.QURTKPEKRKQUVTKDWVCTKQUGPNC%QPUVKVWEKxPFG 7PCRGTURGEVKXCEQPUVKVWEKQPCN &pVDU/DQGD 57/#4+1 , 35(6(17$&,IJ1 ,, /$ )81&,IJ1 &2167,78&,21$/ '( /26 75,%8726 ,,, /26 35,1&,3,26 &2167,78&,21$/(6 75,%87$5,26(1/$ &2167,78&,IJ1'( 3ULQFLSLRGHOHJDOLGDG\UHVHUYDGHOH\WULEXWDULD 3ULQFLSLRGHLJXDOGDG3ULQFLSLRGHUHVSHWRDORVGHUHFKRVIXQGDPHQWDOHV3ULQFLSLRGH LQWHUGLFFLyQ GH FRQILVFDWRULHGDG 3ULQFLSLR GH JHQHUDOLGDG 3ULQFLSLR GH FDSDFLGDG FRQWULEXWLYD,9&21&/86,IJ1 + 24'5'06#%+ĵ0 /D&RQVWLWXFLyQGH DUWtFXORVLJXLHQGRHOPRGHORGHOD&RQVWLWXFLyQ GH DUWtFXORKDRSWDGRSRUHOPRGHORGH(VWDGRVRFLDOGHPRFUiWLFR GH 'HUHFKR VXSHUDQGR FRQ HOOR OD FRQFHSFLyQ GH XQ (VWDGR OLEHUDO GH 'HUHFKR(OWUiQVLWRGHXQRDRWURPRGHORQRHVVyORXQFDPELRVHPiQWLFRR QRPLQDO VLQR TXH FRPSRUWD HO UHGLPHQVLRQDPLHQWR GH OD IXQFLyQ GHO SURSLR (VWDGR (Q HIHFWR VL ELHQ HV FLHUWR TXH ORV YDORUHV EiVLFRV GHO (VWDGR OLEHUDO HUDQ OD OLEHUWDGODSURSLHGDGLQGLYLGXDOODLJXDOGDGODVHJXULGDGMXUtGLFD\HOVXIUDJLR WDPELpQ OR HV TXH HO (VWDGR VRFLDO GHPRFUiWLFR GH 'HUHFKR ďQR QLHJD HVWRV YDORUHV VLQR TXH SUHWHQGH KDFHUORV PiV HIHFWLYRV GiQGROHV XQD EDVH \ XQ 0DJLVWUDGR GHO 7ULEXQDO &RQVWLWXFLRQDO SHUXDQR 3URIHVRU GH 'HUHFKR FRQVWLWXFLRQDO HQ OD 3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~\HQOD8QLYHUVLGDG1DFLRQDO0D\RUGH6DQ0DUFRV /$1'$ &pVDU 7ULEXQDO &RQVWLWXFLRQDO \ (VWDGR GHPRFUiWLFR /LPD 3DOHVWUD (GLWRUHV D HGLFLyQFRUUHJLGD\DXPHQWDGDS /2:(167(,1.DUO9HUIDVVXQJVOHKUH7ELQJHQ-&%0RKU3DXO6LHEHFNSS FRQWHQLGR PDWHULDO \ SDUWLHQGR GHO VXSXHVWR GH TXH LQGLYLGXR \ VRFLHGDG QR VRQ FDWHJRUtDV DLVODGDV \ FRQWUDGLFWRULDV VLQR GRV WpUPLQRV HQ LPSOLFDFLyQ UHFtSURFDGHWDOPRGRTXHQRSXHGHUHDOL]DUVHHOXQRVLQHORWURĐ (OORHVDVtHQODPHGLGDTXHHQHO(VWDGRVRFLDOORVGHUHFKRVGHO LQGLYLGXRQR VRQH[FOX\HQWHVFRQHOLQWHUpVVRFLDOWDPSRFRFRQHOLQWHUpVGHO(VWDGRQLFRQ HOLQWHUpVS~EOLFRSXHVODUHDOL]DFLyQGHXQRQRSXHGHGDUVHVLQHOFRQFXUVRGH ORVRWURV6HWUDWDSRUWDQWRGHXQWLSRGH(VWDGRTXHEXVFDODLQWHJUDFLyQHV GHFLUSHUVLJXHFRQFLOLDUORVOHJtWLPRVLQWHUHVHVGHODVRFLHGDG\GHO(VWDGRFRQ ORVOHJtWLPRVLQWHUHVHVGHODSHUVRQDFX\DGHIHQVD\HOUHVSHWRGHVXGLJQLGDG FRQVWLWX\HQ HO ILQ VXSUHPR GH OD VRFLHGDG \ HO (VWDGR DUWtFXOR GH OD &RQVWLWXFLyQ 'HDKtTXHVHVHxDOHTXHHO(VWDGR VRFLDOGH 'HUHFKRWHQJDHOGHEHUSRUXQ ODGRGHUHPRYHUWRGRVORVREVWiFXORVTXHLPSLGDQRUHVWULQMDQHOFXPSOLPLHQWR GH GLFKRV GHEHUHV \ SRU RWUR ODGR DVHJXUDU OD H[LVWHQFLD GH FRQGLFLRQHV PDWHULDOHVSDUDDOFDQ]DUVXVREMHWLYRVORFXDOH[LJHXQDUHODFLyQGLUHFWDFRQODV SRVLELOLGDGHVUHDOHV\REMHWLYDVGHO(VWDGR\FRQXQDSDUWLFLSDFLyQDFWLYDGHORV FLXGDGDQRVHQHOTXHKDFHUHVWDWDO (Q HVH HQWHQGLGR OD &RQVWLWXFLyQ KD HVWDEOHFLGR XQ PRGHOR GH (VWDGR HQ HO FXDOODHFRQRPtDQRHVXQILQHQVtPLVPRVLQRXQPHGLRRLQVWUXPHQWRSDUD OD UHDOL]DFLyQ GH OD SHUVRQD OR FXDO LPSOLFD DILUPDU TXH HO UHVSHWR GH OD SHUVRQD \ GH VX GLJQLGDG QR SXHGH HVWDU HQ IXQFLyQ GH ORV LPSDFWRV HFRQyPLFRV *$5&Į$ 3(/$<2 0DQXHO /DV WUDQVIRUPDFLRQHV GHO (VWDGR FRQWHPSRUiQHR 0DGULG $OLDQ]D (GLWRULDOS +b%(5/(3HWHUď/DHFRQRPtDHVVyORHOLQVWUXPHQWRSDUDORJUDURWURVSURSyVLWRVĐ(Q LXVHW YHULWDV1/LPDS 2 1R REVWDQWH OD SRWHVWDG WULEXWDULD TXH OD &RQVWLWXFLyQ DWULEX\H PRQRSyOLFDPHQWHDO(VWDGR\TXHVHH[SUHVDEiVLFDPHQWHHQODFDSDFLGDGGHO (VWDGR SDUD FUHDU PRGLILFDU R VXSULPLU WULEXWRV FRQVWLWX\H XQR GH ORV PHFDQLVPRV PHGLDQWH ORV FXDOHV HO (VWDGR SURFXUD OD REWHQFLyQ GH LQJUHVRV HFRQyPLFRV D ILQ GH SURYHHU D VXV FLXGDGDQRV ODV FRQGLFLRQHV PDWHULDOHV PtQLPDV SDUD VX GHVDUUROOR LQWHJUDO \ D ORV TXH FRQVWLWXFLRQDOPHQWH HVWi REOLJDGR 6LQHPEDUJRGDGRTXHOD&RQVWLWXFLyQKDDVXPLGRHOPRGHORGH(VWDGRVRFLDO \GHPRFUiWLFRGH'HUHFKRODSRWHVWDGWULEXWDULDQRGHYLHQHHQDEVROXWDSRUHO FRQWUDULRGHEHHMHUFHUVHHQIXQFLyQGHGHWHUPLQDGRVPDQGDWRVTXHPRGXODQ SRUXQODGRORVSULQFLSLRV\OtPLWHVFRQVWLWXFLRQDOHVGHODSRWHVWDGWULEXWDULD\ GH RWUR TXH JDUDQWL]DQ OD OHJLWLPLGDG FRQVWLWXFLRQDO \ OD OHJDOLGDG GH VX HMHUFLFLRFRPRKDFRQWLQXDFLyQVHDQDOL]D ++ .#(70%+ĵ0%1056+67%+10#.&'.1564+$7615 (O (VWDGR VRFLDO \ GHPRFUiWLFR GH 'HUHFKR VH DVLHQWD HQ HO PRGHOR GH HFRQRPtD VRFLDO GH PHUFDGR HQ OD FXDO OD LQLFLDWLYD SULYDGD HV OLEUH SHUR DO (VWDGR OH FRUUHVSRQGH SURYHHU D ODV SHUVRQDV QR VyOR GH PHFDQLVPRV GH JDUDQWtD GH VXV GHUHFKRV IXQGDPHQWDOHV VLQR WDPELpQ FLHUWDV FRQGLFLRQHV PDWHULDOHV PtQLPDV SURPRFLyQ GHO HPSOHR VDOXG YLYLHQGD HGXFDFLyQ VHJXULGDGVHUYLFLRVS~EOLFRVHLQIUDHVWUXFWXUDGHDFXHUGRFRQHODUWtFXORGH OD&RQVWLWXFLyQ (OOR FRQ HO ILQ GH TXH WRGRV \ VLQ GLVFULPLQDFLyQ SRU UD]RQHV GH FRQGLFLyQ HFRQyPLFD DUWtFXOR LQFLVR ORJUHQ XQ GHVDUUROOR LQWHJUDO HQ WDQWR SHUVRQDVH[LJHQFLDTXHHQFXHQWUDVXIXQGDPHQWRHQHOPDQGDWRGHUHVSHWRD %$/$*8(5 &$//(-IJ1 )UDQFLVFR FRRUGLQDGRU 'HUHFKR FRQVWLWXFLRQDO 9RO ,, 0DGULG 7HFQRV S 3 ODGLJQLGDGGHODSHUVRQDKXPDQDTXHOD&RQVWLWXFLyQFRQVDJUDHQVXDUWtFXOR SULPHURFRPRSLHGUDDQJXODUGHORUGHQDPLHQWRFRQVWLWXFLRQDO /DSURYLVLyQGHHVDVFRQGLFLRQHVPDWHULDOHVPtQLPDVSRUSDUWHGHO(VWDGRHVXQ GHEHU TXH OD &RQVWLWXFLyQ QR DWULEX\H ~QLFDPHQWH D pO SRU OR TXH HO DSURYLVLRQDPLHQWRGHUHFXUVRVHFRQyPLFRVTXHSHUPLWDQDO(VWDGRFXPSOLUFRQ WDOREOLJDFLyQHVXQGHEHUFRQVWLWXFLRQDOTXHFRUUHVSRQGHDWRGRV (QHIHFWRXQDGHODVIXHQWHVPiVLPSRUWDQWHVGHUHFXUVRVHFRQyPLFRVFRQORV TXH FXHQWD HO (VWDGR SDUD FXPSOLU FRQ HVRV GHEHUHV HV OD UHFDXGDFLyQ WULEXWDULD D FX\R ILQ VLUYH HO SDJR GH ORV WULEXWRV TXH HO (VWDGR LPSRQH HQ IXQFLyQGHOLQWHUpVJHQHUDOGHOLQWHUpVGHO(VWDGRRGHOLQWHUpVS~EOLFR /DLPSRUWDQFLDGHODUHFDXGDFLyQWULEXWDULDWDPELpQVHSXHGHDSUHFLDUHQWDQWR LQFLGHGHPRGRPX\LPSRUWDQWHHQODHODERUDFLyQGHOSUHVXSXHVWRJHQHUDOGH OD 5HS~EOLFD (V DVt FRPR SXHGH DGYHUWLUVH TXH ORV WULEXWRV FXPSOHQ XQD GHWHUPLQDGDIXQFLyQFRQVWLWXFLRQDOTXHPiVDOOiGHVHUXQGHEHUGHWRGDVODV SHUVRQDVHVXQDIXHQWHGHUHFXUVRVHFRQyPLFRVTXHSHUPLWHDO(VWDGRFXPSOLU DGHFXDGDPHQWH FRQ ORV GHEHUHV HVWDWDOHV GH GHIHQVD GH OD SHUVRQD \ OD SURPRFLyQGHOUHVSHWRGHVXGLJQLGDG /DIXQFLyQFRQVWLWXFLRQDOGHORVWULEXWRVHUJRQRHVRWUDTXHSHUPLWLUDO(VWDGR FRQWDUFRQORVUHFXUVRVHFRQyPLFRVQHFHVDULRVSDUDDIURQWDUDGHFXDGDPHQWHD WUDYpV GHO JDVWR S~EOLFR ORV GHEHUHV GH GHIHQGHU OD VREHUDQtD QDFLRQDO JDUDQWL]DUODSOHQDYLJHQFLDGHORVGHUHFKRVKXPDQRVSURWHJHUDODSREODFLyQ GH ODV DPHQD]DV FRQWUD VX VHJXULGDG DVt FRPR SURPRYHUHO ELHQHVWDU JHQHUDO TXHVHIXQGDPHQWDHQODMXVWLFLD\HQHOGHVDUUROORLQWHJUDO\HTXLOLEUDGRGHOD 1DFLyQDUWtFXORGHOD&RQVWLWXFLyQ 4 3HUR ORV WULEXWRV WDPELpQ FXPSOHQ RWUD IXQFLyQ FRQVWLWXFLRQDO TXH HVWi YLQFXODGDDORVYDORUHVVXSHULRUHVGHMXVWLFLD\GHVROLGDULGDGHQWDQWRTXHDO LPSRQHU OD REOLJDFLyQ GH WULEXWDU D ODV SHUVRQDV HQ IXQFLyQ GH VX FDSDFLGDG FRQWULEXWLYD SHUPLWH XQD UHGLVWULEXFLyQ VL ELHQ QR GLUHFWDPHQWH SHFXQLDULD SHUPLWHDO(VWDGRUHDOL]DUGHWHUPLQDGDVREUDVRSUHVWDUGHWHUPLQDGRVVHUYLFLRV HOHPHQWDOHVGHVWLQDGRVDORVVHFWRUHVPHQRVIDYRUHFLGRVGHODVRFLHGDG (Q VXPD OD IXQFLyQ FRQVWLWXFLRQDO GH ORV WULEXWRV UDGLFD SRU XQ ODGR HQ SHUPLWLUDO(VWDGRILQDQFLDUHOJDVWRS~EOLFRGLULJLGRDFXPSOLUFRQORVVHUYLFLRV EiVLFRV TXH OD VRFLHGDG UHTXLHUH \ GH RWUR HQ OD UHDOL]DFLyQ GH YDORUHV FRQVWLWXFLRQDOHVFRPRHOGHMXVWLFLD\VROLGDULGDG 'H DKt TXH VH KD\D VHxDODGR TXH ďHO GHEHU GH FRQWULEXLU DO VRVWHQLPLHQWR GH ORV JDVWRV S~EOLFRV KD SDVDGR GHO iPELWR GH OD LQGLYLGXDOL]DFLyQ GH OD FDUJD VRSRUWDGD SRU FDGD FRQWULEX\HQWH D XQ PDUFR PiV DPSOLR HQ HO TXH VH UHODFLRQD FRQ RWURV GHUHFKRV \ GHEHUHV LQFOXVR \ GHVWDFDGDPHQWH FRQ ORV SULQFLSLRV UHFWRUHV GH OD SROtWLFD VRFLDO \ HFRQyPLFD FRQILJXUiQGRVH SRU HVWR FRPRXQGHEHUGHVROLGDULGDGSROtWLFDHFRQyPLFD\VRFLDOĐ +++ .1524+0%+2+15%1056+67%+10#.'564+$76#4+15'0.#%1056+67%+ĵ0&' 7RGD&RQVWLWXFLyQFRQWLHQHGRVWLSRVGHQRUPDV QRUPDVGHSULQFLSLR\ QRUPDV UHJOD /DV SULPHUDV VRQ QRUPDV TXH RUGHQDQ TXH DOJR VHD UHDOL]DGR HQ OD PD\RUPHGLGDSRVLEOHGHQWURGHODVSRVLELOLGDGHVMXUtGLFDV\UHDOHVH[LVWHQWHV VRQ SXHV PDQGDWRV GH RSWLPL]DFLyQ /DV QRUPDV UHJOD VRQ DTXHOODV TXH SXHGHQ VHU FXPSOLGDV R QR HQ WDQWR TXH FRQWLHQHQ GHWHUPLQDFLRQHV HQ HO 'Į$=5(925,2)-DYLHU 9DORUHVVXSHULRUHVHLQWHUSUHWDFLyQFRQVWLWXFLRQDO0DGULG&HQWUR GH(VWXGLRV3ROtWLFRV\&RQVWLWXFLRQDOHVS *$5&Į$ '( /$ 025$ /HRQDUGR \ 0LJXHO īQJHO 0$57Į1(= /$*2 'HUHFKR ILQDQFLHUR \ WULEXWDULR%DUFHORQD%RVFKSS 5 iPELWRGHORIiFWLFD\MXUtGLFDPHQWHSRVLEOHď7RGDQRUPDHVRELHQXQDUHJOD RXQSULQFLSLRĐ 5HDOL]DGDHVWDSUHFLVLyQFDEHVHxDODUTXHHODUWtFXORGHOD&RQVWLWXFLyQKD UHFRJLGR HQXQFLDWLYDPHQWH SULQFLSLRV TXH WLHQHQ XQD UHODFLyQ GLUHFWD FRQ OD SRWHVWDG WULEXWDULD GHO (VWDGR HQWHQGLGRV FRPR GLUHFWULFHV TXH SURYHHQ FULWHULRVSDUDHOHMHUFLFLRGLVFUHFLRQDOGHODSRWHVWDGWULEXWDULDGHO(VWDGR 3RUHOORVLELHQHVFLHUWRTXHH[LVWHXQGHWHUPLQDGRQ~PHURGHSULQFLSLRVTXH HVWiQH[SUHVDPHQWHVHxDODGRVHQHODUWtFXORPHQFLRQDGRQRSRGHPRVVRVOD\DU RWURVSULQFLSLRVTXHWDPELpQVRQYLQFXODQWHVDOPRPHQWRTXHHO(VWDGRHMHUFH VXSRWHVWDGWULEXWDULD (Q OR TXH VLJXH YDQ D VHU HVWXGLDGRV WDQWR DTXHOORV SULQFLSLRV TXH HVWiQ H[SUHVDPHQWH SUHYLVWRV HQ OD &RQVWLWXFLyQ DVt FRPR DTXHOORV TXH KDQ VLGR UHFRQRFLGRV WDQWR SRU OD GRFWULQD FRQVWLWXFLRQDO FRQWHPSRUiQHD FRPR SRU OD MXULVSUXGHQFLDFRQVWLWXFLRQDO +++ 2TKPEKRKQFGNGICNKFCF[TGUGTXCFGNG[VTKDWVCTKC (OSULPHUSiUUDIRGHODUWtFXORGHOD&RQVWLWXFLyQVHxDODTXHďORVWULEXWRVVH FUHDQ PRGLILFDQ R GHURJDQ R VH HVWDEOHFH XQD H[RQHUDFLyQ H[FOXVLYDPHQWH SRU OH\ R GHFUHWR OHJLVODWLYR HQ FDVR GH GHOHJDFLyQ GH IDFXOWDGHV VDOYR ORV DUDQFHOHV \ WDVDV ORV FXDOHV VH UHJXODQ PHGLDQWH GHFUHWR VXSUHPR /RV JRELHUQRV ORFDOHV SXHGHQ FUHDU PRGLILFDU \ VXSULPLU FRQWULEXFLRQHV \ WDVDV R H[RQHUDUGHpVWDVGHQWURGHVXMXULVGLFFLyQ\FRQORVOtPLWHVTXHVHxDODODOH\Đ 6HKDVHxDODGRTXHODSRWHVWDGWULEXWDULDGHO(VWDGRGHEHHMHUFHUVHHQIXQFLyQ GHORVSULQFLSLRVFRQVWLWXFLRQDOHVTXHLQIRUPDQWDOSRWHVWDGSULQFLSLRVTXHSRU $/(;< 5REHUW 7HRUtD GH ORV GHUHFKRV IXQGDPHQWDOHV 0DGULG &HQWUR GH (VWXGLRV &RQVWLWXFLRQDOHVSS 6 RWUDSDUWHFRQVWLWX\HQWDPELpQXQDJDUDQWtDSDUDORVFRQWULEX\HQWHV3XHVELHQ VLHQGR TXH WDO DWULEXFLyQ H[FOXVLYD D IDYRU GHO (VWDGR HV FRQVWLWXFLRQDOPHQWH OHJtWLPD HOOR SUHFLVD FRPR H[LJHQFLD PtQLPD TXH WDO DWULEXFLyQ VH UHDOLFH PHGLDQWHHOYHKtFXORMXUtGLFRDGHFXDGRODOH\ (OORHVDVtHQODPHGLGDTXHHO(VWDGRQRSXHGHHMHUFHUVXSRWHVWDGWULEXWDULD GHPRGRDEVROXWDPHQWHGLVFUHFLRQDOQLWDPSRFRDUELWUDULDPHQWH(QWDOVHQWLGR SUHYLDPHQWHDLQJUHVDUDODQiOLVLVGHHVWRVSULQFLSLRVHQHOiPELWRWULEXWDULRHV QHFHVDULRUHDOL]DUODGLVWLQFLyQHQWUHHOSULQFLSLRGHOHJDOLGDG\HOGHUHVHUYDGH OH\SXHVHVEDVWDQWHIUHFXHQWHVXFRQIXVLyQ (Q SULQFLSLR GHEHPRV SDUWLU GH VHxDODU TXH QR H[LVWH LGHQWLGDG HQWUH HOORV (O SULQFLSLR GH OHJDOLGDG HQ VHQWLGR JHQHUDO VH HQWLHQGH FRPR OD VXERUGLQDFLyQ GHWRGRVORVSRGHUHVS~EOLFRVDOH\HVJHQHUDOHV\DEVWUDFWDVTXHGLVFLSOLQDQVX IRUPD GH HMHUFLFLR \ FX\D REVHUYDQFLD VH KDOOD VRPHWLGD D XQ FRQWURO GH OHJLWLPLGDG SRU MXHFHV LQGHSHQGLHQWHV /D UHVHUYD GH OH\ SRU HO FRQWUDULR LPSOLFD XQD GHWHUPLQDFLyQ FRQVWLWXFLRQDO TXH LPSRQH OD UHJXODFLyQ VyOR SRU OH\GHFLHUWDVPDWHULDV $VtďPLHQWUDVHO3ULQFLSLRGHOHJDOLGDGVXSRQHXQDVXERUGLQDFLyQGHO(MHFXWLYR DO/HJLVODWLYROD5HVHUYDQRVyORHVHVRVLQRTXHHO(MHFXWLYRQRSXHGHHQWUDUD WUDYpV GH VXV GLVSRVLFLRQHV JHQHUDOHV HQ OR PDWHULDOPHQWH UHVHUYDGR SRU OD &RQVWLWXFLyQDO/HJLVODWLYR'HDKtTXHVHDILUPHODQHFHVLGDGGHOD5HVHUYD\D TXH VX SDSHO QR VH FXEUH FRQ HO 3ULQFLSLR GH OHJDOLGDG HQ FXDQWR HV VyOR OtPLWHPLHQWUDVTXHOD5HVHUYDLPSOLFDH[LJHQFLDUHJXODGRUDĐ $OJXQRV KDQ OOHJDGR LQFOXVR D DILUPDU TXH WDOHV GLVWLQFLRQHV VRQ HTXLYRFDGDV &UI *$0%$ 9$/(*$&pVDUď1RWDVSDUDXQHVWXGLRGHODUHVHUYDGHOH\HQPDWHULDWULEXWDULDĐ(Q 3DXOR GH %DUURV &DUYDOKR GLUHFWRU 7UDWDGR GH 'HUHFKR WULEXWDULR /LPD 3DOHVWUD (GLWRUHV S '(&$%20$57Į1&DUORV6REUHHOFRQFHSWRGH/H\0DGULG7URWWDS 7 7DO GLVWLQFLyQ \D HQ HO iPELWR WULEXWDULR QR SXHGH VHU RPLWLGD SXHV ODV LPSOLFDQFLDVTXHJHQHUDQWDQWRHOSULQFLSLRGHOHJDOLGDGDVtFRPRODUHVHUYDGH OH\QRVRQSDUDQDGDLUUHOHYDQWHV(OORHVDVtHQODPHGLGDTXHOD&RQVWLWXFLyQ KD RWRUJDGR WDQWR DO 3RGHU /HJLVODWLYR DVt FRPR DO 3RGHU (MHFXWLYR OD SRVLELOLGDG GH HMHUFHU OD SRWHVWDG WULEXWDULD (Q HO SULPHU FDVR HO HMHUFLFLR VH UHDOL]DRULJLQDULDPHQWHPHGLDQWHXQDOH\HQVHQWLGRHVWULFWRPLHQWUDVTXHHQ HOFDVRGHO3RGHU(MHFXWLYRVyORSXHGHUHDOL]DUORPHGLDQWHGHFUHWROHJLVODWLYR (Q PDWHULD WULEXWDULD HO SULQFLSLR GH OHJDOLGDG VXSRQH TXH HO HMHUFLFLR GH OD SRWHVWDGWULEXWDULDSRUSDUWHGHO3RGHU/HJLVODWLYRRGHO3RGHU(MHFXWLYRGHEH HVWDU VRPHWLGD D OD &RQVWLWXFLyQ \ QR VyOR D ODV OH\HV $ GLIHUHQFLD GH HVWH SULQFLSLROD UHVHUYDGHOH\VLJQLILFDTXHHOiPELWRGHODFUHDFLyQPRGLILFDFLyQ GHURJDFLyQ R H[RQHUDFLyQ ėHQWUH RWURVė GH WULEXWRV TXHGD UHVHUYDGD SDUD VHU DFWXDGDPHGLDQWHXQDOH\ $ WDO HIHFWR HO DUWtFXOR GH OD 1RUPD )XQGDPHQWDO GLVSRQH TXH ę ORV WULEXWRV VH FUHDQ PRGLILFDQ R GHURJDQ R VH HVWDEOHFH XQD H[RQHUDFLyQ H[FOXVLYDPHQWH SRU OH\ R GHFUHWR OHJLVODWLYRĚ HVWDEOHFLHQGR FRPR ~QLFD H[FHSFLyQHOFDVRGHORVDUDQFHOHV\ODVWDVDVORVFXDOHVSXHGHQVHUUHJXODGRV SRUGHFUHWRVXSUHPR $VLPLVPR HVWDEOHFH OD SRVLELOLGDG GH TXH ORV JRELHUQRV ORFDOHV PHGLDQWH ODV IXHQWHV QRUPDWLYDV TXH OHV VRQ SURSLDV FUHHQ PRGLILTXHQ R VXSULPDQ FRQWULEXFLRQHV\WDVDVGHQWURGHVXMXULVGLFFLyQ\FRQORVOtPLWHVTXHVHxDODOD OH\ (Q OD MXULVSUXGHQFLD GHO 7ULEXQDO &RQVWLWXFLRQDO HO SULQFLSLR GH OHJDOLGDG HQ PDWHULD WULEXWDULD VH WUDGXFH HQHO DIRULVPR QXOOXP WULEXWXP VLQH OHJH OR FXDO TXLHUH GHFLU OD LPSRVLELOLGDG GH UHTXHULU HO SDJR GH XQ WULEXWR VL XQD OH\ R QRUPDGHUDQJRHTXLYDOHQWHQRORWLHQHUHJXODGR 8 $ MXLFLR GHO 7ULEXQDO HVWH SULQFLSLR SRU XQ ODGR FXPSOH XQD IXQFLyQ GH JDUDQWtD LQGLYLGXDO DO ILMDU XQ OtPLWH D ODV SRVLEOHV LQWURPLVLRQHV DUELWUDULDV GHO (VWDGR HQ ORV HVSDFLRV GH OLEHUWDG GH ORV FLXGDGDQRV SRU RWUR ODGR FXPSOH WDPELpQ XQD IXQFLyQ SOXUDO WRGD YH] TXH VH JDUDQWL]D OD GHPRFUDFLD HQ ORV SURFHGLPLHQWRV GH LPSRVLFLyQ \ UHSDUWR GH OD FDUJD WULEXWDULD SXHVWR TXH VX HVWDEOHFLPLHQWR FRUUHVSRQGH D XQ yUJDQR SOXUDO GRQGH VH HQFXHQWUDQ UHSUHVHQWDGRVWRGRVORVVHFWRUHVGHODVRFLHGDG +DSUHFLVDGRDGHPiVHOVXSUHPRLQWpUSUHWHGHOD&RQVWLWXFLyQTXHHOSULQFLSLR GHOHJDOLGDGDEDUFDODGHWHUPLQDFLyQGHWRGRVORVHOHPHQWRVTXHFRQILJXUDQXQ WULEXWR HV GHFLU HO VXSXHVWR GH KHFKR OD EDVH LPSRQLEOH ORV VXMHWRV GH OD UHODFLyQWULEXWDULDėDFUHHGRU\GHXGRUėHODJHQWHGHUHWHQFLyQ\ODSHUFHSFLyQ \DOtFXRWDORVFXDOHVGHEHQHVWDUSUHFLVDGRVRHVSHFLILFDGRVHQODQRUPDOHJDO VLQTXHVHDQHFHVDULDODUHPLVLyQėH[SUHVDRWiFLWDėDXQ5HJODPHQWRRQRUPD GHLQIHULRUMHUDUTXtD +++ 2TKPEKRKQFGKIWCNFCF /D LJXDOGDG FRPR GHUHFKR IXQGDPHQWDO HVWi SUHYLVWD HQ HO DUWtFXOR GH OD &RQVWLWXFLyQGH'HDFXHUGRFRQHODUWtFXORDOXGLGRďWRGDSHUVRQDWLHQH GHUHFKRđDODLJXDOGDGDQWHODOH\1DGLHGHEHVHUGLVFULPLQDGRSRUPRWLYRGH RULJHQ UD]D VH[R LGLRPD UHOLJLyQ RSLQLyQ FRQGLFLyQ HFRQyPLFD R GH FXDOTXLHUDRWUDtQGROHĐ &RQWUDULDPHQWH D OR TXH SXGLHUD GHVSUHQGHUVH GH XQD LQWHUSUHWDFLyQ OLWHUDO HVWDPRVIUHQWHDXQGHUHFKRIXQGDPHQWDOTXHQRFRQVLVWHHQODIDFXOWDGGHODV SHUVRQDVSDUDH[LJLUVHUWUDWDGRLJXDOTXHORVGHPiVVLQRSDUDVHUWUDWDGRGH LJXDOPRGRFRQDTXHOORVTXHVHHQFXHQWUDQHQXQDLGpQWLFDVLWXDFLyQ 6HQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO([S1$$7&\RWURV)- 6HQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO([S1$$7&)- 9 &RQVWLWXFLRQDOPHQWHHOGHUHFKRDODLJXDOGDGVHFRQFUHWL]DWDQWRHQODLJXDOGDG DQWHODOH\ HQODOH\\HQOD DSOLFDFLyQGHODOH\(OSULPHURGHHOORVė LJXDOGDG DQWH OD OH\ė TXLHUH GHFLU TXH OD QRUPD FRPR GLVSRVLFLyQ DEVWUDFWD JHQHUDO H LQWHPSRUDOGHEHWUDWDUDWRGRVSRULJXDOODLJXDOGDGHQ ODOH\LPSOLFDTXHXQ PLVPRyUJDQRQRSXHGHPRGLILFDUDUELWUDULDPHQWHHOVHQWLGRGHVXVGHFLVLRQHV HQ FDVRV MXUtGLFDPHQWH LJXDOHV \ TXH FXDQGR HVH yUJDQR FRQVLGHUH TXH GHEH DSDUWDUVHGHVXVSUHFHGHQWHVWLHQHTXHRIUHFHUSDUDHOORXQDIXQGDPHQWDFLyQ VXILFLHQWH\UD]RQDEOHODLJXDOGDGHQOD DSOLFDFLyQGHODOH\VXSRQHTXHpVWD VHD LQWHUSUHWDGD GH PRGR LJXDO D WRGRV DTXHOORV TXH VH HQFXHQWUHQ HQ OD PLVPD VLWXDFLyQ VLQTXH HO DSOLFDGRU GH OD QRUPD SXHGD HVWDEOHFHU GLIHUHQFLD DOJXQD HQ UD]yQ GH ODV SHUVRQDV R GH FLUFXQVWDQFLDV TXH QR VHDQ SUHFLVDPHQWHODVSUHVHQWHVHQODVQRUPDV 6LQHPEDUJRODLJXDOGDGDGHPiVGHVHUXQGHUHFKRIXQGDPHQWDOHVWDPELpQ XQ SULQFLSLR UHFWRU GH OD RUJDQL]DFLyQ GHO (VWDGR VRFLDO \ GHPRFUiWLFR GH 'HUHFKR\GHODDFWXDFLyQGHORVSRGHUHVS~EOLFRV&RPRWDOTXLHUHGHFLUTXH QRWRGDGHVLJXDOGDGFRQVWLWX\HQHFHVDULDPHQWHXQDGLVFULPLQDFLyQSXHVQRVH SURKLEHWRGDGLIHUHQFLDGHWUDWRHQHOHMHUFLFLRGHORVGHUHFKRVIXQGDPHQWDOHV VLQRTXHODLJXDOGDGVRODPHQWHHVYLRODGDFXDQGRGLFKDVGLVFULPLQDFLRQHVHVWiQ GHVSURYLVWDVGHXQDMXVWLILFDFLyQREMHWLYD\UD]RQDEOH /D DSOLFDFLyQ SXHV GHO SULQFLSLR GH LJXDOGDG QR H[FOX\H HO WUDWDPLHQWR GHVLJXDO SRU HOOR QR VH YXOQHUD GLFKR SULQFLSLR FXDQGR VH HVWDEOHFH XQD +(51ī1'(= 0$57Į1(= 0DUtD ď(O SULQFLSLR GH LJXDOGDG HQ OD MXULVSUXGHQFLD GHO 7ULEXQDO &RQVWLWXFLRQDO HVSDxRO FRPR YDORU \ FRPR SULQFLSLR HQ OD DSOLFDFLyQ MXULVGLFFLRQDO GH OD OH\Đ (Q %ROHWtQ 0H[LFDQR GH 'HUHFKR &RPSDUDGR 1 $xR ;;9,, 1XHYD 6HULH VHWLHPEUHGLFLHPEUHSS 58%,2 //25(17( )UDQFLVFR 'HUHFKRV IXQGDPHQWDOHV \ SULQFLSLRV FRQVWLWXFLRQDOHV %DUFHORQD$ULHOS ī/9$5(= &21'( (QULTXH &XUVR GH 'HUHFKR FRQVWLWXFLRQDO 9RO , 0DGULG 7HFQRV HGLFLyQSS 1 0 GLIHUHQFLD GH WUDWR FODUR HVWi VLHPSUH TXH HOOD VH UHDOLFH FRPR \D KHPRV VHxDODGRVREUHEDVHVREMHWLYDV\UD]RQDEOHV (VWDV SUHFLVLRQHV GHEHQ VHU FRPSOHPHQWDGDV FRQ OD GLIHUHQFLD H[LVWHQWH HQWUH GRVFDWHJRUtDVMXUtGLFRFRQVWLWXFLRQDOHVDVDEHU GLIHUHQFLDFLyQ\GLVFULPLQDFLyQ (QSULQFLSLRFDEHGHFLUTXHOD GLIHUHQFLDFLyQHVWiFRQVWLWXFLRQDOPHQWHDGPLWLGD HOORHVDVtHQODPHGLGDTXHVHSHUPLWHQOH\HVHVSHFLDOHVGDGDODQDWXUDOH]DGH ODV FRVDV SHUR QR SRU OD GLIHUHQFLDFLyQ DUELWUDULD HQWUH ODV SHUVRQDV DUWtFXOR GHOD&RQVWLWXFLyQ 3RUHOORQRWRGRWUDWRGHVLJXDOHVGLVFULPLQDWRULRGHDKtTXHVHHVWDUiIUHQWHD XQD GLIHUHQFLDFLyQ FXDQGR OD PHGLGD GH WUDWR GHVLJXDO VH IXQGH HQ FDXVDV GH QHFHVLGDG LGRQHLGDG \ SURSRUFLRQDOLGDG 'H OR FRQWUDULR FXDQGR HVD GHVLJXDOGDG GH WUDWR QR VHD QHFHVDULD LGyQHD QL SURSRUFLRQDO HVWDUHPRV DQWH XQD GLVFULPLQDFLyQ \ SRU WDQWR IUHQWH D XQD GHVLJXDOGDG GH WUDWR FRQVWLWXFLRQDOPHQWHLQWROHUDEOH 3HUR HO FRQVWLWX\HQWH KD SURVFULWR HQXQFLDWLYDPHQWH WtSLFDV IRUPDV GH GLVFULPLQDFLyQMXUtGLFDSRUUD]yQGHRULJHQUD]DVH[RLGLRPDUHOLJLyQRSLQLyQ FRQGLFLyQ HFRQyPLFD R GH FXDOTXLHU RWUD tQGROH DUWtFXOR LQFLVR GH OD &RQVWLWXFLyQORFXDOFRQVWLWX\HXQDUHJODSURKLELWLYDWDQWRSDUDHO(VWDGRHQHO HMHUFLFLR GH OD IXQFLyQ OHJLVODWLYD ėD WUDYpV GHO &RQJUHVRė UHJODPHQWDULD ėSRU SDUWH GHO 3RGHU (MHFXWLYRė \ MXULVGLFFLRQDO ėPHGLDQWH HO 3RGHU -XGLFLDOė DVt FRPRHQODVUHODFLRQHVHQWUHSDUWLFXODUHV 'HULYDGR GH HOOR VH GHEH WHQHU HQ FRQVLGHUDFLyQ TXH HO (VWDGR D YHFHV FRQVFLHQWHPHQWH SURPXHYH HO WUDWR GLIHUHQFLDGR GH XQ GHWHUPLQDGR JUXSR VRFLDO RWRUJiQGROHV YHQWDMDV LQFHQWLYRV R HQ JHQHUDO WUDWDPLHQWRV PiV 1 1 IDYRUDEOHV (VWR HV OR TXH HQ OD GRFWULQD FRQVWLWXFLRQDO VH FRQRFH FRPR GLVFULPLQDFLyQSRVLWLYDRDFFLyQSRVLWLYDėDIILUPDWLYHDFWLRQė /DILQDOLGDGGHHVWDDFFLyQDILUPDWLYDQRHVRWUDTXHFRPSHQVDUMXUtGLFDPHQWHD JUXSRV PDUJLQDGRV HFRQyPLFD VRFLDO R FXOWXUDOPHQWH SHUVLJXH SXHV TXH GLFKRVJUXSRVSXHGDQVXSHUDUODGLVFULPLQDFLyQUHDOHQODTXHVHHQFXHQWUDQD WUDYpVGHDFFLRQHVFRQFUHWDVSRUSDUWHGHO(VWDGR %DMR HVWDV FRQVLGHUDFLRQHV FRQVWLWXFLRQDOHV HV TXH GHEH VHU HQWHQGLGR HO SULQFLSLR GH LJXDOGDG HQ PDWHULD WULEXWDULD (Q SDUWLFXODU HQ UHODFLyQ FRQ ORV LPSXHVWRVGLUHFWRVHQODPHGLGDTXHHVXQSULQFLSLRLPSOLFDHOUHFRQRFLPLHQWR \UHVSHWRGHFLHUWRVSUHVXSXHVWRVFRPRHOGHFDSDFLGDGFRQWULEXWLYD (VHQFLDOPHQWH HVWH SULQFLSLR HQ PDWHULD WULEXWDULD GLUHFWD GHEH VHU HQWHQGLGR HQ HO VHQWLGR TXHODV VLWXDFLRQHV HFRQyPLFDV LJXDOHV GHEHQ VHU WUDWDGDV GH OD PLVPD PDQHUD \ D OD LQYHUVD VLWXDFLRQHV HFRQyPLFDPHQWH GLVtPLOHV GHEHQ UHFLELUXQWUDWRGLIHUHQFLDGR(QWDOVHQWLGRHOSULQFLSLRGHLJXDOGDGQRSURKLEH FXDOTXLHU GHVLJXDOGDG VLQR DTXHOOD TXH GHYLHQHHQ GLVFULPLQDWRULD SRU FDUHFHU GHUD]RQDELOLGDG\GHMXVWLILFDFLyQREMHWLYD $Vt OR KD UHFRQRFLGR WDPELpQ HO 7ULEXQDO &RQVWLWXFLRQDO DO VHxDODU TXH HO UHSDUWR GH ORV WULEXWRV KD GH UHDOL]DUVH GH IRUPD WDO TXH VH WUDWH LJXDO D ORV LJXDOHV\GHVLJXDODORVGHVLJXDOHVSRUORTXHODVFDUJDVWULEXWDULDVGLUHFWDVKDQ GH UHFDHU HQ SULQFLSLR GRQGH H[LVWD ULTXH]D TXH SXHGD VHU JUDYDGD OR TXH HYLGHQWHPHQWHLPSOLFDTXHVHWHQJDHQFRQVLGHUDFLyQ ODFDSDFLGDGSHUVRQDOR SDWULPRQLDOGHORVFRQWULEX\HQWHV +++ 2TKPEKRKQFGTGURGVQCNQUFGTGEJQUHWPFCOGPVCNGU *,0e1(= */h&. 'DYLG -XLFLR GH LJXDOGDG \ 7ULEXQDO &RQVWLWXFLRQDO %DUFHORQD %RVFK SS\VV 6HQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO([S1$$7&\RWURV)- 1 2 2WUR SULQFLSLR TXH OD &RQVWLWXFLyQ KD SUHYLVWR FRPR OtPLWH GH OD SRWHVWDG WULEXWDULD HV HO GHO UHVSHWR D ORV GHUHFKRV IXQGDPHQWDOHV (VWH SULQFLSLR VH FRQGLFH FRQ HO FDUiFWHU REMHWLYR ėDGHPiV GHO VXEMHWLYRė TXH WLHQHQ ORV GHUHFKRVIXQGDPHQWDOHVHVGHFLULQVWLWXFLRQHVFRQVWLWXFLRQDOHVYDORUDWLYDVTXH LQIRUPDQ HO RUGHQDPLHQWR MXUtGLFR HQ VX FRQMXQWR 'LFKRV GHUHFKRV HQ HO (VWDGRFRQVWLWXFLRQDO\GHPRFUiWLFRVHHULJHQFRPRDXWpQWLFRVOtPLWHVWDQWRD ODDFWLYLGDGGHORVSRGHUHVS~EOLFRVDVtFRPRGHORVSRGHUHVSULYDGRV (Q HIHFWR FXDQGR OD &RQVWLWXFLyQ KD SUHYLVWR TXH OD SRWHVWDG WULEXWDULD GHO (VWDGR GHEH UHVSHWDU ORV GHUHFKRV IXQGDPHQWDOHV QR KD KHFKR RWUD FRVD TXH UHFRJHU XQ SULQFLSLR LQKHUHQWH DO DFWXDO (VWDGR FRQVWLWXFLRQDO HO SULQFLSLR GH HILFDFLDGLUHFWDGHORVGHUHFKRVIXQGDPHQWDOHV (QYLUWXGGHHVWHPDQGDWRORVSRGHUHVS~EOLFRVTXHGDQVXMHWRVHILFD]PHQWH\ QR VyOR GHFODUDWLYDPHQWH SRU OD &RQVWLWXFLyQ D UHVSHWDU \ SURWHJHU ORV GHUHFKRVIXQGDPHQWDOHVėHILFDFLDYHUWLFDOėHVGHFLUDUHFRQRFHUODLGHQWLGDG\ HILFDFLDMXUtGLFDSURSLDDSDUWLUGHODVROD&RQVWLWXFLyQGHWDOHVGHUHFKRV3HUR ORVGHUHFKRVIXQGDPHQWDOHVWDPELpQSXHGHQVHULQYRFDGRVHQWUHSDUWLFXODUHVė HILFDFLDKRUL]RQWDOėFXDQGRHOHMHUFLFLRGHXQGHUHFKRIXQGDPHQWDOUHTXLHUDVHU VDWLVIHFKRRUHVSHWDGRSRURWURSDUWLFXODU 6H GHEH SRQHU HQ UHOLHYH TXH OD &RQVWLWXFLyQ VH UHILHUH QR D XQ GHUHFKR HQ SDUWLFXODU VLQR TXH DOXGH D ORV GHUHFKRV IXQGDPHQWDOHV HQ JHQHUDO 6LQ HPEDUJR HOOR QR HV yELFH SDUD UHFRQRFHU TXH GDGD OD QDWXUDOH]D GH OD SRWHVWDG WULEXWDULD GHO (VWDGR OD DIHFWDFLyQ GH GHWHUPLQDGRV GHUHFKRV HV OHJtWLPD FXDQGR OD OH\ UHVSHWD HO FRQWHQLGR HVHQFLDO GHO GHUHFKR IXQGDPHQWDO DIHFWDGR\VyORLQJUHVDDOFRQWHQLGRH[WHUQRGHOPLVPR -,0e1(= &$032 -DYLHU 'HUHFKRV IXQGDPHQWDOHV &RQFHSWR \ JDUDQWtDV 0DGULG 7URWWD S 1 3 (Q HIHFWR VH SXHGH OOHJDU D DIHFWDU FRQVWLWXFLRQDOPHQWH ORV GHUHFKRV IXQGDPHQWDOHV ėHILFDFLD YHUWLFDOė SHUR HVD SRVLELOLGDG HV PiV FLHUWD FRQ UHVSHFWR D GHWHUPLQDGRV GHUHFKRV $Vt VXFHGH SRU HMHPSOR FRQ HO GHUHFKR IXQGDPHQWDO D OD SURSLHGDG GHELGR SURFHVR R HO GH LJXDOGDG PRWLYR SRU HO FXDO HO (VWDGR DO PRPHQWR GH HMHUFHU VX SRWHVWDG WULEXWDULD GHEHUi FXLGDUVH GHQRDIHFWDUHOFRQWHQLGRHVHQFLDOGHGLFKRVGHUHFKRV\VREUHHOFXDOVHKDQ SURSXHVWRGLYHUVDVWHRUtDV 6HJ~Q OD WHRUtD UHODWLYD ďHO FRQWHQLGR HVHQFLDO QR FRQVWLWX\H XQD PHGLGD SUHHVWDEOHFLGD\ILMD\DTXHQRHVXQHOHPHQWRHVWDEOHQLXQDSDUWHDXWyQRPD GHO GHUHFKR IXQGDPHQWDOĐ HQ HVH VHQWLGR ďHO FRQWHQLGR HVHQFLDO HV DTXHOOR TXHTXHGDGHVSXpVGHXQDSRQGHUDFLyQĐ1RH[LVWHSXHVHQHVWDWHRUtDXQ FRQWHQLGR HVHQFLDO SUHHVWDEOHFLGR VLQR TXH HO PLVPR GHEH VHU GHWHUPLQDGR PHGLDQWHODSRQGHUDFLyQ /D WHRUtD DEVROXWD SRU HO FRQWUDULR SDUWH GHO SUHVXSXHVWR GH TXH HQ FDGD GHUHFKR IXQGDPHQWDO H[LVWHQ GRV ]RQDV XQD HVIHUD SHUPDQHQWH GHO GHUHFKR IXQGDPHQWDO TXH FRQVWLWX\H VX FRQWHQLGR HVHQFLDO ė\ HQ FX\R iPELWR WRGD LQWHUYHQFLyQ GHO OHJLVODGRU VH HQFXHQWUD YHGDGDė \ RWUD SDUWH DFFHVRULD R QR HVHQFLDO HQ OD FXDO VRQ DGPLVLEOHV ODV LQWHUYHQFLRQHV GHO OHJLVODGRU SHUR D FRQGLFLyQ GH TXH HOODV QR VHDQ DUELWUDULDV VLQR TXH HVWpQ GHELGDPHQWH MXVWLILFDGDV *$9$5$ '( &$5$ -XDQ &DUORV 'HUHFKRV IXQGDPHQWDOHV \ GHVDUUROOR OHJLVODWLYR /D JDUDQWtD GHO FRQWHQLGR HVHQFLDO GH ORV GHUHFKRV IXQGDPHQWDOHV HQ OD /H\ )XQGDPHQWDO GH %RQQ0DGULG&HQWURGH(VWXGLRV&RQVWLWXFLRQDOHVS $/(;< 5REHUW 7HRUtD GH ORV GHUHFKRV IXQGDPHQWDOHV 0DGULG &HQWUR GH (VWXGLRV &RQVWLWXFLRQDOHVS 0$57Į1(=38-$/7( $QWRQLR /D JDUDQWtD GHO FRQWHQLGR HVHQFLDO GH ORV GHUHFKRV IXQGDPHQWDOHV0DGULG&HQWURGH(VWXGLRV&RQVWLWXFLRQDOHVS 1 4 3DUDODWHRUtDLQVWLWXFLRQDOHOFRQWHQLGRHVHQFLDOGHORVGHUHFKRVIXQGDPHQWDOHV SRUXQODGRQRHVDOJRTXHSXHGDVHUGHVSUHQGLGRGHęSRUVtĚHLQGHSHQGLHQWH GHO FRQMXQWR GH OD &RQVWLWXFLyQ \ GH ORV RWURV ELHQHV FRQVWLWXFLRQDOPHQWH UHFRQRFLGRV WDPELpQ FRPR PHUHFHGRUHV GH WXWHOD DO ODGR GH ORV GHUHFKRV IXQGDPHQWDOHVGHRWURODGRHOFRQWHQLGRHVHQFLDOGHXQGHUHFKRIXQGDPHQWDO \ ORV OtPLWHV TXH VREUH OD EDVH GH pVWH UHVXOWDQ DGPLVLEOHV IRUPDQ XQD XQLGDG 1R REVWDQWH \ DO PDUJHQ GH OD WHRUtD TXH VH DSOLTXH OR UHOHYDQWH HV VHxDODU TXH HQ WRGRV ORV FDVRV HO (VWDGR DO HMHUFHU VX SRWHVWDG WULEXWDULD GHEH FXLGDUVHGHQRDIHFWDUHOFRQWHQLGRHVHQFLDOGHORVGHUHFKRVIXQGDPHQWDOHV +++ 2TKPEKRKQFGKPVGTFKEEKxPFGNCEQPHKUECVQTKGFCF (OSULQFLSLRGHLQWHUGLFFLyQGHODFRQILVFDWRULHGDGHVWiHVWUHFKDPHQWHYLQFXODGR FRQ HO SULQFLSLR GH FDSDFLGDG FRQWULEXWLYD \ HO GH UHVSHWR GH ORV GHUHFKRV IXQGDPHQWDOHVHVSHFtILFDPHQWHFRQHOGHUHFKRIXQGDPHQWDODODSURSLHGDGTXH OD&RQVWLWXFLyQUHFRQRFHDUWtFXOR\ 'HVGH HO SXQWR YLVWD GHO 'HUHFKR FRQVWLWXFLRQDO GLFKR PDQGDWR QR HV VLQR OD FRQFUHWL]DFLyQ DXWyQRPD GHO SULQFLSLR GH SURSRUFLRQDOLGDG LQKHUHQWH D WRGR (VWDGR FRQVWLWXFLRQDO GHPRFUiWLFR HQ FXDQWR SURKLELFLyQ R LQWHUGLFFLyQ GH OD H[FHVLYLGDGGHODLPSRVLFLyQ 'HKHFKRODREOLJDFLyQGHWULEXWDUFRPSRUWDGHVGH\DXQDDIHFWDFLyQWROHUDGD SRUHORUGHQDPLHQWRFRQVWLWXFLRQDOGHOGHUHFKRIXQGDPHQWDODODSURSLHGDG6H +b%(5/( 3HWHU /D OLEHUWDG IXQGDPHQWDO HQ HO (VWDGR FRQVWLWXFLRQDO /LPD 0'&)RQGR (GLWRULDOGHOD38&S 52'5Į*8(= %(5(,-2 īOYDUR ď-XULVSUXGHQFLD FRQVWLWXFLRQDO \ SULQFLSLRV GH OD LPSRVLFLyQĐ (Q $$99 *DUDQWtDV FRQVWLWXFLRQDOHV GHO FRQWULEX\HQWH 9DOHQFLD WLUDQW OR EODQFK S 1 5 GHEHFXLGDUSXHVTXHPHGLDQWHHOHMHUFLFLRGHVSURSRUFLRQDGRRLUUD]RQDEOHGH OD SRWHVWDG WULEXWDULD GHO (VWDGR QR VH OOHJXH D SULYDU D ORV FRQWULEX\HQWHV GH VXVSURSLHGDGHV\UHQWDV 'HDKtTXHVHDHTXLYRFDGRVHxDODUFRPRKDFHQDOJXQRVTXHHOSULQFLSLRHQ HVWXGLR FXPSOH OD VROD PLVLyQ UHFRUGDWRULD GH TXH OD FDSDFLGDG HFRQyPLFD WLHQH XQRV OtPLWHV TXH UHYHODQ OD HIHFWLYD DSWLWXG SDUD FRQWULEXLU DO VRVWHQLPLHQWRGHOJDVWRS~EOLFR 7RGR OR FRQWUDULR SXHV FRPR KD VHxDODGR HO 7ULEXQDO &RQVWLWXFLRQDO HO SULQFLSLR GH QR FRQILVFDWRULHGDG LQIRUPD \ OLPLWD HO HMHUFLFLR GH OD SRWHVWDG WULEXWDULD HVWDWDO JDUDQWL]DQGR TXH OD OH\ WULEXWDULD QR DIHFWH LUUD]RQDEOH \ GHVSURSRUFLRQDGDPHQWHODOHJtWLPDHVIHUDSDWULPRQLDOGHODVSHUVRQDV (VWHSULQFLSLRWLHQHWDPELpQXQDIDFHWDLQVWLWXFLRQDOWRGDYH]TXHDVHJXUDTXH ODV LQVWLWXFLRQHV TXH IRUPDQ SDUWH GH OD &RQVWLWXFLyQ HFRQyPLFD ėFRPR HO SOXUDOLVPR HFRQyPLFR SURSLHGDG OLEHUWDG GH HPSUHVD DKRUURė QR UHVXOWHQ VXSULPLGDV R YDFLDGDV GH VX FRQWHQLGR HVHQFLDO FXDQGR HO (VWDGR HMHUFLWH VX SRWHVWDGWULEXWDULD 3RUHOORVHWUDQVJUHGHHOSULQFLSLRGHQRFRQILVFDWRULHGDGGHORVWULEXWRVFDGD YH] TXH XQ WULEXWR H[FHGH GHO OtPLWH TXH UD]RQDEOHPHQWH SXHGH DGPLWLUVH FRPR MXVWLILFDGR HQ XQ UpJLPHQ HQ HO TXH VH KD JDUDQWL]DGR FRQVWLWXFLRQDOPHQWH HO GHUHFKR IXQGDPHQWDO D OD SURSLHGDG \ DGHPiV KD FRQVLGHUDGR D pVWD FRPR LQVWLWXFLyQ \ XQR GH ORV FRPSRQHQWHV EiVLFRV \ HVHQFLDOHVGHQXHVWURPRGHORGH&RQVWLWXFLyQHFRQyPLFDĚ *$5&Į$ '( /$ 025$ /HRQDUGR \ 0LJXHO īQJHO 0$57Į1(= /$*2 'HUHFKR ILQDQFLHUR \ WULEXWDULR%DUFHORQD%RVFKSS 6HQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO([S1$,7&\RWURV)- 6HQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO([S1$,7&)- 1 6 +++ 2TKPEKRKQFGIGPGTCNKFCF $ GLIHUHQFLD GH RWURV RUGHQDPLHQWRV HVWH HV XQ SULQFLSLR TXH QR HVWi H[SUHVDPHQWH SUHYLVWR HQ OD &RQVWLWXFLyQ SHUR TXH VH SXHGH FRQVLGHUDU LPSOtFLWRHQHODUWtFXOR 6HJ~Q HO SULQFLSLR GH JHQHUDOLGDG WRGRV ORV FLXGDGDQRV HVWiQ REOLJDGRV D FRQFXUULU HQ HO VRVWHQLPLHQWR GH ODV FDUJDV S~EOLFDV HOOR QR VXSRQH VLQ HPEDUJR TXH WRGRV GHEHQ HIHFWLYDPHQWH SDJDU WULEXWRV VLQR TXH GHEHQ KDFHUORWRGRVDTXHOORVTXHDODOX]GHORVSULQFLSLRVFRQVWLWXFLRQDOHV\GHODV OH\HVTXHORVGHVDUUROODQWHQJDQODQHFHVDULDFDSDFLGDGFRQWULEXWLYDSXHVWDGH PDQLILHVWR HQ ORV KHFKRV WLSLILFDGRV HQ OD OH\ (V GHFLU QR VH SXHGH H[LPLU D QDGLH GH FRQWULEXLU SRU UD]RQHV TXH QR VHDQ OD FDUHQFLD GH FDSDFLGDG FRQWULEXWLYD (O SULQFLSLR GH JHQHUDOLGDG HV HO SUHVXSXHVWR SDUD OD UHDOL]DFLyQ SRU HMHPSOR GHO SULQFLSLR GH LJXDOGDG (OOR HV DVt HQ OD PHGLGD TXH SRU XQ ODGR HVWH SULQFLSLR VXSRQH OD LQWHUGLFFLyQ GH SULYLOHJLRV R iUHDV LQPXQHV DO SDJR GH WULEXWRV GH OR FXDO VH GHULYD SRU XQ ODGR TXH HO GHEHU GH WULEXWDU DOFDQ]D D WRGDVODVSHUVRQDVQDWXUDOHVRMXUtGLFDVQDFLRQDOHVRH[WUDQMHUDV 3HUR WDPELpQ FRQVWLWX\H XQ UHTXHULPLHQWR GLULJLGR GLUHFWDPHQWH DO OHJLVODGRU SDUDTXHFXPSODFRQODH[LJHQFLDGHWLSLILFDUFRPRKHFKRLPSRQLEOHWRGRDFWR KHFKR R QHJRFLR MXUtGLFR TXH VHD LQGLFDWLYR GH FDSDFLGDG HFRQyPLFD 'LFKR SULQFLSLR SRU WDQWR HV FRQWUDULR FRQ OD FRQFHVLyQ GH H[HQFLRQHV ILVFDOHV TXH (V HO FDVR GH OD &RQVWLWXFLyQ HVSDxROD FX\R DUWtFXOR HVWDEOHFH TXH ď7RGRV FRQWULEXLUiQ DO VRVWHQLPLHQWR GH ORV JDVWRV S~EOLFRV GH DFXHUGR FRQ VX FDSDFLGDG HFRQyPLFD PHGLDQWH XQ VLVWHPD WULEXWDULR MXVWR LQVSLUDGR HQ ORV SULQFLSLRV GH LJXDOGDG \ SURJUHVLYLGDGTXHHQQLQJ~QFDVRWHQGUiDOFDQFHFRQILVFDWRULRĐ )(51ī1'(= 6(*$'2)UDQFLVFRď/RVSULQFLSLRVFRQVWLWXFLRQDOHVWULEXWDULRVHQ(VSDxDĐ(Q 6FULEDV5HYLVWDGH'HUHFKR1$xR,,$UHTXLSDS 1 7 FDUH]FDQGHQHFHVLGDGLGRQHLGDG\SURSRUFLRQDOLGDGPRWLYRSRUHOFXDOHVHQ HVWH FDPSR GRQGH HO SULQFLSLR HQ DQiOLVLV WLHQH XQD DSOLFDFLyQ EDVWDQWH IHFXQGD 6LQ HPEDUJR HO SULQFLSLR GH JHQHUDOLGDG QR LPSOLFD OD SURKLELFLyQ GH OD FRQFHVLyQ GH H[RQHUDFLRQHV (V PiV HQ FLHUWDV RFDVLRQHV VHUi FRQVWLWXFLRQDOPHQWH QHFHVDULR \ OHJLWLPR TXH HO (VWDGR UHFXUUD D HOODV SDUD OD UHDOL]DFLyQ GH RWURV SULQFLSLRV FRQVWLWXFLRQDOHV ėFRPR OD LJXDOGDG \ OD FDSDFLGDGFRQWULEXWLYDėRODFRQFUHWL]DFLyQGHORVGHEHUHVHVHQFLDOHVGHO(VWDGR \GHORVGHUHFKRVVRFLDOHV\HFRQyPLFRVSRUHMHPSOR (V SRU HOOR TXH OD &RQVWLWXFLyQ DUWtFXOR KD UHFRJLGR OD ILJXUD GH ORV FRQWUDWRVOH\ R FRQWUDWRV GH HVWDELOLGDG MXUtGLFD HQ YLUWXG GH ORV FXDOHV HO (VWDGRSXHGHRWRUJDUJDUDQWtDVDVHJXUDQGRDWUDYpVGHODOH\ODLQYDULDELOLGDG GH GHWHUPLQDGRV WpUPLQRV FRQWUDFWXDOHV HQWUH HOORV OR UHODFLRQDGR FRQ HO iPELWRWULEXWDULRORFXDOQRHVXQDIUDQTXLFLDDEVROXWDVLQROLPLWDGDSRUORV SULQFLSLRVFRQVWLWXFLRQDOHVWULEXWDULRV +++ 2TKPEKRKQFGECRCEKFCFEQPVTKDWVKXC eVWH HV RWUR SULQFLSLR TXH WDPSRFR HVWi FRQVLGHUDGR H[SUHVDPHQWH HQ OD &RQVWLWXFLyQGHORFXDOQRHVREVWiFXORSDUDVHxDODUTXHVHKDFRQYHUWLGR HQXQDVDOYDJXDUGDRJDUDQWtDVIUHQWHDOSRGHUWULEXWDULRRPQtPRGR\DUELWUDULR GHO(VWDGRHQODPHGLGDTXHHQFDXVDHOHMHUFLFLRGHHVDSRWHVWDGDWUDYpVGHO 0$57Į1 48(5$/7 -XDQ \ RWURV 'HUHFKR WULEXWDULR 1DYDUUD $UDQ]DGL D HGLFLyQ SS 52'5Į*8(= %(5(,-2 īOYDUR ď-XULVSUXGHQFLD FRQVWLWXFLRQDO \ SULQFLSLRV GH OD LPSRVLFLyQĐ (Q $$99 *DUDQWtDV FRQVWLWXFLRQDOHV GHO FRQWULEX\HQWH 9DOHQFLD WLUDQW OR EODQFK S =(*$55$9$/',9,$'LHJR(OFRQWUDWROH\/LPD*DFHWD-XUtGLFDSS\VV 1 8 'HUHFKR\TXHSRUORGHPiVHVWitQWLPDPHQWHYLQFXODGRFRQHOSULQFLSLRGH LJXDOGDG (QYLUWXGGHWDOSULQFLSLRODVSHUVRQDVGHEHUiQFRQWULEXLUDWUDYpVGHLPSXHVWRV GLUHFWRVėFRPRSRUHMHPSORHOLPSXHVWRDODUHQWDėHQSURSRUFLyQGLUHFWDFRQ VX FDSDFLGDG HFRQyPLFD GH PRGR WDO TXH TXLHQ WHQJD PD\RUHV LQJUHVRV HFRQyPLFRV SDJDUi PiV \ TXLHQ WHQJD PHQRUHV LQJUHVRV SDJDUi PHQRV LPSXHVWRVGLUHFWRV 6LQ HPEDUJR OD UHOHYDQFLD GH HVWH SULQFLSLR VH SXHGH DSUHFLDU FRQ PD\RU LQWHQVLGDGGHVGHTXHLPSRQHDO(VWDGRODQHFHVLGDGGHUHPLWLUVHDLQGLFDGRUHV REMHWLYRV\UD]RQDEOHVGHODFDSDFLGDGFRQWULEXWLYDGHODVSHUVRQDV(OORKDVLGR DGYHUWLGR WDPELpQ SRU HO 7ULEXQDO &RQVWLWXFLRQDO HQ WDQWR TXH OD FDSDFLGDG FRQWULEXWLYD GHEH WHQHU XQ QH[R LQGLVROXEOH FRQ HO KHFKR VRPHWLGR D LPSRVLFLyQHVGHFLUVLHPSUHTXHVHHVWDEOH]FDXQWULEXWRpVWHGHEHUiJXDUGDU tQWLPDUHODFLyQFRQODFDSDFLGDGHFRQyPLFDGHORVVXMHWRVREOLJDGRV 6yORDVt VHUHVSHWDUiODDSWLWXGGHOFRQWULEX\HQWHSDUDWULEXWDU RORTXHHVOR PLVPRVyORDVtHOWULEXWRQR H[FHGHUiORVOtPLWHVGH ODFDSDFLGDGFRQWULEXWLYD GHO VXMHWR SDVLYR FRQILJXUiQGRVH HO SUHVXSXHVWR OHJLWLPDGRU HQ PDWHULD WULEXWDULD\UHVSHWDQGRHOFULWHULRGHMXVWLFLDWULEXWDULDHQHOFXDOVHGHEHLQVSLUDU HO OHJLVODGRU SURFXUDQGR VLHPSUH HO HTXLOLEULR HQWUH HO ELHQHVWDU JHQHUDO \ HO PDUFRFRQVWLWXFLRQDODOPRPHQWRGHUHJXODUFDGDLQVWLWXFLyQWULEXWDULD )LQDOPHQWH OD MXULVSUXGHQFLD FRQVWLWXFLRQDO KD UHFRQRFLGR TXH HO SULQFLSLR GH FDSDFLGDG FRQWULEXWLYD VH DSR\D HQ HO SULQFLSLR GH LJXDOGDG GH DKt TXH VH OH %5$92 &8&&,-RUJH )XQGDPHQWRVGH'HUHFKRWULEXWDULR/LPD3DOHVWUD(GLWRUHVS *$5&Į$ /IJ3(=*8(55(52/XLV 'HUHFKRVGHORVFRQWULEX\HQWHV0p[LFR')81$0 SS 1 9 FRQVLGHUH FRPR XQ SULQFLSLR LPSOtFLWR GH OD &RQVWLWXFLyQ DUWtFXOR FRQVWLWX\HQGRHOUHSDUWRHTXLWDWLYRGHORVWULEXWRV +8 %10%.75+ĵ0 8QR GH ORV ILQHV HVHQFLDOHV GHO PRGHOR GH (VWDGR VRFLDO \ GHPRFUiWLFR GH 'HUHFKR TXH OD &RQVWLWXFLyQ GH KD DGRSWDGR HV SURSRUFLRQDU D ODV SHUVRQDV ODV FRQGLFLRQHV PDWHULDOHV PtQLPDV SURSLDV GHO UHFRQRFLPLHQWR GHO GHUHFKRDODYLGDSHURFRQGLJQLGDG 6LQHPEDUJRHOFXPSOLPLHQWRGH WDOILQVHUtDPDWHULDOPHQWHLPSRVLEOHSDUDHO (VWDGRVLHVTXHQRVHH[LJLHUDHOFRQFXUVRDWUDYpVGHOSDJRGHORVWULEXWRV GHWRGDVODVSHUVRQDVDOVRVWHQLPLHQWRGHOJDVWRS~EOLFR 'HDKtTXHVHGHEHSDUWLUGHUHFRQRFHUODQHFHVLGDGGHTXHHO(VWDGRHMHU]DVX SRWHVWDG WULEXWDULD D WUDYpV GH LXV LPSHULXP (Q HIHFWR HO HMHUFLFLR GH GLFKD SRWHVWDGSDUDTXHVHDFRQVWLWXFLRQDOPHQWHOHJtWLPDKDGHHMHUFHUVHGHQWURGHO PDUFR FRQVWLWXFLRQDO HVWDEOHFLGR \ UHVSHWDQGR ORV SULQFLSLRV FRQVWLWXFLRQDOHV SUHYLVWRVHQOD&RQVWLWXFLyQ $TXtORVSULQFLSLRVFRQVWLWXFLRQDOHVSUHYLVWRVWDQWRH[SUHVDPHQWHDVtFRPRGH IRUPD LPSOtFLWD LQIRUPDQ HO HMHUFLFLR GH OD SRWHVWDG WULEXWDULD GHO (VWDGR 6RQ SULQFLSLRV SXHV TXH QR VH H[FOX\HQ HQWUH Vt VLQR TXH DFW~DQ GH IRUPD LQWHUUHODFLRQDGD SXHV XQRV UHHQYtDQ D RWURV (OOR VH H[SOLFD SRUTXH WRGRV ORV SULQFLSLRVTXHOD&RQVWLWXFLyQKDFRQVLGHUDGRFRQGXFHQėRGHEHQFRQGXFLUėDO HMHUFLFLRUDFLRQDO\SURSRUFLRQDOGHODSRWHVWDGWULEXWDULDGHO(VWDGR 6HQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO([S1$,7&)- 2 0 3RURWURODGRGHEHPRVVHxDODUTXHDVtFRPRHVQHFHVDULRTXHHOHMHUFLFLRGH OD SRWHVWDG WULEXWDULD GHO (VWDGR GHEH HVWDU FRQILJXUDGR SRU GHWHUPLQDGRV SULQFLSLRVFRQVWLWXFLRQDOHVDVtWDPELpQHVLQHOXGLEOHTXHHO(VWDGRDOPRPHQWR GH UHDOL]DU HO JDVWR S~EOLFR DFW~H FRQ OD GHELGD REVHUYDQFLD GHO SULQFLSLR GH DVLJQDFLyQHTXLWDWLYDGHORVUHFXUVRVS~EOLFRV )LQDOPHQWH GHEHPRV UHVDOWDU OD ODERU TXH YLHQH GHVHPSHxDQGR HO 7ULEXQDO &RQVWLWXFLRQDOSDUDGHOLPLWDUGHVGHODSHUVSHFWLYDFRQVWLWXFLRQDOHOVLJQLILFDGR \ HO FRQWHQLGR GH FDGD XQR GH ORV SULQFLSLRV DTXt HVWXGLDGRV SHUR QR SDUD UHFRUWDUėFRPRORKDVHxDODGRHOSURSLR7ULEXQDOėODVIDFXOWDGHVGHORVyUJDQRV TXH HMHUFHQ OD SRWHVWDG WULEXWDULD VLQR SDUD TXH pVWRV VH VLUYDQ GHO PDUFR YLQFXODQWHGHODMXULVSUXGHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO /LPDDEULOGH 2 1