7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD 7HPD,QWHUQHW ,QWURGXFFLyQ4XHHV,QWHUQHW" ,QWHUQHW HV XQD UHG GH UHGHVFRPSXHVWDSRUPLOHVGH/$1 V 0$1 V \:$1 VIRUPDGD SRUWRGR WLSRGHFRPSXWDGRUDVTXHVHFRPXQLFDQPHGLDQWHHOSURWRFROR7&3,3 ,QWHUQHWVHFRQRFHWDPELpQFRPR³ODUHGGHUHGHV´RVLPSOHPHQWH³/D5HG´ 0iV SUHFLVDPHQWH SRGHPRV GHFLU TXH ,QWHUQHW HV XQD UHG GH FRPXQLFDFLRQHV KHWHURJpQHD \ GH H[WHQVLyQPXQGLDOTXHSHUPLWHVRSRUWDUGLIHUHQWHVVHUYLFLRVRXVRV 3HURDGHPiV,QWHUQHWHV x x x x x x x x 8QVLVWHPDGHFRPXQLFDFLyQSDUDPLOORQHVGHSHUVRQDVGHWRGRHOPXQGR 8QDIXHQWHGHLQIRUPDFLyQ\GHUHFXUVRVGHWRGRWLSR &DXFHGHFRODERUDFLyQHQWUHJUXSRVGHLQYHVWLJDFLyQ &HQWURGHDYDQFH\GHVDUUROORGHODWHFQRORJtDPXQGLDO (VXQIRURJHQHUDOGHGLVFXVLyQVREUHSUiFWLFDPHQWHFXDOTXLHUWHPD $FFHVRDPLOODUHVGHELEOLRWHFDVPXVHRVEDVHVGHGDWRVHWF 8QHVFDSDUDWHYLUWXDO &DPSRSDUDQXHYRVQHJRFLRV $OFRQHFWDUVHPLOORQHVGHFRPSXWDGRUDVGHWRGRHOPXQGRODVYHQWDMDVVRQLQQXPHUDEOHVVREUHWRGRHQOR TXHKDFHDODSRVLELOLGDGGH FRPSDUWLUUHFXUVRV3HURWDPELpQHVWDKHWHURJHQHLGDGWUDHDSDUHMDGDJUDQGHV GLILFXOWDGHV WpFQLFDV GHELGR D TXH ODV FRPSXWDGRUDV FRQHFWDGDV VRQ GH GLIHUHQWHV WLSRV FRQ GLVWLQWRV VLVWHPDVRSHUDWLYRV\DGHPiVODVUHGHVLQWHUFRQHFWDGDVWDPELpQSXHGHQVHU GLIHUHQWHV 3RUWRGDVHVWDVUD]RQHVH[LVWHQGLIHUHQWHVWHFQRORJtDVHVWiQGDUHV\GHILQLFLRQHVTXHUHTXLHUHQHOHVWXGLR GHORVFRQFHSWRVPiVEiVLFRV &RQFHSWRVEiVLFRV $UTXLWHFWXUD&OLHQWH6HUYLGRU /RVVHUYLFLRVTXHVHXWLOL]DQHQ,QWHUQHWVHEDVDQHQODDUTXLWHFWXUD&OLHQWH6HUYLGRU(VGHFLUTXHH[LVWHQ GRVFRPSXWDGRUDVFRQIXQFLRQHVGLIHUHQWHV &OLHQWH/DFRPSXWDGRUDTXHVROLFLWDXQVHUYLFLRSHWLFLyQ3RUHMHPSORHQYLDUXQPHQVDMHGHFRUUHR HOHFWUyQLFRREXVFDULQIRUPDFLyQHQXQDSiJLQDZHE 6HUYLGRU /D FRPSXWDGRUD TXH SURSRUFLRQD HO VHUYLFLR 3URFHVD OD SHWLFLyQ GHO FOLHQWH \ JHQHUD OD UHVSXHVWDDGHFXDGD3RUHMHPSORUHFLEH\HQYtDDGHFXDGDPHQWHORVFRUUHRVHOHFWUyQLFRVySURFHVDODV SHWLFLRQHVGHFRQVXOWDDXQDFXHQWDEDQFDULD ,QWUDQHW (V XQD UHG GH FRPSXWDGRUDV TXH XWLOL]D ODV PLVPDV WHFQRORJtDV \ VHUYLFLRV TXH ,QWHUQHW GLVSRQLEOH VRODPHQWH HQWUH ORV PLHPEURV GH XQD FRPSDxtD X RUJDQL]DFLyQ /DV ,QWUDQHWV XWLOL]DQ HO SURWRFROR 7&3,3 WHFQRORJtD GH ,QWHUQHW SHUPLWLHQGR D ODVHPSUHVDVLQWHUFDPELDULQIRUPDFLyQSULYDGDGHIRUPD FRQILGHQFLDO8QD,QWUDQHWSXHGHFRQHFWDUVHWDPELpQD,QWHUQHWHVSHFLILFDQGRODGLUHFFLyQDGHFXDGDSDUD DFFHGHUDODLQIRUPDFLyQGHFXDOTXLHUUHG3RUWDQWRVHSXHGHQDSOLFDUDODV,QWUDQHWVWRGRVORVFRQFHSWRV FXDQGR VHKDEOHJHQpULFDPHQWHGH,QWHUQHW/DV,QWUDQHWVVXHOHQVHUPXOWLSODWDIRUPD\VXVRIWZDUHUHVXOWD PiVEDUDWRHQFRPSDUDFLyQFRQODVUHGHVWUDGLFLRQDOHV /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811( 7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD 3URWRFROR7&3,3 8QSURWRFROR HVHOFRQMXQWRGHUHJODV\HVSHFLILFDFLRQHVWpFQLFDVTXHSHUPLWHQODFRPXQLFDFLyQHQWUHGRV QRGRVGHPDQHUDFRQILDEOH (OSURWRFROREiVLFRXWLOL]DGRHQ,QWHUQHWHVHOIRUPDGRSRU 7&3 7UDQVPLVVLRQ&RQWURO3URWRFROH,3 ,QWHUQHW3URWRFRO3XHGHQXWLOL]DUVHRWURVSURWRFRORVHQ,QWHUQHWSHURGHEHQEDVDUVHHQHVWRV (VWHSURWRFRORUHTXLHUHTXHFDGDFRPSXWDGRUDRQRGRGHODUHGHVWpLGHQWLILFDGRGHIRUPDXQtYRFDFRQXQ Q~PHURGHQRPLQDGRGLUHFFLyQ,3 'LUHFFLRQHV,3 (VWDVGLUHFFLRQHVODVRWRUJDQEDMRSHWLFLyQODVUHGHVGHPD\RUHQWLGDGDODVGHPHQRUSDUDSRGHUOOHYDU XQ FRQWURO VREUH ODV GLUHFFLRQHV RWRUJDGDV \ ODV OLEUHV \ QR WHQHU SUREOHPDVGHGXSOLFDFLyQ(Q~OWLPD LQVWDQFLDHORUJDQLVPRTXHVHHQFDUJDGHOFRQWUROGHGLUHFFLRQHVHVHO1,& 1HWZRUN,QIRUPDWLRQ&HQWHU 7RGR SURJUDPD R DSOLFDFLyQ HQ ,QWHUQHW QHFHVLWD FRQRFHU HO Q~PHUR ,3 GH OD FRPSXWDGRUD FRQ OD TXH TXLHUHFRPXQLFDUVH &DGDGLUHFFLyQ,3HVWiGDGDSRUXQQ~PHURELQDULRGHELWV (M (VHQ~PHURELQDULRVHGLYLGHHQRFWHWRVTXHFRQYHUWLGRVDEDVHGDQOXJDUDQ~PHURVHQWUH\ HVWRVFXDWURQ~PHURVVHSDUDGRVSRUSXQWRGDQOXJDUDODH[SUHVLyQQXPpULFDGHODGLUHFFLyQ,3 (M &DGD Q~PHUR LGHQWLILFD XQD VXEUHG ORV GH OD L]TXLHUGD VRQ UHGHV GH PD\RU WDPDxR PLHQWUDV TXH D OD GHUHFKDDSDUHFHQODVGHPHQRUHQWLGDGKDVWDOOHJDUDO~OWLPRQ~PHURTXHHVSHFLILFDHOGHODFRPSXWDGRUD SDUWLFXODU 'LUHFFLyQ,QWHUQHW 1HWZRUN +RVW 6LVWHPDGHQRPEUHVGHGRPLQLR'16 (Q,QWHUQHWGRPLQLR HVHOiPELWRGHQWURGHXQDUHGHQHOTXHHVWiXELFDGRXQFRQMXQWRGHFRPSXWDGRUDV FDGDXQRFRQVXGLUHFFLyQ,3 (O VLVWHPD '16 SHUPLWH GHILQLU QRPEUHV GH IRUPD MHUiUTXLFD PHGLDQWH FDWHJRUtDV R VXEGRPLQLRV VHSDUDGRVSRUSXQWRV (O'16VXUJHSDUDIDFLOLWDUODPHPRUL]DFLyQGHODVGLUHFFLRQHV,3(VXQDWUDGXFFLyQGHXQDGLUHFFLyQ,3 QXPpULFDHQXQDGLUHFFLyQDOIDEpWLFD PiVIiFLOGHUHFRUGDU /RVQRPEUHVHVWiQIRUPDGRVSRUFRQMXQWRVGHSDODEUDVVHSDUDGDVSRUSXQWRV&DGDSDODEUDUHSUHVHQWDXQ VXEGRPLQLR TXHHVWiLQFOXLGRDVXYH]HQXQGRPLQLRPD\RU6HWUDWDGHXQDHVWUXFWXUDMHUiUTXLFDHQODV TXHORVGRPLQLRVVHYDQHVFULELHQGRHQRUGHQGHLPSRUWDQFLD (OVXEGRPLQLRGHPiVDOWRQLYHOHVHOTXHVHHQFXHQWUDDOH[WUHPRGHUHFKRGHODGLUHFFLyQ\VHOHFRQRFH FRPR GRPLQLR UDt] (O GRPLQLR UDt] LQGLFD HO WLSR GH RUJDQL]DFLyQ R SDtV D OD TXH GLFKD GLUHFFLyQ SHUWHQHFH 3DUD HO EXHQ IXQFLRQDPLHQWR GH ODV FRPXQLFDFLRQHV HQ OD UHG H[LVWHQ FRPSXWDGRUDV VHUYLGRUHV GH QRPEUHV TXH VH HQFDUJDQ GH WUDGXFLU´ OD QRPHQFODWXUD KXPDQD DOIDEpWLFD D OD LQIRUPiWLFD QXPpULFD (O '16 HV XQD EDVH GH GDWRV GLVWULEXLGD GH IRUPD MHUiUTXLFD SRU WRGD OD UHG HQ HVRV VHUYLGRUHV GH QRPEUHV /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811( 7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD (VWDMHUDUTXtDSHUPLWHGLVWULEXLUODUHVSRQVDELOLGDGGHJDUDQWL]DUTXHQRH[LVWHQQRPEUHVUHSHWLGRVGHQWUR GHOPLVPRQLYHORGRPLQLR\DTXHHODGPLQLVWUDGRUGHFDGDQLYHOHVUHVSRQVDEOHGHOUHJLVWURGHQRPEUHV GHQWURGHVXQLYHO\JDUDQWL]DTXHpVWRVVHDQ~QLFRV /DVDXWRULGDGHVGHFDGDGRPLQLRUDt]HQFDUJDGDVGHDVLJQDUGLUHFFLRQHV\QRPEUHVGHGRPLQLRVRQORV 1,& V 1HWZRUN,QIRUPDWLRQ&HQWHUV (MHPSOR H[DXQQHHGXDU ³H[D´ HVXQVHUYLGRUTXHSHUWHQHFHDOD/$1GHOD)DFXOWDGGH&LHQFLDV([DFWDVTXHDVXYH]VHLQFOX\H HQODUHGGHOD811(\pVWDDWRGDVODVXQLYHUVLGDGHVGHOSDtV XQQHHVHOQRPEUHGHOGRPLQLRSULQFLSDO HGXLGHQWLILFDDODVLQVWLWXFLRQHVHGXFDWLYDV DUQRPEUHGHOGRPLQLRVXSHULRURUDt] $OJXQRVGHORVFyGLJRVHQORVTXHVHDJUXSDQORVQRPEUHVGHGRPLQLRHQ,QWHUQHW 'RPLQLRGH2UJDQL]DFLRQHV 'RPLQLR 3URSyVLWR 2UJDQL]DFLRQHV FRPHUFLDOHV FRP ,QVWLWXFLRQHVHGXFDWLYDV HGX ,QVWLWXFLRQHVJXEHUQDPHQWDOHV JRY ,QVWLWXFLRQHVLQWHUQDFLRQDOHV ,QW ,QVWLWXFLRQHVTXHUHJXODQ\GDQVHUYLFLRDODUHG QHW ,QVWLWXFLRQHVQROXFUDWLYDV RUJ (MHPSOR FRFDFRODFRP XQQHHGX ZKLWHKRXVHJRY ODKD\DLQW LQWHUQLFQHW LVRFRUJ 'RPLQLRGHSDtVHV &DGDSDtVVHUHSUHVHQWDSRUGRVFDUDFWHUHVGHDFXHUGRFRQHOFyGLJRLQWHUQDFLRQDOGHORVSDtVHVVHJ~QORV HVWiQGDUHVGHOD,62 ,QWHUQDWLRQDO6WDQGDUW2IILFH DU $UJHQWLQD HV (VSDxD FO &KLOH 2UJDQLVPRVTXHVH HQFDUJDQGHODFRRUGLQDFLyQGHODUHG D1,&1HWZRUN,QIRUPDWLRQ&HQWHU6HHQFDUJDGHODDVLJQDFLyQGHGLUHFFLRQHV7RGDVHVWDViUHDVVH KDFHQGHXQPRGRGHVFHQWUDOL]DGRHVGHFLUSRUiUHDVJHRJUiILFDVKWWSZZZLQWHUQLFQHW E ,62& ,QWHUQHW 6RFLHW\)RUPDGD SRU PLHPEURV YROXQWDULRV VLQ iQLPR GH OXFUR \ FX\R SURSyVLWR SULQFLSDOHVSURPRYHUHOLQWHUFDPELRGHLQIRUPDFLyQJOREDODWUDYpVGHODWHFQRORJtD,QWHUQHW6HHQFDUJD GHODDGPLQLVWUDFLyQWpFQLFD\GLUHFFLyQGH,QWHUQHW KWWSZZZLVRFRUJ F,$%,QWHUQHW$UFKLWHFWXUH%RDUG7RPDODVGHFLVLRQHVDFHUFDGHORVHVWiQGDUHVGHFRPXQLFDFLyQ HQWUHODVGLIHUHQWHVSODWDIRUPDVKWWSZZZLDERUJ 3URYHHGRUGHVHUYLFLRVGH,QWHUQHW,QWHUQHW6HUYLFH3URYLGHU R,63 %iVLFDPHQWH KD\ GRV IRUPDV GH FRQHFWDUVH D ,QWHUQHW GHVGH XQD FRPSXWDGRUD FRQH[LyQ GLUHFWD \ FRQH[LyQUHPRWD &RQH[LyQGLUHFWD 7LHQHFDUiFWHUSHUPDQHQWHH[LVWHXQDFRQH[LyQFRQVWDQWHD,QWHUQHW\VXHOHVHU XWLOL]DGD SRU HPSUHVD FRQ PXFKRV XVXDULRV $O VHU SHUPDQHQWH OD FRQH[LyQ HV LQPHGLDWD \ QR UHTXLHUHGHQLQJ~QSURFHVRGHLQLFLRGHFRQH[LyQYDOLGDFLyQGHXVXDULRVHWF &RQH[LyQUHPRWD7LHQHFDUiFWHUWHPSRUDO\SRUORWDQWRFDGDYH]TXHVHGHVHDDFFHGHUD,QWHUQHWVH GHEHUHDOL]DUHOLQLFLRGHODFRQH[LyQ\YDOLGDFLyQGHOXVXDULRTXHLQWHQWDDFFHGHU /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811( 7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD 3DUD TXH XQ XVXDULR SXHGD DFFHGHU UHPRWDPHQWH GHEH XWLOL]DU ORV VHUYLFLRV GH XQ ,63 R 3URYHHGRU GH 6HUYLFLRVGH,QWHUQHW(VWHHVXQDHPSUHVDTXHWLHQHXQDFRQH[LyQGLUHFWDD,QWHUQHW /D FRPXQLFDFLyQ HQWUH HO FOLHQWH UHPRWR \ HO ,63 VXHOH UHDOL]DUVH D WUDYpV GH OD OtQHD WHOHIyQLFD FRQYHQFLRQDO 57% y 5HG GH 7HOHIRQtD %iVLFD TXH UHTXLHUH HO XVR GH PyGHPV 2WUD SRVLELOLGDG HV XWLOL]DUOtQHDVGHDOWDYHORFLGDGFRPROD5'6,5HG'LJLWDOGH6HUYLFLRV,QWHJUDGRV 3DUDRSHUDUFRQXQ,63HOXVXDULRGHEHVROLFLWDUXQDFXHQWDHVWDFXHQWDWLHQHXQQRPEUH\XQDSDODEUD FODYHSDVVZRUGSDUDVXDXWHQWLFDFLyQ &DGD,63HVWiFRPXQLFDGRVLPXOWiQHDPHQWHFRQ,QWHUQHW\FRQRWURV,63DWUDYpVGHHQODFHVWHOHIyQLFRVR FDQDOHVGHVDWpOLWHV7RGRVORV,63GHOPXQGRHVWiQFRPXQLFDGRVFRQODPLVPDUHG\HOWUiILFRGHFDGD ,63VHGLYLGH\SHUVRQDOL]DDWUDYpVGHURXWHUV GLVSHUVRVSRU HOPXQGRHQWHUR /RVURXWHUV WLHQHQODIXQFLyQGHLQWHUFRPXQLFDUUHGHVGHXQDPLVPDWRSRORJtDRGHWRSRORJtDVGLVWLQWDV FRPR(WKHUWQHWFRQ$70)'',;HWF &XDQGRXQURXWHU UHFLEHXQSDTXHWHORGHVPRQWDSDUDREWHQHUXQPHQVDMHGHOSDTXHWH\HVWHPHQVDMHVH UHHQVDPEODKDVWDTXHVHFRQYLHUWHQXHYDPHQWHHQXQSDTXHWH\VHORHQYtDDODSUy[LPDUHG(QUHVXPHQ ORV URXWHUV VH XWLOL]DQ HQ WRGD OD UHG ,QWHUQHW SDUD LQWHUFRPXQLFDU ORV FLUFXLWRV GH FRPXQLFDFLyQ \ DO PLVPRWLHPSRGLYLGLUHOWUiILFRHQWUHODVUHGHV3RUORWDQWRORVSURYHHGRUHV,63SRVHHQWDPELpQURXWHU SDUDLQWHUFRPXQLFDUORVPyGHPVTXHUHFLEHQODVFRPXQLFDFLRQHVGHVXVFOLHQWHVFRQHOFDQDOGH,QWHUQHW (OSURYHHGRUSXHGHFRQWHQHUFRPSRQHQWHVSDUDDFHOHUDUHODFFHVR\SHUVRQDOL]DUODXWLOL]DFLyQGHOFDQDO GH,QWHUQHW3UR[\RSDUDEORTXHDUHODFFHVRGHXVXDULRVLQGHVHDEOHV 7LSRGHFRQH[LyQ /RVWLSRVGHFRQH[LyQGLVSRQLEOHVVRQODWUDGLFLRQDOFRQH[LyQWHOHIyQLFD FRQRFLGDFRPR'LDOXSTXH SHUPLWHYHORFLGDGHVOLPLWDGDVDODVGHOPyGHPVDFWXDOPHQWH.ESV$OJXQRVSURYHHGRUHVTXHRIUHFHQ RWUDV RSFLRQHV GH FRQH[LyQ PiV YHORFHV FRPR OD FRQH[LyQ GH EDQGD DQFKD PHGLDQWH ORV VLJXLHQWHV VHUYLFLRV$'6/FDEOHPyGHPH,QWHUQHWVLQFDEOHV D $'6/ HVWD WHFQRORJtDWUDQVIRUPDODOtQHDGH FREUHXWLOL]DGDSDUDODWHOHIRQtDEiVLFDHQXQDOtQHD GLJLWDOGHDFFHVRD,QWHUQHWDDOWDYHORFLGDGLQGHSHQGLHQWHGHOWHOpIRQR&RQVLVWHHQLQWURGXFLUFDQDOHV HQODOtQHDWHOHIyQLFDXQRSDUDODYR]RWURGHYHORFLGDGPHGLD.ESV\ELGLUHFFLRQDO\RWURGHDOWD YHORFLGDG .ESV R NESV TXH VyOR IXQFLRQD HQ GLUHFFLyQ DO XVXDULR (VWR SHUPLWH KDEODU SRU WHOpIRQRSRUHOSULPHUFDQDO\QDYHJDUSRUOD:HEDWUDYpVGHORVRWURVGRV E &DEOH PyGHP 3URYLVWRV SRU HPSUHVDV GH WHOHYLVLyQ SRU FDEOH 8WLOL]D SDUD OD WUDQVPLVLyQ FDEOH FRD[LDO R ILEUD ySWLFD ([LVWH XQD YDULHGDG PiV OHQWD \ HFRQyPLFD TXH FRPELQD HO XVR GHO FDEOH WHOHIyQLFR\HOGHFDEOHFRD[LOSDUDEDMDUODLQIRUPDFLyQ F ,QWHUQHW LQDOiPEULFR /D FRQH[LyQ VH KDFH D WUDYpV GH XQD SHTXHxD DQWHQD TXH VH FRORFD HQ HO EDOFyQ R WHUUD]D 6H QHFHVLWD SODFD GH UHG /D LQIRUPDFLyQ VH WUDQVPLWH SRU HO DLUH D WUDYpV GH UDGLRIUHFXHQFLDKDVWDOOHJDUDODVWRUUHVGHWUDQVPLVLyQ\UHFHSFLyQGHOSURYHHGRU 'LUHFFLRQHV85/ 85/ HVHODFUyQLPRGH8QLYHUVDO5HVRXUFH/RFDWRUVHVGHFLUORFDOL]DGRUGHUHFXUVRVXQLYHUVDO(VXQD QRWDFLyQ HVWiQGDU SDUD GLUHFFLRQDO FXDOTXLHU UHFXUVR HVWp GRQGH HVWp /D VLQWD[LV TXH VH HPSOHD HV OD VLJXLHQWH PpWRGRBDFFHVR!ORFDOL]DFLyQBUHFXUVR! 0pWRGRGHDFFHVR3XHGHVHUODGHXQSURWRFRORGHWHUPLQDGRKWWSIWSHWFyGHXQVHUYLFLRGHWHUPLQDGR PDLOWRQHZVHWF /RFDOL]DFLyQGHOUHFXUVR(VWDGHSHQGHGHOPpWRGRGHDFFHVR /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811( 7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD D 6L HO PpWRGR GH DFFHVR HV XQ SURWRFROR GH FRPXQLFDFLRQHV KWWS R IWS OD ORFDOL]DFLyQ H[DFWD GHO UHFXUVRYHQGUiGDGDSRUODGLUHFFLyQ,3RHOQRPEUHGHGRPLQLRGHODPiTXLQDTXHFRQWLHQHDOUHFXUVR \ODUXWDFRPSOHWDGHODPiTXLQDKDVWDOOHJDUDOUHFXUVR3RUHMHPSOR KWWSZHEQRYHGDGHVQRYHGDGHVSKS KWWWSZZZXQQHHGXDUZHEQRYHGDGHVQRYHGDGHVSKS E 6L HO PpWRGR GH DFFHVR LQGLFD XQD GLUHFFLyQ GH FRUUHR OD ORFDOL]DFLyQ H[DFWDV FRUUHVSRQGHUtD D OD GLUHFFLyQGHFRUUHRHOHFWUyQLFR3RUHMHPSOR PDOLWRLQWURGXFFLyQ#H[DXQQHHGXDU 3ULQFLSDOHVVHUYLFLRVGH,QWHUQHW &RPR VH GLMR ,QWHUQHW HV XQD JUDQ UHG GH FRPXQLFDFLRQHV TXH SHUPLWH OOHJDU D FXDOTXLHU ULQFyQ GHO PXQGRSHURORYHUGDGHUDPHQWHLQWHUHVDQWHGHHVWDUHGHVWiHQHOXVRRVHUYLFLRVTXHRIUHFH &DGDVHUYLFLRGH,QWHUQHWHPSOHDXQFRQMXQWRGHWHFQRORJtDVSURJUDPDV\XWLOLGDGHV TXHHVWiQRULHQWDGDV D UHDOL]DU XQD VROD WDUHD WUDQVPLVLyQ GH PHQVDMHV OHFWXUD GH SiJLQDV UHPRWDV UHDOL]DFLyQ GH YLGHRFRQIHUHQFLDVHWF/RVVHUYLFLRVGH,QWHUQHWPiVXWLOL]DGRVVRQ &RUUHRHOHFWUyQLFRHPDLO 7UDQVIHUHQFLDGHILFKHURV)73 *UXSRVGHQRWLFLDV1HZV :RUG:LGH:HE::: &RQYHUVDFLyQP~OWLSOHHQWUHXVXDULRV,5&\ &KDW &RUUHRHOHFWUyQLFRHPDLO (VXQRGHORVVHUYLFLRVPiVXWLOL]DGRVSXHVWRTXHHVVHQFLOORGHPDQHMDU\PX\UiSLGR3HUPLWHHQYLDU PHQVDMHV D \ GHVGH FXDOTXLHU FRPSXWDGRUD FRQHFWDGD D ,QWHUQHW /RV PHQVDMHV SXHGHQ VHU HQYLDGRV \ UHFLELGRVVLQTXHHOGHVWLQDWDULRHVWpQHFHVDULDPHQWHFRQHFWDGRD,QWHUQHWHQHVHPRPHQWRFRPXQLFDFLyQ RIIOLQH 3DUDHQYLDUXQPHQVDMHGHFRUUHRHOHFWUyQLFRHVQHFHVDULRTXHH[LVWDQORVVLJXLHQWHVHOHPHQWRV (O GHVWLQDWDULR \ HO UHPLWHQWH GHEHQ WHQHU GHILQLGDV FXHQWDV GH FRUUHR HQ DOJ~Q VHUYLGRU GH FRUUHR HOHFWUyQLFR'HHVWDIRUPDFDGDXVXDULRWHQGUiXQDGLUHFFLyQGHFRUUHRYiOLGD~QLFDHQWRGR,QWHUQHW IRUPDGRSRUHOQRPEUHGHODFXHQWDHOVtPERORVHSDUDGRU#\HOQRPEUHGHOVHUYLGRUGHFRUUHR XVXDULR!#GRPLQLRBVHUYLGRUFRUUHR! (MHPSORLQWURGXFFLyQ#H[DXQQHHGXDU (O EX]yQ GHO GHVWLQDWDULR HQ HO VHUYLGRU GH FRUUHR GHEH WHQHU HVSDFLR OLEUH SDUD DOEHUJDU HO PHQVDMH 5HFRUGHPRVTXHHOEX]yQHVXQHVSDFLRGHGLVFRFRQXQDGHWHUPLQDGDFDSDFLGDG 3DUDHQYLDURUHFLELUFRUUHRVVHUHTXLHUHTXHODFRPSXWDGRUDHVWpFRQHFWDGDD,QWHUQHW\WHQHUXQSURJUDPD HVSHFLDO GHQRPLQDGR FOLHQWH GH FRUUHR HOHFWUyQLFR SRU HMHPSOR HO 2XWORRN ([SUHVV (XGRUD R HO 1HWVFDSH0HVVHQJHU'HVGHHVHSURJUDPDGHEHUiFRQILJXUDUHOSHUILOGHXVXDULRHVGHFLULQGLFDUFXiOHV HOVHUYLGRUGHFRUUHRTXHXWLOL]D\HOQRPEUHGHODFXHQWD(VWRSHUPLWHTXHHOXVXDULRSXHGDOHHUVXFRUUHR GHVGH FXDOTXLHU FRPSXWDGRUD HQ OD TXH FRQILJXUH VX SHUILO GH XVXDULR HQ XQ SURJUDPD GH JHVWLyQ GH FRUUHRHOHFWUyQLFR :RUG:LGH:HE::: (VWH VHUYLFLR WDPELpQ GHQRPLQDGR :HE SHUPLWH DFFHGHU D GRFXPHQWRV HQOD]DGRV \ GLVWULEXLGRV PXQGLDOPHQWH /D SRWHQFLD GH HVWRV GRFXPHQWRV UHVLGHHQTXHVRQ³KLSHUWH[WRV´HVGHFLUTXHSXHGHQ FRQWHQHUHQODFHVDRWURVGRFXPHQWRVDOPDFHQDGRVHQFXDOTXLHUSDUWHGHOPXQGR3RUHVWDFDUDFWHUtVWLFD VHODFRQRFHWDPELpQFRPR³WHODUDxDPXQGLDO´ /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811( 7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD (OXVRGHHVWHVHUYLFLRHVORTXHUHDOPHQWHDSRSXODUL]DGR,QWHUQHW\DTXHSHUPLWHDFFHGHUDWRGRWLSRGH LQIRUPDFLyQGLVSRQLEOHHQWRGRVORVVHUYLGRUHVGHOPXQGR /RVGRFXPHQWRVGHQRPLQDGRVSiJLQDVZHEVHDOPDFHQDQHQVHUYLGRUHVZHE\SXHGHQVHUORFDOL]DGRV PHGLDQWHVXGLUHFFLyQ85/ 8QD SiJLQD :HE R GRFXPHQWR +70/ +\SHUWH[W 0DUNXS /DQJXDJH R /HQJXDMH GH 0DUFDV GH +LSHUWH[WR HVXQILFKHURGHWH[WRQRIRUPDWHDGRILFKHUR$6&,,TXHKDFHXVRGHFyGLJRVHVSHFLDOHV OODPDGDV³HWLTXHWDV´(VWDVHWLTXHWDVLQVHUWDVHQHOWH[WRGHWHUPLQDQODIRUPDHQTXHVHYLVXDOL]DUDQORV GDWRVHQXQQDYHJDGRU 8QD SiJLQD:HE SXHGHLQFOXLUWUHVWLSRVGHLQIRUPDFLyQWH[WRJUiILFRVHKLSHUWH[WR 8QKLSHUWH[WR HV WH[WRUHVDOWDGRTXHHOXVXDULRSXHGHDFWLYDUSDUDFDUJDURWUDSiJLQD:HE /DGLIHUHQFLDHQWUHXQGRFXPHQWRKLSHUWH[WR\XQGRFXPHQWRQRUPDOFRQVLVWHHQTXHHOSULPHURFRQWLHQH DGHPiV GH OD LQIRUPDFLyQ XQD VHULH GH HQODFHV R FRQH[LRQHV FRQ RWURV GRFXPHQWRV UHODFLRQDGRV GH PDQHUDTXHHOOHFWRUSXHGHSDVDUGHXQWHPDDRWUR\YROYHUDOGRFXPHQWRRULJLQDOHQHOPRPHQWRHQTXH OHLQWHUHVH /RVHQODFHV HVWiQIRUPDGRVSRUXQHOHPHQWRGHHQODFH TXHHVGHVWDFDGRGHOUHVWRSRUHMHPSORHQOD :HEXQWH[WRVXEUD\DGR\FRQXQFRORUHVSHFLDO\XQGHVWLQRTXHSXHGHVHURWURKLSHUWH[WRXRWURQRGR QRKLSHUWH[WXDO/DDFWLYDFLyQGHOHOHPHQWRGHHQODFHSRUHMHPSORSXOVDQGRHOERWyQGHOUDWyQVREUHpO SURYRFDODYLVXDOL]DFLyQGHODLQIRUPDFLyQGHOGHVWLQR(VWHSURFHVRVHFRQRFHFRPRQDYHJDFLyQ SRUOD LQIRUPDFLyQ /RV KLSHUWH[WRV FRQVWLWX\HQ XQD YHUGDGHUD UHYROXFLyQ HQ OD FRQFHSFLyQ GHO DOPDFHQDPLHQWR \ SUHVHQWDFLyQGHODLQIRUPDFLyQ\DTXHIDFLOLWDQ x $OPDFHQDPLHQWRGHXQJUDQYROXPHQGHLQIRUPDFLyQ x )DFLOLGDGGHDFFHVR\FRQVXOWD x 3UHVHQWDFLyQGHXQDIRUPDDJUDGDEOHLQFOXVRGLYHUWLGD x (VWUXFWXUDFLyQQROLQHDOGHODLQIRUPDFLyQ x $GTXLVLFLyQGHFRQRFLPLHQWRVGHPDQHUDPiVSDUWLFLSDWLYD x ,QWHUDFFLyQHQWUHODLQIRUPDFLyQ\TXLpQODFRQVXOWD &UHDUSiJLQDVHQOD:HELPSOLFD 'LVHxDUODSiJLQDPHGLDQWHHOOHQJXDMH+70/ &RORFDUGLFKDSiJLQDHQXQVHUYLGRUSDUDTXHVHDDFFHVLEOHDOUHVWRGHXVXDULRVGHODUHG +DFHUS~EOLFDODSiJLQD x x x 3ULQFLSDOHVYHQWDMDVGHOVHUYLFLR:HE 3HUPLWHFRPELQDUWH[WR\JUiILFRVFRQPXFKDIDFLOLGDG /RVKLSHUHQODFHVSHUPLWHQFDUJDUSiJLQDVGHFXDOTXLHURWURVHUYLGRUFRQHFWDGRD,QWHUQHWGD LJXDOTXHHVWpORFDOL]DGRHQ(VSDxDRHQ$XVWUDOLD /DFUHDFLyQGHSiJLQDV:HEHVEDVWDQWHVHQFLOODPHGLDQWHHOOHQJXDMH+70/ /RV XVXDULRV TXH TXLHUDQ DFFHGHU D ODV SiJLQDV ZHE WLHQHQ TXH WHQHU XQD FRPSXWDGRUD FRQHFWDGD D ,QWHUQHW \ XQ SURJUDPD HVSHFLDO GHQRPLQDGR FOLHQWH ZHE GHQRPLQDGR WDPELpQ H[SORUDGRU ZHE R QDYHJDGRU ZHE(VWRVSURJUDPDVVRQFDSDFHVGHWUDGXFLUODVHOFyGLJRGHOOHQJXDMH+70/+\SHU7H[W 0DUNXS/HQJXDMHR/HQJXDMHGH0DUFDFLyQGH+LSHWH[WRTXHHVHOTXHFRQWLHQHQODVSiJLQDVZHE /DWUDQVIHUHQFLDGHSiJLQDVZHEHQWUHHOVHUYLGRU\HOFOLHQWHVHUHDOL]DVLJXLHQGRODVQRUPDVGHOSURWRFROR KWWS +\SHU7H[W7UDQVIHU3URWRFRO R3URWRFRORGH7UDQVIHUHQFLDGH+LSHWH[WR /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811( 7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD 1DYHJDGRUHV 3DUD FRPXQLFDUVH FRQ XQ VHUYLGRU ORV XVXDULRV ILQDOHV HMHFXWDQ SURJUDPDVFOLHQWHV %URZVHUV R QDYHJDGRUHVGHQRPLQDGRVDVtSRUTXHVROLFLWDQHOVHUYLFLRDOVHUYLGRU (QHOFDVRGH,QWHUQHWHOQDYHJDGRUHVWDQVyORXQDLQWHUIDVHTXHIDFLOLWDODYLVXDOL]DFLyQ GHORVVHUYLFLRV TXH SXHGH SRQHU D GLVSRVLFLyQ HO VHUYLGRU DO TXH VH HVWi DFFHGLHQGR /RV QDYHJDGRUHV DFFHGHQ D ODV SiJLQDVZHETXHSRQHQDGLVSRVLFLyQVHUYLFLRVWDOHVFRPRFRUUHRHOHFWUyQLFRE~VTXHGDGHGRFXPHQWRV\ DFFHVRDDUFKLYRV ,QWHUQHW HV XQD WHFQRORJtD DELHUWD \ D VX YH] HVWDQGDUL]DGD SRU OR WDQWR WRGRV ORV VHUYLFLRV TXH VH HQFXHQWUDQ GLVSRQLEOHV HQ OD UHG VRQ FRPSDWLEOHV FRQ ORV QDYHJDGRUHV H[LVWHQWHV 6LQ HPEDUJR HQ DOJXQRV VLWLRV :HE HV QHFHVDULR XWLOL]DU 3OXJLQV TXH VH DGLFLRQDUiQ DO QDYHJDGRU SDUD IDFLOLWDU OD YLVXDOL]DFLyQGHLPiJHQHV'VRQLGRVSHOtFXODVHLQFOXVRODFRPXQLFDFLyQSRUPHGLRGHVRQLGRVFRPRVL VHWUDWDVHGHXQWHOpIRQRRXQDYLGHRFRQIHUHQFLD (MHPSORGHSURJUDPDVQDYHJDGRUHVVRQ,QWHUQHW([SORUHU1HWVFDSH2SHUDHWF %XVFDGRUHV (OFUHFLPLHQWRGH,QWHUQHWUHTXLHUHPHMRUDUORVVLVWHPDVGHE~VTXHGDGHODLQIRUPDFLyQWDQWRFXDOLWDWLYD FRPRFXDQWLWDWLYDPHQWH&RQVWDQWHPHQWHDSDUHFHQQXHYRVEXVFDGRUHVRQXHYRVVHUYLFLRVHQEXVFDGRUHV \D FRQRFLGRV TXH VRQ PX\ ~WLOHV WDQWR SDUD EXVFDU FRPR SDUD PDQLSXODU OD LQIRUPDFLyQ VHJ~Q ODV QHFHVLGDGHVGHOXVXDULR (VWDVKHUUDPLHQWDVVRQSRWHQWHVSURJUDPDVTXHUHFRUUHQODUHGUHFRSLODQGRORVWH[WRVTXHVHHQFXHQWUDQ HQ ODV SiJLQDV \ KDFLHQGR OLVWDGRV SDUD FUHDU ODV JUDQGHV EDVHV GH GDWRV VREUH ODV TXH GHVSXpV ORV LQWHUQDXWDVVHOODPDDVtDODVSHUVRQDVTXHQDYHJDQSRU,QWHUQHW UHDOL]DQODVE~VTXHGDV/DFDOLGDGGH ORVEXVFDGRUHVVHPLGHSRUHOQ~PHURGHYHFHVTXHDFWXDOL]DQODLQIRUPDFLyQUHJLVWUDGD\SRUODFDQWLGDG GHLQIRUPDFLyQ TXHJXDUGDQHQFDGDVLWLRYLVLWDGR([LVWHQGRVWLSRVEiVLFRVGHEXVFDGRUHVORV tQGLFHV WHPiWLFRV \ORVPRWRUHVGHE~VTXHGD D ËQGLFHVWHPiWLFRV 7DPELpQGHQRPLQDGRVGLUHFWRULRVFDWiORJRV REXVFDGRUHVSRUFDWHJRUtDV(VWHWLSRGHEXVFDGRUHVWUDWD GHUHFRJHUHQVXVEDVHVGHGDWRVWRGDODLQIRUPDFLyQTXHVHKDOODHQODUHG\HQDOJXQDVRFDVLRQHVIXHUDGH HOOD/XHJRGHSURFHVDUODODSUHVHQWDQDOLQWHUQDXWDHQIRUPDRUGHQDGD(QORVGLUHFWRULRVORVUHFXUVRV HVWiQ HVWUXFWXUDGRV HQ PDWHULDV \ VXEPDWHULDV OR TXH SHUPLWH YHU GH IRUPD RUGHQDGD HO YROXPHQ GH LQIRUPDFLyQTXHH[LVWHVREUHXQWHPDGHWHUPLQDGR&XDQGRHOXVXDULRGHVHHEXVFDULQIRUPDFLyQGHEHUi HQWUDUHQXQDGHWHUPLQDGDFDWHJRUtDHLUDYDQ]DQGRHQWUHHOiUEROGHVXEFDWHJRUtDVHQTXHVHGLYLGHKDVWD OOHJDU D XQD SiJLQD TXH FRQWHQJD HQODFHV GLUHFWRV D ODV SiJLQDV :HE 5HVXOWD FRQYHQLHQWH GH XWLOL]DU FXDQGRVHEXVFDQSiJLQDVGHRUJDQLVPRVRILFLDOHVHQWLGDGHVHPSUHVDVRVLWLRV:HETXHVHDQFRQRFLGRV E 0RWRUHVGHE~VTXHGD 7DPELpQ VH ORV GHQRPLQD URERWV GH E~VTXHGD (O XVXDULR LQWURGXFH XQD R PiV SDODEUDV FODYHV \ HO EXVFDGRU VH HQFDUJD GH UDVWUHDU D WUDYpV GH OD :HE \PRVWUDUDTXHOODVSiJLQDVTXHFRQWLHQHFRQFHSWRV UHTXHULGRV(VWDKHUUDPLHQWDSURSRUFLRQDLQIRUPDFLyQPiVQRYHGRVDDFWXDOL]DGD\GHWDOODGD&RQYLHQH XWLOL]DUORVPRWRUHVGHE~VTXHGDFXDQGRVHTXLHUDHQFRQWUDUXQGDWRFRQFUHWR /DGLIHUHQFLDIXQGDPHQWDOHQWUHDPERVHVTXHORVtQGLFHVPDQWLHQHQVXVEDVHVGHGDWRVPDQXDOPHQWHHV GHFLUTXHVHVLUYHQGHODLQIRUPDFLyQTXHSHULyGLFDPHQWHLQWURGXFHQHPSOHDGRVHLQWHUQDXWDVDOGDUGH DOWDSiJLQDVZHE/RVPRWRUHVGHE~VTXHGDHPSOHDQPpWRGRVDXWRPDWL]DGRVSDUDFRQVHJXLUORV /RV DFLHUWRV VRQ ORV GRFXPHQWRV TXH VH DMXVWDQ R VH DFHUFDQ GH XQD X RWUD IRUPD D ORV FULWHULRV HVWDEOHFLGRVHQODE~VTXHGD $OJXQDVKHUUDPLHQWDVPX\XWLOL]DGDVVRQ /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811( 7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD <DKRR6HWUDWDGHXQGLUHFWRULRFRPSOHWRGH,QWHUQHW8QDPSOLR\H[SHUWRHTXLSRGHGRFXPHQWDOLVWDVOR PDQWLHQH VLHPSUH DFWXDOL]DGR $XQTXH QR HV XQ PRWRU GH E~VTXHGD SHUPLWH HPSOHDU RSHUDGRUHV ERROHDQRVIUDVHVEXVFDUSRU85/RSRUWLWXORSDODEUDVLQFRPSOHWDVHWF ,QFOX\H DGHPiV XQ YLVXDOL]DGRU GH LPiJHQHV OODPDGR <DKRR 3LFWXUH *DOOHU\ TXH EDVD VX IXQFLRQDPLHQWRHQWHFQRORJtDVGH~OWLPDJHQHUDFLyQTXHSHUPLWHQEXVFDULPiJHQHVHQODVEDVHVGHGDWRV SRUSDODEUDVFODYHVVLPSOHVRIUDVHVOLWHUDOHV KWWSZZZ\DKRRFRPKWWSJDOOHU\\DKRRFRP ([FLWH(VRWURGHORVJUDQGHVtQGLFHVWHPiWLFRVTXHVHHQFXHQWUDHQODUHG$OLJXDOTXH<DKRRUHIXHU]D VXHVWUXFWXUDFRQDOJXQDVRSFLRQHVGHE~VTXHGD6LQHPEDUJRDSRUWDXQQXHYRUHFXUVR&XDQGRVHUHDOL]D XQDE~VTXHGDUHODFLRQDDXWRPiWLFDPHQWHORVWpUPLQRVTXHVHKDQLQFOXLGRFRQRWURVTXHQRUPDOPHQWHVH UHODFLRQDQ FRQ HVWRV D ORV TXH WDPELpQ LQFOX\H FRPR SDODEUDV FODYHV D EXVFDU (V GHFLU DQDOL]D HVWDGtVWLFDPHQWH ORV WHPDV FRLQFLGHQWHV HQ XQD SiJLQD ZHE (O VLVWHPD HPSOHDGR SDUD FRQVHJXLUOR HV ,QWHOOLJHQW&RQFHS([WUDFWLRQ,&(/DVFDWHJRUtDVGHOtQGLFHHQ([FLWHUHFLEHQHOQRPEUHGHFDQDOHV KWWSZZZH[FLWHFRP *RRJOH(VXQPRWRUGHE~VTXHGD\HQHVWRVPRPHQWRVHVHOPiVXWLOL]DGRGH,QWHUQHW ZZZJRRJOHFRP $OWDYLVWD (VXQEXVFDGRUGHOWLSRPRWRUGHE~VTXHGD6XHPSOHRHVPX\IiFLO\RIUHFHXQDOWRQLYHOGHDFLHUWRV $OWDYLVWDRIUHFHXQDWUDGXFFLyQDXWRPiWLFDRQOLQHGHSiJLQDVZHEHQYDULRVLGLRPDV KWWSZZZDOWDYLVWDFRP /\FRV ,PSOHPHQWD XQ VLVWHPD DXWRPiWLFR TXH OH GD OD ELHQYHQLGD DO XVXDULR HQ VX LGLRPD \ SDUD HOOR GHWHFWDOD,3GHSURFHGHQFLDGHOXVXDULR3DUDFDGDE~VTXHGDUHDOL]DGDLQFOX\HXQYDORUSRUFHQWXDOTXH LQGLFDHOQLYHOGHDFLHUWRFRQVHJXLGR KWWSZZZO\FRVFRP F 0XOWLEXVFDGRUHV (VWRV ~OWLPRV QR WLHQHQ XQD EDVH GH GDWRV SURSLD OR TXH KDFHQ HV EXVFDU OD SiJLQD HQ XQRV FXDQWRV PRWRUHV GH E~VTXHGD H tQGLFHV \ FRPELQDU ORV UHVXOWDGRV GH OD E~VTXHGD HQ HVRV EXVFDGRUHV &RPR HMHPSORV GH PXOWLEXVFDGRUHV SRGHPRV GHVWDFDU 0HWD EXVFDGRU GH GHVDUUROORZHE HQ FDVWHOODQR R 0HWDFUDZOHUHQLQJOpV G 2WUDVFODVLILFDFLRQHV $SDUWHGHODFODVLILFDFLyQDQWHULRUGHORVEXVFDGRUHVWDPELpQVHSXHGHQGLVWLQJXLUGHRWUDVIRUPDV 3RU VX iPELWR ORV KD\ LQWHUQDFLRQDOHV QDFLRQDOHV LQFOXVR GH UHJLRQHV PiV SHTXHxDV FRPR SURYLQFLDVRFLXGDGHV 3RUHOWHPD H[LVWHQEXVFDGRUHVJHQpULFRVGRQGHSRGHPRVHQFRQWUDUWRGRWLSRGHSiJLQDV\WDPELpQ ORVKD\WHPiWLFRVGRQGHVRORKD\SiJLQDVTXHWUDWDQVREUHXQDWHPiWLFDHVSHFtILFD 7UDQVIHUHQFLDGHDUFKLYRV)73 (VWHVHUYLFLRSHUPLWHH[WUDHUILFKHURVGHVHUYLGRUHVHVSHFLDOL]DGRVHVGHFLUVHUYLGRUHV)736H EDVDHQHO SURWRFRORGHOPLVPRQRPEUH)LOH7UDQVIHU3URWRFRO R3URWRFRORGH7UDQVIHUHQFLDGH)LFKHURV(VPX\ ~WLOSDUDGHVFDUJDUILFKHURVGHWRGRWLSRDSOLFDFLRQHVGHOLEUHGLVWULEXFLyQJUiILFRVYLGHRVP~VLFDHWF HQODMHUJDLQIRUPiWLFDVHUtD³EDMDUOR´GH,QWHUQHW7DPELpQHVSRVLEOHGHVFDUJDUDUFKLYRVGHVGHSiJLQDV ZHESHURHVWDWUDQVIHUHQFLDHVPHQRVVHJXUD\PiVOHQWD 3DUDUHDOL]DUODWUDQVIHUHQFLDFRUUHFWDPHQWHHVQHFHVDULRTXHWDQWRHOFOLHQWHHOTXHUHFLEHHODUFKLYR FRPRHOVHUYLGRUHOTXHSURSRUFLRQDORVDUFKLYRVWHQJDQLQVWDODGRVORVSURJUDPDVHVSHFtILFRVFOLHQWH )73\VHUYLGRU)73UHVSHFWLYDPHQWH /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811( 7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD ([LVWHQGRVWLSRVGH)73VHJ~QVHUHTXLHUDDXWRUL]DFLyQRQRSDUDLQJUHVDUHQHOVHUYLGRUUHPRWR )73 (QHVWHFDVRVHUHTXLHUHDXWRUL]DFLyQ'HEHPRVLQJUHVDUDOVHUYLGRUFRQXQQRPEUHGHXVXDULR\ VXSDODEUDFODYHFRUUHVSRQGLHQWH )73 DQyQLPR 1R VH UHTXLHUH DXWRUL]DFLyQ (Q UHDOLGDG VH XWLOL]D XQ XVXDULR HVSHFLDO OODPDGR DQRQ\PXVTXHQRWLHQHFODYH\VHFRQHFWDSRUGHIHFWR *UXSRVGH1RWLFLDV1HZV /RV JUXSRV GH QRWLFLDV WDPELpQ OODPDGRV JUXSRV GH GHEDWH GLVFXVLyQ R VLPSOHPHQWH 1HZV SHUPLWHQ DJUXSDUPHQVDMHVHQFDWHJRUtDV\WHPDVHVSHFLDOL]DGRVGHIRUPDTXHWRGDVODVSHUVRQDVTXHDFFHGHQDpO SXHGHQ OHHU R DxDGLU PHQVDMHV 6H FRPSRUWD FRPR XQ WDEOyQ GH DQXQFLRV HVSHFLDOL]DGR HQ XQ WHPD SDUWLFXODU 3DUD DFFHGHU D HVWH VHUYLFLR GHEHPRV FRQHFWDUQRV D XQ VHUYLGRU GH QHZV XWLOL]DQGR XQ SURJUDPD DGHFXDGRHVGHFLUXQFOLHQWHQHZV ([LVWHQGRVWLSRVGHJUXSRVS~EOLFRVHVGHFLUDORVTXHSRGHPRVVXVFULELUQRVOLEUHPHQWH\SULYDGRV SDUDORVTXHQHFHVLWDUHPRVXQQRPEUHGHXVXDULR\FODYH 6HVXHOHXWLOL]DUHOPLVPRSURJUDPDSDUDPDQHMDUPHQVDMHGHQHZV \PHQVDMHGHFRUUHRHOHFWUyQLFRSHUR VRQVHUYLFLRVGLVWLQWRV/DVSULQFLSDOHVGLIHUHQFLDVHQWUHDPERVVRQ 'LVWLQWRV SURWRFRORV (O FRUUHR HOHFWUyQLFR XWLOL]D 323 \ 6073PLHQWUDVTXH QHZVXVDHO1173 3URWRFRORGH7UDQVIHUHQFLDVGH1RWLFLDVGH5HG 7LHPSR GH HMHFXFLyQ GHO VHUYLFLR (O HQYtR GH FRUUHR HOHFWUyQLFR HV SUiFWLFDPHQWH LQPHGLDWR PLHQWUDVTXHXQPHQVDMHGHQHZVVXHOHWDUGDUXQRVGtDVHQDSDUHFHUHQHOJUXSR 3ULYDFLGDG /RVPHQVDMHGHFRUUHRHOHFWUyQLFRVRQGHFDUiFWHUSULYDGR6LQHPEDUJRORVPHQVDMHVD JUXSRVGHQRWLFLDVSXHGHQVHUS~EOLFRVRSULYDGRV &RQYHUVDFLyQP~OWLSOHHQWUHXVXDULRV,5&y&KDW (VWH VHUYLFLR SHUPLWH TXH XQ XVXDULR FRQHFWDGR D ,QWHUQHW SXHGD GLDORJDU HQ WLHPSR UHDO FRQ YDULDV SHUVRQDVDOPLVPRWLHPSR6HVXHOHGHQRPLQDU&KDW FRQYHUVDFLyQy,5& ,QWHUQHW5HOD\&KDWTXHHV HOSURWRFRORTXHXWLOL]DHVWHVHUYLFLR 3DUDXWLOL]DUHVWHVHUYLFLRGHEHQFRQVLGHUDUVHORVVLJXLHQWHVFRPSRQHQWHV 'LVSRQHU GH XQ SURJUDPD FOLHQWH ,5& SRU HMHPSOR ,&4 1HHW0HHWLQJ P,5& HWF GHVGH HO FXDO FRQHFWDUVHDXQVHUYLGRU,5& /RVVHUYLGRUHVSURSRUFLRQDQYDULRVFDQDOHV RVDODVFDGDXQRGHORVFXDOHVSXHGHWHQHUYDULRVWHPDV /RVFDQDOHVSXHGHQVHUS~EOLFRVVLWLHQHQDFFHVROLEUHRSULYDGRVVLSLGHQFRQWUDVHxDSDUDVXDFFHVR $OJXQRVVHUYLGRUHVSHUPLWHQFUHDUXQFDQDOS~EOLFRRSULYDGRHV~WLOSDUDFRQFHUWDUHQWUHYLVWDVHQWUH YDULRVLQWHUORFXWRUHVTXHSXHGHQHVWDUJHRJUiILFDPHQWHPX\GLVWDQWHV $O FRQHFWDUVH D XQ FDQDO VH UHTXLHUH XQD LGHQWLILFDFLyQ FRQ XQ VHXGyQLPR R 1LFN (VWH VHUi HO QRPEUHSRUHOTXHVHFRQRFHUiDFDGDXQRGHORVLQWHUORFXWRUHV (O PpWRGR GH FRQYHUVDFLyQ PiV XVXDO VH EDVD HQ LQWURGXFLU OtQHDV GH WH[WR 6LQ HPEDUJR DOJXQRV FDQDOHVSHUPLWHQWDPELpQFRQYHUVDFLyQPHGLDQWHYR]HLQFOXVRPHGLDQWHLPiJHQHVUHTXLHUHGHXQD ZHEFDP (QXQDVHVLyQDGHPiVGHFRQYHUVDUSRGHPRVHQYLDUDUFKLYRV GRFXPHQWRVYLGHRVP~VLFDHWFGH IRUPDLQPHGLDWD (Q DOJXQRV FDQDOHV H[LVWH XQ PRGHUDGRU TXH SXHGH GHFLGLU H[SXOVDU D DOJXLHQ GHO FDQDO VL OR FRQVLGHUDRSRUWXQR /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811( 7HPD,QWHUQHW ,QWURGXFFLyQDOD,QIRUPiWLFD ¢4XpHVODPHQVDMHUtDLQVWDQWiQHD" /RVSURJUDPDVGHPHQVDMHUtDLQVWDQWiQHDVRQXWLOL]DGRVSDUD³FKDWHDU´ \QRQHFHVDULDPHQWHXWLOL]DQHO SURWRFROR,5& VLQRUHGHVSURSLHWDULDVGHORVGLIHUHQWHVVRIWZDUHV TXHRIUHFHQHVWHVHUYLFLR /D 0HQVDMHUtD ,QVWDQWiQHD HV XQ SXQWR LQWHUPHGLR HQWUH ORV VLVWHPDV GH FKDW \ ORV PHQVDMHVGHFRUUHR HOHFWUyQLFRODVKHUUDPLHQWDVGHPHQVDMHUtDLQVWDQWiQHDVRQSURJUDPDVJHQHUDOPHQWHJUDWXLWRV\IiFLOHV GHXVDU\PLHQWUDVKD\XQDFRQH[LyQD,QWHUQHWVLHPSUHHVWiQDFWLYRV (OVHUYLFLRGHPHQVDMHUtDLQVWDQWiQHDRIUHFHXQDYHQWDQDGRQGHVHHVFULEHHOPHQVDMHHQWH[WRSODQRR DFRPSDxDGRGHLFRQRVRHPRWLFRQV ILJXUDTXHUHSUHVHQWDQHVWDGRVGHiQLPR\VHHQYtDQDXQRRYDULRV GHVWLQDWDULRVTXLHQHVUHFLEHQORVPHQVDMHVHQWLHPSRUHDOHOUHFHSWRUOROHH\SXHGHFRQWHVWDUHQHODFWR /RVPHQVDMHVVHLQWHUFDPELDQHQWUHDTXHOODVSHUVRQDVFRQWDFWRVTXHVHKDQDXWRUL]DGRPXWXDPHQWHSDUD FRPXQLFDUVH(QHVWRHVGLVWLQWRGHO,5&FKDWHQGRQGHXQRHQWUDDXQVDOyQ\KDEODFRQFXDOTXLHUDVLQ VDEHUTXLHQHVWiDORWURODGR $OFRQHFWDUQRVDOVHUYLGRUpVWHDXWRPiWLFDPHQWHQRVLQIRUPDVLQXHVWURVFRQWDFWRVHVWiQFRQHFWDGRVR QR\DVXYH]OHVLQIRUPDDHOORVGHQXHVWUDSUHVHQFLDHVWR~OWLPRVHSXHGHHYLWDUKDFLHQGRTXHXQRVH FRQHFWHFRPRVLIXHUDLQYLVLEOHHV GHFLUYLHQGRDORVGHPiVSHURVLQTXHOHYHDQDXQR &XDQGRDOJXLHQGHVHDFRPXQLFDUVHFRQRWUDSHUVRQDVHOHFFLRQDHOFRQWDFWRFRUUHVSRQGLHQWHGHVXOLVWDGH FRQWDFWRVFRQHFWDGRV\OHHQYtDHOPHQVDMH $ODV~OWLPDVYHUVLRQHVVHOHVKDQDxDGLGRXQDVHULH GHDSOLFDFLRQHVH[WUDFRPRODSRVLELOLGDGGHHQWDEODU FRQYHUVDFLRQHV WHOHIyQLFDV XWLOL]DQGR OD LQIUDHVWUXFWXUD GH ,QWHUQHW \ HO FRPSDUWLU GLIHUHQWHV WLSRV GH DUFKLYRV\SURJUDPDVLQFOXLGRVMXHJRVHQOtQHD /DPHQVDMHUtDLQVWDQWiQHDKDJDQDGRSRSXODULGDG HQIRUPDDUUDVDGRUD(QORV~OWLPRVDxRVHOQ~PHURGH XVXDULRV GH FXDOTXLHUD GH ORV SULQFLSDOHV VHUYLFLRV ,QVWDQW 0HVVHQJHU GH $2/ 061 0HVVHQJHU GH 0LFURVRIW<DKRR0HVVHQJHU H,&4VHKDLQFUHPHQWDGRHQIRUPDVXVWDQFLDODOFDQ]DQGRFDVLHOQ~PHUR WRWDOGHXVXDULRVGH,QWHUQHW ,QGHSHQGLHQWHPHQWH GH VL D\XGDQ D LQFUHPHQWDU OD SURGXFWLYLGDG R GHWHULRUDUOD ORV VLVWHPDV GH PHQVDMHUtD LQVWDQWiQHD VRQ XQD KHUUDPLHQWD GH WUDEDMR \ XQD IRUPD GH FRPXQLFDFLyQ SHUVRQDO KR\ LPSUHVFLQGLEOH SDUD PXFKDV SHUVRQDV \ HPSUHVDV TXH YHUtDQ DIHFWDGDV VXV DFWLYLGDGHV VL FDUHFLHUDQ GH HOORVGDGRTXHSRVLELOLWDQODFRPXQLFDFLyQDXQFRVWRPtQLPR /LFHQFLDWXUDHQ6LVWHPDV±)$&(1$811(