWHODH[FHSFLyQGHIDOWDGHSHUVRQDOLGDGGHODFWRURODREMHFLyQTXHVH KD\D KHFKR D OD SHUVRQDOLGDG GH TXLHQ VH KD\D RVWHQWDGR FRPR UHSUHVHQWDQWH GHO &RPHUFLDQWH HO MXH] FRQFHGHUiXQSOD]RQRPD\RUGHGLH]GtDVSDUDTXHVHVXEVDQHVLORVGHIHFWRVGHOGRFXPHQWRSUHVHQWDGR SRUHOUHSUHVHQWDQWHIXHUHQVXEVDQDEOHV'HQRVXEVDQDUVHFXDQGRVHWUDWHGHODOHJLWLPDFLyQDOSURFHVRGHO &RPHUFLDQWHVHFRQWLQXDUiHOMXLFLRHQUHEHOGtDGHpVWH6LQRVHVXEVDQDUDODGHODFWRUHOMXH]GHLQPHGLDWR VREUHVHHUiHOMXLFLR $UWtFXOR (O &RPHUFLDQWH TXH FRQVLGHUH TXH KD LQFXUULGR HQ HO LQFXPSOLPLHQWR JHQHUDOL]DGR GH VXV REOLJDFLRQHVHQWpUPLQRVGHFXDOTXLHUDGHORVGRVVXSXHVWRVHVWDEOHFLGRVHQHODUWtFXORGHHVWD/H\SRGUi VROLFLWDUTXHVHOHGHFODUHHQFRQFXUVRPHUFDQWLO /DVROLFLWXGGHGHFODUDFLyQGHFRQFXUVRPHUFDQWLOSUHVHQWDGDSRUHOSURSLR&RPHUFLDQWHGHEHUiFRQWHQHU HOQRPEUHFRPSOHWRGHQRPLQDFLyQRUD]yQVRFLDOGHO&RPHUFLDQWHHOGRPLFLOLRTXHVHxDOHSDUDRtU\UHFLELU QRWLILFDFLRQHV DVt FRPR HQ VX FDVR HO GRPLFLOLR VRFLDO HO GH VXV GLYHUVDV RILFLQDV \ HVWDEOHFLPLHQWRV LQFOX\HQGRSODQWDVDOPDFHQHVRERGHJDVHVSHFLILFDQGRHQFDVRQHFHVDULRHQGyQGHWLHQHODDGPLQLVWUDFLyQ SULQFLSDOGHVXHPSUHVDRHQFDVRGHVHUXQDSHUVRQDItVLFDHOGRPLFLOLRGRQGHYLYH\DGHPiVDHOODGHEHUiQ DFRPSDxDUVHORVDQH[RVVLJXLHQWHV , /RV HVWDGRV ILQDQFLHURV GHO &RPHUFLDQWH GH ORV ~OWLPRV WUHV DxRV ORV FXDOHV GHEHUiQ HVWDU DXGLWDGRVFXDQGRH[LVWDHVWDREOLJDFLyQHQWpUPLQRVGHOH\ ,, 8QDPHPRULDHQODTXHUD]RQHDFHUFDGHODVFDXVDVTXHOROOHYDURQDOHVWDGRGHLQFXPSOLPLHQWRHQ TXHVHHQFXHQWUD ,,, 8QD UHODFLyQ GH VXV DFUHHGRUHV \ GHXGRUHV TXH LQGLTXH VXV QRPEUHV \ GRPLFLOLRV OD IHFKD GH YHQFLPLHQWR GHO FUpGLWR R FUpGLWRV GH FDGD XQR GH HOORV HO JUDGR FRQ TXH HVWLPD VH OHV GHEH UHFRQRFHU LQGLFDQGR ODV FDUDFWHUtVWLFDV SDUWLFXODUHV GH GLFKRV FUpGLWRV DVt FRPR GH ODV JDUDQWtDV UHDOHVRSHUVRQDOHVTXHKD\DRWRUJDGRSDUDJDUDQWL]DUGHXGDVSURSLDV\GHWHUFHURV\ ,9 8Q LQYHQWDULR GH WRGRV VXV ELHQHV LQPXHEOHV \ PXHEOHV WtWXORVYDORUHV JpQHURV GH FRPHUFLR \ GHUHFKRVGHFXDOTXLHURWUDHVSHFLH /DVROLFLWXGGHEHUiWUDPLWDUVHFRQIRUPHDODVGLVSRVLFLRQHVVXEVLJXLHQWHVUHODWLYDVDODGHPDQGD $UWtFXOR3RGUiQGHPDQGDUODGHFODUDFLyQGHFRQFXUVRPHUFDQWLOFXDOTXLHUDFUHHGRUGHO&RPHUFLDQWH RHO0LQLVWHULR3~EOLFR 6L XQ MXH] GXUDQWH OD WUDPLWDFLyQ GH XQ MXLFLR PHUFDQWLO DGYLHUWH TXH XQ &RPHUFLDQWH VH XELFD HQ FXDOTXLHUDGHORVVXSXHVWRVGH ORVDUWtFXORV X SURFHGHUi GHRILFLRD KDFHUOR GHO FRQRFLPLHQWR GH ODV DXWRULGDGHV ILVFDOHV FRPSHWHQWHV \ GHO 0LQLVWHULR 3~EOLFR SDUD TXH HQ VX FDVR HVWH ~OWLPR GHPDQGH OD GHFODUDFLyQ GH FRQFXUVR PHUFDQWLO /DV DXWRULGDGHV ILVFDOHV VyOR SURFHGHUiQ D GHPDQGDU HO FRQFXUVR PHUFDQWLOGHXQ&RPHUFLDQWHHQVXFDUiFWHUGHDFUHHGRUHV $UWtFXOR /DGHPDQGDGHFRQFXUVRPHUFDQWLOGHEHUiVHUILUPDGDSRUTXLHQODSURPXHYD\FRQWHQHU , (OQRPEUHGHOWULEXQDODQWHHOFXDOVHSURPXHYD ,, (OQRPEUHFRPSOHWR\GRPLFLOLRGHOGHPDQGDQWH ,,, (O QRPEUH GHQRPLQDFLyQ R UD]yQ VRFLDO \ HO 'RPLFLOLR GHO &RPHUFLDQWH GHPDQGDGR LQFOX\HQGR FXDQGRVHFRQR]FDQHOGHVXVGLYHUVDVRILFLQDVSODQWDVIDEULOHVDOPDFHQHVRERGHJDV ,9 /RVKHFKRVTXHPRWLYHQODSHWLFLyQQDUUiQGRORVEUHYHPHQWHFRQFODULGDG\SUHFLVLyQ 9 /RVIXQGDPHQWRVGHGHUHFKR\ 9, /DVROLFLWXGGHTXHVHGHFODUHDO&RPHUFLDQWHHQFRQFXUVRPHUFDQWLO $UWtFXOR /DGHPDQGDTXHSUHVHQWHXQDFUHHGRUGHEHUiDFRPSDxDUVHGH , 3UXHEDGRFXPHQWDOTXHGHPXHVWUHTXHWLHQHWDOFDOLGDG ,, (OGRFXPHQWRHQTXHFRQVWHGHPDQHUDIHKDFLHQWHTXHVHKDRWRUJDGRODJDUDQWtDDODTXHVHUHILHUH HOVLJXLHQWHDUWtFXOR\ ,,, /RVGRFXPHQWRVRULJLQDOHVRFRSLDVFHUWLILFDGDVTXHHOGHPDQGDQWHWHQJDHQVXSRGHU\TXHKD\DQ GHVHUYLUFRPRSUXHEDVGHVXSDUWH /RV GRFXPHQWRV TXH SUHVHQWDUH GHVSXpV QR OH VHUiQ DGPLWLGRV VDOYR WUDWiQGRVH GH ORV TXH VLUYDQ GH SUXHEDFRQWUDODVH[FHSFLRQHVDOHJDGDVSRUHO&RPHUFLDQWHORVTXHIXHUHQSRVWHULRUHVDODSUHVHQWDFLyQGHOD GHPDQGD\DTXpOORVTXHDXQTXHIXHUHQDQWHULRUHVPDQLILHVWHHOGHPDQGDQWHEDMRSURWHVWDGHGHFLUYHUGDG TXHQRWHQtDFRQRFLPLHQWRGHHOORVDOSUHVHQWDUODGHPDQGD 6L HO GHPDQGDQWH QR WXYLHUD D VX GLVSRVLFLyQ ORV GRFXPHQWRV D TXH VH UHILHUH HVWH DUWtFXOR GHEHUi GHVLJQDU HO DUFKLYR R OXJDU HQ TXH VH HQFXHQWUDQ ORV RULJLQDOHV SDUD TXH DQWHV GH GDUOH WUiPLWH D OD GHPDQGDDFRVWDGHOGHPDQGDQWHHOMXH]PDQGHH[SHGLUFRSLDGHHOORV $UWtFXOR 6L HO -XH] QR HQFXHQWUD PRWLYR GH LPSURFHGHQFLD R GHIHFWR HQ HO HVFULWR GH VROLFLWXG R GHPDQGDGHFRQFXUVRPHUFDQWLORVLIXHUHQVXEVDQDGDVODVGHILFLHQFLDVDGPLWLUiDTXpOOD(ODXWRDGPLVRULR GHODVROLFLWXGRGHPDQGDGHMDUiGHVXUWLUVXVHIHFWRVVLHODFWRUQRJDUDQWL]DORVKRQRUDULRVGHOYLVLWDGRUSRU XQPRQWRHTXLYDOHQWHDPLOTXLQLHQWRVGtDVGHVDODULRPtQLPRYLJHQWHHQHO'LVWULWR)HGHUDOGHQWURGHORVWUHV GtDVVLJXLHQWHVDODIHFKDHQTXHVHOHQRWLILTXHHODXWRDGPLVRULR /DJDUDQWtDVHOLEHUDUiDIDYRUGHODFWRUVLHOMXH]GHVHFKDODVROLFLWXGRGHPDQGD R GLFWD VHQWHQFLD TXH GHFODUHHOFRQFXUVRPHUFDQWLO (QFDVRGHTXHODGHPDQGDODSUHVHQWHHO0LQLVWHULR3~EOLFRQRVHUHTXHULUiODJDUDQWtDDODTXHVHUHILHUH HVWHDUWtFXOR $UWtFXOR (O DFUHHGRUTXH GHPDQGH OD GHFODUDFLyQ GH FRQFXUVR PHUFDQWLO GH XQ &RPHUFLDQWH SRGUi VROLFLWDUDOMXH]ODDGRSFLyQGHSURYLGHQFLDVSUHFDXWRULDVRHQVXFDVRODPRGLILFDFLyQGHODVTXHVHKXELHUHQ DGRSWDGR/DFRQVWLWXFLyQPRGLILFDFLyQROHYDQWDPLHQWRGHGLFKDVSURYLGHQFLDVVHUHJLUiQSRUORGLVSXHVWRDO HIHFWRHQHO&yGLJRGH&RPHUFLR $UWtFXOR $GPLWLGD OD GHPDQGD GH FRQFXUVR PHUFDQWLO HO MXH] PDQGDUi FLWDU DO &RPHUFLDQWH FRQFHGLpQGROH XQ WpUPLQR GH QXHYH GtDV SDUD FRQWHVWDU (O &RPHUFLDQWH GHEHUi RIUHFHU HQ HO HVFULWR GH FRQWHVWDFLyQODVSUXHEDVTXHHVWD/H\OHDXWRUL]D (O MXH] D VROLFLWXG GHO &RPHUFLDQWH R GH RILFLR GLFWDUi ODV SURYLGHQFLDV SUHFDXWRULDV TXH FRQVLGHUH QHFHVDULDVDILQGHHYLWDUTXHVHSRQJDHQULHVJRODYLDELOLGDGGHODHPSUHVDFRQPRWLYRGHODGHPDQGDRGH RWUDV TXH VH SUHVHQWHQ GXUDQWH OD YLVLWD R TXH VH DJUDYH GLFKR ULHVJR SDUD ORJUDU VDOYDJXDUGDU HO LQWHUpV S~EOLFRSUHYLVWRHQHODUWtFXORSULPHURGHODSUHVHQWH/H\ $OGtDVLJXLHQWHGHTXHHOMXH]UHFLEDODFRQWHVWDFLyQGDUiYLVWDGHHOODDOGHPDQGDQWHSDUDTXHGHQWURGH XQWpUPLQRGHWUHVGtDVPDQLILHVWHORTXHDVXGHUHFKRFRQYHQJD\HQVXFDVRDGLFLRQHVXRIUHFLPLHQWRGH SUXHEDV $O GtD VLJXLHQWH GH TXH YHQ]D HO SOD]R D TXH VH UHILHUH HO SULPHU SiUUDIR GH HVWH DUWtFXOR VLQ TXH HO &RPHUFLDQWH KD\D SUHVHQWDGR VX FRQWHVWDFLyQ HO MXH] GHEHUi FHUWLILFDU HVWH KHFKR GHFODUDQGR SUHFOXLGR HO GHUHFKR GHO &RPHUFLDQWH SDUD FRQWHVWDU \ VH FRQWLQXDUi FRQ HO SURFHGLPLHQWR /D IDOWD GH FRQWHVWDFLyQ HQ WLHPSRKDUiSUHVXPLUVDOYRSUXHEDHQFRQWUDULRFRPRFLHUWRVORVKHFKRVFRQWHQLGRVHQODGHPDQGDTXHVHDQ GHWHUPLQDQWHV SDUD OD GHFODUDFLyQ GH FRQFXUVR PHUFDQWLO (O MXH] GHEHUi GLFWDU VHQWHQFLD GHFODUDQGR HO FRQFXUVRPHUFDQWLOGHQWURGHORVFLQFRGtDVVLJXLHQWHV $UWtFXOR &RQ OD FRQWHVWDFLyQ GH OD GHPDQGD VH DGPLWLUiQ OD SUXHED GRFXPHQWDO \ OD RSLQLyQ GH H[SHUWRV FXDQGR VH SUHVHQWH SRU HVFULWR 4XLHQ SUHVHQWH OD RSLQLyQ GH H[SHUWRV GHEHUi DFRPSDxDU GLFKR HVFULWRGHODLQIRUPDFLyQ\GRFXPHQWRVTXHDFUHGLWHQODH[SHULHQFLD\FRQRFLPLHQWRVWpFQLFRVGHOH[SHUWRTXH FRUUHVSRQGD3RUQLQJ~QPRWLYRVHFLWDUiDORVH[SHUWRVSDUDVHULQWHUURJDGRV &RQ OD FRQWHVWDFLyQ GH OD GHPDQGD HO &RPHUFLDQWH SRGUi RIUHFHU HQ DGLFLyQ D ODV SUXHEDV D TXH VH UHILHUH HO SiUUDIR DQWHULRU DTXpOODV TXH GLUHFWDPHQWH SXHGDQ GHVYLUWXDU HO VXSXHVWR GHO DUWtFXOR GH HVWD /H\\HOMXH]SRGUiRUGHQDUHOGHVDKRJRGHSUXHEDVDGLFLRQDOHVTXHHVWLPHFRQYHQLHQWHVSHURHOGHVDKRJR GHWRGDVHOODVQRSRGUiH[FHGHUGHXQ WpUPLQRGHWUHLQWDGtDV $UWtFXOR (O&RPHUFLDQWHTXHKD\DVROLFLWDGRVXGHFODUDFLyQGHFRQFXUVRPHUFDQWLORHQVXFDVRORV DFUHHGRUHV TXH OR KD\DQ GHPDQGDGR SRGUiQ GHVLVWLU GH VX VROLFLWXG R GHPDQGD VLHPSUH TXH H[LVWD HO FRQVHQWLPLHQWRH[SUHVRGHWRGRVHOORV(O&RPHUFLDQWHRORVDFUHHGRUHVGHPDQGDQWHVVXIUDJDUiQORVJDVWRV GHOSURFHVRHQWUHRWURVORVKRQRUDULRVGHOYLVLWDGRU\HQVXFDVRGHOFRQFLOLDGRU &DStWXOR,9 'HODYLVLWDGHYHULILFDFLyQ $UWtFXOR $O GtD VLJXLHQWH GH TXH HO MXH] DGPLWD OD GHPDQGD GHEHUi UHPLWLU FRSLD GH OD PLVPD DO ,QVWLWXWR RUGHQiQGROH TXH GHVLJQH XQ YLVLWDGRU GHQWUR GH ORV FLQFR GtDV VLJXLHQWHV D TXH UHFLED GLFKD FRPXQLFDFLyQ'HLJXDOIRUPD\HQHOPLVPRSOD]RGHEHUiKDFHUORGHOFRQRFLPLHQWRGHODVDXWRULGDGHVILVFDOHV FRPSHWHQWHVSDUDORVHIHFWRVTXHUHVXOWHQSURFHGHQWHVJLUiQGRVHGHLQPHGLDWRORVRILFLRVUHVSHFWLYRV $ PiV WDUGDU DO GtD VLJXLHQWH GH OD GHVLJQDFLyQ GHO YLVLWDGRU HO ,QVWLWXWR OR GHEHUi LQIRUPDU DO MXH] \ DO YLVLWDGRUGHVLJQDGR(OYLVLWDGRUGHQWURGHORVFLQFRGtDVTXHVLJDQDOGHVXGHVLJQDFLyQFRPXQLFDUiDOMXH] HO QRPEUH GH ODV SHUVRQDV GH ODV TXH VH DX[LOLDUi SDUD HO GHVHPSHxR GH VXV IXQFLRQHV VLQ TXH SHUVRQD DOJXQDQRGHVLJQDGDSXHGDDFWXDUHQODYLVLWD$OGtDVLJXLHQWHGHTXHFRQR]FDGHGLFKDVGHVLJQDFLRQHVHO MXH]GLFWDUiDFXHUGRGiQGRODVDFRQRFHUDORVLQWHUHVDGRV $UWtFXOR 'HVDKRJDGDODYLVWDDODTXHKDFHUHIHUHQFLDHOVHJXQGRSiUUDIRGHODUWtFXORGHOSUHVHQWH RUGHQDPLHQWRGHEHUiSUDFWLFDUVHXQDYLVLWDDO&RPHUFLDQWHTXHWHQGUiSRUREMHWRTXHHOYLVLWDGRU , 'LFWDPLQH VL HO &RPHUFLDQWH LQFXUULy HQ ORV VXSXHVWRV SUHYLVWRV HQ HO DUWtFXOR GH HVWD /H\ DVt FRPRODIHFKDGHYHQFLPLHQWRGHORVFUpGLWRVUHODFLRQDGRVFRQHVRVKHFKRV\ ,, 6XJLHUDDOMXH]ODVSURYLGHQFLDVSUHFDXWRULDVTXHHVWLPHQHFHVDULDVSDUDODSURWHFFLyQGHOD0DVD HQORVWpUPLQRVGHODUWtFXORGHODPLVPD &XDQGR VH WUDWH GH XQD VRFLHGDG PHUFDQWLO FRQWURODGRUD R FRQWURODGD HO YLVLWDGRU GHEHUi DVHQWDU HVWH KHFKRHQVXGLFWDPHQ $UWtFXOR $OGtDVLJXLHQWHGHTXHHOMXH]UHFLEDODGHVLJQDFLyQGHOYLVLWDGRUSRUHO,QVWLWXWRRUGHQDUiOD YLVLWD(ODXWRFRUUHVSRQGLHQWHGHEHUiH[SUHVDUDGHPiVORVLJXLHQWH , (OQRPEUHGHOYLVLWDGRU\HOGHVXVDX[LOLDUHV ,, (OOXJDURORVOXJDUHVGRQGHGHEDHIHFWXDUVHODYLVLWDFRUUHVSRQGLHQWH\ ,,, /RV OLEURV UHJLVWURV \ GHPiV GRFXPHQWRV GHO &RPHUFLDQWH VREUH ORV FXDOHV YHUVDUi OD YLVLWD DVt FRPRHOSHULRGRTXHDEDUTXHODPLVPD (ODXWRTXHRUGHQHODYLVLWDWHQGUiHIHFWRVGHPDQGDPLHQWRDO&RPHUFLDQWHSDUDTXHSHUPLWDODUHDOL]DFLyQ GHODYLVLWD $UWtFXOR (O YLVLWDGRU GHEHUi SUHVHQWDUVH HQ HO 'RPLFLOLR GHO &RPHUFLDQWH GHQWUR GH ORV FLQFR GtDV VLJXLHQWHV D DTXHO HQ TXH VH GLFWH OD RUGHQ GH YLVLWD 6L WUDQVFXUULGR HVWH SOD]R HO YLVLWDGRU QR VH KXELHUH SUHVHQWDGR D UHDOL]DUOD SRU FXDOTXLHU FDXVD HO MXH] GH RILFLR R ORV DFUHHGRUHV TXH KD\DQ GHPDQGDGR DO &RPHUFLDQWHSRUFRQGXFWRGHOMXH]SRGUiQVROLFLWDUDO,QVWLWXWRODGHVLJQDFLyQGHXQYLVLWDGRUVXVWLWXWR8QD YH]QRPEUDGRHOYLVLWDGRUVXVWLWXWRHO,QVWLWXWRORKDUiVDEHUDOMXH]SDUDTXHPRGLILTXHODRUGHQGHYLVLWD $UWtFXOR 6L DO SUHVHQWDUVH HO YLVLWDGRU HQ HO OXJDU GRQGH GHED YHULILFDUVH OD YLVLWD QR HVWXYLHUH HO &RPHUFLDQWHRVXUHSUHVHQWDQWHGHMDUiFLWDWRULRFRQODSHUVRQDTXHVHHQFXHQWUHHQGLFKROXJDUSDUDTXHOR HVSHUH DKRUDGHWHUPLQDGD GHOGtDVLJXLHQWHSDUDGDUVH SRU HQWHUDGR GHO FRQWHQLGR GHODRUGHQ GH YLVLWD D IDOWDGHSHUVRQDFRQTXLHQVHHQWLHQGDODYLVLWDHOYLVLWDGRUGHEHUiVROLFLWDUDOMXH]TXHSUHYLDLQVSHFFLyQTXH SUDFWLTXHHOVHFUHWDULRGHDFXHUGRVGHOMX]JDGRFRQFXUVDOVHSUHYHQJDDO&RPHUFLDQWHSDUDTXHGHLQVLVWLUHQ VXRPLVLyQVHSURFHGDDGHFODUDUHOFRQFXUVRPHUFDQWLO (QFDVRGHTXHDMXLFLRGHOYLVLWDGRUVHDQHFHVDULDODGHVLJQDFLyQGHOXJDUHVDGLFLRQDOHVSDUDHOGHVDKRJR GHODYLVLWDGHEHUiVROLFLWDUORDOMXH]SDUDTXHpVWHDFXHUGHORFRQGXFHQWH $UWtFXOR (O YLVLWDGRU GHEHUi DFUHGLWDU VX QRPEUDPLHQWR FRQ OD RUGHQ UHVSHFWLYD 7DQWR HO YLVLWDGRU FRPRVXVDX[LOLDUHVGHEHUiQLGHQWLILFDUVHFRQHO&RPHUFLDQWHDQWHVGHSURFHGHUDODYLVLWD (OYLVLWDGRU\VXVDX[LOLDUHVWHQGUiQDFFHVRDORVOLEURVGHFRQWDELOLGDGUHJLVWURV\HVWDGRVILQDQFLHURVGHO &RPHUFLDQWHDVtFRPRDFXDOTXLHURWURGRFXPHQWRRPHGLRHOHFWUyQLFRGHDOPDFHQDPLHQWRGHGDWRVHQORV TXHFRQVWHODVLWXDFLyQILQDQFLHUD\FRQWDEOHGHODHPSUHVDGHO&RPHUFLDQWH\TXHHVWpQUHODFLRQDGRVFRQHO REMHWR GH OD YLVLWD $VLPLVPR SRGUiQ OOHYDU D FDER YHULILFDFLRQHV GLUHFWDV GH ELHQHV \ PHUFDQFtDV GH ODV RSHUDFLRQHV DVt FRPR HQWUHYLVWDV FRQ HO SHUVRQDO GLUHFWLYR JHUHQFLDO \ DGPLQLVWUDWLYR GHO &RPHUFLDQWH LQFOX\HQGRDVXVDVHVRUHVH[WHUQRVILQDQFLHURVFRQWDEOHVROHJDOHV $UWtFXOR (O&RPHUFLDQWH\VXSHUVRQDOHVWDUiQREOLJDGRVDFRODERUDUFRQHOYLVLWDGRU\VXVDX[LOLDUHV (QFDVRGHTXHQRFRODERUHQREVWUX\DQODYLVLWDRQRSURSRUFLRQHQDOYLVLWDGRURDVXV DX[LOLDUHV ORVGDWRV QHFHVDULRVSDUDTXHSXHGDSURGXFLUVXGLFWDPHQDSHWLFLyQGHOYLVLWDGRUHOMXH]SRGUiLPSRQHUODVPHGLGDVGH DSUHPLR TXH FRQVLGHUH SHUWLQHQWHV DSHUFLELHQGR DO &RPHUFLDQWH TXH GH QR FRODERUDU VH OH GHFODUDUi HQ FRQFXUVRPHUFDQWLO $UWtFXOR $O WpUPLQR GH OD YLVLWD HO YLVLWDGRU OHYDQWDUi DFWD HQ OD TXH VH KDUiQ FRQVWDU HQ IRUPD FLUFXQVWDQFLDGDORVKHFKRVXRPLVLRQHVTXHVHKXELHUHQFRQRFLGRSRUHOYLVLWDGRU\VXVDX[LOLDUHVUHODWLYRVDO REMHWRGHODYLVLWD (O DFWD GH YLVLWD GHEHUi OHYDQWDUVH DQWH GRV WHVWLJRV QRPEUDGRV SRU HO &RPHUFLDQWH SDUD OR FXDO HO YLVLWDGRUGHEHFRPXQLFDUOHSRUHVFULWRFRQYHLQWLFXDWURKRUDVGHDQWLFLSDFLyQHOGtD\KRUDHQTXHOHYDQWDUiHO DFWDHQFDVRGH QHJDWLYDGHO &RPHUFLDQWHD HIHFWXDU HO QRPEUDPLHQWRGHORVWHVWLJRVHO DFWDVHOHYDQWDUi DQWHHOVHFUHWDULRGHDFXHUGRVGHOMX]JDGRFRQFXUVDO(O&RPHUFLDQWH\ORVWHVWLJRVGHEHUiQILUPDUHODFWDVL VH UHK~VDQ DKDFHUOR GHEHUi DVHQWDUVH GLFKDFLUFXQVWDQFLDHQ HO DFWD VLQ TXH SRU HOOR VH YHD DIHFWDGD VX YDOLGH] (OYLVLWDGRU\VXVDX[LOLDUHVSRGUiQUHSURGXFLUSRUFXDOTXLHUPHGLRGRFXPHQWDFLyQSDUDTXHSUHYLRFRWHMR VHDDQH[DGDDODFWDGHYLVLWD(OYLVLWDGRUSRGUiDFUHGLWDUORVKHFKRVFRQRFLGRVUHODWLYRVDODYLVLWDSRUPHGLR GHIHGDWDULRS~EOLFRVLQTXHVHUHTXLHUDODH[SHGLFLyQGHH[KRUWRVQLODKDELOLWDFLyQGHGtDV\KRUDVSDUDORV HIHFWRVGHODYLVLWD $UWtFXOR $GHPiV GH ODV SURYLGHQFLDV SUHFDXWRULDV D TXH KDFH UHIHUHQFLD HO DUWtFXOR HO YLVLWDGRU SRGUi VROLFLWDU DO MXH] HQ HO WUDQVFXUVR GH OD YLVLWD OD DGRSFLyQ PRGLILFDFLyQ R OHYDQWDPLHQWR GH ODV SURYLGHQFLDVSUHFDXWRULDVDODVTXHVHUHILHUHHVWHDUWtFXORFRQHOREMHWRGHSURWHJHUOD0DVD\ORVGHUHFKRV GHORVDFUHHGRUHVGHELHQGRIXQGDPHQWDUHQWRGRVORVFDVRVODVUD]RQHVGHVXVROLFLWXG (OMXH]SRGUiGLFWDUODVSURYLGHQFLDVSUHFDXWRULDVTXHHVWLPHQHFHVDULDVXQDYH]TXHUHFLEDODVROLFLWXGR ELHQGHRILFLR /DVSURYLGHQFLDVSUHFDXWRULDVSRGUiQFRQVLVWLUHQODVVLJXLHQWHV , /DSURKLELFLyQGHKDFHUSDJRVGHREOLJDFLRQHVYHQFLGDVFRQDQWHULRULGDGDODIHFKDGHDGPLVLyQGHOD VROLFLWXGRGHPDQGDGHFRQFXUVRPHUFDQWLO ,, /DVXVSHQVLyQGHWRGRSURFHGLPLHQWRGHHMHFXFLyQFRQWUDORVELHQHV\GHUHFKRVGHO&RPHUFLDQWH ,,, /D SURKLELFLyQ DO &RPHUFLDQWH GH UHDOL]DU RSHUDFLRQHV GH HQDMHQDFLyQ R JUDYDPHQ GH ORV ELHQHV SULQFLSDOHVGHVXHPSUHVD ,9 (ODVHJXUDPLHQWRGHELHQHV 9 /DLQWHUYHQFLyQGHODFDMD 9, /DSURKLELFLyQGHUHDOL]DUWUDVIHUHQFLDVGHUHFXUVRVRYDORUHVDIDYRUGHWHUFHURV 9,, /DRUGHQGHDUUDLJDUDO&RPHUFLDQWHSDUDHOVRORHIHFWRGHTXHQR SXHGDVHSDUDUVHGHOOXJDUGHVX 'RPLFLOLR VLQ GHMDU PHGLDQWH PDQGDWR DSRGHUDGR VXILFLHQWHPHQWH LQVWUXLGR \ H[SHQVDGR &XDQGR TXLHQ KD\D VLGR DUUDLJDGR GHPXHVWUH KDEHU GDGR FXPSOLPLHQWR D OR DQWHULRU HO MXH] OHYDQWDUi HO DUUDLJR\ 9,,, &XDOHVTXLHUDRWUDVGHQDWXUDOH]DDQiORJD $UWtFXOR/DVSURYLGHQFLDVSUHFDXWRULDVVXEVLVWLUiQKDVWDTXHHOMXH]RUGHQHVXOHYDQWDPLHQWR (O&RPHUFLDQWHSRGUiHYLWDUODDSOLFDFLyQGHODVSURYLGHQFLDVSUHFDXWRULDVRELHQVROLFLWDUTXHVHOHYDQWHQ ODVTXHVHKXELHUHQGLFWDGRSUHYLDJDUDQWtDFRQVWLWXLGDDVDWLVIDFFLyQGHOMXH] $UWtFXOR /DV PDQLIHVWDFLRQHV GHO &RPHUFLDQWH UHODWLYDV D OD H[LVWHQFLD GH GRFXPHQWRV SUREDWRULRV TXHQRVHHQFXHQWUHQHQVXSRVHVLyQGHEHUiQFRQVLJQDUVHHQHODFWDGHYLVLWD $UWtFXOR (OYLVLWDGRUFRQEDVHHQODLQIRUPDFLyQTXHFRQVWHHQHODFWDGHYLVLWDGHEHUiUHQGLUDOMXH] HQXQ SOD]RGHTXLQFHGtDVQDWXUDOHVFRQWDGRVDSDUWLUGHODIHFKDGHLQLFLRGHODYLVLWDXQGLFWDPHQUD]RQDGR \ FLUFXQVWDQFLDGR WRPDQGR HQ FRQVLGHUDFLyQ ORV KHFKRV SODQWHDGRV HQ OD GHPDQGD \ HQ OD FRQWHVWDFLyQ DQH[DQGRDOPLVPRHODFWDGHYLVLWD(OGLFWDPHQGHEHUiVHUSUHVHQWDGRHQORVIRUPDWRVTXHDOHIHFWRGDUiD FRQRFHUHO,QVWLWXWR (OYLVLWDGRUGHEHUiSUHVHQWDUVXGLFWDPHQHQHOSOD]RDTXHVHUHILHUHHOSiUUDIRDQWHULRUVLQHPEDUJRSRU FDXVDMXVWLILFDGDSRGUiVROLFLWDUDOMXH]XQDSUyUURJDSDUDVXSUHVHQWDFLyQ/DSUyUURJDHQQLQJ~QFDVRSRGUi H[FHGHUGHTXLQFHGtDVQDWXUDOHV $UWtFXOR (OMXH]DOGtDVLJXLHQWHGHDTXHOHQTXH UHFLEDHOGLFWDPHQGHOYLVLWDGRUORSRQGUiDODYLVWD GHO&RPHUFLDQWHGHVXVDFUHHGRUHV\GHO0LQLVWHULR3~EOLFRSDUDTXHGHQWURGHXQSOD]RFRP~QGHGLH]GtDV SUHVHQWHQVXVDOHJDWRVSRUHVFULWR\SDUDORVGHPiVHIHFWRVSUHYLVWRVHQHVWD/H\ &DStWXOR9 'HODVHQWHQFLDGHFRQFXUVRPHUFDQWLO $UWtFXOR6LQQHFHVLGDGGHFLWDFLyQHOMXH]GLFWDUiODVHQWHQFLDTXHFRUUHVSRQGDGHQWURGHORVFLQFR GtDV VLJXLHQWHV DO YHQFLPLHQWR GHO SOD]R SDUD OD IRUPXODFLyQ GH DOHJDWRV FRQVLGHUDQGR OR PDQLIHVWDGR SUREDGR \ DOHJDGR SRU ODV SDUWHV DGHPiV GHO GLFWDPHQ GHO YLVLWDGRU (O MXH] GHEHUi UD]RQDU ODV SUXHEDV DSRUWDGDVSRUODVSDUWHVLQFOX\HQGRHOGLFWDPHQGHOYLVLWDGRU $UWtFXOR /DVHQWHQFLDGHGHFODUDFLyQGHFRQFXUVRPHUFDQWLOFRQWHQGUi , 1RPEUHGHQRPLQDFLyQRUD]yQVRFLDO\'RPLFLOLRGHO&RPHUFLDQWH\HQVXFDVRHOQRPEUHFRPSOHWR \GRPLFLOLRVGHORVVRFLRVLOLPLWDGDPHQWHUHVSRQVDEOHV ,, /DIHFKDHQTXHVHGLFWH ,,, /DIXQGDPHQWDFLyQGHODVHQWHQFLDHQWpUPLQRVGHORHVWDEOHFLGRHQHODUWtFXORGHHVWD/H\DVt FRPRHQVXFDVRXQDOLVWDGHORVDFUHHGRUHVTXHHOYLVLWDGRUKXELHVHLGHQWLILFDGRHQODFRQWDELOLGDG GHO &RPHUFLDQWHVHxDODQGR HO PRQWR GH ORV DGHXGRV FRQ FDGD XQR GH HOORV VLQ TXH HOOR DJRWH HO SURFHGLPLHQWRGHUHFRQRFLPLHQWRJUDGXDFLyQ\SUHODFLyQGHFUpGLWRVDTXHVHUHILHUHHO7tWXOR&XDUWR GHHVWD/H\ ,9 /DRUGHQDO,QVWLWXWRSDUDTXH GHVLJQH DO FRQFLOLDGRU D WUDYpV GHO PHFDQLVPRDOHDWRULR SUHYLDPHQWH HVWDEOHFLGR MXQWR FRQ OD GHWHUPLQDFLyQ GH TXH HQWUHWDQWR HO &RPHUFLDQWH VXV DGPLQLVWUDGRUHV JHUHQWHV\GHSHQGLHQWHVWHQGUiQODVREOLJDFLRQHVTXHODOH\DWULEX\HDORVGHSRVLWDULRV 9 /DGHFODUDFLyQGHDSHUWXUDGHODHWDSDGHFRQFLOLDFLyQVDOYRTXHHO&RPHUFLDQWHKD\DVROLFLWDGRVX TXLHEUD 9, /D RUGHQ DO &RPHUFLDQWH GH SRQHU GH LQPHGLDWR D GLVSRVLFLyQ GHO FRQFLOLDGRU ORV OLEURV UHJLVWURV \ GHPiV GRFXPHQWRV GH VX HPSUHVD DVt FRPR ORV UHFXUVRV QHFHVDULRV SDUD VXIUDJDU ODV SXEOLFDFLRQHVSUHYLVWDVHQODSUHVHQWH/H\ 9,, (OPDQGDPLHQWRDO&RPHUFLDQWHSDUDTXHSHUPLWDDOFRQFLOLDGRU\DORVLQWHUYHQWRUHVODUHDOL]DFLyQ GHODVDFWLYLGDGHVSURSLDVGHVXVFDUJRV 9,,, /DRUGHQDO&RPHUFLDQWHGHVXVSHQGHUHOSDJRGHORVDGHXGRVFRQWUDtGRVFRQDQWHULRULGDGDODIHFKD HQ TXH FRPLHQFH D VXUWLU VXV HIHFWRV OD VHQWHQFLD GH FRQFXUVR PHUFDQWLO VDOYR ORV TXH VHDQ LQGLVSHQVDEOHVSDUDODRSHUDFLyQRUGLQDULDGHODHPSUHVDUHVSHFWRGHORVFXDOHVGHEHUiLQIRUPDUDO MXH]GHQWURGHODVYHLQWLFXDWURKRUDVVLJXLHQWHVGHHIHFWXDGRV ,; /DRUGHQGHVXVSHQGHUGXUDQWHODHWDSDGHFRQFLOLDFLyQWRGRPDQGDPLHQWRGHHPEDUJRRHMHFXFLyQ FRQWUDORVELHQHV\GHUHFKRVGHO&RPHUFLDQWHFRQODVH[FHSFLRQHVSUHYLVWDVHQHODUWtFXOR ; /DIHFKDGHUHWURDFFLyQ ;, /DRUGHQDOFRQFLOLDGRUGHTXHVHSXEOLTXHXQH[WUDFWRGHODVHQWHQFLDHQORVWpUPLQRVGHODUWtFXOR GHHVWD/H\ ;,, /DRUGHQDOFRQFLOLDGRUGHLQVFULELUODVHQWHQFLDHQHOUHJLVWURS~EOLFRGHFRPHUFLRTXHFRUUHVSRQGDDO 'RPLFLOLR GHO &RPHUFLDQWH \ HQ WRGRV DTXHOORV OXJDUHV HQ GRQGH WHQJD XQD DJHQFLD VXFXUVDO R ELHQHVVXMHWRVDLQVFULSFLyQHQDOJ~QUHJLVWURS~EOLFR ;,,, /DRUGHQDOFRQFLOLDGRUGHLQLFLDUHOSURFHGLPLHQWRGHUHFRQRFLPLHQWRGHFUpGLWRV ;,9 (O DYLVR D ORV DFUHHGRUHV SDUD TXH DTXpOORV TXH DVt OR GHVHHQ VROLFLWHQ HO UHFRQRFLPLHQWR GH VXV FUpGLWRV\ ;9 /DRUGHQGHTXHVHH[SLGDDFRVWDGHTXLHQORVROLFLWHFRSLDFHUWLILFDGDGHODVHQWHQFLD $UWtFXOR$OGtDVLJXLHQWHGHTXHVHGLFWHVHQWHQFLDTXHGHFODUHHOFRQFXUVRPHUFDQWLOHOMXH]GHEHUi QRWLILFDUOD SHUVRQDOPHQWH DO &RPHUFLDQWH DO ,QVWLWXWR DO YLVLWDGRU D ORV DFUHHGRUHV FX\RV GRPLFLOLRV VH FRQR]FDQ \ D ODV DXWRULGDGHV ILVFDOHV FRPSHWHQWHV SRU FRUUHR FHUWLILFDGR R SRU FXDOTXLHU RWUR PHGLR HVWDEOHFLGR HQ ODV OH\HV DSOLFDEOHV $O 0LQLVWHULR 3~EOLFR VH OH QRWLILFDUi SRU RILFLR ,JXDOPHQWH GHEHUi QRWLILFDUVHSRURILFLRDOUHSUHVHQWDQWHVLQGLFDO\HQVXGHIHFWRDO3URFXUDGRUGHOD'HIHQVDGHO7UDEDMR $UWtFXOR 'HQWURGHORVFLQFRGtDVVLJXLHQWHVDVXGHVLJQDFLyQHOFRQFLOLDGRUSURFHGHUiDVROLFLWDUOD LQVFULSFLyQGHODVHQWHQFLDGHFRQFXUVRPHUFDQWLOHQORVUHJLVWURVS~EOLFRVTXHFRUUHVSRQGDQ\KDUiSXEOLFDU XQH[WUDFWRGHODPLVPDSRUGRVYHFHVFRQVHFXWLYDVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ \HQXQRGHORV GLDULRVGHPD\RUFLUFXODFLyQHQODORFDOLGDGGRQGHVHVLJDHOMXLFLR /DVSDUWHVTXHQRKD\DQVLGRQRWLILFDGDVHQWpUPLQRVGHODUWtFXORDQWHULRUVHHQWHQGHUiQQRWLILFDGDVGHOD GHFODUDFLyQGHFRQFXUVRPHUFDQWLOHQHOGtDHQTXHVHKDJDOD~OWLPDSXEOLFDFLyQGHODVVHxDODGDV HQHVWH DUWtFXOR $UWtFXOR7UDQVFXUULGRVFLQFRGtDVFRQWDGRVDSDUWLUGHOYHQFLPLHQWRGHOSOD]RSDUDODSXEOLFDFLyQGHOD VHQWHQFLDVLQKDEHUVHSXEOLFDGRFXDOTXLHUDFUHHGRURLQWHUYHQWRUSRGUiVROLFLWDUDOMXH]TXHVHOHHQWUHJXHQ ORV GRFXPHQWRV QHFHVDULRV SDUD KDFHU ODV SXEOLFDFLRQHV (O MXH] SURSRUFLRQDUi ORV GRFXPHQWRV D TXLHQ SULPHURVHORVVROLFLWH/RVJDVWRVFRUUHVSRQGLHQWHVVHUiQFUpGLWRVFRQWUDOD0DVD $UWtFXOR /D VHQWHQFLD SURGXFLUi ORV HIHFWRV GHO DUUDLJR GHO &RPHUFLDQWH \ WUDWiQGRVH GH SHUVRQDV PRUDOHV TXLHQ R TXLHQHV VHDQ UHVSRQVDEOHV GH OD DGPLQLVWUDFLyQ SDUD HO VROR HIHFWR GH TXH QR SXHGDQ VHSDUDUVH GHO OXJDU GH VX 'RPLFLOLR VLQ GHMDU PHGLDQWH PDQGDWR DSRGHUDGR VXILFLHQWHPHQWH LQVWUXLGR \ H[SHQVDGR &XDQGR TXLHQ KD\D VLGR DUUDLJDGR GHPXHVWUH KDEHU GDGR FXPSOLPLHQWR D OR DQWHULRU HO MXH] OHYDQWDUiHODUUDLJR $UWtFXOR /D VHQWHQFLD TXH GHFODUH TXH QR HV SURFHGHQWH HO FRQFXUVR PHUFDQWLO RUGHQDUi TXH ODV FRVDV YXHOYDQ DO HVWDGR TXH WHQtDQ FRQ DQWHULRULGDG D OD PLVPD \ HO OHYDQWDPLHQWR GH ODV SURYLGHQFLDV SUHFDXWRULDVTXHVHKXELHUHQLPSXHVWRRODOLEHUDFLyQGHODVJDUDQWtDVTXHVHKD\DQFRQVWLWXLGRSDUDHYLWDUVX LPSRVLFLyQ/DVHQWHQFLDGHEHUiVHUQRWLILFDGDSHUVRQDOPHQWHDO&RPHUFLDQWH\HQVXFDVRDORVDFUHHGRUHV TXHORKXELHUHQGHPDQGDGR$O0LQLVWHULR3~EOLFRVHOHQRWLILFDUiSRURILFLR (Q WRGRV ORVFDVRV GHEHUiQ UHVSHWDUVH ORV DFWRV GH DGPLQLVWUDFLyQ OHJDOPHQWH UHDOL]DGRV DVt FRPR ORV GHUHFKRVDGTXLULGRVSRUWHUFHURVGHEXHQDIH (OMXH]FRQGHQDUiDOGHPDQGDQWHDSDJDUORVJDVWRV\FRVWDVMXGLFLDOHVLQFOXLGRVORVKRQRUDULRV\JDVWRV GHOYLVLWDGRU &DStWXOR9, 'HODDSHODFLyQGHODVHQWHQFLDGHFRQFXUVRPHUFDQWLO $UWtFXOR &RQWUD OD VHQWHQFLD TXH QLHJXH HOFRQFXUVRPHUFDQWLO SURFHGH HO UHFXUVR GH DSHODFLyQ HQ DPERVHIHFWRVFRQWUDODTXHORGHFODUHSURFHGH~QLFDPHQWHHQHOHIHFWRGHYROXWLYR 3RGUiQLQWHUSRQHUHOUHFXUVRGHDSHODFLyQHO&RPHUFLDQWHHOYLVLWDGRUORVDFUHHGRUHVGHPDQGDQWHV\HO 0LQLVWHULR3~EOLFR $UWtFXOR/DDSHODFLyQGHEHUiLQWHUSRQHUVHSRUHVFULWRGHQWURGHORVQXHYHGtDVVLJXLHQWHVDODIHFKD HQ TXH VXUWD HIHFWRVODQRWLILFDFLyQ GH OD VHQWHQFLD \ HQ HO PLVPR HVFULWR HO UHFXUUHQWH GHEHUi H[SUHVDU ORV DJUDYLRVTXHpVWDOHFDXVHRIUHFHUSUXHEDV\HQVXFDVRVHxDODUFRQVWDQFLDVSDUDLQWHJUDUHOWHVWLPRQLRGH DSHODFLyQ (OMXH]HQHODXWRTXHDGPLWDODLQWHUSRVLFLyQGHOUHFXUVRGDUiYLVWDDODSDUWHFRQWUDULD SDUD TXH HQ HO WpUPLQR GH QXHYH GtDV FRQWHVWH ORV DJUDYLRV RIUH]FD SUXHEDV \ HQ VX FDVR VHxDOH FRQVWDQFLDV SDUD DGLFLRQDUDOWHVWLPRQLR(OMXH]RUGHQDUiTXHVHDVLHQWHFRQVWDQFLDHQDXWRVGHODLQWHUSRVLFLyQGHOUHFXUVR\ GH OD UHPLVLyQ GHO FXDGHUQR GH DSHODFLyQ FRUUHVSRQGLHQWH DO WULEXQDO GH DO]DGD GHQWUR GH XQ SOD]R GH WUHV GtDVVLIXHUHQDXWRVRULJLQDOHV\GHFLQFRVLVHWUDWDUHGHWHVWLPRQLR (Q ORV HVFULWRV GH H[SUHVLyQ GH DJUDYLRV \ FRQWHVWDFLyQ HO &RPHUFLDQWH SRGUi RIUHFHU ODV SUXHEDV TXH HVWD/H\DXWRUL]DHVSHFLILFDQGRORVSXQWRVVREUHORVTXHpVWDVGHEDQYHUVDU $UWtFXOR(OWULEXQDOGHDO]DGDGHQWURGHORVGRVGtDVVLJXLHQWHVDOTXHKD\D UHFLELGR VHJ~Q VHD HO FDVR HO WHVWLPRQLR R ORV DXWRV GLFWDUi DXWR HQ HO TXH GHEHUi DGPLWLU R GHVHFKDU OD DSHODFLyQ \ UHVROYHUi VREUHODVSUXHEDV RIUHFLGDV \ HQVXFDVR DEULUi XQSOD]R GH TXLQFH GtDVSDUDVXGHVDKRJR (O WULEXQDO GH DO]DGD SRGUiH[WHQGHU HVWH ~OWLPR SOD]R SRU TXLQFH GtDVDGLFLRQDOHVFXDQGRQR VH KD\D SRGLGR GHVDKRJDU XQDSUXHEDSRUFDXVDVQRLPSXWDEOHVDODSDUWHRIHUHQWH 6L QR IXHUH QHFHVDULR GHVDKRJDU SUXHED DOJXQD R GHVDKRJDGDV ODV TXH KD\DQ VLGR DGPLWLGDV VH FRQFHGHUiXQWpUPLQRGHGLH]GtDVSDUDSUHVHQWDUDOHJDWRVSULPHURDODSHODQWH\OXHJRDODVRWUDVSDUWHV(O WULEXQDOGHDO]DGDGHQWURGHORVFLQFRGtDVVLJXLHQWHVDOYHQFLPLHQWRGHGLFKRVSOD]RVGHEHUiGLFWDUVLQPiV WUiPLWHODVHQWHQFLDFRUUHVSRQGLHQWH $UWtFXOR /D VHQWHQFLD TXH UHYRTXH HO FRQFXUVR PHUFDQWLO GHEHUi LQVFULELUVH HQ HO PLVPR UHJLVWUR S~EOLFRGHFRPHUFLRHQHOTXHDSDUH]FDLQVFULWDODTXHORGHFODUy\VHFRPXQLFDUiDORVUHJLVWURVS~EOLFRVSDUD TXHSURFHGDQDODFDQFHODFLyQGHODVLQVFULSFLRQHVFRUUHVSRQGLHQWHV $UWtFXOR /DVHQWHQFLDGHUHYRFDFLyQGHOFRQFXUVRPHUFDQWLOVHQRWLILFDUi\SXEOLFDUiHQWpUPLQRVGH ORVDQWHULRUHVDUWtFXORV\\VHHVWDUiHQORFRQGXFHQWHDORGLVSXHVWRHQHODUWtFXORGHHVWD/H\ 7Ë78/26(*81'2 'HORVyUJDQRVGHOFRQFXUVRPHUFDQWLO &DStWXOR, 'HOYLVLWDGRUGHOFRQFLOLDGRU\GHOVtQGLFR $UWtFXOR (O YLVLWDGRU HO FRQFLOLDGRU \ HO VtQGLFR WHQGUiQ ODV REOLJDFLRQHV \ IDFXOWDGHV TXH H[SUHVDPHQWHOHVFRQILHUHHVWD/H\ $UWtFXOR /RV YLVLWDGRUHV FRQFLOLDGRUHV \ VtQGLFRV SRGUiQ FRQWUDWDU FRQ DXWRUL]DFLyQ GHO MXH] D ORV DX[LOLDUHVTXHFRQVLGHUHQQHFHVDULRVSDUDHOHMHUFLFLRGHVXVIXQFLRQHVORTXHQRLPSOLFDUiHQQLQJ~QFDVROD GHOHJDFLyQGHVXVUHVSHFWLYDVUHVSRQVDELOLGDGHV $UWtFXOR(OQRPEUDPLHQWRGHOYLVLWDGRUFRQFLOLDGRURVtQGLFRSRGUiVHULPSXJQDGRDQWHHOMXH]SRUHO &RPHUFLDQWH \ SRU FXDOTXLHUD GH ORV DFUHHGRUHV GHQWUR GH ORV WUHV GtDV VLJXLHQWHV D OD IHFKD HQ TXH OD GHVLJQDFLyQVHOHVKXELHUHKHFKRGHVXFRQRFLPLHQWRFRQIRUPHDORHVWDEOHFLGRHQORVDUWtFXORVR /DLPSXJQDFLyQVyORVHDGPLWLUiFXDQGRVHYHULILTXHDOJXQRGHORVVXSXHVWRVDTXHVHUHILHUHHODUWtFXOR GHHVWD/H\/DLPSXJQDFLyQVHYHQWLODUiHQODYtDLQFLGHQWDO (O MXH] SRGUi UHFKD]DU OD GHVLJQDFLyQ TXH KDJD HO ,QVWLWXWR FXDQGR VH Gp DOJXQR GH ORV VXSXHVWRV GHO DUWtFXORGHHVWD/H\GHELHQGRQRWLILFDUORDO,QVWLWXWRSDUDTXHUHDOLFHXQDQXHYDGHVLJQDFLyQ $UWtFXOR/DLPSXJQDFLyQGHOQRPEUDPLHQWRGHOYLVLWDGRUFRQFLOLDGRURVtQGLFRQRLPSHGLUiVXHQWUDGD HQIXQFLRQHVQLVXVSHQGHUiODFRQWLQXDFLyQGHODYLVLWDODFRQFLOLDFLyQRODTXLHEUD $UWtFXOR&XDQGRODSUHVHQWH/H\QRGHWHUPLQHXQSOD]RSDUDHOFXPSOLPLHQWRGHODVREOLJDFLRQHVGHO YLVLWDGRUGHOFRQFLOLDGRURGHOVtQGLFRVHHQWHQGHUiTXHGHEHUiQOOHYDUODVDFDERHQXQSOD]RGHWUHLQWDGtDV QDWXUDOHVVDOYRTXHDSHWLFLyQGHOYLVLWDGRUFRQFLOLDGRURVtQGLFRHOMXH]DXWRULFHXQSOD]RPD\RUHOFXDOQR SRGUiH[FHGHUGHWUHLQWDGtDVQDWXUDOHVPiV $UWtFXOR (O VtQGLFR \ HQ VX FDVR HO FRQFLOLDGRU GHEHUiQ UHQGLU ELPHVWUDOPHQWH DQWH HO MXH] XQ LQIRUPHGHODVODERUHVTXHUHDOLFHQHQODHPSUHVDGHO&RPHUFLDQWH\GHEHUiQSUHVHQWDUXQLQIRUPHILQDOVREUH VX JHVWLyQ 7RGRV ORV LQIRUPHV VHUiQ SXHVWRV D OD YLVWD GHO &RPHUFLDQWH GH ORV DFUHHGRUHV \ GH ORV LQWHUYHQWRUHVSRUFRQGXFWRGHOMXH] $UWtFXOR (O &RPHUFLDQWH ORV LQWHUYHQWRUHV \ ORV SURSLRV DFUHHGRUHV GH PDQHUD LQGLYLGXDO SRGUiQ GHQXQFLDUDQWHHOMXH]ORVDFWRVXRPLVLRQHVGHOYLVLWDGRUGHOFRQFLOLDGRU\GHOVtQGLFRTXHQRVHDSHJXHQDOR GLVSXHVWRSRUHVWD/H\(OMXH]GLFWDUiODVPHGLGDVGHDSUHPLRTXHHVWLPHFRQYHQLHQWHV\HQVXFDVRSRGUi VROLFLWDUDO,QVWLWXWRODVXVWLWXFLyQGHOYLVLWDGRUFRQFLOLDGRURVtQGLFRDILQGHHYLWDUGDxRVDOD0DVD &XDQGR SRU VHQWHQFLD ILUPH VH FRQGHQH D DOJ~Q YLVLWDGRU FRQFLOLDGRU R VtQGLFR DO SDJR GH GDxRV \ SHUMXLFLRVHOMXH]GHEHUiHQYLDUFRSLDGHODPLVPDDO,QVWLWXWRSDUDHIHFWRVGHORSUHYLVWRHQODIUDFFLyQ9,GHO DUWtFXORGHHVWHRUGHQDPLHQWR $UWtFXOR (O YLVLWDGRU HO FRQFLOLDGRU \ HO VtQGLFR VHUiQ UHVSRQVDEOHV DQWH HO &RPHUFLDQWH \ DQWH ORV DFUHHGRUHV SRU ORV DFWRV SURSLRV \ GH VXV DX[LOLDUHV UHVSHFWR GH ORV GDxRV \ SHUMXLFLRV TXH FDXVHQ HQ HO GHVHPSHxR GH VXV IXQFLRQHV SRU LQFXPSOLPLHQWR GH VXV REOLJDFLRQHV \ SRU OD UHYHODFLyQ GH ORV GDWRV FRQILGHQFLDOHVTXHFRQR]FDQHQYLUWXGGHOGHVHPSHxRGHVXFDUJR &DStWXOR,, 'HORVLQWHUYHQWRUHV $UWtFXOR /RV LQWHUYHQWRUHV UHSUHVHQWDUiQ ORV LQWHUHVHV GH ORV DFUHHGRUHV \ WHQGUiQ D VX FDUJR OD YLJLODQFLDGHODDFWXDFLyQGHOFRQFLOLDGRU\GHOVtQGLFRDVtFRPRGHORVDFWRVUHDOL]DGRVSRUHO&RPHUFLDQWHHQ ODDGPLQLVWUDFLyQGHVXHPSUHVD $UWtFXOR&XDOTXLHUDFUHHGRURJUXSRGHDFUHHGRUHVTXHUHSUHVHQWHQSRUORPHQRVHOGLH]SRUFLHQWR GHOPRQWRGHORVFUpGLWRVDFDUJRGHO&RPHUFLDQWHGHFRQIRUPLGDGFRQODOLVWDSURYLVLRQDOGHFUpGLWRVWHQGUiQ GHUHFKR D VROLFLWDU DO MXH] HO QRPEUDPLHQWR GH XQ LQWHUYHQWRU FX\RV KRQRUDULRV VHUiQ D FRVWD GH TXLHQ R TXLHQHVORVROLFLWHQ3DUDVHULQWHUYHQWRUQRVHUHTXLHUHVHUDFUHHGRU (O DFUHHGRU R JUXSR GH DFUHHGRUHV GHEHUiQ GLULJLU VXV VROLFLWXGHV DO MXH] D HIHFWR GH TXH pVWH KDJD HO QRPEUDPLHQWRFRUUHVSRQGLHQWH/RVLQWHUYHQWRUHVSRGUiQVHUVXVWLWXLGRVRUHPRYLGRVSRU TXLHQHV ORVKD\DQ GHVLJQDGRFXPSOLHQGRFRQORGLVSXHVWRHQHVWHSiUUDIR $UWtFXOR /RVLQWHUYHQWRUHVWHQGUiQODVIDFXOWDGHVVLJXLHQWHV , *HVWLRQDUODQRWLILFDFLyQ\SXEOLFDFLyQGHODVHQWHQFLDGHFRQFXUVRPHUFDQWLO ,, 6ROLFLWDUDOFRQFLOLDGRURDOVtQGLFRHOH[DPHQ GHDOJ~Q OLEUR R GRFXPHQWRDVtFRPRFXDOTXLHU RWUR PHGLR GH DOPDFHQDPLHQWR GH GDWRV GHO &RPHUFLDQWH VXMHWR D FRQFXUVR PHUFDQWLO UHVSHFWR GH ODV FXHVWLRQHVTXHDVXMXLFLRSXHGDQDIHFWDUORVLQWHUHVHVGHORVDFUHHGRUHV ,,, 6ROLFLWDU DO FRQFLOLDGRU R DO VtQGLFR LQIRUPDFLyQ SRU HVFULWR VREUH ODV FXHVWLRQHV UHODWLYDV D OD DGPLQLVWUDFLyQGHOD0DVDTXHDVXMXLFLRSXHGDQDIHFWDUORVLQWHUHVHVGHORVDFUHHGRUHVDVtFRPR ORVLQIRUPHVTXHVHPHQFLRQDQHQHODUWtFXORGHHVWD/H\\ ,9 /DVGHPiVTXHVHHVWDEOHFHQHQHVWD/H\ 7Ë78/27(5&(52 'HORVHIHFWRVGHODVHQWHQFLDGHFRQFXUVRPHUFDQWLO &DStWXOR, 'HODVXVSHQVLyQGHORVSURFHGLPLHQWRVGHHMHFXFLyQ $UWtFXOR 'HVGH TXH VH GLFWH OD VHQWHQFLD GH FRQFXUVR PHUFDQWLO \ KDVWD TXH WHUPLQH OD HWDSD GH FRQFLOLDFLyQQRSRGUiHMHFXWDUVHQLQJ~QPDQGDPLHQWRGHHPEDUJRRHMHFXFLyQFRQWUDORVELHQHV\GHUHFKRV GHO&RPHUFLDQWH &XDQGRHOPDQGDPLHQWRGHHPEDUJRRHMHFXFLyQVHDGHFDUiFWHUODERUDOODVXVSHQVLyQQRVXUWLUiHIHFWRV UHVSHFWR GH OR GLVSXHVWR HQ OD IUDFFLyQ ;;,,, GHO DSDUWDGR $ GHO DUWtFXOR FRQVWLWXFLRQDO \ VXV GLVSRVLFLRQHV UHJODPHQWDULDV FRQVLGHUDQGR ORV VDODULRV GH ORV GRV DxRV DQWHULRUHV DO FRQFXUVR PHUFDQWLO FXDQGRVHDGHFDUiFWHUILVFDOVHHVWDUiDORGLVSXHVWRHQHODUWtFXORGHHVWHRUGHQDPLHQWR $UWtFXOR(ODXWRGHDGPLVLyQGHODGHPDQGDGHFRQFXUVRPHUFDQWLOWHQGUiHQWUHVXVSURSyVLWRVFRQ LQGHSHQGHQFLD GH ORV GHPiV TXH VHxDOD HVWD /H\ DVHJXUDU ORV GHUHFKRV TXH OD &RQVWLWXFLyQ VXV GLVSRVLFLRQHV UHJODPHQWDULDV \ HVWD /H\ JDUDQWL]DQ D ORV WUDEDMDGRUHV SDUD HIHFWRV GH VX SDJR FRQ OD SUHIHUHQFLDDTXHVHUHILHUHQWDOHVGLVSRVLFLRQHV\ODIUDFFLyQ,GHODUWtFXORGHODSUHVHQWH/H\ /DVHQWHQFLDGHFRQFXUVRPHUFDQWLOQRVHUiFDXVDSDUDLQWHUUXPSLUHOSDJRGHODVREOLJDFLRQHVODERUDOHV RUGLQDULDVGHO&RPHUFLDQWH $UWtFXOR (QFDVRGHTXHODVDXWRULGDGHVODERUDOHVRUGHQHQHOHPEDUJRGHELHQHVGHO&RPHUFLDQWH SDUD DVHJXUDU FUpGLWRV D IDYRU GH ORV WUDEDMDGRUHV SRU VDODULRV \ VXHOGRV GHYHQJDGRV HQ ORV GRV DxRV LQPHGLDWRVDQWHULRUHVRSRULQGHPQL]DFLRQHVTXLHQHQWpUPLQRVGHHVWD/H\HVWpDFDUJRGHODDGPLQLVWUDFLyQ GHODHPSUHVDGHO&RPHUFLDQWHVHUiHOGHSRVLWDULRGHORVELHQHVHPEDUJDGRV 7DQSURQWRFRPRODSHUVRQDTXHVHHQFXHQWUHDFDUJRGHODDGPLQLVWUDFLyQGHODHPSUHVDGHO&RPHUFLDQWH FXEUD R JDUDQWLFH D VDWLVIDFFLyQ GH ODV DXWRULGDGHV ODERUDOHV GLFKRV FUpGLWRV HO HPEDUJR GHEHUi VHU OHYDQWDGR $UWtFXOR &XDQGRHQFXPSOLPLHQWRGHXQDUHVROXFLyQODERUDOTXHWHQJDSRUREMHWRODSURWHFFLyQGHORV GHUHFKRV D IDYRU GH ORV WUDEDMDGRUHV D TXH VH UHILHUHQ OD IUDFFLyQ ;;,,, GHO DSDUWDGR $ GHO DUWtFXOR FRQVWLWXFLRQDO VXV GLVSRVLFLRQHV UHJODPHQWDULDV \ HVWD /H\ OD DXWRULGDG ODERUDO FRPSHWHQWH RUGHQH OD HMHFXFLyQ GH XQ ELHQ LQWHJUDQWH GH OD 0DVD TXH D VX YH] VHD REMHWR GH JDUDQWtD UHDO HO FRQFLOLDGRU SRGUi VROLFLWDU D DTXpOOD OD VXVWLWXFLyQ GH GLFKR ELHQ SRU XQD ILDQ]D D VDWLVIDFFLyQ GH OD DXWRULGDG ODERUDO TXH JDUDQWLFHHOFXPSOLPLHQWRGHODSUHWHQVLyQHQHOWpUPLQRGHQRYHQWDGtDV &XDQGRODVXVWLWXFLyQQRVHDSRVLEOHHOFRQFLOLDGRUUHDOL]DGDODHMHFXFLyQGHOELHQUHJLVWUDUiFRPRFUpGLWR FRQWUDOD0DVDDIDYRUGHODFUHHGRUFRQJDUDQWtDUHDOGHTXH VHWUDWHHOPRQWRTXHUHVXOWHPHQRUHQWUHHOGHO FUpGLWR TXH OH KD\DVLGR UHFRQRFLGR \ HO GHO YDORU GH HQDMHQDFLyQ GHO ELHQ TXH KD\D VLGR HMHFXWDGR SDUD HO FXPSOLPLHQWRGHODVSUHWHQVLRQHVDTXHVHUHILHUHHOSiUUDIRDQWHULRU(QFDVRGHTXHHOYDORUGHUHDOL]DFLyQGH OD JDUDQWtD VHD PHQRU DO PRQWR GHO FUpGLWR UHFRQRFLGR OD GLIHUHQFLD TXH UHVXOWH VH FRQVLGHUDUi FRPR XQ FUpGLWRFRP~Q $UWtFXOR $SDUWLUGHODVHQWHQFLDGHFRQFXUVRPHUFDQWLOORVFUpGLWRVILVFDOHVFRQWLQXDUiQFDXVDQGRODV DFWXDOL]DFLRQHVPXOWDV\DFFHVRULRVTXHFRUUHVSRQGDQFRQIRUPHDODVGLVSRVLFLRQHVDSOLFDEOHV (QFDVRGHDOFDQ]DUVHXQFRQYHQLRHQWpUPLQRVGHO7tWXOR4XLQWRGHHVWD/H\VHFDQFHODUiQODVPXOWDV\ DFFHVRULRVTXHVHKD\DQFDXVDGRGXUDQWHODHWDSDGHFRQFLOLDFLyQ /DVHQWHQFLDGHFRQFXUVRPHUFDQWLOQRVHUiFDXVDSDUDLQWHUUXPSLUHOSDJRGHODVFRQWULEXFLRQHVILVFDOHVR GH VHJXULGDG VRFLDO RUGLQDULDV GHO &RPHUFLDQWH SRU VHU LQGLVSHQVDEOHV SDUD OD RSHUDFLyQ RUGLQDULD GH OD HPSUHVD $ SDUWLU GH OD VHQWHQFLD GH FRQFXUVR PHUFDQWLO \ KDVWD OD WHUPLQDFLyQ GHO SOD]R SDUD OD HWDSD GH FRQFLOLDFLyQ VH VXVSHQGHUiQ ORV SURFHGLPLHQWRV DGPLQLVWUDWLYRV GH HMHFXFLyQ GH ORV FUpGLWRV ILVFDOHV /DV DXWRULGDGHV ILVFDOHV FRPSHWHQWHV SRGUiQ FRQWLQXDU ORV DFWRV QHFHVDULRV SDUD OD GHWHUPLQDFLyQ \ DVHJXUDPLHQWRGHORVFUpGLWRVILVFDOHVDFDUJRGHO&RPHUFLDQWH &DStWXOR,, 'HODVHSDUDFLyQGHELHQHVTXHVHHQFXHQWUHQHQSRVHVLyQGHO&RPHUFLDQWH $UWtFXOR /RV ELHQHV HQ SRVHVLyQ GHO &RPHUFLDQWH TXH VHDQ LGHQWLILFDEOHV FX\D SURSLHGDG QR VH OH KXELHUHWUDQVIHULGRSRUWtWXOROHJDOGHILQLWLYRHLUUHYRFDEOHSRGUiQVHUVHSDUDGRVSRUVXVOHJtWLPRVWLWXODUHV(O MXH]GHOFRQFXUVRPHUFDQWLOVHUiFRPSHWHQWHSDUDFRQRFHUGHODDFFLyQGHVHSDUDFLyQ 3URPRYLGDODGHPDQGDGHVHSDUDFLyQFRQORVUHTXLVLWRVTXHHVWDEOHFHHODUWtFXORVLQRVHRSRQHQD HOOD HO &RPHUFLDQWH HO FRQFLOLDGRU R ORV LQWHUYHQWRUHV HO MXH] RUGHQDUi OD VHSDUDFLyQ GH SODQR D IDYRU GHO GHPDQGDQWH(QFDVRGHKDEHURSRVLFLyQODVHSDUDWRULDFRQWLQXDUiVXWUiPLWHHQODYtDLQFLGHQWDO $UWtFXOR 3RGUiQVHSDUDUVHGHOD0DVDORVELHQHVTXHVHHQFXHQWUHQHQODVVLWXDFLRQHVVLJXLHQWHVR HQFXDOTXLHUDRWUDGHQDWXUDOH]DDQiORJD , /RVTXHSXHGHQVHUUHLYLQGLFDGRVFRQDUUHJORDODVOH\HV ,, /RV LQPXHEOHV YHQGLGRV DO &RPHUFLDQWH QR SDJDGRV SRU pVWH FXDQGR OD FRPSUDYHQWD QR KXELHUH VLGRGHELGDPHQWHLQVFULWDHQHOUHJLVWURS~EOLFRFRUUHVSRQGLHQWH ,,, /RV PXHEOHV DGTXLULGRV DO FRQWDGR VL HO &RPHUFLDQWH QR KXELHUH SDJDGR OD WRWDOLGDG GHO SUHFLR DO WLHPSRGHODGHFODUDFLyQGHFRQFXUVRPHUFDQWLO ,9 /RVPXHEOHVRLQPXHEOHVDGTXLULGRVDFUpGLWRVLODFOiXVXODGHUHVROXFLyQSRULQFXPSOLPLHQWRHQHO SDJRVHKXELHUHLQVFULWRHQHOUHJLVWURS~EOLFRFRUUHVSRQGLHQWH 9 /RVWtWXORVYDORUGHFXDOTXLHUFODVHHPLWLGRVDIDYRUGHO&RPHUFLDQWHRTXHVHKD\DQHQGRVDGRDIDYRU GHpVWHFRPRSDJRGHYHQWDVKHFKDVSRUFXHQWDDMHQDVLHPSUHTXHVHSUXHEHTXHODVREOLJDFLRQHV DVt FXPSOLGDV SURFHGHQ GH HOODV \ TXH OD SDUWLGD QR VH DVHQWy HQ FXHQWD FRUULHQWH HQWUH HO &RPHUFLDQWH\VXFRPLWHQWH 9, /DV FRQWULEXFLRQHV UHWHQLGDV UHFDXGDGDV R WUDVODGDGDV SRU HO &RPHUFLDQWH SRU FXHQWD GH ODV DXWRULGDGHVILVFDOHV\ 9,, /RVTXHHVWpQHQVXSRGHUHQFXDOTXLHUDGHORVVXSXHVWRVVLJXLHQWHV D 'HSyVLWRXVXIUXFWRILGHLFRPLVRRTXHKD\DQVLGRUHFLELGRVHQDGPLQLVWUDFLyQRFRQVLJQDFLyQVL HQ HVWH FDVR HO FRQFXUVR PHUFDQWLO VH GHFODUy DQWHV GH OD PDQLIHVWDFLyQ GHO FRPSUDGRU GH KDFHUVX\DVODVPHUFDQFtDVRVLQRKDWUDQVFXUULGRHOSOD]RVHxDODGRSDUDKDFHUOD E &RPLVLyQGHFRPSUDYHQWDWUiQVLWRHQWUHJDRFREUR F 3DUDHQWUHJDUDSHUVRQDGHWHUPLQDGDSRUFXHQWD\HQQRPEUHGHXQWHUFHURRSDUDVDWLVIDFHU REOLJDFLRQHVTXHKXELHUHQGHFXPSOLUVHHQHO'RPLFLOLRGHO&RPHUFLDQWH &XDQGR HO FUpGLWR UHVXOWDQWH GH OD UHPLVLyQ KXELHUH VLGR DIHFWDGR DO SDJR GH XQD OHWUD GH FDPELRHOWLWXODUOHJtWLPRGHpVWDSRGUiREWHQHUVXVHSDUDFLyQR G /DVFDQWLGDGHVDQRPEUHGHO&RPHUFLDQWHSRUYHQWDVKHFKDVSRUFXHQWDDMHQD(OVHSDUDWLVWD SRGUiREWHQHUWDPELpQODFHVLyQGHOFRUUHVSRQGLHQWHGHUHFKRGHFUpGLWR $UWtFXOR(QORUHODWLYRDODH[LVWHQFLDRLGHQWLGDGGHORVELHQHVFX\DVHSDUDFLyQVHSLGDVHWHQGUiHQ FXHQWDORVLJXLHQWH , /DVDFFLRQHVGHVHSDUDFLyQVyORSURFHGHUiQFXDQGRORVELHQHVHVWpQHQSRVHVLyQGHO&RPHUFLDQWH GHVGHHOPRPHQWRGHODGHFODUDFLyQGHFRQFXUVRPHUFDQWLO ,, 6LORVELHQHVSHUHFLHUHQGHVSXpVGHODGHFODUDFLyQGHFRQFXUVRPHUFDQWLO\HVWXYLHUHQDVHJXUDGRV HO VHSDUDWLVWD WHQGUi GHUHFKR D REWHQHU HO SDJR GH OD LQGHPQL]DFLyQ TXH VH UHFLELHUH R ELHQ SDUD VXEURJDUVHHQORVGHUHFKRVSDUDUHFODPDUOD ,,, 6L ORV ELHQHV KXELHUHQ VLGR HQDMHQDGRV DQWHV GH OD GHFODUDFLyQ GH FRQFXUVR PHUFDQWLO QR FDEH VHSDUDFLyQGHOSUHFLRUHFLELGRSRUHOORVSHURVLQRVHKXELHUHKHFKRHIHFWLYRHOSDJRHOVHSDUDWLVWD SRGUiVXEURJDUVHHQ ORVGHUHFKRV FRQWUD HO WHUFHUR DGTXLUHQWH GHELHQGR HQ VX FDVR HQWUHJDU D OD 0DVDHOH[FHGHQWHHQWUHORTXHFREUDUH\HOLPSRUWHGHVXFUpGLWR (Q HO VHJXQGR FDVR SUHYLVWR HQ HO SiUUDIR DQWHULRU HO VHSDUDWLVWD QR SRGUi SUHVHQWDUVH FRPR DFUHHGRUHQHOFRQFXUVRPHUFDQWLO ,9 3RGUiQ VHSDUDUVH ORV ELHQHV TXH KXELHUHQ VLGR UHPLWLGRV UHFLELGRV HQ SDJR R FDPELDGRV SRU FXDOTXLHUWtWXORMXUtGLFRHTXLYDOHQWHFRQORVTXHHUDQVHSDUDEOHV 9 /D SUXHED GH OD LGHQWLGDG SRGUi KDFHUVH DXQ FXDQGR ORV ELHQHV KXELHVHQ VLGR SULYDGRV GH VXV HPEDODMHVGHVHQIDUGDGRVRSDUFLDOPHQWHHQDMHQDGRV\ 9, 6LHPSUH TXH ORV ELHQHV VHSDUDEOHV KXELHUHQ VLGR GDGRV HQ SUHQGD D WHUFHURV GH EXHQD IH HO DFUHHGRUSUHQGDULRSRGUiRSRQHUVHDODHQWUHJDPLHQWUDVQRVHOHSDJXHODREOLJDFLyQJDUDQWL]DGD\ ORVDFFHVRULRVDTXHWHQJDGHUHFKR $UWtFXOR /D VHSDUDFLyQ HVWDUi VXERUGLQDGD D TXH HO VHSDUDWLVWD Gp FXPSOLPLHQWR SUHYLR D ODV REOLJDFLRQHVTXHFRQPRWLYRGHORVELHQHVWXYLHUH (QORVFDVRVGHVHSDUDFLyQSRUSDUWHGHOHQDMHQDQWHTXHKXELHUHUHFLELGRSDUWHGHOSUHFLRODVHSDUDFLyQ HVWDUi FRQGLFLRQDGD D OD GHYROXFLyQ SUHYLD GH OD SDUWH GHO SUHFLR UHFLELGR /D UHVWLWXFLyQ GHO SUHFLR VHUi SURSRUFLRQDODVXLPSRUWHWRWDOHQUHODFLyQFRQODFDQWLGDGRQ~PHURGHORVELHQHVVHSDUDGRV (O YHQGHGRU \ ORV GHPiV VHSDUDWLVWDV WLHQHQ OD REOLJDFLyQ SUHYLD GH UHLQWHJUDU WRGR OR TXH VH KXELHUH SDJDGR R VH DGHXGH SRU GHUHFKRV ILVFDOHV WUDQVSRUWH FRPLVLyQ VHJXUR DYHUtD JUXHVD \ JDVWRV GH FRQVHUYDFLyQGHORVELHQHV &DStWXOR,,, 'HODDGPLQLVWUDFLyQGHODHPSUHVDGHO&RPHUFLDQWH $UWtFXOR 'XUDQWH OD HWDSD GH FRQFLOLDFLyQ OD DGPLQLVWUDFLyQ GH OD HPSUHVD FRUUHVSRQGHUi DO &RPHUFLDQWHVDOYRORGLVSXHVWRHQHODUWtFXORGHHVWD/H\ $UWtFXOR&XDQGRHO&RPHUFLDQWHFRQWLQ~HFRQODDGPLQLVWUDFLyQGHVXHPSUHVDHOFRQFLOLDGRUYLJLODUi ODFRQWDELOLGDG\WRGDVODVRSHUDFLRQHVTXHUHDOLFHHO&RPHUFLDQWH (O FRQFLOLDGRU GHFLGLUi VREUH OD UHVROXFLyQ GH FRQWUDWRV SHQGLHQWHV \ DSUREDUi SUHYLD RSLQLyQ GH ORV LQWHUYHQWRUHV HQ FDVR GH TXH H[LVWDQ OD FRQWUDWDFLyQ GH QXHYRV FUpGLWRV OD FRQVWLWXFLyQ R VXVWLWXFLyQ GH JDUDQWtDV\ODHQDMHQDFLyQGHDFWLYRVFXDQGRQRHVWpQYLQFXODGDVFRQODRSHUDFLyQ RUGLQDULDGH OD HPSUHVD GHO &RPHUFLDQWH (O FRQFLOLDGRU GHEHUi GDU FXHQWD GH HOOR DO MXH] &XDOTXLHU REMHFLyQ VH VXEVWDQFLDUi LQFLGHQWDOPHQWH (QFDVRGHVXVWLWXFLyQGHJDUDQWtDVHOFRQFLOLDGRUGHEHUiFRQWDUFRQHOFRQVHQWLPLHQWRSUHYLR\SRUHVFULWR GHODFUHHGRUGHTXHVHWUDWH $UWtFXOR 3DUD HIHFWRV GH OD RSLQLyQ D TXH VH UHILHUH HO VHJXQGR SiUUDIR GHO DUWtFXOR DQWHULRU HO FRQFLOLDGRU GHEHUi HQYLDU D ORV LQWHUYHQWRUHV ODV FDUDFWHUtVWLFDV GH OD RSHUDFLyQ GH TXH VH WUDWH HQ ORV IRUPDWRVTXHSDUDWDOHVHIHFWRVH[SLGDHO,QVWLWXWR /RVLQWHUYHQWRUHVGHEHUiQHPLWLUVXRSLQLyQSRUHVFULWRGLULJLGRDOFRQFLOLDGRUGHQWURGHXQSOD]RGHFLQFR GtDVFRQWDGRVDSDUWLUGHODIHFKDHQTXHHOFRQFLOLDGRUVRPHWDDVXFRQVLGHUDFLyQODSURSXHVWD/DIDOWDGH UHVSXHVWDRSRUWXQDSRUORVLQWHUYHQWRUHVVHHQWHQGHUiFRPRVXDFHSWDFLyQ /D UHVROXFLyQ GH ORV LQWHUYHQWRUHV VH DGRSWDUi SRU PD\RUtD GH ORV FUpGLWRV TXH pVWRV UHSUHVHQWHQ 3DUD WDOHVHIHFWRVQRVHUiQHFHVDULRTXHORVLQWHUYHQWRUHVVHUH~QDQDYRWDU /RSUHYLVWRHQHVWHDUWtFXORVHUiDSOLFDEOHDXQFXDQGRHOFRQFLOLDGRUKD\DDVXPLGRODDGPLQLVWUDFLyQGHOD HPSUHVDGHO&RPHUFLDQWH $UWtFXOR (OFRQFLOLDGRUEDMRVXPiVHVWULFWDUHVSRQVDELOLGDGSRGUiDEVWHQHUVHGHVROLFLWDUODRSLQLyQ GH ORV LQWHUYHQWRUHV SDUD OD HQDMHQDFLyQ GH XQ ELHQ HQ DTXHOORV FDVRV HQ TXH pVWH VHD SHUHFHGHUR R FRQVLGHUHTXHSXHGDHVWDUH[SXHVWRDXQDJUDYHGLVPLQXFLyQGHVXSUHFLRRVXFRQVHUYDFLyQVHDFRVWRVDHQ FRPSDUDFLyQFRQODXWLOLGDGTXHSXHGDJHQHUDUSDUDOD0DVDGHELHQGRLQIRUPDUGHHOORDOMXH]GHQWURGHORV WUHVGtDVVLJXLHQWHVDODRSHUDFLyQ&XDOTXLHUREMHFLyQVHVXEVWDQFLDUiSRUODYtDLQFLGHQWDO $UWtFXOR &XDQGRHOFRQFLOLDGRUWHQJDODDGPLQLVWUDFLyQGHODHPSUHVDGHO&RPHUFLDQWHGHEHUiUHDOL]DU ODV JHVWLRQHV QHFHVDULDV SDUD LGHQWLILFDU ORV ELHQHV SURSLHGDG GHO &RPHUFLDQWH GHFODUDGR HQ FRQFXUVR PHUFDQWLOTXHVHHQFXHQWUHQHQSRVHVLyQGHWHUFHURV $UWtFXOR (OFRQFLOLDGRU\HO&RPHUFLDQWHGHEHUiQFRQVLGHUDUODFRQYHQLHQFLDGHFRQVHUYDUODHPSUHVD HQRSHUDFLyQ 1RREVWDQWHORGLVSXHVWRHQHOSiUUDIRDQWHULRUFXDQGRDVtFRQYHQJDSDUDHYLWDUHOFUHFLPLHQWRGHOSDVLYR R HO GHWHULRUR GH OD 0DVD HO FRQFLOLDGRU SUHYLD RSLQLyQ GH ORV LQWHUYHQWRUHV HQ FDVR GH TXH H[LVWDQ SRGUi VROLFLWDU DO MXH] TXH RUGHQH HO FLHUUH GH OD HPSUHVD TXH SRGUi VHU WRWDO R SDUFLDO WHPSRUDO R GHILQLWLYR /R DQWHULRUVHVXEVWDQFLDUiSRUODYtDLQFLGHQWDO $UWtFXOR &XDQGR HO &RPHUFLDQWH HVWp D FDUJR GH OD DGPLQLVWUDFLyQ GH VX HPSUHVD HO FRQFLOLDGRU HVWDUiIDFXOWDGRSDUDFRQYRFDUDORVyUJDQRVGHJRELHUQRFXDQGRORFRQVLGHUHQHFHVDULRSDUDVRPHWHUDVX FRQVLGHUDFLyQ\HQVXFDVRDSUREDFLyQGHORVDVXQWRVTXHHVWLPHFRQYHQLHQWHV $UWtFXOR (QFDVRGHTXHHOFRQFLOLDGRUHVWLPHTXHDVtFRQYLHQHSDUDODSURWHFFLyQGHOD0DVDSRGUi VROLFLWDUDOMXH]ODUHPRFLyQGHO&RPHUFLDQWHGHODDGPLQLVWUDFLyQGHVXHPSUHVD$ODGPLWLUODVROLFLWXGHOMXH] SRGUiWRPDUODVPHGLGDVTXHHVWLPHFRQYHQLHQWHVSDUDFRQVHUYDUODLQWHJULGDGGHOD0DVD/DUHPRFLyQGHO &RPHUFLDQWHVHWUDPLWDUiSRUODYtDLQFLGHQWDO $UWtFXOR 6LVHGHFUHWDODUHPRFLyQGHO&RPHUFLDQWHGHODDGPLQLVWUDFLyQGHVXHPSUHVDHOFRQFLOLDGRU DVXPLUi DGHPiV GH ODV SURSLDV ODV IDFXOWDGHV \ REOLJDFLRQHV GH DGPLQLVWUDFLyQ TXH HVWD /H\ DWULEX\H DO VtQGLFRSDUDODDGPLQLVWUDFLyQ $UWtFXOR (Q HO VXSXHVWR D TXH VH UHILHUH HO DUWtFXOR DQWHULRU \ WUDWiQGRVH GH SHUVRQDV PRUDOHV GHFODUDGDVHQHVWDGRGHFRQFXUVRTXHGDUiQVXVSHQGLGDVODVIDFXOWDGHVGHORVyUJDQRVTXHGHDFXHUGRDOD OH\ R D ORV HVWDWXWRV GH OD HPSUHVD WHQJDQ FRPSHWHQFLD SDUD WRPDU GHWHUPLQDFLRQHV VREUH ORV DGPLQLVWUDGRUHVGLUHFWRUHVRJHUHQWHV &DStWXOR,9 'HORVHIHFWRVHQFXDQWRDODDFWXDFLyQHQRWURVMXLFLRV $UWtFXOR /DVDFFLRQHVSURPRYLGDV\ORVMXLFLRVVHJXLGRVSRUHO&RPHUFLDQWH\ODVSURPRYLGDV\ORV VHJXLGRVFRQWUDpOTXHVHHQFXHQWUHQHQWUiPLWHDOGLFWDUVHODVHQWHQFLDGHFRQFXUVRPHUFDQWLOTXHWHQJDQ XQFRQWHQLGRSDWULPRQLDOQRVHDFXPXODUiQDOFRQFXUVRPHUFDQWLOVLQRTXHVHVHJXLUiQ SRU HO &RPHUFLDQWH EDMRODYLJLODQFLDGHOFRQFLOLDGRUSDUDORFXDOHO&RPHUFLDQWHGHEHLQIRUPDUDOFRQFLOLDGRUGHODH[LVWHQFLDGHO SURFHGLPLHQWRDOGtDVLJXLHQWHGHTXHVHDGHVXFRQRFLPLHQWRODGHVLJQDFLyQGHpVWH 1R REVWDQWH OR SUHYLVWR HQ HO SiUUDIR DQWHULRU HO FRQFLOLDGRU SRGUi VXVWLWXLU DO &RPHUFLDQWH HQ HO FDVR SUHYLVWRHQHODUWtFXORGHHVWD/H\ $UWtFXOR 1R LQWHUYHQGUi HO FRQFLOLDGRU QL HQ QLQJ~Q FDVR SRGUi VXVWLWXLUVH DO &RPHUFLDQWH HQ ORV MXLFLRV UHODWLYRV H[FOXVLYDPHQWH D ELHQHV R GHUHFKRV FX\D DGPLQLVWUDFLyQ \ GLVSRVLFLyQ FRQVHUYH HQ ORV WpUPLQRVGHODUWtFXORGHHVWD/H\ &DStWXOR9 'HORVHIHFWRVHQUHODFLyQFRQODVREOLJDFLRQHVGHO&RPHUFLDQWH 6HFFLyQ, 5HJODJHQHUDO\YHQFLPLHQWRDQWLFLSDGR $UWtFXOR &RQODVH[FHSFLRQHVTXHVHxDODHVWD/H\FRQWLQXDUiQDSOLFiQGRVHODVGLVSRVLFLRQHV VREUH REOLJDFLRQHV\FRQWUDWRVDVtFRPRODVHVWLSXODFLRQHVGHODVSDUWHV $UWtFXOR 6H WHQGUi SRU QR SXHVWD VDOYR ODV H[FHSFLRQHV H[SUHVDPHQWH HVWDEOHFLGDV HQ HVWD /H\ FXDOTXLHUHVWLSXODFLyQFRQWUDFWXDOTXHFRQPRWLYRGHODSUHVHQWDFLyQGHXQDVROLFLWXGRGHPDQGDGHFRQFXUVR PHUFDQWLORGHVXGHFODUDFLyQHVWDEOH]FDPRGLILFDFLRQHVTXHDJUDYHQ SDUD HO &RPHUFLDQWH ORV WpUPLQRVGH ORVFRQWUDWRV $UWtFXOR 3DUDHOHIHFWRGHGHWHUPLQDUODFXDQWtDGHORVFUpGLWRVDFDUJRGHO&RPHUFLDQWHDSDUWLUGH TXHVHGLFWHODVHQWHQFLDGHGHFODUDFLyQGHFRQFXUVRPHUFDQWLO , 6HWHQGUiQSRUYHQFLGDVVXVREOLJDFLRQHVSHQGLHQWHV ,, 5HVSHFWRGHORVFUpGLWRVVXMHWRVDFRQGLFLyQVXVSHQVLYDVHFRQVLGHUDUiFRPRVLODFRQGLFLyQQRVH KXELHUHUHDOL]DGR ,,, /RVFUpGLWRVVXMHWRVDFRQGLFLyQUHVROXWRULDVHFRQVLGHUDUiQFRPRVLODFRQGLFLyQVHKXELHUHUHDOL]DGR VLQTXHODVSDUWHVGHEDQGHYROYHUVHODVSUHVWDFLRQHVUHFLELGDVPLHQWUDVODREOLJDFLyQVXEVLVWLy ,9 /D FXDQWtD GH ORV FUpGLWRV SRU SUHVWDFLRQHV SHULyGLFDV R VXFHVLYDV VH GHWHUPLQDUi D VX YDORU SUHVHQWH FRQVLGHUDQGR OD WDVD GH LQWHUpV FRQYHQLGD R HQ VX GHIHFWR OD TXH VH DSOLTXH HQ HO PHUFDGRHQRSHUDFLRQHVVLPLODUHVWRPDQGRHQFRQVLGHUDFLyQODPRQHGDRXQLGDGGHTXHVHWUDWH\ GHQR VHUHVWRSRVLEOHLQWHUHVHVDOWLSROHJDO 9 (ODFUHHGRUGHUHQWDYLWDOLFLDWHQGUiGHUHFKRDTXHVHOHUHFRQR]FDHOFUpGLWRDVXYDORUGHUHSRVLFLyQ HQHOPHUFDGRRHQVXGHIHFWRDVXYDORUSUHVHQWHFDOFXODGRFRQIRUPHDODVSUiFWLFDVFRP~QPHQWH DFHSWDGDV 9, /DV REOLJDFLRQHV TXH WHQJDQ XQD FXDQWtD LQGHWHUPLQDGD R LQFLHUWD SUHFLVDUiQ VX YDORUDFLyQ HQ GLQHUR\ 9,, /DV REOLJDFLRQHV QR SHFXQLDULDV GHEHUiQ VHU YDORUDGDV HQ GLQHUR GH QR VHU SRVLEOH OR DQWHULRU HO FUpGLWRQRSRGUiUHFRQRFHUVH $UWtFXOR$ODIHFKDHQTXHVHGLFWHODVHQWHQFLDGHFRQFXUVRPHUFDQWLO , (OFDSLWDO\ORVDFFHVRULRVILQDQFLHURVLQVROXWRVGHORVFUpGLWRVHQPRQHGDQDFLRQDOVLQJDUDQWtDUHDO GHMDUiQ GH FDXVDU LQWHUHVHV \ VH FRQYHUWLUiQ D 8',V XWLOL]DQGR DO HIHFWR OD HTXLYDOHQFLD GH GLFKDV XQLGDGHV TXH GD D FRQRFHU HO %DQFR GH 0p[LFR /RV FUpGLWRV TXH KXELHUHQ VLGR GHQRPLQDGRV RULJLQDOPHQWHHQ8',VGHMDUiQGHFDXVDULQWHUHVHV ,, (O FDSLWDO \ ORV DFFHVRULRV ILQDQFLHURV LQVROXWRV GH ORV FUpGLWRV HQ PRQHGD H[WUDQMHUD VLQ JDUDQWtD UHDOLQGHSHQGLHQWHPHQWHGHOOXJDUHQTXHRULJLQDOPHQWHVHKXELHUHFRQYHQLGRTXHVHUtDQSDJDGRV GHMDUiQGHFDXVDULQWHUHVHV\VHFRQYHUWLUiQDPRQHGDQDFLRQDODOWLSRGHFDPELRGHWHUPLQDGRSRUHO %DQFRGH0p[LFRSDUDVROYHQWDUREOLJDFLRQHV GHQRPLQDGDV HQPRQHGDH[WUDQMHUD SDJDGHUDV HQOD 5HS~EOLFD0H[LFDQD'LFKRLPSRUWHVHFRQYHUWLUiDVXYH]D8',VHQWpUPLQRVGHORSUHYLVWRHQOD IUDFFLyQDQWHULRU\ ,,, /RVFUpGLWRVFRQJDUDQWtDUHDOFRQLQGHSHQGHQFLDGHTXHVHKXELHUHFRQYHQLGRLQLFLDOPHQWHTXHVX SDJRVHUtDHQOD5HS~EOLFD0H[LFDQDRHQHOH[WUDQMHURVHPDQWHQGUiQHQODPRQHGDRXQLGDGHQOD TXHHVWpQGHQRPLQDGRV\~QLFDPHQWHFDXVDUiQORVLQWHUHVHVRUGLQDULRVHVWLSXODGRVHQORVFRQWUDWRV KDVWDSRUHOYDORUGHORVELHQHVTXHORVJDUDQWL]DQ 3DUDORVHIHFWRVGHGHWHUPLQDUODSDUWLFLSDFLyQGHORVDFUHHGRUHVFRQJDUDQWtDUHDOHQODVGHFLVLRQHVTXH OHVFRUUHVSRQGDWRPDUFRQIRUPHDHVWD/H\HOPRQWRGHVXVFUpGLWRVDODIHFKDGHGHFODUDFLyQGHOFRQFXUVR VHFRQYHUWLUiD8',VHQWpUPLQRVGHORHVWDEOHFLGRSDUDORVFUpGLWRVVLQJDUDQWtDUHDOHQODVIUDFFLRQHV,\,,GH HVWHDUWtFXOR/RVDFUHHGRUHVFRQJDUDQWtDUHDOSDUWLFLSDUiQFRPRWDOHVSRUHVWHPRQWRLQGHSHQGLHQWHPHQWH GHOYDORUGHVXVJDUDQWtDVVDOYRTXHGHFLGDQHMHUFHUODRSFLyQSUHYLVWDHQHOSiUUDIRVLJXLHQWH &XDQGR XQ DFUHHGRU FRQ JDUDQWtD UHDO FRQVLGHUH TXH HO YDORU GH VX JDUDQWtD HV LQIHULRU DO PRQWR GHO DGHXGRSRUFDSLWDO\DFFHVRULRVDODIHFKDGHGHFODUDFLyQGHOFRQFXUVRPHUFDQWLOSRGUiVROLFLWDUDOMXH]TXHVH OHFRQVLGHUHFRPRDFUHHGRUFRQJDUDQWtDUHDOSRUHOYDORUTXHHOSURSLRDFUHHGRUOHDWULEX\DDVXJDUDQWtD\ FRPRDFUHHGRUFRP~QSRUHOUHPDQHQWH(OYDORUTXHHODFUHHGRUOH DWULEX\DD VX JDUDQWtD VH FRQYHUWLUiHQ 8',VDOYDORUGHODIHFKDGHGHFODUDFLyQGHOFRQFXUVRPHUFDQWLO(QHVWHFDVRHODFUHHGRUGHEHUiUHQXQFLDU H[SUHVDPHQWH HQ IDYRU GH OD 0DVD D FXDOTXLHU H[FHGHQWH HQWUH HO SUHFLR TXH VH REWHQJD DO HMHFXWDU OD JDUDQWtD \ HO YDORU TXH OH DWULEX\y FRQVLGHUDQGR HO YDORU GH ODV 8',V GH OD IHFKD HQ TXH WHQJD OXJDU OD HMHFXFLyQ $UWtFXOR $ SDUWLU GH OD IHFKD HQ TXH VH GLFWH OD VHQWHQFLD GH FRQFXUVR PHUFDQWLO VyOR SRGUiQ FRPSHQVDUVH , /RV GHUHFKRV D IDYRU \ ODV REOLJDFLRQHV D FDUJR GHO &RPHUFLDQWH TXH GHULYHQ GH XQD PLVPD RSHUDFLyQ\pVWDQRVHYHDLQWHUUXPSLGDSRUYLUWXGGHODVHQWHQFLDGHFRQFXUVRPHUFDQWLO ,, /RVGHUHFKRVDIDYRU\ODVREOLJDFLRQHVDFDUJRGHO&RPHUFLDQWHTXHKXELHUHQYHQFLGRDQWHVGHOD VHQWHQFLDGHFRQFXUVRPHUFDQWLO\FX\DFRPSHQVDFLyQHVWpSUHYLVWDHQODVOH\HV ,,, /RVGHUHFKRV\REOLJDFLRQHVTXHGHULYHQGHODVRSHUDFLRQHVSUHYLVWDVHQORVDUWtFXORVDOGH HVWD/H\\ ,9 /RVFUpGLWRVILVFDOHVDIDYRU\HQFRQWUDGHO&RPHUFLDQWH 6HFFLyQ,, 'HORVFRQWUDWRVSHQGLHQWHV $UWtFXOR (O FRQFXUVR PHUFDQWLO QR DIHFWDUi OD YDOLGH] GH ORV FRQWUDWRV FHOHEUDGRV VREUH ELHQHV GH FDUiFWHUHVWULFWDPHQWHSHUVRQDOGHtQGROHQRSDWULPRQLDORUHODWLYRVDELHQHVRGHUHFKRVFX\DDGPLQLVWUDFLyQ \GLVSRVLFLyQFRQVHUYHHO&RPHUFLDQWHHQORVWpUPLQRVGHODUWtFXORGHHVWD/H\ $UWtFXOR /RV FRQWUDWRV SUHSDUDWRULRV R GHILQLWLYRV SHQGLHQWHV GH HMHFXFLyQ GHEHUiQ VHU FXPSOLGRV SRUHO&RPHUFLDQWHVDOYRTXHHOFRQFLOLDGRUVHRSRQJDSRUDVtFRQYHQLUDORVLQWHUHVHVGHOD0DVD (OTXHKXELHUHFRQWUDWDGRFRQHO&RPHUFLDQWHWHQGUiGHUHFKRDTXHHOFRQFLOLDGRUGHFODUHVLVHRSRQGUiDO FXPSOLPLHQWRGHOFRQWUDWR 6L HO FRQFLOLDGRU PDQLILHVWD TXH QRVH RSRQGUi HO &RPHUFLDQWH GHEHUi FXPSOLU R JDUDQWL]DUVXFXPSOLPLHQWR6LHOFRQFLOLDGRUKDFHVDEHUTXHVHRSRQGUiRQR GDUHVSXHVWDGHQWURGHOWpUPLQR GHYHLQWHGtDVHOTXHKXELHUHFRQWUDWDGRFRQHO&RPHUFLDQWHSRGUiHQFXDOTXLHUPRPHQWRGDUSRUUHVXHOWRHO FRQWUDWRQRWLILFDQGRGHHOORDOFRQFLOLDGRU &XDQGR HO FRQFLOLDGRU HVWp D FDUJR GH OD DGPLQLVWUDFLyQ R DXWRULFH DO &RPHUFLDQWH OD HMHFXFLyQ GH ORV FRQWUDWRV SHQGLHQWHV SRGUiHYLWDU OD VHSDUDFLyQ GH ORV ELHQHVR HQ VXFDVR H[LJLU VX HQWUHJD SDJDQGR VX SUHFLR $UWtFXOR 1R SRGUi H[LJLUVH DO YHQGHGRU OD HQWUHJD GH ORV ELHQHV PXHEOHV R LQPXHEOHV TXH HO &RPHUFLDQWHKXELHUHDGTXLULGRDQRVHUTXHVHOHSDJXHHOSUHFLRRVHOHJDUDQWLFHVXSDJR (O YHQGHGRU WHQGUi GHUHFKR D UHLYLQGLFDU ORV ELHQHV VL KL]R OD HQWUHJD HQ FXPSOLPLHQWR GH XQ FRQWUDWR GHILQLWLYRTXHQRVHFHOHEUyHQODIRUPDH[LJLGDSRUODOH\1RSURFHGHUiODUHLYLQGLFDFLyQVLHOFRQWUDWRFRQVWD GH PDQHUD IHKDFLHQWH \ HO &RPHUFLDQWH FRQ DXWRUL]DFLyQ GHO FRQFLOLDGRU H[LJH TXH DO FRQWUDWR VH OH Gp OD IRUPDOHJDORGHFXDOTXLHUDRWUDIRUPDVHH[WLQJDODDFFLyQGHQXOLGDGSRUIDOWDGHIRUPDGHOFRQWUDWR $UWtFXOR (OYHQGHGRUGHELHQHVPXHEOHVQRSDJDGRVTXHDOGHFODUDUVHHOFRQFXUVRPHUFDQWLOHVWpQ HQ UXWD SDUD VX HQWUHJD PDWHULDO DO &RPHUFLDQWH GHFODUDGR HQ FRQFXUVR PHUFDQWLO SRGUi RSRQHUVH D OD HQWUHJD , 9DULDQGRODFRQVLJQDFLyQHQORVWpUPLQRVOHJDOPHQWHDGPLWLGRVR ,, 'HWHQLHQGR OD HQWUHJD PDWHULDO GH ORV ELHQHV DXQTXH QR GLVSRQJD GH ORV GRFXPHQWRV QHFHVDULRV SDUDYDULDUODFRQVLJQDFLyQ /DRSRVLFLyQDODHQWUHJDVHVXEVWDQFLDUiSRUODYtDLQFLGHQWDOHQWUHHOHQDMHQDQWH\HO&RPHUFLDQWHFRQ LQWHUYHQFLyQGHOFRQFLOLDGRU $UWtFXOR 6L HV GHFODUDGR HQ FRQFXUVR PHUFDQWLO HO YHQGHGRU GH XQ LQPXHEOH HO FRPSUDGRU WHQGUi GHUHFKR D H[LJLU OD HQWUHJD GH OD FRVD SUHYLR SDJR GHO SUHFLR VL OD YHQWD VH SHUIHFFLRQy FRQIRUPH D ODV GLVSRVLFLRQHVOHJDOHVDSOLFDEOHV $UWtFXOR (O&RPHUFLDQWHGHFODUDGRHQFRQFXUVRPHUFDQWLOTXHKXELHUHFRPSUDGRXQELHQGHOFXDOD~Q QRVHOHKXELHUHKHFKRODHQWUHJDQRSRGUiH[LJLUGHOYHQGHGRUTXHSURFHGDDHOODHQWDQWRQRSDJXHHOSUHFLR RJDUDQWLFHVXSDJR 6LODHQWUHJDVHKXELHUHHIHFWXDGRVyORHQYLUWXGGHXQDSURPHVDGHYHQWDHOYHQGHGRUSRGUiUHLYLQGLFDU ODFRVDVLHOFRQWUDWRGHYHQWDQRVHHOHYyDHVFULWXUDS~EOLFDFXDQGRHVWHUHTXLVLWRVHDOHJDOPHQWHH[LJLGR $UWtFXOR 6LVHGHFLGLHUHODHMHFXFLyQGHOFRQWUDWR\HOSDJRGHOSUHFLRHVWXYLHUH VXMHWR D WpUPLQR QR YHQFLGRHOYHQGHGRUSRGUiH[LJLUTXHVHJDUDQWLFHVXFXPSOLPLHQWR $UWtFXOR 6L VH WUDWDUH GH YHQWDV SRU HQWUHJDV \ DOJXQDV GH pVWDV VH KXELHUHQ HIHFWXDGR VLQ TXH KD\DQVLGRSDJDGDVGHEHUiQSDJDUVHORTXHVHUiUHTXLVLWRSDUDORVHIHFWRVGHOFXPSOLPLHQWRSUHYLVWRHQHO DUWtFXORDQWHULRU\HQHOWHUFHUSiUUDIRGHODUWtFXORGHHVWD/H\ $UWtFXOR1RREVWDQWHODGHFODUDFLyQGHFRQFXUVRPHUFDQWLOGHOHQDMHQDQWHGHXQDFRVDPXHEOHVLOD FRVD KDEtD VLGR GHWHUPLQDGD DQWHV GH GLFKD GHFODUDFLyQ HO DGTXLUHQWH SRGUi H[LJLU HO FXPSOLPLHQWR GHO FRQWUDWRSUHYLRSDJRGHOSUHFLR $UWtFXOR /RVFRQWUDWRVGHGHSyVLWRGHDSHUWXUDGHFUpGLWRGHFRPLVLyQ\GHPDQGDWRQRTXHGDUiQ UHVXHOWRVSRUHOFRQFXUVRPHUFDQWLOGHXQDGHODVSDUWHVVDOYRTXHHOFRQFLOLDGRUFRQVLGHUHTXHGHEDQGDUVH SRUWHUPLQDGRV $UWtFXOR /DVFXHQWDVFRUULHQWHVVHGDUiQSRUWHUPLQDGDVDQWLFLSDGDPHQWH\VH SRQGUiQ HQ HVWDGR GHOLTXLGDFLyQSDUDH[LJLURFXEULUVXVVDOGRVSRUYLUWXGGHODGHFODUDFLyQGHFRQFXUVRPHUFDQWLODQRVHUTXH HO&RPHUFLDQWHFRQHOFRQVHQWLPLHQWRGHOFRQFLOLDGRUGHFODUHGHPRGRH[SUHVRVXFRQWLQXDFLyQ $UWtFXOR /D GHFODUDFLyQ GH FRQFXUVR PHUFDQWLO GDUi SRU WHUPLQDGRV ORV FRQWUDWRV GH UHSRUWR FHOHEUDGRVSRUHO&RPHUFLDQWHEDMRODVVLJXLHQWHVUHJODV , &XDQGRHO&RPHUFLDQWHKD\DDFWXDGRFRPRUHSRUWDGRUGHEHUiWUDQVPLWLUDOUHSRUWDGRHQXQSOD]RQR PD\RUDTXLQFHGtDVQDWXUDOHVFRQWDGRVDSDUWLUGHODIHFKDGHODGHFODUDFLyQGHFRQFXUVRPHUFDQWLO ORV WtWXORV GH OD HVSHFLH TXH FRUUHVSRQGD FRQWUD HO UHHPEROVR GHO SUHFLR PiV HO SDJR GHO SUHPLR DFRUGDGR ,, &XDQGRHO&RPHUFLDQWHKD\DDFWXDGRFRPRUHSRUWDGRHOFRQWUDWRVHGDUiSRUDEDQGRQDGRGHVGHOD IHFKD GH GHFODUDFLyQ GH FRQFXUVR PHUFDQWLO \ HO UHSRUWDGRU SRGUi H[LJLU HO SDJR GH ODV GLIHUHQFLDV TXH HQ VX FDVR H[LVWDQ D VX IDYRU SUHFLVDPHQWH HQ OD IHFKD GH OD GHFODUDFLyQ GHO FRQFXUVR PHUFDQWLO PHGLDQWH HO UHFRQRFLPLHQWR GH FUpGLWRV FRQVHUYDQGR HO &RPHUFLDQWH HO SUHFLR GH OD RSHUDFLyQ\HOUHSRUWDGRUODSURSLHGDG\OLEUHGLVSRVLFLyQGHORVWtWXORVREMHWRGHOUHSRUWR\ ,,, /RV UHSRUWRV FHOHEUDGRV HQWUH HO &RPHUFLDQWH \ VX FRQWUDSDUWH HQ IRUPD UHFtSURFD VHD TXH VH GRFXPHQWHQRQRHQFRQWUDWRVPDUFRRQRUPDWLYRVVHGDUiQSRUYHQFLGRVHQIRUPDDQWLFLSDGDHQOD IHFKD GH GHFODUDFLyQ GHO FRQFXUVR PHUFDQWLO DXQ FXDQGR VX IHFKD GH YHQFLPLHQWR VHD SRVWHULRU D pVWDGHELHQGRFRPSHQVDUVHHQORVWpUPLQRVGHHVWD/H\ (Q FDVR GH TXH QR H[LVWD SUHYLVLyQ DOJXQD HQ ORV FRQYHQLRV FRUUHVSRQGLHQWHV SDUD OD FRPSHQVDFLyQ \ OLTXLGDFLyQ GH ODV SUHVWDFLRQHV DGHXGDGDV FRQ HO SURSyVLWR GH HIHFWXDU OD FRPSHQVDFLyQ HO YDORU GH ORV WtWXORVVHGHWHUPLQDUiFRQIRUPHDVXYDORUGHPHUFDGRHOGtDGHODGHFODUDFLyQGHOFRQFXUVRPHUFDQWLO$IDOWD GHSUHFLRGHPHUFDGRGLVSRQLEOH\GHPRVWUDEOHHOFRQFLOLDGRUSRGUiHQFDUJDUDXQWHUFHURH[SHULPHQWDGRHQ ODPDWHULDODYDOXDFLyQGHORVWtWXORV (OVDOGRTXHHQVXFDVRVHJHQHUHDFDUJRGHO&RPHUFLDQWHSRUYLUWXGGHOYHQFLPLHQWRDQWLFLSDGRSRGUi H[LJLUVHPHGLDQWHHOUHFRQRFLPLHQWRGHFUpGLWRV(QFDVRGHTXHVHJHQHUHQFUpGLWRVDIDYRUGHO&RPHUFLDQWH ODFRQWUDSDUWHGHEHUiHQWUHJDUGLFKRVDOGRDOD0DVDHQXQSOD]RQRPD\RUDWUHLQWDGtDVQDWXUDOHVFRQWDGRVD SDUWLUGHODIHFKDGHGHFODUDFLyQGHFRQFXUVRPHUFDQWLO $UWtFXOR/DVRSHUDFLRQHVGHSUpVWDPRGHYDORUHVFHOHEUDGDVSRUHO&RPHUFLDQWHTXHVHHQFXHQWUHQ JDUDQWL]DGDVFRQPRQHGDQDFLRQDOVHVXMHWDUiQDODVPLVPDVUHJODVTXHORVUHSRUWRV /DVRSHUDFLRQHVGHSUpVWDPRGHYDORUHVFHOHEUDGDVSRUHO&RPHUFLDQWHTXHVHHQFXHQWUHQJDUDQWL]DGDV FRQYDORUHVHQPRQHGDQDFLRQDOVHVXMHWDUiQDORHVWDEOHFLGRHQODIUDFFLyQ,,,GHODUWtFXORDQWHULRU $UWtFXOR /RV FRQWUDWRV GLIHUHQFLDOHV R GH IXWXURV \ ODV RSHUDFLRQHV ILQDQFLHUDV GHULYDGDV TXH YHQ]DQFRQSRVWHULRULGDGDODGHFODUDFLyQGHFRQFXUVRPHUFDQWLOVHGDUiQSRUWHUPLQDGDVDQWLFLSDGDPHQWHHQ OD IHFKDGH GHFODUDFLyQ GHFRQFXUVR PHUFDQWLO (VWRV FRQWUDWRV \ RSHUDFLRQHV GHEHUiQ FRPSHQVDUVH HQ ORV WpUPLQRVGHHVWD/H\ (Q FDVR GH TXH QR H[LVWD SUHYLVLyQ DOJXQD HQ ORV FRQYHQLRV FRUUHVSRQGLHQWHV SDUD OD FRPSHQVDFLyQ \ OLTXLGDFLyQ GH ODV SUHVWDFLRQHV DGHXGDGDV FRQ HO SURSyVLWR GH HIHFWXDU OD FRPSHQVDFLyQ HO YDORU GH ORV ELHQHVXREOLJDFLRQHVVXE\DFHQWHVVHGHWHUPLQDUiFRQIRUPHDVXYDORUGHPHUFDGRHOGtDGHODGHFODUDFLyQ GHOFRQFXUVRPHUFDQWLO$IDOWDGHYDORUGHPHUFDGRGLVSRQLEOH\GHPRVWUDEOHHOFRQFLOLDGRUSRGUiHQFDUJDUD XQWHUFHURH[SHULPHQWDGRHQODPDWHULDODYDOXDFLyQGHORVELHQHVXREOLJDFLRQHV (OFUpGLWRTXHHQVXFDVRVHJHQHUHHQFRQWUDGHO&RPHUFLDQWHVHUiH[LJLEOHPHGLDQWHHOUHFRQRFLPLHQWR GHFUpGLWRV(QFDVRGHTXHHOYHQFLPLHQWRDQWLFLSDGRDTXHVHUHILHUHHVWHDUWtFXORJHQHUHXQVDOGRDFDUJR GHO TXH KXELHUH FRQWUDWDGR FRQ HO &RPHUFLDQWH DTXpO GHEHUi GH HQWUHJDUOR D OD 0DVD GHQWUR GH XQ SOD]R Pi[LPRGHWUHLQWDGtDVQDWXUDOHVFRQWDGRVDSDUWLUGHODGHFODUDFLyQGHFRQFXUVRPHUFDQWLO 3DUD HIHFWRV GH HVWD /H\ VH HQWHQGHUi SRU RSHUDFLRQHV ILQDQFLHUDV GHULYDGDV DTXpOODV HQ ODV TXH ODV SDUWHVHVWpQREOLJDGDVDOSDJRGHGLQHURRDOFXPSOLPLHQWRGHRWUDVREOLJDFLRQHVGHGDUTXHWHQJDQXQELHQR YDORUGHPHUFDGRFRPRVXE\DFHQWHDVtFRPRFXDOTXLHUFRQYHQLRTXHPHGLDQWHUHJODVGHFDUiFWHUJHQHUDO VHxDOHHO%DQFRGH0p[LFR $UWtFXOR'HEHUiQFRPSHQVDUVH \ VHUiQ H[LJLEOHV HQ ORV WpUPLQRV SDFWDGRVR VHJ~Q VH VHxDOH HQ HVWD/H\HQODIHFKDGHGHFODUDFLyQGHOFRQFXUVRPHUFDQWLOODVGHXGDV\FUpGLWRVUHVXOWDQWHVGHFRQYHQLRV PDUFRQRUPDWLYRVRHVSHFtILFRVFHOHEUDGRVUHVSHFWRGHRSHUDFLRQHVILQDQFLHUDVGHULYDGDVRSHUDFLRQHVGH UHSRUWR RSHUDFLRQHV GH SUpVWDPR GH YDORUHV RSHUDFLRQHV GH IXWXURV X RWUDV RSHUDFLRQHV HTXLYDOHQWHV DVt FRPRGHFXDOHVTXLHUDRWURVDFWRVMXUtGLFRVHQORVTXHXQDSHUVRQDVHDGHXGRUDGHRWUD\DOPLVPRWLHPSR DFUHHGRUDGHpVWDTXHSXHGDQUHGXFLUVHDOQXPHUDULRDXQFXDQGRODVGHXGDVRFUpGLWRVQRVHDQOtTXLGRV\ H[LJLEOHVHQODIHFKDGHGHFODUDFLyQGHOFRQFXUVRPHUFDQWLOSHURTXHHQORVWpUPLQRVGHGLFKRVFRQYHQLRVR GHHVWD/H\SXHGDQKDFHUVHOtTXLGRV\H[LJLEOHV /DVGLVSRVLFLRQHVGHHVWHDUWtFXORVHUiQDSOLFDEOHVQRREVWDQWHORVHxDODGRHQHODUWtFXORGHHVWD/H\\ DXQFXDQGRODFRPSHQVDFLyQVHUHDOLFHGHQWURGHOSHULRGRDTXHKDFHUHIHUHQFLDHODUWtFXORGHOSUHVHQWH RUGHQDPLHQWRVDOYRTXHVHSUREDUHTXHHOFRQYHQLRRFRQYHQLRVTXHGLHURQOXJDUDODFRPSHQVDFLyQIXHURQ FHOHEUDGRVRPRGLILFDGRVSDUDGDUSUHIHUHQFLDDDOJXQRRYDULRVDFUHHGRUHV (O VDOGR GHXGRU TXH HQ VX FDVR UHVXOWH GH OD FRPSHQVDFLyQ SHUPLWLGD SRU HVWH DUWtFXOR D FDUJR GHO &RPHUFLDQWH SRGUi H[LJLUVH SRU OD FRQWUDSDUWH FRUUHVSRQGLHQWH PHGLDQWH HO UHFRQRFLPLHQWR GH FUpGLWRV 'H UHVXOWDUXQVDOGRDFUHHGRUHQIDYRUGHO&RPHUFLDQWHODFRQWUDSDUWHHVWDUiREOLJDGDDHQWUHJDUORDOFRQFLOLDGRU SDUDEHQHILFLRGHOD0DVDHQXQSOD]RQRPD\RUDWUHLQWDGtDVQDWXUDOHVFRQWDGRVDSDUWLUGHODIHFKDGHOD GHFODUDFLyQGHOFRQFXUVRPHUFDQWLO $UWtFXOR (O FRQFXUVR PHUFDQWLO GHO DUUHQGDGRU QR UHVXHOYH HO FRQWUDWR GH DUUHQGDPLHQWR GH LQPXHEOHV (O FRQFXUVR PHUFDQWLO GHO DUUHQGDWDULR QR UHVXHOYH HO FRQWUDWR GH DUUHQGDPLHQWR GH LQPXHEOHV 1R REVWDQWHORDQWHULRUHOFRQFLOLDGRUSRGUiRSWDUSRUODUHVROXFLyQGHOFRQWUDWRHQFX\RFDVRGHEHUiSDJDUVHDO DUUHQGDGRU OD LQGHPQL]DFLyQ SDFWDGD HQ HO FRQWUDWR SDUD HVWH FDVR R HQ VX GHIHFWR XQD LQGHPQL]DFLyQ HTXLYDOHQWHDWUHVPHVHVGHUHQWDSRUHOYHQFLPLHQWRDQWLFLSDGR $UWtFXOR /RV FRQWUDWRV GH SUHVWDFLyQ GH VHUYLFLRV GH tQGROH HVWULFWDPHQWH SHUVRQDO HQ IDYRU R D FDUJRGHO&RPHUFLDQWHGHFODUDGRHQFRQFXUVRPHUFDQWLOQRVHUiQUHVXHOWRV\VHHVWDUiDORFRQYHQLGRHQWUH ODVSDUWHV $UWtFXOR(OFRQWUDWR GHREUDD SUHFLR DO]DGR VH UHVROYHUiSRU HO FRQFXUVR PHUFDQWLO GHXQDGHODV SDUWHV D QR VHU TXH HO &RPHUFLDQWH FRQ DXWRUL]DFLyQ GHO FRQFLOLDGRU FRQYHQJD FRQ HO RWUR FRQWUDWDQWH HO FXPSOLPLHQWRGHOFRQWUDWR $UWtFXOR(OFRQFXUVRPHUFDQWLOGHODVHJXUDGRQRUHVFLQGHHOFRQWUDWRGHVHJXURVLIXHUHLQPXHEOHHO REMHWRDVHJXUDGRSHURVLIXHUHPXHEOHHODVHJXUDGRUSRGUiUHVFLQGLUOR 6LHOFRQFLOLDGRUQRSXVLHUHHQFRQRFLPLHQWRGHO DVHJXUDGRUODGHFODUDFLyQ GH FRQFXUVRPHUFDQWLOGHQWUR GHOSOD]RGHWUHLQWDGtDVQDWXUDOHVGHVGHVXIHFKDHOFRQWUDWRGHVHJXURVHWHQGUiSRUUHVFLQGLGRGHVGHpVWD $UWtFXOR (Q ORV FRQWUDWRV GH VHJXURV GH YLGD R PL[WRV HO &RPHUFLDQWH FRQ DXWRUL]DFLyQ GHO FRQFLOLDGRU SRGUi GHFLGLUODFHVLyQGHOD SyOL]D GHOVHJXUR \ REWHQHUOD UHGXFFLyQ GHO FDSLWDO DVHJXUDGR HQ SURSRUFLyQ D ODV SULPDV \D SDJDGDV FRQ DUUHJOR D ORV FiOFXORV TXH OD HPSUHVD DVHJXUDGRUD KXELHUH FRQVLGHUDGRSDUDKDFHUHOFRQWUDWR\KDELGDFXHQWDGHORVULHVJRVFRUULGRVSRUODPLVPD,JXDOPHQWHSRGUi KDFHUFXDOTXLHURWUDRSHUDFLyQTXHVLJQLILTXHXQEHQHILFLRHFRQyPLFRSDUDOD0DVD $UWtFXOR (O FRQFXUVR PHUFDQWLO GH XQ VRFLR GH XQD VRFLHGDG HQ QRPEUH FROHFWLYR R GH UHVSRQVDELOLGDG OLPLWDGD R GHOFRPDQGLWDGR GH XQD HQFRPDQGLWDVLPSOH RSRU DFFLRQHVOH GDUi GHUHFKR D SHGLUVXOLTXLGDFLyQVHJ~Q HO ~OWLPR EDODQFHVRFLDO R D FRQWLQXDU HQ OD VRFLHGDG VL HO FRQFLOLDGRU SUHVWD VX FRQVHQWLPLHQWR VLHPSUH TXH ORV GHPiV VRFLRV QR SUHILHUDQ HMHUFHU HO GHUHFKR GH OLTXLGDFLyQ SDUFLDO GH OD VRFLHGDGVDOYRTXHRWUDFRVDVHKXELHUHSUHYLVWRHQORVHVWDWXWRV &DStWXOR9, 'HORVDFWRVHQIUDXGHGHDFUHHGRUHV $UWtFXOR 3DUDHIHFWRVGHORSUHYLVWRHQHOSUHVHQWHFDStWXORVHHQWHQGHUiSRUIHFKDGHUHWURDFFLyQ HO GtD GRVFLHQWRV VHWHQWD QDWXUDO LQPHGLDWR DQWHULRU D OD IHFKD GH OD VHQWHQFLD GH GHFODUDFLyQ GHO FRQFXUVR PHUFDQWLO (O MXH] D VROLFLWXG GHO FRQFLOLDGRU GH ORV LQWHUYHQWRUHV R GH FXDOTXLHU DFUHHGRU SRGUi HVWDEOHFHU FRPR IHFKD GH UHWURDFFLyQ XQD DQWHULRU D OD VHxDODGD HQ HO SiUUDIR DQWHULRU VLHPSUH TXH GLFKDV VROLFLWXGHV VH SUHVHQWHQFRQDQWHULRULGDGDODVHQWHQFLDGHUHFRQRFLPLHQWRJUDGXDFLyQ\SUHODFLyQGHFUpGLWRV/RDQWHULRU VHVXEVWDQFLDUiSRUODYtDLQFLGHQWDO /DVHQWHQFLDTXHPRGLILTXHODIHFKDGHUHWURDFFLyQVHSXEOLFDUiSRU%ROHWtQ-XGLFLDORHQVXFDVRSRUORV HVWUDGRVGHOMX]JDGR $UWtFXOR6HUiQLQHILFDFHVIUHQWHDOD0DVDWRGRVORVDFWRVHQIUDXGHGHDFUHHGRUHV 6RQ DFWRV HQ IUDXGH GH DFUHHGRUHV ORV TXH HO &RPHUFLDQWH KD\D KHFKR DQWHV GH OD GHFODUDFLyQ GH FRQFXUVR PHUFDQWLO GHIUDXGDQGR D VDELHQGDV D ORV DFUHHGRUHV VL HO WHUFHUR TXH LQWHUYLQR HQ HO DFWR WHQtD FRQRFLPLHQWRGHHVWHIUDXGH (VWH~OWLPRUHTXLVLWRQRVHUiQHFHVDULRHQORVDFWRVGHFDUiFWHUJUDWXLWR $UWtFXOR6RQDFWRVHQIUDXGHGHDFUHHGRUHVORVVLJXLHQWHVVLHPSUHTXHVHKD\DQOOHYDGRDFDERD SDUWLUGHODIHFKDGHUHWURDFFLyQ , /RVDFWRVDWtWXORJUDWXLWR ,, /RV DFWRV \ HQDMHQDFLRQHV HQ ORV TXH HO &RPHUFLDQWH SDJXH XQD FRQWUDSUHVWDFLyQ GH YDORU QRWRULDPHQWHVXSHULRURUHFLEDXQDFRQWUDSUHVWDFLyQGHYDORUQRWRULDPHQWHLQIHULRUDODSUHVWDFLyQGH VXFRQWUDSDUWH ,,, /DV RSHUDFLRQHV FHOHEUDGDV SRU HO &RPHUFLDQWH HQ ODV TXH VH KXELHUHQ SDFWDGR FRQGLFLRQHV R WpUPLQRVTXHVHDSDUWHQGHPDQHUDVLJQLILFDWLYDGHODVFRQGLFLRQHVSUHYDOHFLHQWHVHQHOPHUFDGRHQ HOTXHVHKD\DQFHOHEUDGRHQODIHFKDGHVXFHOHEUDFLyQRGHORVXVRVRSUiFWLFDVPHUFDQWLOHV ,9 /DVUHPLVLRQHVGHGHXGDKHFKDVSRUHO&RPHUFLDQWH 9 /RVSDJRVGHREOLJDFLRQHVQRYHQFLGDVKHFKDVSRUHO&RPHUFLDQWH\ 9, (OGHVFXHQWRTXHGHVXVSURSLRVHIHFWRVKDJDHO&RPHUFLDQWHGHVSXpVGHODIHFKDGHUHWURDFFLyQVH FRQVLGHUDUiFRPRSDJRDQWLFLSDGR 1R SURFHGHUi OD GHFODUDFLyQ GH LQHILFDFLD FXDQGR OD 0DVD VH DSURYHFKH GH ORV SDJRV KHFKRV DO &RPHUFLDQWH 6LORVWHUFHURVGHYROYLHUHQORTXHKXELHUHQUHFLELGRGHO&RPHUFLDQWHSRGUiQVROLFLWDUHOUHFRQRFLPLHQWRGH VXVFUpGLWRV $UWtFXOR 6H SUHVXPHQ DFWRV HQ IUDXGH GH DFUHHGRUHV VL VH UHDOL]DQ D SDUWLU GH OD IHFKD GH UHWURDFFLyQVDOYRTXHHOLQWHUHVDGRSUXHEHVXEXHQDIH , (O RWRUJDPLHQWR GH JDUDQWtDV R LQFUHPHQWR GH ODV YLJHQWHV FXDQGR OD REOLJDFLyQ RULJLQDO QR FRQWHPSODEDGLFKDJDUDQWtDRLQFUHPHQWR\ ,, /RV SDJRV GH GHXGDV KHFKRV HQ HVSHFLH FXDQGR pVWD VHD GLIHUHQWH D OD RULJLQDOPHQWH SDFWDGD R ELHQFXDQGRODFRQWUDSUHVWDFLyQSDFWDGDKXELHUHVLGRHQGLQHUR $UWtFXOR (QHOHYHQWRGHTXHHO&RPHUFLDQWHVHDXQDSHUVRQDItVLFDVHSUHVXPHQDFWRVHQIUDXGHGH DFUHHGRUHVVLVHUHDOL]DQDSDUWLUGHODIHFKDGHUHWURDFFLyQVDOYRTXHHOLQWHUHVDGRSUXHEHVXEXHQDIHODV RSHUDFLRQHVHQFRQWUDGHOD0DVDUHDOL]DGDVFRQODVSHUVRQDVVLJXLHQWHV , 6XFyQ\XJHFRQFXELQDRFRQFXELQDULRSDULHQWHVSRUFRQVDQJXLQLGDGKDVWDHOFXDUWRJUDGRRKDVWD HOVHJXQGRVLHOSDUHQWHVFRIXHUHSRUDILQLGDGDVtFRPRSDULHQWHVSRUSDUHQWHVFRFLYLOR ,, 6RFLHGDGHV PHUFDQWLOHV HQ ODV TXH ODV SHUVRQDV D TXH VH UHILHUH OD IUDFFLyQ DQWHULRU R HO SURSLR &RPHUFLDQWHVHDQDGPLQLVWUDGRUHVRIRUPHQSDUWHGHOFRQVHMRGHDGPLQLVWUDFLyQRELHQFRQMXQWDR VHSDUDGDPHQWH UHSUHVHQWHQ GLUHFWD R LQGLUHFWDPHQWH DO PHQRV HO FLQFXHQWD \ XQR SRU FLHQWR GHO FDSLWDO VXVFULWR \ SDJDGR WHQJDQ SRGHU GHFLVRULR HQ VXV DVDPEOHDV GH DFFLRQLVWDV HVWpQ HQ SRVLELOLGDGHV GH QRPEUDU D OD PD\RUtD GH ORV PLHPEURV GH VX yUJDQR GH DGPLQLVWUDFLyQ R SRU FXDOTXLHURWURPHGLRWHQJDQIDFXOWDGHVGHWRPDUODVGHFLVLRQHVIXQGDPHQWDOHVGHGLFKDVVRFLHGDGHV $UWtFXOR (Q FDVR GH &RPHUFLDQWHV TXH VHDQ SHUVRQDV PRUDOHV VH SUHVXPHQ DFWRV HQ IUDXGH GH DFUHHGRUHVVLVHUHDOL]DQDSDUWLUGHODIHFKDGHUHWURDFFLyQVDOYRTXHHOLQWHUHVDGRSUXHEHVXEXHQDIHODV RSHUDFLRQHVHQFRQWUDGHOD0DVDUHDOL]DGDVFRQODVSHUVRQDVVLJXLHQWHV , 6XDGPLQLVWUDGRURPLHPEURVGHVXFRQVHMRGHDGPLQLVWUDFLyQRELHQFRQHOFyQ\XJHFRQFXELQDR FRQFXELQDULR SDULHQWHV SRU FRQVDQJXLQLGDG KDVWD HO FXDUWR JUDGR R KDVWD HO VHJXQGR VL HO SDUHQWHVFR IXHUH SRU DILQLGDG DVt FRPR SDULHQWHV SRU SDUHQWHVFR FLYLO GH ODV SHUVRQDV DQWHV PHQFLRQDGDV ,, $TXHOODV SHUVRQDV ItVLFDV TXH FRQMXQWD R VHSDUDGDPHQWH UHSUHVHQWHQ GLUHFWD R LQGLUHFWDPHQWH DO PHQRVHOFLQFXHQWD\XQRSRUFLHQWRGHOFDSLWDOVXVFULWR\SDJDGRGHO&RPHUFLDQWHVXMHWRDFRQFXUVR PHUFDQWLOWHQJDQSRGHUGHFLVRULRHQVXVDVDPEOHDVGHDFFLRQLVWDVHVWpQHQSRVLELOLGDGGHQRPEUDU D OD PD\RUtD GH ORV PLHPEURV GH VX yUJDQR GH DGPLQLVWUDFLyQ R SRU FXDOTXLHU RWUR PHGLR WHQJDQ IDFXOWDGHVGHWRPDUODVGHFLVLRQHVIXQGDPHQWDOHVGHO&RPHUFLDQWHVXMHWRDFRQFXUVR ,,, $TXHOODV SHUVRQDV PRUDOHV HQ ODV TXH H[LVWD FRLQFLGHQFLD GH ORV DGPLQLVWUDGRUHV PLHPEURV GHO FRQVHMR GH DGPLQLVWUDFLyQ R SULQFLSDOHV GLUHFWLYRV FRQ ODV GHO &RPHUFLDQWH VXMHWR D FRQFXUVR PHUFDQWLO\ ,9 $TXHOODVSHUVRQDVPRUDOHVFRQWURODGDVSRUHO&RPHUFLDQWHTXHHMHU]DQFRQWUROVREUHHVWH~OWLPRR ELHQTXHVHDQFRQWURODGDVSRUODPLVPDVRFLHGDGTXHFRQWURODDO&RPHUFLDQWH $UWtFXOR (O TXH KXELHUH DGTXLULGR GH PDOD IH FRVDV HQ IUDXGH GH DFUHHGRUHV UHVSRQGHUi DQWH OD 0DVDSRUORVGDxRV\SHUMXLFLRVTXHOHRFDVLRQHFXDQGRODFRVDKXELHUHSDVDGRDXQDGTXLUHQWHGHEXHQDIH RVHKXELHUHSHUGLGR /DPLVPDUHVSRQVDELOLGDGUHFDHVREUHHOTXHSDUD HOXGLU ORV HIHFWRV GH OD LQHILFDFLD TXH RFDVLRQDUtD HO IUDXGHGHDFUHHGRUHVKXELHUHGHVWUXLGRXRFXOWDGRORVELHQHVREMHWRGHODPLVPD $UWtFXOR &XDQGR VH UHVXHOYD OD GHYROXFLyQ D OD 0DVD GH DOJ~Q REMHWR R FDQWLGDG VH HQWHQGHUi DXQTXHQRVHH[SUHVHTXHGHEHQGHYROYHUVHWDPELpQVXVSURGXFWRVOtTXLGRVRLQWHUHVHVFRUUHVSRQGLHQWHVDO WLHPSRHQTXHVHGLVIUXWyGHODFRVDRGLQHUR3DUDHIHFWRVGHOFyPSXWRGHORVSURGXFWRVOtTXLGRVRLQWHUHVHV VHHVWDUiDORFRQYHQLGRRULJLQDOPHQWHHQWUHODVSDUWHVRHQVXGHIHFWRVHFRQVLGHUDUiHOLQWHUpVOHJDO 7Ë78/2&8$572 'HOUHFRQRFLPLHQWRGHFUpGLWRV &DStWXOR, 'HODVRSHUDFLRQHVSDUDHOUHFRQRFLPLHQWR $UWtFXOR 3DUDHOGHVHPSHxRGHODVIXQFLRQHVTXHOHDWULEX\HHVWH7tWXORHOFRQFLOLDGRUSHUPDQHFHUi HQVXHQFDUJRFRQLQGHSHQGHQFLDGHTXHODHWDSDGHFRQFLOLDFLyQVHGpSRUWHUPLQDGD $UWtFXOR 'HQWUR GH ORV WUHLQWD GtDV QDWXUDOHV VLJXLHQWHV D OD IHFKD GH OD ~OWLPD SXEOLFDFLyQ GH OD VHQWHQFLD GH FRQFXUVR PHUFDQWLO HQ HO 'LDULR 2ILFLDO HO FRQFLOLDGRU GHEHUi SUHVHQWDU DO MXH] XQD OLVWD SURYLVLRQDOGHFUpGLWRVDFDUJRGHO&RPHUFLDQWHHQHOIRUPDWRTXHDOHIHFWRGHWHUPLQHHO,QVWLWXWR'LFKDOLVWD GHEHUi HODERUDUVH FRQ EDVH HQ OD FRQWDELOLGDG GHO &RPHUFLDQWH ORV GHPiV GRFXPHQWRV TXH SHUPLWDQ GHWHUPLQDU VX SDVLYR OD LQIRUPDFLyQ TXH HO SURSLR &RPHUFLDQWH \ VX SHUVRQDO HVWDUiQ REOLJDGRV D SURSRUFLRQDUDOFRQFLOLDGRUDVtFRPRHQVXFDVRODLQIRUPDFLyQTXHVHGHVSUHQGDGHOGLFWDPHQGHOYLVLWDGRU \GHODVVROLFLWXGHVGHUHFRQRFLPLHQWRGHFUpGLWRVTXHVHSUHVHQWHQ $UWtFXOR /RVDFUHHGRUHVSRGUiQVROLFLWDUHOUHFRQRFLPLHQWRGHVXVFUpGLWRV , 'HQWURGHORVYHLQWHGtDVQDWXUDOHVVLJXLHQWHVDODIHFKDGHOD~OWLPDSXEOLFDFLyQGHODVHQWHQFLDGH FRQFXUVRPHUFDQWLO ,, 'HQWURGHOSOD]RSDUDIRUPXODUREMHFLRQHVDODOLVWDSURYLVLRQDODTXHVHUHILHUHHODUWtFXORGHHVWD /H\\ ,,, 'HQWUR GHO SOD]R SDUD OD LQWHUSRVLFLyQ GHO UHFXUVR GH DSHODFLyQ D OD VHQWHQFLD GH UHFRQRFLPLHQWR JUDGXDFLyQ\SUHODFLyQGHFUpGLWRV 7UDQVFXUULGRHOSOD]RGHODIUDFFLyQ,,,QRSRGUiH[LJLUVHUHFRQRFLPLHQWRGHFUpGLWRDOJXQR $UWtFXOR (O FRQFLOLDGRU LQFOXLUi HQ OD OLVWD SURYLVLRQDO TXH IRUPXOH DTXHOORV FUpGLWRV TXH SXHGD GHWHUPLQDUFRQEDVHHQODLQIRUPDFLyQDTXHVHUHILHUHHODQWHULRUDUWtFXORHQODFXDQWtDJUDGR\SUHODFLyQ TXH D pVWRV FRUUHVSRQGD FRQIRUPH D HVWD /H\ QR REVWDQWH TXH HO DFUHHGRU QR KD\D VROLFLWDGR HO UHFRQRFLPLHQWRGHVXFUpGLWR$VLPLVPRGHEHUiLQFOXLUDTXHOORVFUpGLWRVFX\DWLWXODULGDGVHKD\DWUDQVPLWLGR KDVWDHVHPRPHQWRHQWpUPLQRVGHORGLVSXHVWRHQHODUWtFXORGHHVWD/H\ $UWtFXOR (OPRQWRGHORVFUpGLWRVILVFDOHVSRGUiGHWHUPLQDUVHHQFXDOTXLHUPRPHQWRFRQIRUPHDOR HVWDEOHFLGRHQODVGLVSRVLFLRQHVDSOLFDEOHV (OFRQFLOLDGRUGHEHUiDFRPSDxDUDODVOLVWDVGHUHFRQRFLPLHQWRGHFUpGLWRVWRGRVORVFUpGLWRVILVFDOHVTXH VHDQQRWLILFDGRVDO&RPHUFLDQWHSRUODVDXWRULGDGHVILVFDOHVFRQHOVHxDODPLHQWRHQVXFDVRGHTXHGLFKDV DXWRULGDGHVSRGUiQFRQWLQXDUFRQORVSURFHGLPLHQWRVGHFRPSUREDFLyQTXHFRUUHVSRQGDQ (OFRQFLOLDGRUWDPELpQGHEHUiDFRPSDxDUDODVOLVWDVGHUHFRQRFLPLHQWRGHFUpGLWRVORVFUpGLWRVODERUDOHV $UWtFXOR /DVVROLFLWXGHVGHUHFRQRFLPLHQWRGHFUpGLWRVGHEHUiQSUHVHQWDUVHDOFRQFLOLDGRU\FRQWHQHU ORVLJXLHQWH , (OQRPEUHFRPSOHWR\GRPLFLOLRGHODFUHHGRU ,, /DFXDQWtDGHOFUpGLWRTXHHVWLPHWHQHUHQFRQWUD\HQVXFDVRDIDYRUGHO&RPHUFLDQWH ,,, /DV JDUDQWtDV FRQGLFLRQHV WpUPLQRV \ RWUDV FDUDFWHUtVWLFDV GHO FUpGLWR HQWUH HOODV HO WLSR GH GRFXPHQWRTXHHYLGHQFLHHOFUpGLWR ,9 (O JUDGR \ SUHODFLyQ TXH D MXLFLR GHO VROLFLWDQWH \ GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HVWD /H\ FRUUHVSRQGDDOFUpGLWRFX\RUHFRQRFLPLHQWRVROLFLWD\ 9 /RV GDWRV TXH LGHQWLILTXHQ HQ VX FDVR FXDOTXLHU SURFHGLPLHQWR DGPLQLVWUDWLYR ODERUDO MXGLFLDO R DUELWUDOTXHVHKD\DLQLFLDGR\TXHWHQJDUHODFLyQFRQHOFUpGLWRGHTXHVHWUDWH /DVROLFLWXGGHUHFRQRFLPLHQWRGHFUpGLWRGHEHUiSUHVHQWDUVHILUPDGDSRUHODFUHHGRUHQORVIRUPDWRVTXH DO HIHFWR GHWHUPLQH HO ,QVWLWXWR \ GHEHUi DFRPSDxDUVH GH ORV GRFXPHQWRV RULJLQDOHV HQ ORV TXH VH EDVH HO VROLFLWDQWHRFRSLDFHUWLILFDGDGHORVPLVPRV(QFDVRGHTXHpVWRVQRREUHQHQVXSRGHUGHEHUiLQGLFDUHO OXJDUHQGRQGHVHHQFXHQWUHQ\GHPRVWUDUTXHLQLFLyORVWUiPLWHVSDUDREWHQHUORV (ODFUHHGRUGHEHUiGHVLJQDUXQGRPLFLOLRSDUDRtU\UHFLELUQRWLILFDFLRQHVGHQWURGHODMXULVGLFFLyQGHOMXH] R D VX FRVWD \ EDMR VX UHVSRQVDELOLGDG SRGUi VHxDODU XQ PHGLR DOWHUQDWLYR GH FRPXQLFDFLyQ SDUD VHU QRWLILFDGR WDO FRPR ID[ R FRUUHR HOHFWUyQLFR $QWH OD RPLVLyQ GH HVWH UHTXLVLWR ODV QRWLILFDFLRQHV TXH FRUUHVSRQGDKDFHUOHDXQODVGHFDUiFWHUSHUVRQDOVHUHDOL]DUiQHQORVHVWUDGRVGHOMX]JDGR(QHVWHFDVRHO FRQFLOLDGRUKDUiVXVFRPXQLFDFLRQHVSRUFRQGXFWRGHOMXH] $UWtFXOR &XDQGR HO FyQ\XJH FRQFXELQD R FRQFXELQDULR GHO &RPHUFLDQWH GHFODUDGR HQ FRQFXUVR PHUFDQWLOWHQJDHQFRQWUDGHpVWHFUpGLWRVSRUFRQWUDWRVRQHURVRVRSRUSDJRVGHGHXGDVGHO&RPHUFLDQWHVH SUHVXPLUiVDOYRSUXHEDHQFRQWUDULRTXHORVFUpGLWRVVHKDQFRQVWLWXLGR\TXHODVGHXGDVVHKDQSDJDGRFRQ ELHQHV GHO &RPHUFLDQWH SRU OR TXH HO FyQ\XJH FRQFXELQD R FRQFXELQDULR QR SRGUi VHU FRQVLGHUDGR FRPR DFUHHGRU $UWtFXOR&XDQGRHQXQSURFHGLPLHQWRGLYHUVRVHKD\DGLFWDGRVHQWHQFLDHMHFXWRULDGDODXGRODERUDO UHVROXFLyQDGPLQLVWUDWLYDILUPHRODXGRDUELWUDODQWHULRUDODIHFKDGHUHWURDFFLyQPHGLDQWHODFXDOVHGHFODUHOD H[LVWHQFLDGHXQ GHUHFKRGHFUpGLWRHQFRQWUDGHO&RPHUFLDQWHHODFUHHGRUGHTXHVHWUDWHGHEHUiSUHVHQWDU DOMXH]\DOFRQFLOLDGRUFRSLDFHUWLILFDGDGHGLFKDUHVROXFLyQ (O MXH] GHEHUi UHFRQRFHU HO FUpGLWR HQ ORV WpUPLQRV GH WDOHV UHVROXFLRQHV PHGLDQWH VX LQFOXVLyQ HQ OD VHQWHQFLDGHUHFRQRFLPLHQWRJUDGXDFLyQ\SUHODFLyQGHFUpGLWRV $UWtFXOR(QODOLVWDSURYLVLRQDOGHFUpGLWRVHOFRQFLOLDGRUGHEHUiLQFOXLUUHVSHFWRGHFDGDFUpGLWROD LQIRUPDFLyQVLJXLHQWH , (OQRPEUHFRPSOHWR\GRPLFLOLRGHODFUHHGRU ,, /DFXDQWtDGHOFUpGLWRTXHHVWLPHGHEHUHFRQRFHUVHHQORVWpUPLQRVHVWDEOHFLGRVHQHODUWtFXOR ,,, /DV JDUDQWtDV FRQGLFLRQHV WpUPLQRV \ RWUDV FDUDFWHUtVWLFDV GHO FUpGLWR HQWUH HOODV HO WLSR GH GRFXPHQWRTXHHYLGHQFLHHOFUpGLWR\ ,9 (O JUDGR \ SUHODFLyQ TXH GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HVWD /H\ HVWLPH OH FRUUHVSRQGDQ DO FUpGLWR (OFRQFLOLDGRUGHEHUiLQWHJUDUDODOLVWDSURYLVLRQDOGHFUpGLWRVXQDUHODFLyQHQODTXHH[SUHVHUHVSHFWRGH FDGDFUpGLWRODVUD]RQHV\ODVFDXVDVHQODVTXHDSR\DVXSURSXHVWDMXVWLILFDQGRODVGLIHUHQFLDVTXHHQVX FDVRH[LVWDQFRQUHVSHFWRDORUHJLVWUDGRHQODFRQWDELOLGDGGHO&RPHUFLDQWHRDORVROLFLWDGRSRUHODFUHHGRU $VLPLVPR GHEHUi LQFOXLU XQD OLVWD UD]RQDGD GH DTXHOORV FUpGLWRV FX\R UHFRQRFLPLHQWR IXH VROLFLWDGR \ TXH SURSRQHQRUHFRQRFHU (O FRQFLOLDGRU GHEHUi DFRPSDxDU D OD OLVWD SURYLVLRQDO GH FUpGLWRV DTXHOORV GRFXPHQWRV TXH FRQVLGHUH KD\DQVHUYLGRGHEDVHSDUDVXIRUPXODFLyQORVFXDOHVIRUPDUiQSDUWHLQWHJUDQWHGHODPLVPDRELHQLQGLFDUHO OXJDUHQGRQGHVHHQFXHQWUHQ $UWtFXOR 8QDYH]TXHHOFRQFLOLDGRUSUHVHQWHDOMXH]ODOLVWDSURYLVLRQDOGHFUpGLWRVpVWHODSRQGUiD OD YLVWD GHO &RPHUFLDQWH \ GH ORV DFUHHGRUHV SDUD TXH GHQWUR GHO WpUPLQR LPSURUURJDEOH GH FLQFR GtDV QDWXUDOHV SUHVHQWHQ SRU HVFULWR DO FRQFLOLDGRU SRU FRQGXFWR GHO MXH] VXV REMHFLRQHV DFRPSDxDGDV GH ORV GRFXPHQWRVTXHHVWLPHQSHUWLQHQWHVORTXHVHUiSXHVWRDGLVSRVLFLyQGHOFRQFLOLDGRUSRUFRQGXFWRGHOMXH]DO GtDVLJXLHQWHGHVXUHFHSFLyQ $UWtFXOR (OFRQFLOLDGRUFRQWDUiFRQXQSOD]RLPSURUURJDEOHGHGLH]GtDVFRQWDGRVDSDUWLUGHDTXHOHQ TXHYHQ]DHOSOD]RDTXHVHUHILHUHHODUWtFXORDQWHULRUSDUDODIRUPXODFLyQ\SUHVHQWDFLyQDOMXH]GHODOLVWD GHILQLWLYDGHUHFRQRFLPLHQWRGHFUpGLWRVSUHVHQWDGRVHQWpUPLQRVGHODIUDFFLyQ,GHODUWtFXORDVtFRPRORV ILVFDOHV\ODERUDOHVTXHKDVWDHVHSOD]RKXELHUHQVLGRQRWLILFDGRVDO&RPHUFLDQWHDQH[DQGRHQVXFDVRWRGDV ODVVROLFLWXGHVDGLFLRQDOHVSUHVHQWDGDVFRQSRVWHULRULGDGDODHODERUDFLyQGHODOLVWDSURYLVLRQDOGHFUpGLWRV 6L HO FRQFLOLDGRU RPLWH OD SUHVHQWDFLyQ GH OD OLVWD GHILQLWLYD DO YHQFLPLHQWR GHO SOD]R D TXH VH UHILHUH HO SiUUDIRDQWHULRUHOMXH]GLFWDUiODVPHGLGDVGHDSUHPLRTXHVHDQQHFHVDULDVDOHIHFWR\HQFDVRGHTXHQROD SUHVHQWHHQFLQFRGtDVPiVVROLFLWDUiDO,QVWLWXWRTXHGHVLJQHDXQQXHYRFRQFLOLDGRU $UWtFXOR (OFRQFLOLDGRU QR VHUi UHVSRQVDEOH SRU ORV HUURUHV X RPLVLRQHV TXH DSDUH]FDQ HQ OD OLVWD GHILQLWLYD GH UHFRQRFLPLHQWRGH FUpGLWRV TXH WHQJDQ FRPR RULJHQ OD IDOWD GH UHJLVWUR GHO FUpGLWR R FXDOTXLHU RWUR HUURU HQ OD FRQWDELOLGDG GHO &RPHUFLDQWH \ TXH SXGLHUDQ KDEHUVH HYLWDGR FRQ OD VROLFLWXG GH UHFRQRFLPLHQWRGHFUpGLWRRFRQODIRUPXODFLyQGHREMHFLRQHVDODOLVWDSURYLVLRQDO $UWtFXOR 7UDQVFXUULGRHOSOD]RPHQFLRQDGRHQHODUWtFXORGHHVWD/H\HOMXH]GHQWURGHORVFLQFR GtDV VLJXLHQWHV GLFWDUi OD VHQWHQFLD GH UHFRQRFLPLHQWR JUDGXDFLyQ \ SUHODFLyQ GH FUpGLWRV WRPDQGR HQ FRQVLGHUDFLyQODOLVWDGHILQLWLYDSUHVHQWDGDSRUHOFRQFLOLDGRUDVtFRPRWRGRVORVGRFXPHQWRVTXHVHOHKD\DQ DQH[DGR $UWtFXOR (OMXH]DOGtDVLJXLHQWHGHTXHGLFWHVHQWHQFLDGHUHFRQRFLPLHQWRJUDGXDFLyQ\SUHODFLyQ GHFUpGLWRVODQRWLILFDUiDO&RPHUFLDQWHDORV$FUHHGRUHV5HFRQRFLGRVDORVLQWHUYHQWRUHVDOFRQFLOLDGRU\DO 0LQLVWHULR3~EOLFRPHGLDQWHSXEOLFDFLyQHQHO%ROHWtQ-XGLFLDORSRUORVHVWUDGRVGHOMX]JDGR $UWtFXOR ,QWHUUXPSHQODSUHVFULSFLyQGHOFUpGLWRGHTXHVHWUDWH , /DVROLFLWXGGHUHFRQRFLPLHQWRGHFUpGLWRDXQFXDQGRpVWDQRFXPSODFRQORVUHTXLVLWRVHVWDEOHFLGRV HQHODUWtFXORGHOSUHVHQWHRUGHQDPLHQWRRVHDSUHVHQWDGDGHPDQHUDH[WHPSRUiQHD ,, /DVREMHFLRQHVTXHSRUHVFULWRVHUHDOLFHQUHVSHFWRGHODOLVWDSURYLVLRQDO ,,, /DVHQWHQFLDGHUHFRQRFLPLHQWRJUDGXDFLyQ\SUHODFLyQUHVSHFWRGHORVFUpGLWRVLQFOXLGRVHQHOODR ,9 /DDSHODFLyQUHVSHFWRGHORVFUpGLWRVFX\RUHFRQRFLPLHQWRVHVROLFLWH &DStWXOR,, 'HODDSHODFLyQGHODVHQWHQFLDGHUHFRQRFLPLHQWRJUDGXDFLyQ\SUHODFLyQGHFUpGLWRV $UWtFXOR &RQWUD OD VHQWHQFLD GH UHFRQRFLPLHQWR JUDGXDFLyQ \ SUHODFLyQ GH FUpGLWRV SURFHGH HO UHFXUVRGHDSHODFLyQ'LFKRUHFXUVR~QLFDPHQWHVHDGPLWLUiHQHIHFWRGHYROXWLYR $UWtFXOR 3RGUiQDSHODUDODVHQWHQFLDGHUHFRQRFLPLHQWRJUDGXDFLyQ\SUHODFLyQGHFUpGLWRVSRUVtR SRUFRQGXFWRGHVXVUHSUHVHQWDQWHVHO&RPHUFLDQWHFXDOTXLHUDFUHHGRUORVLQWHUYHQWRUHVHOFRQFLOLDGRURHQ VXFDVRHOVtQGLFRRHO0LQLVWHULR3~EOLFR /R DQWHULRU LQGHSHQGLHQWHPHQWH GH TXH HO DFUHHGRU DSHODQWH VH KD\D DEVWHQLGR GH VROLFLWDU VX UHFRQRFLPLHQWRGHFUpGLWRRGHUHDOL]DUREMHFLyQDOJXQDUHVSHFWRGHODOLVWDSURYLVLRQDO $UWtFXOR (OUHFXUVRGHDSHODFLyQGHEHUiLQWHUSRQHUVHDQWHHOSURSLRMXH]GHQWURGHORVQXHYHGtDV VLJXLHQWHV D DTXpO HQ TXH VXUWD HIHFWRV OD QRWLILFDFLyQ GH OD VHQWHQFLD GH UHFRQRFLPLHQWR JUDGXDFLyQ \ SUHODFLyQGHFUpGLWRV $UWtFXOR(QHOPLVPRHVFULWRDWUDYpVGHOFXDOVHLQWHUSRQJDHOUHFXUVRHODSHODQWHGHEHUiKDFHUOD H[SUHVLyQ GH DJUDYLRV RIUHFHU SUXHEDV \ VHxDODU ODV FRQVWDQFLDV TXH GHEDQ LQFOXLUVH HQ HO WHVWLPRQLR UHVSHFWLYR$QWHODRPLVLyQGHHVWH~OWLPRUHTXLVLWRHOMXH]GHVHFKDUiGHSODQRHOUHFXUVR $UWtFXOR (QHODXWRHQHOTXHVHDGPLWDHOUHFXUVRGHDSHODFLyQHOMXH]PDQGDUiFRUUHUWUDVODGRD ODVFRQWUDSDUWHVGHODSHODQWHSDUDTXHGHQWURGHORVQXHYHGtDVVLJXLHQWHVDODQRWLILFDFLyQFRQWHVWHQORTXH DVXGHUHFKRFRQYHQJD(QGLFKRHVFULWRODFRQWUDSDUWHGHODSHODQWHGHEHUiRIUHFHUSUXHEDV $O FRQWHVWDU ORV DJUDYLRV OD SDUWH DSHODGD SRGUi VHxDODU FRQVWDQFLDV DGLFLRQDOHV GHO H[SHGLHQWH GH QR KDFHUORDVtVHHQWHQGHUiVXFRQIRUPLGDGFRQODVVHxDODGDVSRUHODSHODQWH $UWtFXOR $OGtDVLJXLHQWHGHTXHYHQ]DHOSOD]RSDUDFRQWHVWDUDJUDYLRVDTXHVHUHILHUHHODUWtFXOR DQWHULRU FRQ R VLQ HVFULWR GH FRQWHVWDFLyQ GH DJUDYLRV HO MXH] UHPLWLUi DO WULEXQDO GH DO]DGD ORV HVFULWRV RULJLQDOHVGHODSHODQWHGHODVRWUDVSDUWHVHQVXFDVRDVtFRPRHOWHVWLPRQLRGHFRQVWDQFLDVDGLFLRQDGRFRQ ODVTXHpVWHHVWLPHQHFHVDULDV $UWtFXOR 5HFLELGRVORVHVFULWRV\HOWHVWLPRQLRGHFRQVWDQFLDVVLQPiVWUiPLWHHOWULEXQDOGHDO]DGD GHFLGLUiVREUHODDGPLVLyQGHOUHFXUVR $UWtFXOR 'HQWURGHORVGLH]GtDVVLJXLHQWHVDODDGPLVLyQGHOUHFXUVRHOWULEXQDOGHDO]DGDFLWDUiD ODV SDUWHV D DXGLHQFLD GH GHVDKRJR GH SUXHEDV \ IRUPXODFLyQ GH DOHJDWRV /D DXGLHQFLD VyOR SRGUi SRVWHUJDUVHSRUXQDVRODYH]\HQWRGRVORVFDVRVGHEHUiGHVDKRJDUVHDPiVWDUGDUGHQWURGHORVWUHLQWDGtDV QDWXUDOHVVLJXLHQWHVDODIHFKDRULJLQDOPHQWHHVWDEOHFLGD 'HVDKRJDGDODDXGLHQFLDHOWULEXQDOGHDO]DGDFLWDUiSDUDVHQWHQFLD\UHVROYHUiODDSHODFLyQGHQWURGHORV FLQFRGtDVVLJXLHQWHV $UWtFXOR /RV DFUHHGRUHV TXH QR KD\DQ VLGR UHFRQRFLGRV HQ OD VHQWHQFLD GH UHFRQRFLPLHQWR JUDGXDFLyQ \ SUHODFLyQ GH FUpGLWRV H LQWHUSRQJDQ HO UHFXUVR GH DSHODFLyQ ~QLFDPHQWH SRGUiQ HMHUFHU ORV GHUHFKRVTXHHVWD/H\FRQILHUHDORV$FUHHGRUHV5HFRQRFLGRVKDVWDODH[LVWHQFLDGHUHVROXFLyQHMHFXWRULDGD TXHOHVDWULEX\DHVDFDOLGDG $UWtFXOR (Q FDVR GH TXH XQ DFUHHGRU WUDQVPLWD OD WLWXODULGDG GH VXV FUpGLWRV SRU FXDOTXLHU PHGLR GHEHUiDOLJXDOTXHHODGTXLUHQWHQRWLILFDUODWUDQVPLVLyQ\VXVFDUDFWHUtVWLFDVDOFRQFLOLDGRUHQORVIRUPDWRV TXH DO HIHFWR GHWHUPLQH HO ,QVWLWXWR (O FRQFLOLDGRU GHEHUi KDFHU S~EOLFD OD QRWLILFDFLyQ FRQIRUPH D ODV GLVSRVLFLRQHVTXHDOHIHFWRHPLWDHO,QVWLWXWR 7Ë78/248,172 'HODFRQFLOLDFLyQ &DStWXORÒQLFR 'HODDGRSFLyQGHOFRQYHQLR $UWtFXOR /D HWDSD GH FRQFLOLDFLyQ WHQGUi XQD GXUDFLyQ GH FLHQWR RFKHQWD \ FLQFR GtDV QDWXUDOHV FRQWDGRV D SDUWLU GHO GtD HQ TXH VH KDJD OD ~OWLPD SXEOLFDFLyQ HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ GH OD VHQWHQFLDGHFRQFXUVRPHUFDQWLO (O FRQFLOLDGRU R ORV $FUHHGRUHV 5HFRQRFLGRV TXH UHSUHVHQWHQ SRU OR PHQRV ODV GRV WHUFHUDV SDUWHV GHO PRQWRWRWDOGHORVFUpGLWRVUHFRQRFLGRVSRGUiQVROLFLWDUDOMXH]XQDSUyUURJDGHKDVWDQRYHQWDGtDVQDWXUDOHV FRQWDGRVDSDUWLUGHODIHFKDHQTXHFRQFOX\DHOSOD]RVHxDODGRHQHOSiUUDIRDQWHULRUFXDQGRFRQVLGHUHQTXH ODFHOHEUDFLyQGHXQFRQYHQLRHVWpSUy[LPDDRFXUULU (O &RPHUFLDQWH \ HO QRYHQWD SRU FLHQWR GH ORV $FUHHGRUHV 5HFRQRFLGRV SRGUiQ VROLFLWDU DO -XH] XQD DPSOLDFLyQGHKDVWDSRUQRYHQWDGtDVPiVGHODSUyUURJDDTXHVHUHILHUHHOSiUUDIRDQWHULRU (QQLQJ~QFDVRHOSOD]RGHODHWDSDGHFRQFLOLDFLyQ\VXSUyUURJDSRGUiH[FHGHUGHWUHVFLHQWRVVHVHQWD\ FLQFR GtDV QDWXUDOHV FRQWDGRV D SDUWLU GH OD IHFKD HQ TXH VH KXELHVH UHDOL]DGR OD ~OWLPD SXEOLFDFLyQ GH OD VHQWHQFLDGHFRQFXUVRPHUFDQWLOHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ $UWtFXOR 'HQWURGHORVFLQFRGtDVVLJXLHQWHVDTXH UHFLEDODQRWLILFDFLyQGHODVHQWHQFLDGHFRQFXUVR PHUFDQWLO HO ,QVWLWXWR GHEHUi GHVLJQDU FRQIRUPH DO SURFHGLPLHQWR DOHDWRULR SUHYLDPHQWH HVWDEOHFLGR XQ FRQFLOLDGRUSDUDHOGHVHPSHxRGHODVIXQFLRQHVSUHYLVWDVHQHVWD/H\VDOYRTXH\DVHHVWpHQDOJXQDGHODV VLWXDFLRQHVSUHYLVWDVHQHODUWtFXOR $UWtFXOR (O FRQFLOLDGRU GHVLJQDGR HQ WpUPLQRV GH OR GLVSXHVWR HQ HO DUWtFXOR DQWHULRU SRGUi VHU VXVWLWXLGRFXDQGR , (O &RPHUFLDQWH \ ORV $FUHHGRUHV 5HFRQRFLGRV TXH UHSUHVHQWHQ DO PHQRV OD PLWDG GHO PRQWR WRWDO UHFRQRFLGR VROLFLWHQ DO ,QVWLWXWR SRU FRQGXFWR GHO MXH] OD VXVWLWXFLyQ GHO FRQFLOLDGRU SRU DTXpO TXH HOORVSURSRQJDQHQIRUPDUD]RQDGDGHHQWUHORVUHJLVWUDGRVDQWHHO,QVWLWXWR (O,QVWLWXWRGHEHUiSURFHGHUDOQRPEUDPLHQWRGHOQXHYRFRQFLOLDGRUSURSXHVWRVLHPSUHTXHHOMXH]OH FHUWLILTXHODH[LVWHQFLDGHODPD\RUtDUHTXHULGDGHORV$FUHHGRUHV5HFRQRFLGRV\HOFRQVHQWLPLHQWR GHO&RPHUFLDQWHR ,, (O&RPHUFLDQWH\XQJUXSRGH$FUHHGRUHV5HFRQRFLGRVTXHUHSUHVHQWHQDOPHQRVHOGHOPRQWR WRWDOUHFRQRFLGRGHVLJQHQGHFRP~QDFXHUGRDSHUVRQDItVLFDRPRUDOTXHQRILJXUHHQHOUHJLVWURGHO ,QVWLWXWR \ TXH GHVHHQ TXH IXQMD FRPR FRQFLOLDGRU HQ FX\R FDVR GHEHUiQ FRQYHQLU FRQ pO VXV KRQRUDULRV (QWDOVXSXHVWRHO-XH]ORKDUiGHOFRQRFLPLHQWRGHO,QVWLWXWRDOGtDVLJXLHQWHTXHGDQGRVLQHIHFWROD GHVLJQDFLyQ KHFKD SRU HO ,QVWLWXWR (O FRQFLOLDGRU DVt GHVLJQDGR DVXPLUi WRGRV ORV GHUHFKRV \ ODV REOLJDFLRQHVTXHHVWD/H\DWULEX\HDORVFRQFLOLDGRUHVGHO,QVWLWXWR (Q FDVR GH VXVWLWXFLyQ GHO FRQFLOLDGRU HO VXVWLWXLGR GHEHUi SUHVWDU DO VXVWLWXWR WRGR HO DSR\R QHFHVDULR SDUDTXHWRPHSRVHVLyQGHVXHQFDUJR\OHHQWUHJDUiXQUHSRUWHGHOHVWDGRTXHJXDUGDODFRQFLOLDFLyQDVt FRPRWRGDODLQIRUPDFLyQVREUHHO&RPHUFLDQWHTXHKD\DREWHQLGRHQHOHMHUFLFLRGHVXVIXQFLRQHV $UWtFXOR (OFRQFLOLDGRU SURFXUDUi TXH HO &RPHUFLDQWH \ VXV $FUHHGRUHV 5HFRQRFLGRV OOHJXHQ D XQ FRQYHQLRHQORVWpUPLQRVGHHVWD/H\ $UWtFXOR (O FRQFLOLDGRU GHQWUR GH ORV WUHV GtDV VLJXLHQWHV D VX GHVLJQDFLyQ GHEHUi KDFHU GHO FRQRFLPLHQWRGHORVDFUHHGRUHVVXQRPEUDPLHQWR\VHxDODUXQGRPLFLOLRGHQWURGHODMXULVGLFFLyQGHOMXH]TXH FRQR]FDGHOFRQFXUVRPHUFDQWLOSDUDHOFXPSOLPLHQWRGHODVREOLJDFLRQHVTXHOHLPSRQHHVWD/H\ (O FRQFLOLDGRU SRGUi UHXQLUVH FRQ HO &RPHUFLDQWH \ FRQ ORV DFUHHGRUHV TXH HVWLPH FRQYHQLHQWHV \ FRQ DTXHOORVTXHDVtVHORVROLFLWHQ\DVHDFRQMXQWDRVHSDUDGDPHQWH\FRPXQLFDUVHFRQHOORVGHFXDOTXLHUIRUPD $UWtFXOR (O &RPHUFLDQWH HVWDUi REOLJDGR D FRODERUDU FRQ HO FRQFLOLDGRU \ D SURSRUFLRQDUOH OD LQIRUPDFLyQTXHpVWHFRQVLGHUHQHFHVDULDSDUDHOGHVHPSHxRGHVXVIXQFLRQHV (OFRQFLOLDGRUSRGUiVROLFLWDUDOMXH]ODWHUPLQDFLyQDQWLFLSDGDGHODHWDSDGHFRQFLOLDFLyQFXDQGRFRQVLGHUH ODIDOWDGHGLVSRVLFLyQGHO&RPHUFLDQWHRGHVXVDFUHHGRUHVSDUDVXVFULELUXQFRQYHQLRHQWpUPLQRVGH HVWD /H\ R OD LPSRVLELOLGDG GH KDFHUOR (O FRQFLOLDGRU WRPDUi HQ FRQVLGHUDFLyQ VL HO &RPHUFLDQWH LQFXPSOLy XQ FRQYHQLR TXH KD\D GDGR SRU WHUPLQDGR XQ FRQFXUVR PHUFDQWLO DQWHULRU /D VROLFLWXG GHO FRQFLOLDGRU VH VXEVWDQFLDUiHQODYtDLQFLGHQWDO\GHEHUiUD]RQDUODVFDXVDVTXHODPRWLYDURQ $UWtFXOR (O FRQFLOLDGRU UHFRPHQGDUi OD UHDOL]DFLyQ GH ORV HVWXGLRV \ DYDO~RV TXH FRQVLGHUH QHFHVDULRV SDUD OD FRQVHFXFLyQ GH XQ FRQYHQLR SRQLpQGRORV SRU FRQGXFWR GHO MXH] D GLVSRVLFLyQ GH ORV DFUHHGRUHV\GHO&RPHUFLDQWHFRQH[FHSFLyQGHDTXHOODLQIRUPDFLyQTXHWHQJDHOFDUiFWHUGHFRQILGHQFLDOHQ WpUPLQRVGHODVGLVSRVLFLRQHVDSOLFDEOHV $UWtFXOR(O&RPHUFLDQWHSRGUiFHOHEUDUFRQYHQLRVFRQORVWUDEDMDGRUHVVLHPSUHTXHQRDJUDYHQORV WpUPLQRVGHODVREOLJDFLRQHVDFDUJRGHO&RPHUFLDQWHRVROLFLWDUDODVDXWRULGDGHVILVFDOHVFRQGRQDFLRQHVR DXWRUL]DFLRQHVHQORVWpUPLQRVGHODVGLVSRVLFLRQHVDSOLFDEOHV /RV WpUPLQRV GH ORV FRQYHQLRV FRQ ORV WUDEDMDGRUHV \ GH ODV UHVROXFLRQHV GH DXWRUL]DFLRQHV R FRQGRQDFLRQHVUHODWLYDVDOSDJRGHODVREOLJDFLRQHVILVFDOHVGHEHUiQLQFOXLUVHHQHOFRQYHQLRTXHHQVXFDVR VHFHOHEUHFRQDUUHJORDHVWH7tWXOR $UWtFXOR (OFRQYHQLRGHEHUiFRQVLGHUDUHOSDJRGHORVFUpGLWRVSUHYLVWRVHQHODUWtFXORGHHVWD /H\ GH ORV FUpGLWRV VLQJXODUPHQWH SULYLOHJLDGRV \ GH OR TXH FRUUHVSRQGD FRQIRUPH D VXV UHVSHFWLYDV JDUDQWtDV \ SULYLOHJLRV D ORV FUpGLWRV FRQ JDUDQWtD UHDO \ FRQ SULYLOHJLR HVSHFLDO TXH QR KXELHUHQ VXVFULWR HO FRQYHQLR (OFRQYHQLRGHEHUiSUHYHUUHVHUYDVVXILFLHQWHVSDUDHOSDJRGHODVGLIHUHQFLDVTXHSXHGDQUHVXOWDUGHODV LPSXJQDFLRQHVTXHVHHQFXHQWUHQSHQGLHQWHVGHUHVROYHU\GHORVFUpGLWRVILVFDOHVSRUGHWHUPLQDU 7UDWiQGRVH GH REOLJDFLRQHV ILVFDOHV HO FRQYHQLR GHEHUi LQFOXLU HO SDJR GH GLFKDV REOLJDFLRQHV HQ ORV WpUPLQRV GH ODV GLVSRVLFLRQHV DSOLFDEOHV VX LQFXPSOLPLHQWR GDUi OXJDU DO SURFHGLPLHQWR DGPLQLVWUDWLYR GH HMHFXFLyQTXHFRUUHVSRQGD $UWtFXOR 6HUiQ QXORV ORV FRQYHQLRV SDUWLFXODUHV HQWUH HO &RPHUFLDQWH \ FXDOHVTXLHUD GH VXV DFUHHGRUHVFHOHEUDGRVDSDUWLUGHODGHFODUDFLyQGHFRQFXUVRPHUFDQWLO(ODFUHHGRUTXHORVFHOHEUHSHUGHUi VXVGHUHFKRVHQHOFRQFXUVRPHUFDQWLO $UWtFXOR (Q FDVR GH TXH HQ OD SURSXHVWD GH FRQYHQLR VH SDFWH XQ DXPHQWR GH FDSLWDO VRFLDO HO FRQFLOLDGRUGHEHUiLQIRUPDUORDOMXH]SDUDTXHORQRWLILTXHDORVVRFLRVFRQHOSURSyVLWRGHTXHpVWRVSXHGDQ HMHUFHU VX GHUHFKR GH SUHIHUHQFLD GHQWUR GH ORV TXLQFH GtDV QDWXUDOHV VLJXLHQWHV D VX QRWLILFDFLyQ 6L HVWH GHUHFKRQRHVHMHUFLGRGHQWURGHOSOD]RVHxDODGRHOMXH]SRGUiDXWRUL]DUHODXPHQWRGHFDSLWDOVRFLDOHQORV WpUPLQRVGHOFRQYHQLRTXHKXELHUHSURSXHVWRHOFRQFLOLDGRU $UWtFXOR 3RGUiQ VXVFULELU HO FRQYHQLR WRGRV ORV $FUHHGRUHV 5HFRQRFLGRV FRQ H[FHSFLyQ GH ORV DFUHHGRUHVSRUFUpGLWRVILVFDOHV\ORVODERUDOHVHQUHODFLyQFRQORGLVSXHVWRHQODIUDFFLyQ;;,,,GHODSDUWDGR$ GHODUWtFXORFRQVWLWXFLRQDO\HQHVWD/H\ 3DUDVXVFULELUHOFRQYHQLRQRVHUiQHFHVDULRTXHORVDFUHHGRUHVVHUH~QDQDYRWDU $UWtFXOR 3DUD VHU HILFD] HO FRQYHQLR GHEHUi VHU VXVFULWR SRU HO &RPHUFLDQWH \ VXV $FUHHGRUHV 5HFRQRFLGRVTXHUHSUHVHQWHQPiVGHOFLQFXHQWDSRUFLHQWRGHODVXPDGH , (OPRQWRUHFRQRFLGRDODWRWDOLGDGGHORV$FUHHGRUHV5HFRQRFLGRVFRPXQHV\ ,, (OPRQWRUHFRQRFLGRDDTXHOORV$FUHHGRUHV5HFRQRFLGRVFRQJDUDQWtDUHDORSULYLOHJLRHVSHFLDOTXH VXVFULEDQHOFRQYHQLR $UWtFXOR(OFRQYHQLRVHFRQVLGHUDUiVXVFULWRSRUWRGRVDTXHOORV$FUHHGRUHV5HFRQRFLGRVFRPXQHV VLQTXHVHDGPLWDPDQLIHVWDFLyQDOJXQDSRUVXSDUWHFXDQGRHOFRQYHQLRSUHYHDFRQUHVSHFWRGHVXVFUpGLWRV ORVLJXLHQWH , (O SDJR GHO DGHXGR TXH HUD H[LJLEOH D OD IHFKD HQ TXH VXUWLy HIHFWRV OD VHQWHQFLD GH FRQFXUVR PHUFDQWLOFRQYHUWLGRD8',VDOYDORUGHOGtDGHODVHQWHQFLDGHFRQFXUVRPHUFDQWLO ,, (OSDJRGHWRGDVODVFDQWLGDGHV\DFFHVRULRVTXHVHKXELHUDQKHFKRH[LJLEOHVFRQIRUPHDOFRQWUDWR YLJHQWHGHVGHODIHFKDGHODVHQWHQFLDGHGHFODUDFLyQGHFRQFXUVRPHUFDQWLOKDVWDODGHDSUREDFLyQ GHOFRQYHQLRGHQRKDEHUVHGHFODUDGRHOFRQFXUVRPHUFDQWLO\VXSRQLHQGRTXHHOPRQWRUHIHULGRHQ ODIUDFFLyQDQWHULRUVHKXELHUDSDJDGRHOGtDGHODVHQWHQFLDGHFRQFXUVRPHUFDQWLO(VWDVFDQWLGDGHV VHFRQYHUWLUiQHQ8',VDOYDORUGHODIHFKDHQTXHVHKXELHUDKHFKRH[LJLEOHFDGDSDJR\ ,,, (O SDJR HQ ODV IHFKDVSRU ORVPRQWRV \ HQ OD GHQRPLQDFLyQ FRQYHQLGRV GH ODV REOLJDFLRQHV TXH FRQIRUPH DO FRQWUDWR UHVSHFWLYR VH KDJDQ H[LJLEOHV D SDUWLU GH OD DSUREDFLyQ GHO FRQYHQLR VXSRQLHQGR TXH HO PRQWR UHIHULGR HQ OD IUDFFLyQ , VH KXELHUD SDJDGR HO GtD GH OD VHQWHQFLD GH FRQFXUVRPHUFDQWLO\TXHORVSDJRVUHIHULGRVHQODIUDFFLyQ,,VHKXELHUDQUHDOL]DGRHQHOPRPHQWRHQ TXHUHVXOWDUDQH[LJLEOHV /RV SDJRV D TXH KDFHQ UHIHUHQFLD ODV IUDFFLRQHV , \ ,, GH HVWH DUWtFXOR VH GHEHUiQ KDFHU GHQWUR GH ORV WUHLQWDGtDVKiELOHVVLJXLHQWHVDODDSUREDFLyQGHOFRQYHQLRFRQVLGHUDQGRHOYDORUGHODV8',VGHOGtDHQTXH VHHIHFW~HHOSDJR /RVFUpGLWRVTXHUHFLEDQHOWUDWRDTXHVHUHILHUHHVWHDUWtFXORVHFRQVLGHUDUiQDO FRUULHQWH D SDUWLU GHOD IHFKDGHDSUREDFLyQGHOFRQYHQLR $UWtFXOR (O FRQYHQLR VyOR SRGUi HVWLSXODU SDUD ORV $FUHHGRUHV 5HFRQRFLGRV FRPXQHV TXH QR OR KXELHUHQVXVFULWRORVLJXLHQWH , 8QD HVSHUD FRQ FDSLWDOL]DFLyQ GH LQWHUHVHV RUGLQDULRV FRQ XQD GXUDFLyQ Pi[LPD LJXDO D OD PHQRU TXH DVXPDQ ORV $FUHHGRUHV 5HFRQRFLGRV FRPXQHV TXH KD\DQ VXVFULWR HO FRQYHQLR \ TXH UHSUHVHQWHQDOPHQRVHOWUHLQWDSRUFLHQWRGHOPRQWRUHFRQRFLGRTXHFRUUHVSRQGDDGLFKRJUDGR ,, 8QDTXLWDGHVDOGRSULQFLSDOHLQWHUHVHVGHYHQJDGRVQRSDJDGRVLJXDODODPHQRUTXHDVXPDQORV $FUHHGRUHV 5HFRQRFLGRV FRPXQHV TXH KD\DQ VXVFULWR HO FRQYHQLR \ TXH UHSUHVHQWHQ DO PHQRV HO WUHLQWDSRUFLHQWRGHOPRQWRUHFRQRFLGRTXHFRUUHVSRQGDDGLFKRJUDGRR ,,, 8QDFRPELQDFLyQGHTXLWD\HVSHUDVLHPSUHTXHORVWpUPLQRVVHDQLGpQWLFRVDORVDFHSWDGRVSRUDO PHQRV HO WUHLQWD SRU FLHQWR GHO PRQWR UHFRQRFLGR D ORV $FUHHGRUHV 5HFRQRFLGRV FRPXQHV TXH VXVFULELHURQHOFRQYHQLR (Q HO FRQYHQLR VH SRGUi HVWLSXODU TXH ORV FUpGLWRV VH PDQWHQJDQ HQ OD PRQHGD XQLGDG GH YDORU R GHQRPLQDFLyQHQTXHIXHURQRULJLQDOPHQWHSDFWDGRV $UWtFXOR $TXHOORV $FUHHGRUHV 5HFRQRFLGRV FRQ JDUDQWtD UHDO TXH QR KD\DQ SDUWLFLSDGR HQ HO FRQYHQLR TXH VH VXVFULED SRGUiQ LQLFLDU R FRQWLQXDU FRQ OD HMHFXFLyQ GH VXV JDUDQWtDV D PHQRV TXH HO FRQYHQLRFRQWHPSOHHOSDJRGHVXVFUpGLWRVHQORVWpUPLQRVGHODUWtFXORGHHVWD/H\RHOSDJRGHOYDORU GHVXVJDUDQWtDV(QHVWH~OWLPRFDVRFXDOTXLHUH[FHGHQWHGHODGHXGRUHFRQRFLGRFRQUHVSHFWRDOYDORUGHOD JDUDQWtDVHUiFRQVLGHUDGRFRPRFUpGLWRFRP~Q\HVWDUiVXMHWRDORHVWDEOHFLGRHQHODUWtFXORDQWHULRU $UWtFXOR (OFRQFLOLDGRUXQDYH]TXHFRQVLGHUHTXHFXHQWDFRQODRSLQLyQIDYRUDEOHGHO&RPHUFLDQWH \ GH OD PD\RUtD GH $FUHHGRUHV 5HFRQRFLGRV QHFHVDULD SDUD OD DSUREDFLyQ GH OD SURSXHVWD GH FRQYHQLR OD SRQGUiDODYLVWDGHORV$FUHHGRUHV5HFRQRFLGRVSRUXQSOD]RGHGLH]GtDVSDUDTXHRSLQHQVREUHpVWD\HQ VXFDVRVXVFULEDQHOFRQYHQLR (O FRQFLOLDGRU GHEHUi DGMXQWDU D OD SURSXHVWD GH FRQYHQLR XQ UHVXPHQ GHO PLVPR TXH FRQWHQJD VXV FDUDFWHUtVWLFDVSULQFLSDOHVH[SUHVDGDVGHPDQHUDFODUD\RUGHQDGD7DQWRODSURSXHVWDGHFRQYHQLRFRPRVX UHVXPHQGHEHUiQH[KLELUVHHQORVIRUPDWRVTXHGpDFRQRFHUHO,QVWLWXWR 7UDQVFXUULGRXQSOD]RGHVLHWHGtDVFRQWDGRVDSDUWLUGHTXHYHQ]DHOSOD]RSUHYLVWRHQHOSULPHUSiUUDIR GH HVWH DUWtFXOR HO FRQFLOLDGRU SUHVHQWDUi DO MXH] HO FRQYHQLR GHELGDPHQWH VXVFULWR SRU HO &RPHUFLDQWH \ DO PHQRV OD PD\RUtD UHTXHULGD GH $FUHHGRUHV 5HFRQRFLGRV /D SUHVHQWDFLyQ VH KDUi HQ ORV WpUPLQRV HVWDEOHFLGRVHQHOSiUUDIRDQWHULRU $UWtFXOR (O MXH] DO GtD VLJXLHQWH GH TXH OH VHD SUHVHQWDGR HO FRQYHQLR \ VX UHVXPHQ SDUD VX DSUREDFLyQGHEHUiSRQHUORVDODYLVWDGHORV$FUHHGRUHV5HFRQRFLGRVSRUHOWpUPLQRGHFLQFRGtDVDILQGH TXHHQVXFDVR , 3UHVHQWHQODVREMHFLRQHVTXHFRQVLGHUHQSHUWLQHQWHVUHVSHFWRGHODDXWHQWLFLGDGGHODH[SUHVLyQGH VXFRQVHQWLPLHQWR\ ,, 6HHMHU]DHOGHUHFKRGHYHWRDTXHVHUHILHUHHODUWtFXORVLJXLHQWH $UWtFXOR (O FRQYHQLR SRGUi VHU YHWDGR SRU XQD PD\RUtD VLPSOH GH $FUHHGRUHV 5HFRQRFLGRV FRPXQHV R ELHQ SRU FXDOTXLHU Q~PHUR GH pVWRV FX\RV FUpGLWRV UHFRQRFLGRV UHSUHVHQWHQ FRQMXQWDPHQWH DO PHQRVHOFLQFXHQWDSRUFLHQWRGHOPRQWRWRWDOGHORVFUpGLWRVUHFRQRFLGRVDGLFKRVDFUHHGRUHV 1RSRGUiQHMHUFHUHOYHWRORV$FUHHGRUHV5HFRQRFLGRVFRPXQHVTXHQRKD\DQVXVFULWRHOFRQYHQLRVLHQ pVWHVHSUHYpHOSDJRGHVXVFUpGLWRVHQORVWpUPLQRVGHODUWtFXORGHHVWHRUGHQDPLHQWR $UWtFXOR 7UDQVFXUULGR HO SOD]R D TXH VH KDFH UHIHUHQFLD HQ HO DUWtFXOR GH HVWD /H\ HO MXH] YHULILFDUi TXH OD SURSXHVWD GH FRQYHQLR UH~QD WRGRV ORV UHTXLVLWRV SUHYLVWRV HQ HO SUHVHQWH &DStWXOR \ QR FRQWUDYHQJD GLVSRVLFLRQHV GH RUGHQ S~EOLFR (Q HVWH FDVR HO MXH] GLFWDUi OD UHVROXFLyQ TXH DSUXHEH HO FRQYHQLR $UWtFXOR (OFRQYHQLRDSUREDGRSRUHOMXH]REOLJDUi , $O&RPHUFLDQWH ,, $WRGRVORV$FUHHGRUHV5HFRQRFLGRVFRPXQHV ,,, $ORV$FUHHGRUHV5HFRQRFLGRVFRQJDUDQWtDUHDORSULYLOHJLRHVSHFLDOTXHORKD\DQVXVFULWR\ ,9 $ ORV $FUHHGRUHV 5HFRQRFLGRV FRQ JDUDQWtD UHDO R SULYLOHJLR HVSHFLDO SDUD ORV FXDOHV HO FRQYHQLR KD\DSUHYLVWRHOSDJRGHVXVFUpGLWRVHQORVWpUPLQRVGHODUWtFXORGHHVWD/H\ /D VXVFULSFLyQ GHO FRQYHQLR SRU SDUWH GH ORV $FUHHGRUHV 5HFRQRFLGRV FRQ JDUDQWtD UHDO R FRQ SULYLOHJLR HVSHFLDOQRLPSOLFDODUHQXQFLDDVXVJDUDQWtDVRSULYLOHJLRVSRUORTXHVXEVLVWLUiQSDUDJDUDQWL]DUHOSDJRGH ORVFUpGLWRVDVXIDYRUHQORVWpUPLQRVGHOFRQYHQLR $UWtFXOR &RQODVHQWHQFLDGHDSUREDFLyQGHOFRQYHQLRVHGDUiSRUWHUPLQDGRHOFRQFXUVRPHUFDQWLO\ FHVDUiQHQVXVIXQFLRQHVORVyUJDQRVGHOPLVPR$OHIHFWRHOMXH]RUGHQDUiDOFRQFLOLDGRUODFDQFHODFLyQGH ODVLQVFULSFLRQHVTXHFRQPRWLYRGHOFRQFXUVRPHUFDQWLOVHKD\DQUHDOL]DGRHQORVUHJLVWURVS~EOLFRV 7Ë78/26(;72 'HODTXLHEUD &DStWXOR, 'HODGHFODUDFLyQGHTXLHEUD $UWtFXOR(O&RPHUFLDQWHHQFRQFXUVRPHUFDQWLOVHUiGHFODUDGRHQHVWDGRGHTXLHEUDFXDQGR , (OSURSLR&RPHUFLDQWHDVtORVROLFLWH ,, 7UDQVFXUUD HO WpUPLQR SDUD OD FRQFLOLDFLyQ \ VXV SUyUURJDV VL VH KXELHUHQ FRQFHGLGR VLQ TXH VH VRPHWDDOMXH]SDUDVXDSUREDFLyQXQFRQYHQLRHQWpUPLQRVGHORSUHYLVWRHQHVWD/H\R ,,, (OFRQFLOLDGRUVROLFLWHODGHFODUDFLyQGHTXLHEUD\HOMXH]ODFRQFHGDHQORVWpUPLQRVSUHYLVWRVHQHO DUWtFXORGHHVWD/H\ $UWtFXOR (Q HO FDVR GH ODV IUDFFLRQHV , \ ,, GHO DUWtFXOR DQWHULRU OD VHQWHQFLD GH GHFODUDFLyQ GH TXLHEUDVHGLFWDUiGHSODQR(QHOFDVRGHODIUDFFLyQ,,,HOSURFHGLPLHQWRVHVXEVWDQFLDUiLQFLGHQWDOPHQWH $UWtFXOR /DVHQWHQFLDGHGHFODUDFLyQGHTXLHEUDGHEHUiFRQWHQHU , /D GHFODUDFLyQ GH TXH VH VXVSHQGH OD FDSDFLGDG GH HMHUFLFLR GHO &RPHUFLDQWH VREUH ORV ELHQHV \ GHUHFKRVTXHLQWHJUDQOD0DVDVDOYRTXHHVWDVXVSHQVLyQVHKD\DGHFUHWDGRFRQDQWHULRULGDG ,, /D RUGHQ DO &RPHUFLDQWH VXV DGPLQLVWUDGRUHV JHUHQWHV \ GHSHQGLHQWHV GH HQWUHJDU DO VtQGLFR OD SRVHVLyQ \ DGPLQLVWUDFLyQ GH ORV ELHQHV \ GHUHFKRV TXH LQWHJUDQ OD 0DVD FRQ H[FHSFLyQ GH ORV LQDOLHQDEOHVLQHPEDUJDEOHVHLPSUHVFULSWLEOHV ,,, /D RUGHQ D ODV SHUVRQDV TXH WHQJDQ HQ VX SRVHVLyQ ELHQHV GHO &RPHUFLDQWH VDOYR ORV TXH HVWpQ DIHFWRVD HMHFXFLyQ GH XQD VHQWHQFLD HMHFXWRULD SDUD HO FXPSOLPLHQWR GH REOLJDFLRQHV DQWHULRUHV DO FRQFXUVRPHUFDQWLOGHHQWUHJDUORVDOVtQGLFR ,9 /D SURKLELFLyQ D ORV GHXGRUHV GHO &RPHUFLDQWH GH SDJDUOH R HQWUHJDUOH ELHQHV VLQ DXWRUL]DFLyQ GHO VtQGLFRFRQDSHUFLELPLHQWRGHGREOHSDJRHQFDVRGHGHVREHGLHQFLD\ 9 /DRUGHQDO,QVWLWXWRSDUDTXHGHVLJQHDOFRQFLOLDGRUFRPRVtQGLFRHQXQ SOD]RGHFLQFRGtDVRHQ FDVR FRQWUDULR GHVLJQH VtQGLFR HQWUH WDQWR TXLHQ VH HQFXHQWUH D FDUJR GH OD DGPLQLVWUDFLyQ GH OD HPSUHVD GHO &RPHUFLDQWH WHQGUi ODV REOLJDFLRQHV GH ORV GHSRVLWDULRV UHVSHFWR GH ORV ELHQHV \ GHUHFKRVTXHLQWHJUDQOD0DVD /D VHQWHQFLD GH TXLHEUD GHEHUi FRQWHQHU DGHPiV GH ODV PHQFLRQHV D TXH VH UHILHUH HVWH DUWtFXOR ODV VHxDODGDVHQODVIUDFFLRQHV,,,\;9GHODUWtFXORGH HVWD/H\ $UWtFXOR$OPRPHQWRGHGHFODUDUVHODTXLHEUDHOMXH]RUGHQDUiDO,QVWLWXWRTXHHQXQSOD]RGHFLQFR GtDV UDWLILTXH DO FRQFLOLDGRU FRPR VtQGLFR R HQ FDVR FRQWUDULR \ GH FRQIRUPLGDG FRQ ODV GLVSRVLFLRQHV JHQHUDOHVTXHDOHIHFWRHPLWDORGHVLJQHVDOYRTXH\DVHHVWpHQDOJXQDGHODVVLWXDFLRQHVSUHYLVWDVHQHO DUWtFXOR $O GtD VLJXLHQWH GH OD GHVLJQDFLyQ GHO VtQGLFR HO ,QVWLWXWR OR KDUi GHO FRQRFLPLHQWR GHO MXH] (O VtQGLFR GHEHUiFRPXQLFDUDOMXH]GHQWURGHORVFLQFRGtDVVLJXLHQWHVDVXGHVLJQDFLyQHOQRPEUHGHODVSHUVRQDVGH ODV TXH VH DX[LOLDUi SDUD HO GHVHPSHxR GH VXV IXQFLRQHV VLQ SHUMXLFLR GH TXH GHVGH VX GHVLJQDFLyQ LQLFLH LQPHGLDWDPHQWHVXHQFDUJR $UWtFXOR (OVtQGLFR GHEHUi LQVFULELUOD VHQWHQFLD GH TXLHEUD \ SXEOLFDU XQ H[WUDFWR GH OD PLVPD HQ WpUPLQRVGHORSUHYLVWRHQHODUWtFXORGHHVWHRUGHQDPLHQWR $UWtFXOR(OVtQGLFRGHEHUiKDFHUGHOFRQRFLPLHQWRGHORVDFUHHGRUHVVXQRPEUDPLHQWR\VHxDODUXQ GRPLFLOLRGHQWURGHODMXULVGLFFLyQGHOMXH]TXHFRQR]FDGHOFRQFXUVRPHUFDQWLOSDUDHOFXPSOLPLHQWRGHODV REOLJDFLRQHVTXHHVWD/H\OHLPSRQH $UWtFXOR (Q VX FDVR HO FRQFLOLDGRU SUHVWDUi DO VtQGLFR WRGR HO DSR\R QHFHVDULR SDUD TXH WRPH SRVHVLyQ GH VX HQFDUJR \ OH HQWUHJDUi WRGD OD LQIRUPDFLyQ VREUH HO &RPHUFLDQWH TXH KD\D REWHQLGR HQ HO HMHUFLFLRGHVXVIXQFLRQHV\HQVXFDVRORVELHQHVGHO&RPHUFLDQWHTXHKD\DDGPLQLVWUDGR $UWtFXOR (OVtQGLFRGHVLJQDGRHQWpUPLQRVGHORGLVSXHVWRHQHODUWtFXORDQWHULRUSRGUiVHUVXVWLWXLGR FXDQGR , (O &RPHUFLDQWH \ ORV $FUHHGRUHV 5HFRQRFLGRV TXH UHSUHVHQWHQ DO PHQRV OD PLWDG GHO PRQWR WRWDO UHFRQRFLGRVROLFLWHQDO,QVWLWXWRSRUFRQGXFWRGHOMXH]ODVXVWLWXFLyQGHOVtQGLFRSRUDTXHOTXHHOORV SURSRQJDQHQIRUPDUD]RQDGDGHHQWUHORVUHJLVWUDGRVDQWHHO,QVWLWXWRR ,, (O&RPHUFLDQWH\XQJUXSRGH$FUHHGRUHV5HFRQRFLGRVTXHUHSUHVHQWHQDOPHQRVHOGHOPRQWR WRWDOUHFRQRFLGRGHVLJQHQGHFRP~QDFXHUGRDSHUVRQDItVLFDRPRUDOTXHQRILJXUHHQHOUHJLVWURGHO ,QVWLWXWR\TXHGHVHHQTXHIXQMDFRPRVtQGLFRHQFX\RFDVRGHEHUiQFRQYHQLUFRQpOVXVKRQRUDULRV (Q WDO VXSXHVWR HO -XH] OR KDUi GHO FRQRFLPLHQWR GHO ,QVWLWXWR DO GtD VLJXLHQWH TXHGDQGR VLQ HIHFWR OD GHVLJQDFLyQKHFKDSRUHO,QVWLWXWR(OVtQGLFRDVtGHVLJQDGRDVXPLUiWRGRVORVGHUHFKRV\ODVREOLJDFLRQHVTXH HVWD/H\DWULEX\HDORVVtQGLFRV (Q FDVR GH VXVWLWXFLyQ GHO VtQGLFR HO VXVWLWXLGR GHEHUi REVHUYDU OR GLVSXHVWR SDUD HO FRQFLOLDGRU HQ HO DUWtFXORDQWHULRU $UWtFXOR/DVHQWHQFLDGHTXLHEUDVHUiDSHODEOHSRUHO&RPHUFLDQWHFXDOTXLHU$FUHHGRU5HFRQRFLGR DVt FRPR SRU HO FRQFLOLDGRU HQ ORV PLVPRV WpUPLQRV TXH OD VHQWHQFLD GH FRQFXUVR PHUFDQWLO &XDQGR HO &RPHUFLDQWHDSHOHODVHQWHQFLD\pVWDVHKD\DGLFWDGRSRUORVVXSXHVWRVGHODVIUDFFLRQHV,\,,,GHODUWtFXOR VHDGPLWLUiHQDPERVHIHFWRVHQORVGHPiVFDVRVODDSHODFLyQVHDGPLWLUiHQHOHIHFWRGHYROXWLYR &DStWXOR,, 'HORVHIHFWRVSDUWLFXODUHVGHODVHQWHQFLDGHTXLHEUD $UWtFXOR 6XMHWR D OR TXH VH HVWDEOHFH HQ HVWH &DStWXOR ODV GLVSRVLFLRQHV VREUH ORV HIHFWRV GH OD VHQWHQFLDGHFRQFXUVRPHUFDQWLOVRQDSOLFDEOHVDODVHQWHQFLDGHTXLHEUD $UWtFXOR /DV IDFXOWDGHV \ REOLJDFLRQHV DWULEXLGDV SRU HVWD /H\ DO FRQFLOLDGRU GLVWLQWDV D ODV QHFHVDULDVSDUDODFRQVHFXFLyQGHXQFRQYHQLR\HOUHFRQRFLPLHQWRGHFUpGLWRVVHHQWHQGHUiQDWULEXLGDVDO VtQGLFRDSDUWLUGHVXGHVLJQDFLyQ&XDQGRODHWDSDGHFRQFLOLDFLyQWHUPLQHDQWLFLSDGDPHQWHGHELGRDTXHHO &RPHUFLDQWH KXELHUH VROLFLWDGR VX GHFODUDFLyQ GH TXLHEUD \ HO MXH] OD KXELHUH FRQFHGLGR OD SHUVRQD TXH KXELHUHLQLFLDGRHOUHFRQRFLPLHQWRGHFUpGLWRVSHUPDQHFHUiHQVXHQFDUJRKDVWDFRQFOXLUHVDODERU $UWtFXOR /D VHQWHQFLD TXH GHFODUH OD TXLHEUD LPSOLFDUi OD UHPRFLyQ GH SODQR VLQ QHFHVLGDG GH PDQGDPLHQWRMXGLFLDODGLFLRQDOGHO&RPHUFLDQWHHQODDGPLQLVWUDFLyQGHVXHPSUHVDHQODTXHVHUiVXVWLWXLGR SRUHOVtQGLFR 3DUD HO GHVHPSHxR GHVXV IXQFLRQHV \ VXMHWR D OR SUHYLVWR HQ HVWD /H\ HO VtQGLFR FRQWDUi FRQ ODV PiV DPSOLDVIDFXOWDGHVGHGRPLQLRTXHHQGHUHFKRSURFHGDQ $UWtFXOR (O&RPHUFLDQWHFRQVHUYDUiODGLVSRVLFLyQ\ODDGPLQLVWUDFLyQGHDTXHOORVELHQHV\GHUHFKRV GHVXSURSLHGDGTXHVHDQOHJDOPHQWHLQDOLHQDEOHVLQHPEDUJDEOHVHLPSUHVFULSWLEOHV $UWtFXOR(OVtQGLFRGHEHUiLQLFLDUODVGLOLJHQFLDVGHRFXSDFLyQDSDUWLUGHVXGHVLJQDFLyQGHELHQGR WRPDU SRVHVLyQ GH ORV ELHQHV \ ORFDOHV TXH VH HQFXHQWUHQ HQ SRVHVLyQ GHO &RPHUFLDQWH H LQLFLDU VX DGPLQLVWUDFLyQ3DUDHOORHOMXH]GHEHUiWRPDUODVPHGLGDVSHUWLQHQWHVDOFDVR\GLFWDUFXDQWDVUHVROXFLRQHV VHDQ QHFHVDULDV SDUD OD LQPHGLDWD RFXSDFLyQ GH ORV OLEURV SDSHOHV GRFXPHQWRV PHGLRV HOHFWUyQLFRV GH DOPDFHQDPLHQWR \ SURFHVR GH LQIRUPDFLyQ \ WRGRV ORV ELHQHV TXH VH HQFXHQWUHQ HQ SRVHVLyQ GHO &RPHUFLDQWH (OVHFUHWDULRGHDFXHUGRVGHOMX]JDGRKDUiFRQVWDUORVDFWRVUHODWLYRVDODWRPDGHSRVHVLyQGHOVtQGLFR 3DUDODSUiFWLFDGHODVGLOLJHQFLDVGHRFXSDFLyQVHWHQGUiQVLHPSUHSRUIRUPDOPHQWHKDELOLWDGRVORVGtDV\ KRUDVLQKiELOHV $UWtFXOR /DRFXSDFLyQGHORVELHQHVGRFXPHQWRV\SDSHOHVGHO&RPHUFLDQWHVHOOHYDUiDFDERGH FRQIRUPLGDGFRQODVUHJODVVLJXLHQWHV , (QWUH WDQWR QR HQWUH HQ IXQFLRQHV HO VtQGLFR GHVLJQDGR SRU HO ,QVWLWXWR HO FRQFLOLDGRU FRQWLQXDUi GHVHPSHxDQGRODVIXQFLRQHVGHVXSHUYLVLyQ\YLJLODQFLDTXHKXELHUHWHQLGRHQFRPHQGDGDV ,, 7DQ SURQWRFRPR HQWUHHQ IXQFLRQHV HO VtQGLFRVHOH HQWUHJDUiQ PHGLDQWH LQYHQWDULRORV ELHQHV OD H[LVWHQFLDHQFDMDORVOLEURVORVWtWXORVYDORU\GHPiVGRFXPHQWRVGHO&RPHUFLDQWH\ ,,, 6H RUGHQDUi D ORV GHSRVLWDULRV GH ORV ELHQHV TXH KXELHVHQ VLGR HPEDUJDGRV DVt FRPR D ORV TXH KXELHUHQRPEUDGRHOMXH]GHOFRQFXUVRPHUFDQWLODOGHFUHWDUPHGLGDVFDXWHODUHVTXHORVHQWUHJXHQ LQPHGLDWDPHQWHDOVtQGLFR $UWtFXOR $ODVGLOLJHQFLDVGHRFXSDFLyQSRGUiQDVLVWLUORVLQWHUYHQWRUHVVL\DKXELHUHQDVXPLGRVXV FDUJRV\HO&RPHUFLDQWHRVXUHSUHVHQWDQWHOHJDO $UWtFXOR (OVtQGLFRDOHQWUDUHQSRVHVLyQGHORVELHQHVTXH LQWHJUDQ OD HPSUHVD GHO &RPHUFLDQWH WRPDUiLQPHGLDWDPHQWHODVPHGLGDVQHFHVDULDVSDUDVXVHJXULGDG\FRQVHUYDFLyQ $UWtFXOR 'XUDQWHHOWLHPSRHQTXHHOVtQGLFRFRQWLQ~HODRSHUDFLyQGHODHPSUHVDGHO&RPHUFLDQWH ODV YHQWDV GH PHUFDQFtDV R VHUYLFLRV UHODWLYRV D OD DFWLYLGDG SURSLD GH OD HPSUHVD VH KDUiQ FRQIRUPH D OD PDUFKDUHJXODUGHVXVQHJRFLRV $UWtFXOR /RVELHQHVTXHSRUVXQDWXUDOH]DUHTXLHUDQVHUHQDMHQDGRVUiSLGDPHQWH\ORVWtWXORVYDORU TXH HVWpQ SUy[LPRV D VX YHQFLPLHQWR R TXH SRU FXDOTXLHU RWUD FDXVD KD\DQ GH VHU H[KLELGRV SDUD OD FRQVHUYDFLyQ GH ORV GHUHFKRV TXH OHV VRQ LQKHUHQWHV VH UHODFLRQDUiQ \ HQWUHJDUiQ DO VtQGLFR SDUD OD RSRUWXQDUHDOL]DFLyQGHORVDFWRVTXHIXHVHQQHFHVDULRV(OGLQHURVHHQWUHJDUiDOVtQGLFRSDUDVXGHSyVLWR $UWtFXOR (QFDVRGHTXHODVSHUVRQDVGHSRVLWDULDVGHORVELHQHVTXHLQWHJUDQOD0DVDVHQLHJXHQD HQWUHJDUVXSRVHVLyQRSRQJDQREVWiFXORVDOVtQGLFRDSHWLFLyQGHHVWH~OWLPRHOMXH]GHFUHWDUiODVPHGLGDV GHDSUHPLRTXHVHDQQHFHVDULDVSDUDWDOHIHFWR $UWtFXOR 6HSUHVXPLUiTXHORVELHQHVTXHHOFyQ\XJHVLHOPDWULPRQLRVHFRQWUDMREDMRHOUpJLPHQ GH VHSDUDFLyQ GH ELHQHV OD FRQFXELQD R HO FRQFXELQDULR GHO &RPHUFLDQWH KXELHUH DGTXLULGR GXUDQWH HO PDWULPRQLRRFRQFXELQDWRHQORVGRVDxRVDQWHULRUHVDODIHFKDGH UHWURDFFLyQGH OD VHQWHQFLD GH FRQFXUVR PHUFDQWLOSHUWHQHFHQDO&RPHUFLDQWH 3DUDSRGHUWRPDUSRVHVLyQGHHVRVELHQHVHOVtQGLFRGHEHUiSURPRYHUODFXHVWLyQHQODYtDLQFLGHQWDOHQ FRQWUD GHO FyQ\XJH OD FRQFXELQD R HO FRQFXELQDULR GHO &RPHUFLDQWH HQ GRQGH EDVWDUi TXH SUXHEH OD H[LVWHQFLD GHO PDWULPRQLR R FRQFXELQDWR GHQWUR GH GLFKR SHULRGR \ OD DGTXLVLFLyQ GH ORV ELHQHV GXUDQWH HO PLVPR(OFyQ\XJHODFRQFXELQDRHOFRQFXELQDULRSRGUiQRSRQHUVHGHPRVWUDQGRTXHGLFKRVELHQHVIXHURQ DGTXLULGRVFRQPHGLRVGHVXH[FOXVLYDSHUWHQHQFLD $UWtFXOR 7RGRVORVELHQHVDGTXLULGRVSRUODVRFLHGDGFRQ\XJDOHQORVGRVDxRVDQWHULRUHVDODIHFKD GH UHWURDFFLyQ GH OD VHQWHQFLD GH FRQFXUVR PHUFDQWLO HVWDUiQ FRPSUHQGLGRV HQ OD 0DVD (VWD GLVSRVLFLyQ FRPSUHQGHH[FOXVLYDPHQWHORVSURGXFWRVGHORVELHQHVFXDQGRODVRFLHGDGFRQ\XJDOVyORIXHUHVREUHGLFKRV SURGXFWRV 6LHOFyQ\XJHGHO&RPHUFLDQWHHMHUFHHOGHUHFKRGHSHGLUODWHUPLQDFLyQGHODVRFLHGDGFRQ\XJDOSRGUi UHLYLQGLFDU ORV ELHQHV \ GHUHFKRV TXH OH FRUUHVSRQGDQ HQ ORV WpUPLQRV GH ODV GLVSRVLFLRQHV TXH UHVXOWHQ DSOLFDEOHV $UWtFXOR (O VtQGLFR HQ HO GHVHPSHxR GH OD DGPLQLVWUDFLyQ GH OD HPSUHVD GHO &RPHUFLDQWH GHEHUi REUDU VLHPSUH FRPR XQ DGPLQLVWUDGRU GLOLJHQWH HQ QHJRFLR SURSLR VLHQGR UHVSRQVDEOH GH ODV SpUGLGDV R PHQRVFDERVTXHODHPSUHVDVXIUDSRUVXFXOSDRQHJOLJHQFLD 3DUDODFRQWUDWDFLyQGHQXHYRVFUpGLWRV\ODFRQVWLWXFLyQRVXVWLWXFLyQGHJDUDQWtDVVHGHEHUiREVHUYDUHQ ORFRQGXFHQWHORGLVSXHVWRHQORVDUWtFXORV\GHHVWD/H\ $UWtFXOR'HQWURGHXQSOD]RGHVHVHQWDGtDVFRQWDGRVDSDUWLUGHODIHFKD HQTXHHOVtQGLFR WRPH SRVHVLyQGHODHPSUHVDGHO&RPHUFLDQWHGHEHUiHQWUHJDUDOMXH] , 8QGLFWDPHQVREUHHOHVWDGRGHODFRQWDELOLGDGGHO&RPHUFLDQWH ,, 8QLQYHQWDULRGHODHPSUHVDGHO&RPHUFLDQWH\ ,,, 8QEDODQFHDODIHFKDHQTXHDVXPDODDGPLQLVWUDFLyQGHODHPSUHVD (VWDVREOLJDFLRQHVGHEHUiQFXPSOLUVHHQORVIRUPDWRVTXHDOHIHFWRHVWDEOH]FDHO,QVWLWXWR 8QDYH]TXHUHFLEDORVGRFXPHQWRVVHxDODGRVHQODVIUDFFLRQHVDQWHULRUHVHOMXH]GHEHUiSRQHUORVDOD YLVWDGHFXDOTXLHULQWHUHVDGR $UWtFXOR (O LQYHQWDULR VH KDUi PHGLDQWH UHODFLyQ \ GHVFULSFLyQ GH WRGRV ORV ELHQHV PXHEOHV R LQPXHEOHVWtWXORVYDORUHVGHWRGDVFODVHVJpQHURVGHFRPHUFLR\GHUHFKRVDIDYRUGHO&RPHUFLDQWH (O VtQGLFR HQWUDUi HQ SRVHVLyQ GH ORV ELHQHV \ GHUHFKRV TXH LQWHJUDQ OD 0DVD FRQIRUPH VH YD\D SUDFWLFDQGRRYHULILFDQGRHOLQYHQWDULRGHORVPLVPRV$HVWRVHIHFWRVVXVLWXDFLyQVHUiODGHXQ GHSRVLWDULR MXGLFLDO $UWtFXOR 6HUiQ QXORV ORV DFWRV TXH HO &RPHUFLDQWH \ VXV UHSUHVHQWDQWHV UHDOLFHQVLQ DXWRUL]DFLyQ GHO VtQGLFR D SDUWLU GH OD GHFODUDFLyQ GH TXLHEUD VDOYR ORV TXH UHDOLFHQ UHVSHFWR GH DTXHOORV ELHQHV FX\D GLVSRVLFLyQ FRQVHUYH HO &RPHUFLDQWH 'LFKD DXWRUL]DFLyQ GHEHUi FRQVWDU SRU HVFULWR \ SRGUi VHU JHQHUDO R SDUWLFXODU (Q FDVR GH TXH FRQ DQWHULRULGDG D OD GHFODUDFLyQ GH TXLHEUD VH KXELHUD UHPRYLGR DO &RPHUFLDQWH GH OD DGPLQLVWUDFLyQGHVXHPSUHVDRVHKXELHUDQOLPLWDGRVXVIDFXOWDGHVHQUHODFLyQFRQDOJXQRVGHVXVELHQHV UHVSHFWRGHORVWHUFHURVTXHVHGHPXHVWUHTXHFRQRFtDQHVDVLWXDFLyQVHUiQQXORV ORVDFWRV UHDOL]DGRV HQ FRQWUDYHQFLyQDODRUGHQGHUHPRFLyQGHO&RPHUFLDQWHROLPLWDFLyQGHVXVIDFXOWDGHV 6LHOWHUFHURKDEtDFRPSDUHFLGRDOFRQFXUVRPHUFDQWLOVHSUHVXPLUiTXHWHQtDFRQRFLPLHQWRGHODVLWXDFLyQ GHVFULWDHQHOSiUUDIRDQWHULRUVLQTXHVHDGPLWDSUXHEDHQFRQWUDULR 1RSURFHGHUiODGHFODUDFLyQGHQXOLGDGFXDQGROD0DVDVHDSURYHFKHGHODVFRQWUDSUHVWDFLRQHVREWHQLGDV SRUHO&RPHUFLDQWH $UWtFXOR /RV SDJRV UHDOL]DGRV DO &RPHUFLDQWH FRQ SRVWHULRULGDG D OD GHFODUDFLyQ GH TXLHEUD FRQ FRQRFLPLHQWRGHTXHVHKDEtDGHFODUDGRODTXLHEUD QR SURGXFLUiQHIHFWROLEHUDWRULR 6L HO SDJR VH KL]RFRQ SRVWHULRULGDGDOD~OWLPDSXEOLFDFLyQGHODGHFODUDFLyQGHTXLHEUDHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQRVLOD SHUVRQD TXH SDJy VH KDEtD DSHUVRQDGR HQ HO H[SHGLHQWH GHO FRQFXUVR PHUFDQWLO VH SUHVXPLUi VLQ TXH VH DGPLWDSUXHEDHQFRQWUDULRTXHHOSDJRVHKL]RFRQFRQRFLPLHQWRGHODGHFODUDFLyQGHTXLHEUD $UWtFXOR3DUDHIHFWRVGHHVWD/H\VHSUHVXPLUiTXHWRGDODFRUUHVSRQGHQFLDTXHOOHJDDOGRPLFLOLR GHODHPSUHVDGHO&RPHUFLDQWHHVUHODWLYDDODVRSHUDFLRQHVGHODPLVPDSRUORTXHHOVtQGLFRRHQ VXFDVRHO FRQFLOLDGRU XQD YH] TXH HVWp D FDUJR GH OD DGPLQLVWUDFLyQ SRGUi UHFLELUOD \ DEULUOD VLQ TXH SDUD HOOR VH UHTXLHUDODSUHVHQFLDRDXWRUL]DFLyQH[SUHVDGHO&RPHUFLDQWH $UWtFXOR 6LHPSUHTXHVHDUHTXHULGRSRUHOVtQGLFRHO&RPHUFLDQWHGHEHUiSUHVHQWDUVHDQWHDTXpO 7RPDQGR HQ FXHQWD OD QDWXUDOH]D GH OD LQIRUPDFLyQ TXH HO VtQGLFR QHFHVLWH SRGUi UHTXHULU DO &RPHUFLDQWH SDUD TXH VH SUHVHQWH HQ SHUVRQD \ QR SRU PHGLR GH DSRGHUDGR R OH LQGLFDUi FXiO R FXiOHV GH VXV DGPLQLVWUDGRUHVJHUHQWHVHPSOHDGRVRGHSHQGLHQWHVGHEHQFRPSDUHFHU 3DUDHOHMHUFLFLRGHODIDFXOWDGDTXHVHUHILHUHHOSiUUDIRDQWHULRUHOVtQGLFRSRGUiVROLFLWDUHODX[LOLRGHO MXH]TXLHQGLFWDUiODVPHGLGDVGHDSUHPLRTXHHVWLPHFRQYHQLHQWHV $UWtFXOR 7UDWiQGRVH GH SHUVRQDV PRUDOHV ODV GLVSRVLFLRQHV UHODWLYDV D ODV REOLJDFLRQHV GHO &RPHUFLDQWHVHUiQDFDUJRGHTXLHQHVGHDFXHUGRFRQODOH\ORVHVWDWXWRVYLJHQWHVRVXDFWDFRQVWLWXWLYD WHQJDQODUHSUHVHQWDFLyQOHJDOGHODSHUVRQDPRUDO 7Ë78/26e37,02 'HODHQDMHQDFLyQGHODFWLYRJUDGXDFLyQGHFUpGLWRV\GHOSDJRDORV$FUHHGRUHV5HFRQRFLGRV &DStWXOR, 'HODHQDMHQDFLyQGHODFWLYR $UWtFXOR'HFODUDGDODTXLHEUDDXQFXDQGRQRVHKXELHUHFRQFOXLGRHOUHFRQRFLPLHQWRGHFUpGLWRVHO VtQGLFR SURFHGHUi D OD HQDMHQDFLyQ GH ORV ELHQHV \ GHUHFKRV TXH LQWHJUDQ OD 0DVD SURFXUDQGR REWHQHU HO PD\RUSURGXFWRSRVLEOHSRUVXHQDMHQDFLyQ &XDQGR OD HQDMHQDFLyQ GH OD WRWDOLGDG GH ORV ELHQHV \ GHUHFKRV GH OD 0DVD FRPR XQLGDG SURGXFWLYD SHUPLWDPD[LPL]DUHOSURGXFWRGHODHQDMHQDFLyQHOVtQGLFRGHEHUiFRQVLGHUDUODFRQYHQLHQFLDGHPDQWHQHUOD HPSUHVDHQRSHUDFLyQ $UWtFXOR /D HQDMHQDFLyQ GH ORV ELHQHV GHEHUi UHDOL]DUVH D WUDYpV GHO SURFHGLPLHQWR GH VXEDVWD S~EOLFDSUHYLVWRHQHVWHFDStWXORVDOYRSRUORGLVSXHVWRHQORVDUWtFXORV\GHODSUHVHQWH/H\ /DVXEDVWDGHEHUiUHDOL]DUVHGHQWURGHXQSOD]RQRPHQRUDGLH]GtDVQDWXUDOHVQLPD\RUGHQRYHQWDGtDV QDWXUDOHVDSDUWLUGHODIHFKDHQTXHVHSXEOLTXHSRUSULPHUDYH]ODFRQYRFDWRULD $UWtFXOR (OVtQGLFRSXEOLFDUiODFRQYRFDWRULDSDUDODVXEDVWDFRQIRUPHDODVGLVSRVLFLRQHVJHQHUDOHV TXHDOHIHFWRHPLWDHO,QVWLWXWR /DFRQYRFDWRULDGHEHUiFRQWHQHU , 8QDGHVFULSFLyQGHFDGDXQRGHORVELHQHVRFRQMXQWRGHELHQHVGHODPLVPDHVSHFLH\FDOLGDGTXH VHSUHWHQGHHQDMHQDU ,, (OSUHFLRPtQLPRTXHVHUYLUiGHUHIHUHQFLDSDUDGHWHUPLQDUODDGMXGLFDFLyQGHORVELHQHVVXEDVWDGRV DFRPSDxDGRGHXQDH[SOLFDFLyQUD]RQDGDGHGLFKRSUHFLR\HQVXFDVRODGRFXPHQWDFLyQHQTXHVH VXVWHQWH ,,, /DIHFKDKRUD\OXJDUHQORVTXHVHSURSRQHOOHYDUDFDERODVXEDVWD\ ,9 /DVIHFKDVOXJDUHV\KRUDVHQTXHORVLQWHUHVDGRVSRGUiQFRQRFHUYLVLWDURH[DPLQDUORVELHQHVGH TXHVHWUDWH $UWtFXOR 'HVGH HO GtD HQ TXH VH KDJD OD SXEOLFDFLyQ VHxDODGD HQ HO DUWtFXOR DQWHULRU KDVWD HO GtD LQPHGLDWR DQWHULRU D OD IHFKD GH OD VXEDVWD FXDOTXLHU LQWHUHVDGR HQ SDUWLFLSDU SRGUi SUHVHQWDU DO MXH] HQ VREUH FHUUDGR SRVWXUDV SRU ORV ELHQHV REMHWR GH OD VXEDVWD /DV TXH VH SUHVHQWHQ GHVSXpV QR VHUiQ DGPLWLGDV $UWtFXOR7RGDVODVSRVWXUDVXRIHUWDVTXHVHUHDOLFHQHQXQSURFHGLPLHQWRGHHQDMHQDFLyQGHEHUiQ FXPSOLUFRQORVUHTXLVLWRVVLJXLHQWHV , 3UHVHQWDUVHHQORVIRUPDWRVTXHDOHIHFWRSXEOLTXHHO,QVWLWXWR ,, 3UHYHUHOSDJRHQHIHFWLYR(QORVFDVRVHQTXHVHDSRVLEOHGHWHUPLQDUFRQSUHFLVLyQHOPRQWRTXHOH FRUUHVSRQGHUtD D DOJ~Q $FUHHGRU 5HFRQRFLGR FRPR FXRWD FRQFXUVDO GHULYDGD GH XQD YHQWD VH SHUPLWLUi DO DFUHHGRU GH TXH VH WUDWH DSOLFDU D XQD RIHUWD GLFKR PRQWR HTXLSDUiQGROR DO SDJR HQ HIHFWLYR ,,, 7HQHU XQD YLJHQFLD PtQLPD SRU ORV FXDUHQWD \ FLQFR GtDV QDWXUDOHV VLJXLHQWHV D OD IHFKD GH FHOHEUDFLyQGHODVXEDVWDRHQVXFDVRDODIHFKDHQTXHVHSUHVHQWHODRIHUWD\ ,9 (VWDUJDUDQWL]DGDHQORVWpUPLQRVTXHGHWHUPLQHHO,QVWLWXWRPHGLDQWHUHJODVJHQHUDOHV $UWtFXOR $OSUHVHQWDUODVSRVWXUDVXRIHUWDVDOMXH]HQWpUPLQRVGHOSUHVHQWHDUWtFXOR RGHO DUWtFXOR GH HVWD /H\ ORV SRVWRUHV X RIHUHQWHV GHEHUiQ PDQLIHVWDU EDMR SURWHVWD GH GHFLU YHUGDG VXV YtQFXORV IDPLOLDUHV R SDWULPRQLDOHV FRQ HO &RPHUFLDQWH VXV DGPLQLVWUDGRUHV X RWUDV SHUVRQDV UHODFLRQDGDV GLUHFWDPHQWHFRQODVRSHUDFLRQHVGHO&RPHUFLDQWH4XLHQSUHVHQWHXQDSRVWXUDXRIHUWDHQUHSUHVHQWDFLyQGH RWUD SHUVRQD GHEHUi PDQLIHVWDU DGLFLRQDOPHQWH ORV YtQFXORV FRUUHVSRQGLHQWHV GH OD SHUVRQD D TXLHQ UHSUHVHQWD 3DUD HIHFWRV GH HVWH DUWtFXOR HQ FDVR GH TXH HO &RPHUFLDQWH VHD SHUVRQD PRUDO DQWHV GH SURFHGHU D OD HQDMHQDFLyQ GHO DFWLYR HO VtQGLFR GHEHUi GDU D FRQRFHU DO MXH] TXLpQHV VRQ ORV WLWXODUHV GHO FDSLWDOVRFLDO\HQTXpSRUFHQWDMHHLGHQWLILFDUDVXVDGPLQLVWUDGRUHV\SHUVRQDVTXHSXHGDQREOLJDUORFRQVX ILUPD /DRPLVLyQRIDOVHGDGHQHVWDPDQLIHVWDFLyQVHUiFDXVDGHQXOLGDGGHFXDOTXLHUDGMXGLFDFLyQTXHUHVXOWH GH OD DFHSWDFLyQ GH ODSRVWXUD GH TXHVH WUDWHVLQ SHUMXLFLRGH ODV UHVSRQVDELOLGDGHV TXH UHVXOWHQ (Q HVWH FDVRODVXEDVWDVHWHQGUiFRPRQRUHDOL]DGD 6HHQWHQGHUiSRUYtQFXORIDPLOLDUSDUDORVHIHFWRVGHHVWHDUWtFXORDOFyQ\XJHFRQFXELQDRFRQFXELQDULR DVtFRPRDOSDUHQWHVFRSRUFRQVDQJXLQLGDGKDVWDHOFXDUWRJUDGRKDVWDHOVHJXQGRJUDGRVLHOSDUHQWHVFRHV SRUDILQLGDG\DOSDUHQWHVFRFLYLO(QVXFDVRHOYtQFXORIDPLOLDUVHHQWHQGHUiUHIHULGRDORVDGPLQLVWUDGRUHV JHUHQWHVGLUHFWRUHVDSRGHUDGRV\PLHPEURVGHOFRQVHMRGHDGPLQLVWUDFLyQGHO&RPHUFLDQWH (QHOHYHQWRGHTXHHO&RPHUFLDQWHVHDSHUVRQDPRUDOSDUDORVHIHFWRVGHHVWHDUWtFXORVHHQWHQGHUiSRU YtQFXORSDWULPRQLDOHOTXHVXUMDHQWUHpO\ODVVLJXLHQWHVSHUVRQDV , /RVWLWXODUHVGHDOPHQRVHOFLQFR SRUFLHQWRGHVXFDSLWDOVRFLDO ,, $TXHOODV TXH HIHFWLYDPHQWH FRQWUROHQ D ODV SHUVRQDV PRUDOHV TXH GHWHQWHQ DO PHQRV HO FLQFR SRU FLHQWRGHVXFDSLWDOVRFLDO ,,, /DV SHUVRQDV PRUDOHV HQ TXH VXV DGPLQLVWUDGRUHV R ODV SHUVRQDV VHxDODGDV HQ ODV IUDFFLRQHV DQWHULRUHVVHDQWLWXODUHVFRQMXQWDRVHSDUDGDPHQWHGHDOPHQRVFLQFRSRUFLHQWRGHOFDSLWDOVRFLDO ,9 $TXHOODVTXHSXHGDQREOLJDUORFRQVXILUPD 9 $TXHOODVHQODVTXHSDUWLFLSHGLUHFWDRLQGLUHFWDPHQWHHQSRUORPHQRVFLQFRSRUFLHQWRGHVXFDSLWDO VRFLDO 9, /RV DGPLQLVWUDGRUHV \ SHUVRQDV TXH SXHGDQ REOLJDU FRQ VX ILUPD D ODV SHUVRQDV VHxDODGDV HQ OD IUDFFLyQDQWHULRU\ 9,, &XDOHVTXLHUD RWUDV SHUVRQDV TXH SRU HVWDU UHODFLRQDGDV GLUHFWDPHQWH FRQ ODV RSHUDFLRQHV GHO &RPHUFLDQWHWHQJDQDFFHVRDLQIRUPDFLyQSULYLOHJLDGDRFRQILGHQFLDOVREUHODHPSUHVDGHOPLVPR /DVSHUVRQDVTXHVHHQFXHQWUHQHQHOVXSXHVWRDTXHVHUHILHUHHVWHDUWtFXORSRGUiQSUHVHQWDUSRVWXUDV GHQWURGHOSOD]RVHxDODGRHQHODUWtFXORGHHVWD/H\SHURXQDYH]SUHVHQWDGDVQRSRGUiQPHMRUDUODVQL SDUWLFLSDUHQODVSXMDV $UWtFXOR(OMXH]RHQVXFDVRHOVHFUHWDULRGHDFXHUGRVGHOMX]JDGRSUHVLGLUiODVXEDVWDHQODIHFKD KRUD\OXJDUDXWRUL]DGRVSRUHOMXH]REVHUYDQGRORVLJXLHQWH , (ODFFHVRDODVXEDVWDVHUiS~EOLFR ,, $ODKRUDVHxDODGDSDUDODVXEDVWDTXLHQODSUHVLGDODGHFODUDUiLQLFLDGD\HQVHJXLGDSURFHGHUiD DEULUDQWHORVSUHVHQWHVORVVREUHVFRQODVSRVWXUDVUHFLELGDVGHVHFKDQGRDTXHOODVTXHQRFXPSODQ FRQ ORV UHTXLVLWRV VHxDODGRV HQ HO DUWtFXOR DQWHULRU R VHDQ SRU XQ SUHFLR PHQRU DO PtQLPR VHxDODGRHQODFRQYRFDWRULD ,,, 'HQRKDEHUVHUHFLELGRQLQJXQDSRVWXUDYiOLGDVHGHFODUDUiGHVLHUWDODVXEDVWD ,9 4XLHQSUHVLGDODVXEDVWDOHHUiHQYR]DOWDHOPRQWRGHFDGDXQDGHODVSRVWXUDVDGPLWLGDVKDFLHQGR PHQFLyQ H[SUHVD GH DTXHOODV UHDOL]DGDV SRU SHUVRQDV TXH WHQJDQ XQ YtQFXOR IDPLOLDU R SDWULPRQLDO FRQHO&RPHUFLDQWHHQWpUPLQRVGHHVWD/H\ 9 7HUPLQDGDODOHFWXUDTXLHQSUHVLGDODVXEDVWDLQGLFDUiODSRVWXUDFRQHOPD\RUSUHFLRSRUORVELHQHV REMHWR GH ODVXEDVWD \ SUHJXQWDUi VL DOJXQR GHORV SUHVHQWHV GHVHD PHMRUDUOD 6L DOJXQR OD PHMRUD GHQWUR GH XQ SOD]R GH TXLQFH PLQXWRV SUHJXQWDUi QXHYDPHQWH VL DOJ~Q RWUR SRVWRU VH LQWHUHVD HQ PHMRUDUOD\DVtVXFHVLYDPHQWHFRQUHVSHFWRDODVSXMDVTXHVHKDJDQ\ 9, (QFDVRGHTXHSDVDGRFXDOTXLHUSOD]RGHTXLQFHPLQXWRVGHKHFKDOD~OWLPDVROLFLWXGSRUXQDSXMD PD\RUQRVHPHMRUDUHOD~OWLPDSRVWXUDRSXMDpVWDVHGHFODUDUiJDQDGRUD $UWtFXOR $OFRQFOXLUODVHVLyQHOMXH]RUGHQDUiODDGMXGLFDFLyQGHORVELHQHVSUHYLRSDJRHQIDYRU GHOSRVWRUTXHKD\DUHDOL]DGRODSRVWXUDJDQDGRUD (QWRGRVORVFDVRVHOSDJRtQWHJURGHEHUiH[KLELUVHGHQWURGHORVGLH]GtDVVLJXLHQWHVDODIHFKDHQTXH VHFHOHEUyODVXEDVWD'HORFRQWUDULRVHGHVFDUWDUiODSRVWXUD\ODVXEDVWDVHWHQGUiFRPRQRUHDOL]DGD(Q HVWH FDVR HO SRVWRU SHUGHUi HO GHSyVLWR R VH KDUi HIHFWLYD OD JDUDQWtD FRUUHVSRQGLHQWH HQ EHQHILFLR GH OD 0DVD $UWtFXOR (O VtQGLFR SRGUi VROLFLWDU DO MXH] DXWRUL]DFLyQ SDUD HQDMHQDU FXDOTXLHU ELHQ R FRQMXQWR GH ELHQHVGHOD0DVDPHGLDQWHXQSURFHGLPLHQWRGLVWLQWRDOSUHYLVWRHQORVDUWtFXORVDQWHULRUHVFXDQGRFRQVLGHUH TXHGHHVDPDQHUDVHREWHQGUtDXQPD\RUYDORU (QHVWHFDVRODVROLFLWXGGHOVtQGLFRGHEHUiFRQWHQHU , 8QD GHVFULSFLyQGHWDOODGD GH FDGDXQRGH ORV ELHQHV R FRQMXQWR GH ELHQHV GH OD PLVPD HVSHFLH \ FDOLGDGTXHVHSUHWHQGDHQDMHQDU ,, 8QDGHVFULSFLyQGHOSURFHGLPLHQWRPHGLDQWHHOFXDOVHSURSRQHUHDOL]DUODHQDMHQDFLyQ\ ,,, 8QD H[SOLFDFLyQ UD]RQDGD GH OD FRQYHQLHQFLD GH OOHYDU D FDER OD HQDMHQDFLyQ HQ OD IRUPD TXH VH SURSRQH\QRFRQIRUPHDORGLVSXHVWRHQORVDUWtFXORVDOGHHVWD/H\ $UWtFXOR $OGtDVLJXLHQWHGHUHFLELGDODVROLFLWXGDTXHVHUHILHUHHODUWtFXORDQWHULRUHOMXH]ODSRQGUi DODYLVWDGHO&RPHUFLDQWHGHORV$FUHHGRUHV5HFRQRFLGRV\GHORVLQWHUYHQWRUHVSRUXQSOD]RGHGLH]GtDV 'XUDQWH HVWH SOD]R SRGUiQ PDQLIHVWDU DO MXH] SRU HVFULWR VX GHVDFXHUGR FRQ OD SURSXHVWD ODV SHUVRQDV VLJXLHQWHV , (O&RPHUFLDQWH ,, /DTXLQWD SDUWHGHORV$FUHHGRUHV5HFRQRFLGRV ,,, /RV$FUHHGRUHV5HFRQRFLGRVTXHUHSUHVHQWHQHQVXFRQMXQWRDOPHQRVHOSRUFLHQWRGHOPRQWR WRWDOGHORVFUpGLWRVUHFRQRFLGRVR ,9 /RV,QWHUYHQWRUHVTXHKD\DQVLGRGHVLJQDGRVSRU$FUHHGRUHV5HFRQRFLGRVTXH UHSUHVHQWHQHQVX FRQMXQWRDOPHQRVHOSRUFLHQWRGHOPRQWRWRWDOGHFUpGLWRVUHFRQRFLGRV 7UDQVFXUULGR HO SOD]R VLQ TXH VH PDQLILHVWH GHVDFXHUGR HO MXH] RUGHQDUi DO VtQGLFR TXH SURFHGD D OD HQDMHQDFLyQHQORVWpUPLQRVGHODVROLFLWXG $UWtFXOR 6L WUDQVFXUULGR XQ SOD]R GH VHLV PHVHV D SDUWLU GH LQLFLDGD OD HWDSD GH TXLHEUD QR VH KXELHVHHQDMHQDGRODWRWDOLGDGGHORVELHQHVGHOD0DVDFXDOTXLHUSHUVRQDLQWHUHVDGDSRGUiSUHVHQWDUDOMXH] XQDRIHUWDSDUDODFRPSUDGHFXDOTXLHUELHQRFRQMXQWRGHELHQHVGHHQWUHORVUHPDQHQWHV/DRIHUWDGHEHUi SUHVHQWDUVHHQORVIRUPDWRV\FRQIRUPHDODVEDVHVTXHDOHIHFWRH[SLGDHO,QVWLWXWRVHxDODQGRORVELHQHVTXH FRPSUHQGH\HOSUHFLRRIUHFLGR\DFRPSDxDUVHGHODJDUDQWtDTXHGHWHUPLQH HO ,QVWLWXWRPHGLDQWH UHJODV GH DSOLFDFLyQJHQHUDO $O GtD VLJXLHQWH GH UHFLELGD OD RIHUWD HO MXH] OD SRQGUi D OD YLVWD GHO &RPHUFLDQWH GH ORV $FUHHGRUHV 5HFRQRFLGRV\GHORVLQWHUYHQWRUHVSRUXQSOD]RGHGLH]GtDV6LDOWpUPLQRGHHVWHSOD]RQRKDQPDQLIHVWDGR SRUHVFULWRDOMXH]VXRSRVLFLyQDODRIHUWDODVSHUVRQDVVHxDODGDVHQODVIUDFFLRQHV,D,9GHODUWtFXORGH HVWD/H\HOMXH]RUGHQDUiDOVtQGLFRFRQYRFDUGHQWURGHORVWUHVGtDVVLJXLHQWHVDODUHFHSFLyQGHODRUGHQD XQDVXEDVWDHQWpUPLQRVGHODUWtFXORGHODPLVPDVHxDODQGRFRPRHOSUHFLRPtQLPRDTXHVHUHILHUHOD IUDFFLyQ,,GHGLFKRDUWtFXORHOGHODRIHUWDUHFLELGD /DVXEDVWDVHFHOHEUDUiHQXQ SOD]RQRPHQRUDGLH]GtDVQDWXUDOHVQLPD\RUDQRYHQWDGtDVQDWXUDOHVD SDUWLUGHODFRQYRFDWRULD /DRIHUWDUHFLELGDVHFRQVLGHUDUiFRPRSRVWXUDHQODVXEDVWD/DSHUVRQDTXHODKXELHUHSUHVHQWDGR QR SRGUiPHMRUDUODQLSDUWLFLSDUHQODVSXMDV $UWtFXOR %DMRVXUHVSRQVDELOLGDGHOVtQGLFRSRGUiSURFHGHUDODHQDMHQDFLyQGHELHQHVGHOD0DVD VLQDWHQGHUDORGLVSXHVWRHQHVWH&DStWXORFXDQGRORVELHQHVUHTXLHUDQXQDLQPHGLDWDHQDMHQDFLyQSRUTXHQR SXHGDQFRQVHUYDUVHVLQTXHVHGHWHULRUHQRFRUURPSDQRTXHHVWpQH[SXHVWRVDXQD JUDYHGLVPLQXFLyQHQVX SUHFLRRFX\DFRQVHUYDFLyQVHDGHPDVLDGRFRVWRVDHQFRPSDUDFLyQDVXYDORU (Q HVWRV FDVRV GHQWUR GH ORV WUHV GtDV KiELOHV GH UHDOL]DGD OD YHQWD HO VtQGLFR SRU FRQGXFWR GHO MXH] LQIRUPDUiGHODPLVPDDO&RPHUFLDQWHDORVLQWHUYHQWRUHV\DORV$FUHHGRUHV5HFRQRFLGRV(OLQIRUPHGHEHUi LQFOXLUXQDGHVFULSFLyQGHORVELHQHVGHTXHVHWUDWHVXVSUHFLRV\FRQGLFLRQHVGHYHQWD\ODMXVWLILFDFLyQGHOD XUJHQFLDGHODYHQWD\GHODLGHQWLGDGGHOFRPSUDGRU $UWtFXOR /RV ELHQHV TXH VHDQ REMHWR GH XQD GHPDQGD GH VHSDUDFLyQ QR SRGUiQ HQDMHQDUVH PLHQWUDVQRTXHGHILUPHODVHQWHQFLDTXHGHQLHJXHDTXpOOD $UWtFXOR (O VtQGLFR SRGUi VROLFLWDU ORV SHULWDMHV DYDO~RV \ GHPiV HVWXGLRV TXH HVWLPH QHFHVDULRV SDUDHOFXPSOLPLHQWRGHVXPDQGDWR (O VtQGLFR GHEHUi KDFHU S~EOLFRV ORV HVWXGLRV D TXH VH UHILHUH HO SiUUDIR DQWHULRU ORV FXDOHV GHEHUiQ H[KLELUVHHQORVIRUPDWRVTXHDOHIHFWRHVWDEOH]FDHO,QVWLWXWR (O ,QVWLWXWRPHGLDQWH UHJODV JHQHUDOHVSRGUi ILMDU SDJRV \ GHSyVLWRV D TXLHQHV VROLFLWHQ DFFHVR D GLFKD LQIRUPDFLyQGLFKDVFDQWLGDGHVSDVDUiQDIRUPDUSDUWHGHOD0DVD $UWtFXOR 6L OD HQDMHQDFLyQ SUHYp OD DGMXGLFDFLyQ GH OD HPSUHVD GHO &RPHUFLDQWH FRPR XQLGDG HQ RSHUDFLyQ R GH SDUWHV GH HOOD TXH FRQVLVWDQ HQ XQLGDGHV GH H[SORWDFLyQ HO VtQGLFR GHEHUi QRWLILFDU D ORV WHUFHURVTXHWHQJDQFRQWUDWRVSHQGLHQWHVGHHMHFXFLyQUHODFLRQDGRVFRQODHPSUHVDRFRQODXQLGDGREMHWR GHHQDMHQDFLyQKDFLpQGROHVVDEHUTXHWLHQHQXQWpUPLQRGHGLH]GtDVQDWXUDOHVFRQWDGRVDSDUWLUGHODIHFKD GH OD QRWLILFDFLyQ SDUD PDQLIHVWDU SRU HVFULWR DO VtQGLFR VX YROXQWDG GH GDU SRU WHUPLQDGRV VXV UHVSHFWLYRV FRQWUDWRV5HVSHFWRGHORVFRQWUDWDQWHVTXHQRVHRSRQJDQVXVFRQWUDWRVVHFRQWLQXDUiQFRQHODGMXGLFDWDULR /DQRWLILFDFLyQGHEHUiKDFHUVHSRUHVFULWRHQHOGRPLFLOLRGHORVFRQWUDWDQWHVFXDQGRpVWHFRQVWHHQORV OLEURV \ GRFXPHQWRV GH OD HPSUHVD GHO &RPHUFLDQWH &XDQGR QR VH FRQR]FD HO GRPLFLOLR GH XQR R YDULRV FRQWUDWDQWHVODQRWLILFDFLyQGHEHUiHIHFWXDUVHSRUPHGLRGHXQDSXEOLFDFLyQHQXQGLDULRGHPD\RUFLUFXODFLyQ SRUGRVGtDVFRQVHFXWLYRV\FRQLQFOXVLyQGHOQRPEUHGHORVFRQWUDWDQWHVDTXLHQHVVHGLULMDODQRWLILFDFLyQ/D QRWLILFDFLyQVHWHQGUiSRUKHFKDDOGtDVLJXLHQWHGHOD~OWLPDSXEOLFDFLyQ $UWtFXOR (OVtQGLFRQRUHVSRQGHUiSRUODHYLFFLyQQLSRUORVYLFLRVRFXOWRVGHORVELHQHVTXHHQDMHQH VDOYRTXHRWUDFRVDVHKXELHUHFRQYHQLGRFRQHODGTXLUHQWH (ODGTXLUHQWHGHWRGRVRSDUWHGHORVELHQHVGHOD0DVDQRSRGUiUHFODPDUDOVtQGLFRQLDORV$FUHHGRUHV 5HFRQRFLGRVTXHKD\DQUHFLELGRFXRWDVFRQFXUVDOHVHOUHHPEROVRGHWRGRRSDUWHGHOSUHFLRODGLVPLQXFLyQ GHOPLVPRRHOSDJRGHUHVSRQVDELOLGDGDOJXQD $UWtFXOR /RV$FUHHGRUHV5HFRQRFLGRVFRQJDUDQWtDUHDOTXHLQLFLHQRFRQWLQ~HQXQSURFHGLPLHQWRGH HMHFXFLyQ FRQIRUPH D OR HVWDEOHFLGR HQ ODV GLVSRVLFLRQHV TXH UHVXOWHQ DSOLFDEOHV GHEHUiQ QRWLILFDUOR DO VtQGLFRKDFLpQGROHVDEHUORVGDWRVTXHLGHQWLILTXHQHOSURFHGLPLHQWRGHHMHFXFLyQ (OVtQGLFRSRGUiSDUWLFLSDUHQHOSURFHGLPLHQWRGHHMHFXFLyQHQGHIHQVDGHORVLQWHUHVHVGHOD0DVD $UWtFXOR 'XUDQWHORVSULPHURVWUHLQWDGtDVQDWXUDOHVGHODHWDSDGHTXLHEUDHOVtQGLFRSRGUiHYLWDUOD HMHFXFLyQVHSDUDGDGHXQD JDUDQWtDFXDQGRFRQVLGHUHTXHHVHQEHQHILFLRGHOD0DVDHQDMHQDUODFRPRSDUWH GHXQ FRQMXQWRGHELHQHV (QHVWRVFDVRVSUHYLDPHQWHDODHQDMHQDFLyQGHOFRQMXQWRGHELHQHVGHTXHVHWUDWHHOVtQGLFRUHDOL]DUi XQDYDOXDFLyQGHORVELHQHVTXHJDUDQWL]DQHOFUpGLWR 6L HODFUHHGRUQR HMHUFLyHO GHUHFKR D TXH VH UHILHUH HO VHJXQGR SiUUDIR GHO DUWtFXOR GH HVWD /H\ VH DSOLFDUiORVLJXLHQWH , 6LODYDOXDFLyQGHOVtQGLFRUHVXOWDPD\RUDOPRQWRGHOFUpGLWRGHTXHVHWUDWHLQFOX\HQGRORVLQWHUHVHV GHYHQJDGRVKDVWDHOGtDGHODHQDMHQDFLyQHOVtQGLFR UHDOL]DUi HO SDJR tQWHJUR GHO FUpGLWR FRQ ODV GHGXFFLRQHVTXHFRUUHVSRQGDQFRQIRUPHDHVWD/H\R ,, 6LGHODYDOXDFLyQUHVXOWDXQPRQWRPHQRUDOGHOFUpGLWRLQFOX\HQGRORVLQWHUHVHVFRUUHVSRQGLHQWHV HOVtQGLFRSDJDUiDODFUHHGRUHOPRQWRGHODYDOXDFLyQ6LODYDOXDFLyQHVPHQRUDOPRQWRGHOFUpGLWR UHFRQRFLGRDODIHFKDGHGHFODUDFLyQGHFRQFXUVRVHUHJLVWUDUiVXGLIHUHQFLDFRPRFUpGLWRFRP~Q 6L HO DFUHHGRU HMHUFLy HO GHUHFKR D TXH VH UHILHUH HO VHJXQGR SiUUDIR GHO DUWtFXOR GH HVWD /H\ VH SURFHGHUiFRQIRUPHDORVLJXLHQWH , 6L HO DFUHHGRU OH DWULEX\y D VX JDUDQWtD XQ YDORU PD\RU D OD YDOXDFLyQ GHO VtQGLFR pVWH SDJDUi DO DFUHHGRUHOPRQWRGHODYDOXDFLyQ\UHJLVWUDUiSDUDSDJRFRPRFUpGLWRFRP~QODGLIHUHQFLDHQWUHOD YDOXDFLyQ\HOPRQWRGHOFUpGLWRUHFRQRFLGRDODIHFKDGHGHFODUDFLyQGHFRQFXUVRR ,, 6LHODFUHHGRUOHDWULEX\yDVXJDUDQWtDXQYDORUPHQRUDODYDOXDFLyQGHOVtQGLFRpVWHOHSDJDUiHO PRQWR TXH HODFUHHGRU KD\D DWULEXLGR DVX JDUDQWtD \ UHJLVWUDUi SDUD SDJRFRPRFUpGLWRFRP~Q OD GLIHUHQFLD HQWUH HO YDORU DWULEXLGR \ HO PRQWR GHO FUpGLWR UHFRQRFLGR D OD IHFKD GH GHFODUDFLyQ GH FRQFXUVR 3DUDODVFRPSDUDFLRQHV\ORVSDJRVDTXHVHUHILHUHHVWHDUWtFXORHOYDORUDWULEXLGRSRUHODFUHHGRUDVX JDUDQWtDVHFRQYHUWLUiDPRQHGDQDFLRQDOXWLOL]DQGRDOHIHFWRHOYDORUGHODV8',VGHOGtDDQWHULRUDOGHOSDJR DODFUHHGRU (Q WRGRV ORV FDVRV HO SDJR DO DFUHHGRU GHEHUi UHDOL]DUVH GHQWUR GH ORV WUHV GtDV VLJXLHQWHV DO GH OD HQDMHQDFLyQGHOSDTXHWHGHELHQHVGHTXHVHWUDWH (O $FUHHGRU 5HFRQRFLGR GH TXH VH WUDWH SRGUi LPSXJQDU OD YDOXDFLyQ GHO VtQGLFR /D LPSXJQDFLyQ VH WUDPLWDUiHQODYtDLQFLGHQWDOVLQTXHVHVXVSHQGDODHQDMHQDFLyQGHORVELHQHV\VLQTXHVXUHVXOWDGRDIHFWH ODYDOLGH]GHODHQDMHQDFLyQ0LHQWUDVVHUHVXHOYHODLPSXJQDFLyQHOVtQGLFRGHEHUiVHSDUDUGHOSURGXFWRGH ODYHQWDODVXPDTXHFRUUHVSRQGDDODGLIHUHQFLDHQWUHHOYDORUDWULEXLGRSRUHOVtQGLFR\HOYDORUUHFODPDGR SRU HO $FUHHGRU 5HFRQRFLGR LQFRQIRUPH H LQYHUWLUOD HQ WpUPLQRV GH OR GLVSXHVWR HQ HO DUWtFXOR GH HVWD /H\ 6LHOMXH]UHVXHOYHTXHODLPSXJQDFLyQHVIXQGDGD\VHDWULEX\HDOELHQRDORVELHQHVXQYDORUVXSHULRUDO DVLJQDGR SRU HO VtQGLFR VH HQWUHJDUi HVD GLIHUHQFLD FRQ VXV SURGXFWRV DO $FUHHGRU 5HFRQRFLGR 6L OD VHQWHQFLDGHVHVWLPDODLPSXJQDFLyQODVXPDTXHVHKD\DUHVHUYDGRVHUHLQWHJUDUiDOD0DVD $UWtFXOR(QORUHODWLYRDODVLQYHUVLRQHV\UHVHUYDVDTXHVHUHILHUHQORVDUWtFXORV\GHHVWD /H\ HO VtQGLFR GHEHUi UHDOL]DUODV HQ LQVWUXPHQWRV GH UHQWD ILMD GH XQD LQVWLWXFLyQ GH FUpGLWR FX\RV UHQGLPLHQWRVSURWHMDQSUHSRQGHUDQWHPHQWHHOYDORUUHDOGHGLFKRVUHFXUVRVHQWpUPLQRVGHODLQIODFLyQ\TXH DGHPiVFXHQWHQFRQODVFDUDFWHUtVWLFDVDGHFXDGDVGHVHJXULGDGUHQWDELOLGDGOLTXLGH]\GLVSRQLELOLGDG (OVtQGLFRGHEHUiSUHVHQWDUFDGDPHVDOMXH]XQLQIRUPHGHOHVWDGRTXHJXDUGHQODVLQYHUVLRQHVDODVTXH KDFHUHIHUHQFLDHOSiUUDIRDQWHULRU\GHODVRSHUDFLRQHVTXHKD\DQWHQLGROXJDUGXUDQWHGLFKRSOD]RSDUDTXH DOGtDVLJXLHQWHGHVXUHFHSFLyQHOMXH]ORSRQJDDODYLVWDGHO&RPHUFLDQWH\ORVLQWHUYHQWRUHV $UWtFXOR &XDQGRVHSURFHGDDODHMHFXFLyQGHXQDJDUDQWtDRDVXHQDMHQDFLyQFRQIRUPHDODUWtFXOR DQWHULRUVHGHGXFLUiGHOSURGXFWRGHODYHQWDODFDQWLGDGFRQODTXHHODFUHHGRUGHEHFRQWULEXLUDOSDJR GH ORV DFUHHGRUHV VLQJXODUPHQWH SULYLOHJLDGRV \ GH ORV FUpGLWRV FRQ FDUJR D OD 0DVD GH DFXHUGR FRQ OR HVWDEOHFLGRHQHODUWtFXORGHHVWD/H\ 'H QR SRGHUVH GHWHUPLQDU FRQ SUHFLVLyQ DO PRPHQWR GH OD HMHFXFLyQ OD FRQWULEXFLyQ TXH OH FRUUHVSRQGHUtDVHGHGXFLUiODFDQWLGDGPtQLPDTXHVHSXHGDSUHYHU\VHUHVHUYDUiODGLIHUHQFLDHQWUHpVWD\ ODPi[LPDTXHSXGLHUHUHVXOWDUFRQIRUPHDORVFiOFXORVTXHDOHIHFWRUHDOLFHHOVtQGLFR(ODMXVWHGHILQLWLYRVH UHDOL]DUiWDQSURQWRFRPRVHDSRVLEOHGHWHUPLQDUFRQSUHFLVLyQHOPRQWRGHODFRQWULEXFLyQFRUUHVSRQGLHQWH &DStWXOR,, 'HODJUDGXDFLyQGHFUpGLWRV $UWtFXOR /RV DFUHHGRUHV VH FODVLILFDUiQ HQ ORV JUDGRV VLJXLHQWHV VHJ~Q OD QDWXUDOH]D GH VXV FUpGLWRV , $FUHHGRUHVVLQJXODUPHQWHSULYLOHJLDGRV ,, $FUHHGRUHVFRQJDUDQWtDUHDO ,,, $FUHHGRUHVFRQSULYLOHJLRHVSHFLDO\ ,9 $FUHHGRUHVFRPXQHV $UWtFXOR 6RQDFUHHGRUHVVLQJXODUPHQWHSULYLOHJLDGRVFX\DSUHODFLyQVHGHWHUPLQDUiSRUHORUGHQGH HQXPHUDFLyQORVVLJXLHQWHV , /RV JDVWRV GH HQWLHUUR GHO &RPHUFLDQWH HQ FDVR GH TXH OD VHQWHQFLD GH FRQFXUVR PHUFDQWLO VHD SRVWHULRUDOIDOOHFLPLHQWR\ ,, /RVDFUHHGRUHV SRU ORV JDVWRV GH OD HQIHUPHGDG TXH KD\D FDXVDGR OD PXHUWH GHO &RPHUFLDQWH HQ FDVRGHTXHODVHQWHQFLDGHFRQFXUVRPHUFDQWLOVHDSRVWHULRUDOIDOOHFLPLHQWR $UWtFXOR 3DUDORVHIHFWRVGHHVWD/H\VRQDFUHHGRUHVFRQJDUDQWtDUHDOVLHPSUHTXHVXVJDUDQWtDV HVWpQGHELGDPHQWHFRQVWLWXLGDVFRQIRUPHDODVGLVSRVLFLRQHVTXHUHVXOWHQDSOLFDEOHVORVVLJXLHQWHV , /RVKLSRWHFDULRV\ ,, /RVSURYLVWRVGHJDUDQWtDSUHQGDULD /RVDFUHHGRUHVFRQJDUDQWtDUHDOSHUFLELUiQHOSDJRGHVXVFUpGLWRVGHOSURGXFWRGHORVELHQHVDIHFWRVDOD JDUDQWtD FRQ H[FOXVLyQ DEVROXWD GH ORV DFUHHGRUHV D ORV TXH KDFHQ UHIHUHQFLD ODV IUDFFLRQHV ,,, \ ,9 GHO DUWtFXORGHHVWD/H\\FRQVXMHFLyQDORUGHQTXHVHGHWHUPLQHFRQDUUHJORDODVGLVSRVLFLRQHVDSOLFDEOHV HQUHODFLyQFRQODIHFKDGHUHJLVWUR $UWtFXOR6RQDFUHHGRUHVFRQSULYLOHJLRHVSHFLDOWRGRVORVTXHVHJ~QHO&yGLJRGH&RPHUFLRROH\HV GHVXPDWHULDWHQJDQXQSULYLOHJLRHVSHFLDORXQGHUHFKRGHUHWHQFLyQ /RVDFUHHGRUHVFRQSULYLOHJLRHVSHFLDOFREUDUiQHQORVPLVPRVWpUPLQRVTXHORVDFUHHGRUHVFRQJDUDQWtD UHDORGHDFXHUGRFRQODIHFKDGHVXFUpGLWRVLQRHVWXYLHUHVXMHWRDLQVFULSFLyQDQRVHUTXHYDULRVGHHOORV FRQFXUULHUHQ VREUH XQD FRVD GHWHUPLQDGD HQ FX\R FDVR VH KDUi OD GLVWULEXFLyQ D SURUUDWD VLQ GLVWLQFLyQ GH IHFKDVVDOYRTXHODVOH\HVGLVSXVLHUDQORFRQWUDULR $UWtFXOR /RV FUpGLWRV ODERUDOHV GLIHUHQWHV GH ORV VHxDODGRV HQ OD IUDFFLyQ , GHO DUWtFXOR \ ORV FUpGLWRVILVFDOHVVHSDJDUiQGHVSXpVGHTXHVHKD\DQFXELHUWRORVFUpGLWRVVLQJXODUPHQWHSULYLOHJLDGRV\ORV FUpGLWRVFRQJDUDQWtDUHDOSHURFRQDQWHODFLyQDORVFUpGLWRVFRQSULYLOHJLRHVSHFLDO (Q FDVR GH TXH ORV FUpGLWRV ILVFDOHV FXHQWHQ FRQ JDUDQWtD UHDO SDUD HIHFWRV GH VX SDJR VH HVWDUi D OR GLVSXHVWRHQHODUWtFXORGHHVWD/H\KDVWDSRUHOLPSRUWHGHVXJDUDQWtD\FXDOTXLHUUHPDQHQWHVHSDJDUi HQORVWpUPLQRVGHOSULPHUSiUUDIRGHHVWHDUWtFXOR $UWtFXOR 6RQDFUHHGRUHVFRPXQHVWRGRVDTXHOORVTXHQRHVWpQFRQVLGHUDGRVHQORVDUWtFXORVDO \GHHVWHRUGHQDPLHQWR\FREUDUiQDSURUUDWDVLQGLVWLQFLyQGHIHFKDV $UWtFXOR 1R VH UHDOL]DUiQ SDJRV D ORV DFUHHGRUHV GH XQ JUDGR VLQ TXH TXHGHQ VDOGDGRV ORV GHO DQWHULRUVHJ~QODSUHODFLyQHVWDEOHFLGDSDUDORVPLVPRV $UWtFXOR 6RQ FUpGLWRV FRQWUD OD 0DVD \ VHUiQ SDJDGRV HQ HO RUGHQ LQGLFDGR \ FRQ DQWHULRULGDG D FXDOTXLHUDGHORVTXHVHUHILHUHHODUWtFXORGHHVWD/H\ , /RV UHIHULGRV HQ OD IUDFFLyQ ;;,,, DSDUWDGR $ GHO DUWtFXOR FRQVWLWXFLRQDO \ VXV GLVSRVLFLRQHV UHJODPHQWDULDV DXPHQWDQGR ORV VDODULRV D ORV FRUUHVSRQGLHQWHV D ORV GRV DxRV DQWHULRUHV D OD GHFODUDFLyQGHFRQFXUVRPHUFDQWLOGHO&RPHUFLDQWH ,, /RVFRQWUDtGRVSDUDODDGPLQLVWUDFLyQGHOD0DVDSRUHO&RPHUFLDQWHFRQDXWRUL]DFLyQGHOFRQFLOLDGRU RVtQGLFRRHQVXFDVRORVFRQWUDWDGRVSRUHOSURSLRFRQFLOLDGRU ,,, /RV FRQWUDtGRV SDUD DWHQGHU ORV JDVWRV QRUPDOHV SDUD OD VHJXULGDG GH ORV ELHQHV GH OD 0DVD VX UHIDFFLyQFRQVHUYDFLyQ\DGPLQLVWUDFLyQ ,9 9 /RVSURFHGHQWHVGHGLOLJHQFLDVMXGLFLDOHVRH[WUDMXGLFLDOHVHQEHQHILFLRGHOD0DVD\ /RV KRQRUDULRV GHO YLVLWDGRU FRQFLOLDGRU \ VtQGLFR \ ORV JDVWRV HQ TXH pVWRV KXELHUHQ LQFXUULGR VLHPSUH \ FXDQGR IXHUHQ HVWULFWDPHQWH QHFHVDULRV SDUD VX JHVWLyQ \ KD\DQ VLGR GHELGDPHQWH FRPSUREDGRVFRQIRUPHDODVGLVSRVLFLRQHVTXHHPLWDHO,QVWLWXWR $UWtFXOR )UHQWHDORVDFUHHGRUHVFRQJDUDQWtDUHDORFRQSULYLOHJLRHVSHFLDOQRSXHGHKDFHUVHYDOHU HOSULYLOHJLRDTXHVHUHILHUHHODUWtFXORDQWHULRUVLQRTXHVyORWLHQHQSULYLOHJLRORVVLJXLHQWHV , /RVDFUHHGRUHVSRUORVFRQFHSWRVDORVTXHVHUHILHUHODIUDFFLyQ;;,,,DSDUWDGR$GHODUWtFXOR FRQVWLWXFLRQDO \ VXV GLVSRVLFLRQHV UHJODPHQWDULDV FRQVLGHUDQGR ORV VDODULRV GH ORV GRV DxRV DQWHULRUHVDODGHFODUDFLyQGHFRQFXUVRPHUFDQWLOGHO&RPHUFLDQWH ,, /RVJDVWRVGHOLWLJLRTXHVHKXELHUHQSURPRYLGRSDUDGHIHQVDRUHFXSHUDFLyQGHORVELHQHVREMHWRGH JDUDQWtDRVREUHORVTXHUHFDHHOSULYLOHJLR\ ,,, /RVJDVWRVQHFHVDULRVSDUDODUHIDFFLyQFRQVHUYDFLyQ\HQDMHQDFLyQGHORVPLVPRV $UWtFXOR 6LHOPRQWR WRWDOGH ODVREOLJDFLRQHV GHO &RPHUFLDQWH SRUHOFRQFHSWR DTXH VH UHILHUH OD IUDFFLyQ,GHODUWtFXORDQWHULRUHVPD\RUDOYDORUGHWRGRVORV ELHQHV GH OD 0DVD TXH QR VHDQ REMHWR GH XQD JDUDQWtDHOH[FHGHQWHGHOSULYLOHJLRVHUHSDUWLUiHQWUHWRGRVORVDFUHHGRUHVJDUDQWL]DGRV $UWtFXOR 3DUD GHWHUPLQDU HO PRQWR FRQ TXH FDGD DFUHHGRU JDUDQWL]DGR GHEHUi FRQWULEXLU D OD REOLJDFLyQVHxDODGDHQHODUWtFXORDQWHULRUVHUHVWDUiDOPRQWRWRWDOGHODVREOLJDFLRQHVGHO&RPHUFLDQWHSRUHO FRQFHSWRUHIHULGRHQODIUDFFLyQ,GHODUWtFXORHOYDORUGHWRGRVORVELHQHVGHOD0DVDTXHQRVHDQREMHWR GHXQDJDUDQWtDUHDO/DFDQWLGDGUHVXOWDQWHVH PXOWLSOLFDUi SRU ODSURSRUFLyQ TXH HO YDORUGH OD JDUDQWtD GHO DFUHHGRUGHTXHVHWUDWHUHSUHVHQWHGHODVXPDGHORVYDORUHVGHWRGRVORVELHQHVGHOD0DVDTXHVHDQREMHWR GHXQDJDUDQWtD $UWtFXOR &XDQGRVHKD\D GHFODUDGR HQ FRQFXUVR PHUFDQWLO D XQD VRFLHGDG HQ OD TXH KD\D VRFLRV LOLPLWDGDPHQWHUHVSRQVDEOHVORVDFUHHGRUHVGHHVRVVRFLRVFX\RVFUpGLWRVIXHUHQDQWHULRUHVDOQDFLPLHQWRGH ODUHVSRQVDELOLGDGLOLPLWDGDGHOVRFLRFRQFXUULUiQFRQORVDFUHHGRUHVGHODVRFLHGDGFRORFiQGRVHHQHOJUDGR \SUHODFLyQTXHOHVFRUUHVSRQGD /RV DFUHHGRUHV SRVWHULRUHV GH ORV VRFLRV LOLPLWDGDPHQWH UHVSRQVDEOHV GH XQD VRFLHGDG HQ HVWDGR GH FRQFXUVRVyORWHQGUiQGHUHFKRDFREUDUVXVFUpGLWRVGHOUHPDQHQWHVLORKXELHUHGHVSXpVGHVDWLVIHFKDVODV GHXGDVGHODVRFLHGDGGHTXH VHWUDWHGHDFXHUGRFRQHVWDVGLVSRVLFLRQHV &DStWXOR,,, 'HOSDJRDORV$FUHHGRUHV5HFRQRFLGRV $UWtFXOR $SDUWLUGHODIHFKDGHODVHQWHQFLDGHTXLHEUDSRUORPHQRVFDGDGRVPHVHVHO VtQGLFR SUHVHQWDUi DOMXH] XQ UHSRUWH GH ODV HQDMHQDFLRQHV UHDOL]DGDV \ GH OD VLWXDFLyQ GH DFWLYR UHPDQHQWH \ XQD OLVWDGHORVDFUHHGRUHVTXHVHUiQSDJDGRVDVtFRPRODFXRWDFRQFXUVDOTXHOHVFRUUHVSRQGD (Q UHODFLyQ FRQ ORV FUpGLWRV TXH KD\DQ VLGR LPSXJQDGRV HO VtQGLFR GHEHUi UHVHUYDU HO LPSRUWH GH ODV VXPDVTXHHQVXFDVRSXGLHUDQFRUUHVSRQGHUOHV'LFKDVUHVHUYDVVHUiQLQYHUWLGDVFRQIRUPHDORGLVSXHVWR HQ HO DUWtFXOR GH HVWD /H\ \ FXDQGR VH UHVXHOYD OD LPSXJQDFLyQ VH SURFHGHUi HQ VX FDVR D SDJDU DO $FUHHGRU5HFRQRFLGRGHTXHVHWUDWHRDUHLQWHJUDUDOD0DVDFXDOTXLHUH[FHGHQWH $UWtFXOR (QORVFDVRVHQTXHODUHVROXFLyQGHXQDRPiVLPSXJQDFLRQHVSXGLHUDPRGLILFDUHOPRQWR TXH FRUUHVSRQGD UHSDUWLU D ORV $FUHHGRUHV 5HFRQRFLGRV HO VtQGLFR UHSDUWLUi VyOR HO PRQWR TXH QR VHD VXVFHSWLEOH GH UHGXFLUVH FRPR FRQVHFXHQFLD GH OD UHVROXFLyQ GH OD DSHODFLyQ /D GLIHUHQFLD VH UHVHUYDUi H LQYHUWLUi HQ WpUPLQRV GH OR GLVSXHVWR HQ HO DQWHULRU DUWtFXOR &XDQGR VH UHVXHOYD OD LPSXJQDFLyQ VH SURFHGHUiHQVXFDVRDSDJDUDODFUHHGRU (Q ORV FDVRV HQ TXH QR VH KXELHUH GLFWDGR VHQWHQFLD GH UHFRQRFLPLHQWR JUDGXDFLyQ \ SUHODFLyQ GH FUpGLWRVHOSURGXFWRGHODVHQDMHQDFLRQHVTXHVHOOHYHQDFDERGHEHUiLQYHUWLUVHHQWpUPLQRVGHORGLVSXHVWR HQHOFLWDGRDUWtFXOR $UWtFXOR (OMXH]SRQGUiDODYLVWDGHORV$FUHHGRUHV5HFRQRFLGRV\GHO&RPHUFLDQWHHOUHSRUWH\OD OLVWDDTXHVHUHILHUHQORVDUWtFXORV\GHHVWHRUGHQDPLHQWRSDUDTXHGHQWURGHOWpUPLQRGHWUHVGtDV PDQLILHVWHQORTXHDVXGHUHFKRFRUUHVSRQGD7UDQVFXUULGRHVHWpUPLQRHOMXH]UHVROYHUiVREUHODPDQHUD\ WpUPLQRVHQTXHVHSURFHGHUiDORVUHSDUWRVGHORVHIHFWLYRVGLVSRQLEOHV $UWtFXOR /RV UHSDUWRV FRQFXUVDOHV VH FRQWLQXDUiQ KDFLHQGR PLHQWUDV H[LVWDQ HQ HO DFWLYR ELHQHV VXVFHSWLEOHVGHUHDOL]DFLyQ $UWtFXOR 6LHQHOPRPHQWRHQTXHGHELHUDWHUPLQDUVHHOFRQFXUVRPHUFDQWLOKXELHVHD~QFUpGLWRV SHQGLHQWHVGHUHFRQRFLPLHQWRSRUKDEHUVLGRLPSXJQDGDODVHQWHQFLDTXHORVUHFRQRFLyHOMXH]HVSHUDUiSDUD GHFODUDUODWHUPLQDFLyQGHOFRQFXUVRPHUFDQWLOKDVWDTXHVHUHVXHOYDODLPSXJQDFLyQFRUUHVSRQGLHQWH $UWtFXOR6HFRQVLGHUDUiTXHVHKDQUHDOL]DGRWRGRVORVELHQHVGHODFWLYRDXQFXDQGRTXHGHSDUWH GH pVWH VL HO VtQGLFR GHPXHVWUD DO MXH] TXH FDUHFHQ GH YDORU HFRQyPLFR R VL HO YDORU TXH WLHQHQ UHVXOWDUH LQIHULRUDODVFDUJDVTXHSHVDQVREUHHOORVRD ORVJDVWRVQHFHVDULRVSDUDVXHQDMHQDFLyQ (QHVWRVFDVRVHOMXH]R\HQGRDORVLQWHUYHQWRUHVFRQIRUPHDOSURFHGLPLHQWRHVWDEOHFLGRHQHODUWtFXOR GHHVWD/H\GHFLGLUiVREUHHOGHVWLQRTXHVHGDUiDHVWRVELHQHV $UWtFXOR &RQFOXLGR HO FRQFXUVR PHUFDQWLO ORV DFUHHGRUHV TXH QR KXELHVHQ REWHQLGR SDJR tQWHJUR FRQVHUYDUiQLQGLYLGXDOPHQWHVXVGHUHFKRV\DFFLRQHVSRUHOVDOGRFRQWUDHO&RPHUFLDQWH $UWtFXOR &RQFOXLGRHOFRQFXUVRPHUFDQWLOSRU OD FDXVDO DTXHVH UHILHUHQODVIUDFFLRQHV ,,, \ ,9GHO DUWtFXORGHHVWD/H\VLVHGHVFXEULHUHQELHQHVGHO&RPHUFLDQWHRVHOHUHVWLWX\HUDQELHQHVTXHGHELHURQ FRPSUHQGHUVH FRPR SDUWH GH OD 0DVD VH SURFHGHUi D VX HQDMHQDFLyQ \ GLVWULEXFLyQ HQ ORV WpUPLQRV GLVSXHVWRVHQHVWD/H\ 7Ë78/22&7$92 'HORVFRQFXUVRVHVSHFLDOHV &DStWXOR, 'HORVFRQFXUVRVPHUFDQWLOHVGH&RPHUFLDQWHVTXHSUHVWDQVHUYLFLRVS~EOLFRVFRQFHVLRQDGRV $UWtFXOR (O&RPHUFLDQWHTXHHQYLUWXGGHXQWtWXORGHFRQFHVLyQSUHVWHXQVHUYLFLRS~EOLFRIHGHUDO HVWDWDORPXQLFLSDOSRGUiVHUGHFODUDGRHQFRQFXUVRPHUFDQWLO $UWtFXOR /RV FRQFXUVRV PHUFDQWLOHV D TXH VH UHILHUH HO DUWtFXOR DQWHULRU VH VXMHWDUiQ D ODV OH\HV UHJODPHQWRVWtWXORVGHFRQFHVLyQ\GHPiVGLVSRVLFLRQHVTXHUHJXOHQODFRQFHVLyQ\HOVHUYLFLRS~EOLFRGHTXH VHWUDWHDSOLFiQGRVHODVGLVSRVLFLRQHVGHHVWD/H\VyORHQORTXHQRVHOHVRSRQJD $UWtFXOR 3DUD HIHFWRV GH HVWH FDStWXOR VH HQWHQGHUi FRPR DXWRULGDG FRQFHGHQWH DO JRELHUQR GHSHQGHQFLD X RWUD HQWLGDG GH GHUHFKR S~EOLFR TXH RWRUJXH OD FRQFHVLyQ SDUD OD SUHVWDFLyQ GH XQ VHUYLFLR S~EOLFR $UWtFXOR /D DXWRULGDG FRQFHGHQWH SURSRQGUi DO MXH] WRGR OR UHODWLYR D OD GHVLJQDFLyQ UHPRFLyQ \ VXVWLWXFLyQ GHO FRQFLOLDGRU \ GHO VtQGLFR TXH SDUWLFLSHQ HQ ORV FRQFXUVRV PHUFDQWLOHV D TXH VH UHILHUH HVWH FDStWXORDVtFRPRSDUDVXSHUYLVDU ODV DFWLYLGDGHV TXH pVWRV UHDOLFHQ &XDQGR ODVFLUFXQVWDQFLDV HVSHFLDOHV GHO FDVR OR MXVWLILTXHQ OD DXWRULGDG FRQFHGHQWH SRGUi HVWDEOHFHU XQ UpJLPHQ GH UHPXQHUDFLyQ GLVWLQWR DO SUHYLVWRSRUHODUWtFXORGHHVWD/H\ $UWtFXOR 'HFODUDGRHOFRQFXUVRPHUFDQWLOGHXQ &RPHUFLDQWHFRQIRUPHDHVWHFDStWXORODDXWRULGDG FRQFHGHQWH SURSRQGUi DO MXH] OD VHSDUDFLyQ GH TXLHQ GHVHPSHxH OD DGPLQLVWUDFLyQ GH OD HPSUHVD GHO &RPHUFLDQWH\QRPEUDUDXQDSHUVRQDSDUDTXHODDVXPDFXDQGRORFRQVLGHUHQHFHVDULRSDUDODFRQWLQXLGDG \ODVHJXULGDGHQODSUHVWDFLyQGHOVHUYLFLRS~EOLFR (QHVWRVFDVRVODDXWRULGDGFRQFHGHQWHFRPXQLFDUiVXGHWHUPLQDFLyQDOMXH]TXLHQ WRPDUiVLQ GLODFLyQ WRGDVODVPHGLGDVQHFHVDULDVSDUDTXHWRPHSRVHVLyQGHODHPSUHVDGHO&RPHUFLDQWHODSHUVRQDGHVLJQDGD SRUODDXWRULGDGFRQFHGHQWH/DRFXSDFLyQVHUHDOL]DUiFRQIRUPHDODVIRUPDOLGDGHVSUHYLVWDVHQORVDUWtFXORV D GH HVWHRUGHQDPLHQWR $UWtFXOR &XDOTXLHU FRQYHQLR SURSXHVWR HQ WpUPLQRV GHO 7tWXOR 4XLQWR GH HVWD /H\ GHEHUi VHU QRWLILFDGRDODDXWRULGDGFRQFHGHQWHTXLHQSRGUiYHWDUORHQHOSOD]RSUHYLVWRHQHODUWtFXORGHHVWD/H\ $UWtFXOR 6LHOVtQGLFRSURSRQHFRQDFXHUGRSUHYLRGHODDXWRULGDGFRQFHGHQWHXQSURFHGLPLHQWRGH HQDMHQDFLyQHQWpUPLQRVGHORVDUWtFXORV\GH HVWHRUGHQDPLHQWRVyORSRGUiVHUREMHWDGRSRU , /DPLWDGGHORV$FUHHGRUHV5HFRQRFLGRV ,, $FUHHGRUHV 5HFRQRFLGRV TXH UHSUHVHQWHQ HQ VX FRQMXQWR DO PHQRV HO FLQFXHQWD SRU FLHQWR GHO PRQWRWRWDOGHORVFUpGLWRVUHFRQRFLGRVR ,,, ,QWHUYHQWRUHVTXHUHSUHVHQWHQHQVXFRQMXQWRDOPHQRVHOFLQFXHQWD SRUFLHQWRGHOPRQWR WRWDOGH FUpGLWRVUHFRQRFLGRV $UWtFXOR (QWRGRVORVFDVRVHQTXHODYHQWDGHODHPSUHVDGHO&RPHUFLDQWHLQFOX\DODWUDQVPLVLyQ GHOWtWXORGHFRQFHVLyQODRSHUDFLyQGHEHUiFRQWDUFRQODDSUREDFLyQSUHYLDGHODDXWRULGDGFRQFHGHQWHTXLHQ YHULILFDUi TXH HO DGTXLUHQWH FXPSOD FRQ ORV UHTXLVLWRV TXH SDUD HVWDU HQ FRQGLFLRQHV GH SUHVWDU HO VHUYLFLR S~EOLFRHVWDEOH]FDQODVGLVSRVLFLRQHVDSOLFDEOHV &DStWXOR,, 'HOFRQFXUVRPHUFDQWLOGHODVLQVWLWXFLRQHVGHFUpGLWR $UWtFXOR (OFRQFXUVRPHUFDQWLOGHODVLQVWLWXFLRQHVGHFUpGLWRVHUHJLUiSRUORSUHYLVWRHQHVWD/H\HQ ORTXHQRVHRSRQJDDODVGLVSRVLFLRQHVHVSHFLDOHVTXHOHVVHDQDSOLFDEOHV $UWtFXOR 6yORSRGUiQGHPDQGDUODGHFODUDFLyQGHFRQFXUVRPHUFDQWLOGHXQDLQVWLWXFLyQGHFUpGLWRHO ,QVWLWXWRSDUDOD3URWHFFLyQGHO$KRUUR%DQFDULRROD&RPLVLyQ1DFLRQDO%DQFDULD\GH9DORUHVHQWpUPLQRVGH ODVGLVSRVLFLRQHVDSOLFDEOHV $SDUWLUGHODIHFKDHQTXHVHSUHVHQWHODGHPDQGDGHFRQFXUVRPHUFDQWLOGHDOJXQDLQVWLWXFLyQGHFUpGLWR pVWDGHEHUiPDQWHQHUFHUUDGDVVXVRILFLQDVGHDWHQFLyQDOS~EOLFR\VXVSHQGHUODUHDOL]DFLyQGHFXDOTXLHUWLSR GHRSHUDFLRQHVDFWLYDVSDVLYDV\GHVHUYLFLRV (OMXH]SRGUiDGRSWDUGHRILFLRRD VROLFLWXGGHO,QVWLWXWRSDUDOD3URWHFFLyQGHO$KRUUR%DQFDULRRGHOD &RPLVLyQ 1DFLRQDO %DQFDULD \ GH 9DORUHV ODV PHGLGDV SURYLVLRQDOHV QHFHVDULDV SDUD OD SURWHFFLyQ GH ORV WUDEDMDGRUHVLQVWDODFLRQHV\DFWLYRVGHODLQVWLWXFLyQDVtFRPRGHORVLQWHUHVHVGHORVDFUHHGRUHV $UWtFXOR 5HFLELGDODGHPDQGDGHFRQFXUVRPHUFDQWLOHOMXH]FLWDUiDTXLHQWHQJDHQFRPHQGDGDOD DGPLQLVWUDFLyQ GH OD LQVWLWXFLyQ FRQFHGLpQGROH XQ WpUPLQR GH QXHYH GtDV SDUD FRQWHVWDU OD GHPDQGD (Q VX HVFULWRGHFRQWHVWDFLyQHOHQFDUJDGRGHODDGPLQLVWUDFLyQGHEHUiRIUHFHUODVSUXHEDVTXHHVWD/H\DXWRUL]D $O GtD VLJXLHQWH GH TXH HO MXH] UHFLED OD FRQWHVWDFLyQ GDUi YLVWD GH HOOD DO DFWRU SDUD TXH GHQWUR GH XQ WpUPLQR GH WUHV GtDV PDQLILHVWH OR TXH D VX GHUHFKR FRQYHQJD \ HQ VX FDVR DGLFLRQH VX RIUHFLPLHQWR GH SUXHEDV $UWtFXOR &RQODFRQWHVWDFLyQGHODGHPDQGDVyORVHDGPLWLUiQODSUXHEDGRFXPHQWDO\ODRSLQLyQGH H[SHUWRV FXDQGR VH SUHVHQWH SRU HVFULWR 4XLHQ SUHVHQWH OD RSLQLyQ GH H[SHUWRV GHEHUi DFRPSDxDU GLFKR HVFULWRGHODLQIRUPDFLyQ\GRFXPHQWRVTXHDFUHGLWHQODH[SHULHQFLD\FRQRFLPLHQWRVWpFQLFRVGHOH[SHUWRTXH FRUUHVSRQGD3RUQLQJ~QPRWLYRVHFLWDUiDORVH[SHUWRVSDUDVHULQWHUURJDGRV (O MXH] SRGUi RUGHQDU ODV GHPiV GLOLJHQFLDV SUREDWRULDV TXH HVWLPH FRQYHQLHQWHV ODV FXDOHV GHEHUiQ OOHYDUVHDFDERGHQWURGHXQSOD]RPi[LPRGHGLH]GtDV $UWtFXOR &XDQGRVHGHFODUHHOFRQFXUVRPHUFDQWLOGHXQDLQVWLWXFLyQGHFUpGLWRHOSURFHGLPLHQWRVH LQLFLDUiHQWRGRVORVFDVRVHQODHWDSDGHTXLHEUD $UWtFXOR &RUUHVSRQGHUi DO ,QVWLWXWR SDUD OD 3URWHFFLyQ GHO $KRUUR %DQFDULR SURSRQHU DO MXH] OD GHVLJQDFLyQ UHPRFLyQ R VXVWLWXFLyQ HQ VX FDVR GHO VtQGLFR GHO FRQFXUVR PHUFDQWLO GH XQD LQVWLWXFLyQ GH FUpGLWR $UWtFXOR /D &RPLVLyQ 1DFLRQDO SDUD OD 3URWHFFLyQ \ 'HIHQVD GH ORV 8VXDULRV GH 6HUYLFLRV )LQDQFLHURVSRGUiGHVLJQDUKDVWDWUHVLQWHUYHQWRUHVTXLHQHVWHQGUiQODREOLJDFLyQGHUHSUHVHQWDU\SURWHJHU ORVGHUHFKRVHLQWHUHVHVGHORVDFUHHGRUHVGHODLQVWLWXFLyQGHFODUDGDHQFRQFXUVRPHUFDQWLO $UWtFXOR /DVSURSXHVWDVGHHQDMHQDFLyQTXHSUHVHQWHHOVtQGLFRFRQODDSUREDFLyQGHO,QVWLWXWRSDUD OD 3URWHFFLyQ GHO $KRUUR %DQFDULR SRGUiQ VHU REMHWDGDV SRU OD LQVWLWXFLyQ GH FUpGLWR \ HO MXH] UHVROYHUi OR FRQGXFHQWH $UWtFXOR /RVDFUHHGRUHVTXHVHDQWDPELpQLQVWLWXFLRQHVGHFUpGLWRSRGUiQFRPSHQVDUODVGHXGDV\ ORVFUpGLWRVSRUUHPHVDVGHWtWXORVGHFUpGLWRRLQVWUXPHQWRVGHSDJRTXHVHKD\DQSUHVHQWDGRDXQDFiPDUD GHFRPSHQVDFLyQDXWRUL]DGDFRQIRUPHDODVGLVSRVLFLRQHVDSOLFDEOHV &DStWXOR,,, 'HOFRQFXUVRPHUFDQWLOGHODVLQVWLWXFLRQHVDX[LOLDUHVGHOFUpGLWR $UWtFXOR (O FRQFXUVR PHUFDQWLO GH ODV LQVWLWXFLRQHV DX[LOLDUHV GHO FUpGLWR VH UHJLUi FRQIRUPH D OR SUHYLVWRHQHVWD/H\HQORTXHQRVHRSRQJDDODVGLVSRVLFLRQHVHVSHFLDOHVTXHOHVVHDQDSOLFDEOHV $UWtFXOR 6LQ SHUMXLFLR GH OR GLVSXHVWR HQ HO DUWtFXOR GH HVWD /H\ WDPELpQ SRGUi GHPDQGDU OD GHFODUDFLyQGHFRQFXUVRPHUFDQWLOGHXQDLQVWLWXFLyQDX[LOLDUGHOFUpGLWROD&RPLVLyQ1DFLRQDO %DQFDULD \ GH 9DORUHV $GPLWLGDODGHPDQGDHOMXH]RUGHQDUiTXHVHQRWLILTXHDOD &RPLVLyQ 1DFLRQDO %DQFDULD \ GH 9DORUHV \ DGRSWDUi \D VHD GH RILFLR R D VROLFLWXG GHO GHPDQGDQWH R GH OD PHQFLRQDGD FRPLVLyQ ODV PHGLGDV SURYLVLRQDOHV TXH UHVXOWHQ QHFHVDULDV SDUD OD SURWHFFLyQ GH ORV LQWHUHVHV GH ORV DFUHHGRUHV WUDEDMDGRUHV LQVWDODFLRQHV\DFWLYRVGHODLQVWLWXFLyQ $UWtFXOR 5HFLELGD OD GHPDQGD GH FRQFXUVR PHUFDQWLO HO MXH] GHEHUi HPSOD]DU D TXLHQ WHQJD HQFRPHQGDGDODDGPLQLVWUDFLyQGHODLQVWLWXFLyQFRQFHGLpQGROHXQWpUPLQRGHQXHYHGtDVSDUDFRQWHVWDU(Q VXHVFULWRGHFRQWHVWDFLyQHOHQFDUJDGRGHODDGPLQLVWUDFLyQGHEHUiGHRIUHFHUODVSUXHEDVTXHHVWD/H\OH DXWRUL]D $O GtD VLJXLHQWH GH TXH HO MXH] UHFLED OD FRQWHVWDFLyQ GDUi YLVWD GH HOOD DO DFWRU SDUD TXH GHQWUR GH XQ WpUPLQR GH WUHV GtDV PDQLILHVWH OR TXH D VX GHUHFKR FRQYHQJD \ HQ VX FDVR DGLFLRQH VX RIUHFLPLHQWR GH SUXHEDV $UWtFXOR &RQODFRQWHVWDFLyQGHODGHPDQGDVyORVHDGPLWLUiQODSUXHEDGRFXPHQWDO\ODRSLQLyQGH H[SHUWRV FXDQGR VH SUHVHQWH SRU HVFULWR 4XLHQ SUHVHQWH OD RSLQLyQ GH H[SHUWRV GHEHUi DFRPSDxDU GLFKR HVFULWRGHODLQIRUPDFLyQ\GRFXPHQWRVTXHDFUHGLWHQODH[SHULHQFLD\FRQRFLPLHQWRVWpFQLFRVGHOH[SHUWRTXH FRUUHVSRQGD3RUQLQJ~QPRWLYRVHFLWDUiDORVH[SHUWRVSDUDVHULQWHUURJDGRV (O MXH] SRGUi RUGHQDU ODV GHPiV GLOLJHQFLDV SUREDWRULDV TXH HVWLPH FRQYHQLHQWHV ODV FXDOHV GHEHUiQ OOHYDUVHDFDERGHQWURGHXQSOD]RPi[LPRGHGLH]GtDV 'HQWUR GH ORVFLQFR GtDV VLJXLHQWHV GH TXH YHQ]D HO SOD]R GHO VHJXQGR SiUUDIR GHO DUWtFXOR GH HVWD /H\HOMXH]GLFWDUiODVHQWHQFLDFRUUHVSRQGLHQWH $UWtFXOR 'HFODUDGRHOFRQFXUVRPHUFDQWLOOD&RPLVLyQ1DFLRQDO%DQFDULD\GH9DORUHVHQGHIHQVD GHORVLQWHUHVHVGHORVDFUHHGRUHVSRGUiVROLFLWDUTXHHOSURFHGLPLHQWRVHLQLFLHHQODHWDSDGHTXLHEUDRELHQ ODWHUPLQDFLyQDQWLFLSDGDGHODHWDSDGHFRQFLOLDFLyQHQFX\RFDVRHOMXH]GHFODUDUiGHSODQRODTXLHEUD $UWtFXOR &RUUHVSRQGHUi D OD &RPLVLyQ 1DFLRQDO %DQFDULD \ GH 9DORUHV SURSRQHU DO MXH] OD GHVLJQDFLyQUHPRFLyQRVXVWLWXFLyQHQVXFDVRGHOFRQFLOLDGRU\GHOVtQGLFRGHOFRQFXUVRPHUFDQWLOGHXQD LQVWLWXFLyQDX[LOLDUGHOFUpGLWR $UWtFXOR /D &RPLVLyQ 1DFLRQDO SDUD OD 3URWHFFLyQ \ 'HIHQVD GH ORV 8VXDULRV GH 6HUYLFLRV )LQDQFLHURVSRGUiGHVLJQDUKDVWDWUHVLQWHUYHQWRUHVTXLHQHVWHQGUiQODREOLJDFLyQGHUHSUHVHQWDU\SURWHJHU ORVGHUHFKRVHLQWHUHVHVGHORVDFUHHGRUHVGHODLQVWLWXFLyQGHFODUDGDHQFRQFXUVRPHUFDQWLO $UWtFXOR /DVSURSXHVWDVGHHQDMHQDFLyQTXHSUHVHQWHHOVtQGLFRFRQODDSUREDFLyQGHOD&RPLVLyQ 1DFLRQDO%DQFDULD\GH9DORUHVSRGUiQVHUREMHWDGDVSRUODLQVWLWXFLyQDX[LOLDUGHOFUpGLWRGHTXHVHWUDWHQ\HO MXH]UHVROYHUiORFRQGXFHQWH 7Ë78/2129(12 'HODWHUPLQDFLyQGHOFRQFXUVRPHUFDQWLO &DStWXORÒQLFR 'HODWHUPLQDFLyQGHOFRQFXUVRPHUFDQWLO $UWtFXOR (OMXH]GHFODUDUiFRQFOXLGRHOFRQFXUVRPHUFDQWLOHQORVVLJXLHQWHVFDVRV , &XDQGRVHDSUXHEHXQFRQYHQLRHQWpUPLQRVGHO7tWXOR4XLQWRGHHVWD/H\ ,, 6LVHKXELHUHHIHFWXDGRHOSDJRtQWHJURDORV$FUHHGRUHV5HFRQRFLGRV ,,, 6L VH KXELHUH HIHFWXDGR SDJR D ORV $FUHHGRUHV 5HFRQRFLGRV PHGLDQWH FXRWD FRQFXUVDO GH ODV REOLJDFLRQHVGHO&RPHUFLDQWH\QRTXHGDUDQPiVELHQHVSRUUHDOL]DUVH ,9 6LVHGHPXHVWUDTXHOD0DVDHVLQVXILFLHQWHDXQSDUDFXEULUORVFUpGLWRVDTXHVHUHILHUHHODUWtFXOR GHHVWD/H\R 9 (Q FXDOTXLHU PRPHQWR HQ TXH OR VROLFLWHQ HO &RPHUFLDQWH \ OD WRWDOLGDG GH ORV $FUHHGRUHV 5HFRQRFLGRV $UWtFXOR 3RGUiQ VROLFLWDU DO MXH] OD WHUPLQDFLyQ GHO FRQFXUVR PHUFDQWLO SRU ODV FDXVDOHV D TXH VH UHILHUHQODVIUDFFLRQHV,,,\,9GHODUWtFXORDQWHULRUHOFRQFLOLDGRUHOVtQGLFRFXDOTXLHU$FUHHGRU5HFRQRFLGRR FXDOTXLHULQWHUYHQWRU $UWtFXOR 6LVHGLRSRUWHUPLQDGRHOFRQFXUVRPHUFDQWLOSRUODVFDXVDOHVVHxDODGDVHQODVIUDFFLRQHV ,,,R,9GHODUWtFXORGHHVWD/H\FXDOTXLHU$FUHHGRU5HFRQRFLGRTXHGHQWURGHORVGRVDxRVVLJXLHQWHVD VX WHUPLQDFLyQ SUXHEH OD H[LVWHQFLD GH ELHQHV SRU OR PHQRV VXILFLHQWHV SDUD FXEULU ORV FUpGLWRV D TXH VH UHILHUHHODUWtFXORGHHVWD/H\SRGUiREWHQHUODUHDSHUWXUDGHOFRQFXUVRPHUFDQWLO (OFRQFXUVRPHUFDQWLOVHFRQWLQXDUiHQHOSXQWRHQTXHVHKXELHUHLQWHUUXPSLGR $UWtFXOR /D VHQWHQFLD GH WHUPLQDFLyQ GHO FRQFXUVR PHUFDQWLO VH QRWLILFDUi D WUDYpV GHO %ROHWtQ -XGLFLDORSRUORVHVWUDGRVGHOMX]JDGR $UWtFXOR /D VHQWHQFLD GH WHUPLQDFLyQ GHO FRQFXUVR PHUFDQWLO VHUi DSHODEOH SRU HO &RPHUFLDQWH FXDOTXLHU$FUHHGRU5HFRQRFLGR\HO0LQLVWHULR3~EOLFRDVtFRPRSRUHOYLVLWDGRUHOFRQFLOLDGRURHOVtQGLFRHQ ORVPLVPRVWpUPLQRVTXHODVHQWHQFLDGHFRQFXUVRPHUFDQWLO 7Ë78/2'e&,02 'HORVLQFLGHQWHVUHFXUVRV\PHGLGDVGHDSUHPLR &DStWXOR, ,QFLGHQWHV\UHFXUVRV $UWtFXOR 3DUD HO FRQRFLPLHQWR \ GHFLVLyQ GH ODV GLYHUVDV FXHVWLRQHV TXH VH VXVFLWDUHQ GXUDQWH OD WUDPLWDFLyQGHOFRQFXUVRPHUFDQWLOTXHQR WHQJDQSUHYLVWDXQDVXEVWDQFLDFLyQHVSHFLDOVHSODQWHDUiQSRUHO LQWHUHVDGRDWUDYpVGHODYtDLQFLGHQWDODQWHHOMXH]REVHUYiQGRVHORVVLJXLHQWHVWUiPLWHV , 'HOHVFULWRLQLFLDOGHOLQFLGHQWHVHFRUUHUiWUDVODGRSRUFLQFRGtDVDODSDUWHRDODVSDUWHVLQWHUHVDGDV HQ OD FXHVWLyQ 6H WHQGUiFRPRFRQIHVD D OD SDUWH TXH QR HIHFWXDUH HO GHVDKRJR VDOYR SUXHED HQ FRQWUDULR ,, (Q ORV HVFULWRV GH GHPDQGD LQFLGHQWDO \ FRQWHVWDFLyQ GH pVWD ODV SDUWHV RIUHFHUiQ SUXHEDV H[SUHVDQGRORVSXQWRVVREUHORVTXHGHEDQYHUVDU\TXHQR VHDQH[WUDxRVDODFXHVWLyQLQFLGHQWDO SODQWHDGD ,,, 7UDQVFXUULGRHOSOD]RDTXHVHUHILHUHODIUDFFLyQSULPHUDHOMXH]FLWDUiDXQDDXGLHQFLDGHGHVDKRJR GHSUXHEDV\DOHJDWRVTXHGHEHUiFHOHEUDUVHGHQWURGHORVGLH]GtDVVLJXLHQWHV ,9 &XDQGR ODV SDUWHV RIUH]FDQ ODV SUXHEDV WHVWLPRQLDO R SHULFLDO H[KLELUiQ FRQ HO HVFULWR GH RIUHFLPLHQWRFRSLDGHORVLQWHUURJDWRULRVDOWHQRUGHORVFXDOHVGHEDQVHUH[DPLQDGRVORVWHVWLJRVR GHOFXHVWLRQDULR SDUD ORV SHULWRVVHxDODQGRHO QRPEUH \ GRPLFLOLR GH ORV WHVWLJRV \ HQ VX FDVR GHO SHULWRGHFDGDSDUWH(OMXH]RUGHQDUiTXHVHHQWUHJXHXQDFRSLDDFDGDXQDGHODVSDUWHVSDUDTXH SXHGDQ IRUPXODU SRU HVFULWR R KDFHU YHUEDOPHQWH SUHJXQWDV DO YHULILFDUVH OD DXGLHQFLD 1R VH DGPLWLUiQPiVGHWUHVWHVWLJRVSRUFDGDKHFKR 9 $O SURPRYHUVH OD SUXHED SHULFLDO HO MXH] KDUi OD GHVLJQDFLyQ GH XQ SHULWR R GH ORV TXH HVWLPH QHFHVDULRVVLQSHUMXLFLRGHTXHFDGDSDUWHSXHGDGHVLJQDUWDPELpQXQSHULWRSDUDTXHVHDVRFLHDO QRPEUDGRSRUHOMXH]RULQGDGLFWDPHQSRUVHSDUDGR 9, $ ILQ GH TXH ODV SDUWHV SXHGDQ UHQGLU VXV SUXHEDV HQ OD FLWDGD DXGLHQFLD ORV IXQFLRQDULRV R DXWRULGDGHVWLHQHQREOLJDFLyQGHH[SHGLUFRQWRGDSURQWLWXGDDTXpOODVODVFRSLDVRGRFXPHQWRVTXH VROLFLWHQ DSHUFLELGDV TXH GH QR KDFHUOR VHUiQ REMHWR GH ODV PHGLGDV GH DSUHPLR TXH HO MXH] FRQVLGHUH FRQYHQLHQWHV \ GHMDUiQ GH UHFLELUVH ODV TXH QR VH KD\DQ SUHSDUDGR RSRUWXQDPHQWH SRU IDOWDGHLQWHUpVHQVXGHVDKRJR\ 9,, &RQFOXLGD ODDXGLHQFLD VLQ QHFHVLGDG GH FLWDFLyQ HO MXH] GLFWDUi OD VHQWHQFLD LQWHUORFXWRULD UHODWLYD GHQWURGHOSOD]RGHWUHVGtDV /RVLQFLGHQWHVSODQWHDGRVHQWpUPLQRVGHHVWD/H\QRVXVSHQGHUiQHOSURFHGLPLHQWRSULQFLSDO $UWtFXOR &XDQGR HVWD /H\ QR SUHYHD HO UHFXUVR GH DSHODFLyQ SURFHGHUi OD UHYRFDFLyQ TXH VH WUDPLWDUiFRQIRUPHDODVGLVSRVLFLRQHVGHO&yGLJRGH&RPHUFLR &DStWXOR,, 'HODVPHGLGDVGHDSUHPLR $UWtFXOR (OMXH]SDUDKDFHUFXPSOLUVXVGHWHUPLQDFLRQHVSRGUiHPSOHDUDVXGLVFUHFLyQFXDOTXLHUD GHODVPHGLGDVGHDSUHPLRVLJXLHQWHV , 0XOWD SRU XQ LPSRUWH GH FLHQWR YHLQWH D TXLQLHQWRV GtDV GH VDODULR PtQLPR JHQHUDO YLJHQWH HQ HO 'LVWULWR)HGHUDODOFRPHWHUODLQIUDFFLyQODFXDOSRGUiGXSOLFDUVHHQFDVRGHUHLQFLGHQFLD ,, (ODX[LOLRGHODIXHU]DS~EOLFD\ODIUDFWXUDGHFHUUDGXUDVVLIXHUHQHFHVDULR\ ,,, (ODUUHVWRKDVWDSRUWUHLQWD\VHLVKRUDV 6LHOFDVRH[LJHPD\RUVDQFLyQVHGDUiSDUWHDODDXWRULGDGFRPSHWHQWH $UWtFXOR &XDQGRHQHMHUFLFLRGHODVIDFXOWDGHVTXHOHFRQILHUHHODUWtFXORDQWHULRUHOMXH]VROLFLWHHO DX[LOLR GH OD IXHU]D S~EOLFD ODV DXWRULGDGHV FRPSHWHQWHV HVWDUiQ REOLJDGDV EDMR VX PiV HVWULFWD UHVSRQVDELOLGDGDSUHVWDUWDODX[LOLRFRQODDPSOLWXG\SRUWRGRHOWLHPSRTXHVHDQHFHVDULR 7Ë78/2'e&,0235,0(52 $VSHFWRVSHQDOHVGHOFRQFXUVRPHUFDQWLO &DStWXORÒQLFR 'HORVGHOLWRVHQVLWXDFLyQGHFRQFXUVRPHUFDQWLO $UWtFXOR (O&RPHUFLDQWHGHFODUDGRSRUVHQWHQFLDILUPHHQFRQFXUVRPHUFDQWLOVHUiVDQFLRQDGRFRQ SHQD GH XQR D QXHYH DxRV GH SULVLyQ SRU FXDOTXLHU DFWR R FRQGXFWD GRORVD TXH FDXVH R DJUDYH HO LQFXPSOLPLHQWRJHQHUDOL]DGRHQHOSDJRGHVXVREOLJDFLRQHV 6H SUHVXPLUi VDOYR SUXHED HQ FRQWUDULR TXH HO &RPHUFLDQWH KD FDXVDGR R DJUDYDGR GRORVDPHQWH HO LQFXPSOLPLHQWR JHQHUDOL]DGR HQ HO SDJR GH VXV REOLJDFLRQHV FXDQGR OOHYH VX FRQWDELOLGDG HQ IRUPD TXH QR SHUPLWDFRQRFHUVXYHUGDGHUDVLWXDFLyQILQDQFLHUDRODDOWHUHIDOVLILTXHRGHVWUX\D (OMXH]WHQGUiHQFXHQWDSDUDLQGLYLGXDOL]DUODSHQDODFXDQWtDGHOSHUMXLFLRLQIHULGRDORVDFUHHGRUHV\VX Q~PHUR $UWtFXOR (O &RPHUFLDQWH FRQWUD HO FXDO VH VLJD XQ SURFHGLPLHQWR GH FRQFXUVR PHUFDQWLO VHUi VDQFLRQDGRFRQSHQDGHXQRDWUHVDxRVGHSULVLyQFXDQGRUHTXHULGRSRUHOMXH]GHOFRQFXUVRPHUFDQWLOQR SRQJDVXFRQWDELOLGDGGHQWURGHOSOD]RTXHSDUDHOORHOMXH]FRQFXUVDOOHKXELHUHFRQFHGLGRDGLVSRVLFLyQGH OD SHUVRQD TXH HO MXH] GHVLJQH VDOYR TXH HO &RPHUFLDQWH GHPXHVWUH TXH OH IXH LPSRVLEOH SUHVHQWDUOD SRU FDXVDVGHIXHU]DPD\RURFDVRIRUWXLWR $UWtFXOR &XDQGRHO&RPHUFLDQWHVHDXQDSHUVRQDPRUDOODUHVSRQVDELOLGDGSHQDOUHFDHUiVREUHORV PLHPEURVGHOFRQVHMRGHDGPLQLVWUDFLyQORVDGPLQLVWUDGRUHVGLUHFWRUHVJHUHQWHVROLTXLGDGRUHVGHODPLVPD TXHVHDQDXWRUHVRSDUWtFLSHVGHOGHOLWR $UWtFXOR (O TXH SRU Vt R SRU PHGLR GH RWUD SHUVRQD VROLFLWH HQ HO FRQFXUVR PHUFDQWLO HO UHFRQRFLPLHQWR GH XQ FUpGLWR LQH[LVWHQWH R VLPXODGR VHUi VDQFLRQDGR FRQ SHQD GH XQR D QXHYH DxRV GH SULVLyQ $UWtFXOR /RV GHOLWRV HQ VLWXDFLyQ GH FRQFXUVR PHUFDQWLO VH SHUVHJXLUiQ SRU TXHUHOOD 7HQGUiQ GHUHFKR D TXHUHOODUVH HO &RPHUFLDQWH \ FDGD XQR GH VXV DFUHHGRUHV HVWRV ~OWLPRV DXQ HQ HO FDVR GH TXH DOJ~QRWURDFUHHGRUKXELHVHGHVLVWLGRGHVXTXHUHOODRKXELHUHFRQFHGLGRHOSHUGyQ $UWtFXOR (Q ORV GHOLWRV HQ VLWXDFLyQ GH FRQFXUVR PHUFDQWLO HO MXH] SHQDO QR FRQRFHUi GH OD UHSDUDFLyQGHOGDxRPDWHULDTXHFRUUHVSRQGHDOMXH]GHOFRQFXUVRPHUFDQWLO $UWtFXOR /RVGHOLWRVHQVLWXDFLyQGHFRQFXUVRPHUFDQWLOFRPHWLGRVSRUHO&RPHUFLDQWHSRUSHUVRQDV TXHKD\DQDFWXDGRHQVXQRPEUHRSRUWHUFHURVSRGUiQSHUVHJXLUVHVLQHVSHUDUDODFRQFOXVLyQGHOFRQFXUVR PHUFDQWLO\VLQSHUMXLFLRGHODFRQWLQXDFLyQGHpVWH /DV GHFLVLRQHV GHO MXH] TXH FRQRFH GHO FRQFXUVR PHUFDQWLO QR YLQFXODQ D OD MXULVGLFFLyQ SHQDO 1R VHUi QHFHVDULDFDOLILFDFLyQSDUDSHUVHJXLUHVWRVGHOLWRV 7Ë78/2'e&,026(*81'2 'HODFRRSHUDFLyQHQORVSURFHGLPLHQWRVLQWHUQDFLRQDOHV &DStWXOR, 'LVSRVLFLRQHVJHQHUDOHV $UWtFXOR/DVGLVSRVLFLRQHVGHHVWH7tWXORVHUiQDSOLFDEOHVDORVFDVRVHQTXH , 8Q7ULEXQDO([WUDQMHURRXQ5HSUHVHQWDQWH([WUDQMHURVROLFLWHDVLVWHQFLD HQOD5HS~EOLFD0H[LFDQDHQ UHODFLyQFRQXQ3URFHGLPLHQWR([WUDQMHUR ,, 6H VROLFLWH DVLVWHQFLD HQ XQ (VWDGR H[WUDQMHUR HQ UHODFLyQ FRQ XQ SURFHGLPLHQWR TXH VH HVWp WUDPLWDQGRFRQDUUHJORDHVWD/H\ ,,, 6H HVWpQ WUDPLWDQGR VLPXOWiQHDPHQWH \ UHVSHFWR GH XQ PLVPR &RPHUFLDQWH XQ 3URFHGLPLHQWR ([WUDQMHUR\XQSURFHGLPLHQWRHQOD5HS~EOLFD0H[LFDQDFRQDUUHJORDHVWD/H\R ,9 /RVDFUHHGRUHVXRWUDVSHUVRQDVLQWHUHVDGDVTXHHVWpQHQXQ(VWDGRH[WUDQMHURWHQJDQLQWHUpVHQ VROLFLWDUODDSHUWXUDGHXQSURFHGLPLHQWRRHQSDUWLFLSDUHQXQSURFHGLPLHQWRTXHVHHVWpWUDPLWDQGR FRQDUUHJORDHVWD/H\ $UWtFXOR 3DUDORVILQHVGHHVWH7tWXOR , 3RU3URFHGLPLHQWR([WUDQMHURVHHQWHQGHUiHOSURFHGLPLHQWRFROHFWLYR\DVHDMXGLFLDORDGPLQLVWUDWLYR LQFOXLGRHOGHtQGROHSURYLVLRQDOTXHVHVLJDHQXQ(VWDGRH[WUDQMHURFRQDUUHJORDXQDOH\UHODWLYDDO FRQFXUVRPHUFDQWLOTXLHEUDRLQVROYHQFLDGHO&RPHUFLDQWH\HQYLUWXGGHOFXDOORVELHQHV\QHJRFLRV GHO&RPHUFLDQWHTXHGHQVXMHWRVDOFRQWURORDODVXSHUYLVLyQGHO7ULEXQDO([WUDQMHURDORVHIHFWRVGH VXUHRUJDQL]DFLyQROLTXLGDFLyQ ,, 3RU 3URFHGLPLHQWR ([WUDQMHUR 3ULQFLSDO VH HQWHQGHUiHO 3URFHGLPLHQWR ([WUDQMHUR TXHVHVLJD HQHO (VWDGRGRQGHHO&RPHUFLDQWHWHQJDHOFHQWURGHVXVSULQFLSDOHVLQWHUHVHV ,,, 3RU3URFHGLPLHQWR([WUDQMHURQR3ULQFLSDOVHHQWHQGHUiXQ3URFHGLPLHQWR([WUDQMHURTXHVHVLJDHQ XQ(VWDGRGRQGHHO&RPHUFLDQWHWHQJDXQHVWDEOHFLPLHQWRGHORVGHVFULWRVHQODIUDFFLyQ9,GHHVWH DUWtFXOR ,9 3RU 5HSUHVHQWDQWH ([WUDQMHUR VH HQWHQGHUi OD SHUVRQD R HO yUJDQR LQFOXVR HO GHVLJQDGR D WtWXOR SURYLVLRQDO TXH KD\D VLGR IDFXOWDGR HQ XQ SURFHGLPLHQWR H[WUDQMHUR SDUD DGPLQLVWUDU OD UHRUJDQL]DFLyQ R OD OLTXLGDFLyQ GH ORV ELHQHV R QHJRFLRV GHO &RPHUFLDQWH R SDUD DFWXDU FRPR UHSUHVHQWDQWHGHO3URFHGLPLHQWR([WUDQMHUR 9 3RU7ULEXQDO([WUDQMHURVHHQWHQGHUiODDXWRULGDGMXGLFLDORGH RWUDtQGROHTXHVHDFRPSHWHQWHDORV HIHFWRVGHOFRQWURORODVXSHUYLVLyQGHXQ3URFHGLPLHQWR([WUDQMHUR\ 9, 3RU (VWDEOHFLPLHQWR VH HQWHQGHUi WRGR OXJDU GH RSHUDFLRQHV HQ HO TXH HO &RPHUFLDQWH HMHU]D GH IRUPDQRWUDQVLWRULDXQDDFWLYLGDGHFRQyPLFDFRQPHGLRVKXPDQRV\ELHQHVRVHUYLFLRV $UWtFXOR /DVGLVSRVLFLRQHVGHHVWH7tWXORVHDSOLFDUiQFXDQGRQRVHGLVSRQJDGHRWURPRGRHQORV WUDWDGRVLQWHUQDFLRQDOHVGHORVTXH0p[LFRVHDSDUWHVDOYRTXHQRH[LVWDUHFLSURFLGDGLQWHUQDFLRQDO $UWtFXOR /DVIXQFLRQHVDODVTXHVHUHILHUHHVWH7tWXORUHODWLYDVDOUHFRQRFLPLHQWRGH3URFHGLPLHQWRV ([WUDQMHURV \ HQ PDWHULD GH FRRSHUDFLyQ FRQ 7ULEXQDOHV ([WUDQMHURV VHUiQ HMHUFLGDV GH DFXHUGR FRQ ODV GLVSRVLFLRQHVGHHVWD/H\SRUHOMXH]HO,QVWLWXWRRODSHUVRQDTXHHVWH~OWLPRGHVLJQH $UWtFXOR (O YLVLWDGRU HO FRQFLOLDGRU R HO VtQGLFR HVWDUiQ IDFXOWDGRV SDUD DFWXDU HQ XQ (VWDGR H[WUDQMHUR HQ OD PHGLGD HQ TXH OR SHUPLWD OD OH\ H[WUDQMHUD DSOLFDEOH HQ UHSUHVHQWDFLyQ GH XQ FRQFXUVR PHUFDQWLOTXHVHKD\DDELHUWRHQOD5HS~EOLFD0H[LFDQDGHDFXHUGRFRQHVWD/H\ $UWtFXOR 1DGDGHORGLVSXHVWRHQHVWH7tWXORSRGUiLQWHUSUHWDUVHHQXQVHQWLGRTXHVHDFRQWUDULRDOR GLVSXHVWR HQ ORV 7tWXORV , D ;, \ ;,,, GH HVWD /H\ R GH FXDOTXLHU PDQHUD TXH VHD FRQWUDULD D ORV SULQFLSLRV IXQGDPHQWDOHV GH GHUHFKR LPSHUDQWHV HQ OD 5HS~EOLFD 0H[LFDQD (Q FRQVHFXHQFLD HO MXH] HO ,QVWLWXWR HO YLVLWDGRU HO FRQFLOLDGRU R HO VtQGLFR VH QHJDUiQ D DGRSWDU XQD PHGLGD FXDQGR pVWD VHD FRQWUDULD D OR GLVSXHVWRHQWDOHV7tWXORVRSXGLHUDYLRODUORVSULQFLSLRVPHQFLRQDGRV $UWtFXOR 1DGD GH OR GLVSXHVWR HQ HVWH 7tWXOR OLPLWDUi ODV IDFXOWDGHV TXH SXHGD WHQHU HO MXH] HO ,QVWLWXWRHOYLVLWDGRUHOFRQFLOLDGRURHOVtQGLFRSDUDSUHVWDUDVLVWHQFLDDGLFLRQDODO5HSUHVHQWDQWH([WUDQMHUR FRQDUUHJORDRWUDVGLVSRVLFLRQHVOHJDOHVHQYLJRUHQ0p[LFR $UWtFXOR (Q OD LQWHUSUHWDFLyQ GH ODV GLVSRVLFLRQHV GH HVWH 7tWXOR KDEUiQ GH WHQHUVH HQ FXHQWD VX RULJHQLQWHUQDFLRQDO\ODQHFHVLGDGGHSURPRYHUODXQLIRUPLGDGGHVXDSOLFDFLyQ\ODREVHUYDQFLDGHODEXHQD IH &DStWXOR,, 'HODFFHVRGHORVUHSUHVHQWDQWHV\DFUHHGRUHVH[WUDQMHURVDORVWULEXQDOHVPH[LFDQRV $UWtFXOR 6XMHWR D ODV GLVSRVLFLRQHV GH HVWD /H\ WRGR 5HSUHVHQWDQWH ([WUDQMHUR HVWDUi OHJLWLPDGR SDUDFRPSDUHFHUGLUHFWDPHQWHDQWHHOMXH]HQORVSURFHGLPLHQWRVTXHUHJXODHVWD/H\ $UWtFXOR (OVRORKHFKRGHODSUHVHQWDFLyQGHXQDVROLFLWXGSRUXQ5HSUHVHQWDQWH([WUDQMHURDQWHXQ WULEXQDOGHOD5HS~EOLFD0H[LFDQDFRQDUUHJORDODVGLVSRVLFLRQHVGHHVWH7tWXORQRVXSRQHODVXPLVLyQ GH pVWHQLGHORVELHQHV\QHJRFLRVGHO&RPHUFLDQWHHQHOH[WUDQMHURDODMXULVGLFFLyQGHORVWULEXQDOHVPH[LFDQRV SDUDHIHFWRDOJXQRTXHVHDGLVWLQWRGHODVROLFLWXG $UWtFXOR 7RGR 5HSUHVHQWDQWH ([WUDQMHUR HVWDUi IDFXOWDGR SDUDVROLFLWDU OD DSHUWXUD GH XQ FRQFXUVR PHUFDQWLO FRQ DUUHJOR D HVWD /H\ VL SRU OR GHPiV VH FXPSOHQ ODV FRQGLFLRQHV SDUD OD DSHUWXUD GH HVH SURFHGLPLHQWR $UWtFXOR $ SDUWLU GHO UHFRQRFLPLHQWR GH XQ 3URFHGLPLHQWR ([WUDQMHUR HO 5HSUHVHQWDQWH ([WUDQMHUR HVWDUiIDFXOWDGRSDUDSDUWLFLSDUHQFXDOTXLHUFRQFXUVRPHUFDQWLOTXHVHKD\DDELHUWRFRQDUUHJORDHVWD/H\ $UWtFXOR 6DOYR OR GLVSXHVWR HQ HO VHJXQGR SiUUDIR ORV DFUHHGRUHV H[WUDQMHURV JR]DUiQ GH ORV PLVPRVGHUHFKRVTXHORVDFUHHGRUHVQDFLRQDOHVUHVSHFWRGHODDSHUWXUDGHXQSURFHGLPLHQWRHQHVWH(VWDGR \GHODSDUWLFLSDFLyQHQpOFRQDUUHJORDHVWD/H\ /RGLVSXHVWRHQHOSULPHUSiUUDIRGHHVWHDUWtFXORQRDIHFWDUiDORUGHQGHSUHODFLyQGHORVFUpGLWRVHQXQ FRQFXUVRPHUFDQWLOGHFODUDGRFRQDUUHJORDHVWD/H\VDOYRTXHQRVHDVLJQDUiDORVFUpGLWRVGHDFUHHGRUHV H[WUDQMHURVXQDSUHODFLyQLQIHULRUDODGHORVDFUHHGRUHVFRPXQHV $UWtFXOR 6LHPSUH TXH FRQ DUUHJOR D HVWD /H\ VH KD\D GH QRWLILFDU DOJ~Q SURFHGLPLHQWR D ORV DFUHHGRUHV TXH UHVLGDQ HQ OD 5HS~EOLFD 0H[LFDQD HVD QRWLILFDFLyQ GHEHUi SUDFWLFDUVH WDPELpQ D ORV DFUHHGRUHVH[WUDQMHURVFX\RGRPLFLOLRVHDFRQRFLGR\TXHQRWHQJDQXQGRPLFLOLRGHQWURGHOWHUULWRULRQDFLRQDO (OMXH]GHEHUiRUGHQDUTXHVHWRPHQODVPHGLGDVOHJDOHVSHUWLQHQWHVDILQGHQRWLILFDUDWRGRDFUHHGRUFX\R GRPLFLOLRD~QQRVHFRQR]FD (VDQRWLILFDFLyQGHEHUiSUDFWLFDUVHDFDGDXQRGHORVDFUHHGRUHVH[WUDQMHURVSRUVHSDUDGRDQRVHUTXH HOMXH]FRQVLGHUHTXHDOJXQDRWUDIRUPDGHQRWLILFDFLyQVHDPiVDGHFXDGDHQODVFLUFXQVWDQFLDVGHOFDVR1R VHUHTXHULUiFDUWDURJDWRULDQLQLQJXQDRWUDIRUPDOLGDGVLPLODU &XDQGRVHKD\DGHQRWLILFDUDORVDFUHHGRUHVH[WUDQMHURVODDSHUWXUDGHXQSURFHGLPLHQWRODQRWLILFDFLyQ DGHPiVGHEHUi , 6HxDODUXQSOD]RGHFXDUHQWD\FLQFRGtDVQDWXUDOHVSDUDODSUHVHQWDFLyQGHORVFUpGLWRVHLQGLFDUHO OXJDUHQHOTXHVHKD\DGHHIHFWXDUHVDSUHVHQWDFLyQ ,, ,QGLFDUVLORVDFUHHGRUHVFRQFUpGLWRVJDUDQWL]DGRVQHFHVLWDQSUHVHQWDUHVRVFUpGLWRV\ ,,, &RQWHQHUFXDOTXLHURWUDLQIRUPDFLyQUHTXHULGDSDUDHVDQRWLILFDFLyQFRQIRUPHDODVOH\HVPH[LFDQDV \DODVUHVROXFLRQHVGHOMXH] &DStWXOR,,, 'HOUHFRQRFLPLHQWRGHXQSURFHGLPLHQWRH[WUDQMHUR\PHGLGDVRWRUJDEOHV $UWtFXOR (O5HSUHVHQWDQWH([WUDQMHURSRGUiVROLFLWDUDQWHHOMXH]HOUHFRQRFLPLHQWRGHO3URFHGLPLHQWR ([WUDQMHURHQHOTXHKD\DVLGRQRPEUDGR 7RGDVROLFLWXGGHUHFRQRFLPLHQWRGHEHUiSUHVHQWDUVHDFRPSDxDGDGH , 8QD FRSLD FHUWLILFDGD SRU HO 7ULEXQDO ([WUDQMHUR GH OD UHVROXFLyQ SRU OD TXH VH GHFODUH DELHUWR HO 3URFHGLPLHQWR([WUDQMHUR\VHQRPEUHHO5HSUHVHQWDQWH([WUDQMHUR ,, 8Q FHUWLILFDGR H[SHGLGR SRU HO 7ULEXQDO ([WUDQMHUR HQ HO TXH VH DFUHGLWH OD H[LVWHQFLD GHO 3URFHGLPLHQWR([WUDQMHUR\HOQRPEUDPLHQWRGHO5HSUHVHQWDQWH([WUDQMHURR ,,, (QDXVHQFLDGHXQDSUXHEDFRQIRUPHDODVIUDFFLRQHV,\,,DFRPSDxDGDGHFXDOTXLHU RWUD SUXHED DGPLVLEOH SRU HO MXH] GH OD H[LVWHQFLD GHO 3URFHGLPLHQWR ([WUDQMHUR \ GHO QRPEUDPLHQWR GHO 5HSUHVHQWDQWH([WUDQMHUR 7RGD VROLFLWXG GH UHFRQRFLPLHQWR GHEHUi SUHVHQWDUVH DFRPSDxDGD GH XQD GHFODUDFLyQ HQ OD TXH VH LQGLTXHQGHELGDPHQWH ORVGDWRV GH WRGRVORV 3URFHGLPLHQWRV ([WUDQMHURV DELHUWRV UHVSHFWR GHO &RPHUFLDQWH GHORVTXHWHQJDFRQRFLPLHQWRHO5HSUHVHQWDQWH([WUDQMHUR (OMXH]GHEHUiH[LJLUTXHWRGRGRFXPHQWRSUHVHQWDGRHQLGLRPDH[WUDQMHURHQDSR\RGHXQDVROLFLWXGGH UHFRQRFLPLHQWRVHDDFRPSDxDGRGHVXWUDGXFFLyQDOHVSDxRO ,JXDOPHQWHVHGHEHUiH[SUHVDUHO'RPLFLOLRGHO&RPHUFLDQWHSDUDHOHIHFWRGHTXHVHOHHPSODFHFRQOD VROLFLWXG (O SURFHGLPLHQWR VH WUDPLWDUi FRPR LQFLGHQWH HQWUH HO 5HSUHVHQWDQWH ([WUDQMHUR \ HO &RPHUFLDQWH FRQLQWHUYHQFLyQVHJ~QVHDHOFDVRGHOYLVLWDGRUHOFRQFLOLDGRURHOVtQGLFR $UWtFXOR &XDQGR VH VROLFLWH HO UHFRQRFLPLHQWR GH XQ SURFHGLPLHQWR H[WUDQMHUR UHVSHFWR GH XQ &RPHUFLDQWHTXHWHQJDXQ(VWDEOHFLPLHQWRHQ0p[LFRVHGHEHUiQREVHUYDUODVGLVSRVLFLRQHVGHO&DStWXOR,9 GHO7tWXOR3ULPHURGHHVWD/H\LQFOXLGDVODVUHODWLYDVDODLPSRVLFLyQGHSURYLGHQFLDVSUHFDXWRULDV /DVHQWHQFLDDTXHVHUHILHUHHODUWtFXORGHOSUHVHQWHRUGHQDPLHQWRFRQWHQGUiDGHPiVODGHFODUDFLyQ GHTXHVHUHFRQRFHHO3URFHGLPLHQWRR3URFHGLPLHQWRV([WUDQMHURVGHTXHVHWUDWH (OFRQFXUVRPHUFDQWLOVHUHJLUiSRUODVGLVSRVLFLRQHVGHHVWD/H\ $UWtFXOR 6LHO&RPHUFLDQWHQRWLHQHXQ(VWDEOHFLPLHQWRHQOD5HS~EOLFDHOSURFHGLPLHQWRVHVHJXLUi HQWUHHO5HSUHVHQWDQWH([WUDQMHUR\HO&RPHUFLDQWH (OMXLFLRVHWUDPLWDUiVLJXLHQGRODVGLVSRVLFLRQHVTXHSDUDORVLQFLGHQWHVVHFRQWLHQHQHQHO7tWXORGpFLPR GH HVWD /H\ /D SHUVRQD TXH SLGD HO UHFRQRFLPLHQWR GHEHUi VHxDODU HO GRPLFLOLR GHO &RPHUFLDQWH SDUD ORV HIHFWRVGHOHPSOD]DPLHQWR $UWtFXOR 6LODUHVROXFLyQRHOFHUWLILFDGRGHORVTXHVHWUDWDHQODIUDFFLyQ,GHODUWtFXORGHHVWD /H\LQGLFDQTXHHO3URFHGLPLHQWR([WUDQMHURHVXQSURFHGLPLHQWRGHORVGHVFULWRVHQODIUDFFLyQ,GHODUWtFXOR DQWHULRU\TXHHO5HSUHVHQWDQWH([WUDQMHURHVXQDSHUVRQDRXQyUJDQRGHDFXHUGRFRQODIUDFFLyQ,9GHO PHQFLRQDGRDUWtFXORHOMXH]SRGUiSUHVXPLUTXHHOORHVDVt (O MXH] HVWDUi IDFXOWDGR SDUD SUHVXPLU TXH ORV GRFXPHQWRV TXH OH VHDQ SUHVHQWDGRV HQ DSR\R GH OD VROLFLWXGGHUHFRQRFLPLHQWRVRQDXWpQWLFRVHVWpQRQROHJDOL]DGRV 6DOYRSUXHEDHQFRQWUDULRVHSUHVXPLUiTXHHO'RPLFLOLRVRFLDOGHO&RPHUFLDQWHRVXUHVLGHQFLDKDELWXDO VLVHWUDWDGHXQDSHUVRQDItVLFDHVHOFHQWURGHVXVSULQFLSDOHVLQWHUHVHV $UWtFXOR 6DOYR OR GLVSXHVWR HQ HO DUWtFXOR GH HVWD /H\ VH RWRUJDUi UHFRQRFLPLHQWR D XQ 3URFHGLPLHQWR([WUDQMHURFXDQGR , (O3URFHGLPLHQWR([WUDQMHURVHDXQSURFHGLPLHQWRHQHOVHQWLGRGHODIUDFFLyQ,GHODQWHULRUDUWtFXOR ,, (O 5HSUHVHQWDQWH ([WUDQMHUR TXH VROLFLWH HO UHFRQRFLPLHQWR VHD XQD SHUVRQD R XQ yUJDQR HQ HO VHQWLGRGHODIUDFFLyQ,9GHOFLWDGRDUWtFXOR ,,, /DVROLFLWXGFXPSODORVUHTXLVLWRVGHORVDUWtFXORV\GH HVWD/H\VHJ~QVHDHOFDVR\ ,9 /DVROLFLWXGKD\DVLGRSUHVHQWDGDDOWULEXQDOFRPSHWHQWH 6HUHFRQRFHUiHO3URFHGLPLHQWR([WUDQMHUR , &RPR3URFHGLPLHQWR([WUDQMHUR3ULQFLSDOVLVHHVWiWUDPLWDQGRHQHO(VWDGRGRQGHHO&RPHUFLDQWH WHQJDHOFHQWURGHVXVSULQFLSDOHVLQWHUHVHVR ,, &RPR 3URFHGLPLHQWR ([WUDQMHUR QR 3ULQFLSDO VL HO &RPHUFLDQWH WLHQH HQ HO WHUULWRULR GHO (VWDGR GHO IRURH[WUDQMHURXQ(VWDEOHFLPLHQWRHQHOVHQWLGRGHODIUDFFLyQ9,GHOPHQFLRQDGRDUWtFXOR $UWtFXOR $ SDUWLU GHO PRPHQWR HQ TXH VH SUHVHQWH OD VROLFLWXG GH UHFRQRFLPLHQWR GH XQ 3URFHGLPLHQWR([WUDQMHURHO5HSUHVHQWDQWH([WUDQMHURLQIRUPDUiVLQGHPRUDDOMXH]GH , 7RGR FDPELR LPSRUWDQWH HQ OD VLWXDFLyQ GHO 3URFHGLPLHQWR ([WUDQMHUR UHFRQRFLGR R HQ HO QRPEUDPLHQWRGHO5HSUHVHQWDQWH([WUDQMHUR\ ,, 7RGR RWUR 3URFHGLPLHQWR ([WUDQMHUR TXH VH VLJD UHVSHFWR GHO PLVPR &RPHUFLDQWH \ GHO TXH WHQJD FRQRFLPLHQWRHO5HSUHVHQWDQWH([WUDQMHUR $UWtFXOR 'HVGH OD SUHVHQWDFLyQ GH XQD VROLFLWXG GH UHFRQRFLPLHQWR KDVWD TXH VH UHVXHOYD HVD VROLFLWXGHOMXH]SRGUiDVROLFLWXGGHOYLVLWDGRUGHOFRQFLOLDGRURGHOVtQGLFRTXLHQHVDFWXDUiQDLQVWDQFLDGHO 5HSUHVHQWDQWH ([WUDQMHUR \ FXDQGR ODV PHGLGDV VHDQ QHFHVDULDV \ XUJHQWHV SDUD SURWHJHU ORV ELHQHV GHO &RPHUFLDQWHRORVLQWHUHVHVGHORVDFUHHGRUHVRWRUJDUPHGLGDVSUHFDXWRULDVLQFOXLGDVODVVLJXLHQWHV , 6XVSHQGHUWRGDPHGLGDGHHMHFXFLyQFRQWUDORVELHQHVGHO&RPHUFLDQWH ,, 4XHODSHUVRQDQRPEUDGDSRUHO,QVWLWXWRSXHGDGHVLJQDUDODGPLQLVWUDGRURHMHFXWRUGHWRGRVRGH SDUWH GH ORV ELHQHV GHO &RPHUFLDQWH TXH VH HQFXHQWUHQ HQ HO WHUULWRULR QDFLRQDO SDUD SURWHJHU \ SUHVHUYDU HO YDORU GH DTXHOORV TXH SRU VX QDWXUDOH]D R SRU FLUFXQVWDQFLDV FRQFXUUHQWHV VHDQ SHUHFHGHURVVXVFHSWLEOHVGHGHSUHFLDFLyQRHVWpQDPHQD]DGRVSRUFXDOTXLHURWUDFDXVDSXGLHQGR GLFKDGHVLJQDFLyQUHFDHUHQHO5HSUHVHQWDQWH([WUDQMHUR\ ,,, $SOLFDU FXDOTXLHUD GH ODV PHGLGDV SUHYLVWDV HQ ODV IUDFFLRQHV ,,, ,9 \ 9, GHO SiUUDIR SULPHUR GHO DUWtFXORGHHVWD/H\ 3DUDODDGRSFLyQ GH ODVPHGLGDV SUHFDXWRULDVD TXH VH UHILHUHHVWH DUWtFXOR VH GHEHUiQ REVHUYDUHQ OR TXHVHDSURFHGHQWHODVGLVSRVLFLRQHVGHOSUHVHQWHRUGHQDPLHQWRUHODWLYDVDODVPHGLGDVSUHFDXWRULDV $PHQRVTXHVHSURUURJXHQFRQIRUPHDORSUHYLVWRHQODIUDFFLyQ9GHOSULPHUSiUUDIRGHODUWtFXORGH HVWD /H\ ODV PHGLGDV RWRUJDGDV FRQ DUUHJOR DO SUHVHQWH DUWtFXOR TXHGDUiQ VLQ HIHFWR FXDQGR VH GLFWH XQD UHVROXFLyQVREUHODVROLFLWXGGHUHFRQRFLPLHQWR (OMXH]SRGUiGHQHJDUWRGDPHGLGDSUHYLVWDHQHOSUHVHQWHDUWtFXORFXDQGRHVDPHGLGDDIHFWHDOGHVDUUROOR GHXQ3URFHGLPLHQWR([WUDQMHUR3ULQFLSDO &XDQGR HO &RPHUFLDQWH WHQJD XQ HVWDEOHFLPLHQWR GHQWUR GH OD 5HS~EOLFD 0H[LFDQD SDUD VROLFLWDU ODV PHGLGDV D TXH VH UHILHUH HVWH DUWtFXOR VHUi QHFHVDULR GHPDQGDU HO UHFRQRFLPLHQWR GHO 3URFHGLPLHQWR ([WUDQMHURGHTXHVHWUDWH $UWtFXOR $SDUWLUGHOUHFRQRFLPLHQWRGHXQ3URFHGLPLHQWR([WUDQMHUR3ULQFLSDO , 6HVXVSHQGHUiWRGDPHGLGDGHHMHFXFLyQFRQWUDORVELHQHVGHO&RPHUFLDQWH\ ,, 6HVXVSHQGHUiWRGRGHUHFKRDWUDQVPLWLURJUDYDUORVELHQHVGHO&RPHUFLDQWHDVtFRPRDGLVSRQHU GHDOJ~QRWURPRGRGHHVRVELHQHV (ODOFDQFHODPRGLILFDFLyQ\ODH[WLQFLyQGHORVHIHFWRVGHSDUDOL]DFLyQ\VXVSHQVLyQGHTXHWUDWDHOSULPHU SiUUDIR GH HVWH DUWtFXOR HVWDUiQ VXSHGLWDGRV D OR HVWDEOHFLGR HQ HO &DStWXOR , GHO 7tWXOR 7HUFHUR GH HVWH RUGHQDPLHQWRVREUHODVXVSHQVLyQGHORVSURFHGLPLHQWRVGHHMHFXFLyQGXUDQWHHOSHULRGRGH&RQFLOLDFLyQ $UWtFXOR 'HVGHHO UHFRQRFLPLHQWR GHXQ 3URFHGLPLHQWR ([WUDQMHURGHVHU QHFHVDULR SDUD SURWHJHU ORV ELHQHV GHO &RPHUFLDQWH R ORV LQWHUHVHV GH ORV DFUHHGRUHV HO 5HSUHVHQWDQWH ([WUDQMHUR SRGUi LQVWDU DO YLVLWDGRUDOFRQFLOLDGRURDOVtQGLFRSDUDTXHVROLFLWHQDOMXH]WRGDPHGLGDDSURSLDGDLQFOXLGDVODVVLJXLHQWHV , 6XVSHQGHU WRGD PHGLGD GH HMHFXFLyQ FRQWUD ORV ELHQHV GHO &RPHUFLDQWH HQ FXDQWR QR VH KD\D SDUDOL]DGRFRQDUUHJORDODIUDFFLyQ,GHOSULPHUSiUUDIRGHODUWtFXORGHHVWD/H\ ,, 6XVSHQGHU HO HMHUFLFLR GHO GHUHFKR D WUDQVPLWLU R JUDYDU ORV ELHQHV GHO &RPHUFLDQWH DVt FRPR D GLVSRQHU GH HVRV ELHQHV GH DOJ~Q RWUR PRGR HQ FXDQWR QR VH KD\D VXVSHQGLGR HVH GHUHFKR FRQ DUUHJORDODQWHULRUDUWtFXOR ,,, 'LVSRQHU ODSUHVHQWDFLyQGHSUXHEDVRHOVXPLQLVWURGHLQIRUPDFLyQUHVSHFWRGHORVELHQHVQHJRFLRV GHUHFKRVREOLJDFLRQHVRUHVSRQVDELOLGDGHVGHO&RPHUFLDQWH ,9 (QFRPHQGDUDO5HSUHVHQWDQWH([WUDQMHURDOYLVLWDGRUDOFRQFLOLDGRURDOVtQGLFRODDGPLQLVWUDFLyQR ODUHDOL]DFLyQGHWRGRVRGH SDUWHGHORVELHQHVGHO&RPHUFLDQWHTXHVHHQFXHQWUHQHQHOWHUULWRULR QDFLRQDO 9 3URUURJDUWRGDPHGLGDFDXWHODURWRUJDGDFRQDUUHJORDOSULPHUSiUUDIRGHOFLWDGRDUWtFXOR\ 9, &RQFHGHUFXDOTXLHURWUDPHGLGDTXHFRQIRUPHDODOHJLVODFLyQPH[LFDQDVHDRWRUJDEOHDOYLVLWDGRU DOFRQFLOLDGRURDOVtQGLFR $ SDUWLU GHO UHFRQRFLPLHQWR GH XQ 3URFHGLPLHQWR ([WUDQMHUR HO 5HSUHVHQWDQWH ([WUDQMHUR SRGUi LQVWDU DO YLVLWDGRU DO FRQFLOLDGRU R DO VtQGLFR SDUD TXH HQFRPLHQGHQ DO 5HSUHVHQWDQWH ([WUDQMHUR R D RWUD SHUVRQD GHVLJQDGDSRUHO,QVWLWXWRODGLVWULEXFLyQGHWRGRVRGHSDUWHGHORVELHQHVGHO&RPHUFLDQWHTXHVHHQFXHQWUHQ HQHOWHUULWRULRQDFLRQDOVLHPSUHTXHHOMXH]VHDVHJXUHGHTXHORVLQWHUHVHVGHORVDFUHHGRUHVGRPLFLOLDGRV HQ0p[LFRHVWiQVXILFLHQWHPHQWHSURWHJLGRV $O GHFUHWDU ODV PHGLGDV SUHYLVWDV HQ HVWH DUWtFXOR DO UHSUHVHQWDQWH GH XQ 3URFHGLPLHQWR ([WUDQMHUR QR 3ULQFLSDOHOMXH]GHEHUiDVHJXUDUVHGHTXHODVPHGLGDVDVtDFRUGDGDVDWDxHQDELHQHVTXHFRQDUUHJORDODV OH\HV PH[LFDQDV KD\DQ GH VHU DGPLQLVWUDGRV HQ HO PDUFR GHO 3URFHGLPLHQWR ([WUDQMHUR QR 3ULQFLSDO R TXH DWDxHQDLQIRUPDFLyQUHTXHULGDHQHVH3URFHGLPLHQWR([WUDQMHURQR3ULQFLSDO $UWtFXOR $OFRQFHGHURGHQHJDUXQDPHGLGDHQORVWpUPLQRVGHORVDUWtFXORVRGH HVWD/H\R DO PRGLILFDU R GHMDU VLQ HIHFWR HVD PHGLGD FRQ EDVH HQ HO WHUFHU SiUUDIR GH HVWH DUWtFXOR HO MXH] GHEHUi DVHJXUDUVH GH TXH TXHGDQ GHELGDPHQWH SURWHJLGRV ORV LQWHUHVHV GH ORV DFUHHGRUHV \ GH RWUDV SHUVRQDV LQWHUHVDGDVLQFOXLGRHO&RPHUFLDQWH (O MXH] SRGUi VXSHGLWDU WRGD PHGLGD GHFUHWDGD FRQ DUUHJOR D ORV DUWtFXORV R GH HVWD /H\ D ODV FRQGLFLRQHVTXHMX]JXHFRQYHQLHQWHV $ LQVWDQFLD GHO 5HSUHVHQWDQWH ([WUDQMHUR R GH WRGD SHUVRQD DIHFWDGD SRU DOJXQD PHGLGD GHFUHWDGD DO WHQRUGHORVFLWDGRVDUWtFXORVR RGHRILFLRHOMXH]SRGUiPRGLILFDURGHMDUVLQHIHFWRODPHGLGD(O WUiPLWHVHKDUiHQODYtDLQFLGHQWDO\FRQDXGLHQFLDGHOYLVLWDGRUHOFRQFLOLDGRURHOVtQGLFRVLORVKXELHUH $UWtFXOR $ SDUWLU GHO UHFRQRFLPLHQWR GH XQ 3URFHGLPLHQWR ([WUDQMHUR HO 5HSUHVHQWDQWH ([WUDQMHUR HVWDUiOHJLWLPDGRSDUDSHGLUDOYLVLWDGRUFRQFLOLDGRURDOVtQGLFRTXHLQLFLHODVDFFLRQHVGH UHFXSHUDFLyQ GH ELHQHVTXHSHUWHQHFHQDOD0DVD\GHQXOLGDGGHDFWRVFHOHEUDGRVHQIUDXGHGHDFUHHGRUHVDTXHVHUHILHUHQ HO&DStWXOR9,GHO7tWXOR7HUFHUR\ORVDUWtFXORV\GHODSUHVHQWH/H\ $UWtFXOR 'HVGH HO UHFRQRFLPLHQWR GH XQ 3URFHGLPLHQWR ([WUDQMHUR HO 5HSUHVHQWDQWH ([WUDQMHUR SRGUi VHU DXWRUL]DGR SDUD LQWHUYHQLU HQ ORV SURFHGLPLHQWRV D TXH VH UHILHUHQ ORV DUWtFXORV \ GH HVWH RUGHQDPLHQWR &DStWXOR,9 'HODFRRSHUDFLyQFRQWULEXQDOHV\UHSUHVHQWDQWHVH[WUDQMHURV $UWtFXOR (QORVDVXQWRVLQGLFDGRVHQHODUWtFXORGHHVWD/H\HOMXH]HOYLVLWDGRUHOFRQFLOLDGRUR HO VtQGLFR GHEHUiQ FRRSHUDU HQ HO HMHUFLFLR GH VXV IXQFLRQHV \ HQ OD PHGLGD HQ TXH VHD SRVLEOH FRQ ORV WULEXQDOHV\UHSUHVHQWDQWHVH[WUDQMHURV (OMXH]HOYLVLWDGRUHOFRQFLOLDGRURHOVtQGLFRHVWDUiQIDFXOWDGRV HQHO HMHUFLFLRGH VXVIXQFLRQHV SDUD SRQHUVH HQ FRPXQLFDFLyQ GLUHFWD VLQ TXH VHDQ QHFHVDULDV FDUWDV URJDWRULDV X RWUDV IRUPDOLGDGHV FRQ ORV WULEXQDOHVRORVUHSUHVHQWDQWHVH[WUDQMHURV $UWtFXOR /D FRRSHUDFLyQ GH OD TXH VH WUDWD HQ HO DUWtFXOR SRGUi VHU SXHVWD HQ SUiFWLFD SRU FXDOTXLHUPHGLRDSURSLDGR\HQSDUWLFXODUPHGLDQWH , (O QRPEUDPLHQWR GH XQD SHUVRQD R GH XQ yUJDQR SDUD TXH DFW~H EDMR OD GLUHFFLyQ GHO MXH] GHO FRQFLOLDGRUGHOYLVLWDGRURGHOVtQGLFR ,, /D FRPXQLFDFLyQ GH LQIRUPDFLyQ SRU FXDOTXLHU PHGLR TXH HO MXH] HO YLVLWDGRU HO FRQFLOLDGRU R HO VtQGLFRFRQVLGHUHQRSRUWXQR ,,, /DFRRUGLQDFLyQGHODDGPLQLVWUDFLyQ\ODVXSHUYLVLyQGHORVELHQHV\QHJRFLRVGHO&RPHUFLDQWH ,9 /D DSUREDFLyQ R OD DSOLFDFLyQ SRU ORV WULEXQDOHV GH ORV DFXHUGRV UHODWLYRV D OD FRRUGLQDFLyQ GH ORV SURFHGLPLHQWRV\ 9 /D FRRUGLQDFLyQ GH ORV SURFHGLPLHQWRV TXH VH HVWpQ VLJXLHQGR VLPXOWiQHDPHQWH UHVSHFWR GH XQ PLVPR&RPHUFLDQWH &DStWXOR9 'HORVSURFHGLPLHQWRVSDUDOHORV $UWtFXOR /RVHIHFWRVGHOUHFRQRFLPLHQWRGHXQ 3URFHGLPLHQWR ([WUDQMHUR 3ULQFLSDO \ OD FRQVWLWXFLyQ HQHVWDGRGHFRQFXUVRPHUFDQWLODXQ&RPHUFLDQWHH[WUDQMHURUHVSHFWRGHOHVWDEOHFLPLHQWRTXHWHQJDHQOD 5HS~EOLFD0H[LFDQD\ORVHIHFWRVGHOUHFRQRFLPLHQWRGHXQ 3URFHGLPLHQWR([WUDQMHUR3ULQFLSDOUHVSHFWRGHXQ &RPHUFLDQWH TXH VyOR WHQJD ELHQHV GHQWUR GH OD 5HS~EOLFD 0H[LFDQD VH OLPLWDUiQ DO HVWDEOHFLPLHQWR GHO &RPHUFLDQWHTXHVHHQFXHQWUHGHQWURGHOD5HS~EOLFD\HQODPHGLGDUHTXHULGDSDUDODSXHVWDHQSUiFWLFDGH OD FRRSHUDFLyQ \ FRRUGLQDFLyQ SUHYLVWDV HQ ORV DUWtFXORV \ GH OD SUHVHQWH /H\ D RWURV ELHQHV GHO &RPHUFLDQWHTXHFRQDUUHJORDOGHUHFKRPH[LFDQRGHEDQVHUDGPLQLVWUDGRVHQHVWHSURFHGLPLHQWR $UWtFXOR &XDQGR VH HVWpQ WUDPLWDQGR VLPXOWiQHDPHQWH \ UHVSHFWR GH XQ PLVPR &RPHUFLDQWH XQ 3URFHGLPLHQWR([WUDQMHUR\XQSURFHGLPLHQWRFRQDUUHJORDHVWD/H\HOMXH]SURFXUDUiFRODERUDU\FRRUGLQDU VXV DFWXDFLRQHV FRQ ODV GHO RWUR SURFHGLPLHQWR FRQIRUPH D OR GLVSXHVWR HQ ORV DUWtFXORV \ GH OD PLVPDHQORVWpUPLQRVVLJXLHQWHV , &XDQGRHOSURFHGLPLHQWRVHJXLGRHQ0p[LFRHVWpHQFXUVRHQHOPRPHQWRGHSUHVHQWDUVHODVROLFLWXG GHUHFRQRFLPLHQWRGHO3URFHGLPLHQWR([WUDQMHUR D 7RGDPHGLGDRWRUJDGDFRQDUUHJORDORVDQWHULRUHVDUWtFXORVRGHEHUiVHUFRPSDWLEOH FRQHOSURFHGLPLHQWRVHJXLGRHQ0p[LFR\ E 'H UHFRQRFHUVH HO 3URFHGLPLHQWR ([WUDQMHUR HQ 0p[LFR FRPR 3URFHGLPLHQWR ([WUDQMHUR 3ULQFLSDOHODUWtFXORGHHVWD/H\QRVHUiDSOLFDEOH ,, &XDQGRHOSURFHGLPLHQWRVHJXLGRHQ0p[LFRVHLQLFLHWUDVHOUHFRQRFLPLHQWRRXQDYH]SUHVHQWDGDOD VROLFLWXGGHUHFRQRFLPLHQWRGHO3URFHGLPLHQWR([WUDQMHUR D 7RGD PHGLGD TXH HVWXYLHUD HQ YLJRU FRQ DUUHJOR D ORV PHQFLRQDGRV DUWtFXORV R VHUi UHH[DPLQDGD SRU HO MXH] \ PRGLILFDGD R UHYRFDGD HQ FDVR GH VHU LQFRPSDWLEOH FRQ HO SURFHGLPLHQWRHQ0p[LFR\ E 'HKDEHUVHUHFRQRFLGRHO3URFHGLPLHQWR([WUDQMHURFRPR3URFHGLPLHQWR([WUDQMHUR3ULQFLSDOOD SDUDOL]DFLyQ R VXVSHQVLyQ GH TXH VH WUDWD HQ HO SULPHU SiUUDIR GHO FLWDGR DUWtFXOR VHUi PRGLILFDGD R UHYRFDGD FRQ DUUHJOR DO VHJXQGR SiUUDIR GHO DUWtFXOR HQ FDVR GH VHU LQFRPSDWLEOHFRQHOSURFHGLPLHQWRDELHUWRHQ0p[LFR\ ,,, $O FRQFHGHU SURUURJDU R PRGLILFDU XQD PHGLGD RWRUJDGD D XQ UHSUHVHQWDQWH GH XQ 3URFHGLPLHQWR ([WUDQMHUR QR 3ULQFLSDO HO MXH] GHEHUi DVHJXUDUVH GH TXH HVD PHGLGD DIHFWD D ELHQHV TXH FRQ DUUHJORDOGHUHFKRPH[LFDQRGHEDQVHUDGPLQLVWUDGRVHQHO3URFHGLPLHQWR([WUDQMHURQR3ULQFLSDOR FRQFLHUQHDLQIRUPDFLyQUHTXHULGDSDUDHVHSURFHGLPLHQWR $UWtFXOR (Q ORV FDVRV FRQWHPSODGRV HQ HO DQWHULRU DUWtFXOR FXDQGR VH VLJD PiV GH XQ 3URFHGLPLHQWR ([WUDQMHUR UHVSHFWR GH XQ PLVPR &RPHUFLDQWH HO MXH] SURFXUDUi TXH KD\D FRRSHUDFLyQ \ FRRUGLQDFLyQ FRQ DUUHJOR D OR GLVSXHVWR HQ ORV DUWtFXORV \ GH HVWD /H\ \ VHUiQ DSOLFDEOHV ODV VLJXLHQWHVUHJODV , 7RGD PHGLGD RWRUJDGD FRQ DUUHJOR D ORV FLWDGRV DUWtFXORV R D XQ UHSUHVHQWDQWH GH XQ 3URFHGLPLHQWR ([WUDQMHUR QR 3ULQFLSDO XQD YH] UHFRQRFLGR XQ 3URFHGLPLHQWR ([WUDQMHUR 3ULQFLSDO GHEHUiVHUFRPSDWLEOHFRQHVWH~OWLPR ,, &XDQGR XQ 3URFHGLPLHQWR ([WUDQMHUR 3ULQFLSDO VHD UHFRQRFLGR WUDV HO UHFRQRFLPLHQWR R XQD YH] SUHVHQWDGDODVROLFLWXGGHUHFRQRFLPLHQWRGHXQ3URFHGLPLHQWR([WUDQMHURQR3ULQFLSDOWRGDPHGLGD TXHHVWXYLHUDHQYLJRUFRQDUUHJORDORVPHQFLRQDGRVDUWtFXORVR GHEHUi VHU UHH[DPLQDGD SRU HO MXH] \ PRGLILFDGD R GHMDGD VLQ HIHFWR HQ FDVR GH VHU LQFRPSDWLEOH FRQ HO 3URFHGLPLHQWR ([WUDQMHUR3ULQFLSDO\ ,,, &XDQGRXQDYH]UHFRQRFLGRXQ3URFHGLPLHQWR([WUDQMHURQR3ULQFLSDOVHRWRUJXHUHFRQRFLPLHQWRD RWUR3URFHGLPLHQWR([WUDQMHURQR3ULQFLSDOHOMXH]GHEHUiFRQFHGHUPRGLILFDURGHMDUVLQHIHFWRWRGD PHGLGDTXHSURFHGDSDUDIDFLOLWDUODFRRUGLQDFLyQGHORVSURFHGLPLHQWRV $UWtFXOR 6DOYRSUXHEDHQFRQWUDULRHOUHFRQRFLPLHQWRGHXQ3URFHGLPLHQWR([WUDQMHUR3ULQFLSDOKDUi SUHVXPLUTXHHO&RPHUFLDQWHKDLQFXUULGRHQLQFXPSOLPLHQWRJHQHUDOL]DGRGHVXVREOLJDFLRQHVDORVHIHFWRV GHODDSHUWXUDGHXQSURFHGLPLHQWRFRQDUUHJORDHVWD/H\ $UWtFXOR6LQSHUMXLFLRGHORVGHUHFKRVGHORVWLWXODUHVGHFUpGLWRVFRQSULYLOHJLRHVSHFLDOFRQJDUDQWtD UHDORGHORVGHUHFKRVUHDOHVXQDFUHHGRUTXHKD\DUHFLELGRXQ FREURSDUFLDO UHVSHFWR GH VX FUpGLWR HQXQ SURFHGLPLHQWRVHJXLGRHQXQ(VWDGRH[WUDQMHURFRQDUUHJORDXQDQRUPDUHODWLYDD OD LQVROYHQFLD QR SRGUi UHFLELUXQQXHYRGLYLGHQGRSRUHVHPLVPRFUpGLWRHQXQSURFHGLPLHQWRGHLQVROYHQFLDTXHVHVLJDFRQDUUHJOR DHVWD/H\UHVSHFWRGHHVHPLVPR&RPHUFLDQWHHQWDQWRTXHHOGLYLGHQGRUHFLELGRSRUORVGHPiVDFUHHGRUHV GHODPLVPDFDWHJRUtDVHDSURSRUFLRQDOPHQWHLQIHULRUDOFREUR\DUHFLELGRSRUHODFUHHGRU 7Ë78/2'e&,027(5&(52 'HO,QVWLWXWR)HGHUDOGH(VSHFLDOLVWDVGH&RQFXUVRV0HUFDQWLOHV &DStWXOR, 'HOD1DWXUDOH]D\$WULEXFLRQHV $UWtFXOR 6H FUHD HO ,QVWLWXWR )HGHUDO GH (VSHFLDOLVWDV GH &RQFXUVRV 0HUFDQWLOHV FRPR yUJDQR DX[LOLDU GHO &RQVHMR GH OD -XGLFDWXUD )HGHUDO FRQ DXWRQRPtD WpFQLFD \ RSHUDWLYD FRQ ODV DWULEXFLRQHV VLJXLHQWHV , $XWRUL]DU OD LQVFULSFLyQ HQ HO UHJLVWUR FRUUHVSRQGLHQWH D ODV SHUVRQDV TXH DFUHGLWHQ FXEULU ORV UHTXLVLWRV QHFHVDULRV SDUD OD UHDOL]DFLyQ GH ODV IXQFLRQHV GH YLVLWDGRU FRQFLOLDGRU \ VtQGLFR HQ ORV SURFHGLPLHQWRVGHFRQFXUVRPHUFDQWLO ,, &RQVWLWXLU\PDQWHQHUORVUHJLVWURVGHYLVLWDGRUHVFRQFLOLDGRUHV\VtQGLFRV ,,, 5HYRFDUHQORVFDVRVHQORVTXHFRQIRUPHDHVWD/H\SURFHGDODDXWRUL]DFLyQSDUDODUHDOL]DFLyQGH ODVIXQFLRQHVGHYLVLWDGRUFRQFLOLDGRU\VtQGLFRHQORVSURFHGLPLHQWRVGHFRQFXUVRPHUFDQWLO ,9 'HVLJQDUDODVSHUVRQDVTXHGHVHPSHxDUiQODVIXQFLRQHVGHYLVLWDGRUFRQFLOLDGRU\VtQGLFRHQFDGD FRQFXUVRPHUFDQWLOGHHQWUHODVLQVFULWDVHQORVUHJLVWURVFRUUHVSRQGLHQWHV 9 (VWDEOHFHU PHGLDQWH GLVSRVLFLRQHV GH DSOLFDFLyQ JHQHUDO ORV SURFHGLPLHQWRV DOHDWRULRV SDUD OD GHVLJQDFLyQGHORVYLVLWDGRUHVFRQFLOLDGRUHVRVtQGLFRV 9, (ODERUDU \ DSOLFDU ORV SURFHGLPLHQWRV S~EOLFRV GH VHOHFFLyQ \ DFWXDOL]DFLyQ SDUD OD DXWRUL]DFLyQ GH YLVLWDGRUFRQFLOLDGRURVtQGLFRGHELHQGRSXEOLFDUSUHYLDPHQWHHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ ORVFULWHULRVFRUUHVSRQGLHQWHV 9,, (VWDEOHFHUHOUpJLPHQDSOLFDEOHDODUHPXQHUDFLyQGHORVYLVLWDGRUHVFRQFLOLDGRUHV\VtQGLFRVSRUORV VHUYLFLRVTXHSUHVWHQHQORVSURFHGLPLHQWRVGHFRQFXUVRPHUFDQWLO 9,,, 6XSHUYLVDUODSUHVWDFLyQGHORVVHUYLFLRVTXHUHDOLFHQORVYLVLWDGRUHVFRQFLOLDGRUHV\ VtQGLFRVHQORV SURFHGLPLHQWRVGHFRQFXUVRPHUFDQWLO ,; 3URPRYHUODFDSDFLWDFLyQ\DFWXDOL]DFLyQGHORVYLVLWDGRUHVFRQFLOLDGRUHV\VtQGLFRVLQVFULWRVHQORV UHJLVWURVFRUUHVSRQGLHQWHV ; 5HDOL]DU\DSR\DUDQiOLVLVHVWXGLRVHLQYHVWLJDFLRQHVUHODFLRQDGRVFRQVXVIXQFLRQHV ;, 'LIXQGLUVXVIXQFLRQHVREMHWLYRV\SURFHGLPLHQWRVDVtFRPRODVGLVSRVLFLRQHVTXHH[SLGDFRQIRUPHD HVWD/H\ ;,, (ODERUDU\GDUDFRQRFHUHVWDGtVWLFDVUHODWLYDVDORVFRQFXUVRVPHUFDQWLOHV ;,,, ([SHGLUODVUHJODVGHFDUiFWHUJHQHUDOQHFHVDULDVSDUDHOHMHUFLFLRGHODVDWULEXFLRQHVVHxDODGDVHQ ODVIUDFFLRQHV,999,,\;,GHHVWHDUWtFXOR ;,9 ,QIRUPDUVHPHVWUDOPHQWHDO&RQJUHVRGHOD8QLyQVREUHHOGHVHPSHxRGHVXVIXQFLRQHV\ ;9 /DVGHPiVTXHOHFRQILHUDHVWD/H\ $UWtFXOR (O &RPHUFLDQWH TXH HQIUHQWH SUREOHPDV HFRQyPLFRV R ILQDQFLHURV SRGUi DFXGLU DQWH HO ,QVWLWXWRDHIHFWRGHHOHJLUDXQ FRQFLOLDGRUGHHQWUHDTXHOORVTXH HVWpQ LQVFULWRV HQHO UHJLVWUR GHO ,QVWLWXWR SDUDTXHIXQMDFRPRDPLJDEOHFRPSRQHGRUHQWUHpO\VXVDFUHHGRUHV7RGRDFUHHGRUTXHWHQJDDVXIDYRUXQ FUpGLWRYHQFLGR\QRSDJDGRWDPELpQSRGUiDFXGLUDQWHHO,QVWLWXWRSDUDKDFHUGHVXFRQRFLPLHQWRWDOVLWXDFLyQ \VROLFLWDUOHODOLVWDGHFRQFLOLDGRUHV (O ,QVWLWXWR GHEHUi QRWLILFDU DO VROLFLWDQWH SRU HVFULWR GHQWUR GH ORV TXLQFH GtDV QDWXUDOHV VLJXLHQWHV D OD IHFKD GH OD VROLFLWXG FRUUHVSRQGLHQWH OD OLVWD D OD TXH VH UHILHUH HO SiUUDIR DQWHULRU /RV KRQRUDULRV GHO FRQFLOLDGRUVHUiQDFDUJRGHOVROLFLWDQWH (QQLQJ~QFDVRHO,QVWLWXWRVHUiUHVSRQVDEOHSRUORVDFWRVUHDOL]DGRVSRUHOFRQFLOLDGRUTXHHO&RPHUFLDQWH RHQVXFDVRFXDOTXLHUDFUHHGRUKXELHUHQHOHJLGR &DStWXOR,, 'HODRUJDQL]DFLyQ $UWtFXOR (O ,QVWLWXWR HVWDUi HQFRPHQGDGR D XQD -XQWD 'LUHFWLYD OD FXDO VHUi DSR\DGD SRU OD HVWUXFWXUDDGPLQLVWUDWLYDTXHGHWHUPLQHFRQIRUPHDOSUHVXSXHVWRDXWRUL]DGR $UWtFXOR /D -XQWD 'LUHFWLYD HVWDUi LQWHJUDGD SRU HO 'LUHFWRU *HQHUDO GHO ,QVWLWXWR \ FXDWUR YRFDOHV QRPEUDGRV SRU HO &RQVHMR GH OD -XGLFDWXUD )HGHUDO D SURSXHVWD GH VX 3UHVLGHQWH ORV QRPEUDPLHQWRV GHEHUiQ SURFXUDU XQD LQWHJUDFLyQ PXOWLGLVFLSOLQDULD GH ORV PLHPEURV GH OD -XQWD FXEULHQGR ODV PDWHULDV DGPLQLVWUDWLYDFRQWDEOHHFRQyPLFDILQDQFLHUD\MXUtGLFD $UWtFXOR (O'LUHFWRU*HQHUDOGHO,QVWLWXWRGXUDUiHQVXHQFDUJRVHLVDxRV\ORVYRFDOHVRFKRDxRV VHUiQVXVWLWXLGRVGHPDQHUDHVFDORQDGD\SRGUiQVHUGHVLJQDGRVSDUDPiVGHXQ SHULRGR $UWtFXOR /RVPLHPEURVGHOD-XQWD'LUHFWLYDGHEHUiQFXPSOLUFRQORVUHTXLVLWRVVLJXLHQWHV , 6HUFLXGDGDQRPH[LFDQRHQSOHQRHMHUFLFLRGHVXVGHUHFKRV ,, 6HUGHUHFRQRFLGDSURELGDG ,,, +DEHU GHVHPSHxDGR HQ PDWHULD DGPLQLVWUDWLYD FRQWDEOH HFRQyPLFD ILQDQFLHUD R MXUtGLFD UHODFLRQDGDFRQHOREMHWRGHHVWD/H\FDUJRVGHDOWDUHVSRQVDELOLGDGDVHVRUtDDFWLYLGDGHVGRFHQWHV RGH LQYHVWLJDFLyQSRUORPHQRVGXUDQWHVLHWHDxRV ,9 1RKDEHUVLGRFRQGHQDGRPHGLDQWHVHQWHQFLDHMHFXWRULDGDSRUGHOLWRLQWHQFLRQDOTXHPHUH]FDSHQD FRUSRUDO QL LQKDELOLWDGR SDUD GHVHPSHxDU HPSOHR FDUJR R FRPLVLyQ HQ HO VHUYLFLR S~EOLFR HQ HO VLVWHPDILQDQFLHURRSDUDHMHUFHUHOFRPHUFLR 9 1R VHU FyQ\XJH FRQFXELQD R FRQFXELQDULR QL WHQHU SDUHQWHVFR GHQWUR GHO FXDUWR JUDGR SRU FRQVDQJXLQLGDG R VHJXQGR SRU DILQLGDG R SDUHQWHVFR FLYLO FRQ FXDOTXLHU RWUR PLHPEUR GH OD -XQWD 'LUHFWLYD\ 9, 1RWHQHUOLWLJLRVSHQGLHQWHVFRQWUDHO,QVWLWXWR $UWtFXOR /D YDFDQWH GH DOJ~Q PLHPEUR GH OD -XQWD 'LUHFWLYD VHUi FXELHUWD PHGLDQWH QXHYD GHVLJQDFLyQ FRQIRUPH D OR GLVSXHVWR HQ HO DUWtFXOR GH HVWD /H\ 6L OD YDFDQWH VH SURGXFH DQWHV GH OD WHUPLQDFLyQGHOSHULRGRUHVSHFWLYRODSHUVRQDTXHVHGHVLJQHSDUDFXEULUODGXUDUi HQ VX HQFDUJR HOWLHPSR TXHOHIDOWDUHGHVHPSHxDUDODVXVWLWXLGD $UWtFXOR /RVPLHPEURVGHOD-XQWD'LUHFWLYDVRODPHQWHSRGUiQVHUUHPRYLGRVFXDQGRRFXUUDDOJXQD GHODVFLUFXQVWDQFLDVVLJXLHQWHV , 3RULQFXPSOLPLHQWRGHVXVIXQFLRQHVRQHJOLJHQFLDHQHOGHVHPSHxRGHODVPLVPDV ,, /DLQFDSDFLGDGPHQWDORItVLFDTXHLPSLGDHOFRUUHFWRHMHUFLFLRGHVXVIXQFLRQHVGXUDQWHPiVGHVHLV PHVHV ,,, (OGHVHPSHxRGHDOJ~QHPSOHRFDUJRRFRPLVLyQGLVWLQWRGHORVSUHYLVWRVHQHODUWtFXORGHHVWD /H\ ,9 'HMDUGHVHUFLXGDGDQRPH[LFDQRRGHUHXQLUDOJXQRGHORVUHTXLVLWRVVHxDODGRVHQODIUDFFLyQ,9GHO DUWtFXORGHHVWD/H\ 9 1RFXPSOLUORVDFXHUGRVGHOD-XQWD'LUHFWLYDRDFWXDUGHOLEHUDGDPHQWHHQH[FHVRRGHIHFWRGHVXV DWULEXFLRQHV 9, 8WLOL]DUHQEHQHILFLRSURSLRRGHWHUFHURVODLQIRUPDFLyQFRQILGHQFLDOGHTXHGLVSRQJDHQUD]yQGHVX FDUJRRGLYXOJDUODPHQFLRQDGDLQIRUPDFLyQVLQODDXWRUL]DFLyQGHOD-XQWD'LUHFWLYD 9,, 6RPHWHUDODFRQVLGHUDFLyQGHOD-XQWD'LUHFWLYDLQIRUPDFLyQIDOVDWHQLHQGRFRQRFLPLHQWRGHHOOR\ 9,,, $XVHQWDUVHGHVXVODERUHVSRUPiVGHFLQFRGtDVVLQDXWRUL]DFLyQGHOD-XQWD'LUHFWLYDRVLQPHGLDU FDXVDGHIXHU]DPD\RURPRWLYRMXVWLILFDGR/D-XQWD'LUHFWLYDQRSRGUiDXWRUL]DUDXVHQFLDVSRUPiV GHWUHVPHVHVFRQVHFXWLYRVRDFXPXODGRVHQXQDxRFDOHQGDULR $UWtFXOR &RPSHWHDO&RQVHMRGHOD-XGLFDWXUD)HGHUDOGLFWDPLQDUVREUHODH[LVWHQFLDGHODVFDXVDV GHUHPRFLyQVHxDODGDVHQHODUWtFXORLQPHGLDWRDQWHULRUSXGLHQGRKDFHUORDVROLFLWXGGHFXDQGRPHQRVGRVGH ORVPLHPEURVGHOD-XQWD'LUHFWLYDGHO,QVWLWXWR $UWtFXOR/RVPLHPEURVGHOD-XQWD'LUHFWLYDQRSRGUiQGXUDQWHHOWLHPSRGHVXHQFDUJRDFHSWDUR HMHUFHU QLQJ~Q RWUR HPSOHR FDUJR R FRPLVLyQ VDOYR ORV QR UHPXQHUDGRV GH FDUiFWHU GRFHQWH R HQ LQVWLWXFLRQHVGHDVLVWHQFLDVRFLDOS~EOLFDVRSULYDGDV $UWtFXOR /D-XQWD'LUHFWLYDWLHQHODVIDFXOWDGHVLQGHOHJDEOHVVLJXLHQWHV , (PLWLUODVUHJODVGHFDUiFWHUJHQHUDODTXHVHUHILHUHODSUHVHQWH/H\ ,, $SUREDU OD HVWUXFWXUD DGPLQLVWUDWLYD EiVLFD GHO ,QVWLWXWR DVt FRPR HQ VX FDVR ODV VHGHV GH ODV GHOHJDFLRQHVUHJLRQDOHV ,,, $SUREDU ORV PDQXDOHV GH RUJDQL]DFLyQ \ GH SURFHGLPLHQWRV \ HQ JHQHUDO OD QRUPDWLYD LQWHUQD GHO ,QVWLWXWR ,9 (YDOXDUSHULyGLFDPHQWHODVDFWLYLGDGHVGHO,QVWLWXWR 9 5HTXHULUODLQIRUPDFLyQQHFHVDULDDO'LUHFWRU*HQHUDOGHO,QVWLWXWRSDUDOOHYDUDFDERVXVDFWLYLGDGHV GHHYDOXDFLyQ 9, 1RPEUDUDOVHFUHWDULR GH OD -XQWD 'LUHFWLYD GH HQWUH ORVVHUYLGRUHV S~EOLFRV GHO ,QVWLWXWR GH PD\RU MHUDUTXtDFRQIRUPHDVXUHJODPHQWRLQWHULRU\ 9,, 5HVROYHUORVGHPiV DVXQWRV TXH HO 'LUHFWRU *HQHUDO GHO ,QVWLWXWRR FXDOTXLHU PLHPEUR GH OD SURSLD -XQWD'LUHFWLYDFRQVLGHUHGHEDQVHUDSUREDGRVSRUODPLVPD $UWtFXOR /DVVHVLRQHVRUGLQDULDVGHOD-XQWD'LUHFWLYDVHYHULILFDUiQFXDQGRPHQRVFDGDWUHVPHVHV VLQSHUMXLFLRGHTXHSXHGDQFRQYRFDUVHSRUHO'LUHFWRU*HQHUDOGHO,QVWLWXWRRPHGLDQWHVROLFLWXGTXHD pVWH IRUPXOHQ SRU OR PHQRV GRV GH ORV PLHPEURV GH OD -XQWD 'LUHFWLYD FXDQGR HVWLPH TXH KD\ UD]RQHV GH LPSRUWDQFLDSDUDHOOR $UWtFXOR/D-XQWD'LUHFWLYDVHVLRQDUiYiOLGDPHQWHFRQ ODDVLVWHQFLD GH FXDQGR PHQRV WUHV GH VXV PLHPEURV /DV UHVROXFLRQHV VH WRPDUiQ SRU PD\RUtD GH YRWRV GH ORV PLHPEURV SUHVHQWHV \ HO 'LUHFWRU *HQHUDOGHO,QVWLWXWRWHQGUiYRWRGHFDOLGDGHQFDVRGHHPSDWH $UWtFXOR (O'LUHFWRU*HQHUDOGHO,QVWLWXWRWHQGUiODVVLJXLHQWHVDWULEXFLRQHV , $GPLQLVWUDUHO,QVWLWXWR ,, 5HSUHVHQWDUDO,QVWLWXWR ,,, &XPSOLU\KDFHUFXPSOLUODVUHVROXFLRQHVTXHWRPHOD-XQWD'LUHFWLYD\SXEOLFDUODVFXDQGRSURFHGD ,9 'HVLJQDUDOSHUVRQDOGHO,QVWLWXWR 9 6RPHWHUDODDSUREDFLyQGH OD -XQWD 'LUHFWLYD ODSURSXHVWD GH HVWUXFWXUDDGPLQLVWUDWLYD EiVLFDGHO ,QVWLWXWRDVtFRPRHOHVWDEOHFLPLHQWR\ODVVHGHVGHODVGHOHJDFLRQHVUHJLRQDOHV 9, 6RPHWHUDFRQVLGHUDFLyQGHOD-XQWD'LUHFWLYDORVSURJUDPDVDVtFRPRODVQRUPDVGHRUJDQL]DFLyQ \IXQFLRQDPLHQWRGHO,QVWLWXWR\ 9,, /DVGHPiVTXHOHFRQILHUDQHVWD/H\\RWURVRUGHQDPLHQWRV &DStWXOR,,, 'HORVYLVLWDGRUHVFRQFLOLDGRUHV\VtQGLFRV $UWtFXOR /DVSHUVRQDVLQWHUHVDGDVHQGHVHPSHxDUODVIXQFLRQHVGHYLVLWDGRUFRQFLOLDGRURVtQGLFR HQ ORV SURFHGLPLHQWRV GH FRQFXUVR PHUFDQWLO GHEHUiQ VROLFLWDU DO ,QVWLWXWR VX LQVFULSFLyQ HQ HO UHJLVWUR UHVSHFWLYRGHFRQIRUPLGDGFRQODVGLVSRVLFLRQHVSUHYLVWDVHQHVWH&DStWXOR $UWtFXOR 3DUDVHUUHJLVWUDGRFRPRYLVLWDGRUFRQFLOLDGRURVtQGLFRODVSHUVRQDVLQWHUHVDGDVGHEHUiQ SUHVHQWDU SRU HVFULWR VX VROLFLWXG DO ,QVWLWXWR FRQ ORV GRFXPHQWRV TXH DFUHGLWHQ HO FXPSOLPLHQWR GH ORV UHTXLVLWRVHVWDEOHFLGRVHQODVIUDFFLRQHVVLJXLHQWHV , 7HQHU H[SHULHQFLD UHOHYDQWH GH FXDQGR PHQRV FLQFR DxRV HQ PDWHULD GH DGPLQLVWUDFLyQ GH HPSUHVDVGHDVHVRUtDILQDQFLHUDMXUtGLFDRFRQWDEOH ,, 1RGHVHPSHxDUHPSOHRFDUJRRFRPLVLyQHQOD$GPLQLVWUDFLyQ3~EOLFDQLVHUSDUWHGHORV3RGHUHV /HJLVODWLYRR-XGLFLDOHQFXDOTXLHUDGHORVWUHViPELWRVGHJRELHUQR ,,, 6HUGHUHFRQRFLGDSURELGDG ,9 &XPSOLUFRQORVSURFHGLPLHQWRVGHVHOHFFLyQTXHOHDSOLTXHHO,QVWLWXWRDVtFRPRORVSURFHGLPLHQWRV GHDFWXDOL]DFLyQTXHGHWHUPLQHHOPLVPR\ 9 1RKDEHUVLGRFRQGHQDGRPHGLDQWHVHQWHQFLDHMHFXWRULDGDSRUGHOLWRLQWHQFLRQDOTXHPHUH]FDSHQD FRUSRUDOQLLQKDELOLWDGRSDUDHPSOHRFDUJRRFRPLVLyQHQHOVHUYLFLRS~EOLFRHOVLVWHPDILQDQFLHURR SDUDHMHUFHUHOFRPHUFLR /DVSHUVRQDVTXHFXPSODQFRQORVUHTXLVLWRVVHxDODGRVHQHVWHDUWtFXORVHUiQLQVFULWDVSRUHO,QVWLWXWRHQ ORVUHJLVWURVGHYLVLWDGRUHVFRQFLOLDGRUHVRVtQGLFRVSUHYLRSDJRGHORVGHUHFKRVFRUUHVSRQGLHQWHV $UWtFXOR /RV YLVLWDGRUHV FRQFLOLDGRUHV R VtQGLFRV GHEHUiQ FDXFLRQDU VX FRUUHFWR GHVHPSHxR HQ FDGD FRQFXUVR PHUFDQWLO SDUD HO TXH VHDQ GHVLJQDGRV PHGLDQWH OD JDUDQWtD TXH GHWHUPLQH HO ,QVWLWXWR D WUDYpVGHGLVSRVLFLRQHVGHFDUiFWHUJHQHUDO $UWtFXOR 1R SRGUiQ DFWXDU FRPR YLVLWDGRUHV FRQFLOLDGRUHV R VtQGLFRV HQ HO SURFHGLPLHQWR GH FRQFXUVRPHUFDQWLOGHTXHVHWUDWHODVSHUVRQDVTXHVHHQFXHQWUHQHQDOJXQRGHORVVLJXLHQWHVVXSXHVWRV , 6HU FyQ\XJH FRQFXELQD R FRQFXELQDULR R SDULHQWH GHQWUR GHO FXDUWR JUDGR SRU FRQVDQJXLQLGDG R VHJXQGRSRUDILQLGDGGHO&RPHUFLDQWHVXMHWRDFRQFXUVRPHUFDQWLOGHDOJXQRGHVXVDFUHHGRUHVR GHOMXH]DQWHHOFXDOVHGHVDUUROOHHOSURFHGLPLHQWR ,, (VWDU HQ OD PLVPD VLWXDFLyQ D TXH VH UHILHUH OD IUDFFLyQ DQWHULRU UHVSHFWR GH ORV PLHPEURV GH ORV yUJDQRV GH DGPLQLVWUDFLyQ FXDQGR HO &RPHUFLDQWH VHD XQD SHUVRQD PRUDO \ HQ VX FDVR GH ORV VRFLRVLOLPLWDGDPHQWHUHVSRQVDEOHV ,,, 6HUDERJDGRDSRGHUDGRRSHUVRQDDXWRUL]DGDGHO&RPHUFLDQWHRGHFXDOTXLHUDGHVXVDFUHHGRUHV HQDOJ~QMXLFLRSHQGLHQWH ,9 0DQWHQHURKDEHUPDQWHQLGRGXUDQWHORVVHLVPHVHVLQPHGLDWRVDQWHULRUHVDVXGHVLJQDFLyQUHODFLyQ ODERUDO FRQ HO &RPHUFLDQWH R DOJXQR GH ORV DFUHHGRUHV R SUHVWDUOH R KDEHUOH SUHVWDGR GXUDQWH HO PLVPRSHULRGRVHUYLFLRVSURIHVLRQDOHVLQGHSHQGLHQWHVVLHPSUHTXHpVWRVLPSOLTXHQVXERUGLQDFLyQ 9 6HUVRFLRDUUHQGDGRURLQTXLOLQRGHO&RPHUFLDQWHRDOJXQRGHVXVDFUHHGRUHVHQHOSURFHVRDOFXDO VHOHGHVLJQHR 9, 7HQHULQWHUpVGLUHFWRRLQGLUHFWRHQHOFRQFXUVRPHUFDQWLORVHUDPLJRFHUFDQRRHQHPLJRPDQLILHVWR GHO&RPHUFLDQWHRGHDOJXQRGHVXVDFUHHGRUHV /DLQFRPSDWLELOLGDGDTXHVHUHILHUHODIUDFFLyQ9,VHUiGHOLEUHDSUHFLDFLyQMXGLFLDO $UWtFXOR /RV YLVLWDGRUHV FRQFLOLDGRUHV R VtQGLFRV TXH VH HQFXHQWUHQ HQ DOJXQR GH ORV VXSXHVWRV SUHYLVWRV HQ HO DUWtFXOR DQWHULRU GHEHUiQ H[FXVDUVH GH OR FRQWUDULR TXHGDUiQ VXMHWRV D ODV VDQFLRQHV DGPLQLVWUDWLYDV TXH UHVXOWHQ DSOLFDEOHV GH FRQIRUPLGDG FRQ OD SUHVHQWH /H\ \ GH DTXHOODV TXH DO HIHFWR GHWHUPLQH HO ,QVWLWXWR /R DQWHULRU VLQ SHUMXLFLR TXH HO MXH] GH RILFLR R ELHQ HO &RPHUFLDQWH R FXDOTXLHU DFUHHGRURLQWHUYHQWRUSRUFRQGXFWRGHOMXH]SXHGDQVROLFLWDUDO,QVWLWXWRODVXVWLWXFLyQHQHOFDUJRGHVGHHO PRPHQWR HQ TXH WHQJDQ FRQRFLPLHQWR GHO KHFKR LQGHSHQGLHQWHPHQWH GH OD UHVSRQVDELOLGDG SHQDO HQ TXH SXHGDQLQFXUULUORVYLVLWDGRUHVFRQFLOLDGRUHVRVtQGLFRV $UWtFXOR (QHO HYHQWR GH TXH LQLFLDGR HO SURFHGLPLHQWR VHGLHUD XQ LPSHGLPHQWRVXSHUYHQLHQWHHO YLVLWDGRUFRQFLOLDGRURVtQGLFRGHEHUi KDFHUORGHOFRQRFLPLHQWR LQPHGLDWR GHO ,QVWLWXWRHQFDVR FRQWUDULROH VHUiQDSOLFDEOHVODVVDQFLRQHVMXUtGLFDVDTXHVHUHILHUHHODUWtFXORDQWHULRU (QWRGRFDVRHOYLVLWDGRUFRQFLOLDGRURVtQGLFRTXHVHXELTXHHQHOVXSXHVWRSUHYLVWRHQHOSiUUDIRDQWHULRU GHEHUi SHUPDQHFHU HQ HO HMHUFLFLR GH VXV IXQFLRQHV KDVWD HQ WDQWR VH GHVLJQD HQ VX FDVR D TXLHQ GHED VXVWLWXLUOR GHELHQGR KDFHU HQWUHJD GH OD LQIRUPDFLyQ \ GRFXPHQWRV D ORV TXH KD\D WHQLGR DFFHVR \ GH ORV ELHQHVGHO&RPHUFLDQWHTXHKD\DWHQLGRHQVXSRGHUFRQPRWLYRGHVXVIXQFLRQHV $UWtFXOR (OYLVLWDGRUFRQFLOLDGRU\VtQGLFRVyORSRGUiQH[FXVDUVHGHVXGHVLJQDFLyQFXDQGRH[LVWD LPSHGLPHQWROHJDORPHGLHFDXVDVXILFLHQWHDMXLFLRGHO,QVWLWXWRTXLHQGHEHUiUHVROYHUGHLQPHGLDWRDILQGH HYLWDUGDxRDOSURFHGLPLHQWRFRQFXUVDO $UWtFXOR 6RQREOLJDFLRQHVGHOYLVLWDGRUFRQFLOLDGRU\VtQGLFRODVVLJXLHQWHV , (MHUFHU FRQ SURELGDG \ GLOLJHQFLD ODV IXQFLRQHV TXH OD SUHVHQWH /H\ OHV HQFRPLHQGD HQ ORV SOD]RV TXHODPLVPDHVWDEOHFH ,, 6XSHUYLVDU\YLJLODUHOFRUUHFWRGHVHPSHxRGHODVSHUVRQDVTXHORVDX[LOLHQHQODUHDOL]DFLyQGHVXV IXQFLRQHV ,,, (IHFWXDUODVDFWXDFLRQHVSURFHVDOHVTXHOHVLPSRQHHVWD/H\HQIRUPDFODUD\RUGHQDGDSRQLHQGRD GLVSRVLFLyQ GH FXDOTXLHU DFUHHGRU LQWHUHVDGR \ GHO &RPHUFLDQWH OD LQIRUPDFLyQ UHOHYDQWH SDUD VX IRUPXODFLyQDFRVWDGHODFUHHGRUTXHKD\DHIHFWXDGRODVROLFLWXGSRUHVFULWRTXHFRUUHVSRQGD ,9 5HQGLUDQWHHOMXH]FXHQWDVGHVXJHVWLyQFRQODSHULRGLFLGDGHVWDEOHFLGDHQHVWD/H\ 9 *XDUGDU OD GHELGD FRQILGHQFLDOLGDG UHVSHFWR GH VHFUHWRV LQGXVWULDOHV SURFHGLPLHQWRV SDWHQWHV \ PDUFDV TXH SRU VX GHVHPSHxR OOHJXHQ D FRQRFHU HQ WpUPLQRV GH OR SUHYLVWR HQ OD OHJLVODFLyQ DSOLFDEOHDSURSLHGDGLQGXVWULDOHLQWHOHFWXDODVtFRPRHOVHQWLGRGHODVDFWXDFLRQHVSURFHVDOHVTXH HQWpUPLQRVGHODSUHVHQWH/H\VHHQFXHQWUHREOLJDGRDHIHFWXDU 9, $EVWHQHUVHGHGLYXOJDURXWLOL]DUHQEHQHILFLRSURSLRRGHWHUFHURVODLQIRUPDFLyQTXHREWHQJDHQHO HMHUFLFLRGHVXVIXQFLRQHV 9,, %ULQGDU DO ,QVWLWXWR WRGD FODVH GH IDFLOLGDGHV SDUD OD LQVSHFFLyQ \ VXSHUYLVLyQ GHO HMHUFLFLR GH VXV IXQFLRQHV 9,,, &XPSOLUFRQODVGLVSRVLFLRQHVGHFDUiFWHUJHQHUDOTXHHPLWDHO,QVWLWXWR\ ,; &XPSOLUFRQODVGHPiVTXHpVWDXRWUDVOH\HVHVWDEOH]FDQ $UWtFXOR (OYLVLWDGRUFRQFLOLDGRU\HOVtQGLFRDVtFRPRVXVDX[LOLDUHVWHQGUiQGHUHFKRDOFREURGH KRQRUDULRV SRU OD UHDOL]DFLyQ GH ODV IXQFLRQHV TXH HVWD /H\ OHV HQFRPLHQGD (O UpJLPHQ DSOLFDEOH D ORV KRQRUDULRV VHUi GHWHUPLQDGR SRU HO ,QVWLWXWR PHGLDQWH UHJODV GH FDUiFWHU JHQHUDO GH FRQIRUPLGDG FRQ OR VLJXLHQWH , 6HUiQFRQWUDOD0DVD\VHFRQVLGHUDUiQFUpGLWRVHQFRQWUDGHODPLVPD ,, 6HSDJDUiQHQORVWpUPLQRVTXHGHWHUPLQHHO,QVWLWXWR\ ,,, 6HUiQ DFRUGHV FRQ ODV FRQGLFLRQHV GHO PHUFDGR ODERUDO \ WHQGLHQWHV D ORJUDU OD LQVFULSFLyQ GH SHUVRQDV LGyQHDV \ GHELGDPHQWH FDOLILFDGDV SDUD HO GHVHPSHxR GH VXV IXQFLRQHV HQ HO UHJLVWUR D TXHVHUHILHUHHO&DStWXORVLJXLHQWH (QWRGRFDVRODUHPXQHUDFLyQGHOFRQFLOLDGRU\GHOVtQGLFRHVWDUiYLQFXODGDDVXGHVHPSHxR &DStWXOR,9 'HOUHJLVWURGHORVYLVLWDGRUHVFRQFLOLDGRUHV\VtQGLFRV $UWtFXOR (O ,QVWLWXWR PDQWHQGUi XQ UHJLVWUR DFWXDOL]DGR GH YLVLWDGRUHV FRQFLOLDGRUHV \ VtQGLFRV GLIHUHQFLDGRVVHJ~QODVFDWHJRUtDVTXHDOHIHFWRGHWHUPLQHPHGLDQWHGLVSRVLFLRQHVGHFDUiFWHUJHQHUDO 6RODPHQWH SRGUiQ IXQJLU FRPR YLVLWDGRUHV FRQFLOLDGRUHV R VtQGLFRV ODV SHUVRQDV TXH VH HQFXHQWUHQ LQVFULWDVHQHOUHJLVWURFRUUHVSRQGLHQWHVDOYRORGLVSXHVWRHQORVDUWtFXORV\GH HVWD/H\ $UWtFXOR /D GHVLJQDFLyQ GH YLVLWDGRUHV FRQFLOLDGRUHV \ VtQGLFRV SDUD SURFHGLPLHQWRV GH FRQFXUVR PHUFDQWLO VH HIHFWXDUi PHGLDQWH ORV SURFHGLPLHQWRV DOHDWRULRV TXH GHWHUPLQH HO ,QVWLWXWR D WUDYpV GH GLVSRVLFLRQHVGHFDUiFWHUJHQHUDO $UWtFXOR (O ,QVWLWXWR SRGUi LPSRQHU FRPR VDQFLyQ DGPLQLVWUDWLYD D ORV YLVLWDGRUHV FRQFLOLDGRUHV \ VtQGLFRV VHJ~Q OD JUDYHGDG GH OD LQIUDFFLyQ FRPHWLGD D OR GLVSXHVWR HQ HVWD /H\ DPRQHVWDFLyQ OD VXVSHQVLyQWHPSRUDORODFDQFHODFLyQGHVXUHJLVWUR $UWtFXOR (O ,QVWLWXWR SRGUi GHWHUPLQDU OD FDQFHODFLyQ GHO UHJLVWUR GH YLVLWDGRUHV FRQFLOLDGRUHV R VtQGLFRVFXDQGR , 1RGHVHPSHxHQDGHFXDGDPHQWHVXVIXQFLRQHV ,, 1RFXPSODQFRQDOJXQRGHORVSURFHGLPLHQWRVGHDFWXDOL]DFLyQTXHDSOLTXHHO,QVWLWXWR ,,, 6HDQ FRQGHQDGRV PHGLDQWH VHQWHQFLD HMHFXWRULDGD SRU GHOLWR LQWHQFLRQDO TXH PHUH]FD SHQD FRUSRUDO R VHDQ LQKDELOLWDGRV SDUD HPSOHR FDUJR R FRPLVLyQ HQ HO VHUYLFLR S~EOLFR HO VLVWHPD ILQDQFLHURRSDUDHMHUFHUHOFRPHUFLR ,9 'HVHPSHxHQ HPSOHRFDUJR RFRPLVLyQ HQOD $GPLQLVWUDFLyQ 3~EOLFD R VHDQ SDUWH GH ORV 3RGHUHV /HJLVODWLYRR-XGLFLDOHQFXDOTXLHUDGHORVWUHViPELWRVGHJRELHUQR 9 5HK~VHQHOGHVHPSHxRGHODV IXQFLRQHV TXH OH VHDQDVLJQDGDVHQ WpUPLQRV GHHVWD /H\ HQ DOJ~Q FRQFXUVRPHUFDQWLODOTXHKD\DQVLGRDVLJQDGRVVLQTXHPHGLHFDXVDVXILFLHQWHDMXLFLRGHO,QVWLWXWR R 9, +D\DQVLGRFRQGHQDGRVSRUVHQWHQFLDHMHFXWRULDGDDOSDJRGHGDxRV\SHUMXLFLRVGHULYDGRVGHDOJ~Q FRQFXUVRPHUFDQWLODOTXHKD\DQVLGRDVLJQDGRV $UWtFXOR /D-XQWD'LUHFWLYDGHO,QVWLWXWRUHVROYHUiVREUHODDPRQHVWDFLyQODVXVSHQVLyQWHPSRUDOROD FDQFHODFLyQGHOUHJLVWURGHORVYLVLWDGRUHVFRQFLOLDGRUHV\VtQGLFRVGDQGRDXGLHQFLDDOLQWHUHVDGR&RQWUDOD UHVROXFLyQTXHGLFWHOD-XQWD'LUHFWLYDQRSURFHGHUiUHFXUVRDOJXQR 75$16,725,26 35,0(52 (VWD /H\ HQWUDUi HQ YLJRU DO GtD VLJXLHQWH GH VX SXEOLFDFLyQ HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ 6(*81'2 6HDEURJDOD/H\GH4XLHEUDV\GH6XVSHQVLyQGH3DJRVSXEOLFDGDHQHO'LDULR2ILFLDOGHOD )HGHUDFLyQ HOGtDGHDEULOGH\VHGHURJDQRPRGLILFDQWRGDVODVGHPiVGLVSRVLFLRQHVOHJDOHVTXH VHRSRQJDQDORGLVSXHVWRHQHVWD/H\ 7(5&(52 /DV UHIHUHQFLDV TXH RWUDVOH\HV \ GLVSRVLFLRQHV KDJDQ DO HVWDGR R D ORV SURFHGLPLHQWRV GH TXLHEUD\GHVXVSHQVLyQGHSDJRVVHHQWHQGHUiQUHIHULGDVDOFRQFXUVRPHUFDQWLO &8$572 /DV HQWLGDGHV GH OD DGPLQLVWUDFLyQ S~EOLFD SDUDHVWDWDO TXH QR HVWpQ FRQVWLWXLGDV FRPR VRFLHGDGHVPHUFDQWLOHVQRVHUiQGHFODUDGDVHQFRQFXUVRPHUFDQWLO /DVLQVWLWXFLRQHV\VRFLHGDGHVPXWXDOLVWDVGHVHJXURVODVLQVWLWXFLRQHVGHILDQ]DVODVGHUHDVHJXUR\ODV GHUHDILDQ]DPLHQWRVHUHJLUiQSRUORGLVSXHVWRHQVXVOH\HVHVSHFLDOHV 48,172 /RV SURFHGLPLHQWRV GH TXLHEUD \ GH VXVSHQVLyQ GH SDJRV TXH KXELHVHQ VLGR LQLFLDGRV FRQ DQWHULRULGDGDODHQWUDGDHQYLJRUGHHVWD/H\FRQWLQXDUiQULJLpQGRVHSRUOD/H\GH4XLHEUDV\GH6XVSHQVLyQ GH3DJRVSXEOLFDGDHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ HOGtDGHDEULOGH 6(;72 'HQWURGHORVWUHLQWDGtDVQDWXUDOHVVLJXLHQWHVDODHQWUDGDHQYLJRUGHODSUHVHQWH/H\GHEHUi LQVWDODUVH HO ,QVWLWXWR \ GHQWUR GH ORV VHVHQWD GtDV QDWXUDOHV VLJXLHQWHV D VX LQVWDODFLyQ GHEHUi H[SHGLU ODV GLVSRVLFLRQHVUHJODPHQWDULDVSUHYLVWDVHQODPLVPD (QFDVRGHTXHVHSUHVHQWHDOJXQDVROLFLWXGRGHPDQGDSDUDODGHFODUDFLyQGHOFRQFXUVRPHUFDQWLOGHXQ &RPHUFLDQWHVLQTXHVHKD\DFXPSOLGRFRQORGLVSXHVWRHQHOSULPHUSiUUDIRGHHVWHDUWtFXORGLFKDVROLFLWXGR GHPDQGDTXHGDUiVXVSHQGLGDKDVWDTXHVHKD\DFRQFOXLGRODLQVWDODFLyQGHO,QVWLWXWR\VHKXELHVHHPLWLGROD UHJODPHQWDFLyQFRUUHVSRQGLHQWH 6e37,02 /DGHVLJQDFLyQGHORVPLHPEURVGHOD-XQWD'LUHFWLYDGHO,QVWLWXWRVHKDUiGHQWURGHORVWUHLQWD GtDV QDWXUDOHV VLJXLHQWHV D OD HQWUDGD HQ YLJRU GH OD SUHVHQWH /H\ /D -XQWD 'LUHFWLYD GHEHUi HQWUDU HQ IXQFLRQHVGHQWURGHORVFLQFRGtDVQDWXUDOHVVLJXLHQWHVDODGHVLJQDFLyQGHVXVPLHPEURV (OSHULRGRGHOSULPHU'LUHFWRU*HQHUDOGHO,QVWLWXWRFRQFOXLUiHOGHGLFLHPEUHGHODxR/RVSHULRGRV GH ORV FXDWUR SULPHURV YRFDOHV FRQFOXLUiQ HO GH GLFLHPEUH GHO DxR \ UHVSHFWLYDPHQWH 2&7$92 /RGLVSXHVWRHQHODUWtFXORVyORVHDSOLFDUiDODVHVWLSXODFLRQHVTXHVHLQFOX\DQHQFRQWUDWRV FHOHEUDGRVDSDUWLUGHODHQWUDGDHQYLJRUGHODSUHVHQWH/H\ 129(12 'HQWUR GH ORV DxRV VLJXLHQWHV D VX HQWUDGD HQ YLJRU OD SUHVHQWH /H\ QR VH DSOLFDUi D ORV &RPHUFLDQWHV TXH D OD IHFKD GH HQWUDGD HQ YLJRU GH HVWD /H\ WHQJDQ XQ SDVLYR TXH FRPSXWDGR FRPR OD VXPD GHO YDORU QRPLQDO GH FDGD FUpGLWR D OD IHFKD GH VX FRQWUDWDFLyQ QR H[FHGD GH VX HTXLYDOHQWH D TXLQLHQWDVPLO8',VVDOYRTXHYROXQWDULDPHQWH\SRUHVFULWRDFHSWHQVRPHWHUVHDHVWD/H\ $57Ë&8/26(*81'2 6HUHIRUPDHODUWtFXORGHOD/H\2UJiQLFDGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQ SDUDTXHGDUFRPRVLJXH $UWtFXOR 3DUD VX DGHFXDGR IXQFLRQDPLHQWR HO &RQVHMR GH OD -XGLFDWXUD )HGHUDO FRQWDUi FRQ ORV VLJXLHQWHVyUJDQRVHO,QVWLWXWRGHOD-XGLFDWXUDOD9LVLWDGXUtD-XGLFLDOOD&RQWUDORUtDGHO3RGHU-XGLFLDOGHOD )HGHUDFLyQ HO ,QVWLWXWR )HGHUDO GH 'HIHQVRUtD 3~EOLFD \ HO ,QVWLWXWR )HGHUDO GH (VSHFLDOLVWDV GH &RQFXUVRV 0HUFDQWLOHVHQORVWpUPLQRVTXHHVWDEOHFHOD/H\GH&RQFXUVRV0HUFDQWLOHV &RQH[FHSFLyQGHO'LUHFWRU*HQHUDOGHO,QVWLWXWR )HGHUDOGH 'HIHQVRUtD 3~EOLFD \ GH ORVPLHPEURV GH OD -XQWD 'LUHFWLYD GHO ,QVWLWXWR )HGHUDO GH (VSHFLDOLVWDV GH &RQFXUVRV 0HUFDQWLOHV FX\RV UHTXLVLWRV SDUD VHU GHVLJQDGRVVHPHQFLRQDQHQODVOH\HVGHODPDWHULDFRUUHVSRQGLHQWHVORVGHPiVWLWXODUHVGHORVyUJDQRVGHO &RQVHMR GH OD-XGLFDWXUD )HGHUDOGHEHUiQ WHQHU WtWXOR SURIHVLRQDO OHJDOPHQWH H[SHGLGR DItQ D ODV IXQFLRQHV TXH GHEDQ GHVHPSHxDU H[SHULHQFLD PtQLPD GH FLQFR DxRV JR]DU GH EXHQD UHSXWDFLyQ \ QR KDEHU VLGR FRQGHQDGRSRUGHOLWRLQWHQFLRQDOFRQVDQFLyQSULYDWLYDGHOLEHUWDGPD\RUGHXQDxR/RVyUJDQRVFRQWDUiQFRQ HOSHUVRQDOTXHILMHHOSUHVXSXHVWR 75$16,725,2 $57Ë&8/2 Ò1,&2 /D UHIRUPD DO DUWtFXOR GH OD /H\ 2UJiQLFD GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ HQWUDUiHQYLJRUDOGtDVLJXLHQWHGHVXSXEOLFDFLyQHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ 0p[LFR ') D GH DEULO GH 'LS )UDQFLVFR -RVp 3DROL %ROLR 3UHVLGHQWH 6HQ (QULTXH *RQ]iOH] 3HGUHUR 9LFHSUHVLGHQWH HQ IXQFLRQHV 'LS 0DUWD /DXUD &DUUDQ]D $JXD\R 6HFUHWDULR 6HQ 5D~O-XiUH]9DOHQFLD6HFUHWDULR5~EULFDV (QFXPSOLPLHQWRGHORGLVSXHVWRSRUODIUDFFLyQ,GHO$UWtFXORGH OD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV 8QLGRV0H[LFDQRV\SDUDVXGHELGDSXEOLFDFLyQ\REVHUYDQFLDH[SLGRHOSUHVHQWH'HFUHWR HQ OD UHVLGHQFLD GHO3RGHU(MHFXWLYR)HGHUDOHQOD&LXGDGGH0p[LFR'LVWULWR)HGHUDODORVRFKRGtDVGHOPHVGHPD\RGHGRV PLO (UQHVWR =HGLOOR 3RQFH GH /HyQ 5~EULFD (O 6HFUHWDULR GH *REHUQDFLyQ 'LyGRUR &DUUDVFR $OWDPLUDQR5~EULFD 6(&5(7$5,$'(5(/$&,21(6(;7(5,25(6 '(&5(72 3URPXOJDWRULR GHO &RQYHQLR HQWUH ORV (VWDGRV 8QLGRV 0H[LFDQRV \ OD 5HS~EOLFD GH &KLOH SDUD(YLWDUOD'REOH,PSRVLFLyQH,PSHGLUOD(YDVLyQ)LVFDOHQPDWHULDGH,PSXHVWRVVREUHOD5HQWD\DO 3DWULPRQLRILUPDGRHQODFLXGDGGH6DQWLDJR&KLOHHOGLHFLVLHWHGHDEULOGHPLOQRYHFLHQWRVQRYHQWD\ RFKR $O PDUJHQ XQ VHOOR FRQ HO (VFXGR 1DFLRQDO TXH GLFH (VWDGRV 8QLGRV 0H[LFDQRV 3UHVLGHQFLD GH OD 5HS~EOLFD (51(672=(',//2321&('(/(2135(6,'(17('(/26(67$'2681,'260(;,&$126DVXV KDELWDQWHVVDEHG (O GLHFLVLHWH GH DEULO GH PLO QRYHFLHQWRV QRYHQWD \ RFKR HQ OD FLXGDG GH 6DQWLDJR &KLOH HO 3OHQLSRWHQFLDULR GH ORV (VWDGRV 8QLGRV 0H[LFDQRV GHELGDPHQWH DXWRUL]DGR SDUD WDO HIHFWR ILUPy DG UHIHUpQGXP HO&RQYHQLRSDUD(YLWDUOD'REOH,PSRVLFLyQH,PSHGLUOD(YDVLyQ)LVFDOHQPDWHULDGH,PSXHVWRV VREUHOD5HQWD\DO3DWULPRQLRFRQHO*RELHUQRGHOD5HS~EOLFDGH&KLOHFX\RWH[WRHQHVSDxROFRQVWDHQOD FRSLDFHUWLILFDGDDGMXQWD (O FLWDGR &RQYHQLR IXH DSUREDGR SRU OD &iPDUD GH 6HQDGRUHV GHO +RQRUDEOH &RQJUHVR GH OD 8QLyQ HO FLQFR GH QRYLHPEUH GHPLO QRYHFLHQWRV QRYHQWD \ RFKRVHJ~Q GHFUHWR SXEOLFDGR HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ GHOWUHLQWDGHGLFLHPEUHGHOSURSLRDxR (O &DQMH GH 1RWDV GLSORPiWLFDV SUHYLVWR HQ HO DUWtFXOR GHO &RQYHQLR VH HIHFWXy HQ OD FLXGDG GH 6DQWLDJR&KLOHHOVLHWHGHRFWXEUH\GRFHGHQRYLHPEUHGHPLOQRYHFLHQWRVQRYHQWD\QXHYH 3RUORWDQWRSDUDVXGHELGDREVHUYDQFLDHQFXPSOLPLHQWRGHORGLVSXHVWRHQODIUDFFLyQ,GHODUWtFXOR GHOD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRVSURPXOJRHOSUHVHQWH'HFUHWRHQODUHVLGHQFLD GHO3RGHU(MHFXWLYR)HGHUDOHQOD&LXGDGGH0p[LFR'LVWULWR)HGHUDOHOGLH]GHHQHURGHGRVPLO(UQHVWR =HGLOOR 3RQFH GH /HyQ 5~EULFD/D 6HFUHWDULDGHO 'HVSDFKR GH 5HODFLRQHV ([WHULRUHV 5RVDULR *UHHQ 5~EULFD &$5/26 $ '( ,&$=$ *21=$/(= 68%6(&5(7$5,2 '( 5(/$&,21(6 (;7(5,25(6 3$5$ $0(5,&$/$7,1$<$6,$3$&,),&2 &(57,),&$ 4XHHQORVDUFKLYRVGHHVWD6HFUHWDUtDREUDHORULJLQDOFRUUHVSRQGLHQWHD0p[LFRGHO&RQYHQLRHQWUHORV (VWDGRV8QLGRV0H[LFDQRV\OD5HS~EOLFDGH&KLOHSDUD(YLWDUOD'REOH,PSRVLFLyQH,PSHGLUOD(YDVLyQ)LVFDO HQPDWHULDGH,PSXHVWRVVREUHOD5HQWD\DO3DWULPRQLRILUPDGRHQODFLXGDGGH6DQWLDJR&KLOHHOGLHFLVLHWH GHDEULOGHPLOQRYHFLHQWRVQRYHQWD\RFKRFX\RWH[WRHQHVSDxROHVHOVLJXLHQWH &219(1,2(175(/26(67$'2681,'260(;,&$126</$5(38%/,&$'(&+,/(3$5$(9,7$5 /$'2%/(,0326,&,21(,03(',5/$(9$6,21),6&$/(10$7(5,$'(,038(672662%5(/$ 5(17$<$/3$75,021,2 /RV (VWDGRV 8QLGRV 0H[LFDQRV \ OD 5HS~EOLFD GH &KLOH GHVHDQGR FRQFOXLU XQ &RQYHQLR SDUD HYLWDU OD GREOHLPSRVLFLyQHLPSHGLUODHYDVLyQILVFDOHQPDWHULDGHLPSXHVWRVVREUHODUHQWD\DOSDWULPRQLRTXHHQOR VXFHVLYRVHGHQRPLQDUiHO&RQYHQLR +DQDFRUGDGRORVLJXLHQWH &$3,78/2,$0%,72'($3/,&$&,21'(/&219(1,2 $57,&8/2$0%,7268%-(7,92 (OSUHVHQWH&RQYHQLRVHDSOLFDDODVSHUVRQDVUHVLGHQWHVGHXQRRGHDPERV(VWDGRV&RQWUDWDQWHV $57,&8/2,038(6726&2035(1','26 (OSUHVHQWH&RQYHQLRVHDSOLFDDORVLPSXHVWRVVREUHODUHQWD\VREUHHOSDWULPRQLRH[LJLEOHVSRUFDGD XQRGHORV(VWDGRV&RQWUDWDQWHVFXDOTXLHUDTXHVHDHOVLVWHPDGHH[DFFLyQ 6HFRQVLGHUDQLPSXHVWRVVREUHODUHQWD\VREUHHOSDWULPRQLRORVTXHJUDYDQODWRWDOLGDGGHODUHQWDR GHOSDWULPRQLRRFXDOTXLHUSDUWHGHORVPLVPRVLQFOXLGRVORVLPSXHVWRVVREUHODVJDQDQFLDVGHULYDGDVGHOD HQDMHQDFLyQGHELHQHVPXHEOHVRLQPXHEOHVORVLPSXHVWRVVREUHHOLPSRUWHGHVXHOGRVR VDODULRV SDJDGRV SRUODVHPSUHVDVDVtFRPRORVLPSXHVWRVVREUHODVSOXVYDOtDV /RVLPSXHVWRVDFWXDOHVDORVTXHVHDSOLFDHVWH&RQYHQLRVRQHQSDUWLFXODU D HQ OD 5HS~EOLFD GH &KLOH ORV LPSXHVWRV FRPSUHQGLGRV HQ OD /H\ VREUH ,PSXHVWR D OD 5HQWD HQ DGHODQWHGHQRPLQDGRHOLPSXHVWRFKLOHQR E HQ0p[LFR L HOLPSXHVWRVREUHODUHQWD LL HOLPSXHVWRDODFWLYRHQDGHODQWHGHQRPLQDGRHOLPSXHVWRPH[LFDQR (O&RQYHQLRVHDSOLFDUiLJXDOPHQWHDORVLPSXHVWRVGHQDWXUDOH]DLGpQWLFDRVXEVWDQFLDOPHQWHDQiORJD H LPSXHVWRV DO SDWULPRQLR TXH VHHVWDEOH]FDQFRQ SRVWHULRULGDG D OD IHFKD GH OD ILUPD GHO PLVPR \ TXH VH DxDGDQ D ORV DFWXDOHV R OHV VXVWLWX\DQ /DV DXWRULGDGHV FRPSHWHQWHV GH ORV (VWDGRV &RQWUDWDQWHV VH FRPXQLFDUiQPXWXDPHQWHDOILQDOGHFDGDDxRODVPRGLILFDFLRQHVVXVWDQFLDOHVTXHVHKD\DQLQWURGXFLGRHQ VXVUHVSHFWLYDVOHJLVODFLRQHVLPSRVLWLYDV &$3,78/2,,'(),1,&,21(6 $57,&8/2'(),1,&,21(6*(1(5$/(6 $ORVHIHFWRVGHOSUHVHQWH&RQYHQLRDPHQRVTXHGHVXFRQWH[WRVHLQILHUDXQDLQWHUSUHWDFLyQGLIHUHQWH D ODVH[SUHVLRQHVXQ(VWDGR&RQWUDWDQWH\HORWUR(VWDGR&RQWUDWDQWHVLJQLILFDQVHJ~QVHDHOFDVR ORV(VWDGRV8QLGRV0H[LFDQRV\OD5HS~EOLFDGH&KLOH E HOWpUPLQR0p[LFRVLJQLILFDORV(VWDGRV8QLGRV0H[LFDQRV\HQXQVHQWLGRJHRJUiILFRFRPSUHQGH ODVSDUWHVLQWHJUDQWHVGHOD)HGHUDFLyQODVLVODVLQFOX\HQGRORVDUUHFLIHV\ORVFD\RVHQORVPDUHV DG\DFHQWHV ODV LVODV GH *XDGDOXSH \ 5HYLOODJLJHGR OD SODWDIRUPD FRQWLQHQWDO \ ORV ]yFDORV VXEPDULQRV GH ODV LVODV FD\RV \ DUUHFLIHV ODV DJXDV GH ORV PDUHV WHUULWRULDOHV \ ODV PDUtWLPDV LQWHULRUHV \ PiV DOOi GH ODV PLVPDV ]RQDV VREUH ODV FXDOHV GH FRQIRUPLGDG FRQ HO GHUHFKR LQWHUQDFLRQDO 0p[LFR HMHUFH GHUHFKRV VREHUDQRV GH H[SORUDFLyQ \ H[SORWDFLyQ GH ORV UHFXUVRV QDWXUDOHVGHORVIRQGRVPDULQRVGHVXVXEVXHOR\GHODVDJXDVVXSUD\DFHQWHV\HOHVSDFLRDpUHR VLWXDGRVREUHHOWHUULWRULRQDFLRQDOFRQODH[WHQVLyQ\PRGDOLGDGHVTXHHVWDEOH]FDHOSURSLRGHUHFKR LQWHUQDFLRQDO F HOWpUPLQR&KLOHVLJQLILFDOD5HS~EOLFDGH&KLOH\HQXQVHQWLGRJHRJUiILFRFRPSUHQGHDGHPiVGHO WHUULWRULR QDFLRQDO ODV ]RQDV PDULQDV \ VXEPDULQDV VREUH ODV TXH OD 5HS~EOLFD GH &KLOH HMHUFH GHUHFKRVGHVREHUDQtDRMXULVGLFFLyQGHFRQIRUPLGDGDO'HUHFKR,QWHUQDFLRQDO G HO WpUPLQR SHUVRQD FRPSUHQGH ODV SHUVRQDV ItVLFDV R QDWXUDOHV ODV VRFLHGDGHV \ FXDOTXLHU RWUD DJUXSDFLyQGHSHUVRQDV H HO WpUPLQR VRFLHGDG VLJQLILFD FXDOTXLHU SHUVRQD MXUtGLFD R PRUDO R FXDOTXLHU HQWLGDG TXH VH FRQVLGHUHSHUVRQDMXUtGLFDRPRUDODHIHFWRVLPSRVLWLYRV I ODV H[SUHVLRQHV HPSUHVD GH XQ (VWDGR &RQWUDWDQWH \ HPSUHVD GHO RWUR (VWDGR &RQWUDWDQWH VLJQLILFDQUHVSHFWLYDPHQWHXQDHPSUHVDH[SORWDGDSRUXQUHVLGHQWHGHXQ(VWDGR&RQWUDWDQWH\XQD HPSUHVDH[SORWDGDSRUXQUHVLGHQWHGHORWUR(VWDGR&RQWUDWDQWH J OD H[SUHVLyQ WUiILFR LQWHUQDFLRQDO VLJQLILFD WRGR WUDQVSRUWH HIHFWXDGR SRU XQ EXTXH R DHURQDYH H[SORWDGR SRU XQD HPSUHVD GH XQ (VWDGR &RQWUDWDQWH VDOYR TXH HO WUDQVSRUWH VH UHDOLFH H[FOXVLYDPHQWHHQWUHGRVSXQWRVVLWXDGRVHQHORWUR(VWDGR&RQWUDWDQWH K ODH[SUHVLyQDXWRULGDGFRPSHWHQWHVLJQLILFD L HQHOFDVRGH&KLOHHO0LQLVWURGH+DFLHQGDRVXUHSUHVHQWDQWHDXWRUL]DGR LL HQHOFDVRGH0p[LFROD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFR L HOWpUPLQRQDFLRQDOVLJQLILFD L FXDOTXLHUSHUVRQDItVLFDRQDWXUDOTXHSRVHDODQDFLRQDOLGDGGHXQ(VWDGR&RQWUDWDQWHR LL FXDOTXLHUSHUVRQDMXUtGLFDRPRUDORDVRFLDFLyQFRQVWLWXLGDFRQIRUPHDODOHJLVODFLyQYLJHQWHGH XQ(VWDGR&RQWUDWDQWH 3DUDODDSOLFDFLyQGHO&RQYHQLRSRUXQ(VWDGR&RQWUDWDQWHHQXQPRPHQWRGDGRFXDOTXLHUH[SUHVLyQ QR GHILQLGD HQ HO PLVPR WHQGUi D PHQRV TXH GH VX FRQWH[WR VH LQILHUD XQD LQWHUSUHWDFLyQ GLIHUHQWH HO VLJQLILFDGRTXHHQHVHPRPHQWROHDWULEX\DODOHJLVODFLyQGHHVH(VWDGR&RQWUDWDQWHSDUDORVHIHFWRVGHORV LPSXHVWRV D ORV TXH VH DSOLFD HO SUHVHQWH &RQYHQLR SUHYDOHFLHQGR FXDOTXLHU VLJQLILFDGR EDMR OD OHJLVODFLyQ LPSRVLWLYDDSOLFDEOHHQHVH(VWDGR&RQWUDWDQWH $57,&8/25(6,'(17( $ ORV HIHFWRV GH HVWH &RQYHQLR OD H[SUHVLyQ UHVLGHQWH GH XQ (VWDGR &RQWUDWDQWH VLJQLILFD WRGD SHUVRQD TXH HQ YLUWXG GH OD OHJLVODFLyQ GH HVH (VWDGR HVWp VXMHWR D LPSRVLFLyQ HQ pO SRU UD]yQ GH VX GRPLFLOLRUHVLGHQFLDVHGHGHGLUHFFLyQOXJDUGHFRQVWLWXFLyQRFXDOTXLHURWURFULWHULRGHQDWXUDOH]DDQiORJDH LQFOX\HDO(VWDGR6LQHPEDUJRHVWDH[SUHVLyQQRLQFOX\HDODVSHUVRQDVTXHHVWpQVXMHWDVDLPSRVLFLyQHQ HVH(VWDGRH[FOXVLYDPHQWHSRUODUHQWDTXHREWHQJDQSURFHGHQWHGHIXHQWHVVLWXDGDVHQHOFLWDGR(VWDGRR SRUHOSDWULPRQLRVLWXDGRHQpO &XDQGRHQYLUWXGGHODVGLVSRVLFLRQHVGHOSiUUDIRXQDSHUVRQDItVLFDRQDWXUDOVHDUHVLGHQWHGHDPERV (VWDGRV&RQWUDWDQWHVVXVLWXDFLyQVHUHVROYHUiGHODVLJXLHQWHPDQHUD D GLFKD SHUVRQD VHUi FRQVLGHUDGD UHVLGHQWH VRODPHQWH GHO (VWDGR GRQGH WHQJD XQD YLYLHQGD SHUPDQHQWHDVXGLVSRVLFLyQVLWXYLHUDXQDYLYLHQGDSHUPDQHQWHDVXGLVSRVLFLyQHQDPERV(VWDGRV VHFRQVLGHUDUiUHVLGHQWHGHO(VWDGRFRQHOTXHPDQWHQJDUHODFLRQHVSHUVRQDOHV\HFRQyPLFDVPiV HVWUHFKDVFHQWURGHLQWHUHVHVYLWDOHV E VLQRSXGLHUDGHWHUPLQDUVHHO(VWDGRHQHOTXHGLFKDSHUVRQDWLHQHHOFHQWURGHVXVLQWHUHVHVYLWDOHV RVLQRWXYLHUDXQDYLYLHQGDSHUPDQHQWHDVXGLVSRVLFLyQHQQLQJXQRGHORV(VWDGRVVHFRQVLGHUDUi UHVLGHQWHVRODPHQWHGHO(VWDGRGRQGHYLYDKDELWXDOPHQWH F VL YLYLHUD KDELWXDOPHQWH HQ DPERV (VWDGRV R QR OR KLFLHUD HQ QLQJXQR GH HOORV VH FRQVLGHUDUi UHVLGHQWHVRODPHQWHGHO(VWDGRGHOTXHVHDQDFLRQDO G VL IXHUD QDFLRQDO GH DPERV (VWDGRV R GH QLQJXQR GH HOORV ODV DXWRULGDGHV FRPSHWHQWHV GH ORV (VWDGRV&RQWUDWDQWHVUHVROYHUiQHOFDVRPHGLDQWHXQSURFHGLPLHQWRGHDFXHUGRPXWXR &XDQGR HQ YLUWXG GH ODV GLVSRVLFLRQHV GHO SiUUDIR XQD VRFLHGDG VHD UHVLGHQWH GH DPERV (VWDGRV &RQWUDWDQWHVVHUiFRQVLGHUDGDUHVLGHQWHVyORGHO(VWDGRGHODTXHVHDQDFLRQDO &XDQGR HQ YLUWXG GH ODV GLVSRVLFLRQHV GHO SiUUDIR XQD SHUVRQD TXH QR VHD XQD SHUVRQD ItVLFD R QDWXUDO R VRFLHGDG D OD TXH VH OH DSOLTXH HO SiUUDIR VHD UHVLGHQWH GH DPERV (VWDGRV &RQWUDWDQWHV ODV DXWRULGDGHV FRPSHWHQWHV GH ORV (VWDGRV &RQWUDWDQWHV GH DFXHUGR PXWXR KDUiQ OR SRVLEOH SRU UHVROYHU HO FDVR \ GHWHUPLQDU OD IRUPDGH DSOLFDFLyQ GHO &RQYHQLR DGLFKD SHUVRQD (Q DXVHQFLD GH XQ DFXHUGR PXWXR HQWUH ODV DXWRULGDGHV FRPSHWHQWHV GH ORV (VWDGRV &RQWUDWDQWHV GLFKD SHUVRQD QR WHQGUi GHUHFKR D H[LJLU QLQJXQRGHORVEHQHILFLRVRH[HQFLRQHVLPSRVLWLYDVFRQWHPSODGDVSRUHVWH&RQYHQLR $57,&8/2(67$%/(&,0,(1723(50$1(17( $ORVHIHFWRVGHOSUHVHQWH&RQYHQLRODH[SUHVLyQHVWDEOHFLPLHQWRSHUPDQHQWHVLJQLILFDXQOXJDUILMRGH QHJRFLRVPHGLDQWHHOFXDOXQDHPSUHVDUHDOL]DWRGDRSDUWHGHVXDFWLYLGDG /DH[SUHVLyQHVWDEOHFLPLHQWRSHUPDQHQWHFRPSUHQGHHQHVSHFLDO D XQDVHGHGHGLUHFFLyQ E XQDVXFXUVDO F XQDRILFLQD G XQDIiEULFDXQWDOOHUXQDPLQDXQSR]RGHSHWUyOHRRGHJDVXQDFDQWHUDRFXDOTXLHURWUROXJDUHQ UHODFLyQDODH[SORUDFLyQH[SORWDFLyQRH[WUDFFLyQGHUHFXUVRVQDWXUDOHV /DH[SUHVLyQHVWDEOHFLPLHQWRSHUPDQHQWHWDPELpQLQFOX\H D XQD REUD XQ SUR\HFWR GH FRQVWUXFFLyQ PRQWDMH R LQVWDODFLyQ R XQD DFWLYLGDG GH VXSHUYLVLyQ UHODFLRQDGDFRQHOORVSHURVyORFXDQGRGLFKDREUDSUR\HFWRRDFWLYLGDGWHQJDXQDGXUDFLyQVXSHULRU DPHVHV E ODSUHVWDFLyQGHVHUYLFLRVSRUSDUWHGHXQDHPSUHVDGHXQ(VWDGR&RQWUDWDQWHLQFOXLGRVORVVHUYLFLRV GH FRQVXOWRUtDV SRU LQWHUPHGLR GH HPSOHDGRV X RWUDV SHUVRQDV QDWXUDOHV R ItVLFDV HQFRPHQGDGRV SRUODHPSUHVDSDUDHVHILQSHURVyORHQHOFDVRGHTXHWDOHVDFWLYLGDGHVSURVLJDQHQHORWUR(VWDGR &RQWUDWDQWH GXUDQWH XQ SHUtRGR R SHUtRGRV TXH HQ WRWDO H[FHGDQ GtDV GHQWUR GH XQ SHUtRGR FXDOTXLHUDGHGRFHPHVHV $ORVHIHFWRVGHOFiOFXORGHORVOtPLWHVWHPSRUDOHVDTXHVHUHILHUHHVWHSiUUDIRODVDFWLYLGDGHVUHDOL]DGDV SRUXQDHPSUHVDDVRFLDGDDRWUDHPSUHVDHQHOVHQWLGRGHO$UWtFXORVHUiQDJUHJDGDVDOSHUtRGRGXUDQWHHO FXDO VRQ UHDOL]DGDV ODV DFWLYLGDGHV SRU OD HPSUHVD GH OD TXH HV DVRFLDGD VL ODV DFWLYLGDGHV GH DPEDV HPSUHVDVVRQLGpQWLFDVRVXVWDQFLDOPHQWHVLPLODUHV 1RREVWDQWHORGLVSXHVWRDQWHULRUPHQWHHQHVWHDUWtFXORVHFRQVLGHUDTXHODH[SUHVLyQHVWDEOHFLPLHQWR SHUPDQHQWHQRLQFOX\H D ODXWLOL]DFLyQGHLQVWDODFLRQHVFRQHO~QLFRILQGHDOPDFHQDUH[SRQHURHQWUHJDUELHQHVRPHUFDQFtDV SHUWHQHFLHQWHVDODHPSUHVD E HOPDQWHQLPLHQWRGHXQGHSyVLWRGHELHQHVRPHUFDQFtDVSHUWHQHFLHQWHVDODHPSUHVDFRQHO~QLFR ILQGHDOPDFHQDUODVH[SRQHUODVRHQWUHJDUODV F HOPDQWHQLPLHQWRGHXQGHSyVLWRGHELHQHVRPHUFDQFtDVSHUWHQHFLHQWHVDODHPSUHVDFRQHO~QLFR ILQGHTXHVHDQWUDQVIRUPDGDVSRURWUDHPSUHVD G HOPDQWHQLPLHQWRGHXQOXJDUILMRGHQHJRFLRVFRQHO~QLFRILQGHFRPSUDUELHQHVRPHUFDQFtDVRGH UHFRJHULQIRUPDFLyQSDUDODHPSUHVD H HO PDQWHQLPLHQWR GH XQ OXJDU ILMR GH QHJRFLRV FRQ HO ~QLFR ILQ GH KDFHU SXEOLFLGDG VXPLQLVWUDU LQIRUPDFLyQ UHDOL]DU LQYHVWLJDFLRQHV FLHQWtILFDV X RWUDV DFWLYLGDGHV VLPLODUHV TXH WHQJDQ FDUiFWHU SUHSDUDWRULRRDX[LOLDUSDUDODHPSUHVD 1R REVWDQWH OR GLVSXHVWR HQ ORV SiUUDIRV \ FXDQGR XQD SHUVRQD GLVWLQWD GH XQ DJHQWH LQGHSHQGLHQWH DO FXDO VH OH DSOLFD HO SiUUDIR DFW~H HQ QRPEUH GH XQD HPSUHVD \ RVWHQWH \ HMHU]D KDELWXDOPHQWH HQ XQ (VWDGR &RQWUDWDQWH SRGHUHV TXH OD IDFXOWHQ SDUD FRQFOXLU FRQWUDWRV HQ QRPEUH GH OD HPSUHVDVHFRQVLGHUDUiTXHHVDHPSUHVDWLHQHXQHVWDEOHFLPLHQWRSHUPDQHQWHHQHVH(VWDGRUHVSHFWRGH WRGDVODVDFWLYLGDGHVTXHHVWDSHUVRQDUHDOL]DSRUFXHQWDGHODHPSUHVDDPHQRVTXHODVDFWLYLGDGHVGHHVD SHUVRQDVHOLPLWHQDODVPHQFLRQDGDVHQHOSiUUDIR\TXHGHKDEHUVLGRHMHUFLGDVSRUPHGLRGHXQOXJDUILMR GHQHJRFLRVGLFKROXJDUILMRGHQHJRFLRVQRVHKXELHUDFRQVLGHUDGRFRPRXQHVWDEOHFLPLHQWRSHUPDQHQWHGH DFXHUGRFRQODVGLVSRVLFLRQHVGHHVHSiUUDIR 1R REVWDQWH ODV GLVSRVLFLRQHV DQWHULRUHV GHO SUHVHQWH DUWtFXOR VH FRQVLGHUD TXH XQD HPSUHVD DVHJXUDGRUD UHVLGHQWH GH XQ (VWDGR &RQWUDWDQWH WLHQH VDOYR SRU OR TXH UHVSHFWD D ORV UHDVHJXURV XQ HVWDEOHFLPLHQWR SHUPDQHQWH HQ HO RWUR (VWDGR &RQWUDWDQWH VL UHFDXGD SULPDV HQ HO WHUULWRULR GH HVH RWUR (VWDGRRDVHJXUDFRQWUDULHVJRVVLWXDGRVHQpOSRUPHGLRGHXQDSHUVRQDGLVWLQWDGHXQ DJHQWHLQGHSHQGLHQWH DOTXHVHDSOLTXHHOSiUUDIR 1RVHFRQVLGHUDTXHXQDHPSUHVDWLHQHXQHVWDEOHFLPLHQWRSHUPDQHQWHHQHORWUR(VWDGRSRUHOPHUR KHFKRGHTXHUHDOLFHVXVDFWLYLGDGHVHQHVHRWUR(VWDGRSRUPHGLRGHXQFRUUHGRUXQFRPLVLRQLVWDJHQHUDOR FXDOTXLHU RWUR DJHQWHLQGHSHQGLHQWHVLHPSUH TXH GLFKDV SHUVRQDV DFW~HQ GHQWURGHO PDUFR RUGLQDULR GH VX DFWLYLGDG\TXHHQVXVUHODFLRQHVFRPHUFLDOHVRILQDQFLHUDVFRQGLFKDVHPSUHVDVQRVHSDFWHQRLPSRQJDQ FRQGLFLRQHV DFHSWDGDV R LPSXHVWDV TXH VHDQ GLVWLQWDV GH ODV JHQHUDOPHQWH DFRUGDGDV SRU DJHQWHV LQGHSHQGLHQWHV (OKHFKRGHTXHXQDVRFLHGDGUHVLGHQWHGHXQ(VWDGR&RQWUDWDQWHFRQWUROH RVHDFRQWURODGDSRU XQD VRFLHGDGUHVLGHQWHGHORWUR(VWDGR&RQWUDWDQWHRTXHUHDOLFH DFWLYLGDGHV HPSUHVDULDOHV HQ HVH RWUR (VWDGR \DVHDSRUPHGLRGHXQHVWDEOHFLPLHQWRSHUPDQHQWHRGHRWUDPDQHUDQRFRQYLHUWHSRUVtVRORDFXDOTXLHUD GHHVWDVVRFLHGDGHVHQHVWDEOHFLPLHQWRSHUPDQHQWHGHODRWUD &$3,78/2,,,,0326,&,21'(/$65(17$6 $57,&8/25(17$6'(%,(1(6,108(%/(6 /DV UHQWDV TXH XQ UHVLGHQWH GH XQR GH ORV (VWDGRV &RQWUDWDQWHV REWHQJD GH ELHQHV LQPXHEOHV LQFOXLGDVODV UHQWDV GH H[SORWDFLRQHV DJUtFRODV R VLOYtFRODV VLWXDGRV HQ HO RWUR (VWDGR &RQWUDWDQWH SXHGHQ VRPHWHUVHDLPSRVLFLyQHQHVHRWUR(VWDGR $ ORV HIHFWRV GHO SUHVHQWH &RQYHQLR OD H[SUHVLyQ ELHQHV LQPXHEOHV WHQGUi HO VLJQLILFDGR TXH OH DWULEX\DHOGHUHFKRGHO(VWDGR&RQWUDWDQWHHQTXHORVELHQHVHVWpQVLWXDGRV'LFKDH[SUHVLyQFRPSUHQGHHQ WRGR FDVR ORV ELHQHV DFFHVRULRV GH ELHQHV LQPXHEOHV HO JDQDGR \ HO HTXLSR XWLOL]DGR HQ H[SORWDFLRQHV DJUtFRODV \ VLOYtFRODV ORV GHUHFKRV D ORV TXH VH DSOLTXHQ ODV GLVSRVLFLRQHV GH 'HUHFKR FRP~Q R JHQHUDO UHODWLYDVDORVELHQHVUDtFHVHOXVXIUXFWRGHELHQHVLQPXHEOHV\ORVGHUHFKRVDSHUFLELUSDJRVYDULDEOHVRILMRV SRU OD H[SORWDFLyQ R OD FRQFHVLyQ GH OD H[SORWDFLyQ GH \DFLPLHQWRV PLQHUDOHV IXHQWHV \ RWURV UHFXUVRV QDWXUDOHVORVEXTXHVHPEDUFDFLRQHV\DHURQDYHVQRVHFRQVLGHUDQELHQHVLQPXHEOHV /DV GLVSRVLFLRQHV GHO SiUUDIR VH DSOLFDQ D ODV UHQWDV GHULYDGDV GH OD XWLOL]DFLyQ GLUHFWD GHO DUUHQGDPLHQWRRDSDUFHUtDDVtFRPRGHFXDOTXLHURWUDIRUPDGHH[SORWDFLyQGHORVELHQHVLQPXHEOHV\DODV UHQWDVGHULYDGDVGHVXHQDMHQDFLyQ /DV GLVSRVLFLRQHV GH ORV SiUUDIRV \ VH DSOLFDQ LJXDOPHQWH D ODV UHQWDV GHULYDGDV GH ORV ELHQHV LQPXHEOHV GH XQD HPSUHVD \ GH ORV ELHQHV LQPXHEOHV XWLOL]DGRV SDUD OD SUHVWDFLyQ GH VHUYLFLRV SHUVRQDOHV LQGHSHQGLHQWHV $57,&8/2%(1(),&,26(035(6$5,$/(6 /RVEHQHILFLRVGHXQDHPSUHVDGHXQ(VWDGR&RQWUDWDQWHVRODPHQWHSXHGHQVRPHWHUVHDLPSRVLFLyQHQ HVH (VWDGR D QR VHU TXH OD HPSUHVD UHDOLFH VX DFWLYLGDG HQ HO RWUR (VWDGR &RQWUDWDQWH SRU PHGLR GH XQ HVWDEOHFLPLHQWRSHUPDQHQWHVLWXDGRHQpO6LODHPSUHVDUHDOL]DRKDUHDOL]DGRVXDFWLYLGDGGHGLFKDPDQHUD ORVEHQHILFLRVGHODHPSUHVDSXHGHQVRPHWHUVHDLPSRVLFLyQHQHORWUR(VWDGRSHURVyORHQODPHGLGDHQTXH SXHGDQDWULEXLUVHD D HVHHVWDEOHFLPLHQWRSHUPDQHQWH E HQDMHQDFLRQHVGHELHQHVRPHUFDQFtDVHQHVHRWUR(VWDGRGHWLSRLGpQWLFRRVLPLODUDORV ELHQHV R PHUFDQFtDVHQDMHQDGRVSRUPHGLRGHOHVWDEOHFLPLHQWRSHUPDQHQWH 6LQ HPEDUJR ORV EHQHILFLRV GHULYDGRV GH ODV HQDMHQDFLRQHV GHVFULWDV HQ OD OHWUD E QR VHUiQ VRPHWLGRV D LPSRVLFLyQ HQ HO RWUR (VWDGR VL OD HPSUHVD GHPXHVWUD TXH GLFKDV YHQWDV KDQ VLGR UHDOL]DGDVGHHVDPDQHUDSRUUD]RQHVGLVWLQWDVDODVGHREWHQHUXQEHQHILFLRGHOSUHVHQWH&RQYHQLR 6XMHWR D OR SUHYLVWR HQ HO SiUUDIR FXDQGR XQD HPSUHVD GH XQ (VWDGR &RQWUDWDQWH UHDOLFH R KD\D UHDOL]DGR DFWLYLGDGHV HPSUHVDULDOHV HQ HO RWUR (VWDGR &RQWUDWDQWH SRU PHGLR GH XQ HVWDEOHFLPLHQWR SHUPDQHQWHVLWXDGRHQpOHQFDGD(VWDGR&RQWUDWDQWHVHDWULEXLUiQDGLFKRHVWDEOHFLPLHQWRSHUPDQHQWHORV EHQHILFLRVTXHpVWHKXELHUDSRGLGRREWHQHUGHVHUXQDHPSUHVDGLVWLQWD\VHSDUDGDTXHUHDOL]DVHODVPLVPDV R VLPLODUHV DFWLYLGDGHV HQ ODV PLVPDV R VLPLODUHV FRQGLFLRQHV \ WUDWDVH FRQ WRWDO LQGHSHQGHQFLD FRQ OD HPSUHVDGHODTXHHVHVWDEOHFLPLHQWRSHUPDQHQWH\FRQWRGDVODVGHPiVSHUVRQDV 3DUDODGHWHUPLQDFLyQGHORVEHQHILFLRVGHOHVWDEOHFLPLHQWRSHUPDQHQWHVHSHUPLWLUiODGHGXFFLyQGHORV JDVWRVLQFXUULGRVSDUDODUHDOL]DFLyQGHORVILQHVGHOHVWDEOHFLPLHQWRSHUPDQHQWHFRPSUHQGLGRVORVJDVWRVGH GLUHFFLyQ\JHQHUDOHVGHDGPLQLVWUDFLyQDVtLQFXUULGRVWDQWRVLVHHIHFW~DQHQHO(VWDGRHQTXHVHHQFXHQWUH HOHVWDEOHFLPLHQWRSHUPDQHQWHFRPRHQRWUDSDUWH6LQHPEDUJRQRVHUiQGHGXFLEOHVORVSDJRVTXHHIHFW~H HQVXFDVRHOHVWDEOHFLPLHQWRSHUPDQHQWHTXHQRVHDQORVKHFKRVFRPRUHHPEROVRGHJDVWRVHIHFWLYRVDOD RILFLQD FHQWUDO GH OD HPSUHVD R D DOJXQD GH VXV RWUDV VXFXUVDOHV D WtWXOR GH UHJDOtDV KRQRUDULRV R SDJRV DQiORJRV D FDPELR GHO GHUHFKR GH XWLOL]DU SDWHQWHV LQIRUPDFLRQHV UHODWLYDV D H[SHULHQFLDV LQGXVWULDOHV FRPHUFLDOHV R FLHQWtILFDV NQRZKRZ X RWURV GHUHFKRV D WtWXOR GH FRPLVLyQ SRU VHUYLFLRV FRQFUHWRV SUHVWDGRV R SRU JHVWLRQHV KHFKDV R VDOYR HQ HO FDVR GH XQ EDQFR D WtWXOR GH LQWHUHVHV VREUH HO GLQHUR SUHVWDGRDOHVWDEOHFLPLHQWRSHUPDQHQWH 0LHQWUDV VHD XVXDO HQ XQ (VWDGR &RQWUDWDQWH GHWHUPLQDU ORV EHQHILFLRV LPSXWDEOHV D ORV HVWDEOHFLPLHQWRVSHUPDQHQWHVVREUHODEDVHGHXQUHSDUWRGHORVEHQHILFLRVWRWDOHVGHODHPSUHVDHQWUHVXV GLYHUVDV SDUWHV OR HVWDEOHFLGR HQ HO SiUUDIR QR LPSHGLUi TXH HVWH (VWDGR &RQWUDWDQWH GHWHUPLQH GH HVWD PDQHUD ORV EHQHILFLRV LPSRQLEOHV VLQ HPEDUJR HO PpWRGR GH UHSDUWR DGRSWDGR KDEUi GH VHU WDO TXH HO UHVXOWDGRREWHQLGRHVWpGHDFXHUGRFRQORVSULQFLSLRVFRQWHQLGRVHQHVWHDUWtFXOR 1R VH DWULEXLUi QLQJ~Q EHQHILFLR D XQ HVWDEOHFLPLHQWR SHUPDQHQWH SRU HO PHUR KHFKR GH TXH pVWH FRPSUHELHQHVRPHUFDQFtDVSDUDODHPSUHVD $ ORV HIHFWRV GH ORV SiUUDIRV DQWHULRUHV ORV EHQHILFLRV LPSXWDEOHV DO HVWDEOHFLPLHQWR SHUPDQHQWH VH FDOFXODUiQFDGDDxRSRUHOPLVPRPpWRGRDQR VHUTXHH[LVWDQPRWLYRVYiOLGRV\VXILFLHQWHVSDUDSURFHGHUGH RWUDIRUPD &XDQGR ORV EHQHILFLRV FRPSUHQGDQ UHQWDV UHJXODGDV VHSDUDGDPHQWH HQ RWURV DUWtFXORV GH HVWH &RQYHQLRODVGLVSRVLFLRQHVGHDTXpOORVQRVHYHUiQDIHFWDGDVSRUODVGHOSUHVHQWHDUWtFXOR $57,&8/275$163257(0$5,7,02<$(5(2 /RV EHQHILFLRVGH XQ UHVLGHQWHGH XQ (VWDGR &RQWUDWDQWH SURFHGHQWHV GH OD H[SORWDFLyQ GH EXTXHV R DHURQDYHVHQWUiILFRLQWHUQDFLRQDOVyORSXHGHQVRPHWHUVHDLPSRVLFLyQHQHVH(VWDGR /RVEHQHILFLRVDTXHVHUHILHUHHOSiUUDIRQRLQFOX\HQORVEHQHILFLRVTXHVHREWHQJDQGHODSUHVWDFLyQ GHOVHUYLFLRGHKRVSHGDMHRGHXQDDFWLYLGDGGHWUDQVSRUWHGLVWLQWDDODH[SORWDFLyQGHEXTXHVRDHURQDYHVHQ WUiILFRLQWHUQDFLRQDO $ORVHIHFWRVGHHVWHDUWtFXOR D HOWpUPLQREHQHILFLRVFRPSUHQGH L ORVLQJUHVRV EUXWRV TXH VH GHULYHQ GLUHFWDPHQWHGH OD H[SORWDFLyQ GHEXTXHVR DHURQDYHV HQ WUiILFRLQWHUQDFLRQDO\ LL ORV LQWHUHVHV VREUH FDQWLGDGHV JHQHUDGDV GLUHFWDPHQWH GH OD H[SORWDFLyQ GH EXTXHV R DHURQDYHV HQ WUiILFR LQWHUQDFLRQDO VLHPSUH TXH GLFKRV LQWHUHVHV VHDQ DFFHVRULRV D OD H[SORWDFLyQ E ODH[SUHVLyQH[SORWDFLyQGHEXTXHVRDHURQDYHVSRUXQUHVLGHQWHFRPSUHQGHWDPELpQ L HOIOHWDPHQWRRDUUHQGDPLHQWRGH EXTXHVRDHURQDYHV LL HODUUHQGDPLHQWRGHFRQWHQHGRUHV\HTXLSRUHODFLRQDGR\ LLL OD HQDMHQDFLyQGH EXTXHVDHURQDYHVFRQWHQHGRUHV \ HTXLSRUHODFLRQDGRVLHPSUH TXH GLFKR IOHWHDUUHQGDPLHQWRRHQDMHQDFLyQVHDDFFHVRULRDODH[SORWDFLyQSRUHVHUHVLGHQWHGHEXTXHV RDHURQDYHVHQWUiILFRLQWHUQDFLRQDO\ F ODV UHQWDV GH YDORUHV \ GH FDSLWDOHV PRELOLDULRV REWHQLGDV SRU XQD HPSUHVD D TXH VH UHILHUH HVWH DUWtFXORVHVRPHWHQDOUpJLPHQJHQHUDODSOLFDEOHDGLFKDVUHQWDV /DVGLVSRVLFLRQHVGHOSiUUDIRVHDSOLFDQWDPELpQDORVEHQHILFLRVSURFHGHQWHVGHODSDUWLFLSDFLyQHQ XQFRQVRUFLRSRROHPSUHVDFRQMXQWDRHQXQDDJHQFLDLQWHUQDFLRQDOGHH[SORWDFLyQ $57,&8/2(035(6$6$62&,$'$6 &XDQGR D XQDHPSUHVDGHXQ(VWDGR&RQWUDWDQWHSDUWLFLSHGLUHFWDRLQGLUHFWDPHQWHHQODGLUHFFLyQHOFRQWUROR HOFDSLWDOGHXQDHPSUHVDGHORWUR(VWDGR&RQWUDWDQWHR E XQDVPLVPDVSHUVRQDVSDUWLFLSHQGLUHFWDRLQGLUHFWDPHQWHHQODGLUHFFLyQHOFRQWURORHOFDSLWDO GH XQD HPSUHVD GH XQ (VWDGR &RQWUDWDQWH \ GH XQD HPSUHVD GHO RWUR (VWDGR &RQWUDWDQWH \ HQ FXDOTXLHUD GH HVWRV FDVRV ODV GRV HPSUHVDV HVWpQ XQLGDV HQ VXV UHODFLRQHV FRPHUFLDOHV R ILQDQFLHUDVSRUFRQGLFLRQHVDFHSWDGDVRLPSXHVWDVTXHVHDQGLVWLQWDVGHODVTXHVHUtDQDFRUGDGDV SRUHPSUHVDVLQGHSHQGLHQWHVORVEHQHILFLRVTXHKDEUtDQVLGRREWHQLGRVSRUXQDGHODVHPSUHVDVGH QRH[LVWLUHVWDVFRQGLFLRQHV\TXHGHKHFKRQRVHKDQSURGXFLGRDFDXVDGHODVPLVPDVSXHGHQVHU LQFOXLGRVSRUXQ(VWDGR&RQWUDWDQWHHQORVEHQHILFLRVGHHVDHPSUHVD\VRPHWLGRVDLPSRVLFLyQHQ FRQVHFXHQFLD &XDQGRXQ(VWDGR&RQWUDWDQWHLQFOX\DHQORVEHQHILFLRVGHXQDHPSUHVDGHHVWH(VWDGR\VRPHWHHQ FRQVHFXHQFLDDLPSRVLFLyQORVEHQHILFLRVVREUHORVFXDOHVXQDHPSUHVDGHORWUR(VWDGR&RQWUDWDQWHKDVLGR VRPHWLGD D LPSRVLFLyQ HQ HVH RWUR (VWDGR \ ORV EHQHILFLRV DVt LQFOXLGRV VRQ EHQHILFLRV TXH KDEUtDQ VLGR UHDOL]DGRVSRUODHPSUHVDGHOSULPHU(VWDGRVLODVFRQGLFLRQHVFRQYHQLGDVHQWUHODVGRVHPSUHVDVKXELHUHQ VLGRODVTXHVHKXELHVHQFRQYHQLGRHQWUHGRVHPSUHVDVLQGHSHQGLHQWHVHORWUR(VWDGRSURFHGHUiVLHVWiGH DFXHUGR DO DMXVWH FRUUHVSRQGLHQWH GHO PRQWR GHO LPSXHVWR TXH KD\D SHUFLELGR VREUH HVRV EHQHILFLRV 3DUD GHWHUPLQDUHVWHDMXVWHVHWHQGUiQHQFXHQWDODVGHPiVGLVSRVLFLRQHVGHOSUHVHQWH&RQYHQLRFRQVXOWiQGRVH ODVDXWRULGDGHVFRPSHWHQWHVGHORV(VWDGRV&RQWUDWDQWHVHQFDVRQHFHVDULR 8Q(VWDGR&RQWUDWDQWHQRPRGLILFDUiODVUHQWDVREHQHILFLRVGHXQDSHUVRQDTXHVHHQFXHQWUHHQORV VXSXHVWRV D TXH VH UHILHUH HO SiUUDIR GHVSXpV GHO YHQFLPLHQWR GH ORV SOD]RV SUHYLVWRV HQ VX OHJLVODFLyQ QDFLRQDO\HQWRGRFDVRGHVSXpVGHFLQFRDxRVFRQWDGRVDSDUWLUGHO~OWLPRGtDGHODxRHQTXHODVUHQWDVR EHQHILFLRVVHKXELHUDQREWHQLGRGHQRKDEHUH[LVWLGRODVFRQGLFLRQHVDTXHVHUHILHUHHOSiUUDIR /DVGLVSRVLFLRQHVGHOSiUUDIRQRVHDSOLFDUiQHQHOFDVRGHIUDXGHFXOSDRQHJOLJHQFLD $57,&8/2',9,'(1'26 /RVGLYLGHQGRVSDJDGRVSRUXQDVRFLHGDGUHVLGHQWHGHXQ(VWDGR&RQWUDWDQWHDXQUHVLGHQWHGHORWUR (VWDGR&RQWUDWDQWHSXHGHQVRPHWHUVHDLPSRVLFLyQHQHVHRWUR(VWDGR (VWRV GLYLGHQGRV SXHGHQ WDPELpQ VRPHWHUVH D LPSRVLFLyQ HQ HO (VWDGR &RQWUDWDQWH HQ TXH UHVLGD OD VRFLHGDG TXH SDJXH ORV GLYLGHQGRV \ VHJ~Q OD OHJLVODFLyQ GH HVH (VWDGR 6LQ HPEDUJR VL HO EHQHILFLDULR HIHFWLYR GH ORV GLYLGHQGRV HV XQ UHVLGHQWH GHO RWUR (VWDGR &RQWUDWDQWH HO LPSXHVWR DVt H[LJLGR QR SRGUi H[FHGHUGHO D SRUFLHQWRGHOLPSRUWHEUXWRGHORVGLYLGHQGRVVLHOEHQHILFLDULRHIHFWLYRHVXQDVRFLHGDGTXHSRVHD DO PHQRV HO SRU FLHQWR GH ODV DFFLRQHV FRQ GHUHFKR D YRWR GH OD VRFLHGDG TXH SDJD ORV GLYLGHQGRV E SRUFLHQWRGHOLPSRUWHEUXWRGHORVGLYLGHQGRVHQORVGHPiVFDVRV (VWHSiUUDIRQRDIHFWDDODLPSRVLFLyQGHODVRFLHGDGUHVSHFWRGHORVEHQHILFLRVFRQ FDUJRD ORV TXHVH SDJXHQORVGLYLGHQGRVQLWDPSRFRDIHFWDQODLPSRVLFLyQDSOLFDEOHVREUHORVEHQHILFLRVFRQFDUJRDORVFXDOHV VHSDJXHQODVGLVWULEXFLRQHVGHXQDSHUVRQDDWULEXLEOHVDXQ HVWDEOHFLPLHQWRSHUPDQHQWHHQHVHRWUR(VWDGR (O WpUPLQR GLYLGHQGRV HPSOHDGR HQ HO SUHVHQWH DUWtFXOR VLJQLILFD ORV UHQGLPLHQWRV GH ODV DFFLRQHV X RWURVGHUHFKRVH[FHSWRORVGHFUpGLWRTXHSHUPLWDQSDUWLFLSDU HQ ORV EHQHILFLRVDVt FRPRORV UHQGLPLHQWRV GHULYDGRVGHRWURVGHUHFKRVVXMHWRVDOPLVPRUpJLPHQLPSRVLWLYRTXHORVUHQGLPLHQWRVGHODVDFFLRQHVSRUOD OHJLVODFLyQGHO(VWDGRHQTXH UHVLGDODVRFLHGDGTXHODVGLVWULEX\H /DV GLVSRVLFLRQHV GH ORV SiUUDIRV \ QR VH DSOLFDQ VL HO EHQHILFLDULR HIHFWLYR GH ORV GLYLGHQGRV UHVLGHQWHGHXQ (VWDGR&RQWUDWDQWHUHDOL]DHQHORWUR(VWDGR&RQWUDWDQWHGHOTXH HV UHVLGHQWHODVRFLHGDG TXHSDJDORVGLYLGHQGRVXQDDFWLYLGDGHPSUHVDULDODWUDYpVGHXQHVWDEOHFLPLHQWRSHUPDQHQWHVLWXDGRHQHVH RWUR(VWDGR&RQWUDWDQWHRSUHVWDVHUYLFLRVSHUVRQDOHVLQGHSHQGLHQWHVSRUPHGLRGHXQDEDVHILMDVLWXDGDHQ HVH RWUR (VWDGR &RQWUDWDQWH FRQ ORV TXH OD SDUWLFLSDFLyQ TXH JHQHUD ORV GLYLGHQGRV HVWp YLQFXODGD HIHFWLYDPHQWHDGLFKRHVWDEOHFLPLHQWRSHUPDQHQWHR EDVH ILMD (Q HVWRVFDVRVVHDSOLFDQ ODV GLVSRVLFLRQHV GHO$UWtFXORRGHO$UWtFXORVHJ~QSURFHGD &XDQGRXQDVRFLHGDGUHVLGHQWHGHXQ (VWDGR&RQWUDWDQWHREWHQJDEHQHILFLRVRUHQWDVSURFHGHQWHVGHO RWUR(VWDGR&RQWUDWDQWHHVHRWUR(VWDGRQRSRGUiH[LJLUQLQJ~QLPSXHVWRVREUHORVGLYLGHQGRVSDJDGRVSRUOD VRFLHGDG VDOYR HQ OD PHGLGD HQ TXH HVRV GLYLGHQGRV VH SDJXHQ D XQ UHVLGHQWH GH HVH RWUR (VWDGR R OD SDUWLFLSDFLyQ TXH JHQHUD ORV GLYLGHQGRV HVWp YLQFXODGD HIHFWLYDPHQWH D XQ HVWDEOHFLPLHQWR SHUPDQHQWH R D XQD EDVH ILMD VLWXDGRV HQ HVH RWUR (VWDGR QL VRPHWHU ORV EHQHILFLRV QR GLVWULEXLGRV GH OD VRFLHGDG D XQ LPSXHVWRVREUHORVPLVPRVDXQTXHORVGLYLGHQGRVSDJDGRVRORVEHQHILFLRVQRGLVWULEXLGRVFRQVLVWDQWRWDOR SDUFLDOPHQWHHQEHQHILFLRRUHQWDVSURFHGHQWHVGHHVHRWUR(VWDGR $57,&8/2,17(5(6(6 /RV LQWHUHVHV SURFHGHQWHV GH XQ (VWDGR &RQWUDWDQWH \ SDJDGRV D XQ UHVLGHQWH GHO RWUR (VWDGR &RQWUDWDQWHSXHGHQVRPHWHUVHDLPSRVLFLyQHQHVHRWUR(VWDGR 6LQHPEDUJRHVWRVLQWHUHVHVSXHGHQWDPELpQVRPHWHUVHDLPSRVLFLyQHQHO(VWDGR&RQWUDWDQWHGHOTXH SURFHGDQGHDFXHUGRFRQODOHJLVODFLyQGHHVWH(VWDGRSHURVLHOSHUFHSWRUGHORVLQWHUHVHVHVHOEHQHILFLDULR HIHFWLYRHOLPSXHVWRDVtH[LJLGRQRSXHGHH[FHGHUGHOSRUFLHQWRGHOLPSRUWHEUXWRGHORVLQWHUHVHV (O WpUPLQR LQWHUHVHV HPSOHDGR HQ HO SUHVHQWH DUWtFXOR VLJQLILFD ORV UHQGLPLHQWRV GH FUpGLWRV GH FXDOTXLHUQDWXUDOH]DFRQRVLQJDUDQWtDVKLSRWHFDULDV\HVSHFLDOPHQWHORVUHQGLPLHQWRVGHYDORUHVS~EOLFRV\ ERQRV X REOLJDFLRQHV DVt FRPR FXDOTXLHUD RWUD UHQWD TXH OD OHJLVODFLyQ GHO (VWDGR GH GRQGH SURFHGDQ ORV LQWHUHVHVDVLPLOHDORVUHQGLPLHQWRVGHODVFDQWLGDGHVGDGDVHQSUpVWDPR6LQHPEDUJRHOWpUPLQRLQWHUHVHV QRLQFOX\HODVUHQWDVDTXHVHUHILHUHHO$UWtFXOR /DV GLVSRVLFLRQHV GH ORV SiUUDIRV \ QR VH DSOLFDQ VL HO EHQHILFLDULR HIHFWLYR GH ORV LQWHUHVHV UHVLGHQWHGHXQ (VWDGR&RQWUDWDQWHUHDOL]DHQHORWUR(VWDGR&RQWUDWDQWHGHOTXHSURFHGHQORVLQWHUHVHVXQD DFWLYLGDGHPSUHVDULDOSRUPHGLRGHXQHVWDEOHFLPLHQWRSHUPDQHQWHVLWXDGRHQpORSUHVWDHQHVHRWUR(VWDGR VHUYLFLRV SHUVRQDOHV LQGHSHQGLHQWHV SRU PHGLR GH XQD EDVH ILMD VLWXDGD HQ pO FRQ ORV TXH HO FUpGLWR TXH JHQHUDORVLQWHUHVHVHVWpYLQFXODGRHIHFWLYDPHQWH(QHVWRVFDVRVVHDSOLFDQODVGLVSRVLFLRQHVGHO$UWtFXORR GHO$UWtFXORVHJ~QSURFHGD /RVLQWHUHVHVVHFRQVLGHUDQSURFHGHQWHVGHXQ(VWDGR&RQWUDWDQWHFXDQGRHOGHXGRUVHDUHVLGHQWHGH HVH(VWDGR6LQHPEDUJRFXDQGRHOGHXGRUGHORVLQWHUHVHVVHDRQRUHVLGHQWHGHXQ (VWDGR&RQWUDWDQWH WHQJDHQXQ(VWDGR&RQWUDWDQWHXQHVWDEOHFLPLHQWRSHUPDQHQWHRXQDEDVHILMDTXHVRSRUWHODFDUJDGHORV PLVPRV pVWRV VH FRQVLGHUDUiQ FRPR SURFHGHQWHV GHO (VWDGR &RQWUDWDQWH GRQGH HVWp VLWXDGR HO HVWDEOHFLPLHQWRSHUPDQHQWHRODEDVHILMD &XDQGRSRUUD]yQGHODVUHODFLRQHVHVSHFLDOHVH[LVWHQWHVHQWUHHOGHXGRU\HOEHQHILFLDULRHIHFWLYRGH ORVLQWHUHVHVRGHODVTXHXQR\RWURPDQWHQJDQFRQWHUFHURVHOLPSRUWHGHORVLQWHUHVHVSDJDGRVH[FHGDSRU FXDOTXLHU PRWLYR GHO TXH KXELHUDQ FRQYHQLGR HO GHXGRU \ HO EHQHILFLDULR HIHFWLYR HQ DXVHQFLD GH WDOHV UHODFLRQHV ODV GLVSRVLFLRQHV GH HVWH DUWtFXOR QR VH DSOLFDQ D HVWH ~OWLPR LPSRUWH (Q HVWH FDVR OD SDUWH H[FHGHQWHGHOSDJRSXHGHVRPHWHUVHDLPSRVLFLyQGHDFXHUGRFRQODOHJLVODFLyQGHFDGD(VWDGR&RQWUDWDQWH WHQLHQGRHQFXHQWDODVGHPiVGLVSRVLFLRQHVGHOSUHVHQWH&RQYHQLR /DVGLVSRVLFLRQHVGHHVWHDUWtFXORQRVHDSOLFDUiQVLHOSURSyVLWRRXQRGH ORVSULQFLSDOHVSURSyVLWRVGH FXDOTXLHUSHUVRQDYLQFXODGDFRQODFUHDFLyQRDWULEXFLyQGHOFUpGLWRHQUHODFLyQDOFXDOORVLQWHUHVHVVHSDJDQ IXHUDHOGHVDFDUYHQWDMDGHHVWHDUWtFXORPHGLDQWHWDOFUHDFLyQRDWULEXFLyQ $57,&8/25(*$/,$6 /DV UHJDOtDV SURFHGHQWHV GH XQ (VWDGR &RQWUDWDQWH \ SDJDGDV D XQ UHVLGHQWH GHO RWUR (VWDGR &RQWUDWDQWHSXHGHQVRPHWHUVHDLPSRVLFLyQHQHVHRWUR(VWDGR 6LQHPEDUJRHVWDVUHJDOtDVSXHGHQWDPELpQVRPHWHUVHDLPSRVLFLyQHQHO(VWDGRGHOTXHSURFHGHQGH DFXHUGR FRQ OD OHJLVODFLyQ GH HVH (VWDGR SHUR VL HO SHUFHSWRU GH ODV UHJDOtDV HV HO EHQHILFLDULR HIHFWLYR HO LPSXHVWRDVtH[LJLGRQRSXHGHH[FHGHUGHOSRUFLHQWRGHOLPSRUWHEUXWRGHODVUHJDOtDV (O WpUPLQR UHJDOtDV HPSOHDGR HQ HO SUHVHQWH DUWtFXOR VLJQLILFD ODV FDQWLGDGHV GH FXDOTXLHU FODVH SDJDGDV HQ UHODFLyQ FRQ HO XVR GH R FRQFHVLyQ GH XVR GH XQ GHUHFKR GH DXWRU VREUH XQD REUD OLWHUDULD FRS\ULJKW SDWHQWH PDUFD FRPHUFLDO GLVHxR R PRGHOR SODQR IyUPXOD R SURFHGLPLHQWR VHFUHWR X RWUR GHUHFKR R SURSLHGDG LQWDQJLEOH R SRU LQIRUPDFLyQ UHODWLYDV D H[SHULHQFLDV LQGXVWULDOHV FRPHUFLDOHV R FLHQWtILFDVHLQFOX\HSDJRVGHFXDOTXLHUFODVHHQUHODFLyQFRQSHOtFXODVFLQHPDWRJUiILFDV\REUDVUHJLVWUDGDV HQ SHOtFXODV YLGHR X RWURV PHGLRV GH UHSURGXFFLyQ SDUD XVR HQ WHOHYLVLyQ H LQFOX\H SDJRV GH FXDOTXLHU HVSHFLH HQ YLUWXG GH OD UHFHSFLyQ GH R HO GHUHFKR GH UHFLELU LPiJHQHV YLVXDOHV R DXGLWLYDV R DPEDV WUDQVPLWLGDVDOS~EOLFRYtDVDWpOLWHRSRUFDEOHILEUDySWLFDXRWUDWHFQRORJtDVLPLODURHOXVRHQUHODFLyQFRQOD WUDQVPLVLyQ SRUWHOHYLVLyQ R UDGLR RHO GHUHFKR D XVDU HQ UHODFLyQ FRQ OD WUDQVPLVLyQ SRU WHOHYLVLyQ R UDGLR LPiJHQHV YLVXDOHV R DXGLWLYDV R DPEDV WUDQVPLWLGDV YtD VDWpOLWH R SRU FDEOH ILEUD ySWLFD X RWUD WHFQRORJtD VLPLODU /DVGLVSRVLFLRQHVGHOSiUUDIRQRVHDSOLFDQVLHOEHQHILFLDULRHIHFWLYRGHODVUHJDOtDVUHVLGHQWHGHXQ (VWDGR &RQWUDWDQWH UHDOLFH HQ HO RWUR (VWDGR &RQWUDWDQWH GH GRQGH SURFHGHQ ODV UHJDOtDV XQD DFWLYLGDG HPSUHVDULDOSRUPHGLRGHXQHVWDEOHFLPLHQWRSHUPDQHQWHVLWXDGRHQpORSUHVWDHQHVHRWUR(VWDGRVHUYLFLRV SHUVRQDOHVLQGHSHQGLHQWHVSRUPHGLRGHXQDEDVHILMDVLWXDGDHQpOFRQORVTXHHOGHUHFKRRSURSLHGDGSRU ORVTXHVHSDJDQODVUHJDOtDVHVWpYLQFXODGRHIHFWLYDPHQWH(QHVWRVFDVRVVHDSOLFDQODVGLVSRVLFLRQHVGHO $UWtFXORRGHO$UWtFXORVHJ~QSURFHGD /DV UHJDOtDV VH FRQVLGHUDQ SURFHGHQWHV GH XQ (VWDGR &RQWUDWDQWH FXDQGR HO GHXGRU HV HO SURSLR (VWDGRXQDGHVXVVXEGLYLVLRQHVSROtWLFDVXQDGHVXVDXWRULGDGHVORFDOHVRXQUHVLGHQWHGHHVH(VWDGR6LQ HPEDUJRFXDQGRTXLHQSDJDODVUHJDOtDVVHDRQRUHVLGHQWHGHXQ(VWDGR&RQWUDWDQWHWHQJDHQXQ(VWDGR &RQWUDWDQWH XQ HVWDEOHFLPLHQWR SHUPDQHQWH R XQD EDVH ILMD TXH VRSRUWH OD FDUJD GH ODV PLVPDV pVWDV VH FRQVLGHUDUiQSURFHGHQWHVGHO(VWDGRGRQGHHVWpVLWXDGRHOHVWDEOHFLPLHQWRSHUPDQHQWHRODEDVHILMD &XDQGRSRUUD]yQGHODVUHODFLRQHVHVSHFLDOHVH[LVWHQWHVHQWUHHOGHXGRU\HOEHQHILFLDULRHIHFWLYRGH ODV UHJDOtDV R GH ODV TXH XQR \ RWUR PDQWHQJDQ FRQ WHUFHURV HO LPSRUWH GH ODV UHJDOtDV SDJDGDV KDELGD FXHQWDGHOXVRGHUHFKRRLQIRUPDFLyQSRUORVTXHVRQSDJDGDVH[FHGDGHOLPSRUWHTXHKDEUtDQFRQYHQLGRHO GHXGRU\HOEHQHILFLDULRHIHFWLYRHQDXVHQFLDGHWDOHVUHODFLRQHVODVGLVSRVLFLRQHVGHHVWHDUWtFXORVHDSOLFDQ VRODPHQWHDHVWH~OWLPRLPSRUWH(QHVWHFDVRODSDUWHH[FHGHQWHGHOSDJRSXHGHVRPHWHUVHDLPSRVLFLyQGH DFXHUGR FRQ OD OHJLVODFLyQ GH FDGD (VWDGR &RQWUDWDQWH WHQLHQGR HQ FXHQWD ODV GHPiV GLVSRVLFLRQHV GHO SUHVHQWH&RQYHQLR /DV GLVSRVLFLRQHV GH HVWH DUWtFXOR QR VH DSOLFDUiQ VL HO SURSyVLWR SULQFLSDO R XQR GH ORV SULQFLSDOHV SURSyVLWRVGHFXDOTXLHUSHUVRQDUHODFLRQDGDFRQODFUHDFLyQRDWULEXFLyQGHGHUHFKRVHQUHODFLyQDORVFXDOHV ODVUHJDOtDVVHSDJXHQIXHUDHOGHVDFDUYHQWDMDGHHVWHDUWtFXORPHGLDQWHWDOFUHDFLyQRDWULEXFLyQ $57,&8/2*$1$1&,$6'(&$3,7$/ /DV JDQDQFLDV TXH XQ UHVLGHQWH GH XQR GH ORV (VWDGRV &RQWUDWDQWHV REWHQJD GH OD HQDMHQDFLyQ GH ELHQHVLQPXHEOHVVLWXDGRVHQHORWUR(VWDGR&RQWUDWDQWHSXHGHQVRPHWHUVHDLPSRVLFLyQHQHVHRWUR(VWDGR /DV JDQDQFLDV GHULYDGDV GH OD HQDMHQDFLyQ GH ELHQHV PXHEOHV TXH IRUPHQ SDUWH GHO DFWLYR GH XQ HVWDEOHFLPLHQWRSHUPDQHQWHTXHXQDHPSUHVDGHXQ(VWDGR&RQWUDWDQWHWHQJDHQHORWUR(VWDGR&RQWUDWDQWH RGHELHQHVPXHEOHVTXHSHUWHQH]FDQDXQDEDVHILMDTXHXQUHVLGHQWHGHXQ(VWDGR&RQWUDWDQWHWHQJDHQHO RWUR (VWDGR &RQWUDWDQWH SDUD OD SUHVWDFLyQ GH VHUYLFLRV SHUVRQDOHV LQGHSHQGLHQWHV FRPSUHQGLGDV ODV JDQDQFLDV GHULYDGDV GH OD HQDMHQDFLyQ GH HVWH HVWDEOHFLPLHQWR SHUPDQHQWH VROR R FRQ HO FRQMXQWR GH OD HPSUHVDGHODTXHIRUPHSDUWHRGHHVWDEDVHILMDSXHGHQVRPHWHUVHDLPSRVLFLyQHQHVHRWUR(VWDGR /DVJDQDQFLDVGHULYDGDVGHODHQDMHQDFLyQGHEXTXHVRDHURQDYHVH[SORWDGRVHQWUiILFRLQWHUQDFLRQDO R GH ELHQHV PXHEOHV DIHFWRV D OD H[SORWDFLyQ GH GLFKRV EXTXHV R DHURQDYHV VyOR SXHGHQ VRPHWHUVH D LPSRVLFLyQHQHO(VWDGR&RQWUDWDQWHGRQGHUHVLGDHOHQDMHQDQWH 1DGDGHOR HVWDEOHFLGR HQHO SUHVHQWH &RQYHQLR DIHFWDUi OD DSOLFDFLyQGH OD OHJLVODFLyQ GH XQ (VWDGR &RQWUDWDQWHSDUDVRPHWHUDLPSRVLFLyQODVJDQDQFLDVGHFDSLWDOSURYHQLHQWHVGHODHQDMHQDFLyQGHFXDOTXLHU RWURWLSRGHSURSLHGDGGLVWLQWDGHODVPHQFLRQDGDVHQHVWHDUWtFXOR $57,&8/26(59,&,263(5621$/(6,1'(3(1',(17(6 /DVUHQWDVREWHQLGDVSRUXQDSHUVRQDQDWXUDORItVLFDTXHHVUHVLGHQWHGHXQ(VWDGR&RQWUDWDQWHFRQ UHVSHFWR D VHUYLFLRV SURIHVLRQDOHV X RWUDV DFWLYLGDGHV GH FDUiFWHU LQGHSHQGLHQWH OOHYDGDV D FDER HQ HO RWUR (VWDGR &RQWUDWDQWH SXHGHQ VRPHWHUVH D LPSRVLFLyQ HQ HVWH ~OWLPR (VWDGR SHUR HO LPSXHVWR H[LJLEOH QR H[FHGHUiGHSRUFLHQWRGHOPRQWREUXWRSHUFLELGRSRUGLFKRVVHUYLFLRVRDFWLYLGDGHVH[FHSWRHQHOFDVRHQ TXHHVWHUHVLGHQWHGLVSRQJDGHXQDEDVHILMDHQHVHRWUR(VWDGRDHIHFWRVGHOOHYDUDFDERVXVDFWLYLGDGHV (Q HVWH ~OWLPR FDVR GLFKDV UHQWDV SRGUiQ VRPHWHUVH D LPSRVLFLyQ HQ HVH RWUR (VWDGR \ GH DFXHUGR D OD OHJLVODFLyQLQWHUQDSHURVyORHQODPHGLGDHQTXHSXHGDQDWULEXLUVHDODFLWDGDEDVHILMD /D H[SUHVLyQ VHUYLFLRV SURIHVLRQDOHV FRPSUHQGH HVSHFLDOPHQWH ODV DFWLYLGDGHV LQGHSHQGLHQWHV GH FDUiFWHU FLHQWtILFR OLWHUDULR DUWtVWLFR HGXFDWLYR R SHGDJyJLFR DVt FRPR ODV DFWLYLGDGHV LQGHSHQGLHQWHV GH PpGLFRVDERJDGRVLQJHQLHURVDUTXLWHFWRVRGRQWyORJRV\FRQWDGRUHV $57,&8/26(59,&,263(5621$/(6'(3(1',(17(6 6LQSHUMXLFLRGHORGLVSXHVWRHQORV$UWtFXORV\ORVVXHOGRVVDODULRV\RWUDVUHPXQHUDFLRQHV REWHQLGDV SRU XQ UHVLGHQWH GH XQ (VWDGR &RQWUDWDQWH SRU UD]yQ GH XQ HPSOHR VyOR SXHGHQ VRPHWHUVH D LPSRVLFLyQHQHVH(VWDGRDQRVHUTXHHOHPSOHRVHUHDOLFHHQHORWUR(VWDGR&RQWUDWDQWH6LHOHPSOHRVH UHDOL]D GH HVD IRUPD ODV UHPXQHUDFLRQHVGHULYDGDVGHOPLVPR SXHGHQ VRPHWHUVH D LPSRVLFLyQ HQ HVH RWUR (VWDGR 1RREVWDQWHORGLVSXHVWRHQHOSiUUDIRODVUHPXQHUDFLRQHVREWHQLGDVSRUXQUHVLGHQWHGHXQ(VWDGR &RQWUDWDQWH SRU UD]yQ GH XQ HPSOHR HMHUFLGR HQ HO RWUR (VWDGR &RQWUDWDQWH VyOR SXHGHQ VRPHWHUVH D LPSRVLFLyQHQHOSULPHU(VWDGRVL D HOSHUFHSWRUSHUPDQHFHHQHORWUR(VWDGRXQRR YDULRVSHUtRGRVTXHQRH[FHGHQHQWRWDOGtDV HQFXDOTXLHUSHUtRGRGHGRFHPHVHVTXHFRPLHQFHRWHUPLQHHQHODxRILVFDOFRQVLGHUDGR E ODVUHPXQHUDFLRQHVVHSDJDQSRURHQQRPEUHGHXQDSHUVRQDHPSOHDGRUDTXHQRHVUHVLGHQWHGHO RWUR(VWDGR\ F ODV UHPXQHUDFLRQHV QR VH VRSRUWDQ SRU XQ HVWDEOHFLPLHQWR SHUPDQHQWH R XQD EDVH ILMD TXH OD SHUVRQDHPSOHDGRUDWLHQHHQHORWUR(VWDGR 1RREVWDQWHODVGLVSRVLFLRQHVSUHFHGHQWHVGHHVWHDUWtFXORODVUHPXQHUDFLRQHVREWHQLGDVSRUUD]yQGH XQHPSOHRUHDOL]DGRDERUGRGHXQEXTXHRDHURQDYHH[SORWDGRVHQWUiILFRLQWHUQDFLRQDOSRUXQDHPSUHVDGH XQ(VWDGR&RQWUDWDQWHVyORVHUiQVRPHWLGDVDLPSRVLFLyQHQHVH(VWDGRDPHQRVTXHODUHPXQHUDFLyQVH REWHQJD SRU XQ UHVLGHQWH GHO RWUR (VWDGR &RQWUDWDQWH HQ FX\R FDVR GLFKDV UHPXQHUDFLRQHV VyOR SRGUiQ VRPHWHUVHDLPSRVLFLyQHQHVH~OWLPR(VWDGR $57,&8/23$57,&,3$&,21(6'(&216(-(526 /DVSDUWLFLSDFLRQHVGLHWDVGHDVLVWHQFLD\RWUDVUHWULEXFLRQHVTXHXQ UHVLGHQWHGHXQ(VWDGR&RQWUDWDQWH REWHQJD FRPR DGPLQLVWUDGRU FRPLVDULR R PLHPEUR GH XQ FRQVHMR GH DGPLQLVWUDFLyQ R GH YLJLODQFLD GH XQD VRFLHGDGUHVLGHQWHGHORWUR(VWDGR&RQWUDWDQWHSXHGHQVRPHWHUVHDLPSRVLFLyQHQHVWH~OWLPR(VWDGR $57,&8/2$57,67$6<'(3257,67$6 1RREVWDQWHORGLVSXHVWRHQORV$UWtFXORV\ODVUHQWDVTXHXQUHVLGHQWHGHXQ(VWDGR&RQWUDWDQWH REWHQJDGHOHMHUFLFLRGHVXDFWLYLGDGSHUVRQDOHQHORWUR(VWDGR&RQWUDWDQWHHQFDOLGDGGHDUWLVWDWDOFRPRXQ DFWRUGHWHDWURFLQHUDGLRRWHOHYLVLyQRP~VLFRRFRPRGHSRUWLVWDSXHGHQVRPHWHUVHDLPSRVLFLyQHQHVH RWUR(VWDGR/DVUHQWDVDTXHVHUHILHUHHOSUHVHQWHSiUUDIRLQFOX\HQODVUHQWDVTXHGLFKRUHVLGHQWHREWHQJDGH FXDOTXLHUDFWLYLGDGSHUVRQDOHMHUFLGDHQHORWUR(VWDGR&RQWUDWDQWHUHODFLRQDGDFRQVXUHQRPEUHFRPRDUWLVWD RGHSRUWLVWD 1R REVWDQWH OR GLVSXHVWR HQ ORV $UWtFXORV \ FXDQGR ODV UHQWDV GHULYDGDV GH ODV DFWLYLGDGHV SHUVRQDOHVGHORVDUWLVWDVRGHORVGHSRUWLVWDVHQHVDFDOLGDGVH DWULEX\DQ QRDO SURSLR DUWLVWD R GHSRUWLVWD VLQR D RWUD SHUVRQD GLFKDV UHQWDV SXHGHQ VRPHWHUVH D LPSRVLFLyQ HQ HO (VWDGR &RQWUDWDQWH HQ TXH VH UHDOLFHQODVDFWLYLGDGHVGHODUWLVWDRGHOGHSRUWLVWD $57,&8/23(16,21(6 /DV SHQVLRQHV SURFHGHQWHV GH XQ (VWDGR &RQWUDWDQWH \ SDJDGDV D XQ UHVLGHQWH GHO RWUR (VWDGR &RQWUDWDQWHVyORSXHGHQVRPHWHUVHDLPSRVLFLyQHQHO(VWDGRGHGRQGHSURFHGHQ $57,&8/2)81&,21(638%/,&$6 D /RVVXHOGRVVDODULRV\RWUDVUHPXQHUDFLRQHVH[FOXLGDVODVSHQVLRQHVSDJDGDVSRUXQ(VWDGR &RQWUDWDQWHRSRUXQDGHVXVVXEGLYLVLRQHVSROtWLFDVRDXWRULGDGHVORFDOHVDXQD SHUVRQDItVLFD RQDWXUDOSRUUD]yQGHVHUYLFLRVSUHVWDGRVDHVH(VWDGRRDHVDVXEGLYLVLyQRDXWRULGDGVyOR SXHGHQVRPHWHUVHDLPSRVLFLyQHQHVH(VWDGR E 1R REVWDQWH GLFKRV VXHOGRV VDODULRV \ RWUDV UHPXQHUDFLRQHV VyOR SXHGHQ VRPHWHUVH D LPSRVLFLyQHQHORWUR(VWDGR&RQWUDWDQWHVLORVVHUYLFLRVVHSUHVWDQHQHVH(VWDGR\ODSHUVRQD ItVLFDRQDWXUDOHVXQUHVLGHQWHGHHVH(VWDGRTXH L SRVHHODQDFLRQDOLGDGGHHVH(VWDGRR LL QR KD DGTXLULGR OD FRQGLFLyQ GH UHVLGHQWH GH HVH (VWDGR VRODPHQWH SDUD SUHVWDU ORV VHUYLFLRV /RGLVSXHVWRHQORV$UWtFXORV\GHOSUHVHQWH&RQYHQLRVHDSOLFDDORVVXHOGRVVDODULRV\ RWUDV UHPXQHUDFLRQHV \ SHQVLRQHV SDJDGRV SRU UD]yQ GH VHUYLFLRV SUHVWDGRV GHQWUR GHO PDUFR GH XQD DFWLYLGDG HPSUHVDULDO UHDOL]DGDSRU XQR GH ORV (VWDGRV &RQWUDWDQWHV R XQD GH VXV VXEGLYLVLRQHV SROtWLFDV R DXWRULGDGHVORFDOHV $57,&8/2(678',$17(6 /DVFDQWLGDGHVTXHUHFLEDSDUDFXEULUVXVJDVWRVGHPDQXWHQFLyQHVWXGLRVRIRUPDFLyQXQHVWXGLDQWHR XQDSHUVRQDHQSUiFWLFDTXHHVRKDVLGRLQPHGLDWDPHQWHDQWHVGHOOHJDUDXQ (VWDGR&RQWUDWDQWHUHVLGHQWH GHORWUR(VWDGR&RQWUDWDQWH\TXHVHHQFXHQWUHHQHO(VWDGRPHQFLRQDGR HQSULPHU OXJDUVRODPHQWH FRQ HO SURSyVLWRGHFRQWLQXDUVXVHVWXGLRVRIRUPDFLyQQRSXHGHQVRPHWHUVHDLPSRVLFLyQHQHVH(VWDGRVLHPSUH TXHSURFHGDQGHIXHQWHVVLWXDGDVIXHUDGHHVH(VWDGR $57,&8/2275$65(17$6 /DV UHQWDV QR PHQFLRQDGDV HQ ORV DUWtFXORV DQWHULRUHV GHO SUHVHQWH &RQYHQLR SXHGHQ VRPHWHUVH D LPSRVLFLyQHQDPERV(VWDGRV&RQWUDWDQWHV &$3,78/2,9,0326,&,21'(/3$75,021,2 $57,&8/23$75,021,2 (OSDWULPRQLRFRQVWLWXLGRSRUELHQHVLQPXHEOHVTXHSRVHDXQUHVLGHQWHGHXQ(VWDGR&RQWUDWDQWH\HVWp VLWXDGRHQHORWUR(VWDGR&RQWUDWDQWHSXHGHVRPHWHUVHDLPSRVLFLyQVyORHQHVHRWUR(VWDGR (O SDWULPRQLR FRQVWLWXLGR SRU ELHQHV PXHEOHV TXH IRUPHQ SDUWH GHO DFWLYR GH XQ HVWDEOHFLPLHQWR SHUPDQHQWH TXH XQD HPSUHVDGH XQ (VWDGR &RQWUDWDQWH WHQJD HQ HO RWUR (VWDGR &RQWUDWDQWH R SRU ELHQHV PXHEOHV TXH SHUWHQH]FDQ D XQD EDVH ILMD TXH XQ UHVLGHQWH GH XQ (VWDGR &RQWUDWDQWH GLVSRQJD HQ HO RWUR (VWDGR &RQWUDWDQWH SDUD OD SUHVWDFLyQ GH VHUYLFLRV SHUVRQDOHV LQGHSHQGLHQWHV SXHGHQ VRPHWHUVH D LPSRVLFLyQHQHVHRWUR(VWDGR &$3,78/290(72'263$5$(/,0,1$5/$'2%/(,0326,&,21 $57,&8/2(/,0,1$&,21'(/$'2%/(,0326,&,21 (Q&KLOHODGREOHLPSRVLFLyQVHHYLWDUiGHODPDQHUDVLJXLHQWH D ODV SHUVRQDV UHVLGHQWHV HQ &KLOH TXH REWHQJDQ UHQWDV TXH GH DFXHUGR FRQ ODV GLVSRVLFLRQHV GHO SUHVHQWH &RQYHQLR SXHGDQ VRPHWHUVH D LPSRVLFLyQ HQ 0p[LFR SRGUiQ DFUHGLWDU FRQWUD ORV LPSXHVWRV FKLOHQRV FRUUHVSRQGLHQWHV D HVDV UHQWDV ORV LPSXHVWRV PH[LFDQRV GH DFXHUGR FRQ ODV GLVSRVLFLRQHVDSOLFDEOHVGHODOHJLVODFLyQFKLOHQD(VWHSiUUDIRWDPELpQVHDSOLFDUiDODVUHQWDVDTXH VHUHILHUHQORV$UWtFXORV\\ E FXDQGRGHFRQIRUPLGDGFRQFXDOTXLHUGLVSRVLFLyQGHOSUHVHQWH&RQYHQLRODVUHQWDVREWHQLGDVSRUXQ UHVLGHQWHGH&KLOHRHOSDWULPRQLRTXHpVWHSRVHDHVWpQH[HQWRVGHLPSRVLFLyQHQ&KLOH&KLOHSRGUi VLQHPEDUJRWHQHUHQFXHQWDODVUHQWDVRHOSDWULPRQLRH[HQWRVDHIHFWRVGHFDOFXODUHOLPSRUWHGHO LPSXHVWRVREUHODVGHPiVUHQWDVRHOSDWULPRQLRGHGLFKRUHVLGHQWH (Q0p[LFRODGREOHWULEXWDFLyQVHHYLWDUiGHODPDQHUDVLJXLHQWH 0p[LFRSHUPLWLUiDVXVUHVLGHQWHVDFUHGLWDUFRQWUDHOLPSXHVWRVREUHODUHQWDPH[LFDQRFRQDUUHJORDODV GLVSRVLFLRQHV \ VLQ SHUMXLFLR D ODV OLPLWDFLRQHV GH OD OHJLVODFLyQ PH[LFDQD \ FRQIRUPH D ODV PRGLILFDFLRQHV RFDVLRQDOHVGHHVWDOHJLVODFLyQTXHQRDIHFWHQVXVSULQFLSLRVJHQHUDOHV D HOLPSXHVWRFKLOHQRSDJDGRSRUHOLQJUHVRREWHQLGRFRQIXHQWHGHULTXH]DHQ&KLOHHQXQDFDQWLGDG TXHQRH[FHGDHOLPSXHVWRH[LJLEOHHQ0p[LFRVREUHGLFKDVUHQWDV\ E HQ HO FDVR GH XQD VRFLHGDG SURSLHWDULD GH DO PHQRV SRU FLHQWR GHO FDSLWDO GH XQD VRFLHGDG UHVLGHQWH GH &KLOH \ GH OD FXDO OD VRFLHGDG PHQFLRQDGD HQ SULPHU OXJDU UHFLEH ORV GLYLGHQGRV HO LPSXHVWRVREUHODUHQWDFKLOHQRSDJDGRSRUODVRFLHGDGTXHGLVWULEX\HGLFKRVGLYLGHQGRVUHVSHFWRGH ORVEHQHILFLRVFRQFDUJRDORVFXDOHVVHSDJDQORVGLYLGHQGRV &$3,78/29,',6326,&,21(6(63(&,$/(6 $57,&8/212',6&5,0,1$&,21 /RVQDFLRQDOHVGHXQ(VWDGR&RQWUDWDQWHQRVHUiQVRPHWLGRVHQHO RWUR (VWDGR &RQWUDWDQWH D QLQJ~Q LPSXHVWR XREOLJDFLyQ UHODWLYD DO PLVPR TXH QR VH H[LMDQ RTXHVHDQ PiVJUDYRVDVTXHDTXHOORV D ORV TXH HVWpQ R SXHGDQ HVWDU VRPHWLGRV ORV QDFLRQDOHV GH HVH RWUR (VWDGR TXH VH HQFXHQWUHQ HQ ODV PLVPDV FRQGLFLRQHVHQSDUWLFXODUFRQUHVSHFWRDODUHVLGHQFLD1RREVWDQWHORGLVSXHVWRHQHO$UWtFXORODSUHVHQWH GLVSRVLFLyQ VH DSOLFD WDPELpQ D ORV QDFLRQDOHV GH DOJXQR GH ORV (VWDGRV &RQWUDWDQWHV TXH QR UHVLGDQ HQ QLQJXQRGHHOORV /RVHVWDEOHFLPLHQWRVSHUPDQHQWHVTXHXQDHPSUHVDGHXQ(VWDGR&RQWUDWDQWHWHQJDHQHORWUR(VWDGR &RQWUDWDQWHQRVHUiQVRPHWLGRVHQHVH(VWDGRDLPSRVLFLyQHQHVHRWUR(VWDGRGHPDQHUDPHQRVIDYRUDEOH TXHODVHPSUHVDVGHHVHRWUR(VWDGRTXHUHDOLFHQODVPLVPDVDFWLYLGDGHV (VWHDUWtFXORQRSRGUiLQWHUSUHWDUVHHQHOVHQWLGRGHREOLJDUDXQ(VWDGR&RQWUDWDQWHDFRQFHGHUDORV UHVLGHQWHVGHORWUR(VWDGR&RQWUDWDQWHODVGHGXFFLRQHVSHUVRQDOHVGHVJUDYDFLRQHV\UHGXFFLRQHVLPSRVLWLYDV TXHRWRUJXHDVXVSURSLRVUHVLGHQWHVHQFRQVLGHUDFLyQDVXHVWDGRFLYLORFDUJDVIDPLOLDUHV $PHQRVTXHVHDSOLTXHQODVGLVSRVLFLRQHVGHO$UWtFXORGHOSiUUDIRGHO$UWtFXORRGHOSiUUDIR GHO $UWtFXOR ORV LQWHUHVHV ODV UHJDOtDV R GHPiV JDVWRV SDJDGRV SRU XQD HPSUHVD GH XQ (VWDGR &RQWUDWDQWHDXQUHVLGHQWHGHORWUR(VWDGR&RQWUDWDQWHVRQGHGXFLEOHVSDUDGHWHUPLQDUORVEHQHILFLRVVXMHWRV DLPSRVLFLyQGHHVWDHPSUHVDHQODVPLVPDV FRQGLFLRQHV TXH VL KXELHUDQ VLGR SDJDGRV DXQ UHVLGHQWH GHO (VWDGRPHQFLRQDGRHQSULPHUOXJDU /DVVRFLHGDGHVTXHVHDQUHVLGHQWHVGHXQ(VWDGR&RQWUDWDQWH\FX\RFDSLWDOHVWpWRWDORSDUFLDOPHQWH GHWHQWDGRRFRQWURODGRGLUHFWDRLQGLUHFWDPHQWHSRUXQRRYDULRVUHVLGHQWHVGHORWUR(VWDGR&RQWUDWDQWHQR HVWDUiQVRPHWLGDVHQHOSULPHU(VWDGRDQLQJ~QLPSXHVWRXREOLJDFLyQUHODWLYDDOPLVPRTXHQR VHH[LMDQ R VHDQ PiV JUDYRVRV TXH DTXHOORV D ORV TXH HVWpQ R SXHGDQ HVWDU VRPHWLGDV ODV VRFLHGDGHV VLPLODUHV GHO SULPHU (VWDGR FX\R FDSLWDO HVWp WRWDO R SDUFLDOPHQWH GHWHQWDGR R FRQWURODGR GLUHFWD R LQGLUHFWDPHQWH SRU XQRRYDULRVUHVLGHQWHVGHXQ WHUFHU(VWDGR /DV VRFLHGDGHV GH XQ (VWDGR &RQWUDWDQWH FX\R FDSLWDO HVWp WRWDO R SDUFLDOPHQWH GHWHQWDGR R FRQWURODGR GLUHFWD R LQGLUHFWDPHQWH SRU XQR R YDULRV UHVLGHQWHV GHO RWUR (VWDGR &RQWUDWDQWH QR HVWDUiQ VRPHWLGDVHQ HO SULPHU (VWDGR D QLQJ~QLPSXHVWRX REOLJDFLyQ UHODWLYD DOPLVPR TXH QRVHH[LMD R TXH VHD PiVJUDYRVRTXHDTXHOORVDORVTXHHVWpQRSXHGDQHVWDUVRPHWLGDVODVRWUDVHPSUHVDVVLPLODUHVGHO(VWDGR PHQFLRQDGRHQSULPHUOXJDU (Q HO SUHVHQWH DUWtFXOR ORV WpUPLQRV LPSXHVWR H LPSRVLFLyQ VH UHILHUHQ D ORV LPSXHVWRV TXH VRQ REMHWRGHHVWH&RQYHQLR\DOLPSXHVWRDOYDORUDJUHJDGR $57,&8/2352&(',0,(172'($&8(5'208782 &XDQGRXQDSHUVRQDFRQVLGHUHTXHODVPHGLGDVDGRSWDGDVSRUXQRRSRUDPERV(VWDGRV&RQWUDWDQWHV LPSOLFDQRSXHGHQLPSOLFDUSDUDHOODXQDLPSRVLFLyQTXHQRHVWpFRQIRUPHFRQODVGLVSRVLFLRQHVGHOSUHVHQWH &RQYHQLR FRQ LQGHSHQGHQFLD GH ORV UHFXUVRV SUHYLVWRV SRU HO GHUHFKR LQWHUQR GH HVRV (VWDGRV SRGUi VRPHWHUVXFDVRDODDXWRULGDGFRPSHWHQWHGHO(VWDGR&RQWUDWDQWHGHOTXHVHDUHVLGHQWHRVLIXHUDDSOLFDEOH HOSiUUDIRGHO$UWtFXORDODGHO(VWDGR&RQWUDWDQWHGHOTXHVHDQDFLRQDO /DDXWRULGDGFRPSHWHQWHVLODUHFODPDFLyQOHSDUHFHIXQGDGD\VLHOODPLVPDQRHVWiHQFRQGLFLRQHVGH DGRSWDUXQDVROXFLyQVDWLVIDFWRULDKDUiORSRVLEOHSRUUHVROYHUODFXHVWLyQPHGLDQWHXQDFXHUGRPXWXRFRQOD DXWRULGDG FRPSHWHQWH GHO RWUR (VWDGR &RQWUDWDQWH D ILQ GH HYLWDU XQD LPSRVLFLyQ TXH QR VH DMXVWH D HVWH &RQYHQLR (Q WDO FDVR FXDOTXLHU DFXHUGR DOFDQ]DGR VH LPSOHPHQWDUi GHQWUR GH ORV SOD]RV SUHYLVWRV HQ OD OHJLVODFLyQLQWHUQDGHFDGD(VWDGR&RQWUDWDQWH 6DOYR SRU OR GLVSXHVWR HQ HO $UWtFXOR SiUUDIR OHWUD G GHO SUHVHQWH &RQYHQLR HQ HO TXH ODV DXWRULGDGHV FRPSHWHQWHV GHEHUiQ OOHJDU D XQ DFXHUGR ODV DXWRULGDGHV FRPSHWHQWHV GH ORV (VWDGRV &RQWUDWDQWHVKDUiQORSRVLEOHSRUUHVROYHUODVGLILFXOWDGHVRGLVLSDUODVGXGDVTXHSODQWHHODLQWHUSUHWDFLyQR DSOLFDFLyQGHO&RQYHQLRPHGLDQWHXQSURFHGLPLHQWRGHDFXHUGRPXWXR /DVDXWRULGDGHVFRPSHWHQWHVGHORV(VWDGRV&RQWUDWDQWHVSXHGHQFRPXQLFDUVHGLUHFWDPHQWHHQWUHVtD ILQGHOOHJDUDXQDFXHUGRVHJ~QVHLQGLFDHQORVSiUUDIRVDQWHULRUHV 6LVXUJHXQDGLILFXOWDGRGXGDDFHUFDGHODLQWHUSUHWDFLyQRDSOLFDFLyQGHHVWH&RQYHQLRTXHQRSXHGD VHUUHVXHOWDSRUODVDXWRULGDGHVFRPSHWHQWHVGHORV(VWDGRV&RQWUDWDQWHVHOFDVRSXHGHVLODVDXWRULGDGHV FRPSHWHQWHV OR DFXHUGDQ VHU VRPHWLGR D DUELWUDMH (O SURFHGLPLHQWR VHUi DFRUGDGR EDMR ORV SULQFLSLRV LQWHUQDFLRQDOHVEiVLFRVGHDUELWUDMH\VHUiHVWDEOHFLGRHQWUHORV(VWDGRV&RQWUDWDQWHVDWUDYpVGHQRWDVTXH VHUiQFDPELDGDVSRUORVFDQDOHVGLSORPiWLFRV /RV(VWDGRV&RQWUDWDQWHVSXHGHQVRPHWHUDDUELWUDMHHVWDEOHFLGRHQHO SUHVHQWHSiUUDIR OD LQIRUPDFLyQ TXHVHDQHFHVDULDSDUDFXPSOLUFRQHVWHSURFHGLPLHQWRSHURHVWDUiQVXMHWRVDODOLPLWDFLyQGHQRUHYHODUOD LQIRUPDFLyQHVWDEOHFLGDHQHOSiUUDIRGHO$UWtFXOR $57,&8/2,17(5&$0%,2'(,1)250$&,21 /DVDXWRULGDGHVFRPSHWHQWHVGHORV(VWDGRV&RQWUDWDQWHVLQWHUFDPELDUiQODVLQIRUPDFLRQHVQHFHVDULDV SDUDDSOLFDUORGLVSXHVWRHQHOSUHVHQWH&RQYHQLRRHQ HOGHUHFKRLQWHUQRGHORV(VWDGRV&RQWUDWDQWHVUHODWLYR DORVLPSXHVWRVFRPSUHQGLGRVHQHO&RQYHQLRHQODPHGLGDHQTXHODLPSRVLFLyQH[LJLGDSRUDTXpOQRIXHUD FRQWUDULD DO &RQYHQLR OD TXH SRGUi VHU XWLOL]DGD SDUD GHWHUPLQDU HO LPSXHVWR GH YDORU DJUHJDGR (O LQWHUFDPELRGHLQIRUPDFLyQVHDSOLFDDLPSXHVWRVGHFXDOTXLHUFODVHRGHQRPLQDFLyQ\QRHVWiOLPLWDGRSRUHO $UWtFXOR/DLQIRUPDFLyQUHFLELGDSRUXQRGHORV(VWDGRV&RQWUDWDQWHVVHUiPDQWHQLGDVHFUHWDHQLJXDOIRUPD TXHODLQIRUPDFLyQREWHQLGDFRQEDVHDO'HUHFKRLQWHUQRGHHVWH(VWDGR\VyORVHFRPXQLFDUiDODVSHUVRQDV RDXWRULGDGHVLQFOXLGRVORVWULEXQDOHV\yUJDQRVDGPLQLVWUDWLYRVHQFDUJDGDVGHODJHVWLyQRUHFDXGDFLyQGH ORVLPSXHVWRVHVWDEOHFLGRVSRUHVWH(VWDGRGHORVSURFHGLPLHQWRVGHFODUDWLYRVRHMHFXWLYRVUHODWLYRVDHVWRV LPSXHVWRV R GH OD UHVROXFLyQ GH ORV UHFXUVRV R PHGLRV GH GHIHQVD HQ UHODFLyQ FRQ HVWRV LPSXHVWRV (VWDV SHUVRQDVRDXWRULGDGHVVyORXWLOL]DUiQHVWDVLQIRUPDFLRQHVSDUDILQHVILVFDOHV1RREVWDQWHORDQWHULRUSRGUiQ UHYHODUHVWDLQIRUPDFLyQHQODVDXGLHQFLDVS~EOLFDVGHORVWULEXQDOHVRHQODVVHQWHQFLDVMXGLFLDOHV (QQLQJ~QFDVRODVGLVSRVLFLRQHVGHOSiUUDIRSRGUiQLQWHUSUHWDUVHHQHOVHQWLGRGHREOLJDUDXQ(VWDGR &RQWUDWDQWHD D DGRSWDUPHGLGDVDGPLQLVWUDWLYDVFRQWUDULDVDVXOHJLVODFLyQRSUiFWLFDDGPLQLVWUDWLYDRDODVGHORWUR (VWDGR&RQWUDWDQWH E VXPLQLVWUDULQIRUPDFLyQTXHQRVHSXHGDREWHQHUVREUHODEDVHGHODOHJLVODFLyQRHQHOHMHUFLFLRGHOD SUiFWLFDDGPLQLVWUDWLYDQRUPDOGHpVWHRGHORWUR(VWDGR&RQWUDWDQWH F VXPLQLVWUDULQIRUPDFLRQHV TXH UHYHOHQ XQ VHFUHWR FRPHUFLDO HPSUHVDULDO LQGXVWULDO R SURIHVLRQDO R XQSURFHGLPLHQWRFRPHUFLDORLQIRUPDFLRQHVFX\DFRPXQLFDFLyQVHDFRQWUDULDDORUGHQS~EOLFR &XDQGR OD LQIRUPDFLyQ VHD VROLFLWDGD SRU XQ (VWDGR &RQWUDWDQWH GH FRQIRUPLGDG FRQ HO SUHVHQWH DUWtFXORHORWUR(VWDGR&RQWUDWDQWHKDUiORSRVLEOHSRUREWHQHUODLQIRUPDFLyQDTXHVHUHILHUHODVROLFLWXGHQOD PLVPDIRUPDFRPRVLVHWUDWDUDGHVXSURSLDLPSRVLFLyQVLQLPSRUWDUHOKHFKRGHTXHHVWHRWUR(VWDGRHQHVH PRPHQWR QR UHTXLHUD GH WDO LQIRUPDFLyQ &XDQGR VHD VROLFLWDGR HQ IRUPD HVSHFtILFD SRU OD DXWRULGDG FRPSHWHQWH GH XQ (VWDGR &RQWUDWDQWH ODDXWRULGDG FRPSHWHQWH GHO RWUR (VWDGR &RQWUDWDQWH KDUi OR SRVLEOH SRU SURSRUFLRQDU OD LQIRUPDFLyQ HQ ORV WpUPLQRV GHO SUHVHQWH DUWtFXOR HQ OD IRUPD UHTXHULGD OD TXH SRGUi FRQVLVWLUHQGHFODUDFLRQHVGHWHVWLJRV\FRSLDVGHGRFXPHQWRVRULJLQDOHV\VLQHQPLHQGDVLQFOX\HQGROLEURV SDSHOHV GHFODUDFLRQHV UHJLVWURV LQIRUPHV R HVFULWRV HQ OD PLVPD PHGLGD HQ TXH WDOHV GHFODUDFLRQHV \ GRFXPHQWRVSXHGDQVHUREWHQLGRVGHFRQIRUPLGDGFRQODOHJLVODFLyQ \ SUiFWLFDV DGPLQLVWUDWLYDV GH HVH RWUR (VWDGR&RQWUDWDQWHHQUHODFLyQDVXVSURSLRVLPSXHVWRV $57,&8/20,(0%526'(0,6,21(6',3/20$7,&$6<2),&,1$6&2168/$5(6 /DV GLVSRVLFLRQHV GHO SUHVHQWH &RQYHQLR QR DIHFWDUiQ D ORV SULYLOHJLRV ILVFDOHV GH TXH GLVIUXWHQ ORV PLHPEURVGHODVPLVLRQHVGLSORPiWLFDVRGHODVRILFLQDVFRQVXODUHVGHDFXHUGRFRQORVSULQFLSLRVJHQHUDOHV GHOGHUHFKRLQWHUQDFLRQDORHQ YLUWXGGHODVGLVSRVLFLRQHVGHDFXHUGRVHVSHFLDOHV $57,&8/2',6326,&,21(60,6&(/$1($6 1DGD HQ HVWH &RQYHQLR SRGUi HYLWDU OD DSOLFDFLyQ GHO GHUHFKR LQWHUQR GH DOJXQR GH ORV (VWDGRV &RQWUDWDQWHV HQ UHODFLyQ D OD WULEXWDFLyQ GH ODV UHQWDV EHQHILFLRV GLYLGHQGRV JDQDQFLDV R UHPHVDV GH LQVWLWXFLRQHVGHLQYHUVLyQRIRQGRVGHFXDOTXLHUWLSRLQFOX\HQGRORVIRQGRVGHLQYHUVLyQ\GHSHQVLRQHVRVXV SDUWLFLSDQWHV TXH VHDQ UHVLGHQWHV GHO RWUR (VWDGR &RQWUDWDQWH VLHPSUH TXH GLFKD UHQWD QR VH VRPHWD D LPSRVLFLyQGHFRQIRUPLGDGFRQODVGLVSRVLFLRQHVGHHVWH&RQYHQLR 3DUD ORV ILQHV GHO SiUUDIR GHO $UWtFXOR ;;,, &RQVXOWD GHO $FXHUGR *HQHUDO VREUH &RPHUFLR GH 6HUYLFLRVORV(VWDGRV&RQWUDWDQWHVDFXHUGDQTXHVLQSHUMXLFLRGHHVHSiUUDIRFXDOTXLHUGLVSXWD HQWUH HOORV UHVSHFWRGHVLXQDPHGLGDFDHGHQWURGHOiPELWRGHHVD&RQYHQFLyQSXHGHVHUOOHYDGDDQWHHO&RQVHMRGH &RPHUFLRGH6HUYLFLRVFRQIRUPHDORHVWLSXODGRHQGLFKRSiUUDIRSHURVyORFRQHOFRQVHQWLPLHQWRGHDPERV (VWDGRV &RQWUDWDQWHV &XDOTXLHU GXGD VREUH OD LQWHUSUHWDFLyQ GH HVWH SiUUDIR VHUi UHVXHOWD FRQIRUPH HO SiUUDIR GHO $UWtFXOR R HQ FDVR GH QR OOHJDU D DFXHUGR FRQ DUUHJOR D HVWH SURFHGLPLHQWR FRQIRUPH D FXDOTXLHURWURSURFHGLPLHQWRDFRUGDGRSRUDPERV(VWDGRV&RQWUDWDQWHV 1DGD HQ HVWH &RQYHQLR DIHFWDUi OD DSOLFDFLyQ GH ODV DFWXDOHV GLVSRVLFLRQHV GHO '/ GH OD OHJLVODFLyQ FKLOHQD FRQIRUPH HVWpQ HQ YLJRU D OD IHFKD GH OD ILUPD GH HVWH &RQYHQLR \ DXQ FXDQGR IXHUHQ HYHQWXDOPHQWHPRGLILFDGDVVLQDOWHUDUVXSULQFLSLRJHQHUDO &RQVLGHUDQGRTXHHOREMHWLYRSULQFLSDOGHHVWH&RQYHQLRHVHYLWDUODGREOHLPSRVLFLyQLQWHUQDFLRQDOORV (VWDGRV &RQWUDWDQWHV DFXHUGDQ TXH HQ HO HYHQWR GH TXH ODV GLVSRVLFLRQHV GHO &RQYHQLR VHDQ XVDGDV HQ IRUPDWDOTXHRWRUJXHQEHQHILFLRVQRFRQWHPSODGRVQLSUHWHQGLGRVSRUpOODVDXWRULGDGHVFRPSHWHQWHVGHORV (VWDGRV &RQWUDWDQWHV GHEHUiQ HQ FRQIRUPLGDG DO SURFHGLPLHQWR GH DFXHUGR PXWXR GHO $UWtFXOR UHFRPHQGDU PRGLILFDFLRQHV HVSHFtILFDV DO &RQYHQLR /RV (VWDGRV &RQWUDWDQWHV DGHPiV DFXHUGDQ TXH FXDOTXLHUD GH GLFKDV UHFRPHQGDFLRQHV VHUi FRQVLGHUDGD \ GLVFXWLGD GH PDQHUD H[SHGLWD FRQ PLUDV D PRGLILFDUHO&RQYHQLRHQODPHGLGDHQTXHVHDQHFHVDULR /DV FRQWULEXFLRQHVSUHYLVLRQDOHV HQXQ DxRSRU VHUYLFLRV SUHVWDGRV HQ HVH DxR \ SDJDGRV SRU R SRU FXHQWD GH XQD SHUVRQD QDWXUDO R ItVLFD UHVLGHQWH GH XQ (VWDGR &RQWUDWDQWH R TXH HVWi SUHVHQWH WHPSRUDOPHQWHHQHVH(VWDGRDXQSODQGHSHQVLRQHVTXHHVUHFRQRFLGRSDUDHIHFWRVLPSRVLWLYRVHQHORWUR (VWDGR &RQWUDWDQWH GHEHUi GXUDQWH XQ SHUtRGR TXH QR VXSHUH HQ WRWDO WUHV DxRV VHU WUDWDGD HQ HO (VWDGR PHQFLRQDGR HQ SULPHU OXJDU GH OD PLVPD IRUPD TXH XQD FRQWULEXFLyQ SDJDGD D XQ VLVWHPD GH SHQVLRQHV UHFRQRFLGRSDUDILQHVLPSRVLWLYRVHQHVH(VWDGRVL D GLFKD SHUVRQD QDWXUDO R ItVLFD HVWDED FRQWULEX\HQGR HQ IRUPD UHJXODU DO SODQ GH SHQVLRQHV SRU XQ SHUtRGR TXH KXELHUD WHUPLQDGR LQPHGLDWDPHQWH DQWHV GH TXH SDVDUD D VHU UHVLGHQWH GH R D HVWDU WHPSRUDOPHQWHSUHVHQWHHQHO(VWDGRPHQFLRQDGRHQSULPHUOXJDU\ E ODV DXWRULGDGHV FRPSHWHQWHV GHO (VWDGR PHQFLRQDGR HQ SULPHU OXJDU DFXHUGDQ TXH HO SODQ GH SHQVLRQHV FRUUHVSRQGH HQ WpUPLQRV JHQHUDOHV D XQ SODQ GH SHQVLRQHV UHFRQRFLGR SDUD HIHFWRV LPSRVLWLYRVSRUHVH(VWDGR 3DUDORVILQHVGHHVWHSiUUDIRSODQGHSHQVLRQHVLQFOX\HHOSODQGHSHQVLRQHVFUHDGRFRQIRUPHHO VLVWHPDGHVHJXULGDGVRFLDOGHFDGD(VWDGR&RQWUDWDQWH $ HVWRV HIHFWRV ODV DXWRULGDGHV FRPSHWHQWHV GH FRQIRUPLGDG FRQ HO $UWtFXOR GHWHUPLQDUiQ ORV SODQHVGHSHQVLRQHVTXHVHFRQVLGHUDQUHFRQRFLGRVSDUDHIHFWRVLPSRVLWLYRV /DVGLVSRVLFLRQHVDQWHULRUHVQRVHUiQDSOLFDEOHVHQWDQWRODOH\GHVHJXULGDGVRFLDO GHFDGD(VWDGR &RQWUDWDQWHREOLJXHDGLFKRWUDEDMDGRUDFRQWULEXLUDOSODQGHSHQVLRQHVGHO(VWDGR&RQWUDWDQWHHQHO FXDOHMHUFHHOHPSOHR &DGDXQRGHORV(VWDGRV&RQWUDWDQWHVFRQVHUYDHOGHUHFKRGHVRPHWHUDLPSRVLFLyQGHFRQIRUPLGDG FRQVXOHJLVODFLyQODVUHQWDVGHVXVUHVLGHQWHVFX\DLPSRVLFLyQVHDWULEX\DDORWUR(VWDGRSRUHO &RQYHQLR SHUR TXH QR VH HQFXHQWUDQ HIHFWLYDPHQWH VRPHWLGDV D LPSRVLFLyQ SRU OD OHJLVODFLyQ GH HVH RWUR (VWDGR $VLPLVPR XQ (VWDGR &RQWUDWDQWH FRQVHUYD HO GHUHFKR GH VRPHWHU D LPSRVLFLyQ GH FRQIRUPLGDG FRQ VX OHJLVODFLyQODVUHQWDVSURFHGHQWHVGHHVWH(VWDGRREWHQLGDVSRUXQUHVLGHQWHGHORWUR(VWDGR&RQWUDWDQWHTXH HVWpVRPHWLGRDLPSRVLFLyQHQHVHRWUR(VWDGRH[FOXVLYDPHQWHUHVSHFWRGHUHQWDVTXHREWHQJDSURFHGHQWHV GHIXHQWHVVLWXDGDVHQHVHRWUR(VWDGR &$3,78/29,,',6326,&,21(6),1$/(6 $57,&8/2(175$'$(19,*25 &DGDXQRGHORV(VWDGRV&RQWUDWDQWHVQRWLILFDUiDORWURHOFXPSOLPLHQWRGHORVSURFHGLPLHQWRVH[LJLGRV SRUVXOHJLVODFLyQSDUDODHQWUDGDHQYLJRUGHOSUHVHQWH&RQYHQLR'LFKR&RQYHQLRHQWUDUiHQYLJRUHQODIHFKD GHUHFHSFLyQGHOD~OWLPDQRWLILFDFLyQ /DVGLVSRVLFLRQHVGHO&RQYHQLRVHDSOLFDUiQ D HQ&KLOH FRQUHVSHFWRDORVLPSXHVWRVVREUHODVUHQWDVTXHVHREWHQJDQ\DODVFDQWLGDGHVTXHVHSDJXHQ DERQHQHQFXHQWDVHSRQJDQDGLVSRVLFLyQRVHFRQWDELOLFHQFRPRJDVWRDSDUWLUGHOSULPHUGtDGHO PHV GH HQHUR GHO DxR FDOHQGDULR LQPHGLDWDPHQWH VLJXLHQWH D DTXpO HQ TXH HO &RQYHQLR HQWUH HQ YLJRU\ E HQ0p[LFR L HQ UHODFLyQD ORV LPSXHVWRV UHWHQLGRV HQ OD IXHQWH SRU ODV FDQWLGDGHV SDJDGDV R H[LJLEOHV D SDUWLUGHOSULPHUGtDGHOPHVGHHQHURVLJXLHQWHDODIHFKDHQTXHHO&RQYHQLRHQWUHHQYLJRU\ LL HQUHODFLyQDRWURVLPSXHVWRVSRUORVHMHUFLFLRVILVFDOHVLQLFLDGRVDSDUWLUGHOSULPHUGtDGHOPHV GHHQHURVLJXLHQWHDODIHFKDHQTXHHO&RQYHQLRHQWUHHQYLJRU $57,&8/2'(181&,$ (O SUHVHQWH &RQYHQLR SHUPDQHFHUi HQ YLJRU LQGHILQLGDPHQWH SHUR FXDOTXLHUD GH ORV (VWDGRV &RQWUDWDQWHVSRGUiDPiVWDUGDUHOGHMXQLRGHFDGDDxRFDOHQGDULRXQDYH]WUDQVFXUULGRVDxRVDSDUWLU GHODIHFKDGHVXHQWUDGDHQYLJHQFLDGDUDORWUR(VWDGR&RQWUDWDQWHXQDYLVRGHWpUPLQRSRUHVFULWRDWUDYpV GHODYtDGLSORPiWLFD /DVGLVSRVLFLRQHVGHO&RQYHQLRGHMDUiQGHVXUWLUHIHFWRV D HQ&KLOH FRQ UHVSHFWR D ORV LPSXHVWRV VREUH ODV UHQWDV TXH VH REWHQJDQ \ ODV FDQWLGDGHV TXH VH SDJXHQ DERQHQHQFXHQWDVHSRQJDQDGLVSRVLFLyQRVHFRQWDELOLFHQFRPRJDVWRDSDUWLUGHOSULPHUGtDGHO PHVGH(QHURGHODxRFDOHQGDULRLQPHGLDWDPHQWHVLJXLHQWH E HQ0p[LFR L HQ UHODFLyQD ORV LPSXHVWRV UHWHQLGRV HQ OD IXHQWH SRU ODV FDQWLGDGHV SDJDGDV R H[LJLEOHV D SDUWLU GHO SULPHU GtD GHO PHV GH (QHUR VLJXLHQWH D OD IHFKD GH YHQFLPLHQWR GHO SOD]R GH VHLV PHVHVUHIHULGR\ LL HQUHODFLyQDRWURVLPSXHVWRVSRUORVHMHUFLFLRVILVFDOHVLQLFLDGRVDSDUWLUGHOSULPHUGtDGHOPHV GH(QHURVLJXLHQWHDODIHFKDGHYHQFLPLHQWRGHOSOD]RGHVHLVPHVHVUHIHULGR (1)('(/2&8$/ORVVXVFULWRVGHELGDPHQWHDXWRUL]DGRVDOHIHFWRILUPDQHOSUHVHQWH&RQYHQLR +(&+2 HQ OD FLXGDG GH 6DQWLDJR &KLOH HO GLHFLVLHWH GH DEULO GH PLO QRYHFLHQWRV QRYHQWD \ RFKR HQ GXSOLFDGRHQLGLRPDHVSDxROVLHQGRDPERVWH[WRVLJXDOPHQWHDXWpQWLFRV3RUORV(VWDGRV8QLGRV0H[LFDQRV OD 6HFUHWDULD GH 5HODFLRQHV ([WHULRUHV 5RVDULR *UHHQ 5~EULFD 3RUOD 5HS~EOLFD GH &KLOH HO 0LQLVWUR GH +DFLHQGD(GXDUGR$QLQDW8UHWD5~EULFD 35272&2/2 $O PRPHQWR GH ODILUPD GHO &RQYHQLRHQWUHORV (VWDGRV 8QLGRV 0H[LFDQRV \ OD 5HS~EOLFDGH &KLOH SDUD (YLWDUOD'REOH,PSRVLFLyQH,PSHGLUOD(YDVLyQ)LVFDOHQPDWHULDGH,PSXHVWRVVREUHOD5HQWD\DO3DWULPRQLR ORV DEDMR ILUPDQWHV KDQ FRQYHQLGR ODV VLJXLHQWHV GLVSRVLFLRQHV TXH IRUPDQ SDUWH LQWHJUDQWH GHO SUHVHQWH &RQYHQLR $UWtFXORSiUUDIR 6HHQWLHQGHTXHHOLPSXHVWRDODFWLYRHVWDEOHFLGRSRU0p[LFRQRVHDSOLFDUiDORVUHVLGHQWHVGH&KLOHTXH QRHVWiQVRPHWLGRVDLPSRVLFLyQHQORVWpUPLQRVGHORV$UWtFXORV\GHOSUHVHQWH&RQYHQLRVDOYRSRUORV DFWLYRV D TXH VH UHILHUH HO SiUUDIR GHO $UWtFXOR \ ORV DFWLYRV RWRUJDGRV SRU HO XVR R JRFH WHPSRUDO TXH FRQVLVWDQ HQ HTXLSRV LQGXVWULDOHV FRPHUFLDOHV R FLHQWtILFRV SURSRUFLRQDGRV SRU GLFKRV UHVLGHQWHV D XQ UHVLGHQWHGH0p[LFR(QHOSULPHUFDVR0p[LFRFRQFHGHUiXQFUpGLWRFRQWUDHOLPSXHVWRVREUHGLFKRVDFWLYRV HQXQ LPSRUWHLJXDODOLPSXHVWRVREUHODUHQWDTXHOHVKXELHUDFRUUHVSRQGLGRGHFRQIRUPLGDGFRQOD/H\GHO LPSXHVWRVREUHOD5HQWDGH0p[LFRDODVUHQWDVEUXWDVDTXHVHUHILHUHHOSiUUDIRGHO$UWtFXORVLHPSUH TXH PiV GHO SRU FLHQWR GH ODV UHQWDV EUXWDV VHDQ REWHQLGDV SRU XQ UHVLGHQWH HQ &KLOH TXH VHD HO EHQHILFLDULRHIHFWLYR(QHO~OWLPRFDVR0p[LFRQRVRPHWHUiDLPSRVLFLyQFRQHOLPSXHVWRDODFWLYRFXDQGRORV UHVLGHQWHVGH&KLOHQRWHQJDQXQHVWDEOHFLPLHQWRSHUPDQHQWHHQ0p[LFR\VLHPSUHTXHPiVGHOSRUFLHQWR GH ODV UHQWDV EUXWDV VHDQ REWHQLGDV SRU XQ UHVLGHQWH HQ &KLOH TXH VHD HO EHQHILFLDULR HIHFWLYR GH GLFKDV UHQWDV $UWtFXORSiUUDIR (Q HO FDVR GH &KLOH VH HQWHQGHUi TXH OD H[SUHVLyQ LPSRVLFLyQ GH OD VRFLHGDG H LPSRVLFLyQ DSOLFDEOH FRPSUHQGH WDQWRHOLPSXHVWR GH SULPHUD FDWHJRUtDFRPR HO LPSXHVWR DGLFLRQDO FRQWHQLGR HQVXOHJLVODFLyQ LQWHUQDVLHPSUHTXHHOLPSXHVWRGHSULPHUDFDWHJRUtDVHDGHGXFLEOHWRWDOPHQWHFRQWUDHOLPSXHVWRDGLFLRQDO 1DGD HQ HVWH &RQYHQLRSRGUi LQWHUSUHWDUVH HQHOVHQWLGRGH HYLWDU TXH VH DSOLTXHQ ORV LPSXHVWRV D TXH VH UHILHUHHVWHSiUUDIR $UWtFXOR 6LHQXQDIHFKDSRVWHULRUDDTXpOODHQODTXHVHILUPHHOSUHVHQWH&RQYHQLR&KLOHFRQFOX\HXQ$FXHUGRR &RQYHQLRFRQRWUR(VWDGRSRUHOTXH&KLOHDFXHUGHXQDWDVDGHLPSXHVWRVREUHLQWHUHVHVTXHVHDPHQRUR SUHIHUHQFLDO D OD SURSXHVWD HQ HO SUHVHQWH &RQYHQLR UHVSHFWR GH WDOHV LQJUHVRV GLFKD WDVD PHQRU R SUHIHUHQFLDOVHDSOLFDUiSDUDORVSURSyVLWRVGHOSiUUDIRGHO$UWtFXORHQIRUPDDXWRPiWLFDDORVHIHFWRVGH HVWH &RQYHQLR D SDUWLU GH OD IHFKD HQ TXH ODV GLVSRVLFLRQHV GH GLFKR QXHYR $FXHUGR R &RQYHQLR VHDQ DSOLFDEOHVVHJ~QFRUUHVSRQGD 6LQHPEDUJRGLFKDWDVDPHQRUQRSRGUiVHULQIHULRUDOSRUFLHQWRVLVRQLQWHUHVHVSDJDGRVDEDQFRV\ DOSRUFLHQWRHQORVGHPiVFDVRV(VWRVOtPLWHVQRVHDSOLFDUiQVLVHWUDWDGHH[HQFLRQHVRWDVDVLQIHULRUHV DSOLFDEOHVDORVLQWHUHVHVFXDQGR D HOEHQHILFLDULRHIHFWLYRVHDXQRGHORV(VWDGRVFRQWUDWDQWHVXQDGHVXVVXEGLYLVLRQHVSROtWLFDVRXQD GHVXVHQWLGDGHVORFDOHV E ORVLQWHUHVHVVHDQSDJDGRVSRUFXDOTXLHUDGHODVSHUVRQDVPHQFLRQDGDVHQODOHWUDD F ORVLQWHUHVHVSURFHGDQGHDOJXQRGHORV(VWDGRV&RQWUDWDQWHVVHJ~QFRUUHVSRQGD\VHDQSDJDGRV UHVSHFWRGHXQSUpVWDPRDSOD]RQRPHQRUGHWUHVDxRV\ L HQHOFDVRGH0p[LFRFRQFHGLGRJDUDQWL]DGRRDVHJXUDGRSRUHO%DQFR1DFLRQDOGH&RPHUFLR ([WHULRU61&1DFLRQDO)LQDQFLHUD61&R%DQFR1DFLRQDOGH2EUDV3~EOLFDV61&\ LL HQ HO FDVR GH &KLOH FRQFHGLGR JDUDQWL]DGR R DVHJXUDGR SRU DOJXQD LQVWLWXFLyQ ILQDQFLHUD GH VLPLODUHVFDUDFWHUtVWLFDVDODVPHQFLRQDGDVHQHOFDVRGH0p[LFR $UWtFXOR 6LHQXQDIHFKDSRVWHULRUDDTXpOOD HQ TXH VH ILUPH HO SUHVHQWH &RQYHQLR &KLOH FRQFOX\H XQ $FXHUGRR &RQYHQLRFRQRWUR(VWDGRSRUHOTXH&KLOHDFXHUGHXQDWDVDGHLPSXHVWRVREUHUHJDOtDVTXHVHDPHQRUDOD SURSXHVWD HQ HO SUHVHQWH &RQYHQLR UHVSHFWR GH WDOHV LQJUHVRV GLFKD WDVD PHQRU VH DSOLFDUi SDUD ORV SURSyVLWRV GHO SiUUDIR GHO $UWtFXOR HQ IRUPD DXWRPiWLFD D ORV HIHFWRV GH HVWH &RQYHQLR D SDUWLU GH OD IHFKDHQTXHODVGLVSRVLFLRQHVGHGLFKRQXHYR$FXHUGRR&RQYHQLRVHDQDSOLFDEOHVVHJ~QFRUUHVSRQGD6LQ HPEDUJRGLFKDWDVDPHQRUQRSRGUiVHULQIHULRUDOSRUFLHQWR $UWtFXOR 6LFRQSRVWHULRULGDGDODILUPDGHOSUHVHQWH&RQYHQLR&KLOHFRQFOX\HXQ$FXHUGRR&RQYHQLRFRQXQWHUFHU (VWDGR HQ HO TXH DFXHUGH H[HQWDU ODV UHQWDV GHULYDGDV GH OD SUHVWDFLyQ GH VHUYLFLRV SHUVRQDOHV LQGHSHQGLHQWHVTXHVHHQFXHQWUDQVRPHWLGDVDLPSRVLFLyQHQ&KLOHHQORVWpUPLQRVGHODOHWUDDGHOSiUUDIR GHO $UWtFXOR R DFXHUGHFRQ GLFKR (VWDGR XQD WDVDLQIHULRU DO SRU FLHQWR LQFOXLGDXQDH[HQFLyQ GLFKD H[HQFLyQRWDVDPHQRUVHDSOLFDUiDXWRPiWLFDPHQWHDORVDIHFWRVGHOSUHVHQWH&RQYHQLRDSDUWLUGHODIHFKD HQTXHODVGLVSRVLFLRQHVGHGLFKRQXHYR$FXHUGRR&RQYHQLRVHDQDSOLFDEOHV $UWtFXOR 3DUDORVHIHFWRVGHODDSOLFDFLyQGHHVWHDUWtFXORVHHQWLHQGHTXHTXHGDQFRPSUHQGLGRVHQHOPLVPRORV LQJUHVRVREWHQLGRVEDMRXQVLVWHPDGHWLHPSRVFRPSDUWLGRV $UWtFXOR 3DUD ORV HIHFWRV GHO SUHVHQWH DUWtFXOR HO LPSXHVWR DO DFWLYR HVWDEOHFLGR HQ 0p[LFR VH FRQVLGHUD XQ LPSXHVWRVREUHODUHQWD $UWtFXORSiUUDIR 1DGDHQHVWHSiUUDIRDIHFWDUiODDSOLFDFLyQGHODDFWXDOGLVSRVLFLyQGHO$UWtFXORQ~PHURFRQWHQLGD HQ OD /H\ VREUH ,PSXHVWR D OD 5HQWD GH &KLOH DXQ FXDQGR IXHUH HYHQWXDOPHQWH PRGLILFDGD VLQ DOWHUDU VX SULQFLSLRJHQHUDO6LQHPEDUJRODWDVDGHDTXHVHUHILHUHGLFKDQRUPDVHFDOFXODUiDGLFLRQDQGRDODWDVD GHOLPSXHVWRVREUHODUHQWDDSOLFDEOHDSHUVRQDVPRUDOHVHOLPSXHVWRDSOLFDEOHDODVXWLOLGDGHVGLVWULEXLGDV $UWtFXORSiUUDIR /RGLVSXHVWRHQHO$UWtFXORHQUHODFLyQDOLPSXHVWRDOYDORUDJUHJDGRQRDIHFWDUiDQLQJXQDGLVSRVLFLyQ GLVFRQIRUPHDpO\TXHVHHQFXHQWUHYLJHQWHDODIHFKDGHHQWUDGDHQYLJRUGHOSUHVHQWH&RQYHQLR (1)('(/2&8$/ORVVXVFULWRVGHELGDPHQWHDXWRUL]DGRVDOHIHFWRILUPDQHOSUHVHQWH3URWRFROR +(&+2 HQ OD FLXGDG GH 6DQWLDJR &KLOH HO GLHFLVLHWH GH DEULO GH PLO QRYHFLHQWRV QRYHQWD \ RFKR HQ GXSOLFDGR HQ LGLRPD HVSDxRO VLHQGR DPERV WH[WRV LJXDOPHQWH DXWpQWLFRV 3RU ORV (VWDGRV 8QLGRV 0H[LFDQRVOD6HFUHWDULDGH5HODFLRQHV ([WHULRUHV 5RVDULR *UHHQ 5~EULFD 3RUOD 5HS~EOLFD GH &KLOH HO 0LQLVWURGH+DFLHQGD(GXDUGR$QLQDW8UHWD5~EULFD /D SUHVHQWH HV FRSLD ILHO \ FRPSOHWD HQ HVSDxRO GHO &RQYHQLR HQWUH ORV (VWDGRV 8QLGRV 0H[LFDQRV \ OD 5HS~EOLFDGH&KLOHSDUD(YLWDUOD'REOH,PSRVLFLyQH,PSHGLUOD(YDVLyQ)LVFDOHQPDWHULDGH,PSXHVWRVVREUH OD 5HQWD \ DO 3DWULPRQLR ILUPDGR HQ OD FLXGDG GH 6DQWLDJR &KLOH HO GLHFLVLHWH GH DEULO GH PLO QRYHFLHQWRV QRYHQWD\RFKR ([WLHQGR OD SUHVHQWH HQ FXDUHQWD \ FXDWUR SiJLQDV ~WLOHV HQ OD &LXGDG GH 0p[LFR 'LVWULWR )HGHUDO HO GLHFLVLHWHGHQRYLHPEUHGHPLOQRYHFLHQWRVQRYHQWD\QXHYHDILQGHLQFRUSRUDUODDO'HFUHWRGH3URPXOJDFLyQ UHVSHFWLYR&RQVWH5~EULFD