%#2+61.7.

+8

$'0,1,675$ ,$38%/,& /2&$/

6HF LXQHD&RQFHSWXOGHDGPLQLVWUD LHSXEOLF ORFDO úLSULQFLSLLOH

GHRUJDQL]DUHúLIXQF LRQDUH

 &RQFHSWXO GH DGPLQLVWUD LH SXEOLF  ORFDO  VH vQVFULH vQ FRQFHSWXO JHQHUDO GH

DGPLQLVWUD LHL SXEOLF  úL VH GHRVHEHúWH GH DGPLQLVWUD LD SULYDW  SULQ IDSWXO F  XQXO GLQ

VXELHFWHHVWHRDXWRULWDWHSXEOLF H[HFXWLY DGPLQLVWUDWLY $GPLQLVWUD LDILHF HVWHFHD

JHQHUDO  VSHFLDO  ORFDO  H[FHS LRQDO  DYHP DLFL vQ YHGHUH VLWXD LLOH GH FUL]  SURIXQG

FkQG VH LQVWLWXLH P VXUL FX FDUDFWHU H[FHS LRQDO WUHEXLH DQDOL]DW  GLQ GRX  SXQFWH GH

YHGHUHSHGHRSDUWHFDDFWLYLWDWHGHH[HFXWDUHDOHJLLúLFDRUJDQL]D LHVWUXFWXU RUJDQFH

vQGHSOLQHúWH DFWLYLWDWHD GH H[HFXWDUH VDX GH RUJDQL]DUH D H[HFXW ULL OHJLL 2 DOW

FDUDFWHULVWLF DDGPLQLVWUD LHLSXEOLFHvQJHQHUDOSULYHúWHIDSWXOF DFWLYLWDWHDVHUHDOL]HD]

vQ LQWHUHVXO JHQHUDO FD R QHFHVLWDWH UHFXQRVFXW  D DFHVWXL LQWHUHV JHQHUDO úL GH UHJXO

QHILLQG UHPXQHUDW  GLUHFW GH F WUH EHQHILFLDUL 'H DVHPHQHD 6WDWXO úL DOWH DXWRULW L

SXEOLFH DX REOLJD LD GH D VWDELOL QHYRLOH FROHFWLYLW LORU QD LRQDO  VDX ORFDOH GH D FUHD

FDGUXORJDQL]DWRULFSHQWUXUHDOL]DUHDDFHVWRUQHYRLGHDvQILLQ DVHUYLFLLSXEOLFHVXILFLHQWH

SHQWUX FD EHQHILFLDULL DFHVWRU VHUYLFLL V  VH EXFXUH GH HJDOLWDWH GH WUDWDPHQW LQGLIHUHQW F

GRPLFLOLD]  vQ FDSLWDOD ULL VDX vQWUXQ VDW L]RODW 'DF  DGPLQLVWUD LD JHQHUDO  HVWH R

SUREOHP  H[FOXVLY  6WDWXOXL DGPLQLVWUD LD ORFDO  U PkQH úL R SUREOHP  D FROHFWLYLW LORU

ORFDOH FDUH FX DMXWRUXO  OHJLL DO 6WDWXOXL úL DO DOWRU DXWRULW L SXEOLFH WUHEXLH V  UHDOL]H]H

DFWLYLW LvQLQWHUHVXOFROHFWLYLW LLORFDOH

3XWHP GHILQL DGPLQLVWUD LD SXEOLF  ORFDO  FD R DFWLYLWDWH FRPSOH[  JHQHUDO  VDX

VSHFLDOL]DW FHVHUHDOL]HD] ODQLYHOXOFLUFXPVFULS LLORUDGPLQLVWUDWLYHWHULWRULDOH GHF WUH

DXWRULW L SXEOLFH ORFDOH DOHVH VDX QXPLWH úL D F URU FRPSHWHQ  VH vQGHSOLQHúWH vQ UHJLP

GHSXWHUHSXEOLF QXPDLvQFDGUXOFLUFXPVFULS LHLDGPLQLVWUDWLYHGDWH

$GPLQLVWUD LDSXEOLF ORFDO HVWHSDUWHLQWULQVHF DDGPLQLVWUD LHLSXEOLFHJHQHUDOH

D 6WDWXOXL ILLQG UHDOL]DW  GXS  SULQFLSLL ELQH FRQWXUDWH SULQ OHJH VDX SULQ SUDFWLFD

DXWRULW LORUILHF UHLFROHFWLYLW LORFDOH

3ULQFLSLLOHDGPLQLVWUD LHLSXEOLFHORFDOH

3RWULYLW DUW GLQ &RQVWLWX LH DGPLQLVWUD LD SXEOLF  GLQ XQLW LOH DGPLQLVWUDWLY

WHULWRULDOH VH vQWHPHLD]  SH SULQFLSLXO DXWRQRPLHL ORFDOH úL SH FHO DO GHVFHQWUDOL] ULL

VHUYLFLLORU SXEOLFH vQ FRQWLQXDUH OHJHD IXQGDPHQWDO  HQXPHUkQG FDUH VXQW DXWRULW LOH

SXEOLFH FRPXQDOH úL RU úHQHúWL HWF ÌQ DSOLFDUHD QRUPHORU FRQVWLWX LRQDOH SULYLWRDUH OD

DGPLQLVWUD LD SXEOLF  ORFDO  SULQ OHJHD  OHJHD DGPLQLVWUD LHL SXEOLFH ORFDOH VDX
VWDELOLW vQ GHWDOLX SULQFLSLLOH GH RUJDQL]DUH úL GH IXQF LRQDUH DOH DGPLQLVWUD LHL ORFDOH

$UWGLQOHJHVWDELOHúWHF ³DGPLQLVWUD LDSXEOLF GLQXQLW LOHDGPLQLVWUDWLYWHULWRULDOHVH

vQWHPHLD]  SH SULQFLSLLOH DXWRQRPLHL ORFDOH GHVFHQWUDOL] ULL VHUYLFLLORU SXEOLFH

HOLJLELOLW LL DXWRULW LORU DGPLQLVWUD LHL SXEOLFH ORFDOH OHJDOLW LL úL FRQVXOW ULL FHW HQLORU

vQ SUREOHPHOH ORFDOH GH LQWHUHV GHRVHELW DO OHJDOLW LL DFWLYLW LL DO XQLW LL VWDWXOXL

QD LRQDO XQLWDU HWF 'DU FH VXQW SULQFLSLLOH vQ GUHSW " ) U  D SUHWLQGH XQ HQXQ  úWLLQ LILF

SXWHP DU WD F  SULQFLSLLOH UHSUH]LQW  LGHL F O X]LWRDUH FX IRU  MXULGLF  REOLJDWRULH úL

SULRULWDU  H[SULPDWH SULQWUR QRUP  VDX XQ DQVDPEOX GH QRUPH MXULGLFH $FHVWH LGHL

F O X]LWRDUH VH WUDQVIRUP  vQ DGHY UDWH D[LRPH vQ DQXPLWH vPSUHMXU UL HOH QX SRW IL

QHVRFRWLWH SULQ DGRSWDUHD XQRU QRUPH MXULGLFH FX SXWHUH LQIHULRDU  QRUPHL FH

UHJOHPHQWHD] SULQFLSLXOUHVSHFWLYúLQLFLSULQDF LXQLVDXLQDF LXQLFRQFUHWHGHDSOLFDUH

1HUHVSHFWDUHDXQXLSULQFLSLXvQVHDPQ vQF OFDUHDOHJLLGHFLDF LXQHLOLFLW 

ÌQ FHHD FH SULYHúWH DGPLQLVWUD LD ORFDO  YRP REVHUYD F  HD IXQF LRQHD]  GXS

SULQFLSLLUHJOHPHQWDWHGH&RQVWLWX LHGHOHJHVDX GH DOWH DFWH QRUPDWLYH RUL SROLWLFH VDX

vQFRQIRUPLWDWHFXDQXPLWHWUDGL LL

D3ULQFLSLXODXWRQRPLHLORFDOH

$FHVW SULQFLSLX vO J VLP H[SUHV IRUPXODW GH OHJHD IXQGDPHQWDO  úL UHOXDW GH OHJHD

DGPLQLVWUD LHL ORFDOH ILLQG XQ SULQFLSLX GH ED]  DO DGPLQLVWUD LHL SXEOLFH ORFDOH

$XWRQRPLD ORFDO  QX WUHEXLH FRQIXQGDW  FX LQGHSHQGHQ D DXWRULW LORU DGPLQLVWUD LHL VDX

FX DúD QXPLWD ³DXWRJXYHUQDUH´ LGHH VXV LQXW  GH DQXPLWH JUXSXUL HWQLFH FDUH DU

SUHVXSXQHRGXDOLWDWHvQDERUGDUHDIRU HLSXEOLFHFXFDUHVXQWvQ]HVWUDWHDXWRULW LOHORFDOH

$XWRQRPLD ORFDO  QX WUHEXLH vQ HOHDV  FD XQ GUHSW DO DXWRULW LORU GH D GHFLGH H[FOXVLY úL

vQ RULFH SUREOHP  UXSkQGXVH GH FROHFWLYLWDWHD QD LRQDO  GH 6WDW GH *XYHUQ $FHVW

DVSHFW WUHEXLH DQDOL]DW vQ VWUkQV  OHJ WXU  FX VWDWXWXO ILHF UHL FROHFWLYLW L XPDQH ORFDOH

UDSRUWDW OD ORFXO úL UROXO DFHVWHLD vQ FDGUXO FROHFWLYLW LL QD LRQDOH &ROHFWLYLWDWHD ORFDO

IDFHSDUWHGLQFROHFWLYLWDWHDQD LRQDO HVWHSDUWHDvQWUHJXOXLúLQXVHSRDWHUXSHGHDFHVWD

$UW GLQ &RQVWLWX LH UHFXQRDúWH FRPSHWHQ D JHQHUDO  D *XYHUQXOXL vQ FHHD FH SULYHúWH

DGPLQLVWUDUHD JHQHUDO  D ULL FHHD FH FRURERUDW FX DUW úL DOWH WH[WH GLQ /HJHD

IXQGDPHQWDO  WUHEXLH vQ HOHVH vQ VHQVXO F  DXWRQRPLD ORFDO  VH GHWHUPLQ  vQ OLPLWHOH

GUHSWXULORU D SXWHULORU SH FDUH 6WDWXO OH GHILQHúWH úL DQXPH SRVLELOLWDWH GH DúL DOHJH

DXWRULW LOH ORFDOH GH D SDUWLFLSD OD DQXPLWH GHFL]LL vQ LQWHUHVXO FROHFWLYLW LL GDU FX

UHVSHFWDUHD OHJDOLW LL SULQFLSLX IXQGDPHQWDO RPQLSUH]HQW vQ RULFH DF LXQH SXEOLF  VDX

SULYDW  &DUWD (XURSHDQ  D DXWRQRPLHL ORFDOH DGRSWDW  OD 6WUDVERXUJ OD  RFWRPEULH

 UDWLILFDW  GH 5RPkQLD SULQ /HJHD  GHILQHúWH FRQFHSWXO GH DXWRQRPLH

ORFDO FD³GUHSWXOúLFDSDFLWDWHDHIHFWLY DOHDXWRULW LORUDGPLQLVWUD LHLSXEOLFHORFDOHGHD

VROX LRQD úL D GH D JHVWLRQD vQ FDGUXO OHJLL vQ QXPH SURSULX úL vQ LQWHUHVXO SRSXOD LHL

ORFDOH R SDUWH LPSRUWDQW  D WUHEXULORU SXEOLFH $FHVW GUHSW VH H[HUFLW  GH FRQVLOLL VDX

DGXQ ULFRPSXVHGLQPHPEULLDOHúLSULQYRWOLEHUVHFUHWHJDOGLUHFWúLXQLYHUVDOFDUHSRW

GLVSXQHGHRUJDQHH[HFXWLYHúLGHOLEHUDWLYHFDUHU VSXQGvQID DORU«´DUW

 ÌQWLQGHUHD DXWRQRPLHL ORFDOH SUHYHGH DFHHDúL &DUW  HVWH SUHY ]XW  GH &RQVWLWX LH

VDXGHOHJH$XWRQRPLDORFDO QXWUHEXLHSULYLW FDXQFRQFHSWSXUWHRUHWLFFLHOHVWHXQXO

SUDFWLFvQSULPXOUkQGGDWRULW IDSWXOXLF SULQOHJHVHFUHHD] FDGUXOQRUPDWLYvQOLPLWHOH

F UXLD V  VH FRQFUHWL]H]H DF LXQLOH DXWRULW LORU ORFDOH vQ VSLULWXO SULQFLSLXOXL HQXQ DW

$XWRULW LOH ORFDOH JHVWLRQHD]  XQ SDWULPRQLX DO FROHFWLYLW LL ORFDOH FRQVWLWXLW  FD

SHUVRDQ  MXULGLF  LD GHFL]LL GH DGPLQLVWUDUH D DFHVWXL SDWULPRQLX UHDOL]HD]  VHUYLFLL vQ

LQWHUHVXOFROHFWLYLW LLvQILLQ HD] úLILQDQ HD] GLIHULWHVHUYLFLLSXEOLFHORFDOHHWF

E3ULQFLSLXOGHVFHQWUDOL] ULLVHUYLFLLORUSXEOLFH

'H DVHPHQHD úL DFHVW SULQFLSLX vO UHJ VLP H[SUHV UHJOHPHQWDW GH &RQVWLWX LH

6HUYLFLXO SXEOLF HVWH PRGDOLWDWHD FRQFUHW  GH UHDOL]DUH D DGPLQLVWUD LHL VDX FXP VD

DILUPDW³DGPLQLVWUD LDUHSUH]LQW WRWDOLWDWHDVHUYLFLLORUSXEOLFH´ 

'HVFHQWUDOL]DUHD VHUYLFLLORU SXEOLFH QX DUH vQ YHGHUH XQ WUDQVIHU WRWDO GH SXWHUH úL

DF LXQH GH OD QLYHO FHQWUDO OD FHO ORFDO GHRDUHFH VWDWXO vQVXúL DU IL JROLW GH SXWHUH úL

DFWLYLWDWH 6HUYLFLLOH SXEOLFH SRW H[LVWD ILH VXE IRUPD XQRU DXWRULW L SXEOLFH

DGPLQLVWUDWLYH ± PLQLVWHUH GHSDUWDPHQWH GLUHF LL 2ILFLL &RQVLOLL HWF ILH FD LQVWLWX LL

SXEOLFH ± XQLYHUVLW L úFROL VSLWDOH ODERUDWRDUH LQVWLWXWH 5DGLRWHOHYL]LXQH &RPSDQLL

1D LRQDOH UHJLL DXWRQRPH HWF 6HUYLFLLOH SXEOLFH RUJDQL]DWH OD QLYHO FHQWUDO FXP VXQW ±

PLQLVWHUHOHGHSDUWDPHQWHOHGLUHF LLOHHWFH[LVW úLYRUH[LVWDSHUPDQHQWHOHDYkQGUROGH

FRPDQG vQDQXPLWHOLPLWH úLGRPHQLLHOHH[SULP  LQWHUHVXOJHQHUDO'DUDF LXQHDORU QX

SRDWH IL vQWRFPDL vQGHSOLQLW  FkW WLPS vúL DX VHGLXO FHQWUDO vQ %XFXUHúWL LDU DWULEX LLOH ORU

FRQFUHWH WUHEXLH UHDOL]DWH SH vQWUHJ WHULWRULXO QD LRQDO FHHD FH LPSOLF  RUJDQL]DUHD XQRU

VHUYLFLLGHVFHQWUDOL]DWHDOHDFHVWRUVHUYLFLLFHQWUDOH±DXWRULW LODQLYHOXOMXGH HORUVDXDO

ORFDOLW LORU $úD DX DS UXW VHUYLFLLOH SXEOLFH GHVFHQWUDOL]DWH DOH PLQLVWHUHORU VDX DOWRU

DXWRULW LFHQWUDOHFDUHGHVI úRDU DFWLYLWDWHVSHFLILF DXWRULW LLFHQWUDOHDOF UHLPDQGDWvO

H[HFXW  'H DFHHD DVWIHO GH VHUYLFLL U PkQ GHSHQGHQWH GH DXWRULWDWHD FHQWUDO  OHJHD


GHQXPLQGXOH GHVFHQWUDOL]DWH HOH ILLQG vQ UHDOLWDWH GHVFRQFHQWUDWH  vQ VHQVXO F  H[LVW  R

ODUJ  SXWHUH GH GHFL]LH D DFHVWRU VHUYLFLL SXEOLFH GDU HOH VH DIO  VXE FRQWUROXO LHUDUKLF

GLUHFWDOPLQLVWHUHORUVDXDOWRUDXWRULW LDGPLQLVWUDWLYHFHQWUDOH

F3ULQFLSLXOHOLJLOLELOLW LLDXWRULW LORUDGPLQLVWUD LHLSXEOLFHORFDOH

$FHVW SULQFLSLX IRUPXODW ODSLGDU vQ &RQVWLWX LH XQGH VH DUDW  F  ³DXWRULW LOH

SXEOLFHSULQFDUHVHUHDOL]HD] DXWRQRPLDORFDO vQFRPXQHúLRUDúHVXQWFRQVLOLLOHORFDOH

DOHVH úL SULPDULL DOHúL vQ FRQGL LLOH OHJLL DUW DOLQ úL FRQVLOLXO MXGH HDQ DOHV ± vQ

FRQGL LLOHOHJLLDUWDOLQGLQ&RQVWLWX LH5H]XOW F UHYLQHVDUFLQD3DUODPHQWXOXLFD

SULQ OHJH V  VWDELOHDVF  FRPSRQHQWD SULQFLSLXOXL HOLJLELOLW LL DXWRULW LORU DGPLQLVWUD LHL



 ,RQ &RUEHDQX 'UHSW DGPLQLVWUDWLY SDUWHD JHQHUDO  $6( %XFXUHúWL  &HQWUXO GH ÌQY PkQW (FRQRPLF

'HVFKLVOD'LVWDQ SDJúLXUP WRDUHD


SHQWUXGHWDOLX
 
SXEOLFH ORFDOH  $OHJHUHD DXWRULW LORU ORFDOH UHSUH]LQW  JDUDQ LD DVXP ULL U VSXQGHULL

FROHFWLYLW LORU ORFDOH SHQWUX UHDOL]DUHD SURSULLORU LQWHUHVH SHQWUX PHQ LQHUHD FRQWUROXOXL

GLUHFWDVXSUDDXWRULW LORUSHFDUHúLOHDXDOHVúLQXvQXOWLPXOUkQGRUHDO SRVLELOLWDWH GH

SDUWLFLSDUH OD JHVWLXQHD WUHEXULORU SXEOLFH ORFDOH úL OD VWDELOLWDWHD DXWRULW LORU DOHVH

DFHVWHD QHSXWkQG IL GHPLVH VDX GL]ROYDWH GHFkW vQ PRG H[FHS LRQDO 3ULQ QDWXUD

FRPSHWHQ HORU DWULEXLWH GH F WUH OHJLXLWRU DFHVWRU DXWRULW L SXEOLFH ORFDOH VH IDFH R

VHSDUDUHDLQWHUHVHORUORFDOHGHFHOHJHQHUDOHQD LRQDOHúLvQDFHODúLWLPSLQWHUHVHOHORFDOH

VH FLUFXPVFULX FHORU JHQHUDOH $úD FXP YRU DYHD RFD]LD V  DU W P QX R GDW  DXWRULW LOH

ORFDOH DOHVH UHSUH]LQW  SH ED]D OHJLL úL LQWHUHVXO JHQHUDO 6WDWXO 5RPkQ vQVXúL FXP HVWH

FD]XO3ULPDUXOXL

G3ULQFLSLXOOHJDOLW LL

3RWULYLW DUW GLQ &RQVWLWX LD 5RPkQLHL UHVSHFWDUHD &RQVWLWX LHL  D VXSUHPD LHL

VDOH úL D OHJLORU HVWH REOLJDWRULH FHHD FH D GHWHUPLQDW OHJLXLWRUXO FRQVWLWX LRQDO FD vQ

DUWLQWLWXODW³SULQFLSLLGHED] ´V QXPDLUHLWHUH]HDFHVWSULQFLSLXDOOHJDOLW LLDVSHFW

FH D IRVW QHVRFRWLW GH OHJLXLWRU úL DWXQFL FkQG D UHGDFWDW úL DGRSWDW /HJHD DGPLQLVWUD LHL

ORFDOHQvQIRUPDVDLQL LDO 'DUSULQPRGLILF ULDGXVH/HJLLSULQ/HJHD

vQWH[WXO DUWGLQOHJHDDGPLQLVWUD LHL VH vQVFULH SULQWUH DOWH SULQFLSLL úL DFHOD DO

OHJDOLW LL 3ULQFLSLXO OHJDOLW LL SUHVXSXQH VWDELOLUHD SULQ OHJH D DWULEX LLORU úL D PRGXOXL

GHRUJDQL]DUHúLIXQF LRQDUHDDGPLQLVWUD LHLSXEOLFHORFDOHUHOD LLOHFXFHOHODOWHDXWRULW L

úL LQVWLWX LL SXEOLFH REOLJD LL U VSXQGHUL HWF $FHDVWD SUHVXSXQH FD vQV úL UHJOHPHQWDUHD

V  ILH I FXW  vQ FRQIRUPLWDWH FX SULQFLSLLOH JHQHUDOH GLQ &RQVWLWX LH FX OLPLWDUHD

DEX]XULORU vQ FHD FH SULYHúWH WHQGLQ D vQILLQ ULL XQRU VWUXFWXUL ELURFUDWLFH QHMXVWLILFDWH FL

QXPDL vQ FRQGL LLOH OHJLL 'H DVHPHQHD DXWRULW LOH DXWRQRPH DOH DGPLQLVWUD LHL SXEOLFH

ORFDOHWUHEXLHV UHVSHFWHQXQXPDLGUHSWXULOHúLOLEHUW LOHH[SUHVSUHY ]XWHGHOHJHFLúL

LQWHUHVHOH OHJLWLPH DOH FROHFWLYLW LL úL DOH ILHF UXL PHPEUX DO DFHVWHLD UHVSRQVDELOLWDWHD

PHPEULORUFHFRPSXQVDXFRQVWLWXLHDXWRULW LOHSXEOLFHORFDOHHWF

H3ULQFLSLXOFRQVXOW ULLFHW HQLORUvQSUREOHPHORFDOHGHLQWHUHVGHRVHELW

5HSUH]LQW  XQ SULQFLSLX FRQVDFUDW GH DUW GLQ OHJHD DGPLQLVWUD LHL DUH OD ED]

QRUPHFRQVWLWX LRQDOHúLHVWHvQFRQIRUPLWDWHFXGLVSR]L LLOH&DUWHL(XURSHQHDDXWRQRPLHL

ORFDOHDGRSWDW ODRFWRPEULHOD6WUDVERXUJ±úLUDWLILFDW GH5RPkQLDSULQ/HJHD


0RGDOLW LOHGHFRQVXOWDUHVHUHDOL]HD] SULQLQWHUPHGLXOUHIHUHQGXPXOXLORFDO 

3UREOHPHOH ORFDOH GH LQWHUHV GHRVHELW DYXWH vQ YHGHUH GH WH[WXO DPLQWLW U PkQH OD

DSUHFLHUHD DXWRULW LORU ORFDOH úL DX vQ YHGHUH VLWXD LL FDUH QX VXQW FXUHQW vQWkOQLWH vQ

DFWLYLWDWHD DXWRULW LORU ORFDOH FDUH LPSOLF  SDUWLFLSDUHD FHW HQLORU SULQ WD[H VSHFLDOH

LPSR]LWH VSHFLDOH IDFLOLW L JHQHUDOL]DWH SHQWUX DQXPLWH FDWHJRULL GH FHW HQL HWF úL FDUH



 $ VH YHGHD /HJHD  S vQ 02 DO 5RPkQLHL Q GLQ  DSULOLH  /HJHD Q SULYLQG DOHJHULOH

ORFDOH

 $ VH YHGHD /HJHD Q SULYLQG RUJDQL]DUHD úL GHVI úXUDUHD UHIHUHQGXPXOXL DUW ±  SXEOLFDW  vQ 02I

SDUWHD,QGLQ
SULQ VXSXQHUHD DSURE ULL GHFL]LHL SH FDOHD UHIHUHQGXPXOXL VH FUHHD]  SUHPLVHOH XQHL

DF LXQLVXV LQXWHGLQSDUWHDFHW HQLORU

$XWRULW LOHDGPLQLVWUD LHLSXEOLFHORFDOH

3RWULYLW PRGXOXL GH FRQVWLWXLUH D DXWRULW LORU SXEOLFH FDUH IXQF LRQHD]  vQ

FLUFXPVFULS LLOH DGPLQLVWUDWLYWHULWRULDOH VH SRDWH FRQVWDWD H[LVWHQ D D GRX  FDWHJRULL GH

DVWIHOGHDXWRULW LUHVSHFWLYDXWRULW LDXWRQRPHDOHVH±H[&RQVLOLXO /RFDO úL SULPDUXO

vQFRPXQHúLRUDúHúL&RQVLOLXO-XGH HDQúLDXWRULW LDGPLQLVWUDWLYHQXPLWH±SUHIHFWXO

FD UHSUH]HQWDQW DO *XYHUQXOXL FH vQGHSOLQHúWH vQ FRQGL LLOH OHJLL DWULEX LD GH WXWHO

DGPLQLVWUDWLY úLFRPLVLDDGPLQLVWUDWLY 

6HF LXQHD$GPLQLVWUD LDSXEOLF ORFDO DXWRQRP

&DGUXOOHJDOúLPRGDOLW LOHMXULGLFHGHUHDOL]DUHDDXWRQRPLHLORFDOH

'LQ FRQ LQXWXO DUW DO OHJLL  UH]XOW  FDGUXO MXULGLF DO DXWRQRPLHL ORFDOH vQ

FDUH VH FXSULQGH RUJDQL]DUHD úL IXQF LRQDUHD DGPLQLVWUD LHL SXEOLFH ORFDOH 7H[WXO DUW

DOLQ DO OHJLL FLWDWH VWDELOHúWH FDUH VXQW DXWRULW LOH SXEOLFH SULQ FDUH VH UHDOL]HD]

DXWRQRPLD ORFDO  vQ FRPXQH úL RUDúH $FHVWHD VXQW FRQVLOLLOH ORFDOH FD DXWRULW L

GHOLEHUDWLYH úL SULPDULL FD DXWRULW L H[HFXWLYH &RQVLOLLOH ORFDOH úL SULPDULL VH DOHJ vQ

FRQGL LLOH OHJLL $FHVWH GLVSR]L LL DX YDORDUHD XQRU SUHVFULS LL FDGUX FDUH VWDWRUQLFHVF

QXPDL FDUH VXQW DFHOH DXWRULW L DGPLQLVWUDWLYH SXEOLFH SULQ FDUH VH UHDOL]HD]  DXWRQRPLD

ORFDO  'H DVHPHQHD DUW DO OHJLL DGPLQLVWUD LHL FXSULQGH R H[FHS LH vQ VHQVXO F  HVWH

SRVLELO FD vQ DQXPLWH PXQLFLSLL VH SRW FRQVWLWXL DXWRULW L DGPLQLVWUDWLYH ± FRQVLOLL ORFDOH

úL SULPDUL ± úL vQ VXEGLYL]LXQLOH DGPLQLVWUDWLYWHULWRULDOH DOH DFHVWRUD GDU DFHVWH

VXEGLYL]LXQLQXDXSHUVRQDOLWDWHMXULGLF DFHVWDILLQGDWULEXWXOH[FOXVLYDOPXQLFLSLXOXLvQ

FDUHVHRUJDQL]HD] HVWHFD]XOVHFWRDUHORUPXQLFLSLXOXL%XFXUHúWL

&RQVLOLLOH ORFDOH úL SULPDULL GHILQLWH DXWRULW L DXWRQRPH FUHDWH SULQ YRLQ D GLUHFW

H[SULPDW  D FHW HQLORU FX GUHSW GH YRW GLQ FDGUXO FROHFWLYLW LORU ORFDOH FH FRQVWLWXLH

FRPXQDVDXRUDúXOUHVSHFWLYDXFDSDFLWDWHDMXULGLF QHFHVDU UH]ROY ULLWUHEXULORUSXEOLFH

GLQFRPXQHúLRUDúHvQFRQGL LLOHSUHY ]XWHGHOHJH

'H DVHPHQHD DúD FXP DP PDL DU WDW SULQ DUW DO OHJLL DGPLQLVWUD LHL ORFDOH vQ

ILHFDUH MXGH  VH DOHJH XQ FRQVLOLX MXGH HDQ FD DXWRULWDWH D DGPLQLVWUD LHL SXEOLFH FDUH

FRRUGRQHD]  DFWLYLWDWHD FRQVLOLLORU ORFDOH vQ YHGHUHD UHDOL] ULL VHUYLFLLORU SXEOLFH GH

LQWHUHV MXGH HDQ &RQVLOLXO MXGH HDQ DOHJH GLQ UkQGXO PHPEULORU V L SH SUHúHGLQWH SH

YLFHSUHúHGLQ LúLGHOHJD LDSHUPDQHQW 

&DWHJRULLGHSHUVRDQHMXULGLFH±XQLW LDGPLQLVWUDWLYWHULWRULDOH

FULWHULLGHIRUPDUH

8QLW LOH DGPLQLVWUDWLYHWHULWRULDOH FRQVWLWXLWH FD SHUVRDQH MXULGLFH QX VXQW

GLPHQVLRQDWH XQLIRUP OD ED]D DFHVWHL FRQVWLWXLUL H[LVWkQG DQXPLWH FULWHULL úL SULQFLSLL GH
RUJDQL]DUHDGPLQLVWUDWLYWHULWRULDO SULQWUHFDUHSXWHPDPLQWL

D 5HOLHIXO úL UH HDXD KLGURJUDILF  UHSUH]LQW  XQ FULWHULX DYXW vQ YHGHUH OD

FRQVWLWXLUHD XQLW LORU DGPLQLVWUDWLYH 6H REVHUY  F  PDUHD PDMRULWDWH D ORFDOLW LORU GLQ

DUDQRDVWU VXQWVWU E WXWHGHRDS FXUJ WRDUH

E &RQILJXUD LD ]RQHORU GH LQIOXHQ  D SULQFLSDOHORU ORFDOLW L vQ VSHFLDO FHOH

XUEDQH /D GHOLPLWDUHD XQLW LORU DGPLQLVWUDWLYH WUHEXLH DYXWH vQ YHGHUH VLWXD LD

ORFDOLW LORU UXUDOHGLQLPHGLDWDDSURSLHUHXQGHVHFUHHD] RUH HD GHORFDOLW LFHLQWU vQ

UHOD LL HFRQRPLFH FRPHUFLDOH GH VHUYLFLL FX RUDúXO UHVSHFWLY $FHDVW  UH HD GH ORFDOLW L

OLPLWURIH FRQVWLWXLH úL R SRVLELOLWDWH GH H[WLQGHUH GH GH]YROWDUH D RUDúXOXL 'H UHJXO  vQ

]RQD OLPLWURI  VH H[WLQG VHUYLFLLOH SXEOLFH DOH RUDúXOXL FXP DU IL WUDQVSRUWXO vQ FRPXQ

]RQHOHGHDJUHPHQWHWF

F$FFHVXOORFXLWRULORUODUHúHGLQ DGHMXGH

'LQ DFHVW SXQFW GH YHGHUH LQkQG VHDPD GH IDSWXO F  vQ UHúHGLQ D GH MXGH  VH DIO

DXWRULW LOH SULQFLSDOH DOH MXGH XOXL VHUYLFLLOH SXEOLFH GHVFHQWUDOL]DWH DOH DXWRULW LORU

FHQWUDOH DXWRULW LOH MXGHF WRUHúWL WUHEXLH FXQRVFXW  úL DYXW  vQ YHGHUH UH HDXD GH F L GH

FRPXQLFD LH±UXWLHU FDOHIHUDW IOXYLDO FDUHúHGLQ DGHMXGH V ILHFkWPDLHFKLOLEUDW

DúH]DW  vQ UDSRUW FX ORFDOLW LOH MXGH XOXL GLVWDQ H UH]RQDELOH GH FHO PXOW  ±  NP V

H[LVWH R WUDGL LH vQWUH ORFDOLW LOH GLQ MXGH  ± VSUH H[HPSOX WUDGL LL IROFORULFH VSHFLILFH

7HOHRUPDQXOXL%DQDWXOXL2OWXOXL$UJHúXOXLHWF

/DUkQGXOORUDWkWMXGH HOHFkWúLORFDOLW LOHGDF VH LQHVHDPDGHIDFWRULGHQDWXUD

FHORU GH PDL VXV QX SRW IL IRUPDWH GLQWUXQ QXP U DSUR[LPDWLY HJDO GH ORFXLWRUL

SRSXOD LDUHSUH]HQWkQGXQIDFWRUGHUHIHULQ 

$VWIHOOHJHDVWDELOHúWHGRX FDWHJRULLGHMXGH H

ˆ FDWHJRULD,±FXSHVWHORFXLWRUL

ˆ FDWHJRULD,,±FXSkQ ODORFXLWRUL

/DPXQLFLSLLVXQWVWDELOLWHFDWHJRULLúLDQXPH

ˆ FDWHJRULD VSHFLDO  ± PXQLFLSLX FX SHVWH  ORFXLWRUL UHJLP FDUH VH

DSOLF SULQDVLPLODUHúLVHFWRDUHORUPXQLFLSLXOXL%XFXUHúWL

ˆ FDWHJRULD,±PXQLFLSLXFXSRSXOD LHvQWUH±ORFXLWRUL

ˆ FDWHJRULD ,, ± PXQLFLSLX FX SRSXOD LH vQWUH  ±  ORFXLWRUL

FDUHVHDSOLF úLSHQWUXPXQLFLSLXO3HWURúDQLMXGH XO*RUM

ˆ FDWHJRULD,,,±PXQLFLSLLFXSRSXOD LHGH SkQ OD ORFXLWRUL±I U D

VHSUHYHGHXQQXP UPLQLPGHORFXLWRUL

2UDúHOHVXQWODUkQGXOORUGHFDWHJRULLúLDQXPH

ˆ FDWHJRULD,±FXSHVWHORFXLWRUL

ˆ FDWHJRULD,,±FXSRSXOD LHvQWUH±ORFXLWRUL

ˆ FDWHJRULD,,,±FXSkQ ODORFXLWRUL

&RPXQHOHVXQWvQFDGUDWHvQSDWUXFDWHJRULLvQUDSRUWWRWGHQXP UXOGHORFXLWRUL

ˆ FDWHJRULH VSHFLDO  FX SHVWH  ORFXLWRUL ± FD]XO FRPXQHL 9ROXQWDUL

MXGH XO,OIRY
 ˆ FDWHJRULD,±vQWUH±ORFXLWRUL

ˆ FDWHJRULD,,±vQWUH±ORFXLWRUL

ˆ FDWHJRULD,,,±FXSkQ ODORFXLWRUL

ÌQ XQHOH ORFDOLW L VH SRW LQVWLWXL ]RQH OLEHUH ± DFHVWHD IDF SDUWH GLQ WHULWRULXO

5RPkQLHL VXQW VXSUDIH H SUHFLV GHOLPLWDWH úL vPSUHMPXLWH vQ FDUH RULFH SHUVRDQ  IL]LF

VDX MXULGLF  URPkQ  VDX VWU LQ  SRDWH GHVI úXUD R VHULH GH DFWLYLW L HFRQRPLFH SHQWUX

FDUH VXQW VFXWLWH GH SODWD 79$ D DFFL]HORU D LPSR]LWXOXL SH SURILW ÌQ DFHVWH ]RQH OLEHUH

HVWH SHUPLV  GHVI úXUDUHD XQRU DFWLYLW L VWULFWH SUHFXP GHSR]LWDUHD PDQLSXODUHD

VRUWDUHDDPEDODUHDSUHOXFUDUHD DVDPEODUHD YkQ]DUHDFXPS UDUHD HWF GH P UIXUL ± D VH

YHGHDSHQWUXDP QXQWH/HJHDSULYLQGUHJLPXO]RQHORUOLEHUHvQ5RPkQLD

6HF LXQHD,QVWLWX LLOHHOHFWRUDOHSHQWUXFRQVWLWXLUHD

DXWRULW LORUSXEOLFHORFDOH

3UHOLPLQDULL

$XWRULW LOH SXEOLFH DXWRQRPH ORFDOH VH FRQVWLWXLH vQ XUPD DOHJHULL DFHVWRUD GH

F WUH FRUSXO HOHFWRUDO DO MXGH XOXL RUDúXOXL VDX FRPXQHL VDX vQ FDSLWDOD 5RPkQLHL úL GH

FRUSXOHOHFWRUDODOVHFWRDUHORU

,QVWLWX LLOH HOHFWRUDOH VH FRQVWLWXLH úL IXQF LRQHD]  GLVWLQFW SHQWUX ILHFDUH XQLWDWH

DGPLQLVWUDWLYWHULWRULDO FDUHVHFRQVWLWXLHvQFLUFXPVFULS LHHOHFWRUDO 

&LUFXPVFULS LLOH HOHFWRUDOH GLQWUXQ MXGH  VH VWDELOHVF SULQ 2UGLQ DO SUHIHFWXOXL vQ

WHUPHQGH]LOHGHODVWDELOLUHDGDWHLDOHJHULORU

'DWD DOHJHULORU VH VWDELOHúWH GH *XYHUQ SULQ KRW UkUH FX FHO SX LQ  GH ]LOH

vQDLQWHDDOHJHULORU

2SHUD LXQLOHHOHFWRUDOH vQ FLUFXPVFULS LL VH UHDOL]HD]  GH F WUH FRPLVLLOH HOHFWRUDOH

GHFLUFXPVFULS LHúLELURXULOHHOHFWRUDOHDOHVHF LLORUGHYRWDUH

'LQ FRPLVLLOH HOHFWRUDOH GH FLUFXPVFULS LH VDX GLQ ELURXULOH HOHFWRUDOH DOH VHF LLORU

GH YRWDUH QX SRW IDFH SDUWH FDQGLGD LL VR LL UXGHOH úL DILQLL DFHVWRUD SkQ  OD JUDGXO ,,

SUHFXPúLSHUVRDQHOHFDUHQXDXH[HUFL LXOGUHSWXULORUHOHFWRUDOH

&RPLVLLOHHOHFWRUDOHGHFLUFXPVFULS LHHOHFWRUDO

&RPLVLLOH HOHFWRUDOH GH FLUFXPVFULS LH VXQW FRPSXVH GLQWUXQ QXP U GH PHPEUL

GLIHUHQ LDWHDVWIHO

ˆ ODFRPXQHPHPEUL

ˆ ODRUDúHúLPXQLFLSLL±PHPEUL

ˆ ODPXQLFLSLXO%XFXUHúWL±PHPEUL

ÌQ FRPSRQHQ D FRPLVLLORU VXQW PDJLVWUD L MXGHF WRUL SURFXURUL úL SHUVRDQH FDUH

UHSUH]LQW  SDUWLGHOH SROLWLFH úL IRUPD LXQL SROLWLFH FH SDUWLFLS  OD DOHJHUL vQ ORFDOLWDWHD

UHVSHFWLY  3RQGHUHD PDJLVWUD LORU HVWH GH  OD FRPXQH RUDúH úL PXQLFLSLL úL  OD
PXQLFLSLXO %XFXUHúWL QXP U FDUH QX SRDWH IL vQ PRG SUDFWLF UHDOL]DW OD QLYHOXO

FRPXQHORU GDWRULW  QXP UXOXL UHGXV DO PDJLVWUD LORU UDSRUWDW OD QXP UXO FRPXQHORU

'HVHPQDUHD PDJLVWUD LORU FDUH YRU IDFH SDUWH GLQ FRPLVLD HOHFWRUDO  VH IDFH GH

SUHúHGLQWHOH7ULEXQDOXOXLSULQWUDJHUHODVRU LvQWHUPHQGH]LOHGHODGDWDVWDELOLULLGDWHL

DOHJHULORUGDWDSXEOLF ULL+RW UkULL*XYHUQXOXLSULQFDUHVDVWDELOLWGDWDDOHJHULORU

ÌPSRWULYD PRGXOXL GH FRQVWLWXLUH D FRPLVLLORU HOHFWRUDOH ± SULYLQG GHVHPQDUHD

PDJLVWUD LORU úL FRPSOHWDUHD FRPLVLHL FX UHSUH]HQWDQ LL SDUWLGHORU ± VH SRDWH IDFH

FRQWHVWD LH OD WULEXQDO vQ WHUPHQ GH  ]LOH GH OD vQUHJLVWUDUHD SOkQJHULL +RW UkUHD

WULEXQDOXOXLHVWHGHILQLWLY 

5ROXO FRPLVLLORU HOHFWRUDOH GH FLUFXPVFULS LH HVWH VWDELOLW SULQ OHJH úL FRQVW  vQ

SULQFLSDOvQXUP WRDUHOHDWULEX LL

D XUP UHVFDSOLFDUHDGLVSR]L LLORUOHJDOHSULYLQGDOHJHULOHvQUD]DORUWHULWRULDO GH

FRPSHWHQ 

E YHJKHD]  OD vQWRFPLUHD úL DILúDUHD vQ WHUPHQ D OLVWHORU HOHFWRUDOH úL OD

RUJDQL]DUHDODWLPSDVHF LLORUGHYRWDUH

F vQUHJLVWUHD]  OLVWHOH GH FDQGLGD L úL FDQGLGDWXULOH LQGHSHQGHQWH SHQWUX FRQVLOLLOH

ORFDOHúLSHQWUXSULPDULúLFRQVWDW U PkQHUHDGHILQLWLY DDFHVWRUD

G IDF SXEOLFD LLOH úL DILúHOH QHFHVDUH FX SULYLUH OD OLVWHOH GH FDQGLGD L úL

FDQGLGDWXULOHSHQWUXSULPDUL

H WUDQVPLWSUHIHF LORUvQWHUPHQGH]LOHGHODH[SLUDUHD WHUPHQXOXLGHGHSXQHUH

D OLVWHORU GH FDQGLGD L úL D FDQGLGDWXULORU VHPQHOH HOHFWRUDOH DOH SDUWLGHORU úL

IRUPD LXQLORUSROLWLFHSHQWUXLPSULPDUHDDFHVWRUDSHEXOHWLQHOHGHYRW

I UH]ROY VHVL] ULOHUHIHULWRDUHODSURSULDDFWLYLWDWH

J RUJDQL]HD] GDF HVWHFD]XODOGRLOHDWXUGHVFUXWLQ

K FRPXQLF UH]XOWDWXODOHJHULORUSULQSUHIHF LOD%LURXO(OHFWRUDO&HQWUDO

L SULPHVF GH OD ELURXULOH HOHFWRUDOH DOH VHF LLORU GH YRWDUH úL SUHGDX MXGHF WRLLORU

GLQUD]DWHULWRULDO XQGHVHJ VHúWHORFDOLWDWHDUHVSHFWLY EXOHWLQHOHGHYRWvQWUHEXLQ DWHúL

QHFRQWHVWDWHFHOHDQXODWHúWDPSLOHOHúLFHOHODOWHPDWHULDOHXWLOL]DWHvQSURFHVXOHOHFWRUDO

%LURXULOHHOHFWRUDOHDOHVHF LLORUGHYRWDUH

/D QLYHOXO VHF LLORU GH YRWDUH VH FRQVWLWXLH ELURXUL HOHFWRUDOH FRQVWLWXLWH GLQWUXQ

SUHúHGLQWH XQ vQORFXLWRU úL  ±  PHPEUL 3UHúHGLQWHOH úL vQORFXLWRUXO VXQW GH UHJXO  GH

SURIHVLH MXULúWL QHDQJDMD L SROLWLF GHVHPQD L GH 3UHúHGLQWHOH WULEXQDOXOXL GH SH R OLVW

vQWRFPLW   GH SULPDUXO ORFDOLW LL ÌQ OLSVD MXULúWLORU VH GHVHPQHD]  GLQWUH SHUVRDQH FX

SUHJ WLUH DSURSLDW  %LURXULOH HOHFWRUDOH DOH VHF LLORU GH YRWDUH VH FRPSOHWHD]  FX

UHSUH]HQWDQ LDLSDUWLGHORUSROLWLFHúLDXXUP WRDUHOHDWULEX LLSULQFLSDOH

ˆ SULPHVF OLVWHOH HOHFWRUDOH vQWRFPLWH GH SULPDUL úL EXOHWLQHOH GH YRW GH OD FRPLVLLOH

HOHFWRUDOHGHFLUFXPVFULS LHúWDPSLODGHFRQWUROúLúWDPSLODFXPHQ LXQHD³927$7´

ˆ FRQGXF RSHUD LLOH GH YRWDUH DX SROL LD YRW ULL vQ FDGUXO VHF LLORU GH YRWDUH QXP U

YRWXULOH úL OH FRQVHPQHD]  vQ SURFHVHOH YHUEDOH SH FDWHJRULL GH IXQF LL úL IRUPD LXQL
 SROLWLFHVDXLQGHSHQGHQ LúLOHSUHG FRPLVLLORUHOHFWRUDOHGHFLUFXPVFULS LH

ÌQGHSOLQHVFRULFHDOWHDWULEX LLSUHY ]XWHGHOHJHVDXSULPLWHGHOD&RPLVLDHOHFWRUDO

GHFLUFXPVFULS LHVDX&RPLVLD(OHFWRUDO &HQWUDO vQOLPLWHOHOHJLL&RPLVLLOHHOHFWRUDOHGLQ

WRDWHFDWHJRULLOHIXQF LRQHD] OHJDOvQSUH]HQ DDFHOSX LQMXP WDWHSOXVXQX

&RPLVLD(OHFWRUDO &HQWUDO

(VWHIRUPDW GLQMXGHF WRULDL&XU LL6XSUHPHGH-XVWL LH GHVHPQD LSULQ WUDJHUH

ODVRU LGH F WUH SUHúHGLQWHOH DFHVWHLD vQ WHUPHQ GH  ]LOH GH OD VWDELOLUHD GDWHL DOHJHULORU

$WULEX LLOH &(&HQWUDOH VXQW GH VXSUDYHJKHUH D PRGXOXL vQ FDUH VH GHVI úRDU  SURFHVXO

HOHFWRUDO VROX LRQHD]  FRQWHVWD LLOH UHIHULWRDUH OD RULFH DVSHFW vQ OHJ WXU  FX GHVI úXUDUHD

FDPSDQLHLHOHFWRUDOHHWF

&DQGLGDWXULOH

$XGUHSWXO GHDILDOHúLFRQVLOLHULVDXSULPDUL FHW HQL URPkQL FX GUHSW GH YRW FDUH

DXvPSOLQLWYkUVWDGHGHDQLúLvQGHSOLQHVFFRQGL LLOHSUHY ]XWHGH&RQVWLWX LH

&DQGLGD LL WUHEXLH V  DLE  GRPLFLOLXO vQ ORFDOLWDWHD SHQWUX FDUH VH RUJDQL]HD]

DOHJHULOHVDXSHQWUXMXGH XOUHVSHFWLYGXS FD]

%XOHWLQHOHGHYRW0RGHOXOGHEXOHWLQGHYRWVHVWDELOHúWHGH*XYHUQGLIHUHQ LDW

SHQWUX &RQVLOLLOH ORFDOH SULPDUL úL &RQVLOLLOH MXGH HQH ÌQ EXOHWLQXO GH YRW VH vQVFULX

OLVWHOH GH FDQGLGD L úL FDQGLGD LL LQGHSHQGHQ L FX GHQXPLUHD SDUWLGXOXL D IRUPD LXQLL

SROLWLFHVDXFRDOL LHLúLFXVHPQXOHOHFWRUDO

8Q H[HPSODU GLQ ILHFDUH EXOHWLQ GH YRW VH DQXOHD]  úL VH DILúHD]  OD VHGLXO

FRQVLOLXOXL ORFDO DO FRQVLOLXOXL MXGH HDQ OD FHQWUHOH GH DILúDUH úL OD VHGLLOH VHF LLORU GH

YRWDUH

&DPSDQLDHOHFWRUDO (VWHFRQVLGHUDW SHULRDGDGHWLPSGLQWUHGDWDDGXFHULLOD

FXQRúWLQ DSXEOLF DGDWHLDOHJHULORUúLVHvQFKHLHFXGRX ]LOHvQDLQWHGH]LXDDOHJHULORU ±

vQWUXFkW OHJHD URPkQ  VWDELOHúWH ]LXD GH GXPLQLF  ± ]LXD DOHJHULORU FDPSDQLD HOHFWRUDO
 
vQVHDPQ  F  VH vQFKHLH MRL OD RUD   &DPSDQLD HOHFWRUDO  HVWH FRQVDFUDW  XQRU DF LXQL

GH SUH]HQWDUH D FDQGLGD LORU D SURJUDPHORU úL SODWIRUPHORU ORU SROLWLFH XQRU RSHUD LXQL

WHKQLFHGHSUHJ WLUHDPRPHQWXOXLYRW ULL

ÌQ SHULRDGD FDPSDQLHL HOHFWRUDOH FDQGLGD LL IRUPD LXQLOH SROLWLFH úL FHW HQLL DX

GUHSWXOV úLH[SULPHRSLQLLOHvQPRGOLEHUSULQRULFHIRUP GHH[SULPDUHSHUPLV GHOHJH

±UHVSHFWLYDGXQ ULSXEOLFHDILúDMHOHFWRUDOHPLVLXQLHOHFWRUDOHDXGLRYL]XDOHHWF

'HVI úXUDUHDDOHJHULORU

2SHUD LXQHDGHYRWDUHVHGHVI úRDU vQVHF LLOHGHYRWDUHVSHFLDODPHQDMDWHvQFDUH

IXQF LRQHD]  ELURXULOH HOHFWRUDOH DOH VHF LLORU GH YRWDUH 9RWDUHD vQFHSH OD RUD  úL VH
vQFKHLH OD RUD  SXWkQGXVH SUHOXQJL SURFHVXO GH YRWDUH SkQ  OD RUD  SHQWUX PRWLYH

WHPHLQLFH SULQ GHFL]LD SUHúHGLQWHOXL ELURXOXL HOHFWRUDO DO VHF LHL GH YRWDUH FX DFRUGXO

SUHúHGLQWHOXL&RPLVLHLHOHFWRUDOHGHFLUFXPVFULS LH

6WDELOLUHDUH]XOWDWXOXLDOHJHULORU

'XS  vQFKHLHUHD YRW ULL VH WUHFH OD VWDELOLUHD UH]XOWDWHORU DOHJHULORU vQ DFHVW VHQV

VH DQXOHD]  EXOHWLQH GH YRW QHXWLOL]DWH VH GHVLJLOHD]  XUQHOH VH GHVFKLGH ILHFDUH EXOHWLQ

GH YRW úL VH FLWHúWH FX YRFH WDUH F WUH SUHúHGLQWHOH &RPLVLHL OLVWD FX FDQGLGDWXO YRWDW

DQXOkQGXVHEXOHWLQHOHGHYRWFDUHQXDXúWDPSLODGHFRQWURODVHF LHLGHYRWDUHEXOHWLQHOH

GH DOW PRGHO EXOHWLQHOH SH FDUH VDX DSOLFDW PDL PXOWH úWDPSLOH FX PHQ LXQHD 927$7

VDXSHFDUHVDXDSOLFDWúWDPSLOHvQDOWHORFXULGHFkWFHOHLQGLFDWH RUL QX VD DSOLFDW GHORF

úWDPSLOD

$SRLVHvQWRFPHVFWDEHOHVHSDUDWHSHQWUXFRQVLOLHULúLSULPDULúLVHvQFKHLHSURFHVXO

YHUEDO vQ FDUH VH FRQVHPQHD]  QXP UXO DOHJ WRULORU FDUH DX YRWDW YRWXULOH YDODELOH

YRWXULOH QXOH YRWXULOH RE LQXWH GH ILHFDUH OLVW  VDX FDQGLGDW VLQWH]D vQWkPSLQ ULORU úL

FRQWHVWD LLORU IRUPXODWH 'RVDUXO FXSULQ]kQG OXFU ULOH GLQ VHF LD GH YRWDUH VH WUDQVPLWH OD

&RPLVLD HOHFWRUDO  GH FLUFXPVFULS LH 6WDELOLUHD úL UHSDUWL]DUHD ORFXULORU SHQWUX ILHFDUH

OLVW GHFDQGLGD LVHIDFHGHF WUHFRPLVLDHOHFWRUDO GHFLUFXPVFULS LHRULD PXQLFLSLXOXL

%XFXUHúWL SHQWUX &RQVLOLLOH ORFDOH úL SULPDUL LQFOXVLY 3ULPDUXO *HQHUDO VDX &RQVLOLXO

*HQHUDOLDUSHQWUX&RQVLOLLOH-XGH HQHGHF WUH&RPLVLDHOHFWRUDO MXGH HDQ 

ÌQ FD]XO FRQVLOLLORU ORFDOH VDX MXGH HQH WUHEXLH vQGHSOLQLW  úL FRQGL LD SUDJXOXL

HOHFWRUDOGH

6HF LXQHD&RQVWLWXLUHDúLFRPSRQHQ DFRQVLOLLORUORFDOH

&RQVLOLLOHORFDOHVXQWFRPSXVHGLQFRQVLOLHULDOHúLSULQYRWXQLYHUVDOHJDOGLUHFWúL

VHFUHW1XP UXOFRQVLOLHULORUHVWHVWDELOLWSULQOHJHvQIXQF LHFDWHJRULDORFDOLW LL

'XS  YDOLGDUHD UH]XOWDWXOXL DOHJHULORU 3UHIHFWXO SURFHGHD]  OD FRQYRFDUHD

FRQVLOLXOXL vQ úHGLQ D GH FRQVWLWXLUH vQ WHUPHQ GH  GH ]LOH GH OD DOHJHUL 7HUPHQXO HVWH

GHUHFRPDQGDUH

3ULPD úHGLQ  HVWH OHJDO FRQVWLWXLW  GDF  VXQW FHO SX LQ GRX  WUHLPL GLQWUH

FRQVLOLHUL ÌQ FD] GH QHvPSOLQLUH D DFHVWHL FHULQ H FRQVLOLXO VH FRQYRDF  GH GUHSW  ]LOH

PDL WkU]LX 3ULPD úHGLQ  HVWH FRQGXV  GH FRQVLOLHUXO FHO PDL vQ YkUVW  DVLVWDW GH FHL PDL

WLQHULFRQVLOLHUL

'XUDWD PDQGDWXOXL &RQVLOLXOXL ORFDO HVWH GH  DQL úL vQFHSH V  FXUJ  GH OD GDWD

FRQVWLWXLULLOXL

9DOLGDUHD ILHF UXL FRQVLOLHU DOHV VH IDFH GH F WUH &RQVLOLX vQ SOHQXO V X OD

SURSXQHUHDFRPLVLHLGHYDOLGDUHFRQVWLWXLW vQDFHVWVHQV
 6HF LXQHD$WULEX LLOHúLIXQF LRQDUHDFRQVLOLLORUORFDOH

 $WULEX LLOH FRQVLOLLORU ORFDOH $UW GLQ OHJHD DGPLQLVWUD LHL SXEOLFH

QVWDELOHúWHDWULEX LLOHFRQVLOLLORUORFDOHGLQFDUHHQXPHU PXUP WRDUHOH

ˆ DOHJHYLFHSULPDUXOVDXGXS FD]YLFHSULPDULL

ˆ DSURE VWDWXWXOFRPXQHLVDXRUDúXOXLRULDPXQLFLSLXOXL%XFXUHúWL

ˆ VWDELOHúWHLPSR]LWHúLWD[HORFDOH

ˆ DGPLQLVWUHD] GRPHQLLOHSXEOLFúLSULYDWDOHORFDOLW LL

ˆ vQILLQ HD] LQVWLWX LLúLDJHQ LHFRQRPLFLGHLQWHUHVORFDO

ˆ DSURE EXJHWXOORFDO

ˆ DSURE DSDUDWXO3ULP ULHL

ˆ RUJDQL]HD] VHUYLFLLOHSXEOLFHORFDOHGHJRVSRG ULUHFRPXQDO WUDQVSRUWORFDOHWF

ˆ RUJDQL]HD] WkUJXULSLH HRERDUHORFXULúLSDUFXULGHGLVWUDF LH

ˆ DVLJXU DS UDUHDRUGLQLLSXEOLFHHWF

)XQF LRQDUHDFRQVLOLLORUORFDOH

&RQVLOLLOH ORFDOHOXFUHD] vQ úHGLQ  SXEOLF  OXQDU OD FRQYRFDUHD SULPDUXOXL (O VH

SRDWH vQWUXQL úL RUL GH FkWH RUL HVWH QHFHVDU VDX vQ úHGLQ H H[WUDRUGLQDUH DUW GLQ OHJHD



ùHGLQ HOH FRQVLOLXOXL ORFDO VXQW OHJDO FRQVWLWXLWH GDF  VXQW SUH]HQ L PDMRULWDWHD

FRQVLOLHULORU vQ IXQF LH 3UH]HQ D FRQVLOLHULORU OD úHGLQ H HVWH REOLJDWRULH DEVHQ D

QHMXVWLILFDW  D DFHVWRUD OD  úHGLQ H FRQVHFXWLYH QHPRWLYDW SRDWH DWUDJH VDQF LXQHD

FRQVLOLHUXOXL

&RQVLOLXOORFDOSRDWHILGL]ROYDWvQXUP WRDUHOHVLWXD LL

D ± QXP UXO FRQVLOLHULORU VH UHGXFH VXE MXP WDWH SOXV XQX úL QX VH SRDWH FRPSOHWD FX

VXSOHDQ L VH GL]ROY  GH GUHSW 'L]ROYDUHD GH GUHSW VH FRPXQLF  GH F WUH SULPDU

SUHIHFWXOXL FDUH SULQ RUGLQ LD DFW GH GL]ROYDUHD FRQVLOLXOXL úL SURSXQH *XYHUQXOXL

RUJDQL]DUHD GH QRL DOHJHUL 2UGLQXO 3UHIHFWXOXL SRDWH IL DWDFDW OD LQVWDQ D GH

FRQWHQFLRVDGPLQLVWUDWLYvQWHUPHQGH]LOHGHODFRPXQLFDUH

E ± WLPS GH WUHL OXQL FRQVHFXWLYH FRQVLOLXO QX VD vQWUXQLW VDX OD  úHGLQ H FRQVHFXWLYH

QXVDDGRSWDWQLFLRKRW UkUH

F ± GDF  D DGRSWDW KRW UkUL UHSHWDWH FDUH DX IRVW DQXODWH LUHYRFDELO GH LQVWDQ D

MXGHF WRUHDVF vQWUXFkWDXFRQWUDYHQLWLQWHUHVHORUJHQHUDOHDOH6WDWXOXLVDXDXvQF OFDW

&RQVWLWX LD úL OHJLOH ÌQ DFHVW FD] GL]ROYDUHD VH IDFH SULQ KRW UkUH D *XYHUQXOXL OD

SURSXQHUHD PRWLYDW  D 3UHIHFWXOXL FD DUH OD ED]D KRW UkUL MXGHF WRUHúWL 3kQ  OD

FRQVWLWXLUHD QRXOXL FRQVLOLX FD XUPDUH D RUJDQL] ULL GH DOHJHUL SULPDUXO YD UH]ROYD

SUREOHPHOHFXUHQWHDOHRUDúXOXLVDXFRPXQHL
 $FWHOHFRQVLOLXOXL

&RQVLOLLOH ORFDOH DGRSW  KRW UkUL vQ SUH]HQ D PDMRULW LL PHPEULORU FRQVLOLXOXL ÌQ

FRQGL LLOH OHJLL VDX DO 5HJXODPHQWXOXL GH RUJDQL]DUH úL IXQF LRQDUH FRQGL LLOH GH FYRUXP

SRWILúLDOWHOH

$FWHOH FRQVLOLXOXL SRW IL DWDFDWH vQ LQVWDQ D GH FRQWHQFLRV DGPLQLVWUDWLY GH F WUH

FRQVLOLHUL GH RULFH SHUVRDQ  IL]LF  VDX MXULGLF  LQWHUHVDW  VDX GH F WUH SUHIHFW vQ FDGUXO

DWULEX LHLGHWXWHO DGPLQLVWUDWLY OLPLWDW ÌQDFHDVW  GLQXUP VLWXD LHVHVL]DUHDGHF WUH

SUHIHFW D LQVWDQ HL GH FRQWHQFLRV DGPLQLVWUDWLY DWUDJH GH GUHSW VXVSHQGDUHD KRW UkULL

FRQVLOLXOXL

$FWHOHFRQVLOLXOXLVXQWDYL]DWHvQID]DGHSURLHFWGHF WUHFRPLVLLOHGHVSHFLDOLWDWH

DOH FRQVLOLXOXL (OH VH VHPQHD]  GH SUHúHGLQWHOH GH úHGLQ  úL VH FRQWUDVHPQHD]  GH F WUH

VHFUHWDUFRPXQLFkQGXVHSULPDUXOXLÌQFD]GHLPSRVLELOLWDWHDSUHúHGLQWHOXLGHúHGLQ GH

DVHPQDDFWHOHFRQVLOLXOXLDFHVWHDYRUILVHPQDWHGHXQXOGLQWUHFRQVLOLHULLSUH]HQ L

+RW UkULOHQRUPDWLYHGHYLQ REOLJDWRULLGHOD GDWD DGXFHUL ORU OD FXQRúWLQ D SXEOLF 

LDUFHOHLQGLYLGXDOHGHODGDWDFRPXQLF ULL

$GXFHUHD OD FXQRúWLQ D SXEOLF  D KRW UkULORU FX FDUDFWHU QRUPDWLY VH IDFH QXPDL

GXS  H[SLUDUHD WHUPHQXOXL vQ FDUH SUHIHFWXO SRDWH H[HUFLWD FDOHD GH DWDF vQ ID D LQVWDQ HL

GH FRQWHQFLRV DGPLQLVWUDWLY VDX GXS  U PkQHUHD GHILQLWLY  D KRW UkULL MXGHF WRUHúWL SULQ

FDUHDF LXQHDSUHIHFWXOXLDIRVWUHVSLQV 

/D DGRSWDUHD KRW UkULORU FRQVLOLXOXL QX SRW OXD SDUWH OD GHOLEHU UL FRQVLOLHUXO FDUH

ILH SHUVRQDO ILH SULQ VR  VR LH VDX DILQ RUL UXGH SkQ  OD JUDGXO DO SDWUXOHD DX XQ LQWHUHV

SDWULPRQLDOvQSUREOHPDVXSXV GH]EDWHULLFRQVLOLXOXL$OWPLQWHULDVWIHOGHKRW UkULSRWIL

DQXODWH

6HF LXQHD3ULPDUXO

&RPXQHOH RUDúHOH úL PXQLFLSLLOH DX FkWH XQ SULPDU úL XQ YLFHSULPDU FX H[FHS LD

PXQLFLSLLORU UHúHGLQ  GH MXGH  úL D VHFWRDUHORU PXQLFLSLXOXL %XFXUHúWL FDUH DX FkWH 

YLFHSULPDULLDUPXQLFLSLXO%XFXUHúWLDUHXQSULPDUJHQHUDOúLYLFHSULPDUL

3ULPDULL VXQW DOHúL vQ FRQGL LLOH OHJLL SULYLQG DOHJHULOH ORFDOH Q úL D OHJLL

DGPLQLVWUD LHLSXEOLFHORFDOHQ

0DQGDWXO SULPDUXOXL HVWH GH  DQL úL vQFHSH GLQ PRPHQWXO GHSXQHULL MXU PkQWXOXL

GHFUHGLQ vQID DFRQVLOLXOXLORFDOvQFHWkQGvQFRQGL LLOHQRUPDOHODPRPHQWXOGHSXQHULL

MXU PkQWXOXL QRXOXL SULPDU DOHV GXS   DQL (O SRDWH IL SUHOXQJLW SULQ OHJH RUJDQLF  vQ

VLWXD LHGHU ]ERLVDXFDWDVWURI 

3ULPDUXO HVWH R DXWRULWDWH DGPLQLVWUDWLY  H[HFXWLY  FH UHSUH]LQW  FRPXQD VDX

RUDúXO vQ UHOD LLOH VDOH H[WHULRDUH LQFOXVLY FX FHW HQLL SHUVRDQH IL]LFH VDX MXULGLFH

URPkQH VDX VWU LQH 3ULPDUXO úL SULPDUXO JHQHUDO DO &DSLWDOHL VXQW úHILL DGPLQLVWUD LHL

SXEOLFHORFDOHúLU VSXQGvQID D&RQVLOLXOXLGHEXQDIXQF LRQDUHDDFHVWHLD

6HPQXO GLVWLQFWLY DO SULPDUXOXL HVWH R HúDUI  vQ FXORULOH GUDSHOXOXL QD LRQDO
SXUWDUHD DFHVWHLD OD VROHPQLW L UHFHS LL FHUHPRQLL SXEOLFH úL OD FHOHEUDUHD F V WRULHL

ILLQGREOLJDWRULH

6WDWXWXOMXULGLFDOSULPDUXOXL

ÌQ H[HUFLWDUHD DWULEX LLORU FHL UHYLQ GLQ OHJL úL DOWH DFWH QRUPDWLYH SULPDUXO

DF LRQHD]  SH GH R SDUWH FD UHSUH]HQWDQW DO FROHFWLYLW LL ORFDOH FDUH OD DOHV úL vQ ID D

F UHLDDUHRU VSXQGHUHSROLWLF GDUúLFDUHSUH]HQWDQWDO6WDWXOXLLQXUP WRDUHOHVLWXD LL

FD RIL HU GH VWDUH FLYLO  úL GH DXWRULWDWH WXWHODU  vQ vQGHSOLQLUHD VDUFLQLORU FHL UHYLQ GLQ

DFWHOH QRUPDWLYH SULYLWRDUH OD UHFHQV PkQW OD RUJDQL]DUHD úL GHVI úXUDUHD DOHJHULORU

DGXFHUHDODFXQRúWLQ D FHW HQLORU D OHJLORU OD DSOLFDUHD GLVSR]L LLORU FHL UHYLQ GLQ /HJHD

 /HJHD  SULYLQG IRQGXO IXQFLDU D /HJLL Q úL DOWH DVHPHQHD

VLWXD LL

$WULEX LLOHSULQFLSDOHDOHSULPDUXOXLVXQWSUHY ]XWHvQDUWGLQ/HJHD

3ULPDUXO SUH]LQW  WULPHVWULDO VDX OD FHUHUHD FRQVLOLXOXL ORFDO LQIRUP UL SULYLQG

H[HFXWDUHDKRW UkULORUDGRSWDWHGHFRQVLOLX

 9LFHSULPDUXO 1X UHSUH]LQW  SUHFXP SULPDUXO R DXWRULWDWH DGPLQLVWUDWLY  FL

HVWH XQ IXQF LRQDU GH FRQGXFHUH DOH F UXL VDUFLQL VXQW GHOHJDWH GH 3ULPDU SULQ GLVSR]L LH

VFULV HPLV vQWHUPHQGHGH ]LOH GH OD YDOLGDUH 8QHOH GLQWUH DWULEX LLOH SULPDUXOXL QX

SRWILGHOHJDWHYLFHSULPDULORUVDXDOWRUIXQF LRQDULSXEOLFL

9LFHSULPDUXO HVWH DOHV FX YRWXO VHFUHW DO PDMRULW LL FRQVLOLHULORU vQ IXQF LH GLQWUH

FRQVLOLHULS VWUkQGXúLFDOLWDWHDGHFRQVLOLHUFHHDFHSUHVXSXQHúLREOLJD LDSDUWLFLS ULLFX

YRW GHOLEHUDWLY OD OXFU ULOH úHGLQ HORU FRQVLOLXOXL ORFDO úL OXDUHD GHFL]LLORU 'XUDWD

PDQGDWXOXL YLFHSULPDUXOXL FRLQFLGH FX PDQGDWXO FRQVLOLXOXL ORFDO 'HPLWHUHD

YLFHSULPDUXOXL VH IDFH GH FRQVLOLXO ORFDO OD SURSXQHUHD XQHL WUHLPL GLQ QXP UXO

FRQVLOLHULORU SULQ KRW UkUH DGRSWDW  FX YRWXO D GRX  WUHLPL GLQ QXP UXO FRQVLOLHULORU vQ

IXQF LH

 $FWHOH SULPDUXOXL VXQW 'LVSR]L LLOH $FHVWHD GHYLQ H[HFXWRULL GXS  FH DX IRVW

DGXVH OD FXQRúWLQ D FHORU LQWHUHVD L 3ULPDUXO FD DXWRULWDWH DGPLQLVWUDWLY  HVWH úL VXELHFW

GHGUHSWDGPLQLVWUDWLYúLUHSUH]HQWDQWDOSHUVRDQHLMXULGLFHFLYLOHVDXSXEOLF ±ORFDOLWDWHD

SH FDUH R UHSUH]LQW  $FWHOH SULPDUXOXL SRW IL DFWH XQLODWHUDOH GH DXWRULWDWH FX FDUDFWHU

LQGLYLGXDOFXFDUDFWHUQRUPDWLYVDXDFWHELODWHUDOHGHJHVWLXQH

3ULPDUXOHVWHRFURWLWGHOHJH(OSRDWHILVXVSHQGDWGHF WUHSUHIHFWSULQRUGLQGDF

D IRVW WULPLV vQ MXGHFDW  SHQWUX V YkUúLUHD FX LQWHQ LH D XQRU LQIUDF LXQL FkQG VD SXV vQ

PLúFDUH DF LXQHD SHQDO  úL vPSRWULYD VD VD GLVSXV P VXUD DUHVW ULL SUHYHQWLYH 0 VXUD

VXVSHQG ULL GXUHD]  SkQ  OD VROX LRQDUHD GHILQLWLY  D FDX]HL VDX SkQ  OD GDWD FkQG

3DUFKHWXORULLQVWDQ DGHMXGHFDW DVROLFLWDWULGLFDUHDDFHVWHL P VXUL PDL vQDLQWH 2UGLQXO

GH VXVSHQGDUH VH FRPXQLF  SULPDUXOXL FDUH VH SRDWH DGUHVD LQVWDQ HL GH FRQWHQFLRV

DGPLQLVWUDWLYFXFRQWHVWD LHvQWHUPHQGH]LOHGHODFRPXQLFDUH
 'DF  SULPDUXO VXVSHQGDW GLQ IXQF LH D IRVW J VLW QHYLQRYDW DFHVWD DUH GUHSWXO OD

GHVS JXELUL

9DFDQWD IXQF LHL GH SULPDU )XQF LD GH SULPDU GHYLQH YDFDQW  SULQ GHPLVLD

GHFHVXO GHPLWHUHD SULPDUXOXL FD XUPDUH D FRQGDPQ ULL GHILQLWLYH D SULPDUXOXL VDX

SLHUGHUHDGUHSWXULORUSROLWLFHSLHUGHUHDFHW HQLHLVWDELOLUHDGRPLFLOLXOXLvQDOW  DU HWF

ÌQWUR DVWIHO GH VLWXD LH SUHFXP úL vQ FD]XO VXVSHQG ULL GLQ IXQF LH &RQVLOLXO ORFDO

GHOHDJ  H[HUFL LXO IXQF LHL XQXLD GLQWUH YLFHSULPDUL GDF  VXQW PDL PXO L VDX

YLFHSULPDUXOXLFDUHGHYLQHGHGUHSWSULPDULQWHULPDUúLWRWRGDW FRQVLOLXOGHOHDJ XQXLD

GLQWUH FRQVLOLHUL DWULEX LL YLFHSULPDUXOXL GHYHQLW SULPDU LQWHULPDU YH]L DUW GLQ /HJHD



6HFUHWDUXOúLVHUYLFLLOHSXEOLFHORFDOH

)LHFDUH FRPXQ  RUDú VDX VXEGLYL]LXQH DGPLQLVWUDWLYWHULWRULDO  D PXQLFLSLXOXL DUH

XQ VHFUHWDU VDODUL]DW GLQ EXJHWXO ORFDO 6HFUHWDUXO HVWH IXQF LRQDU SXEOLF FX VWXGLL

VXSHULRDUH MXULGLFH VDX DGPLQLVWUDWLYH FH QX SRDWH IL PHPEUX DO XQXL SDUWLG SROLWLF

,QVWLWX LD VHFUHWDUXOXL D DS UXW vQ /HJHD SHQWUX FRQVLOLLOH FRPXQDOH GLQ DQXO  úL vQ

OHJHDSHQWUXFRQVLOLLOHMXGH HQHGLQ

6HFUHWDUXOHVWHIXQF LRQDUGHFDULHU VHEXFXU  GHVWDELOLWDWHvQIXQF LHHVWHQXPLW

GH3UHIHFWODSURSXQHUHDFRQVLOLXOXLORFDOODLQL LDWLYDSULPDUXOXLSHED] GHH[DPHQVDX

FRQFXUV (OLEHUDUHD GLQ IXQF LH VH IDFH GH 3UHIHFW $WULEX LLOH SULQFLSDOH DOH VHFUHWDUXOXL

VXQWSUHY ]XWHGHDUWGLQ/HJHDQUHVSHFWLY

3ULP ULD

3RWULYLWDUWDOOHJLLDGPLQLVWUD LHLSXEOLFHORFDOHWH[WLQWURGXVvQDQXOSULQ

/HJHD  GH PRGLILFDUH DO /HJLL  3ULPDUXO YLFHSULPDUXO YLFHSULPDULL

VHFUHWDUXO FRPXQHL RUDúXOXL PXQLFLSLXOXL VHFWRUXOXL vPSUHXQ  FX DSDUDWXO SURSULX

VHUYLFLLOH SXEOLFH ORFDOH IXQF LRQDOH DOH FRQVLOLXOXL ORFDO FRQVWLWXLH 3ULP ULD FRPXQHL

RUDúXOXL PXQLFLSLXOXL LQVWLWX LH SXEOLF  FX DFWLYLWDWH SHUPDQHQW  FH DGXFH OD

vQGHSOLQLUH HIHFWLY  KRW UkULOH FRQVLOLXOXL ORFDO úL VROX LRQHD]  SUREOHPHOH FRQFUHWH DOH

FROHFWLYLW LLORFDOH

6HF LXQHD$GPLQLVWUD LDSXEOLF DPXQLFLSLXOXL%XFXUHúWL

3RWULYLW DUW GLQ /HJHD  DGPLQLVWUD LD SXEOLF  D PXQLFLSLXOXL %XFXUHúWL

VHUHDOL]HD] GHF WUHFRQVLOLLOHORFDOHDOHVHFWRDUHORUúL&RQVLOLXO*HQHUDODO0XQLFLSLXOXL

%XFXUHúWL FD DXWRULW L GHOLEHUDWLYH SUHFXP úL GH F WUH SULPDULL VHFWRDUHORU PXQLFLSLXOXL

%XFXUHúWL úL 3ULPDUXO *HQHUDO DO 0XQLFLSLXOXL %XFXUHúWL FD DXWRULW L H[HFXWLYH DOHVH vQ

FRQGL LLOHOHJLLSULYLQGDOHJHULOHORFDOHQ

&RQVLOLLOH ORFDOH DOH VHFWRDUHORU IXQF LRQHD]  SUHFXP FRQVLOLLOH ORFDOH DOH

FRPXQHORU úLRUDúHORUFXXQHOHH[FHS LLvQFDUHDWULEX LLOHVSHFLILFHFRQVLOLLORUORFDOHVXQW

GH FRPSHWHQ D &RQVLOLXOXL *HQHUDO DO 0XQLFLSLXOXL %XJHWHOH VHFWRDUHORU VH DSURE  GH

F WUH FRQVLOLLOH ORFDOH GDU FX DFRUGXO &RQVLOLXOXL *HQHUDO LQkQG VHDPD FD QXPDL

0XQLFLSLXO%XFXUHúWLHVWHSHUVRDQDMXULGLF VHFWRDUHOHILLQGQXPDLVXEGLYL]LXQL

3ULPDULL úL YLFHSULPDULL VHFWRDUHORU VXQW DOHúL vQ FRQGL LLOH JHQHUDOH SUHY ]XWH

SHQWUX FHOHODOWH ORFDOLW L DYkQG DWULEX LLOH DFHVWRUD FX H[FHS LD FHOHL SULYLQG RUJDQL]DUHD

UHIHUHQGXPXOXL

+RW UkULOH &RQVLOLXO *HQHUDO úL GLVSR]L LLOH 3ULPDUXOXL *HQHUDO VXQW REOLJDWRULL úL

SHQWUXFRQVLOLLOHORFDOHúLSULPDULLVHFWRDUHORU

3ULPDUXO *HQHUDO DO PXQLFLSLXOXL %XFXUHúWL vPSUHXQ  FX SULPDULL VHFWRDUHORU VH

vQWUXQHVF FHO SX LQ R GDW  SH OXQ  OD FRQYRFDUHD SULPDUXOXL JHQHUDO SHQWUX D DQDOL]D

PRGXO vQ FDUH VXQW DGXVH OD vQGHSOLQLUH KRW UkULOH &RQVLOLXOXL *HQHUDO úL GLVSR]L LLOH

SULPDUXOXLJHQHUDOVWDELOLQGP VXULOHFRUHVSXQ] WRDUH

6HF LXQHD$GPLQLVWUD LDMXGH HDQ

&RQVLOLXOMXGH HDQ±&RPSRQHQ )XQF LRQDUH

D &RPSRQHQWD FRQVLOLXOXL MXGH HDQ $FHVWD HVWH R DXWRULWDWH D DGPLQLVWUD LHL

SXEOLFH MXGH HQH DOHDV  SULQ YRW GLUHFW VHFUHW HJDO (O VH FRPSXQH GLQ FRQVLOLHUL DOHúL

1XP UXO FRQVLOLHULORU MXGH HQL YDULD]  vQ UDSRUW GH FDWHJRULD MXGH XOXL vQ IXQF LH GH

SRSXOD LDMXGH XOXLUDSRUWDW GH&RPLVLD1D LRQDO SHQWUX6WDWLVWLF ODGDWDGHLDQXDULH

D DQXOXL vQ FXUV VDX OD  LXOLH D DQXOXL vQ FXUV GXS  FXP DOHJHULOH ORFDOH SHQWUX DOHJHUHD

&RQVLOLXOXLMXGH HDQVHRUJDQL]HD] vQVHPHVWUXO,VDX,,$WULEX LLOH&RQVLOLXOXLMXGH HDQ

FD DXWRULWDWH SXEOLF  GHOLEHUDWLY  VXQW SUHY ]XWH GH /HJHD  vQ DUW &RQVLOLXO

MXGH HDQ FRRUGRQHD]  DFWLYLW LOH FRQVLOLLORU ORFDOH FRPXQDOH úL RU úHQHúWL vQ YHGHUHD

UHDOL] ULLVHUYLFLLORUSXEOLFHGHLQWHUHVMXGH HDQ

&RQVLOLXO MXGH HDQ VHDOHJH SHQWUXXQ PDQGDWGHDQLFDUHSRDWHILSUHOXQJLW SULQ

OHJH RUJDQLF  FD vQ FD]XO &RQVLOLLORU ORFDOH &RQVLOLXO H[HUFLW  PDQGDWXO GH OD GDWD

FRQVWLWXLULLSkQ ODGDWDGHFODU ULLFDOHJDOFRQVWLWXLWDQRXOXLFRQVLOLXDOHV

E'HOHJD LDSHUPDQHQW

&RQVLOLXO MXGH HDQ DOHJH GLQWUH PHPEULL V L SH GXUDWD PDQGDWXOXL XQ SUHúHGLQWH

 YLFHSUHúHGLQ L úL  ±  FRQVLOLHUL PHPEUL SH FULWHULL GH UHSUH]HQWDUH SROLWLF  FDUH

vPSUHXQ  IRUPHD]  GHOHJD LD SHUPDQHQW  3UHúHGLQWHOH úL YLFHSUHúHGLQ LL &RQVLOLXOXL

MXGH HDQ VXQW úL SUHúHGLQWH úL YLFHSUHúHGLQ L DL GHOHJD LHL SHUPDQHQWH $OHJHUHD DFHVWRUD

VHIDFHFXYRWXOPDMRULW LLFRQVLOLHULORU

$WULEX LLOH GHOHJD LHL SHUPDQHQWH FD VWUXFWXU  H[HFXWLY  ± RSHUDWLY  GH OXFUX D

&RQVLOLXOXLVXQWSUHY ]XWHGHDUWDOOHJLLDGPLQLVWUDWLYHSXEOLFHORFDOH

&RQVLOLXOMXGH HDQVHvQWUXQHúWHvQúHGLQ HRUGLQDUHRGDW ODGRX OXQLHOSXWkQGX

VH vQWUXQL úL vQ úHGLQ H H[WUDRUGLQDUH RUL GH FkWH RUL HVWH QHFHVDU OD FHUHUHD SUHúHGLQWHOXL

DFHVWXLDDXQHLWUHLPLGLQQXP UXOFRQVLOLHULORUMXGH HQLVDXDLGHOHJD LHLSHUPDQHQWH

 &RQVLOLXO MXGH HDQ HPLWH DFWH DGPLQLVWUDWLYH GHQXPLWH KRW UkUL FDUH VH VHPQHD]

GH SUHúHGLQWHOH FRQVLOLXOXL VDX GH YLFHSUHúHGLQWHOH FDUH D FRQGXV úHGLQ D úL VH

FRQWUDVHPQHD] GHVHFUHWDUXOMXGH XOXL

3UHúHGLQWHOH &RQVLOLXOXL MXGH HDQ HVWH úHIXO DGPLQLVWUD LHL SXEOLFH MXGH HQH úL

U VSXQGH GH EXQD IXQF LRQDUH D FRPSDUWLPHQWHORU GH VSHFLDOLWDWH GLQ DSDUDWXO SURSULX DO

FRQVLOLXOXLMXGH HDQ

ÌQH[HUFLWDUHDDWULEX LLORUVDOH3UHúHGLQWHOH&RQVLOLXOXLMXGH HDQHPLWHGLVSR]L LLFX

FDUDFWHULQGLYLGXDOFDUHGHYLQH[HFXWRULLGXS FHDXIRVWDGXVH OD FXQRúWLQ D SHUVRDQHORU

LQWHUHVDWH

'HOHJD LD SHUPDQHQW  vQ H[HUFLWDUHD DWULEX LLORU SUHY ]XWH GH OHJH HPLWH GHFL]LL

FXFDUDFWHUQRUPDWLYVDXLQGLYLGXDO

)LHFDUH MXGH  DUH XQ VHFUHWDU QXPLW GH 0LQLVWUXO )XQF LHL 3XEOLFH OD SURSXQHUHD

FRQVLOLXOXLMXGH HDQGLQLQL LDWLYDSUHúHGLQWHOXLDFHVWXLD6HFUHWDUXOHVWHIXQF LRQDUSXEOLF

GHFDULHU QHDQJDMDWSROLWLFQXPLWvQXUPDH[DPHQXOXLVDXFRQFXUVXOXLVXV LQXW

3UHIHFWXOMXGH XOXLúLDOPXQLFLSLXOXL%XFXUHúWL

3UHIHFWXO HVWH R DXWRULWDWH SXEOLF  H[HFXWLY  QXPLW  GH *XYHUQ 3UHIHFWXO HVWH

UHSUH]HQWDQW DO *XYHUQXOXL vQGHSOLQHúWH DWULEX LLOH SUH]HQWDWH GH DUW GLQ /HJHD

 (O YHJKHD]  FD DFWLYLWDWHD FRQVLOLLORU ORFDOH úL MXGH HQH D SULP ULLORU úL D DOWRU

LQVWLWX LLSXEOLFHGLQMXGH V VHGHVI úRDUHFRQIRUPOHJLLÌQWUHSUHIHFWúLFRQVLOLLOHORFDOH

MXGH HQH úL SULP ULL QX H[LVW  UDSRUWXUL GH VXERUGRQDUH FL QXPDL UDSRUWXUL GH DXWRULWDWH

VSHFLILFHWXWHOHLDGPLQLVWUDWLYH

3UHIHFWXO FRQGXFH VHUYLFLLOH SXEOLFH GHVFHQWUDOL]DWH DOH PLQLVWHUHORU úL DOH

FHORUODOWHRUJDQHFHQWUDOHGLQXQLW LOHDGPLQLVWUDWLYWHULWRULDOH

3UHIHFWXO SUH]LQW  DQXDO &RQVLOLXOXL -XGH HDQ VDX &RQVLOLXOXL *HQHUDO DO

PXQLFLSLXOXL %XFXUHúWL R LQIRUPDUH FX SULYLUH OD DFWLYLWDWHD GHVI úXUDW  GH VHUYLFLLOH

SXEOLFH GHVFHQWUDOL]DWH DOH PLQLVWHUHORU úL DOH FHORUODOWH RUJDQH FHQWUDOH RUJDQL]DWH vQ

MXGH úLvQPXQLFLSLXO%XFXUHúWL

ÌQ H[HUFLWDUHD FRPSHWHQ HORU vQFUHGLQ DWH 3UHIHFWXO HPLWH RUGLQH 2UGLQHOH FDUH

VWDELOHVF P VXUL FX FDUDFWHU WHKQLF úL GH VSHFLDOLWDWH VXQW HPLVH GXS  FRQVXOWDUHD

RUJDQHORU GH VSHFLDOLWDWH úL VXQW FRQWUDVHPQDWH GH FRQGXF WRULL DFHVWRUD 2UGLQXO

3UHIHFWXOXLGHYLQHH[HFXWRULXQXPDLGXS FHDIRVWDGXVODFXQRúWLQ SXEOLF SULQDILúDUH

úL SXEOLFDUH FkQG FRQ LQH GLVSR]L LL QRUPDWLYH VDX GH OD GDWD FRPXQLF ULL vQ FHOHODOWH

FD]XUL

3UHIHFWXOHVWHDMXWDWGHXQXOVDXPDLPXO LVXESUHIHF L

$SDUDWXO FHO DMXW  SH SUHIHFW ± SUHIHFWXUD HVWH IRUPDW  VLQ VHUYLFLLOH GH

VSHFLDOLWDWHDSDUDWWHKQLFHWF
 &RPLVLDDGPLQLVWUDWLY

ÌQ ILHFDUH MXGH  úL vQ PXQLFLSLXO %XFXUHúWL VH RUJDQL]HD]  SH OkQJ  SUHIHFWXU 

FRPLVLD DGPLQLVWUDWLY  $FHDVWD HVWH FRPSXV  GLQ SUHIHFW ± FD SUHúHGLQWH SUHúHGLQWHOH

FRQVLOLXOXL MXGH HDQ VDX GXS  FD] SULPDUXO *HQHUDO DO PXQLFLSLXOXL %XFXUHúWL SULPDUXO

PXQLFLSLXOXL UHúHGLQ  GH MXGH  úL FRQGXF WRULL VHUYLFLLORU SXEOLFH GHVFHQWUDOL]DWH DOH

PLQLVWHUHORU úL DOH FHORUODOWH RUJDQH FHQWUDOH RUJDQL]DWH OD QLYHOXO MXGH XOXL úL DO

PXQLFLSLXOXL %XFXUHúWL SUHFXP úL GLUHFWRULL VXFXUVDOHORU UHJLLORU DXWRQRPH GH LQWHUHV

QD LRQDOGLQMXGH XOUHVSHFWLY

,QVWLWX LD&RPLVLHL$GPLQLVWUDWLYHQXHVWHRFUHD LHDOHJLVOD LHLSRVWGHFHPEULVWHFL

R SUHOXDUH D WUDGL LHL DGPLQLVWUDWLYH LQWHUQD LRQDOH GH D FRRUGRQD DFWLYLWDWHD VHUYLFLLORU

SXEOLFH DOH SXWHULL H[HFXWLYH RUJDQL]DWH SH SODQ ORFDO  &RPLVLD VH FRQYRDF  GH SUHIHFW

GLQSURSULHLQL LDWLY VDXODFHUHDSUHúHGLQWHOXLFRQVLOLXOXLMXGH HDQUHVSHFWLYDSULPDUXOXL

JHQHUDO DO PXQLFLSLXOXL %XFXUHúWL &RPLVLD HODERUHD]  DQXDO SH ED]D SURJUDPXOXL GH

JXYHUQDUH DO *XYHUQXOXL XQ SURJUDP DO MXGH XOXL VDX DO PXQLFLSLXOXL %XFXUHúWL SH FDUH

vO FRPXQLF  VHUYLFLLORU SXEOLFH GHVFHQWUDOL]DWH DOH PLQLVWHUHORU úL FHORUODOWH RUJDQH

FHQWUDOH GLQ XQLW LOH DGPLQLVWUDWLYWHULWRULDOH UHJLLORU DXWRQRPH GH LQWHUHV QD LRQDO úL

VXFXUVDOHORUDFHVWRUDGLQMXGH XOUHVSHFWLY

&RPLVLD DGPLQLVWUDWLY  VSULMLQ  VHUYLFLLOH SXEOLFH GHVFHQWUDOL]DWH DOH PLQLVWHUHORU

úLDOHFHORUODOWHRUJDQHFHQWUDOHRUJDQL]DWHODQLYHOXOMXGH XOXLVDXPXQLFLSLXOXL%XFXUHúWL

&RPLVLD DGPLQLVWUDWLY  DGRSW  KRW UkUL SULQ YRW GHVFKLV FDUH VH VHPQHD]  GH

SUHúHGLQWH úL VXQW REOLJDWRULL SHQWUX VHUYLFLLOH SXEOLFH GHVFHQWUDOL]DWH úL VH

FRQWUDVHPQHD]  GH úHILL VHUYLFLLORU SXEOLFH vQ GRPHQLXO F URUD UHYLQH H[HFXWDUHD

KRW UkULORU

/XFU ULOHFRPLVLHLDGPLQLVWUDWLYHVHUHDOL]HD] SULQDSRUWXOSUHIHFWXOXL

(YHQWXDOHOH GLYHUJHQ H GLQWUH VHUYLFLLOH SXEOLFH GHVFHQWUDOL]DWH DOH PLQLVWHUHORU úL

FHORUODOWH RUJDQH FHQWUDOH úL DXWRULW LOH SXEOLFH MXGH HQH DXWRQRPH úL PHGLDW  GH F WUH

*XYHUQ

0DQGDWXOFRQVLOLHULORUORFDOLúLMXGH HQL

ÌQ H[HUFLWDUHD PDQGDWXOXL FRQVLOLHULL ORFDOL úL MXGH HQL SUHFXP úL SULPDULL úL

YLFHSULPDULLVXQWvQVHUYLFLXOFROHFWLYLW LORUORFDOH GHFL QX DX XQ PDQGDW LPSHUDWLY $P

I FXW DFHDVW  SUH]HQWDUH vQDLQWH GH vQFKHLHUHD VFXUWHL QRDVWUH OXFU UL SRUQLQG GH OD

SUDFWLFDXQRUSDUWLGH SROLWLFH GHDFHUH FRQVLOLHULORU VDX SULPDULORU DOHúL SH OLVWH GH SDUWLG

RUL VXE VHPQXO HOHFWRUDO DO SDUWLGXOXL UHVSHFWLY GH D GHFLGH vQWUXQ IHO VDX DOWXO VDX GH D

GHSXQH OD vQFHSXWXO PDQGDWXOXL ÄGHPLVLD vQ DOE´ R SUDFWLF  SHULFXORDV  QHOHJDO  úL

LPRUDO GXS RSLQLDQRDVWU 



 2FWDY &RVPkQFD 0LUHOD 3UHGD /HJHD DGPLQLVWUD LHL SXEOLFH ORFDOH ([SOLFD LL WHRUHWLFH úL SUDFWLFH /XPLQD

/H[SDJúLXUP WRDUHD