1XHVWURVLQIRUPHV\HVWXGLRV 5HVROXFLRQHV (O'3$LQYHVWLJD $VXQWRVVROXFLRQDGRV -RUQDGDV &RQWUDWDFLRQHV 7UDEDMDUHQHO'3$ 6HYLOOD 5HVROXFLyQGHO'HIHQVRUGHO3XHEOR$QGDOX]IRUPXODGDHQODTXHMDGLULJLGDD $\XQWDPLHQWRGH7RUUHPROLQRV0iODJD5HODWLYDD%RQLILFDFLyQHQHO,%,TXHKDFHHO $\XQWDPLHQWRGH7RUUHPROLQRV0iODJDDORVFLXGDGDQRVHPSDGURQDGRVHQHOPXQLFLSLR 9DORUDFLyQ &RPHQWDULRV 9LVLWDV 9LGHRWXWRULDO $17(&('(17(6 , 0HGLDQWH HVFULWR TXH KD WHQLGR HQWUDGD HQ HVWH &RPLVLRQDGR GHO 3DUODPHQWR GH $QGDOXFtD OD WLWXODU GH XQ LQPXHEOHHQODORFDOLGDGPDODJXHxDGH7RUUHPROLQRVQRVH[SRQtDORVLJXLHQWH 4XH OOHYD WUDEDMDQGR HQ 6XL]D GHVGH HO DxR VLHQGR WLWXODU GH XQ LQPXHEOH XELFDGR HQ HO PXQLFLSLR GH 7RUUHPROLQRV 4XHKDWHQLGRFRQRFLPLHQWRGHTXHHO$\XQWDPLHQWRGH7RUUHPROLQRVUHFRQRFHXQEHQHILFLRILVFDODHIHFWRVGHOD OLTXLGDFLyQ GHO ,PSXHVWR GH %LHQHV ,QPXHEOHV ~QLFDPHQWH D DTXHOORV YHFLQRV TXH RVWHQWDQ OD FRQGLFLyQ GH HPSDGURQDGRVHQHOPXQLFLSLR 4XHVXFRQGLFLyQGHUHVLGHQWHHQ=XULFKOHLPSLGHHPSDGURQDUVHHQ7RUUHPROLQRVVLQHPEDUJRFRQVLGHUDTXH HOOR QR GHEH VHU LPSHGLPHQWR SDUD TXH SXHGD DFRJHUVH D ORV PLVPRV EHQHILFLRV TXH VXV FRQYHFLQRV HPSDGURQDGRV ,, 7UDV DFRUGDU OD DGPLVLyQ D WUiPLWH GH OD TXHMD HVWD ,QVWLWXFLyQ VH GLULJLy DO $\XQWDPLHQWR GH 7RUUHPROLQRV SDUDVROLFLWDUODHYDFXDFLyQGHLQIRUPHVREUHORVKHFKRVGHVFULWRV ,,, (Q UHVSXHVWD D QXHVWUD SHWLFLyQ KD VLGR UHFLELGR HVFULWR UHPLWLGR GHVGH HO FLWDGR &RQVLVWRULR SRU PHGLR GHO FXDOVHQRVLQGLFDHQWUHRWUDVFXHVWLRQHVORVLJXLHQWH 4XH HO 3OHQR 0XQLFLSDO GHO $\XQWDPLHQWR GH 7RUUHPROLQRV FHOHEUDGR HO GH DEULO GH DSUREy OD PRGLILFDFLyQ GH OD 2UGHQDQ]D Q 5HJXODGRUD GHO ,PSXHVWR VREUH %LHQHV ,QPXHEOHV HQ DGHODQWH ,%, H LQWURGXMRHODUWtFXORELVHQHOTXHVHUHFRQRFtDXQDVXEYHQFLyQDORVHIHFWRVGHO,%,~QLFDPHQWHDORVYHFLQRV HPSDGURQDGRV'HOPHQWDGRDUWtFXORPHUHFHQVHUGHVWDFDGRVORVVLJXLHQWHVDVSHFWRV ©$UWtFXORELV6XEYHQFLyQDO,%, /DV SHUVRQDV HPSDGURQDGDV HQ 7RUUHPROLQRV FRQ PiV GH GRV DxRV GH DQWLJHGDG GLVIUXWDUiQ GH XQD VXEYHQFLyQVREUHODFXRWDOtTXLGDGHOLPSXHVWRGHELHQHVLQPXHEOHVHQORVWpUPLQRVTXHVHGHWDOODQDFRQWLQXDFLyQ /D VXEYHQFLyQ WDPELpQ VH DSOLFDUi D ORV FRUUHVSRQGLHQWHV WUDVWHUR \ SOD]D GH JDUDMH GH OD SURSLD YLYLHQGD VXEYHQFLRQDGD R WUDVWHUR \ SOD]D GH JDUDMH TXH D~Q QR HVWDQGR ItVLFDPHQWH MXQWR D OD YLYLHQGD VHD OD ~QLFD SURSLHGDGGHVWLQDGDDHVWHILQ 'HHVWDVXEYHQFLyQWDPELpQVHEHQHILFLDUiQSUHYLDVROLFLWXGDQXDOORVIDPLOLDUHVDVFHQGHQWHVRGHVFHQGHQWHV TXHUHVLGDQHQODVYLYLHQGDVGH7RUUHPROLQRVFRQXQDDQWLJHGDGGHHPSDGURQDPLHQWRGHPiVGHDxRV 5HTXLVLWRV $QWLJHGDGLQLQWHUUXPSLGDHQHOSDGUyQGHGRVDxRV 1RWHQHUGHXGDFRQWUDtGDFRQHO$\XQWDPLHQWRQLHOWLWXODUQLHOEHQHILFLDULR 6HU$VFHQGLHQWHR'HVFHQGLHQWHGHOWLWXODU 4XHHOLQPXHEOHVHDODYLYLHQGDKDELWXDOGHOEHQHILFLDULRª 4XHGLFKDVXEYHQFLyQHVXQDGHFLVLyQSROtWLFDDQWHXQDVLWXDFLyQTXHVXIUHHO$\XQWDPLHQWRGH7RUUHPROLQRV\ RWURVPXQLFLSLRVWXUtVWLFRVTXHGHEHQSUHVWDUXQDVHULHGHVHUYLFLRVDWRGRVORVUHVLGHQWHVHQHOPXQLFLSLRHVWpQR QRHPSDGURQDGRV 4XHHQHOPXQLFLSLRGH7RUUHPROLQRVVRORHOGHORVUHVLGHQWHVHVWiQHPSDGURQDGRV 4XH HV HYLGHQWH TXH HO TXH HVWi HPSDGURQDGR HVWi SDJDQGR FRQ VXV LPSXHVWRV ORV VHUYLFLRV TXH GLVIUXWDQ DTXHOORVTXHQRORHVWiQ 4XH GH H[LVWLU PiV SHUVRQDV HPSDGURQDGDV HO PXQLFLSLR UHFLELUtD XQD DSRUWDFLyQ PD\RU GH ORV LQJUHVRV GHO (VWDGR 4XHQRVHSXHGHKDEODUGHGHVLJXDOGDGGHWUDWRDQWHODOH\FXDQGRQRVHQFRQWUDPRVDQWHVLWXDFLRQHVGHVLJXDOHV &216,'(5$&,21(6 3ULPHUD6REUHODVFXHVWLRQHVTXHHVQHFHVDULRGLOXFLGDUHQHOSUHVHQWHVXSXHVWR 'HORVDQWHFHGHQWHVH[SXHVWRVVHGHGXFHTXHHQHOPXQLFLSLRGH7RUUHPROLQRV\HQYLUWXGGHOD2UGHQDQ]D)LVFDO 5HJXODGRUD GH GLFKR ,PSXHVWR ODV SHUVRQDV TXH VHDQ WLWXODUHV GH XQ LQPXHEOH SRU HO PHUR KHFKR GH HVWDU HPSDGURQDGRV HQ HO PLVPR GLVIUXWDQ GH XQD VXEYHQFLyQ D HIHFWRV GH ,%, TXH VH DSOLFDUi VREUH OD FXRWD OLTXLGDEOHGHOLPSXHVWR $HVWHUHVSHFWRHOREMHWRGHODVSUHVHQWHVFRQVLGHUDFLRQHVHVGHWHUPLQDUMXUtGLFDPHQWHVLODD\XGDFRQWHPSODGD HQ OD 2UGHQDQ]D )LVFDO FRQVWLWX\H XQ VXSXHVWR OHJtWLPR GH VXEYHQFLyQ R VL SRU HO FRQWUDULR VH WUDWD GH XQ EHQHILFLRILVFDOHQFXELHUWREDMRODDSDULHQFLDGHXQDPHGLGDGHIRPHQWR 3DUDHOORGHEHPRVDQDOL]DUORVVXSXHVWRV HQ TXHOHJDOPHQWHUHVXOWDSURFHGHQWHHO HVWDEOHFLPLHQWR GHEHQHILFLRV ILVFDOHVHQORVWULEXWRVORFDOHV$VLPLVPRHVSUHFLVRH[DPLQDUODQRUPDWLYDVREUHVXEYHQFLRQHVSDUDGHWHUPLQDUODV SRVLELOLGDGHV GH DSOLFDU HVWD PHGLGD GH IRPHQWR HQ HO VXSXHVWR TXH QRV RFXSD < SRU ~OWLPR UHVXOWD SUHFLVR FRQRFHUORVSURQXQFLDPLHQWRVMXULVGLFFLRQDOHVH[LVWHQWHVHQUHODFLyQFRQODFXHVWLyQFRQWURYHUWLGD 6HJXQGD6REUHODUHJXODFLyQOHJDOGHORVEHQHILFLRVILVFDOHVHQHOLPSXHVWRGHELHQHVLQPXHEOHV (O,PSXHVWRGH%LHQHV,QPXHEOHVHVXQWULEXWRGLUHFWRGHWLWXODULGDGPXQLFLSDO\H[DFFLyQREOLJDWRULDTXHJUDYDHO YDORUFDWDVWUDOGHORVELHQHVLQPXHEOHV /RVWULEXWRVORFDOHVGHEHUiQHVWDUUHJXODGRVHQODFRUUHVSRQGLHQWH2UGHQDQ]DILVFDOWDO\FRPRVHHVWDEOHFHHQHO DUWLFXORGHO5HDO'HFUHWR/HJLVODWLYRGHGHPDU]RSRUHOTXHVHDSUXHEDHO7H[WR5HIXQGLGRGHOD/H\ 5HJXODGRUDGHODV+DFLHQGDV/RFDOHVGHOVLJXLHQWHWHQRUOLWHUDO ©2UGHQDQ]DVILVFDOHV 6DOYR HQ ORV VXSXHVWRV SUHYLVWRV HQ HO DUWtFXOR GH HVWD /H\ ODV HQWLGDGHV ORFDOHV GHEHUiQ DFRUGDU OD LPSRVLFLyQ\VXSUHVLyQGHVXVWULEXWRVSURSLRV\DSUREDUODVFRUUHVSRQGLHQWHVRUGHQDQ]DVILVFDOHVUHJXODGRUDVGH HVWRV 5HVSHFWR GH ORV LPSXHVWRV SUHYLVWRV HQ HO DUWtFXOR ORV D\XQWDPLHQWRV TXH GHFLGDQ KDFHU XVR GH ODV IDFXOWDGHVTXHOHVFRQILHUHHVWD/H\HQRUGHQDODILMDFLyQGHORVHOHPHQWRVQHFHVDULRVSDUDODGHWHUPLQDFLyQGHODV UHVSHFWLYDVFXRWDVWULEXWDULDVGHEHUiQDFRUGDUHOHMHUFLFLRGHWDOHVIDFXOWDGHV\DSUREDUODVRSRUWXQDVRUGHQDQ]DV ILVFDOHV $VLPLVPRODVHQWLGDGHVORFDOHVHMHUFHUiQODSRWHVWDGUHJODPHQWDULDDTXHVHUHILHUHHODSDUWDGRGHODUWtFXOR GH HVWD /H\ ELHQ HQ ODV RUGHQDQ]DV ILVFDOHV UHJXODGRUDV GH ORV GLVWLQWRV WULEXWRV ORFDOHV ELHQ PHGLDQWH OD DSUREDFLyQGHRUGHQDQ]DVILVFDOHVHVSHFtILFDPHQWHUHJXODGRUDVGHODJHVWLyQOLTXLGDFLyQLQVSHFFLyQ\UHFDXGDFLyQ GHORVWULEXWRVORFDOHVª (QFXDQWRDODSRVLELOLGDGGHHVWDEOHFHUXQEHQHILFLRILVFDOHQHOLPSXHVWRVREUH%LHQHV,QPXHEOHVHODUWtFXORGH 5HDO'HFUHWR/HJLVODWLYRSRUHOTXHVHDSUXHEDHOWH[WRUHIXQGLGRGHOD/H\5HJXODGRUDGHODV+DFLHQGDV /RFDOHV HQ DGHODQWH 75/5+/ HVWDEOHFH FRQ FDUiFWHU JHQHUDO SDUD WRGRV ORV WULEXWRV ORFDOHV HO SULQFLSLR GH UHVHUYDGH/H\HQPDWHULDGHEHQHILFLRVILVFDOHV ©1RSRGUiQUHFRQRFHUVHRWURVEHQHILFLRVILVFDOHVTXHORVH[SUHVDPHQWHSUHYLVWRVHQODVQRUPDVFRQUDQJRGH /H\RORVGHULYDGRVGHODDSOLFDFLyQGHORV7UDWDGRV,QWHUQDFLRQDOHV 1R REVWDQWH WDPELpQ SRGUiQ UHFRQRFHUVH ORV EHQHILFLRV ILVFDOHV TXH ODV HQWLGDGHV ORFDOHV HVWDEOH]FDQ HQ VXV RUGHQDQ]DV ILVFDOHV HQ ORV VXSXHVWRV H[SUHVDPHQWH SUHYLVWRV HQ OD /H\ (Q SDUWLFXODU \ HQ ODV FRQGLFLRQHV TXH SXHGDQSUHYHUGLFKDVRUGHQDQ]DVpVWDVSRGUiQHVWDEOHFHUXQDERQLILFDFLyQGHKDVWDHOGHODFXRWDDIDYRUGH ORVVXMHWRVSDVLYRVTXHGRPLFLOLHQVXVGHXGDVGHYHQFLPLHQWRSHULyGLFRHQXQDHQWLGDGILQDQFLHUDDQWLFLSHQSDJRV RUHDOLFHQDFWXDFLRQHVTXHLPSOLTXHQFRODERUDFLyQHQODUHFDXGDFLyQGHLQJUHVRVª (QHVWHPLVPRVHQWLGRWDPELpQVHSURQXQFLDOD/H\GHGHGLFLHPEUH*HQHUDO7ULEXWDULDHQDGHODQWH /*7HQVXDUWtFXORGDOHVWDEOHFHU ©6HUHJXODUDQHQWRGRFDVRSRU/H\ G (O HVWDEOHFLPLHQWR PRGLILFDFLyQ VXSUHVLyQ \ SUyUURJD GH ODV H[HQFLRQHV UHGXFFLRQHV ERQLILFDFLRQHV GHGXFFLRQHV\GHPiVEHQHILFLRVRLQFHQWLYRVILVFDOHVª 6HQWDGRHVWHSULQFLSLRGHUHVHUYDGH/H\HQPDWHULDGHEHQHILFLRVILVFDOHVTXHVHDSOLFDFRQFDUiFWHUJHQHUDOSDUD WRGRV ORV WULEXWRV ORFDOHV GHEHPRV VHxDODU TXH ORV $UWtFXORV \ GHO 75/5+/ UHFRJHQ GH IRUPD H[SUHVD ORV EHQHILFLRVILVFDOHVTXHFRQFDUiFWHUREOLJDWRULRRSRWHVWDWLYRSXHGHQDSOLFDUVHDGLFKRLPSXHVWR(OWHQRUOLWHUDOGH GLFKRVSUHFHSWRVHVHOVLJXLHQWH ©$UWtFXOR%RQLILFDFLRQHVREOLJDWRULDV 7HQGUiQGHUHFKRDXQDERQLILFDFLyQGHHQWUHHO\HOHQODFXRWDtQWHJUDGHOLPSXHVWRVLHPSUHTXHDVtVH VROLFLWHSRUORVLQWHUHVDGRVDQWHVGHOLQLFLRGHODVREUDVORVLQPXHEOHVTXHFRQVWLWX\DQHOREMHWRGHODDFWLYLGDGGH ODVHPSUHVDVGHXUEDQL]DFLyQFRQVWUXFFLyQ\SURPRFLyQLQPRELOLDULDWDQWRGHREUDQXHYDFRPRGHUHKDELOLWDFLyQ HTXLSDUDEOHDpVWD\QRILJXUHQHQWUHORVELHQHVGHVXLQPRYLOL]DGR(QGHIHFWRGHDFXHUGRPXQLFLSDOVHDSOLFDUiD ORVUHIHULGRVLQPXHEOHVODERQLILFDFLyQPi[LPDSUHYLVWDHQHVWHDUWtFXOR (O SOD]R GH DSOLFDFLyQ GH HVWD ERQLILFDFLyQ FRPSUHQGHUi GHVGH HO SHUtRGR LPSRVLWLYR VLJXLHQWH D DTXHO HQ TXH VH LQLFLHQ ODV REUDV KDVWD HO SRVWHULRU D VX WHUPLQDFLyQ VLHPSUH TXH GXUDQWH HVH WLHPSR VH UHDOLFHQ REUDV GH XUEDQL]DFLyQRFRQVWUXFFLyQHIHFWLYD\VLQTXHHQQLQJ~QFDVRSXHGDH[FHGHUGHWUHVSHUtRGRVLPSRVLWLYRV 7HQGUiQ GHUHFKR D XQD ERQLILFDFLyQ GHO HQ OD FXRWD tQWHJUD GHO ,PSXHVWR GXUDQWH ORV WUHV SHUtRGRV LPSRVLWLYRVVLJXLHQWHVDOGHORWRUJDPLHQWRGHODFDOLILFDFLyQGHILQLWLYDODVYLYLHQGDVGHSURWHFFLyQRILFLDO\ODVTXH UHVXOWHQHTXLSDUDEOHVDpVWDVFRQIRUPHDODQRUPDWLYDGHODUHVSHFWLYDFRPXQLGDGDXWyQRPD 'LFKDERQLILFDFLyQVHFRQFHGHUiDSHWLFLyQGHOLQWHUHVDGRODFXDOSRGUiHIHFWXDUVHHQFXDOTXLHUPRPHQWRDQWHULRU D OD WHUPLQDFLyQ GH ORV WUHV SHUtRGRV LPSRVLWLYRV GH GXUDFLyQ GH DTXHOOD \ VXUWLUi HIHFWRV HQ VX FDVR GHVGH HO SHUtRGRLPSRVLWLYRVLJXLHQWHDDTXHOHQTXHVHVROLFLWH /RVD\XQWDPLHQWRVSRGUiQHVWDEOHFHUXQDERQLILFDFLyQGHKDVWDHOHQODFXRWDtQWHJUDGHOLPSXHVWRDSOLFDEOH D ORV FLWDGRV LQPXHEOHV XQD YH] WUDQVFXUULGR HO SOD]R SUHYLVWR HQ HO SiUUDIR DQWHULRU /D RUGHQDQ]D ILVFDO GHWHUPLQDUiODGXUDFLyQ\ODFXDQWtDDQXDOGHHVWDERQLILFDFLyQ 7HQGUiQGHUHFKRDXQDERQLILFDFLyQGHOGHODFXRWDtQWHJUD\HQVXFDVRGHOUHFDUJRGHOLPSXHVWRDTXH VHUHILHUHHODUWtFXORGHHVWD/H\ORVELHQHVU~VWLFRVGHODVFRRSHUDWLYDVDJUDULDV\GHH[SORWDFLyQFRPXQLWDULD GH OD WLHUUD HQ ORV WpUPLQRV HVWDEOHFLGRV HQ OD/H\ GH GH GLFLHPEUH VREUH 5pJLPHQ )LVFDO GH ODV &RRSHUDWLYDV /DVRUGHQDQ]DVILVFDOHVHVSHFLILFDUiQORVDVSHFWRVVXVWDQWLYRV\IRUPDOHVGHODVERQLILFDFLRQHVLQGLFDGDVHQORV DSDUWDGRVDQWHULRUHVDVtFRPRODVFRQGLFLRQHVGHFRPSDWLELOLGDGFRQRWURVEHQHILFLRVILVFDOHV $UWtFXOR%RQLILFDFLRQHVSRWHVWDWLYDV /DV RUGHQDQ]DV ILVFDOHV SRGUiQ UHJXODU XQD ERQLILFDFLyQ GH KDVWD HO GH OD FXRWD tQWHJUD GHO ,PSXHVWR D IDYRU GH ORV ELHQHVLQPXHEOHV XUEDQRV XELFDGRVHQ iUHDVR ]RQDV GHO PXQLFLSLRTXHFRQIRUPHD OD OHJLVODFLyQ \ SODQHDPLHQWR XUEDQtVWLFRV FRUUHVSRQGDQ D DVHQWDPLHQWRV GH SREODFLyQ VLQJXODUL]DGRV SRU VX YLQFXODFLyQ R SUHHPLQHQFLD GH DFWLYLGDGHV SULPDULDV GH FDUiFWHU DJUtFROD JDQDGHUR IRUHVWDO SHVTXHUR R DQiORJDV \ TXH GLVSRQJDQGHXQQLYHOGHVHUYLFLRVGHFRPSHWHQFLDPXQLFLSDOLQIUDHVWUXFWXUDVRHTXLSDPLHQWRVFROHFWLYRVLQIHULRU DOH[LVWHQWHHQODViUHDVR]RQDVFRQVROLGDGDVGHOPXQLFLSLRVLHPSUHTXHVXVFDUDFWHUtVWLFDVHFRQyPLFDVDFRQVHMHQ XQDHVSHFLDOSURWHFFLyQ /DVFDUDFWHUtVWLFDVSHFXOLDUHV\iPELWRGHORVQ~FOHRVGHSREODFLyQiUHDVR]RQDVDVtFRPRODVWLSRORJtDVGHODV FRQVWUXFFLRQHV \XVRV GHOVXHORQHFHVDULRV SDUDOD DSOLFDFLyQ GH HVWDERQLILFDFLyQ \ VX GXUDFLyQ FXDQWtDDQXDO \ GHPiVDVSHFWRVVXVWDQWLYRV\IRUPDOHVVHHVSHFLILFDUiQHQODRUGHQDQ]DILVFDO /RVD\XQWDPLHQWRVSRGUiQDFRUGDUSDUDFDGDHMHUFLFLRODDSOLFDFLyQDORVELHQHVLQPXHEOHVGHXQDERQLILFDFLyQ HQODFXRWDtQWHJUDGHOLPSXHVWRHTXLYDOHQWHDODGLIHUHQFLDSRVLWLYDHQWUHODFXRWDtQWHJUDGHOHMHUFLFLR\ODFXRWD OtTXLGD GHO HMHUFLFLR DQWHULRU PXOWLSOLFDGD HVWD ~OWLPD SRU HO FRHILFLHQWH GH LQFUHPHQWR Pi[LPR DQXDO GH OD FXRWD OtTXLGDTXHHVWDEOH]FDODRUGHQDQ]DILVFDOSDUDFDGDXQRGHORVWUDPRVGHYDORUFDWDVWUDO\HQVXFDVRSDUDFDGD XQDGHODVGLYHUVDVFODVHVGHFXOWLYRVRDSURYHFKDPLHQWRVRGHPRGDOLGDGHVGHXVRGHODVFRQVWUXFFLRQHVTXHHQ DTXHOODVHILMHQ\HQTXHVHVLW~HQORVGLIHUHQWHVELHQHVLQPXHEOHVGHOPXQLFLSLR 'LFKD ERQLILFDFLyQ FX\D GXUDFLyQ Pi[LPD QR SRGUi H[FHGHU GH WUHV SHUtRGRV LPSRVLWLYRV WHQGUi HIHFWLYLGDG D SDUWLUGHODHQWUDGDHQYLJRUGHQXHYRVYDORUHVFDWDVWUDOHVGHELHQHVLQPXHEOHVGHXQDPLVPDFODVHUHVXOWDQWHV GH XQ SURFHGLPLHQWR GH YDORUDFLyQ FROHFWLYD GH FDUiFWHU JHQHUDO GH iPELWR PXQLFLSDO $VLPLVPR OD RUGHQDQ]D ILMDUiODVFRQGLFLRQHVGHFRPSDWLELOLGDGGHHVWDERQLILFDFLyQFRQODVGHPiVTXHEHQHILFLHQDORVPLVPRVLQPXHEOHV 6LQ SHUMXLFLR GH OR GLVSXHVWR HQ HO SiUUDIR DQWHULRU HQ HO VXSXHVWR GH TXH OD DSOLFDFLyQ GH RWUD ERQLILFDFLyQ FRQFOX\D HQ HO SHUtRGR LQPHGLDWDPHQWH DQWHULRU D DTXHO HQ TXH KD\D GH DSOLFDUVH VREUH HVH PLVPR LQPXHEOH OD ERQLILFDFLyQ D TXH VH UHILHUH HVWH DSDUWDGR OD FXRWD VREUH OD TXH VH DSOLFDUi HQ VX FDVR HO FRHILFLHQWH GH LQFUHPHQWRPi[LPRDQXDOVHUiODFXRWDtQWHJUDGHOHMHUFLFLRDQWHULRU &XDQGRHQDOJXQRGHORVSHUtRGRVLPSRVLWLYRVHQORVTXHVHDSOLTXHHVWDERQLILFDFLyQWHQJDHIHFWLYLGDGXQFDPELR HQHOYDORUFDWDVWUDOGHORVLQPXHEOHVUHVXOWDQWHGHDOWHUDFLRQHVVXVFHSWLEOHVGHLQVFULSFLyQFDWDVWUDOGHOFDPELR GH FODVH GHO LQPXHEOH R GH XQ FDPELR GH DSURYHFKDPLHQWR GHWHUPLQDGR SRU OD PRGLILFDFLyQ GHO SODQHDPLHQWR XUEDQtVWLFRSDUDHOFiOFXORGHODERQLILFDFLyQVHFRQVLGHUDUiFRPRFXRWDOtTXLGDGHOHMHUFLFLRDQWHULRUODUHVXOWDQWH GHDSOLFDUHOWLSRGHJUDYDPHQGHGLFKRDxRDOYDORUEDVHGHWHUPLQDGRFRQIRUPHDORGLVSXHVWRHQHODUWtFXORGH HVWD/H\ /DVOLTXLGDFLRQHVWULEXWDULDVUHVXOWDQWHVGHODDSOLFDFLyQGHHVWDERQLILFDFLyQVHUHJLUiQSRUORSUHYLVWRHQHODUWtFXOR GHOD/H\GHGHGLFLHPEUH*HQHUDO7ULEXWDULDVLQTXHVHDQHFHVDULDVXQRWLILFDFLyQLQGLYLGXDO HQ ORV FDVRV GH HVWDEOHFLPLHQWR PRGLILFDFLyQ R VXSUHVLyQ GH DTXHOOD FRPR FRQVHFXHQFLD GH OD DSUREDFLyQ R PRGLILFDFLyQGHODRUGHQDQ]DILVFDO ELV/RVD\XQWDPLHQWRVPHGLDQWHRUGHQDQ]DSRGUiQUHJXODUXQDERQLILFDFLyQGHKDVWDHOGHODFXRWDtQWHJUD GHOLPSXHVWRDIDYRUGHLQPXHEOHVGHRUJDQLVPRVS~EOLFRVGHLQYHVWLJDFLyQ\ORVGHHQVHxDQ]DXQLYHUVLWDULD /RVD\XQWDPLHQWRVPHGLDQWHRUGHQDQ]DSRGUiQUHJXODUXQDERQLILFDFLyQGHKDVWDHOGHODFXRWDtQWHJUDGHO LPSXHVWRDIDYRUGHFDGDJUXSRGHELHQHVLQPXHEOHVGHFDUDFWHUtVWLFDVHVSHFLDOHV/DRUGHQDQ]DGHEHUiHVSHFLILFDU ODGXUDFLyQFXDQWtDDQXDO\GHPiVDVSHFWRVVXVWDQWLYRV\IRUPDOHVUHODWLYRVDHVWDERQLILFDFLyQ /DV RUGHQDQ]DV ILVFDOHV SRGUiQ UHJXODU XQD ERQLILFDFLyQ GH KDVWD HO GH OD FXRWD tQWHJUD GHO LPSXHVWR D IDYRUGHDTXHOORVVXMHWRVSDVLYRVTXHRVWHQWHQODFRQGLFLyQGHWLWXODUHVGHIDPLOLDQXPHURVD /DRUGHQDQ]DGHEHUiHVSHFLILFDUODFODVH\FDUDFWHUtVWLFDVGHORVELHQHVLQPXHEOHVDTXHDIHFWHGXUDFLyQFXDQWtD DQXDO \ GHPiV DVSHFWRV VXVWDQWLYRV \ IRUPDOHV GH HVWD ERQLILFDFLyQ DVt FRPR ODV FRQGLFLRQHV GH FRPSDWLELOLGDG FRQRWURVEHQHILFLRVILVFDOHV /DVRUGHQDQ]DVILVFDOHVSRGUiQUHJXODUXQDERQLILFDFLyQGHKDVWDHOGHODFXRWDtQWHJUDGHOLPSXHVWRSDUD ORV ELHQHV LQPXHEOHV HQ ORV TXH VH KD\DQ LQVWDODGR VLVWHPDV SDUD HO DSURYHFKDPLHQWR WpUPLFR R HOpFWULFR GH OD HQHUJtD SURYHQLHQWH GHO VRO /D DSOLFDFLyQ GH HVWD ERQLILFDFLyQ HVWDUi FRQGLFLRQDGD D TXH ODV LQVWDODFLRQHV SDUD SURGXFFLyQGHFDORULQFOX\DQFROHFWRUHVTXHGLVSRQJDQGHODFRUUHVSRQGLHQWHKRPRORJDFLyQSRUOD $GPLQLVWUDFLyQ FRPSHWHQWH /RV GHPiV DVSHFWRV VXVWDQWLYRV \ IRUPDOHV GH HVWD ERQLILFDFLyQ VH HVSHFLILFDUiQ HQ OD RUGHQDQ]D ILVFDOª (V LPSRUWDQWH VHxDODU TXH ORV VXSXHVWRV GH EHQHILFLR ILVFDO UHFRJLGRV HQ ORV SUHFHSWRV UHVHxDGRV QR WLHQHQ XQ FDUiFWHU PHUDPHQWH HQXQFLDWLYR R HMHPSOLILFDWLYR VLQR TXH FRQVWLWX\HQ XQ DXWpQWLFR Q~PHUXV FODXVXV TXH QR SHUPLWHODDSOLFDFLyQGHVXSXHVWRVDQiORJRVRVLPLODUHV $ HVWH UHVSHFWR UHVXOWD HYLGHQWH TXH HQ QLQJXQR GH ORV SUHFHSWRV FLWDGRV VH LQFOX\H OD SRVLELOLGDG GHO UHFRQRFLPLHQWR GH XQ EHQHILFLR ILVFDO HQ HO ,PSXHVWR GH %LHQHV ,QPXHEOHV FRQGLFLRQDGR DO KHFKR GH HVWDU R QR HPSDGURQDGRHQHOPXQLFLSLRHOVXMHWRSDVLYRGHOLPSXHVWR 'DGRTXHQR FRQRFHPRVGHODH[LVWHQFLD GHQLQJ~Q RWURSUHFHSWR FRQ UDQJR OHJDOTXHUHFRQR]FD GLFKR EHQHILFLR ILVFDOGHEHPRVFRQFOXLUTXHQRUHVXOWDSRVLEOHHVWDEOHFHUXQDPLQRUDFLyQHQODFXRWDWULEXWDULDGHO,%,HQIXQFLyQ GHODFRQGLFLyQRQRGHHPSDGURQDGRGHOVXMHWRSDVLYR 7HUFHUD6REUHODSRVLELOLGDGGHVXEYHQFLRQDUHOSDJRGHO,ELDORVYHFLQRVHPSDGURQDGRV (ODUWtFXORGHOD/H\GHGHDEULO5HJXODGRUDGHODV%DVHVGH5pJLPHQ/RFDOHOPXQLFLSLRGHQWURGHOD HVIHUDGHVXVFRPSHWHQFLDVJR]DGHODVSRWHVWDGHVUHJODPHQWDULDV\GHDXWRRUJDQL]DFLyQ\HVHQHMHUFLFLRGHHVWD SRWHVWDG GH DXWRQRUPDFLyQ TXH HO $\XQWDPLHQWR SXHGH DSUREDU QRUPDV TXH LQFOX\DQ PHGLGDV GH IRPHQWR GHVWLQDGDVDSURPRYHUODUHDOL]DFLyQGHDFWLYLGDGHVRODFRQVHFXFLyQGHILQHVGHLQWHUpVJHQHUDOSDUDODFRPXQLGDG YHFLQDO 1RUHVXOWDSRUWDQWRFXHVWLRQDEOHDELQLWLRODOHJLWLPLGDGGHO$\XQWDPLHQWRGH7RUUHPROLQRVSDUDDSUREDUD\XGDVR VXEYHQFLRQHV FX\R REMHWLYR ~OWLPR VHD LQFUHPHQWDU HO Q~PHUR GH SHUVRQDV TXH FRQVWHQ HQORVUHJLVWURV RILFLDOHV FRPRUHVLGHQWHVHQHOPXQLFLSLRHQODPHGLGDHQTXHGLFKRLQFUHPHQWRFRQWULEX\HDVDWLVIDFHUXQILQGHLQWHUpV JHQHUDOGHOPXQLFLSLRFXDOHVHODXPHQWRGHODVWUDQVIHUHQFLDVGHIRQGRVDODVDUFDVPXQLFLSDOHVSURFHGHQWHVGHO (VWDGR\OD&RPXQLGDG$XWyQRPD 1R REVWDQWH SDUD HO OHJDO HMHUFLFLR GH GLFKD DFWLYLGDG GH IRPHQWR HV SUHFLVR TXH OD PLVPD VH DGHFXH D ODV FRQGLFLRQHV\OtPLWHVHVWDEOHFLGDVDWDOHIHFWRHQODQRUPDWLYDYLJHQWHVREUHVXEYHQFLRQHV $ HVWH UHVSHFWR UHVXOWD QHFHVDULR WUDHU D FRODFLyQ OR GLVSXHVWR HQ HO DUWtFXOR GH OD /H\ *HQHUDO GH 6XEYHQFLRQHVFXDQGRGHILQHODVXEYHQFLyQFRPR©GLVSRVLFLyQGLQHUDULDUHDOL]DGDSRUFXDOHVTXLHUDGHORVVXMHWRV FRQWHPSODGRVHQHODUWtFXORGHHVWDOH\DIDYRUGHSHUVRQDVS~EOLFDVRSULYDGDV\TXHFXPSODQORVVLJXLHQWHV UHTXLVLWRV ©D4XHODHQWUHJDVHUHDOLFHVLQFRQWUDSUHVWDFLyQGLUHFWDGHORVEHQHILFLDULRV E 4XH OD HQWUHJD HVWp VXMHWD DO FXPSOLPLHQWR GH XQ GHWHUPLQDGR REMHWLYR OD HMHFXFLyQ GH XQ SUR\HFWR OD UHDOL]DFLyQ GH XQD DFWLYLGDG OD DGRSFLyQ GH XQ FRPSRUWDPLHQWR VLQJXODU \D UHDOL]DGRV R SRU GHVDUUROODU R OD FRQFXUUHQFLD GH XQD VLWXDFLyQ GHELHQGR HO EHQHILFLDULR FXPSOLU ODV REOLJDFLRQHV PDWHULDOHV \ IRUPDOHV TXH VH KXELHUDQHVWDEOHFLGR F 4XH HO SUR\HFWR OD DFFLyQ FRQGXFWD R VLWXDFLyQ ILQDQFLDGD WHQJD SRU REMHWR HO IRPHQWR GH XQD DFWLYLGDG GH XWLOLGDGS~EOLFDRLQWHUpVVRFLDORGHSURPRFLyQGHXQDILQDOLGDGS~EOLFDª $VLPLVPRUHVXOWDHVSHFLDOPHQWHQHFHVDULRUHVHxDUORGLVSXHVWRHQHODSDUWDGRJGHOPHQFLRQDGRDUWtFXORGH OD /H\ *HQHUDO GH 6XEYHQFLRQHV FXDQGR H[FOX\H H[SUHVDPHQWH GH OD FRQGLFLyQ GH VXEYHQFLyQ D ©ORV EHQHILFLRVILVFDOHV\EHQHILFLRVHQODFRWL]DFLyQDOD6HJXULGDG6RFLDOª $ODYLVWDGHHVWHSUHFHSWRGHEHPRVFRQFOXLUTXHODSRWHVWDGGHVXEYHQFLyQTXHWLHQHUHFRQRFLGDHO$\XQWDPLHQWR QRSXHGHHQQLQJ~QFDVRXWLOL]DUVHSDUDHOHVWDEOHFLPLHQWRGHXQEHQHILFLRILVFDO &XDUWD6REUHODMXULVSUXGHQFLDGHDSOLFDFLyQDOSUHVHQWHVXSXHVWR /D SRVLFLyQ MXULVSUXGHQFLDO PDV UHFLHQWH TXH KD WHQLGR VX UHIOHMR HQ GRV UHVROXFLRQHV MXGLFLDOHV GH OD 6DOD GH OR &RQWHQFLRVR DGPLQLVWUDWLYR GHO 7ULEXQDO 6XSHULRU GH -XVWLFLD GH $QGDOXFtD FRQ VHGH HQ 0iODJD VHQWHQFLD \ VHQWHQFLD TXH D FRQWLQXDFLyQ DQDOL]DUHPRV KD GHFODUDGR OD LPSURFHGHQFLD GH ODV ERQLILFDFLRQHV HQ OD FXRWD GHO ,PSXHVWR GH %LHQHV ,QPXHEOHV D ORV YHFLQRV TXH RVWHQWDQ OD FRQGLFLyQ GH HPSDGURQDGRVHQHOPXQLFLSLR 6HQWHQFLDGHOD6HFFLyQ3ULPHUDGHOD6DODGHOR&RQWHQFLRVR$GPLQLVWUDWLYRGHO76-$FRQVHGHHQ 0iODJDGHODTXHPHUHFHQVHUGHVWDFDGRVORVVLJXLHQWHVDVSHFWRV ©)XQGDPHQWRGHGHUHFKR4XLQWR HOPHQFLRQDGRDFXHUGRSOHQDULRGHGHDJRVWRGHDSUREyVXEYHQFLRQDUDODVSHUVRQDVHPSDGURQDGDV HQ 7RUUHPROLQRV FRQ GRV DxRV GH DQWLJHGDG HQ HO LPSRUWH GHO DXPHQWR VXIULGR HQ HO ,PSXHVWR SDUD UHVSHFWR GHDFXHUGRTXHORVDFWRUHVFRQVLGHUDQVHYXOQHUDUtDQODVUHJODVTXHGLVFLSOLQDQHO,PSXHVWR VREUH%LHQHV,QPXHEOHVTXHQRUHFRQRFHQODSRVLELOLGDGGHLQWURGXFLUH[HQFLRQHVRERQLILFDFLRQHVGHOWLSRHQTXH VHFRQFUHWDODDFWXDFLyQUHFXUULGD )XQGDPHQWRGHGHUHFKRVpSWLPR /DOHJDOLGDGGHDTXHODFXHUGRORFDOSXHGHVHUFXHVWLRQDGDDQWHWRGRGHVGHODSHUVSHFWLYDGHVXUHODFLyQFRQ OD /H\ GH GH GLFLHPEUH UHJXODGRUD GH ODV +DFLHQGDV /RFDOHV HQWRQFHV YLJHQWH FX\R DUWtFXOR UHGDFWDGR SRU OD /H\ GH GH GLFLHPEUH SURKLEtD UHFRQRFHU RWURV EHQHILFLRV ILVFDOHV HQ ORV WULEXWRV ORFDOHV TXH ORV H[SUHVDPHQWH SUHYLVWRV HQ ODV QRUPDV FRQ UDQJR GH /H\ R ORV GHULYDGRV GH OD DSOLFDFLyQ GH ORV 7UDWDGRV LQWHUQDFLRQDOHV DXWRUL]DQGR QR REVWDQWH HO UHFRQRFLPLHQWR GH DTXHOORV TXH ODV HQWLGDGHV ORFDOHV HVWDEOH]FDQHQVXVRUGHQDQ]DVILVFDOHVHQORVVXSXHVWRVH[SUHVDPHQWHSUHYLVWRVSRUOD/H\ $OPLVPRWLHPSRHVIiFLOFRPSUREDUTXHFRQODVXEYHQFLyQTXH VH WUDWDVHLQFLGHGLUHFWDPHQWHVREUHODFDUJD WULEXWDULDTXHUHSUHVHQWDHO,PSXHVWRVREUH%LHQHV,QPXHEOHVUHFRQRFLHQGRXQEHQHILFLRILVFDODORVSURSLHWDULRV HPSDGURQDGRVHQHOPXQLFLSLRGHVGHGRVDxRVDQWHVTXHQRHQFXHQWUDHQFDMHDOJXQRHQODUHJXODFLyQGHOWULEXWR TXHVHFRQWHQtDHQORVDUWtFXORV\VLJXLHQWHVGHDTXHOOD/H\ (Q OD DFWXDOLGDG GH DTXHO FRQFHSWR GH VXEYHQFLyQ VH H[FOX\HQ ORV EHQHILFLRV ILVFDOHV \ EHQHILFLRV HQ OD FRWL]DFLyQDOD6HJXULGDG6RFLDO>DUWtFXORJGHOD/H\@ )XQGDPHQWRGHGHUHFKRRFWDYR (QHIHFWR VHJ~Q OD &RUSRUDFLyQ GLFKD PHGLGDFRQVWLWX\H XQ DFLFDWH SDUD HO HPSDGURQDPLHQWRGHORV UHVLGHQWHV FRPR PHGLR SDUD REWHQHU GHO (VWDGR ORV IRQGRV SUHFLVRV SDUD HO VRVWHQLPLHQWR GHO PXQLFLSLR ILQDOLGDG TXH HQ HIHFWR SHUPLWLUtD FRQVLGHUDUOD LQVHUWD HQ OD DFWLYLGDG GH IRPHQWR OR TXH VLQ HPEDUJR IUHQWH D OR TXH SDUHFH LQGLFDUVHWDPELpQSRUDTXpOODQRVLJQLILFDQHFHVDULDPHQWHTXHHOLQVWUXPHQWRHOHJLGRDWDOILQGHEDFRQVLGHUDUVH HQWRGRFDVRFRPRXQDVXEYHQFLyQTXHQRHVOD~QLFDPDQLIHVWDFLyQGHDTXHOODDFWLYLGDGSURPRFLRQDOHQODTXH FRQRFLGDPHQWHVHLQFOX\HQWDPELpQORVEHQHILFLRVILVFDOHVTXHSXHGHQDVXPLUHVHREMHWR (OFRQFHSWRGHVXEYHQFLyQHQHOVHQWLGRHVWULFWRTXHDKRUDLPSRUWDSXHGHHQFRQWUDUVHUHFRJLGRHQHODUWtFXOR GH OD /H\ FLWDGR TXH D~Q VLHQGR SRVWHULRU D OD UHVROXFLyQ UHFXUULGD UHFRJH HO VLJQLILFDGR TXH FRP~QPHQWH VH OH DWULEX\H \ TXH HQWLHQGH SRU WDO OD GLVSRVLFLyQ GLQHUDULD UHDOL]DGD SRU FXDOHVTXLHUD GH ORV VXMHWRV FRQWHPSODGRV HQ HO DUWtFXOR GH HVWD OH\ D IDYRU GH SHUVRQDV S~EOLFDV R SULYDGDV \ TXH FXPSOD ORV VLJXLHQWHVUHTXLVLWRV D4XHODHQWUHJDVHUHDOLFHVLQFRQWUDSUHVWDFLyQGLUHFWDGHORVEHQHILFLDULRV E 4XH OD HQWUHJD HVWp VXMHWD DO FXPSOLPLHQWR GH XQ GHWHUPLQDGR REMHWLYR OD HMHFXFLyQ GH XQ SUR\HFWROD UHDOL]DFLyQ GH XQD DFWLYLGDG OD DGRSFLyQ GH XQ FRPSRUWDPLHQWR VLQJXODU \D UHDOL]DGRV R SRU GHVDUUROODU R OD FRQFXUUHQFLD GH XQD VLWXDFLyQ GHELHQGR HO EHQHILFLDULR FXPSOLU ODV REOLJDFLRQHV PDWHULDOHV \ IRUPDOHV TXH VH KXELHUDQHVWDEOHFLGR F 4XH HO SUR\HFWR OD DFFLyQ FRQGXFWD R VLWXDFLyQ ILQDQFLDGD WHQJD SRU REMHWR HO IRPHQWR GH XQD DFWLYLGDG GH XWLOLGDGS~EOLFDRLQWHUpVVRFLDORGHSURPRFLyQGHXQDILQDOLGDGS~EOLFD (V FODUR VLQ HPEDUJR TXH OD PHGLGD DGRSWDGD QR HQFDMD HQ HVWH FRQFHSWR \ HOOR GHVGH XQD SHUVSHFWLYD PHUDPHQWHSRVLWLYLVWDSRUQRVXSRQHUXQDGLVSRVLFLyQGLQHUDULDHVGHFLUXQDHQWUHJDGHGLQHUR 5HFXpUGHVH TXH HO LQFHQWLYR DSUREDGR FRQVLVWtD HQ H[FOXLU OD VXELGD HVWDEOHFLGD SDUD HQ ODV SURSLDV OLTXLGDFLRQHV GHO ,PSXHVWR VREUH %LHQHV ,QPXHEOHV GH HVH DxR OR TXH FDEDOPHQWH H[FOX\H FXDOTXLHU WLSR GH HQWUHJDGLQHUDULD 0iV FRQFUHWDPHQWH OD PHGLGD DGRSWDGD LQFLGH GLUHFWDPHQWH VREUH OD FRQIRUPDFLyQ GHO WULEXWR HQ FXHVWLyQ \ UHVSHFWRGHXQRGHVXVHOHPHQWRVHVHQFLDOHVFRPRORHVODFXRWDWULEXWDULDWRGRHOORDGHPiVHQORVWpUPLQRV\D HVWXGLDGRVSRUHO7ULEXQDO6XSUHPRHQVX6HQWHQFLDGHGHGLFLHPEUHGHDSHODFLyQLQYRFDGD SUHFLVDPHQWH SRU OD GHPDQGDGD \D TXH HQ HVWH FDVR OD PHGLGD DGRSWDGD QR FRQVLVWH HQ HO UHFRQRFLPLHQWR GHO GHUHFKRDREWHQHUXQDGHWHUPLQDGDD\XGDTXHSXHGDLQFLGLUGHVGHHOH[WHULRUFRPRHOHPHQWRH[WUtQVHFRVREUHOD FDUJD WULEXWDULD UHVXOWDQWH VLQR TXH VH LQWURGXFH HQ OD FRQILJXUDFLyQ GHO LPSXHVWR UHGXFLHQGR HQ HVWH FDVR OD FXRWDLPSRVLWLYDª 6HQWHQFLDQ~PGHGHGLFLHPEUHGHOD6DODGHOR&RQWHQFLRVRDGPLQLVWUDWLYRGHO7ULEXQDO6XSHULRU GH$QGDOXFtDHQ0iODJD(VWDUHVROXFLyQMXGLFLDOVHSURQXQFLDHQLGpQWLFRVWpUPLQRVDODDQWHULRUPHQWHVHxDODGD UHSURGXFLHQGRWDQWRVVXVIXQGDPHQWRVGHGHUHFKRFRPRVXSDUWHGLVSRVLWLYD (QHVWHDSDUWDGRGHGLFDGRDODQiOLVLVMXULVSUXGHQFLDOFRQVLGHUDPRVRSRUWXQRFLWDURWUDVUHVROXFLRQHVMXGLFLDOHVTXH SXGLHUDQWHQHUFLHUWDUHODFLyQFRQODFXHVWLyQREMHWRGHGHEDWH\HQODVTXHVHGHFODUDODLPSURFHGHQFLDGHDFXGLU DO FULWHULR GHO HPSDGURQDPLHQWR SDUD HO HVWDEOHFLPLHQWR GH GHWHUPLQDGRV EHQHILFLRV ILVFDOHV VREUH ODV WDVDV PXQLFLSDOHV'HHQWUHHVWDVVHQWHQFLDVPHUHFHQVHUFRPHQWDGDVODVVLJXLHQWHV 6HQWHQFLD GHO 7ULEXQDO 6XSUHPR 6DOD GH OR &RQWHQFLRVR $GPLQLVWUDWLYR 6HFFLyQ GH GH -XOLR GH 5- ©)XQGDPHQWRGHGHUHFKRSULPHUR 9XOQHUDFLyQGHOSULQFLSLRGHLJXDOGDGWDULIDULDFRQWHQLGRHQHODUWGHO5HJODPHQWRGH6HUYLFLRVGHODV &RUSRUDFLRQHV/RFDOHV5&/DOHVWDEOHFHUODQRUPDWLYDPXQLFLSDOXQFULWHULRGLVFULPLQDWRULR 6HDGXFHHQHVWHSXQWRTXHODVHQWHQFLDLQIULQJHHOFRQWHQLGRGHOFLWDGRDUWGHO5HJODPHQWRGH6HUYLFLRVGH ODV&RUSRUDFLRQHV/RFDOHVDOPDQWHQHUXQDLQWHUSUHWDFLyQTXHGLVFULPLQDDFLXGDGDQRVHQVLWXDFLRQHVLGpQWLFDVFRQ FODUDYXOQHUDFLyQGHOSULQFLSLRGHLJXDOGDGFRQWHQLGRHQHODUWGHOD&RQVWLWXFLyQ5&/HQUHODFLyQ FRQ HO DUW GH OD PLVPD \ HOOR DO GLVFULPLQDU D UHVLGHQWHV GH QR UHVLGHQWHV SHUR QR FRQ EDVH D FULWHULRV GH FDSDFLGDG HFRQyPLFD FRPR VXJLHUH OD VHQWHQFLD VLQR SRU HO PHUR KHFKR GH HVWDU R QR HPSDGURQDGRV HQ HO PXQLFLSLR FRQ LQGHSHQGHQFLD TXH VHDQSRVHHGRUHV GHXQD R YDULDV HQSURSLHGDG H LQFOXVRGiQGRVHODSDUDGRMD TXH XQSURSLHWDULR GHXQ HGLILFLR GHFRQVLGHUDPRV TXH SXHGHVHUYLUDYLYLHQGDV RDSDUWDPHQWRVGHVWLQDGRV DVX H[SORWDFLyQPHGLDQWHFHVLyQHQDOTXLOHUSRUHOPHURKHFKRGHHVWDUHPSDGURQDGRHQHOPXQLFLSLRJR]DUtDGHXQD FRQVLGHUDFLyQ SULYLOHJLDGD IUHQWH D RWUD SHUVRQD TXH VLHQGR SURSLHWDULR GH XQD ~QLFD YLYLHQGD VL QR HVWi HPSDGURQDGRVHYHUtDREOLJDGDDSDJDUODWDULIDSRUFRQVXPRGHDJXDLQGXVWULDO )XQGDPHQWRGHGHUHFKRFXDUWR (Q HIHFWR HO DUW GHO 5HJODPHQWR GH 6HUYLFLRV GH ODV &RUSRUDFLRQHV /RFDOHV 5&/ HVWDEOHFH HO SULQFLSLR GH LJXDOGDG GH ORV XVXDULRV DQWH ODV WDULIDV GH ORV VHUYLFLRV (V FLHUWR TXH HO DSDUWDGR GRV GH GLFKR SUHFHSWRSHUPLWHILMDUWDULIDVUHGXFLGDVRERQLILFDGDVHQEHQHILFLRGHVHFWRUHVSHUVRQDOHVHFRQyPLFDPHQWHGpELOHV SHURHQHVWHXVRQRVHDSUREyVXEYHQFLyQDOJXQDHQPDWHULDGHWDULIDVGHDJXDVLQRTXHVHHVWDEOHFLyODWDULIDGH FRQVXPRGRPpVWLFRSDUDODVYLYLHQGDVRDORMDPLHQWRVGHFDUiFWHUKDELWXDO\SHUPDQHQWHHQORVFDVRVHQTXHORV WLWXODUHVGHORVFRQWUDWRVILJXUDVHQHPSDGURQDGRVHQHOPXQLFLSLRFRQLQGHSHQGHQFLDGHTXHIXHUDQRQRWLWXODUHV GH XQD R PiV YLYLHQGDV LQFOX\HQGR HQ FDPELR GHQWUR GHO FRQVXPR LQGXVWULDO QR VyOR HO VHUYLFLR SUHVWDGR D FXDOTXLHUDFWLYLGDGLQGXVWULDOFRPHUFLDOSURIHVLRQDORDUWtVWLFDVLQRDGHPiVHOSUHVWDGRDYLYLHQGDVGHVWLQDGDVD VHJXQGD UHVLGHQFLD FX\RV WLWXODUHV QR ILJXUDVHQ HPSDGURQDGRV HQ HO 0XQLFLSLR GLIHUHQFLD GH WUDWR WRWDOPHQWH DUWLILFLRVDHLQMXVWLILFDGDSRUQRYHQLUIXQGDGDHQXQFULWHULRREMHWLYR\UD]RQDEOHGHDFXHUGRFRQMXLFLRVGHYDORU JHQHUDOPHQWHDFHSWDGRª 6HQWHQFLD GHO 7ULEXQDO 6XSHULRU GH -XVWLFLD GH &DVWLOOD OD 0DQFKD 6DOD GH OR &RQWHQFLRVR $GPLQLVWUDWLYR6HFFLyQGHGHPDU]R ©)XQGDPHQWRGHGHUHFKRFXDUWR HODUWGHOD/H\UHJXODGRUDGHODV+DFLHQGDV/RFDOHVHVWDEOHFHXQDSDXWDGHSRVLEOHDSOLFDFLyQ FXDQGRGLVSRQHTXHSDUDODGHWHUPLQDFLyQGHODFXDQWtDGHODVWDVDVSRGUiQWHQHUVHHQFXHQWDFULWHULRVJHQpULFRV GHFDSDFLGDGHFRQyPLFDGHORVVXMHWRVREOLJDGRVDVDWLVIDFHUODV )XQGDPHQWRGHGHUHFKRTXLQWR (IHFWLYDPHQWH QR HQFRQWUDPRV \D VDEHPRV TXH WDPSRFR OD RIUHFH OD &RUSRUDFLyQ /RFDO GHPDQGDGD H[SOLFDFLyQ DOJXQD UD]RQDEOH SDUD TXH XQ FULWHULR GH GHWHUPLQDFLyQ GH OD FXRWD WULEXWDULD SXHGD VHU HO KHFKR GH TXHHVWXYLHUDHPSDGURQDGDRQRHQODORFDOLGDGODSHUVRQDTXHDFDEDGHIDOOHFHUPiVELHQSDUHFHGHVGHOXHJR TXHVHTXLHUHSULPDUEHQHILFLRILVFDOVLQFREHUWXUDOHJDODOJXQDTXHQRVFRQVWHHOGDWRGHOHPSDGURQDPLHQWRHQ HOSXHEORTXHQLVLTXLHUDKDEODPRVGHODUHVLGHQFLDHIHFWLYDHQHOPLVPRRGHODHVWDQFLDUHDOGXUDQWHXQDVHULH GHDxRV(OORQRSXHGHDPSDUDUXQDUHJXODFLyQFRPRODGHVFULWDVLQTXHQRVFRQVWHQFLUFXQVWDQFLDVH[FHSFLRQDOHV GH WLSR DOJXQR TXH SXGLHUDQ VDOYDU OD SUHVXQFLyQ GH YDOLGH] GH ORV DFWRV DGPLQLVWUDWLYRV DUW GH OD OH\ pVWD VLQ HPEDUJR VH YH DPSOLDPHQWH GHVYLUWXDGD GHVGH OD FRQVLGHUDFLyQ GH TXH HO GDWR VROR GHO HPSDGURQDPLHQWR DQWHULRU QR SXHGH IXQGDPHQWDU XQD GLVFULPLQDFLyQ HQ PDWHULD WULEXWDULD FRPR OD H[DPLQDGD TXH DWHQWD FRQWUD HO SULQFLSLR FRQVWLWXFLRQDO GH LJXDOGDG DQWH OD OH\ 6LQ TXH SDUD WHUPLQDU UHYHOH HO HPSDGURQDPLHQWRXQDVLJQLILFDFLyQHVSHFLDOHQFXDQWRDXQDPD\RURPHQRUFDSDFLGDGHFRQyPLFDTXHVtSRGUtD VHUXQFULWHULRYiOLGRFRPRDFDEDPRVGHYHUQLGHVGHOXHJRWHQJDQDGDTXHYHUFRQHOFRVWHUHDORSUHYLVLEOHGHO VHUYLFLRSUHVWDGRSRUOD&RUSRUDFLyQLGHDUHFWRUDHQODILJXUDMXUtGLFRWULEXWDULDGHODWDVDª 4XLQWD6REUHODDSOLFDFLyQGHODQRUPDWLYD\MXULVSUXGHQFLDH[LVWHQWHDOVXSXHVWRGHODTXHMD (QSULPHUOXJDUHQFXDQWRDORVKHFKRVGHQXQFLDGRV\WUDVH[DPLQDUODGRFXPHQWDFLyQREUDQWHHQHOH[SHGLHQWH GH TXHMDSRGHPRVUDWLILFDU TXH UHVXOWD DFUHGLWDGRTXHHO$\XQWDPLHQWR GH7RUUHPROLQRVUHFRQRFH DVXV YHFLQRV TXH RVWHQWDQ OD FRQGLFLyQ GH HPSDGURQDGRV HQ HO PXQLFLSLR XQD ERQLILFDFLyQ D HIHFWRV GHO ,PSXHVWR GH %LHQHV ,QPXHEOHV $VtYLHQHUHFRJLGRHQHODUWtFXORELVGHOD2UGHQDQ]D)LVFDOGHO,PSXHVWRGH%LHQHV,QPXHEOHVGHO$\XQWDPLHQWR GH7RUUHPROLQRVFX\RWHQRUOLWHUDOKDVLGRUHSURGXFLGRHQHODQWHFHGHQWH,,,GHOFXHUSRGHODSUHVHQWH5HVROXFLyQ 3XHVELHQDODOX]GHORVSUHFHSWRVOHJDOHVH[SUHVDPHQWHLQYRFDGRVHQHO7H[WRGHHVWD5HVROXFLyQ\GHODGRFWULQD MXULVSUXGHQFLDO PD\RULWDULD FRQYLHQH VXEUD\DU OD YLJHQFLD GHO SULQFLSLR GH UHVHUYD GH OH\ HQ HO iPELWR GH ODV ERQLILFDFLRQHV WULEXWDULDV HQ YLUWXG GHO FXDO QR SRGUiQ DXWRUL]DUVH QL FRQFHGHUVH PDV ERQLILFDFLRQHV TXH ODV H[SUHVDPHQWHFRQWHPSODGDVHQXQDQRUPDGHUDQJROHJDO $O UHVSHFWR UHVXOWD QHFHVDULR WUDHU D FRODFLyQ SRU VX SOHQD DSOLFDFLyQ DO FDVR ORV DUWtFXORV \ GHO 5HDO 'HFUHWR /HJLVODWLYR GH GH PDU]R DQWHULRUPHQWH WUDQVFULWRV HQ ORV TXH VH HQXPHUD GH XQD PDQHUD WD[DWLYD TXH QR HQXQFLDWLYD ODV ERQLILFDFLRQHV TXH ELHQ FRQ FDUiFWHU REOLJDWRULR ELHQ FRQ FDUiFWHU SRWHVWDWLYR SXHGHQ UHFRQRFHUVH \ DSOLFDUVH HQHO LPSXHVWR VREUHELHQHVLQPXHEOHV 1R ILJXUDQGR HO HPSDGURQDPLHQWR HQWUH GLFKDVERQLILFDFLRQHV 3RUFRQVLJXLHQWHGHDFXHUGRFRQORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GHGHDEULO5HJXODGRUDGHODV %DVHV GH 5pJLPHQ /RFDO HO PXQLFLSLR GHQWUR GH OD HVIHUD GH VXV FRPSHWHQFLDV JR]D GH ODV SRWHVWDGHV UHJODPHQWDULDV \ GH DXWRRUJDQL]DFLyQ VL ELHQ GLFKD FDSDFLGDG GH DXWRQRUPDFLyQ H[FOX\H OD IDFXOWDG SDUD HO HVWDEOHFLPLHQWRVREUHORVWULEXWRVORFDOHVGHDTXHOODVERQLILFDFLRQHVTXHQRHVWpQFRQWHPSODGDVH[SUHVDPHQWHSRU OH\ 'HPDQHUDTXHHOUHFRQRFLPLHQWRHQYLUWXGGHXQDRUGHQDQ]DILVFDOTXHFDUHFHGHUDQJROHJDOGHXQEHQHILFLRR ERQLILFDFLyQ ILVFDO VREUH XQ WULEXWR ORFDO FRPR RFXUUH HQ HO VXSXHVWR TXH QRV RFXSD HV XQD DFWXDFLyQ TXH VH UHYHODFRQWUDULDDGHUHFKR /OHJDGRV D HVWH SXQWR \ GH FRQIRUPLGDG FRQ OD LQWHUSUHWDFLyQ TXH PDQWLHQH HQ HVWRV PRPHQWRV HO 7ULEXQDO 6XSHULRU GH -XVWLFLD GH $QGDOXFtD VREUH HO FRQFHSWR GH EHQHILFLR ILVFDO UHVXOWD GHFLVLYR D ORV HIHFWRV GH VX OHJDOLGDGGHWHUPLQDUVLQRVHQFRQWUDPRVDQWHXQEHQHILFLRILVFDOTXHDFW~DGLUHFWDPHQWHVREUHODFXRWDWULEXWDULD FRPRXQRGHORVHOHPHQWRVHVHQFLDOHVGHOWULEXWRRVLSRUHOFRQWUDULRHOEHQHILFLRTXHHQFLHUUDODVXEYHQFLyQVH FRQFUHWD HQ HO UHFRQRFLPLHQWR GHO GHUHFKR D OD REWHQFLyQ GH XQD GHWHUPLQDGD D\XGD QHFHVDULDPHQWH GLQHUDULD TXHSXHGHLQFLGLUVREUHHOLPSXHVWRGHVGHHOH[WHULRUVLHQGRDMHQRDODSURSLDRSHUDFLyQOLTXLGDWRULDGHOWULEXWR 6RORHQHVWH~OWLPRVXSXHVWRUHVXOWDUtDDGPLVLEOHMXUtGLFDPHQWHODVXEYHQFLyQDOQRFRQVLGHUDVHFRPRXQEHQHILFLR WULEXWDULR $HVWHUHVSHFWR\HQHOFDVRTXHQRVRFXSDQRFDEHGXGDTXHHOEHQHILFLRTXHHQYLUWXGGHOD2UGHQDQ]D)LVFDO UHJXODGRUD GHO LPSXHVWR VH UHFRQRFH D HIHFWRV GH ,%, D ORV YHFLQRV HPSDGURQDGRV HQ HO PXQLFLSLR GH 7RUUHPROLQRV HV SHUIHFWDPHQWH HQFXDGUDEOH HQ HO FRQFHSWR GH EHQHILFLR ILVFDO WRGD YH] TXH LQFLGH GH IRUPD GLUHFWDVREUHODRSHUDFLyQOLTXLGDWRULDGHOWULEXWRDODSOLFDUVHGLUHFWDPHQWHVREUHODFXRWDWULEXWDULD (Q FRQVHFXHQFLD HQWHQGHPRV TXH QRV HQFRQWUDPRV DQWH XQ FODUR VXSXHVWR GH EHQHILFLR ILVFDO UHYHVWLGR GH OD DSDULHQFLDGHXQDVXEYHQFLyQTXHDOQRHVWDUFRQWHPSODGRHQQLQJXQDQRUPDGHUDQJROHJDOYXOQHUDHOSULQFLSLR GHUHVHUYDGH/H\HQPDWHULDWULEXWDULDDOTXHVHUHILHUHQHODUWtFXORGHOD/*7\GHO75/+/3RUWRGRHOOR\ WRPDQGR HQ FRQVLGHUDFLyQ OD MXULVSUXGHQFLD GHO 76-$ VREUH HO SUHVHQWH DVXQWR GHEHPRV FRQFOXLU TXH UHVXOWD FRQWUDULRDGHUHFKRHOEHQHILFLRHVWDEOHFLGRSRUHO$\XQWDPLHQWRGH7RUUHPROLQRVHQYLUWXGGHOD2UGHQDQ]D)LVFDO UHJXODGRUDGHOLPSXHVWR $ODYLVWDGHWRGRHOOR\GHFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORDSDUWDGRGHOD/H\GHGH GLFLHPEUHGHO'HIHQVRUGHO3XHEOR$QGDOX]VHIRUPXODODVLJXLHQWH 5(62/8&,Ï1 5(&25'$725,2 GH ORV GHEHUHV OHJDOHV HVWDEOHFLGRV HQ ORV SUHFHSWRV OHJDOHV TXH KDQ VLGR UHIHUHQFLDGRV HQ HO FXHUSRGHOODSUHVHQWHUHVROXFLyQ 5(&20(1'$&,Ï14XHGHFRQIRUPLGDGFRQODOHJLVODFLyQYLJHQWHHQPDWHULDWULEXWDULD\ODSRVLFLyQPDQWHQLGDDO UHVSHFWRSRUHO7ULEXQDO6XSHULRUGH-XVWLFLDGH$QGDOXFtDVHDGRSWHQODVPHGLGDVTXHUHVXOWHQQHFHVDULDVHQDUDV D UHFRQRFHU HO PLVPR WUDWDPLHQWR ILVFDO HQ HO ,PSXHVWR GH %LHQHV ,QPXHEOHV D ORV WLWXODUHV GH LQPXHEOHV HQ HO PXQLFLSLRGH7RUUHPROLQRVFRQLQGHSHQGHQFLDGHVXFRQGLFLyQGHHPSDGURQDGRVRQR -RVp&KDPL]RGHOD5XELD 'HIHQVRUGHO3XHEOR$QGDOX]