1 'HFUHWR %2 /$3/$7$GHMXOLRGH 3RUHOOR (/*2%(51$'25'(/$3529,1&,$'(%8(126$,5(6 '(&5(7$ $57,&8/2 'HWHUPLQDU TXH D SDUWLU GHO GtD GH DJRVWR GH QLQJXQD GHSHQGHQFLD QL IXQFLRQDULR SROLFLDO LQLFLDUi DFWXDFLRQHV FXDQGR VH GHQXQFLHQ DOJXQRGHORVVLJXLHQWHVKHFKRV ([WUDYtRGHELHQHVPXHEOHVRVHPRYLHQWHV 4XHMDVSRUPROHVWLDV &ROLVLyQGHYHKtFXORVVLQYHULILFDFLyQGHOHVLRQDGRV $FFLGHQWHVLQYHULILFDFLyQGHOHVLRQDGRV ([WUDYtRGH'RFXPHQWRVGH,GHQWLGDGQDFLRQDOHVRSURYLQFLDOHV\FXDOTXLHURWUR LQVWUXPHQWRS~EOLFRRSULYDGR &HUWLILFDGRGHVXSHUYLYHQFLDSDUDWUiPLWHVDQWH2UJDQLVPRV3UHYLVLRQDOHV &RQVWDQFLDVGH'RPLFLOLR\ &HUWLILFDFLyQGHILUPDV\FRSLDV $57Ì&8/2(O0LQLVWHULRGH*RELHUQRDWUDYpVGHOD'LUHFFLyQ3URYLQFLDOGHO 5HJLVWURGHODV3HUVRQDVH[SHGLUi &HUWLILFDGRVGHVXSHUYLYHQFLDSDUDWUiPLWHVDQWH2UJDQLVPRV3UHYLVLRQDOHV &RQVWDQFLDVGHGRPLFLOLREDMRUpJLPHQGHGHFODUDFLyQMXUDGD\ 1RWLFLDGHH[WUDYtRGHGRFXPHQWRVGHLGHQWLGDGELHQHVPXHEOHV\VHPRYLHQWHV 2 (O0LQLVWHULRGH6HJXULGDGDWUDYpVGHODViUHDVFRPSHWHQWHVSUHVWDUDODDVLVWHQFLD QHFHVDULD D OD 'LUHFFLyQ 3URYLQFLDO GHO 5HJLVWUR GH ODV 3HUVRQDV SDUD OD LPSOHPHQWDFLyQGHOSUHVHQWH $57,&8/2)DFXOWDUDO0LQLVWUR6HFUHWDULRHQHO'HSDUWDPHQWRGH*RELHUQRD HVWDEOHFHUODVVXPDVDSHUFLELUSRUORVVHUYLFLRVDSUHVWDUHQXPHUDGRVHQHODUWtFXOR SUHFHGHQWH TXH VHUiQ GHSRVLWDGDV HQ OD &XHQWD GH 7HUFHURV GH HVH 0LQLVWHULR GHQRPLQDGD 'RFXPHQWR 1DFLRQDO GH ,GHQWLGDG \ D GLFWDU ODV QRUPDV QHFHVDULDV SDUD OD LPSOHPHQWDFLyQ GHO SUHVHQWH \ HQ SDUWLFXODU OD HPLVLyQ GH IRUPXODULRV \ EROHWDVGHSDJRFRUUHVSRQGLHQWHV $57,&8/2 (QFRPHQGDU DO 0LQLVWUR 6HFUHWDULR HQ HO 'HSDUWDPHQWR GH *RELHUQRTXHHQXVRGHODVIDFXOWDGHVTXHOHFRQILHUHHODUWtFXORGHOD/H\1 DUELWUH ORV PHGLRV QHFHVDULRV SDUD TXH ORV PXQLFLSLRV DGHFXHQ VX QRUPDWLYDFXDQGRIXHUDQHFHVDULRSDUDODUHFHSFLyQGHH[SRVLFLyQFLYLOGHTXHMDV SRUPROHVWLDVYHFLQDOHVDVtFRPRDFFLGHQWHVVLQYHULILFDFLyQGHOHVLRQDGRV $57,&8/2 'HWHUPLQDU TXH HO DFWD GH FKRTXH SUHYLVWD HQ HO DUWtFXOR DSDUWDGR GH OD /H\ 72 SRU 'HFUHWR 1 \ VXV PRGLILFDWRULDV SRGUiVHUFRQIHFFLRQDGDDQWHFXDOTXLHUDVHJXUDGRUDGHORVYHKtFXORVSDUWLFLSDQWHV HQRUGHQDORVIXQGDPHQWRVH[SXHVWRVHQORVFRQVLGHUDQGRVGHOSUHVHQWHDFWR $57,&8/23yQJDVHHQFRQRFLPLHQWRGHOD+RQRUDEOH/HJLVODWXUDHOSUHVHQWH GHFUHWR $57,&8/2 (O SUHVHQWH GHFUHWR VHUi UHIUHQGDGR SRU ORV 0LQLVWURV 6HFUHWDULRV HQORV'HSDUWDPHQWRVGH6HJXULGDG\GH*RELHUQR $57,&8/25HJtVWUHVHFRPXQtTXHVHDO6HxRU3UHVLGHQWHGHOD6XSUHPD&RUWH GH -XVWLFLD GH OD 3URYLQFLD GH %XHQRV $LUHV DO 0LQLVWUR 6HFUHWDULR HQ HO 'HSDUWDPHQWRGH*RELHUQR\SRUVXLQWHUPHGLRDODV0XQLFLSDOLGDGHV\VHxRUHV -XHFHV GH )DOWDV 3XEOtTXHVH GpVH DO %ROHWtQ 2ILFLDO \ DO 6,1%$ \ YXHOYD DO 0LQLVWHULRGH6HJXULGDG&XPSOLGRDUFKtYHVH